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rT1i ,
[nimrtrit
ffank Sc Quotation Section
Railway Earnings Section
VOL. 119.
financial
runtde
INCLUDING
Railway St Industrial Section
Bankers' Convention Section
SATURDAY, AUGUST 16 1924
Electric Railway Sectivs
State and City Sectio:,
NO. 3086.
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Addresses of all. Office of Co.
There are other equally notable utterances. Here,
example, is what he says of the Constitution and
for
The Financial Situation.
spirit and philosophy underlying it:
of
the
Not everyone will deem it incumbent to read the
whole of the speech delivered by President Coolidge
The Constitution is the sole source and guarantee
on Thursday night in accepting the Republican nom- of national freedom. We believe that the safest
ination for the Presidency. But at least no one place to declare and interpret the Constitution which
should fail to acquaint himself with Mr. Coolidge's the people have made is in the Supreme Court of the
United States.
declaration of principles. This is so terse, so plain
We believe the people of the nation should conand unequivocal, so appealing, so full of meaning tinue to own the property and transact the business
and understanding, that we know of nothing to com- of the nation. We harbor no delusions about securpare it with except Lincoln's speech at Gettysburg. ing perfection. We know that mankind is finite and
Its character is such that it has won a tribute even will continue to be under any system. But that sysfrom the head line writer of Mr. Hearst's New York tem is best which gives the individual the largest
"American," a paper politically hostile to Mr. Cool- freedom of action and the largest opportunity for
honorable accomplishment.
idge. This writer calls it "Mr. Coolidge's Creed"
Such a system does not tend to the concentration
and describes it by saying "All That He Stands For of wealth but to the diffusion of wealth. Under our
Told With Amazing Brevity in 180 Wards." Here is institutions there is no limitation on the aspirations
the declaration. It will be seen at a glance that the a mother may have for her children. That system I
description is accurate and that no praise is too pray to continue. This country would not be a land
of opportunity, America would not be America, if
high to bestow upon it:
the people were shackled with Government monopMany principles exist which I have tried to repre- olies.
sent and propose to support. I believe in the AmeriFinally, note the plea in the closing words of his
can Constitution. I favor the American system of speech for the application of ordinary common sense
individual enterprise, and I am opposed to any genappraising the demands for progressive action
eral extension of Government ownership and control. in
radicalism:
and
I believe not only in advocating economy in public
expenditure, but in its practical application and
We are likely to hear a great deal of discussion
actual accomplishment. I believe in a reduction and about liberal thought and progressive action. It is
reform of taxation, and shall continue my efforts in well for the country to have liberality in thought and
progress in action, but its greatest asset is common
that direction. I am in favor of protection.
I favor the Permanent Court and further limita- sense. In the commonplace things of life lies the
tion of armaments. I am opposed to aggressive war. strength of the nation. It is not in brilliant concepI shall avoid involving ourselves in the political con- tions and strokes of genius that we shall find the
troversies of Europe, but I shall do what I can to en- chief reliance of our country, but in the home, in the
courage American citizens and resources to assist in school and in religion.
restoring Europe, with the sympathetic support of
America will continue to defend these shrines.
Every evil force that seeks to desecrate or destroy
our Government.
I want agriculture and industry on a sound basis them will find that a higher power has endowed the
of prosperity and equality. I shall continue to strive people with an inherent spirit of resistance. The
Wite
Thronicle.
732
T H 14 CHRONICLE
[VOL. 119.
people know the difference between pretense and
The Inter-Allied Conference at London was chiefly
reality. They want to be told the truth. They want occupied the greater part of the week with the trouto be trusted. They want a chance to work out their blesome question of evacuation
of the Ruhr. The
own material and spiritual salvation. The people French
stipulated
one
year,
while
the Germans held
Government
want a
of common sense.
out first for six months, and later for some modificaThe speech abounds in the expression of homely tion of the terms, although the period might not be
truths like these, and they are deserving of particu- cut in half. At times the situation at the Conferlar welcome in the business world.
ence was reported as being rather tense. The latest
cables received before going to press stated that the
The merchandise movement to and from foreign German Cabinet had decided that the French procountries during July, according to the report issued posal "should not be bluntly rejected." The Ameriby the Department of Commerce at Washington yes- can observers seemed to expect a complete agreement
terday, is still further reduced. Merchandise ex- soon. Quite possibly it will have been reached
ports last month were valued at $278,000,000, the before this issue of the "Chronicle" reaches its readsmallest of any month for many years with the sin- ers.
gle exception of the short month of February 1922,
when the amount was $250,620,000. For January
Distinct progress was made over the week-end by
1922 merchandise exports were valued at $278,848,- the French with respect to their relations to the
469, but with these exceptions the figures for last Inter-Allied Conference. Premier Herriot left Lonmonth are the smallest of any month since 1915. don for Paris at 2 o'clock Saturday afternoon, Aug.
For June this year exports were valued at $307,000,- 9. He was accompanied by Etienne Clemente],
000, while for July 1923 the amount was $302,186,- French Minister of Finance, and General Nollet,
027. For the twelve months of the fiscal year end- Minister of War. The London correspondent of the
ing with June 1924 the average monthly value of New York "Times" explained in a dispatch that
merchandise exports was about $360,000,000.
evening that "the object of this flying visit is, first,
Merchandise imports last month were also some- to hold a Ministerial Council at which the work done
what reduced in value, the amount given being $278,- at the London Conference can be examined, and,
400,000. These figures contrast with $277,000,000 second, to ascertain what are the points of view of
for the preceding month, the latter being consider- M. Poincare and his followers in regard to such conably below any month since September last, and cessions as the French delegation has made here to
with $287,433,769, the value of merchandise imports meet the common demand for the application of the
for July 1923.
Dawes plan under conditions acceptable to all parAccording to these preliminary figures for last ties. This is the officially expressed description of
month, the exceptional condition of a balance of the purposes of Herriot's trip to Paris." The Paris
trade "against" the United States, which prevailed correspondent of the "Times" cabled the next evefor three or four months early in 1923, again has de- ning that the party arrived in Paris at 9 o'clock Satveloped, the excess of imports over exports for July urday night, "and went into a Cabinet meeting at
being $400,000, but this may be reversed when the the Elysee Palace at 10 o'clock." He added that "at
actual figures for July this year are issued some time 1 o'clock the conference was still in session." The
in September. For June this year the merchandise Associated Press correspondent in the French capiexports exceeded imports by $30,000,000; for July tal cabled a little later that "unanimous approval
1923 the excess value of exports was $14,752,000 and has been given by the Cabinet to the action of Prefor the fiscal year ending with June 1924 the excess mier Herriot and his colleagues at the London Repvalue of merchandise exports was practically $755,- arations Conference. This was announced at the
000,000. During the three or four months of 1923, conclusion of the special Cabinet Council at 1.30
when merchandise imports exceeded exports, a o'clock this morning." In a cablegram Sunday everather unusual increase in importations was the ning the Paris correspondent of the New York
cause, but last month the reverse was the case, there "Times" outlined in part the situation following the
having been a decided reduction in merchandise ex- Cabinet Council: "Premier Herriot returns to Lonports, as already noted. One feature may perhaps don to-night carrying the approval by the French
bc referred to. Exports of raw cotton were some- Cabinet of his intention to settle the issue of military
what smaller last month than they were in June, evacuation of the Ruhr solely in connection with
but continued much larger than a year ago. The reparations and without regard to the security issue.
value of cotton exports for July this year are fully At the meeting at the Elysee, which ended in the
$3,000,000 greater than for July 1923—the actual early hours of this morning, no date was fixed for
figures are not as yet available. Deducting raw cot- the withdrawal of troops from the German induston, which is by far the largest single item of all trial basin, but the Premier promised to keep them
exports from the United States, and the exports of there until Germany had given fair assurance of her
which in July 1923 were valued at $24,210,500, the intention to execute the Dawes plan. It is believed
loss in the•value of all other merchandise exports in here that it will be agreed to bring out the FrancoJuly this year, as contrasted with the same month Belgian troops some time in 1925. Of course, there
of 1923, will be fully $28,000,000.
never was any serious'doubt that his Cabinet would
Imports and exports of gold both show some re- approve M. Herriot's negotiations. The question
duction, as might be expected. Imports of gold last then arises why he came to Paris. The answer is
month amounted to $18,834,423 and exports $327,178 domestic politics. He sought to pave the way for his
—the corresponding figures for July 1923 were re- London agreements when he gets before the French
spectively $27,929,447 and $522,826. Silver imports Parliament; or, rather, he sought to avert the danin July this year were $7,127,618 and exports $9,190,- ger which loomed before it.". The New York "Herald
362.
Tribune" representative in the French capital went
into greater detail as to the French plan and what
AUG. 16 1924.]
THE CHRONICLE
had been accomplished. He said that -a completely
new scheme for regulating German armament is the
basis for Premier Herriot's agreement with the German delegation at the London Conference for the
military evacuation of the Ruhr, it was learned tonight. This plan, which was approved by the Cabinet at last night's meeting here and which reconciled
the divergent viewpoints of the Premier and General
llet, Minister of War, is one which had been
studied by Paul Boncour, as President of the Superior War Council. It would abolish the Inter-Allied
Control Commission, established by the Treaty of
Versailles, and place responsibility for Germany's
obedience to the Allies' demands for disarmament iia
the hands of the League of Nations." He added that
'before he departed for London to-night Premier
Herriot said to the New York 'Herald Tribune' correspondent: 'I support the project of the Boncour
committee, and I will defend it myself in September
before the assembly of the League of Nations. On
the subject of the London Conference I have nothing
to say whatever. Any declaration I make in one
sense or another would cause a repercussion. The
atmosphere of confidence is so delicate that the least
word might provoke an immediate reaction. Nevertheless, I believe that the project approved by the
Council of Ministers here is of a nature to satisfy
the Allies, and the Germans as well, whose attitude
LI excellent. .If all goes well, as it now appears, I
believe the Conference will end this week."' The
correspondent suggested that "this important shift
in Premier Herriot's position explains the manner
wherein the influential opinion of Marshal Foch and
General Nollet was overcome and the Premier obtained the approval of the Government in record
time." Continuing he said that "in the best of humor
with the shouts of thousands of Parisians who
thronged the Gare du Nord and the adjacent streets
to see him off ringing in his ears,Premier Herriot tonight set out again for London and the closing stage
of the reparations conference there. With him he
carried the official support of the President of the
Republic and his Cabinet for the line of action he contemplates with regard to evacuation of the Ruhr."
Important progress was made at the London Conference at the beginning of the week. The London
correspondent of the Associated Press sent word
Monday afternoon that "the Allied and German experts attached to the International Reparations Conference have reached a full agreement on the Dawes
program, it was announced this noon." The correspondent added that "they remained in session until
o'clock this morning to arrive at an understanding on reparations payments in kind, on which the
Germans held out until the results of Premier
Herriot's Paris mission became known." He declared
also that "the French Premier's return ivith his
Cabinet's approval of his Ruhr evacuation policy in
his pocket put new life and hope into the negotiators,
and British observers believe the Conference will
end by Thursday." What happened with respect to
the Conference on Monday was further outlined. as
follows by the Associated Press correspondent:"The
all-important question of the evacuation of the
Ruhr
was being considered to-day at a conference of the
principal French and Belgian delegates. Until they
have reached an agreement among themselves on this
problem, there will not be another meeting with the
Germans, and it is not expected such a meeting will
733
come before to-morrow. This morning the 'big fourteen'—the Allied and German delegation leaders-met for an hour and a half at 10 Downing Street and
heard M. Herriot's report of his Paris trip. They
then briefly considered the one remaining problem
within the purview of the Conference proper—that
of the Allied railwaymen remaining on the German
lines. This issue is so closely connected with that of
the evacuation of the Ruhr that both seem likely to
be settled at the same time, although the Ruhr issue
will be kept outside the Conference. During the
morning the Allied delegates also met with the Germans, who approved the conclusions of the second
committee which has been studying the problem of
the economic eva, uation of the Ruhr. Prime Minister MacDonald accepted a suggestion by M. Herriot
that the Allied delegates,some time before the end of
the Conference exchange views with the German
delegates on the resumption of military control of
Germany in order to give France assurances regarding her security. M. Herriot declared the deciAions
taken in Paris at the Cabinet meeting concerning the
evacuation of the Ruhr had shown the peaceful spirit
of France and had brought immediate results. He
said the Conference now was assured of success."
The Paris representative of "The Sun" cabled Monday afternoon that "prospects of European settle
men t have been a great deal brightened as a result of
the week-end Cabinet meeting in Paris. The decisions taken were most important and are as follows:
1. In return for the evacuation of the Ruhr within
12 months, France only asks for pledges that Germany will execute the Dawes plan and will definitely
abandon her attempt to make evacuation dependent
upon military security and arrangement of the interAllied debts. 2. Security, especially as affected by
the control of German armaments, is to be considered by the League of Nations at its September meeting. 3. A special conference will be summoned in
November after the Presidential elections, at which
it is hoped America will be officially represented for
the discussion of debt problems."
Referring to some features of the events on Monday, the London representative of the New York
"Times" said that "the second committee's report
was again brought up and every point agreed to save
in respect of certain details of amnesty proposals.
So near complete are the arrangements, however,
that the Council congratulated the members of the
committee on the skill with which they had resolved
the complicated problems connected with the transfer of economic control of the Ruhr from French to
German hands." He added that "the date for its
accomplishment has been put forward from Oct. 15
to Oct. 5. Intermediary processes are to be accomplished by Sept. 20 instead of Oct. 1 and the customs
barrier between the occupied and unoccupied territory is to be abolished by Aug. 23. These dates, however, are named on the assumption that the Dawes
report is put into effect by Aug. 15. The Conference
has lasted so long that the date will almost certainly
have to be deferred,in which case the relative period,
will be correspondingly set back."
American newspaper correspondents stationed in
London intimated in their dispatches that on Tuesday and Wednesday the Conference proceedings were
delayed somewhat by bargaining for trade on
the
734
THE CHRONICLE
part of the French. The New York "Times" representative said on Tuesday evening that "there was
just a suspicion of unsettled weather in the atmosphere of the London Conference to-day. At a casual
glance the skies seemed blue enough, and such clouds
as were visible were light and fleecy in their construction, with no suggestion of a possible storm
being hidden within them. Nevertheless, careful observers who tapped the barometer saw that the mercury did not rise and that if there was any tendency
toward change it was toward a fall." He added that
"officially, the note of complete optimism is still
struck. Ramsay MacDonald, at a sitting of the plenary Conference to-day, indicated that two more meetings would conclude the business of the Conference.
This is true enough so far as the business of the Conference proper—that is, the putting into operation
of the Dawes report—is concerned. But before the
Dawes plan can be actually applied with any hopes
of real success there must be a settlement of the problems connected with the military evacuation of the
Ruhr." Continuing he stated that "the preliminary
conversations on this question had opened well, but
to-day there was a distinct halt, or hesitation rather,
in regard to the lines along which they could be continued. As far as can be gathered, a set of bargaining pourparlers has begun. The French are as anxious as anybody to get out of the Ruhr, but they want
to leave not only with a good grace but with certain
solid advantages in their posession."
Commenting upon developments on Tuesday, the
"Times" representative said that "the most interesting new matter at the plenary Conference this afternoon was Ambassador Kellogg's official notification
that an American citizen would serve at the financial conference which it is proposed to hold in Paris
after the present Conference. The terms in which
the Ambassador made this announcement contained
no reference to the capacity in which the American
would 'serve,' but as the United States is directly
concerned in the allocation of reparations payments,
which has to be decided by the financial conference,
it was generally assumed that he would possess official status as the representative of the American
Government." He asserted that "the claims which
the United States will put forward will not only relate to the costs of the American Expeditionary
Force during occupation of German territory, but
will comprise various outstanding claims for damages to American persons and property. These will
include indemnification for American citizens who
suffered by the sinking of the Lusitania."
According to an Associated Press dispatch from
London Wednesday evening (Aug. 13) the proceedings were delayed again by negotiations over evacuation of the Ruhr. The correspondent said that "the
Conference held by French, Belgian and German representatives in Downing Street to-day in an effort
to reach a settlement of the Ruhrevacuation problem
ended at 1.30 o'clock without arriving at a solution,
adjourning until later in the afternoon." The dispatch stated also that, "just before going into the
5 o'clock conference with Premier Herriot of France
and Premier Theunis of Belgium and their French
and Belgian associates to resume their discussion of
the Ruhr evacuation, Chancellor Marx declared,'Today is the most critical day of the Conference. I go
to this afternoon's conference with a feeling of great
responsibility, as the questions to be considered are
[VOL. 119.
so, vital to Germany and the other countries concerned. But I go filled with hope, and, if we reach
an agreement, I think the most important part of the
Conference will have passed."
The cable advices made public here Thursday
morning indicated that the session the night before
reached a tense stage. The German delegates gave
out a statement in which the assertion was made,
"we consider the situation critical." It was added
that "the situation has completely changed in the
last 24 hours and Premier Herriot is taking an attitude which is altogether unexpected." According to
a special London dispatch from the New York "Herald Tribune" correspondent, "Herriot is demanding
that a year elapse before the Ruhr evacuation is begun. The Germans want the date set six months
hence. Both refuse to recede from their positions.
The predicament in which both find themselves is
peculiarly similar. Both envisage downfall for their
Governments at home—and consequently for all that
has been done here—if they are not able to bring back
concessions on this point of the Ruhr which will satisfy extreme Nationalist opinion in both countries."
In an Associated Press cablegram Thursday evening
it was stated that "the deadlock between the French
and the Germans on the question of the time limit for
the military evacuation of the Ruhr is imperiling the
success of the International Conference, it was indicated to-day, after a hurried meeting of the French,
Belgian and German Premiers at Downing Street
early this morning had failed to produce tangible
results." The correspondent added that "delegates to
the Conference hope and expect, however, that American or British intervention will save the program
which the Allies have agreed upon for instituting the
Dawes reparations plan." Word came from Berlin
earlier in the day that "President Ebert presided at
an extraordinary session of the Cabinet, convoked
at 7.30 o'clock this morning to discuss the situation
which has arisen in London because of the failure of
the French and German delegates to agree on the
time limit for the military evacuation of the Ruhr."
It was added that "an official bulletin was given
out announcing that the members of the Cabinet
were in full accord with the attitude taken by the
German delegates in London."
Substantial progress apparently was not made at
Thursday's sessions. In London cable dispatches
filed that evening it was said that Chancellor Marx
had advised his Government to accept the French
proposal with respect to evacuation of the Ruhr,
and that an agreement might be actually reached
yesterday. All other points seem to have been settled.
The European cables received up to the time of
going to press did not state that the Germans had
formally accepted the French proposal. According
to an Associated Press dispatch from Berlin last
evening, "at a Cabinet Council meeting, and at a
subsequent conference of the Cabinet with party
leaders to-day, it was agreed every effort must be
made to prevent a breakdown of the London Conference. It was therefore decided that the French
promise to evacuate the Ruhr within a year should
not be bluntly rejected." From London came an Associated Press dispatch stating that "Chancellor
Marx went to Downing Street at 6 o'clock this evening to acquaint Premier MacDonald with the German reply on the problem of the military evacuation
AUG. 16 1924.]
THE CHRONICLE
of the Ruhr. American Ambassador Kellogg and
James A. Logan joined Premier MacDonald and the
German delegates in the conference at Downing
Street. Mr. Kellogg told the Associated Press correspondent he was convinced the Conference would
not break down." It was added that "Chancellor
Marx, Foreign Minister Stresemann and Dr. Luther,
of the German delegation, returned to the Ritz Hotel
from the Downing Street conference at 7.15 o'clock.
They expect to meet Premier Herriot in about an
hour. Meantime, legal experts are working with
the German delegates on the draft of compromise
proposals. It is understood Premier MacDonald
urged the Germans to come to an agreement with the
French. There is a proposal that certain points of
the Ruhr would be evacuated immediately as a concession to the Germans." Commenting upon the
latest developments in this situation, James A. Logan Jr., a representative of the United States Government at the London Conference, was quoted by
the New York "Evening Post" representative in the
British capital as saying that they ,represented
largely "horse swapping." He added that "the crisis
in the International Conference has run its highly
feverish, one might even say normal course, and all
indications point to a satisfactory conclusion and a
rapid termination of the negotiations. It was a
question of putting the relativity theory into practice
—of trying to invent a year for evacuation of the
Ruhr which looked like twelve months in Paris and
less than twelve months in Berlin. Premier Herriot
and Dr. Stresemann proved themselves good Emstems."
The Irish boundary problem is still under discussion. The Dail Eireann reassembled Tuesday afternoon to discuss the treaty to which Arthur Griffith
and Michael Collins, both of whom are now dead,
were signatories. In a special wireless dispatch the
Dublin correspondent of the New York "Times" said
that "President Cosgrave, appearing quite self-possessed, moved the first reading of a bill supplementing Article XII of the treaty concerning the Ulster
boundary." After denouncing the British press for
its attitude on the boundary question,"Mr. Cosgrave
ridiculed the 'two nation' theory, declaring that Ulster was a historic Irish province, inseparably bound
up in Irish history and sentiment and that its territory was a part of Ireland. So also were its economic interests, but the politicians in Great Britain
had been trying vainly to extinguish the Irish nation
and seemed • determined to establish a portion of
Ulster as a province of Great Britain, under the term
Northern Ireland, and they have since tried to stamp
it with a separate nationality and steal for it the
ancient name of Ulster." A great amount of discussion followed. It was stated that "Deputy McGrath,
leader of the New National group,said he would vote
for the bill if he got an undertaking that second reading would not be taken until the bill now before the
British Parliament had passed. Mr. Cosgrave said
he would give this undertaking, and Deputy Bryan
Cooper said the President's undertaking removed
opposition to the bill. He would vote for it, although
he had misgivings about the Boundary Commission."
The'"Times" representative added that "first reading of the bill was then agreed to."
735
affairs in that country were not running smoothly.
For instance, in.a cablegram from Port Vendres, on
the Franco-Spanish frontier, dated Aug. 9, it was
said that "an atmosphere which seems to presage an
approaching crisis in the Government has been created in Madrid by the precipitant return to the capital yesterday of King Alfonso, who interrupted his
summer vacation at Santander, and by the coincident arrival of Premier Primo de Rivera." The dispatch further stated that "incidents connected with
the trip, of the military dictator to Morocco and his
subsequent campaign in Galicia and Asturias for the
purpose of propaganda in favor of the military Cabinet, have caused the impression that a change is
likely to occur." In a special cablegram from Santander under date of Aug. 12 a special correspondent
of the New York "Times" said that "King Alfonso
entertained a representative of the New York 'Times'
a: luncheon and in discussing the political situation
flatly denied the reports which have recently gained
wide currency that a political crisis of a grave nature
was impending. The King made this statement in
the presence of General Primo de Rivera, the Spanish Dictator. The American Ambassador, Alexander
B. Moore, was also present." The correspondent
added that "the King said that the rumor of a coming crisis had been spread by Spanish newspapers
which did not like the present regime because it had
cut off the subsidies allowed the press by the former
Government. There are 70 dailies and 3,000 other
periodicals in Spain, and the King interpreted much
of their opposition to the Directorate to a desire to
see the re-establishment of a regime which would restore the subsidies." The "Times" representative
stated also that "he [the King] said emphatically
that it was not proposed to abolish the system of representative Parliamentary Government in Spain,
but that it had been suspended as the most efficacious means of reforming conditions, which he said
was the purpose of the new regime. He thought
great strides had been made toward giving Spain a
clean Government. There was no intention, he said,
of superseding Primo de Rivera; on the contrary, he
declared that the Dictator would remain in power
until conditions had been made safe for the return of
Parliamentary Government, and he thought this
would take at least another year." Continuing his
account of the interview, the "Times" representative
said that the King asserted that "the Government
was making great progress toward rooting out Governmental graft, including padded payrolls. As an
example of what had been accomplished he pointed
to the budget of the City of Valencia, which had had
a deficit of 2,000,000 pesetas. Without curtailing
the public service this had been converted into a favorable balance of 1,000,000 pesetas. The Government, he said, had gone ahead with the good roads
program and the extension of the common school system. But the big job of the new regime, he insisted,
was to give clean government to Spain, and from
what he had heard from the people he felt confident
that Primo de Rivera had popular approval. The
King observed that it was wrong to call the General
a Dictator, since Spain was really being run by a
directorate of ten men, and not by one man."
The British trade statement for July, in comparison with June of this year, disclosed an increase in
For some little time it has been claimed in dis- total exports of £9,410,000, in imports of £.19,610,000
patches from various points in Spain that political and in excess of imports of £10,200,000.
Compared
'736
THE CHRONICLE
with July of last year the increases were still larger.
.Exports were £12,714,736 more, imports expanded
.26,373,173 and excess of imports £13,658,437. The
statement for July and for the first seven months of
this year compares as follows with the corresponding periods of 1923:
JulyJan.l to July 311924.
1923.
1924.
1923.
£108,110,000 £81,736,827 £706,510,000 £615,568,899
Imports
Exports, British products_ _ £71,280,000 £60,418,626 £459,680,000 £442,182,877
Re-exports, foreign goods_ _ _ _ 10,170,000 8,316,638 84,270,000 72,663,767
Total exports
Excess Imports
£81,450,000 168,735,264 £543,950,000 £514,846,644
£26,660,000 £13,001,563 £162,560,000 £100,722,255
According to Vienna cable advices on Aug. 12 the
discount rate of the Bank of Austria was raised from
12 to 15%. The latter had been in effect since June
5 1924. Otherwise official discount rates at leading
European centres continue to be quoted at 10% in
Berlin;
in Norway and Denmark i.6% in Paris;
51/
2% in Belgium and Sweden; 5% in Holland and
Madrid, and 4% in London and Switzerland. The
open market discount rate in London was firm at
4% for
the levels of the previous week, namely 33
/8% for
short bills (unchanged) and 3 13-16@37
three months' bills, against 3 13-16% a week ago.
Call money at the British centre ruled strong and
higher, reaching 3/
1
2%,as com1
2%,but closing at 2/
pared with 2%% last week. At Paris and Switzerland open market discounts have not been changed
from 5% to 37
/
870, respectively.
•
The Bank of England announced an addition to its
gold holdings this week of £7,525, which brings the
total up to £128,315,190, as against £127,644,253 last
year and £127,407,660 in 1922. Moreover, note circulation was reduced £1,072,000, so that reserve expanded £1,080,000, while the proportion of reserve to
liabilities advanced to 18.03%, from 1678% a week
ago. At this time a year ago the ratio was 18.89 and
in 1922 17.17%. A further small increase in public
deposits was shown—£95,000, but "other" deposits
declined £2,140,000. Loans on Government securities decreased £385,000 and loans on other securities
fell £2,727,000. The total of reserve is £22,030,000,
against £22,565,423 in 1923 and £21,596,230 a year
earlier. Note circulation aggregates £126,034,000.
A year ago it was £124,828,830 and in 1922 £124,261,430. Loans amount to £76,009,000, in comparison
with £69,119,962 and £79,618,460 one and two years
ago, respectively. No change has been made in the
bank's official discount rate, from 4%. Clearings
through the London banks for the week totaled £685,376,000. A week ago the total was £686,995,000 and
last year £613,757,000. We append herewith comparisons of the principal items of the Bank of England returns extending over a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1920.
1922.
1921.
Aug. 13.
Aug. 15.
Aug. 18.
Aug. 10.
Aug. 17.
126,034,000 124,828,830
Circulation
13,405,000 10,416,839
Public deposits
108,796,000 109,020,803
Other deposits
Governm't securities 42,857,000 45,835.601
Other securities_ 76,009,000 69,119,962
Reserve notes & coin 22,030,000 22,565,423
Coin and bullion__ A28,315,190 127,644,253
Proportion of reserve
18.03%
18.89%
to liabilities
4%
4%
Bard( rate
124,261,430
14,168,990
111,587,816
42,628,812
79,618,460
21,596,230
127,407,660
126,235,125
17,285,264
122,546,676
57,740,435
79,525,372
20,621,995
128,407,120
124,844,910
16,114,575
117,134,568
58,508,475
76,116,925
16,686,586
123,081,476
17.17%
3%
14.75%
535%
12.52%
7%
The Bank of France in its weekly statement reports
a contraction of 171,732,000 francs in note circulation during the week. Expansion in previous weeks
had brought that item up to the new high figure of
40,571,700,000 francs last week but as a result of the
reduction registered this week the total of notes out
[VOL. 119.
standing now stands at 40,399,968,000 francs. At
the corresponding date last year the total was 37,265,406,405-francs, and in 1922 36,221,340,020 francs.
Just prior to the outbreak of war,in 1914, the amount
was only 6,683,184,785 francs. The gold item
showed a further small increase of 155,125 francs for
the week. The Bank's aggregate gold holdings are
thus brought up to 5,543,744,275 francs, comparing
with 5,537,912,810 francs at this time last year and
with 5,530,714,065 francs the year previous; of the
foregoing amounts 1,864,320,900 francs were held
abroad in 1924, 1,864,344,927 francs in 1923 and
1,948,367,056 francs in 1922. Silver during the week
gained 128,000 francs. On the other hand,decreases
were registered in the other items as follows: Bills
discounted, 52,779,000 francs; advances, 61,400,000
francs; Treasury deposits, 435,000 francs; general
deposits, 121,654,000 francs. Comparisons of the
various items in this week's return with the statement
of last week and corresponding dates in both 1923 and
1922 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Cold Holdings—
Francs.
In France
Inc.
155,125
Abroad
No change
COMPARATIVE STATEMENT.
Status as o
Aug. 14 1924. Aug.F
a23. Aug.AugF
. 17
nc8
1822.
Francs.
Francs.
3,679.423,375 3,673.567,882 3,582,437,008
1,864,320,900 1,864,341,927 1,948,367,056
Total
Inc.
155,125
Silver
Inc.
128,000
Bills discounted _._Dec. 52,779,000
Advances
Dec. 61,400,000
Note eirculation Dec. 171,732,000
Treasury deposits-Dec.
435,000
General deposits.-Dee. 121,654,000
5,543,744,275
300,408,000
4,510.089,000
2,739,388,000
40,399,968,000
12,089,000
2,065,287,000
5,537,912,810
294,211,699
2,404,535,730
2,122,978,216
37,265,406,405
14,786,925
1,952,044,789
5,530,714,065
285,577.909
1,952,195,669
2,167,745,435
36,221,340,020
58,546,743
2,229,497,320
The Imperial Bank of Germany in its statement,
issued as of Aug. 7, showed another contraction in
note circulation of 9,592,730,000,000,000,000 marks,
and holdings of Rentenbank notes increased 35,806,374,000,000,000,000 marks and bills of exchange and
checks 19,419,621,000,000,000,000 marks. Treasury
and loan association notes declined 18,000,000,000,000,000 marks. Rentenmark bills and checks 17,831,710,000,000,000,000 marks, advances 5,816,700,000,000,000,000 marks and investments 370,109,000,000,000,000 marks. There were increases in notes of
other banks 110,000,000,000,000 marks, and other assets 19,636,571,000,000,000,000 marks, while deposits
expanded 55,637,684,000,000,000,000 marks. Liabilities resulting from discounted bills payable in Berlin remain unchanged, as also Rentenbank loans.
Other liabilities, however, increased 2,432,844,000,000,000,000 marks. According to this report, the
bank increased its gold holdings 6,372,000 marks to.
490,694,000 marks, of which 51,292,000 marks are deposited abroad. Outstanding note circulation now
stands at 1,230,487,756,761,000,000,000 marks, which
compares with 61,728,000,000,000 marks a year ago
and 198,000,000,000 marks in 1922. The present
stock of gold of somewhat over 490,000,000 marks
compares with 596,351,000 marks in 1923 and 1,004,859,000 marks a year earlier.
The feature of the Federal Reserve Bank statements issued at the close of business on Thursday
was a substantial addition to gold reserves both
locally and nationally, together with a further contraction in rediscounts. For the System there was
an increase in gold reserves of $18,600,000. Rediscounts of Government secured paper increased $3,200,000, but "other" bills fell $10,600,000 and open
market purchases declined $4,000,000. Earning assets fell $6,700,000 and deposits increased $5,800,000. The New York bank reported $24,300,000 gain
AUG. 16 1924.]
THE CHRONICLE
in gold, but contraction in rediscounts. Rediscounting of all classes of paper declined $2,200,000. Open
market purchases remained almost stationary, declining about $150,000. Here also there was a drop
in earning assets, namely of $7,600,000, and an increase in deposits of $14,600,000. The amount of
Federal Reserve notes in actual circulation fell off
$4,000,000 in the combined statement and $3,200,000
at New York. Gains of $14,100,000 and $12,800,000
were reported in member bank reserve accounts at
New York and for the System, respectively. Changes
in the reserve ratios were again trifling, the expansion in gold reserves being counterbalanced by larger
deposits. That of the System remained at 82.5%,
the same as last week. For New York an increase
of .5%, to 84.1%, was reported.
Curtailment in loans and deposits featured last
Saturday's statement of New York Clearing House
banks and trust companies, with the net result of the
week's operations another loss in surplus, albeit a
small one. Loans and discounts decreased $32,707,000, while net demand deposits decreased $31,487,000, to $4,466,574,000, which is exclusive of $14,895,000 in Government deposits. On the other hand,
time deposits increased $7,626,000, to $545,118,000.
Cash in own vaults of members of the Federal Reserve Bank increased $4,102,000, to $44,870,000, but
this is not counted as reserve. The reserve of State
banks and trust companies in own vaults increased
$542,000, but the reserves of these same institutions
kept in other depositories decreased $38,000. Member banks drew down their reserves in the Reserve
Bank $8,684,000. This, however, was partly offset
by the contraction in deposits, so that the shrinkage
in surplus was comparatively slight—$4,294,080. Excess reserve now is $21,666,500, as against $25,960,580 last week. The above figures for surplus are on
the basis of reserves of 13% for member banks of
the Federal Reserve System, but do not Include cash
Iii own vaults amounting to $44,870,000 held by these
member banks on Saturday last.
For still another week Wall Street has had a 2%
call money market. There was no real change in
time money, although it was not quite so freely offered, according to some borrowers, on Thursday
and yesterday as for many weeks previously. In
view of the favorable crop conditions in most sections of the United States, and the improvement in
various industrial and mercantile lines, the millions
of new securities that are being offered daily and the
expectation of a large German loan five or six weeks
hence, naturally the opinion is being expressed that
the rates for money are likely to be somewhat higher
before long. Apparently American financial institutions are taking advantage of present investment
conditions to accomplish as much dOmestic financing
as possible before they are called upon to take hold
of the German loan. The biggest single offering this
week was that of $75,000,000 first mortgage 5%
bonds of the Baltimore & Ohio RR. Co. to refund a
like amount of prior lien 3/
1
2s. The bankers who
handled the transaction announced the closing of
the subscription books soon after they were opened.
Numerous other offerings were said to have met
with a ready market also.
737
business day of the week from Monday to Friday
the high, the low and the ruling rate for call funds was
2%. Some business is still being done on the outside market at lower figures, chiefly on acceptances.
In time money no change has taken place and funds
continue plentiful with very little inquiry recorded.
The range has not been altered from 2% for sixty
days, 2@.2%7
0 for ninety days, 3% for four and
five months and 33.1%for six months'loans, the same
as last week. Eight months' funds are offered at
33/2%. The market was dull and nominal and the
volume of business passing as light as ever.
Mercantile paper rates continue to be quoted at
33/4@33/2% for four to six months' choice names, with
33/2@3%% asked for names not so well known.
New England mill paper and some of the shorter
choice names are being dealt in at 3%. Out-of-town
banks were ready buyers, although trading attained
only moderate proportions.
Banks' and bankers' acceptances were quiet and
devoid of new feature. Offerings were not large,
while both city and country institutions were apparently disinclined to take on new commitments. The
result was a small turnover. Many of the larger institutions are out of the market now, according to
brokers, and portfolios are said to be low. For call
loans against bankers' acceptances the posted rates
of the American Acceptance Council still remains at
13/2%, unchanged. The Acceptance Council makes
the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve Bank 2%
bid and 1 8% asked for bills running 30 days, 23/8%
bid and 2% asked for 60 and 90 days, 23% bid and
23/s% asked for bills running 120 days, 2
bid
/a% bid
and 2/% asked for bills running 150 and 25
and 2M% asked for bills running 180 days. Open
market quotations follow:
SPOT DELIVERY.
60 Days.
90 Days.
Prime eligible bills
23402
23452
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
2%@2
34 bid
"y; bid
The Federal Reserve Board announced on Aug. 14
that the Reserve Bank of Cleveland had reduced its
rediscount rate on all classes and maturities of paper
from 4% to 33,%, effective Aug. 15. We refer to
this in another item elsewhere in this issue. The
following is the schedule of rates now in effect for the
various classes of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
AUG. 15 1924
Paper Maturing—
FEDERAL RESERVE
BANK.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
After 90 After 6
but
Days. but
IVithin 6 Within 9
Months. Months.
Within 90 DOS.
.Comrciai Secur. by
Apricot. 0. S. Bankers
&Mark OM.
AccepPaper. ONiga- lances.
/1.04.
lions.
—
314
314
3%
3
3
3
314
314
3%
3%
314
3%
4
4
4
4
4
4
4
4
4
4•
4
4
454
434
414
4
4
4
4
4
4
4
4
4
Agrietd.* Apricot.
and
Trade
and
4WD- Billerica Lieestoek
lances. Paper. Paper.
334
3
354
314
4
4
4
4
414
4
4
4
334
3
314
314
4
4
4
4
414
4
4
4
334
a
_
314
314
4
4
4
4
43'
4
•Including haulers' acceptances drawn for an agricultural purpose and secured
by wacebouse receipts. Ste.
Strength and activity again characterized depling:
in sterling exchange and the net result of the week's
Referring to specific rates for money, loans on call operations was an additional advance of about 3
remain at 2%, unchanged for the week. On each cents, from the previous high point; thus bringing
738
•
THE CHRONICLE
demand up to 4 57. During the greater part of the
time the undertone was buoyant and a general feeling
of optimism continued in evidence. The market is
still completely dominated by the London Conference and prices fluctuated in accordance with reports
emanating from that important body. Rumors to
the effect that Premier Herriot had returned to
London empowered to make the best terms possible
regarding evacuation of the Ruhr, were generally interpreted as indicating a more conciliatory spirit on
the part of French leaders and consequently had a
stabilizing influence. Prices shot up from 4 51 to
4 57, and while the bulk of the business passing is of
foreign origin, local bankers figured in no inconsiderable degree in the buying. The peak of the advance,
however, was reached very early in the week,and on
Tuesday heavy realizing sales caused a loss of 432
cents, to 4 523/
2. Later on, quotations showed some
irregularity; rallying once more to 4 5432, then sagging off to 4 52, but closing steady at 4 54%. This
was partly due to uneasiness over what appeared
to be fresh differences arising between the French
and German representatives over the date on which
French and Belgian troops are to be withdrawn
from the occupied regions and partly to freer offerings and lessened inquiry. In the main, however,
nothing like the supply of commercial bills usual
at this time of the year has been seen, and this
factor aided materially in sustaining values. Still
another feature of the week was last week's lowering of the Federal Reserve Bank's discount rate,
thus accentuating the difference between money rates
in London and New York. It is claimed that exporters are more and more leaving the proceeds of their
sales of commodities shipped on consignment in
foreign balances, in order to take advantage of the
higher interest rates, also that bankers are still shifting their investment balances.
Bankers are rather mixed in their views as to the
future of sterling. The seemingly encouraging outlook for a definite adjustment of the long-standing
reparations dispute, encourages the belief that sterling is due for an extended rise. On the other hand,
there are some who intimate that notwithstanding
the new method of handling shipments on consignment, many exporters are simply holding back their
cotton and grain bills in the hope of obtaining higher
prices. If these are offered in moderate volume, it
should under normal conditions cause no great derangement, but in the event of some untoward development, a heavy volume of these offerings might
easily bring about somewhat of a slump in values.
Furthermore, it must not be overlooked that even
should the rosiest expectations regarding the Dawes
Plan be realized, periodic selling of sterling to accumulate dollar credits to meet British debt payments to
the United States will have to be reckoned with for a
long time to come.
Referring to quotations in greater detail, sterling
exchange on Saturday last showed a reactionary
trend and demand declined to 4 51@4 53, cable
transfers to 4 513@4 53% and sixty days to 4 483.1@,
4 50%; an irregular tone prevailed and trading was
less active. On Monday the market rallied sharply
and rates soared on a resumption of brisk buying;
the range was 4 543/2@4 57 for demand, 4 54%@
4 573/ for cable transfers and 4 519.@4 543 for
sixty days. Heavy realizing sales caused weakness on
Tuesday and demand sold off to 4 523'@4 553/2,
cable transfers to 4 52%@4 553' and sixty days to
[VOL. 119.
4 49%@4 52%. Wednesday a further lowering of
rates was witnessed which carried demand bills to
4 52 1-16@4 5432, cable transfers to 4 52 5-16@
3 and sixty days to 4 49 5-16@4 513
4 54%
%;the'general tone however was firm. An improving tendency
developed on Thursday, although no important
changes took place and the range of quotations was
4 53%@4 54% for demand,4 53%@4 54% for cable
transfers and 4 5032@4 51% for sixty days. On
Friday trading was narrow, but prices firmTand
higher; demand advanced fractionally to 4 53%@
4 553/s, cable transfers to 4 54@4 55% and sixty
days to 4 52@4 52%. Closing quotations were
4 52 for sixty days, 4 54% for demand and 4 52@
4 52% for cable transfers. Commercial sight bills
finished at 4 54%, sixty days at 4 5032, ninety
days at 4 50, documents for payment (sixtyIdays)
at 4 50% and seven-day grain bills at 4 5438. Cotton
and grain for payment closed at 4 5438.
No gold was engaged this week either for export
or import. A cable from London dated Aug. 13
stated that British gold to the. amount of £3,750,000
had been engaged for shipment to India. On Aug. 14
a shipment of $1,000,000 gold left New York for
Bombay. According to London cable advices,
India recently has been second only to the United
States as a buyer of gold in the London market.
In the Continental exchanges the trend was generally upward and francs, lire and guilders followed
the lead of sterling, all scoring substantial advances
as a result of a revival of the active buying that figured so prominently in last week's trading operations.
The doings at the Reparations Conference, of course,
constituted the major influence practically throughout, and prices were swayed by the day-to-day reports of progress, or otherwise, in arriving at a settlement. French francs responded to widespread
belief that final agreement would actually be reached
in a day or's° by a sharp upward bound that carried
the rate from 5.45 at the opening to 5.77. Fluctuations, however, were decidedly erratic, and as the
week wore on there was a reaction to 5.54, another
lesser rally to 5.63, then a later recession to 5.48.
and a final advance to 5.71. This reflected the ups
and downs of banking opinion, also speculative
maneuvering. Encouraging reports were made the
excuse for animated buying on the part of both
local and foreign interests, while the inevitable profittaking sales appeared with each new advance.
British, Dutch and French dealers were reported as
active at frequent intervals, and the volume of business passing was large. Buying for tourist account is
still in evidence, although upon a gradually diminishing scale. In the late dealings rumors of a deadlock
between France and Germany over the date of evacuation of the Ruhr had a deterring effect upon operators and trading quieted down perceptibly, while
part of the earlier gains were lost. Lire came to the
front after a prolonged period of inaction with a gain
of 7 points to 4.53 on a moderate volume of transactions. The marked stability of Italian exchange,
which has fluctuated only a few points during the
past six weeks or more, is held to be the result of
official control by the Milan Government, which has
acted to prevent lire from rising through speculative
manipulation. Italy is only moderately interested
in reparation matters and values are more directly
affected by the improvement in Italy's fiscal position.
Antwerp francs followed the course of Paris exchange,
AUG. 161924.]
2. Gerand after opening at 5.00, advanced to 5.243/
man and Austrian exchange remain at a standstill.
Greek currency and the exchanges of the minor Central European countries were all steady and slightly
higher, though not particularly active.
The London check rate on Paris closed at 81.45,
as against 83.45 a week ago. In New York sight
1 2,against
bills on the French centre finished at 5.68/
5.48%; cable transfers at 5.693, against 5.49%;
commercial sight at 5.673',against 5.47%,and com2,against 5.42% last week.
mercial sixty days at 5.623/
Antwerp francs closed at 5.233/ for checks and 5.243
for cable transfers, which compares with 5.05 and
5.06 the previous week. Final quotations for Berlin
marks were 0.000000000024 (unchanged). Austrian
kronen closed at 0.14%, the same as last week. Lire
finished the week at 4.513 for bankers'sight bills and
4.523' for cable remittances. This compares with
4.483' and 4.493 a week earlier. Exchange on
Czechoslovakia closed at 2.99, against 2.95%; on
Bucharest at 0.46, against 0.453/4; on Poland at 193/
4
(unchanged), and on Finland at 2.52 (unchanged).
Greek drachmae finished at 1.84 for checks and
1.843/i for cable transfers, as contrasted with 1.77%
and 1.783/ last week.
As to the neutral exchanges formerly so-called, the
tendency was still sharply upward and guilders
advanced another 11 points to a new high record on
the current movement of 39.19, on unusually active
buying. This, as explained last week, represents the
shifting of funds arising out of sharp differences in
money rates at the different centres. Swiss francs
were well maintained but ruled a trifle under the high
level of a week ago. With the exception of Norwegian crowns, which were strong, the Scandinavians
were slightly easier. Spanish pesetas made a further
small gain, to 13.53%, notwithstanding continued
political and military dissensions.
Bankers' sight on Amsterdam finished at 39.093/
2,
against 38.89; cable transfers at 39.133,against38.93;
commercial sight at 39.03%,against 38.83,and commercial sixty days at 38.673,against 38.47 last week.
Closing rates for Swiss francs were 18.893/ for bankers'
sight bills and 18.903/ for cable transfers, comparing
with 18.97 and 18.98 a week ago. Copenhagen
checks finished at 16.28 and cable transfers at 16.32,
against 16.20 and 16.24. Checks on Sweden closed
at 26.60 and cable transfers at 26.64, against 26.63
and 26.67, while checks on Norway finished at 14.04
and cable transfers at 14.08, against 13.81 and 13.85
the previous week. Spanish pesetas closed the week
2 for checks and 13.553 for cable transfers,
at 13.533/
which compares with 13.45 and 13.47 a week
earlier.
As to South American quotations further increases
have taken place, which carried Argentine paper
pesos to 33.87, although the close was lower at 33.77
for checks and 33.82 for cable transfers, against
33.67 and 33.72 a week ago. Brazilian milreis,
however,finished at 9.92 for checks and 9.97 for cable
transfers. Last week the close was 10.08 and 10.13.
Chilean exchange was firmer and finished at 10.21,
against 9.93, while Peru advanced to 4 18, against
4 14 a week ago.
Far Eastern exchange was as follows: Hong Kong,
543@54%, against 543/
s@54%; Shanghai, 74%@
1 @423,
753/i against 74%@753'; Yokohama, 42%
Manila,
423.@42%;
49%@49%
against
against
49%@49%; Singapore, 53@533' (unchanged); Born
739
TH if CHRONICLE
bay, 32%@33 (unchanged), and Calcutta, 333s@
33%, (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
AUG.9 1924 TO AUG.15 1924,INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Unit.
Aug. 9. Aug. 11. Aug. 12. Aug.13.
EUROPES
Austria. krone
.000014
Belgium. franc
.0504
Bulgaria, lev
.007371
Czechoslovakia, krone .029514
Denmark, krone
.1623
England, pound sterling
4.5260
Finland, markka
.025141
France, franc
.0550
Germany, reichsmark
a
Greece, drachma
.017763
Holland, guilder
.3892
Hungary, krone
.000013
Italy, lira
.0448
Norway, krone
.1391
Poland, Zloty
.1920
Portugal. escudo
.0296
Rumania,leu
.004541
.1346
Spain, Peseta
Sweden,krona
.2664
Switzerland, franc- .1893
Yugoslavia, dinar
.012480
ASIAChinaChefoo,lael
.7433
Hankow tael
.7456
Shanghai tael
.7338
Tientsin tael
7508
Hongkong dollar
.5350
Mexican dollar
.5273
Tientsin or Peiga
dollar
.5300
Yuan dollar
.5363
.3213
India, rupee
.4135
Japan. yen
Singapore (S.13.) dollar .5183
NORTH AMER.Canada, dollar
.997129
Cuba, peso
.999188
Mexico, peso
.489167
Newfoundland, dollar .994188
SOUTH AMER.Argentina, peso (gold) .7656
Brazil, milreis
.1001
.1015
Chile, peso (paper)
Uruguay.IMO
.7819
$
.000014
.0516
.007395
.029585
.1$22
s
Aug.14. Aug. 15.
s
:
$
.000014 .000014 .000014
.0513
.0517
.0516
.007370 .007370 .007345
.029568 .029679 .029710
.1614
.1612
.1624
.000014
.0520
.007385
.029820
.1628
4.5570
4.5461
4.5427
4.5411
4.5457
.025161 .025142 .025159 .025126 .025153
.0567
.0568
.0557
.0560
.0562
a
a
a
a
a
.017902 .017963 .017867 .018239 .018385
.3910
.3913
.3910
.3911
.3913
.000013 .000013 .000013 .000013 .000013
.0453
.0453
.0451
.0450
.0451
.1400
.1397
.1396
.1399
.1402
.1922
.1022
.1923
.1918
.1921
.0299
.0291
.0293
.0294
.0296
.004547 .004562 .004589 .004548 .004579
.1353
.1352
.1351
.1348
.1353
.2667
.2663
.2661
.2663
.2663
.1889
.1888
.1894
.1889
.1889
.012528 .102483 .102424 .012448 .012432
.7475
.7497
.7356
.7567
.5370
.5282
.7492
.7506
.7351
.7575
.6361
..5265
.7433
.7459
.7317
.7517
.5350
.5269
.7425
.7444
.7311
.7508
.5338
.5264
.7433
.7450
.7323
.7517
.5348
.5268
.5300
.5375
3215
.4144
.5163
.5275
.5350
.3214
.4153
.5172
.5263
.5346
.3218
.4155
.5169
.5267
.5333
.3219
.4162
.5172
.5267
.5333
.3225
.4149
.5178
.997468
.999188
.489167
.994594
.997713
.999188
.489167
.994875
.997790
.999141
.487500
.995547
.997811
.999188
.488406
.994938
.998514
.999250
.488208
.995656
.7732
.1003
.1023
.7879
.7665
.1009
.1016
.7859
.7658
.0991
.1010
7854
.7659
.0995
.1010
7M7
.7690
.0993
.1008
7357
A Quotations for German reichsmarks have been
Aug. 9, .000000000000239
Aug. 11,.000000000000238; Aug. 12,.000000000000238: Aug. 13, .000000000000239
Aug. 14, .000000000000238 ;Aug. 15, .000000000000237.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,282,800 net in cash as a result of the currency movements for the week ended Aug. 14.
Their receipts from the interior have aggregated
$4,272,100, while the shipments have reached $989,300, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended Aug. 14.
Banks'interior movement
Into
Banks.
$4,272,100
Out of
Banks.
Gain or LOSS
to Banks.
$989.300 Gain
3232,800
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
Aug. 9.
Monday,
Aug.11.
Tuesday, Wednestry. Thursday, Friday.
Aug. 12. Aug. 13. Aug. 14. Aug. 15.
Aggregate
for Week.
$
56,000,000 69.000,000 54.000.000 63,000,000 62,000.000 68.000,000 Cr.372,000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
THE CHRONICLE
740
[VOL. 119.
the situation as actually somewhat less grave than
his words might be taken to imply.
2
2
2
z
All this, however, is only the kind of rhetorical
127,644,253
128,315,112 127,644,253
England _ _ 128,315,112
France a_ _ 147,175,794 12,000,000 159,175,794146,942,71 11,760,000 158,702,715 window-dressing public men often indulge in. The
Germany _ 24,534,700 1,436,550 25,971,25 33,567,150 3,475,4)0 37,042,550
62,000,000 main
Aus.-Hun _ b2,000,000
b2,000,000 b2,000,000
interest of the two speeches lies in the policies
Spain
101,385,000 26,435,00 127,820,000 101,031,000 26,531,000 127,562,000
35,453,000 3,414,000 38,867,000 35.532,000 3,027,000 38,559,000
Italy
which
they discuss and the personal programs that
932,001 45,232,000 48,483,000
Netherl'ds 44,300,000
896,000 49,379.000
Nat. BeIg_ 10,819.000 2,633,000 13,452,000 10,789,000 2,538,000 13,327,000
they
indicate.
Here, at a number of points, the difSwitzerrd. 20,230,000 3,933,000 24,163,000 21,026,00
4,056,000 25,082,000
15,158,000
Sweden __ _ 13,843,000
13,843,000 15,158,000
Denmark _ 11,642,000 1.027,0001 12,669,00 11,649,000
262,000 11,911,000 ferences are marked. Mr. Davie emphasizes the need
8,182,000
Norway _ _ 8,182,000
8,182,000 8,182,000
of honesty in Government. The indictment of the
Total week 547,879,606 51,810,550599,690,156 562,004,118 52,545,400 14,549,518
Prey.week 547,543,276 51,750.550 599,293,826 562,995,872 52,600,400615,596,272 Republican Administration which he frames recalls
a Gold holdings of the Bank of France this year are exclusive of 274,573,977 hi its heat and sweep the extreme partisan bitterness
held abroad. b No recent figures.
of the generation after the Civil War. The party is
charged with "having shaken public confidence to its
Republican and Democratic Policy—The
very foundations . . . with having exhibited
Speeches of Mr. Coolidge and Mr. Davis.
deeper and more widespread corruption than any
The speeches of Mr. Coolidge and Mr. Davis, for- that this generation of Americans has been called
mally accepting the nominations tendered them by upon to witness . . . with complacency in the face
the Republican and Democratic national conven- of that corruption and with
toward the eftions, put before the country, in clear and emphatic forts of honest men to expose it . . . with gross
form, the views of these two party leaders regarding favoritism to the privileged and with utter disregard
the issues dealt with in the party platforms, and the of the unprivileged . . . with indifference to
policies which either candidate may be expected to world peace and with timidity in the conduct of our
pursue if he is elected. Of the two speeches, that of foreign affairs," and with "disorganization, division
Mr. Davis would seem to have the greater literary and incoherence." To this is added a severe arraignquality. Nevertheless, Mr. Coolidge's style, as a ment of the President for his course while charges of
rule rather dry and compact, does not lack occa- corruption were being investigated. The judgment
sional incisiveness, and here and there in the course that will be passed upon the wisdom of this slashing
of his remarks he lets fall phrases and sentences attack will doubtless depend a good deal upon the
which merit repetition. Mr. Davis, on the other personal point of view of individual voters. Whether
hand, has undoubtedly a gift of style, and although the official misconduct which the Washington inveshis literary manner lacks the brilliance which on tigation revealed was as widespread as at the time
occasion clothed, and sometimes obscured, Mr. Wil- was made to appear, or whether Mr. Coolidge ought
son's thought, the attractive and dignified form in to have taken a vigorous hand instead of leaving the
which What he has to say is presented will doubtless matter to the Congressional committees appointed
help in commending his speech to the party and the to deal with it, are questions in regard to which there
public.
is probably valid difference of opinion; but a charge
Literary facility, however, has its dangers as well of corruption has generally been regarded as good
as its advantages, and Mr. Davis does not altogether campaign material in this country, and Mr. Davis
escape them. His apparent fondness for rhetorical doubtless scored a certain popular success by makfinish and well-rounded periods leads him into some ing the issue of honesty in Government the chief
statements a little contradictory and a bit extreme. point of his speech.
"The allied forces of greed and dishonesty, of selfMr. Coolidge's reply at this point is simple and
seeking and partisanship, of prejudice and ignor- direct. The Government,he declares, is sound. Had
ance," he declares, "threaten to-day as they have it desired or favored dishonesty, it would not, in aid
rarely done before the perpetuity of our national of that policy, have introduced a budget system, cut
ideals, traditions and institutions. . . . The sol- down taxes, purged the payrolls, made enormous reidarity of the great war has given way to a chaos of ductions in the public debt, or laid firmer foundablocs and sections and classes and interests, each tions for the peace of the world. "This is not the
striving for its own advantage, careless of the wel- way of dishonesty." In the meantime individuals
fare of others. . . . There is abroad in the land a charged with wrongdoing have been prosecuted, susfeeling too general to be ignored, too deep-seated for picions of guilt have been investigated and presented
any trifling, that men in office can no longer be to the grand jury, trials will be pushed "without fatrusted to keep faith with those who sent them there, vor but without malice," and wherever Government
and that the powers of Government are being exer- property appears to have been illegally transferred
cised in the pursuit of personal gain instead of the and held, the claim for restitution will be prosecuted
common service." This seems to us somewhat con- to final judgment in the courts.
fused. "Blocs and sections and classes and interWhere Mr. Davis emphasizes corruption, however,
ests" there certainly are in plenty, but their exist- Mr. Coolidge emphasizes economy. With the cost of
ence hardly spells chaos, nor is it clear exactly Government in this country, national, state and
wherein our national institutions are really threat- local, reaching the enormous total of some $7,500,ened with destruction; while the charge of personal 000,000 annually, or approximately $300 for each
self-seeking in office bears rather hard upon those family, nearly one-half of the amount being repremembers of Congress who, in zealously pursuing sented by Federal charges, economy in Government
corruption or as zealously opposing the President, is easily the most pressing issue before the country.
have all along insisted that only by so doing could In contrast to the general demand for economy conthey properly serve the public good. With all the tained in Mr. Davis's speech, Mr. Coolidge is able to
differences of opinion, wise or foolish, harmless or present an imposing list of economies already made
dangerous, that are undoubtedly to be perceived, the or in process of realization. He is as opposed as ever
Republic still lives and flourishes, and one would to excess profits taxes and high surtaxes, and while
like to believe that even Mr. Davis himself regards lie is not deeply concerned about the effect of high
August 14 1924.
August 16 1923.
Banks of
Gold.
Total.
Gold.
Silver.
Total.
AUG. 16 1924.]
THE CHRONICLE
taxes of any kind upon the few rich persons who are
able to bear them, he is very much concerned about
the effect of high surtaxes on the rest of the people.
The masses of the people, in. other words, pay the
taxes, and it is for a taxing system that will make the
burden as equitable and light as possible that he announces his firm purpose to strive.
It was to be expected that Mr. Coolidge would defend a protective tariff and dwell upon its benefits,
and that Mr. Davis should denounce protection and
point to its failures and excesses. Both of the candidates are concerned for the welfare of the farmer,
although Mr. Coolidge sees the present situation in
a brighter light than does Mr. Davis, and both are in
favor of a uniform child labor law. On the vexed
question of labor neither permits himself to go beyond general statements, but while Mr. Davis's references to liberalism and radicalism leave the question of his sympathies somewhat in the air, Mr.
Coolidge quietly remarks that "it is well for the country to have liberality in thought and progress in action, but its greatest asset is common sense." Neither candidate praises prohibition, but Mr. Davis
insists that the prohibition law should be enforced
like any other law, while Mr. Coolidge in like manner
promises to do his duty in having the law carried
out.
On the important subject of foreign policy the
two speeches offer equally striking agreements and
contrasts. Both Mr. Coolidge and Mr. Davis are for
the World Court, and each favors preparations for
defense until general disarmament has been more
nearly attained. Mr. Coolidge, on the othr hand,
stands to his guns in defense of unofficial participation in European affairs, while Mr. Davis condemns
the policy as timid and indicative of a lack of leadership and party harmony. Under neither candidate,
apparently, if elected, is early membership of the
United States in the League of Nations to be anticipated, for Mr. Coolidge sees in membership a fatal
surrender of national freedom, while Mr. Davis, although warmly.championing the League, is prepared
to await the result of some kind of national referendum before taking steps to join.
Each of the acceptance speeches is characteristic
of its author. Mr. Coolidge, minimizing generalities,
cites the record of his party and his own course in
office as proofs that Republican policy may be expected, if it is supported at the polls,to give the country a business-like administration in whose benefits
the whole people will share. Mr. Davis, on the other
hand, speaking for a party that is in opposition, naturally dwells upon the failings and weaknesses of
the party in power and stresses the general political
or economic principles which that party seems to him
to have neglected or violated. Each type of mind
has its substantial merits, each type of leadership
its substantial following. If to the dropping of the
religious and racial prejudice which each candidate
wholeheartedly condemns shall be added the abandonment of unthinking or prejudiced voting which
has so often been a bane, the larger welfare of the
nation will be served in the event of the success of
either party.
The Superpower of Mind and Machine.
"1 believe then in superpower as giving the best
possible deal to American labor. . . . When we
compare our present power equipment of about three
aid one-half horsepower to each worker in the United
741
States with the much smaller amount allowed to the
workers of other countries, we see a relation between high power and high wages. . . . I believe,
then4 in superpower as giving the best possible deal
to American labor and providing absolute protection
against the competition of cheap labor." Director of
the United States Geological Survey, Dr. George
Otis Smith, is quoted as expressing this opinion in a
talk on "preparedness"—which he declares to be
industrial rather than military. And he adds: "It
i.; in the substitution of coal power and water power
for man power that lies America's opportunity to
build an industrial structure that will survive much
longer than the civilization and culture of Egypt and
Greece and Rome, which were founded on human
slavery." Yet men are talking of atomic energy, sun
rays, and new advances in electrical power. We
shall, evidently, not lack for power to drive the machinery of our industrial civilization. What it will
do for culture is another matter. Just at the moment Henry Ford is saying airplanes "can be commercially developed as soon as they are taken up in
a commercial way" and that "as soon as we know as
much about them as we do about automobiles—and
that will not be long—then they can be built by the
thousands or by the millions."
If ethics does not keep up, in the general advance,
with science, will the labor for pay. with which to
provide the necessaries of life, keep up with the increase of machine power? We have no seer to tell us.
The main problem is the greater one. Once the
worker thought he must destroy the machine to preserve the man; now,finding it impossible to curb the
growth of the machine, under certain teachings he
seems to be intent on curbing himself by destroying
skill in work and the hours he might devote to labor.
The question is as complex as civilization itself. It
may turn out as Dr. Smith predicts, and it may not.
Whatever it may be we shall go on to some sort of a
finale. And some sort of man will survive. He
May be hurling a high-power bomb at his last opponent in a war-decimated earth, but he will be "heir to
the ages" industrial as well as cultural. If he turns
barbarian it will be a super-barbarian, not only
skilled in the fine art of murder, but potentially master of the air and the atom—and in the extremity of
the final catastrophe he may conclude to try to advance in another direction and by other means. Perhaps here is a key to the solution if we were only able
to use it. What are the best uses to which we may
apply the many forms of super-power we are constantly developing?
Dr. Smith quotes Edward Everett Hale as saying
in effect "that civilization is characterized by the
difference between the workman who uses his brain
and the laborer who uses his body." This is all very
well when we consider man in the abstract, but what
of the marginal man who tends the machine and has
small opportunity for skill or the use of brains?
And yet, again, are we to overturn civilization because the marginal or tenth or twentieth man in certain occupations has no chance to use his brain?
And what will we do with the man who has little
brain to use and is quite indifferent about using
that? These questions do not disturb the labor,
unions that insist on the same wage for all men in
given trade classes and that couple shorter hours
with higher wages, whether in front of the machine
or behind it, but they are part of the equation of the
man in the abstract and the future of civilization.
742
THE CHRONICLE
Of course, these organizations are right in believing
one to-day is worth two to-morrows in any well-regulated civilization, but what are they contributing
to the advance? Can they always continue to carry
the dead weight of the incompetent man and continue to force all other men outside the mechanical
trades to pay for it, and this in the face of the superpower machine and itstendency to do away with even
the skilled and competent who do use their brains?
If we could conceive of short hours, high wages
and "better living conditions" equalized among all
men who work, if we could conceive of the machine
always put to the use best fitted to a cultural civilization (meaning one in which the material and spiritual are in harmony and abstract man developed to
the highest efficiency) we would still have man in
the mass and the marginal man to consider. All our
abstractions will not resolve away the individual.
What do we now with the measure of civilization we
have at this time achieved? What is the philosophy
of life of the professional man and man of brains;
what that of the man who does the drudging work of
the world "brother to the ox," as Mr. Markham characterizes him? There is always this menial toil and
there is always the man less fitted than his fellows
for any kind of work that can be mentioned. No
super-power in mechanics can alter this fact. The
brain of the world is even now constantly devoted
to his amelioration. Science talks of producing the
perfect man. Religion strives to "save" the benighted races. All peoples are enamored of public
education. Wealth, with increasing sense of the
responsibility of a trust, is more and more doing its
duty. The world dreams of unity and peace. But
unless the indiscriminate man in the mass, or the
marginal man la the social and economic life, devo!.e
himself to a philosophic culture all agencies will fail.
And it follows that Ili.. teachings of co-operation, of
union, of legal and Governmental forcing processes,
are in direct opposition to the escape of the man at
the wheels of production. If super-power is to benefit it must be supplemented by a proper use of the
time and opportunity gained through the freedom
given by mechanics. And this is true of society as well.
Perhaps if we could infuse a little of the really
classical culture of Greece and Rome into our social
life—we refer to the contemplative spirit which
found use in beauty and cultivation in thought--we
might not quarrel so over our industrial affairs. To
produce an industrial civilization that shall last
longer than the culture which developed philosophy
and law might not be much of a triumph in the end.
Looking at Government and society men see already
the signs of dissolution, at least of decay, in our
present state. Are we more interested in psychology,
in seeing what makes the wheels go round, than we
are in philosophy, the study of the rules and relations of life as they are, as they must be under any
conditions which may be postulated from man in
environment? Do we look upon work and wealth,
upon our whole industrialism, as a means to an end
or the end itself? Outside the artist and the scientist (who work apart because they are not included
in our material schemes for efficiency and unity)
who are there not involved in the "turmoil"? And
while some rich men are "collectors" and more are
philanthropists, has the leisure produced by the
superpower machine for the vast majority lessened
the feverish thirst for pleasure? Despite our libraries, universities and foundations, upon what is our
[vol.. 119.
chief thought centred, unless it be the application of
this mechanical superpower to the material condition of man?
There is a superpower of mind itself which has no
relation to the material life. And when a competence in "this world's goods" is reached it has all
the stellar spaces of knowledge for its field of operation. And down from these "high peaks of song"
may come such voices as will put to shame the puny
attempts to regulate and control the social and commercial life through organization and legislation.
The envy that rankles and the hate that withers find
no place in a philosophy of living that is above the
inequalities of wealth and wage. Thought is wealth.
Study is work. Contemplation is joy. And the possession of one's own soul is property even the vicissitudes of material conditions cannot take away. We
cannot through Government or Socialism make all
men rich without making them all poor—poor in
spirit as well as in property. And our whole thought
seems to be centred on some phase of the superpower
of wealth attained somehow through the superpower
of mind devoted not to culture but to industry.
If upon the vast complex machinery of our material life we could pour some of the oil of culture we
would find it would work better, and the people be
happier. And this is the economics we may teach
without danger: contentment without great wealth,
work without worry over the size of the wages, and
better living conditions through the cultivation of
the spiritual, the inner superpower. There need be no
reply to this, for we do not argue that every wage is
what it should be or that it ever will be, and that no
thought should be given to the amount thereof. We
do enter an affirmation that organization into
classes to increase certain kinds of wage, though possibly successful for a decade or two, must finally
fail, because contrary to the economics of the individual's rights and progress; and in the meantime
so overemphasize the material side of life as to cause
general unrest and unhappiness. And the same is
true of the inordinate desire for wealth, rather than
competency,in the business life—dissatisfaction and
despair. The superpower that is within us must
save man from the superpower that is without. Otherwise man must eventually destroy himself.
Japanese Civilization.
Now that the economic and political problems of
the West are in the way of solution those of the East
rise into their place; this not because of geography,
but because of the interlocking of the nations to-day
in their various interests, and because the underlying
problems are world problems.
The pressure of population, the need of stabilized
currency, of social order, of free intercourse, of release from excessive taxation, the demand for markets, for steady employment, for adequate wages,
for opportunity of pleasure and progress, these in
varying degree are felt everywhere, and the East, so
long regarded as remote and wrapped in the solitude
of its self-sufficiency, is awake and aware of the
pressure of the Western world. Whether or not its
ways,its ideas, its civilization are better than theirs.
they must be dealt with. They are world forces to-day.
Japan stands at the door of Asia much as England
does to Europe. She also needs no vanity box to enhance her charms; her personal traits, if not her
possessions, are sufficiently evident. As she has
acquired a dominion not unlike that which Britain
AUG. 16 1924.]
THE CHRONICLE
743
has wielded in the West,.any information that ex- dition and ignorance to block the way of prosperity
tends beneath the surface of her life and throws and peace, must be broken. A moral reconstruction
.light upon the underlying conditions and concerns of the State and a new international connection as
primitive forces, is important.
the result, so that all may be judged, is sought; and
This comes to-day in a new book by a Japanese the aim is to lay foundations on which men of any
author, which expounds a historic teaching that nation or any faith can live and work together for
arose in Japan in the thirteenth century, had power- the common good. Conditions to-day so far as they
ful influence upon the spirit and life of the people, conflict must be faced; and the path for all opens
and has recently been revived with new acceptance, with a new turn.
ia represented by an influential society, and is now
We cannot go into the steps by which he would
set forth in English by the son of the late President transform the religion of his own people. Nicheren
of the society, who is its leading exponent.*
himself gave many years to its study. He recognized
Reference to its leading principles will suffice to the importance of the comparative study
of docshow how fundamental and practical they are, and trine, of psychological research, of sociologic
al inwill help to a better understanding of the Japanese vestigation, of the connection of the State with
reliand strengthen confidence in the development of gion, and of evolution as the method of
progress;
their nation in a line that is peculiarly their own, centuries before these were lifted to the
place they
and which is as remarkable in the world of to-day to-day hold with us. It is enough to learn that
in a
as it is historically unique.
land to which the eyes of the world have come to turn
Nicheranism, from the name of its founder, is the with ever-increasing interest, and which
is destined
name of the doctrine; and as an ethical teaching, to to play a leading role in the world of to-morrow,
compare small things with great, may be set beside such a teaching, whether offered as a religion
to the
the Confucianism of China. In its modern revival individual or as a law of life to the people and the
it is entirely in the hands of laymen, and its aim is State, is revived and set forth with a new interpreta
to create a spirit in its followers, to shape their lives tion and a new urgency. Whether its acceptance be
and to exert an influence in the business, the art rapid or its scheme of life and morals be put into
and the science of the people and collectively in the wide practice or not, it cannot fail to have great sigpolitics, the economics and the military affairs of the nificance in the relation of other nations
to the East
itics, the economics and the military affairs of the and to Japan. Christianity should certainly
find
nation. It seeks to restore what are claimed to be in it much that is common to both.
the original conceptions of Buddhism, not as worIn the early days of our intercourse it was cusship or devotion to an abstract truth, but as a life tomary to report that the Japanese
had a low estito be lived by all.
mate of trade and were little informed and less
Naturally, the author of the new exposition sees trustworthy in business
transactions. The presence
in it a vital step in harmonizing the civilization of of Chinese compradors in their offices
was given as
the East with that of the West. Western civiliza- evidence. All this has changed. Their
ways of busition with its high development of the physical sci- ness and the character of their
business men are esences commands the attention of the East. Eastern tablished in Western lines and suffer
nothing in comcivilization with its more restricted spiritual aspect parison. Indeed, Japan's eagerness
to learn all that
is little understood in the West. Both are civiliza- is newest and best in any direction in the
West, and
tions, and the union of the two for the progress and to adopt it, goes far to establish the
conviction that
peace of the world makes this better understanding she is destined to lead the East in the
days to come.
imperative. The co-ordination of spiritualism, which Certainly she is of all the
Oriental nations the nearmay be read as idealism, with materialism, our est to ourselves and the one immediate
ly seeking our
author holds as not simply a problem of philosophy; better understanding. The
teachings of a book
it is a matter of fact in the world of to-day. Spirit- which, in its English form, is
modestly offered by
ualism and materialism are two aspects of the same the Japanese cook to his
mistress as it was the other
existence. Mutual understanding will bring har- day, in a home in New
York, that she may better unmony. Study of Eastern civilization is important derstand his people,
can hardly fail to have its imbecause "it is rooted in the deepest theory and flour- portance.
ishes on the most solid and sincere practice."
Japan's material difficulties are great. With a
So far as modern Nicherenism may be regarded as rapidly growing population
in a restricted territory,
a religion it turns away from the formal expressions where 5,500,000 peasant families
have an average of
of religion in its old conceptions and institutions, only 31/
2 acres to a family on which to raise food
that its spirit and principles may be expressed in normally for nearly her
entire population; with limdaily life. It would appear at every turn, st work, ited natural resources
and low productive efficiency,
at table, in business, in time of peace or war. It with a necessarily slow adoption of modern
induswould express truth in "the Path," or "the Way," or trial methods, with rapidly
rising public and pri"the Morality" which it opens to all. Its worth is vate expenditure, with excessive
bureaucracy, with
in the quality, rather than the form or the quantity public education heavily handicapp
ed by letters reot its expression. It lays hold of the entire man; in quiring years for their mastery, with
class tension
body, mind and spirit he is called to be true to what increasing before the pressure
of modern intercourse,
is best; he is to recognize the creative process which it is evident that economic limitation
s are a serious
he is to share and in which he is to grow, and in so hindrance to social progress, despite the
fact that in
doing to help on the reconstruction of the world.
a few lines of manufacture and even of production
The "deadlock," as he terms the condition of rival they are challenging attention.
theories and civilizations to-day, in which mutual
When Premier Mussolini, addressing Italy,
says:
antagonisms and race prejudices combine with tra- "The problem that the
war has left us was not an
"Japanese Civilization, Its Significance and Realization. By Hishio economic problem but a spiritual one. . . . war
Satomi. E. P. Dutton & Co.
impresses the spirit of a people even more
profoundly
144
THE CHRONICLE
than it lacerates the economic structure. .The crisis
of the workers, felt more or less in all lands, is a
moral crisis"; it cannot fail of significance that a
nation in the position of Japan is welcoming a revived ethical and spiritual teaching presented as a
philosophy of life.
With her eager desire to adopt Western ideas and
methods her danger is that which claims attention
as the one appearing in the new and reviving European States characterized recently by Mr. James M.
Beck as "Undigested Achievements"; the introduction of ideas and institutions, no less than of
[VOL. 119.
machines, the use of which is little understood.
Her real problem is that of all Asia, to create in
the several countries a united will, a national organization, solidarity in the political structure, with a
self-reliant ruling class and a body of citizens conscious of their political existence. It is the work begun in India by England, now waiting in China for
the course of events, and in Japan to be accomplished
by herself. Her leaders of thought, and on them rests
as everywhere all progress, have come to their day.
Our task is to help and not to hinder, to cheer and
not to distrust.
Railroad Gross and Net Earnings for June
We present below our compilations of the gross
and net earnings of United States railroads for the
month of June. The comparison with a year ago is
distinctly unfavorable, as was the case in the months
immediately preceding, and it is to be added further
that the losses are accumulating in a progressive
ratio—that is, growing larger with each succeeding
month. The railroads in their revenue returns are
reflecting with absolute fidelity the depression in
trade and are themselves the severest sufferers from
such depression. It is common knowledge that
trade in the United States has been growing steadily
worse ever since the early part of March and in these
circumstances it is not strange that the monthly
comparisons of earnings should have followed a similar course. For March our tabulations (which embrace all the steam railroads in the United States
having operating revenues of$1,000,000 a year or over)
showed a loss as compared with the same month of
1923 of $30,628,340 in gross, or 5.73%, and a loss in
net of $2,914,076, or 2.47%. These were only moderate declines, in keeping with the palpable slowing
down of business. But that was merely the beginning of a shrinkage in the earnings of these steam
carriers which has been assuming constantly growing dimensions ever since. For April the loss as
compared with a year ago reached $48,242,116, or
9.24%, in the gross, and $21,294,242, or 17.32%, in
the net earnings. For May the loss in the gross
mounted up to $70,476,133, or 12.89%, and the loss
iv the net to $30,448,063, or 24.07%. Now comes our
present statement for the month of June and registers a falling off in the gross of no less than $75,442,339, or 13.97%, and a decrease in the net of $22,846,602, or 18.37%.
In the gross the June result is the worst one of the
whole series, the gross for June 1924 being only
$464,759,956, as against $540,202,295 in June 1923,
but in the net the falling off is not quite so large as
was that of May. In reality the showing as to the
net for June is worse than that for May or the months
immediately preceding, inasmuch as in these earlier
months of 1924 comparison was with large gains in
1923 whereas in June comparison is with much more
moderate improvement in the previous year. In reviewing the statement for June last year we found
ourselves obliged to say that the railroads of the
United States for that month had not made the same
gratifying exhibits of earnings as in the months immediately preceding. There was improvement over
1922, but it was on a diminished scale, both in the
gross and in the net. April 1923 had shown $105,578,442 gain in the gross, or 25.39%, and $38,240,343
gain in the net, or 47.56%, and May $97,510,054 gain
in gross, or,21.77%, and $32,573,715 gain in net, or
34.79%. In June of that year, however, the increase
in the gross dropped to $66,903,501, or 14.14%, and
the increase in the net to $14,427,896, or 13.16%. We
made an analysis at the time of this less favorable
showing for June 1923. In Eastern trunk line territory, embracing the manufacturing districts of New
England and the Middle and the Middle Western
States, the rail carriers were doing surprisingly well,
not a few of them recording the best revenues in their
history, but in the great stretch of country west of
the Mississippi, particularly in the grain-growing
regions, the roads made either only indifferent returns or positively bad ones. It was plain enough
why Eastern roads were then showing very decided
and very general gains. These roads were getting
the benefit of the marvelous trade activity which
the country was at the time enjoying. Industrial revival had already got well under way in June of the
previous year (1922), but in 1923 it made still further and much more pronounced headway. In addition these roads in 1922 had had their coal tonnage
heavily reduced by the coal strike which then involved all the mines of the country except those 9pcrated with non-union labor, while in 1923 the coal
tonnage was not only of full volume but was heavily
augmented by reason of the extra fuel requirements
arising out of the unparalleled trade activity. It
was no less easy to account for the relatively poor
showing, by way of contrast, made by Western roads
in June of last year. There being no extensive manufacturing industries in that part of the country,
trade revival brought only relatively slight accessions to the traffic of the roads serving those parts,
while on the other hand the consuming power of the
population, which is mainly agricultural, suffered
impairment because of the drop in the price of wheat.
It so happened that the grain traffic itself was of
decidedly smaller volume—in the case of wheat because farmers were reluctant to sell at the low level
of values then prevailing and in the case of corn because corn stocks were close to the vanishing point,
the corn having been fed to hogs. As a result of all
this these Western roads last year in June quite generally reported losses in earnings, particularly in
the net. These losses to that extent offset the very
large and satisfactory gains which the Eastern roads
were recording and served to diminish the amounts
of the gains in the grand aggregates.
It seems important to recall these facts with regard to last year's results, inasmuch as they demonstrate that in the case of the June figures the present year comparison is with only moderately good
results in 1923 instead of highly favorable results,
as was the case in May and April. The effect, of
course, is to give additional significance to the
AUG. 16 1924.]
THE CHRONICLE
shrinkage now disclosed in gross and net alike. The
following are the June totals for 1924 and 1923. It
will be noted that under the falling off in the gross
the ratio of expenses to earnings (exclusive of taxes)
has risen from 76.98% to 78.15%.
1924.
Month of June (193 roads)—
1923.
1,C. (+) or Dec. (—)
238,001
Mlles of road
235,691
+310 + 0.13
$464,759,956 5540,202,295 —575,442,339 —13.97
Gross earnings
363,231,966 415,827,703 —52.595,737 —12.64
Operating expenses
Ratio of expenses to earnings- 78.15%
76.98%
Net earnings
$101,527,990 3124,374,592 —$22.846.602 —18.37
With reference to the 1924 losses, it is only neces
sary to say that they appear to have been due entirely
to the depression in trade which, as already stated,
became steadily more pronounced and involved
heavy decreases in tonnage in all directions. The
largest shrinkage in any single item of freight was
doubtless in coal and the extent of this loss may be
judged from the fact that only 30,447,000 tons of
bituminous coal were mined in the United States
in June 1924 against 45,490,000 tons in June 1923,
and only 7,704,000 tons of anthracite, against 8,665,000 tons.
In carrying our comparisons back beyond 1923,
into 1922 and 1921, a fact which must not be overlooked, particularly in the case of the net, is that in
these years the managers of the roads made very
notable headway in regaining control of the expenses
of the roads after the unfortunate period of Government operation. While the improvement in the net
(speaking of the roads collectively) in June 1923,
for the reasons already given, was relatively small
and fell below expectations, it came 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 reached still higher figures 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 volume of traffic and the force of employees had been maintained at the high levels existing when the wage award was made.
Previous to 1921, on the other hand, expenses had
been mounting up in a perfectly frightful way until
in 1920 a point was reached where even the strongest
and best managed properties were barely able to
meet ordinary running expenses, not to mention
taxes and fixed charges. And it is these prodigiously
inflated expense accounts that furnished the basis
for the savings and economies that were effected in
1921 and 1922. In June 1920, particularly, expenses
were exceptionally heavy and the net correspondingly low. .At that time in 1920 railroad managers
745
had very distressing conditions of operations to contend with, the troubles experienced in that respect
in April and May having extended into June. What
with car shortages,freight congestion, outlaw strikes
on the railroads themselves and additional labor
troubles at terminal points by reason of strikes of
teamsters 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
raliroad employees, retroactive back to Jan. 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 table 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 then always unrepresented
in the totals, owing to the refusal of some of the
roads in those days to furnish monthly figures for
publication.
Gross Earnings.
Net Earnings,
Year.
Year
Given.
Year
Inc.(-F) or
Preceding. Dec.
(—).
Year
Given.
(+)
Year
Inc.
or
Preceding. Dec.(—).
June.
3
1906 -__ 100,364,722 90,242,513 +10,122,209 31,090,697 27,463,367 +3.627,330
1907 ___ 132,060,814 114,835,774 +17.225,040 41,021,55 36,317,20 +4,704.352
1908 ___ 126,818,844 153,806,702—26,987,858 41.818,184 46,375.275 —4,557,091
1909 ___ 0
+ 10,356,964 184,047,216 +26,309,748 74,196,190 59,838.65 +14,357,535
1910 -_. .
,
8 +27,805,640 77,173,345 74,043,999 +3.129,346
1911 ___ 31,980,259238,499,885 —6,519,626 72.794,069 77,237,252 —4,443,183
1912 ___ 43,226.498228.647,383 +14,579,115 76.223,732 71,689,581 +4,534.151
1913
. ,
+16.873.448 76,093,04 76,232,017
. ,
—138,972
1914 _ 230,751.850 241,107,727—10,355,877 66,202,410 70.880,934 —4,678,524
1915 ___ 248.849,716247,535.879 +1,313,837 81,649,636 69,481,653 +12,167.983
285,149,746 237,612,967 +47,536,779 97,636,815 76,693.703 +20.943,112
1916
1917 ___ 51,001.043301.304,803+46.696,242 113,816,026 103,341.815 +10,474,211
1918 ___ 63,565,528323,163,116 +40,002,412—36156952106,181,619 —142338571
1919 ___ 424,035,872393.265,898 +30,769,974 69,396,741 dt4013657 + 109533316
1920 _ 486.209.842420,586,008 +85,622,874 21,410,927 68,876,652 —47,465,725
1921
_ 60,582,512 94,164,607-33,582,095 80,521,999 15,131,337 +65,390,662
1922 _ _ _ 72,383,903460,007.881 +12,376,822 109,445,113 80,455,435 +28,989,678
1923 --+66,903,501 124,046,578 109,618,682 +14,427,866
. •
• .
1924 ___ 64,759.956 540.202,295 —75,442,339101,527,990 124.374,592
22.846,602
Note.—In 1906 the number of roads included for the month of June
was 80; in
1907, 84; in 1908 the returns were based on 147,436 miles of road;
in 1999,234,153;
In 1910, 204,696; In 1911, 244.685; In 1912, 236,585; in 1913,
230.074; in 1014,
746
222,001: in 1915, 240,219; in 1916, 226,752; In 1917, 242,111; in 1919, 220,303; in
1919, 232,169, in 1920, =5;236;in 1921,235.208; in 1922, 235,310; in 1023, 236,739;
In 1924. 236,001.
For 1909, 1910 and 1911 the limes used are those furnished by the Inter-State
Commerce Commission.
For the separate roads the showing is in keeping
with the character of the general results-which is
tantamount to saying that heavy losses, both in gross
and net are encountered nearly everywhere. As far
as the gross earnings are concerned there is virtually
no exception to the rule among prominent roads or
systems and as a matter of fact, examination of our
returns shows only one solitary system having all
increase for amount of $100,000 or more, namely the
New Orleans Texas & Mexico system, which succeeded in bettering its total of last year by (the increase occurring on the St. Louis Brownsville &
Mexico) $319,905. On the other hand, the losses are
large and general, running in the case of some of the
Eastern trunk lines up to several million dollars
each. In the net likewise the list of the losses is
long and many of them are for large amounts; and
though the gains are more numerous than in the case
of the gross they are nevertheless few in number and
follow savings in expenses. The Pennsylvania Railroad, including all roads owned and controlled east
. and west of Pittsburgh and Erie, reports a loss of no
less than $12,953,917 in gross, though in the net the
loss is only $1,619,217 owing to heavy reductions in
expenses. The New York Central reports $7,773,148
decrease in gross and $3,308,550 decrease in net.
This is for the New York Central itself. Including
the various auxiliary and controlled roads, the Michigan Central, the Big Four, etc., the result is a decrease of $12,725,164 in the gross and a decrease of
$6,881,007 in the net. The Baltimore & Ohio falls
$5,350,175 behind in the gross and $942,374 in the
net. And the story is the same in all other parts of
the country except that the losses are not so large in
amount. In the following we show all changes for
the separate roads for amounts in excess of $100,000,
whether increase or decrease, and in both gross and
net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR JUNE.
Decrease.
Increase.
$319,905 St Louis Southwest (2)- $363,290
327.787
WesternTrunk
Grand
301,325
Chic NO & Tex Pac---Total. representing 3
292,956
Union RR (Penn)
roads in our corn290.257
$319,905 St Louis-San Fran (3)pilation
280.585
Decrease. Chicago & Alton
274.599
WesternChicago
Great
Pennsylvania
a$12,735,081
252,272
New York Central
b7.773,148 Nashv Chatt & St Louis_
241,647
Baltimore & Ohio
5.350.175 Virginian
241.058
Pittsburgh & Lake Erie_ _ 2.122,367 Monongahela
226,659
Erie (3)
2,034,678 Duluth & Iron Range
224.006
Chicago Milw & St Paul_ 1,930.589 Maine Central
223,268
Chicago & North West_ _ 1,886,871 Missouri-Han-Tex (2)-217.293
1,849,733 Hocking Valley
Illinois Central
210,431
Southern
1,827,315 Kansas City
Reading
204,979
Southern Pacific (8)---- 1,714.903 Seaboard Air Line
202,489
Atch Top & S Fe (3) _ _ 1,581,877 Atlantic Coast Line
201,197
1,575,662 Denver & Rio Grande_
Southern
195,424
Chicago Burl & Quincy_ _ 1,554,070 Minneapolis & St Louis_ 179.094
1.548.661
Ohio..
&
Carolina Cllncn
Boston & Maine
176,185
NYNH& Hartford-__ - 1.365.701) Western Pacific
165,806
1,343,613 Detroit(jr Hay &
Michigan Central
164,287
1,292,921 Chic St P Minn & OmC C C & St Louis
154,255
1,237,394 N Y Ont & Western
Great Northern
150.061
1,170,873 Chicago Ind & Louisv--Nortaern Pacific
147,095
1,116,553 West jersey & Sea Shore..
Norfolk & Western
144,630
Duluth Miss & North...... 1,087,441 Yazoo & Miss Valley--137,366
Elgin Jolle.& Eastern_ _ _ 1,061.202 Central of Georgia
136,563
926,812 New Orleans & Nor East
Union Pacific (4)
126,516
904,660 Indiana Harbor Belt......Del Lackawanna & West
125,927
876,268 Del & Toledo Shore Line
N Y Chicago dr St Louis_
120,977
846,768 Missouri Pacific
Louisville & Nashville
119,367
Los
808,796
Lehigh Valley
Angeles Sr Salt Lake..
117.535
758,211 Colorado Southern (2)Pere Marquette
116,709
731,392 Montour
Chicago R I & Pac (2)113,515
721,585 Buffalo & Susquehanna
Delaware & Hudson ._ _ _
111,497
671,800 LakeSuperior & IshBuffalo Roch & Pitts _ _ _
111.154
Sg
637,830
M....
&
Monongahela Conn
Mimi St Paul
111,034
633.207 Lehigh & New England_
Western Maryland
102.918
606.358 Northwest Pacific
Bessemer & Lake Erie.. _ _
582,037
Wheeling & Lake Erie._ _
557.528
Total, representing 98
Central of New Jersey
438,448
roads in our compileChicago & East Illinois
$73,846,325
tion
379.785
Wabash
above
are on the basis of the returns filed
Note.-All the figures in the
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. former
a This is the result for the Pennsylvania RR. (including the
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR.reporting $12.735,081
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease in grass of 312,953,917.
Including
b The New York Central proper shows $7,773,148 decrease.
Central. the
the various auxiliary and controlled roads, like the Michigan
System,
Central
the
form
to
New
going
York
whole
the
"Big Four," &c.,
the result is a loss of $12,725.164
New Orl Tex & Mex (3)-
[voL. 119.
Tfir CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS FOR JUNE.
Increase.
Decrease,
Chic Bun & Quincy
$1,467,142 Delaware & Hudson.._ _ _
430 901
YNH& Hartford__
Missouri Pacific
413 526
661.661
Union Pacific (4)
359 074
357.026 Wheeling & Lake Eric.... _
Great Northern
341 296
271,326 Norfoqc & Western
New Or! Tex & Mez (3)..
323 855
235,836 Chicago Milw & St Pau,_
Atlantic Coast Line
321 213
163,199 Union RR (Penn)
Chesapeake & Ohio
153,344 Western Pacific
305,846
239 516
Buff Roch & Pittsburgh133.882 Minneapods & St Louis_
_
_
Range_
224 384
Chicago & North West_
120,955 Duluth & iron
Central of•New Jersey.194.106
119,273 Chicago & A,ton
Florida East Coast
193.155
Wabash
Total. representing 15
188,455
Seaboard Air Line
roads in our compila185,634
tions
$3,683,644 Detroit To.edo & ...ronton
175,563
Decrease. Detroit Or Hay & Milw_
152.324
Dim York Central
152,245
b$3,308,550 Virginia
al.606,053 Mononaahera
151,092
Pennsylvania
Pittsburgh & Lake Erie-- 1,508,062 Los An..,eles & Salt Lake_
140,822
138,532
Reading Co
1,392,858 St Louis Southwest (2)_ _
Michigan Central
974,204 ,ndiana Harbor Belt_ __ _
136.654
951,446 Chicago R I & Par.(2)__
C C C & St Louis
127.125
Baltimore & Ohio
942,374 Long Island
124,678
Duluth Miss & Northern
901,564 Western Maryland
120,816
Erie (3)
113,429
798,763 Northern Pacific
109,532
Southern Pacific (8)____
779,527 Chicago River & Ind_ _ _
104,662
Bessemer & Lake Erie_ _ _
717,805 Hocking Valley
Elgin Joliet & Eastern....
102,749
715,339 Chic Det & Can Gr Tk Jet
Minn St Paul & S S M_ 649,037 Detroit & Toledo Shore L
101,248
101,242
N Y Chicago & St Louis..
514,471 Louisville & Nashville_ _
Del Lackawanna & West
100.970
490,406 Illinois Central
Boston & Maine
100.323
479,760 Cinc NO & Tex Pacific__
Southern Railway
472 527
Total. representing 64
Atch Top & Santa Fe (3)
465 371
roads in our compilaGrand Trunk Western
451 535
tions
' 450 863
$24,545,482
Pere Marquette
a This is the result for the Pennsylvania RR. (including the former
aie Pittsburgh Cincinnati
ganp4nirhe
Itaide
i vana
zsy
grasa?At
Chtta
the
nteesivar1eRR.
all roadsowned
theentire
Pennsylvania system,
reulteareii2
decrease.
and controlled, the
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central. the "Big Four"&c., the result is a decrease of $6,881,007
When the roads are arranged in groups or geographical divisions, according to their location, the
widespread nature of the part played by business depression in affecting results adversely is seen in the
fact that every group without any exception shows
larger or smaller losses in the gross and all the
groups also without any exception a shrinkage in the
net. Our summary by groups is as follows:
Section or Group.
SUMMARY BY GROUPS.
Gross Earnings
Inc. (A-) or Dec.(-)
1924.
1923.
JUA eGroup 1(9 roads), New England - 20,556,996
Group 2(33 roads), East Middle._ _148,965,340
Group 3 (27 roads), Middle West._ 40,533,809
Groups 4 & 5 (34 roads), Southern. 65,643,266
Groups6 Sr 7(29 roads), Northwest. 93,609,937
Groups 8 & 9(49 roads), Southwest. 67,998,895
Group 10(12 roads), Pacific Coast..- 27.451,713
464.759.956 540,202,295 -75,442,339 -13.97
Total(193 roads)
-Mileage
Seaton or Group.
JuneGroup 1
Group 2
Group 3
Groups 4 & 5'._
Groups 6 &
Groups 8 & 9.Group 10
Total
24,006,555 -3,449,559 -14.37
184,358,250 -35,392,910 -19.20
50,230,069 -9,696,260 -19.30
71,537,773 -5.894,607 -8.24
108,598.284 -14,988,347 -13.80
71,441,443 -3,442,548 -4.82
30,029,921 -2,578,208 -8.59
1921.
1924.
7,366
34.683
15,987
38,952
66,963
55,090
16,960
1923.
7,473
34,462
15,887
39,059
66,975
54,938
16,897
3,799,954
34,211,255
8,863,632
14,439,272
19,849,579
12,200.350
8,163,948
Net Earning
Inc.(+) or Dec.(-)
1923.
4,993,790
43,931,646
15,086,448
16,139,492
21,812,913
12.241,101
9,269,202
-1,193,836 -23.91
-9,720,391 -22.13
-7,122.816 -44.56
-1,700,220 -10.53
-1,963,334 -9.00
-40,751 -0.33
-1,105,254 -11.92
236,001 235.691 101,527,990 124,374,592 -22,846,602 -18.37
NOTE.-Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion weat
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 northetn
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 IlelissLuippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, allot
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 ail of Washington. Oregon. Idaho, California, Nevada. Utah
and Arizona. and the western part of New Mexico
It only remains to say that the grain and live stock
movement on Western roads the present year in June
ran pretty much the same as a year ago. The rise in
grain prices during June was not so notable as the
further rise in July and it was a little too early in
the season to count for a great deal in swelling the
grain movement to market. For the four weeks ending June 28 the wheat receipts at the Western primary markets did not quite equal those of last year,
but the corn receipts were considerably heavier and
some of the other grains also showed increases, with
the result that the receipts of wheat, corn, oats, barley and rye combined for thefour weeks of 1924 aggregrated 51,704,000 bushels, as against 46,282,000 bushels in the corresponding weeks of 1923. In the fol-
747
THE CHRONICLE
AUG. 16 1924.]
lowing we give the details of the Western grain comprised 22,363 carloads, as against 22,692 cars in
June 1923; the receipts at Kansas City 9,337 cars,
movement in our usual form:
against
9,241, and the receipts at Omaha 10,415 cars,
WESTERN FLOUR AND GRAIN RECEIPTS.
against 9,740.
Wheat
Corn
Oats
Barley
Rye
4 Weeks End. Flour
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
June 28.
(bbls.)
The cotton movement in the South during June is
Chicago868.000 1,407,000 5,831,000 4,313,000
349,000
172,000
1924
872,000 3,370,000 4,119,000
677.000
330,000
185,000 never of extra large dimensions, it being the tail end
1923
Milwaukee107,000
182,000
848,000 1,091,000
387,000
91,000 of the crop season and the gross shipments overland
1924
95,000
777,000 1,550,000
102,000
491,000
65,000
1923
St. Louiewere 21,612 bales in June 1924, against 43,846 in
1,647,000
380,000
2,669,000 2,912.000
50,000
1924
28,000
361,000 1,576,000 1,859,000 2,432,000
25,000
135,000 June 1923; 105,391 bales in June 1922; 201,948 bales
1923
Toledo241,000
182.000
1924
267,000
3,000
8,000 in 1921; 131,830 bales in 1920; 161,800 bales in 1919
209,000
119.000
360,000
1923
3,000
111,000
and 187,986 bales in 1918. At the Southern out ports
87,000
1924
66,000
145,000
87,000
1923
61,000
172,000
receipts were 157,988 bales for the month this
the
Peoria1924
156,000
113.000 1,029,000
612.000
11,000
1.000
year against 119,067 bales in June 1923, but compar1923
115,000
49,000 1,231,000 1,035,000
34.000
Duluth1924
2,233.000
817.000
836,000
158,000 2,563,000 ing with 344,822 bales in June 1922 and 437,324
1923
4,051,000
2,000
33,000
225,000 1,041,000
bales in June 1921. The following is our usual table
Minneapolis14,000 5,817,000
1924
854,000 1,170,000
579,000
538,000
5,676,000
1923
641.000
863,000
814,000
583,000 showing the receipts at the different Southern ports:
Kansas City1924
2,534,000
976,000
284,000
2,813,000 1.115,000
1923
578.000
Omaha et Indianapolis1,234,000 2,439,000 1,626,000
1924
928,000 2,666,000 1,674,000
1923
Sioux My115,000
1924
700,000
346,000
1923
St. Joseph510,000
583,000
1924
110.000
275,000
830,000
1923
122,000
Tota1 AU1924
1923
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE AND FROM
JANUARY 1 TO JUNE 30 1924, 1923 AND 1922.
1,000
June.
5,000
1924.
11,000
1,600,000 16,045,000 16.992,000 13,712,000 1.543,000 3,412,000
1,255.000 16,631,000 12,671,000 12,938,000 1,922,000 2,120.000
As concerns the Western live stock movement, the
receipts of live stock at Chicago during June 1924
Galveston
Texas City, &a
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk_
Total
1923.
Since January 1.
1922.
21,708 37,115 110,779
17,601 5,607 34,873
43,586 29,632 89,180
11,509 2,515 14,954
1
407
588
41,373 16,943 50,505
64
500 3,199
2,595 9.818 17,811
9,448 6,766 8,919
10,103 9,764 14,014
1924.
1923.
595.274 487,598
261,659 196,421
543,512 485,482
44,616
19.783
4,778
3,683
179,275 168,834
64
3,447
46,128
72,080
32.687
26,062
101,726
81,484
1922.
876,815
243,966
538.726
79,692
8,663
344,906
14,096
106,633
40,833
127,531
157,988 119,067 344,822 1,809,719 1,544,874 2,381,861
Indications of Business Activity
THE_STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Aug. 15 1924.
The effect of better times in the grain country is illustrated by larger buying for the fall trade west of the Mississippi. It extends over that vast tract of territory stretching from the far Northwest to the distant Southwest, reaching even to Texas. Crop reports are better from the cotton
belt, where the drouth in Texas has been measurably relieved. The price of cotton here broke three-quarters of a
cent this afternoon, partly because of a noticeable tendency
to increase the estimates of the crop. One was as high as
13,314,000 bales, or nearly 1,000,000 bales larger than the
recent estimate by the Bureau of Agriculture. If the country is fortunate enough to actually harvest a crop as large
as this it will be the best yield since 1920 and with that one
exception the largest since 1914. The remarkable thing
about the present season in the cotton belt is that the boll
weevil has thus far done very little damage. In this respect it resembles the notable season of 1920. It is too soon
to say that the crop this year will escape this dreaded pest,
but nearly two months of dry hot weather in Texas has certainly kept it down over an area of territory larger than
Germany or France. And It is hoped that there will be no
serious depredations later in the Lone Star State or in the
territory to the eastward of the Mississippi River. There
are some complaints of the pest in southern Georgia, but
they do not seem to be general in the Atlantic States or in
the region tributary to the Gulf of Mexico. With a planted
area of 40,000,000 acres and the weevil largely if not wholly
eliminated, there is at least a possibility of a very bountiful yield. Posssibly it may exceed present expectations. It
is regrettable that business in cotton cloths at Fall River
has fallen off sharply during the week, but this was inevitable from the extremely volatile fluctuations in cotton,
which has risen one day something like a cent, only to decline the next day considerably more than that, and now
to-day again falling sharply.
On the other hand, the grain markets have been active,
excited and very much higher. There is to all appearances
what is popularly known as an old-fashioned bull market at
Chicago and its new rival, Winnipeg. There is talk of frost
in parts of the spring wheat belt. But on the whole the
wheat crop looks so well that the advance in this grain for
the week is only some 2 to 2% cents. Export business, it is
gratifying to notice, is growing. But in corn the rise since
last Friday is no less than 6 to 11 cents. For frost has occurred in Illinois, if not in some other parts of the belt.
Frost is the thing most dreaded in the corn belt because the
crop is late. The big cash markets at the West are humming
with life and in a sense straining at the leash. The rise in
corn has lifted the hog products market in all its branches
and also cottonseed oil. Oats, moreover, have been in sharp
demand at a 4-cent rise. Furthermore, pig iron has been
steadier, with a rather better trade reported in some directions. Steel prices in some cases have been eased, but on
the whole the undertone is perhaps rather better, as evidenced to some extent in an increase in the output. The
2% of capacity. It is now supaverage for July was 411/
posed to be up to the neighborhood of 50%. Copper is inclined to advance. The building industry is active. The
lumber trade is increasing. Buying orders are reported
from Japan. Special sales in parts of the country have
given a new impetus to retail trade. In the grain belt the
more prosperous condition of farmers has also been a stimulating factor. Wool has been firmer and Boston reports a
better business. Coke for later delivery is stronger. Coal is
quiet and prices, for the time being at any rate, seem to be
tending downward, as large stocks coincide with slowness
of demand. The Pacific Coast again complains of dry
weather and its effects on crops and general business. The
wheat crop is moving to market in great volume and swelling the operations of Western railroads. Despite the dulness of the coal trade the car loadings, it is noticed, are the
largest thus far this year. In the latest weekly report the
shipments exceed those for the same week of 1923.
It is of interest to recall the receipts of wheat at Kansas
City broke all records, namely 14,000 cars, as against a tenyear average of 7,500. This not only benefited th3 railroads,
but it helped banks and general business. Banks were
enabled to loosen up old credits. It showed that the farmer
was disposed to pay debts and not hold back his wheat too
long on account of rising prices. Yet he has the temptation
of a Canadian crop failure and of some falling off in the
world crop as an incentive for keeping possession of some of
his crop in order to take advantage of the coveted advance.
The great rise in grain, by the way, is a new illustration of
the fact that the farmer had better trust to natural laws
than to the beguiling promises of the so-called witch doctors
and their quack nostrums in the shape of legislation at
Washington.
Meanwhile the slowness of the big industries is a drawback. There can be no disguising that fact. The textile
trades improve very slowly where they improve at all. it
Is true, however, that some cotton mills in N.m..7 England
748
THE CHRONICLE
[VoL. 119.
and at the South are either resumfng full time or are in- by the present company. The mills closed down March 15
creasing their working time, but these, after all, ace com- because of market conditions. They will stay closed beparatively isolated instances. Curtailment is still on a large cause of the migration of the negro labor to the north. Runscale. This is mainly because the dislocation between the ning full force the mill employed 600 negroes. From their
price of the finished product, which is relatively low, and establishment only negro labor has been used. At Greensthe price of the raw material, which is still high. South- boro, N. C., the White Oak and Proximity mills, the former
western flour mills are running on full time. Minneapolis the largest producer of denims in the world, will resume on
has reported a better trade in flour. The output of cement full-time schedule to-day, following a four-day schedule
Is notably large. Recent reports from Federal Reserve since May. Wages will be reduced 1214%. At Rock Hill,
banks and other sources seem to warrant the conclusion that S. C., the Lancaster cotton mills' eut in wages has become
the trade of the country is gradually turning the corner and effective. At Chester, S. C., the Rockhill plant of the Hamin some cases it has already done 90. Retail and jobbing ilton-Carhart cotton mills will resume operations next Montrade is gradually increasing. There is less hesitation about day, after being idle for a number of weeks. At Chester,
buying ahead, although it is still kept within conservative too, the Springstein mills, after having been on a four-day-abounds. It is significant that for the first time since Dec. 1 week schedule, have resumed full-time schedule. Other
last year the index of wholesale prices has recently shown mills in that section are continuing their old schedule of
an increase of a little over 3%. An advance during July, three to five days per week. At Lancaster, S. C., the Lannot to mention what has taken place thus far this month, caster cotton mills are reported to have reduced wages 10%.
has made good the index decline which occurred during In central and northern Georgia a large number of the
April, May and June. During the past week, to be sure, it cotton mills are operating full time. Most mills in the
has been about an even thing in the matter of advances and Greenville section of South Carolina are operating on a
declines in commodities, but the consensus is that the trend four-day schedule. At Cohoes, N. Y., the Harmony mills
of prices is upward. And it is hoped and believed that the have resumed operations with 1,000 looms in action. BeginDawes reparations plan will go through, that the matter of ning next Monday, 200 additional looms will be restarted
the date of the Ruhr evacuation may be settled and that weekly until 3,000 looms are in operation. At Cohoes, also,
Germany will be able to float a loan based on acceptable 3,000 workers have returned to their employment in the
security. This would give a new impulse to European trade. knitting mills following a ten-day vacation.
It would react favorably upon the United States, although it
The better grain prices are telling in increased orders
is true that by a high tariff we are shutting out European from some of the Western bag houses. One of the largest
goods from our markets. We are shutting out the only thing mills in the country is said to be sold up to Oct. 1 on heavy
that Europe has to offer in her present poverty. Ultimately weight underwear. Business is brisk. Two or three South
things in this respect will improve. Our money plethora and ern mills are also stated to be well sold up to October.
its dangers will then be measurably remedied. Meanwhile
At Lynn, Mass., the outlook for better business in the
the stock market has latterly been rather more active at shoe manufacturing is considered very good now that the
advancing prices. Sterling and franc exchange has been final agreement reached by the Amalgamated Shoe Workrising as London grows more and more confident of an early ers and the Lynn Manufacturers' Association is in force.
settlement of the Ruhr and reparations matters. France, The new agreement, based on findings made by the State
it appears, does not care to leave the Ruhr until next Aug- .Board which investigated conditions, will be in effect until
ust. Germany suggests that the evacuation take place in April 30 of next year. It provides that employers shall
six months. It is hoped that this matter may soon be •com- engage only members of the Amalgamated unless that body
promised. The world is only too anxious to get back to is unable to furnish workers and also for the settlement of
normal conditions of trade and it is gratifying to notice disputes by a mixed committee of workers, employers and
that •the most enlightened statesmanship of the world is neutrals. Appeals from the decisions of this board will go
working persistently to this end.
to the State Board for final adjustment.
At Fall River, Mass., the American Printing Co. will reThe weather for the most part this week has been clear
sume operations next week., The Shove mills there will and cool. Within 24 hours it has been as low as 01 degrees
reopen in full next Monday morning and operate for a at New York. To-day it was 73 at 2 p. m. It has been
three-day period. At Lawrence, Mass., the Everett mills cool at the West and considerably cooler than recently at the
have resumed work after two weeks shutdown. At Boston, South. Rather heavy rains have occurred in parts of
Mass., all departments of the Pacific mills will be closed Texas, to some degree relieving the drouth in that State.
from Aug. 22 to Sept. 2, the vacation period.
At the West it has been cooler, with talk of frost, which has
At New Bedford, Mass., an average of 25 cotton mill actually occurred in Illinois. It has been down to 52,at Cinshares showed a further gain last week, being 135.84, as com- cinnati, 56 at Cleveland and Buffalo, 50 at Bismarck, 62 at
pared with 135.48 the previous week. Taxes to be paid by Chicago, 60 at Detroit, 54 at Albany, N. Y., 56 at Buffalo
New Bedford mills this year will be on the lowest rate since and Washington. Within 24 hours it has been for the most
1918. The reasons for the decrease this year are given by part clear throughout the country. The forecast to-night for
the assessors as the lowered State tax, an adjustment in this vicinity is fair and warmer.
valuations and an unappropriated surplus.
At Chicopee, Mass., the Dwight Manufacturing Co. will Roger W. Babson's Summary
of Findings of Eleventh
open its mills Monday morning on a five-day schedule in
Annual Business Conference—Business Fundacontrast with the previous four-day week. It is a resumpmentally Improving Every Day—La Follette
tion of nearly normal weekly shedules after several months
Only Fly in Ointment.
of three-day operation. The new schedule was said by
Roger W. Babson, of the Babson Institute, in summarizstriking loom fixers of the company, who went out in pro- ing the findings of the Eleventh Annual Business Conference,
test against a 10% wage cut effective last week, to be a held at Babson Park, Mass.from Aug. 4 to Aug. 15, says:
A year ago business was fine and almost everyone was very bullish on
gesture to the strikers in an effort to break their ranks.
business while I was gloomy and pessimistic without a friend in the
Under the new schedule workers will receive an average general
world. To-day business is very poor in most lines in most sections, yet I am
wage of $27 per week as against $16 during the three-day feeling better. This is because the readjustment of the past twelve mouths
operation period. Later the strike was called off. At Wil- is now behind us instead of ahead of us. The further advanced the night,
the nearer to dawn.
limantic, Conn., the American Thread Co. is increasing its
The farmers of the country were the first to be hit and they were hit very
operating schedule and will work four days a week. At hard. They will be the first to come back and may have already started
on
their return trip. Conditions are much better in the Northwest and the
Manchester, N. H., the Amoskeag Manufacturing Co.'s
South is looking forward to a fine year.
showed
very
schedule for this week
little change. Most of
It is a great mistake to say that all business is bad everywhere. There
the operatives had at least three days' work. At Biddeford, always is some part of the country where you can increase your sale Always some one industry is making a lot of money. Wise business men will
Me., the Pepperell Manufacturing Co. will operate its nar- spend
more on statistics and less on experimenting.
row looms four days a week instead of three, as has been
Charting commodity prices over a term of years shows a zigzag movethe case hitherto, and will put its broad looms into commis- ment tending,upward for about twenty years and then downward for a
somewhat
period. We are now facing a short upward movement of
sion also on a schedule of four days a week. Danville, Va., the zigzag;similar
but for some time to come each upward movement may not be
proposes a "back-to-ginghams" movement be started, with a as high as the one preceding.
Only those business men who are dependent on a protective tariff need to
view to increasing the demand for staple commodities pro.
worry much about election, although business would get
a jolt if La
duced in Southern mills, the lack of which just now is held Follette threw the election into the House. Conditions quite
make Presidents,
responsible in part for industrial stagnation.
but Presidents don't make conditions. Business may not boom during
At Fayetteville, N. C., the Hawthorne silk mills, which 1925; but it is fundamentally improving every day.
Money should be easy for some two or three years, although it will prob..
have been in existence for 35 years, are not to be reopened ably be a little higher
this fall than it is at present. Only an
abnormal
AUG. 16 1924.]
THE CHRONICLE
demand for money from Europe can keep up rates in this country, There
will be a plenty of funds in 1925 for legitimate business.
There is a surplus of office building and apartment house property in
most large cities. Suburban property, especially single houses, offer the
best real estate investments at the present time. Building costs are declining, although there is still a shortage in single houses. There are
too many small retail stores.
Wages for this period have reached their peak. Readjustments have already begun. Labor unions may hold up some union wage scales, but this
will mean some unemployment among union workers. The workers of
those communities that accept lower wage scales will get the business during
1925.
The automobile has come to stay, but in coming it certainly has hurt the
market for a lot of good things like shoes, certain kinds of clothing, and other
so-called necessities. However, these will all come back in time, although
it means developing a new system of distribution and applying to efficient
selling the brains that heretofore have been devoted to efficient production.
High grade taxable corporation bonds may be temporarily rather high.
Moderate reaction expected with ultimately higher prices next year. High
grade non-taxable bonds are still a purchase and will ultimately sell at considerably higher prices. Speculative bonds: Some very good opportunities
still exist in this group, although debenture bonds, especially of industrials,
should be carefully scrutinized.
Many stocks are still a purchase. Although selling at higher prices than
before the Presidential nominations, they are now a safer purchase even at
the slightly higher prices. It is worth the difference to have the political
situation clarified. The best purchases are among the public utilities and
coppers.
Public utilities are where the railroads were 75 years ago when one was
obliged to change cars five times and travel partly by water in going from
Boston to Chicago. The present power systems are destined to be consolidated in the great super-power systems the same as were the individual
railroads over a half century ago.
The copper situation will be greatly benefitted by Europe accepting
the Dawes plan. Both domestic and European consumption should
greatly increase during the next few years, but be sure to purchase stocks
In the best companies. Many of the older and well-known copper companies are hopeless.
The rails should be good for a ten-point raise but with Government
and labor union interference the stocks are not as attractive as they were
once. Union Pacific and Illinois Central are the two best railroads in
the world. Buy railroad stocks according to statistics and not according
to tips.
As an investment, railroad bonds are all right. As a speculation the
public utility stocks, copper stocks, and a few industrial stocks offer the
best opportunities. Railroad stocks are not good enough for a real investment and don't offer enough opportunity for profit for a real speculation.
Many single-track street railways built in the public highways are on
their way to the graveyard; but certain double-track high-speed urban
and interurban properties are coming back in fine shape. The slogan
"ship by electrics and save the highways" will result in adding hundreds
of millions to the market value of trcation securities.
Fundamentally, we are in a period when certain bonds and stocks
should be accumulated. The only fly in the ointment is La Follette.
He may develop a market scare during the next few months which will
temporarily send prices down. If so, everything will then be a buy;
but until this happens, discrimination should be used.
Never buy anything because it goes up. This is usually a good reason
for not buying it. When investing buy bonds which others want; but
when speculating buy stocks which others don't want. The way to make
money in business is to think of the country's good and its peoples welfare
rather than of trying to get something for nothing. The need of the
hour is for us all—whether employer or wage worker—to try to give more
for the dollars we get. This will make good business in 1925.
Business on Up-Grade, Says Z. G. Simmons.
In the record-breaking sales of the Simmons Co. in the
mid-year furniture market, Pres. Z. G. Simmons sees a
definite sign that the business of the country has turned the
corner and squared away for an active and prosperous fall
and winter. "It will be interesting both to furniture merchants and to the general public to know," says Mr. Simmins, "that the mid-year furniture market just closed in
Chicago, was not only the largest market we have ever
enjoyed in number of pieces sold but also in dollar volume.
This is concrete evidence that furniture merchants have
already sensed the change that has come about in general
business. With the tremendous advance in prices of all farm
products, notably wheat and corn, and the stabilization
of practically all other lines of activity, the foundation has
been laid for growing, thriving general conditions. I do
not expect it will be reflected by any boom but rather by
steady, up-grade business. There now appears every
promise that the Dawes plan for a settlement of the European situation will soon be put into effect. This will
immediately open up new markets and enable us to dispose
of excess products. Money is super-abundant, at very
low rates. Stocks of merchandise, generally speaking, are
very low in proportion to the volume of business—perhaps
the lowest in our history. With these facts I feel that now
is the time to come out resolutely and do business- let us
open up the throttle, turn on the gas and go ahead with full
confidence. The corner has been definitely turned and
business is on the up-grade."
C. A. Wood Predicts Advance in Prices of Wool and
Cloth—Retail Stores All Over Country, He Says,
Are Practically Bare of Goods—Foreign Wools
Already Higher Than Domestic.
Special advices to the New York "Journal of Commerce"
were reported from Boston, Aug. 11:
749
In connection with the announcement of the initial opening oflight weighs
goods by the American Woolen Co. at the beginning of next week. VicePresident Cornelius A. Wood gave out a statement to-day predicting higher
prices for wools and woolen cloths. Mr. Wood directs attention particularly to the strong statistical position of the wool market the world over, as
well as to the liquidated and healthy condition of the markets for cloth and
for clothing.
These two points he terms vital for the government of the trade. He says
further:
"My reports show retail stores all over the United States practically bare
of goods. Even in New York City friends of mine have fund difficulty in
buying a serge suit, the selection is so limited. In the West, Northwest and
Southwest of the United States not only are the stores of textiles abnormally
low, but a selection of all other lines of goods Is practically reduced to Hobson's choice.
Buying Is Impending.
"The recent upward tendency in the.world's wool markets is fundamentally sound. The United States grows about 10% of the world's wool clip
yet consumes 30% of all the wool grown in the world. In 1923 we consumed
some 8,000.000 pounds of grease wool and as this country has done very
little improving for a considerable period, when we do begin, as we surely
must before very long,it is not reasonable to suppose that American buying
will reduce wool prices any in the primary markets.
"These markets without our help have already shown considerable
strength, so that the present average of wool prices, not including carpet
wools, is up some 10% the past six weeks. There is nowhere anything to
indicate a recession in prices.
"Foreign exchanges have also advanced in view of the better outlook in
Europe. This means we will have to pay more for foreign wools and the
past twelve months we have imported less than one-half the wool imports of
the previous twelqe months, excluding carpet wools.
Price Comparisons.
"As for our domestic wools,fine Ohio declaines are publicly quoted at$135
clean. Comparable foreign wools can be bought for $1 28 in bond,or $1 59
out of bond.
"When it is considered that this country grows only 10% of the world's
wools and that foreign wools are already higher than domestic wools, is it
not reasonable to suppose that the tendency of prices from now on should
be upward? Cotton, from a high level, has made a greater percentage advance than wool.
"This country is short on wools and short on cloth, and only recently has
an increase in interest among buyers been noticeable. This is likely sooner
or later to run to the other extreme.
"The general advances in commodity markets show clearly that the tide
has turned."
Factory Employment in New York State Shows Further
Falling Off.
Factory employment in New York State in July continued
in the direction it has followed for the last four months—a
definite downward trend. The recession was led as usual by
clothing and textiles on the one hand and the metals on the
other. In July the textiles went back again to first position
in the downward movement, surpassing the reduction in the
metals. This statement of conditions was issued by Industrial Commissioner Bernard L. Shientag of the State Department of Labor on Aug. 10. The Commissioner continues:
The falling off in employment from rune to July was between 3 and 4%.
This makes a net reduction of over 14% during the course of the industrial
recession that set in in April. Last year from June to July factory employment went down less than 1%. The seasonal factor, the usual slowing-up
of industrial operations for the summer months, is negligible in comparison with the decline due to market conditions.
The fruit packing plants and vegetable canneries took on the usual quota
of workers, mostly women,for the busy summer season. The cement mills
expanded operations and the brick yards held to their high level. Almost
every other industry had smaller forces.
One-third of the workers who were employed in the cotton mills in June
were let go before July 15. This reduction followed a series of reductions
which have been going on for a year. The number of workers in the cotton
mills of this State is now less than half as great as it was in the spring of
1923. The knitting, silk, woolen and carpet industries and practically all
branches of the clothing trades reduced employment in July. The making
of eat hats began a seasonal recovery.
All the metal industries felt the effects of the market. The paper mills
reported shut-downs and the reduced shipment of goods affected the paper
box factories. Industries like the furniture and piano factories, where the
reaction to business conditions is always slighter than among the metals,
show a smaller but significant curtailment of operations. Shoes and fur
goods started up a little, but the other leather industries are still reducing
forces.
The slowing-up of business for the year has, it is estimated, caused the
release of over 200.000 workers who were on the factory payrolls of this State
in July a year ago.
Of the 55 separate divisions into which the factories of the State are classified,only eight had as many workers as in July 1923. They were all making
either building materials or food products. Some plants scattered throughout the other industries are keeping up or even raising their level of employment. These are special cases that always occur during periods of dull
business. There is nothing in the present situation, however, to indicate
a return to conditions like those of three years ago.
Last July factory employment wasclose to the high point of the 1922-1923
expansion. At that time the textile industries began to show the first signs
of a break, but the making of building materials and railroad equipment
were at record heights and served to pull employment up in many related
lines. In November the peak of railroad equipment manufcature had
passed. After March, the other metals, especially those affected by the
automobile industry, started downward, accompanied by further declines
in clothing and textiles. At the present time, of the unusually favorable
factors in effect last year,only the great activity in building work remains.
On the other hand, a year ago, when industrial operations appeared to be
on a good basis, it was pointed out that the decline lathe price offarm products might be expected, through its effect on consumption, to influence
manufacturing activity. The European situation was also considered to
be unsatisfactory. At the present time, when the immediate situation is
less favorable, these two long-time influences at present appear to be more
favorable than they were a year ago.
The Utica district felt the chief effect of the business situation this month.
Over one-quarter of the employees in the textile mills were let go between the
15th of June and the 15th of July. This means that more than 3,000 em-
750
THE CHRONICLE
[vol.. 119.
ployees in this one industry group in one section lost their jobs at a time when
few, if any, plants are taking on new workers. More workers were let go,
also, in the metal and wood-working plants. As in the textile, all the
branches of these industries felt the effects of market conditions. The
canneries hired many employees for the busy season, but jobs in canneries
do not relieve the employment situation for metal and textile workers.
The Rochester district benefits more than any other large industrial area
from the impetus of seasonal work in the canneries. This, together with
a good recovery in the shoe factories, enabled this district to hold the gain
it made in June. There were losses running throughout the metal, machinery and glassware industries, butthey
just about equaltothe increases
In other lines.
The Buffalo section experienced another reaction in July. The automobile industry accounted for lower employment in plants making castings,
stamped ware and other metal products and the slowing up of railroad work
caused a cut in employment there. The clothing and shoe factories let
off workers here and even the packing and other food establishments were
less busy.
In the Capitol District there was less work in the railroad equipment
factories but an increase in car and locomotive repair work provided some
additional opportunities for employment. A slight decline in the important machinery and electrical apparatus industry and a further reduction in
shirts and collars caused a net decrease in numbers employed, although a
few scattering gains were noted.
The chem'cal and oil products industries provided the biggest part of the
reduction in the Syracuse area.
The automobile market affected plants
making related products among the metal industries. Textiles and clothing form only a small part of manufacturing activity in this section, but several hundred employees in these trades were lot go in July. Scattering increases helped the situation a little for workers in wood products, printing
and food.
Practically all manufacturing in the Binghamton section displayed a downward tendency in July, with the metals leading. Men's clothing, food and
chemical products also went lower. The relative stability in the shoe and
leather industries of this section greatly helps the employment situation
here.
In New York City the employment decline was less than for the rest of
the State. Even here, however,at least 10,000 were not employed in manufacturing in July who had been employed in June. The women's apparel
shops accounted for much of it. The strike in the cloak and suit shops,
seasonal dulness in the modistes' establishments and more than seasonal
dulness in many related lines restricted employment opportunities for these
trades. The shoe factories in Brooklyn were on the whole less active and
the manufacture of leather belts and bags, which centres in New York City,
reports dull market conditions.
As in recent months, the metals in New York City are holding up better
than in the rest of the State because of the absence of steel and automobile
plants. This month the factories making jewelry, sheet metal and smaller
metal appliances cut down their working forces somewhat.
The relatively stationary food industries also help to stabilize employment in New York City. The furniture and piano factories, however, and
those making miscellaneous wooden articles, like smoking pipes, show a reduction that is high for these industries.
in Industrial Conditions in
Illinois During July.
Industrial conditions in Illinois were further depressed
during July, according to the report of the General Advisory
Board of the Illinois Department of Labor, made public
Aug. 9 by R. D. Cahn, Chief Statistician. The report says:
Continued
Depression
The most severe decline in manufacturing operations of any month since
the current movement started has taken place during the past 30 days.
The reaction during July came as the climax ofa series of downward revisions
in industrial operations that set in a year ago and have continued unabated
down to date with only moderate swells at the fall and spring seasonal
peaks. In the year the employment index has been carried from a point
14% above the level of the average of 1922 to a point 3.6% below that
level. The month's discharges have reduced the level of factory operations
to that of Oct. 1921.
The decline of July, of course, is to a considerable extent of a seasonal
character. Hot weather, vacations, shut-downs for repairs to plants in
preparation for the busy fall season—all these things combine annually to
effect a reduction in employment in July. But it is a significant fact that
during July 1924 there was the largest decline and for that matter the
largest change of any month since employment statistics first were compiled
n Illinois.
It is not too much to expect that there will be a substantial improvement
in the conditions in the fall and indeed better feeling already exists in the
business communities. The industrial organization of society is a unit
In this—that improvements in the condition of one section or division of
it are diffused back to other divisions, and by this process depression is
overcome. Recalling 1921, it will be remembered that building long
delayed by war restrictions and high material prices, was launched near
the end of that year and that gradually the demands for building materials
and the demands of the employees of building materials concerns changed
the entire situation from declining industry to expanding industry and from
depression to prosperity. The building industry which precipitated this
result is not nearly so large as the agricultural industry. In recent weeks
the agricultural industry has been strengthened by increasing prices of the
grains. The farmers who have been suffering from depressed prices for
several years, appear to be about to come into their own. There is current,
a widespread feeling that the increased grain prices in improving the
condition of the farmers will have the effect of leading a recovery in industrial operations just as the prosperity that the building industry had
in 1921.
This is not to minimize the fact that right now we are in the midst of a
depression. Reports from every important city of the State and a wide
range of industry indicates that. Summary of the industrial situation for
the present month is based fundamentally upon an analysis of the signed
reports of 1.191 manufacturers who have about 40% of the factory workers
of the State and located in over 150 cities and towns. These manufacturers
laid off 12,642 persons during the month of July. If the action by those
employers may be taken as representative of the entire range of Illinois
manufacturers it appears that fully 30,000 workers have been discharged
during the past 30 days. Between one-sixth and one-seventh of the
factory workers who were profitably employed in June of last year are
now without jobs.
Certainly the total amount of unemployment in this State at the present
time is great. Industry alone has contributed 135,000 persons to the
ranks of the unemployed in one year. In addition, there are great numbers
of workers who are working three to five days a week or only a few hours a
clay and thus are partially unemployed. But Illinois is not only a manufac-
turing State, it is also a mining State. Here again there is an extremely
large number of persons out of work. Many mines which were operating
last year are completely idle, while other mines give only two or three
days of work per week. Two mines reported resuming operations after
being closed down for some time.
The factory employers' reports are divided into 57 industries. Of these
39, representing the larger industries, show declines during the month,
while 18, chiefly minor industries, that is, those employing a small number
of workers, show increases.
There were sharp declines throughout the metal, machinery and conveyance group, represented by 377 employers who had in excess of 150,000
employees in June. Twelve industries are represented in this group and
each of them made cuts in the number of their working forces. In the iron
and steel class 7% were laid off following a cut of 11.6% in June. The
automobile and accessories industry was also adversely affected, some of
the plants closing entirely, although several accessories and parts factories
in the tri-city territory were reporting better business.
Employment in the agricultural implement industry must have touched
the bottom during July. Several concerns are in the hands of receivers,
and nearly all have small working forces. An officer of one implement
concern sees even in the existing grain situation no cause for encouragement.
He wrote as follows near the close of July: "Owing to the lateness of spring
and the discouraging outlook for the corn crop and the indications that
the crop will of necessity be very late this year we closed our plant on
June 14. We hope to start up again about Sept. 15." There has been
no revival of railroad car building. With orders completed and new
orders in volume lacking, employment was reduced by 3%•
In the stone, clay and glass products group three of the industries laid
off employees. The only industry of the group to make any expansion
was brick, tile and pottery. It appears quite generally that the demand
for building material was bringing larger orders to material concerns.
Not alone were the brick concerns affected but planing mills also reported
that they had taken on additional workers. An anomaly is the contemporaneous decline of 43.i% in the number of persons at work in building
construction for 119 reporting contractors.
Boot and shoe manufacturers, though in the midst of their fall season,
were not obliged to take on any additional workers in the aggregate. The
reports oftanneries also show the depressed condition in the leather industry,
for during July more then one-fifth of the workers of 11 concerns were
deprived of their Jobs during the month.
Declines were general in the chemical group, led by a 17% drop in drugs
and chemicals. Paint concerns were abl. to meet the demand for their
products with 8% fewer employees and oil refineries got along with 5.7%
less.
Brisk business is the rule in job printing at the midyear and the year's
end. During July, 81 shops, which employ more than 8,000 persons,
added 4.5% to their working forces. The changes in the miscellaneous
paper goods and paper boxes class in this industrial group were minor.
Newspapers, however, and edition bookbinders made good-sized reductions
in operations.
More than one-third of the workers in the knit goods factories were laid
off in July. The workers affected were chiefly women. The other two
industries of the textiles group made reductions which, however, were loss
than those for the run of the manufacturing industries of the State.
In July the apparel concerns were getting their goods ready for shipment
to the retail dealers in preparation for the fall demand. There was very
little swell, however,in the size of the payrolls. In the men's apparel industries the trend was even downward. In women's clothing a 7% gain was
reported and in women's underwear and furnishings one of
12.5%•
Sharp seasonal expansion marked the reports for some of the food concerns. Canneries were at the peak of their rush season and took on many
workers. In thirty days the number of workers was considerably more
than doubled. Ice cream manufacturers also made a large gain in employment. Otherwise the changes in good concerns were unsubstantial Thus.
19 meat packers in reporting 22,803 workers had practically the same
number as in June.
The decline in employment in July was more severe in the case of women
than of men. In at least one industry there were several concerns which
with an ampler labor supply have substituted men for women in certain
departments. For all industries female employment declined
5% during
July, while male employment dropped only
3.1%•
Of the 13 principal cities for which employment reports are analyzed,
declines are shown in 12 for the month. In all except East St. Louis.
where there was a slight gain, there were fewer workers in July than in June.
The drop was 14% in Rock Island and exceeded
5% in Aurora, Danville,
Joliet, Moline, Peoria, Quincy and Springfield. In Chicago 3.7% fewer
workers were employed in July than one month earlier.
Twenty-eight manufacturing plants were completely closed down during
July in addition to the 22 which were closed during June, making a total of
50 plants that have suspended operations in two months. Whereas 34%
of the workers were reported as on part time in June, 39% were working
only part time in July.
Smaller plants again reduced employment less than did the larger ones.
Employers of fewer than 101 persons cut employment 1.7% in July and
2.1% in June, while those having 250 to 500 decreased the number of
workers by 6.1% in July and 5.3% in June. However, the largest employers did not reduce employment the most. The employers of 500 to 1,000
workers cut their forces 8.2% in July and 3.1% in June, while those with
over 1,000 reduced their forces in the two months by 4.6% and 2.5%.
respectively.
One thousand five hundred and twenty employers in all industries paid
out in the week of July 15 $9,635,475, which was a decline of
5.6% from
the amount the identical employers paid out in the week of June 15. Manufacturing payrolls alone dropped 7.2% in the month. Average earnings, of
course, fell also. Although employment has been dropping off a year for
the increases in the wage rates which were given in the third and fourth
quarters of last year have been retained by the workers. Although part
time employment is increasing, on the average weekly earnings are still
about 1% above those of July of last year and more than 10% above the
level of July 1922.
There was a further decline of 200 during July in the placements by the
Illinois free employment offices when 10,016 persons secured positions
directly as a result of the work of the offices. In July 1923 16,652 presons
were placed. The number of applicants per 100 positions again was 172
for the State as a whole. In Chicago there were in excess of 2 persons per
job, in Cicero more than 3, and in Danville nearly 5. One year ago in July
there were 112 registrants per 100 positions for all of the offices. In July
of other years the State ratios were as follows: 1922. 109; 1921, 217; 1920,99.
Continued Decline in Employment and Wages in
Pennsylvania and New Jersey.
Employment at representative industrial plants in Pennsylvania and New Jersey continued to recede between June
AUG. 16 1924.]
751
THE CHRONICLE
and July, the total wage payments again declined, says a
statement just made public by the Federal Reserve Bank of
Philadelphia. The bank says:
In Pennsylvania, employment fell off 4.4% and per capita earnings de-
Administration of the United States Department of Agriculture, were made public Aug. 8 by J. W. T. Duvel, Grain
Exchange Supervisor at Chicago. The figures listed represent the sales, or only one side of the transaction, there
beibg an equal number of purchases. The figures follow:
clined 5.9%. New Jersey establishments reported a decline of 4.1% in
employment and 3.7% in per capita earnings.
Expressed in thousand bushels, I. e. (000) omitted.
A reduction in working forces was general in all groups except that in
Wheat. Corn.
DateOats. Rye. Barley. Flax. Total.
New Jersey food products manufacturers reported a seasonal increase at July 1 1924
59.196
29,500 22,270
3,370 4,056 canneries. Heating appliances and apparatus and iron blast furnaces in
33,924 14,424 3,761
55,188
2
3,079 ---46,524
24.283 15,931
3
4,580
1,730
Pennsylvania reported considerable losses in both employment and wages,
4
Holiday
and a similar trend was shown at carpet and rug mills and at clothing Jac-.
5
Hollday
tories. In New Jersey, significant declines took place at boot and shoe
6
Sunday
factories and at pottery plants. Manufacturers of automobile bodies and
52,906
29,346 17,144 4,577
7
1,839
53,730
32,261 16,331
8
3,314
1,824
parts and factories making jewelry and novelties also reported striking
44,654
22,157
9
18,768
2,594
1,135
decreases in the number of wage earners and in total wage payments.
60,565
30,952 23,625 3,582 2,406
10
The principal changes in employment and wages of reporting industries
30,556 16,977 2,434 2,406
11
52,373
12
in the two States are shown in the accompanying table.
52,683
31,326 16,228 3,789
1,340
13
Sunday
60,859 25,555 7,542 5,566
99,522
14
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
69,171 26,977 7,693 7,166
15
111,007
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
52,628 24,410 9,202 4,489
90,729
16
Labor and Industry, Commonwealth of Pennsylvania.(
112,792
64,036 31,546 11,067 6,143
17
54,776 24,424 6,156
89,827
4,471
18
-Increase or Decrease
29,134 14,937 3,241
1,494
48,806
19
Number of
July 1924 over June 1924.
Sunday
20
Plants
EmployTotal
Average
Group and Industry37,458 17,216
4,306 2,556
61,536
21
Reporting.
meal.
Wages.
Wages.
45,345 21,553 4,210 2,038
All industries(39)
73,146
22
663
-4.4
-10.0
5.8
Metal manufactures:
81,040 26,615 6,937 3,904
118,496
23
248
--5.2
--12.4
--7.5
Automobiles, bodies and parts
86,197
61,137 16,715 4,577 3,768
24
18
-6.0
-11.4
-5.7
Car construction and repairs
56,137 21,712 5,330 5,207
88.386
25
11
+1.3
-2.8
-4.1
88,721
51,695 22,202 9,454 5,370.
