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finattrial
Tlie
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 117.
rotude
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, AUGUST 18 1923
Electric Railway Sectinis
State and City Secticx
NO. 3034
fixing scheme which some Congressmen advocate,"
but adds the unanswerable comment that if pricePUBLISHED WEEKLY
fixing
is to be tried for the benefit of the farmers
Terms of Subscription—Payable in Advance
For One Year
is
there
no reason whY this should not be done for all
$1000
For Sig Months
6 00
European Sultaeription (including postage)
producers
and "such a plan, carried to its logical
13 50
European Suliserlption six months (including postage)
Canadian Ruheerintion (Including Postage)
conclusion,
17
would almost wreck the nation." He
1 7
5
5
0
NOTICR.—On account of the fluctuations In the rates of
asmIttancee for European subscriptions and advertisements mustexchange,
thinks
be
made
Congress
would have done better by urging
In New York Funds.
drastic economy by the farmers than by making it
Subscription includes following SuppleMe1113-Bang •ND QUOTATION (monthly)I RAILWAY & I NDOBTRIAL
(semi-annually) easier for them to get into debt.
RAILWAY EARNIN(16 (monthly)
ELECTRIC RAILWAY (semi annually)
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
Governor Preus of Minnesota, whose ability as a
Terms of Advertising
counsellor is not necessarily discredited by his reWansient display matter per agate line
and Card rates
On 4
r5
egernil
:
tContrac
cent defeat for the Senate, also opposes price-fixing
Ontosoo Derma —19 South La Salle Street. Telephone
State 5564.
LONDON Orrice —Edwards & Smith. 1 Drapers' Gardens.
E 0.
as being no proper remedy. If good for the farmer it
WILLIAM B. DANA COMPANY, Publishers,
is good for others, he says; the farmers are disconFront, Pine and Depeyster Streets, New York.
tented because their products have declined more
Published every Saturday morning by WILLIAM R. DANA COM P4 N Y.
others, but we must have patience until this
than
President. Jaw* Seibert, Hotlines@ Manager. William D. Riggs: Secretary, Herbert
D.Seibert: Treasurer. William Dana Seibert. Addressee or
all. Office of Company. rights itself; moreover,
only 6% of the income of
Minnesota farmers last year came from wheat. This
Clearing House Returns.
view of the comparative position of wheat seems to
Returns of Bank Clearings heretofore given agree
with some recent statements by a farming pubon this page now appear in a subsequent part
lication: that 10 cents a bushel taken off the counof the paper. They will be found to-day on pages
try's wheat crop is less than 4% of the value of the
754 and 755.
dairy products and that the hen alone produces more
value than the total wheat crop.
The Financial Situation.
Mr. Coolidge's first appointment, that of Private
President Coolidge has entered his regular official Secretary, has drawn some sharp criticism, as apquarters and has held his first Cabinet meeting, after parently designed to facilitate his own nomination
which, according to a snapshot in a morning journal, next summer; but this seems premature and unwarhis usually rather impassive face showed an unmis- ranted. The President's right to make his own selectakable smile. According to an alleged authorita- tion for an assistant so closely personal to himself
tive statement, he stands for collection of all foreign seems justly almost immune from dispute. It is not
debts due this country; for offering in the European denied that the man he has chosen has much experitrouble any aid which will not entangle the United ence and much executive ability; that he is particuStates; for restricted immigration on a selective larly well-informed upon conditions and
the trend of
basis; for doing "all possible" to help the farming public opinion in the South; that he has a wide accommunities; for the strictest economy in Govern- quaintance, gained by a long term in Congress, and
mental affairs; and for carrying out the policies of that he is well qualified to facilitate the touch with
his predecessor, this last being the same statement Congress and the influence with Congress which the
made on similar occasions in the past. These are Executive needs in order that the two Governmental
safe outgivings, limited by reason and practicability departments may pull together.
as the circumstances may be, yet are not mere colorThe anecdotes now hunted up and printed about
less expressions which might come from a man with- our "silent" President are also encouraging. Voluout views of his own. It is reassuring to be told that bility does not proue one a thinker, nor does taciturnhe sees no present need of a special session of Con- ity prove one dull; and in so wordy a time it is pleasgress, as Mr. Harding saw none,for an early meeting ant to find a man who is tardy in speaking and can
would be a trial from which we may well wish to be go so laconically yet straight to the point as does Calsaved. Senator Smoot, just returned from his ex- vin Coolidge. So far, he seems to justify our faith,
amination of Europe, is quite gloomy about the out- but he will need both our faith and our firm support.
look for the American farmer, having observed what
seem to him bumper crops abroad, yet he thinks no
Under some firm though quiet pressure from the
legislation which we can enact would help the situa- ['resident, the anthracite situation had joint confertion. Be not only i ronounces it "absurd to suppose .tnces of both parties here on Wednesday. By Mr.
that the American public will stand for any price- Warriner the operators say they are glad to receive
Wile (5hr:illic1t.
700
THE CHRONICLE
and accept the offer of the miners to abandon their
demand for continuance of the check-off, on condition that the operators "discontinue the practice of
deducting from the wages of employees certain specified items." These items, as set down in Mr. Lewis's
letter to the Commission, number nearly 30, and (as
he puts it) "constitute a matter of preferred payment
before the employee may have his earnings available
for his family needs." They seem formulated in this
manner for arousing public sympathy; but among
them are house rent, house coal, company store accounts, insurance premiums, Liberty bonds, and
more than a dozen items of material supplies used in
mining. The last item on the list is Red Cross and
other contributions. Surely no employer would
make such commitments on account of an employee
without authority. Liberty bonds and house rents
and store acounts are also substantial debits; and
without discussing these items it should suffice to
point out the obvious difference between an employer's charging back as offsets indebtedness due to himself and his acting as collector and accountant in respect to obligations said to be due or really due from
his employee to somebody else. Nothing can be said
in valid excuse of the check-off, and it is noteworthy
that we now hear of"an undercurrent of resentment"
at this and other practices of union leaders in the
entire Schuylkill coal-producing region. One miner
is quoted as saying that "two years ago we were all
behind the check-off idea," thinking it would make a
100% union, but now there is a growing dissatisfaction over it. The head of a local bank, who says he
was for 20 years a miner, declares that 70% of the
men are now against this plan "and are smarting under the high-handed manner in which Lewis has conducted the negotiations so far." The Lewis offer is
that the United Mine Workers will abandon their
demand for the check-off if the operators will in the
next contract "abandon their age-old practice of
checking off from their employees payment for the
long list of items herein incorporated and for such
others as may exist." To this the operators consent,
"as far as the law of Pennsylvania may permit," and
thus one step is won towards peace.
So it seemed until yesterday morning, when it appeared that late on Thursday Mr. Lewis had complained to the Commission that the operators' letter
was "misleading and confusing in every paragraph
and the mine workers cannot accept it as an interpretation of their previous proposition." This brought
back the alignment of dispute, and one headline was
that "coal peace hopes fade in deadlock of men and
owners." But effort was renewed yesterday, and
the Commission obtained a promise to meet again
in Atlantic City not later than Monday.
The men complain also of a so-called "horde of private detectives and secret agents obviously employed" by the anthracite-producing companies and
by bituminous operators in non-union fields; they
ask that the day of nine or morehours be made one
of eight from September 1,"with commensurate compensation," whatever that may mean; they want a
wage increase of 20% and $2 more for "day" men;
and they are still thinking of union recognition.
There is some renewed talk of using substitutes
for anthracite. Heating by oil or by gas, as well as
by soft coal, IA mechanically possible, but there are
difficulties in the costs of making the necessary alterations in apparatus, as well as in comparative costs
of method; moreover, habits are not readily changed,
[VOL. 117.
and sections accustomed to hard coal do not quickly
get wonted to anything else.
United States imports and exports during July,
according to the statement issued at Washington
on Thursday, were both somewhat smaller in value
than in recent preceding months, and though there is
an increase in both items as compared with the corresponding month of last year, there is little in the
July return to indicate any present tendency toward
expansion or improvement in our foreign trade. Merchandise exports for the month this year were valued
at $310,000,000. These figures contrast with $320,054,247, the value of merchandise exports for June,
and with $301,157,335 for July 1922. During the
past 12 months there have been only two months,
February of this year and August of last, when the
value of merchandise exports was lower than it was
in July, and as to each of the two months mentioned
the difference was comparatively small. As to merchandise imports, the value during July this year
was only $284,000,000; the figures for June were
$320,257,030 and for July 1922 they were $251,771,881. In only two months of the past 12 months has
the value of merchandise imports been smaller than
it was in July of this year, namely August and October 1922, the difference as to both being trifling. In
1 t, merchandise imports and exports in July this
year were close to the low point of the preceding 12
months, whereas, during the intervening months,
there was a considerably larger volume of trade moving to and from foreign ports, and this was particularly true as to the imports.
The figures now published for July are preliminary and will be subject to later revision. On their
face they show a balance of trade on the export side
for that month of $26,000,000. The preliminary figures issued a month ago for June showed a small
balance on the export side—that is the exports
slightly exceeded the imports. The revised figures,
however, for June, reversed this and there was a
small balance on the import side for that month,
amounting to only $202,783. The three preceding
month, March, April and May each reported a considerable balance in favor of merchandise imports,
so that for the four months including June, the
value of merchandise imports exceeded exports by
$151,737,050, a very unusual condition—in fact, for
the last half century or more the balance on the
monthly account of our foreign trade has been on the
import side a comparatively few times and for a less
sum than has appeared this year.
During the seven months of the calendar year ending with July this year, merchandise imports have
been $2,371,920,079, while exports for the same period have been $2,255,929,696; the balance of trade
during this time being "against"the United States to
the amount of $115,990,383. For the corresponding
months of the preceding calendar year the value of
merchandise imports was $1,671,169,649 and of exports $2,121,760,618, the exports exceeding imports
by $45,590,969. Imports for the seven months this
year exceed those of the corresponding period of last
year by $700,750,430, it will be seen. The merchandise exports for the same seven months increased
only $134,169,678.
-the United States durThe movement of gold into
ing July was again somewhat larger. Gold imports
for that month amounted to $27,929,447. This was
more than for June. and with the exception of May
AUG. 18 1923.]
THE CHRONICLE
and January, was in excess of any other month since
July a year ago, when gold imports were $42,986,727.
Exports of gold were even less than for June—in
fact were the smallest of any month since April 1921,
being only $548,484. For the seven months ending
with July gold imports have been $159,861,907, while
exports have been $22,814,376, yielding an excess of
imports of $137,047,531. Imports of silver during
July also exceed earlier months—in fact are the
largest during any month for a number of years. The
silver imports amounted to $10,066,463, while exports of silver were valued at $6,223,163. For the
seven months this year silver imports have been $39,098,825 and exports $31,493,7C6.
Important political events in Europe have followed one another in close succession. They have
been almost of daily occurrence. It is still too early
for any une to be able to determine the ultimate outcome. The expected happened in Germany on last
Sunday, August 12. Chancellor Wilhelm Cuno and
his entire Cabinet presented their resignations. They
were accepted by President Ebert, who asked Dr.
Gustav Stresemann, leader of the German People's
Party, to form a new Government. For some time
his name had been mentioned frequently in Berlin
cable advices as the most probable successor of Chancellor Cuno in the event of the latter's overthrow,
which had seemed imminent. A graduate of the universities of Berlin and Leipsic, Dr. Stresemann has
been a prominent figure in German politics since
1907, when he entered the Reichstag from the District of Annaberg, Saxony. The German People's
Party, with which he is now prominently identified,
is said to represent "the big industrialist group, to
which Hugo Stinnes belongs." It has been said of
Dr. Stresemann that "as flu n speaker and writer,
he revealed himself as a politician who could modify
his views when occasion arose and yet keep his position as leader." Attention was called to the fact also
that"the new Chancellor, in his speeches, has always
regarded the United States as the savior of Europe,
particularly Germany. A year ago in an address before the German-American Economic League, an organization headed by him, occupied with furthering
trade relations between the two nations, le said:
'America cannot cut loose from Europe to which she
is bound by common and powerful economic laws and
she must suffer with Europe. We need an enduring
economic peace in Euiope, especially in Germany.'"
701
would serve as Foreign Minister, as well as Chancellor, because of the difficulty of finding a satisfactory
man for the former portfolio. According to a special
cablegram to the New York "World" Tuesday morning, the new Cabinet was not completed on Monday
because of the opposition of Hugo Stinnes to Herr
Hilferding, Socialist. In an Associated Press cablegram from Berlin Tuesday afternoon, it was stated
that "Dr. Stresemann has completed the new Cabinet, the constitution of which is somewhat different
from that reported from London yesterday." The
list given in Thursday's dispatch contained the name
of Von Bergen, Clerical, as Minister of Foreign Affairs. That of Herr Hilferdinz still appeared as Minister of Finance. It was observed, however, that
"the appointment of Dr. Rudolf Hilferding to the
Ministry of Finance is a subject of much comment.
Dr. Hilferding is Austrian born, a naturalized German. He is a doctor of medicine by profession, but
of late years has occupied himself with theoretic Socialism. He was a member of the Independent Socialist Party before the two wings of the party amalgamated and was editor of his faction's organ,'Die
Freiheit.'"
Commenting upon the change in Ministry and the
probability of its success, the Berlin representative
of the Associated Press cabled Tuesday afternoon
that "diplomatic circles here believe the advent of
Chancellor Stresemann's bourgeois-Socialistic Cabinet presages an early effort to find a solution to the
Ruhr crisis. The political make-up of the new Cabinet is thought to reflect a desire on the part of both
the industrialists and the Socialists to discover a formula which would enable Germany to assume the
initiative." He added that "the industrial situation
in Berlin showed improvement to-day, and there were
reports of betterment in conditions from other parts
of Germany, although disorders were still in progress in many districts. Communists called off the
general strike in Berlin to-day. In Hamburg and
Bremen the North Sea pilots have returned to work."
It also became known here through the same dispatch that"Dr. Gustav Stresemann,the new German
Chancellor, outlined in his inaugural speech in the
Reichstag on that day the conditions under which
Germany is ready to abandon the passive resistance
in the Ruhr." The correspondent added that "the
conditions are the complete restoration to Germany
of her -right of control over the Ruhr, re-establishment of the conditions in the Rhineland vouchsafed
her under the Versailles Treaty, and the liberation
of every German citizen who has been outraged,
evicted or imprisoned." According to the Associated
Press representative also, "Dr. Stresemann made no
mention of evacuation of the occupied areas, merely
stressing the conditions under which Germany is preparing to enter negotiations for the complete restoration of her jurisdiction and the freedom of her citizens there." He observed furthermore that "the new
Chancellor was cordially greeted by the majority of
the House, the only jarring note in his reception being in the form of boisterous heckling by the Communists." The Reichstag gave him a vote of confidence of 240 to 76.
Apparently Chancellor Cuno's defeat finally was
the result of desertion by the Socialists. Announcement was made soon after his resignation and that
of his Cabinet became known that in all probability
the new Ministry would represent a coalition of the
United Socialist, Clerical, People's and Democratic
parties. The Berlin Associated Press correspondent
stated that "the four-party coalition which hereafter
will occupy the Government Bench in the Reichstag
will command a majority which is opposed by only
71 Nationalistic and 26 Communistic votes out of a
total of 469." Dr. Stresemann .went promptly and
actively about the difficult task of selecting a pew
Cabinet. Cable dispatches from the German capital
In some respects the cable advices Thursday mornon Monday afternoon, only a day after the Cuno
Government gave up, stated that he had succeeded, ing regarding conditions in Germany were less disand the names of the new Ministers were given. It quieting. For instance, the Berlin correspondent of
was said that Dr. Stresemann, temporarily at least, the New York "Times" cabled Wednesday evening
702
THE CHRONICLE
that "the Communist fiasco is complete, to the surprise of all political parties and all classes of Germans. It was generally expected that the Communists would be able to make a greater show of strength
in their attempt at a general strike the last few days,
.but at no stage was there any real danger of the
strike becoming general." He asserted also that
"the German workers have begun to lose faith in the
Communist bogey of Bolshevism, which appears to
have passed definitely, though the illusion at one
time infected wide circles." Continuing to outline
the improved conditions, the "Times" representative
said: "The political situation, as well as the food
and money crisis, showed lessening tension to-day.
The mark rate was set officially at 2,700,000 to the
dollar, and there were signs of stabilization. The
Boerse experienced an unexpected boom, which was
remarkable in the face of the rise in the mark. There
was heavy foreign buying, reflecting some revival of
faith in Germany's future. There was a striking and
sudden improvement in the food situation, and the
rise of the mark brought hoarded food stocks to light,
and in many cases sent prices down. Fats, constituting an important item in the workers' diet, went
down 30%. State and municipal authorities are
rushing large shipments of fats into Berlin." On
Tuesday evening "the bill providing for the issue of
an internal gold loan was favorably reported to the
'Reichstag." It was explained that "this is one of
the measures initiated by the Cuno Administration
-alluded to by Chancellor Stresemann in his statement to the Reichstag as marking a promising beginning in restoring financial order in the country. He
made an appeal to all classes to support the gold
loan and declared it was the duty of the Government
to satisfy the call for a stable currency."
Encouraging suggestions relative to the Ruhr situation were to be found in a Berlin cablegram to the
New York "Herald" yesterday morning. It said in
part that "if Dr. Gustav Stresemann, the new Chancellor, actually is seeking to get in touch with the
French Premier, M.Poincare, he very likely will find
an 'encouraging atmosphere for informal pourparlers awaiting him, is the opinion of political leaders
here. These say that the path to the French Premier
already has been made tolerably passable for Dr.
Stresemann through the 'signaling back and forth'
between groups of French and German unofficial
personages who, nevertheless, are not wholly without
ztuthority or prestige. It is taken for granted in
Reichstag circles .that the German industrialists
would use their influence with the French industrialists and financial leaders With the purpose of actively furthering any German attempt which aims to
seek a dignified way out of the Ruhr impasse." In a
Berlin cablegram to the New York "Tribune" yesterday morning its correspondent said that "although no official permission is obtainable at this
moment to make the assertion, the 'Tribune' correspondent has learned from authoritative sources
that the German Government will accept any scheme
for control of the Ruhr by a civil inter-Allied'commission participated in by England:" He added that
"Germany would make one proviso—that it receive
guaranty of early withdrawal of French troops from
the Ruhr. It is reported to be willing to abandon
passive resistance'under such conditions." According to a Paris As:go-dated. Press dispatch yesterday
morning, "Premier Poineare's reply to the latest
[VoL. 117.
British note will stoutly reaffirm the French position
on the reparations issue. It will reject the British
proposals for submission of the legality of the occupation of the Ruhr to the Permanent Court of International Justice and for an international commission
of experts to re-estimate the paying capacity of Germany. The reply probably will be ready by the end
of this week."
But striking political events early in the week were
not confined to Germany. Last Sunday, the same
day that the members of the Cuno Ministry surrendered their portfolios, the British Government made
public a series of diplomatic notes under the general
caption, "Correspondence with the Allied Governments Respecting Reparations Payments by Germany." The London correspondent of the New York
"Times" said "it is believed here that they are destined to create a world-wide sensation." Perhaps
comment would have been a more accurate word.
The "Times" representative said that "an important
section of the last British note deals with the question of the legality of the Ruhr occupation." He
added that "the possibility and consequences of indefinite occupation of the Ruhr,if not its occupation
in perpetuity, are dealt with and the note says:
Majesty's Government cannot believe that the French
and Belgian Governments will be able to reconcile
opinion of the world to indefinite maintenance of so
perilous a situation.'" Continuing his synopsis of
this particular note, the correspondent said that
"finally the note says the British Government are
'reluctant to contemplate the possibility that separate action may be required in order to hasten a settlement which cannot be much longer delayed without
the gravest consequences to the recovery of trade and
the peace of the world.'"
On last Sunday also Premier Poincare delivered
addresses at Marville and Stenay in eastern France,
in both of which, according to the Paris correspondent of the New York "Tribune," while he "did not
refer directly to the British note, which was received
this morning at the Quai d'Orsay, he left no doubt in
the minds of his listeners that France was determined to pursue her policy in the reparations problem by remaining in the Ruhr until Germany paid
her debts to France and Belgium." Continuing to
outline the two speeches, the "Tribune" representative said that "the Premier predicated his speeches
at both places primarily upon the background of the
World War, asserting: 'The dead demand we shall
have peace.' In another reference to the occupation
of the Ruhr the Premier declared: 'We are sure not
only of our rights, but of our methods.' In his address at Marville, M. Poincare, referring to Chancellor Cuno's defiant speech, said: 'Chancellor Cuno
undoubtedly would not have used such senseless
language if the Allies had been unanimous in showing him their will in ordering him not to revolt
longer against the legitimate measures taken by Belgium and France.'"
Seemingly the foregoing events were quite sufficient to cause world-wide comment, if not "sensation." It became known here, however, late Monday
afternoon; and in greater detail Tuesday morning.
that "Chancellor Cuno's last act as head of the German Government was to serve notice on the Allied
Reparations Commission that on and after August it
•
AUG. 18 1923.]
THE CHRONICLE
703
no further obligation for deliveries in kind, even to uassauors on how to 'present the French viewpoint
States which did not participate in the Ruhr occu- on the situation."
pation, could be undertaken. The reason given for
According to a Paris dispatch to the "Times,"
this decision is that such deliveries in kind would
Premier
Poincare "spent the holiday [Assumption
and
prothe
reforms
fiscal
prejudice the success of
Day,
15] working on his reply to the English
Aug.
provoke
'complete
a
would
and
loan,
posed gold
breakdown of the German economic and financial note, which is expected to be delivered at the end of
system.'" The New York "Times" representative at this week and which will probably advance the situParis cabled also that "the note says that Germany ation to the extent of the French refusing to agree
has continued to try since the Ruhr occupation, and to Britain's newest idea that the French had no right
in spite of the difficulties caused thereby, to fulfill to go into the Ruhr." The "Times" representative
her obligations in the way of deliveries in kind so as further asserted that "from the French viewpoint
to prove her good-will, but that now,'with the dollar the British lion seems for once almost toothless
at four million marks, concentration of all Ger- when it is figured what he can do to carry out his
many's forces is demanded to ensure a minimum Government's ideas. London may sign what Mr.
means of existence for the population in the famine Baldwin likes with Berlin, b t neither London nor
which threatens. This aim can only be accomplished Berlin commands the troops which hold the Ruhr.
if all other obligations are relegated to second place. France does not believe England will go so far as to
As a result, the German Government is compelled to lend money to Germany to fight against the French
stop deliveries in kind for the time being, as financ- in the Ruhr. Apart from that, any English support
ing those deliveries is largely responsible for the of Germany must be moral, and it is calculated here
budget deficit and inflation'" He stated, likewise, that the latest British note went about the limit in
that "Germany promises to resume payments in kind moral encouragement of Germany." The New York
as soon as she has put her currency and finanoes on "Herald" correspondent at the French capital cabled
a firm basis." Finally, the "Times" correspondent the same day, however, that "there is not'the, slightobserved that "only the Allies not participating in est possibility of France agreeing to let the question
the Ruhr occupation are affected by the new order, of the legitimacy of the Ruhr occupation be decided
as all deliveries on reparations account to France by the International Court of Justice, as suggested
and Belgium ceased when the Ruhr occupation be- by Great Britain. On the other hand, there is a
steady insistence by the officially inspired press that
aan"
•
at,
In another dispatch the same correspondent de- it is still possible to find a basis for conciliation
clared that "France's unofficial answer to Premier which will keep the Entente together and,at the same
Baldwin's note may be summarized thus: 'We are time. give England the 14,500,000,000 marks gold she
very sorry for your troubles and difficulties, but you is asking to cover her debt to the United States."
should not have been in such a hurry to pay America.
As to the attitude and plans of the British GovernYou should have waited to see how much you were
with respect to the latest developments in this
ment
going to get from your debtors. Meanwhile we are
international situation, the London corcomplicated
going right ahead with our own method of collection
the New York "Herald" said that "the
of
respondent
and
while
fully
we
from Germany,
acknowledge our
debt to you and have no intention of disavowing it we British Government is faced with the imminent posmust regretfully inform you that you must wait to sibility of taking separate action. That it is prebe paid until we have collected in our own fashion pared to do so was fully evident here to-day [Monwhat is due us.'" In still another dispatch to his day]. The first step will be to reply to the recent
paper under date of August 13 the "Times" corre- German offer accepting the suggestion of an imparspondent said that "a French Yellow Book contain- tial commission to assess Germany's capacity to pay.
ing the full documents on the French side in the rep- But the next step will be far more difficult—sumarations controversy was issued this evening." While moning such a commission." He asserted also that
asserting that it contained "little news," he said that, "it is not yet clear what countries are to be reprealthough German guarantees were fixed, "definite sented on such a body, though an American is sure
proposals cannot be made till it is known what Amer- to be invited and may even be asked to be Chairman.
ica will do." The Associated Press correspondent at It is intended to have a German representative on it
the French capital cabled that "a 'Yellow Book' of and also probably one from each of the Scandinavian
diplomatic documents issued to-night by the French States and one from Holland." The New York
Government brings out clearly that the United "Times" representative at the British capital added
States ultimately will be asked by the Allies how that "in fact it is asserted in authoritative quarters
much of the inter-Allied debts she expects to be that the Cabinet has not only considered its future
paid." With respect to the payment of inter-Allied course in the light of expected events, but has already
debts he said also that "the message adds: 'The so- outlined in some detail the steps which it may have
.
lution of this problem is in the hands of England to take as various eventualities take shape."
first of all and the United States afterward. The
Not until Wednesday morning was any word relatter can be approached in a common accord by the
Allies when they have agreed upon formula, and it ceived here as to Italy's attitude toward the British
has become evident everything depends only upon reply to the French and Belgians. The Rome correthe attitude of the Government at Washington.'" spondent of the New York "Times," in a wireless
The correspondent further explained that "the Yel- message said that "although Italian official circles
low Book was issued as a reply to the British action are pleased with Premier Baldwin'a suggestion that
her
in announcing that the worJd would be called upon Great Britain should claim a fixed sum equal to
beand
Allies
Germany
the
situation
with
to
from
debt
present
America
regard
Gerto
the
to judge
of
principle
acceptance
in
an
is
which
this
cause
considered
hitherto
been
not
had
documents
The
many.
interreparations
and
that
view
of
instructions
to
Signor
Mussolini's
Am-.
mostly
the
consist
published,
704
THE CHRONICLE
[VoL. 117.
Allied debts form an inseparable problem, they are of expert financiers to assess the financial ability of
not equally pleased with its details for two reasons: Germany and recommend a plan of payment."
First, because the Baldwin suggestion throws the
whole burden on the shoulders of England's allies of
It was learned here yesterday morning also that
obtaining the sums which England is to receive from "the Reparations Commission has sent formal notice
Germany in settlement of reparations. Second, be- to Germany that under the Treaty of Versailles repcause Mr. Baldwin leaves Allied finances in just as arations constitute a prior lien against any funds
uncertain a state as they were before."
which may be assigned by the German Government
Premier Poincare of France returned to Paris in payment of interest or capital of the proposed
Tuesday evening from his summer home, "and let it German gold loan. The note was transmitted to
be known that he would at once prepare France's Berlin last evening [Aug. 15], having been approved
reply to the British note." On Tuesday.also Premier by a majority vote of the Commission, the English
Baldwin of the British Cabinet had an audience of delegate abstaining."
three-quarters of an hour with the King, at which it
was understood "he explained the whole of the recent
Political developments in Ireland have come to the
action taken by the Cabinet regarding the repara- fore again, after a rather long period of comparative
tions problem." According to a Paris dispatch to quiet and lack of special interest. The Dail Eireann
the New York "Herald" Wednesday morning there having been dissolved the elections set for August 27
was a growing tendency upon the part of Govern- attracted the most attention early in the week. Still,
ment representatives to the belief that "France must the Associated Press correspondent in Dublin cabled
go as far as possible in seeking conciliation." In a August 13 that "there is little sign of any popular
Washington dispatch to the same paper, also pub- excitement over the approaching elections in Ireland,
lished Wednesday morning, it was asserted that. although the day for nominating candidates has been
"President Coolidge will be responsive to any re- fixed for August 18." He also said that there were
quest or suggestion from the European Powers for 600 candidates in the field for 150 seats in the Free
American co-operation in the settlement of the rep- State Parliament. In explanation of this statement
arations problem. At the same time the President he added that"according to present indications there
does not intend that the response to a request for will be four candidates for every seat, and as each
aid should in any way involve the United States in voter has only one first preference vote the result
the controversy or lead this country to assume obli- will depend upon the distribution of the second, third
gations which it has been the policy for the last two and fourth choices." Announcement was made at
and a half years to avoid."
the same time that De Valera was scheduled to speak
at Ennis on August 15. It was added in the Dublin
•
A possible new phase of the tangled situation be- dispatch that "De Valera's election to one of the
tween the French and English was suggested by the Clare seats has been conceded, but it is not thought
Paris correspondent of the Associated Press in a likely he will carry with him any other Republican
cablegram under date of August 15, in which he said candidates. Some of his followers fear an attempt
in part: "Suggestions of an economic war between may be made on his life at Ennis, but it is believed
France and Great Britain are met with frequently in the meeting will be allowed to proceed peacefully."
current conversations with leading French business Attention was called to the fact that "Parliament
men engaged in trade with England and now are does not assemble until Sept. 19. During the intercreeping into the press. Large importers of woolens val President Cosgrave desires to attend the League
from England expressed the view yesterday that of Nations meeting in Geneva, at which it is expected
business between the two countries would neces- Ireland will be elected to membership."
sarily decline on account of the extraordinary rise in
Word was received here Thursday morning that
the pound sterling, and that no organized movement the day before in Ennis, as predicted, De Valera was
was required to bring that result about, as it was taken into the custody of Free State troops. It was
the inevitable outcome of what is declared here to be added in a dispatch from Ennis to the New York
the London campaign - for the depreciation of the "Times" that "early in the afternoon he made his
franc."
promised appearance at a Sinn Fein election meeting here, and the Government, accepting his chalOne of the latest and perhaps most important lenge, promptly put him under arrest." Continuing
developments with respect to the European situa- his account of the incident, the "Times" correspondtion became known yesterday morning through ent said: "After the usual demonstrations and
Washington dispatches. The New York "Times" rather tedious preliminary speeches De Valera arose
representative at the National Capital said that and addressed the crowd. He looked pale and drawn,
"Secretary Hughes has sent an identic note to Great but his voice carried well. He had uttered only a few
Britain, France, Belgium, Italy and Germany sentences, however, when an armored car tried to
through the American Embassies in London, Paris, pass through the crowd and troops began to move
Rome, Brussels and Berlin, making it plain that toward the hustings. Instantly there was panic in
there has been no change of American attitude on the crowd. The troops fired into the air and De Vathe reparations problem as a result of the induction lera dropped, while some of his friends rushed to him,
of Calvin Coolidge into the office of President." He trying to drag him from the platform. The scene as
added that "the note was intended to show beyond De Valera, pale and speechless, stepped from the
question that President Coolidge endorsed the posi- platform and was instantly seized by the troops altion of the United States as set forth in the New most baffles description." The New York "Herald"
Haven speech of the Secretary of State, which stated correspondent in Dublin stated that "it was De Vathat if the statesmen of the Powers were unable to lera's first public appearance in 13 months, during
solve the problem of determining German capacity to which time he has been hiding from Free State
make reparations, they should invite a commission troops." In an Associated Press dispatch from Dub-
Auci. 181923.]
THE CHRONICLE
lin Thursday evening it was said "De Valera will
probably be brought from Limerick, where he is imprisoned at present, to Mountjoy jail within a few
days. The Public Safety Act gives the Government
power to detain him, and it is considered likely that
he will be kept in jail until the condition of the country is more peaceful." Word came from Limerick
yesterday morning that he had been placed in the
jail already. It was added that "events in the Free
State during the next fortnight will probably influence the Government's action with regard to the Republican leader, whose arrest has created a profound
impression in County Clare and throughout Munster."
The July statement of the British Board of Trade
disclosed still further declines in both the exports and
imports of the United Kingdom compared with the
corresponding month of last year. Exports of British
products totaled £59,500,000, against £60,410,000 in
1922. Imports for July of this year were £76,810,300
and last year £81,780,000. There was an improvement, however, in the balance of trade, as the excess
of imports for the month this year was only £8,520,000, against £13,048,000 last year. The following
table shows the July figures for this year compared
with the corresponding month of 1922:
Month of Ado—
Exports, British products
Re-exports, foreign goods
1923.
1922.
£59.500.000 £60,418,626
8,790,000
8.316,638
Total exports
Imports
£88,290,000 £68,735,264
76,810.000 81.783,534
EXCefel of imports
£8,520,000 £13,048,270
Official discount rates at leading European centres
continue to be quoted at 30% in Berlin; 6% in
Denmark and Norway; 5M% in Belgium; 5% in
France and Madrid; 4% in Sweden and 4% in
London, Switzerland and Holland. 1be open market
discount rate in London was a trifle easier and
there was a decline to 3@c314% for short bills, as
against 3X,@3Y
4%, while three months' bills were
3 3-16®33.%, in comparison with 3h@t3 5-16%
a week ago. On the other hand, call money in
London was firmer and advanced to 23
/%, against
last week. In Paris the open market discount
2
remained at 41A%, but in that of Switzerland there
was an advance to 13
4% from 114% last week.
The Bank of England announced a small decrease
in its gold holdings, namely, £1,568, but reserve
increased £1,261,000, as a result of a further contraction in note circulation of £1,262,000. There
was, moreover, an advance in the proportion of
reserve to liabilities to 18.89% from 17.94% last
week. In the corresponding week of 1922 the
ratio stood at 17.17% and a year earlier at 14%%.
The Bank loans to the Government were reduced
£948,000; but other changes were relatively unimportant. In public deposits there was a decline of
£11,000. Other deposits increased £703,000, while
loans on other securities increased £396,000. Gold
holdings stand at £127,644,253, which contrasts
with £127,407,660 held at this time last year, and
£128,407,120 in 1921. Reserve amounts to £22,566,000, as against £21,595,000 and £20,621,995
one and two years ago, respectively. Note circulation is £124,828,000. This compares with £124,
261,000 last year and £126,235,125 in 1921, while
loans have reached a total of £69,119,000, in com
705
parison with £79,616,000 in the corresponding week
of 1922 and £79,525,372 the year preceding. At the
regular weekly meeting of the Bank governors, the
official discount rate of 4% previously ruling was
allowed to remain unaltered. Clearings through the
London banks for the week were £613,757,000,
comparing with £559,735,000 last week and £672,627,000 a year ago. We append herewith comparisons of the principal items of the Bank of England
returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1922.
1921.
1920.
1919.
Aug.15.
Aug.113.
Aug.17.
Aug.18.
Aug.20.
Circulation
124,828,000
Public deposits
10,416,000
Other deposits
109,021,000
Governm't securities 45,835.000
Other secur1t1es
69,119,000
Reserve notes &coin 22,566,000
Coin and bullion-127,644,253
Proportion of reserve
to liabilities
18.89%
Bank rate
4%
124,261.000
14,171.000
111,586.000
42,628,000
79.619,000
21,595,000
127,407.660
120,235.125
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
16.688,566
123,081,478
79,500.771
23,397,012
95.219,451
26,418.356
83,014.743
27,217,910
88.288,681
17.17%
3%
14.75%
5/i%
12.52%
7%
22.90%
5%
The Bank of France in its weekly statement shows
a further small gain of 20,125 francs in the gold item.
This brings the Bank's aggregate gold holdings up
to 5,537,912,800 francs, comparing with 5,530,714,065 francs on the corresponding date last year and
with 5,521,868,773 francs the year previous; of the
foregoing amounts 1,864,344,027 francs were held
abroad in 1923 and 1,948,367,056 francs in both
1922 and 1921. During the week silver gained
138,000 francs. On the other hand, decreases were
registered in the various ite.ns as follows: Bills discounted, 65,719,000 francs; advances, 41,060,000
francs: Treasury deposits, 2,184,000 francs; and
general deposits, 59,081,000 francs. A contraction
of 160,665.000 francs occurred in note circulation,
bringing the total outstanding down to 37,265.406,000
francs. This contrasts with 36,221,340,020 francs at
this time last year and with 36,983,252,830 francs in
1921. Just prior to the outbreak of war in 1914, the
amount was only 6,683,184,785 francs. Comparisons of the various items in this week's return with
the statement of last week and corresponding dates
in both 1922 and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
&Wu as of
for Week.
Aug. 16 1923. Aug. 171922. Aug. 18 1921.
Gold Holdings—
haws.
Francs.
Francs.
Francs.
In France
(no.
20,125 3,673,567,873 3,582.347.008 3.573,501,716
Abroad
No change 1,884,344.927 1,948267.056 1.948,367.056
Total
Inc.
20,125 5,537,912,800
Silver
Inc.
