Full text of Commercial and Financial Chronicle : August 11, 1923, Vol. 117, No. 3033

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Bank & Quotation Section
Railway Earnings Section
VOL. 117.

INCLUDING
Railway & Industrial Section
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SATURDAY, AUGUST 11 1923

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Clearing House Returns.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
641 to 644, inclusive.
The Financial Situation.
The body of our late President reached its resting
place, at home yesterday and the term of outward
mourning ends to-day. If any criticism and rancor
followed him as he began his last journey in life, all
is silenced as he has been returning in a sort of proud
though melancholy triumph. No man in our long
line of Chief Magistrates has been more universally
respected and more universally loved, and none has
shown personal traits more commanding affection.
Whatever the final verdict of history as to his rank
in comparative "greatness," Mr. Harding will stand
high on the roll of illustrious Americans for integrity, soundness of character, thorough manliness,
and for the good he sought and the good he was able
to begin. A bunch of trials and perplexities came to
him as a legacy of trouble; at no time had he Congress heartily with him, and he had to contend with
a mixture of dissatisfaction and of complaints, arising out of extravagant expectations, because he did
not quickly work the miracle of complete restoration.
Yet he did make a beginning, and it may be that his
death will providentially supplement his efforts, in
life, towards bringing mankind together and giving
the world peace through unity of spirit, since peace
lies wholly within and neither statute nor treaty can
secure it while envy and quarrelsomeness remain.
The King is dead, long live the King! The rising
sun has always bad many more worshippers than the



Electric Railway Secticz
State and City Sectier
NO. 3033

setting. Mr. Coolidge and his family have had a
large part of newspaper space in the past week, and
all eyes and thoughts are turned upon the successor
who takes up the crushing burden. Such the Presidency has become,and it is not inaptly called a "mankilling job." Beyond doubt, Mr. Harding's strong
constitution had been undermined and he died of
overwork; and anything that can be done to relieve
the strains of the office should be encouraged. Senator Edge proposes that more concern and control
over financial and other details be given to the VicePresident, especially in the matter of the Budget, a
new function of the Presidential office. But this is
a responsibility that cannot be devolved upon any
one but the President himself. Nor is there any
great prospect of relief from that other suggestion,
the appointment of a corps of assistants to the President, for the responsibility would still rest with the
President. It is the people themselves who must be
more considerate of their Chief Magistrate. The
time when Senators were office brokers and counted
their strength at home as largely coming from their
influence upon appointments, should pass, so far as
it still persists; equally, the time and strength of the
President should not be claimed and spent upon
trivial matters. When all this has been said, however, it still remains true that lightening the Presidential burden rests largely with the public. It is
impossible that more than a fraction of the people
can ever see the President. It is absurd that he
should be held, by courtesy and custom, to be at the
service of everybody who wants to be able to say he
has "shaken hands with the President," or who may
seek a personal reply to some letter.
All eyes are now upon Mr. Coolidge, who is called
"a man of mystery," for no apparent reason except
that he has a habit—worthy of copying by everybody
—of not speaking until he has some well-considered
thing to say. In his "Why?" there is an encouragement, for it implies conservatism and the habit of
challenging proposers of changes to accept the burden of proof. He will have serious problems; among
them not the least, he may have Congress "on his
hands." But behind him should stand a more thinking and more chastened and more serious American
people.
The Government cotton report, issued last week,
checked the decline in cotton, and this week's report
on grain is considered bullish as to wheat, two primary products in which heavy declines in prices, covering a period of several weeks, have caused unsettled conditions in a number of dependent industries,

586

THE CHRONICLE

[VOL. 117.

and in some degree this unsettlement now promises this year, it is now indicated, will amount to 1,474,early readjustment. The August crop report issued 000,000 pounds.
by the Department of Agriculture after the close of
business on Tuesday indicates a decrease of 28,000,The trend of political events in Europe, at least
000 bushels in this year's estimate of the wheat crop with respect to the Ruhr situation, has been affected
as compared with that of a month ago. The pre- temporarily, according to cable advices from London
vious estimate of winter wheat, made in the July re- and Paris, as it has been in the United States,
port, was 586,000,000 bushels and spring wheqt 235,- by the sudden and unexpected death of President
000,000 bushels, a total of 821,000,000 bushels. The Harding. Announcement was made in dispatches
August condition just announced, places the total from the British capital last week that Premier
yield at 793,000,000 bushels, a decline of 18,000,000 Baldwin,in his decision to place the French and Belbushels as to winter wheat and 10,000,000 bushels gian replies to the British note on the Ruhr before
for spring. Last year the total wheat harvested was Parliament, would make an appeal to the world for
856,211,000 bushels and not since 1917 has the yield support of the British position. Of course, this
been as low as is now indicated for the current year. meant that he had the United States especially in
The spring wheat condition on August 1 was reduced mind. With this country thrown into deep sorrow
12.8 points from a month previous, the latest condi- and mourning such a step could not be considered
tion figures being 69.6%, as contrasted with 82.4% this week, nor until a reasonable time after the last
on July 1 and 80.4% for the 1922 sprina wheat crop sad rites in memory of Mr. Harding had been obon August 1 of that year. A year ago the yield of served. On August 3, the day following his death,
spring wheat was placed at 263,000,000 bush- the Associated Press correspondent at London caels, but the actual harvest of spring wheat for bled that "to British officialdom one of the disap1922 was 270,000,000 bushels. The condition pointing effects of'President Harding's death on inon August 1 of this year in each of the spring ternational politics is the probable delay in mobilizwheat States in the Northwest is very low—for Min- ing world opinion with regard to the Ruhr and the
nesota 66%, as contrasted with 80% a year ago; final reparations settlement with Germany."
North Dakota, 56%, a year ago 87%; South Dakota
It was possible to read between the lines, even a
60%, and on August 1 1922 87%. For Washington week ago, that the French expected to continue negothe spring wheat condition on August 1 was 79%; a tiations with the British over the Ruhr situation if
year ago it was only 50%. A separate tabulation the latter would give their consent. On August 4 the
sets forth that the wheat growing States east of the Paris representative of the New York "Times" cabled
Rocky mountains, which produce a surplus, Kansas, that "Premier Poincare to-day sent word to London
Nebraska, Oklahoma, Minnesota, the Dakotas and that he was waiting to continue friendly negotiations
Montana will have a combined crop this year, accord- with England on the reparations problem." He
ing to the August 1 condition report, of only added that "what the British intend to do remains a
801,000,000 bushels; for 1922 it was 436,000,000 mystery in Paris. The French hope they will do
nothing except continue their policy of watchful
bushels.
As to corn, the condition as set forth in the Aug- waiting, which M. Poincare believes is all that is
ust report is only slightly lower than it was a month needed to insure his ultimate success in the Ruhr."
.ago, 84.0% on August 1 this year contrasting with From London came a dispatch, under the same date,
-84.9% a month earlier and 85.6% on August 1 1922. to the "Times," saying that "London's usual weekThe yield for the current season is now estimated at end lethargy, emphasized by the Parliamentary re2,982,000,000 bushels, which is 105,000,000 bushels cess and the August bank holiday on Monday, was
'better than was indicated in the July report. The partially responsible for the success of the French
:actual yield of corn in 1922 was 2,899,000,000 bush- Government in stealing a march on the British by the
els. Oats now promise a larger yield than a month publication of the Ruhr and reparations notes."
Berlin sent word that on August 4 also "the Social
:ago, although the condition on August 1 is somewhat
lower, 81.9%, contrasting with 83.5% for July 1 Democratic Party in the Reichstag, after discussion
this year. The crop is now estimated at 1,316,000,000 of the party's program to-day, passed resolutions
bushels, the yield last year having been 1,201,000,000 ascribing the threatened col/apse in the internal and
bushels. Barley, likewise,is lower as to condition on external policy of Germany as primarily due to the
August 1 than it was on July 1, but the indicated passivity of the nation." The dispatch stated furyield is increased and is larger than last year, 202,- ther that "it [the program] calls for the greatest ac000,000 bushels for 1923, contrasting with 186,118,- tivity in the realm of foreign policy, with a view to
000 bushels, the final estimate of yield for the crop of arriving at a definite understanding regarding rep1922. For rye this year,the crop is now estimated at arations, while at the same time maintaining the
64,800,000 bushels; in 1922 the crop was 95,467,000 unity of the republic, the preservation of the Rhinebushels. The estimate of yield for flaxseed for this land for the nation and the liberation of the Ruhr."
year is now placed at 19,100,000 bushels; in 1922 the
That the resumption of negotiations between the
crop amounted to 12,238,000 bushels. White potawell, although past experi- French and British on the Ruhr situation were close
toes do not promise so
at hand was indicated in a cable dispatch from the
ence has shown that the August estimate is not inof line. It is now indicated Paris correspondent of the New York "Herald" dated
frequently somewhat out
August 5. He asserted that "Premier Poincare and
that the crop this year will be 380,000,000 bushels,
1 being 80.5%, as contrasted Lord Curzon, British Secretary of State for Foreign
the condition on August
Affairs, will confer in Paris next week, when an efwith 86.4% a month earlier. The crop last year was
will be made to find a formula under which the
451,185,000 bushels, although the earlier estimates fort
reparations total demanded from Germany can be
were considerably below that figure. Hay promises
down in proportion to certain concessions to be
a crop this year of 97,300,000 tons; the final yield in cut
Great Britain to France in the matter of
1922 was 112,791,000 tons. For tobacco, the crop made by



AUG. 11 1923.]

THE CHRONICLE

587

States, and the question of expenses of reconstruction of the devastated areas. The Italian Government holds that in the general systematization of the
question of reparations, that of the inter-Allied debts
must be included, as it has repeatedly and clearly
declared. It points out that the minor questions
above referred to are all particularly interesting to
Italy. It retains, moreover, its own proposal on the
question of guarantees, which it says it has been able
to reconcile with the proposals of the Belgian Government in recent examination. Concerning the
British proposal to have recourse to a body of experts
in order to fix the capacity of Germany to pay and
the manner of payment, the Italian Government,
while fully aware of the difficulty of such an examination; does not reject the proposal. A prior British proposal seeks to place the work of the experts
within the limits of the Treaty of Versailles and to
make the new commission subservient to the Reparations Commission, so that it will act as an advisory
committee to the Allied Governments and to the
Reparations Commissipn itself."
Commenting upon the decision several days before
of the French authorities to take over mines and
coke ovens in the Ruhr area the Paris correspondent
of the New York "Herald" said in a dispatch under
date of August6 that "it is confidently expected here
that the decision to occupy the mines and cokeries in
the Ruhr will result in an increased output in a very
short time. It is pointed out here that the industrial
activity in the Ruhr is at present only 16% below
normal, but it is felt that even this will be improved
Franco-Belgian move."
Reports of fresh acts of violence in the Ruhr dis- upon by the latest
trict were received from Duesseldorf on Tuesday. It
In an apparent effort to give a favorable aspect to
was stated in an Associated Press dispatch from that
the French and British as to
centre that "since the explosion of a hand grenade the relations between
the Associated Press coriespondhere Saturday, which wounded two members of a the Ruhr situation
a cablegram Tuesday afterFrench detachment of troops on the march, similar ent in London said in
evidence is at hand
incidents have occurred in various parts of the Ruhr, noon that, "while little tangible
of British and French
ity
giving rise to the fear that a recrudescence of vio- to indicate the probabil
nt at presauthorities of occupation had been statesmen arriving at any sort of agreeme
lence against the
the Ruhr and reparations
”
begun.
ent on a method of solving
problems, British Government spokesmen declared
serious as the weekThe substance of the Italian reply to the British to-day the situation was not so
and comment had seemed to indinote on the Ruhr and reparations was given in a end press reports
ators are
"semi-official" note issued in Rome on August 6, cate." He added that "it is true, comment
ng that the British have been outmaneuvaccording to a wireless dispatch to the New York remarki
The French
"Times" from its correspondent at that centre. It ered in stating their case to the world.
publication of documents relating to the diplomatic
was stated that "the Italian Government adheres in
g the British
general terms to the proposals of the British Govern- negotiations of recent months, followin
ent, is cited
ment.directed to put an end to the European dead- summary of their note given to Parliam
the British have
lock through the agency of continued unity of the as an example of this, but it is said
the present imAllies, so as to arrive at a prompt solution of repara- a number of possible solutions for
"
tions and kindred questions, chief among which, in passe, any one of which may be adopted.
its opinion, is the question of inter-Allied debts. It
It became known in London on Tuesday that the
calls attention to the value of its memorandum preThursday, and it was
sented to the London conference on this point." Con- British Cabinet would meet on
"discuss the situation and try
tinuing the outline, the "Times" representative said: said also that it would
Announcement was
-The Italian Government reiterates its desire to con- to decide upon its next step."
cable advices yesterday that "the
tribute toward making the action of the.British Gov- made in London
approved the reernment a real step in the direction of the creation of British Cabinet to-day [Thursday]
and Belgian notes respecting the
an effective general entente, and adds that in case of plies to the French
response to the Gerdifficulty it holds it to be useful that the different British proposals of July 20, in
on the question of reppoints of view, together with the British proposal, man memorandum of June 7,
notes will be dispatched
should previously be discussed. Passing to its own arations. The new British
immediately, certainly
attitude, the Italian Government lays particular em- to Paris and Brussels almost
It was admitted that
phasis on the following questions: The interdepend- within the next two days."
to Paris "to try to bring
had gone
ence of German reparations with the question of Lord Robert Cecil
debts; the question of joint responsibil- about a more favorable Anglo-French atmosphere for
inter-Allied
was stated also that "Lord Robert
ity of Germany for reparations due from lesser settlement." It

inter-Allied war debts." He further stated that "this
is the outstanding result of the three weeks of negative negotiations through secret diplomatic channels,
which the French Premier at first insisted was the
only possible method of bringing Germany to a point
where she would accept her responsibilities under
the Treaty of Versailles." Continuing, the "Herald"
representative said: "Lord Curzon and Premier
Baldwin, however, having forced Poincare's hand by
compelling the publication of the French attitude in
a form which the world must take henceforth as the
very limit of French concessions, now have a definite
basis whereon to build a program of rapprochement
with Germany and, according to well-informed authorities here, Lord Curzon will seek before the end
of this month to draw up a final plan which will give
satisfaction on both sides of the Channel."
In attempting to outline the British position the
London Correspondent of the New York "Tribune"
said that "to exert pressure on France, aimed at
modifying its policy, or alternatively to convince the
world that the Ruhr occupation is intended not to
collect reparations, but to break up Germany, is the
keynote of the new British policy which will be carried a stage further when the Cabinet reassembles
on Wednesday. The interval is being used to study
the reaction to Premier Baldwin's recent statement
in which no passage was more important than his
warning to France that there would be an uprising
of British feeling if it was found that the Ruhr occupation had ulterior motives.




588

THE CHRONICLE

[Vol,. 117.
Cecil had traveled through the night from Paris, and of their
side arms and wounded many of the rioters."
at nine o'clock in the morning he called on the Prime
As to the causes of the food shortage, many sugMinister, with whom he had a long conversation, gestions were
offered, according to the New York
which doubtless turned chiefly on the latest impres- "Times"
correspondent at the German capital. He
sions derived by Lord Robert from his interview with also said
that one of the rumors was that "JunkerPremier Poincare yesterday."
dom, which owns most of the large agricultural esThe possibilities of the Ruhr situation became still tates, had
decided to systematically starve out the
more complicated, according to a dispatch from the German
people and drive them to a revolution in
Paris correspondent of the New York"Tribune" Tues- which the
famished masses would have no chance
day evening. He asserted that "news from Brussels against
the well provided and well organized mondiscloses that relations between France and Belgium archists.
" Dr. Luther, Minister of Agriculture, was
over the Franco-British reparations deadlock have quoted
by the "Times" correspondent as saying that
reached a state of high tension to-night, with Bel- "the
scarcity of foods is due to much less sensational
gium threatening to withdraw support from a great causes."
He explained that "there has always been
part of the Poincare program for dealing with Ger- in Germany
a certain period just between the exmany." He further claimed that "during the last haustion
of the previous year's crop and the coming
48 hours, the 'Tribune' learns, the telegraph wires harvest
when our people have had to live more or
between Premier Poincare's Champigny estate and less on imported
foodstuffs. In normal times this
Brussels have been kept humming. The result is was hardly
noticeable, because imports from all
that M. Poincare, who returns here to-morrow night, other countries
contributed to our supplies. Now,
is scheduled to continue on to Brussels Friday in an however, we
have the greatest difficulty in getting
effort to placate his Ruhr ally,"
badly needed foodstuffs for lack of foreign bills of
exchange caused by depreciation of the German
In a cablegram made public here on Thursday mark."
morning the London correspondent of the New York
"Tribune" asserted that "Britain will submit its case
The decline in the market value of the German
• on the reparations situation to the bar of world pub- mark became
more acute each day. Even as early
lic opinion next week. • He added that "this fact as
Tuesday, after starting in Berlin at 2,250,000 to
emerges from the discussions by Ministers to-day the dollar,
the quotation was said to have passed the
[August 8] prior to the full Cabinet meeting to-mor- 4,000,000
figure in the afternoon. A false report was
row, which will deal with the manner in which the in circulati
on that the Cuno Ministry had fallen. It
British attitude will be set forth." The "Sun and was said to
have been started by Soviet sympathizers.
The Globe" representative at the British capital sent The Berlin
correspondent of the New York "Times"
word the same afternoon that "for two and a quarter said that "while
these agitators were trying to aggrahours to-day the Cabinet discussed the question of vate the popular
panic by proclaiming the Soviet Rewhen the reparations correspondence of the British public, Herr Cuno
was in private conference at the
should bt published and was asked to approve the Chancellor's Palace
outlining the new policy the Govdrafted British reply to the questions raised by ernment will
announce to the Reichstag when it reFrance. The Cabinet had the advantage of Lord convenes for
the emergency session at 3 o'clock toRobert Cecil's conversations with Premier Poincare morrow
afternoon. Immediately after the session is
to help them gauge the present situation, and it is opened Herr
Cuno is expected to take the floor and
affirmed here that the negotiations with the French deliver a
declaration concerning the political and
are going to continue." As to the impression made financial
situation. He will be followed by Finance
by Chancellor Cuno's speech, he said: "In the mean- Minister
Hermes, who will go into details of the new
while. Cuno's speech is regarded with mixed feeling. measures
which will be presented to the Reichstag
While it affords the British a welcome opportunity for the speediest
possible passage. Friday and Satfor demonstrating to the French that the British are urday will be
taken up with the general debate over
not trying to help Germany avoid paying the repara- these measures
, and they are expected to be passed
tions, yet at the same time it promises no progress by the middle
of next week."
towards a settlement and shows that Germany has
rejected, temporarily at least, the opportunity the
Chancellor Cuno made a speech in the Reichstag
British have given it for making a move toward modi- on Wednesday
setting forth the position of his Minfying the French occupation of the Ruhr. Neverthe- istry and in which he
was reported to have asserted
less, officials told The Sun and The Globe' corre- that "Germany must
and will continue passive respondent to-day that it must be remembered that the sistance: Germany
can hope for no outside help, but
speech was made under the most difficult circum- must help herself." With
respect to England, the
stances and was addressed mainly to the Germans." German Chancellor was
quoted as saying that "it is
not our business to expatiate on what England conThe food situation in Germany does not seem to siders her interests,
and we are not so foolish as to
have improved greatly. Cable advices from Berlin imagine sympathies
for Germany where there are
received here on Monday stated that "bread riots oc- none." As to France,
he declared that "the world
curred in Dresden all through Sunday. In the morn- knows we are ready
to take into account French presing large mobs carrying clubs marched through the tige if France
ceases to impose humiliation merely
streets and seized all strategical points, where they for the sake of
humiliation, but what we cannot and
accumulated stones and missiles of all kinds. Sev- will not do is
to abandon our German land and beeral times the police succeeded in driving them off. tray our fellow
-countrymen!' Speaking specifically
Finally it came to a battle in front of the Maximilian of the attitude of
Germany, Herr Cuno said: "Germonument, where a mob had recognized a plain many must be prepared
for a long period of sufferclothes policeman among the onlookers and they ing, and to accommodate herself to
such circumnearly beat him to death. The police then made use stances and not expect to work wonders.
We must




AUG. 11 1923.]

THE CHRONICLE

589

Hotel and solemnly affixed their signatures in
believe in ourselves, and manifest that belief, not by Ouchy
e of a small group of Americans and othfatalistic resignation but by determined action. What the presenc
He observed also that "Ismet Pasha, ever genwe cannot do and will not do is to abandon a German ers."
and smiling, said, when all was over: 'To-morland and betray fellow-countrymen. We refuse to tle
I start for Angora. I have tried to be just and
work under the bayonets of our oppressors." In con- row
ble. Europe and the United States will find
clusion he said that "therefore, it is necessary to con- reasona
Turkey will live up to her engagements and will
tinue with all our strength passive resistance free that
a worthy member of the concert of nafrom mad acts of violence and terror against the peo- seek to be
ing to a subsequent cablegram from
ple in the occupied region, and to support actively tions.'" Accord
the signing took place at 4p. m., August 6.
from the unoccupied territory the population which Lausanne,
t, August 6, Secretary of State Hughes in
is persevering in a passive resistance of its own will." At midnigh
nced the negotiation at LauAccording to the Berlin cable dispatches received Washington "annou
Turco-American treaty of amity and
here yesterday, the Communists caused considerable sanne of a new
at the same time issued a summary
disturbance at both Wednesday's and Thursday's commerce. He
convention, which assures the United
session of the Reichstag. They also were said to of the new
nationals in Turkey treatment as fahave attempted to cause trouble in the large indus- States and its
that accorded to any other nation." The
trial plants at several important centres. The New vorable as
"Times" correspondent at Washington
Y rk "Times" correspondent outlined the currency New York
that "the newly negotiated treaty, which was
situation Thursday evening in part as follows: "The added
this afternoon, paves the way for
financial and business world waited in intense sus- signed at Lausanne
diplomatic relations between Turpense all day as the printers took their strike vote. the resumption of
States, and replaces the old
Their leaders turned down the arbitration award of key and the United
century old, which was negotiated in
3,200,000 marks for the current week and demanded treaty, nearly a
the summary of the agreement,
20 gold marks per week, equivalent to $5. The em- 1830." In giving out
zed the following statement:
ployers _refused the gold mark wage down hard, hence Mr. Hughes authori
was not reached with regard to the
the strike vote. Many private printing establish- "As agreement
of claims against the respecments will be brought to a stop by the strike. This manner of settlement
ments, Mr. Grew exchanged communicamay help to solve the problem of bringing an end to tive Govern
Pasha which provided for further
the output of paper money, which is worrying the tions with Ismet
ration of this question at an early date and
Cuno Government, but there is general agreement conside
of the two Governments to withthat a general cessation at present will be very se- reserved the right
treaties until an accord on
rious. The paper money shortage is getting more hold ratification of the
."
acute daily, despite the fact that new 10,000,000- the point has been reached
in cirmark notes have made a sparing appearance
Comparatively little has appeared in the European
culation. Beginning to-morrow the Reichsbank will
to any branch of the
reduce the money ration to banks 50%. Paper money cable advices recently relative
a Paris dispatch to the New
was virtually unobtainable in the city to-day except League of Nations. In
York "Times" dated August 7, the correspondent
from premium bootleggers."
said that "the League of Nations Disarmament Comconclusion of a plan
Naturally there have been rumors for several mission announced to-day the
treaties, the benefit of which would be
weeks that the Cuno Ministry would not be able to of protective
their armaments.
stand. This week these were more persistent. In an extended to nations which reduce
will be submitted to the League Assembly
Associated Press dispatch from Paris Thursday eve- The plan
will be the basis
ning it was stated that "information received in offi- in September, and if it is approved
the League disarmament efforts." He explained
cial quarters here from Berlin indicates that the of
that nations will
Cuno Government is likely to continue in power. that "the idea back of the project is
if they feel
The retail storekeeps, dismayed by the fall of the be more ready to cut their military forces
arrangement
mark, are said to be preparing to close their shops to- secure. The general protective treaty
specific and parmorrow, but the Government is regarded as strong would derive practical force from
grouped by peculiar
enough to meet any eventuality." The Berlin repre- ticular treaties among nations
on. It is a comsentative of the same news agency cabled that interests and geographical situati
Cecil's idea and that of the
"Chancellor Cuno's address to the Reichstag, in bination of Lord Robert
his outline, the
which he declared that passive resistance, as the sole French League leaders." Continuing
ntative said that "the plan provides
weapon of the Ruhr and Rhineland, would continue "Times" represe
League of Nations to
to be supported by the nation, has been received as pledges by each member of the
d the system is a
the most depressing statement yet made to the na- aid a nation which having accepte
powers of the Council of
tional Legislature by the present Government. The victim of aggression. The
are laid down, the most
Coalition parties view it as superfluous in view of the League in case of a crisis
power in the event of a conthe present situation, and also regard it as a disap- important of which is its
flict to decide which is the aggressor nation. The
pointing utterance."
in ArCouncil would exercise the powers laid down
the League."
nt of
The Turkish delegates to the Near East Confer- ticle VIII of the Covena
representatives
ence at Lausanne and the American
No change has been made in official discount rates
signed two treaties between the two countries on
centres from 30% in Berlin;
August 6. The Associated Press correspondent at the at leading European
2
; 5I/% in Belgium; 5% in
Conference cabled that "the two treaties, one gen- in Denmark and Norway
/
41 2% in Sweden and 4% in
eral and the other relating to extradition, printed in France and Madrid;
and Holland. In London the
French, were signed by Joseph C. Grew, Ismet Pa- London, Switzerland
discount rate was somewhat firmer,
sha, Riza Nur Bey and Hassan Bey. The two dele- open market
/
14% on short bills, from
/
gations sat around a table in the drawing room of the having advanced to 31803




590

THE CHRONICLE

3 1-16%, and three months to 3/@3 5-16%, from
14
31 8@3 3-16% a week ago. Money on call at the
/
British centre, however, was lowered to 2 %, in
/
1
2
comparison with 2%% a week ago. Open market
discounts in Paris and Switzerland remain at
412% and 11
/
4%, respectively, the same as heretofore.

BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
In France
Inc.
11,075
Abroad
No change

[VOL. 117.
COMPARATIVE STATEMENT.
Status as of
Aug. 9 1923. Aug. 10 1922. Aug. 11 1921.
Francs,
Francs.
Francs.
3,673,547,748 3,582,223,008 3,573,229,716
1,864,344,927 1,948,367,056 1.948.367,056

Total
Inc.
11,075 5,537,892,675 5,530,590,065 5,521,596,772
Silver
Inc.
155,000
294,071,000
285.409,126
275,948,692
131115 discounted_ _ -Dec.565.301,000
2,470,253,000 1,994,057,305 2,513,099,825
Advances
Inc. 63,326,000
Note circulatipn Inc. 86,881,000 2,164,038,000 2,187,456,752 2,193,770,349
37,239,284,000 36,449,878,260 37,225,799,880
Treasury deposits_Inc.
415,000
443,558,000
73,665,324
39.415,408
General deposits_ _Dec. 251,382,000
1,772,325,000 2.210.843,444 2,641,846,010

Continued expansion in gold holdings was shown
The Imperial Bank of Germany has issued, under
by the Bank of England in its statement for the week date of July 31, another
spectacular statement, showending August 9, the gain being £4,983. Moreover, ing expansion even more
fantastic than any as yet
reserve, owing to curtailment of £531,000 in note cir- recorded. Note circula
tion increased over eleven
culation, showed an increase of £536,000, while the trillion marks, to be exact,
11,769,916,991,000 marks.
proportion of reserve to liabilities advanced to Discount and Treasury
bills registered an addition
17.94%, from 17.52% the preceding week. At the of 14,655,266,962,000 marks.
In deposits there was a
same time last year the ratio stood at 1678% and gain of 7,454,915,410,000
/
marks, while bills of exin 1921 at 14.54%. Changes in the deposit items in- change and checks
increased 4,383,879,594,000 marks
dicated the return of funds into normal channels. and other liabilities 4,053,0
03,126,000 marks. Other
Public deposits declined £2,357,000, and "other" de- increases include 542,670,468,00
0 marks in Treasury
posits increased £2,559,000. Loans on Government and loan association notes, 2,287,6
80,154,000 marks
securities were again expanded—£885,000, but loans in advances and 151,656,000
marks in investments.
on other securities registered a falling off of £1,197,- Notes of other banks declin 874,23
ed
2,000 marks. A
000. The bank's stock of gold aggregates £127,645,- falling off in total coin
and bullion (which now in821, as compared with £127,399,880 a year ago and cludes aluminum, nickel
and iron coin) of 118,234,£128,380,654 in 1921. Reserve amounts to £21,305,- 000 marks is recorded. The
bank's diminishing gold
000, against £20,307,670 last year and £19,266;384 holdings sustained a
further loss of 20,000,000 marks.
a year earlier. Loans stand at £68,724,000. A year The total (the bulk of
which is held abroad) has
ago they were £75,450,390 and in 1921 £81,107,097. been reduced to 596,35
1,000 marks, as against 1,004,Note circulation is now £126,090,000, in comparison 860,000 marks last year
and 1,091,557,000 marks in
with £125,542,210 and £127,564,270 one and two 1921. Outstanding note
circulation has now reached
years ago, respectively. Clearings through the Lon- the stupendous sum of 43,594,
704,387,000 marks, in
don banks for the week totaled £559,735,000. This comparison with 189,209
,000,000 marks in the corcompares with £688,272,000 a week ago and £601,- responding week of 1922 and 77,390,
000,000 marks a
022,000 last year. No change has been made in the year earlier.
bank's minimum discount rate of 4%. We append
herewith comparisons of the principal items of the
An analysis of the Federal Reserve Bank
stateBank of England returns for a series of years:
ment, issued at the close of business on Thursd
ay,
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
revealed continued expansion in bill holdings, both
1923.
1922.
1921.
1920.
1919.
local and national. For the banks as a group
Aug. 8.
Aug. 9.
Aug. 10.
Aug. 11.
redisAug. 13.
counting of Government secured paper increased
Circulation
126,090,000 125,542,210 127,564,270 125,527,795 79,723,435
Public deposits
$16,000,000. In "all other" the increase was
10,427,000 16,238.919 18.258,625 15.999,059 22,454,85
2
small—
Other deposits
108,317,000 104.500,212 114,196,547 124,018,988 89,157,64
3 $1,000,000, while
Governm't securities 46,783,000 43,032.505 50,115,365
bill buying in the open market fell
68,250,449 21.390,356
Other securities_ _ _ _ 68,724,000 75,450,390 81.107,09
7 73.805,565 81.222,618 $5,000,000. The net
result, therefore, was an addiReserve notes ts coin 21,305,000 20,307,670 19,266,384
15,989,757 27,014.310
Coin and bullion_ 127,645,821 127,399,880 128,380,6
54 123,067,552 88,287,745 tion to bill holdings of $11,000,000, bringi
ng the
Proportion of reserve
grand total to $1,000,511,000, as against only
to liabilities
17.94%
163i%
14.54%
11.41%
$528,24.20%
Bank rate
4%
3%
55%
7%
5% 964,000 a year ago. Earning assets showed
a comparatively small increase, namely $8,000,
000, while
The Bank of France continues to report small gains deposits
were reduced $40,000,000. Gold holdings
in its gold item, the increase this week being 11,075 were expand
ed $3,000;000. The New York bank lost
francs. The Bank's gold holdings therefore, now gold to
the extent of $24,000,000, but rediscounting
'aggregate 5,537,892,675 francs, comparing with operations
followed almost parallel lines with those
5,530,590,065 francs at this time last year and with of the combin
ed System. In Government .
secured
5,521,596,772 francs the year before; of these amoun
ts paper there was an increase of $24,000,000. "All
1,864,344,927 francs were held abroad in 1923 and other" fell
$11,000,000 and bill purchases in the open
1,948,367,056 francs in both 1922 and 1921. Silver market $3,000
,000; hence, total bill holdings were induring the week gained 155,000 francs, advances creased $10,000,000, to
$259,874,000, in comparison
increased 63,326,000 and Treasury deposits rose with $60,119,000 in 1922.
Earning assets recorded a
415,000 francs. On the other hand, bills discounted gain of $5,000,000, but
deposits were reduced $31,fell off 565,301,000 francs, while general deposits 000,000. In both statem
ents, the amount of Federal
were reduced 251,382,000 francs. Note circulation Reserve notes in circula
tion was shown to have exregistered the futher expansion of 86,881,000 francs, panded—for the System
$36,629,000, and at New
bringing the total outstanding up to 37,239,284,000 York $6,300,000. Member
bank reserve accounts
francs. This contrasts with 36,449,878,260 francs were reduced approximately
$19,000,000 for the Syson the corresponding date last year and with 37,- tem and $25,000,000 at New
York. As the above
225,799.880 francs in 1921. Just prior to the out- changes largely offset each other,
reserve ratios rebreak of war. in 1914, the amount was only 6.,683,- mained practically stationary.
The System as a
184,785 francs. Comparisons of the various items in whole reported a ratio of 77.3%,
the same as last
this week's return with the statement of last week and week, while at New York there was a decline
of 0.6%,
corresponding dates in both 1922 and 1921 are as to 81.7%.
follows:




AUG. 11 1923.]

Last Saturday's statement of the New York Clearing House banks and trust companies was somewhat
disappointing, showing among other features a decline in surplus at a time when the return of funds
to the banks usually brings about expansion. Loans
were reduced $6,394,000. Net demand deposits
expanded $5,791,000, to $3,672,152,000, which is exclusive of Government deposits to the amount of
S432,870,000. In time deposits also there was an increase, $2,675,000, to $465,773,000. Cash in own
vaults of members of the Federal Reserve Bank fell
$870,000, to $46,497,000 (not counted as reserve).
Reserves of State banks and trust companies in own
vaults expanded $120,000, while the reserves of these
same institutions kept in other depositories showed
a gain of $329,000. Member banks, however, drew
down their reserve credits at the Reserve bank $12,123,000, and this, together with the addition to deposits, was responsible for a curtailment of $12,460,940 in surplus reserves, bringing the total of excess
reserves down to $16,224,370, as against $28,685,310
a week ago. The figures here given for surplus reserves are on the basis of legal reserves of 13% for
member banks of the Federal Reserve System, but
not including cash in own vaults to the amount of
$46,497,000 held by these member banks at the close
of business on Saturday last.

/
at 5@514% for all periods from 60 days to six
months, the same as last week.
Commercial paper has not been changed from 5%
for 60 and 90 days' endorsed bills receivable and six
months' names of choice character, with names not
/
so well known at 514%. The inquiry spas light and
ons in the agrgegate limited.
transacti
Banks' and.bankers' acceptances were steady but
comparatively inactive. Local and out-of-town
banks were in the market as buyers from time to
time, but were apparently disposed to restrict dealings the same as elsewhere; hence only a moderate
turnover was reported and business was colorless.
For call loans against bankers' acceptances, the
posted rate of the American Acceptance Council is
2
1
/
/
now 41 4%,against 4 % last week. The Acceptance
makes the discount rates on prime bankers'
Council
acceptances eligible for purchase by the Federal
/
Reserve banks 41 8% bid and 4% asked for bills run/
/
for 30 days,414% bid and 41 8% asked for bills
ning
2
1
/
running 60 to 120 days and 4%% bid and 4 % asked
for bills running for 150 days. Open market quotations follows:

Time money at this centre continued quiet and
firm this week, but unchanged as to quotations a
/
5 @514%. Some borrowers, who often prefer to obtain loans for the fixed periods, have wondered why
/
the banks have held funds so firmly at 514%. So far
no satisfactory reason has been given. Call money
/
/
ruled at about 434% and dropped to 41 2% Thursd
afternoon. As loans made that day carry over unt
next Monday, obviously there must have be • an
abundance of money to be put out on call. The demand for Wall Street purposes continues relatively
small. Speculation in stocks has been on a limited
scale, while offerings of new issues have been greatly
restricted because of the suspension of business out
of respect to the memory of President Harding
Government withdrawals from local depositaries
have been limited to $4,400,000, so far as announced.
It is expected that President Coolidge may make one
or more announcements next week. that may have a
direct bearing on the market for securities and general business, as well as upon the political situation
Conditions are such in Europe as the week closes that
no one can predict what will happen next.
Referring to money rates in detail, loans on call
2
1
/
this week have ranged between 4 @5%,as against
4@6% a week ago. As a matter of fact the call market was almost stationary, with trading in all
branches reduced to a minimum owing to President
Harding's funeral obsequies. On Monday the high
2
1
/
on call funds was 5% and the low 4 %,with renewals at the latter figure. Tuesday and Wednesday a
/
flat rate of 434% was quoted, this being the high, the
low and the ruling level on both days. Thursday re/
newals continued to be negotiated at 434%, which
2
1
/
was the maximum, but the minimum was 4 %. Friday was observed as a day of mourning and no business was transacted. The above figures apply tq
loans on mixed collateral and all-industrials without
differentiation. In time money also trading was almost at a standstill, with no large loans made in any
maturity. As a result quotations continued to range




591

THE CHRONICLE

SPOT DELIVERY.
90 Days.
4345414

.
30 Days
@.4%

60 Days.
,
41‘ 43 r.
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
on-member banks
Eligib

4% bid
414 bid

2
1
/
A rate of 4 % has been established by the Federal
Reserve Bank of New York on agricultural and live
stock paper having a maturity of 6 to 9 months. The
edule of rates now in effect for
following is
asses of paper at the different Reserve
the va
EFFECT
SCOUNT RATES OF FEDERAL RESERVE BANKS IN
AUG. 9 1923.
Paper Maturino—
After 90, After 7
but
Dws,but
Whin 6 Within 9
Months. Month,.

Within 90 Days.
FEDERAL RESERVE
BANK.

Boston
New York
Philadelphia
Cleveland
Richmond
A tianta •
Chicago
St. Louis
MinnenD0118
Kann.,City
Dallas
San Francisco

Agricill.* A gricul
C01,1'7'9141 Recur. by
and
and
A erten; U. S. Bankers' Trade
AccepAccw- Livestock Livestock
ciLivestl Govt.
Paper. Oblitla- lances. lancet. Paper. Paper.
sons.
fl.e./.
4,4
434
434
414
434
414
44
4%
434
44
44
434

44
434
414
434
434
44
43-4
44
434
414
4%
434

43-4
44
434

4%
4%
434
4%
44
414
44
434
434
414
4;4
44

44
434
414
434

5
5
434

414
44

4%
4%
414
4%
434
414
414
44
434
sectingi
•Including bankers' acceptances drawn for as agricultural purpose and
by warehouse receipts. Sce.
434
414
44
434
434
414

The sterling exchange market experienced what
was regarded as the dullest week in many months.
As a result, trading was reduced to minimum proportions and changes in rates were narrow, without
definite trend. Reasons for this pronounced inactivity were not hard to find. Added to the still unbroken deadlock in the Ruhr, together with increasing menace of a break in the friendly relations between France and England, over the reparations
question, was nationwide absorption in the funeral
obsequies of the late President Harding, culminating
in the setting aside of yesterday (Friday) as a day
of mourning. Local dealers restricted their operations, even in the early part of the week, to the most
necessitous routine transactions. On Thursday reluctance to undertake commitments over the combined holiday and week-end brought about pre-holiday dulness and there were times when the market
was at a virtual standstill. In London interruption

592

THE CHRONICLE

[voL. 117.

of a Bank Holiday (on Monday) also served to limit
In the Continental exchanges feverish, irregular
operations to some extent. A moderate inquiry, how- activity
prevailed at intervals and transactions were
ever, was noted on the part of British interests who attended
by spectacular weakness. New low records
are establishing dollar credits in anticipation of fall were
established in all of the more important currenrequirements of grain and other commodities; while cies. In the
final dealings (on Thursday) Continenbuying of Liberty bonds, apparently incidental to tal exchang
e, in line with sterling, relapsed into dulinterest payments on the United States debt, all ness and trading
was almost completely suspended,
tended to depress prices of sterling, and there was a locally at
least. Developments abroad were not fadecline to 4 56, or a trifle under last week's low vorably
regarded and the somewhat belligerent utterpoint. At the close on Thursday quotations rallied ances of the
German Chancellor, coupled with
about 7/8 of a cent, finishing at 4 56%.
France's unyielding attitude on the Ruhr occupaAmong the factors likely to affect sterling values tion,
seemed to render prospects of a settlement quite
unfavorably with the resumption of normal trading remote.
This, however, was not the sole influence
conditions in this market on Monday are the Cuno governing
Berlin exchange. Absolute withdrawal
announcement of a continuation of "passive resist- of the
Reichsbank's regulations in the matter of
ance" in the Ruhr; the decision of France and Bel- dealings
in mark exchange and rumors that Germany
gium to resume blockade conditions temporarily as was plannin
g to repudiate the mark and restore gold
a punitive measure, and the complete collapse in currency
added to the general confusion and served
German exchange values. On the other hand, re- to still further
complicate matters, the result being
ports from London to the effect that a conference a series of
amazing declines in the value of the
between French and British leaders was scheduled. reichsmark,
already close to nil, bringing quotations
to take place in Paris next week led to the belief that down to
almost infinitesimally low figures. Under
negotiations on the reparations issue had not yet pressure
of a flood of offerings thrown upon a wholly
been completely abandoned, and exercised a more unresponsive
market by foreign holders, marks were
hopeful feeling. Little or no apprehension is ex- forced down
to 0.000017, a drop of 0.000073 points
pressed regarding the change of Administration at from
last week's close and equivalent to more than
Washington. President Coolidge has apparently 5,000,000
marks to the dollar. Later on there was a
won the confidence of the entire banking fraternity recovery
to 0.000072, the closing level. French francs
and the foreign exchange market may be said to be were also
depressed by the critical state of affairs on
waiting solely on developments abroad. While ster- the Rhine
and less encouraging internal financial
ling is, of course, much less susceptible to the influ- conditions,
and the quotation broke 20 points, to 5.65,
ence of European politics than Continental exchange, a new low.
Antwerp currency suffered even more
matters have reached a stage, it is considered, which severely, because
of lack of official support, as well
renders improvement in either international trade as Belgium's
unfavorable balance of payments with
conditions or in exchange values well-nigh impos- France and an
increasingly adverse trade position,
sible.
and dropped to 4.23-41 points off. Lire were relaReferring to the day-to-day rates, sterling ex- tively steady,
hovering around 4.32 until Thursday,
change on Saturday last was steady, with quotations when there
was a decline of 4251 on light trading.
/4,
practically unchanged; the range was 4 56 3-16@ Greek exchan
ge was quiet, but steadier, while the
4 57 for demand, 4 57 1-16@4 5714 for cable trans- other minor
/
currencies, with the exception of Polish
fers and 4 54 3-16@4 55% for 60 days; the market marks, which
sank to new low levels in sympathy
was dull and nominal. On Monday irregularity at- with the
German mark, remained about the same as
tended dealings and the undertone was easier; de- last week.
As explaineld, however, trading in this
mand bills were quoted. at 4 56%@4 56 15-16, cable market out
of respect to our late President, was at a
transfers at 456%@4 573-16 and 60 days at 4533/ practical
4
stand and the wild fluctuations above rerd4 543-16. A further decline was reported on Tues- corded reflecte
d almost wholly what was going on
day, to 4 56@4 56 for demand, 4 564
/
1
2
/ 5634 for abroad.
1
@4 /
cable transfers and 4 53%@4 5378 for 60 days; sell/
The London check rate on Paris finishe
d at 80.00,
ing by London was mainly responsible for the weak- which compar
es with 79.30 last week. In New York
ness. 'Wednesday's market was inactive, but prices sight bills on
the French centre closed at 5.67, against
displayed a rather better tone and demand was 5.7712;
/ cable transfers at 5.68, against 5.78½;
commarked up to 4 56 1-16@4 56 7-16, cable transfers to mercial sight
at 5.65, against 5.752 and commer/
1
,
5-16@4 56 11-16 and 60 days to 453 7-16@ cial 60 days
4 56
at 5.62, against 5.72 a week ago. Ant/
1
2
453 13-16. What amounted to practical pre-holiday werp francs closed
at 4.28 for checks and 4.29 for
dulness prevailed on Thursday, although values were cable transfers.
A week ago the close was 4.62 and
well maintained and the range was 4 56%@4 5678 4.63. Final
/
quotations for Berlin marks were
for demand, 4 5658@4 571 8 for cable transfers and 0.000075 for both
/
/
checks and cable remittances, in
/
4 5334@4 5414 for 60 days. Friday was observed as comparison with
/
0.000090 a week earlie .. Austrian
,
a day of mourning and all business was suspended kronen are still
unaffected by the crash in neighboras a mark of respect to the memory of the late Presi- ing currency values,
and continue to rule at 0.001414
/,
dent Harding. Closing quotations on Thursday were unchanged. Lire
closed at 4.25 for bankers' sight
/
1
4
4 54 for 60 days, 4 56% for demand and 4 5678 for bills and 4.2614 for
/
/
cable transfers, against 4.3314
/
cable transfers. Commercial sight bills finished at and 4.3414 the previou
/
s week. Exchange on Czecho4 56%, six days at 4 543-16, 90 days at 452%, docu- slovakia finished
at 2.94, against 2.933 on Bucha/4;
ments for payment (60 days) at 4 55 3-16 and seven- rest at 0.5014
/ (unchanged); on Poland at 0.000418
/,
day grain bills at 4 55%. Cotton and grain for pay- against 0.0004 ,
/ and on Finland at 2.78 (un1
2
ment closed at 4 56%. So far as could be learned, no changed). Greek
exchange closed at 1.84 for checks
gold engagements were made, either for export or and 1.85 for cable
transfers, which compares with
in'tport.
1.542and 1.55 last week.
/
1




THE CHRONICLE

AUG. 11 1923.]

593

Pursuant to the requirements of Section 522 of the
As to the former neutral exchanges, while trading
Continentals Tariff Act of 1922, the Federal Reserve Bank is now
was in neglect, the same as in the major
ry the
and sterling, a better undertone was noted, particu- certifying daily to the Secretary of the Treasu
when guilders buying rate for cable transfers in the different counlarly in the latter part of the week,
for the
advanced some 15 to 16 points, while Swiss francs tries of the world. We give below a record
imating 39 points. Smaller week just past:
showed gains approx
CERTIFIED BY FEDERAL RESERVE
increases were made in Scandinavian exchange (ex- FOREIGN7EXCHANGE RATES UNDER TARIFF ACTS OF 1922,
BANKS TO TREASURY
VE.
cept that the Swedish crown was somewhat lower),
AUGUST 411923 TO AUGUST 10 1923, INCLUSI
s were heavy and broke more than
but Spanish peseta
Noon Buying Rate for Cable Transfers in New York.
Value in United Stales Money.
30 points, on political unrest in Spain,labor troubles
ru and Monetar Unit.
_
Aug. 4. Aug. 6. Aug. 7, Aug. 8. Aug. 9. Aug. 10.
ng burdens incidental to the Moroccan
and 'growi
---,
$
$
$
$
5
$
EUROPEcampaign.
.000014 .000014 .000014 .000014 .000014
krone
.0435
.0448
/, Austria,
.0459 .0456
39.3312 Belgium,franc
.0469
Bankers' sight on Amsterdam closed at
.009633 .009400 .009150 .009183 .008983
Bulgaria, ley
.029375 .029353 .029342 .029342 .029322
/,
.1831
against 39.23; cable transfers at 39.4412 against Czechoslovakia, krone
.1831
.1834
.1813
.1816
Denmark, krelie
, against 39.18, England, pound sterling 4.5720 4.5678 4.5629 4.5658 4.5669
39.32; commercial sight at 39.39%
.027644 .027594 .027659 .027663
.027581
Finland, markka
.0569
.0571
.0576
.0577
.0585
and commercial 60 days 39.01%, against 38.93 last France,franc
.0009090 .00000014 .00000028 00003020 .00000021
Germany, reichamark
.017411 .018244 .018850
.016789 .017444
.3945
.3942
.3940
.3932
week. Swiss francs finished at 18.27% for bankers' Greece.drachma
.3933
Holland, guilder
000060 .000057 .000060 .000059 .000057
Hungary.
.0428
cable transfers, against Italy. lira krone
.0430
1
/
.0432
.0434
.0435
sight bills and at 18.292for
.1621
.1616
.1627
.1618
.1615
Norway, krone
0000044 0000044 .0000043
week ago. Copenhagen checks Poland, mark
.0000044 .0000047
17.87 and 17.88 a
.0401
.0401
.0402
.0404
• .0403
escudo
Portugal,
005025 .005025 .005019 .005000 .005009
closed at 18.26 and cable transfers at 18.30, against Rumania,lets
.1382
.1396
.1401
.1411
.1411
Spain. peseta
Hon.2659
.2658
.2659
.2662
.2664
18.11 and 18.15. Checks on Sweden finished at 26.57 Sweden,krona
day
.1828
.1814
.1606
.1792
.1791
Switzerland, franc
.010650 .010628 .010704 .010734 .010772
ers at 26.61, against 26.61 and 26.65, Yugoslavia, dinar
and cable transf
ASIA
.7208
.7200
.7196
.7183
.7217
while checks on Norway closed at 16.24 and cable China, Chefoo tael
.7163
.7154
.7150
.7142
.7175
" Hankow tael
.6964
.6970
.6955
.6946
.6953
tad
.7267
transfers at 16.28, against 16.19 and 16.25 the pre- " Shanghaitad l
.7258
.7254
.7242
.7275
Tientsin
13.76 for " Hongkong dollar .5178 .5170 .5178 .5180 .5181
"
.5033
ceding week. Spanish pesetas finished at
.5043
.5045
.5040
.5046
" Mexican dollar_ _
and 13.78 for cable remittances. This com- " Tientsin or PelYang .5071 .5067 .5104 .5071 .5133
checks
dollar
.5175
.5154
.5171
.5158
.5163
" Yuan dollar
.3053
.3057
.3051
pares with 14.09 and 14.10 last week.
.3053
.3054
India. rupee
continue to tend to- Japan. yen S.),dollar_ _ _ .4878 .4875 .4881 .4884 .4882
.5329
.5321
.5321
South American quotations
.5325
.5313
Singapore(S.
NORTH AMERICA
.976771 .977063 .977274 .977014 .976401
ward lower levels, and the check rate on Argentina Canada, dollar
.998875 .999125 .999000 .998938 .999063
peso
.483542 .483542 .482656 .484375 .482656
has been reduced to 33.05 and cable transfers to Cuba. peso
Mexico.
.974219 .974609 .974688 .974688 .97375
and, dollar_
34.00 and 34.10 last week. Brazilian Newfoundl AMERICA
33.10, against
SOUTH
.7513
.7560
.7618
.7633
.7638
Argentina, peso (gold)
.1001
.0997
.1003
.1007
.1013
exchange finished at 10.10 for checks and 10.15 for Brazil, milreis
.1215
.1223
.1222
.1218
.1220
Chile, peso (Paper)
.7450
.7482
.7526
.7576
.7583
cable transfers, in comparison with 10.25 and 10.30 Uruguay. neso
a week ago. Chilian exchange was easier, finishing
at 12.40, against 12.50, while Peru declined to 4.02,
The following table indicates the amount of bulagainst 4.14 a week earlier.
the principal European banks:
Far Eastern exchange was as follows: Hong lion in
/,
/
Aug. 10 1922.
Kong, 52(4)5214 (unchanged); Shanghai, 70@701 8
Aug.9 1923.
ama, 49@49% (un- Banks of I Gold.
Total.
Silver.
4@70%; Yokoh
1
/
Gold.
against 70
Total.
Silver.
2
1
/
2
1
4
1
/ /
£
C
1
£
changed; Manila, 49 @49 , against 49 @49%;
£
I1C 1 27,399,880
127,399,880
127,645,82
1
4
2
1
/
/,
2
1
/
Singapore, 53 @5358 against 53 @533 ; Bom- England _ 127,645,82 11,760,000 158,701,910 143,289,4211 11.400,111154,689,421
France a__ 146,941,91
921.6 I 51,033.080
_ 33,567,150 63,475,400, 37,042,550 50,111,430
/
/,
13,313,00010,944,0001 2,369,000 13,313,000
bay, 31@311 8 against 3078@31, and Calcutta, 31@ Germany 10,944,000 2,369,000 127,698,000 100,934,000, 26,020,000126,954,000
Aus.-Hun_
____ 101,031,000 26,667,000
Spain
0
/
35,532,000 3,027,000, 38,559,000 34,567,0001 3,048,000 37,615,00 0
3114 (unchanged).
Italy
.
51,176,00
,
The New York Clearing House banks in their
operations with interior banking institutions, have
gained $3,281,369 net in cash as a result of the currency movements for the week ending Aug. 8.
Their receipts from the interior have aggregated
$4,284,869, while the shipments have reached $1,003,500, as per the following table:
BANKING
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
INSTITUTIONS.
Gain or Loss
to Banks.

Into
Banks.

Banks' interior movement

Out of
Banks.

51.284,869

Week ending Aug. 8.

51,003,500 Gain 53.281,369

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
YORK FEDERAL RESERVE BANK
DAILY CREDIT BALANCES OF NEWNG HOUSE.
AT CLEARI

Saturdag. Monday,
Aug. 6.
Aug. 4.

Tuesday. Wednesd'y, Thursday, Friday,
Aug. 9. Aug. 10.
Aug. 8.
Aug. 7.

for Week.

$
$
$
0 55.000,000 56,000.000 Holiday. Cr. 253.000.00(1.000.0on
73,000,000 65,000,000 37,000,00
huge mass of
which come
e foregoing heavy credits reflect the the country checks operation of
N018.-Th
in the
Reserve Bank from all parts of
to the New York
System's par collection scheme. These large credit balances.
the Federal Reserve part of the Reserve Bank's operations with the Clearing House
a
however, reflect only
payable in New York City are represented in the
institutions, as only the items
volume of checks on institutions located outside of
daily balances. The large for in arriving at these balances, as such checks do
accounted
New York are not
Clearing House but are deposited with the Federal Reserve
not pass through the
account of the local Clearing House banks.
Bank for collection for the




Neth'lands
Nat. Bela.
Switzland
Sweden
Denmark _
Norway

48,483,000
•
• . •
10,789,000 2,497,000. 13,286,000
20,986,000 4,094,000 25,080,000
1 15,164,000
15,164,000
178,000 12,852,000
12,674,000
8,182,000
8,182,000

1464,0001 1,787,000 12,451,000
20,776,000; 4,651.000 25,427,000
15,218,000
15,218,000,
218,000 12,902.000
12,684,000
8.183.000
8,183.000

881'
Total week 571,939,881 54,969,400656,909,281 585,266,7311 51,094,650630,361, 271
0636,445.
Prey. week 572,924,455 54,894,400627,818,855 585,430,121 51.015,15
held
a Gold holdings of the Bank of France this year are exclusive of £74,573,797
by the !tank
abtead. b It is no longer possible to tell the amount of sliver held in its "Metal
including
of l•ermany. On March 15 1923 the Reichsbank began iron coin as well. The
Reserve" not only gold and silver but aluminum, nickel and
Bank still gives the gold holdings as a separate item, but as under the new practice
silver, there
the remainder of the metal reserve can no longer be considered as being
therefore carry 11
Is now no way of arriving at the Bank's stock of silver, and we
along at the figure computed March 7 1923.

People and President-Let Us Take Heed
From Mr. Harding's Death.
After all, we are human. It may be that "man's
inhumanity to man makes countless thousands
mourn." It may be we are bent on curing all our
economic ills by political panaceas. We may be
selfish and socialistic; we may be critical and captious; we may be a little vengeful, though variable;
but our institutions are our own. And among these
institutions our Presidents are our peculiar property.
And so when the President of the Republic lies
sick our sympathies go out to him to the last man.
Politically, we may lambast him for what he does
or what he does not do; but personally, we hold him
in reverent affection, made more pronounced, of
course, by his own lovable qualities. And President

594

THE CHRONICLE

[Vol,. 117.
Harding possessel in marked degree the modesty, opinion
free from rancor, prejudice and personalikindliness, candor and open-heartedness that endear ties. But
the mental strain of finding honest pura man to men, everywhere. Sometimes, as a people, poses
misinterpreted and of fair motives condemned
we are adamant; more often we are volatile; but al- is a strain
upon health we seldom think of. It is said
ways we are human.
republics are ungrateful. It is certain we are led
The illness of President Harding on his now astray in
our estimates by continually hammering
famous Alaskan tour gave rise to many editorial con- away on
so-called faults in our Presidents as persiderations on the proper relations of people and sonal traits.
Fortunately we are spared downright
President. There was general unanimity of opinion incomp
etents. We should, therefore, give to each the
that we are too exacting in our demands upon the praise
of good intents. Partisanship is not a fair
man who temporarily occupies this high office. In judge.
Personal opinions should, often, be confided
the universal effort to do him honor when he leaves to
friends, not the public. A "decent respect for the
the White House we shower upon him, as communi- opinion
s of mankind" should teach us modesty and
ties, attentions that are wearisome and a little ful- modera
tion in expressions upon Presidential polisome. We expect, on the other hand, that he shall cies,
for as we see ourselves, others will see us. It
yield himself wholly to the "arrangements" made for ought
not to be necessary for a President to become
his entertainment, little thinking, perhaps, that it is ill to
awaken our respect, sympathy and kindly repartly our own pleasure that is involved. The result gard.
is, to speak plainly, danger to the health of our Chief
In the present instance, the teaching conveyed is
Executive, who by virtue of his office is the most im- impress
ive,for the President's illness has eventuated
portant man in the land. Demanding that the Presi- in death,
turning the sympathy of the American peodent shall personally appear and address us upon pub- ple to sincere
and profound grief. No estimate of
lic questions,longtrOel tours are undertaken, which, the
man can exaggerate his high qualities. If wisby the very shortness of time available, are beyond dom
embraces tolerance; if courage embodies cauthe endurance of men already overworked by the du- tion;
if service requires submission of self to the
ties of office, and the consequence is a break-down. demand
s of duty; Warren G. Harding was a great
serious to the country and enervating to the incum- Preside
nt. He sought,first of all, to bring the people
bent. The two recent examples now in the mind of back
to quietude, industry and freedom to initiate
everyone should give to our citizenry paume.
and endeavor, under the broad aegis of our ConstituIn times past, the King, disguising himself, would tion, accord
ing to its original intent. He held to the
go among his subjects incognito, and seek to learn belief that
the Executive division of the Government
from them at first hand their wants and needs. If he should be
independent of and separate from the
was a humane man and a good King he improved his Legislative,
seeking not to impose power or policy
reign; if the reverse, he still learned, perhaps, how unduly upon
the co-ordinate branch. He inaugufar it was safe to go in his systematic oppression. rated and
accomplished the budget system; he caused
But no such device is or ought to be necessary in the the first sure
step to be taken in world-disarmrule of a free people. We should all desire that our ament, giving
to others chief place in the ConferPresident "mingle with the people," in the proper ence; he put
his veto upon a Bonus Bill that would
way, but tours, be they for campaigning purposes or have drained
the Treasury and, as so many believe,
for mere "understanding," should be undertaken placed
dishonor on the soldier; he acquiesced in efsparingly, and due regard should be had for this forts to aid
the farmers, the first to feel the effects of
great "servant of the people" by the people them- war; he
cut expenses and would have reduced taxes
selves in their own interest. Having selected a man had this
been in his power.
for this high office a due respect for the stability of
Not more for the things he did than for those he
government should guard his health with assiduous refrained
from doing, in a critical time in the nacare. Flattering "entertainment," however pleasur- tion's history
, will he be remembered. For he reable to ourselves as communities, should not blind us mained calm,
resolute, thoughtful and poised, in the
to the wisdom of aiding in the orderly administra- midst of clamor
for radical changes in the Governtion of affairs and in preserving to their legitimate ment he
revered and protected—a Government that
fruition policies inaugurated in accordance with the for nearly
a century and a half has been sufficient
electoral command of the voters. We like to think for all our
popular needs and under which we have
that no one man is necessary to our representative progressed to
high estate. Unostentatious though
republican government, but too frequent succession persistent, kindly
though firm, safe though not specis not in accordance with pursuit or accomplishment. tacular, he filled his
office with honesty and purFor, however independent and separate our divi- pose. He has passed,
just as he was rendering to the
sions of government, certain continuity of improve- citizens an account of his
stewardship, and the strong
ment in service requires time and thought.
impulse of his incumbency will live after him, a lesThere is one relation in which the people are at son to the nation, an exampl
e to his successors. But
fault. If master and servant obtain it is imperative what a sacrifice the
country has compelled! May
that the servant should have consideration. No man the lesson sink deep in
our hearts.
is insensitive to public criticism. But true criticism
is constructive as well as destructive. We rely for
The Rise and the "Substance" in Wages.
our perpetuity on public opinion. This is made up
According to a recent statement by the National
of a thousand thousand personal opinions. We Conference Board, our
most constant grumbler, lashould no more carry our politics over into consid- bor, is in a better positio
n now than during the soeration of the acts of an incumbent after election called "peak
period" of the year 1920. It is generthan we should hold a President personally respon- ally believed,
says the Board, that in 1920 the wagesible for the state of the nation. He may have poli- earner was
better off than he had been for a long
cies which we are in duty bound to oppose. If he be time previous and
also better off than he has been
worthy, he is nerved, not unnerved, by outspoken since that year.
Taking the basis in July of 1914 as




Ans. 11 1923.]

THE CHRONICLE

595

100, the index number for the cost of living in June of town, or even all workers in some single industry,
1920 was 203, living costs having a little more than could have a monopoly of wage-boosting they might
doubled; but the index number of hourly earnings gain something, because then their dollar would inwas 248 and the index number of weekly earnings crease in number faster than it shrank in size, but all
was 240, so that wages had risen farther than had can play and do play the same game, with the inexliving costs. From that year forward living costs orable result that what one gains is taken from him
moved downward more than wages did, so that real by some other's gain, with the incidental and unearnings (that is, earnings measured by purchasing happy result also that the depreciation of the dollar
power, which is always the real test) advanced, until, falls heavily upon all other persons, especially upon
in March of 1921, they stood at 133 for hourly and those who must somehow rub along with the same
120 for weekly. Beginning with the middle of 1922, number of dollars they had before the shrinkage beearnings began another rise, partly by an advanced gan.
wage rate and partly by longer hours of work,so that
Is this fanciful, or even theoretical? Not in the
in May of this year the index numbers of hourly and least. In our country we are in the same process of
weekly earnings were respectively 223 and 218, while degrading our currency as are the people of Gerthe index number for living costs was 160.3; in other many: they are at the bottom of the dreadful pit,.
words, wages were fast approaching the old "peak" while we are merely at its edge; the difference, vast.
levels while the cost of living was considerably be- though it is, is one of degree, not of kind. It is not
low that of the peak; thus the "real" hourly and likely we shall be pushed over the edge, but there are
weekly earnings in last May were 139 and 136 re- forces and classes ignorantly trying to push us over,
spectively, against 122 and 118 in 1920. Stated a lit- for to boost prices is to drain the dollar of the purtle differently, while in 1920 the cost of living was chasing power which alone constitutes its substance
103% above the pre-war year 1914 the weekly wage and its service.
was 140%.higher; in last May living costs were only
What makes it worse—and makes it worst, too—
about 60% higher than in 1914, but the weekly wage is that organized labor strives not only to cut down
was 118% higher. It is thus the old fact presented its hours of work, but to cut down the output. The
to us again: labor has not been deflated in as large former is desirable, and by using the powers of Naa proportion as other purchasable things have been, ture and the aid of machinery more fully we shall
and it is in this fact that the farmer encounters a gradually attain it; in a sense, we shall get release
trouble which to him seems worse than the troubles from work by working. But one fact ought to be
of other people and is also rather dimly understood pounded into the head of every worker: abundance,
by him.
and not scarcity, is the needed boon for everybody
These figures may be disputed, of course, and Mr. and should be everybody's aim. More and more
Gompers will hardly fail to denounce them as soon product per each man's work and each hour of work
as he catches their meaning. One official estimate means abundance; only thus can the cost of living
is that the cost of living is 70% instead of 60% now come permanently down and the standard of living
abave the pre-war level, and admittedly the phrase rise to that "American"idea so much talked of.
itself is somewhat uncertain, for there are differFour years ago, Chief Stone of the Engineers'
ences about the size of "families," and there are dif- Brotherhood, the most important of the Big Four,
feYences according to sections of country in such called upon Mr. Wilson to report the growing uneasiimportant matters as rents and clothing; yet there ness,"especially among wage-earners," caused by riscan be no dispute that prices have somewhat fallen, ing prices. He felt compelled to ask a wage increase,
while the pressure for wage advances is universal "to meet the mounting cost of living," yet he felt
and unceasing, and if wages have declined anywhere that such a meeting would be of no avail. He had
during the present year at least the pleasing fact has already discovered that wage increases were soon
escaped publication.
neutralized by the climb of prices, and that what
Even the least intelligent worker has intelligence gain accrued to the railway men by a wage advance
enough to comprehend instantly that if the dollar was soon lost to them as consumers. He did not beprices of all necessaries should double the wage in lieve that wage-raising, "accompanied by a greater
his pay envelope would be cut in half, or, that, simi- increase in the cost of commodities," could be of
arly, if all prices should be permanently cut in half lasting help "to our craft or to the American citizen
his pay envelope would double in its quantity, al- in general"; if his plea for . another raise were
though in either case the number of dollars it con- granted, he felt that "the relief would be but tempotained remained unchanged. In the former situa- rary should prices continue to soar." He threw in a
tion, his screams for more dollars would make the fling against "the profiteers," not being quite ready
welkin ring, but in the latter situation would he be to confess (what he may have begun to suspect) that
satisfied to have his number of dollars reduced, in an the labor unions are far the worst of the brood.
exact or even a somewhat less proportion to their
To lower the cost of living—in other and equivaincrease in size? Not a bit of it: he would keep up lent terms, to raise the size of the dollar—by forcing
his periodical call for more wages reckoned by count, increases in the number of dollars paid out for labor,
because he has acquired the habit of doing it. He is like trying to extinguish a fire by throwing oil on
wants to profit in both ways at once: he wants his it; the fire feeds on the oil, and commodity prices
dollars to grow in size and in number, too. A desire feed on wage increases. It is possible that union
according to human nature, admittedly; but what leaders, from Mr. Gompers all through the line, more
he does not see is that to raise wages is to lower them, or less clearly perceive this, but they dare not utter
and to lower them is to raise them. This sounds like it or give countenance to it by silence. They are coma paradox and even like a contradiction, yet it is a mitted by their own misteachings, and to recant
positive economic truth, when taken upon a large would be a confession of error which would underscale. As the "Chronicle" has more than once mine their power as rapidly as the extra radicalism
pointed out, if a few industrial workers in some one that threatens them could do it.



596

THE CHRONICLE

.So the only thing they can do, for their own sakes,
is to keep on misleading and periodically renew the
"more wage" cry. The enlightenment must be within
the ranks, and must come without the leaders. Thus
i t, becomes both altruistic duty and protective selfinterest for employers to do their utmost to counteract the mischievous teaching.

[VoL. 117.

-Such a collective bargaining agreement as exists
in the anthracite industry cannot be maintained by
police or statutory power, but only by the sense of
responsibility in each party to the agreement, backed
on either side by an Organization powerful enough
and effective enough to command the respect of the
other and of its own members."
A disproportion in relative bargaining effectiveness thus exists, and therefore "attrition of the
Another Coal Report.
agreement" is thought likely to continue. It is sugThe Coal Commission has made another report,
gested that the operators establish for each mine or
which occupies about a page of ordinary news type.
company "a major executive official whose exclusive
Specific recommendations are: that the next agreeor chief duty will be the development of labor relament shall be for such a term as may be chosen and
tions."
at the end of the term shall be deemed automatically
When a union has once signed an agreement with
renewed except as to such provisions as either party
employers, says the report, "it has ceased to be a
may have served upon the other a 90 days' notice
fighting organization exclusively, but agrees to take
prior to the expiration date; upon these points the
over definite responsibility for maintaining relaparties shall immediately confer, and if they fail to
tions; in signing an agreement in the anthracite inagree within 60 days they shall report to the Presidustry the union covenants to maintain discipline
dent, who shall appoint one or more persons to inamong its locals, and also assumes the responsibility
quire into the matter and report thereon to the pubof educating the leaders and the membership of the
lic before the renewal date is reached; further, that
locals." The union's effectiveness in protecting its .
the "dates" of agreement in the hard and the soft
interests is unquestioned, "but responsibility under
coal fields be set so far apart "that suspension in
the agreement is very inadequately performed," as
both industries at once shall not be invited," It is
is shown by the numerous petty strikes called by
recommended that the next agreement shall plan for
local unions, often with the knowledge and tacit apa continuing umpire to sit with the Conciliation
proval of the district officials.
Board, and that the parties to the agreement shall
"The public is unwilling," says the report, "to
provide for a conimittee to work out a restatement of
tolerate having a product upon which its very life
the whole agreement in such terms as the two parties
depends made a plaything of militant group action
ould abide by to-day, and "such a statement would
. . . the elimination of irresponsible propaganda
be in the nature of a code for the anthracite indusand the substitution of authoritative statements of
try." It is also suggested that the operators organize
facts and issues, rid of offensive charges, would go
on lines similar to those of the United Mine Workers,
a long way towards a sane approach to the problem."
so that they may function all the year round instead
The previous recommendation that the President be
of:
,pringing into existence only when trouble arises.
empowered to discover and proclaim an emergency
In line with the duty imposed of finding and reand to take over operation of the mines seems only
porting the facts, the document takes up the causes
impliedly suggested now rather than renewed disof quarrel, the length of the work day, the difficulty
tinctly, but the report says that the agreement in efof getting a uniform wage basis, the limiting of outfect since 1903 "is very widely accepted in principle
put. So continuous are the complaints of long hours
by both sides, but carried out very inadequately; we
that the investigators deem it certain that while the
find strikes in violation of it, we find delays in the
longer day exists at all "it will continue to be a
consideration of disputes a serious handicap to satissource of irritation when the basic day for the indusfactory working; we find not enough specialized protry is eight hours." Individual bargaining, menvision for considering specific disputes right on the
tioned as one of the causes of friction, is said to work
ground and at the time they arise, and we find in the
badly, enabling the company "to nibble off the scale
handling by employers of the early stages of disputes
when it has the upper hand and equally possible for
too great a disparity of practice and viewpoint."
the workers to run it up when they are in a position
The report seems to urge by implication that the
of power." There is no distinct mention of the checkoperators should be better organized and act more
off, but there is a condemnation of "button" strikes,
together. It criticises the unions also, and is notable
which originate because some man is seen working
in being a clear challenge to them to defend and juswithout his button and the button-wearers revolt if
tify themselves before public opinion by better conFe is allowed to continue without a satisfactory ex- duct; yet as to the
demand for "nationalization" of
planation: so far as the check-off may prevent such
the mines or of compulsory arbitration it remarks
strike (as the unions claim it does) the report might
that "from the fact that the public has become rightbe deemed to tacitly condone that bad practice.
fully exasperated it does not follow that the most
In signing the anthracite agreement, says the redrastic action will be the most effective."
port, the operators impliedly bound themselves not
to discriminate against the union, or to discourage
joining it or staying in it, or to adopt policies likely
The Shipping Board and Merchant Marine.
to work against it; but the agreement contains nothThe traveler on the Hudson River admiring the
read to justify the union in forcing
ing which can be
the closed shop upon the operators. Before 1913 the beautiful scenery comes suddenly upon a mass of
operators had the greater bargaining strength, innumerable iron steamships of all sizes huddled
strikes prior to that year having been the union together in various degrees of rust and apparent destruggle to e,stablish itself; since then the conditions lapitude in a shallow cove on the western shore.
have so far been reversed that the union has the According to the way one looks at it, it is a witness
stronger bargaining power. Upon this the report to the phenomenal achievement of the American
Shipping Board during the war, or striking evidence
says:
•



AUG. 11 1923.]

THE CHRONICLE

597

secured with
of an innocuous desuetude into which it seems to-day and freight. The service was quickly
payments based upon distance run, and so far conto have fallen.
Rear Admiral Benson, who was director of our tinues to-day.
The Act of 1891, still in force, requires Americannaval operations during the war, for a time Chairand still a member, has built steamships of the latest and most approved
man of the Shipping Board,
with
written a brief history of our Merchant Marine,* type, owned and officered by American citizens,
50% after
that its condition to-day may be understood. The crews at least 25% citizens at first, and
of which
effect of the war and the work of the Shipping Board five years. The vessels are of four classes,
approved as available for
the larger three must be
are necessarily included.
Many who associate the work of the Shipping naval service in time of need. The total of payments
is
Board with the conduct of the war will be surprised by the Government under all contracts to 1922
of $29,000,000, or about $970,000 per year, but unhapto learn the variety and permanent importance
its functions to-day. These may be catalogued as pily this has not been sufficient to obtain adequate
follows, as summarized by, the Admiral: investigat- service, and important contracts have had to be aning relative cost and methods of constructing vessels nulled. The Merchant Marine Act of 1920 was
abroad and at home; aiding in the development of passed to enable the Postmaster-General with the
of
the best type of vessels, and maintaining yards for aid of the Shipping Board to secure the carrying
some fourteen
their construction; securing an American standard the mails on special routes,but,though
obof classification, adequate American marine insur- routes were proposed, no contracts have been
ance, and a sufficient supply of American financial tained.
The payment of mail subventions under the Act
loans; guarding against undue foreign discriminathe extion; distributing information as to foreign legisla- can be considered as Government aid only to
that it exceeds reasonable compensation for the
tion; supervising rates; protecting all in mutual tent
competitive relations and unfair practices; discov- services rendered. When the owner is required to falower
ering and opening new routes; and creating and vor certain employees where otherscan be had at
rates, or so to construct or equip the vessel as to
ports.
developing home
This ought to be sufficient to secure interest on adapt her for special use by the Government subventhe part of the country in the work of the Board. tions may mean nothing more than compensation in
It is of interest to know that from the inception return for adequate benefits received by the Governof the Government up to to-day, with but few and ment. Where indirect aid is given, as in coastwise
brief interruptions, we have had a national policy of lines, by exclusive trade privileges, no suggestion
caring for our merchant marine. Adverse discrim: has come from any source seeking additional assistination was an inherited policy everywhere in prac- ance. This now applies even to trade with Porto
tice. As dependent colonies the country had suf- Rico and Hawaii, and may in the judgment of the
fered much from it. Its aid was now indispensable. President be extended to the Philippines. A bill,
In its first session (1789) Congress passed impor- known as the Merchant Marine Act, 1922, introduced
in
tant Acts adopting a definite policy in favor of at the instance of the Shipping Board, is pending
shipping. In his annual message, Wash- Congress with two proposals for indirect aid; a re
American
ington recommended "such encouragements to our duction from income tax equal to 5% of freights
own navigation as will render our commerce and from foreign business and the requiring of one-half
agriculture less dependent on foreign bottoms which of all foreign immigrants to be transported in Amermay fail us in the very moments most interesting to ican ships, where these are to be had.
The difficulties in the way of American shipping
both of these great objects." Jefferson as Secretary
of State (1793) said "if our marine resources are not are serious. The three items of interest, depreciaprotected our productions will be at the mercy of the tion and insurance can be estimated at 15% on the
nation which has possessed itself exclusively of the cost of the vessel. If this cost is, for example, $100,means of carrying them, and this power may not be 000 in excess of a foreign ship of like type and size,
easily regained." In the ensuing three years our reg- it burdens the American owner with an annual
istered shipping tonnage rose from 123,893 in 1789 to charge of $15,000 in excess of the annual charges to
411,438 tons in 1792, becoming, in spite of foreign be met by a foreign competitor with a similar ship.
enemies, 667,107 in 1800. In 1789, at the time of the There are other more or less well known disadvanenactment of helpful legislation, only 17% of our im- tages.
We entered the war having only 42 shipyards with
ports and 30% of our exports were carried in vessels
the United States. Twenty-two years later (1811) 154 ways for building steel ships; and 75% of these
of
90% of our imports and 80% of our exports were were constructing vessels for the Navy. Nov.1 1918
there were 198 yards with 1,083 ways, having concarried in such ships.
The history of subsequent years is the story of tracts for the Emergency Fleet Corporation and the
meeting adverse discrimination in other countries• Navy. Up to September 1918 the Fleet Corporation
which in some form continues to this day by favor- had contracted for an "investment of $150,000,000 in
able discrimination for our own, with frequent treaty shipyards executing its orders. Construction was
agreements and occasional lapses of support on the curtailed after the armistice as promptly as possible,
part of Congress. Following foreign habit, direct and was finished in May 1922. A total of 2,311 vespayments in the form of postal subvention were in- sels, aggregating 13,627,311 dead-weight tons, were
troduced in 1845. Their purpose was to obtain delivered from the beginning.
The failure of the Shipping Board in disposing of
larger, swifter and more numerous ships to compete
carrying the mail. The rea- the great collection of vessels was due to conditions .
with foreign vessels in
Thought had been
son, as well as the necessity, for this better service is attending the close of the war.
also attract both passengers given chiefly to the prompt construction of vessels of
obvious. Such ships
reasonable safety and speed. With the close of the
*"The Merchant Marine." Rear Admiral William S. Benson. Macmillan
war it was possible to pay special attention to the
Company.




598

THE CHRONICLE

[VoL. 117.

best forms of machinery and equipment. When the regions, the roads make either only indifferent reships were first offered for sale at attractive prices turns or positively bad ones. Dealing first with the
a number were purchased, only for the buyers to general totals, we find that there has been an addilearn in many cases that in the disturbed conditions tion to the gross earnings as compared with last year
• of the world the ships could not be proftably em- of $66,903,50i and an addition to the net earnings of
ployed. This occasioned such hardship that the $14,427,896, the ratio of gain being 14.14 in the forBoard has not since felt justified in any attempt to mer and 13.16 in the latter. In May the gain in gross
saddle more of this possible loss upon the individual was no less than $97,510,054, or 21.77%, and in the
public.
net $32,573,715, or 34.79%, while for April the inInevitably there is much discussion over the situa- crease was $105,578,442, or 25.39%, in gross, and
tion, with the proffer of many different plans. The $38,240,343, or 47.56%, in the net. Altogether, we
resignation of Mr. Lasker and the partial reconstruc- have here evidence of very decided contraction in the
tion of the Board may probably be charged to the ratio of improvement in gross earnings and net earnprolonged difficulty of the situation.
ings alike. The following is the June comparison:
Admiral Benson feels it his duty simply to review Month of June (193 roads)—
1923.
1922.
Inc.(-I-) or Dec.(—).
Mlles
236,683
236,739
the history of the Merchant Marine and to offer no Gross of road
earnings
$540,054,165 $473,150,664 +366,903,501 10 02
+56 4..14
advice. The difficulties of the situation are obvious, Operating expenses
416.007,587 363,531,982 +52,475.605 14.43
$124,046,578 $109,618.682 +614,427,896 13.16
and in this day of incessant demands upon the na- Net earnings
tional Treasury, which already have taken on new
Proceeding now to carry the analysis a step furcourage with the prospects of a surplus in the budget, ther, the reason for the smaller percentages of imwe deem it wise not to go beyond the Admiral or to provement is revealed at a glance. It is found in the
circumstance, already mentioned, namely that Easthold the situation closed.
When Congress re-assembles the whole situation ern roads generally have large and satisfactory
will doubtless be taken up, and Admiral Benson's gains, but that Western roads quite as generally relittle book with the information it makes accessible port losses, particularly in the net. And these losses
should help to facilitate discussion and contribute to have served to diminish the gains in the grand aggrethe public opinion upon which Congress must de- gates. It is easy enough to understand why Eastern
pend. The re-opening of foreign markets now ap- roads should show very decided and very general
proaching certainly calls for appropriate action.
gains. These roads are getting the benefit of the
marvelous trade activity which the country has been
Railroad Gross and Net Earnings
enjoying the present year. Industrial revival was
for June.
already well under way in June of last year, but the
For June the railroads of the United States do not present year it made still further and much more promake the same gratifying exhibits of earnings, in nounced headway. In addition, these roads last
comparison with the previous year, as they did in year had their coal tonnage heavily reduced by the
the months immediately preceding, and it almost coal strike, which then involved all the mines of the
seems as if the roads were never again to have an country except those operated with non-union labor,
unalloyed and prolonged period of prosperity. When while the present year the coal tonnage was not only
after the bad returns early in the year, due to the se- of full volume but heavily augmented by reason of
vere winter weather experienced, the carriers were the extra fuel requirements arising out of unparalable in their statements for April and May to show elled trade activity. It is no less easy to account for
very satisfactory gains in gross earnings and net the relatively poor showing, by way of contrast,
earnings alike, everyone supposed that at last the made by Western roads. There are no extensive
railroads of the United States had entered on a new manufacturing industries in that part of the counand much brighter era which it was reasonable to try, and hence trade revival brings only relatively
think could be counted on to continue for many slight accessions to the traffic of the roads serving
months to come. High hopes were consequently en- those parts, while on the other hand the consuming
tertained of the good results that would follow in power of the population, which is mainly agriculJune and subsequent months. The results for June tural, has suffered impairment because of the drop
are now at hand, in the tabulations which we give in the price of wheat. It should be added that the
later on in this article, and they are a distinct dis- grain traffic itself has been of decidedly smaller volappointment in that they bring complete disillusion- ume—in the case of wheat because farmers have
ment in the particular referred to. There is again, been reluctant to sell at the low level of values preas in the months preceding, improvement in both vailing, and in the case of corn because corn stocks
in gross and net earnings, but this improvement is are close to the vanishing point, the corn having been
on a greatly reduced scale and, what is still more fed to hogs. As was shown by President Ralph Budd
important, not all parts of the country share in it. of the Great Northern Railway, rate reductions have
As a matter of fact, many systems, or groups of been exceptionally heavy in the West.
Illustrations going to show the great difference
roads, actually are obliged to report diminished net
earnings, when everyone had confidently been look- in the character of the earnings exhibits in the reing forward to augmented totals, and a few large spective sections of the country, will emphasize the
systems even fall behind in their gross earnings. point here made. Note, for instance, that the BurThe character of the June showing is perhaps best lington & Quincy reports $1,221,982 loss in net; the
described by saying:that in Eastern trunk line terri- Rock Island $1,031,312 loss (with a loss also of $561,tory, embracing the manufacturing districts of New 651 in gross); the Chicago & North West $967,722
England and the Middle and the Middle Western loss; the Atchison $793,337; the Illinois Central
States, the rail carriers are doing surprisingly well, $738,603; the Missouri Pacific $604,797; the North
not a few of them recording the best revenues in ern Pacific $597,458; the St. Louis & San Francisco
their history, but in the great stretch of country west $464,773 (with a decrease likewise in the gross of
of the Mississippi, particularly in the grain growing $778,886), etc., etc. To this might be added the $2.-




AUG. 11 1923.]

THE CHRONICLE

004,158 decrease in net reported by the Norfolk &
Western and the $1,275,964 reported by the Louisville & Nashville, both roads having likewise suffered
heavy reductions in their gross, besides which the
Chesapeake & Ohio might be mentioned with a decrease of $220,089 in the gross and a decrease of
$525,899 in the net and the Virginian Railway, with
$277,802 decrease in gross and $303,196 decrease in
-the falling off in these four instances following
net
from the fact that the roads serve certain non-union
coal mines whose coal production was enormously
increased last year by the strike at the union mines,
but whose output the present year presumably fell
back to the normal.
Contrariwise, we find gains of large dimensions,
often of prodigious size, reported by the Eastern
trunk lines, the New England roads and the anthracite carriers, the anthracite coal mined last year in
the month under review having been virtually nil.
Thus the Pennsylvania, on the lines directly operated
east and west of Pittsburgh, has a gain of $13,508,043 in gross and of $4,495,798 in net. The New York
Central shows $8,224,137 increase in gross and $4,495,798 increase in net. But this relates only to the
Central itself. Including the various auxiliary and
controlled roads, like the Michigan Central, the Big
Four, etc., the increase runs up to $12,030,732 in the
gross and $6,015,270 in net. The Baltimore & Ohio
has enlarged its gross by $4,935,030 and its net by
$1,433,926, while the Erie has added $3,229,775 to
gross and $1,987,452 to net. .All the distinctively anthracite carriers, following their heavy losses last
year, now show very striking increases-the
Reading $3,285,712 in gross and $2,344,026 in net;
the Lackawanna $2,504,674 in gross and $1,675,974 in
net; the Delaware & Hudson $2,157,067 in 'gross and
$1,457,149 in net; the Lehigh Valley $2,358,224 in
gross and $1,053,765 in net, and the Central of New
Jersey $1,657,487 in gross and $727,355 in net. So
likewise the New England roads are distinguished
for the extent of their improvement, the New Haven
having added $1,699,733 to gross and $1,036,042 to
net and the Boston & Maine $1,172,223 to gross and
$295,441 to net.
Southern roads, like Western roads, had far less
encouraging exhibits in June than in the months
immediately preceding and in several cases (apart
from the unfavorable returns already referred to by
the Chesapeake & Ohio, the Norfolk & Western, the
Virginian Railway and the Louisville & Nashville)
suffered reductions of the net even where the gross
ran well ahead of last year. Instances of the kind
are the Southern Railway, which with $1,200,183 increase in gross has $106,065 decrease in net, and the
Atlantic Coast Line, which though having added
$798,534 to gross, falls $30,472 behind in net. In the
following we show all changes for the separate roads
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR JUNE.
Increase.
Increase.
a$13,508,043 Western Maryland
Pennsylvania
$812.546
58.224,137 Atlantic Coast Line_ _
798,534
New York Central
4,935,030 Elgin Joliet & Eastern__ _
Baltimore & Ohio
751,390
Philadelphia & Reading_ 3.285,712 Hocking Valley.
610,771
3.229.775 Union Pacific (4)
609,877
Erie (3)
Delaware Lack & West-- 2.504,674 Atch Top & Santa Fe (3)
600.253
2.358.224 Pere Marquette
590,216
Lehigh Valley
Pittsburgh & Lake Erie_ - 2.278,727 Chic Milw & St Paul_ _ _ _
575,530
2.157.067 Wheeling & Lake Erie__ _
Delaware & Hudson.
563,527
1,474,936 Missouri Pacific
Southern Pacific (8)
532,558
1,200.183 Duluth Missabe & Nor_ _
Southern Railway
509,189
Seaboard
475.971
N Y N H & Hartford.- 1,699.733 Chic BurlAir Line
1.657.487
& Quincy...
469,621
Central RR of NJ
1,172.223 Chicago & North Western
433,739
Boston & Maine
1,084,819 Monongahela
419,584
Illinois Central
950,765 Chicago & Alton
419,140
Great Northern
942,554 Los Angeles & Salt Lake_
386,778
Michigan Central
942.142 N Y Ontario & Western_
360,302
Buffalo Roch & Pittsb
0
941,587 C C St & Louts
352,801
Bessemer & Lake Erie RR




599

Increase.
Increase.
NY Chicago & St Louis_
$349,957 Minn St Paul & S S M_ _
$110,796
Lehigh & New England__
347,806 Port Reading
110,671
Florida East Coast
341,385 El Paso & South West__ _
108,113
Long Island
312,003 Rutland
106,730
Central New England
289,877 N Y Connecting
100,460
Denver & Salt Lake
269.434
Nash Chatt & St L
Total,representing 84
257,435
Montour
roads in our compi247.902
Chicago & Eastern Ill_ _ _
lation
215.682
$70,489,145
Yazoo & Mississippi Val_
Decrease.
206,820
Western Pacific
$1,592,043
199,151 Norfolk & Western
Wabash
196,399 St Louis-San Francisco (3) 778,886
Chicago Great Western
195,492 Louisville & Nashville__ _ 662,800
Maine Central
180,359 Chicago R I & Pacific (2)_ 561,651
Buffalo & Susquehanna_
-Kansas
-Texas(2) 485,261
159,489 Missouri
Cl)& Canada G T Junct
277,802
157,165 Virginian
Cinc New Orl & Tex Pac_
220,089
150,219 Chesapeake & Ohio
Central Vermont
201,824
144.623 Texas & Pacific
New Orl Tex & Mex (3)_
193,638
142,948 Chic St P Minn & Omaha_
West Jersey & Sea Shore_
179,470
140,558 Colorado Southern (4)
Indiana Harbor Belt_ _ _ _
138,108 Duluth & Iron Range.... 140,045
Richmond Fred & Pot
132,136
Toledo St Louis & West_
Representing 18 roads
130,376
Carolina Clinch & Ohio. _
in our compilation__ $5,293,509
113,936
Lehigh & Hudson River_
112,970
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, 'we have combined the
separate returns so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana). the Pennsylvania RR. reporting Y13.508.043
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in gross of $13,972,138.
S These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a gain of $12,030,732.
PRINCIPAL CHANGES IN NET EARNINGS FOR JUNE.
Increase.
Increase.
New York Central
$109,185
b$4,495,798 Wheeling & Lake Erie_ __
Pennsylvania
108.104
a2,801.749 Richmond Fred & Potom
Philadelphia & Reading_ 2,344,026 Pere Marquette
102,683
Eri3 (3)
1,987,452
Delaware Lack & West
Representing 45 roads
1,675,974
Pittsburgh & Lake Erie_ 1,617,706
in our compilation_ $26,507.239
Delaware & Hudson........ 1,457,149
Decrease.
Baltimore & Ohio
1.433,926 Norfolk & Western
$2,004,158
Lehigh Valley
1,053.765 Louisville & Nashville..
1.275,954
NYNH& Hartford
1,036,042 Chicago Burl & Quincy..- 1,221.982
Bessemer & Lake Erie_ _ _
746.020 Chicago R I & Pacific(2) 1.031,312
Central RR of New Jers_
727.355 Chicago & North West
967.732
Chicago & Alton
440,784 Atch Topeka & S Fe (3)_
793.337
Elgin Jollet & Eastern_
423,397 Illinois Central
738.603
Duluth Missabe & North
391,316 Missouri Pacific
604,797
Buffalo Rochester & Pitts
349.039 Northern Pacific
597,458
Boston & Maine
295,491 Chesapeake & Ohio
525,899
Lehigh & New England_ 254,641 St Louis
-San Fran (3).-464,773
Southern Pacific (8)---263,032 Missouri-Kan-Texas (2)_
401.358
Florida East Coast
234,100 Deny & Rio Grande West
324,668
Chicago Milw & St Paul_
226.490 Virginian
303,196
Central New England
288,381
211,150 Chic St P Minn & Omaha
Monongahela
202.791 Colorado Southern (4)
251,754
Los Angeles & Salt Lake_
187,534 Duluth & Iron Range......
201,852
Hocking Valley
185,376 Texas & Pacific
195,266
Western Maryland
181.359
165,925 C C C & St Louis
N Y Ontario & Western_
162,534 Central of Georgia
175,263
NY Chicago & St Louis_
156,109 Midland Valley
107,893
Montour
145.005 Southern Railway
106,065
Lehigh & Hudson River..
130,527
Denver & Salt Lake..
Representing 31 roads
128.705
in our compilation_ $12,763,060
C D & Canada G T June_
125.404
Detroit Toledo & Ironton
120,955
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana). the Pennsylvania RR. reporting $2,801,749
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in net of 82,767,920.
b These figures merely cover the operationsfof the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is an increase of $6,015.270.

When the roads are arranged in groups or geographical divisions, according to their location, the
distinction between the character of the results in
the eastern part of the country and that in the remainder of the country is very distinctly marked.
Thus in the case of Group I, comprising the New
England States, Group II, embracing the Middle
States, and Group III, made up of the Middle Western States, we have very noteworthy improvement in
gross and net, both in absolute amount and in ratio,
while for all the remaining groups there is either
only relatively small increase or an absolute falling
off. In the gross there is only one geographical section, namely the Southwestern, where there is an
actual decrease, but in the net all the different
groups (outside the Eastern groups already referred
to) save only the Pacific Group, have suffered heavy
reductions of their net. Our summary by groups is
as follows:
SUMMARY BY GROUPS.
Gross Earning;
(+)or Dec.(-.)
1922. Inc.
Section or Group.
1923.
$
June.$
+3,321,072 16.06
24,006,555 20,685,483
Group 1(9 roads), New England
Group 2(34 roads),East and Middle_184.587,072 138,441,734 +46,145,338 33.33
Group 3(27 roads), Middle West_ _ 49,937.353 41,965,072 +7,972,283 18.99
Groups 4& 5(34 roads), Southern.. 71,537,773 70,021,718 +1,516,055 2.17
Groups6& 7(29 roads), Northwest 108,598,284 102.472.776 +6,1_5.508 5.97
-5.0.565 0.74
Groups 8& 9(48 roads). Southwest.,... 71,356,103 71,886,668
30,031,023 27,677,213 +2,353.810 8.51
Group 10(12 roads), Pacific Coast_
Total(193 rOads)

540,054,165 473.150,664 +66.903,501 14.14

600

THE CHRONICLE
—Mileage
---

Section or Group.
June—
Group 1
Group 2
Group 3
Groups 4 &5
Groups 6 At 7
Groups 8 &9
Group 10

1923.
7.472
34,531
15,740
39,059
66,974
56,067
16,896

1922.
7,480
34,635
15,736
39,014
68,400
56,582
16,836

1923.
8
4,993,789
43,718,580
15,881,531
16,139,492
21,812,913
12,238,469
9,261,804

Net Earnings
1922.
Inc.(+)or Dec.
(—)
8
$
%
3,591 445 +1,402,344 39.05
24,021,981 +19,696,599 81.99
12,554,191 +3,327,340 26.50
20,003,373 —3,863,881 19.32
24,610,788 —2,797,875 11.37
16,606,940 —4,368,471 26.30
8,229,964 +1,031,840 12.54

Total]
236,739 236,683 124,048,578 109,618,682 +14,427,896 13.16
NOTE.—Group / includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana. Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California. Nevada, Utah
and Arizona. and the western part of New Mexico.

[Vol,. 117.

and draymen and the like, which interfered with unloading and removal of freight—intensifying the congestion existing—and with wages high, it was impossible to avoid heavy increases in expenses, even
though comparison was with totals of expenses in
themselves large the year before. In speaking of expenses in the year before (1919) having been large, a
word of explanation is necessary. Actually, our
tables recorded $78,763,342 reduction in expenses
coincident with a gain of $30,769,974 in gross revenues, yielding, therefore, an addition to net in the
huge sum of $109,533,316. But this followed entirely from the exceptional nature of the result in
June of the year preceding. In this preceding year
(1918) there was included in the expenses one item
of huge magnitude and wholly abnormal in character. William G. McAdoo was then Director-General
of Railroads, and after granting a big increase in
wages to railroad employees, retroactive back to
January 1, he directed that the whole of the extra
compensation for the six months should be included
in the returns for the month of June. The increases
in wages at that stage (subsequently there were numerous other increases) added, it was estimated,
somewhere between $300,000,000 and $350,000,000
to the annual payrolls of the roads. Accordingly,
the June expenses in that year included $150,000,000
to $175,000,000, representing the wage increases for
the six months to June 30. The result was that with
a gain in gross earnings for the month of $40,002,412,
there was an augmentation in expenses of no less
than $182,340,983, or over 84%, leaving, therefore,
a diminution in the net of $142,338,571. With that
large item included, the railroads actually fell $40,136,575 short of meeting their bare running expenses
—from which an idea may be gained of the abnormal
character of the exhibit at that time. The reduction
in expenses in 1919, with the elimination of the special item referred to, followed, therefore, as a matter
of course. In the subjoined we furnish the June comparisons back to 1906. For 1909, 1910 and 1911 we
use the Inter-State Commerce totals (which then
were more comprehensive than they are now), but
for preceding years we give the results just as registered by our own tables each year—a portion of the
railroad mileage of the country being always unrepresented in the totals, owing to the refusal of some
of the roads in those days to furnish monthly figures
for publication.

The conclusion as to unfavorable results the present year must in some instances be modified for the
better, where the comparison is carried further back
—that is beyond last year. For the fact should not
be overlooked that the present year's improvement
(speaking of the roads collectively and dealing with
the general totals) comes on top of improvement in
gross and net alike in 1922 and very striking improvement in 1921 in the case of the net, though not
in the gross. Our statement for June 1922, though
recording only $12,376,822 increase in gross, or
2.69%, showed $28,989,678 increase in net, or
36.03%, because of a concurrent reduction of $16,612,856 in expenses. That reduction in expenses in
turn followed an even greater reduction in 1921,
when our tables recorded $65,390,662 gain in net in
face of a loss of $33,582,095 in the gross earnings, indicating that operating expenses for the month in
that year were reduced no less than $98,972,757, or
over 20%; the loss in the gross then would have been
much larger than that shown except for the fact that
the Commerce Commission the previous July had
authorized advances in freight and passenger rates
which it was computed at the time would add $125,000,000 a month to the gross earnings of the carriers
—supposing the volume of traffic had remained unchanged instead of undergoing an enormous shrinkage. In like manner the $98,972,757 saving in expenses would have mounted still higher except that
wage schedules the previous July had been raised
20%—which advance would have added $50,000,000
a month to the annual payrolls of the carriers if the
Gross Earnings,
volume of traffic and the force of employees had been
Nes Earnings.
Year.
Year
Year
Inc.)+( or
maintained at the high levels existing when the wage
Year
Year
)+( or
Given.
Preceding. Dec.)—(.
Given.
Preceding. I Dec.)—(.
award was made.
June.
S
S
1900 - 100,364,722 90,242,513 +10,122,209 31,090,697 27.463,367
Previous to 1921,howeverexpenses had been mount- 1907 - 132,260,814114,535,774 +17,225,040 41,021,55 36,317,207 +3,627,330
+4,704,352
1908 -__ 126,818,8441153,806,702 —26,987,858
—.4,557,091
ing up in a perfectly frightful way until in 1920 a 1909 -__ 210,358 9841184 047 216 +26,309,748 41,818,184 46,375,275 +14,357,535
74,196,190 59,838,655
237,988,124
77,173,345 74,043,999 +3,129,346
point was reached where even the strongest and best 1910 __ 231,980,259210,182,484 +27,805,640 72,794,069 77,237,252 —4,443,183
1911-__
238,499,88 —6,519,826
1912 ___ 243,226,498228,647,383 +14,579,11 76,223,732 71,689,581 +4,534,151
managed properties, were barely able to meet ordi- 1913 .. — 259,703,994242,830,548 +16,873,448 76,093,045 76,232,017 —138,972
1914 - 230,751,850241,107,727-10,355,877
70.880,934 —4,678,524
nary running expenses, not to mention taxes and 1915 - _ 248,849,716247,535,879 +1,313,837 66,202,410 69,481,653+12.167,988
81,649,636
1918 -- _ 285,i49,748237,612,967 +47.538.779 97,638,815 76,693,703 +20,943,112
351,001,045 301,304,803
fixed charges. And it is these prodigiously inflated 1917 -__ 363,565,528323,l63,116 +46,696,242 113,816,026 103.341,815 +10,474,211
1918 —_
+40,002,412 —36 156952 106,181,619 —142338571
393,265,898
expense accounts that furnished the basis for the sav- 1919 *_ _ 424,035,872420,586,968 +30,769,974 69,396,741 df40136575+ 109533316
1920
486,209,842
+65,622,874 21,410,927 68,876.652—'47,465,725
1921
494,164,607 —3
80,521,999 15,131,337
ings and economies that were effected in 1921 and 1922 -__ 460,582,512460,007,881 +13,582,095 109,445,113 80,455,435 +65,390,662
+28,989,678
- 472,383,903
2,376,822
1922. In June 1920, particularly, expenses were ex- 1923 - 540,054,165473,150,664 +66,903,501 124,048,578 109,618,682 +14,427,896
Note.—In 1906 the number of
June was 80; In
the
ceptionally heavy and the net correspondingly low. 1907, 84; in 1908 the returns wereroads Included formilesmonth ofIn 1909, 234,183:
based on 147,436
of road;
204,596; in 1911, 244,685;
dis- In 1910, in 1915, 240,219: in 1916, in 1912, 235,585; in 1913. 230,074: in 1914,
At that time in 1920 railroad managers had very
222,001:
226,752: in 1917, 242,111: in 1919, 220.303: in
1919,232.160: in 1920, 225,236:
in 1022. 235,310; In 1923, 236,739.
tressing conditions of operations to contend with, the For 1909, 1910 and 1911 the in 1921,235.208:those furnished by the Inter-State
figures used are
respect in April and Commerce Commission.
troubles experienced in that
We have remarked above that the grain movement
May having extended into June. What with car
congestion, outlaw strikes on the over Western roads in June 1923 had been much
shortages, freight
railroads themselves and additional labor troubles smaller than in June of last year. For the five weeks
at terminal points by reason of strikes of teamsters ended June 30 it appears that the receipts of wheat




THE CHRONICLE

AUG. 11 1923.]

at the Western primary markets were 21,416,000
bushels, as against 23,418,000 bushels in the corresponding four weeks of 1922; the receipts of corn no
more than 14,998,000 bushels, against 36,477,000
bushels, and the receipts of oats 15,277,000 bushels,
againts 19,824,000. Adding barley and rye, the receipts for the five cereals combined for the five
weeks of 1923 were only 56,646,000 bushels, as
against 85,148,000 bushels in the corresponding five
weeks of last year. In the following we give the details of the Western grain movement in our usual
form:
Five weeks
Wheat.
Corn.
Flour.
ending
June 30.
(bush.)
(bb13.)
(bush.)
Chicago
1,161,000 3,884,000
1923 __ - 835,000
1922 -__ 815,000 3,301,000 15,876,000
Milwaukee
125,000
1923 -- 112,000
833,000
145,000 2,835,000
1922 -__ 269,000
St. Louis
1923 ___ 447,000 2,036,000 2.353,000
1,893,000 3,193,000
1922 __ 372,000
Toledo
534,000
1923
156,000
225,000
1922
274,000
Detroit
111,000
85,000
1923 _
106,000
165,000
1922
Peoria
64,000
1923
1,418,000
146,000
44,000
1.881,000
1922 ___ 219,000
Duluth
4,795,000
3,000
1923 3,386,000 2,248,000
1922
Minneapolis
7,183,000
758,000
1923 6,667,000 2.034,000
1922 _ _
Kansas My-3,651,000
1,406,000
1923 2,239,000
5,000 6,313,000
1922__
ce Indianapolis
Omaha
1,318,000
3,308,000
1923 843,000
1922
4,578,000
St. Joseph
438,000
704.000
1923
495,000
1922 _
1,154,000

Oats.
(bush.)

Barley.
(bush.)

Bye.
(bush.)

5,113,000
7,279,000

435,000
673,000

207,000
188,000

1,657.000
1,891,000

600,003
954,000

90.000
114,000

2,954,000
2.557.009

28,000
71.000

141,000
79,000

374,000
192,000

3,000
1,000

254,000
12,000

34,000
27,000

6,000
1,000

224,000
172,000
1,150,000
1,638,000
40,000
1,104,000
972,000
1,937,000

The Western live stock movement also appears to
have been somewhat-smaller than a year ago. At
Chicago the receipts for the month the present year
comprised 22,692 carloads, as against 23,959 in June
1922. At Omaha they were 9,740 cars, as against
10,392, but at Icansas City they were 9,241 cars,
against 9,217.
The cotton movement over Southern roads was, of
course, of small dimensions because of the almost
complete exhaustion of supplies. The gross shipments overland were only 43,846 bales in June
1923, against 105,391 bales in June 1922; 201,948 in
1921; 131,830 bales in 1920; 161,800 bales in 1919 and
187,986 bales in 1918. At the Southern outports the
receipts were only 119,067 bales for the month this •
year against 344,822 bales in June 1922 and 437,324
bales in June 1921, but comparing with 132,107 bales
in June 1920. The following is our usual table,
showing the receipts at the different Southern
ports:
RECEIPTS OF' COTTON AT SOUTHERN PORTS IN JUNE AND FROM
JANUARY 1 TO JUNE 30 1923, 1922 AND 1921.

332,000 1,258,000
428.000 1.376,000
986,000
1.252,000

671,000
253,000

649,000
633,000
1,994,000
2,233,000
150,000
182,000

Total
1,540,000 21,416,000 14.908,000 15,277,000 2,418,000 2,627,000
1922 ___ 1,680,000 23,418,000 36,477,000 19,824,000 3,406.000 2,023,000
'

601

Since Jan. 1.

June.
Ports.
1923.
Galveston
Texas City, dm
New Orleans
Mobile
Pensacola, eze
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News, Am
Total

1922.

1921.

1923.

37,115 110,779 187,307 487,598
5,607 34,873 33,899 196,421
29.632 89,180 103,849 485.482
2,515 14,954 10,351
19,783
407
588
135
3,683
16,943 50,505 65,185 168,834
500 3,199 1,095
3,447
9,818 17,811 5,307
72,080
6,766 8,919 9,090
26,062
9,764 14,014 21,008
81.484
98

1922.

1921.

876,815 1,291.142
243,966 234,725
538,726 676.483
79,692
49,036.
8,663
14,397
344,906 310,549
14,096
4.316
106.633
45.863
40.833
41,239
127,531 147,269
1,023

119.067 344,822 437,324 1,544,874 2,381,861 2.816,042

Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME. in regard to the cotton crop, which was recently estimated
by the Bureau of Agriculture at 11,516,000 bales. A proFriday Night, Aug. 10 1923.
longed drouth has prevailed in Texas and Oklahoma and it is
There is no doubt that the death of President Harding has feared that the yield may possibly fall below 11,000,000
had a profound effect upon the people of the United States bales, although there can be no certainty on that point as
in various ways. The universal mourning and the progress yet. For beneficial rains have latterly fallen in at least
of the funeral train 3,000 miles across the continent from some parts of Texas. Much depends upon the weather in
the Pacific Coast to Washington has engrossed the attention the next two weeks. But in the meantime the condition of
()f millions of people and has been one of the most remark- the crop in the eastern cotton belt has declined to
able outpourings of popular grief since the death of Lin- a certain extent.
And cotton prices have recently
coln on April 10 1865. The people had become in some meas- advanced very sharply. In fact in a week there
ure prepared for the death of President Garfield and Presi- was a rise of 3c. a pound, although latterly considerdent McKinley. But the taking off of President Harding able of this advance has been lost owing to rains in the
came as suddenly and unexpectedly, in its way, as the death Southwest. The grain markets have advanced somewhat.
of Abraham Lincoln. The big business exchanges have as a Wheat, indeed, has risen 2 to 2%c. per bushel, for, after all,
result been closed entirely for two days
-on Friday of last the spring wheat yield is not up to expectations owing to
week and on Friday of this week-and stood, as it were, at damage by black rust, so that the yield of spring wheat is
attention for a part of the busy hours of Wednesday while estimated at 225,000,000 bushels,
or some 45,000,000 bushels
the funeral ceremonies were in progress at Washington. less than last year, though it is about 11,000,000 bushels
Even the passing of so important a figure as Mr. Harding more than two years ago. At the same time it is 130,000,000
could not affect business fundamentally, but it has undoubt- bushels under the high record cro of 1918 and this fact was
edl interrupted it because of the universal grief which it has not without its influence on the market, although the lack
aroused. The exchanges are all closed throughout the coun- of export trade is a sore point.
Cotton textiles have met
try to-day, the occasion of the fipal funeral ceremonies at with a rather better demand, but curtailment is still on a
Marion, 0., and in accordance with the proclamation issued large scale, amounting to something like 75% by mills in
by President Coolidge.
New England. It is noticed that at one Connecticut cotton
In addition to this event there has been the usual period mill there has been a reduction in wages of 121 %. This is
,
of quiet in the business of the United States customary at only a straw and it is said at Lawrence, Mass., at least,
the present season of the year. It is also true on the other there is no thought of reducing wages in the cotton mills
hand, however, that trade as a whole is larger than it was there. Still, there can be no disguising the fact that labor
at the same time last year. Industry is proceeding on a is one of the things which in the ordinary phrase must be
more active scale than it was then, though it is very notice- liquidated; that is, its price must be reduced,for the cost of
able that there is still the marked hesitancy toward buying production must be cut down or trade will suffer. It was the
merchandise for distant delivery. The trade of the country high cost of output even before the midsummer quiet set in
Is in truth feeling its way. Also, the wheat crop is not turn- that accounted very largely for the slowing up of business in
ing out quite so large as was expected, although the yield of this country. High cost of living, high tariff, high taxes, all
wheat will not be materially less than last year as regards militate against genuine prosperity in business, and sooner
the aggregate of spring and winter wheat. There will be or later the fact will have to be recognized. Economic law
good crops of corn and oats. There have been apprehensions is as inexorable as any other law.




602

THE CHRONICLE

Meanwhile the steel industry Is in fair shape, with a
somewhat better business reported in parts of the West. Pig
Iron has also met with a readier sale, though at lower prices.
In neither steel nor pig iron are there any cancellations of
importance or calls for a delay in delivery. August business in steel is said to be better than that in July in at least
some directions. It is also contended the the prospects for
railroad and automobile business are not unfavorable. It is
a fact, however, that the change in the steel trade from the
-hour day necessarily involves the employ-hour to the 8
12
ing of more men to keep up production and also adds inevitably to the cost of production. In the West a better business in coal is reported. Building materials are in larger
demand there also. What will be done about the anthracite
.coal situation remains to be seen. It is considered one of
The knotty questions which will perhaps soon demand the
attention of President Coolidge. Or the matter may be settled between the operators and the miners. The check-off
question may perhaps prevent a speedy settlement of the
matter. The operators refuse to grant the check-off and
there can be no question whatever that they are right in the
stand they have taken. Handing over part of a man's pay to
a union under any pretext whatever is a violation of natural
right. It is an invasion of the rights of the individual and
should never be tolerated anywhere by any corporation in
any line of business. It is unjust and turns a corporation
into a clerk to do the work of the union.
There seems to be some tendency also to resort to the old
"snowballing" of wages. The plasterers are now taking a
leaf out of the book of extortion of the bricklayers. Sooner
or later this kind of thing will work out its own cure; only
the process seems a bit slow. Eventually it must mean an
Increase in the supply of labcrr. The restriction in the number of apprentices permitted by labor unions should be condemned. It is certainly contrary to public policy and to the
best interests of society which wants one of the cardinal necessities of human kind, shelter, provided at a reasonable
cost. The supply of shelter in this country is still lamentably
deficient. It is kept down and to all intents and purposes
deliberately kept down by the exactions of labor. Also, the
Immigration restriction Act should be modified if not repealed. The stock market has at times been depressed and
this has had more or less effect on trade In commodities.
The political news from Europe has been anything but encouraging. England and France are still at loggerheads
over the question of German reparations and Germany is
defiant. Berlin advices, at any rate, seem to make it reasonably plain that the Government is strongly inclined to
continue the policy of passive resistance in the Ruhr. German marks have gone to an even more deplorable discount.
,Moreover, French francs have fallen to the lowest point
known in French history. Belgian francs also are down to
a new low. All this is much to be regretted. And now the
people of the United States await with interest bordering
on anxiety for an early disclosure of the policy of the new
Administration. That it will pursue conservative lines the
well-known bent towards conservatism of President Coolidge
makes reasonably certain. At the same time it would not be
at all surprising if his position on great world questions and
also on questions of domestic policy should be declared with
a clean-cut emphasis which will make it perfectly plain
where he stands. And that is desirable above all things. As
regards the condition of business in the United States, it
cannot be too often said that it is essentially sound. And if
the condition of the farmer can be ameliorated by the use of
the new farm loan banks or by a lessening of output where
production has been overdone, and finally if labor costs can
be toned down to meet the imperative demands of the times
partly throngh a modification of the immigration law the
outlook for the country's business will be improved. Even
as it is, the car loadings in the latest week recorded, that
ending July 28, reached the remarkable aggregate of 1,041,044, the largest in the history of American railroads. They
are approximately 200,000 above the total for the same week
last year. The big increase in merchandise and miscellaneous freight reflects the activity in manufactures, despite
all drawbacks.
The snowballing of wages in the building trade has been
resumed. Plasterers have in some cases been making as
much as $119 a week, with Saturday afternoon and Sunday
work at double *ages. They agreed to a wage of $12 a day,
but are already receiving $14 and are demanding that work
be provided for Saturday afternoon and Sunday at double




[VOL. 117.

pay. They are taking to the tactics of the bricklayers, some
60 days ago, when there was a demand for 10,000 bricklayers
here and only 6,000 were to be had. It was then predicted
that after buildings in course of construction had been
"topped out" or finished the other workers in the building
industry would follow the example of the bricklayers and
that such wages would be demanded as $14, $16 and $18 per
day for plasterers, plumbers, tile layers, marble workers
and painters. Plasterers in some cases stop work if employers refuse to give them overtime work for Saturday and Sunday at double pay, making $42 for the extra day and a half,
a striking instance of human cupidity. What will happen
when journeymen plumbers are in keen demand, as they
will be before long, is an interesting question. Plumbers six
weeks ago received $10 a day. The union then agreed to
discipline any member who demanded more than this and
employers agreed to fine anyone who paid more. That was
expected to stop "snowballing." Will it? Among marble
workers and tile layers snowballing is believed to be impending. And now derrick men are on strike. Derrick men
and riggers and other helpers of stone setters in the building
Industry were on strike for $10 a day and the employers are
determined not to yield. About 400 men quit on an unauthorized strike. This halted work on a number of new buildings,
like the new court house, the Standard Oil building, the new
Saks building on Fifth Avenue. The helpers get $9 a day
and struck for a dollar more.
Samuel Gompers in conferences at Washington this week
is supposed to have insisted on the retention of the 3% restriction on immigration. It is pointed out that labor is in
better position relative to wages and the cost of living than
at the peak of 1920. It should ask no favors of the American people. The establishment of the eight-hour day in certain units of the steel mills in the Chicago district is expected to start next Monday, although no official announcement has been made. The three shifts of eight hours each,
it is understood, will start in the blast furnaces and merchant mills of the United States Steel Corporation at Gary,
Ind., and the Illinois Steel Co. branch at Chicago. The.
change will be gradual.
In the textile trades the Nashua Company will close its
Jackson Mill at Nashua, N. H., on August 11 and the Nashua
Mill on August 18 until Labor Day. This will affect 3,300
employees. Usually the mills close the week before Labor
Day for a vacation and for overhauling of the plant, but this
year slowness of trade will cause a longer period of idleness.
At West Warren, Mass., all departments of the Warren Cotton Mills will shut down from August 25 to September 4.
At Pawtucket, It. I., the thread mills of the J. & P. Coats,
Inc., reopened last Tuesday after a shut-down of ten days.
At Willimantic, Conn., the American Thread Co. will operate until further notice only three days a week. The Treasurer of the Pacific Mills at Lawrence, Mass., says there is
no intention of reducing wages of their hands; that the outlook is favorable. At Passaic, N. J., all textile plants, including the large woolen mills, cotton and rubber mills will
close down to-day not to reopen until next Monday. The
Uncasville mills of Uncasville, Conn., reopened their plant
on Monday last following a week's shutdown with wages
reduced in the meantime 1212%.
/
A stoppage of work was to have been declared here on
Thursday in the garment industry, threatening to throw
50,000 workers out of employment, but it was averted. All
work in future is to be done in union shops. The cause of
the dispute was the situation involving 250 non-union shops
employing only 1,000 of the 50,000 workers in the industry.
It was claimed that the jobbers, despite their agreement to
patronize union made goods and conform to union standards,
had had sample garments made by non-union shops and
used them to beat down union prices, thereby bringing about
general disorganization in the trade. Union manufacturers
were forced by union wages to charge certain prices and
under the non-union competition were no longer able to go
on making suits and cloaks. Therefore, they proposed to
stop work unless the price demoralization could be brought
to an end. A formal statement after the settlement of the
trouble said that immediate steps would be taken to eliminate the non-union shops.
The temperature was 81 to 89 during the week, but it was
cooler on Thursday and also to-day. It was 95 and higher
In Washington and 190 people were said to have been overcome by the heat at the obsequies of President Harding on
the 8th inst.

AUG. 11 1923.]

THE CHRONICLE

S. W. Straus & Co. Think Building Activities Will Be
Kept Up.
Indications that extensive building activities will be kept
up throughout the country are shown in the reports of
building permits issued in July in 239 leading cities and towns.
of the country. These official reports made to S. W. Straus
& Co. reveal a gain in the reporting cities of 14.4% over
the corresponding month last year and a loss of 4.4% from
June this year. The loss from June, however, it is stated,
is in keeping with the usual trend of building permits between
these two months. Total permits issued in the 239 cities
in July were $233,816,602, which compares with 8204,291,504
in July last year, and with $244,687,907 in June this year.
The statement then goes on to sly:

603

and the derrickmen, who are considered experienced laborers and not
skilled workingmen.
If the strike should continue it will tie up all the front, stonework now
going on in New York, but will not affect interior work.

Manufacturers of American Building Material Supplies
Threatened by Foreign Competition Are Hoping That Inventive Ingenuity Will
Come to Their Rescue.
Yankee inventive genius is being used to foil European
manufacturers in their apparent attempt to gain a permanent market in this country for foreign building materials,
says the Dow Service, published by the Allen E. Beals Corporation, and then proceeds as follows:

Glass is a commodity that cannot, under present and pending conditions,
meet foreign competition. Manufacturing costs in Europe are hopelessly beThe Eastern States reported gains of 23.4% over July last year and
low production costs for this basic building material here and in Canada.
a loss of 3.4% since June. In the Central States the gain was 1.15% as
They probably will remain so, as it also is in brick, cement, steel, interior
compared with last July, while the change as between June and July was
and ceramic ware.
negligible, the Central group reporting slightly in excess of $76,000,000 stone
The excessive demands made upon American building material supplies
worth of permits in each month. Permits issued in the Pacific Coast States
and upon manufacturing capacities since 1920 have turned the building mawere 40.6% ahead of July a year ago and 13.3% less than in June. In
tide from east to west. At first no one took the movethe Southern States there was a loss of 7% from July last year and a loss terial overseas trade
ment seriously. Of late it has reached such proportions as to lead some Atof 1% from June.
material manufacturers and distributers to anticipate
Among the important cities of the country reported in the survey of lantic seaboard building
proportions. In the glass manufacturing indusS. W. Straus & Co., New York led with $51,623,832. a gain over July a its development to tidal-wave
try this belief has reached an actively defensive stage. In other words, in
year ago of $17.601,501 and a loss from June of $5.759,171.
the greatest concentrated effort to meet this sort of
Chicago permits in July were $16,495.150, which represented a negligible this industry is found
gain over July last year and an equally moderato loss from June a year ago. competition.
Window glass heretofore has been made in huge cylinders which, while
Los Angeles again ranked third, permits issued in that city in July being
rolled out flat and cut to commercial size. Limitations hereto$15.083,273, a gain over July last year of more than $7,000,000 and a still hot, are
fore existing have been corrected lately enabling drawing of cylinders up to
negligible gain over June.
removal of neck and lower end, and
Philadelphia issued $11,346,155 permits in July, a gain of a little less than 518 inches in length—in the clear, after
inches and of varying thicknesses. Cylinder machines
$1.000.000 over July last year and a gain of nearly $3,000,000 over June. of diameters up to 33
strength glass at the rate of
Cleveland. with permits of $8.457,000 in July. showed a loss of nearly have been perfected capable of drawing double
glass every eight-hour turn.
$3,000,000 as compared with July last year, but a gain of $4,400,000 over more than 90 50-feet boxes of 100 60-feet boxes per turn. Single strength
glass machines are turning out
June.
New machines have demonstrated that it is possible to draw window glass
Detroit's permits in July were $8,103,809, a gain of $700,000 over July
vertically from a molten tank in a huge sheet and turning it while being
last year and a loss of $1,600,000 since June.
raised flat onto the cutting table in any desired commercial thickness up to
Baltimore reported permits in July of $4,796 609 a gain of $570,000 over
one-half inch. Some inventive effort is being applied to take plate glass
July a year ago and a gain of a little more than $2,000,000 over June.
Permits issued in Milwaukee in July were $3,481,580, a gain of $827,000 melted in large pots, cast and roll it into sheets and polish them by machine
rollers at a lower production cost than the glass can be melted in a tank,
over July 1922 and a gain of $1,031,000 over Juno.
Permits issued in other leading cities of the country in July which com- flown or drawn therefrom and then ground and polished.
follows:
Vast changes and improvements are taking place and are being developed
pared favorably with the figures of July 1922 and with June are as
Atlanta. $1,913,080; Boston, $3,472,273; Buffalo, $3,549,000; Dallas, to practical operation in the New York brick manufacturing district. Dis$1.761,603; Kansas City, $1,807,850; Minneapolis, $3,873,850; New Or- tributers have even acquired some brick manufacturing plants with the idea
leans. $1,425.200; Pittsburgh, $2,864,340; San Francisco, $3.237.115. and of modernizing the ancient art of brisk production. Here in New York
greatly improved facilities have been installed for the quick and much
St. Louis, $2,906,463.
cheaper handling of brick in bulk. Oil burning equipment is giving way to
coal and wood burning processes.
a Week.
Plasterers Get $119
Negotiations are under way here to acquire options upon the output of
combining this waste
As predicted in building trade circles two months ago, cinder ashes from great power plants for the purpose ofof secret composition
material with cement and a reinforcement material
"snowballing" has begun in the plastering trade, according for the purpose of producing a fireproof facing material even cheaper than
foreign face brick can be produced here. The plan is to produce these brick
to the New York "Times" of Aug. 5, which goes on to say:
The demand for plastAers is now reaching its peak, and the mechanics, in various shades and surface textures.
The outstanding idea of the building material production industry to-day
whose agreed wage is $12 a day, are already receiving $14, while demands
have in some instances been made on employers to grant work Saturday is to get the cost of manufacture down as far as possible and to make handat double rate, bringing the pay of plasterers up ling and distribution as small an item as possible in the hope of keeping
afternoon and Sunday
prices steady, if not, indeed, to check the flow of European basic building
to $119 for a seven day week.
The plasterers are now in the position in which the bricklayers found materials into this country.
themselves two months ago, when there was a demand for at least 10.000
bricklayers and a supply of hardly more than 6,000 available. It was
then said that after the buildings in the course of construction were topped The Slump in the Brick Market—Monthly Report
out the other trades would follow the example of the bricklayers and wages
Shows a Downward Trend in Prices.
of $14. $16 and $18 for plasterers, plumbers, tile layers, marble workers
and painters would be the rule.
The slump in building is apparent in the report of the
Instead of following exactly the example of bricklayers and demanding
month, but
higher bonuses for day's work and refusing to work overtime, the plasterers' common brick manufacturers in the country this
demands have taken the line of insistence on overtime work. According has not reached serious proportions, says the New York
to Christian G. Norman, Chairman of the Board of Governors of the "Times" in its issue of August 5, and then adds:
Building Trades Employers' Association, plasterers on some Jobs quit
The gross orders on the books 30 days ago, according to the report,
when the employers refused to grant overtime Saturday and Sunday at
"amounted to 403,691,000, while the orders reported in the current issue are
double pay, making $42 for the extra day and a half.
395,447,000. The production of new brick for the month totaled 128,Two weeks ago most of the plasterers were receiving $12 a day, but are
was moved from the plants 116,761,000. This leaves the
since they great demand for their services, their wages have gone up to 942,000, and there
of burned and unburned brick in the plants approximately the same
$14. As was the case in the bricklayers' dispute, employers and employees quantity
ago.
month
are blaming each other for the unsettled situation, the former declaring as a
• "The falling off in new business is most apparent in some of the centres
that the mechanics are threatening to quit unless they get overtime work,
that have been the busiest during preceding months.
while the men allege that employers began the "snowballing" by offering
"In New York, Cleveland, Detroit, Chicago, and even in Southern Califordouble pay for overtime.
and running
Employers are awaiting with interest the attitude of the journeymen nia districts, manufacturers, while well stocked with old orders
business coming into
plumbers. whose services will be in great demand when the plasterers have at full capacity, have reported that the volume of new
month. On the other
finished their work. Several months ago the journeymen plumbers and the office has been considerably reduced the preceding
some important plants say that, while they were pessimistic 30 days
the master plumbers agreed on a wage of $10 a day, and in an attempt to hand,
eliminate "snowballing" the union promised to discipline any of its men ago, they are again optimistic.
"The condition is generally viewed as seasonal, and, while all admit that
who demanded higher wages, and the employers on their side said they
pile up a volume in
would fine any members offering higher wages than the agreed scale. The It is possible that the last six months of 1923 will not
new construction equal to the first six months, this still will be the banner
agreement was then hailed as one that would stop "snowballing."
The trades whose services will be greatly in demand after the plasterers year.
"There certain is still much building to be done. In the larger cities
and the plumbers are through with their work are the tile layers, marble,
workers and painters. There is a scarcity of tile layers and marble workers there is no surplus of housing.
"There is an extreme shortage of schools and hospitals and other public
and there are already rumors of impending "snowballing" in these crafts.
Despite the settlement of the bricklayers' strike a month ago, the building
, buildings." In conclusion the report says:
"The brick manufacturer is just learning that in the field of housing he
trades have not yet reached a point of stability. Yesterday 250 derrickmen
changing from the ratio of about
and riggers were ordered on strike by the Derrick and Riggers' Union follow- has a vast market. The balance is rapidly
frame houses as against pering the unsatisfactory conclusion of three months of negotiation with the 89 to 11, as it stood for many years in favor of
manent types. The promotion of the use of brick through publicity ard
employers for an increase of wages from $9 to $10 a day.
builders. The increased use
Most of the mon are employed by the Employing Stone Setters' Associa- advertising is attracting the attention of home
section of the country.
tion. Their work is to turn the winches on the derricks that hoist the stone of brick in hcme building is perceptible in every
"The advent of the Ideal wall, which makes it possible to build a substanon buildings and to help unload the heavy blocks. The derrickmen work
at approximately the cost of
with the marble and stone cutters, skilled mechanics whose daily wage is tial, good-looking and comfortable brick house
to the use of brick in many sections.
$10. The employers contend that to grant the derrickmen the same wage frame, has given a tremendous stimulus
brick houses this
would unsettle the situation with respect to the marble and stone cutters If each State in the Union should make a gain of 1,000
year, that business alone would consume a billion and a half of brick. This
as well as the skilled men in other crafts.
1922 consumption of common
The derrickmen assert that in 1919 the employers promised there would would represent an increase of 25% over the
be a differential of $2 between their wage and that of the stone setters, who brick.
"Present indications are that the gain in brick home building this year
now receive $12. The employers say that if the additional dollar is granted
building is a market that the brick
the derrickmen, the stone setters will insist on an additional dollar, on the will be much greater than that. House
ground that there has always been a differential of $3 between their craft manufacturer in the past has given little consideration to, looking forward




604

THE CHRONICLE

[VOL. 117.

Fluctuations in the building industry result in hardship and loss for all
of the groups interested, and a condition of stability would be of greater
benefit to all than are the temporary advantages accruing to special interests
under extreme conditions. Within the range of the active and inactive periods
of the industry may be found extremely high wages offset at another time by
a more extensive unemployment than in any other industry in New York.
A higher unit cost of building here than anywhere else in the United States
and low returns on investment bring New York to a situation such as that
through which we have been passing, in which rent laws, tax exemption and
other consequent economic disturbances upset the established standards of
Investment values and force a speculative condition on the owner and investor, the real estate man and the building operator, all of whose interests are
best served by stable conditions.
It is ot alone labor's income which is uncertain. The professional men engaged in the industry, the general builders, the special trades and the material men suffer extreme fluctuations in income through wide variations in
Seek to Stabilize Building Trade—Public Group Says the industry's activity. In order to do the work which New York has atthe Industry Must Take Action.
tempted to do this year and last year, these men must maintain organizations, plants or stocks of material double these needed in the inactive
A summary of its investigation of the building industry, periods.
accompanied by suggestions for constructive effort during
These conditions are hurtful to the interests of the public as well as of
the ensuing year, was made public on Aug. 4 by the Public those directly engaged in the industry, and it is with the'purpose of aiding
in the correction of these conditions by stabilization of the industry that the
Group of the Building Industry, of which R. H. Shreve, of committee of the Public Group directs attention to matters which have
Carrere & Hastings is Chairman. The committee believes seemed to the committee of sufficient importance to warrant special mention
stability has not yet been reached and calls on all concerned in the hope that these suggestions might be further developed by those interested in the building industry.
always for the bigger jobs, and his business has fluctuated just as the construction in those types of buildings has gone up and down.
"Home building offers a most dependable outlet, because there always are
homes being built, even though other types of construction may be at a
standstill.
"The brick industry is making inroads in the home building field by rendering a service to the home builder in the form of plans and specifications
for architecturally good small houses supplied by the national association of
the industry.
"The only price change during the last month was a downward trend in
some of the highest markets. In New England the highest price n-perted in
current reports was $21, which it $2 below the high-water mark of the
month previous. The composite price of brick, taking all reports into consideration, is $14 65 per thousand."

in the building industry to study the situation in the public
Shortage of Skilled Labor.
interest. Otherwise, It is stated, "it may become necessary
The outstanding problem of the industry this year has been the supply of
to adopt measures which may now be thought drastic, but labor. The committee wishes to emphasize the foot that while it has been
which, under the continued pressure of failure to secure re- forced to deal chiefly with this factor of the situation, it has not been able
lief, would be found essential. The following is the report: to investigate the equally important items of production cost effected by the

supply and prices of materials, of transportation and of profits. It is clear
No industry so important as the building industry at this time can be that stabilization
involves a balance among all the factors entering into proconsidered apart from the interests of the community, and therefore any at- duction, and that there
would be little advantage in enlarging the supply of
tempt to deal with the problems arising must give heed not alone to labor and workmen beyond the
capacity of the trade, or of stabilizing wages while other
the employer, but to the public as well.
costs remain unstable.
Action taken without regard to the rights or views of all three groups
To find enough labor to supply an abnormal peak demand would be merely
tends to lessen participation in the industry by that element whose interest
to intensify future unemployment and to emphasize every undesirable feature
is unfavorably affected and so leads to the natural development of corrective
of the business cycle. It is as important to avoid a labor surplus as to remconditions more favorable to renewed participation by the disturbed group
edy a true labor shortage. For this reason a more thorough investigation
and so to the continued co-operation of all the essential factors.
than the committee has been able to make is essential, and the following sugBut while the three groups are interdependent, for many reasons the inter.
gestions must be interpreted with this reservation in mind. The acute labor
eat of the public must be recognized as paramount. The builder and labor
shortage is not confined to the bricklayers, whose scarcity has been made so
recognize that the industry thrives or languishes as the buyer, that :s, the
well known through New York's efforts to build schools.
public, enters or neglects the building field.
A similar condition exists in the number of plasterers and will shortly be
Public's Interest Uppermost.
more acutely felt and better understood as this trade is required for the comLiving costs for the people as a whole are largely affected by the cost of pletion of buildings now under way. Other trades also are more or less unbuilding, not alone through rents which reflect the cost of homes, or through dermanned in spite of the fact that New York has drawn largely on the surtie cost of manufactured articles which must bear the cost of the factories, rounding districts for workmen. This condition is now generally understood,
the shops, and the means of storage and transportation, bat also through the and it is not necessary in discussing this subject to go into details regarding
immense demand for construction materials which is the chief support of the existence and proportions of the shortage in the number of skilled men
to-day's business activity, and the increase of income to the Government and required to carry on building operations in New York City.
the individual through the improvemets which an active industry produces.
Need to Remedy Shortage.
Success, that is, prosperity, in the industry requires control awl co-operaThe special point to which attention may well be given is the necessity of
tion instead of the assertion of the claims of one group against the others, remedying this
shortage and the means which may be employed to this end.
and better conditions for all cannot be secured merely through arrangements The most
important, and, it is believed, the most effective plan is that for
between labor and employer, which are much discussed, but require as well the
development of an adequate number of craftsmen through the apprenticean understanding on the part of the public whose interest is most important, ship system
now being developed by the Apprenticeship Commission of the
though often disregarded.
New York Building Congress.
Because of recognition of these principles, a grog) nf New York builders
This commission is composed of architects, employers and labor members,
on April 30 called a meeting of a large number of architects, owners, buildwho are trying to solve this problem by:
ers and representatives of loaning institutions, in order that there might be
I. Inducing a sufficient number of capable young men to enter the buildplezented information regarding the serious situation then existing or deing trades.
vnleping in the building induatry. The consultation and advice of those
2. Encouraging employers to employ their quota of apprentices.
pre:.-ent was desired by the builders, and at the close of the meeting the
3. Through co-operative effort providing each of these apprentices with
committee of the Public Group of the Building Industry was appointed for
steady employment through their apprenticeship period.
the purpose of suggesting further action.
4. Through the collective efforts of educational authorities, employers and
employees' associations providing a thorough training that will assure for
Composition of the Committee.
the future craftsmen worthy of the name.
The committee, which included architects, builders, representatives of the
The Board of Education is assisting the Apprenticeship Commission by
loaning institutions, and other business men, was later strengthened by the
addition of economists and social welfare workers, and was placed in what furnishing instruction in classes in the evening vocational schools.
The Apprenticeship Commission, acting as a central employment office,
was thought to be a less partisan position by the voluntary resignation of
the builders. Since that time, meetings of the committee have been held for has been successful in keeping all apprentices at work by having employers
send to this office when in need of an apprentice. All apprentices apply at
the purpose of consulting with the Building Trades Council of New York
City, Long Island and vicinity, the New York Building Trades Council, the this office when out of work. Boys seeking to enter the various trades also
apply at this office and are placed as apprentices.
New York Executive Committee of the Bricklayers, and also with a commitWant Full Number of Apprentices.
tee from the Mason Builders' Association.
The committee has also been cognizant of the work of the New York SecThe employers and labor are now giving attention and some measure of
tion of the National Congress of the Building and Construction Industry, an ,support to this work, which has not heretofore had their complete co-operaorganization which is working for the betterment of conditions in the build- tion. In most trades the quota of apprentices allowed by the unions is much
ing industry. Its membership includes representatives of labor, capital, greater than the number in the service of the employers. On the other hand,
management, the professions and the public. In addition to its work in de- In some cases employers have requested more apprentices than the unions
veloping an apprenticeship plan, its study of the problem of seasonal em- permit. But if the employers in the building industry will take on the full
ployment, the congress has established a code of fair practices in the build- number of apprentices to which they are entitled under their trade agreement, keep them steadily employed and insist on the apprentices attending
ing industry and is supporting this through a committee on codes.
It has nnw in course of organization a branch of the Arbitration Society of classes in the evening vocational schools arranged through the co-operation of
which will be establisehd as a court for the arbitration of ques- the Board of Education for their technical training for the various trades of
America,
tions in construction work which would be otherwise judiciable. As a per- the building industry, the first important step will have been taken to propanent means of improving conditions in the industry, the congress seems vide mechanics for the future.
A further step of great importance would be to make possible the employto present for the time the most comprehensive plan, and the whole industry
ment of all available mechanics for the work for which they are fitted, no
and the public ought to support its work.
matter where they are trained. It is not possible under existing restrictions
Wage Question Adjusted.
In New York for certain men who may be properly trained by the New York
immediately presented for the attention of the committee Trade School, the Y. M. C. A., and other schools to enter
The problem
the trade which
was that of labor wage demands, and more especially the action of the brick- they wish to take up and in which at present they are so urgently needed.
layers in withdrawing from certain building operations of this city. During Their admission would give them an opportunity to better themselves and to
the period of the committee's work these immediate labor difficulties have benefit the public by their employment in trades where additional mechanics
been temporarily adjusted and a settlement of the bricklayers' demands has are badly needed but are not available.
been reported. The emergency pressure so far as related to terms of employRestricted Production.
ment has been lessened, and in this respect the situation which led to the
Increase in the number of men is not more important than increase in the
assembling of the committee has been changed.
But the fundamental conditions, from the standpoint of the public group, efficiency of the men now available for work. Relief through this channel can
have not been improved. The number of workmen has not been increased be secured in a number of ways. At present jurisdictional trade regulations
sufficiently to make possible the prompt execution of work urgently needed, define and restrict the kind of work a man may do and consequently largely
such as the school buildings of the city. The daily output by the individual increase the number of trades and therefore the number of men required for
workman has not been increased and is reported to be much below that of a given operation. There is necessarily an increase in the cost of the work
some years ago. Prices of materials have changed, some are higher and and in the time required for its execution.
Out of these restrictive regulations grow jurisdictional strikes which delay
some lower; but generally the cost of building has increased and the situation gives no promise of stability for the future except through a lessening work and cause widespread unemployment of labor. A reasonable loosening
of the demand for buildings, a movement which already appears to be under or modification of these restrictions can be made an important source of
• way.
relief not alone to the public, but to the workers as well, because their em-




Aua. 11 1923.]

605

THE CHRONICLE

ployed time could be largely increased and periods of unemployment min- sity of bringing about such a measure of stability as will avoid the introducimized by permitting the mechanic to do whatever work he could do prop- tion of what one builder of many years' experience described as "some body
strong enough to tell us what we have to do."
erly.
The committee of the Public Group is of the opinion that such stability
Consideration should be given, too, to the repeated statements to the committee by builders that the individual output on the part of the workmen has not yet been arrived at, and that without constructive action New York
has been greatly reduced, not only below the normal work standard of the will still have to deal with the difficulties which the building industry has
men now employed, but far below the production of men similarly engaged encountered this year. The large potential building program for 1924 should
in previous years. It is desirable that, in so far as possible, the facts in this not find New York hobbled by a continuance of these conditions.
R. H. SHREVE, Chairman.
phase of the difficulty be ascertained and that working conditions fair to all
concerned be established.
In many of the detail operations of building construction it is possible
-Year.
Canadian Newsprint Output in Half
through the introduction of machinery put or by shortening the time required
to reduce the cost by increasing the output by the process or by reducing
The production of newsprint in Canada during the first
the number of men necessary to secure a given result The failure to improve six months of 1923,
according to the Canadian Pulp & Paper
methods in use is due in some cases to lack of enterprise, in others to the
restrictive regulations of labor unions. The critical shortage in the man- Association, has reached a total hitherto unapproached for
power element will be measurably relieved by the use of machine power, cost any similar period. Up to the end of June, Canadian mills
will be reduced and time will be saved. These possible economies should
manufactured 619,802 tons f newsprint paper, which reprehave the study and support of all concerned.
Seasonal Unemployment.
Composite New York employs only 50% of its available workmen during
several months of the year. In March and April the New York that wants to
build gets busy, and then for six months, as now, has more work than men,
and carries on in a frenzy of delays, high expenditure and makeshifts.
Last year the Committee on Seasonal Employment of the New York Building
Congress recommended that in so far as possible building work be carried on
during the dull periods of employment.
This procedure would reduce non-productive expense and waste and increase production, as a result of having skilled help available instead of relying on incompetent workmen. It will eliminate excessive labor expense,
lower the cost of materials and decrease the contractor's margin of profits
as he prefers to keep his organization in eitployment as steadily as possible.
The advantages are many and the benefits go to the community generally,
being incidental in their value to labor, employer and owners.
A further study of the records showed building permits are issued in New
York in the largest numbers during the spring and summer, that contracts
throughout the country are usually let at that time, and that repairs are
made by landlords and owners during this time when the demand on the
Industry is at its peak.
The situation can be largely bettered by changing these conditions and
further by completion of buildings in advance of rental dates, rearrangement
of present rental dates, regulation of the time of carrying on Government,
State, city, religious and educational building construction. In general,
work which can be removed from the period of peak load should be done
during the months which have heretofore been periods of comparative unemployment.
Economic Survey.
There are not now available sufficient records or facts to make possible
accurate conclusions as to the reasons or remedies for the difficulties arising
in the industry in New York. Careful investigation is required to measure
the range of the active and inactive periods, to determine the sources and
measure the supply of men, money and materials, to ascertain the factors
affecting the demand for different types of buildings and to analyze the fluctuations in cost.
This survey can be made by competent investigators working under the
direction of the New York Building Congress, which, with some additional
financial support, is prepared to go on with this work in the belief this
study will help determine causes of the extreme irregularity of building activity and indicate the possibility of anticipating and controlling its fluctuations.
Unless some degree of balance between supply and demand is reached and
maintained in the building industry existing difficulties related to the industry will not be removed. The architect of the School Board has brought
to the attention of the committee of the Public Group, and is actively endeavoring to arouse public interest in, the great program of school building
of New York City. It is proposed to complete within the next two or three
years more than 100 schools, which will probably cost not less than $100,000,000.
Construction Program Lags.
In spite of the efforts of city officials responsible for this work, after
frequent conferences of labor and employer and after agreements as to wage
rates and conditions of employment, little progress has been made on the
buildings. Construction is far behind the program for completion. There
has been no improvement in the rate of progress during the year, nor is there
reasonable ground for future improvement, except through falling off of the
demand for other building work and a consequent release of men to the
schools.
There has been brought to the attention of the committee also the deplorable state of housing of those least able to meet the high cost of construction and the high rents, resulting in unhealthful conditions of life among the
poor and an alarming increase in social evils.
It has been urged that a proper public understanding of this situation
would lead to prompt public demand for betterment That there is public
interest is evidenced by the recent authorization of a State commission to
study housing conditions and means of improvement, and by the public discussion of the rent laws, of the policy of tax exemption of certain types of
residential buildings, and of the revelations of the Lockwood committee.
Failure to secure schools and homes touches conditions of social welfare 80
vitally that it is proper to consider the need of some measure of regulation.
This has been spoken of by some who are closely familiar with building conditions and the cost of building as likely to require the declaration of the
prior right of certain types of buildings in each community in accordance
with its needs, and it has been suggested that this control can be secured by
the concerted action of the loaning institutions in agreement as to the type
of construction which would be most helpful.
"Violent" Rise in Costs Feared.
In contrast with this plan, which assumes the existence of some element
of self-control in the industry, one of the labor delegates which met the committee of the Public Group urged immediate Government intervention in the
building crisis to secure the continuance of only the most necessary work.
It was the opinion of labor in this instance that only public authority could
prevent a continued housing shortage, high rents, low wages or unemployment, and a business depression, followed by a violent rise in costs.
All who are concerned with the building industry should recognize that
conditions this year have not been such as will promote its prosperity. These
conditions must be improved by those directly connected with the work, or
by a public whose interest is at stake. In the protection of that interest it
may become necessary to adopt measures which may now be thought drastic,
but which, under the continued pressure of failure to secure relief otherwise,
would be found essential.
From the circumstances attending the organization and the work of this
committee, those directly engaged in building work may observe the neces-




sents a daily average production of 3,973 tons, or about 470
tons more than the daily average throughout 1922. This
large increase is due largely to the addition of new machines
to the productive capacity of the mills, but also reflects an
Increased efficiency of operation and the speeding up of
existing machines. The production figures for the year
1920 are as fqllows:
First 6 months 1923
First 6 months 1922

Tons.
619.802
516,506

First 6 months 1921
First 6 months 1920

Tons.
373,988
443.512

Production of the second half of 1923 is expected to surpass the first half. On this basis, it is probable that the
Canadian mills in 1923 will produce well over $1,250,000 tons
of newsprint. Production in 1913 was only 350,000 tons.
The statement adds:
The consumption of newsprint in Canada is from 120,000 to 130,000 tons
annually and approximately 90% of our production is expected. Of the
619,802 tons produced in the first half of the year, 550,765 tons were exported, 536,187 tons going to the United States and the remainder chiefly
to Australia, New Zealand and South Africa. Exports in the corresponding
six months of 1922 and 1921 were 457,340 tons and 319,925 tons, respectively, so that this year's exports show a gain of 20% over those for 1922
and of 72% over those for 1921.
The distribution of these exports is shown in the following table:
Six Months—
1923.
1922.
1921.
United States of America
536,187
421,365
292,615
Australia
5,163
17,942
10.315
New Zealand
6,095
5.615
5,276
323
2.365
7.291
South America
South Africa
2,427
4,123
3,241
570
5.930
1,187
All other
550.765
457,340
319.925
Total
While our exports to overseas countries have been considerably below
the level of the past few years, there is a big increase in the shipments to
the United States. Consumption in that country during the last twelve
months has broken all records, amounting in 1922 to nearly 2,500,000 tons,
of which 1,029,000 tons were imported, 87% of the imports coming from
Canada and the remainder from European countries. This big demand
from the United States market is reflected in our exports to that country,
which this year have shown an increase of 27% over those for last year
and of 83% over 1921.

Petroleum Refinery Statistics for June 1923—Decrease
in Stocks.

A continued slight decrease in the number of operating
refineries is noted in June, the number reporting to the Bureau of Mines for that month being 286. However, their
aggregate daily indicated crude oil capacity increased to
2,045,547 barrels. This increase is due mostly to the installation of additional stills which have just been reported to
the Bureau. These plants were operating during June at
77.9% of their capacity, running to stills a daily average of
1,593,446 barrels of crude oil. Both the export and domestic
demand for gasoline during June showed a substantial increase, the total being at the daily rate of 23,627,319 gallons. The total demand exceeded the new supply by 64,950,119 gallons, this amount being withdrawn from stocks. The
new supply produced and imported in June of this year was
22% greater than for June last year, while the demand was
26% greater. Gasoline production in June 1923 was 636,734,217 gallons and was almost equaled by the domestic demand,
which amounted to 633,504,590 gallons. Exports increased
to 75,314,994 gallons. Stocks on hand at refineries June 30
were 1,263,583,128 gallons, constituting 60 days' supply at
the June rate of consumption. This compares with 65 days'
supply June 1 and 49 days' supply June 30 a year ago, showing a substantial decrease during the current month. The
present supply of gasoline on a relative basis for accurate
comparison is only 22% greater than last year at this time.
This should be compared with the 22% increase in the new
supply and 26% increase in the total demand in June this
year over the same period last year. The Bureau also says:
Kerosene production in June was 179,073,758 gallons, a slight decrease
from the May output. The domestic demand amounted to 122,708.653
gallons, a decrease from May figures of 12,000,000 gallons, and exports
were 64,753,813 gallons, an increase of 10,000,000 gallons over May exports, making the total demand about 8,000,000 gallons in excess of the new
supply with stocks decreased by this amount to 264,301,002 gallons.

606

THE CHRONICLE

June output of gas and fuel oils increased nearly 5,000,000 gallons over
May production, amounting to 970.869.873 gallons, and imports were
51,245,318 gallons, an increase of about 6,000,000 gallons as compared with
May imports. The total demand was exceeded by the new supply by about
77,000,000 gallons, increasing stocks by this amount during the month,
the quantity in storage June 30 being 1,324.025,107 gallons. Domestic
demand was 822,402,120 gallons, a decrease of almost 100,000,000 gallons
from the May figure, and exports were increased about 7,000,000 gallons
over May shipments, amounting to 122,350.144 gallons in June.
The production of lubricants in June was 95,726.103 gallons, which is
about 10,000.000 gallons below the May output. Domestic requirements
were 57,764,943 gallons as compared with 71,000,000 gallons in May. and
exports were 39,363,408 gallons, showing also a slight decrease from the
preceding month. Stocks decreased about 1,000,000 gallons during the
month, amounting on June 30 to 225,137,230 gallons.
GasolineJune 1923.
May 1923.
June 1922.
Stocks first of month
1,328,533,247 1,336.417,871
856,607.102
Production
636,734.217
525,940.600
631.704.693
Imports a
7.135,248
3,986.655
14,642,980
Exports a
75,314,994
54.603.665
71,678,116
Indicated consumption
506,964,236
582,554,181
633,504,590
Stocks end of month
824,966,456
1,263,583,128 1.328,533,247
Kerosene
Stocks first of month
272,672,284
318,890.131
273,005.180
Production
173,V49,592
189,176,846
,
179,073,758
Imports a
17.426
11.000
Exports a
71.525.734
54,957,333
64.753,813
Indicated consumption
134.563,409
122.708,653
103,439.525
Stocks end of month
264.301,002
317,574,464
272,672,284
Gas c% Fuel Oil
Stocks first of month
1.246.662.180 1,272,978,330 1,321,437.972
Production
970,869,873
903,056.578
966,165.819
Imports a
45,355,041
51,245.318
Exports a c
56,996.811
115,837,414
122,350,144
Indicated consumption
921,999,596
822.402,120
840,558,077
Stocks end of month
1,324.025,107 1,246,662,180 1.326,939,662
Lubricants
Stocks first of month
226,293,334
234.700,221
226.288,516
Production
105,362,853
95,726.103
80,138,257
Imports a
250.962
132.653
Experts a
38.363,408
26,104,090
42.592,389
Indicated consumption
57,764.943
71.314.722
53.423.689
Stocks end of month
225,137,230
226,288,516
226.903,812
a From Bureau of Foreign and Domestic Commerce. Exports include
shipments to non-contiguous territories. b Figures not compiled prior
to October 1923. c Does not include fuel or bunker oil laden on vessels
engaged in foreign trade.

Number of Men's

and Boy's Garments
June 1923.

Cut During

The Department of Commerce announces the following information with regard to garments cut for men's and boys'
clothing during June by 458 establishments, according to
reports received by the Bureau of the Census, with comparative summary for 335 identical establishments reporting for
February to June, inclusive.
GARMENTS CUT DURING JUNE (458 ESTABLISHMENTS).
KindNumber.
Men's suits, wholly or partly of wool
1,049,738
Men's suits, wholly or partly of mohair, cotton, silk, linen. &c_ - 128,069
Men's separate trousers, wholly or partly of wool
963,818
Men's separate trousers, wholly or partly of mohair. cotton,
silk, linen, &c
533,437
Men's overcoats
462.763
Boys' suits (all grades)
250.551
Boys'separate pants (all grades)
690,962
Boys' overcoats and reefers (all grades)
98,898
COMPARATIVE SUMMARY FOR 335 IDENTICAL
ESTABLISHMENTS.
Number of Garments Cut
KindFeb. March. April. May. June.
Men's suits, wholly or partly of
wool
876,508 967,516 710,495 707,335 721,219
Men's suits, wholly or partly of
mohair,cotton,silk,linen, &c_149,752 158,526 133,757 132,531 89,809
Men's separate trousers, wholly
or partly of wool
804.558 876,872 731,865 710,469 683,449
Men's separate trousers, wholly
cotton,
or partly of mohair,
silk. linen. &c
461,238 498,520 460,880 475.632 343,772
Men's overcoats
119,416 155,471 195,425 292,973 352,006
Boys' suits and separate pants
(all grades)
623.587 73E200 644,808 701,614 782.253
Boys' overcoats and reefers (all
15,615 21,294 33,527 56,897 89.788
grades)
Clothing cut during June, by classes of establishments for 84 wholesale
tailors, 00 tailors to the trade, and 353 ready-to-wear and 21 cut, trim and
make:
Number of Garments
Tattersto Ready-to- Cut. Trim
the Trade.
Wear. and Make.
Kind Cut
28,986
791,513
Men's suits, wholly or partly of wool_ __ _ 229,239
of mohair,
Men's suits, wholly or partly
22,772
linen, &c
8,673
96,624
cotton, silk,
Men's separate trousers, wholly or partly
112.254
61,512
790,052
of wool
Men's separate trousers, wholly or partly
21,124
42,088
470,225
of mohair. cotton, silk,linen, &c
68,343
14,312
380,108
Men's overcoats
23,645
11.328
215,578
Boys'suits (all grades)
3.765
28,277
658,920
Boys'separate pants (all grades)
13,249
4,530
81.119
Boys' overcoats and reefers (all Frades)

[VOL. 117.

of Conciliation and Arbitrat:on granted the men no increase. The workers
had asked for a total raise of 20%.
The union revoked the charters of the 14 locals which participated in
the strike and the strikers formed an organization of their Own. During
the early days of the walkout, several of the factories were forced to close
and production was greatly curtailed, but recently all the plants have
been operating.
The strike developed into a battle against the Boot & Shoe Workers'
Union, the strikers admitting that the only grievance they held toward
the manufacturers was that they insisted on their workers belonging
to that union.
There were numerous disturbances during the strike. Four suicides
and two violent deaths are directly traceaole to it. Pickets clashed often
with the police after the City Marshal put into effect an opinion of the
City Solicitor that the picketing was illegal because the strikers had violated
a contract.

Pressed and Blown Glass Manufacturers Restore
Post
-War Peak Wages.
At a recent conference at Atlantic City between representatives of American Flint Glass Workers' Union and
National Pressed & Blown Glass Manufacturers' Association,
the 1920-21 wage scale, the highest on record in paste and
iron mold departments, was restored. A reduction of 11%
had been made two years ago.
"Everybody on the Job, but Everybody Loaf," I. W. W.
Order to Workers in Lumber Industry.
"Passive sabotage" has* been adopted by the Industrial
Workers of the World to make lumber production unprofitable, the National Lumber Manufacturers' Association
asserted on July 27, quoting an order to the lumber workers
in a Chicago I. W. W. publication. "Everybody on the
job, but everybody loaf," was an admonition in the order.
"The employing class lives on our labor," it continued.
"It has to pay us wages, which are a part of what we produce,
and everything else we make for it is its profit, on which it
exists. When we cut down the profits
-we starve capitalism. That is the only way it can be hurt. When we strike
off the job we stop profits, but we stop expenses too. Now
we must all be on the job, drawing wages but making no
profit for the boss. It is not necessary to break any laws to
do this. Figure out just how little work you can do and
get by. Do that and no more."
Increase in Retail Food Prices From June 15 to July 15.
The U. S. Department of Labor, through the Bureau of
Labor Statistics, in announcing on Aug. 7 the completion of
the compilations showing changes in the retail cost of food
in 22 of the 51 cities included in the Bureau's report, said:

During the month from June 15 1923 to July 15 1923, 20 of the 22 cities
showed increases as follows: Fall River, Milwaukee and Peoria. 5%; Detroit and Portland, Me., 4%; Denver and New Haven, 3%; Cincinnati,
Cleveland, Philadelphia, Savannah and Scranton, 2%; Atlanta, Dallas,
Omaha,Portland, Ore., and St. Paul. 1%;and Little Rock. Pittsburgh and
Richmond, less than five-tenths of 1%. There was a decrease in the following two cities: Louisville, 1%,and Charleston,S. C.,less than five-tenths
of 1%.
For the year period, July 15 1922 to July 15 1923, 19 of the 22 cities
showed increases as follows: Cleveland, Detroit and Pittsburgh, 8%;
Philadelphia, 7%; Now Haven, 6%; Fall River, 5%; Denver, Milwaukee
and Scranton, 4%; Little Rock, Louisville, Portland, Me.,3%;Cincinnati,
Peoria, Richmond and St. Paul. 27 and Atlanta and Omaha, 1%. There
0:
was a decrease in the following 3 cities: Portland. Ore., 2%; Dallas, 1%.
and Charleston, S. C., less than five-tenths of 1%.
As compared with the average cost in the year 1913, the retail cost of food
on June 15 1923 was 57% higher in Detroit; 56% in Richmond; 53% in
Milwaukee; 52% in Philadelphia, and Scranton; 50% in Fall River and
Pittsburgh; 49% in New Haven; 48% in Cleveland; 47% in Charleston;
45% in Cincinnati; 43% in Atlanta; 42% in Omaha;41% in Dallas;40% in
Little Rock;39% in Denver; 34% in Louisville, and 32% in Portland, Ore.
Prices were not obtained from Peoria, Portland, Me., St. Paul and Savannah in 1913. hence no comparison for the 10
-year period can be given for
these cities.

Federal Reserve Board's Report on Wholesale Trade
for First Six Months of 1923.
Wholesale trade during the first half-year ending June 30
1923 was in substantially greater volume than in the same
period in 1922, according to a review made public by the
Reserve Board on July 30, which also had the following to
say:

Total sales by wholesale firms in all sections of the United States surpassed each month the levels reached in corresponding months in 1922.
Sales in June. according to the Federal Reserve Board's index, were 4%
greater than in May and 9% greater than in June 1922. Sales of groceries.
meat, dry goods, jewelry, machine tools, and auto supplies increased over
Shoe Workers Lose Strike in Brockton.
May. Distribution in
was in slightly smaller volume
The strike of workers in the shoe factories of the Brockton May and sales of shoes,other linesand drugs decreased in nearly all than in
Federal
hardware,
district, in progress for eleven weeks, was terminated on Reserve Districts from which reports were received. The greatest decreases
July 31, the strikers accepting the advice of their leader were shown in the sales of clothing.
As compared with the same month one
greater in
to give up their fight. The workers who went out had all lines except diamonds, which decreased ?roar ago, sales wereall Federal
46%, and in almost
formed a new union and this they voted to retain. With Reserve Districts. The largest increases over last Juno wore In the sales
of machine
Jewelry,
respect to the origin and outcome of the strike, the Boston creases weretools.noted in hardware, and women's clothing. Great inalso
the sales of furniture, agricultural implements.
"Herald" had the following to say:
and stationery. Wholesale prices have been higher during the past six
The strike started on May 15, 900 dressers and packers walked out. months than in the same period in 1922, and have been partly responsible
The trouble originated when the decision handed down by the State Board for larger dollar sales, but the actual volume of trade has been greater, as a




607

THE CHRONICLE

AUG. 11 1923.]

result of general improvement in economic conditions in all sections of the
country.
The following tables show the trend of imbortant wholesale lines in the
United States by months since May 1922, together with detailed information concerning percentage changes in June as compared with May 1923
and June 1922, for the various reporting lines in each Federal Reserve
District.
WHOLESALE TRADE IN THE UNITED STATES, BY LINES.
(Average monthly sales 1919-100.)
Dry
HardGrocerlea. Meat. Goods. Shoes. ware. Drugs. Total.
192274.1
58.2 79.0 60.5 02.7 96.6 72.6
May
82.2 62.6 78.9 58.8 91.7 99.6 76.9
June
74.5 59.2 80.2 45.2 81.3 93.6 72.1
July
86.4 55.9 112.7 66.0 89.5 102.9 83.6
August
90.5 60.5 116.1
77.6 95.1 104.6 88.1
September
92.4
October
98.7 67.8 108.3 77.2 98.9 111.1
95.8 54.1
94.4 67.4 93.1 102.9 84.0
November
December
85.0 56.8 72.8 57.3 83.1
99.0 75.0
1923.
74.9 60.4 105.4
55.7 87.3 113.4 78.4
January
February
74.9 56.8 100.8 56.3 82.0 106.3 76.1
80.7 63.3 113.0 81.6 108.8 120.1
March
86.0
80.3 60.3 87.6 62.3 111.4 106.0 79.0
April
81.3 64.1
May
83.6 67.8 117.2 107.1
80.2
87.7 65.3 88.7 63.1 113.2 106.2 83.5
June
CHANGE IN CONDITIONS OF WHOLESALE TRADE, BY LINES
AND DISTRICTS.
Percentage Change in
Percentage Change in
June 1923 Sales as
June 1923 Sales as
Compared withCompared with
may
June
May
June
1923. 1922.
1923. 1922.
St. Louis District
-11.4
Groceries
38.4
8.2
7.1 Minneapolis District
-6.4 114.9
United States
14.1 Kansas City District
11.6
4.7
Boston Distr et
0.8
8.0
5.6 Dallas District
New York District
0.3
38.0
13.1 San Francisco District... -0.9
Ph ladelphia District_ __ _ 6.8
9.8
5.3
10.5 Drugs
Cleveland District
8.4 United States
-1.9
-1.2
6.2
Richmond District
-3.1
7.3 New York District
6.4
Atlanta District
0.2
6.0 Philadelphia District__ -4.3
15.4
Chicago District
12.7
-1.3 Cleveland District
-1.7
6.8
St Louis District
2.1 Richmond District
10.9
Minneapolis District
11.8
-3.6
1.9 Atlanta District
Kansas City District..._ 11.1
-0.1
11.9
0.7
11.2 Chicago District
Dallas District
-1.3
6.3
7.2 St. Louis District
San Francisco District... 12.1
-22.0
1.4
Kansas City District
Dry Goods
2.8
2.2
5.9
12.2 Dallas District
United States
4.3
-1.0
31.1
37.7 San Francisco District- -1.6
New York District
10.8
-5.2
21.0 Furniture
Philadelphia District
-0.2
24.1 Richmond District
Cleveland District
76.4
1.5
8.9
Richmond District
5.5 Atlanta District
50.4
-2.8
-8.8
Atlanta District
0.9 Kazoos City District
12.0
-20.8
4.4 Dallas District
Chicago District
3.4
18.7
0.3
21.8
31.9 San Francisco District.._ 14.3
St. Louis District
34.3
-14.1 -47.8
Minneapolis District
Agricultural Implements
-2.6
Kansas City District
16.1 Atlanta District
16.8
-22.8
6.1
6.5 Minneapolis District
Dallas District
35.5 -11.3
4.6 Dallas District
San Francisco District_ _.-10.2
45.8
-11.7
Shoes
San Francisco District
2.3
1.3
United States
-6.8
7.5 Stationery
New York District
10.3 New York District
-7.9
30.0
--1.3
Philadelphia District_ _ __-16.9
17.7 Atlanta District
-16.1
9.1
Richmond District
-25.8
14.9 San Francisco District__ 11.2
5.7
Atlanta District
31.9
Auto SuppliesChicago District
13.1 -11.1 Chicago District
7.3
1.4
2.0
11.5 Ban Francisco Dishict___ -0.4
St Louis District
8.6
Minneapolis District
-13.8
26.5 Men's Clothing
San Francisco District
13.4 New York District
-5.4
-33.5
13.8
Hardware
Women's Clothing
United States
22.0 New York District
-4.5
-34.9
18.7
New York District
-5.0
18.8 Machine Tools
Philadelphia District_ __ _ -6.1
18.2 New York District
1.2 110.2
Cleveland District
-4.1
27.4 Diamonds
Richmond District
-11.7
14.1 New York District
-6.2 -46.1
Atlanta District
1.4
35.5
Jewelry
Chicago District
15.5 New York District
-0.6
6.8
38.2
-Decrease.

comparative value of the different grades of crude currently being purchased
from the various fields in Louisiana and Arkansas, and the company
therefore decided to discontinue this gravity scale, and. effective Aug. 4,
is returning to its former practice.
Prices in the new scale are from 10 to 30 cents more than were posted a
year ago. Smackover grades and prices are unchanged at 85 cents for 26
gravity and above to 40 cents for 24 and below.

The company has posted the following prices:
Caddo crude, 38 degrees and above, $1 45; 35 to 37.9 degrees. Si 35;
32 to 34.9 degrees, 51 30, below 32 degrees, 95c.: Nome crude. 35 degrees
and above, $1 45; 33 to 34.9 degrees, 51 35; 31 to 32.9 degrees. Si 30;
below 31 degrees, 95c.; Haynesville crude, 33 degrees and above. 81 30;
below 33 degrees. 31 20; Eldorado crude. 33 degrees and above, 51 45;
below 33 degrees, 51 30; Bull Bayou, 38 degrees and above, $1 35; 35 to
37.9 degrees,51 25;32 to 34.9 degrees,Si 20;De Soto,5145;Crichton.Si 10.

The Champlin Refining Co. of Enid, Okla., one of the
largest independent refiners in Oklahoma, running on
Tonkawa crude, has cut prices 25 cents a barrel. The top
grade crude is thus reduced from $2 20 to $1 95.
The price of kerosene was reduced X cent by the Northwestern Pennsylvania refiners on Aug. 8.
In Georgia the price of gasoline will be advanced 3 cents
per gallon if a bill which passed the House by a vote of 120
to 62 is passed by the Senate. The tax is to go into a
pension fund. A State tax of 1 cent per gallon is at present
added to the retail price of gasoline.
On Aug. 4 and again on Aug. 6 the Standard Oil Co. of
Louisiana reduced the tank wagon prices of gasoline 1 cent,
which cuts have been followed by the other refiners and
distributors in the same territory. The tank wagon price
now stands at 153 cents and retail price at 1834 cents per
gallon, a reduction of 2 cents and 1 cent, respectively.
At Fort Worth, Tex., the filling station price for gasoline
was 13 cents. Some of the independent companies were
selling at 11 cents per gallon. Two weeks ago the price
stood at 19 cents per gallon.
On Aug. 7 Governor McMaster of South Dakota ordered
the managers of the State warehouse at Mitchell to sell
gasoline to the public at 16 cents a gallon. He also called
on the people of the State to form associations to buy the
product in carload lots until such time as dealers "cease their
policy of greed and avarice." The Governor declared that
gasoline costs 14 cents a gallon in carload lots in South
Dakota and that oil companies are selling it at 28.

Unfilled Orders of Steel Corporation.
The United States Steel Corp. on Thursday, Aug. 9 1923
issued its regular monthly statement, showing unfilled orders
on the books of the subsidiary corporations as of July 31 1923
to the amount of 5,910,763 tons. This is a decrease of
475,498 tons from the unfilled tonnage June 30, a decrease
of 1,070,588 tons from May 31, and of 1,377,746 tons from
April 30. The total, however, even after the reduction, is
134,602 tons above that for the corresponding date last
year, the unfilled orders at the close of July 1922 having
been only 5,776,161 tons. In the following we give comGross Crude Oil Production.
The estimated daily average gross crude oil production in parisons with previous months back to the beginning of 1917.
the United States for the week ended Aug. 4 was 2,240,900 Figures for earlier dates may be found in the issue of the
barrels, as compared with 2,274,400 barrels for the preceding "Chronicle" for April 14 1923, p. 1617.
Tons.
Tons.
Torts.
week, but as against only 1,499,100 barrels in the correspond- July 31 1923___ 5,910,763 May 31 1921_ 5,482.487 Feb. 28 1919_ 6,010,787
1923...
ing week last year. The daily average production east of June 30 1923... 6,386,261 Apr. 30 1921... 5,845,224 Jan. 31 1919_ 6,684.268
May 31
6.981,351 Mar.31 1921._ 6,284,765 Dec. 31 1918... 7,379,152
the Rocky Mountains was 1,389,900 barrels, as compared Apr. 30 1923... 7,288,509 Feb. 28 1921... 6,933,867 Nov.30 1918_ 8.124,663
Mar.31 1923___ 7,403,332 Jan. 31 1921_ 7,573,164 Oct. 31 1918.-- 8,353.298
with 1,424,400 barrels, a decrease of 34,500 barrels, accord- Feb. 28 1923... 7,283,989 Dec. 31 1920... 8,148,122 Sept.30 1918.-- 8,297.905
1923_ 6,910,776 Nov.30
9,021,481 Aug. 1918--042
ng to statistics compiled by the American Petroleum Jae. 81 1922_ 6,745,703 Oct. 31 1920_ 9,836,852 July 31 1918_ 8,259.
Dec. 31
8.883,801
31
1920-Nov.30 1922._ 6,840,242 Sept.30 1920.-10.374,804 June 30 1918... 8 918 866
Institute.
8.337,623
Oct. 31 1922-- 6,902,287 Aug. 31 1920_10,805,038
31
The following are estimates of daily average gross produc- Sept.30 1922- 6,691,607 July 31 1920...11,118,468 May 30 1918- 8,741,882
Apr. 1918...
Aug.31 1922_ _ 5,950,105 June 30 1920...10,978,817 Mar.31 1918_ _ _ 9,056.404
tion for the weeks indicated:
July 31 1922-- 5,776,161 May 31 1920_10,940,466 Feb. 28 1918_ 9,288.453
June 30 1922- 5,635,531 Apr. 30 1920_10,359,747
Daily Average Production.
May 31 1922.-_ 5,254,228 Mar.30 1920... 9,892,075
(In Barrels) Aug.4 '23. July 28 '23. July 21 '23. Aug. 5 '22. Apr. 30 1922-- 5.096,917 Feb. 28 1920_ 9,502.081
Mar.31 1922_ 4,494.148
9,285,441
Oklahoma
474,450
405,500 Feb. 28 1922- 4,141,069 Jan. 31 .920._ 8,265,366
487,350
500.200
Dec. 31 1919___
Kansas
82.350
86,200 Jan. 31 1922_ 4,241,678 Nov.30 1919_ 7,128,330
83,200
84,200
North Texas
49,550 Dec. 31 1921_._ 4,268,414 Oct. 311919... 6,472,668
74,000
75,000
73.900
Nov.30 1921-Central Texas
195,300
199.700
194,300
144,900 Oct. 31 1921___ 4,250,542 Sept.30 1919-- _ 6,284,638
4.286,829 Aug.31 1919_ _ _ 6,109,103
North Louisiana
93.300 Sept.30 1921.-- 4,560,670 July 31 1919_ 5,578,661
62,350
16.750
62.000
Arkansas
32.100 Aug.31 1921... 4,531,926 June 30 1919_ _ _ 4,892,855
126,200
136,000
135,250
Gulf Coast
106,850 July 31 1921-- 4,830,324 May 311919... 4,282,310
108,750
107.950
102.400
1921... 5,117,868 Apr. 30 1919___ 4,800,685
Eastern
120,500 June 30
113,500
113,500
113,500
Mar.31 1919_ _ _ 5,430,572
Wyoming and Montana85,200
153,000
159,950
139,200
California
375,000
851,000
850.000
851.000

Jan. 31 1918_ 9,477.853
Dec. 31 1917- 9.381,718
Nov.30 1917... 8,897,106
Oct. 31 1917- 9,009.675
Sept.30 1917_._ 9.833,477
Aug. 31 1917_10,407,049
July 31 1,917-10,844,164
June 30 1917_ _ _11,383,287
May 31 1917...11.886,591
Apr. 30 1917___12.183,083
Mar.31 1917...11,711,644
Feb. 28 1917_11,576,697
Jan. 31 1917___11,474,054

Steel Production in July-Revised Report on New Basis
for 1923.
Changes in Petroleum Prices Continue.
According to a statement issued by the American Iron &
There have been some changes in the grading of crude Steel Institute the production of steel in July 1923 by comoil during the week just past with a consequent modification panies, which in 1922 made 95.35% of the steel ingot proof prices. The Standard Oil Co. of Louisiana on Aug. 4 duction in that year, amounted to 3,352,474 tons, consisting
made the following announcement:
of 2,660,094 tons open-hearth, 680,884 tons Bessemer and
On Dec. 5 1922 the Standard Oil Co. of Louisiana, following the plan 11,496 tons all other grades. This indicates a total proadopted in the mid-continent fields, posted a gravity scale for the purchase
basis
of Louisiana and Arkansas crude oil. The experience of the last few duction for the month of 3,515,966 tons, on which
months has shown that this gravity scale does not correctly represent the comparison is with an indicated production of 2,952,806
Total




2.240.900

2,274,400

2,255,950

1,499.100

608

THE CHRONTCLE

July last year. With reference to the change inaugura ed ii June 1923 in the method of compiling these figures of
production the Institute has the following to say:
The basis of the monthly report of steel ingot production was changed in
June by including reports from a larger number of companies so that the
figures represent over 95% of the total production. The reports for
previous months of 1923 have been revised and put upon this new basis.
We also added to the report the estimated total production of all companies calculated on the percentile basis stated in the tables, together *with
the number of working days in each month and the approximate daily
production of all companies.
Although the actual reported production in 1922 is on the old basis of
84.15% of total production, the calculated monthly production of all companies and the approximate daily production of all companies are comparable
with the similar figures presented for the first seven months of 1923, which
are based on actual returns of companies which in 1922 made 95.35%
of the total production.
MONTHLY PRODUCTION OF STEEL INGOTS.
Approx.
Daily
Calculated
No. Produc'n
Monthly
Monthly
Production Production of All Cos.
Jan.1922to OpenWorking Gross
AU
Companies
All
Dec. 1922.* Hearth.
Bessemer. Other, Reporting. Companies. Dolls. Toss.
January__ _ 1,260,809
331,851
822 1,593,482 1.891,857 28 72,764
February__ 1,395,835
348,571
816 1,745,022 2,071,772 24 86,324
March __ 1,918,570
451,386
795 2,370,751 2,814,687 27 104,247
April
1,997,465
445,939 1,109 2,444,513 2.902,240 25 116,090
May
2,214,774
494,893
1,474 2,711,141 3,218,794 27 119,215
June
2,143,708
487.851 2,918 2,634,477 3,127,775 26 120,299
July
2,020,572
464,047 2,485 2,487,104 2,952,806 25 118,112
August _
1.807,310
404.379 2,893 2.214,582 2,629,256 27 97,380
September 1.911,147
460,127 2,505 2,373,779 2,818,261 28 108.395
October_ _ _ 2,352,207
518,010 2,198 2.872,415 3,410,265 26 131,164
November_ 2,360,903
525,945 2,449 2,889,297 3,430,309 26 131,935
December - 2,241,104
536,214 2,572 2,779,890 3,300,416 25 132,017
Total _ _23,624,404 5,469,213 22,836 29,116,453 34,568,418 310 111,511
Jan.1923to
July 1923.:
January.... 2,908,892
728,270 9,467 3,644,629 3,822,369 27 141,569
February__ 2,613,564
669,903 10,797 3,294,264 3,454,918 24 143,955
March__ 3,046,309
799.525 12,841
3,858,675 4,046,854 27 149,883
April
2,974,579
772,485 13,933 3,760,997 3,944,412 25 157,776
May
3.138,558
847,418 16,719 4,000,695 4,195,800 27 155,400
June
2,821,239
737,845 15,483 3,574.587 3,748,890 26 144,188
July
2,660,094
680,884 11,496 3,352,474 3.515.968 25 140,839

[VOL. 117.

A decided change in the wire trade is seen in the active solicitation of
business by mills that lately were disposed to let the situation drift.
The railroads, which have figured so largely in the year's steel demand,
are expected to place orders for 1924 rails in the next 60 days. Inquiries
for 60,000 tons are now pending at Chicago. The Southern Pacific has
placed 10,000 tons of tie plates with the Tennessee mill.
Fabricated steel had another 9,000-ton week, two-thirds of this amount
being for private buildings. Fresh inquiries exceeded 21.000 tons, of
which 10,000 tons is for Standard Oil Co. tanks. Railroads have not
contributed in some time to the fabricators' order books.
In the market for steel bars the new and higher extras are operating
to prevent the cancellation of orders to which the old extras apply. But
at Chicago bar iron has weakened, prices now ranging from 2.40c. to 2.500.
Another week of active pig iron buying, especially in the East and at
Chicago and St. Louis. points to the nearer approach of the turning Point
in the market, but prices are still weak in all centres. A notable purchase
was about 35,000 tons of basic by an eastern Pennsylvania steel maker at
825. delivered. Central Western basic declined $1 to 824 at furnace.
Fully 20.000 tons of foundry iron has been bought in the Now York district
Within a week and a St. Louis producer has booked 18,000 tons. Southern
pipe Iron has been bought on a $23 basis.
The July movement of Lake Superior iron ore. 10,411.248 gross tons.
broke all records apart from the 10.659,206 tons of July 1918. and this
Is only the fourth time in Lake ore history that shipments have exceeded
10,000,000 tons in a month. The total to Aug. 1 was 26,596,731 tons,
nearly 54% gain over the same period in 1922.
With the continued decline of pig iron the "Iron Age" composite price
has registered a drop every week, with one exception, since May. 8.
Composite Price Aug. 7 1923. Finished Steel, 2.775c. per Lb.
Based on prices of steel bars, beams, tank(July 31 1923
2.775c.
plates, plain wire, open-hearth rails. July 10 1923
2.789c.
black pipe and black sheets,constituting{ Aug. 8 1922
88% of the U.S.output offinished steel. 110-year pro
c
12
-war average_?:2689 :
Composite Price Aug. 7 1923, Pig Iron. $24 79 per Gross Ton.
Based on average basis and foundry irons,(July 31 1923
the basic being Valley quotation, the;July 10 1923
$ 6 04
2 38
5
foundry an average of Chicago, Phila-{ Aug. 8 1922
25 94
dolphin and Birmingham
110-year pre-war average- 15 72

According to the "Iron Trade Review" of Cleveland, the
rise in current mill and furnace bookings continues and
specifications generally are stimulated while buyers acquire
stronger faith. The "Review" issued Aug. 9 says in substance:

August business in iron and steel has been keeping ahead of July, which
In turn was better than June. This is the foundation for the stronger tone
now working through the market and for the improving prospects for mill
7 months__20,159,235 5,236,330 90,736 25,486,301 26,729,209 181 147,675
* Reported by companies which made 84.15% of the steel Ingot production In 1922. operations for the remaining period of the year.
Mill specifications generally have been stimulated lately. The leading
Reported for 1923 by companies which made 95.35% of the steel ingot prosheet and tin plate maker is carrying over a large tonnage into the fourth
duction in 1922.
quarter and is delaying its announcement of prices for that period, the
adjustments incident to the elimination of the 12-hour day being an imLake Superior Iron Ore Shipments.
portant factor. Independent sheet mills are not in so favorable a position
Shipments of iron ore from Lake Superior ports during and operations In the Mahoning Valley this week are at 66%. the smallest
In over a year. Black sheets continue to be sold by some of the smaller
July 1923 totaled 10,411,248 tons, as against 8,942,336 tons mills at concessions. This softness,
together with shading in reinforcing
during the same month last year and but 4,047,687 tons bars and strip steel, constitute the only notable irregularities in prices.
Complete figures bear out the early indications that July pig iron produring July 1921. The season's shipments to Aug. 1 aggreduction was
gated 26,596,731 tons, contrasting with 17,293,513 tons tons, or lessunexpectedly well maintained. The daily average was 118,859
than 3% down from June. Total output in July due to the
moved during the corresponding period last year and only one day longer period actually was greater than June or in the comparison
of 3,684.631 tons to 3.667.868 tons, and was the largest of any single month
10,418,914 tons the year previous.
on record excepting May with 3.868.486 tons.
The shipments from the different ports for the months of
Outlook for railroad buying in the fall is reported to be promising.
July 1923, 1922 and 1921 and for the respective seasons to present the roads continue to press the mills for the steel on order and•At
to
place a considerable amount of new business in a miscellaneous way,though
Aug. 1 were as follows:
equipment orders remain few.
July
Season to Aug. 1
Buying of pig iron has kept up in increased volume the past week. Large
1922.
1923.
1921.
1923.
1921. buyers are watching the market closely and some of
1922.
them are receptive
Escanaba_ _tons. 1,123,048 799,536 238,258 3,119,695 1,604,130
449,062 purchasers as far ahead as July 1924.
Marquette
534,024 454,221
80,470 1,335,973
848,765
133,414
Export demand upon the American mills is better than for some time,
Ashland
1,184,462 1.379,608 434,088 3,087,818 2,579.056
961,025 especially from the Far East. The Iron and steel industry
in the Ruhr
Superior
3,013,851 2,010,368 875,005 7,648,581 4,364,963 2,591.235 now is at a practical standstill,
as France pursues vigorously her policy
Duluth
3,450,915 2.872,882 1,731,094 8,324,974 5,126,745 4,639,393 against Germany.
Two Harbors_
1,104,948 1,425,721 688,772 3,099,892 2,769,854 1,644,785
Total

10,411,248 8,942.336 4,047.687 26,596,731 17,293,513 10,418,914

Iron and Steel Market Conditions.
The fact that July brought more new business to a number
of steel companies than they took in June has been favorably
interpreted. At the same time the mills have been giving
proof of growing ability to make prompt deliveries, indicating
that the renewal of forward buying is some distance aheadg
states the "Iron Age" in its weekly report issued Aug. 9.
The "Age" further reviews market conditions as follows:
Black sheet shipments within a week of the order, bars in two to three
weeks, and plates and shapes in 30 days are now possible with some mills,
though the larger companies with diversified products have not reached
such flexibility.
The process of adjusting pig iron and steel output to the present scale
of shipment, which is 15 to 20% below that of the recent peak, is still
under way. It does not appear that consumption has declined to that
extent, but that in the past three months consumers have run their stocks
down, whereas in the spring months they were accumulating under fear
of scarcity.
Steel ingot production figures for July are expected to show about 10%
falling off from June: in other words, the July rate was 40,000.000 to
40.500,000 tons a year, against 49.500,000 tons at the high point in April.
Pig iron curtailment has continued in August, stocks In all districts
showing large increases last month.
As men are taken from 12
-hour shifts in the reduction of working hours
that has begun already in some districts, output will be brought closely
in line with demand. The stabilizing effect the movement will have on
prices is already receiving attention from buyers.
Generally speaking, the price situation in finished steel has not changed.
However, weakness has developed in hot rolled flats and in cold rolled
strips. In the former, independent makers have reduced tho base price
from 3.30c. to 3.15e. Cold rolled strips from all mills can now be had
at Sc., as against the recent independent price of 5.25c.




The Coal Trade-Current Production and
Market Conditions.
The rate of production of soft coal during July has increased gradually from about 10,500,000 tons to about
10,800,000 tons, while anthracite production continues at a
high rate, in excess of 2,000,000 tons per week, according to
the weekly statistics issued by the United States Geological
Survey. In its report of Aug. 4 the Survey gives further
details as follows:
The total output of bituminous coal in the week ended July 28 including
lignite, coal coked, loCal sales, and mine fuel, is estimated at 10.789,000
tons, an increase of 113,000 tons over the revised estimate of the output in
the week preceding. Early returns on car loadings in the present week
(July 30
-Aug. 4) indicate a small increase and a probable output in the
neighborhood of 10.900,000 tons.
Estimated United States Production of Bituminous Coal, Including Coal Coked
(In Net Tons).
1923
1922
Week. Cal.Yr.toDate
Week. Cal.Yr.toDale
July 14_a
10,925.000 292.939.000
4.123,000 195,651,000
Daily average
1.821.000
1.182.000
1,775.000
687.000
July 21_a
10,676,000 303,615.000
3.692.000 199,343,000
Daily average
1.162,000
1.779,000
615,000
1,775.000
July 28_b
10,789.000 314,404.000
3,952,000 203.295,000
Daily average
1,145,000
1.798,000
659,000
1,776,000
a Revised since last report. b Subject to revision.
Production during the first 177 working days of 1923 was 314,404,000
net tons. During the corresponding periods of the six years preceding it
was as follows (in net tons):
Years of Adirity.
Years of Depression.
1917
257,194.000
316,179.000 1919
1918
229,782.000
331.817.000 1921
1920
203,295.000
305,840,000 1922

AUG. 11 1923.]

THE CHRONICLE.