Electrical machinery and apparatus__ __
26
22
-5.0
-8.1
-3.2
Sunday
Engines, machines and machine tools- _ _
27
21
-0.7
-7.0
-6.3
116,818
Foundries and machine shops
63,627 32,206 14,645 6,340
28
55
-5.2
-14.8
10.1
102,939
58,438 25,524 13,440 5,537
Heating appliances and apparatus
29
16
--12.3
--22.4
11.5
92,817
3,721
59,229 20,436 9,431
Iron and steel blast furnaces
30
10
--18.3
--34.3
19.6
102,536
75,007 17,405 6,885 3,241
Iron and steel(urgings
31
12
+1.3
-2.1
-3.3
Steel works and rolling mills
44
--5.7
--12.9
--7.6
Structural iron works
8
--1.7
--3.8
--2.2 Total Chi. Bd. of Tr_1,184,022 531,131 156,117 90,826 --------1,962,09
50__
45,699
637
Miscellaneous iron and steel producto--- 27
--3.4
--9.3
--6.1 Chicago Open Board.. 34,279 10,733
63,871
5,993 10,026 -i38 -5613
,
Shipbuilding
4
+2.2
+4.5
+2.2 Minneap. Ch.of Com.
63,645
58
Textile products:
166
-4.3
-7.5
-3.3 Kan. City Bd. of Tr_ 44,787 18,800
17,242
6,837
1,311
Carpets and rugs
12
--14.8
--19.4
--5.5 Duluth Board of Trade .9,094
14,994
-___
Clothing
22
-13.0
-19.8
-7.9 St.Louis Merch.Exch. 12,182 2,812
____
4,410
1,707
799
1,637
ilwaukeeCh.
of
Com.
Hats,felt and other
M
3
+0.8
-5.6
-6.4
592
267-.35Z
Cotton goods
13
-5.3
-2.3
+3.1 San Fran.Ch.of Cora.
25
25 -SllkgoOds
46
-1.5
-4.6
-3.2 Los Angeles Grain Ex.
Woolens and worsteds
21
-1.3
+0.4
+1.7
Knit goods and hosiery
Total all markets__1,332,727 565,183 163,604 108,006 1,355 1,699 2,172,574
42
--7.4
--12.3
--5.3
Dyeing and finishing textiles
7
-1.4
-3.8
-2.4
Foods and tobacco:
*Durum wheat.
68
-0.4
-2.5
-2.0
Bakeries
21
+0.3
-2.8
-2.1
The foregoing figures do not include deliveries on July
Confectionery and ice cream
19
+2.5
+2.6
+0
Slaughtering and meat packing
11
-1.4
-3.0
contracts.
-1.6
Cigars and tobacco
17
-3.7
-8.4
-4.9
Building materials:
53
-3.7
-10.6
-7.1
Brick, tile and terra cotta Products
14
-5.6
-17.0
-12:1
Life Insurance Sales Break All Records.
Cement
14
+1.6
+2.0
+0.4
Glass
22
--8.7
--21.3
Sales of ordinary life insurance in the second quarter of this
--13.8
Pottery
3
-25.5
+0.3
-25.7
Chemicals and allied products:
26
--5.5
--7.8
--2.4 year were higher than in any other quarter on record, acChemicals and drugs
16
--7.6
--15.6
--8.7 cording to the Life Insurance Sales Research Bureau, which
Paints and varnishes
5
--2.8
--10.1
--7.5
_5.3
Petroleum refining
_5.8
_0.6 is now established in Hartford, Conn. The bureau says:
5
Miscellaneous industries:
102
--2.2
--4.1
Lumber and planing mill products
8
Sales of life insurance in every month this year have been higher than in
-5.7
+13.4
+20.2
Furniture
16
-4.3
-8.4
-4.2 the corresponding month a year earlier, but the amount of increase over last
Leather tanning
20
-1.8
-9.7
-8.0 year has been falling off. In June, sales were only 1% greater than a year
Leather products
3
+5.0
+4.1
-0.9
Boots and shoes
23
--3.7
--2.0
+1.9 ago. For the first six months the increase over last year was 9%.
Paper and pulp products
12
In actual figures, the paid for business of companies which have in force
+0.4
-8.6
-9.0
Printing and publishing
17
-1.6
-1.8
-0.2 about 88% of the total business amounted to $1,892,243,000 of insurance
Rubber tires and goods
3
+2.3
-6.6
-8.7 during the past three months. This compares favorably to $1,783,261,000.
EMPLOYMENT AND WAGES IN NEW JERSEY.
the amount sold in the same period in 1923. Sales from January to July
1st this year amounted to $3,644,942,000. This means that an average of
Compiled by the Federal Reserve Bank of Philadelphia.
twenty million dollars of ordinary insurance has been purchased each day
-Increase or Decrease-this year.
Number of July 1924 over June 1924.
For the year to date, the Middle Atlantic and the Pacific States lead the
Plants
EmployTotal
Average
Group and IndustryReporting.
meat.
Wages.
Wages.
of the country in their gain over last year. The increase in each case
rest
All industries(38)
337
-4.1
-7.7
-3.7
was 16%, but the rate of gain in each section declined in the past quarter.
Metal manufactures:
93
year's
Automobiles, bodies and parts
5
-14.4
-16.1
-2.1 The East-South-Central district, where sales fell 4 % under last
Electrical machinery and apparatus__
18
-2.6
-6.1
-3.6 shows a decline from 1923 for the first half year.
Engines, machines and machine tools__ _
16
+0.2
-5.5
-5.7
The cities of Boston, Chicago, Cleveland, Detroit, New York and PhilaFoundries and machine shone
14
-1.7
-3.7
-2.0 delphia all report increases for this year over last year both in June sales and
Heating appliances and apparatus
3
+0.6
-4.5
-5.0
Steel works and rolling mills
5
-8.5
-16.1
-8.3 in sales for the six months ending June.
Structural iron works
3
+1.0
-5.7
-6.7
Miscellaneous iron and steel products_ _ _
19
-8.5
-21.2
-13.9
Shipbuilding
4
-2.5
-2.9
s
-0.4 Corrections in May Figures of Life Insurance Sales.
Non-ferrous metals
0
-9.1
-5.1
+4.4
Textile Products:
80
-2.1
-4.5
-2.5
The Life Insurance Sales Research Bureau issues the
Carpets and rugs
3
-0.5
-0.9
-0.6
Clothing
11
announcement:
-6.7
-12.7
following
-6.4
Hats, felt and other
3
+5.6
+1.5
-3.9
Cotton goods
It has just been discovered that the May report of one company for
10
+1.1
-8.1
-9.1
Silk goods
22
-7.4
--17.1
10.5 Connecticut, New Hampshire and Vermont was inaccurate. The following
Woolens and worsteds
11
-0.5
+1.1
+1.6 changes should be made in the May Survey. The necessary corrections
Knit goods and hosiery
4
+7.2
+5.7
-1.4
Dyeing and finishing textiles
were made before computing the June Survey.
9
-1.6
-0.6
+10
New May
Last 12 mos.
Miscellaneous textile products
7
--1.3
--2.5
-1.1
Compared
Paid BusiFoods and Tobacco:
14
+7.6
+2.0
-5.2
ness in
to
May 1924
Canneries
Mos.'24
5
8
+11.8
+3.4
-7.5
Thousands
Preceding
to
to
Cigars and tobacco
6
-0.9
-2.1
-1.2
of Dollars.
May 1923.
12 Mos.
Building Materials:
5 Mos.'23.
26
-18.0
-22.5
5.5
633,028
115
101
States total
111
Brick, tile and terra cotta products
9
+1.4
+0.1
-1.3 United
49,393
114
England
103
110
Glass
4
-5.4
12.6
-7.5 New
2,248
Hampshire
105
109
100
New
Pottery
13
-28.8
30.7
-2.7
1,863
120
119
Vermont
122
Chemicals and allied products:
43
-0.8
-3.5
-2.7
10,421
114
Connecticut
92
107
Chemicals and drugs
24
-3.6
-5.5
-1.9
Explosives
9
+0.6
-5.2
-5.7
Note.-Figures for Maine, Rhode Island and Massachusetts, as reported le:the
Paints and varnishes
7
-5.6
-7.0
-1.6 May Sales Survey, remain unchanged.
Petroleum refining
3
+0.8
-2.2
-3.0
Miscellaneous industries:
81
-5.8
-9.6
-3.9
Furniture
5
--5.7
--13.5
-8.3
Musicalinstruments
5
-2.0
-7.4
-5.5
June Life Insurance Sales in Canada.
Leather tanning
10
-6.3
-10.2
-4.1
Leather products
5
-2.2
-1.6
+0.7
amount
of ordinary life insurance paid for continues
The
shoes
Boots and
5
-36.0
-47.1
-17.3
Paper and pulp products
9
+0.4
+0.2
-0.1 to gain over last year at a higher rate in Canada than in the
Printing and publishing
4
-2.3
•-9.5
-7.4
Rubber tires and goods
14
+1.5
-4.0
-5.4 United States, according to figures just published by the
Novelties and Jewelry
11
-25.5
-30.2
-6.2 Life Insurance Sales Research Bureau of Hartford, Conn.,
industries
13
All other
-3.4
-4.4
-1.0
____
as to which it says:
Companies which had in force over 83% of the legal reserve business as of
Transactions in Grain Futures During July on Chicago
Jan. 1 1923, reported an actual volume of sales for June of $34,295,000, as
Board of Trade and Other Contract Markets.
compared to $31,865,000 in June 1923, an increase of 8%. This is the
Revised figures showing the daily .volume of trading in smallest increase for any month of this year as compared to last year, but a
decrease of less than 1% from March sales, which were the highest for any
grain futures on the Board of Trade of the city of Chicago month of this year.
Sales for the first half of this year amounted to $196,031.000 as compared
during the month of July 1924, together with monthly
to $172,252,000 for the similar period of 1923, an increase of 14%. Sales
totals for all of the "contract markets" except the Baltimore for
the twelve months ending June 1924 were $389,626,000 as compared to
Chamber of Commerce, as reported by the Grain Futures $341.933.000 for the twelve months ending June 1923, an increase
of 14%.
752
THE CHRONICLE
[VOL. 119.
The cities of Hamilton. Ottawa and Vancouver show decreases in June
Pittsburgh'District.
sales for this year as compared to those of last year; but Montreal, Quebec,
July building contracts in western Pennsylvania, West Virginia, Ohio,
Toronto and Winnipeg show increases, Quebec leading with 66%. For the
and Kentucky amounted to $44,115,700. The decrease from June, 15%.
first six months of this year. as compared to the same period of last year, all
was the same as the decrease from July of last year. Last month's record
these cities report increases,ranging from 8% for Ottawa to 61% for Quebec.
included: $17,415,400, or 39%,for public works and utilities; $12,816,900,
of 29%, for residential buildings; $5,197,100, or 12%, for commercial
buildings; 33,276,200. or 7%, for educational buildings, and $2,276,000,
Good Building Record in July—F. W. Dodge Corp.'s or 5%,for industrial buildings.
Construction started in this district during the first seven months of
Review of Construction Activity During the
this year has amounted to $322,563.100, a decrease of 12% from the
Month of July 1924.
corresponding period of last year.
Construction continues to be reasonably active, according
Contemplated new work reported in July amounted to $45,289.100.
only slightly more than the amount of contracts awarded.
to the F. W. Dodge Corp.'s statement for July: Contracts
awarded last month in the 36 Eastern States (which include
about seven-elgths of the country's total construction
volume) amounted to $397,184,300. While this represented a 10% drop from the preceding month, it was still
10% over the figure for July of last year. Recent months
have shown a slight change in the character of the building
program. Residential construction, which was 48% of the
total during the first six months of this year, amounted to
$128,072,000, or 37%, in July, a proportion more nearly
normal than it has been for a long time. Public works and
utilities, representing 15% of the total during the first half
of the year, amounted to $71,716,800 in July, or 21%
of the total. The proportion of commercial and industrial
work to the whole, is as yet unchanged. Commercial buildings in July amounted to $49,345,700, or 14% industrial
buildings, $19,664,200, or 6%. educational buildings, $39,510,600, or 11%. Total construction started in the 36
Eastern States during the first seven months of this year
has amounted to $2,668,818,700, a 9% increase over the
corresponding period last year. This increase has not been
uniform throughout the territory. New York State and
northern New Jersey and the Southeastern States have shown
substantial increases. New England and the Middle Atlantic
States, moderate increases. the Pittsburgh district and
Central and Northwestern States have declined considerably.
Contemplated new work continues to be reported in moderate
volume, amounting to $430,500,700 in July. This is only
24% in excess of the amount of contracts awarded during the
month, whereas the normal excess is 50%. The Dodge
report continues as follows:
New York State and Northern New Jersey.
July building contracts in New York State and northern New Jersey
amounted to $89.641,900. This was a decrease of 2% from June and an
increase of 7% over July of last year. Included in last month's total
were: $35,009,600, or 39%, for residential buildings; $15,836,700, or
18%, for commercial buildings; $12,965.500, or 14%, for educational
buildings; $8,337,100, or 9%,for public works and utilities: and $6,474,600.
or 7%,for public buildings.
Total construction started in this district during the first seven months
of this year, amounting to $841,771,000, shows an increase of 49% over
the corresponding period of last year.
Contemplated new work reported in July amounted to $80,984,300,
about 10% under the amount of contracts awarded. During the past
four months the total amount of contemplated new work reported has
been less in volume than the contracts awarded, whereas it shows normally
a 50% margin above the total amount of contracts awarded.
New England.
Contracts awarded in New England in July amounted to $29,441,700,
Which was a decrease of 14% from June and an increase of 9% over July
of last year. Included in last month's total were $10,022,700. or 34%.
for residential buildings; $5.410,100, or 18%, for educational buildings;
*4.638,600, or 16%, for commercial buildings: and $3,918,300, or 13%.
for public works and utilities.
New England's construction record for the first seven months of this
Year, with a total of building contracts amounting to $207,246,300, shows
a 5% increase over the corresponding period of 1923.
Contemplated new work reported in July amounted to $29,690,000,
about 23% less than the amount reported in June.
Middle Atlantic States.
Contracts awarded during July in the Middle Atlantic States (eastern
Pennsylvania, southern New Jersey, Maryland, Delaware, District of
Columbia. and Virginia), amounted to $41,782,700. This was an increase
of 4% over June and of 77% over July of late year. Construction activity
in this district is now holding up at a relatively higher rate than elsewhere.
Last month's record included: $20,050,200, or 48%, for residential
buildings; $9,392,700, or 22%, for public works and utilities; $3,680,800.
or 9%, for commercial buildings; *3,343,700. or 8%, for educational
buildings; and $2,084,800, or 5%, for indstrial buildings.
The total construction volume for this district in the first seven months
of this year amounts to $270,181,500. an increase of 7% over the corresponding period of last year.
Contemplated new work reported in July amounted to $54.627,300,
about 10% less than the amount reported for June.
Southeastern States.
Construction started in July in the Southeastern States (the Carolinas,
Georgia, Florida,Tennesses, Alabama. Mississippi. Arkansas and Louisiana)
amounted to $57,350,700. This was 2% greater than the June figure
and 41% over July of last year. Last month's record included: 319.565,300, or 34%, for residential buildings; $13,406,600, or 23%, for public
works and utilities; $7,479,900. or 13%. for commercial buildings; $5,188.800, or 9%,for industrial buildings, and $4,843,700. or 8%,for educational
buildings.
Total construction started in the Southeastern States during the first
seven months of this year has amounted to $356,591,100, a 17% increase
over the corresponding period of last year.
Contemplated new work reported in July amounted to $93,611,900, an
increase of 56% over the amount reported in June.
The Central West.
Contracts awarded during July in the Central West (Illinois, Indiana.
Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma and Nebraska)
amounted to $77,805,300. This was a drop of 24% from June and of 1%
from July 1923. Last month's record for this district included: $28.353,900, or 36%,for rsidential buildings; $17,977,700, or 23%,for public
works and utilities; $12.020,900. or 15%,for commercial buildings; $8,990.400, or 12%,for educational buildings; and $4,490,800, or 6%,for industrial
buildings.
Construction started in this section during the first seven months of
this year has amounted to $613,672,700, a decrease of 6% from the corresponding period of 1923.
Contemplated new work reported in July amounted to $119,074,000.
a decrease of 14% from the amount reported in June.
The Northwest.
July building contracts in Minnesota, the Dakotas, and northern
Michigan amounted to $7,046,300. This was a decrease of 36% from
the previous month and of 23% from the corresponding month of last
year. Last month's figures included: *2,256,800, or 32%,for residential
buildings;$1,269,000,or 18%,for public works and utilities, and $1,070,200.
or 15%, for industrial buildings.
Construction started in these States during the first seven months of
1924 has amounted to $56.793.000, a decline of 34% from the corresponding
seven months of 1923.
Contemplated new work reported in July amounted to $7,224,100,
only slightly above the figure for contracts awarded. The volume of
contemplated new work has been running low for several months.
Construction Declines in New York City.
July was the first month of this year in which New York
City building contracts dropped .below the corresponding
month of last year, according to F. W. Dodge Corporation.
Last month s contracts amounted to $44,091,400, and the
drop from the previous July was 12%. There was also a
drop of 13% from the preceding month.
The July record included: $20,187,700, or 46%, for residential buildings; $7,759,700, or 18%,for commercial buildings; $7,325,000, or 17%, for educational buildings; and
$6,027,000, or 14%, for public buildings. One of the projects included under the last heading was the six-million
dollar municipal building for Brooklyn.
Construction started in the five boroughs during the first
seven months of this year has amounted to $558,580,900, an
increase of 69% over the first seven months of 1923.
Few Price Changes Occur in Petroleum Markets.
The current weeli-shows few changes in petroleum prices by
the big producers, the most notable being that by the Humble Oil & Refining Co. which on Aug. 11 reduced quotations
of various grades of crude oil 15c. a barrel as follows: Gulf
Coast grade "A" to $1 35; grade "B" to $1 15; Currie,
Mexia, Powell, Richland and Moran to $1 35 and Wichita
and Archer County of 33 gravity and above to $1 35. The
quotation of Ranger crude was not changed.
On the same day the Texas Co. met the reduction of 15c.
a barrel in Mexia Currie and Powell crude oils of 15c. a
barrel, making new price $1 35 a barrel.
Minor changes have occurred in gasoline prices throughout
the country. On Aug. 9 motor gasoline was reduced W, cent
a gallon by northwestern Pennsylvania refineries.
On the same day the Standard Oil Co. of Ohio, effective
Aug. 10, announced a reduction of lc. a gallon in the price of
Red Crown gasoline, bringing tank wagon price down to
16c. and service stations 18c. Also a similar reduction in
V. M. P. naphtha to 16c. and varnolene to 163/2c. per gallon.
The Standard Oil Co. of Kentucky, on Aug. 14, reduced
the price of gasoline in certain parts of Kentucky 2c. a gallon
and made a reduction of lc. a gallon throughout the rest of
its territory. Kerosene was also ,reduced lc. per gallon
throughout the entire territory.
On Aug. 14 a reduction of lc. per gallon in the retail price
of gasoline in Atlanta and through the adjacent territory
controlled by oil companies having their headquarters there,
was announced by officials of the companies. The retail
price at Atlanta is now 23c. a gallon, including the State
tax. The reduction is said by officials of the Standard, the
Pan-American, the Gulf, Reed and Texas Oil companies, to
have resulted from a slump in the price of Western crude oil.
AUG. 16 1924.]
TITE CHRONICLE
Automobile Price ChangesTandlNew Models.
The Oakland Motor Car Co. is introducing its 1925 line by
the unique method of demonstrating the cars, according to
sealed orders from factory. Sales rooms throughout the
country are displaying six sealed orders, one of which will be
opened each day and instructions for tests for that day carried out. The new line will have one additional model, a
closed car of Landau type. Prices are understood to be increased $100 on all models.
The two new Hupp Motor models have the duco finish and
are available in two optional colors. The company has advanced prices $25 per car on all its models, except the four
passenger coupe. The new factory prices of roadster and
touring models are $1,200; club sedan $1,450, and large
sedan, $1,775.
The Ford Motor Co. of Canada, Ltd'., has increased prices
on Lincoln Cars $400 on all but two models. The limousine
town car was increased $300 to $10,300 and the Fleetwood
limousine remained unchanged at $10,000. The prices of the
other models are as follows:
Touring car roadster and phaeton now sell for $6,400; coupe, $7.400;
4-passenger sedan, $7,700; 5-Passenger sedan, 167,900; 7-passenger sedan
and 2-passenger judkin coupe,$8,200;limousine, $8,600; berlin, $8,700, and
chassis, $5,800.
These are f. o. b. Windsor prices, as it is the company's policy to quote all
Lincoln prices with duty and sales tax included. Delivery prices outside of
Windsor add only freight charges to above prices.
Coincident with the change in price of Lincoln cars there have been refinements covering the complete line. Regular equipment now includes
rear fender guards. front bumpers, spare tire and tire cover. This change
in policy means that Lincoln cars hereafter will be delivered fully equipped.
Crude Oil Production Remains Almost Stationary.
An increase of only 5,850 barrels per day is reported in
the crude oil output for the week ended Aug. 9 by the American Petroleum Institute. The average gross crude oil production in the United States for the week is estimated at
2,010.950 barrels, as compared with 2,005,100 barrels for the
preceding week. The current run is, however, 240,300 barrels per day less than the output during the corresponding
week of 1923. The daily average production east of the
Rocky Mountains was 1,387,800 barrels, as compared with
1,376,800 barrels the previous week, an increase of 11,000
barrels. California production was 623,150 barrels, as compared with 628,300 barrels; Santa Fe Springs is reported at
59,000 barrels, against 58.000 barrels; Long Beach 156,000
barrels, no change; Huntington Beach, 42,000 barrels, no
change; Torrance, 57,000 barrels, no change, and Dominguez,
22,500 barrels, no change. The following are estimates of
daily average gross production for the weeks ended Aug. 9,
Aug. 2, July 26 1924 and Aug. 11 1923.
DAILY AVERAGE PRODUCTIOH.
Aug.9'24. Aug.2'24. July 26 '24. Aug.11 '23.
487,950
501,450
485,950
461,850
83,000
81.000
19,700
79,000
74,700
74,600
76,350
72,950
175,800
176,300 .179,600
223,650
53,850
55,250
56,300
61,450
146,450
144,950
149,100
118,300
120,450
124,250
123,400
100,150
Eastern
107,200
170,300
107,500
113.000
Wyoming, Montana and Colorado_ _ 124,900
125,200 .124,500
150,300
California
628,300
623,150
624,200
872,000
(In Barrels)-
Oklahoma
Kansas
North Texas
Central Texas
North Louisiana
Arkansas
Gulf Coast and Southwest Texas
Total
2 010,950 2,005,100 *2,006,600 2,251,250
•Revised account inclusion of pools not previously reported.
753
Coal loading amounted to 144,865 cars, a decrease of 1,192 cars under
the preceding week and 45,644 cars under last year. Compared with the
same period in 1922, it was an increase of 65,900 cars.
Miscellaneous freight loading amounted to 349,488 cars, 12.536 cars
above the week before and 4,079 cars above the same week last year. It
was also an increase of 29,473 cars over the same week in 1922.
Forest products loading totaled 66,812 cars, 1,137 cars above the week
before but 9,279 cars under last year.. Compared with the corresponding
week two years ago, it was an increase of 11,502 cars.
Loading of merchandise and less than carload lot freight totaled 239,804
cars, 1,434 cars aobve the week before but 789 cars below the same week
last year. This was, however, 11,451 cars above two years ago.
Ore loading amounted to 54,644 cars, an increase of 121 cars above the
week before but a decrease of 28,921 cars under last year as well as 12,165
cars under two years ago.
Coke loading totaled 6.948 cars, a decrease of 128 cars under the preceding week and 6,530 cars under the corresponding week in 1923. Compared with the corresponding week in 1922, it also was a decrease of 1,510
Cars.
Compared by districts, increases over the week before in the total loading of all commodities were reported in all districts. The Southern and
Southwestern districts, however, were the only ones to report increases
over the corresponding week last year, but all reported increases over the
corresponding week two years ago except the Northwestern district.
Loading of revenue freight this year compared with the two previous
years follows:
1922.
1924.
1923.
3,362,136 3,373.965 2,785.119
Four weeks of January
3,617,432 3,361,599 3,027,886
Four weeks of February
4,607,706 4.581,176 4,088.132
Five weeks of March
2,863,416
3.499,210 3,764,266
Four weeks of April
4.876,893 3,841.683
4,474,751
Five weeks of May
3,625,472 4.047,603 3.414,031
Four weeks of June
3,526,500 3,940,735 3,252,107
Four weeks of July
842,663
1,033,466
945,731
Week ended Aug.2
Total
27,658,938 28,979,703 24,115,037
Increase in Postal Savings Deposits in July.
An increase of $101,270 in postal savings deposits in July
is announced in the following statement made public the
current week by the Postmaster-General:
STATEMENT OF POSTAL SAVINGS BUSINESS FOR THE MONTH OF JULY
1924, AS COMPARED WITH THE MONTH OF JUNE 1924.
$132,655,147
Balance on deposit June 30
101,270
Increase during July
4132,756,417
Balance on deposit July 31
Depositors'
Depositors' Inc.(+1
Balance.
Balance. Dec.(-)
Post OfficePost OfficeNew York, N. Y..41,082,163 -659,007 Norwood, Mass__ 183,066
Brooklyn, N. Y___11,454,789 -101,655 Fairbanks, Alaska_ 8179,537
7,318,807 +56,807 Bingham Canyon,
Boston, Mass
175,782
+4,111
Utah
6,071,338
Chicago, Ill
175,149
3,037,080 +12,947 Birmingham, Ala__
Seattle, Wash
_
171.703
Philadelphia, Pa.- 2,554,902 +13,624 Billings, Mont...
Pittsburgh, Pa__
2,186,403 -44,883 Jamaica, N. Y.... 169,019
1,642,333 -59,816 Baltimore, Md..- 169,005
Detroit, Mich
Kansas City, Mo- 1,561,671 +15,044 Sioux Falls,S.Dak. 165,430
164,571
-5,428 Hurley, Wis
Tacoma. Wash__ 1,496,140
164,255
1,332,319 -8,878 Wilmington, Del__
Portland, Ore
163,154
1,310,327 -4,884 New Orleans, La__
Newark, N. J
160,499
1,134,959 +50,634 Havre, Mont
St. Paul, Minn
156,265
Uniontown, Pa._ _ _ 1,018,447 -24,693 Camden,N.J
985,457
+8,075 Bayonne, N. J__._ 155,619
St. Louis, Mo
154,382
Los Angeles, Calif- 807,438 +37,443 Memphis, Tenn.__
153,812
801,176 +52,473 Dallas, Texas
Butte, Mont
+1,382 Paterson, N.'L..- 150,572
SanFrancisco,Callf. 699,666
150,542
-223 Missoula, Mont.__
Milwaukee, Wis. 661,367
149,585
Jersey City, N.J._ 583,419 -20,411 Gary, Ind
148,757
Great Falls, Mont. 566,447 +20,741 Des Moines, Iowa_
144,908
546,680 +40,106 Phoenix, Ariz
Denver, Colo
142,978
Cincinnati. Ohio_ _- 505,575 -10,537 Akron, Ohio
Providence,R.I- 493,112 -1,257 Elizabeth, N.J.-- 142,549
141,409
478,744 -2,165 Boise, Idaho
Buffalo, N. Y
131,640
Minneapolis, Minn. 442,825 +19,183 Miami, Fla
Columbus, Ohio.- 424,463 -11.401 Salt LakeCity,litah 131,615
+3,422 Anchorage, Alaska- •131,573
Ironwood, Mich._. 419,155
Cleveland, Ohio.- 405,835 -11,963 Miles City, Mont_. 129,728
124,525
376,345 -9,296 Christopher, Ill_ _
Passaic, N.J
123,990
McKees Rocks,Pa_ 363,450 -7,936 Brownsville, Pa.__
358,399 +17,135 Masontown, Pa__ 123,879
Sioux City, Iowa
+2,230 Centralia, Wash.__ 123,285
356,993
Aberdeen,Wash
339,293 -3,085 Tampa,Fla
122,293
McKeesport,Pa_
119,062
Washington, D. C. 333,099 -8,076 Everett, Wash_ _
Bridgeport,Conn__ 329,491 -12,757 Monongahela,Pa-- 118,020
+61 Export, Pa
117,591
Leadville, Colo.... 300,126
288,058 -1,611 Dayton, Ohio
116,883
Toledo,Ohio
287,605
116,397
+2.514 Casper, Wyo
Lowell. Mass
-916 Rochester, N.Y.- 114,669
Pocatello,Idaho.- 279,484
114,586
274,904 -2,165 Okla. City, Okla_
Roslyn, Wash
272,716
+7,348 Manchester, N. H. 114,564
Astoria, Ore
Roundup, Mont... 263,692 -10,134 Indianapolis, Ind-- 114,044
253,634 +14,894 Raymond, Wash.- 113,694
Omaha, Nob
+4,716 San Antonio,Tex.- 113,645
Kansas City, Kan- 249,506
New Haven,Conn- 246,090 -6,364 Norwich,Conn.-- 108,723
245,892 -4,194 East Pittsburgh,Pa. 107,557
Hartford, Conn
11/7,318
240,167
+7.494 Windber, Pa
Erie, Pa
107,214
Pawtucket, R.L..- 238,063 --11,450 Breckenridge, Tex_
Mt. Pleasant, Pa__ 226,925 -7,876 Greensburg, Pa.- 107,030
Atlantic City, N.J. 220,657 +25,603 McAlester,Okla.- 105,952
218,256
Pueblo, Colo
+2,378 Springfield, Mo... 105,494
_- 105,273
Staten Island,N.Y. 214,299 -3.885 San Diego,
Pensacola, Fla.... 211,955
-370 New Kens'gt'n, Pa. 105,127
Jacksonville, Fla- 198,628
-827 Maynard, Mass- 103,185
196,790
Altoona, Pa
+6,183 Conneaut, Ohio_ _ - 102,975
Sheridan, Wyo._ _
195,953 +35,743 Willimantic, Conn_ 101,829
Oakland, Calif.-- 194,546 -4,521 El Paso, Texas_ _ _- 100,970
100,847
Red Lodge, Mont- 190,532
+7,217 Chester, Pa
100,817
Louisville, Ky.._ _- 188,938 --4,092 Tonopah, Nev._
Hammond, Ind.__
100,498
Long Island City,
187,507
-209 Youngstown,Ohio_ 100,355
N.Y
Flushing, N. Y
188.916 -5,340 Waterbury,Conn._ 100,099
Bellingham, Wash_
100.089
185,184
+764 Augusta, Ga
100,022
+3,797 Fairmont, W. Va__
Duluth,Minn
184.995
Inc.(+)
Dee.(-)
$
-960
+1,416
+1,628
-1,998
+5,616
+7,178
-3,771
+12,717
+4,777
-6.248
-6,103
+10,469
-7,851
+3,281
+183
+2,699
-2,414
+21,948
-7,114
+6,636
+928
-4,597
-447
+15.491
-7,188
+2,224
+1,363
+29,946
+3,405
-7,210
-9,260
-2,096
+3,185
-2,120
+2,637
-1,290
+99
+50,493
+561
+2,800
-2,001
+780
+1,739
-2,962
-1,858
+992
-1,161
-7,935
-1,895
+13,642
+3,267
-2,581
-4,741
+2,602
+2,566
-900
+14.651
-688
+2,530
+285
-2,996
+1.165
+1,071
-4.710
Loading of Railway Revenue Freight Slightly Larger
Again.
Due to an increase in shipments of all commodities except
live stock, coal and coke, which showed slight decreases,
loading of revenue freight on United States railroads for the
week which ended on Aug. 2 totaled 945,731 cars, an increase
of 19,872 cars over the week before, according to reports
filed to-day by the carriers with the Car Service Division
of the American Railway Association. Compared with the
corresponding week last year, however, the total for the
week of Aug. 2 shows a decrease of 87,735 cars, or 8.5%,
but an increase of 103,608 cars, or 12.2%, over the corresponding week in 1922. Grain and grain products totaled
56,702 cars, an increase of 6,741 cars over the week before
and an increase of 3,808 cars over the same week last year. •June balance.
This was, however, a decrease of 1,558 cars under the same Production and Shipments of Portland Cement Inweek in 1922. In the Western districts alone 40,087 cars
creasing, Stocks Decreasing.
were loaded with grain and grain products, an increase of
output
of Portland cement in July was 14,029,000
The
week
in
'corresponding
6,120 cars over the
1923. Other
and
the
16,614,000 bbls., both larger than
bbls.,
shipments
particulars follow:
Live stock loading totaled 26,468 cars, a decrease of 777 cars under the in any other month of 1924 or any month of 1923. This
preceding week and a decrease of 4,459 cars under the same week last year. appears from the following statistics issued by the DepartCompared with the same week in 1922, it was also a decrease of 25 cars.
of the Interior, and prepared under the direction of
Live stock loading in the Western districts for the week totaled 19,491 cars, ment
Ernest F. Burchard, of the Geological Survey. They are
3,264 cars under the corresponding week last year.
754
TITE CHRONICLE
based mainly on reports of producers of Portland cement
but in part on estimates. The estimates for July 1924 were
made necessary by the lack of returns from two plants.
Production and shipments for the month are the highest on
record and stocks, though decreasing rapidly since March
1924, are greater than at the corresponding season of any
earlier year.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY DISTRICTS IN JULY 1923 AND 1924, AND STOCKS
IN JUNE 1924, IN BARRELS (000 OMITTED).
Commercial District.
Eastern Pa., N.J., and Md
New York
Ohio. western Pa. and W. Va
Michigan
Wis.b, Ill., Ind. and Ky
Va., Tenn., Ala.and Ga
Eastern Mo., Iowa and Minn.__
Western Mo.,Neb., Kan.lc Okla
Texas
Colorado and Utah
California
Ore., Wash. and Mont
Produdion.
Shipments.
July.
July.
Stocks
at End
of
June.
1923. 1924. 1923. 1924. 1923.a 1924. 1924.a
3,216
654
1,284
783
1,817
626
1,259
956
397
256
1,083
289
3,418
718
1,503
1,058
2,166
962
1,333
935
409
273
986
268
3,484
730
1,442
895
1,848
583
1,544
1,062
411
276
1,069
368
Stocks at
End of
July.
4,205 2,814 2,734 3,521
784 1,028
962 655
1,955
762 1,188 1,639
571
529
1,100
320
497 1,953 2,356
2,570
753
1,109
234 606
1,633 1,014 2,110 2,410
873 1,137 1,195
993
187
298
442
264
188
167
159
293
365
326
160
1,025
579
520
327
397
12,620 14,029 13.712 16,614 8,081 12,318 14,903
a Revised. b Began producing June 1924.
Stocks of clinker, or unground cement, at the ml is at the end of July 1924
amounted to about 6,646,000 barrels, compared with 7,609,000 barrels (revised)
at the beginning of the month.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1923 AND 1924, IN BARRELS.
Month.
Production.
1923.
1924.
Shipments.
1923.
1924.
Stocks at End of Month.
--1924.
1923.0
January -- a7,990.000 8,788,000 05,628,000 5,210,000 11,477,000a14,155,000
February _ al1,210,000 8,588 000 06,090.000 5,933,000 13,596,000a16,815,000
March. _ _ 9,880,000 10,370,000 10,326,000 8,995,000 13,045.000a18,189,000
let quar. 26,080,000 27,746,000 22,044,000 20,138,000
April
May
June
11,359,000 11,726,000 12,954,000 12,771,000 11,463,000017,159,000
12,910,000 13,777,000 14,257,000 14,551,000 10,144.000a16.403,000
12,382,000 13,538,000 13,307,000 15,036,000 9.168.000a14,903,000
2d quar. 36,651,000 39,041,000 40,518,000 42,358,000
July
12,620,000 14,029,000 13,712,000 16,014,000
August _ _ 12,967,000
14,971,000
September 13,109,000
13,698,000
3d quar. 38,696.000
42,381,000
October _ _ 13,350.000
November 12,603,000
December_ 9,997,000
14,285,000
10,251,000
6,408,000
4thquar. 35,050.000
30,944,000
Prelim.
total _ 137,377,000
Amount o
underest
83,238
135,887,000
Final total 127 4an
a Revised.
9152
12,318,000
8,081,000
6,080.000
5,533,000
4,612,000
6,991,000
10,575,000
25,118
VIK010110
The imports of hydraulic cement in June 1924 amounted
to 196,655 barrels, valued at $283,112. The total imports
in 1923 amounted to 1,678,636 barrels, valued at $2,964,098.
The exports of hydraulic cement in June 1924 were 74,064
barrels, valued at $229,852. The statistics of imports and
exports of hydraulic cement in July 1924 are not yet available.
IMPORTS AND EXPORTS OF HYDRAULIC CEMENT, BY MONTHS, IN
1923 AND 1924, IN BARRELS.a
Imports.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Exports.
1923.
1924.
1923.
71,886
20,529
66.521
76,899
88,480
111,559
286,106
324,008
215.785
172,051
140,590
104,422
153,732
162,930
160,517
148,138
161,304
196,655
74,169
88,531
98,861
85,662
103,634
77,203
82,774
73,201
77,121
74,302
85,743
80,487
1924.
88,586
62,806
91,224
83,200
88,850
74,004
(5)
-----------
Total
1,678.636
1.001.688
a Compiled from records of the Bureau of Foreign and Domestic Commerce.
Imports and exports in April 1924 not available.
Steel Output Shows Slow Gain-Iron Trade a Little
Better.
Expectation of further gradual improvement in steel is
indicated in the current market review issued Aug. 14 by
the "Iron Age." The course of the steel trade still indicates
a measurable increase from week to week in output of rolled
products, says the "Age." Thus, while the steel ingot
statistics for July show an average of 41.5% of capacity employed, reckoning the total at 54,000,000 tons a year, the
industry as a whole is probably running this week at nearer
50 than 45%, according to the summary, further extracts
of which follow:
Expectations of further improvement at the mills, and they are general,
are based rather upon a rebound from the inadequate replacement buying
[VOL. 119.
of June and July than on any now development in important consuming
lines.
The most likely exception is in railroad steel, in view of recent releases
of rail tonnages on which rollings had been held up, and the probabilitity
of other like action both by Eastern roads and by several which had placed
orders with Chicago district mills. At present low prices for plates there
are intimations also that freight car contracts could be put through at substantial concessions from the car works' bid of six months ago.
The week has brought no marked change in prices, though buyers are not
persuaded that the low point has been reached. Some improvement in
wire demand has made $2 80 for wire nails and 2.55c. for plain wire more
common, or $1 a ton below recent prices.
As of Aug. 7 the American Sheet & Tin Plate Co. met the 4.75c. price
on automobile body sheets which competition had developed ten days
before. The companyalso lowered its price on long terne plates (for motor
car gasoline tanks) from 5.30c. to 5c. base, though in other quarters 4.95c.
has appeared. As a whole the sheet industry is running at about 50% of
full.
Bars have held their market position better than plates and shapes. In
plates the number of mills having that as their one product has made a
highly competitive situation. Bars are produced by the largest companies
and these give ground slowly.
Although Detroit automobile companies have been buying smoe steel
recently, the promised increase over the July rate of car production has not
materialized.
Including 10,300 tons for Philadelphia subway work awards of structural
steel work called for 27,000 tons, practically the average of the past ten
weeks. The volume of new work appears to be falling off.
While actual advances in pig iron are few, indications of greater resistance
by sellers are more definite. Two steel companies that are active sellers of
foundry iron are quoting 50 cents higher and are less eager for business.
Some Chicago prices are up 50 cents. Sales include about 25,000 tons of
basic at Philadelphia and 25,000 tons of foundry grades at Cleveland. At
Pittsburgh, where a sanitary company is about to buy for fourth quarter
about 20,000 tons,sentiment Is more cheerful. In the South,there is better
support for the $18 price, but $17 50 has not disappeared.
At Pittsburgh a stronger tendency has developed in primary materials.
Coke producers are more inclined to sell their coal than to convert it into
coke on less than a $3 25 market.
"The Iron Age" composite price for finished steel has
fallen to 2.517 cents per pound from 2.524 cents last week.
This is the lowest figure since January 1923.
The pig iron composite price has advanced to $19 38,from
$19 29 last week which was the lowest figure in 28 months.
The usual table is as follows:
Aug. 12 1924, Finished Steel, 2.517 Cents per Pound.
Based on prices of steel bars, beams,tank5
1924
1Aug.
2.524c'
plates, plain wire, open hearth rails, July 15 1924
2.589c.
black pipe and black sheets. constitut- Aug. 14 1923
2.775c.
ing 88% of the United States output_ - 10-year pre-war average, 1.689c.
Aug. 12 1924, Pig Iron, $1938 per Gross Ton.
Based on average of basic and foundry Aug. 5 1924
$19 29
irons, the basic being Valley quotation, July 15 1924
19 29
the foundry an average of Chicago, Aug.14 1923
25 04
Philadelphia and Birmingham
10-year pre-war average. 15 72
Finished steel: 1924 to date: high, 2.789c. Jan. 15; low, 2.517c. Aug.;
Year 1923: high, 2.824c. April 24; low 2.446c., Jan. 2.
Pig iron: 1924 to date: high, $22 88, Feb. 26:10w. $19 29, July 8. Year
1923: high, $30 86, March 20; low, $20 77, Nov. 20.
"The Iron Trade Review" in its weekly summary of events
in the iron and steel industry, on Aug. 14 observed that
though the recovery of the steel market continues, its progress is decidedly slow. "The volume of buying increased
slightly, the rate of mill and furnace operations held the
ground gained last week, and inquiries are encouraging,"
declares the "Review," adding:
The record of unfilled orders is particularly significant because of the
comparison that can be made with conditions existing in 1921. In that
year a decline of 364,619 tons was recorded in June, a recession of 287.544
was noted in July, 298,398 in August and a gain of 28,744 in September.
In 1924 the decline in May, June and July has been 580,358 tons, 365,584
and 75,433 tons, respectively. This precipitous reduction, coupled with
the fact that the total of unfilled orders on July 31 is the smallest on record
since May 1911. is regarded as Indicating a turn is near.
Steadiness marks improvement In pig iron demand, prices are firm in all
market districts with the exception of Birmingham and Cincinnati. No. 2
foundry and malleable have advanced to $20 50 at Chicago and the restoration of silicon differentials is resulting in higher quotations on iron from
Buffalo furnaces.
Structural awards represent less tonnage than last week and railroad
buying relapsed into relative inactivity. Exceptions are found in an inquiry
for 7,000 tons for railroad bridge work, three inquiries for a total of a
thousand steel car underframes and five contracts pending involving about
18,000 tons of shapes for buildings. Railroads are releasing some of their
suspended rail contracts and talk is heard of placing 1,925 requirements.
The composite this week on 14 representative iron and steel products is
$39 31. This compares with $39 39 last week and $39 47 the preceding
week.
Unfilled Orders of Steel Corporation Get Still Lower.
The United States Steel Corporation on Saturda717177
1924, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporation as of *July
31 1924 to the amount of 3,187,072 tons. This is a decrease
of 75,433 tons from the unfilled tonnage on hand June 30
1924 and follows heavy decreases in unfilled orders registered
each month since February 1924, thus bringing the unfilled
tonnage on hand down to the lowest point in over thirteen
years, or since May 31 1911. On July 31 last year the total
of unfilled orders was 5,910,763 tons, while on July 31 1920
it was no less than 11,118,468 tons. In the following we
show the figures back to the beginning of 1920. Figures
for earlier dates may be found in the issue of the "Chronicle"
for April 14 1923, page 1617:
AUG. 16 1921.]
January
February
March
April
May
June
July
August
September
October
November
December
THE CHRONICLE
1924.
4,798,429
4,912,901
4,782,807
4,208,447
3,628,089
3,262,505
3,187,072
1923.
6,910,776
7,283.989
7,403,332
7,288,509
6,981,851
6.386,261
5,910,763
5,414,663
5,035,750
4,672,825
4,368,584
4,445,339
1922.
4,241,678
4,141.069
4,494,148
5,096,917
5,254,228
5,635,531
5,776,161
5,950,105
6,691,607
6,902,287
6,840.242
6,745,703
1921.
7,573,164
6,933,867
6,284,765
5,845,224
5,482,487
5,117,868
4,830,324
4.531,926
4,560,670
4,286,829
4,250,542
4,268,414
1920.
9,285,441
9,502,081
9,892,075
10,359,747
10,940.466
10.978,817
11,118,468
10,805,038
10,374,804
9,836,852
9,021,481
8,148,122
Moderate Sales of Mechanical Stokers in July 1924.
The Department of Commerce, under date of Aug. 12,
made public the following statistics on mechanical stokers
according to reports received from 15 establishments.
sroirEas SOLD, HORSEPOWER AND KINDS OF INSTALLATION.
1923.
January
February
March
April
May
June
July
August
September
October
November
December
15
15
15
15
15
15
15
15
15
15
15
15
Total,1923--1924.
January
February
March
April
May
June
July
_.
15
15
15
15
15
15
16
Installed UnderStokers Sold.
No.
H.P.
Fire Tube
Boilers.
No.
H. P.
Water Tube
Boilers.
No.
H. P.
,1833801M122.18`S0'
No. of
EstabItchnews
Reportleg.
11
Year and
Month.
83,270
66,619
68,955
85,339
100,513
59,719
52,518
71,693
60.486
32,576
16,241
32,517
21
18
16
14
10
17
3,400
1,172
1,259
2,000
1,915
804
3,454
2,624
2,754
2.330
1,300
2,820
116
120
111
153
180
129
108
117
83
74
40
58
79,870
65,447
67.696
83,339
98,598
58,915
49,064
69,069
57,732
30,246
14,941
29.697
1,464
730,446
177
25,832
1,287
704,614
66,492
62,113
34,597
47,939
34,447
35,549
37.759
7
11
12
15
3
19
1,044
1,525
1,625
1,970
550
2,724
14
1 555
84
99
77
74
61
83
65,448
60,588
32,972
45,969
33,897
32,825
91
110
89
89
64
102
115
29
9
9
14
14
8
In.
.3a
nnn
Boxboard Orders and Production-Orders Low.
The Department of Commerce, in compiling
monthly
figures on the operations of boxboard manufacturers
, presents the following based on reports of from 75 to
82 companies each month, beginning with November 1923.
It
will be noticed that while operation and production
were
well maintained, orders kept steadily slumping
until in
May they amounted to only 67,199 tons, against
186,379
tons in January.
BOXBOARD STATISTICS.
ConUnfit: sumpOrders
lion
Orders (End
of
Opera- ProdueReof
Waste
lion.
lion. ceired. Month) Paper.
1923. Inch Hrs. Tons. Tons. Tons.
Tons.
Nov
6,235,129 142,001 140,686 66,362 129,661
Dec
6 188,182 140,553 144,419 77,268 128,976
1924.
Jan
7 183,900 160,817 186,379 92,658 151,145
Feb
6 773,994 156,002 158,77
88.214 148,329
March__ 7,699,404 176,293 152,861 85,989
165,986
April_ _ .._ 7.629,777 167,580 146,01:
66,504 155,790
May
7 718.075 166,398 67,199 67,199
158.399
Year
and
Month,
Stocks of Waste Paper
(End of Month).
On
Hand.
UnIn
shippcd
Transit. Pura.
Tons. Tons.
Tons.
128,399
9,428 20.333
149,670 11,690 19,982
114,137
107,720
124,774
127,392
130.910
13,224
12,953
13,997
11,533
11.822
36,541
23,890
21,877
25,709
25 284
Bituminous Coal Market Improves Somewhat
But
Anthracite Remains Dull.
Continued improvement in bituminous was indicated
by
reports from the coal markets of the country
during the
first week in August, observes the "Coal Trade
on Aug. 13. Inquiries increased considerably Journal"
and
there was little more actual buying, there was every while
tion that a general buying movement is imminent.indicaThe
worst is over-that is the consensus of opinion
-and not
only better business, but good, prosperous business
will be
noted within the next few weeks, says the "Journal,"
adding:
At Hampton Roads,
while no groat improvement was shown,
inquiries are increasing. The last report available, dated Aug. 6, export
showed
265,600 tons standing with vessels waiting for 21,000 tons,
and dumpings
on Aug. 5 amounting to 67.900 tons. Coal in transit
amounted to 120,600
tons.
A report from the Oro ex Coal Exchange at Cleveland
shows Lake dumpings for the month of July amounting to 3,621.665 tons,
of which 3.418,426
tons were cargo and 203,239 tons vessel fuel. This is
1.288.814
tons under
last year. For the season to the end of July (not
including storage loading
after close of season) total dumpings stand at
10.113,512 tons as against
15.009,872 tons in 1923.
The coal and ore exchange further reports the
movement of bituminous
from the lower Lake ports continues to improve and
in the
Aug.3,7 a.m., nearly reached the 900.000 ton mark. Intact, week ended
it amounted
to 898,500 tons, an increase of more than 7%, or 65.897 net
tons. Of the
total dumpings, 853,216 tons were cargo coal and 45,284 tons
were vessel
fuel. Dumpings in the corresponding week of 1923 totaled
1,170,216 tons.
The improvement during the last few weeks has brought the
current rate
of dumpings to a level that compares favorably with that of earlier
years.
The demand for anthracite is dull, owing to the season and
industrial
depression, but reports indicate activity within the next two weeks.
755
The weekly review of the situation in the coal markets
issued by the "Coal Age" on Aug. 13 is appended hereto
in full:
If the revival of the coal trade does not come soon it won't be for lack of
prophets and heralds. From reports one would think the bituminous coal
producer was anxious for a revival of his industry, but the truth is that the
coal men are divided in sentiment. They don't like the present slackness.
Who would? But they also realize that the longer it lasts the surer will
be their reward at the end. If the market were to brisken now,the volume
of business would increase. but it would not be profitable business. If it
waits a few months more it will have not only volume but profit not only
current strength but voltage also. However, to have to wait is vexatious
and it looks now, despite the Geological Survey's report as of Aug. 2, as if
a gentle increase in production will soon be on its way. Everyone forecasts
either that or a wild market, and in a few places here and there a little
Improvement infhe coal trade is manifest. The big fall trade, the winter
anxiety about fuel which has been prophesied will hardly come, unless
someone whose opinion is recognized starts something and the public in a
panic does the rest. It is more likely we shall see volume rather than
profit. The public has so strong a hold on the situation that the coal man
has to admit that the industry "functions badly" as far as his profits are
concerned. However, if the indications of increased business-and there
are but few of them-are illusory and the public continues to wait, the
awakening may not be pleasant.
It is useless to consider the markets separately for they conform too closely
to type. Something might be said as to the Great Lakes. There only a
certain dockage space is available and the unwillingness of the retailer to
buy has cluttered the docks with coal. The Northwest does not have as
Much time as the rest of the country to satisfy its wants, so it would do
well to get coal moving.
"Coal Age" Index of spot prices of bituminous coal showed no change
during the past week, standing on Aug. 11 at 163, the corresponding price
being $1 98.
Hampton Roads dumpings for all accounts during the week ended
Aug. 7 totaled 358,915 net tons, an increase of 6,915 tons from the week
preceding.
The anthracite and bituminous coal markets, strange to say, are in a
similar condition. Both are feeble, but whereas the anthracite sales are
few but declining, the bituminous sales are few but increasing. Canada
is still a weak market for anthracite. Winnipeg seems to be responding
to the active efforts of the Alberta producers who are supplanting those
of Pennsylvania. The short time in the southern anthracite field seems
likely to be duplicated in the northern, making irregular operation general.
But, at that, the anthracite region has a stability of output that makes the
bituminous fields quite envious.
Production Figures Show Decline in Output of
Anthracite, Bituminous Coal and Coke.
The report on the production of bituminous coal, anthracite
coal and beehive coke for the week ending Aug. 2, issued
by the Department of the Interior, through the Geological
Survey on Aug. 9, shows declines of 56,000 tons, 117,000
tons and 5,000 tons, respectively, from the output respectively for the week preceding. Regarding the situation
in the bituminous fields the Survey says:
The production of soft coal declined slightly in the week ended Aug. 2.
The total output is now estimated at 7,486,000 net tons, a decrease of
56,000 tons. In this estimate allowances have been made for coal coked
at the mines, mine fuel and local sales.
The average daily production continues to run along at almost exactly
the same level as that for 1921. At this time in 1921 production was on
the verge of a recovery that reached its peak in mid-October. In order to
reach the level of the earlier year, it will be necessary to add more than
37500,000 tons to the present weekly rate of output.
Estimated United States Production of Bituminous Coal in Net Tons, Including
Coal Coked.
19231924Cal. Year
Cal. Year
Week.
to Date.
to Date.
Week.
7,401,000 246,857,000 10,676.000 301,154,000
July 19
1,772,000
1,779,000
1,453,000
Daily average
1,233,000
July 26 a
7.542,000 254,399,000 10,817.000 311,971.000
1,773,000
1.803,000
1.446,000
Daily average
1,257,000
Aug.2 b
7,486,000 261,885.000 10.564,000 322.535,000
1.772.000
Daily average
1,761,000
1,440,000
1.248,000
a Revised since last report. b Subject to revision. c Minus one day's
production to equalize number of days in the two years.
Production of soft coal during the first 182 days of the calendar year
1924 was 261.885,000 net tons. In the six preceding years it was as follows:
Years:of Activity-Years of Depression265,386.000 net tons
342,533,000 net tons 1919
1918
235,291,000 net tons
313,911,000 net tons 1921
1920
213,352,000 net tons
322,535,000 net tons 1922
1923
Thus it is seen that from the viewpoint of the vroduction of soft coal
the year 1924 stands 20% behind recent years of activity and 10% ahead
of the years of depression.
In considering the possible effect of the subnormal rate of production
that has prevailed for the last four months, it must be remembered that the
consumption of soft coal varies greatly with the general condition of business.
In 1919, for example, the domestic consumption was approximately 479,000,000 net tons; it was 530,000,000 in the war year 1918 when industry
was running at maximum. The production of 465,860.000 tons of soft
coal in 1919 was insufficient to meet the requirements and there was an
appreciable draft on consumers' stocks, which, combined with interruptions
to production early in 1920, led to the shortage of coal of that year. Should
production during the last half of 1924 be at the same average rate as in
the first half, the total output for the year will be in the neighborhood of
455,000,000 tons, 10,000,000 less even than in 1919. The information
available is not sufficient to permit accurate estimates of the present
rate of consumption. There is evidence, however, that the total for the
year will be greater than in 1919, indicating a probable draft on consumers'
stocks during the year of about 25,000,000 tons. On Jan, 1 1924 such
stocks totaled 62,000,000 tons.
ANTHRACITE.
Production of anthracite declined perceptibly in the week ended Aug. 9.
32.892
cars
From the
loaded, as reported by the carriers, the total output
Is estimated at 1,720,000 net tons, a decrease of 117,000 tons, or 6%.
This decline reduces the present rate of output to 85% of that a year
ago
and to a lower level than has prevailed at this season for several years,
excluding only 1922 and 1921 when production was curtailed by
strikes.
THE CHRONICLE
756
Estimated United States Production of Anthracite (Net Tons).
1923
1924Cal. Year
Cal. Year
to Date.
Week.
to Date.
Week.
2,005,000 56,805,000
1,840,000 50,632,000
2,080,000 58,885,000
1,837,000 52,469,000
2,018,000 60,834,000
1,720,000 54,189,000
Week
EndedJuly 19
July 26
Aug.2
BEEHIVE COKE. .
The production of beehive coke continues to decline slowly. The total
week
ended Aug. 2 is placed at 94,000 net tons, a
the
in
estimated output
decrease of 5,000 tons. The loss was distributed over all the producing
districts except West Virginia and the Rocky Mountain States, where the
rate of output remained unchanged. For the country as a whole the
present rate of production is less than one-third of that a year ago.
Estimated Thoduction of Beehive Coke (Net Tons).
1923.
Week Ended1924
to
Aug.2 July 26 Aug.4
to
Date.
1924.a 1924.b 1923.
Date.
Pennsylvania and Ohio-- 61,000 63,000 282,000 5,116,000 9,511,000
699,000
5,000
5,000 21,000 347,000
West Virginia
697,000
15.000 16.000 19,000 589,000
Ala., Ky., Tenn. & Ga
488,000
Virginia
6,000
7,000 12.000 241,000
245,000
Colorado and New Mexico_ 4,000
4,000
6,000 160,000
174,000
Washington and Utah
3,000
4,000
5,000 125,000
Total United States
Daily average
94,000 99,000 345.000 6,578,000 11,814,000
64,000
36,000
16,000 17,000 58,000
a Subject to revision. b Revised from last report. c Less one day's
production in New Year's week to equalize the number of days covered
for the two years.
Cumulative production of beehive coke during 1924 to Aug. 2 stood at
6,578,000 net tons. Figures for similar periods in earlier years are as
follows:
3,722.000 net tons
1920
12,548,000 net tons[1922
11,814,000 net tons
1921
3.789,000 net tons 1923
Production of Anthracite by Regions During 1923.
A compilation showing the production of anthracite
during 1923, together with the value of the output, according
to the regions in which it was mined, has been published
by the U. S. Geological Survey under date of Aug. 9, and
is repeated herewith:
ANTHRACITE PRODUCED IN 1923-BY REGIONS.
---Shipments---- ---Local Sales
Value.
RegionValuta
Gross Tons.
Gross Tons.
Lehigh558,796 . $2,135,158
Breaker product
9,538,147 $62,782,100
3,403
Washery product
3,383
521,744
1,675,656
Dredge product
94,725
124,538
164.582,294
562,179
82,138,561
20,377,383 $133,635,367
1,552,511
6,185,369
284,682
306,184
554,910
186
462,231
;3,570,662
1,110
369,520
22,214,576 $140,126,920
1,017,327
$3,941,292
10,154,616
SchuytkulBreaker product
Washery product
Dredge product
[Vol.. 119.
Kentucky. d Iowa, Kansas, Missouri, Oklahoma, Arkansas and Texas. e Colorado, New Mexico, Utah, Wyoming, Montana, North Dakota and Washington.
C Alaska, California, Idaho, North Carolina, Oregon, and South Dakota not
Included.
Estimated Production by States of Bituminous Coal
During Second Quarter of 1924.
Statistics furnished by the U. S. Geological Survey on
Aug. 9 show the output of bituminous coal in each State
during the second three months of 1924, together with the
total amount produced from Jan. 1 to June 30. The
compilation is as follows:
ESTIMATED PRODUCTION OF SOFT COAL, BY STATES, APRIL TO
JUNE 1924 (NET TONS).
StateJune.
Yr.
.to June 30.
April.
May.
Alabama
1,300,000
1,350,000
1,275,000
8,725,000
Arkansas
85,000
100,000
110,000
845,000
Colorado
567,000
722,000
678,000
4,946,000
Illinois
3,945,000
3,893,000
3,871,000
34,508,000
Indiana
1,400,000
1,200,000
1,300.000
11,640,000
Iowa
341,000
328,000
319,000
2,903,000
Kansas
301,000
321,000
355,000
2,634,000
Kentucky
2,515,000
2,644,000
2,563,000
8,266,000
Maryland
133,000
134,000
150,000
1,047,000
Michigan
50,000
33,000
51,000
417,000
Missouri
198,000
230,000
214,000
1,989,000
Montana
172,000
116,000
149,000
1,355,000
New Mexico
148,000
161,000
157,000
1,043,000
North Dakota
18,000
24,000
23,000
221,000
Ohio
1,782,000
1,570,000
2,120,000
14,880,000
Oklahoma
116,000
139,000
129,000
1,090.000
Pennsylvania
8,131,000
8,403,000
8,442,000
60,637,000
Tennessee
335,000
309,000
327,000
2,590,000
Texas
61,000
50,000
65,000
415,000
Utah
262,000
1,948,000
325,000
261,000
Virginia
785,000
• 5,337,000
781,000
798,000
Washington
176,000
139,000
1,164,000
148,000
West Virginia
6,061,000
7,360,000
45,352,000
7,040,000
Wyoming
494,000
393,000
3,755,000
441,000
Other States.a
58,000
10,000
10,000
10.000
Total bituminous
29,447,000
30,447.000
227,565,000
31,236,000
a Includes California, Georgia, North Carolina, Oregon and South Dakota.
Production and Stocks of Leather in June-Stocks of
Hides and Skins-Large Decline from a Year Ago.
The Department of Commerce on Aug. 8 gave out the following information with regard to stocks of hides and skins
and stocks and production of leather for the month of June,
based on reports received from 4,689 manufacturers and
dealers:
Stocks of Hides and Skins.
The total number of cattle hides held in stock on June 30 1924, by packers
and butchers, tanners, dealers and importers (or in transit to them)
Wyoming$7,761,854 amounted to 3,962,823, as compared with 4,121,777 on May 31 1924, and
Breaker product
39,092,074 $270,555,028 1,308,115
14,611
Washery product
1,680,032
7,215,898
4,852
with 6,086,120 on June 30 1923. The stocks of calf and kip skins amounted
Dredge product
5,592
5,476
to 3,196,655 on June 30 1924, as compared with 3,067,1315 on May 31 1924,
$7,776,465
40,777,698 $277,776,402
and 4,360,239 on June 30 of last year. Goat and kid skins numbered
1,312,967
Sullivan County10,186,623 on
$51,450 9,196,100 on June 30 1924, 8,689,905 on May 31 1924; and
Breaker product
280,822
$1,912,541
7,841
June 30 1923. The stocks ofsheep and lamb skins on June 30 1924 amounted
Total breaker product
69,288,426 $468,885,036 2,429,662 $13,519,124 to 6,321,055; on May 31 1924 to 6,034.106, and on June 30 of last year, to
19,124 9,915,680.
Total washery product
3,754,287
15,076,923
8,421
369,520
Total dredge product
384,999
436,198
4432,231
Stocks and Production of Leather.
The total stocks of sole leather (cattle) reported by tanners, dealers and
Grand total
73,427,712 8484,398,157 2,900,314 $13,907,768
manufacturers
using
the leather as a material, amounted to 8,228,871
-Usedfor Power- -Total Production
backs, bends and sides on June 30 1924. the corresponding figures for May
Value.a
Value.
Gross Tons.
Gross Tons.
Lehigh31 1924. being 8,563,236, and for June 30 1923, 9,438,454. The production
Breaker product
1,008,884
$1,752,849 11,105,827 $66,670,107 of sole leather during June 1924 amounted to 1,098,604 pieces (backs, bends
1,747,940
68,881
544,490
19,363
WasherY product
124,538 and sides), and the stocks in process at the end of the month to 4,892,557
Dredge product
94,725
pieces.
$68,542,585
1,028,247
$1,821,730 11,745,042
The harness leather in stock on June 30 1924 amounted to 483,835 sides,
Schuylkillsides on the corresponding date in 1923; the total
Breaker product
2,626,295
$1,887,047 23,558,588 $139,093,076 as compared with 389,662
6,234,029 stocks of upholstery leather on June 30 1924 comprised 390,631 hides, as
47,550 1,612,234
Washery product
59,537
680.811 against 344.264 hides one year earlier; upper leather (cattle) in stock on
Dredge product
6,370
753,283
3,107
June 30 1924 amounted to 6,971,357 sides, as compared with 6,917,979
2,692,202
$1,939,704 25,924,105 $146,007,916
sides on June 30 1923.
WyomingThe stocks of horse leather on June 30 1924 amounted to 235,126 fronts
Breaker product
3,110,108
$44,353,633 43,510,297 $282,670,515
7,583,045 and 354,189 butts, as against 381,577 fronts and 362,656 butts in stock one
Washer)
, product
174,518
352,536
1,859,402
5,716
Dredge product
300
240
5,893
year earlier. Calf and kip skins (finished) in stock on June 30 1924 num3,284,926
$44,706,409 45,375,591 $290,259,276 bered 7,256,492; goat and kid skins 24,469,494; and sheep and lamb skins,
10,033,797; while on June 30 1923 there were in stock 8,525,940 finished
Sullivan County5,000
$1,978,991 calf and kip skins, 21,559,616 goat and kid skins, and 11.919,817 sheep and
Breaker product
113,000
293,663
skins.
lamb
6,750,287
88,006,529 78,468,375 $490,410,689
Total breaker product
Detailed Statement.
15,565,014
253,418
468,967 4,016,128
Total washery product
811,065
6,670
5,347
Total dredge product
853,900
Detailed figures relative to stocks of hides and skins and stocks and pro7,010,375
38,480.843 83,338,401 8508,786,768 duction of leather, are given in the accompanying tables as follows:
Grand total
a Value given is value it which coal left possession of producing company f.o.b. STOCKS OF PRINCIPAL KINDS OF RAW HIDES AND SKINS AT THE END
separately
incorporated selling companies.
mines, and does not include margin of
OF JUNE AND MAY,1924, AND JUNE 1923, AND STOCKS
DISPOSED OF DURING JUNE 1924.
Regional Production of Bituminous Coal During First
Six Months of Current Year.
The output of soft coal during the first six months of 1924
according to regions is shown in a table just given out by
the United States Geological Survey, in which comparison
is also made with the production for the full 12 months of
the three preceding years. The table is as follows:
Stocks on Hand or in Transit.
Kind.
Cattle, total
hides
Domestic, packer
hides
Domestic, other than packer_ _hides
Foreign (not including foreigntanned)
hides
Buffalo
hides
and kip, foreIgnPRODUCTION IN NET TONS OF SOFT COAL, BY GROUPS OF STATES, Cattle
tanned
& skins
1921-1924.
Calf and kip
skins
Year 1924
Horse, colt, ass and mule:
First Six at Same Rai
Hides
hides
1923.
Months of as First Six
Fronts
whole fronts
1921.
Months.
Estimated.
1922.
1924.
RegionButts
whole butts
139,708,000 279,416,000 342,470,000 261,463,000 252,370,000
Northeast_a
Shanks
shanks
Southern Appala_b- 11,350,000 22,700.000 24,387,000 23,263,000 17,063,000 Goat and kid
skins
100,346,000
104,352,000
124,530.000
91,505,000
Eastern interlor_c
52,176,000
Cabretta
skins
Western interior_d- 9,876,000 19,752,000 20,850,000 15,234,000 17,113,000 Sheep and lamb
skins
Mountain States and
Skivers
and
flashers
dozens
28,883,000
14,432,000 28,864,000 33,000,000 30,612,000
Northwest_e
Kangaroo and wallaby
skins
Deer and elk
skins
227,542,000 455,084,000 545,237,000 422,077,000 415,775.000 Pig
TotaLf
and hog
skins
a Michigan, Pennsylvania, Ohio, West Virginia, Maryland, eastern Kentucky Pig and hog strips
pounds
and Virginia. b Alabama, Georgia and Tennessee. c Illinois, Indiana and western
June
1924.
May
1924.
June
1923.
Stocks Disposed of
During
June 1924.
3,962,823 4,121,777 6,088,120 1,281,038
783,329
2,478.329 2,484,556 3,012,839
1,147,748 1,253,505 1,376,122
388,123
338,746
53,842
383.716 1,697,159
179,831
55,675
109,586
5,853
650
18,199
72,475
13,757
3,198,655 3,067,615 4,360,239 1,184,820
97,697
96,255
119,364
9,196,100
558,900
6,321,055
126,349
278,480
397,234
82,937
738,179
24.470
127,676
741
138,526
22.534
448,118
1
91,914
809,558
8,689,905 10,186,623
40,416
501.015 1,128,280
6,034,106 9,915,680 2,186.300
24,893
138,502
108,836
455,742
*237,401
113,011
326,879
349,660
51.600
54,882
81,471
29,526
603,908
707,054
104,254
91.785
90,767
THE CHRONICLE
STOCKS OF PRINCIPAL KINDS OF LEATHER AT THE END OF JUNE AND
MAY, 1924, AND JUNE, 1923.
Stocks on Hand or in Transit.
Kinds of Leather.
June
1924,
May
1924.
June
1923.
757
Census Report on Cotton Consumed and on Hand in
June, also Active Spindles, and Exports and Imports-Sharp Falling Off in Consumption.
Under date of Aug. 14 1924 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active cotton spindles and imports and exports of cotton for the month
of July 1924 and 1923 and the twelve months ending with
July. Cotton consumed amounted to 346,671 bales of lint and
40,884 bales of linters and 45,933 of linters in July 1923 and
350,277 of lint and 39,583 of linters in June 1924, the Bureau announced. It will be seen that the decrease from
July 1923 in the total of lint and linters combined was
121,032 bales, or 23.8%. The statistics of cotton in this
report are given in running bales, counting round as half
bales, except foreign bales, which are in equivalent 500-lb.
bales
DEPARTMENT OF COMMERCE.
Bureau of the census.
Sole and belting leather:
Cattle-sole
backs, bends and sides 8,228,871 8,563,236 9,438,454
Horse-sole
whole butts
67,184
70,610
43,987
Belting butts
butts and butt bends
898,603
895,280
903,710
Offal-sole and belting
pounds 58,196,835 56,438,005 65,366,070
Cut stock:
Blocks
dozens
922,462
959,340 1,064,206
Cut Boleti
dozen pairs 6,701,841 6,611,536 7,310,654
Taps
dozen pairs
481,725
407,675
595,146
Harness leather
sides
483,835
462,867
389,662
Bag,case and strap leather
sides
345,721
351,306
386,367
Skirting and collar leather
sides
229,210
215,754
144,133
Lace and latigo leather
sides
53,193
50,249
45,842
Welting leather:
Cattle
Pounds
391,411
400,481
287,700
Pigskin strips
pounds 1,244,329 1,204,815 1,078,727
Upholstery leather, total
hides
390,631
386,612
344,264
Whole hide grains
hides
92,711
81,960
84,501
Buffings (russet)
hides
18,743
20,235
(a)
Machine buffed
hides
92,166 • 93,578
120,937
Whole hide splits
hides
187,011
190,839
138,826
Upper leather-Cattle & kip side____total sides 6.971,357 6,831,786 6,917,979
Preliminary Report.
Other than patent
sides 6,065,727 6,081,049 6,183,875
Wdshington, 10 a. m., August 14 1924.
Patent
sides
905,630
750,737
734,104
Cotton consumed,cotton on hand,active cotton spindles, and imports and export.
Glove leather-cattle grains
sides
22,676
25,976
30.707 of cotton for the month of July 1923 and 1924, with statistics of cotton consumed,
Cowhide (fancy and bookbinders')
skies
88,870
87,732
72,960 imported and exported for the twelve months ending July 31.
Buffings (fancy and bookbinders')
hides
81,424
81,816
129,218
Horse: Fronts and half fronts (b)._equIv. fronts
(The statistics of cotton in this report are given in running bales, counting round
235,126
249,131
381,577
Butts (c)
whole butts
354,189
353,061
362,656 as half bales, except foreign cotton, which Is In equivalent 500-pound bales.)
Splits, other than upholstery
pieces 4,353,187 4,019,490 4,228,674
AND ON HAND IN SPINNING MILLS AND IN
Calf and kip (d)(except kip side upper)
skins 7,256,492 7,269,024 8,525,940 COTTON CONSUMED
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
Goat and kid (d)
skins 24,469,494 24,093,204 21,559,616
Cabretta (e)
(Linters Not InIcuded4
skins 2,050,526 2,070,444 2,409,392
Sheep and lamb(f)
skins 10,033,797 9.911,754 11,919,817
Skivers, total
dozens
109,988
111,458
Cotton
Cotton on Hand
Cotton Consumed
87,658
Hat sweats
dozens
12,728
12,621
During (Bales)Spindles
12,007
July 31 (Bales).
Other skivers
dozens
97,260
75,651
98,837
Active
Fleshers, total
dozens
58,605
Locality,
Year
In Public During
54,986
56,192
In
Chamois
dozens
42,413
43,052
45,385
12 Months Consuming Storage and
July
Other fleshers
dozens
Establish- at Corn- (Number)
13,220
July.
12,573
13,140
ending
Kangaroo and wallaby (upper leather)
skins
671,342
677,038
presses.
July 31.
moats.
529,688
Deer and elk (c)
skins
486,811
412,072
422,380
Pig and hog (g)
skin
44,148
38,471
1924 '346,671 '5,688,111 '719,827 "673,934 28,710.359
45,249 United States
Seal (fancy and bookbinders')
skins
1923 462,654 6,666,092 1,093,618
53,190
58,629
64,365
938,903 34,243,817
Rough leather
equivalent side
17,426
25,750
25,669
Rough splits (including grains)
equiv. skies
223,119 '198,882
339,439
251,258 Cotton-growing States_ 1924 241,069 3,861,026
526,671 15,392,664
532,076
1923 308,262 4.247,748
753,283 15,872,395
a Included in "Buffings (fancy and bookbinders')." b Includes upper, patent New England States_ _ _ 1924 89,599 1,535,203
330,121
65,363 11,823,859
2,049,580
491,000
130,282
1923
133,191 16,659,303
and glove leather. c Includes upper and glove leather. d Includes upper, patent,
States
1924 16,003
291,882
50,267
81,900 1,493,836
glove and fancy or bookbinders'leather. e Includes upper, glove and fancy or book- All other
1023 24 Lin
258.784
70.542
47.429 1.712.119
binders'leather. fIncludes upper, patent, glove, and fancy or bookbinders'leather,
shearlings, roller leather and miscellaneous sheepskins.. g Includes glove and fancy
•Includes 12,892 Egyptian, 7,252 other foreign, 3,870 American-Egyptian and.
307 sea island Consumed, 51,655 Egyptian, 31,933 other foreign. 8,968 Americanor bookbinders' leather. • Revised figures.
Egyptian and 2,465 sea island in consuming establishments and 12,586 Egyptian.
20,050 other foreign,6,210 American-Egyptian and 2,038 sea island in public storage.
Twelvemonths Consumption: 223,957 Egyptian, 104,417 other foreign, 35,648
American-Egyptian and 4,907 sea island.
Stocks of Leaf Tobacco Held by Manufacturers and
Linters not included above were 40,884 bales consumed during July in 1924 and
45,933 bales in 1923; 100,640 bales on hand in consuming establishments on July 31
Dealers July 1 1924 and 1923 and April 1
1924 and 127,139 bales in 1923; and 57,796 bales in public storage and at compresses
In 1924, and 36,000 bales in 1923. Linters consumed during twelve months ending
and Jan. 1 1924.
July 31 amounted to 531,920 bales in 1924 and 646,109 bales in 1923.
The following statistics, prepared by the U. S. Census,
represent the quantity of leaf tobacco reported as held (1) by
manufacturers who, according to the returns of the Commissioner of Internal Revenue, manufactured during the
preceding calendar year more than 50,000 pounds of tobacco,
250,000 cigars, or 1,000,000 cigarettes. (2) by all registered
dealers in leaf tobacco. and (3) all imported leaf tobacco in
United States bonded warehouses and bonded manufacturing warehouses:
POUNDS OF LEAF TOBACCO ON HAND,
TypesAggregate'
442,696,052
425,000,271
420,935,838
358,256,222
New England, includConn.: Total
106,950,240
Broad leaf
45,587,503
Havana seed
50,194,350
Shade grown
11,174,387
New York
3,523,517
Pennsylvania
120,440,728
Ohio
80,193,420
Wisconsin
116.352,798
Georgia and Florida_ _ _
6,148,629
Porto Rico
8,773,050
All other domestic
307,670
89,951,973
38,504,085
43,804,228
7,643,660
3,981,716
110,836,790
81,719,044
126,918,502
5,198,671
6,519,163
324,412
104,901,432
39,737,154
53,685,238
11,479,040
4,098,435
127,272,674
60,243,547
105,827,988
7,139,894
11,115,975
335,893
84,795,953
30,386,185
41,780,080
12,629,688
3,288,965
87,395,051
62.530,922
99,797,581
8,415,316
11,673,339
359,095
Imported types
73,189,077
76,398,290
69,664,021
73,979,605
Leaf tobacco on hand July 1 1924 includes 1,444,242,805 pounds, for which
the
"Marked weight" was reported (I. e., weight at time It was packed or baled), and
399,494,051 pounds for which the "Actual weight" was reported. The corresponding amounts included for 1923 were 1,271,068,249 and 426,776,196 pounds,
respectively: for April 11924, 1,585,005,556 and 391,563,433 pounds, respectively; and
for
Jan. 11924, 1,295,055,263 and 356,874,914 pounds, respectively.
Allowanceshould
be made for shrinkage on the amounts for which "Marked wieght"
was reported,
In order to ascertain the actual weight. The total for July 1 1924
includes 1,684,
132,406 pounds of unstemmed and 159,604,450 pounds of stemmed leaf tobacco.
Imports of Foreign Cotton (500-Lb. Bales).
Country of Production.
Egypt
Peru
China
Mexico
British India
All other
Twelve Months Ending July31
Ju y.
1924.
1923.
2,126
492
2,266
190
1,491
32
3,929
592
702
13
1,107
13
164,152
19,928
45,118
27,062
34,419
1,609
329,335
21,188 .
50,239
45,679
22,124
1,391
6.597
8.358
292.288
469.954
1924.
Total
July1 1924. July 1 1923. April 1 1924. Jan. 1 1924.
1 843,736,856 1,697,844,445 1,978,568,989
1,651,930,177
Chewing, smoking, snuff,
and export types: Total 1,327.851,727 1,196,445,884 1,485,969,130 1,2
19,694,350
Burley
482,200,603 404,988,799 542,408,991 3
34,126.306
Dark District of Ky. &
Tenn.: Total
313,595,970 300,091,910 303,679,678 214,991,189
Dark fired of Clarksyule, Hopkinsville
and Paducah districts
190,312,237 185,348.597 160,122,110 113,752,897
Henderson
5,961,268
8,567.236
11,626.579
4,083,236
Green River
62,120,823
64,041,484
67.570,883
55,741,884
One Sucker
55,201,642
42,134,593
64,360,106
4
1,413,172
Virginia Sun Cured_ _ _
7,604,640
9,298,367
8,581,448
8,787,229
Virginia Dark
37,828,183
34,523,238
41,528,785
32,677,468
Bright Yellow District
of Va., N. C., S. C.
and Georgia
476,625,877 438,667,032 582,561.735 619,840,139
Maryland
7,740,730
5,019,408
4.779.732
6,842,385
Eastern Ohio Export
2,079,850
3,576,521
2,282,797
2,260,305
All other domestic,Ind.
Perique-Louisiana_ _ _
175,874
280,609
145,964
169,329
Cigar types:Total
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
1923.
Exporters of Domestic Cotton and Linters-Running Bales
(See Note for Linters).
Country to Which Exported
Twelve Months Ending July 31
July.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
1924.
1923.
1924.
1923.
69,610
16,267
21,448
26,409
71,772
6,027
12.327
18,234
15,703
82,218
10.938
25,599
6,450
1,713,229
717.838
549,433
1,264,378
801,259
543,889
181,974
1.287,552
641,578
496,714
934,358
622,291
635.605
245,929
211,533
171,469
5,772,000
4,804.027
Note.-Figures include 8,906 bales of Mien; exported during July in 1924 and
3,661 bales in 1923 and 116,144 bales for the 12 months ending July 31 in 1924 and
41,438 bales in 1923. The distribution for July 1924 follows: United Kingdom. 338;
Netherlands, 75; Sweden, 30; France, 2,484; Germany, 5,558; Belgium, 50; Italy.
155; Canada. 213; Mexico, 3.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1923, as compiled from information secured through the domestic and
foreign staff of the Department of Commerce Is 18,261,000 bales of 478 pounds lint,
while the consumption of cotton (exclusive of linters in the United States) for the
year ending July 31 1023 was approximately 20.950,000 bales of 478 pounds lint.
The total number of spinning cotton spindles, both active and idle, is about 157,000,
000.
Strike Terminated in Philadelphia Clothing Market.
The strike in the men's clothing manufacturing industry
of Philadelphia, which went into effect last week, has been
settled in a majority of the shops affected. Announcement
was made by the union this week that an agreement had
been reached with many of the contractors providing that
all their workers be union members and that the employers
join the contractors' organization with which the labor organization will conduct its future relations. The aim'of
the union to unionize the contracting branch-of the business
having been practically/ achieved, the labor leadersrannounced that no effort would be made now to unionize the
large manufacturing houses.
758
THE CHRONICLE
Small Independents in Cloak and Suit Trade Tell
Governor's Commission Its Recommendations
Deprive Man of Opportunity to Start in
Business or Continue.
The smaller independent cloak and suit manufacturers,
who played no part in the settlement by arbitration recently
brought about through the efforts of the Advisory Commission appointed by Governor Smith, applied to the Commission on Aug. 12 to change some of its recommendations.
A group of these manufacturers has formed the League of
Independent Cloak and Suit Manufacturers, with E. B.
Goodman as Temporary Chairman and Joseph Perling as
Temporary Secretary. Their chief grievance was that the
agreement entered into by the larger manufacturers and
jobbers and the union made it imperative that at least
fourteen machine operators be employed in each shop.
Members of the new organization all have less than that
number. Mr. Goodman contended that this section deprived a man of the opportunity to start in business fo himself, or to continue in business, unless he had the immediate
capacity to employ not less than fourteen operators. He
characterized it as a "bold stroke" of the union. In the
brief he left with the Commission Mr. Goodman recommended the appointment of a permanent impartial Chairman in the industry, as advocated in the Commission's
report, and suggested that Governor Smith, after the expiration of his term of office, would make an ideal leader.
"The union," said Morris Hillquit, counsel for the International Ladies' Garment Union, "does not want to recognize
the shops with less than fourteen machines, because these
smaller shops are apt to be so-called "sweat shops" in small
and unsanitary buildings. There has to be a line of demarcation between the 'legitimate' manufacturers and the 'sweat
shops,' and we have placed it at fourteen machines."
Strike in Baltimore Women's Wear Trade Settled—
Manufacturers Grant Unemployment Insurance
Demand.
The strike which recently went into effect in the women's
wear manufacturing trades of Baltimore has practically been
terminated, according to press reports. A majority of the
unionized shops have granted the workers' principal demands,
it is stated, while a small number has held out against a settlement. The chief demands to which the manufacturers
have acceded are unemployment insurance, to which they
will contribute 2% and the workers 1% of the weekly wages,
use of the sanitary label on union-made garments, equal pay
to men and women doing the same kind of work, and abolition of the piece work system.
Strike in the Boston Clothing Trade.
Following the strike in the Philadelphia market, workers
in the men's clothing trade of Boston walked out this week.
The strike was expected to be of short duration. The main
issue is the enforcement of agreements between the union
and manufacturers, with particular regard to the sending of
work to contract shops. The union insists that outside work
must be sent to union contractors.
[VOL. 119.
Settlements with more than 20 manufacturers were announced on Aug. 14 by the settlement committee arbitrating
between the employers and members of the union affiliated
with the Amalgamated Clothing Workers of America. This
will mean the return to work on Monday of 2,500 of the 4,000
workers who went on strike, it is said.
•Strike in Broadsilk Mills of Paterson.
While strikes against reduction of wages have been called
recently in some cotton mills of New England, a strike, not
against a reduction, but for an increase in wages, went into
effect this week in the broadsilk mills of Paterson. It was
said that in the neighborhood of 5,000 were involved.
Efforts looking to mediation by the Federal Labor Department have been made, both before and since the strike
and an organization of manufacturers formed to deal with
the situation, but no settlement has been reached. Nonunion as well as union workers, members of the Associated
Silk Workers, are in the strike. The strikers are demanding
the abolition of the multiple loom system, an increase of
from 10 to 15% in wages and the discontinuance of all night
work. They demand that not more than two looms be
operated ata time, on the ground that more looms work
too great a hardship on the operators.
Wage Agreement Signed in Shoe Industry of Lynn.
The agreement recently adopted in the shoe manufactuing industry of Lynn, Mass., leading Eastern shoe centre,
was signed this week by the Amalgamated Shoe Workers and
the Lynn Manufacturers' Association. The new agreement,
based on findings made by the State Board which investigated
conditions, will be in effect until April 30 of next year. It
provides that employers shall engage only members of the
Amalgamated unless that body is unable to furnish workers
and also for the settlement of disputes by a mixed committee of workers, employers and neutrals. Appeals from
the decision of this board will go to the State Board for final
adjustment. The new agreement, it is stated, has been
accepted by committees from all the locals connected with
the Amalgamated. Since last April a number of locals
separated from the Amalgamated, but they later rejoined.
Dairymen's League Announces Further Price Advance
on Milk, Effective Aug. 18.
Announcement was made this week at the offices of the
Dairymen's League Co-Operative Association, Inc., in this
city, that, effective Aug. 18, the price of Class I (fluid) milk
of the Association will be $2 60 per 100 pounds. This is an
advance of 54 cents per 100 pounds, or a littke more than
1 cent a quart over the present price. Announcement also
was made that simultaneously the price of Class II milk,
which is sold largely in the form of sweet cream, will be
$1 90 per 100 pounds,effective on the same date, an advance
of 10 cents over the present price. Officials of the Association declare that this increase has been made necessary because of an unseasonal shortage in production, owing to the
recent protracted period of hot weather.
r Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Aug. 13, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows decreases of $7,400,000 and $4,100,000, respectively, in holdings of discounted bills and of acceptances purchased in open market,
together with an increase of $4,800,000 in Government
security holdings, resulting in a net reduction of $6,700,000
in total earning assets for the week. Federal Reserve note
circulation declined by $4,000,000, while cash reserves
increased by $4,400,000 and deposit liabilities by $5,800,000.
A decrease of $2,800,000 in holdings of discounted bills is
reported by the Federal Reserve Bank of Chicago, the
Richmond bank reports a decrease of $2,700,000, and New
York a decrease of $2,200,000, while Cleveland shows an
increase of $4,100,000. The remaining banks show relatively small changes in holdings of discounted bills. Holdings of paper secured by Government obligations increased by
$3,200,000 to $82,000,000. Of the latter amount, $69,100,
000 was secured by Liberty and other U. S. bonds, $11,800,000 by Treasury notes, and $1,000,000 by certificates of
indebtedness. After noting these facts the Federal Reserve
Board proceeds as follows:
Of the total increase of $4.800,000 in Government security holdings.
$4.000,000 was in Treasury notes, $500,000 in bonds and $300,000 in
certificates of indebtedness.
An increase of $6,100,000 in Federal Reserve note circulation is reported
by the Cleveland Reserve Bank, $2,400,000 by Philadelphia, and an increase of $200,000 by the Kansas City bank. These increases were more
than offset, however, by decreases aggregating $12,700,000 shown for the
remaining banks, the principal reductions being as follows: Chicago.
$3.800.000: New York, $3,200,000, and San Francisco, $2,400,000. Gold
reserves increased by $18,700,000. reserves other than gold declined by
$14,300,000, and non-reserve cash increased by $800,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely pages 790 and 791. A summary
of the changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending Aug. 13
1924 follows:
T Otinf 11120,1,
rflo g
r".45N
r"p,gao.sgE:
EiRgEqua.g,
00,,
C,
330
0'-4
(..
0
00014.
3
......
.4 g.. ,
1
8
004'.
t,1.4 4.
I5A g .0i
..."
58 St 2
1
L" '
c 88 S
A
8* ..,
-.4.
......
00
,.0
co
t
t
-4
Is,
Total.
gi
2 tS0
'0
to 00
4.
.
Atnt. Held in Res've Against
Trust Against United Slates
Gold and Silver
Notes
Certificates (ct (and Treasury
Treas'y Notes
Notes
011890).
01 1890).
.
0.1
0 .
C
00
2,260,891,0351
6,129,583,4701
4.
4.
-.
8
In Circulation.
02
Per
Capita.
t ..
... . ....00
g
.
.
4.
Amount.
......
......
isgtggg
.......
..
.
4,755,403,0351
mond and Atlanta districts. These increases were partly offset by a
decrease of $18,000,000 in the Boston district. Time deposits of all reporting members increased by $31.000,000 and those of the New York City
members by $12,000,000.
Reserve balances of all reporting banks show an increase of $5,000,000 .....
Q
and cash in vault a decline of $9,000,000. The New York City banks i.0
-4 -,33 -00 0
- .....,§.§..
report an increase of $2,000,000 in reserve balances as against a reduction .
........
of $9,000,000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
declined from $72,000,000 to $62,000,000.
• Revised figures
....
g? .1,
5
n
5
0
.3
4
MONEY OUTSIDE OF THE TREASURY.
The Week with the Member Banks of the Federal
0340
.-40
000043
00
8
Reserve System.
'0
0, 'ce,
a -00 b "no Ic,
CO
0
Increases of $78,000,000 in loans and investments and of D00000
$58,000,000 in net demand deposits, accompanied with a
.
'"
0.
.
decline of $10,000,000 in accommodation at the Federal i g,b3tva..
-.
..
..
-4
-4
0
Reserve banks, are shown in the Federal Reserve Board's
C
-0
03
"'Ira
0
c
statement
of
July
30
of
consolidated
condition
on
weekly
0
0
i§ ggr0g
to
.ww
747 member banks in leading cities. It should be noted
lc
lo la la
co
0000.
for
these
member
.banks
figures
are
always
a
week
the
o
that
=caw
--'' ty OtININ
-°,0""
behind those for the Reserve banks themselves.
In
-00 -03 0
Total loans and discounts increased by $83,000,000, deo
o
creases of $2,000,000 in loans on United States Government
Z
..owto
0.
securities and of $22,000,000 in loans on corporate securities B88888
to o .4.00
E
......,
offsetting in part the increase of $107,000,000 in "all other,"
',:-4'
co ID
2
0 .woop
40300034
.
qlargely commercial, loans and discounts. Investment hold0
43
. 00..
W
02
.000-4
W
0
4.0
CO
ings of United States bonds increased by $19,000,000 and 33•PM0
.
0.3
420.000
holdings of corporate securities by $2,000,000, while holdings n'tt.F.It.i.1
V....82S
....
.......
"3
of Treasury notes and of certificates of indebtedness ithow ......
11 t.
010 -03 0
- In.
-C4 0
- -04 0•60
a
- 0
- 0
- -03 0
32 0
00000010
0020.4
33000.40
P.
reductions of $13,000,000 each.
-.......-...
03
0
.4
3
..:05
0
.
e .i7:,
4 -V -V
,
,,
,' it *0
02.4.00: .030
Member banks in New York City report a decrease of ..c...
0,000.000
00,0-4
4103
.
..
.
$41,000,000 in loans on corporate securities as against an
03
lIa
4 co
02 020....
amo.
t.6
74 e ;
l....
.
.-...-.
increase of $102,000,000 in "all other" loans and discounts.
. '
c0,oc.
'" 1
0,0002
1
c0oo
"
"
oo.wg
owo00.50040
boowc
Their investments in United States securities were reduced
8 00.400
.000
00000
0000
-.1010-0
"..
oo
ZO -O
,
$14,000,000, while their investments in corporate securities
l
8
i:
it .11.-4-400 04
.0'
000040
3..43
0
00.00
00.400
were increased by $3,000,000. Further comment regarding
..I 'meow
4."... 'co la 'oo
50Qcw.
the changes shown by these member banks is as follows:
C4
CO 8..4
308.- '
0..000.
2I 22
0° 3
03
-...
00,47
-qoi.
p 0.010io.o
Of the increase of $58,000,000 in net demand deposits, $43.000,000 was m..mw....1.
08
P1.'8 000
2: 5n..i.
reported for the New York district, $22,000,000 for the Chicago district, 030,0.400"'
La -03--414-01-0.
t'ttitrt
$4,000,000 for the Kansas City district and $3.000,000 each for the Rich. ......
...
28'.
...,....
......
MONEY HELD IN THE TREASURY.
la
4. .
a. co .4.co
0
1.2.7-.101n
0, 000,03.4
W003
. ccoo1.'
l
0§
4. .00cp.4
1,628,138,695
.c,
0
00 00000
+.4.40000
8,746,400,249
„increase (+) or Decrease (-)
During
P=v0.54 u
luq,e.e o gp,
Week.
Year.
'
+$4.400,000 +$38,400.000
+18.700.000
+23,500,000 0,000.= r,-6,700,000 -238.700.000
-7.400,000 -535.200,000
+3.200.000 -298,600,000 .03000000
-10,600,000 -236.700.000 0 03 030 00 0
3
4 W
-4,100,000 -155,200,000
400000008....
la la la
10
om owoo
+4,800.000 +450,500,000 amCWW0
+500,000
+5.300,000
......,
+4,000.000 +338,400,000
+300.000 +106,800,000 ,51tft e:25
-4,000,000 -479.800,000 .4.4.o
a. lc lo
3 "co 10.
+5,800,000 +263.100,000 coatacomm
00 &0
- -00 00 .
6
+12,800,000 +254.800.000 00,,0000-4
.
-c •p
0c
-10,100.000
-5,000.000 Do "cb'
o o,la co la
+3.100,000
+13.300.000
ow...zo.o.i.o
I
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
759
THE CHRONICLE
AUG. 16 1924.]
e-
2 sis CI E
a Includes United States paper currency in circulation in foreign Countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
b Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
c 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
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
notes of 1890 should be deducted from this total before combining it with
Increase (+) or Decrease (-) Treasury
total money outside of the Treasury to arrive at the stock of money in the united
On a subsequent page-that is, on page 791-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 ago and with last year.
During
Week.
Year.
Loans and discounts, total
+$83.000,000 +$652,000,000
Secured by U. S. Government obligations.. -2,000,000 -42,000.000
Secured by stocks and bonds
-22,000.000 +566,000,000
All other
+107.000.000 +128,000,000
Investments, total
-5.000.000 +400.000,000
U. S. bonds
+19,000.000 +227,000,000
U. S. Treasury notes
-13,000.000 -261,000,000
U. S. certificates of indebtedness
-13.000,000
+7,000,000
Other bonds, stocks and securities
+2,000,000 +427,000,000
Reserve balances with Federal Reserve banks +5,000,000 +212,000,000
Cash in vault
-9,000.000 -19,000,000
Net demand deposits
+58,000,000 +1,325,000.000
deposits
Time
+31.000.000 +551,000,000
Government deposits
-51,000,000
Total accommodation at Fed'I Res've banks_ -10.000,000 -478,000,000
Stock of Money in the Country.
The Treasury Department at Washington recently 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
July 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults) was
$4,755,403,035, as against $4,815,401,455 June 1 1924 and
$4,729,378,516 July 1 1923, but comparing with $5,628,427,732 on Nov. 1 1920. 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:
•
States.
e This total includes $18,700,175 of notes in process of redemption, $140,640,438
of gold deposited for redemption of Federal Reserve notes, $12,479,996 deposited
for redemption of national banks notes, 68,745 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,621,106 deposited as a reserve against
postal savings deposits.
I Includes money held by the Cuban agencies of the Federal Reserve banks of
Roston and Atlanta.
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption:silver certificates are secured &Ater:or dollar by standard silver
dollars held in the Treasury for their redemption; United States notes are secured
by a gold reserve of 5152,979,025 63 held In the Treasury. This reserve fund may
also be used for the redemption of Treasury notes of 1890, which are also secured
dollar for dollar by standard silver dollars, held in the Treasury. Federal Reserve
notes are obligations of the United States and a first lien on all the assets of the
issuing Federal Reserve bank. Federal Reserve notes are secured by the deposit
with Federal Reserve agents of a like amount of gold or of gold and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including the gold
redemption fund which must be deposited with the United States Treasurer, against
Federal Reserve notes in actual circulation. Federal Reserve bank notes and
national bank notes are secured by United States Government obligations, and a
5% fund for their redemption is required to be maintained with the Treasurer of
the United States in gold or lawful money.
Germany - Buying Silver in United States for
Coinage Purposes.
The purchase by the German Government of 4,000,000
ounces of silver, and an lag:dry in its behalf as to prices for
25,000,000 ounces more among the announcements of the
week; as to the first we quote the following from the Nerw
York "Evening Post" of the 13th inst.:
The second large sale of American silver to a European government for
coinage purposes was announced to-day when it was stated a group of
American producers had sold 4,000,000 ounces at current market prices to
Germany. The companies participating in the sale included the American
Smelting ac Refining Co., the United States Smelting, Refining & Mining,
Anaconda Copper and American Metals. Severs weeks ago Poland
bought 6,400,000 ounces here.
760
THE CHRONICLE
Regarding the inquiries relative to the purchase of 25,000,000 ounces of silver, we quote the following from the
New York "Times" of yesterday (Aug. 15):
The German Government is inquiring for large quantities of silver in the
American market, according to information obtained in trade circles yesterday. On Wednesday it was announced that the Germans had contracted
for the delivery of 4,000,000 ounces of the white metal for delivery over the
next few months,the metal being for the purpose ofrehabilitating the silver
coinage system of Germany. which was disorganized during and since the
war because of the hoarding of the metal. The 4,000,000 ounces already
contracted for, vented at $2,700,000, was sold at a fixed price.
R was learned yesterday that when negotiations were being carried on
with the German Government, the representatives of that country were
inquiring for approximately 25,000.000 ounces. The American producers
which are supplying the metal, however, were not willing to sell this vast
quantity of silver at a fixed price, because of the recent upward tendency
of the silver market. In view of this it is generally expected that the
remainder needed by Germany to build up a silver coinage system will be
purchased in this market in blocks of 4,000,000 to 5.000,000 ounces from
Lime to time, based upon market prices at the time the additional contracts
are closed.
The contract announced on Wednesday will be filed by the American
Smelting & Refining Co., which is controlled by the Guggenheim family;
the United States Smelting & Refining Co., another Guggenheim property;
the Anaconda Copper Mining Co., and the American Metal Co. In future
Germany will be in a position to buy the silver metal from any company
which offers a good price, but the assumption is that the companies mentioned will get the bulk of the business, as they are either the largest producers or refiners of the white metal. It is expected that American companies will get the bulk of the business, despite the fact that British dealers
were successful in getting a contract from Austria a short time ago, because
of their ability to quite a lower price at that time.
[VOL. 119.
securities and as a result the shares of the great German industrial companies and financial institutions quoted on the exchange have declined
sharply in value. Because of this credit stringency the rates of interest
have soared to heights hitherto unattained.
Holders of Russian Government Bonds of 1919 Not
Entitled to Claim Investment as Bad Debt for
Income Tax Purposes.
Holders of Imperial Russian Government 614s of 1919
were not entitled to claim the investment as a bad debt for
income tax purposes, by an important decision that hs just
been announced by the Committee on Appeals and Review,
according to M. L. Seidman, tax expert, of Seidman & Seidman, certified public accountants. In that ruling, Mr.
Seidman explained, the Committee makes a point of the fact
that while the bonds have been repudiated by the succeeding
Soviet Government, the United States has not recognized the
Soviet regime and consequently no official cognizance is to be
given to the act of repudiation. Furthermore, it is a rule of
international law that the fact that one Government is overthrown and a new one established does not affect the obligations of the old Government, for the new State is bound by
the engagements entered into by the Government that has
ceased to exist. Under these circumstances it is held that
the Russian bonds cannot be definitely ascertained to be
worthless and uncollectible, and since the law requires that
India Gets New York Gold—$100,000 is Shipped— those factors must be established, it is concluded that a
deduction cannot be made of the bonds as a bad debt.
Charges from Here Less than from London.
15:
Aug.
The following is from the New York "Times" of
The first shipment of gold from the United States in six months left Santos Exchange Adopts Plan to Protect the Coffee
New York yesterday for Bombay. It was shipped by the Equitable
Market.
Eastern Banking Corp. and aggregated $100,000. India recently has
been a heavy purchaser of gold in the London market, her takings there
The following from Buenos Aires, Aug. 13, appeared in
being second only to those of the United States.
the New York "Journal of Commerce":
According to officials of the bank, the shipment was made from New
York as a matter of economy. Shipping costs from New York to Bombay
amount to 1 %,or approximately $1,387 50 per $100,000 of gold. The
charges from London would be approximately $1,500, and the saving
widened as larger amounts are shipped. For this reason, it is expected
by bankers here that India will take considerable gold from America
this fall.
The price of the rupee enters into the transaction. At the current
price of this exchange, bankers say it is profitable to ship gold to India.
through a "hedging" operation. Yesterday's quotation on the rupee was
32.13 cents for Bombay checks. The year's highest price was 32.50
cents, reached on Aug. 4.
Regarding India' demand for gold, a cablegram to the
New York News Bureau from the Central News at London
Aug. 13 stated:
India's immediate gold import engagements amount to £3,750.000 and
It is doubtful if that country ever before bought so much of the yellow
metal in so short a time.
Official advices concerning the campaign against the Brazilian rebels in
the State of Sao Paulo, as forwarded by the Santos correspondent of "La
Nacion," reported that a column of Brazilian Federal troops entered the city
of Mundury. 160 miles west of Sao Paulo City, and is proceeding for
Chavantes, near the Parana-Panema River.
The correspondent adds that the official coffee exchange at Santos has
adopted temporary measures regarding the coffee market until the situation
returns to normal. The exchange has directed that coffee entries be based
on the figure of 35,000 bags daily for the present until the Sao Paulo Ry.
is able to increase its available rolling stock, when the entries will be increased to 50,000 bags daily until they compensate for the reduction in
entries caused by the revolt.
Short sales effected before the revolt will be liquidated at prices not
exceeding two mikeis per ten kilos above or below the Coffee Exchange
quotations on July 4. In this manner differences in favor or against the
operator will be reduced to two milreis per ten kilos, ever though there is a
greater difference in price when the exchange opens.
International (Previously Designated Inter-Allied)
British Restore German Tax—Decide to Put Up Import
Conference—Signing of Protocol By German
Duty to Original 26%.
Delegates—Controversy Over Ruhr Evacuation.
From the New York "Evening Post" we take the following
Once more a deadlock has threatened to disrupt the Lonfrom London, Aug. 4:
don Conference, which has been devoting itself during the
The British Government has informed Germany that it has decided to past few weeks to working out the procedure for bringing into
restore the 26% tax on German goods imported into this country under the
operation the Dawes proposals for the settlement of the GerReparations Recovery Act.
The Government three months ago reduced the duty to 5% after nego- man reparations questions. In our item of a week ago (page
tiations with the German Government. The restored 26% rate will be put
642) we indicated that material progress had been witnessed
Into effect at the beginning of the transition period under the Dawes plan.
that week in accomplishing the aims of the Conference, and
that three agreements had been proposed for execution.
Dudley F. Fowler on Unlimited Power of German The Conference report was submitted to the German deleIndustrial System.
gates on Aug. 5, and as was also stated by us last week, the
The German industrial system now has almost unlimited opening of direct negotiations for the French evacuation of
power and needs only "economic fuel" from foreign countries, the Ruhr occurred with the coming together of Premier
especially Great Britain and the United States, declares Herriot of France and Chancellor Marx and Foreign Minister
Dudley F. Fowler of the Bank of America in a review of Stresemann of Germany. It is this question which has proved
business conditions in Germany. According to Mr. Fowler, the stumbling block in the way of further progress during
the movement towards concentration of big business units the current week. On the 14th inst. an "Inter-Ocean" press
into combinations since the close of the war has strengthened cablegram from Berlin published in the New York "Journal
Germany's industrial system, which is now as efficient as of Commerce" said:
The Cabinet meeting held to-day, with President Ebert in the chair,
it was before the war. The policy of these combinations in
discussed the London situation and declared itself squarely in favor of the
ploughing back profits into the business has resulted in new attitude of the German delegation
on the evacuation of the Ruhr. It was
equipment and modernized factories, says the Bank of unanimous in recognizing that Premier Herriot's proposal to release the
occupied
zone
within
one
year
was
unacceptable to Germany.
America review:
German trade and industry has been forced to finance Itself. The Government will not help the banks and they in turn are powerless to give
financial aid to business. The larger firms which sold their goods abroad
had in the past accumulated with banks in Amsterdam, London and Now
York considerable credit balances, and those have been drawn upon in
order to purchase raw materials and meet current expenses. These with(trowels have been very heavy and have seriously reduced the volume of
such foreign balances.
Firms which conducted their business largely within Germany soon
learned that it was useless to carry their profits In marks and so adopted a
Policy of buying commodities or of investing in securities and thus keeping
their assets in property rather than in money, since the former rose in
Paper value as the latter declined.
Now that stabilization has come, German business houses find themselves
loaded with goods and securities. These cannot be carried except at ruinous
rates of interest and so much be sacrificed. In general the business public
has preferred to unload net their commodities but rather their holdings of
Consistent with its constant.stand that the Ruhr must be evacuated as
soon as possible, the German Government insists that a definite date be
fixed. It believes, furthermore, that during the intervening period the
methods of occupation must be changed. The conclusions reached by the
Council of Ministers were transmitted immediately to the German delegation.
Unanimous for Free Ruhr.
It may be said that all Germany shares the same opinion. If in other
aspects of the conference opinion was divided according to the different
political leaning of its exponents, absolute unanimity prevails with regard to
the military evacuation of the Ruhr. No other German Government, even
If presided over by the most conciliatory Socialist, could act otherwise.
Premier Herriot's attitude is all the more surprising because it is unexplainable even from the viewpoint of the old French policy. M. Poincare
himself defined France's action in the Ruhr as purely a pledge, saying that
there was no idea of a military occupation and that if troops were sent into
the Ruhr it was simply to protect the commissions of engineers.
AUG. 16 1924.]
THE CHRONICLE
The conclusion is, therefore, very clear. The moment the commission of
engineers disappears with the introduction of the Dawes plan, the reason for
maintaining troops in the Ruhr to protect it also disappears. The economic
evacuation of the Ruhr must be followed by military evacuation. Germany
would have consented to a reasonable term for evacuation, but nobody considers the one-year limit justified.
from the reasons of justice the German Government could not
accept a one-year limit because the Reichstag would never sanction it. Of
the laws that the German Parliament must pass in connection with the
Dawes plan some require a simple majority of the Chamber and others the
two-thirds stipulated by the Constitution of the Reich. For the first
236 votsx3 are needed; for the second, 314. Neither of the two majorities
could be obtained if the German delegation should give its consent to evacuation within a year.
Great Anxiety in Berlin.
Of course, even if everything in London had gone as the last few days
permitted one to hope, there would have been sufficient elements in the
Reichstag to place the Government in a difficult position. But if an equitable agreement had been reached in London the German Government could
always have answered the probable obstruction of the National Gorman
Party with the dissolution of the Reichstag. And it is not likely that the
National German Party would risk new elections at present.
The anxiety in Berlin is enormous,especially among the elements favoring
the Conference. Its enemies are naturally taking advantage of the crisis
to force a rupture, but all sensible people are impatiently awaiting the intervention of MacDonald to save the situation.
riAside
761
M. Herriot and the Ministers had little to say as they passed into the
Executive Mansion. The Premier, the War Minister and the Finance
Minister all declared there was no discord in the French delegation to the
London conference, but said that there were important matters to be
considered with the full Cabinet, and they probably would be thrashed out
during the night, so that the delegation could return to London to-morrow.
They said they were confident that a basis would be found enabling the
French delegates to come to an agreement with the Germans as well as
with the Allies. . . .
A communique given out by the Minister reads:
"The President of the Council, in accord with the other French delegates
to the London Conference, made a very detailed statement on the negotiations at London, which are still continuing. The Premier, before the
meeting of the Cabinet, had a conversation with the Minister of War."
Further advices (Associated Press) from Paris on the
10th inst. said:
Premier Herriot, Minister of Finance Clementel and General Nollet.
Minister of War, left Paris to-day for London with the unanimous backing
of the French Cabinet for the program which M. Herriot outlined to his
colleagues Saturday evening with regard to the endeavors to put the Dawes
plan into effect.
The program will be further disclosed only in the course of the negotiations with the Germans.
The impression in French political circles is that the program involves
the immediate evacuation of the Ruhr in order to enable the German Government to put through the Reichstag the laws necessary to make the Dawes
Last night's advices (Aug. 15) from Berlin (Associated plan operative.
M. Herriot, however, is quoted as having promised not to sign any LonPress) were to the effect that at a Cabinet Council meeting don agreement until after he returns to Paris from London and obtains a
and at a subsequent conference of the Cabinet with party vote of confidence in both the Chamber and the Senate.
The decision of the Cabinet to support Premier Herriot in making this
leaders 'yesterday it was agreed that every effort must be concession
is regarded as showing the dominating influence of the Socialprevent
a
breakdown
of the London Conference. ists in the Government's Parliamentary majority. It is generally conceded
made to
that unless M. Herriot brings back from London compensation, in the form
It was added:
It was, therefore, decided that the French promise to evacuate the Ruhr of some tangible guarantee that the Germans will execute the experts' plan,
he will have a bitter fight in the Senate to obtain approval of the concessions
not
be
bluntly rejected.
within a year should
he has made in London. . . .
London Associated Press cablegrams of last night said:
Marshal Foch's part in the drama in the Elysee Palace last night, where
Chancellor Marx went to Downing Street at 6 o'clock this evening to
M. Herriot's view prevailed over that of General Nollet, is rather mysteriacquaint Premier MacDonald with the German reply on the problem of
ous.
Foch has been out of the limelight since Herriot assumed power, but
the military evacuation of the Ruhr.
the Premier called him into private conference last night before the Cabinet
American Ambassador Kellogg and James A. Logan joined Premier Macmet, and the Cabinet later interrupted its session to enable M. Herriot and
Donald and the German delegates in the conference at Downing Street.
General Nollet again to talk with Marshal Roch. Foch, however, was not
Mr. Kellogg told the Associated Press correspondent he was convinced
asked to present his views in person before the Ministers, as he has been rethe Conference would not break down.
quested
to do so many times previously.
There is a proposal that certain points of the Ruhr would be evacuated
The reference in the official communication dealing with last night's conImmediately as a concession to the Germans.
American observers here are confident the French and Germans will reach ference, saying that M. Herriot's contentions had been supported by Maran agreement to-night on the military evacuation of the Ruhr and that the shall Foch, is taken in political circles to mean that Foch gave the Premier
satisfactory answers to certain questions, but not that the Marshal was
Conference will end to-morrow night.
Numerous messages were received at German headquarters to-day from satisfied with the situation.
Berlin. One of them, which arrived about 11 o'clock, was of considerable
An Inter-Ocean Press cablegram from Paris Aug. 10,
length and required three hours to decode.
published in the New York "Journal of Commerce" said:
This afternoon envoys were constantly passing between the German,
While no official statement has been made as to the plan under which
French and Belgian headquarters of the International Conference delegates.
There is hope among the Conference delegates that the German answer Premier Harriet purposes to withdraw troops from the Ruhr, it has been
learned
that the Premier's policy is based on a project for the negotiation of
proposals
to-day,so the blank space in the five protocols,
accepts the French
which have already been printed, can be filed in and the Conference take a separate agreement with Germany, apart from the Dawes plan.
As part of the compensation for freeing the Ruhr from Franco-Belgian
its adjournment to-morrow.
Owen D. Young, who served on the Dawes Reparation Committee, is forces, Premier Herriot will propose a commercial agreement between
and Germany, based, in part at least, on the barter system. One
France
urging the Reparations Commission to select a permanent agent general
for the execution of the Dawes plan in case an agreement is reached with of the principal reasons for seeking such a treaty is that the French metal
industry is in need of German raw materials.
the Germans.
On the question of security for France it is understood that M. Ilerriot
Mr. Young says he is willing to assist the agent general in instituting the
plan and believes it would be far better to do so than for him to temporarily will suggest a mutual guarantee agreement under the guardianship of the
League
of Nations.
accept the post himself, to be replaced later by a permanent official.
Premier Herriot's plans for settlement of the troublesome Ruhr question
Among the incidents of the week bearing on the Conference were given unanimous approval at the Ministerial Council which met Satwas the decision of Premier Herriot on the 8th to return urday evening and continued its discussions until an early hour this morning.
General Nollet, the Minister of War, is said to have agreed finally to
to Paris. As to this decision, we quote the following from Even
the proposals put forth by the Premier.
the Paris Associated Press cablegrams Aug. 8:.
A statement to the effect that the question of security for
Premier Herriot in London decided suddenly to-day to come back to
Paris Saturday evening for a conference with his Cabinet. He will be ac- France had again been thrust into the International Concompanied home by Minister of War Nollet and Finance Minister Clementel. ference, although only in the form of private conversations
The fact that the Premier arrived at his decision suddenly, after having
contained in an
remained for two weeks in London without taking advantage of oppor- between French and British delegates was
tunities which meantime had made possible his return to resume contact Inter-Ocean Press cablegram from London, which also said:
with his colleagues, has caused some speculation in political circles.
The French manifest anxiety over what they consider the fundamental
The reversal of the pre-arranged schedule under which the Cabinet was military nature of the Green Police organization of Germany. It is pointed
not due to meet before next Wednesday,seemingly has given color to rumors out by the French that the Green Police, consisting of 150,000 men, added
reaching Paris from London of lack of harmony in the French delegation, to the 100.000 regular troops permitted Germany by the Versailles Treaty.
notably between General Noliet and M. Harriet.
gives the Germans a formidable army sufficient to constitute a menace to
Since the opening of the London conference members of Parliament have her neighbors.
received information to the effect that there has been constant conflict
From London Associated Press accounts Aug. 18 we quote
between the War Minister and the Premier, General Nollet resisting the
follows that day's developments:
as
Premier's tendency to make concessions with regard to the Dawes plan.
The reparations conference has finally shaken itself down to the basic
General Nollet has twice resigned from the delegation, according to
reliable information reaching Paris, and special dispatches to the Paris question of the Ruhr evacuation, and the leaders are attempting in private
newspapers say the return of M. Herriot and M. Clemente' to Paris is due interviews to effect a settlement of this acute political problem, which really
to the fact that Nollet insists upon the maintenance of military occupation Is not on the agenda of the conference.
M. Herriot, the French Premier, had a long interview to-day with Dr.
of the Ruhr until Germany has furnished conclusive proof of her complete
disarmament, while M.Harriet desires to make concessions on this point.
Stresemann, the German Foreign Minister, Chancellor Marx and Dr.
Belgian Premier, and the leading
On the 10th inst. Associated Press accounts from Paris Stresemann called on M. Theunis, the Ramsay
MacDonald, the British
German delegates also conferred with
said in part:
Prime Minister.
At the conclusion of the Cabinet Council the following communique
While M.Ilerriot is supposed to have returned from Paris with authority
was issued:
to agree to the Ruhr evacuation within eleven months, the question of
• "The Ministerial Council was acquainted with what was done at the when evacuation will begin and the details of its execution, including the
London Conference and agreed unanimously to give its full approbation.
Consequently MM. Herriot, Clemente' and General Nollet will leave French and Belgians to keep their nationals on the railways, must be settled
among the French, Belgians, English and Germans before the conference
Paris for London to-day."
proceed in a definite way with the program for instituting the Dawes
Premier Herriot's first greeting on his arrival in Paris from London to- can
plan.
men,
anti-militarist
railroad
who
the
from
organized
an
was
important
'night
Reports from all three committees of the conference have been agreed to
demonstration around the Northern Station, crying alternately "Vive
studying and editing the protocols,
Herriot," and "Vive la Pats." But the first half hour the Premier had at in principle, but the jurists are busy
uhich are not yet in final form. The opinion now seems general in conhis disposal here was given to a private talk with France's greatest military
ference circles that the outcome will be definitely settled by Thursday or
authority, Marshal Foch.
Friday, and the majority opinion is decidedly Optimistic respecting the
The fact that the Premier had asked the head of the Interallied Military
Committee to confer with him before the Cabinet meeting for which M.
Herriot made his flying trip to Paris evoked much comment during the results.'•he"big fourteen" met to-day to receive the report of the third committee
evening, being taken as an indication that the military element was not which outlined how Germany will make payments in kind. mere was
question. This impression gained further much argument in this committee about the quantity of coal and coke
yet entirely out of the reparations
agreement was finally reached, with the
ground when at 10 o'clock to-night the Marshal drove up to the Elysee Germany shall deliver, but an
understanding that the matter shall be subject to arbitration.
Palace after the members of the Cabinet had arrived.
762
THE CHRONICLE
In its copyright advices from London Aug. 11, the New
York "Times" said:
Herriot-Theunis Plan.
The scheme under which military evacuation of the Ruhr will be carried
out is that originally suggested by M.Herriot and amended by M.Theunis
and now known as Theunis-Herriot plan. This contemplates complete
withdrawal of the French and Belgian troops within a year provided Germany fulfils her obligations under the Dawes scheme.
M. Herrot postulates neither a security compact nor military control of
Germany such as General Nollet first stood out for. What he wants is to
lay the foundations of a commercial agreement which will meet the abnormal
situation that will be created when the economic clauses of the Treaty of
Versailles come to an end. French memories of the Treaty of Frankfort
after the Franco-Prussian War may have some bearing on this point.
[VOL. 119.
Prime Minister MacDonald of England and the other conference leaders
are standing ready to lend any assistance possible to the three negotiating
powers, or rather to the two contending powers, as the Belgians really are
not a party to the bitter controversy.
The Americans have let it be known that they are anxious to render any
possible assistance if the principals in the controversy desire outside intervention of any sort.
The German and French delegations each was having a session to-night in
preparation for the resumption of to-morrow's struggle, which threatens to
be a long one.
It was stated on the 13th inst. that the settlement of the
Ruhr question was still held up by differences between the
French and Germans over deliveries in kind and over the
On the 12th inst. accounts from London (Associated terms of the commercial treay which is in process of negotiaPress) said:
tion. An Inter-Ocean Press cablegram from London (pubThe decision of the German. French and Belgian delegates on the Ruhr lished in the New
York "Journal of Commerce") was
evacuation problem will probably be communicated to the Reparations
Confernce to-morrow. Announcement of this was made by Premier authority for this and it added:
Herriot of France to the "big fourteen" this afternoon.
It is this question which has brought negotiations to a standstill, and until
the problem is solved by the three directly interested Powers and the British
there can be no progress towards closing up the program for the inauguration of the Dawes plan.
Private meetings are going on constantly between the Germans, Belgians.
French and the British Prime Minister, and there are rumors of many trades
being made behind the scenes in an effort to satisfy the French demands
which are being advanced as the price of moving the military forces out of
the Ruhr.
The Germans are standing firm in their demand for a modification of the
schedule for the delivery of dyestuffs. The French are standing equally
firm in their insistence on a libers1 supply of dyestuffs and in their pressure
for a trade treaty that will give distinct advantage to the
textile industry in
Alsace-Lorraine and that also will assure France a full supply of Ruhr
coke and of raw materials from Germany.
France wants tariff-free entry into Germany for the products of the textile
mills in Alsace-Lorraine. Part of the dyestuffs sought by the French
undoubtedly would go to these mills, thus putting Alsacian textiles in a
preferred position for competition in the European markets.
We also quote from the New York "Journal of Commerce"
Germans Seek Better Terms.
the following Inter-Ocean Press cablegram from London on
The Germans, however, are striving to obtain terms that would protect
the 12th inst.:
the textile trade within the borders of post-war Germany and, at the same
With good prospects that the Ruhr question may be adjusted within the time, to satisfy the French demands to the extent that Premier Herriot
next 48 hours, the Allied representatives here and the Germans are concen- would be willing to consent to an early evacuation of the Ruhr.
As the situation now stands, it is clear that if France and Germany can
trating their attention upon commercial questions. The most important
of these is the trade treaty which France wishes to negotiate with Germany reach an agreement for mutual concessions on commercial questions, the
Ruhr
military problem and all other minor issues still in dispute could be
as compensation for anearly release of the Ruhr.
Premier Herriot, realizing that he must carry back to Paris something easily adjusted. An encouraging feature is that both the French and the
tangible in the way of recompense for releasing the Ruhr, is pressing the Germans admit that they could not afford to permit the present conferences
Germansfor a definite agreement on the outlines of the proposed commercial to end in failure.
German officials point out that if they accept Herriot's proposal for
treaty. The Berlin delegation, however, appears to be pursuing a waiting
policy on the suggested trade agreement, pending a satisfactory solution evacuation of the Ruhr at the end of a year, the Marx Government probably
will fall immediately on return to Berlin.
of the Ruhr problem.
Dr. Marx apparently takes an exceedingly serious view of the situation.
All indications point to lively contests for trade advantages the moment
This
evening he was in direct communication with President Ebert, wishing
that the Intersllied conference comes to a complete agreement on the
program for making the Dawes plan operative. This situation was brought to have the full support of the President's views before meeting Herriot
sharply into view to-day at the session of the Council of Fourteen, during a again to-morrow.
discussion of the report of Committee No. 3 of the conference.
The signing of the first of the three protocols necessary
Herriot Rebukes Snowden.
to put the Dawes plan into operation was announced on
At one point in the discussion, Philip Snowden, British Chancellor of the
Aug. 9, stating that it was signed by representatives of the
Exchequer, upheld the German contentions regarding Allied property in
Germany, whereupon Premier Herriot declared that he could not under- German Government and the Reparations Commission, the
stand how the Allies, who had adopted the resolution on Allied property Associated Press advices from
London said:
in Germany, could now place themselves in the position of fighting the
The document formally accepts the Dawes plan, and by it the Reparation
resolution.'
Commission releases all German assets so that they will be available as
The Germans are now refusing resolutely to inlude benzol or dye materials security for the
proposed loan to Germany.
In the list of articles for payment in kind. They are willing, however, to
One of the other two protocols is between the Allies and the German
deliver coal, coke and lignite briquettes.
Government, while the third contains an agreement among the Allied
The following details concerning the conversations between Dr. Strase- nations. The
effectiveness of the protocol signed to-day is conditional upon
mann and Premier Herriot on the evacuation of the Ruhr, were obtained the signing of these
two protocols, a conclusion which depends upon the
from an authoritative source to-day. This interview, according to a success of Premier
Herriot's important mission in Paris, where he is condispatch sent to Berlin by the German delegation, was "very animated and ferring with the French
Cabinet to-night ma hurriedly summoned session.
lasted more than two hours."
James A. Logan Jr., sat as unofficial American representative with the
Reparation Commission this afternoon, and after the signing he described
Stresentann's Contentions.
Dr. Stresemann told M. Herriot that German public opinion counted on the protocol as a businesslike arrangement between the Commission and
the
German Government. Its adoption without difficulties, he said, was
the evacuation of the Ruhr immediately and could not understand why the
withdrawal of troops which has already been conceded in principle, should. due largely to the skilful handling of the situation by M.Barthou,President
be delayed without sufficient reason. Dr. Stresemann furthermore said of the Commission.
111
Despite the shifting of conference interest to Paris, the experts continue
that the German people could not understand how a question of justice,
their
labors
in
Downing Street, With the German experts they completed
such as the evacuation of the Ruhr, could be converted into an object for
their study of the report on restoration of fiscal and economic unity in
compensations to obtain commercial advantages from Germany.
The greatest concession that Germany could make on the Ruhr question, Germany and to-morrow will draft the covering letter with which the
said Dr. Stresemann, was complete evacuation by February. "By that report will be handed to the "Big Fourteen."
The experts are still confronted with the task of getting the Germans to
date," he declared, "the last Belgian and French soldiers should have left
the Ruhr. This does not mean that the German delegation does not regard agree to the third phase of the Allied program for operating the Dawes
as highly desirable all attempts to reach commercial agreements between the plan. The Germans have balked at that part of the French scheme which
French and German Governments and private enterprises of both countries. permits Allied priority in the purchase ot coal,coke,dyes and other products
But the German delegation is opposed to mixing this question up with the within Germany, and the Berlin representatives evidently are intent on
holding out until M. Herriot compromises on the military evacuation of
evacuation of the Ruhr."
According to the authority quoted, M. Herriot replied, saying that the Ruhr.
A conference on the question of inter-Allied debts will be held in the near
France and Belgium have gone as far as possible in their concessions and
that if Stresemann was reckoning with the difficulties he would meet in future. Premier Herriot of France annoucned this to-day just before he
started
for Paris.
his own Parliament, he should not forget that he, Bernet, had agreed to
The French delegates have been working persistently to bring about such
exchange real pledges for a hitherto platonic promise of payment from Gera discussion ever since the present conference opened. It is understood
many.
German official circles, however, expect a compromise to be reached to- that it has not yet been decided whether the new conference will be held
in
Paris or London. It was emphasized, however, that the American
day regarding the Ruhr evacuation on the basis of six months from the day
representatives were not parties to the decision to hold the conference.
Germany ratifies the London conference agreements.
Owen
D. Young said to-day that no official offer had been made him to
The National German Party, through its principal organs, "Lokal Anzeiger" and "Der Tag," has resumed its campaign against the London con- become the Agent-General of Reparations under the Dawes plan. To
ference, giving a glimpse of the probability that a parliamentary fraction unofficial inquiries, however he said he had tried to make it clear that he
of that party will fight the action of the German delegation in the Reich- could not in any circumstances accept the post for a longer period than that
which might be necessary for starting the operation of the plan.
stag as soon as it convenes.
In a copyright cablegram from Paris Aug. 10 the New
The Associated Press had the following to say from
York "Times" said:
London Aug. 13:
After two conferences lasting five hours, the French and German delegates to the International Conference to-night still were deadlocked on the
question of the time to be allotted for the military evacuation of the Ruhr,
and it was decided that Premier Herriot of France, Chancellor Marx of
Germany, Premier Theunis of Belgium and their associates would meet
again at 9 o'clock to-morrow morning in another effort to reach an agreement.
During to-day's conference the French and Belgians waived their claim to
maintain their nationals on the German railways. Agreements also were
reached on the amnesty question and on other minor matters.
At the conclusion of the conference this afternoon M. Herriot said:
"We are in the midst of negotiations which are progressing normally and
which will be continued to-morrow."
The Germans were not so calm in their estimate of the negotiations,
which Foreign Minister Stresemann regards as being in a critical state.
The important agreements signed by the Reparations Commission and
the German delegates on Saturday were as follows:
1. The German Government accepts and pledges itself to execute three
reports of the organization committees formed under the Dawes plan
in regard to the bank of issue. industrial shares and the railways, and
further the report on control of pledged revenues.
2. The Reparation Commission agrees to do all in its power to facilitate
the placing of the loan of 80,000,000 marks, making use for that purpose
of special pledges which are part of the general lien which the Commission
has over German property.
3. The German Government and Reparations Commission mutually
agree to give effect to all decisions which the Inter-Allied Conference
may take.
These agreements, of course, will have no validity unless the Conference
is successful in its task.
Am. 16 1924.]
763
THE CHRONICLE
in the developthe initiative of The Imperial Japanese Government,to assist
ment of Japanese industry.
fully paid.
The present capital amounts to yen 50.000,000 ($25,000,000)
Officers are
The field of operations includes the entire Japanese Empire.
of
hundreds
has
bank
the
maintained in Tokyo, Osaka and Kobe, while
activities of the bank
correspondents throughout Japan. The principal
utilities and major
the "Times" stated:
consist of making loans for the benefit of railroads, public
In its London advices Aug. 11
for the
before the Council of Fourteen in regard to Industrial enterprises, the purchase of debentures, either directly
The chief matter which came
investors.
an
Japanese
of
d with the appointment
as underwriter for distribution to
or
concerne
was
account
own
y
bank's
to-da
es
committe
under
the work of
on Commission in case of any dispute and the issuance by the bank of its own debentures to the public
American citizen to sit on the Reparati
This arose out of the jurists' report certain restrictions.
regarding operation of the Dawes plan.
"Special
scheme.
The Industrial Bank of Japan, Ltd.,is one of the several so-called
ent
on interpretations of the Dawes
was again brought up and every point Banks" which were created upon the initiative of the Japanese Governm
The Second Committee's report
Empire.
the
of
near
So
.
of amnesty proposals
ent of the economic resources
the
details
developm
to
expedite
certain
of
respect
in
save
agreed to
that the Coucnil congratulated While these institutions enjoy certain special privileges they are in turn subcomplete are the arrangements, however,
on the skill with which they had resolved the jected to supervision by the Government.
the members of the Committee
transfer of economic control of
Government Supervision.
complicated problems connected with the
aphands.
ce with the provisions of the charter, the Government
In
accordan
the Ruhr from French to German
to
15
Oct.
from
put forward
government
The date for its accomplishment has been
points the President, Vice-President, directors and a special
instead
20
Sept.
by
shed
the
by
accompli
er who acts independently of the bank's auditors elected
Oct. 5. Intermediary processes are to be
the occupied and unoccupied comptroll
approve any modification of
must
of
Finance
The
Minister
ers.
of Oct. 1, and the customs barrier between
sharehold
dates, however, are named
declaraterritory is to be abolished by Aug. 23. These
the by-laws of the bank, any proposed issue of debentures, or any
is put into effect by Aug. 15.
condition of
on the assumption that the Dawes report
tion of dividend. He may at any time require reports on the
have
certainly
almost
will
the
date
n and may suspend any action proposed to be taken by
The Conference has lasted so long that the
will be correspondingly the institutio
or byto be deferred, in which case the relative periods
bank which he may deem to be not in accordance with the charter
for the public interest. The comptroller, appointed by the
set back.
that has not been laws, or not
bank at all
As regards the Third Committee, the only question
Minister of Finance, has full power to examine and advise the
Transfer
the
for
le
ent
permissib
settled is the list ofindustries in which it will be
times. During the first five years of the bank's existence the Governm
all
at
wish
experts
German
Committee to invest reparation funds. The
guaranteed a minimum dividend of 5%.
quesThis
.
dyestuffs
not,
but
coal
cts
of
costs to exclude certain by-produ
Purpose of Issue.
Sunday and until 3 o'clock
the
tion had kept the Committee hard at work all
The proceeds of the present issue of debenture notes will be used for
should have the right of appeal
Germany
that
agreed
was
It
morning.
90% of
this
general purposes of the Industrial Bank of Japan, Ltd., more than
in kind.
to arbitration in the matter of deliveries
from the business of which is confined to Japan.
The following day (Aug. 12) the "Times" advices
Business.
say:
to
ng
be classified
London had the followi
The operations of The Industrial Bank of Japan, Ltd., may
Conference Discusses Reports.
as follows:
for the
either
securities
of
(a) The purchase of certain specified classes
Seven and of the Council of
There were the usual meetings of the Big
, which was bank's own account or as underwriter for distribution to the public.
difficulty
Ruhr
the
t
of
settlemen
Pending
-day.
for the
Fourteen to
of the Council of
(b) The making of loans on certain classes of security, primarily
verylguardedly referred to at the conference, the session
with such purpose of industrial development.
Fourteen and the plenary conference held later were occupied
to the
subject
public
the
to
having to trouble
(c) The issuance of its own debenture bonds
technical details that Premier MacDonald apologized for
imposed by its charter and by-laws and by and with the approval
ns
restrictio
matters.
dry-as-dust
such
with
the delegates
of the small States, of the Government.
The plenary conference, which included the delegates
es and previously
(d) The carrying on of a general banking business.
wasthereupon treated to reports presented by the committe
or to underwrite
The Bank is authorized to purchase for its own account,
approved by the Council of Fourteen.
Committee's for the purpose of public distribution, bonds issued by the national and
First
The
d.
introduce
were
ions
modificat
slight
Some
. The
but there were municipal governments in Japan, and other approved securities
report on defaults was accepted without alteration in its text,
l corporaproviso that they Bank also underwrites the debenture issues of Japanese industria
two annotations, one in which the Germans put In the
and
ents
in Annex 2 tions, public utility undertakings such as hydro-electric developm
could not bind themselves to accept any future modifications
ings of national interest such as
undertak
Allies.
public
the
by
and
ly
projects,
unilateral
n
made
be
sanitatio
might
which
of the Reparation Chapter
in the the Oriental Development Co., Ltd.,the South Manchurian Railway, Ltd.,
In a second annotation the meanng of the term "flagrant default"
explanation given the Great Consolidated Electric Power Co., Ltd., &c.
Dawes report was defined as being in accordance with the
of national and municipal
on Aug. 5.
Loans may be made by the Bank on the security
by the British Prime Minister in his House of Commons speech
were government bonds, and of the debentures of industrial and public utility
Various other matters, such as amnesty details and jurists' report,
back to the corporations. Call and time loans are extended upon the security of faclikewise considered by the plenary conference and again referred
secured by a charge on
tory land and buildings, such loans being usually
committees.
plan, which usually
the "Koio Zaidan," or "complete going concern"
American for Financial Conference.
The Bank
e this constitutes a lien on all assets, both tangible and intangible.
In fact, the most interesting new matter at the plenary conferenc
American acts as trustee for corporate obligations.
afternoon was Ambassador Kellogg's official notification that an
to hold
is
Capital and Debenture Issues.
citizen would serve at the financial conference which it proposed
30 1924 to
Ambassador
The capital stock of the Bank, which was outstanding June
In Paris after the present conference. The terms in which the
capacity in which the amount of yen 50,000,000 ($25,000,000), represented by one million
made this announcement contained no reference to the
d
every year
concerne
directly
shares of yen 50 ($25) pfully paid, has received regular dividends
the American would "serve," but as the United States is
decided by the since the Bank was established, varying from 5% to the present rate of
In the allocation of reparations payments, which has to be
Exchange Aug. 2
possess official
financial conference, it was generally assumed that he would
10% per annum. The stock sold on the Tokio Stock
to the Bank's
at 106% indicating a stock equity of $26,500,000 junior
status as the representative of the American Government.
1924
relate
only
The claims which the United States will put forward will not
outstanding debentures.
of
on
to a total
ing
occupati
its
outstand
to the costs of the American Expeditionary Forces during
Debenture issues which on June 30 1924 were
of certain
German territory, but will comprise various outstanding claims for damages amount of yen 320,783,482 ($160,391,741) with the exception
for
are limited in amount
to American persons and property. These will include indemnification
cases for which government permission is required,
may at no time exceed the total
American citizens who suffered by the sinking of the Lusitania.
to ten times the Bank's paid-up capital and
bills, national and municipal
amount of outstanding bank loans, discounted
owned (taken at market
government bonds,company debentures and shares
Offering in United States of $22,000,000 Notes of value), and gold and silver held by the Bank.
within thirty years of date of
All issues of debentures must be redeemed
Industrial Bank of Japan, Ltd.—Books Closed.
portion of its debenissue. The Bank has redeemed year by year a certain
liquid obligations in the
The National City Co. of New York offered, on Aug. 12, tures, and has established the debentures asthe
amount of $53,166.193
In 1923 bonds and notes to
an issue of $22,000,000 external three-year 6% gold deben- Japanese market.
of the total outstanding debentures as of Dec. 31
36.8%
or
,
redeemed
were
ture notes of The Industrial Bank of Japan, Ltd.(Kabushiki 1922. The position of the bank's assets is further strengthened by the
no real property excepting
Kaisha Nippon Kogyo Ginko). The subscription books terms ofits charter which provide that it may-holdtempraril
y only, such land
and,
business
its
of
conduct
in
the
The
required
in
day.
coupon
that
notes,
were closed at 10 a. m. the same
by court decree.
from liquidation of debts owned to it or
receive
may
it
as
l Bank of Japan, Limited,
form in denomination of $1,000 were offered at 993( and
The only external obligations of The Industria
ever issued by the Bank other
interest to yield over 6.25%. They will bear date Aug. 15 now outstanding, and the only external loand by
you, is a 5% sterling Loan
now purchase
1924 and will become due Aug. 15 1927. Principal and than these Three-Year Notes
simultaneously in London and Paris in
offered
00),
($9.733.0
00
of
12,000,0
As of June 30 1924 this loan was
interest (Feb. 15 and Aug. 15) will be payable in United 1908
at prices yielding less than 531%.