138.000
294,211,000
Bills discounted_ _ _Dec.65,719,000 2.404,535,000
Advances
Dec.41,080,000 2,122,978.000
Note circulation_ _ _Dec 160,865.000 37,265.406,000
Treasury deposits_ _Dec. 2,184.000
14.787.000
General deposits...Dec.59,081.000 1,952,044,000
5.530.714.085
285,577.909
1.952.195,689
2,167.745,435
36.221,340,020
58.546.743
2.229,497.320
5,521,868.773
276.192.906
2.442,623,648
2.181,949,135
36.983,252,830
44,329,633
2,761.754.737
The Imperial Bank of Germany in its statement,
issued as of Aug. 7, broke all its own previous records
and reported increases of the most grotesque description. The expansion in note circulation is advancing
by leaps and bounds, as it were, the gain for the latest
week reaching 18 731,954,368,000 maiks, carrying
up the already gigantic total of notes outstanding
to 62,326,658,755,000 marks, which compares ,vjth
a total of 197,879,000,000 marks a year ago and 77,655,000,000 marks in 1921. Other huge increases
were 25,894,858,085,000 marks in discount and
treasury bills, 6,071,024,352,000 marks in advances,
3,025,226,093,000 marks in other assets, 10,186,446,644,003 marks in deposits and 11,713,173,765,000
marks in other liabilities. Smaller, additions were
shown int notes;of other.banks, 176,271,000 marks;
706
THE CHRONICLE
32,651,991,000 marks in investments and 637,817,000
marks in total coin and bullion (which now includes
aluminum, nickel and iron coin). In Treasury and
loan association notes a decline of 1,418,948,889,000
marks was noted. Gold was unchanged and the
total on hand (the bulk of which is held abroad) is
596,351,000 marks, as against 1,004,859,000 marks
in 1922 and 1,091,554,000 marks in 1921.
In the Federal Reserve Bank statement issued at
the close of business on Thursday, contraction was
shown innearly all items. Rediscounting operations
for the combined system were reduced approximately
$22,000,000, while there was a drop in open market
purchases of $4,000,000, with the net result a decline
of $26,000,000 in the aggregate of bill holdings. Gold
reserves reflected resumption of the import movement and showed a gain of over $8,000,000. Earning
assets were reduced $26,000,000; but deposits fell
only $2,000,000, but the amount of Federal notes in
circulation increased $7,000,000. In the New York
Reserve Bank almost parallel conditions prevailed,
with the exception of the change in gold reserves,
which instead of an increase, fell off $1,000,000. Rediscounts were diminished $27,000,000. Bill buying
in the open market declined $5,000,000; hence, total
bill holdings- fell $32,000,000. Material reductions
were recorded in earning assets and deposits, $32,000,000 and $17,000,000, respectively. Here the volume of Federal Reserve notes in circulation underwent contraction, the decrease being $7,000,000.
Changes in member bank reserve accounts were relatively small. Nationally, the total aggregates $1,851,000,000,a decline of$9,000,000, while at the local
institution a reduction of $21,000,000 was shown, to
$669,000,000. As was the case a week earlier, reserve ratios remained almost stationary. For the
banks as a group the ratio was the same-77.3%. In
New York it advanced 1.4%,to 83.1%.
Last Saturday's statement of the New York Clearing House banks and trust companies among other
noteworthy changes recorded a material reduction
in loans and deposits, together with an addition to
surplus. Net demand deposits decreased $67,253,000,
while time deposits declined $5,977,000, to $459,796,000. The total of demand deposits ift now $3,604,899,000, which is exclusive of $30,243,000 of Government deposits. Loans and discounts registered a
contraction of $45,594,000. Cash in own vaults of
members of the Federal Reserve Bank increased $2,805,000, to $49,302,000 (not counted as reserve).
Reserves of State banks and trust companies in own
vaults decreased $189,000, while the reserve of these
same institutions kept in other depositories fell
$510,000. There was, moreover, a further shrinkage
in the reserves of member banks at the Reserve bank
—$3,872,000—but owing to the shrinkage in deposits,
and the consequent smaller reserve requirements,
surplus reserve increased $4,396,690, bringing the
total of excess reserve up to $20,621,060. The above
figures for surplus are based on legal reserves of 13%
for member banks of the Federal Reserve System,
but do not include cash in own vaults amounting to
$49,302,000 held by these banks at the close of business on Saturday last.
There was little of interest in the local money
market, although the middle of the month fell within
the week. No mention was made in advance of
[Vol,. 117.
probable effect upon money quotations at this centre
of the necessary preparations for interest and dividend
disbursements at that time. As a matter of fact, no
effect was noticed, either before or after Aug. 15.
It is true that the day following a quotation of 5%
for call money was reported during the last hour of
business, but this was not regarded as specially
significant. Most loans throughout the week were
arranged at about 49%. Time money was a little
firmer, but business was on a small scale. Two
developments of special interest were the offering of
$20,000,000 Government of Norway bonds by a
syndicate headed by the National City Co., and the
arranging by the Seaboard National Bank and
Goldman, Sachs & Co. of a loan of at least $20,000,000 to the Texas Farm Bureau Cotton Association
"to finance that organization's marketing of approximately 250,000 bales of Texas cotton." The Norwegian bonds were taken promptly. It was stated
that the cotton loan probably would exceed $20,000.000. Generally speaking, conditions in this country
affecting the money market are unchanged. Withorawals by the Government from local depositaries
were limited to $2,090,000.
Dealing with specific rates for money, call loans
have covered a range during the week of 43/2@5%,
the same as a week ago. On Monday only one rate
was quoted-43
4%,this being the high, the low and
the renewal figure for the day. Tuesday there was
a decline to 43A%, but renewals were again negotiated at 4%, and this was the high. All loans
4% on Wednesday. Thurson call were made at 43
day firmness developed for a time and a maximum
rate of 5% was named just before the close, although
the renewal basis was still 4%;the minimum was
4%,
4%. Friday the call rate went back to 43
43
and call funds opened, closed and renewed at this
figure. The rates here given are for both mixed
collateral and all-industrial securities alike. For
fixed date maturities trading was dull and quotations
unchanged up until Wednesday, when a firmer undertone was noted and the rate for all periods from sixty
days to six months was advanced to 534%, as against
5@534%, the previous quotation. The volume of
business passing was light. The former differential
between regular mixed collateral and all-industrial
money is no longer observed.
Mercantile paper rates have not been changed
from 5% for sixty and ninety days' endorsedlbills
receivable and six months' names of choice.,_character, with names not so well known at 534%. Country banks continue the principal buyers, but the market was quiet and featureless.
• Banks' and bankers' acceptances ruled ati the
levels previously current. Both out of townrand
local institutions were in the market as buyers.
Operations, however, were not large, so thatithe
aggregate turnover was of moderate proportions.
For call loans against bankers' acceptances:the
posted rate of the American Acceptance Council
has not been changed from 434%. The Acceptance
Council makes the discount rates on prime bankers •
acceptances eligible for purchase by the Federal
Reserve Banks 43.'% bid and 4% asked for.. bills
running for 30 days, 434% bid and 43.% asked foi
bills running 60 to 90 days, 4/% bid and 43/g%
asked for 120 days, and 434% bid and, 43..jcjor, asked
for bills running for 150 days. Open marketrquotations were as follows:
AUG. 181923.)
THE CHRONICLE
SPOT DELIVERY.
90 Days.
0;4434
Prime eligible bills
60 Days.
4%4%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Dams
4%
4% bid
43i bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
AUG. 16 1923.
Paper maturing—
Within 90 Dep.
After 90 After 6
Days. but
but
Within 6 Within if
Months. Months
Cons'rcial Secur. by
Agricui. LI. S. Bankers
ctlitossrk Govt.
AccepPayer. Obliga- lances.
lions.
n.6.8.
Agricul.* Arleta
Trade
and
and
Accep- Livestock Divested
lances. Payer. Paper.
FEDERAL RESERVE
BANK.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dada 4
San Francisco
4%
4%
4%
4%
414
4%
414
414
.434
434
434
434
4%
4%4%
4%
i;;
4%
4%
4%
4%
4%
4%
of
4%
4%
5
4%
5
4%
4%
434
4%
434
434
434
494
4%
4%
4%
4%
4%
4%
4%
4%
434
4%
434
4%
4%
434
436
434
434
434
434
4%
434
434
434
4%
4%
4%
434
414
434
434
434
491
(A
4%
•Including bankers' acceptances drawn for an agricultural Purpose and secured
by warehouse receipts. &c.
•
Sterling exchange. values were not materially
affected by the upheaval in European political conditions, and in the week under review quotations
were maintained at a fraction above the levels prevailing last week, until yesterday, when a slightly
weaker tone developed as a result of renewed foreign
selling. Demand bills opened at 4 563
4, moved up
to 4 56 15-16, then sagged off to 4 55%. As this
comparative stability was achieved in the face
of what for a while looked like an open breach
between Great Britain and France, as well as a
change in German Governmental leadership, it was
taken by bankers here to indicate anew the underlying strength of Britain's financial and economic
position. It must be admitted, however, that a good
deal of the steadiness in rates has been due to mactivity. Much of the time sterling was in neglect,
attention being centred on the wild gyrations in
Continental currency, and speculative operators were
largely out of the market. Buying of Liberty.bonds
by English interests has for the moment apparently
subsided, while selling of sterling bills,to accumulate
dollar credits has been smaller in volume. The expected increase in offerings of sterling bills against
seasonal shipments of grain, cotton and other commodities has not as yet materialized, largely because
of the unsettled conditions prevailing abroad. In
the late dealings prices steadied somewhat on what
was regarded as improvement in the general European
outlook, but at the extreme close turned weak on
somewhat larger offerings.
Bankers everywhere continue to express the
opinion that no real increase either in activity or
values is likely until the present Anglo-FrenchGerman crisis has been tided over. In some quarters talk of a "break" or "another war" is regarded
as wholly unwarranted, and belief is reiterated
of a reasonable amicable settlement in the not
distant future. As against this, persistent rumors of
the possibility of a trade war between France and
England aroused considerable uneasiness and was
resp.onsible for increased caution on the part of leading
707
factors in this market; although this was in some
measure counteracted by the calling off of the German general strike and restoration of order in that
distracted republic. Nevertheless, in the absence -of
a definite decision in the grave issues now pending,
operators are almost certain to refrain from active
participation in exchange dealings.
Referring to the day-to-clay rates, sterling exchange
on Saturday last was easier and demand declined to
4 563%®4 56 13-16, cable transfers to 4 57®4 57 3-16
and sixty days to 4 54®,4 54 5-16; trading was
almost at a standstill. On Monday ,.price levels
were maintained without appreciable alteration and
the range was 4 56 11-16®4 56% for .demand,
4 56 15-16®4 57% for cable transfers and 4 54 1-16®
4 54 for sixty days. Fluctuations were unusually
narrow on Tuesday, so that demand bills ruled at
4 56 11-16®4 56 15-16,cable transfers at 456 15-16®
4 57 3-16 and sixty days at 4 54 1-10(4)4 54 5-16;
the volume of business transacted was small. Wednesday's market was dull and irregular, with a fractional
/8 for demand, 4 563'®
recession to 4 56%®4 567
transfers
and 4 54(4)4 541% for
4 571
/
8 for cable
sixty days; uneasiness regarding the European situation throughout acted as a check upon operations.
Inactivity .characterized dealings on Thursday, although the undertone was steady and demand ruled
4, cable transfers to ,4 56%®4 57
at 4 56%@4 563
7
On Friday
and sixty days to 4 54Yi()4 54/.weakness set in and quotations were lower at 4 55%
®4 563/
8 for demand, 4 55%®4 56% - for cable
. days. Clostransfers and 4 533%®4 543' for sixty
4 for sixty days, 4 55%
ing quotations were 4 533
7i for cable transfers. Coinfor demand and 4 55/
mercial sight bills finished at 4 5532, sixty days at
4 52%, ninety days at 4 51%, documents for pay4 and seven-day grain -bills at 4 55.
ment at 4 523
Cotton and grain for payment closed at 4 553.
Gold arrivals this week included $1,540 000 on the
Olympic and 70 boxes of gold on the Berengaxia,
both irom England. The Veendam from Rotterdam
brought 162 boxes of bar gold (value notdesignated).
Advices from the other side state that the Homeric
is on its way here bringing gold valued at £286,000.
Continental exchange was nervous, excited and
irregular, with violent fluctuations in marks and
francs a matter of almost daily occurrence. In the
local market trading was only intermittently active,
but at practically all important foreign centres, huge
quantities of exchange were offered for sale, with few
takers even at the most drastic concessions. This
week attention was transferred, largely, to francs:
and Reichsmarks, though again at grotesquely low
levels, moved less erratically than in the preceding
week. French currency was subjected to exceedingly
severe pressure and broke repeatedly, finally receding
to a new low record of 5.41 for sight bills, although
recovering some 15 points before the close. This is
26 points under last week's closing figure and represents a loss of nearly 150 points from the levels
prevailing a few months ago. As for marks, the
opening quotation was 0.000040, followed by a drop
to 0.000025 then a rally to 0.000045, after which
the rate alternately fluctuated , abovb and below
0.000038, or between 24c. and 31c1 per million marks.
The early weakness, of course, reflected the collapse
of the Cuno Government and the C'oincident internal
political disorders. Subsequently with the firuppression of rioting and resumption of order, coupled with
708
THE CHRONICLE
[Vol.. 117.
Movements in the neutral exchanges, formerly
tion of a more conciliatory attitude by Chancellor
ema,nn, the quotation steadied, and it was so-called, were in line with those at other Conmed that supporting orders were put forth for tinental centres, so far as guilders, francs and pesetas
bstantial amounts. Bankers and traders alike were concerned, which all showed net declines for
take an optimistic view of the change in the German the week. The Scandinavian currencies apparently
Cabinet, but are extremely wary in the matter of moved independently. Swedish exchange improved
actual dealings. A majority of the banks are said as a result of a change for the better in trade position.
to have ceased trading in German exchange; others Danish currency was strong for much the same
deal on customers' orders only. Hopes of a speedy reason, while Norway reflected flotation of a subsettlement are waning and many look for a long stantial loan by an advance of more than 30 points.
drawn out struggle and are said to be preparing to Pesetas were heavy, again losing ground on conshape their course accordingly. In the meantime tinued political dissension, labor troubles and probholders of German currency are unceasing in their lems arising out of the Moroccan campaign; although
efforts to transfer their funds into other more stable some were of the opinion that withdrawal of German
forms of exchange and this combined with the ever- balances in Spain was responsible for a certain proincreasing volume of note circulation put out by the portion of the weakness. Conversely, transm:ssion
Reichsbank, naturally militates against any perman- of funds for German account aided in relative firment improvement in the value of the mark. In the ness in Dutch and Swiss exchange.
Bankers' sight on Amsterdam finished at 39.26,
final dealings renewed weakness set in and the close
against 39.3332; cable transfers at 39.35, against
was near to the lowest of the week.
One of the chief factors in the decline in French 39.4432; commercial sight at 39.19, against 39.293',
exchange has been the reputed selling of francs by and commercial sixty days at 38.98, against 39.01%
London. Hostile reception of the British note; a week ago. Swiss francs closed the week at 18.09
possibility of separate action in the matter of repara- for bankers' sight bills and 18.10 for cable remittions by Great Britain and announcement that tances. This compares with 18.273/i and 18.293/
Germany was to cease payment of all reparations, last week. Copenhagen checks finis'aed at 18.57
also contributed to the depression and had an un- and cable transfers at 18.61, against 18.26 and 18.30.
settling influence. Moreover, speculators were re- Checks on Sweden closed at 26.62 and cable transfers
ported as active and responsible for at least some at 26.66, against 26.57 and 2661, while checks on
measure of the general confusion. In sharp con- Norway finished at 16.40 and cable transfers at
trast to this unfavorable situation, Antwerp francs, 16.44, against 16.24 and 16.28 the week before.
after an initial quotation of 4.46, recovered to 4.59, Final quotations for Spanish pesetas were 13.59 for
a gain of 31 points over last week's close, mainly checks and 13.61 for cable transfers. A week ago
on reports that negotiations were under way for the the close was 13.76 and 13.78.
establishment of credits for the purpose of supAS to South American exchange a fresh accession
porting Belgian currency values. Threats OD the
weakness developed and quotations for Argentine
of
part of the Belgian authorities to punish any one
checks
were forced down to 32.65 and cable transfers
found guilty of gambling in foreign exchange served
to
32.70,
against 33.05 and 33.10 last week. While
to restrict speculative activity; but the improvement
was not wholly sustained and it was not long before to specific reason was assigned for the decline, it is
there was a relapse to 4.37 on renewed selling. understood that the same general factors that have
Lire were not actively dealt in, and the quotation affect' d that market adversely of late are still at
4. •work. In Brazil bankers are reported as endeavoring
remained at around 4.27, with the high 4.313
Austrian exchange ruled unchanged. Greek ex- to stem the decline in exchange by establishment of an
change at first showed a moderately improving arbitrary rate of exchange. The movement has not
tendency. In the minor Central European cur- been attended by success and milreis declined to 9.95
rencies, Czechoslovakian and Finnish exchanges for checks and 10.00 for cable transfers, against
were well maintained, but Rumanian lei and Polish 10.10 and 10.15 the preceding week. Chilian exchange was slightly lower, finishing at 12.35, against
marks sustained losses.
The London check rate on Paris closed at 82.72, 12.40. Peru, however, was stronger, at 4.18,
as against 80.00 a week ago. In New York sight against 4.02 last week.
Far Eastern exchange was as follows: Hong Kong,
bills on the French centre finished at 5.48, against
52©52
against 52(ii35214; Shanghai, 70©703,
comat
cable
transfers
5.493
5.68;
,
4 against
5.67;
mercial sight bills at 5.469, against 5.65, and against 70@70 ; Yokohama, 49©49%, against
commercial sixty days at 5.433
4, against 5.62 last 49©49%; Manila, 494A,493 (unchanged); Singaweek. Closing rates on Antwerp francs were 4.37 pore, 533'©53% (unchanged); Bombay, 31 ©31%
for checks and 4.38 for cable transfers, comparing (unchanged); and Calcutta, 31©313 (unchanged).
with 4.28 and 4.29 a week earlier. Reichsmarks
finished the week at 0.000026 for both checks and
The New York Clearing House banks in their
cable transfers, against 0.000075 last week. Austrian
banking institutions, have
kronen closed at 0.00143, against 0.001434 last operations with interior
gained $567,507 net in cash as a result of the curweek. Lire finished at 4.284 for bankers' sight
rency movements for the week ended Aug. 16.
bills and 4.293 for cable remittances. Last week the
interior have aggregated
4 and 4.263. Exchange on Czecho- Their receipts from the
close was 4.25k
have reached $761,shipments
$1,329,303, while the
slovakia finished at 2.943, against 2.94; on Bucharest
table:
as
796,
per
the
following
at 0.42, against 0.5014;on Poland at 0.0004, against CURR.ENCY
RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
0.00043, and on Finland at 2.77, against 2.78 the
INSTITUTIONS.
week previoust 'Greek drachmae closed at 1.72%
Gabs or Lou
Ota of
Into
to Banks.
Bank*.
Banks.
Week eluting August 18.
for checks and 1.73 for cable transfers, against
8587.607
61.760 Gain
81.329,303
Banks'
Interior
movement
ago.
1.84 and 1.85 a week
Am. 18 1923.]
THE CHRONICLE
709
As the Sub-Treasury was taken over by the FedThe Increasing Work of the Presidential
eral Reserve Bank on Dec. 6 1920, it is no longer
Office.
possible to show the effect of Government operaThe
of
untimely
Mr. Harding brings to mind
death
tions on the Clearing House institutions. The Fedagain
a
the
consideration
responsibilities and duties
of
eral Reserve Bank of New York was creditor at the
which
upon
are
the
imposed
President of the United
House
follows:
each
day
as
Clearing
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK States by the Constitution, by statutory enactment
AT CLEARING HOUSE.
and by precedent, custom and tradition. Within
the past decade thoughtful students of public affairs
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
Avg. 11. Avg. 13. Aug. 14. Aug. 15. Aug. 16. Aug. 17.
for Wca.
have frequently called attention to the fact that the
67,000,000 68,000,000 54,000,000 62,000,000 73,000,000 66,000,500 Cr. 390,000,000 office of our Chief Executive has become so burdened
Note.-The foregoing heavy credits reflect the huge mass of cheeks which come with an accumulation of duties that it was physically
to the New York Reserve Bank from all parts of the country in the operation of
impossible for one man to discharge them.
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 HOU180
It was the intention of the framers of the ConstiInstitutions, 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 tution that the office of the President of the United
New York are not accounted for in arriving at these balances, as such cheeks do
States should be one of the three co-ordinate branches
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.
of the Government, the other two being the legislative branch and the judicial branch. While the
Pursuant to the requirements of Section 522 of the functions of the legislative and the judicial branches,
Tariff Act of 1922, the Federal Reserve Bank is now being limited to making and interpreting the laws,
certifying daily to the Secretary of the Treasury the have remained practically unchanged, the functions
buying rate for cable transfers in the different coun- of the President have been in a condition of constant
tries of the world. We give below a record for the growth and development. The potential powers of
week just past:
the President under the Constitution- are capable of
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE great expansion and are sufficient
to meet any condiBANKS TO TREASURY UNDER TARIFF ACTS OF 1922,
tion requiring executive action which , may confront
AUGUST 11 1923 TO AUGUST 17 1923. INCLUSIVE.
the nation, whether emergent or normal. The evoNoon Buying Rate for Cable Transfers in New York.
Value in United States Money.
lution of modern governments and of the manageCountry and Monetary Unit.
Aug. ii.lAug. 13. Aug. 14. Aug. 15. Aug. 16. Aug. 17. ment of modern business enterprises, with all of
EUROPE2
2
8
5
$
2
technical procedure, development of policies
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014 their
Belgium, franc
.0450
.0455
.0459
.0452
.0448
.0441
of management and control, have
principles
and
Bulgaria, lev
.009067 .008700 .009800 .009833 .009817 .009550
Czechoslovakia. krone
.029258 .029178 .029217 .029239 .029247 .029347
in
the office of the President. The
reflected
been
Denmark, krmie
.1834
.1836
.1848
.1867
.1861
.1857
England, pound sterling_ 4.5705 4.5690 4.5692 4.5694 4.5691 4.5628
Finland. markka
.027731 .027688 .027688 .027725 .027721 .027719 President has not only kept pace with this march
France,franc
.0567
.0555
.0552
.0550
.0550
.0551
Germany, reichsmark
.00000011 .00000019 .00000049 00055035 .ons000rt .00006028 of progress, but has often taken the leadership, as
Greece, drachma
.017044 .017044 .017611 .017233 .017144 .017244
Holland, guilder
.3935
.3930
when President Harding inaugurated his executive
.3930
.3931
.3936
.3936
Hungary, krone
.000057 .000055 .000058 .000057 .000057 .000056
Italy, lira
.0427
.0425
.0429
under the budget system in 1921.
procedure
.0430
.0429
.0429
Norway, krone
.1627
.1639
.1657
.1663
.1660
.1649
Poland, mark
.0000043 0000041 .0000041 .0000041 .0000041 .0000040
President
of the United States is burdened with
The
Portugal, escudo
.0401
.0404
.0409
.0416
.0414
.0412
Rumania,leu
.004916 .004783 .004625 .004291 .004038 .004153 duties which in other countries, and in private busi.1369
Spain. Peseta
.1353
.1356
.1366
.1359
.1358
Sweden,krona
2662
.2665
.2670
.2668
.2667
.2664
ness in this country, are performed by several differSwitzerland, franc
.1818
.1807
.1811
.1809
.1813
.1813
Yugoslavia, dinar
.010659 .010694 .010681 .010586 .010578 .010542
ent
persons. He is his own Prime Minister, his own
ASIAChina, Chefoo tadl
.7254
.7183
.7179
.7167
.7188
.7188
Minister, and since the inauguration of the
Foreign
.7208
" Hankow tadl
.7142
.7138
.7121
.7142
.7142
" Shanghai tadl
.6984
.6994
.6997
.6985
.6999
.6995
his own Minister of Finance. He
system,
budget
.7313
" Tientsin tael
.7242
.7238
.7225
.7246
.7246
" Hongkong dollar_ .5195
.5205
.5205
.5198
.5200
.5200
assume
immediate
must
•• Mexican dollar..
responsibility for, in fact he
.5064
.5062
.5070
.5037
5085
5071
" Tientsin or PelYan
dollar
himself,
5087
decide
must
.5083
all
.5079
questions of policy which
.5058
.5058
.5088
•• Yuan dollar
5083
.5075
.5071
.5033
.5100
.5104 .
India, rupee
.3058
.3057
.3057
three
arise
out
of
these
.3056
offices
as administered abroad.
.3055
.3051
Japan, yen
.4885
.4884
.4885
.4882
.4888
.4890
magapore(S. S.), dollar_
.6333
.5325
.5329
Commander-in
.5329
He
is
.5333
also
-Chief
of the Army and
.5325
NORTH AMERICACanada, dollar
.976635 .976299 .976681 .97718 .977119 .977049 Navy, in peace as well as in war.
This places him in
Cuba. peso
.999000 .999000 .998938 .99893 .998813 .998813
Mexico, Peso
.484531 .482656 .482656 .482658 .483542 .482656 a position of direct
responsibility for the administraNewfoundland, dollar
.974141 .973750 .974453 .97468 .974688 .974609
SOUTH AMERICAtion of these two great departments of State. In ad.7438
.7510
Argentina, Pesti (gold)
.7472
.7439
.7437
.7438
.0992
Brazil, milrels
.0993
.0988
.0988
.0989
.0990
dition, he must also bear the chief burden of respon.1232
.1233
Chile, peso (PaPer)
.1233
.1236
.1236
.1235
.7445
Uruguay. Peso
.7455
.7399
.7356
.7343
.7358
sibility for the formulation and the execution of all
of the domestic policies-yearly increasing in number
importance-such as 'are segregated under the
and
following
table indicates the amount of bulThe
Departments
of the Interior, Labor and Agriculture.
the
in
principal
lion
European banks:
•
All this has reference to the executive office as
August 16 1923.
August 17 1922.
related to the ten departments of the Government
Banks o
Gold. I Sliver. I Total.
Gold.
Silver,
Total.
under the Cabinet officers. Another feature, often
E
E
England 127,644,253
127,644,253127.407,660
lost
sight of, is that one of the chief burdens of the
127,407,660
France a __ 146,942,7151 11.760,000158,702,715143,294,381 11,400,000154,694,381
Germany - 33,567,150 b3.475,400 37,042,550 50,111,380
976,650 51,088,030 President arises out of the fact that he is, under laws
Aus.-Hun- 10,944,000 2,369,000 13,313,000 10,944,000 2,369.000 13,313,000
Spain - - 101,031,000 26,531,000127,562,000 100,934,000 26,020,000126,954.000 enacted by Congress, directly responsible for the
ItalY ----- 35,532,000, 3.027,000 38,559,000 34,568,000 3,049,000 37,617,000
896,000 49,379,000 50,496,000
Nettie& ds 48,483.000,
687,000 51,183,000 administration of no less than thirty-three independNat. Beig- 10,789,000, 2,538,000, 13,327,000; 10,664,000 1,829.000 12,493,000
Switzer!' d 21,026,006 4,056,000, 25,082,000 20,721,000 4,634,000 25,355,000 ent establishments of
the Federal Government.
15.158,00&
15,158,000
15,218,000
Sweden- - 15,218,000
262,000 11,911,000, 12,683.000
Denmark _ 11,649.0001
218,0001 12,901,000 These are under no Cabinet officers and some of them
I
8,182,000,
8,182,006
8,183,000
_
NorwaY
8,183,000
as large in organization and as important as some of
Total week 570,948,118 54,914,400625,862,518 585,224,421 51.182,650 36.407,071
54,969,400
571,939,8811
626,909.281585.266
.731 51.094,65J636.361.381
. week
l'rev.
the regular Government departments. For example,
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held the President must bear the burdens of the troubleabroad. b It Is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began including in Its "Metal .some administration of the Veterans Bureau, which
Reserve" not only gold and silver but aluminum, nickel and Iron coin as well. The
means that he must personally analyze the compliBank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver, there cated political and business questions involving the
is now no way of arriving at the Bank's stock of silver, and we therefore carry it
administration of a fund of a half-billion dollars,
along at the figure computed March 7 1923.
710
THE CHRONICLE
and must make a definite decision involving both
personnel and policy for which he must take responsibility to the public. Again as an illustration, while
the President was attempting to take a brief vacation
recently in Florida, the Tariff Commission became
involved in a discussion of policy as to the administration of the new law relating to minimum and
maximum tariff rates. The President had to take
this question up, study it and make a final decision.
To those familiar with the inside operations of the
-executive offices at the Waite House, it is astounding
to see .the number and character of questions, involving high policies of government, which are daily
laid before the President for interpretation and final
action.
The matter discussed above relates primarily to the
political aspects of government; that is to say, the
formulation and the execution of Government policies. There is another aspect of the office of the
President, brought out into clear relief for the first
time by President Harding, which is of even greater
practical importance. It is the question of business
management. The Government of the United States,
in rendering services to the people in accordance with
the Constitution and the various enactments of Congress, has become the greatest business enterprise in
the world. In the extent of its operations and in the
variety and complexity of its activities it is not
approached by any private business organization.
In the annual budget of more than three billion
dollars, there is pictured in outline the work of this
great machine. The President is not only personally
responsible for the preparation of this budget, approving every business policy embodied in it, but in
order that these policies may be efficiently and economically executed he has become the business
manager of the Government.
President Harding was the first President of the
United States to organize the executive branch of the
Government upon a business basis. This was a
responsibility which he voluntarily took upon himself in response to what he regarded as a great public
necessity. As a business man the chaotic management of the Government as conducted in the past
was intolerable to him. When President Harding
has been assigned his place in history, not the least
of his achievements will be that he, in a time of
great business demoralization and high taxation, and
when the funds from the National Treasury were
being spent without system or proper control, took
his place at the head of the business of the Government and placed it under.a system of management
firm and sure, not only for his but for future generations. This additional responsibility as governmental business manager has now, under the budget
System, become one of the established burdens of the
office of the President.
' But there is another phase of the President's office
no less burdensome and perhaps of even greater significance to the rank and file of the people. In every
country, whether of democratic or monarchial government, it seems fundamentally necessary for the
people to have a definite human symbol of their nationality. So deeply seated is this impulse in all
peoples that it might well be recognized as a fundamental national need. In democracies like Great
Britain, Italy and other European countries, this need
is met in the royal family. The titular head of the
Government is'the King or Emperor. He has little
or nothing to do with the formulation or the execution
[Vox,. 117.
of the policies of the Government and nothing to do
with its business management. This situation is met
in France by imposing upon the President large social
functions but leaving real affairs of state to the
ministers.
In the United States, the President is the symbol
of national sovereignty. He represents in his person
the majesty of the American people during the period
in which he holds the office of Chief Executive. This
conception of the Presidency has existed from the
days of the first President. It is primarily for this
reason that in whichever part of the country the
President goes, the people flock to him, desiring to
see his face. The physical and nervous strain which
this situation places upon the President is perhaps as
great as that placed upon him by any of the other
burdens of state.
No analysis of the duties of the President can be
complete without a consideration of the responsibilities that rest upon him in the carrying out of the
policies of his party.
We are not among those who believe that the
President should consider himself the head of his
party and should guide and direct its affairs. That
is one of those evil precedents created by the Roosevelt Administration and accepted in part by the
Wilson Administration, which it is to be hoped will
never again be duplicated under any future administration. During the Roosevelt regime the
President was in daily conference with the managers
of the party and at the times of the national nominating conventions he directed every detail of the
conventions, prostituting the powers of the Government and of the Presidential office to promote
the rule of the party or rather his own rule within
the party, for with Roosevelt the personal ego was
always the only consideration that counted at all.
Even during the holding of State conventions the
Roosevelt pronouncements came with unparalleled
effrontery from the White House. This is a wholly
wrong and a pernicious conception of the relations
that should exist between the President and the party.
The occupant should consider himself the representative of no section or party, but of the whole people and
should divest himself of all connection with party
affairs. Whether the party is to benefit or not from
any given course of action should give him no concern .whatever, so long as the prosperity and welfare
of the country are thereby promoted. The new
occupant of the office and future occupants of the
Presidential chair will lighten their duties very
materially if they will insist upon a complete disassociation of the office from all party considerations,
the .President refusing absolutely to see party managers bent on a mission relating merely to the party
itself.
Nevertheless, experience has shown that the
President cannot escape a certain responsibility in
carrying out the program of his party, this constituting the platform on which he gained his vote. Thai
is a duty which is not imposed upon him either by
the law or by the Constitution, but grows out of the
logic of his position. He, alone, can officially
recommend measures to Congress for enactment and
his wishes naturally count for a great deal in influencing the work of his party members in both branches
of Congress. Chairmen of the important committees naturally appeal to him for support for the
reason that the support of the President for any
measure adds greatly to its prestige and to the
AUG. /8 1923.1
THE CHRONICLE
711
served by a mechanical helper that may make him
work faster or slower, but holds him More rigidly to
his unchanging small task.
"Organization" by modern methods of "unionism,"
in short, must answer to the future for the development of classes dependent upon "organization," and
not alone for inordinate wages' sake, not alone for
the curtailment of the freedom of choice and the
decrease of opportunity, but also for the waning of
courage, industry, mentality, of the men who work.
Lay the blame of just this loss upon "capital" if you
will, but remember that when the individual workman,in infinite variety,"ceases to work,"In order to
pursue his own task in his own way and in his own
good time, there will be no coercive "strikes," and
wages will advance naturally because capital must
pay the price of individual skill and acumen thus free
to exploit its own power and prowess. "Organization," though salutary in part, cannot develop men
who must develop themselves. We are attempting to
solve problems of life and work by futile means when
we demand organizations without demanding free,
independent and self-reliant men. And the difference between the corporation and the modern
"union" is that the former only asks that the man
put a part of himself (his saved up labor) into a fund
for larger enterprise, and leaves him master of himself to originate and pursue an individual task, while
the "union" demands that he put his very self—his
liberty to work for any employer he may select; his
hours of toil; his product thereby; his right to sell
To Each His Task.
his own labor to the highest or lowest bidder-emIn one of his Montana speeches a short while be- ployer as he will; his right to choose for himself repfore his death President Harding said: "The right resentatives "inside the plant," co-workers and
of men,and brains, and skill, and brawn, to organize, equals, to deal with his own employers under his own
to bargain through organizations, to select their instructions; that he put all these rights and priviown leaders and spokesmen, is no whit less absolute leges into the hands of a power outside himself, in
than is the right of management and of capital to that it is unrelated to his special task and work, the
form and work through those great concentrations "organized Union."
of interests which we call corporations." We quote
There is the prevalent idea that by "unionization"
this, not because the thought is new, but because it we reach co-operation to consider. Drop a pebble in
is in seeming recognition of a nation-wide trend of a pool and the wavelets run to its farthest-rim. It is
mind looking to "organization" as a means of relief so with a thought, with a life, dropped into the comfor economic ills. A certain amount of "organiza- plex we call civilization. Yet the simile is inadetion" is a natural aid in the conduct of affairs. Too quate; and the comparison'distasteful to most of us.
much of it may destroy the progress of the individual Strange as the contradiction may seem to our analman, not only by making him a slave, mannikin, ysis, we have over-developed the ego. And here again
parasite, but by depriving him of the strength gained all "organization" must fail us. For if it does not
by pursuing his own task in life as well as the oppor- promise to give us what we want,we soon break it up
for something better; and we are constantly whiptunity to initiate industrial enterprise.
There are so many phases to this question of "labor ping the winds for new ways and means. We "orand capital" that it is well to look upon them one at ganize" only because of the promise to get us what
a time, though the method may seem to throw a sin- we want and should get for our own selves, "wages,"
gle one into paramount importance. But if there is "working conditions," advantages due to "occupaa single phase that cannot be ignored, it is the effect tions," and failure succeeds failure because we want
of any economic plan offered upon the man himself. special privileges and powers, and these are conflictTo this both capital and labor must answer. Mr. ing elements—the only real co-operation being
Gompers invites farmers to "organize" and come and through the unity of men pursuing individual tasks
sit at the "council table" with labor. How far and under the natural laws that encompass all effort and
away this is from bringing to the farmer relief we inside the shaping by environment that cannot be
need not discuss. In passing only, we ask will the escaped. And these thoughts, efforts, endeavors, inmen of the factories, through their spokesmen, meet creasing infinitely to one accomplishment—human
the men of the farms, and agree to advancing the welfare. It may not be pleasant to contemplate this
price of bread that wheat may sell higher? Not this socialized atomic theory of attraction and repulsion
—rather what effect will such "organization" have of individual tasks and endeavors; we would all be
upon the conduct of the farmer in bringing the unit leaders, rulers, overlords, through our domination of
of his own farm to its highest production? The other men; but the enduring fabric of culture we
farmer has peculiarly an individual task and there weave above our lives is all that we leave when the
is no way of making him an automaton as, to somr life-task of our generation is done. And the imporextent, may be done with the man in a factory. who is tant thing is the reaction of toil and task upon our-
probability of its enactment. A considerable part
Of the time of the President may thus be legitimately
consumed by conferences with the members of his
party in the House and in the Senate.
We have never seen a detailed statement of all of
the duties of the President of the United States. The
list would be long and formidable, and it would
almost seem as if there are not enough hours in the
day for one man to discharge them.
What is the remedy for this condition of affairs?
We very much fear there is no remedy, for we doubt
the wisdom of stripping the President of any of his
functions and prerogatives. The question is now
under consideration by the joint committee on the
reorganization of the executive departments of the
Government, and a tentative recommendation has,
we believe, been reached. While nothing definite
has transpired regarding the proposal, it is understood
there would be added to the office force at the White
House one or more assistants to the President, who
would relieve him of many of the details which he is
compelled to perform in person. This is well enough
as far as it goes. Manifestly, however, the problem
cannot be solved by the simple employment of one
or two executive assistants. If the President could
obtain as aids a few men of the type of Charles G.
Dawes, the first Director of the Budget, he would
undoubtedly get considerable relief, but even then
the responsibility would still be his, and it is responsibility that kills.
712
THE CHRONICLE
selves, our souls, though life be a success or a failure—rather than the specialized benefits of class and
group we gain by "organization" and the reaction of
these upon mankind as a whole. Moving on under
the "divine plan" of Nature's laws is the highest "cooperation."