609

Thus it is seen that from the viewpoint of soft coal production, 1923
stands 1% behind the average for the three years of industrial activity and
37% ahead of that for the three years' depression.

have been furnishing coal to regular customers at a $9 base increased quotations 5() cents, while some of the smaller shippers were asking as high as
$14 for spot domestic coals. During the week the Head of the Lakes
received eight cargoes containing approximately 65,000 tons. Loadings
Stocks and Consumption on July 1.
at Buffalo during the same period were 122.800 tons.
a Returns received recently from a selected list of about 5,000 consumers of
r
The additional demand for coke because of the anthracite strike threat is,
soft coal indicate that the total quantity held in storage piles on July 1 1923
for the time being, offset by the losses in consumptive capacity in the iron
was approximately 45,000,000 net tons. This was an increase over the
industry.
revised figure of stocks on June 1, of 3,000,000 tons. A factor responsible
According to the "Coal Age," there is no evidence so far
for part of the increase was an appreciable decrease in the rate of consumption. The reports from consumers, supplemented by other available infor- of excitement in the trade over the prospect of a suspension
mation, indicate that the total rate of consumption, including exports, in
of anthracite mining on Sept. 1. Consumers are no more
June, was about 9,500,000 tons per seven-day week.

insistent now than in June that their winter supply be de-

ANTHRACITE.
livered. Receipts of domestic sizes of anthracite by retail
The estimated total output during the week ended July 28 was 2,080,000
net tons. This figure is based on the number of cars loaded by the 9 dealers have overtaken their deliveries and dealers' stocks
principal carriers, and includes besides freshly mined coal, the output from are increasing. The demand for substitutes is picking up
dredges and washeries. As a matter of fact only three times during the
and coke producers report the receipt of many inquiries
17 weeks that have passed since the beginning of the present coal year on
April 1, has weekly production fallen much below 2,000,000 tons, and on and .some orders. Byproduct coke plants are reported to
those occasions the failure to reach that mark was due to the observance of be accumulating stocks of coke. Bituminous coal is finding
holidays.
Cumulative production during the calendar year to date stands at some market as a substitute for anthracite, according to
58,885,000 net tons, an increase over the corresponding period in 1922 of the "Coal Age" in its Aug. 9 summary of conditions in the
35,450,000 tons. The total output during 1923 exceeds that in recent market. The "Age" goes on to say:
preceding years and compared favorably with the output during the war
The outlook for steam coal demand is improving as the textile industries
years when there was a specially large production from washeries.
In New England show signs of revival and the steel industry begins to talk
States Production of Anthracite (in Net Tons).
Estimated United
about going back on heavy schedule as soon as the hot weather is over.
Buying of steam coal picked up last week in Ohio and Pittsburgh, but
1923
1922
Week. Cal.Yr.toDate
Week Ended
Week.Cal.Yr.toDate demand is so quiet and so carefully limited to low-priced, high-grade coals
July 14
2.051,000 54,800,000
32,000 23.380,000 that mines are being closed for lack of profitable outlets for their product.
2,005,000 56,805,000
July 21
28.000 23,408,000 In the Middle West the number of inquiries is increasing. Dealers hay(
2,080,000 58,885,000
July 28
27,000 23,435,000 begun to take on small lots of domestic coal.
The exceptional rate of production of anthracite of 2,000.000 net tons
BEEHIVE COKE.
per week is being maintained without a break. Independent prices are
The rate of production of beehive coke showed virtually no change in holding up to the high level of July, and there is every indication that by
the week ended July 28 and remains about 10% below the June level. the end of August a new high record for production will be established for
Preliminary estimates based on the number of cars loaded on the principal five consecutive summer months.
coke-carrying railroads place the total for the week at 361,000 net tons
The Lake demand is unabated and dumpings continue at the rate of
against 360,000 in the week preceding.
1,000.000 tOILS a week or better. Dumpings at Hampton Roads for all
According to figures published by the Connellsville "Courier" coke pro- accounts during the week of Aug. 2 were 438,733 net tons compared with
duction in the Connellsville region has been falling off gradually during 392,249 tons the previous week. Having been for the past four months
July. The "Courier" reports 272,910 net tons produced in the week ended below the rate for the previous two years, tidewater movement through this
July 28 as compared with 276,540 tons in the week before.
port is now expected to exceed the records of either 1921 or 1922 for August
and September.
Estimated Production of Beehive Coke in Nez Tons.
"Coal Age" index of spot prices dropped one point last week to 195 on
Week ended
Aug. 6, which corresponds to an average price of 32 36 at the mines. The
July 28 July 21 July29
1923.
1922.
heaviest decline was in Pocahontas coal, which recorded an average drop
1923.a 1923.
to Date.
1922.
to Date. of 30c., the result mainly of material declines in both mine-run and prepared
Pennsylvania and Ohio----291.000 292,000 82,000 9,268,000 2,784.000 coals on the Chicago market. In the West, Mt.
.
Olive and Standard
West Virginia
23,000 21,000 6,000
680,000 223,000 quotations declined and Hocking dropped in the East. Pittsburgh, Cam20,000 19,000 8,000
Ala., Ky., Tenn. and Ga
706,000 236,000 bria, Somerset, Kanawha, eastern Ohio and eastern Kentucky prices
Virginia
14.000 15,000
5,000
479,000 172,000 gained slightly. zti!, '
/NAM
Colorado and New Mexico_ 6,000 6,000 6.000
240,000 104,000
Washington and Utah
7,000
7,000
4,000
170.000 108,000
United States Total
Daily average

361,000 360,000 111,000 11,543,000 3,627,000
60.000 60,000 19,000
64,000
20,000

a Subject to revision.
The cumulative output of beehive coke during the present year to date
stands at 11,543,000 net tons. Production during the corresponding periods
for the four years preceding was as follows (In net tons):
1922 -3,627,00011921 _ _3,563,00011920 _ _12,411,00011919 _ _11,190,000
The rcords show that the coke production during 1923 to date is 218%
ahead of 1922, 224% ahead of 1921, 3% ahead of 1919, and 7% behind
1920, the year of maximum output.

Whether the anthracite miners will strike at the end of the
month is still the dominating topic of discussion in the bituminous coal trade of the country. The effect of this possibility
has already been felt in a quickening of domestic demand
for soft coal in the Middle West and in greater interest among
industrial consumers in New England. Although there has
been no rush to cover by retailers or by steam plants that
would have to bid against the householder for supplies in
the event of a strike, bituminous producers are more optimistic and less inclined to look with favor upon contracts based
upon current spot quotations, reports the "Coal Trade
Journal" of Aug. 8. The "Journal's" regular weekly review
of conditions in the market is as follows:
During the past week there was a general, but slight, tightening up in
mine quotations on pool coals, but pier offers showed recessions on the low
volatiles at Hampton Roads. Although advances were outnumbered by
reductions, the majority of the latter were upon Western and Southeastern
coals. Comparing spot quotations last week with those in effect during
the week ended July 28, changes were shown in 45.5% of the prices. Of
these changes 55.9% represented reductions, ranging
from 5 to 65 cents
and averaging 21 cents per ton. The advances ranged from 5 to 50 cents
and averaged 15.8 cents. The straight average minimum on the bituminous
coals listed below was Si 89 per ton, a decline of 5 cents. The straight
average maximum increased 3 cents to $2 40 per ton. A year ago the averages were $4 71 and $8 86, respectively.
New York, Philadelphia and Baltimore showed the least reaction from
the strike threat. Dumpings increased at Hampton Roads, but so did
stocks. Buffalo took a more hopeful view of the slack situation, while
Pittsburgh producers refused to be stampeded by distress tonnage figures.
Cleveland held its gains of a fortnight and a revival of
domestic demand
in urban centres featured central Ohio trade. Southeastern markets were
more cheerful frame of mind. Chicago found more evidence of interest
in a
in both steam and domestic trade. Detroit and the Head of the Lakes
were the low spots in bituminous activity.
The Lake trade, however, continues to move at a heavy rate. • Cargo
dumpings during the week ended at 7 a. m. July 30 totaled 1,071,044 tons,
the largest weekly figure this season. During the week ended last Saturday 37 vessels discharged approximately 340,000 tons at the Superior-Duluth docks. Bituminous stocks there as of Aug. 1 were estimated at 3,750,000 tons.
Anthracite trade during the week was featured by further advances in
Independent quotations. Some of the larger individual producers who




Elimination7of Twelve-Hour Day inISteellIndustry
Starts Next Week.
In accordance with the recent announcement of Judge
Elbert H. Gary, Chairman of the United States Stee177poration, and spokesman for the iron and steel industry,
steps already have been taken tO begin elimination of the
twelve-hour day in the industry. Judge Gary made known
on Aug. 7 that elimination of the twelve-hour day will be
effected on Aug. 16 in the plants of the Carnegie Steel Co.,
the largest subsidiary of the United States Steel Corporation.
Judge Gary's statement, made in confirmation of dispatches
from Sharon, Pa., gave the first intelligence of a definite
date for abolition of the two-shift system in those plants of
the steel industry where continuous operation is required.
It is expected that the other subsidiaries of the Steel Corporation and the independent steel companies will effect the
change soon. All those workers/shifted fromiajtwelve-hour
to an eight-hour day will receive a flat increase of 25% in
their hourly wage. This means that their hourly pay will
be changed from 40 cents to 50 cents and their daily pay
from $4 80 to $4. Laboring men in the rolling departments
will work on ten-hour shifts instead of the present twelvehour basis and will receive no change in their present 40 cents
an hour pay rate.
It was subsequently announced on Aug. S in dispatches
from Chicago that a start in the establishment of an eight
hour day in the steel industry will be realized Monday when
a unit of blast furnace workers at the United Statas Steel
Corporation's plant at Gray will be put on a three-shift
program. More than 500 now blast furnace workers will
be taken on to make the cha-Ige from the twelve-hourlday
possible. It was predicted that on Aug. 16 the open hearth
workers would go on an eight-hour baiis and within a year
every steel worker in Gary would go home to his family after
the same normal day's labor that prevails in other branches
of industry. Advices fr3m Youngstown state• that the
Youngstown Sheet & Tube Co., one of the largest independent steel concerns, plans the elimination of the twelvehour day next week. Twelve-hour men will be put on eighthour shifts. Those working eleven hours will have the neriod
of employment out to ten hours without an increase in hourly
rate of pay. The twelve-hour men will get ten-hour pay
when changed to a three-shift day.

THE CHRONICLE

610

[VOL. 117.

strike in view. Plenty of money would be provided by the unions involved
to carry on the work, Hannon said.
campaign reported to be under way in the same
He said that the I. W. W.
districts was causing him no concern.
The campaign for organization In the steel industry is being waged by
fourteen international unions, and is in charge of a committee of which
Mr. Hannon is Secretary in charge and Michael F. Tighe, President of the
Amalgamated Association of Iron. Steel and Tin Workers, is Chairman.
It is stated as the policy of this committee that thre shall be no strike nor
talk of a strike. "Organization and education" is the slogan, according to
Mr. Hannon.
No effort is being made at present to organize in the Pittsburgh district,
Mr. Hannon said.
"We will not invade Pittsburgh until the rest of the steel industry is well
organized and the courts have passed on the rights of the committee to hold
meetings in the steel towns," said Mr. Hannon. "Then we will use Foch
tactics on Pittsburgh. With everything about it organized, it will be in the
jaws of a pincers."
Regarding Judge Elbert H. Gary's effort to eliminate the twelve-bout
William Hannon, member of the General Executive Committee of the
International Association of Machinists, in charge of the organization day in the steel industry, Mr. Hannon said:
"We do not believe that the steel worker will get the eight-hour day or
campaign, who has established offices here, declared to-day that, unlike
the attempt to unionize the steel mills which resulted in the 1919 strike, be able to hold it unless he and his fellows are organized. Therefore we
the present campaign would be carried "to a finish," but not with any will organize, come what may."

Unions Begin Efforts to Organize Steel Industry.
While Judge Gary and other prominent figures in the iron
• and steel industry are engaged in substituting the eight-hour
day for the longer work day, the American Federation of
Labor is losing no time in endeavoring to carry out its recently announced intention of unionizing the industry.
Offices have been established in Chicago as headquarters
of the committee appointed by the Federation of Labor to
carry through its program of organization, and meetings were
held on July 27 in Bethlehem, Pa., Cleveland, Ohio, and in
various parts of the Chicago district to foster the activities
of the organizers. With regard to these meetings the Associated Press said:

Current Events and Discussions
The Week With the Federal Reserve Banks.
A further increase of $16,700,000 in holdings of discounted
bills, accompanied with reductions of $5,200,000 in acceptances and of $3,600,000 in Government securities, is shown
in the Federal Reserve Board's weekly consolidated bank
statement issued as at close of business on Aug. 8 1923,
and which deals with the results for the twelve Federal Reserve banks combined. Cash reserves declined by $3,600,000 and deposit liabilities by $39,800,000, while Federal
Reserve note circulation increased by $36,600,000. The
reserve ratio remained unchanged at 77.3%. After noting
these facts, the Federal Reserve Board proceeds as follows:
Larger holdings of discounted bills are shown by the Federal Reserve
banks of Boston. New York, Cleveland, Richmond, Minneapolis and
Dallas,the increases in the case of the three banks first named being $7,500.000. $13.500.000 and $7,300.000. respectively. The other six banks report
decreases totaling $14,500,000, the largest decrease—by $6,600,000—being
shown for San Francisco.
Gold reserves increased by approximately $3,000,000. Substantial
gains, amounting to $15,900,000 and $9,700,000. are shown for the Federal
Reserve banks of Chicago and San Francisco. The banks at New York
and Cleveland report decreases in gold reserves of $24,600,000 and $6,500,000. Reserves other than gold declined by $6,600,000, more than offsetting
the increase in gold holdings, and non-reserve cash declined by 82,400.000.
All Federal Reserve banks except those at Atlanta, St. Louis and Minneapolis. report increased Federal Reserve note circulation, the decline in
the case of these three banks amounting to only $600,000. The banks at
New York, Philadelphia and Cleveland report increases in note circulation
of $6,300,000. $9.500.000 and $8.600,000, respectively.
Holdings of paper secured by Government obligations increased during
the week by $15.400,000. Of the total of $397,200,000 held on Aug. 8.
$238,100,000. or 59.9%, was secured by U. S. bonds; $144,800,000, or
36.5%, by Treasury notes, and $14.300,000, or 3.6%, by certificates of
indebtedness,as compared with $237,800,000,$126,500,000 and $17,500,000
reported the week before.

The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 649 and 650. A summary
of changes in the principal assets and liabilities of the Reserve
banks as compared with a week and a year ago follows:
Increase (±) or Decrease (—)
Since
Aug. 11923.
Aug. 9 1922.
Total reserves
12,100,000
—3,600.000
Gold reserves
+3,000.000
+41,000.000
earning assets
Total
+7,900,000
+70,000,000
Discounted bills, total
+440.900,000
+16.700,000
Secured by U.S. Govt.obligations
+279,400,000
+15.400.000
Other bills discounted
+1,300,000
+161,500,000
Purchased bills
+30,600,000
—5,200.000
securities, total
—401,500,000
United States
—3,600.000
—900,000
Bonds and notes
—116,800,000
—284,700,000
—2.700.000
U. S. certificates of indebtedness_ -+69.000,000
—39,800,000
Total deposits
+76,500,000
—19.500,000
Members' reserve deposits
deposits
—5,900,000
—19,700,000
Government
—1,600,000
—600,000
Other deposits
+36,600,000
+77,100,000
Federal Reserve notes in circulation
F. R. bank notes in circulation—net lia—59,000,000
bility
The Week with the Member Banks
Federal Reserve System.

of the

An increase of $24,000,000 in loans and discounts, offset
in part by a decrease of $18,000,000 in investments, together
with increases of $2,000,000 in net demand deposits, of
$8,000,000 in time deposits, and of $44,000,000 in accommodation at the Federal Reserve banks is shown in the Federal
Reserve Board's weekly consolidated statement of condition
on Aug. 1 of 771 member banks in leading cities. It should
be noted that the figures for these Member Banks are always
a week behind those for thRqlerve Banks themselves.




Loans and discounts secured by U. S. Government obli
gations show only a nominal change, while loans secured by
corporate obligations show a decrease of $30,000,000, and
other, largely commercial, loans and discounts an increase
of $54,000,000. Holdings of Government securities declined
by $6,000,000, an increase of
,000,000 in U. S. bonds
held being more than offset by reductions of $11,000,000
and $3,000,000 in Treasury notes and Treasury certificates,
respectively. Other stocks and bonds declined by $12,000,000. Total loans and investments of the New York City
banks show a reduction of $5,000,000, loans on Government
obligations show only a nominal change, loans on corporate
securities declined $15,000,000, while all their other loans and
discounts increased by $29,000,000. Investments of these
banks decreased by $19,000,000, of which $10,000,000 is
represented by U. S. Treasury notes and 88,000,000 by
corporate securities. Further comment regarding the
changes shown by these Member Banks is as follows:
Net demand and Government deposits show practically no change since
the previous week, while time deposits increased by $8,000,000, of which
$5,000,000 is reported by banks in New York City.
Reserve balances of all reporting institutions increased $40,000,000. a
larger increase of 859,000,000 for banks in New York City being partly
offset by a net reduction for banks outside of New York City. Cash in
vault deIlned by $11,000,000 for all reporting banks, of which $3,000,000
s shown for the New York City members.
Borrowings of all reporting banks from the Federal Reserve banks increased from $472,000,000 to $516,000,000, or from 2.9 to 3.2% of their
total loans and Investments. For member banks in New York City an
increase from $102,000,000 to $144,000,000 in borrowings from the local
Reserve bank or from 2 to 2.8% in the ratio of these borrowings to their
combined loans and investments is noted.

On a subsequent page—that is, on page 650—we give the
figures in full contained in this latest weekly return of the
Member Banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase(±)or Decrease(—)
Since
July 25 1923. Aug. 2 1922.
+$24,000,000 +$935,000.000
Loans and discount;—total
—26,000,000
Secured by U.S. Government obligations
—30,000,000
+206,000.000
Secured by stocks and bonds
+54.000,000
+755,000,000
All other
—18,000.000
Investments, total
+58.000,000
+8,000,000
United States bonds
+111,000.000
notes
—11,000,000
Treasury
+210,000,000
Treasury certificates
—3,000,000 —141,000,000
Other stocks and bonds
—12,000,000 —122,000,000
Reserve balances with Federal Reserve banks +40,000,000
—8,000,000
+1,000,000
—11.000,000
Cash in vault
Government deposits
—50,000,000
+1,000,000
—54,000,000
Net demand deposits
+2,000,000
+466.000,000
Time deposits
+8,000.000
Total accommodation at Fed'i Res've banks +44.000.000
+399,000,000

Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and Agents. The figures this time
are for the 1st of July. They show that the money in circulation at that date (including of course what is held in bank
vaults) was $4,729,789,527, as against $4,374,015,037 at the
corresponding date of the previous year, but comparing with
$5,628,427,732 on Nov. 11920. Just before the outbreak
of the European War, that is, on July 11914, the total was
only $3,402,015,427. The following is the statement:

AUG. 11 1923.]

THE CHRONICLE

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Belgium Prohibits Exports of Coal.
Under date of Aug. 3, the New York "Evening Post"
reported the following from Brussels:

,

The Belgian Government has prohibited the exportation of coal bemuse
of the increasing shortage which is making itself seriously felt in industry
and in the homes of the country.

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152,979,026

152,979,026
152,979,026
152,979.026
152,979,026
150,000,000
100,000,000

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Held for
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Banta
and
Agents.

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Total.

d229,728,627 5,935,428.798 1,205.639,271 4,729,789.527

otm.000
.000,1

M1
Other
Money

229,169,071 5,869,810.616 1,163,887,217 4.705,923,399
249,519.149 5,666,092,019 1,292,076,982 4,374,015,037
350,626.530 6,616,390,721 987,962,989 5,628,427.732
105,219.416 5,053,910,830 953,320,126 4,100,590,704
3,402,015.427
186,273,444 3,402,015,427
816,266,721
90,817,762 816,266,721

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Amt. Held In R.s've Against
Trust Against United States
Notes
Gold and Silver
Certtficates(6 (and Treasury
Notes
Treas'y Notes
of 1890).
of 1890).

c3,799,546,257 1,132,733,214
43,511,962,691 1,000,577,605,
c2,406,801,772 696,854,226
c2,942,998,527 2,684,800,085
c1,843,452,323 1,507,178,879
21,602,640
c212,420,402

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611

Westminster Bank Withdraws from Spain.
It is announced that in consequence of the strike of Spanish
bank clerks which has rendered business impossible, the
directors of the Westminster Foreign Bank, Ltd., have decided to close their establishment in Madrid at an early
date. Arrangements had already been made at the foreign
branch of the Westminster Bank, Ltd.;82 Cornhill, London,
for the full maintenance of Spanish banking facilities,
and this service will continue to be at the disposal of the
bank's customers and correspondents.
Soviet State Bank Money Maintains Value.
While the Soviet ruble still is depreciating, the bank notes
secured by the Soviet State Bank, known as chernovetz,
maintain their stabilized value, according to Moscow a.dvices
Aug. 6 appearing in the New York "Evening Post," which
further state that during the last month the chernovetz
doubled the nominal value of the ruble and outraced the
pound sterling.
Authority of Federal Farm Loan Board to Deny Joint
Stock Land Bank Charters Held to Be Limited
by Acting Attorney-General.
Authority in the Federal Farm Loan Board to refuse to
charter joint stock land banks has been denied by Acting
Attorney-General Seymour, according to advices from Washington to the New York "Journal of Commerce," Aug. 5,
which also gave the following further information in the
matter:
In an opinion to Secretary Mellon, Mr.Seymour held that the Farm Loan
Board was without discretionary power in the issuance of charters to
joint stock institutions.
Mr. Seymour's opinion blocks a program which was, in its inception at
the Farm Loan Board, to limit the number of joint stock land banks and
prevent undue competition with commercial institutions. The Board felt
that in some sections of the country ample credit facilities were supplied
through ordinary commercial channels and the establishment of joint stock
land banks in those localities was unnec

tsEUE

42.51

42.34
39.86
52.36
39.54
34.35
16.92

Asked for Ruling.
Before a policy in this regard could be formulated, the Attorney-General
was asked for a ruling upon the question of whether the Federal Farm Loan
Board had discretionary power under the Federal Farm Man Act to refuse
to charter a joint stock land bank when, in the judgment of the Board, the
1401.4territory in which the bank was located was already adequately served.
k
00..00.0
0
"It is my view," Mr. Seymour held, "that the Federal Farm Loan Act
r
does not permit the Federal Farm Loan Board to refuse to charter a joint
stock land bank on the ground that the Board believes that the territory in
which the bank will operate is adequately served by existing banks."
•Revised figures.
a Does not include gold bullion or foreign coin outside of vaults of the Treasury.
In his opinion. Mr. Seymour drew a sharp distinction between the
Federal Reserve banks and Federal Reserve agents.
authority of the Farm Loan Board over the organization of the Federal
b These amounts are not Included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin Land banks and Joint Stock Land banks. The Farm Loan Act, he pointed
out, does not permit the United States to subscribe to stock of the Joint
and bullion and standard silver dollars, respectively.
c The amount of money held In trust against gold and silver certificates and Stock Lard banks not otherwise taken.
Treasury notes of 1890 should be deducted from this total before combining it with
The Act, he continued, gives Joint Stock Land banks greater freedom
total money outside of the Treasury to artive at the stock of money in the United
than Federal Land banks with respect to the interest to be charged on loansStates.
d This total Includes $15,994,407 of notes in process of redemption,$176,434,729 of and to the nature of the security to be exacted,and under the Act a borrower
gold deposited for redemption of Federal Reserve notes,
from a Joint Stock Land bank need not be a member of the National Farm
$14,439,985
redemption of national bank notes, 318,480 deposited for retirement deposited for
of additional
circulation (Act of May 30 1908), and $8,590,408 deposited as a reserve against Loan Association, as borrowers must be in order to obtain acconunodationts
from a Federal Land Bank.
Postal savings deposits.
Provision of Act.
The Act, he explained, does provide that there shall be one Federal
Banque Balkaniuqe S. A. Not Connected with
Land Bank in each Federal Land Bank district. But this provision, he
Balkanska Banka Agram and Belgrade.
contended,is not applicable to Joint Stock Land banks which are authorized
It was announced on Aug. 4 that the National City Bank to lend only on the security of the land situated in the State in which the
bank has its principal office or situated in some contiguous State.
had received cable advice from a correspondent in Vienna, "The Federal Farm Loan Act," Mr. Seymour ruled, "provides that the
the Wiener Bank Verein, to the effect that Banque Balk- Federal Farm Loan Board, in passing upon an application for a charter to
for good cause shown in
Association,
anique S. A. Sofia has declared it is not in any way connec- a national Farm Loancharter. The may,that the Farm Loan Board any
was
fact
case, refuse to grant a
ted with the Balkanska Banka Agram and Belgrade. The expressly given discretionary power to withhold a charter sought for a
cable further stated that this information was forwarded in national Farm Loan Association, while no such power was expressly given
Stock Land banks,
order to avoid any possible confusion in banking circles of in the case of charters sought for Joint vest such authoritystrengthens the
in the Federal
view that Congress did not intend to
this city as the Balkanska Banka Agram and Belgrade has Farm Loan Board."

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.

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been reported in payment difficulties.

Repayments Received by War Finance Corporation.
Existence of Austro-Hungarian Bank
Terminated—
The War Finance Corporation announced on Aug. 4 that
Value of Stock Declined from 81,200 per
Share
repayments to it for the period from July 1 to July 31 1923
to $525.
on account of advances for agricultural and live stock purThe Associated Press in a cablegram from Vienna, July
29, poses totaled $4,886,633, as follows:
said:
From banking institutions
82.277,625

The Austro-Hungarian Bank, which had been the
European financial institution for 107 years, ceased itsforemost Central
existence Friday
July 27, when a final general meeting of the stockholders
was held to wind
up its affairs under the peace treaty decision.
The stockholders will get 85 25 for shares which were valued
in pre-war
times at about 81.200. All trace has been lost of 30,000
shares, and that
proportion of the redemption fund will be taken by the
Government, but
stockholders hope that it will be divided among them.




From live stock loan companies
From co-operative marketing associations
Total

1,200.19
1,408,815.
$4.886,63a

The repayments received by the Corporation from Jan. 1
192 to July 31 1923, inclusive, on account of all loans,
totaled $247,327,399.

612

THE CHRONICLE

[VoL. 117.

We should not give the impressiontthat the farmer is insolvent. The
Advances by War Finance Corporation Account of
purchase of wheat should be on the basis of a business proposition; that it is
Agricultural and Live Stock Purposes.
a safe investment and will be worth more later. It is not quoted now at its
paid. Get
The farmer who holds
From July 1 to July 31, inclusive, the War Finance real value.idea that the person whohis wheat will be handsomelyin a dangeracross the
buys wheat is not engaging
approved 36 advances, aggregating $364,076 24, ous venture.
Corporation
to financial institutions for agricultural and live stock purAs to the slogan adopted by the Chamber to assist wheat
poses.
growers, the "Bee" of July 26 said:

"Buy a Bushel of Wheat" Movement in Omaha—
Reduced Rail Rate on Wheat Exports Refused.
A public wheat-buying movement, similar to the "buy-aba1e-of-cotton" campaign, was brought under way in Omaha
on July 18. At a meeting that day in the Chamber of
Commerce, W. M. Burgess offered a motion to request the
Executive Committee of the Chamber to consider the matter
and take action toward the adoption of a definite plan for the
suggested campaign. Mr. Burgess was quoted in the
Omaha "Bee" of July 19 as saying:
This movement must be nation-wide if it is to benefit the farmer. The
idea first arose here, but it has already caught hold in Chicago, and it
should be taken up in Kansas City, Minneapolis, St. Louis and every other
market centre.
If city men who are financially able will buy some of this wheat and
remove it from the market, the price ought to go up. I am interested
the same as all merchants and manufacturers in seeing the farmer succeed.
It means everything to the prosperity of this country to have stronger
buying power on the farm.

One proposal brought forward was for business men to
join in groups of ten and purchase 1,000 bushels of wheat,
the smallest practicable amount that can be handled on the
exchanges said the "Bee," which continued in part:
Each one of these men thereupon would write to ten other business
men urging them to do the same, and the chain letter would be continued.
It was considered that the best way would be to buy the cash grain and
store the wheat in an elevator, taking a warehouse receipt. Money could
then be borrowed on this receipt, if desired, but the grain would be kept
off the market.
If the purchase was of futures, calling for May or December deliverY,
the option would cost only 10 cents a bushel. W. J. Hines. a grain dealer
and elevator man, declared that though he believed it would be best to
buy cash wheat, any buying movement would do good, and no one would
lose any money.
Farmers Face Bankruptcy.
"If wheat can be put back around $1 a bushel on the farm, it will prevent the bankruptcy of agriculture." said Mr. Hines. "The next 90
days are what is known as the stress movement for wheat. If the market
can be held up through this period, after that time it will be clear sailing.
There are always some farmers who have to ship their wheat as soon as it
is threshed, and unless the demand is stimulated these are going to suffer
heavy losses. Tenants and others needing ready money to most bills
can't hold their crop back. If through a patriotic investment of this
kind the city business men can improve the farmers' market, it will help
Immensely."
One of those attending Omaha's wheat conference was Alex Legge of
Chicago, President of the International Harvester Co.
"America has shipped as much wheat as ever abroad in the last four
years," said Mr. Legge. "But the European purchases have been draggy
and scattered over the whole year. There is no longer the intense period
of marketing that used to last from harvest until December. Some of
this Wheat must be held back, for there is no demand for it.
Favors Cash Buying.
I believe the plan for cash purchases for business men is all right, and
futures probably will help some. I have in mind the purchases of marks
which was designed by German-Americans to help stabilize exchange with
the old country. It is hard to figure what good it did, for the money was
never delivered, but stopped In New York.
"The vote in Minnesota told the story of the farmer. When the crash
-day it is
came in 1920 it was the cotton farmer that was hardest hit, but to
the wheat grower. Any section depending on wheat for its main crop is
distress. In the northwestern wheat country the farmers have seen
In
not only their own labor and their savings wiped out, but the savings of
their fathers also. Put any people in that position and they will act the
same, no matter whether it is in Russia or America. Human nature is
alike all over the world. Wheat farmers are in desperate condition and
it is up to the business men to help them unless they are to go over to the
radicals for comfort.
"I have the belief that if the American farmer will feed 25% of his wheat
to chickens, cattle and hogs, he will get a great deal more for his output.
This same opinion was recently expressed by a farm expert at the Kansas
agricultural college. He stated that 100 pounds of pork can be produced
for $2 26 less on wheat than on corn.
No Surplus of Corn.
"There appears to be no surplus of corn. Notice how we swing from
years ago, when I was an adviser of the
one extreme to another. Two
War Finance Corporation, President Griffin of the Chicago Board of
us and said he could see no hope of better corn
Trade appeared before
production. It was then selling at 12 cents
Prices on account of the great
about 20 cents elsewhere. Yet in spite
a bushel in South Dakota and at
prices had shot up, and they have
of all the gloom, within 30 days corn
as blue a story aie.I ever listened to, and yet
never been down since. It was
It ended well."

"Day a thousand or more bushels of wheat or a bag or barrel of flour."
The slogan was included in the following statement which was offered
the Chamber of Commerce by the joint committee of the Chamber and of
the Omaha Grain Exchange, organized under the leadership of John L.
Kennedy to stimulate the buying of wheat and flour.
Millions of bushels of wheat are now being harvested on the farms of
Nebraska and other States. Present prices are abnormally low. What
shall we do with the crop?
The raising of food is a fundamental function. It is more important to
raise food than to raise armies. During the war, with patriotic pride, we
sacrificed freely to place and maintain our armies in the field. There was a
glamor about that. There is now no glamor about the farm. In the last
analysis, the farmer is the foundation of our prosperity. His welfare should
be our chief concern.
Confronted by a Condition.
We are confronted by a condition and not a theory. For present purposes, we may lay all theories aside.
Legislation cannot possibly be had immediately. That, too, is for future
consideration.
Manifestly, the present Wheat crop cannot be diminished in quantity.
The supply is a fixed fact. Our only substantial relief, therefore, must
come from an increased demand, or some plan of supporting the market.
Because of financial conditions, many farmers in the Central West
must immediately sell their wheat. This would glut the market and lower
the price. There are two legitimate methods by which this situation may
be relieved. One is to hold wheat out of the market; the other is to increase
the demand for actual consumption.
The withholding or withdrawing of wheat from the market might not
permanently affect the price, but it would afford temporary relief by
stabilizing present prices, and so make possible an orderly marketing of
the crop. For the time being, it would limit the supply. In this connection, the slogan, "Buy a thousand bushels of wheat" should be very
effective.
Buying Plan Preferred.
The purchase of wheat and flour for present or future consumption Is
the preferred solution of the problem. By that method, the demand is
increased.
We have no moral right to expect other countries to buy our surplus
crops. We have disdained all responsibility for their affairs, and our
present attitude tends to discourage foreign trade relations. Existing
rates of exchange,too, go far to make such trading unprofitable and unsatisfactory.
In the present emergency we must rely chiefly on our home market. In
thirty days our own people could work out a peaceful revolution in the price
of any commodity. All that is necessary is an aroused public sentiment
and intelligent co-operation.

Stating that the directors of the Chamber had approved on
Aug. 2 the campaign of the Chamber's executive committee
to promote the buying of wheat and flour and to stabilize
the wheat market, the "Bee" further said:
The special committee, of which John L. Kennedy is Chairman, was
directed to use its best judgment in calling a conference in Omaha to further
consider the plan of advancing the price of wheat and of obtaining reduced
all-rail export wheat and flour rates. A resolution on this phase of the
situation, offered by Randall K. Brown, was adopted.
Reply to Railroads.
Chairman Kennedy read to the board of directors a reply he Prepared
for J. E. Gorman, acting Chairman of the Western Presidents' Conference
Committee, representing 17 grain-carrying railroads, which met in Chicago
last Monday and decided to deny the Omaha request for an export wheat
and flour rate reduction.
Will Continue Fight.
Railroad Executives for a 25% reduction in freight rates on wheat and flour
for export: and
•
"Whereas,representatives of the Western railroads addressed, after joint
consideration, declined to grant such rate reduction, said refusal being set
forth in a letter dated July 31 1923 and signed by J. E. Gorman as acting
Chairman of the Western Presidents' Conference Committee,
"Therefore, be it resolved, that the board of directors of the Omaha
Chamber of Commerce, believing that the emergency calls for a reduction
In these commodity rates, unanimously approves the statements expressed
in the letter submitted by the committee specially authorized, and be it
further
"Resolved, That the board of directors of the Omaha Chamber of Commerce approves of the actions of the committee specially authorized and
requests it to continue its efforts to obtain the necessary rate reductions."

A request that the railroads establish emergency rail rates
effecting a 25% reduction from existing rates on wheat exports was. contained in the following resolution adopted on
July 25 by a joint committee of the Omaha Chamber of
Commerce and the Omaha Grain Exchange:
Resolved, That the railroads be requested, through the Association of
Railway Executives, and the presidents of individual Western lines, to
publish immediately upon short notice, with the consent of the InterState Commerce Commission, emergency all-rail rates on wheat and flour
shipped from all points in the United States, including all grain on hand
in elevators or at storage points, to Atlantic, Gulf and Pacific ports for
export, on the basis of 75% of the rates now in effect: these emergency rates
to expire Jan. 30 1924: that grain shipped on these emergency retie be
allowed only one intermediate stop at transit or proportional rate-breaking
points, except that one additional stop may be made for milling purposes
and that storage at transit, milling, or rate breaking point and also at
elevator at seaport be limited to 30 days.

On July 20, when the matter was further considered, 75
Omaha men, including officials of the Chamber of Commerce, authorized John L. Kennedy, President of the
United States National Bank of Omaha, to get in touch with
chambers of commerce in other grain centres, with the idea
of inducing them to help a buying campaign. Former
Regarding the refusal of the Western railroad executives to
Governor McKelvie, who attended the meeting held on July grant the 25% reduction sought, we quote the following from
21, endorsed the movement, according to the "Bee," but the Chicago "Evening Post" of July 31:
expressed the belief that it was only an emergency measure
Western railroads have refused to approve an emergency 25% slash in
all-rail rates on wheat and flour—including grain on hand, in elevators or
of relief; he was quoted as saying:




AUG. 111923.]

THE CHRONICLE

at storage points—shipped from all over the United States for export through
Atlantic, Gulf and Pacific ports. The rates were to expire Jan. 30 1924.
Request for this reduction had been made by a special committee representing the Omaha Chamber of Commerce, in co-operation with the Omaha
Grain Exchange, both of which bodies are conducting a drive to stimulate
wheat and flour buying as an aid to the growers.
The decision of the heads of the carriers involved, including the Chicago
Burlington & Quincy. the Atchison Topeka & Santa Fe. the Illinois Central,
the Chicago & Northwestern, the Chicago Milwaukee & St. Paul, the
Chicago Rock Island & Pacific. the St. Louis & San Francisco, the Missouri
Kansas & Texas, the Northern Pacific and the Great Northern, was transmitted to Omaha last night.

Farmers' Conference in Wheaton (Minn.) Wants Special
Legislation to Stabilize Prices of Farm Products.
The calling by President Harding of a national conference
to formulate plans for legislation to stabilize prices of farm
products was asked in a resolution adopted on July 24 at a
mass meeting in Wheaton, Minn., of 600 farmers from five
counties in western Minnesota, the resolution further petitioning the calling of a special session of Congress for the
adoption of legislation thus proposed. The Minneapolis
"Tribune" of July 25 also stated that other resolutions urged
the American Farm Bureau Federation to aid and to have
the State Farm Bureau and every county in Minnesota and
other States co-operate in putting through the plan. We
also take the following from the Minneapolis "Tribune":
The meeting was called by the Wheaton Chamber of Commerce and the
Traverse County Farm Bureau as a protest against the low prices of products, especially grain. The gathering was held in the Wheaton high school
and was addressed by several prominent speakers.

613

Drive of American Wheat Growers, Associated, To
Control Wheat Market in Minnesota and
Other States.
Control by contract of the marketing of two-thirds of the
wheat produced in eleven States, including Minnesota) by
July 1924, and fixing of the price at which wheat would move
to market by a board of farmers, was the program announced by the American Wheat Growers, Associated,
from its headquarters in Minneapolis July 24, according to
the Minneapolis "Journal." Minnesota, North and South
Dakota, Montana, Idaho, Nebraska, Colorado, Kansas,
Oklahoma, Washington and Oregon are the States included
in the organization's program, says the "Journal," which
also says, "each State will be representOd on the price
fixing board, which is designed to determine the price at
which wheat would move for domestic consumption."
The "Journal" further said:
Already an intensified membership campaign has been conducted in one
district in Washington State with the form of contract to be used in the rest
of the State, and 90% of the wheat production has been signed up, George
C. Jewett, General Manager, said here to-day. A similar campaign is to be
launched in Minnesota within a few days. Within a year 65% of the wheat
will be signed up and the plan will be put in operation prior to another
harvest, he predicted.
400,000,000 Bushels Involved.
A contract provision is that It shall not become effective until 65% of
the wheat production in the territory involved is brought under control.
This would involve 400,000,000 bushels of wheat in the eleven States.
"We are now signing from 3,000 to 4,000 farmers a month," Mr. Jewett
said, discussing results in the eleven States. "Our intensive campaign will
be launched in Minnesota at once.

Five Counties Represented.
Fred Seidensticker, County Farm Bureau President, presided at the
meeting. Delegations were present from Traverse, Wilkins, Grant,Stevens
and Big Stone counties.
Price stabilization must be demanded, declared F. W. Murphy, former
President of the State Fair Board, and prominent in agricultural affairs in
the State.
•
"At the risk of being called demagogues, we must demand price stabilization." he said. "I don't believe in Government ownership of public utilities. I am not a radical and you are not radicals. We only want a square
deal.
"We are a nation offarmers. The farmers fired the first shot in the American Revolution. Farmer boys have been at the front in all our wars.
Our farmers fed the world during the World War.

Bank Loans to Tide Over Farmers.
"Our whole program is to promote orderly marketing. This year we wal
have 50.000,000 to 60,000.000 bushels of wheat under contract, of which
2.000.000 bushels will be in Minnesota. With this we will approach the
market slowly, using the Federal Intermediate Bank loans to tide over the
farmers until the price is right. But we do not hope to reach the point of
carrying out our program efficiently for a year. We plan to enlist business
men as well as farmers to help us. We do not say that we can control the
price absolutely when we get two-thirds of the wheat signed up in the eleven
States, but we can do so to a very high degree, we believe."

East Dominates America.
"The East dominates America. It will continuo to do so until the farmer
of the West takes his rightful place in public life. We are not subservient
to a price-fixing tyranny.
"We are victims of Injustice. No injustice ever goes on forever unlighted.
We are supplicants at the door of the great Eastern financiers. We buy at
a price stabilized, price protected market, and sell in a rough-and-tumble
world market in competition with peons and peasants.
"We are on the way to peonage. I don't believe In price-fixing, but I
protest against fixing prices for every other industry and letting agriculture
take care of itself. We are playing a game with a crowd using stacked
cards and loaded dice. We've got to have a different deal."
Mr. Murphy said he believed in the rehabilitation of Europe but added
that "I believe more in the rehabilitation of the American farmers first."

Bolstered by Government agricultural loans upon which no limit has been
set and which may run up to $50,000,000, the American Wheat Growers'
Association will decline to sell a bushel of wheat at present prices, and will
hold its supplies in storage for an advance for a year if necessary, George C.
Jewett, General Manager. said here last night.
The policy of the wheat growers' organization, which reports prospective
receipts of from 50,000.000 to 75,000,000 bushels, is one manifestation of a
so-called "selling strike" approved by the American Farm Bureau Federation, according to dispatches from Chicago last night. Thomas Hagen,
Manager of the United States Grain Growers Sales Co., said last night that
his company would follow the policy approved by the American Farm
Bureau Federation and would urge farmers to hold their wheat for the present and to use the resources of the Federal Intermediate Credit Bank
through qualified agencies to enable them to do it."

Will Be Bankrupt in Year.
According to F. J. Steldi, another speaker, the farmers must have relief
or in another year one-half of them will be bankrupt." All farm organizations, he said, must forget their differences and work together toward
one goal, the salvation of the tiller of the soil.
The election of Magnus Johnson as United States Senator from Minnesota is a notice that the farmers are aroused and a notice that something is
going to happen,said W.E. Purcell of Wahpeton, N.D.,a farmer and lawyer.
"Minnesota has sown the seeds and the results will spread," he added.
He predicted that the Government will have to take over this year's grain
crop, advancing the farmers their money, then selling to foreign Governments.
Members of the committee who drafted the resolutions presented to the
meeting were E. It. Howard, Louis Dendor, George Nace, G. A. Oscarson
0. J. Loftus, George Putnam, J. L. Paul, E. G. Gross and V. E. Anderson.

Wheat Rate

Reduction Gives New Impetus to
Milling at Minneapolis.
A reduction of 5 cents a hundredweight in the rate on wheat
moving from Kansas City and St. Joseph, Mo., to Duluth
and milled in transit in Minneapolis, effective Sept. 20,
was ordered by the Inter-State Commerce Commission
on June 27. The Minneapolis "Journal" of June 27, in
reporting the action of the Commission said: ,
The action is the result of a plea by Kansas City grain merchants, begun
two Years ago' asking the Inter-State Commerce Commission that their
field of sale be widened and not restricted to Chicago and a few other
milling centres by the comparatively high rate to Duluth. The Minneapolis millers, through the Minneapolis Traffic Association, joined in
the petition.
The victory to-day means new impetus to the Minneapolis flour mining
.
industry. The ruling will open the vast southwest territory to Minneapolis
Under the existing rate, the southwest territory virtually was cut off
from Minneapolis, according to the testimony presented to the Commission. The wheat grown in that territory either was sent to Chicago
or other points or milled in the Southwest before being shipped to the East.
The now rate becomes effective Sept. 20. The existing rate from Kansas
City on wheat milled in transit to Duluth at ..dinneapolis is 24 cents.
The new rate will be 19 cents a hundredweight. The present rate of
wheat from Omaha to Duluth and milled in transit in Minneapolis is
1734 cents.




In a previous reference, July 22, to the announced policy
of the American Wheat Growers' Association, as made known
by Mr. Jewett, the Minneapolis "Journal" stated:

"Not a Bushel" to Sell.
Mr. Jewett said the first wheat to be handled by the American Wheat
Growers associated would come in from the southwest in a few days and
that not a bushel will be sold until the price goes up. He said the Oklahoma
Wheat Growers Associated, a State body organized on a similar basis, but
not affiliated with the national organization, is already borrowing about
$100.000 daily from the Intermediate Credit Bank in Kansas for the
purpose of holding the wheat.
At a conference of Federal Land Bank and Intermediate Credit Bank
officials in St. Paul, Mr. Jew eft said, his organization was assured the
Intermediate Credit Bank would take care of any excess needs and that
no limit was placed on the amount of money that might be borrowed.
By "excess needs" was meant any money needed beyond what nongovernmental banks would lend.
"The money is obtainable at 5;i% and will be loaned to the farmer
at that rate," Mr. Jewett said. "The farmer faces the problem of handling
of this crop with better financial equipment than he ever has had before,
and we believe, through our own organization, more concrete means of
attaining orderly marketing than ever was at his disposal before.
Calls Low Price Unjustified.
"I do not believe there is any justification for the present price of wheat.
not only because it is less than the cost of production, but also because of
the factors of supply and demand. I believe the present price is not the
result of governmental interference and the Capper-Tincher law, but a
speculative result, a culmination of a bear movement that is quite likely
to come about at this time of the year. There Is talk of a wheat surplus
in this country of 180.000.000 bushels—loose talk, for this is the world
surplus, a not unusual surplus. Our own surplus is 80.000.000 bushels,
a smaller one than we often have had. I think production this year is
hardly up to average.
"Certainly we will not sell at present prices. We will hold out all year
if necessaty. The farmers will be advanced 75% of the market price when
they deliver their wheat to us, through rediscount facilities, and with that
advance we will be able to hold out.
Sugoesis Si 50 to Show Profit.
"What we would like to have and what we will get in the way of a price
are often two different things. But $1 50 would be a price at which our
farmers could show some profit."
Members of the Minneapolis Chamber of Commerce said last night that
they understood the Government was fully prepared to aid in the marketing
of the farmers' wheat in an orderly manner. Any plan of holding for long
periods on strength of Government money, however, has in it the possibility
of putting the Government in the wheat business, they said.

The same paper quoted Fred B. Wells, Vice-President of
the F. H. Peavey & Co., as saying that nothing can help

614

THE CHRON-TrILE

[VOL. 117.

the American wheat farmer but consumption of more wheat market,according to advices from Manhattan,Kan.,July 23,
by America and the planting of less wheat by the farmer. appearing in the Kansas City "Times," which also stated:
The reasons for this advice are outlined by Dr. C. W. McCampbell, head
Mr. Wells is reported as stating:
of the Animal Husbandry Department of the college, as follows:
"Every practical indication justifies the belief the man who feeds wheat
The trouble with any movement or agency, governmental or otherwise.
which is able to take off a large amount of wheat from the market, say to hogs will receive less for it than he will by selling at prices prevailing for
200,000,000 bushels, is that if the price is advanced, say 50 cents a bushel, wheat. Hog prices must rise at least $I a hundred to meet the present price
wheat becomes profitable and the acreage over the country the following for wheat, and hog prices nearly always have declined gradually from
year is increased. There is only one thing that will help the farmer and July until December.
that is to eat more wheat and grow less of it.
Wheat, But No Hogs.
"The farmers who have the most and cheapest wheat have very few or no
Acreage Increases Cited.
hogs, and plently of cheap barley. The farmers who produce the vast
The present price of wheat is the effect of world forces finding a level. majority of Kansas hogs have
comparatively little wheat, while corn in
The prospects in Canada are for the largest crop in that country's history. their localities is worth less than wheat.
Europe is producing a much larger crop than last year. Overproduction
"The average Kansas spring pig cannot be made to reach a desirable
of cattle in Argentina has resulted in losses in that industry and the reports market finish by feeding wheat
ninety days. Even a ninety-day feeding
are that acreage is to be taken from cattle and put to wheat. There has period would necessitate feeding
wheat in competition with new cheap corn.
been a material deterioration in prospects of our own northwest crop this
Seldom More Profitable.
year.
If the estimated Government yield of the spring wheat were cut in half,
"The early fall hog market usually is higher than the winter market,but it
we would still have 700,000,000 bushels, or 150,000,000 in excess of our seldom is the more profitable, for the Kansas hog feeder, as men of wide
domestic requirements.
experience have learned. To fatten hogs for the early fall market necessiNothing can be accomplished by carrying over wheat unless a decreased tates feeding larger quantities of feed at a time of the year when it is abbe done, normally high in price.
acreage can be guaranteed for the following year. If that could
"The experiments of the Animal Husbandry Department and the experisomething might be gained by holding wheat off. But to organize that
ences of successful hog raisers indicate the safest way to handle this year's
decrease in production seems well nigh impossible.
spring pig crop is to have it make most of its growth on pasture,feeding only
a very small amount of grain until the new crop of corn is ready, then crowd
forward as much as possible. These methods will require considerably
Kansas Farmers Urged to Feed Wheat to Hogs.
less grain to make a 200
-pound fat hog ready for market, and the most of
Following a recommendation that Kansas farmers feed the grain fed will be cheap corn."

their wheat to hogs made by the Kansas State Agricultural
College, B. F. Howard,it is said, was the first Chase County
(Kan.) farmer to accept the proposal. Special advices to J. C. Mohler of Kansas Agricultural Board on Losses
to Farmers Incident to Price Slump.
the Topeka "Capital" from Cottonwood Falls, Kan.,July 16,
According to the Topeka "Capital" of July 20, it is estistating that he had begun to feed his 1923 wheat crop to
mated by J. C. Mohler, Secretary of the Kansas State Board
his hogs, added:
Howard raised over 100 acres of wheat this season, which he now is thresh- of Agriculture, that the farmers of the United States will
ing. Under present market conditions it is worth about 80 cents per bushel. suffer a
loss of $472,000,000 as a result of the recent slump
To ship in corn to feed his hogs would cost him about 94 cents per bushel.
The wheat is being ground by a local mill before being fed out. One of in wheat prices. The following summary of the estimate of
the first fields of wheat threshed on the Howard farm this week made a Mr. Mohler is taken from the "Capital":

yield of over 30 bushels to the acre and weighed 55 pounds, while the averLose 59 Cents a Bushel.
age for the whole farm, it is said, will be between 25 and 30 bushels.
Threshing operations are getting under way all over the county now,
Farmers are getting 13 cents a bushel less for wheat this year than last.
although yields are disappointing in most sections. On many Cottonwood Production costs this year are higher than last.
Valley farms the yield is running as low as five or six bushels per acre.
Kansas agricultural experts estimate it costs a farmer $1 36 to produce
Regarding the recommendation of the State Agricultural a bushel of wheat. They are getting an average of 77 cents a bushel for
this year's crop.
body, we quote the following Manhattan (Kan.) dispatch
The resulting loss to Kansas farmers is estimated at 855.000,000 and to
those of the United States $472,000,000.
to the Tcpeka "Capital" July 10:
That means reduced or wiped out incomes of 40.000,000 residents of the
H. Umberger, head of extension service in Kansas, to-day advised the
sixty agricultural agents under his direction to encourage farmers to feed United States this year.
In 1919 farmers of Kansas got $289,886,000 for their wheat crop. This
their wheat to hogs. The present market situation, which has never been
paralleled in the history of the State, makes it possible for the wheat grower year they will get approximately $72,400,000.
to market his product through hogs for $1 a bushel compared with the averMr. Mohler is quoted in the same paper as saying:
age price of about 75 cents paid at elevators.
"I am not a calamity howler and want to make the reservation that
"Kansas swine producers are at a loss to know how to meet the unusual
condition which confronts them," said C. G. Ening, swine specialist at Kansas farmers have seen hard times before,and will pull through some way.
the Kansas State Agricultural College. who just returned from a thirty They still will ride in motor cars, but many of them will be old ones,' I
days' tour through the wheat belt. In Comanche County and elsewhere fear."
Last year the average price received by Kansas farmers for wheat was
Elllng found men hauling wheat to market, receiving 70 cents for it, while
their underweight spring pig litters were being fed a scant corn ration of 90 cents.
"The situation is such that farmers simply will have to give up raising
matured.
-cent corn until the new crop
90
Ening pointed out to these men the comparative feeding value of wheat wheat in such large quantities," Mohler says. "It is idle to expect legislaand corn. He proved that by feeding wheat instead of corn, at the present tion or any other factor to increase wheat prices while the world markets
prices, the farmer would save $2 26 on each 100 pounds of pork produced. are being flooded.
"The farmers of this Continent obeyed the economic law and produced
He also showed them that the value of such procedure would be augmented
by the fact that it would permit the feeder to finish his hogs in September more wheat when more wheat was needed. They are just as certain to
and October before the customary slump in market price following the new obey the economic law and produce less wheat when less wheat is needed.
corn crop and the dumping of hogs on the market by corn belt feeders.
Two Solutions Are Offered.
Also by reducing the surplus of wheat there would be a tendency to enhance
"It is comparatively easy to extend a business on a rising market. It is
the market value of wheat.
Kansas farmers now are receiving on the average less than 75 cents difficult to readjust a business on a profitable basis with a falling market,
for the common run of wheat. However, due to late frosts and excessive but that appears to be the big Job confronting the wheat farmers of the
rain during the ripening period, a relatively largo per cent of the crop is United States.
"A reduction of wheat acreage and more diversified farming in the wheat
low grade and practically unsalable. Corn, on the other hand, is high
priced with little chance of becoming cheaper before fall. With prices of producing States constitutes the only certain remedy.
"I believe it has been clearly shown that legislation cannot be depended
the two stable crops of Kansas reversed the hog-raising business has arrived
upon to make wheat a profitable crop when there is an overproduction.
at an unprecedented climax.
"Our own agricultural college has recommended that farmers feed wheat.
At present prices wheat could be advantageously fed to to hogs, saying they can get as much as a dollar a bushel in that way for
hogs instead et corn, according to reports from the State their wheat if present prices of hogs continue. The experts have made a
close
much wheat it takes
schools of agriculture of Missouri and Kansas, made public and Istudy of how take their figures. to put a pound of weight on a beg.
am willing to

on July 24 in press advices from Kansas City, which further
said:

World Market Narrows Down.
"Much depends upon the grade of wheat and how it is mixed with other
With corn worth 85 cents a bushel. wheat is worth $1 11, when fed to hogs
L. A. Weaver, head of the Missouri Experiment Station, said. The feeding feeds. It might be very profitable to feed a low grade wheat to hogs."
Asked regarding the suggestion of Governor Jonathan M. Davis, "dirt
of wheat to hogs would enable the farmer to get his hogs to market early,
Agri- farmer" executive of Kansas, that wheat sellers go on a strike, Mohler says:
said H. Umberger, head of the extension service of the Kansas State
"I believe such a movement would have to take in virtually all of the
culutral College.
-producing States to be successful. It would be hard to arrange with
"The Missouri Experiment Station has conducted two trials where ground wheat
to liquidate loans."
wheat was compared with ground corn." Mr. Weaver reported. "A sum- banks
more
Molder's belief is that the big world market which the United States has
mary of the two years' results shows that the hogs fed on wheat made
fed on corn. It also required less grain to had the last few years is being narrowed down rapidly by European counrapid gains than did the hogs
tries returning to production of wheat—something they dropped during and
make them gain."
in a Immediately after the war.
Kansas would USEI more wheat than her population could consume
year, Mr. Umberger said, by finishing out in the next ninety days one-half
Must Get Back to Old Ratio.
of her spring pig crop on wheat.
"Russia and the Balkan States once more are in the field," he said.
"India already has harvested a record crop, with an exportable surplus uf.st
least 60.000,000 bushels this year, and the exports of that courtry may go as
Animal Husbandry Department of Kansas Agricultural high as 100,000.000 bushels. It must be remembered that India exported
only 9.000.000 bushels last year, and year before last imported wheat.
College Disapproves Feeding of Wheat to Hogs.
"As to the increase in production in our own country: During the war
any appreciable part of the Kansas wheat period and since then the wheat acreage has increased about one-third,
The view that
advantageously by feeding it to hogs and during the same period the wheat acreage of Canada has almost doubled.
crop can be marketed
"In Kansas we used to plant twice as much corn as wheat. Now we
is not entertained by members of the Animal Husbandry plant twice as much wheat as corn.
State Agricultural College, nor
"We simply must get back to the old ratio. In the meantime, we have
Department of the Kansas
do they advise rushing the spring pig crop for an early to learn our lesson and stay in debt another year or two,




Auo. 11 1923.]

THE CHRONICLE

615

The Farmer's Union already operates at three livestock centres, but
this will be he first operation at a terminal grain market. George Johnson.
an experienced grain man of this city, will be the manager of the National
Grain Commission Co. at the grain exchange.
Admission of the Farmers' Union by the Omaha Grain Exchange folsecond.
lowed a rejection of two applications and a reconsideration of the
S. S. Carlisle, Chairman of the board of directors of the Grain Exchange,
Grain company will adjust
stated that he believed the Farmers' Union
its affairs to meet the Grain Exchange's rules and regulations.
of
The National Grain Commission Co. has an authorized capital
President
$2,000,000 and a paid-up capital of $30,000. C. J. Osborn.
Co.. stated
of the Farmers' Union and of the National Grain Commission
the capital stock will be increased as business warrants. He explained
that a consignment business will be done here.
of the
The stock of the National company is held through the officers
e basis
Farmers' Union. When this grain company was on a co-operativ
Exchange because the earnings of
it met with opposition from the Grain
Under the
the company would be prorated back to the stockholders.
articles of incorporation the profits will be used to retire the stock.
fallowing and orderly marketing are re- amended
Reduction of acreage, summer
by which conditions may be
garded by the producers as the only means
by various resolutions indorsed
improved in the wheat belt, it was indicated
Denver Clearing House Banks to Finance Colorado
at the assembly.
Wheat Growers Association in Handling of
Men from Five States Attend.
marketing experts and agriGrain.
Men prominent in the production of wheat,
were in attendance. Probably 200
cultural economists from five States
as the first
An agreement whereby the Denver Clearing House banks
wheat were here for the meeting, which is regarded
producers of
which confront the
to finance the Colorado Wheat Growers' Association in
real step in years toward a solution of the problems

Southwest Wheat Producers' Conference in Wichita—
Wheat Producers Urged to Work Out Own
Salvation.
According to the Topeka "Capital" of July 17, wheat
producers of the Southwest realize that they must work out
their own salvation in the matter of low prices and surplus
production, it was indicated at the conference at Wichita
on July 16 called by J. A. Whitehurst, President of the Oklahoma State Board of Agriculture. It was not even sug"
gested, says the advices from Wichita to the "Capital,
that the Federal Government interfere in the matter of
fixing the price of wheat. The same paper gave the following further information relative to the meeting:

wheat farmer.
of wheat insurance,"
"Summer fallowing is the safe and sane method
with orderly marketing and grading
Whitehurst declared,"and this, coupled
of the present problem."
up the quality of wheat is the only solution
Wheat Profits Are Low.
Si 85 an acre without taking
That his wheat profits this year will be only
was the statement of Clayton
Into consideration the use of his machinery,
that the general average for Kansas
Hyde, Alva, Okla. It was agreed
less than $1 85 an acre.
and Oklahoma would leave the grower
a member of the Kansas House,
John O'Loughlin of Ellis, Hays County.
as hog feed wheat is worth easily $1 a bushel
told the wheat men that
based on actual tests of its attending properties.
State Board of Agriculture, urged the
J. C. Mohler, Secretary of the
acreage.
diversification of crops and reduction of wheat
Better Seed Wheat Urged.
and Republican candidate
John Fields, Editor of the "Oklahoma Farmer"
discussed methods for the
for Governor of Oklahoma at the last election,
summer fallowing and diversifarmer to help solve his own problems, urging
fication.
the SouthBetter seed wheat was urged by H. M. Deaner, Secretary of
west Wheat Improvement Association, Kansas City, Mo.
Wheat Growers, Inc.,
W. H. McGreevey. Secretary of the American
farmer
discussed the relationship of the Wheat Growers' Associations to the
marketing, with
and urged not so much a reduction of acreage, as intelligent
as needed.
the marketing organization in full control of releasing the wheat
of America first at prices
He urged that wheat be sold to satisfy the needs
if there is any surplus, sell it to
in keeping with American standards, and
Europe.
Quality of Grain Discussed.
of
H. S. Thompson, of Sylvia, discussed improvement of the quality
Assowheat. John Manley, President of the Oklahoma Wheat Growers'
"Cost
ciation, talked about orderly marketing. Clayton Hyde's subject was
manner in
of Wheat Production." L. H. Powell, Wichita, discussed the
which terminal elevators can help the wheat growers.
H. J. Waters, editor of the "Weekly Kansas City Star," also addressed
Wheat
the meeting, as did Grosvenor Dawe, Secretary of the National

are
handling grain through thirty Eastern Colorado elevators
was reached in Denver on Aug. 3 at a conference between
representatives of the grain growers and the officers of the
Clearing House Association. In reporting this in its issue
of Aug. 4 the "Rocky Mountain News" of Denver said:

The first sum asked for is $75,000, 'which is to be advanced for the
payment to farmers who bring in their wheat.
will
It is estimated that this sum, with what the wheat growers have,
elevators
enable them to keep a stream of wheat moving through the small
to
as fast as the National Association of Wheat Growers can market it

flour mills or for export.
As the farmers weigh in their wheat to their elevators, the Association
insures it, and pays the farmer approximately 75% of its market value at
the time, the remainder to be remitted when final sale is made.
It is reported that this movement is not for the purpose of storing wheat
indefinitely for a prospective rise in the market, but to assist in prompt
movement to market with minimum costs and an assured payment of a
substantial amount to the farmers.
Denver bankers consented to finance the wheat movement on the assurance that in no case their loans will interfere with country banks able to
take care of their local conditions. But money being relatively more
plentiful in Denver than in many of the rural communities, loans were
sought and the response was made through the clearing house association.
The transactions will be carried on through Charles A. Burkhardt, newly
appointed Manager of the Denver Clearing House Association. Mr. Burk
hardt will supervise the remittances and see that details as to insurance
and elevator receipts are complied with.
farmers are
It is understood that the loans being made in behalf of the
growers
at a very low rate of interest, and that the repreesntatives of the
banks.
were satisfied with the terms and conditions made by the Denver

Conference in Dallas Under Auspices of Federal Reserve
Bank to Provide for Orderly Marketing of Cotton.
Proposals looking toward the orderly marketing of the
Council, Chicago.
cotton crop were discussed at a conference in Dallas, Tex.,
The following rearks by Mr. Mohler, Secretary of the on July 24 called by B. A. McKinney, Governor of the FedKansas State Board of Agriculture, are taken from the eral Reserve Bank of Dallas. According to the Dallas
Kansas City "Star":
marketing was exIs "News," a sane and practical method of
The very marked tendency toward diversified production in Kansas
out after the meeting,
revealed in information from bankers who report that many more of the plained in a prepared statement given
blue and yellow checks from the produce firms are showing up in the daily which said:
and cream and other livestock
and
milk
business for poultry and eggs
products. Bankers also report that those receiving regular incomes through
the adoption ofsuch methods are paying their way and have quit borrowing.
In the solution of our agricultural problems lawmakers have done what
they could, but the remedy is not to be found in legislative enactments
alone. National and State policies of administration may mitigate, but they
cannot cure. Co-operation with its wonderful possibilities realized is a
corrective and cannot alone reach the seat of the trouble. Special campaigns
all
to induce larger home consumption will have little visible effect, and
these agencies working together can only modify the symptom.
The most effective and direct remedy lies in the management of the farm
Itself. It seems reasenably clear that the farmers' greatest problem is to
the
help himself. And this can best be done through diversification. It is
farmer's independent method. By it he can improve his situation, as the
many can testify who have done and are doing it.

The conference expressed no thought which was in sympathy with the holding of cotton for speculative purposes, as the term is generally understood,
but was emphatic in its expression that cotton should be sold as the demand
will absorb it, and that the liquidation of the debts might naturally follow
as the disposition of the crop is accomplished.

From the same source we learn that as a means of enabling
the farmer to market his cotton gradually as needed by spinners, instead of his being compelled to sell it as fast as it is
gathered at any price offered, it was suggested that "it
should be a simple matter for the country banks in this Federal Reserve District to substitute for what is ordinarily
termed a crop mortgage note, at its maturity, a renewal note
Senator E. E. Frizell, of Lamed, was elected President, of reasonable maturity, secured by a chattel mortgage on the
in
and Judge W. L. Gough, of Amarillo, Tex., Secretary of the actually produced commodity, properly insured, whether
newly organized Southwest Wheat Producers Conference, a warehouse or not. The "News" continued:
the sense
The prepared statement goes on to say that: "It was distinctly
as provided for in resolutions adopted at the conference.
give as close
banker
of the Oklahoma State Board of of the conference that it believes the countrydid to itsshould
Mr. Whitehurst, President
production," which,
supervision to the marketing of the crop as he
Agriculture, was nominated for President, but declined to stated in another way during the conference, means that after the banker
serve.
Reference to the proposed conference appeared in our
issue of July 14, page 151.
National Grain Commission Company Admitted to
Membership in Omaha Grain Exchange.
The National Grain Commission Co., a subsidiary corporation of the Farmers' Educational and Co-Operative
State Union of Nebraska, was admitted to membership in
on July 24, it is learned from the
the Omaha Grain Exchange
"Bee" of July 25, which also stated:
Omaha
of the stockholders of the grain exchange
meeting
This action followed a
the board of directors.
and taen a meeting of




crop he
has financed the farmer in planting, cultivating and harvesting the
what the
should not confine his other activities in the matter to collecting
the best posfarmer owes, but lend a helping hand to the farmer in getting
where
sible price for the crop. This can be accomplished, it was pointed out,
off the
necessary, by permitting the farmer to mortgage his cotton to pay
part of
mortgage on horses, mules and the growing crop given in the earlier
the year and usually maturing about the time the cotton is gathered.
the farmer as
No formal resolutions were adopted. The means of aiding
the conoutlined were presented in a formal statement of the proceedings of
favorable
ference, as being those methods on which there was unanimity of
differences of
opinion. Many suggestions were made on which there were
possible should
opinion, but there was unanimous agreement that everything
full value of his products, not only
be done to enable the farmer to get the
where
in the interest of the farmer but in the interest of the communities
is now a
farmers live and in the interest of the State as a whole. Cotton
of keeping it
good price and the object of the meeting was to find a means
that

way.

616

THE CHRONICLE

The meeting, Governor McKinney announced, was called
in response to a resolution of the directors of the Reserve
bank. We quote further as follows from the Dallas "News"
regarding his remarks:

[VOL. 117.

Mr. Adams said he was not advocating holding cotton off the market but
merely the plan of marketing it gradually so the farmer would not be at the
mercy of the buyer. The world needs, he argued, 13,500,000 bales of cotton
and will pay a fair price for it, provided it is not thrown on the market all
at once, lie favored the system of permitting the farmer to change his crop
mortgage into a mortgage on cotton when the crop mortgage comes due instead of forcing payment in cash, if the farmer is disposed to do this and the
situation warrants.

He explained that not only had the Reserve Board suggested to all Reserve
banks the desirability of holding meetings of the kind, but that even prior
to the action of the Board and of the directors of the local bank, the matter
had been suggested at an informal conference participated in by Louis LipThe Houston "Post" stated that Mr. Lipsitz warned the
sits, Nathan Adams, John T. Orr and himself. In explaining the purpose of bankers
if something is not done Texas will probably follow
the meeting he said:
in the steps of Minnesota. He declared the farmer is enCo-operation Needed.
"Money is not so easy at the present time as it was last year, and it is felt titled to a fair price and it is up to
the bankers to see that he
that if the necessary financing for the orderly marketing of the crop is to be
gets it.
had, banks in the Eleventh Federal Reserve District must early in the season
get a correct understanding of the situation and contribute in every practical
way toward supplying the necessary funds and preventing the market from Bills in Georgia Providing
for Appointment of Comgetting beyond control, with resulting disaster to the producer. We should
missioners to Co-Operate With Others in
let the world know that while we do not expect to exact from the manufacturer and ultimate consumer—the public—an unjust and uneconomic price
Cotton-Growing States.
for our great commodity, we do expect that our cotton shall be paid for at
The following is from the Atlanta "Constitution" of July
its fair and intrinsic value and that the producer himself shall get the bene26:
fit of that price.
"There seems to be no doubt as to the present position of cotton. The
Bills have been introduced in the Senate and House of the General
Assemburdensome surplus of two years ago has disappeared and the production of bly calling for appointment of three commissioners by the
Governor to cothis year, added to the world carry-over by the end of the season, will not operate with commissioners from other cotton growing States
in what is to
exceed the world's need for the staple. The Government estimate of 11,400,- be known as the Cotton States Commission.
000 bales as of July 3, which was only about half a million bales more than
The bills, which are identical in wording, are sponsored in the Senate
by
the trade expected, does not sustain any who might contend that there will Senator Pace, of the 13th, and in the House by Representative
McMichael,
be an overproduction in the year 1923. It seems to us, therefore, that by of Marion.
the exercise of proper judgment and ordinary business prudence the marketing
A delegation representing the movement, consisting of U. S. Senator
N.
of the crop can be handled as to keep the situation in hand at all times and B. Dial, of South Carolina; A. W. McLean, of North Carolina, former
Assist,
bring a satisfactory return to those through whose labors it was brought tant United States Treasurer, and R. 0. Everett, Chairman of the
Cotton
Into existence."
States Commission and a member of the North Carolina General Assembly,
Disclaiming any intention of encouraging the holding of cotton for specu- appeared Wednesday before both Senate and House and spoke briefly in exlation, he said: "We recognize the fact that it is sometimes difficult to planation of the movement.
draw a line between withholding a commodity from market merely to get a
Provisions of Bill.
better price for it and the holding of that commodity for the purpose of marThe bills provide that the Governor shall appoint these three commissionketing it in an orderly way. But as long as financial assistance is rendered ers to co-operate with a similar
number from each of the cotton growing
to the original producer the element of mere speculation is in a large meas- States, in co-ordinating the
work between these States and the Federal Govure removed."
ernment in respect to problems relating to the production and marketing of
"Under normal conditions," he said, "the rediscounts of the member banks cotton, such as control of
insect pests, uniform system of warehousing,
with the Federal Reserve Bank of Dallas run off very rapidly in the fall and financing the farmer during
the periods of production, marketing and similar
ordinarily the season has not progressed very far before we find ourselves problems.
with a surplus of funds. Unless we can employ these funds in the district
It provides for an appropriation of $3,000 in line with the action of other
we are compelled to invest them in bankers' acceptances and other eligible States, to defray the expenses
of the Commissioners from Georgia, but propaper arising from transactions in other districts. We are quite anxious to vides that
they shall receive no recompense for their services. The Act is
use these surplus funds at home and employ them for the betterment of
only to continue in force subject to similar action by other of the affected
affairs in this district We are not so much concerned about a member bank States. North Carolina and
Tennessee have already passed the bill, accordpaying off a maturing farmer's note in cash if there is a sensible reason why ing to a statement made
by Mr. McLean.
a new note of the same farmer for a reasonable amount, secured by wareMr. McLean also stated that Georgia legislators favor the plan and indihouse receipts or other evidences of title to cotton which he has produced, cated that it likewise had
the approval of Governor Walker.
may be substituted.
In his brief explanatory speech before the Senate and House Wednesday
"We should help to bring the farmer up to his proper status as a business he stated that the problems confronting
the cotton farmer to-day are more
man," Mr. McKinney said, "and encourage him and assist him to handle his urgent and difficult
of solution than have faced any great industry in the
affairs with the same business judgment and business prudence that charac- history of the world. He
laid chief blame for this condition upon insect
terizes other business men in the management of their affairs."
pests which have largely destroyed the crop in many sections.
Co-operation of Banks.
Conference is Held.
Mr. McKinney suggested the advisability of making the Dallas district
lie said that the idea for this Cotton States Commission first
more self-dependent in financial matters. He said he could see no wisdom
came from
North Carolina and that the Assembly of that State authorized
in one Texas bank sending its surplus money to New York to be temporarily
the Governor
invested while another Texas bank is sending to New York for a temporary to appoint three commissioners and invite other Governors to do likewise.
loan. He thought it would be better for the district if its banks accommo- The first conference of these commissioners was held in New Orleans in Febdated each other directly. In this connection he said: "We have some- ruary of last year and plans laid for action to remedy the adverse conditions
times ought that it might be well for the Reserve city banks of the district of the cotton farmer by permanent organization.
Another conference was held in Memphis last December and at
to give consideration to some form of co-operation whereby the excess cotton
that time
lines of the customers of one bank might be carried by an institution, or in- plans were made to push permanent organization of the commission along
stitutions in other cities of the district on a reciprocal basis. It is our feel- the lines now being followed.
The purposes of the commission were declared by Mr. McLean
ing that no high-grade paper should leave the district and seek an
to be "that
outlet
elsewhere so long as the banks of the district are in funds and able to take it the cotton producing States, acting solely in their Governmental capacities
may take common counsel and action among themselves
on."
and in conjunction
with the Federal Government, in respect to matters of
At the conclusion of Mr. McKinney's speech the meeting organized by
interest to all, which
the
election of Nathan Adams as Chairman, who appointed M. J. Hendricks neither the Federal Government nor the States, acting alone or singly,
could
accomplish expeditiously and successfully."
Secretary. Mr. Adams called on Louis Lipsitz to give his views on the
subject of the meeting.

As to what Mr. Lipsitz and some of the others at the conDistribution of $1,000,000 to Members of
Georgia Cotton
ference had to say, we quote as follows from the same paper:
Growers' Co-Operative Association.
Mr. Lipsitz said that he had told John T. Orr when discussing the matter
From the Atlanta "Constitution" of July
of getting farmers to sign contracts for the sale of cotton that he believed
25 we take the
it useless to attempt to get farmers to sign without first being assured of the following:

co-operation of country banks and in many instances of country merchants
to assist the farmer in getting the best possible price for his products. Mr.
Lipsitz pointed out that while it was a nice thing to collect as quickly as
possible, it would be better from the viewpoint of the banker, when he could
do so with safety, to renew the farmer's note rather than force him to dump
his crops on the market at whatever price he could get. The point was made
that if the farmer got better prices the farmer's deposits would be larger and
there would be more money in the community. He said he was not committed to what he called the "Orr plan" of marketing, although it seemed a
wonderful thing, and was unquestionably the best so far offered. He suggested that a committee be appointed to confer with Mr. Orr's organization,
the Texas Farm Bureau Federation, with a view to co-operating with it. He
said it was unfair for the farmer to do so much work and get so little for it,
and it was up to the business interests to see that the farmer got better treatment. Ile predicted that all would be sorry some day unless the farmer received assistance in his efforts to get a better deal. . .
Lynn P. Talley, Federal Reserve Agent, said the Federal Reserve System
had no facilities for holding past due paper, so that extension of notes wasn't
quite possible, but he suggested that some scheme be worked out whereby
instead of farmers' notes put up as collateral with the Reserve bank, that
banks substitute the note of the same farmer secured by the actual cotton
where the former note was given to finance the production of the cotton.
Bankers, he said, should not be interested solely in collecting what the farmer
owed so they could reduce their rediscounts, but should be willing to take
a new note properly secured where necessary to help the farmer get a fair
price for his product. He made it quite clear that the Reserve Bank of Dallas
is financially able to carry notes secured by cotton to any necessary extent.
The bank itself has large resources and if need be can borrow from other
Reserve banks. Mr. Talley suggested that it might be better for each community to arrange to finance the marketing of its 5,000 bales or so as it
came on gradually from the producer than to attempt to finance it in very
large quantities. . . .




In advance of final settlement, which will
probably be made before the
month of July expires, the Georgia Cotton
Growers' Co-operative Association
will distribute approximately $1,000,000 to its
'members at once, accordingto announcement Tuesday.
The distribution is at the rate of 2 cents a
pound, basis middling white,
tol-inch staple. The present payment, which
is to be. mailed to the recipients at once, brings the total advance up to
24 cents a pound paid to
members of the co-operative body this season.
Even before the final payment has been made,
the Georgia farmers participating in the system, after receiving the
disbursement now being made, will
have received $10 to $15 a bale more than the
average price during the
"dun:ping" season, or $25 per bale more
than the price which prevailed'
when the crop began its market movement,
according to association officials.
"We are glad to say that we have sold all
cotton without having to make
any sacrifices in order to close out by a certain
time and we have completed
our sales almost within the time we expected
it to require to close the year's
business," President J. E. Conwell said.
"We hoped to make our final settlement
in July," he stated in a letter to
members, "but in May, when the cotton
speculators depressed the price below25 cents, we stopped selling and held our cotton
off the market for about
30 days until it went up again. We sold
the cotton in June, and it probably
will take the remainder of July to wind
up, ship the cotton and collect our

money."

According to President Conwell, new members
are being signed up at the
rate of 300 to 400 daily.

In its issue of July 30 the "Wall Street Journal" stated in
advices from Atlanta that the membership of the Georgia
Cotton Growers' Co-operative Association organization has
trebled in the past year. More than 33,000 members already
have been enrolled in Georgia it said, adding:

AUG. 11 1923.]

THE CHRONICLE

The national organization has a present membership of more than 300,000
enrolled from 13 States now marketing through the association.
in
The American Cotton Growers Exchange has launched a new campaign
every cotton-producing militia district in the South. To date approximately
19,000 new members have been added to the membership list in Georgia alone
memsince the campaign began a few months ago. Oklahoma is signing new
of more
bers at the rate of more than 2,000 a month and Texas at the rate
camthan 4,000 a month. Other State associations are conducting succesful
paigns as well. Greater activity and renewed effort on the part of all States
indicates that the South-wide drive for new members during the next few
weeks will add thousands to the membership rolls in all of the State associations.
More than $100,000,000 worth of business has been done by the cotton
co-operatives this year. Co-operative marketing of cotton has met with tremendous success in the South, increasing purchasing power of growers and
benefiting other lines of business.

their whereabouts. We last referred to the affairs of the
bankrupts in the "Chronicle" of July 21, pages 274 and 275.

Charles L. Peabody, New York, Fails.
Charles L. Peabody, a broker at 105 West 40th St., this
city, has filed a voluntary petition in bankruptcy in the
United States District Court, according to "Financial
America" of this city of Aug. 9. Mr. Peabody gave his
liabilities as $187,268 and his assets as $23,300.

Knauth, Nachod & Kuhne Failure.
According to the New York daily papers of Wednesday,
Aug. 8, Adolph Koehn, American representative of the
Direction der Disconto Gesellschaft, Berlin, was made a
member of the creditors' committee of Knauth, Nachod &
Kuhne (Aug. 7). This announcement was made following
a meeting of the committee by Rushmore, Bisbee & Stern,
who are counsel for the committee. A large number of
the creditors of Knauth, Nachod & Kuhne are European
banking and commercial houses, mostly German, the announcement says, and it was deemed appropriate that this
body of creditors should be directly represented on the committee. The committee also announced that it had been
in constant touch with the receiver and the bankrupt firm,
and was hopeful of announcing a settlement proposition
before long. We reported the failure of the firm in our issue
of June 23 last, page 2837.

E. M. Fuller and W. F. McGee Reveal "Bucket" Deals
in Confession to United States District Attorney.
Announcement was made on Aug. 6 by United States
District Attorney William Hayward that Edward M.
Fuller and William F. McGee, the former partners of the
failed brokerage firm of E. M. Fuller & Co., now in Federal
custody for contempt of court, had "made a complete and
truthful statement which will be of great value to the officials
interested in the administration of the bankrupt estate of
E. M. Fuller & Co." According to the New York "Times"
of Aug. 7, shortly before issuing his statement Colonel
Hayward was asked by a reporter whether he was endeavoring to indict certain men prominent in Tammany Hall circles
in return for the support of William Randolph Hearst in the
event that Colonel Hayward sought the nomination for the
Governorship. To this question the United States District
Attorney made an indignant denial. Colonel Hayward's
statement as printed in the "Times" reads as follows:
Several weeks ago Mr. Victor Watson of the New York "American"
communicated with my office to the effect that Edward M. Fuller, then
In confinement in the Ludlow Street Jail, had stated to him facts which
were extremely important in connection with the bankruptcy of Edward
M. Fuller de Co. and its previous history, which it was deemed proper
to be brought to the attention of my office.
John E. Joyce, of my staff, informed Mr. Watson that we could hold
an interview with Fulkr only on Fuller's direct request, inasmuch as he
had previously been given an opportunity by me to tell his story and had
declined to do so. except under the promise of complete immunity which
I declined to make. Shortly thereafter, a letter was received by this
office, addressed to me or my representative, which was signed by Fuller
and McGee, asking for an interview and expressing a desire to talk.
After receipt of this letter, and then only, this office communicated
with Fuller that we would be glad to hear what he had to say. Federal
Judge Goddard thereupon made an order directing the United States
Marshal to produce Fuller and McGee before John E. Joyce and William
J. Millard of this office, and they were produced. Fuller and McGee
were afterward, by order of the Attorney-General, transferred to Governors Island, remaining still in custody of United States Marshal Hecht.
Several conferences were held at Governors Island between Fuller
and McGee on the one hand, and myself and my assistants on the other.
The last of such conferences at Governors Island was held Friday evening.
Aug. 3. The next morning. Saturday, when we knew that Fuller and
McGee desired to make a complete statement, without receiving any
promise whatever from us, the United States Marshal, under the order
of Judge Goddard. removed the defendants from Governors Island to a
point in New York City much more convenient than Governors Island.
where they have been since Saturday continuously in the custody of the
United States Marhsal. On Saturday and Sunday last Mr. Joyce, Mr.
Millard and I had numerous interviews with Fuller and McGee, at which
their newly selected counsel, Carl E. Whitney, was always present.
I feel that Fuller and McGee have made a complete and truthful statement which will be of the greatest benefit to the Government in matters
now pending and,in addition, will be of great value to the officials interested
In the administration of the bankruptcy estate of E. M. Fuller & Co.
I do not feel that at this time the best interests of the Government and
the public would allow me to make any further or more detailed statement.

The new Federal grand jury which was sworn in on Tuesday of this week (Aug. 7) on Thursday (Aug. 9) began the
examination of witnesses with a view to further indictments
growing out of the confessions of Fuller and McGee. Colonel
Hayward, it is said, refused to reveal the identity of the witnesses, the nature of the complaints laid before the jury or
the principals involved. He stated that the grand jury had
agreed to sidetrack all other matters pending, in order that
it might devote itself exclusively tor the next several days to
the Fuller and McGee case. The Federal prosecutor predicted, it is stated, that the grand jury would perhaps be
able to reach a conclusion by the middle of next week. The
grand jury adjourned Thursday until Monday next, Aug. 13.
On Aug. 2, by order of Judge Goddard, Fuller and McGee,
it is said, were suddenly transferred from Ludlow Street
Jail, to which they were committed indefinitely by Judge
Goddard on May 17 for contempt of Court, and taken to
Governor's Island. Subsequently they were removed from
the island and the Federal officials have refused to divulge




617

Harris Hyman & Co. Succeed H. & C. Newman, Inc.;
New Orleans.
The following press dispatch from New Orleans on-Aug. 2
appearing in the New York "Evening Post" of the same date
reported the dissolution of the well-known cotton firm of
H. C. Newman,Inc., of New Orleans.
The cotton firm of H.& C. Newman,Inc., established in 1873 and one of
the largest in New Orleans, was dissolved yesterday, according to an announcement by Harris Hyman, President of the firm. Its assets were
acquired by the new firm of Harris Hyman & Co., capitalized at $1,500,000.
Another organization, under the name of Hyman, Flake & Co., was
formed to handle the futures business of the dissolved concern.

Doremus, Daniel & Co. of Augusta to Liquidate.
Doremus, Daniel & Co. of Augusta, Ga., stock and cotton
brokers, with branches in Atlanta, Savannah, Jacksonville,
Birmingham and this city, announced on Aug. 1 that they
would discontinue business. Frank Doremus, the senior
member of the firm, is reported as saying that the firm's
assets are more than ample to pay off all outstanding obligations. "We have decided to close out," Mr. Doremus is
quoted as saying, "because of an anticipated depression in
general business. Stocks of all descriptions are way off and
I can see no prospects of an improvement. As soon as all
accounts are liquidated we will close all our offices." The
firm is a member of the New York Stock,'Cotton and Produce exchanges, the Chicago Board of Trade and the New
Orleans Cotton Exchange.
Consolidated Stock Exchange Removes Ticker
Service From Ebel & Co.
An investigation into the affairs of the brokerage firm of
Ebel & Co. of 20 Broad Street, this city, by the New York
Consolidated Stock Exchange, upon the complaint of its
'Better Business Bureau," resulted in the removal of the
stock ticker service from the firm on July 30. The firm wag
found guilty of "unethical practices," it is said.
E. D. Robb Becomes Chief National Bank Examiner
in Federal Reserve District of Atlanta.
Ellis D. Robb has succeeded J. W. Pole of the Sixth Federal Reserve District as Chief National Bank Examiner,
•vith headquarters at Atlanta. Mr. Robb, who is from
New York, was originally from Iowa, from which State he
*vas appointed a national bank examiner in 1911. He has
examined banks in the Seventh District, later in the Second,
and was for a time identified with the War Finance Corporation in Washington. Since the death of the late T. P.
Kane, Deputy Comptroller of the Currency, he has been
identified with the office of the Comptroller of the Currency
in a responsible capacity. He is already at Atlanta, with
headquarters in the U. S. Post Office Building.
•
New York Stock Exchange Inquiry Regarding Assessment of Members under "Moneyed Capital" Law.
The following notice regarding assessment under the
"Moneyed Capital" Law was addressed to members of the
New York Stock Exchange on theSth inst.:
NEW YORK STOCK EXCHANGE.
New York, Aug.8 1923.
To the Members of the Exchange
Stock Exchange houses are advised to ascertain at once whether their
members have been assessed under the Walker-Donohue Bill on "Moneyed
Capital." and if aggrieved by the assessment to consult their attorneys immediately in respect to the steps to be taken for the correction thereof.
HARRISON S. MARTIN,
First Assistant Secretary.

618

THE CHRONICLE

[Vol,. 117.

complete
Federal Reserve Bank of New York Establishes Rate of some of their own statistics for the month. It is impossible to obtain
these figures until just before the "Review" actually goes to press
4
IM% on Six to Nine Months Agricultural Paper.
a few days before the end of the month. A publication appearing
earlier
The Federal Reserve Bank of New York has established a would be less complete and less reliable. Speed has always been a major
aim in the publication of the "Review," but it is regarded as less important
rate of 432%, the same as the other Reserve banks, on agri- than accuracy.
cultural and live stock paper maturing after six but within
State Institutions Admitted to Federal Reserve System.
nine months.
The folloaing institutions were admitted to the Federal
Policy of Federal Reserve Bank of New York
Reserve System during the three weeks ending Aug. 3 1923:
Respecting Its Monthly Review.
Total
District No. 2—
Capital.
Surplus.
Resources.
With respect to answers which it has received to a request Mutual Bank of Roseville,
Newark,N.J_ $200,000 $160,000
or suggestions regarding its "Monthly Review," the Federal The BatteryPark Bank,New York,N.Y.,500,000 1,000,000 $2,446.487
14.869,178
District No. 8—
Reserve Bank of New York prints the following in its August
Water Tower Bank, St. Louis, Mo
200,000
50,000
1.557.4641
number as to its policy in the preparation of the "Review":
Lowell Bank,St. Louis,IVIe
200,000

This bank recently sent to all those who receive the "Review" directly
and not through member banks, an inquiry as to whether they wished to
have the sending of the "Review" continued. Supplementing this inquiry
was a request for suggestions from the readers of the "Review." In reply
a number of interesting questions was raised concerning the policy of the
publication and the methods used in its preparation. It therefore seems
appropriate to make some statement of the policy of the "Review" and
to deal specifically with some of the questions raised.
Brevity.
It has been the purpose of the "Review" to provide a reliable summary
of business and finance in as condensed form as is consistent with a reasonable degree of comprehensiveness. It is believed that most of those who
receive the "Review" can give it only a limited amount of attention, and
desire a summary of business and financial conditions reduced to the
briefest possible form. In pursuance of this policy the "Review" was
reduced in size from a 12
-page to an 8
-page publication in January this
year.
This space limitation involves a careful selection of subjects as well
as succinct treatment of the matter which is covered. It means that
commodity markets cannot be treated In detail, except as they assume
urusual importance. It means a type of presentation which perhaps
requires closer attention on the part of the reader than a more discursive
treatment. It means the exclusion of large tabulations.
National Summary.
To aid the reader in securing a general view of the business situation
there was added to the "Review" about six months ago a brief summary
of business conditions in the UnIted States. This summary is prepared
jointly by the Federal Reserve Board and the Federal Reserve banks. It
aims to bring together in one article the outstanding events during the
month in business and finance. The same summary Is published in the
"Monthly Reviews" of all twelve of the Federal Reserve banks, and is also
published by the Federal Reserve Board in the "Federal Reserve Bulletin."
Prophecy.
The requirements of business make it necessary that many business men
form in advance some estimate of' what future conditions are likely to be,
and readers of the "Review" have frequently requested the publication
of a forecast of future business conditions. The first difficulty in the way
of attempting such a forecast lies in the uncertainty of the future. Knowledge of the causes of economic and social events is as yet so limited, and the
determining factors are so numerous and so subject to change, that prophecies of the business future can be no more than estimates. It has been the
aim of the "Review" to publish no statement, the truth of which cannot be
demonstrated beyond reasonable doubt. Statements regarding the future
cannot have any such degree of certainty, and any statement of opinion
or even implication as to the future course of business is therefore avoided.
Interpretative Statistics.
While it has not been considered wise to attempt any forecast of business
conditions it is the policy of the "Review" to interpret the meaning of
current events as fully as can be done with assurance; to reveal causes and
tendencies as well as to record facts. To this end statistical methods have
been used in an attempt to reduce the mass of figures which are currently
available in business and finance to more comprehensible form.
For example, the meaning of data for the production of any commodity
becomes clear only when we have considered the production figures for
previous years, and at the same time have made allowance for the usual
seasonal changes, and for the usual growth that takes place from year to
year in keeping with the growth of population. For these reasons the
figures which are published currently for the production of pig iron, steel,
petroleum. &c., have little, meaning for the average man because he has
not the detailed knowledge to enable hhn to judge the current production
figures in the light of all the necessary qualifications. It Is possible,
however, by recognized statistical processes to make the necessary allowances before figures are presented to the reader. The reader is thus given
a simple comparison between actual production and the production which
might reasonably be expected in view of all the circumstances, or what
may be called "estimated normal production."
From time to time there are published in the "Review" the results of
long and often complicated statistical studies. Such, for example, are the
indexes of production and other aspects of business expressed in terms of
normal, which are published currently. Because of the limitations of space
It is not possible to give currently in the "Review" a full explanation of the
methods by which the results reported are reached. But for any who
are interested It is the policy of the "Review" to make available further
details concerning any computations which are published. Such detailed
studies have been published in several cases in the "Journal of the American
Statistical Association." For example, the June issue of that magazine
contains a full discussion of a study of the velocity of bank deposits, which
has been reported currently in the 'Review." Copies of the article are
availablt for distribution in limited quantities.
Special Articles.
A number of readers have urged the continued publication of special
articles dealing with various phases of the operations of the Federal Reserve
System, and similar economic studies. Several such studies are now in
preparation and will be published from time to time.
Time of Publication.
The "Review" goes to the printer to be set up about the 25th of the
month. That appears at present to be the earliest date when reasonably
complete statistics can be secured covering the preceding calendar meetly.
Data concerning production, transportation, employment, prices, wages,
&c., are received from thousands of business houses either directly or in
summary from Government bureaus, trade associations, dm. The mass of
data can only be assembled as the individual business houses are able to




50.000

3,258.841

Withdrawals from the Federal Reserve System.
The following withdrawals from the Federal Reserve System are announced by the Board:
Avoca State Bank, Avoca, Ia.
Brule State Bank, Chamberlain, So. Dak,
Overlea Bank, Overlea, Md.

Institutions Authorized by Federal Reserve Board to
Exercise Trust Powers.
The Federal Reserve Board has granted permission to the
following institutions to exercise trust powers:
The First National Bank of Northampton. Mass.
The Peoples National Bank. Claremont, N. H.
The Second National Bank of Phillipsburg, N. J.
The Rye National Bank. Rye, N. Y.
The First National Bank. Hoosick Falls. N. Y.
The National Bank of Fayette County, Uniontown, Pa.
The Valley National Bank, Chambersburg, Pa,
The National Bank of America at Gary, Gary, Ind.
The First National Bank of Vevay, Vevay, Ind.
The First National Bank of Paragould, Paragould, Ark.
The First National Bank of Owensboro, Owensboro, Ky.
The Atlantic National Bank, Jacksonville, Fla.

Director of Budget Lord Predicts Net Reduction of
$151,894,397 in Government Receipts During
Next Fiscal Year—$36,000,000 July
Deficit.
Greater reductions in Government expenditures are urged
by General II. M. Lord, Director of the Bureau of the
Budget, who on August 5 indicated that a deficit of $36,000,000 had been sustained by the Treasury in the financial
transactions of the Government during the first month of
the new fiscal year. The New York "Journal of Commerce"
In advices to this effect from its Washington bureau August 5 said:
The deficit in July, he [General Lord] maintained, was merely a
tern
poraty condition, which would be remedied in September when the
quar
terly income tax receipts were obtained by the Treasury. However, he
added, greater reductions in expenditures must be made in the coming
months than was accomplished in July if the Government outlay for
the
fiscal year 1924 is to be kept within the limit of $3,000,000,000 fixed
by the
Administration.
Receipts for Month.
* "The total receipts for the month," Mr. Lord said,
"of more than
$205.000,000 differ but little from the receipts for thelcorresponding
period
of last year. Customs receipts of approximately $43,000,000 are about
one-twelfth of the sum estimated for the entire fiscal year,
namely, $500,000,000. Income and profits tax collected, amounting to
more than
$36.000,000, is not indicative of the revenue to be expected
from that source
for the year since this tax is mainly rceeived in quarterly payments and not
until the September report will comparison with prior estimates
be practicable.
"The total expenditures for July amounted to approximately
$242,000.000, exceeding the expenditures for the same month
last year by more than
$16,000,000. However, included in these expenditures
is the sum of
approximately $27,000,000for public debt retirements, as
against $6,800,000
for July 1922. This difference is due to the fact that sinking fund operations have been commenced earlier this year than last. There is also
included an amount of approximately $10,000,000 invested on account
of the
civil service retirement fund. A similar investment was made last
year in
August. instead of in July, as this year.
Ordinary Expenses Decline.
"While the total expenditures for the month of
July exceeded the total
receipts by more than $36,000,000, this is a temporary
condition which will
be corrected by the quarterly income tax receipts next September, as noted
above. The general expenditures of the Government—that
Is, the ordinary
expenses of the working departments, were $164,345,708
90, approximately
$6,000,000 less for July this year than for the
corresponding period last year.
"Expenditures of this character are usually
comparatively largo in July,
covering as they do the winding up of last year's business. While the indications are that this class of expenditures will be less this year than last,
larger reductions than those for July must be made In succeeding months in
order to keep the expenditures, exclusive of debt retirements, within three
billion dollars, which is $162,000,000 less than the estimates submitted last
June by the various departments and bureaus of the Government."

In his annual report to President Harding (issued July
30),covering the operation of the Federal Budget for its second year, General Lord predicted a net reduction in Government receipts of $151,894,397 during the next fiscal year.
When these figures were made public on July 30 it was announced that estimates of expenditures had not yet been

Am 111923.1

cr"
Ti , CHRONICLE

completed. As to the figures made available on that date
the "Journal of Commerce" had the following to say in its
Washington advices:
Falling Federal revenue receipts during the next two years were predicted
by Director of the Budget Lord in the annual report to the President showing
the activities of the Budget Bureau for the fiscal year 1923 issued to-day.
As compared with the volume of the Government revenues during the past
twelve months General Lord forecasts marked declines in the receipts for
the next twenty-four months.
For the fiscal year 1924 the Budget Bureau's estimates placed the total
Government revenues at $3,638,000,000 and for 1925 at $3,486,000,000, as
compared with receipts totaling $3,841,000,000 in 1923. On the basis of
these figures the revenues for 1924 would be $203,000,000 less than in 1923:
receipts for 1925 would be $152,000,000 less than in 1924, and the revenues
for 1925 would be $355,000,000 below the receipts for 1923.
Decreasing Returns.
Decreasing returns from customs and tax collections are counted upon
in the budget report to bring down the levels of incoming funds. For
1924 the customs collections are placed at $500,000,000, the income tax
receipts at $1,700,000,000, and miscellaneous internal revenue at $880,000,000; for 1925 customs collections are placed at $475,000,000, income tax
receipts at $1,650,000,000, and miscellaneous internal revenue at $880,000,000, as compared with the 1923 receipts of $562,000,000 from customs,
$1,678.000,000 from income taxes and $946,000,000 from miscellaneous
internal revenue.
Lessened revenues from the receipts of the individual departments were
also estimated by the report. No increases in revenues through the liquidation of the foreign war loan obligations held by the Treasury were estimated
in the report, which confined its estimates to receipts from that source
through 1925 to the payments under the funding agreements already made
with Great Britain and Finland.
Although conceding that the figures contained in its estimates are extremely conservative and based entirely on the estimates of the individual
agencies of the Government, the Budget Bureau contends that its forecasts
for the next two years should come closer to presenting a picture of the Federal financial position than the early estimates computed a year ago for the
fiscal year 1923. At this time last year the budget estimates forecast a
deficit for the year 1923 of $822,000,000, while the actual operations for
the twelve months showed a surplus of $309,000,000.
Improvement in Condition.
This improvement in the Government financial condition was accomplished, the Bureau reported, by an increase in, receipts of $768,000,000 over
the estimates and a decrease in expenditures of $363,000,000. While considering the present estimates for 1924 and 1925 tentative, the Budget
Bureau nevertheless believes that its figures are more accurate than those
of last year. In the first place the new tariff law became effective after the
1923 estimates had been drafted and the increase in imports exceeded all
expectations. Estimates for the internal revenue collections had to be
made a year ago with a new law operating which reduced the tax schedules
to some extent. With these uncertainties out of the way, closer estimates
can be made this year than last.
According to the present estimates the financial operations of the Government for the fiscal year 1924 would show a deficit of $30,000,000, putting
the expenditures for that year at $3,668,000,000. which is $136,000,000
greater than the Federal outlay for 1923. Estimates from the various departments for their prospective expenditures for 1925 have not yet been
received by the Budget Bureau, but it is the intention of the Bureau to hold
these figures to as near a parity as possible with the estimated receipts of
$3,486,000,000.
Indicates Hard Sledding.
While these preliminary estimates would appear to indicate hard financial
sledding ahead for the Government for the next two years, nevertheless,
judged from the experience of the last twelve months, it would seem that
any appreciable incresae in the revenues over the conservative calculations
of the present, coupled with some further reductions in expenditures along
the lines of the accomplishments of the past year, should result in at least
a balancing of the books if not in continued surpluses.
Recommendations for new legislation as provided in the Budget Act
were held in abeyance by General Lord. The President believed, he reported, that it would be better to wait a little longer before attempting the
codifying of the laws governing the transmission of estimates to Congress
as directed by the Act.

619

Inasmuch as the American Legion has renewed its demand for a cash
bonus from the United States Government for able-bodied former service
men because there will be a "budget surplus" of more than three hundred
million at the close of the present fiscal year, the City Club of New York
Post of the Legion inquired of the Treasury Department just what is meant
- The post asked whether this money wouldn't
by a "budget surplus.
be applied to the Government debt of nearly $22,000,000.000. To which
S. P. Gilbert Jr., Under Secretary, by direction of the Secretary, replied
as follows:
"On the basis of the daily Treasury statement for June 30 1923, the
excess of ordinary receipts over total expenditures chargeable gaainst
them, ordinarily termed budget surplus, for the fiscal year 1923 was
$309,657,460 30. Pursuant to the provision of the Act approved March
3 1881, the Secretary of the Treasury is authorized to apply the surplus
receipts to reduction of the public debt."
According to a statement issued by the Treasury July 2, $210,823,851 85
of the surplus was applied to reduction in the public debt for the fiscal
year 1923 and the remainder is gradually being similarly applied during
the current fiscal year.
This the City Club Post interprets to mean that there is no surplus to
be used for "adjusted compensation" as the Legion described the cash
bonus. Instead, a cash bonus for the 4.000,000 and more service men
who would be eligible would simply mean increasing the country's national
debt.
The City Club Post recalls that President Harding, in his recent address
at the fifth regular meeting of the business organization of the Government.
made this statement:
"In a few days we commence another fiscal year, and I feel confident
that at its close we will be able to point to even greater achievements in
our campaign for retrenchement, economy and efficiency than have been
ac omplished in the current year."
The City Club Post from the day of its organization has taken the stand
that the Legion should devote its entire energies and resources to the
care of the sick, disabled and unemployed former service men. The
post has opposed the cash bonus for the able-bodied.
The City Club Post believes that the Legion's bonus demand is one of
the reasons why out of 425,000 men in New York State who are eligible to
the Legion, but 55,000 are members. At present an effort is being made to
enroll in the Legion in New York State as many members as there were last
year. The Legion has lost members every year in this State since it was
organized.
Claims that the enactment of legislation by the next Congress granting a
bonus to able bodied veterans of the World War is asusred are not warranted, according to Richard S. Buck, national director of the Ex-Service
Men's Anti-Bonus League, who returned Tuesday from a two-weeks'
trip South in the interests of the League.
"The League has kept close watch on the trend of sentiment both in and
out of Congress toward legislation granting a bonus to ablebodied veterans,"
said Mr. Buck, "and our investigatines do not bear out the somewhat
complacent assurance of bonus advocates. We find public sentiment still
unfavorable to it, and among members of Congress who opposed the last
bill and who have been represented as now favoring it, we do not find
an instance where the unequivocal statement has been made by one of them
that he will vote for an adjusted compensation bill that grants a bonus to
able bodied veterans."

Plane in Canada to Bring One Million Youths from
British Isles to Assist Farmers.
Because of the reported lack of opportunities for a million
boys in the British Isles owing to trade union restrictions,
arrangements were discussed at a conference in Montreal
July 27 for the passage of these youths to Canada with a
view to their employment in agricultural sections. The conference took place between W. G. Black, Deputy Minister of
Immigration, and Rev. John Chisholm, organizer in Canada
for the British Immigration Aid Association, it is learned
from the Montreal "Gazette" of July 28, from which the following is also taken:

As a result of the arrangements completed and pending, the first'group
of lads will soon be on their way to Canada, bound for Montreal, which is
to be the headquarters and distributing centre of the movement.
"The British Immigration Aid Association has been recognized as the
Budget Bureau estimates of Federal revenues for the fiscal year 1925
were regarded to-day by Government experts as extremely conservative. chief medium between the supply of 'teen age boys and the demand for
Some experts were of the opinion that the Budget Bureau will be called the same from the farmers of Canada," said Mr. Chisholm in explaining
upon to repeat its performance of the past year and revise its estimates the plans completed and the program in view for this method of assisting
the demand for help and population.
of receipts upwards.
"My recent trip to the British Isles enabled me to observe the appalling
Prosperous conditions in the country at the present, it is held, should be
in the tax revenues of a part of the fiscal year 1925 at least, even conditions for boys reaching a certain age," continued Mr. Chisholm.
reflected
if there should come a contraction in business activity before that time. "That condition is due to a stipulation in the trades unions' agreements to
Part of the taxes paid in the fiscal year 192.5. it is pointed out, are on in- the effect that a boy attaining the age of 18 years must receive the wages
comes derived in the calendar year 1923. so that the slump would have to of a full grown man. The moult of that is that now there are 1,000.000
boys at the ages of 17 and 18 years who have no possible opportunity under
come before January to hurt the revenues.
Moreover, the Budget's estimate of only $475,000,000 in customs receipts the existing conditions of being employed as apprentices.
"These are splendid boys and they are willing to come to Canada to
for 1925 as compared with collections of $562,000,000 during the fiscal year
1923 is questioned. It is pointed out most of the customs revenues have acquire a knowledge of agriculture. Here, then, is a great opportunity
been derived from the increased imports of raw materials which have gene to bring parties of these boys to the Dominion, teach them a profitable
into the expanded productivity of the country, so that unless there is an calling and mould them into real Canadian citizens."
appreciable slowing up in the manufacturing industries next year, such a
sharp drop in tariff duties should not be expected.
Sounded Out Farmers.
Recent comments by President Harding and General Lord
Mr. Chisholm said that an agent of the association had sounded out
on the subject, and these inin
on the reductions In Government operations incident to the farmershad eastern Ontario as to their views
met with such a ready response that, as a result of the Prelimiquiries
system appeared in our issue of June 23, page 2840, nary survey, applications had been received from 400 approved farmers.
budget
and in the June number of our State and City Section, pages A survey in the eastern townships and the immediate English-speaking
agricultural districts in the neighborhood of Montreal also revealed a willing187-192.
ness to aid in the movement, so that the association will be able to find
suitable positions for a considerable number of boys.
Because of the fact that the population of Great Britain is agricultural
S. P. Gilbert Jr. in Explanation of "Budget Surplus"—
only to the proportion of 9%, Mr. Chisholm does not believe that any largo
for Bonus.
Non-Availability
number of farm settlers can be obtained for Canada from that adult group.
S. P. Gilbert, Jr., Acting Secretary of the U. S. Treasury, and sees in this movement to bring out boys a more reasonable solution
of the demand in this country for willing help.
has at the instance of the American Legion, furnished an
Boys of 17 years and under who come to Canada under this scheme will
explanation of the term "budget surplus." With regard have their passages furnished by means of the agreement between the
the Overseas Settlement Act, and the Federal
thereto the New York "Journal of Commerce"of August 3 British Government. underhalf of the necessary amount. All of the boys
Government, each paying
said:
will be subject to the approval of Canadian officials in the old country.

The following was reported by the New York "Journal of
Commerce" from its Washington Bureau July 31:




G20

THE CHRONICLE

Final Rites in

Honor of the Late President,
Warren G. Harding.

(VOL. 117.

On the special train, besides Mrs. Harding, there will be the Speaker
of the House of Representatives, the Secretary to the President and Mrs.
Christian, General and Mrs. Sawyer, Mr. and Mrs. Malcolm Jennings,
Captain Adolphus Andrews, U. S. Navy; Major 0. M. Baldinger, U. S.
Army; Lieut.-Commander J. T. Booner, U. S. Navy; J. J. Welliver,
Mr. and Mrs. Remsberg and the two Misses Remsberg, Mrs. Briggs,
Miss Powderly, nurse; Miss Wynne. maid; three Secret Service men and
14 newspaper men; bodyguard of 18 men, consisting of two officers and
16 enlisted men.
On the arrival of the funeral train Mrs. Harding and such of her party
as she may designate will go at once to the White House quietly and
separate from the funeral procession.
Mrs. Coolidge and the wives of the members of the Cabinet will be at
the White House when Mrs. Harding arrives there.

Final tribute to the memory of the late President of the
United States, Warren G. Harding, was paid by the nation
yesterday (Aug. 10), when his body was placed in a receiving
vault in his home town, Marion, Ohio. While the period
since his death at San Francisco on Aug. 2 had been one in
which uninterrupted homage had been paid to the late Chief
Executive of the nation, yesterday was solemnized as a
national day of mourning and prayer in his memory, in
accordance with the proclamation of President Coolidge
The funeral train reached Washington at 10:22 p. m. on
dated Aug. 6. The nationwide suspension of business yesterday is referred to by us elsewhere in this issue. Further the 7th inst.; although nine hours late the station was
below we give details of the obsequies in Washington on the thronged with large delegations silently awaiting the arrival
8th inst., when at the White House and Capitol the memory of the President's body. The Associated Press said:
The casket was
of the late President was impressively honored. Before the car and placed on tenderly lifted down the special door cut in the side of the
a rolling platform. A single wreath that
departure on the 3d inst. of the funeral train, which bore the ing at the station was laid on the great flag spread over thehad been waitcasket.
Mrs. Harding's appearance and the reports of those who had made the
late President's body from San Francisco to Washington,
trip with her from San Francisco set at rest widespread rumors that she had
brief services were held in the room in the Palace Hotel suffered a physical collapse.
where the President died; following these services the body,
Secretaries Hoover, Wallace and Work, Attorney-General Daugherty and
resting in a drab brown casket, was conveyed to the special Gen. Pershing walked slowly behind the casket as it was carried down the
corridor.
train on which the President had journeyed to the West,
President Coolidge gave his formal greetings(to his dead chief as the casket
reached the head of the aisle of soldiers before the President's room. He
and placed in the rear of the observation car Superb. At
stood,hat in hand,as it passed, then turned to follow slowly, with bent head.
that time a statement giving a tentative schedule as to the
The flag-draped burden was lifted to a black-draped gun caisson and a
time when various points would be reached was issued as moment later at a low command the troops of the escort turned slowly
away to lead the march to the White House.
follows:
President Coolidge and Speaker Gillette were in the first car following the
It is impossible at this time to issue a complete schedule of the funeral
train's trip across the continent, but the people along the route will be able caisson. Behind President Coolidge in the cortege rode Chief Justice Taft
approximately to adjudge from the following statement of the time when the and Secretary Hughes in a second car, then Secretaries Weeks and Denby
riding together. The newspapermen of President Harding's party walked
train will pass these very points:
beside President Coolldge's car and the secret service men flanked it on the
Leaving San Francisco Aug. 3. 7 p. m.
other side.
Arriving Ogden, Utah, 9:05 p. m., Aug. 4.
The caisson rolled into the East Gate of the White House at 11:40 p. m
Arriving Omaha. Neb.. 2:15 a. m.. Aug. 6.
While the funeral train still was many miles away, the great bank of
Arriving Chicago 3:30 13. m.. Aug. 6.
flowers in the East Room of the White House had grown and spread unti,
Arriving Washington via the Baltimore & Ohio. 1:30 p. m.,
Aug. 7.
all four walls were lined. The wreaths and clusters of fresh, fragrant
It was also then announced that upon its arrival in Wash- blossoms came in endless stream to the old mansion, waiting with lonely
ington the body would be immediately taken
the East chambers this sad homecoming.

to
Room of the White House; then on Wednesday morning to
It was announced on the 7th that the order of the funeral
the Capitol to lie in state until the late afternoon, when the cortege of President Harding from the White House to the
funeral services would be held in the Capitol rotunda. Capitol would be as follows:
Arrangements were further made for the transfer of the
Section One,
The General of the Armies of the United States, commanding the military
body on a special train, which would carry it to Marion,
escort (Gen. John J. Pershing).
its arrival there being scheduled for Thursday Aug. 9.
The military escort.
From the time the body left San Francisco at about 7
Section Two.
The civic procession. Senator Henry Cabot Lodge, Chief Marshal.
p. m. on the 3d (11 p. m. New York time) until Washington
Clergymen: The Rev. A.Freeman Anderson, acting pastor
was reached on the 7th, as well as the return trip west of Baptist Church, Mr. Harding's church, and the Rev. Jamesof the Calvary
Shera Montthe funeral train to Marion, great throngs were present along gomery, chaplain, House of Representatives.
Physicians who attended the late President: Brig.
-Gen. Charles E.
the route to pay silent homage to the late President. The
Sawyer and Lieut.-Com. J. T. Boone.
course of the funeral train otherwise marked by demonstraThe caisson bearing the casket, flanked on the right by Speaker Gillett,
tions of the affection and esteem in which the President was members of the Cabinet and six members of the House, and on the left by
held; one such instance was witnessed in Chicago, where Senator Cummins, President pro tempore of the Senate. members of the
Cabinet and six Senators, all of whom are the honorary pallbearers.
flowers were strewn along the pathway of the train by
On each side of the lines of honorary pallbearers, a guard of honor conairplanes.
sisting of three general officers of the army and three admirals.
The pallbearers, to be selected by Mrs. Harding.
San Francisco, so soon changed from a gaily decorated
The family and relatives of the late President.
city in honor of the President's arrival, to one of mourning,
Section Three.
was the first of the various cities to extend its homage to
President Coolidge with his military aid.
his memory. The body was escorted from the hotel to the
Chief Justice Taft and aid.
train by cavalry, marines, infantry, &c., the marchers
Former President Wilson and aid.
Foreign Ambassadors.
including Captain Andrews and Colonel Bollinger, naval and
Associate Justices of the Supreme Court.
military aides, respectively, to the dead President. AttorneyForeign Ministers.
General Daugherty, who it is stated was too ill to walk,
Senators and officers of the Senate.
Members and officers of the House.
occupied a limousine, the only motor ear in the procession
Governors of States and Territories and Commissioners of
the District
except the hearse. The Mayor of San Francisco, General of Columbia.
Acting Secretaries of the departments.
Pershing accompanied by Major-General Morton, comCircuit Court of Appeals, Court of Claims, Court of Customs
mander of the 9th Corps Area Headquarters, leader in the
Appeals,
and the District of Columbia Court of Appeals and Supreme Court.
Great War; Secretaries Hoover, Work and Wallace of the
Undersecretaries and Assistant Secretaries, the
United States Marshal
and the United States Attorney.
Harding Cabinet were also among those in the cortege.
Chairmen
Before the arrival of the funeral train in Washington sion, Civil of the Federal Reserve Board. Inter-State Commerce CommisService Commission, American-British
following announcement, issued with Commission: Secretary of the Smithsonian Institute; Claims Arbitration
on the 7th inst, the
Director of the Panthe approval of President Coolidge, was made on the 6th American Union: Librarian of Congress; Controller-General, Director of the
Budget; Chairman of the
Sherrill, regarding the plans in- Bureau; Chairman of the Railroad Labor Board; Director of the Veterans'
inst. by Col. Clarence 0.
Rod Cross, Federal Trade Commission, shipping
cident to reception of the body:
Board, Emergency Fleet Corporation. Railroad Administration
and War

The late President's remains will arrive in Washington at 1:30 p. m.
Tuesday, on the special train over the Baltimore & Ohio Lines, containing
the party with which the President was traveling through the West and
to Alaska.
it- President Coolidge, military aide, members of the Cabinet, the Chief
Justice of the Supreme Court, the President pro tempore of the Senate,
will most the train, and with the Speaker of the House of Representatives.
will accompany the remains at once to the White House.
The military escort for this occasion will be the following:
The Second Squadron of the Third Cavalry and the battery of the
Sixth Field Artillery, with caisson, under command of Major J. M. Wright.
The remains will rest in the East Room of the White House from the
time of arrival until 10 o'clock a. m. on Wednesday. While in the White
House there will be placed on the bier one wreath from Mrs. Harding,
one by President and Mrs. Coolidge, one for the Supreme Court by the
Chief Justice, one from Congress by the President pro tempore and the
Speaker, and from heads of the foreign and State Governments officially.
Flowers sent to Mrs Harding by her personal and intimate friends will
also be received at the White House during that period.




Finance Corporation; Alien Property Custodian; Chairman
of the Tariff
Commission; Director of the Bureau of Efficiency;
Chairmen of the Employees' Compensation Commission, the Federal
Board for Vocational
Training, the International Joint Commission and the Inter-American
High Commission.
Military Organizations.
Veterans and military organizations marching in this order:
Medal of Honor men, officers of the Army, headed by Assistant
Secretary
of War; officers of Navy, headed by the Assistant Secretary of the Navy;
officers of the Coast Guard and Public Health services, headed by the
Assistant Secretary of the Treasury; officers of the Coast and Geodetic
Survey, headed by the Assistant Secretary of Commerce.
Ten renresentativas from each of the following organizations:
Grand Army of the Republic, Loyal Legion, United Confederate Veterans,
Indian War Veterans, Veterans of the Spanish-American War. Military
Order of Foreign Wars, Veterans of Foreign Wars, Old Guard of New
Ycrk, Military Order of the World War. Disabled American Veterans of
the World War, American Legion. World War Veterans, Knights Templar
rapresenting all Masonic bodies (in uniform); Knights of Pythias (in uni-

AUG. 11 1923.]

THE CHRONICLE

form), American Red Cross, Sons of the Revolution, Daughters of the
American Legion, the Colonial Dames.
Order of Cincinnati, Sons of Colonial Wars, Children of the American
Revolution, Sons of Veterans. Daughters of Union Veterans, Salvation
Army,Y.M.C. A., Knights of Columbus, Jewish Welfare Board, American
Library Association, Overseas Service League, Red Crow; Overseas Service
League, National Disabled Soldiers' League, Women's Overseas Service
League, American Women's League, American Defense Society, Allied
Patriotism Societies, Army and Navy Club of America, Military Training
Camp Association. Army and Navy Union, Grand Armies of America,
National War Mothers.
The Committee of One Hundred, representing civic, fraternal and other
important public organizations in Washington, Georgetown University
cadets, Reserve Officers' Training Camp unit. Washington High School
cadets, Boy Scouts. Women's School Association, Junior Order United
American Mechanics, Department of the Potomac of the Spanish War
Veterans, Women's National Republican Club, Women's Department
National Civic Federation, delegation from Calvary Baptist Church,
National Sojourners' Club, W. C. T. U., United States Chamber of Commerce.
American Merchant Marine Library Association, District of Columbia
D. A. R., Kiwanis Club, National Daughters American Revolution,
Americanization School, National Federation of Employees, National
Republican Club of New York., Tall Cedars of Lebanon, Rotary International, Retired Federal Employees. National Alliance, Daughters of
Veterans, Order of Red Men. Grand Lodge Elks, Daughters of the American Colonists, and Colored Elks.

It had previously been announced (Aug. 5) in accordance
with the wishes of Mrs. Harding, the ceremonies would
follow as closely as possible those held for President McKinley
As to the ceremonies in Washington on the 9th inst., we give
the following Associated Press account:

621

taken to the home of his aged father, Dr. G. T. Harding.
It had been arranged to have the body lie in state there from
2 p. m. until 10 p. m. that day, and to afford further opportunity yesterday for those who desired to do so to pay their
final homage. On Thursday night, however, the house
remained open long after the original closing hour. Regarding yesterday's program, a special dispatch from Marion
to the New York "Tribune" said:

The following program will be followed to-morrow in the last rites for
the late President Warren G. Harding:
of the
9 a. m. to 1 p. m.—Townsmen to pass in front of bier at home
President's father. Dr. George T. Harding.
2 p. m.—Body will be conveyed to cemetery.
vault
3 p. in. (5 p. m. New York daylight saving time).—Burial in a
tvhere the body will remain pending the construction of a mausoleum.
President Coolidge, former President Taft, the Governors of several
States and other distinguished persons will arrive in Marion at noon on
a special train from Washington to attend the ceremonies. These visitors
ll make their headquarters on the train while in the city, and will begin
the return trip to the capital immediately after the funeral ceremonies.

The arrangements as to yesterday's funeral services were
as follows in an Associated Press dispatch from
in
Marion on the 9th:

late
Changes in the announced plans for the funeral services of the
President Harding were made to-day following the arrival of Mrs. Harding
and a conference with those in charge of the last rites.
It was announced that the services would be in charge of the Rev. George
Harding worL. Landis, Pastor of Trinity Baptist Church, where Mr.
Methodist
shipped, and the Rev. Dr. Jesse Swank, Pastor of Epworth
Epacepal Church, of which Mrs. Harding is a member.
cemetery
Prayer at the home before the funeral cortege starts for the
former pastor
will oe offered by the Rev. Walter A. King of Columbus, a
plans had not included
of Trinity Baptist Church of Marion. Previous
prayer at the home before the funeral procession left for the cemetery.
Another announced change was that the benediction at the vault would
be delivered by the Rt. Rev. Dr. William F. Anderson of Cincinnati,
resident Bishop of Ohio of the Methodist Episcopal Church and a close
personal friend of the late President. Previous plans had provided that
the benediction would be delivered by the Rev. Mr. Landis.
Services at the cemetery will open with the singing of two verses of
"Lead, Kindly Light," by Trinity Baptist choir, after which the Rev. Mr.
Landis will read the scripture lesson, First Epistle of St. Peter, chapter
verses 3 to 5, 10 to 10 and 21 to 25, and Revelations XXII., -verses 1 to 5.
The Rev. Dr. Swank will then offer prayer and the choir will sing three
verses of "Nearer, My God, to Thee," after which Bishop Anderson will
pronounce the benediction.

President Harding's funeral train, bearing the fallen leader of his people
back to Marion for entombment, left Washington at 6:06 o'clock to-night.
IN Until the very end of the dead President's last brief sojourn in the national
capital the new Chief Executive, who has taken up his burdens where
Warren Harding dropped them, and all the other highest dignitaries of
the Government, remained near at hand as an escort of honor. Tomorrow night, headed by President Coolidge, they will leave for Marion
torattend the funeral there on Friday.
On the funeral train when it rolled slowly out of Union Station to-night
was Mrs. Harding, who had passed courageously through the ordeal of the
State funeral ceremonies, and a party of personal friends. She had come
direct from the White House, not going to the Capitol to follow the body of
her husband on its way to the terminal from the rotunda, where it had lain
in state during the afternoon while countless thousands passed it to pay it
parting reverence. All members of the Cabinet woo are in this country
were aboard the train.
The final ceremony here was a solemn procession from the Capitol, where
The following indicative of Mrs. Harding's appreciation of
thousands had looked upon the dead after the state funeral in the rotunda.
tho nation's sympathy was contained in a special telegram
to the Union Station, where the funeral train was waiting to begin the last
to the New York "Times" from Chicago Aug. 7:
stretch of its sorrowful journey to Ohio.
As earlier in the day, when the funeral cortege passed along PennsylThe nation's visible grief has assuaged the personal sorrow of Mrs. Hardfuneral
vania Avenue. President Coolidge and the other highest officials of the Gov- ing, she told J. F. Cornelius, a Chicago friend, yesterday, as the
ernment had places behind the caisson which has been the funeral car for train crept into Chicago between miles of silent ranks of bareheaded men
the flag-draped coffin since it reached Washington from San Francisco and women.
the
late last night.
"1 can understand what a shock my husband's death has been to
Again, too, there was the flashing of cavalry sabers and the slow tread of nation," the calm, white-faced woman said, as the train rolled on toward
in all those faces. It is
the infantry, of mariens, and bluejackets as the Capitol said its sad good- the waiting thousands. "I read genuine sorrow
bye. Besides the short line of march from the Capitol to the station was comforting."
"It wasn't until our Western trip that I fully appreciated the nation's
lined all the way with infantrymen, standing at the present in a final salute
respect." Mrs. Harding continued. "Really, you know, when we were in
to their Commander-in-Chief.
It was 5:10 o'clock when the casket was taken form the rotunda, where it Alaska I was electrified time and again by the murmur that so often rose
had lain since noon and placed on the black-wheeled caisson. An army as my husband stepped to the observation platform to face a waiting crowd.
"There he is,' the crowd would say. There he is."
band played "Nearer, My God, to Thee," as the burden was borne down
the steps of the Capitol.
Mrs. Harding paused, her mind seemingly going hack over those crowded
President Coolidge, with bared head, followed the casket down the steps. days. Then she turned toward the chamber where the President's body
The Cabinet followed, and behind them were the Senators and Representa- lay.
"And now," she said, pointing to the flag-covered coffin, "there he is."
tives. Generals and Admirals, who had been selected sa honorary PallWonder at and gratitude for the nation's sympathy has sustained Mrs.
bearers. At 5:25 the cortege entered the railway station.
Distant guns spoke the nation's farewell as the funeral train drew out. A Harding in the philosophical attitude she took when the President died,
legion of armed men stood with rifles and sabers at salute. Great folk and Mr. Cornelius said.
small, in their thousands, stood silent and with heads bared in the fading
light of evening and the dead President was gone.
Last Moments of President Harding—Certificate
Countless thousands viewed the earlier procession from the White House
Showing Cause of Death.
to the Capitol. From the dim East Room and its heavy scented flowers'
What is said to be the accepted version of the last mothe dead President was borne out into a day vivid with sunshine. The
clear pealing of a trumpet sent long lines of steel flashing to salute, a ments of the late President, Warren G. Harding, whose sudmoment later it marshaled the ordered array of soldiers, sailors and marines
August 2 was noted in these
down the long avenue to the Capitol with General Pershing riding ahead in den and unlooked for death on
command, his only actual command since the First Division, home from columns last week, page 508, appeared in the New York
France, trudged westward over this same route in victory.
"Tlines" of the 5th inst. Inasmuch as differing statements
Band by band, the old hymns of courage and devotion rose in the still air
President's death
in khaki, blue or white the sturdy young- relating the circumstances attending the
as they passed. Rank by rank,
sters who serve the flag moved by,their sabers and bayonets glittering in the had been given publicity, we are printing herewith what is
sun, their dull-hued guns rolling slowly.
to be the accepted account, for which the "Times" is
Along the way, banked motionless and in silence, were thousands upon claimed
waiting since daylight to add to the great authority.
thousands who had stood there
tribute to the dead.
4.—There
On Board the Harding Funeral Train, Eike, Nev.. Aug.
The religious services were striking in their simplicity against the backsurrounding the death of Presithe funeral parade. Just have been several versions of the incidents
ground of military pomp and grandeur given by
imdent Harding. The shock and resulting confusion prevented those
the short prayers, the murmuring of low voices joined in the words of the
mediately concerned in the final scene in Mr. Harding's bedroom in the
Lord's Prayer, the scriptural readings and the blending voices of a male
Palace Hotel from taking note of the actual occurrences.
quartette in the same hymn that marked this funeral everywhere, "Lead,
It was told by some of those in the vicinity that Mrs. Harding rushed to
Kindly Light," the hymn best beloved by the dead President. and at the
the door of the bedroom and called for help from her husband's physicians.
end,"Nearer My God to Thee."
It was said that General Sawyer, the late President's chief physician, was
35,000 View Bier,
not in the room when the President died. People with nerves on edge or
the new President and his Cabinet, the stunned by the
When Mrs. Harding had gone,
unexpected tragedy were unable to give any coherent
diplomats and Generals and Admirals all filed slowly out and the great account of what took place.
chamber was cleared except for the armed sentries about the bier and the
The New York "Times" correspondent believes that the following is as
others who quickly carried away the chairs and set long lines of floral offer- nearly correct a version as can be obtained. This account was the outcome
east to west across the stone floor.
ings in place to form a broad aisle from
of efforts of a member of the Presidential party to get all the facts. He
Then the flag was gently drawn back, the heavy steel of the cover was set talked with those who were in position to know what happened and checked
aside and those who know him in life saw again the face of Warren Harding. up on discrepancies.
When the doors closed again more than 35,000 persons had passed through
His information appears to show that the official bulletin announcing
the corridor of flowers, it was estimated, and as many more were turned the President's death was in error in its statement that Mr. Harding died
back disappointed after hours in the slow moving lines. But the departure at 7.30 o'clock in the
evening. The evidence indicates that his passing
for Marion could not watt and the great doors were shut.
occurred at least ten minutes earlier.
Herewith is the story of President Harding's death as obtained by this
It was as a private citizen that memorial tributes were
of the Presidential party:
paid to the late President in his home town yesterday. memberHarding and General Sawyer were alone with the late President at
Mrs.
body there on Thursday, it was the time. Miss Ruth Powderly, the nurse, had left the sick room. Mrs.
With the arrival of his




622

THE CHRONICLE

Harding was reading to the President the article by Samuel G. Blythe in
last week's Saturday "Evening Post" entitled "A Calm View of a Calm
Man." The President liked it for it was evident that the writer was seeking
to give a fair appraisement of him as a man and President.
General Sawyer was sitting by the bedside holding the President's hand.
not for the purpose of feeling his patient's pulse or for any other professional
reason, but purely as an act of affection. It is a way of his with those he
likes. The President was propped up in bed and evidently enjoying the
reading. "That's good, go on," he said when Mrs. Harding paused.
At that moment his body slumped forward. General Sawyer still held
the President's hand. Almost instantly he said in a startled tone, "The
President is dead."
Mrs. Harding came quickly to her husband's side. "Do something for
him, give him something," she cried. General Sawyer grasped a hypodermic syringe kept near at hand for use in an emergency. It was filled
with a stimulating liquid. He gave the President an injection and at the
same time called to Miss Powderly. Just outside the room, to bring hot
water bags. Miss Powderly produced them quickly.
Mrs. Sawyer, the physician's wife, was in the adjoining room. Her
husband shouted to her to call the other doctors. It was Mrs. Sawyer and
not Mrs. Harding whose voice was heard calling the secret service men on
duty in the corridor, "Get Boone and the others, quick."
Secret Service men and attendants went scurrying to the rooms on the
same floor occupied by the President's physicians.
Secretary Work, who was formerly President of the American Medical
Society, and who had participated in the professional conferences with
the other physicians attending President Harding, was the first to reach
the sickroom. It was six or seven minutes after the President's collapse
that he got there. He or some one noted by a watch that it was about
7:26 when he entered the chamber.
Dr. Wilbur came next, a minute or two behind Dr. Work. Then came
Secretary Hoover, immediately after Dr. Wilbur. Dr. Cooper followed
shortly.
Dr. Boone could not be found. He had gone but a few minutes before
the tragic occurrence,saying he wanted to get a little air by walking around
the block occupied by the Palace Hotel. Dr. Boone had been on duty
In the sickroom throughout the length of every night since President Harding was brought to San Francisco last Sunday. He became confused,
turned into an unfamiliar street and was several minutes in getting his direction again. It was ten minutes or so before he returned to the hotel to
learn that President Harding was dead. The story of Dr. Boone's absence
told in the Presidential suite Thursday night and yesterday was that he had
gone out to dinner with General Pershing and had been summoned to the
hotel.
This appears to be the most complete and accurate version of the circumstances attending Mr. Harding's death.

[vol.. 117.

rest and the carrying out of a definite medical program, this illustrious man,
in fair physical health and in full mental vigor, could be preserved for this
our country.
RAY LYMAN WILBUR, M. D.,
President American Medical Association.
CHARLES MINER COOPER, M. D.

The death certificate of President Harding was made public at San Francisco on August 7 by the City Health Board,
according to press dispatches from that city, which stated:
It showed that his death was due to cerebral apoplexy as a complication
of "an acute gastro-intestinal infection."
The certificate was signed by Dr. Ray Lyman Wilbur, President of
Stanford University, one of the five physicians who were in attendance
upon President Harding here. It gave the cause of death as follows:
"Cerebral apoplexy, following an acute gastro-intestinal Infection,
including cholecystitis [inflammation of the gall bladder] and bronchial
pneumonia—instantaneous contributing cause: arterio sclerosis [hardening
of the arteries] of several years' duration."

W. F. Brown Says President Harding Was Martyr to
Twenty-Four-Hour Day Job.
The following came in Associated Press advices from
Toledo, August 3:
After expressing his grief at the death of President Harding, Walter F.
Brown of Toledo, his close intimate adviser and his personal representative
on the joint Congressional committee assigned to reorganize Governmental
departments, declared to-day that "faulty construction of the Government
organization is the primary cause of the breakdown of all our Presidents."
Mr. Brown, who has made an intensive study of the duties devolving
upon the Chief Executive of the nation, said it is humanly impossible for
any person to stand up under the strain. There was no doubt but the
exactions of the office hastened the death of President Harding.
"Popular government under the Constitution has lost one of its sturdiest
champions at a critical time in the history of our country," said Mr.
Brown. "There is no question but President Harding was a martyr to
the cruel system which makes the President's office a perpetual twentyfour-hour-a-day job."
He stressed the necessity of the creation of a new post, such as an
"assistant to the President," to relieve the nation's Chief Executives of
the future of the details incidental to the office, so that they could preserve
their health and concentrate their attention and energy on major questions
and policies.

On July 30, when President Harding's condition was reported as grave, the statement was made by General Sawyer Proclamation of President
Coolidge Naming Aug. 10 as
that it might be well to make clear that with the toxic cona Day of Mourning in Honor of the Late Presidition of President Harding's system there was a liability for
dent Harding—Proclamations of State
complications affecting almost any organ in his body. He
Governors, Mayor Hylan, &c.
went on, according to advices to the "Times" from WashingWhile two days this week—Wednesday, August 8, and
ton:
Friday, August 10, were specifically set apart as special days
"This afternoon we have found what appears to be an oedematous for the paying of
tribute by the nation to the memory of the
condition of one of the President's lungs, and a heart that has been working
at fifty beats above normal, undergoing a very great strain. We have late President of the United States, Warren Gamaliel Hardannounced that we regard this condition as serious from all the conditions ing, practically the entire period since
his death on August 2
that exist. The first of these conditions is that we have a poison to fight. has
witnessed action on the part of Federol and State GovSecond, organs have been put out of condition to perform their functions.
The liabilities are such as would come from an increase in the toxic con- ernments, civic organizations, etc., as well as the people indition of the President's system, and complications caused by the inability dividually, in honoring
the memory of the late Chief Execuof some of the organs to function."
General Sawyer admitted that there was always a possibility of pneumonia tive of the country. In a proclamation issued on August 4,
in a man in the President's condition, but added that he would hardly President Harding's successor in office, President Calvin
say there was "a liability of pneumonia."
Coolidge, set apart yesterday, Friday, August 10—the day
Pneumonia, he explained, came from a specific germ.
"So I hardly think that he has what you would actually call pneu- of the President's burial—"as a day of mourning and prayer
monia." he continued. "But from the oedematous condition of hat lung throughout the United 8tates." In
accordance with an anhe may have something as serious as pneumonia."
nouncement made on August 3, official homage to the late
In response to questions, General Sawyer said that he had used the
word "serious" in the evening bulletin to describe the President's con- head of the nation was paid in the obsequies held in Washdition in the sense that it was becoming dangerous, not that it was dangerous. ington on Wednesday,
August 6. Details regarding this are
"If we can bring the President to the point of throwing off these poisons
in his system, everything will be all right," he went on. "We are hoping given elsewhere in this issue. The announcement on the 3rd
that an X-ray photograph that we took this evening will show that there was made as follows at Washington by Col. Clarence
0.
Is no possibility of pneumonia.
Sherrill, Presidential Aide, following a conference between
"The condition of the President is due to the fact that he had been
subject to an extreme strain which made him liable to contracting disease, President Coolidge, Colonel Sherrill, Secretary of State
after he had his attack of ptomaine poisoning. Mr. Christian was affected Hughes, Postmaster-General New and
Senator Curtis:
In the same way as the President, but he

had the ability to throw off the
poison. The President, however, on account of the strain to which he
subjected, had what I may call a predisposing condition and
had been
the exciting cause to bring about his present state. This puts an extra
load on the respiratory organs and produces an oedematous condition
of the lungs."
General Sawyer called attention to the fact that the President's lips
have been swollen frequently during his tour.
"That showed an oedematous condition," he said. "The X'ray may
show whether that is any blocking up of a lung and interference with the
heart. Nobody can tell now—not even the best physician—what the
outcome will be."
According to General Sawyer, the President was in good spirits.
"This afternoon I went to him," he said, "and told him that there were
people outside who wanted to take an X-ray picture of his chest."
"Bring them in," said the President. "I have nothing to conceal."

On the 3d inst. two of the physicians in attendance during the President's last illness, Dr. Wilbur and Dr. Cooper,
made the following formal statement:

The bOdy of President Harding will arrive in
Washington at 1'oclock
Tuesday afternoon, and the train will be met at the
station by the President, members of the Supreme Court and of the Cabinet.
The body will
be escorted to the White House and placed in the East
Room, where it will
remain until Wednesday morning.
At 10 o'clock Wednesday morning the body will be taken
from the White
House to the Capitol. The escort will include a squad of
cavalry, a brigade
ofinfantry, a battery offield artillery, a battalion of marines
and a batallion
of bluejackets under the command of General Pershing,
Public Will Be Admitted.
There will also be a civic escort, including
representatives of Congress.
the diplomatic corps, the Supreme Court, the Cabinet, the Government of
the District of Columbia and a few organizations not named.
When the body arrives at the Capitol there will be funeral services directed
by the Rev. Dr. A. Freeman Anderson, assistant pastor
of Calvary Baptist
Church, where the Hardings worshipped,
assisted by the Rev. Dr. James
montgomery, chaplain of the House of
Representatives.
After the services the public will be admitted to the rotunda of the Capitol until 6 o'clock Wednesday evening, when the body will be taken to the
Union Station under the same military escort. The funeral train will
leave for Marion, Ohio. at 7 o'clock Wednesday
evening.

We have been asked by President Harding's personal physicians before
they leave San Francisco to put on record our expression of the President's
• The proclamation of President Coolidge, setting apart
physical condition as it affected his last illness and his sudden death.
As already indicated in the bulletins, the heart was enlarged and probably yesterday as a day of
national mourning, follows:
the blood vessels which carry to it its nutriment thickened, for his history
shows that previously he had had anginal manifestations and that during
A PROCLAMATION
sleep the respiratory centre was insufficnently fed. Furthermore, he had
By the President of the United States of America
suffered from nocturnal dyponea and a Cheyne Stokes type of respiration
To the People of the United States.
yet, as often happens in such cases, he had full confidence in his bodily
the inscrutable wisdom of Divine Providence, Warren Gamaliel
In
strength; his mind remained most alert, and his judgment unimpaired.
Harding, twenty-ninth President of the United States, has been taken from
At 4:30 p. m. yesterday, prior to his sudden apopleptic seizure, it seemed us. The nation has lost a
wise and enlightened statesman and the Amerto Mrs. Harding and to us that the fight was won and that, with sufficient ican people a true friend and
counsellor, whose whole public life was inspired




AUG. 11 1923.]

THE CHRONICLE

and the
with the desire to promote the best interests of the United States
gentleness and
welfare of all its citizens. His private life was marked by
made friends
brotherly sympathy and by the charm of his personality he
of all who came in contact with him.
peoIt is meet that the deep grief which fills the hearts of the American
ple should find fitting expression.
States of
Now, therefore, I, Calvin Coolidge, President of the United
body
America, do appoint Friday next, Aug. 10, the day on which the
place, as a day
of the dead President will be laid in its last earthly resting
I earnestly recomof mourning and prayer throughout the United States.
of Divine
mend the people to assemble on that day inftheir respective places
the will of Almighty God, and
worship, there to bow down in submission to
the homage and love and reverence to the memory
to pay out of full heart
the
of the great and good President whose death has so sorely smitten
nation.
the seal of the
In witness, I have hereunto set my hand and caused
United States to be affixed.
Done at the City of Washington. the fourth day of August, in the year
of the
of our Lord, one thousand nine hundred and twenty-three, and
Independence of the United States the one hundred and forty-eighth.
CALVIN COOLIDGE.
By the President.
CHARLES E. HUGHES, Secretary of State.
The White House, Washington, August 4, 1923.

On August 4 an Executive order regarding the funeral following the arrival of President Harding's body in Washington on Tuesday night, was issued by President Coolidge, as
follows:
On arrival of the funeral train in Union Station the President, escorted
by military aids, with members of the Cabinet, Chief Justice, the acting
President protempore of the Senate and the Speaker of the House of Representatives, will accompany the remains to the White House.
On Wednesday at 10 o'clock a. m. the remains will be escorted to the
Capitol. They will be preceded by a suitable military escort, followed by
the civic procession in proper order, details to be arranged.
On arrival at the Capitol tho remains will be placed in the center of the
rotunda, where the funeral services will be held. The President will then
proceed from the Capitol to his apartment in the New Willard Hotel.
The remains of the deceased President will then lie in state in the rotunda
open
of the Capitol until 6 p. m. Wednesday night. The rotunda will be
to the public from 4 to 6 p. m. The placing of wreaths and other tokens
will be allowed.
of respect by the public

623

New York City, August 6 1923.
Office of the Mayor.
PROCLAMATION.
The City of New York mourns deeply the passing of President Harding
and bows in sorrow before the visitation of Almighty God.
The distinguished public services of the late President and the charm of
his personality cannot be recalled without a quickening of the pulse of
a broader humanity and a more exalted patriotism.
A man of the people and one of us by birth, education and sentiment, he
was as accessible in the White House as he had been on his farm or in his
printing shop, always remaining an affectionate, endearing and loving
Christian gentleman.
His official life was noteworthy for the deep reverence with which he regarded the American institutions that he revered so highly, and for the sincere desire to do his full duty, uninfluenced by ignoble motives, toward
the American people who had honored him with the highest trust in the
Commonwealth.
In the fullness of life and in the midst of official service, Warren Harding
answerea the Divine summons. It is fitting that every mark of public
respect should be paid to his memory.
By Presidential proclamation, Aug. 10. when the body of the departed
President will be laid to rest, has been designated a day of prayer. In
addition to this observance, I do hereby designate Wednesday. Aug. 8.
when the funeral services will be held in the Capitol, where the body will
lie in state, as a day of commenoration on which the people of the City
of New York in all walks of life are urged to refrain from any activity or
excitement tending to divert their minds from the solemnity of the occasion
and the reverence and devotion due to the memory of the late President.
In homes, meeting places and accustomed houses of worship all are
asked to acknowledge with pious resignation the will of Divine Providence.
for
to give expression to the love and veneration which we all cherish
the eminent dead who consecreated his life to the service of the people. and
to involve the Divine blessing upon the bereaved family and the peace and
perpetuity of the American public.
In witness whereof, I have hereunto set my hand and caused the seal of
the City of New York to be affixed this sixth day of August, in the year of
our Lord, one thousand nine hundred and twenty-three.
JOHN F. HYLAN,
By the Mayor.
JOHN F. SINNOTT,
Secretary to the Mayor.

The Presidential proclamation was followed by the issuance of State proclamations by the various Governors calling upon the citizens of their States to observe Friday, the
10th, as a special day of mourning and prayer. In New York
State Governor Smith on August 7 issued the following proclamation, declaring August 10 a holiday to insure its observance in accordance with the Presidential proclamation:
A proclamation to the people of the State of New York
Calvin Coolidge, President of the United States, has by proclamation
set forth Friday, Aug. 10. as a day of mourning anf prayer throughout
the United States.
In accordance therewith I hereby call upon the people of our State to
observe the day in worship and prayer as against all other duties and occupations. and I further hereby call upon the heads of all State departments.
bureaus, boards and commissions to declare Friday. Aug. 10. a holiday,
to be dedicated to the purposes set forth in the proclamation of the President of the United States.
Given under my hand and the privy seal of the State at the capitol in
the city of Albany. this 6th day of August, in the year of our Lord 1923.
ALFRED E. SMITH,
GEORGE R. VAN NAMEE,
By the Governor.
Secretary to the Governor.

In Pennsylvania. Governor Pinchot, besides asking the
people of the State to observe the 10th inst. as a day of
mourning, also on August 3 appointed Sunday, August 5, as
a day of prayer and recommended "that the people assemble
in their respective places of worship on that day to unite in
prayer to Almighty God for the welfare of the nation and
the Commonwealth, for the comforting of those who mourn,
and in remembrance of one whose kindness of heart, calmness of mind, and unselfish devotion to the public service
give him a peculiar right to the heartfelt tribute of the whole
people."
A proclamation was also issued by Mayor Moore of Philadelphia on August 6 urging the observance of Friday as a
day of mourning. Governor Silzer of New Jersey also proclaimed yesterday as a day of mourning; in Massachusetts
Governor Cox in similarly proclaiming the day directed a
suspension of business on the 10th, as did Governor Donahey
of Ohio; Governor Flynn of Rhode Island; Governor Ritchie
of Maryland; Governor Baxter of Maine, etc. In another
item we refer to this week's action of the New York Stock
and other exchanges.

In a previous proclamation, issued August 3, calling for
the display at half-mast of all flags on public buildings, GovClosing of Exchanges, Business Houses, &c., on Day
ernor Smith said:
of President Harding's Funeral.
The Nation with deep feeling of sorrow learns of the loss of its President,
Business throughout the nation was at a standstill yesterWarren Gamaliel Harding.
History records the fact that the best years of his life were devoted to
the public service. He assumed his duties as Chief Executive of the
Nation at a critical period. He gave to the great office all his strength
and energy, and his love of and devotion to his wife, as well as his sense
of satisfaction in the just pride of his father in a son's achievement, will
always remain a noble lesson and example for the present as well as the
generations to come.
Almighty God is all wise and all just. lie has showered his blessings
upon this country without reserve and the American people, grieved at
heart, bow before Him to say: "Thy will be dene on earth as it is in
heaven." Let us ask that in His infinite mercy Ile may continue His
watchful care over this great country;that He may bring solace and comfort
to the bereaved wife and family, and that He may give wisdom and strength
to Calvin Coolidge. so suddenly called upon to assume a great responsibility.
As.Chief Executive of the State of New York, I request that flags upon
all public buildings, including arsenals and armories, be displayed at halfmast up to and including the day that the mortal remains of the late
President are laid at rest.
Given under my hand and privy seal of the State at the Capitol, in
the city of Albany. this third day of August, In the year of Our Lord, one
thousand nine hundred and twenty-three.
(Signed) ALFRED E. SMITH.
By Governor.
George R. Van lsiamee,
Secretary to the Governor.

Mayor nylon of New York City on August 6 issued the
following proclamation, in which, in addition to the observance of the day set apart in the national proclamation, he
designated Wednesday, the 8th, as a day of commemoration,
and asked that there be a cessation as far as possible "from
any activity or excitement" which would divert "from the
solemnity of the occasion and the reverence and devotion
due to the memory of the late President." The Mayor's proclamation follows:




day. Aug. 10, when final homage was paid to the late President of the United States, Warren G. Harding. Following
the pause in business witnessed on Wednesday, the 8th inst.,
when the impressive ceremonies in honor of the late President
were held in Washington, there was a complete cessation
of activities yesterday, when the President's body was laid
in its resting place in his home town—Marion, Ohio. The
day had been fixed as one of national mourning in the proclamation issued on Aug. 4 by President Coolidge, which we
give elsewhere in this issue. On the New York Stock and
other exchanges of this city and throughout the country,
which were closed on Friday of last week (Aug. 3) following
the death of President Harding the night before, there was
an entire suspension of business yesterday (Friday). On
Wednesday trading was suspended on the exchanges during
the period from 11 a. m. to 12:30 p. m. in observance of
the services in Washington. Besides paying tribute to
the memory of the late President through the suspension
of trading on the several occasions during the week, some
of the exchanges also adopted resolutions in President
Harding's honor. On the 8th inst. the New York Stock
Exchange recorded its sense of the personal loss which,
through the death of the late President, has fallen upon
the citizens of the nation. Announcement of the adoption
of the resolution was made as follows:
A special committee of five, consisting of Messrs. Noble. Pomroy.carter,
Turnbull and Nash, was appointed by the President of the Exchange to
draft and present resolutions on the sad event of the death of Presiden
Harding, and at a special meeting of the Governing Committee held th.

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THE CHRONICLE

• day(Aug.8 1923)said resolutions were presented and unanimously adopted
by the Governing Committee as follows:
Whereas, The people of the United States have been shocked and deeply
grieved by the sudden and unexpected death of their honored President, and
Whereas,a sense of personal loss has fallen upon every citizen throughout
the nation,
Be it resolved, That the members of the New York Stock Exchange hereby
express their earnest belief that Warren GamaBel Harding was a splendid
example of that highest type of American who,rising from a modest station
among the people, by dint of native ability and above all by sterling and
unblemished character and wide scope of human sympathy, reached the
exalted office which to-day has no equal in the world;
Be it further resolved, That, together with the entire people of our great
nation, the members of the Stock Exchange profoundly share the sorrow
of the relatives and friends of our departed President, and direct that a
copy of these resolutions be sent to Mrs. Harding as one of the innumerable
tributes of a grateful and sorrowing country.

President Cromwell and the members of the special committee went in a body to the rostrum where the resolutions
were formally presented to the members of the Exchange.
On Monday, the 6th inst., the following announcement was
issued by the New York Stock Exchange:
The Exchange will open for business as usual at 10 a. m. on Wednesday.
Aug. 8, but the President has been authorized to suspend business upon
the floor of the Exchange during the funeral services at the Capitol in Washington. The hour of such suspension will be announced later.
The Exchange will be closed on Friday. Aug. 10, 1923, being the day of
the funeral of President Warren Gamaliel Harding. All deliveries of securities on Friday. Aug. 10, will be suspended. Contracts made Thursday. Aug.9 1923, are due on Monday. Aug. 13 1923.

In accordance with the resolution of the Governing Committee, the President of the Stock Exchange directed that
business on the floor of the Exchange be suspended from
11 a. m. to 12:30 p. m. on Wednesday the 8th.
The Board of Managers of the New York Cotton Exchange
voted to close the Exchange on Wednesday morning between
11 and 12 o'clock; in its announcement the Exchange said:
Following a meeting of the Board of Managers of the New York Cotton
Exchange yesterday (Monday) afternoon, President Edward E. Bartlett
Jr. announced that the Exchange would suspend all business for one hour
on Wednesday. during the time of the State services for the late President
Harding at Washington.
The Exchange will be closed the entire day on Friday, when the burial
takes place at Marion. but will be open on Saturday.

[VOL. 117.

House Association, the Chamber of Commerce, &c. Special
reference to the action of the Clearing House, &c., is made
under a separate head. The Post Office closed for the day
at 10 a. m. All business houses and department stores were
closed, as well as the various courts. All vaudeville and
motion picture houses closed yesterday afternoon, vaudeville
and the legitimate theatres closing at night. Outside New
York there was a similar brief cessation of business on
Wednesday on the various exchanges of other cities, with
yesterday observed as a full holiday. Memorial services in
places of worship of all denomination, Christian and Jewish,
were held throughout the country yesterday. In New York
City yesterday, as a final tribute to the memory of the
late President, all traffic was halted for two minutes
at noon, the subway, elevated and other lines joining
in the tribute. The New York Telephone Co. also observed
the day by a five-minute cessation of operations from
5 to 5:05 p. m., daylight saving time. Railroads likewise
observed the day of national mourning, the Delaware
Lackawanna & Western and the New York Central being
among those to take action. The former closed all its shops,
offices and freight stations, including the New York pier
freight station, on Friday. Announcement of the action of
the New York Central RR. was made as follows on the 8th
inst. by President A. H. Smith:
The President of the United States has proclaimed Friday, Aug. 10, a
day of national mourning for our late President, Warren G. Harding.
In conformity with this proclamation arrange on that date to discontinue
normal activities on the railroad consistent with necessary operating requirements and proper care and protection of the property and business of the
company.
General offices, shops of locomotive and car departments and freight
houses should be closed. Yard and local freight operations and engine
terminal forces should be curtailed as necessities may permit.
Use your discretion as to detail of arrangement conforming to plans that
may be universally adopted in different localities.

The New York Central RR.also held services at the Grand
On Thursday resolutions on the death of the late President Central Terminal at 5 o'clock yesterday afternoon. A
were adopted.
notice regarding this said:
The Consolidated Stock Exchange paused during the
Passengers in the terminal at that hour and persons passing through the
funeral services in Washington in accordance with the concourse will be requested and expected to remain silent and motionless
during this tribute to the memory of the twenty-ninth President of the
following resolution:
United States. During this service all possible business and operations in
As a mark of respect and sorrow for our late President, Warren Gamallel the terminal will be suspended, as a further mark of respect to the late
Harding,for whom services are being held at the nation's Capitol, trading is
hereby suspended on the Exchange from 11 a. m. to 12:30 p. m. to-day.

President.

Further tribute to the memory of the late President has
On the 9th inst. the Governors of the Consolidated Ex- been witnessed, in the draping of the various buildings,
change adopted the following resolutions in connection with public, bank, business, &c.,in mourning, and the display in
closing the Exchange yesterday (Friday):
private and public quarters of the flag at half-mast.
Whereas, Almighty God, in his inscrutable wisdom, has taken from us
Warren Gamallel Harding,twenty-ninth President of the United States; and
Whereas, The whole national has thereby lost a wise statesman and
counselor and a loyal friend. as well as a leader whose public life commanded
respect and whose private life inspired affection. Therefore, be it
Resolved. That the Board of Governors of the Consolidated Stock Exchange
of New York. voicing the sentiment of the entire membership of the Exchange, do express their intense grief at the country's loss and extend their
respectful and heartfelt sympathy to Mrs. Harding, and be it further
Resolved, That, as a mark of respect to the memory of the deceased
President, the Exchange be closed on Friday, Aug. 10 1923; and lastly, be it
Resolved. That a copy of these resolutions be suitably engrossed and
forwarded to Mrs. Harding.

Participation by Former Presidents Wilson and Taft
in President Harding's Funeral.
One of those conspicuous in the funeral, procession in
Washington on the 8th inst. in honor of the late President
Harding was former President Woodrow Wilson, who with
Mrs. Wilson and Dr. Cary T. Grayson took part in the
procession from the White House to the Capitol. Former
President Wilson's car followed that of Chief Justice Taft
(also formerly President), the Chief Justice's car being next
All the Exchanges will be open as usual to-day.
The suspension of business on the New York Curb Market in line after that of President Coolidge. Former Presidents
was announced as follows on the 8th inst. by President Wilson and Taft were among the first to extend their sympathies to Mrs. Harding. Mr. Wilson in his message on
John W. Curtis:
the 3d inst. said:
The Board of Governors at a special

meeting held in this Exchange on
Tuesday. Aug.7 1923,authorized me to suspend business on the floor of this
Exchange during the funeral services at Washington, in memory of our late
President, Warren G. Harding, therefore, with this power vested in me. I
close this Exchange from 11:00 o'clock a. m. to 12:30 o'clock p. m.. and
trust that during this suspension of business, each member will pay duo and
proper homage to a man worthy of our love, respect and esteem.

Services were held on the floor of the New York Produce
Exchange, the New York Coffee and Sugar Exchange, the
Metal Exchange, &c., on Wednesday, all of which were
closed all day yesterday. Wednesday was the day proclaimed for special observance by Mayor Hylan of New
York; Governor Smith of New York on Aug. 7 issued a
proclamation in which he asked all heads of State departments, &c., to declare Friday a holiday. State AttorneyGeneral Sherman is said to have ruled that the proclamations
of President Coolidge and Governor Smith had the effect of
establishing a legal holiday, thus permitting the banks to
close. According to the Albany "Knickerbocker Press"
of the 8th inst., Claude T. Dawes, Third Assistant Deputy
Attorney-General, declared the proclamation established
Friday as a legal holiday. Mr. Dawes was quoted as saying:
Upon that day all State departments are to be closed and banks are to
cease to do business. Legal paper will be honored on the following day.
There is nothing in this proclamation to compel a man to close his business
If he desires to keep open, on this or any other holiday except Sunday.
This proclamation definitely established Friday as a legal holiday.

Allow me to express my profound sympathy. I deplore with all my heart
the loss which the nation has sustained.

The message of Chief Justice Taft stated:
Mrs. Taft and I send to you our deep personal sympathy in your great
Jorrow which we share. Our hearts go out to you in this hour of your
Inestimable loss.

Chief Justice Taft, who has been spending the summer at
Murray Bay, Quebec, declared on that day that the loss
of President Harding could not be over-estimated. In his
statement he said:
I am shocked beyond expression a:,the news of President Harding's death.
The loss is a deep personal sorrow to me. The loss to the people of the
United States cannot be over-estimated. He had impressed the whole
country with his nobility of character, the sweetness of his nature, his
wonderful patience, breadth of vision, high patriotism and his love of
human kind. His death at this juncture in the affairs of the country and
the world is a great calamity.

On the 5th inst. former President Taft, in the following
telegram, accepted the invitation of President Coolidge to
participate in the funeral ceremonies:
Thank you for your telegram. Expect to arrive Washington 1.25 Tuesday afternoon. Regret delay due to mistaken information from San
Francisco. Gladly accept your invitation to be one of official party
throughout the ceremonies, including funeral at Marion. Let me express
my high respect, my deep sympathy with your heavy burden and my
confidence in the result.

While indicating to President Coolidge his inability to
accept the latter's invitation to participate in the funeral
All of the banks, State and national, were closed yesterday, services because of his lameness, former President Wilson
as were the Federal Reserve Bank, the New York Clearing advised President Coolidge that he would "esteem it an




AuG. 111923.]

THE CHRONICLE

honor to take part in the funeral procession." The correspondence in the matter was made public as follows on the
6th inst.
August 4 1923.
My Dear Mr. Wilson:—It is with great distress that I have to inform
you officially of the death of President Harding. In his death the nation
suffers an irreparable loss; to me personally it is the loss of a true friend.
Should you contemplate participating in the funeral services of the late
President, which I shall greatly appreciate, upon the receipt of an expression
of your wishes you will, of course, be duly apprised of the arrangements.
Yours very sincerely,
CALVIN COOLID GE.
August 6 1923.
My Dear Mr. President:—Thank you sincerely for the gracious courtesy
of your note, just received. I sincerely grieve as you do over the death of
President Harding, who had undoubtedly won the esteem of the whole
nation by his honorable and conscientious conduct in office.
I shall esteem it an honor to take part in the funeral procession, and shall
be obliged if you will assign a position in the procession for my car, which
will be occupied by Mrs. Wilson and myself and, I hope, by my friend
Admiral Grayson. It will be with feelings of the utmost solemnity and
reverence that I will attend. I regret to say my lameness makes it impracticable for me to attend the exercises in the Capitol.
Allow me to express the hope that your administration of the great
office to which you have been so unexpectedly called will abound in satisfaction of many kinds.
With cordial good wishes.
Sincerely yours.
WOODROW WILSON.

A statement by Col. Sherrill, aide to the President, indicating Mr. Wilson's inability to participate in the exercises
on account of the condition of his health, was issued as
follows on the 4th inst.:
President Coolidge has conferred with ex-President Wilson in order to
ascertain his wishes in reference to attending the funeral exercises over the
remains of the late President Harding and offering to make any arrangements agreeable to Mr. Wilson for hisparticipation in the exercises.
Mr. Wilson has indicated his appreciation of the courtesy extended by
President Coolidge, but regrets his inability to participate on account of the
condition of his health. Admiral Grayson is in communication with Mr.
Wilson and indicates that while the ex-President will not be able to participate in the ceremonies, he is in a satisfactory state of health.

Following President Harding's death on the 2d inst. it was
made known in the following press dispatch from Washington (appearing in the New York "Times") that the late
President shortly after taking office had issued orders for
the retention of Dr. Grayson in Washington in order that he
might be within call of Mr.Wilson in the event that his
services were needed.
Exactly twenty-nine months ago Warren G. Harding actually helped
lift Woodrow Wilson down the steps of the White House portico and into
the carriage which took both to the inaugural ceremonies at the Capitol.
No one of the thousands who saw the robust figure in contrast to the
waxen, drawn and stooped man beside him ever dreamed that the latter
would be living to write a message of condolence on the death of the former.
But the fate which moulds men's lives brought a fair measure of returning
health to one and exhaustion and death to the other. '
Mr. Harding's gentle consideration for his stricken predecessor on that
day excited the admiration of the many who saw it and won the warm
respect of Mr. Wilson himself. When the crowd along Pennsylvania
Avenue cheered and applauded the healthy and robust incoming President,
he silenced them with a deprecating gesture, signifying consideration and
sympathy for the stricken, almost pathetic figure beside him. At the
Capitol during the inaugural ceremonies his considerate attention to the
outgoing President was most marked, and it did not stop there. It took
practical form. Here follows a bit of hitherto unpublished history:
Rear Admiral Cary T. Grayson had been President Wilson's physician
for eight years. as he had been physician to Presidents Taft and Roosevelt
before him. He knew Mr. Wilson's case as probably no other physician
could know it. Mr. Harding brought Dr. Sawyer, his own physician of
years' acquaintance. Dr. Sawyer knew equally well the complicated and
long-standing illness of Mrs. Harding. Dr. Grayson's White House detail
ended and ho was subject to assignment elsewhere.
Without a request or suggestion from anybody and without any one
knowing of it, President Harding personally gave an order to the Navy
Department that Dr. Grayson was to be assigned to duty in Washington.
where his services would be available to Mr. Wilson and that in no circumstances was he to be ordered elsewhere without the President's consent.
Woodrow Wilson probably will get his first knowledge of Mr. Harding's
action if he reads this dispatch.

625

NEW YORK CLEARING HOUSE.
New York, August 7 1923.
Dear Sir—We beg to advise you that the Clearing House will be closed
on Friday, Aug. 10 1923, the date of the funeral of the late President Harding.
Accordingly, time notes and acceptances maturing Friday, Aug. 10.
must not be sent through the exchanges of Saturday, Aug. 11, and such
items if included in the exchanges of that day may be returned as mis-sent.
By order,
WILLIAM A. SIMONSON,
Acting Chairman.
Clearing House Committee.
WILLIAM J. GILPIN,
1111
Manager.

Telegram of Sympathy Addressed to Mrs. Harding by
New York Chamber of Commerce.
To Mrs. Harding, wife of the late President of the United
States, the Chamber of Commerce of the State of New
York addressed the following telegram of condolence on the
3d inst.:
August 3 1923.
Mrs. Warren G. Harding, Palace Hotel, San Francisco. Calif.:
members of the Chamber of Commerce of the State of New York
The
are deeply shocked at the sudden and tragic news about the President.
Our Executive Committee wishes to tender its heartfelt sympathy to you
In your and the country's great loss and expresses the hope that you will
be comforted and sustained in your overwhealming bereavement. In the
midst of a brilliant career, with mighty responsibilities resting upon him,
he fell fighting for what he regarded as his country's greatest good. He
was human, genuine and real—a typical American—respected and loved
by all who knew him, and Americans the land over share your grief.
FREDERICK H. ECKEL
Chairman Executive Committee, Chamber
of Commerce of the State of New York.

Closing of Federal Reserve Bank of New York in Memory
of President Harding—Paper Maturing Aug. 10.
The Federal Reserve Bank of New York in announcing
on Aug.8 that it would close yesterday (Aug. 10) in memory
of the late President Harding, issued at the same time a
statement respecting the maturity and interest on paper falling due on the 10th inst., in which it stated that unless prepayment of such interest were made before Monday, Aug. 13,
additional discount for the days after Aug. 10 would be
charged. The following is the notice of the bank's closing:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. .564, August 8 1923.1
In Memory of the Late President Harding
Friday, August 10 1923, Proclaimed a Holiday.
To all Banks and Trust Companies in the
Second Federal Reserve District
Inasmuch as Friday, August 10 1923, has been proclaimed a legal holiday
by the Governor of the State of New York, this bank and its Buffalo Branch
will be closed for busine.ss on that day.
Very truly yours.
BENJ. STRONG, Governor.

We also give herewith the bank's notice regarding maturity
of obligations on the 10th inst.:
FEDERAL RESERVE BANK OF NEW YORK.
Discount Department.
[Circular No. 565, Aug. 8 1923—Reference to Circular No. 564.1
Maturity and Interest on Paper Falling Due on Friday, Aug. 10 1923.
To all Member Banks in the
Second Federal Reserve District.
As you are aware, Friday. August 10, 1923, has been declared a legal
holiday. In this connection your attention is directed to Section 85 of the
Uniform Negotiable Instruments Law (substantially adopted by Section
145 of the New York Law), which reads as follows:
"Sec. 85. Time of Maturity.—Every negotiable instrument is payable
at the time fixed therein without grace. When the day of maturity falls
upon Sunday, or a holiday, the instrument is payable on the next succeeding business day. Instruments falling due on Saturday are to be presented
for payment on the next succeeding business day, except that instruments
payable on demand may,at the option of the holder, be presented for payment before 12 o'clock noon on Saturday when that entire day is not a
holiday."
It appears that under the foregoing provision the maturity of obligations
falling due on Friday, August 10, a legal holiday, is extended to Monday.
Aug. 13, and it follows that interest or discount runs to the latter day.
Therefore, on all rediscounts and advances made by this bank which fall
due on August 10, unless prepayment is made before August 13, additional
discount for the days after August 10 will be charged at our current rate
5
of 41, % per annum.
Very truly yours,
BENJ. STRONG, Governor.

Message of Sympathy Addressed to Mrs. Harding by
Clearing House—Closing of Clearing House
Ye sterday.
The New Yoik Clearing House, in addition to remaining
closed yesterday (Aug. 10) in tribute to the memory of the
The Federal Reserve banks of Chicago and Cleveland/also
late President of the nation, sent a message of sympathy
yesterdayl(the
to Mrs. Harding, through its Clearing House Committee. announced their decision to remain closed
10th), the other Reserve banks apparently pursuing a like
was in the form of the following telegram:
The message
course.
August 3 1923.
Mrs. W. G. Harding, Palace Hotel, San Francisco, Calif.:
The financial institutions of New York City, as represented by the
New York Clearing House, wish to express to Mrs. Harding deep and
sincere sympathy. The nation mourns the death of its President, who
by his character and quality of human sympathy had won for himself
an intimate place in the lives of the people. His death, coming as the
result of unceasing devotion to the great duty to which with modesty and
solemn devotion he had given himself, leaves to the country another
heritage which will help it to carry on the fine spirit of American manhood
on which the future must rest.
NEW YORK CLEARING HOUSE ASSOCIATION.
WALTER E. FREW, President.

Governor Scott C. Bone of Alaska Says'',President
Harding Indicated that He Would Not Be at Next
Gridiron Dinner, which He Desired Should
Revolve Around Calvin Coolidge.
Scott C. Bone of Alaska has written an interesting account
of the late President Harding's visit to Alaska.‘Gov. Bone,
while stating that "there is no basis for the belief that
Warren G. Harding foresaw the termination of his wonderful
The closing of the Clearing House on the day of President journey," quotes President Harding as having said "I am
Harding's funeral was announced as follows on the 7th inst.: not going to the next Gridiron dinner. I want Calvin




626

THE CHRONICLE

[VOL. 117.

Coolidge to have that dinner. It should revolve about
Verdun in Message to Ambassador Herrick Mourns
him, which could not be if I were there." Gov. Bone's
President Harding.
statement relative to President Harding's trip to Alaska
A Verdun Associated Press cablegram Aug. 6 said:
is contained in advices received from him by the editor
The
that
to
•of the Boston "Herald," R. L. O'Brien, and was published grateful sorrow those comespity your people is sorrow for Verdun, which is
to all
who
her," the municipality of Verdun to-day
as follows in that paper of the 9th inst.:
telegraphed Ambassador Herrick in expressing Its condolences over the
death of President Harding.
Juneau, Alaska, via Beaule, Aug. 7-8.
"The ruined city," the telegram says, "has net forgotten the precious
To the "Herald," Boston
On his wonderful tour of Alaska the President gave no sign of illness. encouragement that came from your country. She is proud of the honor of
receiving the gold medal awarded by Congress and the people of the United
The waters and mountains enchanted him and the climate invigorated
him. But he was weary and somewhat bent under the heavy burdens States which you came here last year to present for President Harding."
The authorities put at half-mast the American flag that flew over the
imposed upon him. He was not the virile Harding who presided over
the Republican national convention of 1916 or the commanding per- City Hall in 1918.
sonality who became the head of the greatest republic on March 4 1921.
He had aged. The change was marked.
"Every State an Empire"—How President Harding
His gentleness throughout the panoramic journey was his predominant
Turned a Slip of the Tongue to Advantage.
characteristic. Alaska rested him. The simple greetings extended to
him by the small communities touched him deeply. Gratitude and affection
The following is from the New York "Times" of Aug. 6:
were everywhere manifest. Few Alaskans had ever seen a President.
On Board the Harding Funeral Train, at Sidney, Neb., Aug.5(Associated
A grasp of his friendly hand meant everything to them. He had traveled
.—While the funeral train of President Harding was passing through
far to see them and happy faces and warm hearts attested their appre- Press)
ciation. Children sang to him and hovered close. He had a cheery Nebraska to-day, members of the party recalled how the late Executive
In his last principal address paid tribute to that State.
word for one and all. Everything was so different there. He was off he
Speaking in the stadium at Seattle, Mr. Harding. in the opening paraworld's beaten track. It charmed his responsive, lovable nature. As
the historic jaunt of a fortnight was nearing its end he said repeatedly graph of his written address, spoke of having returned "from the groat
he was sorry it would so soon be ended. Every hour in the northland Empire of Alaska." When he came to deliver that portion of his address.
suffering an illness then unknown to even the most of his associates. his
gave him infinite tranquil joy.
There was no crowding or jostling at any stopping place such as inevitably voice or his mind failed to run true for a moment and he declared that "we
Is encountered in populous centres. Even along Alaskan shores, where have just returned from the great Empire of Nebraska."
A roar of laughter mine from the 30.000 people in the stadium. Amused
towns have slowly grown on the mountain sides, there is yet ample room
to move and breathe. The vast interior space is endless and people are by the mistake in words, and quick as a flash Mr. Harding rejoined, "Well,
Nebraska is a great empire." Some evidently natives of Nebraska,applaudfew. He overlooked none. From the rear platform of the train, slowly
traversing the Government railroad, he was alert to wave a greeting to ed, and Mr. Harding, striving always to play no favorites among States.
asserted emphatically: "Not only Nebraska, but every State in our great
men gathered at little stations.
At Fairbanks, near the top of the world, he was captured by the at- Republic is an empire in itself."
tractive log houses lining the flat, adorned streets. "I would give a year's
salary," he exclaimed,"for one of those houses on my farm in Ohio. "Yes,"
he added, practically. "I would give two years' salary." Manifestly he
President Coolidge Declared President Harding
was longing for the simple life and looking forward eagerly to quiet,
Had Been Worn Out in Service to Country.
peaceful days in his native State.
It was remarked that Mrs. Harding. although just recovered from a
A day or two before the death of the late President Hardserious illness, frequently was more animated than he. He was calm ing,
Calvin Coolidge, the then Vice-President, while expressand benign; she full oflife until temporarily exhausted, and then recuperating
ing himself as confident that the President would recover,
quickly.
Only once did the President mention his weariness. Standing on the declared that he had "worn himself down" in the service of
deck of the Henderson. on the Gulf of Alaska, he said ho was tired, but
the Government. Mr. Coolidge was quoted as follows in a
not made so by this visit. He had come tired. His accustomed buoyancy
was lacking, but he was optimistic and revelled in nature's wonders. dispatch from Plymouth, Vt., to the New York "Times,"
Returning from the interior, when a superb view of Mt. McKinley was July 31:
presented, he stood in awe gazing upon its majesty and splendor. The
"In common with all Americans. I am distressed at the Illness of the
picture overwhelmed him. Child's glacier, with its falling masses of ice
and thunderous noises, impressed him similarly. He would start toward President, and besides that I am grieved at the sufferings of a man with
whom I have been so intimately associated on terms of more than ordinary
the train and pause again and again to watch it anew.
Of all the sights of this wonderland the entrance to Resurrection Bay friendship. Recent reports indicate to me that he will recover to resume
the important service which he is rendering to his country."
was to him the most beautiful. He know of the desire to give his name
Earlier in the day Mr. Coolidge said:
to something supremely great in Alaska in honor of his visitation. Be"It is evident that President Harding has worn himself down, very
holding the marvelous setting he turned to me and said: "I should tether
much as Mrs. Harding did. in the service of the American people. It is my
have this gateway bear my name than any other of nature's wonders in
Alaska." Thereupon it was formally designated Harding Gateway to opinion that he is the truest Mend that our country has. It is no wonder
that every one was distressed to learn of his illness and is rejoicing at the
Resurrection Bay. It is really the gateway to great interior Alaska.
On his last day in Alaska, that beautiful sunset morning of July 22 prospect of his reeos-ery.
"He has never spared himself, but has been constant in the most earnest
at placid, incomparable Mks, while waiting to go ashore, he spoke warmly
of the pleasure given him by the Gridiron Club at its last dinner. He efforts to perform the duties of his office, even to the minutest detail.
thought it the best function of the kind he had ever attended. "But I; is this painstaking effort that is apparently the main cause of his illness."
I am not going to the next Orldiron dinner," he said. "I want Calvin
_ • •_
Coolidge to have that dinner. It should revolve about him, which could
President Harding Concerned Before Election as
not be if I were there."
There is no basis for a belief that Warren G. Harding foresaw the terto Effect of Tasks on Health.
mination of his wonderful journey. He loved life. He loved his fellow
Chicago Associated Press advices August 3 said:
men. He looked into the future hopefully, bravely, but he was tired—
and would have rested longer in Alaska if he could. That the burden
President Harding had a realization early in 1920, the
year he was
he carried were too heavy to bear is readily to be believed. It Is only elected, that the
l'residency was an arduous task to which his health
conjecture that ascribes any given contributory cause to his premature might be sacrificed,
he indicated in a conversation with J. It. Snyder.
demise. It is more logical to believe that the strain of public service newspaper publisher
of Gary, Ind., it was discloesd to-day.
reached the breaking point.
"I do not want to run for President: it is a hard, moan job, and terrible
a
Alaska's grief is deep, heartfelt and abiding.
task for any man who takes it." President Harding, then Senator, was
SCOTT C. BONE,
quoted as having told Mr. Snyder. "I like my Job in the
Senate and
would rather stay there and live longer, but my friends are
booming me
for President, and a man can't go back on a friend."
Mrs. Harding Declines to Permit Mask of Husband.
Mr. Snyder said he would be reluctant to attempt to quote exactly the
utterance
According to a San Francisco dispatch Aug. 3, printed in threatre, ofthe President In the conversation with him outside a Washington
but that the above was approximately
the New York"Tribune,"at a conference on Aug.2 of' Cabinet said. The President had in mind at the time, Mr.what Mr. Harding had
Snyder said, the sudden
officers it was decided to request the permission of Mrs. illness with which former President Wilson was stricken on his western
tour while in office.

Harding to allow a death mask to be taken of President
Harding. J. Earl Cummings, a San Francisco sculptor, Brigadier-Gener
al Sawyer Says President Harding
was selected to undertake the work. Mrs. Harding, howTold. Friends of His Belief That He Would
ever, it is stated, declined to permit the mask to be taken.
. Not Return from Trip Alive.
Various incidents have been cited during the week of
Myron T. Herrick, Ambassador to France, Says Presi- President Harding's premonition that he would not survive
his proposed trip to Alaska, the Panama Canal Zone, etc.,
dent Harding's Death is "Disaster cf the First
undertaken by him beginning June 19. The President's phyMagnitude."
sician. Brigadier-General Sawyer, Is said to have disclosed
Myron T. Herrick, the American Ambassador to France,
was deeply grieved by the news of President Harding's that to personal friends the President intimated his belief
would not return to Washington alive. The Assocideath said the Associated Press (Paris advices Aug. 3, that he
ated Press, in a Marion (Ohio) dispatch August 8 reported
which quoted the Ambassador as saying:
this as follows:
President Harding's :tenth comes as another shock and a crushing blow
The late President Harding when he left Washington for his Alaskan
to an over-tired and nervous world. It is a disaster of the first magnitude.
I have known Mr. Harding for a long time. He was big hearted, with trip confided to some of his close personal friends that he believed he would
a good brain, and he grew constantly stronger in office. His death is a less not live to return to Washington. Brig.
-Gen. Sawyer, his personal
physician, told Mr. Harding's Marion friends so when they met the funeral
to the whole world.
Mr. Harding was Lieutenant-Governor with me In Ohio when I was train at Willard yesterday.
According to Dr. Sawyer, the President was feeling "very much worn
elected Governor in 1903. We. together with Marcus A. Hanna for
Senator, made what was called "the campaign of the three H's—Hanna, out" when he reached St. Louis, but believed that he would regain his
Herrick, and Harding." We were elected by the biggest mijcrity Ohio strength in the rest period between stops. According to Dr. Sawyer.
had ever returned up to that time.
he failed to do so and his condition became more weak as the trip progressed.




AUG. n 1921)

-

THE CHRONICLE

Seattle, memWhen Mr. Harding deltvered his last public address in
before he finished
bers of his party said they thought he would collapse
a dilation of
It. It was during this address that he was attacked with
President's party
the heart, according to Dr. Sawyer. Members of the
his engageat that time tried to persuade him to abandon the remainder of
his strength
ments, but Mr. Harding said that he though he would recover
became steadily
on the trip from Seattle to San Francisco, but his vitality
was in
lower, and when the party reached San Francisco the President
engagements
such a state that it was then decided that all further speaking
would be cancelled.
seriousness
Dr. Sawyer told Marion friends that the President realized the
make this
of his condition before the party left Washington, but dii not
known until he was taken ill in San Francisco. They also were told that
the seriousness of his condition
Mrs. Harding was aware at all times of
in
and for that reason was constantly at his bedside during his sickness
San Francisco.
Intimate friends of Mr. Harding here say he never fullyrecoverod from
his illness last spring, when, they declare, he was in a much worse condition than was officially announced.

Further indication that the late President appeared concerned as to the effect of his trio, were contained in the following in an Associated Press dispatch from Marion. August 3:
Dr. George T. Harding Jr., brother of the late President, said to-day
that before starting on his Western trip the President placed his personal
affairs in shape, much as though he might have feared he would never
return alive. He made a new will, reorganized his financial investments,
sold his newspaper, the Marion "Star." and disposed of thefanu, recently
purchased near Blooming Grove, on which he spent his early boyhood.
The farm was deeded to George T. Harding the third, soll of nis brother.
Dr. George T. Harding .1r. of Columbus and Werthiv gten, Ohio. The
280-acre farm had been In the posswsion of the family ter years, and it
was the President's wish that It remain in the family.
It a Pittsburgh dispatch August 4 the New York "Herald"
had the following to my:
The late President Ilarding was a tired man a month before he set
out on his journey to Alaska, James Francis Burke, former Representative
in Congress and a close personal friend ef Mr. Haratog,told an unnumbered
audience in a radio address from here to-night.
"A month before he began his Western tour," said Mr. Burke,"President
Harding discussed with me the great task before him. I asked him to
consider making his first stop and delivering his first address in Pittsburgh.
He said: 'I shall be glad to go to Pittsburgh this fall under the auspices
of the Chamber of Commerce, in order that there may be no politics in
my visit. And then I want to spend a quiet week end at Rolling Rock
among the mountains. But I cannot stop on my way West and I cannot
yield to ono-tenth of the demands that are now being made upon me in
connection with this trip. The grade is too steep. I need rest, but at
the same time I want to see my country and its people.'"
Rolling Rock is a country home of A. W.Mellon, Secretary of the
Treasury, in the most beautiful part of the Allegheny Mountains.

Period of Mourning Until December 1 for United States
Officials Declared by President Coolidge—Suspension of Business by Government Bureaus
This Week.
Following the issuance of an order by Secretary of State
Hughes calling for the shutting down of the Government
departments and bureaus for the several days this week, the
Commissioners of the' District of Columbia issued the
following proclamation on the 6th inst:

627

death "will bring acceptance of the ways he has Pointed
out and the high standards which in the calmness of high
patriotism he has upheld." The following is his statement,
sent by telegraph to the Editor of the New York "Times"
on Aug. 4:
The method of selecting the President of our great Republic inevitably
tends toward the elevation to that place cf a citizen who in his life, character and purpose best typifies the ruling spirit of his time. Especially is
this true in a great emergency when war or disaster impend or when, after
follow
they have passed, humanity confronts the grave problems which
In their wake.
In the midst of that chaos of passion, perplexity and even agony of the
public mind which preceded the Civil War there came Abraham Lincoln,
who we now know personified his time and people as did not other chosen
by the same method.
When the greatest cataclysm of victory had just swept over the world.
engulfing the United States with it in problems of unfathomed importance
to humanity here and elsewhere, Warren G. Harding, best of all citizens,
typified in his high place of power the true and enduring spirit of his time
and people.
Among the people of the United States, distracted and perplexed as they
have been by those who in conflicts of personal and political ambition
befog questions vital to humanity, his death will bring acceptance of the
ways he has pointed out and the high standards which in the calmness
of high patriotism he has upheld.
. But to-night the thought of such things only heightens the grief of our
stricken pooplo at the loss of one whom they knew not only as a President
but as a kindly, helpful friend. lie left Washington already fatigued
to disand worn down by work for the public, and it was his anxiety not
appoint them which led to his fatal overexertion on this trip.
If he could he would have chosen no other cause for his death than service
to his people. President Harding so loved the people that if neces`sary
always
to serve them best he would willingly bear their criticism. It is
this which marks the statesman and the patriot from the unworthy in
public place, who to please us pervert or withhold from us the often disagreeable but eternal truths of life.
He was a strong and determined man, who moved in his own way all
the more effectively and surely because he was patient and kindly with
those who differed with him, but his kindliness was never weaknees and
his patience never cowardice.
We mourn him, but we cannot but recognize that his life was complete.
Others must follow in his path, because he has left no other way. He is
dead, bat he died knowing that he had brought the nations together in
their greatest compact for future peace. He died knowing that his country
and the world were better for his life.
He died at the height of his career, at the height of his power, and in
the splendor of his achievement. Would he have asked more? I think
not,and it even was given him that he should die peacefully with his last
thoughts gladdened by the presence alone of his wife, who in her strength.
sweetness and gentleness of character is so much like !lime alone with
her as she road to him, weary and worn from great effort, words of appreciation and kindliness for what he had accomplished for his people.
CHARLES G. DAWES.