($5,122,089). This loan, like the
States gold coin in New York at The National City Bank of outstanding in the amount of £1,052,520of
the Imperial Japanese Governissue, bears the guaranty
New York, Fiscal Agent for the loan. The Industrial Bank present dollar
two exceptions, do not carry
ment. The internal issues of the Bank, with
l
and
will
t
principa
that
interest
covenan
of Japan, Ltd., will
this guaranty.
in addition to the sterling
The Bank also had outstanding June 30 1924,
be payable without deduction for any Japanese taxes, presThere were forty-seven
,865 of internal yen debentures.
$155,253
loan,
of
as
of
war
in
as
time
well
be
paid
shall
and
future,
ranging from 4.2%to
ent or
Issues of these debentures outstanding wiqh coupons
of
the
or
ity
owner, 7%, but by far the greater part bear coupons of from 5% to 6%. Two of
holder
peace, irrespective of the national
t of $50,000,000 and bearing 534% and 6% coupon
and without any declaration as to citizenship. The votes these issues the equivalen
as to principal
ed by the Imperial Japanese Government
guarante
are
rates,
ng
any
beginni
interest
on
date
a
whole
are redeemable as
and interest.
Italance.Sheet.
Aug. 15 1926 upon thirty days' prior notice at 100. The
notes are unconditionally guaranteed by the Imperial Jap- ,The condensed balance sheet:of the bank as of June 30 1924 was:
them. M. Barthou, President of the
After Chancellor Marx had signed
his views of their importance. A
expressed
on,
Commissi
ons
Reparati
peace had been taken, he said, and a new
considerable step on the road to
e
Marx replied: "I have the firmest confidenc
era had opened out. Dr.
established among the peoples."
that good relations will be
anese Government as to principal and interest by endorsement on each note. It is stated that the contract for the
loan will provide that these notes shall rank in all respects
with any and all other Industrial Bank of Japan Debentures
now outstanding or issued in the future. In a letter to the
National City Co., under date of Aug. 11, K. Iyanaga,
managing director of the bank, said in part:
Ltd., was established in 1902 following its
The Industrial Bank of Japan,
the Imperial Diet in 1900, Introduced upon
creation under a special Act of
Asses.
- NI
12
7:
5
360
368
,0
00
277481
0
:
981.00
Capital stock outstanding-- $
Cash on hand and in banks:1433,010,151
004,908,154 Debentures issued
Loans and discounts
Aceptans
4,768.596Deposits
31,008,205 Trust funds
Securities held
895
29:000
26
50
0:
12
2
from
s
and
rediscount
Loans
2,538,849
Funds In agencies
other banks
2,317,189
Bank premises
a4,788,191 Acceptances on customers'
Other assets
accounts
4,788,598
8821 360
1:2
18
Dies. Aesint. coupons payable 4, 3
710:6
77
9
88
Various
$273,317,335
$273,317,335
764
THE CHRONICLE
[VOL. 119.
The above balance sheet does not include the
$22,000,000 notes of the
present issue.
Earnings.
The charter provides that not less than 10%
added to the reserve funds after which an amount of the net earnings be
equal to 5% of the paidup capital is to be distributed as a dividend.
The remainder,after provision
for a management fund, may be carried
forward, added to the reserves,
Or distributed as a dividend.
105 and interest during the period
within which the bonds are not callable
.
Issuance of Further Bonds.
$1,000,000 bonds have been deposited
by the Republic with the Equitable
Trust Co. of New York for acccoun
t of the Republic and to be delivere
d
only upon the order of the Minister of
Finance to the American contractors
who are building the Atocha-Villzaon
RR. The contractors' agreement
with the Republic calls for the delivery
of these bonds only if and to the
In referring to the offering on July 12, the New York extent necessary to complete the road. On
receipt of a certificate from
the Minister of Finance and the
"Times" said:
contractors that the construction of the
road has been completed in accordance
with
the present contracts between
In connection with the financing it was learned
that the Japanese Govern- the Republic and the contractors, the trust
company is authorized to cancel
ment was desirous of having the funds raised
in this country, and conse- any of said bonds then remaining on deposit.
quently did not give other foreign bankers an
The $4,000,000 bonds reserved for the
opportunity to bid for the issue.
completion of the Potosi-Sucre RR.
The same paper also said:
cannot be issued unless and until the
Republic's revenues have equalled
its
expenditures for a period of twelve months
The offering this morning of $22,000,000 of
within the thirteen calendar
Industrial Bank of Japan months
immediately preceding the Republic's applicat
3-year 6% notes, it was pointed out yesterd
ay, is not only an indication of such
ion
bonds, and provided further that the Republic for the issuance
that the Japanese will continue to do
business on a large scale with the the
's collections from
pledged revenues and taxes during such twelve
United States when the opportunity offers,
months' period, as well
but will be a test of whether or as the
annual average for the five preceding years,
not this new kind of financing can command
shall have equalled 1%
its market. Those who were times
the interest and sinking fund charges of
in close touch with the syndicate
the loan, including those of
yesterday remarked that the bankers
the bonds to be so issued.
expressed it as their opinion that this would
be the first of similar financing
The annual interest and sinking fund require
to be done in the United States, and that
ments of this loan are at
the Industrial Bank of Japan present
was in reality establishing its credit
$2,900,000, i. e., 10% on the $29.000,000 bonds
here for future financing. This is the
authenticated to
date. Prior to Jan. 1 1924 these yearly require
first time an issue of this sat has been
ments were $2,400,000.
offered in the United States, although
The Republic's excess of expenditures over
they have been floated with success in
revenues, we are advised by
Europe. So far as could be learned the
there was no bidding by other markets
fcr the business, the representatives for Permanent Fiscal Commission, amounted to approximately $996.500
the year 1921, as against the budget estimate
of the bank and the Japanese Govern
for that year of $5,850,000;
ment preferring to float it in this
$2,410,000 for 1922 as against a budget estimate
country at this time.
of $4,493,000; $2.150,000
for 1923 as against a budget estimat
e of $3,884.000; and, the Commission
advises us, will probably amount to about
3900,000 for the year 1924 as
Offering of $3,065,000 Republic of Bolivi Bond
the budget estimate of 31.817.000.
a
s— against
The foregoing figures are likewise derived from conversions at the yearly
Books Closed.
average exchange rates for 1921.
1922 and 1923; and at the average rate
for the first six months of 1924.
An issue of $3,065,000 Republic of Bolivi extern
Toward the close of 1923 a number of bills
al
a
providing for increased taxes
and revenues were passed by the Bolivian
25-year secured refunding 8% sinking fund gold bonds
Congress, and the results of these
was financial reforms
, it is expected, will be reflected in a considerable increase
offered on Aug. 14 at 93 and accrued interest to yield about in the
Republic's revenues this year.
8.70%, by a syndicate composed of Spencer Trask
Sr Co.;
Total Debt.
the Equitable Trust Co. of New York; Stifel, Nicola
The Republic's total funded and
us & Loan
floating debt (excluding the Sterling 6%
of
Co.,Inc.; Halsey, Stuart & Co., Inc.; E. H. Rollins & Sons;
1909, which was called for paymen
t on July 1 1924; and also excluding the $1,000,000 bonds of this
Kissel, Kinnicutt & Co., and J. & W. Seligman & Co. The public
loan which were deposited by the Rewith the Equitable Trust Co. as
stated above) as of June 30 1924,
subscription books were closed late the same day. The was reported to us by the Permane
nt Fiscal Commission at approximately
bonds, which are listed on the New York Stock Exchange, $45,796,100, of which $30,465,500 was in external
form. The per capita
external debt was $10 15, and
the per capita total debt $15 26.
are dated May 1 1922, and will become due
In making up these figures the
May 1 1947.
internal debt, which is payable in Bolls+
They are in coupon form in $1,000 and $500 denomination
anos, has been converted into U.
S. dollars at par of exchange, e., 38.93c.
s, The
external debt is payable in dollars.
and are registerable as to principal. Princi
pal, premi
um
and interest are payable in New York City in
United States
gold coin free of all present and future Bolivi
an taxes, at the
principal office of the trustee, the Equitable
Trust Co. of
New York. The bonds are redeemable
as a whole only
at 105 and accrued interest, at the option
of the Government upon 90 days' notice, on any interes
t date beginnirg
May 1 1937; they are also redeemable in part
for the sinking
fund at the same price on May 1 of each
year beginning
1938. All legal 'matters in connection with
this loan were
passed on and approved by Curtis, Mallet
-Prevost & Colt
of New York City. Interest is payable May
1 and Nov. 1.
A statement regarding bonds outstanding,
&c., says:
Bonds outstanding at the present time (Aug.
13 1924)
$26,811,500
Bought and cancelled to date through
the operation of the
sinking fund
1,188,500
To be used only if and to the extent necessa
ry for ccmpleticn of
Atocha-Villazon RR.as stated below
1,000,0
00
Reserve for completion of Potosi-Sucre RR.
under conditions
stated below
4.000,000
Total authorized amount of issue
$33,000,000
We also quote the following from the official circular:
Reference to the purchase of bonds
of the Republic of
Bolivia ($2,700,000) by a syndicate
headed by Spencer Trask
& Co., the Equitable Trust Co. of
New York and Stifel,
Nieolaus & Co., Inc., of New York,
was made in our issue of
June 7 1924, page 2767.
Federal Reserve Bank of Cleveland
Reduces Discount
Rate to 33.%.
The Federal Reserve Bank of Clevel
and reduced its
rediscount rate on all classes and
maturities of paper from
4 to 33'z%, effective Aug. 15. On May
27 the Bank lowered
its discount rate from 4% to 4%,effective
June 1. Reference
to this was made in our issue of May 31,
page 2644. The
New York "Journal of Commerce" in a
Washington dispatch
Aug. 14 said:
This is the first change in Federal
Reserve rates since the Federal Reserve
Bank of Non' York reduced its rate
from 33 % to 3%•
Action of the Cleveland Bank in lowerin
g its rate to 35i% is seen here
as reflecting some uneasiness in the West
lest business be attracted to the
East by lower rates and an effort to
get more in line with New York.
There
has been a disposition to feel that the
Reserve banks in the West would not
respond to the latest rate cut by the
New York Bank, and some of these
institutions, particularly Chicago
, are understood to have expressed an
unwillingness to make further rate
reductions.
However, since Cleveland has made
a change, it is believed that if
any
large loans are floated by Western
interests in New York a realignment
of
rates in the West can be expected.
It is pointed out that such Federal
Reserve borrowing as there is is
naturally attracted by the lowest rates and
a spread of 1% might enable obligati
onsin the West to be met by borrowi
ng
in the East. Even a difference of
one-half of 1% it is thought, may lead
to a flow of business away from the
West to the East.
Therefore it is maintained that if the
New York Bank retains its present
rate for some time and borrowing
picks up in the East another general
downward revision of Federal Reserve
rediscount rates is to be anticipated.
In some quarters here further rate
changes are expected, purely on the
principle that when New York leads
the rest of the country follows.
Lower Federal Reserve rates in the
West. it is thought, will hardly be
reflected in any direct benefit to the
farming section, as Reserve rate
changes are not usually passed on
to the
there is a feeling here that if low money individual borrower. However,
rates continue there will develop
a trend toward investment in farm
mortgages by unemployed capital which
would naturally increase the supply
of easy credit available to the farmers.
Security.
The bonds are direct external obligations
of the Republic of Bolivia,
and, in addition to the full faith and credit
of the Republic, are specifically
secured by a first lien and charge upon import
and export dutires; surcharge
on import duties: 90% of the revenues received
by the Republic from the
tobacco monopoly; tax on mining claims;
tax on prcduction of national
alcohols and brandies in the Departments of La
Paz, Oruro and Tarija:
tax on corporations other than mining and banking
; tax on net income of
banks; tax on interest on mortgage cedulas; tax
on net profits of mining
companies; the Republic's majority stock interest
in the Banco de la
Nacion Boliviaa and the dividends paid on these
shares; also by a first
mortgage on the Atocha-Villazon and Potosi-Sucre
railroads, and a pledge
of their net income.
The Republic has agreed that if in any year the
collections frcm the
foregoing revenues and taxes should not equal 1%
times the interest and
sinking fund charges of this loan it will pledge
additional revenues ot
taxes (satisfactory to the bankers who underwrote the
loan) sufficient to
maintain such ratio. The Republic has also agreed
that so long as this
loan is outstanding the collections of the Republic's
revenues are to be
supervised by a permanent fiscal commission compose
d of three commissioners, two of whom are to be recommended by the
bankers and one
of these two to be the Chairman of the Commission.
New York Clearing House Association
Sinking Fund.
to Continue
The payment of principal and interest of this loan is
Unchanged Rate on Bank Deposits.
provided for by the
Republic's agreement to remit to the trustee in New York in
equal monthly
At a meeting of the Clearing House
installments, so long as this loan is outstanding, a fixed
Committee of the
yearly amount
equal to 10% of the par amount of all bonds authenti
New York Clearing House Association
cated.
on Aug. 10 it was
After providing for the interest on outstanding bonds, the balance
of decided not to alter the deposit rate
these remittances is to be used to retire bonds for the sinking
because of the 3%
fund by pur- discount rate adopte
chases at not over 105 and interest during the first 15 years,
d last week by the Federal Reserve Bank
thereafter by
purchase at not over, or by yearly drawings at, 105 and interest
New
of
York.
As to this week's action we quote the follow. During
the first half year these bonds were outstanding $246,50
0 par amount of ing from the "Wall Street Journa
bonds were so bought, during the second half year
l" of the 12th inst.:
$274,000. during the
The Clearing House Committ
third half year $296,500, and during the fourth halt year
ee, comprised of William Woodward,
$371,500, =sing President, Hanover National
the total amount cancelled by the Sinking Fund to date
Bank, who is Chairman, James It. Perkins,
$1,188.500 bonds.
President, Farmers Loan & Trust
The operation of this Sinking Fund is expected to redeem
Co., Albert H. Wiggin, President, Chase
loan National Bank. Jackson E. Reynold
before the maturity date, provided bonds can be purchas the entire
s, President, First National Bank, and
ed at not over John IT. Fulton. President,
National Park Bank, decided upon this action
Ara. 161924.]
765
THE CHRONICLE
in accordance with the amendment to the constitution adopted early in
July.
The amendment changed Section 1 of Article XI,so that the maximum
rates which may be paid on deposits of various classes, with Clearing House
institutions, are no longer automatically dependent on a change in the
Federal Reserve 90-day discount rate, as has been the case for some time.
The amendment, while still recognizing that money conditions and
interest rates are promptly affected by and closely related to the Federal
Reserve discount rate, places a duty on the Clearing House Committee to
meet, on a change in the 90-day rate, and review the then existing rates in
order to determine whether new rates under the schedule should be put
In force or others established.
All such rates, when adopted, are maximum rates which may be paid, and
in no way establish rates which must be paid.
Prior to the amendment to the constitution of the Clearing House Association members' interest rates on deposits move up or down ;‘, of I% as
the New York Federal Reserve Bank's 90-day discount rate moved up or
down 34 of 1%.
There has been considerable speculation in banking circles recently as
to what action the Clearing House Committee might take in the matter of
interest rates on deposits, and following the 3% bank rate, there was much
gratification in financial institutions when it became known that deposit
rates would not be changed.
Bankers recognize that to be required to pare rates on deposits might
prompt clients to withdraw funds and invest in securities or paper netting
larger returns.
The Clearing House amendment adopted
referred to by us July 5, page 32.
in July was
Notice to Members of New York Stock Exchange
Regarding Assessments under Moneyed
Capital Tax Act.
Notice to members of the New York Stock Exchange
assessed under the Moneyed Capital Tax Act of New York
State to take the matter up with their own attorneys, since,
it is stated, the opinion of Judge Proskayer does not relieve
all persons assessed under the law, has been issued by
Secretary Cox of the Exchange, as follows:
You have suggested that in some fusion I should bring influence to
bear to prevent the possibility of a colored man being nominated for
Congress. In reply, I quote my great predecessor, Theodore Roosevelt:
. . . I cannot consent to take the position that the door of hope—
the door of opportunity—is to be shut upon any man, no matter how
•
worthy, purely on the grounds of race or color.
Yours very truly.
CALVIN COOLIDGE.
Gen. Calles, President-Elect of Mexico, Sails for Europe
—Does Not Want "Capitalist Forces" to Exploit
Labor in Mexico—Invitation to Samuel
Gompers to Visit Mexico.
General Plutarco Elias Calles, President-elect of Mexico,
who sailed for Europe on the 9th inst. on the HamburgAmerican liner Deutschland, had an interview with Samuel
Gompers at Atlantic City on the 8th inst., during which he
extended to Mr. Gompers and members of the Executive
Council of the American Federation of Labor an invitation
to attend his inauguration as President in Mexico City on
Dec. 1. The invitation, it is stated, was accepted. Gen.
Calles arrived in New York on Aug. 6; the New York
"World" of Aug. 7 stated that, according to Robert Haberman, General delegate of the Mexican Federation of Labor,
spokesman for Gen. Calles, the latter is greatly interested in
the workings of the present Labor Government in England,
and will devote a considerable portion of his tour to a study
of it in the hope that his observations will be of future use to
Mexico. He is also, it is stated, anxious to see what is
going on in Germany. Gen. Canes was the guest of honor
at a luncheon given by the Executive Council of the American
Federation of Labor on the 8th inst. at Atlantic City, and a
translation of what he had to say upon that occasion, furnished by the Council, quoted him as stating in part:
NEW YORK STOCK EXCHANGE.
August 12 1924.
This is one of the greatest satisfactions that I have had in my life as a
To the Members of the Exchange:
It is one reason more of gratitude for the American Federation of
Members of the Stock Exchange and of Stock Exchange firms who have fighter.
and for its very noble President, Mr. Gompers. I have been elected
been assessed under the Moneyed Capital Tax Act should promptly refer Labor
of Mexico through the expressed will of the working classes of
the matter to their own attorneys and take the proceedings prescribed by President
because ever since I began my political campaign I said clearly
law to have the assessments cancelled or reduced. The opinion of Judge my country,
equivocation, speaking of my country, that I would lookProskauer does not of itself relieve persons assessed from liability, even if and without any
the working classes and that I desired that in the political'
under the terms of the decision they are not liable to tax, and the opinion for help only in
the reactionary elements remain my enemies and be the ones to
is affirmed by the higher courts. In order to obtain relief from assessment campaign
fight against my candidacy. I have won through the will of the workers
the procedure prescribed by the Act must be followed in each case.
is due to them and will be helped by them as long as I
Government
and my
E. V. D. COX. Secretary.
fulfill my obligations.
You can have the absolute assurance that I will never be a traitor, that
constructive.
President Coolidge Upholds Right of Negro to Become my Government with the new tendencies will be eminently
All my actions will be directed toward the betterment of the oppressed.
Candidate for Congress.
conviction
ideals that
these
that
the
and
assurance
firm
most
the
have
I
In upholding the right of a negro to become a candidate exist are carved in the hearts of not onlythe officers but also of all the memof the American Federation of Labor.
for Congress, President Coolidge declared that "our Con- bers
It is for me very highly satisfactory to make known to you on this occasion
citizens,
our
all
to
without
guarantees
equal rights
stitution
that the working classes of Mexico and its leaders are in contact with the
of the United States, and it is so to the point that the President
discrimination, on account of race or color." "A colored workers
of the American Federation of Labor has a very distinct place in the hearts
man," says the President, "is precisly as much entitled to of the workers of Mexico, and it could not be anything else so long as
submit his candidacy in a party primary as is any other Mr.Gompers has dedicated his energies and hislife in favor of the oppressed
oppressed classes of the whole world.
citizen." A letter in which the President thus expressed not only of his country but also the
This visit is for me to embrace fraternally Mr. Gompers, and to salute
himself, was addressed by him to Charles F. Gardner of his honorable collaborators: it is a very happy visit, and it fills me with
Fort Hamilton, N. Y., who had called the President's satisfaction, and I shall carry within my soul great ideals because I underworkers of the United
attention to the fact that Charles D. Roberts, a colored stand that with the workers of Mexico and theforces
of the country or
States united it will be very hard for the capitalist
for
Republican
the
candidate
was
dentist,
Congress in the whatever country to exploit and oppress my people.
Twenty-first New York City District. "Leaving out of
consideration the manifest impropriety of the President
intruding himself in a local contest for nomination," said
the President, "I am amazed to receive such a letter."
Colored men and boys, called up under the draft, took their
places," says the President, "whenever assigned in defense
of the nation of which they are just as truly citizens as are
any others." We give the letter herewith:
Aug. 9 1924.
My Dear Sir:--Your letter is received, accompanied by a newspaper
a
that
colored
discusses
which
possibility
the
man may be the
clipping
Republic nominee for Congress from one of the New York districts. Referring to this newspaper statement, you say:
"It is of some concern whether a negro is allowed to run for Congress
anywhere, at any time, in any party, in this, a white man's country.
Repeated ignoring of the growing race problem does not excuse us for
allowing encroachments. Temporizig with the negro whether he will
or will not vote either a Democratic or a Republican ticket, as evidenced
by the recent turn-over in Oklahoma, is contemptible."
Leaving out of consideration the manifest impropriety of the President
Intruding himself in a local contest for nomination. I am amazed to receive
such a letter. During the war 500,000 colored men and boys were called
up under the draft, not one of whom sought to evade it.
They took their places wherever assigned in defense of the nation of
which they are just as truly citizens as are any others. The suggestion
of denying any measure of their full political rights to such a great group
of our population as the colored people is one which, however it might be
received in some other quarters, could not possibly be permitted by one
who feels a responsibility for living up to the traditions and maintaining
the principles of the Republican Party.
Our Constitution guarantees equal rights to all our citizens, without
discrimination on account of race or color. I have taken my oath to
support that Constitution. It is the source of your rights and my rights.
I propose to regard it, and administer it, as the source of the rights
of all the people, whatever their belief or race. A colored man is precisely as much entitled to submit his candidacy in a party primary as is
any other citizen. The decision must be made by the constituents to
whom he offers himself and by nobody else.
According to the New York "Times" of the 10th inst.,
Gen. Calles, before his departure, expressed himself as
optimistic about Mexico's future and said his administration
would not be hostile to American oil companies operating
in that country. The same paper said:
General Calles was one of the first "drys" in Mexico and it was largely
through his efforts that Sonora, his State, went dry in 1915. He hoped to
see prohibition become effective throughout Mexico and also to see the
gambling along the border done away with.
Concerning American oil companies operating in Mexico, the General
said:
"I am absolutely in favor of oil companies owning property in Mexico.
and there will be no disposition on the part of my administration, when it
assumes office, to take over the property of any of these corporations. We
will welcome American capital as well as other capital in the development
of Mexico."
Just before the liner sailed at noon, General Calles received this message
from the Amalgamated Clothing Workers of America:
"The 140,000 workers organized in the Amalgamated Clothing Workers
of America congratulate Mexico on having chosen as its President a man
who, as Governor of Sonora and as a member of President Obregon's Cabinet, never failed to act up to his proclaimed beliefs that the first duty of an
organized Government is to protect the interests of those who toil. We
sendourlove and
d greetings to one we are proud to call "comrade.'"
Replying. President,-elect Calles sent the following message:
"The greeting you send me from one of the great organized groups of the
producing class of your country touch me greatly. I feel that the heart
of the great producing masses of your country, whose toil has built the
United States in all its glory, pulses in deep sympathy with our purpose to
struggle to realize in Mexico what you are struggling to realize here—life,
liberty and happiness for all of the people and not for a privileged few. We
are struggling toward the same goal as yourselves—the goal which your
Declaration of Independence proclaimed as your mission over a century
ago. May the people of both Mexico and the United States attain this
goal."
With Gen. Calles's arrival in New Orleans on Aug. 5,
..
the Associated Press advices from that city said:
766
THE CHRONICLE
[VOL. 119.
Mexico has seen its last revolution, General Plutarco Elias Canes, Presi- banker of
Washington Courthouse, 0., from the custody
dent-elect of the Republic, declares in an interview which the New Orleans
"Item" publishes to-day as a copyrighted story. It was the first utterance of the United States Senate on charges of alleged contempt.
of the new President since his election.
Daugherty was arrested when he failed to testify in the
General Calles will sail from New York for Europe within a few days.
Senate
investigation into the conduct of the affairs of his
"I am travelling unofficially to Europe with my brother and members of
our families," he said, "to rest from the strenuous seven months which we brother, Harry M. Daugherty, former Attorney-General.
have gone through in Mexico and to make a survey of social, labor and He filed a writ of habeas corpus and was released by
Judge
economic conditions in Great Britain, France and perhaps Germany.
Cochran.
that I may apply my observations to the benefit of my country as far as the
power it; vested in me. Until the promulgation of the result of the Presidential election in Mexico, it would be manifestly improper to speak in Speech of Calvin Coolidge Accepting Republican
any official capacity, as at present I bold no position in Mexico. You may,
Presidential Nomination.
however, say this:
President Coolidge, in his speech on Aug. 14, accepting the
"Mexico has seen her last revolution. She stands firmly committed to
the new Constitution and its reforms.
Presidential nomination on the Republican ticket, while
"Mexicans are going ahead, economically and spiritually. Homes, wellpaid labor and schools are going to be the portion of the families of Mexico stating that it is well for the country to have liberality in
In the future.
thought and progress in action (as to which he said we are
"The lands will continue to be restored to the Indians, who are their right- likely to hear a great deal of
discussion), declared that the
ful owners. There will be no more exploitation of the Indians of Mexico.
"The rights of foreigners and foreign capital will be respected, and both greatest asset is common sense. The people he said, want a
are welcome in Mexico when they come there to observe our laws and co- government of common sense. "We believe," said the Presioperate for our mutual benefit.
dent, "that our liberties and our rights are best preserved,
"The international debt of the country must and will be paid. It is a
not through political, but through judicial action." "We
debt of honor.
"Mexico will scrupulously respect the integrity of other nations as she believe," he continued, "the people of the nation should condemands that other nations respect hers.
tinue to own the property and transact the business of the
"There will be absolute insistence that all Government in the republic
nation," adding:
function for social justice.
We harbor no delusions about securing perfection. We know that man"Mexico has a special affection for the United States. The two nations
kind
is finite, and will continue to be under any system. But that system is
should work together in sympathy and harmony. They can add to each
best which gives the individual the largest freedom of action, and the largest
other's prosperity as they increase the extent of their intercourse.
"The rule of class and the era of special benefits for special classes is over opportunity for honorable accomplishment. Such a system does not tend
In Mexico. All classes and all groups will be accorded the rights of the law, to the concentration of wealth, but to the diffusion of wealth. Under our
but no extra-legal privileges, whether they be religious, financial or vested Institutions there is no limitation on the aspirations a mother may have for
her children. That system I pray to continue. This country would not be a
n their nature."
land of opportunity, America would not be America, if the people were
Return of
Europe— shackled with government monopolies.
Secretary Charles E. Hughes from
Looks for Successful Conclusion of London
Conference.
Secretary of State Charles Evans Hughes, who went
abroad -a month ago to attend the meetings of the Bar
Association in London and Paris, and who during his trip
visited Belgium and Germany, returned on the steamer
President Harding, which docked at Hoboken on the 14th
inst., • and went immediately to Washington. Secretary
Hughes expressed himself as optimistic,over the prospects
for a successful conclusion of the London Conference,
and does not think the acceptance of ,the Dawes report
would hinge on the question of the evacuation of the Ruhr.
He is thus quoted in the New York "Journal of Commerce"
of yesterday (Aug. 15), which says:
At the start of his address the President reviewed the
principal accomplishments during the Republican Party's
administration of the Government since March 1921, observing that the army and navy have been reduced to a low
peace time basis, surplus materials and supplies converted
into cash, hundreds of millions of accounts settled with the
railroads, most generous laws for the relief of disabled
veterans have been established- the enactment of the budget
system was likewise referred to, and more than 40% of the
amount of debts due us from foreign countries, he said, has
been liquidated; he declared that by means of a protective
tariff we have saved American agriculture, and said that the
Washington conference for the limitation of armaments has
"produced the one effective agreement among the great
powers in all the history of civilization for relieving the
people of the earth from the enormous burden of maintaining
competitive naval armaments." "A survey of the economic
condition of our country," he added, "the industrial peace
which prevails, the mighty influence which our moral power
exerts throughout the world all testify that it has not been
without success." "There are those," he said, "who would
disregard all this for an undertaking to convince themselves
and others that the chief issue of this campaign is honest
Government." He continued:
Referring to the reports that differences over the Ruhr were threatening
to cause the Conference to end in failure, Mr. Hughes said:
"I am not familiar with the situation at present. The reports are
press reports, usually reliable, but they may be in error. I do not think
the acceptance of the report will hinge on such an hypothesis."
Mr. Hughes left at once for Washington with Mrs. Hughes.
"There is little I can tell you," the Secretary said to reporters,"except
that I am very hopeful and optmlistic regarding the outcome of the London
Conference. Of course, you understand that I went abroad unofficially.
I was merely a member of the American Bar Association attending the
convention of that organization. Therefore I cannot discuss international
relations or politics in any way at this time."
Secretary Hughes was asked concerning reports from Russia to the effect
that the Soviet officials accused him of going to Europe primarily to block
In all my studios of political history I cannot recall an administration
Soviet treaties with other countries.
which was desirous of a dishonest and corrupt government that, for the
"I did not discuss Russian affairs at any time while I was abroad," purpose of checking
extravagance, ever undertook to introduce a budget
he said with a smile.
system, to cut down taxes, to purge the pay-rolls, to make enormous
He was asked also concerning reports that Myron T. Herrick, American reductions in the public
debt, and to lay firmer foundations for the peace
Ambassador to Prance, now on the liner Paris, returning to this country, of the world.
That is not the way of dishonesty. The Government is
had been recalled. He denied this and declared that if Mr. Herrick was sound. But
individuals charged with wrongdoing are being prosecuted.
on his way to America he was on a vacation.
The people of this country hate corruption. They know my position.
They know the law will be enforced.
Colonel Donovan Made Assistant Attorney-General.
Colonel William J. Donovan, United States Attorney for
the Western District of New York, was appointed on
Aug. 14 an Assistant Attorney-General to succeed Earl J.
Davis of Michigan, who resigned Aug. 1. Colonel Donovan
will have charge of the criminal division of the Department
of Justice, and those who urged his appointment contended
that his accomplishments in the Western New York District
demonstrated his peculiar fitness for the position he now
takes. The new Assistant Attorney-General was presented
to President Coolidge by Attorney-General Stone. Colonel
Donovan studied law in Columbia University under Mr.
Stone while the latter was professor in the law school. He
is a trustee of Columbia University.
Earl J. Davis, whose post in the Department of Justice
is now taken by Colonel Donovan, has been selected by
Senator Couzens of Michigan as special counsel for the
Senate committee investigating the Internal Revenue
Bureau. The committee expects to resume its investigation about Sept. 1.
Government Appeals Decision in Mal Daugherty Case,
The United States Government has filed an appeal in the
Federal District Court at Cincinnati from the decision of
Jndge A. M. J. Cochran, which released M. F. Daugherty,
President Coolidge declared that he favored the Permanent
Court and further limitation of armaments. "I shall," he
said, "avoid involving ourselves in the political controversies of Europe, but I shall do what I can to encourage American citizens and resources to assist in restoring Europe, with
the sympathetic support of our Government." He expressed
it as his belief that the substance of the Dawes plan ought to
be adopted. "By that test," he said, "will be revealed
whether Europe really desires our co-operation. If Europe
should agree to this proposal, then a private loan should be
made by our citizens to Germany for the financial support
of this undertaking. The Governments interested should
make necessary concessions for the security of such a loan.
In my opinion such action, by stabilizing Europe, would result in improving our own economic condition. But beyond
that it is the duty of our people who have the resources to
use them for the relief of war-stricken nations and the improvement of world conditions."
"When the reparation plan is in operation," said the President, "I shall deem it an opportune time to approach the
great Powers with a proposal for another conference for a
further limitation of armament and for devising plans for
a codification of international law." The President referred
to what had been done in the interest of the farmer since 1921
and said "we now need in agriculture more organization, co-
AUG. 16 1924.]
operation and diversification." The Republican platform,
he said, recognizes that agriculture should be on a basis of
economic equality with other industries- the farmers themselves, and their advisers, he observed, have never been able
to agree on a plan to provide it by law, and he indicated it
as his purpose "to appoint a committee to investigate and
report measures to Congress in December that may help
secure this result which we all desire." 'While stating that
through the tax revision bill the people will save about
$1,000,000 a day, the President declared "I want further tax
reduction and more tax reform," He asserted that "economy should be practiced scrupulously in the conduct of a
national campaign," and said that "so far as the Republican
Party is concerned I have made an absolute requirement
that our committee shall live within its means." The President's speech of acceptance was delivered at Washington at
Memorial Continental Hall. His nomination as President
at the Republican National Convention held at Cleveland in
June was noted in our issue of June 14, page 2904. The
President's speech of acceptance follows:
Mr. Chairman, Members of the Committee, Ladies and Gentlemen:
You bring formal notice, Mr. Chairman, of a nomination for President
of the United States. Our system of nominations is not the outcome of
chance. It is the product of experience. Very early in their search for a
sound method of self-government the American people discovered that the
only practical way to secure responsible political action was by the formation of parties, which they adopted because reason pronounced it the most
promising and continued because practice found it the most successful.
Underneath and upholding political parties was and is the enduring principle that a true citizen of a real Republic can not exist as a segregated,
unattached fragment of selfishness, but must live as a constituent part of
the whole of society, in which he can secure his own welfare only as he secures the welfare of his fellow-men.
Party means political co-operation, not as an end in itself, but a means,
an instrument of government. If founded upon a great moral principle
and directed with scrupulous regard for its integrity, it cannot fail to sweep
onward and upward, advancing always steadily and surely, a mighty constructive force, a glorious bearer of progress.
That is what the Republican Party always has been and is to-day. In
full faith that such it will continue to be, deeply conscious of the high honor
it confers and the responsibility it imposes, I accept its nomination for
President of the United States.
In the history of our country are recorded the public services rendered
by our party for more than threescore years. That is secure. I pass on to
the recent past and the present.
It is easy to forget, but the impression which the condition of our country In March 1921, made upon the people was so deep, so vivid, so alarming,
that it will not soon pass away. Over two years after the armistice we were
still technically in a state of war. We had no diplomatic relations with
Turkey, Greece, Russia, Colombia or Mexico and the Far East was causing
grave apprehensions.
Financial Conditions in 1921.
In raising and expending for war a vast amount of money a reckless
extravagance had come to characterize the administration of public affairs
and was all too prevalent in private life. An enormous debt had been
contracted, then standing at about $24,000.000,000, of which more than
$7,000,000,000 was in short-time obligations without any provision for
payment. Government bonds were far below par. The high war-time
still burdened the people.
Demobilization and liquidation remained to be completed. Hugo accounts with the railroads were still unsettled. Transportation was crippled. Over $11.000,000,000 of unliquidated debts were due to us from
foreign countries. The whole people were suffering from a tremendous deflation. Our banks were filled with frozen assets, and everywhere acute
financial distress existed. Interest was high. Capital was scarce.
Approximately 5,000,000 people were without employment. No adequate provision had been made for the relief of disabled veterans and their
dependents. There was an avalanche of war-worn peoples and suddenly
cheapened merchandise impending upon us from foreign lands. The great
powers were still engaged in burdening their people by building competitive
armaments.
Constructive Accomplishments Since March 1921.
This staggering array indicates some of the major problems of this Administration. Perhaps in no peace-time period have there been more remarkable and constructive accomplishments than since March, 1921. We
have ratified separate treaties of world-wide importance with Germany.
Austria, Hungary, Colombia and Mexico. Forty-two other treaties have
been approved by the Senate and six treaties are now awaiting its action.
Friendly intercourse has been resumed with Turkey and Greece, and
we have established our rights and insured peace in the Far East and the
Pacific Ocean. Our foreign relations have been handled with a technical
skill and a broad statesmanship which have seldom, if over, been surpassed.
In the domain of finances a budget system was promptly enacted and put
into operation. resulting in tremendous savings. For the fiscal year ending
June 30 1921 our expenditures were $5,538,000,000. and our surplus was
$86,000,000. For the year just closed our expenditures were $3,497,000,000
and our surplus exceeded $500,000,000. This was a reduction in the annual
cost of Government of $2.041,000,000.
The public debt now stands at about $21,250,000,000, which is a reduction in throe years of about $2,750,000,000 and means an annual saving in
Interest of more than $120,000.000. The $7,000.000.000 of short-time obligations have all been quietly refunded or paid. The internal revenue
taxes have been reduced twice, and many of them repealed, so that during
the present fiscal year the tax receipts will show a saving to the people of
approximately $6,000,000 a day compared with 1921. One Government
bond has sold well over 105.
More than 40% of the amount of debts due us from foreign countries
has been liquidated, and will provide funds for the retirement of about
313,000,000,000 of the principal of our national debt in the course of sixtytwo Years.
These settlements are not only stupendous financial transactions, but
demonstrations of the most profound nature of international good faith
and the dominion over international relations of moral power. The finances
with a genius and a success unmatched
of this nation have been managed
since the days of Hamilton.
The army and navy have been reduced to a low peace-time basis, and
surplus materials and supplies converted into cash. Hundreds of mil-
767
THE CHRONICLE
lions of accounts have been settled with the railroads, which have been
financed without any public expense so that they could adequately serve
the greatest peace-time commerce ever moved without a shortage of cars.
A great revival of industry took place, which is now spreading to agriculture. Complaint of unemployment has ceased, wages have increased.
Capital has become plentiful at a low rate of interest and the banks of
our country, as a whole, show a high percentage of liquid assets.
Most generous laws for the relief of disabled veterans have been enacted,
and the Veterans' Bureau established. More than 71,000 men and women
have been rehabilitated, of whom over 38,000 are earning more than they
earned before the war. Compensation is being paid to nearly half a
million at the rate of about $100,000.000 a year, which will be increased
about $30,000,000 under legislation recently passed.
Forty million dollars have been provided for hospital facilities, and
under a new law hospitals have been opened to all the veterans of all
wars, regardless of the time or cause of their disability. No Government
ever provided so generously for those disabled by service in time of war.
Immigration. Restrictive
To preserve American standards for all our inhabitants, whether they
were the descendants of former generations residing here or the most
recent arrivals, restrictive immigration laws were passed. I should have
preferred to continue the policy of Japanese exclusion by some method
less likely to offend the sensibilities of the Japanese people. I did what
I could to minimize any harm that might arise. But the law has been
passed and approved, and the incident is closed. We must seek by some
means besides immigration to demonstrate the friendship and respect
which we feel for the Japanese nation.
Restricted inunigration is not an offensive but a purely defensive action
It is not adopted in criticism of others in the slightest degree, but solely
for the purpose of protecting ourselves. We cast no aspersions on any
race or creed, but we must remember that every object of our institutions
of society and Government will fail unless America be kept American.
By means of a protective tariff we have saved American agriculture,
labor and industry from the menace of having their great home market
destroyed through the dumping upon it of a flood of foreign products.
Under this wise policy we saw an economic revival, and our people as a
whole, in marked distinction from sufferers from the financial distress
and depression of other lands. have come into an era of prosperity and
plenty. As a source of reve me the tariff surpassed all expectations in
producing an annual return of the unprecedented sum of about $550,000,030.
A fiscal policy which places a large and much-needed revenue in the
public treasury, while stimulating business to a condition of abounding
prosperity, defends itself against any criticism. Its merits are demonstrated by its results. We have protected our own inhabitants from the
economic disaster of an invasion of too many foreign people or too much
foreign merchandise.
Benefits of Arms Conference.
The people have never come to a full reaization of the importance of
the Washington conference. It produced the one effective agreement
among the great powers in all the history of civilization for relieving the
people of the earth from the enormous burden of maintaining competitive
naval armaments. I do not believe any conference ever did more to
promote the peace of the world. I am perfectly sure that none ever did
so much to reduce the cost of Government.
By removing the causes of irritation, in which lay the seeds of war in the
Far East, our own country received incalculable benefits. Only when that
was done could disarmament follow. What had always before failed, then
became a success. A policy was adopted which was more than revolutionary. It was sublime. It demonstrated at last that peace and goodwill are not vain illusions, but actual realities. The credit for the inception
of this epoch-making policy, and for its practical conclusion, is due to the
initiative of American statesmanship.
These are some of the larger aspects, though very incompletely depicted,
of what this Administration has been doing to promote the welfare of the
American people. A survey of the economic condition of our country, the
industrial peace which prevails, the mighty influence which our moral
power exerts throughout the world, all testify that it has not been without
success.
Honest Government Issue.
There are those who would disregard all this for an undertaking to cumvince themselves and others that the chief issue of this campaign is honest
government. In all my studies of political history I cannot recall an Administration which was desirous of a dishonest and corrupt Government
that, for the purpose of checking extravagance, ever undertook to introduce
a budget system, to cut down taxes, to purge the pay-rolls, to make enormous reductions in the public debt, and to lay firmer foundations for the
peace of the world.
That Is not the way of dishonesty. The Government is sound. But individuals charged with wrongdoing are being prosecuted. The people of this
country hate corruption. They know my position. They know the law
will be enforced.
Wherever there have been suspicions of guilt, involving members of any
party, I have caused them to be investigated and presentation made to the
Grand Jury. If the evidence warranted, those suspected of crime have
been indicted, and without favor, but without malice, they will be tried on
the charges returned against them.
Wherever it has appeared that the property of the Government has been
illegally transferred and held, action has been brought for its recovery and
will be pursued to a final judgment. No Government was ever able to prevent altogether the commission of crime, but this Government, under my
direction, is doing the best it can to detect and punish any and allwrongdoing.
The laws of the land are being, and will continue to be, enforced. I propose to use every possible effort to resist corruption in office. The American Government must be clean.
Declaration of Principles.
Many principles exist which I have tried to represent and propose to support. I believe in the American Constitution. I favor the American system of individual enterprise, and I am opposed to any general extension of
Government ownership and control. I believe not only in advocating
economy in gubllc expenditure, but in its practical application ana actual
accomplishment. I believe in a reduction and reform of taxation, and shall
continue my efforts in that direction. I am in favor of protection.
I favor the Permanent Court, and further limitation of armaments. I
am opposed to aggressive war. I shall avoid involving ourselves in the
political controversies of Europe, but I shall do what I can to encourage
American citizens and resources to assist in restoring Europe, with the
sympathetic support of our Government.
I want agriculture and industry on a sound basis of prosperity and
equality. I shall continue to strive for the economic, moral and spiritual
welfare of my country. American citizens will decide in the coming else-
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THE CHRONICLE
tion whether these accomplishments and these principles have their approval and support.
The domestic affairs of our country appear to me to be by far the chief
concern. From that source comes our strength. The home market consumes nearly all of our production. Within our own boundaries will be
determined to a very large degree the economic welfare and the moral
worth of the American people. These are plain facts, but there are others
equally plain.
America, under Providence, has come to be a nation of great responsibility. It exists as one of the family of nations. We cannot be isolated.
Other peoples exist all about us. Their actions affect us, and our actions
affect them, whether we will or no. Their financial condition is not and
cannot be entirely separated from our financial condition.
But the final determination of our relationship to other countries rises
into a higher realm. We believe in the brotherhood of man, because we
believe in the fatherhood of God. That is our justification for freedom and
equality. We believe in the law of service, which teaches us that we
can improve ourselves only by helping others. We know that these principles are applicable alike to our domestic and our foreign relations. We
cannot live unto ourselves alone.
[VoL. 119.
Were such protection removed the result would be felt at every fireside
In the land. Our industry would languish,factories would close, commerce
and transportation would be stagnant, agriculture would become paralyzed,
financial distress and economic depression would reach over the whole
country. Before we are carried away with any visionary expectation of
promoting the public welfare by a general avalanche of cheap goods from
foreign sources,imported under a system which, whatever it may be called,
is in reality free trade, it will be well first to count the cost and realize just
what such a proposal really means.
I am for protection because it maintains American standards of living
and of business, for agriculture, industry and labor. I am in favor of
the elastic provisions of our tariff law. I propose to administer them, not
politically, but judicially. As the business of the world becomes stabilized,
without throwing all our economic system into confusion, we can raise or
lower specific schedules to meet the requirements of a scientific adjustment
The President's Interest in Agriculture.
I confess that my inheritance and personal experience have bred in me a
keen interest in the welfare of agriculture. Perhaps the very hardships
that those who have been engaged in it have encountered have caused it to
be the chief source of that independence and stalwart citizenship which
Foreign Policy and Peace.
has contributed so lavishly to the glory of American life. It constitutes
The foreign policy of America can best be described by one word—peace. an element in our nation of such importance as to be worthy of the utmost
Our actions have always proclaimed our peaceful desires, but never more solicitude and concern.
One of our first thoughts in 1921 was for its relief and revival. As
evidently than now. We covet no territory; we support no threatening
military array; we harbor no hostile intent. We have pursued, are pursuing many as fifteen laws have been passed to assist and support this fundamtntal
Industry. Through the War Finance Corporation it has been extended
and shall continue to pursue with untiring devotion the cause of peace.
These ideals we have put into practical application. We have soughtto credits of between $300,000,000 and $400,000,000.
In addition to this. Government activity provided about 350,000,000
promote peace not only by word but by appropriate action. We have been
unwilling to surrender our independence. We have refused to ratify the from private sources for the relief of the cattle industry, and in the early
covenant of the League of Nations. But we have co-operated with it to spring of this year a 310.000,000 corporation was formed, which it was
estimated could furnish $100,000,000 for diversification and financial
suppress the narcotic trade and promote public health.
We have every desire to help; but the time, the place, and the method relief in the Northwest. The Intermediate Credit banks have loaned over
386,000,000
to individuals and co-operative marketing associations, which
Must be left to our own determination. Under our Constitution we cannot
foreclose the right of the President or the Congress to determine future assisted directly and indirectly over 500,000 farmers.
Notwithstanding all this, agriculture was subjected to an era of most
problems when they arise. We must necessarily proceed upon the principle
serious depression. Several of its great staples, like cotton, cattle, hogs.
of present co-operation without future entanglements.
A peace means fundamentally a reign of law. We propose to become corn and wheat, suffered from low prices, due to overproduction, una member of the Permanent Court of International Justice. Such action balanced conditions between costs and sale prices in agriculture, industry
would do much to indicate our determination to restrain the rule of force and labor, and the disorganization of the markets of the world. But
for the enormous buying power which the high wages of industry put
and solidify and sustain the rule of reason among nations.
We have observed with sympathy the continuing difficulties of Europe. behind the market for American food products, especially meat, the agriWe have desired to assist whenever we could do so effectively. Late in cultural regions would have experienced even a far more severe financial
December 1922 the Secretary of State announced the American plan, which crisis.
Due to a change in the world supply, prices of products have begun to
'was finally adopted. Under it the Reparation Commission appointed a
committee of experts of which three were Americans, one of whom, Charles Improve, even so far as to increase land values. The Government rendered
a great deal of assistance and private enterprise co-operated, but the
G. Dawes, was chosen Chairman.
A report has been made which received world-wide approbation and has fundamental remedy was provided. as it always must be provided, not so
been accepted in principle by the Governments interested. At a conference much through the enactment of legislative laws as through the working
of Prime Ministers held to work out the details of putting this plan into out of economic laws. Because the farmers have thoroughly realized
operation, I directed the attendance of Ambassador Kellogg, assisted by this they have on the whole opposed price fixing by legislation. While
Colonel Logan, to represent our Government. Throughout all this course maintaining that sound position, they have seen a partial relief come in a
natural way, as it was bound to come.
of events we helped in the only way we could help.
• We now need in agriculture more organization, co-operation and diBelief in Dawes Plan.
versification. The farmer shoulf have the benefit of legislation providing
I believe the substance of the plan ought to be adopted. By that test for flood control and development of inland waterways, better navigation
will be revealed whether Europe really desires out co-operation. If Europe east and south from the Great Lakes, reclamation, and especially relief
should agree to this proposal, then a private loan should be made by our for those who cannot meet their payments on irrigation projects. But
citizens to Germany for the financial support of this undertaking. The the main problem is marketing. Co-operative effort, reorganization of the
Governments interested should make necessary concessions for the security freight-rate structure, good business and good wages in manufacturing.
and the settlement of European affairs will all help to provide better
of such a loan.
In my opinion such action, by stabilizing Europe, would result in im- market conditions.
proving our own economic condition. But beyond that it is the duty of our Proposed Committee to Devise Measure to Place Agriculture on Basis of Egualitti
people who have the resources to use them for the relief of war-stricken
with Other Industries.
nations and the improvement of world conditions.
The Republican platform recognizes that agriculture should be on a basis
As this is written, reports indicate that the plan of General Dawes will be of economic equality with
other industries. This is easy to say, but the
adopted,and that the effort of America has made a tremendous contribution farmers themselves and their advisers
have never been able to agree on a
to the welfare, security and peace of the world. But I await the event.
plan to provide it by law. Now that nature and economic law have given
Further Conference on Limitation of Armaments.
some temporary relef, I propose, therefore, to appoint a committee to
When the reparations plan is in operation, I shall deem it an appropriate investigate and report measures to the Congress
in December that may
time to approach the great Powers with a proposal for another conference help secure this result which we all desire.
for a further limitation of armaments and for devising plans for a codificaI want profitable agriculture established permanently. I want to see
tion ofinternational law. I personally should favor entering into covenants the dollar of the farmer always purchase
as much as any other dollar.
for the phrpose of outlawing aggressive war by any practical means.
A wise, skilled and unselfish leadership can do more than anything cis.°
Our country has always been against aggressive war and for permanent to rescue agriculture. The farmer needs leaders who will stay with him
peace. Those who are working out detailed plans to present such a policy who have the tact and the courage necessary for management and wb,
for consideration have my entire sympathy. I trust that never again will have the fidelity to refuse political preferement
and business opportunity
the women of this nation be called on to sacrifice their loved ones to the There are such leaders. In the sacrifices to make
to servo the farmer
terrible scourge of war.
the greatest hope for his salvation.
Latin America and Mexico.
Wage Levels Maintained.
-We have constantly striven to come to more complete understandings
Those who toll have always profited from Republican control of Governand improve our relations with Latin America. At their request we have ment. Under the policy of protection and restrictive immigration no deflaundertaken to compose their difficulties. We helped the Government of tion of wages has occurred. While the cost of living has gone town, wages
Mexico protect itself against domestic violence. There is little doubt that have advanced. The twelve-hour day and the seven-day we,4c have practiIn extending this assistance and the moral support which it indicated we cally been abolished. The uninterrupted operation of public utilities with
helped gave the people of Mexico from the terrors of another revolution.
mutually satisfactory and legally established methods of adjusting labor
We also indicated the adoption of a policy of making It worth while for a questions have been sought. Collective bargaining and voluntary arbitration
have been encouraged. Republican rule has raised the wage-earner
Government so to conduct itself as to merit our recognition. We have
secured a written agreement with Mexico to negotiate a treaty of amity to a higher standard than he ever occupied before anywhere in the world.
and commerce to replace one which was cancelled as long ago as 1881, and
Wastage of Wealth.
joint commissions will shortly meet to adjust all American claims against
The war left with us many eviLs. One result was the tremendous wastage
that country.
of wealth. The people of this country were required to re-create very
Tariff and American Farmer.
nearly one-fifth of our national resources. All of this stupendous sum has
The Federal Government ought to be. and is, solicitous for the welfare to be earned. When so large a part of the work of 300 years is swept away.
of every one of its inhabitants, every one of its business activities, whether It is not easily recovered. It takes all the tremendous energy of men, of
they be small or great. This is one country, we are one people united by enterprise, of the vast properties represented by invested capital,and of
common interests. There should be no favorites and no outcasts, no race material, working through years, to repair the damage and replace the
values destroyed by war.
or religious prejudices in Government.
The only method by which we can make up this loss is by saving a part
America opposes special pivilege for anybody, and favors equal opporof
what we produce each day. It will make little difference how much we
tunity for everybody. It has adopted these principles because they are the
raise
on the farm, or how much we turn out in the mill, if it is all used up
logical conclusions of our ideals of freedom. Moreover, we believe they
contribute to our material welfare. We oppose the artificial supports of or all the proceeds are expended.
We can only be relieved of our present private and public burdens by
Privilege and monopoly because they are both unjust and uneconomic.
They are not right. They do not work. No sound and enduring Govern- refraining from private and public extravagance. We must resist private
and
public outlays for which there is no commensurate return. This is
ment or prosperity can rest upon anything but the sure foundations of equal
economy. Whatever anybody may claim or say, there is no other method
opportunity and justice for all.
It is in accordance with these principles that our Government seeks by by which the people can rid themselves of their tremendous financial burappropriate legislation to promote the financial welfare of all the different dens.
Reduction in Cost of Government Essential.
groups that form our great economic structure. The Republican Party
It is for that reason that the present Administration has made every
supports the policy of protection as a broad principle, good alike for producer and consumer, because it knows that no other means to prevent the possible effort to cut down the expenses of Government. The country
lowering of the standards of pay and living for the American wage earner needs every ounce of its energy to restore itself. The costs of the Government are all assessed on the people. This means that the farmer is doomed
toward the misery scale that prevails abroad has ever been devised.
AUG. 16 1924.]
769
TUE rITRONICLE
to provide a certain amount of money out of the sale of his produce, no
matter how low the price, to pay his taxes.
The manufacturer, the professional man, and the clerk must do the same
from their income. The wage earner, often at a higher rate when compared
with his earnings, makes his contribution, perhaps not directly but indirectly, in the advanced cost of everything he buys.
The expenses of the Government reach everybody. Taxes take from
every one a part of his earnings, and force every one to work for acertain
every one a part of his earnings, and force every one to work for a certa n
part of his time for the Government.
When we come to realize that the yearly expenses of all the Governments
in this country have reached the stupendous stun of about $7,500,000,000,
we get some idea of what this means. Of this amount about $3,500,000,000
Is needed by the National Government, and the remainder by local Governments.
Such a sum is difficult to comprehend. It represents all the pay of
5,000,000wage earners receiving $5 a day, working 300 days in the year.
Ifthe Government should add on $100,000,000 of expense,it would represent
four days more work of these wage earners, These are some of the reasons
why I want to cut down public expense.
I want the people of America to be able to work less for the Government
and more for themselves. I want them to have the rewards of their own
industry. That is the chief meaning of freedom. Until we can re-establish
a condition under which the earnings of the people can be kept by the people
we are bound to suffer a very distinct curtailment of our liberty.
These results are not fanciful, they are not imaginary; they are grimly
actual and real, reaching into every household in the land They take
from each home annually an average of over $300. And taxes must be paid.
They are not a voluntary contribution to be met out of surplus earnings.
They are a stern necessity. They come first.
It is only out of what is left after they are paid that the necessities of
food, clothing and shelter can be provided, the comforts of home secured.
or the yearnings of the soul for a broader and more abundant life gratified.
When the Government effects a new economy it grants everybody a life
pension with which to raise the standard of existence. It increases the value
of everybody's property and raises the scale of everybody's wages. One
of the greatest favors that can be bestowed upon the American people is
economy in government.
Tax Reduction.
Because of my belief in these principles I favor economy, that the taxes
of everybody may be reduced. Much has already been done. The bill
which I signed will save the people about $1,000,000 each day. I want
further tax reduction and more tax reform.
The raising of the revenue required to conduct our Government is intimately connected with our economic welfare. If it is done by wise and
Just laws, the burden will be the most easily borne. But if the method of
taxation is not sound, disaster will follow, reaching even to financial panic.
Our first thought should be to maintain unimpaired the activity of agriculture and industry. That tax is theoretically best which interferes least
With business.
Every student knows that excessively high rates defeat their own purpose. They dry up that source of revenue and leave those paying lower
rates to furnish all the taxes. High rates tend to paralyze business. For
these reasons I am opposed to excessive profits taxes and high surtaxes.
When the revenue bill of 1921 was passed, abolishing excess profits and
greatly reducing high surtaxes, it was immediately followed by a revival in
business and an increase in the number of large incomes, so that the Government received nearly $100,000,000 more in taxes from those having incomes of over $100,000 than under the higher rates of the previous year.
But rates ware still too high, and all kinds of business began to pause;
agriculture especially felt their indirect adverse effects. A new tax bill
was passed this spring carrying still further reductions, and under its apparent influence there seems to be the beginnings of another increase of
prosperity. Good business is worth more to the small income taxpayer
than a considerable percentage of tax reduction.
Indirect Effect of Surtaxes.
Only about 3.500,000 people pay direct income taxes. The remainder
pay, but pay indirectly, in the cost of all purchases,from a pair of shoes to a
railroad ticket. This country has at least 107,000,000 of these indirect taxpayers. I am not disturbed about the effect on a few thousand people with
large incomes because they have to pay high surtaxes. They can take care
of themselves, whatever happens, as the rich always can.
What concerns me is the indirect effect of high surtaxes on all the rest of
the people. Lot us always remember the poor. Whatever cry the demagogue may make about his ability to tax the rich. at the end of the year it
will always be found that the people as a whole have paid the taxes.
We should, therefore, have a system of taxation under which the people
as a whole are most likely to be prosperous. Our country will be better
off if, disregarding those who appeal to jealousy and envy, it follows in
taxation and all else the straight path of justice.
Economy should be practiced scrupulously in the conduct of a national
campaign. I know it is difficult to distinguish between real service to the
people and mere wastefulness. Costs have increased by doubling of the
electorate, rendering close calculation impossible.
Budget System in Campaign.
Nevertheless, I can perceive no reason why the budget system should
not be beneficial in a campaign,as it has proved to be in Government. It is
to be tested by our committee.
There should be no relaxing of resolute endeavors to keep our elections
clean, honest and free from taint of any kind. Only the closest scrutiny
both of the sources of contributions and the character of expenditures can
accomplish this laudable purpose. For the first time, this has been provided
for the coming campaign through the appointment of a competent Senate
committee vested with ample authority. The Republican National Chairman has already volunteered to file sworn reports of both income and outgo, in full detail, at such regular intervals as the committee may deem
serviceable and practicable.
The statutes provide for publication of the names of contributors and of
amounts contributed. But a deficit at the end of the campaign in part
defeats this. The budget will cure that defect. So far as the Republican
Party is concerned, I have made an absolute requirement that our committee shall live within its means. I hope it will have a surplus on election
day, but it must not have a deficit.
I would make clearly and definitely one other requirement,—that no individual, or group of individuals, may expect any governmental favors in
return for party assistance. Whatever any one gives must be given for the
common good, or not at all. Contributions can be received on no other
basis.
For the first time, after having opportunity fully to organize, the women
of the nation are bringing the new force which they represent directly to
bear on our political affairs. I know that the influence of womanhood will
guard the home, which is the citadel of the nation. I know it will be a pro-
tector of childhood. I know it will be on the side of humanity. I welcome
it as a great instrument of mercy and a mighty agency of peace. I want
every woman to vote.
Support ofFundamental Institutions.
While we are discussing some of the changes we propose to meet temporary problems of the day,some of the conditions, it is also well to remember
that it is equally necessary to support our fundamental institutions. We
believe in our method of constitutional government and the integrity of the
legislative, Judicial and executive departments. We believe that our liberties and our rights are best preserved not through political but through
Judicial action.
The Constitution is the sole source and guarantee of national freedom.
We believe that the safest place to declare and interpret the Constitution
which the people have made is in the Supreme Court of the United States.
We believe the people of the nation should continue to own the property
and transact the business of the nation. We harbor no delusions about
securing perfection. We know that naankind is finite and will continue to
be under any system. But that system is best which gives the individual
the largest freedom of action and the largest opportunity for honorable
accomplishment.
Such a system does not tend to the concentration of wealth but to the
diffusion of wealth. Under our institutions there is no limitation on the
aspirations a mother may have for her children. That system I pray to
continue. This country would not be a land of opportunity, America
would not be America, if the people were shackled with Government
monopolies.
Under our institutions success is the rule and failure is the exception. We
have no better example of this than the enormous progress which is being
made by the negro race. To some of its individuals it may seem slow.
toilsome and unsatisfactory, but viewed as a whole it has been a demonstration of their patriotism and their worth. They are doing a great work in
the land and are entitled to the protection of the Constitution and the law.
It is a satisfaction to observe that the crime of lynching, of which they
have been so often the victims, has been greatly diminished, and I trust
that any further continuation of this national shame may be prevented by
law. As a plain matter of expedience the white man cannot be protected
unless the black man is protected, and as a plain matter of right law Is
law and justice is justice for everybody.
Prohibition Enforcement.
Our country has adopted prohibition and provided by legislation for its
enforcement. It is the duty of the citizen to observe the law and the
duty of the Executive to enforce. I propose to do my duty as best I can.
Our different States have had different standards, or no standards at
all, for child labor. The Congress should have authority to provide a
uniform law applicable to the whole nation which will protect childhood.
Our country cannot•afford to let any one live off the earnings of its youth
of tender years. Their places are not in the factory but in the school, that
the men and women of to-morrow may reach a higher state of existence and
the nation a higher standard of citizenship.
I am in favor of national defense, not merely as an abstract state of
mind but as a concrete mode of action. I favor not merely talking about
it but doing something about it. I do.not want the safety of my country •
to be imperiled in its domestic or foreign relations by any failure to be
ready to preserve order or repel attack. But I propose to work for voluntary observance oflaw and mutual covenants of peace.
The Government of the United States represents the people. It is its business to protect and advance the general welfare. It wants every one treated
fairly. and expects every one to do his duty. It must be impartial, bait
ought to be humane. It wants to establish just+ce, equity and mercy.
It desires to see adequate returns both for capital invested and for work
done. It believes in protecting health and n cherishing education. It
is oposed to the domination of either wealth or organized minorities and is
conunitted to the free rule of all the people.
Common Sense Greatest Asset.
We are likely to hear a great deal of discussion about liberal thought
and progressive action. It Is well for the country to have liberality in
thought and progress in action, but its greatest asset is common sense.
In the commonplace things of life lies the strength of the nation. It is not
in brilliant conceptions and strokes of genius that we shall find the chief
reliance of our country, but in the home, in the school and in religion.
America will continue to defend these shrines. Every evil force that
seeks to desecrate or destroy them will find that a higher power has endowed the people with an inherent spirit of resistance. The people know
the difference.between pretense and reality. They want to be told the
truth. They want to be trusted. They want a chance to work out their own
material and spiritual salvation. The people want a Governmentofcommon
sense.
These, Mr. Chairman, are some of the beliefs which I hold, some of the
principles which I propose to support. Because I am convinced that they
are true, because I am gatisfied that they are sound. I submit them with
abiding faith to the judgment of the American people.
W. Mondell's Speech Notifying President
Coolidge of Nomination.
In formally notifying President Coolidge of his nomination for the Presidency at the recent Republican National
Convention, Frank W. Mondell, Chairman of the notification committee, expressed the belief that the nomination
"has the approval and will receive the support of vast
numbers of right thinking people without regard to party
who, recognizing your unselfish devotion to the public welfare, your steadfast courage and unquestioned honesty of
purpose, have given you their confidence." "Under your
leadership," said Mr. M6ndell,"we look confidently forward
to a continued opportunity for service to the honor of the
Republic and the progress and prosperity of its people."
President Coolidge's speech of acceptance is given elsewhere in this issue. The notification speech follows:
Frank
Mr. President:
In conformity with long-established and approved custom we are assembled here as a committee representing the States, Territories and Possessions
of the United States, to make formal announcement to you of your nomination on June 12 last by the Republican National Convention assembled at
Cleveland for the office of President of the Republic for the term beginning
March 4 1925.
770
THE CHRONICLE
The fact that nine of the members of our committee here present are
women affords a pleasing reminder of the lively interest that the women
of the country have taken in your nomination and of the increasing participation of the better half of mankind in political affairs and activities.
The members of our committee not only appreciate the honor of being
selected to thus formally notify you of your nomination as the candidate
of the Republican Party for the highest office in the gift of the American
people, but it affords us real pleasure to be privileged to recall the ideal
and inspiring circumstances and conditions under which you were called
and chosen for national leadership.
To be selected by the representatives of a great historic party as their
first and only choice for the high office of the Presidency is indeed a distinguished honor, but such selection has a peculiar significance and dignity
when, as in your case, the action of the convention is in the nature of a
ratification of the choice of the people freely and emphatically expressed in
the manner approved by law and custom, in every quarter of the Republic.
The choice thus made by the people was consummated with enthusiasm
in a convention which will long be remembered for the splendid character
of its membership, the fine spirit of patriotic purpose, which pervaded its
sessions, the pleasing atmosphere of cordiality and good will which marked
its deliberations, and the sincere harmony and perfect decorum which
characterized its proceedings.
In such a gathering of patriotic men and women, consecrated to the
highest ideals of public service, free from the selfish rivalry of personal
ambition, the clash of conflicting opinions, you were given your commission
of leadership under conditions that left no wounds to heal or differences to
compromise, that held no taint of self-seeking or of questionable endorsement and support.
The platform adopted at Cleveland, by practically unanimous vote, in
frank and courageous fashion declares the party faith and outlines the party
purpose, and we anticipate with pleasure and confidence your interpretation
of that faith and Purpose as applied to present problems and conditions.
The country awaits with lively interest your charting of the party course,
for you speak by authority on behalf of a great party with a matchless
record of faithful adherence to sound principles and of prompt and honest
fulfillment of platform pledges.
Armed with this high and honorable commission you speak from the wide
experience of long and honorable participation in important public affairs
and a personal record of unwavering adherence to the highest ideals of
party faith and public service. These are the elements which justify faith
and confidence in political announcements and lacking which, declarations.
pledges and promises have slight claim to acceptance or consideration.
Your nomination and election as Vice-President four years ago was in
recognition of public services of the highest character and value, and the
modesty, fairness and good Judgment with which you discharged the important duties of that office won wide and general commendation and approval. Called suddenly to the Presidential office You were soon confronted with problems calculated to test to the utmost your courage, fidelity and judgment.
You brought to the consideration of these important questions the
splendid qualities of mind and heart and conscience which have ever guided
• and controlled your private life and public service, and in their settlement
strengthened and confirmed the public faith in your eminent fitness for the
vast responsibilities of the Presidency.
Mr.President,the call to continued leadership and service which we bring
has come to you from the official representatives of the party under whose
standards you have so long rendered ideal public service. We believe it has
the approval and will receive the support of vast numbers of right-thinking
people, without regard to party, who, recognizing your unselfish devotion
to the public welfare, your steadfast courage and unquestioned honesty of
purpose, have given you their confidence, in a measure rare if not unprecedented in our recent history.
The American people know that this conficence is well deserved. It has
the sound and substantial basis of your faith in American principles and
Institutions, your confidence in the will and capacity of the American people
to solve all their problems in harmony with our constitutional scheme and
plan of government.
It rests upon your lively interest in and your sympathetic attitude toward
every question and problem of the day and your desire to be helpful in securing their permanent and satisfactory settlement, but most of all it is based
upon the knowledge that in all things your single purpose is that of serving
the public interest, unmindful of the effect upon your personal or political
fortune.
We recall with pride and gratitude our great party leaders of the past,
and we glory in the national and world-wide recognition of their virtues
and their statesmanship. We recognize in you, Mr. President, a worthy
successor of these great leaders—an heir to all their high qualities. Under
your leadership we look confidently forward to a continued opportunity for
service to the honor of the Republic and the progress and prosperity of its
people.
[VOL. 119.
"reactionary have been much used in American politics, but
that there has been little effort to define their meaning."
Undertaking to present his conception of a progressive, and
the right of Democrats to that designation, Mr. Davis said:
From my point of view he only deserves to be called a progressive who
cannot see a wrong persist without an effort to redress it, or a right denied
without an effort to protect it; who feels a deep concern for the economic
welfare of the United States, but realizes that the making of better men
and better women is a matter greater still; who thinks of every Governmental policy first of all in its bearings upon human rights rather than upon
material things; who believes profoundly in human equality and detests
privilege in whatever form or in whatever disguise, and who finds the true
test of success in the welfare of the many and not in the proseprity and
comfort of the few.
The civic unit of America is not the dollar but the individual man. All
that goes to make better and happier and freer men and women is progress;
all else is reaction. Progressives of this sort, though they may not care to
use the name, nevertheless in their hearts are Democrats.
Mr. Davis, following out the enunciations of the Democratic platform (given in our issue of July 5, page 36), expressed it as the promise of his party not only to bring
about a revision and reform of taxation, but to effect a further reduction in the taxes that weigh down and sap the
vigor of the productive energy of the people of America.
To the farmers he said "we promise not patronage but such
laws and such administration of the laws as will enable
them to prosper in their own right." "We promise," he
said, "to see to it that the discriminations which the tariff
makes against him [the farmer] shall be removed; that his
Government by doing its share toward a European settlement shall help to revive and enlarge his foreign market."
He further dclared that "we wish to see America as a nation
play her part in that reconstruction of the economic life of
Europe which has proven itself so indispensable to our own
well-being and prosperity." He asserted that "we do not and
cannot accept the dictum unauthorized by any expression
of popular will that the League of Nations is a closed incident so far as we are concerned." He added:
The march of events has shown not only that the League has within it the
seed of sure survival but that it is destined more and more to become the
bulwark of peace and order to mankind. . . .
There are in this country sincere minds who oppose both the World Court
and the League and, indeed, any organic contact with other nations, because
they wish the United States to live a purely opportunist life. They wish
no obligation at any time to any other Powers, even the slender obligation
to consult and to confer. I respect such opinions even though I do not share
them; for, on sheerest grounds of national safety, I cannot think it prudent
that the United States should be absent whenever all the other nations of
the world assemble to discuss world problems.
Asserting that he cannot "reconcile it with my ideas of
the dignity of a great nation to be represented at international gatherings only under the poor pretense of "unofficial
observation," Mr. Davis declared that "if I become President of the United States America will sit as an equal among
equals whenever she sits at all." Referring indirectly to
the Klan issue, Mr. Davis stated that "we have taken occasion to reaffirm our belief in the constitutional guarantees
of religious freedom, and to deplore and condemn any effort
from whatever. source to arouse racial or religious dissension in this country." In announcing his own declarations
in the matter Mr. Davis indicated that in the event of his
election:
I shall set up no standard of religious faith or racial origin as a qualifi-
as
cation for any office. My only query concerning any appointee will be
whether he is honest, whether he is competent, whether he is faithful to the
Constitution. No selection to be made by me will be dictated, inspired or
influenced by the race or creed of the appointee.
his speech this week accepting the nomination for
President on the Democratic ticket, John W. Davis arraigned the Republican Party, charging it with corruption
in office, with favoritism in legislation and corruption in
administration, and declared that "we are prepared to offer
a Democratic program based on Democratic principles and
guaranteed by a record of Democratic performance." Mr.
Davis, in his speech of acceptance, which was delivered in
his native city, Clarksburg, W. Va., on Aug. 11, declared
that "there has developed an alarming tendency to take the
administration of the law out of the hands of constituted
officials and to execute its processes through individuals
or through organized societies, by methods little different
from those of private revenge." "We assert in our platform," he said, "that the Republican Party 'believes that
national prosperity must originate with the special interests
and seep down through the channels of trade to the less favored industries, to the wage earners and small salaries
employees. It has accordingly enthroned privilege and nurtured selfishness.' I repeat the words and I register the
emphatic dissent of the Democratic Party from that doctrine." Mr. Davis stated that the words "progressive" and
Mr. Chairman and Members of the Committee:
You will understand, with little explanation on my part, the feelings
which have led me to fix out meeting at this spot in the hills of West Virginia.
These are the hills that cradled me and to which as boy and man I lifted up
my eyes for help. In this soil rest four generations of my people—artisans.
tradesmen, farmers and a sprinkling of the professions, laborers all—who
played in simple fashion their appointed parts in the life of this community.
Among them now lie those who gave me life, and to whose high precept and
example I owe all that I have ever been and all that I can hope to be.
These witnesses who surround us are the companions of my youth and
manhood. With them most of my days have been spent, and when circumstances have called me elsewhere they have followed me with a regard
and affection that has laid on me a debt of gratitude greater than I can
repay. Twenty-five years ago they first called me to their service as their
representative in the Legislature of this State, and since that day, in public
office or in private life, I have fought with them unceasingly the battle for
democratic ideals and democratic principles.
Of their own free will and motion they presented my namo to the Democratic Convention as one deserving its consideration. Better than all others.
they srill know whether what I shall say to you to-day is in keeping with the
convictions I have expressed and the action I have taken in the past, and,
more than any others, they will resent anyting I may say or do that shows
their confidence misplaced. It is in the presence of these hills, these graves.
these witnesses. that I wish to hear your message, and give you my reply.
You come to give me official notice that I have been chosen by the
Democratic Party as its nominee for the highest office in the gift of the
American people. You invite me to take the reins ofleadership and marshal
its hosts for the coming campaign. No weightier commission could be laid
on any man. He must be vain indeed who does not feel his own unaided
strength inadequate to such a task, and he must be ambitious beyond reason
John
W.
Davis's Speech
Accepting
Nomination
President on Democratic Ticket.
In
The following is Mr. Davis's speech of acceptance:
AUG. 16 1924.]
THE CHRONICLE
771
What shall we say when a statement comes from one who of all men
when thought of fame or honor tempts to undertake-it-wit hout thelfullest
should have been most deeply stirred that the wonder is not that so many
1 4441460 ”4,1141
07,
sympathy with his party and its alms.
fallen but that so few have been shown untrue? With what patience
have
ot, I reflect, however, that you are the representatives of millions of Ameriare but incidents
cans who are dissatisfied with existing conditions, who long for the day shall we greet the libelous suggestion that, after all, these
war?
when America will set her face to the front again and who are ready to provoked by the demoralization attendant upon the great
Is memory,then, so short that we no longer recall the heroic days of 1917
follow whenever the forward march begins. And I have read your platform
unsurpassed.
grandeur
America
to
moral
of
rose
when
heights
and its declarations of party principle and find them such as I can heartily and 1918.
when every meeting-place was a temple and every house a shrine? Shall
approve. For these things I thank God, and take courage.
attached to
I take note, Mr. Chairman,in passing, of what you were good enough to we forget that no taint of dishonesty or corruption has ever
to any man
say concerning my past career and conduct as a lawyer. I have no apology any man who held public office during that great struggle or
March 4
until
hold
Government
office under the Federal
to offer for either. The answer to any criticism on that score must come who continued to
not only from those who like yourself have won the highest distinction 1921?
Shell shock was late, indeed, in arriving if it is to be put forward now as
at the bar, but also from the more than one hundred thousand other honest
and patriotic men and women who make up the legal profession in this the excuse for these gross misdeeds.
Charges Against Republican Party.
countrY.
I charge the Republican Party with this corruption in office. I charge it
They know and they will gladly join you in testifying that the upright
in
favoritism
legislation. I do more; I charge it with that grossest
with
also
services,
never
but
his soul. A word of personal history
lawyer sells his
form of favoritism which gives to him who hath and takes away from him
in this connection, however, may not be out of place.
When I was advised of the purpose of President Wilson to appoint me to who hath not. To pervert high office to personal gain is an offense detested
the high office of Solicitor-General, my first act was to surrender all private by all honest men, but to use the power of legislation purposely to enrich
employment and to sever my connection with the law firm of which I was one man or set of men at the expense of others is robbery on a larger scale.
though done under the forms of law.
then a member and of which my revered father was the head.
In the passage ofthe Fordney-McCumber Tariff Act,imposing the highest
From that day until my duties as Ambassador to Great Britain were
ended, eight years later, I had no other client or employer than the Gov- rates and duties in the tariff history of the nation, there was an unblushing
to the evil days of rewarding party support and political contribut ons
return
ernment and the people of the United States. Whether I served them well
with legislative favors.
or faithfully, not I but others must say.
In the language of one of the advocates of that measure:"If we take care
As soon as the convention, over which you so ably presided, had decided
In my behalf, I realized that I was called upon to repeat my former action. of the producers the consumers can take care of themselves." For every
States it
Within the week, therefore, I signified to all my clients that I could no dollar that this statute has drawn into the Treasury of the United
of the
longer serve them and severed my connection with the honorable gentle- has diverted five from the pocket of the consumer into the pockets
favored few.
men who were my professional partners.
Although the Republican platform adopted at Cleveland holds out to the
I have no clients to-day but the Democratic Party and, if they will it se,
'taxpayer the elusive promise of relief to those who are "daily paying their
the people of the United States.
nowhere offers
Many and grave aro the problems of the hour, and all the resources of taxes through their living expenses," as indeed they are. it
lauds the existing bill as the
patriotism and statesmanship at our command will be taxed in their solu- any promis of a reduction in tariff duties, but
summit of human wisdom.
tion. The allied forces of greed and dishonesty,of self-seeking and partisan
Is there not something of humor as well as honesty lacking in those who
ship, of prejudice and ignorance, threaten to-day as they have rarely
promise a reduction of the cost of living and
done before the perpetuity of our national ideals, traditions and institu- in one and the same breath can
which raises the price of the elemental necessaries of life;
tions. Mon are looking askance at one another, are mistrusting one an- praise a statute
who can demand. a3 they should, the payment of our foreign debts but
other, are doubting each the other's good-will and honesty of purpose.
the debtor the goods in which alone payment can be
The solidarity of the great war has given way to a chaos of blocs and refuse to accept from
fcr an American merchant marine but deny it the cargoes
sections and classes and interests, each striving for its own advantage, made; who clamor
existence?
careless of the welfare of the whole. Government itself, to which the necessary for its
When a reduction in the burden of income taxes could no longer be
humblest citizen has the right to turn with confident reliance in its evenwas presented with the Mellon bill; offered by the
handed Justice, has fallen under the prevalent distrust. There is abroad denied, the country
that subject. When it
in the land a feeling too general to be ignored, too deep-seated for any Administration to the people as the last word on
here, too, there appeared the motive to
trifling, that men In office can no longer be trusted to keep faith with met the test of impartial analysis,
the many of moderate
those who sent them there, and that the powers of Government are being favor the few possessors of swollen incomes beyond
means.
exercised in the pursuit of personal gain instead of the common service.
Under Democratic initiative and Democratic guidance a bill was passed
Out of this, and because of it, there has developed an alarming tendency
reduction
to take the administration of the law out of the hands of constituted officials in its stead, so changing the weight and emphasis of the proposed
pressed upon
and to execute its processes through individuals or through organized so- as to give the greater relief to those whose tax payments
bill received
cieties, by methods little different from those of private revenge. A situa- their scale of living. Although the Executive approval this
at Clevetion so threatening to the very foundations of the social order demands was grudging and reluctant, not even the submissive convention
as a
adopted
boldness in facing the causes which have brought it about, and Areless land dared to suggest that the Mellon bill be revived and
substitute.
them.
exertion in the effort to remove
-a-- -We assert in our platform that the Republican Party "believes that
To Bring the Government Back to People.
national prosperity must originate with the special interests, and seep
industries,to the
To bring the Government back to the people is and always has been the down through the channels of trade to the less favored
small salaried employees. It has accordingly enthroned
doctrine of Democracy. To-day, in addition, it lathe supreme need of the wage earners and
privilege and nurtured selfishness. I repeat the words and I register the
hour to bring back to the people confidence in their Government.
dissent of the Democratic Party from that doctrine.
The search for the causes of this state of affairs leads us at once to the emphatic
I charge the Republican Party with corruption in administration, with
history of the last four years. In 1920 we passed through a political camI charge it also with division
paign in which materialism was preached as a creed and selfishness as a favoritism to privileged classes in legislation.
in action. No political party has the right to
national duty. All the forces of discontent were marshaled and the in council and impotence
exhibit the cardinal virtues
embers of every smoldering hate were fanned into burning flame. We have hold the reins of Government unless it can
and unity. Of these the last is by no means the least
eaten of the fruit of the tree that was planted and it has been bitter in the of honesty, sincerity
important.
mouths of even the most indifferent.
No matter how lofty the ideals or how pure the purpose of any party.
I speak with restraint when I say that it has brought forth corruption in
it possesses both the will and the power
high places, favoritism in legislation, division and discord in party councils, the country is not served unless
When it becomes a leaderless
Impotence in Government and a hot struggle for profit and advantage to carry those ideals and purposes into effect.
rival better fitted for the
which has bewildered us at home and humiliated us abroad. For all these and incoherent mob it must give way to some
things the party now in power cannot escape the responsibility that is its task of government.
months present. On one
last
twelve
the
that
Need I dwell on the picture
due. No repentance at the eleventh hour and no promise of reform can
houses
side the Executive. on the other the members of his party in both
cancel half a line of the indisputable facts.
views, advocating
The time demands plain speaking. It is not a welcome task to recount of Congress, seeking different aims, entertaining differing
•
the multiplied scandals of these melancholy years; a Senator of the United different measures.
The Executive proposes adherence to the existing World Court. The
States convicted of corrupt practice in the purchase of his Senatorial seat;
Senate
the
in
party
his
of
leader
the
finally
until
ears
a Secretary of the Interior in return for bribes granting away the naval oil request falls on dull
an entirely different
reserves so necessary to the security of the country; a Secretary of the Navy brings forward, manifestly for obstructive purposes,
members of his
ignorant of the spoliation in progress, if not indifferent to it: an Attorney.. scheme. The Executive demands the Mellon bill, and
hasten to reject it.
General admitting bribe-takers to the Department of Justice, making them party in both houses of Congress. regular and insurgent,
Congress rebut
Act,
He disapproves the Adjustment Compensation
his boon companions and utilizing the agencies of the law for purposes of
Congress passes a measure
private and political vengeance; a Chief of the Veterans' Bureau stealing enacts it by the required two-thirds majority.
meagre salaries, the Presiand helping others to steal the millions in money and supplies provided for granting to postal employees an increase in their
on Japanese immithe relief of those defenders of the nation most entitled to the nation's dent disapproves it. He protests against the restriction
gration, Congress adopts it.
gratitude and care. Such crimes are too gross to be forgotten or forgiven.
majority
Whenever before did a party in control of the Executive and of a
I do not believe that the millions of sincere and patriotic men and women
spectacle of discord and
who have composed the rank and file of the Republican Party are more In both houses of Congress present so pitiable a
so led and so disready to condone these and similar offenses or to pardon the offenders division? By what right can a political organization
than those of other political faiths. Indeed, their indignation has perhaps ciplined appeal for a further lease of power?
of the great
criticism
snarling
Four years ago the Republican Party, in
a sharper edge, for it is coupled with the chagrin that must follow from the
It has fallen
knowledge that under authority issued in their name corrupt men have leader then in office, promised to "end Executive autocracy."
direction have succeeded
crept to places of power and then betrayed the trust that placed them there. into the pit that it dug, for its efforts in that
or will not lead.
There are circumstances, however, which spread responsibility for the beyond its wildest dreams. An Executive who can not
can good Government
effect of these things upon the public confidence beyond the list of the a Congress that can not and will not follow—how
criminals themselves. There is, first, the fact that the revelation of these exist under such conditions?
Nor is it in domestic matters alone that the symptoms of this creeping
crimes was not the result of any action taken by the Executive. No
recommendations
burning indignation there put in train the forces of investigation and of paralysis have appeared. Not only have the Executive
long Ameripunishment. The disclosures came only as the result of the painstaking for adherence to the World Court, sanctioned as they are by
ignored, but no evidence
effort of faithful public servants in the legislative branch of the Government can tradition and example, been flouted and
frame and
can
constituted
now
as
Party
is in sight that the Republican
who could not close their eyes even when others chose to slumber.
Again, when discovery was threatened, instead of aid and assistance carry to its conclusion any definite and consistent foreign policy.
Four years ago we were promised a new association of nations to be
from the Executive branch there were hurried efforts to suppress testimony,
preserve the peace of the world. No single
to discourage witnesses, to spy upon investigators, and finally, by trumped- created in order to protect and
of this sort has yet appeared from any of those who so loudly
up indictment, to frighten and deter them from the pursuit. The spying proposal
it. With the reconstruction of Europe weighing heavily on the
on Senators and Congressmen; the hasty interchange of telegrams in promised
department code; the refusal of those accused to come forward, under oath, world, with American economic life dwarfed and stunted by the interruption
agricultural regions of the West sinking into
to purge themselves—all these things serve to blacken a page that was of world commerce, with the
bankruptcy because of the loss of their foreign markets, we have stood by as
already dark enough.
Different, Perhaps, in moral quality, but hardly less painful to the powerless spectators, offering to the world nothing but private charity and
country, has been the attitude of some of those in high places whose effort individual advice.
It is well enough to praise in unmeasured terms the charity of the Amerithese exposures by crying out not against
It has been to weaken the effect of
can people. It is not an unworthy pride that makes us dwell upon the
the guilty, but against those who exposed them.
772
THE CHPONTOLE
effortsindividual Americans have made toward
the solution of great world
problems. But the question which presses itself upon the mind and
conscience of the American people and will not be denied is what they, as
a
nation, speaking through their Government, have
done or dared to do in
this great field of action.
The Washington conference alone aside, and that
of more than doubtfu
value, what single contribution has the United States
of America, as an
organized nation among nations, made to world peace in the last four years?
[VOL. 119.
We shall conserve all the natural resources of the
country and prevent
the hand of monopoly from closing
on them and on our water powers, so
that our children after us shall find this still a
fair land to dwell within.
And to the veterans of our wars, especially
to those who were stricken
and wounded in the country's service
and whose confidence has been so
cruelly and corruptly abused, we shall give,
in honor and in honesty, the
grateful care they have so justly earned.
Concerning our sentiments toward labor there is room for neither doubt
nor cavil in the light of our past
history. The right of labor to an adequate
wage earned under healthful conditions,
the right to organize in order to
obtain it and the right to bargain for
it collectively, through agents and
representatives of its own choosing, have been established after many
Years of weary struggle. These rights are conceded
now by all fair-minded
men. They must not be impaired
either by injunction or by any other
device.
"Unofficial Observers" Abroad.
Individual Americans have gone abroad, but they went without the
blessing of their Government. "Unofficial observers" have appeared at
international conferences where America, if present at all, should have been
present as an equal among equals. When but yesterday
three Americans
went to the conference on reparations, whose fruitful outcome
all the world
desires, Washington was prompt to disclaim all responsibility for whatever
The Democratic Party, however,
they might accomplish.
goes a step beyond this. Its attitude
We achieved only what one of them has called a "bootleggi partici- has been well described as one inspired neither by deference on the one
ng
hand
nor
by
patronage
on the other, but by a sincere desire to make labor
pation."
Three weeks ago, in the City of London, there came from the Secretary part of the grand council of the nation, to concede its patriotism and to
recognize that its knowledge of its
of State himself an amazing confession of this impotence. Said
own needs gives it a right to a voice
he,
in all matters of Govermnent that
directly or peculiarly affect its own rights.
"I may give it as my conviction that had we attempted
America's
make
This
to
attitude
has
not changed;it will not change. Democracy in governcontribution to the recent plan of adjustment a Governmental matter,
ment and Democracy in industry alike
we should have been involved in a hopeless debate
demand the free recognition of the
and there would have
been no adequate action. We
should have been beset with demands, right Of all those who work, in whatever rank or place, to share in all
objections, instructions. This
decisions that affect their welfare.
tribution to economic revival." is not the way to make an American conIf I can read these words aright,
Promises to Farmers.
they can mean only this: That by
reason either of the inability of the Executive
To the farmers of the United States
to lead or the unwillingness
also we promise not patronage but.
of his party to follow, the foreign affairs
of the United States, including such laws and such administration of the laws
as will enable them to prosper
the great and vital question of European
settlement, must be left in pri- In their own right. They are not mendicants
and, fortunately for all of us.
vate hands.
are willing to take the risks that
attend
all-important calling. They
their
We must face the humiliating fact
that we have a Government that are entitled in return to a Government
genuinely interested in their
does not dare to speak its mind beyond the three-mile limit.
problems and keenly desirous to
serve them to the limit of its power.
A political party, which is at best but human, may make honest misThey feel to-day, more severely
perhaps than any others, the depressing
takes; they can be forgiven. It may pass unwise laws; they can be re- effect of
discriminatory taxation. Buying in a protected market and selling
pealed. It may. through honest error,
set men to taks beyond their in a market open to the world, they have been
forced to contribute to the
power; they can be displaced and others chosen in their stead. The profits of those
in other industries with no compensating benefit to themunpardonable sin, however, for it is a sin that strikes at the national life, selves.
is conduct so corrupt, so partial
Recent experience has proved, if
and so feeble that it shakes the public
proof were needed, that an effort to
opnfidence in Government itself.
help the farmer by a tariff on
his products is the baldest political false
I indict the Republican Party in its organized capacity for having shaken pretense. He
knows as well as any economist can tell him that the price
public confidence to its very foundation
s. I charge it with having ex- he gets for his surplus crop depends upon
conditions at the place of sale;
hibited deeper and more widespread corruption
than any that this genera- and he realizes that his permanent prosperity
depends not upon the decrease
tion of Americans has been called
upon to witness. I charge it with through crop shortages of the quantity
he
has
to sell, but upon the restoracomplacency in the face of that corruption and with ill will toward the tion and expansion
of the markets to which his good
efforts of honest men to expose it.
must go.
When he faces, as many do to
I charge it with gross favoritism to
-day, impending bankruptcy and ruin, it is
the privileged and with utter disregard
small comfort to be told by those
of the unprivileged.
who are so solicitous to protect other indusI charge it with indifference to world
peace and with timidity In the try from all possible competition that the
farmer's salvation lies wholly with
conduct of our foreign affairs. I charge it with disorganization, division himself.
and incoherence, and on the record I
The "courageous and intelligent
shall ask the voters throughout the
deflation of credits" which the Republilength and breadth of this land to
pass Judgment of condemnation, as can Party promised in its platform four
years ago would have come with
a warning to all men who may aspire
to public office, that dishonesty either better grace and have proved more
acceptable in its results if there had been
in thought, word or deed will
not be tolerated in America. I cannot at the same time any effort to
narrow instead of widen the gulf between the
doubt what verdict they will render.
prices which the farmer receives
and those which he is compelled to Pay.
and to assist him in finding a
market for the things he has to sell.
Democratic Guarantees.
We propose to see to it that the
When they have made their answer,
discriminations which the tariff makes
they will turn to us, as it is right against him shall be
removed;
they should, and ask what we have to
offer
exchange and what pledges toward a European settlement that his Government by doing its share
we can give that our offer will be performed.in
shall
help to revive and enlarge his foreign
We are ready for the ques- markets;that instead oflip
tion. We are prepared to offer a Democratic
service to the principle of co-operative marketing
program based on Democratic the forces of the Governmen
t shall be put actively at work to lend assistance
principles and guaranteed by a record
of Democratic performance.
to these endeavors; that the farmer
This program we have outlined
shall be supplied not only with informain our platform; these principles are tion on problems of
production but with information such as the dealer
those by which the Democratic Party
has been guided throughout the now receives concerning
the probable use and demand for his product, se
years—and which, like the creed of the
Church, should be repeated when- that he may be enabled
to think as intelligently as the dealer in terms of
ever Democrats assemble—a belief
in equal rights to all men and special consumption and
demand; and that in times when general and widespread
privilege to none; in an ever wider
and more equitable distribution of the distress has overtaken
him, every power which the Government enjoys
rewards of toil and industry; in the
suppression of private monopoly as a under the Con.stitution
shall be exerted in his aid.
thing indefensible and intolerable
; in the largest liberty for every indilie is entitled, too, to demand
vidual: in local self-government as
an adequate service of transportation at
against a centralized bureaucracy; reasonable rates. In spite
of the failures and shortcomings of existing
in public office as a public trust; in
a Government administered without laws, this is an ideal which
I cannot believe to be beyond the reach of attainfear abroad or favoritism at home.
ment. If the seasonal production
And our pledge will be the long roll of beneficent
of the farmer's crops is the pulsation of
legislation passed during the nation's heart, the
our years of power,and the conduct
railroads of the country are the veins and arteries
great
without scandal or corruption of a
through
which
its
life
blood
flows. Neither can hope to function without
and victorious war fought under
the gallant and inspiring leadership of the other's aid; and it is
quite as important to the railroads that the farmer
Woodrow Wilson.
should prosper as it is to the
farmer
I have expressed, in general terms,
that the railroads should be adequately
my approval of the proposals con- paid for the service that
they render.
.tained in our platform. You will not
expect me at this moment to discuss
them in detail or to outline the
methods by which they are to be carried
Tax Revision and Reduction.
into effect. There will be time enough
for that. Far more important than
the language of such documents is the
Believing that no people are truly free
spirit that breathes through them
who are unjustly taxed, we promise
and gives them life.
to the people of America not only revision
and reform but a further reduction
The country has the right to know whether under
in
the
taxes
that
weigh
them
the
guidance
down
of
the
and sap the vigor of their productive
Democratic Party it will follow a course of wise and continued progress. energy. The exorbitant rates and
discriminatory provisions of the present
or be given over to the delusive panaceas of the
dreamy radical or the smug tariff law must be wiped out, and in their place must be written, with faircomplacency of the conservative who thinks that all goes well if only it ness to all and favors to none, a statute
designed primarily to raise revenue
goes well with him.
for the support of the Government and
framed on a truly competitive basis.
We have no hostile design toward any
regitimate industry, we purpose
"Progressives" and "Reactionaries."
no action that would tear down or destroy.
But we are resolved that the
The words "progressive" and "reactionary" have
been much used in laying and collecting of taxes shall remain a public and
not a private business
American politics. There has been little effort to define their meaning. and that
monopoly shall find no section of the law behind
which to hide
They are becoming mere tags which politicians fasten
on themselves or itself.
their opponents without indulging in any mental process
The rates of the income tax should be
that remotely refurther
lowered. Unnecessary
sembles thought. But, like shipping tags, the thing which really counts is taxation is
unjust taxation no matter on whom the burden
falls. I am ready
the destination written on them—progress to what; reaction from what— to agree that
there is no right in Government to tax any man beyond its
that is the real question. Motion may be either backward or forward; needs solely
because he is rich, and yet I stoutly hold
that every dictate
it may even be going around in circles.
of reason and morality supports the rule
that those who derive from the
From my point of view he only deserves to be called a progressive who common effort of
society a greater share of its earnings than their fellows
cannot see a wrong persist without an effort to redress it, or a right denied must contribute
to the support of the State a proportiona
tely larger share
without an effort to protect it; who feels a deep concern for the economic of that which they
have received.
welfare of the United States, but realizes that the making of better men
Nor will we overlook the sound distinction
which exists in principle
and better women is a matter greater still; who thinks of every Governmental between those
incolnes gathered without effort from invested capital, and
policy first of all in its bearing upon human rights rather than upon material those which are the
product of exertion day by day.
things; who believes profoundly in human equality and detests privilege in
And with reduction, indeed as a condition
precedent to it, there must
whatever form or in whatever disguise, and who finds the true test of success be economy in every
part of the governmental establishment. I shall, if
in the welfare of the many and not the prosperity and comfort of the few.
elocted, welcome the opportunity to
support
and strengthen the beginnings
The civic unit of America is not the dollar but the individual man. All which have been made
in the direction of a national budget and to cothat goes to make better and happier and freer men and women is progress; operate with Congress
to that and, We must have,in addition,an economY
all else is reaction. Progressives of this sort, though they may not care which consists not
merely in securing a dollar's worth for every dollar spent.
to use the name, nevertheless in their hearts are Democrats.
but that far less popular form of economy
which imitates the prudent
We shall strive, therefore, for the things that look to these great ends; householder in doing
without the things one wishes but cannot at the
for the education of our youth, not only in knowledge gathered from past time afford.
ages but in the wholesome virtue of self-help; for the protection of women
Economy, however, begins at the wrong end when
it attacks the pay
and children from human greed and unequal laws; for the prevention of of Government
employees, who are justly entitled to pay equal to that
child labor and for the suppression of the illicit traffic in soul-destroying they would receivefrom
private
employers
for
similar
work.
Every business
drugs.
executive knows that underpaid service is the dearest of all.
AUG. 16 1924.]
THE CHRONICLE
773
"unofficial observation." If I become President of the United States,
America will sit as an equal among equals whenever she sits at all.
NH
This brief outline of the views and purposes of the party as I understand'
them might well serve all the demands of this occasion, but in the platform
we have adopted I find a further declaration concerning which my own
convictions are too profound for silence. We have taken occasion to reaffirm our belief in the Constitutional guarantees of religious freedom, and
to deplore and condemn any effort from whatever source to arouse racial or
religious dissension in this country.
Such a declaration every right-thinking American must endorse. No
disaster that the mind can picture equals in its hideous possibilities the
coming in this country of a separation of its citizenship into discordant
groups along racial or religious lines. Nothing would so utterly destroy our
happiness and security at home and our dignity and influence abroad. Let
us thank God with reverence that those who builded the inheritance we
enjoy dealt with that question and settled it long ago.
Religious Freedom and Racial Toleration.
Let it be said to the immortal glory of those who founded the Province of
Maryland that religious freedom on this Side of the water began with the
Toleration Act, which they adopted in 1649. It broadened with the years
until it was written into the Constitution in language too plain to be mistaken, that in this happy land of ours every man might, without loss or
threat of loss, without lessening or threat of lessening his civic, social or
political rights, worship in his own way and fashion the one God and
Father of us all. This toleration runs not only to the creed professed by a
majority but to every creed, no matter how numerous or how few its.
adherents. It was written, too, that Church and State should be forever
so far separate that neither the right nor the duty of public service should
be diminished or enlarged by the religious belief of any man. It is the
solemn duty of every believer in American institutions to oppose any
challenge of this sacred doctrine, organized or unorganized, under what,,
World Court and League of Nations.
ever name or in whatever character it may appear.
In the name of the Democratic Party, therefore, I promise to the country
From one who aspires to the Presidency, however, a declaration even
that no enterprise sincerely directed to this end will lack our approval
more direct than this may rightfully be expected. I wish, therefore, not
and co-operation. We favor the World Court in sincerity and not merely merely to denounce bigotry, intolerance and race prejudice as alien to the
for campaign purposes or as an avenue of escape from the consideration spirit of America, I wish also to state how and in what way the views I
of larger questons. We believe it a real advance toward the peaceful entertain are to influence my actions.
settlement of international disputes; an advance from which America
Into my hands will fall, when I am elected,the power to appoint thousands
cannot turn away without proving herself false to the teaching of a century.
persons to office under the Federal Government. When that time
We wish to see America as a nation play her part in that reconstruction of
arrives I shall set up no standard of religious faith or racial origin as a
of the economic life of Europe which has proven itself so indispensable to qualification for any office. My only queri concerning any appointee will.
our own well-being and prosperity. We are ready for any conference on
whether he is honest, whether he is competent, whether he is faithful to
disarmament, provided it is so general in its membership and so wide in be Constitution. No selection to be made by me will be dictated, inspired,
its scope as to be able to deal broadly with so broad a theme. We do the
influenced by the race or creed of the appointee.
not and we cannot accept the dictum unauthorized by any expression of or
One word more and I am done, and this'of a personal character. It is
popular will that the League of Nations is a closed incident so far as we
known of all men that the nomination which you tender me was not made
are concerned.
It comes, I am proud to believe, as the unanimous wish of
We deny the right of any man to thus shut the gates of the future against of my seeking.
most deliberative conventions in American history, which,
us and to write the fatal world "Never" across the face of our foreign one of the
weighed in the balance with soberness my too scant virtues and my manifold
policy.
shortcomings.
My own beliefs on this particular subject have been so frequently avowed,
It is not for me to reject so clear a call to duty. I am happy, however,
and are, I believe, so well understood, as hardly to need repetition. I
thought that it finds me free from pledge or promise to any living
yield to no man in my resolve to maintain America's independence, or in my in the
I shall hold it so to the end. Perhaps my sense of obligation is all •
unwillingness to involve her in the quarrels of other nations. Yet,from the man.
greater because of these things.
day when the proposal was first put forward I believed that American duty the
who saw fit to present my name to the convention for its conthose
To
and American interests alike demanded our joining, as a free and equal
sideration, and to the delegates to that convention who accepted me. I am
people, the other free peoples of the world in this enterprise. Nothing that
under a duty to justify their choice which I fully realize; to the party which
has since occurred has shaken me in that belief.
honors me with its leadership I owe every effort which my faculties will
On the contrary, the march of events has shown not only that the League
allow; and to my fellow-countrymen whose support you bid me to solicit.
has within it the seed of sure survival but that it is destined more and more
I owe the duty, first, to speak the truth as I see it, without fear, favor or
to become the bulwark of peace and order to mankind. Fifty-four nations
evasion, and then so to bear myself that every person in the land, no matter
now sit around its council table.
how high or how humble, may feel that he has in me a friend, and that.
Ireland, I rejoice to say, has shaken off her long subjection, and once
every citizen may know that he can look to his Government for unflinching,
more a nation, has made her entry into the•League the sign and symbpl of
in thought and action.
her glorious rebirth. The time cannot be far distant when Germany will honesty
When it becomes necessary, as no doubt it will, to raise funds for the
take the seat to which she is rightly entitled. Russia, Mexico and Turkey
of
the campaign, they will be contributed with this understanding
conduct
will make the roll, with one exception, entire and complete.
only: that neither the Democratic Party nor I as its leader have
None of the nations in all this lengthening list have parted with their and this
favors for sale. We can make but one promise to all men alike, that
sovereignty or sacrificed their independence, or have imperiled by their any
impartial and, so far as human wisdom will permit, a just.
presence their safety at home or their security abroad. I cannot reconcile of an honest, an
their experience with the fears of those who dread a different fate for the Government.
To these things. Mr. Chairman, I pledge myself. In the struggle to
United States.
men and women to whom
There are in this country sincere minds who oppose both the World secure them I invoke the support of all patriotic
expediency and the•
Court and the League and,indeed, any organic contact with other nations, country is greater than party, honor more sacred than
gain
or
all
things
else
besides. In this spirit,
personal
dearer
than
right
because they wish the United States to live a purely opportunist life.
greater than.
They wish no obligation at any time to any other Powers, even the slender I accept your nomination and, relying upon a strength that is
my own, I am ready with joyful confidence to assume the leadership you
obligation to consult and to confer.
I respect such opinions even though I do not share them; for, on sheerest offer me.
grounds of national safety, I cannot think it prudent that the United States
The nomination of Mr. Davis at the Democratic Nations/
should be absent whenever all the other nations of the world assemble to
in New York last month was referred to by us
Convention
discuss world problems. But I must be permitted to doubt the intelicetual
'
honesty of those who profess to favor organized international co-operation July 12, page 155.
for peace and who studiously turn away from the only agencies yet created
to that end.
Senator Walsh's Speech Notifying John W. Davis of.
In my own thought concerning the League two aspects of the question
Nomination as President—Declares He Is Not .,
have been constantly before me. I have never found it possible greatly to
concern myself as to the terms of our adherence or the language in which
"Wall Street Man."
those terms might be phrased.
Senator Thomas J. Walsh, in his speech at Clarksburg„
Deeds are of more consequence than words. Time and custom and the
laws of natural growth will have their way in spite of language, provided a W. Va. on Aug. 11, formally notifying John W. Davis of his'
sincere purpose lies behind them. Whatever the character in which we nomination for
President, on the Democratic ticket, declared
shall finally appear, it is the fact of our presence that will count. Neither
have I at any time believed nor do I now believe, that the entrance of that "neither calumny nor over zealous partisanship can.
America into the League can occur, will occur or should occur until the raise to such heights as to charge that the convention from
" common judgment of the American people is ready for the step.
which your credentials came was bossed by any one." The:
We waited for this judgment to ripen in order that we might enter the
war. I am content, if need be, to wait until it speaks for the agencies of Senator urged accordingly that the campaign he waged upon
peace.
the political issues which divide the major parties. "These,'''
That a day can and will come when this great question will finally be lifted he said "I conceive to be in the main four—honesty in goventirely above the plane of partisan politics, when men will cease to take
counsel solely of their passions, their pride and their fears, and when the ernment, revision of the tariff, the maintenance in principle
voice of public approval will find means to make itself heard, I am serenely of the present income tax law and frank co-operation with
confident.
the nations of Europe for the restoration of peace and the
Until that day arrives I deem it the duty of the Chief Executive to corevival of industry to insure an increased demand for our
operate officially by every means at his command with all legitimate
endeavors, whether they come from the League or from any other source, surplus, mainly of agricultural products." Senator Walsh
tolessen the prospect of future war, to aid in repairing the ravages of the took occasion to state that "the argument that you are a
wars that are past, to promote disarmament and to advance the well-being Wall Street man, in an opprobrious sense, is without merit,
of mankind. Equally, too, his duty and the duty of Congress, burdensome
as it may be, to maintain the means of adequate national defense until as is the assertion that your nomination is a Wall Street
reason is permitted to take the place of force, we cannot throw away the nomination." Pointing out that Mr. Davis was "privileged
sword when the other scabbards are not empty.
to speak for five years before the Supreme Court of the
Nor can I reconcile it with my ideas of the dignity of a great nation to be
represented at international gatherings only under the poor prOtenve of United States in_the.capacity of Solicitor-General," Senator
Enforcement of Dry Law.
To the enforcement of the law,and all the law,we stand definitely pledged.
'We shall enforce it as fearlessly against weatlh that endeavors to restrain
trade and create monopoly, as against poverty that counterfeits the currency, as vigorously against ambition which seeks to climb to office through
the corrupt use of money as against the lesser greed that uses the mails.
For no reason that is apparent to me the question has been asked, as
perhaps it will continue to be asked until it has been definitely answered,
what views I hold concerning the enforcement of the Eighteenth Amendment and the statutes passed to put it into effect. Why the question, is
It not the law?
I would hold in contempt any public official who took with uplifted
hand an oath to support the Constitution of the United States, making
at the same time a mental reservation whereby a single word of that great
document is excluded from his vow.
An administrative officer is no more entitled to choose what statutes
he will or will not enforce than is a citizen to choose what laws he will
or will not obey. As well might he ask to strike from the Ten Commandments those he was not inclined to keep. Obedience to the law is the
first duty of every good citizen, whether° he be rich or whether he be poor;
enforcement of the law against every violator, rich or poor, is the solemn
obligation of every official.
But all that we do will be undone; all that we build will be torn down;
all that we hope for will be denied, unless in conjunction with the rest of
mankind we can lift the burden of vast armaments which now weighs
upon the world and silence the recurring threat of war.
This we shall not do by pious wishes or fervid rhetoric. We will not
contribute to it as a nation simply by offering to others, no more concerned than ourselves, our unsolicited advice. Providence does not give
the gifts of peace to those who will not labor to achieve them.
774
THE CHRONICLE
Walsh said,"had it not been for the decision you secured in the
Midwest Oil Co. case, and again in the Diamond Coal case,
there would have been little left of the Naval Oil Reserve for
Fall or any one else to barter away." Among other things
in commendation of Mr. Davis, Senator Walsh said, "you
fought a good, though losing fight, to uphold the first child
labor law and a winning one to maintain the Adamson law.
The Senator's speech follows:
Mr. Davis:
My associates and I, members of a committee, in which are represented
the forty-eight States of the Union as well as the Territories and possessglens. have been delegated formally to announce to you your nomination
by the unanimous voice of the National Democratic Convention lately
assembled in the City of New York as the candidate of the party for which
it was authorized to speak, for the office of President of the United States.
On behalf of the committee I apprise you of that action taken on the 9th
day of July 1924, the sixteenth after the session opened and after the convention had fruitlessly balloted 102 times.
The occasion was signalized not alone by its protracted character—no
similar assembly having approaled it in that respect—but as well by the
high purposes and deep convictions actuating the delegates and by the
intensity of the passions aroused by the fierce struggles featured,from which
you happily were quite removed.
' The tumultuous applause which broke forth as the convention, with one
common accord, acclaimed you its choice but reflected the conviction generally expressed by friends and foes •alike that a leader had been found
eminently fitted by character, training and experience for the high office
for which he was named, worthy of the best traditions of the party of JetJerson, Madison, Jackson and Wilson, two of whom at least have never
been equaled in our line of Presidents in intellectual equipment nor surpassed in human sympathy.
Such misgivings as have been felt, such doubts as have been ventured
touching your nomination, bear no relation to anything done or to anything
left undone in your active and highly serviceable political and official
career, to any views you may have expressed or to any votes you may have
cast. These appear to be unexceptionable.
Tried by that touchstone, by the acid test, every fair-minded man must
adjudge you a liberal, a progressive. You were, as the world knows, an
advocate of woman suffrage before you entered the arena of national
politics.
In the Sixty-second Congress you were conspicuous in the advocacy of
every measure that served to differentiate the reactionary from the progressive. You assailed "government by injunction," set forth with a great
wealth of illustrations the abuse of that process and of the power to punish for contempt, and supported with marked ability and eloquent tongue
the effort, subsequently successful, to remove or minimize the opportunity
of oppressing labor through resort to that remedy.
In that connection you defended both the wisdom and the constitutionality of the provision in the bill to which you addressed yourself, later incorporated in the law, providing for trial by jury in cases of indirect contempt.
In your stirring speech supporting the program of remedial legislation urged
by organized labor you said:
"I denounce as a libel upon American citizenship the assertion that the
laboring men of this country are ever ready at the word to break into lawlessness or that they sympathize with those who do. And I pity the man
who takes such counsel of his fears as to be unwilling to recognize and accord to them by statute and in practice the full use of every legitimate
weapon of offense or defense in all trade wars and the untrammeled exercise
of every constitutional right."
The principles of the bill giving occasion to the remarks quoted have
since, as stated, been incorporated in the law and are now accepted. But
they were then stoutly contested and were recognized only after a struggle
of more than twenty years. Like other advances in the road toward freedom, they seem to us as though their attainment must have been simple
because they appear so reasonable.
In the same Congress you supported with zeal and learning the WebbKenyon bill, the furthest advance then considered toward suppressing
through Federal action the unspeakable evils of the liquor traffic.
The entire program of remedial legislation entered upon when the Wilson
Administration assumed control of our national affairs had your cordial
approval and support. As a member of the House Committee on the
Judiciary you were intimately indentified with the anti-trust legislation
lmown as the Clayton Act, sometimes referred to as a labor's Magna
Charta. the principles of which you had so eloquently supported in the
preceding Congress, and with its counterpart, the Federal Trade Commission Act, the most potent agency of Government for repressing practices
leading to monopoly and for enforcing decency in business methods.
A feature of your Congressional career, marked by conspicuous public
service, has a peculiar significance at this time when honesty in government assumes a place of first importance in the campaign now opening.
I remind those interested that under your direction the House of Representatives exposed the infamy of Archbold as Judge of the Court of Commerce and that as one of the managers on the part of the House on the trial
before the Senate your conduct of it was marked by such distinguished
ability that when subsequently your nomination as Solicitor-General came
before that body it was approved by unanimous consent and without reference to any committee. In your time the task devolved upon you of driving
the money changers from the temple, just as in succeeding and present
Republican Administrations it fell to some of us.
The head and front of your offending hath this extent, no more, that
since retiring to private life you have been employed professionally as a
lawyer by gigantic business interests whose policy and conduct have aroused
quite general indignation, have repeatedly been the subject of the severest
censure by the press, of investigation by the courts and Congress as well as
State Legislatures and have given occasion to no little legislation deemed
necessary to protect the people from their exactions.
It is not advanced that you have represented them in any capacity
except as legal adviser or as their advocate before the courts. It is not
charged that you have been either the defender of or apologist for their
misdeeds in public address or through the press, or that you have forwarded
or attempted to forward their plans before either legislative assemblies or
administrative officers.
You have been retained, as it is understood, to render such services as
a lawyer may legitimately perform. This implies no acceptance of either
political or the economic views of your clients, much less adherence to
such views after the relation you bear to them has been severed. A lawyer
may honorably defend one accused of murder or treason, or of defrauding
Widows and orphans without suspicion of sympathy with such hideous
crimes or with violators of the law generally or specifically.
How, then, does a lawyer forfeit the regard in which he would otherwise
be held by accepting employment from those whose career Is open to censure
on grounds of public policy or who may have been guilty of even the grosse
[VoL. 119.
violations of the laws declaring and enforcing the same? Tho shrewd and
far-seeing business men who head the great aggregation of capital dominating industry, wisely regarded as menacing to democratic institutions in the
power they wield, select their lawyers, their engineers, their technical men,'
for their talents in their various fields, not in view of their political beliefs.
The wizard Steinmetz was understood to have been a Socialist.
It is an unjustifiable inference that your views on matters of public concern approximate those of your employers or that, called to high public
office, you would, upon any consideration, accommodate your own to theirs
or grant them.aught beyond Justice. You owe them nothing, not oven gratitude. You gave them service. They paid you.
Your powerful clients never discovered you until your fame as a lawyer
was firmly established, until your pre-eminence at the bar was nationally
and internationally recognized. I am sure your gratitude is reserved for
those humble friends who took a chance on you when you were a stripling at
the law, eager to demonstrate your ability, yet unproved.
There is a class of lawyers whose employment unfits them for public service. Among that class are some who never had any clients except great
industrial or transportation corporations, or at least the memory of man
runneth not to the contrary. They never enjoyed the distinction of representing or the delight of succeeding for the under dog. Every problem
ever attacked by them was viewed from the standpoint of the vested interests.
I have known some excellent men who for a generation or more have
represented on a salary a single corporate client. It is inevitable that
lawyers whose field of thought and action have been so circumscribed
should yield in their intellectual processes to the influence of their environment, that they should come to view all public questions, at least those of
concern to their clients, in harmony with them, that they should acquire
an incorrigible state of mind with reference to such, totally inconsistent
with a comprehensive and just view of the interests of the public at large.
Your vision has happily not been thus hampered or limited. Your practice has been general, one day speaking for some great and possibly ruthless corporation, the next for an impoverished contender against the massed
Wealth ofsuch or the victim of its ruthlessness: to-day appearing for interest,
demanding the process of the law in some industrial war, to-morrow for
organized labor striking for living wages or individuals charged with illegal
acts in aid of a strike.
Five Years Before Supreme Court as Solicitor-General.
Even more fortunately you were privileged to speak for five years before
the Supreme Court of the United States in the capacity of Solicitor-General
for all the people of this mighty nation against the contemners of the law
of all classes, high and low, against the most odious trusts and monopolies,
against the pillagers of the public domain and the insidious robber who
plies his nefarious trade of deception and fraud through the mails.
Had it not been for the decision you secured in the Midwest Oil Co.
case, and again in the Diamond Coal Co. case, there would have been
little left of the Naval Oil Reserve for Fall or any one else to barter away.
One of your later clients had occasion to know of your ability as a lawyer
from the defeat it suffered at your hands in the pipe line caess. in which the
Act of Congress, declaring all pipe lines to be common carriers, was sustained and the public generally became entitled to the use at reasonable
charge of the lines of the Standard Oil Co., the principal defendant in the
litigation.
The Anthracite Trust. the Lumber Trust, the Shoe Machinery Trust,
the Steel Trust, found you an antagonist worthy of the highest talent
they could command. You fought a good, though a losing fight, to uphold
the first child labor law and winning one to maintain the Adamson law.
You earned the gratitude of our colored citizens by your successful assault
upon the "grandfather clause" in the Constitutions of various States.
You loosed the hand of land grant railroad companies from areas, never
earned, of inestimable value.
Those who fear that a lawyer's convictions on public questions acquire a
slant from the position he was.required to take in the lawsuits he tried
might well reach the conclusion that you had acquired an inveterate habit
of mind antagonistic to the great capitalistic interests whose contentions you
so successfully met during five years of continuous service as the advocate
of the cause of the people before the most august judicial tribunal ever
established by man.
The discerning managers of the gigantic business houses with which you
have been more recently associated were troubled with no apprehension
that you had become disqualified to represent faithfully their interests
because of your earlier service against them. Your friends know that coming back to the service of your country your mind will be unwarped by any
association with those with whom, in the pursuit of your profession, you
have meanwhile been thrown.
The interest with which you have dealt in your professional career both
for the Government and for your private clients have been vast, affording you an outlook denied to the lawyer concerned with the ordinary controversies engaging the attention of the courts. Your professional engagements peculiarly fit you, they in no sense disqualify you, for eminent service as President of the United States.
Not a Wall Street Nomination.
The argument that you are a Wall Street man,in an opprobrious sense, is
without merit, as is the assertion that your nomination is a Wall Street
nomination. It was effected without any support from delegations popularly believed to be under the influence of Wall Street. It was not until after
your vote had been swelled by accessions from every section of the country.
particularly from the South and the West, and your nomination was assured, that the great States of New York and Illinois on the final roll-call
changed their votes and enrolled under your standard.
Neither calumny nor overzealous partisanship can raise to such heights
as to charge that the convention from which your credentials come was
bossed by any one.
Four Political Issues.
Let the campaign be waged accordingly upon the political issues which
divide the major parties. These I conceive to be,in the main,four: Honesty
in government, revision of the tariff, the maintenance in principle of the
present income tax law and frank co-operation with the nations of Europe
for the restoration of peace and the revival of industry to insure an increased
demand for our surplus, mainly of agricultural products.
Economy in public expenditure that labor may be lightly burdened is a
cardinal doctrine of the Democratic faith. Reduction in taxation is a policy
consistently to be adhered to. Any party entrusted with power will be
impelled by every consideration of its own future to practice economy and to
bring about a reduction in taxes as the war-time period recedes. It is idle to
attempt to assign a superior virtue to either or any political party with
respect to such policies.
It is noticed that a voice has been raised against discussion in the campaign on which we are entering of the shocking scandals of the Administration now coming to a close, decried as indulging in "personalities." Are
we to abandon the idea that a political party is to be held responsible for the
men it elevates to high official station?
AUG. 16 1924.]
THE CHRONICLE
the
The last Republican Administration gave us Ballinger and Archbold,
Lorimer was driven
current Administration, Forbes, Fall and Daugherty.
his
tainting
from the Senate during the Taft Administration for corruption
Administraelection, Newberry for like offenses in the Harding-Coolidge
tion.
775
declined by Mr. Gompers on the 8th inst. in a telegram to
Louis A. Johnson, Chairman of the Local Notification Committee at Clarksburg. This telegram was made public on the
9th inst., along with other correspondence which had passes
between Mr. Gompers and Mr. Davis, incident to.a request
by the latter that Mr. Gompers accord the Democratic
Presidential candidate an interview. In declining the invitation to the notification exercises Mr. Gompers said:
Criticism of Republican Administration.
AdministraIt Is a startling coincidence that in two successive Republican
having their origin
tions the country should have been rocked by scandals
to guarantee
in the disposition of the public domain. Will any one undertake
entrusted with
freedom from such, should that party for the third time be
disgraced the party
what is left of it? Consider how the crimes that have
ATLANTIC CITY.
Republican leaders.
in power and shamed the nation have been regarded by
Aug. 9 1924.
of the offenses
Has any one of them raised his voice in denunciation either
Local Notification Committee,
Chairman
Johnson,
A.
Louis
the part of one Mr.
on
displayed
has
been
What
vigor
them?
of
guilty
those
or
Clarksburg, W. Va.
jusconnected with the Administration as even now constituted to bring to
Your telegraphic invitation to me to participate in the proceedings notifyeffrontery to
tice those who trafficked in the Oil Reserves? It is simple
prosecutors ing Honorable John W. Davis of his nomination for the Presidency by the
claim credit for whatever has been achieved by the special
to Democratic National Convention, to hear his speech of acceptance, came
forced upon the President by the Senate after he had signified his purpose
duly to hand, and the courtesy of the invitation is greatly appreciated. Cirturn the affair over to the discredited Department of Justice.
beyond my control interfere with the acceptance of the invitaQuite in keeping with the spirit thus evinced is the effort to shift the whole cumstances
par- tion, and frankness demands that I should say that if those circumstances
responsibility to the genial soul now translated, while the subordinate
in existence I doubt if I would go to Clarksburg for the ceremony.
ticipants in the nasty mess are still retained simply because an aroused were not
the Permit me to assure you that I shall read with interest what Mr. Davis
public opinion has not forced action in their case as it did in the case of
will have to say.
principals, Denby and Daugherty.
SAMUEL GOMPERS.
Robison, who furnished the brains for the Navy Department in the transcare of
was as follows:
telegraph
by
extended
action, is still the head of the Bureau of Engineering, to which the
invitation
The
Robithe reserves is entrusted; Robison, tutored for the place by Doheny;
the
of
out
CLARKSBURG, W. VA.
son, who boasts of having originated the idea of taking the oil
contents of
Aug. 8 1924.
ground and storing it in tanks to be paid for with two-thirds the
the reserves.
Samuel Gompers, President, American Federation of Labor. Washington,
wedded
C.:
Bain,right-hand man to Fall in connection with the leases, equally
D.
of Mines;
to the policy of leasing the reserves, is still Director of the Bureau
At request of Democratic National Committee, we invite you attend John
from the
Bain, who realized with Fall that there were objections to asking
W. Davis notification on behalf of the citizens of the City of Clarksburg.
of
Attorney-General an opinion on the legality of the leases in the execution
We hope you will be among our esteemed guests assisting in honoring ou
which he had a conspicuous part.
distinguished fellow-townsman.
in
on
LOUIS A. JOHNSON.
Both of these officials knew the negotiations were being carried
business
Chairman Local Notification Committee.
secret, both knew they were made in contravention of common
were
they
fact,
In
bidding.
prudence, if not the law, without competitive
The correspondence between Mr. Davis and Mr. Gompers
conversant with all the facts that made the leases objects of suspicion as soon
which
as their execution became public and that led to the investigation
had preceded the invitation follows:
which
custody
July 1,7 1924.
disclosed the infamy that characterizes them. To these officials the
be
course,
due
in
will,
of the Reserves, valued at hundreds of millions,
Mr. Samuel Gompers, Shelburne Hotel, Brighton Beach, N. Y.
regained.
are
they
behalf,
the
all
that
made
in
after
effort
if,
reconfided
My dear Mr. Gompers:- I am very anxious to have a personal interview
The circumstances provoke inquiry as to whether the President of the with you at the earliest opportunity. Am leaving to-morrow night to be
United States has any Just conception of the gravity of the offenses per- gone something like ten days in order to secure a very much-needed rest
petrated under his very nose while he sat as a member of the Cabinet, and to before the campaign begins. Would I impose upon your good nature if I
which public attention was directed while he listened from his seat as pre- asked you to let me know when and where it will be possible for me to see
siding officer of the Senate.
you?
What standard of official conduct has he when he not only retains HolBelieve me, with kindest regards.
land as chief assistant to the Attorney-General; Holland who makes political
Yours sincerely,
merchandise of the sacred office of Judge, but keeps in the post nearest
JOHN W.DAVIS.
campaign
for
ps
Postermastershi
who
Slemp,
traded
himself
systematically
July 22 1924.
contributions? Upon what basis can it be asserted that his ideals are higher
Hon. John W.Davis, 15 Broad Street, New York City.
than those of his predecessor or of the party from whose shameful record
of your favor
receipt
Dear Mr. Davis: I have the honor to acknowledge
the managers of his campaign seek to disassociate him?
of the 17th inst.. in which you express the desire to have a personal interrecord.
that
ignore
nor
of
this
people
land
will not forget
No, the good
view with me. You ask that you be advised on your return to New York
They will take care that the memory of the wicked shall rot. We shall City after ten days' rest and the assumption of your whole duty in the camassuredly give them an opportunity to approve or to disapprove.
paign impending for the Presidential election.
Linked inseparably in their disastrous results upon our basic industry—
I assume that you are aware that I have been in ill health for the past
agriculture—are the Tariff Act of 1922 and the policy of isolation. Taking several weeks and that I am sojourning here under observation and care
competition
unheard-of
for
of
capacity
Germany
supposed
advantage of a
of my nurse and physician. I desire to be frank with you in saying that
the rates in the present tariff law were boosted out of reason and beyond though I am steadily improving in health, I am not yet sure or reassured
precedent for the perfectly obvious purpose of maintaining war prices for as to what I may be able to do in the near future, but if at all in physical
the domestic product, while commodities such as the products of the farm, condition I shall attend the scheduled meeting of the Executive Council of
of which a surplus goes into the export trade, could command no more than the American Federation of Labor at Atlantic City beginning Aug. 1. To
the world price.
attend that meeting it will then be necessary for me to leave here a few
No greater crime was ever perpetrated than thus to throw upon agricul- days before, that is, July 29 to 30. It may be advisable for me to stop over
ture the whole burden or the greater share of the burden of after-the-war
a few hours in New York to rest from possible fatigue of the ride from this
reconstruction. Destitution in many farming sections and distress in all
hotel before going on the train to Atlantic City. I therefore suggest that if
and
necessary
natural
the
consequences.
were
it be agreeable, the interview take place in my apartment here at the ShelA general reduction in the tariff schedules is the first condition of the
burne Hotel July 29, or in the Hotel Astor, Room 172, any time that day.
restoration of prosperity on the farm. The second is the rehabilitation of
not in my usual robust health I should like you to feel that I am
Though
will
surplus
normally
industry in Europe through which the demand for our
that the interview which you suggest would have no deleterious
confident
there
prevailed
since
has
to
not
be
that
expected until the chaos
expand,
effect upon me.
the war is resolved, an end to which our Government should in every
If neither of these suggestions conforms to your convenience let me'say
possible way contribute, so long as it can do so without involvement in the
for
that I expect to be in Atlantic City at the Hotel Ambassador July 30 and
quarrels which unfortunately persist over there or in schemes of national
days thereafter, where, if you care, the interview can be held.
several
.
aggrandizement
Very truly yours,
The revenue law will of necessity be an issue in the campaign, first
SAMUEL GOMPERS.
because the President signed it only under protest, regretting that the
(Telegram.]
Mellon plan was rejected in its enactment, signifying that in case he is
Dark Harbor, Me., July 24 1924.
elected with an acquiescent Congress, revision will be attempted in accordHotel, Coney Island, N. Y.:
ance with the views to which he is wedded, and, second, because further Samuel Gompers, Shelburne
Your letter 22d forwarded to me here. Regret to say will be impossible
reduction in taxation is a consummation most devoutly to be wished and
to finish the work in hand and return to New York by July 29. Planning to
reasonably to be anticipated.
communicate with you upon arrival in New York.
In all reasonable probability there will be a revision of the present income leave here Aug. 1 and will
you care to furnish it, statement of subjects in
will
if
Meantime
welcome,
of
the
the
111
mandate
people
sl•
What
tax law within the next four years.
at moment. My best wishes for your return
be? Will they direct the Congress and the President to revise along the which labor is chiefly interested
to health.
lines advocated by the President and Mr..fellon or along the lines laid
JOHN W. DAVIS.
down by the Democrats and Insurgent Republicans in both houses and
(Telegram.]
of
the
they
approve
Mellon
followed in the law of the late session? Will
New York City. July 25 1924.
plan of making the greatest cut in the case of taxpayers with swollen incomes
Hon. John W. Davis, Dark Harbor, Me.:
will
or
they
the
decrease,
endorse
Simrate
of
the
reducing
gradually
and
Telegram received. You expressed wish for personal interview with me
mons plan of according the highest percentage of relief to those of small and designated the time.
In my reply I manifested my willingness for the
or moderate incomes and gradually diminishing the percentage of decrease interview to take place to conform to the time designated by you. The
volume?
in
increase
as the incomes
several dates and places suggested in my letter are still agreeable to me. I
I congratulate the country on facing the campaign with such clearly
can submit no questions to you which would not be equally submitted to
defined issues for resolution. There is no room for the informed to avow
other candidates for the Presidency.
that there is no difference between the two major parties. I congratulate
SAMUEL GOMPERS.
the country, Mr. Davis, as well that you exemplify so admirably the
issues.
great
these
on
party
your
of
attitude
And now into your hands we confide the task of leading in the fight to
Never Will Be
vindicate before the people of America that attitude, confident that we John W. Davis Declares He Is Not and
offer to thorn a candidate for President of the United States in whom, if
Member of Ku Klux Klan.
elected, there will be a general pride.
of the
Samuel Gompers' Declination to Attend Notification
Ceremony for John W. Davis.
An invitation to Samuel Gompers, President of the American Federation of Labor, to attend the notification ceremony
for John W. Davis, Democratic Presidential nominee, was
Davis
On Aug. 7 Thomas J. Spellacy, Manager
Eastern campaign headquarters, made public a letter
addressed by John W. Davis, Democratic Presidential
nominee,to Devere Allen, Editor of the "World To-Morrow,"
in which Mr. Davis declared "I am not, have never been,
and will not become a member of the Ku Klux Klan." The
letter follows:
.776
THE CHRONICLE
[voL. 119.
Mr. Davis, who was much pleased by the Mayor coming out
Aug. 7 1924.
in support of
Dear Mr. Allen:—In reply to your letter, which has been brought to my him after reading
his acceptance speech at Clarksburg, sent an invitation to
attention, I answer the question in the same direct manner
you put it: the Mayor soon after his return early in the day. Mayor nylon would not
by saying that I am not, never have been and will not become a member discuss what took
place at the luncheon, but referred all inquiries to Mr.
of the Ku Klux Klan.
Davis, who said they had discussed the political
situation generally and
I trust that In my coming speech of acceptance I shall make my position that his talk with
the Mayor was very satisfactory.
on the great question of religious toleration too plain for any misunderMayor nylon is a prospective candidate for the Democratic nomination
for
standing or dispute.
Governor, but it was learned that candidacies for places
on the State ticket
Yours sincerely,
were not discussed. The Mayor's announceme
of
nt
his support was said to
have been very welcome to Mr. Davis and the feeling
JOHN W. DAVIS.
at his headquarters was
Devere Allen, Esq., 396 Broadway, New York, N.
that it would help the national ticket considerabl
Y.
y in the city.
Official Notification to Senator La Follette of Endorsement for Presidency by Executive Council of
American Federation of Labor.
• In Washington on Aug. 14 Senator Robert M. La Follette
of Wisconsin was officially notified that his candidacy for
President of the United States had been endorsed by the
Executive Council of the American Federation of Labor,
as well as that of Senator Wheeler for Vice-President.
Senator La Follette was advised of the action of the Federation's Executive Council by a committee headed by Frank E.
Morrison, Secretary of the Federation, who said:
Morris Hillquit, Socialist member of the La Follette Campaign Committee, told the New York "World" on July 27
why in his opinion Mayor Hylan never could receive the
endorsement of his party for any office. We quote as follows from the "World" what Mr. Hillquit had to say:
The Mayor, he said, is not a progressive. And then
he defined:
"A progressive is one who has a definite program of
economic and social
reform.
"Mayor Hylan has never shown the slightest
comprehension of the economic and social problems that confront the people,
nor has he ever shown
any ability to cope with their problems. There is
nothing in his whole
make-up that would appeal to a serious progressive."
Mr. Hillquit made these statements in an extended
discussion of progressivism send the Mayor's blasted hopes to win the
We are instructed by the Executive Committee
support of the followof the Non-Partisan ers of the La Follette-Wheeler ticket.
Political Campaign Committee of the American Federation
of Labor to
"A progressive," according to Mr. Hillquit's complete
bring to you this personal and official notification of
definition, "is one
our action as detailed who has a definite program of economic and social
reform, the test being
In the report adopted by the A. F.of L. Executive Council Atlantic City.
in
the positive constructive character of such a program.
We present to you for yourself and for Senator Wheeler
that document.
"That would generally comprehend the whole subject
We are instructed, also, to say to you for President Gompers that we are
known as labor
for legislation—questions dealing with the prohibition
of child labor, for inYou and for Senator Wheeler, that we are for you without restriction, and
stance, establishing a minimum wage and affording other
protection for the
that so far as the 1924 Presidential tickets and platforms of the two old
labor of women, measures looking to sanitation and safety
of places of emparties are concerned, we have burned our bridges. The fight is on.
ployment, curbing excessive working hours, and so on.
Also measures of
We have followed our custom of examining the platforms
political
the
of
social reform, such as relate to changes in the system of
judicial
procedure
parties and of analyzing the records of those who aspire to office. We have which
look to curbing the powers of courts to issue injunctions in
labor disdone this in no partisan sense and with no desire in advance to find anything
putes, the preservation of civil rights and liberties.
but the actual facts.
"A progressive must have as well a broad outlook on
foreign policy with
Our examination of the platforms has shown us beyond question that both a
view 'toward preserving peace between the countries of the
world, checking
the Republican and Democratic platforms are unacceptable—a word, by the
imperialistic policies, and other pernicious tendencies.
way, that seems not to be clearly understood In some quarters. We hope
to make it better understood as time passes.
Cussing Not Progressivism.
What applies to platforms applies to candidates. We find in either case
"Merely cussing the rich is not progressivism. Repeated
no hope for the wage earners of the country. We
and emphatic
find the rand dates ot assertion of love for the people is not progressivi
sm. Mayor nylon has
both parties wholly unacceptable.
never shown the slightest comprehension of the economic
and social probAs our report makes clear, we have found that the platform upon which
lems that confront the people, nor has he ever shown
you are a candidate for the Presidency, and upon which
any ability to cope
Senator Wheeler's with their problems.
a candidate for the Vice-Presidency is more acceptable
nearly
more
to labor,
"The difference between Mayor nylon and other professional
meets labor's aspirations and more nearly meets the needs
politicians
of the great is that he chooses to appeal for the support
of the masses with perhaps
masses of the people of our country, and in particular those
for whom we more emphatic demagogic slogans than others.
But there is no difference in
speak, than does any other platform now before the
people.
substance. And there is nothing in his whole make-up
We considered also your long record offaithful service—a
that would appeal
record ofservice to a serious progressive."
in the cause of freedom and humanity that
stands out as a beacon of hope
Mr. Hillquit considered that Eugene V. Debs is a
and assurance. In view of these facts it is
true
progressive, one
our purpose to exert every who understands existing economic and
social problems. Robert M. La
honorable effort to bring about the election of
yourself as President and Follette he held to be a progressive, who
is also aware of the problems that
Senator Wheeler as Vice-President.
• affect people, and who realizes above all that the world. of 1924 is a differWe are glad to be able to bring you assurance
that already our State, city ent world than that of 1850.
and local organizations are active throughout
the country, not only in
"Progressivism of the Jeffersonian type may not do at all to-day,"
behalf of the national ticket, but in behalf of candidates
said
for the House and Mr. Hillquit. "Some of the things that would have
been truly progressive
Senate who will stand faithfully by the people and
who will work in the in Jefferson's day would be utterly conservativ
reactionary
e
or
National Congress for those principles upon which
to-day. The
human freedom, progress world changes. Problems change.
and democracy must ever rest.