Concentred organizations of classes and groups
in time destroy each other, because only the progress
of man by and through men, working in concord
under divine natural law, is the ordained goal. The
selfish interests must conflict, hence the downfall of
those "organizations" that do not seek the highest
good of the whole. The same is true of "organizations" of capital, be they monopolies, combines or
trusts, unless they serve they cannot long survive.
"Corporations," mark, are not either of these—the
corporation device preserves the individual and produces: strength through r nity; long or perpetual
life; limited personal liability. "Organizations" of
labor and of capital will, therefore, come and go—we
need not fear them—save as in their efforts they destroy men. And our contention is that so long as we
preserve the freedom of our democratic individualism to men themselves, no matter what oppression
"capital combines" may temporarily visit upon them,
they can and will wrest themselves free from it. But
when they surrender their freedom of body and soul
to "organizations" (unions) that demand all service
to the organism—then they are slaves and destroy
themselves.
[vol.. 117.
wet blanket about us depriving us of zest and zeal
for our own enterprises. Specialists, in solving our
business and economic problems, revert at such a
time as this to the "psychology" hidden somewhere
in the matter. The plain truth is that we are thinking too much of the far away and not enough about
the near and dear.
For, while we are aware that big business must
think big and act big—to the most of us the sunshine
and clouds of our own day and place are of the utmost importance. And if we will but "make hay
while the sun shines" we will not have time for the
troubles we cannot relieve and which touch us but
remotely. It has repeatedly been pointed out to us
by students of affairs that as a people our own domestic trade is sufficient to engage all our energies
for years to come though we export and import less
than normal. We are told that we can actually do
little to improve the situation abroad, and that little
is by sending our surplus products there, and re-establishing our former trade. So that the intensive
study of our own problems alone will give us this surplus. And whether collectively we have a surplus or
do not, we cannot get on individually unless we produce more than we consume. And if not for each of
us, still for some of us, the life-giving rains do fall.
An altruistic internationalism is in the grand
style, but it butters no bread for the common man.
Unionization of the several forces of production is
quite in the prevailing mode, but it will not pay a
mortgage on the home. Whether in town or country,
Cultivating the Spirit of Optimism in
factory or farm,each man has his own domestic probBusiness.
lem, and it overshadows every other one. Trying by
Recently, after a long drouth, a blessed rain fell. marketing associations to fix prices, and by unions
The very earth was freshened. It was a slow rain, to fix wages, should always be secondary to the probwithout storm. Leaf and blade and flower drank it lem of "making" a crop and doing a full day's work.
eagerly—and the prophets told us it would be worth The personal equation cannot be eliminated. It exmillions to the crops. But over the mountains, in ists in the association and union and out of them.
the great Valley of Growth,there was no rain, the air The only way to eliminate the man is to make him,
was hot and dry, though the sturdy corn, deep green his interest, his work,subservient to the class. And,
and broad leafed, was growing lustily. Over there therefore, if our thought be centred on self and selfthey have had rains in the early season and the earth interest, though it sound harsh, we are able to comhas a reserve of moisture. Unless hot winds come mand, to such extent as may be, our success in life.
and a drouth sets in, the e will be an enormous corn And thinking on this, we may not always be optimcrop. Hay and wheat are, for the most part, har- istic, but we need not have the pessimistic fear of
vested,in that region of prolific yield, and despite all far-off things. Working, each his best, we create a
the world difficulties that the papers bring to our real prosperity, and feel its influence.
doors. Every morning, despite the political clamor
We say to ourselves and to each other: beware of
over the farmer's hopeless condition, we doubt not Fear! It corrodes all happiness; it .debilitates all
these tireless workers in the Land of Supply are find- thought;it diverts all effort. And yet we allow these
ing an abiding satisfaction in the outlook. True, world problems, these world trade statistics, actuhere and there, and now and then, these farmers are ally to interfere with our domestic economy; and
known to complain. And so do we all, when our own this to be swayed toward larger or less production
interests are th atened.
to our own personal bewilderment We grow afraid
much
very
so
nowadays
about the "Euro- —afraid to lay in too heavy a stock of goods for some
We hear
situation,"
about
the
"reparations question," world catastrophe may produce hard times; afraid
pean
wars"
"brewing
and
"commercial conflicts" to sow our lands to wheat, for the world acreage is
about
that we are very apt to grow despondent and certain too large and the price may be too low, "below the
to be in doubt. We have come, by a slo - anl insen- cost of production," as they tell us; afraid to do a
sible process, to take upon our business shoulders the full day's work for fair pay, because there will be no
burdens of the world. Voluntary advisers tell us as job for to-morrow unless we become slackers. Can
farmers to plant less grain, for t' long-wasting there be any such thing as optimism in such an atfields of far countries are "coming back." They tell mosphere, A nameless dread possesses us, and we
us as merchants to buy carefully, to beware of sur- listen to the patent remedies for general conditions,
plus stocks pending a possible slump in prices. As neglecting our own major problem—doing the best,
manufacturers and exporters they hold out to us with the means we have,for our very selves. Supply
the lessened "buying power" of former customers and demand, what man, what single combination of
not yet relieved from the losses of war, the uncer- men, can control them? These world conditions are
tainties of exchange, the cheap labor and cheap goods too vast and complicated for the control of any
that threaten to close our factories. It falls like a people.
AUG. 18 1923.]
THE CHRONICLE
But when we feel the thrill of our own persistent
endeavor, our own power over our own personal
problem, despite the conditions we do not create and
cannot control, then there is the joy of effort, the
satisfaction of success. And this hard work and
tense thought we must exercise no matter what the
conditions about us, or we fail. Is there anything
the matter with the United States, with our people
and our business? The war diverted our energies
for a time. But our hesitation and procrastination
since peace came have done much to delay our commercial progress. We incurred a huge debt. We
sacrificed lives and fortunes. But all our institutions, all our resources, all our actual and potential
energies, the accumulated systems of production and
distribution, are here, ready to willing hands. Using
them to their full capacities we are great within ourselves. On this fact let each man rely as he works
and plans for himself and the combined efforts in
friendly competition will produce a co-operative domestic increase in wealth sufficient for all.
We might ask, at this point, how, when a people
hold the only sovereignty, and Government is servant, how, when that people cannot express themselves as to a world-saving mission except by the
imperfect and cloudy means of a political election,
how that Government can have a mission? But we
may pass this, only remarking.that this is one element that enters into the all-pervading fear and distrust that occupies every mind. Individualistic we
are and should remain. And when each for himself,
and those dear ones he works for, masters self by
mastering his own personal affairs, the Whole will
be magnificent emprise, and all will profit by the
general advance. By this method we become an example to other peoples and nations, by this we shall
continue to help them. But when the one man has
done his own task he has done all that he can—and
though success and profit may not always come, they
never can otherwise come. "Let the wide world wag
as it will"—each may be "master of his fate" (if)
"captain of his soul."
The Fallen Mark and Its Lesson.
When the German mark, normally about four to
the dollar, like the English shilling, reached 100 to
the dollar the depreciation seemed severe. Only last
December it stood at 6,000 to the dollar for a few
days, but one "new low" followed another, each
downward drop being farther, according to the old
law which overrules mere statutes, and now the collapse and the scene-shifting which accompany the
end of this miserable mockery of value when 4,000,000 to 5,000,000 are required to make a dollar seem
close at hand.
In any healthy situation (as in our own country
at present) the use of currency must vastly outrank
that of credit through bank checks in the aggregate
number of transactions, but in respect to the aggregate volume of values in transactions currency compares with the check somewhat as a pinch of sand
compares with a mountain. When prices reckoned
in paper rise more and more swiftly, there must be
an increasing volume of the stuff, in order to avoid
shortage. So it was not all unintelligible when we
were told, weeks ago, that the printers were turning
out many millions in marks hourly and working 24
hours in the day, although there was another story
that attics and cellars were jammed full of the stuff.
We have been told that the men at the presses could
713
not produce enough in a day to pay them for their
.abor; that steel-plate work had become too slow
and common "relief" printing was adopted; that
trillions a day have ceased to be "enough"; and now,
with the mark at several millions to the dollar there
seems little distance left for it to fall. Retailers are
demanding prices based on the dollar or on the gold
mark and object to any prohibition of this standard,
inasmuch as they cannot replace stocks on any other.
So a "shut-down" is threatened, and the printers
have begun it on their part, while some Berlin banks
have begun issuing emergency checks of one to fivemillion marks; mobs are also gathering, clamoring
for food.
There were stories, many weeks ago, of physicians
demanding their fees in substance and of a projected
public loan to be received in rye and repaid in kind.
There is also a comedy side, as shown in some stories
credited to a former American Consul who has been
lately touring in Germany. For instance, a woman
who kept a millinery store was aghast when a hat
salesman who called on her with spring samples told
her that one hat offered for sale in her,window at
30,000 marks would cost her 50,000 at wholesale to
replace. Only two months before, she said, she had
paid him only 5,000 marks for that same hat, and
how could she lose, going from 5,000 to 30,000. Yet
he insisted, and still she could not get it through her
head; so she closed her store and went home in a
nervous fit. One man lost his new hat out of a car
window, pulled the emergency cord, and stopped the
train, recovering the hat; a new one, he explained,
would cost 30,000 marks, a whole week's wages,
whereas the Government's fine for his unlawful act
was only 2,500 marks. One girl was telling her troubles to another; it would cost her 3,000 marks for
laundering a new flannel nightgown for which she
paid 500 marks a few months before, and "thank
goodness, summer is coming." And so on; at least,
such tales are natural and there seems no reason to
dispute them.
There have been conjectures as to why Germany
entered on this downward course, one being that it
was deliberately taken in order to escape paying
reparations by becoming bankrupt, and another being that it was a plan of several of the wealthiest
captains of industry whereby to enrich themselves at
the country's loss. But fiat paper has been the
usual or the seemingly convenient recourse of nations
in a great war,and if any dominant Evil Spirit really
exists he must chuckle over this most destructive of
all his inventions. This country of ours resorted to
it in 1862 and it gave us a mighty struggle before we
escaped from it in 1879, under the saving fact that
the maximum volume was limited. While we were
struggling back to normalcy there were cries and
protests over what seemed needless pain from "contraction of the currency." The crisis of 1873 left us
with a greenback inflation movement, which trailed
along some ten years, and was succeeded by the silver
inflation movement under Bryan.
Some confusion of mind between the volume and
actual substance of money is humanly natural, because every one of us thinks in terms of dollars and
every one strives for or wishes to get more and more
dollars by count, since that superficially appears to
be at once proof and measure and achievement of
our individual prosperity. Inflation and dissipation
through currency issues also closely resembles—and,
we might say, devilishly also—spirituous intoxica-
714
THE CHRONICLE
[Vol,. 117.
tion; the delirium pleases, and any movement back terest. Meanwhile
, we have a serious work to do in
to soberness seems to hurt, and so we beg for the protecting ourselves
against further currency depredream to go on. It has, besides, the pernicious char- ciation through
advancing prices forced by mistaken
acteristic that it stimulates trade and industry; with labor.
nominal prices moving upward, everybody buys eagerly and traders are joyful,for how can anybody lose
The Challenge of Business to Diplomacy.
when everything is "worth" more to-day than it was
The speech of Prime Minister Baldwin at the dinyesterday and will take another lift to-morrow? So ner of the Lord Mayor of London, occurring almost
the unreal but seeming prosperity is a general decep- at the hour of the signing of the Lausanne treaties,
tion and tends to blind even the careful to the fact throws into sharp contrast the two chief agencies
that we are really sinking.
concerned in securing the peace of the world to-day.
Organized labor, as the "Chronicle" has to keep
The Lausanne Conference was pre-eminently a
pointing out, is the slowest to realize that the real struggle of diplomats, not simply those on
the spot,
thing to be craved and sought is an increase in the but of these under control of their
chiefs at home.
purchasing power of the dollar, not in its numbers. The contest has been so protracted, the claims and
A certain uptown hotel in this borough is now adver- concessions so irreconcilable, the attitude
of the
tising apartments of two rooms and kitchenette at Turk to the end so authoritative, not to say defiant,
$1,500 to $2,000 per year, three rooms with kitchen and the working value of the terms is so uncertain,
and "dining alcove" at $2,100 to $3,000, and four that rejoicing follows more because of the close
of
rooms with two baths and kitchen and dining alcove the Conference than because of approval of the reat $3,200 to $3,800, while speculative builders across sults.
• the river in nearby Brooklyn say they have no diffiIn London Premier Baldwin took occasion to refer
culty in renting at $40 a month per room. These to another conference, where representatives of two
prices are for a roof only, and where shall the com- great nations met in Washington to settle the terms
mon man abide? The members of the various build- of payment of a debt,which might readily have proing trades, gleefully converting emergency into snow- duced sharp and prolonged friction between Great
balled extortions of wage, either do not realize or do Britain and the United States. All know the happy
not care that they are making things steadily harder solution. Mr. Baldwin said: "No business arrangefor themselves as well as for their unionized and non- ment could have been carried out more fairly, more
unionized fellows.
honorably and more pleasantly in its details than
In transportation we have a like obliviousness as the settlement of our debt to America which was neto immovable economic facts. Chairman Hill of the gotiated in Washington."
Great Northern points out that rolling stock and
Then he added these suggestive words: "I am
track construction are about double in cost now as sure that no one in this room will misunderstand me
compared with pre-war times, and that taxes also when I say that I believe that a great deal of the
have more than doubled; yet the railway brother- credit, if credit there was, that was due to the negohoods are even now seeking a further increase in pay. tiations for the rapidity with which that great quesJustice and accuracy agree in saying that the railway tion was solved arose from the fact that neither the
men, like others in the industrial field, are both Governor of the Bank of England, nor I, nor Mr.
right and wrong. They are right in desiring and Mellon, had ever at any stage of our lives been memseeking an increased wage, but wrong in the way bers of the legal profession, and that we were all
they would go about it. Every additional dollar three of us individually and collectively far more
they succeed in extorting—and the effort to extort business men even than we were politicians or statesmore dollars has the same tendency in some degree— men." And he further said: "I have often felt that
clips the size of their dollars, so that they are uncon- had it been possible to leave the settlement of
Europe
sciously laboring to defeat themselves. What they in the hands of business men we might
have arrived
and what all of us should aim for, is larger dollars, at some settlement long before this."
not more of them.
Continued news from Austria of the change of the
Germany has just undergone a change in Ministry, attitude of the whole people, the arousing
of their
and the newcomer seems to be making a gesture to- courage and spirit of mutual helpfulness, and the
wards rehabilitating the mark. A gold mark loan is starting up of their industries in consequen
ce of the
talked of as a first step, though the Allied Repara- advice connected with the various ways pointed out
tions Commission has already given notice that such and opened to them by the renent visit of the Ecoa loan will be subject to Priority Rights under the nomic Commission, when they seemed at the very
Versailles Treaty.
bottom among the European States, gives confirmaWhile the time and manner of the extrication of tion to the truth and importance of Mr. Baldwin's
Europe, as well as the cost in further suffering, is words.
beyond foresight, it is noteworthy that one after anHow then can this be applied? It is widely recogother of our business men, returning from a study of nized that the situation is at bottom moral, a matter
the situation, speak hopefully. As to the Ruhr pol- of the feelings and sentiments, even more than of the
icy, while sympathy may have been with France, bodily wants and of the head. M. Briand at the
sober judgment may well have been with England; Washington Conference said: "To make peace, it is
at least, the British position is impregnably sound; not enough to reduce armaments and diminish war
that it is an error to confuse obligation with ability, material. Another consideration is vital. Disarmathat the practical question is not what Germany ment must be moral as well as material."
ought to pay or might be willing to pay, but what
The International Chamber of Commerce in its
she can pay, and that the first objective ought to be recent meeting in Rome said: "Once obtain an ecoa determination of that maximum amount. In this nomic settlement, and the political and moral settlethe whole world is concerned, and what this country ment is bound to follow"; recognizing that the ecocan do towards reaching it is both duty and self-in- nomic part of the problem, that which demands most
AUG. 18 1923.]
THE CHRONICLE
obviously the ability of business men, will make its
chief contribution in opening the door for all men to
aid in those directions which are both fundamental
and permanently constructive.
Mr. Strachey, the editor of the London "Spectator," printed several weeks ago an article on the existing situation in Europe with special reference to
France, which has been given wide circulation. His
main contention is that the world is balanced between a destroying crisis and a rapid revival, and
France holds the deciding choice. He maintains
that all that is wanted is good will and credit, in the
moral as well as the material vhere;and that France,
which "has the power to save us and herelf," is held
back by Fear. None must forget her wrongs, but we
must look at the danger to-day. New and unknowable forces of destruction threaten. Distress and despair may at any moment raise them to a malign
and awful potency. The original responsibility, like
the final result, may be widely distributed, but
France stands at the centre of influence and can
"speak the creating word." If, however justifiable
her feelings may appear, she would consent to take
the immediate steps, which must be purely and simply economic, that would give opportunity to the
good-will, of which none is more capable than is
France, and would convey her consent to have Germany live and let live, the change would be immediate. Europe would at once respond to France's
worthy act, and the German people who now have
the task of reconstructing their nation, would rise
to the opportunity and give themselves to putting
away the old spirit in which their military leaders
have destroyed the Germany of the past,nnd would
be prepared to centre upon new and enduring relations not only with France but with the world. It
would bring to France a guaranteed peace and prosperity with larger possibilities and sounder assurance than she now dreams of.
This is substantially the proposition now set forth
in the confidence that it is the belief of England,and
expresses the desire and promise of all men of good
will of whatever land.
It seems, however, to demand sacrifices and selfabnegation which are unreasonable and impracticable. The French have already said to the Allies:
"You all talk of sacrifice on the part of France.
What do you know of either suffering or sacrifice
compared with us? Your motives are of self-interest. Cancel our indebtedness; give us adequate guarantees. In a word, take a place by our side in what
you propose for us; then we will listen."
This is a perfectly natural reply. But it is not
that of noble leadership. Rather it is surrender of
what long since France attained, the right to inspire
and guide, growing out of her clearness of vision and
the perfect viability of her ways.
It remains only to prove how practical the
alternative is. It arises in a situation of rapidly developing and all-embracing evil. It opens
possibilities safer and surer than those now existing.
It appeals to deeper and stronger impulses and rests
upon far more enduring foundations, just because it
eliminates self-exaltation. Moreover, it is in the
line of the traditional relations of France with
America, for example, where this lofty conception
of French spirit and French history has maintained
for more than a century.
The first step would be economic. It would be
along lines opened some two years ago by French
715
business men through M. Lonelier and responded to.
by the late Walter Rathenan, whose assassination
swept away the most intelligent .and open-minded
of Germans. It would command the active support
of the ablest men of affairs everywhere as declared in
the resolutions of the recent International Chamber of Commerce that its members "stood ready to lend
every assistance."
It would doubtless have to begin in the Ruhr, both
because of the importance and the -difficulty of the
situation. But the success of'the economic dealing
with the almost hopeless situation of Austria gives
good ground to believe that a similar group, or, posibly, groups, of business men might, at the summons
and with the support of France, work an even more
wonderful and beneficent miracle.
In any case the suggestion is .no dernier cri, the
latest mode, or the last new idea of the professional
modist. It is a summons to the men who by virtue
of their experience and ability are in positions of
trust with those material possessions which underlie the well-being of human society,to exert themselves
to avert possible disaster which would involve civilized society. And this may be done with confidence
that in so doing they will open the way for the reestablished play of the better human relations which
to-day are so crowded aside and.destroyed.
Railroad Gross and Net Earnings for the
Six Months Ending June 30.
The distinguishing feature of the earnings of
United States railroads for the first half of the current calendar year, in comparison with the corresponding period of the previous calendar year, as
disclosed in the elaborate compilations presented
further along in this article, Is the substantial improvement recorded in the figures of both gross and
net earnings. The remark must be qualified, however, to the extent of saying that the improvement is
somewhat unevenly distributed, and though many
prominent systems contribute to it in pre-eminent
degree, on the other hand there are others that share
in it only in small measure, Particularly in the case
of the net earnings. The qualification mentioned
deserves more than a passing notice, inasmuch as to:
wards the close of the half year the differences referred to became wide and marked, nearly the whole
group of Western roads failing to participate in the
improvement.
Leaving that point,for more detailed analysis in
subsequent paragraphs, in order to give consideration to the revenue statements as a whole and the
influences and conditions bearing thereon, it is certainly gratifying to find an addition to the gross
earnings. in the magnificent sum of $480,926,565, or
18.46%. Such a handsome improvement, whether
regarded from the standpoint of absolute amount of
gain or the ratio of increase, argues the existence of
very favorable industrial and traffic conditions,
which, of course,is the fact. It is not quite so pleasing to note that out of the $480,926,565 increase in
gross earnings no less than $363,361,924 was consumed by augmented expenses, but even so, this still
left an increase of $117,564,641 in the net, which is
not so bad after all, being in ratio over 22%. Nevertheless, the large augmentation in expenses reflects
the presence of some unfavorable operating conditions, which have served to increase the expense of
running the roads,and that also is part of the history
of the period. The special adverse feature was the
716
THE CHRONICLE
severe winter weather experienced, the effects varying in different sections and on different roads in accordance with the degree of the affliction from the
cause mentioned.
Jan. Ito June 30(192 Roads)— 1923.
1922.
Increase (-I-) or Dec.(—)
Miles of road
2343,896
237,057
—161 50.35%
Gross earnings
53.086,129.793 52,605,203,228 +S480,926,565 18.46%
Operating expenses
2433,998,228 2.073,636.304 +363,361,924 17.52%
Net earnings
$849,131,555
5531,566.924 +$117,564,641 22.12%
The magnitude of the gain in the gross earnings,
will its close approach to the half billion dollar
mark, follows directly as the result of the revival of
trade and business in the United States and the wonderful activity to which this led in the great manufacturing districts. Trade revival had already begun in this period of six months in the previous year,
but it was offset and interfered with, and its growth
therefore retarded, by the abstention of the miners
from work at the unionized coal mines throughout
the country. The present year there was no interferenee with coal mining and further marvelous expansion in trade occurred.. In Many different lines of
industry production records surpasssed those of all
previous periods. Trade prosperity, it should be remembered,adds greatly to the volume of merchandise
and general freight traffic carried over the roads,
and it is these classes of tonnage that usually bear
paying rates of transportation and add most to the
profits of the roads. Fortunate, therefore, are the
lines which by reason of their geographical location
are in a position lo.command a full share of the extra
traffic growing out of the expansion in industry.
Manufacturing activity also brings with it an augMented demand for fuel, which in turn means a large
movement of coal corer the railroads. On most roads
the coal traffic is one.- of the largest single items of
traffic and on many roads it surpassess all other
items in size. This is the reason why the suspension
of coal mining in 1922 from April 1 to the end of the
half year, and extenZling into the second half, meant
such a serious loss- to the railroads at that time. The
present year, as already stated, there was no suspension of work at the Mines, while trade activity served
to increase the demand for coal in the country's industrial establishments beyond the normal. As a result the contrast between the two years in this item
of freight has been unusually striking, and the added
volume of coal mcrved contributed in no small degree
to swell the earnings' of the roads so located or so
situated as to get full advantage from it. The importance of the item, and the part it has played in
swelling earnings-, will appear when we say that in
the first half of 1923 the production of bituminous
coal aggregated 273,270,000 tons, against only 187,546,000 tons in the first half of 1922; 200,572,000
tons in the first half of 1921 and 263,353,000 tons in
the first half of 1920, the 1922 production indeed
exceeding that of the corresponding period of all
other years with the exception of 1918, when the war
was still in progress and the energies of the Government were directed to getting out all the coal it was
possible to bring to the surface; even then the product was only slightly larger than for 1923, the
amount at that time having been 281,739,000 tons.
In the case of anthracite coal the product in the first
half of 1923 was 51,169,000 tons, as against only 23,325,000 tons in the same period of 1922.
Evidences of the activity in general trade are
found particularly in the case of the iron and steel
industry, which prospered, as always, in very marked
degree from the resuscitation of industrial activity.
According .to the monthly statistics of the "Iron
[voL.
'
Age" of this city, which cover everything except the
small amount of iron produced with charcoal as
fuel, the make of iron in the United States in the
first six months of 1923 was 20,833,502 gross tons,
against only 12,050,683 tons in the first half of 1922
and but 9,428,166 tons in the first half of 1921. As a
matter of fact, over 4,000,000 more tons of iron were
made in the first six months of this year than in the
whole of the calendar year 1921, when the output for
the full 12 months was no more than 16,543,686 tons.
Computations as to the steel production based on
partial returns made by the Iron & Steel Institute
tell a similar story, pointing as they do to a production of 23,213,243 tons of steel ingots in the six
months of 1923, against 16,027,105 tons in the first
half of 1922.
The gain in the gross earnings for the half year,
large as it is at $480,926,565, would have been still
larger except for the reductions in rates. On July 1
of last year the carriers, on order of the Inter-State
Commerce Commission, were obliged to put into effect a horizontal cut in freight rates of 10% applicable to all the railroads of the country and to all
commodities except grain, grain products and hay in
Western territory, where a reduction of 16/
1
2% had
been operative since Jan.1 1922. This horizontal cut
of 10% continued in force through the whole of the
last six months of 1922, and of course also was in
effect during the current months of 1923 and hence
counted as a factor in the comparison with the first
half of 1922. But in addition there have been many
other and apparently more important reductions in
rates in different sections of the country, made by
the carriers,either on their own initiative or on the
direction of the Commerce Commission, some relating merely to special articles or commodities, but
many also being of wide and general application affecting whole classes and groups of articles. In the
West these rate reductions have been exceptionally
numerous and heavy, as shown so clearly in a circular recently sent out by President Ralph Budd of the
Great Northern Railway, and which we reproduced
in our issue of last Saturday—page 636.
With reference to weather conditions, the winter
was a severe one in many parts of the country. In
January all the New England roads, as also the roads
in northern New York, had to contend with very
heavy snowfalls—the heaviest in any winter month
for a very long time and in some cases possibly the
heaviest ever experienced, roads like the Delaware
& Hudson suffering very severely as a result. The
storms do not appear to have been in the nature of
blizzards, but they were very heavy and numerous,
coming repeatedly, so that the aggregate fall was
exceedingly large. As may well be imagined, the
cost of keeping the roads open was enormously increased thereby. In February New England and
northern New York continued to be affected in the
same way, and the trouble extended to many other
sections of the United States—in fact to practically
all parts of the country outside of the South—and
railroad transportation was as a consequence greatly
embarrassed, so much so that for the railroad system
of the United States as a whole the augmentation in
expenses again overtopped the gain in gross earnings,
causing a loss in the net. In March also in nearly
the whole of the northern half of the country quite
unusual weather conditions were experienced in 1923.
Here in the East in the last week of the month the
Weather Bureau in this city on several days re-
AUG. 181923.]
THE CHRONICLE
717
ported the lowest March temperature records during showing is best described by saying that in Eastern
its existence. And the cold persisted right up to the trunk line territory, embracing the manufacturing
close of the month. On the night of March 31-April districts of New England and the Middle and the
1, the latter being Easter, the official thermometer Middle Western States, the rail carriers did surprisregistered a temperature of as low as 12 degrees ingly well, not a few of them recording the best reveabove zero. In the past the temperature in this city nues in their history, but in the great stretch of
on March 31 has never been below 25. Furthermore, country west of the Mississippi River, particularly
dispatches from Washington, D. C., reported the in the grain growingregions, the roads made either
coldest 1st of April ever experienced at many points only indifferent returns or positively bad ones. The
east of the Misssissippi River, with the mercury in reason why Eastern roads are recording very decided
Washington down to 15 degrees, 7 degrees under the and very general gains is not difficult to understand.
record set April 19 1875, and lower than ever regis- These roads have been getting the benefit of the martered after March 21 in any year since the establish- velous trade activity which the country has been enment of the Washington Weather Bureau in 1870. joying the present year, besides which their coal trafOn the other hand, in Oregon and the State of Wash- fic in 1923 has been, as already pointed out, very
ington, all heat records were broken the last week of heavy, while last year it was light or nil by reason of
March, with temperatures at 82 in Portland, Ore., the coal strike. On the other hand, the relatively
and 811/
2 at Vancouver, Wash., etc. But the cold poor showing, by way of contrast, made by Western
was not so much a drawback as the snowfalls and roads is no less easy to accnunt tor. There are no
the snow blockades. Added to the numerous snow extensive manufacturing industries in that part of
storms in February which so seriously increased the country and hencetrade revival brings only relaoperating costs, more particularly in New England tively slight accessions to the traffic of the roads
and northern New York,there were other snow storms serving those parts, while concurrently the consumduring March, some of these in the West attaining ing power of the population, which is mainly agrithe dimensions of blizzards. The result was that vir- cultural, has suffered impairment because of the
tually everywhere except in the South, operating drop in the price of wheat. In addition, the grain
costs were heavily augmented. Unlike January and traffic itself has undergone contraction, mainly,
February, however, notwithstanding the heavy in- h wever, in the case of corn, where supplies have
crease in expenses, there was in March no loss in net fallen to the vanishing point, the corn having been
(speaking of the roads of the United States as a fed to hogs. It is rather noteworthy that despite the
whole), rather a gain, but the gain was very drawbacks enumerated, when the roads are arranged
small.
in groups or geographical divisions, according to
During the early months of 1923 the railroads also their location, it is found that not a single division
still seemed to suffer from the ill effects of the shop- registers a loss in gross but all show a gain, and all
men's strike of last summer, but after March, with also record gains in the net, though varying in
the bad weather behind, the situation of the carriers amount and percentage, with the exception of Group
greatly improved and the compilations for April and I, comprising the New England roads, where this
May proved highly favorable and encouraging both year's net for the half year falls below that of last
in gross and net. In June, on the other hand, some- year, the reason, of course, being the severe winter
what of a setback again occurred, the railroads west weather encountered by these roads, this having inof the Mississippi River making poor returns owing volved heavy extra outlays to keep the roads in opto the continued fall in the price of wheat and the eration. Our summary by groups is as follows:
hardships so widely experienced by +he agricultural
SUMMARY BY GROUPS.
classes by reason of the low prices ruling for farm
Gross Earnings
Jan. 1 to June 30—
Inc.(+)gr Dec.(
5
7)
1923.
1922.
Group—
Section
or
products generally. In the following table we fur$
-1-14,799,121
12.2.5
England120,772,220
New
135,571,341
roads),
Group
1(9
nish a summary of the gross and net earnings for Group 2(34 roads), East & Mid-1,031,128,744 818,725,787 +212,402,957 25.94
Group 3(27 roads), Middle West 280,756,923 220,804,114 +59.952,809 27.15
each month of the six months' period:
Groups 4 & 5(34 roads), Southern 434,611,722 383,624,025 +50 987,6117 13.29
Gross Earnings.
Net Earnings.
Month
1923.
1
1922.
1 Inc. or Dec.
1923.
1922.
Inc. or Dec.
Groups 6 & 7(28 roads). Northw- 616,406,342
Groups 8 & 9(48 roads), Southw- 428,734,154
Group 10(12 roads), Pacific Coast 158,921,567
Total (192 roads)
525,446,467
394,542,555
141,288,070
+90,958,885 17.32
+34.191.599 3.67
+17,633,497 12.48
3,086,129.793'2,605,203,228 +480,926,565 18.46
--111lleage--—Net Earning&
$
8131
$
$
3
Jan — _ 500,816,521 395,000,157 +105,816.364 def151,246 2,501,305 —2,652,551
Inc.(4-) or Dec.(--)
1922.
1923.
Feb_ 441.891,872 400,146,341 +44.745.531 70,387,622 76,630,334 —6,242,712
%
1923. 1922.
$
$
$
March.. 533,553,109 473,747,009 +59.806.190117,117.122 113,697.798 +3,419,324 Group 1
7,472 7,481 19.961,170 22,417,747 —2.456,568 10.95
April__ 521,387,412 415,808,970 + 105.578,442l18,627,158 80,386,815 +38,240,343 Group o
34,529 34,633 207,833,5 0 154,400,703 +53,432,887 34.60
May __ 545.503.898. .
15,738 15,745 78,582,423 52,582,749 +25,999,674 49.45
. .
. .
.599,825 +32,573,715 Group 3
June __ 540,054,165 473,150,664 +66.903.501124,046.578109,618,682 +14,427,896 Groups 4 & 5
39,050 39,061 /05,576,721 93,515,937 +12.060.784 12.90
66,940 66,831 115,050,871 99,293,100 +15.757.771 15.87
Groups 6 & 7
+4,861,614 06.33
Note.—Percentage of Increase or decrease In net for above months has been
56,287 56,474 81,712,046 76,850,432
Groups 8 & 9
+7.908,479 24.33
16,880 16,832 40,414,735 32,506,256
January, 106% i.ocrease; February, 8.15% decrease; March,3.01% increase; April, Group 10
47.56% increase; May, 34.79% Increase; June. 13.16% increase. In January the
236,896 237.057 649,131,565 531,566.924 +117.564,641 22.12
Total
length of road covered was 235,678 miles In 1923 against 235,827 miles In 1922; In
NOTE.—Group 1.includes allot the New England States.
February 235,399 miles against 235,528 miles; in March 235,424 miles against
235,470 miles; in April 234,970 miles against 235,839 miles; in May 235,186 miles
Group II. Includes all of New York and Pennsylvania except that Portion west
against 235,472 miles; in Juno 236,739 miles against 236,683 miles.
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana. Wyoming
and Nebraska, together with Colorado north of a lino parallel to the State line
Passing through Denver.
Groups VIII. and IX. combined Maude all of Kansas, Oklahoma. Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho. California. Nevada. Utah
and Arizona, and the western part of New Mexico.
We have stated that while the improvement in
gross earnings as compared with 1922 is satisfactory
enough when the roads are treated as a whole, yet
there is this qualifying consideration to bear in mind,
namely that certain systems and geographical divisions of the country have shared in it only in part or
not at all. Furthermore, that the distinction became
very marked in June, the closing month of the half
year. In that month Eastern roads continued quite
generally to report large and satisfactory gains, but
Western roads quite as generally reported losses,
Allusion has been made above to the contraction
particularly in the net. The character of the June in the grain movement. At the Western primary
718
THE CHRONICLE
(VOL. 117.
markets the receipts of wheat for the 26 weeks of RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN.1 TO JUNE 30
1923 were 136,018,000 bushels, as against 125,248,000
Since January 1.
bushels in the 26 weeks of last year, and the receipts
Ports.
1923.
1922.
1921.
1918.
1919.
1920.
of oats, barley and rye also were somewhat heavier Galveston
bales 846,706 876,815 1,291,142 860,587 879,398 537.718
Texas City, &c
72,822
61,529 243,966 234,725 208.943 114,985
'than a year ago, but there was a tremendous falling New Orleans
486,633 538,726 878.483 713,388 790,569 784,002
Mobile
29.915
79,692
49,036
35,460
67,629
86,856
Pensacola, &e
off in the receipts of corn, which for 1923 aggre- Savannah
24.333
8,863
21,437
7.713
15,884
14.397
184,674 344,906 310.549 439.601 488,015 406.700
Brunswick
65,670
14,096
4,316
41,100
86,230
gated only 129,772,000 bushels, as against 214,713,- Charleston
85,327
39,341 106,633
45,908
45,863 265,185 101,973
Wilmington
9,009 40.833
35,081
81,347
41,239
47,208
000.bushels in 1922. The result is that for the five Norfolk
177,657 127,531 147,269 130,620 186,124 105,900
3.035
2,727
1.023
1,329
cereals combined the receipts for the 26 weeks of this Newport News. - 3,738
1,909,2052,381.881 2.816.042 2,836,266 2,775,312 2.089.163
year foot up only 403,478,000 bushels, as against Total
As far as the separate roads are concerned there is
463,610,000 bushels in 1923. The details of the
Western grain movement in our usual form appear a long-list of gains both in gross and net, many of
them for very large amounts, and only a limited list
in the table we now introduce:
of losses in either gross or net. The roads chiefly
WESTERN GRAIN RECEIPTS.
Jan. 1 to Flour.
Barley.
Wheat.
Rye. distinguished for large gains are the trunk lines led
Oats.
Corn.
June 30. (bbis.)
(bush.)
(bush,)
(bush.)
(bush.)
(bush.)
by the Pennsylvania, the New York Central, the BalChicago1923 ___ 6,336,000 9.663.000 54,613.000 32,919,000 4,118,000 3.176,000
5,403,000 17,197,000 101,905,000 35,088,000 3,904,000 1,581,000 timore & Ohio, together with the anthracite coal
Milicau-1922iii
• 1923 ___ 464000' 1,409,000 8,352,000 9,841,000 3,779,000 1,552,000 roads, these latter recovering in whole or in part the
1922 _ 784.000
587.000 •15,271,000 10,535,000 4,501,000 1,122,000
• St. Louislarge losses sustained last year by reason of the com1923 ___ 2,267,000 14,043,000 15.595,000 17,603.000
344,000
637,000
' 1922 _ _ 2,172,000 .12.162,000 17,254,000 13.233,000
364,000
276,000 plete suspension of mining in the anthracite fields
Taledo• 1923 '
514,000 after April 1; the Lehigh Valley
9,000
2,182.000 1.713,000 1.365,000
is an exception, and
1922
102,000
1.313.000 2,276,000 1,536,000
7,000
• Detroitreporting
though
$5,20,421
in gross, has $1,gain
1923 _
762,000 1,005,000 1,928,000
Pf1922 _ _
_
3,000 140,014
802.000 1.499,000
980,000
loss in net. Many of the Western and transPeoria. 1923 _ _ 944,000
602.000 9.556.000 7,145,000
202.000
183,000
672.000 13,056,000 7,188,000
,
11 1922 _ 1.386,000
46,000 continental lines also give a good account of them176,000
.Duluth1923
19,925,000
955,000 10,441,000 selves in the increases they report either in gross
184,000
307,000
1922 _
11,590,000 .8,865,000 2.785,000 1,063,000 7,065,000
alone or in both gross and net. A few roads last year
Minneapolis•$ 1923
50,921,000 4.234,000 8,802,000 6,050,000 6,446,000
r 1922 _
38,054,000 10,919.000 10,808,000 4.960,000 1,806,000 profited greatly by the coal miners' strike, inasmuch
Kansas City'10923
5,000 24,765,000 9.445,000 5,805,000
• 3,000 as they serve non-union mines, production at which
8.000
1922 _ _'
5,000 31,642,000 10,692,000 3,362,000
3,000
Omaha ct-Indianapoliswas greatly stimulated by the strike at the union
1923 -__
9,268,000 21,539,000 12,757,000
• 1922 __
8,183,000 28,302,000 10,826,000
mines,
and these roads the present year apparently
St. Joseph1923 ___
2,480,000 3,413,000
922,000
lost
the
extra traffic which then came to them. and
1922 ___
549,000
3,066,000 4.676,000
•
accordingly
now for 1923 are obliged to show losses;
Total1923 _10,016,000 138,018,000 129,772,000 99,271,000 15,446,000 22,971,000 the Norfolk
&
Western with its decrease of $1,072,405
1922 ___ 9.750,000 125,248.000 214,713.000 96.870.000 14,978.000 11.801,000
in gross and $5,359,194 in net, belongs in that class.