According to a Chicago press dispatch Aug. 4 Mr. Dawes.
overcome by the grief he felt at the death of his friend,
broke down and sobbed while broadcasting a final tribute
to Warren G. Harding from a radio station. The dispatch
said:

He was unable to finish his talk and the program was abruptly terminated.
Mr. Dawes's eulogy of the President was to feature a radio memorial for
the dead President—the first to be sent into the air. He sat in the broadcasting studio and listened to the favorite hymns of the deceased Executive,
sung by a male quartet.
"Nearer My God to Thee,' "Jesus Lover of My Soul," "Abide With
and "My Faith Looks Up to Thee" were broadcast to thousands of
Whereas, The Secretary of State, by order of the President, has issued an Me"
Milton J. Foreman, a colleague of
erder closing all the executive departments on Tuesday. Aug. 7. after listeners throughout the country.
1 p. m., and on Wednesday. Thursday and Friday, Aug. 8, 9 and 10, and Dawes in France ,delivered a brief tribute and Irving Herriott, an attorney.
the Commissioners of the District of Columbia have applied said order to read the President's last speech.
"It's your turn now, General," the announcer said, and the former
the offices of the Government of the District of Columbia; and,
of the Budget, whose explosive "Hell Maria" before a Senatorial
Whereas, the President of the United States has issued a proclamation Director
Investigating committee made him unique among Americans, took his
appointing Friday, Aug. 10,the day on which the body of the dead President
chief,
will be buried, as a day of mourning and prayer throughout the United place. lie spoke quietly and smoothly for a moment of the deceased
who had been a very dear friend.
States:
Ins voice faltered, broke and he bowed his head and wept, his head in his
Therefore, the Commissioners of the District of Columbia call upon the
places of business in the District of Columbia to close their establishments arms on the table before him and his shoulders shaking with sobs.
"This is station WJAZ signing off," said the announcer. "General Dawes
on Tuesday, Aug. 7, during the time that the body of the late President is
is unable to finish his talk."
being moved from the Union Station to the White House, namely, 1 p. m.
to 3 p. m., and on Wednesday, Aug. 8, during the time that the funeral
cortege is moving from the White House to the Capitol, namely, from 10
T. W. Lamont and Other Bankers on
o• P. to 12 noon, and that the proclamation of the President setting aside
President Harding's Death.
Friday, Aug. 10, as a day of mourning and prayer throughout the United
States be fittingly observed. They also suggest that places of business and
Many bankers liave taken occasion to give expression to
with mourning from Aug. 7 to 10,
private residences be suitably draped
their sense of loss suffered in the death of President Harding.
Inclusive.
CUNO H. RUDOLPH,
Aside from the brief statement which was attributed to him
JAMES F. OYSTER,
following the President's death, and which we gave last
BELL,
J. FRANKLIN
Commissioners of the District of Columbia.
week (page 509), T. W. Lamont, of J. P. Morgan & Co.,

By direction of President Coolidge, Secretary of State had the following to say on the 3d inst.:
President Harding's sudden and untimely death comes as a personal grie
Hughes on Aug. 4 telegraphed the governors of the various
fellow-citizens generally, to
who knew him,
States advising them that a period of mourning would be not only to thoseterm of office he but to his endeared by reason of his
whom during his
had became
observed by officials of the United States until Dec. 1. kindliness, his warm heart, his manifest sincerity, and his complete devotion
Until this date there will be no official entertainments by to the welfare of his fellows.
time when the country was in the
President Harding came into office
Government officers. In .addition the governors were throes of severe business depression. at a was called for at that time was
What
advised that flags would remain at half mast on Government not heroic or theatrical measures, but a coolness, a steadiness and a serenity
buildings and that formal calls of organizations or officials on the part of the Chief Magistrate. Those were qualities that he possessed
In abundance and for
reason the investment community and business
in a body upon the President would be deferred until after Interests generally feltthat
confidence in his Administration. So sound is the
country's present financial structure that even the President's death,
Sept. 3.
lamentable and grievous as it Is, will not serve to affect the deep sense of

Charles G. Dawes Breaks Down While Eulogizing personal loss that the city will feel in the death of the President.
Mortimer Schiff, of Kuhn, Loeb & Co., said:
President Harding in Radio Message.
of the President
bereavement in
All must feel
Of the many tributes paid to the memory of the late and will mourna sense of personala great and goodthe death by his qualities
man and
his loss. He was
President Harding one by Brig.-Gen. Charles G. Dawes, of mind and heart had won the respect and affection of the entire nation.
Charles E. Mitchell, President of the National City Bank
of Chicago, who was formerly Director of the Budget, is
worth recording. Mr. Dawes declared that the President's of New York, made the following comment:




628

THE CHRONICLE

The country is a unit in its mourning for the loss of President Harding.
who,in the conduct of his patriotic duty, lavished his strength to the breaking point and died a martyr to service. Conscientious, sincere and ever
striving to learn the public thought and will, his acts truly reflected public
Opinion. His greatness is shown clearly in the character of the men he
summoned as his Cabinet advisers—a group that is outstanding in its
harmony and strength to carry on without a break the great national
policies to which It has devoted itself under the President's leadership.
A great patriot has died in the greatest service to which a country can call
a citizen, but he died leaving trained ability to carry on his policies.

Walter E. Frew, President of the Corn Exchange Bank:
President Harding was a great man and a great, loyal citizen. He performed a valuable service for the country. As a harmonizer he has had
ufew'q als. Calvin Coolidge is a serious, conservative, thinking man. He
has strong convictions and great courage. He will make an able President
andla worthy successor to the late President Harding.

William C. Potter, President of the Guaranty Trust Co.:
7 The period during which President Harding served the nation has been

one of grave and difficult problems. Throughout his Administration he
brought to his great work a poise, a willingness to listen and to weigh factors,
and a sympathetic understanding which made his calm and steadfast leadership of incalculable value to the country. He strove with patience, kindness, consideration and without stint of himself. He died as he would
have wished,in the midst of the stress and strain of service to his country.

[VOL. 117.

The same chamber also suggests that during these hours a time be
selected when five minutes of absolute silence be observed by all inhabitants.
Services will be held here to-morrow in the American Episcopal Cathedral
and at the Methodist Church. The personnel of the United States Embassy and Consulate and representatives of leading institutions will attend.
Flags throughout the city have been at half-mast since Mr. Harding's
death. The Mexican tri-color over Government buildings will remain
at half-staff for three days. Messages of condolence from .all American
institutions have been sent to Mrs. Harding.

Montreal Stock Exchange Recessed Yesterday Afternoon in Memory of President Harding—Montreal
Memorial Services.
Besides the suspension of yesterday afternoon's session
(Aug. 10) of the Montreal Stock Exchange "as a mark of
respect to the memory of the late President Harding" it
was announced that citizens of the United States and Canada
would unite in a memorial service at 4 p. m. yesterday in
Emmanuel Church, Montreal, in memory of the late President of the United States.

Message of Sympathy to Mrs. Harding from Premier
Memorial Service in London—Tribute by Greece
of Canada.
and Other Nations.
Premier Mackenzie King of Canada sent the following
Every nation seems to have in one way or another paid telegraphic message of condolence to Mrs.
Harding on
tribute this week to the memory of President Harding. It Aug. 3.
My colleagues in the Government join with me in expressing deepest
would not be possible for us, with our limited space, to record
your
all the messages of condolence received at Washington (some sympathy with you in the great bereavement. Your grief is shared not
alone by the people of
United States
of which we gave last week, page 509), nor to indicate the people of Canada. We recall with deepbut in very real measure by the
feeling the words of good-will
various ways in which honor was paid to the late President's spoken but a few days ago by Mr. Harding on the occasion of the visit
of the President and yourself to our country. In like spirit and sincerity
memory by other nations. In London yesterday (Aug. 10) we express to the people of the
United
a memorial service for President Harding was held in West- the profound sympathy of the peopleStates,in the loss they have sustained,
of Canada.
In the feeling of international friendship between the Republic and ourminster Abbey. In a cablegram apeparing in yesterday's
selves, never stronger than to-day, we trust there may be something of
"Tribune" it was stated:
consolation to you and to our neighbors in
sorrow which we
hour

While Americans will make up a large portion of the attendance, Englishmen of all classes will be present and with feeling in their hearts.
The human side of the President's character was communicated to the
English people in various of his official acts, and he was held in tender
regard, for all that he was comparatively little known to the masses here.
It is with a genuine heaviness of heart that London and England will join
America in the epochal services in the Abbey.
The Court, in mourning for the late President, will be represented at the
services by the Duke of York. Plans for the memorial, completed yesterday, remain unchanged, save that an additional service will be held in St.
Margaret's Church, adjoining the Abbey, for the benefit of hundreds of
Americans unable to obtain seats for the Westminster program.
The services in each instance will be held at high noon.
Canon Carnegie, sub-dean, will officiate at the Abbey. The music program will be made up of hymns known to be favorites of the dead President,
Including "Abide With Me," and "Lead Kindly Light."

this

of

all share.

President Harding's Address at Vancouver, Reciting
Friendship of United States and Canada.
President Harding, before his sudden death, visited Canada, as is well known, and at Vancouver, B. C., July 26,
referred to the friendship existing between that country and
the United States. "Our protection," he said upon that
occasion, "is in our fraternity; our armor is our faith; the
tie that binds more firmly year by year is ever increasing
acquaintance and comradeship through interchange of citizens; and the compact is not of perishable parchment, but
Regarding the tribute paid by Greece, we quote the follow- of fair and honorable dealing which, God grant, shall coning Associated Press advices from Athens Aug. 9:
tinue for all time." In a humorous vein, after disclaiming
A Government decree was issued to-day calling for all official business of any scheming
upon the part of the United States to annex
the Greek Government in Athens to cease for four hours to-morrow during
Canada, he said: "Don't encourage any enterprise looking to
the funeral of President Harding.
The Greek press is calling attention to the fact that this is the first time, Canada's annexation of the United
States. You are one of
In modern history at lease, that Greece has paid such honor to the chief of a
the most capable governing peoples in the world, but I
foreign State, and declares that the respect was amply justified by the deep
humanitarian interest Mr. Harding took in the Greek refugee problem last entreat you for your own sakes to think twice before underyear, as was made evident in his November proclamation and other State taking management of the
territory which lies between the
papers, as well as by his serving as Chairman of the Near East Relief
Great Lakes and the Rio Grande." The following is the
Emergency Committee in America after the Smyrna disaster.
Services will be held to-morrow in the cathedral and in the English Associated Press accounts of his speech at Vancouver:
church

President Harding in his address here to-day pointed to the
and will be attended by the highest officials of the Church and State.
century-old
At the request of the Government. Dr. Samuel Cavert, of New York, friendship between the people of Canada and the people of the
United
Secretary of the Federal Counsil of Churches, will make the principal States as proof to the nations of Europe that public will
rather than public
address.
force Is the key to international peace.
Mr. Harding referred at the outset to his visit being the first ever made by
In Hong Kong advices Aug.9 the Associated Press stated:
All of the American business houses here will close during the funeral a President of the United States to Canada during a term of office and with
the exception of the visits of President Wilson to Europe, the first on any
hours of the late President Harding.
soil. He then continued:
Advices to the New York "Tribune" from Warsaw had politically foreign are required to prove
"But exceptions
rules. And Canada is an exception.
the following to say:
a most notable exception,from every viewpoint of the United States. You
-masted throughout Poland in respect for President Harding. are not only our neighbor, but a very good neighbor, and we rejoice in your
Flags are half
The entire diplomatic corps and the chief officials of the Polish Government advancement and admire your independence no less sincerely than we value
your friendship. We think the same thoughts, live the same lives and
called at the American Legation yesterday to offer their condolences.
cherish the same aspirations
to each
In Stockholm likewise, there was a memorial service, as Thousands of your brave ladsof servicein gallant other In times of need.
perished
and
Is indicated in the following from there, Aug. 9, published the preservation of our union. Many of our young mengenerous action for
followed Canadian
colors to the battlefields of France before we entered the war and left their
in the "Tribune."
proportion of killed to share the graves of your intrepid sons.
A memorial service for President Harding will be held in the Cathedral
"What an object
-lesson of peace is shown to-day by our frontier. No
of Stockholm on the national day of mourning to-morrow. His Grace, huge battleships patrol our dividing
*waters, no stealthy spies lurk in our
the Archbishop of Sweden, Nathan Soederblom, will officiate and will tranquil border hamlets. Only a
scrap of paper,recording hardly more than
be assisted by the chaplain of the American cruiser Pittsburgh, which a simple understanding, safeguards lives
and property on the Great Lakes,
arrived in Swedish waters yesterday.
and only humble mile-posts mark the inviolable boundary line for thousands
All of the South American countries also joined in paying of miles through farm and forest.
"Our protection is in our fraternity, our armor is our faith; the tie that
tribute to President Harding's memory.
binds more firmly year by year is ever increasing acquiantance and comradeship through interchange of citizens: and the compact is not of perishable
parchment, but of fair and honorable dealing, which, God grant, shall
Mexican Banks Close in Tribute to President Harding. continue for all time.
"An
and
From Mexico City Aug. 9 the New York "Tribune" appearsinteresting that significant symptom of our growing mutuality
in the fact
the voluntary interchange of residents to which I
reported the following copyright advices:
have referred is wholly free from restrictions. Our national and industrial
here—Mexican. American and British— exigencies have made it necessary for us, greatly to our regret, to fix limits
Nine of the leading banks
signified through the American Chamber of Commerce to-day their in- of immigration from foreign countries. But there is no quota for Canada.
tention of closing their doors to-morrow as a tribute to President Harding. We gladly welcome all of your sturdy, steady stock to come as a strengthenAmerican firms will close and a general tribute from all other nations ing ingredient and influence. We none-the-less bid godpseed and happiness
will be paid.
to the thousands of our own folk who are swarning constantly over your
The Mexican National Chamber of Commerae, acting for all commerce land and participating in its remarkable development. Wherever in either
chambers in the republic, to-day addressed an open letter to Mexico's of our countries any inhabitant of the one or the other can best servo the
business world requesting all stores, regardless of nationality, to close interests of himself and his family Is the place for him to be.
their doors between 11 o'clock and 1 o'clock as an "indication of respect
"A further evidence of our increasing interdependence appears in the
to President Harding and courtesy toward the American people."
shifting of capital. Since the armistice, I am informed, approximately




AUG. 11 1923.]

THE CHRONICLE

into Canada for
$2,500,000,000 has found its way from the United States
the circuminvestment. Most gratifying to you, moreover, should be
your State
stance that one-half of that great sum has gone for purchase of
maintenance of
and municipal bonds, a tribute, indeed, to the scrupulous
mother country across the
your credit, to a degree equaled only by your
border.
sea and your sister country across the hardly visible
vicissitudes which
'A hundred years of tranquil relationships, through
arbitration,
elsewhere would have evoked armed conflict rather than
ever seen in history
affords, truly declared James Bryce, the finest example
whose very absence of armaments itself helped to
of an undefended frontier,
that 'peace
prevent hostile demonstrations; thus proving beyond question
between
can always be kept, whatever be the grounds of controversy,
peoples that wish to keep it.'
truth, my friends, in that single
"There is a great and highly pertinent
assertion. It is public will, not public force, that makes for enduring peace.
of us
And is it not a gratifying circumstance that it has fallen to the lot
North Americans, living amicably for more than a century, under different
produced of that basic fact?
flags, to present the most striking example yet
Canada and
If only European countries would heed the lesson conveyed by
the United States, they would strike at the root of their own continuing
disagreements,and,in their prosperity,forget to inveigh constantly, to ours.
"Not that we would reproach them for resentment or envy, which after
all is but a manifestation of human nature, rather should we sympathize
with their seeming inability to break the shackles of age-long methods, and
world
rejoice in our own relative freedom from the stultifying effect of old
customs and practices. Our natural advantages are manifold and obvious.
a thousand years. We live in the power
We are not palsied by the habits of
and glory of youth. Others derive justifiable satisfaction from contemplation of their resplendent pasts. We have relatively only our present to
regard, and that with eager eyes fixed chiefly upon our future.
"Therein lies our best estate. We profit both mentally and materially
lost
from the fact that we have no 'departed greatness" to recover, no
gnaw
provinces' to regain, no new territory to covet, no ancient grudges to
we
eternally at the heart of our national consciousness. Not only are
we
happily exempt from these handicaps of vengeance and prejudice, but
and most helpfully by our better knowledge,
are animated correspondingly
*
derived from long experience of the blessings of liberty. * *
countries
"I find that, quite unconsciously. I am speaking of our two
to keep
almost in the singular, when perhaps I should be more painstaking
I feel no need to apologize.
them where they belong, in the plural. But
The ancient
You understand as well as I that I speak in no political sense.
disappeared from
bugaboo of the United States scheming to annex Canada
all we can
all our minds years and years ago. Heaven knows we have
manage now and room to spare for another hundred million before approachof existence of many European States.
ing the intensive stage
"And it! might be so bold as to offer a word of advice to you, it would
annexation
be this: 'Don't encourage any enterprise looking to Canada's
of the United States. You are one of the most capable governing peoples
for your own sakes, to think twice before
in the world, but I entreat you,
undertaking management of the territory which lies between the Great
Lakes and the Rio Grande.'
"No,let us go our own gaits along parallel roads, you helping us and we
helping you. So long as each country maintains its independence, and both
recognize their interdependence, those paths cannot fail to be highways of
progress and prosperity."

of the community it serves and I know I am reading an index to dependable
public opinion as well as a potent agent in molding public opinion.
An impressive feature of the Alaskan press was its manifest honesty.
oftimes revealing an appealing frankness. An honest and an intelligent
press, which necessitates a highly purposed press, affords a limitless opportunity for community services and the loftiest employment in life. It
may preach to the larger congregation; it has every opportunity to commend and defend the law; it is the effective mouthpiece of our politics. It
is the teacher which knows no vacation; it is the recording agent of human
accomplishment, whose simple story is the ever continuing inspiration to
loftier achievement.
Let those of us who find pride in association with the making of the
American press the best press in the world resolve upon a full appraisal of
our responsibilities and see that conscience is maintained as editor in chief.
and that accomplishment writes the big "beats" which are ever giving the
exhilarating thrill to the daily grind.

President Harding Wanted Navy of First Rank Until
Nations Abandon Use of Armed Force—Opportunity of Honest and Intelligent Press.
In one of the last of the speeches which he delivered
before the illness which resulted in his death, President Harding referred to the naval plans of the United States and
declared that until the day comes when nations abandon
use of armed forces America shall find her assurance in a
navy of the first rank. The President's remarks to this
effect were made in addressing the Seattle (Wash.) Press
Club on July 27 after his review in the Seattle harbor of
virtually the entire United States battle fleet. With reference to the navy he said:
We were building two years ago at a rate that would have placed our
armed sea power in excess of any other Power, but in conviction that
armament cost and competition were leading to menacing national burdens,
we invited an international conference to fix limitations. We asked equality
with the first rank for ourselves and were accorded it. Let us hope our
Congress, with the cordial sanction of the American people, will continue
that first rank.
"I believe our obligation to the world means the most exacting restriction
of our maintenance within the maximum limitation fixed by the Conference,
and I believe our clear duty to ourselves is to maintain the equality provided
In that maximum until a new baptism of international conscience prescribes
a joint action towards reduction or complete abolishment.

629

Upon the mune occasion, referring to the opportunities of
the press, he said, "an honest and intelligent press which
necessitates a highly purposed press, affords a limitless
opportunity for community service and the loftiest employment in life." Leading up to this statement the President
said that "those of us who think we know a great lot about
newspaper making may learn some very simple fundamentals
by going to Alaska." The Associated Press gave as follows
his further remarks:
doffing my hat to the editor and publisher,

Report of United States Coal
Commission in Anthracite Industry.
Legislation vesting authority in the President of the
United States to seize and operate the anthracite coal mines
in the event of a strike is again recommended in a supplementary report of the United States Coal Commission, made
public on Aug. 7. The report of the Commission, which was
appointed by the late President Harding, follows publication
early in July of a general survey of the industry. The Coal
Commission was created by authority of Congress to investigate thoroughly the anthracite industry and make recommendations to Congress designed to prevent another situation
like that caused by the strike last summer. "The Commission in its latest report denounces certain groups which are
issuing "loose and often swashbuckling" literature designed
to win public sympathy at the cost of inciting trouble. "The
public is unwilling to tolerate having a product which its
very life depends upon made the plaything of a militant
group action," declares the report. "The elimination of
irresponsible propaganda and the substitution of authorita_
tive statement of facts and issues, rid of offensive charges
would go a long way toward a sane approach of the problems."
The supplementary report of Aug. 7 contains twelve snecific
recommendations. Most of them are of highly technical
nature, but the spirit of the entire survey is epitomized in
this demand of the Commission that the President be empowered promptly to act with full authority in any time of
crisis. It is the spirit of the public good, the insistence that
the public need must be placed above all other considerations.
The day prior to publication of the latest report the Commission issued a statement dealing with retail coal prices.
Costs of retailing coal and profits made by retail dealers can
best be explored by municipal and State agencies in the
interests of the communities concerned, according to conclusions reached by the Commission. In its statement the
Commission said it had found coal retailing inextricably
associated with trucking and storage, and with the retailing
of a variety of other commodities. The expense of a
national survey was estimated at $2,000,000. In its statement on retailing the Commission says:
Supplementary

There seems to be a lack of information as to how far the United States
Coal Commission has gone in the anthracite and intends to go in the bituminous industry with reference to the retailing of coal.
To set the matter right, the Commission announces that it soon discovered that with more than 40,000 retail coal dealers in America, many of
whom had their coal business complicated with other articles of merchandise,
the appropriation would not permit a presentation relative to the investment, cost, margin and profits of each of these dealers. The Commission
has done all that it could in the way of sampling in many of the municipalities of the country in the retail coal trade, and will present the result of
its investigation to the country, but it has not gone and cannot go into
in investigation of all the retail coal dealers of America.

An investigation ofsuch a character could not be made short of$2,000,000
and when made would not be conclusive as to whether the citizens of a
municipality were satisfied to pay the prices charged by the retailer for coal.
Therefore the Commission has concluded that except as to the general
investigation of the subject of the retail trade it will have done all it can
when it furnishes the information as to cost at the mine. The railroad rate
is easily ascertainable.
Citizens and municipalities must do something for themselves. If they
believe that they are paying to the retailer an exorbitant profit they should
supplement the work of the Commission by local investigations of the
subject.
It heartily approves all investigations that are being made to ascertain
the profits of retailers in individual municipalities, the determination of
I found myself involuntarily
town or eight to twelve profits and any suggestions that can be made for the bettering, if needful,
a daily issue in a
who succeeds in maintaining
hundred people, where the circulation maximum cannot exceed two to of conditions disclosed in the investigation of the subject.
I refrain from an attempted analysis of the relation
three hundred copies.
Details of the report were contained as follows in a disadvertising to its cost, but the community value of the
of the value of
patch from Washington to the New York "Times" Aug. 7:
publication will remain unchallenged.
news of the world, with a larger relative
"We find that the agreement between the operators and the union, which
There is a limited reflex of the big
world politics; but human interest is fairly satisfied has been in effect since 1903," the committee says in its general findings,
regard for Pugilism than
world events. Doubtless the Alaskan community "Is very widely accepted In principle by both sides, but is carried out in
with the tabloid story of
mentally with its restricted news diet as are performance very inadequately. We find strikes in violation of the agreeIs quite as well nourished
if we road our newspapers fully, ment. We find delays in the consideration of disputes a serious handicap
of us who find our nauseated way,
some
stories of crime and scandal, and wander to satisfactory working; we find that there is not enough specialized provision
through elaborated and expatiated
for the consideration of specific disputes right on the ground and at the
politics.
through a haze of speculative
Alaskan sheet is the home news and when mine where such disputes arise, and we find in the handling by employers
The big asset in the successful
of practice and viewmaking of a newspaper is written, here is the secret of the early stages of disputes too great a disparity
the final analysis of the
which is a true reflex point."
newspaper successes. Give me a newspaper
of most




630

THE CHRONICLE

[VOL. 117.

Twelve-Hour Day Condemned.
"2. Theroperatorsrshallrelect for each of their three members of the
The Commission does not make a proposal upon the basis of which the Conciliation Board an alternate (or alternates) who should be a man (or
existing controversy between the anthracite operators and the mine workers men) of like standing in the industry and who should have authority to
might be ended and a new scale contract speedily negotiated. It condemns act in the absence of the member.
"3. The operators shall appoint a full-time representative with adequate
the twelve-hour day, saying that "we recommend that provision shall be
made in the next agreement for the elimination of the long day," but does assistants, who jointly with the district officers of the union shall consider
at the mine each case which is to be appealed to the Conciliation Board,
not substitute a seven or a six hour day.
Nothing is said in the recommendations concerning the full recognition so that one more possibility may be offered for local settlement by mutual
of the union by the operators, as is being demanded by the United Mine consent, and so that the cases before the Board may have thorough and uniWorkers' leaders. The "cneck off," which is one of the outstanding issues fied presentation from the operators' side. Upon him will be placed the
In that connection, is not mentioned. The Commission, however, tells responsibility of developing among the mine companies and their executives.
the union that it "has passed its days of struggling for existence and has especially mine superintendents and foremen, a sound and consistent apreached the stage of constructive opportunity in which it must justify itself proach to the labor problem.
by a new kind of service."
Project for a Code Set Forth.
This was stated in connection with the subject of union responsibility.
"4. The parties to the agreement shall provide for a committee to work
"The time for purely restrictive exercise of union power is past," the
out a restatement of the whole agreement in terms that the two parties
Commission says. "With that power already achieved, the union now
has the opportunity and the obligation to help in working out whatever would agree to abide by to-day. Such a statement would be in the nature
measures are necessaxy for effective discipline and management in the of a code for the anthracite industry.
"5. If the facts in a case are not clearly and definitely presented to the
Industry."
Board of Conciliation it shall be the duty of the Board to appoint one or
Warned to End Outlaw Strikes.
more examiners immediately to investigate and furnish it with such facts.
The union leaders are warned that they should find means of putting an
"6. A case submitted to the Board shall be decided or referred to the
end for all time to outlaw strikes in the coal field.
umpire within thirty days, or shall be continued by Joint agreement of the
"Threats of outlaw strikes are wholly to be condemned," the Com- parties to the
case.
mission declares,"and the one best organization to put a stop to them is the
"7. There shall be included suitable clauses for penalties in case of
union, for people do not often work well together after the law has once violation, the
general nature of these penalties to be worked out by the
stepped in between them."
parties to the agreement and stated in the agreement.
Commenting upon general strikes, the Commission severely scores both
"Many elements affecting the miners' difficulties in mining anthracite
operators and miners for propaganda put out by both sides at such a time, coal vary so widely that
a day's work, and, therefore, the appropriate rates
propaganda which, it is asserted, misleads and confuses the public when per ton, per car or per
yard are very dissimilar among the various working
It should have full and accurate information from responsible sources.
forces. These variations are met now by various allowances and considera"The loose and often swashbuckling literature that emerges on occasion tions, which, however, use
the conditions of 1902 as a base from which to
from legal and publicity departments on both sides is a constant incitement figure. This base in
itself was the cumulative result of trading under
to trouble," the Commission says. "We have been repeatedly impressed widely varying conditions
of mining and of trading strength, and the
by the complete detachment of these agents of publicity from the facts physical
circumstances of 1902 have in many cases altered completely: yet
that come to light in the field and from the actual opinions of the men daily there would be
nothing but harm arise from attempting to correct the
at work in the industry.
1902 base by further trading alone.
"These official statements of both sides, even when the concrete incidents
"It is manifest that, owing to these causes, there are many inequities
are in a measure true, do not represent the things that are important. among
the rates of the employees of the anthracite district which will arouse
They are rarely constructive and are unfortunate incitements to class more and
more irritation as years go on. To obtain a scientific basis upon
bitterness that stand in the way of good relationships in the industry. The which to
fix such rates will require many months if not years of study and
elimination of irresponsible propaganda and the substitution therefor of
examination. It is therefore essential that the parties to the agreement
authoritative statements of facts and issues rid of all offensive charges and take up the
subject immediately and we recommend that:
countercharges will go a long way toward better relations in the industry."
"8. The next agreement shall provide for a joint commission to inaugurate
As to the general situation, the Commission says:
a careful study of the elements of the Jobs in the anthracite industry, for the
"Anthracite coal is the chief domestic necessity for that part of the purpose of
building up a scientific and more equitable basis for rate making.
country that has at the same time a most rigorous climate and the greatest Pending results of
such study, it will be necessary, of course, to retain the
bulk and density of population. Failure of the winter's supply of anthracite old 1903 base.
is a national disaster; any imminent prospect of such failure arouses fear
Variation in a Day's Work.
to the point of panic. The public Is unwilling to tolerate having a product
"Too much Is said and too little known about a day's work for a miner.
upon which its very life depends made the plaything of militant group
It varies with the physiology and mental attitude of the worker, with his
action."
Among the proposals which the Commission makes are that a continuing rate of speed and his skill, with geology and with skill in management.
Overwork Is always a possibility. Where a miner sets his own limits to his
umpire or an assistant to him shall sit with the conciliation board at all its
meetings; that the operator members of the Board shall have alternates; day's work he is unavoidably influenced by his ideas of a satisfactory level
that operators shall appoint full-time representatives on the conciliation of income and by his fears of the adverse effects that may result from
board; that something in the nature of a code for the anthracite industry records of high earnings. Not a little restriction of output arises under
shall be worked out: that the Board of Conciliation should appoint exam- such circumstances. Its only cure is snob an analysis of the elements of the
job as has Just been recommended.
iners to act when the facts in a local dispute are not dearly defined; that
"It is reasonable to estimate that the sense of unfairness among the
cases submitted to the Board shall be decided or referred to an umpire
within thirty days; that there shall be penalties in case of violation of relatively few men working ten to twelve hours per day, or thereabouts,
awards; that the next agreement should provide for a joint commission to keeps up irritations which cost more than whatever the saving If any from
deal with inequalities in the matter of wages and that the new agreement the longer hours. We. therefore, recommend that:
"9. Provision shall be made in the next agreement for the elimination
should correct the present discrepancy between principle and practice
of the long day.
regarding the rights and obligations of both parties,
"For good management there must exist power of discipline and discharge,
safeguarded only against the abuses of precipitancy, capriciousness and the
Renews Intervention Proposal.
like. These powers to-day are abridged scarcely at all by the agreement,
The Commission restates its program for Governmental interference in
case of a general strike, a program which was first outlined in the original but are materially abridged by attitudes which have grown up in spite of
anthracite report made public early in July. The specific recommendation it. We recommend, therefore, that:
"10. The new agreement shall correct the present discrepancy between
on this point is:
"The next agreement shall run for such period as may be agreed upon principle and practice by stating specifically the rights of obligations of
and at the end of such period shall be considered to have been renewed ex- both parties. In our judgment the right of discharge and discipline should
cept in respect to such provisions as either party may have expressed a rest with the operator subject to appeal and prompt review by the conciliapurpose to change by serving notice of such purpose on the other party tion machinery in case the discipline is alleged to have been unreasonable
or unjust. Obviously both parties must be committed to abide faithfully
ninety days before the renewal date,
"Upon these points the parties shall immediately confer, and if within by the results of such review.
sixty days of the renewal date they have been unable to agree, the agreeUnion's Field of Service.
ment shall provide that they record the fact of their inability to agree and
"The union stands in a relation to its own members which Implies a
the issues upon which they cannot agree to the President of the United service beyond the
mere activity of grievance and strike committees. If
States. It is recommended that the President thereupon appoint a person
the union is wise it will not permit the employer to take over the duty of
or persons to inquire into the reasons of the failure to agree and make public securing members, thus
shutting it off from a responsibility and a contract
a report before the renewal date,
with the rank and file that in the long run must be the source of its vitality.
"We recommend further that the renewal date of the anthracite agreement shall be set sufficiently far from the renewal date of the bituminous build up the calibre of all its
leaders, and greatly increase attendance at
agreement that suspension in both industries at once shall not be invited." Its meetings.
The major part of the report is devoted to the causes of friction. These
"Habitual resort to petty strikes means sacrificing a ieal authority based
causes are to include the attitude toward the agreement, wages, hours, upon recognition of work for a
temporary authority based on force and
Irregular operation, attitude toward restriction of output, discharge and threats of force which the nation will
sooner or later be obliged to curb.
discipline, union membership and the administration of labor relations.
The national union must daily serve the anthracite industry or expect
Want New Plan for Operators.
dissension and secessions. The district organization must afford a control
It is suggested that the operators organize along lines similar to the which enforces the agreement, or expect the public to provide an enforceUnited Mine Workers, so that they may have an organization functioning ment more mechanical, less expert, and less sympathetic."
"It is stated that'when the union in the eyes of the people shall have had
all the year round instead of one that springs into existence only when a
new agreement is to be negotiated. The operators on their part, it is said, the chance and failed, there will be almost no escape from resort to legal
legal methods unnecessary and they have abun- methods." The report continues:
may make public resort to
"But the operators have similar obligations and opportunities. The
dant opportunity to concentrate responsibility for labor relations upon some
high official who will aid in weakening the forces making for misunderstand- operators may aid In making public resort to legal methods unnecessary.
ing. Primarily the industry needs "the growth of a better spirit and a bet- They are in a position to harvest the experience in their own and in other
industries and,in the light of that experience, to concentrate dispassionately
ter partnership," investigators assert.
Although the union has arranged its organization so that the district on the best methods of adjusting practice to the real psychology of men
representatives take part in the handling of union dispute cases, there is at work.
"In the systematic cultivation of their relations with their own employees,
no association of employers to make easy the attainment of a similar unity
In the selection and development of leaders of men as foremen, in continuing
on their side in the early stages of the dispute, the report continues.
the education of men in management, and in organized efforts to build
detail as follows:
Views on conciliation are set forth in
"Consistency of practice at the point where disputes arise has been found internal good-will—the operators have an opportunity to strengthen all
essential in most industries where experience in working under an agreement normal motives toward co-operation and thus to weaken the forces making
has been had. But in anthracite mining the union virtually deals separately for strife. The dominance in the anthracite fields of the large company
with each company up to the time of appeal to the Board, to the disadvan- with all its chance for concentration of responsibility for labor relations upon
some high official, offers every opportunity and hope, if the will be there.
tage of the employers and of the whole joint structure. •
"Primarily, it is the growth of a better spirit and a better partnership
"To provide for the next steps in progress, It is recommended that the
the Industry needs, and we see no hope of encouraging such a growth by
next agreement shall plan for the following:
"1. A continuing umpire or an assistant to him shall sit with the Con- punitive legislation. The foregoing suggestions for changes in administration on both sides have not been given too hard and fast a form. The
ciliation Board at all its meetings.




AUG. 11 1923.]

THE CHRONICLE

men of the industry should know better than we the precise form which
measures necessary to progress should take. Both parties, however, must
lay stress upon the fact that the American people will expect much."
Big Strikes in the Field.
On the subject of strikes the report says:
"The great strike of 1902 brought about a coalfamine just at the approach
of winter and was only ended by the vigorous action of President Roosevelt
after there had been widespread suffering. Since then public anxiety has
been aroused by general strikes or suspensions in 1906, 1912, 1920 and 1922;
some of these cessations have occasioned serious hardship. The approaching expiration of the agreement been the anthracite operators and the
United Mine Workers again puts'. that part of the national fuel supply
in jeopardy.
"The frequency with which labor trouble has stopped production of
anthracite coal, the disregard of public interest shown on occasion in the
attitude of one or the other of the parties to these controversies, and the
apparent impotence of the public to protect itself has created a situation
that the public considers intolerable. In search for a remedy certain
citizens are advocating even so drastic a measure as nationalization of the
mines, while others are insisting on compulsory arbitration and outlawry
of strikes. The demand for some sort of remedial public action is practically universal.
"President Roosevelt in 1902 asserted vigorously the public interest in
anthracite mining; public sentiment ever since has approved his stand.
The Anthracite Coal Strike Commission appointed at that time laid the
foundation for machinery that is still functioning. This machinery operates
under collective agreements between the operators and the union and
except at the times when agreements expire, has maintained approximate
peace in the industry. Collective bargaining with partial public participation is, therefore, an established fact in anthracite mining.
"Periodic strikes and the ever recurring menace of strikes emphasized
by loose militant utterances on both sides is a condition that should be
corrected, if correction is possible.
Seeking Views of Workers.
Declaring that relations in the anthracite industry proceed from day to
day in a much greater spirit of mutual accommodation than the public
utterances of the union and of the operators would lead one to expect, the
investigators conisder that the most constructive way of improving these
relations will be to find those situations and methods of procedure that are
best and those individuals that are doing the most to promote good relationships. Having considered the machinery of the Roosevelt Commission
of 1902 as an established part of the labor relations of the industry, the
report states that the investigators have tried "to get at the real mind of
the industry as distinguished from its official mind."
The organization and procedure of industrial relations in the anthracite
field prior to 1903 and subsequent to 1903 is summarized by the investigators who say that the former period was characterized by extreme instability. Unions appeared in the field as early as 1848, but none maintained a continued existence. A serious three months' strike in 1887-88
under the guidance of the Knights of Labor was defeated, and this put an
end to collective bargaining for a decade.
In 1897 the United Mine Workers, which had been organizing the bituminous fields, began work in the anthracite industry. In 1900 a strike
was called of its 8.000 members and more than 100,000 workers responded.
The operators conceded the men's demands and the strike ended on Oct. 28,
having been called Sept. 17.
In May 1902 another strike was called, lasting five months, when it was
ended by the vigorous action of President Roosevelt. The operators
accepted the demand of the union for arbitration, and the issues were Submitted to the Anthracite Coal Strike Commission appointed by the President. The Commission reported in March 1903, "and with its award
begins a new period of industrial relations." as it set up machinery for the
adjustment of disputes which has continued for twenty years. During
this period there have been three general suspensions of work and one
protest strike, the report states, in 1906, in 1912, in 1920 and in 1922.
Men Involved in Struggle.
Here is a summary of the men involved in the four suspensions and the
duration of the strikes:
Strikes Involving the Whole Anthracite Field, 1903-23 (Figures also Include
Petty Strikes that Occurred During the Years Shown).
Ye,ar—
DateofBeginning. Dateof Ending. Men Involved.
1906
May 7
161.039
April 1
1912
May 20
151,958
April 1
1920
Sept. 19
96,840
Sept.2
1922
Sept. 11
142,442
April 1
The report then described the changes making toward complete recognition of the union and the improvements in the machinery for the adjustment of disputes that have been inaugurated since 1903.
The anthracite regions comprise three districts of the United Mine
Workers of America, corresponding roughly to the three producing fields,
District 1 embracing the Wyoming or northern field, District 7 the Lehigh
or central field, and District 9 the Schuylkill or southern field. In the three
districts, the union claims to-day a paid up membership of approximately
100,000 out of a total of approximately 160.000 workers.
"Many of the remaining workers are in occupations 'not eligible for
membership under the agreement. The organization is to-day substantially
complete, but this situation is comparatively recent, for as late as 1919
the President of the United Mine Workers reported that there were 100,000
workers outside the organization in the anthracite industry.
"The strength of the organization varies by districts. It is weakest in
District 1, in which approximately 56% of the men are located. Here it
Is estimated that somewhat over half of the eligible workers belong to the
union. District 7, with about 13% of the employees, claims to be completely organized, while District 9, which comprises about 31% of the
wage earners, is almost completely organized but has been so only a short
time.
Methods of the Union.
"The general scheme of organization is characteristic of the United Mine
Workers of America. At the top is the International, with headquarters
in Indianapolis. Under it is the district, the chief administrative division,
usually divided still further into sub-districts: and at the base is the local,
the unit of organization. In general, the local consists of all the workers
eligible for membership at each mine or colliery.
"This is the most common type in the anthracite fields and is known as
the colliery local. The general local is also found. This is a local consisting
of workers living in a given community and working in a number of collieries.
Sometimes these general locals consist exclusively of members of one
foreign language group. The union has come to regard the general local
as unsatisfactory in that there is less unity of interest among the members,
that affairs of one colliery only may be voted on by workers outside that
colliery, and that contradictory action may be taken by different groups
on the same grievance.




631

"In 1920 the union decided to revoke the charter of all general locals,
making the colliery local the only recognized form. Progress has been
made toward eliminating the general local, but the attempt to do away
with it has led to much ill-feeling and strife where the general local is
unwilling to surrender its funds.
"Union administration begins with the local which has its own corps of
officers and a mine or grievance committee. This committee is the authorized delegation of the local at the colliery and it is its duty to take up
grievances with the company officials, as already described.
"Each district is governed by a periodic district convention which makes
the rules for the organization, subject always to certain limitations Imposed
by the constitution of the international. Between sessions of the conventions, administrative power is in the hands of the District Executive
Board, consisting of the District President, Vice-President, SecretaryTreasurer and representatives elected by the sub-districts, usually supple-.
ment,ed by representatives elected at large. The district President is the
chief administrative officer and usually determines the character of the
district administration.
"The sub-district has its own Executive Board and in some cases a subdistrict President; but, with some exceptions, the sub-district is not an
important unit in the anthracite fields.
Conferences in the District.
"The three districts hold periodically tri-district conferences of delegates
which formulate the demands to be presented at the next wage conference
and determine certain matters of common policy. There are no permanent
officers of the tri-district convention.
"Each district, moreover, sends delegates to the biennial convention of
the International, which is the ruling body for the union as a whole. By
its decisions the anthracite districts as well as the bituminous are bound.
The International also maintains some officers in the districts who work
with the, district officers in maintaining the organization. These include
a number of organizers, a member of the International Executive Board for
each district and International auditors.
"Outside of the official organization and,in the main,unrecognized by it,
is the General Grievance Committee which is found in some localities. This
Is a committee made up of delegates from all the collieries of one company
organized to take up with the company officials grievances which affect
the whole group of collieries.
"Thesuggested scheme for a trade agreement proposed by the Commission
of 1902 provided for general grievance committees for this purpose. As
they cut across district lines, and, hence, across the administrative divisions
of the union, and as they early got into the hands of insurgent leaders they
have usually not been sanctioned by the union. Most of them have not
succeeded in treating with the operators, although several companies do
meet with them. They are important in the insurgent movement, but are
not a part of the official union plan of organization."
Grouping of the Operators.
The operators' organization is described as follows:
"The operators have no organization for dealing directly and continuously
with the union during the agreement period. There are two general operator associations, the Anthracite Coal Operators' Association, consisting of
independent operators, and the Anthracite Bureau of Information, to which
both 'railroad' companies and independents belong. Neither of these
organizations deals directly with labor matters. For negotiation with the
union at the expiration of the agreement and to act as general spokesman
of the operators, a General Policies Committee exists which consists of
fifteen operators from the two.
"Within the districts there is no organization of operators whatsoever.
The operator members of the Conciliation Board are selected one from each
district at a special caucus of the operators of that district, but the individual company remains the unit of administration in dealing with the
union."
The first of the important causes of friction discussed in the report is the
attitude toward the agreement. Both operators and union officials, it is
said, believe in the agreement and out of more than fifty responsible operator
executives interviewed only two were opposed to the idea of an agreement
with the union. Many criticised the 'way the agreement was working out,
opposing certain features, condemning the policies and practices of the
union, but the consensus of opinion was that they were better off with the
agreement than without it.
An investigator described the general sentiment in one district as follows:
"Without a single exception all operators. independent or railroad, small
or large, voiced approval of the present agreement. There is no longer a
question as to the possibility of operating without an agreement. They are
accustomed to it; they get a certain stability of wages under it; and in
general they get a large degree of law and order from it, which few of them
would be able to get singly. The operators appreciate the collective strength
given them by the agreement."
The union officials held identical views toward the agreement and among
no essential group in the union was there any advocacy of abolishing the
agreement and taking whatever the union could get without it, the investigators declared.
Continuing, the report said:
"At some local union meetings marked pride in upholding the agreement
was manifested. The familiarity shown with its terms was noticeable.
At these meetings, and at many other places where •niners gather, its points
were debated and explained. Such observatior, , dicate that a very considerable basis of faith in the idea of an agreement exists on both sides."
Difference on Policies.
From the standpoint of performance under the agreement, the report
divides the operators into five classes: A group with a liberal constructive
labor policy standing firmly for the maintenance of the operators' rights
under the agreement; a "peace-at-any-price group," consisting of those who
under stress "give away essential rights of the operators under the agreement"; a group of companies with little central control whose labor policy is
the policy of their respective foremen; a literal constructionist group energetically supporting the letter of the agreement, and a group that tries to
"get away with things" by whatever method possible, agreement or no
agreement.
Remarking that on the union side the practice toward the agreement in
Many places is in similar contrast to the union's theoretical views, the
Commission says:
"The 1902 Anthracite Coal Strike Commission provided that disagreement over disputes arising during the term of an agreement should be taken
up with the Board of Conciliation, and that 'no suspension of work shall
take place, by lockout or strike, pending the adjudication of any matter so
taken up for adjustment.' Since the awards of the 1902 Commission have
been renewed as a part of each agreement since that time, this provision is
still binding between the union and the operators. Not uncommonly this
provision of the agreement is treated as a scrap of paper.
"Button" Strikes Condoned.
"All the district leaders show real knowledge of the contract and of their
responsibilities under it. They realize that strikes are outlawed nd h

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it is their duty to prevent them and even to discipline locals who go out in
*violation of the contract. But all believe in the threat to strike and in
practice they make exceptions to their condemnation of some strikes,
especially of 'button' strikes.
"In general, where they consider orderly method is inadequate for the
relief of a real grievance, they tacitly sanction the resort to strike. One
District Vice-President,for example, admitted that under cover he advised a
stoppage as a means of correcting a bad rate,and the same leader in speaking
of a company that persistently violated the contract, wished the workers
there would indulge in a few strikes. Furthermore, discipline is weak over
locals who go on strike and over local leaders who call illegal strikes. In one
instance that has come to our attention, the District President threatened
to revoke the local's charter, but this was an exceptional proceeding. In no
case, so far as is known, has a local committeeman been removed for his
part in an illegal strike, although the district officers have the power to do
this. In consequence, petty strikes and suspensions do occur.
"It was difficult to get comprehensive information about petty strikes and
stoppages direct from the operators and the union, owing to the inadequacy
of records. The Anthracite Bureau of Information submitted a statement
from companies for which they had been able to secure information for the
period from September 1922 to March 1923. According to this statement,
there have been sixty-eight strikes or stoppages in the six months involving
a total of 56,646 men with a loss of 188,514 man days. Out of sixty-eight
strikes thirty-two were reported to be of only one day's duration and fiftytwo were of three days or less. One strike, however, lasted fourteen days;
one thirteen, and there were two of eleven days each.
"Even while the Commission is deliberating on its recommendations for
the anthracite industry,strikes occur in direct violations of the agreement in
attempts to force coal salesmen, electricians, inspectors, &c.,into the union.
Forcing the Payment of Dues.
"The most common of all petty strikes is the 'button' strike. A button
strike is a strike called by the union for the purpose of compelling some one
working in a colliery to join the union or to pay union dues. A certain day
each month is observed as button day. Buttons are supplied to the local
unions by the district office, and there is a new button with a distinguishing
mark or color for every month in the year. Therefore, these buttons are
receipts for the monthly dues.
"The miners are supposed to pin them in a conspicuous place on their
clothes, usually on their caps, so that the button committee can easily see
them. If a miner is discovered by the committee without such a button, an
explanation is due, and if satisfactory explanation is not given the man is
told he cannot work in the mines unless he pays his dues. If he insists on
working without the button and the company permits him to do so, all the
union miners stop work.
"While union officials do not defend the button strike from the standpoint
of the agreement, the attitude in practice toward it is one of approval.
"The most serious aspect of all of these strikes is not in their direct addition to cost, but in their effect on morale. They represent a constant
threat alike to the industry and to the agreement which the decision of the
Anthracite Coal Strike Commission of 1902 sought to eliminate.
"Inadequate provisions in the agreement, unscrupulous management
and delays in clearing up grievances may and do aggravate such strikes: but
these aside, the illegal strike and the threat to strike are used as a conscious
and illegal policy by the union to obtain advantages which It is not granted
under the agreement. The above examples indicate that practice in the
industry quite frequently assumes that the agreement is regarded as a law
intended to restrain the other fellow."
Uniform Wage Basis Difficult.
About two-thirds of the cases reported by the Conciliation Board in the
last ten years involved wage rates. It is pointed out that there are two
groups of workers, inside and outside day men, who comprise 60% of the
workers, and contract miners and their laborers who represent approximately 40%. The former are paid on an hourly, daily or monthly rate
and the latter are paid a piece rate varying with the method of mining,
the pitch of the seam and the traditional practice of the mine.
The investigators declare that there has been no scientific basis of' rate
making in anthracite mining, as conditions on piece-work basis make it
extremely difficult. Uniform piece rates are impractical and in the absence
of scientific adjustment a variety of practices grew up which the 1902 Commission found so complex that it decided not to tamper with them and
arbitrarily awarded a 10% increase to contract miners to be added to the
existing rates.
Subsequent agreements have followed the same policy, "thereby deepening and accentuating the original inequalities," so that "the perpetuation
of the old differences has given rise to new inequalities, since a rate that
was relatively adequate in 1902 may have become inadequate due to
change of local conditions."
Among specific causes of friction given in the report are these:
Differences in the amount paid from colliery to colliery for work that is
apparently similar. It is pointed out that the work may or may not be
essentially the same, but it is called by the same name "and a detailed
knowledge of mining conditions at the two collieries is needed before it is
clear whether or not there are differences in work, justifying a difference

[VOL. 117.

fore, more and more local irritation. To attempt revision of the rate
structure without comparative study ofthe principal jobs would be to launch
upon a project of great complexity and of vital public concern with little
beyond the accidents of a dubious trading process to guide it. Tested industrial practice has established the wisdom of developing objective standards to supplement a trading basis.
"To make a usable beginning of such studies, starting with the simple and
proceeding to the more difficult cases, will require several years' work by
competent men, backed by active and cordial co-operation from the leaders of the operators and of the union. It is essential that the undertaking
be started at once by provision in the lteement for its joint installation and
support."
Friction Over L*11- Work Day.
The subject of hours is the next cause of friction taken up in the report.
The eight-hour-day, it is decalred, is practically the prevailing day for the
Industry. but there are some occupations in which the men work ten and
twelve hours. The study of wage rates indicates that in 148 collieries
about 2% of the employees in 55 specified occupations work in excess of
-hour basis.
eight hours a day and about 70% of this 2% work on a 12
It is held that some of the occupations are not burdensome and do not
involve an amount of strain comparable with eight hours of work in the
mines. However, continuous complaints are being made from those working more than eight hours a day and the investigators hold that "it is certain
that as long as the day in excess of eight hours exists it will continue to be
a source of irritation when the basic day for the industry is eight hours."
Referring to the union demand for a six-hour day and five-day week,
which has received a great deal of publicity since 1920, the report points out
that this demand has not been included in the subsequent demands of the
union. "We do not find that the lack of a six-hour,five-day clause in the
agreement constitutes a serious source of irritation," the report says.
Irregularity of operation and attendance is the next cause of friction discussed in the report. Poor attendance and short hours are one of the most
common sources of complaint by the operators, the report states. A study
of records for 1921 indicates that an average absence rate for all workers at
all mines is 11.5%•
Between 1890 and 1903 the mines were operated irregularly and in that
period there was only one year in which the men averaged 200 days of work.
The situation improved by 1903. but by 1908 the mines did not average
225 days a year. Since 1910, however, the days worked have always been
over 225 and since 1916 always over 250,exceptfor the strike year of 1922.
The Commission is thus led to assume that the anthracite industry has
changed from one in which one of the foremost characteristics was its irregularity to one which compares favorably with most industries in this respect.
"In short," the investigators report. "irregularity of operation, which
formerly complicated the problem of industrial relations in the anthracite
industry and which is still a disturbing factor in bituminous mining, still
continues as a problem of the industry, but extraordinary progress toward
solution has been made."
Reports on Limiting Output.
The report takes up the agreement which provides that there shall be no
concerted effort on the part of the miners or mine workers of any colliery
or collieries, to limit the output of the mines or to detract from the quality
of the work performed, unless such limitation of output be in conformity
to an agreement between an operator or operators, and an organization
representing a majority of said miners in his or their employ." It says:
"The official document submitted to the Commission by the counsel_ of
the General Policies Committee of the Anthracite Operators on May 15,
gives tha impression that the limitation of output is very generally practised
throughout the anthracite field. Without doubt, limitation of output does
exist. The amount varies by districts and does not seem to be an important problem in two of the three districts. In one district, the investigator
reports as follows:'Aside from the holding back of production by irregular
work we found no complaint among the operators in the district about
restriction of output. None of the operators interviewed said that they had
any evidence of concerted action among the miners to restrict output and
practically all of them stated that there was no such concerted action in
"
their mines.'
Then follows the reports of a group of mine managers, who say that there
no restriction of output. One manager says that his colliery is able to
is
get extra production through the co-operation of the men. The manager
also declares that at times the district union leaders seek to prevent a large
output because "they say the earnings of the men will be cited by the
operators as normal when they are the result, in fact, of extra effort."

Customs as to Normal Work.
'A high union official of this same district, discussing the union attitude
toward the restriction of output, said:
"On restriction of output, there is no concerted action on the part of
. There are, however, what I consider
miners to restrict in District
as unwritten laws among the miners which have a bearing on the subject.
For as long as I can remember miners have had certain standards of what is
a fair day's work. Whey they were working ten hours a day, men driving
gangways, for example, would drive 'two lengths.' Similarly men driving
breasts would do the propping, drilling and shot-firing and then go home.
in rates."
Others would load so many cars. Whatever was considered a 'fair day's
in the basis of payment for non-productive work or work other work' was done and any miner who went home without having completed
Difference
than drilling, shooting OR loading coal.
that customary standard day's work was looked upon as having done
The system of making allowances or transferring to a time bases.
wrong."
Multiplicity of day rates for the same occupation.
In another district, the investigators report, restriction of output was
• Failure to publish the rate sheet.
found. Among the examples from this district were the following:
specifications.
Absence of
"The local at one mine had recently passed a rule restricting output to a
Individual bargaining.
certain number of cars per day, local officers admitted. After this rule was
Bargaining Results Vary.
in effect one month it was rescinded, they added. The purpose of the rule
was to make the work last longer.
Continuing, the report says:
follows:
"The Assistant General Manager of a large company says that restriction
"The system of individual bargaining at its worst works as
new work. He can take it or leave it. of output is a real factor. He produced a recaipt made on union stationery
The foreman offers a man a rate on
the company may go on offering it until some one to a miner who had been fined for loading more cars than his local perIf he refuses to take it
takes it. when times are good or the union is strong, it may be impossible mitted. He also had a copy of the minutes of the meeting which passed the
old measure to restrict output and the fine for violation. He points to this
to find any one to take it, even though the rate is in line with rates for
company union rule as ample evidence of concerted local action to restrict output.
work. When times are bad or the workers are more tractable, the
succeed in getting the work done at its own He does not accuse the district officers of knowledge of this local rule.
can, if it so desires, usually
the
"It is not to be understood from these examples that restriction of output
terms. Thus individual bargaining for new work makes it possible for
equally exists in all mines or in anything like all the mines. It was the observation
company to nibble off the scale when it has the upper hand,and
they are in a position of power
of the investigators that many mines did not have the problem at all."
Possible for the workers to run it up when
at new rates by
"Some companies have adopted the policy of arriving
Right to Discharge Restricted.
they report that in their opinion this has
agreement with the union, and
Another cause of industrial friction is the subject of discharge and discicollective bargaining over new
resulted in less friction. Along with this
In an early case, it is said, the Conciliation Board decided that the
publicity of rates. One company, pline.
rates has gone its corollary of complete
them to employer had the right to discharge for any reason, except union memberonly recently printed 1,000 copies of its rate sheet and distributed
unless
worker might know the rate to which he was ship, and it has generally refused to reinstate discharged workers
Its employees,in order thdt each
on work there was evidence of discrimination.
entitled. Each employee signed the rate accepted when he started
has been free to discharge or
"But this has not meant that the employer
at a new face.
a worker at will," the investigators report. The union has
"It is inevitable that each year a rate basis which grew up before 1903 discipline
employers'
accurately and cause, there- resorted to strikes and threats of strikes, so that in practice the
should come to fit existing facts less and less




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THE CHRONICLE

633

_
---- Turco
-American Treaty of Commerce and Amity
Signed at Lausanne—Secretary of State
Hughes' Statement on Negotiations.
After nearly three months of negotiations a new treaty of
commerce and amity was signed at Lausanne on August 6
between the United States and Turkey, paving the way for
resumption of diplomatic relations which were severed on
April 20 1917. A treaty of extradition also was signed on
August 6 between the two countries. Both of these were
negotiated by Minister Grew, American representative, and
Ismet Pasha, head of the Turkish delegation, which on July
24 concluded a new treaty of peace at Lausanne with the
principal Allied Powers. The new treaty between Turkey
and the United States replaces a treaty nearly a century
old, which was negotiated in 1830. An official summary of
the new instrument was given out by Secretary Hughes at
Washington on August 6 following a confirmation of the
announcement that it had been signed. With regard to the
final ceremonies attendant on the signing of the two treaties, the Associated Press dispatches from Lausanne had the
following to say:

freedom of discharge has been modified. In most cases discharges are
made only if the union tacitly consents.
"Friction over discharge and discipline at the present time arises from the
fact that the agreement does not define the rights of both parties and that
restrictions have been placed upon the employers' rights in practice which
are not specified in the agreement. While many companies have accepted
the situation, many have done so under protest,feeling that they have been
deprived of rights which should belong to them. In these cases the absence
of the right to discharge at will is a source of irritation to the company.
Where the employer has not accepted the situation and attempts to exercise
real freedom of discharge, dispute arises."
Views on Union Membership.
Turning to the question of union membership as a source of friction in
the industry the investigators say that the agreement is mutually accepted
as a permanent institution in the industry. They continue:
"In signing the anthracite agreement the operators clearly obligated themselves by necessary implication not to destroy the union nor to actively
take any action calculated to weaken the union in the discharge of its obligations and the exercise of its rights under the agreement. They also obligated
themselves, by the language just quoted, not to discriminate against members of the union, and, by necessary implication from this language, and
from the fact of signing an agreement, not to adopt policies calculated to
discourage employees from joining the union or remaining members of it.
"This same obligation would apply both in respect to overt acts and
to
activities which by inference would be calculated to undermine the integrity
and proper strength of the union. Beyond this, there is in the agreement no
provision which can be interpreted to justify the union in forcing the operators to insist upon membership in the union as a condition of employment.
If there is a tacit understanding on the part of the operators-that they
will
further the efforts of the union to bring about complete organization,
Joseph C. Grew, the American representative, in a brief address after
such
understanding would have to be implied from the acts of the operators the signature, declared that the conventions permit of "close and
useful
subsequent to the signing of the agreement; it cannot be found in the co-operation between the two countries."
agreement itself.
Mr. Grew recalled that during the past few years Turkey has been the
"What practice should obtain in respect to union membership under
a scene of events of far-reaching significance, and as a consequence her
collective bargaining agreement is a debatable question, the answer to relations with other countries had been greatly modified, her system of
which should be arrived at by agreement or mutual accommodation between government and political ideals changed, and it seemed
fitting that these
the parties. But any answer which relieves the union of responsibility for changes should furnish the occasion and reason for the conclusion
of treaties
maintaining itself, and thus divorces the question of membership from the with the United States.
service rendered, is bound to be harmful to the union, not to mention the
Ismet Pasha laid emphasis on the ties of democracy binding the United
other interested parties. Unions like other institutions slip easily into arro- States and Turkey. He depicted Turkey as a ";er Turkey,"
and a land
gance and incapacity when existence is made too easy. Such a condition is who Governmts
was based on the will of the
ple; hen his pleasure
hence
sure sooner or later to make them a prey to attack from both within and at entering on friendly and co-operative relations with the
great American
without."
Republic.
Increased Power of Workers.
The two treaties, one general and the other relating to extradition,
The last source of friction discussed is the way in which these adminis- printed in French, were signed by Mr. Grew,
Ismet Pasha, Rim Nur
trative relations. It is pointed out that each of the three parties
to the Bey and Hassan Bey. The two delegations sat around a table in the
agreement, the operator, the union and the public, has a definite share
drawing room of the Ouchy Hotel and solemnly affixed their signatures
of
responsibllity in the administration of relations and that the way in
which in the presence of a small group of Americans and others.
these administrative responsibilities are discharged, makes
Mr. Grew was assisted in the negotiations by Frederic R. Dolbeare.
for friction or
the absence of friction.
F. Lamott Bolin and G. Howland Shaw of the London, Paris and ConPrior to 1913. the report says, the greater bargaining strength was on
the stantinople Embassies, respectively: Edgar W. Turlington, Assistant
operators' side, strikes prior to that date having been the
endeavor of the Solicitor of the State Department, and Maynard B. Barnes, Vice-Counsel
union to establish itself. The strength of the union between
1903 and 1922 at Smyrna, who remained at his post throughout the recent disaster and
increased. By 1922, according to the report, there had been a
further now proceeds to Angora as representative of the United States.
change. It says:
Ismet Pasha, ever gentle and smiling, said, when all was over:
"Tho conditions which had preceded 1903 had so far reversed
"At last it is finished. To-morrow I start for Angora. I have tried
themselves
that the miners' organization was in a position where it was frequently
able to be Just and reasonable. Europe and the United States will find that
to dictate terms to many individual operators and the operators' organiza- Turkey will live up to her engagements and will
seek to be a worthy member
tion was less effective in daily bargaining than the union. Such a collective of the concert of nations."
bargaining agreement as exists in the anthracite industry can not
be maintained by police or statutory power, but can be maintained only
In giving out the treaty, Secretary Hughes authorized this
by the
sense of responsibility and approval in each party to the agreement,
backed statement:
on either side by an organization powerful enough and effective enough
to
An agreement was not reached with regard to the manner of settlement
command the respect of the other side and of its own members."
On the union side such an organization exists, the report continues, but of claims against the respective Governments, Mr. Grew exchanged
communications with Ismet Pasha which provided for further consideration
there is no such organization among the operators, the employers having
no
collective organization that functions from day to day in connection with of this question at an early date and reserved the right of the two Governments to withhold ratification of the treaties until an accord on the point
the agreement. So that the union, except when negotiating for
a new
agreement, deals separately with each company "and each operator must has been reached.
depend on his own unaided power and ability in dealing with the union."
The official summary of the treaty given out by Secretary
The Commission maintains that a disproportion in relative bargaining
effectiveness results and so long as this continues "the process of the attrition Hughes follows:
of the agreement will be likely to continue."
Preamble.—The purpose of the treaty is to regulate the conditions of
"Moreover," the report adds,"another period of great strikes is likely to intercourse
between the United States and Turkey and to define the rights
ensue corresponding to those between 1900 and 1912. This time, however,
of their respective nationals in the territory of the other in accordance with
it will probably be the operators instead of the union who will be appealing
the principles of international law and on the basis of reciprocity.
to the public for fair play.
Article 1. Most
-favored-nation treatment is accorded to the diplomatic
The Commission suggests the establishment by the operators for each
officers of the two countries.
mine or company of a major executive official whose exclusive or chief duty
Article 2. Provides for the abrogation of the capitulations relating to the
will be the development of labor relations. This point is stressed in the
report, which explains in detail the many opportunities for harmonizing regime of foreigners in Turkey, both as regards conditions of entry and
residence and as regards fiscal and judicial questions.
the employers and the workers that are latent in such an executive place.
Article 3. Nationals of the high contracting parties have full liberty of
Responsibilities of Labor.
entry, travel and residence upon conforming to the laws of the country, and
As to union administration which causes friction in the industry,
the re- shall enjoy protection in conformity with international law. Their property
port points out that once a union signs an agreement with
employers it shall not be taken without due process of law or without indemnity.
has ceased to be a fighting organization exclusively but agrees to
take over
They may, under the local laws and regulations in force, engage in every
definite responsibilities for maintaining relations.
kind of profession, commerce, &c., not forbidden by law to all foreigners.
In signing an agreement in the anthracite industry the union
agrees to They shall have the right to possess and dispose of all kinds of movable
maintain discipline among its locals. It also assumes the
responsibility property on a footing of equality with the nationals of the country. As
of educating the leaders and the membership of the locals.
regards immovable property, the nationals of each country shall. in the
The report says there is no question as to the effectiveness of the
union in territory of the other, enjoy the treatment generally accorded to foreigners
protecting its interests under the agreement, but it is said that "the
respon- by the laws of the place where the property is situated, subject to reciprocity.
sibility to uphold the agreement is very inadequately performed,"
as eviThey may own, lease and construct buildings for residential purposes or
denced "by the frequent petty strikes called by local unions, often
with any other purpose permitted by the present treaty.
the knowledge and tacit approval of the district officials, thus constituting
Upon conforming to the laws they shall enjoy liberty of conscience and
a direct violation of the terms of the agreement; to the extent that these
worship and shall, equally with the nationals of the country, have free
methods are used there is irresponsible management."
access to the tribunals.
Responsibility for seeing that the agreement is kept by the union
must
Article 4. Commercial, industrial and financial companies and associarest on the district and national officers, the report says. It declares that tions,
organized under the laws of the United States and Turkey and mainthe local union, being largely autonomous, without close relationship to taining head
offices in the country in which they are organized, shall be
the district, is subject to strikes without reference to the district organiza- recognized
by the other country provided they pursue no aims contrary
tion, and therefore "In violation of the agreement." The Commission to its
laws.
holds that the district organization has an opportunity for the education of
They shall be entitled to the same protection as that accorded to nationals
the local that is similar to the opportunity of the companies with their in Article
3. Subject to the applicable laws they shall have free access to
executives.
the courts. Such companies and associations shall, subject to the laws in
Several suggestions are made with the aim of improving the functioning force
in the country, have the right to acquire. possess and dispose of every
of the present conciliation machinery. Among these is the agreement of a kind of movable
property. As regards immovable property and the right to
new code of relations to take the place of the one adopted in 1902.
engage in commerce and industry, such companies shall enjoy, on condition
In discussing the general strike in the industry, the Commission brands of reciprocity, the
treatment generally accorded by the laws in the locality
it as "an extravagant and unfortunate method of settling disputes." The
where such companies are constituted.
seriousness of the question has led some to demand nationalization and other
They shall be able freely to carry on their activities subject to the requirecompulsory arbitration of strikes, but the Commission says it does not fol- ments of
public order.
low "from the fact that the public has become rightfully exasperated that
Article 5. Domiciliary visits and searches of dwellings, warehouses,
facthe most drastic action will be the most effective."
tories. &c., of nationals or companies, as well as the inspection of books,ac-




634

THE CHRONICLE

counts, &c., shall take place only under the conditions and in the form prescribed by the laws with respect to the nationals of the country.
Article 6. The nationals of one country in the territory of another shall not
be subject to military service, and both individuals and companies shall be
exempt from forced loans or other exceptional levies on property.
Article 7. The nationals of each country shall be accorded, in the territory of the other, the same treatment as natives in all matters concerning the
collection of taxes, imposts and other charges. The companies mentioned
in Article 4 shall, on condition of reciprocity, enjoy the same treatment as
any similar foreign company. But this article does not apply to exemption
from taxes, &c., accorded to State institutes or concessionaires of a public
utility.
Article 8. In matters of personal status and family law (e. g., marriage.
divorce, dowry,adoption, &c.), and,as regards movable property, the law of
succession, liquidation, &c., citizens of the United States in Turkey shall be
subject exclusively to the jurisdiction of the tribunals or other national authorities of the United States sitting outside of Turkey.
This does not affect the special rights of Consuls in matters of civil
status under international law, or special agreements, nor does it preclude
the Turkish tribunals from requiring proof regarding matters coming within
the competence of the national tribunals of the interested parties. Turkish
tribunals may also have jurisdiction in the above mentioned cases provided
all interested parties submit thereto in writing.
Article 9. Provides for freedom of commerce and navigation between the
two countries upon most-favored-nation treatment, subject to sanitary,
police and customs regulations. The merchant ships of the two countries
shall not be subjected to higher tonnage dues or port charges than national
vessels. However, this article and other provisions in the treaty do not
apply to the coastwise trade.
Article 10. Merchant and war vessels and aircraft of the United States
enjoy complete liberty of navigation and passage in the Dardanelles, the
Sea of Marmora and the Bosporus on a basis of equality with similar craft
of the most favored nation, subject to the rules relating to such navigation
and passage of the Straits Convention of Lausanne of July 24 1923.
Article 11. Most-favored-nation treatment as regards import duties is
accorded to articles exported from one country to the other, and no export
duty is to be levied higher than that imposed upon similar articles exported
to any other foreign country. No prohibition or restriction shall be imposed upon the importation or exportation of an article which is not equally
applied to those of the tippet favored nation.
Vessels and goods of till two countries shall be accorded the same facilities accorded to a third country, irrespective of any favors granted by
the third State in return for special treatment.
This article does not apply to the commerce between the United States
and Cuba and the Panama Canal Zone, nor to special arrangements
between Turkey and the countries detached from the Ottoman Empire
since 1914.
-favored-nation treatment Is provided as regards the
Article 12. Most
collection of consumption, excise, octroi and other local taxes on merchandise.
-favored-nation treatment is accorded all merchandise
Article 13. Most
as regards transit warehousing.
Article 14. No dues for tonnage, harbor, pilotage, &c., shall be levied
on any vessels which are not equally levied on national vessels.
Article 15. Any vessel carrying papers required by its laws shall be
deemed to be a vessel of the country whose flag it flies.
-favored-nation treatment is accorded regarding patents,
Article 16. Most
trade-marks, &c.
Articles 17 to 26 define in detail the rights and duties of consular officers.
Article 27. Provides for the protection of shipwrecked vessels and for
the operations of salvage.
Article 28. For the purpose of the present treaty, the territories of the
two countries are considered to comprise all land, water and air over
which sovereignty is exercised, except the Panama Canal Zone.
Article 29. No taxes are to be collected from American citizens for
any taxable periods prior to the fiscal year 192271923 which, under the
laws in force on Aug. 1 1914. were not applicable to them. Any taxes
collected after May 15 1923, on periods prior to the fiscal year 1922 will
be returned, but no taxes collected before May 15 1923, for periods prior
to May 15 1923, will be returned.
Article 30. All previous treaties between the United States and Turkey
are abrogated. A new extradition treaty is to replace the one of 1874.
Article 31. The treaty shall come into force two months after the exchange of' ratifications. Articles 1 and 2 shall be permanent. Articles
3, 4, 5. 6. 7 and 8 shall be for the duration of seven years, while Articles
9 to 28 shall remain in force for five years. If neither country notifies
the other six months before the expiration of these periods of its intention
to denounce any of the articles in question, they shall remain in force
until the expiration of a period of six months from the date on which they
shall have been denounced.
Article 32. The French, English and Turkish text of this treaty shall
be ratified. In case of differences the French text shall prevail. Ratifications are to be exchanged at Constantinople as soon as possible.

[VOL. 117.

and Turkey was signed. During this second part of the conference,
Minister Grew was the American representative.
The prospective conclusion of peace between the principal Allied Powers
and Turkey made it appear advisable, in order appropriately to protect
American interests, that the relations between the United States and
Turkey be regularized at an early date. This appeared all the more
necessary in view of the fact that in the course of the Allied negotiations
with Turkey the abrogation of the capitulations had been agreed to.
On May 5 1923 Ismet Pasha, the principal Turkish delegate at the
Lausanne conference, wrote to Minister Grew proposing the negotiation
pf a treaty of amity and commerce. The Department of State thereupon
authorized Mr. Grew to begin informal conversations with the Turkish
delegates to ascertain whether a proper basis for negotiations could be
found. These conversations were followed by formal negotiations, and
full powers were sent to Mr. Grew. A treaty of extradition was also
negotiated.
Aft.er almost three months of negotiation the Department on the afternoon of Aug. 2 authorized Mr. Grew to sign the treaty of amity and commerce and the treaty of extradition. The Department is now informed
that these treaties were signed at Lausanne to-day.
The extradition treaty contains the usual provisions of such treaties
and calls for no special comment.
Ismet Pasha has also conununicated to Mr. Grow copies of the Turkish
declaration with regard to the designation by the Turkish Government of
foreign judicial advisers and a communication with regard to foreign
schools and institutions in Turkey, assuring such American institutions
the same treatment as enjoyed by the like institutions of any foreign
Power and defining in some detail the rights and privileges to be accorded
these institutions.

Further Developments in the R. L. Dollings
Company Failure.
According to the Columbus "Ohio State Journal" of July
28 and July 29, receivership actions were begun in
Columbus on July 27 against three more subsidiary companies of the R. L. Dollings Co. of Ohio. These companies
were the North Carolina Farms Co., the Florida Farms az
Industries Co. and the Phoenix Portland Cement Co. of
Columbus, the last named with plants, it is understood, at
Birmingham, Ala., and Nazareth, Pa. The first two companies mentioned are Southern land development projects,
it is said, whose entire stock issues,$4,000,000 and $4,336,000,
have been sold in the State of Ohio. Concerning these
companies the "Journal" in its July 29 issue said:
The Southern land companies, said to have been financed exclusively
by Ohio capital, comprise two of the biggest projects ever attempted by the
Dollings interests.
The Florida Farms & Industries Co. resulted from a consolidation in 1919
of the Southern Cattle Feeding Co. and the St. Johns River Cattle Co.,
each controlling 60,000 acres of land. The company has four villages on
its land with department stores and a $100,000 hotel.
It operates independent water works and telephone plants and has
-mile railroad. It also controls extensive logging equipment, a saw
a 15
mill, turpentine plant and adity farm.
The company, according to a statement made by its auditor on the wit,
ness stand yesterday, has current debts of $300,000, of which $100,000
are due New York and Florida banks. Attorney Edward C. Turner, representing the receivers, brought out in his examination of this witness that
the company owes $630,000 to the R. L. Dollings Co. and the International
Note & Mortgage Co.
The North Carolina Farms Co., it is stated, is virtually an undeveloped
project. With proceeds of the sale of $4,000,000 worth of stock in Ohio.
a 48,000 acre lake in North Carolina was drained at an expense of approximately $1,300,000. A railroad costing $1,200,000 was constructed and
now operates between New Holland, Higginsport and Mt. Vernon, a total
distance of 17 miles.
The land reclaimed by the drainage project has a soil depth of nine feet.
It Is said to be the most fertile tract of land in the world.

Judge C. M. Rodgers of the Court of Common Pleas on
July 27 appointed Paul A. De Long (Columbus) and Robert
Lee Dowling of Green Cove, Fla., receivers for the Florida
Farms ;:46 Industries Co. and on July 28 named Samuel
A. Kinnear, William C. Willard, Paul A. De Long (all of
Columbus) and Van B. Martin of Plymouth, No. Caro.,
receivers for the North Carolina Farms Co. Mr. Kinnear,
Willard and Mr. De Long are the receivers appointed
Secretary Hughes also made the following announcement Mr.
for the R. L. Dollings Co. of Ohio—the parent company.
with regard to the newly signed treaty:
Concerning the R. L. Dollings Co. of Indiana, the Ohio
Diplomatic relations between the United States and Turkey were State "Journal" of July 29 stated that -three subsidiaries of
Although no declaration of war followed, there
severed on April 20 1917.
that date. this company, namely the Rude Mfg. Co. of Liberty, Ind.;
have been no official relations between the two countries from
by an
the Huga Mfg. Co. of Warsaw, Ind., and the Milholland
Since 1919 the interest of the United States have been protected
American High Commissioner at Constantinople.
in
Allied Powers and Turkey were insti- Machine Co. of Indianapolis, were on July 28 placed
Peace negotiations between the
resulted in the signing of the Treaty of Sevres receivers' hands by Judge Hay of the Superior Court at
tuted early in 1920 and
not ratified by Turkey. The United Indianapolis. The "Journal" in this same issue also said:
on Aug. 20 1920. This treaty was

States was not a party to the treaty.
The financial interests of the Dollings Co. of Ohio and that of Indiana
invited Turkey to a conference which
The Allied Powers subsequently
are known to be closely interwoven. The Indiana Co. is capitalized
20 1922, for the purpose of establishing
assembled at Lausanne on Nov.
$1.000,000, of which $600,000 is Preferred and $490,000 Common
of Sevres. The Govern- at
peace in the Near East and to revise the Treaty
stock. The Common is owned by the Ohio company. The Ohio company
Britain, France and Italy having informed this Government also controls $1,600,000 worth of Common stock in the International
ments of Great
representation at the conference, this
that they would welcome American
Mortgage Co. of Indiana, which organization also has $3,400,000
Washburn Child, the American Note &
Government sent to Lausanne Richard
Preferred stock outstanding.
-Admiral Mark L. Bristol, the American in
the
Ambassador at Rome; Rear
To date there have been no developments here which would aid in
C. Grew, the American
High Commissioner at Constantinople, and Joseph
Indiana investigation, according to Securities Department officials. . . •
stockholders, John
at Berne.
Minister
Planning to conserve the best interests of Dollings
the proceedings of the conference
committee, yesterday anThe American representatives followed
American A. Bushenii, Chairman of the stockholders'
and expressed this Government's position in matters of direct
nounced that investigation has developed that a number of the subsidiary
humanitarian concern. As the United States
Interest and of general
fairly good financial condition
treaty of organizations have been found to be in
believed to
had not been at war with Turkey and was not negotiating a
and that any attempt to appoint receivers, which are not
did not become a party to
Peace with that country, this Government
be justified, will be contested.
press for
the Allied treaty.
The stockholders' committee, Mr. Bushnell said, also will
the best interests
On Feb. 4 1923 the conference was suspended owing to the rejection
the appointment of receivers who are believed to have
by the Turkish delegates of certain clauses in the proposed Allied treaty.
are deemed
stockholders at heart in future cases where receiverships
nessary.
f stockho
A second session of the Lausanne conference began on April 23 1923 and o ec
continusd until July 24, when a treaty of peace between the Allied Powers




AUG. 11 1923.]

THE CHRONICLE

"In view of the inter-relationship of the various companies," he declared, "no definite information as to the assets of any of the concerns
involved can be given. In practically all companies the only interests
jeopardized are those of the stockholders."
Mr. Bushnell made it plain that as soon as definite information is available the stockholders' committee will seek to have receiverships lifted
and the company returned to the stockholders in all cases where the concern is found to be operating on a sound basis. In cases where reorganizations are deemed necessary, plans of reorganization deemed best fitted
to conserve stockholders' interests will be drawn up and submitted for
approval.
He stated that the committee also would "take such legal action as is
proper in cases of fraudulent misrepresentation or breach of contract by
the company or its agents."
The possibility of wholesale suits against agents of the DoRings Co.
for recovery of investments was opened up yesterday at Bucyrus. Stockholders met and named a committee, with J. E. Gibson, as Chairman.
to canvas stockholders of Crawford County as to the advisability of bringing
suits in local courts to regain money invested, naming local agents as
party defendants.

The Indianapolis "News" in its July 27 issue reported
Bert McBride, President of the Continental National Bank
of Indianapolis, who is the receiver appointed for the R. L.
Dollings Co. of Indiana, as saying on July 27 that the liabilities of that company were estimated at approximately
$15,000,000. With regard to this the "News" went on
to say:
Mr. McBride said he could not yet say how this estimated $15,000,000
of liabilities was divided. The Dollings Co. of Indiana, he said, was
capitalized at $1,000,000. of which $600.000 was preferred stock and
$400,000 common. The common stock is owned by the parent company,
the R. L. Dollings Oo., of Ohio, which also is in receivership. The Indiana
company sold the $600,000 preferred stock and also sold large amounts of
preferred stock of its subsidiary companies in the State.
The Dollings interests organized the International Note & Mortgage Co..
of Indiana, which was capitalized at $5,000,000. Of this $5,000,000 the
preferred stock was 53,400,000, which was sold to investors. The $1,600,000 common of the International Note & Mortgage On. likewise was owned
by the Ohio company.
The Dollings Co., Mr. McBride said he has been told, also lent money
to its subsidiaries. The total of all these sales and loans, he said, is estimated to be around $15,000,000.
About the same time Mr. McBride made this statement, 13. S. Lesh,
Attorney-General of Indiana. acting under Instructions from Governor
McCray, authorized H. H. Mayer, head of the division of investigation
of the Attorney-General's department, to work with Maurice Mendehall,
Administrator of the State Securities Commission, in a thorough investigation of the operations of tho Dollings Co. in Indiana.
Mr. McBride said it was reported that some of the companies were in
good condition, or what little indebtedness was charged to them could
easily be liquidated or taken care of in the proper way. Liabilities of the
Indiana company, Mr. McBride said further, were attributed to a number
of possible causes, among them being over-capitalization and a slowing
down of business.
Mr. McBride said up to the present time he had been unable to get
at the facts in relation to the affairs of the subsidiary companies and that
they would be difficult to ascertain, as affairs of the Indiana company were
directed from Columbus, the Ohio Dollings company owning the Indiana
company common stock. For the same reason, he said, it would be
difficult to place responsibility for liability.
"My chief interest as receiver for the company in Indiana," said Mr.
McBride, "is to get the matter closed up as quickly and as satisfactorily
as possible to the investors."

According to a press dispatch from Indianapolis appearing
in the "Philadelphia News Bureau" of July 31, Bert McBride
has been appointed receiver for the Clay Products Co. of
Brazil, one of the subsidiary companies of the R. L. Dollings
Co. of Indiana. The concern, it is said, has $1,000,000
preferred stock and $300,000 common stock.
With reference to the McCambridge Co., one of the subsidiaries of the R. L. Dollings Co. in Pennsylvania, against
which an involuntary petition in bankruptcy was filed on
July 27, Judge Dickinson of the United States District Court
at Philadelphia on July 2R appointed David A. Longacre,
Secretary of the Philadelphia Credit Men's Association,
receiver for the company under a bond of $125,000. The
Philadelphia "Ledger" of July 29, with regard to the affairs
of this company (which deals in plumbers'fixtures and marine
specialties), said in part:
The McCambridge Co. concern was established in 1850. The 1919
income tax report showed that the company was making money, and it
was declared yesterday that "fine headway" was being made. The decline,
it was said, started with the administration of the Dollings Co. General
conditions worked against the welfare of the corporation to a certain extent,
it was pointed out, in that following the war marine specialties slumped
and were no longer profitable. In addition, a great deal of money went
into various experiments in the laboratory, it was said.
Feeling the need of expansion. the Dollings Co. in 1920 bought out the
Eynon-Evans Co. and merged it with the McCambridge Co. The sum of
$250,000 was paid and the stockholders of the Eynon-Evans Co. received
WO cents on the dollar. The purchase ofthe Eynon-Evans Co. wasfinanced
by the Dollings Co. through the sale of stock.
The McCambridge Co. was capitalized at $800.000. Of this $600,000
was in preferred and the remainder in common stock.
It was said by Mr. Longacre. the receiver, who will run the business for
sixty days, that there are many orders on hand which will be filled. At
present there are about 100 employees at the plant, 3059 North Fifteenth
Street. Three-fourths of these will be retained for the present.
The liabilities of the company are declared to be $839.000, or more than
twice its book assets. The Dolllngs Co. is a creditor against the McCambridge Co. to the sum of $388,195.

635

the American Bronze Co., of Berwyn, Pa., and the MeCambridge Co. the "Ledger" in its issue of July 29 and July 31
said:
With two other receivers at work—Thomas Raeburn White for the
Dollings Co. of Pennsylvania, and Robert 0. Sperry for the American
Bronze Co.—various details of the methods used by the Dollings Co.
began to come out.
It was learned that Harry C. Taylor. formerly President of the McCambridge Co., and associated with that firm many years, resigned his connection with the company more than a year ago, because the Dollings Co. was
regularly paying out dividends which the McCambridge Co. was not
earning. Mr. Taylor regarded that an unsound and dangerous practice,
he said.
Support for the contention of stockholders of the Dollings Co. thatthe
real condition of affairs was known only to a few persons at the head of
the concern came in the form of a statement from Mr. Taylor that he knew
little about the affairs of the McCambridge Co., although nominally it,
head.
Mr. Taylor was concerned with selling the product of the business—
plumbing supplies and marine specialties—and the operation of the plant,
he said, was directed by the service department of the Dollings Co.
Mr. Taylor emphasized the fact that he was not concerned in any way
with the stock-selling activities of the Dollings organization, but was
associated with the McCambridge Co. merely in a commercial capacity.
It was revealed that George D.Porter, former Director of Public Safety,
who resigned several months ago as Vice-President and Treasurer of tin
Dollings Co. of Pennsyvania, had been President of the McCambridge
Co. for a ;time, and of the American Bronze Co.
Questioned on this point, Mr. Porter said he "didn't remember."
"I was an official of some of the Pennsylvania corporations," tie said,
"but at the moment I don't remember which ones."
Mr. Taylor. who had been Vice-President. succeeded Mr. Porter at the
head of the McCambridge Co. When he stepped out, E. L. Usner, who
had been associated with the Dollings Co. in the Middle West, was brought
here and made President. He Is still the head of the concern, and was In
conference all yesterday morning with the receiver.
A person intimately acquainted with the affairs of the American Bronze
Corporation sgid there was an "inner clique," familiar with conditions at
the plant at Berwyn, but that most of those engaged in carrying out the
plans of the organization were in the dark as to inside matters.
It was learned from some one familiar with the history of the American
Bronze Co. that Mr. Porter was succeeded as President of the concern in
1920 by E. G. Anderson, but that Mr. Porter continued as Vice-President
and Secretary. That person said that although Mr. Porter declared he
resigned from the Dollings Co. and all its subsidiaries, and although not
actively interested in the American Bronze Co. for several months, there
was nothing on the books of the Bronze Co. to show that he had quit.

The following is taken from the July 31 issue of the
"Ledger":
On the answer to the legal question of whether the claims of the R. L.
Doflings Co. against these two companies are valid rests to a large extent
on the amount to be realized by those who hold shares in the two companies.
The McCambridge Co. has been adjudged bankrupt. The receivership
in the case of the American Bronze Co., however, is in equity, and Robert
0. Sperry, the receiver, said he would try to save the company from insolvency. Mr. Sperry was appointed permanent receiver yesterday in
West Chester.
The principal claim against the bronze firm is $375.000. which the books
show is owed to the R. L. Dollings Co., the parent corporation, under
the direction of which the bronze company has been.
Part of this sum is represented by dividends paid out by the Dollings Co.
to American Bronze stockholders, despite the fact that the dividends were
not being earned. The remainder is in the form of advances of various
kinds for business purposes.
For the McCambridge Co. the Doilings Co. has paid out approximately
$60,000 in dividends. David A. Longacre. receiver, expressed doubt yesterday whether this is a collectible item .
It was learned yesterday that the Dollings Co. had paid out two dividends
to stockholders in the Crane Ice Cream Co. at a time when directors of the
ice cream concern had decided it was not in a position to pay the dividends
because of temporary business conditions.
The Crane Co. is the most prosperous of all the Dollings subsidiaries and
is considered to be in an excellent business condition. It is known to be
making substantial profits, with prospects of continued prosperity.
.7. Hector McNeal. counsel for the company, said yesterday that the
Dollings situation would not affect the Crane Co. in the least. Although
efforts were made by the heads of the Dollings Co. to dic:ate matters, the
Crane officers took a firm stand, maintaining that they understood their
particular enterprise and would run it on sound business principles.
In pursuance of this policy, wnen there was a falling off in profits the
Crane Co. directors voted to pass the dividend. Despite this, the Dollings
Co. sent checks to stockholders out of its own capital.
The Crane Co. does not recognize this as a debt to the Dollings Co., it
was learned,since the distribution was not authorized. The Crane directors
did not approve of the payment of the Jividend, but it was pointed out
yesterday by Mr. McNeal that it could not have prevented the Dolling,Co.
taking such action if it had wished to do so, so long as the funds did not
come from the Crane Co. treasury and did not impair its financial standing.
Mr. McNeal said the Crane Co. was in a strong position, was discounting
all bills and had actual cash on hand sufficient to pay all bills.
Although he has had no chance to make a complete study of the affairs
of the McCambridge Co., Mr. Longacre declared there was evidence that
the funds of the Dollings Co. had gone into the business in an unceasing
stream without return.
The sum of $140,000 of McCambridge funds has gone into the EynonEvans business, bought out by Dollings and merged with the McCambridge
Co. The Eynon-Evans business has been a consistent loser.
There is substantial equity in the Eynon-Evans Building. Mr. Longacre said, watch is valued at not less than 575.030 and is clear of all but
$25,000.
Samuel I). Matlack. an attorney in the Lafayette Building, who is of
counsel for the Dollings Co., said yesterday he believed there had been no
criminal intent in the operation of the Dollings companies, and that the
crash was due largely to the difficulty of a holding company operating so
many subsidiary companies efficiently.

A press dispatch from Baltimore on July 27, appearing in
the New York "Journal of Commerce," stated that following
Concerning the domination of its subsidiary companies by a meeting at Salisbury, Md., of bankers
and business men
the R. L. Dollings Co., brought to light since the appoint- interested in the R. L. Dollings Co. of Philadelphia, Thomas
ment of receivers for the R. L. Dollings Co. of Pennsylvania, R. White, the receiver appointed for that company, said he




636

THE CHRONICLE

would demand on that day that the accounts of the concern
be turned over to him. W. Oscar Anderson, the manager
of the Baltimore branch of the company, the dispatch went
on to say, "intimated the receivership includes only such
enterprises as are directly dependent on the Dollings Company. Most of the securities sold in Maryland, he said,
are 7% preferred stocks in independent industries for which
the company acted as sales agent." The dispatch further
stated that arrangements were made at the Salisbury meeting to form a committee to meet in two weeks to act in the
interests of Maryland and New Jersey investors.
The "Ohio State Journal" in its issue of July 31 stated,
with reference to the Phoenix Portland Cement Co., mentioned above, that that company, alleged in an application
for a receiver to have plants in Birmingham, Ala., and
Nazareth, Pa., became the centre of interest in the Dollings
investigation on the preceding day (July 30), when reports
were received from Birmingham, Ala., denying that property
there or at Nazareth is controlled by the Ohio concern. An
account from Birmingham, as printed in the "Journal," said:
Lindley C. Morton, President of the Phoenix Portland Cement Co.,
which owns and operates cement plants at Birmingham and Nazareth,
Pa., issued a statement declaring there is no connection between his company and the Phoenix Portland Cement Co. of Ohio.
Mr. Morton said the Ohio concern was formed in an endeavor to acquire
control of the Pennsylvania and Alabama companies. Negotiations were
abandoned, he said, and as a result the companies are in no way connected.
The new Birmingham plant, representing an outlay of $3,000,000, is in
successful operation and has a well-filled order book, Mr. Morton said:

"Receipt of this information," the "Journal" went on to
say, "led to announcement that there will be 'an investigation to determine whether stock in the Ohio company was
sold upon representation that it actually owned property
in the other States. The President of the concern is said to
be Findley 0. Morton, a close resemblance to the name of
the head of the Birmingham company. The Ohio organization was first incorporated nearly two years ago for $5,000,
and then increased to $10,000,000. Application for a receiver for the company would have been heard yesterday
but for the absence of Judge E. B. Kinkead. Attorney F. S.
Monnett, who brought the proceedings, alleges the company
is insolvent as to stockholders but possibly may be solvent
as to claimants. He stated last night that it has not been
determined how much stock is outstanding."
According to the Philadelphia "Ledger" of Aug. 8,
bankruptcy petitions were filed in the U. S. District Court
at Philadelphia on Aug. 7 against the American Bronze Co.
of Berwyn, Pa., and the Eynon-Evans Co. of Philadelphia,
both of which have been referred to above. The petitions
were filed by Thomas Raeburn White, the receiver for the
R. L. Dollings Co. of Pennsylvania, who took action, it is
said, because both of the companies are, directly or indirectly, heavily in debt to the R. L. Dollings Co. As
stated in our issue of July 28, p. 387, Robert 0. Sperry,
General Sales Manager of the American Bronze Co., was
recently appointed temporary receiver of that company
(subsequently made permanent) by the Chester County
Court. With regard to the affairs of this company, the
"Ledger" said:
The American Bronze Co., capital for which was obtained by the Dollings
Co. through the sale of preferred stock and which has been operated under
the long-distance dictation of the Dolllngs Co.'s service department in
Columbus, Ohio, owes the DolBrigs Co. of Pennsylvania $462,/33 for
money advanced during a period of three years.
Part of this money was advanced for operating expenses. Part was
for the payment of dividends which the bronze firm did not earn, but
which the Dollings Co. always paid. Stockholders of the Dollings Co.
allege payment of these and other dividends has impaired the capital
of the concern.

Concerning the Eynon-Evans Co. (which, it is said, was
purchased by the R. L. Dollings Co. in 1920 and merged
with the McCambridge Co.), the "Ledger" said:
The Eynon-Evans Corp. owes the McCambridge Co. $140,822 for
money advanced and merchandise furnished during the last year. In
turn, the McCambridge Co. owes the Dollings Co. $388,195, part of
Which is for dividends paid out by the parent company to McCambridge
stockholders. Theserdividends, likewise, were never earned.

According to a press dispatch from Philadelphia appearing
in the "Wall Street Journal" of Aug. 9, Judge Dickinson of
the Federal District Court has appointed J. Howard Patterson receiver for the American Bronze Co., and William D.
Harkins, receiver for the Eynon-Evans Co.
References to the R. L. Dollings Co. failure were made in
our issues of July 21 (p. 274 and 275) and July 28 (p. 387).
Effect of Increased Taxes and Rate Reductions on
Income of Great Northern Railway Co.
President Ralph Budd, in a communication to the shareholders under date of July127, calls their attention to the
effect of the increased taxes and rate reductions during the




[VoL. 117.

year 1922, upon the income of the company. The taxes
paid during 1922 amounted to $8,097,725, or 62.8% of dividends, and the income of the company on account of rate
reductions was reduced $7,969,045, or 60.8% of dividends.
President Budd's statement follows:
Your attention is called to the following facts from the annual report
of the operations and affairs of your company, for the year ended Dec.
31 1922 (published in V. 117, p. 220). Briefly stated, following are some
of the interesting facts relative to the operation of this company for the
year 1922:
1. Operating expenses were reduced by $5,724,616.
2. Revenues were reduced by rates prescribed by Federal and State
°omissions, $7,969,045.
As a result of this, nearly all the reduction in expenses which should
have been placed in the company's treasury (inasmuch as the return on
your property devoted to the service of the public was but 3.47% instead
of 5.75% contemplated by the Transportation Act), was extracted therefrom and given to the public. Nor was this all: $8,097,725 was taken
from you by the public in taxes. In other words: Total dividends received by stockholders, $13,097.264; total payments to public in taxes,
$8,097,725, or 61.8% of dividends.
3. The total investment, including materials and supplies of all Great
Northern System lines on which the net railway operating income was
earned, was $498,456.469.
4. Net railway operating income, $17,276,598.
5. On account of rate reductions to the public the income of the company
was reduced $7,969,045, or 60.8% of dividends.
This reduction in rates was made notwithstanding the fact that return
on property was below the fair return fixed by the Transportation Act.
To state this in another way:
Taxes consumed 34% of net revenue from railroad operations. Had
the reductions in expenses not been taken by the public, through rate
reductions, the return on the property devoted to public use would have
increased from 3.47% to 4.61%.
Although freight rates have been reduced 12.84% from their peak in
1921 (which is a considerable amount more than they have been reduced
on many other roads), a vigorous propaganda is being carried on for a
generous reduction of freight rates, notwithstanding the Inter-State Commerce Commission in its circular of Feb. 23 1923 asserts that "the present
* any
railroad situation *
* clearly does not warrant *
radical reduction in total charges to the public," and that "two facts stand
out prominently:(1) an enormous traffic has recently been handled in spite
of the strike handicaps, and (2) the average revenue per ton per mile is
pretty well in line with the general level of wholesale prices, and there is
no reason to believe that the general level of rates is retarding the business
revival."
This railroad is paying wages which constitute 60% of its operating
expenses, 107% higher than in 1913. This railroad is paying prices for
materials and supplies 56% at wholesale more than in 1913.
Certain politicians and propagandists announce their intention to force
reductions regardless of consequences, with the evident intention of breaking
down the railroads, because of their inability to meet these added costs
and expenses, thus forcing Government ownership.
Stockholders of the Great Northern Railway are numbered about 45,000,
and substantially each one of you has a vote. In addition to this, of
course, you have considerable influence which can be extended and
broadened by giving your friends who are voters the facts in regard to
the railroads, and especially this railroad. You should keep in touch
with your representative and senators in Congress. as well as your State
legislators, and if they are reasonable men and have the facts before them
they are not likely to favor Government ownership, or to favor the passage
of legislation harmful to the railroads.
No doubt you frequently meet men who are working for the railroad.
One of the most important things that remain for us to do is to obtain
the loyalty of everyone of these employees; encourage them in their work:
show them that anything they do for the benefit of the company will
redound to their own benefit. When you travel you sometimes hear
people making false statements regarding the railroads. You should
familiarize yourselves as owners of this railroad with the facts, so that
you can use them when occasion offers.
This company has recently organized a Public Relations Bureau which
will give you the facts about the railroads upon request to Public Relations
Bureau, Room 1120, Great Northern Railway, St. Paul, Minn.
Never has this railroad needed your assistance in disseminating the
4cts as at the present time.

Eastern Chairmen of Railway Trainmen and Conductors Want Wage Increase of Eight Cents an Hour.
Request for restoration of the eight cents an hour, or 64
cents a day, wage reduction ordered by the U. S. Railroad
Labor Board on July 1 1921, and in effect since that time,
was approved by the Eastern Association of General Chairmen of the Brotherhood of Raliroad Trainmen and the Order
of Railway Conductors, who met in Cleveland on Aug. 9.
The meeting adjourned after adopting the report of the
policy committee requesting a restoration of the wage reduction ordered by the Railroad Labor Board, and an unnamed
additional increase, election of association officers and the
selection of Montreal as the next meeting place, the date to
be named later. The proposed increase will now be submitted to a referendum vote of the membership of the two
organizations. Voting by the members will take, it is stated,
thirty days. If approved by the rank and file the request
will be submitted by the general chairmen on the roads
throughout the country, and if refused by the railroad managers will then be submitted to the United States Railroad
Labor Board for decision. With regard to the action of the
meeting, advices of the New York -Herald" had the following to say:
After approving a proposal for a substantial wage increase, the Eastern
Association of General Chairmen of the Brotherhood of Railroad Trainmen
and the Order of Railway Conductors elected officers and adjourned their
joint conference here to-night.

AUG. 11 1923.]

THE CHRONICLE

Approval here of the wage increase program means that it will be submitted to a referendum of the two organizations' members within thirty
days, it was said. If they vote approval, request for the increase will be
filed by the general chairmen with the rail carriers. If railroad managers
refuse it the organizations will appeal to the United States Railroad Labor
Board.
We felt that to announce at this time the amount we will ask of the railroads if the members approve would embarrass our negotiations with the
carriers," said L. E. Sheppard of Cedar Rapids, Iowa, President of the
conductors, and their spokesman, after the conference adjourned.
To-day's sectional conferences was the third to go on record in favor of
seeking the wage increase for the two organizations. The Western Association, representing general chairmen of roads west of the Mississippi River,
took such action in Chicago on July 10; the Southeastern Association,
composed of general chairmen of roads south of the Ohio and east of the
Mississippi, approved the action in Washington on July 24. It remained
for the action here before the referendum could be held.
The Eastern Association brought to Cleveland 125 general chairmen of
railroads north of the Ohio and east of the Mississippi, including the eastern
half of Canada.
Montreal was chosen as the next meeting place of the Association, the
time to be determined later.
Former Representative W. J. Burke of Pittsburgh, a member of the
conductor organization, was re-elected chairman. S. C. Cowen of Tyrone,
Pa., also a conductor, was named Vice-President, and J. J. Madden of
Jersey City. N. J., a trainman, was chosen Secretary.
The conference adjourned to-night after adopting resolutions of sympathy which were telegraphed to Mrs. Harding.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
At the regular meeting of the directors of the Coal & Iron
National Bank, Liberty and West streets, New York City,
on Aug. 8, Harold C. Knapp, of the Irving National Bank,
was appointed Trust Officer. Mr. Knapp will take up his
new duties Sept. 1, succeeding at that time Arthur A. G.
Luders, resigned. At the same meeting John R. Voorhis,
Jr., was appointed Assistant Cashier, the appointment to
take effect immediately.

637

With reference to the affairs of the Banco Lopez of Bogota, Colombia, whose failure on July 18 was reported in
these columns in our issue of July 28, the New York "Times"
of August 3 stated that according to advices received in the
financial district on the preceding day (August 2) the institution would be able to pay all creditors in full and have a
balance left over for its stockholders. Subsequent to the
closing of the bank's doors, it is said, a committee of five was
appointed to look over its books and to appraise its assets,
among the latter being mortgages held on Colombia coffee
plantations. It is said the balance left after payment of
debts for stockholders will range from 50% to 75% of the
par value of their holdings. There are 40,000 shares of
stock, it is stated, each of a par value of 40 pesos, or approximately $36.
Globe Exchange Bank of Brooklyn, N. Y., announces that
at the close of business July 31 its statement showed the
following figures:
Capital
Surplus

a

$400,000
120,000

This, it is stated, is in accordance with the authorization
of the State Banking Department to increase the capital
stock. The bank previously had a capital of $274,000.

The South Shore Bank of Staten Island of Great Kills,
N. Y., began business on July 17. The new building which
the bank occupies is said to be an attractive addition to the
community. Reference to the organization of the bank was
made in our issue of May 5, page 1971. It has a capital of
$100,000 and a surplus of $25,000. The officers are A. 0.
Ingram, President; Joseph A. Springstead, Chairman of the
The Manufacturers Trust Co. announces that it will open board of directors, and Howard H. Poole, Cashier. Mr.
a downtown Brooklyn office in the new building at 190 Poole was formerly Treasurer of the American Bank &
Joralemon Street, in which premises the company has leased, Trust Co., of Bridgeport, Conn.

the first and second floors and basement. This building in
future will be known as the Manufacturers Trust Company
Building, and upon completion of proposed alterations the
company will have one of the finest banking quarters in
Brooklyn, with every modern banking equipment. It is
expected that the alterations will be completed in December
of this year, and permission for the establishment of this new
office has already been granted by the Superintendent of
Banks. The addition of this office will give the Manufacturers Trust Co. after the Columbia Bank merger twelve
offices in all, five of which will be in Brooklyn, five in Manhattan, one in Queens and one in the Bronx.
It is announced that one hundred banks and companies
operating the Morris Plan of industrial loans and investments lent over $50,000,000 in the first six months of the
present year, the number of borrowers being more than
212,500, and the average loan less than $240. The gain in
the number of loans over January-June 1922 was 35,000,
and the increase in the amount of money lent was over
$12,000,000.
David Kahn, attorney for Bertha Rambaugh, the receiver
for the private banking firm of V. Tisbo Brothers, which
closed its doors in March last, and whose members fled the
city, announced on Aug.9 that there will be no further meetings of creditors of the firm. Mr. Kahn said further meetings would be useless, since the Tisbos are out of the country,
one being under arrest in Italy. He said assets of $5,000
had been discovered. Liabilities were believed to be $200,000. The brothers, according to Mr. Kahn, attempted to
establish a laundry business in Brooklyn with money of
depositors. When the laundry venture failed, they fled.
We referred to the failure of Tisbo Brothers in these columns
in our issue of March 17 and subsequent dates.
The farmers National Bank of Salina, Kans., has just completed tile doubling of the space it formerly occupied. The
bank made a new departure in the interior treatment and
adopted a walnut screen such as became famous in European banks. The vault with its great rectangular door
weighing 20 tons is said to be capable of providing protection
against all forms of attack—burglar, mob or earthquake.
Another feature is the provision of a special room for farmers, who may conduct meetings, look up farm records, Wash-

According to the following press dispatch from Boston on
Aug. 9, appearing in the New York "Evening Post" of the
same date, another dividend is to be received by the depositors in the savings department of the defunct Tremont Trust
Co. of that city. The Tremont Trust Co. was closed on
Feb. 17 1921, as reported in our issue of Feb. 19 of that year:
Judge Carroll of the Supreme Court to-day authorized Bank Commissioner Allen to pay a dividend of 10% to depositors in the savings department of the Tremont Trust Company. They have already received dividends amounting to 662-3%, and W. Rodman Peabody,liquidating agent,
told the Court that eventually they probably would receive a total of 95 or
96%. The present dividend will amount to $893,511.

The Security Trust Co. of Rochester, Rochester, N. Y., has
declared its regular quarterly dividend of 5%, and an extra
dividend of 10%, payable August 1 1923.
With reference to the affairs of the defunct City Bank of
York, Pa., whose failure was reported in these columns in
our May 23 1923 issue, a special press dispatch from York
on Aug. 7 to the Philadelphia "Record" said in part:
Twenty-eight stockholders of the City Bank are to be made defendants
In suits of equity which will be brought to collect $38,700 said to be due the
bank in the form of stockholders' liabilities. They have neglected, refused
or otherwise failed to pay their liabilities on their stock. Robert S. Spangler, special attorney for Secretary of Banking Cameron in the affairs of the
defunct bank, to-day announced the suits will be filed this week.
According to figures obtained in the examination conducted at the bank
by Examiner Ferguson, the shortages shown include a cash one of$50,905 93.
one of $122,000 from alleged forged notes, and a $937,474 05 ledger shortage.
making a total of $1,110,379 98. In addition to this visible shortage, it is
said, other losses will be shown by reason of uncollectibie paper now listed
as bank assets.

Regarding the recent consolidation of the Luzerne County
National Bank of Wilkes-Barre, Pa., and the Miners' Bank
of that city, to which reference was made in these columns
July 28, page 406, the circular letter of the Miners' Bank
dealing with trade conditions in Wyoming Valley, Pa., says:
Through the consolidation on July 14 with the Luzerne County National
Bank, the Miners Bank of Wilkes-Barre shows capital, surplus and profits
of more than $5.000,000, which Is larger than those of any other Pennsylvania bank outside of Philadelphia and Pittsburgh. It has resources of
about $20,000,000 and trust funds of more than $13,000,000. The entire
board of directors of the Luzerne County National Bank joins the Miners
Bank board and all the employees and organization of that bank have come
to us. No bank in Pennsylvania outside the two largest cities, is better
fortified to respond to the needs of its customers and to render a more up-todate banking service. The Miners Bank has become trustee for large issues
of bonds of corporations located as far away as Texas and the Province of
New Brunswick, Canada. The bank is extending its service as never before
and, while we are in a position to handle the business of very large firms and
Institutions, we welcome the accounts of one dollar or more. We are here
to help both old and new customers with the most painstaking and satisfactory banking service ever provided in this community.

ington agricultural reports and in fact are virtually provided with a bureau of information in the comfortable banking surroundings. The plans were drawn and the work was
Elmer E. Renner and Howard R. Rehrig, Teller and
constructed under the supervision of Alfred C. Bossom,
bank architect and engineer, of 680 Fifth Avenue, New York Assistant Treasurer, respectively, of the Bethlehem Trust
Co., Bethlehem, Pa., were arrested on Aug. 2 following their
City.




alleged confession that they had embezzled $78,500 of the

638

THE CHRONICLE

institution's funds and speculated with the money in the
stock market. They waived examination and were committed to jail in default of $25,000 bonds each. The shortage was discovered by George W. Brown, Senior State Bank
Examiner, who upon a visit to the bank on July 31 found
several hundred dollars missing from the cash drawer.
Further investigation, in which the two men aided, it is
said, unearthed total peoulations of $78,500. A special press
dispatch from Bethlehem to the Philadelphia "Ledger" on
Aug. 2 gave a statement issued by J. E. Mathews, the
President of the bank, which read in part as follows:
•

You may say for me that the shortage in funds discovered and reported by
the State Bank Examiner means that two young men, with the brightest
prospects, with ample means of their own to keep themselves and their
families comfortably, have staked their welfare, their fortunes and the future
happiness of themselves and their families on a turn in the stock market
and have lost.
Of the $78,500 reported missing. $50.000 is covered by a blanket bond,
$25,000 in real estate and personal property turned over to the bank by
Howard R. Rehrig and Elmer E. Renner, and the remaining $3,500 will he
made good by the directors.

William Van Zandt Cox, former President of the Second
National Bank of Washington, died suddenly on July 24 of
angina pectoris. He was 71 years old. Mr. Cox succeeded
Matthew Emery, his father-in-law, as President of the Second National. Mr. Cox was Vice-President of the Washington Market Co., member of the executive committee of the
National Savings & Trust Co., was identified with the
Washington Title Insurance Co., and was President of the
Board of Education in 1910. He was Treasurer of the
Democratic National Committee of the District in 1912, and
Treasurer of the Wilson and Marshall Inaugural Committee
of 1913. He was a member of the Columbia Historical Society, and the Ohio Societies of this and New York City, In
1878 he was likewise identified with the United States National Museum and acted in the capacity as representative
of the Government at various expositions.
Directors of the Midland Bank, Cleveland, Ohio, have declared the institution's second regular quarterly dividend of
/
112%, payable August 1 to stock of record July 25. At the
same time the directors transferred the sum of $20,000 from
undivided profits to surplus account, bringing the surplus to
$450,000. The bank, which has capital of $2,000,000, has
been in operation just 28 months. According to an announcement by D. D. Kimmel, President of the Midland, the bank
expects to occupy its new quarters in the Williamson building on Cleveland's public square about October 15. The Federal Reserve Bank, which now occupies the building, expects
to move to its newly erected home about August 15, and the
Midland Bank's remodeling operations will probably be completed within two months thereafter.
0. A. Christensen, who recently resigned as Cashier of the
Mid-City Trust & Savings Bank, has been elected Vice-President of the Keystone Trust & Savings Bank of Chicago, in
place of Major William A. Swart, resigned. Max Durschlag
has been elected a director of the Keystone Trust & Savings
Bank at the same meeting.
The Comptroller of the Currency reports the receipt of an
application to organize the Old National Bank in Evansville,
Ind. We are officially advised that the Old National will
begin business Oct. 1 1923 and will succeed to the business
of the old State National Bank of Evansville. The capital
will be $500,000 and the surplus $100,000, its stock being disposed of at $120 per share. The Old State National Bank is
successor to the Old State Bank of Indiana, chartered in
1834. The officers and directors of the Old National Bank
will be the same as those of the Old State National, viz.:
Win. H. McCurdy, President; F. R. Wilson, Vice-President;
J. 0. Davis, Vice-President and Cashier; H. J. Reimer and
A. F. Bader, assistant cashiers; directors: Wm. H. McCurdy,
President Hercules Corporation, President; Marcus S. Bonntag, President American Trust & Savings Bank; James T.
Walker, attorney-at-law; Sidney L. Ichenhauser, Ichenhauser Co.; Samuel L. Orr, Orr Iron Co.; F. R. Wilson, VicePresident; H. C. Kleymeyer, Standard Brick Mfg. Co.; G. A.
Trimble, Vulcan Plow Co.; Louis A. Daus, Anchor Supply
Co.; J. 0. Davis, Vice-President and Cashier; J. L. Igleheart,
Igleheart Bros., and H. D. Bourland, Red Spot Paint & Varnish Co. The deposits of the Old State National Bank on
June 30 were $7,297,825, and the resources on the same date
were $8,820,701.
The Ricker National Bank of Quincy, Ill., was placed in
voluntary liquidation effective June 12 1923. The Quincy




[VOL. 117.

National Bank and the Ricker National Bank were merged
to form the Quincy-Ricker National Bank, the name of which
has become the Quincy-Ricker National Bank & Trust Co.
The latter on June 30 reported capital of $500,000; surplus
of $100,000; deposits of $5,294,435 and resources of $6,301.443. Its officers are W. T. Duker, President; W. H. I..
Thomas, Vice-President and Cashier; Joseph L. James and
Joseph J. Fischer, Vice-Presidents; J. R. Pearce, Vice-President and Trust Officer, and G. G. Arends, Vice-President.
The stockholders of the Union Trust Co. of Detroit will
meet on August 29 to act on a proposal to increase the capital
stock from $1,000,000 to $2,000,000. The par value of the
stock is $100 per share. The new capital will become effective on Oct. 1 1923. The price at which it will be disposed of
to the stockholders will be decided by the stockholders at
the meeting called for Aug. 29.
Charles C. George and George Brandeis of Omaha and
George J. Woods of Lincoln have been elected directors of
the Omaha National Bank of Omaha. Neb. Mr. George is
President of George & Co., realtors, and the City National
Bank Building Co. and Vice-President of the Conservative
Savings & Loan Association. Mr. Brandeis is President of
the J. L. Brandeis & Sons and of the Brandeis Investment
Co., while Mr. Woods is Vice-President of the Woods Brothers' Silo & Manufacturing Co. of Lincoln.
The Hibernia Bank & Trust Co. of Denver, an institution
with a capital of $100,000 and deposits of $1,373,729, was
closed by its directors and placed in the hands of the State
Bank Commissioner on July 27. The closing of the institution followed the confession of Leo P. Floyd, the Secretary
and Trust Officer of the bank, that he had embezzled a large
amount of the bonds and securities of the institution and
that the books of the bank had been falsified by him for a
long period of time. According to the Denver "Rocky Mountain News" of July 29, the amount of the bank's shortage
has been found to be $441,733. Following the confession,
Floyd, together with John Harrington, a Teller in the bank,
who, it is said, had knowledge of what was going on and
who sought to protect his friend Floyd and R. M. Mandell,
a Denver broker, were arrested and placed in the county jail.
The next day (July 28), according to the "Rocky Mountain
News" of July 29, charges of grand larceny were filed
against the men in the West Side Court before Judge George
F. Dunklee, who fixed the bail of the two bank officials at
$20,000 each and that of Mandell at $250,000—the highest
bond, it is said, ever known in a criminal case in Denver.
District Attorney Van Oise announced "that the grand larceny charges were prepared to hold the trio temporarily and
permit their release on bond until other charges are prepared and filed." John Harrington, the accused Teller, is
the son of M. C. Harrington, Vice-President of the Hibernia
Bank & Trust Co., who had charge of the institution. Edward P. Ryan of Spokane, Wash., the President of the bank,
according to the "Rocky Mountain News" of July 29, arrived
In Denver from Spokane on Saturday morning in response to
a telegram saying the bank was in trouble, bringing with.
him $100,000 worth of securities.
According to the "Rocky Mountain News" of August 3,
Leo P. Floyd and John Harrington,the former bank officials,
were on August 2 sentenced by Judge Dunklee to from four
to ten years imprisonment at hard labor each, in the State
Penitentiary at Canon City, after they had pleaded "guilty"
to embezzlement. In its issue of the preceding day (August
2) the "Rocky Mountain News" stated that the two men
would be used as witnesses for the State against Mandell
and that they would be immune from the filing of possible
additional charges against them in connection with the looting of the bank. In its August 4 issue the "News" stated
that officials of the State Bank Examiner's office had announced the preceding day (August 3) an additional shortage of at least $21,000 in the Hibernia Bank & Trust Co.'s
accounts. With regard to this the "News" said:
The latest disclosure of an additional shortage, one of several uncovered by
the Bank Examiners, indicated that new losses which may bring the total
above the half million dollar mark, may be uncovered.
With the addition of the $21,000 that was uncovered by bank officials
working on the case yesterday, the total brought to light reached exactly
$464,233 48.
Floyd was taken from his cell at the Jail under custody of an armed guard
yesterday for questioning in the District Attorney's office in connection
with new discoveries concerning the wholesale bank looting plot, of which
the District Attorney was not informed in his confession.
Yesterday's disclosures concerning the new peculations came when investigators traced accounts of the bank with the Otis St Co. brokerage firm.
In the accounts for last January, it developed, Floyd and Harrington had

Aua. 11 1923.]

THE CHRONTCLE

"covered" the theft of $21,000 in a bond transaction with the firm.
One official investigating the books declared that similar instances may be
found, bringing the total losses greatly above the amount first believed to
have been stolen.

The "Rocky Mountain News" described the methods employed in looting the bank by the two employees as follows:
According to the charges made in the statements by the two bank employees, the operations first started when Floyd "covered" an overdraft of
$26,000 on Mandell's private account as a personal favor. Promise of repayment at the time was given by the broker, the two men declared.
After they had once been involved in the first overdraft, Floyd was afraid
to report the matter to the directors of the bank, he said, and kept "covering," relying on promises of repayment.
Restitution of the money was not made and additional funds were obtained, it was alleged, with the promise that they would be used to make
back the entire shortages. Later, working under Floyd, Harrington became
involved, he admitted, and the pair continued to "cover" the shortages already existing, stealing still more of the bank's funds, always expecting repayment of the entire amount.
During all this time, while they were slowly enmeshing themselves deeper
in the financial tangle that resulted in the fall of the bank and their own
arrest Friday, the two bank employees deceived experts from the State Bank
Examiners, directors of the bank and half a dozen fellow employees.
To do this an elborate system of "covering," a slip in any part of which
would have meant instant detection, was involved.
The most important part of the system was in "padding" the visible assets as shown to the Bank Examiners at their regular inspections. By means
of hasty bond purchases, the two men declared in their statement, Mandell
furnished them with sufficient bonds to bring their total bond holdings up
to the proper figure. These purchases, they charged, were made frequently
with cashier's slips from the bank itself, or by alleged short checks on other
banks.
Then, after the Bonds had been checked and found to be correct, the bonds
were hastily converted into cash to balance the general cash account.
Later, both the bonds and the cash having been protected by the original
bond purchases made with worthless paper, the cash was used to cover the
checks or the cashier's slips used originally.
In addition to "fixing" their assets by the cash and bond manipulations,
the two bank employees admitted having reduced their liabilities by removal
of evidence of deposits both in savings and checking accounts.
Savings accounts were "shaved" by removal of ledger cards showing depositor's balances, from the bank filing system. Twenty-five cards, most of
which represented "dead" and seldom-used accounts, were removed in this
manner.
In the same way, ledger sheets were removed from the loose-leaf filing system for checking accounts to reduce the liabilities on that end of the deposits. Care was taken there, too, to remove records of unused accounts
only.
As a consequence of their tampering with the deposits, the two men were
forced to remember every account thus mutilated, to avoid discovery in the
event a depositor on one of the accounts called for his money.
The last shortage shown in the books was on last Monday, when $22,000
worth of Liberty bonds disappeared under the direction of Floyd Harrington.
This money, the specific amount named in the grand larceny information
against the trio, the two declared, was given to Mandell to help cover an
overdraft of $41,000 in his account.
Throughout the three years covered by their manipulations, box 188 in the
safety deposit valuta of the bank held the whole secret of the shortages—dozens of checks alleged to have been written by Mandell or by his employees
under his personal direction.
The series of checks, varying from less than a dollar to amounts carried
in six figures aggregated $262,077 38, according to figures disclosed by officials working on the case. The fact that these checks were kept in the
safety deposit box held jointly by Floyd and Harrington without knowledge
of the bank officials, rather than being returned to Mandell, snakes possible
the latter's prosecution, investigating officials said. If the checks were destroyed, they said, nothing would remain to link 3fandell's name with the
transaction other than the verbal word of Floyd and Harrington.
In addition to money obtained by the alleged worthless checks recovered
from the deposit box, Mandell obtained Liberty and municipal bonds without leaving a record, the bank employees declared in their statements to the
District Attorney.
The money they charged Mandell with having obtained by means of their
peculations, was invested in several different properties under his direction,
it was shown in his personal books, according to information obtained by the
District Attorney.

A resolution was adopted by the stockholders of the Denver
Morris Plan Co. at a special meeting held July 19 authorizing the conversion of that institution into the First Industrial
Bank, effective as of that date, the officers and directors
remaining the same. The new bank will continue to operate
the Morris Plan, but the scope of the institution will be
broadened. The conversion was made possible by the
Industrial Bank Act passed by the Twenty-fourth General
Assembly of Colorado. The Denver Morris Plan Co. began
business on May 2 1913 under the name of the Economic
Loan & Investment Co. with a capital of $100,000, which
was subsequently increased to $150,000, and later to $166,000. The authorized capital of the new company is $250,000,
with a surplus of $3,000, and with resources of three-quarters
of a million dollars as of Aug. 1. The following are the
officers of the bank: E. S. Kassler, President; R.0. Bonnell,
Vice-President and General Manager; Frank L. Woodward
and H. T. Lamey, Vice-Presidents; Geo. W. Gano, Treasurer, and F. E. Underwood, Secretary.

Following the issuance to it of a charter by the Comptroller of the Currency the Midland National Bank of Billings, Mont., began business on July 11 with a capital of
$ 00,000 and surplus of $50,000. With the start of the new
0
bank it was announced that it would take over the deposits
of the Yellowstone-Merchants National Bank at once and
assume responsibilities therefor, and in return receive from




639

the Yellowstone-Merchants National Bank all cash on hand,
all Government bonds, the banking house, furniture and fixtures, and sufficient of its bills receivable which had been
approved by the Comptroller of the Currency to offset the
deposits. Elroy H. Westbrook and L. C. Babcock are VicePresidents of •the Midland National; George M. Hays is
Cashier and F. E. Hanly, Assistant Cashier. The executive
head has not yet been selected. The directors are Thomas A.
Marlow, of Helena; C. M. Bair. L. C. Babcock, E. H. Westbrook, J. B. Arnold and H. W. Rowley, all of Billings.
R. Lee Davis, former President of the defunct American
State Bank of Kansas City, Mo., was arrested on July 27
on charges growing out of the failure of the bank on April 30
last, according to the Kansas City "Star" of July 28. The
following day, it is said, Mr. Davis entered a plea of "not
guilty" to three indictmentt returned against him by the
Grand Jury, alleging larceny, embezzlement and forgery,
before Judge Charles R. Pence in the Circuit Court and was
released in $7,500 bonds. His trial has been set for Sept. 17.
Reference was made to the closing of the bank in these
columns in our May 12 issue.
The Palmetto National Bank of Columbia, S. C., was recently succeeded by the Columbia National Bank, an institution organized for the purpose of taking over its assets
and assuming its liabilities. The new bank has a capital of
$500,000. Its officers are: G. M. Berry, President; T. J.
Cottingham, Vice-President; H. C. Leaman, Cashier and T.
E. Merchant, Assistant Cashier.
The placing in voluntary liq- uidation of the First National

Bank of Madison, Fla. (capital $75,000) is announced effective June 30 1923. .The bank is succeeded by the Madison
State Bank. In a letter to its customers under date of July 2
the officers of the bank said:
After careful consideration, and having had many years of experience first
as a State bank and then as a national bank, we have come to the conclusion
that we can serve the people of Madison County, as well as the bank itself,
better sea State bank. At a special meeting of the stockholders held on
June 28 last, at which every share of stock was represented, it was unanimously voted to convert the First National Bank into a State bank under the
laws of Florida, under the name of the Madison State Bank, said conversion
to take effect at the close of business June 30 1923.
The Madison State Bank is composed of the same shareholders, directors
and officers as the old First National Bank and is in reality the same bank,
only now operating under a State charter instead of a national one.

The officers are: L. A. Fraleigh, President; T. C. Smith
and D. G. Smith,Tice-Presidents, and R. E. Cowart, Cashier.
We learn that the Texas N- ational Bank of Fort Worth,
Tex., which is a conversion to the national system of the
Texas State Bank, increased its capital on May 21 from
$300,000 to $400,000. The conversion of the institution, to
which we referred in our issue of June 16, page 2736, was
made effective May 15. The bank. reports a surplus of
$250,000. The par value of the stock is $100 and the market
price is around $250. The bank pays dividends of $12%.
The officers are W.L. Smallwood, President; B. B. Samuels,
A. L. Baker and George T. Stillman, Vice-Presidents; C. C.
Johnson, Cashier, and H. L. Rudmose, L. B. Ward and W. G.
Hazen, Assistant Cashiers.
Dr. E. P. Wilmot, President of the Austin National Bank
of Austin, Tex., died in New York City on July 24 as a result
of an apoplectic stroke which he suffered on July 18 when
he was visiting the Seaboard National Bank of New York.
According to newspaper reports from San Francisco this
week, an amalgamation of the American National Bank
(capital $2,000,000) and the Security Bank & Trust Co:

(capital $750,000) of that city was effected at a meeting of
the officers and stockholders of both institutions on Wednesday of this week, Aug. 8. The resulting institution, it is
said, will be known as the "American Bank of San Francisco"
and will have deposits in excess of $26,000,000 and resources
of about $40,000,000. The American National Bank was
converted into a State institution on Aug. 6, it is said, in
order to effect the consolidation.
On July 31 Wellington Francis, President of the Standard
Bank of Canada (head office Toronto), in a statement forwarded to the shareholders of the institution, announced a
decision reached by the directors to withdraw $2,250,000
from the reserve fund of the bank to care for losses arising
out of the agricultural and business depression in Canada
and to establish a contingent fund for the purpose of meeting
any unknown or future contingencies that may arise. Mr.
Francis also announced in his statement that the directors
have likewise decided that in view of this reserve adjustment future dividends should be on a more conservative

640

THE CHRONICLE

basis of 12% instead of 14%, the rate hitherto prevailing.
It is provided that if in future any additional distributions
of earnings should be deemed advisable they should be made
in the form of bonuses declared from time to time. The adjustment leaves the bank, with its paid-up capital of $4,000,000 intact, its reserve funds reduced from $5,000,000'to $2,750,000 (or about 70% of the paid-up capital) and an inside
contingent fund of $1,000,000. Mr. Francis emphasized the
strong liquid position of the bank with these resources at
hand, and with an earning capacity unimpaired, and "with
well-established branches and an organization comprising a
large number of officials who have grown up with the bank
and whose experience is of great value to it, your directors
know of no reason why it should not in the future experience
an increasing and profitable business."
Mr. Francis announced simultaneously some important
changes in the personnel of the institution. These were the
retirement of C. H. Easson, General Manager, and the appointment of N. L. McLeod as his successor, and the appointment of Norman C. Stephens and G. N. Brown as Assistant
General Managers. With regard to the new executives, the
Toronto "Globe" in its issue of August 1, said:
Mr. McLeod has been in the service of the bank for many years, during
which time he occupied several positions of importance, including that of
Western Superintendent, and later as an executive officer in the head office.
Mr. Stephens has served in the capacities of Assistant Manager of the Toronto
office, Manager of the Foreign Exchange Department, and later as Acting
Assistant General Manager. Mr. Brown has been in the employ of the bank
for 15 years, and for the past few years has held the position of Superintendent of Eastern Branches.

The President's statement in part, as published in the
"Globe," is as follows:
The principle of the revaluation adopted has been carried out after careful analysis of the financial status of the bank's customers and borrowers.
Included now in the assets are those loans which are regarded as of undoubted
worth, for which there is believed to be ample security. As against loans in
respect of which there is a possibility of loss, reserves of a substantial character have been provided; loans from which losses are expected have either
been wholly written off or reduced to sound values. Each security comprising the bank's investments has been revalued, and the figures at which such
investments stand are those which can now be realized for them.
It has been ascertained and it is the opinion of your directors, the officials
of the bank mentioned and of Mr. Clarkson, Auditor of the bank, that the
losses incurred and in prospect will absorb $1,250,000 of the present reserve
fund of the bank. While the application of this amount will provide for all
known and expected losses, it is the view of the directors and of the bank's
Auditor that a further slim of $1,000,000 should at this time also be taken
from the reserve fund to establish a contingent fund for the purpose of meeting any unknown or future contingencies. It is desired, however, in this
connection to emphasize the fact that the contingent fund now established is
set up merely as a protection to the business of the bank, and not as a provision for any known or expected losses, as all such have been provided for.
With the adjustment mentioned, the bank will remain with its paid-up
capital of $4,000,000 intact, its reserve funds reduced from $5,000,000 to
$2,750,000 (or about 70% of the paid-up capital), and an inside contingent
fund of $1,000,000.
The earnings of the bank for the current year continue to be well maintained and there is no reason to expect any undue reduction in them. In
view, however, of the circumstances disclosed herein it is the opinion of the
directors that future dividends should be on a more conservative basis of 12%
per annum, and that if in the future any additional distributions of earnings
should be deemed advisable they should be made in the form of bonuses declared from time to time.
Bank premises stand in the accounts at the net amount of $1,891,000,
which is considerably less than cost, and substantially less than the present
fair value thereof. All the bank premises are free from encumbrance.
While your directors greatly regret the necessity for taking what may be
regarded by some as a more drastic action than is absolutely essential, they
wish to state to the shafeholders, depositors and customers of the bank that
they have felt it incumbent upon them to make the readjustment thorough
and complete and such as will leave the.bank in an absolutely sound condition.

In a press dispatch from Montreal on July 31 printed in
the "Globe," Sir Frederick Williams-Taylor, President of the
Bank of Montreal, and also President of the Canadian Bankers Association, is reported as saying that in his opinion the
Standard Bank had adopted a wise course which should
.
inspire confidence.

[VOL. 117.

1922 Drs. 220,000,000. Total assets are given as Drs.
8,095,503,983.
The semi-annual statement of the London Joint City &
Midland Bank, Ltd., as of June 30 1923 compares as follows
with the position shown by the bank on Dec. 31 1922 and
June 30 1922:
June 30'22. Dec 31'22. June 30'23.
.
Capital paid up
10.860,852 10,860,852 10,860,852
Reserve fund
10,860,852 10,860,852 10,860,852
Current, deposit and other accounts
(including balance of profit and
loss account)
368,230,832 355,928,411 347,900,203
Acceptances and engagements on account of customers
17,718,567 25,862,341 26,380,696
407,671,103 403,512,456 396,002,603
Assets—
Coin, bank and currency notes and
balances with the Bank of England 53,325,176 54,254,534 51,886.944
Balances with, and cheques in course
ofcollection on other banks in Great
Britain and Ireland
11,600,430 13,548,935 14,637,852
Money at call and short notice
15,644,306 17,187,013 20,657,598
Investments
67,697,021 55,454,831 38,087,428
Bills discounted
56,252 193 46,066,631 45,336,797
Advances to customers and other accounts
176,912,071 182,307,521 190,104,209
Liabilities of customers for acceptances and engagements
17,718,567 25,862,341 26,380,696
5,351,389
Bank premises
5,270,960
4,961,924
Shares of the Belfast Banking Co.,
Ltd., and The Clydesdale Bank,
3,259.690
Ltd
3,259,690
3,259,415
Shares of The London City & Midland
300,000
Executor & Trustee Co., Ltd
300,000
300,000
407,671,103 403,512,456 396,002,603

THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Wall Street, Friday Night, Aug. 10 1923.
The stock market the present week has been in the shadow
of the gloom occasioned by the sudden death last week of
President Harding. Trading has been on a small scale, the
tone not at all confident and the trend of prices much of
the time downward. Yesterday (Friday) business on the
Exchange was completely suspended (the same as on the
previous Friday on the first news of the death), all of the
banks as well as the security and commodity exchanges
being closed in observance of President Coolidge's proclamation indicating the day (on which the funeral services were
held in the late President's home town at Marion) as a national
day of mourning for the loss of Mr. Harding. But the Exchange was also closed between 11:00 and 12:30 o'clock on
Wednesday when the official funeral services were conducted
at Washington. During the short session last Saturday
a downward turn carried many of the leading issues to the
low levels of the fore part of that week. This was particularly true of the Western railroad group, including Great
Northern, Northern Pacific, Chicago & North Western,
Union Pacific and Rock Island.
On Monday, however,
there was an upward reaction and the market closed
with several of the leading issues recording advances
of two to three points. The list included United States
Steel common, Bethlehem Steel, Baldwin Locomotive and
Studebaker. The upward trend was maintained on Tuesday.
On Wednesday, when, as already noted, business was suspended from 11:00 to 12:30 o'clock, prices again turned downward, and more or less weakness developed, which was also
the feature on Thursday. A slight upturn occurred following the announcement of the increase in the dividend on
American Locomotive common from a five to a six-dollar
annual basis, but the market, on the whole, was heavy.

The annual report of the National Bank of Greece (head
Treasury Cash and Current Liabilities.
office, Athens) for the year ended Dec. 31 1922 was preThe cash holdings of the Government as the items stood
sented to the shareholders by Alex. N. Diomede, Governor July 31 1923 are set out in the following. The figures are
of the institution, at the ordinary general meeting held at taken entirely from the daily statement of the United States
Athens on April 4 and shows satisfactory results for the Treasury for July 31 1923.
CURRENT ASSETS AND LIABILITIES.
period covered. Gross profits for the year, the report
GOLD.
amounted to Drs. 279,595,250 and, after deduction
states,
Assets—
Lied:Wes—
312,218,934 68 Gold °firths. outstand'g_ 791,754,349 00
coin
Gold
of the expenses of administration, interest paid and amounts Gold bullion
3,081,494,671 08 Gold fund F. R. Board
(Act of Dec. 23'13, as
written off, there remained a net profit of Drs. 168,456,538,
amended June 21'17)2,260,689.805 85
which is higher than that of 1921 by Drs. 64,000,000, and
152,979,025 83
Gold reserve
Gold In general fund
188,290,335 45
exceeds the profit realized in any previous year. This net
3,393,713,605 76
3,393,713,605 76
Total
Total
increase in profits enabled the Administration of the bank
Note—Reserved against $346,681,016 of U. S. notes and $1,459,123 of TreasurY
to propose a dividend considerably higher than in any notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
.
year, and thus to adapt the dividend to the current dollars in the Treasury.
previous
SILVER DOLLARS.
$
Assets—
$
Ltentintes—
price of the shares. This dividend was Drs. 800 per share,
426,414,525 00 Silver certifs. outstand'g 407,120,197 00
Silver dollars
which compares with Drs. 550 in the preceding year and Drs.
1,459,123 00
Treas. notes of 1890 out..
Silver dollars In gen. rod 17,826,205 00
increased
420 in 1920. The reserve fund of the bank was
426,414,525 00
426,414,52500
Total
Total
by Drs. 85,000,000, making the reserve funds as of Dec. 31




AUG. 11 1923.]

THE CHRONICLE

GENERAL FUND.
Liabilities—
$
A:sets—
188,290,335 48 Treasurer's checks outat.
1,453,214 55
Gold (see above)
Silver dollars(see above) 17,826,20500 Devoe. of Govt. officers:
13,620,410 65
P. 0. Department_ _ _
United States notes_...3,219,456 00
1,079,151 00
Board of trustees,
Federal Reserve notes
300,72500
Postal Say. System,
Fed. Res. bank notes
17,120,594 00
5% reserve, lawNational bank notes
ful money
6,590,407 80
Subsidiary silver coin... 10,926,697 45
2,680,341 18
Other deposits
145,447 85
Minor coin
34,88.5,014 72
Comptroller of the
Silver bullion
Currency, agent for
Unclassified (unsorted
3,543,066 51
creditors of insolvcurrency, &c.)
53,085,874 81
ent banks
Depos. in F. R. banks
3,123,044 94
Postmasters, clerks of
Depos. In special deposicourts, disbursing
taries account of sales
of Treasury notes_ _ _ _ 190.413,00000
28,873,284 81
officers, &a
Deposits for
Depos. In foreign derma.:
162,736 59
Redemption of—
To credit Treas. U.S.
To credit of other
Fed. Reserve notes
Government officers
651,362 98
(5% fund. gold). 178,314,653 41
Devoe.in nat'l banks:
F. R. bank notes
7.276,961 69
To credit Treas. U. S_
(5% fund, lawTo credit of other
ful money)
192,096 .55
Government officers 20,469,106 98
Nat.banknotes(5%
Depos. in Philippine
fd.,lawful money) 32,251,566 60
Treasury:
Retirement of addi1,051,848 34
To credit Treas. U.S.
tional circulating
notes. Act of May
30 1908
17,310 00
Exch'gea of currency.
coin, Aso
5,547,245 19
270,128,682 35
282,853,795 38

Net balance

Total_
Total
552,982,477 73
552,982,477 73
* Includes receipts from miscellaneous sources credited direct to appropriations.
Note.—The amount to the credit of disbursing officers and agencies to-day was
$816,595,959. 1300k credits for which obligations of foreign Governments are
held by the United States amount to 333,236.629 05
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the public debt. The amount of such obligations
to-day was $47,184,149.
$633,145 in Federal Reserve notes, $300,725 in Federal Reserve bank notes and
$16,816,946 in national bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds.

641

July 1923.
Receipts—
Ordinary—
$
43,225,073
Customs
Internal revenue:
36,777,590
Income and profits tax
Miscellaneous internal revenue
88,467,900
Miscellaneous receipts:
Proceeds Government
-owned securities—
Foreign obligations—
Principal
385,421
Interest
202.747
3,016,952
Railroad securities
723.451
All others
Trust fund receipts (reapproptiated for investment)._ _ _ 2,244,305
4,235.396
Proceeds sale of surplus property
Panama Canal tolls, &c
1,896,906
Receipts from misc, sources credited direct to approp'sus 7,195,146
Other miscellaneous
17,371,289

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
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938

$59972405000
118,489,900 00
46,954,180 00
25,947,400 00
49.800,000 00
28,894,500 01
11,877.930 00
.,.$1,951,748,250 00
3,198,878,350 00
3,397,223,850 00
6,328,208,150 00

14,876,058,600 00
763,954,300 00

Treasury bonds of 1947-1952
Total bonds
Notes—
Treasury notes—
Series A-1924, maturing June 15 1924
Series 13-1924, maturing Sept. 15 1924
Series A-1925, maturing Mar. 15 1925
Series B-1925, maturing Dec. 15 1925
Series C-1925, maturing June 15 1925
Series A-1926, maturing Mar. 15 1926
Series B-1926, maturing Sept. 15 1926
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing Mar. 15 1927

516,523,700,830 00
5311.088,60000
380,681,100 00
598.365,90000
310,979.80000
416,160,700 00
618,737,200 00
423,086,500 00
362,577,900 00
668,186.50000

•
Treasury Certificates—
Tax-Series TS-1923, maturing Sept. 15 1923
3160,079,000 00
Series TS2-1923, maturing Sept. 15 1923. _ _ _
153,789,000 00
Series TD-I923, maturing Dee. 15 1923
191,517,500 00
Series TD2-1923, maturing Dec. 15 1923_
178.549.500 00
Series TM-1924, maturing Mar. 15 1924..._ 321,196,000 0
Treasury (War) Savings Securities—
War Savings Certificates:
Series 1919 a
Series 1920 a
Series 1921 a
Treasury Savings Certificates:
Series 1921, Issue of Dec. 15 19219
Series 1022, Issue of Dec. 15 1921 9
Series 1922, Issue of Sept. 30 1922 b
Series 1923, Issue of Sept. 30 19228
Thrift and Treasury Savings Stamps, Unclassified sales, ere

$883,687,930 00

4.087.854,20000

1,005,131,000 00
350.358,16734
21,953,930 01
13,254,616 73

Expenditures—
Ordinary—
(Checks and warrants paid, dm.)
General expenditures
Interest on public debt
Refunds of receipts:
Customs
Internal revenue
Postal deficiency
Panama Canal
Operations in special accounts:
Railroads
War Finance Corporation
Shipping Board
Alien property funds
Loans to railroads
Investment of trust funds:
Government life insurance fund
Civil Service retirement fund
District of Columbia teachers' retirement fund
Total ordinary

Debt Bearing No Interest—
United States notes
Less gold reserve
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency....

5,548,853 12
$21,958,862,227 74
$1,296,440 26
1,320,000 00
294,020 00
372.250 00
19,138,750 00
46,149,750 00
68,571,210 26

$193,701,990 37

2,201,357
8,675,113
321,682

5.749,050
8,651,908
12,000,000
48,130

1,649,609 10,013,603
94,937,068 97.296.341
4,180,151 912,345.503
9502,566
2,140,878
590,863
2,224,306
10.022,966
19,999

2,065,299
18,511

214,490,208 218,696,871

27,731,500

6,417,500
382.850
500
6,800,850

Total expenditures chargeable against ordinary recelpts_242,221,708 225,497,721
•Receipts and expenditures for June reaching the Treasury In July are included.
a Includes $3,721,483 09 accrued discount on War Savings certificates of the
Series of 1918.
b Excess of credits.

COURSE OF BANK CLEARINGS.
There is a large and general decrease in bank clearings
this week, business having everywhere been greatly restricted
by reason of the death of President Harding last week and
the tributes paid to his memory the present week in the
course of the removal of the body across the Continent from
San Francisco to Washington and then back to Marion,
Ohio, his home town. Yesterday, the final day of the
obsequies at Marion, was observed as a day of mourning
throughout the length and breadth of the land, with business
completely suspended, and there was also considerable
interruption to business activities on Wednesday, the day
of the official funeral at Washington. 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, Aug. 11) aggregate bank clearings for
all the cities in the United States from which it is possible
to obtain weekly returns, show a decrease of 18.6% as
compared with the corresponding week last year. The
total stands at $5,373,137,992, against $6,599,304,805 for
the same week in 1922. At this centre there is a falling off of
28.6%. Our comparative summary for the week is as follows:
. 1923.

1922.

Per
Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$2,115,000,000
350,368,833
263,000,000
186,000,000
102,618,254
a
97,200,000
85,557,000
97,223,994
76,995,394
c64,748,890
60,620,731
40,732,458

92,961,860,320
432,593,615
314,000,000
223.000,00(
117,520,629
a
118,000,000
.80.000,000
.140.000,000
79,391,803
c58,871,853
71.106,238
40,221,065

—28.6
—19.0
—16.
2
—16 6
.
—12.7
a
—17.6
+6.9
—30.6
—3.0
+10.0
—14.7
+1.3

Twelve cities, four days
Other cities, four days

1,89515900
104,682,803 65
17,576,126 70
126,906,641 19

$346,681,016 00
152,979.025 63

406,500
223,035
6.777.443
1,377,965
2,083,810
4,051,319
760,839
11,679,783
25,537,841

164.345.709 170,784.823
a23,645,508 28,919,094

Public debt retirements chargeable against ordinary receipts:
Sinking fund
26,535,800
Purchases from foreign repayments
371,150
Received for estate taxes
819,900
Forfeitures, gifts, ere
4,650

Clearings--Returns by Telegraph.
Week ending Aug. 11.

342,176,197 74
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased—
Old debt matured at various dates prior to
hi April 1 1917
IF Certificates of indebtedness
Spanish War Loan of 1908-1918
33. % Victory Notes of 1922-1023
4g% Victory Notes of 1922-1923—
Called for redemption Dec. 15 1922
Matured Slay 20 1923

32,108,601
82,477,792

Total ordinary
205.742,176 204476,519
Excess of total expenditures chargeable against ordinary
receipts over ordinary receipts
36,479.532 20,521,202

Total

Preliminary Debt Statement of U. S. July 31 1923.
The preliminary statement of the public debt of the
United States for July 31 1923, as made up on the basis of
the daily Treasury statements, is as follows:

July 1922.
$
37,491,591

23,540,065,554
718,444,840

$4,636,565,523
779,521,815

—23.6
—7.8

Total all cities, four days
All cities, one day

$4,258,510,394
1,114,627,598

$5,416,087,338
1.183,217,467

—21.4
—5.8

Total all cities for week
35.373.137.992 56,599,304.805 —18.6
•Estimated. a Will not report clearings. b Four days. c In the case of Cleveland clearings for four days this year are compared with four days last year.

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
242,936,6 355 furnish them
to-day, inasmuch as the week ends to-day
Total gross debt
322,270,370,071 55 (Saturday), and the Saturday figures will not be available
a Net cash receipts. b Net redemption value of certificates outstanding.
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
Government Receipts and Expenditures.
In the elaborate detailed statement, however, which we
Through the courtesy of the Secretary of the Treasury we present further below, we are able to give final and complete
are enabled to placelbefore our readers to-day the details of results for the week previous—the week ending Aug. 4. For
Governmenti receiptsland disbursements for July 1923 that week there is a decrease of 2.8%, the 1923 aggregate of
and 1922.
the clearings being $7,226,234,640 and the 1922 aggregate




47,184,149 00
2,050,494 18

[vol.. 117.

THE CHRONICLE

642

The volume of transactions in share properties on the New
$7,434,862,512. Outside of this city, however, there is an
increase of 6.9%, the bank exchanges at this centre having York Stock Exchange each month since Jan. 1 In 1923 and
recorded a loss of 9.6%. We group the cities now according 1922 is indicated in the following:
to the Federal Reserve districts in which they are located,
1922.
1923.
and from this it appears that in the Boston Reserve District
No. Shares. Par Values. No. Shares. Par L'alties.
there is 12.3% improvement, in the Philadelphia Reserve
District 4.8%, while the New York Reserve District (because Month of January
19,914.827 $1,771,578,000 16,472,377 81.494.639,000
February
22.979,489 2,082,280,000 16.175,095 1,413,196,925
of the falling off at this city) shows a decrease of 9.2%. In
March
26.964.666 2.380,008,000 22.820.173 2.013.907,820
the Cleveland Reserve District there is a loss of 1.3%, in
Total first quarter
68.858,982 $6.213,866,000 55.467.645 84.921.743,745
the Richmond Reserve District of 4.0% and in the Kansas
City Reserve District of 1.8%. The Atlanta Reserve Month of April
20.091,986 86.934,142,000 30,634,353 $2,733,531,850
May
District shows a gain of 7.2%, the Chicago Reserve District
23,155,730 2,205.641,500 25,921,124 2,532,995,600
June
19,754,197 1,903,658,500 21,080,707 1.938.579,750
of 10.4% and the St. Louis Reserve District of 11.5%.
The Minneapolis Reserve District has enlarged its total by
Total second quarter_
63,001,913 $6,043,442,000 03.636,264 $7,205,107.200
3.7%, the Dallas Reserve District by 8.9% and the San Month of July
12351,851 $1,196,700,000 15,118,063 81,262,256.143
Francisco Reserve District by 13.8%.
The following compilation covers the clearings by months
In the following we furnish a summary by Federal Reserve
since Jan. 1 in 1923 and 1922:
districts:
SUMMARY OF BANK CLEARINGS

Week ending Aug. 4 1923.

Inc.or
Dec.

1922.

1923.

X
$
Federal Reserve Districts.
11 cities 404,272,522 360,056,366
(1st) Boston
10 " 4,025,946,548 4,434,294,879
(2nd) New York
476,371,968 454,633,589
(3rd) 1hiladelph1a... _10 "
345,418,794 349,986,047
8 "
(4th) Cleveland
176,876,217 184,173,500
a "
(5th) ItIctunOnd
139,898,120 130,441,534
12 "
(6th) Atlanta
811,478,932 734,983,522
19 "
(7th) Chicago
56,861,031 50,977,517
7 "
(8th) St. Louis
107,647,496 103,829,749
(9th) Minneapolis__ _ _ 7 "
220,985,023 225,060,805
(10th) Kansas City..._11 "
45,586,131 41,866,424
5 (11th) Dallas
414,893,858 384,559,580
(12th) San Francisco_ _ _16 "

MONTHLY CLLARINGS.
1921,

1921.

it
s
,
Z
,
+12.3 308,054,727 396,660,376
-9.24,106,145,976 4,586,666,784
+4.8 394,160,202 488,168,770
-1.3 300,430,499 401,027,497
--4.0 140,047,890 192,418,269
+7.2 120,868,875 175,784,418
+10.4 675,838,376 836,931,921
+11.5 46,981,299 61,312,853
+3.7 103,127,352 130,078,235
-1.8 250,133,249 346,194,880
+8.9 42,055,703 62,971,338
+13.8 310,994,076 357,541,101

122 clt ler. 7,226,234,640 7,434,862,512 -2.8 6,798,838,224 8,034,756,447
Grand total
3,273,613,801 3,062,680,724 +6.9 2,747,239,776 3,518,254,987
Outside New York City
Canada

Clearings Outstde New York.

Clearings, Total MI.

29 011104 306.644.504 302.342.696 -1-1 4 314 9137.954 366.659.042

Month.

1923.

1922.

••
,,,

1922.

1923.

%

$
i
$
$
Ian__ 36.285,247,515 29,931,564,280 +21.2 16,506,887,916 12.635300,446 +30.0
Feb__30,408,860.129 26,521,051368 +14.7 13,624,881.685 11,180,598,385 +21.9
9tarch 36,159,954.710 32,111,576,705 +12.6 16,391,674,714 13,392,003,753 +22.4
lst qu_ 102854.062,354 88,564,192,353 +18.1 46,523,444,315 37.208,102,584 +25.0
April__ 33,737,329,935 31,520,827,020 +7.0 15,727,256,984 12,761,818,664 +23.2
,lay.._ 35,541,669,726 32,793,624,900 +8.4 16,330,114,584 13,578,812,046 +20.3
rune__ 34,792,240,606 34,117,477,449 +2.0 16,116.762,956 14,006,580.699 +15.1
Id qu. 104072240267 98,431,929,369 +5.7 48,174,934,524 40,347.175.409 +19.4
5 mos. 206 926 302621 188996 121 722 +10.7 94,698,378.839 77.555,277,994 +22.1
fuly __ 32.062.972.812 31.807.852.558 +0.8 15.417.483.331 13.470.409395 +14.5

The course of bank clearings at leading cities of the
We also add comparative figures for July and the even
country for the month of July and since Jan. 1 in each
months:
of the last four years is shown in the subjoined statement:
Seven Months.

July.
1923.

1922.

168.0?
Dec.

1923.

1922.

linc.or
Ivec.

$
%
$
$
$
Fedi Reserve Diets.
`7',••
1st Boston __13 cities 1,763,055,711 1,516,265,3 +16.3 13,083,183,690 10,449,379,333 +25.2
2nd NewY'rk12 " 16,985,472,01718,629,748,596 -8.8 131,127,615,619 129,662,689,385 +1.1
.
13,558,932,625 +17 8
3rd Philade1.14 " 2,250,272,861 2,026,484,879 +11.0 15,972,723,
4th Clevel'd_16 " 1,677,215,448 1,429,679,157 +17.3 11,577,358,849 9,085,237,781 +27.4
775,496,365 640,486,751 +21.1 5,500,827,61 4,389,471,91. +25.3
5th RIchra'd 10 "
4,355,260,51 +26.9
691,762,04. 609,489,231 +13.6 5,526,353,.
6th Atlanta .16 "
00
7th Chicago _27 " 3,708,087,65 3,243,973,280 +14.3 26,346,917,1 21,964,642,719 +2.
2,185,595,841 1,722,900,7 +26.9
281,905,270 234,263,751 +20.3
8th St. Louis 9 "
524,181,153 485,909," +7.9 3,685,147,696 3,158,583,826 +16.7
9th Minneap 13 "
7,314,019,8E3 +9.3
10th Kan.City15 " 1,103,005,390 1,074,892, • +2.6 7,992,034,
+10.3 2,683,218,304 2,323,151,121 +15.5
345,442,126 313,199,
11th Dallas __12 "
,
.
+22.1 13,308,300, 10,819,714,41 +23.0
12th San Fran 26 " 1,957,076,779 1,603,461,
183 eiti 32,063,972,8 1,807,852,
Total
Outside N. Y. City___ 15,417,483,331 13,470,409,3
Cans.la

1,335,497,234 1,280,230,11

+0.8238,989,275, 218,803,974,
+14.5 110,115,862,1 91,025,687,
+4.3 9,099,989,64

+9.2
+21.0
-0.7

9,160,721,1

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
the seven months of 1923 and 1922 are given below:
Month of July.

Seven Months.

BANK CLEARINGS AT LEADING CITIES.
Jan. I to July 31Month of JAI
1921. 1920.
1922.
(000,000s
1923. 1922. 1921. 1920. 1923.
i
$
8
$
$
$
i
8
omitted.)
16,645 18,337 15,355 19,832 128,873 127,778 113,371 145,570
New York
2,583 2,309 2,049 2,853 18,653 15,88718,135 19,356
Chicago
Boston
1,542 1,316 1,150 1,643 11,555 9,128 5,212 11,402
2,044 1,868 1,665 2,196 14,580 12,463 11,909 14.773
Philadelphia
a
a
a
aa
St. Louis
Pittsburgh
Li 642 778 4,854 3,680 4,327 4,995
698
698 4,637 4,029 3,783 4,720
514
San Francisco
589
659
1,653 2,123
1,689
251
319 2,073
296
228
Cincinnati
2,259 2,799
432 2,833 2,147
412
297
Baltimore
316
4,432 7,186
562
615 1,026 4,057 3,811
Kansas City
545
Cleveland
418
638 3,277 2,552 2,913 4,010
479
356
1,252 2,001
New Orleans
262 1,525 1,286
163
180
195
265
1,778 1,852 2,072
289
256
Minneapolis
353 2.080
682
755
702
939
Louisville
122
93
108
125
Detroit
389
460
523 3,870 2,938 2,615 3,576
566
1,023
118
839
Milwaukee
129
882
153 1,091
158
Los Angeles
427
338 3,958 2,861 2,395 2,247
605
333
423
304
Providence
46
60
320
50
43
386
1,132 2,009
Omaha
238 1,289
1,114
167
154
165
1,063
Buffalo
1,338
1,116
149
174
215 1,362
206
900
St. Paul
149
972
145
885
137
83 1,030
Indianapolis
566
434
619
88
487
67
81
99
1,104
Denver
130
108
697
128
813
153
898
1,858
Richmond
178
1,218 1,180
195
152
1,461
239
778
415
Memphis
492
624
60
79
70
49
1,272
Seattle
159
850
934
171
117
1,105
133
311
267
48
Hartford
43
282
335
51
41
518
53
61
48
371
Salt Lake City_ __ _
70
351
428

Description.
1923.

1922.

1922.

1923.

29,191 29,305 25,288 33,613 216,372 201,676 185,334 239,612
.
2,872 2,503 1,980 4,026 20,617 17,128 14,827 29,708

Total
Other cities

151,212,885
144.412,7461
StockfNo.of shares
12,551,851
15,118,063
(Par value__ 51,196.700,000 81.262,256,143 863.454.000.000813.411.822.389
982,890,200 1,217,535,900
Railroad bonds_ _ _
96,708.800
144,188,350
55,859.300
U.S. Gov't bonds.
485,794,435 1.092,492,305
110,792.400
26,563,500
307,380.000
288,906,400
State,for'n4c.,bds
47,352,000
Total par value_ $1.375,831,600 $1,564,588,893 865,211,591,035 $16,059,280.594

32,063 31,808 27,268 37,639 238,989 218,804 200,161 269,320
Total all
Outside New York-15,417 13,470 11,913 17,807 110,116 91,026 86,790 123.750

We now add our detailed statement, showing the figures
for each city separately for the four years:

CLEARINGS FOR JULY,SINCE JANUARY 1, AND FOR THE WEEK ENDING AUGUST 2.

1923.

1922.

$
$
First Federal Res rve District- Boston
3,528,142
3,550,076
Maine-13angor
14.578,409
14,690,671
Portland
1,542,000.000 1,316,000,000
-Boston
Mass.
9,084,176
8,683.600
Fall River
4,206,373
3,597,029
Holyoke
6,102,476
4,865,985
Lowell
a
a
Lynn
6,134,754
6,583,818
New Bedford
22.641.513
20,420,438
Springfield
15,127.000
15.367.114
Worcester
48,481.854
42,895,858
-Hartford --Conn.
32,586,128
26,935,134
New Haven
8,793,686
6,830.700
Waterbury
45,844.900
49,791,200
-Providence..R. 1.
Total(13 cities)-

Week ending August 4.

Seven Months.

Month of July.
Clearings at
168.0?
Dec.

1923.

%

$

1922.

Inc. or
Dec.

1923.

8

%

$

1922.
$

Inc.or
Dec.

1921.

%

i

1920.
8

-1.9
+5.6
+26.6
+30.6
+21.0
+23.4
a
+4.7
+20.8
+4.3
+18.6
+20.3
+13.7
+14.5

821,266
4,752,881
354,000,000
2,158,234
a
1,192,672
a
1,289,472
5,214,265
3,377.000
12,587,118
7,656,614

704,306
3,820.437
316,000,000
1,761,268
a
1.080,181
a
1,397,511
4,439,356
3.382,423
11,016,996
5.953.888

+16.6
+24.4
+12.0
+22.5
'a
+10.4
a
-7.7
+17.5
-0.2
+14.3
+28.6

d11,223,000

•10,500,000

+6.9

10,144.600

13,022,100

1,763,055,711 1,516,265.323 +16.3 13,083,183,690 10,449 379,333 +25.2

404,272,522

360,056,356 +12.3

300,054,727

395,660,376

22,487,687
-0.6
95,593.234
-0.3
+17.2 11,555,000.000
69.720,017
+4.6
29,551,447
+16.9
40,812,756
+25.4
a
a
45,134,820
-6.8
155,959.130
+10.9
-1.6 • 110,391,619
334,769,767
+13.0
200.390,227
+21.0
57.024,086
+28.7
366,348.900
+8.6

22,934,084
90,483,938
9,128,000,000
53,393,287
24,428,262
,, 33,063,1161
a
43395,089
129,133,778
105.792,996
282,373,718
166,529,120
50,133,600
320,017,500

960,940
3.306.916
267,191,478
1,388,317
a
958,543
a
1,312.715
3,255,279
3,334,632
10,331,166
5.870,141

835,571
3
000
000.
'
344761077
2:251,613
a 0101
1,218,000
a
,M
II
1,700
4,692,474
4,540,269
12.638,311
7.000.000

Second Federal R serve District -New York
3,438,633
5,182,641
5,623,184
5,105,636 +10.1
139,714.910 +13.4
158,487.503
23,556,899
23,020,349 +2.3
New York-Albany-1,315.058 +17.3
1,120,822
1,393,900
1,542325
30,094,574 +12.6
33,883,883
4,740,890 +9.2
5,177,522
Binghamton
46,714.314
33,865,551
37,504,788 +20.2
+22.1 d45,067,415
5
173.951,23 +18.3 1,361.943.716 1,115.546,004 +36.4
205,700,807
Buffalo
706,191
603,444 +17.0
16,303.571
22,245,761
2,727.356 +19.5
3,260,398
Elmira
910.587
931,982 +16.4
c1,084,978
30,793,925 +15.2
35,462,795
4,769.103 +12.0
5,340.300
Jamestown
-9.6 4,051,598,448 4,516,501,460
9.2 128.873,413.263 127,773.286,891 +0.9 3,952,620,8394,372,181,788
337,443,183 16,645.489.481 18,
New York
29.197,074 +3.6
30,253,745
4.913.050 +1.6
4,991,394
Niagara Falls
11,155,415
8,614.861
10,961,793
9,647,655 +13.6
280,089,173 +18.1
330,911,085
9 9,3 8
41. 8 0 +16.2
48,811,489
Rochester
3,654,024
5,232,946
3,980,287 +12.5
4,476.605
126,042,608 +14.1
143,805,958
19,953.145 +19.5
23.842,503
Syracuse
2,558,205
2,599,401 +29.9
+23.0
c3,375.900
73,616,496
90,577,737
10,589,022 +23.7
13,096,278
Conn.
-Stamford-436.103
384,845
424.860 +14.6
486,818
12,932,341 +14.5
14,804.366
1,632,651 +11.1
1,814.278
N. J.
-Montclair-508,197.819 Not incl. In tots I
74,241,606 Not Incl. In tot al.
Newark
30.071,812 +5.8
31,825,802
4,017.326 + 9.3
4,390,668
Oranges
+1.1 4.025.948,5484.434,294.879 -9.24.106,145,9764,558,666,784
Total(12 Cities)...- 16,985,472,017 18,629,746,596 -8.8 131,127,615,619 129,662,689,385




AUG. 11 19231

THE CHRONICLE

643

CLEARINGS- Continued)
(
Month of Joh.

Seren Months.

Week ending August 4.

Clearings at
---

1922.

1923.

s

1923.

Inc. or
1 Dec.

%

s

1922.

Inc. or
Dec.

1923.

1922.

Inc. or
Dec.

1921.

$

%

$

3

%

s

g
Third Federal Res erve District -Philadelph ia6,736,051
4.636,726 +45.3
Pa.-Altoona
43,407,977
29.981,080 +44.8
19,138,762
11,745,299 +62.9
Bethlehem
129,113,716
85.029,632 +46.7
6.552.379
.5,500,000 +19.1
Chester
39,389,870
29,626.593 +33.0
18,853,261
Harrisburg
16,653,879 +15.3
127,027,850
115.719,896
+9.8
12,385,831
10,905,306 +13.6
Lancaster
102,033,610
84,037,182 +21.3
2,586,323
Lebanon
2,066.170 +25.2
17,152,917
15,433,498 +11.1
4,122,956
Norristown
3,374.351 +22.2
28,831,059
21,393,012 +34.8
2,043.915,000 1,868.466.000
Philadelphia
+9.4 14.579,621,000 12,463,438,000 +17.0
15,707,142
Reading
12,464,526 +26.1
104,130,551
80,512,717 +29.3
18,082,590 +55.4
28,099,606
Scranton
180,014,052
133,672,388 +34.7
15,013,026
Wilkes-Barre
11,284,854 +33.0
100,347,060
83,422,431 +20.3
6,943,187
6,024,448 +15.2
York
47.304,749
38,765,930 +22.0
N.J.-Camden
47,255,225
38,133,377 +23.9
332,418,235
261.263,776 +27.2
22,959,112
Trenton
17,147,323 +33.9
141,930,248
113,586,490 +25.0
-Wilmington
a
a
Del.
a
a
a
a
Total(14 cities) _ _ _ - 2,250,272.861 2.026,484,579 +11.0 15,072.722,924 13,558,932,625 +17.S
Fourth Federal Re serve District -Cleveland 36.201,000
30,241,000 +19.7
Ohio-Akron
22.354,113
Canton
18,604,523 +20.2
295,698,873
Cincinnati
250,893,920 +17.9
479,338,059
417,790,333 +14.7
Cleveland
67,162,800
Columbus
61,809,700 +8.9
a
Dayton
a
a
3,816.747
Hamilton
3,187,078 +19.8
•3,300.000
3,044,703 +8.4
Lima
1,759,390
Lorain
1,565.028 +12.4
8,250,396
Mansfield
6,302.588 +30.9
a
Springfield
a
a
a
a
a
Toledo
22,249,501
Youngstown
18,862,649 +18.0
3,889,216
-Beaver County_
3,000,822 +29.6
Pa.
a
a
a
Erie
1.740,794
1,647,829 +5.6
Franklin
7.189,621
6.197,175 +16.0
Greensburg
697,613,336
580.983,472 +20.1
Pittsburgh
6,689,782
Ky.-Lexington
6,071.996 +10.2
10,781,814
19,476,341
+1.5
W. Va. Wheeling _
Total(16 cities)-- --

208,661,000
154.506,520
2,073.194,485
3,276,848,965
478,034,700
a
25,294,661
20,050,028
11,096,828
56,151,534
a
a
130,095,538
23,727,045
a
10,567.690
47,464,703
4.853,830,243
70,530,727
137,304,182

177,499.000
102,332,115
1,688,776.175
2,551,628,537
422,359,100
a
20,299,050
22,719.205
8,976,443
39,021,373
a
a
107,582,407
18,648,33'
a
9,912,547
39,242,210
3,679,721,70
53,774,05
142,445,51

+17.6
+51.0
+22.8
+28.4
+13.2
a
+24.6
-11.7
+23.6
+43.9
a
a
+20.6
+27.2
a
+6.6
+21.0
+31.9
+31.2
-3.6

1,677.215,448 1,429,679.157 +17.3 11,577,358,849

9.055.237.781

+27.4

Fifth Federal Rose rye District- Richmond
9,007,354
7,133,885
W. Va.-1Iuntingtona
Va.-Newport News_
a
32,106,671
Norfolk
31,059,125
194,631,000
Richmond
177,849,803
a
NC _Asheville
a
10,026,555
Raleigh
5,032.463
a
Wilmington
a
9,487,293
9,874,445
S. C.-Charle5ton_ _ _
11.448,511
Columbia
8,114,049
Md.-Baltimore
412,275,405
315,814,566
1.721,145
Frederick
1.661,354
Hagerstown
3,796,050
3,007,494
-Washington
90,996,351
77,859,567
D. C.
Total(lo cities).......

775,496,365

640,486,751

Total (16 cities)._

691,762,040

609,489,231

1,077,462 +38.6
3,326,773 +53.6
992,913 +41.1

892,955
2,687,673
1,007,078

1,203,991
5,078,874
1,415,324

2,817.027

2,618,374

+7.6

2,327,180

2.784,469

446,000,000
3,089,734
6,562,601
d3,331,197
1.713,636

432,000,000
2,607,978
3,976,613
2,607,821
1,454,471

+3.2
+18.5
+65.0
+27.7
+17.8

372,000,000
2,441,30S
4,528.395
2,505,971
1,128,399

461.384,731
2.500,000
4,995,796
3,194,757
1.420,192

3,971,184 +22.2
a
a

4,341,243
a

4,190,636
a

394,160,202

488.168.770

5,428,000
3,004.934
48,232,961
83,915,607
12,653,600
a

8,974,000
5,154,385
67,261,464
125,064.300
15,257,000
a

4,852,699
a
476,371,968

9,6469,000
4,203.689
59,519,067
104,560,167
15,820,600
a
a

a

a

149.082,018

176,000,000 -15.3

b
345,418,794

+37.1
a
+8.6
+20.0
a
+42.6
a
+1.1
+52.6
+31.9
+7.6
+24.6
+16.2

919,040,000

+21.1

5,500,827,619

4,389,471,910 +25.3

176,876,217

5,526,353,036

5,655,000 +14.4
3,721,000 +13.0
54,740,332
+8.7
90,405,300 +15.7
14,760,700
+7.2
a
a

1,333,353 +30.6
a
a
a
a
3.369.332 +19.4

45,790,362
a
207,132,729
1,217,973,321
a
47.785,962
a
74,001,015
58,441.652
2,147,420,634
11.549.506
19,327,905
560,045.824

+13.5

454.633,589 +4.5

d1,740,943
a
a
94,023,310
.
a

62,787,919
a
224,853,805
1,461,159,567
a
68,167,195
a
74,787,154
89,154,158
2,832,547,006
12.423,108
24,073,500
650,843,907

192,521,917
151,132.744
91,329,262
81,870,482
563,519,965
498,758,801
1,573,887.602 1,148,255,313
59,631,858
49,501,375
25,691,916
20,571,3 1
44,119,953
34,058,020
a
a
393,780,178
300,678,512
97,369,333
71,770,694
769,964,465
566,256,256
59,562,900
51,317,979
49,092,355
37,422,269
30,409,544
24,020,006
30,212,777
24,283,177
10,335,706
9,486,379
49,487,480 Not Included in
1,524,923,275 1,285,807,166

s

1,193,660
5,110,460
1,400,951

+26.3
a
+3.3
+9.4
a
+24.0
a
-3.9
+41.1
+30.5
+3.6
+26.2
+16.9

Sixth Federal Res° rye District- Atlanta
-Chattanooga _
25,965,520
Tenn.
21,779,471 +19.2
Knoxville
14,086.901
11,780,243 +19.6
Nashville
75,443,889
69,958,426
+7.8
Ga.-Atlanta
192,596,382
158,325,011 +21.6
Augusta
6,852,597
6,447,349 +6.3
Columbus
3,212,245
2,684,335 +19.7
Macon
6,564,095
5,842,799 +12.3
Savannah
a
a
a
-Jacksonville
48,984,212
40,242,586 +21.7
Fla.
Tampa
12,189,499
8,220,775 +48.3
Ala.-13irmingham
87,970,833
85.104,206
+3.4
Mobile
8,122.454
7,332,521 +10.8
Montgomery
5,493,408
4,696,506 +17.0
mtgs.-Jackson
4,209,654
2,007,654 +44.8
Meridian
3,793,854
3.060,711 +24.0
Vicksburg
1,295,865
1,157,919 +11.9
Hattiesburg
6,231,686 Not included 1 n total
L5.
-New Orleans_
194,980.631
179,948.719 +8.4

1920.

2,076,747
96,594,527
43,055,479

1,709,777
104,399,687

a

b
349,955,047

a

b
-1.3

1,648,274 +26.0
8,846,664
44,031,046

-3.7
-2.2

2,080,610 -17.8
110,725.746

-5.7

18,841,160

+1.1

a
1,304.121
a
a
2,891,276
a
143,000,000
b
300,430,499

a
1.546,616
a,
a
4,355,882
a
173,413,850
b
401,027,497

1,662.745

2,004,220

6,236.831
34,011,861

10,683,505
50,803,047

1,859,005

4,500.000

79,560,273

106,858,269

16,717,175

17.569,228

140,047,890

192,418,269

+19.9
+30.4
-14.0
+11.4
-10.3

4,197,242
2,792.780
14.000,000
32,539,929
1,700,259

5.762,321
3,570,339
18,809,219
51,019.490
2,520,441

1,440,896
a
9,975,864

1,213,965 +18.7
a
a
8,607.877 +15.9

1.127,643
a
7.986,095

1,500,000
a
10,114,055

18,614.253
1,960,446

18,507,657 +0.6
1,757,612 +11.5

14,198,247
1,422,765

17,731,747
2,601.863

869,254

656,396 +32.4

608,039

645,056

361,570

310,844 +16.3

278,035

470,607

184,173,500 -4.0

+27.4
+11.6
+15.0
+37.1
+20.5
+24.9
+29.4
a
+31.0
+35.7
+36.0
+16.1
+31.2
+26.6
+24.4
+8.9
total
+18.6

95,015,767
2,904,361
910,916,000
42,509,617
1,205,240

44,124,852

40,803,771

+8.1

40,017,841

61,039,250

4,355,250,514 +26.0

139,898,120

130,441,534

+7.2

120,868,875

175,784,418

4,183,087
2.226,402
12,688.000
38,142,621
1,343,302

Seventh Federal R eserve Distric t - Chicago
-Adrian
Mich.
877.266
815,418
+7.6
6,590,610
6.375,627 +3.4
191,691
Ann Arbor
194,349 -1.,
3.174.156
2.737.400 +16.0
160,000
237,456
23,885,928
20,318,087 +17.6
775,362
565,164,721
Detroit
662,546 +17.0
460,394,851 +22.8 3,870,010,715
788,178
711,251
2,937,530,997 +31.7
121,929,082 110,490,214 +10.3
Flint
8,585,466
(1,247,872 +37.4
90,000,000 114,481,671
61,901,056
46,782,384 +32.3
Grand Rapids
29,248.211
26,068,333 +12.2
200,612,987
181,616,281 +10.5
7,988,737
Jackson
8,049,816
6,992,597 +14.2
5,932.867 +35.7
6,321,568
8,035,403
53,479,183
37,212,874 +43.7
Lansing
10,370.000
8,260,000 +25.5
67,237,238
51,303,123 +31.1
2,523,000
-Fort Wayne_ _ _
11,811.594
1,949,000 +29.5
Ind.
9.252,843 +27.6
2.061,000
2,043,000
71,590,853
56,277,002 +27.2
2,173,591
17,549,000
Gary
1,849,378 +17.5
11,750,681 +49.4
1,695.954
1,898,981
112,840,511
63,214,276 +78.5
Indianapolis
98.787,000
80,941,000 +22.0
618,675,00))
487,349,000 +26.9 919,175,000
11.551,487
South Bend
16,908,000 +13.4
9,678,338 +19.3
16,629,000
20,106,000
75,062,799
58.100,211 +29.2
2,467.329
26,818,658 Not Included n total
Terre Haute
2,249.355 +9.7
2,000,000
2,171,912
Wls.-Milwaukee__
6,099,626 Not Included In total
157,867,141
128,743,619 +22.6 1,091,242,219
882,133,663 +23.7
32,255,514
6,600,837 Not incl. In totals.
Green Bay
25.605.015 +12.8
33,027,348
27,490,000
Oshkosh
3,387,405
2.716,714 +24.7
22,487,831
18,353,910 +22.5
Ia.-Cedar Rapids__ _
11,264,648
9,274,335 +21.5
77,412,637
61,929.589 +25.0
2.330,403
Davenport
44,055,694
2,194,190 +6.2
46,536,823 -5.3
2,124,244
3,388.012
323.643,738
304,968,653
+6.1
47,708,466
Des Moines
41,049,805 +16.2
334,475,794
284,942,324 +17.4
11,975,013
2,572,739
Iowa City
2,439,663 +5.5
8,064,398 +48.5
8,794.701
11.881,802
19,135,610
17,606,038 +8.7
City
2,393,412
Mason
2,070,191 +15.6
17,244,042
15,098,985 +14.2
25,441,842
Sioux CRY
23,853.508 +6.6
198,442,995
166,657,055 +19.1
5,723,291
6,495,575
Waterloo
5,499,214 +18.1
5,385.087
5,884,823
+6.3
8,158,132
45.195.536
39,312.488 +15.0
1,373,952
5,499,510
4,181,708 +31.5
Illinois-Aurora
1.192,526 +15.2
1,210 016
1,964,900
35,574,545
28,084,395 +26.7
6,007,996
Bloomington
5,196,814 +15.6
46,946.170
39,378,944 +19.2
1,503,000
2,583,323,602 2.309,221,585 +11.9
Chicago
1,240,786
1,259,270 +19.4
1,633,810
18,653,336,506 15,887,320,968 +17.4
a
589,695,393 537,665,188 +9.7 499,831,089 612,989,872
a
Danville
a
a
a
a
a
5,368,890
a
Decatur
a
5,133,593 +4.6
a
a
38,243,796
32,880,459 +16.3
1,291,693
19,252,858
1,280,461
1,186,402
Peoria
17,447,925 +10.3
+8.9
1,751,961
134,518,844
116,515,924 +15.4
10,931,115
4,432,323
Rockford
8,440,733 +29.5
4,254,457
+4.2
3,510,972
5,944.499
, ,
69277501
55,193,839 +25.5
.
11,347.742
1,900,000
Springfield
10,077,147 +12.6
2,030,010
1,780,979
+6.7
2,500,000
77,852,552
68,185,620 +14.2 _ 1,772,558
2,785,574
2,100,541 -15.6
4,025,911
3,708,087,652 3,243.973,280 +14.3 2
Total(27 cities) _
6,346.917.196 21,964,642,719 +20.0
811,476,932 734,983,522 +10.4 675,838,376 836,531.921
Eighth Federal Re serve District -St Louis
22,405,031
-Evansville
19,523,073 +14.8
Ind.
706,176
595,158 +18.7
New Albany
a
a
Mo.-St. Louis
a
a
a
Springfield
a
124,778,654
Ky.-Loulsville
107,828,054 +15.7
1,829,550
1.621,78 +12.5
g Owensboro
10,189,112
5,002.138 +103.7
lifkl'aducali
Tenn._memphis__ _ _
70.438,561
60,425,787 +16.6
44,314,554
32,359,423 +36.8
-Little Rock_ _ _
Ark.
1,559,881
1,584,446 -1.6
Ill.-Jacksonville
5,683,451
5,293,884
+7.4
QuinCY
TOtal(9 cities)

281,905.270




234,263,751

+20.3

136,948,836
4,814,657
a
a
939,077,063
15,261,168
81.380,225
623,512,351
328,478,644
10,007,333
45,215,364
2,185,595,641

118,447,824
3,845,723
a
a
755.157,651
13.906,964
48,105,340
492,054,157
243,770,300
9,217.700
38,392,130

+15.6
+25.2
a
a
+24.4
+9.7
+69.2
+26.7
+34.7
+18.3
+17.8

24,942,018
429,677

24,168,909 +3.2
350,199 +22.7

20,918,719
405,837

27,952,708
620.191

15,410,426
9,569,740
485,716
1,309.622

13,259,139
7,420,553
393,996
1,056,194

+16.2
+29.0
+23.3
+24.0

11,544,532
7,687,327
447,539
1,319,281

16,231,107
9,217,027
806,685
1,777,487

1,722,900,789 +26.9

58,861,031

50,977.517 +11.5

46,981,299

61,312,858

4,713,832
a

4,328,527
a

+8.9
a

4,658,064
a

4,707.653
a

THE CI MON(

644

[VOL. 117.

E

OLEARINGS-(Concluded).

1922.

1923.

Week ending August 4.

Sewn Months.

Month of Ju'y.
Clearings at

Inc. or
Dec.

1922.

1923.

Inc. or
Dec.

1923.

1922.

Inc. or
Dec.

1920.

1921.

Minneapol is
23,354,920 +41.0
264,865,885 +9.0
1,274,848 +48.1
145,373.545 +2.2
7.838,854 +7.7
4,206,000 +19.0
1,196,569 +27.5
5,324,000 +1.8
12,173,835 +2.0
2,291,771 -5.6
3.497.689 -9.5
13,240,718 +0.5
1,271,166 -52.9

193,316,897
2,080,141,007
13,290.095
1,030,337,374
59,057,464
31,812,300
8,216,806
36,678,325
93,740,736
16,732,253
24,479,907
91.929,118
5,415,416

144.797,705
1,778,379,247
13,042,469
884,651,612
50,743,433
29,872,000
7,741.686
33,492,755
79,653,093
17,887,975
22,211,779
87,526,351
8,583,720

+33.5
+17.0
+1.9
+16.5
+16.4
+6.5
+6.1
+9.5
+17.7
-6.5
+10.2
+5.0
-30.9

d7,649,760
61,715,060

5,161,039 +48.2
59,936,370 +3.0

5,307,232
59,855.677

8,055,318
75,421,667

31.347,704
2,170,741

32,126,579 -2.4
1.958,103 +10.9

31,388,110
1,838,828

39,089,780
2,988,726

+3.3

1,251,254

1,702,242

486,408

550,940 -11.7

683.707

1,202,707

3,051,616

2,909,455

+4.9

2,802,544

1,617,795

+7.9

3.685,147.696

3,158,583,825 +16.7

107,647,496

103,829,749

+3.7

103,127,352

130,078,235

Tenth Federal Res erve District -Kansas Cit y1,750,320 -0.8
1,736,883
Nebraska-Fremont_ _
2,298,205 -11.9
2,025,313
Hastings
17,252,959 +3.3
17,821,235
Lincoln
164,587,60" +1.4
166,924,480
Omaha
20,351,050 +11.1
-Kansas City
22,605,337
Kansas
a
a
a
Lawrence
a
a
a
Pittsburgh
13.372,578 +11.4
14,900,951
Topeka
42,643.838 -5.1
40.482,418
Wichita
5,237,000 -8.5
4,791,000
-Joplin
Missouri
544,559,590 +3.3
562,402,250
Kansas City
a
a
a
St. Joseph
a
a
a
-Lawton
Okla.
1,234,490 +9.4
1,349,908
McAlester
a
a
Muskogee
91,009,815 +3.9
94,516,379
Oklahoma City_ _ _ _
34,481,291 +1.0
34,837,676
Tulsa
4,400,236 +17.4
5,165,834
-Colo. Springs_
Colo.
128,457,418 +0.9
129,599.277
Denver
3,256,247 +18.1
3,846.449
Pueblo

13,556.992
16,116,371
131,539,980
1.288,876,307
153,733.822
a
a
100,933,366
293,203,454
43,270,000
4,056,779,820
a
a
10,660,176
a
660,966,347
261,466,788
36,642.788
898,116.008
213,172.015

11,294,808
16,542,202
114,886,315
1,114,240,754
123,564,910
a
a
82,570,158
317,250,322
36,086,000
3,811,570,352
a
a
9,305,006
a
590,642.362
220.964,905
29,'19,067
813,148.757
22,133,745

+20.0
-2.6
+14.5
+15.7
+24.4
a
a
+22.2
-7.6
+19.9
+6.4
a
a
+14.6
a
+11.9
+18.3
+22.9
+10.4
+18.2

d634,150
568,232
3,985.999
35,956,553

362,188 +75.1
023,263 -8.8
4,165,391 -4.3
36.617,521 -1.8

510,810
687,822
3.548,603
38,975,577

912,558
948,971
5,647,700
50,641,546

d3,574,066
d9,170,192

' 3,183,190
2,967,995 +20.4
12,108,788
10,347,876 --11.4

3,662,668
14,833,275

-3.5

149,014,318
a

232,119,876

a
d19,564,077
a
817,302
19,012,765
e826.539

a
a
17,866,076 +9.5
a
a
988,289 -17.3
18,876,807 +0.7
778,103 +6.2

a
22,676.867
a
1,059,077
17,578.416
789,781

a
14,818,088
a
1,234,433
20,292,527
1,083.240

1,103,005.390 1,074,892.645

+2.6

7,992,034.234

7,314,019,863

+9.3

220,985.023

-1.8

250,133.249

346,194,880

Eleventh Federal Reserve Distr Ict-Dallas4,708,436
-Austin
5,283,608
Texas
4,024.798
5,821,687
Beaumont
96,307,733
104,775,615
Dallas
19,402,860
18,966,465
El Paso
43,186,188
42,918,648
Fort Worth
22,084,504
26.638,094
Galveston
84,687,144
100,161.786
Houston
1,687,092
2.848.000
Port Arthur
1,638,489
2,108,606
Texarkana
9,241,154
8,382,404
Waco
8,582.237
8.536,865
Wichita Falls
17,648,927
19,000,348
La -Shreveport

+12.2
+44.6
+8.8
-2.2
-0.6
+20.6
+18.3
+68.8
+28.7
-9.3
-0.5
+7.7

51,640,994
41.212,386
874,213,502
152,884,425
308,718,760
221,463.524
722,122,276
18,899.956
15,541,127
67,826,850
62,243.736
146,450.768

44,785,233
33,309,312
693,737.838
143,399,230
312,149,096
181,043,968
646,238,694
11,526.246
12,141,084
64,048,190
53,043.034
127,729,196

+15.3
+23.7
+26.0
+6.6
-1.1
+22.3
+11.7
+64.0
+28.0
+5.9
+17.3
+4.7

1,205,636

974,067 +23.8

1,000,000

1,200,000

24,591,050

22,016,496 +11.7

19,862,818

29,129,023

d8,968,475
7,212,363
a

10,227,728 -12.3
5,162,801 +39.7
a
a

11,260,949
6,571,608
a

21,928,498
6,505,784

3.608,607

3,485,332

+3.5

3,360,328

4.208,033

313,199,562 +10.3

2,683,218.304

2,323,151,121 +15.5

45.586,131

41,866,424

+8.9

42,055,703

62,971,338

d34,675,000
10,542,000
a
906,795

30,143,707 +14.7
9,766,000 +7.9
a
a
1,164,343 -22.1

27,703,113
9 225 266
a
1,144,244

34,644,185
10,817,780
a
1,357,407

33,609,000

29.875,153 +12.5

27,043,366

33,455,643

13,624,269
a
a

12,147.268 +12.2
a
a
a
a

10,904,219

14,000,145
a
a

d3,864,482
8,075,819
128,121,000

3,687.954 +4.8
5,130,543 +137.4
93,377.000 +37.2

2,702,724
3,746,316
75,613,000

3,922.493
2,875,339
73,569,000

14,008,851
4,923,038

12,883,439 +8.9
3,939,787 +25.0

10,903,287
2,942,059

10,426,777
2,021,430

d7,106.969
3,176,003
146,900,000
2,090,888
1,052.844

6,233,990 +14.0
2,500,000 +27.0
148,200,000 -0.9
2,265,513 -7.7
886.383 +18.8

5,450,972
2,601,672
124,000,000
1,748,885
777,063

6,500.000
2,869,992
151,300,000
2,451,269
913,641

Ninth Federal Res erve District
32,926,797
-Duluth
Minn.
288,772,620
Minneapolis
1,888,346
Rochester
148,536,678
St. Paul
8,446,079
No. Dak.-Fargo_ _
5.007,000
Grand Forks
1,525,678
Minot
5,421,736
So. Dak.-Aberdeen.
12.419,461
Sioux Falls
2.163,775
-Billings
Mont.
3,166,701
Great Falls
13,308,099
Helena
598,183
Lewistown
524,181,153

Total(13 cities)--

Total(15 cities)

__

Total(12 cities)._ _ _

345,442,126

485,909,800

-San Franc
Twelfth Federal R eserve Distric t
"3,000,000
-Bellingham_ _
3,478,000
Wash.
133.409.663
158.995.012
Seattle_
42,575,000
45.811.762
Spokane
a
a
Tacoma
5,306.313
4,682.974
Yakima
4,500,000
4,663,893
Idaho-Boise
1,425.134
1,697,411
Oregon-Eugene
132,318,377
153.608,935
Portland
5,050,000
5359,000
Utah-Ogden
53,346,925
60.752,782
Salt Lake City
'3,000,000
3,204,572
Nevada-Reno
6,665,809 Not incl. in tot
Arlz.-Phoenix
4,491,651
4,066,403
Calif.-Bakersfield _ _
15,409.716
17,023.456
Berkeley
16,110,343
16,143,927
Fresno
22,157,496
36,481.465
Long Beach
426,580.000
604,550,000
Los Angeles
2,948.860
3,125.164
Modesto
56,028,827
69,919,157
Oakland
16,554.126
21,781,268
Pasadena
2.800.337
3,363.599
Riverside
27,640.790
32,016,194
Sacramento
13,790,316
17,568,680
San Diego
588,700.000
659,000,000
San Francisco
9.691,289
10,442,790
San Jose
4,026.278
4,924,227
Santa Barbara
1,963,542
2,055,028
Santa Rosa
12,661,000
10,708,080
Stockton
Total(26 cities)--

19,753.147
22,076,000
934,082,290
1.105.160,674
298.897,000
321,935,762
•
a
40,293,043
37,023,756
27,670,103
28,743,200
8,556,986
11,220,981
872,534,557
1,018,796,597
37.668.502
36,630,000
351,072,013
428,462,218
16,919,000
19,854,162
51,076,771 Not Inc]. in tots
30,521.648
30,634.843
110,195,122
121,289,891
98,922,533
118,956,605
127,730,376
245,239,940
3,957,571,000 2,861,116,000
19,926,177
20,953,500
376,932,929
461,734,092
114,582,119
155.496,135
18,210.449
22,147,727
168,756,923
193,664,261
89,717.624
113,813,736
4,637,161,000 4,028.800,000
60,326,041
71,015,197
27,418,433
34,246,607
12,541,600
16,276,941
66,570,800
78,195,800

+11.8
+18.3
+7.7
a
-8.1
+3.9
+31.1
+16.8
-2.8
+22.0
+17.3
+0.4
+10.1
+20.2
+92.0
+38.3
+5.2
+22.5
+35.7
+21.6
+14.8
+26.9
+15.1
+17.7
+24.9
+29.8
+17.5

1,957,076,779 1,603,461,583 +22.1 13,308,300,625 10,819,714,415 +23.0

126,875,148
a

c2,316,900
414,893,858

1,187,263

131,467,296
a

225,060,805

a

a

-2.6

4,487,900

6,416,000

364.559,580 +13.8

310,994,070

857,541,101

2,378,500

+9.2 7.226,234,640 7,434.862,512

-2.8 6,798,838,224 8,034,756,447

15,417,483,331 13,470,409,395 +14.5 110,115,862.170 91,025,687.389 +21.0 3,273,613.801 3,062,680.724

+6.9 2,747,239,776 3,518,254,987

Grand total(183 cities) 32,062.972.812 31,807,852,558
Outside New York

sco+15.9
+19.2
+7.6
a
-11.7
+3.6
+12.1
+16.1
+2.2
+13.9
+6.8
1.
-8.0
+10.5
+0.2
+64.6
+41.7
+6.0
+24.8
+31.6
+20.1
+15.8
+27.4
+11.9
+7.7
+22.3
+4.7
+18.2

1,228,207

+0.8 238,989,275,433 218,803,974,280

CANADIAN CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR THE "WEEK ENDING AUGUST 2.