The hour must come, we feel, for a restoration of governmen
Wilson Had Understanding.
t to its sole
rightful purpose the service of the masses of the
people. We have come
"Woodrow Wilson was very much of a progressive, but the trouble
to bring you this word of hope and assurance, together with
with
official
copy him was that he was not consistent. In his 'The
an
New Freedom' there is
of the declaration adopted by our Executive Council,
and we are confident much to prove that he had a profound understand
ing of social and economic
that thus committed we offer to the great citizensihp
of our country a conditions. Ile just didn't always make use of that
understanding.
leadership which will be inspiring and encouraging to all
who serve usefully
"Theodore Roosevelt had traces of progressivism, but
he believed too
throughout our great republic.
much that right is right and wrong is wrong, and that
the Golden Rule can
Mr. Morrison was accompanied by James O'Connell, be a complete basis for Government, A true
progressive understands that
President of the Fedeation's Metal Trades Department, and there are different classes, and that they must be treated differently. They
have vastly different problems and their different
Martin F. Ryan,President of the Railway Carmen of Amer- ent
problems require differsolutions.
ica. All three are members of the Federation's National
"Roosevelt's was an honest outlook. But mere
All parties, progressive and reactionary, subscribe honesty is not enough.
Non-Partisan Campaign Committee.
to honesty in Government. I am confident that there is no more
honest man in politics than
Senator La Follette responded informally to the message Henry Cabot
Lodge, but he is the antithesis of
progressivism.
"For that matter Coolidge is, of course,
of the Federation, expressed his appreciation and said he
honest, but I am certain he
would make a more formal and extended reply in the near ,would rather resent it to be called a progressive.
"Davis? He may be a progressive
personally, and a high-minded and
future.,
sympathetic gentleman with an understanding
of social and economic troubles, but there is nothing in his record to
indicate it."
Mayor Hylan to Support Democratic Ticket Lunches
with John W. Davis—Morris Hillquit Says Third
Party Will Not Endorse Mayor for Any Office.
Mayor John F. Hylan of New York, who a month ago
stated that he preferred to wait and see just what the attitude-of John W. Davis, Democratic nominee for President,
would be toward "big business and the special interests"
before giving his endorsement to Mr. Davis, announced on
the 12th inst. that he would support the Democratic ticket.
This announcement by the Mayor followed Mr. Davis's
speech of acceptance on the 11th inst., and was as follows:
Many of the principles of his speech are good. They appeal strongly to
anyone interested in humanity in government. The translation of these
principles into actuality would tend greatly toward The economic emancipaqon of the people. I will support the Democratic ticket.
The Mayor's earlier statement was made July 15 in California, where he had gone for a visit to the ranch of William
Randolph Hearst. With his return on July 30 it was stated
that he had declined to talk politics. Following his declaration of the 12th the Mayor on the 13th had luncheon with
Mr. Davis at the Murray Hill Hotel. With regard thereto
the New York "Times" of Aug. 14 said:
Representative La Guardia Withdra
ws Support from
Republican Party in Favor of Senator
La Follette.
The withdrawal of Representative F.
H. La Guardia of
New York from the ranks of the
Republicans and his intention to support the platform of the
Conference for ProgressiVc Political Action and the candidac
y of Robert M. La
Follette for President has been made
known by Mr. La
Guardia in a letter to Samuel S.
Koenig, Chairman of the
Republican County Committee. Accordin
g to Mr. La Guardia, "the platform of the Republican
Party as adopted at
Cleveland makes no appeal to the
hope of the people whom
I represent," and he adds, "I
cannot conscientiously pledge
myself to support that platform and
to limit my legislative
activities within the narrow
confines of that document."
He further says that "the platform
adopted by the Conference for Progressive Political Action
contains an economic
and political program which comes nearer
fitting our present time and conditions than any platform
presented to the
voters of this country since 1912." His
letter made public
Aug. 11 follows:
AUG. 16 1924.]
THE CHRONICLE
Hon. Samuel S. Koenig, Chairman Republican Candidate Committee.
My dear Mr. Chairman: In our talk a few days ago you indicated that
my candidacy for Congress on the Republican ticket would depend on my
compliance with certain minimum requirements. Desirable and comfortable
as a party nomination may be, I cannot sacrifice principle for the sake of a
party nomination or anything else.
During all of my time in the House I worked hard and votted according
to my best judgment, and in a manner which I believed represented the
wishes of the people of my district. The platform of the Republican Party
as adopted at Cleveland makes no appeal to the hope of the people whom I
represent. I cannot conscientiously pledge myself to support that platform
and to limit my legislative activities within the narrow confines of that
document.
You are correct when you say that on many of the important bills that
came before the House, such as soldiers' bonus, immigration, the Mellon tax
plan, postal salary increase, prohibition, Cape Cod Canal, Henry Ford and
Muscle Shoals, I did not support the reactionary attitude of the Republioan
majority. On these issues I am willing to go before the people of my district.
If honest independence of action in the fulfillment of a legislator's duty in
his representative capacity disqualifies a candidate and prevents his renomination, on that, too, I am ready to go before the people of the Twentieth
Congressional District.
Of course, I shall hold the Republican candidate for Congress in that and
in every district of the City of New York strictly to the Republican Party's
platform and shall dare them to say they advocate and support those Administrative measures which I fought and voted against in the last session.
Inasmuch as a small group which now controls the party locally has seen
fit to single me out, you cannot but agree that the same standard which you
require for the Twentieth District will apply to all the Congressional districts in the city, so that the voters will have no difficulty in choosing their
representative.
In reply to your inquiry as to whom I shall support for President of the
United States, I beg to state that the platform adopted by the Conference
for Progressive Political Action contains an economic and political program
which comes nearer fitting our present time and condition than any platform
presented to the voters of this country since 1912, when the late Theodore
Roosevelt set the example of righteousness rather than regularity. I shall
therefore support the C. P. P. A. platform and the candidacy of Robert B.
La Follette for President.
With kindest personal regards, I ant
Sincerely,
F. LA GUARDIA.
In its Issue of Aug. 13 the New York "Times" said:
There is trouble in the third party camp in New York, but not, as yet,
in the La Follette-Wheeler section itself. The bolt of La Guardia from the
Republicans has started it.
The independents of the Twentieth Congressional District, who form the
backbone of the ha Guardia support, met a month ago and determined that
if La Guardia ran WI an independent they would support him, but they
would not stand for the placing of Socialist candidates from the same districts. There were about 2,000 persons gathered at the meeting, which was
held in a synagogue. The chief groups represented were the Harlem Peddlers Association, Inc., and the Independent Harlem Citizens League.
At that time a tentative ticket was arranged with La Guardia as a candidate for Congress to succeed himself, Arthur Garfield Hays of the Committee of Forty-eight as candidate for the State Senate from the Seventeenth
Senatorial District, and Dr. M. A. Gersing as candidate for the Assembly
from the Eighteenth Assembly District. The Socialists, when La Guardia
signified his intention to run independently, were told they would be expected to endorse all three candidates.
Yesterday the Socialists endorsed La Guardia for Congress, as was expected; Isadore Silverman, head of the painters' local in that section of
town, for State Senator, and Bernard Schub, business agent of a trade union
local, for the Assembly.
Hays refused to make a fight for the nomination, which must be won at
the primaries, but Dr. Gersing is determined to go through and believes he
can win. It is said, furthermore, that La Guardia will be behind him in
the fight, and that were the Socialist candidate, Schub, to win in the primaries, the tickets would be cut in the district at the election.
The American Labor Party Convention Monday night endorsed the designations of Silverman and Schub, though the gathering uptown announced
over the telephone they would not stand for the designations. There appears to be little hope for peace, unless Schub should withdraw.
Former Supreme Court Justice Cohalan Bolts Democratic Ticket to Support Senator La Follette.
Advices to the effect that former Supreme Court Justice
Daniel F. Cohalan, who, until his elevation to the bench in
.1911 was Chairman of the Tammany Hall Law Committee
and political adviser to the late Charles F. Murphy, had announced on Aug. 13 that he would bolt the Democratic national ticket and support La Follette and Wheeler, were contained in the New York "Herald Tribune" (Republican) of
Aug. 14, which said:
Mr. Cohalan denounced the Democratic nominee for President as the
"living fiery cross of the politico-religious bigots" and characterized the
Democratic platform as Elan-dictated.
The former Supreme Court justice made known his position before he
sailed with his family on the Adriatic for Europe. He is the first Democrat of prominence in the East to bolt the ticket. Many others, it is said,
are ready to follow his lead.
La Follette in Control.
In discussing the national situation Justice Cohalan indicated that he did
not believe it likely that La Follette and Wheeler would carry the country
and expressed the belief that Senator La Follette, in the event the election
were thrown into the House, would accept President Coolidge "on terms
satisfactory to the liberals of the country."
"in my opinion," he continued, "events have made La Follette the master
of the situation. If he is not elected at the polls the choice of President
will not be made by the Electoral College, as no one of the candidates will
have a majority there. In the House of Representatives Senator La Follette
can determine the choice, and if he takes President Coolidge it will be on
terms satisfactory to the liberals of the country. If the election is thrown
into the Senate the Senator and his friends can determine which of the two
candidates before that body will be President."
Bolts National Ticket Only.
That the extent of his bolting would not go beyond the national ticket was
indicated by the former Supreme Court Justice when he expressed the hope
777
that Governor Smith would not run for Governor or make any speeches for
Mr. Davis.
"I hope," he said, "that Governor Smith will not try the impossible and
seek to aid Davis at the expense of the local and State tickets and his own
future."
Mr. Cohalan said that the Democratic national ticket would not carry a
single State outside of the South, adding that the Southern delegates controlled the Madison Square Garden convention and dictated the platform
adopted there.
Some of the active leaders in Tammany Hall are as bitter toward the
national ticket as Justice Cohalan, but they are held in check and will do
nothing openly to injure the national ticket.
Correspondence Between Samuel Gompers and Former
Secretary of Labor Wilson on Labor Record of
John W. Davis—Commendation by Mr. Gompers of Senator La Follette.
Statements by former Secretary of Labor William B. Wilson undertaking to portray achievements in behalf of labor
by John W. Davis, Democratic Presidential nominee, have
been disputed by Samuel Gompers, President of the American Federation of Labor, whose declination to attend the
notification ceremony for Mr. Davis is referred to in another
item in this issue. Mr. Wilson, who was also formerly International Secretary of the United Mine Workers of America, is assisting in the campaign for the election of Mr.
Davis. An effort to induce the Executive Council of the
American Federation to defer the declaration of its stand
on the several Presidential candidates until after the speech
of acceptance by Mr. Davis on Aug. 11, was made by Mr.
Wilson, but without avail. Mr. Gompers, in answering this
on Aug. 0 declared that "your request that our Executive
Council should adjourn to go to Clarksburg and there reconvene after considering his acceptance address is utterly impossible and inconceivable. The suggestion could be made
with equal propriety that we attend the acceptance ceremonies of President Coolidge so as to prevent being charged
with party partisanship." Mr. Gompers's letter follows:
Ambassador Hotel, Atlantic City, Aug. 6.
Mr. W. B. Wilson, 323 Investment Building, Washington. D. C.
My Dear Mr. Wilson: Your letter of Aug. 2, requesting that the Executive Council of the American Federation of Labor should not consider and
take definite action regarding the pending political situation until the
Executive Council or some person or persons representing the Executive
Council could attend the ceremonies for the notification of Mr. John W.
Davis at Clarksburg, W. Va., Aug. 11 1924, was referred to the Executive
Council of the American Federation of Labor following the receipt of your
telegram of Aug. 1.
By and with the approval of the Executive Council, I am submitting
to you the following statement:
Three months ago the Executive Council of the American Federation of
Labor directed that the Executive Council next meet in Atlantic City,
N. J., Aug. 1, to transact such business as required the attention of the
Executive Council, including the defining of the attitude of the American
Federation of Labor in the furtherance of its non partisan political campaign. On Friday, Aug. 1, and before the receipt of your telegram, the
question of determining our political course was made a special order of
business for Saturday. The suggestion of a letter coining from you was
mentioned during the discussion on Saturday, but the Executive Council
deemed itself fully competent to deal with the problems entrusted into its
keeping for consideration and action.
You know, of course, that the officers of the American Federation of
Labor are fully informed as to all that transpired in connection with the
enactment of the Clayton law, especially Sections 6 and 20. We are
likewise fully informed as to all who rendered valuable services in that
legislation. We must dissent from the conclusions related by you. This
dissent is borne out by records and facts readily available. At an opportune
time these records and facts will be fully set forth, in none of which does
Mr. John W. Davis appear.
Regarding your statement that it was the Supreme Court decision upholding the Adamson law which prevented a strike on the railroads of this
country, and giving Mr. Davis credit for having won that decision and thus
preventing the strike, let me recount facts with which you are familiar and
which are in direct conflict with the statement in yoru letter.
President Wilson appointed a commission of four—President Daniel
Willard of the Baltimore & Ohio, Secretary of the Interior Franklin K.
Lane, you and myself—for the purpose of mediating and preventing a
strike.
This commission brought about an agreement between the railroad
brotherhoods and the representatives of the railroads, and that agreement
was signed in the presence of the commission, of which you and I were
members, before the Supreme Court decision was handed down, and consequently before any one had knowledge of what that decision would be. It
was this agreement, and not the Supreme Court decision, which prevented
the strike. You may recall, as I do, the statement made by the late W. S.
Carter, then President of the Brotherhood of Locomotive Firemen and
Enginemen. Mr. Carter said, as the agreement was signed by us all:
"Gentlemen, this is the dawn of a new day," and those present generally
felt that he voiced the conviction of all.
It was the machinery of the labor movement,and not the Supreme Court
and Mr. Davis, which prevented the threatened strike.
The executive council appreciates your advice regarding the early struggle
and career of Mr. Davis. It likewise has weighed in the balance his later
utterances and courses, associations and training. We are confident that
our judgment and action are well founded.
But quite apart from all this, your request that our Executive Council
should adjourn to go to Clarksburg and there reconvene after considering
his acceptance address, is utterly impossible and inconceivable. The suggestion could be made with equal propriety that we attend the acceptance
ceremonies of President Coolidge so as to prevent being charged with party
partisanship.
You know, of course, the practice of our organization in such matters as
this, but a brief word may clarify the situation to you.
778
THE CHRONICLE
The American Federation of Labor National Non-Partisan Political
Campaign Committee appointed by authority of the A.F.of L. Convention,
and with the approval of the Executive Council, is charged with the duty
of representing labor's demands to the political conventions. It is then
charged with the duty of considering the records of candidates and platforms adopted by the conventions. All of this proceeding has been carried
out this year precisely as in every other campaign since 1906. Our committee held many meetings and considered all facts, records and platforms
seriously and at length. The document adopted here was the report of that
committee The A. F. of L. National Non-Partisan Political Campaign
Committee. Not only the matters to which you draw attention, but all
available information, we considered and weighed and our judgment then
was expressed in the report submitted to and adopted by the Executive
Council.
You may not know that John W. Davis, for whom you now speak, wrote
me under date of July 17, asking a conference at a time convenient to me
at Brighton Beach, where I was for a time recuperating from my illness.
Mr. Davis asked me to fix a time when it would be convenient to see him,
specifying only that I should not fix a time when he was on his vacation in
Maine.
I replied by letter on July 22,saying that I would be glad to see Mr.Davis
at Brighton Beach, where I was then,in New York City prior to my coming
here, or in this city after my arrival here forthe Executive Council meeting.
To this letter Mr.Davis telegraphed a reply on July 24,saying that it was
impossible to finish the work he then had on hand and return to New York
by July 29. the date which I suggested to conform to his wishes; that he was
planning to leave Dark Harbor on Aug. 1. and then suggested that I file
with him a statement of questions in which labor is chiefly interested at the
moment.
On July 25 I replied to that telegram expressing my willingness that an
interview take place 'at the time designated by you." I further suggested
that the several dates and places first proposed by me were still agreeable to
me, but that "I cannot submit questions to you which would not be equally
submitted to other candidates for the Presidency."
I have heard nothing further from Mr. Davis.
We have not overlooked your reference to Senator La Follette and we are
glad, you may be sure, that you have "no antagonism toward" him. You
will not fail to remember that among the many constructive legislative
achievements of Senator La Follette the Seamen's Act stands out as a
beacon light. It was this great piece of legislation which, in the language
of our mutual friend, Andrew Furuseth, "made the last of the bondmen
free." We recall no instance in which Senator La Follette has hesitated to
give faithful service in furtherance of legislation supported by our movement.
We are sure that you did not fully comprehend the nature of your request
or the impossibility of our compliance. You are aware, of course, that
authorized representatives of the American Federation of Labor, including
myself as Chairman of the American Federation of Labor National NonPartisan Political Campaign Committee, were in New York City during the
entire period of the Democratic Convention while the platform was being
drafted and while candidates were being nominated and that there were laid
before that convention, as well as before the Republican Convention, the
planks which the Executive Council formulated and which we believed
should be incorporated in both platforms. It would have been better if
these proposals had been considered when the time was opportune.
Inasmuch as you addressed us as an assistant to the Democratic National
Committee and not as a trade unionist, will you kindly inform that committee of these conclusions?
For your full information, there is enclosed herewith a copy of the full and
complete report as made by the American Federation of Labor National
Non-Partisan Political Campaign Committee and adopted and approved by
the Executive Council on Saturday, Aug. 2 1924.
Very truly yours,
SAMUEL GOMPERS,
President American Federation of Labor.
The letter which Mr. Wilson had addressed to Mr. Gompers, and to which the foregoing was a reply, reads:
WASHINGTON, D. C.
Aug. 2 1924.
lion. Samuel Gompers, President American Federation of Labor, Ambassador
Hotel, Atlantic City, N. J.
My dear Mr. Gompers: I have accepted an invitation from the Democratic National Committee to assist in the election of John W. Davis as
President of the United States.
My close personal friendship with you and my lifelong association with the
labor movement prompts me to write you stating the reasons that have led
me to this conclusion.
As you know, I was for a number of years a member of the committee on
President's report in the convention of the American Federation of Labor.
As the President's report always dealt with the problems confronting labor,
it became the duty of the committee to deal with the policies that should be
pursued in solving the various problems presented. Consequently it was
my duty, as well as pleasure, to assist in the development of the policies
expressed by the phrases,'The labor of a human being is not a commodity
or article of commerce," 'Labor is not partisan to a party, but is partisan
to a principle," "Labor will support its friends and oppose its enemies."
and so on. These policies I thoroughly believe in and for that reason have
given my support in this campaign to John W.Davis.
I first came in contact with him when I was International Secretary of
the United Mine Workers of America, and he was a young practising attorney at Clarksburg, W. Va. Innumerable injunctions were being issued
against us by Judge Jackson at the instance of the coal operators of the
State; many of our organizers were cited to appear to show.cause why they
should not be held in contempt—among them Mother Jones and Thomas
Haggerty, a member of the International Executive Board from Central
Pennsylvania. Our people were holding many meetings protesting against
the action of the coal operators and the courts. Large numbers of them
were arrested and haled before the local courts. John W. Davis volunteered his services to defend them. I did not see him again until he entered
the Sixty-Second Congress as Representative from West Virginia.
For a generation the trades union movement of the country had been
seeking relief from the abuse of the writ of injunction. No headway had
been made in securing federal legislation until Mr. Davis came to Congress.
He was assigned to the Committee on Judiciary, and took an immediate
interest in anti-injunction legislation.
During the year 1912, in consultation with Senator Hughes from New
Jersey and Congressman Kitchin of North Carolina, and myself, he wrote
Sections 6 and 20 of the Clayton Anti-Trust law, approved Oct. 15 1914.
They represent the most progressive and far reaching legislation enacted by
any Government in the history of the world.
I am quoting the two sections in full, that you may have them before you
for reference:
[VOL. 119.
"Section 6. That the labor of a human being is not
a commodityfor
article of commerce. Nothing contained
in the Anti-Trust laws shall be
construed to forbid the existence
and operation of labor, agricultural
or
horticultural organizations, instituted for the purpose of
not having capital stock or conducted for profit, or to mutual helpfand
forbid or restrain
individual members of such organizations
lawfully carrying out the
legitimate objects thereof: nor shall such from
organizations, or the members
thereof, be held or construed to be illegal combinations
or conspiracies in
restraint of trade under the Anti-Trust laws.
This is not the language of Mr. Davis. It is the language
of the American
labor movement, but it was adopted by him and through
his influence written into the law of the land. The first sentence of the
section lays the foundation for abolishing the writ of injunction in labor disputes.
The balance
removes the taint of conspiracy from labor, agricultural
and horticultural
organizations, and has made possible the wonderful
development of the
farmers' cooperative selling agencies. Without it they
would have been
conspiracies in restraint of trade.
Section 20 writes into the law what labor organizations had long
been contending for. It is as follows:
"'That no restraining order or injunction shall be granted by
the United States, or a Judge or the Judges thereof, any caseany court of
between an
employer and employe or.between employers and in
employes, or between
employers and employes or between employes,or between
persons
employed
and persons seeking employment, involving or growing out
of a dispute
concerning terms or conditions of employment,
unless
to prevent
irreparable injury to property, or to a property right, necessary
the party making
the application, for which injury there is no adequateof
remedy at law, and
such property or property right must be described with
particulars in the
application, which must be in writing and sworn to by the
applicant or by
his agent or attorney.
"'And no such restraining order or injunction shall prohibit any
person or
persons, whether singly or in concert, from terminating any relation
of employment,or from ceasing to perform any work or labor,or
from recommending, advising or persuading others by peaceful means so
to
do;
or
from
tending at any place where any such person or persons may lawfully be, atfor
the purpose of peacefully obtaining or communicating information,
or from
peacefully persuading any person to work or to abstain from working;
or
from ceasing to patronize or to employ any party to such dispute,
from
recommending, advising, or by persuading others by peaceful andorlawful
means so to do: or from paying or giving to, or with holdingfrom, any
person engaged in such dispute, any strike benefits or other
moneys things of
value; or from peaceably assembling in a lawful manner, and for or
lawful purposes, or from doing any act or thing which might lawfully be done
in the
absence of such dispute by any party thereto; nor shall any of the acts specified in this paragraph be considered or held to be violations
of any law of the
United States.'
This work, undertaken personally by Mr. Davis without solicitation,
clearly indicates his attitude of mind toward problems affecting the wage
worker and farmer.
When the eight-hour law for railroad men was passed in 1916, the officials
of the railway organizations feared that it would not stand the test of the
Supreme Court. That was made evident by the fact that they had declared
a strike of the brotherhood to take effect in the early part of 1917. The
manner in which John W. Davis prepared and presented the case to the
Supreme Court in behalf of the Government resulted in a favorable decision
that came just in time to prevent the threatened strike. This attitude of
mind has been backed up by the action of the Democratic Party in federal
legislation during the last thirty years. It has not enacted everything that
the wage workers and farmers have demanded, but it has placed upon the
statute books more well thought out conservative legislation that opened
the doors of opportunity to wage workers and farmers than all other parties,
blocs or groups combined. I shall not, at this time, attempt to enumerate
them, which would only be refreshing your memory on what your official
records show.
"I have no antagonism toward Senator La Follette. He has done good
service for the country in the way that he is best qualified to do it. He has
ably called attention to existing wrongs; he has been 'the voice crying in the
wilderness.' He has attracted wide attention, but he does not seem to have
the faculty of consolidating his people. In addition to that, he has allowed
himself to be placed in the position in this campaign where he is being used
as the auger to bore the labor organizations of the country from within.
The records of all the candidates will not be complete until their letters of
acceptance have been given to the public, and I take the liberty of suggesting that the Executive Council, or some person or persons representing
the
council, attend the ceremonies for the notification of Mr. Davis at Clarksburg, W. Va., Aug. 11 1924, and listen to his letter of acceptance
before
taking definite political action.
Cordially yours,
WILLIAM B. WILSON.
In a further letter to Mr. Wilson under date of Aug.9 Mr.
Gompers, referring to the Adamson Act and the threatened
strike of railroad men, declared that "Mr. Davis was in no
way responsible for the prevention of the strike, and
that in
no sense is there due to him any credit for what was
achieved through the labors of the President's commission,
the representatives of the railroad brotherhoods and
the
Presidents of the railroads." Criticising the platform of the
Democratic Party, Mr. Gompers says:
Compare the Democratic platforms of 1912, 1916 and
1920 with the
jumble of the 1924 platform upon which Mr. Davis is
a candidate. Every
principle of freedom and justice which found expression
in the platforms
of 1912, 1916 and 1920 is conspicuous by its
absence in the platform of
1924. The Democratic platform of 1924 even fails to
recommend to the
people for ratification the child labor constitutional
amendment; the
framers of that platform contented themselves with
taking some unction
to their souls because a few Democrats voted for its
submission in the
House of Representatives and in the Senate.
In voicing his support of Senator La Follette Mr. Gompers
says:
As for international policies, should such good
fortune come to the
American people as the election of' Robert M.La Follette
to the Presidency,
I have as much confidence in him as in any other candidate
for the Presidency to grasp the situation in establishing and maintaining
international
good will.
We give herewith Mr. Gompers's letter:
Ambassador Hotel, Atlantic City, N. J., Aug. 9 1924.
Mr. W. B. Wilson, 323 Investment Building, Washington, D.
C.:
My Dear Mr. Wilson:—In my former communication to you, answering
your appeal in behalfof Mr.John W.Davis,I indicated that at an opportune
time I should like to add to what I then set forth. Your second letter adds
nothing of material value to the contents of your first communication, but
It does bring to my mind some further facts of importance. I shall set
forth some of these at this time, in the hope of adding to them later, as
opportunity presents itself.
AUG. 16 1924.]
THE CHRONICLE
Regarding the Clayton Act, which labor regarded as of tremendous
Importance, it may be interesting to recall that the words, as used in the
Act,—"the labor of a human being is not a commodity or article of cornmerce"—were written in Senator Cummins's office in the presence of
Secretary Frank Morrison, Arthur Holder, then an American Federation of
Labor legislative representative, and myself.
When that language was agreed upon I made the observation to Senator
Cummins that the declaration, if fairly complied with, would safeguard
the workers of America from injunctions.
Sections 6 and 20 of that Act were intended to so safeguard the workers,
absolutely and for all time. Those sections were the work of Representatives Clayton and Carlin. Mr. Davis did not frame those sections and he
did not contribute to their phrasing.
Your letter makes reference to the eight hour law for those employed on
Government work and on work done for the Government. The eight hour
law, let me remind you, was first passed by a Republican Congress.
You recount in some detail the facts showing that several of the demands
set forth in the bill of grievances have been enacted into law. What you
set forth in that respect in your letter is indeed complimentary to the
sound judgment and practical policies of the American Federation of
Labor. I must remind you, however, that the bill of grievances of 1906
presented labor's grievances of that year and could not present either its
grievances or its demands for 1924.
There were presented to the political conventions of 1924 fifteen special
demands for incorporation into the platforms to be adopted by these
conventions. It is the policy and the purpose of the American Federation
of Labor to be as independent to attack the course, declarations or candidates of the Republican Party, the Democratic Party or,of any other party
when it shall fail to keep abreast of the growing and changing needs for
legislation dealing with the economic, social or judicial problems of our
people and of our time.
You refer again to the Adamson Act and to circumstances having to do
with the then threatened strike of railroad workers. It is quite strange that
now,for the first time in ten years, you disclose to the world that it "leaked
out" on Saturday that the Supreme Court of the United States would, upon
the following Monday, render a decision sustaining the so-called Adamson
Eight-Hour Law.
It was on that Saturday evening of which you speak, that you, Mr. Daniel
Willard, President of the Baltimore & Ohio RR., the late Franklin K. Lane,
Secretary of the Interior, and I, met pursuant to the Commission issued to
us by President Wilson, asking us to compose the differences between the
railroad men and the railroad Presidents, and to prevent the threatened
strike.
It is very strange that with this secret disclosed it was necessary for the
four members of our commission, the representatives of the four railroad
brotherhoods and the railroad Presidents to meet in session nearly all
day
Sunday and all of Sunday night so that it was early dawn of
Monday
morning when the signatures of the Presidents of the railroads, the representatives of the railroad brotherhoods and the members of the President's commission were appended to the agreement by which the eight-hour
day went into effect and the strike was averted.
If there had been no agreement signed and if the Supreme Court had
handed down a decision and the companies had refused to enforce that
decision, the strike would have occurred in spite of it.
I have related these facts to indicate further that Mr. John W. Davis
was in no way responsible for the prevention of the strike, and that in
no sense is there due to him any credit for what was achieved through the
labors of the President's commission, the representatives of the railroad
brotherhoods and the Presidents of the railroads.
It was a Republican Congress, with Abraham Lincoln as President, that
abolished human slavery in America. If the reasoning employed in your
letter were to be followed, it would logically ensue that labor and the people
generally must for all time follow the Republican Party—the party of
Coolidge and Dawes—a party which has shown itself to be composed of and
tied up with the sordid interests of the mighty few.
That the Democratic Party in its brief control of Congress—and with the
martyred Wilson at its head—enacted into law a fair concept of human relations and human freedom can no more bind us forever to that organization than the Emancipation Proclamation could bind us forever to the
Republican Party. No one can dispute the fact that since 1920 the Democrats have not had control of Congress, and therefore could not add to or
detract from its record or from the rights and liberties of the workers and
the people generally.
But the Democratic Party recently held its National Convention for the
purpose of declaring the principles upon which it now stands. Compare
the Democratic platforms of 1912. 1916 and 1920 with the jumble of the
1924 platform upon which Mr. Davis is a candidate. Every principle of
freedom and justice which found expression in the platforms of 1912. 1196
and 1920 is conspicuous by its absence In the platform of 1924. The Democratic platform of 1924 even fails to recommend to the people for ratification the child labor Constitutional amendment. The framers of that
platform contented themselves with taking some unction to their souls because a few Democrats voted for its submission in the House of Representatives and the Senate.
Seven years have passed since you left the Cabinet of Woodrow Wilson
and went into another avenue of life You must, however, somehow be
under the impression that it 13 Woodrow Wilson who is the candidate for
President in 1924 and not John W. Davis, and that the platform is the
platform of Woodrow Wilson and not the platform of John W. Davis and
of the 1924 Democratic Convention
It is a source of some satisfaction that you are still willing to give Senator
La Follette credit for services rendered, but you undertake to qualify or
modify that service in regard to the Seamen's bill by asserting that both
you and Congressman Alexander assisted the Senator in the framing and
the passage of that measure. It is quite true that Mr. Alexander and yourself and others helped in the framing and the final passage of the La Follette
Seamen's Act, but surely that cannot detract from the almos heroic fight
made by the Senator to place that law upon the statute books.
By the way, permit me to add that we should remember that the war is
over. With you and others I tried to give service in the war, but I repeat,
the war is over, and I am willing to forget and forgive acts of omission and
commission resulting from the differences of opinion during the war.
As for international policies, should such good fortune come to the Amercan people as the election of Robert M. La Follette to the Presidency,I
have as much confidence in him as in any other candidate for the Presidency
to grasp the situation in establishing and maintaining international good-
779
Senator La Follette's labor record dealing with domestic
affairs is concerned, he is entitled to a clean bill of health
at the hands of the American Labor movement, but as you
point out in your own statement, that does not apply to his
attitude on foreign relations." In the case of the American
Federation of Labor, it is asserted by Mr. Gompers that its
record "shows that during Mr. Davis's Congressional career
he never voted in a single instance unfavorable to labor.
Consequently, I have felt that he also was entitled to a clean
bill of health in the matter of domestic policies, and as his
attitude concerning foreign relations is in accord with that
of the American Federation of Labor, Mr. Davis is entitled
to the endorsement of labor on that question also." In this
letter Mr. Wilson further undertakes to present Mr. Davis's
record in behalf of labor, and we quote his letter herewith:
Washington, Aug 7 1924.
Mr. Samuel Gompers, President, American Federation of Labor,
Ambassador Hotel, Atlantic City, N. J.:
My Dear Mr. Gompers:—I have received and carefully considered your
letter of the 6th inst., and I assure you that there is no difference between
us as to the general policies of the American Federation of Labor.
It seems to me to be the duty of every citizen and every group of citizens,
including the American labor movement, to be partisan to principle rather
than partisan to parties. It is the basic theory upon which the franchise
rests that the voter should support the persons and parties who stand for
the principles he believes in, and in the absence of any that uphold his
ideas and his ideals in their entirety, than to the ones that most nearly fulfil
his requirements.
The point upon which we have not yet had a meeting of minds is as to
where the credits are due in carrying out the policies that we both believe in.
Se far as Senator La Follette's labor record dealing with domestic affairs is
concerned, he is entitled to a clean bill of health at the hands of the American labor movement, but as you point out, in your own statement, that
does not apply to his attitude on foreign relations.
The record maintained by the American Federation of Labor shows that
during Mr. Davis's Congressional career he never voted in a single instance
unfavorable to labor. Consequently, I have felt that he also was entitled
to a clean bill of health in the matter of domestic policies and as his attitude
concerning foreign relations is in accord with that of the American Federation of Labor, Mr. Davis is entitled to the endorsement of labor on that
question also.
The American Federation of Labor inaugurated its present political policy
In 1906 and adopted a Bill of Grievances under ten separate heads. These
included the extension of the eight-hour law to apply to work done for the
Government as well as work done by the Government; the enactment of a
convict labor law that would compel convict-made goods to conform to the
laws of the State in which they were sold as well as to the States in which
they were manufactured; relief from the constantly growing evil of induced
and undesirable immigration; continuance Of the Chinese exclusion law; the
freedom of seamen and better manning of vessels; forbidding the towing
of more than one vessel at sea unless such vessels had an equipment and a
crew sufficient to man them when cut loose and set adrift.
Legislation to eliminate labor, agricultural and horticultural organizations
from the taint of being conspiracies; anti-injunction legislation; appointment
to the Committee on Labor of members, who from their experience, knowledge and sympathy would render to Congress such service as the committee
was originally designed to perform; the right of Government employees to
petition Congress for redress of grievances or for any improvement of their
conditions.
Legislative remedies have been applied to eight of the grievances enumerated, five of them in Democratic Congresses, two through the action of a
Democratic House of Representatives, and one, the defeat of the proposed
amendment to the Chinese exclusion law, by a Republican Congress.
The other two, the towing of more than one vessel without equipment
and relief from convict labor competition have not yet been granted. The
Democratic platform of this year definitely declares for legislation to
require convict-made goods to conform to the laws of the States in which
they are sold when shipped out of the State in which they are manufactured.
The pamphlet issued by your organization entitled "Legislative Achievements of the American Federation of Labor," enumerated with justifiable
pride 101 separate legislative enactments favorable to labor passed by the
Sixty-third, Sixty-fourth and Sixty-fifth Congresses, during which both
Houses of Congress and the Executive were Democratic. In addition, it
specifies thirty legislative enactments passed by the Sixty-second Congress
in which the House was Democratic.
I challenge the history of the world to produce an equal record of labor
achievement and social advancement through legislation within a like
period of time.
I am not unmindful of the part played by Senator La Follette in the
passage of the Seamen's bill, but it should be remembered in that connection
that the Seamen's bill WRS whipped into shape by Congressmen Alexander,
Hardy and myself in the Sixty-second Congress, passed both houses and
was given a pocket veto by President Taft. The same bill was introduced
and sponsored by Senator La Follette in the Sixty-third Congress, for
which he is entitled to credit, but no small share of the credit for its passage
Is also due to Senator Kern and Congressmen Alexander and Hardy.
I fear, however, that the value of the Seamen's Act has been practically
destroyed by the recently enacted immigration law, drafted by people who
either did not know or did not care about the condition of the seamen or
safety of travel by sea.
Because of this splendid record. I have always felt proud of my connection with the Wilson Administration and the various sessions of Congress
that sustained him, and I am sure you were imbued with the same spirit.
On the basis of that record, its platform declarations and the quality of
its candidates, the American Federation of Labor gave its support to the
Democratic candidates for President and Vice-President in 1920. Since
that time the legislative and executive branches of the Government has
been in the hands of Republicans There has been no opportunity for the
Democratic Party, as a party, to either add to or take from the record
it had made, and consequently I am at a loss to understand why its candidates should have been endorsed then and denied a similar endorsement now.
permit me to extend to you my very sincere good wishes, and to remain,
In the matter of anti-conspiracy, anti-trust and trial by jury in contempt
cases legislation my recollections are quite clear. When the Democrats
Cordially yours,
secured control of the Sixty-second Congress the Chairman of the Judiciary
SAMUEL GOMPERS.
President, American Federation of Labor. Committee, Judge Clayton, and his associates decided upon legislation to
remedy some of the wrongs that had been brought about by the Sherman
In answer to Mr. Gompers's letter of Aug. 6, which we Anti-Trust Law, or which that law had failed to reach.
Many bills had been introduced for that purpose, and in whipping th
give further above, Mr. Wilson had stated that "so far as committee bill into shape Mr. Davis was assigned
to the drafting of the
780
THE CHRONICLE
conspiracy, anti-conspiracy, injunction, anti-injunction and contempt
procedure part of the measure. In writing it into shape for the committee
he consulted freely with Mr. Hughes, Congressman Ilitchin and myself
and I have no doubt a great many others.
As I said in my previous letter, there is no claim that the language was
that of Mr. Davis, but he adopted it and used his influence to have it
written into the bill and finally passed. It passed the House of Represen attives in the Sixty-second Congress and died in the Senate.
Mr. Davis had resigned from Congress to accept the position of SolicitorGeneral before the bill came up for final passage in the Sixty-third Congress,
but that does not in any measure detract from the credit due him.
Your statement relative to the section by President Wilson of Secretary
Lane, Mr. Willard, yourself and myself as a commission to bring about a
settlement of the impending railway strike in 1917 is correct, except that
you have left out what,to my mind,was an important factor in the situation.
The case to determine the constitutionality of the Adamson law had
been pressed with unusual vigor through the United States Supreme Court.
That court was about to hand down its decision at the time the commission
you speak of arranged to meet the officials of the roads and the brotherhoods in an effort to bring about a settlement. The commission worked
with all the vigor and intelligence it possessed to bring about an agreement
between the two parties, but little progress was made until in some manner
it leaked out on Saturday night that the decision of the Supreme Court
would be handed down on Monday and would sustain the constitutionality
of the eight-hour law.
In making this statement. I have no desire to disparage the work of the
commission. It did its work well, in which the confidence reposed by labor
In yourself, your experience and ability played a conspicuous part.
I cannot close this letter without again referring to Mr. Davis's services
In West Virginia.
They are important only In so far as they show his attitude of mind at
that time in a section of the country that was largely dominated by coal
corporations that were fighting the United Mine Workers of America.
There have been so many garbled accounts issued that I feel that the stor9
should be told aS it actually happened.
A number of our officers, organizers and members had been cited to appear before Judge Jackson to show cause why they should not be held in
contempt. Protest meetings were held in various parts of Northern West
Virginia. Among them was one in the opera house at Fairmont. It was
addressed by Eugene V. Debs and myself. Mr. Debs made one of his usual
beautiful Socialist speeches.
My own speech wound up with the statement that "the American people
would never be satisfied until the House of Representatives of Congress
had moved the impeachment of Judge Jackson and the Senate had removed
him in disgrace."
When that language was reported to the Judge he issued a bench warrant
for my arrest, which he cancelled later in the day. Nothing further transpired so far as that meeting was concerned.
Several of the other meetings were held outdoors, and many of the men
attending them were arrestea for unlawful assemblage, riot and inciting
to riot. In the face of the dominating influence of the coal companies in the
community, Mr. Davis volunteered his services to defend our men.
When I stated in my previous letter that the record would not be complete until the letters of acceptance had been delivered. I purposely used
the plural. My reference to the letters was meant to apply to that of President Coolidge as well as Mr. Davis, but of course, I could not suggest the
attendance of any representative at President Coolidge's notification,
because I was not in a position to know whether or not that would be acceptable to the management of the Republican Party.
Assuring you of my highest regard and esteem, lam,
Sincerely yours,
WILLIAM B. WILSON.
Federal Trade Commission Issues an Order Requiring
Discontinuance of Deceptive Practices in Connection with the Buying and Selling of Municipal Water and Improvement Bonds.
An order requiring the discontinuance of deceptive and
fraudulent methods in connection with the buying and selling
of water and improvement bonds of States,counties, municipalities and various political subdivisions, has been issued
by the Federal Trade Commission. The respondents who
must cease and desist from such practices, which have been
found by the Commission to be unfair methods of competition in violation of the Federal Trade Commission Act are:
Keeler Bros. & Co., a .corporation of Denver, Colo.. The
Columbia Securities Co., a corporation of Portland, Ore..
National Finance Corporation, a corporation organized and
doing business under the laws of Arizona. George E. Keeler
of Denver, Colo.. and Frank W. Keeler of Portland, Ore.
The notice given out on Aug. 4 by the Trade Commission in
connection with the matter says:
In its investigation the Commission found that the respondents, Reeler
Bros. & Co., Columbia Securities Co. and the National Finance Corporation, are all owned, dominated and controlled by George E. Keeler and
Frank W. Keeler. The formation in 1921 of the two former concerns was
for the purpose of enabling the two individual respondents to secure to themselves the assets of, and at the same time to avoid the liabilities of acts committed in the name of Keeler Bros., Inc., under which name their operations
were originally begun in 1910.
being
The majority of the transactions condemned by the Commission as
unfair business practices were consummated in the name of Reeler Bros.,
misrepresentation,
Inc. Probably the most flagrant instances of fraud and
rethe findings show, occurred in Nebraska. Other States in which the
spondents operations were condemned by the Commission are Utah,
Idaho, Oregon and Montana.
fraudulent
Some of the methods employed in carrying out respondents'
Purposes, the findings continue were:
proceedings
records
of
and
acts
the
or
The preparation of false histories
by which the issuance of the bonds were authorized; the alteration of the
terms and conditions of the bonds so as to operate to their own advantage;
the commission of forgeries in the histories, proceedings and signatures of
the bond issues; and by adroit scheming securing the signatures of officials
to the said histories and bonds without allowing said officials an opportunity
to read the documents so signed;the withdrawal of genuine and the substitution of fraudulent documents in lieu thereof in the official records of the
State:
[VOL. 119.
Bribing and subsidizing officials in the employ of the State and the various corporate bodies;
The use of vague and ambiguous terms regarding accrued interest in contracts for the purchase of State, county, municipal and other political subdivision bonds, and the interpreting of said terms in favor of themselves,
thereby defrauding the corporate bodies of the accrued interest on the
bonds;
The submission of bogus bids in the names offake concerns in competitive
bidding; and the use of worthless checks drawn and certified by themselves
and so prepared as to simulate and counterfeit certified checks usually
required to be deposited as a guarantee of good faith in connection with
bond awards—such worthless checks being known in bond parlance as
"Jesse" checks.
The Commission's findings describes in detail the respondents' unfair
practices, and in connection therewith outlines the method used in selling
bonds of political subdivisions as being generally as follows: The duly
authorized officials of cities, towns and the trustees of boards for school
districts or irrigation districts, or road commissioners of the respective
political subdivisions, having decided that an issue of bonds is necessary or
expedient, in order to provide the required amount of money for the public
improvement desired, give notice to the electorate that an election will be
held at a certain time and place for the purpose of deciding whether the
bonds described in such notice shall be issued, said notice being given by
publication in a newspaper circulating in the political subdivision in which
the issue of bonds is contemplated, and sometimes by notices posted in
conspicuous public places, or both, and the terms and conditions of the
contemplated issue are also usually set out upon the ballot.
These or similar notices or ballots having been prepared, the officials or
boards notify bond buying houses in their own and other States of the proposed election, and set forth the kind, amount and terms of such bonds and
invite bids for the purchase of the issue described in the notice and other
proceedings. It is usually the custom for the successful bidder to prepare a
history of record of the proceedings leading up to the authorization of the
Issue, setting forth in detail each step taken by officials of the political subdivision, the notice, the ballot, the result of the ballot and the awarding of
the issue. Each step as recited in such history or record of proceedings must
be sworn to by the officials of the political subdivision and by the publisher
of the newspaper in which the notice of election was printed. The successful
bidder also usually preparesand furnishes the bonds and presents them to the
proper officers for execution and delivery.
At the time the respondents bid for many of the bonds which they purchased, the findings state, they anticipated making such changes as would
render the bonds more valuable and enable respondents to command higher
prices therefor. Such changes were made without the authority of officials
authorizing the bond issues, and in comtemplation of such changes in respondents were obviously enabled to outbid competitors. In this way
respondents practically monopolized the buying of bonds in the State of
Nebraska during the period of their operation there. In other States where
actual changes were not made in the conditions of the bond issues these
respondents did, by means of other fraudulent and dishonest practices.
hereinbefore referred to, fall to pay the districts or municipalities the
amounts which they contracted to pay,in contemplation of which procedure
they could outbid and secure the awards as against their competitors.
A couple of concrete instances will serve to illustrate their procedure;
School District No. 8, Lancaster County, Neb., authorized the issue of
$20.000 00 in special warrants—thetr authorized limit of bonds being then
outstanding. Such special warrants were to contain an option of retirement
after the expiration of five years. Keeler Bros., Inc., who secured the
award, knowingly and deliberately in lieu of warrants issued bonds, and
purposely eliminated therefrom the retirement option; having further disposed of some of these bonds to innocent purchasers before their deception
was discovered. The District therefore now finds itself with an outstanding
Issue of bonds not susceptible of retirement until the expiration of the 30
years elapsing before maturity.
School District No. 165, Gage County, Neb., authorized the issue of
$45,000 worth of bonds, with specific stipulations as to rate of interest,
method of retirement, &c. Here also Keeler Bros. escured the award,
falsely and fraudulently made changes in the bonds and history, changing
the face value of the bonds and forging signatures to the history. This
transaction cost the District some $1,200 before the return of the bonds
could be secured.
The Commission's findings contain many instances of the respondent's
activities which show that Frank W. Keeler and George E. Keeler conspired and confederated together to stifle and suppress competition in the
purchase of State, county, municipal and other political subdivision bonds.
and that they, by means of the corporations which they opreated and controlled,fraudulently outbid their competitors in the purchase of such bonds.
The respondents' acts, practices and methods, the Commission fund, were
unfair, deceptive and dishonest methods of conducitng business, and prevented honest competitors from bidding on issues of bonds in competition
with respondents, all of which was to the injury of their competitors and
to the public, who by reason of the use by respondents of such methods were
deceived and defrauded and forced to pay large sums of money in taxes for
which the public received no benefit.
By the terms of the Commission's order, the respondent, their officers.
directors, representatives, agents and employees, and each of them, either
combining, confederating and conspiring together, or acting separately and
individually, directly or Indirectly, are directed to forever cease and desist
from:
(1) Restricting or restraining the freedom of competitive bidding in the
purchase of State, county, municipal and other political subdivision bonds
by means of deceptive, misleading, dishonest or fraudulent fabrication of
the record or history of the proceedings authorizing the issue of bonds;
(2) Restricting or restraining the freedom of competitive bidding in the
purchase of State, county, municipal and other political subdivision bonds
by conspiring and planning to underbid their competitors in the purchase
of said bonds by a predetermined plan to wilfully mislead and deceive the
officers of any State, county or municipality or other political subdivision
or the trustees or officers of such political subdivision, thereby to obtain
bonds of greater value than authorized and described in the advertisement
and bids for said bonds and in carrying out said fraudulent plan and scheme
particularly by the following and equivalent means:
(a) By depositing as guarantee of good faith worthless checks drawn and
certified by respondents on themselves and unsecured in any way, sometimes known as "Jesse" checks, which said checks are represented to be
checks certified by a bank and which checks are so prepared as to counterfeit and simulate the ordinary check certified by a bank.
(b) By dishonestly and fraudulently passing off o officers of political
subdivisions paper writings purporting and alleged to be certificates of
deposit of a bank and so prepared as to counterfeit and simulate the usual
certificate of deposit as issued in the ordinary course of business by a bank
when, in truth and fact, such paper writing is not a certificate by any bank
but is a worthless paper drawn by the respondents and certified by themselves and is unsecured in any way.
AUG. 16 1924.]
THE CHRONICLE
781
(c) By preparing false histories or records of the acts and proceedings by pices of the
Savings Bank Division of the American Bankers
which the issuance of bonds is authorized, and by wilfully dishonest and
fraudulent representations to the officers or trustees, inducing them to Association was made in these columns May 31924,p. 2143.
sign such false histories or records.
(d) Removing from the official records of any State, county, municipality Establishment of Labor
Co-Operative NationallBank of
or other political subdivision, any documents relating to or connected with
Paterson, N. J.
any bond issue of said State, county, municipality or other political subdivision, and substituting therefor documents in which changes had been
The first "labor" bank, to be established in New Jersey—
dishonestly and fraUdulently made by respondents.
the
Labor Co-operative National Bank—began business in
(e, Employing vague and ambiguous terms regarding accrued interest
in contracts for the purchase of State, county, municipal or other political Paterson on July 26. The bank is at Broadway and Bridge
subdivision bonds, and interpreting said terms in favor of themselves so as streets. With the
opening of its doors, the various labor
to defraud the political subdivisions of the accrued interest on the bonds.
(f) Giving money in any form whatsoever to officials, attorneys, or mem- organizations lent their support to the new institution through
bers of official boards of State, county, municipal or other political sub- the deposit of funds by members. The
first deposit was
divisions, charged with the duty of issuing bonds of any kind, with the
made by Loom Fixers and Twisters' Local, whose members
Intent and purpose of securing the assistance and influence of said officials.
attorneys or members in having said boards award issues of bonds to said sre said to have placed deposits of $8,000 in the bank. The
respondents.
following labor organizations are subscribers of the Labor
(g) Using in competitive bidding for the purchase of bonds issued by State,
Co-operative National Bank of Paterson:
county, municipal or other political subdivisions, names of fictitious or
Loom Fixers and Twisters Local
bogus companies.
of Painters of Paterson,
Horizontal Warpers Benevolent Ass'n. Brotherhood
Local Union 213
Lady Horizontal Warners Ass'n.
Brotherhood of Electrical
Paterson District Council of Carpenters International
Workers, Local 102
Financial Group of Special Libraries' Association to Carpenters Local Union 325
Firemen Local 199
Sheet Metal Workers Local Union 59
Hold Exhibit During Chicago Convention of
United Trades ,k Labor Council
Carriers Branch 120
Labor Institute Association
A. F. M. Musicians, Local 248
American Bankers Association.
Local 73 II. G. W.of A. Fin.
Brewery Workers, Local 32
Composition Roofers Local 10
Reedmakers
Union
Local
The Financial Group of the Special Libraries' Association
1006
Wood,Wire and Metal Lathers I. W.143
Moulders Union Local 88
Passaic Falls Council 1378.& D.of L.
will hold a financial library exhibit in connection with the Iron
Bakery and Confectionery Union 165
Macclesfield Provident Association
Typographical Union Local 195
Building Trades
meeting of the American Bankers Association in Chicago Plumbers.
Steam & Gas Fitters Ass'n. Ribbon Twisters Council
and Fixers Local 1058
Local
49
Sept. 29-Oct. 2. The exhibit will be held in the lobby of
R. T. F.
Junior Order United American Mechanics
the box floor of the
Auditorium Theatre. The members
of the Chicago committee in charge of the exhibit are:
Ruth G. Nichols, Chairman, Federal Reserve Bank of
Chicago; Sue M. Wuchter, Vice-Chairman, Continental and
Commercial Banks; Julia E. Elliott, Executive Secretary
The Indexers, 310 South Michigan Boulevard; Louise B.
Krause, H. M. Byllesby & Co.; and Virginia Savage, Halsey,
Stuart & Co. The national officers of the Financial Group
are: Margaret Reynolds, Chairman, First Wisconsin National Bank, Milwaukee; Dorothy Ferguson, Vice-Chairman,
Bank of Italy, San Francisco; and Marion G. Eaton, Secretary, Federal Reserve Bank of Boston.
The Special Libraries Association held its annual meeting at Saratoga Springs July 1-5. Miss Dorothy Bemis
of the Federal Reserve Library, Philadelphia, presided
at the meeting of the Financial Group. Miss Alice L.
Rose, Director of the National Business and Financial
Library which Roger Babson is establishing at Wellesley
Hills, spoke on her plans for that library. An open forum
discussion on the aims, standards and limitations of the
financial librarian had been arranged and discussion on how
the librarian of the West can help the librarian of the East
and vice versa was also announced, the leaders for this being
Miss Marion G. Eaton, Librarian Federal Reserve Bank of
Boston, C. C. Eaton, Librarian Graduate School of Business
Administration, Harvard University, and Miss Mary P.
Billingsley, Librarian Federal Reserve Bank of Kansas City.
New books of the year for financial libraries will be discussed by Robert L. Smitley of the Dixie Business Book
Shop, New York City.
Regional Trust Company Conference of Pacific
Coast and Rocky Mountain States.
The Second Regional Trust Company Conference of the
Pacific Coast and Rocky Mountain States will be held under
the auspices of the Trust Company Division of the American
Bankers Association at the Hotel Utah in Salt Lake City
on
Tuesday and Wednesday, Oct. 7 and 8. The States
comprising this region are Arizona, California, Colorado,
Idaho,
Montana, Nevada, New Mexico, Oregon, Utah,
Washington and Wyoming. Headquarters will be established at the
Hotel Utah. The program will be limited to subjects
pertaining to trust company business and will be presented
by a speaker who is an authority upon the topic assigned.
The presentation of each subject will be followed by a general
discussion. Members desiring to present special
subjects
may address their suggestions to L. H. Roseberry, VicePresident, Security Trust & Savings Bank, Los Angeles,
Calif.
The conference will close with a banquet in the evening
of Oct. 8, at which visiting bankers will be the guests of the
Trust Company Section of the Utah Bankers Association
and the Associated Banks of Salt Lake City. The officers
of the Trust Company Section of the Utah Bankers Association are: President, Frenk B. Cook, Columbia Trust Co.;
Vice-President, 0. J. Stilwell, Ogden State Bank; Secretary,
W. V. Rockefeller, Tracy Loan & Trust Co.; and Treasurer,
John M. Wallace, Walker Brothers, bankers. The First
Regional Trust Co. Conference was held in San Francisco last
year. Reference to regional meetings held under the ausSecond
The bank has a capital of $200,000 and surplus
reserve of $100,000. It is one of thirty labor banks. and
Its
officers are: Joseph A. Delaney, Chairman of the BoardLouis V. Hinchliffe, President. 'Tracy V. Scudder, Cashier'
James C. Matthews, Harry J. Breen, Otto H. Temple,
James Kerwin and Alexander Dykes, Vice-Presidents.
Reserve Banks to Limit Free Service.
"Daily Financial America" announced the following
from Washington July 8:
The first step in the carrying out of the policy of Governor
Crissinger
of the Federal Reserve Board to limit the free services performed by
Federal
Reserve banks will become effective July 15 when
the Reserve banks will
cease absorbing the cost of telegraphic tran.sfers for member
banks. Such
transfers will be made by outside commercial wire
and must be prepaid
when sent by member banks and will be sent "collect"
when despatched
by Federal Reserve banks.
Ever since he took office Governor Crissinger has maintained
that Federal
Reserve banks should curtail the number of free services
performed for
member banks. A committee of the board and one of the
governors have
been studying the question for the past year and in general
have recommended against any change. Now, however, it has
been decided to make
a beginning in the matter of telegraphic
transfers. This is perhaps the
least of the free services performed. Heretofore Federal
Reserve banks
have been performing an enormous amount of free transmissio
n service
for members by means of their own leased wire system.
The next step to be taken in the limitation of free services
probably
will be the imposition of a charge for the collection of non-cash
items.
This is a heavy burden to the Federal Reserve banks. Another
free service
is the safekeeping of securities. Most of the Federal Reserve banks
are
required to maintain extra space to take care of this
storage duty. The
big service is that of check collection. It is not likely that any charge will
be made for this, although there is strong pressure among State banks
for a charge.
The reason for the limitation of free services is that the performanc
e of
them is a heavy expense to the Reserve banks. To earn enough money
to
pay this expense these institutions in quiet times are required to
go into
competition with member banks to get business. Such
a situation is held
to be a conspicuous violation of the whole spirit of the Federal Reserve
Act, which is that a Federal Reserve Bank should be in fact
a bank of
reserve and not an operating bank.
To place a Federal Reserve bank under the necessity of scrambling
for
business to earn expenses is tantamount to the hiring out of
fire engines
between fires for trucking work.
ITEMS ABOUT BANKS, TRUST. COMPANIES, ETC.
The New York Stock Exchange membership of Wynne
Purviance, deceased, was reported posted for transfer this
week to Johan D. Struy, the consideration being stated as
$81,000. This is the same as for the last preceding sale.
The New York Cotton Exchange membership of the
Estat of J. Temple Gwathmey was reported sold this week
to Philip C. McFadden, the consideration being stated as
$32,500, an increase of $500 over the last previous sale.
A Chicago Board of Trade membership was reported sold
this week for $5,725 net to buyer. The last preceding
transaction was at $5,625.
The opening will occur on Monday next (Aug. 18) of the
main office of the Pacific Bank at Pershing Square, Fortysecond Street at Park Avenue (opposite the Grand Central
Station). The bank's other offices are located at Broadway
at Grand Street, 28th Street at Madison Avenue, 49th Street
at Seventh Avenue,59th Street at Park Avenue, and Hudson
at North Moore Streets. Reference to the leasing by the
Pacific Bank for a term of sixty-three years of the banking
floor in the Pershing Square Building was referred to in
these
columns April 26, page 2004.
782
UTE CHRONICLE
[VOL. 119.
Returning this week from a trip through France, Germany National Bank of Putnam, Conn., was obliged to close its
and England, William F. Collins, analyst of the Seaboard doors on Tuesday of this week, Aug. 12. Indications are,
it is said, that the institution is completely wrecked. On
National Bank of New York, said:
If Europe actually is about to enter upon more of a breathing space, with Aug. 7 Mr. Gilpatric, following a vist of Federal examiners
attention increasingly devoted to economic reconstruction, the develop- to the
institution, attempted to take his life by shooting
ment will largely be due to the helpful counsel and constructive effort of
those business leaders in various nations who realize how essential reason- himself in the head at his home in Putnam. He was hurried
able co-operation is to the bringing about of greater stability. There is a to the Day-Kimball Hospital in Putnam in a critical condigrowing appreciation abroad of the importance of American influence in tion. He is now, it is said, on the way to recovery. A run
this direction.
The crystallization within the last few months of what may be called an on the bank followed the Cashier's act. Since Mr. Gilinternational business diagnosis of the European situation has been a logical patric's attempted suicide bank examiners have been at work
step in the post-war recovery. That this diagnosis, with such basic recom- on
the books. The institution's losses are at present placed
mendations as those included in the Dawes report, ultimately will prove an
inherently helpful factor, there is apparently little question. Progress may at $262,000, and consist of two parts, those represented by
be only gradual,for time naturally must be allowed for reconciling and mutu- Liberty bonds and other negotiable securities, and funds
ally protecting legitimate national interests, but the present measure of
obtained on notes with straw endorsers. On Wednesday the
achievement has served to indicate new stirrings to better things.
would-be suicide assigned all his property to the bank, but
The United States Mortgage & Trust Co. of New York when his private safe deposit boxes were opened on the folhas Just contracted for the construction of its new bank and lowing day, they were found to be practically empty. A
office building at the southwest corner of Broadway and Federal warrant for the arrest of the State Treasurer has
73d Street, or on the corner opposite its present location, been issued. In it he is charged with the nominal embezzlethe company's increasing business having made necessary ment of $100,000 of the bank's money. George W. Coffin,
new and enlarged quarters. The new building will be five of New Haven, has taken charge of the failed bank's affairs
stories high, steel frame, fireproof construction, and in addi- as receiver. Besides his official position with the State and
tion to adequate and increased banking space will provide with the Putnam bank, Mr. Gilpatric has been interested in
greatly increased facilities for the United States Safe De- a number of financial enterprises. He is a director, it is said
posit Co. The new location will be on the present site of of the Putnam Woolen Co. and the Putnam Foundry &
the Rutgers Presbyterian Church, for which a new church Machine Co., and of the Jefferson Trust Co. of Boston. He
edifice, together with a parish house, will be erected imme- holds similar positions, it is said, with a number of public
diately to the west of the bank building. Henry 0. Chapman utility companies doing business in the States of Kentucky
Is the architect who prepared the plans.
and Michigan. He is also trustee of several private estates.
On Thursday Governor Templeton of Connecticut ordered an
The recently organized Jamaica National Bank, formed emergency audit of Mr. Gilpatric's books as State Treasurer
with a capital of $200,000 and surplus of $100,000, opened to be begun.
for business on July 23. The bank is housed in the new
Richard Weglein, President of the Philadelphia City CounStuart Building, Fulton Street, Jamaica. Its officers are
J. Sheldon Fosdick, President; Alvin M. Dunham, Barton cil during the Moore Administration and now President of
It. Smith, John J. Bliss and Wolf H. Seldin, Vice-Presidents; the Board of Mercantile Appraisers, has been elected PresiGilbert It. Hendrickson, Cashier, and C. Walter Griffin, dent of the Jefferson Title & Trust Co. of Philadelphia.
Assistant Cashier. Reference to the formation of the bank
was made in these columns of June 14.
F. LeMoyne Page, Secretary of the Pennsylvania Trust
Co. of Philadelphia, left last week on an extended trip
Gilbert S. Reddell, heretofor-e Cashier of the First National through Canada as the guest of Dr. Henry Van Dyke.
Bank of Islip, N. Y., has been appointed Cashier of the recently reopened First National Bank of Bellmore, N. Y.,
At a meeting of the directors of the First National Bank
according to a dispatch from Bellmore on Aug. 6 to the of Wichita at Wichita, Kan., on July 24, Milas Lasater was
Brooklyn "Eagle." Mr. Reddell succeeds Charles Vanderoef, elected a director to fill the vacancy occasioned by the death
who is now serving a sentence of seven and a half years in of J. H. Black. Mr. Lasater is President of the Federal
the Federal Penitentiary at Atlanta for the embezzlement Land Bank and also of the Federal Intermediate Credit
of approximately $50,000 of the bank's funds.
Bank of Wichita. He was formerly President of the First
National Bank of Paula Valley, Okla., and also State InsurCo. of Ogdensburg, N. Y., has been ance Commissioner of Oklahoma.
The St. Lawrence Trusttaken over by the Ogdensburg Bank of the same place.
A consolidation of the First National Bank of Biddeford,
Me., and the Biddeford National Bank, became effective on
Aug. 1 under the charter and corporate title of the First
National Bank. The new bank began business with capital
of $200,000, surplus $200,000 and undivided profits of $120,00624. The par value of the stock is $100, and as the banks
came together with equal assets there was no stock disposed
of, all stockholders of both institutions receiving new shares
in the consolidated bank corresponding in number to their
holdings in the individual banks. The consolidating banks
each had a capital of $100,000. The following are the officers of the First National Bank of Biddeford: President,
J. E. Etchells; Vice-President, H. T. Waterhouse; Cashier,
J. S. Guerin; Assistant Cashier, A. F. Maxwell, and Chairman of the Board, J. G. Shaw. The directors are J. E. Etchells, H. T. Waterhouse, L. E. Staples, H. J. Staples, J. G.
Shaw, Harry B. Ay er, N. B. Walker, C. J. Emery and George
F. West.
A charter for the organization of the Seaport National
Bank of Houston, Texas, has been issued by the Comptroller
of the Currency. The bank will start active operations
Sept. 1. Par value of stock $100 per share, the bank being
capitalized for $250,000, with a surplus of $25,000 paid in.
The stock was placed with subscribers at $110 per share.
The officers are W. S. Myers, Chairman of the Board; Jake
Alexander, President; S. J. Westheimer, Vice-President;
Phil Stillman, Active Vice-President; E. T. Reinhart, Dr.
Gavin Hamilton and W. H. Hogue, Vice-Presidents; William
A. Smith, Cashier.
The Los Angeles "Times" in its issue of July 31 stated that
on the previous day the board of directors of the Commercial
National Bank of that city voted to merge the interests of
that institution with the Bank of America of Los Angeles
through a holding company capitalized for $10,000,000,
"said to be fully financed and laying the foundation for further mergers and the establishment of a great banking system with headquarters in Los Angeles." In this regard the
-Atlantic
the
of
name
Commonwealth
the
12,
Aug.
Effective
to say:
National Bank of Boston was changed to "The Atlantic "Times" went on
system have
National Bank of Boston." In the words of the President
of the institution, George S. Mumford, the "change is made
for greater convenience and in the interest of simplicity."
The Atlantic National Bank of Boston is one of the largest
banks in New England. It has a combined capital and
surplus of 87,500,000 and total resources of $100,000,000.
Its original charter was granted in 1828. Soon after the first
of the year the institution expects to occupy its new quarters
in Post Office Square, one of the most beautiful buildings
erected in Boston, at a cost of more than $5,000,000.
of its Cashier, G. Harold GilThrough the operations
patric, who is State Treasurer of Connecticut, the First
not
The plans for the further development of this proposed
yet reached a point where definite publicity is deemed desirable by the
financiers most vitally interested, but it is admitted that at least three
other well-established banks are to be invited to consider the advantages
of such a merger which would bring with it a branch bank extension of
considerable magnitude.
The present merger has been brought about, according to information
available yesterday (July 80) through the activity of Orra E. Monnette,
President of the Bank of America, and his associates, and it is understood
that the Bank of America will dominate the holding company and control
the destinies of both institutions, which will be conducted for the present
as separate entities.
When asked for a confirmation of the consolidation, Mr. Monette stated
that the report was correct, but said that there would be no change in name
or personnel of the Bank of America except that eight of the directors of
that institution will take places on the board of the holding company, which
will consist of fifteen members.
AUG. 16 1924.]
THE MRONTCLE
783
The Bank of America will be represented by six members on the directorate of the Commercial National. C. C. Chapman, Chairman of the
Board of the Bank of America and Vice-President of the Commercial National, will be elected President of the latter institution, taking the place
of Walter A. Bonynge Sr., recently deceased. L. M. MacDonald is to become senior executive Vice-President and Walter A. Bonynge, son of the
late President, junior executive Vice-President. Except for the necessary
changes in the directorate, the personnel of the Commercial will remain unchanged.
The Commercial is one of the oldest banking organizations in the city
and the first national bank in the United States to open branch offices, of
which it now operates eight and has permits for three more. The Bank of
America has one branch; permits have been issued for two more and preliminary steps have been taken for the establishment of three others. The
Commercial will continue as a national bank, with its main office at Spring
and Fourth streets, while the Bank of America is to be perpetuated as a
State institution, and will be made the nucleus, it is said, of the proposed
development.
The head office of the Bank of America is at 752 South Broadway. The
bank was opened Feb. 3 1923, with resources of $1,762,332 87. On June 30
1924 these had grown to $11,247,548 95. The total resources of the Commercial National are $16,500,000, a total for the two institutions of approximately $27,750,000.
The Bank of America is capitalized at $1,300,000, the Commercial at
$1,000,000, a total of $2,300,000. Surplus and undivided profits, Bank of
America, $250,000; Commercial, $900,000. Total, $1,150,000. Deposits,
Bank of America, $9,000,000; Commercial, $12,000,000. Total, $21,000,000.
The control of the Commercial National was acquired about a year ago
by the Bancitaly Corporation. In the absence from the city of President
Giannini executives of the Bank of Italy yesterday stated that that institution does not appear in the transaction, emphasis being placed on the point
that the Bank of America, through Mr. Monnette and his associates, is the
prime mover in the consolidation. The stock of the Commercial held by
the Bancitaly Corporation will pass into possession of the holding company,
which in turn will be controlled by a majority directorate selected by the
Bank of America.
THE CURB MARKET.
Trading in the Curb Market was irregular in the fore part
of the week with later a steadier tone. The volume of
business was only moderate. Oil shares were under pressure
in the early trading and prices fell off somewhat. Standard
Oil (Kansas) suffered a sharp break on the passing of the
dividend, dropping from 383% to 32%, though it recovered
to 35 and closed to-day at 34%. Galena-Signal Oil nom.
weakened from 583% to 55 and sold finally at 563i. Ohio
Oil sold down from 593-f to 55 and recovered finally to 57%.
Prairie Oil & Gas declined six points to 2073/2, but recovered
finally to 209. Solar Refining lost three points to 180 with
the final transaction at 181. Standard Oil (Indiana) de% and finished to-day at 564. Standclined from 58 to 563
% fell to 109% and recovered finally
ard Oil (Ky.) from 1143
to 111. Standard Oil (Neb.) lost 13 points to 232. Red
Bank Oil after an early advance from 54 to 553 broke to
52, recovered to 56, then reacted and closed to-day at 543.
Among industrials interest was revived in radio shares.
Dubilier Condenser & Radio sold up from 403% to 464.
R. E. Thompson Radio Corp. advanced from 163% to 183.
Durant Motors was up two points to 203%, but dropped
back to 19. Foundation Co. preferred was conspicuous
for an advance from 963% to 1073%, the close to-day being
at 1073%. Glen Alden Coal improved from some three
points to 1183j and ends the week at 1181 Lehigh Valley
Coal certificates were again heavily traded in up from 403%
to 423% and at 423 finally. National Tea moved down
from 224 to 221, then up to 230, the close to-day being
' Sir Edmund Boyd Osier, President of the Dominion Bank at 228%.
and one of the veteran financiers of Canada, died at his
A complete record of Curb Market transactions for the
home in Toronto on Aug. 4 at the age of seventy-nine. Death week will be found on page 804.
was due to the after-effects of an attack of pneumonia contracted four weeks previously. Edmund Boyd Osier was
COURSE OF BANK CLEARINGS.
born at Tecumseh, Simeoe Co., Ont., in 1845, and began his
clearings
the present week will again show a subBank
financial career as a junior clerk in the unfortunate Bank of
increase
as
compared with a year ago, due mainly,
stantial
Upper Canada. Upon the collapse of that institution he,
with the late Henry Pellatt, founded a brokerage business however, to the large expansion at New York City,exchanges
and financial agency. This connection lasted for fifteen at this centre recording a gain for the five days of 35.3%.
years and terminated in 1882, when with H. C. Hammond Preliminary figures compiled by us, based upon telegraphic
he organized the present firm of Osier & Hammond, finan- advices from the chief cities of the country, indicate that for
ciers and stock brokers, of Toronto. The Canadian papers the week ending to-day (Saturday, Aug. 16) aggregate bank
record as his two outstanding services his connection with exchanges for all the cities of the United States from which it
the Dominion Bank and the Canadian Pacific Railway. For is possible to obtain weekly returns will register an increase of
many years he held the Presidency of the former and before 18.6% over the corresponding week last year. The total
his election to that office had been a Vice-President of the stands at $8,184,193,998, against $6,902,638,164 for the
institution for some years. In the Canadian Pacific Rail- same week in 1923. Our comparative summary for the week
way he was an associate of the late Lord Mount Stephen in is as follows:
the enterprise and a director of the company-an office he
Per
Clearings-Returns tal Telegraph.
held until his death. In 1896 Sir Edmund was elected to
Week Ended August 15.
1924.
1923.
Cent.
the Dominion House of Commons for West Toronto and con- New York
83,918.000.000 82,895,267,748 +35.3
517,459,316
515,064,127
+0.5
tinued to represent that constituency for 21 years. He was Chicago
Philadelphia
395,000.000
390,000,000
+1.3
created a "Knight Bachelor" in January 1912. In addition Boston
354,000,000
280,000,000 +26.4
114,729,738
Kansas City
113,807,064
+0.8
to the activities already mentioned, Sir Edmund at the time Bt. Louis
a
a
a
136,200,000
142,000,000
-4.1
Ban Francisco
of his death was President of the Canada Northwest Land Los
108,575,000
125,441,000 -13.4
Angeles
115,419,258
132,020,633 -12.6
Co., the Victoria Loan Stock & Realty Co. and the Toronto Pittsburgh
115,648,428
Detroit
119,397,764
-3.1
Ferry Co., and a director of the Toronto General Trusts Cor- Cleveland
83,202,250
101,292,511 -17.9
73,418,712
86,000,423 -14.6
poration, Consolidated Mining & Smelting Co., Calgary & Baltimore
44,634,876
37.503,677 +19.0
New Orleans
Edmonton Land Co., the Imperial Oil Co., Ltd., the Inter12 cities, 5 days
$5,976,287,578 $4,937,794,947 +21.0
national Petroleum Co., Ltd., and the Commercial Cable Co. Other cities, 5 days
+3.6
843,874,087
814,403,356
He was also a trustee of the Mackay Companies and a memTotal all cities, 5 days
$6,820,161,665 $5,752,198,303 +18.6
1,364,032,333
1,150,439,861 +18.6
ber of the Advisory Board in Canada of the North of Scot- AU cities, 1 day
Tnt.21 211 rItIna inr mark
SR 1fad. 102 005
IR 002 0214 1/14
.4.15R
land Canadian Mortgage Co. Sir Edmund was a brother
of the late Sir William Osier, world-famous physician and
a Will not report clearings.
lecturer, who will long be remembered for his remark about
Complete and exact details for the week covered by the
terminating the existence Of men after they reach a certain foregoing will appear in our issue of next week. We cannot
age.
furnish them to-day, ina.emuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
At a meeting of the board of directors of the Dominion until noon to-day. Accordingly, in the above the last day
Bank held on Aug. 12 Sir Augustus M. Nanton of Winnipeg, of the week has in all cases had to be estimated.
a Vice-President, was unanimously elected President to sucIn the elaborate detailed statement, however, which we
ceed the late Sir Edmund B. Osier. It was announced that present further below, we are able to give final and complete
In the near future Sir Augustus Nanton will leave Winnipeg results for the week previous-the week ended Aug. 9. For
and take up his permanent residence in Toronto.
that week there is an increase of 45.2%, the 1924 aggregate
of the clearings being $7,907,447,745 and the 1923 aggregate
The balance sheet of Barclays Bank, Ltd., one of the $7,236,906,739. Outside of New York City, however, the
largest British banks, as of June 30 last shows aggregate increase is only 22.0%, the bank exchanger at this centre
assets amounting to $1,643,964,118. The bank's investments, having made a gain of 68.3%. It will be noted that without
largely in securities issued or guaranteed by the British exception every Federal Reserve district records an improveGovernment, were $317,499,776. Advances to customers and ment. The fact should not be overlooked, though, that
other accounts totaled $711,692,455. Deposits, together with comparison is with the period of the death of President Hardcurrent and other accounts, including the balance of profit ing and the obsequies connected therewith, when business
and loss, totaled $1,478,490,528. Acceptances and endorse- everywhere was suspended. We group the cities now acments for account of customers were $46,261,730. The cording to the Federal Reserve districts in which they are
bank's capital shares were unchanged from the amount re- located, and from this it appears that in the Boston Reserve
ported on Dec. 31 1923, namely $77,961,860.
District the totals are larger by 68.2%, in the New York
•
784
THE CHRONICLE
SUMMARY OF BANK CLEARINGS.
Week Ending Aug. 9 1924.
1924.
1923.
Federal Reserve Districts.
$
$
(1st) Boston
11 cities 478,476,789 284,520,643
(2nd) New York
.9 " 4,652,980,622 2,786,642,860
(3rd) Phlladelphia_ -- _10 "
468,494,790 369,816,240
(4th) Cleveland
8 "
327,955,097 294,203,598
(5th) Richmond
8 "
172,931,166 141,272,670
(6th) Atlanta
12 "
153,861,814 131,386,943
(7th) Chicago
20 "
771,193,187 655,430,503
(8th) St. Louis
7 "
59,713,715 54,119,797
(9th) Minneapolis
7 "
104,053,691 103,343,145
(10th) Kansas City__ 12 "
247,766,032 221,922,465
(11th) Dallas
5 "
57,469,493 43,511,159
(12th) San Francisco__ _16 "
422,592,349 360,883,124
Int.or
Dec.
1921.
1922.
$
$
%
+68.2 318,393,281 283,149,206
+67.0 3,760,094,696 3,258,280,514
+24.0 407,772,338 358,959,595
+11.5 345,667,811 284,261,120
+22.4 158,376,970 125,040,811
+17.1 132,223,593 115,969,285
+17.7 710,624,384 642,161,063
+10.3 51,295,499 46,003,843
+0.7 102,956,112 101,757,300
+11.6 236,932,354 245,258,465
+32.1 40,884,023 41,321,704
+17.1 355,910,825 310,269,143
Grand total
123 cities 7,907,447,745 5,447,053,147 +46.2 6,621,131,886 5,812,432,049
Outside New York DRY
3,322,887,8792,722,472,870 +22.0 2,922,092,696 2,602,901,586
Oanarla
On nitina
*Ina ono nate
nem crca I en
Lis a
n.a nca 11A
naa sit IAA
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ending Aug. 9.
Clearings at1924.
1923.
First Federal Reserve Dist rict--Boston
Me.-13angar___ _
783,358
821,266
Portland
3,060,250
3,526,255
Mass.-Boston _ 434,000,000 248,000,000
Fall River_ _ 2,002,552
1,602,688
Holyoke
a
a
Lowell
1,061,939
1.102,072
Lynn
a
a
New Bedford _ _
1,422,950
1,188,552
Springfield. _
4,890,730
3,968,419
Worcester
3,249,000
2,508,000
Conn.-Hartford
11,140,059
7,502,526
New Haven_ _ _
6,322,851
5,707,365
R.0.-Providence
10,543,100
8,595,000
Total(11 cities)
478,476,789
Inc.or
Dec.
1922.
1921.
-4.6
-13.2
+75.0
+25.0
a
-3.6
a
+19.9
+23.2
+29.5
+48.5
+10.8
+22.7
764,692
3,337,510
278,000,000
1,655,396
a
1.029,652
a
1,543,575
4,137.116
3,508,829
8,962,289
5,743,922
9.710.300
700,865
3,000,000
247,558,359
1,288,766
a
942,186
a
1,362,552
3,417,221
3,163,139
7,320,301
5.110,517
9,285,300
284,520,643 +68.2
318,393,281
283,149,206
Second Feder al Reserve D Istrict-New
N. Y.-Albany_ _
5,931,108
3,958,059
Binghamton_ _ _
1,128,200
994,323
Buffalo
d41,826,484
41,144,828
Elmira
756,954
640,422
Jamestown__ _ _
c1,332,102
1,280,823
New York..._ 4,583,559,868 2,723,579,277
Rochester
9,549,426
8,384,401
Syracuse
5,429,842
3.535.768
Conn.-Stamford
c3,468,642
3,124,959
N. J.-Montclair
York
3,306,597
+49.9
3,658,185
1,033.082
+13.5
1,183,925
31,342,201
+1.7
38,750,985
+18.2
599,498
+4.0
926,836
1,715,257
+68.3 ,699,039,190 3,209,530,463
7,055.608
+13.9
8,933.000
3,033,911
+53.6
3,737,445
2,051,813
+10.9
2,477,211
Total(9 eities)_ 4,652,980,622 2,786,642,880 +67.0 3,760,094,696 3,258,280,514
Third Federal Reserve Dist rict
elphia
Pa.-Altoona __ _
1.531.320
1,292,932 +18.4
1.064,997
Bethlehem.3,039,545
3,827,477 -20.6
2,482,026
Chester
1,135,472
1,032,490 +10.0
903,808
Lancaster
2,518,693
2,241,762 +12.4
2,529.154
Philadelphia__ _ 430,000,000 348,000,000 +24.3 387,000,000
Reading
3.167,443
2,464,000 +28.5
2,662,433
Scranton
5,786,451
4,511,737 +28.3
3,759,804
Wilkes-Barre- d4,763,963
3.583,659 +32.9
2,443.047
York
1,723,948
1,402,417 +22.9
1,221,750
N.J.-Trenton _ _
4,827,955
3,459,766 +39.5
3,725,319
a
a
a
a
Total(10 cities)
458,494,790
995,223
2,070,519
1,000,01)0
2,278,286
339,000,000
2,445,672
4.197,499
2,762,738
1,128,399
3,081,259
a
369,816,240 +24.0
407,772,338
358,959,595
Fourth Feder al Reserve D strict-Cloy eland
Ohio-Akron _ _
d6,980.000
6,057,000 +15.2
4,240,644
Canton
3.803.961 +11.5
Cincinnati_ _ _ _
52,384,785 +8.7
56,923,993
85,228,567 +13.2
96,448,836
Cleveland
14,889,700 -10.1
13,206,000
Columbus
a
a
Dayton
a
a
a
Lima
1,576,665 -;6.9
d1,684,725
Mansfield
a
a
a
Springfield_ _
a
a
Toledo
3,812,462
d4,097,945
Youngstown__ _
a
a
Pa.-Erie
144,372,954 126,650,458 +14.0
Pittsburgh_
5,817,000
3,940.861
52,187,296
93,009,502
13,866,000
a
a
1,319,030
a
a
2,728,122
a
172,800,000
6,561,000
:1,1137,878
49,733,662
73,340,951
11,534,700
a
a
1,139,601
a
a
3,273,328
a
135,640,000
294,203,598 +11.5
345,687,811
284',261,120
Fifth Federal Reserve Dist net-Riches ond2.036,984 -29.3
1.441,066
W.Va.-Hunt'g'n
8,318.802 +17.9
d7,450.068
Va.-Norfolk_ __
37,128,000 +39.8
51,899,000
Richmond
__
1,669.520 +5.8
d1,765,907
S.C.-Charleston
77,726.001 +14.2
88,797,135
Md.-Baltimore _
16,393,363
+31.4
d21,548,000
D.C.-Washing'n
1,525,947
6,290,250
44,845,974
1,754,825
86,074,271
17.885,703
1,363,263
6,088,244
36,302.010
2,080,610
64,290,251
14,916,433
141,272,670 +22.4
158,376,970
125,040,811
Sixth Federal Reserve Dist rict-Atlant a5,430.618
Tenn.-ChaWga. c5,094,964
2.817,806 -1.6
2,771.517
Knoxville
17.278,596
16,432,874
Nashville
36,846,508 +13.6
Ga.-Atlanta __ _ _
41,848.319
1,115,556 +13.1
1,261,729
Augusta
1,517,506 -0.7
d1,506,851
Macon
a
a
a
Savannah
10,193,111 +27.8
13,022,470
Fla.-Jack'nville.
18,308,300 +19.0
21,783,453
Ala.-BIrmlng'm.
1.722,082 -2.9
1,671,486
Mobile
1,014,058 +6.3
Miss -Jackson....
1,078,108
402,642 -5.6
Vicksburg
380,043
34,740,162 +35.3
La.-NewOrleans d47,000,000
4,830,448
3,044,588
17,419,775
35,328,892
1,300,964
1.098,291
a
8,435,746
18,843,147
1,489,934
660,005
286.433
39,505,372
4,935,005
2,827,882
14,192,593
34,244.680
1,555,843
1.067,919
a
7,380,644
13,263.988
1,700,000
702,320
269,502
33,829.109
Total(8cities)- • 327,955,097
Total(6 cities)-
Total(12 cities)
172.901,166
153,851,814
131.386,943 +17.1
132,223,593
115,969,285
Week Ending Aug. 9.
Clearings al
1924.
Inc.or
Dec.
1923.
1922.
1921.
Seventh Feder al Reserve D strict-C h cago-Mich.-Adrian __
208,216
195.886
237,042 --12.2
150,000
Ann Arbor...
934.660
693,151
669,541 +39.6
598,963
Detroit
116,952,232
97,644,638 +19.8
98,507,836
86,047,690
Grand Rapids.
6,848,181
5,704,999 i-20.0
6,492,700
6,426,223
Lansing
2,067,000
1,778,000 +16.3
1,853,000
2,387,000
Ind.-Ft. Wayne
2,187,586
2,339,995 --6.5
1.867,781
1.848,563
Indianapolis_ _ _
20,851,000
16,629,000
19,901,000 +4.8
16,552,000
South Bend__ _
2,254,500
2,429,189
2,307,200 --2.3
2,142,719
Terre Haute_ _ _
5,337,748
5,442,307 --1.9
Win.-Milwaukee
32.604,913 +4.8
34,105,096
30,923,513
28,405,229
Iowa--Ced.Rap_
2,263,982
2.359,240 --4.0
1,922,596
1.895,933
Des Moines__ _
10,339,185
10,788,181 ---4.2
9,309,195
7,802,874
Sioux City__
5,954,036
5,810,000 -1-2.5
5,850,282
5,530,443
Waterloo
1,666,047
1,393,915 i-19.5
1,348,675
1,206,515
111.-Bloomington
1,372,538
1,342.973 +2.2
1,237,769
1,148,364
547,538,141 456,122,528 i-20.0 521.782,746 471.435,834
Chicago
Danville
a
a
a
a
a
1.458,911
Decatur
1.206,708 +20.9
1,173,133
1,386,648
Peoria
3,435,521 +17.1
4,023,678
4,207,023
3.248,896
Rockford
2,412,529
2,177,057 +10.8
1,964,179
1,773,931
2,417,923
Springfield_ _
2,164,745 +11.7
2.436,730
2,373,238
Total(20 cities) 771,193,187 655,430,503 +17.7
Eighth Federa Reserve Din trict-St. Lo uls--Ind.-Evansville_
4,694,544
4,759,049 -1.4
Mo.-St. Louis _
a
a
a
28,224,504
Ky.-Louisville
25,100,130 +12.4
Owensboro.......
450,885
349,471 +29.0
Tenn.-Memphis
14,195,428
13,310.924 +6.6
Ark.-LittleRock
9.663.502
8,753,505 +10.4
III.-Jacksonville
852,601
461,069 +84.9
1,632,251
Quincy
1,385,649 +17.8
710,624,384
642,161,063
4,324,369
a
23,380,460
356,349
14,044,605
7,474,695
320,001
1,395,020
4.166,870
a
21,175,446
319,034
11,389,505
7,502,863
326,042
1,124,083
Total(7 cities) _
59,713,715
54,119,797 +10.3
Ninth Federal Reserve Dis trict-M in n eapolis
Minn.-Duluth.._
d7,205,357
6,508,328 +10.7
Minneapolis_ _ _
63,550.896
58.677,504 +8.3
St. Paul
27,523,822
31,823,967 -13.0
No. Dak.-Fargo
1,703,116
1,873,587 -9.1
S. D.-Aberdeen.
1,196,113
1,247,596 -4.1
Mont.-Billings _
554.139
494,129 +12.1
Helena
2,320,248
2,918,034 -20.5
51,295,499
46,003,843
5,319,241
59,971,851
30,578,880
1,980,597
1,465,357
579,779
3,060,407
5,809,461
80,456.096
28,499,740
2,050.965
1,283,075
881,076
2,996,887
Total(7 cities). 104,053,691 103,343,145 +0.7 102,956,112
Tenth Federal Reserve Dis trict-K a n s ass Cit yNeb.-Fremont _
d452,538
271,922 +66.4
391,868
Hastings
727,864
449,523 +61.9
591,057
Lincoln
4,190,784
3,795,340 +10.4
4,036,366
Omaha
41,310,085
33,554,983 +23.1
37,825,265
Kan.-Topeka _ _
d3,371,776
4,298,451 -22.3
3,587,903
Wichita
d9,215,000
9,231,270 -0.2
11,227,309
Mo.-Kan. City_ 135,091,858 122,823,571 +10.0 136,859,161
St. Joseph__ _ _
d6,760,276
7,000,577 -3.5
Okla.-Muskogee
a
a
a
Okla. City__ _ _ d21,194,567
20,908,807
20,704,282
Tulsa
a
a
a
a
Colo.-Col. Spas
1,580,546
1,068.302 +47.9
1,380,278
Denver
22,747,851
17,594,349 +29.3
19.725,252
Pueblo
el.121,887
925,370 +21.2
803,813
101,757,300
Total(12 cities) 247,765.032 221,922,465 +11.6
Eleventh Fade cal Reserve District-Da IlasTexas-Austin...
2,117,166
1,312,000 +61.4
Dallas
33,335,552
23,163,274 -43.9
Fort Worth_ d11,618,248
8.973,385 +29.5
Galveston
6,429,149
6,078,711 +5.8
Houston
a
a
•
La -Shreveport..
3,969,378
3,983,789 -0.4
Total(5 cities).
57,469.493
43,511.159
Twelfth Feder al Reserve D Istrict-San
Wash.-Seattle._
35.442,299
30,815,260
Spokane
10,081.000
9,094,000
Tacoma
a
a
Yakima
1,191,037
851.721
Ore.-Portland.
34,656,903
28,502,889
Utah-S.L. City.
13,211,613
12.087,764
Nev.-Reno
a
a
Ariz.-Phoenix _
a
a
Calif.-Fresno _ _
3,577,232
4,412,408
Long Beach.. _ _
5.992,586
6,713,718
Los Angeles_ _ _ 124,698,000 110,148,000
Oakland
15,771,703
14,141,958
Pasadena
5,101,975
3,702,067
Sacramento
8,462,815
7,891,236
San Diego
_
4,620,181
3,318,027
San Francisco _ 153,200,000 123,200,000
San Jose
2,607,265
1,984,166
Santa Barbara _
1,146,740
1,019,610
Stockton
c2,831,000
3,000,300
550.767
565,368
3,251.691)
36,966.970
3,096,060
11,764,598
145,954,598
a
23.728,861
a
1,515,210
17,030.296
834,047
236,932,354
245,258,465
1,023,347
20,500,000
10,195,712
5,339,993
a
3,824,971
1.200,000
18,301,477
10,301,157
8,031,297
a
3,487,773
40,884,023
+32.1
Franci sco-30,418,156
+15.0
9,894,000
+10.9
a
a
1,112,858
+39.8
32.307,372
+21.6
13,036,661
+9.3
a
a
a
a
3,579.338
-18.9
4,989,105
-10.7
94,980,000
+13.2
12,394,386
+11.5
3,644,404
+37.8
+7.2
5,928,616
+39.2
*3,000,000
+24.4 134,500,000
+31.4
2.433,346
+12.5
952,083
-5.6
2,740,500
41,321,704
27.874,3M
10,498.793
a
1,120,375
29,724,047
10,425,945
a
a
3,849,626
3.459,199
76,364,000
10.811.896
2,941,407
5,724,214
3,203,084
117.000.000
1.745.365
864,837
4.662,000
Total(16 cities) 422,592,349 360.883,124 +17.1 355,910,825 310,269.143Grand total (123
cities)
7 907,447,745 5,447.053,147 +45.2 6,621,131,886 5,812,432,049
Outside N. Y___ 3.323.887.879 2.723.473.870 +22.0 2.922.092.696 2,602.901486
1Veek Ended August 7.
fearing, at1924.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_._ _
New Westminster
Medicine Hat....
Peterborough__ .._
Sherbrooke
Kitchener
Windsor
Prince Albert__._
Moncton
Kingston
$
99,451,464
76,547,273
43,184,811
18,819,900
6.232,627
5.667,134
5,090,452
4,897,710
5,726,681
2,590,127
4,209,851
2,582.425
3,824,002
3,207.328
548,181
533,898
2,082,695
1.005,211
850,312
906,822
601,570
344,188
765,244
865,029
770,861
3,505,022
302,217
708,504
757,721
Tot. Canada(29).
295n70 9155
1923.
Inc. or
' Dec.
$
%
86,777,993 +14.6
93,432,559 -18.1
28,282,578 +52.7
15,652.178 +20.2
5.714,181 +9.1
5,930,806 -4.4
2,868,538 +77.5
:5,557,603 -11.9
4.199,776 +36.4
2,852,738 -9.2
2,027,035 +107.0
3,067,402 -15.8
3,535,851 +2.5
3,607,267 -11.1
616,885 -11.1
504,647 +5.8
1,814,652 +14.8
1,207,215 -16.7
837,862 +1.5
876,256 +3.5
558,993 +7.8
294,860 +16.7
674,924 +13.4
1,051,834 -17.8
960,842 -19.8
2,721,961 +28.8
301,010 +0.4
809,209 -12.4
855,502 -11.4
277 AM 157
-).66
1922.
.wcov
w
wwto.ww.w.wc,
0lowlawm.u.w0w*I44..mloIx".Wolo'beolo.
..4.1473,Ov.
4.0.40.nowco..uvwovowoh:onwo.wc.c,,,
0woo.o..w.0.w.wwtowwocl0t-4ww.0.40-4
loWwb-o....414011.2Vo.o.Ub.wbb
Reserve District (including this city) by 67.0%, and in the
Philadelphia Reserve District by 24.0%. The Cleveland
Reserve District has an increase of on'y 11.5%, the Richmond Reserve District of 22.4% and the Atlanta Reserve
District of 17.1%. In the Chicago Reserve District there is
17.7% improvement,in the St. Louis Reserve District 10.3%
and in the Minneapolis Reserve District 0.7%. The Kansas
City Reserve District shows•an increase of 11.6%, the Dallas
Reserve District of 32.1%, and the San Francisco Reserve
District of 17.1%.
In the following we furnish a summary by Federal Reserve
districts:
[VoL. 119.
2462156 Ian
1921.
$
98,225,078
69,501,882
40,663,606
18,878,185
6.817,033
5,687,981
3,209,873
5,652,755
5,429,335
2,533,825
2,260,777
2,821,295
4,763,150
3.851.334
976,801
664,219
1,942,857
1,305,762
952,610
774.489
544.446
446.454
702,400
1.601,444
961,972
3,354,602
1,054.504
832.735
286.411.384
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Aug. 6. d Week ending Aug. 7. e Week end ng Aug. 8. •Estimated.
AUG. 161924.]
THE CHRONICLE
785
which, just now, does not seem to have much silver available
THE WEEK ON THE NEW YORK STOCK EXCHANGE. America,
A few China sales have been made during the week. Bear covering and
Realizing sales have made the stock market at times irregu- some Continental demand have readily absorbed the offerings. Owing
lar, but the tone has continued strong and a number of new to patchiness showing in the development of the monsoon, a certain amount
of uneasiness has been shown in Bombay, but this did not appear to have
high records for the year have been established. Trading much effect upon Bazaar silver
operations, save perhaps somewhat to
buying. The latest news as to the monsoon is more satisfactory.
retard
has been on a more moderate scale and with the exception of
the session on Tuesday, million-share days have been far
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)July 7. July 15. July 22.
less common than during the past three weeks or more. Notes
in circulation
17320
17399
17481
Railroad issues have been moderately strong, some issues Silver coin and bullion in India
8110
7939
8017
Silver coin and bullion out of India
going forward to new highs, while others have advanced only Gold coin and bullion in India
2232
2232
2232
Gold coin and buelion out of ndia
fractionally. Industrial shares have been in moderate de- Securities
(Indian Government)
5750
i
5754)
Securities
Government)
(British
mand. In the two-hour session on Saturday railroad issues
1400
1400
1399
No silver coinage was reported during the week ending 22d inst. The
were in the foreground, Delaware & Hudson recording a gain stock in Shanghai on the 26th inst.
consisted of about 41.200,000 ounces
of 43 points, Norfolk & Western registering an advance of in sycee, 44.500,000 dollars, and 1,910 silver bars, as compared with about
ounces
in
40.900.000
sycee. 44,000,000 dollars, and 2,050 silver bars on the
33 points and Nickel Plate rising 1% points. United
inst.
States Cast Iron Pipe & Foundry after a quick decline in the 19th
-Bar Silver per Or. Std.Bar Gold per
QuotationsCash.
2 Mos.
Or. Fine.
opening hour again went forward four points to 954. The Juey
24
34 7-16d.
34 9-16d.
945. Od.
market showed further improvement on Monday, a brisk July 25
3494d.
3450.
935. 9d.
July 26
3434d.
344d.
forward movement in railroad and specialty stocks being July 88
3494d.
344d.
94s. Od.
July 29
344d.
3410.
944. Od.
the feature of the day's activities. Unfavorable dividend July 30
34 11-164.
34 13-16d.
93s. 11d.
34.625d.
34.764.
announcements had a depressing effect on the oil stocks. Average
93s 11.2d
The silver quotations to-day for cash and two months' delivery are each
Railroad issues, particularly the high-priced stocks, were the Sid. a..ove those
fixed a week ago.
leaders in the upward swing, several issues recording advances
of two or three points. Sterling exchange was also a promiENGLISH FINANCIAL MARKETS-PER CABLE.
nent factor in the day's activities, and recorded a net advance
daily closing quotations for securities, &c., at London,
The
of 34 over Saturday's close. The stock market on Tuesday
reported
by cable, have been as follows the past week:
as
suffered a moderate reaction and moved fractionally toward
London,
Sat.
Mon.
Tues.
Wed. Thurs.
Frt.
lower levels. Oil shares were particularly heavy, being inAug.9. Aug. 11. Aug. 12. Aug. 13. Aug. 14. Aug. 15.
Week Ending Aug. 14d. 344
34 1-16 33 13-16 34 346 33 15-16 3354
fluenced by the report of larger production in some fields, Silver, per et
per:fine ounce
91.4
90.7
90.8
91.1
91.1
90.8
also reports of possible dividend reductions. Some of the Gold,
Consols, 24 per cents
57 1-16 5734
574
5734
5754
railroad issues were depressed, though New York Central, British,5 per cents
1014
1014 1014
10144
10134
cents
British,
per
97
434
97
97
97
974
Big Four and Atlantic Coast Line were exceptions to the
FrenehMentes On Paris) fr_ ---- 53.35
53.30
53.50
63.70
Bourse
general trend, and went briskly forward to higher levels. French
War Loan (in Paris)h- ____
67.65
67.60
66.95
67.90 Closed.
United States Steel common declined to 106, Baldwin LocoThe price of silver in New York on the same day has been:
motive went below 119, and American Can dropped two Silver in N.Y.. per oz.(ens.):
69
8834
Foreign
6834
8834
68
8834
points to below 124. Moderate improvement was apparent
in the closing hour, during which General Electric rallied
from 2664 to above 269 and a number of leading issues made
FOREIGN EXCHANGE.
similar gains. Railroad issues were the conspicuous feature
Sterling exchange was active and strong, with rates maon Wednesday, New York Central and Chesapeake & Ohio terially higher. The Continental exchanges also gained
scoring sharp gains. Industrial shares were weak, United ground, with new high records established in francs and
States Steel common declining still further. Crucible Steel guilders on brisk buying.
was under pressure in the forenoon. and declined more than
To-day's (Friday's) actual rates for sterling exchange were 4 52@4 5234
sixty days. 4 5334@4 5534 for checks and 4 5494(3145594 for cables.
4 points to 494, but recovered 2 points to 514 in the clos- for
Commercial on banks. sight, 4 5394@4 55. sixty
days 4 50%04 50%.
ninety days 4 50044 503-4. and documents for payment (sixty days) 4 504
ing hour. The market continued strong as the session opened (3145134;
cotton for pyament, 45394(g4 55, and grain for payment 45334
on Thursday, and substantial gains were recorded by many 64 55. (Friday's)
To-day's
actual rates for Paris bankers'francs were 5.5931(31
of the more active issues, practically all of the loss of the pre- 5.644 for long and 5.6494 @5.70 for
short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
ceding days being made up in the last hours. Trading was 38.67(438.6834
for long and 39.03039.0434 for short.
Exchanges at Paris on London,81.45; week's range, 79.90 high and 82.00
on a moderate scale, the total sales of the day falling to the low.
lowest point since the early part of July. Industrial shares
The range for foreign exchange for the week follows:
Sterling. Actual60 Days. Checks.
Cables.
were in strong demand at advancing prices and oil and copper High
for the week
4 5411 4 57
4 5734
securities improved. Continental Can was in demand in the bow for the week
48434451
4 514
Paris Bankers' Francsfinal hour and recorded a new high mark at 60. General High
for the week
5.7034 5.77
5.78
5.384 5.45
Electric moved upward to 271 but in the recessions of the Low for the week
5.46
Germany Bankers' Markslast hour dropped back to 270. The market opened strong High for the week
0.000000000024 0.000000000021
0.000000000024 0.000000000021i
on Friday, the early gains being well sustained through the Low for the week
Amsterdam Bankers' Guildersentire session. Railway shares continued in the foreground, High for the week
38.77
39.19
39.23
for the week
38.3994 38.8194
38.8594
led by Southern Railway, which made a new high, and with Low
Domestic Exchange.--Chicago, par. St. Louis, 15(4)25c. per $1.000
Louisville & Nashville, Atlantic Coast Line, Norfolk & discount. Boston, par. San Francisco, par. Montreal. $0.8350 per
discount. Cincinnati, par.
Western and D. L. & W. closely following. Copper issues $1,000
were notable for their increased strength. Specialties were
also in demand, General Electric advancing 24 to 273j. Tonnmercial aixdAltsceilancons
Industrial shares under the leadership of American Can displayed moderate improvement. Motor shares were also Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
in active demand, Mack Trucks crossing par for the first
Int.
Rate. Bid. Asked.
.itaturitg•
Rate. Bid. Asked.
AIwarily.
time, while White Motors reached its highest price for 1924
8ent.15 1924___ 554% 1004
:it 60. The final tone was strong.
10034 Dec. 15 1927-- 454% 102iew 1031,s
Mar. 15 1925__ _ 44%
Rem
Mar. 15 1926._ _
Dec. 15 1925__
Sept.15 1926___
June 15 1925___
44%
454%
44%
454%
10154
1024
101%
101%
10111,
10134
10234
10144
10154
101514
Mar.15 1927._
Dec. 15 1924._
Mar. 15 1925._
Dec. 15 1924___
454%
44%
4%
24%
10234
100nis
10034
10034
103
100'514
101
1004
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
National Banks.-The following information regarding
July 30 1924:
national banks is from the office of the Comptroller of the
GOLD.
Currency, Treasury Department:
The Bank of England gold
reserve against its note issue on the
23d
inst. amount to £126,449,540. as compared with E126.448,150
on the
Previous Wednesday. India has taken a moderate proportion
of the
substantial amount of gold available this week. The following
extract
is from the "Times of India" of the 12th inst.:
"Whilst America is steadily adding to her gold and expanding her
cur
rency proportionately. India under the present 2 shillings gold
standard
is being starved of the currency which it is now generally
admitted is
necessary for the expansion of her trade and industries. Professor
Cassel
who is one of Europe's leading monetary experts, has estimated the currency requirements of the United States at $200 millions a year at present
and $300 millions a year in the next decade, and it is for Indian economists
to decide what should be the additions to Indian currency to meet her
growing requirements."
SILVER.
The tone of the market has been good, governed mostly by a scarcity
of supplies and a measure of support afforded by the United States of
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Aug. 5-The First National Bank of North Bergen, N. J
$100.000
Correspondent, James Nolan,940 Hack Pen Road, North
Bergen, N. J.
Aug. 7-First National Bank in Hamburg,Iowa
100,000
Corraspondent, T. K. Elelott, Hamburg, Iowa.
Aug. 7-The Narberth National Bank. Naroerth, Pa
50.000
Correspondent, Carl F. Wellman.
CHARTERS ISSUED.
Aug. 7-12568-The Hibbing National Bank, Hibbing, Minn_
President, John Butler; Cashier, D. B. Fuller. Succeeds$100,000
The Hibbing State Bank. Hibbing. Minn.
Aug. 7-12569-The Carlsbad National Bank, Carlsbad. N. M
50,000
President, George K. Richardson; Cashier, E. Birch Harrison.
Aug. 8-12570-Lincom National Bank of Newark, N. J
President Franklin W.Fort: Cashier. F. Randolph Dunn. 300,000
Aug. 8-12571-The First National Bank of Lakehurst, N. J_
25,000
President. Fred Forcanser; Cashier, William Strickland.
THE CHRONICLE
786
APPLICATION TO ORGANIZEjAPPROVED.
Aug. 8-The Citizens National Bank of East Northport, N.Y--__ $25,000
Correspondent, Henry S. Mott, Northport, N. Y.jo„.,ims_tutrcess
CHANGE OF TITLE.
Aug. 8-643-The Commonwealth-Atlantic National Bankiof Boston,
Mass., to The Atlantic National Bank of Boston.
VOLUNTARY LIQUIDATIONS.
Aug. 4-8510-The Long Beach National Bank, Long Beach, Cal_$200,000
Effective July 21 1924. Liquidating agent, E.C.Aldwell
• -s
San Francisco. Absorbed by Bank of Italy, San Francisco, Cal.
Aug. 7-2279-The Metropolitan National Bank of Pittsburgh.Pa. 200,000
Effective July 25 1924. Succeeded by Metropolitan Savings Bank Sc Trust Co. of Pittsburgh.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh.
266 Land dc River Co. 1st pref.,)
Par $100
1,330 Land & River Co., 3d pref.,4160
Par $100
lot
335 Land & River Co.. common,
par $100
1
I
I
"1 ..,,
$ Per eh
Shares. Stocks. "lit9.-0
$20 lot
166 The Auglaize Power Co
634
231 United Public Utilities Co
100
10 Angell's, Inc
240 Peyton-du Pont Sec. Co., Inc_ 75
650 Citizens Finance Corp.7% pref.,
$100 lot
par $100
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
10 Hamilton Mfg. Co., par $100_ _ 41
6 Great Falls Mfg. Co., Par $100._ 28
5 Amer. Glue Co., com., par $100_ 42
1 Connecticut Light & Power Co.,
7% Pref., par $100
100
10 Massachusetts Chocolate Realty
Trust, pref., par $100
10
10 Griffin Wheel Co., pref.. par $100 100
Exportsfrom-
$ per sh.
Shares. Stocks.
100 Stollwerck Chocolate Co., 2d
$10 lot
pref., par $100
4 Nashua Gummed & Coated Paper
90
Co., 1st pref., par $100
334
4 State Theatre, corn., par $10
70
$1002 State Theatre, prof., Par
1 Boston Insurance Co., par $100_680
50 Lynn Gas & Elec. Co., par $100- 95
10 Fall River Elec. Lt. Co., par $25 3334
per sh
Shares. Stocks.
234
15 Aldine Trust Co., par $100
25 Central Trust & Savings Co..
14034
$50
Par
2 Northern Trust Co.. par 8100-52134
2 Fire Assoc. of Phila., Par $50-436
20 Phila. & Camden Ferry Co ._.11834
75 American Pipe & Construe. Co_ 50
Per Cent.
Rights1734
5 Aldlne Trust Co@$225
1734
182-3 Aldine Trust CO (54225.
Cent.
Per
Bonds$5,000 Easton Consol. Elec. Co.
95
coll. trust 55, 1949
$15,000 Indiana Columbus & East.
Trac. Co. gen. & ref. 55. 1226
334
(certificate of deposit)
$2,000 Bethlehem Steel Co. Pures,
chase money 6s, 1998, reg......111 .re
Breadsluffs figures brought from page 833.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Rye.
Flour.
Wheat.
Barley.
Corn.
Oats.
bbls.19610s. bush.60 lbs. bush. 56185.bush. 32 lbs bush.481bs bush.56lb5.
Chicago
37.000
237,sls 5,489,000 1,577,000
580.000
51.001
168,000
Minneapolis72,001
1,022,000
229,000
208.000
Duluth
162,000
31,001
549,000
169,000
47,000
31,000
Milwaukee__ _
47,00
74,001,
561,000
258,000
90,006
Toledo
580,000
59,000
40,000
Detroit
2,000
34,000
1,006
5,000
46,000
Indbulapolls. _
357,000
241,000
82,000
St. Louis_
8.000
92,000 2,890,000
5,001
281,000
548,000
Peoria
5,000
43,000
1.14,000
314,000
89,000
Kansas
6,461,000
162,000
36,000
CityOmah
2,833,000
185,000
136,000
St. Joseph-- 609.000
122,000
10,000
Sioux City_ _ 9,000
55,000
139,000
32.000
Wichita
1,344,
19,000
8,000
Receipts at-
Total wk. '24
Same wk. '23
Same wk. '22
419.000 22,898.000
359.000 15.636,000
458.000 14,906,000
3,760,
3,991,000
4,428,
1,961,000
5,340,000
5,521,000
Since Aug.11924
1923
1922
918,000 39,798,000
720,000 31,724,000
888.000 31.094,000
8.895,000
9,500,000
9,150,0
545,000 1,867,000
4,444,000
859,000
8,598,000 1,227,000
3,535,000
1.297,000
9,846.00
422,000
234,006
465,000
706,000
2,149,000
789.006
Total receipts of flour and grain at the seaboard ports for
the week ended Saturdriy, Aug. 9 1924. follow:
Receipts atNew York_ _ _
Philadelphia Baltimore_ _ _ _
N'port News_
Norfolk
New Orleans*
Galveston_
Montreal_..._
Boston
Flour.
Barrels.
190,000
37,000
17,000
2,000
1,000
60,000
45,000
21,000
1Vheat.
Corn.
Rye.Barley.
--Bushels. Bushels.
Bushels.
221,000
323,000
287,000
41,000
3,000
13,000
Oats.
Bushels.
341,000
445,000
373,000
Bushels.
14.000
3,000
7,000
780,00'
854,000
2,099,000
71,000
10,000
2,000
3,000
232,000
24,000
114,000
gar/lax...1r 109/
33,750 234,532
495,379
AI,. LASOA nnn in, .45l
1.21 AAA
*Rye.
850,000
267,000
698,000 656,000
Week 1923...
372,001 6,413,000
SinceJan.1'2314,452.000150,419,000 33,634,000 25,087.00, 8,i98,00023.538,000
I. *Receipts do not include grain passing through New Orleans for foreign Ports
on through bi Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Aug. 9 1924, are shown in the annexed
statement:
Barley. Peas,
296,539 145,280
507 590 240 055
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Exports for Week
and Since
Since
Week
July 1 toAu,
I.9
July 1
1924.
1924.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other countries__
l'nfol1092
Corn.
Wheat.
Week
Aug. 9
1924.
Since
July 1
1924.
Week
Aug.9
1924.
Since
July 1
1924.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
82,950
386,073 1,875,664 9,974,071
378,709 1,824,993 13,457,169
77,712
21,500
139,600
384,150
70,000
38,895
164,405
12,250
32,000
178,150
23,295
155,549
655
1,500
108,170
11,680
234,532 1,193,561 3,770,657 23,602,840
1A1 AA1 19 QA' 9553 A 7KA AAR 95 ngn nsn
33,750
563,800
24000 1 nsn ns1
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Aug. 8 and since July 1 1924 and 1923,
are shown in the following:
1924.
Corn.
1923.
1924.
1923,
Since
Since
Week
Since
Since
Week
July 1.
July 1.
Aug. 8.
July 1.
July 1.
Aug. 8.
---------Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
,Bushels.
868,000
148,000
20,000
North Amer_ 4,619,000 33,451,000 36,847,000
993,600
480,000 638,000 3,691,000
Russ.&Dan. 320.000 1,264,000
Argentina_ _ _ 1,536,000 16,113,000 13,160,000 6,616,000 39.580,000 25,140,000
4,888,000
5,472,000
6913,000
Australia _
2,304,000 9,496.000 6,720,000
India
443,000
95,000
160,000
0th. countr's
Total
9,475,000 65,798,000 62,255,000 7,274,000 43,514.000 27,444.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday Aug. 9 1924 was as follows:
GRAIN STOCKS.
Rye.
Barley.
Oats.
Wheat.
Corn.
bush.
bush.
bush.
bush.
bush.
United States159,000
2,000
299,000
31,000
459,000
New York
7,000
Boston
128,000
54,000
26,000
732,000
Philadelphia
2,000
32,000
50,000
83,000
838,000
Baltimore
116,000
Newport News
36,000
1,000
90,000
New Orleans
1,540,000
233,000
59,000
Galveston
2,289,000
9,000
300,000 2,075,000
642,000
2,070,000
Buffalo
" afloat
446,000
212,000
17,000
200,000
728,000
52,000
Toledo
12,000
90,000
75,000
Detroit
70,000
34,00
541,000 4,411,000
Chicago
11,533,000 1,103,000
"
489,000
afloat
23,000
416,000
44,000
132,000
Milwaukee
239,000
89,000
73,000 1,585,000
Duluth
947,000
155,000
70,000
193,000 4,798,000
Minneapolis
5,556,000
85,000
1,000
19,000
52,000
Sioux City
212,000
204,000
23,000
53,000
St. Louis
2,046,000
492,000
7,000
125,000
27,000
11,779,000
472,000
Kansas City
Wichita
3,000
2,108,000
1,000
4,000
20,000
St. Joseph, Mo
177,000
992,000
6,000
Peoria
9,000
46,000
Indianapolis
284,000
495,000
1,000
52,000
125,000
Omaha
2,794,000
212,000
On Lakes
770,000
175,000
60,000
347.000
On Canal and River
458.000
53.000
240,000
Total Aug. 9 1924._ _ _49,379,000 5,116,000 2,446,000 14,298,000
283,000
Total Aug. 2 1924....41,552,000 4,887,000 3,086,000 14,437,000
Total Aug. 11 1923_ _ _42,749,000 2,736,000 5,765,000 12,280,000 1,255,000
Note -Bonded grain not included above: Oats, New York, 208.000 bushels;
Buffalo. 2.606.000:00 canal, 45,000; total, 2,859,000 bushels, against 81,000 bushels in 1923. Barley, New York. 2,000 bushels; Buffalo, 123,000; Buffalo afloat,
137,000; total 262,000 bushels, against 209,000 bushels in 1923. Wheat, New York,
719,000 bushels; Philadelphia, 140,000; Baltimore, 4,000: Buffalo, 1,785,000:
Toledo, 81.000: on canal, 384,000; total, 3,093,000 bushels, against 1,3(17,000
bushels in 1923.
Canadian153,000
13,000
13,000
897,000
3.801,000
Montreal
753,090
6,002,000 1,810,000
Ft. William & Pt. Arthur_12,495,000
61.000
62.000
3.553.000
2.424.000
Other Canadian
967,000
13,000 10,452,000 1,885,000
Total Aug. 9 1924._ _ _18,723.000
1,328,000
12,000 10,309,000 1,831,000
Total Aug. 2 1924____20,802,000
7,000 3,026,000 2,897,000 1,971,000
Total Aug. 11 1923_ _ _ _ 5,986,000
Summary240,000
49,379,000 5,116,000 2,446,000 14,298,000
American
967,000
13.000 10,452.000 1.885.000
18.723.000
Canadian
Total Aug. 9 1924... _68,102,000 5,120,000 12,898,000 16,183,000 1,207,000
Total Aug. 2 1924._ _62,354.000 4,899,000 13,395,000 16,288,000 1,611,000
Total Aug. 111933....48.735.000 2.743,000 8.791.000 15,177,000 3.226,000
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the cprrent week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
206,000
430,000
100,000
437,000
587,000
Total wk. '24
373,001 4,892,000
SinceJan.1'2415,260,000 139,310,000 14.433,000 27,748,000 7,807,000 13,401,000
-wa.I Mori
iilli
(Flour. (Oats.
Wheat.
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
per sh.
32 13th & 15th Sts. Pass. Ry
163
11 2d & 3d Sts. Pass. Ry
166
41 Green & Coates Sts. Pass. Ry
7134
51 Germantown Passenger Ry
7234
65 Hestonville Mantua dr Fairmount
Passenger Ry., common
2534
25 Guarantee Trust Co. (Atlantic
City, N.J.), par $100
264
32 Guarantee Trust Co. (Atlantic
City, N.J.). par $100
263
2 Pleasantville (N. J.) Trust Co.,
Dar $100
151
10 Commonwealth Title Ins. &
Trust Co., par $100
43034
6 Girard Nat. Bank, par $100
53034
10 Philadel, Nat. Bank, par 5100_38734
12 West Philadelphia Title & Trust
Co., par 850
210
Corn.
Total week 1924. 3,770,657
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
9 Naumkeag Steam Cotton CO.,
Dar use
18734
2 Ludlow Mfg. Associates_ _144% ex-cliv.
112 Hamilton Mfg. Co., par $100„ 41
1 Farr Alpaca Co., par $100
1863(
10 Naumkeag Steam Cotton Co.,
Par $100
1863(
1 Pepperell Mfg., Co., par $100-124
5 Lowell Bleachery. par $100
124
3 Fall River Elec. Lt. Co., par $25. 34
mai
Wheat.
Bushels. Bushels. Barrels.'Bushels. Bushels. Bushels. Bushels.
New York
49,539 111,280
274,657
32,750 106,532 327,379
Philadelphia ___- 128,000
2.000
Baltimore
80,000
5,000
Norfolk
1,000
Newport News_
2,000
New Orleans__ 642,000
1,000
1,000 19,000
Galveston
368,000
19,000
Montreal
2,278,000
80,000 167,000 247,000 34,000
Total 1924
$ per sh.
Shares. Stocks.
20 Plymouth Cordage Co.,Par $10011534
14534
1 Lawrence Gas Co., par $100
5 Massachusetts Ltg. Cos.,6% Pf- 85
1 Merrimac Chemical Co., par $50_ 88
Per Cent.
Bonds$200 Massachuetts LightingiCo's si
loom
7s, June 1928
[VOL. 119.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
2%
Canadian Pacific, corn. (quar.)
Preferred
*2
4,1A
Chestnut Hill (quar.)
Delaware dc Bound Brook (quar.)
New Orleans Texas dc Mexico (quar.)...._
North Pennsylvania (quar.)
Phila. Germantown & Norristown (au.).
MUM. Youngst. & Asht., pref. (quar.)
Southern Pacific (guar.)
Union Pacific, common (quar.)
Preferred
Books Closed.
Days Inclusive.
Oct. 1 Holders of rec. Sept. 2
Oct. 1 *Holders of rec. Sept. 2
Sept. 4 *Holders of rec. Aug. 20
Aug. 20 *Holders of rec. Aug. 19a
Sept. 1 Holders of rec. Aug. 220
Aug. 25 Holders of rec. Aug. 19
Sept. 4 *Holders of rec. Aug. 20
Sept. 2 *Holders of rec. Aug. 20
Oct. 1 Holders of rec. Aug. 29a
Oct. 1 Holders of rec. Sept. 2
Oct. 1 Holders of rec. Sept. 2
Name of Company.
Public Utilities.
American Power & Light, corn.(gum.)
Brooklyn City RR.(quar.)
Stock dividend
Nebraska Power, pref.(quar.)
Northern Texas Elec. Co., corn. (quar.)
Preferred
Northwestern Public Service, Pref. (qu.)
Philadelphia Elec. Co.,corn. ex pref.(qu.)
Southwestern Power & Light, pref.(ol.)
Standard Gas & Elec..8% Pref.(quar.).
Wilmington Gas, Preferred
When
Per
Cent. Payable-
Boob Closed.
Days Inavere.
•2% Sept. 1 *Holders of rec. Aug. 19
250. Sept. 2 Holders of rec. Aug. 16a
33 1-3 Sept.30 Holders of rec. Sept. ba
1% Sept. 1 Holders of rec. Aug. 15
2
Sept. 2 Holders of rec. Aug. 16a
3
Sept. 2 Holders of rec. Aug. 16a
1% Sept. 1 Holders of rec. Aug. 20
50c. Sept.15 Holders of rec. Aug. 18
1% Sept. 1 Holders of rec. Aug. 18
2
Sept.15 Holders of rec. Aug. 30
Sept. 1 Aug. 24 to Sept. 1
3
Trust Companies.
Lawyers Title & Trust (quar.)
2
Oct. 1 Holders of rec. Sept.20a
Miscellaneous (Concluded).
Abbot's Alderney Dairies, Inc.First and second preferred (quar.)---- 154 Sept. 1 Holders of rec. Aug. 15a
•15.‘ Oct. 1 *Holders of roe. Sept.15
Armour & Co. of Ill., pref.(guar)
Oct. I *Holders of rec. Sept.15
Armour & Co. of Del., pref. (quer)._
Sept.15 Sept. 6 to Sept.15
Atlantic Terra Cotta, PreL (guar.)
Sept. 10 Holders of rec. Aug. 300
$1
Atlas Powder,corn.(quar.)
60e. Oct. 10 Holders of rec. Oct. la
Beech-Nut Packing, corn. (quar.)
1% Oct. 16 Holders of rec. Oct. la
Preferred B (guar.)
*4334c Sept. 2 *Holders of rec. Aug 20
California Petroleum,corn. (quar.)
"134 Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
1% Sept.15 Holders of rec. Sept. 10
Carter (William) Co., pref.(quar.)
2
Aug. 15 Holders of rec. July 31a
Celluloid Company, pref. (quer.)
"I% Sept. 1 *Holders of rec. Aug. 21
Chicago Flexible Shaft, pref.(quar.)
11( Oct. 1 Holders of rec. Sept. 20a
Continental Can, pref.(quar.)
*50e. Sept.15 *Holders of rec. Aug. 16
Continental 011 (quar.)
134 Sept. 1 Holders of roe. Aug. 22
Eagle-Picher Lead, corn. (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 30
Eastman Kodak, corn. (quar.)
75c. Oct. 1 Holders of roe. Aug. 30
Common (extra)
134 Oct. 1 Holders of roe. Aug. 30
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15a
Famous Players-Leaky, corn. (guar.)... 2
Aug. 20 Aug. 14 to Aug. 2
I
Fay (J. A.) & Egan Co.,cons.(quar.)
Aug. 20 Aug. 14 to Aug. 2
Preferred (quar.)
Sept. 1 Hailers of rec. Aug. I a
Federal Acceptance Corp.,corn.(quar.)_ $1
•15.4
(qu.)
*Holders of rec. Aug. 2
Sept.15
pref.
Smelting,
&
Mining
Federal
$1.50 Sept.15 Holders Of rec. Sept.
Foundation Co., corn. (quer.)
$1.75 Sept.15 Holders of rec. Sept.
Preferred (quar.)
*1
Sept.30 *Holders of rec. Aug. 3
Galena-Signal Oil,corn.(quar.)
Sept.30 *Holders of rec. Aug. 3
Preferred and new preferred (guar.).- *2
30e. Sept.12 Holders of rec. Aug. 2
General Motors.corn.(quar)
134 Nov. I Holders of rec. Oct.
Seven per cent pref. (quar.)
134 Nov. I Holders of rec. Oct.
Six per cent deb. (guar.)
134 Nov. 1 Holders of rec. Oct.
Six per cent pref.(quar.)
•25c. Sept. 5 *Holders of rec. Aug. 2
Hawaiian Corn. & Sugar (mthly.)
1750. Sept. 5 *Holders of rec. Aug. 2
'
Extra
*I% Sept. 1 *Holders of rec. Aug. 2
Hydrox Corporation, prof.(quar.)
Johnson, Stephens & Shinkle Shoe,(qu.) 50c. Sept. 1 Holders of rec. Aug. 1
Kuppenheimer (B.) & Co., pref. (qu.)- - '134 Sept. 1 *Holders of rec. Aug. 2
McCrory Stores Corp.,corn. A & B (qu.) e40c. Sept. 1 Holders of rec. Aug. 2 a
.2
Aug. 15 *Holders of rec. July 31
Motor Wheel Corp.. pref. (quar.)
3
Sept. 10 Aug. 20 to Aug. 26
National Candy,common
First and second preferred
334 Sept. 10 Aug. 20 to Aug. 26
National Sugar Ref., corn. (quar.)
154 Oct. 2 Holders of rec. Sept. 8
2
Newmarket Mfg. (quar.)
Aug. 15 Holders of rec. Aug. 6
114 Oct. I Holders of rec. Sept.15
North American Provision, pref.(qu.)
Ogilvie Flour Mills, pref.(quar.)
134 Sept. 2 Holders of rec. Aug. 20
134 Sept. 2 Aug. 22 to Sept. I
Onyx Hosiery, Prof. (guar)
Pamfflne Co., common
*El Sept.27 *Holders of rec. Sept. 17
Preferred (quar.)
134 Sept. 27 *Holders of rec. Sept.17
*$1.71 Aug. 23 *Holders of rec. Aug. 19
Rand Mines (American shares)
Remington Typewriter, 1st pref. (quar.) 144 Oct. 1 Holders of rec. Sept. 20
First pref. series S (quar.)
154 Oct. I Holders of rec. Sept. 20
4
Sept.20 Holders of rec. Sept. 12
Second preferred (quar.)
Saco-Lowell Shops, 2d pref. (guar.).--- 144 Sept. 1 Holders of rec. Aug. 200
SherwIn-WilliamsCo.,Canada,com.(1u.) el% Sept.30 *Holders of rec. Sept.15
•1% Sept.30 *Holders of rec. Sept.15
Preferred (quar.)
Sept.15 Holders of rec. Aug. 25
Stand.011 of N.J..com.(Par $100)(on.) 1
25e. Sept.15 Holders of rec. Aug. 25
Common (Par $25) (quar.)
154 Sept.15 Holders of rec. Aug. 25
Preferred (quar.)
254 Oct. 1 Holders of rec. Aug. 20
Standard Oil of Ohio (quar.)
*2
Snit.30 *Holders of rec. Sept.15
United Cigar Stores, corn.(guar.)
Common (payable In common stock).- .11134 Sept.30 *Holders of rec. Sept.15
'134 Sept.15 *Holders of rec. Sept. 1
Preferred (quar.)
*8714e Nov. 1 *Holders of roe. Oct. 15
United Drug, 1st pref.(quar.)
5 Oct. 31 Holders of rec. Sept. 30a
United Profit-Sharing Corp., pref
Sept.30 *Holders of rec. Sept 15
0111
U.S.Gypsum,corn.(guar)
•
Common (extra)
Sept.30 *Holders of rec. Sept. 15
Preferred (quar.)
'134 Sept.30 *Holders of rec. Sept.15
U. B. Stores Corp., 7% prior pref. (qu.) *134 Sept. 1 *Holders of rec. Aug. 26
Valvoline Oil, corn.(quar.)
134 Sept. 17 Holders of rec. Sept. 11
Vesta Battery Corp., pref.(quar.)
*134 Sept. 1 *Holders of rec. Aug. 20
Wamsutta Mills(quar.)
154 Sept.15 Holders of rec. Aug. 12
Welch Grape Juice, pref.(quar.)
134 Aug. 31 Holders of rec. Aug. 20
134
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern. preferred._ _
Atch. Topeka & Santa Fe, com.(guar)
Baltimore & Ohio, common (quar.)__
Preferred (quar.)
Ono. New On.& Tex.Pac., pref.(quar)
Cleveland dr Pittsburgh,reg. guar.(go.)
Special guar. betterment (quar.)
Cripple Creek Central, pref
cob& ER., preferred
Delaware & Hudson Co.(quar.)
Hudson Companies, preferred
Illinois Central, common (guar.)
Preferred
N. Y. Chicago & St. Louis, corn.(qu).
Preferred (quar.)
Norfolk & Western, common (quar.)
Adjustment preferred (quar.)
OMNI°& Syracuse
Pennsylvania RR. (guar.)
Pittsburgh & West Virginia. pref.(quar.)
Preferred (guar.)
Preferred (quar.)
Reading Company,first pref.(quar.)___
Per
When
Cent. Payable.
334
1%
1%
1
134
1
1
3
234
350.
1%
3
144
1%
1it
1
4
75e.
1%
1)4
114
50c.
Public Utilities.
Amer. Telegraph & Cable (guar.)
(quar.)._ 2%
Amer. Telephone & Telegraph
2%
Quarterly
2%
QuarterlY
(guar)._ 1
Power
dr
Light
Trao..
Brazilian
2
Brooklyn Edison (guar.)
1%
Central Ark. KY.& Lt. Corp.. Pf.(qu.).
(qtr.).
$1.50
pt.
Prop.,
Elec.
Cent. Miss. Val.
2
pref. (quar.)
Norfolk,
of
Gas
City
1ContInental Gus& El. Corp.,corn.(qu ) 75e.
Common (Payable in common stock).- f750.
154
Participating preferred ((purr.)
if
Participating preferred (extra)
Partic. pref.(payable in corn,stock).- 154
Preferred (quar.)
1%
Prior preferred (guar.)
787
THY CHRONICLE
AUG. 16 1924.]
Aug. 16
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Sept. 1
Sept. 1
Sept. 1
Feb2'25
Sept.20
Sept. 2
Sept. 1
Sept. 1
Oct. 1
Oct. 1
Sept.19
Aug. 10
Aug. 20
Aug. 30
Aug. 30
Nov. 29
(to)
Sept. 11
Books Closed,
Days Inclusive.
Holders of roe. July 12
Holders of reo. July 25a
Holders of rec. July 19a
Holders of um. July 19a
Holders of rec. Aug. 16a
Holders of reo. Aug. 9a
Holders of roe. Aug. 9a
Holders of rec. Aug. I ba
Holders of rec Jan 15'25a
Holders of rec. Aug. 28a
Aug. 21 to Sept. 2
Holders of rec. Aug. la
Holders of rec. Aug. la
Holders of rec. Aug. 15a
Holders of rec. Aug. 15a
Holders of rec. Aug. 30a
Holders of rec. July 3Ia
Holders of rec. Aug. 7a
Holders of rec. Aug. la
Holders of roe. Aug. to
Holders of rec. Nov. la
Holders of roe. Feb.2'250
Holders of rec. Aug. 250
Sept. 2 *Holders of rec. Aug. 30
Oct. 15 Holders of rec. Sept. 20a
Jo 15'25 Holders of rm. Dec. 200
Ap15'25 Holders of reo.Mar.17'25e
Sept. I Holders of rec. July 31
Sept. 2 Holders of rec. Aug. 21a
Sept. 2 Holders of rec. Aug. 154
Sept. 2 Holders of rec. Aug. lba
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 13a
Oct. 1 Holders of rec. Sept. 18a
Oct. 1 Holders of rec. Sept. 13a
Oct. 1 Holders of rec. Sept. 13a
Oct. 1 Holders of rec. Sept. 13a
Oct. 1 Holders of roe. Sept. 13a
Oct. 1 Holders of rec. Sept.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Consolidated Gas(N. Y.), corn.(guar.). $1.25 Sept.15 Holders of rec. Aug. 76
Consumers Power,6% prof.(guar.).
'134 Oct. 1 *Holders of rec. Sept.15
7% preferred (guar.)
'154 Oct. 1 *Holders of rec. Sept.15
Dominion Pow.& Transm., corn. (au.)_
I
Sept.15 Holders of rec. Aug. 310
Preferred (quar.)
134 Oct. 15 Sept.21 to Sept.30
Duquesne Light, 1st pref., Ser. A (au.)-- 154 Sept.15 Holders of rec. Aug. 150
Eastern Shore Gas & Elea.. Pref.(qu.)
2
Sept. 1 Holders of rec. Aug. 15a
Federal Light & Trac., common (quar.)_ $1 Oct. 1 Holders of rec. Sept. 154
Common (payable in pref.stock)
m 75c. Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
1% Aug. 30 Holders of rec. Aug. 160
Georgia Railway & Electric,corn.(quar.) 2
Aug. 20 Holders of rec. Aug. 106
Georgia Railway & Power. cont.(quar.)_
1
Sept. 1 Aug. 21 to Sept. 1
First preferred (quar.)
2
Oct. 20 Holders of rec. Sept.300
Second preferred (quar.)
Sept. 1 Aug. 21 to Sept. 1
1
Keystone Teleph.of Phila., pref.(quar.) $1
Sept. 2 Holders of rec. Aug. 15
Mineral Point Pub.Service, pref.(guar.) 154 Sept.15 Holders of rec. Aug. 31
Northern Ohio Tr.& Light,6% pf.(qu.) 1.54 Oct. I Holders of rec. Sept. 15
Seven per cent preferred (quar.)
154 Oct. I Holders of rec. Sept. 15
Penn Central Lt.& Pow.. pref.(quar.)_ _ $1 Oct. 1 Holders of rec. Sept. 104
Preferred (extra)
10e. Oct. 1 Holders of rec. Sept.100
Philadelphia Co.,5% pref
$1.25 Sept. 2 Holders of rec. Aug. 9a
Portland Electric Power,2d pref.(qu.)._
154 Sept. 2 Holders of rec. Aug. 16
South Pittsburgh Water Co.,5% pref._ 2% Aug. 19 Holders of rec. Aug. 5
Sept. I Holders of rec. Aug. 15
I
Texas Electric Ky.,corn.(quar.)
United Gas Improvement, pref.(cuar.)_ 8734c Sept.15 Holders of rec. Aug. 306
West Penn Railways, pref. (quar.)
134 Sept.15 Holders of rec. Sept. 1
Wisconsln River Power, pref.(quar.)
$1.75 Aug. 20 Holders of rec. July 81
Miscellaneous.
91
Sept. I *Holders of rec. Aug. 20
Acme Steel Goods (guar.)
1 J an31'25 Holders of rec. Jan10'25a
American Bank Note, pref.(guar.)
1 J an31'25 Holders of ree.lan.10'25a
american Beet Sugar, corn. (quar.)
Preferred (quar.)
I% Oct. 2 Holders of rec. Sept. 134
2
American Caramel, preferred
Oct. 1 Holders of roe. Sept.10a
Amer. Laundry Machinery, corn. (qu.)_ 50c. Sept. 1 Aug. 23 to Sept. 1
$1.50 Sept.30 Holders of rec. Sept.120
Amer. Locomotive, common (guar.)._
151 Sept.30 Holders of rec. Sept.120
Preferred (quer.)
756. Sept. 2 Holders of rec. Aug. 180
American Metals, common (quar.)
1% Sept. 2 Holders of rec. Aug. 204
Preferred (guar.)
*40e. Sept. 1 'Holders of rec. Aug. 15
Amer. Multigraph, corn. (guar.)
•1%
Oct. 1 'Holders of red. Sept. 15
Preferred (guar.)
$1
Sept.30 Holders of rec. Sept.154
American Radiator, common (quar.)
Nov. 1 Holders of rec. Oct. 15
American Shipbuilding, common (guar.) 2
2
Feb2'25 Holders of rec. Jan. 15'25
Common(guar.)
2
M•y1•25 Holders of rec. Apr. 15'25
Common(quar.)
2
Aug.I'25 Holders of rec. July 15'25
Common (guar.)
Amer. Smelt. & Refg., pref.(guar.)... I% Sept. 1 Holders of rec. Aug. 80
sugar
Refining, preferred (quar.)- I% Oct. 2 Holders of rec. Sept. 2
Amer.
Sept. 1 Holders of rec. Aug. 96
American Tobacco,corn. & eons. B (qu.) 3
50e. Oct. 15 Holders of rec. Oct. ba
American Vitrified Products (quar.)_
3% Sept. 2 Aug. 21 to Sept. 1
Amer. Window Glass Co., pref
20. Aug. 9 Holders of rec. July 31
Amparo Mining (OUST.)
Associated Dry Goods,first pref.(quar.) 154 Sept. 2 Holders of rec. Aug. 90
1% Sept. 2 Holders of rec. Aug. 96
Second preferred (guar.)
I% Oct. I Holders of rec. Sept.20a
Babcock & Wilcox Co.(guar.)
154 Jan1'25 Holders of rm. Doe. 200
Quarterly
141 Aprl'25 Holders of rec.Mar.20'25a
Quarterly
Balaban & Katz Corp.,corn.(monthly)- 250. Sept. 1 Holders of rec. Aug. 20a
25c. Oct. 1 Holders of rec. Sept.20a
Common (monthly)
I% Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
Belding-Corticelli, Ltd., preference (qtr) 154 Sept.15 Holders of rec. Sept. 1
Bethlehem Steel, 7% Preferred (guar.).. 151 Oct. 1 Holders of rec. Sept. 2a
2
Eight per cent preferred (guar.)