The seaboard grain movement also was somewhat
In the following we show all changes for the separate
smaller than in 1922, notwithstanding heavier reroads for amounts in excess of $500,000, whether in,.ceipts of wheat. For wheat, corn, oats, barley and
creases or decreases, and in both gross and net:
. rye combined the receipts at the seaboard for the 26
weeks of 1923 were 213,927,000 bushels, against 240,• 401,000 bushels for 1922, but comparing with .much
smaller amounts in the, years preceding as will be*
seen by the following:
RECEIPTS OF FLOUR AND GRAIN AT SEABOARD JAN. 1 TO JULY 1
Receipts of1923.
1922.
1919.
1920.
1921.
Flour
bbls_ 12,320,000 12,049.000 11.789,000 10,195,000 19,970.000
Wheat
. Corn
Oats
Barley
Rye
,
Total grain
bush_122.248,000
32,461,000
21,833.000
5.707.000
19,358,000
91,293,000
89,348,000
35,339;000
8,251,000
16,170.000
97,169,000 65,681,000 102,845,000
40,725,000 8,940,000 6,965,000
23,452.000 10,270,000 36,197.000
8,289.000 5,726,000 17,682,000
12,341.000 27,845,000 22,460.000
213,927,000 240,401,000 181,976.000 118.642.000 186,149,000
On the other hand, however, Western roads had
the advantage of a larger live stock movement. At
Chicago the receipts of live stock comprised 144,160
carloads in the six months of 1923,as against 133,611
in the six months of'1922; at Omaha they were 64,067 cars, against 54,033 and at Kansas City 60,601
cars, against 51,581.
Southern roads had to contend with a smaller
cotton movement, though on the other hand tbey had
the advantage of the prosperity of the Southern
planter resulting from the high price prevailing for
cotton and the prosperity also of the South by reason of the activity of the Southern iron trade. The
gross shipments overland for the six months of 1923
were 499,367 bales, against 778,043 bales in the six
months of 1922; 1,245,165 bales in 1921; 1,105,534
• bales in 1920; 1,250,995 bales in 1919; 1,293,570
bales in 1918; 1,106,698 bales in 1917 and 1,308,994
bales in 1916. At the Southern outports the receipts
were 1,909,205 bales in 1923; 2,381,861 bales in 1922
and 2,816,042 bales in 1921. Full details of the latter appear in the table we now subjoin:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR SIX MONTHS
ENDING JUNE 30.
Increase.
Increase.
Pennsylvania
459.082,728 Toledo St Louis & West_ $1,657,699
New York Central
b49,177,917 Chicago Great Western__ 1,464.722
Baltimore & Ohio
31,118.23(1 Florida East Coast
1,354,855
Erie (3)
17,060,373 Chic Ind & Louisville__ 1,235,308
Philadelphia & Reading_ 16,817,725 HI Paso & Southwestern.. 1,230,608
Illinois Central
15,458.387 Yazoo & Miss Valley..- _ _ 1,188,154
Atch. Topeka & S. Fe (3) 14,204,437 Indiana rl'ath r Heft_ ___ 1,168,166
Chicago Milw.& St. Paul 12,520,377 Monongahela
1,119,239
Southern
12,453.514 Rich Prod & Potomac__ '1,057,155
Southern Pacific(8)
11,601.163 Lehigh & New England_ 1.043,256
Pittsburgh & Lake Erie_ 11.065,733 Kansas City Southern_ _ _ 1,011,746
Michigan Central
10,898,313 Central Vermont
964,302
Chicago & Northwestern 10,280,014 Cincinnati North
915,483
Chic. Burl. & Quincy__ 10,143.819 Union RR of Penn
912,250
Great Northern
9,813.510 Carolina Clinch & Ohio_
857,180
N.Y.N. H.& Hartford_ 8.135,736 Dul So Shore & Atlantic..
845,906
Union Pacific (4)
7,338,717 Den & Rio Grande West_
843,014
Delaware Lack & West_
7.317.288 Montour
838,786
C C C & St Louis
7.030,035 Duluth & Iron Range_ _
816,831
Atlantic Coast Line
6,430,207 N Y Ontario & Western
802,171
Central RR of New Jersey 5.339,576 Western
791,571
Pacific
Lehigh Valley
5,263.421 Dot Or Hay
753,233
& Milw_ ___
Missouri Paclfic
5,147,240 Chic St P Minn & Omaha
724,579
Boston & Maine
4.973,186 Belt Fly of Chicago
709,085
Buffalo Rochester & Pitts 4,860.675 St Louis Merch Br Term
691,649
Northern Pacific
4.725.023 Buffalo & Susquehanna_
887,887
Louisville & Nashville_ _ _ . 4,572,770 Alabama Great
681,447
Southern
Seaboard Air Lino
4,488,838 Minn & St Louis
677,844
MinnStP&SSM
4,397.563 Missouri-Kan-Tex (2)_ _ _
653,013
Bessemer & Lake Erie_
4.248,588 Georgia
646,416
Delaware & Hudson_ __ _ 4,095,094 C D & 0 G T Junction
623,916
Chesapeake & Ohio
4,092.000 Texas & Pacific
592,202
Pere Marquette
4,056,642 Virginian
587,138
Elgin Joliet & Eastern_ 3,870,283 Rutland
585.378
N Y Chicago & St Louis_ 3,645.259 Missouri & No Arkansas_
583,403
Western Maryland
3,544.696 Dot Toledo & Ironton_ __
553,513
Chicago R I & Pacific (2) 3,407.111 NY Susquehanna
548,362
&
W__
Wabash
3.153.551 Gulf Mobile & North__ _
547,287
Cincin N 0& Texas Pac_ 2,744,020 Denver & Salt
531.076
Lake
Duluth Missabe & North 2,530,512 Monongahela Connect'g_
520,281
Grand Trunk Western, , 59 Port Reading
514.371
Central of Georgia
2,439,514 W Jersey & Sea Shore_ _ _
506,567
St Louis Southwest (2).._ 2,392,467
Chicago & East Illinois
2.342,341
Representing 113 roads
St Louis-San Fran (3)_ _ 2,333.174
in our compilation-472,204,043
Hocking Valley
Decrease.
2,282.314
Chicago & Alton
1.072,405
2.234,842 Norfolk & Western
Nashville Chatt & St L
2.115,334 Bangor & Aroostook
997,954
Los Angeles & Salt Lake_ 2.062,044 Colorado Southern
775.433
(4i_
_
Wheeling & Lake Erie__ 1,844.205
Mobile & Ohio
1,839.225
Representing II roads
Long Island
1,666,704
in our compilation__ $2,845,792
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined
separate
roads so as to make the results conform as nearly as possible tothe
those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company), the Pennsylvania RR. reporting $59.082.728 increase. For the entire Pennsylvania System,including all roads owned and
controlled, the result is a decrease in gross of $61,350.115.
b These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four.' &c., the whole going to form the
New York Central System, the result is a gain of $80.255,647.
AUG. 18 1923.]
THE CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS FOR SIX MONTHS
ENDING JUNE 30.
Increase.
Increase.
8818.764,507 Los Angeles & Salt Lake.. $1,016,250
New York Central
Philadelphia & Reading.. 10.596,018 Florida East Coast
951.456
Atch Top & Santa Fe (3) 9.606.665 Elgin Jollet & Eastern_ _ _
950,785
9,303,727 St Louis Southwest (2)
Baltimore & Ohio
806,346
8,175,485 Chicago Great Western_ _
Pittsburgh & Lake Erie
799.733
Chicago Milw & St Paul_ 5.667.341 Lehigh & New England_ _
723.868
Erie (3)
5.633.637 NY Chicago & St Louis_
707.827
Michigan Central
5,483,845 Buffalo Roch & Pittsb
706,320
Southern Railway
4,725,244 00 Ott St Louis
637.939
Pennsylvania
a4,623,202 Western Maryland
600.919
Southern Pacific (8)- -- 4.321,011 Central of Georgia
560,395
Bessemer & Lake Erie
2,640,567 Richm Fred & Potomac..
554.576
Minn St Paul & S S M..- 2,307,866 Mobile & Ohio
514,327
St Louis-San Fran (3)-.... 1,198,572
Atlantic Coast Line
1,987.805
Representing 59roads
Union Pacific (4)
1,771.361
in our compilation_3123,018.409
Duluth Missabe & North 1,644.645
Decrease.
Wabash
1,628,713 Norfolk & Western
$5,359.194
Grand Trunk Western
1 569,424 Mo.-Kansas-Texas (2)--..2,371,615
°Inc NO & Texas Pacific 1,439,597 Denver Rio Gr & Western 1,841,913
Delaware & Hudson_
1.311.429 Boston & Maine
1,783,357
Central of New Jersey
1,245,421 Chicago RI & Pacific (2)_ 1,278,268
Pere Marquette
1,200,453 Colorado Southern (4)
1,268,481
Seaboard Air Line
1,191,254 Lehigh Valley
1,140,014
Chicago & Alton
1.126,698 Bangor & Aroostook
892,209
Illinois Central
1,107,002 Chicago Burl & Quincy
541,732
Toledo St Louis & West_ 1,067.497
Louisville & Nashville_
1,055,395
Representing 14 roads
Nashv Chatt & St Louis_ 1,043,287
in our compilation--$16.476.783
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company). the Pennsylvania RR. reporting $4,623,202
increase. For the entire Pennsylvania System,including all roads owned and
controlled, the result Is an increase in net of $4,206,120.
S 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 gain of $33,455,570.
719
else entering into the operating accounts of the railroads, and by heavy extra expenses arising out of
special unfavorable circumstances of one kind or
another—it was stated had been a feature of railroad
affairs for many years, but in 1920 the movement,
unquestionably, might be said to have reached its
climax and its apex, many of the roads failing to
earn bare operating expenses. Altogether the result
of this array of unfavorable influences on earnings
in the first half of 1920 was that as against a gain in
gross earnings of $358,015,357 our compilations
showed an addition to expenses of no less than $425,461,941,leaving the net diminished in amount of $67,446,584.
It should be noted, furthermore, that the falling
off in net in 1920 was merely one of a long series of
losses in net. In the first six months of 1919 the
higher rates then in force (as compared with 1918)
for the transportation of passengers and freight
barely sufficed to meet the great rise in expenses;
our compilations then showed $265,635,870 addition
to gross earnings, with a coincident increase in expenses of $265,952,855, leaving net slightly smaller,
namely by $316,985. In the preceding two years the
results were equally bad, huge increases in expenses
acting to cause heavy losses in the net. For instance,
in 1918 the addition to expenses (over 1917) reached
the prodigious sum of $457,054,265, or about 34%,
with the result that a gain of $181,848,682 in gross
was turned into a loss of no less than $275,205,583 in
the net, or over 50%. Not only that, but in 1917 a
gain of $205,066,407 in gross was concurrent with an
addition of $212,222,155 to expenses, leaving a loss
of $7,155,748 in net. For the four years combined
(1920, 1919, 1918 and 1917) the loss in net. aggregated $350,124,900. In the following we furnish the
half-yearly comparisons back to 1906.
To complete our analysis and review, it seems desirable to carry the comparisons back beyond last
year into earlier years as we always do, as least as
far as the general totals are concerned. And here it
is important to note that the increase in net this year
follows large increases last year and the year before,
too, the improvement, however, in those two years
coming entirely as a result of savings in expenses,
gross earnings in both 1922 and 1921 having recorded
losses. In 1922, as against $63,399,701 decrease in
gross, the saving in expenses was $281,731,725, affording, therefore, a gain in net earnings of $218,332,024. In 1921, in like manner, though there was $67,476,090 loss in gross, this was turned into a gain of
$141,808,030 in net by a reduction of $209,284,120 in
expenses. The 1921 reduction in expenses would
have been very much greater than actually recorded
except that the railroads were operating under much
Nel Earnings.
Gross Earnings.
higher wage scales, the U. S. Labor Board having in Year.
Year
Increase or
Year
Year
Yea,'
Increase or
July 1920 awarded an increase of 20%. On the other
Preceding. I Decrease.
Given.
Preceding. Decrease.
Given.
hand, the decrease of 12% made by the Labor Board,
$
$
$
Jan. ito June 30..
effective July 1 1921, was a factor in lowering 1906.
923,554.268; 815,486,025 +108,068,243272,101.047226,345,855+45.755 192
1907. 999,082.6911 884,426,163 + 114,656,528 280,697,498 261,423,9461+19,273,550
expenses in the first half of 1922.
1908 883,860,965 1036,729,560-172,868.595 231,258,071 294.738.973-63,484,902
1909.1172,185,4031051,853,l95 +120,332,208 371.591,341 294,951,102
It must be particularly remembered, however, that 1910.1351,570,8373172,481,315 +179,089,522 408 380,483 371,562,668 +76,640,239
+36.817.815
1911.1310,580,765 1339,539,563! —28,958,798 378.852,053 404,569,430-25.717,377
1912.1365.355,8591309,006.353 +56.349,506373.370,171 375,407,648 —2.037,477
previous to 1921 expenses had been mounting up in a 1913.1502.472,942
1366,304,199 +136,168.743 400,242,544 373,442,875 +26,799,669
1914.1401.010.280 1486,043,706! —85,033.426 343 835.677 394,495,8851-50,660,208
frightful way, until in 1920 a point was reached 1915.1407,465,982
1447,464,542, —39,998.560394 683,548 347,068,2071+47,615.343
1916.1731,460,912 1403,448,334 +328,012,578 559 476 894 393,225,507 +166151381
where even the strongest and best managed proper- 1917.1948,395,68411741.329.2771+2
05,066.407 555,683,025 M2.838.773 —7,155,747
1918.2071,337.9773889,489.295+181.848,682 265,705.922 540.911.505-275.205.588
ties were barely able to meet ordinary running ex- 1919.2339.750.126
2074,114.256,+265,635,870 265.007,159 265,324.1441 —316.985
2684.672.50712326,657,150,+358,015,357 195,582,649 263,029,233-67,446,584
penses, not to mention taxes and fixed charges. And 1920.
1921.2671,369,048,2738,845,138, —67,476,090310,890.365 169.082.335 +141808030
1922.2602,347,51112665,747,212!
—63.399,701 530.420,651 312.088,627 +21833
it is these prodigiously inflated expense accounts 1923.3086,129,7932605,203,223+48
0.926.565649.131,5 5.531,566,924 +11756
that furnished the basis for the savings and econoWe now give our detailed statement for the half
mies that were effected in 1921 and 1922. As comIt shows the results for each road separatelyyear.
pared with 1920 the roads in both 1921 and 1922 also
- EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO JUNE 30.
had the advantage of much more favorable weather
----GTOU---Na
Group I.
Inc.c. or Dec.
1923.
conditions. In 1921 the winter was exceptionally
22.
1922.
195
1923.
New England.
t
$
5
1.672,675 —892,209
& Aroostook 3,490,433 4,488,387
780,466
mild and much the same was true of the winter of Bangor
Boston & Maine_ ___ 42,885.730 37,912,544 3,836,210 5,819,587 —1.783.357
Nat Rys-1922, though this last is declared to have been a hard Canadian
14,218 —191.356
Atl & St Lawrence 1,745,134
1,364,899 —177,140
296,091
+65.509
Central Vermont..__ 4,355.650 3,391,348
361,600
one in certain special sections—in Wyoming and Internet
280,838
—25,443
Ry of Me_ _
235,195
1.605,177 —318,650
10
1;40
594
1:510
Central
1 101,591265:759245
Montana,for instance, and contiguous territory. In Maine
+70,983
NY N H & Hartford 65,983,463 57,847,727 11
59
27
4 11,776,411
24
876:3
1,8
+355,890
N Y Connecting._ _ _ 1.788,791
1,391,125
1920, on the other hand, not only was the winter un- Rutland
211.11g +262,065
111%,1?
3,326,339 2,740,961
usually severe, but many other adverse influences Total(9 roads)._ _135,571,341 120,772,220 19,961.179 22,417,747 —2,456.568
Net
Oros
and conditions existed at the time, all combining to
1922.
Group II.
Inc. or Dec.
1923.
1923.
1922.
Middle.
$
East
&
$
cut down the net, and in our review of the earnings Atlantic City
157,819 —124.282
33,557
1,904,927
1,874,969
Baltimore & Ohio_ _129,797,389 98,679,159 30,283.962 20,980,235 +9,303,727
for this half-year period we were prompted to say Brooklyn
322.303
391,831
E D Term
839,057
+69,528
797,420
203,743
—22.365 +226,108
Buffalo & Susquehan 1,419,634
731,747
that it was not likely that we would ever be called Buff Hoch & Pittsb. 11,803,633 6,942,958
451,454 +708.320
1,157,774
1.032.120 —336,759
695,361
Cent New England- 3,670,252 3,511,250
upon to record a poorer statement of net earnings of Central RR of NJ 28,539.556
23,199,980 4,707,586 3,462,145 +1,245.421
Delaware & Hudson 22,961,570 18,866.476 3,301,160 1,989,731 +1,311,429
United States railroads for any period of six months Del Lack & Western 43,200,096 35,882,808 7.398.481 6.937,261 +461,220
Erie
60,043,281 44,435,306 9,847,704 4,805,918 +5,041,788
& Erie—See Group III.
than that for the first half of 1920. Rising costs of Chicago
100.325
New Jersey At NY
728,748
770,322
101,877
—1.552
operation—induced by wage increases, advancing Lehigh as Hud Itiv. 1,457,955 1,200.236 489,047 260,237 +228,810
847.925
Lehigh a, New Eng.. 3.030,621
124.057 +723.888
1,987.365
Valley
36,280,628 31,017.207 9,155,357 3,295,371 —1,140.014
prices for material, fuel, supplies and everything Lehigh
832,985
monong Connecting 1.353.268
239.953
215,391
+24.662
720
THE CHTIONTCLE
-Gross
Net
Groups II.
1923.
1922.
1923.
1922.
Inc. or Dec.
East& Middle.
Montour
1,186,792
348.006
429,445
-59,604
+489,049
New York Central _ _213,676,256 164,498,339 53,585,212 34,820,705+18,764,507
For other auxiliary and controlled roads see Group Ur•
N Y Oat az Western 6,393,439
433,966
5,591,268
737.436 -303.470
NY Susq & Western 2,523,411
1,975,049
302,494
173,023 +129,471
Penna Lines E & W of PittsPennsylvania.- _ _356,130,371 297,047,643 63,194,482 58,571,280 +4,623,202
Bait Ches & AM._
652,883
667,302 -188,971
-83,224 -105,747
Long Island
15,631,133 13.964.429
2,088.139
2,987,114
+1,025
Mary Del & Va
468,290
483.500 -150.706 -101.311
-49,395
Monongahela_
2.850,203
1.730.964
+255,Wi
972,837
717,156
West Jersey & Sea 6,232.507
5,725,940
+20,974
529.786
502,812
Perklomen
540,654
585,458
210,229
246,757
-36.528
Pbiia & Reading.._ 55,077,844 38,260,119 18,794,003
8,197,985+10,696,018
Pitts 8, Shawrnut711,908
510,067
+82.067
-16,718
-98,785
Pitts Shaw & North
764,967
523,890
-28,194 -123.919
+95,725
Port Reading
1,513,211
+309,834
998,840
797,090
487,256
Staten Island R T
1,196.099
1,151,808
28,255 -109.678 + 137.933
Ulster & Delaware
792,132
717.040
92,795
43.505
+49.290
Union RR of Penna. 5.983,517
5,071.267
+26,138
1,451,680
1,425,542
Western Maryland_ 11,730,940
8,186,244
2,554,020
1,953,101
+600,919
Total (34_roads)1,031,128,744 818,725,787 207,833,590 154,400.703+53,432,887
-Gross
NB
Group III.
1923.
1922.
Inc. or Dec.
1922.
1923.
Middle West.
$
Ak Can & Youngst_ 1,337,586
+45,962
528,093
482,131
1,071.614
Ann Arbor
2.503,920
513,311 -234,443
2.413,356
278,868
Bessemer & L
8,910.170
4,661,582
3,010,940
370.373 +2,640,567
Chic Ind & Lotdsv-8.993,224
+472,724
7,757.916
2,332,371
1,859,647
Cin Ind & Western. 2,312,794
2,043.584
368,477
214,498 +153,979
DetroitZ. Mackinac
898.217
815.311
+61.511
-36,848
14,693
Det Tol & Shore L. 2.187,371
1,809,131
1,131.233
968,368 +162,865
Het Tol & Ironton- 5,031.436
1,325,405 +385,432
4,477.923
1,710,837
Erie System-See Coup II.
Chicago & Erie_
6.903,598
5,492,774
1,377,979 +593,401
1,971,380
New Jersey & New York-See Group II.
Evans Ind & Ter II.
802,945
521,478
-36,397
+196,713
160,316
Grand Trunk SystemCD&CGT Jct- 1,748,292
+442,731
526,421
1,124,376
969,152
Det Cr Hay & MU 3,299.238
2.536,005
598,129 +198,544
796,673
Grand Trk West- 9,844,192
7,343.633
2,842.985
1.273,561 +1,569.424
Hocking Valley_
8,632,724
-11,441
6,350,410
2,041.924
2,053,365
Lake Superior & Ish
438,298
247,681
-21,136 +108,666
87,530
Lake Terminal
570.825
551.559
180,864 -121,044
59,820
Newburgh & So Sh. 1,061.090
997,496
336,118 -171,263
164,855
N Y Central-See Group II.
Cincinnati North_ 2,665,794
1.750,311
839,952
452,988 +386,964
C C C & St Louis 47,859,673 40,829,638 12,436,348 11,798,409 +637.939
Ind Harbor Belt-See Groups VI & VII.
Michigan Central 48,336,062 37,437.749 15,924.731 10,440,886 A-5.483.845
Pittsburgh & L E 22,865,939 11.800.206
-52,826 +8.175,485
8.122,659
N Y Chic & St L__ _ 22,456,750 18,811,491
+707.827
4,838,984
5,546,811
Pere Marquette
22,264,618 18,207.976
4,292,964 +1,200.453
5,493,417
Pittsburgh & W Va 1,816.941
+97,446
1,391,143
328.023
425,469
Toledo St L & West 6,563.956
1,612.062 A-1,067,497
4,906,257
2,679,559
Wabash
31,784,135 28,630.584 6,790,189
5,161,476 +1,628,713
Wheeling & L Erie_ 8,667,135
+129,147
1,723,994
6,822,930
1.853.141
Total(27 roads)._280,756,923 220,804,114
033
Groups IV. de V. 1923.
1922.
Southern.
Alabama & Vicksb- 1,671,790
1.575,417
Atlanta & West Pt_ 1,451.151
1.147,232
Atl Blrm & Atlantic 2,286,876
1,842,846
Atlantic Coast Line 43,525.787 37,095,580
Caro Clinch & Ohio 4,720.435
3,863,255
Central of Georgia_ 13,187,511 10.747,997
Charles & W Caro. 2,030,804
1.724,476
Chesapeake & Ohio 48,264,859 44.172,859
Florida East Coast- 9.420,093
8.065.
Georgia
3,014,150
2,367.734
Georgia & Florida._
851,237
665,104
Gulf & Ship Island- 1.640,403
1,437,784
Gulf Mobile & Nor- 2,922,733
2,375,446
Illinois Central-See Groups VI. & VII.
Yazoo & Miss Vall 9,916,773
8,728,619
Louisville at Nashv_ 66,622,895 62,050.125
Loulsy Bend & St L 1,701,816
1,531,388
Miss Central
916,664
739,741
Mobile & Ohio
10,362,099 8,522.874
Colum & Green
739.030
714,658
Nash Chatt & St L. 12,258,770 10,143,436
New Orl & Grt Nor_ 1,412,000
1,267,449
Norfolk & Western_ 44,938,946 46.011,351
Norfolk Southern
4,642.461
4,200.225
Rich Fred & Potom 6,464.790
5.407,635
Seaboard Air Line
26,915,345 22,426.507
Southern Railway.. 74.448,970 61,995.456
Ala Grt Southern 5.3112,914
4,711,467
Cmn NO & Tex P 11.863.271
9.119,251
2,621.498
Ga Sou & Fla_
2,371.004
3,504,981
New On & N E
3.120,824
North Alabama
839,434
628.932
1,547.459
Tennessee Central
1.172,185
Virginian
11,072,336 10,485.198
Western Ry of Ala_ 1.441,442
1,194,732
78,582,423
52,582,749+25,999,674
Net
Inc. or Dec.
1922.
1923.
$
288,108 +101.201
389,309
173.439 +176,774
350,213
-58,667 -211,559 +152,892
13,165,868 11,178.063 +1,987,805
+49,481
1,311,694
1,361.175
+560,395
2,188,296
2,748,691
457,128 +103,159
560,287
11,045.508 10,899.467 +146,041
3,226,607 +951,456
4,178,063
+269,386
328.576
597,962
+84.898
101,267
186,165
+55,186
401.388
456,574
+74,959
743,520
668,561
992,914
885,168 +127,746
13,250,052 12,194,657 +1,055,395
371.774 +107,725
479.499
100,542 +101,459
202.001
1,930,946
+514,327
2,445,273
116,591
-33,616
82,975
2,040,628
997,341 +1,043,287
475,450
359,942 +115,508
9,766.860 15.126.054 -5.359,194
1,076.949
819,349 +257.600
+554,576
1,822,404
2,376,980
5,888,937
4,697,683 +1.191.254
18,441.608 13,716.364 +4,725,244
1,235.956 +448,264
1,684.220
3,640,250
2,150.653 +1,489,597
577,111
418,298 +158.813
896,288
498,476
+397.812
339.677
225,659 +114,018
213,479 +153,356
366.835
+33,220
4,410,789
4,444,009
232,777 +160,760
383.537
Total(34 roads)__434,611,722 383,624,025 105,576,721 93,515,937+12,060,784
---03033
1922.
Groups VI. & VII. 1923.
1923.
Northwest.
1,477,424
B & 0 Chic Term__ 1,869,306
278,479
2,890,726
Belt Ry of Chicago_ 3,599,811
1,248,874
3.575,433
Chicago & Alton_ _ 16,367,514 14,132,672
1,888,361
Chicago & East III. 14,245.495 11,903.154
Chicago & Nor West 77,940,643 67,660.629 10.940,898
Chic Burl & Quincy 84,779.771 74,635,952 17,370,326
1,917,640
Chic Great Western 12,787,866 11,323,144
Chic Milw & St Paul 83,677,152 71,156,775 14,279,242
676.688
1,133,185
-36.309
Chic Peoria & St L.
_ 13,781.030 13,056,451
1,919,721
Chic St P M & O.
2,176,549
395,794
Duluth & Iron Rang 2,993,380
3,844,734
2,446,116
Dul M1ssabe & Nor 6.375.246
1,964,781
423,045
Du Sou Sh & Atl_ _ 2,810,687
972.664
230,364
Dul Winn & Pacific 1,311.286
1,011,166
670,185
East St Louis Conn 1,173,855
5,081.124
Elgin Joliet & East_ 14,377,518 10.507.235
7,279,769
Great Northern_ _ 52.543,705 42,730,195
686,695
647,622
91,180
Green Bay & West_
85,231.508 69 773.121 18,037,375
Illinois Central
Yazoo & Mississippi Valley-See Groups IV.& V.
7,472.583
1,061,886
Minn & St Louis... 8.150,427
23,652,491 19,254.928
4,526,192
M St P & S S M
NY Central-See Group II.
4,638,822
1,670,296
Ind Harbor Belt_ 5,806.988
5,157,162
Northern Pacific.... 46,647,127 41,922,104
Pennsylvania LinesFor lines east and west of Pittsburgh see Group
-84,812
791,224
900,273
Tol Peoria & West
211,665
891,054
Peoria & Pekin Un_
877,166
-82,274
530,687
Quincy Om & K C.
651,493
Union Pacific
50,958,437 45,402,183 14,353,933
Oregon Short Line-See Group X.
Ore-Wash Ry & Nav-See Goup X.
St Jos & Grd teL 1,570,857
199,306
1,505,620
Total(28 roads)__616,405,342 525,446,457 115,050,871
Net
1922.
$
157.513
963.860
2.448.735
1.804.200
10.953.160
17,912,058
1,117.807
8,611,901
-56,790
2,017,091
254,372
801,471
-63,132
81,308
529,445
4,130,339
6,949,516
164.464
16,930,373
Inc. or Dec
+120.966
+285.014
+1,126.698
+84,161
-12,262
-541.732
+799,733
+6,667,341
+20,481
-97,370
+141,422
+1,644,645
+476.177
+149.056
+140,740
+950.785
+330.253
-73,284
+1,107.002
989,584
+72,302
2,218,326 +2,307,866
1,663,466
5,213,206
+6,830
-56,044
-29,532
-55,280
+11,394
200,271
-64,749
-17.525
13,136,931 +1,217,002
200,682
--1,376
99,293,100+15,757,771
Groups VIII. & IX.
[VOL. 117.
1923.Gross
1922.
Atch Top & Santa Fe 96.650,970 83,402.328
Gulf Colo & S Fe 10,890,455
9,994.276
Panhandle & 5 Fe 3,630.622
3,471.006
Chic B. I & Pacific
59,599,477 56,053,682
Chic R I & Gulf_ 2,577,376
2,716,060
Colorado Southern_ 6,132,392
6,059,965
Ft Worth at DenC 4,265,246
4,362,143
Trin & Brazos Val
772,842
1,580.058
Wichita Valley...
627,698.
571,445
Deny & R Or West_ 15,299,225 14,456,211
Denver & Salt Lake 1,086,899
555,823
Ft Smith & Western
765,057
730.608
Galveston Wharf_ _ _
651,006
706,854
Internal & Grt Nor 6.828,034
6.741,669
K C Met & Or ent_
785.794
665,313
K C Mex3 Or of Tex
793,406
740,236
Kansas City South_ 9,744,263
8,732,517
Texarkana & It Sm 1,304,209
977,860
Kan Okla & Gulf__ 1,337,669
1,341,614
Louisiana & Arkan- 1.938,963
1,633,284
Louisiana Ry & Nay 1,973,335
1,607,991
Midland Valley.... 2,224,158
2,281,899
Mo & North Arkan_
698,665
115,262
Mo-Kan-Texas
16,755,533 15,382,647
Mo-Kan-Tex of T 9.288,977 10,008,850
Missouri Pacific_ __ _ 53,698.273 48,551,033
New Orl Tex & Met 1,511,132
1,319.005
Beaum S L & West_ 1,101.464
1,015,176
St L Browns & M 2,571,063
2,602,675
St Louis-San Fran
41,720,727 39,420,419
Ft Worth & 11 C.
675,735
595,052
St L-S F of Texas
733,009
780,826
St Louis Southwest- 10,446,172
8,351,238
St L S W of Tex_ 3,735,734
3,438.201
St Louis Transfer
417,484
370.574
San Ant & Aran Pass 2,451.816
2,483.789
San Ant Uvalde &0
597.070
514,482
Southern Pacific-See Group X.
Arizona Eastern-See Group X.
Gale Harris & S A 10,939,915 10,606,166
Hous& Tex Cent_ 6.426,020
6,904.226
Hoes E & W Tex_ 1,405,099
1,413.013
Louisiana West
2,295.902 2,108,193
morg La RR of Tex 4.377,288
3.860,216
Texas & New Orl_ 4,334,389
4,346,660
Toml RyAssn of StL 2,489,518
2,283,855
St L Mer Br Term 2,473,195
1,781,546
Texas & Pacific
14,963,007 14,370,805
Utah
737,505
760,531
VIcksb Shrev & Pao 2,100,366
1,885,273
1923.
Net
1922.
Inc. or Dec.
25,990.203 16,962,334 +9,027,869
757.892 +228,139
986,031
+350,657
59,014
409,671
9,609,090 -1,010,739
8,598,351
416,1527 -267,529
148,998
1,239,491 -671,832
567.659
1,410,534 -426,494
984.040
186,494 -226,134
-39,640
+55,970
141,622
197.601
3,366,837 -1,841,913
1,524.924
-516
-64,870
-65.386
+14,875
87,653
102,528
+122,552
35,471
158,023
950,741
1,070,971 -126,230
-91.873
+40,880
-50,993
+90,715
-97,799 -188,514
2,332,774
2,101,807 +230,967
+289,511
636.112
346,601
250.282
352,459 -102,177
702.481
441.060 +261,421
263.194
143,747 +119,447
739,540
919.006 -179,466
97.464
+83.794
13,670
3,943,476
5.180,780 -1,237,304
1.260,142
2,384.453 -1,134,311
7,082,411
7,458,709 -376,298
543,588
399,850 +143,738
392.977
278.970 +114,007
769,079
-73,179
842.258
11,497,440 10,437,556 +1,059,884
-25,056 -161.798 +136,742
38.650
36,704
+1,946
3,930,793
3.010.805 +919,988
-887,888 -774.246 -113,642
132,510
76,401
+56,109
-194,462 -191,792
-2,670
88,278
96,999
-8,721
1,241,741
602,138
82.330
624,048
418.431
312,662
832.342
832.708
2,074,685
154.507
587.717
1,540.346
1,329.017
166.707
502.125
229,292
493,658
807,653
602.110
2,281,121
233,731
366,001
-298,604
-726,879
-84,377
+121,923
+189,139
-180,996
+24,689
+330.598
-206,436
-79,224
+221,716
Total(48 roads) 428,734,154 394,542,555 81,712,046 76,850,432 +4,861,614
Gross
Net
Group X'.
1923.
Inc. or Dec.
1922.
1922.
1923.
Pacific Coast.
$
$
$
$
$
Bingham & Garfield
221.551
82,380
69.342 -101.935 +171,277
El Paso & So West_ 6,442,382
5,211,774
1.523.535 +180,201
1,703.736
Los Ang & Salt Lake 11,512.048
9,450,004
2,377.026
1,360.776 +1.016,250
Nevada Northern
443.121
186,150
231.766
50.937 +180,829
Northwestern Pact_ 3.576,525
-87,647
3,557,385
758.064
845,701
Southern Pacific_ 93,803,696 83.205,310 27.138.300 21,974.776 +5,163,524
Arizona Eastern
1,846,706
1,494,068
732,117
594,836 +137,281
For remainder of system see Group , VIII & IX.
Spokane Internat..
582,661
+8,228
641,334
151,564
143.336
Spok Port & Seattle 3,814,523
+100,877
3,390,108
1,168,141
1,269,018
Union Pacific-See Groups VI.& VII.
Oregon Short Line 17.417,087 16,380,689
+59,144
3,986,843
3,927,699
Ore Wash Ry & N 13.379.455 12,698,727
880,095
383,504 +496:5N
Western Pacific.... 5,881,812
5,090,241
1,116,874
634,950 +481,924
Total (12 roads) 158,921,567 141,288,070
40,414,735
32,506.256 +7,908,479
Grand total (102 rds)3086129793 2605203228 649,131.565 531,566,924+ 117564641
F. W. Gehle Reviews Problems Before President
Coolidge.
Speaking before the Greater Buffalo Business Men's and
Advertising Club at Buffalo on Aug. 7, Frederick W. Gehle,
Vice-President of the Mechanics & Metals National Bank of
New York City, observed that "at the moment when President Coolidge assumes the burdens of national leadership,
it is well to take our bearings, and at least summarize the
problems which will press upon him for solution." Continuing, Mr. Gehle said:
In the business world there is no immediate apprehension over the change
that has occurred; the nation's new Chief Executive comes into office at a
time when strength is manifested by trade and finance In practically every
section of the country. The momentum of current activity will not be
checked by the event of this change.
In financial and banking circles the sentiment is universal that President
Coolidge is well fitted to assume the responsibilities which have so suddenly
fallen upon him, and that his Administration will be one of stability and
sureness. He is a silent man, but silence is not incompatible with an
ability to meet problems squarely and give positive direction to national
Policy. Problems that confront him are far from easy; from a business
viewpoint those which stand out most prominently involve labor, the wheat
farmer, the railroads. the Government's fiscal policy, the soldiers' bonus.
and the relations of our foreign affairs.
The President's attitude toward the threatened coal strike and toward
other organized measures which may menace the general prosperity is for
the present to be gauged by a phrase he used some years ago when he was
Governor of Massachusetts. "There is no right to strike against the public
safety by anybody, anywhere, any time," he said then. Again, from his
expressed belief that "no scheme of government aid Is likely to make us all
prosperous," it may be judged that he will move with extreme caution in
the matter of permitting the Government to valorize the present [year's
wheat crop. It may be judged, also, that he will hesitate a long time before permitting a repeal of the Transportation Act or an abandonment of
the careful policy on which the nation's finances are being conducted.