1923.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster.. _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Total Canada




$
449,393,518
415,990,043
156,337,723
65,512,423
27,729.368
27.855.717
14,079.388
27,902.807
18,399,901
11.987.475
9,090,877
13,295,834
18,448.485
13.803,514
2,647,408
2,665,550
6.206.147
5,770,423
4,781,625
3,958.089
2,595,458
1,253,601
3,271,652
3,809,693
4,432,215
15 826.630
1,300,203
4,012,492
3,138,975

1922.
$
394,742,099
409.470,271
164,055,741
58,885,385
30,021,784
25,816.727
14.150.139
25,805.355
19,322,303
13,277,663
10,637,482
13,160.911
17,090,364
13.738,861
2,560,841
2,189,913
6,972,996
4,884,702
5,023,667
3,366.153
2,320,909
1,291.718
3.165.412
4.121,950
4,414,072
19,036,721
1,694,603
5,802 299
3,201,076

Week ending August 2.

Seven Months.

Month of July.
Clearings at

Inc. or
Dec.
%
+13.8
+1.6
-4.7
+11.3
-7.6
+7.9
-0.5
+8.1
-4.8
-9.7
-14.5
+1.0
+7.9
+0.5
+3.4
+21.7
-11.0
+18.1
-4.8
+17.6
+11.8
-2.9
+3.4
-7.6
+0.4
-16.9
-23.3
-30.8
-1.9

1923.
$
2,963,229,150
2,896,460,598
1,199,583,844
417,566,153
201,925,321
165,705,469
88,487,940
168,471 562
133,174,492
79,295,528
57,917.531
88,920,100
123,705,511
92.960,551
15,703,280
15,687,428
42,161 919
32.344.756
29,368.958
23.237,829
16,491,106
8,779,832
21,888,478
24,949,549
30,154,873
102.306,877
9, 29,430
30,780,363
18,901,219

1922.
$
2,982,297,479
2,903,982,880
1,226,052,854
388,0/9,572
218,465,147
158,604,864
92.723.732
160,916.671
146,804,971
83,221,982
62,388,457
88,952,414
127,370,790
89,775,813
16.469,715
15,765,157
46,404,705
32,388,802
30,957.115
22.268,762
15,410,231
9,430,546
21,457.789
25,451.934
30,575,755
99,833,211
9,986,623
34,439,854
20,243,348

Inc.or
Dec.
07
,
.
-0.6
-0.3
-2.2
+7.6
-7.6
+4.5
-4.6
+4.7
-9.3
-4.7
-7.2
-0.0
-2.9
+3.5
-4.7
-0.5
-9.1
-0.1
-5.1
+4.4
+7.0
-6.9
+2.0
-2.0
-1.4
+2.5
-1.6
-10.6
-6.6

1923.
8
95,036,676
105,576,290
39,152,106
13.655,338
5,255,190
6.308,071
2,979.740
6,338,592
4,199,776
2,409,238
2,079,699
3,088,748
3,490.811
3,168,021
575,721
486,552
1,703.025
1,064,746
929,528
881,608
520.372
247,559
638.395
769,166
930,842
3,585.288
299,766
711,958
562,678

1922.
$
96,304,556
94,309,059
40,158,042
14,087.104
6.700.455
5,919,630
3,220,837
5,871.307
4.337,892
3,098,170
2.689,979
2,850,105
3,835.965
3,092,058
778,981
475,742
1,805,309
979,115
1,161,205
848.588
626,871
274,758
719,185
1,006,823
953,359
4,182,396
366,309
1,001,803
686,383

Inc. or
Dec.

1921.

1920.

$
$
%
-1.3 110,905,451 146,321.010
90,064,583
88,536,369
+11.9
41,089,759
45,044,296
-2.5
16.971,174
13.625.705
-3.1
9,194.295
5,903,618
-21.6
6
7,897.95.
5,964,466
+6.6
4,910,689
3,321,867
-7.5
7,161,582
4,700,227
+8.0
7,245,311
5,537,611
-3.2
4,045,125.
2,868,378
-22.2
3,094 931
2,301,992
-22.7
3,552,462
2,545,288
+8.4
5,053,385
4,370,061
-9.0
4 755
4,33 ,
3,755.872
+2.5
790,578
999,611
-26.1
850,908
767.712
+2.1
2,432,971
2,220.786
-6.7
1.883.785
1,469,673
+8.8
1.288,795
951,846
-20.0
888,1306
688,441
+3.9
811,323.
640,146
-17.0
558,117
378,51 .
-9.9
859,326
721.87.
-11.2
1,366.987
988,324
-23.13
1,243.438
779.395
-2.4
3,004,954
3,137,606
-14.3
-18.2
242,244
1,079,457
-28.9
622.869
-18.0
___

302,342,888 +1.4 314,907.959 368,659,042
1.335,497,234 1,280.230.117 +4.3 9,099.989.647 9.160.721.178 -0.7 306.644,504
A Was•Ir anainer •Ivo 9 A Wk muting: Aug. 3. • Estimated.
,...........--.1 •,.......,.... Inv. Ilen.l.cae n Vtrook endlna Amr I
•

AUG. 11 1923.]

THE CHRONICLE

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 May,June, July and August 1923.
Holdings in
U. S. Trearury.

May 1 1923. June 1 1023. July 1 1923. Aug. 1 1923.
$
$
$
$

Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes__
Net Fed'l Reserve notes__
Net Fed'I Res. bank notes
Net subsidiary silver
Minor coin,&c

350,532,045
37,598,051
1,890,728
15,540,844
2,171,383
467,707
12,467,170
9,007,988

336,283,604
38,181.929
1,378,626
12,305,456
1,739,415
330,683
12,302,962
5,332,250

341,404,756
42,651,589
992,174
14,451,964
1,415,889
459,434
11,587,200
9,898,485

Total cash in Treasury_
Less gold reserve fund

429,675.916
152.979,026

408,854.925
152,979.026

422,861,491 *432,850,612
152,979,026 152,979,026

Cash balance in Treasury..
Dep. In spec. depositories:
Acct. certs. of indebt
Dep.in Fed'! Res. banks_
Dep. In national banks:
To credit Treas. U.S
To credit dish. officers_
Cash in Philippine Islands
Deposits in foreign depts..

276,696,890

255,875,899

269,882,465

306,656,000
67,806,300

247,800,000
44,980,905

297,843,000 190,413,000
46,837.050
53,085,875

7,934,104
21,807.019
1,321.632
439,318

8,819,298
20,800,550
1,217,586
876,994

Net cash in Treasury
and in banks
Deduct current liabilities_

682,661,263
289.538.309

580,371,230
278,487,323

643,499,862
272,560,741

552,982,477
270,128,682

Available cash balance_

393,122.954

301.883.908

370.939.121

282.553.795

7,889,853
19,252,187
1,156,376
859,131

341,269,361
52,711,220
3,219,456
17,120,594
1,079,151
300,725
10,926,697
6,223,408

279,871,5843

7.278.982
20,469,107
1,051,848
814,099

•Includes July 1, 830,255,353 silver bullion and $2,757,114
minor coins, &c.
not included in statement "Stock of Money."

645

-Bar Siker per Oz.Std.Bar Gold per
QuotationsCash.
2 Mos.
Dz.Fine.
July 19
31d.
30 11-18d.
89s. 8d.
July 20
3015-16d.
3034d.
89s. 8d.
July 21
30 15-16d.
30 11-16d.
Julu 23
30I3
3134d.
-16d.
89s. 8d.
July 24
3015-16d.
3034d.
89s. 8d.
July 25
30%d.
30916d.
89s. 8d.
Average
30.968d.
30.666d.
89s. Sd.
The silver quotations to-day for cash and forward delivery are the same
as those fixed a week ago.

•Urminevcial and Misalbuminsgeult
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

ORGANIZE

APPLICATIONS TO
RECEIVED.
Capital.
July.31-The First National Bank of Floral Park, N. Y
$50,000
Correspondent, Louis W.Cheney, 16 Park Place, Floral
.
Park, N. Y.
Aug. 2
-The First National Bank of Richmond Heights, Mo..
25,000
Correspondent, N. Clark Mitchell, Richmond Heights,
Mo.
Aug. 4
-The First National Bank of Manhattan Beach, Calif_25.000
Correspondent, John C. Stockwell, Manhattan Beach,
Calif.
APPLICATION TO
APPROVED.
Aug. 6
-The First National Bank of Sevierville. Tenn
860.000
Correspondent, R. B. Robertson, Sevierville, Tenn.
APPLICATION TO
Aug. 4
-The First National Bank of Sheffield, Ia
$40,000
Conversion of the First State Bank of Sheffield, Ia.
ISSUED.
-12419
July 30
-The Bushwick National Bank of New York,N.Y.$200,000
Cashier, Chas. F. Strenz.
July 30
-12420
-The American National Bank of Rushville, Ind.- 100,000
President, Robert A. Innis; Cashier. Glen E. Foster.
July 31-12421
-The First National Bank of LaPorte. Tex
25.000
President, Cyrus K. Clarke; Cashier, A. N. McKay.
July 31-12422
-First National Bank of Avon-by-the-Sea, N.J
25.000
President, John Thomson; Cashier, john Sha_pter.
Aug. 1-12423
-The First National Bank of Streetman, Tex
25,000
Conversion of the First State Bank of Streetman, Tex,
President, J. R. Cooper; Cashier, R. C. Cole.
Aug. 4
-12424
-The First National Bank of Perrin. Tex
25,000
Conversion of the First State Bank of Perrin, Tex.
President, J. P. Williams; Cashier. G. F. Wimberly.

ORGANIZE

CONVERT APPROVED.

CHARTERS

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:
London,
Week ending Aug. 10Silver, per oz
d
Gold, per fine ounce
Consols, 24 per cents
British. 5 per cents
British, 43 per cents
French Rentes (In Paris). frFrench War Loan(inParis)

Aug. 4. Aug.6. Aug.7. Aug.& Aug.9.
Aug.10.
Sat.
Mon. Tues.
Wed.
Thurs. Fri.
30%
31
30 15-16 30 15-16 _ _
90s. 3d. 90s. 4d. 90s. 4d.
__
583
5834
5834
__
10034
looTi leo%
9634 9634 9634
---56.90
56.85
57.10
56.60
---74.95
75.45
75.60
75.60

Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
The price of silver in New York on the same days
Shares. Stocks.
Price, Shares. stoats.
has been: 20 Langley Mills, cons
Price.
Sil ver in N. Y., per oz. (eta.):
$20 per sh. 25 Industrial Finance. Pret---$38 Per sh143 Langley Mills, 2d pret_ -535 per eh. 1,000 French
Foreign
6234

6234

6234

6234

6234

THE ENGLISH GOLD AND SILVER MARKETS
.
We reprint the following from the weekly
circular of
Samuel Montagu & Co. of London, written
under date of
July 25 1923:
GOLD.
The Bank of England's gold reserve
against its note issue on the 18th
Inst. was £125,808,440, as compared
with £125,798,400 on the previous
Wednesday.
The purchases of gold on behalf of the Indian
Bazaars have again been
on a small scale, so that the United States
of America will receive quite
a good proportion of the supplies in the market
this week.
It is announced that the Reichsbank has fixed
the purchase price for a
20
-mark gold piece at 900,000 paper marks.
CURRENCY.
The "Times" correspondent at Vienna states that the
National Assembly
on July 14 sanctioned the withdrawal from circulation
of 130 milliards
worth of kronen notes in denominations up to
5.000 kronen. They will
be replaced by coins In base metal in denomination
s of 100, 1.000 and
5.000 kronen.
It is also reported that Germany is to issue
aluminum coins of a value
of 1.000 marks.
SILVER.
On the whole the market has presented a
fairly
though prices have fluctuated to and fro in response steady appearance,
to an excess of supply
or demand. Some bear covering has taken
place, but the Indian Bazaars
do not yet appear eager to lay in stocks of the
metal. China has bought
at the lower and sold at the higher prices
touched. Tha pulse of the
market is steady, and does not suggest much
prospect of wide movements
in prices.
We append figures published by the Indian
Commercial Intelligence
Department showing India's foreign trade
during June as compared with
the previous month:

$1,000 Republic Rubber, no Par.. $2 lot
30 Notaseme Hosiery Co., v t c-$115 lot
410 Aripeka Saw Mills
$5 lot
69 Chic., Peoria & St. L. RR.,1
trust ctf. and $20 scrip
$3,270 Chic.,Peoria & St.L.RR.415 lot
434% gold bonds, at.of step..
8404.77 Chic.. Peoria & St. L.
RR., interest note
1,086 5-100 Deep Sea Fisheries,
Inc., corn., v. t. ctfs
$108 lot
126 Humphrey Gas Pump Co.,)
preferred
430 lot
1,726 Humphrey Gas Pump Co.,
Common
25 Industrial Finance Corp.. corn.,
525 each
$1 per sh.

Quicksilver Mining
Co., $1 each
22 lot
100 Trodor Co. of Phila., $10
each
19 per sh.
100 Goodyear Tire & Rubber Co.
of Canada, preferred
$70 per sh.
25 Jefferson Straw Works, Inc_ _ _ _112 lot
50 Jefferson Straw Works, Inc_ ___$8 lot
48 Rownson Drew & Clydesdale.
Inc. "A," common
$2 lot
39 Airbrush dr Finishing Corp.,
v. t. c
810 lot

Bonds.
Price.
62.000 Atlantic & Birmingham By.
Co.,Is, 1930,ctf of deposit_ _ _ _ 243,i%
.
$25,000 Globe Rubber Tire Mfg.,
temp. 1st Mtge.6s."A," notes $250 lot

By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price.
5 Hamilton Mfg. Co., ex.-div____ 6334
5 Nashua Mfg. Co., common
7334
29 Salmon Falls Mfg. Co
47
260 Rights Otis Co
9 1-16-9
Peterborough RR
25
45
82-100 State Theatre Co., Pre
78c.

Shares. Stocks.
Price.
5 American Glue Co., corn
4034
2-5 Springfield Fire & Marine Is 50
60 C. A. Briggs Co
25
10 Waldorf System, Inc., pref
1034
15 Quincy Mkt. Cold Storage &
Warehouse Co., common
132

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price.
5 Berkshire Cotton Mfg. Co
143
2 Lanett Cotton Mills
13534
2 York Mfg. Co
122
2 Berkshire Cotton Mfg, Co
14334
14 Nashua & Lowell Rd
112%
50 Corr Mfg.co
1
35 Hartford Springfield St.'
By. Co., Pre?
44,000 lot
198 East Taunton St. By. Co..
12 Taunton Investment Trusti

1

Shares. Stocks.
Price4;Puget Sound Power & Light,
prior preference
10134 & div.
16 Finance corp. of New Eng-1 25%
land, pref., par 250
) Per
2 Finance corp. of New Eng-1 unit
and,common
1
10 Merrimac Chemical Co., par $50 96
107 American Glue Co.. corn. __4034-14
31-100 State Theatre Co., pt65 per 1-100
19-100 State Theatre Co., pref.. __ 65e,
5 American Felt Co., pref__10534 & div.

By Messrs. Barnes & Lofland, Philadelphia:

Shares. Stocks.
Price. Shares. Stocks.
Price.
.
60 Philadelphia Warehousing &
6 Pennsylvania Co. for Insurances
Cold Storage
11134
on Lives & Granting Annuities_ _584
10 Tradesmens National Bank_ __ _290
5 Community Trust, par 850
60
142(Rights) Union National Bank_ 44
5 Peoples National Fire Insurance17 Philadelphia National Bank__ _ _39514 47 Phila. Life Insurance. par $10.. 2634
1034
8 Commonwealth Title, Ins. & Tr_401
100 William Freihofer Baking, pref_ 95
25 Glenside Trust, par $50
,
5834 2 Continental Passenger RI
80
25 Sixty-ninth St. Terminal Title &
2 Green & Coates Sta. Passenger Ry 75
-Lacs of Rupees
Trust, par $50
60
4 Victory Insurance, par $50
9934
June.
May. 50 Mutual Trust. par $50
61
50 F. A. Davis Co.. Par $ 0
Imports, private merchandise
5
%
10 Real Estate Title Ins. & Trust_473
17,98
1 Girard Trust Co
890
19,28 15 (Rights) Franklin
Exports, including re-exports
Trust Co_ _ _ _ 31
29,89
30,00 10 (Rights) Franklin Trust Co_ __ _ 30
Net imports of private treasure
Bonds.
Price.
3.82
4,53 5 Mutual Trust, par 850
61
51,100 Springfield Water 55, 1926_ 9214
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
DIVIDENDS.
June 30.
July 7, July 15
Notes in circulation
Dividends are grouped in two separate tables. In the
•
17361
17426
17494 first we
Silver coin and bullion in India
bring together all the dividends announced the cur8595
8658
8726
Silver coin and bullion out of India
rent week. Then we follow with a second table, in which
Gold coin and bullion in India
2432
2432
2432 we show the dividends previously announced, but which have
Gold coin and bullion out of India
not yet been paid.
Securities (Indian Government)
5750
5751
The dividends announced this week are:
5751
Securities (British Government
584
585
585
No silver coinage was reported during the week
ending 15th inst.
Per
trten
Books Closed.
Name of Company.
The stock in Shanghai on the 21st inst. consisted
Cent. Payable.
Days Inclustre.
of about 27,500,000
ounces in sycee, 32,000,000 dollars and 1,140
silver bars, as compared
Railroads (Steam).
with about 26,700,000 ounces in sycee and
*2
32,000,000 dollars on the Delaware & Bound Brook (guar.)
AUS. 20 *Molders of rec. Aug. 10
Southern Pacific (guar.)
14th inst.
154 Oct. 1 Holders of rec. Aug. 31a
Union Pacific, corn. (guar.)
234 Oct.
The Shanghai exchange is quoted at 3s. lid. the tael.
Holders of rec. Sept. la
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. la




Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Induslos.

Public Utilities.
Sept. 1 *Holders of rec. Aug. 31
American Telegraph & Cable (quar.) ___ 11
Sept. 1 Holders of rec. Aug. 15a
Central Ark. Ry.& Light, pref. (quar.).
Central Indiana Power,7% pref. (quar.) •Ix Sept. 1 *Holders of rec. Aug. 30
Gas & Elec.. Pref.(guar.)- 50c. Sept. 1 Holders of rec. Aug. 15
Eastern Shore
Federal Light & Traction, pref. (quar.).. 14 Sept. I Holders of rec. Aug. 150
Sept. 1 Aug. 21 to Aug. 31
Georgia Ry. & Power, common (quar.). 1
Sept. 1 Aug. 21 to Aug. 31
1
Second preferred (quar.)
Aug. 15 Holders of rec. July 31a
Los Angeles Gas & Elec. Corp., pr.(qu.).
Sept. 5 *Holders of rec. Aug. 17
Philadelphia Electric, corn. & pref. (qu.) *2
Tru"t Companies.
2
Oct. 1 Holders of rec. Sept.21a
Lawyers Title & Trust (quar.)
Miscellaneous.
2
Aug. 10 Holders of rec. July 31
A aska Packers Association (quar.)14 Oct. 2 Holders of rec. Sept. 8a
American Beet Sugar. Preferred (quar.)
50c. Aug. 15 Holders of rce. July 31
Amer. Greenhouse Mfg. (special)
*81.50 Sept. 29 *Holders of rec. Sept. 13
Amer. Locomotive, corn. (guar.)
*141 Sept.29 *Holders of rec. Sept. 13
Preferred (guar )
American Sugar Refining, pref. (quar.). *14 Oct. 2 *Holders of rec. Sept. 1
Sept. 15 Holders of rec. Aug. 21
1
Atlantic Refining, common (quar.)
Border City Manufacturing (quar.) _ _ _ _ 14 Aug. 15 Holders of rec. Aug. in
Petroleum, corn., $100 par (qu.)__ *14 Sept. I *Holders of rec. Aug. 20
Calif.
*434c Sept. 1 *Holders of rec. Aug. 20
Common,$25 par (guar.)
"14 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
*34 Aug. 20 *Holders of rec. Aug. 9
Consumers Company, preferred
374c,Sept.15 Aug. 25 to Sept. 16
'Crescent Pipe Line (guar.)
14 Sept. 1 Holders of rec. Aug. 12
Crows Nest Pass Coal (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 31
Eastman Kodak, common (quar.)
14 Oct. 1 Holders of rec. Aug. 31
Preferred (guar.)
Eisenlohr(Otto)& Bros., Inc., pt.(qu.). 1 4 Oct. 1 Holders of rec. Sept. 20
300. Sept. 12 Holders of rec. Aug. 20
General Motors Corp., corn. (quer.) _ _ _ _
14 Nov. 1 Holders of rec. Oct. 8
Seven per cent debenture stock (qu.)_
14 Nov. 1 Holders of rec. Oct. 8
Six per cent debenture stock (qu.).
14 Nov. 1 Holders of rec. Oct. 8
Six per cent preferred stock (guar.)._
Sept. 29 Holders of rec. Sept. 15a
2
Guantanamo Sugar, preferred (quar.). _ _
14 Sept. 1 Holders of rec. Aug. 21
Harbison-Walker Refract., corn. (qu.)__
14 Oct. 20 Holders of rec. Oct. 10
Preferred (guar.)
•1q Sept. 1 Holders of rec. Aug. 20
Hartman Corporation (quar.)
50c. Aug. 25 Holders of rec. Aug. 20
Homestake Mining (monthly)
(quar.) _ _ *1% Sept. 1 Holders of rec. Aug. 21
Hydrox Corporation, preferred
Jones & Laughlin Steel Corp.. Pref.(qu.) '134 Oct. 1 Holders of rec. Sept. 15
n75c. Sept. 1 Holders of rec. Aug. 15
Imperial 011 (Canada) (guar.)
International Shoe, pref. (monthly)_ _ _ _ .50c. Sept. 1 Holders of rec. Aug. 15
.24 Sept. 1 *Holders of rec. Aug. 25
Lancaster Mills (guar.)
134 Aug. 31 Holders of rec. Aug. 21a
Lanston Monotype Machine (guar.) _ _
Sept. 1 Holders of rec. Aug. 8
Ludlow Manufacturing Associates (qu.). $2
*75c. Sept. 1 *Holders of rec. Aug. 14
Manhattan Shirt, common (quar.)_
Sept. 1 *Holders of rec. Aug. 24
National Cloak & Suit, pref.(quar.)... *141
Aug. 15 *Holders of rec. Aug. 7
Newmarket Manufacturing (guar.)- _ _ >2
Niles-I3ement-PondCo., pref. (quar.)... 14 Aug. 20 Holders of rec. Aug. 9a
*I 34 Sept. 1 *Holders of rec. Aug. 20
Onyx Hosiery, pref. (quar.)
_
14 Aug. 20 Holders of rec. Aug. 9a
Pratt & Whitney Co., pref. (guar.)
141 Sept. 11 Holders of rec. Aug. 21
Pressed Steel Car, preferred (quar.)
Aug. 15 Holders of rec. Aug. 8
Rosenbaum Grain Corp., pref. (quar.).. 2
623-4c Sept. 15 *Holders of rec. Aug. 16
.
(guar.)
Standard 011 (Indiana)
24 Oct. 1 Holders of rec. Aug. 24
Standard 011 (Ohio) corn. (quar.)
United Cigar Stores, preferred (quar.)-- *141 Sept.15 *Holders of rec. Aug. 30
134 Oct. 1 Holders of rec. Sept. 15
United Dyewood, common (quar.)
*1
Sept. 30 *Holders of rec. Sept. 15
U.S. Gypsum,common (guar.)
*14( Sept.30 *Holders of rec. Sept. 15
Preferred (guar.)
50c. Sept. 20 Holders of rec. Aug. 31
Vacuum 011 (guar.)
141 Aug. 31 Aug. 3 to Aug. 31
Welch Grape Juice. pref. (quar.)
3
Aug. 15 Aug. 8 to Aug. 14
Whitman Mills (guar.)
Worthington PumP & Mach., pt. A (qu.) '134 Oct. 1 *Holders of rec. Sept.20
*14 Oct. 1 *Holders of rec. Sept. 20
Preferred 13 (quar.)

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.

When
Per
Cent. Payable.

314
Alabama Great Southern, preferred___ _
Atchison Topeka it S. Fe., corn. (quar.) 134
Baltimore it Ohio, preferred
2
Buffalo Rochester it Pittsburgh, corn_
3
Preferred
2
Central RR. of New Jersey (extra)
Chic. St. Paul Minn.it Omaha,corn... 23.4
334
Preferred
141
Cleveland it Pittsburgh, guar. (quar.)__
1
Special guaranteed (quar.)
3
Cuba Railroad. preferred
2%
it Hudson Co.(quar.)
Delaware
234
Hudson it Manhattan, preferred
141
Illinois Central. corn. (guar.)
3
Preferred
134
Internat. flys. of Cent. Am , pref. (qu.)_
14(
Norfolk & Western, corn. (guar.)
1
Adjustment preferred (quar.)
43.4
Oswego it Syracuse
750.
Pennsylvania RR.(guar.)
14
Pittsburgh it %Vest Va., pref. (quar.)___
- 50c.
Reading Company first Prof. (guar.)
1.374
Sharon Railway (semi-annual)

Books Closed.
Days Inclustre.

Aug. 16 Holders of roe. July 13
Sept. 1 Holders of roe. July 274
Sept. I Holders of rec. July 140
Aug. 15 Holders of rec. Aug. 8a
Aug. 15 Holders of rec. Aug. 8a
Aug. 15 Holders of rec. Aug. 10a
Aug. 20 Holders of rec. Aug. is
Aug. 20 Holders of rec. Aug. la
Sept. 1 Holders of rec. Aug. 100
Sept. 1 Holders of rec. Aug. 100
Fcbl'24 Holders of rec. Jan.19 '21a
Sept.20 Holders of rec. Aug. 28a
Aug. 15 Aug. 2 to Aug. 15
Sept. 1 Holders of rec. Aug. 2a
Sept. 1 Holders of rec. Aug. 2r1
Aug 15 Holders of rec. July 31
Sept. 19 Holders of rec. Aug. 310
Aug. 18 Holders of rec. July 3112
Aug. 20 Holders of rec. Aug. 70
Aug. 31 Holders of rec. Aug. 1.0
Aug. 31 Holders of rec. Aug. is
Sept. 13 Holders of rec. Aug. 27a
Sept. 1 Aug. 22 to Aug. 31

Public Utilities.
American Electric Power, pref.(quar.).. m14( Aug. 15 Aug. 1 to Aug. 5
Water Works & Elec., tat pf.(qu) 1% Aug. 15 Holders of roe. Aug. la
Amer.
1
Aug. 15 Holders of rec. Aug. la
Six per cent participating pref
Sept. 1 Holders of rec. July 31
Brazilian Trac., Lt. it Pow.. ord.((mar.) 1
2
Sept. 1 Holders of rec. Aug. 17a
Brooklyn Edison Co.(guar.)
Aug. 15 Holders of rec. July 3/
Cedar Rapids Mfg. it Power (guar.)._
(quar.)___ _ d3
Aug. 15 Holders of rec. July 31a
Cent. Arizona L. it P., corn
2
Aug. 15 Holders of rec. Aug. 31a
Preferred (quar.)
pf.(qu.) 13.4 Sept. 1 Holders of rec. Aug. 15a
Central Miss. Vail. Elec. Prop.,
Sept. 1 Holders of roe. Aug 15a
Cleveland Elec. Ilium.,8% prof.(oust.)
31a
Columbia Gas it Electric new stk. (qu.)_ 65c. Aug. 15 Holders of rec. July 31a
$1.95 Aug. 15 Holders of rec .July
Old stock
corn.(BL). 14 Sept. I Holders of roe. Aug. 16a
• Columbus Re.. Pow. it Lt..
1
Dec. 1 Holders of rec. Nov. 150
Common (quer.)
14 Oct. 1 Holders of rec. Sept. I 5a
Preferred, Series A (guar.)
134 lan2'24 Holders of rec. Dec. 15a
Preferred, Series A (guar.)
Nov. I Holders of rec. Oct. 16a
Preferred. Series B
ezpf.(qu.) $1.1212 Aug. 15 Holders of rec. July 3I0
Connecticut Ry.it Ltg.,com.
$1.25 Sept. 15 Holders of rec. Aug. 9a
Gas of N.Y.,com.(quar.)
Consolidated
14 Sept. I Holders of rec. Aug 1
Detroit United Ry. (quar.)
(qu.),_
141 Sent. 15 Holders of rec. Aug. 15a
Duquesne Light, 1st pref. Ser A
Street 1t3
Eastern Massachusetts
3
Aug. 15 Holders of rec. July 31
Preferred 13
*I% Sept. 1 *Holders of rec. Aug. 20
Eastern Wisconsin Elec., pref. (quar.)._
14 Aug. 15 Holders of rec. July 31
Illuminating it Power Secur., pref.(qtr.)- 2
Aug. 15 Holders of rec. July 310
KamInIstlque Power (quar.)
Aug. 15
of rec. July 31
Montreal Lt., Ht.it Pr., Cons'd (guar.). 134 Aug. 15 Holders of rec. July 31
Holders
Montreal Lt., Ht. it Power (quar.)---Hampton Ry., Gas it
Newport News&
1 Holders of rec. Sept. I5a
1 Ji Oct
Electric. pre! (quar.)
141 Oct. I Holders of roe. Sept. 20
North Shore Gas. preferred (guar.)._ -Sept. 1 Holders of rec. Aug. 10a
2
corn. (quar.)_
Northern Texas Elec. Co.,
Sept. 1 Holders of reo. Aug. 10a
3
Preferred
rec. July
Aug. 15
Pacific Gas it El., 1st pt. it orig. pf.(qu.) 134 Sept. 1 Holders of rec. Aug. 31a
100
Holders of
$1.25
Philadelphia Co., preferred
23-4 Aug. 15 Holders of rec. July 250
Tampa Electric Co. (guar.)
Aug. 15 Holders of rec. July 31
(qu.).
Southern California Edison, corn.
15
United Gas Improvement, pref. (quar.). 8740• Sept. 2 Holders of rec. Aug. 3Ia
Oct.
Holders of rec. Sept. 15a
United Light it Rys., particlp pref.(ext.)
an2'24 Holders of roe. Dec. 15
Participating preferred (extra)




[Vol,. 117.

THE C1TRONTCLE

646

Name of Company.

Per
Cent

When
Payable.

Public Utilities (Concluded).
United Rys.& Elec.,(Bait..) corn. (qu.) 50c. Aug. 15
14 Aug. 15
%Vest Penn Co.. pref. (quar.)
1.4 Sept. 15
West Penn Rys.. pref. (quar.)
Wisconsin River Power. pref. (quar.),. 14 Aug. 2()

Books Closed.
Days Inclusive.
Holders of rec. July 20a
Holders of rec. Aug. la
Holders of rec. Sept. 1
Holders of rec. July 310

Miscellaneous.
Aug. 15 Holders of rec. July' 24a
St
Allis-Chalmers Mfg., corn. (quar,)
American Art Works, corn. & pref. (qu.) 14 Oct. 15 Holders of rec. BMA.30a
American Bank Note, corn. (guar.)
_ _ S1.25 Aug. 15 Holders of rec. Aug. la
American Bank Note, preferred (guru.), 75c. Oct. 1 Holders of rec. Sept. 140
14 Aug. 15 Holders of rec. July 31a
American Can,common (guar.)
51.50 Sept. 1 Holders of rec. Aug. 15
American Felt, preferred
25e. Aug. 15 Holders of rec. Aug. la
Am.La France Fire Eng.. Inc., com.(qu)
I Holders of roe. Sept. la
'et
American Machine & Foundry (oiler)._
Quarterly
1 4 r,0"24 Holders of rec. Deo. lc
75c. Sept. I Holders of rec. Aug. 180
American Metal, common (guar.)
141 Sept. 1 Holders of rec. Aug. 205
Preferred (guar.)
Sept.29 Holders of reo. Sept. 15a
American Radiator, common (quar.)_
$I
141 Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
141 Oct. 1 Holders of rec. Sept. 15a
American Rolling Mill, pref.(guar.) _-_
2
Nov. 1 Holders of roe, Oct. 150
Amer. Shipbuilding, corn. (quar.)
2
Febl'24 Holders of rec. Jan. 15'240
Common (guar.)
2
Maye24 Holders of rec. Apr.15'24a
Common (quar.)
2
Augl':4 Holders of rec. July 15240
Common (quar.)
14 Sept. 1 Holders of rec. Aug. 100
Amer. Smelt. az Ref., pref. (quar.)
134 Aug. 15 Holders of rec. July 310
American Soda Fountain (quar.)
Holders of rec. Aug. 100
Sept.
American Tobacco, com.& corn. B (qu.) 3
Aug. 18 to Aug. 31
34 Sept.
Amer. Window Glass Co., preferred_ _._
Holders of rec. Aug. 110
14 Sept.
Associated Dry Goods, 1st pf. (quar.)_ _
Holders of rec. Aug. 110
Second preferred (quar.)
134 Sept.
Holders of rec. Sept. 5
Sept. 1
1
Atlantic Terra Cotta, preferred (quar.)_
Oct. 1 *Holders of roe. Oct. I
.$1
Auto-Knitter Hosiery (quar.)
Holders of rec. Aug. 30
2
Sept.
Automatic Refrigerating (quar.)
1.874 Aug. 15 Holders of rec. Aug. la
Beacon 011, preferred (quar.)
1.874 Nov. 15 Holders of rec. Nov. la
Preferred (guar.)
Bethlehem Steel Corp.131 Oct. I Holders of rec. Sept. la
('ommon (quar.)
I
134 (Jet. I -touters of rec. Sept. 15a
Seven per cent corn. pref. (guar.)._ _
Jan2'24 Holders of rec. Dee. 15a
Seven per cent cum. pref. (quar.)
Holders of rec. Sept. 15a
Seven per cent non-cum. Prof. (quer.) 14 Oct
Seven per cent non-cum. pref. (quar) 14 Jen2'24 Holders of reo. Dee. Ma
Oat. I Holders of rec. Sept. 154
2
Eight per cent preferred (quar.)
Jan2'24 Holders of me. flee. 15a
2
Eight per rent preferred (quar 1. _ _ _
Aug. 15 Holders of rec. Aug. 8a
Bond de Mortgage Guarantee (guar.)... 4
4
Aug. 15 Holders of rec. Aug. la
Borden Company,common
134 Sept. 15 Holders of rec. Sept. la
Preferred (quar.)
14 Dec. 15 Holders of rec. Dee. la
Preferred (quar.)
25e. Oct. 1 Holders of rec. Sept. 20a
Bridgeport Machine Co. (guar.)
250, Jaum 124 Holders of rec. Dec. 200
Quarterly
Aurl'24 Holders of rec.Mar.20'24a
250
Quarterly
$1.25 Sept. 1 Aug. 25 to Aug. 31
G.) Co., corn.(quar.)
Brill (J.
Aug. 30 Holders of rec. July 31
Brompton Pulp & Paper, pref. (quar.) _ _ *2
Aug. 15 Holders of roc. July 31
Preferred (account accum. dividends). *4
Sept. 1 Holders of rec. Aug. 20a
1
Brown Shoe,common (quar.)
13runswick-Balke-Coll. Co., corn. (qu.). •14.1 Aug. 15 *Holders of rec. Aug. 4
$1.75 Sept. 15 Holders of rec. Aug. 20
Buckeye Pipe Line (quar.)
$2.50 Aug. 15 Holders of rec. Aug. la
Burns Bros.. corn., Class A (quar.)
50c. Aug. 15 Holders of roe. Aug. la
Common, Class 13 (quar.)
62 4o. Aug. 15 July 29 to Aug. 15
Butler Brothers (guar.)
2
Aug. 15 Holders of rec. Aug. 4a
Butler Mills (guar.)
14 Aug. 15 Holders of rec. Aug. 2a
Cabot Manufacturing (guar.)
01)t. 1r%
Holders of rec Aug. 310
k, 4
California Packing Cnrir. (guar)
134 Sept. 1 Holders of rec. Aug. 15
Campbell Soup, preferred (quar.)
141 Aug. 16 Holders of rec. July 310
Canada Cement. preferred (quan)
14 Aug. 15 Holders of rec. July 310
Canadian Converters (quar.)
Aug. 15 Holders of rec. Aug. 70
I
_
Casein Co. of Am.(Delaware). nref
Casey Hedges Co., common (oust.).... 24 Aug. 15 Holders of rec. Aug. la
rig 15 Holders of rec. July 3I0
Celluloid Company. pref. (quar.) _
Century Ribbon Mills, Inc., pref.(guar.) 141 Sept. 1 Holders of rec. Aug. 20a
I.24
28
$1.25 Nov.1 Holders of rec. Oct. 150
Checker Cab Mfg., class A (oust.)
Cl
Feb
Holders of rec. Jan15'24a
Class A Muer.).
331-3e Sept. 1 Holders of rec. Aug. 200
Chicago Yellow Cab (monthly)
33 1-3c Oct. 1 Holders of rec. Sept. 200
Monthly
33 1-3c Nov. 1 Holders of rec. Oct. 200
Monthly
624c Sept.29 Holders of rec. Sept. 1
Chili Copper (guar.)
serviee___
yt., Sept. 1 Holders of rec. Aug. 15
Common (monthly, payable In scrip).
Common (payable In corn. stk. scrip). g134 Sept. I Holders of rec. Aug. 15
3.4 Sept. 1 Holders of rec. Aug. 15
Preferred and preferred B (monthly)__
14 Sept. I Holders o free. Aug. 15
Cleveland Stone (guar.)
sept 1 Holders of rec. Aug. 15
Extra
Aug. 25 Holders of rec. Aug. 100
Colorado Fuel it Iron, preferred (guar.). 2
Oct. 15 Holders of rec. Oct. 6
$2
Congoleuna Company, common
Consolidated Cigar Corp., pref. (quar.)_
14 Sept. 1 Holders of rec. Aug. 150
Aug. 15 Holders of me. Aug. 46
Continental Can. common (quar.)
SI
Contin'l Paper & Beg Mills, corn.(quar.) 14 Aug. 15 Holders of roe. Aug. 8
Preferred (quar.)
14 Aug. 15 Holders of roe. Aug. 8
14 Sept. I Iloiders of reo. Aug. 154
Cosden & Co., preferred (quar.)
14 Aug. 15 Holders of rec. July 31a
Cosgrave Export Brewery (guar.)
Davol Mills (guar.)
13-4 Oct. 1 Holders of rec. Sept.240
Co., preferred (guar.)
.75c. Sept. 1 *Holders of rec. Aug. 15
Deere &
Sept. 15 Holders of rec. Aug. 310
2
Diamond Match (guar.)
14 Aug. 15 Holders of rec. July 310
Diem az Wing Paper, preferred (quar.).
Aug. 15 Holders of rec. July 31a
1
Dominion Bridge (quar.)
let
I Holders of rec. Sept. 1
Dombrion stores, lAd., common
50c.
Aug. 15 Holders of rec. Aug. 9a
31
Dow Chemical, common (quar.)
14 Aug. 15 Holders of rec. Aug. 4a
Preferred (quar.)
14 Aug. 15 Holders of rec. Aug. la
Elsenlohr (Otto) & llros., corn (quar.)_ _
160. Aug. 15 Holders of rec. Aug. la
Fifth Ave. Bus Sec. Corp.(quar.)
Firestone Tire & Rubber. 7% pref. (qtr.) 141 Aug. 15 Holders of rec. Aug. 1
50e
Floishmann Co corn. (quar.)
Oct. 1 Holders of rec. Sept. 150
50c. Oct. 1 Holders of roe. Sept. 150
Common (extra)
50c. Jan 1'24 Holders of rec. Deo. 15a
Common (quar.)
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 240
134 Sept. 1 Holders of rec. Aug. tba
General AMMAR,Preferred (guar.)
Cigar, pref. (guar.)
General
134 Sept. 1 Holders of rec. Aug. 240
14 Oct. 1 Holders of rec. Sept. 24a
Debenture preferred (quar.)
25e, Aug. 20 Holders of roe. Aug. 100
General Development(quar.)
3
Sept. 1 Holders of rec. Aug. 1
Gillette Safety Razor (quar.)
e5
Dec. I Holders of rec. Nov. 1
Stock dividend
134 Oct. 1 Holders of reo. Sept.21
Goodrich (B. F.) Co., pref. (guar.)
25c Sept. 1 Holders of rec. Aug. 20
Gossard (II. W.) Co., corn. (monthly)._
2
Aug. 15 Holders of rec. Aug. 8
Great Lakes Dredge & Dock (quar.)__ _ _
Gulf States Steel to.
140
First and second preferred (quar.)_
144 Oct. 1 Holders of rec. Sept. 140
'24 Holders of rec. Dee.
First and second preferred (quar.).___
11.4 Jen 2
Hart, Sehaffner az Marx. corn. (quar.).. 1 4 Aug. 31 Holders of rec. Aug. 18a
Hayes Wheel (quar.)
*75c. Sept. 15 *Holder's of rec. Aug. 31
Hercules Powder. pref. (quar.)
•131 Aug. 15 'Holders of rec. Ang. 4
Holders of rec. July 26
Hollinger Consolidated Gold Mines
Aug. 1
1
Holders of rec. Aug. 4
2
Aug. 1
Hoosac Cotton Mills, Pref. (quar.)
Holders of rec. Aug. 15
Household Products, Inc. (quar.)
54 Sept.
Holders of rem July (20
Aug. 1
2
Indiana Pipe Line (quar.)
8a
Holders of rec. Aug. 17tr
Ingersoll-Rand Co.. common (quar.)
Sept.
2
Holders of rec. Aug.
(324c Sept.
Inland Steel, common (quar.)
5
Holders of rec. Sept. 18a
Preferred (guar.)
134 Oct.
Holders of rec. Aug.
141 Sept.
International Harvester, pref. (quar.)._
Holders of rec. Nov. la
Nov. 1
Intertypo Corp., corn. (In corn. stock)._ 1I0
Holders of rec. July 3Ia
Common (quar.)
25o. Aug. 1
1a
Holders of rec. Aug. 8a
Aug. I
2
Iron Products Corp., met. (guar.)
Holders of rec. Aug.
Aug. 1
1
Jefferson & Clearfield Coal az Iron, corn.
Aug. 8a
Holders of rec.
24 Aug. 1
Preferred
Holders of rec. Aug.
Aug. 1
2
Kelly-Springfield TIre, pref. (guar.)._ _ _
0a
Holders of rec. Aug. 21 a
Sept.
Kinney (OR.)Co., Inc.. pref. (quar.). 2
Holders of rec. Aug. I50
50c. Sept.
Lee Tire & Rubber (quar.)
Holders of rec. July 3I0
Aug. 3
SI
Coal it Navigation (guar.)
Lehigh
*Holders of rec. Aug. 22
Libby-Owens Sheet Glass, corn. (quar.). *500. Sept.
*Holders of rec. Aug. 22
•141 Sept.
Preferred (quar.)
Holders of rec. Aug. 15a
14 Sept.
Liggetts Internat.. com. A az B (quar.)-.
Holders of rec. Aug. 150
Sept.
Liggett it Myers Tob., corn. A it B (qu.) 3

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Sept. 1 Holders of rec. Aug. 15a
Limn Locomotive Works, Inc .com.(qu.) El
Nov. 8 Holders of rec. Nov. 5a
Lindsay Light, Preferred (quar.)
I 5a Pefill'24 Hold l.'s of re. er,e r•
,
Preferred (guar.)
50e. Aug. 20 Aug. 10 to Aug. 19
Lit Brothers
1
Aug. 15 Holders of rec. Aug. 4
Loew's Boston Theatres Co., common_ _
14 Sept. 1 Holders of rec. Aug. 18
Lord & Taylor. 1st pref. (quar.)
3
Aug. 15 Holders of rec. Aug. 10a
Madison Safe Deposit
1
Aug. 15 Holders of rec. Aug. 10a
Extra
$1.50 Sept. 1 Holders of rec. Aug. 24
Mahoning Investment (guar.)
50e. Sept. 1 Holders of rec. Aug. 24
Extra
75e. Sept. 1 Holders of rec. Aug. 150
Martin-Parry Corp.(quar.)
114 Sept. 1 Holders of rec. Aug. 150
May Department Stores corn.(quar.)
14 li
I Holders of ree stele I ia
Preferred (quer
5
Sept. 1 Holders of rec. Aug. la
McIntyre Porcupine Mines
Aug. 15 Holders of rec. Aug. 1
3
Mercantile Stores Co., Inc
Merrimack Mfg., common (quar.)
14 Sept. 1 Holders of rec. July 25
24 Sept. 1 Holders of rec. July 25
Preferred
50e. Aug. 15 Holders of rec. Aug. la
Miami Copper (quar.)
Montgomery Ward de Co., pref. (qtter.). 14 Oct. 1 Holders of rec. Sept.200
75e. Sept. 1 Holders of rec. Aug. 20
Munsingwear,Inc.(No. 1)
The. Oct. 15 Holders of rec. Sept. 290
National Biscuit, common (quar.)
14 Aug. 31 Holders of rec. Aug. 170
Preferred (quar.)
Sept. 1 Holders of rec. Aug. 160
Nat. Dept. Stores, 2d pf. (quar.)
Nat. Enamel.& Stpg., common (quer.). 14 Aug. 31 Holders of roe. Aug. 11s
14 Sept. 29 Holders of rec. Sept. 10a
Preferred (guar.)
14 Dec 31 Holders of roe Des• 110
Preferred (quar)
2
Sept.29 Holders of rec. Sept.140
National Lead,common(qua.)
Sept. 15 Holders of rec. Aug. 24a
Preferred (quar.)
114 Aug. 15 Holders of roe. Aug. la
National Refining, corn. (quar.)
75c. Aug. 15 Holders of rec. Aug. 4
National Supply Co., corn. (quar.)
25e. Aug. 20 Holders of rec. Aug. 3j
New Cornelia Copper Co. (quar.)
32
July 31 Holders of rec. July 20
New Niquero Sugar
New River Co.pref.(ace.accum. div.)_ _ _ /114 Aug. 28 Holders of rec. Aug. 180
1
Aug. 15 Holders of rec. Aug. 2a
Nyanza Mills (quar.)
10e. Aug. 15 Holders of rec. July 31
Oil Lease Development (monthly)
Aug. 15
Ontario Steel Products, common
•14 Aug. 15
Preferred ((Van)
Sept. 1 Holders of rec. Aug. 20a
Machinery, common (qua?.). _ d4
Package
SI
Sept.30 Holders of rec. Sept 2110
Peerless Truck & Motor (quar.)
$1
Dec. 31 Holders of rec. Dec. 20a
Quarterly
2
Aug. 15 Holders of rec. Aug. 4
Penmans, Ltd., common (guar.)
Aug. 15 *Holders of rec. Aug. 4
Phillipsborn's, Inc., pref.(guar.)
Sept. 1 Holders of rec. Aug. 15a
Pittsburgh Steel, preferred (guar.)
5
Aug. 15 July 15 to Aug. 15
Procter & Gamble,common
Aug. 15 July 15 to Aug. 15
Common (payable in new corn,stock)_ f4
2
Aug. 15 Holders of rec. July 31a
Pullman Company (quar.)
374e. Sept. 1 Holders of rec. Aug. 152
Pure 011,common (guar.)
14 Aug. 31 Holders of rec. Aug. la
Quaker Oats,Preferred (qua?.)
2
Aug. 15 Holders of rec. Aug. 4
QuiesettMllis, common (quar.)
Oct. 1 Holders of rec. Sept.15a
Republic Iron & Steel, preferred (guar.)Oct. 1 Holders of rec. Sept. 15a
(account accum. dividends). 52
Preferred
Reynolds Spring, coin.(On.)(No. 1).... *50e. Nov.'1 *Holders of rec. Sept. 1
'134 Oct. 1 *Holders of rec. Sept. 17
Preferred A & B (guar.)
25e. Sept.20 Sept. 9 to Beet.20
St. Joseph Lead (quar.)
250. Sept.20 Sept. 9 to Sept.20
Extra
25e. Dec. 20 Dec. 9 to Dee. 20
Quarterly
25e
Dec. 20 Dec. 9 to Dec. 20
Extra
St. Louis Coke & Iron, preferred (quar.)- '114 Aug. 25
Sept. 1 Holders of rec. Aug. lea
Schulte Retail Stores, corn. (In pref. stk.) m$2
Dec. 1 Holders of rec. Nov. 150
Common (payable in preferred Mock). w$2
Mr ITS Hold,of rec. Feb. 15'240
Common (payable In preferred stock) _ tn$2
3
Scotten-Dillon Co. (quar.)
Aug. 13 Aug. 5 to Aug. 13
2
Extra
Aug. 13 Aug. 5 to Aug. 13
3 1-3e Sept. 1 Holders of rec. Aug. 15
Seaboard Oil & Gas (monthly)
3 1-3c Oct. I Holders of rec. Sept. 15
Monthly
.a
i'4 Aug. 15 Hol.ler,, of tee Age
Fhell Union OIL Dept A (quar.)
50e. Aug. 15 Holders of rec. July 31
Sherwin-Williams Co., corn. (quer.) -Preferred (quar.)
14 Sept. 1 Holders of rec. Aug. 15
Sinclair Consol 011 Corp.,corn.(quar.).. 50e. Aug. 31 Holders of rec. Aug. la
2
Aug 15 Holders of rec. Aug. la
Preferred (011ar.)
25e. Aug. 15 Holders of rec. Aug. la
Smith (A. 0.) Corp.(guar.)
14 Aug. 15 Holders of rec. Aug. la
Preferred (quar.)
2
Sept. 1 Holders of rec. Aug. 15
Southern Pipe Line (quar.)
Spalding(A G.) & Bros., let pref.(gm) 14 Sept. 1 Holders of rec Aug. 180
2
Hollers of rec Aug I'
iept
Second preferred (gist.)
4,1
Standard Milling, common (quar.)
14 Aug. 31 Holders of rec. Aug. 21a
1;4 Aug. 21 Holders of rec. Aug. 2I0
Preferred (guar.)
50e. Sept.15 Holders of rec. Aug. 202
Standard 011 (Calif.)(qua?.)
Standard 011 of New York (quar.)
35c. Sept.15 Holders of rec. Aug. 24
Standard Oil (Ohio). prof (ggar )
19 -tent I Holder- of re' 1,Iv 27
Standard Sanitary Mfg., coin.(qtmr.)_ *1.25 Aug. 15 Holders of rem Aug. 2
Preferred (quar.)
14 Aug. 15 Holders of rec. Aug. 2
Standard Wholesale Phosphate,corn_ _
•10
Oct. 1 *Holders of rem July 20
Stern Bros., pref. (cigar.)-------2
Sept 1 Holders of ree. Aug. I 5a
Stewart-Warn Speedometer. come- u.) 231 Aug. 15 Holders of rec. July 310
au.)
a
Studebaker Corp., common (quar.)
_ $2.50 Sept. 1 Holders of rec. Aug. 10a
Preferred (quar.)
Sept. 1 Holders of rec. Aug. 102
Superior Steel, first preferred (quar.)- - 2
Aug. 15 Holders of rec. Aug. la
2
Second preferred (guar.)
Aug. 15 Holders of rec. Aug. la
Swift Interim,tonal.
90e
Agg 15 liolders of ree I.,iv 144,
Thompson (John R.) Co., corn.(mthly.) 25e. Sept. 1 Holders of rec. Aug. 23
0
4
Thompson-Starrett Co., preferred
Oct. 1 Holders of rec. Sept.20
750. Sept. 5 Holders of rec. Aug. 20a
Timken Roller Bearing (quar.)
Extra
25e. Sept. 5 Holders of rec. Aug. 202
Tobacco Products Corp.. class A (quar.) 14 Aug. 15 Holders of rec. July 270
Truscon Steel, common (quar.)
3
Sept. 1 Holders of roe. Sept. 5s
Preferred (Quar.)
Sept. 1 Holders of rec. Aug. 210
Underwood Typewriter, corn.(quar.) _
75e. Oct.
Holders of rec. Sept. la
Preferred (quar.)
14 Oct.
Holders of rec. Sept. la
4 S ept. 1 Holders of rec Aug. 70
Union Tank Car,common (quar.)
Preferred (quar.)
14 Sept. 1 Holders of rec. Aug. 7a
United Drug.common
14 Sept. I Holders of rec. Aug. 160
14 Oct. 1 Holders of rem Sept 15.
United Dyewood, preferred (quar.)
,
Preferred (nuar 1
14 Jan 22 Holders of ree flee 151
U.S.Cast Iron Pipe dCFdY.. pref.(qu.). 14 Sept. 15 Holders of rec. Sept. la
Preferred ((mar I 154 Der IS Holders of rec Dee. I
.
2
Sept. 1. Holders of rec. Sept. 50
17. S. Realty & Impt., corn. (quar.) _
Preferred Mum 1
200
14 Nov.
Holder's of rec
United States Steel Corp., corn,(quar.)_
14 Sept.2 Aug. 30 to Sept. 3
14 Aug. 3 Aug. 7 to Aug. 8
Preferred (quar.)
*50e. Sept. 15 *Holders of rec. Sept. 1
V. Vivaudou, Inc.(guar.)
14 Sept. 1 Holders of rec. Aug. 186
Van Raalte Co., Inc. (quar.)
Wahl Co., common (monthly)
50c. Sept. 1 Holders of rec. Aug. 246
Common (monthly)
50e. Oct. 1 Holders of rec. Sept.22a
Preferred (quar,)
Oct. 1 Holders of rec. Sent.22a
Westfield Mfg.. COM.(guar.)
50c. Aug. 15 Holders of rem July 3I0
2
Aug. 15 Holders of rec. July 316
Preferred (guar.)
White (J. G.) & Co., Inc.. Pref. (quar.)- 131 Sept. 1 Holders of rec. Aug. 15
14 Sept. 1 Holders of rec. Aug. 15
White(J.0.) Engineering Co..Pf Wu.)_
,
White(J. G.) Managem't Corn. pf (qU.) 14 Sept. 1 Holders of rec. Aug. 15
El
Sept.30 Holders of rec. Sept. 206
white Motor Mar.)
25e Aug. 15 Holders of rec. Aug. 3a
Will & Baumer Candle, com.(guar.),
l
-1 •iit I
,
2.-s o rue'. Ala. 100
Woolworth IF R , Co , itOh (guar.)
25e. Aug. 31 Holders of rec. Aug. 15a
Wright Aeronautical Corp.(qua?.)
50c Sept. 1 Aug. 25 to Aug. 31
Wrigley(Wm.) Jr. & Co., eom.(mthly.)
50e. 0,e. I Septs 26 to Sept.30
Common (monthly)
50c. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50e. Dec. 1 Nov.24 to Nov. 30
Common (monthly)
Dee. 25 to Jan. 1 191.1
Common (monthly)
Jan. 26'24 to Jan.31'24
Common (monthly)
50e. Sept. 1 Holders of rec. Aug. 20a
Yellow Cab Mtg.. class B (monthly)- - 50e. Oct. 1 Holders of no Sept. 206
CMOs B (monthly)

14

14

14

*14
14

14

14

14

Mill

t The New York Stock Exchange has ruled that stork
•From unofficial soureee
The
will not be quoted ex-dividend on this date and not until further notice.
New York Curb Market AssorlatIon hag tilled that stock will not be quoted ox'
dividend on this date and not until further notice.
a 'Transfer books not closed for this dividend. 0 Correction. a Payable In stock.
Payable In common stock 0 Payable in scrip. h On account of ace imulatea
a Poayable in Cznadin f Lads.
dividends. m Payable In Preferred stock




647

THE CHRONICLE

AUG. 11 1923.]

Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 4. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers POO](matted.)

1

I

New I
Reservel
Profits. Loans,
Net
Time 1 Bank
Discount, Cash
with
Week ending
in
Legal Demand
De- CircuAug. 4 1923 Nat'l, June 30 Invert
State, June 30 ments, Vault. Deposi- Deposits. Posits. loebc.
tion.
tories.
((000 omitted.) 'Tr.Cos,June 30
Members of Fed. Res. Bank.
Bank of N Y
Trust Co____1 4,000, 12,0171
Bk of Manhat'n 10,000; 13,140
Mech &Met Nat 10,000, 16,843
Bank of America 5,5001 4,583'
Nat City Bank_ 40.000 51,526'
Chem Nat Bank 4,500 16,467
141
500.
Nat Butch dr Dr
Amer Exch Nat 5,000 7,783
Nat Bk of Com_ 25,000 38,374
Pacific Bank....' 1,000 1,748
Chat dr Phen Nat 10,500 9,276
Hanover Nat Bk 5,000 21,394
Corn Exchange_ 9,075 12,368
National Park. _ 10,000 23,444
803
East River Nat_ 1,000
First National. _ 10,000 55,319
Irving-Bk-ColTr 17,500 10,675
Continental Bk. 1.000
954
Chase National_ 20,000 22,991
Fifth Avenue..__
500 2,439
Commonwealth_
600
979
Garfield Nat- 1,000 1,627
Fifth National... 1,200 1,097
Seaboard Nat_ 4,000 7,174
Coal & Iron Nat 1.500 1,267
Bankers Trust. 20,000 23,155
U S Mtge dr Tr_ 3.000 4,251
Guaranty Trust 25,000 18,290
Fidel-Inter Trust 2,000 1,884
N Y Trust Co.. 10,000 17.764
Metropolitan Tr 2,000 3,927
Farm Loan & Tr 5,000 15,940
Columbia Bank_ 2,000 2,020
Equitable Trust 23.0001 9,501

Average Average Average'
S
61,100
779 5,985
130,937 2,394 14,528
165,303 4,412 19,108
67,677 1.472 8.884
489,970 4,386 53,094
112,342 1,212 12,713
5,179
69
356
91,752 1,009 10.450
310.304 1,029 31,442
25,791
795 3,272
148.542 4,990 16,053
286 14,275
111,073
170,027 5,181 20,611
786 15,638
157.546
317 1,621
15.258
562 23,952
2,59,917
259,344 3,837 34,353
7,701
159
911
321,976 4,281 38,529
613 2,766
23,108
S78 1,101
10.012
421 1,86
14,327
189 1,98
20,687
893 10,044
81,120
39
15,334
1,713
267,256 1,021 30,197
52,098
811 6,226
362,817 1,386 38,07
22,495
372 2,499
146.509
575 15,484
37,272
596 4,187
502 12,205
124,345
592 3,516
32,899
222,061 1,677 25,899

Average Average Av'pe.
$
$
•t
44,425
_-6.47310,85
18:992
144.799
994
66,347 2,735
*513,441 64,882 2,141
94,198 6,001
341
3,203
24
297
78,009 6,499 4,948
239,571 13,127
22.539 1,395
113,176 23,949 6,106
97,312
100
148,777 22 i,77 _:iii
4 iL
119,358 6 0 5 7 825
11.129 2 78
50
178,971 2 746 7 457
257.121 15.480 _
5,981
389
288,890 31,503 : i
1 0:
20,933
_i15
._
,
_
8.649
13.530
14
17
14,54
797
248
76.518 2,247
66
12,624
801
409
*238,293 24,055
47.556 3,121
'.360,826 06,153
18,587 1,555
114,42 20.663
31,317 3,522
*85.636 25,668
24,132 2,572
*225.087 22.759

Total of averages290,375 431,175 4,354,079 48.580483,533 c3,579,135406,369 32,470
Totals, actual coindition 1Aug. 44.352,398 46,497491,510 c3,571.117407,04032,453
Totals, =oaf cOnditlon July 28 4,343,782 47,367 503.633c3,563,235 404,245 32.095
. .
Totals, actual condition July 2114 368 889 47,448 503,153c3.608.022 419,15832,198
mum. 1
Not me milers
1
18.1071 1,448 1,9001
381
18,372;
Greenwich Bank 1,000 2,247
5.4381
2961
2.527 2.113
903
3871
250
Bowery Bank..
28,398 54.3501
2,500; 4,7351 85,660 3,477i 1,828;
Bank
State

.1 .1.......... ye

Total of averages

3.750

7,8831 109,205

5,2211

4,115'

49.297 56,5011

Totals, actual co ndltion 1Sug. 41108,7911 5,467 4,302
Totals, actual co nditIon July 28 109,519, 5,386, 3,928
Totals, acme/ co ndition July 211 109,747; 5,401 4,168
Trust Compsn'ies Not Members of Fed 'I Res've Bank.
65,480 1,426. 3,875
Till Guar & Tr 10,000 12,725
910, 1,711,
6,000 5,3081 26,3111
Lawyers Tit &
Total of averao

16,0001 18.0341

Totals, actual c nditIonlAng. 41
Totals, actual c . ndltion July 23
Totals, actual c ; minion ;July 211

81,7911

2,3361

49.299 56,463
49,563 56,597
49,930 56,657
35,321, 1,598
16,720.
612

5,5861

52.0411

2,210

81,426' 2,378! 5,6581
82,920 2,339, 5,703
82,624 2,3961 5,751;

51,736
53,563
53,305

2,270
2.256
2,485

----

Gr'd aggr., aver . 310,125 457,093 4,545,075 56,137 493,234 3,680,473465,08032,470
+653 -527
+12 -2,849-5,193 +66
Comparison wi :h prey.'week_ _,
Gr'd aggr., act'1cond'n A tr. 44,542,615 54,342501.470 3.672,152465,773 2,453
+5.791 +2,675 +358
Comparison wi .h prey. week.. +6.394 -750-11,794
Gr'd
Gr'd
Gr'd
Gr'd
Geri.
Gr'd

aggr., acelcond'n
aggr., aa'Tcond'n
aggr actl cond'n
aggr., act lrond'n
aggr.. act'l cond'n
aggr., acelcond'n

1July 284,536,221
July 214,561,260
July 144.621,958
June 74,679.045
June 304.740,150
June 234,626,080

55,092513,264
55,245513,072
56.416522,619
61,945 500,287
56.550516.723
55,002503,423

3,666,361 463,09832.095
3,711,307 478.30032.198
3,751,104 484,02632,010
3.741,598 486,696 31,788
3,815,400 480,418 32,169
3,749,946 480,881,32,431

Note.
-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Aug. 4, 532,869,000; actual totals Aug. 4,
532,870,000: July 28, E33,229,000: July 21,432,870,020, Joy 14, $39,207,000; July 7,
$49,242,000. Bills payable, rediscounts, acceptances and other liabitities, average
for week Aug.4,5426,388,030; July 28, 5410,405,000: Ju y 21, 5415,511,000; July 14,
5453,961,000: July 7, $470,897.000. Actual totals Aug. 4, Y429,758,000; July 28,
$450,004,000; July 21, $420,093,000; July 14, $451,83.5,000, July 7, $488,248,000.
* includes deposits in foreign branches not included In total footings as follows:
National City Bank, 8123.354,000; Bankers Trust Co., 813,011,000: Guaranty
Trust Co.,$75,861,000: Farmers' Loan & Trust Co.. $123,000. Equitable Trust Co.,
$33,271,000. Balances carried in banks In foreign countries as reserve for such
deposits were: National City Bank, $24,121.000: Bankers Trust Co., $618,000:
Guaranty Trust Co., $6,601,000; Farmers' Loan & Trust Co., $123,000; Equitable
Trust Co., $2,764,000. c Deposits In foreign branches not included.

The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE B NKS
AND Ta.UST COMPANIES.
Averages.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks........
State banks*
Trust companies_
Total
Total
Total
Total

Aug.
July
July
July

4_ _ _ _
23._. _
21....,
14.....

Total
Reserve.

a
Reserve
Required.

StsrPlus
Reserve.

483,533.000 483,533.000 477,478,620
4,115,000 9.333.000 8,873,460
5,586.003 7.922,000 7,806,150

6,054.380
462,540
115,850

7,557,000 493,234,003 530,791.003 494,153,230
7,867,000 493,222.0011 501,089,000 494,698.180
7,918,002 50),119.0J.) 503,037.000 501.385.'10
8,185.003 503.479.009 511,3 )3.000 504.047.310

6,632,770
6,390.820
6,651,770
7.815.690

5,221.003
2.338,000

•Not members of Federal Reserve Bank
a This is the reserve required on net demand deposits in the case of State banks
and trait companies, but In the ease of members of the Federal Reserve Bank
includes also amount in reserve required on net time deposits, which was as follows
Aug.4.512,191,070; July 28.812,330,060; July 21,812,679,470; July 14,812,762,510.

648

THE CHRONICLE

Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:

Actual Figures.
Cash
Reserve
Reserve
In
in Vault. Depositaries
Members Federal
Reserve banks..
State banks*
Trust companies__ _ _
Total Aug.
Total July 28__ _
Total July 21
Total July 14

Total
Reserve.

Surplus
Reserve.

Reserve
Required.

BOSTON CLEARING HOUSE MEMBERS.

$
$
491,510,000 491,510,000 476,456,410 15,053,590
5,467.000 4,302,000 9,769,000 8.873,820
895,180
2,378,000 5,658,000 8,036,000 7.760,400
275,600
7.845,000 501.470,000 500,315,000 493,090,630
7,725,000 513,264,000 520,989,000 492,303,690
7,797,000 513,072.000 520,869.000 498,609,750
8.146,000 522.619,000 530,765,000 503.972,520

[VOL. 117.

16,224,370
28,685,310
22,259,250
26,792,480

*Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Aug. 4,
$12,211.200; July 23, 512,127.350; July 21, 812.574.740; July 14. $12,741,420.

Aug. 8
1923.

Changes from
previous treek.

July 25
1923.

Aug. 1
1923.

$
$
Capital
57,300,000 Unchanged
57,300,000 57,300,000
Surplus and profits
80,497,000 Unchanged
80,497,000 80,537,000
Loans, disc'ts & investments_ 862,118,000 Dec. 6,526.000 868,644,000 873,326,000
Individual deposits, Incl. U.S 604,103,000 Dec. 9,135,000 613,238,000 6/3,153,000
Due to banks
108,476,000 Dec. 1,304,000 109,780,000 110,744,000
Time deposits
127,927,000 Inc.
500,000 127,427,000 126,464,000
United States deposits
21.618,000 Dec.
2.000 21,620,000 21,623,000
Exchanges for Clearing House 19,672,000 Dec. 2,728,000 22,400.000 20,095,000
Due from other banks
60,944,000 Dec. 896,000 61,840,000 66,344,000
Reserve in Fed. Res. Bank_ _ 69,872,000,Dec. 944,000 70,816,000 71,221,000
Cash in bank and F. R. Bank 9.026,000,nic.
156,000 8,870,000 8,902,000
Reserve excess in bank and
Federal Reserve Bank_ _ _ _
1.803.000 Dec. 282,000 2,085,000 1,680,000

State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust comreturn for the week ending Aug. 4, with comparative figures
panies in New York City not in the Clearing House as follows: 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
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differences from is not a part of legal reserve. For trust companies not MemAug. 4.
Previous week.
bers of the Federal Reserve System the reserve required is
Loans and investments
$790,100,500 Dec. 15,722,000
Gold
3,330,200 Dee.
27,800 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
.18,578,900 Dec.
110,500 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
68,613,000 Inc. 1,428,400

Total deposits
817,846,500 Dec. 12,007,300
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 771,608,300 Dec. 15,067,300
Reserve on deposits
120,387,500 Inc. 2,573,400
Percentage of reserve. 20.4%.
RESERVE.
State Basics
-Trust Companies
Cash in vault
*$26,908,800 16.14%
583,613,300 15.04%
Deposits in banks and trust cos_ __ 7,675,500 4.80%
22,104,900 5.25%
Total

834,579,300 20.74%
$85,808,200 20.29%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Aug. 4 was $68,613,000.

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 COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week endedApril 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
s,,,v 4

Demand
Deposits.

•Total Cash
in Vaults.

Reserve in
Depositaries

3
5,493.107.700
5,468,632,300
5,460,114,300
5,510,009.400
5.463.426,500
5.467,595,100
5,462,020,400
5,439,510,100
5,428,987.200
5.417,776,500
5,411,405,200
5.455.575,600
5,521.531,400
5,467.089,000
5 404,760,500
5,350,244,500
5235175500

$
4,512,461,300
4,512.747,600
4.509,913,200
4,519.156,700
4.490,898,500
4,502,613,100
4,507,031,100
4,508.916.300
4,506,144,700
4,527,000,900
4,511,280,800
4.543,063,300
4.614,315.200
4.555.262,200
4,527.081.500
4.469,997,600
44520812011

$
83.888,200
80,217,400
81,096,800
81.002,800
84,838,600
80,913,000
81,209,800
81.562.100
82,459,100
81.749,900
78,750,200
80,871,000
83,510,400
85,305,800
79,020,500
78,711,400
780481011

$
599.800,800
608,409,400
597,771,500
605,754.400
601,740,600
604,885,100
598,958,900
601,438,200
597,472,300
607,842,000
596,572,600
606,940,200
633,640.100
608,094,400
609.843,200
588,988,700
501 7124(10

New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
-Mat is, three ciphers (0001 omitted.)
(Stated in thousands of dollars
Na 1Loans
Capital. Profits, Ms
Reserve Na
CLEARING
Net
Nat'l
counts, Cash
with Demand Time Bank
NON-MEMBERS
Nat.bks.J'ne30/n rest- in
Legal
DeDe- CirceWeek ending State bksJ'ne30 runts. Vault. Deposi- posits. posits. talon.
tories.
Aug. 41923. Tr. cos.June 30 dc.
Members of
Fed. Res. Bank
Battery Park Nat
W.R.Grace & Co

Average Average Average Average Average Average
$
$
8
5
$
$ i $
$
171 1,134
1,500 1,108 9,315
524
7,152
22
506 1,5661 8.129
440
1,776 4,816

193 1,574
Total
2,0001 2,075 17,444
8.9281
I
State Banks Not Membe rse Federal Reserv e BankI
677
316 5.332
366 6,029
Bank of Wash.lits
200
Colonial Bank_ _
806 2,097 20,050 2,307 1,242, 19,344
Total

1,000

2,483 26.079

2,981

1,561

24,676

Trust Co. Not Members of Federal Reserve Bente,338,
218 3,640
375 9,501
Mech.Tr.,Bayonne
500,
'338,
218, 3.640
Total
375 9,581
500,
3,515
-871
Gr'r aggr., Jul 28 3.506 5.515 53,567, 3,602
Gr'd ago., Ju:y 21 3,506 5.515 54,545 3,606
Gr'd ago.,July 14 3.500, 5,515 55,840 3,847
Gr'd aggr„ „bgy 7 3,500 5,333 55,345 3,518
Grand aggregate
3,506 5,515 53,084
Comparison with previous week-1 -483

5,340
1,3041
I
1,304

a37,813
237,860
a38,451
a37,568

July 28
1923.

July 21
1923.

Total.

Capital
539,125,0 $5,000,0 $44,125,0
Surplus and profits
108,021,0 15,103,0 121,129,0
Loans, d sc'ts & investm'ts 718,075,0 44,469,0 760,544,0
Exchanges for Clear Rouse 27,157,0
439,0 27,596,0
Due from banks
92,032,0
28,0 92,058,0
Bank deposits
116,562,0
836,0 117.398,0
Indi% I al deposits
526,583,0 27,732,0 554,315,0
Time depos Is
54,408,0
938,0 55,346,0'
Total depos ts
697,553,0 29,506,0 727,059,0'
U.S. deposits (not incl.)
10.915,0
Rmeve with legal deposit's
3,012,0,
3,012,0
Reserve with F. R. Dank_
58,495,0
56,495,0
Cash in vault*
9,042,0
1,462,0 10,504,0;
Total reserve and cash held 65,537.0
4,474,0 70.011,0,
Reserve required
50,009,0
4,261,0 60,270,0,
Excess res. & cash In vault
9,528,0
9,741,0
213,0
•Cash in vault not counted as reserve for Federal Reserve

I
I

844,125.0
121,129,0
765,895,0
26.158,0
92,626,0
116,849,0
558,409,0
56,575,0
731.833,0
10,898.0
3,141,0
50,164,0
10.755,0
70.060,0
60,780,0
9.280,0
members.

544,125,0
121,129,0
788,846,0
28,601,0
100,093,0
119,982,0
565,835,0
55,995,0
741,812,0
10,964,0
2,845.0
56,508.0
10,487,0
69,820.0
61,139,0
8,681,0

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 Aug. 8 1923 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board_

Aug.8 1923.
171,308,477
150,304,621

Aug. 11923. Aug. 9 1922.
$
$
168,180,902 204,149,000
176,878,577
61,350,000

Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund

321,613,099
836,612,070
8,987,540

345,059,479
636.709,570
10,072,840

Total gold reserves
Reserves other than gold

967,212,710
22,474,093

991,841,690 1,131,888,000
25,479,048
35,536,009

Total reserves
*Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market

989,686,803 1,017,320,738 1,167,424,000
7,843,421
7,800,528
172,083,192
50,208,783
37,002,589

148,391,023
61,014,582
40,000,570

15,530,000
18,230,000
26,359,000

Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act)_
All other

259,874,545
2.973,750

249,406,177
0,082,750

60,119,000
42,017,000

3,650,000

6,091,500

17,500,000
96,861,000

Total earning assets
Bank premises
5% redemp.fund agst. F.R.bank notes
Uncollected items
All other resources

266,498,295
12,725,440

261,580,427
12,718,855

112,457,332
1,146,5132

131,175,087
1,120,914

Total resources

265,499,000
863,022,000
3,367,000

216,497,000
9,015,000
799,000
118,391,000
3,192,000

1 390.357,858 1,431,588,551 1,515,318,000

mom 103
Capital paid in
Surplus
Deposits
Government
Member banks
-Reserve account_
All other

29,336,900
59,799,523

29,108,300
59,799,523

27,685,000
60,197,000

3,994,731
690,236,185
13,209,997

9,709,442
715,734,354
13,454,866

7,107,000
691,613,000
9,478,000

Total
707,440,914 738,898,663 708,198,000
F. R. notes in actual circulation
504,061,502 497,701,747 621,278,000
F. R. bank notes In circu'n-net liability
13,641,000
Deferred availability items
88,078,972 102,578,391
79,897,000
All other liabilities
3,640,043
4,422,000
3,441,926
Total liabilities
1,390,357,856 1,431,588,551 1,515,318,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
81.7%
87.8%
82.3%
Contingent liability on bills purchased
for foreign correspondents
10,992,015
11,408,800
11,465,893
* Not shown separately prior to January 1923.
CURRENT NOTICES.

5,701

12,206,
12,484'
13,215
13,392

• United States deposits deducted, $188,000.
Payable, rediscounts, acceptances and other liabilities, 8553,000
reserve. $81,500 decrease.




Week ending Aug. 4 1923.
Venzbersof
Trust
F.R.Systern Companies!

I
5.701

3,353 a37,244 12,345
-102, -589 +139
3,45
3,420
3,617
3,643

Two C(Phere (00)
omitted.

-66
86
198
194
195

-W. R. Grace & Co., 7 Hanover Square, New York, have issued a
booklet, which is a reprint from the "Grace Log" entitled "Buying American Cotton," by Bernard Gelles, Manager of their American cotton department. The booklet is profusely illustrated and shows the "Grace Types"
of cotton. The United States Cotton Standards Act is also included.
-Guaranty Trust Company of New York has been appointed transfer
agent for the stock of the Moto! Lubricants Corporation, consisting of
50,000 shares of preferred stock and 100,000 shares of common stock, each
class of stock having a par value of $10

AUG. 11 1923.]

THE CHRONICLE

649

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 9, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 610, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS

AUG. 8 1923.

Aug. 8 1923. Aug.1 1923. July 25 1923. July 18 1923. July 11 1923. July 3 1923. June 27 1923. June 20 1923. Aug. 9 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board

3
346,809,000
664,114,000

3
344,561,000
650,318,000

3
332,289,000
662,477,000

$
341,804,000
653,784,000

$
340,492,000
658,617.000

$
326,442,000
661,593,000

3
326,334.000
691,429,000

3
350.252,000
688,063,003

$
314,391,000
481,333,000

Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund

1,010,923,000 994,879,000 994,766,000 995,588,000 999,109,000 988,035,000 1,017,763,000 1,038.315.000 795,724,000
2,040,012,000 2,048,062,000 2,058,246.000 2,052,131,000 2,047,787,000 2,040,992,000 2,035,011,000 2,033.359,000 2,233,430,000
61,701,000
66,725,000
52,001,000
53,483,000
60.539,000
58,676,000
42,489,000
57,341,1100
57,970.000

Tots gold reserves
Reserves other than gold

3,112,636,000 3,109,666.000 3,113,551,000 3,099,720,000 3,100,379,000 3,087,703,000 3,110,744.000 3,129.015.000 3,071,643,000
77,484,000
84,058,000
86.454,000
83,702,000
76.769,000
79,200,000
85,966,000 130,534,000
91,735,000

Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market

3 190,120,000 3,193,724,000 3,200,005,000 3,183,422,000 3,177,148,000 3,166,903,000 3,202,479.000 3,214,981,000 3,202,177,000
64,138,000
66,492,000
81,261,000
81.168.000
74,025,000
68.914,000
72,030,000
59,589,000
397,209,000
425,893,000
177,409,000

381,862,000
424,575.000
182,630,000

364,413,000
396,126,000
176,864,000

408,466,000
397,363,000
183,121,000

477,053,000
452,786,000
198,912,000

383,297.000
391.666.000
204,225,000

352,733.000
378,36,5.000
205,716.000

117,777,000
264.384,000
146,803,000

Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
Municipal warrants

1,000,511,000
82,921,000
7,285,000
10,000

989,067,000
83,802,000
9,991,000
10,000

937,403,000
85,016,000
11,268,000
10,000

988,950,000 1,032,653,000 1,128,751,000
92,015,000
94,211,000
89,744,000
5,940.000
7,027,000
4,957,000
10,000
25,000
25,000

979,188,000
108,158,000
26,818.000
55.000

936.817,000
108.563.000
12,966.000
55,000

528,964,000
199,746,000
291,965.000
4,000

419,930,000
426,439,000
186,284,000

1,090,727,000 1,082,670,000 1,033.697,000 1,086,915.000 1,133,916,000 1,223,477,000 1,114,219,000 1.058,401.000 1,020,679,000
Total earning assets
53,360,000
53,424,000
53,309,000
52,215,000
42,804,000
53,203,000
52,657,000
52,270.000
52,330,000
Bank premises
193,000
193,000
6,679,000
193,000
193,000
191,000
193,000
193,000
193,000
5% redemp. fund agst. F. R. bank notes
539,877,000 578,520.000 578,566,000 874,036,000 655,976,000 649,037,000 583.917,000 685,812,000 522,392,000
Uncollected items
13,058,000
12,982,000
13,031,000
16,449,000
12.967,000
12,299.000
12,932,000
12,857,000
12,394,000
All other resources
4,951,537,000 4,988.141.0004.952.762,000 5,092,961.000 5,113,915,000 5,164,461,000 5,037,502,000 5,092.813,000 4,811,180,000

Total resources
LIABILITIES.
Capital Paid in
Surplus
Deposits—Government
Member bank—reserve account
Other deposits

109,673,000 109.497,000 109,629,000 109,714,000 109,621,000 109,584,000 109,427,000 109,422.000 105,730,000
218.359,000 218,369,000 218,369,000 218,369.000 218,369,000 218,369,000 218,369,000 218.369,000 215,398,000
21,935,000
41,584,000
34.432,000
34,784,000
15,778,000
27,880,000
14,657,000
20.764.000
43,952,000
1,860,022,000 1.879,504,000 1,839,262,000 1,883,644,000 1,909,006,000 1,931,762,000 1.867,650,000 1,874.220.000 1,783,539.000
22,834,000
23,463,000
22,521,000
24,445,000
24,938,000
27,832,000
24,384,000
26,330.000
24,997,000

1,904,791,000 1,944,551,000 1,896,567,000 1,942,521,000 1,949,722,000 1.974.251,000 1,936,599,000 1.921,314,000 1,835,803,000
Total depostts
2,224,358,000 2,187.729,000 2,194,871,000 2.218.094,000 2,265,149.000 2,282,054,000 2,226,954,000 2,222.352.000 2,147,223,000
F. R. notes in actual circulation
1,571,000
1,556,000
1.471.000
1.296.000
1,608.000
bank notes In circulation—net!lab_
60,547,000
1,489.000
1,548,000
1,518.000
F.R.
474,269,000 508,543,000 513,767,000 586,567,000 552,512,000 562,198,000 525,165,000 601.028,000 424,691,000
Deferred availability items
18,506,000
17,896,000
17,071,000
17,500,000
17,951,000
16,487.000
21,788,000
18,839,000
19,440,000
All other liabilities
4,951,537,000 4.988.141,0004,952.762.000 5.092,961,000 5,113.915,000 5,164.461.000 5.037.502.000 5,092.813.000 4,811,180,000
Total liabilities
Ratio of gold reserves to deposit and
75.38%
75.25%
74.5%
73.6%
78.10%
F. R. note liabilities combined
72.6%
75.5%
77.12%
74.6%
Ratio of total reserves to deposit and
77.3%
77.3%
75.4%
74.4%
76.5%
80.4%
F. R. note liabilities combined
78.2%
77.6%
76.9%
Contingent liability on bills parchased
33,136,000
33,133,000
34,944.000
35,848.000
33.818.000
33.613,000
29,863,000
for foreign correspondents
33,500,000
33,539,000
—
Dirributten Si, Maturities—
1-15 days bills bought in open market1-15 days bills discounted
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days nulls bought in open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness31-60 days municipal warrants
61-90 days bills bought In open market..
61-90 days bills discounted
61-90 days U. B. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants

3
51,280,000
538,727,000
3,962,000

$
56,346,000
528,303,000
5,111,000

$
53,114.000
484,677,000
7,900,000

$
62,631,000
529,156,000
2,023,000

33,142,000
63,621,000

32,123,000
57,073,000

27,600,000
58,725,000

29,127,000
59,201,000
27.000

49,944,000
108,264,000
2,100,000

47,367,000
95,014,000
3,480,000

38,337,000
91,938.000
1,376,000

39,417,000
82,177,000
27,000

44,271,000
87,339,000

3,626.000
30,413,000
1,196,000
10.000

2,523,000
38,708,000
1,400,000
10.000

$
69,756,000
573,106.000
2,040,000
15,000
32,907,000
58,745,000

$
76,892.000
653,563,000
310,000
15,000
39,764,000
61,230,000

3
77,785,000
524,586,000
21,529.000
40,000
47,013,000
56,282.000

3
79.163,000
489,821,000
10.088,000
40.000
53,611,000
55,058,000

33.624,000
90,400,000
2,400.000

44,257,000
88.778,000

46.705,000
90.413.000

15.000
36,906.000
83,480,000

15.000
41,260,000
85,413,000

55,535,000
85,073,000
16,000

54,868.000
85,548,000

34,043,000
80,870,000
1,711,000

31,429,000
79,730,000
.544,000

37,723.000
61,403.000
177.000

25,240,000
53,297.000
186,000

36,510,000
71,378,000
51,316,000
3,000
37,423,000
57,275,000
35,021,000

2,278,000
40,126.000
1,976,000
10,000

2,871,000
41,524.000
1,490.000
10,000

5,321,000
44.870,000
3,276.000
10.000

4,122,000
44,9(13.000
4,103,000
10,000

4,798.000
49,212,000
5.112.000

8,442,000
47.512,000
2,692.000

3,638,000
33,354,000
200,317,000

3
45.646,000
183,639,000
3,911,000
1,000
23,586,000
36,515,000
1,400,000

Federa Reserve Notes—
Outstanding
Held by banks

2,676,199,000 2,673,158,000 2,680.126,000 2,701,909,000 2,693,746.000 2,687,572.000 2,665,141,000 2,651,502.000 2,581,583,000
451,841,000 485,429,000 485,255,000 484,915,000 428,597,000 405,618,000 438,187,000 429,150,000 434,360,000

In actual circulation

2,224,358,000 2,187,729,000 2,194,871,000 2,216,994.000 2,265,149,000 2,282,054.000 2,226,954,000 2,222,352,000 2,147.223,000

Amount chargeable to Fed. Res. Agent 3,531,873,000 3,528,787,000 3,549,198,000 3,565.041,000 3,546,438.000 3.522,084.000 3,511,985,000 3,493,556,000 3,350,954,000
855,674,000 855,629,000 869,072.000 863,132,000 852,692,000 834,512,000 846.824,000 842,054,000 769,371,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
By eligible PaPer
Gold redemption fund
With Federal Reserve Board
Total

2,676,199,000 2,673,158,000 2,680,126,000 2,701.909,000 2,693.746,0002.887.572.000 2,685,141,000 2,651,502.000 2,581.583,000
320,429,000 320,429,000 320,429,000 320.429,000 320,429.000 320,429.000 320,429,000 319,429,000 416,522.000
636,187,000 625,096,000 621,880,000 649,778.000 645.959,000 646.580,000
618,143,000 348,153,000
114,013,000 117.262,000 122,967,000 123.612,000 111,569,000 118,202.000 630,130.000 124.088.000 124,938,000
1,605,570,000 1,610,371,000 1,614,850.000 1,608.090.000 1,615,789,000 1,602.361.000 118.451,000 1,589,842,000 1,691,970,000
1,596,131,000
2,676,199,000 2,673,158,000 2,680,126.000 2,701,909,000 2,693,746,000 2,687,572,000

Eligible Paper delivered to F. R. Agent- 962,065.000
..
. . _
• Not shown separately prior to Jan. 1922.

948,304,000 890,427,000

948.598,000

996.047,000 1,079,950,000

2.665.141,000 2.651,502,000 2,581,583,000
938,477.000

889.453.000

515,411,000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS AUG.8 1923
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. A
Federal Reserve Bank of—
Iinneap. Kan. City Dallas. SanFran.
Total.
RESOURCES.
3
$
S
$
$
3
$
8
$
$
$
$
8
17,254,0 171,308,0 28,589,0 13,565,0 10.423,0 6,227.0 50.712.0 3,980,0
Gold and gold certificates
8,351,0 3,345,0 12,344.0 20.711,0 346.809,0
Gold settlement fund—F.R.13'rd 61,027,0 150.305,0 38,506,0 82,835,0 34,126,0 27,704,0 122,290,0 27,966,0 21,081.0 51,338,0 5,763,0 41,173,0 664,114,0
78,281,0 321,613,0 67,095.0 96,400,0 44.549,0 33,931,0 173,002,0 31,946,0
Total gold held by banks
29,432,0 54,683.0 18.107,0 61,884,0 1,010.923.0
186,779,0 636,612,0 166,770.0 207,433,0 26,402,0 96.175,0382,290.0
Gold with F. It. Agents
50,579,0
12,719,0
8,988,0 6,332,0 2,357,0 6,281,0 1,891,0 7,044,0 3,587,0 35,729,0 37.257,0 13,370,0 200,616,0 2,040,012,0
Gold redemption fund
2,265,0 3,201,0 1,494,0 5,542.0
61,701,0
277.779.0 967,213,0 240,197,0 306,190.0 77.232,0 131,997,0 562.336,0
Total gold reserves
86,112,0 67,426,0 95,141,0 32,971,0 268,042,0 3,112,636,0
4,074.0
22,474,0 7,857,0 4,847,0 2,297,0 4,860,0 7,722,0 12,856,0
Reserves other than gold
770,0 3,252.0 4,851,0 1,624,0
77,484,0
281,853,0 989,687.0 248,054,0 311,037,0 79,529,0 138,857,0 570,058,0
Total reserves
98,968,0 68,196,0 98,393,0 37,822,0 269,666,0 3,190,120.0
12,626,0
7,843,0 2,106,0 2,810,0 1,293,0 6,332,0 7,526,0
Non-reserve cash
64,138,0
5,730,0 3,117,0 4,777,0 2,966,0 7,012,0
Bills discounted:
Secured by U.S.Govtobllga'n 20,443,0 172,663,0 42.392,0 34,782,0 27,160,0 6,600,0 28.474,0 15.798,0 6,851,0 10,066.0 6,566,0 25,414,0 397,209,0
33,453,0
50,209,0 21,441,0 27.330,0 38,313,0 34,084,0 49.918,0 30,517,0 22,376.0 30,522,0 38,616,0 49,114,0 415.893,0
bills discounted
Other
12,870,0
37.002,0 19,959,0 34,288,0 1,718,0 8,886,0 45,152,0 1.527,0
667,0 15,340,0 177.409,0
Bills bought in open market
66,768.0
Total bills on hand
4,324,0
U. S. bonds and notes
312,0
of indebtednessU. S. certificates
municipal warrants

259,874,0 83,792,0 96,400,0 67.191,0 49,570,0 123,544,0 47,842.0 29,227,0 40,588,0 45.849,0 89.868,0 1,000,511.0
2,974,0 17,367,0 9,953.0 1,341.0
216,0 7,065,0 7,251,0 11,845,0 9,620,0 1,780,0 9.185,0
82,921,0
3,650,0
14,0
249,0
1,0 3,001.0
58,0
7,285,0
10.0
10,0

71.402,0

266,498,0 101,173,0 106.602.0 68.532.0 49.707.1) 133.61n n RA nog n .11 1)720 rm 2fiR n 47 112.1 n 00 nlvi n 1 non 797 n

Total earning Meets




650

THE CHRONICLE

RESOURCES (Concluded)
Two ciphers (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources

Boston. New York.
3
12,725,0

$
4.434,0

Phila.

[VOL. 117.

Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.

3
3
721,0 9,195,0

S
2,617,0

S
2,687,0

3
8,715,0

Total.
$
.53,424,0

65,0
28,0
100,0
112,547,0 48,388,0 55,432.0 48,747,0 19,115,0 70,508,0 30,519,0 13,450,0 34,373,0 20,015,0 37,545,0
1,148,0
308,0
457,0
474,0
571,0
619,0
170,0 1,859,0
826,0 2,664,0 3,830,0

49,328,0
132,0

193,0
539,877,0
13,058,0

3
1,947,0

$
4,965,0

419,775,0 1,390,358,0 400,750.0 485,533,0 201,192,0 215,359,0 791,101,0 191,520,0 129,319,0 193,700,0 113,071,0 419,859,0 4,951,537,0
8.110,0
16,312,0
1,682,0
123,453,0
215,0

29.337.0 9,751,0 12,168,0 5,714,0 4,416,0 15,147,0 4,952,0 3,528,0 4,580,0 4,192,0 7.778,0 109,673,0
59.800,0 18,749,0 23,495.0 11,288.0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7,496,0 15,263.0 218,369,0
3,995,0 1,444,0 1,473,0 1,723,0
1,039,0 2,198,0 2,302,0
781,0 1,835,0 1,477,0 1.986,0
21,935,0
690,236,0 112,581,0 162,220,0 58,881,0 53,343,0 274,586,0 70,706,0 48,007,0 79,008,0 43,353,0 143,649,0 1,860,022,0
13,210,0
396,0 1,003.0
164,0
129,0 1,745.0
566,0
512,0
424,0
22,834,0
198,0 4,272,0
707.441,0 114,421.0 164,696,0 60,768,0 54,511,0 278,529.0 73,574,0 49,300,0
81,267.0 45,027,0 149,907,0 1,904,791.0
504,061,0 214,366,0 236,466,0 78,254,0 132,209,0 406,102,0 71,656,0 55,008,0
60,693,0 32,989,0 209,412,0 2,224,358,0

Total deposits
125,350.0
F.R. notes in actual circulation._ 223,142,0
F. R. bank notes in circulation
net liability
Deferred Availability items
46,083,0
All other liabilities
778,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign correspond'ts

3
1,625,0

3
2,753.0

against

Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acc't
Other dePoslts

$
1,040,0

1,097,0
1,571.0
474,0
86,079,0 42,050,0 47,133,0 44,146,0 14,263,0 57,952,0 30,577,0 12,807,0 36,704,0 20,834,0 35,641,0 474,269,0
3,640,0 1,413.0 1,575,0 1.022,0
1,018,0 1,876,0 1,096,0 1,203,0
968,0 2,059,0 1,858,0
18,506,0
_
419,775,0 1,390,358,0 400,750,0 485.533,0 201,192,0 215,359,0 791.101,0 191,520,0 129,319,0
193,700,0 113,071,0 419,859,0 4,951,537.0

81.7

75.4

77.5

57.2

73.3

. 83.3

68.1

65.4

69.3

48.5

75.0

77.3

11,469.0

80.9

2,849.0

3,578,0

1,723,0

1,358,0

4.605,0

1,458,0

1.216.0

1.425.0

1.193.0

2.352.0

33.136.0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUG. 8
1923.
Federal Reserve Agent at
-

Boston. New York Phila.

Resources
(In Thousands of Dollars)
S
Federal Reserve notes on hand
89,650
Federal Reserve notes outstanding
239,816
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
13,479
Gold Fund-Federal Reserve Board
138,000
Eligible paperf Amount required
53,037
(Excess amount held
13,729

Cleve. Maned Atlanta Chicago.

s

St. L. Minn. K.City. Dallas San Fr.
--

3
111,100 24.890 12,825 29,913 17,569 71,300 855,674
462.408 89,174 59,755 69,800 36,564 249.520 2,676,199

235.531
7,000 8,805
2,400
30,081 12,381 13,628 4,607 4,775
371,000 147,389 185,000 21.795 89.000
111,672 66,748 56,288 59,769 41,203
129,452 5,689 35,080 6,100 8.331

11,880 13,052
6,461
____
____ 320,429
10.646 3,199 1,677 2,897 1,909 14,734 114,013
371,644 35,500 21,000 34,360 5,000 185,882 1,605,570
80,208 38,595 24,026 32,543 23,194 48,904 636,187
43,330 9,238 4,639 8,026 22,585 39,679 325,878

s

$

Total
583,011 1,939,280 523,485 594,442 203,112 360,904 1,079,426 212,476
LiahltUiesNet amount of Federal Reserves notes received from
Comptroller of the Currency
329,466 1,061.544 284,278 295.641 110,841 215,195 573.598 114,064
Collateral received fromi Gold
186,779 636,612 166.770 207,433 26.402 96,175 382,290 50,579
Federal Reserve BankiEligible Paper
66,766 241,124 72,437 91,368 65,869 49,534 123,538 47.833
Total

Total.

$
S
5
3
3
313,260 50,760 31,920 24,670 77,817
748,284 233,518 263,721 86,171 137,378

$

$

$

136,974 177,539 113,282 610,019 6,533,950
72,580 99.713 54,133 320,820 3,531,873
35,729 37,257 13,370 200,616 2,040,012
28,665 40,569 45,779 88,583 962,065

583,011 1,939,280 523,485 594,442 203,112 360,904 1,079,426 212,476 136,974 177,539 113,282 610,019 6,533,950
748,284 233,518 263,721 86,171 137,378 462,498 89,174
59,755 69,800 36,564 249,520 2,676,199
244,223 19,152 27,255 7,917 5,169
56,396 17,518 4,747 9,107 3,575 40,108 451,841
223,142 504,061 214,366 236,466 78,254 132,209 406.102 71.656 55 008 00 002 ao Ogn 209 412 2224.358

Federal Reserve notes outstanding
Federal Reserve notes held by banks

239,816
16,674

FederatReserve notes In actual circulation

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 771 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement wore given in the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, pago 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 610.
1. Data for all reporting member banks in each Federal Reserve District at close of business Aug. 1
1923.
Federal Reserve District.

Boston

New York

PhUa.

Cleveland Richmond

Chicago Si. Louts Minneap. Kan. Ctty
106
36
28
76
S
$
5
3
$
7,893
34,473
11,611
4,474
6,779
62,106 583,830 137,112
42,725
79,882
329,806 1,136,698 308.430 184,833 359,871

Dallas
3
4.002
50,470
196,906

771
$
$
12,744
230,846
188.093 3,711,802
795,831 7,797.152

456,689
30,335
31,978
4,073
11,412
2,314
52.472

399.805 1.755,001
14,343
24,645
14,345
97.830
1,938
12,260
6,271 127,151
7,007
21,250
4
0.716 354 311
,

457,153
15.335
23.156
9,177
21,745
6,120
85,853

232.032
8,961
12.198
1,215
28,729
2,546
29,002

446,532
11,416
52,558
4,839
22,101
5,982
59,606

251,378
20.711
14,251
2,197
13.115
3,991
10,350

996,608 11,739,800
31,132
276,640
103,112 1,063,474
92,372
13,201
39,094
900,786
14,565
103,736
148,738 2,173,133

589,273
33,987
12,722
328,276
152,157
6,100

484,425 2,392.448
31.700 198,814
10,081
53,682
267,775 1,490,612
178,518 782,209
6,932
19,175

618,539
39.591
7.484
343,440
190.309
5,228

314.683
19,051
6,251
192,514
86,559
3,436

603,034
47,813
12,397
443.633
128,418
1,873

315,993 1,340,501 16.349,941
21,116
92,617 1,395,825
8,704
271,835
20,536
205,480 730,206 11,079,524
74,930 531,360 3,972,103
3,911
147,040
13,824

9,569
18.703

3.480
5.676

8.831
17420

Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts

111
43
3
$
12,508
78,935
236,989 1.554,816
626,860 2,474.282

55

82

77

3
18,851
257,962
356.157

3
29,377
398,466
699,339

S
9,199
119,351
328,139

Total loans and discounts
U. S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. S. Certificates of Indebtedness._
Other bonds, stocks and securities

876,357 4.108,033
12.541
48.180
79.488 473,420
5,066
29.230
28,625 492,087
3,079
23,544
168,819 736,768

632.970 1,127,182
10,998
48,052
44.403 116,675
3.613
5,563
56,361
54,095
6,028
7,310
184,406 302,092

Total loans & disc'ts & investm'ts. 1.173,975 5,911.262
Reserve balance with F. R. bank....
83,580 647,406
Cash in vault
18.917
75,280
Net demand deposits
809.490 4,640,118
266,130 895,435
Time deposits
Government dePosits
21,888
42,799
Bills payable and rediscounts with
Federal Reserve Bank:
U.S. Govt. obligations
7.462 128,274
Secured by
19.448
All other_
51.034

936.573 1,663,235
69,492 110,658
14,764
31,017
686,840 935,140
104,602 581,476
8,490
13,384
20,746
18.812

21,650
18.948

Three ciphers (000) omitted.

Atlanta

19.783
15.665

39

2,829
14,023

26.663
02,228

52

San Fran

Total

66

4,112

24,543

277,942

10 1001

97 /40

0.17 e41

2. Data of reverting member banks in Federal Reserve Bank and branch cities and all other
reporting banks.
New York City.
Three ciphers (000) omitted.

Aug. 1. i July 25.

City of Chicago.
Aug. 1. July 25.1

All F. R. Bank Cities)?. R. Branch Cilies.Other Selected Cities.1
July 25.

Aug. 1.

Aug. 1.

July 25. Aug. 1.

Total.

July 25. lAug. 1 '23. July 25 '23 Aug.2'22.

66
66
258
258
49
49
Number of reporting banks
205
206
308
308
792
771
772
s•Is
s
$
5
!
.
r
3
Loans and discounts. gross:
$
3
70,226
69.538
151.963
151.170
27,888
26.211
Secured by U.S. Govt. obligations
41.4811 41,759
38,215
37,685
230.846
231.4071 257,257
1 378,013 1,393,171 435,385 437,250 2,640,299 2,672.003 583,142 583,911 488,361
stocks and bonds
Secured by
485,643
2.158,8842,130,458 667,105 659,444 4.810,030 4,761.0901.611,969 1,604.772 1,375,1531,376,900 3.711,802 3.741.557 3,505.288
All other loans and discounts
7.797,152 7,742,762 7,041,733
3,607.123 3,593,167 .128,7011,124,582 7,601,499 7,585.0562,238,572 2.230,442 1, 01
Total loans and discounts
9 ,7291,900.22811,739,800 11,715,726 10,804,278
37.429
37,429
05.587
4.049
95.657[
4,025
76,089
U. S. pre-war bonds
76.983 104,894 105.203
277,773
2713,640
407.149 407.547
38,163
637,366 254.535 251.007 166.767 186.324 1,063,474 1.054.697(1,321,116
642,172
37,024
U. S. Liberty bonds
20,011
20.239
47,839
5,212
48,010
4,7371
23,602
U. S. Treasury bonds
23,703
,.
457,549 467,064
673.918 148,085 145,125
69,501, 662,728
68.989
Treasury notes
U. S.
89.973
93,0141 900,786
912,0571 *690.892
50,132
6.788
49,929
6,344
36,049
36,689
U. S. Certificates of Indebtedness17,758
20,036, 103,736
106.8571 245,299
Other bonds, stocks and securities._ 531,996 540,124 175,808 177.649 1,157,478 1,167.867 590.616 592,160 525,039 425,058 2,173.133 2,185,0851 2,294,832
Total loans & disc'ts & invest'ts.5,082,0475,086,797 1,427.710 1.424,702 10.257,473 10,257,765 3,365,548 3,356,169 2,726,920 2,730,09816,349.941 18.344,03215.358.410
959,008 233.920 234.226 159,997 162.668 1,395,825 1,355.902 1,404,066
Reserve balance with F. R. Bank__ 602.277 543,181 135,293 137.563 1.001.908
64.642
61,548
28,517
135,648
58.672
141.302
29,419
60,749
Cash in vault
77,515
80.894
282,945' 270.469
271.835
4.154,545 4,153,730 995.706 993.046 7.521.333 7,518,880 1.919.041 1.919,552 1,639,150 1.639,43811.079,524 11.077,87011,134,078
Net demand deposits
617,579 613,049 367,788 369,333 1,948,456 1,943,182 1,175,101 1,168,360 848.546 852.890 3,972.103 3,964,432 3,506,542
Time deposits
39,634
8,010
39,634
96,118
97,108
8,018
35,144
35,012
Government deposits
196,728
14,788
14,790
145,920
147,040
Bills payable and rediscounts with
F. R. Bank:
147,476
165.520
4.401
72.388
6,197
79 046
.
64,918
51,532
Secured by U.S. Govt. obligations 103,871
40,034
255.449
277,942
43,055
23,394
150,121
43,372
10,598
130.787
40,577
13,083
44,175
All other
65,073
44,358
237,851
216,689
41,727
Ratio of bills payable dc rediscounts
with F. R. Bank to total loans
3.1
2.7
2.0
3.4
1.2
1.2
2.8
3.3
0.8
and Investments, per cent
3.1
2.9
3.2
3.1
a Includes Victory notes.




I

651

THE CHRONICLE

AUG. 11 1923.]

To-day's (Friday's) actual rates for sterling exchange were 4 53340
45431 for sixty days, 4 5634(434 5654 for cheques and 4 56544 5734 for
cables. Commercial on banks, sight 4 5634(4)4 5654. sixty days 453 15-16
(514 54 7-16. ninety days 4 5254(4i4 523-4, and documents for payment
(sixty days) 454 15-16(4)4 557-16. cotton for payment 4 5634(434 5654,
and grain for payment 4 5634(4)4 5654•
Wall Street, Friday Night, Aug. 10 1923.
To-day's (Friday's) actual rates for Paris bankers'francs were 5.59(4)5.66
Stocks.
-The review of the for long and 5.62(4)5.69 for short. Germany bankers' marks are not yet
Railroad and Miscellaneous
quoted for long and short bills. Amsterdam bankers'guilders were 39.01©
Stock Market is given this week on page 640.
39.06 for long and 39.29@39.34 for short.
Exchanges at Paris on London, 80.00 fr.; week's range, 79.48 fr. high
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
and 80.00 fr. low.
DAILY, WEEKLY AND YEARLY.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling ActualRailroad, State, Mun.
Stocks.
Week ending
4 5734
U. S.
4 57
and Foreign
4 5554
&e.,
A.4. 10 1923.
High for the week
45654
456
Bonds.
Bonds.
Bonds.
Shares.
Par Value.
45354
Low for the week
Paris Bankers' Francs
8849,000
8718,700
438,601 542,000,000 $2,819,000
Saturday
5.8634
5.8534
week
5.8034
746,000 2.281,400 High for the
3,370,500
487,200 45,400,000
MondaY
5.66
5.65
5.59
4,873,000 1,040,500 3,157.000 Low for the week
455,325 44,600,000
Tuesday
413,725 41,000,000
954,500 1,741,550
3,701,500
Wednesday
Germany Bankers' Marks
832,000 1,543.150
374,942 38,000.000
3,235.000
Thursday
0.000090
0.000090
High for the week
Exchange closed on ace ount of tuner al of Pres't Harding
Friday
0.000017
0.000017
Low for the week
2.149.793 3211.000.000 517.999.000 84.222.000 80.441.800
Total
Amsterdam Bankers' Guilders
39.44
39.34
39.06
High for the week
39.32
39.2334
38.94
Jan. Ito Aug. 10.
Week ending Aug. 10.
Low for the week
Sales at
New York Stock
par.
Louis, 15(425c. per $1,000
I.
-Chicago,
Domestic Exchange.
1922.
1923.
1922.
1923.
Exchange.
discount. Boston, par. San Francisco, par• Montreal,$23 28 per $1,000
2,149,793
153,122,206
3,275,951
156.846,955 discount. Cincinnati, par.
-No. shares- _ _
Stocks
$211,000,000 $255,429,000 $13,356.000,000 $13,858,503,389
Par value
Bonds.
The following are sales made at the Stock Exchange this
$9,441,800 $26.198,147
$487,870,735 $1,137.103,902
Government bonds
4,222,000
286,610,200
8,648,500
384,111,000 week of shares not represented in our detailed list on the
State, mun.,&c.,bonds.
974,890,200 1,316,925,850
RR.and misc. bonds._ 17,999,000 36,882,500
follow:

Tfianiurs'

azette

pages which

Total bonds

831.662.800 $71,729,147 $1,749,371,135 82.838.140,752

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE ETCHANGES.

STOCKS.
Week eliding Aug. 10.

Sales
for
Week.

Range for Week.

Par. Share $ per share.
Boston.
iek ending
A! r. 10 1923.
lay
Satur,
Monday
Thesday
Wean milay
Thur day
Frida r
To al
Prey. week revised

Philadelphia.

Baltimore.

Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
.
813,250
2,553
554
875,950
5,103
88,500
8,095
6,950
3,321
69,700
699
18,200
8,028
12,000
6,168
674
539,300
11,500
10,763
29,550
4,761
62.100
256
11,700
8,149
9,000
7,400
443
2,982
11,500
Stock Ex change CI osed, day of Funeral of Pres. Harding.
40,138

870,750

19,783

8754,450

2,626

357.400

54.287

$102.950

22.284

8137 150

2.285

ago 200

pauy imam ry U. O. Duna rrtces. Aug. 4. Aug. ti. Aug. 7. Atig. 8. Aug. 9. Aug.10
First Liberty. LoanHigh 1002,1 1002n
31(% bonds of 1932-47.1Low_ 100.00 100.00
Close 100.00 10073,
(First 334s)
44
75
Total sales in $1,000 units__
____
Converted 4% bonds of High 985,2
,
1032-47 (First 4s)___ .11.0w. 98 ,,
- -- _
Close 98 ,,
,
____
Total sales in $1,000 units__ _
,
,
Converted 44% bonderigh 98 3, 98 3,
of 1932-47 (First 44s) Low_ 9823,
982,1
Close 98 3,
,
,
98 3,
39
124
Total sales in $1,000 units...
- ---- __
Second Converted 44% High
--- _
bon& 01 1932-47(First Low-- __
Second 44s)
Total sales in $1,000 units_ _
___ .
---{High
.
_ _ _ 98533
Second Liberty Loan
....... 9823,
4% bonds of 1927-42..._ Low_
Close
____ 9823,
(Second 48)
2
___ _
Total sales in $1,000 units_ _ _
98231
Converted 431% bonds High 982,,
982,2
of 1927-42 (Second 110w. 987,,
Close Ws, 98 ,,
,
43(0)
84
88
Total sales in $1,000 units__ _
{High 9822,1 982,
,,
Third Liberty Loan
22
Low. 9822n 98,1
44% bonds of 1928
(Third 44s)
Close 9822n 9822,3
164 1,349
Total tales in $1,000 units__
{High 98131
98233
Fourth Liberty Loan
434% bonds of 1933-38._ Low_ 9813, 984,,
,
98218
Close 98 3,
(Fourth 44s)
164
521
Total sales in $1,000 unite_
{High 99253, 992232
Treasury
Low_ 99251, 9975,,
434s. 1947-52
Clow 991.32 002032
200
107
Total *Wes In 31.000 unite...

1003,, 100 ,, 1002n
,
10013, 100233 10073,
10023, 1002,2 1007,2
91
143
34
,
98 33
,
98 33
9823,




*No par value.

Range since Jan. 1.
Lowest.

Highest.

per share. $ per share $ per share.

Railroads.
100 87 Aug 687
Bangor & Aroos.111-100
Bkln Rap Tran full paid. 1,400 3054 Aug 7 3134
125 6134 Aug 662
Buff Roch & Pittsb_ _100
lss 5034 Aug 4 5034
Canada Southern_ _
C Sc St Louls____100 200 87 Aug 887
CC
Aug 891
C St P M &0, pref._100 100 91
Duluth So Sh Jr Atl_ _100 100 2% Aug 8 24
100 200 334 Aug 8 34
Preferred
10010934 Aug 7109;4
Illinois Central, pref.1
Aug 9 16%
.100 200 16
Int & Gt No Ry(w I)
900 4% Aug 7 414
Manh Elevated Scrip _ _
N Y Chic & St L, w 1_100 800 8734 Aug 971
100 88
Aug 688
100
First pref, w i
• 3,100 12 Aug 4 1254
Rapid Transit Corp_
100 1.100 3334 Aug 9 3434
Preferred
32112 Aug 9112
Rens8elaer&Saratoga.100
Aug 9 314
Virginia fly & Power_100 200 31
100 100 40 Aug 7 40
West Penn

Indus. & Miscell's.
Aug
Amer Chain,Class A_ _25 300 21
Amer Locomotive,new_•102300 6934 Aug
Aug
100 96
Rolling Mill, pf 100
Amer
54 Aug
Assets Realization_ __ _10 100
300 134 Aug
All Fruit CoITCo ctI de
9877a,
9853, 98 3,
,
Aug
• 1,300 21
Auto Knit
,
98 ,, 982,,
,
98 ,,
Booth Fish, 1st pref _100 100 25 Aug
9810,,
9823, 982,4
Petroleum, new_2522,800 174 Aug
Calif
42
43
50
100 414 Aug
2
Calumet & Hecla
-___
--....
____ ExAug
* 100 31
Century Rib Mills
-___
____ change Columbia Carbon
___800 43% Aug
Columbia G & El, w 1_ _* 2,900 324 Aug
- --_
---____ Funeral Conley Tin Foil
* 100 13 Aug
985,3
of
---_
____
500
Commercial Solv, A _
9823,
-___
..__ _ Prost25 Aug
ug
• 100 31
,
98 ,,
_
_ _.
__ __ dent
Cuban Dominion Sugar.' 300 44 Aug
3
_ _ __
__ __ 'lard59 Aug
* 1,3
Cuyamel Fruit
982,,
9872,2 98 ,, lug.
,
Aug
Deere & Co, pre! _ _ 100 200 01633034 Aug
,
98 ,,
982s,
982,1
100
Devoe &Rayn,lot p1100
982n
982,1
9823:
A3-4
• 4
Douglas Pectin
357
315
219
100103 Aug
Duquesne Lt, let pf..1
98"at 98".3 99.00
24
Aug
Eaton Axle & Spring_ _.• 3
9822,3 982,
,, 9822s,
• 2,6
Foundation Co
9822,1 9822,, 9822,1
0 2,100 691i Aug
41
Fleischmann Co
2,382
696
621
Gardner Motor
• 300
9820,1 9827,1 987733
8
General Baking Co _ _ _ _• 100 77 1 Aug
,
98 ,,
98r,,
982
:,
Aug
Goldwyn Pictures,new_• 40 17
9872,1 9823,
98 ,,
,
Goodyear Tire, pref.100 100 454 Aug
228
508
351
Prior preferred... _100 200 92 Aug
997,32 99,533 99223,
20010334 Aug
Great West Sugar, p1.1's
99 7s: 992,31 9915n
Aug
Hartman Co
100 1,200 81
Kohl 992,3, 997533
2934 Aug
House'd Prod tempers.* 53,
11,
le
44
Independent Oil & Gas_• 1
2
5
2
3 Aug
lii
2613
Ingersoll Rand
A
-The above table includes only sales of coupon Inland Steel, wI
Note.
1,111 98 Aug
Preferred w
1
100 644 Aug
International Shoe _ _
bonds. Transactions in registered bonds were:
600 66
Aug
Internal Tel &
16 2d 448
100
12 188 3345
98
,
to 98 31
100 28 Aug
Intertype Corp
973531 to 98231120 3d 434s
9811n to 9850n Iron Products ate
9 1st 4315
• 500 314 Aug
,,
972, to 982,1 9 4th 434s
to 98223, Kelly Spr Tire 6% p1.2
7 2d 46
98
100 96
Aug
17 Treas. 4345
n
992, to 992053 Kinney Co
• 100 52
Aug
• 1,700 29
Magma Copper
Aug
Nlaracalbo Oil
2.400 19
Aug
1,200 36
Aug
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Nat Dept Stores
Preferred
100 9134 Aug
1
Nat Enam & StPg. P1.100
100 94
Aug
Int.
Int.
Rate.
Maturity,
Aug
Md. Asked.
Rats. Bid. Asked. N Y Canners, 1st p1.100 275 86
Maturity.
1012,500 20% Aug
North American
Otis Steel. Pref
me, 100 50 Aug
9934
June 15 1924_ _ 534% 10121, 10121, Sept. 15 1926_ 41.(% 994
Packard Motor,pref.
-100 100 934 Aug
.Sept.15 1924___ 54% 10121, 101 51, June 15 1925_ 44% 99% 100
10 200 14
Philip Morris
Aug
Mar. 15 1925.... am% 1004 10034 Dec. 15 1927._ 44% 99% 100
Pittsburgh Util, pret-100 400 10
,
,
Aug
997, 101)
11
Mar. 15 1926.._ aq% 100 33 100 :r Dec. 15 1923... 4%
9954 Sept. 16 1923.. 434% 100
PS Corp of NJ.pf,8% 100k 500 984 Aug
10034
Dec. 15 1925_ _ _ 4%% 994
New, common
2,800 4231 Aug
Sept.15 1923... 334% 99221, 100211 Mar. 15 1924_ 44% 10021, 100213
7% preferred
l0
Mar.15 1927._ 44% 100% 10014
100 95 Aug
Rossia Insurance Co_.251 200 87
Aug
Schulte Retail Storm_ _.* 1,90 94% Aug
(4
0
Simms Petroleum ____10 2.1
e% Aug
-The review of the Curb Market is Simmons Co
The Curb Market.
• 2,000 2334 Aug
Aug
Shell Union Oil, pref.I00 100 91
given this week on page 663.
Sinclair Oil. pref. _..100 300 89 Aug
10010034
A complete record of Curb Market transactions for the Spalding Bros, 1st p1.100 5001094 Aug
Tobacco Prod, pre!_ 100
Aug
Aug
'Mame & W'ma Steel.'
100 31
week will be found on page 663.
Aug
2001 38
Underw Typew, new. _2
Aug
United Dyew'd Corp.100 200, 48
United Paper Board_ 100 200 14
-Sterling exchange was dull and US Real Sc Imp full paid 700 974 Aug
Exchange.
Foreign
Aug
Aug
•
Va-Caro Chem B
weak, though changes in rates were not important. Conti- West Elec 7% cum p1100 400 44 Aug
20011334
System, new_ _•
17
nental exchange was also comparatively inactive, but nervous WaldorfE & M.lst pf _50 600 72 Aug
Aug
100
West'se
and irregular, with new low records established in German, Youngs'n Sheet Sc Tube.'] 200 6474 Aug

French, Belgian, Polish and Spanish currencies.

Highest.

Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug

6 87 June 943.4
8 304 July 3154
4 61 June 68
4 50
A. r 524
876
Jan 92
Aug 100
8 91
8 234 July 354
9 331 July 5%
710934 Aug 118%
9 16
Aug 254
4%
454 Feb7
6 674 Aug 7634
6 88
Aug 9534
8 934 June 184
7 3134 July 49
9 108
July 112
9 31
Aug 34
3834 Apr 5254

Jan
Aug
Jan
Mar
Mar
June
June
Feb
Mar
Feb
Feb
July
July
Apr
Apr
Aug
June
May

2134 Aug 7 2034 June 2534 Mar
744 Aug 7 644 July 7454 Aug
Aug 004 Jan
Aug 8 96
98
Jan
34 June I
54 Aug 9
14 Aug 7 134 July' 214 Feb
22% Aug 4 1934 July 284 Apr
Aug 3534 Jan
25 Aug 8 25
1934 Aug 7 174 Aug 2954 May
6, 4134 Aug 44
July
41)i Aug
Aug 6 28 June 3674 May
31
44 Aug 8 4334 Aug 493.4 May
34 Aug 7 3031 June 374 Apr
13 Aug 7, 12 June 224 Jan
32 Aug 6 2534 July 4934 May
Apr 28
25 Aug
July
5 Aug 8 3
July 12% Mar
Aug 7, 5434 July 7034 June
61
61% Aug 7. 604 Aug 734 Jan
July 96 June
93 Aug 7 90
134 Aug 6 1254 June 144 June
July 10354 June
103 Aug 7 102
Aug 27
July
2434 Aug 7, 24
72% Aug 8 66 May 7854 July
4234 Aug 41 3734 Jan 4734 May
734 Aug 6, 74 Aug 144 Apr
July 9854 May
78 Aug 9, 72
17
Aug 71 1334 June 223.4 June
4534 Aug 9, 4334 July 6134 Apr
Aug 99
Feb
92 Aug 8 92
104 Aug 4 10334 July1084 Mar
83 Aug 7, 8034 July 954 Jan
3134 Aug 8 2854 JUIP 3954 May
5 Aug 8 5 July 1134 May
Apr 1284 July
125 Aug 4 119
32% Aug 4 3134 July 4654 Apr
Apr
8 9954 Aug 9 9634 June 105
644 Aug 4 644 June 7334 Jan
4 66% Aug 6 844 July 7134 Apr
6 28
Aug 6 2634 July 4134 Mar
6 32% Aug 4 314 Aug 4434 May
Aug
8 96
Aug g 7934 July 96
3534 Apr 644 June
9 52 Aug
22 May 3654 Apr
4 304 Aug
Aug 2234 July
9 22
Aug 71 19
Aug 8 3434 June 4234 Apr
7 37
7 9134 Aug 7 9034 July 9734 MaY
Feb
Aug 102
Aug 4 94
94
Aug 9434 May
Aug 7 86
86
4 21% Aug 7 1854 July 244 Apr
Jan 724 Mar
50 Aug 847
Feb
93% Aug 8 904 June 99
14
Aug 7 1134 Jul31 1934 Mar
Julyl 103,4 Aug
8. 10
7 104 Aug
8 994 Aug 6 9831 A 108% July
6 444 Aug 6 4234 Au 5134 Apr
Aug 104% Apr
8 95
Aug 8 95
Aug 9434 May
Aug 8 87
9 88
4 88 May, 9934 July
8 954 Aug
Jan
Aug 6 634 July 16
6 7
July, 3454 Mar
4 2434 Aug 6 23
6 91
Aug 6 90 June 9834 Apr
Aug 7 884 July 9934 Feb
7 89
Jan
410034 Aug 4,10034 Aug 105
Feb
10954 Aug 7,1044 Feb114
Apr
Aug 9, 30 June 40
9 31
7 3834 Aug 7! 3534 Aug 414 June
Mar 504 Feb
6 4834 Aug 840
6 144 Aug 8 14 June 1834 Mar
Aug 9 9734 Aug 10834 Feb
4 100
Feb
6 434 Aug 7, 34 June 17
41134 Aug 811134 Mar 115 June
4 174 Aug T 1434 June 20 May
Jan 78
Mar
7 72 Aug 772
Jan
8 65
Aug 9 634 July. 80

652

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sates during the week of stocks usually inactive, see preceding page

HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 4,

Monday,
Aug. 6.

Tuesday,
Aug. 7.

Wednesday, Thursday, . Friday,
Aug. 8.
Aug. 9. I Aug. 10.

S per share $ per share 3 per share $ per share $ per share 3 per share
.20
26
22
22
.20
25
*20
24
.21
22
943 955
8
953 963
963 963
8
8
4 957 9612 957 9614
8
*8712 88
*8714 88
8818 8818 8818 88
88
8818
*112 13
4
15
11
1%
112
112 1 12
112
1,2
110 110
11114 112
11214 11212 11114 11114 .111 11214
46
4612 47
4712 4714 4818 473 4812 4712 48%
8
564 .563 *56
4
5612 5618 5618 *5614 567
8 5614 5614
3
4
3
4
3
4
3
4
3
8
3
4
*14
5
8
*14
5
8
*18
14
14
14
.13
14
*18
14
'8
18
14318 1443 144 145
4
145 146
1444 146
14412 14510
_
5 5918 5933 60
573 58
8
57
5914 .593
4 587 59
's
.9618 98
98
98
98
98
*967 9812 *9718 9812
8
.23
3 212
23
8 212
212 25*
233 23
8 *214 23
4
4
3
33
4 34
4
412 47
43
4 43
4 .4% 43
4
•19
21
10
20
2013 21
2014 2014 2012 2012
.4612 4712 .4712 48
*47
48
*4612 48 .47
48
4
4
4
414
4
4
41
*4
418 414
914 914
9% 9%. 912 912 10
10
98 98
15
1534 1414 1513 1414 16
1514 1611 1412 1512
26
27
2412 2712 25
27
25 4 271
3
243 26
8
613* 62
62
633* 6212 64
643 663* 6412 65
4
.100 110 .100 110 .107 110 .100 110 .100
110
193 2018 1914 207
4
3 2012 2114 2012 218 2012 21
72
7312 72
73
72
7334 74
74
73
7318
60% 6212 61
6212 63
83
6334 64
6312 6378
.55
65
57
57
355
57
57
*55% 60
60
243 2434 .24
4
253 *24
4
27
25% 26
25
2512
103 1043 104 10473 10414 105
4
1037 10512 1037 10358
'8
11218 11213 113 113
113 113
113 113
11212 113
113* 1113 lilt 1212 1218 13
1212 127
8
1212 13
1714 173
4 173* 197
8 193* 2118 20
2114 2018 213*
1212 1278 127 1414 1412 1512 143 1512 1413 1,512
8
4
5112 5312 5212 54
5353 547
8 543* 5312 533 5484
4
254 26
2614 267
8 264 267
8 26% 27
267 27
.8
11
*812 1112 *812 11
*9
11
.9
11
•_. _ 50 *____ 50 •1. 50
____ 50
473 4734
4
105 105
105% 106 , 10514 1053* 10514 1053* .10518 112
11
11
1612 1612
50
34
7412
59
875
*
45
34
912
36
66
24
138
59

1114 11 4 .* 1
12 .11
12
*11
12
17
1714 .17
1713 164 17
*1612 17
5012 5012 5013 *50
52 .4912 523
4
31
*2718 34 .28
34
*28
34
7412 .65
7412 .68
74% .68
7412
60
6014 607
8 6012 61
6018 6018
88
88
8814 8812 8812 88
8814
45
*3812 45 .3812 45 .40
45
3212 *3214 34 .3212 31% .323 341t
4
83
3 *814 10
'
0914 10
*814 10
36 .32
36 .32
36 .32
36
66
66
663* .65
66
65
65
26 .22
24 .2012 24 .20% 24
13*
114
112 .1%
138 *118
133
58 .54
57
*54
57
*54
59
___
10
10
10
103
8 101,3 103
4 103 101, 1018 1018
8
2612 2612 26
2614 26
27
2714 273 *26
4
27
98 10
10
1012 10
1012 1033 1012
953 10
2518 263
4 2612 27
267 27% 263* 28 I 2512 263
8
s
.214
212 .214 3
*214 23
4 .212 23
4
25* 23*
.83
85
8414 8414 8312 84 .83
84 .83
84
964 9634 963 971 1 9714 977
8
8 9712 98
9714 9712
.68
72 .68
72
*68
72
68
69 .6712 68
.
05 .____ 95 .____ 95 .____ 95 .____ 95
107 113
s
8 1138 12
12
1238 11% 12 I 113 117
4
8
1412 1453 15
15
1514 1514 .1514 153 .15
4
1512
*9
11
*9
11
*9
11
*9
11 ; *9
11
10012 10012 10118 10112 10133 10214 103 10434 10212 1025s
.7612 7712 *7612 7712 .7655 7712 .7612 771
7712 7712
5412 56
55 8 5712 56
3
573
4 5612 58; 55% 5714
423 4234 4212 42% 427 43
8
8
43 4318' 43
4318
59
10
*9
10
834 83
4 .83 10 I .83 10
4
4
40
4012 40
405* 407 413
'8
8 41
415
4
s 403 4112
69
60
71
71
*68
73 .68
73 I .68
73
6012 6012 60 60
.60
6112 .60
6112 .60
61
40
4018 .40
41
41
41
4112 4012 41
41
.8512 89
58512 89 .8512 89 .85
88 ; .85
88
727 7312 73
's
7418 7414 7514 7312 7514, 733 743
8
4
53 53
*5212 5312 5312 5312 53 53 i .523 5312
4
5212 5212 5212 53
53
53
53
53 i .52
53
*28
34 .28
30
830
30
30
35 I 3018 30%
17
173
8 1712 18
18
1818 1814 1814 1733 18
371 3718 35 8 37
,
3812 3812 383* 39 ; *37
39
2512 27
2618 27
2712 273
4 263 2734 2638 2638
4
g 5612 562 5614 5614
552 5512 55
55 4 557 557
3
5
5
47
8 .5
47
8 47
8
5
5 j
5
5
*WI 012
8s `S's 0,
853 8
2 .83
4 913 .85s 9
,2
843 847
8
84% 8533 8518 855s 8.5' 8533 85
8512
3018 308 3012 3133 313 32% 3113 3214 3112 3155
8
65% 66
6533 653
8 6614 8614 65% 6638 8512 6512
14
14
141* 15
1513 1514 15
1533 147 15
*10
1012 10
10
*10
1012 .10
1012 .10
105*
.68
.65
70
70
*6612 6912 .65
70
*65
70
12412 12618 12512 12714 126 1273 12612 128
s
12618 127
*72
72
73 .7214 73 .7214 73
72
72
723
4
*87
8 9.
87
8 918
914 914
87
8 9
9
9
2812 2812 2714 2812 2912 30
2914 30 .29
30
712 73
4
734 8
8
918
77
8
873
78
4
2414 2412 243 2512 2514 263
8 2514 26
2.5
26
.16
21
.15
21
.15
21
*17
P--- - 21
21
912 958
9
9
914
9 14
914
914
914 914
1712 4
1712 .17
1712 .16
•16
.1612 1712 . 4 173
16,
4
16 .15% 17 .1512 1612 .16
18
17
. 16
1
.
17
18 58
561.8 56
57
*55
53
5812 59 .58
59
612 612 *63
4 7
6% 68 "63
4 7
*67
8 7
1212 1212 1212 .113 12
1118 1118 12
11
11
4
2314 23 8 2333 .23
,
2318 23
2312 *23
23
24
50
.2718
•65
59
87
*40
.32
.
8%
.32
.63
.2015
13
s
..55

50
*271
.65
60
.873
4
.3812
.3112
83
8
.32
.63
*2012
114
*54

70 .89
70
72
89
*683 72
8
6914 6914 69
.10
12
*10
1112
9% 93
4
*954 11
11
*10
35 .32
35
*32
35
35 .32
3613 .32
.34
8 637 637 .62
637
8
8
637 *63
64
8
62 62
*63
6
63
, cps 618 ' 612 612
612 63*
6% 612
1
*11
3
8
•14
*14
*It
3
3
8
8
5
8
1
44
87
3 1
•7
*7
8 1
8
*%
1
1
.
7
8
1
7 6238 5914 617
59
6412 623 64
64
4
617 83
8
010612 108 *107 10812 107% 1078 10714 10714 10618 10612
4114 41% 4114
41
3812 39', 393 3912 401.1 41
8
90
90
*90
9012
*8918 90
91
.87
90
.88
4
1212 113 113
4 12
12
12 .12
12
1312 12
3114 3114
32
32
32
29, 297
8
2918 30
31
.7712 81
.7712 81
.773 81
*7712 81
4
*773 81
4
553
54
54 .53
54 .53
54
54 .53
*53
2712 2512 2818 28% 2818 *2612 2812 *2612 28
25
315* 3134
32
32
32
32
303 31
4
.31
32
72
72 .70
*70
139
72
72 .70
*69
.
72
.102
_ --___ 101
___ .102
--- ___ .101
8514 86% 87
8838 874 -89% 8713 894 3712 8884
.108 10912 10914 10914 *108 10914 .108,2 10912 .10812 10912
153 155 .158 15912 158 18034 100 16114 .157 159
.11912 122 .1193 122
4
122 122 .120 122 .120 122
,1n5 11
4
•
• Bid and asked prices. x Ex-dividend




Sales
for
the
Week.
Shares
100
4,300
700
600
800
17,900
500
600
300
4,700
4,700
200
1,200
1.600
1,700

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1922.
Lowest

Highest

Railroads
Par $ per share
$ per share $ per share 3 per share
Ann Arbor preferred
100 22 July 31 45 Feb
3
277 Jan 52 Aug
Atch Topeka & Santa Fe_ _ 100 941 1July 31 10518 Mar 23
9134 Jan 10312 Sept
3
Do prat
100 867
8July 5 9058 Sklar 6
843 Jan 9512 Attg
Atlanta Birm & Atlantic_ _100
112 Jan 3
3 Jan
4
512 Apr
314
Atlantic Coast Line RR_ 100 110 July 5 127 Feb 21
Jan 1248 Sept
Feb 26
83
Baltimore & Ohio
100 4018 Jan 17 5618Mar 21
3312 Jan 6014 Aug
Do pref
100 553
4May 7 607 Mar 21
5212 Jan 6614 Aug
8
Brooklyn Rapid Transit_.._100
14July 26
1614 Jan 2
Jan 29 June
6
Certificates of deposit
18 Aug 9 13 Jan 12
57 Jan 2478 June
'8
Canadian Pacific
100 14014 Jan 17 160 Apr 18 11918 Jan 151% Aug
Chesapeake & Ohio
100 57 June 27 763 Jan 30
54
8
Jan 79 Aug
Do pref
100 96 June 29 1018 Feb 23 1007 Dec 1053* Oct
's
Chicago & Alton
100
2 May 21
33 Feb 13
4
13 Jan
4
123 MaY
4
Do pref
100
3 8 Jan 12
3
318 Jan 20 May
65* Feb 3
Chic & East III RR (new)
19 Aug 6 3.93 Feb 13
4
1214 Jan 433 Aug
4
Do prof
47 July 5 6214 Mar 28
3118 Jan 6412 Aug
1,600 Chicago Great Western__ _100
4 Jan 18
7 Feb 7
4
33 Dec 103 May
4
.800
Co prat
100
812 Jan 18 17 Feb 6 I
7 Dec 2412 May
22,700 Chicago Milw & St Paul_ _ _100 1414 Aug 6 263* Mar 5
1714 Jan
3633 Aug
26,100
Do pref
100 2418July 5 4512Mar
29
5514 Sept
Jan
8,100 Chicago & North Western_100 613* Aug 4 83 Mar 5
Jan 9512 Sept
59
5
Do pre(
100 10812June 20
Jan 125 Aug
11,500 Chicago Rock 181 & Pacific_100 1914 Aug 6 118183.1ar 21 100
377 Mar 21
3012 Dec 50 Sept
1,900
7% preferred
100 72 Aug 4 95 Feb 9
8314 Jan 105 Sept
2,600
6% preferred
100 607 Aug 4
7014 Jan 95 Sept
200 Chic St P Minn & Omaha_100 57 Aug 6 35 Mar 5
78 Mar 5
Jan 90 Sept
51
1,100 Colorado & Southern
100 2434 Aug 4 4512 Feb 13
Jan 5312 Apr
38
2,000 Delaware & Hudson
100 93!3 July 7
4
1,000 Delaware Lack & Western.. 50 11012June 20 12412 Feb 13 1063 Jan 14112 Sept
Feb 143
13012 Feb 8 108
Oct
26,400 Erie
100 1018May 22 1312 Feb 13
Jan
7
183 May
4
34,800
Do 1st preferred
100 15 Jan 17 213*June 11
1118 Jan 2812 Aug
5,800
Do 2d preferred
100 103
4May 21 1612June 11
2014 May
718 Jan
22,900 Great Northern pref
100 5113 Aug 4 80 Mar 5
7014 Jan 9578 Oct
3,400
Iron Ore Properties.No par 25 July 2
Mar 111
2818 Nov 453* Apr
Gulf Mob & Nor tr ctfs_ _ _100 10 June 28 36
Jan
20 Mar 5
5
19 May
Do pref
10
100 4478 Jan 2 623 Feb 21
Jan 47
Oct
16
4
1,400 Illinois Central
100 105 May 22 11712 Feb 21
9712 Jail 1153 Sept
4
Interboro Cons Corp_No par
% Jan 17
18 Dec
5 Apr
% Jan 4
Do pref
100
4
14 Mar 2
3 Dec 123 Apr
8
% Jan 5
300 Interboro Rap Tran w L _ _100
912June 30 227 Mar 14
1734 Dec 3214 Aug
8
500 Kansas City Southern_ _ _ _100 155
8July 31 2478 Mar 21
17 Nov 3014 Apr
600
Do pref
100 483*July 30 573 Mar 5
5912 Apr
5214 Nov
8
Lake Erie & Western
100 287
8May 22 34 Jan 2
10 Feb 397 June
Do pref
100 65 June 7 75 June 26
2618 Feb 77 Sept
1.200 Lehigh Valley
50 54 June
8
565 Jan 72 Sept
1,200 Louisville & Nashville.,_ 100 8512May 30 713* Feb 7
Jan 1447 Oct
7 155 Feb 26 108
Manhattan Ry guar
100 3814June 28 60 Apr 17
Jan 58 Aug
35
Eq Tr Co of N Y ctf dep_100 35% Jan
25 44 Feb 13
4413 Aug 5512 Aug
100 Market Street RY
100
814 Jan 23 22 Mar 12
11 Mar
318 Jan
Do pref
100 33 June 21 6812 Mar 12
Jan 5014 Apr
17
400
Do prior prof
100 62 June 21 87 Mar 12
Jan 76 Nov
35
' Stock
Do 2d pref
100 2118June 21 5614 Mar 12
55 Jan 32 Apr
4,400 Minneap & St L (new)
100
118July 28
1412 Apr
912 Feb 13
Jan
5
Exchange
Minn St P & 58 Marie_ _ _ _100 5712July 6
7312Mar 5
55 June 753 Oct
4
Missouri Kansas & Texas_ _100
814 Apr 28 12 Feb 6
1514 Dec
3 Jan
8
closed
6.900 Mo Kan & Texas (new)
10 July 5 17 Feb 15
193 Aug
4
712 Jan
2,800
Do pref (new)
25 July 5 4512 Feb 14
2413 Jan 483 Aug
4
owing to
4,200 Missouri Pacific trust ctfs_100
9 June 31
1938 Feb 14
1513 Nov 2514 Apr
8,400
Do pref trust Ws
100 241 t July 31 49 Feb 10
40 Nov 633 Sept
4
funeral of
100 Nat Rys of Mex 2d prof_ 100
23 Jan 17
2% Nov
43 Feb 15
4
714 May
600 New Orl Tex & Mex v t c_ _100 83 July 5
105 Mar 26
8
547 Jan 873 Dec
President
9,800 New York Central
100 9012May 4
723 Jan 101, Oct
4
8
NY Chicago Jr St Louis. _100 68 May 22 10418June 13
34 Jan 29
5118 Jan 9112 Oct
Harding
Do 2(1 preferred
100 7612 Jan 2 95 July 3
6134 Jan 93 Sept
3,900 N Y N II & Hartford
100
958July 5
1212 Jan 33 Aug
1,700 N Y Ontario & Western_ 10() 141i-bine 28 2212 Jan 30
1812 Dec 3012 Apr
2155 Feb 13
Norfolk Southern
100
914 Aug 1
1838 Feb 9
834 Jan
2212 June
2,000 Norfolk & Western
100 100 July 30 1175* Feb 9
9614 Jan 12512 Sept
Do pref
100
100 75 July 8 78 Jan 29
Oct
72
Jan 82
19,900 Northern Pacific
100 5412 Aug 4 8112Mar 5
73 Dec 908 Aug
6,100 Pennsylvania
50 4112June 30 477 Apr 4 ; 3314 Jan 4934 Oct
100 Peoria & Eastern
100
83 Aug 7 17 Mar 21
4
103 Jan 2633 Aug
4
8,700 Pere Marquette
100 36 Jan 11 4714June 11
19
Jan 405 Aug
5
Do prior Prof
300
100 6814 July 19 763 Mar 5
4
63 Jan 82 Aug
Do prof
200
100 GO July 31 7012 Jan 9
505 Jan
748 Aug
1,400 Pittsburgh & West Va
100 3378 Jan 17 503
3May 10
23
Jan 41'8 Aug
7
Do prof
100 8512June 29 93 Jan 9
76
Jan 95 Nov
10,400 Reading
50 6812June 29 8118 Feb 7
7118 Jan 87% Oct
Do 1st preferred
500
50 44 June 28 5612 Feb 7
43 Mar 57 .MaY
Do 2d preferred
700
50 45 June 28 563 Jan 30
45
Jan 5912 May
200 Rutland RR prof
100 25 May 2
4
1712 Feb 5314 Juno
3,000 St Louts-San Fran tr cgs_ _100 17 July 31 373 Jan 10
20% Dec 323 Aug
Do pref A trust ctfs_ _100 3212 Jan 3 27 Mar 21
900
50 Mar .5
313 Nov 50 Aug
4
2,700 St Louis Southwestern_
100 2512 Aug 4 363 Feb 10
8
8
203* Jan 367 Nov
Do prof
800
100 54 8June 28 637 Mar 21
3
8
323 Jan 597 Nov
8
1,200 Seaboard Air Line
100
478 Aug 6
712 Feb 10
Apr
10
25 Jan
8
Do prof
300
100
814 Aug 1
1314 Mar 23
4
418 Jan
143 Apr
12,000; Southern Pacific Co
100 8438 Aug 4 9514 Feb 21
78% Jan 9614 Oct
25,100; Southern Railway
100 2434 Jan 6 373
4June 13
1714 Jan
2855 Aug
1,5001
Do pref
100 63 July 2 707 Mar 22
8
Oct
46
Jan 71
5,200 Texas & Pacific
100 14 Aug 4 2912Mar 21
Apr
184 Nov
36
200 Third Avenue
100
912June 30 1914 Feb 10
1312 Nov
255* May
Twin City Rapid Transit__100 5814 Jan 19 7712June
11
34
Jan 6212 Sept
16,600 Union Pacific
100 12114July 31 14478 Feb 26 125 Jan 1543 Sept
4
400
Do pref
100 707
8J1ily 6 7612 Jan 6
7114 Jail 80 Aug
1,300 United Railways Invest__ _100
812June 20 2178 Mar 6
712 Jan
19% Apr
1,200
Do pref
100 2812 Jan 17 62 Mar 5
3612 Apr
2014 Jan
4.300 Wabash
100
7 Mar 10 1113 Mar 22
Jan
6
1453 May
Do pref A
7,200
100 2314 Jan 17 3418 Mar 22
19
Jan 3,517 Aug
Do pref B
100 1612 Jan 18 2212Mar 22
1214 Jan 2478 Aug
2,600 Western Maryland (new) 100
9 Aug 6 15 Feb 9
814 Jan
1714 Aug
Do 2d preferred
200
100 17 July 30 2634 Mar 22
13
Jan 2812 Dec
400 Western Pacific
100 15 May 1 2014 Mar 5
134 Jan 2478 Apr
Do pre(
300
100 5.3 May 7 633 Mar 5
8
5112 Mar 647 Sept
8
200 Wheeling & Lake Erie Ry_100
812June 29 1012 Feb 13
1612 Juno
6 Feb
Do pref
500
100 11 Aug 4 19 Feb 13
914 Jan 295* Juno
600 Wisconsin Central
100 23 Aug 4 35% Feb 23
35
Jan 33% Mar
Industrial & Miscellaneous
400 Adams Express
100 68 Jan 2 82 Mar 3
Oot
Jan 33
48
100 Advance Rumely
100
912JulY 6 1018 Mar 6
107 Jan 2
3 Aug
130 pref
100 33 July 6 543 Jan 14
317 Jan 3012 Aug
'8
200 Air Reduction, Ina_ __No Par 58 July 2
Oct
4512 Jan 60
723* Mar 19
4,200 Ajax Rubber, Inc
50
6 Aug 13 147 Mar 14
1834 Apr
912 July
100 Alaska Gold Mines __ _
10
14 Jan 4
%Mar 9
Is Dec
% May
Alaska Juneau Gold Min.. _ 10
_78 July 31
114 M ar
2 MaF
38 Jan
40,200 Allied Chemical & Dye_ No par 5914 Aug 9 80 Jan 9
552 Jan 913 Sept
4
2
400
Do pref
100 10618 Aug 9 112 Mar 2 101
Jan 11512 Sept
2,300 Allis-Chalmers Mfg
100 3734June 28 5114 Feb 111
4
372 Jan 593 Sept
4
Do prof
100
100 897
8July 19 9712 Jan 27
8812 Jan 104 Sept
1,600 Amer Agricultural Chem_ _100 1018July 3 36% Feb 21
2714 Nov 427 June
1.000
Do Prof
100 29 July 30 687 Feb 21
8
Jan 72% Sept
56
American Bank Note
50 77 Jan 6 9112 Mar 7
DOO
Jan 01
58
Do pre(
50 5012.june 29 55 Feb 7
51 July 5512 Dec
1,200 American Beet Sugar
100 25 Aug 4 4912 Feb 13
318 Jan 49 Juno
Amer Bosch Magneto_No Par 2912July 2 3314
800
Apr
Feb 16
3114 Jan 49
Am Brake Shoe & F___No Par 70 Jan 3 83 Mar 21
Jan 8812 Sept
51
Do prof
100 102 July 3 110 Jan 14
Oct
9314 Jan 113
45,900 American Can
100 7312 Jan 2 106 Mar 6
7812 Nov
3214 Jan
Do pre
100
100 19634 Ayr 28 115 Feb 20
9314 Jan 1137 Dec
American Car & Foundry.100 14414July 12 189 Mar 7 141
3,000
Oct
Jan 201
Do pref
100
100 11914 Mar 22 1257 Jan 18 11512 Jan 126% Nov
8
Rilfl American Chicle
No par
53., Jan 3(1 13 .1111V 13
14 MaY
5 Nov

New York Stock Record-Continued-Page 2

653

For sales during the week of stocks usually inactive. see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday, 1 Monday,
Aug. 6.
Aug. 4.
$ per share
458 5
*153 18
4
412 412
96
*91
7
7 18
333 333
4
4
8812 8812
304
*80
175 1758
8
•105 11
8
173 173
4
4
*35
39

Tuesday,
Aug. 7.

Wednesdayd Thursday, I Friday,
Aug. 3.
Aug. 9.
Aug. 10.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH AVIE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Precious
Year 1922.
Lowest

Highest

3 per share S per share $ per share
Indus. & Miscell. (Con.) Par $ per share
33 July 11 2034 Jan 4 I 1514 Nov 3012 May
4
American Cotton Oil
100
Do prof
IGO 14 May 18 383 Jan 4 I 3312 Nov 61 May
4
714 Aug
412 Jan
Amer Druggists Syndicate__ 10
75 Feb 23 I
8
412June 29
Oct
Amer.can Express
100 91 July 31 14312 Mar 2 I 126 June 162
618 Aug 9 133 Mar 7I 1018 Dec 174 Apr
American Hide & Leather_100
4
4
58
Jan 713 Sept
4
Do pref
100 2931 Aug 9 743 Mar 7
78
Jan 122 Sept
American Ice
4Ju1y 30 11112 Apr 2
100 873
Jan 9514 Aug
Do pref
100 78 June 27 89 Feb 21 I 72
8
8
Amer International Corp 100 1612 Aug 8 3312 Mar 2S
245 Dec 505 June
94 Jan 14 July
American La France F E
10 1018July 6 13 Mar 1
4213 Oct
American Linseed
100 17 June 21
38 Mar 5 I 28 Nov
100 34 Aug 9 59 Feb 15 I 48 Nov 6412 Oct
Do pref
100 12018 Jan 17 14638June 7 I 102
4
Jan 1363 Oct
American Locomotive
- 155- ficr 125- 126- *iii- ficr
*HP 116- *115- fid
100 113 May 4 122 Feb 9 I 112
Do pref
Jan 12214 Dec
200
8
4218 4218 4214 4214 4212 4212 4212 425 *4212 4312
44 Sept 5314 Dec
700 Amer Metal temp ctfs_ _No Par 4014Ju0e 30 557 Mar 5
8
7912 *78, 7913 *7813 79
7812 7812 7812 7812 *78
25 76 'an 2 8812 Apr 19
4
Oct
Jan 129
82
200 American Radiator
*54 55
8
25
512 512
513 512
87 Oct
8
47b one 27
54 55
4
3,000 American Safety Razor
54 512
8
33 Jan
918 Feb 19
113 113
8
11
115 *1012 11 12
8
8 11
1113 115
8 11
1,500 Amer Ship & Comm_ __No par 103
512 Jan 2414 May
8
8July 2 213 Jan 5 I
56
57
56
5312 .5412 55
5512 5714 5512 5614
5,600 Amer Smelting & Refining_100 53 Jan 17 6912 Mar 2
435 Jan 6712 May
8
06
96
9712 9512 96
*96
*96
98
100 93 June271 1023 Mar 6
*94
96
400
864 Jan 10413 Oct
8
Do pref
13314 134 *1311 136 *133 136
*132 135
100 130 June 30 15214 Feb 14 10913 Jan 159 Sept
1337 134
8
400 American Snuff
33
3334 3418 3412 3413 35
3414 35
34
303 Jan 4618 Sept
4
3,600 Am Steel Fdry tern ctfs_33 1-3 3138July 2 4078 Mar 21
3414
*94
98
*95
98
97
*94
*95
100 98 June 27 10514 Feb 9
*96
98
98
Do pref temp ctfs
91
Feb 10814 Oct
5312 604 5912 5912 *5913 60
573 58
4
3
5418 Jan 857 Aug
3,400, American Sugar Refining_ _100 57 Aug 1 85 Feb 13
577 603
8
4
10012 101 *10012 10112 101 101
*10012 104
100 100
84
Jan 112 Aug
4
Do pref
100 100 Aug 0 1083 Jan 3
500
163 173
4
4
4 1712 1914 1912 1913 *1612 20 .163 19
2314 Feb 47 May
8
100 16 July 2 363 Feb 14
900 Amer Sumatra Tobacco
*4014 43
*4014 49
*404 49
*4014 49
*4014 48
Jan
5214 Feb 71
Do pref
100 3212July 11 653 Feb 13
4
8
12214 1225 12212 1223 1223 122841 12212 1224 12212 1227
8
4
100 11018June 29 12512Mar 5 11412 Jan 13814 Aug
3.600 Amer Telep & Teleg
8
*142 145
14512 146 21443 1443
14334 14012 145 145
100 14014 July 3 16134 Feb 13 12918 Jan 16912 Sept
1,300 American Tobacco
4
4
8
102 102 *102 1023 1025 102581O2 1023 10212 10212
4
4
8
9613 Jan 1083 Oct
8
100 101 Mar 16 1057 Mar 31
7001 Do pref (new)
1433 14412 14414 14114 214114 144
4
*141 14312 1424 143
4
Jan 1653 Sept
4
Do common Class B
100 140 May 20, 1593 Feb 91 126
1,100
3612 37
354 355
8 3553 3634 *35
37
Jan 3314 Nov
*3512 363
4
6
700; Am Wat Wks & El v t c__ -100 2712 Jan 291 444 Apr 261
8
8 877 874 89
*87
90
877
8812 *87
Jan 937 Sept
*89
9014
8
4001 Do lot pref (7%) v t c_100 8514 July 3 93 Jan 161 67
6012 593 597 *594 6013
4 60
01565 5712 5912 603
4
8
8
1,1001 Do panic p2(6%) v t 0.100 4312 Jan 3 6318 Apr 261
1714 Jan 5514 Oct
*90
*90
98
*90
98
•93
98
98
Jan
100 0314 Jan 2 9814 Jan 31
*90 100
86
Oct 95
I Amer Wholesale, pref
8312 81
3378 83
8 8412 85
8114 853
825 84
8
Oct
7314 Jan 105
100 8012June 27 1095 Mar 21
6,100 Atnerican Woolen
8
1014 10118 1007 101
10118 10118 10118 10118 101 101
8
Jan 11114 Dec
Do pre(
100 9818June 21 1114 Jan 3 102
800
74 74
3
3
7
7
712
712 73
712
74 714
4
2212 Jan 554 Sept
7 Aug 4 34 Mar 7
1,800 Amer Writing Paper pref _100
.
8'4 953 *812 918 *812 9i8
1218 Jan 21 Sept
814June 28 194 Feb 16
400 Amer Z nc, Lead & Snaelt___25
9
9
9
9
*32
37
*31
34
37
34
31
31
32
32
57 Sept
Jan
Do pref
36
25 31 July 5 5814 Feb 27
700
3912 4012 3518 403
4 3814 3918
13,100 Anaconda Copper Mining_ 50 38 July 5 5312Mar 6
45 Nov 57 May
391 i 3 4 3912 40
93
8014 813
8 80
80
80
*79
*78
SO
*77
79
500 Associated Dry Goods__.100 6214 Jan 5 89 Mar 19
8
43
Jan 707 Dec
*84
86
*84
86
36
*84
*8312 86
86
Do 1st preferred
*84
Oct
Jan 86
100 8212 Jan 18 89 Feb 13
75
I
90
*88
*88
00
90
1,86
90
90 .88
Do 2d preferred
.88
76
Jan 9112 Oct
100 88 June 26 9312 Feb 28
104 104
103 103
103 104
104 104
100 103 Aug S 133 Jan 12
300 Associated 011
*10114 106
99
Jan 13513 May
112 113 *112 2
*112 2
*113 2
*112 2
512 Apr
Atlantic Fruit
No par
112 Dec
112June 21
312 Feb 14
13
1358 *13
135
8 13
91 July 5 34 Mar 19
13
1214 1214
1,100 Atl Gulf & W I SS Line__ _100
1253 13
194 Dec 4314 May
*1012 12
*1012 12
*1013 12
*1012 1212
100
' Do pref
•1012 12
15 Dec 314 May
63
4July 3 27 Mar 19
*101 108 *102 110 *102 110 *105 11012 *105 111
8
100 997 Aug 1 15312 Jan 10 117 Dec 1575
I Atlantic Refining
Oct
116 116
*113 117 *113 117 *114 116
117 117
Do pref
100 115 May 2 120 Jan 18 113
200
Jan 11912 Dec
1114 1114 113 1138 *11
8
*1114 12
*11
12
No par
12
103
4June 27 2012 Feb 14
200 Atlas Tack
1312 Feb 2212 May
193 20
8
20
185 19
8
20
18e 19
*1812 20
17 July 6 3512 Jan 12
1,400 Austin, Nichols & Co No par
8
914 Jan 403 Sept
83
3514 *79
*7912 83
s
100 783
8018 803 *83
Do pref
*7912 83
Jan 91 Sept
4June 21 8912 Jan 23
200
Stock
68
11012 11212 11153 11334 11218 11421 11134 1145 11113 11313
8
4
9312 Jan 1423 Oct
79.800 Baldwin Locomotive Wks_100 11012 Aug 1 14414 Mar 19
*11112 11512 *11112 11413 *11112 11412 *11112 11412 *11112 114 Exchange
I
Do pref
100 III Apr 2 11634 Jan 4 104
Oct
Jan 118
*30
40
*30
40
*30
40
*30
No par 46 Apr 27 55 Feb 16
40 , *30
I Barnet Leather
40
40
Jan 674 Sept
11
10
1112 1112 10
12
12
114 10
10
195 Jan 5614 Apr
8
1,625 Barnsdall Corp. Class A___ 25 10 June 20 35 Mar 23
closed
312 *31* 012
813 *7
*712 812 "712 812 *7
313 Aug 1 22 Jan 2
25
Apr
17 Nov 39
Do Class B
*4
*18
14
14
*18
14
*18
14
*18
14 owing to
18July 2
°O
158 Mar
4 Dec
12 Jan 2
Bator:01as Mining
5358 *51
53
*51
527 *51
8
*51
53 , *51
33
Bayuk Bros
No par 50 June 21 6214 Apr 4
Apr 65 Sept
53
*6212 65
*62
65
*6012 64
6212 6212 *62
20 51 Jan 2 8414 Mar 26
64 funeral of
30 July 534 Dec
100 Beech Nut Packing
473 4813 4711 4812 47
4
8
46
467
8 465 48
100 4134June 29 70 Mar 3
51
Jan 79 May
13,600 Bethlehem Steel Corp
43 3
3
5512 Jan 8214 May
I
Do Class B common__ _100 6014 Jan 16 714 Mar 3
904 Mar 106 Nov
9314 Feb 1 9612 Jan 2
10
I
Do pref
•100 103 *102 10212 10212 10212 *100 105 ' 10212 103
Jan 1164 June
Harding
Do cum cony 8% pref_100 10014June 21 11114 Mar 12 104
3001
*5913 90
8912 8912 *89
*8812 90
90
100 87 July 2 9712Mar 91 94 Nov 101
Oct
8953 90
4901 Pre-erred new
5
4 ..)
4 5
5
513 *43
4 Nov
718 Jan 18
414June 21
*43
4 5
5
1012 Aug
No par
1,300, Booth Fisheries
*7
8
*7
8
*7
8
7
7
6 July 18
*612 7
15 Sept
813 Jan
97 Mar 2
8
100
100 British Empire Steel
*6114 6S
*6114 68
*6012 68
*6114 66
*61 66Do 1st preferred
4
58 Mar 763 Apr
100 63 June 29 6912 Mar 13
*1712 1931 *1612 1812 *1612 1934
*1712 20 , *1612 20
Do 2d preferred
1918 Mar 39 Sept
' 2612 Feb 20
100 16 July
I
10914 10912 10912 10912 109 1093 1083 109
10614 108
8
4
8
Jan 1245 Aug
100 10414May 22 12112 Jan 9 100
1,400 Brooklyn Edison, Inc
105 105 *105 110 *105 110 *105 110 *105 110
70
Jan 12413 Nov
100 1034May 11 128 Feb 7
200 Brooklyn Union Oas
*45
*45
50
50
50
5018 50
49
50
49
100 4212July 5 657 Apr 2
8
42
Jan 647 Sept
8
1,100 Brown Shoe Inc
*7
8 112
*78
*1
134
134 *114
1
1
112 June
25 Jan 25
8
50 Brunswick Term & Ry Sec_100
53 June
8
1 Aug 7
13
4
4
117 11814 117 1183 11612 11714 113 11712 108 112
6,200 Burns Brothers
100 108 Aug 9 14434Mar 23 11312 Jan 147 Dec
*2412 2612 *2413 2512 *2412 2512 23
,
22
25
23
22 Aug 9 43 Jan 2
Do new Class 13 corn
2,800
Oct
283 Jan 53
8
5 8 57
,
53
4 6
6
6
8
534 5 4
3
53
558July 2 113 Feb 14
1.800 Butte Copper &Zinc v t c__ 5
4 53
514 Mar
4
4
1018 Dec
15
15
*1412 1512 1512 17
15
15
16
17
100 1314June 21
1,300 Butterick
15 Nov 34 Feb
213 Jan 4
4
183 183
4
4 183 1914 184 19
4
18
185
8 18
4,900 Butte St Superior Mining
1812
10 1712June 20 377 Mar 1
203 Jan 3514 Oct
8
8
112 13
4 212
4 *13
2
2
2 14
018 Feb 16
*2
212
2
700 Caddo Cent 011 & ReI_No par
112 Aug 4
684 Dec 154 Apr
77
7714 *77
79
*774 8014 *7712 7912
*7712 79
200 California Packing__ __No par 77 Aug 4 87 Feb 9
68
Jan 8612 Sept
California Petroleum
100 6614 Jan 3 1173
8
4318 Jan 717 Jan
8May 31
96
957 957
8
8 56
*95 100
*9434 97
*95
9612
Do pref
400
100 9484 Jan 2 110131s,lay 23
83
Jan 9312 Apr
53
8 512 *514 5 4 *54 512
3
53
8 53
1,600 Callahan Zinc-Lead
4
10
511 512
5 July 2 1258 Feb 20
1138 May
514 Feb
4834 *46
4814
4814 *47
*47
•47
49
484 *46
Calumet Arizona Mining__ 10 44 June 28 66 Mar 1
5013 Nov 6612 June
*514 812 *514 812 *511 6
*514 6
*514 6
Carson Hill Gold
1
53
81May 22
8
614 Dee 163 Mat
95 Feb 19
8
112 *1
114
13
4
134 .1
*0
8
112
1
1
No par
300 Case (J I) Plow
12July 11
912 June
3 Mar
434 Feb 21
•____ 68
68
*60
68
68 *_ _
69 •____ 68
100 Case (J I) Thresh M pf ctf-100 68 Aug 7 85 Apr 9
68 Feb 9314 Aug
1612 1713 144 1634 1312 1458
1712 1818 1712 1814
12,100 Central Leather
100 1313 Aug 9 4012Mar 7
293 Jan 4418 Sepl
8
45
47
48
48
48
4712 403 44
4118 423
4
8
Do pref
8,400
100 403 Aug 8 7934 Mar 7
4
6338 Jan 8234 Sept
3814 3812 387
8 3812 393
374 374 38
8 3818 383
4,100 Cerro de Pasco Copper_No par 365
4638 Dec
4
3234 Jan
8July 30 5012 Mar 28
3112 *25
3113 *25
*25
344
26
26
3413 *25
100 Certain-Teed Prod_ _No par 23 July 18 45 Mar 14
_ _No
34 Feb 534 June
8
8 4813 4978 48
8 475 485
464 475
497
8 473 484
6,700 Chandler Motor Car_ _No par 4612June 30 76 Mar 14
4
4754 Jan 7914 Apr
79
80
80
81
81
*7912 80
814 *79
80
1,200 Chicago Pneumatic fool 100 7512June 20 903 Mar 21
60
Jan 89513 Selal
4
2688 26
2611 26
263
8 26
26
2614 257 267
8
8
05 2418June 20 304 Mar 1
8.600 Chile Copper
1518 Jan 2914 Nov
173 1734 167 1714
4
1714 1712 18
8
17
165 17
8
5 165 Aug 9 317 Mar 2
3,100 Chino Copper
8
2214 Nov 3338 June
8
6414 6414 6412 6412 6413 6312 6312 6514 6514
*63
900 Cluett, Peabody dr Co_ _ _100 60 July 2 7614 Mar 28
Jan 704 Dec
43
7512 7512 7534 7638 77
77
*7534 774
7512 77
2,500 Coca Cola
No par 73 May 4 833bJune 8
4
Jan 823 Oct
41
26
27
2514 *2514 26
26
25
2612 264 2 4
61
3,400 Colorado Fuel Rs Iron
100 25 June 28 35 85I5y 31
Jan 37 May
24
3
Columbia Gas & Electric_ _ 100 9118July 2 114 Feb 14
8
6354 Jan 1143 Sept
78
7
8
7
8
1
7
8
7
8
4
7
8
7
8
7
8
2,600 Columbia Graphophone No par
334 June
14 Jan
%June 19
27 Feb 6
8
*334 414 *314 412 *34 438
4
*33
4 4
4
Do pref
100
100
2 June 19 1212 Jan 15
5 Feb 21 June
711 1 7238 7114 714 7112 72
4 7012 71
693 693
4
2,700 Computing-Tab-RecordNo par 6712June 18 8312 Apr 9
4
554 Jan 793 Apr
*21
22
2112 2112 195 21
21
8
*19
19
19
4
800 Consolidated Cigar____No Par
185 Feb 423 Oct
8
18 June 19 393 Jan .3
8
*65
72
*65
72
72
*65
72
*65
*65
72
Do pref
100 66 June 20 83 Feb 17
47 Feb 8714 Nov
Consol Distributors,Inc No par
24 Mat
14 Feb
3 Jan 30
8
18June 6
Consolidated Gas(N 'Y) _100 120 Jan 2 137 Jan 26
4
8512 Jan 1453 Sept
61 4
6134
52
611: 6 4
0
-ici- - 62 -ail - 5- -6i - ifils -6i- - - iao is - -1
When issued
5778 Dec 6284 Dec
13,600
No par 563
8
4July 2 695 Feb 7
614
, 818 0
8
811 812
86
8 714
63
4 714
155 Apt
8
9 July
1412 Feb 9
6' Ally 31
8
6,900 Consolidated Textile_ _No par
- - - _
-, ,..,- - - -- ---- ---- ---4
Continental Can, Inc
453 Jan 1154 Dec
100 115 Jan 2 13114 Jan 31
8 WS 467
8 4512 - -4-618
4634 ii
8
s
i443- 453 -454 465
When issued
8,900
No par
427
8/1Iay 7 8014 Feb 19 --- - ---- - -- - ---4
9012 9012 90121 90
903 903 *90
4
93
4
Jan 933 Aug
*90
66
503 Continental Insurance- __ 25 90 Aug 9 104 Jan 31
9
014
73
5
1114 Dec 13 8 Dec
714
712
4
*7 1
'
712 *714 7
714 74 *714
800 Continental Motors__ _No par
65
8May 28 1214 Jan 19
4
8
120 12112 119 12014
11914 1205 1193 122
914 Jan 1344 Ocl
118 119
9,200 Corn Products Refining_100 11453July 5 13914 Feb 6
11918 1194 *119 120
Jan 1224 Noe
Do pref
100
*11812 12012 *119 12012 *119 120
100 11614May 8 1223 Feb 24 111
8
8 315 3212 3114 3214
8
8
313 Jan 54 Def
3,600 Costien & Co
4
No par 3014July 31 6314 Feb 17
303 3214 3113 3218 314 323
611 1 61
6214 6014 62
583 5958 59
4
60
6112
523 Feb 9838 Sept
4
12,900 Crucible Steel of America_ 100 577
8July 30 8412 Mar 21
4
*8512 87
853 *8512 87
853
4
*8512 89
*8512 87
80
Jan 100 Sept
Do pref
100
10)) 8534 Aug 6 9412Mar 2
1013 10
1014 10
10
9
*94 10
858 83
4
318 Jan
193 Mai
4
5,900 Cuba Cane Sugar
No par
312 Aug 2 20 Feb 13
375
8 3612 375
4 3614 37
8 37
3312 3412 357 373
1514 Jan 4178 July
8
Do pref
13,103
100 3312 Aug 4 6414 Mar 15
8
2514 247 2518 247e 2513 25
1412 Jan 28 Aug
8
25
7.200 Cuban-American Sugar
4 24
2314 233
10 23 Aug 1 373 Feb 13
*93
*94
96
96
95
*94
95
96
7818 Jan 10213 Dec
100
96
DO Pre
*92
100 92 July 12 106 Apr 5
29
29
2712 2812
2978 2712 28
2318 Nov 655 Apt
8
3,800 Davison Chemical v t c_No par 203
2314 29
8May 21 3812 Mar 6
27
8
234 2318 2318 2318
8 227 23
8
1312 Jan 2558 Sept
1.000 De Beers Cons Mines_ _No par 2218 Aug 1 28 Mar 1
2212 2212 225 225
8
300 Detroit Edison
100 10014June 26 111 Mar 2 1003 Jan 11813 Aug
*102 10212 10212 103 *10213 10312 103 103 ,*10212 103
35
35 I .
4
1812 Jan 4612 Nov
4
1,300 Dome Mines. Ltd
3153 35
343 314 *343 35
34
34
10 3034May 22 444 Jan 4
103 10712 1005 102
8
8
70 July 9012 Dec
8
6,500 Eastman Kodak Co_ _No par 893 Jan 2 1154 Apr 3
4
10514 10514 1067 1067 107 107
114 11612 *116 11712 11312 116 I 115 11712
4
7,800 El du Pont de Ness & Co_100 1064 Jan 17 14812 Apr 28 105 Dec 1693 Nov
1127 11334
8
8312
*82
83 1 *83
83
*82
80 June 901 Sept
82
6% cumul preferred_ _ _100 8112 Apr 12 8914 Apr 10
200
.
82
82
82
4
55
5514 5512 5512 5512 5614 5554 5534 5534 553
4012 June 583 Des
1,600 Elec Storage 13attery_No par 52 July 5 6718 Mar 21
4
*1312 14 .1312 14 , •1313 14
1414 Jan 2412 Del
100 Elk Horn Coal Corp
4
1312 1312 *1313 14
50 1312July 11 203 Jan 2
2
2
25 Jan 114 Juni
8
712 Feb 20
100 Emerson-Brantingham
2 June 19
100
*112 212 *112 213 *112 212 *112 212
6552 66
6514 6578
6514 6512 6312, ;___ 6652
7614 Jan 947 Dec
65
1.300 Endicott-Johnson
8
50 6212June 27 9414 Jan 2
4
0.13 ____ *113 1143 *113 1143
Do pref
100
Jan 119 Dee
4
100 111 May 2 118 Jan 31 104
1312 11312 .113 1143
$ per share
47
8 512
16
18
45
8 45
8
9114 0212
63
s 714
3412
34
11139
90
*30
807
8
18
18
105 104
8
1718 1712
39
*35

9 per share
012 618
16
1712
412 412
9114 9114
4 714
*63
3314 337
8
90
9014
SO4 807
8
1818 1814
*1014 105
8
*1712 19
*35
39

$ Per share
512
..,
1512 153
4
412 412
*91
05
614 63
4
303 327
4
8
9014 9014
*SO
82
1612 18
*103 11
8
*1712 19
*35
387
8

$ per share S per share
434 47
8
1514 1513
*413 5
*91
96
613 6 3
,
293 3114
4
*88
8912
82
82
1612 17
103 104
4
.1712 184
34
34

• BM and asked pr4es: no sass on this day. z Ex-dividend.




Shares
4,000
1,600
400
400
2,400
6,000
500
200
3,700
700
600
100

New York Stock Record-Continued-Page 3

654

For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 4.

Monday, i Tuesday,
Aug. 6.
Aug. 7.

Wednesday, Thursday,
Aug. 8.
Aug. 9.

Friday,
Aug. 10.

$ per share S per share $ per share S per share $ per share $ per share
.21
24
42114 24
*22
*2112 24
25
*2112 24
707 7212 72
8
7313 723 7412 695 7334 6712 6934
4
8
*8914 91
*8914 91
897 8978 8814 89
8
8512 8712
*54 9
*512 9
*513 9
*512 9
'512 9
3812
*36
39
37
37
*3614 3812 *3614 3813 *36
*73
8 713
73
8 74
712 712
75
8 74
3
712 712
4152 15912 15912 15913 15912 1594 4155 158 '155 15912
*9812 9918 *98
9918 *98
9918 498
984 985 985
8
3
712 712
712 713
7
74
7 4 812
3
77
8 812
103 1012 41012 11
8
103 103
4
8
4 105 105
8 11
11
441
*4112 43
43
414 4 334 4313 443
8 43
43
25 8 26
3
265 265
8
8 2514 263
4 243 2512 23
4
25
*6512 69
*6512 6912 *6512 6913 *6512 694 6413 6512
8213 8212 83 83
8414 8414 *83
84 '83
8312
4104 107 *104 107 4104 107 *104 107 *104 107
172 173
17214 173
173 174
174 17413 *174 17434
*105 11
8
*10 4 11
3
*10 4 11
3
*103 11
4
4103 11
134 13 8 134 14
7
134 14
13 8 14
7
137 1412
8
*7012 8112 *7913 8112 4
7912 82 '7912 82
*794 82
478
8012 80
80
8018 8018 *7914 8014 793 80
4
*95
974 *95
98
*95
98 .95
98
*95
98
42
42
*41
45
*41
45
*42
45
440
45
'74 71
4
84 83
8 *7
4 83
8 *73
4 312 *7
9

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan.1 1923.
On basis of 100
-share lot*
Lowest

Highest

r1514 6111111

I

Range for Previous
Year 1922.