Oct. 1 Holders of rec. Sept. 2a
134 Sept.15 Holders of rec. Aug. 30a
Borden Company, preferred (quar.)_ _
1)4 Dec 15 Holders of rec. Dee. la
Preferred (quar.)
1% Sept. I Aug. 24 to Aug. 31
Brill (.1. G.)Co.. corn. (quer.)
1
Brown Shoe,common (quar.)
Sept. 1 Holders of rec. Aug. 20
$1
Sept.15 Holders of rec. Aug. 30
Buckeye Pipe Line (guar.)
Burroughs Adding Machine. corn
75e. Sept.30 Holders of reo. Sept.15
154 Sept.30 Holders of rec. Sept.15
Preferred (guar.)
$1.50 Sept.1" Holders of rec. Aug. 30a
California Packing Corp.(queer.)
Campbell Soup, preferred (User.)
I% Sept. 1 Holders of rec. Aug. 15
Canada Cement, Ltd., pref.(guar.) _ _ 1% Aug. 16 Holders of rec. July 31
Canadian Car & Fdry.. pref.(guar.).,... 1% Oct. 10 Holders of rec. Sept.26
Preferred (acct. accutn• 01•8.)
5134 Oct. 10 Holders of rec. Sept.26
Century Ribbon Mills, Inc., pref.(qu.)_ I% Sept. 2 Holders of rec. Aug. 15a
381. Sept. 1 Holders of rec. Aug. 200
Chicago Yellow Cab (monthly)
Chili Copper(quer.)
6234c Sept.29 Holders of rec. Sept. 36
Cities Service Co.
Common (monthly. pay.In cash scrip) 054 Sept. 1 Holders of rec. Aug. lb
Common (pay. in cow, stock scrip).. g154 Sept. 1 Holders of rec. Aug. lb
Sept,34
1 Holders of rec. Aug. 15
Preferred and preferred B (monthly)..
Sept. 1 Holders of rec. Aug. 200
City ice dr Fuel (Cleveland) (quar.)......- 2
2
Dec. 1 Holders of rec. Nov.204
QuarterlY
'154 Sept. 1 Holders of rec. Aug. 154
Cleveland Stone Co.(guar.)
•1
Sept. I Holders of rec. Aug. 15
Extra
2
Aug. 25 Holders of rec. Aug. 110
Colorado Fuel& Iron, pref.(guar.)
144 Sept. 1 Holders of ree. Aug. 15a
cengoieum Co.. preferred (q Sr.)
Consolidated Cigar Corp., pref.(quar.). 1% Sept. 1 Holders of rec. Aug 150
*3% Aug. 20 *Holders of rec. Aug. 11
Consumers Company, preferred
1% Sept. 1 Holders of rec. Aug. 150
Cosden & Company, pref.(guar.)
Sept.30 Sept.15 to Sept.30
Craddock-Terry Co.. common (quar.).. 3
3
Dec. 31 Dee. 16 to Dee. 81
Common(guar.)
Dec. 31 Dec. 15 to Dec. 31
3
First and second preferred
334 Dec. 31 Dec. 15 to Dee. 31
Class C preferred
Curtiss Aeropl. & Motor, preferred
'234 Sept. 2 'Holders of rec. Aug. 15
134 Sept.20 Holders of rec. Sept. 6a
Davis Mills (guar.)
Decker (Alfred) & Cohn, pref.(guar.)._ '1 54 Sept. I *Holders of rec. Aug.20
730. Sept. 1 Holders of rec. Aug. 160
Deere & Company, preferred (guar.)
Sept.15Holders of rec. Aug. 300
2
Diamond Match (guar.)
150e. Oct. 1 Holders of rec. Sept.15
Dominion Stores. common
Sept.30 Holders of rec. Sept.250
Dubiller Condenser & Radio, pref.(qu.) $2
Sept.30 Holders of rec. SePt.26a
$2
Preferred (guar)
(guar.)
Dee. 31 Holders of roe. Dec. 26s
$2
Preferred
Fairbanks Morse Co., com. (guar.).- 650. Sept.30 Holders of rec. Sept.16a
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15a
Aug. 30 Holders of rec. July 31
.(qu.) 2
Famous Players-Canad. Corp., pf.
750. Oct. 1 Holders of rec. Sept 166
Fleishmann Co., common (guar.)
Oct.
1 Holders of rec. Sept. 15a
50e.
Common (extra)
75o. Jan i'25 Holders of rec. Doe. 16a
Common (quar.)
Sept. 2 Holders of roe. Aug. 15a
1
General Asphalt, preferred (quar.)
154 Sept. 2 Holders of rec. Aug. 230
General Cigar. Preferred (guar.)
Debenture preferred (quar.)
154 Oct. 1 Holders of roe. Sept. 24a
General Development (guar)
250. Aug. 20 Holders of roe. Aug. Ila
General Fireproofing, pref. (aster.)
144 Oct. 1 Holders of rec. Sept. 20
154 Jan2'25 Holders of rec. Dec. 20
Preferred (guar.)
General Petroleum,common (quar.)
500. Sept. 16 Holders of rec. Aug. 300
Sept. 1 Holders of rec. Aug. 1
$3
Gillette Safety Razor (guar.)
Dec.6
Stock dividend
1 Holders of rec. Nov. 1
Goodrich (B. F.) Co.. preferred (quar.)_
154 Oct. 1 Holders of rec. Sept.20a
dOet. 1 Holders of ree.d5ePt.200
2
Goodyear Tire & Rubb., prior pt.(eul
Gossard (H. W.) Co.. corn.(monthly). 25c. Sept. 1 Holders of roe. Aug. 200
Greenfield Tap & Die,6% Pref.(guar.)- •134 Oct. I 'Holders of rec. Sept.15
.2 Oct. 1 *Holders of rec. Sept. 15
Eight per cent pref.(quar.)
Guantanamo Sugar. pref. (quar.)
Sept.30 Holders of rec. Sept.154
2
Gulf States Steel, first preferred (guar) 154 Oct. 1 Holders of ree. Sept.15
144 an2'25 Holders of rec. Dee. 16a
First preferred (quar.)
Second preferred (guar.)
134 Oct. 1 Holders of roe. Sept.15a
134 Jan2'25 Holders of rec. Dec. 15a
Second preferred (guar.)
Harblson-Walker Refrac., com.(quer.). 15' Sept. 1 Holders of rec. Aug. 206
1% Oct. 20 Holders of rec. Oct. 10a
Proferred (mar.)
Sept. 1 Holders of rec. Aug. 19a
Hartman Corporation (quar.)
$1
Hart.Schaffner & Marx,Inc.. corn.(go.) 134 Aug. 30 Holders of rec. Aug. 20a
75e, Sept.15 Holders of rec. Aug. 304
Hayes Wheel.common (gear,)
154 Sept.15 Holders of roe. Aug. 30
Preferred (guar)
Hibbard, Spencer, Bartlett Co.(mthly.) 35c. Aug. 29 Holders of rec. Aug. 22
350. Sept.26 Holders of rec. Sept.19
Monthly
150. Sept.26 Holders of rec. Sept.19
Extra
Homestake Mining (monthly)
50c. Aug. 25 Holders of rec. Aug. 20a
Household Products. Inc. (quar.)
750. Sept. 2 Holders of rec. Aug. 15a
n73e. Sept. 2 Aug. 16 to Aug. 30
Imperial Oil (Canada) (guar.)
Imperial Tob. of Gt. B.& Ire. (Interim) •7t6
788
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Independent Oil & Gas(guar.)
25c. Sept.30 Holders of roc. Sept 120
Quarterly
25c. Dec. 31 Holders of rec. Dec. 120
Ingersoll-Rand Co., common (guar.)... 2
Sept.) Holders of rec. Aug 15a
Inland Steel, common (guar.)
62%c Sept. 1 Holders of rec. Aug. 15a
14 Oct. 1 Holders of rec. Sept.15a
Preferred (guar.)
International Harvester, pref. (guar.)._ 1% Sept. 2 Holders of rec. Aug. 90
International Shoe,pref.(monthly)
50c. Sept. 1 Holders of rec. Aug. 15a
Jones & Laughlin Steel Corp., p1.(qu.)
13( Oct. 1 Holders of rec. Sept. 150
Kinney (G. R.) Co.. preferred (guar.)._ 2
Sent. 2 Holders of rec. Aug. 21a
Lake of the Woods Milling, com.(qua.) 3
Sept. 1 Holders of rec. Aug. 23
Preferred (guar.)
1M Sept. 1 Holders of rec. Aug. 23
Lake Shore Mines, Ltd.(guar.)
5
Sept.15 Holders of rec. Sept. 1
Lanston Nlonotype (guar.)
1% Aug. 30 Holders of rec. Aug. 206
Lehigh Coal& Navigation (guar.)
51
Aug. 30 Holders of rec. July 31a
Libbey-Owens Sheet Glare, corn. (guar.) *50c. Sept. 2 Holders of rec. Aug. 23
Preferred (quar.)
*1% Sept. 2 Holders of rec. Aug. 23
Liggett & Myers Tob..com. Sc com."B" 750. Sept. 1 Holders of rec. Aug. 150
Lima Locomotive Works,com.(guar)- $1
Sept. 2 Holders of rec. Aug. 154
Lit Brothers Corporation
50e. Aug. 20 August 12 to Aug. 19
Ludlow Mfg. Associates
$2 Sept. 2 Holders of rec. Aug. 6
Mahoning Investment (guar.)
$1.50 Sept. 2 Holders of rec. Aug. 25
Manati Sugar,common (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 154
Manhattan Shirt, common (guar.)
75c. Sept. 2 Holders of rec. Aug. I50
Martin-Parry Corp. (guar.)
$1
Sept. 2 Holders of rec. Aug. 15a
May Department Stores,common (qu.)- $1.25 Sept. I Holders of rec. Aug. 156
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.15a
McCrory Stores Corp.. pref (quar.)-- - 1% Nov. I Holders of rec. Oct. 20a
MeIntyre-Porcuoine Mines,Ltd.(qu.)
5
Sept. 1 Holders of rec. Aug. la
Mengel Company. pref. (quar.)
1N Sept. 1 Holders of rec. Aug. 15
Merrimac Mfg.,com.(guar.)
154 Aug. 30 Holders of rec. July 25
Preferred
2% Aug. 30 Holders of rec. July 25
Morris Plan Insurance Society (quar.)
3
Sept. 1 Holders of rec. Aug. 25
Munsingsvear, Inc. (guar.)
750. Sept. 1 Holders of rec. Aug. 15a
Mutual 011 (guar.)
.
1255c Sept.15 "Holders of rec. Aug. 16
National Biscuit. common (guar.)
75e. Oct. 15 Holders of rec. Sept.300
Preferred (quar.)
15.4 Aug.30 Holders of rec. Aug. 16a
National Cloak & Suit, pref. (guar.)_ .
lit Sept. 1 Holders of rec. Aug. 2611
Nat. Enamel. & Stpg., pref. (quar.)--- 1% Sept.30 Holders of rec. SePt.10a
Preferred (guar.)
1% Deo. 31 Holders of rec. Dec. 110
National Lead, com. (guar.)
2
Sept.30 Holders of rec. Sept.120
Preferred (guar.)
1M Sept.15 Holders of rec. Aug. 220
New Cornelia Copper Co. (guar.)
25c. Aug. 25 Holders of rec. Aug. 8a
New York Air Brake, Class A (guar.).-- 51
Oct. 1 Holders of rec. Sept. 90
Ohio Oil (guar.)
*50c. Sept.30 .'Aug. 24 to Sept.21
Orpheum Circuit, com.(monthly)
1255c Sept. 1 Holders of rec. Aug. 200
Pathe Exchange, Inc., common, class
A Sc B (pay. In el. A com. stock)---- 010
Aug. 18 Holders of rec. JUlY 28
Permanent Mtge. Co.. preferred (extra). 1M Feb.1'25
Phoenix Hosiery,1st & 2d pref.(guar.). _
134 Sept. 1 Holders of rec. Aug.d16a
Pittsburgh Steel. preferred (qua?.)
1% Sept. 1 Holders of rec. Aug. 150
Pure Oil, corn. (guar.)
37550. Sept. 1 Holders of rec. Aug. 150
.3
Quaker Oats, common (quar.)
Oct. 15 *Holders of rec. Oct. 1
Preferred (guar.)
"184 Nov. 29 "Holders of rec. Nov. 1
Preferred (guar.)
114 Aug. 30 Holders of rec. Aug. 10
Republic Iron & Steel, pref. (guar.)- - 194 Oct. 1 Holders of rec. Sept.150
St. Joseph Lead Co.(guar.)
50e. Sept.20 Sept. 10 to Sept.21
Savage Arms
chit Oct. 1 °Holders of rec. Sept. 15
st pref. (quar.)
roi Nov. 15 "Holders of rec. Nov. 1
Second preferred
Corp.,(guar.)
Schulte Retail Stores, common (guar.)
Sept. 1 Holders of rec. AUff• 150
m2
Common
Sept. 1 Holders of rec. Aug.t15a
125
Common (guar.)
m2
Dec. 1 Holders of rec. Nov. 15a
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept.15a
Preferred (guar.)
2
Jan 1'25 Holders of rec. Dee. 156
Shawmut Manufacturing, corn. (guar.). •1M Sept.30 *Holders of rec. Sept.20
•1it Sept.30 *Holders of rec. Sept.20
Preferred (guar.)
Sherwin-Williams Co., pref. (quar.).__ 1% Sept. 2 Holders of rec. Aug. 15a
Southern Pipe Line (guar.)
Sept. 2 Holders of rec. Aug. 15
2
Spalding(A. G.)& Bros., let pref. (qu.). 1% Sept. 2 Holders of rec. Aug. 160
Second preferred (guar.)
Sept.
2 Holders of rec. Aug. 16
2
Standard Milling, corn. (guar.)
1M Aug. 30 Holders of rec. Aug. 20a
Preferred (guar.)
1
g.. 20a
tig
25e.
1% Aug.
ec,. Au
. 3,
0
Standard Motor Construction (guar.).- _
1 Holders of roe.
Standard 011(California) (guar.)
50c. Sept. 15 Holders of rec. Aug. 16a
Standard 011 (Indiana)(guar.)
6234o Sept.15 "Holders of rec. Aug. 16
Standard 011 of New York (guar.)
350 Sept.15 Holders of rec. Aug 22a
Standard Oil(Ohio), pref.(guar.)
1M Sept. 1 Holders of rec. July 25
Stern Brothers, preferred (quar.)
2
Sept. 1 Holders of rec. Aug. 156
Studebaker Corporation, corn. (quar.)-- $„
1„, Sept. 1 Holders of rec. Aug. 90
Preferred (guar.)
_In Sept. 1 Holders of rec. Aug. 9a
Thompson (John R.) Co., com.(mthly.) x5e. Sept, 1 Holders of rec. Aug. 250
Thompson-Starrett Co., pref
4
Oct. 1 Holders of rec. Sept.20
Timken-Detroit Axle, prof. (guar.)
*194 Sept. 1 "Holders of rec. Aug. 20
Timken Roller Bearing (guar.)
75e. Sept. 5 Holders of rec. Aug.d190
Extra
25c• Sept. 5 Holders of rec. Aug.dI91
Underwood Computing Mach..pref
194 Oct. 1 Holders of rec. Sept. 240
Underwood Typewriter,common (guar.) 750. Oct. 1 Holders of rec. Sept. 60
Preferred (guar.)
1U Oct. 1 Holders of rec. Sept. lia
Union Tank Car,common (quay.)
IM Sept. 2 Holders of rec. Aug. 50
Preferred (guar.)
Hi Sept. 2 Holders of rec. Aug. 50
United Drug,com. & 2d pref. (quar.)..
134 Sept. 2 Holders of roc. A.15
United Dyewood, pref. (guar.
194 Oct. I Holders of rec. Sept.150
Preferred (guar.)
I% Oct. 1 Holders of rec. Sept. 156
Preferred (guar.)
194 Jtuz2'25 Holders of rec. Dec. 150
United Fruit (guar.)
234 Oct. 1 Holders of rec. Sept. 60
Quarterly
234 Jan.2'25 Holders of rec. Dec. 6a
U S. Cast Iron Pipe & Fd3r.• Pt. (11u.)- lit Sept.15 Holders of rec. Sept. 2a
Preferred (altar.)
1M Dec. 15 Holders of rea. Dee. la
U. B. Envelope, common
*4
Sept. 2 *Holders of rec. Aug. 16
.3% Sept. 2 *Holders of roe. Aug. 16
Preferred
U.S. Realty dr !rapt.,common (quar.)_ _ 2
Sept.la Holders of rec. Sept. 5
Preferred (quar.)
194 Nov. 1 Holders of rec. Sept. 5
United States Steel Corp,corn.(Cielm)- 134 Sept.29 Aug. 29 to Sept. 1
Common (extra)
M Sept.29 Aug. 29 to Sept. 1
194 Aug. 30
Preferred (guar.)
Aug. 5
50c. Sept.20 Holders of rec. Aug. 30
Vacuum 011 (guar.)
254. Sept.20 Holders of rec. Aug. 30
Extra
Van Raade Co. 1st preferred (guar.)._ 1M Sept. 1 Holders of rec. Aug. 180
ig Sept 10 Sept. 2 to Sept.10
Vapor Cat Heating, Inc., pref.(quar.)
194 Dec. 10 Dec. '2 to Dec. 10
Preferred (guar.)
White (J. G.) Engineering, pref. (guar.) 1M Sept. 1 Holders of rec. Aug. 15
White(J.G.)dc Co.,Inc.,Pref.(quar.)
134 Sept. 1 Holders of rec. Aug. 15
White(J. G.) Mgt. Corp.. Pref.(guar.). 13.1 Sept. 1 Holders of rec. Aug. 15
91 Sept.30 Holders of rec. Sept.200
White Motor Co. (guar.)
Woolworth (F. W.) Co..common (Ga.). 75e. Sept. 1 Holders of rec. AUg• 90
Worthington Pump & Mach., pr. A (qu.) 1% Oct. 1 Holders of rec. Sept 200
155 Oct. 1 Holders of rec. Sept.200
Preferred B (quar.)
250. Aug. 30 Holders of rec. Aug. 15a
Wright Aerolzautical Corp.(guar.)
Wrigley (William) Jr. & Co.
25c. Sept. 2 Holders of rec. Aug. 200
Monthly
250. Oct. 1 Holders of rec. Sept.200
Monthly
25e. Nov. 1 Holders of rec. Oct. 200
Monthly
Yellow Cab Manufacturing4118c. Sept. 1 Holders of rec. Aug. 200
Class B (monthly)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. f The
New York Curb Market Association has ruled that stock will not be quoted 0:dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock
Payable in common stock. g Payable In scrip. h On account of accumulated
dividends. m Payable in Preferred stock. n Payable In Canadian funds.
Annual dividendsfor:924,all payable in equal quarterly Installments on April 1,
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the common stock $3cash and $3in common stock; on the participating preferred the regular
6% and extra dividends of 1% in cash and 1% in common stock; on the preferred
nook regular 6%; on the prior preferred stock regular 7%.
o Payable in Class A common stock.
•Payable Feb. 28 1925.
[vol.. 119.
THE CHRONICLE
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 9. 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 (0001 omitted.)
New
Capitl Profits. Loans,
Week Ending
Discount, Cash
Aug.9 1924 Nat'l, June 30 InvestOn
State, June 30 events, Vault.
(000 omitted.) Tr.Coe.June 30 &c.
Members of Fed. Res. Bank.
Bank of N Y &
$
5
Trust Co__ -- 4,000 12,185
Bk of Manhat'n 10,000 13,491
Meets Sc Met Bk 10,000 15,694
Bank of Amer!
6,500 5,365
Nat City Bank- 40,000 54,133
Chem Nat Bank 4,500 17,005
Nat Butch Sc Dr 1,000
285
Amer Exch Nat 5,000 7,952
Nat Bk of Com- 25,000 39,523
Pacific Bank- __ 1,000 1,741
Chat& Phen Nat 10,500 9,254
Hanover Nat Bk 5,000 22,878
Corn Exchange_ 10,000 13,155
National Park_ 10,000 23,772
East River Nat_ 2,100 1,900
First National__ 10,000 59,964
IrvingBk-ColTr 17,500 11,823
Continental Bk_ 1,000 1,027
Chase National- 20,000 24,605
Fifth Ave Bank
500 2,568
Commonwealth
60
997
Garfield Nat.._ 1,000 1,685
Fifth National- 1.200 1,240
Seaboard Nat__ 4,000 7,013
Coal Sc Iron Nat 1,500 1,349
Bankers Trust.. 20,000 25.103
U 8 Mtge & Tr- 3,000 4,352
Guaranty Trust 25,000 18.763
Fldel-Inter'rruat 2,000 2,021
N Y Trust Co__ 10.000 18,317
Metropolitan Tr 2,000 4,075
Farm Loan & Tr 5,000 17,132
Equitable Trust 23,000 10,160
Reserve
with
Net
Time Bank
Legal Demand
De- CircaDeposi- Deposits. Posits. latories.
lion.
Average Averag Average Average Average
$
74,781
764 7,493
54,434 9,798
148,030 2,482 19,528
121,548 23,030
180,965 3,231 22,547 171,2671 8,533
82,210 1,517 11,649
86,457 3,893
616,335 4,498 70,305 *632,102 74,932
121,283 1,258 15,096
114,036 3,922
5,805
57
614
4,5511
106
908 14,674 100,375 9,506
111,685
353,701 1,099 42,702 323,174 12,622
28.195
833 3,795
26,3261 2,850
158,271 3,888 17,901
121,5541 32,109
128,165
507 15,380 114,314!
188,690 6,072 23.029 169,059 27,979
172,998 1,066 18,306
137,133 9,291
27,644
20,939 6,546
941 3,041'
405 31,592 238,225 18,792
314,056
288,715 3,230 37,185 279,313 25,025
5,790
376
152
7,115
800
373,907 4,014 52,423 384,283! 22,117
22,942,
22,520
574 2,848
9,323! 2,437
342 1,289
11,824,
14,445
128
14,994'
421 2,125
16,5911 1,401
174 2,193
19,687,
95,862 2,904
737 12,679
96,745
15,474 1,372
238 2,120
18,143
332,268
855 38,251 *296,814 38,239
50,9211 5,207
730 6,818
58,220
431,397 1,521 48,797 *421,083 52,756
18,153 1,739
380 2,486
20,522
623 20,019 150,0111 22,089
178,217
42,524 3,381
572 5,783
46,747
*94,573 25,527
387 13,163
130,747
1,453 33,875 *316,642 21,609
277,50
Ay'ge.
54
2,146
348
297
4,947
5;iii
300
8;iii
258
7,478
1:65i
397
248
63
411
---
Total of averages 291,900 451,154 5,038,513 45,929600,512c4,383,046 470,216 33,060
Totals, actual condition Aug. 95.027,847 44,870 601,793 c4,359,067 481,763,133.343
Totals, actual co ndition Aug. 215,959.308 40,768610.477 c4,390,l85, , ,
Totals, actual condition July 264,999,348 44.722610,S81 c4,364,129 466,084.32,301
State Banks Not Me mbers of Fed'i Res've Bank.
Greenwich Bank 1,00
2,354
19,621 1,60
1,859
20,1311
367
Bowery Bank__
25
8881
5,094
307
2,387 2,030,
627
State Bank._ __ 3,5001 5,0001 92,620 3,679 1,969
30,478 58,3751
Total of averages
4,750
8,243 117,335
4,455
52,995 60,7721
Totals, actual condition AiI 116,989 5,762 4,432
Totals, actual co ndition Aug. 2 118,454 5,411 4,469
Totals, actual condition July 26 117,747 5,625 4,464
Trust Companies Not Members of Fed 'I Res',e Bank
Title Guar Sc Tr 10,000 14,647 58,002 1,292 4,213
Lawyers Tit& T 6,000 6,083 27,548
921 1,744
52,695 60,796'
53,954 60,745
53,654 60,755
36,688
16,870
2,4111 _ __ _
854,
Total of averages 16,000 20,731
85,550
2,213
5,957
53,558
3,2851
Totals, actual condition Aug. 9
Totals, actual condition Aug. 2
Totals, actual co ndition July 28
85,719
85,500
84,307
2,215
2,024
2,135
6,303
6,304
5,869
54,812
53,922
52,144
2,559 - 3.402! _
3,462 ----
Gr'd agar., aver. 312,650 480,129 5,241,398 53,730010,924 4,489,599 534,253 33,060
Comparison with prey. week_ _ +41,465 +720-7,110 +29,3871 +216,4-602
Gr'd aggr., act'l cond'n Aug. 95,230,555 52,847612,528 4,406,574 545,118 33,343
Comparison wit h prey. week_ -32,707 1-4,844-5,722 -31,4871+7,626, +438
Gr'd aggr., furl cond'n
Gr'd aggr., ad'i cond'n
Gr'd aggr.,
cond'n
Gr'd aggr., acel cond'n
Gr'd aggr., aa'l cond'n
Gr'd aggr., awl cond'n
Aug. 25,263,262
July 205,201,402
July 195,103,950
July 125,058,186
July 55,040.938
June 28 5,115,477
48,203621,250' 4,498.061537,49232,907
52,482620,914' 4,469,927 530,301 32,301
51,460018,515 4.385,087 524,45532,297
58,947803,077 4,351,703501,391 32,136
52.107014,220 4,281,543487,802 32,193
54,789588.758' 4,354,994 507,14532,265
Note.-U. S. deposits deducted from net demand deposits in the general tota
above were as follows: Average total Aug. 9, $14,895,000: actual totals Aug. 9,
$14,895,000; July 26, $14,895,000; July 12,$14,972,000. Bills Payable, rediscounts,
acceptances and other liabilities, average for week Aug. 9, $331,245,000; Aug. 2,
$335,780,000; July 26, $333,077,000; July 19, $324,554,000; July 12, 5329,189,000.
Actual totals Aug. 9, $344,269,000; Aug. 2, $343,190,000; July 26, 8335,680,000;
July 19, $324,742,000; July 12, $322,687,000.
*Includes deposits In foreign branches not Included in total footings as follows:
National City Bank, 8114,871.000; Bankers Trust Co., $12,726,000; Guaranty
Trust Co., $75,763,000; Farmers' Loan Sc Trust Co., $35,000,000; Equitable Trust
Co.,$63,375,000. Balances carried in banks In foreign countries as reserve for such
deposits were: National City Bank, $17,053,000: Bankers Trust Co., $1,030,000;
Guaranty Trust Co.,$5,152,000;Farmers' Loan & Trust Co.,$35,000,000: Equitable
Trust Co.. 58,992,000. 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 OP RESERVE POSITION OP CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
On
On Vault. Depositories
Members Federal
Reserve banks.
State banks*
Trust companies
5,588;000
2,213,000
Total
Reserve,
a
Reserve
Required
Surplus
Reserve.
600,512,000 800,512,000 583,902,460 16,609,540
503,900
4,455,000 10,043,000 9,539,100
136,300
5,957,000 8,170,000 8,033,700
Total Aug. 9
7,801,000 610,924,000 618,725,000 601,475,260 17,249,740
Total Aug. 2
7,604,000 618,034,000 625,638,000 597,675,360 27,962,640
Total July 26
7,830,000 820,779,000628,809,000 592,205,490 36,403,510
Total July 19
7.976,000 607,916,000 615,892,000 586,850,610 29,041,390
•Not members of Federal Reserve Bank,
•This Is the reserve required on the net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time dePosIts, which was as follows:
Aug.9,514,106.480; Aug.2,514,095,080; July 26, 513.584,650; July 19,$13,400,010.
TI
'fIRO:Niel,E
Actual Figures.
Cash
Reserve
its
Reserve
In Vault. Depositories
Members Federal
Reserve banks_ --State banks°
Trust companies-
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
789
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
5,762.000
2,215,000
601,793,000 601,793,000 581,131,600 20,661,400
4,432.000 10,194,000 9,485,100
708,900
6,303,000 • 8,518,000 8,221,800
296,200
7,977,000 612,528.000 620.505,000 598,838,500 21,666,500
Total Aug. 9
7,435,000 621,250.000 628.685,000 602,724,420 25,960,580
Total Aug. 2
7,760,000 620,914,000 628,674,000 598,798,610 29,875.390
Total July 26
7,819,000 618,515,000 626,334,000 587,661,760 38,672,240
Total July 19
•Not members of Federal Reserve Bank.
Thia 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.9,514,452,890: Aug.2,$14,200,350: July 26,$13,982,520:July 19, $13,805,730.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
Aug. 13
1924.
Aug. 6
1924.
Changes from
previous week.
S
a
$
$
Capital
57,400,000 57,400,000
57,400,000 Unchanged
Surplus and profits
80,872,000 Inc.
123,000 80,749,000 80,735,000
Loans, disc'ts & investments_ 900,862,000 Inc.
573.000 900,289.000 892,247,000
Individual deposits,incl. U.S.636,033,000 Dec. 5,625,000 641.658,000 638,077,000
Due to banks
145,635,000 Dec. 965,000 146,600,000 146,141,000
167,881,000 Inc.
TtmedePosits
231,000 167,650,000 161,062,000
United States deposits
13,570,000 Inc.
301,000 13,269,000 14,365,000
Exchangesfor Clearing House 25,655,000 Dec. 5,962,000 31,617,000 28,038,000
Due from other banks
87,230,000 Dec. 4,955,000 92,185,000 88,750,000
Reserve in Fed. Res. Bank
77,409,000 Dec. 1,182,000 78,591,000 79,619,000
Cash in bank and F.R. Bank_ 8,669,000 Inc.
48.000 8,621,000 8.514,000
Reserve excess in bank and
Federal Reserve Bank
3.250.000 Dpe. 1285000 4J155000 5 325 000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Aug. 9, with comparative figures
for the two weeks preceding it, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Slate Banking Department.)
Difference from
Aug. 9.
Previous Week.
Loans and investments
3891,814,300 1110412,919,400
Gold
3,846.200 Inc.
59,500
Currency and bank notes
20,968,300 Inc.
615,200
Deposits with Federal Reserve Bank of New York__
79,316,600 Inc. 3,686,800
Total deposits
955,913,500 Inc. 19,305,400
Deposits, eliminating amounts due from reserve depositories and from other banks and trust companies in N. Y.City,exchange and U.S.deposits_ 892,793,900 Inc. 17,553,600
Week ending Aug. 9 1924.
Reserve on deposits
158,267,000 Inc. 5,642,400
Two Ciphers (00)
Percentage of reserve. 22.6%•
Membersof Trust
1924
omitted.
RESERVE.
F.R.System Companies Total.
State Banks
-Trust CompaniesCash in vault
$31,586,900 16.04%
572,544,200 14.82%
$41,666,0 $5,000,0 346,666,0
Deposits in banks and trust cos__ __ 12,078,700 6.13%
42,057.200 8.59% Capital and profits
120,732,0 16,228,0 136,960,0
Surplus
744,851,0
789,023,0
disets
&
invest'tsLoans,
Total
$43,665,600 22.17%
$114,601,400 23.41% Exchanges for Clear.House 25,522,0 44,172,0
773,0 26,295,0
14,0 128,380,0
128,366,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Due from banks
886,0 155.089,0
154,203,0
Bank deposits
State banks and trust companies combined on Aug. 9 was $79,316,500.
557,939,0 25,660,0 583,599,0
Individual deposits
1,282,0 69,673,0
68,391,0
Time deposits
780,533,0 27,828,0 708,361,0
Total deposits
10.915,0
U. S. deposits (not incl.).
Banks and Trust Companies in New York City.-The Res've
3,394,0
3,394,0
with legal deposit's_
62,280,0
averages of the New York City Clearing House banks and Reserve with F.R.Bank_ 62,280,0
9,351,0
1,219,0 10,570,0
vault.
Cash
in
trust companies combined with those for the State banks and Total reserve and cash held 71,631,0 4,613,0 76,244,0
60,112,0
3,927,0 64,039,0
trust companies in Greater New York City outside of the Reserve required
686,0 12,205,0
Excess res.& cash in vault_ 11,519,0
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended'
April 12
•
April 19
April 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Aug. 2
Aug. 9
s
5,517,615.300
5,530,017,700
5,546,167,200
5,587,975,500
5,586,219,800
5,599,245,700
5,617,090,300
5,634,135,400
5,655,543,500
5,757.644,700
5,862,466,200
5,919,665,500
5,980.525.800
5,937,803,400
5,981,963,600
6,020,656,100
6,078,827,900
6.133.212.300
Demand
Deposits.
*Total Cash
Reserve in
in Vaults. Depositaries.
$
$
4,632,385,000
4,674,348,500
4,712,840,800
4,783,492,000
4,764,209,200
4,774,058,800
4.799,826,200
4,818,701,900
4,927,070,500
5.059,294,800
5,140,479,500
5,185,308,900
5,221,705,600
5,208,912,100
5,274,074,000
5,291,357,000
5,335,452,300
5.382.392.900
81,490,600
79,455,600
80,214,600
78,995,200
81,434,100
80,209,800
79,503,100
78,885,500
81,984.300
82,224,800
78,107,400
78,890,500
79,946,300
86,578,700
80,692,800
78,972,700
77.149,800
78.544.500
$
627,002,100
633,238,700
641,584,400
645,935,500
640.730,500
646,164,700
644,891,000
649,648,100
672,867,200
724,239,500
725,168.100
719,713,500
714.776,100
700.834,000
736,247,400
750,661,60C
746,518,80C
744 570 sae
New York City Non-Member Banks and Trust Companies. -The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.)
Net
CLEARING
Capital. Profits.
NON-MEMBERS.
Nat. bks. June 30
Week Ending State bks. J'ne 30
Aug.9 1924.
Tr. cos. June 30
Loans,
Discounts,
Investments,
de.
Members of
Fed'I Res've Bank
Grade Nat Bank__ _
Average Average Average Average Average
Total
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash. Ms.
Colonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
Mech. Tr.. Bayonne
S
I
$
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits. Deposits
Vault. Departtortes.
1,0001
1,718
9,269
21
563
2,543
4.589
1,000
1,718
9,269
21
563
2,543
4,589
200
1,000
437
2,328
7,248
24,300
698
2,635
349
1,531
5.935
21,885
1,998
2,720
1,200
2,765
31,548
3,333
1,880
27,820
4,718
500
448
8,950
301
140
2,807
500
446
8,950
301
140
2,807
5.909
2,700
Grand aggregate_ _
Comparison with pr ev. week
4,931
49,767
81
+30
3,655
+212
2,583 e33,170
-331 -397
15,216
+142
2,700
2,700
2,700
2,700
4,931
4,931
4,761
4,761
49,451
49,89
50,248
49,189
3,443
,3,599
3,756
3,899
2,914
2,500
2,516
2,691
15,074
14,981
14,898
14,528
Total
Gr'd
Gr'd
Gr'd
Gr'd
aggr , Aug. 2
aggr., July 26
aggr., July 19
aggr., July 12
033,567
e33,255
1133,787
a33,363
a United States deposits deducted, $113,000.
Bills payable, rediscounts, acceptances and other liabilities, $281,003.
Excess reserve, $57,530 decrease.
Jtap 30
1924.
Aug. 2
1924.
July 26
1924.
546,666,0
136.960,0
788,909,0
32,824,0
122,533,0
148,799,0
590,514,0
68,951,0
808,264,0
10,905,0
3,573.0
61,389,0
10,437,0
75,399,0
64,831,0
10,568.0
•Cash in vault not counted as reserve for Federal Reserve members.
$46,666.0
136,960,0
785,910,0
29,120,0
122,477,0
147,321,0
587,599,0
67,814,0
802,734,0
10,901,0
3,468.0
60,689.
10,625.
74,782,,
64,610,,
10,172,n
ft
ft
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 13 1924 in
comparison with the previous week and the corresponding
date last year:
Aug. 131921. Aug. 8 1924. Aug. 151923.
RCM:Mt$
S
$
620.019,000 620,051,000 636,527,000
Gold with Federal Reserve agent
4,270,000
8,538,000
5,710,000
Gold redemp.fund with U. S. Treasury_
Gold held exclusively agst. F.R.notes
Gold settlement fund with F.R. Board
Gold and gold mtlfleates held by bank
624,289,000
176,551,000
196,506,000
625,761,000
152,981,000
194,273,000
645,065,000
147,830,000
173,175,000
Total gold reserves
Reserves other than gold
997,346,000
17,514,000
973,015,000
26,474,000
966,070,000
20,469,000
1,014,860,000
15,081,000
999,489,000
14,362,000
986,539,000
8.966,000
17,473,000
12,082.000
18.279,000
13.441,000
146,794,000
48,831,000
29,555,000
6,827,000
31,720,000
6,996,000
195,625,000
31,910,000
4,902,000
134.826,000
37,311,000
4,902,000
137,839,000
39,613,000
1,149,000
2,835,000
1,665,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certilleates of Indebtedness
Total U.S. Government securities
Totalearning swats
Uncollected items
Bank premiums
Ail other resources
177,039,000
182,354,000
5,649,000
213,421,000
139,522,000
15,975,000
12,551.000
221,070,000
118,544,000
15,974,000
11,883,000
233,184,000
158,711,000
12,725,000
1,259,000
1 411,410,000 1,381,322,000 1,401,384,000
Totalresources
LiabilitiesFed. Res. notes In actual circulation..._. 317,338,000
Deposits-Member bank. reserve awl- 857,531,000
Government
7,705,000
Other deposits
23,651,000
320.577,000
843,442,000
11,462,000
19,375,000
496;944,000
668,701,000
8.610,000
12,893,000
Totaldeposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
874,279,000
95,105,000
29,976.000
59,929,000
1,456,000
690.204,000
121,266,000
29,342,000
59,800,000
3,828,000
Totalliabilities
888,887,000
113,737.000
30,103.000
59,929,000
1,416,000
1,411.410,000 1,381,322,000 1,401,384,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combinedContingent liability on bills purchased
for foreign correspondents
84.1%
83.6%
83.1%
8,774,000
9,415,000
11,577,000
5,909
CURRENT
NOTICES.
-An announcement of special interest in financial circles is the change of
name of the investment banking firm of Charles W. Folds & Co. of Chicago
to Folds, Buck & Co., Inc. James R. Buck. who for some years has been
at the head of the bond department of A. G. Becker & Co., prior to which
he was associated with Halsey, Stuart & Co., has acquired a substantial
interest in the business and been elected Vice-President and a director.
-William E. B. Lyon, formerly connected with Watson & White
has
become associated with the trading department of F. S. Smithers & Co.
[VOL. 119.
THE CHRONICLE
790
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.14,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 758, 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. 13 1924.
Aug. 13 1924. Aug. 6 1924, July 30 1924. July 23 1924. July 16 1924. July 91924. July 2 1924. June 25 1924. Aug. 15 1923
$
$
RESOURCES.
2,080.982,000 2,079,415.000 2.080,047,000 2.100,426 000 2.111.173,000 2,099,835,000 2.126,888.000 2,118,093,000 2,079,719,000 .
Gold with Federal Reserve agents
57,988,000
33,134.000
38,491,000
37,433,000
37.657,000
313.684.000
43,732.000
35,799,000
32,157,000
Gold redemption fund with U. S. Tress2,137,707,000'
2,156,584,000
2,159.820,000
2.137,288,000
2.137,110,000
2,148,830,000
Gold held exclusively agst. F. R. notes 2,113.139,000 2,115,214,000 2,123,779.000
612,076,000 589,472,000 590,814.000 584,488.000 574.339.000 595,604,000 577.618.000 579,518.000 634,519,000
Gold settlement fund with F. 11. Board_
419,210,000 421.054,000 440.312,000 445,929,000 437,381,000 410,530,000 383,219,000 419,468,000 348.655,000
Gold and gold certificates held by banks..
Total gold reserves
Reserves other than gold
3,144,425,000 3,125,740,000 3,154.905,000 3,187.527,000 3,160,550,000 3,143,402.000 3,120.855.000 3,155.570,000 3,120,881,000
74,186,000
98,963,000 115,833,000
89,012,000 103.309,000 105,093,000 106,015.000 105,884.000 101,904,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,233,437,000 3,229,049,000 3.259,998,000 3,273,542,000 3,286.414,000 3.245.306.000 3.219.818,000 3,271,403.000 3,195,067,000*
70,947,000
54,006,000
48.809.000
54,574,000
55,456,000
57,312.000
49.947,000
47,746.000
48,556.000
81,988,000
184,211,000
78,796,000
194,842,000
92,052,000
201.843,000
85.271,000
205,561,000
97,235,000
208,008.000
94,807.000
216.108.000
142.338,000
226,663.000
118,117,000
232,014,000
380,560,000'
420,879,000
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
266,199,000
18,028,000
273,838,000
22,097,000
293,895.000
24,441,000
290,832.000
31.530,000
305.243,000
37,428,000
310,713,000
58,509,000
369,001,000
52,811,000
350,131,000
45,034,000
801,439,000
173,189,000.
30.118,000
398,467,000
111,740,000
29,634,000
394,419,000
111,464,000
30,378.000
369,655,000
105,248,000
20,303,000
353,531.000
103,377,000
20,752.000
344,857.000
100,985.000
20,882,000
330,051,000
99,587,000
21,113,000
320,802,000
93,573.000
22,542,000
308.552,000
98,700.000
24,824,000'
60,043,000
4,974,000
Total U. S. Govt. securities
AU other earning assets
540,325,000
1,250,000
535.517.000
1,250,000
505,281,000
1,250.000
477,211,000
1,250,000
486,574,000
1.250.000
450.500.000
1,250,000
435,488,000
1,250,000
429.794,000
1,301.000
89,841,000,
20,000
Total earning assets
5% redemp. fund agst. F.R. bank notes
Uncollected items
Bank premises
AU other resources
825.802,000
832,502,000
824,887,000
800,823,000
810,435,000
820.972.000
858,550,000
588,953.000
58,771,000
31,308,000
514,880,000
58,668.000
30,070,000
518.145,000
58.573.000
28.778.000
560,813,000
58,371,000
27,661,000
855.099,000
57,932,000
27.023,000
804.433,000
57,907,000
28.412.000
617,800,000
57,787.000
25.158.000
828,260.000 1,064,489,000.
93,000
556,594,000 679,279,000
53,664,000
57.772,000
13,184,00024,746.000
4.784,827,000 4,712,015,000 4,740,308,000 4,776.488,000 4,874,275,000 4.809.604,000 4,827,722,000 4,790.781,000 5,076,723,000
Total resources
LIABILITIES.
F. R.notes in actual circulation
F. R. Dank notes In circulation-net_ _
DepositsMember banks-reserve account
Government
Other deposits
2,105,484,000 2,092,898,000 2,087,395.000 2,074,838,000 2,085.203,000 2,038,852,000 2,018,128,000 2,035.342,000 1,850,690,000
30,038,000
52.110,000
32,203,000
40,118,000
34,514,000
45,385,000
19.151,000
24,995,000
35,075,000
21,682,000
21,007,000
28,161,000
22,907,000
30,097,000
24.288,000
32,015.000
35,023,000
31,885,000
Total deposits
Deferred availability items
Capital paid in
Surplus
AU other liabilities
2,165,502,000 2.159.858.000 2,164,795.000 2,144,851,000 2,144,005,000 2,078,910,000 2,074,492,000 2,108,459,000 1.902,410,000
522.516,000 452,831,000 469.415,000 504.800,000 573,337,000 531,328.000 535,024,000 490,757.000, 594,033,000111.887,000 111.493,000 111.487,000 111.409.000 111,405.000 111,400,000 111.407,000 111,420,000, 109,886.000
220,915,000 220,915,000 220.915.000 220,915.000 220,915,000 220,915,000 220.915,000 220,915,0001 218,369,000
18,660,006
11.614,000
15.308,000
12,065 000
11.901,000
12.127,000
12,046,000
12,002,000
12,008.000
1,752,025,000 1,758,014,000 1,761,569,000 1.782.626,000 1,812,712,000 1,855,005,000 1,874.270,000 1,843,922,000 2,231,815,000
1,550,000'
4,784,827,000 4,712,915,600 4,740.308,000 4,776,488,000 4,874,275,000 4,809,804,000 4,827,722,000 4.790.781,0005,076,723,000
Total liabilities
Ratio of gold reserves to deposit and
75.4%
79.8%
78.0%
79.9%
80.6%
79.9%
80.4%
80.2%
combined
liabilities
note
F. R.
79.8%
Ratio of total reserves to deposit and
77.3%
81.5%
82.8%
83.3%
82.5%
82.8%
83.0%
82.5%
F. R. note liabilities combined
82.5%
Contingent liability on bills purchased
33,244,000
38.743.000
38,897,000
38,334,000
38.054,000
38,358.000
38,587.000
31,177,000
for foreign correspondents
34,818.000
Distribution by Ma1urities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. 8. certif. of Indebtedness
1-15 days municipal warrants
16-30 days bills bought in open market.16-30 days bills discounted
16-30 days U.8. certif. of Indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market111-60 days bills discounted
81-60 days U. 8. certif. of indebtedness_
81-60 days municipal warrants
61-90 days bills bought in open market61-90 days bills discounted
61-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve NotesOutstanding
Held by banks
7,523,000
119,415,000
9.500,000
118,829,000
10,243.000
135,605.000
14,075,000
127.898,000
15,877,000
139,731,000
33,118.000
142,880,000
27.857,000
200.418,000
18.390.000
175.793,000
53,421,000
521,433,000.
2,071,000
4,647,000
28,688,000
5,828,000
28,718,000
5,657.000
27,853,000
8,075,000
30.065.000
8.749.000
34,534.000
10,40.5,000
34.589.000
9,725,000
34.814,000
8.969.000
35,038.000
29.705,006
66,354,000.
2,730,000
54,795.000
3,355.000
58,950,000
4,099,000
50.017,000
8,890,000
51.432,000
8,149,000
40.768.000
10.210.000
51,289,000
10.467,000
50,114,000
51,000
11,907,000
55,717.000
1,676,000
40,345,000
2,040,000
44,039,000
2,287.000
48,649.000
1.001,000
2,229,000
47,728.000
2.331,000
43,178.000
2,834,000
43.752.000
3,070,000
38,166,000
4,074.000
38,390,000
36,613,000,
78,476,000'
1.452,000
22,956,000
111,740,000
1,574,000
25,302.000
111,464,000
2,155,000
31.971,000
104,247,000
2.281,000
33.911,000
103,377,000
2,522.000
38.034,000
100,985.000
1,942.000
38,203.000
99,587.000
1,892,000
45,489,000
93.573.000
13394.000
45,193,000
98.700,000
2,893,000
18,309,000
706,000.
20,005
50,557,000.
106,867,000.
2,197,000
2,249,231,000 2,249,160,000 2.273.563,000 2,290.760.000 2,318,510,000 2,340.752.000 2,340,363,00012,339,991.000 2,684,738,000
497.206,000 493,146,000 511,994.000 508.134,000 505,798.000 485.383,000 468,093.0001 496.069.000 452,923,000
1,752,025,000 1,756,014,000 1,761,569,000 1,782,626,000 1,812,712 000 1,855.005,000 1,874,270,000 1,843,922,000 2,231,815,000
3,263.924,000 3,281,912.000
Amount chargeable to Fed Rea. Agent 3,177,644,000 3,195,113,000 3,219,531,000 3,238,865,000 3,246,931,000 3,256,108.000 923,581,0001 941,921,000 3,536,787,000
852,049,000
928.413,000 945,953.000 945,968,000 948.105.000 928,421,000 915,356.000
In hands of Federal Reserve Agent
In actual circulation
- 2,249,231,000 2,249.160,000 2,273.563.000 2,290,760.000 2,318.510.000 2,340.752,000 2,340.383.000 2,339.991,000 2,684,738,000
Issued to Federal Reserve Banks.
How Secured334,704.000 335,704,000 334,779,000 336,679,000 334,679,000 333,604.000 334.604,000 334.604,000 320,429,000
By gold and gold certificates
168,249,000 169.745,000 193,516,000 190,704.000 207,337,000 240,917.000 213,677,000 221,898.000 605,019,000
By eligible paper
117,676,000 112,602,000 107,927,000 115,993,000 113,690.000 120,299,000 110.410.000 108.817,000 114,772,000
Gold redemption fund
1,628,602,000 1,631,109,000 1,637.341.000 1,647.754,000 1,662.804,000 1.645,932,000 1.881,672,000 1,674,672.000 1,644,518,000
With Federal Reserve Board
Total_
2,249,231,000 2.249,160,000 2,273.563,000 2,290,760,000 2,318,510 000 2,340.752.000 2,340.383.000!2,339,991,000 2,684,738,000
313.721.000 331.289,000 361,690.000 405.588.0001 383.434.000 934,424,000
Eligible paper delivered to F. R. Agent. 276,937,000 284,985,000 305,131.000
•Includes Victory notes.
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 13 1924
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
1
Two ciphers (00) mined.
Total.
Boston. New York. Phila. Cleveland, Richmond Atlanta. Chicago St. Louis. .1finneay ICan. City Dallas. 1San Pram.
Federal Reserve Bank Of$
$
$
I
3
$
$
8
$
$
I
8
8
8
$
RESOURCES.
51,447,0 120,336,0 244,524,0 58,272,0 53,859,0 59,694.0 22,486.0
2,080,982,0
Gold with Federal Reserve Agents 212,087,0 620,019,0 189,728,0 216,379,0 3,001,0 1,930,0 4,678,0 2,684,0 1,514,0 2,138,0 1,633,0,232,151.0
32,157,0
1,213,0
1,083.0
4,270,0 6,411,0
Gold red'n fund with U.B. Tress. 1,824,0
Goldheld excl. agst.F.R.notes 213,711,0
Gold isettle't fund with F R.B'rd 52,202,0
Gold & gold ctfs. held by banks.. 19,791,0
Total gold reserves
Reserves other than gold
285,704,0
8,922.0
624,289,0 198,139,0 217,442,0 54,448,0 122,266,0 249,202,0 60,956,0 55,373,0 61,830,0 24,102,0233,364,02,113,139,0
178,551.0 35,971,0 83,812,0 35,883,0 14,428,0 115,341,0 19,883,0 8,835,0 37,665,0 8,858,01 24,651,01612,078,0
196,506.0 27.918,0 18,546,0 11,149,0 7.309.0 75,023,0 9,432,0 9,128.0 3,163,0 6,658,0 34,587,0 419,210,0
997,346,01280,028,01319,800,0 101,480,0 144,001,0 439,588,0 90,271,0 73,338,0 102,658,0 37,633,0292,602.0'3,144,425,0
17,514,0 2,773,0 4,897,0 3,181,0 11,577,0 12,221,0 12,492,0 1,845,0 3,141,0 6,889,01 3,580,01 89,012,0
294.626,0 1,014,860,01282,801,0 324,697,0 104,661,0 155,578,0 451,787,0 102,763,0 75,181,0 105,799,0 44,502,01296,182,013,233.437,0
Total reserves
48,556,0
15,081,0
3,691,0
1.399,0 2,772,0 2,183,0 4,194,0 6,175,0 3.705,0 1,010,0 2,595,0 2,352,0 3,399,0
Non-reserve cash
Bills discounted:
81,988,0
612,0 2,375,0 2,193,0
343,0
17.473.0 14.201,0 16.715,0 8,188,0 2,884.0 7,888,0 3,937,0
Sec. by U.S. Govt. obligations 5,179,0
6,846,0 5,879,0 24,707,0 26,760,0 26.133,0 13,538,0 13,670,0 12,006,0 19,351,0 16,900,0 184,211,0
0
0 2,
12,
8,330,0
Other bills discounted
22.555.0 21,047,0 22,594,0 32,895,0 29.644,0 34,021,0 17,475.0 14,013,0 12,818,0 21,726,0 19,093,0 266,199,0
11,518.0
Total bills discounted
18,028,0
862,0 1,260.0
968,0
213,0
19,0
6,827,0
436,0 3,211,0 1,272,0
2,039.0
921,0
Bills bought in open market
U. B. Government securities:
30,118,0
522,0 4,870,0
600,0 7,735,0 1,447,0 1.834,0 1,113,0
4,902,0
749,0 4,115,0 1,191,0
1,040,0
Bonds
28,445,0 134.826,0 25,827,0 39,756,0 3,030,0 1,084,0 54,788,0 11,801,0 15,241,0 23,845,0 19.348,0 40,678,0 398,487,0
Treasury notes
352,0 14,928,0 2,473,0 3,979,0 6,459,0 5,330,0 14,321,0 111,740,0
904,0
37,311.0 4.761,0 12,155,0
Certificates of indebtedness. 8,787,0
8
Total U.S. Govt. securities-
.10 'non
177 noon
.41 lo, n
nn noon
X. 195
0
1 052
n
7a KI2A A
in 27111
on ova n
ol 7c1 n
on sin n.
AA 1120
.t402250
AUG. 16 1924.]
THE CHRONICLE
RESOURCES (Concluded)-Two ciphers (00) omitted.
Boston. New York.
S .
$
All other earning assets
51,809,0
54,509,0
4,312,0
108,0
Total earning assets
Uncollected items
Bank premises
All other resources
Phila.
$
1,250,0
791
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. SanFran.
3
3
s
$
$
$
$
$
$
Total.
$
1,250,0
213,421,0 54,355,0 79,588,0 38,020,0 32,484,0 109,867,0 32,368,0 41,181,0 44,805,0 51,447,0 76,477,0
139,522,0 53,214,0 53,118,0 47,432,0 24,057,0 70,410,0 30,609,0 12,527,0 38,807.0 23,914,0 38,834,0
15,975,0
1,110,0 9,129,0 2,528,0 2,875,0 8,264,0 2,251,0 2,893,0 4,595,0 1,912,0 2,927,0
12,551,0
289,0
323,0
307,0 1,928,0
507,0
148,0 5,376,0
1,282,0 3,632,0 4,857,0
823,802,0
.586,953,0
58,771,0
31,308,0
409,055,0 1,411,410,0 373,168,0 469,627,0 195,131,0 221,096,0 647,010,0 171,844,0 138,168,0
Total resources
197,883,0 127,759,0 422,676,0 4,784,827.0
LIABILITIES.
F. R. notes in actual circulation_ 196,392,0 317,338,0 171,671,0 206,883,0 68,556,0 131,296,0 231,067,0 58,053,0 63,736,0 63,670,0 40,312,0 203,051,0 1,752,025,0
Deposits:
Member bank-reserve acct.._ 135.069,0 857,531,0 123,020,0 175,397,0 61,841,0 57.285,0 303,398,0 66,103,0 48,791.0
80,814,0 47,139,0 149,096,0 2,105,484,0
Government
1,142,0
7,705,0 1,234,0 1,436.0 1,509,0 1,115,0 1,805,0 2,060,0
824,0 2,107,0 1,589,0 2.469,0
24,995,0
130,0
Other deposits
23,651,0
581,0
992,0
117,0
198,0
940.0
349,0
309,0 2,798,0
35,023,0
173,0 4,785,0
Total deposits
136,341,0 888,887,0 124,835,0 117,825,0 63,548,0 58,517,0 306,143,0 68,512,0 49,924,0
2,165,502,0
85,719.0
48,901,0
156,350,0
Deferred availability items
51,741,0 113,737,0 45,978,0 47,626,0 44,589,0 16,303,0 62,853,0 29,655,0 12,292,0
522,516,0
34,016,0
Capital paid In
8,006,0
30,103,0 10,382,0 12,699,0 5,869,0 4,597,0 15,181,0 5,064,0 3,374,0 4,383.0 25,016,0 38,710,0 111,867,0
4,149,0 8,060,0
Surplus
16,390,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7.484,0
9,496,0 7,577,0 15,301,0 220,915,0
All other liabilities
185,0
1,416,0
375,0
903,0
897,0 1,433,0 1,340,0
488,0 1,358.0
12,002,0
599,0 1.804,0 1,204,0
Total liabilities
409,055,0 1,411,410,0 373,168,0 469,627,0 195,131,0 221,096,0 647,010,0 171,844,0
138,168,0 197,883,0 127,759,0 422,676,0 4,784,827,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
88.5
84.1
88.6
84.4
82.0
79.2
81.1
81.2
66.1
70.8
49.9
82.4
82.5
Contingent liability on bills purchased for foreign correspond'ts
8.774.0 3.065.0 3.697.0 1.901.0 1.390.0 4.708.0 1.548.0 1.138.0 1.454.0 1.201.0 2.401.0
31.177.0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF
Federal Reserve Agent at-
Boston. New Yorkl Phila.
Resources(In Thousands of Dollars)
S
'Federal Reserve notes on liana
83,500
Federal Reserve notes outstanding
218,274
'Collateral security for Federai Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
18,787
Gold Fund-Federal Reserve Board
158,000
Eligible paper'Amount required
6,187
lExcess amount held
7,370
Cleve. Richm'd Atlanta Chicago.
1
Federal Reserve notes in actual circulation
Minn. K.City. Dallas. San Fr.
Total.
3
3
3
S
3
$
$
225,240 26,100 22,790 31,293 21,437 66,500 928,413
249,954 67,932 67,080 70,958 46,937 248,335 2,249,231
238,531 11,000 8,780
3,500
30,488 11,339 12,599 3,152 6,836
351,000 167,389 195,000 48,295 110,000
3,7261 17,147 10,043 26,769 24,167
30,479 2,263 13,501 5,825 6,318
9,985 13,052
14.556
334,704
5,880 3,287
807 4,334 3,430 16,737 117,676
238,644 45,000 40,000 55,360 4,500 215,414 1,628,602
5,430 9,660 13,221 11,264 24,451 16,184 168,249
29,716 7,830
815 1,587,
459 2,525 108,688
1
Total
St. L.
$
3
$
3
$
235,1201 49,000 52,870 39,410 75,153
623,745206,875 226,422 78.216 144,503
Total
527,418 1,513,0891485,013 519,215 201,667 370,447
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
301,774 858,865 255,875 279,292 117.626 219,656
•Collateral received fromf Gold
212,087 620,019 189,728 216,379 51.447 120,336
Federal Reserve BankjEligible paper
13,557
34,205, 19,410 23,544 32.594 30,485
.Federal Reserve notes outstanding
Federal Reserve notes held by banks
BUSINESS AUG. 13 1924.
754,864 169,794 157,765 174,796 115,770 565,695 5,535,563
475,194 94,032 89,870 102,251 68,374 314,835 3,177,644
244,524 58,272 53,859 59,694 22,486 232.151 2,080,982
35.146 17,490 14,036 12,851 24,910 18,709 276,937
527,418 1,513,0891465,013 519,215 201,667 370,477
754,864 169.794 157.765 174,796 115.770 565,695 5,535,563
218,274
21.882
249,954 67,932 67,080 70,958 46,937 248,335 2.249,231
18,887 9,879 3,344 7,288 6,625 45,284 497,206
196.392
623,745 206,875 226,422 78,216 144,503
306,4071 35,204 19,539 9,660 13,207
317.339 171 671 006 RRR 60 556 131.298
231.507! .50053 63 726 Al 670 40 312 901 051 1 759 095
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,
the liabilities of the 747 member banks from which weekly returns are obtained. These
figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the
statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2639. The comment of
the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page
759.
1. Data for all reporting member banks in each Federal
Reserve Distr ct at close of business Aug. 6 1924. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds_.
All other loans and discounts
Total loans and discounts._._
B. S. pre-war bonds
U. S. Liberty bonds
U. S. Treasury bonds
U. S. Treasury notes
U. S. Certgicatee of IndebtednessOther bonds, stocks and securities_
Boston
43
New York
108
Phila.
Cleveland Richm'd
$
$
8,560
74,926
255,763 1,913,185
626,148 2,605,806
55
78
$
9,679
273,830
370,838
Atlanta
Chicago
St. Louis Mnpls. fran. City
I
Dallas 'Sat:Fran.
Total.
104
$
18,683
414,790
704,386
75
$ •
6,294
123,749
330.658
34
S
$
32,275
7,588
64,044 640,451
334,489 1,176,535
25
S
8,040
146,758
308,216
72
S
3,031
47,024
174,615
$
5,418
80,261
316,823
747
3
1
$
$
3,272'
9.802
187,568
61.024' 198.230 4,219,109
200,033 794,459 7,941,006
890,471 4.593,917
15,025
56,253
84,720 615,257
5,868
17,661
12,131 322,454
6,474
50.749
197,771 1,012,184
654,347 1,137,859
10,692
47,095
49,654 183,204
2,424
2,070
24,890
55,479
5,250
5,895
231,153 328,054
460,701
28,339
26,183
1,232
.5,106
2,382
54,514
406,121 1,849,261
14,814
23,373
9,599 141,261
11,300
627
3,422 118,063
14,815
1,304
41,575 371,359
461,014
14,808
21,940
2,509
9,411
1,201
92,875
224,670
8,483
22,672
380
20,836
2,663
24,962
402,502
11,629
38,848
2,872
17,567
1,425
58,273
Total loans & disc'ts & investmla 1,212,460 6,668,475
Reserve balance with F. R. Bank90,955 763,107
Cash In vault
19,029
78,609
Net demand deposits
842,864 5.574,185
Time deposits
323,576 1,023,082
Government deposits
14,255
19,501
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U. 8. Govt. obliga'ns
250
9,780
All other
1,275
8,048
264,329 1.002,40112.347,688
18,534
27,018
276,063
12,182 109.465 1.314,985
1,213
16,563
64,719
9,250
33,435
632,044
3,131
12,225
107,514
13,333 161,024 2,587,077
978,410 1,759,858
78,261 112,936
14,602
29,181
718,205 965,004
142,056 692,861
12,180
13,145
578,457
36,539
12.573
333,433
174,297
4,461
477,462 2,529.432
32,349 242,139
10,908
53,274
268,412 1,666,395
187.746 841,119
5,192
12,515
603.758
46,143
7,832
355,689
203,157
2,170
304,666
20,460
6,120
192,957
88,935
2,203
533,116
47,755
13,910
418,677
135,620
1,012
321,972 1,362.221 17.330,085
23,230 101,410 1,595,284
9,387
20,494
275,917
211,435 743,303 12,290,559
87.246 623,346 4,523,041
2,770
6,747
96,151
1 572
/IR
61
1 112
1,952
2,343
2,875
1.985
2,491
8.740
36
1,096
4 655
2,764
2001
51
1,017
A faRA
66
920
1 224.
23,206
22960
2. Data of reporting member banks in Federal
Reserve Bank and branch cities and all other reporting banks.
Three ciphers (000) omitted.
New York City.
City of Chicago.
Aug. 6. July 30. Aug. 6. July 30.
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Govt.obligati°
Secured by stocks and bonds
All other loans and dLicounta
All F. R. Bank Cities,F. R. Branch Cities.Other Selected
Cities.
Aug. 6.
July 30.
Total.
Aug. 8. July 30. Aug. 6. July 30. Aug.13'24. July 30'24Aug.8'23.
67
67
48
48
255
25
196
196
296
$
296
747
S
747
771
$
$
a
$
$
$
68,310
$
i
$
s
67,975
24,680
$
26,773
127,672
130,383 . 31.181
31,008
28,71
1,723,053 1,764,487 484,075 476,095
28,237
187,568
189,628
230,126
3,076,486 3,098,690 620,031 618,848 522,592 523.593 4.219,109
2,305,666 2,203,750 701,088
4,241,131 3.653,219
695,158 5,035,012 4.930,3221,574,9401.575.408l,331,05
1,328,456 7,941,006 7,834,188 7,812,747
Total loans and discounts
4.097,0294,036.212 1,209,843 1,198,026
8,239,170
8,159.3952,226,152
bonds
pre-war
2.225,284
1,882,361 1,880,286 12,347.683 12,264,94511,696,092
40,477
U. S.
40,219
4,137
4,138
94,165
93,022
74,091
74,849 107,807 '103,456
530,259 536,166
17. S. Liberty bonds
276.063
70,046
271,327l,
69,037
807,544
805,57
329,669 313,383 177,772 *181,480 1,314,985
I7 S. Treasury bonds
10,542
11,869
3,779
3,691
*1,300,4381 1,060.189
30,036
32,231
17,123
16,032
17,560
302,581 309.405
16,517
U. S. Treasury notes
64,719
86,124
64,7791
92,600
85.282
469,296 *478,84
113,687 116,202
49,061
49.783
50,027
11. S. Certificates of Indebtedness55,359
632,044 '645 0741 892,597
6,017
6,096
80,107
*92,334
19,123
19,347
8,284
Dther bonds. stocks and securities. 769,824 767,205 178,823 180,882
8,786
107,514 *120.467j 100,564
1,465,315 1,463,206 638,197 041,561 483,565 480,218
2,587,077 2,584,985 2,160,121
Total loans dc d!sets & Invest'ts_ 5,808,495 5,756,4351,558,769 1,547,152
Reserve balance with F. R. Bank._ 712,470 710,474 172,672 164,692 11,185,633 11,124,607 3,418,042 3,406.6382,726,4102,720,770 17,330,08517,252,01516,278,818
1,174,777 1,175,99
250,079 247,47: 170,428 167,211 1,595,284
63,920
73,001
2aah In vault
27,980
1.590.6841 1.382,893
27,895
137,731
147,138
60,810
59.041
5,057,290 5,016,424 1,148,109 1,132,681
77,376
78,574
Net demand deposits
275.917
294,923
284.7531
8,670,011 8,627,68 1,974,4121,971,151
711,771 699,913 393,25
rime deposits
391,982 2,235,170 2,207,226 1,333,707 1,332,321 1,646,136 1,633,913 12,290,559 12.232.751110,965,316
954,164
16,546
952,411
aovernment deposits
16,548
4,523,041
6,324
4,491.956 3,971,879
6,084
63,941
63,711
23,317
23,327
8,893
8,873
BUR payable and rediscounts with
98,151
95.9111
147,264
F. R. Bank:
2.755
2,325
Secured by U.S. Govt. obttgations
308
250
5,555
5,582
9,912
14,297
4,150
7,739
9,482
3,389
23,206
79
All other
29,3611 295,646
101
11,102
11,883
8,155
9,077
19,509
22,066
38,766
1Ratio of bills payable & rodbicoun
43,0261 244,796
with F. R. Bank to total lost..
0.1
0.1
and investments. per cent
0.02
0.02
0.1
0.2
0.5
0.7
1.0
1.2
0.4
0.
'a 1
•Revised figures.
[VOL. 119.
THE CHRONICLE
792
miters'
STOCKS.
Week ending Aug. 15.
(Concluded)
azette
Wall Street, Friday Night, Aug. 15 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 785.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
STOCKS.
Week Ending Aug. 15. for
Week
Range for Week.
Lowest.
Par. Shares $ Per share.
Railroads.
100
Ann Arbor, pref
Bangor & Aroos, pref 100
Central RR of N J_ _100
C St P M Omaha_ _100
100
Preferred
100
CCC&StL
Col & Sou, 180 pref...100
2d preferred
100
Cuba RR, preferred_100
DUI SS & AU. pref_ _100
Illinois Central, pref_100
RR Sec Series A_ _ _100
Leased line stock _ _100
Int His of Cent Am_ _100
100
Preferred
Iowa Central
106
Keokuk & Des M__ _ _10C
Al St P SS M,pref _10G
Leased line ate__ _100
50
Morris & Essex
Nash Chat & St L_..100
Nat Rys Meg let pf__100
N Y & Harlem
50
N Y Lack Jt West__ .100
Pacific Coast
100
1st preferred
100
Reading rights
Indus. & Biscuit.
Highest.
Range Since Jan. 1.
Lowest.
Aug 15 25
Aug 12 86
Aug 11 199
Aug 13 29
Aug 14 684
Aug 13 100
Aug 12 50
Aug 13 45
Aug 11 714
Aug 14 334
Aug 14 104
Aug 14 64
Aug 11 70
Aug 9 114
Aug 12 444
13-4
Aug 12
Aug 12
Aug 15 50
Aug 15 554
Aug 11 7434
Aug 12 120%
Aug 11 3%
Aug 15 135
Aug 13 9634
Aug 1 16
Aug 12 '43
Aug 15 154
Jan
June
Atig
Aug
Aug
Aug
Aug
Aug
July
July
July
Aug
Aug
July
July
Aug
Jan
Jan
Feb
Aug
Aug
Feb
Aug
Aug
Feb
Aug
July
Lowest.
Highest.
Highest.
• No Dar value.
Highest.
Mar 34
Jan 9134
Mai 253
Jan 4734
Apr 84%
Apr 150
Jan 604
Jan 5334
Mar 76
Apr 64
Mar 1134
Jan 70
Jan 75
July 154
May 53%
Jan 3K
Aug 1%
June 67%
Au 60
Mar 78K
July 135
July 534
Apt 162
Apr 1014
Ja 40
Jan 59
Mar 244
Range since Jan. 1.
Range for Week.
Lowest.
Indus. & Miguel]. Par. Shares
Per share. 5 per share. $ per share.$ per share.
U S Distributing Corp... 9,900 2834 Aug 9 30% Aug 12 21% Apr 303,4 Aug
Aug
July 118
100 700116% Aug 12 118 Aug 12 98
Preferred
14 Aug
% Aug 9
34 Aug
US Hoffman Mach right
600
Aug 11
Feb
7
34 Jun
Va-Carolina Chem B___. 100 1 Aug 9 1 Aug 9
Jan
May 53
22 3734 Aug 12 3734 Aug 12 36
Virginia Coal & Coke 100
Aug
1054
July
105
Aug
19010534
Aug
9
1054
9
Washburn-Crosby pf_100
July
1,00 116 Aug 14 116 Aug 14 11134 Apr 117
West Elec 7% cum pf 100
Jan 804 Aug
100 80 Aug 15 80 Aug 15 72
West E & M 1st pref. _50
July
* 1,200 87 Aug 11 89% Aug 12 47% Jan 98
West Penn Co
100 2,700 19 Aug 13 23 Aug 9 15 June 7234 Jan
Wilson Co pref
July
784
July
68
12
Aug
78%
pref
78%
12
100
A..10
Aug
Worthington
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
$ per share. $ per share.$ per share.
700 32 Aug 12 33%
100 9034 Aug 12 904
4,200 240 Aug 11 253
3,500 434 Aug 11 47%
100 8434 Aug 14 84%
1,400 130 Aug 11 150
400 60 Aug 13 60K
106 5334 Aug 13 53%
11 75
100 75 A
200 554 Aug 12 534
1,000 110 Aug 11 1124
713 674 Aug 12 70
200 75 Aug II 75
2,000 124 Aug 12 13%
200 514 Aug 12 5134
200 24 Aug 12 23.i
34 Aug 12
400
200 614 Aug 13 62
100 58 Aug 15 58
157 78% Aug 11 78%
425135 Aug 12 135
51 4 Aug 11 4
106
40 135 Aug 12 162
7(100K Aug 13 10034
300 22 Aug 22 224
300 57 Aug 12 59
3,700 2234 Aug 9 2334
Sales
for
Week.
Week ending Aug. 15.
&oats,
No Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
343,535
859,582
1,103,569
865,936
42,155
1,002,400
Total
4,917,177
Sales at
New York Stock
Exchange.
State.
Municipal &
Foreign Bds.
Railroad
clic.
Bonds.
United
States
Bonds.
$1,925,000
2,569,000
2,345,000
2,131,000
2,538,000
3,345,000
$1,310,000
2,086.000
2,337,000
2,803,000
2,304,000
1,552,000
545,136,000 $14,853,000
$12,592,000
$3,751,000
7,943,000
8,663,000
9,313,000
8,247,000
7,219,000
Week ending Aug. 15.
Jan. 1 to Aug. 15.
1924.
1928.
1924.
1928.
4,917,177
2,823,277
149,761,923
155,945,483
Bonds.
Government bonda_ _ _ $12,592,000
State & foreign bonds_
14,853,000
RR.& rnlseell. bonds._ 45,136,000
$9,815,000
6,993,000
23,500,000
$619,547,000
294,167,000
1,403,738,000
$497,686,000
293,603,000
1.008,390,000
Stocks
Total bonds
$72,581,000 540,308,000 82,317.452,0001 51,799,679,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
AWM108070.
=WM
Philadelphia
100 72% Aug 14 72% Aug 14 61% Fe 72% Aug
Amer Chicle, pref._ _100
134 Aug
Jun
Week ending
24Aug14
Aug 12
3
Amer Ice,rights
Aug. 15 1924.
Shares. Bond Sale,, Shares. Bond Sales. Shares. BondSalos.
Amer-La France Fire En
Feb 98% Aug
10 98% Aug 15 98% Aug 1 95
100
7% cum pref
792
111.700
6,079
10,690
$17,500
$3,100
100 112 Aug 11 112 Aug 11107K API- 113% Feb Saturday
Am Metal, pref
100
Jan
38,700
2,029
Ja 43
17,534
169,300
28,200
25,779
Monday
100 40 Aug 1. 40 Aug 1 25
Amer Republics
37,000
2,061
Jan 1044 Aug Tuesday
15,214
6,900
8,050
31,346
106 103% Aug 12 103% Aug 12 98
Am Rolling Mill, pref 100
33,500
1,714
Apr 9934 July Wednesday
15,836
48,100
35,300
16,536
100 98 Aug 12 98 Aug 12 95
Amer Snuff, pref___ _100
44,800
3,249
21,235
12,100
19,000
16,649
200 40 Aug 11 40 Aug 11 38% July 4334 Jan Thursday
Am Teleg & Cable_ _ _100
Aug
42,100
1,052
91
May
83%
2,000
4,000
19.078
1
10,202
Friday
Aug
Aug
11 91
120 894
Assoc Dry G'ds let p1100
Aug
Jan 99
2d preferred
100 600 98 Aug 11 98% Aug 11 89
Feb
10,897 8207.800
• 200 2354 Aug 14 24 Aug 14 234 Aug 35
Total
94,976
197,650 111,202 5255,900
Barnet Leather
Mar
Aug 54
100 30 Aug 15 30 Aug 15 30
Brit. Emp. St, 1st p1100
Aug Prey. week revised
7716 5201.300
AR 21141 CUM ROA
78.652 1428.600
200 994 Aug 12 100 Aug 12 88K Jan 102
Bush Term Bldg pf_.100
Jan
May
194
13%
Aug
1,200
15
9
17%
Aug
1834
25
Calumet & Hecia
Jan
100 59 Aug 13 59 Aug 13 414 Ma) 77
Case(21)ThrMach pf 100
• 200 27% Aug 12 29 Aug 15 24% June 36% Jan Daily Record of U. S. Bond Prices. Aug. 9. Aup.11. Aup.12. Aup.13. AUp.14. Auil.15.
Certain-Teed
Aug
Com Invest Trust
• 1,433 41 Aug 9 43 Aug 12 30% May 43
101,82
Aug First Liberty Loan
(High 1014s 10142 101In 101*ss 101Iss
500 100 Aug 11 100 Aug 11 93 May 100
106
Preferred
Feb
334% bonds of 1932-47_ _ I Low- 1013n 101•11 101,s, 101,42 100:ess 101"ss
Ma
12%
74
11
13
Aug
500
Aug
13
•
1034
Conley Tin Foil
101.00
1010"s2
Aug
(First 334s)
(Close 1013st 1011,11 101,32 101,11
Corn Prod Ref, pref.
_100
100122K Aug 1 12234 Aug 15 115% Apr 1234
380
40
Jan
428
Total sales in $1,000 units-164
121
269
200 73 Aug 11 74 Aug 121 6134 Ma 76
Deere & Co, met _ _ _100
____ 102"ss
____
_
Converted 4% bonds of (High .
Mar 984 Aug
400 9734 Aug 11 98% Aug 13 93
Devoe-Rayn, 1st pf_106
_ _. .._ _ 1021%
_ :_
:
--- :
Aug
_::: :
1932-47 (First 4s)_ _ _.l Lon_
Apr 90
85
El du Pont6% pref_100
400 894 Aug 12 90 Aug
....................102",,
(Close
400 3 Aug 15 3 Aug 11' 234 June 434 Jan
Fairbanks Co (The)_
1
Total sales in $1,000 units_ _ _
-_-_
Fairbanks-Morsetemctf* 7.400 284 Aug 9 29% Aug 12 25% May 294 Aug
- 1021In
- 10-2iias
- - -,1
- --- 10210
Converted 44% bonds (High 102"4-1 10-2171 102"ss
Aug 84 June
300 78 Aug 12 784 Aug 11 75
Fed Lt & Tr tern etls*
102"n
102",
Aug
102"ss
102"st
193247
139
(First
of
May
448)(
Low_
102"ss 102"n
Fidel Phen Fire In.NY25 1,300 134 Aug 11 139 Aug 14 118
July
(Close 102"st 10211n 102"ss 102141 102", 10218n
850 114 Aug 11 1134 Aug 14 lig Au 12
Fifth Ave Bus ctfs
67
147
93
Jan
31
Total sales in 91,000 units-87
72
Fisk Rubber, 1st pref 100 2,500 50 Aug 9 58 Aug 15 38% July 65
Aug
14
Second Converted 4g%(High
_
_
-------- -- --Foundation Co rights__ _ 9,107 1% Aug 13 134 Aug 10 134 Au
Jan
bonds of 1932-47(PUB(Low- ___
- --____
---- ---334 Aug 9 34 July 7
• 200 334 Aug
Gardner Motor
Second 43(s)
Feb 98% Aug
700 97 Aug 13 98% Aug 13 92
Gen Am Tk Car7% Pf 100
Aug
4
Total sales in 81,000 units_
_
------- --,134 Aug123
6,500 116 Aug
Gen Baking Co
____ 101,111
____
Aug
____
%
I
_- Second
(High
e
y
n
l
a
u
Liberty Loan
j
J
134
2
1
3
f
II
Aug
Gen Motors(7%) pref_ _ 1,300 97 Aug 14 9734
__ _ _ 101"n
____
Jan
_ __ _
4% bonds of 192742.--i Low-____
____
_Jun 5
..
_
_
_
_
• 900 34% Aug 9 35 Aug 1
Gen Refractories
__
__
1011
__
_
_
__ __
____
(Close
(Second 48)
Jan 102% July
Gimbel Bros, pref._.100 1,000102 Aug 11 102 Aug 11 99
I
Feb
_
Total sales in $1,000 units__
---'- -_
Great Western Sugar_25 2,100 8734 Aug 14 89 Aug 1 86 June 9634 Jan
101"st
1111
1
10
Apr 10834
Converted 434% bonds Mgt; 101",,10-1-13,1 10-119,1 101iIsr
105
500100K Aug 12107K Aug
100
Preferred
101liss
101"ss
Feb
101"st
of
95
101",,
101,1n
(Low_
Apr
1927-42
(Second
101"ss
88
100 90 Aug 14 90 Aug 14
Hanna, 1st pref,CIA 100
Aug
43.4a)
sr 101liat 1011% 1012,2, 101"st 10131n
(Close 101I,
Jan 252
294 241 Aug 11 252 Aug 13 159
100
Ingersoll-Rand
357
255
581
Jan
467
775
Total soles in $1,000 untts.__
426
• 700 5 Aug 11 5% Aug 11 3 June 954 Aug
Int Agricul, new
Third
8514
(High
102"n
Liberty
Loan
Apr
102"st 102"ss 102"n 10211,1 102ust
International Shoe..-• 300 85 Aug 14 8534 Aug 14 73
102"st
1021111
Apr
44% bonds of 1928
(Low_ 1023%4 102,1; 102"ss 102"st
200 1164 Aug 13116K Aug 13 1154 May 11734 Mar
160
Preferred
(Third 4416
(Close 102034 102", 10238,4 102,41 102"ss 10214,
• 600 3034 Aug 11 314 Aug 12 2734 Jun 3234
Intertype Corp
103
1046
788
Aug
443
204
94
Total sales in $1,000 unUa...
Jan 112
200111K Aug 15 112 • Aug 12 109
Jones & L Steel, pref_100
Jan Fourth Liberty Loan
(Mich 103.00 1021% 102"st 102"ss 102"ss 102"st
7834
June
40
13
Aug
45
45
13
100
Aug
100
pf
6%
Tire
Kelly-Spr
102"st
102"st
July
10211ss
102111
102Ihr
10211,2
of
bonds
1933-38...MowMay
414%
70%
• 1,800 724 Aug 11 7734 Aug 1 5244
Kinney Co
(Close 1023381 102"s 102"ss 102uss 102"st 102"st
(Fourth 44s)
11 4734 June 6234 June
,
Kresge Dept Stores__ • 7,900 53 Aug 12 5534 Aug 12
548
609
775
1101
645
474
Total sales in $1,000 units...
July 9734 June
220 944 Aug
H10
9534 Aug 1. 94
Preferred
Feb
(111gh 1083rs 106.00 106.00 1064,1 1053081 10511ta
Treasury
300 117 Aug 13 117 Aug 131144 May 117
100
Lorillard, pref
105"ss
Aug
(Low_ 106.00 10514 105un 105"ss 105"ss
434s, 1947-52
Mar 106
100 106 Aug 15 106 Aug 1.*100
McCrory Stores, pref 100
(Close 106.00 105", 106.00 105"st 105"st 10531n
July 1064 July
• 400 95 Aug 14 9614 Aug 1: 93
Class B
66
200
Fa
Sit.
46
181
Tetal Reim In SI non unit.
Feb
100 664 Aug 9 6634 Aug !, 6434 Aril 69
Mackay Cos, pref.. _100
July
1i6
May
Aug
12
12
Aug
115
115
11144
100
100
Macy,preferred
Aug
100 96 Aug 11 96 Aug II' 89% Mar 96
100
Manila Electric
Note.-The above table includes only sales of coupon
July
400 8034 Aug 12 8034 Aug 12 7134 Jun 81
Midland St Prod, Pf-100
100 9934 Aug 13 99% Aug 12 9834 July 10034 Jan bouds. Transactions in registered bonds were:
Nash Motors, pref._ 100
Jan
100 954 Aug 11 9534 Aug 11 9134 Mar 97
Nat Cloak & Suit, pf..1
Feb
102141 to 102"st
100 944 Aug 14 9434 Aug 14 9234 Jun 96
101.00 to 101.150 3d 4 34s
15 1st 334s
Nat Dept Stores. Pf-100
Aug
102"n to 102"st
100 70 Aug 11 70 Aug 12 70
102,181 to 102"ss 71 4th 434s
4 let 44s
Nat Enam & Sty., pf_100
106% July
Aug
Aug
100
Jan
13
10010334
ar
1013
to
1011112
1310334
..100
2d
55
434s
Nat Supply, pref_
July
29
Junc
600 2734 Aug 17 2834 Aug 12 23
New York Canners __*
Aug
200 5334 Aug 12 5334 Aug 12 4534 July 67
NptN&HRyG&E100
July 47 May
100 4434 Aug 12 4434 Aug 12 44
Niagara Falls Power_100
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
2834 Aug 13 27 June 28% Aug
25 1,400 2834 Aug
Preferred new
31KAm 38% Aug -See page 785.
3434
It
Aug
Aug
34%
15
100
25
Ohio Fuel Supply
Aug
Jai, 97
100 97 Aug 14 97 Aug 14 92
Orpheum Circuit pref 100
Jan 10934 June
100 104 Aug 15 104 Aug 15 96
Foreign Exchange.-See page 785.
Otis Elevator pref. _100
Mar
744
Aug
II
12
Aug
48
46
Aug
48
400
100
Otis Steel pref
34 July 14 July
Parish & Bingham stpd_ 1,000 1% Aug 12 134 Aug 13
The Curb Market.-The review of the Curb Market is
July
• 600 27% Aug 15 28 Aug 13 2434 June 2034
Park & Tilford
Jan
200 26 Aug 10 2634 Aug 15 1934 Mar 3034
this week on page 783.
given
Penn Coal & Coke__ _50
Aug
TA
34 Aug
34 Aug 9
Aug 12
Phillips Petroleum rights 68,975
Aug
record of Curb Market transactions for the
A
complete
100 74 Aug 12 74 Aug 12 5934 Jun 75
Pierce-Arrow prior pet _•
Aug
103
Jan
100 103 Aug 14 103 Aug 14 95
Pittsburgh Steel pref _100
1434 July week will be found on page 804.
Feb
1114
9
0
Aug
134
1331
Aug
200
Pitts Utilities pref ctfs_10
Jan
100 4534 Aug 11 4534 Aug 11 42 June 4734
Prod St Ref Corp pref _50
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
300 10634 Aug 13 10734 Aug 14 994 Apr 10834 July
PSCorpNJuref8% 100
Aug
173.4
Ma
11
Aug
124
14
Aug
1734
154
5.400
BONDS (Par vats's).
Rights
STOCKS(No. Shares).
July
100
100 100 Aug 15 100 Aug 15 944 Ma 9534 Aug
Pub Ser Elec pr pref_100
Week ending Aug. 15.
Mar
400 944 Aug 12 95 Aug 15 86
Mining. Domestic. Poen Dori.
cit.
Rossia Insurance Co_ _25
Feb
4134
Jan
9
Aug
9
354
33
Aug
300 3514
Shell Trans & Trad._ _ .C2
Aug 15 3634 Aug 13 31% May 37% July
78,300 $358,000 $105,000
49,331
22,855
Stand Gas & Elec etre _.• 1,400 38
Mar Saturday
July 85
44,000
579,000
100 78 Aug 14 78 Aug 14 70
125,400
82,761
Stand Milling pref__ 100
43,800
12 314 Aug 15 2814 JUIY 3534 June Monday
45,000
713,000
191,810
137,585
Stand Plate Glass Ws_ • 6,100 29 Aug
46,655
Aug 90 June Tuesday
15 8934 Aug 12 88
Aug
161,000
88
200
695,000
160
236,220
195,395
Preferred
48,995
9
Aug Wednesday
34 Aug 12 9 Aug 12 8% Jun
50,000
731,000
700
201,640
Telautograph Corp _.•
72,320
Thursday
Mar
Aug 325
Aug 11 298 Aug 13 260
20,000
665,000
130 291
134,220
81,496
63,825
Tex Pac Land Trust_100
Friday
July
53%
Jun
12
424
Aug
14
Aug
53%
52%
Utd. Cigar Stores new _25 3,000
June
July 21
Aug 13 14% Aug 15 13
$3,741,000 $425,000
967,590
669.923
Univ Pipe & Had tern ct • 400 14 Aug
298,450
Total
14 53 Aug 14 6034-sigy 60% June
200 5334
100
Pref tern etfs
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive,
see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 9.
Monday,
Aug. 11.
Tuesday,
Aug. 12.
Wednesday.' Thursday,
Aug. 13.
Aug. 14.
Friday.
Aug. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1924
On basis of 100-share lois
793
PER SHARE
Range for Pree4os5
Year 1923.
Lowest
Highest
Lowest
Highest
per share $ per share
Per share $ per share $ per share $ per share Shares.
Railroads.
10414 10412 10434 1064 104 10618 10412 10534 104/
Par
share
Per
$
share
Per
$
share $ per chars
per
1
4 105/
1
4 105 1053s 21,500 Atch Topeka es Santa Fe__100 974 Jan
2
9212 92/
1
4 9234 9234 9234 9234 92/
10658July
23
1
4 9212 9212 92/
94 Oct OSis Mar
1
4 92 92
900
Do pref
100 8612 Jan 2 9312 Aug 1
2/
1
4 212 *214 212
212 212
212 212
8555 Dec 9058 Mar
2/
1
4 238
2/
1
4 234 1,800 Atlanta Diem & Atlantio 100
13312 13312 134 136/
158
23
1
4 134 137
314July 22
134 135
14 Aug
34 Feb
13334 13412 134/
1
4 13614 7.600 Atlantic Coast Line RR---100 112 Feb
Jan
6238 6234 6234 64
23
137 Aug 12 10975 July 27 Feb
6278 6378 6314 63/
1
4 6312 6412 64
65
72,300 Baltimore di Ohio
100 524 Apr 22 6.5 Aug 15
*60 61
61 614 61
6034 61
61
Jan
4018
6084
*6012 6112 *50
Dec
6114
2,100
Do pref
2438 25/
2312 2412 24
1
4 2414 25
/
4July 28
5534May 6075 Mar
2534 2514 2638 2578 2614 17,700 Bklyn Manh Try t oNo 100 5614 Apr 16 611
par 1312 Jan 4 2912July 17
6912 6934 69,8 6912 68/
1
4 6918 6914 6914 *6812 6934 69 69
94
Oct
1412
Dee
1,900
Fret
vot tr Mfg
No par 4834 Jan 3 7014July 29
*234 3,2 *234 312 *3
3,2 *3
3,2 *3
3413 Oct 4978 Dec
312 *2/
1
4 32
Brunswick Term
152 15338 15212 15412 151 15418 15012 15212
1 Jan 3
412May 9
78 Nov
151 15112 15114 15218 26,000 Canadian Pacific & Ry----100
253 Jan
100 14234 Mar 10 15412 Aug 11 13934
88/
1
4 8838 3512 88
1
4 8934 87/
8718 89
873
8838
4
Sent 160 Apr
8714
88
29,700
100 6734 Feb 26 9234 Aug 4
106 106
105 106
105 105
104 10412 10334 10334 104 107,4 1,500 Chesapeake & Ohio
57 June 7638 Jan
Do
pref
100
*4
9912
4
43
Jan 3 10918July 25 96 June 10475 Feb
434 4/
478 518
1
4
5
518
5
5
*5
512 1,703 Chicago & Alton
11
100
11
12
34 Apr 15
12
1214 12
12
575July 23
12 •1112 12 •1114 12
2 May
435 Dec
1,100
Do pre'
2858 285s *2838 2912 *28/
100
318May 20 1334July 22
1
4 29 •28/
1
4 29 *2812 29
338 Jan 1258 Dec
29
29
600
Chic
&
East
RR
III
*4312 4512 4312 43,2 *4312 45
100
21 May 5 3075July 21
44 44
19
*43
4112
45
Aug 3834 Feb
/
4
441
1.000
Do prof
*534 6
100
37
May
6
614 614
614 612
5112
Jan
64 812
8
612 612 1,700 Chicago Great Western__ -100
4612 Aug 6214 Mar
612 6,2
1534 16
16
4 Apr 30
1612 1612 1634 1612 17,8 17
718July 21
234 Oct
1714 •17
7 Feb
1714 4,300
Do pref
100 1012June 4 18's July 19
1514 1512 1534 1614 1538 1612 1614 1678 1612
67s Oct 17 Feb
1678
1678
17
10,500
Chicago
Milw & St Paul-100 1134June 7 1815 Jan 10
2438 251s 25
27
26
2718 2638 27
1114
274
Oct
2635 Mar
2734 271. 2838 81,900
Do pref
6112 6134 6212 6334 6234 633
21I4May 27 3014 Apr 12
6212 631
2055 Dec 4512 Mat
621. 6238 63 6334 10,300 Chicago & North Western_100
.106 108 *105 108 *106 108 •106 103
100 494 Jan 3 6344 Aug 4
4718 Dec 88 Mar
*106 103 •106 108
Do prof
3278 3334 3338 34
100
100
Jan
8
108
344 3534 34344 351
Aug
5
9715 Dec 1184 Mar
34
34/
1
4 33/
1
4 3412 32,100 Chicago Rock fel & Pacific-100 214 Feb 15
87 87
87
88 *8712 89 *87 90 *8714
3634Ju1y 28
194 Oct 3775 Mar
8934 8818 8938 1,100
7% preferred
76
76
100 704 Feb 26 91 July 21
*77
7714 7714 771
7714 771 *77/
72 Aug 95 Feb
1
4 78
774 7714 1,000 6% preferred
3412 3412 35
100
655
Jan
3534 35/
8
2
1
4 357
7918July
19 607e Aug 85 Mar
36
37
37
37
2,300 Colorado & Southern
126 12934 130 13434 130 1331 12912 13112 3634 37
100 20 Jan 2 37 July 19
17 Oct 4512 Feb
12878 12934 129/
1
4 131
10,800 Delaware & Hudson
138 140
100 1044 Mar 5 13434 Aug 11
140 14178 138 1411 13612 140
9314 July 1244 Feb
13734 139
13812 140
19.700 Delaware Lack dr Western_ 50 11034 Feb 15 14178 Aug
3138 3134 3012 3178 2912 311
II 1097, Oct 13012 Feb
2934 30/
1
4
29
/
1
4
30
301g
30
/
1
4
/
1
4
89,400
Erie
4034 4118 3938 4034 3938 40/
100 2034 Jan 3 3558 Aug 1
1
4 4012 41
104 May 2254 Dec
4012 4138 40/
1
4 4112 27.500
Do 1st Preferred
40/
1
4 41
100 2858 Feb 19 4278 Aug 1
3912 4012 40
4112 40/
1
4 41
15 Jan 3114 Dec
4034 41/
1
4 41
4138 6,460
Do 2d preferred
6.5
100 251s Jan 3 42 Aug 8
6534 6512 6612 6512 664 65/
1
4 66
10%
66
May 274 Dec
66
66
6714 16,900 Great Northern pref
*2934 30
100 5334Mar 3 6938July 23
30
30
1
4 29/
29/
1
4 2934 30
5052 Oct 80 Mar
30
3014 30344 31
3,100
Iron Ore Properties_ _No par 26 May 23 3112 Feb 4
•1812 19
19
2012 1914 1914 1912 1934 20
25
July 36 Mar
20
20
2012
3,800
Gulf
Mob
its Nor tr cite-AO° 1154 Apr 30 22 July 22
6814 6814 6834 70
6814 7014 *6712 69
*68 69
913 Aug 20 Mar
68 68
2,400
Do Pref
110 110 110 11112 11112 11214 111 11218 *111
100 50 Jan 3 7034July 22
Jan 623d Feb
2
447
112
11112
11112
5,300
Illinois
Centml
30
100
10014 Mar 4 11214July
304 30 3012 2918 29/
1
4 2918 30/
9958 Dec 11713 Feb
1
4 3014 3214 31
32
11,300 Interboro Rap Tran_,,----100 1234 Jan 2 3914July 24
204 21
2212 22
22
17
22/
1
4 211
/
4 22 •22
913 June 2278 Mar
221. 22
2214
3,500
Kansse
City
Southern--1
5412 5412 *54
00
4Mar
173
26
55
2418July
55 55313 55
21
1558 .11119 247s Mar
55
*54
5414 *55
56
Do prof
500
504 51,4 511s 52
100 5114 Mar 31 5512July 29
5112 .533s 5234 53/
4858 July 5734 Mar
1
4 5318 53/
1
4 5312 5438 69,800 Lehigh Valley
98 9814 9834 10134 9812 101,4 99 100
50 5394 Apr 10 7232 Jan 25
54 June 7132 Feb
9934 100
100 1011
/
4 15,900 Louisville & Nashville.. 100 87/
1
4 Jan 16 10134 Aug 11
8434 Oct 155 Feb
44/
1
4 4438 4518 4518 *4512 47 *4512 47
46/
1
4 4712 47/
1
4 48
1.100 Manh Elevated, mod guar_100 3012 Jan 2 5178July 18
*812 10
*814 10
*812 10
*812 10
2713 Dec 454 Apr
*812 10
*812 10
Market Street Ry
*23 31
634
100
Mar
*23 31
15
*23
31 •23
134
Jan
4
31
713 Oct 22 Mar
•23
31
23
23
100
Do pref
*4612 47
100 22 Feb 20 404 Jan 5
47 47 *46
47 *4612 47
23 Oct 6812 Mar
4714 4714 4712 4712
300
Do prior pref
*15
100 4312Mar 17 7112 Jan 4
22 •15
22 *1514 2112 *15
20 •15
564 Oct 87 Mar
22 •15
22
Do
2d
prat
*214 212
14
100
212 234
Mar
18
30
2/
1
4 3
Jan
4
3
1438 Oct 5614 Mar
314
318 314
3,4 3,4 3,000 MInneap St L instill
1434 15
138 Jan 3
1434 1512 1518 1534 1518 15/
100
4 Jan 28
78 Aug
912 Feb
1
4 154 1533 1518 151 22,400 Mo-Kan-T&
exas AR__No par 1012May 20 1578July 18
4338 43/
1
4 4334 45
4438 46
45
934 Oct 17 Feb
4512 4434 45
44/
1
4 453s 16,800
1734 1838 18
Do pref
100
1938 1878 1912 1912 20
2914
18
Feb
46 Aug 12
2478
Oct
4512
19
Feb
1912
19
191
16,500
Missouri Pacific cons
4712 4734 4818 4912 4834 50/
934 Jan 3 201t July 23
100
1
4 4018 5178 51
84 Oct 1982 Feb
511
/
4 514 511 42,000
*118 138
Do pre/
114 114
100 29 Jan 8 5178 Aug 13
114 114 •118 1/
2214 Oct 49 Feb
1
4 •118 138
118 11
700 Nat Rya of Max 24 pref-.100
*106 107
106 10734 107'10734 107 1074
118July 16
214 Feb 6
14 Nov
434 Feb
107 107/
1
4 107 1071
4,700 New On Tex et Meg
107 107/
1
4 10712 10912 10814 109
100 934 Feb 15 12112May 20
109 110
8213 Aug 105 Mar
108/
1
4 1091 10918 109/
1
4 67,200 New York Central
112 11312 11212 11418 11312 11634 113
100 9918 Feb 15 110 Aug 13 904 May 1074 Dec
11612
/
1
4
11334
115
2111
111
/
1
4
12,000
9038 9012 9014 9012 9012 91
N Y C &StL new co
100 724 Feb 18 11612 Aug 13
9014 91
6712 Aug 8018 Dec
9014 903s 289
891
3,300
26/
Do prat
1
4 27
27
2818 2718 2814 2718 27/
100 83 May 21 9114Ju1y 25
86 Nov 9512 July
1
4 27
28
271s 277 35,200 N Y N H & Hartford
2012 2012 2078 21
100 1418 Jan 2 301s July 24
2038 20/
21
1
4
22
/
1
4
958 July 224 Jan
211
8
22
12
22
/
1
4
2238
10,300 N Y Ontario & Western -.100 16 May 24 2258 Aug 14
*18
19
19
19
19
19
1414 June 2158 Feb
16
*1812 19
1778 181
1.000
12578 12714 127 12812 12512 1283, *10
Norfolk
Southern
1212
100
Apr
22 2114Ju1y 21
126 127
9
Sept 1858 Feb
126
127
12614
1271
51,300
*73
Norfolk & Western.
78 *73
78 *75
100 10213 Jan 3 13212 Apr 8 100 July 11758 Feb
78
*75
79 •73
78
*75
78
64
6412 6434 6534 65 66
Do pref
100 7234 Feb 26 8018June 10
6512 6534 6513 6532 657s 661 18.700 Ncrthern
72 Sept 7812 Aug
441
/
4 44/
1
4 44/
Pacific
1
4 4514 4518 45/
100 4778 Mar 3 6734July 23
1
4 451s 46
4934 Oct 8112 Mar
4512 4534 4512 453 10,100 Pennsylvania
*1414 16
1512 1612 .15
50 4214 Jan 3 4634 Jan 28
1612 •15
1612 •15
404 Nov 4772 Apr
1612 •15
161,,
600 Peoria & Eastern
100
934 Mar 13 1714 Aug 1
6512 6612 6512 6612 6312 65
8 Oct 17 Mar
63 6438 63/
1
4 6414 6312 64 26,300 Pere Marquett
*8112 8312 8278 8312 *80 83
100 4012 Mar 3
e
684 Aug 8
824 8218 .81
36 Jan 4714 June
8214 8212
83
700
Do prior pref
74
74
73
100
72
73
7112Apr
72
2
8512
Aug
72
2
72
6712
7134 713
Oct 7634 Mar
72
72
800
Do pref
60 6112 60/
1
4 62
100 60 Jan
60 61/
1
4 6014 62
77 Aug 8
6013 613
5713 Oct 7012 Jan
61
6238 15,000 Pittsburgh & West Va
101 101
101 101
100 38 Jan
101 101 *101 102
6375 Aug 7
3378 Jan LObe May
101
101 101
2,500
Do prof
6114 6134 6134 634 6212 6418 6212 633 101
100
854
Jan
102
Aug 6
85 Dec 93 Jan
63 6338 63 63/
1
4 49.600 Reading
.3538 36
3512 36
60 5178May 2
36
36
79 Jan 12
36
36 *35/
6813 June 814 Feb
1
4 36 •3538 36
700
Do 1st preferred
3534 3534 36
50 3414June 2
3638 36
36
5612 Jan 14
3534 3534 *351. 357 *3534 36
44 June 8812 Feb
1,300
Do
26
*36
38 *35
preferred
30
33315
37
Jan 1
*36
38
58 Jan 14
384 42
45 June 5654 Jan
4118 441
44
50
9,400 Rutland RR pref
25
25
251s 2512 25
100 32 Jan
50 Aug 15
2512 254 26
2212 Oct 39 Dec
25/
1
4 257
25714 26/
1
4 22.400 St Louis-San Fran
52/
1
4 5238 52/
1
4 5314 5212 53344 534 551
100 1915 Apr 30 2638July 19
1634 Oct 27 Mar
5412 573
5814 6034 19,800
Do
42
pre/
4214 42
A
43/
1
4 434 44
100 4258 Jan
6034
Aug
15
44
4433 4334 44
3212
Jan 50 Mar
435
5
443
4
13,600
St Louis Southwestern..,,.,100 33 Jan
*6834 6914 6914 69/
1
4 69
4538July 15
69/
1
4 6934 70
6918 691
2512 Aug 3638 Feb
6918 6934 2,500
Do
1312 14
pref
14
100
1538 15
Jan
7
2
67
7112July 9 5438 June 6373 Mar
1538 15/
1
4 15/
1
4
147
8
151
1518
1534
0,300
Seaboard
28
28/
1
4 2814 2934 29
Air Line
100
614 Jan
11213 July 28
2934 29
434 Aug
293
29
291
712 Feb
2912 30344 9,10
1
4 95/
Do prof
94/
1
4 9512 97/
1
4 9612 97/
100 1414 Jan
3238July 30
1
4 9634 9712 96
814 Aug 1534 Dec
97
9614 96/
1
4 75,600 Southern Pacific Co
6312 64
63/
1
4 64/
1
4 6418 6484 6438 643
100 8513Mar 2
97% Aug 12
64a
844
Aug
/
1
4
64
954
6434
Feb
673
8
43.600
Southern Railway
7514 7514 7514 7512 7514 7512 7512
100 3812 Jan
6738 Aug 15
2434 Jan 3915 Dec
75'2 754 751
7512 75/
1
4 2,500
34/
1
4 3512 3434 3534 34/
Do pref
1
4 35/
100 6634 Jan
1
4 3514 3618 354 357
7578 Aug 15 63 July 7078 Mar
3512 3614 36,800 Texas & Pacific
121
/
4 1238 1218 1212 1234 12/
.100 19 Jan
1
4 *1234
3814 Aug 15
4 121s 121 •1314 15
14 Aug 294 Mar
1,00 Third Avenue
*46
48 .4614 47 .46
100
48 *45
854MaY 20 1812July 17
47
*4512 471 .4512 4712
812 Dec 194 Feb
143 143
Twin City Rapid Transit -100 4478July 2
143 145
14314 145
14314 144/
66 Jan 12
1
4 14338 144
581
4 Jan 7713 June
1431
/
4
14412
17,800
Union Pacific
7534 7534 75/
1
4 76
12652
100
Mar
76
76 *76
145
Aug
7612 •76
11
12413
7612 •76
Aug 14478 Feb
761. 2,000
Do pref
/00 70 Mar 20 76 Aug 11
1712 1734 171
7014 Dec 7612 Jan
/
4 17/
1
4 1734 18
171
/
4 18
1834 19
1778
1914
4312 45
45
4534 44
758 Apr 23 2012July 28
100
46/
1
4 4414 4434 4434 4734 4712 4912 4,400 United Railways Invest
77s Oct 2172 Mar
10,700
62/
1
4 63/
Do prat
1
4 *6234 64
100 261
624 6278 61
/
4 Apr 21 5458July
61
*6012 61
•6012 62
26 Oct 62 Mar
800 Virginia Railway & Power 100 36 Feb 29 7234July 14
1514 1618 1578 1618 1578 1614 16
1612 1638 1612 164 1638 21,600
12
3034 Au
3612 Oct
4434 4514 4414 45
43/
Wabash
1
4 45
100 1034 Jan 4 1738Mar 20
4434 45/
1
4 45
45/
1
4 45
7 Mar 12 Dec
45/
1
4 37,900
.3018 31
*3034 31
Do pref A
100 84 Jan 3 4734 Mar 19
3012 3034 31
31
3034 30/
2314 Jan 3612 Dee
1
4 *3038 3112
600
13
13
13
Do
pref
B
131
/
4 127s 131
100
224
Jan
3 3234 Apr 4
12/
1
4 1314 13
1612 Jan 234 Dee
1314 1318 13/
1
4 9.600 Western Maryland
21
/
4 2012 2128 2118 2114 21
2118 2112 211
100
838June 3 1334 Aug 6
21
8 Sep
21
15 Feb
2114 1,500
2114 2114 2118 2138 2112 2214 211
Do 24 Preferred
100 1514May 15 2158July 18
/
4 2234 224 22,8 22
14 Sep
2634 Mar
2214 2,500 Western Pacific
72
•70
70
70 *7014 72
100 1434 Jan 2 2438June 23
7118 7118 711
7138
/
4
12
Setp
7034
2014
Mar
7044
400
141
Do prof
1412 15
14
13/
100 58 Jan 7 737 July 2 63 May 6332 Mar
1
4 15
14
144 13/
1
4 14
1418 1434 16,400
25
2514 2514 2534 2412 253
712 Jan 2 1514 Aug 5
25
2512 2413 2514 2514 2514 4,100 Wheeling & Lake Erie Ry-100
6 Oct 1012 Feb
Do pref
_
100 1414 Jan 2 2612 Aug 8
10 Oct 19 Feb
- -Wisconsin Central
100 34 Jan 16 3712 Jan 29
23 Aug 3873 Dee
Industrial & Miscellaneous
874 *8714 8834 88
*87
8812 *86
87 *86
88 *86
88
200 Adams Express
12 *1112 12
•11
11
11
100 7312 Jan 2 8912July 18 67 Sept 82 Mar
1012 1012 •10
1118 1118 12
1.200 Advance Rumely
.3712 4012 *39
40
39
39 *35
100
6 June 9 1284 July 29
39
*35
40
64 Oct 1912 Mar
384 39,
4
900
Do
prof
*79
7934 78
7912 •79
79
100 2814June 14 4118 Jan 4
7712 78
76/
1
4 7712 78
24 Nov 5438 Jan
79
3,300 Air Reduction. Inc_-__No par 6714 Jan
818 9
834 9
834 975
9
914
2 8278July 21
914 10
94 938
56 Jul
7238 Mar
13,700 Max Rubber. Inc
50
412May 14 1012 Jan 11
- -- - 414 Oct 1418 Mar
Alaska Gold Mines
-;i*1
118
1
1
114 *1
Jan 3
13 Au
Feb
2
14
58 Mar
1
1,
4
600
Alaska
Juneau
7634
Gold Min- 1
76
7612
765a 7514 76
78 Jan 30
7512 763, 7512 7638 75
112Mar 4
Oct
17g Oct
7658 12,500 Allied Chemical & Dye_No par
65 Mar 18 79 July 28
11534 11534 •115/
5914 Aug 80 Jan
*11512 116
1
4 116
11534 11638 11678 11678 116 11612
1,900
5524 5678 5614 571s 5718 5834 5712 5778
Do pref
100 110 Apr 8 11814July 16 10514 Aug 112 Mar
5714 57,2 57
5778 16,400 Allis-Chalmers Mfg
9933 9812 9812 *98
*97
99 •98
100 41 Mty 20 5834 Aug 12
99
9812 99 *98
8734 June 514 Feb
99
300
Do pref
1334 1312 1355 13
•13
1318 1314 13/
90 Apr29 99 Aug 14 89 Nov 9712 Jan
1
4 14
1438 1412 14/
1
4 2,100 Amer Agricultural Chem 100
3714 3312 37/
40
.38
718 Apr 7 1718July 29
1
4 38
100
38
3812 38
40 *394 40
101a
3678 Feb
2,800
Do pref
*125 132 *125 13212 .125 13212 *125 133 *12512 133
100 1854 Apr 7 4958 Jan 9 2814 July
133
Oct 6878 Feb
100 American Bank Note
.55
56
55 55 *5414 5612 *5412 5612 .5412 5612 .5412 133
50 98 Jan 8 13512July 23
5612
77 Jan 100 Nov
200
Do
4012 4012 4114 41
pref
•40
41
60 52 May 6 55 Mar 13
*4012 4034 40/
1
4 41,2 *4012 42
5013 June 554 Aug
1,200 American Beet Sugar
*2712 28
28
•27
28
28 *27
100 36
28
21 4912 Feb 6
27
27
25 Aug 4913 Feb
27/
1
4 2738
300 Amer Batch Magneto__No par 2214 Mar
8312 83
334 *82 83
.83
8212 8414 84
Apr 1 387a Jan 12
34
2234
8312
85
/
1
4
2,000
Am
1063
Brake
8 10638 •10638 108 •106/
Shoe & IP...No Par 76 Apr 14 8578 Aug 15 694 Oct 60 Mar
*10414 108
1
4 108 *10638 108 •106/
1
4 108
8314 Feb
100
Do pref
12414 1253s 12514 1264 12312 126
100 10414July 10 110 Mar 28 102 Sept
1230* 125
12314 12378 12618 12914 172,800
July 110 Jan
American
Can
11614 11614 *11512 116 *11512 116
100 9578 Apr 21 12914 Aug 15
11512 11512 11512 1154 115/
7312
Jan
1071
/
4 Dec
1
4
115
/
1
4
700
Do pref
*171 17212 *17112 172
16912 172 *168 171
100 log Jan 8
171 17234 172 173
July 31 106 Sept 115 Feb
1,900 American Car & Foundry-100 15313 Apr 14 11612
•123 125 *123 125 *123 12434 *123 12412 12314 12314
176 Jan 28 1484 July 189 Mar
*123 12434
100
Do
pref
2244 23
2234 22/
22/
100 11834 Apr 9 125 July 18 117 Sept 125/
1
4 23
1
4 23
2318 23
2318 23/
1
4 2332 1,600 American Chain, cl A
1
4 Jan
2212 *2114 23 *21
25 2185Mar 21 2338 Apr 12
*21
23
*2138 22
2112 218 .2114 23
2015 June 2512 Mar
200 American Chicle
No par 14/
1
4 *412 472 *418 5
478 4/
1
4 Apr 22 2312July 10
*434 4/
1
4 *438 478
Jan
4/
5
1
4
1
4 4/
1718
Nov
1
4
600
Amer Druggists Syndicate--10
*117 119
117 11813 117 117
11814 119
312June 6
11712 11912 11934 121
814 Jan 30
44 Sept
748 Feb
1,900 American Express
100 88 Apr 15 12212 Aug 4
113 115 11234 115
113 114
115 115
115 11634 115 116
87 Nov 1434 Mar
6,900
Am
&
Foreign Pow 25% paid_. 9212 Mar 8 11812 Aug 7
111 111
112 11314 112 112
11234 113
96 Dec 97 Dec
11334 11334 •11212 115
1,000
Full paid
1012 1012 1012 1114 1012 1114 104 113a 12
9112 Apr 4 117 Aug 7
1238 1218 1238 5.000 American
Hide & Leather-100
6015 6018 60/
1
4 63
6114 68
714 Apr 28 1335 Feb 13 -11; Aug 1834 Ma,
624 6414 6314 6414 6314 6414 7.100
Do °ref
100 504 Jan 3 63 Feb 11
2934 Aug
Mas
•Bld and &Med prices. s Ex-dividend. te Ex-rights.
741
/
4
794
New York Stock Record-Continued-Page
inactive, see second page preceding
For sales during the week of stocks usually
PER SHABA
PER SHARE
Range for Previous
Range Since Jan. 1 1924.
STOCKS
Sales
Year 1923.
SHARE, NOT PER CENT.
On basis of 100-share lots
NEW YORK STOCK
HIGH AND LOW SALE PRICE-PER
for
EXCHANGE
the
Friday.
Lowest
Highest
Thursday,
Highest
Wednesday.
Tuesday,
Lowest
Monday,
Week.
Saturday.
Aug. 15.
Aug. 14.
Aug. 13.
Aug. 12.
Aug. 11.
Aug. 9.
per
share
$
per Mars
S
share
per
$
share
Par
per
$
Shares. Indus. & Miscall. (Con.)
Oct 11113 Apr
78
share
Per share $ per share $ Per share
100 86 Jan 14 96 Feb 7
$ per share $ Per share $ Per
9012 9012 3,200 American Ice
77% Oct 89 Feb
89
87
Feb 5
8812
83
88
28
Mar
883
4
794
9014
100
9112
pref
*90
Do
500
*9058 9113
18 Sept 3312 Mar
8134 8134 8114 8134
8 Aug 5
8114 8114 *8114 82
81
*80
81
11,800 Amer International Corn-100 17% Mar 19 263
81
1018 July 13 Mar
4 Jan 9
1
/
2413 2514 24% 2518 25% 2614
24% 2412 2434 25% 2418 25
600 American La France F E._ 10 10 May 19 12 3 Jan 14
*1058 11
13 Oct 38 Mar
10%
1053
10%
223
7
10%
10%
8
4May
107
133
100
11
American Linseed
1078 10% •1012
600
2012
20
.
2812 Oct 59 Feb
20
14
Jan
20
45
100 30 Apr 15
Do pref
4 1912 1934 194 1912 1958 1958 4012 4012 *40
1
1934 19/
100
41
4 Dee
/
4 July 761
1
64/
8 Aug 1
813
4012
15
4012
Apr
*3912
par
*3912
7018
_No
new
Locom,
4012
*3912
4012
*3954
8038 13,800 American
Feb
100 11614 Apr 16 12018July 31 11412 Sept 122
7912 77% 7912 7814 7914 7834 79% 7914
Do pref
7914 79
79
100
4014 June 5578 Mar
120 120 •11934 12014
par 3834June 3 47 Aug 4
No
Metals
American
5,300
*11934 121 *11934 12014 *11934 12014 *11934 12014 46
Jan 97 Dee
4 47
/
461
78
15
3
Al.g
463
4
1143
16
4512
4512
Apr
45
9414
25
45
4
453
American Radiator
4512 4513 *4514
94 Feb
4% Juno
112 11314 11312 11434 4,200 American Safety Razor
713 Mar 6
25
5% Apr 22
900
11312 11334 1124 11438 112 11212 112 113
1033 July 21% Jan
15% Feb 11
6% 6% *612 634
634
658 634
1,400 Amer Ship & Comm_ _ _No par 1038May 21 7258 Aug 15
•612 634 *812 634 *658 11
1134 12
Oct 694 Mar
5114
1112
1112
14
11
11
Jan
574
11
1112
00
& Refining_1
*114 1112 11
93 June 102% Mar
70% 705s 72% 22,400 Amer Smelting
6914 69
100 96 Jan 2 10418 Aug 15
Do pref
6858 69% 6914 6978 6812 6978 69
700
10418 1044
31% July 4078 Mar
104 104
Apr 21 40 Feb 7
10334 10334 *103 104
103% 104
2,100 Am Steel Foundries_ __ _33 1-3 334 Apr 25 100/
'1034 104
3512
97% Aug 10514 Feb
15
3514
8
Aug
353
4
1
3514
8
353
100 10114
3514 3534 35%
pref
Do
200
36% 36% .3512 36
Oct 85 Feb
4
1063
48
4
100 3858 Apr 23 6134 Feb 7
*10512 10614 10614 10614 1063
*105
_ _ *105
*105
4673 6,000 American Sugar Refining 100 79 June 7 9978 Feb 14
92 Dec 10834 Jan
46
46
4514 4418 4512 4414 4512 45
Do pref
4334 4334 44
600
9014
July
3633 Feb
16
9014
9
Jan
90
284
89
638July 11
90
89% 89% *89
90
*89
89
89
900 Amer Sumatra Tobacco_ _ _100
9
818 81s
812 812 *814
324 July 6534 Feb
8% 9
818 818
274 Jul y 11 69 Jan 16
100
pref
Do
100
12834 Dec
*2814 31
*2813 31
*2812 31
100 1214June 26 13072 Mar 13 11918 June
40
*30
33
Amer Telep & Teleg
2834 283kI *30
16134 Feb
12678 12712 12712 1277 20,600 American Tobacco
100 138% Mar 25 157 Jan 28 14014 July
12514 1254 1253* 12578 125% 12614 12612 127
150 15014 3,200
11 10813July 23 /5018 Nov 105% Mar
Apr
150 150
101
1504
100
148
148
148
pref
148
8
Do
1473
14834
100
2
140 May 159314 Feb
2
28
10512
Jan
*1041
153
25
10512
Mar
*104
13514
100
8
104%
B
1047
Do common Class
*10412 10512 *10412 10512 10412 105
14712 2,900
2712 Jan 4434 Apr
31
14514 14634 147 14712 14712
& El v t e__.100 40 Feb 18 11734July
14434 14514 145 146
1444 145
Jan
8514 July 93
10912 11018 3,700 Am Wat Wks
99 July 8
11012 11314 111 11112 111 11114
Do 1st pref(7%) v t c-100 8912 mar 21 99 July 10
10814 109
200
107 108
Jan 6713 Dec
4813
9734
3
973
97
19
Feb
*97
9734
9814 97
*97
97
panic pf(6%) v t c.100 68
Do
9734 9734 *97
600
Mar
Oct
8
1095
92
65
II
*8814
Jan
*8814 92
100 62 Apr 23 7878
864 8638 8734 8812 *8814 92
*86 i 90
4 Jan
/
0638 Oct 1111
7614 7514 7718 13,300 American Woolen
100 9634 Apr 30 1025s Jan 19
7412 7578 7434 7514 7514
Do prat
300
735s 743* 743 753
118 Dec 34 Mar
7 July 14
14 Apr 16
*101 10134 10133 10138 2,000 Amer Writing Paper pret_ _100
*100% 102 *10112 102 *10112 10178 102 102
312
618 Oct 1914 Feb
*34
29 1038 Feb 14
35*
Mar
7
38
4
Smelt-25
418
&
Lead
3%
318
412
2
Zinc,
,
3
34
Amer
31*
500
2434 Dec 5814 Feb
878 87
*834 878
25 24 June 5 3478 Jan 14
Do pref
*814 9
812 834 *814 834 2912
9
*8
32% Oct 534 Mar
3114 1,500
2912 30
20 41 Feb 15
2914
29
28
38.500 Anaconda Copper Mining_ 50 2812May 18 9318 Jan 24
2834 2834 2834 28
*27
8834 Oct 9414 Dee
39
33
38
8
8314June
373
100
pref
3714
4
1
/
36
(Del)
4 36%
/
500 Armour & Co
3534 3612 3618 3658 361
1013 Nov 1834 Oct
9114
8 June 4 15 Jan 9
9034 9034 *90
91
9034 9034 *90
91
100 Arnold Constle& CotteNo par
907 90% 91
10
6214 Jan 89 Mar
*9
10
100 79 Jan 15 11712 Aug 5
934 934 *9
104
934 *9
1,900 Associated Dry Goods
912 *9
24% Oct 2912 Des
*9
117
5
115
Feb
34%
16
113
2712July
11014
11212
25
800 Associated Oil, new
*11112 11212 *111 11212 110 11014 *11012 28
914 July 34 Mar
4
1
2834 28/
29
1034 Mar 26 2158July 14
29
28
600 All Gull & W I SS Line...100
2834 2834 2834 2834 2814 29
634 July 27 Mar
1558 153* *154 161*
100 1212 Jan 4 2738 July 3
16
Do pref
500
8 Sept 1534 Jan
993
20
*1518 1512 1513 168 •154 1612 *1513
31
8
Jan
197
14018
28
100 7812JulY 16
*1912 20,4 20
Atlantic Refining
2034 *1912 20
May 120
Jan
208 2078 *20
8534 84% 8512 40,900
100 10914June 23 118 Feb 7 115 July 354 Jan
8012 8112 81
82
Do pref
8114 83% 80
17
8413 86
113
9
Jan
*111
30
28
113
Mar
1812
*111
par
_No
Austin, Nichols & Co_
1,800
4
*111 11414 *111 11414 .111 113 *111 113
233
4
233
78% June sms Jan
2318 2312 2312
2334 23
22
25
100 79 Apr 17 8814 Jan 24
*2234 2334 24
Do pref
6% Dec 2814 Apr
*8512 88
812 Jan 2
88
153June 20
*85
*8534 88
88
*86
200 Auto Knitter Hosiery_.No par 10434N1ay 20 131 Feb 7 11012 Aug 144/
4 Mar
1
86
88 .85
*86
3
*212
3
212
.
Wks_100
212
e
212
212 212
Baldwin Locomotiv
80,200
Apr 116% Jan
*212 3
12438
111
*212 3
1
Feb
8
1227
116
10
4
100 11012June
12112 12012 1223
11912
pref
Do
120%
11812
Mar
35
Aug
120
8
1187
9%
8
1193
8
1185
*114 11612 *114 11612 29,400 Barnsdall Corp, Class A_._ 25 14 Feb 16 2158Juno 30
Jan
6 Oct 22
*113 11612 *113 11612 *113 11612 •114 11612
25 10 Jan 7 1614June 30
1978 2114 20% 2158
Do Class B
6214
700
June
Apr
50
1514
1934 2014 1934 1934 1958 19% 1934 20
5
Jan
1514
59
ay 16
1413 1412 1514
1413 1412 *14
Bayuk Cigars, Inc....No par 3912MApr
4818 Dec 8414 Mar
*1412 15
45
•1412 15
Jan 31
*44
5812
15
4
4
443
443
20
*42
45
Packing
*43
45
*44
June 70 Mar
3,000 Beech Nut
45
4134
*44
45
*44
5
52
Feb
6218
50
17
4112July
50
100
50
4934 51
50
7 21,900 Bethlehem Steel Corp
50
50
50
*49 - 51
Apr 12 11014 Feb 15 10014 June 11114 Mar
4334 4312 43
434 43
Do cum cony 8% pref _100 10114
42% 43% 43
100
44
87 July 9713 Mar
434 4312 43
100 891130110 30 97 Feb 11
212 *105 107 *10514 107
06
41 15
02
Preferred new
10512 10512 *15
74 Jan
900
94
4 107
1
334 Oct
*9212
*105 107 *105/
718 Jan 6
94
358June 11
No par
*92
94
9% Mar
800 Booth Fisheries
3 Dee
*9212 925* 9212 923* •92
*434 512
5 Feb 0
512
3
514
Apr
212
100
Steel
*43
Empire
4
512
British
4 434
1
4/
47
May 12112 Jan
312
10414
15
4% *434 5,3
Aug
*212
11614
2
une
3
10714J
100
*213
*212 3
*212 4
2,700 Brooklyn Edison, Inc
*212 5
*213 6
4 11534 1155* 116,4 6,200 Bklyn Union Gas new._No par 5658 Apr 21 71 July 26
1
115/
"if4 Oct -6E7i Apr
11513 11514 *11518 11514 11514 11514 11538 11558 6914 6934 6914 691
4
/
100 39 May 27 5312 Jan 9
6818 69%
68
68
Brown Shoe Inc
100
Sept 144% Mar
4812
47
*6712 6812 6712 68
48
100 9712 Feb 26 11212June 27 100
545
48
*45
Brothers
48
4712 *45
Jan
2112 Sept 43
*45 , 4712 *45
10614 10614 1,300 Burns new Class B com____
26 27 June 27
Feb
19%
105
105
4
1043
10412
Do
200
414 Oct 1134 Feb
106 10834 105 105%
14
107 107
Feb
2414
612
25
2414
8June
35
25
5
2512 *24
& Zinc
2412 *24
Copper
Butte
June
2,200
22
1314
Aug
23
*2418 2434 *2418 2412 .24
Jan
4
23%
512 53
100 17 Apr 28
514 512
514 512
518 518 *518 5%
400 Butteriek Co
1278 Oct 37% Mar
8
*1734 1812
19
10 14 May 29 2038 Feb 15
*18
18
18
19
Butte & Superior Mining
114 Nov
94 Feb
*1778 1834 1734 1778 *18
4 Jan 19
1
4/
1734 1734 1812 5,500 Caddo Cent 011 & Ret_No par
112Mar 21
17
17
17
77 Aug 87 Feb
1618 1612 164 1634 1634 17
4
4 Feb 1
1
*112 13
13
30 87/
Apr
*112
80
par
_No
4
13
Packing_
*112
4
1,100 California
*112 134 *112 134 *112 13
4
863
4
863
4
863
May
Sept
29%
174
*86
86
4 Feb 5
/
8612 86
8634 85
*86
*8512 87
Petroleum, new. 25 1913July It 291 Jan 31
9012 Sept 11012 May
2214 2214 13,500 California
100 9212Ju1y 16 107
2214 2114 2134 2134 2218 9512 9512
Do pref
8
Feb
125
300
Oct
2238 2234 2214 2213 21
9
4
33
Jan
572
212May 10
9512
10
*95
96
'2,500 Callahan Zinc-Lead
Oct 66 Mar
*9512 9712 9512 9512 *94
42
*9513 97
378 4
4
10 41%Mar 31 54% Aug 15
4
3% 4
4
4
4
4%
Oct
4
1,600 Calumet Arizona Mining- par
Feb
5478
18
14
*378 4
4July
13
53%
26
12 Mar
No
5213 53%
5318 5212 53
52
Case (J I) Plow
52
52
17 Dec 42 Mar
*5118 53
14
*78
14 Mar 19 29 July 28
114
*78
*78 112
*78 112
112
Case Threshing Mach_No par
•78
113
Nov 4012 Mar
9%
*78
13
29
Feb
In
*26
25
Mar
9%
29
100
*26
29
*26
29
*26
29
*26
2818 Nov 79% Mar
27
*26
2 7,700 Central Leather
14
151*
4 Aug 15
1
517
1538 523
100 2914Mar 5 52/
Do pref
14% 1412 14% 14% 1412 1538 1514 15% 517s
15,300
14
364 Oct 5013 Mar
14
4 Mar 31 4914July 22
1
par 40/
5212
51
29,900 Cerro de Pasco Copper_No
Oct 76 Mar
2
43
47% 4818 4814 4933 48% 4873 48% 52
4812
Jan
6812
14
48
Apr
4218
46% 4734 4734 4814
47
12,200 Chandler Motor Car_--NO Par 7978May 15 8738July 21
7513 June 9034 Mar
50
4534 4634 4614 4634 46
4 4734 48% 48% 87
100 Chicago Pneumatic Tool..100 39 May 12 5118July 10
4712 4814 4718 4814 4733 473
4712 48
.86
par
87
8618 8618 *86
87
*86
700 Chicago Yellow Cab__.No
87
68
*86
244 June 303s Mac
9778
734
87
*86
2 4
14
*46
307
7
25 265gMar 29 35 Aug 14
48
48
48
48
48
48
87,800 Chile Copper
47
47
1434 Aug 3178 Mar
49
,*47
5 15 Mar 28 2214 Aug 4
3414 34% 34% 35
2,500 Chino Copper
July 7614 Mar
60
4
30
213
Jan
324 3278 32% 33% 33% 3418
754
13
4
Aug
4
213
593
100
2134
600 Cluett. Peabody 4z Co
2118 2114 2118 2118 2138 2112 21% 59
6514 Oct 83% June
21
59
21
Apr 21 7712 Jan 2
*58
61
par
No
c
t
*58
v
Co
5914
59
Cola
60
60
10,600 Coca
5934 60
Oct 35% May
5
20
Aug
5414
*5934 61
15
8
247
Feb
100
76%
7633 76
75
Colorado Fuel & Iron
Oct 514 Dec
41
7412 7412 7434 7413 75
74
5034 5238 58,800 Columbian Carbon v to No par 4038July 24 5538 Jan 18
52
5234 51
5014 5214 51
400
3734 Apr
June
14
4
1
/
30
8July
4318
425
21
5012 5134 51% 53
Mar
33
par
_No
43%
_
new_
43%
Else,
44
13,800 Col Gas &
4412 4334 4334 44
318
02
46 Feb
4
4
Apr
4434 *43
25
16
*43
8July
673
4018
11
Jan
4058
Commercial Solvents A No par 4312
3934 4118 40
3934 40% 3912 40
15 Apr 40 Des
3913 40
6014 5112 4,000
15 60 July 16
Jan
33
par
4
3
No
60
59
60
58
B
58
2,700
57
Nov
55
184%
Dec
r4413
18
5513 5512 *5512 57
*54
Feb
19
6614
8May
323
par
No
5512
Congoleum Co
51% 5378 54
52
4812 48% 49% 4912 50
1458 Dee 3938 Jan
53% 5334 36,600
11118Mar 2
2218 Jan 14
53% 5234 5334 5313 5414 19% 1912 2,300 Consolidated Cigar_ _No par
52
5312 52
5118 52
Feb
1912
83
*19
Dec
60
100 594 Apr 24 84 Jan 15
1734 1913 1712 18% 1914 1912
•1713 19
Do pre!
7814
504 July 6958 Feb
2
4 Aug 15
1
Consolidated Gas(N Y) 100 6078 Jan 22 72/
4 *7514 7512 *7514
/
58.500
Feb
1412
*7514 77 •7514 7614 *7514 761
4
723
Oct
6
*7514 77
5
Jan
721s
8
2% Apr
par
8 7038 7112 7138 72%
9,500 Consolidated Textile__ _No
4278 May 5738 Dec
7014 7053 704 7078 7018 705
434 5
100 4313 Apr 14 6012 Aug 15
414 5
44 412
413 412
414 412
42,100 Continental Can, Inc
Jan
4
1
1214
6012
Oct
44 4/
5
16
59%
Jan
22
6
8
Apr
par
.No
5878 60
5815 59
678 4.500 Continental Motors__
5734 5814 57% 5814 5612 58
Jan 4 18758 Jan 28 114% July 16012 Deo
658 634 *658
634 634
Corn Products Refining- _100 15238 Jan 15 37% Jan 28
634 634
65s 634
658 6%
3112
25
New when Issued
-327 -3-4:666
1 Mar
;
No par 2318June 7 4014 Feb 5 -224 Sept -1;2
3134 -2214 32 -3212
3278 31.3.4 32I
27% 21,300 Cosden & Co
323* 3212 32
5712 Sept 8412 Mar
48 May 13 71% Feb 7
2734 27
27
4 27
38.200 Crucible Steel of Ameriea__100 86 May 22 92 Feb 11
Mar
52
9412
Aug
4
1
/
2718 2758 2714 2758 2658 2714 263
5114
85
51%
100
4914 5312 49
Do pref
200
1387888
361241
53% 5418 5358 5413 5314 54
634424184 9
84 Aug 20 Feb
89 '89
No par 1134 Apr 22 18 Feb 8
89
91
*89
91
*89
6512 Dec
91
1,200 Cuba Cane Sugar
*89
91
Aug
334
11
*89
71%
Feb
21
Apr
8
535
14
100
134
Do pref
1312 1313 1334 1334
14,600
23 Aug 37% Feb
•1312 1334 *1314 1433 623
2812June 9 38% Feb 11
6212 6418
8 6312 6212 63
Apr
15,900 Cuban-American Sugar- 10 96 Jan 4 994 Feb 28
92 July 106
6138 6178 6178 63% 3114
3118 3213
100
3214 3112 32
Do prat
0912
3 July 1214 Mar
*98
5
3012 3012 3014 3114 *9512 98
Feb
16
813
418June
9912
Sugar No par
98
.
*98
Dominion
9913
Cuban
98
Mar
*9512
584
Aug
514
99
30
*95
100 42 Apr 11 52 Feb 5
4 514 *4% 514 .4%
1
Do pref
*434 534 *4/
100
312
45
312 5
52
*4
544 July 7212 Dee
*458 534
45
No par 5218 Aug 8 7412 Jan 3
*42
42
4412 42
*42
45
10,700 Cuyamel Fruit
45% *42
*42
5334
25 11 July 31 3214 Mar 6
Mills
5312
Woolen
53
Boone
5414
7
54
52
Daniel
54%
8,300
4 -Le;
1418 1534
.5334 5434 5212
41 Apr 14 6912 Jan 8 "ZOsi May -81-11412 13% 1418 5114
1314 134 1378 14
5258 23,700 Davison Chemical v t 0-NO Par 1814 Jan 21 224 Mar 14
13
1854 Dec 28 Mar
12% 13
5214
50
53
52
Cons Mines-No Par
* 53
De
Beers
515
Mar
5412
100
111
5312
21
JUDO
*2018
534 54%
100 10114 Jan 80 110 Aug 13 10014
2014 21
4 *204 2114 .