There are many signs that the mood of the country is changing, and
that it is looking again for strong leadership, especially in the matter of
the nation's most pressing problems, which after all are international.
Europe's present turmoil has definite reactions upon the United States,
and oven though moral forces at this time may still fall to.prompt our
Interest in foreign affairs, our trade interests necessitate a direct concern
In all that is going on. The practical considerations Involved are carrying
us steadily to a point where constructive action must be taken, and it Is
here that the new President, in assuming leadership, will find need for
strong men to show him what to do. Not only are many of our Industries
built upon their sales in foreign markets, but there is the need for conserving what we are already committed to. The people of other countries,
directly and through their Governments, owe in the United States sixteen
billions of dollars. That figure alone shows the financial stake we have
in hastening the re-establishment of peaceful trade.
AUG. 181923.]
THE CHRONICLE
As a contributor to establishing the world's credit relations on a firm
basis, the United States is in a position that is without parallel. Literally,
all other nations are in the role of borrowers. We are lenders. We alone
have a large amount of credit available, and we are ready to extend that
credit further when we are assured of just one thing—that the fundamental
principles of credit, which are integrity and safety, will be observed by
the borrowers.
The restoration of international well-being requires now, more than
ever, a spirit of understanding and tolerance. Sometimes we believe
that this spirit is making progress and our hopes for the future rise like
the mercury on a warm day. Then again we are disillusioned and our
hopes drop again. For the present we are at a loss to know how to turn,
and until a firm point is established at which co-operation shall begin,
and until the Coolidge Administration shows the way, our part will continue to be clouded and obscure. But in the long run we shall not be
able to dodge the fundamental issue of our relations with Europe. and
sooner or later our part in overcoming the troubles which upset the world
will have to be definitely defined.
If, ultimately, a peacefti and normal condition is to be restored abroad,
If the standard of life there is to be raised from the point to which it has
slumped, and if our own trade Is to no put on a secure and lastingly profitable basis, this country must have a part in the economic affairs of Europe.
True, no one man or group or country can solve all those problems. But
one man or one group can carry along toward a settlement at least one
problem which directly concerns our progress. The .statesman, in or out
721
of the White House, can grasp at least one problem in statescraft. The
exporter can grasp at least one problem in foreign trade. The banker can
grasp at least one problem in finance.
Of course, a fundamental change must be brought about in Europe
before real progress can come; for some of the neediest nations of the continent of Europe—nations which for centuries have been the foundation
stones of civilization—there is to-day no assurance regarding the direction
in which they are headed. Their credit relations are disrupted, their
finances are disorganized, their currencies are at a discount, their budgets
are unbalanced, they have steadily mounting deficits. What is more,
there is no policy yet determined which would indicate an effort on the part
of the nations affected, all together, to correct the causes of these evils.
The will to punish and destroy is still stronger than the wish to
tonstruct, and a spirit of obstruction comaimes the initiative of
the people.
When the lessons taught by the present misery abroad have been learned.
the time will arrive for America to take its part in the task of economic
reconstruction. That task will not be an easy one,for it will involve many
changes from our historic position as an export nation. But events are
proceeding rapidly, and with two or three of Europe's greatest difficulties
removed, a new chapter will soon begin in economic history. In the interval preceding the extension of our interests abroad, our bankers will do well
to seek to bring the structure of the world's credit in line with right standards, for in that rests the ultimate prosperity of hundreds of millions of
people.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. River in cotton print cloths estimated at some 110,000 pieces,
Friday Night, Aug. 17 1923.
Though there has been no marked increase in business,
yet there have been signs of better things here and there.
They are not very pronounced. But they are discernible.
Trade is larger than it was a year ago. That is well known.
The point is that it is somewhat larger in some lines than
it was recently, even allowing for the fact that in many lines
the midsummer lull is still very perceptible. Consumption,
on the other hand, is still on a large scale. The West has
been doing a good business in pig iron and railroads are buying steel more freely. There are some indications of better
buying of steel by automobile companies, and in one instance
at least they have been buying cotton goods on a very noticeable scale. Oil companies have also been buying steel more
freely. One of the outstanding features of the week was a
sharp cut in gasoline. There has been a kind of price "war,"
which began in North Dakota and swept eastward to the Atlantic coast. North Dakota, however, has since raised gasoline prices somewhat. And there are evidences of over-production of crude petroleum which perhaps porteni sooner or
later some further decline in its price. Such things are
bound to happen, however, from over-development in any
line of industry.
Grain markets in the main have advanced. Cotton is up
some $5 to $7 a bale, owing, it is true, to growing fears for
the crop from the continued drouth in Texas, in a few parts
of which it has been running for two months. Sugar, on the
other hand, has declined mainly, it would seem from overproduction of the raw product in different parts of the
world. Coffee has been higher, with tenderable grades
rather scarce here, it appears. The farmer is in better
shape. Prices are higher for his Izoducts in some cases than
they were a year ago, on corn especially. And now hogs and
cattle are rising to such prices that there is evidently a big
demand in prospect for corn for feeding to live stock with-.
out taking into account the other demand from the industries and so forth. In bituminous coal there has latterly
been rather more business. There is doubt about the anthracite outlook; that is to say there is a superficial doubt.
That there will be a strike on Sept. 1 seems inconceivable.
Nothing could 'be a greater affront to the people of
the
United States. At the moment there is a dispute over
the
check-off system. It was hoped that the miners' union
would not insist upon the check-off. An insistence on the
check-off would surely be regarded by all fair-minded peoPle as untenable. And it is significant that from parts of
Pennsylvania have latterly come reports that the anthracite mine workers themselves were arrayed against local
union leaders because of these leaders' insistence on the
check-off, with its levies, penalties and assessments. It is
hardly necessary to say that under such an arrangement
there is only too great an opportunity for the inflicting of
hardship upon the miner. Meantime, however, the mere
threat of a strike means keeping up the price of anthracite
coal, something which naturally works hardship to the
householder wherever it is used.
But one gratifying feature of the week was the evidence
of a better business in textile industries. The trade at Fall
is the best for many weeks past. Here in New York, too,
there have been evidences of greater courage in the buying.
There has latterly, too, been more disposition to buy goods
for a month or two ahead, which is something new. At some
decline there has also been a larger business in raw silk.
Shoe manufacturers are doing more business. Significantly
enough, there has been,a greater activity in the jewelry industry. But of course the business spectrum has its darker
lines. While there are some signs of improvement here and
there. trade in the main is quiet, awaiting further light on
the general situation. High cost of labor still tends to restrict buying of not a few commodities. Although cotton
textiles are selling more freely, cotton mills as a rule still
maintain a marked curtailment in their operation. New England has to compete sharply with Southern mills in the cotton goods business. And there is Europe far to the eastward
as a kind of cloud on the world's horizon that cannot but
affect business, to go no further. Our exports suffer from
the economic disorganization of the European Continent and
also from its political turmoil. It is true that there are some
bright features. The balance of trade for July was again in
favor of the United States. Agriculture in France and Russia, and also, it would appear, in parts of Germany, is in
more thriving condition. The labor and food situation in
Berlin is better. Communism, it has latterly been demonstrated, has a far weaker hold on Germany than had been
feared. Yet that is not at all surprising, for the German
peasant is certainly not inferior in intelligence to the Rus:
sian and the Russian peasantry has had sense enough to put
a spoke in the wheel of Bolshevism, as everybody knows. It
Is safe to say that all over the world farmers are individualists, although they give themselves no particular name.
They simply want what they make and are averse to sharing
it with every idle Tom, Dick or Harry that happens along.
Tillers of the soil may be counted upon to prick the bubble
of communism wherever and whenever it shows itself.
And as regards Germany there is an idea that the new
Cabinet is somewhat more favorable to a rapprochement
with France. At least that is the growing impression. It is
hoped that after a certain amount of bickering the contestants will get around a table, and with the aid of a little
practical good sense, will settle this vexatious business of
reparations off-hand and effectually. The Coolidge Admi.nistration is understood to have made it plain to Europe that
the new President endorses Secretary Hughes's reparations
suggestions as set forth in his New Haven speech some time
ago. It offers no specific plan, but it is taken for granted
America is ready to co-operate with other Powers if invited
to do so without becoming entangled in any political dispute. It is understood that this country is anxious for a
settlement of the reparations question, and that it believes
this can be brought about if the question is separated entirely from politics and is viewed solely from the angle of
economic facts. It has long been known that the Administration at Washington believes that a commission should
have been appointed to find out what Germany could pay
and then invite Germany to pay it. This, it is believed.
would have been far more economical and at the same time
722
THE CHRONICLE
a far quicker way of settling this thorny question. Meanwhile French francs have dropped this week to a new "low"
in the history of France, while the condition of the German
currency naturally becomes worse and worse as time goes
on. It is, of course, all very regrettable, and it would seem
that some means should be found to put a stop to something
which is a reflection on modern civilization. The old saying
Is,"When things get to their worst they mend." It is hoped
that European affairs have reached their worst and that the
turn in the lane is not far off. So far as this country is concerned, there is an underlying hopefulness in the business
world which is characteristic of the American people. In
believe that
respect to the fall outlook some are inclined
it promises an increase in business. As regards the New
England textile industry there has recently been no accumulation of stocks, while consumption has continued on a liberal scale. Some revival of late at the cotton mill centres is
expected to go further in the next few weeks. Woolen mills
are more active. Retail trade in many parts of the country
is good. It is true that there is everywhere a cautious spirit.
There is a widespread and very noticeable disinclination to
anticipate wants far ahead. In other words, there is a conservative tone throughout the field of American business
which of itself is reassuring and may easily prove to be the
harbinger of a gradual improvement sooner or later all along
the line.
John Hays Hammond, Chairman of the Federal Coal Commission, to-day addressed a letter to both miners and operators urging them to find some way to resume negotiations
with a view of averting an anthracite strike. Thereupon
both sides went into executive session here and will confer
again on Monday at Atlantic City. It is hoped that the
deadlock will speedily be broken. '
At Lawrence, Mass., the Everett Mills have extended the
usual annual vacation and will not re-open until Tuesday,
Sept. 4. At Augusta, Ga., the Langley Mill No. 2 resumed
work last Monday. There is no announcement as yet as to
Langley No. 1, but the belief is that it will be started up at
an early date. Langley has not been under way since June 9.
The Spofford Mills, the Aiken, at Bath, and the Seminole, at
Clearwater, are in operation.
The lumber trade shows a downward trend for the week
ending Aug. 4. The cut is estimated at 266,351,129 feet, as
against 280,862,205 feet for the preceding week. Shipments
are given as 234,898,115 feet, as against 241,024,904 feet.
Food has recently shown a tendency to rise and now a
Chicago dispatch calls attention to an unusual scarcity of
finished beef cattle. It has put the price at Chicago to a
new high of $12 45, a record for the year. Wholesale bakers
refused to reduce the price of bread from their present one
of 7c. Retailers are blamed for keeping prices at 9 and 10c.
It is said that a profit of one cent for the retailer would be
ample, making it Sc.
In Michigan an investigation will be made into cement
prices to determine whether producers have entered into a
combination to manipulate them. The Highway Department
of that State charges that it was unable to purchase cement
except at exorbitant prices. Michigan authorities will look
into a suggestion that the State operate its own cement
producing plants to have an output of 700,000 to 1,000,000
barrels a year.
The weather here early in the week was rather warm, but
later it became like fall, with temperatures as low as 63
here. In the Adirondacks on the 15th inst. the first frost of
the season was reported. In Texas and Oklahoma it has continued very hot, i. e. 100 to 110 over most of those States.
Early in the week the curious weather over the world was
illustrated by dispatches reporting the closing of all the
Italian bourses until Aug. 20 on account of extreme heat.
Yet in parts of the earth this summer it has been unusually
cool.
Further Reductions in Gasoline—Statements
Regarding the "Price War."
Following the reductions in the retail price of gasoline per
gallon made last week,further drastic price cuts occurred the
present week. On Aug. 11 the Standard Oil Co. of Indiana
announced that the price of gasoline had been reduced to
16c. a gallon in South Dakota, as a result of the order of
Governor McMaster to the State Highway Supply Depot
to sell gasoline at that price, reference to which appeared in
this column last week, page 607. The Standard Co.'s announcement, as given in the "Times" of Aug. 12, follows:
[You 117.
The Standard 011 Company of Indiana asserts that such a price is below
the cost of manufacture and distribution, and that the prices now maintained by it and most of its competitors in the State of South Dakota
are reasonable and just, based on the present price of crude oil and the cost
of manufacture and distribution of its products.
The Standard 011 Company of Indiana has, however, always stood upon
the principle that the customers who purchased its goods should never be
compelled to pay a higher price than that maintained and fixed by any competitor. quality and service being duly considered.
Acting on this principle, the Standard Oil Company of Indiana has to-day
fixed a price for gasoline, the difference in the cost of transportation being
considered, at all the points in the State of South Dakota, the same as that
maintained by the State through the action of the Governor and the Highway Commission-16 cents a gallon.
It takes this action fully aware of the fact that this price is far below
cost and that it should not be maintained by the State.
The Standard 011 Company of Indiana asserts, as the absolute truth.
Which it is prepared to at any time prove, that it does not dictate or dominate l any way the prices which its competitors fix upon the goods they
sell, and asserts that it has nothing to do with the prices made by its competitors and the so-called independent dealerkin,thejitatkotsouth.Dakots.
or any other State.
—Wile the South Dakota price cut was being made, it developed that consumers in Dallas, Texas, were buying gasoline for 11 cents, and at Sapulpa, Okla., where the quotation
had got down to 5 cents for a time, dealers posted a price of
10 cents.
As a result of the agitation created in the Central West,
Governor Len Small of Illinois announced he wak investigating the situation with a view to taking action. The Governor of Nebraska, C. W. Bryan, sent telegrams to all the
principal oil companies requesting a reduction in price.
Attorney-General A. V. Coco of Louisiana announced the
State would make an immediate investigation of the reports
that gasoline prices were 3 to 6 cents lower in other cities
than in New Orleans where the price on Aug. 13 was 173'
cents a gallon. The city of Milwaukee, Wis., also entered
the arena and announced it would distribute 85,000 worth
of fuel at 13.5 cents a gallon for low test and 14.8 cents for
high test grades, according to a report from that city on
Aug. 13.
Governor Nestos of North Dakota was reported to have
wired the officials of the Standard Oil Co. of Indiana at
Chicago demanding a 16-cent price for gasoline in that
State. Governor Preus of Minnesota announced he would
demand consideration for his State also. The Standard Oil
officials are said to have intimated that a price cut was
impending in Kencucky.
A report from Philadelphia said that the first reduction
of 1 cent a gallon had been made in the retail price. The
Texas Co. cut to 22 cents gallon, including State tax of 2
cents. Other companies met the reduction.
The Standard Oil Co. of Indiana announced on Aug. 13
that it would reduce the price of gasoline 6.6 cents a gallon
throughout the ten State.$ in its territory, effective Aug. 14.
This made its price 16.4 cents a gallon in some of the States
and 15.4 cents in Chicago. L. V. Nicholas, head of the
National Petroleum Marketers' Association, immediately,
announced that he had notified the independents to reduce
prices 5 cents a gallon. The territory affected includes
Illinois, Iowa, Indiana, Michigan, Wisconsin, Minnesota,
North Dakota, South Dakota, Kansas, Missouri and part
of Oklahoma. The cut was already effective in South
Dakota.
A reduction of 1 cent a gallon in the retail price of gasoline
in five States in the territory of the Standard Oil Co. of
Kentucky was also announced at Louisville on Aug. 13 by
S. W. Coons, President of the company. The reduction
aprlied to Kentucky, Florida, Mississippi, Alabama and
Georgia. The 1-cent cut brought the price at filling stations
in Louisville down to 22 cents a gallon. The action of the
Standard Oil Co. of Indiana was announced after a meeting
of the board of directors and read as fo-llows:
The Standard Oil Company of Indiana announces an immediate reduction
in the price of gasoline of 6.6 cents per gallon applicable throughout the entire territory in which it does business. It asserts that the retail prices thus
made are far below the cost of production and distribution.
The Governor of the State of South Dakota,buying distress gasoline below
the cost of production, and charging against the State no adequate cost for
distribution. Is selling gasoline to the public in the State of South Dakota at
16 cents per gallon.
The Standard Oil Company of Indiana, operating on its established policy that the customers who purchase its goods should never be compelled
to pay a higher price than that maintained and fixed by any competitor.
quality and service being considered, has met this price.
Other State executives and officers of municipalities are suggesting that
the South Dakota price be made applicable in their States. Competitors
In other States and communities over the territory, also buying distress
gasoline below cost of production, have also cut the prices hitherto established and maintained in substantial amounts.
In establishing the above price the Standard Oil Company of Indiana is
Is not endeavoring to injure any of its competitors in any way.
It deprecates the stand taken by some of its competitors that the Standard Oil Company of Indiana is endeavoring by reason of meeting these cuts
In price and these demands for lower prices, to put its competitors out of
business.'
AUG. 18 1923.)
THE CHRONICLE
The Standard Oil Company of Indiana does not wish to put any competitor out of business because it feels that competitors are necessary to the
successful conduct of its business. It will welcome a change of attitude on
the part of all parties concerned resulting in a reasonable price for gasoline
which will enable not only it but all of its competitors to enjoy a reasonable
profit.
It recognizes that the majority of its competitors are fine business men,
entitled to the nicest treatment both by the public and by this company.
The Department of Justice is investigating conditions in
the petroleum industry, embracing not only alleged curtailment of production, but the gasoline price situation in
a number of States, the two phases of the question in the
opinion of Department officials being interwoven.
The Texas Co. and the Sinclair Oil & Refining Co. met
the Standard Oil of Indiana reduction of 6.6 cents a gallon.
The Stand ,r3 Oil Co. of Nebraska reduced the price to 1634
cents a g iron. The former price was 2234c. Other companies have followed the reduction with similar cuts.
Governor George P. Hunt of Arizona on Aug. 14 said an
inquiry would begin at once to determine if gasoline prices
are too high in Arizona, and if so steps would be taken.
Prices there range from 23 to 26 cents a gallon, including
State taxes.
On Aug. 14 the Pure Oil Co. issued the following statement through Presirlent B. G. Dawes:
The Pure Oil Co. reduced its tank wagon price an average of 6.6 cents
a gallon on gasoline in the Northwest and territory covered by the Standard
of Indiana. This is deplorable from the company's standpoint, as it
entails heavy financial loss, but it has been done for the benefit of our
customers who have been loyal enough by their patronage to have built
up the very heavy business which we have in the Northwest.
I make no criticism of the Standard of Indiana for the position it has
taken in this matter, but I fully believe that the public officials, whose
actions have undoubtedly brought about the situation, will learn very
shortly that they have only played into the hands of the Standard of
Indiana in the long run.
There was a condition in 1914 practically parallel to the present one.
At that time the tremendous production was coming very largely from
the Cushing field. Now it is coming from California.
The companies that are completely in the oil business, that is, those
who have production, transportation, refineries and distribution, must
get an ultimate price for their products exceeding the cost of the several
operations or else they will fail. There are always a large number of
producers who have no other interest in the oil business than producing
as well as a largo number of refiners who have no other interest in it than
refining, and a large number of distributers whose only interest is distributing. This group in the aggregate is very large as compared with
the business of the companies that are compeltely in the oil business,
and
it can be readily seen that their real interest in the business is the
margi
as between the different divisions of the industry.
In 1914, as a result of the very heavy production and the amount
of
oil that was refined, the margin of profit in producing and refining
was
very low, but for the distributers became quite large, and there
grew up
in the territory of the Standard of Indiana a large number of
distributers
Who were gradually securing much of the distributing business
of that
company. in order to meet this condition, the Standard of Indiana
reduced the tank wagon price in July 1915 to 9.5 cents. This of course
took out all of the profit for the distributer and I do not think I
exaggerate
when I say that at least 50% of them became bankrupt. This
price
came back with a great rebound and in January 1916 reached 16.5 cents.
and by July of the same year the Standard of Indiana's tank wagon
market
was 18.5 cents.
As I remember it, the Standard of Indiana was severely
criticized for
reducing the price until many of its competitors in the distributing business
were bankrupt and was even more severely criticized when it
afterwards
raised the price. This situation was followed by some five
prosperous
years in the oil business.
As I say, in the present situation, we are running nearly
parallel to
1914 and 1915. There has been a tremendous overproduction
of oil and
a large amount of excess refining, with resultant heavy
losses in many
cases to the producer and in practically all cases to the refiner.
In the
same way as in 1914-15 the distributers have had excessive
profits. However, the company in all departments
of the business, that is, taking oil
from the ground and putting refined products
in the consumer's tank,
his operated at a profit, but at a very small
profit.
The condition now as different from 1914-15 is simply
this. There
have been several great oil companies grow up in
the United States which
are entirely independent of the Standard interests and
are in the oil business
completely. I might name such companies as the Texas, Gulf,
Sinclair
and Pure Oil Co. These companies do not set the price,
except in a few
instances, but follow the Standard. Each of these
companies is strong
financially and can weather any storm and they will come out
of it with
an increase in their business, as will the Standard of
Indiana.
733
to 20 cents a gallon at a conference with independent oil
jobbers.
The Standard Oil Co. of Ohio announced a reduction of
134 cents per gallon, making the retail price 2034 cents per
gallon. The independent companies covering the same
territory made reductions bringing their prices down to the
•
same level.
Aug. 16 brought several announcements by independent
producers of price reductions to meet the price level set by
the Standard companies. In Chicago, the Continental
Oil Co. reduced its price 2 cents. The Texas Pipe Line Co.
announced it would cut in half its purchases of crude oil
effective Aug. 17.
A reduction in Canadian prices was reported to be likely
when present supplies are exhausted in about ten days, but
no estimate of the amount of such cuts was given.
On Aug. 17 the Standard Oil of Kentucky made a second
reduction of 1 cent a gallon in its territory, while the Magnolia [Petroleum and Gulf Oil companies in Texas reduced
price to 18 cents a gallon.
The National Motorists, Association in a. report from
Washington, D. C., recommended that a Federal investigation of the gasoline industry be made, especially regarding
price discriminations.
The unsettlement of the industry,,due to the overproduction of crude oil and the selling of gasoline below the cost of
production, is merely a temporary condition, according to
Walter C. Teagle, President of the Standard Oil Co. of New
Jersey. President Teagle believes there is nothing in current
conditions to cause alarm, according to a statement which,
appeared in the "Times" of Aug. 17, because those "com-,
polled to liquidate their stocks of finished products at sacrifice prices are more likely to take up bank loans than to re,
in.vest the proceeds in crude .oil." We take th a following
f-om the "Times":
"I am no more pessimistic now than on other occasions when difficult
situations existed in the petroleum industry, due to overproduction, and I
feel confident that the industry will go through the period and emerge as
well as could be expected under the circumstances."
In connection with the reductions in the wholesale price of gasoline announced by the Standard Oil of New Jersey on Wednesday, this being the
fourth reduction since Feb. 15 1923, Mr. Teagle was asked if it would be
possible for his company to sell gasoline below the current price of 19%
cents a gallon wholesale, provided an unlimited amount of distress gasoline'
could be purchased in the Mid-Continent fields at 8 cents a gallon. In
his reply he pointed out that the freight rate from Oklahoma to New York
was 5.41 cents a gallon and that the cost of distributing gasoline to service
stations was between 3% and 4 cents a gallon, bringing the price at the outside figure up to 17% cents a gallon, exclusive of profit, loss through
evaporation and other miscellaneous charges.
Discussing present conditions generally, Mr. Teagle said:
"It is clear from the large number of inquiries which have been made of
the Standard Oil Company (N. J.) in the past few days that there is a ver
general misunderstanding of the meaning of the reduction in gasoline price
in the Middle West, and its Probable effect on local markets.
Prices Here Based on Crude.
"The cut in prices initiated in South Dakota and afterwards made effective in a number of other States represents the only change there in a number of months. In the Eastern markets,on the other band,reductions were
made coincident with the lower costs of the crude oils available to seaboard
refineries. The tank wagon price of gasoline now in effect in this locality
Is 6% cents below the price obtained in July 1922. Since Feb. 15 of this
*: ear this company has made four successive reductions in its tank-wagon
price, the minimum change in this period being 4 cents a gallon, or a total
cut of 17%.
"Our tank-wagon price to-day is 193 cents at all points in New Jersey.
18% cents at Baltimore and 17 cents at Charleston. S. C., excluding the
State tax. This price cannot bo considered unreasonable, for it allows but
an extremely narrow margin of profit, if any, to producer, refiner or marketer. Further reductions in crude oil prices, if they come. may reasonably be expected to bring about a further downward revision of gasoline
prices.
"The present disrupted market results from the pressing for sale of a
relatively small amount of'distress' gasoline. The largo overpdocuction of
crude oil in recent months. together with the factor of a higher naphtha
centent and increased refinery efficiency, has resulted in piling up abnormally heavy stocks of gasoline for this season of the year, and forcedliquidatier by some holders regardless of cost. In the first six months of this year
these was run into storage in the United States in excess of 380,000,000 gallons of gasoline over and above the current consumption for that period.
Some inroads have been made into this total in the past two months, but
the surplus is still far above the usual amount on hand.
Gasoline Offered"Below Cost.
"In the face of such conditions it was inevitable...that some producers
would seek to move their gasoline into consumption at the expense of a part
oftheir invested capital. At several refinery points gasoline has been offered
in recent weeks materially under the cost to the seller. Such a situation
can only prove temporary, for those compelled to liquidate their stocks of
finished products at sacrifice prices are more likely to take up bank loans
than to reinvest the proceesd in crude oil.
•
r
"The policy of the Standard Oil Company (N.',J.), regardless of the policy
ofany other company,is to market its products at the lowest price consistent
with a reasonable profit, and to pass on to the consumer any benefit derived either from a lower cost of supplies or a reduction in operating ex-
On Aug. 15 reductions of from 1 to 2 centuer gallon were
announced by the Standard companies of New York and New
Jersey, affecting the Atlantic States and New England.
The officials of the companies are reported to have said that
the reductions bear no relation to the "war" still being
carried on in the Western States but are directly the result
of the ability of the companies to land cheap crude from the
California fields on the Atlantic seaboard. The Texas, Gulf
Refining, Tide Water and other large independent companies
immediately met these reductions resulting in a wholesale
price of 1934 cents, or a retail price of about 22 cents per
gallon. The average price of gasoline in 30 leading eifins
,
of the country, according to statistics given in the "Times'
of Aug. 16, is now about 16.67 cents a gallon, or 12 cents a
gallon lower than the average at the high point in 1920.
Gross Crude Oil Production.
From Pierre, S. D., comes the report that Governor
The American Petroleum Institute in its weekly-summary
McMasters, whose drastic action on Aug. 7 precipitated the estimates that the daily
average gross crude oil production
price-slashing on Aug. 15, consented to increase the price in the United States for the week ended Aug. 11 was 2,251,250
THE CHRONICLE
724
[vol.. 117.
Composite Price Aug. 14 1923, Pig Iron, $24 79 Per Gross Ton.
barrels, as compared with 2,240,900 barrels for the preceding
$24 79
on average of basic and foundry(Aug. 7 1923
week, but as against only 1,504,150 barrels in the corre- Based
25 93
Irons, the basic being Valley quotation, July 17 1923
sponding week of last year. The daily average production
26 77
1922
the foundry an average of Chicago,{ Aug. 15
110-year pre-war average_ 15 72
Philadelphia and Birmingham
east of the,Rocky -Mountaint• was 1)379,250 barrels, as compared with 1,389,900 barrels the previous week, a decrease
The "Iron Trade Review" of Cleveland in its weekly
•
of 10,650 barrels,
summary of the developments which have taken place in
The following are estima t es of daily average.gross produc- the industry throughout the week states that better buying
tion for the weeks indicated:
is keeping up owing to the elimination of the 12-hour day
Daily Average Production (Figures in Barrels).
the consequent higher prices, which are being expected
and
Aug.11'23 Aug.4'23. Ju1y28'23. Aug-12'22
(rn Barrels)—
402.150 as a result of the shorter shifts now being put into operation
487,350
461,850
474,450
Oklahoma
86.000 in many plants. The "Review" in its issue of Aug. 16
83.200
79,600
82,350
Kansas
50,400
75,000
74,000
72,950
North Texas
in brief:
145.850 continues
199.700
195,300
223,650
Texas
Central
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming and Montana
California
Total
61,750
136.000
107,950
113.500
•159.950
850.000
93,750
32,000
111,900
121,000
86.100
375.000
2.251,250 2.240,900 2.274.400
1.504,150
61.450
116,300
100.150
113,000
150,300
*872.000
62,350
126,200
108.750
113,500
153,000
851.000
*California production was 872,000 barrels, as compared with 851,000
barrels, an increase of 21.000 barrels. Santa Fe Springs is reported at
333,000 barrels, against 330,000 barrels; Long Beacn. 209.000 barrels, the
same as the previous week, and Huntington Beach, 118,000 barrels, against
100,000 barrels.
iron and Steel Market Conditions.
According to the "Iron Age" of this city, the change to
the shorter workday that will be made this week at various
Central Western iron and steel plants has had no traceable
effect on orders or prices. Buyers show much interest in
the new regime, particularly in the extent to which men can
be had for the third shift because of lessened demand for
steel. This factor cannot be measured to-day, says the
"Iron Age." There is a similar lack of definite data on the
increase in cost due to the employment of more men for a
given output, but where detailed figures have been attempted they indicate that some estimates of the added cost have
been high. The weekly detailed statement of the "Age"
then reviews as follows the effect of the new short day in the
industry:
While the larger companies lead off in abolishing the twelve-hour day, a
good many of the smaller producers have made no plans. For some time
their costs will be unchanged, and this is a competitive factor yet to be
measured.
August started out with signs here and there of renewed buying of finished
steel, but last week's observances(of the President's funeral) brought quiet,
and thus far in the new week t,ho demand has been for small amounts for
specific) purposes and for early delivery.
• Encouragement is found in the volume of steel the railroads are taking
for repair work and in the rail inquiries soon to come out for 1924. At
Chicago pending business amounts to 90.000 tons, Including 50,000 teas for
the Norfolk & Western and a ffil1411Er tonnage for the Erie. Southwestern
roads that were not expected to buy are also figuring, the Wabash wanting
10.000 tons.
• The present rail price will apply on rails ordered for first quarter delivery.
hub the basis for second quarter contracts may not be fixed until late in the
rear.
Western steel plants apparently have the largest forward bookings on the
heavier ptoducts. Youngstavrn and Pittsburgh plate, shape and bar
generally speaking, can make earlier deliveries than those at Chicago,
e In plates particularly some Eastern mills could ship within a week
o.
e Steel Corporation's operating rate holds. close to 90%, with the
eat of maintaining that scale into the fall. The larger independents
pr
are menet 80%. while companies whose main output is one or two lines
are at a somewhat less rate. Blast furnace shutdowns continue, and steel
ingtlt output is at a less rate than In July.
Prices of all forms of finished steel are substantially those of recent weeks.
At Buffalo plates for Canada Sold at $2 a ton under the 2.50c. basis, and at
Pittpburgli a similar and usual concession was made on plates for a car plant.
IO the fabricated steel field the long-expected buying of bridges is still
aw4ited. .Municipal and other publlevork is likewise In small volume. Of
the i16,200 tons of awards, barely 1,300 tons was for public undertakings
and:railroads did not figure in any.
Shies of 25,000 tons of pig iron are reported at Cleveland, chiefly foundry
andi malleable, and of 15.000 toes at Buffalo. In other districts there was
a qideting down after recent activity. Prices showed no further decline,
but;lt Is not yet certain that merchant pig iron output has been cut down
to the current rate of consumption. Foundry operations are quite well
maintained in most districts, particularly in the East.
The report of recent buying of British pig Iron for use in pipe works on
the Eastern seaboard Is without details except that the delivered price was
close to $26. For several months British prices have not been competitive
'
hero.
• A slight turn has come in the scrap market, which will be watched for its
bearing on pig iron. At Pittsburgh open-hearth grades are $1 a ton higher.
(joke. which for several months has kept pace with the decline in pig Iron
and scrap, shows more steadiness this week than at any time since April.
The Imperial Government Railways of Japan are In the market for 11.000
tons of 60-1b. and 75-lb. rails, with splice bars. A Belgian rail mill, which
recently took a Japanese order at a low price, has now sold 10,000 tons to
Argentina.
Welsh tin plate mills have sold several hundred thousand boxes of tin
plate to the Far East for September-October delivery. July iron and steel
exports from Great Britain were the smallest for the year at 307.000 tons.
against 373,000 tons in June.
For the first time since early June there is no change this week in either
the "Iron Ago" composite price of finished steel or the pig iron composite.
Expectations of reduced and unsettled production, at least for the time
being, and certainty of an increase in manufacturing costs attendant
upon the inauguration of the new system, have been carefully weighed by
both producers and consumers. The shorter work day in prospect, has
been a material influence recently in stabilizing the steel market. In
practical and general effect, It gives promise of proving an even stronger
support to prices and buyers' confidence.
The increased volume of new buying in steel is keeping up. From all
indications consumption is going ahead at a high clip and as shipments
come off the books, buyers are more disposed to restore a good part of them
even where the best delivery date is several months distant. With their
new models now on the market and according to reports enjoying a good
demand,automobile builders are more liberal in the placing of new tonnage.
This has been ospeci aly noticeable in sheets, other buyers of which are
becoming more active. New business in steel bars, plates and merchant
pipe is improved and holding up. Wire trade is better In the West. Tin
plate needs continue very large.
Nut, bolt and rivet manufacturers are expected to announce a schedule
of higher prices Sept. 1 to conform with the advanced extras on steel bars
recently put in effect by the mills. Generally, steel prices are firmly
held. Competition in strip steel continues to develop some shading.
Black sheet prices seem better maintained.
Steel ingot production in July by daily average was down only 2.1%
from June but was 10.9% lower than the peak rate in April. Daily production in July was 140,639 tons, against 144,188 tons in June and 157,776
tons in April.
First buying of steel rails for 1924 delivery has been done by the placing
of 50,000 tons by the Norfolk & Western with the Carnegie Steel Co. and
tho Bethlehem Steel Corp. The price is understood to be left for later
determination. Rail manufacturers have been reluctant to name prices
owing to the present uncertainty over future costs. At Chicago more
than 40,000 tons for next year's delivery remain pending. The Imperial
Railways of Japan are inquiring for 11,000 tons of rails.
"Iron Trade Review" composite of 14 leading iron and steel products
practically Is on a dead level this week at $44 84. Last week it was $44 88.
Tnis is the smallest decline in 12 weeks.
Pig iron buying is going ahead in fair volume with a better average
weekly turnover than in some time and prices are steadier.
New construction plans for the fall are reported to be in large volume
and an increasing amount of this tonnage is reaching the market.
The Coal Trade—Current Production and Market
Conditions.
Preliminary figures on soft coal production in the week
ended Aug. 4 indicate a decrease as compared with the week
prceding. The total output, including lignite, coal coked,
ocal sales, and mine fuel, is estimated at 10,570,000 net
tons, according to the regular weekly statistics compiled by
the United States Geological Survey. The following is
taken from the "Survey's" report of Aug. 11:
Estimated United States Production of Bituminous Coal, Including Coal Coked
(in Net Tons).
1922
1923
Week. Cal.Yr.toDate
Week. Cal.Yr.toDate
199,343,000
3,692.000
10,676,000 303.615,000
July 21
1,162,000
615,000
1,775.000
1,779,000
Daily average
3,952.000 203,295,000
10,804.000 314,419,000
July 28_a
1,145.000
659.000
1,776.000
1.801,000
Daily average
4,313,000 207,608,000
10.579.000 324,998.000
Aug.4 b
719.000
1,131.000
1,776,000
1,763.000
Daily average
a Revised since last report. S Subject to revision.
Production during the first 183 working days of 1923 was 324,998,000
net tons. During the corresponding period of the six years preceding
production was as follows (In net tons):
Years of Depression.
Years of Activity.
326,591.000 1919
267,291,000
1917
344.200,000 1921
237.186,000
1918
315,426.000 1922
207,608,000
1920
ANTHRACITE.
The estimated total output of anthracite during the week ended July 28
was 2.018,000 net tons. This estimate is based on the report of 38,595
cars loaded on the nine principal carriers of anthracite, including mine fuel.
ocal sales, and the output from dredges and washeries.
Estimated United States Production of Anthracite (in Net Tons).
1923
—1922
Cal. Year
Cal. Year
to Date.
Week Ended—
Week.
to Date.
Week.
July 21
28.000 23.408,000
2.005,000 56,805.000
July 28
2.080.000 58.885,000
27.000 23.435,000
Aug. 4
29.000 23,464,000
2,018.000 60.903.000
Operating Conditions at the Soft Coal Mines During the Week Ended July 28.
Owing to the closing of Government offices during the larger part of the
week, it has been impossible to prepare the usual table on operating conditions. Figures for the week ended July 28 will be shown in next week's
Issue of this report.
Composite Price Aug. 14 1923. Finished Steel, 2.775c. Per Pound.
BEEHIVE COKE.
The,decline in the rate of beehive coke production that has been in
2.775c.
Based on prices of stool bars, beams, tank(Aug. 7 1923
the
for
past
two months continued during the week ended Aug. 4.