1

Lowest

Highest

Shares Indus. & Miscall.(Con.) Par $ per share
$ per share $ per share $ per Share
Exchange Buffet
No par 22 June 21 31 Jan 10
2612 Dec 3113 Oct
38.600 Famous Players-Lasky_No par 6712 Aug 9 93 Jan 2
7518 Jan 107 Sept
Do preferred (8%)_ _100 8512 Aug 9 993 Feb 14
2,300
8
9112 Jan 1073 Sept
4
Federal Mining & Eimeltl..100
5 June 5 123 Feb 18
9 Jan1612 MaY
4
Do pref
100
100 3414June 4 6013 Feb 13
4
3712 Mar 623 Sept
1,000 Fifth Avenue Bus
No par
738 Jan 17 10 8 Jan 2
1
83 Dec 1053 Deo
4
200 Fisher Body Corp
No par 140 July 3 2124 Jan 11
Jan 218 Dec
75
100 Fisher Body Ohio pref___100 94 July 3 10238June 14
7612 Jan 10314 June
3,300 Fisk Rubber
No par
7 Aug 7 164 Feb 13
104 Nov 1913 Apr
1.400 Freeport Texas Co_ _ No par
912July 2 22 Jan 13
1214 Jan 2714 Oct
1,900 Gen Amer Tank Car_ _ _No par 4012July 30 7178 Feb 20,
453 Jan 80
4
Oct
6,900 General Asphalt
100 23 Aug 9 54 Mar 71 3714 Nov 7334 July
200
Do pref
100 61 June 21 83 Mar 7
69 Nov 11 k July
300 General Cigar, Inc
100 8018June 28 94 8 Mar 14
3
4
65 Mar 833 Dec
Debenture preferred
100 1044 Jan 2 110 Apr 2
Oct
Jan 109
94
1,600 General Electric
100 17012May 21 1904 Feb 2 136
Jan 190 Dec
Special
10 1012June 6 12 Jan 2
1013 Oct 12 Sept
42,700 General Motors CorP__No par 123
4June 28 1713 Apr 18
1514 July
814 Jan
Do pref
100 79 July 10 89 Apr 171 69
Jan 86 Sent
1,200
Do Deb stock (6%)_ _100 783
4July 17 91) Apr 7
673 Mar 9614 Oct
4
Do Deb stock (7%)__100 96 June 28 105 Apr 10
7914 Mar 100 Sept
100 Gimbel Bros
No par 3912June 27 5113 Apr 24
384 Oct 454 Oct
500 Glidden Co
No par
7 June 21
1238 Feb 9
93 Nov 1814 June
4
Goldwyn Pictures
No par
31:June 28
43 Dec
812 Oct
4
77 Mar 9
8
III. -iii. ii- - i" IS- -2ii. - - -1. "Hi 22
1,900 Goodrich Co (B F)._ _ _No par 2014 Aug 4 4118 Mar 22
s ii2812 Nov 444 May
793 8014 80
4
80
*7912 80
7913 7913 *80
500
85
Do pref
100 7912 Aug 8 9211 Mar 6
794 Nov 91
Apr
417
18
*17
19
1712 1713 *18
19
*18
100 Granby Cons M,Sm & Pow 100 18 July 5 33 Mar 23
19
22 Nov 35 May
*7
10
*74 9
*713 812
100 Gray & Davis, Inc_ __No par
818 8 8 *713 9
,
712June 27 1558 Mar 7
8 Nov 197 May
8
16
16
16
16
*16
1812 16
1618 *18
700 Greene Cananea Copper__ _100 15 June 20 3418 Mar 6
1812
22 Nov 3458 May
57
6
8 54
6
53
4 5
4 6
500 Guantanamo Sugar_ _ _No par
14 *53
'53
4 6
53 Aug 7 1413 Feb 14
4
145 Mar
8
7 Feb
663 6813 80
4
7012 694 714 70
14,300 Gulf States Steel tr ctfs
4
7113 683 70
100 66 June 28 1045 Mar 21
4478 Jan 9478 Oct
8
*13
5
8
13
3
8
12
12
14
3
8
4
14
1,400 Habirshaw Elec Cable_No par
3 Jan
4
14 Aug 8
378 Mar
213 Jan 12
3312 3312 324 3334 34 34
*33 8 34
5
3438
34
100 Hayes Wheel
100 31 July 5 44 Apr 19 - - - - ---- - -.., ,- 124 1218 13
*13
13
15
15
*13
*13
15
500 Hendee Manufacturing__ A00 12 July 2 2334 Feb 16
4
Jan 283- Belot
15
46112 644 "6112 64
*6112 64
*615 6312 '615 6414
8
8
Ho mestake Mining
100 60 May 23 7978 Jan 2
Jan 82 Nov
55
45
40 4 44
45
4514 46
3
44
447
8 45
3,700 Houston Oil of Texas
4514
100 42 July 30 78 Feb 16
6114 Nov 9Is4 Oct
22
2214 224 223
8 2214 227
8 2214 23
224 223
3.400 Hudson Motor Car_ _No par 20 June 28 3234Mar 8
4
8
1912 Aug 263 Dec
19
19
1812 183
4 1812 184 *1812 1938 19
19
• SOO Hupp Motor Car Corp.... 10 167
8July 3 3012 Apr 2
8
107 Jan 2618 Dec
15
8 134 *15
8 134
134
13
13
4
4 134
112 15
8
900 Hydraulic Steel
114 July 13
No par
1418 June
613 Jan 8
312 Feb
4
4
*4
5
"4
5
*412 5
412 458
1,000 Indlohoma Refining
5
4 June 21 19 Mar 19
153 Dec
4
314 Jan
*5
54 *54 513
512 512
514 514 '5
300 Indian Refining
512
10
8
Jan
514July 5
115 June
5
812 Apr 6
2778 28
2812 2812 29
29
285 2913 28
8
28
1,700 Inspiration Cons Conner_ 20 27 July 31 4334 Mar 1
31 Nov 45 June
'2
212 "2
218 24
24 218 "814 834
23
4
300 Internat Agrlcul Corp
100
24 Aug 7 11 Feb 20
558 Dec 1184 May
"6
74
712 813
77
8 8
*7
83
4 *7
Do pref
800
813
100
614 Aug 1 3978 Feb 23
2812 Nov 4318 Max
34 34
*34
37
*34
37
*3412 3613 344 3413
• 200 International Cement, No par 31 June 28 44 Mar 19
Jan 383 May
26
4
4205 2112 213 22
8
8
*2112 2212 *2112 22 1 203 2112
1,700 Inter Corabus Engine_ _No par
4
1958June 28 2718 Apr 6
2018 June 3012 Sept
72
7212 73
74
7312 74
7214 74 I 73'2 74
4,400 Internat Harvester (new)_100 71 Aug 1 9812 Feb 7
793 Jan 1154 Aug
8
1083 1083 *1083 109 *1083 109
4
4
4
4
1083 10834 z10712 10712
4
Do pref (new)
300
. _100 10713 Aug 9 11614 Jan 4 10512 Feb 119 Sept
512 512 45 8 6
3
54 512
5
2,000 Int Mercantile Marine ___100
54
47
8 47
8
47 Aug 9 1158 Feb 14
8
83 Dec 274 May
4
.2112 2212 2214 223
4 214 22
Do pref
2,000
184 2158' 1812 19
100 1812 Aug 8 47 Jan 5
4158 Dec 874 May
12
12
114 12
117 117
8
8 12
7.300 International Nickel (The) 25 1118July 5 1614 Feb 18
1218' 12
12
193 API
4
1114 Jan
478
7914 '78
7914 '78
i
Do pref
7914 *78
79141 *7814 79
100 6934 Jan 4 82 June 12
jar
Jan 85
60
• 32
323
4 313 323
4
4 3113 317
8 303 327
Stock
2,700 International Paper
4
8' 304 31
100 303 Aug 8 585 Mar 6
4
8
8
4312 Mar 637 Oct
6312 64
*6312 64
*6312 65
46312 6413 46312 64
Do stamped preferred-100 63 July 12 7518 Jan 5
300
59 Mar 8012 Sept
88 9
7
9
93
8
6,100 Invincible 011 Corp___ _No par
94 912
912 94
83
4 914 Exchange
83 Aug 9 1914 Mar 7
4
1218 July 2014 Apt
334 3312 3212 33
*33
700 Iron Products Corp__ _No par 3213 Aug 6 5814 Mar 8
35
33
3312 334 3313
Jan 5318 Oct
24
14
14
14
closed
2,900 Island 011 & Transp v t c
14
3
8
3
8
4
10
1
8
*14
14
14 Jan 2
Jar
3
58 Feb 24
14 NOV
417
1712 1712 1713 '1712 184 *1714 18
300 Jewel Tea, Inc
174 1714
100 1714 Aug 9 24 Mar 15
Jan 2212 May
10
*64
69 '64
68 '65
70
*64
owing to
68
' Do prat
*65
68
100 62 June 20 82 Feb 26
3813 Jan 763 Del
8
57
57
5714 577
8 5712 583
2,900 Jones Bros Tea, Inc
8 563 5552 57
4
100 50 Jon 17 633 Mar 16
57
3413 Feb 57 8 Sept
7
4
410713 109
109 109 *109 110 '109 110 '109 110 funeral of
200 Jones & Laughlin St, pref_100 104 Mar 19 10914 Mar 22 10718 Dec 1093 Des
8
•12
2
2
14
12
.14
12
.3
8
12
.3
8
12
600 Kansas & Gulf .
10
14 Aug 6
312 Jan 12
112 Dec
74 Jar
294 2912 *2912 33
1,800. Kayser (J) Co (new)___No par 28 July 2 457 Feb 23
314 3212 3255 3212 324 3212 President
34 May 4853 Auf
8
*97 100 .97 100
*97 100
Do 1st pref (new)__No par 98 July 2 104 Mar 23
*97 100
*97 100
94 May 10613Juni
293 30
8
294 3113 3113 317
Harding
8 3118 3218 31
6,8001 Kelly-Springfield Tire
31
25 29 Aug 1 6218 Mar 22
3414 Jan 533 Mal
4
99
*95
*94
97
1 Temporary 8% prat_ _ _ _100 95 July 30 108 Jan 18
*95
96 96
97
*95
97
9013 Jan 1073 Mal
4
*854 91
48512 91
*8512 91
I Kelsey Wheel, Inc
*8512 90 ' *8513 91
100 84 4July 2 11714 Mar 6, 61
3
Feb 11512 De(
3313
324 3318 3314 331
15,450 Kennecott Copper
3414 33
2 3312 34
33
No par 32 June 20 45 Mar 1
254 Jan 395 Mal
8
438
412 458
438
8
414 43
458 458
413 458
1,800 Keystone Tire & Rubber__ 10
4 June 21 1118 Mar 24
434 Nov24 8 Mar
3
4214 217
21414 21414 215 215 *212 215 *213 215
300 Kresge(SS) Co
100 177 Mar 2 24812 Apr 25 110
Jan 18912 Nol
'76
78
"75
78
Laclede Gas (St Louls)_ _ _100. 75 July 5 87 Feb 21. 43
*75
*74
78
78
78
*74
Jan 9413 Am
'1814 18 4 *18
3
*18
19
19 I "18
19
*185 19
8
Lee Rubber & Tire_ _ _ _No par, 1712Ju0e 27 313 Mar 22
4
244 Nov 354 Mal
19514 19514 41924 205 *19212 202 *19212 202 *192 202
100 Liggett & Myers Tobacco_100• 1903
4May 21 22234 Feb 9 15314 Feb 235
Oci
114 114 '111 115 *113 115 *113 115 '4112 115
Do pref
100
100, 11134 Apr 4 1184 Jan 8 108
Jan 12312 Nol
597 603
8
6118 6114 6214 613 623
4 81
6138
8
8 61
3,500 Lima Loc Wks temp ctf.No yari 5814June 28 747 Mar 20
8
52 Nov 1174 Ma5
143 147
4
8 143 15
4
15
147 15 1 143 143
8
15
2,300 Loew's Incorporated_ _ _No par' 14 June 21 214 Feb 14
4
4
105 Jan 233 San'
8
4
'64 7
63
s 63
8 *6 8 7
*613 63
3
300 Loft Incorporated
4
63
5 63
8
No pari
618June 30 1134 Jan 5
9
Jan
1414 Mal
44012 45
"4012 45
*4013 45
4214 4214 '4012 4.518
100 Loose-Wiles Biscuit
100, 363
4July 3 6314 Mar 2
36
Jan 677 Sep:
8
•152 155 *152 155
155 155 *15512 158 .4155 156
100 Lorillard (F)
100 146 June 21 17858 Feb 9 14714 Jan 180 Beni
•106 110 "106 112 *106 115 "106 110 *106 110
Mackay Companies
100. 103 May 23 121 Feb 6
Jan 117 Del
72
*6412 6612 *6412 6512 .6412 6.512 *65
46412 87
Do pref
654
100 6412July 30 7013 Feb 16
57
Jan 70 Not
6912 7013 7013 72 8 7252 7418 73 2 751
1
2 7214 7414
1
19,400 Mack Trucks, Inc
NO Part 5818 Jan 2 9312 Apr 6
254 Jan 617 Sen
8
93 "92
95
492
492
93
492
93I '92
Do 1st preferred
93
100, 87 July 3 9914 Mar 12
88 Feb9412 Del
83
4
80
*8012 84 "8012 83
83
83
Do 2d preferred
83
83
300
100 72 June 29 92 Mar 5
Jan 873 Sep
54
4
5712 5713 *5712 60
*5714 5912 5818 5818 •5834 59
400 MacY
No pal 57 July 2 7112 Jan 20
59 Nov62 Del
225 2314 423
8
243
4 233 2412 24
2
2414. 2312 237
1,200 Mallinson (H R)& Co_No par 21 June 27 40 Jan
8
1512 Jan 40 Aul
2
46
4
44
17
50
48 '45
'40
47 1 45
9001 Manati Sugar
45
100 43 July 31 7514 Mar 14
304 Jan 52 Mal
*70
80
80
470
*70
80 '70
80 1 '70
80
I Do pref
1001 75 June 20 90 Feb 26
7314 Apr 8414 Sep
42
441
42
42
42
441
3978 4018 36
1,000 Manhattan Elec SupPlyNo par 36 Aug 9 66 Mar 21
377
8
41 Mar 6934 Ap:
44
*43
*43
44
4412 *43
*43
45
43
100 Manhattan Shirt
43
25 42 June 27 4772 Jan 5
32 Ma
5834 0.3
2814 29
284 30
28 4 291
3
8 2913 304 2912 3018
2,300 Marland 011
No par 2714 Jan 6 5958 Apr 2
2258 Jan 463 Juni
8
*714 10
*712 10
714 714 '7
10
7
7
200 Marlin-Rockwell
No par
7 July 5 16 Feb 28
8
513 Mar 263 Ma:
1
14 26 8 2734 28
26 4 27
274 27
3
28
2712 28
1,200 Martin-Parry Corp-....No par 26 July 31 373 Apr 17
4
2014 Jan 3614 Juni
41
4112 42
4112 4112 41
3913 3913 41
41
800 Mathieson Alkali Works__ 50 36 June 28 641 Mar 14
:
Jan 54 Noi
22
37
3712 3812 39
3912 41
39
41
*3812 41
2,300 Maxwell Motor Class A__ -100 3634 July 2 6314 Mar 8
4114 Nov7414 Mal
1312 *124 1313 1212 124 *113 124
4
113 1134 '12
600 Maxwell Motor Class B No par 1012June 29 21 Apr .5
4
11
Feb2573 Jun
75
7.5
75
755
7812 75
8 75
7314 7334 74
3,800 May Department Stores_ -100 674 Jan 5 86 June 7
6512 Dec 17434 De
8
1618 1814 1614 *1814 1612 183 1613 1614 1612
16
1,100 McIntyre Porcupine Mines__
16 July 24 2012865y 4
1058 Jan
2138 Ma
• Mexican Petroleum
4200 250 *200 250 4200 250 *200 250 •182 235
100 210 July 26 293 Jan 2 10634 Jan 322 De
' Do prat
495 105
495 110 '95 110 '95 110 '95 110
100 10014 Feb 28 10514 Mar 16
794 Jan 108 Do
114 1112 *1118 1112 1118 1138
4 11
3
1114 10
1.200 Mexican Seaboard 011_ _No par
11
93
4July 5 2334May 28
15
Oct3413 Jull
1012 1012 '1012 1112 41013 1112
11
goo
Voting trust certificates_ _ _
410
10
10
.
83
4July 5 2314May 28
12
Oct 3218 Jull
2314 2314 23 8 2338 2314 2314
3
23
23
900 Miami Copper
2212 23
5 2212June 21 3012 Feb 23
25 Nov 313 Mal
8
63 68
3
25.000 MIddle States 011 Corp_ _ _ 10
8
5
6 8 65
5
612 614
.
614 612
814 64
64 Aug 1
1214 Jan 12
11 Nov
18
AP
241 25
8
3
24
1,700 Midvale Steel & Ordnance- 50 2112June 29 333 Apr 18
24 4 2412 25
24
2434
42314 24
8
264 Dec 454 Ma:
5714 58
57
57
551 57
2
1,300 Montana Power
5712 59
60
4
59
100 5412June 28 75 Mar 8
63
Jan 783 Sep
8
1914 1918 1914 1834 16i8
19
6,800 Mont Ward & Co Ill Corp_ 10 1814May 22 26 Feb 13
3
18 4 19
19
19
12 Feb 253 Am
4
211 211
8
8 2112 2112
1,800 Moon Motors
3
2113 20 4 2114 2112 22
20
No par, 173 Jan 17 293 Mar 22
4
8
8
193 De
13 Aug
912 932
4
912 93
5,000 Mother Lode Coalition-No par
8
912 *94 93
9
9
9
718June 20 14 Feb 20
1214 De
94 Nov
*12
16
412
18 '12
16
200 Mullins Body
18
8
114 117 412
No par 113
8July 30 297 Mar 15
8
1714 Dec 34 Ma
9112
9113 *88
913 914 89
8
500 Nash Motors Co
93
*9112 93
93
No par 754 Jan 2 11413 Jan 12
70 Dec 525 Jul:
98
200
9712 9712 *97
*9712 98
Do preferred A
9713 9713 *974 98
100 9613 Apr 23 1013 Jan 17 10112 Aug 108 De
4
3
200 National Acme
41013 1112 "104 1113 1038 10 8 •1012 114 1012 1012
50 1038 Aug 7 1818 Feb 19
2114 AD
912 Nov
417 4238 4214 4214
8
42
42
7,500 National Biscuit
41
4112 4118 42
25 38 Jan 5 4314 Mar 19
8
367 Dec 270 De
122 123 4122 123 '122 123
Do pref
4122 124 "122 123
100 11812July 5 125 Feb 2 11312 Jan 126
Oc
51 '50
52 '50
51
'48
300 National Cloak & 8ult
51
51
51
*48
100 4218June 21 6714 Feb 21
8
Jan 687 Sep
26
500 Nat Conduit & Cable._NO Dar
as
"8
14
12
12
*83
12
*14
12
*4
14May 31
112 Feb 24
418 AP
1 Dec
8
58 8 593 z58
7
57
1,100 Nat Enam'g & Eltamping_100 5512July 2 73 Mar 14
59
58 '58
58
5912 59
4
305 Jan 6812 Oc
4
4
4
411114 113
4
400 National Lead
113 113 *1123 1133 *1123 14112 11214 1128
100 108 July 5 13634Mar 20
Jan 1294 Da
85
•110 1124 "110 11712 4110 11212 '110 1124 4110 11213
Do pref
100 10712June 28 114 Jan 4 108
Oc
Jan 117
1112 1112 1118 1112 *114 114 114 1118 1118 1118
Nevada Consol Copper_ _
1,700
. 5 1118June 26 183 Mar 5
1918 Jun
1318 Nov
8
31
4 31
1
1,200 N Y Air Brake (new)
8
..No par 2658 Jan 2 41 Apr 25
307 3134 30 4 303
5
3014 30 8 31
30
2412 Nov 415 Sep
8
445
*4512 47 I 4512 461
47
Class A
100
446
No par 4512 Aug 9 5113 Feb 13
47
12 *4512 48
454 Nov 5114 Oc
4
New York Dock
12 *1512 1712 *1514 1712 *1514 173 *1514 1732
•1513 17
100 1514June 30 27 Apr 2
20 Nov 46 Jun
4
4
*373 41 1 *373 41
Do pref
400
*374 41
38
38
100 38 Aug 4 514 Mar 15
40
38
46 Nov 6811 Jun
North American Co
50 10012 Jan 16 1191/ Feb 24
4418 Jan 10614 De
300
Do pref
144 -iii. lit
,-1.
12
;ll4 -41 4 1414 -445* 1412 'iiTis . 3- •
i
:-Jan 4714 Au
50 4212July 2 4812 Feb 14
38
Nova Scotia Steel & Coal_ _100 19 July 31 297 Mar 3
*18 22 •1214 217. •1214 217 *174 2113 '18 2184
8
4
203 Feb 40 Sell
8
812
8
812 812
8
8
813 812 ,8
1.600 Nunnally Co (The)__ __No par
8 I
4
8 July 121 Ms
8 June 28 1018 Feb 9
44. 412 4
43
2 432
412 412
400 Ohio Body ee Blower_ _No par
37 July 14 1018 Jan 29
4
412 418
8
5 Nov 144 All
438 Jun
200 Okla Prod & Ref of Amer__ 5
13 Dec
4
14 '112 13
14
4
112July 30
4 '14 13
318 Feb 8
153 14 *14 13
434 5 I *312 41
Ontario Silver Mining____100
*34 5
4312 413 "34 5
94 Ma
3 July 21
77
8May 7
412 Jan
17
17
8
17
4167 17
8
17
200 Orpheum Circuit, Inc
123 Jan 28
3
Oc
8
*167 175 •167 17
8
1 1614June 21 215 Apr 28
8
•Itnz. is,
its I1A
1171. 1171. •1111
119
1171, 1171
300 Otis Elevator
Jan 168 4 Oc
3
100 1144July 30 153 Feb 16 118

-20r4

•Bid and asked prim% no sales this day. z Ex-dividend.




New York Stock Record-Concluded-Page 4

655

For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 4.

Monday,
Aug. 6.

Tuesday,
Aug. 7.

$ per share $ per share $ per share
.71, 812
8
8
74 8
3
417 4214
8
8
415 424 415 42
8
*12
52
*12
52
*12
3
4
77
7612 7612 7612 7612 77
*8
9
*9
11
8
8
32
3214 324 3318 334 3312
8
1212 123
4 1212 1212 1258 125
583 593
4
4 59
/ 6114
1
4
5612 58
567 577
8
8 5714 587
8
547 50
8
*15
8 2
*15
8 2
*15
8 2
*918 10
918 918
*918 10
23
4 24
24
212 27
23
4
8
*8712 88
88
88
*8712 88
44
44
434 4312
43 43
5518 56
•56
57
*56
60
214 217
8 2112 2214 2012 22
75
814 84
8 75
8
812 8 8
7
*173 184 184 187
4
18
18
8
212 212
25
8 23
212 25
8
4
2512 2512 1*25
30
*25
30

1Wednesday, Thursday,
Aug. 8.
Aug. 9.

Friday,
Aug. 10.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1922,
Lowest

Highest

$ per share 5 per share $ per share Shares Indus. & MisceII.(Con.) Par $ per share
$ per share $ Per share $ per share
8
8
8
8
1,800 Otis Steel
7 June 30 1434 Mar 21
No par
67 Nov
2
1612 Apr
*4214 423
4 4178 42
2
2,500 Owens Bottle
25 3618 Jan 2 523 Apr 2
52
24
Jan 4238 Sept
4
Pacific Development
*12
52
*12
5
5
12 Dec 1418 Apr
214 Mar 5
765 765 *76
8
8
77
Gas & Electric
400 Pacific
100 744May 4 85 Jan 5
60
Jan 911 Sept
/
4
*8
11
*8
9
5
7 July 2 123 Mar 14
100 Pacific Mall Steamship
11
Jan
4
19 June
33
337
8 33
11,500 Pacific Oil
333
4
3112July 5 48 Jan 4
4212 Nov 693 May
/
1
4
2
123 127
4
8 123 132,300 Packard Motor Car
4
10 1018 Jan 8 1512 Mar 22
10 Dec 21 Nov
5914 6138 5812 60
21,800 Pan-Amer Petr & Trans
50 .547g July 30 9312 Feb 7
487 Jan 1007 Dec
8
8
57
59
561 573
/
4
B
Do Class
459,600
50 51 July 2 86 Feb 7
4012 Feb 9534 Dec
*15
8 2
.15
8 2
Panhandle Prod & Ref_No par
2 June 21
614 Apr 5
3 Dec 1212 Jan
918 918 *918 10
No par
200 Parish & Bingham
9 May 23 1512 Mar 13
712 Nov
17
Apr
23
4 23
4
25
8 27
8
8.700 Penn-Seaboard St'l v t cNo par
212 Jan 2
2 Dec 13 May
/
1
4
6 Apr 4
/
1
4
8812
*88
8812 *88
200 People's G L & C (Chic)__-100 86 Apr 27 9412 Jan 30
593 Jan 99 Sept
4
*44
444 44
/
1
44
Philadelphia Co (Plttsb) _ 50 41 July 2 5014 Mar 19
600
3112 Jan 45 Sept
/
1
4
*56
57
55 55
No par 55 Aug 9 80 Apr 4
400 Phillips-Jones Corp
7314 Oct 10518 Jan
203 213
4
4 2118 223
8
23,600 Phillips Petroleum _ _..No par 2012 Aug 7 69 Apr 5
/
1
4
2814 Jan 5914 June
57
/ 9
1
4
74 8
3
614 July2 1514 Jan 14
2,700 Pierce-Arrow Mot Car.No par
/
1
4
8 July 24 Apr
174 18
173 1814
4
Do pref
100 1312July 2 355 Jan 9
2,000
8
187 July 49
8
Apr
212 212
212 212
25
1,700 Pierce Oil Corporation
112July 5
6 Feb 13
3 Dec 12
/
1
4
Jan
*25
28
*24
25
Do pref
100 25 July 9 45 Jan 4
100
Jan
32 Sep
71
Pigg Wigg Stor Inc"A" No par 5514 Jan 17 124 Mar 20
/
4
39 Nov 591 Dec
raiz -- - ;58i8 0 ;5878
5
i
;LiC 59. '
- .. - 3.i5- 61i 4
100 58 Jan 16 677 Mar 7
2,800 Pittsburgh Coal of Pa
8
55 Nov 72 Sept
/
1
4
*9914 Roo *9914 100 *9914 100 9914 9914 *9914 100
100 9712July 11 100 Apr 5
300
Do pref
9018 Feb 10012 Sept
Pond Creek Coal
10
94 Mar 1 471 Feb 15
/
1
/
4
1414 Feb 41 Dec
"i§T4 4814 -4854 4834 -iAr2 - - *481-2 121- ;igi2 -iii2
483
4
-4
No Par 47 July 5 134 Feb 6
900 Postum Cereal
Oct
65 8 Apr 120
5
*105 112 *105 11214 *105 11214 *105 11214 *105 11214
Do 8% preferred
100 10812June 30 11414 Jan 25 10512 Apr 112
/ Oct
1
4
*495 51
8
49
504 *50
/
1
53
51
51
5014 501/4
100 49 Aug 6 8112 Jan 2
600 Pressed Steel Car
63
Jan 9514 Sept
*90
90
90
90
90
9012
90
90
*897 90
8
100 86 Jan 22 993 Jan 5
300
4
Do pref
91 Feb 108 Sept
29
294 293 303
4
8 3118 314 31
4 3012 315
3112
32,200 Producers & Refiners Corp_ 50 29 July 31 584 Mar 20
/
1
2418 Jan 51 Sept
Public Service Corp of NJ_100 91 May 22 104 Mar 21
66
Jan 100 Nov
*111 112- Hi- 1137 114's 114 siiir4 113li Hi- Ili8
----- '2
1,200 Pullman Company
100 11012July 2 134 Mar 8 10512 Jan 1393 Sept
4
4314 4438 443 46
8
46
4514 4612 451 453
46
/
4
4
5,600 Punta Alegre Sugar
50 4178July 31 691 Apr 19
31
Jan 5314 June
/
4
1734 18
1718 175
8 17
18
177 1818
/ 173
1
4
2
8
4 177
4,800 Pure Oil (The)
25 1678June 18 32 Feb 13 '261 Nov 385 Jan
8
/
4
*85
*85
92
*85
92
*85
92
90
*86
90
Do 8% preferred
100 88 July 27 100 Mar 9
94 July 10234 Apr
4
10114 10212 102 102 *102 1033 102 102 *100 104
600 Railway Steel Spring
100 100 June 30 123 Mar 17
94
Jan 12614 Sept
8
295 295 *295 3014 *295 3014 295 29
8
8
8
8
/ *295 3014
1
4
8
200 Rand Mines, Ltd
No par 2914 July 16 343 Feb 19
8
1912 Jan 3612 Sept
1018 1014 104 1018 1018 1018 10
/
1
1018 10
1018
1,300 Ray Consolidated Copper_ 10 10 June 28 1714 Mar 1
1218 Nov 19 May
32
*30
*29
34
*29
34 .30
34
*28
34
Remington Typewriter v t c100 24 June 27 484 Mar 6
24
Jan 42 Mar
*85 100
*85 100
*85 961stpreferred v t c
*85
93
*85 100
100 100 Mar 5 104 Feb 13
Jan 105 Dec
55
*87
9314 *87
95
95
•
87
95
*87
*8712 9314
2d preferred
100 80 Jan 3 9114 Apr 24
5012 Feb 8034 Dec
1014 1134
3
9
/ 104 10
1
4
103 107
4
8 10 4 1112
101/4
15,700 Replogle Steel
No par
9 8 Aug 8 313 Feb 16
7
4
21 No
38z May
445
8 4312 4414 424 431/4
437 4412 44
1
425 43
8
/
1
4,400 Republic Iron & Steel
100 4018June 30 6634 Mar 21
/
1
4
4812 Nov 78 Mar
91
91
901
92
8934 893 *89
*89
*88
92
4
2100 86 June 21 967 Mar 21
Do pref
200
8
74 Feb 9524 Mal
1934 1918 1918 194 1914
1912 19
185 1014 19
8
/
1
No par 14 June 30 291 Apr 17
1,700 Reynolds Spring
/
4
1214 NOV 504 June
624 63
623 53
4
6334 64
615 62
8
633 631/4
4
2,800 Reynolds(R J) Tob Class 13 25 47 Jan 10 6734May 28
4
43 Mar 633 Nov
116 116 *115 116 *11512116100 Do 7% Preferred
*115 116 *115 116
100 114 July 9 118 Feb 9 11112 Apr 11834 Oct
424 423 423
8 42
/
4
8
4 411 425
403 413
4
4 423 4 4
8 2
4012 Aug 1 5518 Feb 19
3,400 Royal Dutch Co(NY shares)_
/ Jan 67 June
1
4
47
1818 1814 18
18
177 174 18
8
18
173 1734
4
10 17 June 29 2258 Mar 9
800 St Joseph Lead
8
125 Jan 201 Sept
/
4
2
2
•178 2
*17
8 2
*17
8 2
8
17
11/4
1,200 San Cecilia Sugar v t c-No par
158JUly 11
5 Feb 14
112 Jan
6 Mar
/
1
4
21
2112 2112 2214 2214 *22
21
23
*2212 24
300 Savage Arms Corporation_100 1812 Jan 3 30 Apr 5
2478 Apr
10 14U
723
4 7212 733
8 73
70
703
4 72
7412 7112 7234
100 6812June 29 924 Feb 13
6,500 Sears, Roebuck & Co
9478 Aug
594 Fe
*101 108 •10I 108 *101 108 *101 108 *101 108
Do pref
100 10612June 4 11312June 12
91
Jan 112 Aug
7
/ 7
1
4
/ *73
1
4
4 8
7 8 74
5
*73
4 8
*75
8 8
No par
6 June 20 1212 Mar 3
Stock300 Seneca Copper
6
Oct 2314 Jan
614 614 *512 6
*5 2 6
,
553 55
8 *54 7
/
1
200 Shattuck Arizona Copper__ 10
612 No
7
5 8 July 6 10 2 Mar 2
12 June
/ 2912 2912 2912 2914 2938 *2938 30 Exchange
1
4
*2818 2912 *28
500 Shell Tramp & Trading__ £2 2914 Aug 8 4114 Mar 7
3412 Dec 4818 May
1514 153
171 164 17
/
4
4 1512 1534 16
/
1
165 163
No par 124 Jan 8 1914May 23
/
1
8
21,900 Shell Union 011
4
1218 Dec 1314 Dec
2158 2112 2214 2112 2214 2112 2218 215 22
21
8
closed
25.200 Sinclair Cons Oil Corp_No par 21 Aug 1 393 Mar 19
8
1834 Jan 383 June
4
14 8 1314 1418 1318 1334 1318 133
5
1412 1518 14
10
958 Jan 2 35 Mar 31
431,400 Skelly 011 Co
8 8 No
5
1178 Oct
42
42
411 42
/
4
*43
45
*4218 43
*42
45
owing to
500 Sloss-Sheffield Steel & Iron.100 3914July 11 60 Apr 26
3412 Mar 5412 May
82
*76
82
*76
*76
82 '
370
80
*70
Do pref '
100 68 Jan 13 90 Mar 16
80
66 Ma
80 Aug
404 4018 *4012 424 *4012 423 funeral of
3814 3814 *40
43
4
300 South Porto Rico Sugar_ _ _100 39 July 6 644 Apr 19
33 NOV 5714 Mar
1312 1312 14
14
153 16
8
15
15
/ 15
1
4
15
1,500 Spicer Mfg Co
No par 113
4June 30 273 Feb 16
4
15 Nov 24 June
90 90
*89
94
*89
94
*89
94
*89
94 President
/
1
4
100
Do pref
109 90 Jan 3 97 Feb 2
84 Apr 96 Sept
*65
80
*65
80
*65
80
*65
80
*65
80
Standard Milling
100 70 July 5 9012 Jan 23
843 Dec 141 Sept
4
4712 473
/ 48
1
4
/ 484 483
1
4
4 47
/
1
4 487 495
s
8 485 491 Harding
8
/
4
9,700 Standard Oil of California_ 25 474July 30 12312 Jan 2
9134 Jan 135
Oct
314 3134 3114 32
/ 3112 32
1
4
/ 3214 33
1
4
3134 327
8July 31
10,300 Standard Oil of New Jersey 25 307
4414 Mar 3
3812 Dec 25012 Oct
8
117 117 *1163 117
4
117 117
1163 11638 11612 117
8
900
Do pref non-voting_ _ 100 115 June 2 118 Feb 21 113
/ Jan 1164 Nov
1
4
/
1
1065 10814 10712 109
8
109 1094 1104110¼ 1105 11058
/
1
8
19,800 Steel & Tube of Am, pref_ _100 85 Jan 2 11058 Aug 9
68 Mar 90 May
/ 55
1
4
*54
*53
55
544 544 54
/
1
/
1
/ 54
1
4
/ 5412 5412
1
4
300 Sterling Products
No par 51 June 29 6758 Mar 2
4518 May 633 Dec
4
*114 116 *114 116 *114 116 *114 116 *114 116
Stern Bros, pre'(8%)
100 10612 Jan 2 115 Jan 5
81
Jan 109 Dec
8314 85
8412 863
8 855 874 855 8718 8512 8612
8
8
-Warn Sp Corp_No par 74 July 5 12412 Apr 17
14,900 Stewart
24
/ Jan 79 Dec
1
4
64
623 64
4
655
8 654 66
66
68
6618 673
4
6.900 Stromberg Carburetor-No par 8912July 2 9414 Mar 6
3514 Jan 71 Dec
8
10012 10218 1013 1035 1023 10412 10212 1043
8
4
4 993 101
8
103,400 Studebaker Corp (The)_ _.J00 9814July 2 12614 Mar 21
791 Jan 14134 Dec
/
4
*115 11614 *115 11614 *115 11614 *115 11614 *113 11612
/
1
4
Do pref
100 112 Jan 4 116 June 27 100 Feb 11814 Nov
74 74
7
/ 77
1
4
8
71 8
/
1
4
8
8
7
/ 8
1
4
1,600 Submarine Boat
No par
7 Jan 3 15 Apr 6
312 Jan
8 Nov
/
1
4
*3
3
318
3
3
3
24 2
3
/ *27
1
4
8 3
800 Superior Oil
par
238June 18
No 10o
634 Feb 15
4 Nov 1014 June
29
*24
*24
28
*24
29
*24
29
24
24
100 Superior Steel
24 June 29 34 Mar 22
26
Jan 3912 Apr
*115
112
114
112
114
114
1
1
14
1
1
900 Sweets Coot America
10
1 June 4
2 Jan 12
/
1
4
15 Nov
8
5 Mar
812 812
84 84
8
/ 94
1
4
8
/ 914
1
4
8
/ 9
1
4
3,100 Tenn Copp & C tr ctfs_No par
8 June 21
1234 Feb 21
83 Nov
8
124 May
393 4012 4018 4114 407 4218 4112 4214 413 411
4
8
8
/
4
21,300 Texas Company (The)_ _
25 393 Aug 4 52 Mar 20
4
/
1
4
42 Mar 5214 Oct
463 5718 57
5612 57
4
5714 565 57
8
53
/ 5612
1
4
14,600 Texas Gulf Sulphur
10 5314 July65 Jan 15
3812 Jan 6718 Nov
814 8 8
3
84 918
8
/ 914
1
4
812 9
85
8 0
5,100 Texas Pacific Coal & Oil_ _ _ 10
712 July31 2414 Feb 2
1812 Nov 323 June
4
*98 100
*96 100
*983 100
4
*99 100
*99 100
Tidewater Oil
100 94 July 2 144 Mar 2 1093 May 154
4
Oct
/
4
36
3612 371 373
4 37
/ 373
1
4
4 3714 381 364 3 4
/
4
63
3,600, Timken Roller Bearing_No par 3318 Jan 2 45 Mar 8
2812 Sept 35 Oct
*47
/ 50
1
4
463 48
4
48
48
49
5014 *50
503
4
2,900 Tobacco Products Corp_.100 4634 Aug 4 6112 Apr 27
4914 Nov 8414 June
7812 791 8012 80
/
4
78
SO
80
8114 804 803
s
2,100
Do CIA (since July 15) 100 761 July 2 85 Mar 2
7 Aug76
5912 Sent
5
/ 512
1
4
514 53
4
5
/ 5
1
4
/
1
4
53
8 51
/
4
47
8 55
8
25,000, Transcontinental 011_ _ No par
4 Aug 9 1412 Jan 5
/
1
4
7 Mar 2018 May
/
1
4
6112 6112 6112 *61
61
64
*61
6212 *61
63
300 Union Bag & Paper Corp.j00 61 Aug 4 771256ar 98
55 Mar 73 Sept
*18
14
18
18
*18
1,
18
15
l
18
600 Union 011
No par
18 Jan 4
14 Jan 3
18 Dec 25 June
*82
86
*82
86
86
*82
•
84
86
*82
8512
Union Tank Car
100 81 Feb 1
9934 Mar 19
4
85 Dec 1345 Dec
/
4
/
4
*106 1081 *106 1081 *105 108 *105 10812 *105 10812
Do pref
100 10612July 19 112 Jan 19 102 Feb 113 Sept
*30
3012 *30
30
304 *304 307
/
1
30
8 3
018 304
No par 29 July 31 3912 Mar 21
500 United Alloy Steel
25
Jan 4114 May
78
78
*77
80
7912 7912 .78
8012 77
78
400 United Drug
100 753
4July 2 853 Feb 26
4
Oct
607 Mar 85
8
473 *4612 4712 *46
4
473 *46
4
*47
4712 *46
4712
Do let preferred
50 4614 Feb 14 48 Mar 1
4118 Feb 5178 Oct
168 168
16712 16712 1663 1663 *167 170
4
4
1643 166
4
800 United Fruit
100 15212 Jan 17 183 Mar 2 11934 Jan 162 Oct
cots 6912 *69
71
71
72
73
7334 *71
7312
700 United Retail Stores_ _ _No par 644 Feb 1 8418 Apr 17
4312 Feb 8712 Oct
25
2518 2512 253
24
25
24
4 25
*2412 25
800 U S Cast Iron Pipe & Fdy_100 20 July 3 3412 Mar 2
1618 Jan 39 Aug
*65
70
70
*66
71
*66
*66
70
*67
71
Do pref
100 64 June 21 7234 Jan 3
Jan 78 Aug
50
3
3
2
/ 3
1
4
3
/ 314 *3
1
4
24 23
4
33
8
900 U S Food Products Corn_ _100
218June 28
1018 Jan
234 Feb
612 Mar 19
153 16
4
153 153 *1514 16
4
4
*1512 16
*154 153
/
1
4
500 U S Hotrn Mach CorP_No par 15 June 30 25 Jan 27
8
1812 Nov 257 May
47
471 46
/
4
8 4612 47
44
447
4612 4514 46
4,200, U S Industrial Alcohol. _ 100 40 June 29 7314 Mar 16
7278 Oct
Jan
37
•96 100
*96 100
*96 100
*96 100
*96 100
Do pref
I
100 9514June 29 101 Mar 28
Oct
7212 Dec 102
93
933 933
8
8 94
94
9212 9212 03
933 9414
8
1,100 US Realty & Improvement100 881s July2 106 Mar 5
/ Oct
1
4
58
Jan 92
385 393
8
8 3818 39
384 3718 39
/
1
37
384 3812
9,100 United States Rubber
100 37 Aug 4 644 Mar 22
46 Nov 6712 Apr
94
94
*94
95
95
95
9212 04
94
94
700
Do 1st preferred
91 Sept 107 July
100 9212 Aug 4 105 Jan 13
237 237 *23
8
2312
s
*2212 2312 2312 2312 *2312 24
200 US Smelting, Ref & Min
33 Feb 4834 Oct
50 20 June 28 43 8 Mar 2
3
*4218 43
*424 43
*4218 43
*4218 43
427 427
8
8
100
Do pref
4214 Feb 49 Aug
50 4012June 28 4818 Jan 3
4
/
4
8
8718 8612 8818 873 891 873 887
8 863 875
86
4
8
91.300 United States Steel Corp_ _100 8512.july 31 1095 Mar 21
Jan 11112 Oct
82
2
1163 117
4
118 118 211618 11614 11618 117
11714 11714
3,700
Do pref
/
1
4
100 11618 Aug 6 12312 Jan 15 113 Feb 123 Sept
5818 584 *59
5934 59
59
60
60
5812 59
600 Utah Copper
7112 Sept
59 Nov
10 56 July 5 7612 Mar 5
15
15
15
15
1514 151 15
/
4
1512 1512
15
97 Jan 2312 Sept
8
1,100 Utah Securities v t C
100 1418June 27 2438 Feb 16
8
/
4
30
29
29 I 275 281
8
2612 2712 263 291 29
/
4
8,000 Vanadium Corp
3014 Jan 534 Aug
No par 2484 July 5 4458 Mar 20
*80
90
90
*80
•_
90 *_
90 I *80
90
Jan 100
Van Raalte, 1st pref
92
Oct
100 8912May 31 98 Jan 25
812
812 812
812 83
4
8
83
8
8
8
2,500 Virginla-Carolina Chem_ _100
Mg Mar
2314 Nov
614June 27 27 Feb 20
214 2118 2212 2212 223 223
8
8 23
22
24
22
700
Do pref
58 July 83
Oct
100 17 June 27 69 Mar 15
50
*52
56 i *52 .
*52
59
*52
5_6_
59
*52
43 Mar 9412 Jan
Virginia Iron, C & C ......10O 52 July 2 68 Mar 5
*7612 ___; *7612
*7612--•7612 - - '613 - 1
66 Mar 88
Do pref
Oct
100 7712June 28 85 Apr 23
1712 1734 1712 1734 1714 1714 161 1714
/
4
1712 18
16 Dec
4,600 V1vaudou(V)
818 Jan
No par 1514 Jan 17 23 Mar 22
4
4
*1312 133 .1314 133 •134 1334 *1314 134
/
1
4
•133 14
10
/ Oct 17 AM
1
4
Weber & Hellbroner_ -No Par 1214 Jan 27 153 Mar 8
8
3612 *3412 3612 *3412 3612 *3412 3612
•3412 3612 *35
6614 Jan 983 Oct
Wells Fargo Express
4
100 3412July 11 105 Mar 2
/ 1054 1053 10612 10612 *10512 107
1
4
/
1
8
1047 104
8
105 105
89 Feb 12114 Aug
500 Western Union Telegraph-100 10118July 5 11912 Feb 20
8
*794 8312 *79
84
*803 83
83 .80
83
80 Mar 114 Dec
*79
Westinghouse Air Brake_ _ - 50 76 July 5 120 Feb 17
5618 57
5712 58
/ 57
1
4
8 5512 56
2
4
4918 Jan 65 Aug
543 555
5778
15,300 Westinghouse Elec dt Mfg_ 50 5212June 30 67' Feb 16
/
1
4
24
23
/ 24
1
4
234 235
/
1
8
234 2312 2318 2312 24
1,600 White Eagle Oil
25 May 33 2 Nov
7
No par 2318 Aug 4 304 Mar 20
483 4912 485 4918 49
8
5
48
49
/ 4718 48
1
4
54 Sept
354 Jan
46
2,400 White Motor
8
50 45 June 28 607 Mar 19
2
158
13
8 13
8 *13
112 *15
13
8
2
112 112
112
87 Feb 19
8
212 Dec
12 May
1,800 White 011 Corporation_No par
8July 5
13
7
7
7
*612 712 *7
712
*8
7
7
812 Nov
500 Wickwire Spencer Steel
2172 May
514July 28 14 Feb 13
5
7
714
71 714
/
4
Vs 714 711 73
8 j
71 714
/
4
10.400 Willys-Overland (The)_ _ _ _ 25
412 Feb
814 Jan 5
10 May
5 June 21
2
4
677 6812 663 6814 66' gm
8
68
66
24 Feb 4912 July
/
1
4
10,700
6512 67
Do pref (new)
100 4212 Jan 2 69 Apr 6
/
4
2112 214 *2112 22
s
700 Wilson & Co.Inc, v t c_No par 19 June 27 423 Mar 7
2714 Jan
4
• / 2112 •213 2112 211 22
211
4
5012 Sept
4
4
4---- '663
4
__
_ *663 ____ *663 ---- '663
I
66
Do pref
Jan 91 Sept
6612
100 64 July 13 80 Feb 8
234 234 *234 238 *234 238 .x23114 2311/4
200 Woolworth Co(F W)
Jan 223 Nov
*232 '234
100 19918 Jan 24 23912May 11 137
*26
27 I *25
28
*25
27
27
27
100 Worthington P & M v t a_ _100 234July 3 4018 Feb 15
27
267 Nov 5572 June
8
*25
912 912
•012 10
*012 10
*912 978 *912 10
100 Wright Aeronautical_ __No par
6
Jan
814 Jan 17 11 May 17
11 Aug
•Bld and wilted prices; no sales on this day. s Es-dividend.




656

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-exceptfor income and defaulted bonds
BONDS.le..Z
N. Y. STOCK EXCHANGE .'t'
s
..,772_
Week ending Aug.9 .

Price
Thursday
Aug. 9

Week's
Range or
Last Sale

.,,
u.
..1
4z ji
j

Range
Since
Jan. 1

Bid
Ask Low
High No. Low
U. S G
ment.
High
First Liberty LoanJ D 100142 Sale 100
100322 387 100 101.90
354% of 1932-1947
.1 D 98722 ____ 98 22 98222
,
1 97522 98.90
Cony 4% of 1932-1947
.1 D 98102:Sale
98222 981134 298 96312299.10
Cony 454% of 1932-1947
J D 971,24981322 971,22July23 _ - _. 97.0099.00
20 cony 451% of 1932-1947
Second Liberty LoanMN 98 32
941,as 98 22
,
,
5 96313198.70
4% of 1927-1942
MN 98.22 Sale 98122 981 22 1063 96142298.88
Cony 43.4% of 1927-1942
Third Liberty LoanM S 98 42 Sale 981232 99 5212 971'4299.18
,
434% of 1928
Fourth Liberty LoanA 0 98322 Sale
98422 981122 1772 97332 99.04
451% of 1933-1938
A 0 991322Sale
991132 99342 596 981422100.04
Treasury 4545 1947-1952
41930 Q .1 --------10474 July'23 ____ 10212 10412
28 consol registered
d1930 Q J--------103 July'23
102
2s consol coupon
103
1925 Q F --------104 May'23
48 registered
10312 104
1925 Q F --------10312 May'23
48 coupon
1034 10312
.
Panama Canal 10-30-yr 2m_k1936 Q F _ _ _ _-- 100 July'21 _ _ .
1961 QM 9312 _
9413 Apr'23
Panama Canal 38 gold
04; - 1
9
1961 QM --------0314 June'23 _ __ - 9312 9632
Registered
State and City Securities.
N Y City-454s Corp stock_1960 Ni 9
1964 M S
452's Corporate stock
1966 A 0
45.48 Corporate stock
1971 J D
45473 Corporate stock
4s Corporate stockAuly1967 J 1
1965.3 D
4 s Corporate stock
1963 M S
4548 Corporate stock
1959 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock
4% Corporate stock reg 1956 MN
1957 M N
4545 Corporate stock
1957 MN
454% Corporate stock
1954 MN
35i% Corporate stock
1961 M S
New York State
-45
Canal Improvement 4s_1961 J J
Highway Improv t 4 s 1963 M 5
Highway Improv't 434s_1965 M 9
1991 J .1
Virginia 2-38

100 Sale 100
100
2
100 1007 10018 July'23 ___
8
100 1003 1004 July'23 ____
2
10418 105 108
Jan'23 ____
104 1043 10412 1044
4
4
104 1043 10412 Aug'23
4
104 1043 10412 Aug'23
4
963 97
8
9614 July'23 __
9612 974 9658
963
3
1
101 1045/2 9638 June'23 __
9538 964 95 July'23 ____
104 1044 10413 July'23 __
104 104373 1045 July'23 ____
8
8612 ---- 87 July'23 __
--------10234 June'23 ___
--------10273 June'23 __
____ __ .. 11214 July'23
--------10413 Apr'22 ____
69
_--- 7114 Oet'20 _.__

ment.
Foreign G
1927 F A 102 Sale 10158 10218 67
Argentine (Govt) 78
81
Argentine Treasury 55 of 1909_ M 9 80
8014
8012
2
Austrian (Govt) 75 w I
1943 J D 8912 Sale 8834
8912 204
Belgium 25-yr ext s 1 7545 g_1945 J D 9914 Sale 8974
100
60
5
-year 6% notes
Jan 1925.3 J 95 Sale 954
9618 35
1941 F A 99 Sale 99
20
-years 188
100
35
1945 54 N 1083 Sale 10834 109
4
Bergen (Norway) 8 f 88
13
Berne (City of) a 1813
1945 M N 10914 Sale 10914 11012 20
Bolivia (Republic of) 88.1947 MN 8318 Sale 87
8814 40
Bordeaux (City of) 15-yr 65_1934 MN 7614 Bale 7572
763
4 19
1941 .1 D 9612 Sale 9512
Brazil, U 9 external 88
9912 52
1952 J D 82 Sale 81
8
82
7s
1952 A 0 100 Sale 100
75472
12
100
Canada (Dominion of) g 58_1926 A 0 991? Sale 9914
997
8 70
5s 1931 A 0 9934 Sale 9933 100
do
do
do
42
1929 F A 10112 Sale 10112 10134 38
10
-year 5548
1952 M N 9918 Sale 99
58
993 137
4
Chile (Republic) ext 81 8s 1941 F A 10912 Sale 10913 10312
8
External5
-year sf 88
1926 A 0 1023 Sale 10224 103
18
4
9434 64
4
1942 MN 943 Sale 9312
75
1946 lal N 103 10312 103
1031? 27
25
-year at 873
44
4
Chinese (flukuang fly) 53 of 1911 .1 D 4212 Sale 4213
3
4
Christiania (City) $ f 8s........1945 A 0 109 110 10912 1093
9318 41
Colombia(Republic)634s....1927 a 0 9318 Sale 91
8912 35
Copenhagen 95
-year s f 5548_1944 J J 8912 Sala 8812
1944 Ni 9 99 Sale 99
62
99
Cuba 55
9058 July'23 ___
92
Eater debt of 5s'14 Ser A.1949 F A 90
1949 F A 8412 Sale 83
8412 11
External loan 4545
1953.3 J 991 4 Sale 9914
5548
991
) 11
023
4 32
Czechoslovak (Repub of) 88_1951 A 0 9217 Sale 92
4
Danish Con Municip 8s"A"-1946 F A 1073 Sale 1074 108
8
4 --- 10712 108
1946 F A 1073
Series B
9
Denmark external s I Ss__ _1945 A (;) 11014 gale 10912
11012 43
1942.0 J 97 Sale 964
20
-year 6s
97
46
4
101
Dominican Rep Con Adm 5 f 5s'58 F A 100 1003 100
25
1942 M S 8878 Sale 8712
5545
89
14
Dutch East Indies ext 65._ _1947 .1 J 9918 Sale 9653
973 132
8
40
-year 65
1982 Ni S 9618 Sale 964
967 298
8
1953 M S 92 Sale 914
5545 trust rote
9214 82
French Repub 25-yr ext 88._1945 M S 96 Sale 96
963 255
4
20-yr external loan 7548_1941 .1 D 9312 Sale 93
935 247
8
8
Gt Brit & Ire (UK of) 5548-1937 F A 1017 Sale 1014 10214 155
1929 F A 11214 Sale 11112 11214 150
10
-year cony 5545
1942 Ni N 7434 Sale 7434
Greater Prague 750
7512 87
1952 A 0 92
93
Haiti (Republic) 68
9258 22
92
Italy (Kingd of) Ser A 6548_1925 F A 9612 Sale 9614
9612 10
8
Japanese Govt--.£ loan 4545_1925 F A 927 Sale 9212
93
6
1925.3 J 9214 924 9214
Second series 454s
6
921.2
1931 J J 80 Sale 80
Sterling loan 48
8012 12
8
Oriental Development 68_1953 M 13 917 Sale 9112
917
8 73
Lyons (City of) 15-year (is_ _1934 M N 7512 Sale 7512
77
17
Marseilles(City of) 15-yr 68.1934 M N 78 Sale 7578
77
56
3018 12
Mexican Irrigation 434s.... A943 M N __-_ 31
30
-Extern loan £ 55 01 1809 Q .1 51 Sale 51
59
Mexico
28
1954.3 D 30 Sale 20
3112 21
Gold debt 43 of 1904
1952 1 D 89
8712 87
Montevideo 78
8712
9
prices)_ ..1972 m s 10214 Sale lO17
Netherlands 68 (fiat
1024 92
1940 A 0 110 Sale 10034 110
Norway externals f 88
10
1952 A 0 975 Sale 9714
8
973
4 48
68
973
8 26
Panama(Rep)554s Tr rects_1953 J D 9712 Sale 9512
96
94 July'23 _-__
Porto Alegre (City of) 88- - -.1961 J D 95
Queensland (State) ext 131772_1941 A 0 107 Sale 10612 107
25
1947 F A 10112 Sale 10174
102
12
25
-year 63
1946 A 0 95 Sale 94
9512 17
Rio Grande do Sul 83
8
-year sf8s_1946 A 0 005 Sala 9012
924 17
Rio de Janeiro 25
1947 A 0 904 Sale 904
903
4 19
8s
1952 M S 9612 Sale 9612
9712
5
San Paulo (City) s f 88
9912
San Paulo (State) ext s f 873_1936 .1 J 99 Sale 99
9
1942 J J 8314 Sale
Seine (France) ext 772
2 53
0512 88
Serbs, Croats & Slovenes 8.8_1962 MN 6512 Sale 84
1936 M N 81 Sale 81
82
SoLssons(City)65
36
1939 J D 10513 Bale 0514 1055
-year 65
8 20
Sweden 20
4
115
103
Swiss Conferer'n 20-yr s 1 85_1940 J J 1143 Sale 114
M 5 744 75
743
8
745
3
Tokyo City 58 loan 011912
2
4
4 104
Uruguay Republic ext 8s____1946 F A 1023 10312 023
7
1945 A 0 10912 Sale 109!2 1107
Zurich (City of) 5 183
2 10
Railroad.
Ala Gt Sou 1st eons A 55._ _ _1943 J D
Ala Mid 1st guar gold 5e_ .....1928 M N
19404 0
Mb & Susq cony 354s
Aueg & West 1st g 48 gu
1998 A 0
Ann Val gen guar g 48
1942 M 13
81995 Q .1
Ann Arbor 1st R 45
-Gen g 48_1995 A 0
Atoll Top & S Fe
1995 A 0
RegIstered
81995 Nov
Adjustment gold 48
81995 Nov
Stamped
1955 1 D
Cony gold 45 1909
1955.3 D
Cosy 43 1905
1960 J D
issue of 1910_
Cony 48
192 Ni £3
8
East Okla Div let g 4s
1965 1 J
Rocky Mtn Div 1St 48_
Trans
-Con Short L 1st 473_1958 J J
Cal
-Ariz 1st & ref 4545"A"1962 Ni 9

9212 94
9934 ____
8012...
80 84
8714 8912
5018 5718
9114 Sale
87 ---8013 Sale
8012 Sale
827 Sale
2
83
84
75 ---943 Sale
4
73
8012
8414 Sale
91
____

9412 July'23 __
9978 July'23 ____
7912
793
4 27
82 June'23 .___
88 Aug'23 ____
55
3
5514
894
9112 153
784 Aug'23 ---787
8
8012
5
8012 35
79
827
8
824
2
82
8212
6
79 May'23 ---943
4
943
2
4
797 July'23
8
8414
8414
I
915 July'23 ____
8

BONDS.
N. Y. STOCK EXCHANGE
Week ending Aug. 9.

,;'3
t
-,o,

Price
Thursday
Aug.9

Week's
Range or
Last Sale

„2
‘
1,4,
coi
,

Bid
High No. Low
Ask Low
High
AD .& Birm 30-yr 1st g 4s_ e_ _1933 M 9 6712 68
6814 July'23 --.65
684
Atl Knoxv & Cln Div 4s...._1055 M N 82
80 4 8812
1
84
84
84
3
At'Knox & Nor 1st g 5s____1946 J D 994
_ 983 May'23 --__
4
984 9912
Atl 82 Charl A List A 4548_1944 J J 9134 -- - 9014 June'23 ____
93
88
913
4
lot 30-year 573 Ser B
1941 J J 954 98
96 100
4
9614
9612
Atl Coast Line 1st gold 473_121944 M S 8614 8712 36
8612 12
825 89
8
10
-year secured 75
1930 MN 1074 Salo 107
10718
3 106 108
General unified 43s
1864.3 D 3612 Sale 86
8612
3
82
89 8
3
L & N coil gold 4s
764 83
27
a1952 M 5 81 Sale 8014
81
AU & Danv let g 4s
1948.3 J 7312 76
7414 July'23 ._
‘373 78
2d 4s
1948.3 J 7314 68
65
115
6118 68 8
5
7
Atl & Yad 1st g guar 45
1949 A 0 702 80
774 Feh'22. --_
77
7718
A & N W 1st gu g 58
1941 J .1 92
____ 9418 June'23 --...
934 9512
Bait & Ohio prior 35473
1925.3 J 9534 Sale 9514
954 10
9318 9714
9372 9414
Registered
1c1925 Q J 9012 95
9414 July'23 ___
let 50
-year gold 48
k1948 A 0 7678 7712 77
744 80
7712 30
Registered
k1948 Q J 7414 774 743 July'23 ..___
4
744 787
s
10
-year cony 454s
1933 M 9 81 Sale 8014
8114 72
77
8912
Refund & gen 55 Ser A
1995 J D 8314 Sale 83
83 3
4 44
794 85
1929.3 J 10034 Sale 10012 101
10
-year 65
50
99 10178
P Jet & M Div 1st g 350..1925 M N 94
943 94 July'23 ___
4
91
95
P L E & W Va Sys ref 48..1941 M N 754 Sale 744
7
7534
73
794
Southw Div 1st gold 3345_1925 J .1 944 Sale 94
943
8 55 ' 9112 9412
To!82 Chi Div 1st ref 48 A..1950 J .1 65 Sale 644
651
14
6112 674
Battle Cr & Stur 1st gu 38_ _1998 J D 544 59
5718 Apr'23 5718 60
1936 J J _
Beech Creek 1st gu g 4s
9114 8912 Apr 23 ____
863 8912
73
1936.3 J 844 __-. 86 Feh'23 __
Registered
86
88
2d guar gold 572
1936.3 .1 96
____ 134 May'16 ___
___ ____
Beech Cr Ext let g 3348__ _51951 A 0 6478 ___ 60 July'22 _ _ _____
Big Sandy lst 4s
1944 J D 80 8014 July'23 __
84
8014 - 4
843B & N Y Air Line 1st 48
1955 F A 6212 77
65
65 July'23 __
7512
Bruns & W 1st gu gold 43_ _1938 1 J 873 8912 89 Feb 23 __
89
4
89
Buffalo R & P gen gold 58_ A937 M S 100_- 10114 July'23 .._ _ _ 100 1013
8
1957 M N 89 Consol 4545
60
89 July'23 ____
87
9214
1934 A 0 95
Burl C R & Nor 1st 55
954 July'23 ____
98
95
9912

9934 101
10018 1027
8
1003 10212
8
10714 108
1043 10712
8
10412 10718
10412 1074
9614 10014
96% 997
8
9638 10014
95
994
1044 105
10412 10712
87
91
10112 10373
1023 10212 Canada Sou cons gu A 58
1962 A 0 974 Sale 974
8
1
973
8
11214 11284 Canadian North deb 51 7s1940 J D 113 Sale 112
13
113
J 11278 Sale 11238
1946
____ ____
29
25-year s f deb 6548
113
____ ____ Canadian Pac Ry deb 4s stock__ J J 80 Sale 7938
SON 197
1932 M 13 8218 90
Carb & Shaw 1st gold 45
9212 Sept'22 ___.
1949
.1 65
Caro Cent let con g 48
723 6834 June'23 ____
4
D 9212 Sale 9212
10014 10318 Car Clinch &0 1st 3-yr 5s1938
7
9314
1952
D 97 Sale 963
7712 8414. 6s
27
4
97
1981
D 764 _ _ 8113 Hee'22 __
88
933 Cart 82 Ad 1st gu g 48
4
1948
9114 10314 Cent Br U P 1st g 48
D 67 - - 6678
.
May 23 ._ _
724
J 49
93
983 Cent New Rug 1st go 4s_ _1961
8
53
2
5278
527
8
1930 M S 9058
93 10314 Central Ohio 4545 1930
.- 9334 Dee 22 ____
10712 10934 Central of Ga 1st gold 58_421945 F A 10014 102 102
2
102
1945 MN 954 Sale 954
10813 11313
Coru3o1 gold 56
4
957
8
June 1929 .1 D 101 10212 10114
86
94
10-yr secur 68
10114 17
Chatt Div pur money g 48.1951 .1 D 734 _...- 7412 May 23 ____
5912 8312
913 99
4
Mac & Nor Div 1st g 55__1946 J J 9378 _..__ 964 Sept 22 ____
80
8514
1947 J J 94
Mid Ga & All Div 5s
__-- 94 July 23 ___ .
1046 J J
9634 104
Mobile Division 5s
- 9918 Juno 23 ____
994 10134 Cent RR & B of Ga coil g 56.1037 M N 9712--- 9053 Aug 22 .___
9012 934
99 102 Central of NJ gen gold 5s 1987 .1 J 10412 1057 10412 July'23 ._ __
Registered
k1987 Q J 10312 1081? 10312 July'23 ____
993 10212
8
_1949 F A 8712 Sale 86
974 102 Cent Pac 1st ref gu g 473
8712 106
Mort guar gold 35413_ _ _k1929 J D
100 10412
10
91
_ 9034
100 1035
Through St L let gu 4s__-1954 A 0 914. 13 8012
8
803
4 64
S018 81
9312 9634 Charleston & Savannah 78_1936 J J 11514 . __ 11412 June'23 ____
10012 105 Ches & Ohio fund & impt 58_1929 .1 J 95
67
95 July'23 ___
1939 M N 10013 Sale 10012 10012 41
lot consol gold 5s
4212 523
4
1939 MN 9614 9812 9312 May'23 ____
Registered
10734 11212
1992 Ni 9 834 Sale 8312
General gold 450
8812 95
834 17
9212
88
1992 Ni S
Registered
_ - 801 2 Apr'23 -___
21
87
884 8i 8614
-year convertible 45473 1930 F A 789014 99
20
884 58
30
-year cony secured 58_1946 A 0 8878 Bale 8712
8712 9314
1940 J .1 913 934 913 July'23 ____
8118 89
8
8
Craig Valley 1st g 58
4
Potts Creek Branch 1st 472_1946 J .1 753 774 71214 May'23 ____
99 993
4
1
1989 .1 J 775 80
7914
77
7914
8
R & A Div 1st con g 4s
9612
1989 J J 743 Sale 743
s
4
743
4
4
2d consol gold 43
10612 10912
4
Warm Springs V 1st g 58..1941 M 9 9114 9212 903 July'23 ____
1063 10912
4
5312 20
107573 11034 Chic & Alton RR ref g 3s_ _ _1949 A 0 5328 Sale 5:318
es -----53 July'23 - ___
New York Tr Co ctfs
95
99
51 Sale 51
51
1
Stamped Oct'22 int
954 102
__ 55
464 Apr 23 --__
Stamped Apr '23 lot
84
90
1050J J 27 Sale 263
924 9814
Railway 1st lien 3547;
4
284 42
-III Div 35413.1949 J .1 797 803 797
8
4
9214 9712 Chic Burl & Q
2
8
797
8
1949 J .1 8734 Sale 8712
88
Illinois Division 48
875 944
8
27
9712 9612 July 23 ____
Nebraska Extension 48__ _1927 M N 96
90 101
1927 M N ____ 964 961s July'23 ___ _
Registered
84
97
1958 Ni S 06
873 8433
s
General 4s
873
8 18
101 1043
4
1971 F A 99 Sale 99
111 116
9912 183
1st & ref 58
1927 A 0 51 Sale 51
51
65
8212 Chic City & Conn Rye 5s
6
92
98 Chicago dc East Ill 1st Bs__ -1934 A 0 1044 10612 104l8 June'23.__
7313 Sale 774
782 104
9212 9714 C & E III RR (new co) gen 58_1951 MN
1982 MN 89
914 8978
913
8 15
92
9412 Chic & Erie 1st gold 572
4
9112 9353 Chicago Great West let 45 1959 M S 463 Sale 464
473
8 44
8
423 Sale 423
8
4318 10
With Sept'24 coupon on..____ ____
793 897
4
8
4
4
914 9312 Chic Ind dr Loulsy-Ref 65 1947 J J 1063 1073 10634 1063
4
1
1947J J 93 4 Sale 92
Refunding gold 55
3
6914 83 8
933
3
4 12
Refunding 45 Series C___ _1947 J .1 ____ 85
6913 8312
80
80
2
1966 Ni N 80
8014 8012 July'23 ____
General 118 A
30
42
el966 J J 11534 Sale 954
General 68 B
49
584
953
4 12
30
74
Ind & Louisville 1st gu 48_1956 1 J 70
413
4
78
Jan'23 -- -85
913 Chic Ind & Sou 50-year 413_19513 .1 J 8214 8312 8214 July'23 -- .._
8
1969 J D 8614 ____ 8812 June'23 --__
97 10214 Chic L El & Etta let 4545
109 1123 CM & Puget Sd 1st gu 48_ _ _1949 J J 55 Sale 55
4
5614 188
4
97 100 Ch M & St P gen g 4s Ser A_e1989 J J 713 72
7134
72
1
General gold 334e Ser B e1989 J J 62
9512 97%
6312 613 July'23 __
8
e1989 J J
General 45423 Series C
79
93
9912
8014 793
3
i
804
Gen & ref Series A 43413._a2014 A 0 52 Sale 52
1053 10912
4
534 119
Gen ref cony Ser B 5s_a2014 F A 583 Bale 5814
4
100 1023
4
6014 113
Convertible 4548
1932 J D 5712 Sale 5714
914 9914
583 135
4
1029.3 D 75 Sale 75
90
97
48
78
77
-year debenture 48
1934 J .1 535 Sale 5358
25
8
90
9712
543
4 23
Chic & Mo Illy Div 58_1926 .1 J 9678 9814 07
953 993
4
4
97
1
9512 100 Chic & N'wast Ext 48_1886-1926 F A 9514 __-- 9812 July'23 ____
Registered
1886-1926 F A 9514
76
90
- 953
8
5
953
8
General gold 35.48
1987 MN 7112 5312 7812
7214 7112 July'23 ____
Registered
6512 85
01987 Q F ____ 713 7318 Dee'22 ____
4
General 4s
1.J313 106
8
815
8
811
4
85
1087 MN 83
Stamped 48
114 11934
1987 151 N ____ 847 83
8
845
8 22
General 55 stamped
1987 M N 10012 10114 101
714 773
4
2
101
Sinking fund 68
1879-1999 A 0 1004 103 108 July'23 ____
9914 107
Registered
109 1137
8
1870-1929 A 0 991
_
1017 APe22 ---2
Sinking fund 55
1879-1929 A 0 9912 99 4 97 July'23 -_
4- 1
Registered
1870-1929 A 0 96_-- 9712 Mar'23 ___
9212 96
Sinking fund deb 5s
1933 Ni N ___ 160 100 July'23._ _ _
Registered
9952 10132
1933 M N ____ 100
1
97
97
78
8112
10
-year secured 73R
1930.3 D 10613 1077 107
9
1074
8
15-year secured 6558 g
82
83
1936 M El 10812 Sale 107
5
10812
82
90 Chic RI & P-Ratheay gen 48'88 J j 73
73
79
7914 22
653
8
55
Registered
.1 .1 7312 _--- 7552 July'23 ____
Refunding gold 4s
8414 9012
4
1934 A 0 743 Sale 735
743 136
8
8
8
78
4 883 Chic St L & N 0 gold 58._ 1951 .1 D 100 1003 10012 July'2:3 ____
4
Registered
754 8212
.1 D 9512 ____ 9558 June'23 ___
Gold 3545
7614 824
8
1951 J D
___ 785 May'23 -- __
Joint 1st ref 573 Series A_ _1963 J D 76- 4 94 Aug'23 ____
.
824
9312 953
76
Memph Div 1st g 48
76
8212
1951 J D 7652 7912 80 June'23 ____
4
1932 A 0 995 __-- 1003 June'23 __
97 10414 C St L & P let eons 8 55..
8
10513
5
93 4 0612 Chic St PM & 0 eons 68......1930J D 10512 Sale 105
3
Cons 65 reduced to 33'45._1930J D 9014 ___. 9212 Mar'23 ____
7712 83
7
951
8114 8634
Debenture 58
1930 Ni S 95 Sale 94
8112 133
8712 100 Chic TI!& So East 1st 55...1980J D 8118 8112 8118

"No pries Friday; latest bid nd asked. a Due Jan. 4 Due April. 6 Due May. g Due June. 5 Due July. 8 Due Aug. o Due Oct. y Due Nov. g Due Dec.




Range
Since
Jan. 1

94
112
1103
8
7612
___
88
8814
89
__ _
667
8
48

10013
115
11334
8012
_
- 71
94
983
s

---667
8
58
- 100 102
__--- 92572 9812
995 10112
8
7413 81
__-- --94
94
97 9713
904 973
4
10312 108
103 105
7953 873
4
89 4 9112
3
783 84
4
11412 11412
943 9634
3
973 10314
4
9714 9812
807 863
8
4
804 8013
85
8912
86
9618
9014 95
7814 78 4
,
763 8012
8
7412 76
903 90 4
4
3
5018 5312
4814 53
4912 51
465 464
8
2512 3312
7812 85
8512 903
4
9572 97
953 9613
4
83
8912
9638 1014
47
68
104 1064
7612 814
8714 9713
463 56
4
4214 46
1047 1073
8
4
92
971
7912 86%
8014 84
9412 98
78
78
81
844
4
863 90
681s
55
7014 743
4
654
02
7812 834
51
623
4
70
58
5714 80
84
75
5353 6312
98
96
945 96
8
933 9512
8
7014 77
__-- 2 .
804 -8779
8714
100 4 10512
3
10112 10814
.,---7,--00
97 14
9712 9712
97 1014
9914
97
1053 110
4
106 Ill
4
763 82
755 8 3
8 03
73573 8312
073 10181
4
9553 954
784 79
4
9138 9712
83777
80
997 100 4
8
3
10414 10712
9212 9213
9034 964
765 827
5
5
Option sale.

657

New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 9.

t

Price
Thursday
Aug, 9

Week's
Range or
Last Sale

ce(R

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 9.

b

b

Price
Thursday
Aug. 9

Week's
Range or
Last Sale

g
;a.2

Range
Since
Jan. 1

High No, Low
Ask Low
Bid
High
HUM No. Low
Rid
Ask Low
High Illinois Central (Concluded)
76
79
1952 J .1 753 7812 76 June'23
Purchased lines 33s
4
895
8
A.1963 J .1 89
8912 89
5
7
873 92 8
2
Chic Un Sta'n lot gu
773 83
4
8
8012 47
gold 45_ _ _1953 M N 8018 Sale 795
.1 0814 99
9 19272 11,4
3
99
1963J
17
Collateral trust
9814
0012
1
5e B
763 784
8
763 July'23
8
Registered
1953 MN 78
1963.1 .1 11312 Sale 11312 114
181 Series C 6s
30
98 100 8
3
1955 M N 100 Sale 9934 100
Ref Is Interim Ws
105 Apr'23 ---- 10412 105
Chic & West Ind gen g (53 61932 Q M 10458
18 100 1027
8
a
1934 J .1 1013 Sale 10138 102
70
7578
-year secured 53.6s
1952 .1 .1 7012 Sale 7038
15
7112 41
Consol 50
-year 415
9 10718 111
2
3 10112 10314
10212
1935 M
15
-year secured 6,34s g1936 J .1 1083 10938 10814 109
10178 1024 102
15
-year a f 7;is
823 87
8
1950 J D 7814
Cairo Bridge gold 4a
- 8312 June'23
_ __ _
9518 97
8
9512 965 July'23 --__
Choc Okla & Gulf cons 53.-1952 M N 05
69 8 73
3
Litchfield Div 1st gold 35_1951 .1 J 674 179 71 June'23
1923 MN
88 Mar'17
C Find& Ft W 1st gu 4s g
7212 797
8
Louis/ Div & Term g 3;is 1953 J .1 724 744 7212 July'23
,
4
02 193
Cm H Sz D 2(1 gold 43e- 1937 J 1 M5s 88 87 July'23 ---- -.
8_ _ 673 June'23
673 6953
4
4
1951 F A 673
k1936 Q F 8718
___
8618 88
Omaha Div let gold 3.3
_ 88 Jnne'23
C I St L & C 1st e 48
71
68
70 June'23
8 71
11936 Q F 8458 ____ 9012 0c7'22
St Louis Div & Term g 33_1951 J J 683 - Registered
75
80
1951 J .1 77511 ---- 75 May'23
1942 M N 8418
Gold 3s
8414 June'23 -gar2 113-4
cinLeb&NorgU4sS
7812 July'22
1928.1 J 974 100
98 July'23 ::::
SPringf Div let g 3s_ _.1951 .1 J
99
Cin S & CI cons 1st g 58
(_17_
j
80 W1943
1951 F A 80
8312 83 May'23
Western Lines let g 4s
9012 Jan'22
Mah lst gu g 5a
Giese&
7811
92 Noy'10
1951 F A
2 -- 191-8
Registered
76
4
773
4
Cleve Chi Ch & St L gen 48_1993 J D 774 Sale 773
-Si- W1_ __ 83 June'23
2
1940 A 0
1931 .1 J 91
3
917
8
9178 9112
904 9312 Ind B & W let pref 48
-year deb 4s
10
8312 857
8312 June'23
1950 J .1 8482
86
1993 J D 9514 10012 955 June'23 _
s
Ind Ill & Iowa 1st g 4s
8
Series B
955 100
8
General 55
95 100
1965 .1 J 95
98
97 July'23
8 42 100 1027 Ind Union Ry 58 A
8
Ref dr impt 68 Series A-1929 J .1 10278 Sale 10184 1027
354 89
34
1941.1 J 102
49
14
__. _ 10212 July'23 --__ 10012 10212 Int & Great Nor adjust 65 1952 J J 35 Sale 34
6s C
883
4 14
1952 J J 8812 887 88
87
97 2
9
1939 .1 .1 85 Sale 85
8
2
85
804 88
1st mtge 68 Ws
Cairo Div 1st gold 4s
57
61
7338
6014 Aug'23
/
7514 7812 Iowa Central 1st gold 5e__1938 J D 59
784 7812 July'23 ._ __
CInW&M Div lst g 41-1991 J .1 76
74
19
40
20
1951 M S 19 Sale 19
Refunding gold 48
774 783 774 July'23 ---747 814
8
s
St L Div 1st coil tr g g 48-1990 M
1940 M S 793
84
Apr'23 ---8
8212 84
Spr & Col Div lst g 4s
1
84
1940 J J 315 821 815 June'23 __ _ _ 10312 18214 James Frank & Clear 1st 48_1959 J D 82
842 84
4
82
114 87
8
8
8058 0632
,
w W via Div 1st g 4e
1934.1 J 1014 10612 10412 June'23
CCC&I gen consg 65
_
1938 J .1 874
9412 July'23 ---98
9412 98 Ka A ee OR 1st gu g 58
Clev Lor W con let g 58 1933 A 0 96
75 1 -7
; -123
1990 A 0 764 7724 771 Aug
/9;
1936 M N 94
9212 June'23 _
9212 95 Kan & M let gu g 45
lst gu g 4Yis
CI & Mar
1927 J .1 954 9914 96 July'23
9541 97
-year 5s
93 Mar'22 ---- ---- ---2d 20
Cloy dc Mahon Vail g 5.._1938J .1
6 10012 1023
102 Sale 10112 102
4
CI & P gen gu 4;is Ser A _ -1942 J .1 9512 9614 91 Nov'21
7514 25
1936 A 0 75 Sale 75
1942 A 0 9412 9612 1.1612 Dee:12 ---- ---- ---- K C Ft El 44 M Ry re1 g 4s
73 s 7912
5
94
yeb 15
Series B
92
/ 93
1
4
Jut reduced to 33s ....1942 A 0
---- ---- ---- KC&MR&Blstgu 5s-1929 A 0 9218 9312 934 June'23
8
63 4 687
3
8
675
8 60
8
1948 M N 793 ___ 9018 Dec'12 ---4
Kansas City Sou 1st gold 35_1950 A 0 675 Sale 663
Series C 3As
44
3
8
86
83 89 2
8
1950 F A 793
67
Jan'21 _Apr1950.1 J 855 Sale 845
Ref az impt ba
4
• Series D 3;is
5
8'212
84
3
82
76 8 83 4
5
904 Aug'23 ---- -515- -98.- Kansas City Term 1st 4a___ _1960 .1 J 81
Cleve Shor Line ler gu 00-1961 A 0 9038 92
83 2
7
1972 A 0 10212 Sale 10134
81
10212 18 101 106 Kentucky Central gold 4a_ __1987 J J SO-- 82 June'23
Cleve Union Term 5.i5
71
92
65
1973A 0 953 Sale 95
8
943 954 Keok & Des Moines 1st 5s_1923 A 0 70 14Ie 70
4
953
s 71
be (WI)
4
1945 .1 D 79
100 4 1017
3
1925.1 J 1003 ---- 1003 July'23
S01 June'23 __ __.
2
4
:.
.
.
79
8 8 8 12 Knoxv & Ohio 1st gt3s
9
08 93
014 5
Ry 1st gu 4s
Coal River
8
9
Colorado az South 1st g 48-192 F A 917 9214 914 July'23
9118 97
4
944 11
1937 .1 J 943 Sale 9412
825 82
82 3
4 10
8
81
871s Lake Erie & West let g 55
Refunding & eaten 44B 1935 M N 82
8114 86
1948 A 0 773,
1941 J .5 8212 8434 83 June'23
78 July'23
78
78
2d gold 58
Col & H V lat ext g 45
1
1955 F A 773 .
7238 7812
7512
4
1997 J D 7514 773 7512
8
76 July'23 _ 19
9
7
0
6
9 2 Lake Shoregold 3M5
80 4
7
Shore
is
Col & Tol ler cat 4s
1952 J .1 854 Sale 8534
73
12 75
74 July'23
1997.5 D 7214 74
864
-year be g
Cuba RR let 50
907 96
8
8
9418
1936 .1 D 102 Sale 102
1928 M 5 93
[147a 9078
Debenture gold 4s
10214 22 102 10512
1st ref nis
914 65
1931 M N 9118 Sale 91
90 8 93
5
12
9118 June'23 -__
91
-year gold 45
922
4
25
Day & Mich let cons4__ _1931 .1 J
8512 July'20
8
853
8 28
ref 48-1943 MN 853 Sale 8412
835 901931M N
8
Registered
Del& Hudson 1st &
1935 A 0 94 Sale 93
-11940 J .1 -91E8 13 4 93/2 July 23
-55 If.
4
9418 14
90
98 Leh Val N Y lat gu g 4;as
-year cony 55
30
1937 M N 100 10012 100
9234 July'23
1940 J .1
923
4
90
5
98 10212
10012
Registered
55
1930 .1 D 10814 Sale 10814
3
77 2
2003 MN 76 -- -1- 77
773
8
764 8112
109
_6_ 105 1112 Lehigh Val(Pa) cons g 45
._.
4
-year secured 75
10
9212
2
85
85
_ _ 87 May'22
1936 F A 89
84
85
2003 M N 84
cons 4;is
General co
D RR dr Bdge 1st gu 48 g
734 Sale 7314
1007 10214
8
73 8 25 -72- 761- Leh V Term Ry let gu g 5a1941 A 0 10212 ____ 10112 July'23
7
2
Den & R Gr-let cona g 48.12g
1941 A 0
113 Mar'21
7712 78' 7778
78
14
5
767 80
Registered
8
Consol gold 4s
1928 .1 D 85 Sale 84
1017
8 20 100s 106
82
8612 47
Improvement gold 5a
88 Leh Val RR 10-yr coil 6s__/11928 Si 5 10112 Sale 101
1955 F A 42 Sale 42
43
1_1_
42
8012 85
12
58 Leh & N Y lst guar gold 4a 1945 M 5 8012 814 8018 July'23
1st & refunding 58
1
983
4
50-yr 58 gu-1065 A 0 9834 Sale 9834
4912 Aug'20
3
9712 99 2
do Registered
351., 451 4718 June'23 __ -ii- 141-2 Lex & East 1st
1962 M N 8018
82 May'23
81
81
Little Miami 45
Bke Tr stmp ctfs Feb '22 lot______
'55_
1935 A 0 1053 -- 10812 Nov'22
4
4212 July'23 --__
35
49
422 5314 Long Dock consol g 68
8
Farmers L&Tr rcts Aug
- 9712 July'23
4612 July'23 ____
95 8 98
5
4612 50 Long laid 1st cons gold 55.81931 Q J 9618
Bankers Tr ern; of dep
8618
81931
924 May'23
35
46 June'23
905 9214
8
46
50
1st consol gold 42
do Stamped
1938.1 D 83 - 12 81 July'23
11
35
81
51
46 June'23 ____
8512
46
46
Am Ex Nat Bk Feb '22 ctfa_
General gold 48
1932 J D 803
___ 8112 July'23
8112 8112
__-_
Gold 48
do Aug 1922 ate
1949 M 8 7518 83
75 July'23
81
81
42
75
"0 li3514 July'23
4
Dee M & Ft D let gu 4s_ _ _1935. J 35
9212
1934 J D 9212
9212
91
94
4
ge g 4a
Des Plaines Val lat 611435e-1947 M S 883 ___ 9314 Sept'22 ____
un rnturold old 5a
pe
3
8
1937 M N 837 Sale 83 8
7
8415
8218 8512
7518 Feb'23 ____ -iiie Viii
20-year p m deb 58
net & Mack-let lien g 49__INg
4
83
4
55
75
Guar refunding gold 45--1949 M 5 7518 783 773 July'23
70
60
65
60 July'23 _. __
Gold 45
_ 93 June'23
1961 M N 87
92
93
87
3
85
90 4
3
Nor Sh B 1st con g gu 58..21932 Q J 897
873 8612
4
Del Riv Tun 055
8
9412
81927 M 5 9314 9412 9414
9912
93
9912 July'23 _ _ _
94
12
____
9814 9912 Louisiana & Ark 1st g 5a_
Dul Missabe 44 Nor gen 5s 1941
823 785 July'23
4
83
8
77
4
4
99
6
9812 10 3 L0uttJeff Bdge Co gu g 45_1945 M 8 78
983 9814 Lou
8 02
Dul & Iron Range 1st be_ -A937 A 0 983 Sale 983
102 July'23
1937 A 0 9414
ashville 5s__ _1937 M N 102
49
975e 103
9518 July'23
Registered
8
1940.3 J 905 Sale 893
4
905
8 11
871 92
4
Unitllle g Nold
ied &
Dul Sou Shore & AtI g 55-.1937 J .T 7618 7714 7518 Aug'23 ____
74
80
9014 May'23
1940 J J
Registered
9084 904
972 10112
8
993 9814 July'23
8
8412 July'23 --__
Collateral trust gold 5s- - -1931 M M
8412 90
E Minn Nor Div 1st g 4s__ -1948 A 0 84
1938 M S 9012 95
7 106 109
8
1930 M N 1067 10712 10634
10718
9312 June'23 . __ 9112 9312 10-year secured 75
E Tenn reorg lien g 5e
1930.1 .1 9814 9912 9714 Ju17.23 _
12 10114 10514
104
2003 A 0 10378 10414 10378
97 100
ET Va& GaDiv g55
1st ref 5Se
1956 M N 971, 99
737 0 & M 1st gold 65
1930 1 J 10218 105 10212 July'23
99
4
9612 9912
99
Cons let gold 58
1013 103
2
_ _ 10112 Feb'23
9778 .39
1930.1 J
094 July 23
Elgin Joliet & East 1st g 58 1941 M N
975 10014
97 10112
12
8
2d gold 6s
/..
11
8214 8312
1033 Sale 103
8
1033 ...2
8 . 10_2_1. 1043
.
6
.
2
4
Paducah & Mem Div 45._1946 F A 95- - 8338 July'23
83 2 8
Erie let consol gold 78 ext._ mg %
3
412
6811 63
1980 M S 6012 Sale 6012
cons g 4s prior
6012 11
5412 584
St Louis Div 2d gold 3s
let 58 Sale 5612
581s 106
1996 J J 5158 55
_ _ 924 July'23
57 Mar'22
Registered
L&N&M &M lstg 4Ms 1945 M 5 9214
-921 96
8
11
77
77
4 78
1 5 Q J
9
484 423 -4312 1912
8
1st consol gen lien g 45 1996 .1 J 483 Sale 4514
L & N South Joint M 48_8 962 J .1 763 -3
75
80 4
1996 .1
4714 June'23
Registered
43
Registered
4714
73
12 73
-- 7312 Apr'23
12
8612
Penn coil trust gold 4s 1951 ir A 8612 Sale 8612
95 July'23
864 Loulav Gin & Lox gold 4%8_1931 MN
1 9 4i J 9414
3
82
95
973
4
131
51
50
-year cony 48 Ser A_....1953 A 0 5012 Sale 4758
4112 52
1953 A 0
Sale 4718
do Series B
981, July'23
98 100
5118 149
4214 52 Mahon C'I RR ler 5s
984 984
Gen cony 4s Series D. 1953 A 0 5418 Sale 514
305
55
8
43 4 5512 Manila RR (Southern Linea) 1939 M N --._ 647 64 July'23
3
71
63
1955.1 J 8512 88
85 July'23 --__
Erie &Jersey let 8165
84
2
9712
897 Manitoba Colonization 58 1934 .1 D 9712 Sale 9712
8
,
954 97 2
833 85 man GB & NW let 33ia
4
1940 J .1 8212 84
1941 J J
85 July'23
Erie & Pitts gu g 3s B
82 May'23
82
82
1940.1 .1 8212
82 Apr'23 i i ii
Series C
,M s
91
82
8314 Mex Internat'l 1st cons g 451977 „A S
77 Marl°
Evans T H lat gen g 58._ _1942 A 0
_ 88 Apr 21
100 tiidW" 100
2
100
---- ---: Michigan Central 55
9938 100
_
6912 Apr 21
But Co Branch let g 58-1930 A 0
1931 Q M 95,8
Registered
1001211.lay'23
9712 10012
1924 J J 993 ____ 901. Aug 23 _
4
-6512 19
.
Fargo & Sou 68
-12 45
1940 J J s95288
86 July'23
86
881s
941z June 23 .___
1940 J J 85
9412 9412
Fla Cent & Pen 1st eat g 56.1930.1 J 9458
Registered
8712 86 May'23
86
86
1943 .1 J 934 96
955 July 23
8
Consol gold 56
91
944
.7 L &S let gold 3;as
80 Feb'23
7612 79
80
80
8
Florida E Coast let 44s.,_..1I459 .1 D 845 87
8534 July 2'3
12 89
%
85
7712 7912 79 July'23
1st gold 3s
77
14 84
1952 St N 694 68 68 July 23 -___
Nig 8
2
Fonda J & Glov 4s
65
-year debenture 48
72
20
9112
9114 9214 911,
5
3
89 2 93
81
_
81 June'23 -___
Fort St U D Co lat g 0511-1941 J
81
Mid of N J 1st ext 58
79
8914 87 Apr 23
87
87
1961 J D 9912 fo012 100 July'23 ____
-993 103 Milw L S & West imp g 5.3_1929 F A 65E2 100
4
Ft W az Den C let g 5Ms
9918 May'23
9812 100
86
82
82
1925 M S 10012
1
82
875
8
Ashland Div 1st g 6s
Ft Worth & Rio Or let g 45-1928 J J 82
10112 Mar'22
Frem Elk & Mo V 1st Bs__ -1933 A 0 10612 108 107 July'23 .._ _ 107 109
Mich Div 1st gold 6s
1924 JJ 10034
1004 Mar'23
-- 2
6
ROA 10 7954 9958 Milw & Nor let ext 4;is
GH&SAM&P 1st be--1931 M N 9514 9812 9714 June'23 ____
23:
_ _ 89 .June'23
8814 9212
1931 .1 .1
9912 98 July'23
9312 98
2d eaten be guar
Cons extended 45is
te
87- - 91 June'23
89
9112
91
89
1st gu 4a_1947 M 8 84
8
Gab,. Lions & Rend 1st 5e...1933 A 0 8818 8912 883
2
8514 893 Mil Spar & NW
4
883
8
8612 July'23
86
89
84
1957
.1 33
86
83 July'23 ---Genesee River 1st s I 6e
1941 J j 774 86
82
885 Milw & S List gu 3555
8
,
6618 Aug'21
,
2
8212
1N4 . j 1 97 100 10012 10012
7 i.1 .
1 r
1
7912 8212 Minn & St Louis 1st 75
Oa & Ala Ry 1st con 5s____o1945 J J 8212 ____ 8212
100's 102'4
1st
90
904 May'23_
90
9112
58
1
1st consol gold 55
76
5818 60
Ga Car N°
58
58
gu
A oi
Midland 1st 35 g
6112
1
602 647
4
8
1949 M 8 21 Sale 21
6114
Ga 58 - - 6114
20
40
1st 5, refunding gold 4a
2118 55
G & N let gu g ba
1924 MN 093
9914 994
8
993 July'23 ____
8
Ref & ext 50-yr ba Ser A 1932 Q F 16 Sale 1558
151a 39 4
13
,
68
16
3
1942 .1 D 9414
MS1P&SSMcong4sintgu'38 .7 2 87
2 84% 9012
Gen &Oswegatch be
87
87
89
.1941 J .1 875 93 - 92 July'23 ._ -- 8
iii
ii- 1st eons 58
Or & I ex 1st gu g
98 10012
8
J J 995 ___ 58 Aug'23
11238 Sale 11218
Trunk of Can deb Thing
11278 ...
Grand
47 :1.. 115
. .
2
5 10014 108
103
10-year coll trust 63a13
TA3
11 1 103 Sale 103
51 S 1033 Sale 1034 104
4
102
3 105
4
15
14
983 10512
2
6s A
-years 16e
9812 July'23
984 100
1947 J D 83
10113 Apr'07
Grays Point Ter 58
9212 Dee'22
let Chicago Term ref 4e_ _.1941 NI N
89'z-Great Nor gen 75 Series A_ _1936 J J 10618 Sale 10518
31
.
1063 .. 1054 111 2 M S(3 M & A let g 4e int gu_1926 .7 .1 963 98
4 .2
-- -19678 July'23
4
96's 97
8
8814 100
5
9212 Mississippi Central 1st 5e _ 1949 J .1 8814 __
873
4
1st dr ref 43is Series A._1961 .1 .1 8712 885 8734
100 July'23
1961 J J
Registered
90 May'23
863 90 M K & Okla let guar 5s_._A942 M N
4
912 94
4
9134 May'23
1952 J J
Sale 9712
9812 ST:
54
9618 1024 Mo Han & Tex-lat gold 48_1990 J D 741, Sale 7414
7312 804
75
5%13
65
603 June'23 --._
8
60
75 Mo-K-T RR-Pr I 5s Ser A_1962;; 763 Sale 7578
742 8358
4
763 103
4
Green Bay & W deb ale "A"- _ Feb 60
4
7
Feb
714 7
Debenture ctfs "B"
6312
7
9
2 _7
6312
6112 6712
1962
1_3_4
6314 64
40-year 48 Series B
69
Apr'21
Greenbrier Ry 1st gu g 48-1940 St N 85
943
4 45
92 4 962
10-year 65 Series C
3
4
1932 J J 943 Sale 94
4
- - -1- 8212 July'23 --__
82 2
78 - 2
50511 236
8414811a 63
Cum adjust 513 Series A_ _1967J
Gulf & S I 1st ref & t g 5s. _b1952 J .1 81
.1 504 Sale 4912
8
67
63 8 11
15
7812 Missouri Pacific (reorg Co)
Harlem It & Pt Ches 1st 4s_ _1954 M N 683 7314 67
84
83
4
83
Val let cons g 003_1999 J J 83
80
2
Hocking
79
8672
80
86
1st dc refunding 55 Ser A_ _1965 F A 79
8014 80
1999 .1 .1 7614
8112 July'23 --__
Registered
8
9214 96 4
923
4
81
9214
8112
1st & refunding 55 Ser C_.1926 F A 9412 96
3
1937J J 9712
9912 July'23 --__
923
4 32
955 973
8
4
1st & refunding 6s Ser D 1949 F A 92 Sale 92
& T C let g be Int gu
9012 99
994 90 July'23 --__
1st 513.1937 J J 90 5112 8314
5212 93
893 93
4
Houston Belt dr Term
General 48
1975 M S 5178 Sale 5158
98
1933 M N 93
90 July'23 --__
T let g be
93
98 Missouri Pacific
Hone E &
97
1933 M N 93
93:8 July'23
9318 98
3d 75 3xtended at 4%
794 814
1938 MN 8034 82 80 July'23
1st guar be red
75
87 May'23 --__
9178 July'23
Housatonic Ry cons g 5s _ _1937 MN 71
87 87
9178 917
Mob & BD prior lien g 58 _1945 J .1
8
4
823
4 72
7114 July'23
767 844
8
Mortgage gold 4.3
70
7334
1945 5 .1 694
& Manhat 5s Series A 1957 F A 823 Sale 82
Bud
1957 A 0 5934 Sale 59
101
6014 57
55
643 Mobile & Ohio new gold 6s 1927 J D 101 gile 101
8
Adjust income 58
100 2 10412
3
8812 June'23 --__
8
8812 924
10012 1015 June'23
1st ext gold 6s
81927 Q J
Illinois Central 1st gold 48-1951 J J 8812
100 4 10372
3
88
1951 .1 J 84
834 Sept'21 -General gold 48
73
73
Registered
1938 M 5 73
723 7812
2
7914 78 July'23 --__
1951 .1 J 78
93 July'23
8
7714 83
Montgomery Div 1st g 58_1947 F A 903 98
let gold 3s
99
943
4
80
80
1951 J J 76
Oct'22 -9418
9418
96
3
St Louis Div 58
Registered
1927 J il 94
94
9512
5012 83 Feb'22 --__
_1951 A 0 77
76 July'23
76
82
83 Mob & Ohio coll tr g 45
1938 M 5 75
Extended 1st gold 38
75
7812
79
_ 823 May'23
_
1951 A 0 76
8
Moh & Mal 1st gu g 4e
Registered
1991 MS 8114
823 8314
2
72
8312 Mar'22
1951 M S 52
-12
Mont C 1st gu g 65
1937 5 J 10814 1-11 1094 July'23
1st gold 3e sterling
1091s 111
8238
893
4
7
774 857
Registered
2
1937 5 J 9912 100 13614 May'16
Collateral trust gold 48_.-1952 M S 8314 84
954 Sept'19
1952 A 0 7814
1st guar gold 55
100
1937 5 .1 100 Sale 100
Registered
9914 1015k
5
1955 I4 N 854 Wi2 852
39 82
4
863
1
883
4
let refunding 4s ______
o Due Oct. 8 Option sale
*No price Friday: latest bid and asked this week. a Due Jan. 8 Due Feb. c Due June. A Due July. la Due .45)




3

._

INI ir. ,3
_
. 1:3
,
.,

658
BONDS
N. Y.STOCK EXCHANGE
Week ending Aug. 9.

New York Bond Record-Continued-Page 3
t?

Price
Thursday
Aug. 9

Week's
Range or
Last Sale

44

Range
Since
Jan. 1

BONDS
N.Y. STOCK EXCHANGE
Week ending Aug. 9.

Price
Thursday
Aug. if

Week's
Range or
Last Sale

Range
Since
Jan. 1

Ask Low
High ro. Low
Bid
High
Bid
Ask Low
High
High No. Low
M de E 1st gu 3; 9
2000.7 D 7412 78 7173 Aug 23 _ -,
5
744 78 Peoria & East 1st cons 42_ _ _1940 A 0 - - 70 7011 July'23
/
1
7014 78
/
1
4
Nashv Chatt dr St L 1st 5s 1928 A 0 9912 Sale 991
/
4
Income 4s
1956 3 i 21
99 Apr.
991,
0
1 10 • 9832 101
23 211
/
4
2118
2
30
21
N Fla dr S 1st gu g 5s
1937 F A
98 June 23
98 98 Pere Marquette 1st Ser A 5s
27
9434 Sale 94
95
9234 97
/
1
4
Nat Ry of Mex pr lien 4%s 1957 J J
31 Sept 22
1st Series B 4s
1956 J J 78'2 7912 79
3
7912
77
80
July coupon on
/
1
4
"
254 25
251
/
4
1/123 - 4 Phila Balt & W 1st g 48
861 913 8912 July'23
/
4
/
1
884 9214
4
do off
20
271 28 May 23
/
4
28
35 Philippine Ry 1st 30-yr s f 481 9 7 2
4338 4413 4338
193 N1
43
4414
3
4112 49%
1977 A 0
General 45 (Oct on)
2618 July 23
2618 261 PCC&StLgu435sA
/
4
1940A0 95
95
95
5
94 9714
April coupon on
20
26
Series B 430 guar
1942 A 0 9414 94 9412 July'23
/
1
4
/
1
4
94 95
do off
30 2912 May 23
Series C 4s guar
2712 2912
9414
1942 MN 9314 --- 9414 Apr'23 _94
8934 9138
Nat RR Mex prior lien 430_1926 .2 J
3814 June 22
Series D 4s guar
9138
9138 July'23
July coupon on
Series E 3s guar gold_ _1943 F N 9114
383 1214 June 23
844 8912
/
1
4
417
28 194 M A
9
841 Apr'23 _-_/
4
do off
50 444 May 23
/
1
4438 4438
Series F guar 48 gold
1953 J D 9138 _
9112 June'23 __
4
89 913
1st consol 4s (Oct on)_---1951 A 0
28 Apr 23
Series G 4a guar
27
28
1957 M N 9114
9118 June'23
89 911s
/
1
4
April coupon on
2114
2114 2812
Series I cons guar 4348._ _ _1963 F A
2114 10
_
9213 May'23
9212 941
8
do off
22
30 2212 July 23
Series J 430
2212 2812
1984 kl N
94 July'23
92
/ 94
1
4
Naugatuck RR 1st 45
1954 M N 68
/
4
684 681
/
1
681.4 May 23
General 243 Series A
1970 J D 9514 Sale 9518
9318 9912
963e 29
New England cons 58
1945 J j
90 9010 Mar 23
89 9012 Pitts & L Erie 2d g bs
a1928 A 0
99 Nov'22
Consol 4s
1945.7 J 6814
1
70
7514 Pitts McK & Y 1st gu Bs__ __1932 J .1 10384
70
73
105 Dec'22
N J Junc RR guar 1st 4s_ _ _ _1986 F A 7733 _
82 Jan 23
2d guaranteed 6s
82 82
1934 J .1 9938
9514 June'20
NO &NE latref &imp 4%5A'52 J J 79
8014 79
3
1940 A 0 9738 100 9918 June'23
79'2
77 8112 Pitts Sh dr L E lat g ba
97l 100
New Orleans Term 1st 4s
1953 J .1 7312 747 74
1st consol gold bs
1943 .1 J
74
73% 7934
8
100 Feb'23
100 100
N °Texas & Mexico ist Bs_ _1925 J D 101 10114 1011 10114
/
4
2 100 10112 Pitts Y & Ash 1st cons 5s__ _1927 M N 9918
_ 98 June'22
_
Non-cum income bs
1935 A 0 744 75 7234
25
/
1
75
728 84 Providence Secur deb 4s___ _1957 M N _
8
40
35 June'23
-al IA
N & C Bdge gen gu 43is
1945 .1 .1 90
9013 May 23
91
8914 9012 Providence Term 1st 4s
1956 SI S ior2
- 8838 Feb'18
NYB&M Blstcong 58_1935 A 0 91%
_ 93 June 23
93 94 Reading Co gen gold 4s
1997.7 .1 87 Bale 861
/
4
8714 80
827 88
NY Cent RR cony deb 6s_ _1935 MN 104 Sale 10318 104
Registered
271 101 10614
1997 .3 .1 8012 _. -- 84 July'23
80 86
/
1
4
_
Consol 443 Series A
1998 F A 81
9114 90
/
1
4
Certificates of deposit
813 80
4
7638 83
8638 Sale 861
/
4
863
8
5
79 88
Ref & impt 4%s "A"__2013 A 0 8534 Sale 851
. 85
Jersey Central coll g 4s_ _ _1951 A 0 814 83 83 Aug'23
/ 17
1
4
/
1
844 887
/
1
s
80 86
Ref dr impt bs
2013 A 0 96 Sale 9512
96
176
92 983 Reuse & Saratoga 20-yr Bs_ _ _1941 U N 10812
/
1
4
8
NY Central & Hudson River
Rich & Dan 55
1927 A 0 97
/ 98'4 9818 June'23 -_-_-_-_ - 7 4 981*
1
4
6
/
1997.7 J 7434 Sale 7314
Mortgage 3s
743
4 15
72 773 Rich & Meck 1st g 513
1948 MN 68
4
74 72 Mar'23
72
72
1997.7 j 72
Registered
731. 7112 May.23
7112 7112 Rich Ter bs
1952 J J -- 9712 9614
9614
4
9614 100
1934 M N 89
Debenture gold 45
8612 91% Rio Gr June 1st gu be
893 8812
3
893 '34
s
1939.7 D 55
ao 83 July'23
83 85
1934 M N 864
89'2 Mar 22
Registered
/
1
Rio Or Sou 1st gold 4s
1940 J J
318 July'23
3
/ 9
1
4
/
1
4
3 11
1942 .1 j 86 Sale 86
-year debenture 48
30
86
/
1
4
Guaranteed
1940 .1 J 12 _ _
5
8412 9014
9 June'23
9
9
Lake Shore coil gold 334s-1998 F A 7132 Sale 711
/
4
713
3
/
1
4
1
/
1
1939.7 J 7734 Sale 77
684 78 Rio Or West 1st gold 4s
773
4
7112 78
1998 F A
Registered
6914 July 23
Mtge dr coil trust 48 A_ _ 1949 A 0 6114 Sale 6034
/
1
4
69 73
6114
8 60 68
/
1
4
Mich Cent coil gold 3%s 1998 F A 7214 7414 721
/
4
,
7214 10
/
1
7414 11
7114 73 RI Ark & Louis 1st 430._ _ _1934 M 8 74 Sale 734
7214 81
1998 F A 8918
Registered
70 Apr 23
-Canada 1st rug 4s
75 Rut
19492 J 65
70
74
70 June'23
70 70
N Y Chic & St L lat g 4s--1937 A 0 9713 8712 87
8712 15
1941 J J
_ 80 Apr'23
83 s 9014 Rutland 1st on g 4s
7
80 80
/
1
4
1937 A 0 8314 8612 8612 June 23
Registered
60 754
/
1
4
19473 J 89 . 6914 June'23
8612 8612 St Jos & Grand Isi g 48
761/474
1931 M N 853 863 86 July 23 _ .
Debenture 45
4
4
83 88 St Lawr & Adlr 1st g 55
/
1
4
/
1
4
1996.7 J 881 9312 91 Apr'23
/
4
91
9212
1931 M N 100% Sale 100
2d65ABC
10038 35
2d gold 135
98 101
1996 A 0 971g
9812 July'23
9538 98 1
1
NY Connect 1st gu 4%s A...1953 F A 863 Sale 8634
8
84
/ gra St L Cairo guar g 4s
1
4
1
1931 2 J acoz -ao
863
3
90 June'23
87 90
N Y & Erie 1st ext g 4s
NE t b
a il3
l
87 July 22
StL Ir M &Sgencong 58_1931 A 0 95 Sale 9414
953
8 25 9414 99
12
ext gold 4%s
3d
-ea- IF: Gen con stamp gu g 5s 1931 A 0
102 july'14
-- 95 May 23
1930 A 0
4th ext gold 5s
Unified & ref gold 4s
984 9318 July 23
/
1
1929.7 J 8312 Bale 8312
93 94
/
1
4
84
7
5th ext gold 48
1928.7 D 91
Riy & Diy ist g 4s
93 9434 Nov 15 _
1933 M N 7478 Sale 744
/
1
75
3 7412 77
/
4
NY &Green Lgu g Ss
1949 afi r/ 821 90 72 July 23
72
"ii" - St L M Bridge Ter gu g 52-1930 A 0 9618 99 9714 July'23
96 99
N Y & Harlem g 3lis
2000 M N 7434 8412 731r Mar 01 _
7311 778 St L San Fran (renr2 C0)48- 50J J 67% Sale 67
8
70 s
7
19 J
.
50
873
4 80
65
N Y Lack & Western 5a
1923 F A 9934
Prior lien Eler B 5s
9934 June 23
9934 100
8118 11
811g Bale 81
80
Ws
N Y L E dr W 1st 78 ext
1930 M 5 103 ___ 103 June 23- 103 10312
Prior lien Ber C 65
1928 J .1 991 993 9914
/
4
6
993
4
4
97 1001s
1943 J j 991j
Dock & Imp 55
94 9812 530
9812 June 23
19422 J 8912 9112 89
/
1
4
90
17
873 93
4
N Y & Jersey 1st 58
1932 F A 96
99 9612 July 23
1 60 0 0
Cum adjust Ser A 6s._ _ _5 955 A 44 7334 Sale 7214
9434 9812
74
85
/
1
4
70 80
N Y dr Long Br gen g 48..„-1941 M S
Income Series A Os
91 July 22 _
65 Sale 6314
s
65 250
58 637
N Y N H & Hartford
St Louis dr San Fran gen 68 1931 3 .1 10214 1033 103
3 J 3
104
4
12 10212 104
Non-cony deben 3%s_ -..A954 A 0 3518 36 36 July 22
General gold 58
36 47
97
/ 98 9712
1
4
7s
98
/
1
4
5
9538 99 4
3
1947 M S
Non-cony deben 43
4734 49
48 June 23
St LdrSFRRconsg 4s-1996 J .1 83 -- 824 July'23
/
1
/
1
4
8212 8212
1947 hi S
Non-cony deben 330
Southw Div 1st g 5s___ _1947 A 0 85313 ____ 91 June'23
4312 48
14 June 22
91
91
1955
Non-cony deben 48
40
.1 38 40 40
4
3812 513 St L Peo dr N W 1st gu 5a_--1948 J J
- -- 10034 July'23
9914 103
1956 M N 3818 2978 37
Non-cony deben 48
37 41 St Louis Sou 1st gu g 4s
14
8612 3613
39
1931 M S 87_ _ 8612 July'23
1968.7 J 37
Cony debenture 330
1
3612
38 3612
34 4612 St L S W Ist g 4s bond cUs_1989 M N 74 .512 763* Aug'23
.
7
4
3
72 4 783
1948.7 J 5433 Sale 5313
Cony debenture Bs
2d g 45 income bond cUs411989 J J 67 68 67
40
55
52
7314
/
1
4
671
/
4
5 661 7012
4
1957 M N 271 311 30
4% debentures
Consol gold 45
3014
3
/
4
/
4
1932 J D 754 Sale 744
/
1
30 423
4
/
1
75
/ 58
1
4
7314 7832
1925 A 0 57 Sale 57
78 European Loan
1st terminal & unifying 5e_19523 J 7412 Sale 74
5878 24
/
1
4
544 813
/
1
/
1
4
4
7412
3
73 8212
/
1
4
1925 A 0 58 Sale 5714
581 134
/
4
Francs
53
7112 St Paul dr K C Sh L 1st 4%8_1941 F A 7412 75
74
/
1
4
744
/
1
2
/
1
4
74 8112
Cone Ry non-cony 48...._1930 F A
4014 4612 St Paul M & Man 48
44 Apr 23
1933.7
913 9314 913 July'23
4
4
911 93
/
4
1954.7 j 3412 50 50 Dec 22
/
1
4
lat consol g 6s
Non-cony 4s
1933J .1
10734 July'23
107 10914
Registered
43 44
1955 J J 341. -. -- 43 July'23
Non-cony deben 4s
1933.7 J
99 Sept'20
1956 j j 3412 48 49 Dec'22
Reduced to gold 4s
Non-cony deben 45
1933.7 J .
6E4 i62 9812 9612 2 -5832 9938
998a 997
_ 97 Aug'22
I927 A 0 9812 - -- 99 iune'23
Registered
/
1
4
N Y & Northern lat g 5a_
1933.7 J 6112
NYO&Wreflatg 48....._01992 m g 60 607 611
/
4
6112 7072 Mont ext lot gold 48
s
1937 J D
6112
3
91 July'23
_ -Se; lir
only_01992 NI Et
ov'20
Registered
_ 59
Registered 15.000
80 Mar'21
1937 J D 1955.7 D 5718 58 58 Aug'23
General 48
62 165
- Pacific ext guar 48
2
1940 J J 82 85 85 July'23 _
-fa- 85
1942 A 0
73 Aug'22
N Y Prot & Boston 45
,
8 A dr A Pass Ist gu g 4s_
7214 727 71
1943 J
8
7278 18
3
70 s 76 4
3
NY & Pu 1st cons gu g 4s--1998 A 0 8034 824 8212 July'23
Santa Fe Pres & Ph 5s
1942M S 86
-f
3171i2
/
1
97 May'23
/
1
4
_
97 99
1927M S 96
NY&RB lstgold 5s
95 Apr 23
95 95 San Fran Terml 1st 4s
1950 A 0 8013 81 8
8112
012
3
1
7812 83 4
1st ref be___ _1937 J .1 50 Rale 50
N Y Sun & W
511 12
/
4
107 July'23
50 60 Say Fla & W 6s
1934 A 0 10814
107 107
441 45 June'23
/
4
2d gold 430
1937 F A
5s
42
4438
1934 A 0 99
/ 16_ 9934 July'23
1
4
9934 99 4
3
1940 F A
General gold 58
43
43
49 ScloV&NE 1st gu
84 41
86 July'23
84 8714
/
1
4
1943 M N 76
Terminal 1st gold be
g
84 Jun.'23
84
1990 A O
933 Seaboard Air Line g 4s44-1959 MN .56
8
5812 5338 July'23
53 58
NY W'ches&B IstSer 1430.'46 J .1 35 354 344
/
1
/
1
Gold 4s stamped
35
/ 21
1
4
3212 5014
/
1
4
1950 A 0 538.1 53 53
,
54
52 58
6214 19
Norfolk Sou 1st & ref A 5s_..1961 F A 6214 Sale 62
Adjustment bs
6114 71
01949 F A 2818 Sale 27
2878 89
2234 321,
887a 9314
Norfolk & Sou 1st gold 5s...._1941 BIN 873 897 90 July'23
Refunding 45
4
s
1959 A 0 4218 Sale 41
4212 29
39 46
Norf dr West gen gold Bs__ 1931 M Ist.. 1064
/
1
10613 July'23
64
/ 130
1
4
/
1
1st dr cons Bs Series A__ 1945 2,1 S 6434 Sale 624
106 10812
5834 68
Improvement & extg
1934 F A 109
110 Mar'23
110 110 Seaboard & Roan 1st bs. _ _ _1920 J J 9312 9718 9614
9614
1
4
9334 973
1932 A 0 107
New River lot gold
107 July 23
10634 107 Sher Sh & So 1st gu g bs
19432 D
3612 June'23
8612 3712
1996 A 0 90
903 89
8
/
1
4
N & W Ry 1st cons g 4s
9012 33
1936 F A
8514 9314 S& N Alaconsgu abs
997 May'23
8
98 10114
/
1
1906 A 0 804 __ 85 July 23
Registered
Gen cons guar 50-yr 55
85 90
1963 A 0 0614 99 98 4 June'23
3
s
9612 997
DWI 1st lien & gen g 45_1944 j j 88
89 88 July'23
il9 m s
k4
2
82 8 87 So Pac Col4s (Cent Pao coB '9 J D 8212 Sale 8012
7
8212 39 7712 85
10-25 year cony 430__ _1938 M S 101
10218 12 101 108
101
-year cony 45
20
924 Sale 917
/
1
9212 78
2
/
4
9014 9211
1929 M S 108 Sale 10753 1081 32 107 1173 so p-y of Dai-G
-year cony 6s
10
/
4
204eear cenv5su
1934 J D 9712 99 99
gips
4
/
1
4
3 9814 102
Focal) C dr C Joint 4s__ _1941 J D 8S38 8614 85 July'23
/
1
4
844 8912
g 5s
1937 MN 9014 _ _ 10114 July'23
/
1
101 10112
North Ohio 1st guar g 5s_ __ _1945 A 0 79 85 79 July 23
8818 8914 88 Aug'23 _ _
79 83 So Pm Coast 1st gu 48 g___ _ 19553
37 .1
88 8918
Nor Pacific prior lien 48_ _ _1997 Q „g 8414 Sale 8314
24
8712 Sale 853
8134 87 So Pac RR 1st ref 4s
85
4
8712 192
83 8812
1997
8012 85 8114 July'23
Registered
95
199 J.1
4
81
8312 Southern-Ist cons g bs___ _19943 3 9434 Sale 9414
72
9238 9814
a2047 Q F 5912 6014 591.
,
General lien gold 38
Registered
6014
-59 82
9313 93 May'23
9
/
1
4
9014 93 4
3
a2047 Q F Develop & gen 4s Set A_ _ _ 195 A 0 6712 Sale 664
Registered
5934 60 June'23
,
1
5812 80
/
1
68
98
6814 6912
1/m8 78
/
4
10178 Sale 1011
8234 90
Ref & impt 4,30 ser A_ _ _2047 J .1 8312 86 85 July'23
100 102
mom Div 1st g 4%s
2047.7 J 1061 Sale 10514 10038 240 1054 109 4
/
4
-5s_ _ _1996 J J 9112 95 933 July'23 _ _
/
1
1
4
135 ser B
90 97
2047.7 J 94 Sale 93
1951 .1 J 773 7812 7813 Aug 23
St Louis dly 1st g 45
9412 14
9212 100
4
58 C
7514 81
2047J J 9334 Sale 923
9212 9914 So Car & Ga ist ext 53is__ _1929 MN 97
99 99
127
99
4
bs D
97
99se
94
9 5.1J
4
Dive 4s_ _1996 J D 85
8134 July 23
Spokane Internal 1st g 5s__ _ 19533 D 8114
89 Feb'23
89 89
St Paul-Duluth
818 834
4
_ _ 984 Jan'23
_ 80 Oct'20 _-_/
1
9812 987 Staten Island Ry 430
8
St Paul dr Duluth 1st 5,1_1931 Q F 9918
1968 J D
92 May'22 _-_1938 J J 8718
0912 July'23
8414 8414 Sunbury & Lew 45
1st consol gold 48
4
- 95 13lay'18 _-_10 July'23
108 110 Superior Short L 1st 58 g__ _e1930 M S 953
Nor Pac Term Co 1st g 68.-1933 J J 10812 110
1938 A 0
07
100 102 Term Assn of St L lat g 4%8_1939 A 0 9 8 9414 9212 July'23 ___. -WI IC
00 June'23
No of Cal guar g 511
1930.7 J
1944 F A 9538 9712 9588 July'23
1st cons gold 58
00 June'22
North Wisconsin 1st Oa
951113 99
/
1
1953 1 J 784 7934 79 July'23
3
N 0non g d s4
refu od s f 45
-a" IC
Og & L Cham 1st gu 4s g._1948 J J 63 4 67 OR July'23
77 82
8
_ _ 90 May'23
1943 M S 8918
/
1
4
1943.7 .1 893
3614 Apr'23 . . 8814 863 TeGx
4
/
1
4
90 90
Ohio Conn Ry 48
1936.7 D 9518 99 961 Mar'23
Okla 1st gu g 58_ _ _ _1943 M S
334 Dec'22
/
1
/
4
9512 9812 Texas &
Ohio River RR 1st 568
1937 A 0
"0002 D 9212 93 93 Aug'23
951 Feb'23 _ _/
4
/
1
4
9512 95)2 Texas & Pae 1st gold be
9012 96
General gold 5s
57 51 Aug'23
1927 J J 994 Sale 991
/
1
42000 Mar 40
/
4
2d gold income 55
984 100
/
4012 54
1
8
99
63
Ore de Cal 1st guar g 5s
88 86 Aug'23
1931.7 J 81
1946.7 13 8611 87 8814 July'23 _
La Div B L 1st g 53
8434 88
86
92
Ore RR & Nav con g 4s
97 9712 May'23
99 10412 Tol & Ohio Cent 1st gu 5s_ _1935 .1 .1 96
0634 98
/
1
4
Ore Short Line-lst cons g 5s'463j 101 104 0212 July'23
9312 Apr'23
1935 A 0
102 Sale 02
1946
.1
_
Western Div 1st g 58
102
097 105
8
4
9214 96
Guar con bs
8932 July'23
1929
1935 J D
D 9238 93 911
/
4
General gold 55
9218 18
90% 92
87
/ 913
1
4
/
1
4
4
Guar refund 4s
J RO Sale 7914
2812 30 June'23
1017J .1 27
4s__ _1961
Peo dr West 4s
7512 82 Tol
30
8014 54
32
Oregon-Wash ist dr ref
Ms 16
/
1
95 944
/
1
4
/
4
77 75
93
/ 951
1
4
75
75 79 Tol St L & W pr lien g 3%s-1925 J J 94
/
1
4
1
Pacific Coast Co 1st g 5s_ ....1946J D 75
_
6934
844 July'23
1950 A 0 9614 9634 69
50
-year gold 45
8
/
1
84
6818 75
8638
Pac RR of Mo 1st ext g 45._ _1938 F A
9514 June'23
1931 J J
_
1938
.1 9414 95 95 July'23
95 97 To1WV6:0284MBA
954 95
/
1
/
1
4
2d extended gold 55
9514 June'23
1933 J J
90 June'23
(*dean 430
95
90 91
/ 961s
1
4
i 8833 91
Paducah & Ills 1st s f 4343-1958
6814 2812
1942 M 5 85 4
3
- 8678 Nov'22
7112 99
914
Paris-Lyons-Med RR Bs_ __ _1958 F A 6914 Sale 9
8314 8014 July'23
95 97 ToreHam & Buff 1st g 4s_ _k1946 J D 80
/ 9 rieg G 44
1
4
1942 SI 8 9512 96 9612
. 2 82
i51.
1
9612
Paullsta Ry 7s
9412
8812 July'23
94
8812 9314 Ulster & Del 1st Ions g 5a_ _ A928 J D 9412 Sale M12
9538
Pennsylvania RR-cons 948 1943 M N
67 70 Mar'23
1052 A 0 50
8
let refunding g 4s
89
1948 M N 883 8912 8812
8714 9112
66
70
3
Consol gold 4s
/
1
4
/ 8878 88 July'23
1
4
94
1947
J 9312 Sale 92
172
85 90 Union Pacific 1st g 48
8814 94
May 1 1908 MN 83
48 stamped
,
Registered
91
1947I J 91 Sale 90
1
923 9883
943
4
3
4
1960 F A 941 Sale 9414
8812 92
Consol 4s
9512 97
/
4
944 9814
/
1
1927 J .1 9514 Sale 9514
9012 125
19652 D 901 Sale 8912
85 92
/ / 20-year cony 45
1
4
1
4
4s
General 41
/
1
/
1
4
02008 M S 844 Sale 83 4
3
844
1st & refunding 48
98 1011
1968.7 D 10014 Bale 9932 10(04 41
80 88
/
1
4
/
4
General 58
-year perm secured 6s_19213 J J 10438 Sale 0312 10438 12 100 1054
10
/
1
1930 A 0 108 Sale 0712 10814 • 37 1064 11034
-year secured 7s
10
/
4
9112 June'23
85 1063 1111 U N J RR & Can gen 4s._ _1944 M 8
1930 F A 1071 Sale 0714 109
2
90 98 4
1
/
4
-year secured 6345
15
/
4
19263 J 991 100 9978 June'23
Utah & Nor gold 5s
99
/ 997
1
4
5
Pennsylvania Co
8412 Nov'22
911 Apr'23
/
4
1933
1st extended 4s
J
91
914
/
1
Guar 330 coil trust reg A_I937 M S
/
1
88 A pr'22
8138 83I Vandalla cons g 4s Ser A_ _ 1955 F A
Guar 33is coll trust Ser BA941 A A 8214 8212 824 July'23
/
1
85 May'23
/
1
Consol 4s Series B
1957 M N
80 83
85 87
/
1
4
Guar 33.58 trust ctfs C_ _ _ _1942 J D 8118 834 834 June'23
36 June'23
/ _..-- 8134 June'23
1
4
818 8134 VeraCruz&Plstgu43jsl034J J
34
4
3712
Guar 3s trust ctfs D_ _.1944.7 0 80
2614 38i 38 Apr'23
9112 9012 July'23
July coupon on
894 93
/
1
45
34
-25
Guar I5 -year gold 4s_ _1931 A 0 88
8410 June'22
87
July coupon off
/
1
4
84% 90
1952 MN 84
Guar 48 Ser E

-eii, va;

*No price Friday; latest bid and asked this week. a Due Jan, 5 Due Feb. g Due June. 5 Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec. 8091100 sale.




659

New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 9.

Price
Thursday
Aug. 9

1Veek's •
Range or
Last Sale

a14

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 9.

t

. Price
Thursday
.
Aug 9

Week's
Range or
Last Sale

ce4

Range
Since
Jan, 1

Ask Low
LOW High
Bid
Denver Cons Tramw 58_ _1933 A0
-aid 16lig4
Den Gas& E L Ist&ref a f g Ss'41 MN 85 Sale &if; 55 99
1942 M S 72 Sale
Dery Corp(D G)75
9484 10012
Detroit Edison lot coil tr 58_1933 33 100 _ _ _ _
90 98
9434 9514
11940 St
A
1st & ref 58 Series
940703
1
:
81940 MS 10412 Sale 103 4: 1119°°:35rh84 %3;01278-8. 101 1041s
1st & ref (is Series B
8512 21
12
82 85
Del United 1st cons g 44687_1932 3.9 85 86 85
Diamond Match of deb 746s 1936 MN 105 106 10552 10558 22 10538 10813
7
5178
51
47 64
14
50
Distill Sec Corp cony 1st g Is 1927 A0 51
e
5118
4712 64
51
51
50
Trust certificates of deposit_ _
_
5.
'23
7712 8512
g
%912 Au2
Dominion Iron & Steel 58_ _1943 33 764 80
84 87
1942 33 87 Sale
Donner Steel 75
8734 90
May'23
du Pont(E I) Powder 4465 _1936 3D
94 74 10582 10914
1.14
duPont de Nemours St Co 746 '31 MN 108 Sale 108
10412 39 101 10412
Lt lot & coil 65_1949 33 10412 Sale 1031
Duquesne
_ 10614 10812
10678 June'23
1938 33
Debenture 7548
9812 55
94 11314
9838 Sale 974
East Cuba Bug 15-yr a f g 74s'37 M
86 91'
884 8714 July'23 -4s 1939 3.9 88
Ed El Ill Bkn 1st con g
9912 103
Ed Elec III 1st cons g 58_ _ _ _1995 33 97 102 991. July'23
9612 9912
192.5 3D 9822 9713 9612 July'23 -7-Elk Horn Coal cony 138
8
905 119 8812 981s
Empire Gas de Fuel 748-- -1937 MN 90 Sale 8938
93 95
94 95 July'23 92
1932 M
Equit Gas Light 58
7 10312 10812
1941 MS 10418 Sale 10334 1044
Fisk Rubber 1st s f Ss
S114 7018 Mar'23 -704 704
Ft Smith Lt & Tr 1st g 58_ _ _1936 MS 77
8818 20 834 9354
Frameric Ind de Dev 20-yr 7466'42 J J 83 Sale 8734
5
10334
9914 1031
1942 MN 1001g 101 100
4
Francisco Sugar 746s
9114 934
Gas & El of Berg Co cons g 521949• D 92% ____ 9114 July'23 - _
_
9912 101
General Baking 1st 25-yr 62_1936 3D 100 1011 100 July'23
_
7632 801e
Gen Electric deb g 3365_ .....1942 P A 788* 801 784 Aug'23
10118 44
9913 103
1952 MS 10038 Sale 100
Debenture 59
9 97 101
98
Gen Retr 1st 5 f g 65 Ser A_.1952 FA 98 Sale 9712
9978 38 9712 10134
1947 33 9958 Sale 99
Goodrich Co 646s
54 113 11772
12
Goodyear Tire & Rub 1st s f 88'41 MN 116 Sale 11512 118
9982 106
31931 FA 102 Sale 14112 10214 242
-years f deb g Ss
10
8512 921.
Cons M S& P con Os A*28 MN 8812 14 8813 July'23 _-__
Granby
92 92
1928 MN 8812 ____ 92 June'23 - _
Stamped
92 100
1925 MN 9014 94 94 Aug'23 -Cony &ben Sa
90 91
92 91 July'23 -1932 FA 90
Gray & Davis 78
97 100
4
Great Falls Power 1st s I 52_1940 MN 9334 100 983 July'23 -_ 8012 82
1952 33 8014 82 82 May'23 _
80
8033 Hackensack Water 45
8212 6
4
818 854
9310 9912 Havana E Ftv L & P gen 5s A 1954 MS 8212 Sale 8212
87 94
90% July'23 - _ _
1952 FA 91
8 Havana Elea console 5s
5
9S31 80
96 100
lstsf g 68.._1942 MN 9858 Sale 9312
812 Hershey Choc
5
7
81
4
788 92
82 80
95 10012 Holland-Amer Line 83(fiat).1947 MN 81
9272 94
965s 10434 Hudson Co Gas 1st g Ss.. _1949 MN
7
9 2
9794 20
97
'2
93
97 99
9212 974 Humble Oil & Refining 546s-1932 33 97 SW .93'2
9434 582
938 95%
5
59 804 Illinois Bell Telephone 58w 1 1956 3D 9434 Sale 9358
91
9612
88
1940 * 0 9014 91
Illinois Steel deb 4468
91'2
79 July'23 _
79 8012
1936 MN 7512
8
.
"iiie 1017 Ind Nat G 0 Sa
99 10112
1952 MN 100 Sale 100
10013 24
841s 923 Indiana Steel 1st 55
4
p1935 33 97 100 96 Nov'22
9958 102 Ingersoll Rand 1st 55
164
13 July'23
-Ws 10012 104 Interboro Metrop cola 4465_ _1956 AO
912
5
.
2
13
4
11
5 Apr' 38 _ _2
Certificates of deposit
9078 923
4
h
86 90
Guar Tr Co ctfs 16% stamped_
6313 123
Wiz 72%
100 1021. Interboro Rap Tran 1st 5s_ _1966 1-3 6258 Sale 8112
624 89
57% 7212
6158 Sale 6034
95 101
Stamped
577
4/..
5278 731g
1932 A0 371. Sale 54
11312 1174
-year 85
10
9824 23 85 904
1932 MS 8538 Bale 3512
82 8612
78
55 8112
624 8511 Int Aerie Corp 1st 20-yr 5/3_ _1932 MN 6312 67 6012 Aug'23
44
A0
78
84
75 90
3
95 4 9878 Inter Mercan Marines f 88..1941 J J 75 Sale 75
8212 8312 82
8234 16
81
1947
8812
984 10434 International Paper 58
82h7
33I2
95 june.22 _1!
8184 8834
821±
1947 J J 103
82 90
1st & ref 55 13
1928 3D
Jett Clear C & I 5s
742 841k
7512 61
7412 Sale 7438
-iaJurgens Wks(3s (flat price)_.1947 J
87 91
9038 25
3912 Kansas City Pow & Lt 58-1952 MS 9034 Sale 9014
26
9514 94
6
94
9514
9313 961
1952 M
4
25 44 Kan Gas de El 138
1 1021s 107
1942 FA 10312 104 10313 10312
612 9984 Kayser & Co 78
9
1931 MN 107 .0732 10713 10712 11 105 109 4
3
100 103 Kelly-Springfield Tire 8s
..• 9412 July'71 -94 103 Keystone Telep Co lot 5s_ _1935 33
96l 99
9514 9918 Kings Co El L & P g Ss._ _1937 A0 9914 ____ 9712 July'23 - -1997 A0 11012 ____ 110 July'23 - - 10 12 11312
88
9
Purchase money
9812 100
10438 July'23 --- - 10432 10432
100 .._
1925 M
974
Convertible deb Os
91
7014 7013 June'23
70
74
87 9312 Kings County El 1st g 4s_ _ _1949 FA 68
2 68 76
6918
1949 FA 6818 .70 69%
Stamped guar 45
96 100
7518 801e
7534 7514 June'23
894 9378 Kings County Lighting 513_1954 33 71
2 9512 101
95:2
J 9512 Bale 9512
1954
7038 80
6465
2
191
9914 10212
1936 3D 101 Sale 101
973 10014 Kinney Co 74511
4
9212
87
89 87
8714 10
87
8
915 98 s Lackawanna Steel Is A_ _1950 M
3
1
91
8812 96
8112 69 Lac Gas L 01St L ref At est 581934 AO
_ale
9
8812 9214
83 88 Lehigh C & Nay 51 446s A 1954 3J 9112 6 __ 992114 July'23 _
98 100 4
9834 98 July'23
1933 33 97
8
943 99 Lehigh Valley Coal 55
5
834 Oct'21
1933 33
1004 1047
4s
8
42 471g
40 4714 July'23 --105 10814 Leg Av & PP lot gu g 5s-.1993 St S 40
11 112 119
106 1093 Liggett & Myers Tobac 75-1944 AO 118 12018 11812 119
8
93 9814
9712 20
1951 P A 9712 Sale 97
58 86
55
1944 A0 11638 118 117 Aug'23 _
11172 118
Lorillard Co (P) 75
1951 P A
9312 9712
55 16" Is
9
99 1 0 10 4
e 95
9
96
1
7 108 120
79 Magma Cop 10-yr cony g 78_1932 3D 10 12 59 : 10 '2
54
9812 18
1942 A0 98 gale 98
9612 102
54 68 Mallet( Sugar 7463;
2
5812
567e 6472
8434 96 Manhat Ry (NY) cons g 48-1990 A0 5812 Sale 5812
2013• D 46
501 July'23
9512
01
5014 66
84
2d 48
1942 MN 98 Sale 98
79 954 Manila Elan 75
9834 28
4
1
/
9612 88
8114 We
79 85 Manila Elec fly & Lt sf58._1953 MS 8238 85 8212 June'23
4
9684
843 Market St fly 1st cons 5s_ _1924 MS 9314 Sale 934
91
81
9312
1924 AO 961 Sale 984
3
9434 99
9312 100
-year 6% notes
5
9638
109 16184
1074 11678 !garland Oils f Se with war•nts'31 A0 118 1197. 120 July'23
4 10112 10712
Without warrant attached._ _ _ A0 10134 104 10113 10112
1004 10512
1931 FA 112 136 112 Aug'23 -- - 102 159
1074 117
7468 Series B
9134 10172
9113 9112
9972 9812 Aug 23 -7 _ 7
98
do without warrants
95 1051
80 87 Merchants & Mfrs Exch 713.._1942 115 10514 Sale 10438 10514 106
4
96 99se
4
9812
82% 8913 Metr Ed Istderef g (3s Set B-1952 FA 9812 Sale 9712
4
4 94h 9614
95
1953 3D 9131 Sale 9442
85 933 Metr Power 65
10834 44 10634 10914
9412 9814 Mexican Petroleum s f 85-1936 MN 10838 Sale 108
9932 1004
1924 FA 9934 100 100
1
100
94 99 Mich State Telep 1st 55
8
914 9712 Midvale Steel &0cony s f 58 1936 MS 8418 847s 8433
42 845 9112
86
2 844 90
100 10312
3418
of deposit.... _1938
4 85 84
Certificates
843
98
9914
97 100 Milw Elec Ry & Lt cons g 58 1928 Ft 9834 994 9813 July 23 --2
883 9112
3
' 8638 8912 89/8 July 23 --87 9914
Refunding & eaten 43s.1931
. 8872 9218
97 10018
1951 3D 8918 894 9014 July 23
Gen Is A
81
8
8912
83
1961 3D 8178 Sale 8158
1164 150
lot Is B
41 17 9278
9834 Milwaukee Gas L 1st 4s_-_ _1927 MN
92
% 95,48 1 2 93 9434
4% 2
9512 94
7614 834 Montana Power 1st 58 A.--.1943 J J
9834
91
98
9912 10018 Montreal Tram lot & ref 58_1941 3' 8834 Sale 8812
6
S84
7312 8784
7612 33
96 10314 Morris & Co 1st sI 436a_ _ -.1939 3' 764 Sale 7434
4
993 Mortgage Bond.4s
95
1986 A0
...__ 83 Apr 14
9112 9313
3
23 ---9512 9812
1932 A0 921: _712 992511:
93
Is
8934 95
N 9053 4313 92 July 23
8513 8912 Mu Fuel Gas 1st cog 55..._1947
9512 9512
JulyFeb
7912 Slut un gtel bds ext 5% _ _ _.1941 MN
74
5514 6784
95 975 Nassau Elec guar gold 48-1951 3.9 5713 73 58 July 23 -.
8
93 9524
94
9514
954 97 Nat oral Acme 7468
1931• D 954 _ _
97 9712
9712 June 23
1214 20 Nat Enam de Stamm 1st 58_1929• D
95 Sept 22
92 93 Nat Starch 20
-year deb fes_ _1930 33 5543
58 "el 10138
89 7512 National Tube 1st 55
1952 MN 9913 Sale 9912 100
9512 100
9712 35
8914 New England Tel de Tel 55_ _1952 3D 971s Sale 9718
84
50 Feb 21 - _ _
934 10112 New On Ry & Lt gen 4s.1935 33
8
95
9918 N Y Air Brake 1st cony 813_1928 61.1.1 10112 104 10112 1014 .. 100 104
6
79
7412 7913
79 79
7612 874 N Y Dock 50-Yr lat g 45-1951 P A 78
30 1065 11222
8 110
8
8314 N Y Edison Ist & ref 84.62 A_1941 A0 1094 Sale 1093
76
8
9512 100
4 16
983
9834 Sale 977
8412 90 NYGEL&Pg5s
1948
8 17
823
1
Purchase money g 4s_ _ _ _1949 FA 8214 Sale 82
7918 83 4
3
8912 95 4
82 June 23
76 82
8412 9212 NY Munk Ry 1st s f Is A19436• J 7958
99
96
984 100 N Y Q El L & P
g 431. _ _1930 P A 964 9712 9612 July 23
3t, July 23
2912 384
98 101 NY Rys 1st R E & ref 45_ _ _1942 3.9 2934 31
374
29
7
29
2912 314 29
Certificates of deposit
8814 95
3
24
212 278 212
21: 8
0
82 94
-year ad1 Inc Is
30
a1942 10
2
2
24 3
134 Th
Certificates of deposit......
874 9814
60
9
10512 10813 N Y State Rys 1st cons 436s 1982 MN 80 Sale 5934
5912 69
9112 9112 July 23
9414
91
9714
1962 MN 88
90
13466
4 92 98
9334
NY Steam lot 25-yr 65 Bar A 1947 MN 9212 9334 924

Ask Low
Rid
High
High
Low
1926 M S
_ 9912 98 May'23
98
98i
Verdi V I & W 1st g 55
1926 M S 9814 983 9818 Mar'23
984 983
4
4
Virginia Mid Ser E Is
1936 M N 9618
96 July'23
93 974
General Is
2003J J 92
9413 92 July'23
92
9314
Va & So'w'n lat gu 52
1953 A 0 7618 77 7612
7612
-year 55
3
75 8 81
1st cons 50
95
Virginian 1st 52 Series A_ _ _1962 M N 94 Sale 94
0
9 12 98
954
1939 M N 954 Sale 944
94 99
Wabash 1st gold 5s
1939 F A 85 Sale 8414
35
83 9214
2d gold Is
1954 J J
71 June'23
67 71
1st lien 50-yr g term 45
94 9612
Det & Ch ext 1st g 524_-_1941 J J 9338 19018 94 Mar'23
7314 733e
Des Moines Div 1st g 4s_1939 .1 J 6814 79 7333 Jan'23
1941 A 0 6218 664 6312 July'23
83 6814
Om Div 1st g 346s
1941 M S 7112 747 7234 Apr'23
s
7234 7278
Tol & Ch Div g 48
744 Nov•22
Warren 1st ref gu g 3465-2000 F A
1948 Q IN 7412 79
79 June'23
7438 "-SO
Wash Cent 1st gold 48
1924 F A 9512
9758 9812
958s June'23
W 0& W 1st cy gu 45
7812 7912
Wash Term 1st gu 3465.-1945 F A 7712 _ _ _ 7814 July'23 • _
F A 8152 _ _ _ _ 8512 June'23
1945
8512 851,
1st 40-year guar 45
0 89
80
W Min W & N W 1st gu 5s1930 F A 80 Sale 80
6012 593
3
59 4 853
1301* 17
4
West Maryland lot g 4s..... _1952 A 0 69
4
9012 100
9814
99 9814
1
West N Y de Pa 1st g 52_ _ _1937 J J 97
1943 A 0 75
77 78 July'23
7314 78
Gen gold 4s
M S 7878 7912 7811
78 85
791. 23
Western Pan lot Ser A 55_ _1946
1946 IN S 92 Sale 92
91
1
92
95
B 65
2361 J .9 7912 80 793
12
77
834
80
4
Pleat Shore 1st 4s guar
2361 .1 J 77
7312 75 Aug'23
75 82
Registered
99 9334 June'23
97
Wheeling de L E lot g 5s_ __ _1926 A 0 97
99
Wheeling Div 1st gold 58.1928.9 J 9313 ___ 99 Feb'23
9838 99
95
Exten & Impt gold Is. _1930 F A 8912 95 95 June'23
954
Refunding 446s Series A_ _1966 M S 47
49 4634
8
4514 62
463
4
1949 M 3 81 Sale 81
6112 19
57
RR 1st consol 48
G518
19423 D
49 60
49
1
Wilk & East 1st gu g 5s
49
193S J D 99
9919 99
98 101
99
Will & El F 1st gold 53
79
8113
2
Winston-Salem S II 1st 45_1960 J .1 7818 80 79
76
74
S2
3
Wis Cent 50
77
-Ys 1st gen 43
1949 J i 7618 7712 77
7612 7512
75
10
Sup & Dul div & term lot 48'36 MN
76
S052
19433 J 5451
W & Con East 1st 446s
65 May'22
INDUSTRIALS
RO
68
80
Adams Express coil tr g 42._1948
804 80
1936
9312 10
9314 Sale 934
Ajax Rubber 88
...1925
54 5 July'23
5
Alaska Gold M deb 82 A.
1926 IN
8 5
67
5
5
Cony deb 138 series B
10
1928 A
96
964 96
3
9814
Am Aerie Chem 1st 58
1941
9658 Sale 9658
9712 29
ref a f 7468 g
1st
1933 A
94 Sale 94
95
10
Amer! an Chain 68
62
6214 62
4
8212
Am Cot 011 debenture 56-1931 IS
Am Dock & Impt gu 68_ _1936 J J 104_ 10578 Dec222 -1937 AO 85 18 89
89
.12
1
Amer Republics 68
91
51
Am Sm & R 1st 30-yr 55 sec A1947 A •0 91 Sale 9014
1947 AO 10112 Sale 10934 1013
6s B
4 58
63
Amer Sugar Refining 65.--1937 J J 102 Sale _014 102
Am Telep & Teleg coil tr 43_1929 33 9178 Sale 917
9214 109
3
1936 M
Convertible 45
8
797 9214 88 July'23
1933 MS -year cony 446s
103 10014 July'23
20
1946 3D
-year coil tr 52
30
Sale 9732 9772 159
1925 FA 1151e Sale 115
-year convertible 6s
7
11534 20
Am Wet Wks & Flee 158_ _ _1934 AO 8434 Sale 8
9
85
44
1939 3J 63
Am Writ Paper 8 f 7-68
65 6213
6414 68
1953 FA 9713 Sale 97
9712 230
Anaconda Copper Os
1938 FA 10014 Sale 9912 10038 204
75
Armour & Co 1st real eat 44621939• D 85 Sale 84
27
85
1947 3D 9758
Atlanta Gas Light 58
Atlantic Fruit cony deb 75 A_1934 3D 28
34
28 -- 283
Trust certificates of deposit__ _
29
30 29
2914
9
do stamped
27 26
26
6
1937 33 9778 Sale 974
Atlantic Refg deb Is
9813 20
Baldw Loco Works 1st 58_ _ -1940 MN 10012 10138 10034 Aug'23
954
9412
Barnsdall Corps f cony 8% A1931 33
Bell Telephone of Pa 5a....._1948 J
9714 Sale 97
9758 84
1926 33 9813 9914 99
Beth Steel 1st ext s f Is
9914
4
lot & ref Is guar A
1942 MN 9512 Sale 94
954 27
.• 1 8712 Sole 87
20-yr p m& imp f 53_ _ _1938
88
18
135 A
1948 FA 98 Sale 974
46
98
536s
1953 FA 9014 Sale 893
9014 21
4
Booth Fisheries deb s f 65_ _ _1926 AO
80 July'23
Braden Cop M coil tr 51 6s_1931 FA
912 10
9944 59
9918
1942 AO 9414 Sale 94
Brier Hill Steel 1st 5465_
9438 23
Wway de 7th Av lst c g 58_.1943 3D 62 Sale 62
63
3
Brooklyn City Rlt 58._ _ _1941 J J 84
85
5313 July'23
Bklyn Edison Inc gen 55 A._1949 J J 9018 971 97
3
974
General (3s Series B
1930 J J 10312 104 1034 10312
3
General 78 Series C ' 1930 J J 10518 107 10678 107
O 109 Sale 10858 10938 12
General 7s Series D
1940 J
Bklyn Qii Co & Sub con gtd 55'41 MN 8013 64 65 July'23
1941 J J 85
1st 55
7912 Nov'29
72 72 July'23
Brooklyn Rapld Tran g 55._1945 AO 71
Trust certificates
7058
7058
5
60 5812
1st refund cony gold 4s__ _2002 33 56 .
5612
4
8712 32
3-yr 7% secured notes. _ _1921 33 8634 Sale 883
4
861. Sale 8613
8758 82
Certificates of deposit
8134 Sale 8134
13214 45
Ctrs of deposit stamped_ _ _ _
1950 FA 7918 821 80
8138
Bklyn Un El lat g 4-58
3
1950 FA 8114 Sale 3114
3112
Stamped guar 4-55
4
Bklyn Un Gas 1st cons g 55.1945 MN 96 Sale 95
96
3
1932 MN 10858 1091 10858 Aug'23
75
A1947 MN ____ 1035 103
8
103
lot lien & ref 63 Series
1929 SIN 10814 1091 10312 July'23
78
1932 ID 91
933 9112 June'23
Buff & Susq Iron s f Ss
1952 AO 8231 847 32 July'23
Bush Terminal 1st 42
1955 J J 8314 84 84
Consol 55
84
1
Building Is guar tax ex__ _1960 AO 8974 Sale 693
9013
s
9
1937 MN 964 971 95
Cal G & E Corp Sa
98
14
4
Camaguey Sue 1st s f g 7s_ _ _1942 A0 973 Sale 97
31
98
Canada SS Lines Istcoll s f 78'42 MN 9312 Sale 9314
3
94
Canada Gan Elec Co 68._ _ _1942 FA 10114 Sale 10114 10114 24
-year 5s_1943 3D 99 Sale 9812
1st 30
Cent Dist Tel
99
2
1931 P A R6
Cent Foundry lots t 6s_
8814 88 July'23
-year g 58_ _1925 AO 97 Sale 97
Cent Leather 20
9712 27
1931 33 120 Sale 11912 121
Cerro de Pasco Cop Ss
9
94
Ch G L & Coke 1st gu g 58_ _1937 33 9338 ___. 94
1927 FA 7738 Sale 7614
Chicago Rys 1st 58
9
7712
1923 3D 994 10014 9978 July'23
Chicago Tel 58
1932 AO 9912 Sale 99%
Chile Copper 65 Ser A
99% 73
8
4
Mein Gas & Elec 1st & ref 523'56 AO 957 963 9614 Aug'23
1981 AO 983 9812 973
4
536s Ser B due Jan 1
4
8
9712
87 87 July'23
Colo F & I Co gen s f 58_ _ _1943 FA 85
Col Indus 1st & coil 58 gu__ -1934 FA 7413 Sale 74
4 18
741
1927 33 964 Sale 9614
Columbia G & E 1st Is
9634
1927 33 9612 Sale 9812
66% 10
Stamped
1993 MS 10
1413 1214 July'23 _
Col & 9th Av 1st gu g 58
_ _ 9258 June'23
Columbus Gas 1st gold 55_1932 33
69
7012 69
69
Commercial Cable 1st g 48_2397 Q J 92-2
Commonwealth Power 85._ _1947 MN 8514 86
8434
4 14
853
1937 33 10014 10012 10014 1004
8
Comp Am Bare 73.6s
Computing-Tab-Ree 5 f 8s _.1941 J 3 9712 98 9712
1
9712
_ 7612 June'23
Conn fly & List& ref g 4465 1951 3J
1951 J J 77- 1.
80
8 - 81 July'23
Stamped guar 4468
87
23
Cons Coal of Md 1st & ref 58 1950 3D 87 Sale 86
2
Con G Co of Ch lat gu g 55._1936 J J 9334 9512 94 • 94
1952 MN 8938 Sale 89
8938
7
Consumers Power
1931 MN 97 10014 99 July'23
_
Corn Prod Refg f g 55
1934 MN 994
9938
5
993
1st 25-yr f Is
8978
1943 FA 89 _- -- 89
2
894
Crown Cork & Seal 8s
86
1
Cuba Cane Sugar cony 75.._ -1930 J J 80 Sale 86
4
9112 52
Cony deben stamped 8%.1930 33 903 Sale 9012
10714 13
Cuban Am Sugar 1st coll 88-1931 MS 107 Sale 107
9212
3
Cumb T & T 1st & gen 557-1937 J J 9184 9213 9214

*No price Friday;latest bid and asked. a Due Jan ft Due April. e Due March. e Due May. g Due June. h Due July




Due Aug. 0 Due Oct. 9Due Dec. 8000011 We

660

.THE CHRONICLE

New York Bond Record-Concluded-Page 5

[vol.. 117.

Quotations of Sundry Securities

All bond prices are "and interest" except where marked 'I"
BONDS
Price
Week's
Range
Standard 011 Stocks Par Bid Ask
Railroad Equipments Per Cf. Basis
t
N.Y.STOCK EXCHANGE
Thursday
Range or
Since
AngleAmerican Oil new El .1414 15 Atlantic Coast Line 6s
5.65 5.35
Week ending Aug. 9.
Aug.
-13
Last Sale
Jan. 1
Atlantic Refining
0.1(R
100 105 111
Equipment652s
,
5.50 5.30
Preferred
113 117 Baltimore Sc Ohio Os
100
5.80 5.40
Bid
Ask Low
High Borne Scrymser Co
High No. Law
100 132 137
Equipment
s & be
5.60 5.35
N Y Telep 1st & gen 5 f 4345_1939 MN
9414 58
94 Sale 9314
905 943 Buckeye Pipe Line Co_ _50 *86
s
8
87 Buff Koch Sc Pitts equip 65. 5.50 5.20
30
-year &ben Sf Bs__ _Feb 1949 FA 10612 Sale 106
10612 35 10314 1083 Chesebrough Mfg new 100 223 228 Canadian Pacific 4348 Sc 65- 5.50 5.25
8
20
-year refunding gold 6s_1941 AO 1053 Sale 10412 105% 50 10214 10714
8
Preferred new
100 110 114 Central RR of N J Os
5.60 5.30
Niagara Falls Power 1st 55.1932 .1 .1 100 Sale 100
9514 101
10012 13
Continental 011 now..
25 *3312 35 Chesapeake Sc Ohio Os
5.75 5.45
Ref & gen 6s
a1932 AO 10318 10418 10418
10414 17 10112 105
Crescent Pipe Line Co.. 50 51712 1812
Equipment 6348
5.60 5.30
Meg Lock & 0 Pow 1st 5s__1954 MN
991g July'23
9918
96
9912 Cumberland Pipe Line_ _100 105 110
Equipment 55
5.60 5.30
S 9312 Sale 9234
No Amer Edison 69
10.52
91
96
Eureka Pipe Line Co
9312 48
100 100 101 Chicago Burl Sc Quincy 65._ .5.65 5.30
Nor Ohio Trac & Light 6s_ _ _1947 MS 923 9312 923
4
90
4
95
Galena Signal Oil Corn. 100 59
927
8 14
61 Chicago & Eastern III 5348_ 6.15 5.50
Nor States Power 25-yr 5s A _1941 AO 9014 9012 90
7
9012
875 03
8
Preferred old
100 112 115 Chicago Sc North West 4%s 5.45 5.20
1st & ref 25
-year 65 Ser B_1941 AO 997 201 100
8
10014 18
9838 102
Preferred new
100 104 106
Equipment6s
5.70 5.40
Northwesen Bell T 1st 75 A_1941 FA 10734 Sale 1073
47 107 108
4
108
Humble 011 Sc Ref new
25 *3012 3112
Equipment 13.348
5.50 5.25
North W T 1st Id g 434s gtd_1934 J J 893
9138 9212 Illinois Pipe Line
4
9112 May'23
100 158 159 Chic RI & Pac 4345 Sc 5a _ _ _ 5.75 5.40
Ohio Public Service 734s__ _ _1948 AO 10314 Sale 103
3 101 108
10312
Imperial 011
25 *96
97
Equipment6s
5.85 5.50
75
1947 FA 10012 1013 10014 July'23
993 10514 Indiana Pipe Line Co__ _ 50 *96
4
4
98 Colorado & Southern 6s_ _ _ _
5.75 5.40
Ontario Power N F 1st 58_ _ _1943 FA 95 Sale 95
923 963 International Petroleum_(1) *15
4
8
95
1514 Delaware Sc Hudson 65
5.65 5.35
Ontario Transmission 55._ _1945 MN 93
1
94
9214 96
94
94
Magnolia Petroleum_ _.100 134 138 Erie 4Ms Sc 55
6.25 5.75
Otis Steel 85
1941 P A
7
96
967 9614
8
9
614 10112 National Transit Co_ _12.50 *2334 2412
967
8
Equipment Os
6.25 5.90
1st 25
-year s I g 7348 Ser B 1947 FA 9112 Sale 903
9012 9478 New York Transit Co_ _ _100 96
6
4
9112
98 Great Northern 6s
5.65 5.35
Pacific G & El gen & ref 55.1942 J J 905 Sale 9018
8
8812 9314 Northern Pipe Line Co _ _100 104 106 Hocking Valley Cis
9114 33
5.85 5.50
Pac Pow&Lt lst&ref 20-yr 58 '30 P A 9178 9212 9134
6
897 94
8
Ohio Oil new
913
4
25 *5412 56 Illinois Central 434s Sc 1s.... 5.45 5.20
Pacific Tel & Tel 1st 58
1937 JJ 963 Sale 963
943 9912 Penn Mex Fuel Co
4
4
8
963
4 20
14
25 *12
Equipment Os
5.65 5.35
Os
1952 MN 91 Sale 9078
88
9112 32
9212 Prairie 011 Sc Gas new _
180
Equipment 75 & 65
,
5.50 5.25
Pan-Amer P & T 1st 10-yr 75 1930 P A 103 1035 10338 1033
9 102 10553 Prairie Pipe Line new.... _100 10012 183 Kanawha Sc Michigan2s_
8
4
_100
10112
65.__
5.85 5.40
Pat& Passaic G & El cons 55 1949 MS 92% Sale 9258
1 9258 94 Solar Refining
9253
100 175 180
Equipment 434s
5.60 5.25
Peop Gas & C 1st cons g 6s_1943 AO 10512 107% 10612 July'23 - - 105 108
Southern Pipe Line Co l00 96
98 Louisville Sc Nashville 6s_ _ _ 5.65 5.35
Refunding gold 55
1
1947 M S 8914 9014 8912
87
94
8912
South Penn 011
100 110 113
Equipment 6.11;i3
5.50 5.25
Philadelphia Co 65 A
1944 FA 101 Sale 10012 10112 43
985 10112 Southwest Pa Pipe Lines _100 80
8
82 Michigan Central 5 Sc 65_ _ 5.50 5.25
Pierce-Arrow 8s
1943 MS 713 Sale 713
6518 823 Standard Oil (California) 25 *4912 497 Minn St P&SSM 4345 Sc Is 5.75 5.40
4
4
723
4 15
4
8
Pierce 011sf 8s
1931 J D 88 Sale 877
8414 98
8
8812 13
Standard 011 (Indiana)_ _ 25 *521s 5238
Equipment 6345 Sc 75_ _ _ 5.85 5.45
Pleasant Val Coal 1st g S f 58 1928 J J 93
89
_ 9018 July'23 - 90
Standard Oil (Kan)
25 *4012 4112 Missouri Kansas Sc Texas Os 6.00 5.50
9212
Pocah Con Colliers 1st 8 f 55-1957 J J 8814 _- 3
90
945 Standard Oil (Kentucky) 25 *88
8
9212 9212
90 Missouri Pacific Os Sc 63's.. _ 5.85 5.50
9112 9512 Standard 011 (Nebraska) 100 225 235 Mobile Sc Ohio 436s Sc 55__ _ 5.75 5.30
9278 9312 9112 July'23
Portland Gen Else 1st 5s_ _ 1935 J J
,
3
Portland Ry 1st & ref 55_ _ _ A930 MN 87
8414 88
8712
873 8712
4
323
Standard 011 01 New Jer_ 25 . 4 33 New York Central 43.s Sc .58 5.50 5.25
2
Portland Ry, Lt & P 1st ref 5s'42 FA 8318 835 8312
82
83%
8
867
8
Preferred
100 11612 117
5.70 5.40
Equipment65
65 B
8
1947 MN 9412 Sale 94
94
9412
Ms Standard 01101New York 25 *3838 387
5.55 5.35
Equipment 75
4 1037 10714 Standard Oil(Ohio)
1st & refund 7345 Ser A_1946 MN 10438 10514 105
105
8
100 280 288 Norfolk Sc Western 43.s.... _ _ 5.35 5.00
Porto Rican Am Tob 85- _ _1931 MN 105 Sale 10312 105
6 1017 10512
8
Preferred
100 116 118 Northern Pacific 75
5.50 5.35
1933 JJ 8912
6
Pressed Steel car 55
8934
90
87% 0014 Swan & Finch
34 Pacific Fruit Express 7s_ _ _ _
100 32
5.50 5.30
Prod & Ref 518s(with war'nts)'31 3D 116 11712 118 Aug'23
118 13312 Union Tank Car Co_ __ _100 82
8512 Pennsylvania RR eq 55 Sc 65 5.65 5.20
2 104 10812
Without warrants attached_ __
104 Sale 104
104
Preferred
100 105 10812 Pitts Sc Lake Erie 02s
5.50 5.25
Pub Serv Corp of NJ gen 5s_1959 AO 81% Sale 8114
8
8118 86
8214
Vacuum Oil new
25 .45
4514
5.80 5.40
Equipment6s
Punta Alegre Sugar 75
1937 J J 10712 Sale 06
1073
4 59 104 124
Washington 011
10 *23
25 Reading Co 4348 Sc 55
5.35 5.10
Rapid Transit See 65
342
1968
6718 Sale 67
6514 7438
68
Other 011 Stocks
St Louis Sc San Francisco 5s _ 5.85 5.50
/4 95 Sale 94
Remington Arms Cu
51
1937 907 96
8
95
4 314 Seaboard Air Line 4345 Sc 5s 5.90 5.50
Atlantic Lobos Oil
(I) .25
Repub I & 5 10-30-yr 555 L_1940 AO 92
89
9214 92
9618
9212 10
Preferred
50 *6
12 Southern Pacific Co 4345_ 5.35 5.10
534s
1953 J J 8812 Sale 8812
10
87
945 Gulf 011 new
8
89
25 *5012 5112
5.50 5.25
Equipment is
, Robbins & Myers s f 7s
1952 3D 9812 9714 9612
9612 09
9612 15
Mexican Eagle Oil
5 *4
6 Southern Ry 4348 Sc 55
5.65 5.35
Roch & Pitts Coal & Iron 55-1946 MN 90
91
91
_ 91
Jan'23
878 9
Mutual 011_
5.85 5.50
Equipment Cs
Rogers
-Brown Iron Co 75_ _1942 MN
86
93
85 July'23
75
National Fuel Gas
79 Toledo Sc Ohlo Central 65_ _ _ 5.85 5.45
St Jos Ry, L, H & P 5s
1937 Me
77
7t
3
79
7818 July'23
7814 Salt Creek Producers__ _ 10 *1658 167 Union Pacific 75
8
5.45 5.20
St Joseph Stk Yds 1st g 4345 1930 J J 8414
_ 857 Dec'22
8
Sapulpa Refining
5 158 2
i
St L Rock Mt & POs stmpd-1955 s
is 1;412
8018 _-- 8 8018 Aug'23
813
Public Utilities
Tobacco Stocks
St Louis Transit 5s
60
1924 AO
62
_ 60 June'23
*343 3512 American Cigar common 100 76
4
Amer Gas Sc Rice new....
(2)
79
St Paul City Cable 55
92
933
1937 J J 92
4
9318 92 June'23
Preferred
42
50 *41
86
Preferred
100 82
2 103 10312
Saks Co 75
1942 MS 103 10312 10314
IVI&N 92
Deb 65 2014
10312
93 Amer MachIne Sc
_100 140 _ _
90
5
9434 Amer Light Sc Trac combo 113 115
San Antonio Pub Ser 68_ _ _ _1952 JJ 9034 92
92
92
British-Amer Tobac or& £1 .23
2312
-Sharon Steel Hoop 1st 8s ser A '41 MS 9912 Sale 9812
97 104
9
Preferred
9912
100 89
93
2312
Bearer
£1 *23
4
9912 103
Sheffield Farms 045
1942 AO 101 10138 10034
1013
8
Amer Power Sc Lt corn. _100 164 166 Below (Geo W) Co, new 25 *48
52
3
Sierra Sc San Fran Power 55_1949 PA 87 Sale 8812
8212 8712
87
Preferred
84
100 81
100 112 115
Preferred-year 7s-1937 MS 9653 Sale 9614
95 10112
Sinclair Cons Oil 15
Deb (is 2016
M&S 9214 9314 Imperial Tob of G B Sc Irel'd .15
963
4 84
17
174
93
9714 Amer Public Util com_ _100 39
6348 B (w I)
9312 94
93
1938
94
43 Int Cigar Machinery_ _ _100 50
60
9512 10034
40
Sinclair Crude Oil 53413
1925 AO 9712 Sale 97
98
7% prior pref
100 66
68 Johnson Tin Foil Sc Met_100 80
90
62
953 9978
4
Cs
1926 FA 9718 Sale 97
973
4
4% panic pref
100 40
43 MacAndrews Sc Forbes_ _100 127 137
83
8912
8414 40
Sinclair Pipe Line Os
1942 AO 833 Sale 5312
4
6% preferred
100 40
45
98
Preferred
100 94
9812 10212 Blackstone Val G Sc E corn 50 *70
South Porto Rico Sugar 75 1941 JO 100 Sale 100
10014 24
72 Mengel Co
28
100 25
2
903 99
4
8
South Bell Tel & T 1st f 58.1941 33 9314 947 9512
Carolina Pow Sc Lt com_100 64
68 Porto Rican-Amer Tob _ _100 70
9512
76
2
8712 92
88
Southern Cob Power 6s_ _ _ -1947 J J 8814 91
8814
Cities Service Co COM-.A00 135 140
Scrip
75
6
Stand Gas & El cony s f 65_1926 JO 9712 98
967 997
g
9712
8
Preferred
973
4
66 Universal Leaf Tob com -100
100 85
98
2
96
Standard Milling 1st 58
1930 MN 96
9914 CitiesService Bankers'Shares *13
968 9612
9612
15
Preferred
100 • - 93
101 107
104 July'23
a1931 PA
Standard 01101 Cal 75
Colorado Power corn.. _100 1814 19 Young (J 5) Co
100 100 108
75 100 10712
7s ser C_1951 J J 105 Sale 103
Steel & Tube gen s f
105
Preferred
100 80
93
Preferred
100 100 106
Sugar Estates (Orienti) 78__1942 MS 9618 Sale 96%
96
9934 Com'w'th Pow,Ry Sc Lt _100 26
9612 36
28
__ 9114 July'23
Syracuse Lighting 1st g Os_ _1951 3D
9018 9112 Com'w'th Pow Corp prof 100 68
68
Rubber Stocks(Cleveiand)
Light &Power Co col tr of 55'54 J3 97-833 85
4
8618 July'23
843 861s Consumers Power pref. _100 85
s
87 Firestone Tire Sc Rub corn 10 *63
65
Tenn Coal, Iron & RR gen 55 '51 3, 99 100
99 July'23
9813 101
Elec Bond Sc Share pref _100 9512 9612
6% preferred
100
2
Tennessee Cop 1st cony 6s__1925 MN 9912 10012 993
4
993 10112 Federal Light & Traction(I).058
4
993
4
60
7% preferred
100 80
-- 94
Tennessee Elec Power 65_ _ __1947 3D 935 Sale 9312
8
92
9412 46
95
Preferred
100 69
73 General Tire Sc Rub corn 50
55
3
Third Ave 1st ref 4s
1960 J J 55 Sale 5412
5212 65
Lehigh Power Securities.
(1) •1912 2014
Preferred
98
100 96
Adjustment income 55_ _ _ al960 AO 49 Sale 465
8
45
6254 Mississippi Riv Pow corn 100 20
493
8 92
22 Goodyear Tire Sc R com_100 101
_
90
94
Third Ave Ry 1st g 55
90 July'23
1937
90
Preferred
9514
100 80
83 Goody'r T&R of Can Di-100 v8312 8412.
8- -24 102 105
Tide Water 0116345
1931 FA 10212 Sale 102
1023
4
First mtge 55, 1951_ _J&J 923 933 Mason Tire Sc Rub corn_()) *212 2 4
4
4
3
3 1023 105
8
Tobacco Products 5 f 7s_...1931 JO 1047 106 105
105
4
S F g deb 75 1035.. _M&N 100 102
Preferred
25
100 24
1941 MS 10712 Sale 10714
Toledo Edison is
10712 21 105% 10752 Nat Power Sc Lt corn _(2) *48
50 Miller Rubber
69
100
P65
5
8
Toledo Trac, L &
1925 PA 983 983 9812
4
9712 9912
9812
Preferred
85
(I) •82
Preferred
100
100
Trenton G & El 1st g 58-1949 MS
9214 95
9214 July'23
Income 7s 1972
J&J 88
88 Mohawk Rubber
10/a
100
TJndergr of London 4A5--1933 JJ
925 May'23
8
907 9314 Northern Ohio Electric.(I) •10
8
12
Preferred
49
- 52
1948 JJ 88%
Income 68
86% May'23
863 8814
8
Preferred
100 22
25 SelherlIng Tire Sc Rubber(t) *4
5
1942 MN 967 Sale 9612
8
Union Bag & Paper 65
95
99
9714 12
States Pow com_100 *92
North
94
Preferred
55
100 45
-- 92 July'23
Union Elec Lt & Fist g 58_ _1932 MS 9658
92
9734
Preferred
100 92
95 Swinehart Tire Sc R c0m_100
21
1
1933 MN 903 Bale 9034
4
58
8814 92
003
4
Nor Texas Elec Co com_100 65
70
Preferred
50
100 40
Union Elev (Chicago) 5&_ _ A945 AO 70
70
7312 70 June'23
Preferred
100 70
75
1931 JJ
977 96 Aug'23
8
Union 011 55
90
96
Pacific Gas Sc El 1st pref 100 89
91
Sugar Stocks
1
.001'2 Sale 100
C1942
9
65
10012
9978 10258 Power Securities com
(() *3
5 Caracas Sugar
13
50 *10
A 104 Sale 10312 104
13 10214 105
Union Tank Car equip 75_ _ -1930
Second preferred
19 Cent Aguirre Sugar coin.. 20 .81
(I) •14
83
1941 J D 11078 Sale 110
11112 19 110 11334
United Drug cony as
Coll trust 65 194E_ _J&D 76
82 Fajardo Sugar
97
100 95
J 92 Sale 92
19
United Fuel Gas 1st s f 65-1938
92
98
94
Incomes June 1940....F&A /54
59 Federal Sugar Ref com_.100 60 65
927 9212 Aug'23
8
United Rys Inv 5s Pitts issue 1926 MN 92
8714 9712 Puget Sound Pow Sc Lt...100 46
49
Preferred
100 90 105
60 July'23
United Rys St L 1st g 45.-1934 J J 5814 60
5812 6318
6% preferred
83 Godchaux Sugar, Inc,_ (I) *12
100 80
13
rcts &L.-1937 M N 88
89
8712
8812 10
United SS Co int
8612 93
7% preferred
100 al00 103
Preferred
82
1942 A 0 9812 Sale 98
9812 13
98 10114
United Stores 68
Gen mtge 7345 1941_ M&N 10312 10512 Great Western Sugar new 100 78
25 *72
77
1932 J J 1023 10314 103
4
1 10018 10312 Republic Ry Sc Light_ 100 12
Hoffman Mach 88
103
US
14 Holly Sugar Corp corn_ _(9) 23
27
1
99 1003
4
U S Realty & I cony deb g 55 1924 J J 10012 102 10012 10012
Preferred
44
100 40
Preferred
76
8912 South Calif Edison corn_100 10014 10214 Juncos Central Sugar.. 100 70
85
873
5 98
US Rubber 1st & ref 55 ser A 1947 J J 8712 Sale 8612
...10O 00 110
1930 F A 106 Sale 1053
4
10614 23 10512 10912
10-year 7345
Preferred
100 113 116 National Sugar RellnIng.106 89
92
5
9912
9912 102
995
8
US Smelt Ref & M cony 6s-1926 F A 9912 100
Standard Gas Sc El (Del) 50 *28
28 New Niquero Sugar
95 100
8
Preferred
S Steel Corpf coupon __-d1983 MN 1017 Sale 10134 10214 108 10034 104
50 *4714 4814 Santa Cecilia Sug Corp pf 100
5
12
101 July'23
100 10412 Tennessee Elec Power_ (2) *1112 1212 Savannah Sugar
sf 10-60-yr 5s1registered _d1963 MN
com___(1) *58 82
8112 25
8012 9134
Utah Light Sc Traction 55_ _.1944 A 0 8012 Sale 8012
Second preferred
*4212 44
(I)
Preferred
82
100 78
1944 F A 8814 Sale 8814
24
89
4
853 92
Utah Power & Lt 1st Os
United Lt Sc Rys com100 137 141 Sugar Estates Oriente pref.. 85
90
3
95
955
8
953
953
4
4
Utica Elec L & Pow 1st s f 55 1950 J J 9534 _
1st preferred (6%) - _100 78
80 West India Sug Fin com_100
4 913
1957 J J 893 - -- 8912 July'23
4
89
Utica Gas & Elec ref 55
9214 Western Power Corp._ 100 24
26
Preferred
100
100 10014 100
2
100
993 10014
4
Va-Caro Chem 1st 15-yr 55_ -1923
Preferred
79
100 76
19473 D 80 Sale 7912
8212
8114 53
75
75
Short Term Securities
IndustrIal&Miscellaneous
1937J J 6212 Sale 61
623
4 28
12
-year f 7345
43
9212 American Hardware_ _ _ _100 56
5 4 9412 Am Cot 011 Os 1924.M&52
58
9012 Amer Tel&Tel 65 1924.F&A
Without warrants attached 3 .1 ---- 60 6638 July'23 58
10001,58u Am rr fer2eefounders corn 100 7112 734
pee Ty pd
92
9512 9312 Aug'23 -Coal & Coke 1st g 55 1949 M
Va Iron
92
9512 Anaconda Cop Min6s'29 J&J 11099911'144
100 98 100
19343 J 8312 8512 8512
8512
1
Va Ry Pow lst & ref 5s
84
87
Anglo-Amer Oil 73s'25 A&O 10214 025 Bliss (E W) Co new__ _
4
(I) 41912 21
4
1942 J D 973 Sale 97
24
Vortientes Sugar 75
99
96
Federal Sug Ref(is'24.1\i&N 101
0114
63
Preferred
50 *59
1941 J D 102 Sale 01%
19 101% 108
1873h
Warner Sugar 7s
M&N
6s 1933
0 12 Bor2efe2red
9
0
8
pden Company corn...100 111 114
1939 J J 9913---- 9912 Aug'23 _ _Wash Wat Power sf58
9818 9912 Decking Valley 6s 1924 M&S 100 2
971'4
100 100 102
Westches Ltg g 58 stmpd gtd 1950 J D 9412 9712 95 July'23
9312 9714 Interboro R T 8s 1922.M&5
87
Celluloid Company
100 83
93
10
05
West Penn Power Ser A 5s_1946 M S 9014 Sale 9014
88
It C Term fly Os '23 M&N15 150i- 16614
Preferred
100 108 112
10012
5 100 10212
-year (3s Series C___ _1958 J D 10012 10114 0012
1st 40
(Bis July 1931
.2&.1 103 1033 Childs Company com......100 134 137
4
F A 10514 Sale 105
1051;
c1946
3 10218 10712 Lehigh Pow Sec 68'27.F&A 92
1st series D 75
93
Preferred
100 107 109
8814 87
1963M S 87
8834 Sloss-Sheff S&I 68 '29_F&A 9814 97 Hercules Powder
8818
6
87
58 E
100 98 103
8
4
100
96 100
18
Western Union coil tr cur 55_1938 J J 983 Sale 985
6
S Rubber 7 , s 1930-F&A 106 107
100 101 103
Preferred
8
93
03
2
89
Fund & real estate g 4348_1950 MN 9258 9312 925
Joint Stk Land Bk Bonds
83
International Salt
100 78
8
10934 18 10512 11178 Chic Jt Stk Land 13k Os..1951 10012 102 International Silver pref 100 103 108
1936 F A 1095 Sale 10834
-year 6345 g
15
10738
1073
4
4 53 10512 10812
Westinghouse E & M 7s_ _ 1931 M N 1073 Sale
5s 1952 opt 1932
10012 102
78
Lehigh Valley Coal Sales10 •76
50
95
20
91
98
530 1951 opt 1931
102 10412 Phelps Dodge Corp
Wickwire Spen Steel 1st 7s_ A935 3 J 95 Sale 93
150 160
067
4
32
943 102
4
4'48 19.52 opt 1932
Wilson & Co 1st 25-yr s f 85_1941 A 0 9514 Sale 943
9912 101
00
Royal Baking Pow com_ 100 122 130
867
8 11
8
98
19283 D 867 Sale 8614
83
4345 1952 opt 1932
98
10
-year cony s f (is
9911
08 101
Preferred
965
8
97
21
e
93 105
1931 F A 967 97
43
48 1963 opt 1933
7348
9912 101
Singer Manufacturing_ .100 110 113
1033
8 13 10012 106
1941 A 0 10212 10312 03
Winchester Arms 7345
* Per share. I No par value. S Basis. d Purchaser also pays accrued dividend•No price Friday; latest bid and asked. a Due dall• d Due Apr, c Due Mar. e Due e New stock. !Flat Price. Sc Last sale, n Nominal. x Ex-dividend. y Ex-rights May. p Due June. 12 Due July. k Due Aug, a Due Oct. p Due Dec. 8 Option sale. t Ex stock dividend. 5 Sale price. o Canadian quotation.




g'4
4

BOSTON STOCK EXCHANGE-Stock Record seeVerDS
Lge
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Aug. 4.

Monday,
Aug. 6.

Tuesday,
Aug. 7.

Wednesday, Thursday,
Aug. 9.
Aug. 8.

Friday,
Aug. 10.

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Range since Jan. 1 1923.
Lowest

Railroads
Shares
14812 14813 148 149 *146 149
100 143 Apr 3
77 Boston & Albany
148 148 *148 150
7812 7834
79
80
100 75 June 29
79
162 Boston Elevated
7912 79
79
7914 79
/
4
Do pref
100 9112 Aug 9
*9113 ____ *9113 ____ 911 9112
5
94 .9112
.91
11212 11212 113 113
100 11118 Aug 2
Do lot pref
6
*112 11312 *112 114 *112 114
100 98 Aug 9
98
99
99
9914 9914 99
Do 2d met
133
993 993 100 100
4
4
*12
/
1
4
13
100 1014Ju1y 30
1218 1212 1212 1212 13
74 Boston & Maine
•12
*15
19 .15
*15
19
19
19
100 14 July 28
Do pret
*15
19
.15
*20
____ *20
2012 21
20
Do Series A 1st pref_ _ _100 19 July 17
21
20
51914 _ _
.27
*27
*2714
Do Series B 1st pref_ _ _100 26 July 10
*27 _
29
*26
*24
28
*24 - 28
Do Series C lot pref___100 25 July 3
*24
27
*24
Do Series D lot pref_ _100 34 July 18
*34
36
36
*33 16.- *34 ____ *34
*34
36
100 135 July 21
Boston & Providence
*13514 138 *130 144 *136 140 *136 140
912 East Mass Street Ry Co 100 18 Feb 15
"B 25 2434 2612 2612 2612 25 2614 26 26
65
*64
64
64
100 64 Aug 8
65
Do 1st pref
20
65 •_ _ _ _ 65 .__
54100 53 Feb 24
04
Do pref B
_ 54 *z___54 *z_ __ 54
39
100 3412 Feb 13
*36
39
36
36
36
36 .38
Do adjustment
5
*38 _ _ _ _
*36
*36
37
37
*36
37
37
*36
East Mass St KY (tr Ws)__100 3412 Feb 15
.36
37
1528
29
*28
29
29
8.1;1
41
29100 22 61e; 27
5
293
4 29
10 Maine Central
1214
100
113 121 1112 1134
4
/
4
303 N 'Y N II & Hartford
107 104 1114 1113 12
8
/
1
703 *65
4
703 .65
4
Northern New Hampshire..100 69 June 28
7034
703 *65
4
*65
703 *65
85
85 *
90
80
90
85
*85
90
.3 10 Norwich & Worcester prof _100 80 June 12
*45
66 *___ _ 66
100 67 July 23
66
67
Old Colony
____ *66
*66
100 25 May 14
32
Rutland pref
*27
*2912 32
32
*29
*77 -81
*79
81
Vermont & Massachusetts_100 78 July 12
7934
ii
.79

Highest

661
PER SHARE
Range for Previous
Year 1922.
Lowest

Highest

151 June 14 13014 Jan 152 May
7312 Feb 8912 Sept
84 Jan 5
9414 Mar 105 Sept
100 Mar 6
125 June 12 116 June 126 sops
106 Mar 5 10112 Nov 109 Sept
14
Jan 3113 May
2012Mar 2
Apr
20
Jan 37
27 Feb 13
Jan 4412 Apr
22
3212Mar 1
Jan 62 May
36
48 Feb 6
30
Jan 54 May
42 Mar 22
Jan 7712 May
40
59 Feb 7
Jan 163 July
16013 Jan 25 125
8
18 July 265 July
35 Mar 22
64 Aug 77 July
72 Jan 16
51 July 60 Nov
65 Mar 19
28 July 47 Aug
46 Mar 22
29 July 47 Aug
45 Mar 21
Oct
2713 Jan 55
43 Jan 2
/
1
4
1214 Jan 34 May
2212 Jan 30
69
Jan 96 July
84 Feb 3
4
58
Jan 1033 Dec
100 Jan 3
Jan 9814 May
81 Feb 14
57
15
Jan 5278 June
384 Feb 20
/
1
Jan 100 Aug
98 Jan 11
78

Miscellaneous
114May 4
15
8 158
11 15
/
4
8
4
/ Jan
1
4
212 Dec
312 Jan 9
112
14
/
1
112 158
475 Amer Pneumatic Service__ 25
13
13
Feb 2014 Aug
50 13 . Aug 7 20 Jan 10 13
15
1312 *13
1313 1312 13
Do pref
192
8
8
4
4
4
4
12214 1223 1223 1223 1223 1223 12218 12234
2,163 Amer Telephone & Teleg_100 119 June 29 1253 Mar 14 11432 Jan 12814 Aug
Jan 121 Dec
77
77
7712 77
7712 77
No par 76 July30 112 Jan 5 104
77
77
171 Amoskeag Mfg
80 Nov 91 Aug
*7818 80
78
78
Do pref
No par x77 July 10 88 Jan 5
7818 781
77
78
39
201 May
14 Nov
*14
16
16
16 .14
Art Metal Construe, Inc.__ 10 15 Mar 1 1612 Mar 14
*14
16
*14
12
13
Jan 22 May
10 July 2 2018 Feb 14
*11
12
*11
*11
12
*11
12
Atlas Tack corp
No par
/
1
4
4
10512 10512 --------01514 1053 105 10514
93 Boston Cons Gas Co. pref_100 105 Jan 22 10812 Feb 24 104 Au 107 Dee
.16 .16
*10 .20
.11
.11 +.10 .20
1,900 Boston Mee Pet Trus_ _No Par .10 Jan 18 .30 Jan 25 .10 Sep .50 May
/
1
4
207 21
8
21
1534 Jan 30 Dec
10 19 July 5 27 Mar 19
2012 21300 Connor (John T)
/ 21
1
4
20
/ 20
1
4
6 Apr
3
Jan
4 Jan 2
3 June 2"
10
314 *3
*3
314 *3
East Boston Land
314
314 *3
5
7 Dec 1414 Feb
7 June 28 1418 Mar 5
*71 814
/
4
8
8
*73
8 814
8
8
210 Eastern Manufacturing
75
76
3812 Jan 8912 Oct
74
74
76
75
25 68SsJuiy3O 12712 M ar 22
76
74
531 Eastern SS Lines,Inc
165 165374 Edison Electric Illum
100 160 June 28 172 Jan 3 156 Ma 185 Sept
16412 16412 165 165
16412 165
*312 5
3 Mar 13 may
312June 30 107 Jan 2
No par
*313 5
8
Elder Corporation
*312 412 *312 5
28 Dec 39 Aug
5 July 9 2912 Feb 5
Galveston-Houston Elec_ _100
*514 -- - - *514 --- *514 512
9 July 2 15 8 Mar 3
No par
9 Nov 1614 Apr
Gardner Motor
5
- -- - -- - - ---- ---- ---- ---- ---- -- -17
25 1512June 12 24 Feb 10:
16 1630Greenfield Tap & Die
*16
17 Dec 2714 Feb
17
16 .16
16
*16
18
*54
55
54
54
55
*54
43 Mar 5438 Dec
No par 54 Jan 8 6312Mar 13
54
14 Hood Rubber
54
55
*54
35
*33
*3313 35
*3312 35
8
26
Jan 383 May
35
Internet Cement Corp_No par 32 July 2 44 Mar 19
*33
35
*34
. 14 .____ 14 +____ 14InternalCotton Mills
Jan
50 13 June 19 22 Feb 19
20 Nov 32
*14 15 *____ 14 15 _
*55
56
100 50 May 31 7912 Jan 10
56 .55
555
56
55 .
60 Aug 85 Dec
Do pref
55
5
56
.55
611 Mar
.2
3
3
112June 5
*2
5
3
11 Dec
/
4
3 Mar 20
4 214
25 International Products_No par
*13
4 214 .13
412June 20
100
Apr
*312 7Do prof
*313 7
*312 7
*313 7
*312 7
513 Dec 17
8 Mar 15
618 612
5 June 22
10
618 612
6
612
61 6
/
4
/
1
4
5
/ 5
1
4
/
1
4
8 Apr 6
1112 June
15 Apr
8
329 Libby,McNeill & Libby
91
9
9
94
/
1
*5913 10
814June 27 11 Apr 26
25
10
Jan
*z9
8 July 13
24 Loew's Theatres
.5912 10
81
81
81
/
1
81
81
63
Jan 9018 Not
81
81
81
*8012 81
70 Massachusetts Gas Cos_ 100 7812May 22 874 Jan 2
100 65 July 7 73 Jan 25
6612 6612 6612 6612 66
67
Oct
62
Jan 74
66
6612
67
Stock203 Do pref
66
100 147 June 19 179 Jan 6 130
153 153
151 152
•14812 153
Oct
Jan 181
/ 154 154
1
4
151 151
51 Mergenthaler Linotype
612July 28 1434 Feb 19
10
712 .612 713 *612 8 Exchange
11 Dec 2738 June
*6
712 *7
*7
8
Mexican Investment, Inc
19
19
19
4July 6 2814 Jan 31
191, 22
19
13
Jan 34 Aug
21
19
22
19
402 Mississippi River Power_ _100 183
100 80 Jan 16 84 Feb 14
7212 Jan 8512 Oct
*8012 83
82
*8012 83
82
*8012 8212 closed7 Do stamped pref
.81
83
314June 27
10
8
634 Dec 115 Jan
8 Feb 13
/
1
4
35
8 35
312 33
4
33
8 38
5
4
4
134 National Leather
314 3 8
8
5
.25 Feb 3 .97 Apr 16 .22 Dee
Jan
5
New England Oil Corp
owing to
Jan 125 Sept
2
iii" iii- iii- 114¼ Hi- 11412 11414 11412 11412 1-111130 New England Telephone_100 113 July 4 122 Jan 3 109
1 163
13
Jan 28
4July 12 2112 Apr 26
Oct
.17
17
1713 17
1714
*1614 1714 *17
25 Orpheum Circuit, Inc
__ funeral of
88 July 10 190 Jan 2 11534 Oct 192 Dec
8812 887
8 8814 88
89
89
/ ____1 8814 887-8
4
+88
89
127 Pacific Mills
1212 Apr 16 July
10 15 June 26 18 Mar 14
1513 President
•1512 1612 *1512 1612 .1512 16
1512 1512
20 Reece Button Hole
2 Jan 11
3 Mar
3 Mar 15
/
1
4
10
*212 2
/ *214 212
1
4
151) Dec
214 214
*23 ____
4
*23 ---4
5 Reece Folding Machine
2 Feb 20 .50 Nov
5 .75 June 14
'
5.99
7 Apr
/
1
4
1
1
15.99
..99
1
1
1
Harding
200 Simms Magneto
92
/ Jan 11012 Sept
1
4
101100 9812 June26 10912 Jan 6
10012 10012 10014 101
10012
100 10012 10012 101
375 Swift & Co
39 July 8112 June
25 42 July3I .50 Mar 9
*43
44
44
44
44
44
44
*4312 44
44
55 Torrington
•7
/ 812
1
4
5
8 Mar 1414 Feb
7
/ Jan19 11 Mar 7
1
4
8
9
814 812 *8
*8
812
8
115 Union Twist Drill
37
Jan 45 Mar
/
1
4
25 13312June15 55 Mar 8
3512 3514 3534 3512 3614
343 354 35
4
/
1
3413 35
3,274 United Shoe Mach Corp_
25
Jan 27 July
8
25 245 June14 2814 Jan 11
/
1
4
*2512 26
2512 2512 *2512 26
"2512 26
25
/ 257
1
4
8112 Do pref
2178 Jan 3313 June
8 2414 243
/ 245
1
4
4 24
2414 2418 243
/
1
8 2414 244
24
2.585 Ventura Consol Oil Fields_ 5 23 July30 30 Jan 2
1714 1712 173 18
17
154 June21 e2218 Mar 19 el314 Jan a)12 Dec
/
1
4
17
177 17
8
/ 1712 1712
1
4
891 Waldorf Sys,Inc,new shNo par
*9
10
*9
10
214 Nov 1(84 Apr
5 Feb15 13 Mar 17
*812 9
9
9
*812 9
55 Walth Watch Cl B com.No par
Preferred trust ctfs
•18
20
11 Nov 4) Apr
100 1513 Mar 6 291 Mar 19
20
*18
20 .18
/
4
*18
20
*18
20
1313 1313 14
14
1314 13
/ *13
1
4
Oct
712 Feb 13
14
14
14
360 Walworth Manufacturing_ 20 1114 Jan 5 1712 Feb 17
50 2512 Jan31 341236ar 14
291
/ 293 .28
1
4
291 2912 *2812 2912 *28
/
4
2812 31
17
/ Jan 35 Sept
1
4
/
1
4
8
2340Warren Bros
3213 *3142 321
*3113 32
3214 3214 *32
32
32
301 Jan 3814 Oct
/
4
Do 1st prof
50 31 July12 3912Mar 14
40
.34
36
31 Feb 4434 July
40 33 July10 42 Mar 15
3.5
38
*34
36
Do 2d pref
*34
36 .34
15
36
.614 712 *61 8
8 July 9 1212 Feb 21
Wickwire Spencer Steel_... 5
8 No
/
1
4
21 May
/
4
- - -- - - - - - --- --- - -- - ' •
.40 .60 ..40 .7' .5.40 .65
1 Feb 28 .50
Feb16
insolidated..- 2 .25
1
Apr
Jan
.40 .40 ..33 .45
100 Adventure Cl nin g
60
61
*59
54 July 5 87 Mar 1
2
60
60
61
56 No
*5812 60 .5812 60
66 May
100 A
•.15 .25 ..15 .25 *15 .25 15.15 .25 15.15 .25
Alroma mining
eekh
2 .10 July 5 .50 Mar 2 .03 Sept .50 Apr
15 Aug
2
17
17
34 Marl
17
17
17
19 Dec 3212 Jan
15
18
17
1712 17
15
8 13
2 .70 July 3
2
2
*a13
4 2
2
2
4 Mar. 5
/
1
4
17
8
17
2 Mar
410 Ari9uel Consolidated
6 Ai cadlan
9
438 May
914 912 *914 9
5
934
934 *914 0
/
1
/ *94 10
1
4
73 Jan 6 1412Mar 2
8
3
1012 June
6 Nov
45 Arizona Commercial
*16
17
10 16 July27 19 Feb 19
*16
17
*16
17
18114 Sept
13
Jan
1614 1614 1614 1614
25 Bingham Mince
4284 4134 42
42
25 40 June26 49 June 15 248 Nov 301 Aug
4112 417
760 Calumet 42 Hecla
a 4113 4113 40
/ 4114
1
4
.551 6
/
4
*512 6
.5
/ 6
1
4
+514 6
5
/ 5
1
4
1
/
1
4
5 June 12
/
1
4
1634 Ma r
5 8 Nov
7
20 Carson Hill Gold
93 Feb 13
8
13 Feb
/
1
4
7 Jan 18 15 Mar 1
Centennial2
8
81
812 812 *8
812
812 *8
812 "8
8 Nov
Range Co
27782 27 July 5 461 Mar 1.
29
i
29
283 29
4
351 Dec 463
/
4
/
4
8(15.4
/
1
2814 283
4 274 28
4May
275
8
214June 28
10
*212 23
914 Jan
*212 23
2 Nov
18
5 Feb 23
200 Davis-Daly Copper
2
/ 21
1
4
23
8 25
8 *212 Vs
4
5
/ 55
1
4
*53
4 6
5 July 5 1112Mar 1
534 534
1214 Jan
712 Nov
85 East Butte Conner Mining_ 10
53
4 53
5
/ 53
1
4
4
25 .30 May 22
112 *114
118
11 .118
/
4
a e0
11
112 *114
378 Apr
50 Fdtnk1
1
Apr
2 Mar 5
/
1
4
*114
11
15
312 Mar
8July 12
el Consollelated___. 25
*2
3
4 Mar 5
.2
3
112 Aug
.2
*2
3
*2
3
3
24 Mar 28 335
/
1
4
30
/ 301
1
4
1,635 Hardy Coal Co
30
/ 3112 3112 32
1
4
0une 7
3114 314 3114 311
/
1
2 .11 Aug 8
lv
.15 .2
2?4 Apr
2.60 Helvetia
64
.20 .20
114 Feb 20
6
7
5,2.50
.75
.11 .50'
.15 .20
97 July 2 1154 Apr 7 : -2 -33
Island Creek Coal
100 101
2
841 Ja11 1163 June
/
1
102 104
101 102
-6;
/ 103 105
1
4
102 1031
93 Feb 15 10012 Mar 28
/
1
4
Do pref
88 Feb 9712 Nov
100
*05
96
96
96
*9512 97 .95
*95
47
96
Copper
2
19 June 21 334 Mar 3
Isle Royale Copp
4
18 Nov 263 May
*2013 22 .2013 22 .21
*20
22
/
1
*21
22
22
4 Apr
/
1
4
2 July 1
Kerr Lake
.214 3
3 Feb
358 Jan 2
*214 23
*214 3
*214
23
V
4 *214
312 Apr
2 .80 July 13
Keweenaw Copper
Feb
.5.80
11
1
11
.
5.85
214 Mar 5
112 +.8,5
11
*.80
11 15.80
/
4
25
53 may
4
ll4June27
Lake Copper Co
2 Feb
/
1
4
514 Mar 1
212
4 214
238 .13
23
4 *2
2
23
4 *2
*2
214 Apr
25
118 Jan 29
La Salle Copper
*114
1 Nov
*114
•11.4
11
113 +114
112 •I14
314 Mar 1
112
11
5
23 May
4
13
Mason Valley Mine
13g
8June 1
.214 23
13 Jan
s
2 Mar 27
/
1
4
*114
13
4 *112 2
.13
8
*112 2
434 Apr
olony...._ 25
112 Dec
118July 2
70 MasS Conrlld ar
15 m ilynower oid
14 138 •13
/
1
414 Mar 3
8
8
13
4 *13
.13
8
13
2
13
13
4 *13
6
/ Apr
1
4
2 J1a
/
1
25 .204IN,Lil y 1
2
2 Dec
/
1
4
23
4 24
212 3
7 Feb 10
3
3
3
23
4 2
7
*23
4 3
7 Apr
262 Michigan
8 2
11
/ 11 •17
4
/
4
14 13
/
1
15
.51% 2 .1,4 2
68 June
25 39 July 2 71 rlar 1
.'7
52
41
43
*41
42
42
42
277 Mohawk
42
42
a
41
41
.
1
.
/
1
4
5 18 June 28 2412Mar 2
1514 Dec 20 June
18
*5173 18
8
17
/ 175
1
4
18
360 New Cornelia Copper
4
8 1818 181
8 173 177
218 Mar
New Idria Quicksilver_-_ 5 .05 Mar 23 .05 Mar 23 .05 Dec
Jan 40 Feb
River Company.....100 35
37
*37 .... *37
*37
I New
*37 ____ *37
Apr18 40 Apr 27
Oc
Jan 85
78 Vii - •75
85
100 77 Mar 5 84 Mar 16
.79
73
5' Do prcf
80
*75
80 .7580
5
/ 51
1
4
514 514
512 512
514
514 *518 514
7
Jan
5 July
5
434 July 5
4501NipIssing Mines
63 Feb 20
4
212 23
812 Oct 15 May
214 212 .2
15
214 212
2 July30 1234Mar 1
372, North Butte
/ 2
1
4
/ *212 21/4
1
4
41s Apr
114
*.90
114 .5.90
..90
5
11
114 Dec
114 *.90
114 ".90
I Ojibway Mining
25 .70 July 2
258Mar 5
Jan
18
18
19
16 Nov 27
*18
19
18
181 *18
25 18 July 3 3212Mar 1
18
60 Old Dominion Co
18
31
3113 31
/
1
3114 31
311
25 Nov 384 Aug
31
30
25 244 July1.8 46 Mar 1
31
426, Osceola
31
/
1
33 Nov
4
218 June
2 4 23
31
3
/
1
4
*23
4 31
3
4 .2711 314 *27
4 Mar 5
57; Park City Mining 4 Smelt_ 5
23 June 2
4
8 314
*1312 15 .133 143
4
14 .13
4 14
•133 14
4
/ 141
1
4
10 Pd Crk Pocahontas Co_No par 1234 May22 1614 Mar 23 -- -- ---/
4
*2512 27
253 26
4
2612
2614 2614 26
30 Nov 50 May
.25
27
25 22 July 5 50 Mar 2
661. Quincy
33
34 34
34
361
4812 May
37 Nov
32
.34
34
1351St Mary's Mineral Land.... 25 31 July 2 5312 Mar 1
32
32
.55 .55 ..50 .60 ..50 .60 '
13 May
+.55 .6
4
112Mar 5 .25 Mar
5.50 .60
10 40
100, Shannon
Jan 9
114
3c
1
1
*.50 __ __
ttg
.98 .98
995. South Lake
2 .1(i13 Juneil 414 i . g .2.1.13 Dec 434 May
*114 2 ,
/ 13
4
4 *112 2
11 11 "11
/
4
/
4
*114
2
501Superior
July
118
118 ..93 118
•.98
114 ..98
234 Oct
11
/
4
'o
1
1
.12 1 e1;113 .90 Mar
34 .
8. 5
•
125;Superior & Boston Copper_ 12 .gg L1113;1°
.50 .54
.50 .50
.50 .50
3
1 1•1 Dec
, 4
5
.50 .60
.50 .50
/ Apr
1
4
2,4651 Trinity Copper Corp
*112 2
*112 2
*114 2
*114 2
114July 31 .40 Nov .92 May
501Tuolumne CoPPer
13
4 13
4
1 July 6
10
4 Oct
11
4 Mar
6 Apr 13
338
3
/ 33
1
4
3 *314
/
4
314 314 *310 31
3
/ 3
1
4
/
1
4
900, Utah-Apex Mining
234 Jan 9
5
114 *118 112
1
114
114
.
114
112
1 Feb
114
3 Mar 5
1 Aug 7
670, Utah Consolidated
312 June
1
114
5.55 .60
.60 .60 ..50 .75 '
4
..60 .75
.55 .55
15 Feb 27 .80 Dec
8
1 viw Sa
c
212 Apr
1501 Utah riletal & Tunnel
1 .40 July20
5.75
112 .
11 *35
/
4
112
+.75
112 ..75
112 +.87
25 Feb 28 .75 Nov
8
212 Jan
.75 July 3
2
..60 .75
.65 .70
.65 .65
Jan
.60 .60 .
4
.65 .75
13 Mar 5 .25
88t Winona
25 .30 June29
234 Apr
6
6
7
6
618 7
614
6
*5
7
74 Nov
/
1
3411 Wolverine
16 May
5 July 3 13 Mar 1
25
•BM and asked prices no sales on this day. a Ex-rights. b Ex-dividend and rights. a Ex-dividend. g Ex-stock dividend. a Assessment Paid.
e Beginning with Thursday, Slay 21, trading has been In new shares, of which two new shares of no par value were given in exchange for one share of old stock of $10
Par value. In order to make Possible comparisons with previous quotations, we have divided all these previous quotations by two.