/
211
2,100 Detroit Edison
111
Mg May 444 Jan
2118 2118 *2012 2114 *208 1094 10934 110
110 110 *11018
Dome Mines, Ltd.-No par 15 Apr 28 2014 Jan 7
June
109
1,300
109
1414
%et
109
10912
11
4
*109
911sJune 9 11% Aug
15%
100 Douglas Pectin
4 15% 154 154 1512 1534 1514
1
101 115122
15% 15% 15/
*1034 1114 11% 1138 *153
89% Jan 115% Apr
par 1044 Apr 21 11212 Jan 8
1112 *1034 111 *1034 1112
*11
Oct 27 July
11078 3,600 Eastman Kodak Co....No
20
110
11
June 19 2414 Jan 8
110
11114
8
1091
Axle ,k Spring-NO Par
10918 10912 10938 13
Eaton
800
4
1234
1083
4 Jan 14812 Apr
4
/
1083
4
1061
123
1
Feb
*12
12
*10812 1098
13
12
Co_100 112 May 20 14178
&
Nem
de
Pont
1218
du
El
674 Mar
7,400
July
130%
13
52
13
12812
13
13
par 5012May 15 64 Feb 7
128 130
12714
5814 5838 2,800 Elea Storage Battery__No
1214 Dec 20% Jan
12812 12914 127 12912
58
58
53-gg
12812 129
50 1112June 20 1458July 26
5712 58
Coal Corp
2
Horn
Elk
712 Feb
1
400
57
Dec
4
5712
8
5
12
12
583*
312July 29
125
78June 23
58
123* *12
12% *12
100 Emerson-Brantingham Co_100
5872 Oct 9414 Jan
1334 12
674 Jan 16
1234 •12
*212 3
*12
*212 3
*212 3
Jan
Endicott-Johnson Corp- 50 5578Nlay 0 115 Jan 17 110
*212 3
118
5,000
Oct
3
66
3
4
623
.218 3
62
100 10512June 26
Jan
Do prof
*8114 6112 6114 6212 62
200
1978 Dec 31
21 2412 Aug 1
6112 8112 *6114 82 *10734 10812 *1074 10812 10712 10712 *10713 10812
93 Jan
400 Exchange Buffet Corp_No par 1812May 29 8712 Aug 4
Oct
109
22
52
*10712
22
109
2112
Jan
•10718
2112 2112 52013
asky_No par 61
99%
Players-L
2112
Feb
Famous
2112
13,300
Oct
22
84%
82
8312
*2012 2112 *2012
100 8778 Jan 28 9712June 4
Do pref (8%)
8134 8278 8234 8418 8312 84
200
98
5 June 13 Not
8214 83
*96
82
81
518 An. I 13 Feb 20
*9612 98
98
Federal Mining & Smelt-g-100
96% 9658 *96
1112
3414 June 604 Feb
97
*9
9612 .96
111
*95
4113 Jan 2 5012 Aug 15
1113 *9
100
*9
prat
11
Do
5,200
*9
1112
714 Sept 10% Jan
4812 5012
1112 *9
*9
912 Jan 23 1338 Jan 26
4714 4712 4734 497
No par
4718 48
II% 1,700 Fifth Avenue Bus
48
140 July 21214 Ja
4712 4712 48
No par 163 Jan 23 22312Mar 21
1114 1114 *1114 115* •11 191
Corp
114
Body
Fisher
1118
100
July 102% Jun
8
94
115
13
10218 Mar
113* *11
*11
189 189 *185
Fisher Body Ohio pref__..100 98 Jan 9
5% Oct 1613 Fe
191 *185 191 *185 192
278 .100 102
512June 6 10% Jan 18
5185 192 •185
812 105
No par
102 *100 102 •100
Flak Rubber
Feb 4714 Ma
37%
*100
7,300
3
7
8
8
102
4
83
Aug
*100
7013
*100 102
No par 4414 Jan 22
812 9
10,500 Fleischman Co
84 87s
5812 Oct 7814 Jul
4
1
6812 69
77
514 8/
8
No par 654 Jan 11 8612 Aug 12
J
6914 6913 6818 69
94 July 22
49,600 Foundation Co
694 70
8612
7014
71
Jan
8
84
693
8
137
21
4
1
/
Apr
6953
85
69
8
No par
8518 8314
83
Oct 71% Fe
1,600 Freeport Texas Co
83g 0
8114 83% 8312 864
ay 28 463* Aug 15, 384 Aug 54 Ma
834
80
3512M
par
78
*812
_No
__
8
812
4
Car
83
5
8
Tank
Amer
Gen
8
85
3
15; 23
4
1
834 8/
4478 4434 4633 9,500
4 834
1
8/
44
100 31% April 47 Aug
Sept 83 Ma
4 4413 447
1
43/
resfphalt
DoralpA
42
42
4614 4738 34,400 Gene
42
85 Aug 151 80
*4114 42
100 7112 Aor 5
4334 4514 4414 4614 28414 85
0
4358 4412 4212 44
8312
8312
*4134 42
82
8
817
8 817s
*7912 8113 797 8112 817
stook. 1Es-rights z Ex-dividend.
sales on this day. C Ex 300% In
•Bid and asked prices; no
New York Stock Record-Continued-Page 3
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. 9.
Monday, I Tuesday,
Aug. 13.
Aug. 11.
Wednesday. Thursday,
Aug. 14.
Aug. 14.
Sake
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On basis of 100-share lots
795
PER SHARE
Rangefor Previous
Year 1928.
Friday,
Aug. 15.
Lowest
Highest
Highest
Lotoest
share
$ Per
per share $ per share
3 per share
per share $ per share Shares. Indus.& Mlscell.(Con.) Par $ Per share
$ Per share $ per share Per Share
8818 8812 *88 89
8778 877s 87h 8712 87
8713 87h 8713
800 General Cigar.Inc
100 8214 Apr 3
9734 Jan 10
8018 June 9712 Dec
*104 106 •104 106 10104 106 *104 106 *104 106 •104 106
Debenture preferred
100 100 Apr
107 Jan 11 1044 Nov 110 Apr
27312 277 271 27412 26712 27314 265 26812 266 271
270 27438 59,400 General Electric
100 1934 Jan
281 Aug 4 1874 Bent 2024 Dee
*1118 1114 *1118 1114 1118 1114 1118 1138 11h 113s 1114 119 1,300
Special
10 1012 Apr 2
1112July 11
1014 Oct 12 Jan
1478 15
143s 1478 1434 147
1434 15
1434 1473 1434 15 37,700 General Motors Corp_No par 1234May 2
1614 Feb 1
1234 June 174 Apr
*86 8812 *86 87
8634 8634 *86 87
8612 8612 87 87
300
Do pref
100 80 June
87 July 23
July 89 Apr
79
*861s 87
87
87 8713 8612 87
87
8614
8614
8612 87
1,700
Do Deb stock (6%)_ -100 8014June
874 Aug 12
7834 July 90 Apr
Do Deb stock (7%) 100 92 June 1 10012 Mar 17
9334 Oct 105 Apr
4214 42 li1-2 -55i842
42
-;IE1T3 11-18 -4084
4112 Y4:666 General Petroleum
41
25 383sJune
45 Aug 4 - - -54 *53 54
*53
5212 53
53 53
5312 5334 53
5334 1,100 Gimbel Bros
No par 4718June
5538 Aug 2
*(434 10
3912June 511 -AD;
*51, 10
934 934 *934 10
10
10
10
10
300 Glidden Co
No par
8 June
14 Feb 4
6 Sept 12e Feb
*39
40
40 *39
39
39
3934 40
4078 40 40
40
3,480 Gold Dust Corn
No par 2812 Apr 1
41'4 July 28
-1413 15
*14
1512 16
16
*14
1534 *15
*1412 16
16
2,000 Goldwyn Pictures,new_No par
818 Feb 1
16 Aug 12
8 Nov 'Zit;Jima
*2112 22
2112 2134 2138 2138 22
22
2134 2214 2234 2314 1,800 Goodrich Co (B F)-....No par 17 June 1
264 Jan 10
1738 Oct 4118 Mar
*77
7912 *77
7913 *80 8113 *7714 7912 *7812 7913 7814 7912
100
Do pref
100 7014May
80 Jan 17
6734 Oct 924 Mar
5334 5334 54
5478 5434 5513 5512 5618 5512 5513 5614 5612 6,300 Goodyear
T & Rub pf v t c.100 39 Jan
59 July 28
35 Oct 624 Apr
95 95 *95 96 •95 96 *95 96 *95
96 *95
96
Prior preferred
200
100 8814 Jan
9612July 28
88 Oct 99 Feb
*1713 1712 1712 18
1712 1778 18
1814 1814 19
1834 1912 5,900 Granby Cons M.Sm & Pow100 1212 Apr 1
1912 Aug 15
12 Oct 33 Mar
5
*4
5
*4
*4
*4
5
5
478 478 *4
5
100 Gray & Davis, Inc___No Dar
3 June
94 Jan 11
614 Dec 1598 Mar
*15
1534 1534 1412 1478 161s 1634 1612 1734 173s 1773 2,500 Greene Cananea Copper_ 100 10
16
834M
jul
ay
y1
1838July 22
1338 Dec 3418 Mar
7
7
7
7
*634 7
*634 7
63
4 7
*63
Guantanamo
300
____No
par
Sugar
04
104
Feb
8
5
Sept 144 Feb
7212 73
7314 74
7214 74
7112 73
71h 7253 73
74
10,500 Gulf States Steel tr ctfs
100 62 May 20 8914 Feb 7 86 June 1041111 Mar
3612 3678 3613 3638 3612 3634 363 3634 3612 37
3678 37
1,500 Hartman Corporation-No par 34 May 14 445 Feb 4
7934
Nov 947s Feb
34
34
34
34
341 35
3338 3334 34
34
35
35% 3,200 Hayes Wheel
100 3214May 20 527 Feb 4
31 July 44 Apr
*4113 42
4112 42 •4014 42 •4014 42
4118 411 *41
42
400 Home:Asko Mining
100 35 July 1 5613 Jan 3 54 Dec 7978 Jac
3534 353
3514
35
3
514
351
3512
3514
3538 3512 x3434 343
1,500 Household Prod,Inc__ _No par 313s Apr 19 3578 Aug 4
2838 July 393s Mat
6914 7018 69
691
6714 691
674 681
6912 707
6918 6978 4.400 Houston 011 of Texas
100 61 Apr 22 8213 Feb 5
4034 Aug 78 Feb
*2638 268 2638 2733 2678 2738 2634 27
267g 271
2718 2714 3,500 Hudson Motor CarNo par 2012May 13 2934Mar 10
20 June 3234 Mar
13
13
13
13 •1238 133s *1234 1338 13
13
14
13
2,100 Hupp Motor Car Corp
10 111sMay 13 18 Jan 2
1518 Dec 3012 Apr
7
34
3
*34
3
•58
34
138
No par
600 Hydraulic Steel
12 Oct
34
34
112 Jan 10
..734 8
618 Jan
.782
71
734 73
712
*714 734
714
Independent
Gas_No
par
73
4
73
011
&
500
Jan
94
18
338 Sept 1114 May
1
•Iz
•I,
12
12
58
12
*12
61'8122I
j
u
Ualin
Y 23
800 lndlahoma Refining
-58
2
58
1
5
July
273 Jan 17
1 Oct 19 Mar
•1612 19 •18
*1814 19 •I7
19
*17
19
19
18
*17
Indian Motocycle---No Par 1518June 6 2514 Feb 4
.6
18 Dec 1934 Dec
61
614
*614 61
6
614 61
*614 612 •6h 613
/1:yr 18
10 3344
2
2m
600 Indian Refining
718June 18
812 Apr
313 Dec
•34
3538 *3538 357 *34
3512 3512 351
3512 3512 23478 35
No par
1,100 Inland Steel
Jan 30
3814
3118
July 4648 Apr
2614 267
27
271
27
271
27s 27
271s 28
2773 2814 8,000 Inspiration Cons Copper- 20 224 Feb 28 2814 Aug 15
434
Oct
•34 11
2314
Mar
78
7
*h
11
*34 114 *I
1
*h
1
100
12 Apr 15
100 Internat Agr1cul Corp
238 Feb 6
*74, 9
Ii Oct 11 Feb
*714 81
•714 9
*714 812 *714 9
•712 9
318May 29 1018 Jan 8
pref
Do
100
418
Oct
Feb
394
*9534 961 *9512 961
9612 9613 9612 99
9853 102
10214 104
13,800 Int Business Machines_No par 83 Apr 11 104 Aug 15
451 451
4514 451
4512 46
4534 4534 *4413 4512 •45
4512 1,700 International Cement_No par 4034 Apr 24 47 July 12
31 June 44" Val
•2534 261
25311 2638 2534 26
2534 2578 2534 2578 258 2614 5.000 Inter Combus Engine-No par 22 Mar 31 2732July 15
19ne June 274 Apr
95 9512 9512 951
9434 9513 95 9514 95 95
94h 9534 2,800 international Harvester-100 78 Jan 3 97 July 29
6634 Oct 9818 Feb
e109 110 *10914 110 110 110 110 110
110 110
110 110
2612m
Fe
105
ar
b
100
26
28
110 Aug 8 106 Oct 11614 Jan
Do pref
600
*934 10
*934 10
978 97$ *9h. 034
938 10
10
103* 1,100 hat Mercantile Marine
634 Jan 2 1078 Aug 5
100
478 Au
1138 Feb
3613 3738 3712 3833 3634 371
36h 3712 3634 38/4 383s 3914 26,200
100
Do pref
3932 Aug 5
184 Au
47 Jan
1738 173
17h 1778 1712 1734 1712 1734 1738 181
1814 1914 37,600 International Nickel (The) 2
1112May 9 1938 Aug 4
1038 Oct 164 Feb
8812 88
*8712 8812 *88
8814 *87
8812 *8612 8814 *86
89
7512May 29 89 July 9 6934 Jan 83 June
400
10
Do pref
5234 5318 53113 54
53
5412 5338 5418 54h 55
54
55
3,800 International Paper
100 3412 Apr 15 59 July 15
2778 Oct 584 Mar
*7212 7312 72h 7212 *7234 74 *7213 74
73
73 *73
74
preferred_100
200
6212Mar
stamped
Do
25 7412July 19
60 Oct 7518 Jan
73
73
73
73
7312 7414 7414 75
73
7638 7714 791
4,800 Internat Telep & Teleg.--100 66 Feb 1 7914 Aug 15 84 Oct 7118 Apr
1178 12
1112 1178 1114 1138 1114 1138 1114 1114 1134 123
3.800 Invincible 011 Corp__ _ _No par 1012July 17 1678 Jan 2
71s Nov 1914 Mar
•40
41
*40
42 *40
42 *40 42 *40
42 *40
42
Iron Products Corp---No Dar 3913 Apr 2 524 Jan 10
3212 Aug 584 Mar
*1812 1912 *19
1912 *19
1913 *19
1912 *1812 1912 *1813 191
100 1638 Apr 15 2314 Jan'2
Jewel Tea. Inc
1538 Oct 24 Mar
*91
93 *91
93 •91
93 *91
*91
94 •91
913*
93
100 78 Mar 31 9318June 30
Do pref
62 June 8812 Dee
*2212 2234 *2213 23
2234 23
225 2238 2212 2212 2018 221
2,000 Jones Bros Tea. Inc
100 1812 Apr 1 2712 Jan 3 201% Dec 634 Mar
*2934 3034 30
3034 29h 297s 30
30
3014 30
30
3012 3,100 Jordan Motor Car
No par 2134May 20 3114 Aug 5
*2114 2112 1833 213s 1812 20
1914 1912 1918 1978 19
1912 8,000 Kayser (J) Co, v t o-No par 184 Aug 11 3818 Jan 18
28 July
Feb
*8012 85 *80 83
80 80
80
80
*7934 80
7934 7934
400
No par 7934 Aug 15 1024 Feb 11
Do 188 prof
98 July 104 Mar
15
1514 15
15
1514 15
15
157s 1514 1538 1538 1534 4,900 Kelly-Springfield Tire
934June
as
20
Jan
10
Oct
2012
6218
Mar
*45
50 •47 50 *45
50
45 45
49
49
45 45
300 8% preferred
100 33 June 21 88 Jan 10
78 Nov 108 Jar.
*89 92 *82 92 *82
92
1182
92 .82
92
*82
92
He:sey Wheel,Inc
100 78 May 7 101 Jan 10
75 Oct 1174 Mar
47
4734 4784 48
478* 4811 4838 488 4838 49
4834 4938 86,200 Kennecott Copper
No
par 3418 Jan 21 4938 Aug 15
29% Oct 45 Mar
*178 2
2
2
2
2
2
218
214 214
218 218 1,500 Keystone Tire & Rubber-- 10
132May 1
438 Jan 9
132 Oct 1118 Mar
*40014 415 *401 415 *405 415 405 412 410 410 410 412
100 28712 Jan 17 434 July 2 177 Mar 300 Dee
600 Kresge (S El) Co
*99 100 *99 9934 *99 9934 *98
9912 •98
994 9812 9812
100 Laclede Gas L(St Louls)-100 79 Jan 2 9934July 25
75 July 8938 June
*1014 11
10/
1
4 *10
*10
1012 *10
11
*10
11
1038 104
100 Lee Rubber & Tire-- _No par
8 May 13 174 Jan 11
Ills Oct 314 Mar
Liggett& MyersTobacoo-100 20614 Feb 18 245 Feb 9 19034 May 240 Dec
*Hi" 120 *lie" 120 '116 120 *Hi" lid" *Hi' 116- *Ha- ficr
100
1147
Do
met
July 7 121 June 28 11134 Apr 1184 Jan
*5812 5912 5912 5912 59 597s 591y 61
6078 617 s61
617
5.400
New
25 50 Mar 26 6178 Aug 14
_
5734 5814 *58
5812 584 58% 5914 6012 60
6034 260
61
15,100
B new
25 4878 M ar 28 61 July 23
*61
4161h 6212 814 6212 6112 62
63
6136 6234 56112 62
2,900 Lima Loo Wks tern cti_No par 56 June 9 6834 Feb 9 6814 June 747k Mar
•1614 161
1614 1638 1614 1614 1614 1612 1612 1612 1638 1634 2,600 Loew's
Incorporated-No par 151sJune 25 18 Jan 10
14 June 214 Feb
612 61
638 632
•63s 61
614 614
638 638 *632 612 1,500 Loft Incorporated
No par
5h Apr 22
8 Sept 114 Jan
834 Jan 11
6278 641
6412 6638 6578 68
6638 6778 6758 71
6812 6913 16,700 Loose-Wiles Biscuit
100
71 Aug 14
361
4 July 684 Dee
37
37
371s 3733 37
37h 38
371
3738 3838 38
3838 5,800 Lorillard new
6
34
618M
2
Maar
y 15
6 4014 July 2
*1714 191 •1734 1914 •17
1914 *1714 1914 *17
1914 *1714 1914
Ludlum
Steel
No
pa
1714July 17 2334 Mat 17
*115h 1161 *115 1171 •11434 1173 •11434 117h *11434 11734 *11434 11724
Companies
100 107 Jan 2 119 Aug 1 103 May 121 Feb
9412 95
94 95
9438 9638 94h 9538 943 97341 98 103 51,500 Mackay
Mack Trucks, Inc
No pa
7534 Apr 14 103 Aug 15
5818 Jan 9312 Apr
*10014 102 •101 102 •101 102 *101 102 •101h 102
102 10234
200 Do 1st preferred
100 961a Jan 16 10234 Aug 15
87 July 9914 Mar
9378 937 *93 94
*93 94
9312 94
94
95 .93
94
700
Do 2d preferred
100
Aug
95
87
14
Apr
22
June 92 Mar
72
64 64 •62 63 *62
1162 65
6412 •62h 64
*62
6414
100 Macy(R H)& Co,Ine_No par 59 May 15 6812 Jan 2
57 July 7113 Jan
3314 34
3312 3438 3312 341
34
343* 3412 3614 36
3634 36.100 Magma Copper
No
6
par
18J
m
un
:
a
2
1
8
2
1
8
4
3634
Oct 3814 Mar
Aug
27
15
14
.2212 231 2212 223 22 22 *22 23
*22
231
23
2312
800 Mallinson (H R)& Co-No par
314 Jan 18
21 June 40 Jan
441 *44h 453
44
4314 457
45
4614 •4533 46
4512 4534 1,500 Manhattan Eleo SupplyNo pa
3314Mar 21 4934July 15
354 351
35 Oct 86 Mar
3513 36
36
36
35h 3538 *3534 3614 *3434 36
800 Manhattan Shirt
2
3312May 16 44 Jan 10
40 Oct 4778 Jan
29
30
•29
301
2812 2938 2818 2814 2878 291
2914 2934 2,300 Maracaibo 011 Expl-No fka
2538 Apr 21 374 Jan 26
18 Sept 284 flee
311s 313
311s 31h 3038 3138 307s 3114 303 3114 3034 3138 23,500 Marland
011
No
Dar
29
May
12
42
Feb
5
1718 Oct 5938 Apr
*1012 12 •1034 12 •1013 11
1012 1012 *1014 11
10
10
0 Marlin-Rockwell
No par
8 Jan 8 1734Mar 11
314 Nov 16 Feb
331
3278 33
*33
3314 343 *3414 3412 *3414 3434 223 33
1.500
Martin-Parry
Corp
3
2
3
111m
14Jua
No
ny
par
e
13
3
3738 Jan 17
26 July 3744 Apr
384 381
391 *38
3914 3934 39
40
39
*38
4112 3,400 Mathieson Alkali Works- 50
39
46783une 20
Oct 634 Mar
3114
5014 50'2 495 5014 52
5038 5012 501
504 50h so
5238 4,700 Maxwell Motor Class A---100 38 Apr 14 5534 Jan 9 36 Oct
6314 Mar
1212 12
1112 113 *12
12
1111138 1212 12
12
1134 1212 2,400 Maxwell Motor Class B.No par 10
8152116
2l
mA 3
2
23 16 Jan 9
1014 Oct 21 Apr.
9112 9112 9112 9113 8934 9012 9012 9114 91
9113 29034 9112 3,100 May Department Stores-100
95
Jan
Jan
25
6748
Dee,
93
1578 1578 •1534 16
1534 1534 *1538 16
*1512 16
1534 1534
500 McIntyre Porcupine Mines1814 Jan 7
15 Sept 204 May
2032 2038 2038 2034 2014 21
2012 214 2114 2134 2114 2178 14,600 Mexican Seaboard
011-No Dar 1418 Jan 3 2438 Aug 15
54 Aug 234 May,
2034 2034 20
*2014 21
2078 2012 2112 2114 2178 2112 2134 9,100
Voting trust certificates_ _ _ _
1278 Jan 3 23 Feb 6
6 Aug 234 May
234 234 2373 2378 24
24
24
24
2334 24
2418 2438 3,800 Allard Copper
5 20 May 19 2438 Aug 15
2018 Oct 3018 Feb.
112 15
112 112
112 112
114 112
135
1
118 118 29,600 Middle States 011 Corp
1
10
Aug
14
Jan
678
2
*25
312 Nov 1214 Jan.
28
2518
*25
28
2518 254 254 •2513 28. *2518 28
200 Midvale Steel & Ordnance- 50 25 July 17 3414 Feb 7
6614 861
2112 June 3332 Apr•
/
4 6614 8614 *6534 06 6534 653
4 6614 6614 •6534 66
400
Power
100 8114June 17 71 July 11
5413 June 75 Mar3518 3612 361s 3678 3534 3714 3534 3633 3534 3614 3534 3634 72,000 Montana
Mont Ward & Co Ill Corp- 10 213
18 4Ma
m ay 23 3714 Aug 12
189 May 2614 Nov •
2118 211s 2114 2114 2118 2114 21
21
203 21
21
2118 1.500 Moon Motors
No Dar
1734 Jan 2938 Mar
2718 Feb 7
818 838
89 814
8
814
8
814 814
814
814 838 25,000 Mother Lode CoalitIon_No par
6
May
15
19
Feb
718 June 14 Feb
94
16
*15
15
16 •15
15 *15
16
*15h 16
*15
16
100 Mullins Body Corp---No par
9 Mar 22 18 July 24
104 Aug 2978 Mar
34
34
3413 3413 *3413 35 *3438 347 233h 337
35
*34
400 MunsIngwear. Inc
No
par 2918July 1
3112
394
16
Jan
Oct 3612 Nov
109 109
109 109 *109 110
109 109
109
109
10838 10838
700 Nash Motors Co
No par 9612 Apr 29 11434 Feb 9
Jan 1144 Jan.
512 .5
*5
6
*5
512
512 512
53s 7
7
7
1.700 National Acme
50 5 Aug 6 1018 Jan 28 7618
7 Nov 184 Feb
6178 6214 62h 6434 6338 6434 64
6912 6612 6873 66
6714 15,000 National Biscuit
25 504 Mar 2
6912 Aug 13
38 Jan 527s Nov,
•125 127 •125 126 12538 12538 126 126 *125 127 *125 127
200
Do pref
100 12012 Jan
128 Aug 15 11812 July 125 Feb,
•53 56 •53 57 *53
57 .53
56 •53
56 •53
57
National Cloak & Suit----100 44
5 84 Feb 1
40 June 6714 Feb
38 3833 3712 38h 3714 3712 3738 373
3714 3778 3713 3812 9,100 Nat Dairy Prod tem ctIs _ No par 301sJune
April 3812 Aug 15
374 377s 3778 3778 38
3734 38
*38 39
38
*38
3814
600 Nat Department Stores No par 37 June 9 43 Jan 9
3434 June 4212 Apr2034 2078 2078 2114 2112 2113 2112 2112 •22
23 *2212 24
StampIng_100
700 Nat Enaml &
1834May 20 4478 Jan 17
35 Oct 73 Mar
16012 16312 15712 163 1584 161
155 161
159 165
164 16914 27.900 National Lead
100 12312 Apr 21 18914 Aug 15 108 YIlly 148 Dec
- - •116
11614 11614 •117
•117 120
•116
_
100
Do pref
100 11112May 2 117 Aug 8 10712 June 114 Jan
Silt 57 57,4 56
*57
5638 *56 if
*57 60 •1165636 57
1,100 National SUPPLY
60 5514 July18 7212 Feb 4
5412 Oct 6812 Dee
*1378 1418 1418 144 14
1418 144 1433 1418 144 1454 15
3,400 Nevada Como'Copper---- 5 1178 Jan 2 15 Aug 15
91
: Oct 183s Mar
4112 4112 414 417s •41
4112 4234 43
41
41
4238 4212 1,000 NY Air Brake temp ctfs No par 3618 Apr
18
22
June
2638
45
Jan 4278 Nov
5018
501
50%
5132
*50
5018
*5014
501s
5012 501
5048 5038
500
Class A
No par 474 Jan 7 5112July 19
4514 Aug 514 Feb
29
2812 2918 2812 2812 *28
29
30 •28
•29 30
30
400 New York Dock
371sMay 23
19 Jan
1514 June 27 Apr
*4634 4834 4812 4813 4812 4812 48h 49 *49
*48 48
50
500
Do prof
100 414 Feb 27 5514May 14
Aug 5112 Mar
26te 267 Me 27 2633 26h 2638 26h 2634 2678 11,500
2634 267
North American Co
10 22 Jan 2 2714June 28 3734
1712 May 2414 Apr
4912 49's 494 4912 4912 493s 4914 4933 49
*4912 493
49
2,300
Do pest
50
4378 Jan
11
5014July
July
4212
4812 Feb
----- -Nova Scotia Steel & Coal-100
84 Apr 25 1412 Jan 18
134 Dec 2978 Mar
8
8
8
-8i4 - -81.4
*7/
8
1
4 8
500 Nunnally Co (The)._N0 par
7
1 j
1
Aup
iyr 2
94 Feb 5
Oct 1018 Feb
7
7
s
*138
11
112
158
•138
*13
3
13
8
138
•
148
las
*138 153
100 Ohio Body & Blower---No par
438 Jan 14
14 Dec 104 Jan
214 214
214 214
214 214
214 214 1,500 Okla Prod & Ref of Amer-- 5
214 214
214 214
238July 25
318 Feb
112 Jan
78 Nov
478 472 *414 5
*413 5
572 578
632 718
•15h 7
500 Ontario Silver Mining
100
434Mar 2
7
Jan
3
8
July
914 Dec
1120
201
20
2033
20% 1934 2013 1,300 Orpheum Circuit, Inc
*20 2012 •2014 2012 2012
1 18 Feb 18 21 July 29
1614
June
21h
Apr
65 65 *65
65 65
66
•643s 66 •644 65 *6438 65
400 Otis Elevator-k
50 6338June 2
7363June 4 11412 July 153 Feb.
7h 75
74 71
748 735
738 714
714 734 5.800 Otis Steel
*74 77s
No yap 33
7104
8 As
ug
y2
28
1
Jan
1172
7
June
1434
Maz
•
4312 4338
43 43
43
43
900 Owens Bottle
4318 4318 4312 4312 43 43
25
67 Jan 10
3658 Jan 524 Apr •
*58
GOO Pacific Development
r's
9
34
73
•14
*38
34
14
Jan
114 Jan 11
38 Nov
24 Mar
96
951, 2.209 Eaelrle Gam* Eleetrie
95
961s 951, 951
8944 951* 951* 951* 9519 953
Inn
.1301
964 Aug 13
73 July 9414
Dee
,Ex-dlvidend. 8 Par value changed from $100 to $50 and prices on that basis beginning June
*BM and asked prices; no gales VIM day
3. a Ex-rights.
";i4i4 -11
796
New York Stock Record-Concluded-Page 4
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. 9.
Monday,
Aug. 11.
Tuesday, I Wedaesday, Thursday,
Aug. 12.
Aug. 13.
Aug. 14.
Aug. lg.
Sales
for
the
Week.
$ per share $ Per share 8 Per share $ per share $ per share $ per share Shares.
*9
10
*9
10
*9
10
.9
10
*8
10
*Ws 10
4734 48
47ss 48% 46
4738 4634 4714 4678 4712 4714 4778 11,000
*1112 1134 1134 11% 1112 1134 1158 1178 1112 11% 1112 114 3,200
994 10018 1001g 10018 *100 10014 *93 101
1,700
100 101
*99% 100
5512 5634 56% 5814 5734 534 5714 5318 5712 5314 34,300
5512 56
56% 5618 5778 5634 5814 5638 5712 5634 574 180,600
544 5534 55
200
*21s 3
*218 3
*218 3
*213 3
24 24
2
2
2
--158
134 2
2
17
178
-17.8
18
1004 10034 100 10012 *9912 100
*100 101
100 10012 *100 101
4914 4934 494 50
49% 50
4912 5014 4934 5018 50
5014
4912
4918 4938
5014 4878 5018 49
4938 4918 5012 50
5078
69
69
*6312 72
*70
75
*6812 72
*6812 72
*6312 72
*1318 13% 1318 134 *12
13
*124 1312 12% 12% *1212 13
34% 3512 3438 3514 3314 34% 33% 334 3334 3414 3378 3414
1012 1012 1078 11
1138
*1058 11
1012 1073 1034 1114 11
32
3214 32
32
32
32
3314
3212 3278 32
3312 33
2
218
2
218
2
2
2
2
2
2
2
2
28
*2714 28
2834 28
2714 27
274
28
2714 2712 27
5712 5734 5512 57
8
5518
5318 56
547
5478 55 *55
5512
*9312 97
97
97
*9312 97
*9312 97
*9312 97
*9312 97
1314 1314 1318 1314 *13
1212 12%
1318 13
13
13
13
5512
5532
5434 55%
5418 551.2 5434 55
55
5612
5434 55
*114 115 *114 115 *11412 115
115 115 •115 117 *11412 117
*41
4218
42
4112 414 *4078 42
*41
42
42
42
42
70
67
70
67
6912 69% 69
69 "67
69
6912 *67
304 3114 3034 3138 2812 31
2978 3014 3012 31
294 30
57
5714 57% 5734 5634 57% 5714 5338 5812 5938 5878 5914
129 1304 13034 13278 13214 13478 13212 13418 13214 13314 13212 13333
*5012 5112 5118 524 51% 5212 51% 52
5112 5312 5334 54%
2318 2334 2314 2312 23
2312 23
2312 x224 2312
2314 23
9312
*97
98
*97
98
98
9312 *97
9912 *9734 9812 *97
12812 131
*118 11934 •11812 11912 11912 12212 12112 12534 12514 129
34
34
*33
*3314 34
34
*3314 34
*3338 34
*33
*33
1278 1318
1212 1273 1234 1313 1234 13
124 13
124 13
*41
4234 4134 42
4214 4214 4212 40
4218 41
41
41
*9014 93
*9012 9312 *9014 93
*9014 93
*9014 93
*9014 93
*97 100
100 100
10012 10012 *10112 103
103 103 •103 110
1178 12
12
11% 1134 1134 1238 1178 1218 11% 1238 12
43
*47
4714 47
47% 474 474 4714 47% 4614 4714 46
88
*87
*87
8712 *87
8712 87
87
*87
88
*8714 83
1618 1612 164 1634 1878 17
1612 1678 164 164 1634 1714
75
7478
7312 7378 7312 74
74
74
74
7414
744
73%
•120 121 *120 12012 120 120 *120 12012 12012 12012 *120 12012
4412
*4338 4378 44
43% 43
44% 43
4338 4314 4434 44
*28
2814 2814 2812 2814 2814 2814 29
2812 28
2814 28
*134 214 *134 214 *134 214 *134 214 *134 214 .134 214
60
62
6312 6212 63
60
61
62
6334 8212 63
82
12614 12712 1274 12712 12512 12714 126 12618 126 12834 x126 12714
10312 10478 104 105
10312 104
10312 10312 10312 10412 104 105
*118 124 *120 124 •120 124 •120 122 *120 122 *120 122
218
*2
218
2
2
2
2
218
2
218
2
*7
712 *7
734 *7
712 778
734
734 *7
734 *714
1612 1678 1612 16% 1618 164 1614 1634 1638 17
1658 1678
08
96
9512 9512 *9512 96
•9512 98
96
96
96
96
•1334 13% 134 1378 1334 1334 13% 13% 1334 137s 1334 1334
2514 2514 *25
2518 251s 2518 2518
2512 25
2518 25
25
174 174 1718 1712 1614 1718 1614 1634 1612 1678 16% 1714
9712 8412 8412 82
.98
84
*8214 8434 *8312 8412
8312 *83
19
19
1834 19% 1812 1834 1838 1834 1734 1914 1814 184
86
66
6612 6814 8712 6734 68% 67
66% 6712 6713 6812
7412
70
71
70
71
.70
72
71
71
74
*72
71
*1112 1212 •11
12
114 1178 *12
1278 *1214 127s
1234 *11
*84
8512
85
*84
85
84
84
"84
84
*8212
8514 84
58
*55
58
•55
64
"55
*5513 61
80
60
60
. 100
800
4,000
20,200
100
200
41,200
7,800
4,300
3,500
1,400
4,900
70
1,900
8,600
100
800
1,000
9,100
12,500
41,600
8,500
10,700
200
11,800
13,800
1,700
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Miscall.(Con.) Par
Pacific Mall Steamship__ 5
Pacific Oil
Packard Motor Car
10
Preferred
100
Pan-Amer Petr & Trans
50
Do Class B
30
Panhandle Prod & Ref _No par
Parish & Bingham
No par
Penn-Seaboard St'iv t cNo par
People's CL & C(Chic)_ _100
Philadelphia Co (Pittsb)__ 50
Phlla & Read C Si 2w i_No par
Phillips-Jones Corp _ _ _ _No par
Phillip Morris & Co Ltd__ __10
Phillips Petroleum _ _ _ _No par
Pierce-Arrow Mot Car_No par
Do pref
100
Pierce Oil Corporation
25
Do pref
100
Pittsburgh Coal of Pa
100
Do pref
100
Pittsburgh Utilities pref__ _100
Postum Cereal Co One..No par
Do 8% preferred
100
Pressed Steel Car
100
Do pref
100
Producers & Refiners Corp_ 50
PubServCorp ofNJ new No par
Pullman Company
100
Punta Alegre Sugar
50
Pure Oil (The)
25
Do 8% preferred
100
Railway Steel Spring
100
Rang Mines, Ltd
No par
Ray Consolidated Copper_ 10
Remington Typewriter-__100
20 preferred
100
Replogle Steel
No par
Republic Iron & Steel
100
Do pref
100
Reynolds Spring
No par
Reynolds(R J) Top Class B 25
Do 7% preferred
100
Royal Dutch Co(N Y shares).
St Joseph Lead
10
Santa Cecelia Sugar___No par
8,200 Savage Arms Corporation_100
5,900 Schulte Retail Storee_No par
5,300 Sears, Roebuck & co
ipo
Do prof
100
No par
2,000 Seneca Copper
500 Shattuck Arizona Copper-- 10
15,300 Shell Union 011
No par
100
2,200
Preferred
600 Simms Petroleum
10
No par
1,000 Simmons Co
20,100 Sinclair Cons 01.1 Corp.No par
500
Preferred
100
5,800 Skelly 011 Co
25
5,500 Sloss-Sheffield Steel & Iron 100
1,200 South Porto Rico Sugar_ -100
200 Spicer Mfg Co
No par
100
Do pre
100
.100 Standard Milling
100
5718 5858 5714 5734 57% 58
x5712 574 14,300 Standard Oil of California_ 25
58% 5918 5812 59
31,700 Standard Oil of New Jersey 25
354 3618 3414 35
3418 35
358 36
3414 3478 34% 35
900
Do prat non-voting.--100
118 118
118 118
118 118
1174 11778 1184 11878 11814 11814
500 Sterling Products
61
No par
61
61
62
6134 6134
61
*60
*60
61
6014 61
5118
18,700
Stewart
-Warn Sp Corp_No par
5212
5034 52
494
507
8
5018 5214
4912 504 50
51
600 Stromberg Carburetor_No par
6318
60
61
63
6112 *6014 6134 *59
*60
61
*60
62
Studebaker Corp (The).„100
No par
-56E8 37 -3638 3738 3734 3834 -3-0;666 New w I
37I
3738 -56;4 Ifs; -3612 37
No par
918 94 4,900 Submarine Boat
834 834
838 938
812 878
812 834
834 9
31,500
in8
Superior
011
par
512
No
5%
6
514 6
512 6
534 614
534 64
100 Superior Steel
100
*2618 284 *28
284 *2818 2878 28
28
*2618 2878 *2618 28%
178
178 1,000 Sweets Co of America
10
2
2
2
2
*14 2
2
*17s 2
2
900 Tenn Copp di C
No par
858 84
812 858
84 8%
812 84
812 813 *84 834
4014 11,800 Texas Company (The)„.... 25
4012 4034 4033 404 4018 40% 4018 4038 40
4014 40
28,300 Texas Gulf Sulphur
7678 78
10
77
7438 7312 7438 7412 7634 76
7418 7414 74
9
94 8,900 Texas Pacific Coal & OIL
10
812 878
834 958
9
918
858 9
918 918
Tidewater 011
100
*12212 12512 *122 125 *123 12512 •119 125 *119 124 *119 125
8,600 Timken Roller BearIng_No par
3478 3518 3514 3512 35
35% 35
3512 3514 3534 3534 38
6412 6434 8478 6514 64
65
6418 6468 6418 6478 6434 64% 6,200 Tobacco Products Corp_ - A00
3,000
Do Class A
100
9114
9112
9078 91
9114
91
9118
91
9114 91
91
911s
Preferred
100
33,900 Transcontinental 011_ _ _NO par
45
-47.8 5
47
5
478 5
5
48 51
48 5
1,700 Underwood Typewriter
25
*3734 38
*3712 38
38
38
38
38
3812 3912 3812 39
200 Union Bag di Paper Corp 100
49
*47
*48
49
48
48
*48
49
48
48
*4714 49
200 Union Oil
*18
14
*18
14
No par
*18
14
.20 .20
*13
14
*Is
14
1,300 Union Tank Car
100
11712 118 *116 118
•116 121
117 117
117 118
11814 120
100
Do pref
100
•I14 115 •114 115 •114 115
114 114 •114 115 •114 115
2434
200 United Alloy Steel
No par
*2312 25
24
*2334 25
*24
25
*2334 25
*2334 24
1,100 United Drug
100
82
8214 8214 8214 83
8118 8218 *8012 82
*82
83
82
Do 1st preferred
so
*4714 4812 *4714 48.12 *4714 4812 4714 481 *4714 4812 *4714 4812
1,500
United
Fruit
100
216
220
21712
218
214
218
216
*21614
*21534
'•21614 21712
21714
34,300 U S Cast Iron Pipe & Fdy-100
93
951
94
947
96
95
98% 94
964 964 100
92
100
DO Prof
95
100
*94
95
*9312 95
*94
*9312 95
94
94
*9312 95
1,100 US Hoff'n Mach Corp_No par
21
2012 214 21
*2114 2112 2118 2112 2118 2138 2114 211
11,800 U S Industrial Alcohol...-100
72
7134 721
7112 72% 72% 7314 72
7112 7314 7258 74
Do pref
100
*102 105 •101 105 *100 105 *100 105 *100 105 *100 105
100
9514 9712 964 9912 5,400 US Realty & Improv't
95% 95% *9512 9612 9512 9573 9514 953
Preferred
10214 10233 10212 1021 10234 10314 10412 10412 1,000
•10238 103 •102% 103
100
3212 9,500 United States Rubber
32% 32
31
3114 3078 3112 3114 3113 3138 3258 32
2,800
Do Ist preferred
100
88
86
8634 8634 87
85
8514 8412 8412 8414 8412 85
5,400
U
S
Smelting,
Ref
&
Mln
50
3012
3112
31
3012
31
30
31
3012
31
*2912 30 30
200
Do pref
4514
50
44
44
*42
44
43
*4214 44
44
44
*44
45
107% 10814 10534 1074 10618 1071 10638 10734 10712 109 194,600 United States Steel Corp 100
10878 108
Do prof
12114 1211 12112 12112 *121 12112 1,210
100
121 121
12118 121% 121 121
900 Utah Copper
10
*7914 81
7988 79% *7934 8012
79% 79% 3012 8012 7934 81
100
2938 2818 281
2878 294 2834 294 4,400 Utah Securities
29
294 2938 2934 29
par
1,200
Vanadlum
Corp
No
*23
2312
23
7
8
2314
2312 234 234
234 234 2318 2312 *23
100 Virginia-Carolina Chem_ __100
134 134 *153
178 *158 17
•158 173 *158 173 *158 134
700
Do pre
100
*412 514
535 538
5
512 *514 512
5
5
5
500 Vivaudou(V)
No par
*514 6
58 538 *538 6
514 513
512 512
*514 512
300 Waldorf System
No par
•1518 1558 1518 1518 *151s 1512 .151g 1558 1514 1514 *1518 1553
1514 1514 4,200 Weber & Hellbroner_ _ No par
144 1478 1518 1533 15
15
15
1514 1473 15
1,800 Wells Fargo Express
43
so
*4213 43
*42
*42
43
*4112 4238 4238 4334 4234 43
11434
11538 5,600 Western Union Telegraph_100
111
114
11473
112
11313
112
11214
411013 11218 11218
800 Westinghouse Air Brake--50
93
*92
93
93
*92
93
9218 93
93
*92
93
*90
84
6312 6378 7,300 Westinghouse Elec di Mfg_ 50
834 64
8412 6312 6412 64
644 6438 64
700 White Eagle 011
No par
24
2378 2378 2378 2378
2418 2418 234 23% 2334 234 24
12,700 White Motor
50
56% 5712 5712 5712 5712 5714 5778 5853 5834 80
57
57
113
7,000
114
118
114
Wickwire
Spencer
Steel6
13g
113
112
114
113 158
114 112
25
838 812
814 812 7,200 Willys-Overland (The)
814 838
838 812
814 812
814 812
Do pref
5,400
68
6718
6838
100
67'8
683
8
893
4
8714
6612
68
67
67%
6612
4,200 Wilson dr Co Inc
7
No Par
7
7
7
8% 7
7
714
834 8
834 7
Woolworth Co (F W)
100
13,700
New
w
I
11013
25
iiiiff4ii.
fill;
fin.;
11214
i
iiiiii
1111
-4 ffili
1107s fills
100
27
2614 2714 2714 2878 3,000 Worthington p & m
2612 2614 2814 *26
1.7812 7812 26
300 Wright Aeronatulcal-No Par
*1213 1234 *1212 1234 *1212 1234
*1212 1234 1212 1234 *1234 13
5,100 Wrigley(Wm Jr)
No par
L*4038 4034 *4014 4034 4034 4034 4078 4073 4012 15
1,2 41
1 1 1g34
3,700 Yellow Cab Mfg tern ctfs-10
*5512 5534 55
57
5
5612
'5514 5558 55
par
T_No
70
600
Youngstown
Sheet
&
7
*6912
7012
*6912
70
7012
70
*6912
70
13912 8912 69
•Bid and asked price: no Sales on this day x Ex-dividend.
300
10,700
4,300
100
4,300
7,600
600
7,500
3,000
PER SHARE
Range Since Jan. 1 1921
On Oasis of 100-share lost
Lowest
Highest
$ per share
7 Apr 7
45 Apr 22
978May 1
8913 Apr 24
4414 Feb 14
4114 Feb 14
14May 19
131s Jan 2
14May 29
9234 Apr 29
4278May 1
344 Mar 28
44 May 14
11 July 10
3138July 17
618May 13
1818May 15
14 Apr 3
20 Mar 4
5318 Aug 12
96 Aug 1
978 Jan 22
4312 Apr 22
110 Feb 7
39 Aug 6
67 Aug 15
22% Apr 22
39 Mar 25
1134 Apr 10
4714June 6
20 June 8
92 Jan 10
106 Jan 3
30 Jan 17
9 Mar 27
324 Jan 4
90'4 July 11
9012May 13
714June 11
42 June 7
82 June 16
978May 13
81% Mar 31
11514 Mar 26
4112July 30
22 Jan 7
14 Mar 8
32% Jan 2
96% Apr 16
7834May 15
11212 Mar 26
12May 2
4 April
15%July 17
9112 Jan 4
108 Jan 4
22 Apr 14
15 July 16
77 May 8
1718 July 17
52 May 20
6412June 9
'Mauna 20
78 July 18
3912May 20
554 Apr 21
33 May 14
11534 Mar 1
5512 Apr 23
4812July 17
544May 14
8012 Apr 30
3012May 20
7 Mar 29
2% Jan 2
23 July 28
us July 22
834 Mar 31
3734J une 7
5714 Apr 21
814June 7
11814July 15
3112May 19
53 Apr 11
8314 Mar 25
113 Feb 19
314 Apr 15
3634June 9
4812May 23
18 Feb 1
94 Jan 7
10638 Feb 18
2118June 19
71 May 29
4612May 3
182 Jan 4
84 Feb 27
81% Jan 15
16% Mar 28
61181,4ay 20
98 Jan 3
90 June 9
100 June 9
2212May 22
6612May 28
184 Mar 26
374 Mar 22
9414June 6
118% Feb 1
64 Jan 18
18% Jan 4
1918June 9
%June 10
212June 9
434July 12
14 Apr 29
1434 Jan 31
3514 Jan 19
105 May 1
84 Jan 2
551sMay 15
2318May 12
5012 Apr 11
78May 19
878May 17
6112May 16
418May 18
280 Jan 4
7212 Apr 10
2314June 9
9%May 15
35 Apr 22
4434June 10
62 May 5
$ per share
10% Jan 9
5814 Feb 5
1278 Jan 7
101 Aug 11
8114 Jan 2
5912 Jan 2
44 Jan 23
16 Mar 12
414 Jan 17
10212 Aug 1
5312July 14
5278July 31
88 July 14
2334 Jan 31
4212 Apr 5
121s Jan 17
3578 Aug 4
44 Jan 22
36 Jan 21
6334 Mar 12
100 Apr 4
1412July 10
584 Jan 8
115 July 16
62 Jan 26
90 Feb 6
4312 Jan 22
59% Aug 14
13478 Aug 12
67% Mar 14
28% Feb 8
9812 Mar 13
131 Aug 15
331s Feb 15
1312 Aug 4
49% Feb 5
9434 Feb 5
103 Aug 14
155a Jan 28
8178 Feb 11
95 Mar 6
2234 Jan 7
75 July 29
121 June 17
5912 Feb 6
3018July 30
34 Jan 24
6414July 31
12914 Aug 7
10634July 29
118 July 30
614 Jan 11
8 July 23
2018 Feb 6
9838May 6
14% Mar 24
27 July 24
2718 Jan 2
90 Jan 21
29 Feb 4
6812 Aug 15
954 Mar 8
18 Jan 12
90 Jan 2
6212 Feb 7
8812 Jan 26
4214 Jan 28
119 May 2
Jan 2
1007* Jan 12
8478 Jan 11
10814 Jan 8
39 July 31
124 Jan 2
818 Aug 4
34% Jan 9
3 Jan 2
934 Jan 5
45% Jan 30
78 Aug 15
1514 Feb 1
151 Feb 7
41 Jan 7
7024 Feb 5
934July 29
11970une 30
614 Jan 21
43 Jan 9
134% Feb 9
38 Apr 9
12112 Aug 4
11834July 23
37 Feb 11
88 Feb 4
49 July 1
22412 Aug 5
10514 Aug 5
94% Apr 29
24 Aug 2
83% Jan 31
103% Feb 7
10754 Feb 13
109 Feb 13
4278 Jan 12
9434 Jan 10
3134 Aug 1
461s July 21
110 Aug 4
123 July 23
8134July 29
3112June 4
334 Feb 11
10% Jan 11
3434 Jan 2
1518 Jan 10
171sJuly 14
1912 Mar 15
4334 Aug 11
1154 Aug 15
96% Jan 28
65 Jan 22
2932 Feb 6
60 Aug 15
5 Jan 11
144 Jan 16
88 Jan 15
28 Jan 9
345 Mar 24
12012June 30
31% Jan 9
1312 Jan 8
42 July 28
85% Mar 27
7014 Jan 7
en
PER SHARE
Range for Precious
Year 1923.
Lowest
Highest
$ per share $ per ShaII
7 July 12% Mar
3114 Sept 5214 Derl
9% Oct 15111 Mar
9018 June 99 Feb
53 Sept 9312 Feb
5012 Oct 88 Feb
114 Oct
614 Apr
9 May 1512 Mar
14 Oct
6 Apr
86 Apr 954 Dee
41 July 504 Mai
55 Aug
1112 July
1914 Sept
84 July
1312 July
14 July
16
Oct
58 Jan
96
Oct
10 July
47 July
10812 June
4212 Oct
80
Oct
17 Nov
414 Dee
11012 July
4178 July
1614 Sept
82/
1
4 Aug
994 Oct
2914 July
9% Sept
24 June
89 Dec
80 Jan
Oct
8
404 June
8414 Oct
14 June
47 Jan
114 July
4012 Aug
17 June
114 Oct
184 Jan
83 May
85% June
1064 June
4% Oct
5
Oct
12% Jan
8912 Nov
612 July
2224 Dec
16 Sept
8014 Aug
9% Jan
3914 July
3814 Aug
11% June
88
Oct
804 Dec
474 July
3078 July
114114 Aug
51 June
74 July
5912 July
9334 Oct
80
Apr
2458 Dee
69% Apr
15% Jan
35% Jan
6 Feb
45
Jan
8772 Mar
100
Apr
114 Sept
134 Feb
11414 Jan
8112 Jan
99% Jan
584 Mar
5112 Apr
134 Mar
89% Apr
32 Feb
100 Max
123 Mu
34% Feb
1714 Mar
4818 mar
104 Feb
99 Nov
3114 Feb
8614 Mar
967s Mar
2978 Apr
75 Dec
118 Feb
554 Feb
234 Des
5 Feb
35/
1
4 Dee
116% Dee
9218 Feb
116 Nov
1212 Mar
1078 Mar
1914 May
95 May
113 Feb
34% Mar
39% Mar
9918 Feb
35 Mar
83 Dee
70 Dee
2714 Feb
9772 Feb
9012 Jan
12312 Jan
4414 Mar
11814 July
87% Mar
124/
1
4 Apr
9414 Mar
12614 Mar
7 Jan
2 Sept
2312 Oct
1 June
8 June
34% Nov
534 July
512 Nov
94 July
3318 Jan
48% Aug
7812 July
10454 Feb
114 Oct
3572 Aug
60 Oct
4 Jan
81 Feb
106 Sept
29 July
74% Oct
4814 Feb
152/
1
4 Jan
20 July
64 June
1314 Oct
40 June
9514 June
8818 July
974 Aug
30% Oct
7634 Oct
18% Oct
883e Dec
8512 July
11618 Aug
8518 Oct
14 Oct
"ii" -Ape
2414 July
8/
1
4 June
17 June
Oct
12
1488 June
1214 Jan
33 Dec
10118 July
76 July
521s June
Oct
20
45 June
2 Dec
5 June
4212 Jan
19 June
19918 Jan
6% Feb
34 Mal
4
Oct
12% Feb
5272 Mar
Jan
85
2414 Feb
144 Mar
45 Mar
78% Dee
92% Dee
11512 Oat
1412 Jan
42 Dee
7712 Mar
14 Jail
pgs4 Mar
112 Jan
1
4 Mar
39/
85% Feb
49 July
/
4 Dee
1871
6912 Dec
87 Nov
Jan
25
7314 Mar
101 Mar
106 Mar
108% Mar
6472 Mar
105 Jan
43% Mar
4818 Jan
109% Mar
12312 Jan
7812 Mar
24% Feb
44% Mar
27 Feb
69 Mar
23 Max
20 May
1638 Dee
105 Mar
11912 Feb
120 Feb
6718 Feb
30% Mar
6018 Mar
14 Feb
1114 Dec
83 Dee
4234 Mar
290 Dee
19a OOt
814 Jan
3734 Des
40's Feb
13% Nov
6018 Dee
W." -45-0i
80
Jan
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
797
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now and interest -except for income and defaulted bonds.
BONDS.
N.Y.STOCK EXCHANGE
Week ending Aug. 15.
zoo'd
k.
Prim
Friday
Aug. 15.
Week's
Range or
Last Sale
44Q
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
- Week ending Aug. 15.
1
.13
45
4
-
Price
Friday
Aug. 15.
Week's
Range or
Last Sale
E=2
a)
Range
Since
Jan. 1
Bid
Ask Low
High No. Low
U. S. Government.
MA
High
Low
Ask Low
High
HiOk
ton Arbor let g 46
..Viret Liberty Loan4
81995 Q J 6214 Sale 6218
57
6414
6214
J D 101.00 Sale 1001033 10112 1411 982133 101238: Atl & Birm 30-yr 1st g 4.5
314% of 1932-1947
8412
e1933 St S
70
8234
8412 47
J
82
1932-1947
D
10213s:
Sale
1 9822s: 101138: Atl Knoxv & Cln Div 4s_ _ _ _1955 MN 8812 89
10212s: 102 3:
Cony 4% of
8358 90
81 Aug'24
J D 1021 s: Sale 102120210221n 497 9812n 10221s: At! Knox),& Nor let g 5s_ _ _1946 Jo 10038
Cony 41£% of 1932-1947
9914 103
8912 Aug'24
98:2:: 103
Ati& Char! A List A 4348_ _1944 J J
2d cony 43.£% of 1932-1947_ J D 10113n 102 101228: A'g'24
94
9134 94
95 103 Aug'24
1st 30-year 5s Series B._ _ _1944 33 10112 Sale 10078
'iecond Liberty Loan98 10134
10112 12
M N 1011;1: Sale 101 15a:101153,
1 9813s: 1021233 Act Coast Line let con 4e_h1952 MS 89% Sale 8938
a% of 1927-1942
8612 9314
9018 22
M N 1011;s: Sale 10112:21012 s: 2861 98,33 102
Cony 434% 01 19274942
10-year secured 78
1930 MN 10734 Sale 10714
107% 10 10638 108%
General unified 4148
Third Liberty Loan1964 3D 9214 9213 9212
28
93
8614 9312
M $ 10217s: Sale 1021'3210220n 2678 991112 10223s:
446% of 1928
L N coll gold 4s
a1952 MS 86 Sale 8512
32
81% 87
86
_Fourth Liberty LoanAU & Dan)
, let g Is
1948 33 77
17
78
7818 7712
734 8014
A 0 10221s: Sale 102011:
4)4% of 1933-1938
103 4152 98"12 103
2d 4s
1948 33 66
1
65
68
69
68
68%
A 0 10521:2 Sale 10520n 106832 796 9915:1062a: All de Yad lst g guar 48
Treasury 4its 1947-1952
1949 AO 77% Sale 77%
3
68
8012
77%
61930
@
J
10312 10312 A & N W Ist gu g 5s
10312 Mar'24
28 consol registered
1941 3, 10018 ____ 10018
10018
9613
1004
61930 Q .1
10238 10232
20 00131901 coupon
10238 Mar'24
Panama Canal 10-30-yr 28_81936 Q F
Bait & Ohio prior 3348
100 Aug'23
J 10014 Sale 9934 10034 2688
1925
9614 10034
1961 @ M
'Panama Canal 38 gold
-0378 -03%
Registered
93% Aug'24
81925 Q J 99% 10018 9934 10014 65
96 10014
State and City Securities.
lot 50-year gold 48
81948 A0 8614 Sale 86
8612 530
8112 8814
stock_1960
Corp
M
8
City-4146
101 10134 10114
NY
Registered
98% 10134
4
10134
81948 Q J
85 June'24 _- -8514
80
1964 M S 102 10218 102 Aug'24
434e Corporate stock
99% 10212
S 89% Sale 8918
10-year cony 41313
1933
8214 9012
8953 175
1966 A 0 102 10238 10238 July'24
4)6e Corporate stock
9934 10238
Series
Refund & gen 58
A_1995 3D 8512 Sale 854
8614 112
83
88
D
1971
J
stock
068 Corporate
10534 10714
10634 10714 107 July'24
10-year 68
1929 3' 102% Sale 0253 10378 233 10018 103%
Corporate etock_July 1967 J J 10634 106% 10634 Aug'24
10234 10634
P Jet & 51 Div lot g 3346_1925 MN 99% Sale 9978
998 43
9514 99%
1905J
stock
D
Corporate
10612
103 10612
106% 10612 Aug'24
43.40
PLE&W Va Sys ref 4s_ _1941 MN 8312 Sale 8312
5
84
79
8572
1963 M
43.48 Corporate stock
10234 106%
10634 10714 106% July'24
Bouthw Div 1st gold 3348.1925 T J 100 Sale 9934
10014 287
9612 10014
1959 pd N 9958
4% Corporate stock
94% 9914
_ 9914
9914
To!& Cln Div 1st ref 48 A-I959 J J 68% Sale 68
6878 31
6614
70
1958
M
stock
N
Corporate
a%
99% _
94% 99 Battle Cr & Stur 1st gu 38_ _1989 Jo 6018 64 62 Aug'24
99 July'24
58
62
1957 al N
9618 9934 Beech Creek lot gu g 4s
9958 _ _ _ 9914
6% Corporate stock
99% 11
1936 J. 1 917.8 92,4 93 July'24
9012 9312
gos
9814
4% Corporate stock reg 1956 51 N
984 June'24
Registered
1936 3'
86 Feb'24
86
86
10318 1064
434% Corporate stock_ _ _1957 M N ioti- 1663;3 106 July'24
2d guar gold 58
1936 3' 9658 _ _ _ _ 104 May'21
43.4% Corporate stock _ -1957 M N 106 Sale 106
102% 106 Beech Cr Ext 1st g 3126__ _51951 AG 7512 ____ 7714 May'24
106
-i714 7714
stock_
_
-1954
M
N
Corporate
314%
8514 90% Big Sandy let 48
9038 10
1944 .ID 8414
90%
_ 8412 Aug'24
8078 8434
1961 m
New York State-48
10212 June'23
Y Air Line lst 4s.
1955 FA 9812 6918 6812
21
13 &
69
6912
61
Canal Improvement 48_1961 j
10212 July'24 -_-_-_-_ 1(12i2 16212 Bruns & W 1st gu gold 4s.-1938'3 91
9134 9018 July'24 -8812 90%
4346_1963
Improv't
M
S
Highway
11214 July'23
Buffalo R & P gen gold 5s-1937 MS 10112 103 10153 July'24 -- 100 101%
Highway Improv't 4346-1965 P4 8
10412 Apr'23
MN 88h Sale 88
4148
Consol
1957
8914 21
87
904
1991 .1 j
Virginia 2-38
7114 Oct'23
1934 AO 9934 10112 9978
3
Burl C R & Nor let .5s
100
95% 101%
Foreign Government.
10212 Sale 10212
Argentine(Govt)75_ _ _ --1927 F
10234 70 1004 1024 Canada Sou cons gu A 58_l962 A0 100% 10112 01
6
102
9738 102
Argentine Trea8UrY 5a _ £.--1945 IN 8, 81,8 Sale 8118
78
84 Canadian North deb 5 1 75_1940 3D 115% Sale 1514
1
8118
11534 66 111 11534
3 N?
il ) 94 Sale 9334
Temporary s f gSa Ser A 1A17
8912 9414
1946 3' 11518 Sale 148
9418 329
11512 74 11034 11512
25
-years f deb 6348
97 Sale 9612
Austrian (Govt)s 75
8514 98 Canadian Pac Ry deb 48 stock__ J J 81 Sale 8034
174
81
9712 240
7834 8243
Belgium 25-yr ext e 17191g-1945 J D 11053 Sale 110
97 11058 carb & Shaw 1st gold 48_ __ _1932 MS 92% _ _ _ 9134 Feb'24
110% 243
_
91114
90
Jan 1925 J J 101 Sale 10078
6-year 6% notes
101
72
1949 J J 79% Sale 79%
Caro Cent let con g 45
96% 101
6
79%
70% 793s
1941
F
A
88
10712 Sale 10238
20-year r
97 109 Caro Clinch&0 18t 3-yr 55-1938 3D 9814 9812 9804
10834 101
2
9814
9253
99
34
113,i
4g
110 11012 11038
Bergen (Norway)6188
11034 13 108 110%
1952 Jo 102% Sale 1013
10238 59
68
96 10472
11138 Sale 11114
Berne (City of) f 88
11112 43 108 112 Cart & Ad lst gu g 48
84
1981 3D 83
8234 Aug'24 _ _ _ _
81
8273
of)
88.-1947
ne
N
(Republic
9234 Sale 9134
Bolivia
85
94 Cent Branch UP lst 5 4e_1948
882
D 75
94
7512 75 July'24 _
67
7514
Bordeaux (City of) 15-yr 60_1934 51 N 8934 Sale 8912
7113 91 Cent New Eng 1st gu 49.--1961
6512 Sale 6512
1
6512
90,4 235
5034 66
1941 J D 98 Sale 97
U S external 88
91
9912 Central 01110 4348 1930
M S
9814 235
1930
___
9758
July'24
96
97%
1952 J D 844 Sale 8314
7s (Central RY)
76
88 Central of Ga let gold 58.44945 FA 100% - - - - 10034 10034
8412 162
1
99 10134
730(Coffee secur) £(flat) 1952 A 0 10218
_ 10112 103
94 103
13
Consol gold 58
1945 MN 100 10038 100
2
100
9514 1004
Canada(Dominion of) g 56_1926 A 0 10118 10112 10114
99% 10112
10112 39
68
June 1929 3D 10358 104 10312 104.
occur
10
-year
26
100 104
1931 A 0 10112 10134 1011
9912 10212
5e
3D
48_1951
14
10134
g
84
money
Div
pur
8434 8112 Aug'24
Chat,.
7813 8352
10-year 530
104 Sale 10353
210 10034 104
104
Mac & Nor Div let g 58.1946'3 98 100
975 July'24
9534 97%
53
103 Sale 1024
9914 10312
103
164
1947 ii 9312 _ _ -- 94 July'24L___
Mid Ga & All Div 59
Chile (Republic) ezt a f 88_1941 F A 10514 sale 10412
102
10912
10734 20
Mobile Division 58
1846 33 958.---- 99 July'24
96
Ws;
1926 A 0 1035o Sale 10312
External 5-year 5 f 8a
104
38 102% 104 Cent RR & B of Ga coil g 551937 MN 9753 9912 95%
17
96
9174 96
1942 51 N
20-yr ext 75
9812 Sale 97,2
94
98% Central of NJ gen gold 5s
9812 140
1987'3 10634 107 106%
1068
3 10324 107
1946 MN 10578 Sale 10534 10614 26 102 10714
2b-year ,f 88
Registered
_ _ 10538 June'24 _ _ _
81987 Q J 105%
Chinese (Hukuang RY) 56-1951 J
4612 4712 47
394 4712 Cent Pac lot ref gu g 48
4
4712
1949 F A 88% Sale 87
8878 24
Christiania (City) s f 80_ _ _1945 A 0 10934 11014 10934
110
46 107 110
Mtge guar gold 3348
819211 33) 9514 Sale 95
9514 30
Colombia (Republic) 6148_1927 A 0 9934 Sale 9834 100
9434 100
134
AO
1st
Through
St
L
gu
48-1954
843
4
87
Copenhagen 95-year 815%6_1944 J
874 9558 Charleston & Savannah 78_1936 ii 11618
9512 Sale 95
95% 144
18154%02 July'24-_-_-_-_ 10251 889
1I 4
1044 m s 95
8;
11:
80559:44
Cuba 58 of 1904
18
96
933
4
9612
95
95
3
Ches & Ohio fund &(rept 58_1929 33 10014 10012 10018
10012 13
Exter debt 58 1914 SerAl949 F .eAk 9114 ---- 9212 Aug'24
89
9212
lot consol gold Ss
1939 MN 10114 _ _
100
103
22
1949 F
7914 874
External loan 430
871
8714 Sale 87
_
10
MN
10012
Registered
1939
10014 July'24 __
9
998
2758 2
100
1953 j3 9612 Sale 9614
1714
8
9112 9738
/iit
9714 325
General gold 4348
1992 MS 8818 8834 88%
88% 11
8414 90
Csachoeloyak (Repub of) 88_1951 A 0 101 Sale 10034
94 10112
10112 126
Registered
1992 MS 8458 86
8
9
,
572 May'2
9614
2 __
lm
835
8
85
Danish Con Municip 88-A"A
109 Sale 109
10
612
10912
109
67
20-year convertible 4348.193o FA 95% Sale
140
88% 9612
Series B 1 88
10812 Sale 10812
10938 16 10613 10912
30-year cony secured 53.._1946 AO 10038 Sale 99
10078 787
38
4 19
07
3
1942 JA
8
98
27
Denmark external a 1 88-..1945
11012 Sale 110
11012 118 10714 111
1940 3
9512
Craig Valley 1st g 58
_
97
July'24
20-year 6s
10012 Sale 100
9314 10034
10034 288
Potts Creek Branch let 0_1946 J
80
uly'24
J
78
Dominican Rep Con Adro of 58'58 F A 10134 10212 102 Aug'24
100 10212
J
con
g
4s
Div
lot
A
R&
1989
83% _- 83 July'24
_
Custom Administt 5%8..1942 m s 9112 Sale 91
8534 9112
9212 15
2d come' gold 48_ _ _ -1989'3 7934 - -- 80 July'24
7
26
241 8
28
15
14
3
92% 9714
Dutch East Indies ext Os_ _ _1947 J J
9678 Sale 9658
97,4 101
Warm Springs V let g 58-1941 MS 958 9912 95 July'24 _ _ _ _
95
95
1962 M S 9612 Sale 9512
9212 9612 Chic & Alton RR ref g 38_ _
964 303
40-year 68
A0
_1949
62% 6314 6278
1
6278
56
1953 M
637
3
854
External 5348
91 Sale 9014
91
91
392
New York Trust Co ctfs
23 July'23 - _ _
M S 9012 Sale 89
Deposit receipts
85% 9214
9214 397
Stamped April 1923 interest
59 -66-- 60 July'24 _ _ _ _
54
60
French Repub 25-yr ext 88_1945 hi S 10734 Sale 10612 108
924 109
489
Stamped Oct 1923 interest_ _ _ _
64
60
60 July'24 _ _ _
6 10334 Sale 10212 105
20-yr external loan 7348-- 1941 3 1)
9012 10514
802
Railway first lien 3245_ _ _ _1950 3--.1 42 Sale 4112
44
281
9
5
3'
0
3
:
6697 8:
,
a:4 16
9
493
08:43::4
1945 M
Finland (Rep) ext Ga
90 Sale 89
8512 9112 Chic Burl & Q-III Div 3101949
0114 482
82
81
8114
6
83%
Lit Brit & Ire'(UK of) 53.48_1937 F A 105 Sale 10434
9858 10512
10512 259
3, 8912 90
Division
48
Illinois
1949
12
8912
90
86
9112
1929 F A 11138 Sale 11012 111% 938 10613 11148
10-year cony 5)48
MN 9914 Sale 9914
35
9912
Nebraska
Extension
48.-1927
1952 M N
Greater Prague 7%8
7613 9313
9212 Sale 9212
9314 139
Registered
1927 MN 9734 -- -- 96 Mar'23 _
1952 A 0 90 Sale 8912
Haiti (Republic) 68
8812 92
9012 36
General 4s
1958 MS 89 Sale 89
8912 25
If
Hungary(Kingd of) et 7345 w '44 F A 89 Sale 89
87
8912
8912 461
1971 FA 10012 Sale 10053 10114 58
1st & ref Ss
Italy (Kingd of) Ser A 6%8.1925 F A 10058 Sale 10053
10034 14
11813 101
Conn Rya 58_1927 A0 50
City
&
5212
Chic
521
521
1
49
Japanese Govt-T loan 43.45 1925 F A 9712 Sale 9712
5512
9712
925$ 9734 Chicago de East III 1st 8s_ _1934 A0 10618
9
10712 10578 July'24 ___
1044 10572
1925 J J 9713 Sale 9712
Second serial 430 £
9134 9812 C & E Ill RR(new co) gen 56_1951 MN
9734 97
7238 Sale 7112
6912 7812
7253 82
Sterling loan 49
1931 J ..1 8234 Sale 81
83
75% 83 Chic & Erie 1st gold 56
392
MN 984 Sale 9814
1982
9834 11
Temporary 8 f g
1954 F A 9258 Sale 9253
8818 93 Chicago Great West 1st 45_ _1959 MS
93 1743
5558 Sale 5514
5614 72
Oriental Development 65_1953 111
81
91
87
8712 85
Chic Ind & Louiev-Ret 00_1947 J J 100%
10938 Aug'24 _ _
0
9
132:132
1
8 198
95
1!
:
12
Lyons (City of) 15-year 68.1934 M N 8934 Sale 8912
189
72% 91
90
196
J
as
Refunding
gold
1947
0014 100
9812 July'24
Marseilles (City of) 15-yr 65.1934 M N 8912 Sale 8912
724 90,4
9014 223
J
J
Refunding 48 Series C
1947
857 Aug'24 _ _ _
1943 M N
Mexican Irrigation 4%s
8138 8573
2714 40
29 Mar'24
MN
General
58
A
1966
84%
85
3
4
845
8
_3_9_
85
Mexico-5s of 1899 £
1945 Q J 38
40
43
5112
General (is B
c1966 33 10112 10134 10112 10212 24
Gold debt 48 of 1904
19.54 J D
9512 10212
1812 -_-- 20 Aug-'24
18
_
30
1 J 75
Ind de Louisville 1st gu 42.1956.
75
7612 75
2
Montevideo 76
1952 1 D 91
82
7112 9
894
,
92
91
92 1 --13
854 93 Chic Ind & Sou 50-year 4s_ _1956 31 92 ____ 8612
July'24
Netherlands Os (flat prices)._1972 M S 100 Sale 99
100
8934 100 Chic L 5 & East 1st 4145_ _ _1969 3D 912
130
817
8
July'24
8
Norway external eff3e
1940 A 0 1,12771
9153
e 110
1
9
19
3
9
2
:
5
i
10
9
11212
C M & Puget Sd lat gu 48_..1949 33 5678 Sale 5514
56% 68
30-yr extl 68
1952 A 0
4934 0034
Sale 9712
97% 14261
ChM & St P gen g 48 Ser A.e1989 J J 7358 75
747
75
76
20-yr extl 68
1943 F A 9778 Sale 9712
67801;4
5511;
98
333
91% 98%
General gold 31-48 Ser B. _e19S9 J J 6414 65 6458 Aug'24
Panama (Rep) 53,48 tr rects_1953 J D 9918 Sale 99%
100
12
9514
100
J
J
General
4149
Series
C..
_
_
_e1989
Forte Alegre(City of) 8s_ _ _ _1961 J D 98 Sale 98
83
8234 Sale 8214
19
98
92
99
10
Gen de ref Series A 449...a2014 A0 5514 Sale 5334
Queeneland (State) ext 81 75 1941 A 0 10918 Sale 09
56% 190
10914 34 10418 10914
Gen ref cony Ser B 58...02014 FA 61 Sale 59
290
61
1947 F A 10212 Sale 02
4
5
4
25-year 68
73854
0
88582
44
8
10212 57
9912 10334
Convertible 434,,
1932 3D 6278 Sale 6038
Rio Grande do Sul 88
1946 A 0 9712 Sale 97
62% 362
98
92
99
33
1) 8212 Sale 7918
48
1925
1283
8212
9612 Sale 95
1110 de Janeiro 25-yr e f 88_1946 A
9612 52
8752 9934
J
J
-year
45
debenture
1934
95
56 Sale 5458
1947 A 0 9514 Sale 95%
5612 255
25-yr ettl 88
8
6
48
4
9
:
583
2 6
9058
9534 36
88674
87
9778
Chic & Mo Riv Div 58_ _ _ _1926 33
1948 J J 102 Sale 01%
1 96 100
100
El Salvador (Rep) 86
102
28 100 102 Chic & N'west Ext 4e _ _1886-1926 PA 9934 100 100
99% ___ 99% July'24
1952 M N 9712 Sale 9712
9638 9914
f3a0 Paulo (City) a 1 88
98
9
9012 10212
FA
Registered
1886-1926
984
__ 9834 Aug'24
934 s
Saale 9934
Ban Paulo (State) extol813_1936 J J 96
96
100
9834
94 103
56
General gold 33.45
sem (France) ext 713
1987 MN 73% -76
751 Aug'24
1942 J J
9514
97
79
9712
356
Registered
91987 Q F
73 6858 Jan'24
Babe, Croats de Slovenes 88-1962 P4 N 88 Sale 8614
88
529
63
4
88
General 48
1987 MN 8414 848 86 Aug'24
1936 M N 8734 Sale 8712
130168068(City)68
8812 103
76
8934
Stamped 45
1987 MN ____ 87
1939 J D 104 Sale 0312
86 Aug'24
Sweden 20-year (is
224
10412 564344
1
1352
78
005919924
7:5811 1110
General 59 stamped
1987 MN 104 10413 104
6
9
7867
6
908988
:
13 10
Swiss Conteder'n 20-yr 5 1 88 1940 3 j 115 Sale 1434
10453
886775!
11518
2
606
1190188514
A0 103% ___ 104 June'24
fund 69
Sinking
1879-1929
Switzerland Govt ext 5128 _1946 A 0 98 Sale 9718
932 1044
032
96
98
Sinking fund 56
1879-1929 A0 100 100%
10038 July'24
Tokyo City 5s loan of 1912
M S 65 Sale 6412
6534
Registered
1879-1929 A0 98
__-- 96
Jan'24
Uruguay (Republic) ext 813_1946 F A 106 Sale 0412
96
106
96
10
6
42
7
5Z
Sinking fund deb 513
1933 MN 10034 Sale 10034 10034
194.5 A 0 112 Sale 10
5
Zurich (City of) e f 88
112
Registered
1933 MN 100
Railroad.
____ 10014
5
10014
9814
10712
10-year secured 73 g
1930 3D 10814 Sale 10718
10884 20 10414 108%
Ala Gt Sou lot cons A 58_ _ _ _1943 J D 1004 ____ 0012 Aug'24
954 10012
S 110 Sale 10914
15-year secured 6148 g_ _ _1936
1928 M N 101 102
11018 34 105% 11212
9978 June'24
Ala Mid 1st guar gold 5s
984 101
Chic RI & P-Railway gen 481988'3
1946 A 0 8053 -.... 8012. Aug'24
14
Alb & Susq cony 350
7814 84
79
83
'3 83
Registered
81
3158
2 Jul8
1 152
2 8
94
1
&lieg & West 1st g 48 gu__ _A998 A 0 8214 ____ 84 June'24
y'
3
274
2
Me 8112
80
84
gold
413
AO
Retteeding
1934
81% Sale 8114
1942 M S 9112 92
82
9153 Aug'24 -_-_-_-_
210
Alleg Vol gen guar R 4e
88
3
4
9158 Chic St L & NO gold 58- _ _ _1951
D
105 10114 July'24
9014 107
Atch Top &Id Fe-Gen g 46_1995 A 0 897 Sale 8912
9
79
858 10
83
1%
86
91
D
Registered
83
95% May'23
90
81995 Nov
84 Aug
Adjustment gold 46
8
'
424 _ _1_6
7912 85
Gold 3348
1951 3D 7712 _--- 77 Feb'24
234 83
8
81995 Nov
83
Stamped
-ii
. W79% 85
let
ref
55
3D
Joint
Series
A_
1963
1955 J D 8314 8434 8314
97%
Aug'24
Cony gold 48 1909
8314
8114 1
1 64
4
8
824 85
Do Series B
1963 3D
1955 1 13 8318 8334 834 Aug'24 _ ._
-_------ 9512 June'24
Cozy 48 1905
8115 85
Memphis Div lat g 4a_ _ _49,51
D 80
8478
8412 8478
1960 3 I) 8314 84
8278
827
1
i
Cony Ultima of 1910
8134 83 C St L & P lat cons g Sa
30
1932
9934
-- 10012 June'24
9918
East Ohio Div lot g 45_ _ _1928 M S 9918 Sale 99%
0512 991
2
Chic St PM &0 cons 6a_ _ _1930 JD 1047 10518
-104%
8512 84
8412 30
10478
Rocky Mtn Div lot 48_ _.,1965 J .1 84
3 1805388
01/
80
1
4
78 106
8512
438 18
5
Cone 68 reduced to 3345_1930 3D 9214
7318 Aug'24
Trans-Con Short L lot 48_1958 J J 86% Sale , 864
8614 20
734 8952
831r 8858
Debenture
58
3
M
97 -9734 97%
9734 23
94% 9353
93%
Cal-Ariz 1st &ref 4%8"A"1962 M S 93
7
9018 94 Chic T H & So East lst 513_ 1930
93%
9734
1) 7912 7978 80
_1980
8014 15
-g. a Due Jan. dDue April, eD
7713 82
'No price Friday:latest bid and asked. t$5_,..
ue May gDue June. hDue July. kDue
Aug. oDue Oct. gDue Nov. gDue Dec.
/Option WS
1
lon
798
BONDS
NY.STOCK EXCHANGE
Week ending Aug. 15.
New York Bond Record—Continued—Page 2
Price
Friday
Aug. 15.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending Aug. 15.
I
',2,
Price
Friday
Aug. S.
Rangs
Since
Jan. 1.
Week's
Range or
Last Sale
High
High Illinois Central (Concluded)—
BM
Ask Low
High NC. Low
Bed
Ask Low
High No. Low
19
7512 81
Purchased lines 354s
8938 9212
92
1952 J J 8114 8614
Chic Un Sta'n let gu 455e A-1963 is 9133 9212 9112
Collateral trust gold 413_1953 MN 8378 Sale 837g
97 10112
1963 S i 101 10112 100
20
10114 70
Si B
844
FtAistered
1963 S i 11734 118 11712 1173., 66 114% 11734
lit Series C 6358
1953 MN 804 8312 8018May'24
9934 10512
Refunding 55
10434 10518
Chic & West Ind gen 9138._51932 Q 50 1044 _ _ _ _ 10518 Aug'24
1955 MN 103 __ _ 10418
6
10414
55
89188
894
7112
7814
770
891728 10
15-year
84
1952
secured 5.445
78 Sale 7734
1934• J 10314 Sale 103
Consol 50-year 4s
7814
29 10
104
8
106
211149
57
18
2 178
09
8
15-year secured 654s g-- — 1936 J J 11038 11114 11034
10312 10 10118 104%
1935 MS 10312 Sale 10314
15-year f 7359
15 168
110%
9912
1
Cairo Bridge gold 45
94
9912
-1952 MN 9812 9912 994
Oboe Okla & Gulf cons
19.50 J O 8612 88
864 June'24
Litchfield Div 1st gold 35_1951 is 7078 _ _ 70 Apr'24
()Find & Ft W 1st gu 48,2_ --1923 MN
88 Mar'17
434 80
72
6
78
Loulsv Div & Term 93548 1953 J J 7812 79
881
/
4 9412
2
Cln H & D 2c1 gold 4358„ 1937 .2 j -5i4 9413 92
92
79 Aug'24 -- -Omaha Div let gold 38
8253 897s
_ 8914 June'24
*1936 Q F 9138
1951 FA 7114 724 72 July'24' —
0 I St L & C lst g 48
-03-14 87 Dec'23
79
5522
94
7755
St Louis Div de Term g 35_1951 ii 6978 7212 7012 July'24 -- -70'
Registered
/1936 Q F _
Gold 335s
1942 MN
75l
-ii- WCin Leb az Nor gu 4s g
1951 J J 82
87 Apr'24
8214 82 July'24 1928 55 9858 _ _ _ _ 99 July'24
9888 9974 Springfield Div 1st g 340_1951 J
°In t3& CI cons 1st g 58
814
_ 82 July'24,- 8334 87
Western Lines let g 45_1951 FA 86% 88
Clearf& Mah 1st gu g 55__ _.1943 S i 9678
93 Mar'24
87 July'24 - 85
85
Clsve Cin Cb & St L gen 48_1993 .2 D 8212 8234 8214
Registered
1951 FA
8314 31 migia 84
85 May'24 - 8214 975s Ind B & W lst pref 4s
1931 55 9712 98
20-year deb 4345
9712
9758 11
1940 * 0 9058
96 Mar'16 -- -WI;
07% 10414 Ind III & Iowa 1st g 48
15
General 59 Series B
833
4
104
1993 S D 10212
103
1950 ii 8555 90
874 Aug'24 -- -35 10012 104 Ind Union Ry .5e A
9934
Ref & impt fis Series A- _1929 5, 10314 Sale 10314
96
104
1965 J J 9922 9934 9914
9912
5
10138 10714 Int & Great Nor adjust 65._1952 J J 5438 Sale 53,4
4018 56
fle C
1941 J J 10314 10312 10358 Aug'24
5434 205
8618
8914
let
Cairo Div 1st gold 45
1939 j j 8814 92
J
J
mortgage
July'24
903s 100
Si
certifIcates1952
4
883
9914 Sale 9934 100
130
8212
Iowa Central 1st gold 5s
77
Cm W &M Div 1st g 45._1991 3, 8058 Sale 7912
57
70
8058 11
1938 SD 6218 64
13
64
65
7812 8318
2
Refunding gold 48
St L Div 1st coil tr g g 4B-1990 MN 8214 8312 8218
8218
154 26
1951 MS 1812 19
1814 Aug'24
854 8612
Sir de Col Div 1st g 4s
1940 M S 8734 8914 8612 Mar'24
87 James Frank & Clear 1st 45_1959 S D 8578 87
86
2
W W Val Div 1st g 4s____19405, 8678 Sale 86%
8315 87
87
85%
85%
5
10358 109
OCC&I gen cons g fis
1934• j 109 111 109 Aug'24
99
97% 10012 Ka A & G R let gu g bs_1938 Si
99
(ley Lor & W con 1st g 58-1933 AO 10038
0018 July'24
_ _ 99 July'24
844 95
Kan & M 1st gu g 4s
7734 83
CI & Mar let gu g 435e
1935 MN 9538
1990 * 0 80,
95 July'24
1
4 82
99158114
8114
99
2d 20-year Si
95
95 101
(lave & Mahon Vail g 5s
1938 is 9734 -- 99 Aug'24
1927 ii 10034 10118 10034
10034 15
91
K C Ft S& M cons g Os__ 1928 MN 10314 10434 10314
91
Ll& Peen gu435sSer A
_ 91 Mar'24
1942 J J 9618
1 10018 104
10314
8412 9434 K C Ft S & M Ry ref g 4a_ _1936 AO 8014 Sale 80
7318 82
Series B
1942 AG 96 ig 8412 Aug'24
8058 71
9412 9734
KC&MR&B 1st gu 5s1929 AO
Int reduced to 335s
1942 AO 8218 ____ 764 Feb'12
97 July'24
67
71%
Kansas City Sou let gold 35-1950 A0 9734Series C 334s
1948 MN so%
_ 7018 Dec'17
5
704
707
8
707
8
7114
91
84 1418
88
Ref & impt 55
Apr 1959 J J 8812 Sale 8812
Series D 335s
1950 FA 83 -8412 8418 Aug'24
8912 33
904 9734 Kamm; City Term 1st 45___1960• J 8414 8413 844
8114 8555
1
Cleve Shor Line 1st gu 4358_1961 * 0 96
9712 964
28
964
85
82
8614
'8434 8614 8618 Aug'24 Kentucky Central gold 45__1987 J
Cleve Union Term 535s
1972 *0 10434 Sale 10434
10518 15 10238 108
9512 10118 Keok & Des Moines 1st 55_ _1923 AO 8212 84
604 834
29
1973 A0 100 Sale 9934
100
58(w l)
83 Aug'24 -84 Knox,& Ohio 1st g 6s
80
2
84
1945• D 84 Sale 84
Coal River Ry let gu 4s
1925 J
10012 ____ 1001, 10012
2 10014 101
98
923
4
21
98
Colorado & South 1st 9 421— -1929 FA 9734 98
9734
93% 10014,
8012 89% Lake Erie & West lit g 5s__1937 12 9914 100
Refunding az eaten 43581935 MN 8814 Sale 8814
15
100
9934
88% 22
87
96
8118 8658
2d gold 58
1941 32 9334 9412 9414
Col & H V 1st ext g 4e
1948 AO 8534 88
8658 July'24
9414
2
8018
7518
817
8
83%
FA
Lake
•
D
Shore
gold 334s
Col & Tol 1st ext 45
1997
8378 June'24
8414 90
1955
79
80
3
7912 76
75
7835
8134 85
Regtstered
29
7712
774 21
1997 S D
85
Cuba RR let 50-year be g
1952 Ji 8412 Sale 8312
7458 80
94% 98/
1
4
Debenture gold 48
9834 37
1928 MS 9834 Sale 0812
lit ref 7355
1936 SD 101 10112 101
10112 12 101 103
9214 97
25-year gold 45
1931 MR
964 ____ 9514
97
93
924 9434
9134 9534
Registered
9414
Day az Mich 1st cons 435e___1931
1931 MR
9334 June'24
9178__ 9534 July'24
9238 9612
834 91
Leh Val N Y let gu g 4355-1940 .1
Del az Hudson let & ref 45- _ A943 MN 8812__ 89
8918 10
9538 Sale
S'.
9538
954
5
9112 9412
92% 1004
Registered
1935 AO 10014 S.;le 9878 10078 118
1940 J J
20-year cony bs
9412 July'24 ---974 1024 Lehigh Val (Pa) cone g 4s 2003
764s 83
N
15-year 5359
1937 MN 10114 Sale 10034
7
10112 21
8022
81
8112
8534 91,4
General cons 4355
2003 M
19-year secured 75
1930 iD 10958 Sale 10958 1094 31 1084 110
Sale 90
0014 26
92 Leh V Term Ry 1st gu g 5s 1941 A0 10158 103 102 Aug'24
1004 108
92
D RR & Bdge 1st gu 48 g
1936 FA 925
_ _ _ 92 June'24
6714
9912
79
,
4
9912
AO
Registered
71
Den & R Gr—lst cons g 48 1936
1941
7814
8-7834 7814
7918
Jan'24
724 8418 Leh Val RR 10-yr coil 65_ -01928 MS ioi" 10328 103
2
Consol gold 435e
1936
10318 29 101 104
8212
8212
8212 83
794 9138 Leh & N Y 1st guar gold 4s 1945 MS 84
8215 83
9014
5
Improvement gold Si..,..1928 iD 9014 Sale go
____ 83 May'24
3418 4512 Lea & East lit 50-yr 58 EU- -1565 * 0 104 Sale 104
99 105
26
let & refunding 58
44
1955 FA 4312 Sale 4314
10'
5
8112 814
Little Miami 48
do Registered
1962 MN
8118 July'24
3414 4422 Long Dock consol g 138
10652
107
-- 107 May'24
2
Farmers L&Tr rcts Aug '55_
42
42
1935 AO
4312 42
344 4434 Long Told 1st con gold bs__2:1931 @ J 107%974 1004.
31
Bankers Tr etfs of dep
4212 Sale 4218
10018
1
100 10012 10018
43
421, let consol gold 45
33
9312 10012
do Stamped
6
_ 10018 Aug'24 ---51931 Q J 924
4034 Sale 4034
4034
37
4334
8434 8816
General gold 45
Am Ex Nat Bk Feb '22 ate_
1938 S D 88 -gig 88 Aug'24
40 July'24
344 41
83
89
D 8778
Gold 45
45
do Aug 1922 ails
1932
3812 June'24
89 July'24
3712 4714
Unified gold 48
Des M & Ft D let gu 48____1935
13
404 41
5 79 8 844
1949 MS 844 Sale 8412
41
40
8412
913 9334
Dee Plaines Val 1st gu 4358_ _1947 MS 9212 94
Debenture gold 55
1939 S D 9412 _ _ _ _ 9334 July'24
9314 Sept'12
84
"6 71
88%
20-year p m deb 55
Oct & Mack—lst lien g 48_1995 3D 70
1937 MN 88 Sale 88
7012 70 July'24
8818 45
68
79
86
60
Gold 49
Guar refunding gold 4s___1949 MS 84 Sale 84
1995 S D 65
70
68 May'24
8418 29
9415 99
8712 9312
Det 11.1v Tun 4358
Nor Sh B let con g gu 5e_a1932 Q
1961 MN 9138 92
4
2
98 Sale 9758
924
98
9212
994 1004 Louisiana & Ark 1st g 5s......1927 115 10014 Sale 100
95/
1
4 1001
.2 10034- 10012 June'24
/
4.
Dui Missabe & Nor gen 5s 1941
4
10014
7918 8515
98 100/
1
4 Lou az Jeff Bdge Co gu g 4s....1945 MS 8434 Sale 8412
Dul & Iron Range 1st 5e
12
1937 AG 10038 1-01- 10012 10034
3
85
100% 10411
- Louisville & Nashville 55_1937 MN 10314 10312 10314 Aug'24
Registered
1937 AO 98,
- 9278 July'23
89
9414
76
8434
Dui Sou Shore & All g 68.-1937 J J 83%
Unified gold 45
5
4-84
9218 15
1940 Ji 92 Salo 9138
84
8358
8918 9134.
Registered
9134 July'24
1940 Si
913% 10214
8418 894
8
E Minn Nor Div 1st g 45-1948 AO 894 _
Collateral trust gold 55— _1931 MM 102 frii- 10158
10134
8858 June'24 _ _ _ _
9012 9912
8 10614 10834
E Tenn reorellen g 58
1938 MS 9658
10-year secured 78
10738
1930 MN io718 Sale 1074
9658
9912
2
4 10434 10712
1st refunding 5345
E T Va & GluDiv g .5e
1930 J , 9912
10614
9934 100
2003 AO 10614 10638 10614
9912
9912
1
9718 10514
9778 100,2
1044 44
55B (when issued)
Cons let gold:5
1956 MN 9978
_ 10018 1004 16
2003 * 0 10378 Sale 10334
10312 105
9712 1004
N 0& M lst gold 6s
Elgin Joliet & rAitst g 55 1941 MN 100 _
105 Aug'24
1930 is 04.4
100 Aug'24 - 102 103/
1
4
2d gold 65
102 June'24
Erie 1st consol go. 78 ext-1930 M S 109 Sale 10814 109
1930 is 10234
29 10438 109
614 7438
8512 9034
82
524 1
6
32- 90 July'24
Paducah & Mem Div 4e 1948 FA 6
let cons g 4s prior
1996• J 7212 Sale 71
724 82
60
6438
64
61
St Louis Div 28 gold 35_1980 MS
38 6 2 62 Aug'24 _
Registered
1996 j
_
64 June'24
94
9534
5318 66
95 June'24
L&N &NI &M 1st g 43591945 MS 9415
lit consol gen lien g 45 1996• J 6438 Sale 6338
6438 604
79
85
53
59
83
8358 11
83
L & N South joint M 48_ _1952
Registered
1996"3
-- -- 59 July'24 _
77
77
884 95
77
Jan'24
_
Registered
h1952 Q
Penn coil trust gold 4s....1951 FA 95
95
3
9538 95
96
54,
4 66,2 Loulsv Cin & I-ex gold 4358_1931 MN 9712
9712.
9712 July'24 ____
6512 147
50-year cony 45 Ser A-1953 * 0 914
6458
5412 6618
do Series 11
6534 272
1953 A0 65 Sale 6412
98/
1
4 9934
5934 77 Mahon Coal RR 1st 5e
1939 iJ 10012 ____ 9834 Feb'24
Gen cony 45 Series D
1953 * 0 7034 Sale 69
724 621
8918 102
55
60
.57 July'24 -__Manila RR(Southern Lines) 1939 MN 5734 59
10112 Sale 10114
Erie az Jersey 1st s f 68
1955
10112 25
85 Manitoba Colonization 5s
82
99
98
9612 99
1934 SD 98
98
1
5
85
Erie & Pitts gu g 3358 B
1940 Si 84
85
86
is
85
80%
825
8
83
Man
8214
GB&NW
let
3355_1941
July'24
5
Series C
1940
85
85
37 Mar'13
Mex Internat'l let cons g 48-1977 11 S
_
Evans & T 51 1st gen g 59-1942 A0
88 Apr'22 - _
98 1Michigan Central Si
00-3
1931 MS 15078 -_-_-_-_ 10034 July'24 ____
;
_
Sul Co Branch 1st g 58-1930 * 0
794 Apr'23
88
98
88 Apr'24 _
Registered
1931 QM
fargo&Sou6s
1924 is
9914 Oct'23 0.
1
8634 90
98
90 July'24 ___
45
1940 is 904 93
Fla Cent & Pen let ext 968-1930 J J
98 June'24 - _ _ _
7718 85
78 Mar'24
9338 994
Registered
194t S J
Consol gold 55
1943 is 974 -984 9712 Aug'24
7714 ____ 7718 Apr'24 _
874 9412
L & 1st gold 3;0
774 933s•
1951 M
4
Florida E Coast lst 435s-- —1959 SD 94 Sale 9314
9412
70
81
65
let gold 3355
7718 83
7718 Aug'24
1912 MN 80
Fonda J & Gloy 4355
1952 MN 67 Sale 65
31
67
8714
1929
A
0
973
4 98
823
8
20
-year
debenture
451
9214 9838
9734
is
98
4358._1941
32
Fort St U D Co let g
87
8812 8712
87,2
5
871
/
4 8918
1940 A 0 8812 8912 89 Aug'24 _ 10458
Ft W& Den C let g 535e_ —1961
1 10034 10558 Mid of N J lst ext bs
10438 10438
844 94 Milw L E3 & West imp g 514_1929 F A 10034 ____ 101 Aug'24
99/
1
4 1004
1
Ft Worth & Rio Grist g 4s 1928 Si 9338 -94
94
9338
Ashland Div 1st g 68
1925 M S 10014 10114 100 Dec'23
1933 AO
_ _ 107 July'24 - - 10514 107
Frem Elk & Mo V 1st 6s
9512 10012
Mich Div let gold 65
1929 J
loafs 101
10012 May'24 _
1931 MN 107100 10018
GH&SA M &P lit 58
100
6
- 100
064 9978 MIlw St Nor let ext 435e
1939 i D 9114 ____ 924 Aug'24
885s 9234
1931
_ 99% Aug'24
Id eaten 58 guar
9112 ___ 92 July'24
8918 9334
/
4
Conti extended 435e
8715 921
9278 0-3-12 9278
92%
2
Gal,Hone az Hend 1st 55-1933 *0 10089 100 MI1 Spar & N W lst gu 48_1141
86
94
8338 87
87 July'24 __
1957 Si 9912 10014 9812 100
3
Genesee River 1st e f 6s
84/
1
4 92 Mile & S L 1st gu 3358
8014 ____ 8612 May'24
1941 J
82 8612
__
92
8
Ga & Ala Ry let con 5s____51945 JJ 92 Sale 92
934 9912 Minn & St Louis let 78
1927 J D 10212 ____ 10212 10212
1929 J J 99
1 100 10211•
9934 99 July'24 -___
Ga Car & No lat gu g 59
6034 65
lit consol gold be
1939 M N 62
6214 6158
55
6812
1946 A0 6412 65
6212 11
65 July'24 --- _
Ga Midland 1st 38
9812 1004
let & refunding gold 45- 1949 M S 194 Sale 1914
__
131E 234
2018 16
100 July'24 ---Gila V G & N let gu g fa__ —1924 MN 100
98
9834
R.ef & ext 50-yr 55 Fier A 1962 Q F 1678 Sale 167
1318 21
___ 9834 Feb'24
1942 JD 981
17
3
Gou & Oswegatch 58
904 95 MStP&SSMcon 948intgu'38 J
8818 Sale 88 • 8812 19
8618 90
1941 J J 944
2-95
95 July'24 - _ _
Gr R & I ex lst gu g 435s
9934 997 9938
lit cons Ss
1938
974 103%
9912 25
11512 19 11034 11512
Grand Trunk of Can deb 73_1940 AO 11514 Sale 11514
107
S
10212
coil
1931
M
10314
10
-year
trust
13349
MS
10334
1034
101
10318
106%
Sale
1936
10312
10612
19
10678 67
15-years f 65
97,4 10212
8s A
1948 J J 10112 10214 9714 Aug'24
1947 JD 8634
10112 Apr'07
Grays Point Ter be
911
/
4 101%
let Chicago Term if &L....1941 hI N 924 95 10158 May'24
10934 2l0 106 11018
Great Nor gen 75 Series A 1936 5' 10912 Sale 109
83
9234 MSSM& A letg4sintgu-19213 J J 9934 Sale 9934
9834 9934,
9112 914
0112
2
9934
let & ref 431e Series A-1961 j J 90
5
91
Mississippi Central 1st 56
1949 J J
88
91 July'24 __-1981 is
90 June'23 -Registered
964
1017
8
M
K
&
Okla
1st
guar
bs
J
J
_1942
M
N
ioij
a
10034
gale
1952
34
1013
8
635s Series B
1
4
5934 70
7528 83/
Mo Kan & Tex—Ist gold 49_1990 J D 824 Sale 824
75
8238
70 July'24 --_ Green Bay & W deb ctfe "A"____ Feb 66
7
11
Mo-K-T RR—Pr I bs Fier A-1962 i J 86 Sale 8534
Feb 1012 Sale 1012
78/
1
4 87
86
11
30
18
Debentures ctfs "B"
72
/
1
4.
i
J
40-year
1982
MN
65
70
48
Series
B
Sale 70
___ 844 Oct'23 837
7138 43
Greenbrier Ry let go g 48__ -1940
92L
81
94% 102
10-year 6s Series C
1932 J J 10014 101 10034 10114 60
8 94
9134
92
2
Gulf az 13 I lat ref & t g 55__61952 5 1 9138734
8312
0
MN
Cum
A
51
/
1
4
6312
634
Sale
adjust
Si
Ser
A
Jan_1967
8318
8
613
8
815
6312
823
83
Aug'24
—
4e1954
Harlem R & Pt Cbes let
834 9038 Missouri Pacific (reorg Co)
1 89 Sale 8834
8912 22
Hocking Val let eons g 435s-1999
83
84
1
4
let az refunding 55 Ser A 19135 F A 82% Sale 82
75/
1
4 85/
83
26
83 May'24 1999 Si 8334
Registered
97 10014
944 10014
let & refunding 5s Ser C....1926 F A 1004 Sale 100
10018 19
99 June'24 - _
1937 5, 99,2
& T C 1st g bs int gu
9014 97
1st & refunding 68 Ser D 11149 F A
98 Sale 974
87% 100
0612 25
9812 157
Houston Belt &Term let 58_1937 5, 9612 -96-3-4 9512
95/
1
4 9934
51
6214
General 45
1976 M S 61% Sale 60
62,4 960
9
9934
1933 MN 9934 Sale 994
Iletta E & W T Ist g bs
Missouri Pacific934 July'23
1933 MN 9934 100
lit guar 55 red
80114 8412
3d 7s extended at 4%
1938 MN 84%
_
8412 July'24
94
1 -8414 W94
1937 MN 94
Housatonic Ry cons g 5a
9214 9538
8034 874 Mob & Blr prior lien g 5e
1945 J .1 9614
9538 July'24
8712 113
Bud & Manhat 58 Series A 1957 FA 874 Sale 867
7718.
5814 6812
68
Mortgage gold 48
1
1945 5 .1 7718 Sale 7718
774
1957 A0 6712 Sale 6638
674 109
Adjust income be
10312
1024
92
88
Mobile
az
Ohio
new
J
103
gold
J
103
2
914
J
10314
68.._1927
D
July'24
____
9012
4s
1951
let
gold
Illinois Central
10034
1023
4
89
89
let extended gold 68____51927 Q
10258 ---- 10258 Aug'24
- 89 July'24
1951 J J 8714
Registered
8438
74
78
8314
General gold 4s
8412 July'24
1938 M S 8418 _
8314
2
1951 J J 8214 8314 8314
lit gold 335s
98
92
Montgomery
22
Div
A
9712
Sale
9414
F
is
98
1st
g
55-1947
80
77,4
Oct'20
1951
Registered
4 10034,
74 1412
95,
1
St Louis Div 55
1927 3 D 9834 10014 10014
10014
8212
5 —7.
1951 *0 8135 123-5 8212
Extended let gold 3345
76
8438
8012 8012 Mob & Ohio coil tr g 48
8212 Aug'24
1938 M S
-- 8012 June'24
1951 *0
Registered
8312
8012
61
&
Mal
let
gu
g
45
1991
MS
—
60
Moh
8512 ---- 8012 June'24
7714-69
61 June'24
1951 MS 62
let gold 3s sterling
10814 1103e,
110 July'24
83
8914 Mont C let gu g go
l937J J 110
8814 88
88
2
1952 MS 87
Collateral trust gold 45
105
J
13614
May'06
Registered
J
A0
1937
1952
934 Sept'19
Registered
-554 411
841-2 9012
1937 J J 10012 ---- 10014 July'24
lit gust gold 61
lit refunding 4s_.
195 MN 88% 8918 884
8912
8
--_-
_-__
--_
?3
ai
•No price Friday; latest bid and asked this week. a Due Jan. 5 Due Feb. C Due June. h Due July. n Due Sept. 0 Due Oct.
Option sale
799
New York Bond Record-Continued-Page 3
BONDS.
N.Y.STOCK EXCHANGE
Week ending Aug. 1.5.
742 ei
.
Price
Friday
Aug. 15.
Week's
Range or
Last Sale.
Range
Sinee
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Aug. 15.
S
Price
Friday
Aug. 15.
Week's
Range or
Last Sale.
14
Rano
Moto
Jas. 1.
Illob
High No. Lou
Ask Low
Bid
High
High No. Low
Ask Low
80
Bid
07
5
79
7812
79
784 80 Peoria & East let cons 4c._1940 A 0 78
13
70
3512
21
3
2000 3D 784 7952 78
M & E let gu 34ge
3312
3312
Apr.
35
1990
334
43
Income
4
1
/
99 10114
5
9112 99
57
Naahv Chatt & St L let 55_1928 AO 10114 10234 10012 10012
9718
97
Pere Marquette let Ser A 58 1958 J .1 9718 Sale
99
99
____
Apr'24
2
9933
FA
99
817
7614
4
1937
N Fla & 1st gu g 5s
8058
8058
1956 J .1 8052 82
1st Series B 45
30 Sept'23
8912 9954
Nat By of Mex pr lien 444e_ _1957 3,
9114 July'24
94
-5734 If' Phila Balt & W let g 4s s 1943 M NJ 9114 Sale
47
1534 July'24
37
54
July coupon on
47
4258
47
Philippine By let 30-yr f 48 1937.3
26 Nov'23
4 97
1
93/
do off
1940 A 0 9478 95/
4 97 July'24
1
PCC&StLgu4445A
2718 July'23
9354 9652
1977 AO
General 4s(Oct on)
1942 A 0 9478 95/
4 9618 Aug'24
1
Series B 444s guar
18
18
May'24
18
88
9413
on
coupon
April
9412 May'24
1942 MN 9358
Series C 4 Sge guar
24 Dec'23
83
9034
1
do
off
9034
9034
1945 M N 9034
_
Series D 45 guar
91
3814 June'23
864
5
Nat RR Mex prior Hen 4448_1926 J J
91
91
A 9114 14
-56- 4114 Series E 3349 guar gold_ _ _1949 JF D
20
2812 25 July'24
8713 9712
July coupon on
9712 Mar'24
1953
_
4
903
gold
43
guar
F
Series
34
Oct'23
881s 89
off
do
June'24
8812
N
M
4
903
1412
1957
Series G 45 guar
28 Apr23
9052 9152
let consol 45 (Oct on)____1951 AO
9158 July'24
Series Icons guar 4445_1963 F A 9412
-56- 36
Jan'24
36
905s 93
April coupon on
9318 Aug'24
1964 M N 9318
Series J 4)gs
22
10
1814 Apr'24
9318 10038
12
off
do
•
4
1
/
100
100
D
4
100 1-663
1970 J
General 55 Series A
N 71
664 May'23
100 10012
1954
Naugatuck RR 1st 45
a1928 A 0 10012 10034 10012 July'24
90 Pitts & L Erie 2d g 58
90
90 July'24
1945 J J 897
New England cons 58
Dec'23
105
J
J
_..1932
10318
63__
gu
&
1st
Y
83 Pitts McK
75
9834 1161945 33 7834 ____ 7834 July'24
Consol 4s
9834 Aug'24
1934 J J 10258
24 guaranteed 6s
8034 8134
8134 June'24
9812 10034
NJ June RR guar let 41_ _ _ _1986 FA 854 86
10034 Aug'24
1940 A 0 10058
814 88 Pitts Sh & L E 1st g 5s
8712 Aug'24
9834
97
NO&NE latref &imp 44g5A'52 J J 8512 86
Feb'24
4
983
J
J
8
1943
855
let consul gold 55
7614 8214
15
81
5
99 102
New Orleans Term let 4s_ _ _1953 33 81 Sale 8034
10134
10112
4 Pitts Y & Ash 1st cons 5s_ _ _1927 M N 10058
1
10178 20 10034 102/
4114
40
NO Texas& Mexico let 6s_1925 JD 10178 102 10178
June'24
40
N
M
_1957
43%
4s___
deb
Seeur
854 9312 Providence
02/
4 65
1
1935 AO 9234 Sale 9234
Non-cum income 55
7134 Dec'23
77%
1956 M
9258 9412 Providence Term 1st 48
2
94
87'4 9513
N & C Bdge gen gu 44gs__ _1945 33 9218 9434 92
9512 25
95
95
J
.1
1997
48
gold
gen
Co
Reading
95
9512
9512 Apr'24
8714 92
N 'I B & M B 1st con g 55_1935 AO 9734
92 May'24
95
Certificates of deposit
10914 902 10312 1093s
8314 88
NY Cent RR cony deb 6e_1935 MN 10812 Sale 108
87
Jersey Central cell g 4s___1951 A 0 8612 -8712 86
804 8638
8458 54
60
1998 FA 8414 Sale 844
884 9415
934
Consol Is Series A
9314
Sale
J
4
,
1997J
93
A
Ser
44gs
ref
&
Gen
854 897s
8934 19
Ref & inapt 45e "A"__ _ _2013 AU 89 Sale 8878
MN
10912
9913 414
9538 9934 Reims& Saratoga 20-yr68_1941
2013 AO 9914 Sale 09
-51-315
Ref & impt 5s
9972 June'24 -1927 A 0 10018
Rich & Dan 55
N Y Central & Hudson River1948 MN 74% ____ 72 Mar'23 -7918 Rich & Meek lst g 514
74
51
77
Sale
77
4
3,
783
96 1-137011;
1997
4 July'24 ---1
Mortgage 33s
_ 100/
1952 .1 J 10058
55
Ter
Rich
7214
7814
17
764
3,
761
78
7614
92
84
1997
92 Aug'24 ---Registered
8914 9458 Rio Grande June 1st gu 5e 1939 J D 9034 93
9414 50
2
34 814
1934 MN 9414 Sale 9258
312
312
Debenture gold 4e
92
Rio Grande Sou let gold 45 1941) J J
87
6
92
1942'3 92 Sale 92
7 Dee'23 ---80-year debenture Is
J
3
1940
Guaranteed
s
707
7714
4
8
7512
76
8212 26 -7314 84
Lake Shore coil gold 340-1998 FA 753 76
694 75 Rio Grande West let gold 45.1939 J .1 82 Sale 82
4
1
71/
75 July'24
10
60
1998 FA 7372 75
70
. 6934
Registered
4 701
Mtge & coll trust 45 A__ _ _1949 A 0 69,
7818
73
2
761
24
7614
744 8312
83
8214
Mich Cent coil gold 35s,_1998 FA 764 77
SaleM
_1934
8212
_
Sgs__
4
1st
Louis
&
Ark
I
R
7814
724 7614
10
7414
68
1998 FA 7518 80
74
74
8373
7512
Registered
7414
19493 J
894 93 Rut-Canada let gu g 48
2
9212
9218
804 8412
8412
N Y Chic & Bt L let g 48_ _ _A937 AO 9212 93
1941 J .1 8412 Sale 8412
881,2 8958 Rutland 1st con g 444s
7112 77
1937 AO 9014 _--- 8952 June'24
76 Aug'24 ---Registered
19473 J 754 76
88
954 St Jos & Grand Isl g 4a
9338
55
MN
Sale
9318
9312
-9114 9635
July'24
1931
95
____
46
9358
Debenture
19983 .1
26 10018 10318 St Lawr & Adir 1st g Ss
103
98
98
1931 MN 10278 103 10278
_ 98 Mar'24 ---9818
2d 6e A B C
0
1996
A
65
gold
2d
91
8618
10
90
89
9312
'24
Aug
2
4
3
,
N Y Connect 1st gu 44ge A 1953 FA 8912 8978 90
9
1
J
0032
J
1931
9238
89 St L & Cairo guar g 45
884
22
90
May'24
MN
8812
100
96
9914
1947
N Y & Erie lst eat g 48
934 96 St L ft M & S gen con g 55_ _1931 A 0
96 May'24
8312 93
1933 MS
92141 95
8d ext gold 4445
1929 J J 9224 Sale 9112 Aug
Unified & ref gold 45
97
96
274s' 217
3
8.
8578
97 May'24
72
914
93
1930 AO 9658
4th ext gold 55
8 Sale 8
14
95
93
1933 M N 8
Rly & G Div lat g 4s
9312
9812 994
93,2
9312
June'24
JD
9312
1928
6th ext gold 45
0
A
_1930
_
55_
g
gu
Ter
Bridge
NI
L
844
90
St
1
582
90
6575 717s
7118
1946 MN 90 Sale 90
7012
Sale
PI Y & Green L gu g be
71
J
J
45
co)
1950
(reorg
7634 78 St Les San Fran
78 July'24
894 8712
8634 53
2000 MN 7718
N Y & Harlem g 341s
1950 J J 813,2 Sale 8618
Prior lien Ser B 58
9934 June'23
9858 10212
10212 32
N Y Lack & Western 5e_ A923 FA
1928 J J 10212 Sale 102
-65i2 98i Prior lien Ser C 65
63
9812 Mar'24
8712 951
4
/
1973 MN
let & ref 5e
1942 .1 J
96
5458
9712
372
8112
9612 July'24
72
94
8112
8
3522
1973 MN 9634
98
ale 7
2 994
3314
lst & ref 4418
90
8
0
A
A
Ser
tle____h1955
ad1ust
Cum
712
- -- 103 June'23
5834 7412
741
721
Sale
4
1
/
74
N Y L E & W 1st 75 eat_ __ _1930 MS Oct.
81960
6s
Income Series A
-6734 98
9978 10555
9734 Apr'24
10478 Aug'24 ---1943 3, 9714
Dock & Imp 55
512
09
,
964 9934 St Louis & San Fran gen 60_ _1931 J J 1
9712 100
9934
9934
1
100 I
100
1932 PA 9912 100
N Y & Jersey 1st 58
1931 J .1
General gold 55
1::::
3
4
2
y;
a
ul
m
J
2
1
2
7
9
8
1941 51 S 89'4 -- 91 July'23
N Y& Long Br gen g 4e
4
s
1
7
0
9
L & SF RRconsg 43_1906 J .1
St
-14-713
-6712
N Y N H & HartfordSouthw Div let g 5s__ _ _1947 A 0
394 55
4 54 Aug'24
1
98 101
1954 AO 534 53/
Non-cony deben 341e
101 id 101 July'24 -4412 60 St L Peo & N Vir Ist gu 55_ _ _1948 J
58
58
Sale
58
4
1
92/
3
MS
914
9238
4
1
/
92
1947
____
45
Non-cony deben
1931 141 S 9212
55 St Louis Sou 1st gu g 45
38
83
11
83
76
8118
_1947 MS 5318 5612 55 Aug'24
Non-cony deben 344e
4418 61 St L W lst g 45 bond ars...1989 MN 83 Sale 7414
7414
61 Aug'24
__2
6914
7414
1955 3,
4
1
/
74
Non-cony deben 45
73
J
4312 60
24 g 48 income bond etfa_p1989 J
d-e- 5834 5834
777s 864
8512
1956 MN 584 81ENon-cony deben 45
19323 D 8112 Sale 8112
Consol gold 45
3934 60
85
78
0
4
1956'3 53% 5478 55 Aug'24 132
8334,
833 83
Cony debenture 334.
59
80
1st terminal & unifying 55_1952 J J 83
7712
81
794
73
7958
294
794
1948 33 7712 Sale 7612
Cony debenture 65
36
4978 St Paul & K C Sh L lst 440_1941 F A
8
4
1
4714
95
90
9412 -_ 95 Mar'24 -1957 MN 4714 4812 46/
4% debentures
J
J
_1947
4445._
Trunk
Cr
E
Paul
5
3
4
180
70
873
St
87
-95
9134
July'24
1925 AO 8612 Sale 8614
95
75 European Loan
0
1
1
J
J
_
_
8612 St Paul Minn at Man 46_ _1933
69
Sale 8458
4 876
853
85
AO
---July'24
108
105
1925
10718
Francs
%734
10
1933J
lst consol g 65
44 Apr'23
9814 10
9812 9814
9818 9778
8
972
1930 FA
Cone By non-cony 45
J
J
gold
440_1933
to
543
4613
551z
5514 Aug'24
13s reduced
1954 J J 52
12
92.
884 9773
e 8
Non-cony 4s
2
2:8
93
1937 J D 5
Men/ ex/ let gold 43
48
5512
55 Aug'24
54
24 ---! 8212 824
r'3
Ap9
Non-cony deben Is _ _ _1955'3 52
1949 J J
424 51
Pacific ext guar 48
51 July'24
54
J 52
19
8
1956
787
7138 79
Non-cony deben 4s
78
784
45_
g
J
_
_1943
9934 100
A & A Pam let gu
- 100 July'24
4
1
3
9932 100
100
NY & Northern let g 55._ _1927 AO 100/
___ 100
6612 49
6678 Santa Fe Pres & Phen 5e _ 1942 M S 100
60
6612 Sale 6618
32
84
8012
8734
831
Sale
NFO&W ref ling 0-.01992 M
0
A
4s
1st
1950
Tenni
4 66 San Fran
1
58/
6412
5
1074 108
1955 3D 6412 Sale 6318
General 4s
4 ____ 108 Aug'24
3352
87
1934 A 0 10
854 8518 Say Fla & West 65
1942 AO 8514 ---- 8518 May'21
1001e 10112
4 July'24
1
N Prey & Boston 4e
10112 100/
4
1
/
100
0
A
1934
81
8312
-8312
-8312
5e
8478 90
Aug'24
918 .Aog
71
N Y & Pu let cons gu g 45-1998 AO 82%
8934 8
8912 9912 Scioto V & NE let gu g 45_ _1989 SIN
_
1927 SI S 9913____ 9912 July'24
7112
61
NY&RIlletgold5e
6912 38
1950 A 0 7238 73
5213 71 Seaboard Air Line g 45
27
5812 73
_1937'3 674 6834 68
7212
4
723
4
Y Sung A W let ref &a
723
7212
5812
stamped
58
5712
43
Gold 4s
5812
4
109
1937 FA 5712
63
68
434
8
613
26 gold 444s
Sale
63
959 F
A
194
01
A °
6358 43
4014 66
AdJu.stment Se
1940 FA 634 Sale 63
5712 138
4755 5815
General gold 55
1959 A 0 5732 Sale 564
Refunding 45
854 94
1943 MN 911294 Aug'24
100334
85
3 104
83
4
8
673
1001282
25
0
8
10
..
Terminal let gold 5e
S_a_1!
83%
S
51
A
1945
544 Pii;le 54
55
3912 58
1
121
let & cons 65 Series
9734 100/
4
1
NY W'ehes & B let Ser 1434s.'46 3,
10012
68
6112 70 Seaboard & Roan 1st 55_ _ _ _1926 J
16
3 ---juonlye:224
J
Norfolk Sou let & ref A 5s1961 FA 6712 68 6712 July'24
J
g
gu
55-1943
let
So
9412
9434
89
4 ---1
Sher Sh &
-371
1
7
0
1Norfolk & Sou let gold 58._ _1941 MN 93/
4178
it
103611
-_-_-_-_
A
0
A
6F
1943
0. 3 58._1
10535 107
14
N 107 ---- 107 June'24
& N Ala consgu525:
104
Nonf & West gen gold 65_ _ _ _1931
99 10512
104 Sale 10334
106 107
- 10678 May'24
Gen cons guar
8118 884
1934 FA 10712
8614 24
Improvement & extg
8534
90
106 10712 So Pac Col 45(Cent Pao col)k1940 J D 86 Sale 9718
,014 July'24
-i-e- 1074
93
742 so
00
1932 AO 19
98
New River let gold
9212 98
Sale
98
8
0192951
45
86
cony
91
AO
-year
4
1
/
20
36
48.,.,1996
g
let
cone
NA W By
____ 10014 July'24
974 10034
4 J D 100
9357
119,52
1
87 June'24
90
8614 87
20-year cony 55
1996 AU
Registered
103 Aug'24
101 103
MN 101
90 Aug'24
8614 9075 So Pac of Cal-Gag 58
DWI let lien & gen g 48_1944 3, 8875 90
9112 1014
94 10118 Aug'24
.1 90
J
37
92
Dec'23
3g-19
/
4
gu
lst
Coast
MS
112
Pao
So
89
10-25 year cony 444s__ -1938
9035
85
89 Sale 8812
12734 214 jai; 11112 So Pao RR lat ref 45
1929 M S 12 12 Sale 125
10-year cony 614
102
10112
10014
Sale
9518
91
7612 91 Southern-let cone e 581994 J J 1005s
7
1_6
6_
4
8
355
8
.
Pocah C & C Joint 45._ _1941 JO 904 --- 90
75:
6918 7554
Sale 7334
75
0
A
91
Sale
8814
8814
A-1956
Ser
45
844
gen
&
91
Develop
22
North Ohio let guar g be__ _ _194.5 AU
96t: 103
10278
1956A 0 10234 Sale 1024
86
--- 85
13
68 (WI)
804 8612
NorWacific prior lien Is._ _ _1997 Q
10114 10712
j 107 Sale 10612 107
A O
J
8014 6012 84 July'24
7834 8412
642
1997 Q
Registered
Aug'24
100
6
1
99
9352 100
66
9812
61
I
018
Sale
6018
9
5634 624
37
Mem Div 1st g 440-58._1199568
02047 Q F
General lien gold 35
7954 88
8534 85 Aug'24
85
5912 Aug'24
57
1951 .1
5912
St Louis Div let g 45
1
a2047 Q F 5912 60
Registered
1023s
9772 10232
1023s
4
1
/
102
861i
N
2
863
8
M
865
Sale
_1929
_
_
544s_
4
793
ext
8712
let
10
Bo Car & Ga
Ref & impt 4345 eer A_ _ _2047 J J
June'24
87
83
86
20473 3 10658 Sale 10658 10678 33 10134 10712 Spokane Internat lat g 58_ _ _1955 3 J
65 ser B
Oct'23 91
89
9634
8
4 9714 Sunbury & Lew 4e
/
901
20473 J 9614 Sale 95%
5s C
May'18
95
97
6612
9612
Sale
9618
e1
M
6 j'
30
93
19
4 97 Superior Short L 181 53 g
1
89/
50
2047J .1
68D
J.Tolulyy:2244
9233 95
4 95
--__ 89 Feb'23
Term Assn of St L lst g 4%5_1939 A 0 943$
St Paul-Duluth Div g 48_1996 J D
9714 10014
10980471'82
9914 Mar'24
F A 993
4 33
943
194
-356i4991
let cons gold 5e
St Paul & Duluth let 55._1931 Q F
84412
78114 8624
9
84
4
844 Jan'23
19533 J 933
Gen refund a f g 4s
1968 3 D 8118
let consol gold 45
June'24
9412 95
92
10912 10914 Tex & N 0con gold 5s
8
-- 10934 July'24
4
/
Nor PlIC Term Co let g 6e_ _ _1933 J J 1091
9934 9912 10014
92 10014
9812
91
894
D
8912 109t2 Texas & Pac 1st gold 5s
20003
9
4 ---/
1938 a 0 1001
No of Cal guar g 511
9738 100
12000 Mar 90
24 gold Income 55
4 =- 100 June'24
/
1930 3 J 1031
North Wisconsin 1st 65
58 Aug'24
9
98
91
98
7234
69
7312
4
La Div B L 1st g 5s
J 7158 -7212 72
Og & L Cham lst gu 48 _ _1948
9955
97 10014
9958
4 100
1
J 99/
-1 j
13
35
93
4 - --- 8912 Apr'24
/
9912 8934 Tol & Ohio Cent let gu 55 _ 19
1943 51 S 891
Ohio Conn By 45
9475 1004
9834 9958 9834 Aug'24
9912
Aug'24
0
9912
A
1935
D
3
55
g
Div
1st
Western
714
1936
let
5e
River
g
RR
9
;
Ohio
99%
4 9514 June'24
1
9112 9514
9512 0/
General gold 5s
9534 0814
1937 A 0 9734 __-- 984 July'24
General gold 5e
Jylu'24
2212 3014
4 17
/
1011
I3 2238 2414 2334
JJ
51
917
193
10112 Sale 10114
9914 10178 Toledo Peoria & West 45_ _ _ _1
1927 J
Ore & Cal let guar g 5s
9934 51
Sale 9912
9613 9934
993
4
8
893
8918
8912
J
D
8915
_1925
g
J
W
12
855
lien
344e_
pr
8
&
9012
L
St
Tol
22
Ore RR & Nav con g 45__ _ _1946
83
8412
76
8214
8
825
82
105
Aug'24
101 10614
1950 A 0
10412 10512
50-year gold 48
Ore Short Line-let cons g 59.'46 J
9514 97
J 973s
1931
4 TolVVV&Ogu410A
1
1946.1 J 10412 10.512 10512 10434 10 10138 106/
Guar eons 55
9518
9512
8
963
98
Sale
9712
8
5
97
.1
J
D
107
9214 98
1933
Series B 4445
1929 .1
Guar refund 48
896
8
1.Ue
/1;
3
;'I
.24
'
571
l 1*"
a
83,4 161
1942 M S 8958 -3i12 85 Aug'24
7938 84
82 5 Sale 8212
Series C 4s
Oregon-Wash let & ref 45._ _1961 J
-15
2
-517
8412
78
Aug'24
82
D
J
.11946
_
4e_
D
g
1st
Buff
.1
&
801/
79
Ham
7512
Tor
41
Pacific Coast Co let g 53_._ .1946
97
: 9612
971
93 97
2
,4
2
8
'
9
12 Aug
5:
90
78
0018 Ulster Oa Del 15t cons g 58_ _1928 J D 97
1
Pae RR of Mo lat ext g 46-1938 F A 904
66
6233 7034
6818 66
66
98
5
4s
89
g
,
99
refunding
8
let
1938
77
3
3
53
gold
2d extended
9312
8852 94
9178 May'24
ni 92 Sale 92
47
2
1195
,
JA 1
20.
914 0812 U on Pacific 1st g 48
257
Paduasb & MP ler at 4148-.1955 3 3
100
9538 100
9934 Sale 9934
8312 282
8412
65
20-year cony 4s
20
Paris-Lyons-Med RR.83._ 1958 P' A 83 Sale 8234
87
4 8814
/
811
86 Sale 8518
Aug'24
94
96
45
95
9612
refunding
89
&
let
M
S
1942
12 100 107
Paulista By 75
8
Sale
1045
105
8
1045
93
0214
Sale
S
8M8
008
0199
894 9512
1st & ref temp 55
Pennsylvania RR-cone g 48 1943 M N 93
4 105
1
104,2 36 102/
10412 Sale 104
9112
9112
3
Sale
4
.1
9112
perm
6s_
secured
_1928
87
10-year
93
N
M
1948
45
gold
Consol
90 July'24
8834 90
92
92
1
8714 95
N J RR & Can gen 4e_ _ _ _1944 M S 90%
May 1 1948 MN 9112 92
45 stamped
93
93
14
10012
99
99
1
90 100 Utah & Nor gold 58
1 93 100
1960 FA
CO11801410
93
4 93
93
93 -9139414 65
9014 9914
1st extended 4s
1965 J I) 9414 Sale 9338
General 445
_515i2
85
Jan'24
85
4
3
85
85
8
1013
ii
N
A
Sale
m
F
jj
3
7
5
326
10212 44
95
0334 110
Vandalla cons g 48 Ser A_ _ _19
1969 3D 10212
General 155
8534 --- 89 Mar'24 ---85
87
10934 82 10134 110
Co
nsol 45 Series B
1930 A 0 10958 Sale 10912
10-year secured 7e
---- 36 June'23 -1
11058 74 10758 1107a Vera Cruz & P 1st gu 4448_ _ _1934 J J
1936 FA 11038 Sale 110 4
15-year scoured 644s
-Apr'24!26
2
26I
538
July coupon on
995,
Pennsylvania Co9914 9912
8412 Dec'23
Nis -_
Verdi V I & W let g 56
4 1_.
1
6/
10
,
90
0
58 1,00
7_
11
3
Guar 3445 coil trust reg A.1937 MS
2
0
9
0
0
,
1g
u
9
9
0
;
9
A
j
4
14
loN
4
97
8314
9
8
M
AI
6
8512
Mid
AA
2
92
8
Series E 55___ _ 119
-8324 84 Virginia
9912
Guar 341e coil trust Ser B.1941 JO 833
98 100
8212 ____ 813s May'24 -6M N
933
100
General 55 o let go 58_ _2
8138 8138
Guar 3345 trust cas C_ _ _1942
_
97
834
Aug'241
9214
J
J
8312
9outhw'
8212
8314
&
8114
Va
Guar The trust °Us D__1944
8434 844
84341
IL
95
O 84
Ma 884
A N
m
9438 9512 9412
9058 9518
lst cone 50-year 58
Guar 15-25-year gold 4e_ _1931 AO
9612 89
9614 Sale 9534
9214 9714
8812 8634 July'24 ____
N 86
8334 8718 VIrginian 1st 58 Series A __11969528
1952
Guar 458er E
oDue
Oct.
Aug.
sale.
pDue
Option
kDue
Dec.
t
July.
c
gDue
Due
a
Jan. Due March. 4 Due April. eDue Slay.
June. hDue
asked,
•No price Friday;latest bid and
--
soo
BONDS.
N.Y.STOCK EXCHANGE
Week ending Aug. 15.
New York Bond Record—Continued—Page 4
•
Price
Fridatt
Aug. L5.
Week's
Range or
Last Sate.
Rang.
Since
Jan, 1.
BONDS,
N. Y. STOCK EXCHANGE
Week ending Aug. 15.
"'.1 •
.3
t
Price
PrIday
Aug. 15.
Week's
Range or
Last Sate,
/tango
Since
Jan. 1.
ca,2
Bid
Ask Low
High No Low
High
130
Ask Low
i0678 11
Wabash 1st gold 59
Higts No. Low
1978
1939 MN 10012 Sale 10018
8
9612 101
100% 24
Det United 15t cons g 435e_ _1932 J J 91 Sale 007g
8458 93
91
38
2d gold 58
1939 F A 9314 9438 9314
94
19
8718 9813 Distill Sec Corp cony let g 581927 A 0 383 42
40
5413.
July'24
40
1st lieu 50-yr g term 45
1954 ii 74
74% 74% Aug'24
75
68
Trust
certificates
of
deposit_
_ _ ---- 3834 4012 41
5473.
38
41
Det & CO ext 1st g 5s
1941 ii 0858 10014 9914 Aug'24
97
9014 Dominion Iron & Steel 5s___1939 J 1 65
6414 7914
27
6614 6432
66
Des Moines Div 1st g 45.1939 j
81
84
7212
7212
7212 8414 Donner Steel 7s
1942 J J 8434 85
3
8412
85
Om Div let g 335e
1941 AG 713 7314 72 Aug'24
du
673
Pont
4
73
(E
,
2
I)
Powder
4359.1938 J D 89
9212
91
4
____
Tol & CO Div g 48
9212
1941 MS 81 100
82 July'24
7734 82 duPont de Nemours & Co 7355'31 M N 10812 Sale 8912
10814
Warren 1st ref gu g 3358_ _ —2000 FA
10812 63
7418 May'23
Duquesne Lt 1st & coil Os...1949 J J 10534 Sale 10514
59 10314 10613
Wash Cent 1st gold 4s
106
1948
_ _ 8612
M 8458
78i 861z East Cuba Sug 15-yr s f g 7358'37 5
8612
M 5
1 10
07
012 Sale 106
W 0&
10712 89 10313 111
Ist cy gu 48
1924 FA
9918 99% Ed El III Bkn let con g 45_1939
- - - -- 9938 July'24
J
6
Wash Term let gu 335s
1945 FA 81% - -- 8158 July'24
8012 89 Ed Flee Ill let cons g Os_
9
888
014
1995
8 10
9:
992
11 :
99
99
_34 10
let 40-year guar 4s
4 July
90118
9'2
914
8
1945 FA 8814
7334 8814 Elk Horn Coal cony 6s
74 July'24
1925 J D 89% -893-4 9912 July'24
W Min W & NW let gu Se_ _1930 PA 9314 95
9418
10
94%
Empire
0518
90
Gas
&
Fuel
7355___
MN
A937
90 Sale 95
8
989
8% 98
West Maryland let g 4e_
232
91r
96
1952 AG 6434 Sale 63%
643 259
64,
58
Equit
Gas Light 5s
1932 M S
West N Y & Pa 1st g 55_
__ 98 July'24
1937 J .1 9914 100 100
100
9
76
7514 10
1
80
114 Fe7
d8eral Light & Trac 6s_
1,
95
43
2 M S 96
9812-97
Gen gold 40
3
9612
9612
1943 AG 80
81
80 July'24
M S 10318 10412 103 Aug'24
9
998
33512
4 10
997
Western Pac let Ser A 55._ _1946 M
872
g.
91 Sale 89%
7912
64
9314
9314 Fisk Rubber lets f 8s
M
1941
5
103
98% 10472
Sale
B Os
10278
55
10312
1940 MS 10034 Sale 1005
101
92% 10112 Ft Smith Lt & Tr 1st g 58_ _1936 M S 79
56
77% 81
West Shore 1st le guar
83
81 Aug'24
2361
78% 85 Framerlc Ind & Dev 20
J 83 Sale 8212
20
85
J J 97 Sale 9612
84% 9712
Registered
978 29
2361 .1 3 8131 Sale 813
77% 88% Francisco Sugar 735s -Yr7 4189
8
8258
'4
42 M N 10318 10312 1027
Wheeling & L E 1st g 55_ 1926 A0 10014 _ _ _ _ 100%4
12 10118 107%
10314
10014
1
98% 10012 Gas& El of Berg Co cons g 58 1949 J D 9534 _-__
Wheeling Dly 1st gold 58_1928 5, 100 10014 10018
June'24
94
Aug'24
98
10018
General Baking 1st 25-yr Gs_1936 J D 104% ____ 10418
3
:
11
Eaten & !rapt gold 58_
9
00
84
4
8
114 10
9
980
2 10
10418
1930 FA
94
6438 Aug'24
94 Gen Electric deb g---1
19
95
42 F A 83 ____ 83 Aug'24
Refunding 4358 Series A _1966 M
663 67
5312 67
6558
139
67
Debenture .58
NI S 10412 Sale 104
RR let cense! 45
100 10434
32
1043
1949 MS 7314 Sale 7038
270
75
75 Gen Refr 1st 5 7 g Os Ser A 1952 F A 99
60
Wilk & East let gu g 55
997g 9913 100
11
1942 ID 65 Sale 6434
49
70
19
70 Goodrich Co 635e
1947 J ..1 9814 Sale 9712
Will dr S F let gold .5s
93% 10012
9815 58
1933
10012
_ _ 101 July'24
99 101
Goodyear Tire & Rub let 9188'41 M N 11814 Sale
11411 11014
Winston-Salem 513 let 4s. _ _1960 J
74
1177
8
8218
11814
_ _ 8114 July'24
81
8212
10-year s deb g 8s
F A 10514 Sale 104
WM Cent 50-yr let gen 4s...1049 T J 8212 Sale 8112
105,4 186 100 10514
.1
763
48
T
84
,
4
S
82
Granby
,
2
Cons
MS
Peon
&
6s A'28 M N 91
92
91
Sup & Dill My & term let 48'36
____ 91 July'24
MN 8612 Sale 8614
8734 52
8734
77
Stamped
1923 M N 91
69(16
258
(
9
7)60
058 9
____ 90 Apr'24 INDUSTRIALS
Cony debenture 85
N 91
1925
Adams Express coil tr g 4s_ _1948 MS 85
93 Aug'24
2,
14
8 85
81
82
78
3
:
7
3
85'34
2
Gray
& Davis 7s
1932 FA 9313 .... 7912
Alai Rubber 88
4
80
1936 1
745
933
92% Sale 91
95 Great Falls Power 1st s I 58_1
98
1940
52 54 N 9934 100 100
8
98
9 10
92
4112
2
Alaska Gold M deh es A._ 1925 M
10
100
58
6 Aug'24 _
712 Hackensack Water 4s
9 J J
__ 8212 July'24
Cone deb Os series B
1926 MS
518 7% 57 June'24 _ _ _ _
612 712 Havana El Ry LAP gen 5s A 1954 F
NI A
S
8
9
8234Am Agile Chem 1st 59
3
5
12
8;
6
4
4
25
8
9
3
5
12
86%
1928 AO 9814 9814 9814
94
9812 Havana Flee consul g 55_...l052
9812
3
lit ref s f 7358 g
9
9414
1911 FA
9334 Sale 92
82 101
93' 155
Hershey Choc 1st s f g 65._ A942
:
9
7
87
)
:1
822
2
' 178
0
8
9889
4
3
8
8117
:
2 1142:8
1031 Sale 10314
American Chain 69
10312 25 158
1933 AO 95 Sale 9412
9112 9613 Holland-Amer Line 65 01(411_1947 MN
9514 25
8112 87
Am Cot Oil debenture 511_ 1931 MN 8818 88% 8814
10
80
81
8812 11
82
511/14
Hud.son
Co
Gas
let
g
.58_
_
_
_
MN
1
9
4
0
9
9414 97%
____ 97 Aug'24 97
Am Dock & Impt Cu Se
1936
10612 107% Humble 011 & Refining 5358_1932 J
.1 107 107N 10734 July'24 _
99% Sale 991e
Amer Republics Os
99% 100
1937 AO 92 Sale 9158
87% 97% Illinois Bell Telephone 5s.__1956 3D 973
92
25
9
93
11
:
1 95
36
4 Sale 97%
8,4
Am Sm & It 151 30-yr User A1947 AG 94% Sale
98
147
9158 95% Illinois Steel deb 4358
95
AO 94 Sale 933
41
Os B
9414
1947 40 105 10514 105
10514 21 1015 10612 Ind Nat G & 0 58
1936 MN 88
7
15
Amer Sugar Refining 69
89
883
8
88
9638 102% Indiana Steel 1st Os
1937
.1 101 Sale 10012 10114 73
MN
1952
100
10312
10218 Sale 10218 10218
4
Am Telco & Teleg coil tr 45_1929 .1 1 9734 Sale 9712
9211 97% Ingersoll-Rand 1st 55
9734 201
p1935 J J
0
1222
0
1:i
:
18u
1803
04:1i 1977
100 100 July'24
Convertible 45
1936 MS 89
93 Interboro Nletrop coil 4359_1956 *0 983
92
91
87
9114
8
11
14
107 June'24 _ _ _ _
20-Year cony 4358
1933 MS 10514 Sale 10412 10514
6 100% 109 Interboro Rap Trail let 55_ 196
36
J 6912 Sale 6912
2
169
7038
30-year coil tr 58
1946
97i8
10134
1025
Sale 101% 10134 178
s
D
Smped
ta
6812 Sale 6812
6912 165
20-year s 535e
1943 MN 102% Sale 102%
97% 10234
10258 234
10-year (38
AO 6912 Sale 6834
7-year convertible 65_ _ _.1925
697s
13
11914 Sale 1171
73
11912 10 11214 123
1932 NI
917
Am Wat Wks & Cleo 58_ _ _1934 PA
8
Sale
91
8418
04 Int Agrtc Corp 1st 20-yr 55_ _1932 MN
AO 9212 Sale 9212
9334 65
42 758
439
88nz
87014
62
6714 62 July
An) Writ Paper s f 7-6t....1939
9
'
1274
_
8 _ 1_99
36
51
57 Inter Nlercan Marine s f 65_ _ 1
1
J 501 5112 51
,
94
AO
4
7
1
88% Sale 87
Anaconda Copper (le
8814 156
1953 FA 981 Sale 0712
94% 98% International Paper 513
9814 304
I2 87 Sale 8678
88
83
87%
73
41
1938 FA 10034 Sale 9934
9412 101,4
10034 741
let & ref 5s 13
1947
J
Armour at Co let real est 43581939
84
D 8614 Sale 86
83% 87% Jurgens Works6s Olaf Price)-1947 J J 8158 Sale 84 NIar'24
87
7312 82
Armour & Co of Del 535s. _ _1943 is 92 Sale 917
8138
8158 - -32
-84% 9213 Kansas City Pow & Lt 59_1952 M
111
92
,12
94)8.