2.789e. progress
plates, plain wire, open-hearth rails.1July 17 1923
2 255e. The total output In that week is estimated at 345,000 net tons, a decrease
black pipe and black sheets,constituting; Aug. 15 1922
the IT S output offinished steel.110-year pro-war a verag 3-1.689c. of 16,000 tons, or 4.4% from the figure for the week preceding.
AVG. 18 1923.]
725
THE CHRONICLE
Estimated Preebaction of Beehive Coke (in Net Tons).
eek Ended
Aug 4 July 28 Aug.5
1923.
1922.
1923.a 1923.b 1922. to Date. to Date.
Pennsylvania and Ohio- _ _ -282,000 291,000 79,000 9,550,000 2,864.000
21.000 23.000 6.000
701,000 228,000
West Virginia
726,000 245.000
Ala., Ky., Tenn. and Ga.. 19,000 20.000 9.000
• 12.000 14,000 6.000
490,000 179.000
Virginia
246,000 110.000
Colorado and New Mexico_ 6.000 6.000 6.000
5.000 7,000 4,000
175,000 112.000
Washington and Utah
Lake shipments continue to average near 1,000,000 net tans weekly.
Reports from Ohio indicate that the congestion at the lower Lake porta is
gradually passing away.
Dumpings for all accounts at Hampton Roads during the -week ending
Aug. 9 amounted to 397,173 net tons, a decrease of 41,560 tons when compared with the previous week.
trade. Industrial buying, outside of regular channels, was not heavy and
did not expand to meet the larger production of screenings that followed
better domestic business. Fear of an anthracite strike, of course, was the
moving cause for the be ter tone in prepared sizes of bituminous, and this
improvement was reflected In markets as widely separated as Chicago
and New York. In the West this betterment gained added strength from
tho fact that the strike spur touched the market at the time when retail
stocking of domestic bituminous normally begins to take on volume.
For the first time in several weeks advances In spot quotations outa price movement, as a whole, however, was less
numbered reducth as.
active, as 64.6% of the quotations showed no change from the preceding
week. Of the changes 52.1% represented advances ranging from 5 to 45
cents per ton and averaging 16.5 cents. Reductions ranged from 5 to 50
cents and averaged 17 cents per ton. The straight average minimum on
the bituminous coals listed below was $1 93 per ton, as compared with
$1 89 the preceding week; the straight average maximum dropped from
$2 40 to $2 37. A year ago the averages were $3 58 and $5 46, respectively.
During the week ended at 7 a. m. Aug.6 cargo dumpings of bituminous
at the lower Lake ports reached 1,110,690 tons, the largest Weekly total
this season. For the season to that date the total cargo dumpIngs were
15,039,384 tons, as compared with 13,699.762 tons in 1921. Stocks at
the head of the Lakes are heavy, and no fear of a bituminous shortage Is
anticipated in that section. During the week 50 vessels discharged approximately 475,000 tons at Superior-Duluth docks.
With the uncertainty surrounding the question of operation after Sept. 1.
independent anthracite quotations continue to creep up, and as high as
VA 25 was asked for spot tonnage. Steam sizes, too, are much firmer,
and 25 cents under company circular seems to be the maximum discount
that will be given by individual shippers. Lake movement from Buffalo
last week fell to 97,700 tons. Domestic coke, as the first line reserve in
the event of a strike, Is enjoying an expanding market.
All other
Domestic: Suede
Cape
Flesher
All other
Work gloves, mittens and
gauntlets:
Horsehide
Combination horse & split_
Shank
Combination shank & split
Cowhide
Sheepskin
Buckskin
Split leather
Ilogskin
All other
Leather Gloves and Mittens Cut During June 1923.
The Department of Commerce under date of Aug. 6 an345,000 361,000 110.000 11,888,000 3,738,000 nounces the following information on leather gloves and mitUnited States total
58.000 60,000 18.000
64,000
20.000
Daily average
tens cut during the month of Juno 1923 by 251'establisha Subject to revision. b Revised from last report.
ments, representing 266 factories, according to reports reIn common with industry generally, the bituminous trade ceived by.the Bureau of the Census. Also, a comparative
marked time last week out of respect to the memory of the summary for 224 identical establishments representing 238
late President. The national day of mourning was largely factories for May and June:
observed by a suspension of operations in the mining regions
QUANTITY CUT CURING JUNE(DOZEN PAIRS).
-Men's A Boy's- -Women's& Children'sand closed offices in the urban centres. Production, thereAU Part Leather
All P.art Leather
fore, will probably fall considerably below the estimated
Leather. and Fabric.
Leather and Fabric
Kindtotal of 10,579,000 tons for the first week in the month. Dress gloves, street gloves,
mittens and gauntletts:
Price levels showed little change, although the general
1,070
Imported: Lamb and kid-- _ 2,649
la)
tendency was towards greater firmness, states the "Coal
167
6,807
Cape
15,786
(a)
Trade Journal" in its weekly report on market conditions.
854
Suede
5,429
(a)
23
Deerskin
4.110
(a)
We take the following from the "Journal" of Aug. 15:
2,745
Mocha
6,406
(a)
---What activity there was present was confined to domestic and Lake
According to the "Coal Age," the middle of August may
be considered to mark the turning point of this season's soft
coal market. From the beginning of the coal year, last
April, a steady demand has been met by a steadier supply
and the spot prices have continually softened. There have
been few periods, it is stated, when soft coal production has
been as uniformly high as it has been this year, and the price
so uniformly low. Figures published from time to time by
the Geological Survey show that the demand has been quite
generally distributed-no field has taken an exceptionally
large share of the trade and none has suffered, in tonnage,
disproportionately. The "Coal Age" in its report, released
Aug. 16, then goes on as follows:
The general state of business, starting out with great promise early in the
year, has lived up to expectations. A slump in July, from nalch recovery
Is now in progress, was anticipated. It was a slump only by comparison
with May and June, for as compared with other years the records were
high. There is abundant inuication that the fall business all around will
be good. That means that consumers will need the stocks of soft coal they
have been putting down this summer and that buying during the next two
months will depend on what happens to price. The trade is looking forward to a period of car shortage within the next forty days that will serve
the useful purpose of stiffening soft coal prices to where there is a new dollar to be had for the old on spot sales.
For the next few weeks the market will be unsettled to the degree that
a strike in the anthracite region is in prospect. If It appears that a prolonged suspension is inevitable, that fact will react on the bituminous coal
market, stiffening prices in the East. Coke producers are watching this
situation with interest, because coke will be the substitute in greatest demand.
"Coal Age" index of spot prices of bituminous coal gained one point to
196 on Aug. 1. with an average price of 82 37 at the mine. Declines in
Cambria-Somerset and Kanawha coals were offset by increases in southern
Illinois, Pittsburgh No. 8 and other coals.
There is practically no change In the Chicago market. Southern Illinois
screenings were a trifle steadier, and domestic demand grew gradually. A
fairly brisk market exists for anthracite in the East. and for domestic smokeless coals in Chicago and vicinity, while the St. Louis dealers are doing
practically nothing. In New England buying is almost at a standstill and
consumers seem content with their present reserve stocks.
The anthracite situation continues to increase in activity. With Sept. 1
drawing closer, consumers are becoming anxious about their winter coal.
Although retail dealers have comparatively little of the domestic sizes in
their yards,they admit having received heavy shipments during thesummer,
all of which have been applied on customers' orders. The steam coals
are moving in good shape. All three sizes gained strength during the past
week and some heavy buying of the better grades of Independent product
was done.
5,519
7.706
15,768
1,647
111
41
198.
135
3.212
112.
10
(a)
- 579
35
35
la)
21.418
9,081
5,525
(a)
12;547
(a)
8,597
a)
(a)
445
4,090
21,957
(a)
7,079_ _
18,897
2247812
(a)
2,352(a) 4
923
10.115
315
(a) Included in "all other" to avoid disclosures ofindividual operations.
In addition to the gloves and mittens reported above, there
were cut 12,536 dozen pairs of men's and boys' and 877 dozen
pairs of women's and children's fabric gloves by these manufacturers.
The following is a comparative summary of leather gloves
and mittens cut during May and June 1923 for 224 identical
establishments, representing 238 factories reporting for both
months:
QUANTITY CUT (DOZEN PAIRS).
Kind.
Men's and Boys'.
Women's and Chttdren's.
Part Leather
AU Leather, and Fabric.
" Part Leather
AU Legatee. and Fabric.
May. June. May. June. May. June. May. June.
Dress gloves, street glo es,
mittens & gauntie s:
753 2,646 __ _ (a)
Imported: Lamb & k Id_
622 1,070 ---_ -- 5,276 14,566 (o)
167 7,309 6,520 ---- (a)Cape
5,377 4,687 (a) (a)
880 823-Suede
3,929 3,996
Deerskin
- (a) (a)
6,624 6,247 (i)
Mocha
__- (a) 2,418 2,652 -_- -1,294 5,038
All other
_
192
35
41
348
65
Domestic: Suede--- _ 4,091 3,490 --------372 135 (a)
__----_ 18665 15536
Cape
141 (a) 3,873 3.212 -------2,165 1.551 (a)
Fiesher
____
358 112 (a)---98
All other
10
94
6
35
98 380 579
Work gloves, mittens ad
gauntlets:
.10,734 21,227 (a) 9,081 (a) (a)
Horsehide
---: ---Combination herm A
4,469 5,377
split
- (a)
-------- ---..
11,833 12.147 (a)
Shank
--- (a)
---- ---- ---- ---Combination shanl•&
9,162 6,583 - _ . (a) (a) (a)
split
---- --- 3,137 4,090 (a)
Cowhide
445 - - - - - - - - -.
- 23,146 21,822 357 __-Sheepskin
04 (a
---- ---Buckskin
7,087 7,061 __- ----- ---- ---- ---_ 25,385 16,754 223762 211591 '(a)
Spilt leather
1,961 1,852
Hogskin
iiiii 315 ---- ----- 1.882 923 /4 lig in-iii
All other
(a) Included in "all other" to avoid disclosure ot individual operations.
40 ---- ----
In addition to the gloves and mittens reported, there were
out 4,124 dozen pairs of men's and boys' fabric gloves in
May, 4,187 dozen pairs in June and 1,287 dozen pairs of
women's and children's in May,877 dozen pairs in June, by
these manufacturers.
Plan to Liquidate M. S. Wolfe & Company's Assets
Announced.
A plan for the liquidation of the assets of the failed firm.
of M. S. Wolfe & Co. of this city has been announced by
the Creditors' Committee under which the creditors will,
upon acceptance of the plan, receive 75% of the value of
their claims within 30 days. It is expected that the remaining 25% will be paid when the slow assets are disposed of.
Claims of the creditors will be based upon prices of their
respective holdings which prevailed on June 8. The failure
of the firm was referred to in our issue of June 16 1923,
page 2716.
-Postal Receipts of Fifty Selected Cities in July.
Postal receipts of fifty selected cities for July were 7.69%
greater than for July 1922, which in turn were 11.62%
greater than for July 1921, making an increase for the two
years of 19.31%. Total receipts for the fifty cities amounted
to $21,046,042 16, as compared with $19,543,252 81 in
July 1922,an increase of $1,502,889 35. Los Angeles, Calif.,
led.the fifty cities with an increase of 24.36%, which, added
to an increase of 28.47% recorded for July 1922, brings the
gain for the two years to more than 50%. Figures for other
cities making large gains in July, according to the statement
• issued on Aug. 7 by the Post Office Department, were:
20.48% 7. Toledo. Ohio
19.28% 8. Richmond, Va
18.51% 9. Buffalo, N.Y
18.31% 10. Newark, N. J
16.56% 11. Seattle, Wash
2. Memphis, Tenn
3. Detroit,Midi
4. Washington, D.C
5. Pittsburgh. Pa
6. Indianapolis,Ind
15.18%
14.40%
12.95%
12.38%
12.18%
Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF JULY 1923.
.. N
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0,0'10!
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- 0'"Icl'ot-R'",,,tclqRel '
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21.046:04216 19.543!152R1 1 r.n2 899 35
Receipts of Fifty Industrial Cities During
July.
Despite the fact that eleven of the fifty industrial cities
of the country failed to equal their high record of postal
receipts made in July 1922, the receipts for the entire fifty
cities recorded a gain of 8.73% for July 1923 over July 1922,
Postmaster-General New announced on Aug. 8. He also
Postal
says:
The July 1922 increase over July 1921 was 10.45%, making a gain for
the two years of 19.18%. The gain last month was made possible through
the extraordinary increases recorded by a number of the fifty cities, nine of
them having reported increased business of more than 20%, four of them
of more than 30%, and one. Springfield, Ill., of nearly 60%. The nine
cities which gained one-fifth over the business for July 1922 were:
1. Springfield, 111
24.15
59.02 6. Shreveport, La
2. Jackson, Miss
23.92
37.73 7. Scranton, Pa
3. Cheyenne, Wyom
37.44 8. Bridgeport, Conn
23.46
4. Schenectady, N. Y
32.17 9. Trenton, N.J
20.67
5. Wilmington, Del
27.90
Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL
CITIES FOR THE MONTH OF JULY 1923.
Office.
July 1923.
July 1922.
Increase,
1922. 1921. 1920.
New York, N. Y..-- 4,081,753 29 3,821,095 94 260,657,35
Chicago, Ill
3,383,394 16 3,154,456 70 228,937 46
37,908 14
Philadelphia, Pa___ 1.126.64557 1,088,737
982,466 86
49,042 98
933,423 88
Boston, Mass
77.,069 29
726.471 44
St. Louis. bfo
48.597 85
593,374 7:
38,933 25
Kansas City, Mo
554,441 53
552,639 09
508,828 12
43,810 97
Cleveland. Ohio
539,505 79
San Francisco, Calif.
511,815 51
27 690 28
502,584
457,837 74
44,747 20
Brooklyn, N. Y
580.985 97
Detroit, Mich
487,094 99
93,890 98
Los Angeles. Calif
549,134 9
441,579 56 107,555 43
Pittsburgh, Pa
495,932 37
419.185 81
76,74656
Minneapolis, Minn_
438,118 51
412,0604:
26,058 03
Cincinnati, Ohio_
464.662 83
381,517 84
43,144 99
Baltimore, &Id
364,716 45
346,846 :
17,86963
Washington. B.C..318,615
268,848 31
49,766 99
Buffalo, N.Y
302,515 10
267,835 46
34,679 64
Milwaukee. Wis._
304,9287!278,249
26,679 51
it. Paul, Minn
262,639
240,084 50
22,555 33
Indianapolis. Ind__ _
290,70448
249,399 7,
41,304 73
Atlanta, Ga.,
240,990 82
221,232 0:
19,758 74
Denver, Colo
224,181 79
223,031 1
1.15065
Dmaha. Neb
206,999 64
218,125 66 '11.12602
Newark. N.J
224,009 06
199,332 73
24,676 33
Dallas, Texas
187,794 36
182,288 79
5,505 57
3eattle, Wash
200,443-55
178.681 ;' 21,761 87
Des Moines, Iowa__
177.150 32
170,424 26
.
6.72606
,
E ortland, Ore
199,342 09
183,604 29
15,737 80
ley; Orleans, La
10,662 54
169,1993
379,86185
lochester; N. Y
167,148 24
13,067 47
154,080 77
..oulsville. Hy
188,030 50
174,445 60
13.584 90
"_:olumbus, Ohio_ _
173,349 24
165,724
7,624 28
roledo, Ohio
145,148 02
19,133 23
126.014 79
17.53969
Ilehmond, Va
139,337 10
121.797 41
11,499 91
130,300 50
118,800 5
'residence. R.I
viemphis, Tenn
123,672 26
102.6486:21,025 58
'artier& Conn
120,081 89
112,901 34
7,180 55
,Iashylny. Tenn__
110,880 1 . 101.7006
9,159 50
109,010 I
98,939 32
1,07088
3ayton, Ohio
Ind Worth, Texas
85,934 13
148,867 72 '62,93359
8,48050
lyracuse, N. Y..___
94,335 34
102,816 00
103.1891)!
Iousten.'Pens
1064723,
3.28238
_
103.;804 .1
99,867 ii
3,93760
4ew Haven.Conn..,
;Auk-Rapids. Mich
84,902 46
5,224 83
90,127 29
rersey'Ulty.r.r. J___
79.231 :;
82,421 93
3.18997
Lkron„Ohlo.93,653 62
95,497 25
'1.84363
lalt Lae City,II
84,913
85,637 81
'72451
IpringTield, Mass
76,257 05
75.06640
1,19065
Vorc*er. Mass_ _ _
74,962 64
70,360 04
4.60260
aeksorville. Fla
55,579
53,413 68
2.16558
Total
Over
- - -- - •
$
1921
Over
N...
$
1922
Over
.
N.
$
1923
.N.*
Increase.
W
July 1922.
powwww.owowwoo4.00ww.wo-4•ow-g0000m.coo.0.4
W8OWW.WO:t.O8.OW:p.MOO:r.l&WOWOOL4Okekl.41
..00.o.o -4owoo.q.o.o.mo...iwoo ow o.P. ow44,;-.6;.gO;-,
..low.o.wwo-4 the*
July 1923.
.W.W.
WWWAWA.WW
Offices.
[Vora. 117.
THE CHRONICLE
726
*5.96
*3.67
*8.23
'354
*4.05
*23.14
4.46
2.19
*12.47
4.62
*3.08
1.56
*2.51
*1.47
*1.78
*6.30
*3.88
.83
.44
*6.62
*8.55
*1.17
*5.65
*5.54
1.44
.16
3.18
5.21
*2.29
*3.60
•15.49
16.04
*3.85
*20.73
*2.98
3.73
13.74
*Ilia
*4.14
*6.62
1.82
.24
*29.86
14.03
*7.88
*14.60
-*9.26
7.691 11.621 *5.29 1
• DI:crease
Per cent oliIncreasc.-April.192.3 over April 1922, 10.01%; May 1923 over May
1922, 11.29%; June 1923 over June 1922. 7.01%.
Springfield, Ohio-Oklahoma, Okla,.,._
Albany, N. Y
Scranton, Pa
Harrisburg, Pa__
San Antonio, Tex
Spokane, Wash..
Oakland, Calif
Birmingham, Ala
Topeka, Kan
Peoria, Ill
Norfolk, Va
Tampa, Fla
Fort Wayne, Ind
Lincoln, Nebr
Duluth, Minn
Little Rock, Ark
Sioux City, Iowa
Bridgeport, Conn
Portland, Maine
St. Joseph, Mo
Springfield,III
Trenton, N.J
Wilmington,Del
Madison, 'tis
South Bend,Ind..Charlotte, N.0
Savannah, Ga
Cedar Rapids, Ia
Charleston, W. VaChattanooga,Tenn
Schenectady, N.Y_
1,ynn, Mass
Shreveport, La
Columbia, S. C
Fargo, N. Dak
Sioux Falls, S. Dak.
Waterbury, Conn
Pueblo, Colo
Vlanchester, N. II_
Lexington, Ky
Phoenix, Ariz
3utte, Mont
fackson, Miss
Boise, Idaho
Burlington, Vt
)umberland, Md
Bono. Nevada
klbuquerque. N.M.
)heyenne, Wyo
rrntssi
$81,991 75
88,393 00
93.667 96
81.606 11
82,688 60
73,646 13
79.585 00
86,305 50
81.632 70
74.304 02
68,860 71
55,330 73
51.172 85
59,249 27
57,958 52
56,160 10
52,193 18
60.308 02
63,088 60
55,277 79
46.135 39
64,244 36
53,447 96
45,254 29
40,88446
43,984 07
45,455 62
38,924 65
38,663 40
38,288 82
48.88571
52,830 50
33,028 00
32,164 64
30,499 80
27,141 40
26,366 96
25.187 73
25,151 56
22,117 73
22,947 67
19,856 26
'20,89488
23.332 96
17,644 00
16.634 28
11.954 53
13,497 48
11,025 86
10.108 09
59 RAO '772
an 59
Per Cl. Per Cl.
1923 1922
over over
1922. 1921.
$96,273 18 *$14,281 43 *14.83
97,943 92 *9.55092 *9.75
6.75641 7.77
86,911 55
65,853 27 15,752 84 23.92
70,305 46 12,383 14 17.61
2.45327 3.45
71,192 86
4.213 00 5.59
75.372 00
74,944 54 11.36096 15.16
70.65958 10.973 16 15.53
63,048 46 11,255 56 17.85
5,25834 8.28
63,592 37
*267 85 *.48
55,598 58
59,601 53 *8,42868 *14.14
9,501 54 19.10
49.747 73
59.173 73 *1,215 21 *2.10
4,20450 8.09
51.95560
56,652 93 *4,45975 *7.85
.1 .26
60.46589
*157 87 '
51,098 40 11,990 20 23.46
50,360 87
4,916 92 9.78
3,24380 7.56
42,891 59
40,405 16 23,839 20 59.02
9,15656 20.67
44.291 40
35,383 03
9,871 26 27.90
41.693 44
*808 98 *1.94
45.714 10 '1,73003 *3.78
40.900 93
4,55469 11.13
34,288 12
4.638 53 13.53
34.322 08
4.341 32 12.64
37,962 50
3.326 32
.86
44.69021
4,19550 9.39
39.969 55 12,860 95 32.17
3,88560 12.56
29,342 40
6.257 24 24 15
25,907 40
25,431 68
5.068 12 19.93
28,852 06 '1.71066 *5.93
2.065 52 8.49
24.301 44
1,31848 5.52
23.869 25
1,218 30 5.09
23.933 26
2.96640 15.48
19,151 33
1.42807 6.63
21.521 60
1,200 15 6.43
18,656 11
2.55625 14.09
18,138 63
6,391 94 37.73
16,941 02
2.17881 14.08
15,465 19
1.98971 13.58
14.644 57
1.09993 10.12
10,854 60
1,159 02 9.39
12,338 46
*58 56 *.52
11,084 42
2.75376 37.44
7,35433
1111 (MCI 97 5188
795 55
2.53
15.96
7.19
10.97
17.64
8.85
9.45
19.81
16.19
26.45
13.99
*.96
20.21
10.69
16.82
6.68
19.36
11.92
10 66
9.82
5.52
*5.88
27.51
*6.39
23.83
31.28
13.87
4.01
4.64
12.19
--9.38
*.67
5.26
*3.36
.52
13.55
13.46
20.49
*5.14
19 47
8.29
17.62
1.43
11.03
10.99
*6.41
1.26
40.39
*9.34
875 in de
* Decrease.
Per Cent of Increase.-April 1923over April 1922, 11.56%; May 1923 over
May 1922, 10.76%; June 1923 over June 1922, 7.96%.
Current Events and Discussions
The Week with the Federal Reserve Banks.
Ag6regate declines of. $21,700,000 in the holdings of
discopnted bills, of $4,200,000 in acceptances purchased
in open market, and of $400,000 in Government securities,
are hown in the Federal Reserve Board's weekly consolidated bank statement issued as at close of business on
Aug. 15 1923, and which deals with the results for the
twelve Federal Reserve banks combined. Cash reserves
increased by $4,900,000 and Federal Reserve note circulation
by $7,500,000, while deposit liabilities show a reduction of
$2,400,000. The reserve ratio remained unchanged at
77.3%, as shown in the Aug. 1 and 8 statements. After
noting these facts, the Federal Reserve Board proceeds
as follows:
Smaller holdings of discounted bills are shown for five of the Reserve
banks, aggregate reductions of $34,500,000 being partially offset by Increases totaling 412,800,000 at the seven other banks. The Federal
Reserve banks of New York and Chicago show the largest declines in
discount holdings by $27,200,000 and $2,900.000, respectively, while
those at St. Louis and Richmond report the most substantial increases,
amounting respectively to $5,100,000 and $1,900,000.
A net increase of $8,200,000 is shown in total gold reserves, the Reserve
banks at Philadelphia, Chicago, and San Francisco, with net increases of
$6,700,000, $4.800.000 and $8,500,000, accounting for most of the increase.
Six Reserve banks report net reductions in gold reserevs or the week,
most of the decline being shown for the Federal Reserve banks of Cleveland,
Atlanta, and St. Louis. Reserves other than gold declined by $3,300,000.
while non-reserve cash increased by $6,800,000.
Increased Federal Reserve note circulation is reported by eight Reserv
banks, the largest Increases, amounting to $4,600.000 and $3,200,000,
being shown for the Philadelphia and Cleveland banks. The New York
bank reports a decline in its note circulation of $7.100,000.
Holdings of paper secured by Government obligations declined during
the week by $16,600,000. Of the total of $380,600.000 held on Aug. 15,
$251,1C0,000, or 66%, was secured by United States bonds; $114,500,000,
or 30.1%, by Treasury notes; and $14,900,000, or 3.9%, by certificates
of indebtedness, as compared with $238,100,000, $144,800,000 and 414.300,000 reported the week before.
The statement in full in comparison with preceding
weeks and with the corresponding date last year will be
found on subsequent pages, namely, pages 760 and 761.
A summary of changes in the principal assets and liabilities
of the Reserve banks, as compared with a week and a year
ago, follows:
Increase (4-) or Decrease (-)
Since
Aug. 8 1923.
Aug. 9 1922.
Total reserves
-$2,800,000
+$4.900.000
Gold reserves
+54,400,000
+8.200.000
Total earning assets
+43,800,000
-26,200.000
Discounted bills, total
+419.000,000
-21,800.000
Secured by U. S. Govt. obligations_ -16,600,000
+255,100.000
Other bills discounted
+163,900.000
-5,000.000
Purchased bills
+23,600,000
-4,200,000
United States securities, total
-398,800,000
-400,000
Bonds and notes
-118,100,000
+1.900.000
U. S. certificates of indebtedness- _
-280,700,000
-2.300.000
Total deposits
+55,500,000
-2,400,000
Members' reserve deposits
+60,500,000
-9,300.000
Government deposits
-2.900,000
+8.100.000
Other deposits
-2,100,000
-1.200.000
Federal Reserve notes In circulation_ _- +89,500,000
+7,500,000
-58,600,000
F.R. bank notes in circulation-net Bab-
AUG. 18 19231
THE CHRONTTCILE
The Week with the Member Banks
Federal Reserve System.
of the
Aggregate decreases of $71,000,000 in loans and investments, principally in loans secured by stocks and bonds, and
of $114,000,000 in net demand deposits, together with an
increase of $19,000,000 in accommodation at the Federal
ye Board's
Reserve banks, are shown in the Federal
weekly consolidated statement of condition on Aug. 8 of
771 member banks in leading cities. It should be noted
that the figures for these member banks are always a week
behind those for the Reserve banks themselves.
Total loans and discounts declined by $44,000,000. Loans'
secured by United States Government obligations show but
a nominal change, while loans against corporate securities
declined $59,000,000, and all other, largely commercial,
loans show an increase of $16,000,000. Total investment
holdings declined $27,000,000, the decline in United States
securities being $11,000,000 and in other stocks and bonds
$16,000,000. Total loans and investments of member banks
in New York City show a reduction of $73,000,000. Their
loans on stocks and bonds declined by $74,000,000, while
all other, largely commercial, loans and discounts increased
by $8,000,000. Their holdings of United States Government securities declined by $10,000,000, this decline being
partly offset by an increase of $3,000,000 in holdings of other
stocks and bonds. Further comment regarding the changes
shown by these member banks is as follows:
7271
Paris provided very nearly 30,000.000 francs. The amount of this tax
varies from 7% to 25%, according to the standard a the shows. It is
levied solely for endowing hospitals and other charitable institutions with
funds. It is thus shown that those catering to public amusement in
France must be willing to pay a large percentage of their receipts toward
taxation.
French Head of Banque Industrielle de Chine
Convicted.
Under date of Aug. 2, Associated Press advices from Paris
say;
Verdicts of guilty were returned today against the President and directors of the Banque industrielle de Chine, who have been on trial since
May 31 on charges of violating the banking laws.
Andre Berthelot, President of the bank who is a brother of Philippe J.
L. Berthelot, former political director of the Foreign Office, was fined
3.000 francs, and Jules Pernotte. Manager of the bank, was se- tenced to
sic months in prison and fined 3,000 francs. Other directors were fined
300 francs each.
Germany Stops Reparations Deliveries in Kind.
It was made known in advices from Paris Aug. 13 that the
Allied Reparations Commission had been notified by Germany,in a letter dated Aug. 11, that all reparation deliveries
in kind would cease after that date, because of the great
expense involved, which it was believed might jeopardize the
pending German gold loan and tax reforms. The Associated
Press, which we quote, stated the letter was made public on
Aug. 13 and adds:
Germany announced she had no intention of permanently discontinuing
these deliveries, but said her burden must be lightened to "avoid a complete
breakdown of the German economic and financial system." The cessation
Government and time deposits of all reporting banks show practically no affects principally those countries that did not participate in the occupation
change since the preceding week. Net demand deposits declined by of the Ruhr, as such deliveries to France and Belgium ceased soon after
3114,000,000 at all reporting banks, and by 391.000.000 at the New York the troops entered Essen.
The letter says that the "financing of these deliveries is largelyresponsible
City banks.
Reserve balances of all reporting institutions show a reduction of $13,- for the budget deficit and inflation," adding: "Deliveries undertaken up to
of
New
decline
the
for
York
shown
City
larger
328.000.000
the
present and not yet paid for alone necessitate, at the present rate of the
the
000,000,
members being offset in part by increases outside of New York City. Cash mark, an expenditure estimated at 300,000.000.000 marks."
The promise is made that the deliveries will be resumed "as soon as the
in vaule increased by 323,000,000 for all reporting members, of which
312,000,000 is reported for the New York City members.
finances and currency of the Reich are on a firm basis."
Borrowings of the reporting institutions from the Federal Reserve banks
From Berlin the following Associated Press advices were
increased from $516,000,000 to 3535,000,000, or from 2.9 to 3.3% of their
total loans and Investments, For the member banks in New York City an reported on the 13th inst.:
A send-official note explaining the cessation of deliveries in kind to the
increase from $144,000.000 to $164,000,000 in borrowings from the local
Reserve bank, or from 2.8 to 3.3% in the ratio of these borrowings to their Allies declares the country needs all its resources to ward off starvation.
Contracts for execution of the work of reconstruction in the devastated
combined loans and investments. is noted.
will not be affected by the suspension, it adds, and in view of the
On a subsequent page—that is, on page 761—we give the areas
difficulties Italy is experiencing in obtaining coal, Germany will.endeavor
figures in full contained in this latest weekly return of the to continue coal deliveries to that country.
member banks of the Reserve System. In the following is
According to a copyright .cablegram to the New York
furnished a summary of the changes in the principal items "Times," "only the Allies not participating in the Ruhr
as compared with a week and a year ago:
occupation are affected by the new order, as all deliveries
Increase (+) or Decrease (—)
on reparation account to France and Belgium ceased when
Since
Aug. 1 1923.
the Ruhr occupation began."
Aug. 9 1922.
Loans and discounts—total
—$44.000,000
Secured by U. S. Government obligations —1,000.000
Secured by stocks and bonds
—59.000,000
All other
+16,000,000
Investments, total
—27,000.000
United States bonds
—3.000.000
Treasury notes
—8,000.000
Treasury certificates
Other stocks and bonds
—16,000.000
Reserve balances with Fed'l Reserve banks.. —13,000.000
Cash in vault
+23.000,000
Government deposits
Net demand deposits
—114,000.000
Time deposits
Total accommodation atFed`l Res've banks +19,000.000
+3903.000.000
—32.000.000
+162.000,000
+773.000.000
+43,000,000
+94.000,000
+208.000,000
—122,000.000
—137.000.000
+31.000,000
+19,000.000
—52.000,000
—15.000.000
+402.000.000
+430,000,000
Allied Reparations Commission Notifies Germany That
Gold Loan Is Subject to Priority Rights Under Versailles Treaty—Loan Bill Reported to Reichstag.
The proposed internal German gold loan was the subject
of a message to the German Government by the Allied Reparations Commission this week, the Commission giving notice that under the Treaty of Versailles reparations constitute
a prior lien against any funds which may be assigned by the
German Government in payment of interest or capital of
the proposed German gold loan. This is learned from a
Payment of $10,000,000 by France to United States on copyright cablegram to the New York "Times" from Paris
Aug. 16, which also stated:
Account of Interest on Debt Contracted for
Tne note was transmitted to Berlin last evening, having been approved
War Supplies.
by a majority vote of the Commission, the English delegate abstaining. It
On Aug. 2 the Trcsury Department at Washington re- read:
attention of the Reparation Commission has been called to the issue
ceived $10,000,000, representing payment by France of in- of"The
a new gold loan by the German Government.
connection, and with reference to its letter of March 27 1923,
thLs
"In
terest on the debt contracted for war supplies purchased
the Reparation Commission has the honor to call the attention of the Gerfrom the United States in 1919. The interest has been paid man Government to the provisions of Article 248 of the Treaty of Verit proper to ask
annually by France since the debt was incurred, which is sailles.
"The fact that the German Government has not thought
it necessary for the Reparation
an exception under this article makes
entirely independent of the French war loans. In a Washing- for
to the loan, no
subscribers
against
as
reserve
Commission to make express
other parties, of Its right of priority to any funds which may be
ton dispatch Aug. 1, the "Journal of Commerce" of this city less than by
or repayment
interest
of
payment
in
Government
German
the
assigned
the receipts from
said:
of the capital of the loan in question, more particularly ifannuities."
reparation
of
discharge
to
applied
not
are
itself
Receipt of $10.000.000 from France for the account of the United States the loan
was reported to the Treasury to-day by the Federal Reserve Bank of New
The bill providing for the issue of the gold loan was favorYork. The payment represents a semi-annual installment of interest at ably reported to the Reichstag on Aug. 14. It was pointed
5% on the 3400,000.000 obligation of France held by the Treasury for
out in the Associated Press cablegrams from Berlin Aug. 15
surplus war supplies sold by the War Department.
This obligation is being liquidated by France under arrangements entirely that this was one of the measures initiated by the Cuno
distinct from the status of the war loans obtained from this country. The administration alluded to by Chancellor Stresemann in his
interest payment was made by J. P. Morgan & Co. as fiscal agents for the
statement of this week to the Reichstag as making a promising
Government of France.
beginning in restoring financial order in the country. The
Chancellor made an appeal to all classes to support the gold
Amusement Providers of France Taxed 266,000,000
and declared it was the duty of the Government to satisfy
loan
Francs in 1922.
The following regarding the
The following copyrighted advices from Paris, Aug. 8, the call for a stable currency. Associated Press cablegrams
in
contained
was
loan
proposed
appeared in the New York "Times":
Figures Issued for 1922 show the net receipts produced by the tax on from Berlin Aug. 2:
amusements in France on behalf of the Poor Law Administration were
266.000,000 francs. Of this sum the theatres provided 105.000.000,
motion picture houses 82.000.000. concerts and vaudeville shows 70,000,000
and public dance halls 9,500,000.
Germany's new twelve-year Internal gold loan, capitalized at 500,000,000
official step to rid the
marks, now decided on, is pronounced the first
a currency
nation of Its trillions of paper marks and substitute for them
system founded on the gold standard.
728
THE CHRONICLE
While no ultimate limit is set for the loan, the present estimates predict
that if the initial 500.000,000 arc bought up by patriotic Germans the
proceeds would more than absorb forty trillions tof paper currency now
in circulation, virtually dethroning the paper mark as a unit of compensation and bringing about a transition to a new and healthy national
currency.
As the present loan is purchaseable in small denominations its certificates will soon be put into circulation as a medium of payment, their value
being computed on the basis of 4.20 gold marks, or one dollar.
The financial experts view the Government's venture favorably and
are convinced that the convenient denominations, which range from
4.20 marks up, will be an attractive inducement to the small wage earner
to invest his surplus marks in gold security with a fixed valuation.
The smallest units will earn only 3 1-3% interest, as against 6% on
larger subscriptions, but the former will be redeemed at the expiration of
twelve years at an advance of 50% over their face value. A 5% discount
is offered to subscribers underwriting the loan with gold currencies, although
the Government expects that the bulk of the subscriptions will be paid
with paper marks.
Just how securely the Government will succeed in anchoring its new
gold loan is not yet revealed in its prospectus, although present plans
contemplate a blanket hypothecation of all taxable property as a guarantee
for the repayment of the principal, while interest returns are to be met
out of the proceeds of a supplementary property tax.
For the present the Government apparently is not concerned over its
ability to raise 33,000,000 gold marks annually to meet interest payments,
and will leave the problem of devising a means for guaranteeing the interest
dependent on its ability to bring order into Germany's internal finances.
The Reic.hsbank is planning to open so-called gold deposit accounts
and also to make loans on a gold basis.
We also quote the following press advices from Berlin
July 31:
•
Just why the Government has delayed placing its finances and economics
on a gold basis was revealed to-day by Chancellor Cuno in the course of
extended parleys with representatives of the labor federations, to whom
the Chancellor admitted that sudden conversion to a pre-war gold computation would have revealed the presence of "much bluff" in the nation's
financial and economic position. Sudden deflation, he believed, would
have resulted, depriving untold numbers of their livelihood and dragging
innoceet victims to ruin. In his opinion an "oversudden transition to
a gold basis would inevitably have bought about economic catastrophes
and widespread unemployment."
The Chancellor asserted that so long as Germany's former foes were
occupying German soil there was grave prospect of unemployment in
unoccupied Germany. The adoption of a pre-war gold standard was
not feasible while reparations remained unsettled.
Rudolf IIavensteln, President of the Reichsbank, stated that transition
to a gold basis was a compulsory development, although he believed the
Reichsbank was not so situated as to be able to take the initiative in
restoring gold currency.
[Vol,. 117.
opening of banking credits, the result of which would be to create support
for Belgian exchange.
Conservations have been opened on the subject in Paris,at which Belgium
is represented by M. Leprous, Deputy Governor of the National Bank.
It is understood that there is also a proposal on foot for the raising of a
sterling loan in London with the same object. The amount of the French
loan is not yet fixed but it will probably be 400,000,900 to 500,000,000
francs.