*112 2
•1312 14
122 12213
77
78
*78
80
1514
16
11
12
+106 10712
+.10 .15
*20
21
+3
314
*7
812
72
73
16412 165
*312 5
*5
12
*8
9

f..'1):

---- ---- ---- ---- ---- ---- ---- ---




662

Outside Stock Exchanges

Bonds (Concluded)-

Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchanges Aug. 4 to Aug. 9, both inclusive. On
account of the funeral of President Harding, the Boston
Stock Exchange was closed yesterday-Friday Aug. 10.
Bonds-

Thurs.
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par Price. Low. High. Shares.

Amer Tel & Tel 65
1925
115% 115%
AU Gulf & WI SS L 5s'50
48%
48
ChM Jet & U S Y 5s.. _1940
9334 93%
E Mass St RR ser B 5s.'48
72
72
Hood Rubber 7s
1936 10031 100 100%
K C Mem de B Inc 55_ _1934
86
86
K C Mem By Bdge 55_1929
92
9214
Mass Gas 434s
1929
95
95
Miss River Power 5s_ A957 93% 93
93%
Punta Alegre Sugar 75_1937
107% 107%
Seneca Copper 85
1925
94
94
Swift & Co 58
1944 95% 95)1 96%
Warren Bros 714s_ _ _ _1937 104
104 104%
Western Tel 5s
1932 96% 9534 96%

1,000
2,000
1,000
6,000
7,000
4.000
2,000
5.000
4,000
1,000
1,000
4,000
6,000
7.000

Range "MCC Jan 1.
Low.
115%
43
88%
70%
100
85
9114
92
89
107%
94
91
102%
94

High.

Aug 116
July 62
May 95
June 7714
July 1024
Apr 88%
June 94%
Apr 96%
Apr 95
Aug 119
Aug 95
Apr 99%
July 115
Mar 98

Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Jan
Mar
Feb

Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Aug. 4 to Aug. 9, both inclusive,
compiled from official lists. The Exchange was closed
Friday, Aug. 10, on account of the funeral of President
Harding.
Stocks-

Thurs.
Saks
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High Shares.

Alabama Co, 1st pref..100
Arundel Sand & G,pref 100
Baltimore Brie, pref.._ _100 50
Baltimore Tube, pref._100
Benesch (I), corn
•
Preferred
25
Celestine Oil
Cent Teresa Bug,corn_..10
Preferred
10
Chem & Po Tel of Balt_ _100 10934
Commercial Credit
25 6834
Preferred
25 25
Preferred B
25
Consol Gas,EL & Pow_100 107
7% preferred
100 10414
8% preferred
100
Coeden & Co new stock _100
Eastern Rolling Mill
•
Equitable Trust Co_ _ _25
Fidelity dc Deposit
50 8344
Finance Service CI "A"_10
Houston Oil pre:tr otts.100 80
Manufacturers Flnance_25 5031
1st preferred
25 2434
2d preferred
25 23
Maryland Casualty Co_ _25 83
Mercantile Trust Co_ 50
New Amsterd'm Cas Co 100 38
Penns Water & Power_100 100
United By & Electric__ -50
U S Fidelity & Guar_
50
Wash Bait & Ann, pref. _50 2744
Bonds
Bait Electric stpd 88_ _1947
Consolidated Gas 55_ _1939
Consol GEL&P 444s '35 9144
Series E 534s
1952
Series A. 65
1949 103
Fairmont Coal 55.
1931 9434
Lake Roland El 5s
_1942
Macon Dub & Say 55_1947 5044
Penna Water & Pr 55_ _1940
United E L & P 4145_ _1929
United By & E 48.._ _ _1949 72%,
Funding 55
1936
I
65
1949 9944i
Wash Bait & Annap 88 '41
I
•No par value.

85
85
102 102
50
50
50
50
33% 3344
2544 2544
.15 .15
.80 .80
2% 2%
109 10934
6834 6844
25
25
25% 26
107 108
10344 10444
116 116
97
97
46
46
45% 4534
8234 8314
15
15
80
80
5041 5031
2434 2544
23
23%
83
83
250 250
37% 38
100 10014
16
16
154 154
2741 2731

7
5
10
17
5
19
200
50
300
96
220
169
103
75
47
10
20
50
5
95
3
10
2
104
9
195
5
97
3
305
60
25

Range since Jan. 1.
Low,
82
Jan
9414 Jan
49
Jan
46
Feb
32% Jan
25% June
.15
Aug
.80
Aug
214 July
108% June
48
Jan
25
Jan
2534 Aug
106% July
July
103
115 June
97
Aug
Jan
25
45% Aug
78% July
15
Aug
80
Aug
July
50
24% July
July
23
Jan
83
Jan
233
35% Jan
100
Aug
July
16
Jan
147
2614 June

High.
90
103
66
65
36
26%
.50
214

Apr
June
Apr
Apr
June
Jan
Jan
Mar
44 Feb
110% Mar
7015 July
2534 Apr
27% Jan
Mar
118
Mar
108
Jan
120
Jan
104
Apr
60
47% Apr
144% Apr
Jan
17
Jan
95
5714 Jan
264 Feb
2631 Jan
Jan
90
Apr
251
39 June
10841 Mar
20% Jan
Jan
164
3144 Feb

95% $1.000 95% Jan 96% Feb
Jan
98% 3,000 98% Aug 101
9144 8,000 87% Feb 92% Jan
Jan
9814 3,000 97 May 100
4,000 100% Apr 103% Jan
103
Apr 97% Mar
9411 1,000 94
96% 3,000 96% June 98
Jan
51
2,000 49% Apr 54% June
9634 96% 1.000 94% May 97% Feb
94
94
1.000 94
Aug 95% Mar
72% 72% 5,000 71% May 7434 Jan
2,400 73% May 77% Jan
7334 75
9944 99% 15,000 9941 May 10244 Jan
71
71
1.000 7014 July 7734 Feb

95%
9844
91%
9844
103
9414
96%
5041

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange 'Aug. 4 to Aug. 9, both
inclusive, compiled from official sales lists. The Exchange
was closed on Friday Aug. 10, owing to the funeral of
President Harding.
Stocks-

[vox,. 117.

THE CHRONICLE

Thurs.
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.

American Elea POw Co_ _50
100
p. Preferred
•
American Stores
100
Brill (J G)Co
ao
Cambria Iron
•
Congoleum Co Inc
100
Eisenlohr (OtW)
Electric Storage BaWY-100
•
Erie Lighting Co
•
General Refractories
Insurance Co of N A----10
Keystone Telephone-- -50
Lake Superior Corp- _100
50
Lehigh Navigation
•
Penn Cent Light & POW..
Pennsylvania Salt Mfg-50
50
Pennsylvania RR
Philadelphia Co (PItts)_ _50
Preferred (5%)
50
Preferred (cumul6%)
-50
25
Phila Electric of Pa
25
Preferred
Phila Rapid Transit _ _ _ _50
Philadelphia Traction__ _50
Pittsburgh & West Va_100
Reading Company
50
Tono-Belmont Devel_ _ _ _1
Union Traction
50
United Gas Impt
50
III.Preferred
50
Warwick Iron & Steel- 10
Western N Y & Pa
50
Westmoreland Coal
50
Bonds
Amer Gas& Elec 5s_ _2007
.
Small 5s
2007
Bell Tel 1st 5s
1948
Elee & Peoples tr Ws 4s '45
.
rquit Ilium Gas L 5s_ _1928




2014
71
23

20
2044
69
71
223.4 23
68
68
41
41
206
205 206
60
60
5531 56
2444 2434
50
49
47
46
46
634 04
514
SM
5
67
6484 64
61
60
81
81
81
4234 4334
44
44
43
33
33
4344
43
2934 2934 2944
3144 3014 3144
3244 3234 3234
62
61
61
4034 4034
7351 7331
"is
"le
ilia
3744
37
37
4934 4914 50
5444 5431 55
834 841
12
12
66
66
66
8434
62

84
8434
0734
62
10234
OA 44

Range since Jan. 1.
Low.

595 15
30 63
6,430 20
14 49
15 40
70 143
15 60
525 5234
25 2334
427 4234
166 4234
100
634
2,270
5
604 84
20 5434
50 79
2.324 4134
10 41
47 32
43 41
3,088 2754
618 2934
1,625 30
216 5934
10 3534
50 7044
1,500
%
71 35
786 4741
73 55444
25
8
100 12
16 6534

High.

Feb 30
Feb 78
June 25
Jan 91
Jan 45
Feb 240
Aug 8.5
July 6641
July 27
Feb 5934
Jan 50
834
Aug
June 1034
Aug 75
Apr 82
June 9334
June 4736
Jan 493-4
Feb 36
June 4534
May 3334
May 3344
Jan 3331
June 67
Jan 4881
June 80
June
134
June 4031
May 56
May 5644
Jan
9
Aug 12
May 8645

8954 18.300 82
July 9544
8434 1,200 84
July 87
9736 4,000 9654 June 99
6,000 60
63
J1.113
, 7134
10234 1,000 10134 Mar 10234
o8%i 1.000 98
July 9831

Apr
Apr
May
Mar
Jan
May
Jan
Mar
Feb
Mar
Apr
Feb
Feb
Jan
Aug
Apr
Jan
Mar
Feb
Feb
Jan
Jan
June
Jan
May
Feb
Jan
Jan
Apr
Feb
Feb
Aug
Mar
Apr
Apr
Jan
Jan
Feb
May

Thurs
Last Week's Range Saks
Sale.
ofPrices.
for
Price. Low. High. Week.

Range since Jan. 1.
Low.

Lake Superior Corp 55.1924
22
79,000 1934 June
23
Penn RR 644s
1936
10734 10734 1,000 10744 Aug
Phila Elec 1st 5s
1966 98
Apr
98 10051 14.000 96
Registered 5s
1966 9734 9734 9754 1,000 97% Aug
let 4s reg
1966
8054 8014 1,600 8044 July
554e
1947
Apr
10054 101
13,000 99
Os
1941 105
•4,100 102% May
10334 105
Reading general 4s_ _ _1997
8684 8654 2.000 8341 Aor
* No par value.

High.
31
107%
103
97%
8044
103
106%
8814

Feb
Aug
Jan
Aug
July
Feb
Jan
July

Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Aug. 4 to Aug. 9, both inclusive,
compiled from official sales lists. The Exchange was
closed on Friday, Aug. 10 because of the funeral of President
Harding.
•
Stocks--

Thurs.
sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

High.

Amer Pub Serv pref....100 8344 8334 8534
80 8331 Aug 197
Feb
Armour & Co(Del) pref 100 86
88
260 8434 June 108
87
Feb
Armour & Co, pref.__ _100 7334 7334 74
789 71 June 98
Jan
Armour Leather
42
15
714 Apr 10
734 744
Jan
Bassick Alemite Corp..
..8 3231 3134 33
388 2734 Feb 3934 Mar
Borg & Beck
* 2544 25
660 2234 May 3244 Mar
284
Bridgeport Mach Co
• 13
13
600 13
July 1644 May
1334
Case (J I)
1
1
100
•
44 July
451 Feb
Central Pub Serv, pref _100
84
30 84
8534
Aug 90
Mar
Chic Elev By, prel_ _..100
54 July
44
14 1,840
44
844 Mar
Chic Motor Coach, corn.
.5 135
133 135
515 118 May 13934 June
Chic Rys part ctfs Ser 3_ _ _
200
45
44
14
14 Feb
44 Feb
Commonwealth Edlson.100 12744 12731 128
Tag
789 12644 June 131
Continental Motors_ _10
684 June 12
70
744 734
Jan
Crane Co, pre(
109
July 115
109 109
361 107
Feb
Cudahy Packing,corn_ _100
54
.54
15 40 June 6451 Jan
Daniel Boone Wool M..25 2514 24
870 1914 May 623-4 Jan
2534
Deere & Co, pref
100
472 4854 June 7451 Jan
6034 62
Diamond Match
100 110
110 11051
155 10931 July 121
Jan
Earl Motors Co
•
50
14 July
144 Feb
44
14
Eaton Axle & Spring
•
2334 2344
95 2334 Aug 3041 May
Eddy Paper Corp
• 34
33
July
3434 2,660 2244 Apr 40
Fair Corp(The)
100
60 100
Jan 106
10134 101%
Jan
• 1831 1834 19
Gill Mfg CO
155 1654 June 2814 Apr
Godchaux Sugar,corn_ _ _ _•
12
100 11
12
July 2634 Apr
Gossard(H W)pref_ _ _ _100 2634 26
335 2434 Feb 3534 Apr
2634
Great Lakes D & D_ _100
78
79
80 75 June 9414 Feb
Hartman Corp
100 8144 8144 8144
May 9534 Jan
200 81
Hart Behar & M,coM._ 100 115
115 115
25 98
Jan 115
July
Hayes Wheel Co
3434 3434
•
10 32 July 4334 Apr
Hib Spenc Bartlett & Co_25
6544 6534
35 64
Feb 66
Jan
Hupp Motor
10 1834 1834 19
865 1636 July 2534 Mar
Hurley Machine Co
48
•
49
105 4144 July 49
Aug
Hydrox Corp, pref_ _ _100 20
.
19
720 1836 July 3254 Apr
2031
Illinois Brick
100
75
75
15 60
Apr 9634 Jan
Inland Steel
25
33
480 32
July 5034 June
3334
International Lamp__ _25
8 May 32
925
Apr
944 10
Kellogg Switch & Supp_ _25 4251 42
4251
125 3936 July 43 June
Kup'h & Co(B)Inc,com_ _5 25
25
25
378 25
Aug 30
Mar
Libby McNeill & Libby_10
641
514 7
5
4,815
July
834 Apr
Lyon & Healy Inc, pref.__ _ 9744 9634 98
45 96
July 10134 Mar
McCord Bad Mfg "A"._ _ •
2834 30
140 26 June 39
Apr
McQuay Norris Mfg
•
19
295 1044 May 26
Apr
20
Middle West Mil,corn _100 43
545 3634 May 53
Feb
4134 45
Preferred
399 8044 July 8644 Jan
82
' 100
83
Prior lien preferred
Jan
130 96 June 104
97
9734
National Leather
10
314 June
354
844 Feb
124
336 344
Pick (Albert) & Co
10
1744 1844 1,465 1744 Aug 3634 Mar
Pub Serv of Nor III, corn_.• 10031 ma 7004
177 9914 May 10341 Apr
Common
100 10054 100 10034
203 0944 June 10334 Apr
Preferred
45 9134 May 99
100 9234 9234 9236
Apr
Quaker Oats Co, pref.-100
9844 9836
20 85 June 100
Jan
Re° Motor
10 18
3,290 1144 Jan 20 May
1684 18
Sears Roebuck, com_ _100
.
25 6714 July 93
7334 7334
Feb
Standard Gas& Electric-50
300 1744 Jan 3214 Mar
2534 26
Preferred
50 4834 48
585 4644 June 5144 Apr
4814
Stew Warn Speed,com_100 8634 8354 874.4 33,950 7444 July 12444 Apr
Swift A Co
100 101
100 101
1,241 9814 June 10936 Jan
Swift International
15 1744 1734 1734 1,600 16 June 2144 Jan
Thompson (J R),coin_ _25 47
4654 48
455 4354 June 52 June
Union Carb & Carbon...10 5444 6334 5436 3,330 5144 July 6731 Jan
United Iron Wks v t c_ _ _50
444 541
484
555
484 Aug 1351 Feb
United Lt & Rys, corn_ _100 13844 13834 138%
50 71
Jan 164 May
1st preferred
100 7636 75
7834
230 6034 July 94
Apr
Panic preferred
100 90
8944 90
80 9054 July 9934 Mar
U S Gypsum
54
20
5434
35 51
July 7534 Mar
Preferred
100
104 104
10 103 June 106
Mar
Wahl Co
• 4444 4444 4444
260 43
July 5834 Jan
Wanner Mal Castings_
•
21
21
100 20 June 31
Apr
Ward (M)de Co, w 1_ _ _ _20 1834 1834 1931 2,480 1844 May 2544 Feb
Class "A"
• 98
98
98
66 93
Jan 104
Apr
Western Knitting Mills..•
244
244 244
120
2.44 Aug 1054 Mar
Wolff Mfg Corp
1634 18
•
595 12 June 3536 Mar
Wrigley Jr. corn
25 104
10214 104
542 100
Jan 114
Apr
Yellow Cab Mfg Cl"B".10 240
240 242
730 222 June 296
Apr
Yellow Taxi Co
9034 90
91
810 7051 Jan 9814 Apr
Bonds
Chicago Rys 55
1927
77
7744 84,000 7634 Aug 8234 Mar
Commonw Edison 58_ _1943
9751 98
7,000 9551 May 10551 May
WO
1st 6e
10551 106
6,000 10551 Aug 106
Swift..6 en 1Rt a f u 5s 1044
1354/ 051
9 OM 09 LC A .-... a,a, Aug
a.n
•No par value.

Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Aug. 4 to Aug. 9, both inclusive, compiled from official sales lists. Exchange closed
on Friday, Aug. 10 owing to funeral of Pre ,ident Harding.
Stocks-

Thurs.
Sales
Last Week's Range for
Sale
ofPrises.
Week.
Par. Price. Low. High. Shares

Am Wind Glass Mach_.100
Preferred
100
Arkansas Nat Gas, com.10
Carnegie Lead & Zinc....5
Indep Brewing, corn... 50
Jones-Laughlin. pref..-100
Lone Star Gas
25
Mfrs Light & Heat
50
Nat Fireproofing, tom--50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_.25
Pittsb & Mt Shasta Cop_ _1
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass-100
Salt Creek Consol Oil._ -10
Stand San'Y Mfg, com-100
Union Natural Gas
25
West'house Air Brake_..50
W'house El & Mfg,com.50
BondsHeidenkamp P G 6348....
Indep Brewing 6s
1955
Pittsburgh Brew 6s_ --1949

so
5%
434

15%
31%
Ilc
744
27
82

84% 84%
90
90
544 6
334 3%
4% 43.1
109 109
24% 25
52% 5354
6% 63,4
1544 15%
12% 1234
31% 31)4
1944 20
10c lie
6
7
187 187
744
7
78
80
26% 27
82
83
5554 55%

Range since Jan. 1.
Low,

High.

10 78
July 95
82 90 June 10734
1,860
544 July 10
July
3
4
100
120
4%
344 Jan
35 106% Mar 10944
186 23 May 27
223 51
May 60
30
July
8%
6
150 1444 July 15%
10 12 May 1814
July 3644
850 30
835 1844 Mar 3651
6,500 10c June 280
512
6
Aug 1014
Jan 205
110 165
7
1,712
Aug 17%
Mar 8554
42 73
1,284 23% Feb 2751
96 76 July 120
July 6951
120 50

9954 100 , $24,000
7954 80
20.000
8034 0014 5.000

99% July 100
6644 Mar 80
62 May 81

Mar
Mar
Jan
Jan
Aug
July
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Jan
Feb
Jan
Apr
Apr
July
Feb
Mar
June
July
Jan

AUG. 11 1923.]

THE CHRONICLE

THE CURB MARKET.
Trading in the Curb Market this week was in exceedingly
small volume, while price movements, except in a few
instances, were narrow and devoid of feature. The Curb
Market was closed again on Friday on account of President
Harding's funeral. Oil shares received a fair amount of
attention, with the Standard Oil issues showing the widest
fluctuations. Standard Oil (Indiana) in particular was
active, and after early loss from 503/i to 493, advanced to
523j, resting finally at the high figure. Prairie Oil & Gas
sold up from 1703' to 183 and at 180 finally. Imperial
Oil advanced from 95 to 98 and reacted to 963.. Indiana
Pipe Line moved up from 96 to 97%. Magnolia Petroleum
gained two points to 136. Ohio Oil rose from 493/i to 55
and ended the week at 543/a. Standard Oil of New York
improved from 37 to 38%. Vacuum Oil from 413/i reached
4531 and finished at 453'. Southern States Oil advanced
from 13% to 183' and reacted finally to 163/8. The oil list
elsewhere was without feature. Industrials outside a few
issues were neglected. Peerless Truck & Motor was conspicuous for an advance from 30 to 393-f, with the final
transaction at 38. Durant Motors was off from 42 to 39.
Dubilier Condenser & Radio sold up from 74 to 83. Glen
Alden Coal rose from 66 to 674 and finished at 673/2. National Supply Co. advanced from 51 to 54.
Below is a record of the transactions from Aug.4 to Aug.9,
both inclusive, as compiled from the official lists. The Exchange was closed Friday, Aug. 10, on account of the funeral
of President Harding. 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.
,ra.ar
&Um
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.

Week ending dug. 9.
Stocks-

Indus. & Miscellaneous.
Acme Coal Mining. new_10
Amer Cotton Fabric,pf.100 10035
Amer Drug Stores Cl A_ _1
14
Amer Gas & Elec, com___•
60 4035
Preferred
Amer Mui tier:nib w L ___ .
Amer Power & Light pf_ lee 84
American Thread. pref.._ _5
Amer Writ Paper com_100
Archer-Daniels Mid Co' 2534
4rm0ur 13 10..r nel,111.1011 86
•
Atlantic Fruit Co
135
Borden Company com _100 115
Bridgeport Machine Co_.•
-Amer Tob ord bear_ it 2334
bill
Ordinary
el 23
British lot Corp. class A.*
Brooklyn Cli y It R
If
935
nntirlY-Ittid• rm.
•
134
Car Ltg & Power coin_ _ _25
14
Celluloid CompanY Pref 100 10774
Cent Teresa Sugar pf 10
entrIlurral Cam iron Pine* 1535
Checker Cab Mfg, class A •
. ble Nipple Mfg ulnas A.%)
Class R._ .
.10
235
Chicago Steel Wheel ..- pf_10
• Wee Service, corn_ __100 133
Preferred
100 654
Cities Service, stock scrip__ ______
Cash scrip
cities Say, bankers' ob. • 1335
Colorado Power. com_ _100 1834
Congoleum Co. com-100
Cox's Cash Stores
5
Curtiss Aeropl & M con)
Certificates of deposit_ _ _ ______
Davies(Wm A) Co, Inc_ _•
Outliner Condenaer & Rad•
834
Durant Motors, Inc
• 39
..ursnr mr.r..r•of 1 nd . 10 1035
Elec Bond & Share Pf.100
Federal Tel & Tel
5
635
Gillette Safety Razor ..• 244
Olen Alden Coal
• • 674
Goodyear'Me & n.comino 10%
Hudson Cos pref
100
iniereontInen tal Rubb_100
335
19
Keystone Solether
Lehigh Valley Coal Salm 50
Lupton(F Al) Pub,cl A_ _•
Mesabi Iron Co
674
•
Midvale t'n
• 15
Mississippi RiePowcom 100 1935
Munsingwear, Inc
• 34
Nat Leather
10
Nat Sapp(:oto' Del)com 40 54
New Mex ds Arizona Land 1
N Y Tel 634% Pref._ 100 110
Patterson Bros Tob,CI A_•
Peerless Truck & Motor_ 50 38
Radio Corn of Amer.tom •
3
Preferred.
5
335
Reading Coal Co w 1
10 18
tteo Motor Car
Repent, Inc
6
1
Roamer Motor Car
934
Rosenb'm Or Corp, pf..50
Savannah Sugar corn_ _100
Southern Coal & Iron_ ...._5 20e
Standard Motor Constr_10
234
Stilts Motor Car
• 14
Swift & Co
100
Tenn Klee Power, corn...•
Timken-Detroit Axle- _10
'IND Prod Exports Corp_ _•
34
United Profit /Thar, new._ 1
53;
Un Retail Stores Candy_ •
54
u S Distrib Corp. corn_ _50
US Light & Heat, com..10
13;
Preferred
10




Range since Jan. 1.
Low.

High.

34 3%
100
335 June
6 May
10034 10035
100 9935 Mar 102
Mar
134 13;
500 37e June
13; Apr
41
41
100 31 June 4635 Mar
404 4034
100 40
July 4635 Feb
20
21
1,100 20
Aug 23 July
84
84
20 84
Aug 84
Aug
335 334 1,100
334 Feb
4
Apr
135 14
200
135 Aug
335 Apr
2535 2534
100 25
Jul3 4035 may
86
86
200 8434 July 99.4 Feb
135 135
100
134 June
234 Feb
113 115
20 110
Mar 122
Jan
13
1335 1,000 13
July 1635 May
2234 2335 10,000 1934 Jai, 234 June
23
23
200 194 June 2335 June
164 1735
400 12
July 173; Feb
934 94
500
74 Jae
2034 Mar
11,A 135 5,100
l.'s June
135 Feb
14 134
300 75c Mar
2 June
10735 10734
25 10635 May 11135 July
23; 23;
700
23; Feb
5
Feb
15
164 3,700 10
Jan
1. 35 July
35
35
100 34 June 6635 Feb
435 44
200
24 Jan
534 June
255 3y,
400
23; May
335 Jul/.
235 24
600
1
July
94 Feb
13035 135
590 130 June 195
Feb
644 653/ 1,700 64 June 70
Mal
83
83
1,000 72 June 102
Jive
77
77
2,000 74
July 77
July
1334 1335 1,100 1335 June 1934 Fet
184 1834
20 16 June 2534 mar
207 207
10 114
Jan 232 Jun(
2
23;
800
2
Aug
8
Mai
735 74
300
735 June
8
July
2535 2534
200 2535 Aug 3534 Jar
734 874 2,700
411 Jar. 1334 Ap
39
4234 2,000 3754 May 84
Jar
104 104
500
834 July 2514 Jar
98
98
10 96
July 99
Mal
64 635 1,800
335 Apr
7
Jai
242 245
260 238 June 292
Ap
66
674
900 56
Jan 7535 Api
losi 1034
800
94 mar 1614 Mal
1234 12%
400 1234 Aug 1734 Fel
334
334 1,800
33; Aug
6% Jar
234 235
100
I
July
335 Jul:
7635 77
50 7535 Aug 90
Jai
144 144
100 13
Jan 22
Jar
614 674 1,300
6 Ai g. 1234 Jai
1434 16
2,800 1134 June 2134 AP
19
1935
40 18 June 27
Fel
34
34
900 3135 July 4234 Ma:
34 34
100
335 July
835 Fel
51
54
1,200 50% May 70% Ma
335 335
100
235 Mar
44 Ma
10934110
425 108 June
112 Jar
74 735
100
735 Aug 1534 Ap
30
3934 1,700 30 June 80
Jar
24 3314 8,900
235 June
455 Ma
31% 3 st 4,600
,
21•36 Jan
11141. Ap,
4034 48
600 39
July 5034
,
164 18
2,200 1134 Feb 2015 Ma
Ma:
1
1
300
85e June
2
Jai
931 934
800
935 Aug 11
Jul:
49
49
200 4735 July 3434 Ma
573; 573;
25 573; Aug 60 Jun,
14c
220 19,000 14e Aug 50e
Ma:
24 235
200
23.5 May
33; Jar
14
144 1,000 14
June 2454 Jar
102 102
10 98
June 109
Fel
12
12
200 12
July 19
Ma
7% 734
100
73; Aug 1335 AP'
33; 8% 1,100
235 June
834 Me
534 5%
400
435 Jan
7
Ap
535 534 1,500
5
Jib
s
Ma
2434 29
900 20 June 3034 Jai
13; 2
600
1
Jan
234 Jul,
2
2
Inn on..
Tan
01,
A•••

Stobka (Concluded)-

663
Thurs.
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.

Range since Jan. 1.
Low.

High.

S Metal caps,Seal- _ _10
63e
63c
100 50c Feb
134 Feb
Utah Pow & Lt pref. _100
9331 93%
10 9334 Aug 9354 Aug
Wanner Malleable Cast_ _*
21
20
600 20
Aug 31% Ave
Wayne Coal
A
1% 1%
14 June
900
2% slam
Western Pr Corp. corn.100
26
26
80 26
July 423; Jan
Yellow Taxi Corp. N Y_ •
127% 127%
100 100
Feb 152% Apr
Rights.
Reading Coal w1
21% 20% 2231 4,100 1434 July 233( July
Former Standard 011
Subsidiaries
Anglo-American OIL_ __,C1 14% 14
1435 1,700 14 June 11)54 Jan
Buckeye Pipe Line
50
86
87
80 10 May 943; Jan
Continental 011
25 34
3435
34
200 3335 Aug 80
Feb
Crescent Pipe Line
25
1734 18
55 15% June 264 Feb
Cumberland Pipe une_loo
105 106
30 185
Jan(115
Feb
Eureka Pine Line
100 101
10035 101
150 9.4
Jan 117
Apr
Galena-Signal 011, com_100
60
60
50 55
July 793( Mar
Humble Oil& RefinIng__25 3035 3035 3034
100 293( July 41)a Mar
Imperial 011(Can) coup_25 9635 95
98
1,330 92 July 123
Feb
Indiana Pipe Line
50
9535 9735
180 93 June 103
Mar
Magnolia Petroleum_ _ _ 100
134 136
135 12535 June 168
Jan
New York Transit
100 97
9535 9734
120 953; Aug 138
Apr
Northern Pipe Line_
100
104 104
10 97 June 110
Feb
Ohlo 011
26 5435 49% 55
2,200 483; July 85% Feb
Prairie Oil & Gas
100 180
17034 183
645 170
July 224
Apr
Prairie Pine Line
100 10034 9935 101
425(1913-4 July 333
Jan
Solar Refining
173 173
100
20 170 June 212% Feb
South Penn 011
107 110
100 110
155 100
July 196
Feb
Southern Pipe Line_.._.I00
954 9535
30 93
July 116
Feb
Standard Oil (Indiana)--25 524 4934 524 59,000 40% Aug 693; Mar
Standard 011 (Kansas).-25 41
41
42
600 39
July 57
Feb
Standard Oil(Ky)
89
90
25
600 u80
Jan 183
Jan
Standard 0110! N Y....25 3835 37
3831 3,200 3535 Jan 49% Jan
Standard 011(Ohio)com100
280 283
70 270
July 317
Apr
Swan & Finch
32
100 32
33
70 21
Jan 39
Feb
Vacuum 011
25 4535 414 454 7,500 40
JULY 6153( mar
Other 011 Stocks
Ark Natural Gas, com__10
53(
535
5
600
July 10
Mar
Barrington 011 Co class A10
10
10
Aug 1134 may
200 10
Boston-Wyoming OIL,,_1
75c 80e
1,000 76e Aug
134 Fely
Carib Syndicate
334 4
700
334 June
745 Mar
Creole STMT111-81e
2% 3
5
1,300
235 Jan
714 Apr
735
Derby Oil& Ref Corp com•
73.4 8
-34 Aug 1834 Ape
800
Preferred
28
244 28
2,000 2435 Aug 493; Mar
Engineers Petroleum Co..I
80
7c
90 35,000
3.- June 25c
Jan
Equity Petrol Corp. pref
1254 12%
100 12% Aug 153; June
Federal 011
50c 540
4,700 80., June
I
Jan
General Petroleum. com_25
3134 31%
200 31
Jan 3854 Apr
Gilliland 011, common_ .._ _.
3%
335 335
100
Jan
3
735 May
Glenrock 011
75c 850
10 75c
1.000 50e June
2.% Jan
Grenada Oil Corp, Cl A-10
1
100
1
Aug
3
Feb
Gulf Oil Corp of Pa
ao
25
51% 4,800 50
July 6834 Mar
Sc
Hudson 011
70
1
9c 10,000
7c May
Jan
40% 3935 41% 2,800 27 June 18c
Humphreys 011
35
41% Aug
International Petroleum.
.• 15
15
1535 6,200 14
July 24% Feb
Interstate Royalties Corp-1
93c 970
400
Oe Aug
13; June
60
Keystone Ranger Devel_ _I
60
90 23,000
6n July 40e
Jan
2
Kirby Petroleum
•
2
200
134 Apr
4
Jan
135
Lafayette Oil Corp
134 1% 2,000 750 June
23; Apr
Lyons Petroleum
60c 62c
1 62c
600 60c June
13; Jan
145
1
Marland 011 of Mex
400
135 Aug
43; June
435 435
a
Mexican Eagle on
100
435 July 103; Feb
70e 77c
Mexican Panueo 011. .
. _10
200 5(Ie June $3
Mar
68c 870
Mexico 011 Corp
10 790
8,100 55e July 2111. Mar
135 135
Mountain & Gulf 011
1
200
13; June
13; Mat
Mountain Producers__ _ _10 143; 134 14% 2,700 12% July 2034 Feb
9
Mutual Oil vet trust ette..
8% 9
20,400
8% Aug 153; Mar
3%
334 335
New Bradford 011 w 1_ 5
700
34 July
55( May
Sc
9c 10e 14,000
Noble(Chas Fl Oil& GA13_1
9e Aug 80n
Jan
4c
40
40
Northwest Oil
1
6,000
4c July 22e
Jan
2c
Ohio Ranger
2c
1
1,000
2c Jan
7e Feb
450 650
umar till & Gas
10
5,000
4c Aug
1'm. Mae
Peer 011 Corporation
135 2
•
1,000
13; July 13
Mar
Pennsylvania-Beaver 011_1
1%
135 135 3,400
900 Jun
5
Apr
Pennok 011
10 11% 1135 12
2.800
91; Jan 145( Ape
335
Royal Can Oil Syndicate. 3
335 2,300
23; Au
73; Mae
164 16
Salt (reek Prod
10
16% 2,600 153; . ul
2534 Feb
5
Santa Fe Oil& Refining...I
434 5
2,00
434 May
6% Mar
2
Sapulpa Refining
1% 24 3,800
I
135 Aug
4% mar
2
Seaboard oil& Gas
135 2
A
6,900
1% Aug
4
Ave
South Petrol & Reflning..5
2c
2c
100
lc May lie
Jan
Southern States 011
10 16% 134 18% 34,300 124 May 2654 Mar
Tidal-Osage 011
735 735
10
100
735 Jul
133; Feb
Turman 011
700 75c
1
2,300 600 June
1% Ave
5%
Wilcox Oil& Gas
1
5311 5% 3.300
04 Aug 10A Jan
"Y" 011 & Gas
)
Sc 100
4,000
70 June 2(le Mar
Mining Stocks.
Amer Comm
4c
4c 1,000
2c June 110 Jan
10c
Arizona Globe Copper.-. I
Sc
15c 110.000
66 Aug 85e Feb
50
Belcher Extension
10e
4c
9c 593,000
2e Mar
So Jan
Boston & Montana Dev- _5 13c
13c
b3c 6,000
9e Feb 23c May
Boundary Red Mt Min_
12c
14c 2,000 12c July 80c May
66c
Butte & West Mtn Co
60c
85c 4.900 600 Aug 13
Apr
Caledonia Mining
Sc
1
Sc 3,000
6c Mar 10c Feb
1%
Caned° Copper
13.4 1451 5.200
1
14 June
2% Jan
cendalaria Silver
Sc
1
601 18,000
Sc June 38c
Jan
134
0 mael Copper Mines. -6
134 24 5,400
1.1,s JUlif
43; Mar
Continental Mines, Ltd5
.534
500
434 Jan
53; June
Cortes Silver
1 70c
66c
70c 24,800 62e Apr
135 Mar
Cresson Con Cold M & M.)
335 335 4,000
2
Apr
335 Ape
Crown Reserve
1
52c
52c
500 32e Feb 720 Apr
Esperanza
Dolores
1% 1%
500 x13.6 June
23; Jan
1
Ely Consolidated
• 3c
3c 1,000
be July
9c
Jan
7c
Eureka Croesua
1
7c
Sc 11,000
7c July 370 Jan
17e
Fortuna Cone Mining
15c
19c 16,000 16
0 July 740 Jan
Golden State Mining
23c
20c
27c 37,100 17c June 50c Mar
9c
Goldfield Deep Mines...Sc
8c
10c 27,000
7c Apr 24e Jan
Goldfield Development... 11c
Sc
lie 17.000
4e Jan 34c Jan
Goldfield Florence
1
48e
50c 2,500 290 Jan 76e Feb
Goldfield Jackpot
1
44e
44c 2,000 350 Jan 570 Mar
Gold Road Annex M
16c
16e
20e 4,000 160 Aug 30e July
lc
Gold Zone Divide
IC
2c 13,000
lc Aug 11c Feb
Hard Shell Mining
3c
4c 9,000 ,3e
Jan 13e
Jan
HarmIll Divide
10c
2c
3c 3,000
2e June 10e Mar
Hecht Mining
735
26c
7
735
535 July
500
9% Apr
Hilltop-Nevada Mining_ _. 17c
150
25c 72,200 Ilc July
Phi Feb
Hollinger Con Gold minas 5
1135 1134
200 113; June 14
Feb
Homestake Ext Min Co...1
83c
83e
300 58e Feb 88e July
Howe Sound Co
3
3
1
335 1,000
2% Jan
4% Mar
Independence Lead Min 1 39c
35e
390 19,000 16o June 48o Mar
Iron Blossom Cons Mtn_ _1 23c
23c
23c 1,000 23c July 38e
Jan
Jerome Verde Developl 1
2
2
2
900 95e Apr
334 Feb
Kelly Extension Mining_ _
4c
4c Aug 70e Apr
4c 1.000
Kerr Lake
5
700
2
July
23-4 23(
355 Jan
Kewanee
1
3c 3.000
3c
20 Mar
So Jan
Knox Divide
be
2c 4,000
2c
be May
70 Apr
La Rose Mines
5
30e 1,000 23e Apr 40c Feb
30c
Lone Star Consolldated..1
3e
3c 27.000
3c
2c June 10c Jan
MacNamara Crescent Devi
2o
3c 4,000
2c
lc Mar
Sc Jan
MacNamara Mining
lc June
1
4c 1.000
4c
7e
Jan
Mason Valley Mine
2
135 June
1,100
5
134 2
23; Mar
McKinley-Darragh-Sav ..1
15c 1.000 13c July 25e Mar
150
National Tin corp
50c 10e
100 17.000 lOc June .12e
10c
Jan
Nevada Onhir
20c 49,000
140
1 18c
6c June 200 Mar
New Dominion Copper_„5
235
2% 234 4,000
23; Jan
4% Mar
New Jersey HInc
90 148 June 1803; Mar
100 15135 150 15174
N Y Porcupine
50e 1,000 30c
50c
Jan 75e June
-- 50c
Mpleedng Nunes
535 54 2,500
535
434 July
635 Mar
Nixon-Nevada Mining Co_
50 1,000
.50
3c
Jan 10c May
Ohio Copper
63e
70e 27,100 370 Jan
1 66c
t
Pt, Mar
Premier Gold
100
234 24
23; July
354 Apr

Sales
Thurs.
East Week's Range for
Week.
of Prices.
Sale.
Mining Stocks
(Concluded)
Par. Price. Low. High. Shares.
85c
30c

800 5,600
80c
300 1,000
300
lc 2,000
lc
200
1
1
2c 1,000
2e
70c
500
70e
Sc 40,000
30
180 12,000
180
350 7.000
300
20c 1,000
200
700
3% 3%
15c 100,000
10c
3c 9,000
3c
4c 3,000
4c
lire PH 5,400
200
68c
68c
54c 11,000
50c
1% 2
1,600
300
Pre 1%
lc 2,000
le
20,100
1111
98c 1,400
97c
500
284 29
270 19,000
240
600
314 314
500
60c
58c
85c 6,700
82c
100
274 27%
300
1% 134

Range since Jan. 1.
Low.
800 Aug
25c July
lo July
800 May
lc June
50c Mar
30 Aug
10c May
250 July
200 Aug
214 July
40 Mar
2o July
Jan
le
810 Jan
68o Aug
480 July
194 June
Pie Jan
lc Aug
lhe Aug
600 Mar
264 Jan
Apr
130
July
3
28c June
76o July
19% Mar
750 Jan

New York City Bank's and Trust Companies.

High.
2% Mar
68c Apr
80 Feb
114 May
4c Feb
1% Apr
25c Apr
40e Feb
500 Feb
50c Apr
4% Mar
31c June
Sc Jan
90 July
134 :vlay
1st. Jan
890 Mar
Mar
4
2% Jan
60 Apr
Vis Feb
Aug
98
38% Apr
28c July
514 Mar
Oc Aug
114 Jan
Apr
35
2114 Apr

Ray Hercules. Inc
Red Warrior
Rex Consolidated Mining_l
St Croix Mines Corp
1
San Toy Mining
Silver King Consol
4c
Silver King Divide (more).
Silver Mines of AmerIN..
Silver Queen Mining Corp. 35c
1 20c
Simon Sliver Lead
3%
South Amer Gold & Plat.1
11c
Spearhead
1
Stewart Mining
Sutherland Divide
1;a
1
Tack-Hughes
Tonopah Belmont Divide 1
1 54c
Tonopah Divide
2
Tonopah Extension
1
Tonopah Mining
le
Tonopah North Star
1%
United Eastern Mining___1
United Imperial Mince__ _I 97c
United Verde Extension_50
240
S Cont Mines
334
5
Unity Gold Mines
Wenden Copper Mining... 600
WestEnd Consolidated_5 83c
Yukon-Alaska trust ctis
134
Yukon Gold Co
Bonus
Aug 84% Jan
.53% $27.000 51
Allied Pack 68,Ser B__1939 534 51
60
604 9,000 514 July 76% Jan
1939
Cony deb 68
Jan
Aluminum Co of Am781925 10334 1034 103% 4.000 102% Apr 104
1933 1084 1064 10634 7,000 10534 July 106% Feb
78
Feb 96% Jan
9134 914 1,000 85
Amer Cotton 011 fia„.1924
92% 10,000 914 July 97% Jan
Amer G & E deb Ile.„2014 92% 92
Amer Lt & Trac 68__ _1925
100% 100% 6,000 100% June 101% Feb
Without warrants
1,000 97
98
July 100% Jan
98
Amer Roiling Mill 6a._ 1938
Amer Sumatra Tob 74s'25 96% 96% 98% 3,000 9534 Jan 10034 May
Amer Tel & Tel 6e____1924 10034 10034 1004 50,000 10034 Aug 101 34 Jan
5,000 101% May 103% Mar
102 102
1928
Amer Thread 68
18,000 10014 July 103% Feb
101% 102
Anaconda Cop Min 88_1929
Anglo-Amer 011 7% 1925 102% 102% 102% 8.000 101% July 103% Jan
,
Armour & Co of Del 5349'43 884 87% 88% 90,000 81% July 9614 Jan
94% 11,000 91
Aug 984 June
94
Ammo Hardware 6148-1933 94
Mar
48
2,000 4314 July 62
48
Atl Gulf & WI SS L 58.1959
11,000 654 Feb 8234 June
75,4 78
1933
Beaver Board 8s
94% 944 10,000 944 Aug 96% June
Belgo Can Paper 68__ _1943
Feb
1024 102% 16,000 1024 Jan 103
Beth Steel equip 78..1935
Canadian Nat Rye 78_1935 107% 1074 107% .5,000 10614 May 11044 Jan
July 99)4 Feb
99% 994 4,000 97
1925
5e
Feb 108% Apr
1941 107% 1074 107% 10,000 106
Central Steel 88
mar
July 97
9234 9,000 90
Charcoal iron of Am 881931 92% 92
July 98% June
97% 97% 2,000 96
Chic RI & Pao 548_1926
Cities Service 7$, Ser C '66 87% 87% 89% 3,000 87% Aug 9834 Apr
July 934 Jan
874 88% 43,000 87
78, aeries D
1966 88
Columbia Graph 88... _1925
Jan
July 35
3,000 10
13
13
Certificates of deposit...
20,000 100% Apr 103% Jan
103 103
Cons GEL&P Bait 613'49 103
Apr 108% Feb
106% 106% 7,000 105
Ts
1931
Feb
13,000 94 June 106
94
94
1941 94
Cons.1 extile 8i
Jan
Jan 107
Cuban Telep 714s_ _ _ _1941 105% 105% 105% 3,000 105
16.000 9834 Jan 10314 Feb
1931 99% 99% 100
Deere & Co 74e
99% 99% 99% 28,000 99% June 101% Jan
1947
Detroit City Gas 68
Jan
101% 101% 8.000 100 June 104
Detroit Edison 8s._ _1932
29.000 9414 July 9714 AM'
94% 95
DunlopT& Rot Am 78.1942 95
34,000 96% June 98% May
97%
1933 97% 97
Federal Sugar 68
101% 101% 1,000 100% Mar 10134 Apr
1924
1924 10034 100% 1004 1,000 99% Mar 100% Apr
Fisher Body 68
2.000 9634 June 98% May
100 100
fis
1925
Feb
July 100
9834 98% 4.000 97
1928
fle
May 99% Feb
97% 97% 13,000 96
1927
6s
974 27,000 94% Mar 9834 Feb
97
1928
8:4
July 9934 Jan
Gair (Robert) Co 78_1937 94% 94% 954 6,000 94
Jan
General Asphalt Ss__ _1930 10014 99% 1004 4,000 99 June 105
Apr
95% 95% 17,000 95 June 98
General Petroleum 6s_1928
Jan
10531 105 1054 16,000 1034 Apr 107
Grand Trunk Ry 6%e.1936
4
Gulf 011 of Pa Se
1937 9 % 94% 94% 30.000 9334 Mar 9714 Jan
Jan
100 100% 13,000 100 June 102
Hood Rubber 78
1936 100
Jan
100% 100% 1,000 1004 Apr 101
Kansas City Term 86_1923
35,000 101% July 105% Jan
Kennecott Copper 76_1930 10331 103% 104
994 994 13,000 97
July 102% Jan
Libby McNeill& LIbby7s'31
May
10,000 1014 mar 104
103 103
-Winchester 78 1942
Liggett
Mar 9134 Jan
Loulav Gas& Eiec 58..1952 87% 874 8834 28,000 86
Jan 10234 Feb
9914 99,4 2,000 95
Manitoba Power 7s_.1941
Mar 2494 May
2.000 105
215 220
Maracaibo Oil Exp 73_1925 215
Aug 106% Jan
98% 10,000 97
1930 9831 97
Morris dr Co 74a
Jan
97% 9,000 954 July 102
National Leather 83_1925 97% 97
8234 82% 2,000 8134 July 89% Mat
New Oil Pub Serv 5s 1952
Jan
86% 8734 20.000 8334 Ayr 92
1952 874
Ohio Power 59
Apr 90% Jan
1952 87% 874 874 1,000 86
PennaP&L 5aB
1004 1004 4,000 98% Apr 1024 Jan
Philadelphia Elec 5345 1947
3
1. 9
3.40_1941 10334 10314 103% 6,000 102% Mar 105% Jan
68
Phillips Petrol 7
9534 97% 8,000 9534 (Aug 10314 Jan
Without warrants
1004 10134 41,000 10034 Aug 104% Feb
Public Serv Corp 7s.1941 97
96% 974 39,000 98% July 98)5 Mat
Pub Serv Klee Pow 68_1948 97
8634 86% 10,000 81% July 8834 July
Reading Co 414e w 1
July
91
91% 11,000 87
July 91
58 w I
100 100
5,000 100
Apr 100% Apr
St Paul Un Depot 5348 1923
Aug 1014 Jar,
Sears, Roebuck & Co 78'23 100% 100% 100% 10,000 100
104 105
13,000 103% May 10534 Apt
Shawsheen Mine 7s_ ..1931 105
9634 9634 5,000 96
Feb 9334 Feb
Sloss-SheffieldS &I681929
Mar 105% May
4
1924 10 4 104 104% 8,000 104
Solvay & Cie 81
Jan
90% 92
13,000 87
Mar 93
South Calif Edison 58_1944
3
0
Stand 011 of N Y 148.1933 107% 108% 107% 83,000 104% Apr 107% Jan
10334 104
10,000 102 June 108% Feb
gold deb__1925
7% serial
July
1034 104.4 4,000 103
Ayr 106
7% serial gold deb...1926 104
105 105
1.000 103
Apr 10714 Jan
7% serial gold deb_ _1927
1064 1084 10634 2,000 10414 Apr 10734 Jan
7% serial gold deb_ _1928
105% 105%
Apr 10834 Feb
104
7% serial gold deb__1929
1;
106 1074 15 001 105
Apr 1094 Jan
7% serial gold deb- _1930 108
107% Ill
Feb
12,000 10554 May 110
7% serial gold deb__1931
Mar
1014 1014 11,000 100 June 103
1931
Bun Co 7s
99% 99
99% 11,000 97
Apr 9834 Jan
1929
68
Feb
18,000 89% Mar 94
90% 91
Swift & Co 5e._Oct 15 1932
100 100% 1.000 100
Aug 104 May
Tidal Osage 011 7s_ _..1931
99% 10034 7,000 9934 Aug 10034 Aug
Union 0118s,ser B _ __ _1924
3,000 9914 June 1004 Apr
100 100
1925 -Serial 88
5,000
91% 92
106% Mar
5
)
1,
United 011 Produc 8s._1931 10 % 105% 108% 20,000 894 June 107
Jan
Apr
of Has'748'36 106% 105% 10614 27,000 103% June
United Rye
19
36
107% Jan
10514
Vacuum 011 65
Foreign Government
and Municipalities
14,000 99zi June 10044 May
99% 100
Argentine Nation 78..1923 100
July
35% 35%
37
1943
French Govt 4e
7,000 53m Aug
5
54
n
1 3 4 g:0 ° 12 lug 4414 Ma.)
5
34% 34
8
00
1945
Mexico 48
6334 May
-year Series A__-_.
68 10
10134 10234 32,000 9734 Mar 102% Aug
Netherlands(Kingd)6sW72 102
1,000 97
Feb 100% Apr
98
98
Peru (Republic) 8s...1932
1034 114 4.000
934 Jan 1614 Feb
Govt 6%a---1919
Russian
Russian Govt 548 - _1921
11,000
10
10
9 May 18 X May
Certificates
Jan
984 Aug 104
98% 99% 01,000
Switzerland Govt 548.1929
9734 97% 66,000 9734 Aug 9734 Aug
Ext 5% g notes_ _1926
Listed on the
'No par value. k Correction. m Dollars Per 1,000 lire flat. 1
New
Stock Exchange this week where additional transactions will be found. o sale.
stock. is Ex 86 2-3% stock dividend. r Ex 100% stock dividend. a Option z Ex
t Ex 100% stock dividend. w When issued, z Ex dividend. y Ex rights,
stock dividend. n Ex stock dividend of 40%.




[VoL. 117.

THE CHRGNICLE

664

AU prices dollars per *bare.
Ask
Illanks-N.Y
America •____ 227 232
288 295
Amer Exch
Battery Park- 180 188
440
Bowery*
SroadwayCen 116 140
Bronx Bones_ 175
Bronx Nat.__ 120 140
Bryant Park 160 170
Butch & Drov 130 118
Cent Macau_ 205 215
340 345
Chase
Chat & Phen.I 255 260
Chelsea Exch
80
60
Chemical ____ 525 535
Coal & Iron_ 218 225
Colonial',.... 375
Columbia....z275
Commerce.... 290 292
Com'nwealtbs
245
Continental__ 135
Corn Exch.__ 428 434
Oosmotetan*. 110 120
East
__ 204
Fifth Avenue•1200
Fifth
225 235
First
1200 1210
Garfield
250 265
Gotham
1 184 190
Greenwich'
290 310
Hanover
675 885

Ask
335
148
389
___
145
350
140

Bed
325
145
386
320
135
345
130
800
418
Port Morris._ 160
294
Public
Seaboard
360
Seventh Ave. 83
175
Standard •
State'
335
Tradesmen's• 200
23d Ward*._ _ 270
United States 180
Wastrn Hts•- 200
Yorkville•
850
Banks
Harriman__
Manhattan S.
Mach & Met_
Mutual'
Nat American
National City
New Neth*._
Pacific•

Trust Co.'.
New Fork
Amerioan.
Bank of N.Y.
& Trust Co
Bankers Trust
Central Union
Cm pre
Eom re rclal-

Bed

Ask

483
352
467
105
305
190
527
195
255
249
205

469
355
473
115
315
192
535
205
265
253
215

Equitable Tr.
Perm L & Tr_
334 Fidelity Inter
.. Fulton
98 Guaranty Tr.
190 Hudson
350 Irving Bank
Columbiall 215
Law Tit & Tr- 177
)
ll .
eheepotan
Motro ter „. 290
170
Mutual (West
340
342
N Y Trust
363
Title Cu &
U 8 Mtg & Tr 305
United Ste 1200
Brooklyn
Coney Islands 155 165 Westches. Tr. 180
13_0.
First
320 .356_
8
450
Broklyn1
Mechanics' S. 30r70
'tils
Kingsa70T
County
Montauk•
170
Namur
225 240 Manufacturer 275
395
People's
- People's
160
425

217
185
300
344
346
370
315
220

416

• Banks marked w Sb()
5 are state banks. I New stock. s Er-dividend.
rights.

New York City Realty and Surety Companies.
All wires donors per share.
Alliance R'Ity
Amer Surety.
Bond & MO.
nty Investing
Preferred..
Lawyers Mtge

Ask
105
96
277
68
OR
155

Bed
98
94
270
65
92
150

FOREIGN

Mtge Bond__
Nat Surety._
N Y Title dr
Mortgage_
US Casualty.
U Title Guar

Bid
Ask
111 Realty ABSOO
(Bkly111 Cora 78
159
1 t pref.... 80
58
2d prof._
192
Westchester
.
Title & Tr. 200
134

But
107
156
187
140
130

8.5
220

TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.

Month.

Ask

Imports.

1922-23.

1921-22.

1922-23.

1921-22.

$
July
117,118,078 104,648,783 115,488,190 112,583,284
August
123,124,8171111,371,583 112,281,501 105,218.873
September 110,716,286 106,610,358 108,291,707 110,338,972
October _ 161,418,649,108,483,456 108,234,882 98:153.764
November 135,057,8281117,798,726 112,6.52,804 96,818,132
December_ 133,407,596 113,117,989 121,562,054 98,422,349
January.. 152,885,8931100,106,930 115,926,692106.097,239
February. 146,915,003115.222,960115,6S4.813 95,484.633
March.
194.179,676135,648,79.5 136,179,813131,504,549
April
169,417,394113,193,073 129.989.307117.760.933
May
180,462,783 117,438,154 127,527,261 115,522.172
150, 76,338,122,369,683 126,727,477 130,550,713
June
Total_ _ _ 1775180339113660104

Customs Receipts
at New York.

Exports.

1922-23.
21,433,608
24,208,605
33,110,489
22,085.528
24.148.678
21,594.980
8
06
:82
2266:45231
33.140,208
28,837,309
333 4
2670 84g
29;8 :8

1921-22.
$
13,443.167
18.237,808
15,203,273
15,657.373
17,078,068
16,799,063
19,322,717
2241:065020:47a
20.639,380
20,909,658
23.181.882

1430516523 13182556133i7.790,065226,743,570

Movement of gold and silver for the twelve months:
Silver-New York.

Gold Movement at New York.
Month.

Imports.
1922-23.

July
August...
September
October
November
December.
January _ _
February.
March..._
April
May
June

1921-22.

$
41,477,048
17,242,484
27.359,677
19,191,637
15,554,118
23,874,168
12,834,516
3,041.008
10,697,175
6.854,519
42,291.398
16,323,114

57,338,204
78,990,710
80.805,467
44,137,381
47,133,681
25.517.581
21,126,822
24,034,770
31,300,604
8,440,457
6,680,164
11,462,982

Exports.
1922-23.

1921-22.

11,000
19,109
40,117
24,718
550,796
35.609
7,715,837
20.378
9,621,840
21,282
7,527
30.926

Imports.

Exports.

1922-23.

1922-23.

2,943,013

Total...236.740,8604i6,948,8031 18.101,119

$
1,433,533 1,804,046
844,378
1,109,059
840,243
200 2,729,856
989,794 • 780,383
1.124,000
987,232 1.886,007
55.583 3,313,047 4,011,973
286,000 1,753,364 4,273,010
838,949
1,041.057
820,557
237,728 1,380,000 1,737,248
808,748 1.138,472 1,242,361
2,645,834 1,089,954 2,445,822
136,321 1,904,551 1,229.472

9,276,484 18,625.811 21,895,500

CURRENT NOTICE.
-Charles D. Barney. member of the New York Stock Exchange, have
prepared in booklet form a comprehensive analysis of the Bethlehem Steel
Corporation with particular reference to its new 7% cumulative preferred
stock.
-Irving Bank-Columbia Trust Co. will act as trustee of the two following
Issues: Carolina Power & Light Co.52.500.0006%. Series of 1953,first and
-year 7%
refunding mortgage bonds; the Okonite Company $600.000 10
sinking fund notes.
-Frederick H. Hatch & Co. announce that they have inaugurated an
investment bond department under the supervision of Eric S. Hatch,
Edward A. Parmele and J. II. Bennett.
-Gerald Levy, 20 Broad St., New York, has prepared a circular on the
6% cumulative participating preferred stock of the Consolidated Gas Co.
of New York.
-Alfred S. Knapp,formerly with R. M.Grant & Co., is now associated
with Farson, Son & Co. and will represent them in Philadelphia and
vicinity.
-Morton Lachenbruch & Co., 42 Broadway, New York, have issued a
circular on preferred stocks, grouped to form monthly dividend units,showing the earnings possible through a diversification In odd lots.
-The Registrar & Transfer Co. has been appointed registrar of the
Capital stock of the Oriental Navigation Co.
-The Registrar & Transfer Co. has been appointed transfer agent of
the Capital stock of the Federal Match Corp.
-Bankers Trust Company has been appointed transfer agent for the
capital stock of Kline & Brann, Inc.

giniestutent an

ailroad. ntcIlicixce

665

RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures giye the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Jan.1 to Latest Date.

i
Current
Previous
Year.
Year.
•
•
a
$
Akron Canton & Y. June
250,005 198,848 1,337,586 1.071,614
Alabama & Vicksb_ June
269,935 281,411 1,671,790 1.575,417
Amer By. Express__ March
13253959 13128426 38,585,722 38.791.889
AnnArbor
4th wkJuly 141.230 130,600 2,945,828 2,825,195
cAtch Top & S Fe June
16260907 15524584 96.550,970 83.402.328
Gulf Colo & S Fe_ June
1,783.129 1,892,718 10,890.455 9,994.276
Panhandle S Fe June
548,180 574,661 3,630,622 3,471.006
Atlanta Birm & Atl_ June
334.280 312,517 2,286,876 1.842,846
Atlanta & West Pt_ June
244.505 207,363 1,451.151 1,147,232
Atlantic City
June
491,298 467,594 1,904.927 1.874,969
Atlantic Coast Line_ June
6.369,570 5.571,036 43.525,787 37.095.580
Baltimore & Ohio June
22515545 17580515 129797389 98,679,159 ,
B & 0 Ch Term June
325,753 290,213 1.869.306 1,477.424
Bangor & Aroostook June
475,669 562,672 3.490.433 4,488,387 '
Bellefonte Central June
9,447
9.102
67.111
46.896
Belt Ry of Chicago_ June
580,823 501,780 3,599,811 2,890.726
Bessemer& L Erie June
2,330,188 1,388,601 8,910,170 4,661,582
Bingham & Garfield June
39.520
23,625
221,551
82.380
Boston & Maine... June
7,703,567 6,531,344 42,885.730 37,912,544
Bklyn ED Term_ .. _ June
111.213 127.723
797,420
839,057
Buff Roch & "'Web_ 3d wk July 473,066 219,667 11.886,720 7,055,371
Buff Roch & Pittsb_ 4th wk July 672.374 313,839 12.559,094 7.369.210
1/Canadian Nat Rys 4th wk July 6.877,280 6,107.666 137786897 121909356
Atl & St Lawrence June
213,645 164,862 1,745.134 1,364,899
Canadian Pacific... 4th wk July 5,004,000 4,596,000 93.159,00088,029,000
Caro Clinch & Ohio_ June
813,156 699,220 4.720,435 3.863,255
Central of Georgia June
2,082,494 1,993.095 13,187.511 10,747,997
Central RR of N J June
5,100,892 3,443.405 28,539,556 23,199,980
Cent New England_ June
748,555 458.678 3,670,252 3,511,250
Central Vermont_ June
741,350 596,727 4.355.650 3,391,348
Charleston & W Car June
322.792 271,725 2,030,804 1,724,476
Ches& Ohio Lines June
8,650.025 8,870.114 48.264.85944,172.859
Alton_.._ June
2.725.222 2.306,082 16,367,514 14.132.672
Chiga
grl& Quincy_ June
13554376 13084755 84,779.771 74.635.952
Chicago & East III June
2.226,104 2,010.422 14,245.495 11.903.154
West June
Chicago Great
2,233,782 2,038,290 12,787,866 11.323.144
Chic Ind & Louisv June
1,423.095 1.358.651 8,993,224 7,757,916
Chic Milw & St Paul June
14089084 13513554 83,677,152 71.156,775
Chic & North West_ June
14099061 13665 322 77,940,643 67,660.629
Chic Peoria & St L_ June
98,442 168,093
676,688 1.133.185
Chic River & Ind_ June
598,874 594.994 3.727.940
June
Chic RI & Pac
10202006 10733758 59,599,477 56,053,682
Chic RI & Gulf Juno
486,370 516,269 2,577,376 2.716,060
Chic St PM & Om_ June
2.273.1952.466.833 13.781.030 13.056.451
One Ind & Western June
'354,950 376.757 2.312,794 2,043.584
tColo & Southern June
1,030,044 1.156.706 6.132.392 6.059,965
Ft W & Den City_ June
719,522 784,649 4,265.246 4,362,143
Trin & Brazos Val June
135.197 139.785
772.842 1,580.058
Wichita Valley_ _ _ June
106.686
571.445
627,698
89,779
Delaware & Hudson June
4,454.139 2,297,070 22.961,570 18,866,476
Del Lack & Western June
8,005,941 5,501,267 43.200,096 35,882,808
Deny & Rio Grande June
2.725,111 2,737.227 15,299.225 14.456.211
Denver & Salt Lake June
555,823
311,397
41,963 1.086.899
Detroit & Mackinac June
815.311
172.558 185,535
898.217
Detroit Tol & Iront_ June
874.559 904.632 5.031.436 4.477.923
Det & Tol Shore L June
349,808 310,025 2,187.371 1.809.131
Dul & Iron Range.... June
1,177,105 1.317,150 2.993.380 2.176,549
Dul Missabe & Nor_ June
Dul Sou Shore & Atl 4th wkJuly 3,188,263 2,679,074 6.375,246 3.844.734
180,885 162.810 3,318,937 2.379.697
Duluth Winn & Pac June
176,674 194,909 1,311,286
972.664
East St Louis Conn_ June
172.519 173,377 1.173,855 1.011,166
Elgin Joliet & East_ June
2,483.235 1,731.845 14.377,518 10.507,235
El Paso & Sou West June
1.174,912 1.066,799 6,442,382 5,211.774
Erie Railroad
June
9,854,901 6,911,86760,043.281 44,435.306
Chicago & Erie June
1.179.823 903.500 6,903.598 5,492.774
New Jersey & N Y June
133.819 123,401
728,748
770.322
Evans Ind & Tern II June
138.707
521.478
50.546
802,945
Florida East Coast_ June
1.154,523 813,138 9.420,093 8,065.238
Fonda Johns & Glov June
115,953 101,380
684,008
781,741
Ft Smith & Western June
111,166 142.072
730.608
765,057
Galveston Wharf_ June
89,550
98,602
706.854
651.006
Georgia Railroad_ _ _ June
505.172 421,356 3.014.150 2.367.734
Georgia & Florida 4th wkJuly
43,700
27,019
771.023
996,237
Grand Trunk Syst—
Ch Det C G T Jet June
312,611 155,446 1,748,292 1,124,376
Det G H & Milw_ June
642,516 553,815 3.299.238 2,536.005
Grand Trk West_ June
1,711,931 1,683.523 9.844.192 7,343.633
Great North System 4th wkJuly 3.160,422 2.416.060 62,398,741 51.749,410
Green Bay & West.. June
115.014 125,040
686.695
647,622
Gulf Mobile & Nor_ June
454,922 435.559 2,922.733 2.375,446
Gulf& Ship Island_ June
268,092 259,108 1,640,403 1,437,784
1,788.789 1.178,018 8,632,724 6.350,410
Hocking Valley_ _ _ _ June
111 Central System_ June
15072360 .3780721 95,148,28178,501,740
Ill Central Co..
13440564 12355745 85,231,508 69,773,121
June.
Yazoo & Miss V.._ June
1.631,796 1.424,976 9,916,773 8,728,619
Intern Ry Co of Me June
156.811 201,647 1.591,271 1,508,504
Internet & Grt Nor_ June
1,119,0851,090.185 6,828,034 6,741.669
K0 Mex & Orient_ June
125.476 123,182
785,794
665.313
K C M & Orient ofT June
144.916 135,325
793,406
740.236
Kansas City South _ June
1,617.441 1.518,100 9.744.263 8,732,517
230.500 183,464 1,304.209
Teocark & Ft Sm._ June
977,860
Total system_ _ _ _ June
1,847.941 1.701.56411,048,472 9,701,377
181,586 250.799 1,337,669 1.341.614
Kansas Okla & Gulf June
Lake Sup & Ishpem_ June
229,236 177.980
438.298
247,681
June
Lake Term Rv
114,922
84,266
570,825
551,559
273.096 160,126 1.457.955 1.200.236
Lehigh & Hull River June
Lehigh & New Eng.. June
587,924 240,118 3,030,621 1,987,365
June
Lehigh Valley
7.052,888 4,694,664 36,280,628 31,017.207
Los Ang & Salt Lake June
2,231,757 1.844.979 11.512.048 9.450,004
Louisiana & Arkan_ June
241.827 320,341 1,938,963 1,633.284
Louisiana Ry & Nav June
304,945 281.851 1,973,335 1.607,991
La Ry & Nav of Tex May
89.355
. 160,746
Louisville & Nashv_ June
11220169 11882969 66,622,895 62.050.125
Loulsv Hend & St L June
273.418 297.736 1,701,815 1.531.388
June
Maine Central
1,879,980 1.699,621 10,404,530 10.126.725
Midland Valley..._ June
349,593 434.597 2,224,158 2,281.899
Mineral Range
4th wkJuly
9.188
9.566
278,061
154.204
Week or
Month.

Current
Year.

Previous
Year.

ROADS.

Latest Gross Earnings.
IJan. 1 to Latest Date.
'
Previous
Current Previous I Current
Week or
Year.
Year.
Year.
Year.
Month.

•
$
$
$
I
Minneap & St Louis 3d wk July 298,478 301.739 8,972.090 8,352.749
2,497.957 2,434.461 13.433.265 10.949.675
Minn St P & S S 51.. June
4,315.127 4,204.331 23.652.491 19,254,928
M StP & 5851 Syst_ June
Wisconsin Central June
1.817,170 1,769,870 10.219,226 8.305,254
739,741
Mississippi Central_ June
148.268 129.2111 916,664
Missouri-Kan-Texas June
2,699.884 2.852,501 16.755.533 15,382,647
Mo-Kan-Tex of Tex June
1,484,248 1.816.892 9.288.977 10.008,850
4.184.1334.669,393 26,044.511 25,391.497
Total System.... June
June
698.665
110,672
115.262
76.963
Mo & Nor Ark
9,195.092 8,662,534 53,698,273 48.551,033
Missouri Pacific_ _ _ _ June
4thwk July 499,087 438,938 11,902,555 9,853,367
Mobile & Ohio
714.658
Colum & Greenv_ June
739.030
121.971 126.183
Monongahela Conn_ June
240.758 155,429 1.353.266
832.985
June
348.006
21.802 1.186,792
269,704
Montour
2.009.347 1.751,912 12,258.770 10,143.436
Nashv Chatt & St L June
8,460
141.745
7.641
156.693
Nevada-Cal-Oregon 3d wk July
443.121
100,014
186.150
46.078
Nevada Northern June
171.588 178,888 1.061.090
997.496
Newburgh & Sou Sh .1111110
247,927 213.954 1,412.000 1.267,449
New On Great Nor_ June
231.238 197,823 1.511.132 1.319,005
NO Texas & Mex June
179.960 148.020 1.101.464 1,015,176
Beaum S L & W June
394,449 316.856 2.571,063 2.602.675
St L Browns & M June
38145470 29921 333 213676256 164498339
New York Central June
960.497 822.389 5,806,988 4,638.822
Ind Harbor Belt_ June
8,166,682 7.224.128 48,336,062 37.437.749
Michigan Central June
7.966.671 7,613,87047.859.673 40,829,638
Clev C0& St L June
Cincinnati North_ June
412,159 317,754 2.665.794 1,750.311
4,339,900 2.061.173 22.865,939 11,800.206
Pitts & Lake Erie June
3.813.741 3,463.784 22.456,750 18,811,491
NY Chic & St Louis June
310.186 209,726 1.788.791 1.391,125
N Y Connecting. _ _ June
11949570 10249837 65.983.463 57,847.727
NY N H & Haar June
1,248.667 888.365 6.393,439 5,591,268
N Y Out & Western June
..
409.169 324,241 2.523.411 1.975.049
N Y Susq & West June
Norfolk Southern_ June
780.987 752,968 4,642,461 4,200.225
7,881.048 9.473,091 44,938,946 46.011.351
Norfolk & Western_ June
Northern Pacific_ .. June
8.302.287 8.300.557 46.647.127 41,922.104
Northwestern Pac June 1
720,812 719,158 3,576,525 3,557,385
69339897 13972138 380428291 319078077
Penn RR System...._ June
Pennsylv RR & Co_ June
64387849 50879806 356130371 297047643
133,240 148.510
Balt Chos St Atl June
652.883
667,302
June
3.229.0942.917,091 15.631.133 13,964,429
Long Island
Mary Del & Va June
95,008 107,654
468.290
483.500
June
Monongahela
549,516 129.932 2,850.203 1.730,964
Tol Peor & West_ June],
143.085 145.712
791,224
900,273
1,230.752 1.090.194 6.232.507 5,725.940
W Jersey & Seash June
131,897 129,845
Peoria & Pekin Un_ June
877.166
891.054
June
3.895,209 3,304.993 22.264.618 18,207.976
Pere Marquette_
June
107,240 122.108
Perkiomen
540.654585.458
8.959,203 5,673.491 55.077.844 38.260.119
June
Phil.% & Reading
100.190
55,345
711.908
510,067
Pitts))& Shawmut June
310,230 228,343 1,816.941 1.391,143
Pittsb & West Va June
June
203,178
92,507 1,513,211
998,840
Port Reading
June
6,636,368 6,452,534 34.638.282 31,450,350
Pullman Co
88.906
98.873
651,493
530.687
Quincy Om & K C June
1,092.468 960,332 6.464,790 5,407,635
Rich Fred & Potom_ .1111113
June
575,777 469.047 3.326.3392,740,961
Rutland
St L-San Fran Syst_ 4th wk July 2,362,991 2,204,095 50,665.178 47,967.609
137,8.32 104,424
FtWorth & Rio Or June
675.735595,052
6,764.804 7,566,589 41,720.727 39,426.419
St L San Fran Co_ June
130,980 141.489
733.009
780.826
St L-S F of Texas.. June
1,468.197 1,449,634 10.446,172 8.351.238
St L Southwest Co_ June
637,195 634.760 3.735.734 3.438.201
St L SW of Texas June
Total system__ _ _ 4th wk July 752,292 626,258 15,479.405 13.044,408
59,793
62,455
417.484
370,574
St Louis Transfer June
445.015 416.187 2,451,816 2,483,789
San Ant & Aran Pass June
110,167
514.482
69,044
San Ant Uvalde & G June
597.070
Seaboard Air Line June
4,076,170 3.600.199 26.915.345 22.426,501
24611 625 22897098 133023 160 120127226
Sou Pacific System_ June
18178291 1674037493.803.696 83,205,316
Southern Pacific Co June
Atlantic SS Lines_ June
1,126.537 883,427 6,818.920 5.635,521
Arizona Eastern_ June
301,899 281.019 1.846,706 1,494,06
Galv Harris & S A June
1,863,224 1,860,437 10,939.915 10,506,16(
Hous & Tex Cent_ June
1,039.363 1,094.774 6,426,020 6.904.226
Hous E & W Tex.. June
227,896 281.942 1,405.099 1,413,011
Louisiana Western June
363,489 310.701 2,295,902 2.108,191
Morg La & Texas June
663,799 627,443 4,377.288 3,850.216
Texas & New Orl_ June
719.849 686.184 4.334.389 4,346.66(
Southern Ry System 4th wk July 4,969,227 3.888,4'. 114828773 94,255,66:
Southern Ry Co June
12585968 11385784 74,448,970 61.995.454
Ala Great 1§outh. Juno
896,3881 861.027 5.392.914 4.711.461
Chi NO & Tex P.. June
1.971,729 1,821,510 11.863,271 9,119.251
Georgia Sou & Fla June
460,833 406,800 2.621.498 2,371,001
New Orl & Nor E _ June
554,771 558,572 3,504,981 3.120,824
Northern Ala...._ June
628.93:
135,907 122.001
839.434
Spokane Internat.... June
86,032
96,547
582,661
541,334
Spok Portl & Seattle June
653,319 646.532 3,814.523 3.390,101
Staten Island R T June
238,187 202,266 1,196,099 1,151.801
Tennessee Central June
247,664 215,942 1.547.459 1.172.18I.
Term RR Assn ofStL June
419,466 383,404 2.499,518 2,283.85:
St L Mer Bridge T June
348,238 278,309 2.473.195 1.781,541
Texas & Pacific._ 3d wk July 527,737 504.413 16,520,960 15,922,191
Toledo St L & West_'June
1,047.983 917.607 6.563,956 4,906.251
Ulster & Delaware.... June
717.046
792,132
168,216 154,500
Union Pacific Co...... June
8,877,619 8,401,925 50,958.437 45,402,184
Total System__ June
,
16389949 15394 264 93,267,028 83.931,50
Oregon Short L ..June
2,947.282 2,804,310 17,417,087 16.380,581
Ore-Wash RR & N June
2,333,2922,343.050 13.379.455 12,698.721
St Joseph & Gr Isl June
235,888 234,919 1,570,857 1.505,626
Union RR (Penn) June
1.237322 1,192,118 5,983,517 5,071.261
June
Utah
760,53:
737.505
139,9291 159,033
Vicks Shrev & Pac June
331,673, 350,811 2,100,366, , :
Virginian RR
June
1,791,4522,069,254 11.072,336 10,485.191
Wabash RR
June
,
5.558.770 5.362,371 31.784.135 28,630.58
Western Maryland.. 4th wkJuly 650,887 401.036 13,731.250 9,495.651
Western Pacific_ _ _ - AIM
1,263,893 1,064.742 5.881,8121 5,090.24'
Western Ry of Ala June
236,993 213.381 1,441.442 1,194.73!
Wheel & Lake Erie_ June
1.910.179 1.346.652 8.667.135 6.822,931

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease. 1 %

Monthly Summaries.

Current
Year.

Previous
Year,

Increase or
Decrease.

$
$
Mumps.
I
$
Curr.Yr. Prev.Yr.
$
19,002.326 16,118.003 +2.884.323 17.90 August
235,294 235.090 472,242.561 504.154.075 —31.911.054 6.35
$
$
26.363,118 23.207.333 +3,155,785 13.60 September -.235,280 235.205 498,702,2751496.978.503 +1.723.772 0.33
19.827.932 18.058,748
1.769,184 , 9.79 October
233.872 232,882 545,759.206 532.684.914 —13.074.292 2.45
18.675.125 17,215.7571,459.3681
8.48 November —235.748 235.679 523.748,483 466.130.328 —57.618,155 12.35
18.562,257 17,376.653
1,185,604 6.82 December 235,290 236,121 512.433.733 434,698,143 —87.735.590 20.66
22,945.214 20,536.529 +2,408,685111.73 January
235.678 235.827 500.816.521 395,000.157 —70.803,472 21.00
18,434,668 16,476,170 +1.958,498111.89 February---235.399 235,528 444.891.872 400,146.341 —44.745.531 11.18
18,846,646 16.692,351 +2,154.295'12.9
March
235,424 235,470 533.553,199 473,747,009 +59,806.100 12.63
18,316,984 15,994.753 +2,322.23114.62 April
234,970 235.839 521.387,412415,808.970 +105578442 25.39
25 323 MR 21 .
May
235.186 235,472 545,503.898 447.993.844 +97.510.054 21.77
Note.—Grand Rapids & Indiana and Pitts. Cin. Chic.& St. Louts included in Pennsylvania RR. Lake Erie & Western included in New York Central.
g Includes Grand Trunk System. t Includes Wichita Falls & Northwestern.

3d week May 16 roads -4th week May 16 road::::
1st week June 17 roads)......
2d week June 16 roads)_......
3d week June 16 roads)_..
6th week June 16 roads)---16
1st week July ) roads)---2d week July 16 roads)_ _ _ 3d week July 16 roads)._
5th wank July 13 roarlul____




666

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of July. The table covers 13 roads and shows 18.77%
increase over the same week last year.
Fourth week of July.

1923.

Ann Arbor
Buffalo Rochester & Pittsburgh
CanadianNational Ry
Canadian Pacific
Duluth South Shore & Atlantic_
Georgia & Florida By
Great Northern
Mineral Range
Mobile & Ohio RR
-San Franeisco
St Louis
St Louis Southwestern
Southern By
Western Maryland By

141,230
672.374
6,877,280
5,004,000
180,885
43,700
3,160,422
9,188
499,087
2,362,991
752,292
4,969.227
650,887

1922.

Increase. Decrease.
$

Totals (13 roads)
Net increase (18.77%)

130,600
10,630
313,839 358,535
6,107.666 769.614
4.596,000 408,000
162,810
18.075
27,019
16,681
2,416,060 744,362
9,566
438,938
60.149
2,204,095 158,896
626,258 126.034
3,888,496 1,080,731
401,036 249,851

25,323,563 21,322,383 4,001,558
4.001,180

378

378

Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net after Dazes
1922.
1923.
1923.
1923.
1922.
1923.
$
$
$
Bellefonte Central RR
2,813
9,447
9,102
496
2,933
376
June
7,001
3,469
7,721
2,749
67,111
46.896
From Jan 1_
Canadian National Railways
Atlantic & St Lawrence
164,862 -56,739 -21,023 -71,889 -37,923
213,645
June
14,216 -268,093 -87,288
From Jan 1_ 1,745,134 1,364,899 -177,140
Duluth Winnipeg it Pacific
37,464
194,909
3,108
47,402
176,674
-5,761
June
972,664
230,364
27,067
81,308
120,010
From Jan 1_ 1,311,286
Kansas Okla & Gulf
56.869
250,799
13,260
67,584
181,586
3,135
June
250,282
292,578
352,459
190,521
From Jan 1_ 1,337,669 1,341,614
Lake Superior at Ishpeming
177,980
150,364
110,869
229,236
116,576
143,072
June
From Jan 1_ 438,298
247,681
87,530 -21,136
43,746 -54,273
Pullman Co
780,886
6,636,368 6,452,534 *1,372,976 *1,051,253
890,935
June
From Jan L34,638,282 31,450,350 *5,878,078 *639,816 3,334,756 -988,654

* After allowing for income from auxiliary operations.

ELECTRIC RAILWAY AND PUBLIC UTILITY CO's.
Latest Gross Earnings.
Name of Road
or Company.

Month.

Adirondack Pow & Lt June
Alabama Power Co_ - June
Amer Elec Power Co_ June
Am Pr & Lt Co Subsid May
American Tel & Tel__ May
mAm Vv at'Wks & Sub June
Appalachian Pow Co_ June
Arizona Power Co___ April
cArkansas Lt & Power June
Asheville Pow & Light June
Associated Gas & Elec June
Aug-Aiken By & Elec June
Bangor By & Electric June
kBarcelona Tr, L & P June
Baton Rouge Electric June
Beaver Valley Tree__ June
Binghamton L H &P June
Blackstone Val0& E June
Boston "L" Railway_ June
Bklyn Heights (Rec). May
Bklyn Q C&Sub(Rec) May
Coney I & Bkln (Rec) May
Coney Island & Grave May
Nassau Electric (Rec) May
May
South Brooklyn
(Brazilian Tr. Lt & Pr June
Bklyn-Man Transit.: May
Bklyn City RR (Rec) June
May
N Y Consol (Rec)
CapeBretonElOo.Ltd June
Carolina Power & Lt_ June
Cent Miss Val El Co_ June
Central Pow & Light.. March
Cities Service Co-,_ May
CitizensTracCo&Sub May
City Gas Co, Norfolk March
Cleve Painesv & East May
Colorado Power Co June
Columbia Gas & Elec June
Columbus Elec & Pow June
Conew'Ith Pow Corp_ June
Com'w•lth Pr,Ry&Lt June
June
Conn Power Co
Consumers Power Co June
Cumberland Co P & L June
Detroit Edison Co. June
Duquesne Lt Co Subs June
Eastern Mass St Ry June
Eastern Penn Elec Co June
East St Louis & Sub.._ April
EastSh G &E Co&Sub May
East Texas Bleu Co June
Edis El Ill of Boston_ June
Edis El In of Brocien_ June
El Paso Electric Co.. June
Elec Lt & Pow Co of
Abington & Rockl'd June
Erie Ltg Co & Subs- April
Fall River Gas Works June
Federal Lt & Trac Co June
Rt Worth Pow St Lt.. June
Galv-Hous Elec Co June
Gen G & L & Sub Cos June
Georgia Lt. Pr & By, May
Georgia By dc Power_ June
Great West Pow Syst June
Hanover Pr Co & Sub June
Havana El By L tic P_ May
Haverhill Gas Light- June
Helena Lt & Rys Co_ March
Honolulu Rapid Tran June
Houghton Co Elec.__ June
Hudson & Manhattan June
Hunting'n Dev & Gas June
Interb Rapid Transit_ June
Subway Division May
Elevated Division_ May
April
Idaho Power Co
Kansas City Pr & Lt. June




[VOL. 117.

THE CHRONICLE

Jan. 1 to Latest Date.

Current Previous Current
Year.
Year.
Year.

Previous
Year.

$
$
$
$
528,606 433,734 3,388,566 2.650,178
625,695 445.707 3,539,520 2,527.311
1707.934 1533,799 10.667,002 9.386,736
2443.481 2204.996 12,976,935 11.803,863
6050.498 5462,967 29,942,764 26.025,049
2846,880 1638,302 17,074,076 10,040.202
277,720 246,089 *3.177,894 *2,722,900
*727,894
63,540
138,544 133,046 *1,398,096 *1.164,763
79.924 74,765 *932,341 *871.360
771,857
259,945 154,169 1,261,464
97.571 88.476 *1,215,135 *1.064,292
717,817
761.083
119,274 115,958
3711,8373617,71225,758,98722.515.219
290,690
318,346
51.407 50,983
312.369
356,341
56.276 49.566
490,453
571,872
87,444 84,947
363,317 307,811 2,271.527 1,948.970
2760.077 2630.924 17,448,488 16,535.329
36,466
35,898
8,218
7,365
226,802 232,157 1,081,666 1,067,298
269,509 269.566 1,135,366 1,109.733
30,518
11,093 10,139
35,092
496,388 466,068 2,236,417 2.052,439
418,470
486,802
104,400 99,299
20870000 16266000 117463000 92,515,000
3310,274 3017.255 *36899294 *34544092
1056,839 1014,852 *12196450 *11848702
2309.787 2074,299 10,540,583 9,733,022
287,623
338,050
56,851 46,053
178,489 154,958 *2.134.772 *1,791.710
265,892
283,939
46,863 43.123
240.718 282.315 *3,095.150 *3.238,434
1589,994 1435,323 8.107.385 6.608,137
75,964 63,945 *895,995 *758,337
266,350
255.340
87,324 85,251
271.930
278.932
59.251 60.148
96.914 81.927 *1,080,845 *963,589
1485,120 1299.155 11.010.509 9.485,184
948,143
180.826 158.350 1,120,495
2292,941 2009,828 14,633.279 12,848.953
2918.984 2586,681 18,520,698 16,203,632
832,500
154,693 138,774
991,826
1301,991 1121,118 8,182,663 6,838,926
304,798 280,611 - 1.860,920 1,651.869
2306,046 1959.841 15,907,959 12,848.546
1519,950 1275.753 9,785.437 8,164,850
890,558 867,422 5,560,932 5,252.802
228,936 166,929 *2,658,637 *2,457,947
377,548 270,999
197.014
43,629 37.748
218,095
872,614
175,620 156.024
997,016
1295.969 1133,419 9,000,566 7,987,626
670,944
115,760 99.711
808,226
195.878 185,464 1.211,381 1,141,352
172.906
33,279 25,913
212,080
388.066
118.216 87.774
517.999
477,306
88.425 83,978
498,169
423.057 389,302 2,781,314 2,553.174
227,147 193.458 1,455.578 1,206,594
273.960 287,347 1.622.187 1.652,752
1248,075 1036,349 7,561,309 6,315.221
710.499
165,131 141.828
816,457
1387,005 1170.185 8,112,689 7,457,990
584.682 617.327 3,572,795 3,660,507
25,509 22,395 *326,213 *264,273
1101,006 1087.916 5,515,268 5.459,542
267.288
286,677
49,091 47,571
33.547 34.845 *413.962 *390.987
478.296
477,819
81.653 82.222
277.734
269,958
37,469 41,056
938.617 889.981 5.735,437 5.508.870
591.581
689,506
97,514 82,927
*56133286
4579,158
3249,485 3048,671 16,128,120 23,033.215
1688,670 1654.183 8.085,132 7,822,253
3687.85
745,830
185,166 166,177
686.621 563.639 4.534,788 3.814,836

Name of Road
or Company.

Latest Gross Earnings.

Jan. 110 Latest Date.

Previous
Current
Year.
Month.
Year.
$
S
$
$
dKan Gas & Bloc Co.. June
407,165 358,167 *5,382,139 *4,930,963
Keokuk Electric Co-_ June
187,019
204,137
34.686 30,933
Kentucky Trac Term June
158,669 145,834 *1,669,763 *1,578,128
Keystone Teltm Co__ June
826,138
879,043
149.680 137,331
Key West Electric_ _ _ June
122.579
127,881
20.870 19,438
Lake Shore Electric__ May
938,975
221,344 204,510 1.114,233
Lexington Utn Co &
Lex Ice Co Consol., April
84.463 80.257 *1.121,044 *1,083.865
Long Island Electric_ May
140,748
145,960
35,226 36,824
Los Angeles Gas Co__ April
989,904 1040,632 4,914,646 4,987,097
Louisv Gas & El Co.._ January
5654.1054031.795 5.654.105 4.931,795
Lowell El & Lt Corp_ June
627,310
127,547 100,116
867,472
Manhat Bdge 3c Line May
24,467 25,560
116,693
117,795
Manh & Queens(Rec) May
36,840 36,973
162,257
148,766
Mobile Electric Co.__ February
154,898
146,982
75,132 72.640
Manila Electric Corp_ June
283.292 291,434 *3,570,872 *3,625,655
Market Street By.... June
789,343 814.563 4,810,308
Mass Lighting Co__. June
260,711 238,783 1,620,650 1,393,341
e Metroporn Edison_ June
609,688 508.350 3,730,768 3.070,053
Milw Elec Ry & Light June
1736,043 1488,028'21228929'18640964
Miss Power & Lt Co_ May
93,733 90.462 *1,202,729 *1,133,995
MISS River Power Co_. June
264,348 259,423 1.520,095 1.462,401
Mountain States Pre° January
1152.932 998.044 1.152,932
998,044
Munic Ser Co & Subs_ May
400,500 214,418 2.153,920 1,097,515
Nashv Pow & Lt CO__ June
79.924 74,765 *932,341 *871,360
aiNebraska Power Co_ June
307,474 280,540 1,883,577 1.680,855
Nevada-Calif Electric June
617,403 473,806 2,199.489 1,703.373
New Bedf G & Edis Lt May
252,428 299,195
469,969 -New Eng Power Sys_ June
603,104 441,563 *6,800,868 *5,550,936
New Jersey Pow & Lt June
75,012 46,941
437,407
315.104
Newpt News Sr 'lamp
By. Gas & El Co.._ April
167,409 160,835
668,243
645,456
New York Dock Co__ June
275,098 355,577 1,671,987 2,026,767
New York Railways_ May
777,244 825,369 3,689,500 3,774.287
Eighth Avenue_ _ May
491.910
107,015 111,653
507,115
Ninth Avenue
May
211,946
218.941
45,159 44,091
N Y & Queens (Red). May
273,695
518,000
60,856 87.002
N Y & Harlem (Rec)_ May
646,399
675.566
132,525 140,035
NY & Long Island May
190,834
224.573
42,977 54,064
Niagara Lockport &
Out Pow Co & Subs June
431,797 298,251 2,693,535 1,657,937
Nor Caro Public Serv May
580.773
504,834
•
114.137 97,213
Nor Ohio Elec Corp June
830,633 766,618 5.281.111 4,496,489
175,907
Nor'west Ohio Ry & p June
229,522
48,601 41,698
North Texas El Co.__ June
232.207 240,156 1,448.231 1,520,529
Ocean Electric
94,525
May
94,654
25,195 29,793
c/Pacific l'ower Sr Lt June
260,464 249,259 1,462,558 1.426,278
Paducah Electric_ _ _ _ June
270,977
304,275
48,538 43,674
Penn Central Light &
964,927
Power Co & Subs May
264.478 170,407 1,356,840
Penne Coal & Coke June
718,413 698,806 4,549.640 3.245,066
Pennsylvania Edison_ June
235.732 196,877 1.513,368 1.241,712
Phlia Co. & Subsidy
Natural Gas Cos June
866,200 988,203 8,229,445 7,342,074
Philadelphia Oil Co June
244,936
501,711
33,005 93.158
Philadelphia & West_ June
390,914
74.296 67,995
421,023
Piffle Rapid Transit._ June
3772,370 3525,735 22,512,400 21,118,788
Pine Bluff Co
June
71,113 74,355 *863,966 *997,687
1Portland Gas & Coke May
281.985 270,025 1,441,284 1,441,908
Portland By. Lt & Pr June
901.069 836,856 5.416.927 5.032335
Pub Serv Corp of N J June
6740.834 6269.618 42,049,797 38,458,591
Puget Sound Gas Co. January
168.816
171.329
171,329 168.816
Puget Sound Pr & Lt.. June
948,671 785,175'11380623 *10138086
Reading Transit & Lt June
283,424 239,659 1.554,877 1,436,606
Republic By & Lt Co_ June
807,3b1 664,190 4,877,716 3,958,854
Richm Lt & RR (Rec) May
322.811
301,669
68,956 67,388
Rutland By Lt & Pr_ June
40,989 45,947 *570,874 *563,489
Ban Diego Cons GdzE1 January
3756,666 3866.576 3.756,665 3,866,576
Sandusky Gas & Elec June
378,912
62,869 58,290
443,599
Savannah Elec & Pow June
795,862
802,395
131,179 133,551
Sayre Electric Co_ _ _ June
103,937
89,281
15,100 10,032
Schenectady Ry Co May
740 516
74,838 142 534
686 407
Second Avenue (Rec) May
394,366
407,184
90,521 90,365
17th St Incline Plane_ June
17,698
18,392
3,599
3.556
Sierra Pacific Electric June
442,073
86,385 73,304
500,502
Southern Calif Edison June
1888,740 1436.840 9.182,343 7,870,573
Routh Canada Power_ June
75.705 66.566 t700,390 t630,842
South Colo Power Co February
316,721
156,416 151,631
320,712
South N Y Pr & Ry March
48.491 45.386 *543,338 *528.517
Southern Utilities Co_ June
192,970 182.423 *2,423.559 *2.431,189
Southwestern Pr & Lt May
833,477 732.575 4,504.476 3,967.451
racoma Gas & Fuel January
455,053
577,227
455.053 577,227
Yampa, Electric Co June
170,003 138,608 1,085,425
905,360
tTennessee Elec Pow_ June
733,917 637,215 *8,631,900 *7,625,266
Texas Electric By.... June
219,336 208,436 1,288.533 1,250,351
)Texas Power & Light June
395,539 356,579 2,640,952 2,328,045
Yhird Avenue Ry Co_ June
1280,107 1241,121 7.149,596 7,015,250
United Electric ft s.. May
692,801 681.9:16 3.388.097 3,162,947
United Gas Sr El Corp June
1071,602 970,709 '13286804 *11830466
United Lt&Rys&Subs June
978.489 908.818 6,190,325 5,611,195
Un Rye & El of Bait. March
1436,169 1345.418 4.045,237 8.804,118
Utah Power & Light. June
661,890 549,694 4,045,979 3,350 301
/Utah Securities Corp June
793,831 696,068 9,479,731 8,477,160
Vermont Hydro-Elec. June
56.193 39,715
351,468
249,325
Menlo, Power Co.._ June
222,215 180,547 *2,379,028 *1,820,413
Virginia Ry & Pow Co June
869.392 788.854 5,199,495 4,384,850
West Penn Co & Sub_ Tune
1873.333 1132,730 11,566,783 7.218,360
Western Pow System_ May
562,483 636,517 2.988,113 3.043.179
Western Union Tel Co May
9021.169 8091,170 86,318,142 31,789,801
Winnipeg Electric Ry April
467.474 443.327 1,933,015 1.899.114
aradirin River Pr Co June
158,693 97.079 *1,564,076 *1,160,369
76,280 74,090 450.229
York Hay Wat & Pow June
419,530
16.503 15,772
119.585
York Utilities Co.... June
108,328
50.472 41.284
159.341
15.310
Young & Ohio Riv RR March
a The Brooklyn City R It. is no longer part of the Brooklyn Rapid Transit
System. the receiver of the Brooklyn Heights RR. Co. havito,, with the
approval of the Court. declined to continue 'payment of the rental: therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by Its owners.
b The Eighth Avenue and Ninth Avenue RR. co-tpanies were formerly
sets were terminated
leased to the New York Railways Co., but these
on July 11 1919, since which date these roads have been operated separately.
e Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
s Includes York Haven Water & Power Co. f Earnings given in mitre's.
g Subsidiary companies only. h Includes Nashville By. & Lt. Co. 1 Includes both subway and elevated lines. j Of Abington & Rockland (Mass.).
k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. m Includes West Penn Co. n Includes Palmetto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
• Earnings for 12 mos. I Three mos. ending Dec. 31. z Earnings for 10
mos. y Earnings for 11 mos. z Five mos. ending Nov. 30. s Pour
mos. t Earnings for 9 months.
Current Previous
Year.
Year.

Electric Railway and Other Public Utility Net
Earnings.- The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
t 11,146
t35,344
166.929
Eastern Penn Elec Co_ _June 228,936
t476,953 t441,652
12 mos ending June 30-- 2,658,637 2.457,947
Edison El Illum of Bost_June 1,295,969 1,133,419 z417,673 x328,888
6 mos ending June 30-- 9,000.566 7,987.626 z3.334.852 x2,997.313
t296,745
Interboro Rap Transit_ _June 4,579,158
t2,004,256
12 mos ending June 30-56,133,286
Companies.

AUG. 111923.]

THE CHRONICLE

C67

-Gross Earnings
-Net Earnings
- include reports in the issue of the "Chronicle"
in which it is
Current
Previous
Current
Previous
Year.
published. The latest index will be found in the issue of
Year.
Year.
Year.
$
July 28. The next will appear in that of Aug. 31.
Ky Trac & Term
June 158,669
145.834
t47,985
t36,674
12 mos ending June 20-- 1,669.763 1.578.128 t372,243 t340.903 •
Willys-Overland Co. and Subsidiaries.
Nashville Pow & Light_ _June
79,924
74.765
t25.543
t22.847
12 mos ending June 30-- 932.341
871,360 t289.868 t280.120
(Report for Half-Year ending June 30 1923.)
Southern Canada Power Co
RESULTS FOR QUARTERS ENDED JUNE 30 AND MARCH 31 1923
Ltd
June
75.705
66,566
41.308
35.093
AND 6 MOS. ENDED JUNE 30 1923.
9 mos ending June 30_ _ _
700,390
630,842
390,363
353,581
Period 19232d Quar.
1st Quar. Total6 Mos,
.
.
Utah Secur Corp subsid_June 793.831
696,068
382,215
335,002
48,285
28.168
76,453
ending June 30-- 9.479,731 8.477.160 4,843,280 4.151,335 Cars sold, "Overland"
12 mos
"Knight"
do
16.382
10,862
27,244
Net earns after taxes,int.& spec.res_ $5,202,918 $2,729.468 $7,932,386
t Balance after charges. z Net after taxes
COMPARATIVE BALANCE SHEET.
Gross
Net after
Fixed
Balance,
June 30'23 Dec.31'22
June 30'23 Dec.31'22
Earnings.
Taxes.
Charges.
AssetsSurplus.
$
$
Liabilities$
i
$
Real estate, bldgs.,
3
Pref. (auth., $10,Asheville Power & June '23
mach'y, &c_ -y26,702,899 29,509,327 000,000) stock__ 8,878,700 8,878,700
79,924
*30,763
5,220
25.543
Light Co
'22
74,765
*28,054
Cony. Fret. (auth.
5,207
22,847 Goodwill,patterns,
12 mos ending June 30 '23
932.341 *352,427
&c
xl
1 $15,000,000)stk.13,170,800 13,170,800
62,559
289,868
'22
871,360 *341.277
Common stock. _ _ 53,993,925 53,999,606
61.157
280,120 Invest'ts in anti.
companies,
Brooklyn-Manhat- June'23 3.310,274 *1,142.771
219.400
697,392
445,379 Trust fund &c 1.230,072 1,314,975 Subs. stk. outfit's_ 219,400
tan Transit System
264,253
47,770 1st M.& Coll. Tr.
'22 3,017,255 *1,013.548
741.513
272,035
26,430,165 24,171,209 7% notes
12 mos ending June 30 '23 36,899,294'12,416.091 8.828,338 3.587,753 Inventories
y6,943,000 15.968,900
'22 34,544,092' 11,953,041 8,865,623 3,087,418 Notes &accts.roc_ 4,344,583 2,798,948 Notes payable.
1
825,000
'
Miscel,a sets, &c_ 385,474
284,995 Accts. payable._ _10,859,259 2,655,818
Carolina Power
June '23
178,489 *105,239
23,024
82,215 Cash
7,248,321
272,054 Stk. purch. contr.
& Light Co
'22
154,958
*93,140
18.296
74,844 Prepaid,int., &c_. 149,963
238,420 pay
1,078.254 1.069,380
12 mos ending June 30 '23 2,134,772 *876,806
242.817
633,989 Deficit
35,306,593 43,231,300 Other def'd habil_
8.874
'22 1.701,710 *678,889
215,348
463,541
Accrued int., &c._ 431,323
261,049
Federal Light & Tr June'23
423,057
150,314
67.692
82,622 Tot. (each side)_102,062,324 101869,000 Res. for conting.. 3,604,414 3,611,786
Co
'22
389,302
138.719
56,941
81,778
Invent.shrink.res_ 2,883,249 1,208.560
12 mos end June 30 '23 5.301,458 1,972.054
894,295 1.077,759
x Good-will, patents, &c., less reserve provided to reduce book value of
'22 4,966.928 1,620.893
797,548
823,345 these items to $1. y The entire remaining balance of $6,943,000 has
Fort Worth Power June '23
227,147
*97,236
18,746
78.490 been authorized to be paid,leaving the company without bank indebtedness.
& Light Co
'22
193,458 *102.461
19.455
83,006 -V. 117, p. 563. 449.
12 mos ending June 30 '23 2,811,521 *1,346.763
229,790 1,116,973
'22 2,484,365 *1,297,185
208.243 1,088,942
Tide Water Oil Company.
Kansas Gas &
June '23
407,165
*97,931
86.313
11,618
(Results for Six Months ended June 30 1923.)
Electric Co
'22
358,167 *101,592
61.219
40.373
12 mos ending June 30 '23 5,382,139 *1,792,766
845,136
947,630 CONSOL. INCOME ACCOUNT (INCL. SUBS.) 6 MOS. END. JUNE 30.
'22 .4,930,963 *1,657,648
769,170
888,478
1923.
1922.
1921.
1920.
Nebraska
June '23
307,474 *125,389
54,166
$
$
71,223
$
$
Power Co
'22
280,540
*95,404
51,243
44.161 x Total vol.of business__ 27,975,441 23,483,921 20.638.534 31,005,869
12 mos ending June 30 '23 3,706,487 *1,563,650
y Totalexpenses incident
645,550
918,100
'22 3,224,204 *1,312.931
to operations
23,616,284 20,050.236 22.082,026 20,517,933
605,897
707,034
Pacific Power
June '23
260,464 *128,333
58,575
69,758
Operating income_ _ _ _ 4,359,157 . 3,433,685loss1,443.492 10,487,936
& Light Co
'22
249,259 *115,713
54.626
61,087 Other income
12 mos ending June 30 '23 3,043,338 *1,465,396
660.939
436,708
538,746
233,087
662,374
803,022
'22 2,925,994 1,350,894
680,312
670,582
Total income
5,020,096 3,870,392 loss904,746 10,721,023
Southern Califor- June '23 1,888,740 1,256,507
253,634 1,002,873 Depr.&depl. chged. off_ 1,998,710
1,750,090 2,412,646 2,019,850
nia Edison Co
'22 1,436,840
910,566
317,807
592,759
12 moa ending June 30'23 18,293,997 10,552,291 3,359,243 7,193.048 Federal income & excess
profits taxes
1,880,860
'22 16.860.102 9.927,339 4,060,033 5,867,306 Outside stockhol's
propor.def.15,049
38,568 loss13,780
16,035
Texas Power
June '23
395,539 *146,258
58,250
88.008
& Light Co
'22
356,579 *126,573
T.W.011Co. stockhol's
61,581
64.992
12 mos ending June 30 '23 5.231,055 *2,143,631
propor. tot, net inc_ 3,036,435 2.081,734loss3,303,612 6.804,277
746.068 1,397,563
'22 4,771,469 *1,914,445
754.071 1.160.374 Surplus befin. of year.... 17,320,881 12,067,825 18,660.087 17,659,919
Utah Power &
June'23
661,890 *328.115
14,334
def.2,862
163,874
35,205
164,241 Surplus adjustments_ _ def.26,818
Light Co
'22
549,694 *290,400
167,194
123.20
0
12 mos end June 30 '23 7,816,824 *4,218,042 1,932,566 2.285,476
Total surplus
20,330,498 14,163,893 15,353,613 24.499,402
'22 6,755,045 *3,455,154 1.758,163 1,696,961 Deduct-Through acq. of
outside int. ofsub.cos.
Yadkin River
579
def.8,892
June '23
190,664
158,693
*77,195
34,455
42,740 Dividends paid in cash_
Power Co
2.383.570 2,646,960
'22
97,079
*40,518
14,668
25,850
12 mos ending June 30 '23 1,564,076 *813,927
301,056
512,871
Surplus end of period_ 20,330.498 14,164,472 12.961.150 21,661,778
'22 1.160,369 *487,923
175,892
312.031
x The Tide Water Oil Co. and subsidiaries as represented by the combined gross sales and earnings, exclusive of inter-company sales and trans• After allowing for other income.
actions. y Including repairs, maintenance, pensions, administration insurance costs and all other charges, exclusive of depreciation and depletion
New York Street Railways.
and Federal income and excess profits taxes.
COMPARATIVE CONSOLIDATED BALANCE SHEET.
-Gross Earnings--Net Earnings
June 30'23.Dec.31'22.
Current
Previous
Current
Previous
June 30'23.Dec.31 '22.
Companies.
AssetsYear.
Year.
LiabilitiesYear. . Year.
$
$
$
$
Refining properties
$
$
634% 10-year gold
$
it
and equipment_18,184,126 17,549,510 bonds
Brooklyn City RR
12,000,000 12,000,000
May 1,067,655 1,072,348
281,435
273.195 Pipe lines
Jan 1 to May 31
11,063,029 10,963,875 Bank loans
4,963,872 4,863,523 1.196,674 1,123,455
1,500,000 1.500,000
Oil produc. prop. 27,l58,967 26,879,363 Notes payable_ 390,771
Bklyn Heights (rec)_ _ _ _May
452,405
7,365
8,218
1.686
' 1,625 Gasoline ProPertlea
Accts. pay -Trade 2,436,227 1,986,958
Jan 1 to May 31
35.898
36.466
458
782
and equipment_ 8,920,131 8,451,693 Wages & misc
654,677
519,655
Bklyn Q0& Sub (rec)_ _May 226.802
232,157
70,146
45,276 Railroad & lighterDue to cos. MILL,
Jan 1 to May 31
1,081,666 1,067.298
216.424
age properties__ 2,163,517 1,736,097 not consolidated 209,482
248,216
566,686
Con'ski & Bklyn(rec)_May 269,509
269,566
76,271
80,588 Marketing prop__ 5,169,126 4,850,500 Accrued taxes
66.910
28,065
Jan 1 to May 31
1,135.336 1.109,733
285.973
311,650 Timber properties_ 1,490,171 1,472,543 Payments on stock
Con Isld & Graveeend_May
11.093
10.139
667,492
616,993
865
2.477 Tank steamships__ 4,336,068 4,335,252 subscriptions_
Less reserves for
Jan 1 to May 31
35,092
Deferred liabilltki 1,266,353 1.153.979
30,518
--3,075
--4,106
dePrec.&deplet.19,722,035 17,727,645 Reserve for conNassau Electric (rec)_ _ _May 496,388
466,068
108,832
134.283
Jan 1 to May 31
tingencies
3,743,926 3,696,976
2,236.417 2,052.439
497.335
529,994
Total prop.&eq _58,763,101 58,511,187 Capital stock,__ _49,678,400 49,673,500
NY Consol(rec)(B R T)May 2,309.788 2,074,299
720,338
632.883 Other Investments 956,110
951,110
20,330,498 17,320.881
Jan 1 to May 31
10,540,583 9,733,022 2.933,553 2.699,530 Inv. in MM. cos__ 6,851,208 6,851,208 Surplus
Minority in in
South Brooklyn
May 104.400
99,299
1,639,429 1,701,265 Sub. co. stock__ 729,900
37,048
41.952 Cash
729,900
Jan 1 to May 31
486,802
418.470
2,148 Sub.co.surplus_dei.34,200
137.217
152,402 Liberty bonds
9,180
NY Railways(rec)
Accts.
May 7,777,244
5,161,264
825,369
26,466
61.511 Crude & notes rec. 5,866,159 11,097,203
Jan 1 to May 31
oil & prod.13,761,461
3,689.500 3,774,287
10,847
82.527 Other Inventories, 1,020,208
851,344
Eighth Ave RR
May 107.015
111,653
-4.320
9,585 Materials &
Jan 1 to May 31
491.910
507,115 -99,341 --37,921 Due fr. cos.supP- 1,651,591 1,857,031
anti.,
Ninth Avenue RR__May
45,159 '44,091
not consolidated 1,364,295 1,457,112
-4,083
1,724
Jan 1 to May 31
211,946
218,941 --41,811 --53.670 Deferred items__ 1,766,875 1,814,305
Interborough R T System
Subway Division
May 3.249,485 3,048.671 1,302,413 1,254,288
Total
93,640,438 90,255,179 Total
93,640,433 90,255,179
Jan 1 to May 31
16,128,120 23,033,215 7,214,172 6.318,076 -V. 116, p. 2780.
Elevated Division---May 1.688,670 1,654.183
499.440
512,422
Jan 1 to May 31
8,085,132 7.822,253 2.618,934 2,076,911
Chien, Peabody & Co., Inc. (and Sub. Cos.).
Manhat Bdge 3c Line May
24,467
25,560
--5,403
3,521
(Report for Half Year ending June 30 1923.)
an 1 to May 31
116,693
117,795
2.293
8.508
Second Avenue (rec)_ _ _May
90,521
90,365
10.437
1,097 CONSOLIDATED INCOME ACCOUNT , AND SURPLUS ACCOUNT.
Jan 1 to May 31
407,184
394,366
4.985 -34.295
Six Months ended June 301922.
1923.
NY & Queens Co (rec)-May
60.856
87.002
7,716
$15,618.693 $12,142,646
-1.616 Net sales
Jan 1 to May 31
273,695
518,000
-Raw materials, labor, supplies, oper. exp.,
--6,628 --40,851 Less
Long Island Electric_ _ _..May
gen.& sellezp.,all adm.exp.& res.for taxes,&c 13,139,632 10.518,803
35.226
36.824
3.266
9,857
Jan 1 to May 31
140,748
47,537
89,345
145,960
34,739
12.443 Interest paid, net
Depreciation
136.105
169.231
May
Ocean Electric
25,195
29,793
8,136
8.787
Jan 1 to May 31
94.654
94.525
16,224
3,517
Net profit
$2,253,612 $1,407,074
Manhat & Queens (rec)_May
36,840
36.973
11.992
10,638 Preferred dividends (354%)
291,795
295,470
162,257
Jan 1 to May 31
148,776
40,112
23.981 Common dividends (234%)
450,000
May 132,525
140,035
N Y & Harlem
14,392
17.823
Balance,surplus
646,399
Jan 1 to May 31
675.566
39.636
$1,511,817 $1,111,605
79.317
Balance brought forward
42,977
7,348,009 5,185,233
54,064 -10,135
N Y & Long Island_ __May
-4,657
190,834
Jan 1 to May 31
224,573 -79.240 --53,814
Total surplus
$8,859,826 $6,296,838
68,956
Richmond Lt & RR (rec)May
67,388.
-1.121
957
322,811
Jan 1 to May 31
CONSOLIDATED BALANCE SHEET.
301.669
23,543 -42,046
1923.
1922.
1923.
1922.
-Above net earnings are after taxes have been deducted.
AssetsNote.
$
Liabilities$
$
$
Real estate
4,207,393 4,319,575 Common stock__ _18.000,000 18,000.000
Good-will, patents:
Preferred stock__ _ 8,482,000 68,482,000
trade marks,&c.18,275,000 18,275,000 Bills payable
'3,850,000 2,550,000
Cash
1,171,885 1,322,524 Accounts payable.
41,746
59,269
Accts.receivable 4,915,886 a3,742,731 Res, for taxes._ _ _ 678,219
FINANCIAL REPORTS
316,169
!Atwell.Invest__
13.140
147,735
13.140 Pref. div. payable_ 145,635
Merchandise
11,330,520 8.121,516 Surplus
8,859,826 6,296,837
Pref. stk. In treas_ 161,125
-An index to annual reports of
Financial Reports.
40,000
Companies.

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




Total
40,074,949 35,834,487 Total
40,074,949 35.834.487
a After deducting reserve for cash discount. b Preferred stock, $9,000.000, lass unissued. $518,000, leaving $8.482,000 as shown above.
-V. 114.
P. 2722.

-Jones Corporation (Shirt, &c., Manufacturers).
Phillips
-Year ending June 30 1923.)
(Report for Half
6 Mos. end. Year end.
Years end. June 30
June 30'23. Dec.31 '22.
$7,064,567
$6,095,748 $11,135,417 $10,317,396 $7,258,759
Sales
Profits before
850,424
181,729
771,240
588,752 1,067,157
Fed. taxes
Profits after
660,424
161,729
676,240
932,157
513,752
Fed. taxes
CONSOLIDATED INCOME ACCOUNT FOR STATED PERIODS.
6 Mos. end. Year end. -Years ended June 301921.
1922.
June 30 '23. Dec. 31 '22.
$6,095,748 $11,135.417 $10,317,396 $7,258,759
Sales
6,905,740 6,595,467 5,11.6,242
4,001,141
Cost of sales
$2,094,606 $4.229,676 $3.721,930 $2,142,516
Gross profit
1.830,115
2,619,606
Gen.admin.& sell. exp_ 1,308,653 2,812,771
$312,401
$785,953 $1,416,906 $1,102,324
Net
39,217
65,226
63,347
33,380
Other income
Total
Interest & discount,net..
Corporation taxes
Fed.inc.&exc.prof.taxes
Preferred dividend

1819.333 $1,480,253
402,560
215,145
10.536
15.435
135,000
75,000

$1,167,550
386,556
9.754
95,000

three years.
in that regard,as well as the capital expenditures during the past
Co.
The appraisal of our Saltville Works by the American Appraisal aphas been completed and a portion of the increased valuations has been our
as was done in the case of
plied in the balance sheet in the same manner
Niagara Falls works, namely, to the further reduction, and now elimination,
carried as a "conof the good will item among our assets. The balance isbalance sheet.
tingent reserve" and appears under that heading in the connection with
The controversies with the Federal tax authorities in 1916 and 1917
the additional assessment imposed for the years 1914, 1915.
have resulted in the reduction of the claims to $162,663, which was paid
on July 2 1923. As we believe that the assessment is still substantially
greater than it should be, we are taking the necessary steps preliminary to
bringing suit for the recovery of the overpayment.
Because the board of directors and the officials of-the company are frequently seriously handicapped in the transaction of its business by the provision of the charter limiting its right to acquire stock in other corporations.
be amended,
the directors believe that this provision of the charter should to the stockand a letter from them dealing with this subject is being sent
to amend the charter.
holders, asking for the necessary authority
Business continues good, but necessary caution is being exercised in
planning for next year in view of conditions that may then be encountered.

$351,618
157,716
12,174
20,000

$161,729
$676,240
$932.157
$513,752
Balance for divs
CONSOLIDATED BALANCE SHEET.
June 30'23. Dec.31'22.
June 30'23. Dec.31'22.
Liabilities•
Assets
Cum.Pref.stk_ 2,275,000 2,350,000
478,721 7%
432,514
Cash
2,000,000
Accts. rec., cust'rs 2,196.389 1,575,713 Common stock_ _ _ y2.000,000 2,752,500
33,830 Notes payable_ ___ 3,240,000
63,587
Notes receivable
79,135
45,983 1 Trade acceptances
46,226
MIscell. accounts_
506,796
6,601,463 5.496,737 Accounts payable_ 427,349
Inventory
Royalties Pay. &
104,850
121,050
Insurance
125,585
173,311
17,155 pay-roll
13,248
Investment_x
27,417
26,541
138,795 Dividends payable
Adv. to salesmen.. 133,005
357,993 Federal, &c., taxes
440,285
Deferred assets_
193,454
227,028
payable
est.,bldg.,&e. 2,044,375 2,068,613
Real
1 Deposits on leases
1
Good-w111, &e_ _ _ _
22,057
17,384
dc rents prepaid2,699,530 2,261,448
Surplus
11,086,144 10,318,391
Total
11,086,144 10,318.391
Total
comx Includes mortgages receivable. $11,913; investments in various
shares,
panies, $1,335. y Authorized, 100.000 shares outstanding, 85,000
-V. 116. p. 513.
par value.
without

American Chicle Company.
Semi-annual Reportfor 6 Mos. Ending June 30 1923.)
Pres. Thomas H. Blodgett, New York July 16, wrote
in brief:
an

The volume of business for the first 6 months of 1923 represents
period
average increase of approximately 42% over the corresponding
for 1922.
against the company for
Regarding the U. S. Government tax claim
1918 and
$883,024 in connection with operations for the years 1916, 1917,
awarded the
1919, the Government has withdrawn this claim, and has
company a substantial rebate on taxes already paid.
INCOME ACCOUNT FOR SIX MONTHS ENDED JUNE 30.
1921.
1922.
1923.
Gross profitfrom sales after deducting
$899,383 $1,245,142
$1,110,377
cost of material,labor and mfg.exp
95,174
52.339
80,764
Other income
$1.191,141
Total income
Selling, adv., admin. exp., taxes, &c_ $750,820
Profit on operations before int. chgs $440,321
185,330
Interest charges
Cr.45,056
Surplus adjustments
Preferred dividends paid

$951,723 $1,340,316
$912,625 $1,660,031
139,097 loss$319,715
233,965
223,077
Dr.5,522
,
(135)45,000

The usual income account was published in V. 117, p. 560.
Balance Sheet.
June 30'23. Dec. 31'22.
June 30'23. Dec. 3122.
$
LiabilUies$
AssetsCommon stock__- 5,885,700 5,885,700
Land,plant,bldgs.
and equIpment-x9,941,317 8,026,017 Preferred stock___ 2,880.200 2,883,300
640,661
1,083,355 Notes & ace'ta pay. 479,268
Goodwill& patents
Taxes, lnsur., &e.,
Inv. in stocks and
23,729
39,113
accrued
bonds of allied
199,729
353,267 Deferred liabilities 208,160
corporations ___ 419,638
96,000
97,693
1,252,253 1,172,453 Fed'I tax reserve__
Inventories
50,458
70,634
828,599 Other reserves.. _ _ _
865,616
Acc'ts receivable
Res've for conting. 668.699 2.266,716
Notes & trade ac2,832,945
75,136 Surplus
77,495
ceptances recle_
374,029
321.711
Cash
133,437
284,382
Deferred charges
13,162,413 12,046,293
13,162,413 12,046,293 Total
Total
reserve
x Land, buildings, plant and equipment, $13.930,901; deductof brine
provided for depreciation of plant and equipment and depletion
reserve of $576,607 set up as
wells, $3,989,584. Additional depreciation
.
-V.117. P• 560
of May 31 1923 per American Appraisal Co.'s report.
Canton Company of Baltimore.
(Report for Fiscal Year Ended May 31 1923.)
President W. B. Brooks June 28 wrote in substance:

During the fiscal year there have been 2 dividends declared from income
namely. July 1 1922. $3 per share and an additional dividend of 50 cents
per share, and Dec. 31 1922. $3 per share.
The general conditions of the property have steadily improved, and the
increase of business has been satisfactory.
There has been a marked improvement in the inquiries coming to Us
for plant sitesfrom all sections of the country, and in our improved condition
we feel we can meet their demands better than heretofore, and probably
with more advantages than any other section in this community, owing to
our ability to furnish the services of all the trunk lines entering the port.
The property has been cared for and maintained as has been the custom.
and is in first-class condition throughout.
-YEARS ENDING MAY 31.
RECEIPTS AND EXPENDITURES
1919-20.
1920-21.
1922-23.
Incomefrom1921-22.
$55,939
$56,173
$58,667
$59,449
Ground rents
9
20,730
20.156
..
17,254
Farm and lot rents
84,557
91,575
88,830
89,993
Wharf rents
1.891
1,967
2,354
1.986
House rents
13,185
20,175
4,710
10.825
Factory rents
359,940
309,486
267,970
229,076
Wharfage, wareh se, &c_
48,235
65,111
86,002
76.847
Interest
51,730
644
Norfolk-storage
638
323
852
544
Sand. gravel, &c
21,945
36,300
45.546
24.012
Sundry exp., refunded
23
138
18,032
40,452
Perm't impts. refunded_
84.903
Bills receivable
135,005
Canton RR.,land rentals
86,516
Sales of securities
205,596
469.885
21,008
Sales of real estate
230,902
11,063
6,719
2.104
15.669
Sales of annuities
1960,374
$1,078,652
Total income
$583,013
11,054,254
Deductions
Permanent impt.account
new buildings, grading,
$483,905
1314.933
real estate much., &c_ $333,508
$481,272
1,327
3,453
3.076
Roads, streets & sewers_
2,139
223,796
188,503
8.491
4,386
Sundry exp.& repairs_ _ _
38,170
40,038
34,224
Salaries, office exp., &c_
46,527
81,082
84.912
State,city & county tax..
94.038
111,375
Dividends
($654)143,000($6.4)143000($63)143000 ($6)132,000
75,518
75,305
75,000
75,000
Bond interest
91.769
181,323
Miscell. deductions
222,427

$300,047 def$189.502 def$598,650
Balance, surplus
ED BALANCE SHEET.
CONSOLIDAT
J'ne 30'23. Dec. 31'22.
J'ne 3023. Dec.31'22.
3
$
I.4abilUies$
Assets
Preferred stock__ _ 3,000,000 3,000,000
Land, bkigs. and
Common stock _x10.395,166 10.395,166
demach. (after
196.826
3,802,911 3,974,911 Accounts payable.. 289,798 2,338,600
preciation)
Notes & drafts pay 2,288,158
Goodwill, pat'ts &
131.214
101,984
8,799,999 Accruals
trade marks_ _ _ 8,799,999
1,676,700 1,662,300
-Year notes
821,761 5
849,401
Cash
275,500
250.781 Deferred debs_ _ _ 275,500 1,890,000
cost_ 250,094
Govt. sec. at
306.717 Sen Son bonds... 1.774,500
Accts.& notes rec_ 408,639
1,827,518 1.690.508 Contingency res've 951,924 1,187,303
Inventories
79,347
172,813
Advances
Total deductions
92,500
Mortgages
Balance for year
581,250
502,472
Investments
418,337
194.133
Deferred assets
In bank at end of year
3.853,249 4,153,296 Total(each side)20.753,729 21,076,908
Deficit
-V. 117. p. 92.
and
x Common stock represented by 876 shares, $100 par. $87,600;
The
2010.
154,149 shares, no par, stated value. 110,307,566.-V. 116, p.

Pullman Company, Chicago.
(Results for June and Six Months ending Jane 30 1923).
.
The I.-S. C. Commission reports car-operating results of
ng
the Pullman Service (not including the car manufacturi30
bus'ness) for the month and six months ending June
as follows:

1923--June--1922. 1923-6 Mos.-1922.
Sleeping car total revs__ 16,636.368 16.452,534 $34,638,282 $31,450,350
Sleeping car total exp--- 5,272.443 5.405,566 28,819,033 30.865,856
$584,494
$1,363,925 $1,046,968 $5,819,249
Net revenue
55,322
58,829
4,285
9,052
Auxiliary oper.. net rev..
$639.816
___ $1,372,976 $1,051,253 $5,878,078
Total net revenue_
1.628.470
270.367 2,543.321
482,041
Taxes accrued
1780,886 $3.334,756 def$988,654
$890,935
Operating income.._ _ _
Statistics of Car Oper.(revenue pass.) .. $2,026,172 11.914.271 $10,032,108 19.193,569
Berth
1.072,270 6,131,303 5.729.078
1.145.881
Seat (revenue pass.)_ _

Total revenue pass_ _ _ 3.172,053
56,207
No.of non-revenue pass..
1.379
Rev. pass. per car p. day
1.3.28
Revenue per berth pass_
$0.76
Revenue per seat pass__
33,855
Car miles per car day_ _ _
-F. 116, p. 2397.

2,986.541 16,163,411 14.922,647
294,142
300,998
53.573
1.218
1,327
1.264
$3.25
$3.24
$3.28
$0.74
$0.75
$0.75
32,830
33,517
33,294

Mathieson Alkali Works (Inc.), N. Y. City.
(Report for Six Months ending June 30 1923.)
Pres. E. M. Allen, New York, Aug. 1, reports in brief:

Although average sales prices since the first of the year have been slightly
period of 1922. the net earnings are
lower than those for the corresponding an increased volume of business, but
better, which is attributable not only to resulting from general improvement
to increased efficiency of the plants
also




[VoL. 117.

THE CHRONICLE

668

$942,467 11,016,319
$111.787 def$433,306

$941,914 $1,035,799
$136,738 def$75,425

$238,400

$559,918

$126,613

$423,180

Davison Chemical Co.
(Annual Report-Year ended Dec. 31 1922.)
Pres. C. Wilbur Miller writes in substance:

-While it has taken very much longer
Business Going Back to Normal Basis.
for the agricultural chemical industry to adjust itself to the conditions
brought about by the results of the war, we can see slow but definite improvement. The large powder plants accessible by water from Baltimore
created greatly increased acid-producing capacity in our territory. This
surplus has tried to find an outlet In fertilizer, and with a temporarily curtailed consumption selling prices were forced to plant cost. The annual
consumption of agricultural chemicals before the war was approximately
7,500,000 tons, and last year the consumption was approximately 4,800.000
Lora. It is estimated it will reach 6,000,000 tons this year, and in 1924
we should find our industry on a normal basis.
It is idle to think that an industry as fundamental to our national life
longer In
as the fertilizer industry, can continue muchthe basic a demoralized condimaterials, sulphuric
tion. The problem of overproduction of
be a stabilization
acid and acid phosphate, must be solved before there canseveral companies
finished fertilizer. This can only be accomplished by
of
closing down older and less economical units and purchasing temporarily
from those with more modern plants. This company has the largest and
most economical unit in the country, and by the constructive policy it has
pursued during this demoralized market has won the good-will of the trade.
full production.
Our plants are in the best of condition and ready forreview were 50% of
-While operations during the year under
Debts.
normal, you will note we have maintained all charges for depreciation reserve.
&c.. at standard. The total debt of the company, both funded and liquid,
Is less to-day than it has been for several years, and the quick condition is
better than two to one. Although we, with the others, have had losses
during the past two years. the company has. since 1916, put into its property
the
from net earnings 12.347,161. The construction program outlined for apcompany in 1916 has been completed, and of the $7,000,000 required,
proximately 40% was provided through the sale of capital stock, 32% from
profits impounded and 28% from funded debt. Approximately 80% of the
entire assets of the company belong to the stockholders.
-We havet not written into tho assets any
Incest in Silica Gel Corporation.
value for the 294.000 shares of Silica Gel Corp. stock held by the company,
although this value, measured In potential earning power, is the largest and
most promising asset we have.
-The Cuban mine I still closed down
Davison Sulphur Oe Phosphate Co.
awaiting the reorganization of the railroad company with whom we have

Auc. 111923.]

THE CHRONICLE

contracts for haulage and power. Interests connected with the General
Electric Co. have taken over the power end of the Cienfuegos Co., and the
railroad situation should be worked out in the near future.
The property in Cuba is ready for full production when we can get the ore
hauled, and the conviction of the management regarding the intrinsic value
and earning power of this investment upon resumption of operation has not
changed.
Silica Gel Corporation-Contracts with Royal Dutch.
-Great progress has
been made in developing the many commercial uses to which Silica Gel is
adaptable and profitable. Last February we finished our refining plant at
Curtis Bay, and it has completed our work in the liquid phase. There has
not been a single fault developed in this plant since it started operation, and
it has proved every cost and quality of material produced that we predicted.
It was built to demonstrate our claims, and every refiner who has studied
its operation. has had only praise and congratulations to offer. As a result
of this plant's performance and after a close study of our process from every
angle for nearly a year,the Royal Dutch Shell interests have closed contracts
with us not only covering the first plant now under way for their New
Orleans refinery, but also looking to its use in all their refineries throughout
the world. The New Orleans refinery should be in operation in five or six
months. Contracts with several other large refineries are under negotiation.
The work done by us in our commercial plant has proved that Silica Gel
will not only produce a much finer grade of petroleum
but will.
including the increased yield, effect average savings ofproducts,cents per
over 30
barrel ot gasoline or kerosene compared with the present methods used. If
the oil refiners in the United States alone were to-day using Silica Gel the
annual savings over present methods would be in excess of 840.000,000, not
taking into consideration the value of a much better product.
After studying the results we have obtained and following the work we
have done, not a single refiner has been able to dispute the statements we
have made, and those who really understand the operation of Silica Gel are
enthusiastic about it.
Our absorption plant recently erected at the Sparrows Point plant of
the
Bethlehem Steel Co.,for the absorption of benznl. is giving the same successful results that we have obtained in the refining plant. This plant is
attracting the favorable attention of coke oven operators both in this country
and abroad. The same type of plant we are using for benzol recovery
is
also used for casing-head gas, SO 2 recovery, dehydrating
furnace use and many other purposes. The liquid and gas air for blast
phases have
therefore been demonstrated in a commercial way and our work accomplished with a total outlay approximating only $1,000,000 to date.
All new processes have two kinds of adverse critics: those who know nothing about it and those financially interested in present methods. Silica Gel
works under laws little known by chemists to-day. The results we
have
achieved are definite and conclusive and when they are understood we are
confident refiners will adopt our process as standard. It not only affects
great saving to the user but gives the consumer a product heretofore desired
but economically impossible to produce. Our stockholders must therefore
realize the enormous earning possibility of this investment now that one of
the largest and best equipped refiners has accepted our claims. The royalty
agreed to 1-10 of a cent per pound of Gel used will produce a return to us of
approximately 10 cents per barrel of oil refined.
A bulletin regarding the refining and recovery of petroleum products with
Silica Gel accompanies the annual report.]

The usual comparative income account was given in V. 117,
p. 211.
CONSOLIDATED BALANCE SHEET DECEMBER
31.
[Incl. Davison Chemical Co. and Davison Sulphur & Phosphate
Co.1
1922.
1921.
1922.
1921.
Assets$
$
Liabilities$
$
Real estate, bldgs.,
Davison S.&P.Co.
mach'y, &c., in
1st mtge.6s_ _ __ 774,000 1,896,000
Maryland
7.829,691 7,822,139 2-year 6% notes
300,000
Exp.for phosphate
U. S. Ship. Board
rock,&c., in Fla. 552,372 • 550,902
notes b
234,037
218,750
Cuban property__ 8,302,214 8,304,151 15-yr.8% gold deb 1,831,500
2,000,000
Curtis Bay RR.Co.
Notes & trade acadvances
350,319
323,751
ceptances pay'le 943,330
703,332
S.F.to retire Day.
Accounts payable_ 271,882
331.158
S.& P.Co.lst 6s
.529
529 Accr. interest. &c_
86,300
119,204
Cash
357,286
344,064 Derd credit items_
170
4,965
Investments
e28,795
24,795 Deprec n reserve__ 668,671
581,228
Notes receivable
32,270
4,000 Other reserves_ _ _ _ 284,657
223.117
Acets receivable_ 633,840
856,263 Capital stock _ a___ 8,338,213 7,216,214
Inventories.c
1,096,451 1,101,535 Surplus
1,198,060 1,804,337
Deferred charges_ _ 170,836
191,883 Capital surplus_d_ 4,423,772 4,425,709
Total
19,354,592 19,524,011
Total
19,354,592 19,524,011
a Represents 218,700 shares of no par value. b Liability disputed
subject
to counterclaim of $221,873. c Book value. d Value of ore blocked
out.
e Includes 295,000 shares of common stock of Silica Gel Corp.
valued at
$21.795.
-The above statement for 1922 does not include
Note.
contingent liabilities on account of notes receivable discounted, amounting
$264,132, and
as endorser on note of $500,000 of the Silica Gel Corp. to 117,
-V,
p. 211.

669

in storage on July 1. During the first 15 days in July 18,290 locomotives
were repaired and turned out of the shops.
Matters Covered in "Chronicle" Aug.4.-(a) New High record
freight car loading, p. 491. (b) Hearings ended on requestfor railroad
of railway
clerks for wage increases on 56 railroads. p. 518. (c) Wage increase on
Delaware & Hudson RR- p. 518. (d) Wage increases on Missouri-KansasTexas RR.,p.518. (e) Wage increases on three railroads, p.518. (f) Inter
State Commerce Commission authorizes freight rate reduction on the
ern Pacific on shipments via water, p. 518. (g) Western railroadsSouthrefuse
to grant grain shippers rate reduction on export wheat and flour,
(h) Railroad Labor Board holds private contract work on Westernp. 518.
Maryland RR. violation of law, p.518, (i) Railroad Labor Board says Erie RR.
is liable for suits for recovery of reduced pay, p. 519. (j) President of
Locomotive Firemen & Enginemen says Government has aligned itself with
railroads in seeking "open shop," p.519. (k)Canadian railway conductors
to ask wage increase, p. 519.

Baltimore & Ohio RR.
---New Officer.
-

H. A. Cochran has been appointed traffic manager, succeeding the late
H. M. Mathews.
-V. 117, p. 85.

Boston Elevated Ry.-Leasc, Wages, &c.
-

The trustees have voted to accept the lease of the Eastern Massachusetts
Street Ry. Co.'s line from Forest Hills to Cleary Square, Hyde Park,
Boston.
The carmen and the company have agreed upon George L. Mayberry as
the neutral member of the board of arbitration which will decide the rate
of wages to be paid to the union men of the "L"system during next year.
The other two members of the board will be Attorney James H. Vahey,
representing the men, and Attorney C. W. Mulcahey, representing the
company.
Results (of Public Trustees) for Years Ended June 30.
1922-23.
1921-22.
1920-21.
1919-20.
Total receipts
$33,612,335 $32,781.493 $34,224,149 $32,689.200
Wages
$15,024,348 $14,920,406 $16,753,667 $16,381,206
Materials and supplies
3,149,688 3,056,520 2,899,983 3,321.672
Injuries and damages_ _ _
700,740
476,844
627,629
627,626
Depreciation
2,004,000 2,004,000 2,004,000 2.004,000
Fuel
2,027,712
1,656,012 2,399,277
1,996,717
Taxes
1,722.708
1,610.096
1,306,736
1,075,497
Rent of leased lines_ _ 49,194
2.549,625 2,673,166
2,607,565
Subway & tunnel rentals 2,025,263
1,974,141
1,947,963
1,591,324
Int. on borrowed money 2,277,051
1,483.786
1,483,625
1,593,258
Miscellaneous items_ _ _ _
65,986
58,475
54,479
69,285
Dividends
3,136,853
1,606,371
1,523.367
1,403,970
Profit
$1,428,789 $1,385,211
$550.253
$17,080
The trustees of the Boston Elevated Ry. say:"Five years
.
elapsed since the operation of this railway passed into the control have now
of trustees
appointed by the Governor of the Commonwealth. It is well to review
the
situation briefly at this time. During the first year increasing costs
of
operation exceeded the revenue obtainable under a 5, 7 and 8
-cent fare.
An actual deficit occurred of $5,415.000, divided as follows: $1,000,000
in
the reserve fund exhausted: $3,980.151 assessed against cities and
towns:
$435,348 back pay occurring in May and June 1919 under an arbitration
award. To-day the $1.000,000 reservefund has been restored. the
back pay has been absorbed, and two payments, one of $517.196$435,348
and the
other of $1,114,557 have been made to the cities and towns. Therefore,
57% of the 1918 deficit has been overcome, leaving $2,348,397 still due the
municipalities, to which problem we must now direct our best co-operative
efforts. Our efforts cannot in the public interest be directed solely along
one line. We have, however, made creditable reduction
reduced the fare (26% of the riders, or 100 million a year, in the deficit.
now ride
cents), and we have improved the service with new cars, new trackfor 5
and
Increased mileage."
-V. 117, p. 438.

Brooklyn-Manhattan Transit Corp.
-Transit Commission Seeks Resumption of Traffic on Four Brooklyn Lines.
Upon motion of Commissioner Leroy T. Harkness. the Transit Commission has directed the bringing of mandamus proceedings against the
corporation to compel resumption of service upon the 16th Avenue line.
Park Slope line, the Tompkins-Culver line, and the 39th Street Ferry-C
Island line. Bills requiring the resumption of service upon these oney
lines were passed at the last Legislature and signed by the Governor.four
Mr. Harkness's motion followed conferences with officials of the B.
-M.T.
In which he tried to_get the company to resume service. The company and
the Brooklyn City RR., which was concerned in the operation of some of
the lines, had, he said, refused to do so. contending that the laws directing
resumption of operation were invalid.
-V. 117, p. 322.

Central Illinois Public Service Co.
-Proposed Merger.

The stockholders of the Central Illinois Public Service
West Power Co. will vote Aug. 30 on consolidating the Co. and Middle
two companies.
The purpose of the merger is to enable the consolidated corporation,
to be
known as the Central Illinois Public Service Co., to finance
its corporate
requirements under more favorable conditions than those
now controlling
the present Central Illinois Public Service Co.
The consolidated corporation will adopt as its own the
of the Middle West Power Co.. which contains provisionsexisting mortgage
ing which are more elastic and favorable to the companyfor future financ, than those conGENERAL INVESTMENT NEWS
tained in the Central Illinois Public Service Co.'s 1st & Ref.
There will be issued in exchange for each share of Pref.stock Mtge.
of the Central
company one share of the Pref, stock of the consolidated
corporation, with
or without par value, as the exchanging stockholder may
RAILROADS, INCLUDING ELECTRIC ROADS.
elect, and one
share of Common stock of the consolidated corporation
for each share of
Common stock of Central.
The following news in brief form touches the high
For the 60 shares of
points
in the railroad and electric railway world during the week Illinois Public ServiceProf. stock of Middle company not owned by Central
there will be exchanged 60 shares of Prof.
just past, together with a summary of the items of greatets the consolidated corporation. Twelve shares of Prof. stock will stock of
be sold
for cash to directors.
interest which were published in full detail in last
The consolidated corporation will have a capitalization
weeks' of Pref. stock,
of 810,000.000
"Chronicle" either under "Editorial Comment" or
par $100. 100,000 shares of Prof. stock without par value
"Current and 200,000 shares of Common stock of no par
Events and Discussions."
Preferred stock shall be cumulative at the rate value. Dividends on the
Increased Wages.-Unlon Pacific Systent grants
Issue is callable at $110 and accrued dividends. of $6 a year. The senior
creases from 1 to 4 cents per hour, effective Sept. 1. 13.000 employees inFor the exchange
Philadelphia "News and 95.349 shares of stocks there will be required 92,647 shares of Pref.
Bureau" Aug. 7, p. 3.
of Common. The remaining authorized
Interborough Rapid Transit Co. Concludes Appeal to
Issued from time to time as required for corporate purposes. shares will be
Cut
During Non-Rush Hours.
The
-Company applied July 3 for Subway Service
a 3%-minute Instill, board of the new company will consist of the following: Samuel
Instead of present 3
-minute headway between trains during non-rus
Walter S. Brewster. J. Paul Clayton, John F. Gilchrist, George
h hours Hamilton, Martin J.
W.
throughout the summer, claiming decreased traffic and
Insull and Marshall E. Sampsell. al/ of Chicago.
necessity of proper -V.
reirs to its equipment. New York "Tribune" Aug. 7.
117, p. 207.
Telcphone Tram Dispatching Apparatus Installed.
-I.
-S.
such equipment was installed on 5.067 miles of road during C. C. reports
Central RR. of New Jersey.-Salc of Lehigh & Wilkes1922. Trains
on approximately 52% of mileage in U. S. are dispatched by telephone
Barre Co. Stock Approved by Court.
and 62% by telegraph, the overlap being due to the
fact that both means
See Lehigh & Wilkes-Barre Co. under "Industrials" below.
are used on some divisions. Practically all of the longer installations
-V. 117.
were
on roads which have learned from experience the advantages of telephone p. 323.
disnatching. "Railway Age" Aug. 4, p. 187.
New Equipment.-The following is
Chesapeake & Ohio Ry.-Definitive Bonds Ready.
authorized by the Car Service Division
The Guaranty Trust Co., 140 Broadway, N. y. City, now prepared
of the American Railway Association:
During the first 15 days in July the railroads placed in service
to deliver Equipment Trust Series "U" Certificates dated is
March 15 1923.
8.217 new -V.
freight cars, which •brought the total number of new freight cars
117. p. 552.
installed
to 87,457. They also installed from July
since Jan. 1 up
1 to July
Chicago Peoria & St. Louis RR.
102 new locomotives, making a total of 2,100 that have been placed 15
-Sale.
in
aen
,i„ Jan. 1. Of the new freight cars placed in
Master in Chancery Charles Briggle, of the Sangamon County (Ill.)
service, box cars numbered 35,833, coal cars 36,048 and refrigerator cars 10,224, which includes Circuit Court, has announced that the time for the sale at public auction
6,149 placed in service by railroad-owned private refrigerator companies. of the road has been tentatively set for Sept. 26.-V. 116. p.2881.
Railroads on July 15 had on order 94,202 freight cars, of
which 41,726
were box cars, 37,135 were coat cars and 10.703 were refrigerator cars.
Columbus (Miss.) 8c Greenville RR.
-Sale.
They also had on order on the same day 1,848 new locomotives. DelivThis road, extending from Columbus to Greenville, Miss. a distance
eries of new freight cars and locomotives are being made daily.
of 158 miles, has been purchased by George Y. Banks of Columbus for
Locomotive Repairs.
-The following is authorized by the
Car Service $35.000. subject to a bonded debt of $5,275,000. Road has been in reDivision of the American Railway Association:
ceivership.
-V. 116, p. 2006.
The Class 1 railroads of the U. S. had in need of repair on July 15
locomotives. or 18.6% of the total number on line. This was an 11.855
increase
Denver & Rio Grande Western RR.
-Receiver, &c.of 405 over the total number on July 1, at which time there were 11.450.
Thomas . Beacon has been appointed receiver, succeeding Joseph
or 18%. Of the total number on July 15 last 10,784. or 16.9%, were In
A.
need of heavy repair. This was an increase of 458 over the number In Young, resigned.
The N. v. Stock Exchange has authorized the listing of bankers'
need of such repair on July 1. There were also on July 15 1,071 locomotives cates of deposit
certififor 1st & Ref. Mtge. 5s.
In need of light repair, which was a decrease of 53 under the number
The stockholders of the Western Pacific RR. Corp. have
locomotives at the beginning of the month. The railroads on July of such
approved the
1,5 had
2.437 locomotives in good repair and stored away to meet increased traffic reorganization plan.n plan
The reorganizatio
has been filed with the I.
-S. C. Commission for
demands later in the year This was an increase of 256 over the number its approval.
-V. 117, p. 552.




THE CHRONICLE

670

-Would Abandon Line.
Detroit Bay City & Western RR.

[VOL. 117.

-Stock of Subsidiary Company
Public Service Ry.(N. J.).

The New Jersey P. U. Commission has approved the issuance of $250,000
capital stock by the Emergency Fleet Ry. Co. and the transfer thereof
to the Public Service Ry. The Fleet Ry. was organized to construct
street railway needed in the operation of the U. S. Shipping Board Emer-Contract.
Detroit Toledo & Ironton RR.
-V. 117, p. 554
- gency Fleet Corp.
below.
See Westinghouse Electric & Mfg. Co. under "Industrials"
V. 116. p. 720.
-Offer to BondCo.

-S. O Commission
The Detroit Trust Co., receiver, has applied to the I.
-V. 117, p. 207.
for authority to discontinue operation.

Eastern Massachusetts Street Ry.-Bus Permit.

comThe City Council of Revere (Mass.) has granted a license to the
of
pany to operate jitneys in certain sections of the city. The granting
operated
the license to the company means that passengers on jitneys
-V
may transfer to any of their trolley cars running to Boston.
by it
117, p. 552.

Quebec Ry., Light, Heat & Power
holders and Stockholders-Description of Properties, &c.
See Quebec Power Co. below and V. 117. p. 555.

Rapid Transit in New York City.-Traction Situation.

Among the recent developments of the traction muddle In NewYork City
came the possibility of having the unified control plan evolved by the Transit
Commission resubmitted in the fall. It was also indicated that both the
Joliet & Eastern Ry.-Equipment Trust Bonds. issue B.
Elgin
-M. T. and the I. R. T. may be willing to accept it. The plan was held
-S. C. Commission on July 24 authorized the company to
The I.
in abeyance after its first presentation about a year ago, when it was re$2,000,000 of Joliet equipment trust bonds pursuant to an indenture of jected because of certain defects. However, the shifting of conditions durprocurement of the followlease dated July 1 1923, in connection with the
ing the year and the obvious necessity for subordinating everything to pubing equipment:
Unit Approximate lic service. may have altered the viewpoints of both sides.
Price.
Units.
Bus Versus Subway Controversy Continues.
'Description$536,e10
$2,683
200
Newly created "Committee of One Thousand"(formed by the Merchants'
-ton steel-underframe gondola cars
70
536,710 Association) requested immediate digging of new subways by means of
2,683
200
-ton steel-underframe gondola cars
70
269.177 petitions which were widely circulated throughout the city. Mayor Hylan
2,691
100
-ton steel-underframe gondola cars
70
284.830 refused to grant the request but called special meeting of the Board of Esti2,848
100
-ton all-steel side-dump cars
70
569.232 mate, where he denounced the committee as the tool of "the interests"
2,846
200
-ton all-steel side-clump cars
70
166,201 and started his own move to circulate petitions for a State bus law.
Mikado locomotives
229.205
57,561.
4
On Aug. 3 the Board of Estimate voted to approve and adopt the routes
Mikado locomotives
287,757 for the Brooklyn crosstown and Washington Heights subways, and will
57,551
5
Mikado locomotives
284.119 seek consent of property owners along routes at once. In approving these
5 56,823
Mikado locomotives
routes the Board did not commit itself to either public or private ownership.
$3,063,842 Plans of operation will be worked out by the Transit Commission and the
Total
Co., New York, trustee. Denom. Board of Estimate, while the subways are being constructed, a process
Dated July 1 1923. U. S. Trust
-V. 117, p. 326.
$125.000, registered, without coupons, each of such bonds to be convertible which is estimated will take 3.J-6 years.
into 125 bonds in the denom. of$1,000 each. The bonds are to bear interest
at the rate of 5% per annum from July 1 1923, payable semi-annually
Rockford & Interurban Ry.-Extension of Bonds.
yearly in(J. & J.), and will mature in amounts of $125,000 at successivebonds repThe holders of deposit receipts for Rockford & Interurban By. First
tervals on July 1 in each of the years 1926 to 1941, incl. The company Mtge. 5% Gold Bonds, due Oct. 1 1922. are in receipt of a circular dated
resenting the deferred installments ofrent are to be delivered by theFrom the Aug. 3 and signed by the Rockford & Interurban Ry. and Rockford City
to the trust company and sold by it at not less than par and int.trustee will Traction Co., advising them that these companies have executed an indenproceeds of the sale of the bonds and the advance rentals, the
ture dated as of Oct. 1 1922, to Continental & Commercial Trust & Savings
-V. 117. D. 85.
pay to the builders the cost of the equipment.
Bank, Chicago, as trustee, supplemental to the mortgage securing the above
issue of bonds, in accordance with extension agreement dated Sept. 20 1922,
- which was declared definitive and effective. The supplemental mortgage
-Earnings (Incl. Subs.)'
Federal Light & Traction Co.
varies in certain particulars from the form of supplemental mortgage
[Inter-company items eliminated.)
supplemental mortgage as
attached to the
-6 Mos.end. June 30- -12 Mos.end. June 30-- executed provides extension agreement. The
as follows:
1923.
1922.
1923.
Period(1) That the maturity of bonds, at the same rate of interest (I. e. 5%)
1 2
96 2
$4, 96,628
$2.781.314 $2,553,174 $5,301,458
Gross earnings
'
3,346,035 and the mortgage securing the same, shall be extended to Oct. 11930.
3,329,404
1.687,412
Oper., adm. exp. & taxes_ 1,699,198
(2) That the sinking fund provisions-shall be inoperative, and $574,000
660.834
747,896
331,104
397.961
Interest and discount_ _ _ _
sinking fund bonds now held by the trustee shall be canceled and shall not
Pref. stock dividends
84,141 be subject to reissue.
87,071
Cent. Ark. Ry.&Lt.Co.
(3) That the companies shall deposit with the trustee on or before
52.573
59.328
Springf. Ry. & Lt. Co
March 1 each year all net earnings of the combined properties for the
$823,345 preceding calendar years after deducting all interest paid and the proportion
$534,658 $1,077.759
Balance after charges_ - $684,155
of gross income required to be appropriated for sinking funds of divisional
-V. 116, p. 3000.
bonds; and such deposits shall be used to purchase, cancel and retire bonds
pay for additions, extensions and improvements for which no bonds
Taxes and Rate or to be issued.
Great Northern Ry.-Effect of Increased
may
(4) That the companies shall expend or set aside each year for current
-Reductions on Company's Income for 1922.
maintenance, renewals and repairs out of gross operating revenue for each
-V. 117, p. 206
See "Current Events" on a preceding page.
year a sum equal to 20% of the gross operating revenue of the interurban
and a
equal to 18% of the gross operating revenue of the Rockford
-Earnings of System lines lines; sum against the amounts so set aside, all expenditures poperly
interborough Rapid Transit Co.
City
and
and ordinarily chargeable to current maintenance, renewals or repairs shall
Under Plan.
Month of 12 mos. end. be charged, and any unexpended balance shall be applied to the purchase
1923. June 30 '23. of bonds or for maintenance, renewals and repairs subsequently made in
June
Period$4,579,158 356,133.286 excess of the foregoing percentages.
Total revenue
bonds remain
(5) That no dividends shall be paid so long as
Oper. exp., taxes & rentals paid city for the old sub 3,159,059 39,638,854 outstanding. (6) That $83.675 Car Trust Notes any of the
shall be delivered to the
31,420.099 316,494.431 trustee by the owner thereof and pledged as additional security. (7) That
available for all purposes
Income
3669,665 $8,032.090 $100,000 shall be expended for permanent additions, extensions and imLess-Int. on I. R.T. 1st Mtge. 5s
1,808,240 provements for which no additional bonds may be issued.
150,687
Int. on Manhattan Ry. bonds
2,303,076
(8) That the $740,500 remaining authorized amount of bonds issuable
184,137
notes
Int. on I. R. T.7% Secured
65,146 under the mortgage may be issued only for permanent additions, extensions
13,250
-Year notes
Int. on I. R. T.6% 10
396 and improvements upon which the bonds shall be a first lien as follows:
390
Equip. Trust certificates
Int. on
571.233 $180,000 to the extent of 60% of the next $300,000 so expended; $560,500
45,226
Miscellaneous income deductions
to the extent of 75% of the expenditures thereafter made.
(9) That a bondholders committee, consisting of Robert W. Baird (First
deducting the sinking fund on
Earnings without
.W•
Wisconsin Co.), Arthur M. Hewitt (Second Ward Securities Co.). M.
the I- R. T. 1st 51. 58 ($179,603 for month of
Hanford (A. B. Leach & Co.). Livingston E. Jones (Savings Fund Society
June and $2.136,051 for the 12 months), which
of Germantown), and J. W. Hamer (Penn Mutual Life Insurance Co.) be
under the plan, does not become operative
expenditures
appointed with broad powers, including supervision of capital
until July 1 1926, but which must be deducted
and issuance of additional bonds.
from earnings of system before arriving at the
The Rockford & Freeport Electric Ry. First Mtge. Bonds are being
$356,745 33,714,256
sum available for divs. on Manhattan stock__
1.710,000 extended to Oct. 1 1930 at the same rate of interest. I. a, 5%. $346.000
60,000
Dividend on $60,000,000 Manhattan stock
of the $490.000 of such bonds have already been extended.
Holders of deposit receipts are requested to forward them to the Conti$296,745 32,004,256
Balance
nental & Commercial Trust & Savings Bank, Chicago, Ill., directing the
itReconciltstion With Report to Transit Commission.
trustee to extend their bonds as provided by the supplemental mortgage.
12 Mos.
June 1923.
All bondholders who have not heretofore deposited their bonds are invited
Net corporate income as reported to Transit Comm $117,142 def$131,795 to forward their bonds for extension.
-V. 116, p. 2885.
2,136.051
179,603
Deferred sinking fund (accrued but not paid)
$296.745 32,004,256

-Sale.
Savannah & Southern RR.

Joplin & Pittsburgh Ry.-Wage Agreement Renewed.

The sale of the road, which is operated between Lanier in Bryan County
and Glennville in Tattnall County. Ga., to J. D. Bradley of Tattnall
County for $40,000 was authorized by Judge P. W.Meldrim of the Superior
Court July 23, when he granted the petition of T. R. Bennett, Superintendent of Banks, asking that the offer of Mr. Bradley be accepted. The
sale is not authorized on any condition and the purchaser is at liberty to do
with the road what he deems wise and profitable.
In the order handed down by Judge Meldrim it is required that 310,000
of the purchase price must be paid in cash and that the remainder shall
be paid in three notes for 310.000 each in 30. 60 and 90 days after date
-V. 116. p. 1761.
-(Savannah "News").

-Earnings.
Kentucky Traction & Terminal Co.

Press reports state that the original injunction against the operation of
jitneys has again become effective, Supreme Court Justice Borst having
vacated the order of County Judge McMullen of Schenectady, who set
aside the injunction issued by Supreme Court Justice Angell restraining
-V. 116, p. 2390.
jitney operation during the strike of employees.

Equals above balance

x The report to the Transit Commission for the fiscal year ending June 30
1923 shows a deficit in net corporate income amounting to $131.79o. That
deficit results from the deduction of 62,136,031 accrued sinking fund on
Interborough bonds for the same period. Payment of this sum is postponed
until 1926, but the money thus saved must be reserved in the meantime for
capital expenditures and not used for operating expenses. The deficit is
-V. 117, p. 553.
due to the low earnings of last summer.
renewed
For the third consecutive year the company and its employeesCourt in
the wage contract originally drawn up by the Kansas Industrial the conIn 1921
-day strike had shut down all operations.
1920 after an 80
-V. 116.
tract was slightly modified but has not been changed since then.
p. 1411.

ended June 30
The company and affiliated companies for tho 12 monthscompared with
reports net earnings of $645,297, an increase of $35.127 as
After bond interest this leaves a surplus of $3372,244.
the preceding year.
an increase during the year of $31,341.-V. 116, p. 2766.

-Bond Issue.
Traction Co., Hazleton, Pa.

Lehigh
the public
The company, it is stated, is offering employees, patrons and
8350.000 1st Mtge. bonds at $89 10.-V. 116, p. 1649.
-Tenders.
Traction, Light 8r Power Co.

Manchester
Mass., will until
State
The American Trust Co.. trustee, 50 of 1stSt., Boston,
& Ref. Mtge. bonds, dated
Aug. 20 receive bids for the sale to it
amount sufficient to exhaust 853,620.-v. 116.P.1275.
Aug.1 1917, to an
Connecting Ry.-Tenders.--

Ohio
N. Y. City, will until Aug. 31 receive
The Farmers Loan & Trust Co. 0 gold bonds, dated Sept. 1 1903, to an
bids for the sale to it of 1st Mtge.47 at a price not exceeding par and int.
amount sufficient to exhaust 318.320
-V.109, p. 1180.
Rumford Falls Ry.-Tenders.-

Portland &
Boston, Mass., will
17 Court
The Old Colony Trust Co., trustee,to it of 1stSt.,
Mtge. 4% Consol, gold
sale
until Aug. 13 receive bids for the amount sufficient to exhaust $9,175.an
bonds, due Nov. 2 1926, to
V. 102, p. 713.
-Tenders.
Corp. of New Jersey.

Public Service
Newark, N. J.,
The Fidelity Union Trust Co., trustee. 755 Broad St.,
-year
50
of G
willuntil Aug. 20 receive bids for the sale to itto anen. Mtge. 5%dent to
amount su
sinking fund gold bonds, dated Oct. 1 1909.
117, p. 554.
exhaust 8209.509.-V.



Schenectady (N. Y.) Ry.-Original Injunction in Effect.

-Stockholders' Protective Committee.
Sixth Avenue RR.

The committee named below, owning and representing a large amount
of the stock of the company, has been organized for the purpose of protecting
the interest of the stockholders. A statement made by the committee says:
"The property of the Sixth Avenue RR. is leased to the New York Railways, the properties of which have been in the hands of a receiver since
March 20 1919. Since that date the property of the Sixth Avenue RR.
covered by the lease has been operated by the receiver, but no action has
been taken by such receiver in regard to the affirmance or disaffirmance of
the lease. On May 11 1922 a receiver of the property of the Sixth Avenue
RR. was appointed.
"The situation in regard to the reorranization of the New York Railways
is such that in the judgment of the committee immediate and concerted
action on the part of the stockholders of the Sixth Avenue RR.is necessary
to deposit
for the protection of their interests. Stockholders are requestedNew ork
Broadway,
their stock with the Central Union Trust Co.. 80 Broadway Now
923.
City, as depositary under a deposit agreement dated Aug. 6 Adrian H.
Committee -James B. Malmo, Chairman, J. Y. G. Walker,
Larkin, with Daniel A. Hohman. Sec., 80 Broadway, N. Y., and Henry V.
-V. 116. P. 1051
Poor. counsel.

-Exchange of Certificates.
United Gas & Electric Corp.

The shareholders are requested to forward certificates of stock to the
Meclr.flies & Metals National Bank, New York. or Fidelity Trust Co..
Philadelphia, to be exchanged for shares of stock of tho new United Gas
3z. Electric Corp. This new corporation is the result of the consolidation
of United Gas & Electric and the Berkshire Corp. (See plan in V. 116,
p.1761.)_
The Chase National Bank has been appointed registrar for 240,464 shares
company.
of Common stock and 64.994 shares of Preferred stock of the
-V. 117. p. 440.

Aua. 11 1923.]

THE CHRONICLE

United Railways Investment Co.
-Listing-Earnings.
-

The New York Stock Exchangefhas authorized the listing of $4,423,000
First Lien Coll. Trust 20
-Year Sinking Fund 5% Gold Bonds, Pittsburgh
issue, stamped in accordance with the plan in V. 116, p. 1533, 1651, 1762.
The stamped bonds are included in the $18,150,000 bonds already listed.
Income Account, Six Months Ended June 30 1923.
Income from investments, &c
$508,163
Expenses
44.926
Interest
379,709
Net income
Surplus at beginning of year
Gross surplus
Discount on bonds purchased for sinking fund

$83.528
342,627
$426,155
292

Surplus June 30 1923
5425,862
General Balance Sheet as of June 30 1923.
.4ssetsLiabilities
x Securities owned
• $36.234,905 Preferred stock
$15,830,000
Sinking fund
37,100 Common stock
20,400,000
Cash on deposit
110,740 Accounts payable
175,000
Special deposit
114,078 Unpaid div. ctfs.called_ _
114,080
Interest accrued
15.150 Federal tax
273
Suspense
43,032 Bond coupons due
9,356
Deferred charges
436,673 Interest accrued
37,103
Surplus
425.862
Total
$36,991,676 Total
$36,991.676
x Includes Pittsburgh Utilities Corp., 240.000 shares Common stock
(v. t. c.); California Ry. & Power Co. stock, 68,744 shares Preferred
and
400,000 shares Common; and other securities.
All Collateral Trust 5% Bonds outstanding in the hands of the
and all covenants relative thereto have been assumed by Pittsburgh public
Utilities
Corp.
-V. 117, p. 209.

Western Pacific RR. Corp.
-Endorses Denver Plan.
-

The stockholders have approved the plan for reorganization
of Denver
& Rio Grande Western Ry.-See also V. 117, p. 81,
89, 209.

.671

Ajax Rubber Co., Inc.
-Balance Sheet June 30.1923.
1922.
1923.
$
s
lirLiabilities
-

AssetsLand, bldgs., &c__
Cash
Accts.& notes rec_
Inventories
Miscell. accts. &
notes receivable
Investments
Good-will & pat'ts
Deferred charges

4,333,060
888,478
3,322,781
3,584.571
My
23,658
609,421
1,874,875
342,115

4.351,611
603,355
3,211,420
2,875,261
131,453

1922. Ti

Capital
z9,623,519 9,373,798
1st Mtge. bonds 2,773,000 2,925,000
Notes payable_ _
1,600,000
800,000
Accounts payable_ 861,857
341,914
Accrued liabilities_ 120,582
120,565

1,874,875
513,303

Total(each side)14,978,958 13,561,278
Capital,represar,ed ny 500.000 shares onto par
r smut425,000
shares have been issued; stated value of capital, $10.000,000; capital, as
per balance sheet at Dec. 31 1922, $9,208,799; add profit for 6 mos. of 1923.
$414,720; total. $9,623.519.
The usual comparative income account was:given in V. 117. P. 442.

American Bank Note Co.
-Balance Sheet June 30.1923.
Assets$
Land, buildings,
machinery,/0_10,038,710
Cash
1,446,215
Cash & secur. for
special reserve
187,019
Inventories
2,266,229
Accts.receivable 1,219,486
Marketable Invest. 1,328,063
Com.stk.for empl.
84,260
Deferred at unadjusted charges__
99,998

1922.
Liabilities
Pref. stock & scrip
10,302,976 Corn. stock & scrip
1,204,217 Accounts payable_
Pref. city. payable
169.199 July 2
2,009,864 Insur., dtc.. res'ves
2,169,496 Surplus
554,878
162,550

1923.

1922.

4,495,775 4,495,781
4,945,395 4,495,831
z977,122 1,441,590
67,435
67,435
574,118
570,085
5.610,115 5,651,694

149.235 Tot.(each side)-16,669,961 16,722,416
.11
a Incl. reserves for taxes and for exchange losses, and advance payments.
The comparative income account for six months ending June 30 1923
was given in V. 117, p. 442.

American Chicle Co.
-Notes Called.
-

B. A. Tomkins, Chairman of the Noteholders' Committee, announces
that the company has called for redemption on Oct. 1 the $171.000 of fiveyear 6% notes. Under the terms of a trust agreement the notes to
Wyoming & Missouri River Ry.-Stock Authorized.
be
redeemed have been drawn by lot. The reduction in the company's note
The I.
-S. C. Commission on Aug. 2 authorized the company to issue
500
shares of capital stock (par $100), said stock to be delivered to Mahlon S. indebtedness is accompanied by a pro rata reduction in its bank indebtedKemmerer in payment for the physical property of the W.& M. River RR. ness, and both are pointed to as evidence of the improved condition in the
The W. & M. River RR. was incorp. in Wyoming in 1895. Its line company since the committee's plan of readjustment was consummated.
extends from Aladdin, Wyo., to Belle Fourche, S. D., 18 miles. Mahlon (See plan in V. 115, p. 1212.)-V. 116, p. 2010.
S. Kemmerer held a judgment for $348,000 against the carrier. On
American Hide & Leather Co.
-Quarterly Report.
Sept. 211921 the property was sold in execution thereof by the U. S. MarResults for Quarter and Six Months Ending June 30.
shal for the District of Wyoming and purchased by Mr. Kemmerer at public
auction for $53,356. On July 15 1922 the W.& M. River RR. was incorp.
1923-3 Mos.-1922. 1923-6 Mos.-1922.
in Wyoming with an authorized capital of $100.000. Mr. Kemmerer has *Net earnings
loss$120,469
$55,291 loss$169,980
$99,566
offered to sell the physical property to the railway company for 950,000. Depreciation
68,666
67,495
137.330
134.991
and has agreed to take 500 shares of its stock (par 9100). The directors xExtraordinary income_
Cr.495,000
of the railway company on May 26 1923 accepted this offer.
-V.116. p.1651.
Balance,
loss$189,134 loss$12,204 1055$307.310 sur.$459.5
75
* Results from operations after charging repairs,
INDUSTRIAL AND MISCELLANEOUS.
reserves for taxes. a Extraordinary income from interest on loans and
use and occupancy
insurance on plant destroyed by fire.
-V. 116. p. 2010.
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 "Iron
formerly given under this heading, appears to-day Age,"
on
preceding page under "Indications of Business Activity." a
Coal Production, Prices, &c.

The United States Geological Survey's report on
production, together with the detailed statement by coal
the
"Coal Trade Journal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
preceding page under the heading "Indications of Business
Activity."

OH Production, Prices, &c.

The statistics regarding gross crude oil production in the
United States, compiled by the American Petroleum Institute
and formerly appearing under the above heading, will
found to-day on a preceding page under "Indications be
of
Business Activity."
Prices, Wages and Other Trade Matters.
Automobile Prices.-Dodg.e Bros. 1924 models of open cars
the same price level; two business models were increased $55 remain at
each and
regular type sedan reduced $55. "WalFSt. Journal" Aug. 7,
p.8,
-Wage increases -National Glass Bottle Mfrs. Assn. of1J. S. and
Canada
the Glass Bottle Blowers' Assn.of U.S. and Canada concluded
and
wage agreement effective Sept. 1. Several increases were granted new
blow-ware departments. Concessions in this branch included an in the
advance
of 5% on toilet and cologne ware and a 25% increase on cut
one full side. Wages and working rules in the flow and feed ware, cut en
departments
the machine and stopper grinder departments are to remain the
and
same
for another year. "Times" Aug. 5, p. 27.
Plasterers' Wagein N. Y.City.-"Snowballing" has begun in
the plastering
demand for plasterers is now reaching its peak,
trade. The
and the mechanics, whose agreed wage is $12 a day, are already receiving
demands have in some instances been made on employers to $14, while
grant work
Saturday afternoon and Sunday at double rate bringing the pay
of plasterers up-to $119 for a seven-day week. "Times" Aug..5, Sec. 2. p. 1.
Plants to Resume Operations.
Paper
-American Writing Paper Co. announced an attempt would be made to open the Holyoke (Mass.)
plants
Aug. 13. Mills have been. closed since July 18 by strike
of stationary
firemen for wage increase. "Times" Aug. 9. p. 15.
Matters Corered in "Chronicle" Aug.4.-(a) Flour production in June
falls
off over a million barrels. p.490. (13) Shrinkage in building material orders,
p.490. (C) Consumption of gas and gas appliances the largest in history, p.
(d) Electrical record year-central stations of country set new
490.
mark
in expenditures for extending service, P. 490. (e) Employme
Industries in June 1923, p. 491. (f) The over-production of nt in selected
492, (g) Output of malleable castings reduced, p. 493. petroleum, p.
(h) American
Woolen Co. spring prices on Women's wear fabrics show small advances;
opening of men'sfancy fabrics. p.496. (i) Union Loses strike in the Buffalo
clothing market. p. 496. (j) Julius II. Barnes on wheat situation; says
remedy lies not in price-fixing, improved markets the need; plans of Wheat
Committee of U. S. Chamber of Commerce. p. 505. (k) Eugene G.
Grace
says modification of immigration laws would help speedy adoption of
ight-hour day in the steel industry, p.516. (I) Elimination of twelve-hou
r
ay in steel industry to begin at once, Judge Gary announces, p. 517.
'
(n)Steel workers in Sydney, N.S.. call off strike, p.517. (n) Nova Scotia
call off strike, p. 517. (o) Anthracite shipments
miners vote to
to New
England running ahead of previous years. p. 517,

American International Corp.
-Subsidiary

Operations.
President Harry Arthur, of G. Amsinck & Co., Inc., the
largest of
American International's proprietary companies,has sent to officers,
employees and clients a letter outlining changes in the company's agents,
field of
activities. The Amsinck company has been doing a general
import business with all Latin-American countries, but it is nowexport and
confine exports principally to Brazil and Colombia. while the decided to
import business is to be handed over to a newly organized subsidiary, the
Import Corporation (incorp. In Delaware Aug. 3 1923 with an G. Arnsinck
authorized
capital of 12,000.000).
The Rosin & Turpentine Export Co.. a subsidiary of the American
ternational Corp., has completed the liquidation of its stocks and will Incease
to function under its present ownership on Aug. 15.-V. 117,
p. 442.
American Locomotive Co.
-Dividend Increased

.
A quarterly dividend of 11 50 per share on the new no-par
-value Common
stock has been declared payable Sept. 29 to holders of record
Sept. 13. thus
placing the stock on a $6 per ann. basis. This compares
with
div. o(2%% paid in June 1923 and 1 4% paid quarterly from a quarterly
to Mar. 31 1923 on the old stock of $100 par value. In June Sept. 30 1919
last the company readjusted the stock by changing the $25,000.000
Common
to 500,000 shares no par value and exchanging two new shares (par 9100)
for each old
share of $100 par.
-V. 117, p. 551.
American Metal Co.
-Earnings.Period
Netearnings
V.117. p. 91.

•

-Quarters Ended-6 Mos. End.
June 30'23. Mar.31 '23. June 30'23.
1577,045 11,006.323 $1,583,368

American Power & Light Co.
-Acquisi

tion.
It is reported that arrangements have been
of the power transmission system known as themade for the acquisition
General Light & Power
Co., which serves Cloquet, /vlinn., and towns north
and south as far as
Floodwood and Sandstone, Minn.
-V. 117, p. 328.
American Radiator Co.
-Bids for Plant.

The company has submitted a bid of $765.000
for the Curtiss
-Elwood
airplane plant at Buffalo, N. Y., to the Quartermaster's
Department of the
Army.
-V. 116, p. 2770.
Associated Almond Growers of Paso Robles (Calif.).
Bonds Offered.
-Wm. R. Staats Co., San Francisc
offering at 100 and int. $500,000 1st (Closed) Mtge. o, are
633%
/
bonds. A circular shows:
•

-New Cable Planned.
All America Cables, Inc.
-

Dated Juno 1 1923. Due June 1 1932. Subject
to call by lot, all or
part. at 102 and interest on an_y interest
payable J.
at County Nativnal Bank & Trust Co..date. Interest Tilarbara, & D.
trustee, Santa
Calif.;
Farmers & Merchants National Bank, Los Angeles,
and Anglo & London
Paris National Bank, San Francisco. Denom.
Tax exempt in California. Company agrees to $100. $500 and $1,000c.
pay normal Federal income
tax not exceeding 2%.
This issue of bonds is secured by a direct first
positing 6% first mortgages and contracts of salemortgage, and by dewith the trustee, on
approximately 11,710 acres of land in
counties, Calif of which 9,700 acres Monterey and San Luds Obispo
orchards, from one to four years old. are in growing almond and prune
10 (or more) acre tracts to about 700 These orchards have been sold in
$4,579,120. The buyers have paid on buyers for a total of approximately
account of their purchases approximately $2,048,575. leaving a balance due the company of approximat
$2.530,545, an amount in excess of five time the first mortgage debt. ely
The company assigns to the trustee the entire amount due as
above,
viz.: approximately $2,530,545, and so long as the conditions
deed are carried out may receive from the trustee portions of of the trust
certain collections for operating and maintenance expenses. The total
aggregate,
however, df such amounts released will not reduce the securities
in the
hands of the trustee to less than 12,200.000
. Otherwise all collections
will be used to retire bonds.
The purpose of this issue is to clear off all land purchase
obligations.

Allis-Chalmers Mfg. Co.
-Unfilled Orders.
-

The N. Y. Stock Exchange has authorized the listing
of $39,755,724
capital stock (auth. $60,000,000), par
share, on
issuance in exchange for outstanding $25 perof capital official notice of
shares
stock, par $100.
Pacific Oil Co. owns $23,032.000. or 57.93% of total Common
stock now
outstanding.
-V. 117. p. 329.

It is stated that work on a new Atlantic cable to connect New York
with the West Indies and the East coast of South America will be started
soon. The new line, it is said, is to be 5,000 miles long and have a canaci.v
of 1,800 messages a day and is to cost approximately $5,500.000.-V.
117. p. 328.
Incoming business has dropped off slightly within recent weeks, but with
unfilled orders of $13,130,000 on hand Juno 30 1923 compared with monthly
billings of over $2,000,000, the management expects to keep the plants busy
throughout the remainder of the year. (Official.) See aLso V. 117. p.
,




Associated Oil Co.
-Listing.
-

Augusta Knitting Co., Utica, N. Y.-Pref.

Stk. Offered.
Mohawk Valley Investment Corp., Utica, N. Y., is
div. $150,000 7% Cum. Pref. (a. & d.) stock. Divs. offering at 100 and
payable Q.
-J. Red,
ass whole at 115 on 30 days' notice.

THE CHRONICLE

672

[VOL. 117.

-Bonds Offered.
Outstanding.
Authorized.
Burton-Dixie Corporation, Chicago.
Capitalization (No Bonds)$750,000 itilimia.$620,1010 Illinois Merchants Trust Co. and Mitchell, Hutchins & Co..
Preferred stock 7% Cumulative
506,550
750,000'
Common stock
Inc., are offering, at prices ranging from 100 and int. to
Data from Letter of Rodney Wilcox Jones, President of Company.
in 1905. In April 1003 and interest, according to maturity, $800,000 First
4
Company -Business was established in Utica, N. Y.,
Corp. were
Knitting
1919 the Sherburne Knitting Corp. and the Bathmanufactures the well- Mtge. 63/2% Serial Gold Bonds.
1938. Interest
merged to form the present corporation. Company
Dated May 1 1923. Due serially Nov. 1 1924 to May 1 trustee, without
the trade names of Augusta,
known brands of knitted underwear sold under
Seneca, Genesee and payable M.& N.at Illinois Merchants Trust Co.. Chicago.
Peter Pan, Wonderwear. Princess May, Web Weave,merino, worsted, silk deduction for normal Federal income tax not in excess of 2%. Denom.
notice on
Sherburne Knit, which are manufactured in cotton. children's use. In
and $100 c*. Redeemable, all or part, on 30 days'
and their various mixtures for men's, women's and , and a department 81.000. $500date at par and interest, plus a premium of Si of 1% for each
any interest
date of maturity.
addition, sweaters and bathing suits are manufactured
Year or part thereof between such redemption date and the
specializing in knitted fabrics is operated.
.
-Earnings during each of the past 8 years have been sufficient
Earnings.
Data from Letter of Oliver M. Burton, President of Cotporation
earnings
Robinsonto pay dividends on both the Pref. and Common stock, the average a period
-Without taking into account the business of theand for the
Earnings.
During 1920,
approximating 43i times the Pref. stock dividend. three times over.
to be acquired. net earnings for 1922 were $199,123
Roders Co.
maximum interest
of depression, the Pref. stock dividend was earned
Past 7S5 years averaged over $135.000 as compared with a
requirement of $52,000 on the present issue of bonds.
Balance Sheet as of December 31 1922.
for the purchase of the feather business of the
-To provide funds
Purpose.
Liabilities.
Assets.
1620,100 Robinson-Roders Co.. and to supply working capital.
$42,059 Preferred stock
RobinsonCash
-Has been in existence 38 years. Recently acquired
506,550
Company.
373,454 Common stock
manufacture
Accounts receivable
104,057 Roders Co. The (consolidated) company is engaged in the
sexless
Merchandise and materials__ _ 648,483 Accounts payable
355,000 of fabricated cotton, cotton felt, feather and Kapok products and
8,445 Bills payable
of "Burton."
Prepayments
15,000 springs, which are sold under the advertised trade names most of which
Buildings,land 6c machinery__ 728,342 Reserve for taxes
"
19,402 "Burton Bedding," Rest Well" and"Way Sagless Springs,"
1 Accrued accounts
springs,
Trade marks
113,531 are used in the production of upholstered furniture, mattresses, box
Chicago,
--- Reserve for depreciation
67,146 pillows, cushions, automobile tops and bodies. Plants located at
Surplus
91,800.786
and Brooklyn,
Total (each side)
Ill.; Little Rock, Ark.; Kansas City, Mo.: Newark, N. J.:
-V. 115, p. 1841.
Balance Sheet December 31 1922 (After Present Financing).
-New Contract.
Auto Body Co.
Liabilities
the Durant
AssetsThe company, it is stated, has closed a new contract with the Lansing
$315,655
$255,098 Accounts payable
Cash
for open model cars to be built at
Motors. Inc., for all bodies
10,500
Notes payable-trade_ _ _ _
the contract the Inventories
841.917
plant of the latter company. It is reported that under during this and
16,655
333,121 Accruals
Accounts receivable
.Auto company will supply the Durant plant at Lansing
46,154
- Notes receivable
14,573 Res've for Fed'I taxes, &c_ 800,000
150,000 bodies will be used.
next year, and that it is estimated that
Mtge. 6Si% bonds__
6,000 First
Investment securities
V. 115. p. 77.
53,158
19,217 Preferred stock
Deferred charges
-Balance Sheet Dec. 31 1922.- Fixed assets,less deprec'n. 1,440,880 Corn.(15.000 abs., no par) 1,559,229
Batchelder & Snyder Co.
367,424
17,677 Surplus
Patents, less depreciation_
Liabilities
Assets240,289
$250,000 Goodwill
$98,068 Notes payable
Cash
128,093
receivle 620.099' Accounts payable
$3,168,776
Notes & accounts
13,168.776 Total
11,271
Total
639,421 Accrued charges
Inventory
800,000
35.928 Preferred stock 8%
-Quarterly Re port.
Life insurance (cash val.)_
Butte 8c Superior Mining Co.
11,071
Fixtures & equip., less dep 289,856 Res. for Pref. dividend_ -shows:
21,442
The 35th quarterly report, covering the second quarter of 1923, t Quar.
7,118 Res. for Federal taxes_ --_
Investments
3,234
2d Quar.-1923-1st Quar 2d Quar.-1922-1s
36,158 Other reserves
Prepaid charges
x526,776
22,005 Surplus
Zinc Operations
Real estate
66,716
80.048
102,829
89.172
Dry tons of ore mill ___
3,234
Miscellaneous assets
5.00
5.00
4.650
4.205
Avge.silver content (oz.).
15.86
15.17
$1,751,888 Avge. zinc content (%)- 12.26
Total
12.042
$1.751,888
Total
17.863
20.664
20.183
17,916
Zinc conc'tes prod. (tons)
15.92
16.90
19.74
17.034
x Company has 12,202 shares of no par value Common stock outstanding. Avge. silver content (oz.)
43.57
54.20
54.83
55.976
Avge. zinc content (%)-- 112, p. 2193.
V.
19,139,416
Total zinc in conc. (lbs.).20,058,072 22.135,017 22,400,039 1st Quar.
1st Quar.
-Earnings First 6 Mos.01 1923.
Bell Telephone Co.of Pa.
Copper Operations (1923)
7.491
13,351
$865,866 Dry tons of ore produced
.rev., net
Telephone oper. rev_ _ _ _$20,422,475
6.968
6.059
4,833,665 Average 51Iver content (oz.)
gross income
Telephone oper. exp_ _ _ _ 15,536,376 Total
•
4.217
A
Rent & miscellaneous
700.283
1.126,023
355,416 Total copper in ore produCed (lbs.)
'
deductions
__ $4,886,099
Net teiep. oper. rev_
1,495,587
consisted of 4,000 ft. of drifting
Development work during the period
103,000 Interest
Uncoil. oper. revenues__
2,400,000 and cross-cutting, 1,333 ft. of raises and 125 ft. of station cutting and shaft
815,300 Dividends
Taxes (incl. Federal)..--levels of
raises, or a total of 5,458 ft. Development work on the various
$582.661 the copper vein continued with satisfactory results.
Balance, surplus
Operating income-- 13.967.799
1923.
V.
- 117. p. 92.
Financial Results (by Quarters) for the First Six Months of
6 Mos.
-Receiver.
Bergougnan Rubber Corp., Trenton, N. J. Stokes(Pres. Net value of metals in zinc concen_ _ _ 2d Quar. 1st Quar. 51,717,806
$970,631
$747.176
appointed Charles E.
Federal Judge Runyon in Newark has
32,522
13,610
18,913
Tisne, equity Net value of metals in lead concen_ _ _
226,844
New Jersey Rubber Manufacturers' Association), and Gaston
93,941 '
receivers. Assets are stated to be $1,800,000 and liabilities $1,400,000, Net value of metals in cop. ore shipped. 132,904
40.004
19.963
- Miscellaneous income
20.042
Trenton concern
owed mostly to a French company which controls the
is estabSociete Generale Des Etablissements Bergougnan. Receivership
$919,035 $1,098,145 $2,017,180
Total income
it is said.
1,844,607
lished to enable the company to reorganize,
925,487
919.120
Operating costs
129.840
69,840
-Bonds Depreciation and reserve for taxes_ _ _ _
60.000
Stores, Inc., Baltimore.
Bernheimer-Leader
-Alex. Brown & Sons. Frank B. Cahn & Co. and
Sold.
Fidelity Trust Co., Baltimore, have sold at 100 and int.
$1,200,000 Mtge. 7% Sinking Fund Gold Bonds, Series A.
A circular shows:
F. dr A. without

Dated Aug. 15 1923, due Aug. 15 1943. Int. payable
deduction for the normal Federal income tax up to 2% at Alex. Brown
& Sons, Baltimore. Denom. $1.000 and $500 c*. Red. as a whole on
any hat, date upon 60 days notice, or callable by lot for sinking fund purposes
at 105 and int. prior to Aug. 15 1938. the premium thereafter decreasing
1% per annum or fraction thereof. Fidelity Trust Co., Baltimore, trustee.
-Will be incorporated in Maryland by consolidation of BernCompany.
heimer sand the Cahn, Coblens Co. trading as The Leader, two of the most
important retail department stores in Baltimore. Bernheimer's have been
in lausiness 35 years, and The Leader 18 years. The new company will be
under the same management. Herman Bernheimer being Chairman: Leon
C. Coblens. Pres., and Isadore I. Wolf and Maurice U. Cahn, V.-Pres.
-Average annual net income of the combined businesses for
Earnings.
the 5 years ended Jan. 31 1923, before depreciation and Federal taxes, but
after deducting all other estimated operating charges expected to result
from the proposed incorporation of the company, was, according to reports
submitted by Haskins & Sells, $391.596, or more than 4Si times all interest
such
charges on the bonds about to be issued. In none of these 5 years wasearnnet income less than 2%; times such interest charges. Estimated net
July 31 1923 are materially in excess of those
ings for the 6 months ended
for the corresponding period in 1922.
Tentative General Balance Sheet Jan. 31 1923 (After Financing).
Assets
11.200,000
$665,693 7% Mtge. bonds
Cash
272,337 Capital stk.(auth.. 50,000
Accounts receivable
1.058.706 , shares without par val.:
Inventories
1,083 I outstanding,45,000 shs) 2,599,776
Insurance deposits
10.182'
Deferred, charges
320.000 I
Investment
1,471.775
Real estate, &c
$3,799,776
ii Total (each side)
Good-will
-V. 117. p. 556.