935 Sale 931.
80
79,3731384 180,061
Amended 011 temp fis
933
50
1935 M S 101 Sale 101
9634 10112 Kansas Gas & Electric 6s
101,2 42
1952 MS 987 Sale 9838
Atlantic Fruit cony deb 7s A.1934 so
9918 54
29
35 Mar'24
40 Kayser & Ca 7s
_
1942 FA 10112 Sale 101%
Trust certificates of deposit._ _
25
1013
2712 28
2212 40 Kelly-Springfield Tire 88_1
26
1
26
1 MN 9634
19
93
37
8614 104%
do
061s
964 24
stamped
2513 33
2"
21
3912 Keystone Telep Co let 58_ 1935 J J 75 Sale
1
25
____ 80 June'24 _ _ _ _
Atlantic Refg deb 5s
1937
9018 Sale 98%
96% 90% Kings Co El & P g Os
991s 42
A0 103
44
03
10
857.
5 11
19
____
Baldw Loco Works let 58..1940
103
1
103
N 10178 10312 10178
7 100% 10234
10234
Purchase money Os
1997 A0
Barnsdall Corp St cony % A1931 .1 J 101 Sale 10012
9514 102% Kings County El let g 45_ _ _1949 FA 113% 114 1133 Aug'24
102% 66
72
Bell Telephone of Pa 55.....i948
693
4
74
14
76
7412
75
7
9712 101
J 10012 Sale 10018
117
101
Stamped guar 4.:.
1949 FA 741 76
70% 76
Beth Steel 1st ext s f 53_ _ _1926
76 Aug'24 _
J 1008 10034 100% 1003
99 10078 Kings County Lighting 58_1954 J J 8512
13
77% 101 12
let & ref 55 guar A
87% 85 Aug'24
1942 MN 9634 Sale 96
12 16
93% 971" 6s
654s
97
3,
1901
119,36
5
0
10278
20-yr p m dr Imp s f 59
95
102%
Sale
102
1027
18
1035
.1 8814 Sale 88
8712 913 Kinney Co 7358
8812 38
JO 10412 105 10412 105
68 A
7 10112 105
1948y A 96 Sale 96
9534 100 Lackawanna Steel 6s A
97
91
MS 9112 Sale 9114
5350
91%
15
1953 F A 88 Sale 88
8778 92 Lac Gas L of St L ref & ext 5e ,
74
89
1934
53 A 0 9712 Sale 97%
9
99
158 9
93
712
Booth Fisheries deo II I Os.....j926 A 0 75
9712
7
7213 8334
80
80
80
1
Coll & ref 554s ser C
F A 95 Sale 94%
92% 953a
Braden Cop M coil tr at 68_ _1931 F A 105 ____ 105
9514 51
105
2 100,2 10512 Lehigh C & Nav s 435s A_ _1954 .3
Brier Hill Steel let 5355_
9312
July'24
9512
04
_
_
1942 A 0 9612 Sale 9612
93
9714 Lehigh Valley Coal 58
96% 67
J 100 191 100
91 101
13'sray & 7th Av 1st c g 55..1943 .1 D 6834 72
100
3
7012
7212
6012 7314
8
4s
193
33
3'3 88
8713 8712
Brooklyn City TIR Os
____ 8712 July'24
1041 .1 .1
9114 Lex Av APP Ist gu g 58
87
5
90%
90,4
54 S 43 Sale 43
;
9
18
31111
4 14
13
9
12
1
Bklyn Edison Inc gen 59 A_ _1949 J
9
2
9
5
3
1
24
43
1005s Sale 10014 10034
9712 10218 Liggett & Myers Tobac 78..1944 k 0
9
11714 Sale 117
General Os Series 13
11714
8
1930 .1 ..1 105 10534 lOs
105
8 10212 106
55
PA 975 98i2 9712
957e 99
9812 28
General 78 Series C
1930 .1 J 10614 10612 10634 10634
Lorillard Co (P) 78
2 1064 109
1944 A0 116
,
7,
General 75 Series D
14
116
117
5 11412 11813
1940 J D 10914 Sale
110
31 107 1104
5s
1951 FA
Bklyn Man R Tr See(tem)65 1968 J .1 817s Sale 10914
9714 16
Sale97¼ 97
8178
7234 8212 Louisville Gas & Electric 53_1952 MN
82% 782
Bklyn Qu Co & Sub con gtd 55'41 MN 6512 66
Sale
9114
35
4
90
903
6324 694 Magma Coo 10-yr My
66
5
66
78194
898
,
32 3D 118 Sale 1163
85118
3 199S
9238.
118% 257 10
let 5s
1941 .1 .1 76
80
____
Nlanati Sugar 734s
80
Jan'24
*0 6
97% 101,2
99
99
Brooklyn Rapid Trans g 58..1945 A 0 9734 ____ 80
1% 16
1:
00
57 8
33
17. 2
Sa
alee 6
7814 101
Manhat Ry(NY)cons g 45_1990 *0
101 June'24
66
70
Trust certificates
_
96
96
96
July'24
254s
2
1012
43 ID 5312 Sale 53
let refund cone gold 48_2002 J .1 83 ___
53
64% 824 Manila Electric 7s
8234 June'24
9 M N
9818 Sale 9818
S-yr 7% secured notes_ _ _1921 J J
99
5
102 Apr'24
Manila F.lec Ry & Lt s f 58_ _ 1,
9712 1(13
94
50
3M
8212 34128212 Aug'24
Certificates of deposit
9612 1161^ Market St Ry 75 Ber A
11612 Aug'24 _
• ___
Q J 9812 Sale 98%
9
4894
8
27111i 100
'91'63
10012 158
:
Ctfs of deposit stamped.
4
1103 July'24
9234 11078 ',garland Oil f 88 with svaents'31 40 126 134 125
100
16% 11 10
1514
Bklyn lJn El let g 4-5s
_ 1
80% 8512
1950 F A 8414 844 8418
Without warrant attached. _ _ _ *0 10412 105 105 July'24
6
8412
105
6
Stamped guar 4-55
1950 F A 8414 8412 8412
81
851. 735s Series B
2
8418
1931 FA 117 122 1217 Aug'24
Bklya tin Gas let cons g 55_1945 MN 98% 100
_
9858 10014
do without warrants
9914
5
9914
102 102% 102% 102%
1i.(3
19
0743_
:
1i
8
734 :
4
79
3 i
1932 M N 133 Sale
Merchants & Mfrs Exch 75_ 11942
14 114 135
1) 100
953
____
100
May'23
let lien & ref fie Series A.A947 M N 10612 ____ 13112 133
991.2 107
M
Ed let & ref g 6s Ser n _etr _1952 FA 101 Sale 997
1
9912
9912
10114
71
10
1929 M N 13114 134 13012 133%
114 135
Nl
etr
Power
2
65
ID
10,6
)
0
4
11
,
12 ,
Buff dr Swig Iron 8f 58
99
5 119
1932 .1 D 9158 9412 9334 July'24
90% 9354 Mexican Petroleum 5 1 8s...1936 MN 99 Sale 9878
10534 107 1057
Bumb Terminal let 49
106
3
1952 A 0 871 ____ 8618
81 .86% Midvale Steel &0cony 8 f Se 1936 NI Si 8834 Sale 88
8612
1
8
,
5%
,8 ,15
8834 54
1)4
15
Comet 58
1955 .1 J 8612 88
8334 88%
Certificates
87
8
of
deposit
88
_ _..1936
93 Feb'24 _ _ _ _
Building 5e guar tax ex_ 1960 A 0 93 Sale
91
9734 Mllw Elec Ry & Lt cons g 55 1926 -.1 1
927
8
943
14(0's
1003, 81;1-e- 100%
Cal G & E Corp 55
2
1003,
1937 MN 100 Sale 9918
9744 100
Refunding
16
&
exten
IOU
435s
1931'3
94
9012
8
9412 94
95
94
4
Cal Petroleum 514e (w I)
1933 A 0 10034 Sale 100
95 10034
General 58 A
10034 54
1951 JO 9558 Sale 9512
92
95% 21
9558
Camaguey Stag let sf g 78_ _1942 A 0 9612 97
1st 58 B
9412 9784
9512
7
9612
1961 i0 85 Sale 8
98
5
8018 88
083,
86
:21:73
Canada SS Lines 1st coil s 1 78'42 51 N 96 Sale 953
91
96
1st
&
34
4
ref
M
g
96
61
ser
C
1953
98% Sale
9538 100
Danada Gen Flee Co 63_ _ _1942 F A 10612 106% 10612
102% 106% Milwaukee Gas Lt let 4s__ _1927 MN 98 Sale 97
94% 9812
98
Ii
Cent Dist Tel let 30-yr 5s._1943 J D 10012 101 10012 10658 11
97% 1001.2 Montana Power 1st Is A._1943 J J 98 Sale 9712
3
10013
98
95
43
0815
Cent Foundry let s f 83_ _ _1931 F A 88
92
8912 31111'24 89Is 93 Montreal Tram let & ref 58.1941 J J 9312 Sale 9312
9312 12
Cent Leather 20-year e 58.-1925 A 0 993 Sale 9934
9212 99% Morris & Co 1st s f 435s. _ _ _1193
9934 77
939
2 J J 82% Sale 8114
8
76
8'8 8
8214 108
92
317s
4
Central Steel 8s
194 MN 10912 110 110
Mortgage Bond 48
lova
AO 74%
110
110
2
1966
7413 7412
- 7412 June'24
Cerro de Pasco Cop 8s
1931 J
9814 9812 138 July'24
127 14453
58
A0 9312
93 July'24
_
CbGL&Cokeigtgug&s.1937J J 9812 Sale 9812
9312 9812 Mu Fuel Gas 1st
9812
1
g 58—.1917 St N 95 -11 9514
2
9514
2
06
9411
Chicago Rye let .5s
1927 F A 7814 Sale 78
Niut Un gtri bonds ext 5%._1941 MN 94% _
81
74
78,2 68
953: June'24
Ws 9584
Chile Copper Os Ser A
1932 A 0 1083 Sale 10578 10914 338
99 10914 Nassau Elea guar gold 4s_. _ 10
9.
31
51 J J 60N Sale 6012
61
_4_8_
533
4 62
Mein Gas & Elec 1st & ref 59 '513 A 0 9914 095s 9914
9558 100% National Acme 735s
3D 8378 Sale 83
9912
3
8
99,673
2,8,181 19
,7,
4
:2s
838 32
5355 Ser B due Jan 1
1961 A 0 10012 Sale 100
96 101i8 Nat Enam & Stampg 1st 59.1929 ID 98
1005s 18
9912 9712 July'24
Colo F & Co aen s I 5s_ _ 1943 F A 90
93 8118 Aug'24
9314 Nat Starch 20-year deb 58_ _ 1,
88
93
50
2 J J 9518
9512 May'24
1.1512 97
Col Indus let & coil Os gu. ,,1934 F A 8112 Sale 80%
National Tube let 521
82
75
M
8134 38
10112 10114 10112
11512 102
10112
Columbia G & E 1st 58
1927 J J 10012 Sale 10018
10012 23
96% 10012 Newark Con Gas 55
1948 JO 9672
- 11614 July'24
Stamped
1927 J J 10018 Sale 100
9614 10014 New England Tel & Tel 58_ _1952 3D 101 Sale 10034
100,4 68
101
82
Col & 9th Ay 1st gu g 5s
1993 M S
6
14
7 Apr'24
7 N Y Air Brake 1st cony Ge. _1928 MN 103 10314 103
7
103
3 101% 104
Columbus Gas 1st gold 58-1932 2 2 9712
93 July'24
A 781s 7812 78
934 0634 N Y Dock 50-yr let g 4s__ 195l
73
78%
2
78,2
Commercial Cable let g 4e. _23970 .1 7012 75
75
70
71114 NY Edison let & ref 635s A_1941 AO 1123 Sale 11234
75
11
11314 32 1097.3 11314
Commonwealth Power 65._ _1947 M N 96% Sale 95
07 N Y Gas El Lt & Pow g 5s_ _1948
87
139
97
100 10112 1003
1003
9814
4
102
5
Comp Azu Bare 7355
1937 J J 101 102 102
Purchase money g
10212
1
F A
J 8612 87
2 100 10334
8218 86%
1
8614
8614
CompuUna-Tab-Ree s f 69. _1941 .1 J 10212 Sale 102
10212 10
08 10212 NY .Mtirdc Ry let 9 f 5s A _ _ 19
96
46
9
8(312 ____ 8112 Apr'24 _ _ _ _
801e 81,2
Conn Ity dr List.& ref g 435e 1951 .1 J 843 ....-- 8772 July'24
8778 88% NYQEIL&PIntg5s
1930 F A 9914
993, Aug'24 ___ _
98 100
Stamped guar 4355
1951 J J 8714 Sale 8714
1
1St
N
88%
82
R
Y
E
HY8
J
&
1
ref 49._ _1942
87 4
43
43% 43%
33% 4412
4412 59
Cons Coal of Md let & ref 5e 19005 D 88 Sale 87
Certificates of deposIt
86
9034
8814 25
4314 Sale 43
32
43% 283
4338
ConGCoofCt,lstgog5s.i036J
9814 9834 9878 Aug'24
9312 100
30-year :4,11 Inc 5s
__
a1942 A0
112 6
5% Sale
5
6
136
Consumers Power
1952 M N 9018 Sale 90,8
Certificates of deposit.
92%
87
903
58
5%
514
6
113
Sale
112
Is
Corn Prod Refg e f g Os_ _ _1931 M N
Y State Rye let cons 454s 1952 M-2905s July2'4
9058 103
4 6434 Sale 64
58
65
65
8
let 25-year a f Os
10114 10138
1934 M N 101%
9814 10112
6358
3
1962 SIN 8838 88% 8914 Aug'24
85
96
_
_
Crown Cork & Seal Cs
1943 F A 77
78
76 Aug'24 _ _
85
71
Y Steam let 25-yr fls Ser A 1947 MN 97% Sale 97%
9212 99
9713 18
Cuba Cane Sugar cony 75_1930 1 J 96% Sale 961e
NY Telep let & genet 4158_1939 Si N 96% Sale 9612
9112 98
967
40
93% 971s
97
64
Cony deben stamped 8,4_1930 I J 10078 Sale 100
1007 109
96 10112
30-year deben Sf85.. _Feb 1940 FA 10734 Sale 1073
105 10814
108
22
Cuban Am Sugar let roll 88_1931 M S 108 Sale 107% 108
29-year refunding gold 68.1941 AO 106% Sale 10618
60 107 10812
1067
611 1031e 1067s
9512
runab T & T let & gen 58_ _ _1937 J .1 953 97
9414 9714 Niagara Falls Power let 58_ _1932
96
18
.1 100 10112 10012 101
911 102
5
Dan Gas & E L lst&r rfsfg 518'51 MN 89,2 Sale SO's
F14% 9118
8912 20
Ref & gen 63
n1932
AO
10618
__
10512
106
7 104 1061s
D.ry Corp (I) G) 78
1942 M
77 Sale 73
67
82
78
Niag Lock & 0 Pow let As. _1954 MN 10314 10412 10314
26
,8
4
99
1.
12 10
9
3
3
103
tretrolt Edison let roll tr 58.1933
9978 Sale 99% 101
10114
99/
1
4
No Amer Edison fls
15
1952 M
977 Sale 9712
98
108
1st & ref 511 Series A
k1940 M
99% Sale 98%
95 100
9912 36
Secured s f g 8358 Ser B
1948 M
10118 Sale 1101
06 103
10134 48
let & ref ss Series B
106 10618 106
k1940 M
106% 26 104 10612
14'
•No price Friday: latest bid and asked. a Due Jan. 0 Due Feb. c Due June. 8 Due July. 8 Due Aug.
o Due Oct. p Due Nov. r Due Dec
s Option sale.
AUG. 16 1924.]
THE CHRONIC;LE
New York Bond Record-concluded-Page 5
Quotations of Sundry Securities
801
All bond prices are "and Interest" except where marked "1."
Railroad Equipments Per CI. Basis
Standard 011 StocksPar Bid. A.,/:.
Range
a
Weer,
Price
BONDS.
5.20.00
15141 Atlantic Coast Line (le
Anglo-American Oil new.. .51. .15
Since
ri
Friday
Range or
N. Y.STOCK EXCHANGE
5.00 4.80
8112
84
100
Refining
Atlantic
va aa
Last Sale
Jan. 1
Aug. 15.
a.
Week ending Aug. 15.
5.35 5.05
100 111 113 Baltimore & Ohio 65
Preferred
100 210 220
Equipment Oie & be.... 5.00 4.80
MA Borne Scrymser Co
High No. Low
Ask Lois
Bid
4.75
5.00
83_
equip
Pitta
&
Co__50
860
6012
Buff Roch
Buckeye Pipe Line
90
18
8818 93
Nor Ohio Tree A Light(is_ __1947 M S 89 Sale 89
Chesebrough Mfg new.. 25 *4812 49 Canadian Pacific 44e & Be. 5.05 4.85
8914 94
4 57
1
93/
Nor States Pow 25-yr 58 A__1941 A 0 9312 Sale 9312
5.05
5.25
68
NJ
of
1121e
115
100
RR
Central
erred
Pref
10334 23 101 104
let & ref 25-yr 68 Ser 13_ _1941 A 0 10314 Sale 10314
5.35 5.05
43 Chesapeake tc Ohio fls
114 10713 10918 Continental 011 new..... 25 .43
109
Northwest'n Bell T lot 78 A_1941 F A 10878 Sale 10878
4.90
5.10
50
Co__
*12
15
Line
6%s
Pipe
Equipment
Crescent
9512
92
---J 9334 95
9512 July'24
fd g 44s gtd_1934
North W T
5.00 4.75
Equipment 58
Cumberland Pipe Line_ _100 142 145
11 1031
4 110
/
110
Ohio Public Service 7348-1946 A 0 110 11014 110
5.25 5.00
96 Chicago Burl & Quincy 6111
1947 F A 107 108 107
10714 12 10014 10714 Eureka Pipe Line Co_ _ __100 95
78
5.50 5.05
III
Eastern
56
57
_100
_
dr
Signal
Olicom_
5%.
Chicago
Galena
6
4 99
1
94/
4
1
98/
Ontario Power N F let 5s_ _ _1943 F A 9814 9834 9814
100 114 118 Chicago & North West 6s__ 5.30 5.05
Preferred old
94
9312
7
07
Ontario Transmission 5s_ _ _1945 M N 97 Sale 97
5.05 4.85
100 103 103
now
Equipment
Preferred
64s
10112
12
9412
9514
A
F
9412
1941
9512
95
Otis Steel Se
Humble Oil & Ref new__ 25 *3434 3514 Chic RI dr Pac 448 & 50... 5.15 4.95
95
87
3
89
Ser B 1947 F A 88 Sale 88
1st 25-yr F. f it 7
5.60 5.30
100 131 134
Equipment(is
Illinois Pipe Line
9034 95
95
87
Pacific 0& El ego & ref 53..1942 .1 J 94 Sale 94
25 *1041.2 105 Colorado & Southern 65_ _ __ 5.45 5.20
92
9812 28
9312 Imperial Oil
Pee Pow&Lt latArref 20-yr 58 '30 F A 9814 Sale 9814
5.25 5.00
901 3 Delaware & Hudson de
9934 Indiana Pipe Line Co... 50 *90
98
4 10
1
99/
9914 Sale 9914
1397 J
Pacific Tel & Tel lot 58
5.25 5.00
4 9378 International Petroleum-(I) *1878 19 Erie 445 & 5s
1
90/
4 30
1
93/
1952 M N 92/
4 Sale 9278
1
58
__100
5.35 5.15
133
136
13s
Petroleum__
Equipment
4 10514 Magnolia
1
99/
Pan-Amer P & T let 10-yr 78 1930 F A 104 105 10434 10514 20
5.25 5.05
National Transit Co_ _12.50 *2112 22 Great Northern 68
93
93
1935 MN
9614 Mar'24
63513(w1)
4.75
.5.00
_100
6312
Co.
65
56
Transit
Equipment
York
100
New
94
7
4
1
/
96
./
J
94
1953
95 Sale
Park-Lex (ctfs) 614s
5.40 5.10
85 Hocking Valley 65
Northern Pipe Line Co__100 83
4 96
1
93/
Pat& Passaic G & El cons 58 1949 M S 9612 ____ 96 May'24 ---25 *5712 581 2
Equipment 58
4 Ohio 011 new
1
Peon Gas & C lat cons g 6s_ _1943 A 0 105 108 107 June'24 ---- 10414 107/
.91 4..7
5.
5
4 75
25 *3314 35 Illinois Central 440 & Ss__ 4
Penn Mex Fuel Co
52
8714 98
95
1947 NI S 9412 Sale 94
Refunding gold 5e
5.20 5.00
Equipment6e
991
4 Prairie Oil dr Gas new.._100 203 209
1
4 103/
4 10314 33
1
/
1944 F A 10314 Sale 102/
Phaadelptila COB A
tlYis_
4.85
5.00
106
&
10613
70
new___100
Equipment
Line
Pipe
1
Prairie
1938M
6
0
S
1014
116
%
3
09
9418
9
0
96
Sale
54s
95 4
100 180 185 Kanawha dr Michigan fle___ 5.50 5.20
Solar Refining
99
9934 39
Philtt& Reading C & I ref 5s1973.5 J
5.20 5.00
Equipment44s
8634 253
70
1943 M S 8634 Sale 84
8334 Southern Pipe Line Co_ _100 9134 95
Pierce-Arrow 85
100
127 132 Kansas City Southern 54e. 5.30 5.05
Oil
Penn
D
84
20
.....1931J
4 10178
4 10214 South
1
/
/
1011
4 102 1011
/
Pierce Oils I 88.
5.25 5.00
88 Louisville & Nashville 68_
4 9812 Southwest Pa Pipe Lines_100 85
/
941
8
9812
Pillsbury Fl Mills 6s (rcts)_ _1943 A 0 9818 Sale 98
5.05 4.80
Equipment648
Standard 011 (California) 25 *5714 5734
97
93
97 July'24 ---Pleasant Val Coal lot Cs f 55 1028.3 .1
_
On.
&
5.20 4.95
58
25
Central
andianal__
4
1
/
*56
563
011
4
Michigan
Standard
9312 10
94
9312
9012 94
Pocah Con Collieries late f 5s1957 J .1 93
25 .34
35 !Allan SIP & S S al 44s & Ss 5.30 5.00
Standard 011(Kan)
95
99
9814 Aug'24
Portland Gen Elec let 5e._1935.5 .1 9812
1
78....
A
5.30 5.10
645
25
111
4
Equipment
(Kentucky)
3
4
*110
N
011
51
I930
_
_
94
Standard
86
9312
91
Aug'24 ---93,2
Portlaod Ry let dr ref 58_ _
2
4 90
1
Standard 011(Nebraska) 100 231 235 Missouri KOD8118 & Texas Bs 5.65 5.35
80/
86
Portland Ry Lt. dr Flat ref 581942 F A 85 Sale 85
1947 M N 9334 94
8
9334
0414
8934 9534 Standard 01101 New Jen. 25 *3434 30 Missouri Pacific 138 & 6%B..,. 5.65 5.25
60 13
100 118 11818 Mobile & Ohio 448 & 5s.... .5.10 4.90
Preferred
7 103 1051 2
4 10514
1
let & refund 734e Ser AI946 MN 10518 Sale 105/
105
1 10418 10518 Standard Oil of New York 25 *3914 3934 New York Central 4348 & 53 4.90 4.70
Porto Rican Am Tub 8a__1931 M N 105 106 105
5.20 5.00
100 283 290
Equipment Be
(Ohio)
J
Oil
9014
11133.3
Sale
Standard
8912
95
7
4
1
/
88
9014
Pressed Steel Car .58
5.05 4.85
100 116 118
Equipment 7s
D 113 116 11558 116
3 109/
Preferred
4 11614
1
Prod SC Ref of 8s(with witents).31
100 42
48 Norfolk & Western 43411._ - 4.85 4.40
17 1064 110,4 Swan & Finch
110
Without warrants attached_ _ _ .1 13 11014 11112 110
5.00 4.85
70
Pacific
100
119
Co__
121
0
Car
Northern
A
Tank
10418 Sale 104
77 105
105
91
Union
Pub fiery Corp of N J gen 58.1959
100 114 115 Pacific Fruit Express *Ts__ _ _ 5.00 4.75
1937.3
4 42 106 122
1
10912 Sale 10814 109/
Preferred
Punta Alegre Sugar le
85
&
50
eq
5.10 4.75
25
RR
*6414
64,2
Pennsylvania
9512
new
MN
Oil
18
92
92
93
1937
Sale
Vacuum
92
Remington Arms 60
5.15 4.90
10 *2912 31
Pitts & Lake Erie 645
9
9618
913
6
312 96
75
,42 Washington 011
Repub I & El 10-30-yr SOB 1_ _1940 A 0 96 Sale 96
5.60 5.25
65
Stocks
.1
Equipment
011
J
91
1953
Other
9
Sale
.
4
1
/
8912
87
91
913
4
5%e
58
4.75 4.40
&
44s
3,2
II
•318
Co
011
D
Reading
.1
Lobos
1952
80
78 Aug'24
77
Atlantic
Robbins & Myers f 78
50 *612 12 St Louis A San Francisco 55_ 5.15 4.90
Preferred
91
91
91
Jan'24 --- Roch & Pitts Coal & Iron 543_1946 M N
12 59 Seaboard Air Line 44a & 85 5.50 4.90
N
M
*58
_1942
new
78
Oil
23
90
_
11
7812
_
7s
4
74
7812
Co
783
Iron
Gulf
-Brown
Rogers
7634 84
5 *312 4,2 Southern Pacific Co 4545_ 4.90 4.60
Mexican Eagle 011
St Jos Ity Lt lit & Pr os_. _ _1937 MN 8414 8512 84 July'24 -- -4.59 4.70
5 *1078 II
Equipment 78
74
80
77
3
Mutual Oil
7835
St L Rock Mt & P 56 stomd_1955 J J 7714 79
10
5.05 4.85
.
0
.
104 106 Southern Ry 44s & 5e
8
r
8
c
0
N10
s
u
0
Ga
r
.
A
Fuel
P
1924
July'24
5612
al
St Louis Transit 94
5.35 5.00
Equipment 65
*2318 2318
J 9434 96
52
9
1 9
1:
1937
95 July'24 -834 Salt Creek
55
St Paul City Cable 511
5 •11
4 2 Toledo & Ohio Central 60._ _ 5.60 5.30
/
J 101 Sale 101
9512 10134 Sapulpa Refining
10114 25
St Paul Union Depot 531972
4.95 4.80
10514
Union Pacific 7s
Public Utilities
1942 M S 105 10512 105
4 102 1054
Saks Co 7e
76
Stocks
9912 58 9334 100
San Antonio Pub Ser 88......1952 .1 .1 9812 Sale 9812
Amer Gm & Elec new___ a) 875
77
100
n
o
75
eomm
50
aor
c
1g
2
C
ba
*4412
4512
S
n
o
ca
T
Ameri
M
102
24
Sale
101
100
'41
lot
102
A
10234
Preferred
ser
813
Steel
Sloop
Sharon
8612
100 84
MAN 9412 951 2
1 10012 105
Preferred
1942 A 0 105 Sale 105
105
Sheffield Farms 645.
6s 20
Amereb
D
14Trac com_100 128 129 Amer Machine & Fdry_ _100 145 155
8378 9112
9112 33
Light &
Sierra & San Fran Power .58_1949 F A 9114 Sale 894
1
7
4
2
:24
1
2314
25
L
i
2
8
Ord_
Tobao
115
9234
9313 Britleh-Amer
ed
8778 97
Sinclair Cone 01115-year 721_1937 M S 9213 Sale 92
100 92
Preferred
Am
Bearer
8334 9014
8612 73
19383 D 86 Sale 86
4111(w l)
Power A Lt corn 100 345 355
conain
;59
6012
Co.
__
I
w
4 Sale 99/
1
97 10012
new
1925 A 0 99/
Heplmreefe
4 10014 64
1
Sinclair Crude 011 5413
Com
11 114
100 8
514 9361
39
1928 F A 100 Sale 100
WI
r
rG
(
Preferred
10014 33
Preferred
85
9578 10012
8412 22
1942 A 0 8414 Sale 8334
811
4 86
/
Sinclair Pipe Line 5s
m&s 9354 9434 Imperial Tob of 0 B & Irei'd •1718 175a
Deb 65 2016
D
1044
.1
10213
60
.1941
103
8
4
/
1021e
SO Int Cigar alachinery _ _ _100 55
1021
5 1005
South Porto Rico Sugar 78_
Amer Public Utll com_ _100 76
100 9334 9154 Johnson Tin Foil & Met.100 75
94
9814 14
9912
4
1
South Bell Tel & Tel lute f 5s1941 J J 984 Sale 97/
7% prior Net
iii
100
143
Forbes
9312 9634
4 240
1
96/
&
pre
MacAndrews
Sweet Bell Tel let A ref Se..1954 F A 9658 Sale 9614
'Artie
81
100 79
4%
2
9112
100 98 101
70
9112 91
87
9312 Blackstone Val0dr E corn 50 67
Preferred
Southern Colo Power 68_ _ _ _1947 J J 91
__ 105 May'24 ---- 100 105
100 26
27
75 Mengel Co
Carolina Pow A Lt com_100 *73
Stand Gas A El cone s f 6s_ A926 J D
100
47
99
60
9412 100
1933 M S 9938 99
- Porto Mean-Amer Tob_ _100 52
Cony deb g 64a serIce
Cities Service Co com__ _100 155 -. -12
34
100 314312 144 Universal Leaf Tob com_100 30
98 Aug'24 ---99
9534 100
1930 M N 98
Preferred.
Standard Milling let 55
10
100
18
4
1
/
105
106
106
Sale
8012
37434
85.
7514
J
3
103
1951
C
106
Ser
7s
Preferred
B
f
s
Preferred
gen
Tube
dr
Steel
100 118 121
14
9512 9713 CitleaService Bankers'Sharea *2678 7 Young (J 5) Co
96
Sugar Estates (Orient!) 75-1942 56 S 96 Sale 9512
100 103 106
9834 13
92
Preferred
Syracuse Lighting let g Ss 1951 J D 9712 9812 9735
981/4 Colorado Power com._ _ _100 31414 1434
4 _ _ .._ 10478 May'24 --__
1
8418 105
Rubber Stocks(Cleveland) prices)
35
Preferred
Light & Pow Co coil tr a 1 55'54 J J 104/
100 33
____ 10114 July'24 ---9914 10211 Conew'th Pow Corp corn (5) 0412 9512 Firestone Tire & Rub corn 10 2 a1;
1
term Coal Iron & RR Ken 59 1951 J J 101
*0
1
IN
10112
10112
100
Sale
9712
10112
103
*9812
68._1925
9912
8% preferred
Preferred
Cop
cony
let
Tennessee
100 84
93/
9734 52
4 9878 Consumers Power pref._100 79
1
4 Sale 9738
/
Tennessee Elec Power 68____1947 J D 971
24
491 ; 6
3
60
Rub corn 50 *160 ficr
48 Elec Bond & Share pref _100 90 t
1
"
/
1,
38
General Tire
1960 J J 60 Sale 5934
Third Ave let ref 48
i.
85
100 96 100
55
(I) 101 102
Preferred
Adjustment Income 5a....a1960 AO 5414 Sale 54
Elec Ry Securities
4 96
1
92/
16 Goodyear Tire & R com_100 1934 1112
1937.1' 9412 9515 9512 July'24 ---Third Ave Ry 1st g 58
Lehigh Power Securities-a) .15
_100 072
4 10414 26, 102 1011
1
1931 FA 10334 Sale 103/
Tide Water 011 6%e
4 MlesIssippl My Pow corn 100 *7514 7614 GOody'r TAR of Can pf.
/
100 29
46 106 109
30 India Tire & Rub corn_ _100 70 "i(i.Toledo Edison 78
1941 MS 10812 Sale 10812 109
Preferred
100 75
80
102
17
89
Preferred
9811 101
Toledo Tree, Lt de Pr 8s....1925 FA 10034 101 10078
First mtge 58, 1951.. _J&J 87
114,
-S
Nov'23
_MAN
9234
4
963
973
1935_
4 Mason Tire & Rub corn-(I) *1
Trenton G & El let g So.
1949
S F g deb 75
preferred
15
100 12
Underged of London 44s_ A933 J J 8312 ----90 Aug'24.--.. -56" VO - Nat Power & Lt corn-- CD 10213 104
100 73
75
_ 8914 Oct'23 ---- 0)•146 149 Miller Rubber
Income 68
1943 .1 J 79
Preferred
100 9612 9712
J&J *92
9312
Preferred
Union Bag A Paper tle
1942 MN
Income 78 1972
108
5
100
5
512 14
90
10
5
34 10
90
97
514 Northern Otdo Electrie_a) 97 9 12 Mohawk Rubber
le 10
90
00
13
1S
4
5/
Union Elec Lt & l'r lot g 50_1932 M S 99
9814 98
99
10%
5
27
0:4
0
5,6_6
4 93
1
:
90/
N 08
1112
Preferred
•10
100
1933
Preferred
76
04 10
75 May'24 ---- 1 9
5
72
Union Elev (Chicago) 513_1945 AO 7414 76
31 SelberlIng Tire & Rubber(S)
North States Pow com_100 29
9912 12.
9918
70
100 99 102
1931 J J 9912 100
Preferred
Union Oil 541
Preferred
9912 19234 Nor Texas Elec Co com_100 94 96 Swinehart Tire & R. com_100
So
c1942 FA 102 Sale 10112 10234 16
201 103 1054
100 __ _ _ 40
100 z60
4 Sale 10412 105
1
Union Tank Car equip 7s..1030 AA 104/
Preferred
63
Preferred
11512 571 11111 1154 Pacific Gas & El 1st pref 100 x71
74
United Drug cony 88
Sugar Stocks
1941 3D 115 Sale 115
9734 17
14
50 *11
9212 934 Power Securities corn.._(2) 8934 9004 Caracas Sugar
4 9734 97
1
United Fuel Gas lot ef 68_ 1936 J J 97/
76
N
9818 Sale 98
98,8 6,
11
United Rya Inv 58 Pitts Issue 1926
(I) 50
11 91
Cent Aguirre Sugar corn. 20 *74
987s
Second preferred
100 100 102
4
/
118 025
80
6
6812
704
United Rys St List g 4sj934 J J 6818 Sale 681
36 Fajardo Sugar
Coll trust 6s 1949_ _JAD .33
1
60
92
United SH Co int rcts 6s___ _1937 MN 92 Sale 92
ill
Federal Sugar Ref com_ _100 55
Incomes June 1949 _ _F&A 88
91;
4 10114 27
/
100 90
9814 10138 Puget Sound Pow & Lt._100 174
United Stores 68
1942 AO 10114 Sale 1001
Preferred
76
11112 ..,..
2 10
,
00
358 10
11014 11112 11114
100 59
1932 J
U S Hoffman Mach 88
10
Godchaux Sugar, Inc_._(1) *2i2 4
61
14
6% preferred
26
4 July'24
1
_ _ 99/
100 21
100 80
US Realty A I cony deb g 58 1924 .1 J
preferred
Preferred
83
7%
7938 8778
131
8412 Sale 84/
85
4
1
25
US Rubber lot & ref 58 ser A 1947 JI
1st &: ref 548 1949 __J&D 310212 10413 Holly Sugar Corp corn-.(1) *23
99/
4 1064 Republic Ry & Light__ _100 97
1
100 7812 81
4 10412 10313 10414 45
1
1930 FA 103/
10-year 748
9812
Preferred
4 231 10
/
4 1011
/
234 1103
99
125
75
4 10134 1011
/
Sugar___100
0178
100
US Smelt Ref & M cony 68_1926 FA 1011
Central
38
40 Juncos
Preferred
4 227
1
104/
El Steel Corp(coupon _ _ _ _d1.963 MN 10434 Sale 10414
South Calif Edison eom_100 6812 6713 National Sugar Refining_100 8712 89
10378 Aug'24 -- -- 18
00
90
4 18
/
11
7%
05
100 9712 9812 New Mauer° Sugar _ __ _100 87
f 10-60-yr 5slreidetwed _ _d1963 MN
8% preferrea
17
86
112 2
A0
&
85
Light
85
Traction
58.-11)44
84
Utah
117 120 Santa Cecina Sug Corp pf 100
Standard Gas & Elec
64
9214 30
8754 9334
Utah Power & Lt lot 5s... _ _1944 J A 9113 Sale 9034
7% cum prior pref _ _ _ _12401 4213 95 Savannah Sugar corn_..0) *61
84
100 81
4 98
1
97/
Utica Elec L & Pow 1st f 55 1950 .1 3 9934 ---- 9712 July'24 --__
8% corn pref
Preferred
50
9
9018 9834 Tennessee Elec Power--(2) •35
7
9613
9612
97
1957 J J 96
0312
Utica Gas & Elec ref 58
36 Sugar Estat ea Oriente pf 100 89
41
63
53/
4 8512
1
1947 J o 6212 Sale 6114
15
9
Va-Caro Chem lulls
ed
0)
.6434
654 West India Sag Fin corn..100
Second preferred
3312
9
3012
35
28
25
100 20
7314
12-Yr 740 with warrants.1937 2J 33
Power Corp__ __100 28
Preferred
3(1
3012
33
1
2
8
87
2
___ 32
2
76
9
Without warrants attached_ 1 1
82
100 SO
Preferred
9034
Industrial&MIscsilaneous
Vs Iron Coal & Coke lot g 581949 MS -9034 Sale 9034
Short Term Securities
4 9212 9112
/
9212
1934 .1 .1 921
9412 Am Cot 011 6a 1924_ _ NIAS2 10014 __ _ _ American lIardware__ _ _100 77
6
88
79
Va Ry Pow lot & ref 55
4 13
1
94/
9412 94
1942 J o 94
8914 97/
4 A naconda Cnp Min ea'29 J&J 10312 104
1
Vertientes Sugar 78
Amer Typefounders corn 100 105 10612
1941 J o 10212 Bale 10112 10212 39 101 10314 Anglo-Amer 01174s'25 A&O 10214 10212
100 104 1054
Preferred
Warner Sugar le
18
91
1939 J J 9034 Sale 8958
100 124 126
First& ref 78 Ser A
Federal Sug Ref 6s'33_ MAN 10014 10034 Babcock & Wilcox
101
2
894
99
5 1013
8 Hocking Valley 58 1926 M&S 10078 10114 Bliss (E W) Co new...(/) *1112 1212
1'
Wash Wet Power s I 58_ __ _1939 J J 9934 10112 101
99
6
Ma 9938 K 0 Term Ry56
50 *53
Preferred
W &Acton'Ltg g 5setm pd gtd 1950 J O 9834 9912 99
4
/
4 9512 941
/
9512 54
8913 9512
West Penn Power Series A 58 1946 MS 941
J&J 10312 _ _ _ Borden Company corn_ _100 129 13012
648July 1931
4 10 10
1
114 107
04
t 124 125
44
11
1926 10214 10258
lot 40-year Os Series C._ _ _1958 3D 10313 Sale 10312 104/
New corn
512s
10
c1946 FA 10634 Sale 10634 107
100 101 106
lst series D 78
Preferred
4
/
Lehigh Pow Sec 8a '27_F&A 10034 1011
93
28
1963 M S 9258 Sale 9212
8654 9414 Sloea-Sheff Sta 85 '29.FAA 10114 10214 Celluloid Company
65
100 58
15s E
4 273
1
98/
1944 AO 9838 Sale 98
100 __ __ 104
Preferred
Western Electric deb 5s
74s 1930_F&A 10312 104
Rubber
S
U
1001
4 10014 10018
/
10018
90
2 10
114
6%
9174 2 Joint Stk Land Bk Bonds
3
37
Western Union coil tr cur 511_1938 .1
Chit& Company corn _._() *36
9412 20
941.2 Sale 9412
100 112 114
Preferred
Fund & real estate g 448-1950 MN
Stk Land 11k 54_1951 101 102
4 Sale 11012 111
1
19 10858 11214 Chic Jt
1936 FA 110/
100 86
90
I5-year 648 g
10114 10214 Hercules Powder
opt 1932
1952
5a
10912 70 10634 10934
100 102 10312
Westinghouae E & M 75_ ...193l MN 10834 Sale 10834
Preferred
10114 10214
5s 1963 opt 1933
113
78
56
79/
4
1
Wickwire ripen Steel let 7a_ _1935'.3 76 Sale 72
102 103 International Silver pref 100 104 108
5 s.4 a 1951 opt 1931
37
98
1933 tut S 98 Sale 9712
0S 82
15
Sales
Coal
Valley
8312
Lehigh
WIllys-Overland of 68
193^
101
opt
10014
43i s 1952
4 Sale 8812
1
90
8
90,8 98
712 934
9 2
1.01 105
WIlson & Co let 25-yr of 63_1941 AO 89/
97 Phelps Dodge Corp
96
Ois 1952 opt 1932
5412 35
1928.10 53 Sale 53
44
9234
Royal Baking Pow com_10( 137 139
1933
opt
10-year cony 0 f 80
10014
1963
101
41ie
6118 25
4712 100
1931 FA 5814 Sale 5814
100 99 101
Preferred
740
118c Coast of Portland, Ore
1941 AO 10112 Sale 10112 10134 19 10034 10214
Winchester Arm 748
J&J 101 10134 Singer Manufacturing...100 157 159
.5s 19.54 OD 1934
9614 88
941
4 97
/
Voung'n Sheet & TOn 1w 1)11143.5 ./ 96 Sale 96
•Per share. I No par value. 8 Basis. d Purchaser also pays accrued dividend •
y Ex-righta.
*No price Friday, latest bid and asked. allure Jan. dDue April. cDue Star, eDue c New stock. I Flat price. k Iast sale. n Nominal. 3 Ex-dividend
1 Ex-stock dividend. s Sale price. v Canadian quotation.
as sous June. 513ue July. kDue Aug. oDue Oct. pDue Deo a Option sale.
802
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Monday,
Tuesday. Wednesday. Thursday.
Friday,
Aug. 11.
Aug. 12.
Aug. 13.
Aug. 14.
Aug. 15.
Saturday,
Aug. 9.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
Range Since Jan.! 1924.
PER SHARE
Range for Previous
Year 1928.
Lowest
Highest
Lowest
Highest
Shares.
Railroads
'156 157 156/
1
4 1561
/
4 15612 15634 •____ 15634 *____ 15634 155 155
55
Boston
&
Albany
100 1457sMar 27 158 July 28 143 Apr 151 June
7212 73
73
7412 75
75
76
78
7714 79
7712 78
663 Boston Elevated
100 7134 Aug 8 80 Jan 8
89 89
75 June 84 Jan
89 89 •89 92
90 91
91
91
92
92
105 Do pre!
100 88/
1
4 Aug 6 9614May 10
112 112 112 112
9113 Aug 100 Mar
112 112 112 11312 +114
94
Do
1st
pre:
110
100
June
18
9812 9878 *9838 98/
116
/
1
4
Jan
1111
24
/
4 Aug 125 June
1
4 98/
1
4 9838 •9811 99
9812 99
54 Do 2d pref
i2 Vi1-2
100 9512June 10 100 Feb 27
*1414 15
95 Nov 106 Mar
1412 14/
1
4 1434 15
14/
1
4 15
1412 1412
992 Boston& Maine
100
8/
1
4 Jan 2 17 July 28
•____ 19 *____ 19
734
Dec 2013 Mar
1812 1812 •---- 1812
10
Do pref
100 12 Jan 10 19 July 28
20
20
19 20
7 Dec 27 Feb
20 20
20 20
1912 2114
368 Do Series A 1st pref-100 13 June 12 23/
•-___ 25
1
4July 21
24 25 *25
1218 Oct 3213 mar
__
25 25 '25
26
19
Do
Series
B
1st pref
100 1712 Jan 2 26/
1
4 Aug 2
24 •-___ 2312 •___
2312 •--- 23/
1
4 23
23
100 Do Series C 1st pref
100 16 Feb 27 25 July 21
__11: Bro 2 Zar
*34 36 •34
36 *34 36 *34 36 "34
b
36
Do Series D let pref
100 23 Jan 3 36 July 22
*160
•160 170 "160 170 *160
Feb
en
20 Dec
'160
170
-----------Boston 42 Providence
143
100
Jan
2012 21
4
160
JulyMIL
July
20 20 '21
30
135
22 '21
22 "20
22
43 East Mass Street Ay Co- 100 18 May 12 27 July
*z____ 60 •z____ 63 •z58 60
e
30
D
Feee
b .111 1134aar
60 60
10 Do 1st pref
100 5812 Jan 8 68 June 27
*____ 53 *---- 53 •-- _ 53 *---- 53 •____
5
18
5
53
Do pref B
100 48 May 26 58/
3312 36
34 3434 *33 35 .3334 3512 33
1
4July 28
5034 Dec 65 Mar
327 Do adjustment
33
34
34
28
100
May 21 3912 Feb 14
31 Dec
YAM Mass St Ry (tr ct1s) 100 3134 Apr 23 391
/
4 Feb 11
Mar
31 Nov
28 28
27
6 Maine Central
27
100 25 June 19 37/
2613
1
4 Apr 9
2678 lila 2718 2838 2714 28
22/
1
4 Dec 43 Jan
11.- 27
2778 3,883 N Y N H & Hartford
100 14 Jan 3 3012July 25
Jan
July
•---- 76
75
75
74
74
50 Northern New Hampshire_100 62 Jan 14 77 July
31
13C2134 Dec :2414
*98 100 •98 100 1398 100
99 99 "99 100
1.!Norwich & Worcester pref.100 80 Jan 2 100
.90 91
July
91
23
91
Dec
*91
92
9012 92 *91
92
50'01d Colony
100 7212 Jan 4 92 July 24 ;
*35 37 *35 38 *35 38
Feb
1
:
13
3938 41
41
43
45
812 Rutland pref
49
100 34 Mar 3 43 Aug 14
• _ 8712 *_ _
2112 Aug 38/
8712 •___- 87/
1
4 Dee
1
4 85 85
85
152 Vermont & Massachusetts 100 70 Jan 22 87
85
July 23
70 Nov 98 Jan
•1$
Miscellaneous
'1/
1
4 134 *11
/
4 134 *158 134 *Ds 134
Amer Pneumatic Service-25
11
/
4 Apr 11
*1334 15 •14
2 Jan 18
1 Sept
15
1334 14
313 Jan
14
14
1434 1434
iiio Do pref
50 12 Jan 3 15 June 5
12514 12534 12558 126 125/
12 Dec 120
281e r
e,
1
4 1261
/
4 12618 12712 127 1273,3 iiiis 128
4,047 Amer Telephone & Teleg 100 121 June 24
*75
13078
"75 ____ 77
Mar
June
12
119
7712 77 7712 77 77
77
163 Amoskeag Mfg
77
No par 65 Apr 28 83 Jan 14 67/
77 -77 *78 ____ *78
1
4
Oct0
111
'78
79
79
25
79
Do
79
pref
par 7134May 7 79 Aug 14
•15
17 "15
Jan
72
88
17 *15
17 .15
17 •15
17
_ Art Metal Construe.Ino---N4-10 13 Aug 8 16 Feb 15
14/
1
4 Nov
3o
e
l
g
te
s Mar
8
8
-----5 Atlas Tack Corp
*8
9
--No par
6 June 10 1014 Jan 8
*10512 10634 "1.
8
61.2 107 106 1061! 10612 10612 107 107
105
Boston
Cons Gas Co prof __100 104 Jan 18 108 July
'07 .15 •.07 .15 .
;
ct 1318 .
eo
b
Oeo
Fa
.15 '.07 .15 ".07 .15
Boston Mex Pet Trus No par .07 Mar 29 .20 Jan 1 1.0554 D
2434 25
10
25
25
2514 2514 25 2512 253s 2634 25
1iiii Connor (John T)
267s - :3
10 23 June 25 28/
*2413 25
Mar
4
July
1
1
4
19
Mar
5
2434 2434 25/
1
4 2513 *25 2512 "25
2512 25
03 D0minion Stores, Ltd
25
2412May 22 3014 Feb 14
25/
1
4 Dec
86
86 *85
8712 *85
8712 "85 8712 "85 8712
10 Preferred A
100 84 Jan 15 86 Aug 7
*213 3
"212 3
*212 3
*213 3
*212 3
___
East Boston Land
10
214 Mar 5
*3
Feb
412 *3
3
25
1
- Dec --i- -.11ii
412
4/
1
4 413
4/
1
4 412
413 412 *4
45 Eastern Manufacturing- 5
412
412July 16
Mar
*43 44 *43 4334 43 43 *42 44 '42
Dec
8/
1
4 Feb 13
44
50 Eastern SS Lines. Inc
43
43
25 38 Jan 3 5514 Mar 8
12/::
*3614 37 '361
/
4 37
3614 361
/
4 '36
37 *36
5
37
Preferred
No
par
J
an
Oct
40
2
,
5
'90 91
5
9
4
3
0
b
;1
3,
8
7
F
l
e
ar
*90
91
90 90 '89 91
82 1st preferred
*89 91
100
Oct
183 184
Aug
183 18358 18312 184 184/
1
4 185
1841z 186
690 Edison Electric Illum
ilia- 186
100 16313 Jan 2 186 Aug 14 12213s
an
1.7g
*313 4
*312 4
*312 4
•312 4
*312 4
------ Elder Corporation
No par 12
314 j
*37/
1
4
Ja
_ *37/
an 11
7 40
113 Dec 10/
438M
11
ALy 3
4
1
4 Jun
1
4 ---- *37/
1
4 __- •3718 _ _ _ *37
37
38
15 Galveston-Houston Elec_100
37
July
Gardner Motor
-No Dar
5 Jan 2
*HI
612 Jan 8
5/
4
1 ec li115
:Ileabr
*iii5
-_-_-_-_ *iii5
*;ii5
Georgia Sty & Elec
100 113/
1
4 Mar 26 116 Jan 8 116
Oct 11613 Oct
*7712 _
*7713
_ *7712 ____ *7714 - 5% non- cum pref
100
m
Jaeo
n 33
1 8
10
57. Jan 7
*1314 -1-31-2 *1▪ 314 1312 13 13- 1314 1314 *1314 1312
78 Feb 8014 June
3
305 Greenfield Tap & Dle
25 551254
*4712 48 *47/
1
4 48
48 48
4838 48/
45 Hood Rubber
1
4 4838 483s
No par 46 Mar
"45 46
1Dec
1354 :
;1/
e
52 Jan 8
1
4 Mar
20 Internet Cement Corp_No par 41 Apr 25
4513 4512
28
July 12
'.25 1
32 July 44 Mar
•.25 1
4
7
15
▪
1
•.25 1
International Products_No par .10 Feb 18 46
*112
112May
Deo
De
eci
20
r
Na
ar
•212
•112
*112
Do pref
100 .25 Feb 14
2 June 20 :6105
Kidder, Peabody Acceptance
4
,
*8414 --- '8414
844
"8414
'8414 -Corp Class A pref
100 80 Jan 3 83/
1
4 Feb
1
4Mar 22 80 May 83/
5/
1
4 5/
1
4
5
5
*434 514 •5
7Lii Libby,McNeill& Libby
5/
1
4
5
518 -Lis 14
10 74
0 .1.
117 12
9 76013 an 4Dec
9
•---- 70 •-___ 70
/
1
4D
8/
1
4 Aug
70 *____ 70
Lincoln Fire Insurance
70
20
•z934 1014 *2934 1014 *2934 1012 10
Jan
10
HI 10 10 10
53 Loew's Theatres
25
9 Mar 21 tcog Jan 9
*6913 70
8'e June If" "AR
6912 70
6912 70
6912 6912 70 70
384 Massachusetts Gas Cos---100 6912July
7112 7212
Jan
7 81 Feb 20
*63
__
6318 6312 6312 64
64 6412 64/
127 Do pref
1
4 6434 65 66
100
62
June 26 70 Jan 31 Zs.
156 156
gee FP
15612 15612 15612 15612 156 157 156 156
223
157
Mergenthale
157
r
Linotype___
100
150 Apr 22 162 July 3 147 June 179
Jan
•1012 12 •1012 1134 *1018 11 •-'10
1114
110
11
Mexican
1034 1034
Investment,Ino_ 10
29 29
1
4 Feb
3
11
7314j
29 2912 2914 2912 29
Fuelby 2
21
3 Dec 14/
2912 29
. 205 Mississippi River Power-100 19
29
614 F
ja
'86 88 *87 89
en
b 12
88 88 *87 88 •87
5 Do stamped pref
88
100 80 Jan
ers
i
89 July 25
114 t
3/
1
4 314
3
n 88
31'*
1
13 11av
3
3/
1
4
3/
1
4 312 -312 382 2,521 National Leather
314 312
10
2 Apr 24
4/
1
4 414
4/
1
4 Jan 28
/
1
4 Feb
% Dec
414 4/
1
4 *41
/
4 438 '4/
1
4 438 *4/
1,605 New England 011 Corp tr ctis.
1
4 438
2 Jan 10 35
418 Sent
Oot
2
8
0
2
A
::
13
1
4
4
m
17
*19
24
20 2112 2034 2114 211
/
4 22
144 Preferred (tr ctfs)
100
107 10712 107 108 107 10712 107 10712 *2113 23
1213 Dec 18 Oot
346 New England Telephone.. 100 103/
107 107
1
4 Apr 24 11512 Jan 31 18
*2014 21
Deo 122 Jan
10
4 32
*2012 2114 203a 2038 *2014 21
*2014. 21
100
Orpheum Circuit. Inc
1 14 Jan 16 2034 Aug 2
8054 8034 80 8012 8012 8114 82 82
1634 July 2112 Apr
376
8112
Pacific
82
Mills
7214June 30 87 Feb 14
*1534 16 *1534 16 •1534 16 *1534 16 •1534
15 Reece Button Hole
16
10 1134 Jan 5 17 July 22 z1414 De
"214 3
*234 3
:
e 1i2 Bra
,
*234 3
*234 3
s
ltieece
•234 3
mzF
m
ooto
lding
et0Machine_ 10
218May 14
•.15 .50 ".15 .50 •.15 .50 •.I5 .50 '.15
314 Mgr
3 Jan 2
2 Jan
.50
5 .15 Apr 14 .40 Feb 15 .10 Dec
2 Feb
106 10612 106 10612 106 1063 106 10612 10534
iii
106
Swift
&
Co
10614
105'z
100
100
June 11 10914July 30
361s 3618 3612 3612 3612 361
36
37
579 Torrington
36/
36
1
4 36/
1
4 36
25 3512June 3 4212 Jan 11
Wee: 12(2
114 Brat
*6
9
*6
*4
9
6
'
9
Union Twist Drill
a 7
eo
c 11 Mar
2 10 Feb 18
N
Do
38 3812 3812 38/
1
4 381s 387
38
3814 3734 3814 -5.
,141 United Shoe Mach Corp_ 25 34 Feb
_
3
38
7
4
54Mar
Jan 3 3934July295
30
35
2/
1
4
2613 2613 '26
2612 *26
261 •26
261
135
26
Do pref
26
26
26
25 2458 Feb 29 27 Jan 7
soar
:
8 lian
28:4
2458 June 42
211
/
4 2112 *2112 2134 2112 211
2114 21
21
460 Ventura Consol Oil Fields,. 5 20/
2114 2114 2114
1
4July 19 27 Jan
Aug
15
1514 15
1514 15
1514 1514 151
15
153s 1514 1512 2,032 Waldorf Sys,Inc,new ah No par 13/
1
4 Apr 30 1714 Jan 9
2
3
e
u
e!
D
F
11114
*7
9
*7
9
*7
9
*7
9
Walth Watch Cl com_No par
*7
9
612 Jan 11 10/
5Feb 13 Mar
•18
1
4 Feb 1
19
18
18
17
17 *17
19
iio Preferred trustBctfs
17
17
17
17
100 14 June 10 2312 Feb 13
*1714 18
1758 1758 *1712 18
1712 1712
17/
1
4 18 •17
245 Walworth Manufacturing_ 20 1512June
18
20
e;
114
211
/
4
til4
Feb
n 18112 5
1.Ja
11
?e4
36/
1
4. 37
3634 3738 37 371
37
373
37
1
4 3714 5,741 Warren Bros
3714 36/
50 2958 Jan 3 3834 Mar 12
Mar
2
•3612 38 '36/
1
4 38
3712 371
38
27 Do 1st pref
38
*3612 38
343
ao
4
Apr
N1142
25
:en
41
25
301
Jan
1
4
2
•39
41
*39 41
*39
41 .
39
41 '39 41
Do 2d pref
50 38 Mar 5 42 Jan 18
33 July 42 Mar
-- _
Wickwire Spencer
2 May 9
518 Jan 14
1
4 Feb
5
3 Dec12/
Mining
'
.25 .50 '0.25 .50 •.25
.20 .20
35 Adventure Consolidated-- 25 .20 Apr 8 .20
•.25 .30
Febr
1 5.4a
Apr 81
.0
10 Nov .50
•.I0 .15 *AO .15 •.10 .20'
.10 .20 •.10 .20 •.10 .20
Algomah Mining
25 .10 Jan 15 .20 Mar 20 .
July
•158 11
/
4
1/
1
4 1%
178 2
535
2
2
4
.
1%
Arcadian
*111u, I%
Consolidated
25 .75 June 16
212July 22 .70 July
1118 1118 1114 111
414 Ma
/
4 1114 111
1,545 Arizona Commercial
1114 111
1114 1112 1134 12
5
Jan
1,7
2 Jul
*1534 11312 "1534 1612 •1534 161 *1584 NI •1534
14
7 2 Dec mg mu
Bingham Mines
1612 •15s4 16
5 Juan
10 14
ne13
Feb
19
2151
a
l
n
Y
a
Oct
1714 1712 1714 1778 1712 173
1712 18
3.783 Calumet & Heels
1
4 18
1712 18
17/
25 13/3MaY 15 19/
1
4 Jan 7
171- Oct 49June
'114 112 '114 112 •114 11
225 Carson Hill Gold
'13s D
/
4
138 11
/
4 *114 11
1 Mar 31
1
3 Feb 1
1/
1
4 Dec 468
91:
2613 2612 2634 2714 27
2714 27
273
27/
1
4 28
2758 2814 2,405 Copper Range Co
25 1812June 6 29 July 28
2218 Oct
Davis-Daly Copper
10
3/
1
4 Jan 3
434 Jan 23
Feb
434 484
5 i,;to
,
214 June 114
412 41
-/f34
iiz 11 iiz
iio East Butte Copper
412 - 434
Mining- 10
314July 15
5
/
1
4
Jan
24
442 Nov
".65 .95 ".70 .95 +.70 .95
.70 .7
250
Franklin
•.70 .95 •.75 .95
25 .40 May 24
1 Jan 8 .30 May
1
4 Mar
2/
.112 2
*1
112 *1
114 •I
112
1,2 "1
Hancock Consolidated-- 25 .75 June 26
1/
1
4 *1
2 Jan 28
1 Oct
4 Mar
*2414 2412 2438 2478 2414 2434 2414 2412 241
425 Hardy Coal Co
/
4 2412 24/
1
4 2414
1 2112June 24 2812 Jan 7 2434 Mar 3358 June
'.70 1
•.70 1
'.70 1
•.70 1
700 Helvetia
1
".70 1
118
25 .30 May 10
118 Aug
Feb
10 Bain
124 124
124 125
123 124 *123 125 124 125
184 Island Creek Coal
12412 1241
1 9414 Apr 2 130 July 15.
21
9318 Nov
*97/
1
4 9912 *9712 9912 96 96 *95 96 *95 96
50 Do pref
96
96
June
90
1
4
98
July
30
4
Nov
901
1004
Mar
1758 18 *17
18
18
18
17
290 Isle Royal Copper
17
18
19
1814 *18
25 12 June 7 20 Jan 3
,
:
31
1 Mar
e 3
•134 2
•1/
1
4 2 • •158 2
1/
1
4 134 '134 2
200 Kerr Lake
•134 2
a 112 Mar 5 218 Feb 13 1617e Oct
112 *1
•1
112 •1
112 •I
112 '.90 1
•.90 1
Keweenaw Copper
25
.50
Jan
7
Mar
1
Feb
19
1
4
.60 Sept
3/
214 214
*2
212 •214 212
214 214
402 Lake Copper Co
*4 .90 Apr 3
214 214
154 2/
1
4
2/
1
4July 23
5/
1
4
4 Mar
*1.14 112
1 Oct
112 112 "114 134 •113 2
95 La Salle Copper
*112 2
*112 2
25 .70 June 13
2 July 23 .50 Dec
31
•1/
1
4 218
2
2
*134 2
2
2
240 Mason Valley Mine
178 1711 '11
/
4 2
11
5
/
4July
7
2 Mar 7
258 Mar
1/
1
4 Nov
*114 112 '114 113 *114 112 •114 11
Mass Consolidated
/
4 3114 112 *114 11
25 .50 Jan 8
4/
1
4 Mar
112July 24 .50 Dec
3
*234 3
3
3
3
234 234
450 Mayflower-Old Colony
3
3
*254 3
25 .80 Apr 9
5 July 21
118 Oct
7 Feb
3312 3312 3412 35
34
35
35
3612 3712
353* 36
714 Mohawk
37
25 2312June 13 3712July 28
27 Oct 71 Mar
2112 2134 2178 2178 22 2214 2158 2214 2134 2214 2212 2234
790 New Cornelia Copper
16/
1
4 Jan 2 22/
1
4July 22
1414 Oct 2418 mu
11
/
4 11
/
4
1% 1%
1% 114
I% I%
14 114
I% 2,000 New Dominion Copper
1
.75 June 19
2/
1
4 Apr 7
414 Apr
2,
g Aug
4.34
3312 "35
3812 •35
3812 •35
3812 "35
3812 '35
New River Company
3812
100 35 June 16 40 Mar 11
Apr 40 Apr
35
•62 65
62
62
63 63 *60 65 *60 65
109
Do
65
pref
*60
100
June
60
10
Mar
75
Mar
84
Nov
11
72
"6
618
611 61s
6
6
*6
170 Nipissing Mines
a 6
618 •13
618
a 534 Jan 10 611i8Feb 1
634
5
5
4/
1
4 5
5
553
514 514
51
/
4 514
514 512 2,505 North Butte
15
2 Jan 16
1318July
26
111,1t
1284
o,
July,
•.75 1
/
4 •.90 112
*.70 1
90 11
200 Ojibway Mining
.85 .85 '
3.60 .61
25 .40 June10 .90 h. 3 .50 Nov
258 Mar
2512 2512 2514 26
24
24
2413 2412 24/
1
4 25
842 Old Dominion Co
2512 2614
25 15 Jan 30 27l July28
1314 Oct 14 Mar
*4
414 *4
414 *4
414 *4
414 *4
414 *4
Park City Mining & Smelt_ 6
414
312
Jan
3
5
/
1
4
Feb
1
2
•1412 15 *1412 15
1412 1412 1434 15
500 Pd Crk Pocahontas Co_No par 1034July 11 1511
1478 15
15
15
JUIY 23
12 Dee _a Mar
24
2412 2412 2512 25
2312 2312 24
25 "24
25
548 Quincy
251
25 14 June 10 2534July 28
1814 Oct 1014
*3518 36
3612 3612 3634 3713 3712 38
38
610 St Mary's Mineral Land_ 25 26 June 16 40
391
3812 39
27Oct
July 22
Dee 5fil: Mar
•.70 .80 •.70 .80 '.70 .80
.70 .70 '.65 .75 •.65 .80
100 Shannon
10 .30 Apr 2 .95 July 22 .30 .
'3.25 .75 *.25 .75 •.25 .75 '
3.25 .75 '3.25 .75
15 South Lake
.31 .31
.25
25
July
19
Aug
.31
June
15
1 Aug
.10
112 112 *114 112 4.1
11
•1
112 *112 11
/
4 "112 134
100 Superior
25 .90 Jan 15
11
/
4July 25
•.75 118 '1..75 118
.75 .90
.75 .75
.90 .90
.55 .65 2,300 Superior & Boston Copper_ 10 .40 Apr 23
Bra
10;
2
2
Al
July
26
•213
212
21
2
*212
212 2/
/
1
4
22
1
4
4
212 258
212 258
945 Utah-Apex Mining
5
178June 26
6 Apr
218 Oct
314Mar 8
Utah Consolidated
1 .01 Jan 3 .01 Jan 301 Dec
fog 31:f
)
'.30Tio
-:io
3 ":55
750 Utah Metal & Tunnel
--.-3-1 .3
I .14 June 18 .70 July 22 :25Dec
•.75 1
'.75 1
*.75 1
*.75 1
•.75 1
Victoria
*.75 1
21* Feb
25 .15 Apr 24 .75 Jan 3 .60 Aug
•.30 .50
.50 .50
.50 .50
.50 .50
707 Winona
.40 .40
.30 .30
25 .13 Feb 6 .71 July 22 .10 Dee
134 Mar
• 20 .25 '
25 •.20 .25
3.20
25
20
.20 .20 •.20 .2
300 Wyandot
25 .10 July 23 .25 July 26 .10 Deo
1 Mar
•Bid and asked prices no sales on this day. z Ex-rights. b Ex-div. and rights. z Ex-dividend. Ex-stock
dividend. a Assessment paid. a Price on new basis.
11
12
V
Feb
1114 p,
Febar
iaa
AUG. 16 1924.]
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Aug.9 to Aug. 15, both inclusive:
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Bonds-
91
91
Amer Tel Si Tel 4s_ _ _ _1936
53
54
AU Gulf& WI SS L 5s 1959
9754 97%
Chic Juno Ry & US Y 55'40
60
6114
E Mass St RR Ser B 581948
1936
Hood Rubber 75
10134 1015(
9434 9434
K C Mem & B Inc 55_1934
1931
Mass Gas 534s
96% 9634
Miss River Power 5s_ A951
96% 96%
New England Tel 5s_ A932 10034 10014 100%
Series A 58
1952
10034 100%
Ohio & Nor Gas Ser A 7825
100 100
1044 965,4' 9634 9634
Swift & Co 59
Warren Bros 715s- - A937 120% 12054 122
Western Tel & Tel 55_ _1932
99 10034
Range since Jan. 1.
Low.
23,000 91
19,500 42
5,000 9234
2,100 59
11,000 99%
4.000 87
1,000 91
7,000 92
10,000 97
1,000 98
3,000 9954
4,000 9454
6,000 106
16,500 95%
Aug
Jan
Jan
Aug
May
Jan
Jan
Jan
Jan
Mar
July
May
Jan
Jan
High.
96%
6034
9734
75
102
94%
96%
9734
101
101
100
101
12454
10034
July
July
July
June
Feb
Aug
July
Aug
July
July
Aug
July
Mar
Aug
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 9 to Aug. 15, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alabama Co,2d pref___100
Amer Wholesale, pref._100
Armstrong-Cater, 8% PL.*
ArundelSand & GrayeL 100
Baltimore Brick, pref_ _100
Baltimore Tube
100
Preferred
100
Cent Teresa sug. oref---10
Ches & Pot Tel of Balt_100
Commercial Credit
•
25
Preferred
Preferred B
25
Cense'Gas, EL & P_100
614% °referred
100
7% preferred
100
100
8% Preferred
Consolidation Coal_ _ _ _100
Preferred
100
Continental Trust
100
Eastern Rolling Mill
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of America_ _25
Preferred25
Finance & Guarantee__ _25
Preferred
25
Finance Service, pref_ _10
Houston Oil pref tr ctfs_100
Manufacturers Finance-25
First preferred
25
Maryland Casualty Co_ _25
Mercantile Trust Co_ _ _50
Monon Val'Frac, pref_ _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amster'm Cas Co_100
Northern Central
50
Penns Water .4 Power_100
Rights
United Ry & Electric_ _50
US Fidelity & Guar_ _50
Wash Bait & Annan_ _ _ _50
West Md Diary,Inc, pf_50
BondsBernheimer-Leader 78_1943
Consolidated Gas 5s_ _1939
General 4545
1954
Consol G EL &P 4501935
Series E 5145
952
Series A Os
1949
Series D 614s
1957
Consol Coal ref 58_ _ _ _1950
Elkhorn Coal Corp 68.1925
Fla Cent & Pen cons 551943
Macon Dub & Say 58_1947
NN&HGas&Elat 58'44
Penna Wat&Pow 5s_1940
Rai& Augusta 1st 6s_ _1926
United E L & P 4%8_1929
United Ry & Elec 4s_ _1949
Income 4s
1949
Funding 58
1936
6s
1927
65
1949
Va Mid 5th series 50-1928
70
56
11034
2334
24
25
11734
102
12034
70
88
4634
2634
19
834
80
8
3934
.15
1734
634
7234
9934
9734
7254
5154
7234
97
Ufaah Ilan A. Annan An 1051
65
65
92
92
74
74
6854 70
5534 5554
22
22
56
5634
3
3
11034 11034
2334 24
24
2434
245
% 25
11654 11734
102 10234
107 10734
12034 12034
70
70
103 103
185 185
75
75
48
48
8734 88
4634 4634
2634 2e34
25
25
19
19
834 9
9354 94
52
51
2434 2434
7934 8034
270 270
2254 2234
8
9
48
4814
39
3934
77
773.4
114 115
.10 .18
1754 18
15534 15534
64 634
5134 5134
10234
10034
90
9554
10154
10434
10834
88
9934
9734
7234
7834
9954
101
9734
7234
51
72
9834
9634
10034
10234
10034
90
9534
10154
10434
10834
88
9954
9754
7234
7854
9934
101
9714
73
5134
7254
9854
97
10034
Range since Jan. 1.
Low.
4 60
Mar
85 92
Aug
2 70
July
Jan
487 46
32 55
Feb
Jan
50 21
106 53
Jan
100
234 May
33 10934 Jan
429 2234 June
199 2334 June
391 2434 May
103 z108
Mar
175 10034 June
16 z10434 Mar
49 11534 Jan
161 6954 Apr
7 103 • June
38 17934 July
25 6634 Jan
Feb
10 46
230 77 June
7 4534 Jan
Jan
30 18
Feb
50 22
Jan
5 18
163
734 June
43 8634 May
Feb
33 50
40 2334 Mar
102 75 June
Jan
5 250
10 17 May
8
754 July
49 45 June
220 3834 June
Apr
246 72
12 9834 Jan
.05 July
5,950
367 1534 May
Apr
102 145
5 May
30
66 493.4 May
$1,000
5,000
1,000
1,000
1,000
1,000
55,000
7,000
27,000
1,000
2,000
1,000
3,000
1,000
1,000
16,000
13,000
3,000
5,000
28,000
1,000
10034
98
8834
9
9734
10134
107
87
9534
94
55
7534
9734
101
94
6834
49
6214
9534
9554
9834
Apr
Mar
Jan
Jan
Jan
Jan
May
Jan
Jan
Apr
Jan
Jan
Feb
Aug
Jan
Mar
Apr
Jan
May
Apr
Jan
Friday
Sales
Last Week's Range for
Sale
of Prices. Week.
Par. Price. Low. High. Shares.
10234
10034
9034
9534
102
105
10834
90
9954
9754
7234
80
9934
101
9734
7334
5234
75
9834
9934
10034
Aug
Aug
Mat
Aug
June
June
June
June
Aug
Aug
Aug
July
Aug
AU@
tug
tug
Jan
Jar
tug
Jar
Aui
Jan
10
32
33
Alliance Insurance
38
91% 93
155
Amer Elec Power pref. _100 92
104 10414
256
American Gas of NJ...100 104
• 35
3314 35
American Stores
17,118
100
100 100
70
Brill(J G)Co
93
100
93
Preferred
50 3934 39% 3954
116
Cambria Iron
49
49
30
Cramp(Wm)& Sons-- _100
42
100 42
43
391
Eisenlohr (Otto)
58
58
Electric Storage Batt'y_100
10
2714 28%
390
Erie Lighting Co
31
31
10
Giant Portl Cement pref _50
5034 5714 1,237
Insurance Co of N A._ _10 57
10
70
70
Kentucky Scour pref._ _100
3
3
3
500
Lake Superior Corp_ _ _ _100
50 83% 79% 83% 2,169
Lehigh Navigation
5134 53%
631
50
Lehigh Valley
2334 23% '
30
10
Lit Brothers
76% 76%
49
50
Northern Central
105
5955 5954 60
Penn Cent Light & Pow_
44% 45% 2,951
50
Pennsylvania RR
Philadelphia Co(Pitts)45% 45%
207
Preferred (cumul6%)-50
39% 51,332
25 3934 38
Phila Electric of Pa
39% 2,312
25 3834 38
Preferred
45
45
60
•
Philp,Insulated Wire
888
Phi's Rapid Transit... _50 32% 32% 32%
61
30
61
Philadelphia Traction- _50
16
1,595
14
Philadelphia & Western_50 16
5
Scott Paper Co pref _ _..100 98% 98% 98%
Range since Jan. 1.
Low.
Tono-Belmont Devel. __I
Tonopah Mining
Union Traction
50 39%
United Gas Impt
50 81
so 57
Preferred
West Jersey & Sea Shore_50
50
York Rya pref
BondsAllegheny Val gen 4s_ _1942
Amer Gas& Elec 55.._2007
2007
Small 55
Elec & Peoples tr ctfs rs'45
Gen Asphalt deb 6s_ _ _1925
Inter-State Rys cell 45 1943
Keystone Tel 1st 58_..1935
Lake Superior Corp 58_1924
Peoples Pass tr etfs 45_1943
Fulls Co cons & stpd 58'51
Phila Elec 1st 51 413__ _1966
1966 102
1st 58
1966
Registered .58
1947
5145
1953
550
1941
65
High.
32
77%
77%
2634
8534
93
3854
42%
30%
5034
23%
23
4834
70
234
64%
393.4
22
72%
57
4234
Jan 35
Mar 96
Apr 109
Apr 35
Jan 123
Aug 99
Apr 41
June 52
July 61%
May 63%
Jan 30
Feb 3334
Jan 58
Aug 75
June
434
Jan 8654
Apr 72
June 2534
May 76%
Jan 60
Jan 4634
42
29
29%
41
30%
58%
9
9334
Jan
May
Mar
Jan
June
May
Jan
June
Feb
June
June
Aug
Jan
Feb
Mar
Feb
Jan
Feb
June
May
July
May
Jan
July
Jan
May
Aug
Jan
Jan
45% July
3934 Aug
39% Aug
45% Feb
39
Jan
64
Jan
20341May
98% Aug
154
39
77%
57
37
34
High.
Low.
fie
154
37%
58%
5514
34%
34
Apr
Jan
June
Jan
Jan
July
Feb
iii.
2%
43
81
58
42
36%
Feb
July'
Jan
Aug
June
Mar
Apr
$5,000 88%
12,000 84
600 85
11,800 72
2,000 100
1,000 44
1,000 75
43,000 1334
1,000 69%
11,000 88%
500 80%
23,600 97
1,900 9634
3,500 9934
6,000 985‘
6,000 103%
Jan
Mar
June
May
Aug
Feb
Jan
Ma
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
9114
92
88
66
100
60
855
4
1534
72
93
84
102%
102
103A
103%
106%
Aug
July
Jan
Mar
Aug
325
134
625
3914
593
81
23,437
5714
421
37
33
25
3414
9114 9154
90% 9134
86
86
63
64%
100 100
53% 5354
84
84
15
16
70
70
92% 92%
84
84
10114 10234
10014 102
10354 10334
103 103
10634 10634
Range since Jan. 1.
Alike
July
Feb
June
June
Aug
Aug
Aug
June
July
Aug
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Aug.9 to Aug. 15, both inclusive,
compiled from official sales lists:
High.
65
Jan
100
Jan
89
Mar
70
Aug
5534 Aug
37
Feb
7334 Feb
434 Jan
112
Feb
3134 Feb
253.4 Jan
2654 Mar
11934 June
10254 July
110
API
121
July
8114 Jan
104 May
185
Aug
95
Mai
49
Aug
90 June
47
Apr
2634 Aug
25
Apr
2334 Mar
9
Mar
95
July
53
Jar
25
Feb
83
Jar
270 May
2334 July
11
Jar
6034 Jar
40
Jar
7734 Aug
11734 July
.40 July
195; July
15634 Aug
714 June
52
July
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Aug. 9 to Aug. 15, both
inclusive, compiled from official sales lists:
Stocks-
803
THE CHRONICLE
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Pub Sery, pref.. _100
American Shipbullding_100
100
Preferred
Armour & Co (Del). 1)1_100
Armour & Co. pref_ _ _ _100
Armour Leather, pref _ _100
Balaban & Katz v t c_ _ _25
Bassick-Alemite Corp_ _ _ ..•
Beaver Board v t c "B" *
Preferred certlficates.100
•
Borg & Beck
Central III Pub Serv, pref_*
ChicCity&ConRy pt sh,pf*
Chicago Fuse Mfg Co__ _ _•
Chic Nipple Mfg Co''A" 15
15
Class "B"
Chic Rya Part Ctf Series 2.
Commonwealth Edison.100
Consumers Co, prof.....l00
*
Continental Motors
25
Crane Co, common
100
Preferred
Cudahy Pack Co, com_100
Daniel Boone Wool Mills 25
Decker (Alf)& Cohn,Inc_*
100
Deere Si Co. pre(
100
Diamond Match
Fair Corp (The). Pref-100
•
Godchaux Sugar,corn_
•
Coward,11W,pref
Great Lakes D & D_ _100
Hammermill Pane'', Pr-100
10
Hupp Motor
•
Hurley Machine Co
Illinois Nor UM,pref_ _100
*
Tool_
Pneumatic
Indep
Internat'l Lamp Corp_ _25
Kellogg Switchboard_ _ _ _25
Kuppenheimer, Pref_ _ _100
Libby,McNeill& L,newl0
Lyon & HealY,Inc,Pref100
McCord Rad Nue Co"A"*
McQuaY-Noggig Mfg
*
Middle West Util,corn_ _ _*
100
Preferred
_100
preferred_
Prior lien
Nat Carbon, pf(new)_ _100
Nat Dairy Prod, NV I a _ _ _ _*
10
National Leather
•
Omnibus v t c w I a
Orpheum Circuit, Inc_ _ _ _1
People's G L & Coke_- _100
Philipaborn's,Inc,tr ctf._1
10
Pick (Albert) & Co
Pines Winterftront "A"...5
Pub Sery of N ni. coin _*
Pub Sexy of 11111. com_100
100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
Real Silk Hosiery Mills._10
10
Roo Motor
Sears-Roebuck, corn -100
Standard Gas & Elee Co.*
50
Preferred
StewoeVarn Speed,cona___.
100
Swift & Co
15
Swift International
Thompson,J R,corn_ _ _25
Union Carbide & Carbon.*
United Iron Works v t 5_50
United Light & PowerCommon "A" w 1 a_ _ _ _*
Common "B" w I a----•
Preferred "A" WI a_---•
Preferred "B" w I a__ •
United Pap Itoard,com_100
100
Preferred
20
II S Gypsum
Vesta Battery Corp. corn-5
•
Wahl Co
Ward,Montg,& Co,pf.100
10
Common
•
Class "A"
Western Knit Mills.Inc-•
•
Wolff Mfg Corp
Voting trust certlfs_ _ _ _•
•
Wrigley, Jr, cum
Yellow Cab Mfg.CI"B".10
Yellow Cab Co,Inc(Chic)•
BondsArmour & Co of/Delaware
20-year gold 5%8.-1943
Chicago City Ry 5s-1927
Chic City & Con Rys 59'27
Chicago Railways 5s_ _1927
1927
5s, Series"A"
1927
48, Series'B"
Adjust income 4s...1927
Commonw Edison 55..1943
Lake St Eley 1st 5s...1928
Northwestern Kiev 55 1941
•No par value.
87
9034
81
4834
323.4
26
85
2
2754
3654
1434
131
35
11134
65
1434
7334
116
105
1334
5774
3934
534
10054
3754
5734
8934
9734
20
18
30%
wog
10034
9254
105
290
403.4
1654
3654
4934
53
106
233.4
5934
32
38
80
9534
2634
3654
116
63.4
4154
55
92
5134
3834
9954
Range since Jan. 1.
High.
Low.
400 85 May
88
89
July
5834 5834
35 57
100 8534 July
87
87
356 83 May
9034 91
Apr
895 69
8034 82
15 47 June
49
49
Apr
20 38
4854 49
31
3254 2,985 2754 May
154 Feb
225
134 134
120 13 June
1754 1734
1,495 20 June
2354 26
Jan
623 85
85
85
Aug
700
2
2
2
Aug
125 27
2734 2734
36
3634 3,160 34 May
July
210 14
1434 1434
34 Apr
20
SY
35
1 131
1,100 12654 May
129%
Aug
390 50
55
50
Apr
6
654 64 1,245
Mar
130 30
35
35
11114 112
280 10754 Mar
Apr
545 55
65
65
July
123.4 1554 5,505 11
50 17
Apr
20
20
7434
73
80 61 May
July
116 116
500 115
115 1003.4 Apr
10154 105
3 July
334 334
50
July
24
24
100 22
8534 86
65 7934 Apr
10334 10334
100 10054 June
13
1334 1,325 1034 June
Apr
5634 573.4 3,420 48
Jan
15 84
86
86
30 62 June
70
70
Mar
740
1
1
134
Apr
145 37
3934 3934
93
93
30 9034 June
620
4 June
534 5%
35 96
July
10034 10034
Apr
3,095 30
38
37
300 11 June
1434 1434
Jan
57
5714 2,037 43
585 835,1 Mar
8854 90
Jan
300 94
97
9754
32 115 June
12254 12254
Mar
130 32
3714 3734
542 June
334
370
3
Aug
240 15
15
15
Feb
200 18
20
20
70 9334 May
995-4 9934
54 Aug
54 1,300
34
115 17
July
1734 18
2934 3034 4,300 1934 Apr
341 99 June
100 10034
125 97 May
10034 10054
9454
410 9054 June
92
Aug
85 105
105 105
Apr
291 250
285 299
30 993.4 May
10054 101
41
3,200 2854 July
40
666 15 June
1634 1634
400 80 May
104 104
465 3054 Jan
3614
36
4634 May
1,260
49
4934
15,220 4954 Aug
4934 53
10534 10054 1,520 10034 May
Jan
22
2354 10,075 19
210 4254 Apr
47
46
Apr
55
3,175
60
6934
2 May
75
3
33
90 lJan
63 r Jan
89
Feb
9354 Jan
Feb
84
7854 Mar
5134 Jan
3834 Jan
134 June
17% Aug
Jan
31
89
Jan
4
Jan
2754 Aug
4834 Mar
2254 Jan
Jan
1
Jan
136
65
Jan
8% Jan
40 May
11254 Jan
Aug
65
Jan
38
2054 July
Jan
75
10254 Jan
10534 July
Jam
8
30
Jag
8934 Jam
10334 June
1734 Jan
6434 July
8654 Jam
8054 Jam
Jan
9
Feb
47
93
July
6% July
100
Feb
38
Aug
2054 Jan
59
July
91 June
9934 jam
125
Jan
3754 Feb
4% Jan
1854 July
Mar
20
July
100
234 Jan
2134 Jan
3074 Aug
Apr
103
103
Apr
9954 Jan
Aug
105
295
Feb
July
102
4154 Aug
1934 Jan
July
106
3754 July
101
10934
25
51154
6334
454
Jan
July
July
Jan
Feb
Jan
225 2834
32
32
110 31
38
38
785 7554
77
8054
70 4354
44
44
37 16
17
17
10 48
48
48
890 78
94
9734
115 15
15
15
880 2114
2654 27
30 11034
114 114
35
3754 13,387 2134
525 104
115 116
%
% 1,350
%
600
434
634 674
375
654
634 7
10.045 3534
4034 41
1
5434 57
21,995 44%
4754 4854 1,975 39
May
May
Apr
Apr
JO'
Aug
Apr
July
July
Jan
May
May
Jan
Apr
Aug
July
May
May
92 210,000
1,000
77
5234 39,000
7834 2,000
5334 10,000
3834 7,000
1,000
18
9934 3,000
1,000
95
7754 1,000
June
Jan
May
May
Jan
July
June
Jan
June
34 June
3934 July
8054 Aug
46
Mal
2134 Jag
Aug
48
9974 Aug
28
Jag
Jan
42
115
Feb
3754 Aug
Aug
116
134 July
834 Jar
Aug
7
4134 July
96 I Jag
64%J Jar
.rti:••4
92 if Jar
Jar
79
5554 Jar
79% Jar
6334 Aug
45
Jar
24
Aix
10754 Mal
95
Aug
Jan
--
7934 JUDI
...-.„ .. .
9174
77
5134
7834
6354
38
18
9934
95
7754
8834
74
4954
7434
5834
38
1554
95
86
71
804
THE CHRONICLE
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Aug. 9 to Aug. 15, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
[Vol.. 119.
Range since Jan. 1.
Low.
High.
Film Inspection Machine_•
6
4% 6% 4,900
331 Aug
634 Jan
Ford Motor of Canada.100
450 450
20 410 June 482 Apr
Range since Jan. 1.
Foundation Co, pref
• 107% 96% 10734 2,930 8634 July 107% Aug
General Motors new wL... 58% 5834 5935 5,830 52 May 8031 Aug
Stocks-Low.
High.
Gillette Safety Raxor___.• 295% 294 296
580 257 May 301
July
Ginter Co. corn
•
27% 28% 1,100 2434 July 3034 July
Am Wind Glass Mach_ _100
88
89
110 86
July 9654 Feb Glen Alden Coal
•
115%
118
76)4 Jan 12234 July
11831
1,600
Am Wind Glass Co, pf _100
110 110
Feb Goodyear
Mar 112
70 107
Tire
&
R.com100
10% 10% 1131 1.600
8% Jan 12% July
Arkansas Nat Gas, com_10
434
43-4 4% 1,775
Apr Grand
7
434 June
5-10-25c Stores_ •
70
Feb 81 June
70
100 35
Bank of Pittsburgh-See Note b elow.
Hall Switch & Sig,com _100
434 June
Feb
231 234
1
100
Carnegie Lead & Zinc_ __ _5
Apr Hazeltine
6
1% May
850
3% 3%
Corp
•
2434 25% 3,400 13
Feb 30
July
Consolidated Ice, pref.--50
July
22
22
90 17% Feb 24
Heyden
Chemical
•
134
2%
2%
June
2%
1
7,200
July
Duquesne Lt, 7% pret_100
106 106
Feb 10634 Feb Hudson
10 102
pref
25 40
38
40% 6,600 17% Feb 4034 Aug
Federated Metals
* 32
32
32
July 35 June Hudson Cos,
475 32
dr Manh,cam-100
20% 2134 1,200
9% Mar 2334 July
Indep Brewing, com__ __50
334
3% 3%
4 May Intercontinental
Apr
2
50
Rubb_100
4
331 4% 1,800
2 June
5
Feb
Preferred
50
Feb
6
6
5
8
20
July
Keystone Solether
1%
2
July
1
1% 2,780 75e June
Jones-Laughlin Steel pi 100 112% 112% 112%
40 111% July 114% Jan Landover Holding Corp,A10
1
6%
13
8%
854
300
June
sm
Feb
Lone Star Gas
25 28% 28
580 26% Jan 28% Aug Lehigh Power Securities..'
2834
75% 7434 7634 1,500 33
Jan 82% July
Mfrs Light dr Heat
50 55
5434 55
Aug Lehigh Val
Apr 55
528 51
Coal Sales---50 83% 8231 8431 1,225 72 May 8934 Feb
Merchants Savings & Trust -See Note below.
Leh Vail Coal, ells new w I 42)4 40% 42% 81,700 26% Apr 45
July
Nat Fireproofing, cora_50
8% 8%
934 Feb Lupton
295
7 June
(FM)Pub cl A._.
9
514 Jan 14 May
9
100
Preferred
50 23% 23% 2331
450 20% Jan 2414 Feb McCrory
warrants.
Stores,
57%
Apr
27
100
57)4
67
Ohio Fuel Supply
July
25 34% 34
35
36
Feb
July
31
1,260
Mengel Co
29
400 25
100
29
Apr 3534 Apr
Oklahoma Natural Gas_ _25 26
25
26% 1,370 22% May 26% Aug Mesabi
•
Iron Co
234
234
700
Mar
2
Pittsburgh Brew, com_50
8)4 Jan
Jan
134 1%
8
200
134 Jan
• 23% 23% 23% 1,000 18
Midvale
Co
Jan 25% Mar
Pittsburgh Coal, com_100
.
aln
56
56
50 Aug 11 p
50 56
National Leather
10
3% 3%
2% July
434 Jan
200
Pittsb dr Mt Shasta Cop_ _1
(3c
60c
4.000
143 143
10 83% Mar 143
Aug
Pittsburgh 011.4 Gas
5
7
9% Feb Nat Pow & Light, corn.•
July
7
7
6
10
• 228% 221 231
600 151
May 245
July
Pittsburgh Plate Glass_100 250
Mar National Tea new
Jan 265
244 250
168 209
Mex
& Aria Land__ -1
New
5% 5%
3% Jan 10
5%
700
Apr
Pittsburgh Trust Co-See Note b elow.
N Y Telep 6% pref.-100
110 11034
125 109
Mar 112% July
Salt Creek Consol 011-10
7% 7% 1,709
734
754 June 1034 Jan Omnibus Corp %
v to, w
15% 1431 15% 1.400 14% Aug 19
July
Stand Plate Glass,com..-•
Jan 39 May
30
30
20 25
Series A pref. w 1.---100
893.1 90
400 8634 July 93 July
Preferred
Aug
100
July 100
100 100
12 89
25
80
80
100 78% Aug 80
Aug
Union Natural Gas
Aug Parke. Davis & Co
25 31
30% 31
710 20 June 31
25
38% 39)4
200 35
July 393( Aug
U S Glass
25
19
July 30% Aug Phlia Elec Co,corn
20
70 18
Winterfront, Cl A._5
Pines
30
3031
3054
June
Aug
26%
1,310
Washington Trust Co100
Aug
510
Aug
510 510
10 510
500 10 May 13% Feb
WesVhouse Air Brake_ -50
Feb 9634 Jan Pyrene Manufacturing...10 1031 10% 10%
9234 9354
167 84
Radio Corp of Amer.com-*
5% July
5
3% Apr
534
5% 4,300
W'house El & Mfg,com _50 6334 6334 634
49 554 May 65
Jan
4ris
4% Jan
Preferred
4%
5.300
31118.110Y
West Penn Rys, wet_ _100 88
Aug
88
88
10 8334 Apr 88
New A common w 1- •
25% 2634 1,800 19
Apr 27% July
PI Note.-Sold last week and not reported; Aug. 7,8, Bank of Pittsburgh + 132%;
43
4431 1,100 40
New preferred w 1__ _50
July 44% Aug
Aug.8.85 Merchants Savings & Trust -I- 60; Aug.7.25 Pittsburgh Trust ÷ 215.
Reo Motor Car
10 16% 16% 16%
500 15% June 18% Jan
R1chm Radiator cora._ _100 17
17
17
100 1234 May 18 July
47% 47)4
Jan
100 48% Aug 50
St. Louis Stock Exchange.-Record of transactions at Rosenb'm Grain Corp, pf50
Rove Radio Corp tr etfe -• 15% 12% 15% 31,200
934 July 15% Aug
St. Louis Stock Exchange Aug. 9 to Aug. 15, bothin- Sierra Par Elec Co,corn 100
163( 1831
100 16% July 19
July
clusive, compiled from official sales lists:
Silica Gel Corp,corn v t 0.• 18% 18% 19%
Jan
800 17% July 39
155 155
Singer menutacturins.noo
Aug
Jan 155
10 125
Friday
Sales
Sou Calif Edison,corn.A(10 97% 97% 98%
400 9734 Aug 104% Apr
Last Week's Range for
Range since Jan. 1.
Sc
Sc
Sc 14,000
_5
Southern Coal & Iron
40 May 170 Jan
Sale
of Prices.
10514 105%
Week.
Southw Bell Telco. pref 100
10 1053X Aug 105% Aug
StocksPar. Price. Low. High. Shares,
Hfoft.
Low.
3% 334 1.100
3%
July
Standard Motor Constr_10
2% Jan
Stand Publishing el A...25 25% 25% 25% 1,500 25% July 25% Aug
Nat' Bank of Commerce__
Feb Stutz Motor Car..July 147
138 138%
35 135
6
5
64 3,300
Aug 15% Jan
_•
5
ercaatIle Trust
388 388
28 384
Aug 398 May f3w1ft & Co
105 106
150 100 June 108)4 July
100 106
We Guaranty Trust
Jan Swift International
Aug 58
37
40 37
39
223( 2231
100 noi Mar 25
15
July
tilted Railways, corn.. _ - 50e
400 50e
620 400 Aug 75c Mar Tenn Elec Power, corn....• 35% 353( 35% 1,000 173( Jan 40% July
Preferred
10
10
100
9% Mar 11% Jan
65%
65
•
275 49% Jan 67
Second preferred
July
rt-teed Prod, 2d pref.._ 6734 67% 67%
July 72% Jan Thompson(RE)Radio vtc• 18% 16% 18% 5,700 11% May 18% Aug
20 65
& Walker 1)0,
Jan Timken-Detroit Axle__ _10
22
22
22
55 2031 July 24
43( 4% 1.000
431
4 June
Jan
ulton Iron Works,com__
Aug Tob Prod Export Corp_ •
36
36
20 30 June 36
300
3% 3%
Feb
3% Feb
t ternatIonal Shoe. Cora_
Aug Todd Shipyards Corp., •
-8534 85
88
230 73 May 88
48
46
42% May 834 Feb
50
Prefer d
117 117%
July Union Carbide & Carbon.* 5934 59% 80
22 115 May 118
200 56
Apr 63% Feb
I aclede tee Co
Feb Unit Bakeries Corp corn-' 80
101 101
20 100
July 125
79% 82% 2,500 43
Aug
Feb 86
M
Portland Cement
106 106
Apr 110% Mar
11 94
200 85
Jan 9734 July
100 9314 9334 9334
Preferred
Nations' Candy. corn
Jan United
85% 84
8531
88 80 May 92
G dc E com new- _10 33% 3334 34% 1,100 18% Jan 4134 June
D G. lst Did_ _ _ _
108 108
Apr 108% June United Gas 'rapt. corn--50
2 106
78% 80
500 73% June 80% June
outh ern Bell Tel, pfd_ _
106% 10631
Mar 106% June United Lt & Pwr corn A.•
101 103
31% 32
60 30
Apr 34 June
Wagner Electric, corn
25% 25%
56 20 May 34% Jan United Profit Sharing.. _ _ _ 1
734 Feb
5%
5% July
500
5%
5%
Johnson Stephens Shoe_ _Aug Unit Retail Stores Candy..*
79)4 80
Jan 80
60 35
5
5% 1,600
Mar
4
5
63.4 Jan
NI
38
400 344 Apr 38% Aug
United Shoe Mach 00E0.25
38%
Bonds1)4 Jan
1,000 500 May
500 570
East St1Louls & Sub Co 58. 804 80% 80% 15,000 774 Feb 81% Mar US Lt & Ht Corp,com-_10
95c 95c
Jan
100 850 July
Preferred
10
Wagner/Electric Mfg. 7s_
100% 1004 1,000 97 May 10034 Aug Wahl
38 June
30
30
50
•
Co,
corn
Aug
28%
Laclede Gas 548
95
95* 1,000 92 May 95% Aug Ward Corp,corn, Class A_.
100 100
100 5234 Jan 101% July
6,400 14% Apr 24% July
Common Class B
• 23% 22)4 24
New York Curb Market.-Official transactions in. the
87% 89%
800 79% Jan 89% July
7% preferred
100 88
New York Curb Market from Aug.9 to Aug. 15, inclusive:
Ware Radio Corp. w
-• 23% 184 24% 16,300 1334 June 30% July
Mar 33% July
Western Pr Corp. com-100 29% 28% 304
830 26
Friday
114 11%
White Rock Min Sue new.'
600 10 May 11% Aug
Sales
Week ending Aug. 15.
Last Week's Range for
11% 114
Voting trust eertlfs
Range since Jan. 1.
100
•
9 June 1134 Aug
Sale
of Prices.
19% 20%
Yellow Taxi Corp. N 1r--*
Apr 39% Jan
Week.
500 17
StocksPar. Price. Low, High. Shares
High.
Low.
Former Standard 011
Indus. & Miscellaneous.
Subsidiaries
Acme Coal Mining
Feb
15
10
1431 153.1 2,900 14% June 18
134 1%
100
July
Jan Anglo-American 011_
1
3
Adirondack Pr & L com 100 32
Mar
215 215
32
200 224 Feb 3554 June I3orne-Scrymser Co. _100
Jan 285
3234
60 15.5
Allied Packers common_ •
July Buckeye Pipe Line
6
134 Mar
534 534
60
200
61%
50
July 85% Jan
210 59
Prior preferred
100
35
4834 49%
35
100 1431 June 4034 July Chesebrough Mfg,new 25 49
500 47% May 5234 Mar
Amalgam Leather, prof 100
Jan
Apr 6034 Jan Crescent Pipe Line
50
100 50
50
25 1234 12
200 1134 June 20
1231
Am Cotton Fabric pf _100
Mar Cumberland Pipe Line_100
July
Jan 98
97
144 144
97
100 95
10 110% Jan 149
Amer Foreign Pow new w I
July
Aug Galena-Signal Oil, com_100 56% 55
Aug 30
30
30
100 30
405 63 June 70
58%
Amer Gas & Elec. cora-. 7534 7434 754 1,600 434 Jan 7934 July
July
New preferred
103% 103%
100
10 1004 June 105
Amer TA & Trac. com_ _100 126% 126% 129
950 11834 Jan 1404 July Humble 011.5c4 •fining_ _25 34% 34% 36
4,600 34)4 Aug 484 Mar
Preferred
100 93
Jan
Mar 9334 Apr Illinois Pipe Line
131 131
100 131
50 91
9234 93
10 129
July 161
Amer Mulder:lob,com_ _ _* 21
Mar Imperial 011(Can) coup-25 105
21
Jan 25
103 10834 2,875 98% Apr 119
200 21
2134
Jail
Am Pow & Light, 0001_100 350
Jan
Aug Indiana Pipe Line
332 350
Jan 350
90
90
50
90 202
150 88
Feb 100
Amer Stores new
• 35
Aug Magnolia Petroleum_ __100
34
35
127 132
Feb 35
Jail
300 30
July 162
130 122
American Thread, pref. _ _5
4
Jan
4iis 1,700
454 Jan New York Transit
65
334 Feb
65
100
90 55
Aug 97
Amer Type Fdrs com-100 10534 105% 107
120 98 June 10034 Aug Ohio 011
25 57% 55
5934 3,600 58 June 79)4 Jan
Preferred
100 10434 10434 10534
Jan
25 34
33
50 994 May 1053-6 Aug Penn Mex Fuel
34
July 43
900 27
Appalachian Pow. com_100
7234 74
207% 21334 3,150 19434 July 269
130 664 May 93 "" Prairie Oil & Gas
100 209
Jai)
Atlantic Fruit & Sug, w 1_•
134
Feb
134 114 2,600
254 Feb Prairie Pipe Line
100 106% 105% 107
1% June
2,350 100
Feb in
Beaverboard Co pf v 10 100
17
Jan
Aug Solar Refining
17
100
180 183
Aug 17
80 175
July 230
100 17
Jan
Borden Co. comraon___100 12934 128 130
123 130
129
355 11734 Mar 1334 July South Penn Oil
210 117 June 171
106 106
Jan
Preferred
100
Mar 106 May Southern Pipe Line_ __I00
92
94
150 90% Feb 100
00 100
Jan
Brit-Am Tob ord bear--El 24% 2434 24% 2,000 2034 Jan 24% Aug So Wcst Pa Pipe Lines_100 85% 85% 85%
20 80
Feb 81)
Ordinary registered _ _ _El
2434 2434
21,300 543( July 68)4 Jan
100 2154 Feb 2434 Aug Standard 011 (Indiana)__25 56% 5634 58
10 z13% 1314 13% 5,600 10% Jan 1434 July Standard Oil(Kansas)_ _25 34% 3234 38% 9,700 3234 Aug so% Jan
Brooklyn City RR
Burroughs Add Mach new. 5534 5531 5534
July Standard 011(Ky)
155 45
10931 114% 4,900 101
25 111
July 60
Jan
May 120
100 101% 100% 101%
New preferred
130 98
232 245
July 101% JulY Standard 011 (Neb).....100 232
Jan 25634 Jan
170 199
11034 11034
Campbell Soup, pref._ _100
10 107% Jan 111
June Standard 011 of N Y
Jan
25 39% 38% 3931 4,600 37% May 48
55c 55c
Car Ltg & Power, com.-25
200 500 July
Jan
254 Jan Stand 011 (Ohio) com--100 285
280 285
40 275 June 335
Jan
234 234
300
Cent Teresa Sugar, wef_10
2% Aug
45
100
431 Mar Swan .5c Finch
45
10 34
July 81
31
31
Centrifugal Cast Iron Pipe* 31
300 2554 Apr 3334 June
Vacuum 011
25 64% 63% 64% 0.400 5634 Jan 8934 Feb
12
11%
July
Cbatterton & Son com_ _10 1154
800 10
July 12
12
12
100 12
Other Oil Stocks
400 10
July 12
Preferred
Aug
Jan
15
18
200 15
7
Jar Arkansas Natural Gas_ _10
Checker Cab Mfg, el A...
July 40
4% 4%
400
4
3% July
3834 1,100 3354 May 4034 Jail Atlantic Lobos 011 com_ •
434 Jan
36
Chic Nipple Mfg, Cl A.-50 36
3
700
3
Jan
1434 1,000 14
50 1434 14
1%
Class B
950
Aug 225-4 Jar Boston-Wyoming 011- _1
May
1
600 750
3634 3634
200 32 May 3734 July Carib Syndicate
6% Jan
ChB& Co, new stock.-__0
331 434 1,300
July
8
890 132 June 155
13% Aug
Pet Creole Syndicate
Cities Service. corn----100 r14334 14234 144
7%
5
7% 831 47,100
234 Jan
7434 75
Aug Darby Petroleum
1)4 July
1,400 6634 Jan 75
Preferred
100
100 58
1
Jaalrl
00
o m
65-4 7
Preferred B
July Derby 011 & Ref pref. •
7
500
10
1714 17%
100 17% June 34% Feb
634 Jan
June
83 824,100 77
82
82
Pet Engineers Petroleum Co__1
Stock scrip
130
Jan 98
Sc
2,000
Sc
70
70
70
Jar Gilliland Oil v t
39,000 70 May 74
Cash scrip
5% Feb
234 2%
500
134 Jan
1434 1434
•
Jan Gienrock Oil
400 1334 May 19
Bankers' shares
10
25c 250
1,000 25c Aug 600 Jan
Jan,
400 1634 June 2334 Jan Gulf Oil Corp of Pa
Cleverd Automobile com_• 2134 2134 2134
25 58% 58% 594 1,800 56% May 65
Jan
34
33
7c
Colorado Power, com_ _100
50 2234 Feb 36 June Hudson 011
20
2c
20 17,000 18
2
1ori June
Feb
99% 1,640 56
2234
July
International Petroleum _.• 19 • 18% 19% 9,300
Com'wealth Pow Corp- • 99% 91
Feb 100
June
2
120 74
7934 7934
Kirby Petroleum
2% Jan
Aug
Mar 81
Preferred
•
i00
Apr
1% 19(
500
300 20H May 2634 Jar
Lego Petroleum Corp_ ___•
534 Aug
Continental Tobacco.._• 2234 2234 23
Jan
4% 5)4 74,700
5%
20 Jan
Lance Creek Royalties...1
• 333.
33
Cuba Company
3354 1.000 32
July 4034 Pet
Aepbr
10 F
9,000 100
2.3
lc
his Feb
107 107
75 88
Latin-Amer on
July
Apr 109
Del Lack dr West Coal_ _50
1
lc
10 Aug
2o
30 58,000
22e June
1834
18
300 18 May 2234 Mai Livingston 011 Corp
Doehier Die Casting
•
1
15c 150
5.000
July
2%
46%
15,900 10% Jan 5634 July
Dubilles Condenser & Rad* 4631 4034
Livingston Petroleum....'
134
1% 234 2,200 60o Mar
2
234 1,400
1% Apr
Du Pont Motors, Inc,.'
Margay 011 Corp
234
Mar
Aug
1
334 Jan
100 60
•
70
0 lotay
60o 60e
Apr
• 19
1%
1854 204 8,300 12 may 3634 Jar
Mexican Panuco Oil_
Durant Motors. Inc
l
b
y
n
10
4 JFJuae
300 5
560 56e
15
160
300 Jan
295 36 June 4034 Juni
3954
East Penn Elec Co com_ • 39% 39
Mode° 011 Corp
7,000
10
150 200
Mar
Eleo Bond & Share.pref 100 10134 10114 101%
310 97
154
102% July
Mountain
Jan
&
Gulf
011____1
1,600
liii
Pis
1%
- .IA IL
I KIL
Ann 11.
50
ILl...
Trnto
1931 May
Mountain Producers_ _ __10 17% 17% 1831 1,500
Mutual ou vol trust etfe_5 all
og July 13% Jan
log 1154 42,800
•No par value.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
------
------
......
---_.
AUG. 1.6 19241
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Other Oil Stocks.
Par Price. Low. High. Shares.
(Concluded)
National Fuel Gas
5
414
New Bradford Oil
New F.ngland Fuel Oil__ _5 42
Noble(ChasF)0 &0 corn _1
9c
1
Ohio Ranger
Oklahoma Natural Gas_ _25
10 590
Omar 011 At Gas
115
•
Peer Oil Corporation
Pennsylvania Beaver 01E1 50c
10 14
Pennok Oil
Phillips Petroleum new W1
7
Pierce Petroleum w I
Pond Creek Pocahontas Co•
25 5454
Red Bank 011
634
Royal Can 011 Syndicate...
Ryan Consol Petroleum •
755
Salt Creek Consol Oil_.10
Salt Creek Producers..JO 2314
Superior Oil Corp warr'ts B
10
Turman 011
Union Oil of California _100
Dillon. Read & Co lot ree 132
5
Wilcox Oil & Gas
1
Woodley Petroleum Co_
7c
"Y"011 & Gas
1
Range since Jan. 1.
Bonds (Concluded)-
High.
Low.
30 85
494
700
400 20
7c
70
7c
8,000
80 12c 179,000
2c
25
25
100 22
50c 55e
400 50c
115
1
1
1,900
35c 55c 23,200 21e
1355 14
4,700 1254
3455 34%
500 3.1 3,
7
7
7,000
7
1454 1534
400 14%
52
56
531
17,200
631 7
2%
30,600
414
4
31;
700
200
734 7%
7%
2334 23% 2.300 19%
400 400
2 200
2
2
200
2
132 132
400 116
132 132
1,600 132
434 5
4%
2.800
9A 10
2,900
7
7c
Cc
9.000
Sc
105 105
44 44
Jan
Aug
Jan
Jan
Jan
Apr
Aug
July
May
July
Aug
July
Aug
Jan
Apr
Jan
June
Feb
May
June
Jan
July
May
Apr
June
Aug
105
611 Jan
July
44
16c Feb
15c July
2555 Aug
Jan
80c
Jan
6
Feb
62c
1654 June
3434 Aug
731 July
1551 Aug
Aug
58
7
Aug
5% Mar
10% Jan
2634 May
750
July
8% Jan
139
July
134% July
8% Feb
May
13
Feb
14c
Mining Stocks
Alaska-Br Col Metals Co_
37c 37c
1.000
Alva ado Min & Mill_ __20 90c
90c 90c
200
American Exploration_ _ _ _
85c 900
87c
400
Arizona Globe Copper__ _1
4c
Sc
6c
10.000
Black Oak Mines Co
1
Die 97c
lite 21,800
Butte & Western Mining_ 1
150
15c
1.000
100 10c
Caledonia Mining
1
1,000
190 20c
Calumet & Jerome Cop 1 20c
2,000
4
34 4
Caned() Copper
10
18,700
3%
Consol Copper Mines____1
3% 34 41,400
8c
8c
8c
Consol Nev Utah Corp _1
7.000
16c
160 18c
1
Cortex Silver
11,000
354 3iite 2,400
Crimson Con Gold M & M
14
I% 4,500
1
Crown King Cons Mines_ I
150 20c 104,000
20c
Diamond BIT Butte Reoriti
4c
4c
4c
1
Divide Extension
1.000
51c
55e
800
Dolores Esperanza Corp..2
4,900
70
Sc
1
Eureka Crocsus
40
4c
1.000
Goldfield Deep Mines_ __5e
1.0c
12c
1 12c
Goldfield Florence
12.000
10c 10c
1
1,000
Goldfield Jackpot
5c
Sc
10e
1,000
Gold Zone Divide
30
4c
4c
4.000
Green Monster Ai Ming 50c
20
Sc
1
17,000
Hard Shell Mining
22c 25c 29.000
100
Harmill Divide
180 23e
4,000
Hawthorne Minos, Inc__ _1 200
9
94
600
Heels alining
25c x9
Sc
7c 86.00
3c
Hilltop Nevada Mining_ ..1
14
14
100
Hollinger Consol G M _ _5
234 2,300
234
1
Ilowe Sound Co
14c 74.000
12c
13c
Independence Lead Min_ _1
1
96c
1
1,200
Jerome Verde Develop_ ..1
64e 7Sc 99,100
Jib Camel Mining
1 700
5c
Sc
5c
10,000
1
Jim Butler Tonopah
3c
30
2,000
Jumbo Extension
17. 13,400
1%
134
1
Kay Copper Co
2
20
1%
5
Herr Lake
Sc 34.00
4c
Sc
Kewanas (Reorganized). _ _
Sc 33,000
7c
1
Lone Star Consol
41c 51c 29.300
51c
Lorrain Silver Syndicate_ _
lc
lc
5,000
MacNamara Min & N1111.1
2
2
2
900
5
Mason Valley Mines
9c
9c
1,000
McKinley-Darragh-Sav .-1
7c
7e
7c
3,000
Mlzpah Eaten of Tonopah.
120 14e
14c
6.000
1
Mohican Copper
7e
7c
2,00
National Tin Corp_ _50c
22
200
223.4
New Cornelia Copper Co.5 22%
9
15254 156
100 156
New Jersey Zinc
5% 6%
634
5
500
Nipissing Mines
17. 33,500
1
154
1
Ohio Copper
70c 14.300
66c
Plymouth Lead Mince_ _1 70c
254
234 4.600
2
Premier Gold Min Co Ltd 1
14,00
4c
3c
10e
Rod Hills Florence
60e 75c 39,100
Red Warrior Mining Co_ _1 62c
Rocky Mt Smelt & Ref_ _ _1 lite 154 lite 4.10
154
Pes 14 1.80
1
Preferred
20e 35c
4.00
Ruby Rand Mines Co__ I
lc
1c
1,000
Silver Horn M & D
4c
4e
4c
1,00
Silve King Divide( co g)414 5,90
374
South Amer Gold & Plat_l
Sc
7c
Sc 17,00
Spearhead
1
1
7,300
15.4
Took Ilughes
134
63e 670
2,90
Tonopah Belmont Deve1.1 630
290
28e
1
Tonopah Divide
2,00
24 211 1e
23-4
Tonopah Extension
1
3,500
1%
lute 1%
1
60
TonoPah Mining
2c
2.000
20
Tonopah North Star
4c
Sc
Tr -Bullion S & D
0
'
16,00
40e 42e
United Eastern Mining_ _ _ I 41c
8,00
United Verde Extension 50c 2955 28
600
2915
•
25c 25c
United Zinc Smelt Co
1.000
15c
17e
16,000
US Continental Mines_ 5 17c
400
1
90C
Unity Gold Mines
5
60
6c
Vindicator Colic G M __
1,000
1
1,000
334
3
Walker Mining Co
Ills 154 8.400
11,4
Wooden Copper Mining__1
520 54c
1,800
West End Consolidated_ _5
14c
14e
15c 371000
West End Extension Min 1
15c
18c
8,000
Western Utah Copper.__ _1
10c May
90c Aug
25c Mar
40 Apr
Jan
37c
10c Mar
Apr
6c
Feb
7c
1% May
134 Jan
Apr
Sc
100 June
3.te July
Aug
1
Jan
40
Jan
2c
Apr
37e
4c June
3c Mar
10e Aug
10c Aug
20 June
3c Aug
lc Feb
Jan
42c
150 May
8% Jan
Feb
be
11% Mar
134 June
6.3 Apr
76e Jul}
15c Star
Apr
2c
Apr
2c
Apr
1
14 Mar
4c Aug
lc May
30c Aug
Jan
be
14
Jan
Jan
6c
40 Mar
10c May
Sc Aug
1535 Jan
13431 May
531 Jan
65c Mar
Jan
300
1% Apr
lc
Jan
Jan
2Ic
Apr
1
1
Apr
10c July
lc
Feb
be June
234 June
Jan
2c
lit. May
40c
Apr
17c Slay
155 Jan
14 Jan
lc June
3c
Feb
Jan
39c
21
June
25c Aug
10c May
60c July
2e Aug
Apr
2
1
Apr
30c June
2c May
15c Aug
400 Feb
14 Mar
154 Feb
Jan
120
lite Aug
Jan
55c
Aug
10c
25c May
July
4
331 Aug
9c May
70c Mar
431 Jan
1% Aug
22e July
70 Aug
Feb
70o
Jan
15c
Jan
80
Jan
42c
Jan
40c
Jan
12c
4c
Jan
Jan
Sc
26c Aug
Jan
82c
955 Mar
7c Mar
1454 July
3
Jan
18e
Feb
2
Jan
95c July
fle July
Sc
Jan
17.8 July
231 Jan
Sc Aug
9c Aug
51c Aug
3c July
255 Aug
16c Mar
7c Mar
48c
Jan
70 July
22% July
156
Aug
6% May
lite
Aug
70c Aug
Jon
2
Sc
Jan
750
Aug
I% July
1
June
41c July
Sc
Jan
5c
Apr
454 Aug
10c June
134 Jan
75c
Feb
40e
Feb
3•te May
2% Julv
2c May
Pc Aug
"to Feb
304 July
89c
Feb
20c
Jan
251 Feb
2c Aug
33,6 Aug
I% Jan
890
Jan
190 July
50c
Jan
BondsAllied l'ack cony deb 68'39
1939
8s, series II
Aluminum Co of Am 78.'33
1925
7s
Amer G & E deb 68_ 2014
American Ice 70
Am Pow & Lt flow 1. _2016
A mer Rolling Mill 65_1938
Amer Sumatra Tob 7348'25
A.naconcla Cop MinOs 1929
Anglo-Amer 011 7348_1925
Assoc Simmons Ilaraw1933
6548
Atl Gulf & W ISO L 55 1959
Halt & Ohio Sow I. _ _ _1948
Beaver Board Co 88_1933
Beaver Prod 73.451942
Belize -Canad'n l'ap 68.1943
Beth Steel equip 75.. _1935
Canadian Nat Rya 78_1935
Canadian Pacific 4s
Chic It I & l'ac 5548_ _1926
1929
Childs Co 6s w I
Cities Serv 7s Scr B 1966
1966
75 Series C
1966
7e Series 120
Cons G.EL& P.Balt.48'49
1952
5158
1951
654s, series])
1941
Consol Textile 88
Cont. l'ap & Bal M 6346'44
805
THE CHRONICLE
6955 68
834 80
1074 107%
10331
954 95
107
107
9434 9414
10034 10051
78
1034 103%
102% 102%
804
54
984
10355
1104
81
1014
9751
9634
7934
94 1
70
844
1074
10314
9531
10714
94%
10034
85
104
10255
30,(00
61,000
12,000
13.000
97,000
35,000
23.000
15,000
13.000
63.000
26,000
98
57
105%
10134
94
10411
9455
98%
73
101
10154
May
May
Mar
Jan
Feb
June
Aug
Apr
July
Feb
Star
7074 July
844 Aug
107% Aug
10355 June
96 34" June
107% Aug
9431 Aug
10054 Aug
99
Feb
104
Aug
102% June
7934 • 8054
53% 54
9834 9831
7834 7954
100 100
9434 9554
10354 104
11014 110%
81
81
101
101%
10354 10331
123 123
96
9754
95% 9655
10411 10471
101
10154
108% 108%
7954
78
9315 94
31,000
17,000
32.000
17,000
2,000
3,000
42,000
20,000
5,000
10,000
7,000
2,000
29,000
55,000
1,000
12,000
10,000
4,000
30.000
71%
42
0811
70
9734
92
102%
1
81
974
102
11814
894
89
10114
93
10654
684
90
June
Jan
Aug
Jan
June
Feb
Feb
Jan
Aug
Jan
June
Feb
Jan
Jan
Jan
Jan
May
June
May
934
61
984
7934
100
9554
104
111
81
101%
104%
124
0755
9555
105%
1014
10855
97
95
0614
Feb
July
Aug
July
July
Aug
Aug
July
Aug
July
July
Mar
Aug
Aug
June
June
July
Jan
Feb
Friday
Last Week's Range Sates
Sale
for
of Prices.
Price. Low. High. Week.
Cuban Telep 7:45- __1941
Cudahy Pk deb 514s_ _1937 8651
1931
Deere & Co 734s
Detroit City Gas 68_1947 102%
Detroit Edison Cis_
1932
Dunlop T & Rol Am 7s_1942 92%
1933 101
Federal Sugar 6s
1925 100%
Fisher Body 65
1926
Os
1927
68
1928 102%
6s
Gain (Robert) Co 7s_-1937
Galena-Signal 011 7s_-1930 10534
General Asphalt 8s ..1030
General Petroleum 68_1928 100%
Grand Trunk Ry 6543_1936 108
Gt Cons El Pow (Japan)
1944 91%
1st s f 78 :ler A
1937
Gulf 011 of Pa 50
Serial deb 5 45_ _ _ _1927
1936
Hood Rubber 7s
Internet Match 648..1943 98
Kan City Term Ry 55513'26 102%
Kennecott Copper 73_1930 105%
Lehigh Power Secur 68 1927 101
Lehigh Val Han Term 58'54 100%
Lehigh Vail RR 53 w 1_2003 99%
LibbyMcNelli&Libby 78'31 100
Liggett Winchester 78_1942
Manitoba Power 713.-1941
Missouri Pacific Saw 1 1927
1930 98
Morris & Co 734s
Nat Distil Prod 75w 1.1930
National Leather 88..1925 10034
New Orb Pub Serv 58_ _1952 87%
Northern Cent RR 5s_1974
Nor States Pow 6%8..1933 100%
63.8% gold notes w 1_1933 97
1952
Ohio Power 5s
1936
Park & TIMM Os
.1952
68
9234
Light
Penn Pow &
Phila Electric 514s--1947
1941
Os
Phillips Petrol 755s_ ..1931'
Public Service Corp 7s 1941 108%
1944 96
6s
1933 95%
Pure 011 Co 6558
Shawsheen Mills 78._ _1931 1044
Sloss-Sheffield S & I 65 1929 101%
1934
Solvay & Cie Os
South Calif Edison 58.1944 92,4
Standard Gas & El 648'54 98
Stand Oil of N Y 648_1933 108
7% serial gold deb_ _1925
7% serial gold deb_ 1926
7% serial gold deb._1928 106%
7% serial gold deb...1929
7% serial gold deb 1930
7% serial gold deb_ _1931 10731
1929
Sun Co 6.3
1931
is
Swift & Co 5s_ _Oct 15 1932 9534
Tidal-Osage 0117s_ _ _ _1931 11)4
Union El L&P of 11153.45 54 98
Union 011 68 Series B.1925
United 011 Produe 88_1931
Un Ilys of Havana 7148 '36 1074
1936 1074
Vacuum Oil 7s
Virginian Fly 5s ser A.1962 9555
WebsterMills64%IloteS'33 10334
Foreign Government
and Municipalities
Indus Mtge I3k of Finland
1st Si coll s f 7s...._ _1944
Indus Bank of Japan Ltd6% deb notes Aug 15 '27
Netherlands(Kingd)6sB'72
Peru (Republic of) 83_1932
Russian Govt 630_1919
6145 certificates_ _1919.
5348certificates_ _1921
Switzerland Govt 5 A s 1929
1926
Ext 5% notes
9534
106 10655
87
884
103 1034
102% 103
109 10914
92.4 93
1004 10115
100% 100%
102% 102%
10254 10255
10254 1024
98
99
10554 10555
1044 1044
100% 101
108 10854
Range since Jan. 1.
9155 91% 112,000
98
98
11,000
101% 101% 2,000
10134 101% 14,000
9731 98% 93,000
102% 10234 12,000
10654 106% 11,000
101
10134 3,000
10031 100% 5,000
9914 9974 191,009
100 100% 12,000
105341 514 6,000
9931 99%
1,000
26,000
99% 100
9734 98
35,000
90
90
2,000
9934 1004 76,000
8754 8,000
87
1014 102
32,000
100% 101
22.000
97
974 27,000
88
4,000
89
964 97
18,000
9254 93
23.000
10354 10355 3,000
1054 10651 3,000
5.000
10255 103
103% 10854 87.000
9611 194,000
96
96
72,000
95
1 4 104% 15,0001
10134 10134 3,000'
36,000
10031 101
7,000
92% 93
97
9834 494,000
108 108
40,000
101% 10134 10,000
10355 103% 17,000
106 10654 20,000
106 106% 4.000
106 106% 24.000
107 10734 11,000
100 10014 11,000
2.000
103 103
95
9534 103,000
103341043-6 15,000
97% 98
38,000
10154 10154 6.000
38
38
5,000
10755 10755
2,000
1074 10734 61,000
96
55.000
95
10234 10356 41,000
95% 9531 $34,009
99%
99
9914
16A
1514
1714
101
10074 100%
9954
9931
9931
99%
9934
1714
16
1734
10156
100%
High.
Low.
6,000
37,000
24.000
30,000
35,000
8,000
44,000
7,000
19,000
6,000
51,000
30.000
6,000
.5,000
65,000
32.000
87,000
27,000
2.000
26,000
36,000
2,000
79.000
63,000
Feb
Jan
Aug
June
Aug
Feb
Aug
July
July
Aug
Aug
Apr
Aug
Aug
Aug
Aug
July
106
8155 May
9954 May
9954 Jan
102% Jan
Jan
90
9954 Jan
Mar
100
994' Jan
9855 Jan
974 Jan
9455 May
1044 Jan
1023,5 Slay
944 Jan
10555 Jail
107
8835
10314
1033(
10934
94
10134
10154
102%
10234
102%
100
106
105%
101
10831
91% July
Jan
94
99% Feb
May
99
9254 Jan
100% Jan
Jan
103
Jan
96
9531 Jan
99% Aug
June
94
1023.6 Jan
9555 Jan
9914 June
92 June
June
85
9255 Apr
81% Jan
1013( Aug
Jan
98
9654 May
84% Jan
Feb
84
8734 Jan
98% Jan
1044 Jan
100
Apr
Jan
101
Aug
96
9231 Jan
Jan
102
Jan
97
Apr
99
89% Jan
96
Aug
105% Jan
101% Mar
10234 May
Jan
105
10534 Jan
Feb
105
Star
106
Feb
96
May
100
8934 May
10114 Jan
94% Apr
Jan
100
Aug
30
105% Jan
Jan
106
Jan
92
100% Jan
July
93
9834 July
10134 Aug
10234 May
9834 Aug
10234 July
Aug
107
10155 Aug
1014 July
100% July
Feb
101
10534 Aug
July
100
100% Aug
10051 Feb
Aug
90
Mar
101
953( Jan
102% July
10455 June
May
98
July
90
Aug
97
June
94
July
104
July
107
Mar
103
1084 July
97
J1113'
9654 Mar
10431 Mar
102% July
Aug
101
9334 June
98% Aug
1094 June
10254 June
Jan
105
1064 Feb
10754 June
June
108
Feb
109
10034 May
Aug
103
953( Aug
104% July
gg% July
101% July
79% Feb
July
109
June
108
June
9634
1034 July
9511 Aug
9551 Aug
993,4
894
9734
9
10
9
954
731
9734
Aug
Apr
Jan
Jan
9931
99%
997.4
21%
2034
Jan 21
Apr 10174
Jan 100__
Aug
Aug
July
Aug
Feb
Aug
July
Aug
Listed on the Stock Exchange this week, where
• No par value. k Correction.
additional transactions will be found. o New stock. a Option sale. to When
Issued. x Ex-dividend. y Ex-rights. z Ex-stock dividend.
New York City Banks and Trust Companies.
All prices dollars per share.
Ask
485 Trust Co.', Bid
Bid
Banks
Ask
Banks-N.Y. Bid
New York
220 226 ,'Manhattan •_ 163 167
America•_
Amer Exch.. 314 318 ,Slech & Met. 368 373 American_ _ _ _
Bank of N Y
_
Mutual•___ _ 400
Amer Union. 165
Nat American 135 i45 I & Trust Co 540
525
Bowery •Broadway Con 155 170 National City 396 401 Bankers Trust 384 389
New Neth • - 140 155 Central Union 620
Bronx Boro• 250
293 ioi
Empire
_ Pacific •
300
Bronx Nat... 155
445 450 Equitable Tr_ 235 240
lark
Bryant Park • 160
705 720
Tr.
&
L
_ Farm
Butch & Drov 125 145 Penn Exch. _ _ 103
._ Fidelity Inter 215
Port Morris._ 178
Cent Morgan 177
320 335
Fulton
374
a90
368
Public
380
Chase
Guaranty Tr 273 278
412
Chat & nen 269 275 Seaboard
Hudson Trust 290
180 Seventh Ave. 92
Chelsea Exch• 150
562 572 Standard _ - _ 260 265 Irving BankChemical _
Columbia Tr 227 231
Coal & Iron._ 218 225 State•__ _ _ _ 370
400
Law Tit & Tr 202 207
Colonial•_ _
Trade•
143
340
Metropolitan_ 340 350
Trademenk• 200
Commerce _
5
2:0
Mutual (West
Com'nwealth• 250 i
122 128
185
chester)
United
Continental
States'
Var
ted
‘
jai 195
a
385 390
442
_ N Y Trust.
Corn Etch
Wash'n Ilta._ 200
420
410
Tr
&
Gu
125 York vIlle•
Title
Cosmoplan• 115
1500
.- 1100
U S Mtg & T 315 325
East River._. 202 212
1490 515
United Sta
Brooklyn
Fifth Avenue* 350
245 255 Coney Island• 180
Westches Tr. 245
Fifth
1840 1865 First
Brooklyn
410
First
300 310 Mechanics' •_ 190 150 Brooklyn Tr_ 550 575
Garfield
122 132 Montauk'... ISO
Kings County 1050
Gotham
Manufacturer 293
._ 375 400 Nassau
Greenwich •
265
415
850
People's
270
Hanover
People's _
390
Harriman__
• Banks marked with (•1 are State banks. (t) Ex dividend. (t) New stock.
5:6
166
_
New York City Realty and Surety Companies.
All prices dollars per share
Alliance R'ity
Amer Surety_
Bond & M G.
City Investing
Preferred
Lawyers Mtge
Bid
110
101
330
98
98
172
A sk
118
105
2:40
102
105
177
Mtge Bond._
Nat Surety.N Y Title Ac
Mortgage._
us r'asua.v.
US Title re,58-
Bid
113
158
.4a
120
163
243
225
185
249
__
195
Bid
Realty Assoc
(Bklyn)com 140
1st pref.
So
2d pref_ _
70
Westchester
Title de Tr. 230
Ark
1551
85
75
260
806
inuestment ana gailroad
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Previous
Year.
Current
Year.
Previous
Year.
$
$
Akron Canton & Y_ June
187,994 250,005 1.331,810 1,337,586
Ala Jr Vicksburg-- June
267,617 269,935 1.721,007 1,671.790
Amer Ry Express... June
12996898 13212155 51.365,187 51,797,878
Ann Arbor
4th wk July 145,858 162,423 3,115.689 3,011,447
Atch Topeka & S Fe June
14557016 16260907 87,393,152 96,550,970
Gulf Colo & S Fe_ June
1,840,468 1,783,129 11,794,607 10,890,455
Panhandle & S Fe June
612,855 548,180 4,279,393 3,630,622
Atlanta Birm & Atl_ June
347.424 334.280 2,338,039 2,286,876
Atlanta & West Pt. June
219.372 244,505 1,438,249 1,451,151
Atlantic City
June
432,574 491,298 1,817,463 1,904,927
Atlantic Coast Line_ June
6,167,081 6.369.570 44.782.644 43.525,787
Baltimore & Ohio June
17165370 22515545 110723267 129797389
B &0Chic Term__ _ June
290,758 325,753 1,757,181 1,869.306
Bangor & Aroostook June
379,427 475.669 3,703.494 3,490.433
Bellefonte Central June
67,110
49,454
5,378
9,446
Belt Ry of Chicago_ June
497,305 580,823 3,318,606 3,599,811
Bessemer & L Erie June
1.723,830 2,330.188 6,775,918 8.910.170
Bingham & Garfield June
221.551
231,407
40,539
39,520
Boston & Maine_.. June
6,154.9067,703,567 38,419,626 42,885,730
Bklyn E D Terminal June
839,057
121,133 111,213
721,657
Buff Roch & Pitts 1st wkAug
283,489 482,591 10,067.828 15,495,278
Buffalo & Susqueh_ June
985,452 1,419,634
114,596 228.111
Canadian Nat Rys_ let wk Aug 4,008,501 4,729,608 138857729 141462481
AU & St Lawrence June
152,638 213,645 1,282,702 1,745,134
Ch Det Can0T J June
237.146 312,611 1,573,843 1.748,292
Det G H & Mllw_ June
476.710 642,516 3,279.744 3,299,238
Canadian Pacific_ _ _ let wk Aug 3,036,000 3,498.000
Caro Clinch & Ohio_ June
634,062 813,156 4.148,424 4,720.435
Central of Georgia June
1.945.128 2,082,494 13,141.171 13,187,511
Central RR of Isl J.._ June
4,543,364 5,100,892 26,800,610 28,539.566
Cent New England_ June
674,258 748,555 4,013,618 3,670,252
Central Vermont_ _ _ June
2:355:650
723,429 741,350 4,280,638 4
Charles & W Caro June
804
301,681 322,792 ,
Ches & Ohio Lines_ June
8.735,009 8.650,025 51,207,88548,264.859
Chicago & Alton... June
2,444,637 2,725.222 14,799.507 16.367,514
Chic Burl & Quincy_ June
12000306 13554 376 75,942,979 84,779.771
Chicago & East Ill_ June
1.787.656 2,226,104 12,798,388 14,245,495
Chic Great Western June
1,959,183 2,233,782 11.596,201 12,787,866
Chic Ind & Louisv June
1.273,034 1,423,095 8,391,819 8,993.224
Chic Milw & St Paul June
12158495 14089084 74,864,975 83,677.152
Chic & North West_ June
12212 190 14099061 71,317,884 77.940.643
Chic Peoria & St L. June
676,688
612,112
94,052
98,442
Chic River & Ind
June
500,575 598,874 3,490,532 3,727,940
Chic R I & Pacific June
9,431,420 10202006 57,007,733 59,599,477
Chic R I & Gulf June
525,564 486,370 2.955,073 2,577.376
Chic St Paul M & 0 June
2,108,908 2,273.195 13,244.942 13.781,030
Cinc Ind & Western June
343.934 354,950 2,115,214 2.312,794
Colo & Southern
June
928,057 1,030.044 6,043,152 6.132,392
Pt W & Den City- June
703,174 719,522 4,644.760 4,265,246
Trin & Brazos Val June
772,842
968,555
105,441 135.197
Wichita Valley
627.698
June
863,028
104.008 106,686
Columbus & Greens June
739,030
750,196
117,147 121,971
Delaware & Hudson June
3,732,552 4.454,137 2.159.430 22,961,570
Del Lack & Western June
7,101,281 8.005,941 2,890,674 43,200,096
Deny & Rio Grande June
2,523,914 2,725,111 4,450,600 15,299,225
Denver & Salt Lake June
261,020 311,397 1,327,085 1,086.899
Detroit & Mackinac June
898,217
934,095
177.902 172.558
Detroit Terminal..... June
156,142 193,565 1,191,025 1,071,866
Detroit Tol & iront_ June
788,323 874,559 6,031,614 5,031.436
Det & Tol Sh Line June
223,881 349,808 1.738,160 2,187.3'1
Dul & Iron Range_.. June
950,446 1,177,105 2,654,559 2,993.470
Dui Missabe & NO.... June
2,100,822 3,188,263 5,244,629 6,375.246
Dul So Shore & Atl_ 1st wk Aug 115,836 122,379 3,566,684 3.441.316
Dul Winn & Pacific_ June
150,040 176,674 1,193,809 1,331,286
East St L Connect_ June
150,137 172,519 1.115,836 1,173,855
Elgin Joliet & East_ June
1.422,033 2,483,235 1,571,128 14,377.518
El Paso & South W_ June
1,137,827 1,174,912 6,271,737 6,442,382
Erie Railroad
June
8,032.119 9,854,901 51,370,99960.043,281
Chicago & Erie June
966,084 1,179,823 6,952,533 6.903,598
770,322
NJ&NYER
775,239
June
135,662 133,819
802.945
Evan Ind & Terre H June
854,311
124,132 138,707
Florida East Coast_ June
1,074,237 1,154,523 10,925,104 9,420,093
781,741
Fonda Johns & Glov June
677,168
94,686 116,952
Ft Smith & Western June
765.057
808,328
130,413 111,166
651,006
Galveston Wharf_ _ _ June
551,748
68,261
89,550
Georgia RR
June
458,239 505,172 2,938,797 3,014,150
Georgia & Florida 1st wk Aug
29,400
30,550 1,027,444 1,027,969
Grand Trunk West_ June
1.384,144 1,711,931 9.330,343 9,844,192
Great North System 4th wk July 2.940,9753.176.347 54,691,463 62,572.195
647.622
Green Bay & West_ June
735,974
116,874 115.014
Gulf Mobile & Nor_ June
429,890 454.922 2.951,788 2.922,732
Gulf & Ship Island- June
256,232 268,092 1,759,630 1,640,403
Hocking Valley
June
099
5:6
17
4
0:0304 8.632.724
1.571,496 1,788,789 98
95,148,281
Illinois Central Syst June
13077997 15072360
Illinois Central Co June
11590831 3440564 75,444,19285,231,508
9.916.773
Yazoo & Miss Val June
10,155,896
1,487.166 1.631,796
Internat Gt North.. June
1,177,330 1,119,085 7.685,912 6.828,034
Intern Ry Co of Me June
141.209 156,811 1.528,203 1,591,271
785,794
K C Mex & Orient_. June
913.325
151.420 125,476
793,406
K0 M & Or of Tex_ June
994,346
169,750 144.916
Kansas City South_ June
1,407.010 1,817,441 8
1162
12693
:712 9,744.263
1,304.209
Texark & Ft Sm. June
204,098 230.500
Total system...... June
1,611,108 1,847,939
Kansas Okla & Gulf June
140,854 181,586 11
0,0
1;3
391
5 11
1:303
48
7.466791
37
15
Lake Superior& Islip June
216,888 328,385
570.825
Lake Terminal Ry June
96,432 114,922
517,073
Lehigh & Hud River June
261,412 273,096 1,575,758 1,457,955
Lehigh & New Eng. June
476,890 587.924 2,507,292 3,030,621
Lehigh Valley
June
6.244.092 7,052,888 37,320,730 36,280,628
Los Ang & Sall Lake June
2,112,3902,231,757 12.458,990 11,512,048
Louisiana & Arkan_ June
295,027 241,827 1.926,420 1,938,968
La Ry & Nay Co_ _ _ June
326,298 304.945 1,851,685 1,973,335
246.085
La Ry & Nav of T June
90,581
85,340
615,969
Louisv /t Nashville_ June
10373401 11220 169 66.082.285 66,622,895
253,182 273,418 1,711.169 1,701.815
Loulsv.Hend & St L June
Maine Central
1,655,974 1,879,980 10,310,838 10,404,530
June
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Midland Valley_ _ _ June
310.181 349,593 2,234,687 2,224,158
Mineral Range
285,768
1st wk Aug
298,947
7,707
8,603
Minneap & St Louis let wk Aug 263,029 298,198 8,405,365 9,712,222
Minn St P & S SM.. June
3,677,297 4,315,127 20,904,581 23,652,491
Wisconsin Central June
1,570,634 1.817,169 9.450.616 10,219,226
Total system..... June
3,677,297 4.315,127 20,904,581 23.652.491
Mississippi Central_ June
916.664
138,768 148,268
902,157
Missouri-Kan-Texas June
2,445,562 2,699,884 15,561,068 16,755,533
M K Tex Ry of T June
1,515,302 1.484,248 9.261,243 9,288,977
Total system_ _ - May
4.232,296 4,331,521 20,861,446 21,860,377
Mo & Nor Arkansas June
698,665
104.985 110,672
738.798
Missouri Pacific..... June
9,074,115 9,195,092 56,882,456 53,698,273
Mobile & Ohio
e
wk Aug 319,844 339,739 11,758,669 12,252,618
Monongahela Conn_ June
129,604 240,758 1,098,788 1,353.266
Montour
June
152,995 269,704
732,637 1,186,792
Nashv Chatt & St L June
1.757.075 2,009,347 11,778.177 12,258,770
Nevada-Calif-Ore..,let wk Aug
180.272
190,577
10,736
8,839
Nevada Northern... June
443,121
516,443
84,885 100,014
Newburgh & So Sh_ June
154,552 171,588 1,005,021 1,061,090
New On Gt North_ June
238,220 247,927 1.485,825 1,412,000
N 0 Tex & Mexico_ June
209,869 231,238 1,598,249 1,511,132
N 0Tex & Mex Syst June
1,147,822 824,932 7.258,246 5,319,837
Beau Sour L & W June
197,594 179.960 1,427,566 1,101,464
St L Drowns & M June
718089 394449 4,106,226 2,571,063
New York Central... June
37931'291 83133728 213976577
30158'143
Ind Harbor Belt- June
74 3 5,806,988
83 2:
492
7 5:
6,8
83
23
3:0
96
89
1 9,9
160
66:69
Michigan Central June
48,336.062
C
& St Louis-lune
6,673,750 7,966,671 42,623.775 47,859,673
Cincinnati North.)June
345,560 412,159 2.352,942 2.665,794
Pitts & Lake Erie June
2,217,334 4,339,900 16.459.939 22,865,939
N Y Chic & St Louis June
3,985,456 4,861,724 26,948,881 29.020,706
N Y Connecting....