Paris Associated Press advices Aug. 10 stated that M.
Lepreux had compl3ted arrangements with Paris banks to
open a credit of approximately 500,000,000francs for Belgium
for the purpose of stabilizing the Belgian franc quotation.
Report of Proposed British Loan to Irish Free State.
Associated Press advices from London Aug. 17 said:
Great Britain, according to the "Morning Post," is arranging a loan of
£6,000,000 for tho Irish Free State. In effect, the paper says, the Government is abandoning its claims of compensation for the damage to British
property in southern Ireland during the disttrbed period.
In an item regarding the proposed loan, the New York
"Journal of Commerce" had the following to say in a Washington dispatch Aug. 7:
The Irish Free State is preparing to float its first national loan,it was
reported to-day to the Commerce Departmentin official advicesfrom Dublin. The Government, it was reported, closed the financial year ended
March 31 1923, the first in the history of the Free State, with an actual
deficit of about £4,000,000 sterling, and an estimated deficit of nearly
£20.000,000 for the financial year ending in March. 1924.
Although the total expenditures for the fiscal year 1923 amounted to
but £30,000,000, the report continued, expenditures are budgeted at
£46.000.000 for the fiscal year 1924. and £21.000,000 are for the army and
compensation of property losses. With settled customs, the report declared, this deficit, though serious in that it roughly equals a year's tax
revenue, should not give rise to undue apprehension, as to a lack of stability
in the Irish Free State finances, as the country possesses extensive recuperative power.
Receipts for the first quarter of the current year, the report continued,
amounted to £7,516,000. as against E5,125.000 during the first quarter of
the preceding fiscal year, an increase of almost 50%. Customs receipts
increased from £539,000 to £1,775,000, excise receipts fell by E425,000,
property income taxes increased from £740.000 to £985.000, while stamp
taxes, the report added, recorded an increase from £82,000 to £124,000.
reflecting improved business conditions.
As to the question of the floating of an Irish loan in this
country, the same paper, Aug. 9, said:
International bankers regard the early flotation of an Irish loan, said to
be under preparation in Washington dispatches yesterday, as unlikely. It
would be advisable to float an internal loan, even if for a relatively nominal
Germans Hoarding American Paper Money.
The following is from the New York "Times" of the sum, to help the credit of the Irish Free State before an offering of external
bonds is made, in the opinion of bankers. As a secondary preliminary to
. 15th inst.:
floating a loan, it is suggested that some plan should be adopted for redeemThe German people prefer American dollars to all other foreign currencies, ing the so-called Republic bonds
of the Be Valera regime.
say New York bankers who have large international dealings. So strong,
With the fulfilment of these conditions there would be little difficulty in
In fact, has been the German demand for American paper money and gold underwriting a loan, as the
country is known to be prosperous. The Irish
"yellow backs" in particular, that several bankers have raised the question population in this country is
mentioned as a sentimental factor favorable
as to whether the movement of currency from this country might noteven- to such a loan.
tually cause difficulty. Three bankers have discussed the problem with
officials of the Federal Reserve System.
Cuba to Liquidate Loan of $7,000,000 Contracted
Opinion as to the volume of the paper movement to all Europe. and
for in United States During the War.
especially Germany, are 'widely divergent, but there is almost unanimous
accord that the movement is unique. Of especial interest is the report that
Advices
to the New York "Times" from Havana on
foreigners hold especially tight to the "yellow backs," it being easier to
conceal these gold bills in vaults or stockings than their equivalent in gold. Aug. 16 said:
President Zayas has signed a decree by which Cuba will liquidate a 101111
In Germany this hoarding is said to be almost nationwide. Any one able
to get his hands on a five or ten-dollar bill puts the bill away against a day amounting to $7,000,000 which was negotiated in the United States during
the World War. Secretary of the Treasury Cartaya will complete the
which might be rainier than to-day.
One result of the demand for American paper money has been the estab- liquidation within the next few days.
lishment of premium rates. When such rates are set up, there is a fairly
heavy shipment of bills to the point of advantageous exchange. When the
New Zealand Reduces Income Tax 20%.
supply meets requirements these premiums are knocked down. Estimates
as to the amount of paper money now in Europe are difficult to obtain. An
According
to Wellington, N. Z., advices, Aug. 16, appearofficer of a New York institutiola which does a large foreign business said
that "probably $500,000,000 of American currency Is now held in Ger- ing in the New York "Journal of Commerce," the Governmany." The American Army of Occupation helped to distribute a part ment announces a reduction
of 20% in the income tax.
of this total, but since it took leave of Germany the movement has continued
principally through the mails and in the form of five, ten and twenty-dollar
bills sent by residents of this country to relatives abroad. Unless the Currency
Shortage Closed Berlin Banks—Issuance
movement is checked by natural causes or by Government action, this
of Emergency Checks.
officer suggested, the amount might cross the billion-dollar mark in less
than two years.
On Aug. 10 the Associated Press cablegrams from Berlin,
Financial advisers of the United States Government do not express concern over the movement, and there is no suggestion of possible Govern- in reviewing the strike situation and noting the tying up
ment restriction. Many investors in foreign countries are converting their of the Reichsbank by reason of the strike of the State printing
money holdings into American bonds and stocks, and through dividend and works, made mention of
the closing of the Berlin banks
nterest payments in dollars, and at the present low levels of foreign exchange, are finding the transaction exceedingly profitable. This fact plus owing to the lack of currency. As we note elsewhere, the
the necessity of keeping large credit balances in the United States to cover issuance of a proclamation by President Ebert forbidding
purchases, would serve to dispel the possibility of a currency shortage here, the circulation of
pamphlets demanding the overthrow of
even should the present movement reach proportions far in excess of whatever might be predicted now. In addition, it is reported that gold ship- the constitutional Government or incitement to acts of vioments to this country still exceed the shipment away from this country lence or acts that are likely to endanger public
order occurred
of paper money.
10th.
on the
The Associated Press advices of that date said:
The penalty mentioned in the proclamation for violation of the decree
Is three months' imprisonment and a fine not exceeding 50,000,000 marks.
The strike movement, which is bringing about a tremendous discrepancy
between increasing food prices and the wages of workmen, threatens to
become exceedingly serious. However, the strike at the
State Printing
works, ended by agreement to-day and the presses again are turning out
exchange
prohibiting
all
billions
order
of
paper
operations
an
marks.
made
has
Government
The
This strike, which tied up the Reichsbank, was in violation of the decision
except for the payment of debts resulting from commercial operations.
foreign currency except for the of the Ministry of Labor which awarded a wage of approximately 6,500.000
It, therefore, has forbidden the purchase of
abroad.
marks weekly to the men who demanded gold marks.
paper
purchased
purpose of paying for goods
All the shops in Berlin, with the exception of the provision stores, closed
a list of establishments authorized
The Minister of Finance is to draw up
These establishments will have to deposit to-day as a protest against the refusal of the authorities to allow prices
to conduct exchange business.
exchange agents will have to furnish a to be fixed on a gold basis.
adequate security and authorized
Nearly all the Hamburg shipyards are closed because the managers have
Finance giving the particulars of the day's
of
Ministry
the
daily list to
been unable to accede to the workers' demands for immediate increases
day into a special register.
each
copied
be
Will
which
transactions,
fall of the Belgian franc. some in wages. Among the workers generally there is a dispostilon to take
With the object of preventing the further
Belgium either a loan or the recourse to strikes unless wages are substantially increased. Even in the
French financial establishments have offered
Belgium Restricts Exchange Dealing—Negotiations
for Loan From France.
A wireless message from Brussels, Aug. 10 (copyright by
the New York "Times") said:
AUG. 18 1923.]
THE CHRONICLE
to adopt
big factories, where strikes have not occurred, there is a disposition
the tactics of passive resistance.
reThe workmen in the Vulcan yards at Stettin have adopted passive
Dansistance and the workers at the big chemical factory have struck. At
demanding
zig work has ceased in virtually all the factories, the workers
pre-war wages on a gold basis.
spreadSimilar difficulties are reported from the Ruhr, where strikes are
demand for
ing and violent incidents are more numerous, with a general
the
and
big wage increases. The Thyssen works at Hamborn have closed
miners at Wanne are refusing to enter the pits.
The average wage of the workers is between ten and fifteen gold marks
monthly, but butter, for example, costs one million paper marks per pound.
All the Berlin banks closed to-day at noon because of lack of currency
no
with which to continue operations. The Reichsbank announced it had
currency on hand, and none was in sight for the immediate future.
To overcome the currency shortage the leading Berlin banks to-day
decided to issue emergency checks in denominations of one and five million
marks in substitution for cash.
Repeal of Reichsbank's Restrictions Against Trading
in Foreign Bills.
Special radio advices to the New York "Journal of Commerce" from Frankfort-on-the-Main Aug. 8 said:
729
Debt.
The total debt of Norway June 30 1923 was $379,821,000. Againt this
debt, the State owns properties, mostly revenue-producing, valued at
$335.000,000. The principal items of these properties are 1,870 miles of
railways, out of 2,041 miles operated within Norway, telephone and telegraph lines, mines and water power stations. The capital investment in
the Government railroads June 30 1922 was $129,566,000. The proceeds
of the present loan will be used to fund short term indebtedness.
Revenues and Expenditures.
In normal times Government revenues, derived principally from property
and income taxes, excise duties, customs receipts and State-owned properties, exceeded expenditures, both ordinary and extraordinary. Even during
the abnormal nine-year period ended June 30 1922 the Treasury accounts
indicate that actual revenues collected by the Government were $32,252,000
In excess of expenditures, exclusive of appropriations for capital purposes.
In the budget for the fiscal year 1924, ordinary revenues are estimated to
equal ordinary expenditures.
Total debt charges for 1914,including interest and amortization,required
only 10.75% of total revenues (including gross earnings from Government
properties), and averaged 6.48% for the nine-year period ended June 30
1922. For the year ended June 30 1922 this ratio 'was only 8.64%. Including among the revenues only the net income from Government properties, the net revenues were over six, eleven and seven times, respectively.
interest and amortization charges for these periods.
Delivery of the bonds in temporary form is expected about
Aug. 29. All statistics embodied in the official circular
relating to foreign money are expressed in terms of the
United States gold &liar at par of exchange. Application
will be made to list the bonds on the New York Stock
following
the
printed
Journal"
Street
"Wall
Exchange.
the
On Aug. 4
cablegram from London:
Berlin foreign exchange market will be free from Governmental control Sale of First Issue of Debentures ($10,000,000) of
Aug. 6.
Federal Intermediate Credit Banks.
er Cooper of the Federal Farm Loan Board on
Commission
Salaries of Public Officers in Germany Increased Aug. 14 announced that the Board had approved the sale
266% in August.
of the first issue of debentures by the Federal Intermediate
A radio message from Frankfort on the Main, Aug. 7, to Credit banks to the following group of banks:
the "Journal of Commerce" said:
New York City—Chase National Bank, National Bank of Commerce.
Yesterday's repeal of the last of the Reichsbank's enactments, restoring
free trade in foreign bills, increased the demand for these, creating a very
strong market. Quotations to-day almost doubled the value of the dollar.
reaching 4,500,000 marks to the dollar.
The grain firm of Thies und Stege in Stade with a branch at Hamburg,
failed to-day. Its debts are put at 300,000.000.000 marks.
Salaries of all public officers have been increased for August by 266%
compared with the level existing on July 31.
Owing to the rapid money depreciation there is a discussion in Government circles of basing railroad tariffs automaticaaly on an index number
made up from a combination of wage scales and coal and iron costs.
Bankers Trust Co., Guaranty Trust Co., National City Bank, Bank of
the Manhattan Co.
Boston—Old Colony Trust Co., National Shavrmut Bank,Commonwealth
Atlantic National Bank.
Philadelphia—Philadelphia National Bank.
Baltimore—Merchants National Bank.
Richmond—American National Bank.
New Orleans—Hibernia Bank & Trust Co.
St. Louis—First National Bank.
St. Paul—Merchants National Bank, First National Bank.
Minneapolis—Northwestern National Bank,First National Bank.
Milwaukee—Marshall & Bsley Bank.
Chicago—First Trust & Savings Bank, Continental & Commercial
Trust & Savings Bank. Illinois Merchants Trust Co., Harris Trust &
Savings Bank.
Kansas City—Commerce Trust Co.
$20,000,000 Kingdom of Norway Bonds Floated in
New York Over-Subscribed.
An issue of $20,000,000 Kingdom of Norway 20-year 6%
sinking fund external loan gold bonds, offered on Thursday
morning Aug. 16 by a local banking syndicate headed by
the National City Co. was promptly over-subscribed, the
subscription books as a result having been closed at 1 p. m.
The amount of the issue is $10,000,000. The debentures
that day. The bonds were offered at 96 and interest, are dated Aug. 1, due six months from date, bear 432%
to yield over 6.30%; the members of the banking group interest, and are wholly tax exempt. The sale price was
which floated the issue were The National City Co., J. P. par and accrued interest. The funds derived from the sales
Morgan & Co., Harris, Forbes & Co., Guaranty Co. of of these securities will be loaned largely to farmers' coNew Yot4,Lee,Higginson& Co.,Halsey,Stuart & Co.,Inc., operative marketing organizations on warehouse receipts
Dillon, Read & Co., Bankers Trust Co. and Brown Bros. covering wheat, wool and cotton, and thus aid the orderly
& Co. The bonds are dated Aug. 15 1923, become due marketing of these commodities. Commenting on the
Aug. 15 1943, and are non-redeemable except for the sinking sale, Commissioner Cooper said: "The Board is much
fund. Norway, it is stated, agrees to retire the entire loan pleased that this group of strong banks has purchased the
through a cumulative sinking fund, payable semi-annually first issue, as it must be accepted as evidencing the excelbeginning Feb. 15 1929. It is further announced that the lence of these securities and the high regard in which they
Government may itself purchase bonds for the sinking fund are held by the best business intelligence of the cbuntry."
or shall redeem the requisite amount of bonds by lot semi- We learn that there is to be no public offering the of debentannually at par. The bonds, coupon in denomination of ures which will be held by the banks as an investment.
$1 000, are registerable as to principal only. Principal and
interest (Feb. 15 and Aug. 15) are payable in New York Loan Arranged in New York for Financing Texas
City in United States gold coin of the present standard of
Cotton Crop—Amount at Least $20,000,000.
weight and fineness at the National City Bank of New
nt was made on the 15th inst. of the compleAnnounceme
York, fiscal agent, without deduction for any present or
s for the extension of a loan of at least
arrangement
of
tion
future Norwegian taxes, in time of war as well as in time of
the
Texas
to
Farm Bureau Cotton Association
$20,000,000
peace, irrespective of the nationality of the holder. These
of
the
crop of that State. The negofinancing
cotton
the
for
bonds, according to the official circular, are the direct obligaa
ago, having been brought
begun
were
month
tiations
tions of the Kingdom of Norway, which agrees that if, in
and Treasurer of the
Sloan
Trustee
by
way
Simpson;
under
the future, it shall sell, offer for public subscription or in
who, as was indiAssociation,
Bureau
Cotton
Farm
Texas
any manner dispose of any bonds or loan secured by lien on
276, approached P. J.
page
of
issue
our
July
31,
in
cated
any revenue or asset of the Kingdom, the service of this loan
Vice-President of the Seaboard National Bank of
shall be secured equally and ratably with such bonds or loan. Ebbott, The
Seaboard National and Goldman, Sachs &
city.
this
The following is also taken from the official announcement:
the syndicate which is to advance the loan.
of
head
are
Co.
Credit.
nt of the arrangements was made as
Official
announceme
The excellent record of the Norwegian people in meeting their obligations
the
15th
on
inst.:
follows
credit
high
of
standing
the
the nation. It is officially
promptly justifies
stated that no default of principal or interest has ever taken place on a
Norwegian National Government loan.
From 1886, the date of the earliest external loan now outstanding, to
the outbreak of the war, the net cost to the Government of its long term
loans ranged between the low rates of 3.10% and 4.11%.
During the eight years immediately preceding the war, the average annual
yield of the four loans listed In London was 3.77%. and of the three loans
listed In Paris 3.66%•
The five loans now listed on the London Stock Exchange were quoted
Aug. 2 1923 to return an average yield of 5.91%.
The average yield of eleven Norwegian Government loans quoted in
Christiania, July 28, 1923 Was 4.99%.
A New York banking syndicate, headed by the Seaboard National Bank
and Goldman, Sachs & Co. to-day completed arrangements for a large loan
to the Texas Farm Bureau Cotton Association for the purpose of assisting
in the orderly marketing of the cotton crop in that State. While the
amount of the loan was not disclosed. it Is understood thatit will total at
least $20,000,000, and maybe substantially more, depending upon the size
of the crop and the market price for the product. Theloan is to be secured
by warehouse receipts on cotton stored in the Houston Compress Co., in
Houston, the largest independent warehouse in the State and not connected
In any way with the Association. The cotton so stored will be carefully
graded in accordance with specifications mutually agreed upon by the
Association and the bankers, the latter being assured of a conservative
730
THE CHRONICLE
(Vol,. 117.
margin of safety on their loan. The initial credit is understood to be for
Oregon Co-operative Associations.
$10,000,000. with a series of others arranged for as they are needed. Under
Out of the great volume of information received from these co-operative
the terms of the agreement, the Association undertakes to market a certain
associations
it
is
clearly evident that we have in our State some very comamount of its product each month, and it has assured the bankers that
mendable business concerns operating on this basis, and some others which
90% of the crop will be sold when the final paper matures on June 15 next.
seem
to
be
endeavoring
to transact business honestly for the benefit of their
The Texas Association is the largest of its kind, having a membership of
27.000 in all sections of the State. It was organized only thiee years ago. members. Your committee is fully alive to the fact that some of these
associations
are still in the experimental stage and will have to win their
and last year had a memberhsip of 8,000. Smaller associations organized
under somewhat similar lines are in operation in the Carolinas, Louisiana, place; while others have succeeded in stabilizing their business, are working
on
a
sound
financial
basis and rendering real and valuable service to their
Mississippi, and some of the other Southern States. Last year the Texas
Association handled 77,000 bales of cotton. This year it is expected that members.
As we see it, a co-operative association is formed primarily to help the
between 175,000 and 225.000 bales of cotton will be disposed of through the
Association. Negotiations for the loan have been in progress for several fanners of a district market a commodity in an orderly manner as a collective
group, rather than,'acting as unorganized units, dumping their products
weeks between Ool. Sloan Simpson, Treasurer and Trustee of theAssociaon the market at harvest time without a knowledge or regard for its absorbMon, and the local bankers.
ing power.
The New York "Journal of Commerce" on Aug. 16 said
We. as bankers, should not be prejudiced in respect to these associations,
in part:
either favorably or unfavorably, merely because they are co-operative
assoThe total amount to be advanced on the acceptances will be determined ciations. Rather we ought to take a broad view of the situation and look
from marketing conditions during the next ten months. If the sale of the upon them impartially as business propositions pure and simple, judging
association's cotton is quicker than seems probable now the association them solely according to their merits or demerits as we do other business
will require less money than otherwise because of the quicker turnover. concerns. The ability and integrity of the management usually tells the
Similarly an advancing market for raw cotton would permit larger money story as to whether these associations will prove successful or otherwise.
advances.
Fundamentals of Co-operative Marketing.
Bankers yesterday were prompt to emphasize that this cotton loan is
evidence of the willingness of New York financiers to make available their
Experience in collective marketing of crops has shown that
there are sevresources for the more orderly marketing of farm products.
eral fundamental principles of operation that must be complied
with if an
They were no less quick to point out that such advances can be made association is going to be successful. Briefly these may
be stated:
1. The association must be organized according to
only on commodities which have a world-wide market insuring the salability
commodity—not accordof the collateral. Another point to be considered, bankers said, is the ing to locality.
2. The crop must be standardized as to quality.
financial organization of the individual co-operative organizations seeking
funds. Although they expressed willingness to consider loans to co3. The commodity must be packed to meet the
consumers' demand and
op Tatives. as a general rule their attitude is that every such loan must be convenience.
considered on its own merits judged by the two factors named.
4. The crop must be handled so as to extend the market
by time and place
and use.
5. So far as possible, the commodity must be made
a
staple
all-year article
Oregon Bankers' Views on Co-operating Marketing— of consumption and taken out of the seasonal luxury
class.
6. It must be possible to control the flow of the product
Program for Banker-Farmer Co-operation.
into the market
so as to prevent over-supply and resultant demoralizati
on of prices.
• At the recent convention of the Oregon Bankers Associa7. The price must depend upon the supply
at the point of consumption
tion, John R. Humphreys, Chairman of the association's ag- and not the supply at the point of production.
The association, through its members, must control
ricultural committee, presented a report in which it was the8.commodity
a major portion of
in its district.
stated that "agriculture and the welfare of the farmer is in
9. The overhead must be kept low.
10. The association must have contact
the foreground of public attention to-day and it is generally
with outside markets and be able
to build up an outlet for its goods.
conceded that there is nothing more vital to the stability and
11. The association must be able to
maintain the loyalty of its members,
growth of our nation than a solution °of the problems con- keep them interested and desirous of continuing
12. Its members must receive better service their relations.
fronting our rural communities." "Farming as a business,"
and higher average returns
than they can possibly obtain outside the
association.
says the report, "is out of step with modern business methThere are those who have no faith whatever
in collective marketing and
ods, and this is reflected clearly and unfortunately in the point to many unsuccessful experiments to sustain
their contention.
There are those who believe that the
present status of farming communities." Discussing colleccollective marketing system is workable only with commodities grown as a
specialty
in
certain restricted areas.
tive marketing, the report says:
The records show that this argument has
been advanced in nearly every case
Whatever our attitude on this question may be, we cannot afford to ignore when an association of this type has
been organized anywhere. The fact is
the fact that this movement toward the collective marketing of farm crops that some of our more important
staple crops grown over immense areas,
is sweeping the country. Whether we believe in it or not, we must at least such as cotton and tobacco, are now
being as successfully handled in this
keep fully informed as to its development, and should tlitse associations way as are oranges, or raisins, or other
commodities. It is a matter of the
happen to operate in our restrictive localities, we owe it to ourselves and our adaptation of the principles of
merchandisi
communities to find out whether the management is all it ought to be and capacity and character of those conducting ng to farm products, and of the
the association.
whether the growers will actually be benefited by membership in the assoThen there is, of course, a group of
extremists, who can see no remedy
ciation, or otherwise. If such an association is good for the community, other than collective marketing as a
solution for all the farmers' difficulties.
your bank is bound to profit from the increasing prosperity.
It certainly must be recognized that
collective marketing, or any other sysCo-operative marketing in California and Oregon are dealt tem of selling, of itself cannot overcome the handicaps many farmers impose
upon themselves by inefficiency in
production.
with i nthe report, from which we
take the following:
A definite
program for banker-farmer co-operat
Co-operative Marketing in California.
ion was
For years California growers have been experimenting—developing and outlined In the report. According to Andrew
Miller, Field
perfecting their co-operative commodity organizations, until to-day the ob- Secretary of the
Association, "the bankers of Oregon are
vious conclusion is that these associations are, in the main, the cause of their working
along these lines, believing
continued prosperity. The extent to which California products are marketed
that thereby they may
collectively will be realized when it is remembered that 22 important crops bring about a more wholesome
relationship and assist mateare now handled through these associations. Last year out of a total crop rially in building up
the prospertiy of the farming commuproduction for the entire State of $379,000,000, it is claimed that $260,000,nities." As to this program we
000 was sold under the group marketing plan and that, notwithstanding the
quote as follows from the
large advertising expense, the growers received 48 cents of the consumer's report:
dollar, as contrasted with eight cents they averaged before these associations
The banker-farmer
were functioning. In Denmark, the home of the co-operative marketing sys- cerns at the recent movement is spreading. It was one of the chief con.
session of the Executive Council of
the
tem, the growers have been receiving 72 cents of the consumers' dollars. believe it is for the
bankers of this State to follow through A. B. A. and we
Very few American fanning communities get half that return.
with this movement in a State-wide constructive
program that will rest upon the fundaThe brilliant organizer of these concerns, Aaron Sapiro, has been preach- mentals of sound business
and
Redid
development.
ing co-operative marketing from one end of the country to the other as a
remedy for the farmers' ills, and his efforts are being supported by many
A Banker'. Agricultural
Program.
leaders of the American Farm Bureau Federation.
In the county bankers' associations
now being formed in our State, a member of each group has been asked to
Relief Measures Advocated.
represent the agricultural committee and
keep actively before the other bankers
any developments that may arise. Your
These two movements are being advocated as the outstanding remedies for committee
believes that the bankers can do
an enormous amount of good in
rural financial difficulties:
each county by studying the needs and
requirements of the farmers and
First: A great Governmental money lending machine.
adopting a program designed to bring
each district into a higher state of
Second: A wide-spread endorsement of the collective orderly marketing development and
prosperity. In this we can work
idea on the part of the farm leaders.
right with the county
farm agents, county club agents, farm
bureaus and the State Agricultural
frequent
held
committee
Your
has
meetings to keep closely in touch with College Extension
Service. Most of the machinery
these developments and to communicate with the members of the association What is needed to-day
is already functioning.
is some unifying force to
when it seemed desirable. It was considered advisable for us to undertake a along the lines of
supply leadership, direction
business counsel and Initiative.
very thorough study of the co-operative marketing associations doing busi- can do this to a very
We feel that the banker
considerable
degree.
ness in Oregon, especially in view of the fact that the Oregon Co-operative
A few practical things that may
be
done
right
Council, at a meeting in Salem, January 17, passed a resolution offering to can assist materially,
now in which the bankers
are:
co-operate with the bankers of the State in an effort to study collective
1. Aid in the
marketing and improve existing methods wherever possible. At that meet- ferent soils and introduction of high quality seed that is adapted to the difclimates.
ing their representatives went on record, in nearly all instances, as receiving
2. Advocate a higher crop yield.
per acre, and urged diversified farming.
courteous and fair treatment from the bankers.
crop rotation and fertilization.
Your committee then addressed a letter to every member of this associaS. Advocate having some live
stock on every
establish a standtion, setting forth its purpose, as mentioned, and asking for their experiences ard for dairy
cows, poultry, beef stock, hogs, farm, and
sheep, etc., which every farmer
in dealing with co-operative associations, and grievances if there were any. should try and reach.
Almost no replies were received.
4. Aid the pure bred sire movement
in each county. Co-operate in having
A letter was also sent to each co-operative association doing business in the a census taken of
all
State, of which we could find record, being in effect a questionnaire de- offering inducements dairy herds, and stimulate betterment of the stock by
for
the highest percentages of increase in pure bred
signed to bring out in complete detail its history, form of organization, animals.
method of operating and financing, present conditions and future prospects.
5. Help the formation and financing
of boys' and girls' clubs.
Full replies to thole letters were received in nearly every instance, and fur6. Use all possible influence for
the improvement of highways in agriculthermore, the move on the part of our association actively to interest itself In tural districts.
the agricultural development of the Sttae was referred to with gratification
7. Bring pressure to bear on railroads
to provide adequate freight car serand appreciation.
vice when needed.
•
AUG. 18 1923.]
THE CHRONICLE
731
the Act applies to non-residents of this State; there is also a question
whether it applies to capital employed In branch offices located outside of
the State; there is a very grave question as to whether it applies to nonresident partners in respect to capital employed at branch offices outside
of the State; it is to be assumed that non-residents taxable as foreign bankers
or investors under Section 191 of the Tax Law as amended by the Act.
and members of firms so taxed are not liable to the moneyed capital tax;
if non-residents are held so taxable, the Act may be held to deny them
the rights, privileges and immunities of citizens of the State. There
are the following grounds and perhaps others for questioning the constitutionality of the Act generally: It leaves the meaning of moneyed capital
coming into competition with national banks undefined and to be determined
only by the arbitrary discretion of the taxing officials; the tax which it
Imposes is not based on any rational classification but Is arbitrary: the
Act seeks to deprive the taxpayer of his property without due process of
law, and denies him the equal protection of the laws in contravention of
Article I, Section 6 of the Constitution of the State of New York and of
the Fourteenth Amendment to the Constitution of the United States; the
also brings it in conflict with Article III, Section 24
Fletcher Hamilton Appointed to Senate Commission uncertainty of the law the
State of New York; and the fact that it does not
of the Constitution of
of Gold and Silver Inquiry in Proposed Hearings
declare the purposes for which the tax is imposed and does not appropriate
in West.
any moneys for the purposes of the refunds for which it provides may be
held to contravene Article m. Sections 21 and 24 of the Constitution,
Senator Tasker L. Oddie, Chairman of the Sanate Com- Inall
cases where objection Is made that capital that is assessed is not
13
on
Aug.
mission of Gold and Silver Inquiry, announced
moneyed capital coming into competition with national banks, the point
that it is not such moneyed capital within the
the appointment of Fletcher Hamilton of San Francisco, should be made separately
meaning of the Act, and also that It is not such moneyed capital within the
hearof
the
conduct
in
the
Commission
represent
Calif., to
meaning cf the Act of Congress of March 4,1923. Partners in commission
ings in the Western gold and silver producing States for the houses making the claim that the capital of such houses is not moneyed
with national banks should set out facts
purpose of developing first hand information upon the con- capital coming into competition
going to show that the use of this capital is only an incident to the business
these
hearof
the
conduct
and ti at,
dition of the industry. Through
of buying and selling securities for account of their customers;
ings the Commission will be able to attain the personal con- instead of such business being in competition with national banks it
national banks.
tact necessary to determine the problems confronting the furnishes the greatest market for the funds of called
to the fact that the
The attention of Stock Exchange houses is
gold and silver mining industry. The Commission states:
tax income derived from
income
from
excepts
Act
Tax
Moneyed Capital
Mr. Hamilton comes to the Commission eminently well qualified to carry moneyed capital subject to the Moneyed Capital Tax and apparently makes.
on this work, through his direction of the work of the California State the exception applicable to the year 1922 provided amended returns and
Mining Bureau as its mineralogist for a period of over ten years. Califor- claims for refund are filed on or prior to July 1, 1923. The State Tax
nia being the premier gold producing State of the Union. Mr. Hamilton Commission has undertaken to extend the time for filing amended returns
graduated from the University of California in 1904 and has had practical and to claim refund to Sept. 1. 1923. It has been suggested that members
experience in mine operation and engineering in the States of Arizona, of Stock Exchange houses who have been assessed under the Moneyed
Nevada and Montana, as well as in California, and is familiar with general Capital Tax Act in order to protect themselves in case such assessments are
Wester.] conditions.
sustained should (so far as they have not already done so) file amended
The activities of the Commission are being directed along lines which will Income tax returns and claims for refund prior to Sept. 1, assuming that
develop the causes of the continuing decrease in gold and silver production the extension of time to file such amended returns and claims is valid and:
and the deprersed condition of the industry in the United States. Investi- effective and that the Act means to exempt from the 1922 income tax.
gition is being made as to the production, reduction, refining, transporta- Income from all moneyed capital which, if held on May 1.1923. would have
tion, marketing, sale and uses of gold and silver in the United States and been subject to the moneyed capital tax. If any such amended returns
elsewhere, and study is also being made regarding the effect of the decreased and claims to refund are filed, they should be accompanied by a statement
production of gold and silver upon commerce,industry, exchange and prices. to the effect that they are provisional and filed to safeguard the rights of
The Commission sincerely hopes that the mining operators and prospec- the taxpayer in view of the fact that he has been assessed under the Moneyed
tors will lend every aid possible to Mr. Hamilton,so that these hearings may Capital Tax Act, and if such assessment is valid, is entitled to a refund of
record accurately the conditions under which the industry has been carried the 1922 income tax on the income derived from such moneyed capital;
on since 1914. With such a statement of facts from those who have the that he is contesting the validity of such assessment on the ground that
knowledge and practical experience to present them, the Commission will the property on which he has been so assessed is not in fact moneyed
be greatly assisted in its investigation and in developing such remedies to capital coming into competition with national banks, but that his right to
safeguard the industry in the future as the testimony may indicate are file an amended return and claim a refund will expire before the result of
necessary.
his claim in regard to said assessment can be known.
In the matter of apportioning moneyed capital where firms are engaged
Hearings on Assessments Under Moneyed Capital Law both in the banking business and in other forms of business which do not
Involve the employment of moneyed capital see Old Colony Trust Co. vs.
to Begin Aug. 21—New York Stock Exchange
Malley. 288 Fed. Rep. 903.
ality
of Law.
on Constitution
The same rule of apportionment might be held to apply as between
State.
In a notice to members in which it cites grounds for offices within and without.the
Note that if complaint filed before the Tax Board does not result in tin
questioning the constitutionality of the moneyed capital action
sought for, certiorari proceedings must be begun before the 15th
tax law recently enacted by the New York State Legisla- of September.
8. Study co-operative marketing and other farm movements. Sit in with
organthe farmers on their common problems and help to get them properly
ized.
cordial
up
and
build
9. Attend meetings of the various agricultural groups
relations with the farming community.
10. Set a goal for self-sufficiency on the farms. Put a premium on elf
dent farm management. Establish clubs for farmers raising 40, 50 and 60
bushels of wheat on an average from a tract of say 40 acres, under dry farming conditions, somewhat similar to the farm efficiency clubs of the Middle
West. Prizes can be offered for those making the best returns. Our county
agents will be glad to co-operate in such work.
11. Encourage the keeping of farm account books, such as are provided by
the 0. A. C. at a nominal expense. This is of prime importance. Many of
our banks already supply these account books to their farmer depositors.
12. Co-operate with the 0. A. C. Extension Service and the county farm
agents and invite their representatives to meet with the bankers' associations
In their meetings.
ture, the New York Stock Exchange says: "It leaves the
meaning of moneyed capital coming into competition with
national banks undefined and to be determined only by the
arbitrary discretion of the taxing officials." The Exchange
further says "the tax which it imposes is not based on any
rational classification but is arbitrary." The value of memberships in the New York Stock Exchange and other exchanges is, it says, presumably not moneyed capital coming
into competition with national banks. In discussing the
'question of the constitutionality of the Act the Exchange
calls attention to the fact tllat complaints of those desiring
to be relieved from the assessments must be presented to
the Tax Commissions on Aug. 21. The following is the
Stock Exchange notice issued this week:
Suggestions as to Walker-Donohue Act.
Your attention is again called to the fact that members of your firms
who have been assessed under the moneyed capital tax law must present
their complaints to the Tax Commissions on August 21st if they desire
the assessments. The form of complaint in each case
to be relieved from
must be determined by its particular facts and those members of your firms
who have been assessed are urged to submit the matter to their own counsel
immediately if they have not already done so. In preparing the complaints
be borne in mind and covered where it is approthe following points should
priate to do so.
in the New York Stock Exchange and other
memberships
of
The value
exchanges presumably is not moneyed capital coming into competition
It may reasonably be claimed that capital employed
with national banks.
by floor brokers and houses doing wholly a commistdon
In their businessmoneyed capital coming into
competition with natAonal
business is not
up in respect to capital used in the purbanks; the same claim may be set
securities by houses making a bush:was of dealing in
chase and resale of
securities; if a house uses its capital in part for the foregoing purposes and
purposes, it is proper to segregate or apportion the
In part for banking
used for the foregoing purposes and claim that such
part of the capital
exempt from tax; the tax is levied not on capital
part of the capital is
contributed to a firm but on the value of the capital contributed on May 1
excluding the part of the capital not
1923 plus accretions and minus losses
is generally held that there should also
employed in banking; the opinion
capital which on May 1 was invested in tax exempt securities:
be excluded the
suggested that there should also be excluded tne capital
and It has been
deposits in national banks; there is a question whether
then represented by
Last week, page 617, we referred to the inquiry instituted
by the Stock Exchange to ascertain whether its members
had been assessed under the law.
The New York "Herald" of August 17 in stating that
Henry M. Goldfogle, President of the Board of Taxes and
Assessments, had announced on the 16th that hearings on
the assessments under the new law would begin on Aug. 21,
said:
For the guidance of prospective taxpayers, Mr. Goldfogle has promulgated the following rules and regulations:
"Complaints against assessments made upon moneyed capital corning
into competition with the business of national banks must be filed In the
office of the Moneyed Capital Tax Bureau, Municipal Bldg.. Manhattan.
on or before Aug. 211923.
"Complaints should be filed not later than 11 o'clock in the forenoon
of Aug. 21. at which time the Commissioners will meet to have appearances
entered and begin hearings on grievances.
"Complaints must specify the respect in which the assessment complained of is incorrect and should be clear, explicit and in detail. Complaints must be on oath. The oath must state that the statements made
by the complainants are true. Unless in this respect the statute is complied with the complaint may be disregarded.
"Where an attorney appears in behalf of a complainant his name and
address should be endorsed on the complaint.
"A calendar of cases will be made up and days of hearing assigned.
'In cases where hearings are ordered or in which it is directed that testimony is to be taken the parties must be ready to proceed on the day set
for hearings. In consequence of the very brief limit of time within which
cases must under statute be determined no adjournment will be granted.
"Whenever a party required to appear to testify willfully neglects to
appear or produce any papers called for relating to property concerned
In the assessment or fails to answer any material question on the examination
the provisions of the statute which in such cases require that no reduction
in tho assessment be allowed, will be strictly applied."
_
Text of Law Taxing Bank Shares and Moneyed Capital
in New York.
The approval by Governor Smith on June 1 of the Walker
bill, passed by the New York Legislature, levying a tax of
1% on bank stock and moneyed capital of Individuals and
corporations coming into competition with banks was noted
In these columns June 9, page 2588. The hearing which 1s
732
THE CHRONICLE
scheduled for next week on complaints relative to assessments under the law, prompts the publication by us herewith of the text of the newly enacted law (designated Chapter 897); we show in italics the new matter written on
the statute books, and in brackets the old matter which is
eliminated as a result of the new legislation:
[VOL. 117.