-Listing.
Bethlehem Steel Corporation.

of $25,000,000
The N. Y. Stock Exchange has authorized the listing dated Feb. 1
-Year S. F. 5%% Gold bonds, Series B.
Consol. Mtge. 30
of Consol. bonds
1923. due Feb. 1 1953. making the aggregate amount
The
authorized for the list Series A. $68.377,000: Series B, $25,000,000.
the rtayment of
part
proceeds of Series B bonds have been used in Steel for which matured
Co.,
1st Mtge.5% bonds of Lackawanna
$10.862,000
of $2,890,000 Secured Serial 7%
April 11923. and in part for thelpayment15 1923, and the balance for addiGold notes. Series E. which matured July
-V. 117, p. 443.
capital and other corporate purposes.
tional working

$42,741
$102,827
def$60.085
Net to surplus
The average metal prices used in estimating income are as follows:
1st Quar.
2d Quer,
Zinc Operations99.625c.
88.I83c.
Silver per oz
7.34c.
6.502c.
Zinc, per lb
8.12c.
7.376c.
lb
Lead. per
Copper Operations
99.625c•
82.339c.
Silver, per oz
15.454c.
15.251c.
Copper, per lb
the
from operations during the second quarter was reduced by Act
Income
Pittman
decline in the prices of zinc and lead and suspension of the
cents
price for silver. Costs were increased by an advance in wages of 50 15.
per shift for all classes of labor, which became effective on March
Aside from the wage increase both milling and mining costs for the quarter
were unusually high, due to extraordinary expense and delays on account of
shaft repairs and the cost of investigation of Improved metallurgical processes. These additional costs were partly offlaet by returns from increased
copper shipments which allowed the company to practically break even before setting up depreciation charges for which there was no cash expenditure.
Prices for zinc declined to a lo* of 5.7c. per pound on June 26, but have
since increased to a price of 6.3c. per pound to-day. With the improvement in metal prices together with operating economies now effected, it is
believed that the results for the third quarter will show a considerable
Improvement over the second quarter.
A distribution of 50 cents per share was made on June 30 to holders of
record on June 15. [Signed by President D. C.Jackling. Aug. 1.1-V. 116.
p. 2770, 2260.

--Merger.
Calumet & Hecla Consol. Copper Co.

See Calumet & Herb Mining Co. below and in V. 117. p. 550.

-To Vote on Merger.
Calumet & Hecla Mining Co.

The stockholders of the Calumet & Bede Mining Co.. Ahmeek, Allouez,
Osceola and Continental Copper Mining Comm. Will vote Sept.7 on approving
the merger of the five companies into a new Company, the Calumet tit Heels
Consolidated Copper Co.(to be formed under the laws of Michigan), per plan
in V. 117, p. 556.

Campau-Trowbridge Building, Hamtramck, Mich.
Bonds Offered.
$200,000

Hayden. Van Atter & Co.. Detroit, are offering, at 100 and int..
First Mtge. 614% Serial Gold Bonds. Dated July 1 1923. Due serially
July 1 1929 to 1938. A circular shows:
Interest payable J. & J. at Security Trust Co.. Detroit. Denom. $1,000.
days'
$500 and $100. Redeemable, all or part, on any interest date upon 30 103
notice at 105 and interest up to and including July 11933; thereafter at
period, or fraction thereof.
and interest less Si of 1% for each half-year
remaining between July 1 1933 and date of redemption. Free from normal
Federal income tax not exceeding 2%.
-New Directors.
These bonds are secured by a first closed mortgage on the CampauBooth Fisheries Co.
K. Carrot have been elected directors, succeeding Trowbridge Building, comprising 7 stores. 28 offices and a theatre with a
J. C. Markley and A. Hull Ewing, resigned.
been app. 443.
-V. 117,
seating capacity of 1,500 people. The mortgaged property has
P. R. Shumway and C.
praised at $403.600.
-Earnings.
Beck Co.(of Illinois).
leased for a period of three years at a gross
Borg 8c
Stores and offices are being
years, and
income of $321.144 after all charges for the 6
The company reports net Surplus after dividends amounted to $171.- rental of $26.700 for the first year and 831,200 for the remaining
months ended June 30 1923.surplus as of June 30 1923 was $926,819.- the theatre is to be leased at an annual rental of $30,000, with an estimated
requirements on
total net rental of $49,000, or nearly four times the interest
144. Total profit and loss
this bond issu .
V. 117. p. 329.

-Tenders.
Mines Co.

Braden Copper
Wall Street. New York City, will until
The Bankers Trust Co.,trustee. 10 15
of -year 6% sinking fund gold bonds.
Aug. 21 receive bids for the sale to it
sufficient to exhaust $667,363 at a price
dated Feb. 11916. to an amount
-V. 116, p. 2011.
not exceeding 105 and interest.
-Coal Output (Tons).British Empire Steel Co.

-1922.
1923-7 Months
1923---Jul1---1922.
2.185,186
2,959,426
423,498
136,594
production is due to a strike at the properties.
Reduction in the monthly
V.
- 117. p. 329.




-Bonds Called.
Central Jersey Power 8c Light Co.

of the
All of the outstanding First Mtge. 5% sinking fund gold bonds for reMorris & Somerset Electric Co.. due Oct. 11940. have been called
Oct. 1 1923 at 105 and interest, at the Irving Bank-Columbia
demption
-V. 116, p. 2135.
Trust Co., trustee, 60 Broadway, N. Y. City.

Mill,, Inc.-Earninos.--

Century Ribbon
hag to show most
Sales of the company, it is announced, are conthr corporation'ts sale,
satisfactory comparative monthly gains. In July the
1922.-V. 117. p. 329.
of ribbons Isere 44% greater than in July

t

Auc. 111923.]

THE CHRONICLE

Chattanooga Gas Co.
-Fights Rate Cut.
-

The company has applied to the Federal Court at Chattanooga for an
order restraining the Tennessee RR. and P. U. Commission
Its recent rate ruling into effect on the ground of confiscationfrom putting
of property.
The former rate of $1 65 per 1,000 Cu. ft. was reduced by the Commission
to 31 25.-V. 117, p. 329.

673

dends of the fiscal year plus two other extra dividends of 2% each, makes
a total of 19% in dividends during the year.
Company reports total assets of 34,267,230, as compared with $2,466,969
In 1918; current liabilities were $61,000. (Boston "Transcript.")
V. 112, p. 66.

Eastman Kodak Co.
-Regular Dividend Declared.
-

Cities Service Co.
-A cguisition
The regular quarterly dividend of 31 25 per share on the outstanding,
The Citizens' Light & Power Co. and the Lenawee Gas & Electric Co. no par value. Common stock and 31 50 per share on the outstanding
of Adrian, Mich., have been purchased by representatives of the Cities stock have been declared, payable Oct. 1 to holders of record Aug. 31.Pref.
An
Service Co. The new properties, it is stated, will be linked with the Adrian extra dividend of 75 cents per share was paid July 2 on the Common stock.
Street Ry. and the Toledo & Western RR.
(See V. 116, p. 2135).-V. 116, p. 2642.
-V. 117. p. 329.
Cleveland Electric Illuminating Co.-Pref. Stock Offered.
-W. H. Fillmore & Co., Cincinnati, are offering at
par and div. (subject to prior right of stockholders and subject to the approval of the issue by the Ohio P. U. Commission) $10,000,000 Cumulative 6% Non-Voting Preferred
stock, Series 1923.

Edison Electric Illuminating Co., Boston.
-Sells Note
Issue.
-The company has sold $4,000,000 6
-months 54%
notes to Goldman, Sachs & Co. to pay off maturing notes.
No public offering will be made, the notes having been
placed privately.
-V. 116, p. 2519, 2394.
Electric Bond & Share Co.
-Capital Increased.
The stockholders

[The stockholders on Aug. 7 voted to change the stock as outlined
on Aug. 3 increased the authorized capital stock from
in
V. 117, p. 210.]
340.000.000 (consisting of $20,000,000 6% Pref. stock and 820.000.000
Callable as a whole or in part on any div. date upon 30 days' notice
Common stock) to $50.000,000, par $100, to consist of $25,000,000 Pref.
110 and divs. Preferred as to dividends over the Common stock and at stock and $25,000,000 Common stock.
in
-V. 117, p. 330.
case of liquidation entitled to $110 and div.s before any payment
is made
on the Common stock. Non-voting unless two quarterly dividends are in
Emerson Shoe Stores Co.
-Stock Offered.
-Earnest E.
default, when this stock has the same voting privileges
stock of the company until such dividends are paid. as the other voting Smith, Inc., Boston, are offering at $22 50 per share 50,000
Dividends payable
shares Class A Common stock (participating to $3 50 per sh.)
•The purpose of this issue of $10,000,000 6% Preferred stock. Series 1923.
Dividends payable Q.
-J. First National Bank, Boston, transfer agent.
is to enable the company to meet the growing demands for power and
ser- Application will be made to list on Boston Stock Exchange. Stock is previce. A sufficient amount of the new stock will be used to redeem
Sept. 1 1923 an issue of $3,960,600 8% Pref. stock now outstanding on ferred as to assets and dividends. Callable at $35 per share. Holders of
and Class A stock shall have the privilege of subscribing in advance of the
called for redemption.
public offering for any shares of Class A issued in excess of the 50,000
The company furnishes light and power to a population
in the City of Cleveland and its suburbs. Company of over one million shares now authorized.
has no corporate
Capitalizationaffiliations with the other public utility companies of Cleveland. FranAuthorized.
Issued.
Class A Common stock (no par value)
chises are satisfactory and unlimited as to time.
50,000 shares 50,000 shares
Class B Common stock (no par value)
All of the outstanding 8% Pref. stock authorized Oct. 30 1920
50,000 shares 50,000 shares
has
Company.
-Owns the entire Common stock of the'Emerson Shoe Co..
been called for redemption Sept. 1 at 110 and diva, at the office of
the
company, Illuminating Bldg., Cleveland, Ohio. The regular quarterly established. in 1879. The Emerson Shoe Corp. was a pioneer in distributing
dividend of $2 per share on the 8% Pref. stock for the three months ending shoes direct from the factory to the wearer. The new company takes over
Aug. 31 1923 has been declared payable on or before Sept. 1 to holders the entire chain system of 40 stores, including its interest in the New York
building.
of record Aug. 15. Compare V. 117. I). 210, 557.
Dicidendi.-The first $1 75 paid out of earnings goes to the Class A stock.
The second $1 75 goes to the Class B stock, and then the two classes share
Coast Tire & Rubber Co.
-Receiver.
Superior Judge T. W. Harris, according to a press report from Oakland. equally up to $3 50 per share.
Earnings.
-Net earnings average for each year of the last five years
Calif., has appointed J. B. Lanktree temporary receiver.
of the corporation, it is stated, were recently indicted by a The directors (war taxes arbitrarily divided) $179,298.
grand jury in
Managemen1.-Officers and directors are: Herbert T. Drake, Pres.:
San Francisco on charges growing out of the management of the company.
F. E. Drake, V.-Pres.•, H. M. Drake; Charles 0. Emerson, Treas.; Walter
Columbian Carbon Co.
J. Packard, Sec.; T. P. Smith; Warren A. Reed.
-Earnings.-3Months Ended-6 Mos End.
.
PeriodEnglish Sewing Cotton Co., td.
June 30'23. Mar.31 '23. June 30 '23.
-Report.Net earnings after expenses
Year ending March 31- 1922-23.
51.608,896 31,419,007 $3,037,903
1921-22.
1920-21.
1919-20.
Depletion and depreciation
Trading profits
279.464
L'725,328
285.132
£414,915
0254,242
564,596 Dep.
£794,136
Federal tax reserve
and deb.interest__ _
168,000
72,530
140,000
66,754
64.497
308,000
64.012
Dividends paid
($1)402,131 ($1)402,131 (32)804.262
Net profit
£652,798
£348,161
£189,745
£730,124
Balance, surplus
$759,301
196,514
3591.745 31.351.046 Brought forward
198,353
*358.608
193.563
-Ir. 116. p. 2641.
Amount available
£849,312
£546,514
£548,353
£923.687
Consolidation Coal Co.
Preference dividend
50,000
-Tenders.
50,000
50.000
50,000
Ordinary dividend
The United States Mortgage & Trust Co., trustee, 55 Cedar
400,000
300.000
300,000
300.000
inIrtn
do rate paid
City will until Aug. 20 receive bids for the sale to it of 1st St., N. Y.
(20%)
(15%)
(15%)
(15%)
Mtge. 5% Reserves. &c
s
g Fund bonds of the Fairmont Coal Co., dated July
211,907
415,307
1 1901, to an Carried forward
amount sufficient to exhaust $14.477 at a price not
187,405
196,514
198.353
158,608
exceeding 105 and int
-V. 117. p. 92.
* Includes £200,000 transferred from stock contingencies reserve.
V. 115, p. 764.
Continental Can Co.
--1 dditional Plant Facilities.
The company,it is stated, will erect a new building to cost
Fairbanks, Morse & Co.
approximately
-Earnings.8500.000, which will increase the capacity of the Jersey City
(N. J.) plant
-Quarters Ended--6 Months Ended100% All the company's plants, it is announced, are
at
PeriodJune 30 '23. June 30'22. June 30 '23. June 30'22.
.to capacity and are booked up to the end of the year present operating
understood, are running at the rate of more than $10 a share Earnings, it is Net profits, after deprec. $1,057.537
$474,226 31,446,859
$474.395
on the Common -V. 116, p. 3000.
-V. 117. R• 211.
stock.

Famous Players-Lasky Corp.
-Earnings.
-

Cosden & Co.
-Listing-Earnings.
-

The N. Y. Stock Exchange has authorized the listing
tional shares of Common stock of no par value (auth. of 125,000 addi3.000,000
on official notice ofissuance, making the total amount applied for shares),
1,451,226
shares. The stock applied for has been authorized by the
will be issued in consideration of the transfer to the companydirectors and
of producing
and non-producing leases located in Texas, Kansas and Oklahoma.
Consolidated Income Account 3 Months Ending March 311923.
Gross sales from refining and production and income from
transportation, 59.093,870; int. on bonds of and loans to
sub. cos.,
$280.250; miscellaneous income, $10,838
39,384,960
Cost of refining, production and transportation,
$5,523,385;
general and administrative expense, $.336,845; interest
and
discount, 366,020; interest on bonds owned by and loans
from
Cosden & Co. of Del., $280,250
6,206.501
Earnings
$3.178,458
Dividends paid
1,353.257
Net earnings
$1,825,201
Consolidated balance Sheet as of March 31 1923.
Assets.
Property account
373,264216 7% Cum Pref. stock
,
. .
$6,997,160
Investments in Mill. co's__
789,567 Common stock
Cash deposit for red, of bonds
157.175 Minority shares of sub. co's_:35,809,235
108.103
Deferred charges
347,109 Bonds (called tor red.)
157,175
Cub
1,632,083 Notes payable
1,061,342
Crude oil (at cost)
2,745,546 Accounts payable
3,152,521
Refined oil (at cost)
5,278,401 Accrued Interest, ite
541,482
Material and supplies(at cost) 2.253,466 Preferred dividends
accrued_
40,828
Notes receivable
474,880 Common dividend payable.. 1,230,778
Accounts receivable
3,289,283 Lease purchase obligations__
556,886
Adv. payments for crude oil_
8,171 Items in suspense (net)
300,096
Reserve for depreciation, &c_ 14,743.988
Surplus arising from appreciation in value of oil res._ 9,356,613
Total (each side)
$90,239,811 Surplus arising fr. operations 16,178,602
x Represented by 1,231,864 1-5 shares of no par value.
-V. 116. p. 2642.

Counties Gas & Electric Co.
-Stock, &c.

The stockholders on July 9 increased the authorized capital stock from
$13,200,000 (divided into$7,500,000 Pref. stock and 35.700.000
Common
stock, par $50) to 822,500,000, of which $7,500,000 is Pref, stock and
$15.000,000 Common stock.
stockholders of record July 9 were given the right to
The
subscribe at par
($50) on or before Aug. 1 for 48,000 shares of the Common stock (amounting
to $2,400,000). The stockholders on July 9 also approved an increase
of the indebtedness of the company from nothing to $15,000,000 and
authorized the issuance of $6.600,000 1st & Ref. Mtge. gold bonds:
6%,
Series of 1923. See offering In V. 116, p. 2012.

-Production.Dome Mines Co., Ltd.
July 1923. June 1923. May

Month ofGold production (value)
117, p. 444. 93.

$425,547

$421,779

1923. April 1923.
$355.532
8160.111

Duquesne Light Co.
-Dividend No. 2.-

A quarterly dividend of 1f4,% on the First Prof. Stock,7% Cumulative:
Series A has been declared, payable Sept. 15 to holders of record Aug. 15
1923.-0. 117, p. 330.
Eagle Lock Co., Terryville, Conn.
-Extra Div.
-

An extra dividend of 5% was paid Aug. 10 to holders of record Aug. 3
onIthe outstanding $2,000,000 capital stock. This with the regular divi-




Three Months Ended March 311923.
1922.
Net earnings
$1.018,100
$1,210,251
President Adolph Zukor says that the rumors that the company is contemplating new financing are entirely untrue.
-V. 116, p. 3000.

Fleisch mann Co.
-Earnings.PeriodSales
Net operating income
Other income

-Three Mos. Ended- 6 Mos.End
June 30'23 Mar. 31'23 June 30'23
$9,984,944 -Notavailable
$2,024,709 $2,038,573 $4,063.282
156,522
263.673
420,195

Gross income
82.181,231 32,302.246 $4,483,477
Charges and Federal taxes
298.175
283,530
581.705
Gen.insur.fund & pref.stock premium
30,674
132,063
162.737
Preferred dividends
20,685
21,161
41.846
Common dividends
1.500,000
750,000 2.250.000
Profit and loss credits
19.074
9,311
28.385
Balance, surplus
$350,771 31,124.803 $1,475,574
-V. 117, p. 558.

Ford Motor Co., Detroit.
-Foreign Sales.
-

The number of cars and trucks exported for
amounted to 95,087, against 48,707 for the the first six months of 1923
same period in 1922.-V.
117. p. 330.

Framerican Industrial Development Corp.
-Listing.
-

The New York Stock Exchange has authorized the listing of $10,000,000
20
-Year
% Guaranteed Bonds.
-V. 114, p. 1291.

Freeport Texas Company.
-Earnings.
-

6 Mos.ending May 31- 1923.
1920.
1922.
1921.
Gross sales
$2,884,947 $2,190,859 $1,606.364 $2.225,375
Cost of sales
1,748,669
1,011,362
931,054
1,569,984
Gross profit
$1,136,278
3620,875
$675,309 $1,214,013
General expenses. &c_ _ _ - 387.949
449,099
356,528
480.045
Net profit
$748,329
$318,781
5733.968
$171,776
Other income
23.024
31,572.
7.920
4,525
Net income
$771,353
$203,348
$738.493
$326.701
Interest
87,649
107.836
Balance, surplus
8771,353
$115,699
$738,493
$218,865
Consolidated Balance Sheet lay 31.
1923.
1922.
1923.
1922.
AssetsLiabtitttes$
$
Real estate, bidgs.,
Capital stock
machinery,&c__ 6,790,099 4,831,401 Vouchers payable_ 7,323,021 4,158,581
306,732
60,165
Floating equip't__ 3,902,267 3,901,341 Accounts
payable33,478
62,936
Sulphur deposits_ A9,803,876 21,363,107 Meter deposits_ _ _
1,599
1,223
Investments
136,652
114,083 Accr. value of ButFurn. & fixtures
53,493
38,765
phur deposits. _ _19,803,876 21,383.107
Cash
470,999
416,395 Bonded indebtedCall loans
1,750,000
nese
3,315,028
Accounts receitele_
604.270 Interest accrued_
39,744
Mdse. & supplies_ 2,947,798 1,972,494 Reserve for taxes_ 131,195
57.772
Deferred assets._ _ 1,491,476 1,005,310 Deprec'n reserve__ 2,300,623 1,879,382
Other reserves_ __ _ 545,248
425,161
Total(each side)--35.596,664 35,997,166 Surplus
5,010,585 4,634,067
-V. 116, p. 2263.

General Motors Corp.
-Semi-Annual Report.
-The following statement accompanied the semi-annual report for

THE CHRONICLE

674 •

the six months ended June 30 1922, which was given in
V. 117 p. 549, 564.
397.318 cars

[VOL. 117.

-Complaint.
Holeproof Hosiery Co., Milwaukee.

The company is charged in a complaint recently issued by the Federal
Trade Commission with employing a system of standard re-sale prices,
through active co-operation with its distributors and agents, at which
its products shall be resold. According to the Commission's complaint,
the respondent's acts have the tendency to constrain dealers in the handling
of respondent's products and to suppress competition among such dealers
in the sale of hoieproof hosiery. The respondents have 30 days in which
to answer.
-V. 113. p. 2726.

During the first six months of 1923 the corporation sold
and trucks. Net sales (value of all products) were $362.819.353. Sales
In both units and value were the largest in the corporation's history.
After all charges, surplus available for dividends was $41,585,600. The
regular quarterly dividends on the Debenture and Preferred stocks, reCommon
ti ring $3,406,096 were paid, after which there remained for the
stock $38,179,504. Two quarterly dividends each of 30 cents a share
on the Common stock were paid, totalling $12,272,076, leaving a balance
Hollinger Consolidated Gold Mines, Ltd.-Developnet.
of $25,907,428 carried to surplus account from earnings.
President Noah A. Timmins announces that the contract for the dam
The corporation's statement of earnings reflects the earnings of Fisher and power house at the Island Portgage on the Abitibi River has been
Body Corp. only to the extent of dividends received. If the General awarded to Sir Wm. Arrell, Ltd., of St. Catharines, Ont. and London,
Motors proportion (60% of $5,889,808) of the undivided profits of Fisher Eng. Present plans call for the installment of equipment with a proBody Corp. were included, the net amount earned on the Common stock ductive capacity of 25.000 h. p. Some 20,000 n. p. will be delivered at
of General Motors would be $44,069,312. This is equivalent to $2 13 the mines for the use of the company, and a further 2.000 h. p. will be
per share in the first six months on the 20,646,327 shares of no par value at the disposal of the municipalities in the immediate neighborhood.
Common stock outstanding.
It is anticipated that the development will be completed and power available*
The corporation is in excellent financial position. Cash in banks was for distribution by the fall of 1924.-V. 115. p. 2163.
$56,055,248, sight drafts $10,220,439 and inventories $114,725,627.
liabilities, including accounts
The corporation has no bank loans. Current
-Earnings.Houston Oil Co. (of Texas).
payable of $30,657,255. amounted to $55.200,542, leaving an excess of
-3 Mos. End, June 30- -6 Mos.End. June 30current assets over current liabilities of $150,196,212. as compared with
1922.
1923.
Period1923.
1922.
$126.476,237 at Dec. 311922.
$1,459,267 $1,456,521
earnings from oil
As of May 1 1923 the corporation exercised its right to subscribe to Gross & gen. exp. (incl. tax.) $818,102 $615.727
420,924
524,936
237.342
296,832
Corp.. paying therefor Oper.
60,080 shares of Common stock of the Fisher Body
$4,506,000 in cash. On May 31 the corporation anticipated payment
$934,332 $1,035,597
Net earns.
of the remaining Fisher Body purchase money note of 41,000,000 due -V. 116. p. bef.depr.&depl_ $521,270 $378,385
2136.
Aug. 1 1923, thus completing the payment of the $23,840,000 purchase
money notes issued in September 1919. in part payment of the original
Humphreys Oil Co.
-New Officer.
Body Corp.
purchase of 60% of the stock of the Fisher
A.It. Eubanks, Mexia, Tex., has been elected Secretary & Asst. Treasurer
succeeding William Reed, resigned.
--11. 116, p. 2771.
Sales of General Motors Cars.
Preliminary combined sales of the American and Canadian passenger
Hurley Machine Co.
--New Vice-President.
and commercial car manufacturing divisions of General Motors in July
-V.116, p. 3002.
Raymond J. Hurley has been elected a Vice-President.
totaled 52,000 cars and trucks; this compares as follows with previous
months:
-Earnings,
Illinois Brick Co., Chicago.
Number of Trucks and Cars Sold.
President William Schlake says in substance:
1922.
1923.
1922. I Month ofMonth of1923.
Earnings since the first of tho current year have established a high
75,854 40,474
49.162 16,088 April
January
capacity, turning
75.419 46.736 record. The plants of the company are operating at
February
55,458 20,869 May
are far behind
89,726 48.541 out between 2,500,000 and 3,000.000 bricks daily. We the operation
March
71,698 34,082 June
33,772 our booked orders, the fulfilment of which will necessitate another order.
*52,000
July
of our plants for three months even if we were not to receive
* This preliminary figure includes Buick, Cadillac, Chevrolet, Oakland,
Common stock outThe 7% annual requirement
-V.117,p.549. standing was more than earned on the $4,700,000
Oldsmobile passenger and commercialcars and GMC trucks.
during the first six months. The company
is at present. Although
than it
never in a better financial
-Balance Sheet June 30 waswere forced to grant a raise position in wages to the men, we did not
General Railway Signal Co.
we
of 12%
1923 Compared with Dec. 311922.take advantage of the situation by raising the cost of bricks. The sale if
1922.
bricks outside of Chicago ranges from $7 to $10 more than our products,
1923.
1923.
1922.
while in the East it is sold on the market at $27 per 1,000 bricks, an inAssetsMach'y,fixtures, &c.3,108,082 2,924.746 Preferred stock
2 000,000 2.000,000 creaso of $15 over the Chicago market.
The company recently closed several large contracts, among which
Pats., good-will, &c_3,000,000 3,000,000 Common stock
3,000.000 3,000,000
116.
Cash
253,109 362,278 Bins & accts. pay'le_1,564,653 1,226,134 was a contract for 15,000.000 bricks for the new Union Station
p. 943.
Accts. & bills receiv_1,568,312 1,343,689 Accrued dividends &
32,93&
Royalties accrued_
insur. premium_ _ _ 30.000
47,412
--To
International Combustion Engineering Corp.
Senior N.E.Mutuals
G.R.S. Co. bds.,6% 950.000 950,000
1,238,034 1,468.224 Increase Capital from 250,000 Shares to 450,000 Shares, of
Ins. deposit etc._ 14,770
16,100 Reserve
569,831
755,189
Securities owned_ - _ 177.349 177,348 Surplus
which 100,000 to be Issued for Acquisitions and 50,000 to be
Inventory
1,342,108 1,301,577
Offered to Stockholders-Operations.
Bond discount de tax,
being amortized
50,512
56,826
The stockholders will vote Sept. 7 on increasing the authorized Capital
Prepaid items
23,620
17,152
Total(each side)_ _9,537,862 9,247.128 stock from 250,000 shares (no par) to 450.000 shares (no par). Of the
published in
The income account for the first slx months of 1923 was
proposed additional shares. 100,000 shares will be issued for the acquisition
V. 117, p. 445.
of the entire Capital stock of Raymond Brothers Impact Pulverizer Co.
and its affiliated companies, and, to furnish additional working capital,
(B. F.) Goodrich Co.
-Acquisition.
approximately 50,000 shares will be offered to the stockholders for subThe company has acquired the tire business of the Brunswick Tire Co.of scription, at a price to be determined by the directors.
Muskegon, a subsidiary of the Brunswick-Balke-Collender Co. The tire
Pres. George E. Learnard in a letter to the stockholders
production will be transferred to the Goodrich Akron plant at once and the
-V.117, p.434.
13runswick Muskegon plant devoted to talking machines.
Aug. 8 says:
Company reports an unusually large increase In business during the
-Sale Ordered by Court.
Gorton-Pew Fisheries Co.
first 6 months of 1923. Total
this period amounted to
The U. S. District Court ordered the property and business of the com- $5,207603. and company now orders taken during aggregating $7,218.565.
'
has on hand orders
-V. 117. D. 212.
pany to be sold at public auction.
which is approximately 50% more than has over been shipped or produced
the company in any 12
-Over 75% of Creditors byHeretofore the principalmonths' period. company has been the manuHabirshaw Electric Cable Co.
business of the
-The reorganiza- facture of automatic stokers, every known type of which is produced by the
Approve Plan-Time Extended to Aug. 15.
volume of business in this department has increased so
tion committee (Malcolm D. Whitman Chairman) for the Company. Thefirst 6 months of this year the rate of the orders received
that during the
Habirshaw Electric Cable Co., Habirshaw Electric Cable has been more than 30% in excess of the business taken in any preceding
Co., Inc., Electric Cable Co. and Bare Wire Co., Inc., has year.
been engaged in
In addition to this stoker business,
issued a statement to creditors of these various companies the development of a system of burning the company hasform, and having
coal in pulverized
that more than 75% of the creditors in amount perfected this system so that it is now recognized as the most efficient anti
announcing
made
of burning coal,
have already approved of the plan of reorganization of the economical meanspower stations. numerous installations have been this
Orders for large installations of
in large central
system have been received from important companies both in this country,
Habirshaw properties.
The committee feels that this plan must be put through promptly or the Europe and Japan.
A large item in these installations consists of equipment for pulverizing
properties will be liquidated by the receiver. Announcement is made that
Heretofore company has purchased pulverizers from other
the time for the filing of assents to the plan by the creditors has been the coal. and
companies
installed them at cost. Experience has shown that the
extended until Aug. 15 next.
best pulverizer for this purpose is that manufactured by the Raymond
. Brothers Impact Pulverizer Co. of Chicago, and this pulverizer has been
The committee makes the following announcement:
company.
The bank, bond and merchandise creditors have compromised their installed with most of the pulverized coal installations made by the
the directors, therefore, to acquire this
differences on the basis of this plan; it has been accepted and adopted by It has been deemed advisable byentered into a contract for the purchase
at stake and has been under- pulverizer and the company has
the great body of creditors who have the most
Pulverizer Co.
written by a strong banking group, which assures the financial support of the entire Capital stock of the Raymond Brothers Impact equipment of
necessary for the consummation of any plan. The new management has Such purchase will enable the company to furnish complete
its own manufacture and add the profit from this important part of pulverbeen selected with great care and combines proven executive ability, inde- ized fuel installations. The Raymond company owns the entire Capital
pendent resources and adequate connections to secure additional business.
has developed a
It is essential that these companies, after more than two years of receiver- stock of the Raymond Brothers Engineering Co., whichadapted to other
burning coal
ship, be placed in a position to start upon a progressive business policy. system for central powerin pulverized form particularly supplements the
station installations
which
than large
financial structure of the reorganization is the one most desirable in system already developed by the company. and addition the Raymond
The
In
industrial concerns, namely, no bond issues or fixed obligations, but all of company has built up over the past 20 years a largo business in pulverizers
the capital represented by shares of stock. This enables the company to utilized for other purposes.
advantage to
secure proper credit to operate to the best advantage. The
In view of the large increase in the business of the company, which the
,
the creditor will come from the stability and earning power of the new
expect will continue, and the acquisition of the pulverizing busicorporation which will make the creditors' stock intrinsically valuable and directors earnings or the company should increase materially.
-1.. 110.
ness, the
salable -V. 117. p. 558. 445.
p. 2772.

-July Sales.
Hartman Corporation, Chicago.
-July--1922.
1923
$720,525
$947,480
-V. 117. P. 94•

Increase.
Increased 1923-7 Mos.-1922.
$226,955 I $10,547,259 $7,384,558 $3,162,703

-July Output.
Haynes Automobile Co., Kokomo, Ind.

Alton G. Selberling, V.-Pres. & Gen. Mgr. of the company, which is to
constitute one of the units of the Consolidated Motors Corp., announces
that the July business of the Haynes Automobile Co. broke all previous
sales records. In making this announcement Mr. Seiberling says:
"More cars were expressed, shipped by freight and driven overland in
July than in any other month this year. In addition to this, July 20 was
the biggest day of the year for Haynes shipments. Precedent was broken
when June's business established a high-water mark for 1923, and now for
shipments to reach an even higher mark in July is remarkable and demonstrates beyond all doubt that the motoring publicis first and last concerned
with the car and not with the season. Haynes shipments, however, have
by no means reached their peak, and new records are expected in August.
This prediction is based on the bulk of unfilled orders we now have on file,
with a great number of orders still coming in daily."
[The stockholders of the Haynes Automobile Co., the Dorris Motor Car
Co. of St. Louis and the Winton Co. of Cleveland recently voted to merge
-V. 116, p. 2520.
under the name of the Consolidated Motors Corp.[

-Earnings.
Heidenkamp Plate Glass Corp.

Net income, applicable to bond interest for the first 6 mos. or 1923.
amounted to $388,154.-V. 117. p. 332.

-Bonds Called.
Him.ler Coal Co.
$25,000, have been called
certain tat Mtge. 7% bonds, aggregatingHuntington National Bank,
the
int. at

for redemption Sept. 1 at 102 and
trustee. C'olumbus, 0.-V. 115, p. 2274.




-Balance Sheet.
International Nickel Co.
June 3023
June 3023 mar.31'23
AssetsLtabliUlet51,181,274 51,290,192 Preferred stock.... 8,912,600
Property
Investments
571,770 Common stock__ _41,834,600
571,770
5,926,279 5,657,899 Accts. payable &
Inventories
Accts receivable._ 1,646,161 1,790,297 tax reserves__ _ _ 723,307
146,0191 Pre( dive payable 133,689
Advances
174,781
100,000 Ins. & contingent
100,000
Govt.securities_ _
532,183
1,250,000 1,000,000! reserves
Loans on call
10,107,781
1.393,895 1.522,816 Surplus
Cash

Mar.31'23
3,912,800
41,834,600
645,387
133,689
516,050
667
10.036.

62,244,160 62078,993
62,244,160 62,078,993 Total
Total
The usual comparative income account for the quarter ended June 30
was published in V. 117, p. 559.

-Earn• International Telephone & Telegraph Corp.
ings (Ineludtng Subsidiary Companies).-

-3 Mos. end. June 30- -6 Mos. end. June 30'
1922.
1923.
1922.
Period1923.
$970,568 $2,168,077 $1.922,929
Operating revenues_ - _ _ $1.095,437
202,730
139.131
105,729
54,194
Non-oper. revenues
9
$1,076,297 $2,307,208 $2,125.85
revenues
Total
$1,149,632
$801.377
$896,422
$416.016
Operating expenses
$453,184
325,666
293,219
169,899
139,494
Interest deductions
239,994
285.088
119,997
Depreciation
139,024
Pref. divs. & min. int. in
125,936
103.435
55,129
46,410
inc. of subs_ _
sur. net
5632,686
6749.046
5315,255
$371,520
Balance. surplus

AUG. 11 1923.]

THE CHRONICLE

Consolidated Balance Sheet.
•
June 30'23. Dec.31 '22
June 30'23. Dec.31'22.
Lk/8010esAssets
$
Common stock_ _A7,118,300 15,072,800
Plant & prop, of
subsidiary co's_ _22,984,430 22,439,770 Pref. stk. of subs_ 2,257,300 2,257,300
Minority stockFranchises,concessions,g'd-will,&c.x4,833,225 4,622,587
holders' int. in
eap.&surof subs. 889,864 1,156,559
Inv. in Mtn. Mt's_ 977,500 1,135,564
68,742
123,358 Funded debt
9,148,595 9,520,283
Special deposits. _ _
1,026,224
664,589 Notes, accounts &
Cash
1,339,102
wages payable__ 366,147
Notes receivable
534,173
17,667 Subscribers' dep._ 209,049
Sundry curr. assets
200,025
17,066 Employees' benefit
Empl's work. fds.
47,166
fund
Empl.stk sub sect.
13,936
12,795
38,700 Pension fund
Marketable secure 638,700
29,093
21,112
Dividends & InterShort term accept_ 977,141
862,558
Accountsreceiv_
403,259
eat payable..___ 331,473
185,186
476,815 Accrued Interest__ 115,936
Materials & Bunn-462,110
117,410
Accrued taxes_ _ _ _ y330,715
Dep. to meet mat.
287,556
252,600 Other accr. items_
coupons & diva. 274,010
10,781
56,562
9,221
39,167 Depreciationres've 2,997,267 2,845,029
Accr. Int. reedy._
101,091 Surplus
Deterred charges_ _ 256,927
967,591
626,110
Bond disc.&exp.In
proc. of amortis. 1,315,261 1,177,371 Total(each side) _ _34,686,049 32,895,900
x The item of franchises, concessions, good-will, &c., is largely offset
by appraisals in excess of book values of the subsidiary companies' physical
plant, which appraisals have only in part been written into the books.
y Federal taxes subject to review by U. S. Treasury Department.

Negotiating to Take Over Phones in Europe.
The company, it is announced, is negotiating for the telephone systems
of France and other European countries, and has outlined its plan for
taking over these lines. The proposals are being made, it is stated, in
conjunction with bankers and the manufacturers of telephone equipment
in the United States. To date the negotiations, according to a statement
Issued by the company, are either for the reconstruction or both the reconstruction and operation of the European systems. In case these negotiations
are successful, the company says it will continue to follow the plan of
financial organization so successfully applied by the American Telephone
& Telegraph Co. in the United States. The statement further says:
"It is the purpose of the International corporation, in general, to own
and operate Its international long-distance telephone system and to hold
all, or a controlling interest in, the Common stock of each subsidiary
company. It will furnish engineering, operating and other advice and
assistance to such companies under appropriate management contracts.
"In addition, it will maintain for these companies a consolidated purchasing and supply organization, thus securing substantial economies
in the cost of supplies and equipment."
Should the negotiations for the French or other systems be successful,
the plan of operation, as outlined by the company, would be as follows:
"The policy of the International corporation, in both existing and proposed operations. has been to organize each subsidiary telephone system
on a thoroughly national basis, with local directorates and operating
officials, of which a large majority shall be citizens of the countries in
which service is rendered. Engineers, and technicians, on the other hand,
have been and will be largely drawn from those having long experience
with American telephone practice, supplemented by the development
of qualified technicians from among the local operating forces."-\, 116,
p. 2521.

Interstate Electric Corporation.
-Earnings.
-

12 Months EndedGross earnings
Operating expenses

Dec.31 22 May 31 '23
$1,108,758 31,138.614
673,852
678.088

Net earnings
$434,906
Subsidiary and all prier interest requirements
Annual interest requirements on 7% debenture bonds

$460,526
206,546
51,06.;

Balance
-V. 116, p. 1185.

$202,915

Iron Cap Copper Co.
-Earnings, &c.
-

675

at the time and under the circumstances to the highest and most satisfactory bidder.
[Plaintiffs in the case have six months in which to appeal from the
decision of the Federal Court. It was intimated that such an appeal
may be taken.]
-V. 116, p. 3003, 1185.

Lion Collars & Shirts, Inc.
-Merger.
-This company and the William Barker Co., both manufacturers of collars
and shirts, it is said, have arranged to consolidate. The business of the
Barker company, it is said, will be continued by its working and managing
force as at present, but in conjunction with the Lion company.
-V. 115,
p. 2275.

Lockwood, Greene & Co.
-Acquisitions.
According to a dispatch from Spartanburg, S. C., Aug. 8, the company
has purchased the Pelcher Manufacturing Co.'s four mills at Pelcher, S. C..
for a sum said to be $9,000,000, the purchasers paying approximately $3300
a share for the Pelcher stock. The mills,it is said, have 136,000 spinIles.
The same dispatch states that the company on Aug. 6 purchased the
Tucahu mills near Spartanburg with 65,000 spindles, the consideration
being more than $3,000.000.
[The company recently offered to purchase the Common stock of the
Victor Monaghan Co. at $148 a share, but this offer was declined by the
directors as inadequate.1-V. 116, p. 1185.

Lowell Bleachery, Inc.
-Balance Sheet June 2.
-

[As filed with the Massachusetts Commissioner of Corporations.)
Asset1923.
1922.
1923.
1922.
RI. est. & mach'y_$1.579,099 $1,420,530 Capital stock
$1,200,000 $800,000
Merchandise
179,998
144,351 Accounts payable_
57,066
40,032
Furn., fixtures_ _ _
626
618 Depreciation res. _ 450,687
362,791
Autos,
trucks,
Reserve for taxes_
88,256
89,295
teams
22,887
22,887 Depletion reserve_ 115,167
72,820
Cash & accts. rec. 480,305
550,145 Surplus
869,939 1,017,595
Securities
485,170
216,838
Prepaid items_
27,164 Tot.(each side)-52.781,115 $2,382,533
33,030
-V. 115, p. 2801.

Mack Trucks, Inc,
-Report.
Period end. June 30- 1923-3 Mos----1922 1923-6 Mos-1922
x Net earnings
$2,529,544 $1,315,634 $4,044.476 $1.570,632
x Net earnings, after maint. reserves, deprec. repairs and est. Fed'l taxes.
After allowing for dividends on the 1st and 2d Preferred stocks for the
second quarter of 1923, which amounted to $284,436, there is available
for Common $7 89 a share on 283,108 shares of Common stock outstanding.
For the first six months of 1923 dividends on the 1st and 2d Preferred
stocks amounted to $568.873. leaving available for Common $12 23 a
share. This compares with net earnings of $3 54 a share. or 31.578.307.
for the first six months of 1922.
Balance Sheet June 30.
1923.
1922
1923.
1922.
Assets$
$
1 Liabilities$
$
Cash
5,002,247 3,811,318 , Capital stock
17,869,700 17,869,700
Accts.& notes rec. 7,693,738 7,858,413 ; Accounts payable- 3,008,859 2,180.578
Inventories
14,733,606 9,478,096 Reserve for taxes
Plants & equipml. 8,026,059 7,815,071 I & contingencies. 2,348,166 1,148,392
120,679
Deferred assets
163,807 Surplus
14,736,168 10,308,796
Good-will
2,386,565 2,380,761
Tot.(each side).37,962,894 31,507,486
-V. 117, p.95.

Manhattan Electrical Supply Co.
-Earnings.
--

Six Months Ended June 30Sales
Cost of sales

1923.
1922.
$33,723,379 $33.293,351
2.907.506
2,396,559

Gross profits
Miscellaneous profits

$815,873
68.482

$896.822
68,308

Totalincome
Selling, admin. and general expenses, &c

$884,355
770.189

$965,130
668,999

Net profit (after depreciation)
$114.166
$296.132
2d Quarter. 1st Quarter. Six Months.
T.540,179
1,652,935
3,193.114 -v. 115, p. 2054.
18,132
18,774
36,906
Maracaibo Oil Exploration Co.
-Listing, &c.
181
199
380
The New York Stock Exchange has authorized the listing of 250,000
$196,608
$217,787
$414,395 (authorized 400,000) shares of stock without par value, with authority to
188,857
158,518
325,375 add 80,000 shares on official notice of issuance in conversion of the outstanding $800,000 2
-Year 7% Gold debentures, dated Feb. 1 1923.
Profit
$27,751
$61,289
Consolidated Balance Sheet April 30 1923 (Subject to Adjustment).
$89,020
-v. 116, p. 2015.
AssetsLiabilities
Cash
$797,593 Accounts payable
$2.853
Kaministiquia Pulp & Paper Co., Ltd.
-Final Dis- Accounts receivable
11,344 Pay-rolls
967
Materials and supplies,
tribution.Debenture int. accrued_ _ _ , 14,000
less depreciation
82,004 2
-Year 7% debentures_ _ _
The bondholders of the company, now in liquidation, are being advised
800,000
that a final distribution of assets equivalent to 9.15% of the face value Concessions & developm't 2,210,588 Capital stock (250.000 abs.
no par value)
2,100,800
of the bonds is being arranged, which added to the distributiOn of 20% Plant and equipment, less
depreciation
457.248 x Surplus
already made will make a total of 29.15% returned. The statement of
1,184,226
y40.000
receipts and disbursements 13repared by the Capital Trust Corp. shows a Securities owned
Deferred assets
504,067
Total (each side)
balance of $45,750 for the final distribution.
$4,102,846
-V. 116, p. 184.
x Due to property revaluation, $1.104,900; due to bank interest, $88.480
due to exchange, $7,315: due to farm earnings. $60; total, $1.200,755; less
(M. W.) Kellogg Co.
-Definitive Certificates Ready.
Definitive 1st Mtge. Sinking Fund 6% Series "A" gold bonds are now expenses of trip of launch "Perija" from New York to Maracaibo, also loss
being delivered by the Guaranty Trust Co., 140 Broadway, New York. sale of boat. $18,529. y 20,000 shares of Bishop Oil Corp.. which were
sold on July 10 1923 for $45,813, and proceeds deposited with other funds
-V. 118, p. 1419.
of the corporation.-V. 117. p. 213.
Production 1923Copper (lbs.)
Silver (oz.)
Gold (oz.)
Earnings 1923
Income
Expenses

-July Sales.(S. S.) Kresge Co.

1923-July 1922
.
$4,900,828
$5745 442
. ' p. 213.
117,

Increase.1 1923-7 Mos.-1922.
Increase.
$844,6141$41,355,597 $31,799,086 $9,556,511

Kresge Department Stores, Ine. Dirertors.-It is announced that in addition to S. S. Kresge. L. S. Plaut and C. E.
Merrill, the board of directors will include C. B. Van Dusan, now V.-Pres.
and Gen. Mgr.; R. R. Williams, now V.-Pres, in charge of the merchandising and buying departments, and P. T. Evans, now V.-Pres, in charge of
store managers and personnel of the S. S. Kresge Co.
-V.117, p. 559.

-July Sales.(S. H.) Kress & Co.

Ju11--1922
1923
$2 552.503 $2,249,523
117, p. 213.

Increase.119237 Mo3.-1922 Increase.
$302,9801$17,330,799 $15,264,793 $2,066,006

Lanston Monotype Machine Co.
-Earnings.
--

An official of the company is quoted as follows: "Gross volume of
business for the first 3 months of 1923 was about $200,000 in excess of the
same time last year, despite some falling off in foreign sales. Net earnings,
ahead of
it is estimated, are also running until the 1922, although it is impossible
time of inventory taking."
to ascertain the net definitely
p. 95.
V. 117,

-Sale of Stock to ReyLehigh & Wilkes-Barre Coal Co.
-The sale of the
nolds Syndicate Approved by Federal Court.
company's stock by the Central R.R. of New Jersey to the
Reynolds syndicate has been approved by the U. S. District
Court at Philadelphia.

The Court dismissed the objections of Isaac T. and Mary T. W. Starr
to the Reynolds
that the stock was solddissolution order synidcate for an inadequate price
because there had been an agreethe
and in violation ofdirector.and Reynolds that the
coal tonnage would be.
ment between the
continued over the Jersey Central. The Court holds that the Starrs
failed to prove their charges of fraud.

Judge Davis, who wrote the opinion, said in part:

Fraud has not been proved and the price was not so inadequate, if
inadequate at all, as to be a badge of fraud. The directors acted in good
and
faith and used their best judgment that in the absence of fraud the Court
of the directors.
will not substitute its judgment for
are satisfied that in the opinion of the committee and the directors
We
they sold the property for its fair market value
of the railroad company,




Maxwell Motor Corp. (& Subs.).
-Summary of Class B
Stock Equity Account.
Balance Jan. 1 1923
Adjustments: To adjust Class A to amount outstanding

330.033,429
44,000

x Profit and loss first half of calendar year 1923

$29,989,429
3.072,532

Class B stock equity June 30 1923

$33,081,961

x After taxes,insurance, depreciation and accruals for all known liabilities
Comparative Balance Sheet.
•
June 30'23 Dec.3122
June 30'23 Dec. 31'22
Assets
Plants, bldgs.. maClass "A" stock__17,742,300 17,198,300
chinery, &c_ --.15,401,309 15,924,847 Class "13" stock__33,061,960 30,033,429
Goodwill
25,030,296 25,030,296 Ser. C No,& Int. 4,543,165 4,320,720
Cash
2,968,559 2,754,223 Accounts payable_ 2,377.940 1,095,016
Bills of lading.... 2,176,085 1,594,927 Notes pay.called
2.336,675
Acceptances
354,266
252,798
307,331 Accrued interest__ 257,845
Notes receivable
17,167
294,542
15,183 Dealers'deposits__ 327,835
Accounts recelvle_ 205,189
770,278
276,111 Reserves
249,706
Due Canada Govt
21,778
90,998
Inventories
11,035,184 8,599,881
Investments,
1,053.022
987,223
Deterred assets.-- 808,168
200,164 Total(each side). _59,081,023 55,781,184
-V. 117; p. 560, 213.

Merchants' Heat & Light Co.
-New Officer.
-

A. C. Babson has been appointed V.-Pres. & Gen. Mgr., succeeding
Charles O'Brien Murphy, who resigned.
-V. 117, p. 333.

Metropolitan Edison Co.
-Listing.
-

The New York Stock Exchange has authorized the listing of $1.000,000
First & Ref. Mtge.5% Gold Bonds, Series C. due Jan. 1 1953, making the
total amount of First & Ref. Mtge. Gold Bonds applied for as follows:
Series 11 6%. $4,555,000; Series C 5%,31.000,000.-V. 117, p. 560.

Mexican Metalurgical Co.
-Sale Confirmed.
-

An order of court, Judge Winslow presiding, has been issued confirming
the sale of the company and its subsidiary companies under the plan of
reorganization of which Spencer Trask & Co. are the managers. See
V. 116, p. 2773: V. 117. p. 213.

676

THE CHRONICLE

[Vor,. 117.

Mid-Co Petroleum Co.
-Sale Ordered.
-

Comparative Balance Sheet.
AssetsJune 30'23. Dec.31 '22.
' LiabilitiesJune 30 '23. Dec.31 '22.
Property account- $970,126 $946,871 , Capital & surplus.$3,018,542 $3,040.509
Trade-marks and
68,107
66,109
, Current liabilities_
good-will
1,448,948 1,448,903 I Federal tax reserve
8,228
16.271
Middle West Power Co.
-Proposed Merger.
Leaseholds and organization exp.
See Central Illinois Public Service Co. under "Railroads" above.
91,348
66,822
Current assets.... 582,457
V. 116. p. 1904.
662,290; Total(each side)33,092,880 $3,124,887
-v. 116, D. 2775.

The Federal District Court for the Western District of Arkansas has
ordered the foreclosure and order of sale of the properties of the company.
-V.115, P. 2589.

Modern Glass Co., Toledo.
-Sale,

The property was sold July 31 by Special Masters Frank P. Kennison
Ohio Copper Co. of Utah.
-Production.
and J. W.Lyons at Toledo to Judge James Austin. special trustee representThe following is a brief resume of operations for the 6 months period
ing the stockholders for $150.000. The plant will be turned over to the ending June 30 1923.
Kauffman Metal Products Co. of Bellefontaine, 0.
Copper
Average
Avge. Price
Only 500 of the 4,500 stockholders of the glass company participated
Production
Operating
Cost
Per Lb.
in the actual purchase. A reorganization plan proposes that each participat(Lbs.).
Profits.
Per Lb.
Realized.
ing stockholder pay $100 cash and get in return a full share of Preferred January*
88,097
$4.927
9.03 cts. 14.625 cts.
stock, carrying dividends up to 10%, and a
share of Common stock of February
155.934
14.115
7.32 cts. 16.375 cts.
no par value. Stockholders not participating In the reorganization will March
238,304
23,348
6.93 cts. 16.736 cts.
lose their entire investment.
April*
156,701
8.752 cts. 16.0625 cts.
11,455
Creditors will get 42 cents on the dollar. The allowed claims total May
257,613
7.175 cts. 14.578 cts.
19,049
$287,000.
June
332,786
26,021
6.444 cts. 14.263 cts.
No stock will be sold to the public until Sept. 1.
Other stockholders
will be permitted to participate in the purchase on the same basis as those
Total
1,229.435
$98,915
who bought the plant by putting up $100 cash and receiving now stock Average
7.28 cts.
15.33 cts.
in return.
In order to allow any stockholders to subscribe, who for any reason were
*Plant pumped approximately two-third of capacity during Jan. and
unable to subscribe up to this time, the protective committees and the April.
-V. 116, p. 447.
Kauffman Metal Products Co. will not offer any stock for sale to the
public or solicit any subscriptions from the public before Sept. 1. Judge
Ontario Steel Products Co., Ltd.
--Annual Report.
Austin. as special trustee, will have an office at 839 Ohio Bldg., where
Years end. June 30- 1922-23.
1921-22.
1920-21.
1919-20.
subscriptions will be received.
-V. 117, p. 96.
Profit for year
$189.888
$141,083
$315,900
$223.446
Depreciation
60,466
59,802
30,000
30,000
Moline Plow Co., Inc.
-Interest.
Bond interest
29,070
30,222
31,332
32,292
The company, which defaulted the March 1 interest payment on its 7% Sinking fund
18,930
16,668
17,778
15,708
Debenture bonds, will again fail to meet interest which falls due Sept. 15. Preferred dividend
(7%)52,500 (7%)52.500 (7%52.500 (9%)67.500
("Wall Street Journal.")
-V. 116. p. 1059.
Common dividends
(x)
(5%)37,5
00 (8 0)60,000
Additional depreciation_
44,269
Montana Power Co.
-Tenders.
Inventory reserve
50,000
The United States Mortgage & Trust Co., 55 Cedar St., N. Y. City, will
until Aug. 17 receive bids for the sale to it of Montana Power Transmission
Balance, surplus
$28,922 def$150,987
$170,400
Co. 1st Mtge. bonds, dated Aug. 1 1903, to an amount sufficient to absorb
x No dividends paid on Common during fiscal year $32,946
ended June 30 1923.
$11.200 at a price not to exceed 105 and int.-V. 117. p. 447.
but directors on July 20 declared a div. of 1% on the Common stock, payable Aug. 15 to holders of record July 31.
Mother Lode Coalition Mines Co.
-Copper Outpub (Lbs.).
Consolidated Balance Sheet June 30.
July 1923 June 1923
May 1923 Apr. 1923 Mar. 1923
Feb. 1923
1923.
1922,
1923.
1922.
2.980,678
2,957,612
2,670,916
2,649,971
2,109,144
2.576,219
Assets$
$
$
$
Liabilities
The company in July produced 1,300 dry tons of high-grade ore, assaying
7% eum.Pref.stock- 750,000 750,000
65.06% copper. giving 1.675.125 lbs. and 12,210 dry tons of milling ore. Real estate, plant,
power rights and
750,000 7a5
Ordinary stock
assaying 6.35% copper, giving 1,305,553 lbs., a total net production of
o83
good-will
2,207,411 2,192,765 1st M.6% bonds
464,000 484,500
2.980,678 lbs.-V. 117, p. 214.
Cash
.
,329 Bills & acc'ts pay'le 154,506 163,169
.
Bins& acc'ts
175,039
Canada
Mountain Producers Corp.
-Balance Sheet June 30 1923' Inventories rec'le._ 253,037 271,903 Rec.-Gen. of tax_. _ 14,817
459,224
8,346
_
for income
AssetsLiabilities
Securities
96,954 168,865 Bond interest
Furniture and fixtures.....$8,267 Capital stock
$16,821.820 Deferred charges_ __ _ 25,171
27.712 Pre! div. payable... 13,125
2,121
14'535
.
Stock of other companies 18,281,220 Accounts payable
•3,250
Depreciation reserve 271,605 215,571
Cash
745,809 Dividends payable
505,182
98,193
91,529
Other reserves
Accounts receivable
57,350 Surplus
1,762,393
Sinking fund on Ws_ 136,000 115,500
Total(each side)._3,102,138 3,026,614 Profit and loss
442,022 413,100
Total
$19,092,645 I Total
$19,092,645 -V. 117. p. 447.
The company now owns the entire capital stock ($17,951,937 outstanding
June 30 1923) of the Wyoming Associated Oil Corp. The balance sheet
Oswego Falls Corp.
-Tenders.
as of June 30 1923 of the latter company shows a surplus of $5,349,419
The Equitable Trust Co., trustee, 37 Wall St.,
Y. City, will until
on that date.
-V. 116, p. 2644.
Aug. 16 receive bids for the sale to it of 1st Mtge. N.Sinking Fund Gold
8%
bonds,
bon, due Feb. 1 1942. to an amount sufficient to exhaust $87,836 at a
price not exceeding 109 and interest,
Mullins Body Corp.
-Balance Sheet June 30.-V. 114, p. 529.
Assets1922.
1923.
1922.
1923.
Otis Steel Co. ((Cleveland, Ohio).
-Earnings.Real estate, &c.,
8% Cum.Pt.stock $970,000 $970000
-Quarter Ended- -6 Mo .Ended June 30less deprec_ _ _ _42,779,282 $2,334,046 Com.stk.(no par). y500,000
500,000
PeriodJune 30'23. Mar.31 '23.
Patents & goodwill
1923.
1922.
85,210
450,000 Manufacturing
85,210 Notes payable_ _ .. 900,000
$926,551
Invest'ts (at cost). 125,015
$631,942 $1,558,493 loss$222
148,256 Other income profit- _ 1 2 ,.252
9
125,015 Accts. Day. dc accr 390,915
70,017
Cash
58.618
29,456
302,935
99473
21,000
212,398 Accrued taxes_
1,869
Acc'ts & notes rec. .534,679
109,819
437,718 Due to officers_ _ _
101,800
Gross profit
$996,568
Invent's (less res.) 908,072
$661,398 $1,657.966 oss$170,634
3,15.5 General exp.,
702,556 DisCxes.for 11.stk.
3,355
taxes,
248,446
Officers & employ's
241,487
489,933
Surplus
2,028,473 1,937,341 Interest. discount, &c_
&c_ _
185,353
stock subscrip's_
446,591
149.923
147,776
333,129j
238,269
Subsidiary cos. reserves_
Pf.stk.sink.fund_
1,915
23,176
4,400
4.200
25,091
Net profit before dep- $560,854
Deferred cbarges
$248,959
6,895
160
Total(each sIde)34.896.411 $4,139,571 -V. 117,
$809,813 loss$617,225
p. 335.
x Includes real estate, plant and equipment (less reserve for depreciation),
Ottawa & Hull Power Co., Ltd.-Pref. Stock Offered.
$2,453,324. and plant betterments In process. $325,958.
Y Common stock, no par value, 100.000 shares declared in accordance Nesbitt, Thomson & Co., Ltd.,
Montreal, are offering at
with the laws of New York State at $5 per share.
99 (carrying a bonus of 25% Common stock) $1;500,000
The usual six months income account was published in V. 117. p. 560•

7% Cumul. Pref. a & d stock. A circular shows:

National Cloak & Suit Co.
-Sale, &c.
-

Sales for the six months ended June 28 1923, it is announced, were the
largest on record for a similar period, being 10% in excess of the previous
high point reached in 1920, when merchandise values were very much higher
than they are to
-day. Comparison with the past three years follows:
Half
-Year Ended JuneOrders.
Net Sales.
1923
4.486.177 $23.306,096
1922
3.713,903
19,540,385
1921
2,872,106
18,570.649
1920
3,106.739
21.129,933
It is understood that net profits for the first six months of this year
were very nearly equal to the highest record ever made for a similar period.
The company, it is stated, is in a very strong cash position, and it is understood that the ratio of current assets to current liabilities on June 28 was in
excess of three to one.
The gain in volume of sales shown for the first half
-year is fully maintained for the period from July 1 to date.
-V. 116. p. 2265.

National Department Stores, Inc.
-Net Sales.-

PeriodMonth ofJuly
Six months ending July 31
-v.117. p. 214.

1923.
1922.
$2,220,348 $2,039,231
17,874,075 15,088,465

Nevada Consol. Copper Co.
-Balance Sheet Dec. 31.
(Nevado Consolidated Copper Co. and Nevada Northern By.
1921.1922.
19(3Z.
$
LiabilUiesAssetsProp., equip., &c. 8,295.1,20 x8,531,546 Capital stock
9,997,285
58,599 Surplus(from capi58,699
Investment
tal (dock and seDeferred charges 5091,376 5,448,867
524,794
amities sold in
Corp. Exp. Assn__
excess of par val.
75,000
Bond dept. acct._
or cost)
Materials, &c____ 1,619,571 1,567,069
7,071.850
656,855 Accounts payable_ 807,506
Accts.& notes coll. 332,643
532,512 Unpaid treatment
Deferred accounts. 599,948
on metals
363,547
Metals on band &
82,647
2,476,335 2,644,689 Deferred accounts.
In transit
235,534 Surplus from over. 4,417,756
Marketable wear- 235,534
2,946.593 3,419,452
Cash

Co.)
1921.
9,997,285

Park & Tilford, Inc.
-Organized, &c.
-

7,071,850
456,650
343,172
73,744
5,677,214

Total
22,740,586 23,619,916
22,740,586 23,619,916
Total
The usual income account was published in V. 116, p. 1770.-V. 116.

p. 2396.
-Connection.
New Jersey Power & Light Co.

Connection of the Metropolitan Edison Co. with the Pennsylvania Edison
Co.and the New Jersey Power & Light Co.for the interchange of electricity
was effected July 1. This system now extends continuously from York,
Pa., through York Haven, Middletown, Lebanon. Reading, Easton and
-V.116, p. 1284.
Dover, N. J., nearly to the New York State line.

Nunnally Company; Atlanta, Ga.-Earnings.-Earnings for the six months ended June 30 1923 total $58,034 before
current
charges and income taxes. This compares with an
income of $20,340 after depreciation of $33,126 in the corresponding
period of 1922.




DIvs payable Q.
-M. Divs, will accrue from Sept. 1 1923. Transfer
alent. ._tern Trust Co.. Montreal; registrar,
x
Eastern
Montreal Trust Co.,
eal
Capitalization
Authorized.
Issued.
1st tge. 6% bonds, due 1948
$5,000,000 $2,500,000
Cumul.7% Preferred stock (this issue)
500,000
1.500,000
Common (shares of no par value)
25,000 sbs. 25.000 slis•
Company.
-Is being formed for the purpose of acquiring the Ottawa &
Hull Power & Manufacturing Co., Ltd., and to
the
provide
extension of the properties. The power requirements of the funds for
territory served
are constantly increasing, making necessary the further development of the
company's properties. Company will own 2 hydro-electr
ic plants situated
on the Ottawa River at Chandler° Falls, which lies between
the city of
Ottawa and the city of Hull, Que. One of these
has an installed
capacity of approximately 13.500 h.p. The secondplants is equipped with
plant
2 units of 9,000 h.p. each. while a third unit of the same size
is now being
Installed, making 27,000 h.p. or a total of 40,000
h.p. installed capacity
In the two plants.
Through stock ownership company will control the Ottawa
Power
Co., Ltd., which owns and is now developing a water powerRiver
situated on
the Ottawa River at Bryson, P.Q., about 50 miles above Ottawa. The
ultimate capacity of this development will be over
60,000 11.13.
All the company's water powers are owned in fee simple, and, together
with the plants, are located in the Province of Quebec.
Earnings.
-Net earnings of the manufacturing company for the year
ended Dec. 31 1922, available for interest and dividends, amounted to
$238.739. As this financing provides for the installation of a third unit
of 9,000 h.p., which will be disposed of through contracts already signed.
net earnings of the company should show a material
increase.
Park & Tilford, Inc., has been incorporated in Delaware with authorized
capital of 200.000 shares of capital stock of no par value. The company
will bo a holding company formed to acquire the Park & Tilford stock
acquired by the Shulto Retail Stores Corp. Of the 200.000 shares, 100.000
shares will be sold to David A. Schulte and associates at $25 a share. Of
the remaining 100.000 shares, 40.000 will go to the Schulte Retail Store
Corp., 40,000 will be turned into the treasury of the original Park & Tilford
and 20,000 are to be offered for sale to the officers and employees of Park &
Tilford. In addition to the $2,500,000 raised through the sale of stock
to David A. Schulte and his associates, an additional $2,000,000 in cash
Is to be supplied by David A. Schulte personally to supply necessary working capital for the opening up of new stores.
The advisory committee Includes Frank Tilford, Chairman; David A.
Schulte, J. A. Badenoch, Gordon A. Stewart, C. E. Hotchkiss and Edwin
It. Koehler. The following have been elected officers: David A. Schulte.
Pres. & Chairman: John A. Badenoch, V.-Pres. & Gen. Mgr.; Gordon
Stewart, V.-Pres.: Edwin H. Koehler, V.-Pres. & Treas.; Udo M. Reinach,
Secretary.
-V. 117. p. 561.

Peavy-Moore Lumber Co., Inc.
-Certificates Offered.
Caldwell & Co., Interstate Trust & Banking Co. and Securities Sales Co. of Louisiana, Inc., are offering at prices
to yield 634% for 1924 maturities and 6%% for 1925 and
1926 maturities, $458,500 1st Mtge. Vendor's Lien 6%
Participating certificates. A circular shows:

THE CHRONICLE

AUG. 111923.]

Dated July 1 1923; due serially August 1924 to 1926. Denom. $1,000
and $750. Interest payable F.& A.at office of Interstate Trust & Banking
Co.. trustee, New Orleans, La.
The vendorS'lien covers approximately 25,000 acres of land, 119,000,000
ft. of pine and 37,000,000 ft. of hardwood timber, and three mill properties
together with complete equipment; all of which is located in Newton,
Jasper and Orange counties, Texas,and Calcasieu and Beauregard parishes.
La. Cruise of timber was made by C. L. Linscome for the receivers of
the Miller-Link Lumber Co., from whom the Peavy-Moore Lumber Co.
'
Inc., bought the property. These notes are a part of a series of notes
amounting to $687,500, of which amount $125,000 becomes due on Aug.
expected to be paid on that date. The company
4 1923, and which were
has a capital and surplus of over $1,000,000.
Officers are: A. J. Peavy, Pres.; R. T. Moore, V.-Pres., and S. G.
Sample. V.-Pres.

-Earnings.
-Pennok Oil Co.
PeriodNet production (bbls.)
Gross income from oil sales
Direct oper. & general expense

-3Months Ended- 6 Mos End.
June 3023. Mar. 31'23. June 30'23.
1,027,204
361.370
665,834
$835,301 $2,349,083
$1.513.782
232,292
128,490
103,802

$1,385,292
Net income from oil sales
Net income from gas & miscell. sales_ • 60,719
16,117
Profits on investment, mt., disc.. &c-

1731,500 52.116,792
56,782
117,501
131,874
115.757

Gross earnings
Loss on abandoned leases, &c
Depletion & depreciation (est.)
Dividends paid

5904,038 52.366,166
93.214
31,915
173,129
454,070
150,000
75,000

$1.462,128
61,299
280.941
75,000

$623,993 51,668,881
$1.044,888
Balance before Federal taxes
Comparative Balance Sheet.
J'ne 30'23. Dec.31'22.
AssetsJ'ne 30'23. Dec.3121. LiabilitiesFixed assets
$5,380,209 $4,758,803 Capital stk. (375,820,491
$3,750,000 $3,750,000
000 shares)
2,329,644
Current assets_
100,043
21,188 Current liabilities_ 170,054
24,966
Insurance tenth__
x1.903,214 1,457,407
9,312 Reserves
59,674
Deferred charges__
Surplus
302,343
302,343
Net earnings 1st &
26 quar.att. diva 1,668,881
Total

$7,794,493 $5,609,794

Total

$7,794,492 $5,609,794

x Does not include $75,000 reserved for payment of dividends declared
-V. 116, p. 2266.
for third quarter.

Phillips Petroleum Co.-Consol. Income for 6 Mos.
Ending June 30 1923.& miscell. earns., $3.265,934-312,060,009
011 earns., $8,794,074; gasoline gen. & adm. expense, $378,395;
$1,812,763;
Operating expense,
interest expense & ad valorem taxes, $775,709
Reserved for Federal taxes & annual inventory adjustments_

Earnings before depletion & depreciation
-V.117,p.561.

2,966,867
1,090,000
$8,003,142

-Earnings.
Pittsburgh Oil & Gas Co.
1922.
1923.
Six Months Ended June 30Netincome after deprec depletion,taxes & other charges _$116,043 $2.926
-V. 116. p. 1189.

-Obituary.
Pittsburgh Steel Co.
President Willis F. McCook died Aug. 5.-V. 116, p. 2018.

-Bonds OfProfessional Building Co., Los Angeles.
-Hunter, Dulin & Co. Los Angeles, are offering at
fered.
prices to yield 6.60%, according to maturity, $525,000 1st
Mtge.6%% Serial Gold bonds. A circular shows:
Dated June 1 1923. Due serially 1924 to 1936 incl. Denom. $1,000
and $500. Callable on 30 days' notice at 105 and hat, during first five
years. at 104 during next five years, and at 103 thereafter. Inc. payable
J. & D. at Pacific-Southwest Trust & Savings Bank, trustee. Los Angeles.
or Wells Fargo Nevada National Bank, San Francisco, without deduction
for normal Federal income tax not exceeding 2%.
These bonds will be secured by a closed first mortgage on valuable real
property, at the southwest corner of Sixth and St. Paul Sts., Los Angeles,
-story Class "A" reinforced concrete store and ofto be improved with an 8
fice building, now under construction, designed particularly for doctors,
surgeons and dentists. The land is valued at $144,133, and the cost of
constructing the building, including carrying charges, is estimated at $734,
500, giving a total security value of $878,633.

-New Name, &c.
Public Service Corp. of Quebec.
-V.116, p. 2646.
See Quebec Power Co. below.

-Offer-Description of Properties, dtc.
Quebec Power Co.
Mention was made in V. 117, p. 554, of the offer to the Common shareholders and Income bondholders of the Quebec Ry., Light, Heat & Power
Co. by the above company to exchange and purchase their holdings. President Julian C. Smith in a letter July 26 to the Railway security holders
gives a general survey of the properties and the financial position of Quebec
Ry., Light, Heat & Power Co., Ltd. Stated briefly the properties of the
Railiva.y_Co. consist of the following:
-(1) A property vested in the
(a) Water Powers and Central Stations.
Canadian Electric Light Co. situated on the Chaudiere River, with an
installed generator capacity of3,300 h. p., operating under a head of 114 ft.
(2) A Property vested in the Quebec Jacques-Cartier Electric Co., situated
on the Jacques-Cartier River, with an installed generator capacity of
2.000 h. p.. operating under a head of 31 ft. (3) A property vested in the
Quebec Railway, Light & Power Co., situated on the Montmorency River,
with an installed alternating current generator capacity of 2,700 h. p.
and 800 h. p. of direct current generator capacity (for railway purposes)
operating under a head of 198 ft. (4) A property vested in the Quebec
Railway. Light & Power Co., situated on the Montmorency River, with an
installed generator capacity of 2,000 h. p., operating under a head of 62 ft.
The company has a contract with the Laurentian Power Co., Ltd., which is
located on the St. Anne River, providing for a supply of 10,000 h. p. of
electric energy delivered at Montmorency Station.
-(I) There is operated in the City of
(b) Traction and Railway Property.
Quebec and suburbs 29 miles of street railway. (2) A line ofstandard-gauge
single-track railway extending from the terminal in Quebec City to St.
Joachim, a distance of.32 miles, passing through St. Anne de Beaupre,
together with an additional 5 miles of road extending to Cape Tourmente
(which latter section is leased to the Canadian National RYs.), connecting
with the Quebec & Saguenay Ry. These properties are vested in the
Quebec Railway, Light & Power Co.
(c) Gas Ptoperty.-A producing and refining water-gas plant located within the city limits, having a total production of 1.000,000 Cu. ft. of gas per
Frontenac
dcy. This property is vested in the generally, Gas Co.
-Speaking
the above
Condition of Properties.
-mentioned propare in fair physical condition. Considerable expenditures, however,
erties
are required in the immediate future in order to provide for the necessary
repairs and improvements. Itthese repairs and improvements are made,
maintenance is thereafter provided,
and if adequate power of the properties is capable of for, it would appear
substantial expansion.
that the earning
-Company is presently using subSources of Future Supply of Power.
stantially all of the power available from its own sources of supply, and it is
not in a position to add materially to its earnings from the sale of power
unless new developments are undertaken or unless satisfactory contracts
can be made with some outside company for a further supply of power.
By reason of losses sustained through certain enterprises and developments
undertaken by the company, its resources have been inadequate to meet
ordinary operation, maintenance and replacement expense and requirements
nor have the necessary funds been available to provide for
for depreciation,producing and distributing equipment
of the company
additions to the
-The current liabilities include the claims of many
Financial Needs.
creditors who are pressing for payment,and financial arrangements must be
made in the near future to provide the funds necessary to meet these claims.
large amounts should be expended
It is also obvious that further which are urgently required and toin the immake the
mediate future to make repairs
extensions in the railroad division, the gas property and the
necessary
street railway system.




677

It does not seem advisable to attempt to obtain these additional moneys
on the credit of the company alone, nor is it possible to obtain these moneys
on any satisfactory terms resulting from the sale of additional securities
even if such issue of further securities was advisable. If an effective consolidation of the interests of the company and of Quebec Power Co. can be
brought about, it is anticipated that the latter company, on its own credit
or through its affiliations, can supply the funds necessary for the above
mentioned purposes.
-A detailed balance sheet as of May 31 1923
Company's Balance Sheet.
contains the following information:
-Main items are: Investments, stocks,
(a) Fixed Assets.
$14,298,633
bonds and interest in other corporations
534,373
General construction
2,176,432
Advances to controlled companies
2,000,000
Value of additional bonds of sub. cos. acquired June 1
911.000
Addl bonds ofsub. cos.to be acquired upon maturity-at par_ _
$19,920,438
682,527
Against this there is shown in the liabilities an apparent surplus of
$19,237,911
The item "Advances to controlled companies- consists of advances to:
Quebec Gas Co., Frontenac Gas Co., Canadian Electric Light Co., Quebec
-Cartier Electric Co. and Quebec Ry., Light & Power Co.
Jacques
No means are provided by which the above subsidiary companies can
either issue securities or dispose of shares in order to liquidate their indebtedness to the parent company, and as a consequence it results that the
above amount of$2,176,432 is properly included as an item orleixed assets"
and that the same cannot be considered in any way as "Current assets."
-Current assets of May 31 1923, consist(b) Current Assets.
ing of cash,accounts and bills receivable and stores and supplies,
to$540,216
amount
(c) Current Liabilities consist of: Bills and accounts payable,
$524,623; sundry loans, $59,810; accrued charges, $411,933_ _ _ _
996.366
4456.150
Deficit as between current assets and current liabilities
x Increased since May 31 by further loans of 5750,000from Quebec Power
Co.
-Referring to the inability of the Railway
Consolidated Mortgage Bonds.
Co. to obtain these additional amounts on its own credit, the attention of
the shareholders is directed to the fact that the company's 510,000,0005%
Consol. Mtge. bonds have been entirely sold with the exception of an
amount of $911,000, which is held in escrow to retire outstanding bonds of
subsidiary companies. No sinking fund has been provided with respect
So either the underlying bonds of subsidiary companies or the Consol.
Mtge. bonds. To provide a sinking fund at the present date sufficient to
provide for the payment of such outstanding bonds at maturity, an annual
payment of $422,000 is necessary.
Income Bands.
-The conditions under which these Income bonds were
issued and secured were given in V. 117, p. 554. The bonds were issued
In part satisfaction of the company's liability upon the 5% French Currency
bonds which were issued to finance the construction of the Quebec & Saguenay By., the proceeds of the sale of the road having proven insufficient to
meet more than a portion of such liability. The company is in possession
of no real asset in respect of these outstanding bonds. The principal
amount of such bonds is 53,307.200.
The loss resulting from the construction of the Quebec & Saguenay Ry.,
together with certain sums representing bond discount, &c., were carried in
the balance sheet under the item "investment adjustment and bond discount" at $4,100,932.
It was evidently intended to write off this amount and reduce the nominal
or book value of the Common stock accordingly, and to that end at a meet-,
hag held on April 14 1922 the shareholders authorized that application
130 made for supplementary letters patent converting the outstanding stock
into 100,000 shares without nominal or par value.
Further bond discount has since been added arising from the sale of bonds
sold on June 1 to retire subsidiary bonds,this sum amounting to $500,000.
Depreciation.
-No depreciation has been set up in the books of the company with the exception of a nominal amount reserved from the earnings
of the past year.
-A survey of the properties would indicate
Fair Value of Fixed Assets.
that under no proper method of appraisal or valuation can the properties
be considered as having a value exceeding $14,000,000. It is apparent,
therefore, that an effective reduction in the book value of the company's
assets to an amount of $5,214,068 should be made as soon as possible.
In addition to this writing down of fixed assets, there should also be a
further writing down of such assets to an amount of $4,600,932, representing the aggregate of the items included under the headings of "investment
adjustment and bond discount" and "discount on bonds sold June 1 to retire subsidiary bonds." These three items aggregate a total of $9,815,000.
Effect on Balance Shcet.-Ifsuch a writing down of fixed assets takes place.
It will be necessary to do two things:
(1) Write down the book value of the Common shares from
$10,000,000 to $2,500,000, resulting in a reduction of.... _ $7,600,000
(2) Write down the book value of Income bonds from $3,307,200 to $992,160, resulting in a reduction of
2,315,000
Total write-down
$9,815,000
The balance sheet of the Railway Company will then show approximately:
Assets-Investments,stocks, bonds and interest in other corps--$14,023.843
Liabilities
-5% 30-Year Consol. Mtge. bonds, due 1939
$10,000,000
5% 30
-year Income bonds. due 1951, reduced from $3,307,200
992.160
Common shares (value written down from $10,000,000)
2.500,000
Advances from Quebec Power Co. to meet deficit as between
current liabilities and current assets
456,150
Reserve for contingencies
75,533
Total
$14,023,843
Company's Net Earnings.
-Net earnings of Ry. Co. for the year ended
Dec. 31 1922 amounted to $289,830 (after payment of percentage ot City
of Quebec of $42,697, and after payment of interest on miscellaneous debt
of 522,184).
The net earnings for the five months ended May 31 amounted to $76,426,
but on June I became subject to a greater annual interest charge owing to
discount on bonds sold.
Balance Sheet. Quebec Power Co.. June 1 1923.
AssetsLiabilities
Plant and property
$2.304,469 Common shares
$1.600,000
Current assets
127,063 7% Preference shares----x1,250,000
Advances to Quebec Ry.,
58,495
Current liabilities
Lt., Heat & Pow.Co_ __
750.000 Surplus (after div. and deduc'n for int, on bonds
Total (each side)
273,037
$3,181,532
now retired)
x Since increased to $1,410,000.
Since the date of the balance sheet the capital of Quebec Power Co. has
been increased to $10,000,000, of which $4,000,000 are to be issued in the
form of 7% Cumulative Prof. shares and 56,000,000 are to be issued in the
form of Common shares. Company has also authorized an issue of 1st
Mtge. Gold bonds not exceeding an amount at any time outstanding in
excess of the sum of $20,000,000. Of the bonds so authorized it is proposed
to issue in the immeidate future, and as a Series "A," an amount of approximately $4,000.000.
Part of the proceeds will be used for the purchase of 52,500,000 of 5%
Consolidated Mortgage bonds of Quebec Ry.,Light, Heat & Power Co..Ltd.
Earnings Quebec Power Co.
-Net earnings of Quebec Power Co. for the
year ended Dec. 31 1922 amounted to $148,456. Net earnings for the five
months ended May 31 1923 amounted to $82,151.
Conclusions.
-From the above it would appear that the offer of exchange
made to the Income bondholders and to the holders of Common shares of
the Railway Co. is a reasonable and a fair offer under the circumstances.
It would appear that in the present situation of the Railway Co. no interest
can be paid to the Income bondholder far many years to come, and that
such interest must first be paid before any return can be made to the holder
of Common shares. It would appear that the Railway 0o. has no facilities
for future financing, and that it would accordingly be impossible to carry
out effectively any plans for extension and development. It would appear
that some scheme must be devised for co-ordination in policy and in operation between the two companie.s in order that the power resources and financial resources of Quebec Power Co. should b emade available to produce
a proper return for shareholders and in order that the necessary economies
in operation and in administration be effected. It is anticipated that Quebec Power Co. will have earnings amply sufficient to pay the dividends on
all Pref.shares which may at any time be issue dwithin the limits authorized.

678

[VOL. 117.

THE CHRONICLE

It is considered that the first issue of bonds, Series "A," amounting to Hayward Co., in the purchase of the controlling interest in the Isaac A.
$4,000,000, of Quebec Power Co., will be sufficient to provide the funds Sheppard Co. of Maryland, in making improvements. &c.
necessary for the company's immediate purposes.
Shaffer Oil & Refining Co.
-Notes Called.
[The shareholders of the Public Service Corp. of Quebec recently changed
the name to that of the Quebec Power Co. It is the intention of the latter
Certain Cony.8% Serial Gold notes, maturing May 1 1924. have been
company to take over the power properties of the Quebec Railway, Light, called for redemption Nov. 1 at 105 and int. at the First National Bank.
Heat & Power Co. and to transfer to the Quebec Gas & Tramways Co. New York, or Continental & Commercial Trust & Savings Bank, Chicago,
(a new company) the gas and tramway properties. The capital stock of 111.-V. 116, p. 2892.
the latter company will be all owned by the Quebec Power 00.1

Shane Bros. & Wilson Co., Philadelphia.--Receiver.-

10% Quebec Power Co. Dividend.
The company, according to Montreal advices, has declared a dividend of
10% on the Common stock, payable in 7% Cumulative Preferred stock.
on Aug. 1 to holders of reocrd July 25. See also V. 117, p. 554.

Regan .Forge & Engineering Co.
-Bonds Offered.Banks Huntley & Co., Los Angeles, are offering at 100 and
int. $200,000 1st (closed) Mtge. Convert. 7% Sinking Fund
'
Gold bonds.
Dated May 1 1923. Due May 1 1933. Interest payable M. & N. at
Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif., trustee.
Callable upon any int. date at 105 and int. 'Normal Federal income tax
not to exceed 2% paid by the company. Denomination $1,000. Entire
Issue payable through the operation of a sinking fund commencing May 1
1924 at 105 and int. If not obtainable in the open market at a lower price.
Data from Letter of Pres. Jos. M. Regan, Los Angeles, July 2 1923.
Company.-Incorp.in 1918 in California. Business was started 15 Years
ago by Jos. M. Regan and James J. Regan, with a small capital of $3,000.
r10
-day company is one of the largest manufacturers of its kind on the
Pacific Coast. Company does a general forge and engineering business,
which includes the manufacture of oil well tools and supplies and the repairing and replacing of general ships' parts.
Earnings
.-Net earnings are reported as follows:
1918
318,19011920
$58,20511922
$155.300
1919
44,115 1921
61,01911923(5 mos.) _ 118,146
Purpose.
-Proceeds wi I be used to retire purchase money obligations and
to provide additional working capital.
General Balance Sheet May 31 1923 (After Present Financing).
Liabilities
Assets
$200,000
Totalfixed assets
$602,586 First Mortgage 7s
500,000
Cash
55,613 Capital stock
Accounts & notes receiv_ _
167,549
215,879 Surplus
133,195
Liberty bonds
1,000 Accounts payable
Inventories
125.666

Federal Judge Dickinson at Philadelphia has made permanent the appointment of David H. Birr as receiver. The court granted authority to
the receiver to borrow $30,000 on receiver's certificates to meet the company's pay-roll and to purchase materials required in the manufacture of
flour.
-V. 117, p. 336.

Simmons Co.
-Earnings Six Months Ended May 31 1923.
Net sales to trade, $15,109,707; deductions, $10,634,406: operat$4,475,301
ing profits
2,646,277
Advertising, selling and other expenses
Trading profits
Other income

$1,829,024
159,823

Total income
Deductions

$1,988,947
408,013

Net profits
-V. 116, p. 2777.

$1,580,934

Southern
& Debt.
-

California

Edison

Co.
-7'o

Increase Stock

The stockholders will vote Sept. 7 on increasing the authorized Capital
stock from $100,000,000 (consisting of $4,000,000 5% Cumul. Original
Pref. stock. $36.000,000 Pref. stock and 560,000.000 Common stock)
to the total aggregate amount of $250,000,000, to consist of $4,000,000
Original Prof.stock.$121.000 Prof. stock and $125,000,000 Common stock.
The Preferred stock shall be divided into 3 classes, as follows: Series A,
formerly designated simply "Preferred" stock, 600.000 shares (of which
71,084 shares have heretofore been issued as fully paid); Series B, 400,000
shares: Series C, 210,000 shares. The holders of the Preferred stock shall
be entitled to receive, after the payment of the cumulative dividends upon
the Original Preferred stock, yearly dividends at the following rates: holders
of Preferred stock, Series A 7% and no more; holders of Preferred stock,.
Series B,6% and no more: holders of Preferred stock, Series 0,5% and no
more. Except as to dividend rate, no distinction or preference shall exist
among the 3 series of Preferred stock. Dividends on the Preferred stock
Total
$1,000,745
Total
$1,000,745
dividends on the
be cumulative, and
Conversion.
-Convertible at 105 into Common stock at $150 per share on shall also stock shall be paid shall be payable before any
Common
or set apart.
any interest date upon 30 days' notice.
The stockholders will also vote (1) on cancelling $100,000,000 authorized
bonded indebtedness, created April 5 1916, and all except $8,000,000 of
Savannah (Ga.) Gas Co.
-Bonds Offered.
-Citizens & the
May 31 1918
Southern Co., Savannah, are offering at 99 and int., to (the$136,000,000 authorized bonded indebtedness created
$8.000,000 being the face amount of all bonds or debentures issued
authorized
,
yield about 6.05%, $600,000 1st Mtge. 6% 30-Year Gold under such authorization), thereby reducing all outstanding authorized
bonded indebtedness to $138.000,000, and (2) on Increasing the
Bonds, Series "A." A circular shows:
bonded indebtedness beyond the sum of $138,000,000 to the total sum of
Dated Sept. 1 1923, due Sept. 1 1953. Company pays Federal normal 2388.000.000). by the authorization of an additional or increased bonded
IWWHWe tax up to 2%. Denom. $1,000
Int.payable M. & S.at Indebtedness in the amount of $250,000,000, payable in United States
National City Bank, New York, the office of the company in Phila., or gold coin, to be used for any lawful corporate purpose or purposes,including
at offices in Savannah, Augusta, Macon, and Atlanta, of Citizens & the refunding, replacing, redeeming, purchasing or acquiring of any now or
Southern Bank, trustee.
hereafter outstanding bonds or obligations or indebtedness, which the
Company.
-Is engaged in the manufacture and sale of carburetted water company is now,or may hereafter be, obligated, directly, or by assumption,
gas under a perpetual franchise and serves a population of approximately to pay.
100.000. delivering as to more than 9,900 customers. Sale of gas for
Rights to Stockholders.
1922 was about 365,000,000 cu. ft. The water gas plant has a dairy
All stockholders of record July 31 1923, both Preferred and Common.
maximum capacity of about 3,200,000 cu. ft. Total holder capacity is
have the right to subscribe (at par. $100) for $5,000,000 additional 7%
1,013,000 cu. ft. Property now owned is appraised at $2,500,000.
-Proceeds will be used in connection with retirement of the Prof. stock, at the rate of 1 share of new Prof. stock for each 10 shares of
Purpose.
stock owned. No fractional shares will be issued, but any stockholder
present bonded debt of $1,515,000, which matures,on Sept. 1 1923.
Redemption cfe Sinking Fund.
-Entire issue callable on any int. date upon entitled to a fractional share on the basis stated, will be permitted to
subscribe for a full share for such fractional share. Stockholder's rights
30 days' notice on or after Sept. 1 1928 and on or before Sept. 1 1943 at
105; after Sept. 1 1943 and on or before Sept. 1 1948 at 102%, and there- expire Aug. 15. The proceeds derived from the sale of the stock will be
after at ji of 1% less for each year until March 11953, when they shall be used for new plant facilities now being constructed to provide for the
increased demand for electric service in the territory covered by the comcallable at par-in all cases together with accrued interest.
Company will pay to the trustee in semi-annual installments a sinking pany's operations. See also V. 117, p. 336.
fund of 1% of the amount of bonds outstanding at the time ofsuch payment.
Southern States Oil Co.
-Gets Big Gas Well.
Earnings.
-During the past 8 years, ending June 30 1923, net earnings
The company has brought in a 7.500,000
-foot gas well in the Robertson
applicable to interest charges have averaged 3.35 times the requirements
of this issue, and for the past 5 years the average has been 3.72 times field. Garvin County, Okla. The Lone Star Gas Co. is connecting up with
the w411 to take the gas under its contract with Southern States.
p 2 8
.
-V. 117.
requirements.
Capitalization Upon Completion of the Proposed Financing.
First Mortgage 6% bonds (this issue)
$600,000
Southwestern Bell Telephone Co., St. Louis.
Preferred stock
450,000
Common Capital stock
1,400.000 New Financing Proposed.
The company has asked the Missouri P. S. Commission for permission to
-V. 111, p. 395.
issue $50,000,000 30
-year u% Mtge. bonds. The proceeds will be used
Savoy Oil Co.
-Annual Report.
to retire advances of $17,974,',3j made by American Telephone & Telegraph
Income Account for Calendar Year 1922.
Co. and to finance additional equipment. The bonds, it is said, will not
be issued at this time, this being merely an initial step to look after financing
Gross income from production, $149.332; cost of production,
-V. 116, P• 2398.
$80.434; gross profit
$68,898 at some future period.
Miscellaneous earnings
33,318
Spicer Mfg. Co.
-Preliminary Earnings (Incl. Sub. Cos.)Six Months Ended June 301922.
x1923.
Total gross profit
$102,216
$7,878,916 $4,459,876
Expenses,$83,514; gen'l office & executive exps., $17,581
101,095 Net sales
3,395,672
Less cost of sales
6,394,069
Depletion and depreciation
65,481
Loss for year
$64.360
Previous surplus
1,078,754
Deduct-Abandoned property. $64,045; charging off intangible
assets,$475,000;reduction in property valuation,$402,569;total 941,614
Surplus Dec. 31 1922

$72,779

Balance Sheet December 31.
1922.
1921.
1921.
1922.
$
AssetsLiabilities$
750,000 750,000
Proply & equiP.x-- 797,145 1,725,212 Capital stock
16,918
42,510 Res've for fire loss &
Cash
15,212 sundries
18,289
6,356
Accounts receivable_ 19,852
23,885
22,382 Drafts, notes & acInventories
32,015 478,608
51,337
counts payable_ _ _ 48,767
Deferred items
397,477
Depreciation reserve
889,815 2,283,924 Surplus
72,779 1,078,754
Total
Total
889,815 2,283,924
x Property and equipment, $1,213,201; less reserve for depreciation.
2416,057,-V. 116. a. 1906.

-Bonds.
Seneca Copper Corp.

It is announced that the stockholders, who recently received the right to
-Year 1st Mtge. 7% Convertible bonds, have taken a subsubscribe to 10
stantial amount of the issue and the unsold portion will shortly be offered
to the public. See V. 117, p. 216.

_ profit
Gross
Miscellaneous income

81,484,846 $1,064,205
27,455
67,105

Total gross profit
$1,551,951 $1,091,660
230,468
Less administrative, selling & general expense-352,521
Less interest and discount
176,190
168,468
$685,002
Net profit
$1,030,962
After deducting Federal taxes, at rate now in effect, and dividends on
the Preferred stock for the period, balance available for the 313,750 shares
of no par value Common stock outstanding was equivalent to $2 49 per
share, as against 31. 52 per share in the corresponding period In 1922.
x Subject to adjustment at end of year.
-V. 116, p. 2647.

Steel & Tube Co. of America.-Pref. Stock Called.
-

The company announces that the stockholders on Aug. 7 1923 having
voted to reduce the issued capital stock and retire the outstanding Pref.
stock, in accordance with the provisions of the certificate of incorporation.
the funds necessary for such retirement have been duly set aside and the
Wilmington (Del.) Trust Co. has been appointed the agent for the purpose
of the retirement of the Preferred stock.
The holders of Pref. shares will receive $110 per share and an additional
amount equal to a dividend at the rate of 7% from the last dividend date
to the date of payment, upon surrender on or after Aug. 7 1923, at the
office of the Wilmington Trust Co. (See adv. pages.)
-V. 117, p. 562.

Superior Oil Corp.
-The report for the
-Earnings.
-Bonds. quarter ended June 30 1923 is given in the advertising pages
(S. B.) Sexton Stove & Mfg. Corp., Baltimore.
Baltimore Trust Co. and Baker, Watts Sc Co., Baltimore, are offering of this issue.
$175,000 1st Mtge. & Coll. Trust 7% Sinking Find Gold

at par and int.
-3Months Ended- 6 Mos. End.
bonds dated May 11923. due May 11943. Int. payable M.& N. without
Period
June 30'23. Mar. 31 '23. June 30 '23.
deduction for normal Federal income tax up to 2%. Denom. $1.000. Grass earnings
$816,367
$513.640
$302,727
part on any int, date on 30 days' notice at 105 and int. Balti- Operating expenses
Red. all or
zoo,
134,984
121,887
more Trust Co., Baltimore, trustee.
120,675
General and
50.910
69,765
The corporation has been incorporated in Maryland and has acquired Depreciationadministrative expenses_
242,115
of plant & equipment.. _
123,997
118,118
trade marks, &c., of the S. B. Sexton Stove &
the business. good-will,
441,741
231,911
Depletion of oil reserves
209,830
Manufacturing Co., which business was established in 1839. Manufactures ranges and furnaces of all descriptions and also specializes in equip$245,035
Net loss
$28,162
$216,873
ping hotels, restaurants and vessels with all modern appliances for the cook- -V. 116, p. 2019.
ing and serving of foods.
as of Dec. 31 1922, after giving effect to this
The financial statement
-The
-Bonds Sold.
Thew Shovel Co., Lorain, 0.
financing, shows net tangible assets applicable to these bonds of $567,572,
of $3.243 for each $1,000 bond. Net earnings from Feb. 1 1917 to Dec. 31 Cleveland (0.) Trust Co. announces the sale at 99 2 and mt.,
1922, after deducting Federal taxes at 1923 rates, but before depreciation, to yield over 6.55%, of $600,000 10
-Year O3.% Sinking Fund
have averaged more than twice the interest requirements on this issue of
debentures (see advertising pages).
bonds.
Dated July 11923, due July 1 1933. Int. payable J.& J. at Union Trust
The purpose of this financing is to reimburse the company's treasury
- Co.,Cleveland,trustee, without deduction for normal Federal income tax up
for capital expenditures in acquiring the stove business of the Bartlett




AUG. 11 1923.]

THE CHRONICLE

679

to 2%. Company will remit Penn.4 mill tax. Denom. $1,000. $500 and
The Pittsburgh Stock Exchange has authorized the listing of 299,250
Red. all or part at any time on 30 days' notice at 103 and int. additional shares (par $50) of Common stock.
8100
-V.117. p. 563, 453.
Sinking fund beginning July 1 1925, provides for the annual retirement of
c*.
not less than 5% of the greatest amount of bonds at any time outstanding.
Western Power Corp.
-Earnings (Incl. Sub. Cos.).by purchase in the market up to 103 and int., or by call at that price.
Calenaar Years1922.
1921.
Data from Letter of F. A. Smythe, President of the Company.
Operating revenues
87,199.472 36.382,162
Company.
-Is one of the largest manufacturers in the 13. S. of excavating Other income credits
503,583
991.565
machinery. Products consist of steam, gas and electric shovels and light
Gross revenues
portable cranes, which are widely used in building and highway construction
87.703,055 $7,373.726
and for a great variety of purposes. The shovels and cranes are also Operating expenses
2,767,167 2.350,770
especially adapted for mining and are used for loading and unloading of Income charges
329.957
365,418
coal, ore, stone and other materials. Plant at Lorain, 0., with branch Bond interest
2,574,119
2.402,152
Prov,for renewals & replacement
sales offices in New York, Philadelphia, Kansas City and Ckicago.
360,000
360.000
Company conducts a business organized in 1899 and is the pioneer in Dividends-Calif. El. Gen. Co.6% Pref
150,000
150,000
Great Western Pr. Co. of Calif.PM.
the use of electricity and gas for power in the portable excavating shovel.
339.209
(7%)
173.448
Company sells its products to a large list of manufacturers, especially in
Western Power Corp.6% Preferred
424.569
424,541
fertilizer, cement, brick and clay working industries. Its
the steel, iron,
customers also include mining companies, quarries and a large number
Balance,surplus
$758.034 $1,147.399
See balance sheet as of Dec. 31 1922 in V.117. p. 219.
of builders and contractors.
Earnings.
-Net earnings after interest and depreciation, but before
Federal taxes, for the 7 years and 5 months ended May 31 1923, have
Wheeling Steel Corp.
--Earnings (Incl. Subsidiaries).
averaged $235.102 per annum, which is more than 6 times maximum
x6 Mos end. -Calendar Years.
interest requirements on this issue. For over 20 years the company has
PeriodJune 30'23.
operated without a deficit in any year and has paid cash dividends during
1922.
1921.
Total inc. after repairs & maint
$4.829,019 85,163,564 82,329,728
the entire period without interruption.
exNet earnings on the same basis for the 20 years and 5 months ended Deduct-Prov. for deprec.,
haust,of minerals, &c
81.556,756 $3,209,651 12.708.321
1923 average $160,320. Maximum interest requirement of this
May 31
Bond, &c., interest
479,937
744,616
issue is $39,000.
578,123
Idle plant expenses
Capitalization751,452
Authorized. Outstanding. Preferred dividends Class "A"____
1.838,137
(2
, 0
Sinking Fund Debenture bonds (this issue)_
$600,000
$600,000 Preferred dividends Class "B".__(3% '7)33,745 (4)50.068 A7)76.982
0)704,508(5)1,125,128(83
Preferred stock,7% cumulative
/
4
)1967275
1,000,000
753,900
Common stock (declared value $25)
(1)388.101
15,000 shs. 15,000 shs. Common dividends
Purpose.
-Proceeds will be used to acquire additional properties and to DiVS,and stock ofsub.cos. not held..
5,670
21,866
increase working capital.
Balance, surplus
$2.055,073 def$723.021df$5,249,077
Profit and loss surplus
Underwood Typewriter Co.
88.065,975 $6,010,902 $6.881,653
-Earnings.
Six Months Ended June 301923.
1922.
x Subject to change after annual audit.
-V. 116, p. 2893.
Net earnings for period
$1.557,029
$824,289
Other net income
100,131
130,952
Wolverine

Copper Mining Co.
-Earnings.
-

Gross income
Depreciation

$1,657,160
135,601

x Net profits

$1,521,558

$955,241
105,393

8849.849
x Subject to a deduction for Federal income tax.
-V. 117, fo• 18.

Union Natural Gas Corp.
-Earnings.
-

1922.
six Mos.end. June 30-- 1923.
1921.
1920.
85,138,972 84,392,756 $4.148,320 84,455.045
1ncome
Operating revenue
1,999.373
1,269,630
1,019,190
1,524,315
2,040.433
Gr()&9 SUrphIS
1.520,633
1.251.358
1.687.234
1,394.683
Surplus after diva
970,558
682,519
1.091.899
---V. 116, p. 2893.

-Tenders.
Union Tank Car Co.
The Equitable Trust Co., trustee. 37 Wall Street, N. Y,. will until
Aug. 23 receive bidsler the sale to it of Equipment Trust 7% Gold notes,
Series A. dated Aug. 2 1920. to an amount sufficient to exhaust $625.000
at a price not exceeding par and int.-V. 116. p. 3008.

Union Twist Drill Co.
-Earnings.
-

Net profits, after deducting reserves for depreciation. Federal taxes and
interest charges, for the six months ended June 30 1923. are reported as
$342,910. V. 114, p. 2250.
-

United Alloy Steel Co.
-Earnings.
--

6 Mos. Ended June 30Profits
Other income

1923.
1922.
83,534.905 $1,913.113
185.040
45.916

Totalincome
Interest and depreciation
Provision for Federal taxes
Preferred dividends
Common dividends

$3,719.945 $1.959,029
1,465.562
684,106
281,798
115.500
115.500
1,000,000
400,000

Surplus

$857.085
$759,423
Consolidated Balance Sheet.
J'ne 3023. Dec.31'22.
J'ne 30'23. Dec.31'22
Assets$
Liabiltties-property account_22.813,771 22,809.026 Preferred stock.. 5,000,000 5,000,000
2,242,550 1,767,454 Common stock _ x4,525,000 4.525,000
Cash
U.S. Govt. secur's 274,420
278.114 1st Mtge. bonds__
79,000
Notes& accts. rec. 4,947.717 3,743,827 Notes payable_ __ 4,150.000 3,000,000
Inventories
12,772,364 13,871,424 Accounts payable. 2,542,886 4,878,985
Investments
512,317
531,003 Dividends payable 600,000
400,000
Treasury stock
2,225,000 2,225,000 Accrued taxes& int 241,495
250,354
1,259,779 1,198,979 Reserves
Other assets
2,504,291 1,640,639
148,820
Deferred assets_ _ _
125,141 Surplus
27,633,075 26,775,990
47,196,746 46,549.968
Total
Total
47,196,746 46,549,968
x Declared capital in accordance with stock corporation law of the
State of New York, represented by an authorized issue of 905,000 shares of
Common stock of no par value, of which 800.000 shares are issued and
outstanding and 105.000 shares are in the company'streasury.
--V. 117.
p. 563, 337.

United States Hoffman Machinery Corp.
-Sales, &c.
-

The sales of machines for the first six months of 1923 amounted to 5.378.
against 5,065 for the same months in 1922.
The financial condition of the company, it is announced, continues to
improve. On June 30 1923 net working capital was 82,761,338, an increase
of $245.697 compared with Jan. 1 1923. and the ratio of current assets to
current liabilities was 2.88 to 1, against 2.30 to 1 at the beginning of the
year. Current liabilities were $1.465.054, a decrease of $463,488, and current assets were $4,226.392. a decrease of $217,791.
Liabilities for the first six months of 1923 were reduced by $650.012.
This reduction consisted of 8463,488 in current liabilities,.$171.000 in bonds
and long-term liabilities, and $15.524 in other items. Reserves were increased during the same period by 8151,811. The addition to surplus for
the period was $354,443. after all reserves. This surplus compares with
$141.351 in the first six months of 1921 and $228,014 in the same period of
1922, the increases being 151% and 56%, respectively.
The amount of debentures outstanding on June 30 1923 was $2,255,000,
a decrease of $121.000 compared with Jan. 11923, and in addition to this
decrease on June 30 1923 the company held $132,137 in the sinking fund
for these debentures.
The company is placing on the market a hat machine, the demand for
which, it is said, is gratifying, and which should add materially to future
earnings. Compare comparative income account in V. 117, p. 563.

United States Steel Corp.
-Unfilled Orders.
-

-V.117,p.549,218.
See under"Trade and Traffic Movements"above.

United Verde Extension Mining Co.
-Production.
July

Month ofCooper output (lbs.)
-V. 117, p. 563.

1923. June 1923. May 1923. April 1923.
3,579,748 3.517,744 3.759.012 3.759,160

Waldorf System, Inc.-Sales.1923-Ju1y-1922.
$985,240
$1.156.504
-V. 117. P. 337. 98.

Increase.] 1923-7 Mos.-1922.
$171.264187,988,382 $6,740,336

Ittcrease.
81.248.046

Westinghouse Electric & Manufacturing Co.-Contracts--Orders Listing.
-

The company. it is stated, has been awarded contracts aggregating
$1,000,00 for electrical equipment, including locomotives, for the Detroit
0
Toledo & Ironton RR. and a contract approximating $250,000 for substation equipment for the New York Edison Co.
Unfilled orders on the books Aug. 1, it is stated, totaled 878,000.000,
against $61,914,000 April 1, the beginning of the fiscal year. Since April 1
bookings to the amount of $67,250,000 have been made.




Years end. June 30-1923.
Operating profit
loss $25,105
Depletion, deprec'n, &c_
169,810

1922.
$446,627
691,926

1921.
$591,237
929,254

1920.
$660.727
759,025

Net loss
Other income
Dividends
Balance, deficit
-V. 117. p. 219.

$194,915

$245.299
Dr.692

$338,017
Cr.3,627

8194,915

$245,991

$334,390

$98,298
Cr.12,273
90,000
$176,025

(F. W.) Woolworth

Co.
-July Sales.1923--July--1922.
Increase.] 1923-7 Mos.-1922.
814.001.739 $12,557,282 $1,444.4571E95,703,862 882.771,618812Increase.
,932,244
-V 117, p. 219.

Yawkey-Bissell Lumber Co.
-Bonds Offered.
-First
Wisconsin Co., Milwaukee, are offering at 100 and int.
$1,000,000 1st Mtge. 6% Serial Gold bonds, Series "A."

Dated June 1 1923. Due $100.000 annually 1924 to 1933. mt.
J. & D. at First Wisconsin National Bank, Milwaukee, and Wismisin
Valley Trust Co., Wausau, Wis., trustee, without deduction for normal
Federal income tax not exceeding 2%. Red., all or part, on any
upon 30 days' notice at par and int. plus a premium of Ji of 1%int. date
for each
L. months or fractional part thereof from red. date to the fixed maturity
of the bond called. Denom. $1,000, $500 and $100. Auth., 82,000.000.
Data from Letter of W. H. Bissell, President of the Company.
Company.-Incorp. in Wisconsin July 13 1916 primarily for
buying and selling timber and timber lands and conducting purpose of
a
logging and lumber business. The timber and land of company is general
located
in Langlade and Forest Counties, Wis. Company owns 15,204 acres of
land in fee, which includes the mill site and viflage properties. and
26.087
acres of timber license lands. The timber consists of about 50%
hard
wood. Mill at White Lake, Wis., has a capacity of 40.000.000
ft.
measure) per year. In addition to the mill, company owns its own (board
logging
and railroad equipment competent to supply the mill, and a village
suitable
to the requirements of the employees.
Releasing Clause.
-The mortgage provides that company shall pay to
the trustee on Feb. 1 each year $5 for each 1,000 ft. of
and $3 for each acre of land sold during the preceding timber cut or sold
calendar
000.000 ft. of timber are exempt from this provision). The year (25.paid shall be used (a) for retiring the next maturity of bonds amounts so
redeeming and retiring bonds that may have been called, and and (b) for
(c) any sum
remaining may be withdrawn by the company upon
additional timber lands, plants or other fixed assets,proper showing that
equal or greater in
value than the amount withdrawn have been acquired and
made subject
to the mortgage.
Earnings.
-.Average annual earnings available for int.
(first year mill was in full operation) to May 31 1923 were from Jan. 1 1918
earnings were shown after appropriating $400,000 for $196,896. These
assets and charging off full depreciation on plant and depletion of capital
charges upon the full amount of bonds now being issuedequipment. Interest
are $60,000 annually.
Balance Sheet as of May 31 1923 (After Present
Financing).
Assets.
Liabilities.
Cash
*S82,658 1st Mtge. 6s
$1,000.000
Receivables
183.681 Long term notes
206,900
Inventories
586,429 Capital stock
998.000
Other assets
319.636 Accounts payable
57.529
Timber & timber rights__ _3.586,757 Accruals and
reserves
132,508
mach'y & equipm't 831,273 Surplus from earnings
567,777
Plant & village site
31.752 Sur.fr.apprec.ofcap.ass'ts2.659,474
Total
$5,622,189
Total
$5.622,189

Youngstown Sheet & Tube Co.

-Listing.
The New York Stock Exchange has authorized
the listing of $40.000,000
20-Year 6% Debenture Gold Coupon
Bonds, due July 1 1943. The
$40,000,000 bonds have been sold for cash.
Approximately $33,000,000 of
the proceeds from the sale is to be used to
reimburse the company for
expenditures made in connection with acquisition
of the properties of the
Steel it Tube Co.of America and of the
tions of the Steel & Tube Co., and the properties of the subsidiary corporabalance is to be used for additional
working capital.
Consolidated Earnings Statement for First Six
Months of 1923.
[Youngstown Sheet & Tube Co., Brier Hill
Steel Co.and Steel & Tube
Co. of America.]
Total gross income, $18,888,335: depreciation
and depletion.
$4.005,025:netincome
$14,883.310
Deduct misc, special charges and interest
on bankers' loans...
932,817
Interest on funded debt
„.1.037,940
Net profits for period ___________________________________ $12,912.553
Deduct dividends paid: Preferred. $1,090,255;
Common. V.282,114; minority stockholders' equity in sub.
co., $70
3.312,439
Surplus for period before providing for Federal taxes
$9,600,114
In connection with the acquisition of the Steel
& Tube Co. of America,
the Youngstown Co. recently sold
that the interest requirements of $40,000,000 6% Debenture Bonds so
the consolidated companies are now
82,256.500 semi-annually. Net earnings available for interest as shown
above, were $13.950,493, or more than six times these requirements.
There is included in preferred
dividends on Steel &
Tube preferred, which, in future, dividends $578.984 paid, inasmuch
will
have to be
as the
assets of the Steel & Tube Co. were not
bought outright, and the preferred
stock of the latter company has been called for redemption (see above).
The consolidated earnings of the three companies for this6 months
period,
after allowing for the interest on the present funded debt and
the preferred stock of the Youngstown Co., now outstanding, dividends on
leaves
ance which is equivalent to about $11 a share on the 987.696 shares a balof common stock of Youngstown Co.before
for Federal taxes; this is at the
rate of about $22 per annum. See allowing117,
also V.
p. 563.

680

THE CHRONICLE

[VOL. 117.

The Commercial Markets and the Crops
-COFFEE
COTTON-SUGAR
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.

COMMERCIAL EPITOME
[The 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, Aug. 10 1923.
COFFEE on the spot has latterly been rather quiet.
Rio No. 7, 10% to lie.; Santos No.4, 14 to 14%c. Futures
have been firmer, partly owing to higher Brazilian cables.
Shorts, it is recalled, have at times recently found it hard to
cover. Consumers, too, in various countries, have had to
raise their bids, expecially on Brazilian grades. Invisible
supplies, it is suspected, are down to an unusually low stage.
For several months the deliveries have been small. That
meant, presumably, that reserves were being reduced. Also
the visible supply, counting the quantity afloat, for the
United States, is down to a suggestively low total. It has
recently been 997,900 bags, or in other words, less than a
million bags. This represents the consumption of a very
short time. New York has only 271,000 bags, against
467,165 last year or some 200,000 bags less than in 1922.
And to make matters worse it appears that recently only
about one-tenth of the Brazilian coffee held here was of high
grade Rio and hard-drinking Santos. and that was taken
on July contracts. New York prices are regarded by some
as fully 100 points too low, in contrast with cost and freight
quotations. Spot months on Rio and Santos term markets
have been commanding premiums over the later months,
owing to the recent smallness of the receipts there, which
fell even below the Government limits. Much of this coffee
too, it appears was shipped to the River Plate section, to
the west coast of South America, and to South Africa. Some
are wondering whether Brazilian exporters will find such an
extremely easy matter to cover their contracts for shipment
on August and September. However that may be, the
supply of the higher grades in Santos has recently been
anything but generous. There may possibly be interesting
developments ahead. That remains to be seen. On Thursday prices advanced 5 to 9 points, with traders covering
and cables in the main higher. For the week there is an
advance of 12 to 19 points. The Exchange was closed to-day
out of respect to the memory of the late President Harding.
Thursday's closing quotations were as follows:
Spot (unoff.)8,65® 8.66[December _ 7.74@ 7.75 May
September 8.65® 8.66 March --- 7.39® 7.401

37.24® 7.25

SUGAR advanced %c. on Aug. 1, Cuba selling for August
shipment at 43 c. Yet Paris cabled that the French market
A
was weak owing to the arrival of Java sugars and the seizures
of some 20,000 tons of German sugars. It seems that 4 8c.
/
was obtained for 17,500 bags here. Porto Rico recently
cabled that despite the severe drop in price "holders are not
weakening. All are optimistic and holding for higher prices
and if necessary will hold until September-October." On
the 7th inst. Cuba was quoted here at 43 to 43 3. Futures
4
one time on that day were 6 to 10 points higher, but they
reacted later. Refined was 7.90 to 80 In some cases
prices are guaranteed to date of delivery. The recent decline
of 23/ic. was due largely, it is declared, to overproduction
and offerings in Now York of Java, Brazil and Peru sugar.
The Federal company points out that the 181 Cuban centrals which have completed grinding show an outturn of
3,580,017 tons as compared with the original estimate of
4,059,000 tons. On the 6th inst. Western brokers and
trade interests were the principal buyers of sugar futures.
Spot sugar was quiet at that time at 4 7-16 to 432c. c.&f.
The receipts at Cuban ports last week were 18,086 tons,
against 10,883 in the previous week, 52,627 in 1922 and
26,422 in 1921; exports, 42,435 tons, against 27,599 in the
previous week, 103,011 in 1922 and 64,703 in 1921; stocks,
499,338, against 523,687 a week previous, 590,080 in 1922
and 1,372,605 in 1921. Centrals grinding, 1 against 1 in
the previous week, 10 in 1922 and 4 in 1921. Havana
cabled that rain was wanted in some quarters. The destination of exports was 25,382 tons to United States Atlantic
ports, 12,317 to New Orleans, 1,521 to Galveston and 3,215
to Savannah. On Thursday there was an advance of
6 to 7 points. This showed a rise for the week of 5 to 13
points. The latest Cuban sales were at 43 3o. Refined
/
has latterly sold rather more readily at 7.90o. The Exchange was closed to-day. Thursdays prices follow.
September 4.45® 4.461 December _ 4.05® 4.06IMay
1March_ -__ 3.451® 3.461

3.52

LARD was in fair demand and firm. Prime Western
11.35c.; refined Continent, 12c.; South American, 12.25c.;
Brazilian, 13.25o. Futures declined somewhat early in the
week and then rallied. But there were no big fluctuations.
Prices did drop at one time, with a fall of 20 to 40 cents in
hogs and on predictions of large receipts. But later there
was a steadier tone with hogs higher, reports of a better ex-




port demand (though this was more particularly in hams)
and some buying by commission houses. Offerings fell off.
It is true there was some hedge selling by packers. Lard
stocks decreased during July 11,730,000 lbs. The cut meats
total on Aug. 1 was 338,495,000 lbs. a decrease in July of
16,668,000 lbs. On Thursday prices declined and the ending
was unchanged for the week on September, with October
up 3 points. The exchangds were closed to-day (Friday)
out of respect to the memory of the late President Harding.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
ctsSat. Mon. Tues. Wed. Thurs. Fri.
September delivery
_10.55 10.65 10.72 10.72 10.65 HonOctober delivery
day
10.65 10.77 10.85 10.82 10.80

PORK slow of sale. Mess $24 50(025; short clear $22@
Beef quiet; mess $15; packet $13 50@$14; family
$16@$16 50; extra India mess $28; No. 1 canned roast beef
$2 35; No. 2, $4 05; 6 lbs. $15; pickled tongues $55(065
nominal. Cut meats quiet; pickled hams, 10 to 24 lbs.,
144@183 c.; pickled bellies, 6 to 12 lbs., 121 0. Butter,
%
4
creamery fresh seconds to high scoring, 3734@4434c.
Cheese flats 253'2@2634c. Eggs, fresh firsts to fancy,
26 to 36c.
OILS.
-Linseed has latterly been quiet and rather weak.
Consumers have been holding aloof for lower prices. They
have taken only very small quantities. Spot oil in car lots,
cooperage basis, is quoted at 99c. asked. August oil is
obtainable at 98c. or less. Tanks 95@95.3.; in less than
carloads,$105;less than 5 bbls.,$1 08; boiled,tanks 96@990.;
boiled, car loads,$1 01@$1 04; five barrel lots,$1 04@$1 07;
less than 5 bbls.,$107(:)$1 10; refined, bbls.,carlots, $1 05@
$1 06; varnish type, bbls., $1 05(010 6; Cocoanut
Ceylon, bbls., 9@)9K
;
3o.• Cochin, bbls., 934@9c. corn
crude tanks, mills, 7%47%c.; spot New York 9@9He.;
,
refined, 100-bbl. lots, 10@10%c.; olive,$1 15; cod, domestic,
600.; Newfoundland, 63c.; Meukaden tanks, plant, gle•
Lard, strained winter New York, 12e.; extra, 11%c. Rosin,
$5 75(07 25. Spirits of turpentine, 95c. Thursday's sales
of cottonseed oil were 14,000 barrels, including switches.
Crude S. E., nominal. Prices closed as follows:
Spot
9.50 October_-_ 9.21© 9.23 January_ _ - 8.53® 8.5T
August-- 9.90 ©10.00 November 8.61® 8.62 February _ 8.55® 8.
60

$25 50.

September 9.55® 9.60 December _ 5.50(4 8.52 March_ _-- 8.75(4 880

PETROLEUM.
-Northwestern Pennsylvania kerosene
has been cut %c., with supplies rapidly gaining and trade
dull. Only a very little export business has been done,
much to the disappointment of everybody. It looks as
though there will be a further decline in bulk and wagon
prices before long. The notion is spreading that 14c. is
disproportionately high with 45-150 in tank cars ruling at
only 6c. This idea is perhaps not surprising. Others think
gasoline prices also have a downward tendency, as they are
considered out of lino with relatively low bulk prices. Navy
in tank cars has been, it is said, as low this week as 12
Beside such a price, the tank wagon quotation of 20540.
arouses criticism. It is rumored that cargo lots of Mexican
gasoline have been obtainable at something like 9*,
curious as that sounds. Bunker oil has been quiet and rather
weaker at $1 60 f.o.b. New York Harbor refinery. Gas oil
36-40 is also rather depressed at 43 c., refinery. New York
%
prices: Gasoline, cases, cargo lots, 27.15c.; U. S. Navy
specifications, bulk, per gallon, 13.500.; export naphtha,
cargo lots, 14.50c.; 63-66 deg., 16.50c.; 66-68 deg., 18.00c.
Kerosene in cargo lots, cases, 15.40c.; Petroleum, refined,
tanks, wagon to store, 14c.; motor gasoline, garages (steel
barrels), 2034c.; bulk, delivered, New York, 124c.
The "Oil City Derrick" says that the receipts of petroleum
from the wells by the pipe lines of Oklahoma and Kansas
during the month of June were 18,261,672 barrels, a decrease
of 174,835 from the May total. Deliveries by same lines
were 15,967,391, increase 350,272 barrels. Stocks of crude
oil held on last day of June by pipe lines of Oklahoma, Kansas, Illinois and those east of the Mississippi aggregated
113,016,914 barrels, increase 4,508,848 barrels.
Penn
$2 75 Ragland
$ 75 Illinois
Corning
$1 65
1 47
1 CO Wooster
1 70 Crichton
Cabell
1 05
1 50 Lima
1 88 Plymouth
Somerset
1 00
1 40 Indiana
1 68 Mesia
Somersep, light_-_ 1 55 Princeton
1 67
RUBBER was active and higher. First latex crepe spot,
29%c. August, with September 29% to 29%c., October 30c.,
October-December 303c., January-March 313.40. In London on the 7th the tone was firm at 1534d. London stocks
were 49,420 tons, against 49,689 a week ago, 71,520 last
year and 71,824 in 1921. In London on Aug. 8 there was
a rise of %d. on a good trade at 155 d. Williamstown,
%
Mass., wired Aug.6 that Dr. H. N. Whitford of the Federal
Department of Commerce recalled in a debate on raw materials that British control of 82% of the world's crude rubber
supply had led to considerable apprehension on the part of
the American manufacturing industry, but H. Stuart
Hotchkiss of the United States Rubber Co., on the other

AUG. 11 1923.]

hand, expressed little concern. "Based upon our experience
as owner of extensive plantations both in Malaya and Sumatra," said Mr. Hotchkiss, "we can see no reason other
than military why we should not be perfectly safe in allowing
the future to develop along logical economic lines as in the
past."
HIDES have been steady with more demand,and the tone
has improved at Chicago. The sales of frigorifieo have
attrcted some attention Europe has been buying in rather
large quantities. The sales at the River Plate have included
6,000 Swift La Plata steers at $37, or 13 13-16c. cost and
freight for 29M kilo hides; 4,000, 27 kilo, La Blanca, at
$36 40, and 4,000 Armour La Plata at $37. Later in the
week there were sales to Europe of 2,000 Artiga frigorifico
steers at $37 26, or 140. cost in freight; 3,000 Anglo-South
American steers at $36, or 13/o. cost in freight, and 4,000
lightweight La Blanca at $34 50, or 123'c. c. & f. Country hides were dull. City packer were quiet. Packers were
asking 11 Mc. for kosher July bulls and 180. for June-July
spreadies. July butt brands were offered at 13c.; Colorado
120.
OCEAN FREIGHTS were quiet and depressed.
Charters included grain, Montreal to United Kingdom basis 3s. one
port with options, prompt; round trip in West Indies trade, $1 05 prompt;
pig iron, Immingham to Philadelphia 1Is prompt; coal, Atlantic range
to Amsterdam or Rotterdam,$2 10 late August; general cargo, Philadelphia
to Danzig, $8,500 August; coal Atlantic range to Santos. $.3 70 August;
one round trip in the West India trade, said to be $1 10 August; another
four months,$1 30; sublet Hampton Roads to St. Lucia, coal at $2 August:
grain Gulf to Antwerp at 15c., Aug. 20: coal, Atlantic range to Rio de
Janelio. $3 30: Welsh form, August; or to Wabana to Port Talbot at 8s
Bristol Channel, basis 37s. 6d.
prompt; pit props, New Foundland to of Britain
or east coast of Ireland,
prompt; Deals Bay Chaleur to west coast
to west coast of Britain, 61s. 3d. August:
628. 6d. August; Deals MiramichlKingdom, 363. 3d. October; grain,
North
grain Portland, Ore., to United August;
Pacific to United Kingdom,36s.3d. 26c.another,same terms September;
Japan. oil, basis
one port, September; another
oil, Port Arthur toWest Italy, $2 90 August; Deals Bathhurst to London,
same terms; coal toIndia, one round trip at $1 10; sublet Hampton Roads
65s. August; West
$2 85 prompt; lumber, Restigouche to Buenos
to Kingston, Jamaica coal, was claimed' option Rosario, $16 Septe-viber;
Aires at or about $14. It
70,000 barrels crude oil. Gulf to Providence, 33%c. August.
TOBACCO has been for the most part quiet, or at best
the business has only been moderate. Manufacturers were
said to be looking around rather more,it is true. But actual
business is another matter. A pretty good demand, however, is reported for Porto Rico. It appears that the crop
there is being sold with a certain readiness. Indeed it may
all be contracted for at a comparatively early date. Judging
from the talk heard in the trade, at any rate, that is not
unlikelyto happen. In other words, the market is considered in iuretty good shape on the eve of a revival of
business, which is expected to occur late in August or at all
events some time in September.
COAL was tending upward early in the week for hard and
soft. Retail anthracite was then reported at $13 50 to $14;
No. 1 buckwheat $3 50; barley scarce; birds-eye, $1 30 to
$1 60; high-grade nut washery, $11; poea, $7 25. Steam
sizes of anthracite were in smaller supply later. Independents quoted $12 to $13 and higher for spot delivery. The
contract price was said to be as low in some cases as $9 25.
In New England there was a good demand for Welsh anthracite; that is, in and around Boston. Pool 1 coal was offered,
it is said, in Boston $6 75 on the cars. Others asked $6 85.
Welsh cobbles were offered at $14 24 per gross ton alongside
Boston.
COPPER has been rather steadier of late after a somewhat
easier market. There are indications of a better inquiry
and in some cases of an increase of actual business. The
sales Were generally, it is stated, at 1438c. Some business
/
for export has been done at 14.35c. f.a.s. New York. But
London on the 8th fell 2s.6d. for future delivery, touching
£65 7s. 6d. Standard on the spot was £64 17s. 6d. Electrolytic dropped 5s. to £71 on the spot and £71 10s. for futures.
TIN advanced partly in response to a rise in London of
2 15s., with sales of 230 tons. New York really set the
pace on Tuesday. Some 50 tons of August-September
Straits shipments sold on Wednesday at 383 to 38 8e.
4
ic. Some quoted 39e.
Straits therefore advanced fully V
Ninety per cent tin was quoted at 38'Ac•
LEAD has been lower at the West at 6.50c. at East St.
Louis, with little business and mostly in car lots. New
York was 6.500. London was up to f'24 2s. 6d. on the spot,
a rise on Wednesday of 2s. 6d.
ZINC has been quiet and easier at 6.15 to 6.20c. at East
St. Louis. Latterly the market has been steady, though
the output is increasing in the Tri-State district, with labor
more plentiful with wheat harvesting ending.
STEEL has sold somewhat more freely. August thus far,
at least, it is said, is making a better showing than July.
And July business exceeded that of June. Oil companies
and builders have been buying. Railroads and automobile
makers are expected to buy more freely before long. Finished steel as a rule is unchanged, though hot rolled flats and
cold rolled strips have declined somewhat. Wire mills, too,
are trying to get more business and it is supposed are offering price inducements to stimulate trade. In the next two
months railroads are expected to enter the market for next
year's supply of rails. At Chicago there are said to be inquiries for 60,000 tons. One Western railroad has just
bought 13,000 tons. Buying of railroad cars is small. Chicago reports steel demand in general increasing, however,
and adds that production is running behind consumption.
Some independent companies say the increase in business re-




681

THE CHRONICLE

recently has been 10%. Some contend that this means
about 80% of capacity. And there is a pressure for deliveries, so that there is only a moderate improvement in this
respect. That is no bad sign. There is no little optimistic
talk about the prospects for the trade. Steel ingot output
,
in July fell off 236%, the total reaching, it is estimated,
3,515,966 tons.
PIG IRON has been active at the East and also at the
West, but the business had to be done at generally lower
prices. Some 35,000 tons of basic iron, it appears, have
been sold at $25, delivered. Central western basic fell to
$24 at furnace. Of foundry iron in the New York district
20,000 tons have been sold. In St. Louis 18,000 tons of
Southern pipe iron, it appears, was sold at $23. Pessimistic
forecasts are heard as regards Southern iron. Some would
not be surprised if it went to $22 or even to $20. That
remains to be seen. No. 2 plain iron Northern has been
offered, it is said, at $24 to $25. It is also stated that the
output of coke and pig iron continue to decrease. In the
last few months, on the other hand, consumers stocks to all
appearances have fallen off. It is of interest in the meantime to notice that the July movement of Lake Superior ore
was 10,411,248 gross tons and excelled all records apart
from the 10,659,206 tons of July 1918, and this is only the
fourth time in Lake ore history that shipments have exceeded 10,000,000 tons in a month. The total to Aug. 1
was 26,596,731 tons, nearly 54% gain over the same period
in 1922.
WOOL has been dull and more or less depressed. Mills
still held aloof. The question of prices and business, it is
felt, depends in the long run largely on the state of trade in
spring piece goods. This seems just now to very many to be
none too promising. It has certainly been disappointing.
That is one of the outstanding features of the situation. A
certain success undoubtedly attended the opening of the
woman's wear lines, but it had no effect on the wool market,
as mostly fine wools are used in making such goods. The
state of the men's wear goods trade is something far more to
the point. And that plainly lags. Clothing and knitting
wools have been neglected. Some business, it is true, has
been done in short cape wools and noils. Felt mills have
bought. Fine Australian wool, too, has net with some
demand from dress goods mills. All this business, however,
was at a decline recently of 5 to 10c. Meanwhile the big
auctions abroad are about a month off. Liverpool's sale, it
is understood, will begin early in September. South American markets will open before long. Foreign markets in the
meantime are higher than American. Purely nominal prices
here are 57 to 60c. for Ohio and Pennsylvania fine delaine,
52 to 54c. for XX,55 to 56c. for half-blood; with Territory
fine medium staple $1 35; clothing $1 35; half-blood $1 20;
Texas fine 12 months $1 35; 10 months $1 25. In Boston,
Ohio and Pennsylvania delaine unwashed 55 to 56c.• fine
48 to 50c.; half-blood combing 55 to 56c.; Michigan and New
'
York delaine unwashed 53c.;fine 48c.; Texas fine 12 months
$1 30 to $1 35.
Australian sales will be arranged as follows: In September, 33,300 bales at Sydney, 40,000 at Brisbane and 10,000
at Victoria; total, 108,000; in October, 118,000 at Sydney,
40,000 at Brisbane and 60,000 at Victoria; total, 253,000;
in November, 124,700 at Sydney, none at Brisbane, 79,000
at Victoria; total, 248,000; in December, 58,000 at Sydney,
40,000 at Brisbane, 60,000 at Victoria; total, 200,000.
That is to say, based on estimated offerings in Australia
of 1,610,000 bales, it has been agreed to offer 810,000 before
Christmas and the rest later. South Australia has been
allowed 25,000 bales in each month this fall and winter;
West Australia 10,000 in October, 40,000 in November and
17,000 in December. It was agreed that offerings for the
rest of the season will be announced in November.

COTTON.
Friday Night, August 10 1923.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
27,067 bales, against 27,686 bales last week and 22,226 bales
the previous week, making the total receipts since the 1st
of August, 1923, 34,165 bales, against 34,815 bales for the
same period of 1922 showing a decrease since Aug. 1 1923
of 650 bales.
Sat.

Mon.

Tues.

Wed.

Thurs.

Galveston
2,346 2,230 4,119 3,674 2.709
Houston
3,650 ---516
New Orleans..
373
393 -8§i -a/3
50
Mobile51
2
Savannah
igl
202
661
ii
1 1,098
Charleston
85
156
23
42
101
Wilmington
132
61
133
100
26
Norfolk
49
24
401
Boston

so

Philadelphia

Fri.

Total.

---- 15,078
---3,650
.183 3,557
25
154
---977
689 2,052
---469
---600

so

7.915 5.056 1.897 2711(17
The following table shows the week's total receipts, the
total since Aug. 1 1923 and stocks to-night, compared with
last year.
Totals this week_

2 222

4 2O2

4.7fi3

682

THE CHRONTCLE

(VOL. 117.

late have been 65 or even much under that. Some of these
reports sound so pessimistic as to be received with skepti1922.
1923.
cism, whether they ought to be or not. It will be recalled,
Galveston
15,078
18,652 14,410
30,451
77.719 too,
18,938
that the Government stated the crop indication on AugTexas City
369
4
Houston
3,650
3,650
New Orleans
3,557
4,740 5,699
67,452 ust 1 at 11,516,000 bales. The carry-over from last season,
8,662
44,971
Mobile
154
154
304
783 it is thought, was
351
653
approximately 2,500,000 bales. It is
Jacksonville
10
2,614
1.433
65
Savannah
977
2,738 1,600
41,700 pointed out that at this rate the season's supply would be
2.713
11,253
Brunswick
75
1.275
250
161
Charleston
2,052
2,107
332
51,809 only about 14,000,000 bales, as against what looked like a
727
25,952
Wilmington
469
606
310
12,150
361
2,986
Norfolk
600
745
859
34,177 world's consumption of American cotton last season of 12,17.192
1,728
New York
91,137
23,492
Boston
50
79
75
9,697 600,000 bales. If these figures are at all right the carry-over
107
5,254
Baltimore
214
174
1.791
699
1.150
Philadelphia
480
480
4.517 into next season, I. e., that of 1924.25, would be even smaller
164
164
4,373
Port Townsend_
2
than for August 1 1923. In fact, it would be under 1,500,San Pedro
,2656
000 bales. At the same time some have lately insisted that
Totals
27,067
34.165 24,012
34.815 173,164 396.009
the crop, owing to bad weather recently, that is weather
In order that comparison may be made with other years, very similar to that of last August, which had such prejudicial effect on the crop, has cut the probable size of the
we give below the totals at leading ports for six seasons:
United States crop to something like 11,000,000 bales. There
Receipts at1923.
1922.
1918.
1921.
1919.
1920.
are even estimates extant much lower than 11,000,000 bales.
Galveston_ ___
15,078
18,449 In other words, there are fears
14,410
36,222
20,567
10.932
in some quarters that the
Houston, &c_
3.650
9.156
137
564
680
New Orleans..
3,557
8,831 crop this season may prove inadequate.
5.699
12,781
12.872
9,630
Mobile
1.411
154
304
2,189
424
989
Savannah...._ _
Also, there have been more favorable reports from Fall
977
6,396
1,600
15,613
6,037
1,597
Brunswick _
75
300
300
10,000
Charleston _
2,052
648 River of late. The demand there is said to be better for
332
905
1
1.448
Wilmington....
469
1
310
1,069
2,387
Norfolk
600
705 Print cloths. And in Worth Street the cloth markets have
859
3,707
1.749
1.871
N'port N., &c.
128 at times shown more
26
26
27
snap and activity. Prices, too, have
All others... ..530
423
2,068
2.711
2,376
5,741
been firmer as raw cotton prices rose. Last Monday there
Total this wk_
27,067
24,012
39,074
74.894
32.599
72,104
was an advance in raw cotton here of from 130 to 140 points
Since Ana. 1_ _
34.165
34.815 127.401
AO 710 144 774
81.347
1 from the "low" of the morning, owing to nothing less than
Texas drouths, fears for the crop and heavy covering of
The exports for the week ending this evening reach a tota
shorts by Wall Street and uptown interests, not to mention
of 33,330 bales, of which 11,900 were to Great Britain,
others. At times, too, Liverpool and Japanese interests have
4,158 to France and 17,272 to other destinations. Below
bought on a considerable scale. At one time there were reare the exports for the week and since Aug. 1 1923:
ports of a better spot demand. Prices advanced sharply.
The basis in Texas has been reported stronger. New York
Week ending Aug. 10 1923.
From Aug. 1 1923 to Aug. 10 1923.
Exported to
Exported to
exported in one day 11,300 bales, including 3,000 to Bremen.
Exports
fromGreat
Great
Alabama reported no pressure to sell. Spot people at Dalkatn.lFrance. Other. Total. Britain.' France.
Other. I Total.
s, Texas, were reducing crop estimates. Liverpool reported
Galveston_ _
7,090
7,090
7,090 7,090
Houston _ _ _
3,650 a somewhat better spot demand. Not that the spot sales
3,650
3,650
New Orleans
3,899
4,865
3,606 3,396
396
570
Mobile
350
350 there were really large. But on one day they did rise to
350
350
Savannah _ _
377
377
Norfolk..
3,600 7,000 bales, which was in noticeable contrast with 4,000 bales
3,6
3,600
3,60
-0
New York
13,175
24,062 a day for some several weeks.
8,300
2,312
8,575
15,244
And reverting to Texas spot
- 43,994 interests for a moment, Houston advices have insisted there
Total_
24,891
11,900 4.1581L17.272 33,330E 12,745
6,358
46,687 has been a rapid deterioration in the cotton crop prospect
Total 1922[i,09
32,144
7,655
1,38.5 19,044 21,527
6,888
Total 1921.1 8,798
14,550
56,749 65,544
2,409 117,070 134,029
and there was an increasing demand from recent interior
NOTE.
-Exports to Canada.
-It has never been our practice to include In the
above table exports of cotton to Canada, the reason being that virtual y all the sellers who were trying to cover. And it is also contended
cotton destined to the Dominion comes overland and it is impossible to get returns that there is
a large short interest among shippers in conconcerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view,
-however
nection with forward engagements. The consensus is that
of the numerous Inquiries we are receiving regarding the matter, we will say that for
the crop year from Aug. 1 to June 30(no later returns are as yet available) the exports there has been no pressure to sell
spot cotton, even if as
to the Dominion the present season have been 193,438 bales. In the corresponding
rule there has been no very insistent demand for fall shipperiod of the preceding season the exports were about 190,000 bales.
ments. Yet, on the other hand, there are reports that in
In addition to above exports, our telegrams to-night also
some cases shippers are doing a better business with Europe
give us the following amounts of cotton on shipboard, not
in the actual cotton than they were at this time last year.
cleared, at the ports named.
On Thursday, however, there was a decline of some 50 to
On Shipboard, Not Cleared for
55 points, owing to rains in different parts of Texas. At
Great
GerLeaving
Alice, in the Southwest, there was a rainfall officially reOther Coast- Britain. France. many. Cont'nt. wise. Total.
Stock.
Aug. 10 at
ported of 3.04 inches and there were small or moderate rains
Galveston
21,851
1,000 2,300 1,200 2,600 1,500 8,600
39,508 elsewhere in that State. To be sure, there were heavy rains
840
New Orleans_ _
440 3,410
773
5,463
Savannah
11,253
25,952 in Georgia and the Carolinas which were unfavorable, but
Charleston --- _
653 the idea that the Texas drouth
Mobile
might be broken between
17,192
Norfolk
100 1,500
38,392 Thursday and Monday next was uppermost in the minds of
4,300
.400
Other portal._ 2,300
4,140 3.173 3,140 6,410 1,500 18,363 154.801 very many members of the trade and there was heavy liquiTotal 1923..
13.166 5,147 9.167 16,602 3,159 47,241 348,768 dation. Wall Street did a
Total1922
good deal of it. It is supposed
16.378 12,963 26,766 31,483 3,223 90,813 1,225,652
Total 1921
that selling from this quarter, possibly for both sides of the
* Estimated.
account, amounted to some 40,000 bales or more, in large
Speculation in cotton for future delivery has been on a part for long account. The South was also selling. It has
fair scale at generally rising prices, mainly owing to drouth been selling very steadily during the week. The effect in
In Texas and Oklahoma. Wet weather east of the Missis- connection with rains and the fear of what might happen
sippi River has also counted. The drouth in the Southwest over the legal holiday to-day, when the Exchange will be
has caused shedding. Leaf worms there have also done closed and also over Saturday and Sunday, induced a good
damage. East of the river there has been complaint of many to clear off their accounts. Besides, other circumweevil. Not that the weevil as a rule has done any serious stances were inimical to the price. Liverpool was less active
damage, but the infestation has been increased, it is be- and was noticeably more depressed. The news from Bremen
lieved, by prolonged wet weather in that section. Some pri- was considered unfavorable. The German Cabinet, it is unvate reports of late have put the condition of the belt as low derstood, refuses to change its attitude of passive resistance
as 66.1, which is a decline of about 4 points from reports in the Ruhr. Francs have been down to the lowest ever
from similar sources, although the Government report on known in French history. Belgian francs have also reached
August 1, it will be remembered, was 67.2. In Texas some a new low. Stocks, moreover, were declining. There are
private reports have insisted that the condition was down fears of liberal receipts at Texas points before long. This
to 67, as against 76 a couple of weeks ago from the same would be natural,'owing to premature opening. Also, there
sources. The Government put Texas on the 1st inst. at 71. are fears in some quarters of rather heavy hedge selling in
Some reports recently went as high as 78. Other reports of the near future, coincident with the increasing crop moveReceipts to
Aug. 10.




1923.

1922.

This Since Aug This Since Aug
Week. 1 1923. Week. 1 1922.

Stock.

THE CHRONICLE

AUG. 11 1923.]

meat. In a word, there was a general disposition to sell.
There had recently been an advance of 300 points. That had
weakened the technical position. There was less pressure
to cover. Even some of the firmest friends of cotton held
aloof. Many who believe that ultimately it must go higher
simply looked on. There was a lack, therefore, of sustaining power, although now anti then buying that looked like
support appeared. But on the whole the market on Thursday was left mainly to itself and with the fear of what might
happen, as already intimated, over the holidays just ahead.
including the half holiday on Saturday, even some of the
best friends of cotton deemed discretion the better part of
valor. And very many here are looking for lower prices.
They do not like the general condition of outside trade. They
do not like the looks of international politics or the weakness of late of the stock market or the collapse of Continental exchange, including French francs. Yet futures show a
rise since last Friday of 71 to 83 points. Spot cotton ended
on Thursday at 24.25c., a rise for the week of 175 points.
To-day (Friday) the cotton exchanges were closed on account of the funeral of President Harding.

Continental imports for past week have been 50,000 bales.
The above figures for 1923 show a decrease from last week
of 95,475 bales, a loss of 1,465,733 from 1922, a decline of
3,915,247 bales from 1921 and a falling off of 2,747,084
bales from 1920.

The following averages of the differences between grades,
as figured from the Aug. 8 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Aug. 16 1923.
91 on Middling "yellow" tinged
1 05 off
Middling fair
69 on Good mid,light yellow stained__ .45 off
Strict good middling
47 on *Strict mid,light yellow stained_ .92 off
Good middling
25 on *Middling yellow stained
1 39 off
Strict middling
40 ol Good middling "gray"
.24
Strict low middling
90 oft *Strict middling 'gray'
74 off
Low middling
1 51 off *Middling "gray"
1.19 off
*Strict good ordinary
2.16
*Strict low mid. "yellow" tinged_ .156 off
*Good
10
•Low middling "yellow" tinged_ _2.16 off
Good middling spotted
14
Good middling "yellow" stained_ .85 off
Strict middling spotted
.44 off *Strict raid. "yellow" stained_ _ _ _1.41 off
Middling spotted
.94 off *Middling "yellow" stained
1.91 off
•Strick low middling spotted
1.59 off *Good middling "blue" stained_ .98 off
•Low middling spotted
*Strict good mid. "yellow" tinged .12 on *Strict middling "blue" stained_.1.41 off
1 91 off
Good middling "yellow" tinged_ .13 off *Middling "blue" stained
Strict middling "yellow" tinged__ .43 off
•These ten grades are not deliverable upon future contracts.

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 310 Aug. 10Middling upland

683

-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Aug. 11 1922.

Movement to Aug. 10 1923.
Towns.

Receipts.

Ship- 1Stocks
meats. Aug.
Week. Season. Week. 10.

Birming'm
Eufaula
Montgomery.
559
Selma
Ark., Helena......
Little Rock
137
Pine Bluff__ _
18
Ga., Albany_ _
Athens
17
53
Atlanta
Augusta
162
93
Columbus- - 31
Macon
Rome
La., Shreveport
Miss.,Columbus
Clarksdale_ _ 100
Greenwood......
Meridian_ _85
Natchez
Vicksburg- I
Yazoo City_
Mo., St. Louis_3,426
98
N.C.,GreInsboro
7
Raleigh
Okla., Altus
_
Chickasha _ _ _
__
2
Oklahoma._ _
_ _ __
S.C.,Greenville
Greenwood _ Tenn.,Memp is 1,592
Nashville__ _ _
_
Texas, Abilene_
Bren am_
Austin
Dallas
Honey Grove
Houston._ _ _ 14,733
Paris
_ _ __
San Antonio_
3
Fort Worth
Total, 41 towns 21,116

72
993
1
193
86
17
208
265
379
31
75
231
38
94
1
2
4,864
289
7
60
2
498
2,687

157
713
634
659 6,363
144
874
6,881
373
564 12,307
. 133 22,871
2,000
184 12,718
11
826 9.786
880
462 12,834 2,213
182
256 3,946
414 3,630
219
3,302
246
200
644
1,207 15,896
12
16,092
243
655
29
2,822
24
2,796
7 7,495
6
3,624 5,400 5,111
1,666 7,762
376
98
136
869
56
279
21
236
21,148 1,939
4,360
2,328 55,837 3,694
10
186
3,883
33
308
8 1,381
32

21,057 13,90
84
3

Ship- ( Storks
menu. At g.
Week. 11.

Receipts.
Week.

25,665 18,175
37
111
296
215

32,235 26,707264,363 34,251

_ _ __I

250
1
49
432
1
32
1,480
3,18
460
1,097
3,048
212
112
56
6
28
6
11,338
771
12
75
161
96
4,939
7,387
64
126
24,866
34
267

627
3,113
480 11,308
1,740
6,282
1,307 15,820
23,506
87 1,210
450 15,365
2,169 10,224
3,514 52,345
262 6,334
403 6.804
600 5,907
200 3,300
393
354 9,421
362 9,372
25 1,359
1,476
79 2,920
405 4,115
5,742 12,343
1,372 6,379
57
100
95
813
418
185
1 3,318
4,281 14,196
262 8,664
4,983 58,439
377
54
20 2,578
187
144 4,350
110
12,670 37,970
260
_ _ __
189
468 2,083

61,478 41.02345.726

Sat. Mon. Tues. Wed. Thurs. Fri.
'3.90 25.00 25.15 24.65 24.25 Closed

The above total shows that the interior stocks have de"
creased during the week 5,870 bales and are to-night 81,363
THE VISIBLE SUPPLY OF COTTON to-night, as made
bales less than at the same time last year. The receipts at
up by cable and telegraph, is as follows. Foreign stocks, as
all towns have been 13,135 bales less more than the same
well as the afloat, are this week's returns, and consequently
week last year.
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
OVERLAND MOVEMENT FOR THE WEEK AND
(Friday), we'add the item of exports from the United States, SINCE AUG. 1.
-We give below a statement showing the
including in it the exports of Friday only.
overland movement for the week and since Aug. 1, as made
1923.
1922.
Au7. 101921.
1920.
up from telegraphic reports Friday night. The results for
Stock at Liverpool
bales 374,000 759,000 1,061,000 977,000
1.000
Stock at London2,000
12,000 the week and since Aug. 1 in the last two years are as follows:
36,000
at
58,000
Stock

Manchester

88,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stocg at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp

115,000

411,000
25,000
37,000
38,000
4,000
65,000
18,000
3,000
1,000
191.000

Total Continental stocks
Total European stocks
India cotton afloat for Europe_ -American cotton afloat for Europe
Egypt, Brazil. &c.,afloat for Eur'e
Stock in Alexandria. Egypt
Stock in Bombay,India
Stock in U. S. ports
Stock in U. S. interior towns_
U. S.exports to-day

817,000 1,151,000 1.104,000
33,000
25,000
179,000 296,000
79,000
136,000 136,000 154,000
12,000
10,000
81.000 1C0,000
75,000
42,000
24,000
79,000
8,000
30.000
20,000
1,000
492,000

602.000 1,309.000
78,000
102.000
110,000 131,000
43.000
78,000
127,000 208,000
487.000 924,000
173,164 396,009
264.363 345.726

621,000

407.000

1.772,000 1,511,000
36,000 107,000
250.273 164.388
50,000
53.000
264,000
71,000
1,137,000 1,322.000
1,316,465 716,671
1,074,165 808,327
700
16,346

Total visible supply
1,908,527 3,469,735 5,919,249 4.751,086
Of the above, totals of American and other descriptions are as follows:
American
bales_ 125.000 428.000 666,000 647,000
Liverpool stock
18,000
41,000
Manchester stock
67,000 103.000
110,000 399.000 541,000 337,000
Continental stock
110.000 131.000 250,273 164,388
American afloat for Europe
U. S. port stocks
173,164 396,009 1,316,465 716,671
U. S. Interior stocks
264,363 345,726 1.074.165 808,327
U.S. exports to-day
16,346
700
Total American
East Indian, Brazil, rtc.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 AmericanY

800.527 1.740,735 3,931,249 2,777,086
249,000
1,000
18,000
81.000
102,000
43.000
127,000
487,000

331,000

395,000 330,000
2,000
12.000
17,000
21.000
12,000
93,000
80,000
70,000
78.000
36,000 107,000
78.000
53,000
50.000
208,000 264,000
71.000
924,000 1,137,000 1,322,000

1.108.000 1,729,000 1,988,000 1,974,000
800.527 1,740,735 3,931,249 2,777.086

Total visible supply
1.908.527 3.469,735 5,919,249 4.751.086
Middling Uplands, Liverpool_ _ _ 14.57d.
12.45d.
8.54d. 27.19d.
Middling uplands, New York_ _ - 24.25e.
21.40c.
13.25c.
37.50c.
Egypt, good sakel, Liverpool_ _ _ _ 17.25d. 19.508.
18.00d. 73.00d.
Peruvian, rough good. Liverpool_ 18.50d. 13.25d. 10.00d. 44.00d.
Broach fine, Liverpool_
12.00d.
11.154.
8.054. 20.60d.
12.65d.
Tinnevelly, good, Liverpool
12.054.
8.554. 21.854.




August 10.
Shipped
Via St. Louis
Via Mounds
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c

1923
Since
Aug. 1.
5,168
1,080

1922
Since
Aug. 1.
11,338
3,040

Week.
3,624
780

Week.
'5,111
1.970

50
3,562
7.985

50
5,276
9,885

1,15.82
.
3.337
8,692

1.282
6.862
14,012

Total gross overland
16,001
Deduct Shipments
Overland to N. Y., Boston, &c- __
530
Between interior towns
419
Inland, &c.,from South
3,204

21,459

20,192

36,534

773
599
4,764

413
432
6,269

1,020
857
10,849

Total to be deducted
Leaving total net overland*

4.153

6,136

7,114

12.726

11,848

15,323

13,078

23,808

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
this year has been 11,848 bales, against 13,078 bales for the
.
week last year, and that for the season to date the aggre
net overland exhibits a decrease from a year ago of 8,485
bales.
1923
Since
Aug. 1.
34.165
15,323
163.000

Week.
24.012
13,078
91,000

1922
Since
Aug. 1.
34.815
23,808
163.000

140,915
*5,870

212,488
*6,429

128,090
*9,433

221,623
*30,433

Caine into sight during week_ _ _135,045
Total in sight AUg. 10

206,059

/n Sight and Spinners'
Takings.
Week.
Receipts at ports to Aug. 10
27,067
Net overland to Aug. 10
11.848
Southern consumption to Aug. 10a102,000
Total marketed
Interior stocks in excess

North. spinn's' takings to Aug. 10 11,990

118,657
15,980 p57,450

191,190
72,138

* Decrease. a These figures are consumption: takings not available.

Movement into sight in previous years:
Week1921-Aug. 12
1920
-Aug. 13
1919
-Aug. 15

Since Aug. 1Bales,
104.061 1921-Aug. 12
-Aug. 13
79,099 1920
-Aug. 15
93,324 1919

Bales.
264,638
149,341
197.473

684

THE CHRONICLE

vol.. 117.

FUTURES.
-The highest, lowest and closing prices at been retarded by the continued heat and drouth, while in
New York for the past week have been as follows:
the snore southern portion of the eastern cotton States too
much rain has been detrimental. In the northern section of
, urday, Monday, Tuesday, Wed'day, Thurscry, Friday,
Aug. 4. Aug. 6. Aug. 7. Aug. 8. Aug. 9. Aug. 10. Week.
the belt, however, conditions have been favorable and
August
generally good progress has been made
Range
- 23.50 -23.60 - --23.20-.80
23.20-.80
Texas.
Closing ___ e3.10 -24.80 -24.40 -23.85 -23.80 -Generally the days have been hot and dry, with
- September
Range
24.21 ---- -- -24.21 - excessive sunshine. Hot, dry weather is causing shedding
Closing ___ 3.00 -24.45 -24.40 -23.95 -23.80 --- and premature
opening. Weevil damage is slight, but in
OdoberRange
.25-.69 23.00-.95 23.40-318 23.22-88 22.85-117
22.25118 the southern part of the State there has been some leaf
Closing
2.60-.67 23.74-.76 23.88-.90 23.35-.38 23.00-.03
--November
worm damage. Picking is making excellent progress.
Range
23.45
23.45 Closing_ __ +2.58 -23.72 -23.86 -23.34 -22.97 Mobile.
-There has been very little rain in the interior
--December
Range
"2.20-62 23.05-.90 23.32411 23.15-84 22.80-114 Closed 22.20411 during the week and laying by of cotton has made good
Closing
22.56-.61 23.70-.73 23.85-89 23.34-.36 22.95-.96
on
--- progress. There
are some reports of weevil damage and a
Januaryaccount
Range
+ .08-.44 22.85-169 23.15-.80 23.00-.60 22.61-.93
of
22.08480 few localities speak of the presence
of the army worm. There
Closing__ + 2.35-40 23.48-.51 23.66 -23.17 -22.72-14 funeral -- Februaryhas also been excessive shedding in some localities. Picking
of
Range
Presi- --Closing
+ .38 -23.54 -23.69 -23.17 -22.75 - dent --- of early cotton is well under way.
MarchHarding.
Range
Charlotte, N. C.
.19-5322.90-110 23.24-.90 23.05-.65 22.68-101
-Cotton has made excellent progress.
22.19490
Closing__ _ e.. .42-.45 23.60-45 23.72-.75 23.17 -22.78-80
,
--Charleston, S. C.
April- •
-The outlook for cotton the last week
Range
- - - brightened considerably.
has
Closing_ +2.38 -23.57 -23.60 -23.17 -22.75 - -

May
Range
Closing...
June
Range
Closing _ .
July
Range
flestins

.1 23c.

+2.07-.35 22.85-165 23.15-.85 23.02-.60 22.66-.92
+2.35 -23.55-.57 23.66-.74 23.18 -22.73 -

22.07-185
_
_

+2.30 -23.50 -23.58 -23.68 -,22.65 "2.O5-.28 22.45-145 23.15-.68 23.00-.36122.58-.65
99 90 -92 44 -so on -92 on -'22 AR -

22.05-168
_ ___

J 24c.

QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
-

Week ending
Aug. 10.

turday. Monday Tuesday. Wed`day. Thursd'y. Friday.

Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore

23.25
23.00
23.00
23.15
2.94

Augusta

23.00
22.75
23.15
23.25
22.65

Memphis
Houston
Little Rock
Dallas
Fort Worth

24.40
23.75
23.75
24.25
24.00
23.00
24.25
23.75
24.25
24.25
23.75
23.85

24.55
24.00
24.00
24.40
24.13
24.50
24.38
24.00
24.40
24.25
23.90
23.95

24.05
24.00
24.00
23.86
23.50
24.50
23.88
23.75
23.90
24.00
23.35
23.45

23.65
23.50
23.50
23.75
23.25
24.00
23.50
23.50
23.55
23.50
23.00
23.00

Closed
on
account
of
funeral

of
President
Harding

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 10 for each of the past 32 years have been as follows:
1923 _--.•24.25c.
1922
20.95c.
1921
13.25c.
1920
39.00c.
1919
31.90c.
1918
33.70c.
1917
26.90c.
1916
12.05c.

1915
1914
1913
1912
1911
1910
1909
1908

9.25c. 1907
1906
1905
1904
1903
1902
1901
1900

12.00c.
12.30c.
12.40c.
15.95c.
12.60c.
10.650.

13.40c.
10.60c.
10.75c.
10.65c.
12.75c.
9.00c.
8.00c.
10.00c.

6.38c.
6.06c.
8.00c.
8.12c.
7.19c.
76.c..

1899
1898
1897
1896
1895
1894
1893
1892

7.25c.

•Thursday, Aug. 9. Cotton Exchange closed Friday, Aug. 10, on ac_
count of funeral of President Harding.

MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot.
Market
Closed.

Futures
Market
Closed.

SALES.
Spot.

Saturday...:. Steady, 40 pts.adv. Firm
Monday _ __ Steady,110 pts.adv.Steady
Tuesday ___ Steady. 15 pts.adv. Steady
Wednesday_ Quiet, 50 pts. dee__ Barely steady
____
Thursday __ Quiet, 40 pts. dec-- Barely steady-___
Friday
Closed
Total

Nil

Contr't. Total.

____
____
Nil

_ _ __
____

Monday,
Aug. 6.

LTuesday, Wednesday, Thursday,
Aug. 7.
Aug. 8.
Aug. 9.

Henrietta

Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston, S.C
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
gyersburg, Tenn
emphis

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:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Aug. 10 1923. Aug. 111922.
Feet.
Feet.
Above zero of gauge_
2.4
5.1
Above zero of gauge_
10.6
10.0
Above zero of gauge.
10.7
7.8
Above zero of gauge..
6.2
7.1
Above zero of gauge.
14.3
14.3

RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.

Nil

-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
Aug. 4,

Rain. Rainfall.
Thermometer
1 day 0.06 in. high 86 low 76 mean 8
dry
high 100 low 74 mean 87
1 day 0.25 in. high 100 low 74 mean 87
2 days 0.24 in. high 92 low 76 mean 84
2 days 0.17 in. high 90 low 74 mean 82
dry
high 103 low 76 mean 90
dry
high 112 low 74 mean 93
dry
high 98 low 64 mean 81
dry
high 105 low 70 mean 88
dry
high 103 low 75 mean 89
3 days 0.22 in. high 102 low 73 mean 88
dry
high 105 low 70 mean 88
dry
high 100 low 72 mean 86
dry
high 108 low 72 mean 90
dry
high 98 low 70 mean 86
dry
low 72
1 day 0.20 in. high 102 low 75 mean 89
1 day 0.05 in. high 106 low 73 mean 89
low 72
2 daysdr6A9 in. l ign ISI
ean 1
)
mean 01
a
t
dry
high 104 low 75 mean 89
2 days 1.66 in. high 99 low 74 mean 87
1 day 0.82 in. high 100 low 73 mean 87
3 days 0.38 in. high 97 low 73 mean 85
1 day 0.10 in. high 101 low 71 mean 86
dry
high 97
4 days 1.95 in. high 90 Lw
mean 79
m
ow
dry
high 97 low 75 mean 86
1 day 0.19 in. high 98 low 70 mean 84
1 day • 0.75 in. high 97 low 71 mean 84
3 days 0.78 in.
low 72
3 days 0.26 in. high 91 low 71 mean 81
2 days 0.71 in. high 89 low 73 mean 81
4 days 0.54 in. high 93 low 73 mean 83
1 day 0.08 in. high 91 low 73 mean 82
1 day 0.21 in. high 95 low 73 mean 84
4 days 1.85 in. high 93 low 69 mean 81
5 days 1.11 in. high 93 low 71 mean 82
3 days 0.99 in. high 91 low 74 mean 82
3 days 1.88 in. high 96 low 68 mean 82
3 days 0.55 in. high 94 low 72 mean 83
dry
high 96 low 71 mean 84
3 days 0.55 in. high 95 low 76 mean 85
3 days 2.23 in. high 92 low 68 mean 80
3 days 1.06 in
low 72
1 day 0.19 in. high 97 low 73 mean 85
1 day 0.04 in. high 95 low 71 mean 82
7 days 3.08 in. high 96 low 71 mean 83
3 days 1.08 in. high 98 low 73 mean 85
dry
high 93 low 74 mean 84
2 days 0.65 in. high 93 low 74 mean 83

Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas

Friday,
Aug. 10.

August - 22.47 bid 23.64 bid 23.82 bid 23.22 bid 22.90 bid
Closed
September 21.97 bid 23.14 bid 23.32 bid 22.72 bid 22.40 bid
on
October _ _ 21.97-22.02 23.14-23.19 23.32-23.37 22.72-22.76 22.40-22.45
December 22.07-22.09 23.23-23.26 23.41-23.43 22.78-22.81 22.45-22.48 account
of
January _ _ 22.00 -23.15-23.18 23.35-23.3722.75 -22.43 ---March -_ 22.06 ---- 23.23-23.25 23.38 -22.80 ---- 22.50-22.53 funeral
23.26-23.29 22.66-22.70 22.40of
21.96-21.99
May
President
June
- -23.08
Harding.
Tone
Quiet
steady
Quiet
Quiet
Spot
Quiet
Steady
Steady
Struniu
Options
Steady'
Steady

Week I
endintl

Receipts at Ports.
1923.1 1922. 1921.

Stoats at Interior Towns.
1923.

1922.

1921.

,
Receipt*from Plantations
1923.

1922.

1921.

May
18-- 26,647 106,559 131,5511 508,435
47,588 107,874
25_ - 36,894 109,273 119,85 471,972 838.360 1,519,72
782,1961.496,65
1,983 53,109 96,780
L. 28,322 13,448116.803 447,224 715.1921,466,7!,
46,444 78,936
25,060 94,570109,659 419,670 668,7981,423,858 5,568 45,767 76,727
133
15-- 31,651 0,57 113,556 391,875
5,244 31,240 84,383
22._ 30,728 75,711 100.160 369.047 627,483 1,374,66
9,959 36,580 64,512
29.. 29.371 72.514 103.323 348,278 540,737 1.292.858 8,046 24,919 57,182
July
24,472 58.184 100,186 331,666 498,935 1,240.354
14,382 47,684
13.. 20,125 41,584 83,955, 312,912 458,839 1,206.736 8,662 1,468 50,357
20_ 15,202 31,697 98,4341 293,590 433,178 1,157,547 1.672 6.036 49,245
27__ 22,226 34,39 98,712 278,391 388,830 1,129,231 11,646 1,876 69,396
Aug
3_ 27.086 32,0311 86,944 270,233 355,159,1,099,238 19,528
56,951
10_ 27,067 24,012 74,894 284,313 345,72811,074,165 21,197 14,579 49,821

June

The above statement shows: (1) That the total receipts
-Reports from the plantations since Aug. 1 1923 are 27,707 bales;
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph from the South this evening denote in 1922 were 14,579 bales, and in 1921 were 84,418
that in the western sections of the cotton belt progress has bales. (2) That although the receipts at the outports the




685

THE CHRONICLE

AUG. 11 1923.]

past week were 27,067 bales, the actual movement from
plantations was 21,197 bales, stocks at interior towns having
decreased 5,870 bales during the week. Last year receipts
from the plantations for the week were 14,579 bales and for
1921 they were 49,821 bales.

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
11,000 bales. Exports from all India ports record a decrease
of 5,000 bales during the week, and since Aug. 1 show a
decrease of 3,550 bales.

IMPORTS AND EXPORTS FOR JUNE.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for June, and from
it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for June:

-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for.the corresponding week
of the previous two years.

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)

0005
omitted,

Intports.

Erports.

8
1923 - 329,111
1922 _ 335,117
1921 _ 336,899
1920_ 629,377
1919 - 928,379
1918_ 483.799
1917 - 573,468
1916_ 464,686

Excess
Exof
Exports, ports.

$
328,111
260,441
185,6!I
552,606
292,915
260, I
306,62
245,79.

Aug.9
Receipts (cantors)

Silver.

I Excess
lin- I of
ports. Exports

$
$
$
$
548 19,4341118,886
1,000
74,656 1,601 12,977111,376
77 43.577142,803
151,209
76,771 5,32 26,765(21,445
635,464 82,973 26,135 56.838
223,449 2,7
31,892(29,188
266,845 67.164, 91,339124,175
208.891 8,312 122,335/114423

Exports.

I

$

$

$

6,440 /2,859
/342
6,346
3,627 /2,203
6.562 /2,148
7,078 5,530
5,351 3,215
2,235 6,729
3.182 1.462

3,5811
6.00
1,42
4.4161
12,608
8,566
8,9641
4,6441

I Excess of imports.

Total for twelve months ended June 30:
Gold.

Merchandise.
0005
omitted.

Exports.

Insports.

Excess
Exof
Exports. ports.

Silver.

Excess
Imof
ports. Expos

Excess
Im- I of
ports. Exports

$
8
3
8
$
$
$
3
'22-'233,965,967 3,789,002 176,965 49,022284,0 123506 55.907 65.321 19,414
'21-'22 3,771,156 2,608,079 1,163,077 27,34.448,318144097 62,69 70,684 (7,989
4 . .
20_'2116,516.5103,654, 592 862 051 133,538638,55!1505021 52,536 59,431 03,895
'19-'208.108,9895,238,352 2,870,637466,421 150,54 315,880 179,037 102,900 76;137
'18- 197,232,2833,095,7 0 , 463 116,576 62.36 54,212 301,174 78,825 222,349
.17-'185,919.7172,945,655 2,974,058 190.852124,41 66,439139,181 70,328 68.853
.16-'17 6,290,048 2,659,355 3,630,693291,921 977,176 1685255 78,27 35,003 43,276
45-'16 4,333,4832,197,884 2,135,599, 90,249494,0092403760 59,791 34,514 25,637

I

Excess of Imports.

WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.

1923.
Week.

heck.

50.000

1

Since
Week. Aug. 1.

Since
Week. Aug. 1.

Exports (bales)-

Since
Week. Aug. 1.

--

To Liverpool
To Manchester,&c
To Continent and India__ 3.000
To America
2 n1111
re......1 cm,setv•ta

3,500
5,000
2,250
in '7AA

3,600
2

anti

-A cantor is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Aug. 9 were
4,000 cantors and the foreign shipments 3.000 bales.

-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for cloth is good,
but for yarn poor. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1922-23.
32s Cop

Mar. d.
26 213i

22ft O 2334 18 3
2234 O 2434 18 3
15 22% 0 2434 17 0
24K 17 0
22 2234
29 22;i 10 24 18 13

22
13 213(
20 213.4
27 2034
Aug

8y4 lbs. Shirt- Corn
gnat, Common Mid.
to Finest.
°yrs

321 Cop
Twist.

s. d. d.
d. s. d.
s. d. d. d.
d. s. d.
O 2234 18 0 @164 15.50 1934 0 2034 16 1340169 11.89

June

July

1921-22.

834 lbs. Shirt- Coen
ing:, Common Mid.
Oyes
to Finest.

23 2 18 5
23 16 3
2234 16 2
2134 16 1

@169
@170
017 4
017 3
017 1

15.98 19

017 0
018 6

15.62,21
15.79,20 Yi
15.49119%
1442 19

016 5
016 4

3 20 • 20% 18 0 (8162
10 2og 0 21 16 1 016 2

1922.

Season.

V Sinew Aim

15.000

4,000

This week

Excess
Irsiof
ports. Exports

i

16.33 19
18.61 1934

18.57 203t
16.52 2(I3(

Glivii4 OCZVO

Gold.

Merchandise.

1921.

1922.

1923.

Alexandria, Egypt,

20% 16 1%018 9 12.03
2014 16 ly(016 9 12.30
21 16 13(016 9 12.78
2174 163 018 104 13.59
21% 16 134t8161034 13.08
223(
21;1
2134
21

16 3
160
160
154

@161034 13.50
@16734 13.65
3.60
(8165
@162 13.19

13.01
12.45

13.71119g • 21 156 418 3
14.57.1854 • 20% 153 @161

Season.

2,004,002
3,665.055
Visible supply Aug.3
2,024,671
Visible supply Aug.1
3,760.451
American in sight to Aug. 10--- 135,045
206,059 118,657
191.190
11,000
Bombay receipts to Aug.9
15,000
22,000
34,000
5,000
7,000
10,000
Other India shipm'ts to Aug. 910,550
800
Alexandria receipts to Aug.8-_ _
800
3,000
3,000
4.000
5,000
5,000
Other supply to .Aug. 8 5b
8,000
2,159.847 2,258,530 3,823,712 4.007,191
Total supply

-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 33,330 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.

•

Deduct

-To Gothenburg-Aug. 2-Kolsnaren, 200
NEW YORK
-Franconia.
-Aug. 2
-Adriatic, 4,591_--Aug. 3
To Liverpool
Total takings to Aug. 100
3,699
Of which American
-Bremen.
3
To Bremen-Aug. -America, 3,019---Aug. 7
Of which other
2.600
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
To Glasgow-Aug.3
-Columbia, 10
-America,969
-Aug.6
To Naples
a This total embraces since Aug. 1 the total estimated consumption by
-Aug. 8-Rochambeau. 12_ __Aug. 7-IndepeeTo Havre
Southern mills, 163,000 bales in 1922-23 and 3.163,000 bales in 1921-22
takings not being available-and the aggregate amounts taken by Northern
donee, 100
To Venice-Aug. 8
-Argentina, 44
and foreign spinners, 187,003 bales in 1922-23 and 374.456 bales in
1921-22, of which 776,203 bales and 247,906 bales American.
GALVESTON-To Venice-Aug. 3-Scantic, 1,250
To Barcelona-Aug. 4
-West Chatala. 925
b Estimated.
-Canada Maru, 2,150
To Japan-Aug. 7
To Bremen-Aug.8
-Yokohama City of Alton. 2,765
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments NEW ORLEANS-To Bremen-Aug. 3-Janelew, 1,370
To Genoa-Aug.6-Fagerness, 1,045
from all India ports for the week and for the season from
To Gothenburg-Aug. 6
-Delaware, 325
To Havre-Aug. 7--Coldbrook, 396
Aug. 1, as cabled, for three years have been as follows:
To Ghent
-Aug. 7-Coldbrook, 250
1923.
1922.
To Barcelona-Aug. 9
1921.
-Cadiz, 10
Aug. 9.
-To Havre-Aug.7
HOUSTON
-City of Fairbury, 3,650
Since
Since
Since
Receipts OS
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
-To Bremen-Aug. 4-Antinous, 350
MOBILE
15,000 22,000
11,000
-To Manchester-Aug. 8
34,000 35,000
55,000 NORFOLK
-West Islets, 3,600
Bombay
Visible supply Aug. 10

1,908,527 1,908.527 3.469,733 3.469,735
251,320
350.003 353.977
537,456
171,520
239.203 237,977
409.906
79,800
110,800 116,000
127,550

For the Week.
Exports.

Bombay
.....
1923

1,000
1,000
12,000 21,000 33,000
5,000 23.000 28.000

1922----1921--- -Other India1923---1922----1921-----

L000
_
1.64545

Total all
1923
1922
1921

6,000
1,000 5,000
_- 22,000 21,009 43,000
5,000 23.0001 29,000
1,000

4,000
10,000




5,000

Carat- Japan del
nem.
China. I Total.
9,000
17,500
5,000

1.000

4,000
31,509
3.5,000

6,000
10,550

1,000
1.000

15,000
28,050
5,000

13,000
49,000
40,000

7,000
10,550
1,000

1,000
4,000
31,500
35,000

8,290
5.619.
10
960
112
44
1.250
92
2,15
2,765
1,370
1,045325
396
250.
10
3.650
350
3,600

Total bales_______________________________________________ 33,330.

Since August 1.

Great
Great !Conti- Japanch:
Britain. cent. China. Total. Britain.

200

20.000
59,550
41,000

COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., areas follows, quotations being in cents per pound:
High StandHigh StandDensity. ard.
Density. ard.
35e. Stockholm_ _50c. 650.
Manchester_ _200. 350. Trieste
450. 600.
450. 600.
Antwerp__..22340. 3534c. Fiume
_ __ _ Lisbon
Ghent______
650.
50c
Havre
22340. 3734c. Oporto
75.3. 90c.
Rotterdam 2234a. 37340. Barcelona ..400. 550.
Genoa
300. 85340. Japan
45e. 600.
Christiania 373'ie. 800. Shanghai_-_45c. 600.

Liverpool____20c.

Bombay

High Stand
Dens(. ant.
500. 85e.

Gothenburg-500.
250.
Bremen
Hamburg_ _ _250.
600.
Piraeus
600.
Salonica

650.
400.
400.
754.
75c.

686

THE CHRONICLE

[vol. 117.

LIVERPOOL.
-By cable from Liverpool we have the fol- west of the Rocky Mountains. The crop east of the Rocky
lowing statement of the week's sales, stocks, dm., at that port: Mountains is 669,000,000, against 758,000,000 last year;
July 20. July 27. Aug. 3. Aug. 10. less durum wheat, 50,000,000, against 78,000,000 last year;
Sales of the week
21,000
22,000 crop
19,000
22,000
of milling wheat east of the Rocky Mountains, 619,Of which American
8,000
10,000
9,000
14,000
Actual export
3,000
1.000
4,000 000,000 bushels, compared with 680,000,000 last year. Re5,000
Forwarded
33,000
35,000 quired for
36,000
35,000
domestic consumption east of the Rocky MounTotal stock
422,000 408,000 391,000 375,000
Of which American
145,000 136,000 139.000 125,000 tains, including food, seed and animal feed at last year's
Total imports
19,000
19,000 rate of 5.6
23,000
30.000
bushels per capita (103,500,000 population),
Of which American
3,000
13,000
4,000
2,000
Amount afloat
580,000,000 bushels. Surplus for export east of the Rocky
97,000
75,000
81,000
Of whichlAmerican
24.000
9,000
11,000
Mountains, exclusive of
These
The tone of the Liverpool market for spots and futures are suggestive figures. durum, 39,000,000 bushels. United
The visible supply in
each day of the past week and the daily closing prices of States increased last week 7,844,000 bushels, the
against an
spot cotton have been as follows:
increase last year in the same week of only 2,766,000 bushels.
The big increase included 5,000,000 at Chicago. The total
Spot.
Saturday. Monday.
Tuesday. I Wednesday.' Thursday.
Friday.
is now 36,692,000 bushels, against 22,433,000 a year ago.
Market, I
On the 8th inst. prices advanced lc., owing to the GovernA fair
A fair
12:15 {
business
Quiet.
business
Good
ment report. Liverpool, however, fell 34 to 34 d. At the
P.M. t
doing.
doing.
same time the export demand on this side was only moderate.
Mid.Uprds HOLIDAYHOLIDAY
14.87
14.72
14.65
14.57
That is the sore point. It is hardly even moderate Much
of the time indeed it is very small. On Thursday prices were
Sales - _ _ _ _
7,000
5,000
7,000
6,000
lc. higher, as the Government report was regarded as likely
Fulling.
Firm
Bar.steady Qt but Sty
to favor the market and there was considerable covering of
Market f
Quiet.
58 to 78pts. 4 to 'Opts. 19 to24 pts
Opened I
advance,
decline.
shorts. The ending was at a rise for the week of 2 to 2M
decline.
cents. There are fears that the supply of hard wheat this
Market, I
Very ste'dy
Firm
Bar.steady
4
{
season will be scanty. The outlook has caused Chicago
59 to 74pts. 5 to 12pts. 33 to 4Opts.
Firm.
P.M. i
advance. I advance. I decline.
traders to cover To-day the grain exchanges were closed
Prices of futures at Liverpool for each day are given below: out of respect to the memory of the late President and in
accordance with the proclamation by President Coolidge
it being the day of the fineral services in Mr. Harding's
Set.
Tues.
Moo.
Wed.
Thurs.
Fri.
Aug.4
home town, Marion, Ohio.
to
12%I 12)i 123..1 4:001 12 Q 4:00 1234 4:00 1234 4:OOf 1234 4:00
Aug. 10.

p.m.11). M• P. 111 p.m. p.m. p.m. p.m. p. m.D. m.p.m.

-New Contract d. I d.
August
September __
October
November _ _ _ _
December
January
HOLIFebruary
DAY.
March
April
May
June
July

S. I d.

HOLIDAY.

d.
d.
d.
d.
d.
d.
d.
d.
14.12 14.01 13.97 14.11 13.90 13.71 13.80 13.96
13.61 13.57 13.48 13.62 13.3813.23 13.34 13.48
13.32 13.26 13.16 13.32 13.10 12.94 13.03 13.15
13.0713.0412.9913.1312.9112.7512.8412.96
12.97 12.9412.9013.04 12.83 12.68 12.77 12.88
12.90 12.87 12.83 12.97 12.77 12.62 12.71 12.82
12.78 12.79 12.75 12.91 12.7012.54 _ _ _ _ 12.74
12.75 12.76 12.71 12.87 12.66 12.50 12.54 12.70
12.66 12.67 12.6312.78 12.59 12.44 _ _ _ _ 12.62
12.61 12.62 12.58 12.73 12.53 12.39 12.46 12.56
12.54 12.55 12.50 12.66 12.42 12.32 _ _ _ _ 12.48
12.48 12.49 12.44 12.60 12.38 12.25 12.34 12.41

BREADSTLIFFS
Friday Night, Aug. 10 1923.
Flour early in the week was in somewhat better demand,
though it was far from large. Indeed, the buying has still
for the most part been confined to small lots, merely to
supply present wants. The tone has nevertheless at times
been more cheerful, even though contracts for new flour
are not up to the normal at this stage of the season. At
best trade has been only fairly active. Still, the feeling,
as already intimated, has been rather more hopeful. For
one thing, supplies are not burdensome. Not Only that,
but recently they have fallen off. Consumers,it is reasoned,
cannot be carrying very large stocks. If wheat should take
an upward turn, flour might all the more easily follow,
because buyers have for so long a period bought with such
extreme caution. Meanwhile export demand has increased
somewhat at times, The Near East and the Baltic ports
have bought more American flour, much of it soft winter
straights and Kansas clears, which have been selling at prices
which met Canadian competition successfully. Also, it is
said that Germany has recently taken some 15,000 barrels.
Recent sales to various foreign markets indeed have been
estimated at some 75,000 barrels. At the same time the
fact that the crop of soft winter wheat will be larger has not
escaped attention. It may cause a widening of the difference between prices for hard and soft flours. It would not
be at all surprising. And some fear that as Canadian wheat
has been offered more freely prices as the wheat harvest
progresses in Canada will drop to a point that will compete
sharply with American and make it difficult for American
mills to overcome Canadian competition in foreign markets.
Wheat fluctuated within comparatively narrow limits
for a time up to the receipt of the Government report. This
caused an advance. It stated the condition on Aug. 1 of
spring wheat at 69.6, against 8`2.4 on July 1, 80.4 on Aug.1
last year, 66.6 in 1921, 73.4 in 1920, 53.9 in 1919, 79.6 in
1918 and 68.7 in 1917. The crop of spring wheat was
reduced in July according to this report. • It is now put at
225,000,000 bushels, against 270,007,000 last year, 214,589,000 in 1921, and 356,339,000 in 1918, the banner year.
Minnesota's condition is 66, against 80 last year, 60 in 1921,
and 70 in 1920. The total of spring and winter crops
is 793,000,000 bushels, against 821,000,000 last month and
805,000,000 last year. The decrease for the month is
28,000,000 busehsl, compared with a decrease in the same
time last year of 12,000,000 bushels. Spring wheat acreage
is 18,503,000, against 19,103,000 last year, 19,706,000 two
years ago and a "high" of 23,338,000 in 1919; winter wheat
acreage, 39,750,000, against 42,127,000 last year, and a
"high" of 49,905,000 in 1919. Lamson's analysis of crop
figures are about 800,000,000, against 856,000,000 last year
including 131,000,000 bushels, against 98,000,000 last year




DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
Sat.
No. 2 red
111% 1123.1 11334 Closed
cts-110% 111
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
as_ 96%
98%
97%
96%
December delivery
994 Closed
101% 101% 100n 101% 102
May delivery
105
105% 105% 106% 107%

Indian corn declined at one time, owing to reports of copious rains in the leading States. This was early in the week.
The rains were undoubtedly beneficial. Yet prices did not
break badly. In fact September showed not a little steadiness even then, in spite of predictions of larger receipts.
Also, the American visible supply increased last week 493,000
bushels, in very marked contrast with a decrease in the same
week last year of 5,856,000 bushels. The total, however,
is only 2,422,000 bushels, against 13,658,000 a year ago.
In other words, the statistical position on its face is strong.
The steadiness of September was not surprising. The Governmentreport puts the condition at84,against 84.9a month ago,
85.6 last year, 84.3 in 1921, 86.7 in 1920 and 81.7 in 1919.
The crop indicated is 2,982,000,000 bushels, against 2,890,712,000 last year, 3,068,568,000 in 1921 and 3,230,532,000
hi 1920. The acreage is 103,112,000, against 102,428,000
last year, 103,740,000 in 1921 and a "high" of 119,755,000
in 1920. The increase in the Government crop estimates
to 2,982,000,000 bushels, as compared with previous gue3ses
of 2,925,000,000, and against 2,877,000,000 on July 1, had
no effect on the 8th inst., as offerings were smaller. Nor
did it weigh later. There was no pressure to sell; the statistical position was too strong. On Thursday prices advanced 34, to %c. The net changes for the week were trifling
on futures. To-day all the grain exchanges were closed because of the closing obsequies at Marion, Ohio, in Connection
with the funeral of President Harding.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_106% 106
105% 10534 105% Closed
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
67fit
S . M
6736
%. Tues. Wed.Th7u6rs. Fri.
7 ,i
6
x
September delivery
cts_
December delivery
63
6 V Closed
6 I
3
5
May delivery
65%
64%
64%
66424
No. 2 yellow

Oats fluctuated within narrow limits early in the week, but
later on advanced. Still there was a lack of new and striking
features. Now and then, to be sure, covering of shorts had
a steadying effect and as a matter of fact prices closed higher
for the week on Thursday. But trading as a rule was certainly not active. The market simply drifted. Later in the
week it followed other grain upward. That was all. The
United States visible supply decreased last week 235,000
bushels, compared with an increase in the same week last
year of 467,000 bushels. The total supply is now only
5,476,000 bushels, against 37,038,000 bushels a year ago.
The Government put the condition in its Aug. 7 report at
81.9 against 83.5 in July and 75.6 in August last year; acreage, 40,768,000, against 41,882,000 last year. The crop
indication is 1,316,000,000 bushels, compared with 1,284,000,000 last month and 1,251,000,000 last year. Though
the Government estimate of the crop of Aug.7 was 32,000,000
bushels larger than a month ago, it had no depressing effect
on the 8th inst., or,indeed,later; quite the contrary. Naturally it is offset by the smallness of the present visible supply
in the United States. On Thursday prices advanced M to
Vic. in response to an advance in other grains. The net rise
for the week in oats is 34 to 134c.
DAILY CLOSING PRICES OF
Sept. delivery in elevator cts_ 6/4
December delivery in elevator 6834
May delivery in elevator_ -- - 70%
DAILY CLOSING PRICES
Sat.
No. 2 white
cts_ 53%

RYE FUTURES IN
Mon. Tues.
34
e.
Wed.
64
67
667
6634
71
70
70
OF OATS IN NEW
Mon. Tues. Wed.
52%
52%
53

CHICAGO.
Thurs. Fri.
Holl67%
71%
day
YORK.
Thurs. Fri.
5254 Closed

A I '(;. 11

1923.]