245,165 310,186 1.420,556 1,788.791
NYNH& Hartf'd June
10583870 11949570 62,479,940 65,983.463
N Y Ontario & West June
1,094,412
1,248,667 5,944,060 6,393,439
N Y Susq & Western June
356,508 409,169 2,283,613 2,523.411
Norfolk Southern.- June
802,953 780,987 4,901,103 4.642,461
Norfolk & Western- June
6,764,495 7.881,048 45,303,408 44.938.946
Northern Pacific_ -- June
7.131.414 8,302,287 42,607.448 46.647,127
Northwestern Pac June
617,894 720.812 3.234,007 3.576,525
Pennsylvania Syst.... June
56701 236 70011 667 283515244 311088394
Penn RR & Co.... June
51652
768 64387849 315937359 356130371
Bait Ches & Atl-- June
662,883
140,785 133,240
617,970
Long Island
June
3,179,8643.229,094 16,080,169 15,631,133
Monongahela...... June
308,458 549,516 2,324,661 2,850,203
Tol Peoria & West June
900,273
965,552
171,022 143,085
W Jersey & Seash June
.083,657 1,230,752 5,492.364 6.232,507
Peoria & Pekin Un_ jam
877.166
891,178
118,235 131,897
Pere Marquette---- June
,136.998 3,895,209 20.321,249 22,264,818
Perkiomen
June
540,654
581,007
102.780 107,240
Pitts & Shawmut- June
711,908
514,071
86,920 100,190
Pitts & West Va.--- June
333,427 310,230 1,907,161 1.816,941
Pitts Shaw & North June
764,907
657,410
108,630 103,722
Port Reading
June
988,961 1,513.211
169,079 203,178
Pullman Co
June
6,718.7706,636,368 35,584,789 34,638.282
Quincy Om & K 0 June
513,034
651,493
88,906
74,691
Reading Company- June
.210,546 9,037,861 46,362,289 55.507.044
Rich Fred & Potom_ June
.043,406 1,092,468 6.283,651 6.464,790
June
520,378 575.777 3,228,989 3.326.339
St Louis-San
San Fran.. let wk Aug .701,498 1,718,930 50,563,028 52.485,182
St L-San F of Tex June
733,009
821,499
148,100 130,989
Ft Worth & Rio G June
675,735
737.395
128,371 137,832
St Louis Southwest_ June
1,192,724 1,468,197 8,651,991 10,446.172
St L S W of Tex_ - May
561,016 617.026 3,046,743 3.098,539
Total system.... 1st wk Aug 480,717 525,607 14,626,219 16,969.191
St Louis Transfer June
417,484
405,100
59,793
55,852
San Ant & Aran Pass June
970
6
076
6 445:015 3.146,035 2,5451:08716
San Ant Uvalde & G June
787.419
167
Seaboard Air Line-- June
3,8
54
12
706
1i191 4,076.170 27,560,299 26.915,345
Southern Pac Syst.... June
22670821 24611 625 130618978 133023158
Southern Pac Co- June
16391 574 18178291 91.203.48493,803,696
Atlantic SS Lines June
895.500 1.126,537 5,805,291 6,818,920
Arizona Eastern.. June
291,337 301,889 1,705,500 1.846,706
Galv Harris & S A June
2,081,693 1,863,224 12,376,646 10,939.915
Hous & Tex Cent- June
1,063,420 1,039,363 6,867,828 6,426,020
Hens E & W Tex- June
226,395 227.896 1,500.959 1,405,099
Louisiana West'n June
284,717 363,489 2,010,941 2,295,902
Morg La & Texas June
592.777 663.799 3.930,920 4.377.288
Southern Ry System let wk Aug 3.641.673 3.823.380 109726 203 118399933
Southern Ry Co June
11010306 12585968 69,619,581 74,448,970
Ala Great South_ June
806,692 896,388 4,917,745 5,392,914
New On & T P. June
1,670,404 1,971.729 10.926,246 11.863,271
Georgia Sou & Fla June
369,441 460,834 2,411,831 2,621,498
New Orl & No E- June
418,208 554,771 2,796,247 3,504,981
North Alabama.. June
110,328 135,907
774,293
839,434
Texas & New On.. June
710,994 719,849 4,452,367 4,334,389
Spokane Internat'l- June
95,494
86,032
572,311
582,661
Spok Port & Seattle June
642,560 653,319 3,982,056 3,814,523
Staten Island R T June
242,149 238,187 1,286,439 1,196,099
Tennessee Central... June
216,005 247,664 1.360,142 1,547,459
Term RR Assn ofStL June
395,303 419,466 2,486,701 2,499,518
St L Mer Ildge T.- June
294,192 348,238 2,258,316 2,473,195
Texas & Pacific
1st wk Aug 642.664 629,962 18,613,972 18,055,976
Ulster & Delaware..- June '
139,406 168,216
653,570
792,132
Union Pacific
June
8,288.606 8.877,619 48,617,987 50,958,437
Total system.... June
15351 604 1638994991,678,65293,267,028
Oregon Short Line June
2,659,723 2,947.282 16,564,145 17,417,087
Ore-Wash RR &N June
2,290,884 2,333.292 14,037,529 13,379,455
St Jos & Grand Isl June
228,056 235,888 1,658,305 1,570,857
Union RR (Penn) June
944,366 1,237.3221 5,436,746 5,983,517
Utah
June
95,290 139,9291 692,963
737.505
Vicks Shreve & Pac_ June
311,100 331,673, 2.052,492 2.100,366
Virghlian RR
June
1,549.805 1.791.452 9,190,327 11,072,336
Wabash RR
June
5.178.9855,558,770 31,888,466 31,784,135
Western Maryland- 1st wk Aug 347.158 468,722 11,406,728 14,211,765
Western Padtic_ _ _ _ June
1,086,606 1,262,791 5,967,869 5.881.754
Western By of Ala.. June
221,578 236,993 1,531,190 1,441,442
Wheel & Lake Erie_ June
1,328,142 1,910,179 9.137,871 8,667.136
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage. Cur. Yr. Prev. Yr.
$
$
$
$
$
$
4th week May 16 road- 24.516.181 26,543.913 -2.027,732 7.64 September-235,611 236,525 544,270,233 499.720,575 +44,549,658 8.91
let week June 16 roads ___ 17,204,375 18,731,974 -1,527,600 8.16 October -235.608 236,015 586,328,886 549,080,662 +37,248,224 8.78
2d week June 16 roads)........17,225,913 18.728,480 -1,502,567 8.02 November _253.589 253,593 530,106,708 522.458,208 +7.648.500 1.46
3d week June 16 roads)___ P/,283,403 18,595,821 -1,312,418 7.05 December---235,379 235.555 493,099,550 512.312,354 -19,212,804 3.75
4thi week June' 14 roads __ _ 21.787.983 23.783.167 -1,975,184 8.31 January _ ..238,698 235,886 467,887.013 501.497,837 -33,610.824 6.70
1st week July 15 roads)........ 16,255,111 17.937.840 -1.682.729 9.38 February -235,506 235,876 477,809,944 445,870,232 +31,939,712 7.16
2d week July 4 roads .
-496.784 4.86 March
235,715 236.520 504,016.114 634.644.454-30.628.340 5.73
- 9,840,656 10.337,440
3d week July 16 roads)..... 17,125,824 18,404.590 -1,278,766 6.95 April
035.963 235,665 474,094.758 522,336,874 -48,242,116 9.24
4th week July (15 roads)____ 23,996.889 25.810.867 -1,813,978 7.03 May
235,894 234.452 476,458,749 546,934,882 -70,476,133 12.89
1st week Aug. (13 roads),_ _ .. 14.878,648 16.678,403 -1.799.755 10.78 June
236.001 235,691 464.759.956 540,202.295 -75.442,339 13.97
Note.-Grand Rapids & Indiana and Pitts. Cin. Chic. & St. Louis included in Pennsylvania RR. Lake Erie & Western included in New York Central.
Toledo St. Louis & Western included in New York Chicago & St. Louis. *Estimated.
AUG. 16 1924.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of August. The table covers 13 roads and shows 10.78%
decrease from the same week last year.
First Week of August.
1924.
$
283.489
Buffalo Rochester & Pittsburgh_
4.008,501
Canadian National
3,036,000
Canadian Pacific
115.836
Duluth South Shore & Atlantic_
29.400
Georgia & Florida
Minneapolis & St Louis
263.029
319,844
Mobile dc Ohio
Nevada-California-Oregon
8,839
St Louis San Francisco Co_ _ _ _ 1,701,498
480,717
St Louis Southwestern
Southern
3,641,673
Texas St Pacific
642,664
Western Maryland
347.158
Total (13 roads)
isrm- dperAasan (10.71i%)
1923.
Increase. Decrease.
$
482,591
4,729,609
3,498,000
122,379
30,550
298.198
339.739
10,736
1,718,930
525,607
3,823,380
629,962
468,722
14,878,648 16,678.403
$
$
199,102
721,108
462,000
6,543
1,150
35,169
19,895
1,897
17,432
44.890
181,707
12.702
121,564
12,702 1.812.457
1 700 7AN
In the following we also complete our summary for the
fourth week of July:
Fourth Week of July.
1924.
1923.
Increase. Decrease.
s
s
$
$
Previously reported (13 roads).._ 23,942,000 25,756,081
Georgia & Florida
40.900
43,682
Nevada California & Oregon..- _
13.989
11,104
83,634 1,897,715
2,782
2.885
Total (15 roads)
Net, decrease (7.03%)
86,519 1.900,497
1 Ala 1:17R
23.996,889 25,810,867
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes1924.
1923.
1924.
1923.
1924.
1923.
$
$
$
$
$
$
•
Cult Coast Lines(New Orleans Texas& Mexico Ry Co)824,932 *484,392 *258,173 a292,340
1,147,822
June
a92,178
From Jan 1- 7,258,246 5,319,837 *3,101,577 *1,799,076 a1,719,849 0772,516
•Non-operating income included. a After deducting fixed charges, &o.
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Name of Road.
or Company.
Latest Gross Earnings.
Month.
Adirondack Pow & Lt July
.Alabama Power Co_ June
Amer Elec Power Co_ April
Am Pr & Lt Co subsid May
American Tel & Tel-- May
Am Wat Wks & Elec_ June
Appalachian Pow Co. June
cAr ,..nsas Lt & Power June
Asheville Pow & Light June
Associated Gas & Elec June
Atl Gulf& W I SS L__ May
Aug-Aiken Ry & Elec April
Bangor Ry & Electric June
JcBarcelona Tr, L & P June
Baton Rouge Electric June
Binghamton L,H & P June
Blackstone Val 13 & E June
Boston "L" Railway_ January
ABrazillan Tr, Lt & P June
Bkiyn Heights (Roc). March
B-M-T System
May
Blm Q Co & Sub(Rec) March
Con I & Bklyn (Ree)_ March
Coney Island & Grave March
Nassau Electric
March
South Brooklyn
March
Brooklyn City RR- June
vlsr Y Rap Tran Corp_ March
CapeBretonElCo,Ltd Juno
Carolina Pow & Light June
Central Illinois Lt Co March
Cent Miss Val El Co_ June
Central Power & Lt May
Cities Service Co..._ June
Citizens Tr Co & Subs June
City GasCo of Norfolk June
Cleve Painesv & East May
Colorado Power Co May
p Columbia Gas & El_ June
Columbus Elec & Pow June
Com'w'lth Pow Corp_ June
Consumers Power Co June
Cumberland Co P & L June
Detroit Edison Co
June
Duquesne Lt Co SubsAnril
Eastern Mass St ny M'ay
East Penn Elec Co_ _ _ June
East Sh G&E Co&Sub June
East St Louis& SubAlton Companies... June
East Texas Elec Co May
Edis Elec Ill of Boston June
Edis Elec Ill of Brock June
El Paso Electric Co May
Elec Lt & Pow Co of
Abington & Rockl'd June
Fall River Gas Works June
Federal Lt & Trac Co June
o Ft Worth Pow & Lt June
Galv-Houston El Co_ June
Gen G & E dc Sub Cos June
Georgia Ry & Power- June
Grafton Co E La P July
Great West Pow Syst June
Havana El Ry,El & P June
Haverhill Gas Light June
Honolulu Rapid Tran June
Houghton Co Electric June
Hudson & Manhattan May
Hunting'n Dev & Gas June
June
Idaho Power Co
Indiana Power Co-. June
lnterboro Rap Trans_ March
Subway Division March
Elevated Division_ March
lot Rys of Cent Amer July
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
535,871 508,118 *7,150,887 *6,575,858
705.184 625,695 *8,647,196 *6,757,530
1629,577 1759,868 6.986.680 7.225,393
2729.346 2528,925 *33200603 *30795894
6152,818 6050,498 30.838,359 29,942,764
3024,790 2991.371 *38084774 *32468867
272,722 277,720 *3,508.724 *3,177,894
183.296 138,543 *1,663,237 *1,398.096
84.375 79,924 *1,018.622 *932.341
307,159 259,945 *3,519,336 2,848,012
2346,689
11,281,970
102,357 106,569 *1,235.300 *1,198,846
112,195 119,274 *1,552,530 *1,532,202
4452.601 3711.837 28.367,153 25,758.987
55.456 51,407 *664,156
612.761
102,446 87,443 *1,267,744 *1,101.075
343.887 363,317 *4,543,024 *4,326,001
3047.705 2998,297 3,047,705 2,998.297
4452.601 3711,837 28.367,15325,758,987
6.859
7.481
19.866
21.233
3594,5573411,217 y35498974 y33589020
215,465 222,865
615,542
633.759
226,255 224.202
649,893
633.886
6,417
6,156
16,133
16,616
481,905 454,293 1,373,002 1.278,877
91,287 98,528
267.640
288.318
1026,953 1056,839 *12 226259 *12196450
2457,905 2177.074 6,993.460 6,077.638
50,538 56,851
708.429
676.668
194,840 178,489 *2,444,405 *2,134,772
325,952 307,630 1.021.895
967.262
46,631 46,863 *590,082 *565,983
345,268 282.158 *3,804,910 *3,078,929
1649,962 1509,974 17,110,489 16,287,866
72,850 75.504 *998,959 *909.353
77,863 72,800
503,870
498,097
52,025 59,251
258.131
278,932
113,413 99,296 *1,309,337 *1,072,645
1656.551 1485,120 15.075,25411.010,509
167,548 180,826 *2,271,666 *2.147,776
2361.213 2292,941 16,206,789 14,633,279
1385.079 1301,991 *18130900 *15544939
301.529 304,798 *3,838,439
2358.6192306,045 17,530,804 *3,676,614
1700.681 1648,275 7,142,273 15.907.958
811.694 895,120 4,229,834 6,735.774
4.670.373
243,320 228,936 *3,102.479 *2,655,173
47,874 44,666 *591822 *529.068
110.606 116,610 *1,020,965
178.950 168,273 *2,140,544 *1,393.097
1420,523 1295,969 9,907,767 *1,894.491
107,952 115,760 *1,564,415 9,000,566
194.878 203,409 *2.405.670 *1,519,321
*2,350.456
31,598 33,279 *448,696 *421,450
88,565 88,425 *1,028,183
417,146 423,057 2.851.765 *1,027.549
2.781,314
234,501 227,147 *3,115,814 *2,811,521
329.125 273,960 *3,512,942
1463,108 1248,074 16.758,495 *3,287,016
1291,822 1332,813 8,185.000 8.025,674
14.668 13,282
117,046
101.814
627,830 584.682 3.804,680 3.572,796
1158.386 1103,750 7,008,191 6.619.018
50,511 49,091 *573,286 *565,236
83.154 81.653
487,816
471.819
36,259 37,469 *524,246 *541,077
1005,038 983,989 5.027.896 4.796,820
75.424 97.514 *1.298.098
249,837 226,470 2,652,573 *1,292,693
2,520,944
89,636 87,555 *1,174,355 '1052280
5203,315 5092,593 15,051,448
3534,969 3392,700 10,272,062 14.422.228
9,658.451
1668.346 1699,893 4,779,386 4,763,777
378.275 297.849 3.014.246 2.677,629
Name of Road.
or Company.
807
Latest Gross Earnings.
Month.
Kans City Pow & Lt_ June
dKans Gas & Elec Co June
Keokuk Electric Co__ June
Key West Electric_ _ _ June
Lake Shore Electric__ May
Long Island Electric_ March
Lowell El & Lt Corp.. June
Manchester Trac, Lt
& Pow Co & Subs__ June
Manhat Bdge 3c Line March
Manh & Queens(Rec) March
Manila Electric Corp_ July
Market Street Ry___ July
Mass Lighting Cos.__ June
eMetropolitan Edison June
Milw Elec Ry & Light June
Mississippi Pow & Lt_ June
Miss River Power Co_ June
Munic Ser Co & Subs_ June
aNebraska Power Co_ June
Nevada-Calif Electric June
New Bedf G &Elec Lt June
New Rug Power Syst_ June
New Jersey Pow & Lt June
Newp News & Hamp
Ry,Gas & Elec Co_ June
New York Dock Co__ June
New York Railways.. March
Eighth Avenue..___ March
Ninth Avenue
March
N Y & Queens (Rem). March
March
N Y & Harlem
N Y & Long Isl (lice) March
Niagara Lockport &
Ont Pow Co & Subs June
Nor Amer Co & Subs_ June
North Coast Pow Co.. April
Nor Conn Lt & P Co_ May
North Ohio Elec Corp June
North Texas Elec Co_ June
Nor'west Ohio Ry &P June
March
Ocean Electric
dPacific Pow & Light_ June
Paducah
- June
Electric_Lightez
Penn Central
Power Co & Subs- June
Pennsylvania Edison_ June
Phila Co and affil corp June
Philadelphia & West_ June
Phila Rapid Transit.... June
June
Pine Bluff
Pittsburgh Co-Rys Co..... April
dPortland Gas & Coke June
Portland Elec Pow Co June
Puget Sound Pr & Lt_ June
Reading Transit & Lt June
Republic Ry & Lt Co_ June
Richm Lt & RR(Rec) March
Rutland Ry,Lt & Pr_ June
Sandusky Gs & Elec June
Savannah Elec & Pow June
Sayre Electric Co_
June
Second Avenue (Itec) March
Sierra Pacific Elec Co June
South Cal Edison Co- May
Sou Canada Pow Co- June
Sou hid Gas & Elec March
Southern Utilities Co.. June
gSouthwest'n Pr & Lt May
Staten Isl'd Edis Corp June
Steinway Rys(Rec) March
Tampa Electric Co June
Tennessee Elec Pr Co June
Texas Electric Ry
June
°Texas Pow & Light- June
Third Avenue Ry Co_ May
United Electric RY5 April
United Gas & El Corp June
United Rys & Electric May
Utah Power & Light- June
gUtah Securities Corp June
Vermont Hydro-Elec_ June
Virginia Ry & Power_ June
Wash Water Pow Co- June
Western Union
June
West Penn Co
June
Winnipeg Electric Ry April
n Yadkin Riv Pow Co June
Current Previous
Year.
Year.
$
714,727
420.687
34,008
18,787
230,456
31,233
109,720
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
659,856 *9,188,961 *8,557,989
407,165 *5,586,202 *5.382,139
34,686 *421,719 *405,537
20,870 *237,458 *253,995
221,344 1,214,172 1,114.233
76,402
89.222
27,542
127,547 *1,519,788 *1.603,239
196,992 202,992 1,285,889 1,279.785
23,492 25,017
68,005
67,438
94.570
33.897 33.522
92.227
303,994 298,268 *3,672,883 3,578,314
797,946 795,380 5,709,672 5,605,688
272,388 260.711 1.666.147 1,620,651
632,039 609,688 *7,883,259 *7,312,754
1700,097 1736,043 22,566,002 21,228,929
104,194 91,543 *1,252.692 *1,201.605
270,516 284,348 *3,097,705 *2,964,367
400,854 363,431 *4,953.281 *4.899,508
298,276 307,474 *3,885,104 *3,706.487
679,511 634,895 *4,335,097 *4,030,754
255,297 295,178 1,748.616 1,895,862
498,266 603,103 *7,250.650 *6,800,868
80.487 75,011 *1,060,151 *864,718
176.116 189,373 *2,030.770 *2.130,120
280,387 275,097 1,610,200 1,671.986
736.260 769.912 2,129,130 2,166.641
100,561 100,858
288,878
283,870
39.527 43,199
118,178
122,818
56,387 53,071
159.093
160,030
133.605 136,694
387,897
380.642
33,960 38,299
102.543
107.382
431.881 431.797 2.913.600 2.693,534
6065,402 5961.486 *77768195 68,615,122
53,506 47.105 *660.501
33,548 28.783 *408.523 *342,349
793.014 830,633 *9.773,349 *10195073
208,785 232.207 *2,828.608 *2.997,217
41.618 48.601 *562,611 *546,849
16,224 19.730
49,677
50.504
265,663 260,464 *3.250,912 *3,043,338
48,954 48,538 *625,254
594,484
285,622 252,114 *3,574,217 *2,932,454
238,364 235.731 *3,174.515 *2,923,652
2808,472 2783,847 21,461.085 20,886,321
83,898 74.296
441.877
421.022
3650,041 3772,36922.596,715 22,512,399
75.071 71,113 *889,164 *863,96E
1963,740 1889,162 7,759,984 7,441,11E
287,141 277,414 *3.535.937 *3,386,711
850,181 897,427 *10932647 *10476261
979,267 948,671 *12621050 *11380622
243,338 26.3,424 *3.078,240 *3,061,504
810,232 807,361 5.414.891 4,877,71(
65,951 66,748
189.692
188.882
40,516 40.988 *539.930 *570,872
65,029 62,869 *845.029 *847,281
154,508 131.179 *1.930,269 *1,596,561
16,062 15,099 *215.629 *199,68/
92,326 81,873
265,886
231.341
90,450 86.385 *1.055,957 *968,801
1909,017 1677,339 y21559 135 y17842 091
81,986 75,370 t784,551 t700,051
233,215 219,781
715,140
650,261
247,873 192,970 *2,851,599 *2.424.431
947.001 845.294'11697799 '10538681
228,297 208,811 *2.645.336 *2,405,861
63.309 70.279
243.207
194.67c
178,092 170,003 *2,214,179 *1.989,311
755,198 733,917 *9.333,497 *8,631,90(
210,945 219.336 *3,032,089 52.747,571
463,857 395,539 *6,111,551 *5,231.051
1297,506 1269,952 913376994 913126641
670,977 663,548 2.790,020 2.754,781
1142,936 1082,081 *14495225 *1340539
1416,037 1463,850 6,863,297 6.849,53,
708,777 661,890 *9.018,780 *7,816.88
839,917 793,831 *10575903 9,479,731
54.582 56.193 *732,083 *685.05,
837.913 869.392 5.248,507 5.199,49,
417,445 402,472 2,598,750 2.451,01:
9185,326 9459,298 54.224,338 55.185,981
1988,682 1982,291 *25490268 *22430221
441.379 467,474 *5,359,155 *5,550.971
141'25 10',9,9
845
729'
6$'9.
,* *1'
'
1.1'.
7
,1
a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid Transit
System, the receiver of tee Brooklyn Heights RR. Co. having, with the
approval of the Court. declined to continue payment of the rental: therefore
since Oct. 18 1919 the lirooldyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co.. but these leases were terminated
on July 11 1919,since which date these roads have been operated separately.
c Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
e Includes York Haven Water & Power Co. g Subsidiary companies.
k Given in pesetas. n Includes Palmetto Power & Light Co. o Subsidiary
of Southwestern Power & Light Co. p Includes subsidiary companies.
S Earnings for ten months ended April 30. r On June 15 1923 the New
York Consolidated was reorganized under the name of the New York
Rapid Transit Corporation. t Earnings for 9 months ended May 31.
* Earnings for 12 months. y Earnings for 11 months.
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:
Companies.
-Gross Earnings- --Net Earnings
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
Cities Service Co
June 1,649,962 1.509,974 1,588,686
12 mos ended June 30-17.110,489 16.287,866 16,560,142
Edison Elec Ill of Bost_ _June 1,420,523 1,295,969 *533,452
6 mos ended June 30_ _ 9,907,763 9,000,566 *4,033,037
Honolulu Rap Trail Co_June
81,404
81.026
t28,320
6 mos ended June 30- _ _ - 487,816
477,819 t137,132
Int Rys of Cent Amer_June 378,275
297.849 *153,275
7 mos ended July 31_ ___ 3,044,246 2,677.629 *1,434,752
Manila Electric Corp__ _June 303,994
298,268
145,139
12 mos ended June 30-- _ 3,672,993 3,578,314 1,861,282
Western Union Tel Co- _June 9,185.000 9,459,000 1,030,000
6 mos ended June 30......54.224,000 55,186,000 6,087,000
York Utilities Co
July
21,886
12,754
-1,792
7 mos ended July 31-- _ _
116,994
141,471
9,228
'After allowing for other income.
taxes.
t Net after
1.461,131
15,783,829
*417.673
*3,334,852
t30.702
t184,581
*99,843
*1,239.316
148,014
1,692,832
1,155,000
6.845,000
1,406
14,596
[VOL. 119.
THE CHRONTCLE
808
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
$
s
$;
Amer Water Works June'24 3,024,790 1,277,915 b933,779
& Elec Co (Wel subs) '23 2,991,371 1,234,366 b826,850
12 mos ended June 30'24 38,084,774 16,489,355b10,955,094
'23 22.468,887 13,750,580 b9a51.304
127,078
535,871
115,764
Adirondack Power July '24
98,639
508,118
'23
97,410
& Light Corp
12 mos ended July 31 '24 7,150,887 2,236,296 1,302,679
'23 6,575,858 1,808,939 1.099,593
25,516
112,195
53,699
Bangor Railway & June '24
23,510
'23
119,274
57,025
Electric Co
296,665
791,327
12 mos ended June 30 '24 1,552,530
284,262
'23 1,532,202
774.457
June '24 1,656,551 *972,994 x559,277
Columbia Gas &
'23 1,485,120 *864,811 x486,607
Elec Co & Subs
6 mos ended June 30 '24 15.075,254 *8,087,762 x3,436,833
'23 11,010,509 *6,817,773 :2,897,604
61,708
301,529
Cumberl'd County June '24
134,900
60,905
'23
127.529
304.798
Power & Light Co
740,851
12 mos ended June 30 '24 3.838,439 1,644.681
745,153
'23 3,876,614 1,558,518
231,511
676,556
Consumers Pow Co June'24 1,385,079
180,417
'23 1,301,991
567,459
12 mos ended June 30 '24 18,130,900 8,411,123 2.358,596
'23 15,544.939 7,306,090 2,379,166
1,456
14,889
6,888
Grafton Co Elec July '24
1,358
13,282
'23
6,292
Light & Power Co
9,845
117,046
60,727
7 mos ended July 31 '24
9,292
'23
101,814
50,197
90,789
Havana Elec By, June '24 1.158,386 *600,176
93,223
Light & Power Co
'23 1.103,750 *607.376
548,497
6 mos ended June 30 '24 7.008.191 *3,612,626
559,613
'23 6,619,018 *3,608,033
20,400
21,471
75,424
Huntington Devel June '24
20,522
97.514
'23
30,191
& Gas Co
243,415
449,692
12 mos ended June 30 '24 1,298,098
242,352
'23 1,292,693
506,291
73,443
160,448
797,946
Market Street By July '24
53,899
'23
174,785
795,380
458,432
7 mos ended July 31 '24 5,709,672 1,248,554
386.526
'23 5,605,688 1,287,060
15,017
272,388
62,241
Mass Lighting Cos June '24
15,165
'23
260.711
55,521
92,185
384,429
6 mos ended June 30 '24 1,666.147
89,169
'23 1,620,651
377,920
68,374
138,031
400,854
Municipal Service J11110 '24
68.755
363,431
'23
121,234
Co & subsidiaries
804,631
12 mos ended June 30'24 4,953,281 1,880,963
877,919
'23 4,899,508 1,852,471
99,382
679,511 *330,156
Nevada-California June '24
85,743
'23
634.895 *290,522
Electric Corp
12 mos ended June 30'24 4,335,097 *2,158.967 1,065,854
'23 4,030.754 *2,226,349 1,020.225
42.307
255,297
*87,453
New Bedford Gas June '24
45.434
295,178 *105,945
'23
& Edison Light Co
584,753
12 mos ended June 30 '24 3.502,571 *1,218,838
601.052
'23 3.633.071 1,313,454
172,846
138.933
793,014
Northern Ohio Elec June'24
154,434
'23
830.633
176,184
Corp
12 mos ended June 30 '24 9,773,349 2,132343 1,942,852
'23 10.195,073 2,520.965 1,951,530
285,622
65,307
Penn Cent Light June:24
135,876
29,016
104,553
PowerCo
•
632,632
12 mos ended June 30 '24 3,574,217 1,675,504
'23 2,932,450 1,259,042
342,380
185,994
850,181
Portland Electric June '24
320,834
173,720
'23
897,427
349,083
Power Co
12 mos ended June 30 '24 10,932,647 4,236,855 2,106,910
'23 10476.265 4,051,774 2101,347
PIPRPJune '24 1,988,68-2
785,63Th96,404
-Penn Co
'23 1,982,291
770,459 6407,298
12 mos ended June 30'24 25,490,268 10.446,913 b5.736,984
'23 22,430.226 9,032.966 b5,285.965
Companies.
egt
Balance,
Surplus.
$
344,136
407,510
5,534,261
4,499,276
11,314
-1,229
933,617
709,348
28,183
33,515
494.662
490,195
413,717
378,204
4,650,929
3,920,169
73,192
66,624
903,830
813.365
445,045
387,042
6.052.527
4,926,924
5,432
4,934
50.882
40,905
509,387
514,153
3,064,129
3,048,420
1,071
9,669
206,277
263,939
c87,005
c120,886
e790,122
c900,534
a47,224
a40,356
a292,244
a288,750
69,657
52,479
1,076,332
974,552
230,774
204,779
1,093,113
1,206,124
a45.146
a60,511
a634,085
a712,402
-33.913
-1.750
189.491
569.435
70,569
1,042,872
916,662
134,840
176.263
2,129,943
1.951,427
-31
2072
300,161
4.709,929
3,747,001
* After allowing for other income. z Includes rentals, leases, &c. and
preferred dividends of subsidiaries. a After depreciation.
b Includes preferred dividends of subsidiaries (before Federal taxes, &c.).
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
July 25. The next will appear in that of Aug. 30.
American Locomotive Company.
(Semi-Annual Statement-Six Months Ended June 30 1924.)
President Andrew Fletcher, Aug. 7, wrote in substance:
The gross earnings from all sources amounted to $26,855,332, or about
gross earn60% of the previous six months period. After deducting from
ings $22,764,427 for the cost of manufacturing, maintenance awl adminisand
trative expenses. $749.676 for depreciation on the company's plantsthere
equipment and $23,044 for interest on bonds of constituent companies, an
deducted
$3,318,185,
from
which has been
remained a net profit of
income
allowance of $435,000 for estimated United States and Canadian
profit for
taxes, the remaining balance of $2883,185 being the net availabledividends
the six months period, which profit after allowing for the regular Common
on the Preferred stock is equivalent to $4 02 per share on the
stock of the company.
were
During the six months two regular quarterly dividends of $1 75 each
quarterly
paid on the 250,000 shares (par $100) Preferred stock and two par
value
no
dividends of $1 50 each were paid on the 500,000 shares of payments,
of
Common stock, making a total of $2,375,000 in dividend
the
which $875,000 was paid on the Preferred stock and $1.500,000 paid on
of the
Common stock. After the payment of the dividends there remained added
available profit for the six months period $508,185, which has been
to the surplus account.
the
There was expended for additions and betterments to the plants of
which
company during the six months period ended June 30 1924,$743.370,
has neon charged to the reserves previously created for such purposes.
sold.
During May 1924 the company's plant at Pittsburgh. Pa., was
and had
The plant had not been operated by the company since May 1919,
to
been dismantled and the tools and equipment either sold or transferred
the other plants of the company. The property will be used by street
railways of Pittsburgh as a general storehouse.
The inventory account of materials and supplies,contract work in process
and stock locomotives and spare parts on hand on June 30 1924, amounted
$12,815,053 on Dec. 31 1923.
to $10,271,552 in comparison with of
4%, First Mtge. Gold Bonds of the
On March 1 1924 the $1,500.000
Locomotive & Machine Co. of Montreal, Ltd.(now Montreal Locomotive
The only
Works, Ltd.), became due and were paid by that company.$432,000
of
remaining bonded debt on the properties of the company is Bonds, seRichmond Locomotive & Machine -Works. 6% Mortgage Gold
and
1889
1
April
Va.,
Richmond,
dated
plant,
the
on
cured by a mortgage
maturing April 1 1929.
The company on June 30 1924 had no loans payable.
•
The net current assets on June 30 1924 amounted to $46,246,941. This
amount was obtained after including in current liabilities reserves for United
States and Canadian income and profits taxes and reserves for shrinkage in
value of notes listed in current assets.
The total unfilled orders on June 30 1924 amounted to $19,524,500 in
comparison with $17,789,873 on Dec. 31 1923.
INCOME ACCOLNT OF COMPANY AND SLBSIDIARIES FOR HALFYEAR ENDED ON RESPECTIVE DATES.
Six Months Ended- June 30'24. Dec.31 '23. June 30'23. Dec. 31 '22.
Gross earnings
$26,855,332 $44,953,650 $45,226,526 $21.722,179
Mfg., maint. and admin.
expenses & deprec'n
23,514.103 38.126,250 37,266,363 19,412,136
Gross profit
$3,341.229 $6,327,400 $7,960,163 82,310,043
Int. on bonds of constit42,784
uent companies. &c
43,038
42,960
23,044
U. S. and Canadian in200.000
come & profits taxes
945,000
435.000
880,000
Divs. on Prof. stock..--875,000
875,000
875.000
875.000
Divs.on Com.stock_ _ _ _ 1,500,000
750,000
1,000.000
1,500,000
Res, for add'ns & bett'ts
3,000,000
1.500,000
Surplus
-V. 119, p. 458.
$508,185
829,440 $3,597,125
$442,259
Alvarado Mining & Milling Co.
(Statement to Stockholders-June 30 1924.)
President A. J. McQuatters, Aug. 1, wrote in substance:
Resumes Presidency.-At the request of the President and directors.
A. J. McQuatters (who retired from the Presidency in April 1922) has
consented to again serve the company in the capacity of President.
Since assuming the Presidency and acting in the capacity of Vice-President
of the Mexican Northern Mining & By. Co. Mr. McQuatters has visited
Mexico for the purpose of inspecting the company's properties. Conditions
were found as satisfactory as could have been expected.
No Report for 1923.-No operating report of the company was issued for
1923 for the reason that the properties were consolidated with those of other
companies in Mexico under and by virtue of a contract executed on Dec.6
1922 and ratified by the stockholders Dec. 27 1922. This involved the
transfer, free of all encumbrance, of all of the physical properties of the
company in Mexico, including current inventories and metals in process,
since which time the properties have been operated by the Mexican Northern
Mining & Ry. Co. or its subsidiaries.
Balance Sheet.-A balance sheet of the company as of June 30 1924
shows an increase of deficit from $1,930 as disclosed by the balance sheet
of Dec. 31 1922 to 81,362,595, which leaves the net book value of the company's assets equal to approximately $16 per share for the 343,391 shares
of stock outstanding.
This increased deficit does not represent a shrinkage in actual value of the
assets of the company, but is due principally to setting up the securities
that it now holds in lieu of the physical properties transferred at a valuation
to conform to the book value of the shares of the Mexican Northern Mining
& By. Co., which represent the company's principal assets, and is made
necessary from the fact that the total capital assets of the Mexican Northern
Mining & By. Co. are carried on their books at a correspondingly less value
than was previously done by the various co's entering the consolidation.
In addition to the above, some comparatively small sums representing
expenditures on account of options and leases formerly carried against
properties in Mexico which have now been abandoned, and claims formerly
carried against the Mexican Government as an asset, together with about
$30,000 of doubtful debts, have been charged direct to profit and loss, and
reserves have been set up against certain other investments amounting to
$271,974, and it is through these readjustments that the deficit is created.
Mexican Northern Mining & R.Co. now owns either directly or through
subsidiary corporations all of the properties formerly owned in Mexico
by the Alvarado 1%lining & Milling Co., the Refugio Mining Co., the
Hidalgo Mining Co., the San Juanico Mining Co. and the total capital
stock and all of the bonds issued and outstanding of the Parral & Durango
RR. Included in the properties owned are between 300,000 and 400,00(1
acres of land, on about 200,000 acres of which there is a splendid growth
of pine timber, and on this property the company conducts a profitable
lumber operation. All of the properties are free of mortgage or encumbrance except as to the bond issue of the Parral It Durango RR., which is
owned and held in its entirety by the Mexican Northern Mining & By. Co.
The capital stock of the Mexican Northern Mining & By. Co. issued
and outstanding is as follows: 5,000 shares of 7% Cum. Prof. stock having
a par of $100 per share and 600,000shares of Common stock without par val.
As a result of the consolidation of properties carried into effect under the
contract, the Alvarado company owns 1,000 shares of the Prof. stock,equal
to 20%. and 360,000 shares of the Common stock, equal to 60%, of the
total capital stock of the railway company issued and outstanding.
The railway company has not issued a detailed operating report to its
stockholders for 1923.
Operations, &c.-In 1918, 1919 and 1920 an unusually high price for silver
prevailed and the cost of producing the metal during that period as reflected
by the cost of labor, taxes in Mexico and commodities used in the operation.
very materially increased over that of previous years. The decline in the
price of silver in the early part of 1921 to approximately the normal price
that had prevailed for the ten years preceding the period referred to above.
coupled with the fact that wages remained at about the same level with no
proportionate reduction in the cost of commodities used, made it necessary
for the Alvarado company to treat a higher grade ore, which greatly curtailed the volume of its operations during the years 1921 and 1922,resulting
in substantially lower earnings for the latter two years.
During the year 1923. under the operations of the railway company,
there were produced from the company t3 mines and treated by the cyanide
process approximately 150,000 tons of ore, carrying upwards of 13 ozs.
of silver per metric ton and a small amount of gold, which is from 2 to 3 ozs.
per ton more than the average grade of the largo tonnage of oxidized ore
existing in the company's mines, but the profits derived from treating this
ore were not satisfactory. Toward the middle of 1923 it became apparent
to the management that, with the existing prices of metals, coupled with
the cost of mining and treating the ore by the cyanide process, the profit
on this grade and character of ore would not justify the indefinite continuation of the operation. Attention was therefore given to the construction
of a flotation plant in which to treat certain ores from the company's mines
somewhat higher in grade and carrying an appreciable quantity of lead.
which are amenable to treatment by that process, but which could not be
treated successfully by cyanidation.
All of the earnings of the railway company for 1923, plus an additional
$40.000, were consumed in defraying the operating cost, paying taxes on
all of the company's properties, current renewals and repairs to property
and plant. and in constructing a new flotation mill having a daily capacity
of 400 metric tons. The flotation plant is now being operated with very
satisfactory results, equal in all respects both as to cost of treating the ore
and metallurgical results to the estimates made by the company's engineers.
After getting the flotation mill into successful operation the treatment
of the low-grade oxidized ores was discontinued and will not be resumed
until there is sufficient improvement in the price of metals or reduction
in the cost of operations to warrant the expectation of a satisfactory profit.
The treatment of this large tonnage of ore by some process other than
cyanide that may in the future be evolved is well within the scope of possibilities, but,so far as is now known,the resumption of treating this material
will depend upon the considerations recited above.
Earnings of Railway.-The net earnings of the railway company at the
present time and for the last quarter have averaged upward of $35,000
per month. The ability of the company to maintain these earnings or to
increase the volume of its operations and profit, so far as the mining department is concerned, will, in advance of resuming operations on its oxidized
ores under the conditions outlined above, depend upon the quantity and
grade of the silver lead sulphide ores that may be developed in the lateral
and downward continuation of the ore bodies of this character and grade
existing in the company's mines. None of the companies which formerly
operated the mining properties made any attempt to develop the silver lead
sulphide ores, which are now being treated by flotation with satisfactory
results, for the reason that this ore could not have been successfully treated
by the cyanide process which was formerly employed in the district. Therefore, except for the estimates by competent engineers of the existence in
the company's mines of several million tons of low-grade oxidized ore above
the horizon of the 800-ft. level of the company's Veta Colorado group of
mines, the company has less knowledge (proven by actual development)
of its ore reserves than could be desired.
AUG. 16 1924.]
THE CHRONICLE
To Dissolve Alvarado Company.-As all of the physical properties formerly
owned by the Alvarado company are now owned and will be operated in
the future by the railway company or its subsidiaries and considering, too,
that aside from the securities which the Alvarado company owns in the
railway company, its holdings consist of a relatively small amount of securities of other corporations in the United States and advances to them,
against which the Alvarado company has seen fit to set up reserve as shown
by the balance sheet, the directors believe that the Alvarado Mining &
Milling Co. should be dissolved and its assets distributed pro rata to its
stockholders.
The closing up of the company's affairs and its dissolution will save to
the stockholders an expenditure of approximately $50,000 per year which
would otherwise be unavoidable; therefore a plan for the dissolution of the
company and distribution of the assets of the corporation is now being considered by the directors and will, after completed, be submitted to the stockholders of the company for their consideration and action.
BALANCE SHEET J& NE 30 1924.
(Alvarado Mining & Milling Co.)
Assets.
Capital stock (343,391 shares,
Mex. North. Mining dr Ry.:
$100,000
Preferred stock
par $20)
$6,867,820
361,461 sha. Corn.(no par)- 5,783,376 Reserve against contingent
13,538
liability for unadjusted inCash
4,372
come taxes past years
Suspense
46,061
Deficit
1,362,595 Note payable
x350,000
Total
$7,263,881
Total
$7,263,881
x Due Jan. 17 1925, secured by Pref. and Common stock of the Mexican
Northern Mining & Ry. Co.-V. 118. p. 1394.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
In the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Mileage Book Hearings to Reopen Sept. 24.-Further hearings on proposed
reduction of interchangeable mileage books will be held before I.-S. C.
Commission in Washington Sept. 24. Proposed revision would make price
of books $72 instead of $90. New York "Evening Post" Aug. 16.
Operation of Motor Trucks by Pennsylvania 1211. for Less-Than-Car-Load
Freight.-Twenty motor truck units, which involve use of about 40 motor
trucks, now replace local freight trains, which previously were operated
to carry less than carload freight. Total mileage on the system on which
daily motor truck service is now in effect is 1,412, as compared with 602
miles early last spring. "Boston News Bureau" April 11. p. 3.
Authorized Statistics.-The Car Service Division of the American Railway
Association on Aug. 12 reported:
Surplus Cars.-Surplus freight cars in good repair and immediately
available for service totaled 322,530 on July 31, a decrease of 22,362 cars
under the number reported on July 22, at which time there were 344,892.
Surplus coal ears in good repair on July 31 totaled 146.840, a decrease of
11.766 under the number reported on July 22. while surplus box cars in
good repair totaled 138,734, a decrease of 8,158 within a week. Reports
showed 15,500 surplus stock cars, an increase of 203 since July 22, while
there was a decrease during the same period of 270 in the number of surplus
refrigerator cars, which brought the total for that class of equipment
to
12,245.
Car Shortage.-Practically no car shortage is being reported.
Matters Covered in "Chronicle" Aug.9.-(a) Grouping of railroads in plans
of consolidation under consideration by Inter-State Commerce Commission, p.628. (bY Loading ofrailroad revenue freight again lower, p.633.
(c) United States RR.Labor Board to take action in Federal Court against
brotherhoods for contempt in refusing to testify; further hearings postponed until Sept. 8. p.660.
Alaska Anthracite RR.-Defoult-Protective Committee.
Default having been made by the company in
809
latter issue the necessary cash has already been deposited with the trustee
of that mortgage, will be secured by a first lien on 1,685 miles of first main
track, 978 miles of second track and 1,693 miles of other track and also
upon valuablestations, yards,elevators,piers,shops and other terminal properties in the cities of Philadelphia, Pa.; Wilmington, Del.; Baltimore, Brunswick and Cumberland, Md.; Grafton, Parkersburg, Fairmont and Wheeling, W. Va.: Connellsville and Pittsburgh, Pa.; Willard, O.; Garrett. Ind.,
and South Chicago,
also the freight facilities at Washington, D. C..
and the company's one-half interest in the extensive coach and engine yard
at that point. as well as upon the equipment of the company, or its interest
therein, having a present net value after depreciation, over equipment
trust certificates outstanding, of over $97,000,000.
This mileage comprises the main lines of the company between Philadelphia, Pa.; Baltimore, Md.; Washington, D. C.; Pittsburgh, Pa.; Parkersburg and Wheeling, W. Va. and also from Akron, 0.. to Chicago, Ill.,
and constitutes part of the main line.ofthe company's system between most
of these points and Cleveland, Toledo and Cincinnati, O.; Louisville. By.:
St. Louis, Mo., and other Western centres, and points on Lake Erie.
The First Mortgage will be a direct first lien on 880 miles of first main
track, 494 miles of second main track and 952 miles of other track of the
above-mentioned mileage, and a first lien on the remaining 805 miles offirst
main track. 484 miles of second main track and 741 miles of other track.
by pledge of all the funded or other obligations and of all or practically all,
but in no case less than 99% of the entire capital stock of constituent companies, except the Baltimore Belt RR., in which case the entire issue of
First Mortgage bonds is pledged under this mortgage and the stock under
the Ref. & Gen. Mtge. and about 3 miles are covered by a lease running
to the year 2002. The terminal properties. &c., above mentioned are covered by a first lien either directly or through pledge of securities. The net
book value of the property devoted to transportation purposes, which will
be subject to the lien of the First Mortgage, after depreciation and over
equipment certificates outstanding, is $386,500,000. which the executive
officers of the company believe is considerably less than its actual value.
The First Mortgage bonds are a lien on these properties prior to the bonds
(including the 434% Convertible Gold bonds) secured under the Ref. &
Gen. Mtge., of which there are at present outstanding or pledged as collateral a total of 9197,000,000.
Earnings.-The total income of the B.& 0. RR.for the year ended Dec.
31 1923 applicable to the payment of interest on its bonded debt, rentals
and other fixed charges amounted to $50,565,650. while interest, rentals.
taxes, &c.(other than Federal income taxes) for the same period amounted
to $25,743,644. For 1924, even assuming a 20% decrease in freight traffic
compared with the preceding year, such total income is estimated at $44,000.000 as against interest and other charges of $27.800.000. including
the additional interest on this issue of bonds. The annual interest payment
reauired on the First Mortgage bonds,including the present issue,is $7,030,000.
For the five years ended Dec.31 1923 the netincome after deducting dividends paid, was $30,528,000, of which $17,500,000 was applied to the retirement of funded debt and to additions and betterments to the company's
properties.
Capital Stock Outstanding.-The B.& 0.RR.has outstanding $58,863.000
of Preferred stock paying dividends at the rate of4% per annum,and $151.945.000 of Common stock paying dividends at the rate of 5% per annum.
First Mortgage.-Total authorized amount of the First Mortgage is limited by the terms of the Ref. & Gen. Mtge. to $157,000,000, of which there
are at present outstanding $82,000,000 of 4% bonds, which, with the present issue of $75,000,000 bonds, closes this mortgage.-V. 119. p. 318.
Boston & Maine RR.-Abandonment.-
This company has applied to the I.-S. C. Commission for authority to
abandon operation and the facilities of the Suncook Valley RR. extending
from Allenstown, 17 miles to Pittsfield, N.IL. and also the Suncock Valley
extension branch, extending from Pittsfield to Center Barnsteati, a distance
of 414 miles. Neither line is in receivership, but the applicant states that
the demand for service is so small that their operation for many years has
resulted in losses. The Suncock Valley RR. is leased by applicant and
with termination of the lease the lessor must again operate the line until
t obtains relief.-V. 119, p. 692. 577.
Brooklyn City RR.-Stock Dividend Declared.-
The directors on Aug.12 declared a stock dividend of33 1-3%
to $4,000.000). payable Sept. 30 to holders of record Sept. 5. (amounting
This brings
the total outstanding capital stock up to $16.000.000. The directors also
declared the regular quarterly dividend of 25 cents per share, payable
Sept. 2. to holders of record Aug. 16.
At the same meeting. George W. Jones. Treasurer, was elected VicePresident.-V. 119, p. 577.
payment of the interest
due July 1 1924 on its 1st (closed) Mtge. 6% 20-Year Sinlring Fund Gold
Brooklyn-Manhattan Transit Corp.-Asks City for Bus
bonds, the undersigned have consented to act as a committee for the bondFranchise-Says Fare will be Sc. for Experimental Period.holders in order to protect their interests.
Holders of the bonds are requested to deposit the same at once, together
Gerhard M. Dahl, Chairman of the Board, filed with the Board of
with the coupons due July 1 1924. and all subsequent coupons, with the Estimate at a special meeting Aug. 14 application for a franchise to operate
Manufacturers' Trust Co. 139 Broadway, New York City, depositary.
passenger buses on three regular routes in Brooklyn and Queens. The
Committee.-P. W. Sejnnour, Chairman; J. M. Coerr, E. B. Merritt, proposal of the company was that it stood ready to organize a subsidiary
Frank C. McCown, Jr., Job E. Hedges. with Horace NI. Barba, Sec'y, bus company and that the fare be Sc. "during an esperimental period to be
1520 Real Estate Trust Bldg.. Phila., Pa.. and Andrew R. McCown, agreed upon."
1520 Real Estate Trust Bldg., Phila., Pa., and Chadbourne. Hunt, Jaeckel
The company stipulated, however, that after the expiration of an
& Brown. 165 Broadway, Nev York, counsel.-V.118, p. 905.
experimental period the fare would be adjusted by automatic provisions
to be inserted in the franchise, so as "to pay operating expenses, taxes,
Baltimore & Ohio RR.-Bonds Sold.-Kuhn, Loeb & to provide for necessary removes and to give a fair return on the capital
ofinvested.
y
Co., Speyer & Co. and the National City Co. have sold actuall
Estimate referred the application to the Corporation
The Board
at 983/i less interest at the accruing rate from date of payment Counsel and the Committee of the Whole for consideration.-V.
119. p.692.
to Oct. 1 1924, to yield over 5.10% to maturity, $75,000,000
Central of Georgia Ry.-Listing.First Mortgage Gold bonds, bearing 5% interest. Due
The New York Stack Exchange has authorized the listing of $5,000,000
Ref. & Gen. Mtge. 534% bonds, Series "13," duo April 1 1959.-V.118, D.
July 1 1948.
Baltimore & Ohio Prior Lien 33.% bonds due July 1 1925 3195, 2034.
Central Illinois Public Service Co.-Acquisition.will be accepted at 100% and accrued int. in payment for
The company has purchased the property of the Greenvievr Electric
bonds allotted, provided that notice of amount of such bonds Light
& Power Co., furnishing electric light and power to Greenview.
Commission also has authorized the company to
to be tendered in payment is given not less than five days The Illinois Commerce
the eletcric utility of the Carrier Mills (III.) Utility Co.-V.
prior to date fixed for deliver/ of and payment for new bonds. acquire
119, p. 196.
Preference in allotment will be given (to the extent deterChesapeake & Ohio Ry.-Minority Stockholders said
mined in each ease to be feasible by the bankers) to subscribto be Pleased with Nickel Plate Consolidation.ers who agree at the time of subscription to make payment not
Minority stockholders of the company, it is said, are not satisfied with
the terms offered to them by the Van Sweringens in the semi-official
in Prior Lien 332% bonds at 100% and accrued interest.
Interest payable A.& 0. Coupon bonds in denominations of $1,000
and
$500,registerable as to principal and exchangeable for fully registered bonds.
Closed mortgage. Not subject to redemption before April 1 1945. All
Mtge.
the
1st
old bonds bearing 5% int. may be repurchased
or any part of
by company on April 1 1945, or any int, date thereafter, on 3 months'
notice and upon payment of a premium of X% for each three months from
the date of repurchase to the date of maturity. Both principal and interest
of the bonds will be payaole in gold coin of the United States of America
without deduction for any tax or taxes which the company may be required
o pay or to retain therefrom under any present or future law of the United
States of America or of any State, county or municipality therein. Company therefor pays the Federal income tax of 2% when deductible at the
source.
Issuance.-Subject to the approval by the I.-S. C. Commission and any
other public authorities that may be necessary.
Listing -Application will be made in due course to list these bonds on
the New York Stock Exchange.
tData from Letter of V.-Pres. Geo. M. Shriver, Baltimore, August 111
Interest.-These bonds will be issued under the first mortgage dated July 1
1898 and the principal as well as int. at the rate of 4% per annum will be
secured by the lien of that mortgage. As the terms of that mortgage proper annum,the additional interest
vide for interest at the rate of4%company
cannot
will agree in a supplemental
but the
be secured thereunder,
inhereafter place any new mortgage
event
it
should
that
the
denture that in
bonds (on which the Ref. & Gen. Mtge.
on the property securing these interest
additional
1%
which
these
the
bonds
bear
lien),
is to be
is
upalso a
secured by a lien prior to any bonds issued under such new mortgage.
Purpose.-Proceeds are to be applied toward the retirement of an equal
company's
Prior
Lien
Gold
3
bonds
X
%
the
due
July 1 1925.
face amount of
Security.-The First Mortgage bonds, upon the retirement of the Prior
Lien bonds above mentioned and the $5,000,000 Schuylkill River East Side
118. 1st Mtge.4% Gold bonds due June 11925.for the retirement of which
announcement outlining the proposal for taking over the Nickel Plate.
the Chesapeake & Ohio, the Erie and the Pere Marquette and combining
them into a single system. As far as can be learned, no definite action
has been taken by the minority stockholders looking to the formation of a
protective committee.
Charles F. Brown, a stockholder, has written to Pres. W. J. Harahan,
Protesting against the terms upon which the road is to be included in the
new Nickel Plate system. The letter says:
"For several years I have owned some shares in your road and to-day
I read the terms of consolidation or sale with the Nickel Plate. If the
published reports are correct, I wish to protest as to the terms. Why should
a representative stock such as the Chesapeake & Ohio which has earned
and paid dividends for years. with a large surplus in addition, be exchanged
for stock of Nickel Plate on a basis of one year's showing of earnings?
I believe in consolidation but on an equitable basis'.
"I seriously object to this, and will take ItteanS to stop, if possible,
such a program which is unjust to the Chesapeake & Ohio stockholders,'
-V. 119, p. 692.
Chicago Rapid Transit Co.-Union Elevated Loop
Division.-Passenger Traffic and Earnings.The Chicago Union Elevated Loop RR. passenger traffic and earnings
for the first six months of 1924 as reported in the bulletin issued by Wm.
Hughes Clarke exceed all previous records:
, Mos. 1924 6 hios. 1923 Year 1923 At% 1911-'12
Passengers
109.120,626 102.247.736 203,943.551 177,518,035
Earnings
$511,574 $1,020,104
$555.989
$887.847
Maintenance
25,000
est.25,000
50,000
50,000
Bond interest
125,000
125.000
250.000
250,000
Payments to city
77,314
84,197
154.020
112,838
Balance
$321,791
$284,259
$566,083
$475.008
-V. 119, p. 196.
[VOL. 119.
THE CHRONICLE
810
Company.-Incorp. In Maine March 14 1907 and in 1912 acquired the
Chicago & North Western Ry.-Listing-Earnings, &c. rights,
properties and franchises of the Consolidated Electric Light Co. of
The New York Stock Exchange has authorized the listing of $3,150.000 Maine, Portland Lighting & Power Co. and Portland Electric Co., and in
Gen. Mtge. Gold bonds of 1987 (on which interest has been increased July 1923 the York County Power Co. and Westbrook Electric Co., all
applied
now
and
from 4 to 5%), making total amount previously listed
of which companies were previously controlled through stork ownership.
for as follows: $31,216.000 3i. % bonds.322,500.0004% bonds, unstamped Company operates the Portland RR.under a 99-year lease from Feb. 1 1912.
*8.054.000 4% bonds, stamped as to non-payment of Federal income tax, and also Ow/IS about 40% of the outstanding stock of the Androscoggin
and $33,855,000 5% bonds, stamped as to non-payment of Federal income & Kennebec Ry.
tax.
This company is the largest public utility in the State of Maine and supIncome Account for Five Months Ended May 31 1924.
plies without competition the electric light and power in the city of Portland
Oper. rev.. $59.105,694: oper. exp.. $50,298,622; net revenue___$8,807,072 and vicinity and many other important communities in the southwestern
3.700,411
part of the State. including Saco, Biddeford, Old Orchard, Kennebtmk,
Taxes,$3.750.000; uncolleetible railway revenues, $40,411
874.341 Wells, York, Sanford, Alfred and Springvale, and supplies gas in Biddeford
Net rental deductions
and Saco. It operates the street railway systems of Portland, South Port$4,142.320 land, Westbrook, Gorham, South Windham, Cape Elizabeth, Old Orchard,
Net operating income
1,948,729 Saco and Yarmouth. where connection is made with the Androscoggin
Non-operating income
& Kennebec By. Population served is over 150,000. Franchises are
$6,091,049 liberal and contain no burdensome restrictions.
Gross income
5,042,029
Properties include 5 hydro-electric plants having a combined generating
Deductions from gross income
capacity of 24,200 h.p. and a new steam turbine station of the most modern
$849,028 construction with a present installed capacity of 13,400 h.p., which is now
Surplus
being increased to about 30,000 h.p.
General Balance Sheet as of May 31 1924.
Capitalization Outstanding (upon Completion of Present Financing.)
Liabilities.
Assets.
$8,8.40,000
$169,953,253 Funded debt
Investments
$504.120.793 Capital stock
4,023.300
346,356,900 6% Preferred stock
34,872,255 Long-term debt
Current assets
12,960.448 Common stock (present dividend rate $6 per share)
26,968 shares
2,093,858 Current liabilities
Deferred assets
124,305
3,032 shares of additional non-par-value Common stock are now being
92,755,533 Deferred liabilities
Unadjusted debits
43,467,115 offered by the company to its employees for $75 per share which will increase
Unadjusted credits_
lw
60,280.416 the outstanding Common stock to 30,000 shares.
t Total (each side)----$633,842,438 Corporate surplus
-V.118, p. 3195, 3076.
Earnings 12 Months EndingJune 30 '24. Dec. 31 '23. Dec. 31 '22.
earnings
$3,838.439 $3,771,968 $3,467,564
Chicago, Rock Island & Pacific Ry.-Notes Sold.- Gross
Operating expenses and taxes
2.006,365
2,208.526
2,193,758
Speyer & Co. and Dillon Read & Co. have sold at 99
and int., to yield over 5.20% $5,000,000 5-Year 5% Secured
Gold notes.
Denom.
Date Sept. 1 1924. Due Sept. 1 1929. Int. payable M. & S.
coin.
31,000. Principal and interest payable in New York in U. S. gold
2%
Int. payable without deduction for Federal normal income tax up to (but
Central Union Trust Co., New York, trustee. The entire issue
1
March
or
1925
1
Sept.
on
notice
days'
30
upon
red.
thereof),
part
not a
less for
1926 at 101 and int., and on any int. date thereafter at X of 1%
each succeeding year or part thereof.
Pres. J. E. Gorman, in a letter to the bankers dated Aug.
12, writes in part as follows:
1st & Ref. Mtge.
Security.-The notes are to be secured by $7.500,000
at 66 2-3,
4% Gold bonds due April 1 1934. the bonds being thus pledged
margin
as against the present market value of approximately 82, or at a
of about 23%.
time
any
at
may
company
the
that
provide
The trust agreement is to
an aggresubstitute in part for the collateral above specified not exceeding
Gold
Mtge.
1st
RR.
Louisiana
&
Arkansas
Island
Rock
gate of $1,250,000
% bonds due 1934 and (or) not exceeding an aggregate of $1,250,000
% bonds
Gold
St. Paul & Kansas City Short Line RR. 1st Mtge. specified;
provided
due 1941 for a like face amount of the collateral above
of all
value
the
that immediately upon the making of such substitutionsubstituted,
shall
and
original
both
trustee,
the
by
held
then
the collateral
the
of
amount
face
the
be equal at market price to not less than 120% of
notes outstanding.
security,
collateral
the
that
provide
to
further
is
The trust agreement
collateral subwhether It consist of the bonds first above mentioned or of
not less
stituted therefor, shall at all times be equal at market price to
outstanding.
than 120% of the face amount of the notes
Purpose.-Proceeds are to be used for additions and betterments and
for other corporate purposes.
Commission.Issuance.-Subject to the approval of the I.-S. C.
V. 119, p. 578, 454.
City Ry. Co. (Wheeling, W. Va.).-Wage Increase.-
See Wheeling Traction Co. below.-V. 82. p. 160.
Cleveland Cincinnati Chicago & St. Louis Ry.'
Listing, &c.$20,000,000
The New York Stock Exchange has authorized the listing of
Ref. & Impt. Mtge. bonds, 5%, Series "D," due July 1 1963. making
due
total amounts applied for as follows: $15,000,000 Series "A."6%,
July 1 1929; $1,052,600 Series "C," 6%, due Jan. 1 1941; $20,000,000
Bffies "D," 5%. due July 1 1963.
Income Accountfor Five Mos.End. May 31 1924 and Cal. Yrs. 1922 and 1923.
5 Mos.End. -Year Ended Dec. 311922.
1923.
May 31 '24.
$94,941,444 $84,665.690
$35,950,025
revenues
operating
Railway
64,858,314
$26,338.167 72,114,741
Railway operating expenses
Equipment retirements & depreciation 1,504,751
Net railway operating income
Miscellaneous operating income
Non-operating income
$8,107,107 $22,826,703 $19,807,377
$1,933,521 $5,124,227 $4,226,815
10,963
13,206
6,598
1,230,728
269,865
663.154
591.641
727.503
255,549
$5,248,283 $16,691,901 $13,747,229
8.251
7,337
1,612
1.632.929
575.986 2.600.359
Gross income
Rent for leased roads
Interest on funded debt
Interest on unfunded debt
Other deductions
$5.825,882 $19.299,598 M388,410
$110.990
$134.458
Cr.$13,489
6,729.744 6,400.594
2,820,067
807.864
267,812
7,262
540,123
550,228
202,836
Net revenue
Railway tax accruals
Uncollectible railway revenues
Equipment rents-net
Joint facility rents-net
$2,809,204 $11,617,354
Condensed General Balance Sheet May 31 1924.
Assets.
$249,231.915 Preferred stock
Total investments
4,898,679 Common stock
Cash
179.381 Total long-term debt__ Special deposits
58.460 Tref.& car serv. bal. pay
rec
Loans & bills
1.092,732 Aud.accts.& wages unpd
Traf.& car serv. bal. roe
Miscell. accts. payableNet bal. rec, from agts.
615,010 Int.& divs. mat'd unpd.
and conductors
5,220.473 Unmet.int. & rents accr
Misc. accts. receivableMaterial & supplies_- 8,556.969 Other current liabilities_
103.422 Total deferred liabils
Int.& diva,receivable-12.805 Total unadjusted credits
Rents receivable
1,270.882 Add'ns to prop. througn
Other current assets_
Income & surplus_ _ _ 1.133.161
Total deferred assets4,580,582 Sinking fund reserves
Unadjusted debits
Profit 4z loss-balance
Net income
Total
-V. 119, p. 578, 71.
$276.954,472
Total
37,528.836
$9,998,500
47,028,700
142,693,420
1,061.554
7.132.188
137.733
1.000,781
1,438,160
438,018
176.851
27,970,962
2,779,275
730.881
34.367,449
$276,954.472
Cleveland 8c P,ittsburgh RR.-Bonds & Stocks.-
The stockholders Aug. 12 (1) authorized the issuance of $11,775,000
time to time
bonds over and above the amount now outstanding, from
an increase in the
when and as the directors shall prescribe; (2) authorizedand
(3) authorized
$5,000.000,
capital stock, such increase not to exceed
Ravenna RR. and
the acquisition of(a) the property of the Youngstown &
RR. Compare
(b) the property of the Pittsburgh Ohio Valley & Cincinnati
also V. 119, p. 323.
Cumberland County Power & Light Co., Portland,
Me.-Pref. Stock Offered.-Beyer & Small, Maynard S. Bird
are
& Co. and Charles H. Gilman & Co., Portland, Me.,6%
offering at 86 and div., to yield about 7%, $1,000,000
Cum. (voting) Prof. (a. & d.) stock (par $100).
transfer agent.
Dividends payable Q.-J. Old Colony Trust Co., Boston.
for Maine savings
Callable as a whole or in part at $120 a share. Legal free
to holders in
banks. Free from normal Federal income tax. Tax
Maine.
Net earnings
*Interest charges, rentals, &c
-Preferred dividends
Balance(for deprec.,impts.or diva.)
$1,644,681 31,563,442 $1,461,199
719,472
747,341
740,851
159,646
159,549
180,282
$723,548
$656,552
$582,081
* Rentals include guaranteed interest and dividends on $3,559,000 Portland RR. bonds and. $1,999,000 Portland RR. stock.
Purpose.-Entire proceeds of this issue as well as the proceeds of the sale
of 3,032 shares of Common stock to employees or present stockholders will
be used to reimburse the company for a portion of the cost of the new addition to the steam plant at Portland.-V. 119. p. 454.
Detroit United Ry.-New Financing.The shareholders will vote Aug. 25 on authorizing the issuance and sale
of $2,000,000 614% bonds maturing not more than 10 nor less than 5 years
from date of issue, secured by a mortgage and trust indenture which shall
be a lien upon all of the property and assets of the corporation including
all of the stock of all of the company's subsidiaries, subject and junior only
to the lien of the company's mortgage indenture securing an issue of $10.000.000 1st Mtge. & Coll. Trust B. F. 5-year 6% bonds (V. 118, p. 3196)•
the proceeds to be used for general corporate purposes.
The stockholders will also vote on authorizing the issue and sale of not
to exceed $1,000,000 Equip. Notes to provide funds for the acquisition
of necessary additional equipment.
Subsidiary Company Suspends Service in Port Huron.-
The City Electric Ry., a subsidiary, has discontinued operation in
Port Huron, Mich., following disagreement between the railway and the
city authorities on the question of the use of one-man cars, operation of
which is prohibited on city streets. The city has threatened to end the
franchise if service is not restored. Meanwhile transportation is provided
by buses.-V. 119. p. 578.
Ensley Southern Ry.-To Scrap Line.-
A. B. Aldridge, receiver, has been authorized by the Chancery Court to
tear up the track between Birmingport and Maxine, Ala. 4 miles. and to
sell the salvaged material. The gross value of the materials is estimated
at $34,752; salvage costs. $16,630. Permission was•given by the Alabama
P. S. Commission recently for the discontinuance of trains on this section
of the road.-V. 119, p. 324.
El Paso & Southwestern Co.-Exchange of Bonds.Pres. T. M.Schumacher in a letter dated July 15 says:
The company, owner of the El Paso & Southwestern RR.system, offers
to exchange, par for par,the new 1st & Ref. Mtge.5% bonds of the El Paso
& Southwestern RR.(of Arizona) for the bonds of the following subsidiary
companies: (a) El Paso & Rock Island, &c.. $2,500,000; (b) Alamogordo
& Sacramento Mountain Ry. $372,000; (c) Dawson Railway & Coal Co.,
$3.000,000: (d) New Mexico'
Railway & Coal Co.. due 1947. $3,000,000;
(e) New Mex. Ry. & Coal Co., due 1951. 31,792,000.
There are now twelve corporations in the system, and the company desires to unify the operating and corporate control of the various properties
of the system, other than the Nacozari RR. (of Mexico) by placing their
operation and ownership in the principal subsidiary, the El Paso & Southwestern RR. It is further desired to unify the finances, have one issue of
bonds and at the same time materially increase the security thereof, and ono
issue of stock outstanding.
The consent of the I.-S. C. Commission has been secured to the operating
control and the securities exchange herein requested. It is proposed utlimately to make a consolidation of the numerous corporations comprising
the system into one corporation under the joint laws of Arizona and New
Mexico. To this end it is proposed that the El Paso & Southwestern RR.
take up all the bonds of the other subsidiaries of the system with its own
bonds and the stocks with its own stock. It will thus become the owner of
the whole line, in part by direct ownership and in part by holding all outstanding securities.
This 1st & Ref. Mtge.Is a first and only lien on the main line and branches
of the railroad extending from El Paso to Tucson, with branches, aggregating 460.48 miles; also upon equipment with a depreciated value as reported
by the I.-S. C. Commission of $5,939.954; also uon the bonds of the Arizona & New Mexico Ry., upon which road the '1.-S. C. Commission has
placed a tentative valuation of $4,223,928, and which owns 111.98 miles
of track: also upon the stock of the El Paso & Southwestern RR. Co. of
Texas, owning valuable properties in El Paso. The estimated value of the
assets of the El Paso & Southwestern RR., now subject to this mortgage.
is $33,000,000. This company is free offloating or other debt, except ordinary accounts, and has a net working capital of $1,495,360 98. It holds
and operates by lease the properties of the El Paso & Southwestern System,
except the Nacozari RR., making a total operated mileage of 1,139.9
miles, and takes the profits thereof, subject only to the payment of interest
on divisional bonds and corporate expenses.
Bonds taken in exchange by the Railroad Co. will be deposited with the
trustee of the mortgage and held by it as additional collateral to the mortgage until it shall be practicable to cancel the bonds and make a property
consolidation in the El Paso & Southwestern RR. under the terms of the
Inter-State Commerce Act regarding consolidation.
The mortgage is limited to a total of $50,000.000, issued at the rate of
not over 325,000 a mile on the •nain line and branches. Interest is 5%.
Principal due in 1965, both payable in gold. The bonds are listed on the
New York Stock Exchange. At the conclusion of the refunding operations,
there will be 517,000.000 of the 1st & Ref. Mtge. bonds outstanding on a
total property of 1,046.76 miles of railroad. of which 93.14 miles is operated
under lease, but not owned by the company. In addition, the mortgage
covers equipment above stated. The book value of the road and equipment,less depreciation, is $56.197.490.
The tentative valuation of the I.-S. C. Commission has not been stated,
but the addition of the items so far reached as depreciated, with additions
and betterments, material and working capital, with the Arizona & New
Mexico RR., is $48,335,624.
The average net earnings of the system applicable to interest payments
have been over the past ten years $3,482,966.
The interest charge, when refunding is complete, will be about $850,000.
Further issues of these bonds can only be sold with the consent of the
C. Commission and for additions and betterments or new construction rip_
proved by it. The El Paso & Southwestern Co. owns of the 1st & Ref
bonds $8,397,000. It proposes to devote some of these bonds to the re•
funding, at the close of which it will own 1st & Ref. $6,349,000.
This offer is purely a refunding operation; no bonds are being offered by
the company for sale and the existing system has no present cash requirements. ThU issue is listed on the New York Stock Exchange.
Am.16 1924.]
THE CHRONICLE
Exchange may be made at. the Hanover National Bank, 11 Nassau St.,
New York City; interest will be adjusted and paid at time of exchange.
All inquiries should be addressed to George Notman, Secretary. 99 John
Street, N.Y.City.-V.118, p.2572. 2566.
Federal Light & Traction Co.-Rights.
The holders of 6% Preferred stock of record Sept. 15 have the right to
subscribe, until Oct. 1. to additional 6% Preferred stock at $100 a share to
the extent of 75-10.000 of a share for each share held.-V.119. p.693,454.
811
Mississippi Valley Electric Co.-Service to Be Resumed.
Railway service in Iowa City, Iowa, which was discontinued early in
June because of excessive assessments by the city for new paving, is to be
resumed shortly. Bus service was given by the company when the operation of cars ceased, but the citizens objected to them as less accommodating
than the cars and the City Council objected to the damage to the pavement
that the heavy buses would entail. A compromise was effected whereby
the company agreed to resume the service and the Council decided to lower
the taxes of the traction company.-V. 118, p. 311.
Florida Western & Northern RR.-Construction of
Cut-off and Branch.the
The I.-S. C. Commission on Aug. 13 issued a certificate authorizing
company to construct lines of railroad in Florida extending from Ocala to
Anthony, approximately 7 miles, in Marion County: and from a connection with the company's proposed main line to Frostproof, approximately
to retain the excess earnings from the
3 miles, in Polk County. Permission
proposed new construction was denied. Compare V. 118, p. 2303, 3197.
Grand Trunk Pacific Ry.-Debenture Interest.-
The Canadian Government intends to pay the full 4% interest to holders
of Grand Trunk Pacific perpetual debentures, according to a message issued
by Major Bell, Deputy 1%111:lister of Railways. The message addressed to
the secretary of the stockholders' committee at London read as follows:
"George A. Touche St Co., the auditors agreed to by you, have completed
their special audit for the purpose of establishing the amount payable to the
Grand Trunk Pacific 4% debenture holders on account of the conditional
guarantee by the Grand Trunk Ry. Co. of Canada. The net result of the
audit shows that there are sufficient earnings of the Grand Trunk Ry. available to meet the full interest for the year 1923.
"The differences between the company's figures and the Touche & Co.
figures are duo mainly to the exclusion of an amount by the auditors of
$1.843.374, on which the railway legal department have ruled in favor of
the debenture holders. This will account for the bulk of the difference
between the figures mentioned in the statement made in the House of
Commons by the honorable the Minister of Railways and Canals, and the
figures appearing in the auditor's report, which is now going forward to you.
In arriving at the final figures the debenture holders have always been
given the benefit of the doubt, as will appear in the auditor's report.
"Steps will be taken immediately to make the necessary payments to the
"
debenture holders of record as of the 31st of December 1923.
There are $34,789,252 of these debentures outstanding and the interest
amounts to $1,395,170 per year.-V. 116. p. 2884.
Gulf Mobile & Northern RR.-Annual Report.-
The pamphlet report for the year ended Dec. 31 1923 has just been
issued. The preliminary figures for the year 1923 were given in V. 118,
p. 659. The report in full will be given another week.-V.118. p. 1519.
Illinois Traction Co.-Removed from List.-
The Montreal Stock Exchange has removed the company's stocks from
the Stock Exchange list because of the small amount of the stock in the
hands of the public'. The company is now controlled by the Illinois Power
& Light Corp.-V. 117, p. 2769.
International-Great Northern RR.-Notes Offered.White, Weld Sr Co. are offering at 101 and int. to yield over
4% to March 1 1925 (the earliest effective redemption date),
and 6% thereafter, $2,400,000 6% Secured Gold notes.
These notes represent indebtedness purchased from the
United States Railroad Administration. The bankers state:
Mobile & Ohio RR.-Anti-Trust Suit Dismissed.-
The case of the State of Mississippi against the Mobile & Ohio RR. and
others, the anti-trust suit brought in 1912 by Ross A. Collins, AttorneyGeneral, under the written instructions of Governor Brewer and continued
by his successors, Frank Roberson, and the present Attorney-General.
Rush 11. Knox, was dismissed in the Chancery Court of Lauderdale County.
Miss., Aug. 4, by Chancellor Tann upon an agreed decree entered into by
the attorneys representing the State and the defendant lines.
Under the decree entered the defendant railroad companies paid to
Rush 11. Knox, Attorney-General of Mississippi, $20,000 to reimburse
the State for its expenses in the prosecution of this litigation. The decree
further provided that the defendants should pay to the special counsel
employed to assist the Attorney-General the sum of $20,000 for fees and
expenses now due by the State to the several attorneys.
It is understood that one of the motives of the railroad companies in
settling the case was to meet the State of Mississippi half way in its apparent
new attitude toward capital employed within the State and to promote
a more friendly feeling between the Southern Ry. and its affiliated lines
and the State of Mississippi and its officials.
The New Orleans "Times-Picayune" of Aug. 5 further says:
"The decree is a final settlement of this long drawn out legal battle pending since 1912. during which time it has been decided twice adversely to
the State by the Chancery Court of Lauderdale County, and reversed once
by the Supreme Court of Mississippi.
"The suit originally filed by Attorney-General Collins was brought
against the Southern Ry., the Alabama Great Southern, the Mobile & Ohio,
the Alabama & Vicksburg RR. companies and the Southern Ry. Co. in
Mississippi. It was charged in the bill of complaint that the defendants
had violated the anti-trust laws of Mississippi, being statutes which were
passed beginning in the year 1900 and finally embodied in the Mississippi
Code of 1906, by consolidating under one ownership all of the abovenamed lines.
"One of the main grounds of complaint on the part of the State was on
account of the union in one system of the Southern Ry. Co.'s line along the
northern boundary of the State from Memphis to Corinth;the Southern Ry.
Co. in Mississippi's line from Columbus to Greenville: the Alabama &
Vicksburg Ry.from Meridian to Vicksburg. all of which lines were claimed
by the State to be absolutely parallel. The State's contention was that
the inclusion of all of these three lines in one system placed into one combination a monopoly of all the east and west lines across the State. The bill
prayed for a decree forcing the sale of all subsidiary lines.
"'During the progress of the litigation, and it is claimed by the State's
attorneys on account of the litigation, the Southern Ry. and its associates
severed all connection both with the Alabama & Vicksburg RR. and with
the Southern Ry. Co. in Mississippi, thus yielding to the prohibition against
the consolidation of parallel or competing lines of railroads. The Southern
lines, while this suit was in progress, sold their interest in the Alabama &
Vicksburg RR.in 1917. and their interest in the Southern By.in Mississippi
in 1918. In 1920 the Transportation Act directing the I.-S. C. Commission
to consolidate all railroads in the United States into a limited number of
systtms was passed."-V. 119, p• 321.
Date March 11924. Due March 11930. Authorized and outstanding,
$2.400,000. Principal and interest (M. & 8.) payable in New York.
Red., all or part by lot, upon 30 days' notice on any int, date at par and
int. Denom. $1,000. Irving Bank-Columbia Trust Co., trustee.
Issuance.-Approved by the I.-S. 0. Commission.
Company.-Operates 1.106 miles of line, serving densely populated
sections of the State of Texas and with connecting roads, affording the
most direct route from St. Louis to Galveston and Mexico.
Security.-Secured by pledge with the trustee of $2,750,000 1st Mtge.
50-Year 6% Gold bonds, Series "A," due 1952. The 1st Mtge. bonds
are secured by a first lien upon the entire fixed property of the company,
and are outstanding, including bonds pledged, at the low rate of about
$18,100 per mile. The collateral which is currently selling on the New York
Stock Exchange at 99%,is pledged at approximately 87.
Earnings.-Net income available for interest charges for the year ended
Dec. 31 1923 (the first full year of operation of the new company) amounted
to $2,295,245, or more than 1.9 times the present annual interest requirements on funded debt outstanding including these notes, but not including
the Adjust. Mtge. 6% bonds.
Such net income for the first six months of 1924 showed a substantial
increase over the corresponding period last year.
[The 1.-S.C. Commission on Aug. 6 authorized the company to pledge
not exceeding $600.000 1st Mtge, 30-Year 6% Gold bonds. Series "A,"
in connection with the giving of a supersedeas bond, or with the Texas
Co. direct in lieu of such bond.
On July 5 1924 the District Court of Travis County, Texas, entered
a judgment against the company in favor of the Texas Co., in the sum of
$381,654 with interest thereon from date and costs. On the advice of
counsel the company has given notice of appeal and in order to perfect
the appeal and suspend execution of the judgment, it is necessary that a
supersedeas bond be given in an amount equal to twice the amount of the
judgment.]
New Directors and Officers.At a meeting of the board of directors held at Houston, Texas, G. II.
Walker and George E. Warren of New York. and J. S. Pyeatt and Frank
Andrews of Houston, Texas, were elected members of the board of directors;
and G. H. Walker and George E. Warren were elected members of the
company's executive committee. G.H. Walker has been elected Chairman
of the board of the company and Chairman of its executive committee.
All of the new directors are directors of the New Orleans Texas & Mexico
Ry. and the move is regarded as a natural outcome of tne recent approval
of the I.-S. C.Commission teethe purchase of International-Great Northern
by the New Orleans Texas & Mexico.-V. 119, p. 578.
Johnstown (Pa.) Traction Co.-Increases Fare.The company filed with the Pennsylvania P. S. Commission a tariff
effective Sept. 5.increasing the fare from 7 to 10 cents on all city lines, with
4 tickets for 30 cents.-V 1116, p. 2993.
Maine Central RR.-Seeks Preferred Issue.The company has asked the I.-S. C. Commission for authority to issue
0 Pref. stock, the proceeds to provide funds for corporate pur$600,000 57
poses.-V. 118, p. 3078, 2824.
Montreal Tramways & Power Co.-Suits.-
The company has entered three suits, aggregating $643,915, against the
Quebec-New England Hydro-Electric Corp. The first suit is for the
amount of $542,500. to recover the sale price of certain securities, said to
have been sold and delivered by the plaintiff to the defendant. The second
one is for a sum of $55,443, to recover the amount of a promissory note
signed by the defendant in favor of the plaintiff, and the third one for
$45,972, is to recover interest coupons, payable by the defendant and also
certain sums of money advanced by the Tramways company to the Qebec
company.-V. 119, p. 694. 75.
Morgan's Louisiana & Texas RR. & Steamship Co.The company has asked the I.-S. O. Commission for authority to acquire
control by stock ownership of Franklin & Abbeville Ry.-V. 116. p. 1760.
Morris County (N. J.) Traction Co.-Equipment.-
Federal Judge Lynch at Newark, N.J., Aug.5,signed an order authorizing
Joseph P. Tumulty and Joseph T. Choate, receivers, to contract for the
purchase of 10 light-weight pay-as-you-leave trolley cars to be placed in
service immediately and to issue bonds to pay for the cars. The receivers
are to pay $118,500 for the cars to the Osgood Bradley Car Co.of Worcester,
Mass.-V. 118. p. 2305.
New York New Haven & Hartford RR.-Magazine.-
A magazine for employees has been started by the company and the first
number, dated July, has been issued, with an introduction by President
E. J. Pearson. Mr. Pearson calls for the co-operation of all employees in
making the enterprise a success. It is designed to promote the New Haven
family spirit, and will aim to foster profitable personal contacts. The
magazine has no name and employees are invited to suggest names. The
first article in the July issue is historical, dealing with the Old Colony
System.
Codman's Bill to Full Court.-
Judge Wait in Massachusetts Supreme Court has ordered that the
questions of law raised by Edmund D. Codman in his bill against the
company be placed before the full bench of the Supreme Court at the next
sitting in October. This equity bill is the one in which Codman seeks to
have the New Haven enjoined from voting stock held by the Boston RR
Co. for directors of the Boston & Maine ER.--V. 119, p. 579, 198.
Ohio Connecting Ry.-Tenders.-
The Farmers Loan St Trust Co., N. Y. City, will until Sept. 2 receive
bids for the sale to it of 1st Mtge,41' Gold bonds, dated Sept. 1 1903, to an
amount sufficient to exhaust $18,130 at a price not exceeding par and int.
-Ir. 117, p. 670, 1347.
Pennsylvania-Ohio Power & Light Co.-Sub. Co. Oper.
The Youngstown Municipal Ry., a subsidiary. according to a Youngstown dispatch, has been given virtual control of the city transportation in
Youngstown by a court decision forbidding buses to operate in the congested
districts. The railway utility operates buses in addition to trolley lines.
V. 119. P. 456.
Pennsylvania RR.-Doubles Truck Service.-
Memphis Dallas & Gulf RR.-Petition Denied.The company is now operating 20 motor truck units, doubling within
The I.-S. C. Commission has denied the petition of the receiver of the a few months its truck service. The 20 units involve the use of about
company for a rehearing and reconsideration of the Commission's decision 40 motor trucks in replacement of local freight trains which previously
denying the company's application for a Government loan of $246,782 were operated to carry less than carload freight. Total mileage on the
with which it proposed to improve and rehabilitate the road. The appli- Pennsylvania System on which daily motor truck service is now in effect
cation for a loan was denied in May 1923 on the grounds that the road did is 1,412, as compared with 602 miles early last spring.-V. 119, p.456. 325.
not come under the provisions of Section 210 of the Transportation Act.
Philadelphia Rapid Transit Co.-Fare Petition.-The
-Nr. 115. p. 2905.
Mexican Northern Mining & Ry.-Operations, &c.
See statement of Alvarado Mining & Milling Co. under "Financial Reports" above.-V. 117. p. 1462.
Mexico Tramways Co.-Interest.-
On and after Sept. 1, coupon No. 23, dated March 1 1918, detached from
1st Mtge.50-Year 5% gold bonds, will be paid at
the General Consolidated Toronto.
Montreal or London, Eng., or at the
the Bank of Montreal,
Now York, N. Y., at the holder's option.
Montreal,
of
Bank
agency of the
-V. 119. P. 693, 579.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Val'n.--
Warehouse Conunission has filed a protest
The Minnesota Railroad andagainst
the tentative valuation of the comwith the I.-S. 0. Commission of Minnesota.
The protest states that the
pany's property in the State
of the road's Minnesota
reproduction
of
cost
the
$39,725,763,
of
valuation
extent
the
of
22.197' or $7.214,741.
to
least
at
properties, is excessive
of North Dakota also filed protest
The Board of Railroad Commissioners
with the Commission against the valuation of the property of the company
as a whole.-V. 119, p. 579.
company in its publication "Service Talks", dated July 30,
says in connection with its petition for an increased fare
to 8 cents:
The rates now charged by the company under Tariff P. S. C.Pa. No.81.
and 3c.
to wit 7c. cash or 4 tickets for a quarter, with certain free transfer
exchange privileges, have been in effect since Nov. 1 1920. The reasonableness of said rates was involved in a proceeding before the Commission,
wherein the City of Philadelphia and others were complainants, and the
company the respondent. The report of the Commission in the aforementioned proceeding contained the following statement:
"An assumed rate base as low as $200.000,000, with 7% as the fair rats
of return, results in the amount of $14,000,000 available as the fair return.
This, plus the allowed operating expenses,as appears in respondent's budget,
of $30,868,000, and taxes of $2,818,000, gives an allowable annual gross
revenue requirement of $47.686.000. The operating revenue for the year
1922 being in actuality $42,530.000, and the unimpeached estimate of operating revenue for the year 1923 being put 544,736,000, the respondent's
rates of fare as contained in its tariff No. 81 now in effect and originally
established under our order of Oct. 18 1920, are neither unjust or unrea
812
THE CHRONTCLE
sortable nor under the evidence are they unduly discriminatory or unjustly
preferential."
The company has not earned under the existing rates and will not earn
under the rates hereinafter proposed, the return allowable under the foregoing. Compared with the figures set forth in the above report of the Commission, operating revenues have not increased and are at present on a
sharply downward trend • while operating expenses have increased materially.
Operating expenses and taxes are estimated for the period Jan. 1 1925 to
Dec. 31 1925 at $36,220,000. or $2.378.000 greater than those contained in
the Commission's report. This increase is made up as follows:
$312.000 Increased Rental Payable to City for Use of Frankford Elevated.
Losses from Frankford "L" operation in 1923 amounted to $860,000, as
shown In report ofcity-company engineers. With $156,000 increased rental
1924 losses will exceed $1,000,000. 1925 rental will be $312,000 over 1923.
$2.000,000 Added Labor Costs.-The company's co-operative plan, which
has secured for the people of Philadelphia 13 consecutive years of car service
uninterrupted by a single strike, provides that the wages of its employees
shall be determined by the average wage paid in three cities, to wit: Cleveland, Detroit and Chicago. Wage increases in the three cities granted
since the submission of the budget upon which the report of the Commission
was based, together with a further increase of at least Sc. per hour in Cleveland, now assured in the wage controversy there pending, entail additional
labor costs to your petitioner of $2,000,000 per year. Employees have
already foregone 31,000.000 in an effort to avoid the necessity of an increase
in the rate of fare. They have co-operated faithfully and effectively in the
operation of the property and are entitled to their just reward for co-operative accomplishment.
The company has incurred added annual charges of approximately, $1,000,000 due to purchase in 1923 of 520 new cirri not included in the budgets
heretofore submitted to the Commission. These cars were purchased in
the carrying out by P. R.T.of its announced policy to render continuingly
improved service.
200 new cars, with more than 25% increased seating capacity.
will be purchased, and P. R. T.equipment will thus be completely modernized-the result of 13 years of effort. Necessary down payments with annual carrying charges, will
amount to
$1,000,000
The Erie, Wyoming and Olney crosstown feeder lines, together
with contemplated track extensions, some of which cannot be
mortgaged, will require cash expenditure of at least
1.000.000
150 motor buses, with necessary garaging, to equip the extensive
system recently approved by the Commission, will entail
down payments and carrying charges approtdmating
700,000
Total
$2,700,000
The company cannot successfully market the nectassary securities to
finance the foregoing projects without a firm and established credit, to
accomplish which more revenue is absolutely essential.
The proposed tariff provides for an 8c. cash fare or 2 tickets or tokens for
15c. and abolishes all 3c. exchange points (motor bus exchange points excepted) outside the central delivery district bounded by Callowhill St.,
Pine St.. Delaware River and Schuylkill River, making them free transfer
points instead, thus eliminating from petitioner's rate structure a controversial feature originating out of the former independent operation of the
lines now part of petitioner's unified system. Said tariff also establishes a
zone fare system upon your petitioner a Delaware County lines at the base
fare of Sc. This Sc. zone fare is likewise fixed for the York Road lines.
which are already zoned and now paying 7c. cash or 61,1c. ticket fare. A
uniform Sc. zone system is thus established for all lines outside the City of
Philadelphia.
Thecompany bases this request upon the imperative necessity for'additional revenue, operating costs having greatly increased without any increase in operating revenues, over those contemplated in hte budgets which
were before the Commission in the proceedings hereinbefore referred to.
Without this additional revenue it will be impossible for your petitioner to
maintain its present high standard ofservice, nor will it be able to go forward
with its plans for continuingly improving its service.
The Company, in the Same issue, also Stated:
Five-cent zones are requested covering all lines outside the city, to encourage the neighborhood use of street cars for short riding. This move,
while performing an added public service, is expected to increase short riding sufficiently to more than overcome the decrease in
fare from 63c to
Sc. for each zone. Zone limits on the Willow Grove, Doylestown
and Hatboro lines are not changed, although the zone fare is reduced. This Is only
just, as an added zone accompanied the last increase-in fare, and for the further reason that reduced costs have been made possible by the co-operation
of the authorities of these sections in reducing the excessive paving obligations which were inherited from horse-car days.
An added zone on each of the lines of the Darby Media & Chester division
and on the Chester short line is found necessary to assist in our effort to lift
from the shoulders of the city car rider the burden of the unprofitable service rendered in these southwestern districts, the authorities in several
Instances having refused to give P. R. T. any relief from the unjust paving
obligations of earlier days. These Sc. zones are planned as forerunners of
the city-wide Sc. zone system which will follow the completion of the citybuilt subway-elevated lines, and will then enable the residents of communities adjacent to the city line to reach the nearest subway-elevated line for a
Sc. fare, which, with another Sc. fare on the subway-elevated line, will
supply the complete ride to the central delivery district for a maximum 10c.
Pare.
Formal Objection to Increased Fare Entered for City With
Commission.
The official protest of the city of Philadelphia against the proposed
increase in trolley fares was signed Aug. 23 by Mayor Kendrick and sent
to the P. S. Commission. This protest sets forth 8 major points:
(1.) That the proposed fare increase would be a violation of the public
service company law of Pennsylvania in that the fares proposed are "excessive. unjust and unreasonable charges."
(2) That the present rate of 7 cents was approved by the Commission
chiefly because tIrat rate would be sufficient to cover the cost of improving
and expanding the system. It is this promise of giving Philadelphia better
service which the company especially 'broached in its pamphlet of justification known as "service talks."
(3) That the traction company has received much more operating revenue
under the new rates than was expected and will continue to receive even
more in the corning months. The city maintains that the slight slump of
which the company maims so much is but a temporary condition and will
soon disappear.
(4) That the traction company in its petition gave an incorrect estimate
of how much it would gain by the fare increase. The city avers the company
will make much more than it estimated.
(5) That figures used by the company in justifying its position were
entirely_ arbitrary.
(6) That the city demands that the company shall prove the 7-cent fare
In addition to advancing complete reasons why it should seek
PrIftegarincrease.
.
(7) That the company shall prove in detail why it has presumed to seek a
higher fare rate, and to explain why it has,in its petition to the Commission.
been so careless as to justify its position by anticipating conditions and
basing its request on such illusionary substance.
it has failed to say with any
(8) That, even were its proposal justified, It
semblance of definity how and when it will
the $2,700,000 for improvement and extension of its service.
The protest, it is stated, is in the name of "all who use the street railways,
elevated and subway lines." See also V. 119. p. 456.
Puget Sound Power & Light Co.-Seattle's Suit for Tax
Complaint Dismissal Sustained.Judge Jeremiah Neterer of the Federal Court in Seattle, Wash., recently
sustained the City of Seattle's motion for dismissal of the amended and
supplemental complaint in the suit filed by the Puget Sound Power & Light
pending since June 1, to collect its share of the Seattle Municipal By.
tax
Co..for 1919, recently paid to King County.
The company, under protest, paid the tax in full to King County. The
company immediately brought action in equity in the U. 8. District Court,
in which it attempted to force the city to pay 75% of the tax, under an agreement entered into at the time the city purchased the railway from the
plaintiff. In a later supplemental complaint, the company asked subrogation for any liens that the State might have had against the railway
property, if the taxes had not been paid. The city entered a motion for
dismissal, which the Court sustained.
Judge Neuter held, in his decision, that the special railway fund is not
liable for the taxes sought. He held also that the tax collectors were
[VOL. 119.
within their rights in collecting the tax from the company, and that the
latter still has a right to bring legal action for the tax share.-V.
119, p. 199.
St. Louis Iron Mountain & Southern Ry.-Listing
.The New York Stock Exchange has authorized the listing of
an additional $1,500,000 River & Gulf Divisions 1st Mtge.
4% 30-Year Gold
bonds, due May 11933. maidng the total amount applied
for 334,548,000.
-V. 119, p. 456, 199.
St. Louis-San Francisco Ry.-No Action on Financing.
Chairman Edward N.Brown made public the following statement Aug.14:
"A New York newspaper of to-day's date
quotes me as saying that a
plan for the readjustment of the financial
structure of the company has
been under consideration for many months and
would be brought formally
before the directors at the regular meeting next
Tuesday.
"I have made no such
There is no meeting scheduled for
next Tuesday. For some statement.
time there have been informal discussions with
reference to meeting a part of the company's future capital requirements
by the sale of stock rather than altogether
by the sale of bonds, but no
action has been taken and none is
likely to be taken in the near future
with respect to any definite plan."-V.
119. P. 695,581.
St. Louis Southwestern Ry.-Bonds.-
The I.-S. C. Commission on Aug. 2 authorized
the company to procure
authentication and delivery to the treasury
Unifying Mtge. bonds.-V. 119, p. 326, 195.of $1,460,000 1st Terminal &
Seattle & Ranier Valley RR.-To
The City Council of Seattle has agreed to Sell to City.
enter into negotiations with
the company looking toward the purchase
of the company s lines in connection with the municipal system.-V.
116, P. 1761.
Trenton& Mercer County Traction Co.-Buses to
Replace Trolleys.Substitution of auto buses for
cars on the Hopewell branch of
the company between.Penningtontrolley
and Hopewell, N. J., was authorized
by the New Jersey P. U. Commission
Aug. 12.-V. 118. p. 2306.
United Utilities Corp.-Holdings Reported
Sold.Walsh Brothers, Davenport, Iowa, it is
reported, have negotiated the
sale to George M. Bechtel & Co.,
representing
Utilities
the
Southern
Iowa
Co., of the electric and electric railway
properties in Burlington, Morning
Sun, Wapello and the Sigourney
for a consideration reported to
be more than $4.000.000.-V. 113.group
p. 1676.
West Penn Co.-Consolidated Income Account.-
Years Ended June 30Gross earnings from all sources
Operating expenses, taxes and maintenance
Deductions-Interest and amortization
Preferred dividends of subsidiaries
Minority interests
Reserved for depreciation
Net income
-V. 118, p. 2574. 2181.
1923.
1924.
$25,490,268 $22,430,226
15.043,355 13,397,261
3,931,920
4.493,304
1,216,049
1,231,592
137.996
12.088
1,225,678
1,644,251
33.065.678 $2,521,323
Wheeling Public Service Co.-Wage Increase.See Wheeling Traction Co. below.
-V. 117. p. 2772.
Wheeling Traction Co.-Wage Increase.The directors recently
voted to increase employees'wages 2cents per hour.
making the now wage scale 57 cents
per hour. The increase will affect 500
employees of the Wheeling Traction
Service Co.-V. 115. p. 2795, 2048. Co., City Ry. and Wheeling Public
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
Thereview of market conditions by the trade journals formerly given
under this heading appears
to-day on a preceding page under "Indications
of Business Activity."
Coal Productioh, Prices, &c.
The United States Geological
with the detailed statements bySurvey's report on coal production, together
the 'Coal Trade Journal" and the 'Coal
Age." regarding market conditions,
will be found to-day on a preceding heretofore appearing in this column,
page under the heading "Indications
of' Business Activity."
Oil Production, Prices, itc.
The statistics regarding gross crude oil
production in the United States
compiled by the American Petroleum
under the above heading, will be foundInstitute and formerly appearing
to-day on a preceding Page.
Prices, Wages and Other Trade Matters.
Refined Sugar Priees.-On Aug. 14 the
following advances in price were
listed: American, Pennsylvania,
National, Warner, and McCahan, each
15 pts. to 6.75c. per lb.;
10 pts. to 6.60c., and Federal, 10 Pt&
to 6.50 ®6.55c. On Aug.Arbuckle,
15 Arbuckle advanced 15 pts. to 6.75c. per lb.;
Federal, 10 lats. to 6.600.6.65c.,
and Revere, 15 rots. to 6.75c. per Ila.
Price of Milk Advanced.-Dairymen's
League Co-Operative Association.
Inc., announces that, effective Aug.
the price of Class I (fluid) milk
will be 32 60 per 100 lbs., an advance18,
of 54c. per 100 lbs. or a little more
than lc. a quart over the present
price.
Announcement also was made
simultaneous the price of Class II
milk, which is sold largely in thethat
form of sweet cream, will be $1 90 Per
100 lbs., effective on the same date,
an advance of 10c. over the present rate.
Officials of the association declare
that this increase has been made
necessary because of an
shortage in production owing to
recent protracted period ofunseasona1
hot weather. New York "Times" Aug. 14, p.the
14.
Lena' Price Advanced.-American Smelting
& Refining Co. advanced
price of lead Mc. to 7(c. "Wall Street
A second advance of Mc. to 8c. per lb.News" Aug. 12. p. 1.
was announced Aug. 15. New
York "Evening Post" Aug. 15, p.
15.
Brass Price Rise.-American
Co. has advanced prices as follows:
Sheet brass, Mc. a lb.; seamlessBrass
brass tubes,
sheet copper, Mc., and
and bare copper wire, Mc. "Wall
Street Journal"
;ic.•. Aug. 11, p. 11.
American Brass Co. advanced
brass and shoot copper Mc. a lb.
"Wall Street Journal" Aug. 14. p.sheet
Glass Prices Reduced.-American11.
Window Glass Co. reduced price of
"A" and "B" grades of window glass
prices vary according to sizes, and are 10% on the average. The new
retroactive to Aug. 1.
The Interstate Window Glass
of Bradford and the Johnston Brokerage
Co. of Pittsburgh will follow theCo.
advance. "N. Y. News Bureau" Aug. in.
Teamsters' Union Wins Jurisdiction over Express
Company Employees.American Federation of Labor awards
to International Brotherhood of
Teamsters & Chauffeurs jurisdiction over
18.000 members of Drivers
Helpers and Chauffeurs Union of the
American By. Express Co. New
York "Times" Aug. 9, p. 2.
State Labor Department Fails
Strike of 2,000 Barbers in Brooklyn
(N. Y.).-Demand $32 insteadtoofSettle
The union's own shops pay $40
a week. In district where strike Is $30.
in
effect
hair-cut and shave costs 80c..
against 70c. in districts where higher
wages are In effect. "New York
Times" Aug. 9, p. 6.
Boston Clothing Strikers Settle.-More than
twenty settlements with
manufacturers were made, assuring the return
to work of 2,500 of the 4,000
strikers who went out last Monday
to
protest
"sweat
-shop methods. "New York Times" Aug. 15, p. 23.
American Federation of Labor Plans Drive to Promote
Purchase of Goods
Bearing Union Label.-Four million members
to be enlisted in campaign for
one month. Lists of manufacturers using trade
organization symbol will
be printed in trade journals. "New York Times"
11, p. 15.
Wage Reduced.-White Oak and Proximity millsAug.
(Greensboro. N. C.)
will return to full week operation and
reduction on
effect
a
wage
1234%
Aug. 18. "Boston News Bureau" Aug. 12.
Jenckes-Manville Co. cuts wages 10% at Globe mill in Woonsocket,
R. I. "Wall Street Journal" Aug. 12,
p. 3.
Commercial Telegraphers Union Wins Wage Increase.-UnIted Press
Association, United News, Universal Service and International News
Service signed 3-year contract with telegraphers, retroactive to July 1, increasing wages $2 a week for first year and 50c. a week for second and
third years. "New York Times" Aug. 9, p. .5.
Watch Case Makers of Joseph Fahys & Co.(Sag Harbor, N. Y.) Strike When
Wages Are Reduced 8 to 10%.-"New York Times" Aug. 12, p. 21.
Waltham {Watch Co. Employees Strike Beacuse of Wage Cut.-Average cut
for 2,950 employees is less than 10% but ran as high as 40% in certain
cases because labor costs on work was out of line with price. Several hundred employees are on strike. "Wall Street Journal" Aug. 13. p. 10.
Paterson (N. J.) Silk Workers Strike.-According to officials of Associated
Silk Workers,3,000 broad-silk operators, 5,500 weavers are out, and 10,000
others are prevented from working because of their dependence on product
of weaver. Paterson Chamber of Commerce confers with John A. Moffitt,
of U. S. Department of Labor, but no decision is reached. "New York
Times" Aug. 14, p 7.
Matters Covered in "Chronicle" Aug. 9.-(a) Decrease in paper production in June, p.631. (b)Canadian Pulp Wood Commission refers question
of embargo on exports of pulp wood to Government, p. 632.. (c) British
Empire Steel cuts wages 10 to 25%, p. 635. (d) Strike in the Philadelphia
clothing market. p. 637. (e) Strike called in Boston clothing market, p.
637. (0 American Printing Co. to resume in cotton division next week,
p. 637. (g) Jacob Billikopf named impartial Chairman of New York
clothing industry. p. 638. (h) Price increase to milk producers not passed
on to the consumer, p. 638. (i) Wages to be continued on present basis in
glass bottle blowers' trade for a year; manufacturers demanded reduction;
p 638. (j) Union votes acceptance of new wage agreement in Lynn shoe
industry, p. 638. (k) Penikee,s silk mill resumes, p. 638. (I) AttorneyGeneral finds no grounds for prosecution of a monopoly in hard coal,
p. 638. (m) Grain marketing of Chicago defers business start.. p. 646.
(n) Raps the grain merger; Charles T.Peavey tells farmers not to buy stock.
p. 647. (o) Interpretation by Federal Trade Commission of provisions of
Webb-Pomerene Export Trade Act respecting formation of export association by silver producers, p. 649. (p) Royal Dutch Shell group acquires
option on Peruvian petroleum lands, p. 854.
Abitibi Power & Paper Co.-New Vice-President.L. R. Wilson, a director, has been elected Vice-President and Managing
Director.-V.118, p. 1776.
Allis-Chalmers Mfg. Co. Inc.-New Director.'
Chase National Bank, has been elected
Jeremiah Milbank, a director of
a director succeeding J. H. McClement, deceased.-V. 119. p. 582.
Alvarado Mining & Milling Co.-To Dissolve.-
See statement under 'Financial Reports" above.-V. 118. p. 1394.
Amalgamated Silk Corp.-Earns.6 Mos. End. June 30'24
(Including its subsidiary. Cedar Cliff Silk Co.)
Net sales, less discounts, $6.200,949; cost of sales (including
depreciation). $5.695,874
$505,076
Selling and administrative expense
352.817
Net profit from sales
Other income
$152,259
75,540
Gross income
$227,799
Int. on bonds & mtges., $142,050; int. on commissions paid to
factors, $236,904: idle mills expenses, $8,515
387.469
Operating loss
$159,669
Inventory adjust. necessitated by deprec. in market value of raw
silk from basis of$8 per lb. at which inventory of mdse.finished
and in process, and materials on hand was taken at Dec.31 1923
to basis of 15 25 per lb. at which same inventory was taken at
June 30 1924
1,120,761
Total loss charged to surplus
Balance surplus of Dec. 31 1923
Net recovery from contingency and other reserves
$1,280,431
S600.895
1.039,856
Balance surplus of June 30 1924
-V.118, p. 2575.
$360,321
American Car & Foundry Co.-New Transmission Company Organized.Pres. W.H. Woodin has pronounced the following assubstantially correct:
The Dow Transmission Corporation, just organized, the entire stock of
which will be held by American Car & Foundry Co. and Alexander Dow, will
be a temporary organization with capital of 1,000 (no par value) shares.
Officers of the now corporation will be selected from officers and board of
directors of the American Car & Foundry Co., and the offices will be with
the Car & Foundry offices. There will be no stock for sale.
The Transmission organization will function in one of three possible directions: (a) Licensing others to build new transmissions for new cars; (b)
providing of Dow transmissions for cars now in use; (c) introduction of Dow
transmissions in the foreign field.
After five years of development and testing, the new transmission which
has been worked out at the instance of American Car & Foundry Co. byMajor Alexander Dow, according to those concerned, promises to revolutionize transmission system in automotive vehicles. The test car has been
sent throughout the country over all grades, including steepest mountain
grades, with a representative of the Massachusetts Institute of Technology.
That institution reported efficiency under dynometer test of 91, 94 and
98.8 on low, intermediate and high speeds, respectively, which equals efficiency of transmissions now in use.
The inventor explains that no manual shifting operation occurs excepting
in starting and stopping. The shift from low to second and high is accomplished by the foot on the accelerator level. There is no jar as the change of
speed occurs. The operation of the mechanism depends upon the fundamental law of epicyclic gearing, heretofore unused. The transmission will
be especially adapted for use on motor trucks hauling any load. Truck
transmission will have 4 speeds and reverse.-V. 119. p. 200.
American Chicle Co.-Tenders.The Bankers Trust Co., 16 Wall St.. N. Y. City, will until Sept. 11
receive bids for the sale to it of 6% 5-Year notes, dated Oct. 1 1922, to an
amount sufficient to exhaust 185.500.-V. 119. p. 577.
American Druggists Syndicate (& Subs.).-Earnings.
6 Mos. End. June 30-Profits for six months__ Previous surplus
Add'ns to sur. through
increased val.of plants
ancrtquipment as per
appraisal
813
THE CHRONICLE
AUG. 16 1924.]
1924.
1923.
$83,898 loss$38.341
3,062 de1186,410
1922.
1921.
$100,948 loss1741.340
def603,216
288,046
American Packing & Provision Co.-Ogden Plant Sold.-
The company's Ogden plant, through Receiver James Brennan. has
been sold to Ogden business men for $900,000. $300,000 cash and $600,000
In bonds. Judge Tillman D. Johnson ordered the sale confirmed.
Creditors agreed to take over the $600,000 in bonds Aug. 15. Although
a new company has been organized to operate the plant, Mr. Brennan will
continue as receiver until the entire price has been paid. W. J. Parker,
President of the Utah Canners' Association,is President of the new company.
Los Angeles and San Francisco branches that have always operated at
a loss will be discontinued. The Court authorized the sale of Los Angeles
property to Kingan & Co., Indianapolis packers, for 120,000.-V. 118.
P. 1668.
American Power & Light Co.-Debentures Offered.Bonbright & Co., Inc., are offering at 943/i and int. to yield
6.35%, $5,000,000 Gold Debenture bonds, American 6%
Series. Dated March 1 1916. Due March 1 2016.
This series is redeemable as a whole on any int. date at 110 and int.
upon 30 days' notice. Int. payable M. & S. at Bankers Trust Co., New
York, trustee. Denom.011,000,$500 and $100 and r* $1,000. Pennsylvania four-mill tax refunded.
Data From Letter of Pres. C.E. Groesbeck, New York Aug.9.
Company.-Incorporated in Maine in 1909. Owns practically all the
Common stocks (and in some cases various amounts of Preferred and 2d
Preferred stocks as well as certain indebtedness) of companies supplying.
directly or indirectly, a total of 396 communities with electric power and
light, and (or) gas, water and other public utility service. Of the total
communities 368 are served with electric power and light. Total population served estimated at 2.080,000. Among the principal properties are
the following:
(a) Kansas Gas & Electric Co., supplying electric power and light
and gas service in Wichita, Pittsburg and Newton, Kan.; gas service in
Hutchinson, and electric power and light service in 51 other communities
in Kansas. Population, 239,000.
(b) Pacific Power & Light Co..supplying electric power and light and (or)
'Astoria, Pendleton and
gas service in Yakima and WallaWalla, Wash.
Washington, Oregon and
Hood River, Ore., and 66 other communities in'
Idaho. Population. 140,000.
in Portland, Ore.,
service
(c) Portland Gas & Coke Co., supplying gas
and 20 adjacent communities. Population,:325,000.
the commercial
all
substantially
Co.
Power
supplying
Nebraska
(d)
and municipal electric power and light service in Omaha, Neb., and.
through a subsidiary, all the electric power and light and gas service in
Council Bluffs, Iowa. Population, 241,000.
(e) Minnesota Power & Light Co., supplying, directly or indirectly.
Duluth, Chisholm, Eveleth, Brainerd, Cloquet and Little Falls, Minn.:
Superior, Wis. and 85 other communities in important iron mining and
agricultural districts in the northern part of Minnesota. Population,
324.000.
(f) Florida Power & Light Co. and associated companies, supplying
gas and electric railway service in Miami and electric power and light
and electric railway service in Miami Beach.
all the
(g) Southwestern Power & Light Co., which owns substantially
bonds) of
Common stock (and in some cases also all Preferred stocks and Paso
Gas
Texas Power & Light Co., Fort Worth Power & Light Co., Elcompanies
Co., Galveston Gas Co., Wichita Falls Electric Co., and other 784.700.
Population,
supplying utility service in 153communities in Texas.
Authorized. Outstanding.
Capttalicati(m$20,000,000 $16,663,200
Preferred stock, 6% cumul., red. at 115
20,000,000 a14,514,532
Common stock
Gold Debenture bonds, American 6% Series.
c16,992.400
due March 1 2016
of
payment
the
with
connection
scrip
in
issued
118,032
Includes
a
dividends in Common stock. b Authorized amount of Gold Debenture
bonds, American 6% Series, is unlimited except by requirements as to
earnings of the company. c Including 15,000.000 now being offered.
Purpose.-Proceeds are to be used for working capital and for other
corporate purposes.
Earnings-Year Ended June 30 1924.
$33,434,517
Gross earnings of operating subsdiaries
Net earnings of Amer. Pr. & Lt. Co..incl. undistributed income $5,547,704
_
it_
to
accruing
replace.
of
res.)
cos.
sub.
&
renewal
(after
1,019.544
Annual interest charges on $16,992,400 Gold Deb. bonds
$4,528,160
Balance
Note.-The above figures are exclusive of any earnings from the recently
acquired Florida properties.
issued and
Option Warrants.-There are authorized option warrants,
subscribe at any
to be issued, entitling the registered holders thereof to
par value of $1,996,900
time on or before March 1 1931 to an aggregate
bonds now
Common stock at par. Any of the company's Gold Debenture
company to the
outstanding (including this issue) will be accepted by the
payment for Comextent of the principal amount thereof in lieu of cash in
value.
mon stock when accompanied by option warrants of equal face
The accrued interest on Debentures so surrendered for conversion will be
delivery.
such
of
date
the
to
cash
in
company
the
paid by
.Supervision.-Blectric Bond & Share Co.
To Create No Par Value Common Shares.-
The directors, Aug. 14, voted to submit to the stockholders a plan to split
Its Common stock so that a holder of $100 par value share will receive in
exchange ten shares of no par value Common stock.
Officials said the recent advances in the price of the stock to $350 per
share, made it so unwieldy that division of the shares was necessary.
payable
The directors also voted the regular quarterly dividend of 23i%.
on Sept. 1 to stock of record on Aug. 1909.-V. 118, p. 2440, 2182.
American Rolling Mill Co.-Earnings.PeriodOperating profit
Other income
Total income
Interest
Federal taxes
Dividends
Surplus
-V. 118, p. 2707.
485,677
$572,638 defS224.751 def$502,268
Total surplus
Special res. for loss on
70,000
closing Can. branch
deb150,000
Inventories
Federal tax (prey. year)_
American Glue Co.-Vice-President & Director.-
Prank W.Lyman has been elected V.-Pres. and director.-V.118,p. 1668,
Quarter Ended- Total 6 mos.
June 30'24. Mar. 31 '24 June 30'24.
1608.510 $1,028,431 $1,636,941
1,334.203
119.121
1,215,082
$1.823,592 $1,147,552 $2.971,144
$279,223
$148,947
$130,276
310,282
111,238
199,044
1.214.007
607,000
607,007
$887,265
$280,367 11,167,632
American Telephone & Teleg. Co.-Additienal Listings.
The Philadelphia Stock Exchange has admitted to the regular list $102,233,200 additional capital stock, issued {55,700 in exchange for $5,700
Convertible 43,i% bonds due 1933; $90,400 in exchange for $90,400 7-Year
6% Convertible bonds due 1925,canceled and stricken from the list; $69,300.
deb16.947 being part of 200.000 shares applied for in company's application dated
Jan. 31 1924, to be issued to employees under resolution of the directors,
$352,638 def$224,751 def$502.268 def$470,241 adopted
Profit & loss surplus_ _
May 10 1921, and listed upon official notice of issuance full paid;
Balance Sheet June 30.
and $102,067.800. being part of 1,511,575 shares, applied for in company's
application dated July 1 1924, to be issued under circular letter dated
1924.
1923.
1924.
Assets1923.
paid, making
Capital stock
$6,783,930 56,783,350 May 20 1924 and listed upon official notice of issuance full
Land. budge.,• maamount of said stock listed at this date 1860.506.400 and reducing the
total
chinery & equipx$2,808,008 $2,058,735 Subsidiary comamount of Convertible 4{e% bonds listed at this date to $3,894,600 and the
panies (at Par)
Formulae, tradeamount of Convertible 6% bonds listed to 16,315.500.-V. 119. p. 582, 458.
554,523
held by minority
marks & g'd-will 542,982
interests
408,013
575,347
11,130
Investments
11,480
American Type Founders Co.-Listing.1,417,488 1,387,814 Installments ree'd
Inventories
on stock subscr.
The New York Stock Exchange has authorized the listing of 14,000.000
5.734
Tr. accePt.& aCeta•
708,218 Accounts payable.
77,881
85,050 7% Cumul.Pref.stock (par $100) and $4,700,800 Common stock (par $160)
rec., less reserve 988,115
Unclaimed dive_ _
33.486
19,313 with authority to add $1,297,500 Common stock on official notice of
Adv. to salesmen_
Surplus
352,838
issuance and payment in full, and $1.700, on official notice of issuance
Munic.&U.S.Gov.
599,459
in exchange for outstanding fractional share scrip, making the total amounts
bde..ktreas.notee 599,459
785,385
485,483
applied for 14,000,000 Preferred stock and $6,000,000 Common stock.
Cash
32,894
Lazard Freres have an option to take, on or before Feb. 1 1925 .1,325
Deferred charges.- 188,389
(each
Tot.
224,751
side).57,225,379 $68,904,928 shares of Common stock and, if exercised, to take, on or before Feb. 1
Deficit
1926, 8,650 shares of Common stock, or 12,975 shares of Common stock
in total.-V. 118. p. 205.
x After deducting reserves for depreciation.-V. 119, P. 696.
$453,294
814
THE CHRONICLE
American Water Works & Electric Co. (& Subs.).Consolidated Income Account.-
[vol.. 119.
the mortgage Indebtedness and loans secured by
accounts receivable amounted to approximately pledges of inventory-and
33,000,000; the unsecured
debt
to approximately $3,350,000
Year Ended June 30charges for last year were $920,000.. The total overhead and interest
1924.
1923.
Gross earnings, all sources
$38,084,774 $32,468,867
"The products of the corporation are highly specialized
Operating expenses, taxes and maintenance
in character,
21,595,418 18,718.286 and much of its steel is made on order
for special customers. For this
reason, the list of its customers and its good-will
Gross income
are of unusual value. The
$16,489,355 $13,750,581 plant could not be closed without forfeiting this good-will,
Deductions-Int. & amort., subsidiary cos
and the receivers,
$7,072,475 $5,984,509 therefore, have continued to operate the plant,
Interest-A. W. W. & E. Co
and at the same time cut
690.679
734,627 expenses to the minimum. The overhead expense
Preferred dividends of subsidiaries
of the plant is now
at
the
2,583,549
1,805,591
lowest
point
in
the
history
Minority interests
"During the first 3 months of theof the company.
64)8,392
726,579
Reserved for depreciation
ip the plant was operated on
1,877,992 a small margin of profit, due to thereceiversh
2,440,716
fact that no interest was being paid
upon mortgage and other debts during
receiversh
the
Net income
ip. Both of the real
estate
$3,093,545 $2,621,285
mortgages are in default for non-payment of interest
Note.-Above includes Potomac Public
since Ally 1
Co. from Aug. 1 1922. 1923. With the commencement of the
Keystone Power & Light Co. from Jan. Service
has steadily grown worse in the steel general business depression, which
Commonwe
1
1923,
alth
Water
industry,
& Light Co.from Jan. 1 1923, Cumberland Edison Power Co. from
operations
the
for May
April 1 resulted in a net loss of $8,000, and the operations for June in a net
1923. and Terre Haute Water Works Corp. from May 24 1924.
loss of
approximately $15,000. These figures do not include
The net earnings for the year ended June 30
any
allowance
for
interest
charges of $32,000 a month.
1924 of $3.093,544, is
equivalent, after depreciation and 1st Pref. dividends,
"Regardle
share
ss
to
a
30
of
$12
whether
the
present
business depression continues, and
on both the 100,000 shares of Common and 100,000 shares of Partlc. Pref. regardless of
the
value of the assets of the company, the receivers are
now outstanding. This compares with a net for
the previous year of unanimously convinced that this plant
cannot be profitably operated
$2,621,284, or $1063 on the same amount
Common and Partlc. Pref. under its present load of indebtedness,
then outstanding after depreciation and 1st of
which amounts, as above stated, to
Pref.
approxima
dividends.
tely $6,350,000.
Electric output of subsidiaries, which include West Penn Co. and the
In our opinion, the conservation of the
Potomac Edison Co., totaled 1,120,562.374 kilowatt
assets requires that the company
the Year should not be continued longer under the receivership, but
ended June 30 1924, against 985.632,674 kilowatt hours for preceding
should be sold
or reorganized. A decree has been
hours the
by the court, granting the receivers
year. an increase of 134.929,700.-V. 119. p. 696.
permission to offer the properties formade
327.
on Oct. 1 next at the County Court
House of the County of Chautauqusale
a at Mayville. N. Y.
Arizona Power Co.-Financing Plan."The receivers have been
from the beginning in
trying to secure
The company is carrying out the
buyers for the properties, andengaged
ation plan approved at a tive
negotiation has been had with various prospecrecent meeting of stocknolders. Thisrecapitaliz
purchasers
, but no offer or proposal has been made
plan gives the holders of the 6% could
which the receivers
Preferred stock tile right to exchange their
recommend to the Court. Committee
shares,
new
par
a
par,
for
for
s representing the major
7% Preferred stock. The new stock, of which 10,000 shares will bo issued. amount of secured and unsecured claims
have been working on a plan of
subject to call and retirement at $105. ranks
tion which contempla
next Preferred reorganiza
the acquisition of the company's assets
by the creditors, the continuedtes
stock and Is cumulative from July 1 1924. See first to the3081;
V.119,
operation of the Dunkirk plant and the
V. 118. p.
P. subsequent liquidation
458.
of
remaining assets. This plan promises a
larger return than any other the
has been suggested to the receivers. The
unsecured creditors are nowwhich
Associated Oil Co.-Earnings.--forming
a committee which will offer bids for
the properties."
Results for Six Months Ended June 30, Including Proprietary Companies.
Digest of Plan of Sale of Property and
Readjustment of Indebtedness
1924.
To
Sell
1923.
1921.
Property.-Receivers were appointed
1922.
Earns, after oper., maint.
by the U. S. District Court
for the Western
& transport'n exp., &c_$8,608,627 $4,613,048 $4,857,039 $5,589,535 pointed in other District of Now York and ancillary receivers were apjurisdictions. Applications will be made by these receivers
Taxes, property & raise- - 476.738
301,552 to the courts for the requisite orders
289,095
sale, and if same are obtained the
Interest on funded debt_ _
720,089
211,225 receivers will offer for sale as a wholeofon
148,054
185.261
Interest on floating debt_
property of the company existing at the or before Oct. 1 1924 all of the
405,400
date of the sale (except cash, and
Other items
all amounts due or owing by the ancillary
35
Reserved for current in(1) First Mortgage dated July 1 1921, receivers) subject to:
made by Atlas Crucible Steel Co.
come and profits taxes_
to
Cleveland
577,126
650,907
Trust Co., trustee: (2) 2d Mtge.
269,049
307,537
dated Jan. 11923, made by
Reserved for depreciation 2,399,141
1,381,650 the company to Cleveland Trust Co. and
1,537,473
1,348,941
to all other liens thereon, except
Reserve for amortization
only such liens as may have been
created
by
the
of discount on notes_ _ _
91,492
24.447 also that prior to the time of sale the indebtedness receivers, and excepting
21,756
evidenced by acceptances
ividends
1,589,984
1,192,673
1,192,671 of the company secured by warehouse receipts
1,192,673
covering property in the
possession of the Cleveland Storage
rage Co.(not including any notes secured
Balance, surplus
by
$2,844.021 $1,060,399 $1.511,776 $1,827,083 Ingot stock at Dunkirk, N.Y.),shall be reduced
by the receivers to $300,000.
he receivers shall also pay and apply
In his remarks accompanying the report
the 6 months, Pres. Paul prior
on the acceptance indebtedness
hour) says: "The increase in the balance for
to the date of said sale, an amount equal
carried to profit and loss of in
to
the
amount of any decrease
the total value of the inventory and accounts
•1,113.574. compared with the first six months of 1923, was due chiefly
receivable of the company
In the increase in business and to increases in the market prices of gasoline between June 1 1924 and the date of said
by computing inventory at cost and sale, such values to be determined
and fuel oil. Refined oil sales increased 38.54%
refinable amount.
accounts
fuel
and
and
receivable at their face
crude oil sales 6.29% in quantity over the same period last year. In making
Unsecured Creditors to Purchase Property.-A
the foregoing comparisons,operations of
committee representing
ended June 30 1923 have been included.Amalgamated 011 Co.for 6 months majority in amount of the unsecured creditors
offered for sale by the receivers such amount as will bid for the property so
"During the period covered by this
there was expended for advisable,
to the committee shall seem
the purchase of property, drilling and statement nt
if the committee acquires the property
$3,613.276, of which of same asand
it will sell and dispose
$916.782, covering labor and incidentaldevelopme
provided.
drilling expenses, was charged to
To Form New Company.-A new corporation
operations and $2.696,494 to investments.
Dohn and associates under the laws of New is to be organized by A. G.
"Current assets June 30 last exceeded current liabilities
326,690.79
9.
York, to be known as the
During the period the company acquired the followingby
Steel Co., Inc."
proven and pros- "Atlas
pective oil land: 255.31 acres of fee
Capitalization.-The new company will have
lands, 1,192.74 acres under lease and consbting
an authorized capital
a half interest in an additional 1.497.33
of
(a)
Prior
Preference
stock
of
the par value of $1,000,000:
acres under lease. Included in (b) Preferred
the last is Texas property known as the Garcia
stock of the par value of $1,500,000
eight
are
lease,
which
on
; (c) 30,000 shares of
producing wells and other improveme
stock without par value.
The other half interest in this Common
acreage was taken by Pacific 011 Co. nts.
Cumulative dividends at the rate of 7% per annum
Associated Oil has 20 strings of tools the
shall be paid upon
In operation in California, Texas and Alaska.
Prior Preference stock and dividends at
rate of 6% per annum will
"The outstanding capital stock of Associated
be paid upon the Preferred stock, same to the
be cumulative from and after
011 Co. is 356.000,000, of Jan. 1 1929.
which $3,423,000 is in the treasury.
the
In
event
of dissolution or
Funded debt outstanding is $24,000p the
n of the company,
Prior Preference stock shall be repaid in liquidatio
000."-V. 119, p. 696.
full at par and dive, before
any of the assets of the company are paid or distribute
d
to the holders of
any
of
the other classes of stock, and the Preferred stock shall
Atlantic Refining Co.-Dividend Omitted-Statement.-be repaid in
at par and dividends before any of the assets of
the company are paid
The directors of the company on Aug.9 omitted the declara- full
to the holders of the Common stock, and that
the
remaining
assets shall
tion of the quarterly dividend on the Common stock, usually be distributed to the holders of the Common stock exclusive of
the other
classes of stock. Except as otherwise
paid at this time. President J. N. VanDyke said:
shall be vested in the Common stock. provided by law, all voting rights
A semi-annual statement of our company shows a net profit of about
Property to be Conveyed to New Company.-The committee
may sell and
$2,200,000 for the period ended June 30 1924 as compared with $1,800,000 convey to the new company all
rights and interests so
for the same period of 1923. Net profits
after conservative reserves under or through the receivers in and to the following acquired by them
for depletion and depreciation at the usualare
property:
(1) Dunkirk plant and all equipment therein,
adjust,rates
with
together
an
together with the lands
ment of inventory prices to market as of June 30 1924 and also after pro- on which same are located;
vision for reduction of price of finished products which is likely to occur in Chicago, Detroit, Boston and(2) all inventories at Dunkirk, Charleroi,
elsewhere,
ingot stock at Dunkirk,
second half of the year.
N. Y., pledged under warehouse warranty;except
(3) all accounts and bills receivOur cash position is strong. All bank loans
been paid off imme- able, except amounts due from or owing by Canadian
diately following recent issue of $15.000,000having
Atlas Crucible Steel
4)4% short time notes. Co.: (4) the real estate and warehouse in Detroit subject
(V. 119, p. 77.)
to purchase
contract, and (5) bonds and stock of Forge Products
Gross income from operation was 364,000,000, compared with $58,000,000 Mich., and bills and
Ann Arbor,
(or) accounts receivable due fromCorp.,
for the first six months of 1923.
or owing by that
company.
Because of uncertainty of business conditions in general and petroleum
Stock to be Issued by New Company.-In
industry in particular it was the opinion of the board that
consideration for the above
the best property the now company is to: (1) Issue and
interests of the Common stockholders all cash resources should forconserved
deliver to the committee
or their nominees all of its Preferred stock
be
and
at the present time, and further that it would
5,000 shares of its Common
be advisable to continue-this stock; (2) pay to the committee in cash an amount
policy until the recent issue of 4 Si% gold notes
equal to any increase
In the total value of the inventory and
their
at
been
had
paid
off
accounts receivable
various maturities or by prior redemption under the call clause contained between June 1 1924 and
the date of sale, such values to beof the company
In said notes.
determined by
computing inventory at cost and accounts
receivable at their face value:
(Dividends on Common stock Dec. 1914 to Dec.
uar. On (3) assume and agree to pay all outstanding bonds
1922, 5% qm
Dec. 20 1922 paid 900% in Coon
by the 1st Mtge.,
mm
stock. (V. 115. p. 2480.)
arch 15 aggregating approximately $1,634,500, togethersecured
with interest thereon
1923 to June 16 1924 paid 1% quer. on increased capitalization.)
accruing on and after June 1 1924, at
rate of6% per annum;(4) assume
and agree to pay the balance owingthe
Consolidated Income Account for Six Months Ended June 30.
on
acceptances of the company, secured bythe indebtedness evidenced by
1924.
property of the company in the possession of warehouse receipts covering
1923.
the Cleveland Storage Co. at
Gross income
$64,146,059 $58.292,114 $521
,9
75
23
1,.224 Dunkirk and Detroit (not including any notes
2;915 $541
,9
50
29
Raw mat'l. op.,&c..exp. 55,617,339 51,051,505 45,051,28
secured by ingot stock at
0 54,709,808 Dunkirk, N. Y.), by issuing its collateral notes therefor,
payable $100,000
on or before June 11925, and the balance
thereof
on or before June 1 1926.
Net income
38.528,721 $7,240,609 $7,458,635
$443.416 Which notes are to be secured by pledge of finished steel
Other income
and billets in the
500,296
704.735
ion of the warehouse company at
325,233 possession
563,075
Dunkirk, N. Y., of a value at
tess
equal to 154% of the principal of the
notes, under a collateral trust
$9,029,017 37.945.344 $8,021,710
Total income
$368,649 agreement to be approved by Cleveland
Interest
$395,650
Sale of Properly to New Company.-(1)Trust Co.
$375,435
$338.000
$493,030
The
company shall sell $300,000
Insur. and other reserves
486,696
Prior
260.264
309,907
572,348
Preference stock for cash at par,
be used as working capital; (2
Deprec'n and depletion_ 4.138,542 4,153,018 3,820,857
3,350,935 the holders of the bonds secured by theto
2d
Mtge.
shall consent to release
Federal taxes(estimated)
365,000
the
178,200
property
so sold to the new
185,000
from the lien of the 2d Mtge.,
Inventory adjustment
1.428.371
1.175,691
4,484.008 such consents
@FedFRASER