THE CHRONICLE

687

Rye declined slightly for a time, as did other grain, later
rising. But export demand was still small. So was the
domestic trade. Buyers look at the big visible supply in
the United States and fear a free movement of the crop
before long. And they hesitate. The visible supply in
the United States decreased last week 356,000 bushels,
against an increase last year in the same week of 471,000
bushels. Under different circumstances this might have
told favorably on the price, but the total supply in the United
States is still no less than 12,726,000 bushels, against only
1,764,000 a year ago. An increase of practically 11,000,000
bushels over last year is considered a rather serious handicap
with trade so slow. But on Thursday prices advanced with
other grain. Rye is apt to follow wheat. On the 9th inst.
rye advanced Yo. The net rise for the week was % to 3/sc.
3
advance.

tricts to eastward of the Mississippi River save in the extreme Southeast
and along the immediate North .Atlantic coast, where the weather during
the early part of the week was sufficiently cool to overcome the warmth
near the close.
While unseasonable warmth persisted in the Southern Plains and thence
northeastward to the Great Lakes, the northwestern districts had mainly
cool weather, the weekly averages ranging from 10 degrees to 12 degrees
daily bele?, the normal over the greater part of Montana and to only a
slightly less extent over large portions of adjacent States, with light frost
in a few exposed localities. In California the week was moderately cool
and sunshine almost or quite 100% of the possible.
Beneficial rains occurred over nearly all the Great Plains from and including western and northern Kansas and central Missouri to the Dakotas
and Minnesota. East of the Mississippi River beneficial rains occurred
over most important agricultural districts, although there was little rain in
northern New York and over most of New England. also the upper Lake
regions had much too little for crop needs, and the northern portions of the
Gulf States had mainly but little. West of the lower Mississippi there was
almost an entire absence of beneficial rains,the southern portions of Kansas
and Missouri. western Arkansas, the greater part of Louisiana and nearly
the whole of Oklahoma and Texas being particularly dry, which, with almost constant sunshine and excessive heat, made growing conditions probably the worst of the season so far. Some beneficial rains were reported from
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. the Rocky Mountain States.
SMALL GRAINS.
-Winter wheat harvest progressed under favorable
Sal. Mon. Tues. Wed. Thurs. Fri.
conditions in the far Northwest and in the elevated portions of the MounSeptember delivery
cts_ 35%
35
35
35%
35%
tain States, and is generally completed elsewhere. Damage to late spring
December delivery
374
37
374 373.
37
Holi- wheat by rust continued in North Dakota and to some extent in Minnesota,
May delivery
39%
39 i.
39
40
40
day
and much is being cut. Elsewhere the crop is in good condition, the ripening being delayed in Montana and some other sections by cool weather.
The following are closing quotations:
Threshing of w nter wheat in the fields made good progress, save in portions of Iowa and surrounding States and locally in the East. where some
WHEAT.
delay was caused by frequent rains and cloudy weather. Threshing of
Wheat
Oats
spring wheat progressed satis actorily in all sections where cutting is comNo. 2 red f. o.
$1 l33
No. 2 white
524
pleted. Harvesting of other small grains made good progress and it is
No. 2 hard winter__
1 154
No.3 white
51
nearing completion in most sections.
Corn
Barley
Grain sorghums are doing fairly well in portions of Kansas, but elsewhere
No.2 yellow
1 054
Feeding
Nom.
in the Southern Great Plains they are fast deteriorating on account of severe
Rye
-No.2
73%
Malting
76%@ 774 heat and drought.
Rice showed general improvement and harvest is beginning in Texas.
FLOUR.
-Good rains over the greater part of the principal corn-growing
CORN.
Spring patents
$6 00@$6 50 Barley goods
area benefited that crop, and it is now in good condition save in portions of
Winter straights, soft 4 50 4 85
No. 1, 1-0, 2-0
$575
the Southern Plains. Late corn deteriorated in Texas and the crop was
Hard winter straights_ 5 104w 550
Nos. 2.3 and 4 pearl.. 650
burned beyond recovery in Oklahoma. while the early crop in the latter
Firstspring clears
5 25i 5 75
Nos. 3-0
590
State is only poor to fair. Rains over the northern half of Kansas were
Rye flour
375(400
Nos. 4-0 and 5-0_ --- 6 00
Just right for corn, and it made fine progress, but severe drought prevailed
Corn goods. 100 lbs.:
Oats goods
-carload:
in the south-central and southeastern portions, which seriously injured the
Yellow meal
2 30© 2 50
Spot delivery_
2 72%@ 285
Corn flour
2 25© 240
em
Zithough corn is still backward and uneven in Nebraska. it was much
improved liry rains, and thre is abundant moisture for present needs. In
AGRICULTURAL DEPARTMENT'S REPORT ON Minnesota the corn crop was generally fair, though poor in many places
where drought prevailed. Rains were of
-The regular monthly report of the Agri- in the north-central portions of this Stategreat benefit in Iowa, but drought
CEREALS, &C.
has permanently injured the crop:
corn in
and west.
cultural Department showing the condition ofgthe grain heavy rains and wind flattened timely, places in the southMissouri resulted
Warm, humid weather, with
beneficial rains in
condition. It was too hot and dry in western
crops on Aug. 1 was to have been given out on Wednesday, in excellent progress andin this
Arkansas. but elsewhere
State good progress was made. Although
Aug. 8, but as that had been fixed as the date for President corn is still firing in a few places in Illinois, the recent rains were of great
benefit and good
resulted where moisture was ample; winds
Harding's funeral services at.Washington, when all the down considerableprogressIn other Ohio Valley States the progress and blew
corn.
conGovernment Departments were to be closed, a brief summary dition of corn were good to excellent generally, though only fair in western
Kentucky.
In all Atlantic Coast and Gulf States, and also in Pennsylvania and New
of the report was issued after the close of business on Tuesday,
York,corn made good progress and is mostly in fairly
Some
Aug. 7. This summary we present below. The complete injury was done in a few places in West Virginia by good condition. In the
wind and rain.
Lake region the progress and condition were fair to good,except in drought
report will be printed by us next week.
areas. Rain was of great benefit in South Dakota. and rapid improvement
The condition of corn on Aug. 1 at 84.0, against 84.9 on July 1 1923. was made In North Dakota. Cool weather was unfavorable for corn in
85.6 on Aug. 1 1922 and 80.1 the Aug. 1 ten-year average. The indicated Montana and more sunshine is needed for best growth in Wyoming, while
production of corn this year is 2,982.000.000 bushels, compared
in Colorado more moisture would be of benefit.
COTTON.
July forecast of 2.877,000,000 bushels and the final estimate in with the
-The
was
1922 of progress of cotton; week as a whole and generally unfavorable for the best
2,890,712,000.
continued heat
drought retarding its progress in
the western sections, while too much rain was again detrimental in the more
The condition of spring wheat on Aug. 1 was 69.6. compared with
82.4
on July 1 last. 80.4 on Aug. 1 1922 and 77.9 the Aug. 1 ten-year average. southern portions of the eastern cotton States. In the northern portions.
The indicated yield of the spring wheat this year is 225.000.000
however,conditions were more favorable and the crop made generally good
against the July forecast of 235,000,000 bushels and the final bushels, as progress.
estimate in
1922 of 270,007,000 bushels.
Theimportant details regarding the progress of this crop by States follows:
The Aug. 1 preliminary estimate of this year's production of winter
Texas, excessive heat, sunshine and severe drought continued: cotton
wheat deteriorated and
Is 568,000,000 bushels, against the July forecast of 586,000,000
bushels and causing shedding its condition is generally poor to fair; drought and heat
and premature opening; weevil and other insects doing
the final estimate in 1922 of 586,204.000 bushels.
The indicated production of all wheat this year is 793.000.000 bushels, slight damage; progress of picking excellent and first bales reported in sevcompared with the July forecast of 821.000,000 bushels and the final
esti- eral north-central counties.
mate in 1922 of 856.211,000 bushels.
Oklahoma, marked deterioration of all crops except cotton: progress of
The condition of oats on Aug. 1 last was 81.9, as against
this crop very poor to fair, condition poor to very good; weevil inactive.
1922, 75.6 on Aug. 1 1922 and 80.0 the Aug. 1 ten-year 83.5 on July 1
Arkansas, heat and dry weather favored cotton and checked weevil
average. 'the
indicated production of oats this year is 1.316,000.000 bushels, against
the except in some southern and central localities, where insect damage inJuly forecast of 1.284,000,000 bushels, and the final estimate in 1922 of creased: crop generally improving.
1,251,000.000 bushels.
Tennessee, cotton advanced steadily, condition fair to very good: weevil
The Aug. 1 preliminary estimate of this year's production of
rye is damage heavy in places.
64,800,000 bushels, compared with the July forecast of
North Carolina, cotton maintaining good progress with some improve68,700,000 bushels
and the final estimate in 1922 of 95,500,000 bushels.
ment in the west, though a tendency to too much rain in the east.
The condition of barley on Aug. 1 last was placed at 82.6, against
South Carolina, condition of
86.1 caused some shedding; weevil cotton fair, progress very good; wet weather
on July 1 last. 82.0 on Aug. 1 1922 and 80.6 the Aug. 1 ten-year average.
numerous, but doing little damage as yet.
The indicated production of barley this year is 202,000.000 bushels,
Georgia. progress of cotton fair in central and northern sections, where
against
the July forecast of198,000,000 bushels, and the final estimate in 1922 of it isfruiting well,but deteriorated in the southern parts with much shedding,
186.000,000 bushels.
due to frequent showers; opening in the south and first bale marketed on
the 4th: weevil damage increasing
The following table gives a comparison of the condition of the crops:
Florida. cotton deteriorated and its condition very poor, owing to heavy
Aug. 11923. July 1 1923. Aug. 1 1922. Aug.110-yr.ap,
rains, rust and weevil; much dying: crop could hardly be poorer.
Spring wheat_ _ _
69.6
82.4
80.4
72.9
Alabama. progress of cotton in the north fair; condition fair to good:
All wheat
8.
shedding badly In many sections;
-1.05
8
Corn
84.9
- -- 1
8
5
--8 .1 locally in the southern and central weevil numerous and very damaging
0
81.9
portions.
Oats
83.5
75.6
8.00
Mississippi, cotton progress fair in northeast and mostly poor elsewhere
Barley
82.6
86.1
82.0
80.6 with rank growth and shedding; weevil numerous
---Rye
and damage considerable
.
-- _ _- -- in portions.
The following table gives the indicated production, in bushels:
Louisiana, frequent rains damaged crops in southeast: progress of cotton
1923
1922.
generally poor, with deterioration in some localities: general conditions poor
August
July
December
to fair; weevil and other insect damage increasing, becoming serious in places
1917-1921
Forecast.
Forecast.
Estimate.
Average.
Winter wheat_ ._ *568,000,000 586.000,000 586,000,000 590,000.000
The statements of the movements of breadstuffs to market
Spring wheat__ _ 225,000,000 235.000,000 276,000.000 245,000,000
793 000 000 821 000 000 8620 ,835,000,000 indicated below are prepared by
All wheat
,
us from figures collected by
2982.000,000 2,877,000,000 2.891.000,000
Corn
1,316.000,000 1.284,000,000 1,201.000,000 2,931,090,000,0GO the New York Produce Exchange. The receipts at Western
Oats
1.378,000.000 lake and
202.000.000 198,000,000 186,000,000 192,000,000
river ports for the week ending last Saturday and
Barley
64,800,000
68,700,000
Rye
95,500.000
70,300.000 since Aug. 1 for each of the last three years have been:
* PTeliminary estimate.
Following is a table of the yield per acre, in bushels:
Receipts at
- Flour.
1Vheat. I Corn. I Oats. I Barley. I Rye.
Forecast
1922 1917-1921
1923
Dec.Est. Arerage.
bb's.196 bsbush,80 lbs. bush. 56 bs.Ihush. 32 lbsibush.481bs.'bush.56lOs.
Bushels. Bushels. Bushels.
6,912,0001
Chicago
171,000
Winter wheat
14.3
37,000
2,912,0001 1,931,000, 129,000,
13.9
14.9 Minneapolis
Spring wheat
12.2
4
88,000I
14.1
11.5 Duluth
. , 170,000
"I
wheat
420 0004
. -----------13.6
All -------------------14.0
63,000, 142,000
2,000,
. ,
13.7 Milwaukee.. _
50,000
28.9
57,0001
Corn
487,0001
28.2
208,000, 138,000
5,000
28.0 Toledo
32.3
609,000
71,000,
Oats--------------------------------29.8
5,000
26,000
------------------------------31.9 Detroit
.
50,000
Barley
18,000
30,000,
.
23.8 Indianapolis._
12.4
441.000
291,000
Rye --------------------------------78,0004
15.4
13.5 St. Louls__
113,000 2,089,000
717,000,
478,009
18,000
27,000
27,000
WEATHER BULLETIN FOR THE WEEK ENDING Peoria City
148,000
451,000
145,009
14,000
8.000
Kansas
3,326,000
134,000
45,000,
-The general summary of the weather bulletin Omaha
_WG. 7.
555.000
228,000
214,000
St. Joseph.
413,000
103,000,
6,0001
issued by the Department of Agriculture, indicating

the
influence of the weather for the week ending Aug. 7, is as
follows:
The week ended Aug. 7 was mainly warm. cloudy and rainy throughout
many of the central and eastern districts. It continued unseasonably warm
with excessive sunshine over the southern Plains and adjacent regions, the
day temperatures rising frequently above 100 degrees, and reaching a maximum a 106 degrees at points in Oklahoma and western Arkansas. Over
portions of Oklahoma, the centre of the heated area, the average tempera
ture for the week was 10 degrees above normal, and adjacent portions of
Texas, Arkansas, Missouri, Kansas and New Mexico had weekly averages
from 6 degrees to 9 degrees above. The week was also warm over all dis-




Total wk. '23
Same wk. '22
Same wk. '21

361,000 16,088,000
430,000 16,188,000
487.000 16,569,000

5,509,000 3.258,000'
4.722,000 4,325,000;
3,578,000 13.096,000,

521,000 394,000
808,000 1,386,000
366,000 796,000

Since Aug.11923
1922
1921

361.000 16,088,000
430,000 16,188,000
487,000 16,569,000

5,509,000 3,258,000,
4,722,000 4,325,000:
3,578,000 13,096,000

521,000 394,000
808,000 1,388.000
366,000 796.000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Aug. 4 1923 follow:

. 688

THE CHRONICLE
Wheat,

Flour.

Receipts at
-

Oats.

Corn.

Rye.

I Barley.

Bushels. I Bushels. I Bushels. Bushels.
Barrels.
Bushels.
49,000
101,000
246,000, 303,000
552,000
170,0001
1,000
12,000;
20,0001
43,000
507,000
28,000
6,000
12,000
33,000
529,000
4,000
40,000
872,000
124,000
9,000
72,000
498,000
1,000
18,000
338,00
19,000

New York__ _
Philadelphia.
Baltimore..__ _
N'port News.
Norfolk
New Orleans*
Boston

78,000
244,000
Total wk. '23 341,000 3,336,000
305,000 303,000
Since Jan.1'23 14.080,000144,006,000 33,367,000, 24,389,000 7,542,00022,688,000
768,000
141,000 408,000
Week 1922_ __
401,000, 8,053,000 2,307,000
Since Jan.1'22 13,998,000 124,543,000 102,090,000 42,569,000 10,132,00018,950,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, Aug. 4 1923, are shown in the annexed
statement:
•
Exportsfrom-

Wheat.

Corn.

Flour.

Bushels. Bushels.
523,843
96,000
264,000
344,000
76,000
40,000

New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News_
New Orleans
Montreal

202,000
2,490,000

Oats.

Ryr.

Barley. Peas.

Barrels. Bushels. Bushels. Bushels. Bushels.
__318,701 65,233
63,778
14,000
12,000

4,000
17,000 37,000
112,000

20,000

9,000

- -- -

----

1.000 15,000
425,000 99,000 173,000

93,000..242,779 446,000 540,701 238,233
Total week 1923_ 3,959.843
6.742.822 2.907.3431190.658 1.057.407 280.457 352.949
Week 1922

- ---

The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
Exportsfor Week
and Since
Week
Since
July 1 toAug. 4. July 1
1923.
1923.

Since
Week
Aug. 4.' July 1
1923.
1923.

Since
July 1
1923.

Barrels. Barrels.
Bushels.
Bushels. Bushels.
101,720
448,199 2,267,714 10,336,066
104,808
509,083 1,692,129 11,763,436
76,000
7.000
27,000
56,000
15,000
17,000
88,000
4,000

United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other countries- _ _
Total 1923
Total 1922

Corn.

Wheat.
Week
Aug. 4.
1923.

14,250

50,545

67,000

Bushels.
597,351
262,000
151,000
10,000
6,000

93,000 1,026,351
242,778 1,122,827 39,59,843 22,226,502
190,658
815.052 6.742.822 28.993.362 2.967,343 12,770,530

The world's shipment of wheat and corn, as furnished by
]3roomhall to the New York Produce Exchange, for the week
ending Friday, Aug. 3, and since July 1 1923 and 1922,
are shown in the following:
Corn.

Wheat.

1922.
Week
Aso.3.

Since I
July 1.

Since
Aug.l.

Week
Aug. 3.

Since
July 1.

Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
802,000 4,125,000
North Amer..
31,977,000, 34.458,0
32,000
285,000
688.111
893,000
383,000
Russ.& Dan.
400,000;
.Argenthia___ 1,824,000 11,228,000, 16,087,000 4,744,000 21,032,000 2,588,000
Australia
3,248,000; 3,776,000
296.
India
6,432,0001
384,
105,000
4'3,000
.0th. count:
Total

9,220,

53,285,000 55,009,000 5,159,

23,170,000

7,103,000

The vislle supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Aug. 4, was as follows:
United StatesNew York
Boston
Philade.phia
Baltimore
New Orleans
Galveston
Buffalo
afloat
"
Toledo
Detroit
'Chicago
Milwaukee
Duluth
afloat
"
Minneapolis
St. Louis
Kansas city
Sioux City
Peoria
Indianapolis
Omaha
.0n Lakes
On Canal and Weer

GRAIN STOCKS.
Oats,
Rye,
Wheat,
Corn,
bush,
bush,
bush.
bush,
292,000
17,000
247,000
93,000
2,000
1.000
28,000
1,000
618.000
2,000
367,000
39,000
910,000
72,000
111,000
23,000
731,000
45,000
83,000
105,000
2,958,000
101,000
1,738.000
159,000
532,000 1,606,000
127,000
159,000
343,000
99,000
340,000
20,000
77,000
14,000
51,000
8,490,000 1,077,000 2,092,000 1,130,000
64,000
114,000
78,000
108,000
1,313,000
32,000
15,000 3,406,000
800,000
70,000
37,000
9,497,000
16,000
994,000 4,593,000
1,334,000
5,000
53,000
35,000
3,682,001)
68,000
116,000
87,000
215,000
3,000
105,000
55,000
33,000
27,000
15,000
347,000
276,000
19,000
1,550.000
26,000
260,000
139,000
1,090.000347,000
827,000
538.000
8,000

Barley.
bush.
3,000
3,000
1,000
304,000

116,000
29,000
83,000
2,000
314,000
1,000

3,000

38,892,000 7,422,000 5,476,000 12,726,000
859,000
Total Aug. 4 1923
28,848,000 1,929,000 5,711,000 13,082,000
828,000
Total July 28 1923
725.000
Total Aug. 5 1922_ _ _2,2433,000 13,653,000 37,038,000 1,764,000
Note.
-Bonded grain not included above: Oats, New York, 35.000 bushels; Baltimore, 6,000; Duluth, 42.000: total, 83,000 bushels, against 194,000 bushels in 1922.
Barley, New York, 70,000; Buffalo, afloat, 109,000; Duluth, 31,000; total, 210,000
bushels,against 19,000 bushels in 1922. Wheat, New York, 183,000 bushels; Boston,
449,000; Baltimore, 44,000; Buffalo, 278,000; Buffalo, afloat, 29,000; Duluth,
38,000; Toledo, 50,000; Chicago, 6,000; total, 1,077,000 bushels, against 2,203,000
bushels in 1922.
Canadian
30,000 1,123,000 1,074,000
411,000
2,698,000
Montreal
65,000 1,849.000
1,725,000
Ft. William &Pt. Arthur- 4,802,000
292,000
426,000
449,000
'Other Canadian
30,000 3,274,000 1,139,000 2,952,003
Total Aug. 4 1923.._ _ 7,949.000
90,000 3.409,000 2,221,000 3,69,9000
Total Ally 28 1923_
9,348,000
256,000
743,000
Total Aug. 5 1922
10.185.000 1,518,000 3,474,000
Summary
859,000
American
36,692,000 2,422,000 5,476,000 12,726,000
30,000 3,274,030 1,139,0 0 2,952,000
'Canadian
7,949,000
Total Aug. 4 1923_44,641.000 2,452,000 8,750,000 13,865,000 3,811,000
Total July 28 1923._ _38,196, 00 2,019,000 9,120,000 16,303,000 4,527,000
Total Aug. 5 1922_ _32,618,000 15,171,000 40,512,000 2,020,000 1,468,000




[VOL. 117.

THE DRY GOODS TRADE
Friday Night, Aug. 10 1923.
The shock of President Harding's death stilled the markets for textiles during the past week. All business houses
closed to-day and joined the rest of the nation in honoring
the memory of the dead President. The pause in trading
gave merchants on opportunity to reflect upon the direction
the market is heading, and an under-current of optimism
appears to prevail. No apprehension was expressed in the
markets relative to the new President's policies. He had
many friends in the trade before his spectacular action in
the Boston police strike, and these friends were effective
factors in bringing about his nomination for Vice-President,
therefore, they have confidence in the future of his Administration. During the week there has been considerable
stabilizing of prices, particularly in the cotton goods division
of the market. The speculative element of trading has been
removed to a large extent, as prices have reached a level low
enough to discourage speculative short selling. In many
lines of cotton goods, quotations are now on a basis that are
most likely to be maintained into the retail selling period.
Buyers are arriving in the market in larger numbers, and
are showing more of a disposition to place orders. An increase in the demand for export account has also been an
encouraging feature. Curtailment of production continues,
and is having the inevitable effect upon prices. Most merchants point out that the immediate curtailment is a result
of unusual circumstances. Mills are unable to reduce labor,
while there appears to be little prospect of their getting lowpriced cotton this year. Hence they will assume an unmercantile risk if they accumulate stocks of cloths when values
set by the needs of buyers are below the actual cost of production.
DOMESTIC COTTON CLOTHS: The immediate effect
of the death of President Harding in markets for domestic
cotton goods was the rush demand for fabrics suitable for
mourning decorations, and the call was sufficient to clean up
the limited spot stocks of jobbers and mill agents. Many
rush orders were sent to dyeing establishments. The markets otherwise were quiet during the week. Prices, however,
displayed a firmer undertone, and there were indications of
a more active buying movement developing within the near
future. The cotton cloth market has been knocked about
from pillar to post for so long a time that a revival in trading and values appeals to traders with increased force. In
most every division of the trade renewed courage has been
stimulated by news that raw cotton growing conditions were
were not any too bright. As a consequence of this, buyers are
beginning to give thought to the future and are already making inquiries for deferred deliveries. There has also been
an active demand in some houses for any black styles of
wash fabrics. In a number of directions all goods of this
character were immediately sold. A tendency has been noticed all during the summer toward black and white dress
goods in contrast with many of the high colors, and it is
claimed that this trend will be increased during the fall
months as a result of the death of the President. Print
cloths ruled quiet. 28-inch, 64 x 64's construction, are quoted
at 6%c., and the 27-inch, 64 x 60's, at 6%c. Gray goods in
the 39-inch, 68 x 72's, are quoted at 10%c. and the 39-inch,
80 x 80's, at 11%c.
WOOLEN GOODS: Although the week has been a quiet
one in markets for woolens and worsteds, confirmation of
the large dress goods business booked was found in the announcement of the American Woolen Co. that all lines of
women's wear were withdrawn from sale. Encouraging reports concerning the business offered on fancy worsteds for
men's wear also give confidence to the wool goods situation.
It is generally believed • that sufficient business will come
forward to take up the slack resulting from an extended fall
trade and light initial staple business for the spring season.
A number of the leading men's wear houses have shown comprehensive lines of top-coatings for next spring, and although the immediate outlook does not indicate a rush season, manufacturers declare that the top-coating business will
be good for the coming spring.
FOREIGN DRY GOODS: There has been no change in
conditions surrounding the market for linens during the past
week. Like other markets, it has ruled quiet. A number of
retail buyers have been about, but their purchases for the
most part have been small. There has been a quiet demand
for household linens, and a few low cost damasks and napkins have moved at low prices. The dress goods season has
come to an end, but houses having them find a ready market
for their disposal. Despite the general inactivity, however,
prices have ruled steady with those in the household division
being exceptionally maintained. Burlaps failed to develop
any activity, but prices have been steady in sympathy with
firm advices from Calcutta. Light weights are quoted at
5.10e. to 5.15c. and heavies at 6.85c. to 6.90c.

AUG. 11 1923.]

THE CHRONICLE

689

#talte an 0'4 glevrartnxtut

"The tax is measured not by the worth of the commodities, but by the
amount of business transacted in dealing with them computed on gallons,
and this fits the definition of an excise tax which is a tax imposed on the
performance of an act, the engaging in an occupation or the enjoyment of
a privilege."

NEWS ITEMS.

North Dakota (State of).—Debt Limit for School Districts Increased.—Four Acts were passed at the 1923 Legislative session, carrying into effect a constitutional amendment adopted in 1920 which allows school districts to issue,
with the consent of a majority of the voters, bonds in an
amount equal to 5% of the assessed valuation in addition
to the 5% allowed under the old constitutional provision.
Three of the Acts are amendatory to old statutes, which
placed a 5% limitation on school district bond issues. The
fourth, which affects common, special and independent
districts, and embraces the amendments made in the other
three, creates a new statute.

Astoria, Ore.—State-Aid Law Declared Valid.—The law
passed at the 1923 session of the Legislature, which in view of
the $11,000,000 fire loss suffered last year, allows the State
to return to Astoria all taxes levied against assessable property in the city for a seven-year period, has been upheld by
the State Supreme Court. A friendly suit to establish the
validity of the law had been brought in the Marion County
Circuit Court. That Court decided that the law was valid,
and its decision has now been affirmed by the State Supreme
Court. Justice Harris of the Supreme Court, in the opinion
conceded that it would be unconstitutional for the Legislature to appropriate State taxes for municipal improvements
where the municipality is in a normal condition, but holds
that where a municipality is suffering from the effects of a
calamity, as in the case with Astoria, the welfare of the State
is involved and it is not unconstitutional for the State to
extend aid by refunding taxes for improvements. The following Salem dispatch, dated July 31,is taken from the Portland `Oregonian' of Aug. 1:
'the law enacted at the last session of the Legislature, authorizing the
State of Oregon to remit to the City of Astoria taxes paid on property in
that municipality for a period of seven years, starting with 1923, is valid
and constitutional, according to an opinion written by Justice Harris and
handed down by the Supreme Court to-day. The opinion affirms Judge
George G. Bingham of the Marion County Circuit Court.
The suit to test the validity of the Act was instituted by Robert C. Kinney, who in the role of a taxpayer, urged the Court to restrain the Secretary of State from certifying to the return to the City of Astoria of taxes
in the amount of approximately S77,591 06, covering a part of the amount
due the municipality under the law for the year 1922.
"It is not necessary to decide whether the Legislature can appropriate
State taxes and deliver them to a city to be used in making municipal improvements when that city financially and otherwise is in a normal condition and not suffering from the effects of a ca;amity, such as the one that
wrought so much destruction to Astoria.
,
"It seems to be generally conceded that State taxes cannot be appropriated for a purpose which is purely local to a city, and therefore, unless it
can be said that the appropriation is to subserve the common interest and
well-being of the people of the State it is not lawful.
"Astoria was not in a normal condition when the law was enacted.
Property worth $11,000.000. including public property valued at $1,500,000. had been destroyed. The Legislature found the facts to be that the
city had suffered a great loss and that it was impossible, because of the already contracted indebtedness,for the city to raise money placing additional
liens upon its property.
"The Legislature, finding as it did that the welfare of the people of the
entire State would be subserved. was authorized in behalf of the State
to make provision for part of the funds necessary for replacing public property and to leave to the city the responsibility of raising the balance of the
necessary funds."
The law giving relief to the City of Astoria was one of the most important
subjects debated at the last session of the Legislature, and was the topic of
several Important public hearings. Four different relief bills were drafted,
but it was not until late in the session that the law at issue was enacted.
The suit decided by the Court to-day was brought in a friendly spirit,
to determine the validity of the law and thereby place the municipality in
a position to dispose of its bonds. These bonds will be repaid out of tax
funds returned to the municipality by the State.

Colorado (State of).—Gasoline Tax Law in Courts.—
The validity of a gas tax law, increasing from,one cent to
two cents a gallon the tax levied on gasoline sales, which
was passed at the 1923 legislative session and became,effective .July 29, is being attacked by the Navy Gasoline &
Supply Co., which has filed a petition for an injunction
restraining the enforcement of the Act on the ground that
it is unconstitutional in that it authorizes the State to collect
a tax for the counties. The Denver "Rocky Mountain
News" of Aug. 1 said:
A test of Colorado's new gasoline tax law passed by the last General
was instituted yesterday when the Navy Gasoline & Supply
Assembly'
Co. made a request for a temporary injunction restraining State Oil Inspector James Dace,Attorney-General Russell Fleming and District Attorney Van Cise from the enforcement of the Act, which went into effect
July 29.
Hearing on the case has been set for Tuesday in the District Court.
The company attacks the validity of the new law on constitutional
grounds in that part of the money raised by the increased tax is divided
with the counties and the constitution provides that the Legislature can
pass no laws raising taxes for counties and municipalities The law is
also questioned on grounds that it is discriminatory and unjust and not
uniform in that It taxes gasoline but exempts other petroleum products.
The company also asserts that the law inflicts cruel and unusual punishment. At the time the gasoline tax was increased from 1 to 2 cents legislators decided to put teeth in the collection clauses and in consequence
the Act provides that in the event a company does not pay its taxes the
Attorney-General can request a receivership.
The old Colorado one-cent igasoline tax law was tested through to the
Supreme Court of the United States and upheld.
The present 2
-cent law was one of the last measures passed by the General Assembly and was bitterly contested. According to Riley Cloud,
Deputy Attorney-General, preparations had been made in the office of
the Attorney-General for beginning of enforcement of the Act Aug. 1.

Illinois (State of).—Dower Law Amended.—At the 1923
legislative session a law was enacted which gives to widows
one-third of their husbands' property outright in lieu of
the former dower interest.
Maine (State of).—Gasoline Tax Law Upheld by Courts.—
The validity of a gasoline tax law, enacted at the 1923 session of the Legislature, has been upheld by the Supreme
Court. The opinion was given at the request of the Legislature. The Boston "Herald" of Aug. 1 contained the following Augusta dispatch dated July 31:

The full Bench of the Supreme Judicial Court, in a unanimous opinion
rendered to-day, declared the law passed by the last Legislature, placing a
tax of one cent a gallon on gasoline as an excise tax is constitutional. The
opinion was rendered at the request of the Legislature.
"If a property tax, it obviously offends the constitution of Maine,"
says the decision, "to single out any particular species of property, or any
particular commodity, gasoline, internal combustion fuel, or what not,
and impose a property tax on it unequal in comparison with the tax on other
commodities would be void. The equal apportionment and assessment
on all real and personal estate required by our organic law would be violated.
This proposition is too plain for discussion.
"If, however, the proposed tax is an excise tax, then it would be authorthis propounded question are a reasonized and valid. The vital words ofall gasoline,
&c., sold within the State,
able tax or charge per gallon upon of
value
'In other words, it is not the taxation,the gasoline and fuel as property
but the sale of and dealing in the
which is the subject of
owned
article whatever_its value.'




Bonds to Be Offered Publicly in Future.—An Act passed at
the recent Legislative session requires that public officials,
when issuing bonds or certificates of indebtedness, advertise
for bids for the securities at least once in the official newspaper of the county not less than fifteen days nor more than
thirty days from the date bids are to be received. Other
requirements specified in the Act are that no bonds or certificates shall be sold at less than par, that all bids shall be
accompanied by a certified check to the amount of not less
than 5% of the bid, and that a copy of the notice of offering
of the bonds or certificates shall be mailed to the Tax Commissioner at Bismarck not less than fifteen days before
the date bids are to be received. These provisions are not
to apply in cases where certificates can be sold at par to
bear no more than 514% interest, where the bonds or certificates are sold to the State Board of University and School
Lands, or to other trust funds administered by public officials, where the bonds are issued by counties for the purpose of purchasing seed grain and feed, nor where the population of the city or school district is over 4,000.
New Income Tax Law.—The 1923 Legislature enacted a
new Income Tax Law amendatory to Chapter 224, Laws of
1919, as amended by Chapter 60, Special Session of 1919,
and Chapter 123, Laws of 1921.
The rates of taxation levied on incomes in the new Act differ
somewhat from those levied in the original Act of 1919. The
new law levies a graduated tax of 1% on all net incomes above
exemptions and not in excess of $2,000, and 1% additional
on each additional $2,000 of income, except that all incomes
over $10,000 are to be taxed at the uniform rate of 6%.
The old law levied different rates upon "earned" income,
or income from business or occupation, and "unearned"
income, or income from investments. Unearned income
was taxed at the rate of X% for the first $1,000 of income
and X% additional for each additional $1,000 of income
up to the tenth thousand, which was taxed at 5%; the
income from $10,000 to $20,000 was taxed at 6%; incomes
from $20,000 to $30,000 at 8%; income in excess of 330,000
at 10%. Earned income was taxed at the rate of IA% for
the first $1,000 of income, and X% additional for each
additional $1,000 of income up to the 20th $1,000, which was
taxed at 5%;the income from $20,000 to $30,000 was taxed
at 6%; income from $30,000 to $40,000 at 8%, and income
in excess of $40,000 at 10%.
Personal exemptions are also affected by the amendment.
These exemptions are fixed at $1,000 for single persons,
$2,000 for the head of a family, and $300 for each dependent
other than husband or wife. The original law allowed the
same exemptions, except that $200 was allowed for each dependent.
Income received from bonds issued by the United States
and its possessions, the State of North Dakota, or any political subdivision of North Dakota, is exempted under the
new law, as it was under the amendment of 1921. Income
from bonds of North Dakota political subdivisions was not
specifically exempted in the original Act.
Proposed Constitutional Amendment.—A joint resolution
proposing to amend Section 182, Article 12, of the State
Constitution, so as to require that State bonds mature
within thirty years from the date of the issuance of such
bonds, instead of within thirty years from the date of the
passage of the law authorizing their issuance, was passed
at the recent session of the Legislature. This proposal must
meet the approval of the next Legislature before it can be
submitted to the voters for ratification.
Tax Levy Limitation.—Under an Act of the 1923 Legislature, tax 'limits are put on levies assessed by the various
political subdivisions throughout the State. County levies
are not to exceed 234 mills on the dollar of the net taxable
assessed valuation; city levies are limited to 14 mills; village
levies to 10 mills; township levies to 5 mills; park districts to
2 mills, and school districts to 14 mills. There are, however, several exceptions to these limits. Counties may,
under Chapter 231, Laws of 1919, which permits counties
to levy taxes for road and bridge purposes, levy taxes not to
exceed 3 mills on the dollar of the taxable assessed valuation. School districts which give two years of standard
high school work and school districts maintaining a consolidated school may increase the levy to 16 mills on the dollar,
and districts giving four years of standard high school work
may increase the levy to 18 mills. A further provision for
.
levying taxes in excess of the prescribed limits is made.
The limits may be exceeded by 4% if the increase is approved

690

THE CHRONICLE

by a majority of the voters, and by 50% if approved by twothirds of the voters.
The limits fixed in this Act are not applicable to irrigation
or drainage districts, or to special assessments levied in cities
and villages; or to levies made for the purpose of paying
bonded indebtedness, or the county tuition levy provided for
by Section 1224, Compiled Laws of 1913; or to levies made to
combat the grasshopper and the gopher.
South Dakota (State of).
-School Bond Laws Enacted
at 1923 Session.
-A law providing a method for the organization of county and central high school districts was enacted
at the 1923 Legislative session. It empowers such districts to
issue, in addition to other bonds of the county, bonds in an
amount not to exceed 2% of the assessed valuation of property. Bonds so issued are to bear interest at no more than
7% and are to mature within 20 years.
Another law, amending Section 7609 Revised Code of
1919, as amended by Chapter 174 of the Laws of 1919,
reduces from 7% to 5% of the assessed valuation of property
the percentage of total bonded indebtedness that an independent school district may have outstanding at any one
time. Section 7609, as amended, now reads:
Section 7609. Limit of Issue, Sinking Fund.
-No Board of Education in
any independent school district, or any consolidated school district shall
issue bonds in the amount, which, with the outstanding indebtedness of
the district, shall exceed 5% of the assessedivaluation of the taxable property
within such district, as fixed by the Tax Commission for the year preceding
the issuing of such bonds, except when they are for funding or refunding
purposes but the amount of such funding or refunding bonds with the
debts not funded or refunded shall not exceed such limitation; and at or
before the issuing of any bonds such board, by resolution, shall provide
for the collection of an annual tax sufficient to pay the interest and also
the principal thereof when due for the entire term of years of which said
bonds are to run; and all such levies when legally made shall be irrepealable
until such debt shall be paid. The interest and sinking fund thus provided
for shall be set apart by the treasurer of such corporation, and shall not
be used for any other purpose.
The sinking fund shall be applied to the payment of the bonds at or
below par; provided, that such Board may, in its discretion, purchase any
of its outstanding bonds at or below par and pay for the same out of the
sinking fund on hand in the treasury. Provided, the interest fund shall be
applied to the payment of the interest coupons on any bonds whenever
they become due. Provided, that when any such Board of Education has
legally made such levies as provided, for the payment of interest and bonds
when due, they shall cause to be filed in the office of the County Auditor,
in the county in which such school district is situated, a certified copy of
such yearly levies. The County Auditor shall have power to levy such
tax from year to year to meet said interest and sinking fund when due,
without further notice or demand from any such school district.

Gasoline Tax Law.
-At the 1923 session of the Legislature
there was enacted a law levying a tax of two cents a gallon
on all fuel oils, including gasoline, benzine, naphtha and
benzol, sold in the State. The funds raised by the tax are
to be used in improving and maintaining the highways
of the State.
-At
Waynesboro-Basic City, Va.-Consolidation Voted.
an election held Aug. 7 these two communities voted for
consolidation into one municipality. The proposition to
consolidate carried by six to one in Waynesboro and three to
one in Basic City. The population of the two communities
combined is estimated at 4,000.
-Bond Sale
Willard Village School District, Ohio.
Halted by Petition for Injunction.
-According to the Toledo
"Blade": "John M. Elder, taxpayer of Willard, has filed
a petition asking that an injunction be granted to restrain
the School Board of Willard from selling the $185,000 school
bonds bids for which were to have been received on July
20-V. 117, p. 119. He says the Board meeting, at which
the issue bond election was authorized, was illegal because
one of the members was not notified.

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADA COUNTY SCHOOL DISTRICT NO.1 (P.O. Boise), Idaho.
NO BIDS.
-Our Western correspondent advises us in a special telegraphic
dispatch that the 8210,000
% refunding bonds offered on June 30
-V. 116, p. 2797
-were not sold, as no bids were received.
ALAMOSA, Alamosa County, Colo.
-The $13,000
-DESCRIPTION.
5 % judgment funding bonds purchased by Benwell, Phillips & Co. of
Denver, as stated in V. 116, p. 2797, are described as follows: Denom.
$500 and $100. Date Aug. 1 1923. Prin. and semi-ann. in (F.
-A.)
payable at the Hanover National Bank, N. Y. City. Due on Aug. I as
follows: $500, 1924 to 1943 incl., and $600, 1944 to 1948 incl.
ALBANY, Morgan County, Ala.
-BOND SALE.
-The $125,000 6%
street-improvement bonds offered on March 23 (V. 116, p. 1210) were
awarded to John B. Weakley, of Birmingham, at par and accrued interest.
Date March 1 1923. Due March 1 1933.
ALDEN, Freeborn County, Minn.
-Drake, Jones &
-BOND SALE.
Co. of St. Paul have purchased $7,000 water works bonds as 53iis at a
premium of $36. equal to 100.51.
ALGER VILLAGE SCHOOL DISTRICT, Hardin County, Ohio.
-Sealed proposals will be received by W. B. Ramsdell,
BOND OFFERING.
Clerk Board of Education, until 12 m. Aug. 20 for the purchase at not less
than par and accrued interest of $45,000 5%% school impt. bonds, issued
under authority of Sec. 7630-7631 of Gen. Code. Denom. $1,000. Date
Apr. 15 1923. Prin. and semi-ann. int. (A. & 0.) payable at the ClerkTreasurer's office. Due yearly on Oct. 1 as follows: $3,000 1924 and 1925;
$4.000 1926;$3.000 1927 to 1931 incl.:$4,0001932;$3.000 1933 to 1936 incl.,
and $4,000 1937. Cert. check for 5% of the amount, payable to the above
official, required. Purchaser to take up and pay for bonds within 10 days
from award.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-The
-BOND SALE.
8128.000 5% road bonds offered on Aug. 6-V. 117, p. 347
-have been
awarded to the First National Bank of Fort Wayne for $128,900. equal to
100.70, a basis of about 4.86%. Date Aug. 1 1923. Due $6,400 each
six months from May 15 1924 to Nov. 15 1933 inclusive.
ALLENTOWN CONSOLIDATED SPECIAL TAX SCHOOL DIS-BOND
TRICT NO. 2-B (P. 0. Milton), Santa Rosa County, Fla.
OFFERING.
-R.B. Hobbs, County Superintendent of Schools, will receive
sealed bids until 12 m. Aug. 17 for $7,000 13% coupon funding bonds.
Denom. $500. Date Sept. 11923. Interest M.& S. Due Sept. 11943.
A certified check for $1,000, payable to Board of Public Instruction,
required.
-BONDS VOTED.
-By a count of
ALTA,Buena Vista County, Iowa.
214 to 106 the voters approved the issuance of $10,000 bonds for a city
hall at a recent election.




[VOL. 117.

ANN ARBOR SCHOOL DISTRICT (P. 0. Ann Arbor), Washtenew
County, Mich.
-BOND OFFERING.
-Sealed bids will be received by G.J.
Ray, City Manager, until 7:30 p. m. Aug. 14 for $100,000
% public
school bonds. Denom. $1,000. Date Oct. 1 1922. Prin. and semi-ann.
int. (A. & 0.) payable at the Farmers' & Mechanics' Bank of Ann Arbor.
Due yearly on April 1 as follows: $15,000 1941; $43,000 1942 and $42,000
1943. Cert. check for $2,000 required. Legality approved by Miller.
Canfield, Paddock & Perry of Detroit.
ANDERSON, Madison County, Ind.
-BOND SALE.
-The $250,000
5% refunding bonds offered on Aug.4-V. 117. p. 463
-have been awarded
to the Harris Trust & Savings Bank of Chicago, which is now offering the
issue to investors at prices to yield 4.70%. Coupon bonds in denom. of
$1,000. Date July 1 1923. Prin. and semi-ann. hit. (J. & J.) payable
at the City Treasurer's office. Due July 1 1943.
Financial Statement (As Officially Reported).
Assessed valuation for taxation (1923)
$33,102,720
Totdebtal
(this issue included)
848,500
Less water debt
$21,000
Net debt
827,500
Population, 1920 Census
29,767
ARBOR DRAINAGE DISTRICT,Bent County,Colo.
-BOND ELECTION.
-An election will be held on Aug. 18 to vote on a proposition to
issue $12,000 drainage bonds.
ARCHER COUNTY COMMON SCHOOL DISTRICT,.Tex.
-BONDS
REGISTERED.
-The State Comptroller of Texas registered $12,500
6% 5
-40-year bonds on Aug. 3.
ARKANSAS CITY, Cowley County, Kan.
-BONDS REGISTERED.
On July 2 the State Auditor of Kansas registered $59,885 32 5% refunding
bonds and $55,213 46 5% internal improvement bonds on July 25.
AYDEN, Pitt County, No. Caro.
-BOND SALE.
-The $65.000 6%
coupon or registered funding bonds offered on Aug. 1-V. 117, p. 463
were awarded to George C. Fetner of Cherryville at a premium of $115,
equal to 100.17-a basis of about 5.98%. Date July 1 1923. Due on
July 1 as follows: $2,000, 1926 to 1931. incl.; $4,000, 1932 to 1938, incl.,
and $5,000, 1939 to 1943, incl.
BADGER SCHOOL DISTRICT NO. 13 (P. 0. Cando), Towner
County, No. Dak.-CERTIFICATE OFFERING.
-Bids will be received
until 2 p. m.Aug. 14 by C. L. Harris, District Clerk,for $15,000 certificates
of indebtedness to bear interest at a rate not to exceed 74 and to mature
%
on or before twelve months from date of issue. Denom. $1,000. Interest
semi-annual. A certifeid check, payable to the District Treasurer, for 5%
of bid, required.
BAR BUTTE SCHOOL DISTRICT NO. 37 (P. 0. Hanks), Williams
County, No. Dak.-CERTIFICATE OFFERING.
-Sealed bids will be
received until 8 p. m. Aug. 20 by Mrs. C. W. Johnson. District Clerk.
for $10,000 certificates of indebtedness. Denom. $1,000. Int. rate not
to exceed 7%. Due in 18 months. A certified check for 5% of bid required.
BARNESVILLE VILLAGE SCHOOL DISTRICT (P. 0. Barnesville), Belmont County, Ohio.
-The Board
-BONDS AUTHORIZED.
of Education authorized the issuance of $75,000 bonds for a new junior
high school.
BAYLOR COUNTY ROAD DISTRICT NO. 4 (P. 0. Seymour),
Tex.
-BOND ELECTION.
-An election will be held on Aug. 25 to vote
on the question of issuing $25,000 5)4% road bonds. Ernest Tibbets,
County Judge.
BEAUFORT COUNTY (P.O. Beaufort), No. Caro.
-BOND SALE.
The $50,000 6% bridge bonds offered on Aug. 7 (V. 117, p. 235) have been
awarded to Sidney Spitzer & Co. of Toledo. Due Sept. 1 1943.
BENTLEYVILLE, Washington County, Pa.
-At
-BONDS VOTED.
a special election held recently the voters passed a bond issue of $70,000
for street improvements by a count of 159 "for" to 111 "against" the
proposition.
BENTON COUNTY (P. 0. Fowler), Ind.
-The
-BOND SALE.
$13.264 6% coupon "Harrington Ditch" bonds offered on Aug. 1 (V. 117,
p. 348) were awarded to Edward O'Hara of Lafayette for $13,310, equal to
100.34, a basis of about 5.90%. Date July 2 1923. Due $1,326 40
yearly on Nov. 10 from 1924 to 1933 hicl.
BERGHOLTZ VILLAGE SCHOOL DISTRICT (P. 0. Bergholtx),
Jefferson County, Ohio.
-BOND OFFERING.
-A. G. McBane, Clerk of
Board of Education, will receive sealed bids until 6 p. m.(Central standard
time) Sept. 3 for the purchase at not less than par and accrued int. of
$50,000 5%% coupon school bonds issued under Sec. 7630-1 of Gen. Code.
Denom: 0. Date Sept. 11923. Prin. and semi-ann. interest (A. & O.)
payable at the Bergholtz State Bank of Bergholtz. Due $1,000 each six
months from Oct. 1 1924 to April 1 1949, incl. Certified check for $500,
payable to the Board of Eudcation, required. Legality approved by Court.
BERKS COUNTY (P. 0. Reading), Pa.
-BOND OFFERING.
-J. P.
Wanner, County Comptroller, will receive sealed bids until Sept. 1 for
the.purchase at not less than par and accrued interest of $650,000 4%
bridge bonds. Denom. $1.000. Date Oct. 1 1923. Int. A. & 0. Due
on Oct. 1 as follows: $23,000, 1931; $24,000, 1932; $25,000. 1933: $26,000.
1934: $27,000. 1935: $28,000. 1936:829,000, 1937: $30,000, 1938: $79,000.
1939: $83,000, 1940; 888.000, 1941; $92,000, 1942, and $96,000, 1943.
Certified check for 86.500 must accompany each bid. The favorable
opinion of Townsend, Elliott & Munson of Philadelphia will be furnished.
For further information address the County Commissioner.
BESSEMER TOWNSHIP (P. 0. Bessemer), Gogebic County,
Mich.
-BOND SALE.
-On July 21 an issue of $80.000 554% town hall
bonds was awarded to Dr. L. 0. Houghton of Ironwood at par. Denom.
$1,000. Int. J. & J. Due $10,000 yearly from 1925 to 1932 inclusive.
BETHANY HEIGHTS, Lancaster County, Neb.-BOND SALE.
The State of Nebraska purchased $7,000 5% water bonds at par during the
month of June. • Date June 11923. Due June 1 1943,optional June 11928.
BETHANY SCHOOL DISTRICT (P. 0. York), York County,
So. Caro.
-BONDS VOTED
-OFFERING.
-At an election held on Aug. 1
the voters by a majority of 16 approved the issuance of $12,000 6% school
building and e.quipment bonds. Bids will be received until 12 m. Aug. 15
for the above bonds by J. S. Brice, School Trustee. Int. J. & J. 15.
Due 1943.
BETHEL, Fairfield County, Conn.
-Sealed
-BOND OFFERING.
proposals were received by Hcnry F. Kyle, Town Clerk, until 7 P• m•
(standard time) Aug. 10 for $75,000 4%% coupon consolidated bonds.
issued in denomination of $1,000 each, dated May 15 1923 and payable
$4,000 yearly on May 15 1924 to 1941 incl. and $3,000 on May 15 1942.
Prin. and semi-ann. int. (M. & N. 15) payable at the Bethel National
Bank. Bethel. These bonds are engraved under the supervision of and
certified as to genuineness by the First National Bunk of Boston; their
legality will be approved by Ropes, Gray, Boyden & Perkins, whose opinion
will be furnished the purchaser. All legal papers incident to this issue
be filed with said bank where they may be inspected at any time. Bonds
will be delivered to the purchaser on or about Aug. 13 at the'First National
Bank of Boston in Boston.
Financial Statement July 10 1923.
Refunding bonds 1951
$2,359,118
$30,000 I Grand list 1922-23
Water debt
3,201
54,487 I Population 1920
Floating debt
44.0001
BIRMINGHAM SCHOOL DISTRICT (P. 0. Birmingham ), Oakland County, Mich.
-BOND SALE.
-The $97,000 5% Baldwin high
school addition bonds voted at an election held on July 15 (V. 117, p. 463)
have been awarded to Caldwell, Mosser & Willaman of Chicago at par plus
a premium of $738 75, equal to 100.76. Denom. $1,000. Date Sept. 1
1923. Int. M. & S. Due serially until 1938.
BISBEE SPECIAL SCHOOL DISTRICT NO. 7 (P. 0. Bisbee),
Towner County, No. Dak.-CERTIFICATE OFFERING.
-Bids will be
received by I. K. Lund, District Clerk, until 2 p. m. Aug. 14 for the purchase of $10,000 certificates of indebtedness. Denom. $1,000. Interest
rate to be named by bidder, not to exceed 7%. Due in 12 months. A certified check for not less than 5% of bid, payable to the District Treasurer,
required.
-The
BLACKFOOT, Bingham County, Idaho.
-BOND SALE.
86.000 coupon water works bonds offered on July 3I-V. 117, P. 348
were purchased by the Central Trust Co. of Salt Lake City. Date July 1
1923. Due July 1 1943; optional after 10 years.

AUG. 11 1923.]

THE CHRONICLE

691

March
BLACKTAIL TOWNSHIP (P. O. Bonetraill), Williams County, a premium of 5180, equal to 100.52, a basis of about 4.89%. Date$33,800.
-Peter Hanson, Township Clerk, 11923. Due on March 1 as follows: $3,800, 1925; 53.500. 1926:
No. Dak.-CERTIFICATE OFFERING.
1928; $3,800, 1929; $3,500, 1930; $3,800, 1931; $3,500,
will receive bids until 5 p. in. Aug. 14 for $1.550 tax certificates to bear 1927; $3,500,
1932, and $3.800. 1933
interest at a rate not to exceed 7% and to mature in 18 months.
CANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Canton),
-BOND OFFERING.
-Sealed bids
BLOSSOM, Lamar County, Texas.
-On Aug. 1 the State
-BONDS REGISTERED.
20 by the City Secretary for $25,000
% Van Zandt County, Tex.
will be received until Aug.
school bonds. Due as follows: $3,000 in each of the years 1928', 1933, 1938, Comptroller of Texas registered 525,000 6% serial bonds.
and 1958 and $4.000. 1963.
1943, 1948. 1953
CARPENTER SCHOOL DISTRICT NO. 25, Rolette County,
-Elizabeth D. Noakes, District
- No, Dak.-CERTIFICATE OFFERING.
-BONDS VOTED
BLUE EARTH, Faribault County, Minn.
-At an election held on July 16 a proposition to issue $25.000 Clerk, will receive bids at the County Auditor's office in Rolla until 2 p. m.
OFFERING.
bear interest
for installation of heat in public school, carried by a vote of629"for" Aug. 18 for $2,000 certificates of indebtedness toOf the above at a rate
bonds
amount.
to 153 "against." Bids will be received until 8 p. m. Aug. 20 for the above not to exceed 7%. Denom. $500. Int. ann. and the other three will
one certificate for $500 will be dated Aug.18 1923
bonds. Interest rate not to exceed 5%,
be dated May 18 1923. Due May 18 1924. A certified check for 5%
BOARDMAN DRAINAGE DISTRICT, Cherry County, Neb.- of bid required.
-During the month of July the State ofNebraska purchased
POND SALE.
-BOND SALE.
CARTERET COUNTY (P. 0. Beaufort), No. Caro.
525.000 6% drainage and improvement bonds at par. Date May 1 1923.
The $50,000 .5%% road and bridge bonds offered oh Aug. 6-V. 117.
serially on May 1 from 1924 to 1943, inclusive.
Due
-were awarded to Stacy & Braun of Toledo at a premium of 51,190.
p. 236
BOTTINEAU SPECIAL SCHOOL DISTRICT NO. 1 (P. 0. Botti- equal to 102.38, a basis of about 5.34%. Date July 1 1923. Due on
-Elmer July 1 as follows: $1,000. 1933 to 1942 inclusive, and 52.000, 1943 to
neau), Bottineau County, No. Dak.-BOND OFFERING.
Larson, Clerk Board of Education, will receive bids until 2 p. m. Aug. 17 1962 inclusive. Other bidders were:
for $45,000 5% funding bonds. Date May 1 1923. Prin. and semi-ann. Geo. H.Burr & Co
$50.445 Beaufort Bank & Trust Co_ 350,890
-J.) payable at the Wells-Dickey Co. of Minneapolis. Due May 1 Southern Securities Co
int. (J.
50,025
50.965 First National Trust Co
1943. All b,ids must be accompanied by a certified check for $2.500. Campbell & Co
51,000
50.837 Prudden & Co
Bonds will be printed and ready for delivery by the District at time of sale. Spitzer, Rorick & Co
50,290
-BONDS VOTED-BOND SALE.
BOUNTIFUL, Davis County, Utah.
-The State of
CHADRON, Dawes County, Neb.-BOND SALE.
-the following bond Nebraska purchased $23,000 5%% intersection paving bonds at par during
-At the election held on July 23-V. 117, p. 113
Issues, aggregating 553,000, were voted:
the month of June. Date Feb. 11923. Due Feb. 1 1925 to 1943 incl.
$10,000 street bonds.
$5,000 city hall purchase bonds.
-On
BONDS VOTED-BONDS NOT TO BE ISSUED THIS YEAR.
3,000 fire bonds.
35,000 water supply bonds.
131
The Ashton-Jenkins Co. of Bountiful has purchased the above bonds. July 24 by a count of were"for" to 116 "against" the 525.000 6% Paving
voted. The City Clerk says: "No bonds will
District No. 6 bonds
Interest rate 53. %. Due serially for 20 years.
be issued this year. No paving bids asked for until next February."
BOWMAN COUNTY (P. 0. Bowman), No. Dak.-CERTIFICATE
-The
-TEMPORARY LOAN.
CHICOPEE, Hampton County, Mass.
-Bids will be received until 2 p. m Aug. 15 by Anna M.
OFFERING.
Trust Co. of
Spire,County Auditor,for S15.0007% certificates ofindebtedness. Denom. city has awarded a temporary loan of $200,000 to the Union Due Nov. 26
Springfield on a 4.26% discount basis. Date Aug. 3 1923.
$1,000. Date Aug. 15 1923. Due April 1 1924. A certified check for
1923.
5% of bid, required.
-BOND OFFERING.
CHISHOLM, St. Louis County, Minn.
-On
-BOND SALE.
BRADFORD COUNTY (P. 0. Starke), Fla.
Co. of Toledo purchased the $40,000 6% coupon 0. F. Weckerling, Village Recorder, will receive sealed bids until 8 p. m.
Aug. 6 Sidney Spitzer &
5600,000 51i% or 6% coupon funding bonds. Denom.$1,000.
2798) at 100.12. a basis of Aug. 22 for
funding bonds offered on that date(V.
Treasurer's office. Due
about 5.98%. Date July 11923. thie on July 1 as follows: $2,000 1924 Prin. and semi-ann. int, payable at the Village1930 and 1931: 540.000,
as follows: 520,000, 1926 to 1929; 530,000,
to 1934 incl. and $3,000 1935 to 1940 incl.
1932; $50,000. 1933; $60.000. 1934 an& 1935; 570,000. 1936: $80.000.
BRADY TOWNSHIP SCHOOL DISTRICT (P. 0. Du Bois R. F. 1937, and 5100,000, 1938. A certified check for 2%, payable to the
-BOND SALE.
-On July 1 the Village, required.
D. No. 1), Clearfield County, Pa.
Du Bois National Bank of Du Bois purchased $30.000 5% high school
-BOND SALE.
CHOWAN COUNTY (P. 0. Wadesboro), No. Caro.
building bonds at par plus a premium of $405, equal to 101.35. Denom.
The $150,000 coupon or registered road and bridge bonds offered on Aug.6
$500. Date July 1 1923. Int. J. & J. Due July 1 1953.
(V. 117, p. 236) were awarded to Kauffman-Smith-Emert & Co., Inc.. of
BRIGHTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. St. Louis as 5s at 100.02, a basis of about 5.24%. Denom. 51.000.
-BOND SALE.
-On July 26 an issue Date July 11923. Prin, and semi-ann. int. (J. & J.) payable at the Chase
Wakeman), Huron County, Ohio.
of $20,000 51 % emergency school building bonds was awarded to W. L. National Bank of New York in gold. Due on July 1 as follows: $55,000
Slayton & CO. of Toledo at par and accrued interest. Denom. $510. 1926 to 1943 incl. and $6,000 1944 to 1953 incl.
Date June 1 1923. Int. A. & 0.
-BOND SALE.
CLAIBORNE COUNTY (P. 0. Tazewell), Tenn.
BRONSON, Kittson County, Minn.
-BOND OFFERING.
-Albert J. The $33,000 6% pike road bonds offered on Aug. 6-V. 117, p.349 were
Ten, Village Clerk, will receive bids until 8 p. in. Aug 14 for $13,000 awarded to I. B. Tigrett & Co. of Jackson as 54s. Date Aug. 1 1923.
6 electric light bonds. Date July 1 1923. Int. semi-ann. Due July 1 Due in 40 years.
1 43, payable at the First National Bank, Minneapolis. A certified check
CLARK COUNTY (P. 0. Las Vegas), Nev.-BOND OFFERING.
for $1.000 required.
Bids will be received until Sept. 5 for the purchase of 535,0006% highway
BURKE, Gregory County, So. Dak.-BONDS NOT ISSUED-TO BE bonds. A certified check for 1% required.
-In answer to
ISSUED NEXT YEAR. hall bonds our inquiry regarding the disposition
-During the month
CLARKS. Merrick County, Neb.-BOND SALE.
offered on March 9-V. 116. p. 966.
of the $10,000 53 % city
Karl E. Zutz, City Auditor. says: "Bonds not issued. Will not be issued of June the State of Nebraska purchased at par $330,902 35 5% paving district bonds. Date May 1 1923. Due May 1 1943: optional any time.
another year.
for
-BOND ELECTION.
CLARKSVILLE, Red River County, Tex.
BUTTE, Boyd County, Neb.-BOND SALE.
-The $1,675 6% coupon
intersection paving bonds offered on Feb.5-V. 116. p. 538-were disposed An election will be held on Aug. 27 to vote on the question of issuing
$40.000 5%% sewer disposal bonds. Roy Goodman, City Clerk.
par. Date Jan. 1 1923. Due Jan. 1 1943.
of at
-BOND OFCLAY SCHOOL TOWNSHIP, St. Joseph County, Ind.
CADDO PARISH SCHOOL DISTRICT NO. 14 (P. 0. Shreve,
-Sealed bids will be received by Joseph E. Mulligan Jr., trustee
-BOND SALE -The $75,000 school bonds offered on July 27 (\P. 11 FERING.
La.
465). were awarded to the Interstate Trust & Banking Co. of New (P. 0. South Bend R. R. No. 5), until 3 p. m. Aug. 25 for the purchase at
p.
Orleans as 5is at a premium of $250. equal to 100.33. Denom. $1,000. not less than par and accrued interest of 515,000 5% "Construction of a
schoolhouse in district No.4- bonds. Denom.$1.000. Date Aug. 11923.
Date July 1 1923. Interest J. & J. Due 1933.
Int. J. & J. Due $1,000 yearly on July 1 from 1924 to 1938 incl.
CALUMET TOWNSHIP (P. 0. Gary) Lake County, Ind.
-BOND
-The
-NO BIDS.
CLINTON COUNTY (P. 0. Frankfort), Ind.
-The $55,000 6% coupon school building bonds offered on July 30
SALE.
(V. 117, p. 236) were awarded to Ringheim, Whetlock & Co. of Des Moines three issues of 4%% coupon road bonds aggregating $26,150 offered on
-were not sold, as no bids were received.
$5.035, equal to 100.70.a basis of about 5.625%. Date Sept. 1 1923. Aug. 4-V. 117. p. 349
for
Due $1,000 each six months from Sept. 1 1924 to Sept. 1 1926 incl.
-BONDS REGISTERED.
COFFEYVILLE,Montgomery County, Kan.
CAMBRIDGE, Guernsey County, Ohio.
-BOND OFFERING.- -On July 19 the State Auditor of Kansas registered 5146,000 5% paving
Sealed bids will be received by J. E. Eaton, City Auditor. until 12 m. bonds.
Aug. 15 for the purchase at not less than par and accrued interest of $20,-The
COLLEGE VIEW, Lancaster County, Neb.-BOND SALE.
165 85 &Si% Beatty Ave. special assessment bonds issued under Sec. 3914 State of Nebraska purchased 542.970 45 6% sewer bonds at par during the
of Gen. Code. Donom.$2.000, except the last bond for $2.165 85. Dated month of June. Date May 15 1923. Due May 15 1924 to 1932 incl.
not later than April 1 1923. Int. A. & 0. Due $2,000 yearly on Sept. 1
-The
-BONDS DEFEATED.
COLUMBUS, Platte County, Nab.
from 1924 to 1932 incl. and $2,165 85 1933. Certified check for 5% of
the amount, payable to the City Treasurer, required. Purchaser to take proposed bond issue of $75,000 for the erection of a new city hall. jail.
auditorium and fireman's quarters (combined under one roof) was defeated
up and pay for bonds within 10 days from time of award.
Sealed bids will be received by J. E. Eaton, City Auditor, until 12 m. at the election held on July 31-V. 117, p. 349.
Aug. 28 for the purchase at not less than par and accrued interest of the
COTTONWOOD COUNTY (P.O. Windom)i Minn.-130ND SALE.
following issues of 53'% bonds:
ditch bonds offered on Aug. I-V.117, p.349
$1.921 09 property owners'share, North Sixth St. paving assessment bonds. The 516.800 public drainage
,
Loan
awarded
Denom. MO. except the last bond for $421 09. Date July 1 were premium to the Minnesotato a & Trust Co. of Minneapolis as 43 s
of $550, equal
100.03 basis of about 4.74%. Date
1923. Due $500 yearly on July 1 from 1925 to 1928 inclusive, at a
Aug. 1 1923. Due on Aug. 1 as follows: 51,000. 1929 to 1935; 51,800.
and $421 09, 1928.
904 00 property owners' share, Woodworth Ave. sanitary sewer bonds. 1936: 51,000. 1937 to 1942 incl., and $2,000. 1943.
Denom. $500 and $404. Date May 11923. Due $500 Sept. 1
CRANE CREEK SCHOOL DISTRICT NO. 145, Mountraill County,
1925, and 3404, Sept. 1 1926.
-Bids will be received until
No. Dak.-CERTIFICATE OFFERING.
Int. M. & S. Certified check for 5% of the amount bid for, payable 2 p. m. Aug. 18 by C. I. Sutherland, Clerk of the School Board (P. 0.
to the City Treasurer, required. Purchaser to take up and pay for bonds Stanley), for $3,000 7% certificates of indebtedness. A certified check
within ten days from time of award.
for 5% of bid required.
CAMDEN, Camden County, N. J.
-BOND OFFERING.
CRAWFORD COUNTY SCHOOL DISTRICT NO. 112, Kans.-Sealed
proposals will be received by Sidney P. McCurd, City Comptroller, on BONDS REGISTERED.
-The State Auditor of Kansas registered $20,000
Aug. 22 at 10 a. in. (daylight saving time) at the City Hail for the purchase 5% school bonds on July 3.
issues of bonds, the amount of the issue stated in each
of the following
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
case being the authorized amount of bonds and the sum required, to be
obtained at the sale of such issue, no more bonds to be awarded than will The $7,000 6% coupon special assessment Sewer District No. 1 improvement bonds offered on Aug. 1 (V. 117, p. 464) were awarded to Milliken &
produce a premium of $1,000 over the amount of each issue.
$750,000 school bonds, maturing $18,000 on Sept. 1 in each of the years York, of Cleveland, at par plus a premium of $280, equal to 104-a basis
1924 to 1933 incl., and $19,000 on Sept. 1 in each of the years of about 5.32%. Date Aug. 1 1923. Due $500 yearly on Oct. 1 from 1924
to 1937, inclusive.
1934 to 1963 incl.
344,000 paving bonds, maturing $18,000 on Sept. 1 in each of the years
-BOND SALES.
CUYAHOGA FALLS, Summit County, Ohio.
1924 to 1940 incl., and $19.000 on Sept. 1 in each of the years The following issues of 6% bonds aggregating 5206.993 offered on Aug. 6
1941 and 1942.
-V. 117, p. 468-were awarded to
Parish & Lamson of Clevesewer bonds, maturing $44,000 on Sept. 1 in each of the years land for $211,426. equal to 102.14.Richards, about 5.46%:
159.000
a basis of
1924 to 1954 incl., and $5,000 on Sept. 1 in each of the years
$30.000 general improvement bonds (city's portion). Date July 1 1923.
1955 to 1961 incl.
Due on Oct. 1 as follows: $2.000. 1924. and $3,500. 1925 to 1932.
Said bonds will be dated Sept. 1 1923. will be of the denomination of
inclusive.
$1,000 each, will bear interest at the rate of 4S% payable semi-annually
23,054 West Broad Street improvement bonds. Date Aug. 1 1923. Due
on March 1 and Sept. 1 in each year. Both prin. and int. of said bonds
on Oct. 1 as follows: 53.054. 1924. and 52.500. 1925 to 1932. Incl.
will be payable in gold coin of the United States of America of or equal 113.750 Fourth Street improvement bonds. Date Aug. 1 1923. Due on
to the present standard of weight and fineness, at the office of the First
Oct. 1 as follows: $13,750. 1924. and $12,500. 1925 to 1932 bid.
National State Bank, Camden. The bonds will be coupon bonds, with
12.874 High Street Improvement bonds. Date Aug. 1 1923. Due on
the privilege of registration as to principal fnly or as to both principal
Oct. 1 as follows: $2.874. 1924. and $2,500. 1925 to 1928. inclusive.
Any bidder may condition his bid on the award to him of
and interest.
11.768 East Bailey Road improvement bonds. Date Aug. 1 1923. Due
in
two or more of said WOOS but for that case if there is a more favorable
on Oct. 1 as follows: $1,768. 1924. and $2,500. 1925 to 1928, incl.
which he bids, his bid will be rejected.
for any one of the issues
bidder
3,642 Arcadia Avenue improvement bonds. Date Aug. 1 1923. Due on
All bidders are required to deposit a certified check payable to the order
Oct. 1 as follows: $642, 1924: 5500, 1925 and 1926; and 51.000,
the amount of bonds bid for, drawn
of the City of Camden for 2% ofcompany.
1927 and 1928.
incorporated bank or trust
The bonds will be prepared
upon an
11.905 Rosewood Avenue water improvement bonds. Date Aug. 1 1923.
under the supervision of the United States Mtge. & Trust Co., which will
Due on Oct. 1 as follows: $1,905, 1924, and 52.500, 1925 to 1928,
certify as to the genuineness of the signatures of the officials and the seal
inclusive.
impressed thereon. The successful bidder will be furnished with the opinion
Other bidders were:
Price Bid.
of Hawkins, Delafield & Longfellow of N. Y. City, that the bonds are
Price Bid.
binding and legal obligations of the city.
$3,080 00 Canton Bond & Invest. Co.$2,187 00
Seasongood & Mayer
Breed, Elliott & Harrison
County, Kans.-BONDS REGISTERED.- Grau, Todd & Co
.
4.243 40
CANEY, Montgomery
3,333 00
Co
2,930 75
On July lithe State Auditor of Kansas registered $29,018 09 5% paving Prudden & Co
3,20500
W. L. Slayton
bonds.
Divide County, No. Dak.-CERTIPICounty, °Mo.-BOND SALE.
DANEVILLE TOWNSHIPi
-Lewis S. Rosenstiel
ACANTON, Stark
Johansen, Clerk Board of Supervisors, will
$333,000 0% Trunk
& Co. of Cincinnati purchased the117, p. 464-at par Sewer District CATE OFFERING.-Jobannes
and interest plus receive bids at the County Auditor's office in Crosby until 10 a. in. Aug. 15
No. 1 bonds offered on Aug. 6-V.




692

THE CHRONICLE

for $3,000 7% certificates of indebtedness maturing $1,000 in 6 months.
12 months and 18 months. Denom. $500. Int. semi-ann. A certified
check for 5% of bid required.
DAVENPORT, Thayer County, Neb.-BOND SALE.
-During the
month of June the State of Nebraska purchased $5,000 5% water-extension
bonds at par. Date June 1 1923. Due June 1 1943, optional June 1 1933.
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND SALE.
-The
922,050 5% Albert W. Stuckey et al. road bonds offered on Aug. 6-V.
117, p.349
-were awarded to the City Trust Co. of Indianapolis for 922,107
-equal to 100.25-a basis of about 4.95%. Denom. $1,102 50. Date
July 16 1923. Interest M. & N. Due $1,102 50 each six months from
May 15 1924 to Nov. 15 1933, incl.
DELAWARE (State of).
-BOND SALE.
-The $600,000 43% coupon
highway bonds offered on .Aug. 8-V. 117, p. 465
-have been awarded to
Barr Bros. & Co. of New York at 102.8178, a basis of about 4.35% if
allowed to run until maturity. Denem. $1,000. Date Jan. 1 1923.
Prin.and semi-ann. int. (J. & J.) payable at the Farmers' Bank of Dover.
Due Jan. 1 1963; optional at 105 after one year. Other bidders were:
Rate Bid
Rate Bid.
Barr Bros. & Co
102.8178 Guaranty Co. of N. Y. and
Laird, Bissell Ss Meeds and
Remick. Hodges & Co__ - _100.52
Harris, Forbes & Co
100.71
Eldredge & Co
102.432
National City Co
100.581 Estabrook & Co
100.42
Dillon, Read & Co. and
Farmers' Bank
100.
Bankers Trust Co
101.527
DELAWARE, • Delaware County, Ohio.
-BOND OFFERING.
Sealed bids will be received by F.D.King, City Auditor.until 12in. Aug.22
for the purchase at not less than par and accrued interest of the following
Issues of 5 A % coupon East William Street paving impt. bonds:
$37,797 66 (Series'A"). Denom. 75 for $797 66 and 74 for $500. Date
June 1 1923. Due 9797 66 Mar. 1 1924, $5,000 Mar. 1 1925.
and $4,000 yearly on Mar. 1 from 1926 to 1933 incl.
43,20784 (Series "B"). Denom.$500 and one for 9207 84. Date Aug. 1
1923. Due $2,707 84 Sept. 1 1924 and $4,500 Sept. 1 1925 to
1933 incl.
Prin. and semi-ann. int.(M.& S.) payable at the depository of the Sinking Fund in Delaware.

[VoL. 117.

FEDORA, Miner County, So, Dak.-BONDS DEFEATED.
-At
special election held on July 23(V. 117, p.350). the bond issue of $6,000the
for
school purposes was defeated by a count of 52 "for" to 110 "against," with
the result that no such improvements will be made this year nor for some
years to come, it is averred.
FELICITY, Clermont County, Ohlo.-BOND SALE.
-The $4,130
6% deficiency bonds offered on April 23-V. 116, p. 1805
-were awarded
to the Citizens Bank of Felicity at par and accrued interest. Date Sept.
6 1919. Due yearly on Sept. 6 as follows: 8500, 1924 to 1930 Inclusive,
and $630, 1931.
FILLMORE COUNTY (I). 0. Preston), Minn.
-BOND SALE.
-The
$100,000 6% county road bonds offered on Aug. 3 (V. 117, p. 579) were
awarded to the Northwestern Trust Co. of St. Paul as 4s at a premium
of $1.500, equal to 101.59-a basis of about 4.61%. Date Aug. 1 1923.
Due $10,000 yearly on Aug. 1 from 1933 to 1942.
FILLMORE CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. 0.
Fillmore), Andrew County, Mo.-BOND OFFERING.
Robertson. President Board of Aldermen, will receive sealed -William 8. m.
bids until p.
Aug. 14 for 825.0005% school bonds. Date
Aug. 15 192
3. Int. semi-ann.
Due on Aug. 15 as follows: $6,000 1928; 91,500
1929; 811,500 1930; 92.000
a9d11$1,500
ln3 :93
8
1932; 92,000 1933 to 1935 incl.; 92,500 1936 and $2,000 1937

FIRST FARMERS'ELECTRIC DISTRICT,Saunders County, Nebr.
-BOND SALE.
-The Peters Trust Co. of Omaha purchased the $30,000
53(% electric plant construction bonds offered on Jan. 12(V. 116,
p. 203)
at par and accrued interest.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Columbia Falls R.F. D. No.2), Mont.
-BOND SALE.
-The $3,000 6% school
bonds offered on July 30(V. 117, p. 350)
of Land Commissioners at par. Denom.were awarded to the State Board
$300. Date Aug. 11923. Int.
J. ,it D. Due June 15 1933. optional on any
int. paying date.
FLINT UNION SCHOOL DISTRICT(P.O. Flint), Genesee
Count'',
Mich.
-BOND OFFERING.
-Sealed bids
be received by A.
danger, Secretary, until 2 p. in. Aug. 14 will 9250,000 43% nowJ. Wilfor
school
building improvement bonds. Date March 1 1923. Prin. and semi-ann.
interest(M.& S.) payable at the District Treasurer's office. Due
$50,000
1944 to 1948, incl. The district will furnish the legal opinion of Wood &
DE WITT SCHOOL DISTRICT NO. 7, Divide County, No, Dak.- Oakley or Charles B. Wood approving the validity of bonds and will also
CERTIFICATE OFFERING.
-Bids will be received by John Porter, Clerk defray the expenses of printing bonds. No bid will be considered calling
Board of Schol Directors, at the County Auditor's office in Crosby. until for the opinion of any other attorneys. All bids shall be accompanied by a
10 a. In. Aug. 15 for $4.000 7% certificates of indebtedness. Denom. certified check in the amount of $1,000, payable to the Union School
9500 and $100. Interest semi-annual. Due in twelve months. A certi- District, city of Flint.
fied check for 5% of bid required.
FORT PIERCE INLET DISTRICT (P. 0. Fort Pierce), St. Lucie
-BOND SALE.
DRAYTON SCHOOL DISTRICT NO. 19 (P. 0. Drayton), Pembina County, Fla.
-The 9220,000
coupon bonds offered
County, No. Dak.-BOND OFFERING.
-W. J. Buchanan, Clerk Board on July 24(V. 117. p. 237) were awarded to the Fort Pierce Bank & Trust
of Education, will receive bids until 2 p. m. Aug. 11 for the purchase of Co. at par. Due serially, 1925 to 1948, inclusive.
950,000 534% school-building bonds. Date July 2 1923. Principal and
FORT STOCKTON WATER
semi-annual interest (J. & J.) payable at the Wells-Dickey Co. of Minneap- (P. 0. Fort Stockton), Pecos IMPROVEMENT DISTRICT NO. 1
County, Texas.
-BOND SALE.
-The
olis. Duo July 2 1943. A certified check for 95,000 required. Bonds will 860,000 6.% bonds offered on
on
be printed and ready for delivery on day of sale.
that day but were awarded onApril 15 (Nr. 116, p. 1212) were not sold 8s.
July 25 to J. W. Scaggs & Co. at 90 as
BOND SALE.
-The 950,000 534% school building bonds offered on July Denom. 91,000. Date May
21 (V. 117, p. 349) were awarded to the Northern State Bank of Granville. from 1930 to 1941, inclusive. 1 1923. Interest annual. Due on June I
FULTON COUNTY
EAST CHICAGO SCHOOL CITY (P.O. East Chicago), Lake Coun0. Rochester), Ind.
-BOND OFFERING.ty, Ind.
-NO BIDS.
-The 9200,000 4 A % Lincoln School construction H. B. Kumler, County Treasurer, will receive bids until 10 a. m. Aug. 1/
bonds offered on July 31 (V. 117. p. 237) were not sold, as no bids were for the purchase at not less than par and accrued interest of $15,000 4)4%
Obe Haimbaugh et al. road in Newcastle Twp. bonds. Denom.
received.
9750.
Date June 5
EDDY COUNTY (P. 0. New Rockford), No, Dak.-CERTIFICATE May 15 1924 1923. Int. M. & N. 15. Due $750 each six months from
to Nov. 15 1933 incl.
SALE.
-The 910,000 certificates ofindebtedness offered on July 28(V.117,
BOND SALE.
-On July 26 A. E. Gast, a local contractor, purchased
ro• 349) were awarded to the First National Bank of New Rockford as 7s
at par. Denom. $1,000. Date Aug. 7 1923. Interest annual. Due in 98,000 4_14% road-construction bonds at par and accrued interest. Denom.
$400. Date May 15 1923. Interest M.& N. Due on May 15 until 1934.
18 months.
GALVESTON,Galveston County, Texas.
EDEN SCHOOL DISTRICT NO. 21 (P. 0. Scranton), Bowman
-BONDS TO BE OFFERED
ABOUT SEPT.
-The $1,250,000 filling and grading. $100,000 streetCounty, No. Dak.-CERTIFICATE OFFERING.
-Bids will be received improvement 19.
and $125,000 water-works at Alta Loma 5% bonds,
until 2 p. m. Aug. 18 by J. B. Loder. District Clerk, for $1,000 6% certifiMay 8 (V. 116, p. 2301). are to be offered, we are advised, by voted on
cates of indebtedness, maturing Feb. 1925. A certified check for 5% of
Robt. I.
Cohen, Jr.. City Treasurer, about Sept. 19.
bid, required.
GARDEN COUNTY (P. 0. Oshkosh), Neb.-BOND SALE-During
EDWARDS COUNTY RURAL HIGH SCHOOL DISTRICT, Kan,
- the month of July
BONDS REGISTERED.
-On July 6 the State Auditor of Kansas registered Irrigation bonds the State of Nebraska purchased 85.0006% North River
at par. Date Juno 11022. Due on June 1 from 1933 to
912,000 4%% school bonds.
1940. inclusive.
EGELAND SPECIAL SCHOOL DISTRICT NO. 12 (P. 0. Egeland),
GARNET SCHOOL DISTRICT NO. 28, Divide County, No. Dak.Towner County,. No. Dak.-CERTIFICATE OFFERING.-Hicis will be
-M.M. Koppang, Clerk Board of Directors,
received until 2 p. m. Aug. 14 by W. W.
Forney, District Clerk, for 92.000 CERTIFICATE OFFERING.
certificates of indebtedness. Bidder to name rate of interest. A certified will receive bids until 10 a. m. Aug. 22 at the County Auditor's office in
Crosby for $4,000 7% 18
-months certificates of indebtedness. Denom.
cheek for not less than 5% of bid required.
1500. A cert. check for 5% of bid required.
EGG HARBOR TOWNSHIP SCHOOL DISTRICT (P. 0. Atlantic
GASTONIA GRADED SCHOOL DISTRICT (P. 0. Gastonia),
City), Atlantic County, N. J.
-BOND OFFERING.
-William Hauen- Gaston County,
No. Caro.
-BOND SALE.
stein. District Clerk, will receive sealed bids until 2 p. m. Aug. 14 for the
-The Lewis
of Cincinnati has purchased the $100,000 coupon (with S. Rosenstiel Co.
purchase at not less than par and accrued interest of an issue of6% coupon
privilege of regisschool bonds, not to exceed 914,000. no more bids to be awarded than will tration as to principal only, or both principal and interest) school-building
produce a premium of $1,000 over 814.000. Denom.$1,000. Date July 1 bonds offered on Aug. 2 (V. 117. p. 350) as 53s at a premium of 9710,
equP1 to 100.71-a basis of about 4.93%. Date Aug. 11923.
1923. Principal and semi-annual interest (J. St J.) payable at the First
Due 114,000
National Bank of Pleasantville. Due 91,000 yearly on July 1 from11925 to yearly on Feb.. 1 from 1925 to 1949, inclusive.
1938, inclusive. Certified check for 2% of the amount, payable to the
GAYLORD, Smith County, Kans.-BONDS REGISTERED.
-The
above Clerk.. required. Legality approved by Thomas P. McCrane, State Auditor of Kansas registered
$32,000 5% water works bonds on July 9.
Attorney-General.
GENESEE COUNTY (P. 0. Flint), Mich.
ELLSWORTH COUNTY SCHOOL DISTRICT NO. 10, Kans.- National
-BOND SALE.
-The First
BONDS REGISTERED.
-On July 9 the State Auditor of Kansas registered purchasedBank and the Genesee County Says. Bank, both of Flint, have
the $100,000 road impt. bonds offered on
$440,000 4)-% school bonds.
p.
466. The banks bid for 534% bonds, offering to nay July 31-V. 117. 201
a premium of $11
ELMSFORD, Westchester County, N. Y.
-The per $1,000 for long term bonds and 95 per 81.000 for
-BOND SALE.
bonds, and
$10,000 fire bonds offered on Aug.6(V. 117.0. 579) were awarded as 5s to 3% interest on deposits. Denom. $1.000. Dateshort term 1923. Int.
Aug. 1
Barr Bros. & Co. of Now York at 100.793, a basis of about 4.82%. Date M.& N. Due serially 1925 to 1933, incl.
Sept. 11923. Due $1,000 yearly on Jan. 1 from 1924 to 1933 incl.
GLEN ROSE INDEPENDENT SCHOOL DISTRICT (P. 0. Glen
EMMET COUNTY (P. 0. Petoskey), Mich.
-On Rose), Somerwell County, Texas.
-BOND SALE.
-BONDS
-The State
July 25 the Emmet County State Savings Bank of Harbor Springs pur- Comptroller of Texas registered 930.000 6% REGISTERED.
serial bonds on Aug. 3.
chased $75,000 5% road bonds for $77,456, equal to 103.26. Date Nov. 1
1922.
GOULD WATER IMPROVEMENT DISTRICT NO. 1 (P.O. Gould),
Lincoln County, Ark.
-BOND OFFERING.
-Bids will be received until
EMPORIA, Lyon County, Kane.
-On Aug. 17
-BONDS REGISTERED.
the Board
July 10 the State Auditor of Kansas registered $45,000 5% storm sewer bonds. by good faith of Water Commissioners for 820.0006% water impt.
deposit of 91,000 required.
A
bonds and $30,000 5% water works bonds.
COVE
SCHOOL DISTRICT NO.6, Kans.-BONDS REGISENSIGN SCHOOL DISTRICT NO. 28 (P. 0. Mohall), Renville TERED. COUNTY9 the
-On July
State Auditor of Kansas registered $80,000 5%
County, No. Dak.-CERTIFICATE OFFERING.
-Bids will be received school bonds.
by M.W. Hunt, District Clerk, until 2 p. m. Aug. 18 for 82.0007% certifiGRACE SPECIAL TAX SCHOOL DISTRICT (P. 0. Asheville),
cates of indebtedness maturing Sept. 1 1924. A certified check for 5% of
bid required. A like amount of certificates was offered on Aug. 10- Buncombe County, No. Caro.
-BOND OFFERING.
-Sealed bids will be
received until 12 m. Aug. 28 by F. L. Wells, Secretary Board of Education,
V. 117, 13• 579.
for $75,000 534% or 6% bonds. Denom. 91,000. Date Aug. 1 1923.
ESSEX COUNTY (P. 0. Salem), Mass.
-NOTE OFFERING.
-Sealed
proposals will no received until 11 a. m.Aug. 10 for the purchase of $25,000 Principal and semi-annual interest payable at the Hanover National Bank,
Haverhill bridge temporary renewal loan notes. Date Aug. 15 1923. Due NewYork ty Due on Aug. 1 as follows: 52,000. 1925 to 1944,inclusive,
H
Ci.
and $5.000. 1945 to 1951,inclusive. Legality approved by Storey, Thorn.
May 1 1924.
dike. Palmer & Dodge, of Boston. A certified check for 2% of issue,
EUREKA, Greenwood County, Kans.-BONDS REGISTERED.
- payable to the County Treasurer. required.
On July 11 the State Auditor of Kansas registered $7,889 16 5% sewer
0
GRANGEVILLE, Idaho County, Idaho.
-BONDS VOTED.
-An
bonds and $22,000 water works and $44,205 97 paving 5% bonds on July 12.
Issue of $15,000 bonds for street paving was voted at a recent election.
FAIRPORT, Monroe County, N. Y.
-BOND SALE.
GRANT COUNTY (P.O. Marion), Ind.
-The $325.000
-BOND OFFERING.
-George
coupon or registered water bonds offered on Aug. 6 (V. 117, p. 465) were B. Nottingham, County Treasurer, will receive sealed bids until 9 a. m.
awarded to Barr Bros. & Co. of New York as 44s at 100.097, a basis of Aug. 11 for the purchase at not lees than par and accrued
about 4.49%. Date July 11923. Due $13,000 yearly on July 1 from 1928 5% John Doty et al. Free Asphalt Road in Franklin interest of $57,600
Township bonds.
to 1952 incl.
Denom. 92,880. Date Feb. 6 1923. Int. M.& N. 15. Due $2,9:00 each
FALL RIVER, Bristol County, Mass.
-BOND SALE.
-The National six months from May 15 1924 to Nov. 15 1933 incl.
BONDS SOLD.
-The two issues of 5% road impt. bonds, aggregating
City Co.of Boston purchased thefollowing issues of bonds as 4 As at 100.069
-year bonds
916,525, offered on Feb. 27 (V. 116. p. 849) have been sold.
$100,000 1 to 30
19125,000 1 to 10
-year bonds
-year bonds
125,000 1 to 5
BOND SALE.
-J. F. Wild & Co., of Indianapolis, purchased the $7,600
Other bids and bidders were as follows:
5% A. M.Curry et al road bonds offered on Aug. 3(V. 117, p. 466) at par
9100.000 $125.000 $125.000
plus a premium of $7, equal to 100.09-a basis of about 4.97%. Date
Rate
Rae. Int. Rate. Int. Rate.
Int.
Bid.
Dec. 5 1922. Due $380 May 15 1924 and each six months until Nov. 15
4I%4
Stacy & Braun
4
100.066
4i
Blodget & Co
100.078
GRASSY BUTTE SCHOOL DISTRICT NO.29(P.O. Grassy Butte),
4
Edmunds Bros
4YaIo
4
100.310 1933
4
4A
Eldredge & Co
4
100.073 McKenzie County, No. Dak.-CERTIFICATE OFFERING -Bids will
4
4
4
A.Perry & Co
100.078 be received by (Mrs.) Nellie Cook, District Clerk, until Aug. 22 for $2,500
4
4%
R. L. Day & Co
100.569 certificates a indebtedness to bear interest at a rate not to exceed 7%
4369
4A%
4
Curtis & Sanger
100.023 and maturing Mar. 11924. A cert. check.for 5% of bid must accompany
4
43%
Estabrook & Co
44
4A
100.160 all bids.




AUG. 11 1923.]

THE CHRONICLE

693

HOPEWELL TOWNSHIP SCHOOL DISTRICT, B
County,
GREELEY CENTER (P. 0. Greeley), Greeley County, Neb.-Sealed bids will be received until 8 a. in.
-BOND OFFERING.
BOND SALE.
-The Burns-Brinker Co. of Omaha has purchased $14,000 Pa.
53 % funding bonds at par plus $50 expenses for printing bonds. Denom. (Eastern standard time) Aug. 16 by J. H. Figley at Sheffield for the pur$500. Date July 15 1923. Due 1943,optional 1933. Int.annually in July. chase at not less than par and accrued interest of $37,000 4,4"% State
free coupon school bonus ($5,000, to refund indebtedness of district and
GREENE COUNTY (P. 0. Waynesburg), Penna.-BOND ELEC- $32,000 for school building construction and equipment). Denom. $1,000.
TION.
-An election will be held on Sept. 18 to vote on the question of Date June 1 1923. Prin. and semi-ann. int. Cl. & D.) payable at the
issuing $2,000,000 bonds to build a system of highways.
Woodlawn Trust Co. of Woodlawn. Due on June 1 as follows: $10,000,
-BOND ELECTION
GREENVILLE,Hunt County, Texas.
.-A propo- 1933 and 1938: 515.000. 1943, and $2,000. 1948. Certified check for
sition to issue $325,000 water-works and reservoir bonds will be submitted 51.000, payable to the school district, required. These bonds are part
to a vote of the people at an election to be held on Sept. 4. Walter Hicks, of an issue of 565.000 authorized by a public election held on May 22.
City Engineer.
HOPKINS COUNTY (P. 0. Sulphur Springs), Texas.
-BONDS
-At a recent election a proposition to issue $50.000 road district
GREENWOOD, Leflore County, Miss.
-BOND OFFERING.
-Sealed VOTED.
bids will be received until 7:30 p. in. Aug. 21 by P. B. Dennis, City Clerk. bonds carried by a vote of 174 to 35.
for $168.000 5;4% general impt. bonds. Denom. $1,000. Date Sept. 1
HOPSON BAYOU DRAINAGE DISTRICT, SUB-DRAINAGE
1923. Prin. and semi-ann. in (M. & S.) payable at the National Bank DISTRICT NO. 1 (P. 0. Clarksdale), Miss.
-BOND SALE.
of Commerce, N.Y.City. Due on Sept. 1 as follows: $4,000 1924 to 1928 $30,000 6% drainage bonds offered on Jan. 23-V. 116, p. 203-The
incl.;$8,000 1929 to 1938 incl.: 313,000 1939 to 1942 incl., and $16,000 1943. awarded to the Bank of Commerce & Trust Co. of Memphis. Due-were
$2,000
A cert. check for $2,500 required. The official advertisement states:
from 1928 to 1942 inclusive.
"No litigation is pending nor threatened affecting in any manner the issu- yearly on Jan. 1
ance of the bonds. No previous bond issues in this city have ever been
HOUSTON COUNTY (P. 0. Caledonia), Minn.
-BOND SALE.
contested. City has never been in default in payment of principal nor in- The $100,000 5% road bonds offered on Aug. 2 (V. 117. p. 351) were
terest on any previous issues."
awarded to the Wells-Dickey Co. of Minneapolis at 4U8 at a premium of
GREENWOOD COUNTY RURAL HIGH SCHOOL DISTRICT 51,200, equal to 101.20, a basis of about 4.63%. Date Aug. 1 1923. Due
-On July 25 the State Auditor of $10,000 yearly on Aug. 1 from 1933 to 1942 incl.
NO. 8, Kans.-BONDS REGISTERED.
Kansas registered $60,000 5% school bonds.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-BOND SALE.
-The
-were sold
GROVER VILLAGE SCHOOL DISTRICT (P. 0. Titusville), Jeffer- following issues of bonds offered on July 31-V. 117. p. 238
at par:
-BOND SALE.
-The $70,000 534% school bonds
son County, Ohio.
Chas. E. Lesson at
-have been awarded to Prudden & Co. of 56,120 00 434% June 15 1923. Due al road bonds to John W. Taten.
offered on Aug. 7-V. 117, p. 466
Date
$306 each six months from May 15
-equal to 101.01-a basis ofabout 5.39%. Date July 15
Toledo for 570,708
1924 to Nov. 15 1933 inclusive.
1923. Due on Sept. 15 as follows: $3,000, 1924 to 1945. incl., and $2,000,
6.059 95 Clarence C. Smith drain bonds to Geo. W. Davis. Denom.
1947.
1946 and
nine for $600 and one for $659 95.
HAMILTON, Greenwood County, Kans.-BONDS REGISTERED.
- 49,535 00 Geo. W. Charles at al. drain bonds to Geo. W. Davis. Denom.
The State Auditor of Kansas registered 540,000 5% school bonds on July 5
90 for $500 and 10 for $453 50.
Int. M. & N. 15.
HAMILTON, Ravalli County, Mont.
-BOND OFFERING.
-C H.
Raymond, City Clerk, will receive sealed bids until 8 p. in. Sept. 10 for
-BOND SALE.
HURON COUNTY (P. 0. Bad Axe), Mich.
-The
$21,000 funding bonds. Denom. $500. Date Sept. 11923. Int. J. & J. 528.000 6% Assessment Road District No. 5 bonds offered on Aug. 1Due Jan. 1 1929 optional on any interest-paying date. A certified check V. 117, p. 466
-were awarded to Keane, Higbie & Co. of Detroit at 102.50.
for $500, payable to the City Clerk, required.
'
Denom. $1,000 and $800. Date May 1 1923 Int. M. & N. Due for
- ten years.
HAMLET TOWNSHIP (p. 0. Mokall), Renville County, No. Oak.
-Earl Johnson, Clerk Board of Supervisors,
CERTIFICATE OFFERING.
Pipestone County, Minn.
-BOND OFFERING.
-Joe Swenson,
received sealed bids until 9 p. m. Aug. 9 for the purchase*of 52,000 certifi- Village Clerk, will receive bids until 81o. m. Aug. 14 for $3,3756% refunding
cates of indebtedness bearing interest at a rate not to exceed 7% maturing bonds. Denom. $1,000 and $375. Date July 1 1923. Int. J. & J. Due
Aug. 1 1924.
July 11938. A cert. check for 5% of bid required.
-BOND OFFERING.
HARDIN COUNTY (P. 0. Kenton), Ohio.
IMLAY CITY, Lapeer County, Mich.
-BOND SALE.
-The Detroit
Deane C. Jones, County Auditor, will receive sealed bids until 12 in. Trust Co. of Detroit purchased the $15,000 5% coupon paving bonds ofAug. 20 for the purchase at not less than par and accrued interest of$15,570 fered on Aug. 7 (V. 117, p. 580) for $15,007, equal to 100.04. Denom.
534% bridge expense payment bonds. Denoms. 51,000 and $730. Date $1,000. Date Sept. 1 1923.
Aug. 11923. Principal and semi-annual interest(M.& S.) payable at the
JAMESTOWN INDEPENDENT
County Treasurer's office. Due $1,730 yearly on Sept. 1 from 1924 to town), Stutsman County, No. SCHOOL DISTRICT (P. 0. James1932, inclusive. Certified check on a Kenton bank for $300, payable to the John Bensch. Secretary Board ofDak.-CERTIFICATE OFFERING.
Education, will receive bids until 8
above official; required.
p. m. Aug. 22 for all or any part of $50,000 certificates of indebtedness
HARMONY SCHOOL DISTRICT NO. 25, Benson County, No. Dak. maturing in one year. Bidder to name rate of interest. A certified
-Bids will be received by G. A. Gilbertson, County check, payable to the President Board of Education, for 5% of bid,
-BOND OFFERING.
Auditor (P. 0. Minnewaukun), until 2 p. in. Aug. 18 for $15,000 5)4% required.
funding bonds. Due in 20 years. A cert. check for 5% of bid, payable to
JACKSON SCHOOL TOWNSHIP (P. 0. Poland), Ind.
-BOND
the School District, must accompany all bids.
OFFERING.
-Sealed bids will be received by Daniel W. Hassler.
HARRIS COUNTY COMMON SCHOOL DISTRICT NO. 44, Texas. School Trustee, until 10 a. in. Aug. 17 for the purchase at notTownship
less than
-The State Comptroller of Texas registered par and accrued interest of $3,500 5% coupon school construction and equip-BONDS REGISTERED.
,
-40-year bonds on Aug. 4.
58,000 5% 20
ment bonds. Denom. $350. Date Aug. 1 1923. Prin. and semi-ann.
HARROLD INDEPENDENT SCHOOL DISTRICT (P. 0. Harrold), int. (J. & J.) payable at the Spencer National Bank of Spencer. Due
on July 1 from 1925 to 1934 incl.
Wilbarger County, Texas.
-BONDS REGISTERED.
-On July 31 the $350
State Comptroller a Texas registered $8,000 5% serial school bonds.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.
HARTFORD, Washington County, Wis.-BOND SALE.
-The Sealed bids will be received by George H. McLain, County Treasurer. until
$60,000 5% street impt. bonds offered on Aug. 7-V. 117, p. 237
-were 1 p. in. Aug. 17 for the purchase at not less than par and accrued int. of
awarded to Kuechle & Co. of Milwaukee at 100.71. Date March 11923.
511,000 5% Wm.Woodworth at al. road impt.No.3638. in Hanging Grove
Twp.,bonds. Denom.$550. Date July 15 1923. Int. M.&
HATTON, Traill County, No. Dak.-CERTIFICATE OFFERING.
- $550 each six months from May 15 1924 to Nov. 15 1933 incl. N.15. Due
NI. L. Breen. Clerk Board of Education, will receive bids until 7:30 p. m.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 8 (P. 0. WheatAug. 21 for $12,000 certificates of indebtedness. Denom. $1,000. Date
-BONDS VOTED.
Sept. 11923. Due in 12 months. Interest rate not to exceed 7%. A cert. land), Colo.
-At a recent election an issue of $74,000
check for 5% of bid required.
5% school-building bonds was voted. These bonds had been purchased by
Benwell, Phillips & Co., and Sidle, Simons, Fels & Co., both. of Denver,
HAWKEYE SCHOOL DISTRICT NO. 14, Divide County, No. Dak. subject to being voted. Notice
of the election and sale was given in V.
-CERTIFICATE OFFERING.-Geo. Jorgenson, District Clerk, will re- 116, p. 2551.
ceive bids until 10 a. m. Aug. 15 at the County Auditor's office in Crosby
JENNINGS COUNTY (P. 0. Vernon), Ind.
for $5,000 7% certificates of indebtedness, maturing $1,000 in 6 months,
-BOND SALE.
-J. F.
$2,000 in 12 months and $2,000 in 18 months. Denom. $500. Int. semi- Wild & Co. of Indianapolls purchased the following issues of 5% coupon
ann. A cert, chock for 5% of bid required.
Pike road bonds offered on July 31-V. 117, p. 467
-at par plus a premium
of $5 89, equal to 100.015, a basis of about 4.96%:
HAWWORTH SCHOOL DISTRICT (P. 0. Hawworth), Bergen $15,000 Simeon Tobias et
al. road in Mation Twp. bonds. Denom. $750.
County N. J.
-BOND OFFERING.-Westerfelt Mount, District Clerk,
6,200 Howard Couchman at al. road in Center Township bonds.
will receive sealed bids until 8 p. in. (daylight saving time) Aug. 16 for the
Denom. $310.
urchase at not less than par of an issue of 5% school bonds not to exceed
15,000 Walter Richard et al. road in Center Twp. bonds. Denom. $750.
90,000, no more bonds to be awarded than will produce a premium of
Date July 15
Int. M.& N. 15.
,000 over $90,000. Denom.$1.000. Date July 11923. Interest J. & J. six months from1923. 15 1924 to Nov. 15 Due one bond of each Issue each
May
1933 inclusive.
yearly on July 1 ag follows: $3,000, 1925 to 1034,inclusive, and $4,000,
ue
JOHNSON COUNTY(P.O.Cleburne),Texas.
1935 to 1949, inclusive. Certified check for 2,0 of the amount, payable to
7
-BONDSDEFEATED.
the Custodian of School Moneys, required. Legality approved by Clay & -At the election held on July 21-V. 116. p. 3028
-the $40,000 Venus
Dillon, Esqs., of Now York.
Road Districts bonds were defeated.
HEARNE, Robertson County, Tex.
-BONDS VOTED.
JOHNSON COUNTY SCHOOL DISTRICT NO. 25, Kan.
-At the elec-BONDS
-The State Auditor of Kansas registered $10,000 5%
tion hold on July 24 (V. 117, p. 114) the 541,0006% serial sewer-construc- REGISTERED.
school bonds on July 25.
tion bonds were voted by a count of 157 to 11. Due serially.
HENDERSON COUNTY(P. 0. Athens), Texas.
JOPLIN, Jasper County, Mo.-BOND
-BOND ELECTION.
-Maud
_on Aug. 14 an election will be held to vote on the question of issuing City Clerk, will receive sealed bids until 10OFFERING.4 for theE. Fones,
a. in. Sept.
purchase
•$100,000 5% 40-year county hospital bonds. Dan browning, Co. Clerk. of $250.000 5% memorial hall bonds maturing in 20 years and optional after
five years.
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BONDS NOT
SOLD. The $27,000 434% John N. Russell et al. road bonds offered on
JUANITA SCHOOL DISTRICT NO. 2, Pierce County, No. Dak.-were not sold.
CERTIFICATE SALE.
Aug. 4-V. 117, p. 466
-The $2,000 certificates of indebtedness offered
on July 30-V. 117, p. 351-were awarded to the C. B. Enkeman Co. of
HENRY COUNTY (P. 0. Martinsville), Va.-BOND OFFERING Minneapolis as 7s at par. Denom. $1,000. Date
Aug. 1 1923. Int.
-NEW OFFERING AND SALE.
WITHDRAWN
-The offering of the F. & A. Due Nov. 30 1924.
$60.000 4% coupon refunding bonds, maturing $20,000 in each of the years
KANSAS (State of).
-BONDS REGISTERED.
-The State Auditor of
1933, 1943 and 1953, which was to have taken place on Feb. 26 (see V. 116,
p. 435), was withdrawn. A nw offering with the bonds bearing 5% inter- Kansas has registered the following bond issues:
Place.
Inl.Rate. Regis. Purpose.
est and maturing serially in 1 to 10 years, was made and the bonds were Amount.
school
awarded to the People's National Bank and the First National Bank of $3,000 Wilson Co. Sch. Dist. No.39
5% July 2
2,700 Sumner Co. Sch. Dist. No.89
Martinsville at 100.08.
.
57 July 3
3.500 Osborne Co. Sch. Dist. No.60
5% July 3
HERINGTON, Dickinson County, Kan.
-BONDS REGISTERED.
- 4,800 Brown Co. Sch. Dist. No.54
July 3
The State Auditor of Kansas registered $19.000 4)4% Board of Education
1,500 Jefferson Co. Sch. Dist. No.88
July 11
5
bonds on July 24 and $281,000 5% water works extension bonds on July 26.
3,700 Sedgewick Co. Sch. Dist. No.96
5% July 12
1,500 Sedgewick Co. Sch. Dist. No. 170
HIGHLAND PARK (p. 0. Dallas), Dallas County, Texas.
113
5%
-BONDS
3,000 Edmons
JulyJuly
Funding
VOTED. By a vote of 88 "for" to 63 "ag.ainst" the voters approved the
4,000 Atchison Co. Sch. Dist. No.71
School
July 20
Issuance of 565,000 municipal building bonds at the election held on July 28
3,000 Lyon Co. Sch. Dist. No. 57
57 July 20
(V. 117, p. 114).
3,200 Ness Co. Sch. Dist. No.84
5% July 25
HOBOKEN, Hudson County, N. J.
-BOND SALE.
2,000 Phillips Co. Sch. Dist. No.54
-The $721.000
5
July 25
57 coupon (with privilege of registration as to prin. only or as to both prin.
0
4,000 Edwards Co. Sch. Dist. No. 12
570 July 27
'
and int.) school bonds offered on Aug.7(V. 117, p.466) have been awarded
KANSAS CITY AND ROSEDALE, Wyandotte County, Kans.Gibbons & Co. of New York for $721,250, equal to 100.034, a
to Geo.13.
BONDS
-On July 25 the State Auditor of Kansas registered
basis of about 4.99%. Date Aug. 111123. Due yearly on Aug. 1 as fol- $10.000 REGISTERED.
5% military memorial bonds.
lows: $18,000 1925 to 1944 incl., and $19,000 1945 to 1963 incl.
KANSAS CITY SCHOOL DISTRICT, Wyandotte County, Kans.HOISINGTON, Barton County, Kan.
-BONDS REGISTERED.
-On BONDS REGISTERED.
-The State
July 31 the State Auditor of Kansas registered 5188,034 66 5% paving 4)4% Board of Education bonds on Auditor of Kansas registered 5300.000
July 30.
bonds.
KATONAH FIRE DISTRICT (P. 0. Katonah), Westchester
-BONDS REGISTERED.
HOLTON, Jackson County, Kan.
-On
-BOND SALE.
County, N. Y.
-George B. Gibbons & .Co., Inc., of
July 24 the State Auditor of Kansas registered $175,000 4)4% water and New York, purchased
$38,000 coupon fire district bonds as 534s at 100.08,
electric light bonds.
a basis of about 5.49%. Denom. $1,000. Date May 10 1923. Int.
HOMER SCHOOL DISTRICT NO. 20 (P. 0. Homer), Dakota M. & N. 10. Due on May 12 as follows: $2,000, 1924. and $4,000,
-At a recent election 54,000 school 1925 to 1933 inclusive.
County, Nebr.-BONDS VOTED.
building bonds were voted.
-BOND OFFERING.KENDALLVILLE, Noble County, Ind.
-BOND OFFER- Sealed bids will be received by Carl R. Ortstadt, City Clerk, until 12 m.
HOOD RIVER COUNTY (P. 0. Hood River), Ore.
-Kent Shoemaker. County Clerk, will receive sealed bids until 2 p. m. Aug. 11 for the purchase at not less than par and accrued interest of $45.000
ING.
Aug. 24 for $60,000 road bonds to bear interest at a rate not to exceed 6%. 5% coupon electric light bonds. Denom.$500. Date July 11923. Prin.
m.$1,000 and 5500. Date Nov. 11921. Int. M.& N. Due Nov 1 and semi-ann. int. (J. & J.) payable at the City Treasurer's office. Due
$5,000 Yearly on July 1 from 1930 to 1938 incl.
1941. A cert. check for $3,000 must accompany all bids.
Den°

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THE CHRONICLE

[VOL. 117.

KENESAW,Adams County, Nebr.-BOND ELECTION.
-An election County Auditor's office
will be held on Aug. 21 to vote on the question of issuini$15,000 transmis- 7% bonds. A certified in Mohan until 2 p. m. to-day (Aug. 11) for $3,000
check for 5% of-bid required. A like amount of
sion line bonds. Asa Phillips. Village Clerk.
bonds was offered on Aug. 4-V. 117. p. 352.
KENOSHA. Kenosha County, Wisc.-BOND OFFERING.
-Sealed
MANCHESTER, Hartford County, Conn.
-BONDS OFFERED.
proposals will be received until 2 p. m. Aug. 23 by H.C.Laughlin, Director
of Finance, for $200,000 4%% coupon school bonds. Denom. $1,000. G. H. Waddell, Town Treasurer, received sealed bids until 3 p. m.(standard
time)
Date Sept. 11923. Principal and semi-annual interest payable at the City Issued Aug. 10 for $54,000 455% coupon -Public Improvement" bonds.
,
in denom. of $1,000 each, dated July 1 1923, and payable $5,000
Treasurer's office. Due on Sept. 1 as follows: $10.000, 1929 to 1933, inclusive,and $15,000. 1934 to 1943.inclusive. City will furnish lithographed on July 1 in each of the years 1924 to 1932 incl., and 89,000 July 1 1933.
bonds- Legal opinion of Chapman. Cutler & Parker, of Chicago, will also Both prin. and int. (J. & J. 15) payable at First Nat. Bank of Boston, in
be furnished A certified check on an incarporated bank or trust company Boston. These bonds are said to be tax-exempt in Connecticut and are
engraved under the supervision of and certified as to genuineness by the
for $1,500 required.
First National Bank of Boston: their legality will be approved by Ropes,
,
KNOX COUNTY (P. O. Vincennes), Ind.
-BOND OFFERING.- Gray, Boyden & Perkins, whose opinion will be furnished the purchaser.
Geo. W. Donaldson, County Auditor, will receive sealed bids until 2 p. m. All legal papers incident to this issue will be filed with said bank, where they
Aug. 15 for the purchase at not less than par and accrued interest of $9,- may be inspected at any time. Bonds will be delivered to the purchaser
247 47 6% August Tilley et al. drainage bonds. Denom. $500 and one for on or about Monday, Aug. 13 1923, at the First Nat. Bank of Boston, in
$247 47. Date July 3 1923. Prin. and semi-ann. in (J. & D.) payable Boston.
at the County Treasurer's office at the courthouse in Vincennes. Due
Debt Statement June 26 1923
$1.000 yearly on June 1 from 1925 to 1933 incl. and $247 47 1934.
Grand list Oct. 1 1922
$33,799,165
Refunding bonds, Serial 1924 to 1931
LA PLATA COUNTY SCHOOL DISTRICT NO. 17, Colo.
120,000
-BONDS
VOTED.
-At a recent election an issue of $5.000 6% school-building bonds Main Street improvement bonds, serial 1924 to 1932
90,000
was voted. These bonds were sold, subject to being voted, to Benwell,
Phillips & Co., of Denver. Notice of the election and sale was given in
$ 210.000
Population, 1920. 18.370.
V. 117, p. 351.
LA RUE,Marion County, Ohio.
MANSFIELD, Richland
-BOND OFFERING.
-W.F. Kniffin,
-Sealed
-BOND OFFERING.
Village Clerk, will receive sealed bids until 12 m. Aug. 25 for the purchase proposals will be received by County, Ohio.
C.
at not less than par and accrued interest of 84.000 6% fire apparatus equip- 23 for the purchase at not less E. Rhoads, City Auditor, until 12 m.
than par and accrued interest of $66,450
ment and purchase bonds. issued under Sec. 3939 of General Code. Denom. 5i5% (city's share) street impt. bonds issued under
Sec.
$250. Date Aug. 15 1923. Int. M. & N. 15. Due $500 yearly on Denom.one for $1,450 and 65 for $1.000. Date Aug. 3939 of Gen. Code.
11923. Int. F.&A.
Aug. 15 from 1924 to 1931 incl. Certified check for 5% of the amount. Due yearly on Aug. 1 as follows: $7,450
,
1924: $7,000 1925 to 1930 incl.,
payable to the Village Treasurer, required. Purchaser to take up and and $6,000 1931 to 1935 incl. Cert, check for
to the City Treasurer, required. Purchaser to25 of the amount, payable
pay for bonds within ten days from time of award.
take up and pay for bonds
LAS VEGAS, Clark County, Nev.-BOND OFFERING.- Bids will within ten days from time of award.
be received until Aug. 27 for the purchase of $30,000 6% highway bonds.
MARICOPA COUNTY SCHOOL DISTRICT NO.38(P. O. Phoenix),
Date July 11923. Due 1939; optional 1925.
Ariz.
-BOND SALE.
-James N. Wright & Co. of Denver have purchased
'
‘
LATROBE, Westmoreland County, Pa.
-BONDS AUTHORIZED.
- $18,000 (V,'- school bonds. Date July 15 1923. Int. J.
-J. 15. Due in
20 years.
The Council has authorized a bond issue of $80,000 for street improvements.
LAUREL, Yellowstone County, Mont.
MARION COUNTY (P. 0. Jasper), Tenn.
-BONDS VOTED.
-At the
-BOND SALE.
-The
election held on July 21-V. 117. p. 239
-the proposition to issue $40.000 $100,000 65'0 highway bonds offered on Aug. 6-V. 117, p. 352
-were disposed of. Date July 25 1923. Bonds mature $25,000 in 10 years and
6% water bonds carried.
These bonds, as reported in V. 117, p. 580. are to be offered on Sept. 4. $25,000 in 15, 20 and 25 years.
An issue of $15,000 6% water bonds was voted at the same time and will
MARTIN COUNTY(P.0.Shoals), Ind.
-BOND SALE.
-The $12,800
also be offered on Sept. 4.
455% Oma Strange et al. road bonds, offered on Mar. 12(V. 116, p. 1095,
LAWRENCE, Douglas County, Kans.-BONDS REGISTERED.
-The were awarded to the City Trust Co. of Indianapolis at par. Date Islar. 10
State Auditor of Kansas registered $30,514 05 4 % general impt. bonds 1923. Due $640 each six months from May 15 1924 to Nov. 15 1933 incl.
on July 2.
MARTIN COUNTY (P. 0. Fillmore), Minn.
-BOND SALE.
-The
LEAVENWORTH COUNTY (P. O. Leavenworth), Kans.-BONDS Minnesota Loan & Trust
Co. and the Minneapolis Trust Co., both of MinREGISTERED.
-On July 6 the State Auditor of Kansas registered $150.000 neapolis, have jointly
purchased $85,000 45.1% road bonds at par plus a
5% road impt. bonds.
premium of $515, equal to 100.605.
LEETONIA, Columbiana County, Ohio.-BON.Q SALE.
-On Aug. 3
MAUMEE, Lucas County, Ohio.
the $350,000 5%% coupon sewer and sewage disposal plant bonds offered Issues
-BOND SALE.
-The
of 65' street bonds offered on Mar.5(V. 116. p. 745) following two
on that date (V. 117, p. 351) were awarded to the Lewis S. Rosentiel Co. to
were awarded
Campbell & Co. of Toledo:
of Cincinnati at par and accrued interest plus a $135 premium, equal to $27,970
Harrison Ave. improvement bonds. Denom. 1 for $220, 16
100.38. a basis of about 5.42%. Date June 1 1923. Due $3,500 yearly
for $500, 1 for $750 and 19 for $1.000. Due yearly on Sept. 15
on June 1 from 1924 to 1933 incl.
as follows: $1,970 1924; $3,000 1925 to 1930 incl., and $4,000
LEHR, McIntosh County, No. Dak.-NO BIDS RECEIVED.
1931 and 1932.
-The
19,520 Conant St. improvement bonds. Denom. 1 for $450, 37 for
$2.500 7% funding bonds offered on July 30-V. 117, p. 351-were not
sold, as no bids were received. Due in 10 years.
$500, 1 for $570. Due yearly on Sept. 15 as follows: $2,020
1924; $2,000 1925 to 1929 incl., and $2,500 1930 to 1932 incl.
LEWIS SCHOOL TOWNSHIP, Clay County, Ind.
-BOND SALE.Date Mar. 15 1923.
The *3,500 5% coupon school building purchase bonds offered on Aug. 1V. 117, p. 467
MECKLENBURG COUNTY • SPECIAL SCHOOL NO. 10 -(P. 0.
-were awarded to the Brazil Trust Co. of Brazil at par.
Date Aug. 1 1923. Due $700 each six months from July 10 1924 to July Charlotte), N. C.
-BOND SALE.
-The $3,000 6% school bonds offered
on Aug. 6-V. 117, p. 352
10 1926 inclusive.
-have been disposed of.
MEDINA SCHOOL DISTRICT (P. O. Medina),
LEXINGTON SCHOOL DISTRICT NO. 13, Divide County, No.
Medina County,
-BOND OFFERING.
Dak.-CERTIFICATE OFFERING.
-V. E. Sparks, District Clerk. Ohio.
-II, E. Aylard, Clerk Board of Ed., will rewill receive bids until 10 a. m. Aug. 15 at the County Auditor's office in ceive sealed bids until 3 p. in. Aug. 15 for $80.000 5% school bonds, issued
Crosby for the purchase of $4,500 7% certificates of indebtedness maturing under Sec. 7630-1 of Gen. Code. Denom. $3,800 and one for $4,000.
$1,000 in six months. $1,000 in 12 months and $2,500 in 18 months from Date June 11923. Int. A. & 0. Due yearly on Oct. 1 as follows: $4,000.
date of issue. Denom. $500. Int. semi-ann. A certified check for 1924, and $3,800. 1925 to 1944 incl. Certified check for 5% of
the amount
bid, payable to the Board of Education, required.
5% of bid required.
-Bids will be received at the same time and place
BOND OFFERING.
MENARD
-BOND ELECTION.
(as above) by V. E. Sparks. District Clerk, for $6,000 7% 10
-At
-year funding an election toCOUNTY (P. 0. Menard), Tex.
be held on Sept. 1 a proposition to issue $60,000 road bonds
bonds. Denom. $1,000. Int. semi-ann. A certified check for not less will be
submitted to a vote of the people.
than 5% of bid required.
MIAMI COUNTY (P. O. Peru), Ind.
-BOND SALE.
LIBERTY CONSOLIDATED SCHOOL DISTRICT, Oldham Coun- three issues of
-On June 26 the
434% coupon road bonds offered on that date (V. 116, P•
ty, Ky.-BOND SALE.
-The $12.000 school bonds declared valid by the 28021 were
awarded a sfoliows:
Court of Appeals on March 24 (see V. 116. p. 1454) were sold on June 18
to Block, Fetter & Trost at par plus a premium. Denom. $1,000. Date $7,560 Julius Pritz et al. road in Allen Twp. bonds to the First National
Bank of Peru at par. Denom. $378.
March 1 1923. Int. rate 555%, payable M.
-S.
15.100 Win. E. Davies et al. road in Deer Creek Twp. bonds to
the Farmers'
LINCOLN SCHOOL DISTRICT (P.O. Lincoln), Lancaster County,
State Bank of Miami at par. Denom. $775.
Neb.-BOND SALE.
3,100 Fred Rober et al. road in Tip_ton Twp. bonds to
-During the month of June the State of Nebraska
the Wabash Valley
school bonds at par. Date Nov. 1 1921. Due
purchased $175,000 5%
Trust Co. of Peru at par. Denom. $155.
Nov.5 1951; optional on or after 3 years on any int. paying date.
Date June 15 1923. Int. M.& N. 15. Due one bond of
each issue each
BIDS RBJECTED.-All bids received for the $1.203,000 bonds offered six months from May 15 1924 to Nov. 15 1933. Incl. The $6,960 D. A.
Miller et al. bonds offered at the same time were not sold.
on July 31-V. 117. p. 351-were rejected.
MIAMI COUNTY (P. 0. Troy), Ohlo.-BOND OFFERING.
LITCHVILLE, Barnes County, No. Dak.-BOND OFFERING.
-T.
T. J. Kinnberg, Village Clerk, will receive bids until 2 p. in. Aug. 18 for Radabaugh. County Auditor, will receive sealed bids until 10 a. m. Aug.B.
15
$1,800 7% funding bonds. Date Aug. 15 1923. Int. semi-ann. Due for the purchase at not less than par andinterest of $6,2qp 555%
p430ellt
o
m
In five years. A certified check for 5% of bid, payable to the Village. coupon "Experiment
fihemsrn.oiext bwit
eov o e
.
required.
April 1
ril
Principal and semi-annual
CERTIFICATE OFFERING.
-The above official will also receive bids 1923. at the County Treasury interest (A. & 0.). payable at the Court
House
in Troy. The bonds are to be issued In
at the same time for $1.500 certificates of indebtedness. Date Aug. 15 Series A, B and
C to pay
1923. Bidder to name rate of interest. Due in six months. A certified of the cost and expenses ofthe County, Townships and Landowners' portion
said improvement. Series A is to pay the
check for 5% of bid required.
of said improvement to be paid by the county, Series B is to pay the portion
LITCHVILLE COMMON SCHOOL DISTRICT NO. 52 (P. 0. Litch- of said improvement to be paid by the township, and Series C is to portion
pay the
villa), Barnes County, No. Dak.--CERTIFICATE OFFERING.
-Sealed portion of said improvement to be paid by the landowners. Series "A":
bids will be received by C. W. Nelson. County Auditor, at his office in Due yearly on Oct. 1 as follows: $370 1924 and $200 thereafter on Oct. 1
Valley City until 2 p. m. Aug. 15 for $5,000 certificates of indebtedness from 1925 to 1933. incl.: Series "B," due $370 Oct. 1 1924 and $200 thereafter on Oct. 1 from 1925 to 1933, inclusive; Series "C," due $60 Oct.
maturing Zpril 11924. A certified check for 5% of amount bid required.
1 1924
and EMI thereafter on Oct. 1 from 1925 to 1933. incl.
LIVINGSTON COUNTY (P. O. Howell), Mich.
-BOND SALE.- some solvent bank for 5% of the amount, payable to Certified check on
the above Auditor.
Blanchet. Thornburgh & Vandersall of Toledo have purchased the $50,000 The bonds are to be delivered at the office
of
road bonds offered on Aug. 8 (V. 117. p. 580) as 5s for S50,735, equal to not later than 10 days from time of award. the County Treasurer at Troy,
101.47, a basis of about 4.85%. Denom. $1.000. Date Aug. 1 1923.
Financial Condition.
Due 15.000 1927 and $45.000 1938.
True valuation
$125,000,000
LOGAN COUNTY SCHOOL DISTRICT NO. 1, Neb.-BOND Assessed valuation
89,908,360
-The State of Nebraska purchased 310.000 .5% school bonds at Total bonded debt
SALE.
497,975
par during the month of July. Date June 15 1923. Due June 15 1924 Population
48,480
optional any interest paying date.
to 1933 incl.;
MICHIGAN CITY, La Porte County, Ind.
-BOND SALE.
-The
LOVELAND, Larimer County, Colo.
-30
-DAY OPTION TAKEN $40.000 5% water works bonds offered on Aug. 1-V. 116, p3029-Bosworth. Chanute & Co. and Boettcher, have been awarded to Thompson, Kent & Grace, Inc., of Chicago, at
TO PURCHASE BONDS.
Porter & Co., both of Denver, have jointly taken a 30
-day option to pur- par plus a premium of $31. equal to 100.07, a basis of about 4.99%. Date
July 1 1923. Due yearly on July 1 as follows: $2,000, 1924
chase $120,1100 43.j% water bonds at 101.18.
to 1928
inclusive. and S3,000. 1929 to 1938 inclusive.
LUBBOCK COUNTY COMMON SCHOOL DISTRICT NO. 59,
MIDDLESEX COUNTY (P. 0. New Brunswick),
-The State Comptroller of Texas regis-BONDS REGISTERED.
Texas.
N. J.
-NO BIDS
RECEIVED.
-The two issues of 455% coupon or registered
tered 110.0005% serial bonds on Aug. 2.
bonds, aggregating $590,500, offered on Aug. 2 (V. 117, p. 352), were not
sold, as no
LUBBOCK COUNTY COMMON SCHOOL DISTRICT NO.25, Texas. bIda were received.
-The State Auditor of Texas registered $8,000
-BONDS REGISTERED.
MILAN COUNTY ROAD DISTRICT NO. 30 (P. 0.
5% serial bonds on Aug. 2.
Cameron), Tex.
-BOND SALE.
-The 832,000 534% bonds offered on Feb. 28-V.
116,
- p. 851-were purchased by the First Munlicpal
McKEES MILL SCHOOL DISTRICT, Humboldt County, Calif.
Bond & Mtge. Co. of Dallas
-On May 15 J. A. Urquhart of Eureka purchased $8,000 at 97.30. Date Jan. 12 1922.
BOND SALE.
6% school bonds at a premium of $425, equal to 105.31.
MINNEAPOLIS, Minn.
-BOND OFFERING.
-It Is reported that
MARTIN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Granada), Dan C. Brown, will receive bids until Aug.29 for the purchase
of $1,405,822
-The $20,000 434% school bonds offered on April 10 garbage disposal and general improvement bonds.
-BOND SALE.
Minn.
-were awarded to the Minneapolis Trust Co. of Minna-V. 116. p. 1454
MODESTO, Stanislaus County, Calif.
legal expenses and bonds. Date April 11923.
-BOND OFFERING.
polls at Far plus $500 for
Sealed bids will be received by L. A. Love, City Clerk, until 8 p. in.
'Due April 11938.
Aug. 22
for the purchase of
McKENZIE COUNTY (P. 0. Schafer), No. Dak.-CERTIFICATE gating $63.696 38: the following two issues of 7% assessment -bonds, aggreSALE.
-The $25.000 7% certificates of indebtedness offered on July 21 $41.885 42 street improvement bonds.
-were awarded to the Minnesota Loan & Trust Co. of
-V. 117, p. 352
21.810 96 street improvement bonds.
Minneapolis. Due Jan. 1 1925.
Date July 6 1923. Prin. and semi-ann. int. (J. & J.) payable at the City
McKINNEY TOWNSHIP, Renville County, No. Dak.-BOND Treasurer's office. Cert. check for 10% of the amount of bonds bid for,
Norberg, Township Clerk, will receive bids at the payable to the city, required.
OFFERING.
-John J.




47a2r7.
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AUG. 111923.]

THE CHRONTCLE

MONTROSE COUNTY SCHOOL DISTRICT NO.9(P.O. Paradox),
Colo.
-The United States National Co. of Denver has
-BOND SALE.
purchased $4,000 6% funding bonds. Date May 1 1923.
MONROE COUNTY (P. 0. Monroe), Mich,
-BOND ,SALE.
$61,000 South Otter Creek Road District No. 33 bonds. offered on -The
Aug.2
(V. 117, p. 468) were awarded as 5)gs to Keane, Higbie & Co., of Detroit,
at par plus a premium of $237 90
-equal to 100.37. Denom. $1,000.
Date May 1 1923. Interest M.& N. Due for ten years.
MONTEFIORE SPECIAL SCHOOL DISTRICT NO. 1
COUNTY (Known also as the Board of Education ojOF McLEAN
the City of
Wilton), No. Dak.-NO BIDS RECEIVED.
-The $25,000 5)4% school
bonds offered on July 21-V. 117. p. 352
-were not sold
received. Date July 1 1923. Due on July 1 as follows: as no bids were
$2.000 1934 to
1938, inclusive, and $3,000 1939 to 1943, inclusive.
MOORESVILLE, Iredell County, No. Caro.
-BOND SALE.-Geo.
B. Burr & Co. and the Kauffman-Smith-Emert & Co.. Inc.,
purchased the $150.000 coupon (registerable as to principal of St. Louis
;mot. bonds offered on Aug.6(V. 117, p. 468). Date April only) street
1
Prin.
and semi-ann. int. (A. & 0.) payable in gold in New York. 1923. yearly
Due
on April 1 as follows: $10,000 1925 to 1934 incl. and $5,000 1935 to 1944
incl.
MORAN INDEPENDENT SCHOOL DISTRICT (P. 0.
Moran),
Shackelford County, Texas.
-BONDS REGISTERED.
Comptroller of Texas registered $45,000 6% serial bonds on -The State
Aug. 1.
MORGAN COUNTY(P.O. Martinsville), Ind.
-BOND
Sealed bids will be received by J. S. Whitaker, County OFFERING.
10 a. m. Aug. 18 for the purchase at not less than par and Treasurer. until
accrued interest
of$5,424 5%Arch Shireman et al.,free gravel road in Washington Township,
bonds. Denom. $271 20. Date July 15 1923. Interest
& N.
Due $271 20 each six months from May 15 1924 to Nov. M.1933, 15.
15
incl.
All payments are to be made at the County Treasurer's office.
MORGAN SCHOOL TOWNSHIP (P. 0. Vandalia), Owen
County.
-BOND OFFERING.
Ind.
-Sealed bids will be received by C. H. Robertson, Township School Trustee until 10 a. m. Aug. 17 for the purchase at
not less than par and accrued interest of $4,500 5% coupon school
bldg.
construction bonds. Denom. $375. Date
Prin. and
semi-ann. int. (J. & J.), payable at the SpencerAug. 1 -1923. of
National Bank
Spencer.
Due $375 yearly on Jan. 1 from 1925 to 1936.
MT. AIRY, Surry County, No. Caro.
-BOND OFFERING.
bids will be received until 2 p. m. Aug. 16 by F. M.Poore, Town -Sealed
SecretaryTreasurer, for the following 554% bonds:
,
$35.000 street inlet. bonds. Due on May 1 as follows: $2.000, 1926 to
1942, inclusive, and $1,000. 1943.
30.000 funding bonds. Due on May 1 as follows: $1.000, 1926 to 1951,
inclusive, and $2,000, 1952 and 1953.
Date May 1 1923. Denom. $1,000. Prin. and semi-ann.
at the Chase National Bank, N. Y. City. A certified checkint. payable
payable to the Town Treasurer. required. Bonds are offeredfor $1.000.
subject to
the approval of Storey, Thornclike, Palmer & Dodge of Boston. All expenses of printing bonds and attorneys' fees to be paid by the Board of
Commissioners. These bonds were offered on July 31, but were
not sold.
See V. 117. p. 581.
NAPLES INDEPENDENT SCHOOL DISTRICT (P. 0. Naples),
-BONDS DEFEATED.
Morris County, Tex.
-At the
held
July 31-V. 117. p. 353
-the proposiiton to issue $15,000election bldg.
school
bonds failed to carry by 40 votes.
NAVARRO COUNTY(P.O. Corsicana), Tex.
-At the election held on July 28 the proposition-BONDS DEFEATED.
to issue $4,750,000 road
bonds failed to carry.
NELIGH, Antelope County, Nab.
-BOND SALE.
-During the month
of June the State of'Nebraska purchased $9.000 7% district
at par. Date May 11922. Due May 1 1934 to 1936 incl. paving bonds
NELSON SCHOOL DISTRICT NO.67, McLean County,
No. Dak.CERTIFICATE OFFERING.
-Bids will be received
haugan, Clerk (P. 0. Township 150 N. Range 81 W by Miss E. M. LilleBenedict), until 1:30
p. m. Aug. 15 for $5,000 certificates of indebtedness.
Bids should be
addressed to the County Auditor at Washburn.
A certificate check for
5% of bid required.
NEOSHO COUNTY SCHOOL DISTRICT NO.
5, Kan.
-BONDS
REGISTERED.
-The State Auditor of Kansas registered
$15.000 5%
school bonds on July 25.
NEW BUNKIE SCHOOL DISTRICT NO, 1 (P. 0.
Marksville),
Avoyelles Parish, La.
-BOND OFFERING.
-0.E.
the Parish School Board, will receive sealed proposalsLaborde, Secretary of
until 10a. m.Aug.28
for $150.000 school bonds. Date Aug. 1
exceed 6'7. Due in 20 years. A certified1923. Interest rate not to
0
check for $3,000 on some
national bank doing business in Louisiana,
School Board, must accompany all bids. payable to the President of the
NEW CASTLE, Lawrence County, Pa.
-BONDS AUTHORIZED.
The Council has authorized the issuance of $125.000 improvemen
t bonds.
NEW LEIPZIG, Grant County, No. Dak.-BOND
OFFERING.
Orville Williams, Village Clerk, will receive bids
until 10 a.
for $5,000 funding bonds to bear interest at a rate not to m. Aug. 17
Denom.$1,000. Duo in 10 years. A certified check for5% of exceed 7%.
bid required.
NEW RICHMOND, Logan County Ohio.-BOND
SALE.
-The
$4,000 5% refunding bonds offered on July 30-V.
117. p. 468-were
awarded to the New Richmond National Bank of New
and accrued interest. Date July 6 1923. Due $1,000 Richmond at par
yearly on July 6
from 1924 to 1927, incl.
NEW SMYRNA,Volusia County, Fla.
-NO WARRANTS ISSUED.
in reply to our Inquiry regarding the disposition of
warrants offered on Feb. 1 (V. 116. p. 204), R. L. the $25.000 6% coupon
Madgett, City Auditor,
says: "Warrants not issued and will not be unless
provisional measure to pay for new engine, but will needed. This was a
pay out of earnings of
light plant, if possible."
NEW WASHINGTON,Crawford County, Ohio.
-BOND OFFERING.
-E. R. Shoup, Village Clerk, will receive sealed bids
until
for the purchase at not less than par and accrued interest of 12 m. Aug. 8
$16,484 866%
special assessment Center Street improvement bonds,
issued
3914 et seq. and 2295-9 of Gen. Code. Denom. 20 for $500. under Secs.
6 for
and 4 for $648 49. Date July 11923. Interest semi-annually. $64849
Certified
check for 1% of amount, payable to the Village Treasurer
chaser to take up and pay for bonds within 10 days from required. Purtime of award.
NORTH DAKOTA (State of).
-BONDS AWARDED IN PART.
the $2,500,000 5% real estate series bonds offered unsuccessfully on -Of
July 18
-V.117, p.468-$1,600,000 were awarded as 54s to a
syndicate composed
of Stacy & Braun. of New York, and the Wells
-Dickey Co.. Minneapolis
Trust Co.. Lane. Piper & Jaffray, Inc., and the Minnesota Loan
& Mist
Co., all of Minneapolis, at a private sale. The bonds are dated
July
and mature on Jan. 1 as follows: $100,000 1939. $750.000 1944, 1 1923
$500,000
1949 and $250,000 1952. The bonds are now being offered to investors
by the above syndicate at prices to yield 5%.
BONDS NOT YET SOLD.
-The following two issues of
bonds offered at
the same time have not been sold as yet:
1700.000534% milling series. Date July 1 1923. Due on
July 1 as
follows: $250,000 1928 and $150.000 1931
to
300,000 534% mill and elevator series. Due July 1 1937. 1933. incl.
PLATTE, Lincoln County, Neb.-BOND SALE.
NORTH
-The State
ef Nebraska purchased $90,000 5% intersection paving bonds at par during
the month of July. Date April 1 1923. Due April 1 1943. optional
April 1 1928.
NORTON COUNTY SCHOOL DISTRICT NO. 22, Kan.
-BONDS
REGISTERED.
-On July 14 the State Auditor of Kansas
registered $6,000
5% school bonds.
OAKLEY SPECIAL TAX SCHOOL DISTRICT (P. 0. Asheville),
-BOND OFFERING.
Buncombe County, No. Caro.
-P.L. Wells, Secretary Board of Education, will receive sealed bids until 12 m. Aug. 28 for
$40 000 53g% or 6% bonds. Denom. $1,000. Date Aug. 11923. Prinsemi-annual interest payable at the Hanover National
cipal and
Bank,
'New York City. Due on Aug. 1 as follows: $1,000. 1925 to 1934. inclusive,
d $2,000, 1935 to 1949, inclusive. Legality approved by Storey, Thorndike Palmer & Dodge. of Boston. A certified check for 2% of issue, payable to the County Treasurer, required.




695

OMAHA SCHOOL DISTRICT (P. 0. Omaha), Douglas County,
Neb.-NOTE OFFERING.
-Sealed proposals will be received until 8 p. m.
Aug. 20 by W. T. Bourke, Secretary Board of Education, for $1.500.000
434% coupon (with privilege of registration) school notes. Denom. $500
or multiples at option of purchaser. Date Sept. 1 1923. Due Aug. 1 1924.
Principal and interest payable at Kountze Bros., N. Y. City. Notes are
to be furnished and printed by the purchaser. All proposals must be
accompanied by a certified or cashier's check on a national bank for $25,000,
payable to the School District required. The District will furnish the
opinion of Wood & Oakley of Ch'clgo, approving the validity ofsaid notes
and the legality of all proceedings leading up to their issuance.
ONAGA CITY, Pottawatomie County, Kan.
-BONDS REGISTERED.
-On July 27 the State Auditor of Kansas registered $5,000 434%
refunding bonds.
OTTER TAIL COUNTY (P.O. Fergus Falls), Minn.
-BOND OFFERING.
-Until 2 p. m. Aug. 22 the County Auditor will receive sealed bids
for the purchase of an issue of $50.0006% road and bridge bonds. Denom.
$1.000. Date Aug. 1 1923. Prin. and semi-ann. interest payable at some
bank in Minnesota. Due Aug. 1 1926. Certified check for 2% of the
amount, payable to the County Treasurer. required.
PEND OREILLE COUNTY SCHOOL DISTRICT NO. 30 (P. 0.
Newport), Wash.
-BOND SALE.
-The $4,000 school bonds offered on
Aug.3(V.117, p.469) were awarded to the State of Washington as 6s at par.
PERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Pemberton),
Shelby County, Ohio.
-BOND SALE.
-The $15,000 534%
on Aug. 2(V. 117, p. 469) were awarded to Poor & Co. andbonds offered
the Lewis S.
Rosensteil Co. at par. Date Aug. 2 1923. Due $1,000 yearly on Sept. 1
from 1924 to 1938. inclusive. There were no other bidders.
PHILIPPINE ISLANDS (Government of).
-BONDS OFFERED BY
BANKERS.
-The syndicate (composed of Hallgarten & Co., White. Weld
& Co., Blair & Co., Inc., and the Chase Securities Corp.), which purchased
the 32.000.000 4
coupon irrigation and permanent public works bonds,
as stated in V. 117, p. 582, is now offering the bonds to investors at prices
to
4.70% in an advertisement appearing on a previous page of this
issue.
PIERCE COUNTY (P. 0. Blackshear), Ga.-BOND SALE.
-The
$330.000 6% road bonds offered on March 26-V. 116. p. 1096
-have been
sold. Due on Jan. 1 as follows: $1,000. 1930 to 1939, incl., and $2,000,
1940 to 1949. incl.
PLANO, Callin County, Tex.
-BOND ELECTION.
-An election will
be held on Aug.7 to vote on the question of issuing $65,000 school
bonds. This election was scheduled to take place on June 23,building
but, as
stated in V. 117. p. 117, it was postponed.
POINTE COUPEE PARISH SCHOOL DISTRICT NO. 9 (P. 0.
New Roads), La.
-BOND SALE.
-The $100.000 534% coupon schcrolerection bonds offered on July 31 (V. 116, p. 3030), were awarded to
Sutherlin, Barry & Co., Inc.. of New Orleans, as 54s. at a premium of
$1,459, equal to 101.45. Date July 1 1923. Due serially, 1 to 40 years.
POPLAR SCHOOL DISTRICT (P. 0. Bakersfield), Kern
County,
Calif.
-BOND OFFERING.
-F.E.Smith. County Clerk,
bids until 10 a. m. Aug. 27 for $6,000 6% school bonds. will receive sealed
Denom.
Principal and semi-annual interest (J. & J.) payable at the County$1.000.
Treasurer's office. Due $1,000 yearly on July 1 from 1924 to 1929,inclusive. A
certified check for 10%, payable to the Chairman Board of Supervisors.
required.
PORT DEPOSIT, Cecil County, Md.-BOND
-John
F. Mohrlein, Corporation Clerk, will receive sealed OFFERING.
bids until
(standard time) Aug. 20 for $8,000 5% coupon or registered "Port8 p. m.
Deposit
General Purpose Bonds.' Denom. to suit purchaser net to exceed $1,000.
Date Sept. 1 1923. Int. semi-ann. The bonds will run from 15 to 30
years and may be callable, in whole or in part, by lot at any time, 15
years from date of issue.
PORTLAND,Ionia County, Mich.
-BOND SALE.
-Local banks
purchased the $12,500 5% coupon oil-burning engine bonds offered on have
Feb.
14-V.117. p. 541-at a premium of $60
-equal to 100.48. Date March 1
1923. Due serially.
PORT LAVACA INDEPENDENT SCHOOL DISTRICT (P. 0. Port
Lavaca), Calhoun County, Texas.
-BONDS REGISTERED.
-The State
Comptroller of Texas registered $6.000 5% 5
-20-year school bonds on
July 31.
POTTSVILLE SCHOOL DISTRICT (P. 0. Pottsville), Schuylkill
County, Pa.
-BOND SALE.
-On June 13 the Schuylkill Trust
Pottsville purchased $55,000 434% school-building bonds at par.Co. of
Date
July 1 1923. Interest J. & J. Due July 1 1953.
PUEBLO COUNTY SCHOOL DISTRICT NO. 17, Colo.
-BONDS
VOTED.
-At a recent election an issue of 59.000 6% 20 -year (opt.)
-30
building bonds was voted.
These bonds had been sold, subject to being voted, to Joseph D. Grigsby
& Co7 of Pueblo. Notice of said election and sale was given
p 26.8
.
in V. 116,
OUACHITA PARISH (P. 0. Monroe), La.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. Aug. 22 by
of the Police Jury, for $400,000 5% court house and W.A. O'Kelly, Clerk
jail bonds. Denom.
$1,000. Date Aug. 11923. Prin. and semi-ann. int. (F.
-A.), payable at
the National Bank of Commerce, N. Y. City. A certified check
incorporated bank or trust company for 234% of issue, required. upon an
QUITMAN INDEPENDENT SCHOOL DISTRICT (P.O. Quitman),
Wood County, Tex.
-BONDS VOTED.
-By a majority of 2 the
approved the issuance of $8.000 6% school equipment and repair voters
bonds
at the election held on July 2I-V.117, p. 354.
RANDOLPH COUNTY (P. 0. Winchester), Ind.
-BOND SALE.
The $71,000 5% James H. Bailey et al. road in Wayne Township
bonds
offered on Aug. 6-V. 117, p. 582
-have been awarded
National Bank of Muncie at 100.214, a basis of about to the Merchants
$710. Int. M.& N. 15. Due for a period of ten years. 4.96%. Denom.
RAY SCHOOL DISTRICT (P. 0. Ray), La Moure County, No.
Dak.-BOND OFFERING.
-Bids will
of the School Board, until 3 p. m. Aug.be received by L. R. Aaralus,Clerk
bonds.
Denom. $1,000. Date April 1 1923. 15 for $5,000 534% building(J.
Prin. and
-J.),
payable at the First National Bank, Minneapolissemi-ann. int.
.
A certified check for not less than 5% of bid required. Due April 1 1933.
• RENVILLE CONSOLIDATED SCHOOL
NO. 25, Bottineau County, No. Dak.-CERTIFICATE DISTRICT -Bids will be
OFFERING.
received by Myrtle Van Newkirk. District Clerk, at the County Auditor's
office in Bottineau until Aug. 11 for $8,000 7% certificates of indebtedness.
Denom. $1,000. Due as follows: $3.000. Dec. 11
1924, and $3,000. Oct. 11 1924. A certified check 1923: 52.000, March 11
for 5% of bid required.
RIDGEVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Ridgeville), Lorain County, Ohio.
-BOND SALE.
coupon deficiency bonds offered on July 20-V. 117,-The $160.000 531V
-were
p. 117
to Stacy & Braun and the Detroit Trust Co., both of Detroit, at awarded
par plus
a premium of 5256
-equal to 100.16, a basis of about 5.23%• Date
May 11923. Due on Oct. 1 as follows:
years
from 1924 to 1938, incl.; $7,000 in each of $6,000 in each of the even 1939,
the
1925
tad., and $7,000 will also mature yearly fromodd years from had. to
1940 to 1947,
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND SALE-The
56.200 414% Robert Lawless et al. road in Otter Creek Tvrp. bonds offered
on Aug. 5--V. 117. p. 469
-were awarded to the Versailles Bank at par.
Denom.$3310 Date Aug.6 1923. Due $3310 each six monthsfrom
May 15
1924 to Nov. 15 1933, incl. There were no other bidders.
ROCHESTER, Beaver County, Pa.
-BONDS VOTED.
-At a special
election held recently the voters approved the issuance of bonds
by the
borough to the extent of
and $34,000 for street $77,000, $43.000 to be used for refunding purposes
improvements.
ROLLING PRAIRIE TOWNSHIP, Foster County,
No. Dak.BOND OFFERING.
-Bids will be received by
Township Board. until 8 p. m. Aug. 11 for James Potter. Clerk of the
$1,200 7% funding bonds.
Denom. $200. Date Aug. 1 1923. Due Aug.
1 1928.
ROSEVILLE SCHOOL DISTRICT NO. 21 (P. 0.
Alamo), Divide
County, No. Dak.-CERTIFICATE OFFERING.
-Until 10
bids will be received by Mrs. Wm. Hasselstrom, District a. m. Aug. 15
Clerk, at the

696

THE CHRONICLE

County Auditor's office in Crosby for the purchase of $3,000 7% certificates
of indebtedness maturing 81,0001 in 6 months, 12 months and 18 months
from date of issue. Denom. $500. Int. semi-ann. A cert. check for
5% of issue required.
BOND OFFERING.
-The above official will also receive bids at the same
time and place for $3.000 7% school bonds. Denom. $1,000. Int. semiann. Due in 10 years. A cert. check for 5% of bid required.
-BOND SALE.-Whitelesey,
ROYAL OAK, Oakland County, Mich.
McLean & Co., and Watling, Lerchen & Co., have purchased the following
-equal to 100.29: Storm sewers,
bonds at par plus a premium of $1,224
$130,000: water main extensions and hydrants, 8100.000; sanitary sewer
lines and sewage-disposal plant addition, $260,000: city's share of pavements already authorized, $50.000; settlement with Royal Oak Township,
$20,000. These bonds were voted at an election held on June 25 (V. 117
p. 241. Denom. $1.000. Date Sept. 1 1923. Interest semi-annual.
-BONDS VOTED.
RUNNELS COUNTY (P. 0. Ballinger), Tex.
At a recent election an issue of $10.000 Crews School District bonds and
an issue of $6,000 Mazeland School District were voted.
-BONDS REGRUSH COUNTY SCHOOL DISTRICT NO. 47, Kan.
-On July 9 the State Auditor of Kansas registered $22,500
ISTERED.
5% school bonds.
RUSH LAKE SCHOOL DISTRICT, Pierce County, No. Dak.-Sealed bids will be received by H. B Shan
CERTIFICATE OFFERING.
beck. District Clerk, at the County Auditor's office in Rugby until 2 p. m.
Aug. 20 for $1.500 certificates of indebtedness. Bidder to name rate of
Interest. A cert. check for 5% of bid, payable to Mrs. J. Wm. Steen,
District Treasurer. required.
ST. MARYS CITY SCHOOL DISTRICT (P.O. St. Marys), Auglaige
-BOND SALE.
-On Aug. 2 the 1196,000 5% new schoolCounty, Ohio.
building bonds offered on that date (V. 117. p. 355) were awarded to the
First National Bank of St. Marys at par and accrued interest. Date
Aug.2 1923. Due $4,000 yearly on Sept. 1 from 1924 to 1947, inclusive.
-BONDS
SABINE COUNTY ROAD DISTRICT NO. 7, Texas.
-The State Comptroller of Texas registered $10,000 53%
REGISTERED.
serial bonds on July 31.
-BONDS
SABINE COUNTY ROAD DISTRICT NO. 9, Texas.
-On July 31 the State Comptroller of Texas registered
REGISTERED.
$15,000 5% serial bonds.
-BONDS
SABINE COUNTY ROAD DISTRICT NO. 10, Texas.
REGISTERED.
-On July 31 the State Comptroller of Texas registered
890.0005% serial bonds.
SADDLE BUTTE SCHOOL DISTRICT NO. 1, Golden Valley
-CERTIFICATES SOLD.
County,No. Dak.-NO BONDS ISSUED
The 51,500 funding bonds offered on April 7 (v. 116. p. 1332) were not
issued. W. G. Conkley, County Treasurer, says: "This district decided
notr to issue bonds, and sold $2,000 worth of certificates of indebtedness at
7% maturing in eighteen months.
SALINE AND OTTAWA COUNTIES SCHOOL DISTRICT NO. 7,
-On July 25 the State Auditor of Kansas
-BONDS REGISTERED.
Kan.
registered $5.000 5% school bonds.
-The
SALISBURY, Rowan County, No. Caro.
-BOND SALE.
-were
$100.000 coupon school bonds offered on Aug. 7-V. 117. p. 469
to the Mississippi Valley Trust Co. of St. Louis and the Detroit
awarded
Trust Co. of Detroit as 5 VI s at a premium of $455. equal to 100.45, a basis
of about 5.22%. Date July 1 1023. Due on July 1 as follows: $2,000,
1926 to 1936,incl.:$4,000, 1937 to 1943,incl., and $5,000, 1944 to 1953,incl.
-At an
SAN ANGELO, Tom Green County, Tex.
-BONDS VOTED.
election held on July 31 a proposition to issue $25,000 5% school bonds
carried by a vote of 157 to 46.
-BONDS REGISSCHLEICHER COUNTY (P. 0. Eldorado), Texas.
-On July 31 the State Comptroller of Texas registered $60,000
TERED.
5%% court house bonds.
-The
-BOND SALE.
SCOTT COUNTY (P. 0. Scottsburg), Ind.
$12.000 5% W. A. Wyman et al road in Vienna Township bonds offered
(V. 117, p. 242) have been awarded to the Scottsburg State Bank
on Aug. 1
-equal to 100.27-a basis of about 4.95%. Date
of Scottsburg for $12.033
Aug. 1 1923. Due $60 each six months from May 15 1924 to Nov. 15
1933, inclusive.
SEDGEWICK COUNTY (P. 0. Wichita), Knas.-BONDS REGIS-On July 16 the State Auditor of Kansas registered $200,000
TERED.
43% permanent road bonds.
-The Commis-BOND SALE.
SENECA, Oconee County, So. Caro.
stoner of Public Works of Seneca have purchased the $25.000 5% coupon
street and sidewalk bonds offered on Aug. 1 (V. 117, ro. 355) at par. Date
July 1 1923. Due $5,000 yearly on July4 in each of the years 1928, 1933,
1938, 1943 and 1948.
-On Sept. 18
-BOND ELECTION.
SHARON, Mercer County, Pa.
an election will be held on the proposition to increase the bonded indebtedness of the city $200.000 to provide for a sewage disposal plant.
SHEBOYGAN FALLS, Sheboygan County, Wisc.-BOND SALE.
The 850.0005% water-works bonds offered on Aug. 1 (V. 117, p. 242) were
awarded to the State Bank of Sheboygan Falls at par plus a premium of
$150, equal to a basis of about 4.95%. Date Feb. 1 1923. Due $1,500
yearly from 1924 to 1943, inclusive.
-Sealed bids
SHELBY, Richland County., Ohio.
-BOND OFFERING.
will be received by Bert Fix, Director of Finance. until 12 m. Aug. 15 for
$16.000 6% street repair bonds, issued under Sec. 3939 of Gen. Code.
Denom. $1,000. Date July I 1923. Int. J. & J. Due $2,000 yearly on
Jan. 1 from 1925 to 1932 incl. Cert. check for 2% of the amount, payable
to the above official, required.
-The
-BOND SALE.
SHELBY COUNTY (P. 0.• Shelbyville), Ind.
City Trust Co. of Indianapolis has purchased the following two issues of
5% road construction bonds offered on Aug. 6(V. 117. p. 583) for $15,297,
equal to 100.37, a basis of about 4.93%:
$13,360 J. P. Mahan et al. in Hanover Two, bonds. Denom. $668.
11.880 E. C. Wortrnan et al. in Hanover Twp. bonds. Denom. $594.
Date July 30 1923. Due one bond of each issue each six months from
May 15 1924 to Nov. 15 1933 incl.
SHELBY COUNTY (P. 0. Sidney), Ohlo.-BOND SALE.-Leivis S.
Rasensteil & Co. of Cincinnati, purchased $30.000 55i% bridge bonds for
-equal to 100.016. Denom. $1,000. Date July 1 1923. Interest
$30.005
J. & J. Due $6,000 yearly from 1925 to 1929, inclusive.
-Bids
SHERIDAN, Sheridan County, Wyo.-BOND OFFERING.
will be received until 10 a. m.Aug. 27 by A. L. Helf, City Clerk, for $4,500
negotiable coupon bonds.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 58, Kans.-The State Auditor of Kansas registered 87,000
BONDS REGISTERED.
5% school bonds on July 6.
--BOND OFFERING.
SHOEMAICERSVILLE, Barks County, Pa.
of
The Borough Secretary will receive bids until Aug. 7 for the purchase
$10,000 borough bonds.
(P. 0.
SHORT CREEK SPECIAL SCHOOL DISTRICT NO. 6
-The $50,000 5%
Columbus), No. Dak.-BONDS NOT YET SOLD.
offered on March 26 (V. 116, p. 1456) have not
-year funding bonds
20
been sold as yet.
-The $200,000
-BOND SALE.
SOLVAY, Onondaga County. N. Y.
-were
5% public improvement bonds offered on Aug. 7-V. 117. p. 583
,
-equal to 101.700to H.L. Allen & Co.of New York for $203,400
awarded
yearly on Aug. 1
a basis of about 4.82%. Date Aug. 11923. Due $8,000
from 1928 to 1952, incl. Other bidders were:
Union National Corp
$200,540iWilliam R. Compton Co---$202,375
Barr Brothers & Co
201,194 Sherwood & Merrifield ----- 202,500
Clark Williams & Co
202.040 Geo. B. Gibbons & Co----- 202.620
STONEVIEW SCHOOL DISTRICT NO. 32, Divide County, No.
Dak.-BOND OFFERING.
-0. Johnson, District Clerk, will receive bids
until 10 a. m. Aug. 15 at the County Auditor's office in Crosby for $7.000
-year school bonds. Denom. $1,000. Interest rate not to exceed 7%•
10
A cert. check for 5% of bid required.
CERTIFICATE OFFERING.
-The above official will also receive bids
at the same time and nl-e for rhe purchase of $5,000 7% certificates of indebtedness, maturing in 18 months. A cert. check for 5% of bid required.




[VOL. 117.

SOUTHMONT SCHOOL DISTRICT (P. 0. Lexington), Davidson
County, No. Caro.
-BOND SALE.
-The 820.0006% coupon or registered
school bonds offered on July 28 (V. 117, P. 355) have been disposed of at
103.92-a basis of about 5.55%. Date Aug. 11923. Due $1,000 yearly
on Aug. 1 from 1926 to 1945, inclusive.
-On
STERLING, Rice County, Kans.-BONDS REGISTERED.
July 20 the State Auditor of Kansas registered $16,500 0.5% street impt.
bonds.
-BOND SALE.
SULPHUR SPRINGS, Hopkins County, Texas.
.
It is reported that an issue of $40,000 reservoir and $10,000 street paving
bonds has been awarded to a Chicago firm at par.
These bonds were registered by the State Comptroller of Texas on July 30.
-W. L.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND SALE.
Slayton & Co. of Toledo purchased an issue of $26.000 53.6% road impt.
bonds for $26,231 14
-equal. to 100.88. Denom. $1,000. Date April 1
1923. Interest A. & 0. Due 1924 to 1929. •
SUMNER COUNTY (P. 0. Wellington), Kans.-BONDS REGIS-On July 31 the State Auditor of Kansas registered $152,000
TERED.
44% road impt. bonds.
SUMTER COUNTY (P. 0. Sumter), So. Caro.
-BOND OFFERING.
Sealed proposals will be received until 12 m. Aug. 16 by J. J. Brennan.
Secretary of the Permanent Road Commission, for all or any part of
31,000.000 registerable as to principal, road bonds. Denom. $1,000.
Date July 1 1923. Prin. and semi-ann. int. (J. & J.) payable in New
York. Int. rate 43.5 or 5%. Due in 30 years. A certified check for
2% of amount bid for, payable to the County Treasurer, upon a national
bank in any locallty, required. Bonds are to be prepared and printed
by purchaser, who is also to procure legal opinion as to their validity.
all costs and expenses connected with such preparation, printing and
procuring legal opinion to be paid by purchaser.
SYLVANIA, Lucas County, Ohlo.-BOND SALE.
-The following
two issues of 5;i% refunding bonds offered on Aug. 3-V. 117, p. 355
have been awarded to the Farmers & Merchants Bank of Sylvania at par
and accrued interest.
$3,180 Erie Street bonds. Denom. 5 for $500, 2 for $250 and 1 for $180.
Due yearly as follows: $500, 1924: 3680, 1925; $500, 1926: $750,
1927 and 1928. Certified check for $300, payable to the Village
Treasurer, required.
10,112 Summit Street bonds. Denom.$1,000,except bond No. 11 for $112.
Due yearly as follows: $2,000. 1924 to 1927. incl., and $2,112, 1928.
Certified check for $500, payable to the Village Treasurer,required.
Date Aug. 1 1923.
-During the month
TEICAMAH, Burt County, Nebr.-BOND SALE.
of June the State of North Dakota purchased $138,125 38 5% district paving bonds at par. Date June 15 1923. Due June 15 1943. optional any
time.
TETON COUNTY SCHOOL DISTRICT NO.3(P. 0. Driggs), Ida.
-The $20,000 5%% refunding bonds offered on July 30
BOND SALE.
(V. 117, pl. 355) were purchased by James N. Stewart & Co. Denom.
$1,000. Interest J. & J. Due 1934, optional after ten years.
TEXAS (State of).
-BONDS REGISTERED.
-The following boas
have ben registered by the State Comptroller of Texas:
Int. Date Reg.
Amount.
Place.
Due.
July 31
5
$2,000 Sabine Co. Road Dist, No.8
serial
July 31
1,000 Gregg Co. Com. S. D. No.4
10-20-yrs. 5
July 31
2,000 Bell Co. Corn. S. D. No. 58
6
20 years
July 31
1,500 Jones Co.Com.S. D.No. 17
5-20 yrs. 6
Aug. 1
1.500 McLennan Co. Corn. S. D. No, 12
10-20 yrs. 6
Aug. 1
2,000 McLennan Co. Corn. S. D. No.25
10-20 yrs. 6
3,500 Henderson & Kauffman Co. Corn. S. D.
Aug. 1
No. 59
5%
20 years
1,275 Ellis Co. Corn. S. D. No. 94
serial
5%
Aug. 2
THREE SPRINGS BOROUGH SCHOOL DISTRICT (P. 0. Three
Springs), Huntington County, Pa.
-The Board
-BOND OFFERING.
of Education will receive bids until Aug. 7 for the purchase of $8,000 new
school building bonds.
TOMPKINS COUNTY (P. 0. Ithaca), N. Y.
-BOND OFFERING.
Sealed bids will be received by Fred L. Clock, Clerk Board of County
Supervisors, until 12 m. (standard time) Aug. 22 for the purchase at not
less than par and accrued interest of $200,000
% coupon road impt.
bonds. Denom. $1,000. Date Aug. 1 1923. Prin. and semi-ann. int.
(F. & A.) payable at the First National Bank of Ithaca. Due $10,000
yearly on Aug. 1 from 1924 to 1943 incl. Certified check for 2% of the
amount, payable to the County, required.
Financial Statement.
$33,705,335
Assessed valuation
Present bonded indebtedness
59,000
TOPEKA, Shawn.e County, Kans.-BONDS REGISTERED.
-On
July 2 the State Auditor of Kansas registered $11,851 66 44% general
impt. bonds.
TRAILL COUNTY (P. 0. Hillsboro), No. Dak.-BOND SALE.
At the offering on Aug. 1. Paine Webber & Co. of Minneapolis purchased
$27,749 45 drainage bonds as 54s at a premium of $200, equal to 100.72.
a basis of about 5.68%. Date July 1 1923. Due July 1 1938. Bonds
were offered in an amount not to exceed $28,470 25.
TUSCARAWAS COUNTY (P. 0. New Philo), Ohio.
-BOND SALE.
-The S13,500 5 l4 % bridge bonds offered on Aug. 7-V. 117, p. 583
have been awarded to the Provident Savings Bank & Trust Co. of Cin--equal to
cinnati at par and accrued interest, plus a premium of $17 55
100.382-a basis of about 5.40%. Date July 1 1923. Duo yearly on
Sept. 1 as follows: 83.000, 1924 to 1927, incl., and $1,500, 1928.
The $79.500 53% I. C. H. No. 408. Sec. "L," irrupt. bonds offered on
-were awarded to the Provident Savings Bank &
Aug. 7-V. 117, p. 470
Trust Co. of Cincinnati at par and accrued interest plus a premium of
-equal to 100.30-a basis of about 5.42%. Date July 1 1923.
3238.50
Due yearly on Sept. 1 as follows: $16,000, 1924 to 1927, incl., and $15,500, 1928.
TWIN HILL SCHOOL DISTRICT NO. 14, Towner County, No.
-Sealed bids will be received by Oliver
Dak.-CERTIFICATE OFFERING.
Barnhart, District Clerk, until 4 p. m. Aug. 14 at the County Auditor's
office in Cando for the purchase of $2,000 certificates of indebtedness to
bear interest at a rate not to exceed 7%. Denom.$500. Duo in 12 months.
A certified check for 5% of bid, payable to the District Treasurer. required.
-BOND SALE.
-The $28,000
UNION COUNTY(P.O. Liberty),Ind.
-V.
5% coupon John E. Kauffman et al road bonds offered on July 3I
-were awarded to the Union County National Bank of Liberty
117, p. 355
-equal to 100.18. Denom. $700. Date Juno 4 1923.
for $28,051 75
-BOND OFFERING.
UNION COUNTY (P. 0. Marysville), Ohio.
Lemuel P. Sherman, Auditor and Clerk. Board of County Commissioners,
receive sealed bids until 2 p. m. (Central standard time) Aug. 11 for
will
the purchase at not less than par and accrued interest of the following issues
of 6% county road impt. bonds, issued under Sec. 6929 of Gen. Code:
$2,800 Bridgeport road bonds. Denom. $500. Due 37,000 yearly on
Aug. 1 from 1925 to 1928 incl.
12,500 Freshwater road bonds. Denom. $500. Duo yearly on Aug. I as
follows: $3,500 1925 and $3,000 1926 to 1928 incl.
11,800 Southardtown road bonds. Denom. $500 and one for $300. Due
yearly on Aug. 1 as follows: $3,000 1925 to 1927 incl., and $28.000
1928.
4,200 Maskill road bonds. Denom. $500 and one for $200. Due $1,000
from Aug. 1 1925 to 1927 incl. and $1,200 Aug. 11928.
Date Aug. 1 1923. Prin, and semi-ann. int. payable at the County
Treasurer's office. Cert. check for 5% of the amount bid for payable to
the County Auditor, required. Bonds to be delivered at the said Auditor's
office.
UNION SCHOOL DISTRICT NO. 12 (P. 0. Westfield), Emmons
-Bids will be received
County, No. Dak.-CERTIFICATE OFFERING.
until 2 p. m. Aug. 20 by Andy Redenberg, District Clerk, for $5,000 7%
certificates of indebtedness. Date Aug. 20 1923. Int. annually. Due
Aug. 20 1924.
-BOND SALE.
-The Union
UNIONTOWN, Fayette County, Pa.
Trust Co. of Pittsburgh on June 2 purchased $300,000 4 yi% street impt.
-equal to 101.861. Denom. $1,000. Date May 1
bonds for $305.585 85
1923. Interest M. & N. Due $50,000 every five years.

AUG. 11 1923.1

THE CHRONICLE.

VAN BUREN TOWNSHIP CONSOLIDATED SCHOOL DISTRICT,
-BONDS DEFEATED.
Mich.
-At an election held on July 27 the voters
defeated a bond issue of $225,000 for a two-unit consolidated school district
by a count of 222 "for" to 256 "against" the issue.
VERDE IRRIGATION POWER DEVELOPMENT DISTRICT, Ariz.
-BONDS VOTED.
-Our Western representative advises us in a special
telegraphic dispatch that an issue of $23,000,000 bonds has been voted by
this district.
VERMILION PARISH SUB-ROAD DISTRICT NO. 1 (P. 0. Abbe-BOND OFFERING.
ville), La.
-Sealed proposals will be received until
11 a. m. Sept. 8 by Rom. P. Le Blanc, Secretary of the Police Jury, for
$130,000 road bonds. A cert. check for $2,600 required.
VERNON, Willbarger County, Texas.
-BONDS VOTED.
-At a
recent election an issue of $110,000 5%% school buidling bonds was voted
by a count of 364 to 40. These bonds were offered and sold subject to
being voted at said election. Notice of the sale was given in V. 116, p.3032.
WALLACE SPECIAL TAX ROAD DISTRICT (P. 0. Milton), Santa
Rosa County, Fla.
-BOND OFFERING.
-R. B. Hobbs, Supt. Board of
Public Instruction, will receive sealed bids for $8,000 6% coupon bonds
until 12 m. Aug. 17. Denom. $500. Date Sept. 11923. Prin. and semiann. int.(M.& S.) payable at a place of purchaser's choice. Due Sept. 1
1943. A cert, check for $100 required.

697

until 11:30 a. m. Aug. 13 for the purchase at not less than par and accrued
interest of $6,730 39 534% Ridge Twp. road impt. No. 115 constructioh
bonds, issued under Sec. 6929 of the Gen. Code. Denom. $800
bond No. 1 for $330 39. Date July 11023. Prin. and semi-ann. except
(M.& S.) payable at the County Treasurer's office. Due $330 39interest
Sept. 1
1924 and $800 yearly on Sept. 1 from 1925 to 1932,incl. Certified check on
some solvent bank for 5% of the amount bid for, payable to the County
Auditor, required.
YORK COUNTY (P. 0. York), Pa.
-BOND SALE.
-A
composed of Brown Bros. & Co.. Harris, Small & Co. and Biddle syndicate
& Henry,
all of Philadelphia, have purchased an issue of $1,000,000 4%% coupon
(with privilege of registration as to principal) tax-free road bonds at 100.78,
a basis of about 4.20%. Denom. $1,000. Date Aug. 5 1923. Prin.
and semi-ann. int. (F. & A. 15) payable at the County Treasurer's office.
Due $50,000 yearly on Aug. 15 from 1934 to 1953 inclusive.
Financial Statement (as Officially Furnished).
Assessed valuation 1923
$70,386.464 00
Actual value. estimated
211.159,392 00
Net debt, including this issue
2,290,045 43
Ratio of net debt to assessed valuation, 3.25%. Population, census
of 1910, 136,405; census of 1920. 144,521.

CANADA, its Provinces and Municipalities.

WARD COUNTY (P. 0. Minot), No. Dak.-BOND SALE.
-It is reported that the Second National Bank, the Union National Bank and the
ACTON-VALE, Que.-DEBENTURE SALE.
Scandinavian American Bank,all of Minot, have jointly purchased $250,000
-A block of $25,000
534% debentures has been purchased by Rene T. Leclerc of Montreal,
-year county bonds.
53.% 20
who is now offering the debentures to investors at par. Denoms. $100 and
WASHINGTON SCHOOL DISTRICT, Humboldt County, Calif. $500. Date Dec. 1 1922. Prin, and semi-ann.
-BOND SALE.
-The $7,000 6% school bonds offered on April 10-V. the Canadian Bank of Commerce at Acton-Vale. int. (J. & D.) payable at
Due serially from Dec. 1
-were awarded to the Home Savings Bank of Eureka
116, p. 1575
1925 to 1962.
premium of $400, equal to 105.71. Date March 20 1923. Due at a
$500
ARNPRIOR, Ont.-BOND SALE.
1925 to 1938 inclusive.
-The Municipal Bankers' Corp.
has purchased $43,000 534% 30-installment bonds at 101.092, a basis
WASHINGTON SCHOOL TOWNSHIP (P. 0. Milton),
-5.40%.
Wayne of about
County, Ind.
-BOND OFFERING.
-William H. Miller, School TownBEAUHARNOIS, Que.-BOND OFFERING.
-Tenders will be reship Trustee, will receive sealed bids until 2 p. m. Aug. 31 for the purchase
ceived by L. C. Tasse, Secretary-Treasurer, until Aug. 13 for $40,000
at not less than par and accrued interest of $72.000 5% new grade
and 534% 40-year bonds. Interest semi-annually.
high school construction bonds. Denom. $500, exceptevery fifth
bond
for $400. Date July 1 1923. Prin. and semi-ann. Int. (J. & J.) payable
DARTMOUTH, N. S.
-BOND SALE.
-It is stated that the Eastern
at the Washington Township pank of Milton. Due $2,400 each
six Securities Co. has purchased $6,000 5% 20
-year debentures at a price
months from July 11924 to Jan. 11937. and 54.800. July 1 1937
of 96.37, the money costing the town approximately 5.30%. Tenders
1938 incl. Certified check for $500. payable to the above official, to Jan. 1 were as follows:
required.
A transcript of the proceedings of this issue will be furnished by the above Eastern Securities Co
96.37W. F. Mahon & Co
J
95.27
Trustee.
Nova Scotia Trust Co
90 18IIJ. C. Mackintosh & Co
0 ..20
6
95.07
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-BOND Johnston & Ward
SALE.
-On Aug.6 the $500,000 434% bonds offered on that date
GLOUCESTER TOWNSHIP,
-The
p. 470were awarded to a syndicate composed of the Mercantile (V. 117, Council passed a by-law authorizingOnt.-BONDS AUTHORIZED.
Trust &
the issuance of $13,000 school bonds.
Deposit Co., Stein Bros. & Boyce and Townsend, Scott & Son, all of
Baltimore, at 95.29, a basis of about 4.80%, if called at optional date,
LEVIS, Que.-BOND SALE.
-Reports state that J. B. Couture ,of
and
4.75% if allowed to run for full maturity. Date July 1 1923. Due in 50 Quebec. has purchased $55,000 534% 20
-installment bonds
years, optional in 30 years.
of about 5.62%. Tenders were as follows: J. B. Couture, at 99-a basis
99: Versailles,
Vidricaire, Boulais, 98.51; Le Pret Municipal. 98.43: L. G. Beaubien &
WEBSTER COUNTY SCHOOL DISTRICT NO, 70,
Neb.-BOND Co.. 98.28; Credit Anglo-Francaise. 97.87; Municipal Debenture Corp.,
-The State of Nebraska purchased $15.000 6% school bonds at 97.59; and Credit Canadien,
SALE.
Inc., 97.50.
par during the month of June. Date July 1 1922. Due July 1
1942:
optional 10 years from date on any interest paying date.
SASKATCHEWAN (Province of).
-BOND AUTHORIZATIONS.
The "Monetary Times" of Aug.3reports the following as a list of authorizaWEST DE PERE SCHOOL DISTRICT NO. 2 (P. 0. West
De
Brown County, Wis.-BOND SALE.
-It is reported that thePere), tions granted by the local government board from July 14 to July 23:
State
School Districts.
-Clover Hill, $1,000. not ex
Bank of De Pere was awarded an issue of $20,000 school bonds.
7%, 10 years.
Frieden, $4.000, not exceeding 7%. 15-installments. haspberry Creek,
WEST HICKORY, Catawba County, No. Caro.
$2,000, not
-installments. Green Meadow. $1,000, not
-BOND SALE.
- exceeding exceeding 8%. 15
The $12,000 6% street bonds offered on Aug.
8%. 10 years. Milestone, $20,000. 634%. 20
-were
-installments.
awarded to Durfee, Niles & Co. of Toledo at a1-V. 117, p. 242
Zazula, $2,500. not exceeding 8%,15-installments. Meadow Dew. $2,000.
premium of
to 102. a basis of about 5.75%. Date July 1 1923. Due $240, equal not exceeding 7%, 10 years. Wanganui. $1,500. not
exceeding 7%,
5500, 1926
to 1937 inclusive, and $1,000. 1938 to 1943 inclusive.
10 installments. Pronqua,$700. not exceeding 7%. 10 installments. Radvale, $5,500, not exceeding 7%,10 years. Carrot River, $500, not exceedWEST PLAINS, Howell County, Mo.-BOND SALE.
-The $25.000 ing 8%, 5 installments. Saskatoon, $30,000, 6%, 30 installments.
6% 1-10-year (optional) water system bonds offered on Feb.
Rural Telephones.
-15 years, not exceeding 8%: Connaught. $1,200:
27-V. 116.
-were awarded jointly to the West Plains
p. 854
$150.
National Bank. both of West Plains. each bank takingBank and the First Woodleigh. Tisdale, $11,000, not exceeding
Town of
half at 102.
7%, 15 years.
Vlllage of Tompkins, $5,000, not exceeding 8%, 15 installments,
WHITMAN COUNTY SCHOOL DISTRICT NO. 72
(P. 0. Colfax).
City of Moose Jaw, $2,979. 534%, 15 years.
-BOND SALE.
Wash.
-The State of Washington has purchased
the
$3.500 school bonds offered on July 28-V. 117, p. 356
-The same publication reports bond sales as follows:
BOND SALES.
Due as follows: 5400, 1824;$500, 1925 to 1929. and $600,-as 6s at par.
-Leask, $13,000. 634%. 20 years, to C. C. Cross & Co.
School Districts.
1930. Optional
1925.
Kincaid, 520,000. 7%. 20 years. to C. C. Cross & Co. Dixie, $1.500,
WICHITA, Sedgewick County, Kans.-BONDS
634%. 10 years, to C. Cr. Coss & Co. Baldock, 51.750,634%, 10 years, to
REGISTERED.
- Regina P. S. Sinking Fund. McNutt,$2.000, 7%,7 years,
On July 30 the State Auditor of Kansas registered $106,951 88
to Waterman4%% pav- Waterbury Co.
ing bonds.
City of Moose Jaw, $7,400, 6%, 10 years. and $6,600. 534%, 15 years.
WILLOUGHBY SCHOOL DISTRICT (P. 0. Willoughby),
Lake to C. C. Cross & Co.
County, Ohio.
-BOND OFFERING.
-Sealed bids will
12 in. Aug. 18 by the Clerk of Board of Education forbe received until
SCARBOROUGH TOWNSHIP, Ont.-BOND
the
-ft is reported
$16,275 5% school bonds.issued under Sections 7625 and 7628 purchase of that Matthews & Co. were the successful bidders SALE.
for the 565.000
of Gen. Code.
%
Denom. $750 and one for $525. Date July 1 1923. Prin. and
-annual installment school, and $23,318 634% hydro debentures maturing
30
semi-ann.
Interest (A. & 0.) payable at the Cleveland Trust Co. of
serially from 1938 to 1941. The price
Due yearly on Oct. I as follows: $750. 1924 to 1944, incl., andWilloughby. approximately 5.35%. The bids were as was 104.691, making the yield
follows:
$525, 1945.
Certified check for $500. payable to the Clerk, required.
Matthews & Co
104.691 A E Arnes & Co
103.687
Wood. Gundy & Co
104.43 McLeod, Young, Weir & C0_103.37
WILLIS TOWNSHIP (P. 0. Sawyer), Ward County,
No. Dale,
- Gairdner, Clarke & Co
104.11 Macneill. Graham & Co
CERTIFICATE OFFERING.
-Bids will be received by A. L. Simpkins,
103.246
Dyment, Anderson & Co___ _ 103.6 IV. A. Mackenzie & Co
04 0 7
.5
8
Township Clerk, until 1 p.m.Aug.11 for $1,000 certificates
102.74
of indebtedness. C. H. Burgess & Co
A certified check for not less than 5% of bid required.
Murray & Co. submitted a bid of 101.58 for the 535% bondsWORCESTER COUNTY (P. 0. Worcester), Mass.
-Proposals will be received until 12 m. Aug. 7 -LOAN OFFERING.
TERREBONNE COUNTY,
-Rene T.
discount of a temporary revenue loan of $100,000. for the purchase at Leclerc of Montreal has purchasedQue.-DEBENTURE SALE.
and is now offering to investors at 100.40,
Date Aug. 7 1923.
Due Oct. 25 1923.
to yield 5.45%, an issue of $51,000 5%% debentures. Denoms. $100 and
$500. Date June 1 1923. Prin. and semi-ann. int. (J. & D.) payable at
WRIGHTSVILLE, Johnson County,
Ga.-BOND
-The the Bank of Montreal. Duo June 1 1933.
530,0005%% sewage bonds offered on Aug. 1 (V. 117, p. 3561 SALE.
'were
to tho Lowry Bank & Trust Co of Georgia at 106.01. Due Dec. awarded
THREE RIVERS, Que.-BOND SALE.
-The-$35,000 "A" and "B"
11949.
bonds offered on Aug. b (V. 117, p. 471) were awarded to A. E. Ames &
WYANDOT COUNTY (P. 0. Upper Sandusky),
Ohio.
-BOND Co. of Montreal as 53s at 99.847. Denorn. $100 or multiples. Date
OFFERING.
-Anthony Kraus, County Auditor,
'will receive sealed bids May 1 1923. Int. semi-ann. Due May
1 1953.

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CINCINNATI
NASHVILLE

American National

KEANE, HIGBIE z CO.
COLUMBUS. OHIO

MUNICIPAL BONDS

Company
NASHVILLE, TENN.
Railroad and Corporati Securities
Tennessee Uunicipal Bonds

W. W. CARY & CO.
Members Columbu Stock Exchange

COLUMBUS SERVICE
PROVIDENCE
COLUMBUS, OHIO

50 East Broad

BODELL & CO.
New York

THE BOND DEPARTMENT
of the

Easton

Joel Stockard

&

Co., Inc.

INVESTMENT BANKERS
Municipal, Government &
Corporation Bonds

10 WEYBOSSET STREET

PROVIDENCE

NEW YORK
120 BROADWAY

DETROIT
431 GRISWOLD ST.

Members Detroit Stock Exchange
Penobscot Bldg., - DETROIT • Cherry 2600

OHIO NATIONAL BANK
COLUMBUS, OHIO

ALABAMA

Specializes in Ohio Municipals

MARX & COMPAF Y

Capital, Surplus & Profits, 13,000,000

Ask to be placed on our Mailing List.

BIRMINGHAM, ALABAMA

TEXAS

BREG, GARRETT & CO.
Municipal Bonds
Farm and City Mortgages
Texas and Oklahoma
1111-13 Magnolia Bldg.

Distributors of Entire Issue*
yielding from 5% to 7%.
We solicit inquiries from dealers.
banks and investors.

GEO. L. SIMPSON & CO.




ST. LOUIS

DETROIT
Members Detroit Stock Exchange

Charles W. Moore
J. Herndon Smith
William H. Burg

SMITH, MOORE & CO. Livingstone, Higbie & Company
INVESTMENT BONDS
509 OLIVE ST.,

ST. LOUIS, MISSOURI

Municipal & Corporation Bonds
Dime Savings Bank Bldg.,
DETROIT

DALLAS, TEXAS

Texas Municipal Bonds
and Warrants

DALLAS

Michigan Municipal Bonds
Local Corporation Bonds and Stock
We Invite Inquiries

BANKERS
SOUTHERN MUNICIPAL AND
CORPORATION BONDS

WATLING,LERCHEN & COMPANY

POTTER, KAUFFMAN & CO1
Investment Securities
511 LOCUST ST.

USE AND CONSULT
The Financial Chronicle
Classified Department

ST. LOUIS

Member St. Louis Stock Exchange

(Opposite Inside Back Cover)