Sec. 5. Section 25 of such chapter is hereby amended to read as follows:
Sec. 25. [Individual banker, how assessed. Every individual banker
doing business under the laws of this State must report before the fifteenth
day of June under oath to the assessors of the tax district in which any
of the capital invented in such banking business is taxable, the amount of
capital invested in such banking business in such tax district on the first
day of June preceding. Such capital shall be assessed as personal property
to the banker in whose name such business is carried on.] Moneyed
AN ACT To amend the tax law, in reation to the taxation of bank shares capital other than shares of banks and trust companies, how assessed. Moneyed
and moneyed capital coming into competition with the business of capital coming into competition with the business of national banks, except
shares of national banks and of banks or trust companies organized under the
national banks.
The People of the State of New York. represented in Senate and Assembly, authority of this State, and except bonds, notes or other evidences of indebtedness
in the hands of individual citizens not employed or engaged in the banking or
do enact as follows:
Section 1. Section 4-a of Chapter 62 of the Laws of 1909, entitled inve tment business and representing merely personal investments not made
"An Act in relation to taxation constituting Chapter 60 of the Con- in competition with such business shall be assessed at its actual value against
solidated Laws," such section having been added by Chapter 647 of the the owners or holders thereof and such owners or holders shall be entitled to
no deduction from such actual value because of the personal indebtedness of
Laws of 1820, is hereby amended to read as follows:
Sec. 4-a. Exemption of intangible personal property. Notwithstanding such owners or holders and in determining such actual value allowance shall
any provision of this chapter, or of any other general, special or local be made for existing indebtedness incurred in the acquisition of such moneyed
law, intangible personal property [except shares of stock of banks or capital, and moneys deposited with a taxpayer, or securities in his possession
banking associations,] whether referred to as personal property, capital, as pledgee or bailee, shall not be included in determining the actual value of
capital stock or otherwise, [after June 30 1920] shall be exempt from the moneyed capital owned or held by such taxpayer. No such moneyed capital
taxation locally for State or local purposes E.]
, except shares of stock of by whomsoever owned or held shall be exempt from the tax hereby imposed.
banks or banking associations and except other moneyed capital coming into
Sec. 6. Such chapter is hereby amended by adding a new section to be
competition with the business of national banks, which shares and other moneyed section 25-a, to read as follows:
capital shall be taxed locally for State or local purposes as prescribed by this
Sec. 25-a. Noiice of assessment of moneyed capital; complaints. The
chapter, provided that bonds, notes, or other evidences of indebtedness in assessors
of every tax district shall, within ten days after they have completed
the hands of individual citizens not employed or engaged in the banking or the assessment of
moneyed capital, give written notice by mail to the owner or
investment business and representing merely personal investments not made holders thereof who
have made report as herein provided at such post office address
in competition with such business, shall not be deemed moneyed capital within as is therein
stated, and shall also within such time give written notice by mail
the meaning of this section. This exemption shall be in addition to all to owners or holders
thereof who failed to make report as herein provided at
other exemptions of personal property from local taxation, whether based the last known post
office address of such owners or holders of such assessment
upon the character, ownership or amount of property. The term "in- and no personal or other
notice of such assessment is required. Complaints
tangible personal property," as used in this section, means incorporeal in relation to the assessments
of moneyed capital shall be heard and determined
property, including money, deposits in banks, shares of stock, bonds, notes, as provided in section
thirty-seven of this chapter.
credits, evidences of an interest in property and evidences of debt.
Sec. 7. Such chapter is hereby amended by adding a new section, to be
Sec. 2. Section 14 of such chapter is hereby amended to read as follows:
section 25-b to read as follows:
Sec. 14. [Place of taxation of individual bank capital. Every inSec. 25-b. Moneyed capital; rate of tax. The rate of tax upon moneyed
dividual banker shall be taxable upon the amount of capital invested
capital assessed as herein provided shall be one per centum upon the value
In his banking business in the tax district where the place of such business
Is located and shall, for that purpose, be deemed a resident of such district.] thereof as ascertained and fixed in the manner hereinbefore provided.
Sec. 8. Such chapter is hereby amended by adding a new section, to be
Owners or holders of moneyed capital other than shares of banks and trus;
companies taxable on such moneyed capital. Every individual banker and section 25-c, to read as follows:
Sec. 25-c. Moneyed capital; exemption from other taxes. The said tax on
private banker, every investor and every person and every association or corporation, other than banks or trust companies, owning, or, as agent, trustee, such moneyed capital as hereinbefore provided shall be in lieu of all other taxes
whatsoever
for State, county or local purposes on such moneyed capital.
guardian, executor or administrator, holding moneyed capital coming into
Sec. 9. Such chapter is hereby amended by adding a new section, to be
competition with the business of national banks except shares of national
section
25-d
to read as follows:
banks or of banks or trust companies organized under the authority of this
Sec. 25-d. Moneyed capital tax; levy by board of supervisors. The moneyed.
State, and except bonds, notes or other evidences of indebtedness in the hands
of individual citizens not employed or engaged in the banking or investment capital tax herein imposed shall be levied in the following manner: The board
business and representing merely personal investments not made in compe- of supervisors of the several counties shall, on or before the fifteenth day of
tition with such business, shall be assessed and taxed on the actual value of December in each year, ascertain from an inspection of the assessment rolls in
such moneyed capital in the tax district where such owner or holder resides their respective counties, the names and addresses of the owners or holders
or if such owner or holder individually or as a copartner is engaged in the respectively of such moneyed capital in each town, city, village, school and other
business of banking or investment then in the tax district where the place of special districts, in their several counties, respectively, in which such moneyed
such business is located, and for that purpose such owner or holder shall be capital is taxable and the assessed value of such moneyed capital as ascertained
deemed a resident of such tax district and where such moneyed capital is in the manner provided in this article and entered upon the said assessment
in the possession or under the control of two or more agents, trustees, guardians. rolls and shall forthwith mail to such owners or holders a statement setting forth
executors or administrators, residing in different tax districts, each shall the assessed value of such moneyed capital as ascertained in the manner herein
be assessed and taxed frr an equal proportion of the actual value of such provided and the amount of tax to be paid by such owner or holder under the
moneyed capital held Of them and where such moneyed capital is owned or provisions of this article, provided that in the county of Erie the assessments of
bad by an association or corporation, such association or corporation shall such moneyed capital in the city of Buffalo shall not be included nor shall
be assessed and taxed on the actual value of such moneyed capital in the tax any such notice be given by the board of supervisors of said county to the said
district where the principal office or place for transacting the financial con- owners or holders in said city. A certified copy of such statements shall be
cerns of the association or corporation is located or if such association or sent to the county Treasurer. Provided that in the City of New York the statecorporation shall have no principal office, or place for transacting its financial ment of the assessment and tax herein provided for shall be made by the board
concerns, then in the tax district where the operations of such association or of tax commissioners of said city on or before the fifteenth day of December in
each year and by them forthwith mailed to the respective owners
corporation shall be carried on.
or holders in
Sec. 3. Such chapter is hereby amended by adding a new section, to said city and a certified copy thereof sent to the re.eiver of taxes of said city.
further provided that in the city of Buffalo a statement of
And
be section 23-a, to read as follows:
the assessment
Sec. 23-a. Owners or holders of moneyed capital other than shares of ofsuch moneyed capital and tax herein provided for shall be made by the assessors
banks and trust companies to make report. Every individual banker and of said city on or before the fifteenth day of December in each year and by them
private banker, every investor and every person and every association or cor- forthwith mailed to the respective owners or holders in said city and a certified
poration, other than banks or trust companies, owning, or, as agent, trustee, copy thereof sent to the city Treasurer of said city.
guardian, executor or administrator, holding moneyed capital coming into
Sec. 10. Such chapter is hereby amended by adding a new
section, to
competition with the business of national banks except shares of national be section 25-e, to read as follows:
banks or of banks or trust companies organized under the authority of this
Sec. 25-c. Moneyed capital tax; warrant for collection.
board of
The
State. and except bonds, notes or other evidence of indebtedness in the hands super visors shall issue their warrant
or order lathe county Treasurer on or before
of individual citizens not employed or engaged in the banking or investment the fifteenth day of December in each
year setting faith the assessed value of such
business and representing merely pasonal investments not made in compe- moneyed capital taxable in each town,
city, village, school and other tax district
tition with such business, shall on or before the first day of June in each year in said county, in which said moneyed
capital shall be taxable, the proportion
furnish the assessors of the tax district in which such owner or holder resides of the tax imposed by this chapter to
whit each of said tax districts is entitled
or if such owner or holder individually or as a copartner is engaged in ths under the provisions hereof, and
commanding him to collect the same, and
business of bankiny or investment, then of the tax district where the place of to pay to the proper officer in each of
such districts the proportion of such lax
such business is located, or the assessors of the tax district in which the principal to which it is entitled under the provisions
of this chapter, provided that in
office or place for transacting the financial concerns of the association or the county of Erie the moneyed capital taxable
in the city of Buffalo shall be
corporation is located, or if such association or corporation shall have no omitted from such warrant or order. The
said county Treasurer shall have
such principal office or place for transacting its financial concerns, then the same powers to enforce the collection and payment of
said tax as are possessed
of the tax district where the operations of such association or corporation shall by the officers now charged by law with the collection
of taxes and the said
Lie carried on, a statement under oath of the actual value of such moneyed county Treasurer shall be entitled to a commission of
one
per centum for collecting
capital on the first day of May next preceding, giving in detail the items com- and paying out said moneys, which commission
shall
be deducted from the
prising such moneyed capital and the manner or method by which such value gross amount of said tax before the same is
distributed. In issuing their
was determined. Such statement shall also give the post-office address of such warrants to the collectors of taxes, the board of
supervisors shall omit therefrom
person, association or corporation. Such a detailed statement shall not be assessments of and taxes upon such moneyed
capital.
deemed a public record and shall be deemed confidential, and it shall be unSec. 11. Such chapter is hereby amended by adding a new section, to
lawful for any public officer or employee to disclose any part thereof, except be section 25-f. to read as follows:
in accordance with an order of a court in a judicial action or proceeding, or
Sec. 25-j. Moneyed capital tax; collection and payment.
It shall be the duttl
as otherwise provided by law; and a violation of this provision shall be a mis- of every owner or holder of moneyed capital assessed
as herein provided to Pay
demeanor. In case of neglect or refusal on the part of any person, asso- the tax due upon such moneyed capital to the
Treasurer of the county wherein
ciation or corporation to report as herein prescribed or to make other or further such owner resides or where its principal office is located or where its operations
reports as may be reptired, such person, association or corporation shall are carried on. except that in the city of Buffalo such tax shall
be paid to the
forfeit the sum of $100 for each failure and the additional sum of $IO for city Treasurer of said city, and in the City of New York to the Receiver of Taxes
each day such failure continues; and an action therefor shall be prosecuted thereof on or before the thirty-first day of December in said year; and any such
try the County Treasurer of the county in which such person resides or in which owner or holder failing to pay the said tax as herein provided shall be liable by
the principal office or place of business of such person, association or cor- way of penalty for the gross amount of the taxes due, and for an additional
poration is located, or in which the operations of such association or cor- amount of one hundred dollars for every day of delay in the payment of said tax.
poration is carried on, or in the city of Buffalo by the City Treasurer of said The tax shall be paid by the respective owners or holders in the City of New York
to the said Receiver of Taxes on or before the thirty-first day of December in
city and in the city of New York by the Receiver of Taxes thereof.
Sec. 4. Section 24-b of such chapter. such section having been added said year, and said tax shall be collected by the said Receiver of Taxes and shall
hereby
is
by him paid into the treasury of said city to the credit of the general fund
1916,
follows:
be
amended
as
road
of
to
by Chapter 323 of the Laws
Sec. 24-b. Bank shares; rate of tax. The rate of tax upon the shares thereof. The tax shall be paid by the respective owners or holders in the city
of stock of banks and banking associations shall be one per centum upon of Buffalo to the city Treasurer of said city on or before the thirty-first day of
the value thereof, as ascertained and as fixed in the manner hereinbefore December in said year, and said tax shall be collected by the said Treasurer and
credited to the general fund of said MU.
Provided.
'
AUG. 18 1923.]
VIE CHRONICLE
733
or organized capacity. an annual tax which shall be equal to one per centum
on the amount of its capital stock, surplus and undivided profits.
Sec. 18. Section 188-a of such chapter. such section haying been added
by Chapter 707 of the Laws of 1917. is hereby repealed.
Sec. 19. Section 191 of such chapter is hereby amended to read as
follows:
Sec. 191. Tax upon foreign bankers and foreign investors. Every
foreign banker and every foreign investor doing business in this State, shall
annually pay to the Treasurer a tax [of five per centum on the amount
of interest or compensation of any kind earned and collected by him on
money loaned, used or employed] which shall be equal to one per centum
of the amount of moneyed capital invested in such business in thi.4 state by
such banker or investor. The term "doing a banking business." as used
in this section, means doing such business as a corporation may be created
to do under Article 3 of the Banking Law, or doing any business which
a corporation is authorized by such article to do or doing such business
as a private banker may do under Article 4 of the Banking Law. The term
"doing an investment business" as used in this section means doing such
business as a corporation may be created to do under Article 7 of the Banking
Law or doing any business which a corporation is authorized by such article
to do. The terms "foreign banker doing a banking business" and "foreign
investor doing an investment business" in this State. E"3 as used in this
section. includes:
1. Every•foreign corporation doing a banking or investment business
in this State, except a national bank.
2. Every unincorporated company, partnership or association of two
or more individuals, organized under or pursuant to the laws of another
State or country, doing a banking or investment business in this State.
Sec. 50-a. Exclusion of shares of stock of banks and banking associations
3. Every other unincorporated company, partnership, or association.
and of moneyed capital. In fixing the aggregate valuation of a tax district
of two or more individuals, doing a banking or investment business in this
for the purpose of equalizing the valuations between the several tax districts
State, if the members thereof, owning more than a majority interest
within a county, the board of supervisors or commissioners of equalization
therein, or entitled to more than one-half of the profits thereof, or who
asbanking
or
banks
of
stock
of
shares
the
include
not
shall
of such county
would, if it were dissolved, be entitled to more than one-half of the net
sociations or the moneyed capital assessed in such tax districts pursuant to assets
thereof, are not residents of this State.
Article 2 of this chapter.
4. Every nonresident of this State, doing a banking or investment business
Sec. 14. Subdivision 4th of section 56 of such chapter. such section in this State, in his own name and right only.
having been last amended by Chapter 191 of the Laws of 1919. is hereby
Sec. 20. Subdivision 6 of Section 192 of such chapter,such section having
amended to read as follows:
been last amended by Chapters 80 and 707 of the Laws of 1917. is hereby
Fourth. That an assessment of the shares of stock of a bank or banking amended to read as follows:
association, or an assessment of moneyed capital, as provided in Article 2 of
6. Foreign bankers and investors. Every foreign banker and every foreign
[The tax law], this chapter, has been omitted or erroneously made for the Investor liable to pay a tax under Section 191 of this chapter shall, on or
current year, such board shall place the same thereon at a valuation to be before Feb. 1 in each year, make a written report to the Tax Commission
fixed by the assessors in their petition and shall tax the same at the rate of the condition of his business on Dec. 31 preceding, stating the amount of
provided in Article 2.
tax for which he is liable under this article, and giving in detail the facts
Sec. 15. Section 59 of such chapter, as last amended by Chapters 164 required by the last preceding section for the purpose of ascertaining and
computing the same.
and 311 of the Laws of 1920. is hereby amended to read as follows:
Sec. 21. Subdivision 9 of Section 192 of such chapter such section having
Sec. 59. Tax-roll and collector's warrant. On or before December 15
of the Laws of 1917, is hereby
in each year, or such date as may be designated by a resolution of the been last amended by Chapters 80 and 707
board of supervisors of any county, not embracing a portion of the forest repealed.
section having been amended
such
chapter.
such
of
205
Sec. 22. Section
preserve, not later, however, than the first day of February in each year,
the Laws of 1917, is hereby amended to read
the board of supervisors shall annex to the tax-roll a warrant under the seal by Chapters 39 and 707 of
of the board, signed by the chairman and clerk of the board, commanding as follows:
Sec. 205. Exemptions from other State taxation. The personal propthe collector of each tax district to whom the same is directed to collect from
company, association or partnership, taxable
the several persons named in said tax-roll the several sums mentioned in erty of every corporation,
than for an organization tax, shall be exempt from
the last column thereof, opposite their respective names, except taxes upon under this article, other
upon its personal property for State purposes, it
the shares of stock of banks and banking associations and taxes on moneyed assessment and taxation
under this article have been paid thereby. The
capital as provided by Article 2 of this chapter, on or before the first day of all taxes due and payable
corporation taxable under Section 188 of this
the following February, where the same is annexed on or before the fifteenth personal property of every
188-a of this article], other than for a,1 organSection
of December, in each year, as above provided. But where, however, the article, [or under
in the Banking Law,shall be exemptfrom assesstime of annexing the same and performing the several duties herein imposed ization tax,and as provided
[The personal property of a
is deferred to a later date by resolution as aforesaid, then on or before the ment and taxation for all other purposes.
employed in his business as such
first day of May, following the said later date, and further commanding private or individual banker, actually
purposes, if such private
State
for
him to pay oyer on or before the said first day of February or first day of banker shall be exempt from taxation
taxes due and payable under this
May, as the case may be, if he be a collector of a city or a division thereof, or individual banker shall have paid all
individual banker shall in no other
all moneys so collected appearing on said roll to the treasurer of the county, article. Such corporation and private or
respect be relieved from assessment and taxation by reason of the proor if he be a collector of a town:
holder of stock in an incorporated
1. To the supervisor of the town, all the moneys levied therein for the visions of this article.] The owner and
the provisions of this chapter
support of highways and bridges, moneys to be expended by overseers of trust company liable to taxation under
such stock. Personal property
for
individual
an
as
taxed
be
not
shall
the poor for the support of the poor and moneys to defray any other town
exempted from taxation by this section shall not include shares of stock of
expenses or charges.
the provisions of Sections
2. To the treasurer of the county, the residue of the moneys so to be col- banks and banking associations taxable under
24 to 24-g, both inclusive, of this chapter.
lected.
such
of
208
chapter, such section
Section
of
3
Sec. 23. Subdivision
If the law shall direct the taxes levied for any locality for special purpose
In a city or town to be paid to any person or officer other than those named having been added by Chapter 726 of the Laws of 1917 and last amended
in this section, the warrant shall be varried so as to conform to such direc- by Chapter 628 of the Laws of 1919. Is hereby amended to read as follows:
3. The term "entire net income" means the total net income, exclusive
tion. The warrant shall authorize the collector to levy such taxes by distress and sale in case of non-payment. The corrected assessment-roll, or of income from dividenas on sharse of trust companies subject to franchise tax
provided by Section 188 of this chapter and income from dividends on shares
as
a fair copy thereof, shall be delivered by the board of supervisors to the
collector of the tax district on or before December 15, in each year, unless of banks and banking associations taxable as provided by Article 2 of this
another date is designated by the board of supervisors in the manner above chapter, and income received from moneyed capital taxable under such article.
including dividends, or a proportion of such dividends, of a corporation whose
specified, then in that event, on or before such date so designated.
Sec. 16. Section 174 of such chapter, such section having been last capital in whole or in part is taxable under Such article, before any deductions
amended by Chapter 185 of the Laws of 1920, is hereby amended to read have been made for taxes paid or to be paid to the Government of the
United States on either profits or net income or for any losses sustained by
as follows:
Sec. 174. State Board of Equalization powers and duties. The the corporation in other fiscal or calendar years whether deducted by the
Commissioners of the Land Office and the members of the Tax Commission Government of the United States or not.
Sec. 24. Section 219-i of such chapter, such section having been added
shall constitute the State Board of Equalization. The State Board of
Equalization shall meet in the city of Albany on the first Tuesday in by Chapter 726 of the Laws of 1917 and last amended by Chapters 113
June in each year, for the purpose of examining and revising the valuations and 640 of the Laws of 1920. Is hereby amended to read as follows:
Sec. 219-j. Exemption from certain other taxation. After this article
of real and personal property of the several counties as returned to the
State Tax Commission,and shall in accordance with the rules of equalization takes effect, corporations taxable thereunder shall not be assessed on any
property, or on capital stock as provided for in Section 12 of this
in
forth
personal
Section
this
of
50
chapter so far as applicable fix the aggregate
set
amount of assessment for each county, upon which the Comptroller shall chapter but personal property exempted from taxation by this section shaU not
compute the State tax. In so fixing such aggregate amount of assessment Include shares of stock of banks and banking associations or moneyed capital
for a county the State Board of Equalization shall not include the shares taxable as provided by Article 2 of this chapter.
Sec. 25. Section 352 of such chapter, such section having been added
of stock of banks or banking associations or moneyed capital assessed pursuant to Article 2 of this chapter. The Board may increase or diminish by Chapter 627 of the Laws of 1919, as amended by Chapter 120 of the
the eggretate valuations of real property in any county by adding or Laws of 1920, is hereby repealed.
Sec. 26. Subdivision 2 of Section 359 of such chapter, such section
deducting such sum as in its opinion may be just and necessary to produce
a just relation between the valuations of real property in the State. But having been added by Chapter 627 of the laws of 1919, and such subdivision
reduce
instance,
the
no
aggregate
in
valuations of all the counties having been amended by Chapter 625 of the laws of 1920. is hereby amended
it shall,
below the aggregate valuations thereof as so returned. The comptroller by adding thereto new paragraphs, to be paragraphs j. k and I, to read
shall immediately ascertain from this assessment, a copy of which shall as follows:
j. Income received as dividends on shares of trust companies subject to
be transmitted to him, the proportion of State tax each county shall pay,
and mall a statement of the amount to the County Clerk, and to the franchise tax as provided by section one hundred and eighty-eight of this chapter.
k. Income received as dividends on shares of banks and banking associations
Chairman and Clerk of the Board of Supervisors of each county.
Sec. 17. Section 188 of such chapter is hereby amended to read as taxable as provided by article two of this chapter.
I. Income received from moneyed capital taxable as provided by article two
follows:
Sec. 188. Franchise tax on trust companies. Every trust company of this chapter, including money received as dividends, or a proportion of such
by
under,
or
formed
or
Incorporated, organized
pursuant to a law of this dividends, of a corporation whose capital in whole or in part is taxable under
State, and any company authorized to do a trust company's business such article.
Sec. 27. The deductions authorized by paragraphs j. k and 1 of subdivision
solely or in connection with any other business, under a general or a special
law of this State, shall pay to the State annually for the privilege of exer- 2 of Section 359 of the tax law, as amended by this Act, shall be allowable
fcr,t1 e taxalle year 1922, upcn the filing on or before July 1 I923_by the
cising its corporate franchise or carrying on its business in such corporate
Sec. 12. Such chapter is hereby amendedlby adding a new section to
be section 25-g, to read as follows:
Sec. 25-o. Moneyed capital tax; distributed by boards of supervisors. The
moneyed capital tax shall be distributed in the following manner: The bOard
of supervisors of the several counties shall ascertain the aggregate assessed valuation of taxable property in each of the several town, city, village, school and
other special districts in their counties, respectively, in which the said moneyed
capital shall be taxable for the year for which the tax is imposed, and the proportion of the tax on such moneyed capital to which each of said districts shall be
respectively entitled shall be ascertained by taking such proportion of the tax
upon the moneyed capital taxable in such districts, respectively, under the provisions of this chapter as the aggregate assessed valuation of such tax district
shall bear to the aggregate assessed valuation of all the town, city, village, school
or other special district in which said moneyed capital she'll be taxable, provided
that in the county of Erie the provisions of this section shall have no application
to the taxes paid by the owners or holders of moneyed capital located in the city
of Buffalo, and the provisions of this section shall be carried out as if the city
of Buffalo were not a part of said county. The clerks of the several cities, villages and school districts to which any portion of the tax on such moneyed cap• ital is to be distributed under this section shall, in writing and under oath.
annually report to the board of supervisors of their respective counties, on or
before October first of each year, the aggregate assessed valuation of such city,
village and school district as shown by the last assessment roll of each respective
city, village and school district for the year prior to the meeting of each such
board.
Sec. 13. Section 50-a of such chapter, such section having been added by
Chapter 249 of the Laws of 1916. is hereby amended to read as follows:
'734
TUE CHRONICLE
taxpayer, of an amended return for such year showing such deduction, and
such taxpayer shall be entitled to a refund of any overpayment of personal
income taxed as shown by such amended return.
Sec. 28. This Act shall take effect thunediately.
New York Law Authorizing Branches of Savings
Banks.
Tinder one of the measures enacted into law at the recent
session of the New York Legislature, a savings bank located
in a city of the first class may, upon written approval of the
State Superintendent of Banks, open yithin the city one
branch office; it is provided, however, that if the city "comprises more than one county or borough, such branch office
may be located only in the same county or borough in which
ts main office is located." The following is the text of the
newly-enacted measure, new provisions being shown in
italics:
CHAPTER 248.
AN ACT to amend the Banking Law, in relation to branches of savings
banks.
a law April 24 1923 with the approval of the Governor. Passed,
three-fifths being present.
People
of the State of New York, represented in Senate and Assembly,
The
do enact as follows:
Section 1. Section 245 of Chapter 369 of the Laws of 1914, entitled
"An Act in relation to banking corporations, and individuals, partnerships,
unincorporated associations and corporations under the supervision of the
Banking Department, constituting Chapter 2 of the Consolidated Laws,"
is hereby amended to read as follows:
Sec. 245. Restrictions as to place of business: branch offices. 1. A
savings bank shall not do business or be located in the same room with or
in a room connecting with any bank, trust company or national banking
association: unless it be a savings bank lawfully so doing business or lawfully so located when this Act takes effect.
2. No savings bank, or any officer or director thereof, shall transact
Its usual business at any place other than its principal place of business
without the written permission of the Superintendent of Banks given as provided in Subdivision 3 of this section, except that it may, provided the merger
agreement so provides, continue to occupy and maintain as a branch office,
the place,of business occupied and maintained at the time of the merger by
-any savings bank which it has received into Itself by merger pursuant to
Article 12 of this chapter.
3. Upon toriUen approval of the Superintendent of Banks, given as prosided in this subdivision, a savings bank, located in a city of the first class,
may open and occupy within said city one branch office, and if such city comprises more than one county or borough, such branch office may be located only
In the same county or borough in which Its main office is located. A savings
bank desiring to open and occupy such a branch office shall, if authorized by
the vote of a majority of all the trustees of such bank, cause to be filed with the
Superintendent of Banks a notice of intention so to do. specifying the proposed locality of such branch. Within five days thereafter the bank so applying
shall cause a copy of such notice to be sent by registered mail to each savings
bank doing business in the county in which such branch is proposed to be
located, together with notice of a time (not less than five nor more than fifteen
Jays after the mailing thereof) and a place within such city to be fixed by the
Superintendent of Banks when and where such savings banks may be heard
in relation thereto. The Superintendent shall ascertain by such investigation
as he may deem necessary.'whether or not public convenience and advantage
will be promoted by the opening of such branch office. If, after such hearing
and investigation, the Superintendent approve the opening of such branch, he
shall make a certificate in triplicate authorizing the opening and occupation
of such branch office, specifying the date on which, and the conditions under
which it may be opened, and the place where it may be located, and shall file
one certificate in his own office, one in the office of the clerk of the county
wherein the principal place of business of such savings bank is located, and
shall transmit the third to such applicant; or, if satisfied that the opening of
such branch office is undesirable, or inexpedient, he shall deny such application and notify such savings bank so applying of Ms determination.
Sec. 2. This Act shall take effect immediately.
"Became
Federal Grand Jury Indicts Four for Destruction and
Disappearance of Long-Missing Records of
Bankrupt Firm of E. M. Fuller & Co.
As a first result of the full confession of Edward M. Fuller
and William F. McGee, former partners in the bankrupt
brokerage firm of E. M. Fuller & Co., to United States District Attorney William Hayward, to which we referred in
our issue of last Saturday (Aug. 11), page 617, four persons
were indicted by the Federal grand jury on Tuesday of this
week, Aug. 14. The four defendants were named in one
indictment of two counts. They were Edward M. Fuller
and William F. McGee, the former brokers, and William J.
Fallon and Eugene F. McGee of the law firm of Fallon &
McGee, the former attorneys of the brokers. The indictment was handed up to Federal Judge Henry W. Goddard,
who soon after issued bench warrants for the four defendants.
The first count in the indictment charges Edward M. Fuller
and William F. McGee with the concealment of certain papers, records, documents and books of the bankrupt firm of
E. M. Fuller & Co., the failure to produce which resulted
in their being adjudged in contempt of Court by Judge Goddard on May 7 last and committed indefinitely to Ludlow
Street Jail. This count also accuses the attorneys, William
Fallon and Eugene F. McGee, with aiding, abetting
and inducing their clients to conceal this property. In the
second count all four idefendants are accused of conspiring
to conceal these records. Six overt acts are alleged under
this charge. One of them charges William J. Fallon with
[VOL. 117.
destruction'of certainlbooks. Another alleges that Eugene
F. McGee placed in a dress suit case certain other papers.
Some of the papers referred to were anonymously returned to
Judge Goddard about a month ago. Shortly after the bringing in of the indictment, Mr. Fallon and his partner, Mr.
McGee, went to the office of Colonel Hayward and were in
conference with him for about half an hour. They then,
accompanied by the prosecutor and his assistant,William
J. Millard, went before Judge Goddard and were arraigned.
Both pleaded "not guilty." Mr. Fallon was released, it is
said, on the same bail of $5,000 furnished by him on the indictment returned by the Federal grand jury in July last for
the alleged bribing of a juror in the Durrell-Gregory & Co.at
al. mail-fraud case (referred to in our issue of July 14, pages
154 and 155). Mr. McGee was paroled until the following
morning to furnish bail in the same amount, which he subsequently did.
On Wednesday evening (Aug. 15) Judge Goddard signed
an order directing the defendant lawyers, William J. Fallon
and Eugene F. McGee, to show cause why they should not
be punished for contempt of Court. The order is returnable
Tuesday next, Aug. 31. before Judge William Bondy.
Federal Reserve Board Rejects Application of Two
Banks to Establish Branches—Comptroller Dawes
to Undertake Drafting of Board's Policy in
Matter.
On August 7 the Federal Reserve Board rejected the ap•plication of two banks to establish branches, the "Journal
of Commerce" in a Washingt bn dispatch reporting as follows the Board's action:
Branch banking in the Federal Reserve System was struck a blow to-day
by the Federal Reserve Board. The Board refused the applications of two
banks for permission to establish agencies. The application of the Bank of
Italy, of San Francisco, to establish a branch at Yuba City, Cal., was denied,
as was OP same institution's request Ior permission to take over two banks
in Long Beach.
The Board also refused the application of the Pacific Southwest Trust de
Savings Bank, of Los Angeles, for authority to establish a branch within
that city and to absorb the Pioneer Bank of Portersville, Cal., with its two
branches.
According to the New York "Commercial," the application
of the Bank of Italy was made through former Secretary of
the Treasury W. G. McAdoo as counsel.
It is learned in Washington advices to the "Journal of
Commerce" from Washington, August 10, that Comptroller
of the Currency Dawes has begun the task of drafting a policy of determining the long disputed question of branch banking in the national bank system. We quote the advices further as follows:
To aid in the solution of this problem, which he inherited from his predecessor, Mr. Dawes, it was understood to-night, is about to initiate a series of
conferences with representative bankers from all parts of the country.
When Mr. Dawes took office last May, succeeding Comptroller Crissinger,
who became Governor of the Federal Reserve Board, he found himself faced
with probably the most controverted subject in the field of banking to-day,
namely whether national banks can or should engage in branch banking.
While Mr. Dawes has consistently refused to be interviewed on this subject,
he has been giving it serious and prolonged consideration.
Will Re-examine Question.
The policy of the office of the Comptroller prior to the inauguration of
Mr. Dawes has been against branch banking by national banks, but within
recent years the growth of State legislation permitting State banks to maintain branches has brought about an acute situation calling for a re-examination of the question of the right of the national banks to meet this competition from the State banks. So far has this State banking practice gone in
some States that many national banks have been compelled to give up their
national charters and enter the State system.
Mr. Dawes, it is understood, holds to the traditional view of his office that
a national bank cannot, under the National Bank Act, establish and operate
a branch bank. His immediate predecessor, Mr. Crissinger, maintained the
same view, but met the emergency features of the situation by permitting
certain national banks to operate "additional offices" only, however, in those
States where the State banks were already engaged in branch banking.
Considerable differences of opinion developed both in the legal fraternity
and among bankers as to this new policy of the office of the Comptroller.
Many of those who already were opposed to branch banking in any form saw
in it a sanction for the national banks to embark in branch banking to the
detriment and perhaps annihilation of small independent city and country
banks.
Pressure From Banks.
This controversy was at its height when Dr. Dawes assumed office. At the
time
he faced a tremendous pressure from the Dational banks in cities
same
where State branch banking is carried on for a similar extension of banking
service. Mr. Dawes has now been in office three months and, while he has
maintained a strict silence as to the final form of his policy, the course
which a man of his antecedents would probably take can be indicated.
What the branch banking situation needs above all else, so far as the
national banks are concerned, is clarification by definitions. If the Comptroller should define a branch bank as an instrumentality for carrying on a
general banking business in the community in which it is located he could
no doubt by such a definition make it clear that a national bank could not
maintain such a branch under the powers given it by the National Bank Act.
He could then approach the legal and practical points involved in the question of national banks extending certain of their routine services entirely
apart from the branch bank question.
It is not anticipated that there will be pronouncement on this subject from
Mr. Dawes until the new policy is in shape to exclude all uncertainties as to
Aua. 181923.]
THE CHRONTCLE
735
tion," Lord Curzon continues, is met by a definite refusal.
Both the French and Belgian Governments emphatically declare that there can be no question of evacuation except in
proportion as payments are made by the German Government." The August 11 note of Lord Curzon bears on the developments respecting the German proposals of June 7
(given in our issue of June 9, page 2580) the presentation
of which was followed by the drafting of a reply by Great
Britain, in behalf of the Allies, inasmuch (as indicated by
Prime Minister Stanley Baldwin on July 12) as the French
and Belgium Governments were not disposed to take the
initiative. This statement of the Prime Minister was given
in these columns July 14, page 147; the draft of the note
drawn up by Great Britain was dealt with in an item in our
issue of August 4, page 498, and in the same issue (page 500)
we gave a resume of the reply of the French Government to
the British draft. Strict secrecy surrounded the exact text
of the several notes, and it was not until Lord Curzon's note
of the 11th inst. was made public that the identic reply proposed by Great Britain and its note of July 20 suggesting the
draft of a joint Allied reply were also made public. Referring to the replies thereto by France and Belgium, Lord Curzon states that "while the Belgian Government attach to
their consent to investigation by impartial experts of Germany's capacity to pay, a condition which renders such consent of little value, the French Government reject the plan
State Institution Admitted to Federal Reserve System. altogether and appear to justify their refusal by putting a
which might lead to an indefinitely proThe following institution was admitted to the Federal series of questions
at a time when a prompt decision is of
discussion
tracted
during
the
week
10
ending
Aug.
1923:
System
Reserve
essential importance." Lord Curzon says:
Total
its aims—in other words, until the Comptroller's office has specifically defined what extension of services a national bank may give and what it may
not give.
Dawes to Use Care.
To draft a ruling which will remove all doubts from the various conceptions prevailing as to the scope of the powers of national banks in respect
to extra offices that will not transgress the Comptroller's beliefs of the prohibitions of the law, it would appear that Mr. Dawes must state a position
with great care. While denying the right of a national bank to operate a
branch with full banking powers, he must, if he can, find a legal justification for the national banks to compete with those State banks which are
establishing offices or agencies for the convenience of their patrons. The
definition of the functions which a national bank may perform at such an
office or agency, without becoming in fact a branch bank, is the nub of the
problem.
In approaching a solution of the branch bank problem it would appear
that Mr. Dawes faces many difficulties, both legal and practical. In the
meantime, he has not approved of the establishment of a single "additional
office," branch or agency in the United States by any national bank.
Danger in Situation.
Mr. Dawes, it is believed, is at work attempting to reconcile the heatedly
opposed factions in the banking world with reference to branch banking. In
order to do this, he must overcome the objections of the country and the
small city bankers who see in the "additional offices," allowed the national
banks by his predecessor a link in a chain of national bank branches under
another name. On the other hand, he must convince the urban bankers that
their needs will be met in competing with the State banks through additional
facilities on a lesser scope than branch banking.
The chief danger in the situation seems to be that if the Comptroller cannot work out a solution such as that suggested above, ill-advised legislation
might be enacted compelling national banks, who face the need of some form
of extension of their services to their customers, to confine their operations,
strictly and literally to one building.
Capital.
District No. 7—
First State Bank of Blount Carroll, Ill. $100.000
Surplus.
Resources.
31,406,824
Withdrawals from the Federal Reserve System.
The following withdrawals from the Federal Reserve
System are announced by the Board:
Citizens Bank of Dyersburg. Tenn.
Bank of Arcadia, Arcadia, Wis.
While the Belgian note does not indicate any precise claim, official and
semi-official pronouncements by and on behalf of the French and Belgian
Ministers have it clear that the French Government wish to insist on a minimum payment to them of 26,000,000,000 gold marks over and above the
amount required to meet their debts owing to this country and to the United
States, and the Belgian Government on a minimum payment of 5,000,000,000
gold marks, for which, or for part of which, they now ask for further
priority.
He points out that "if the estimate made on a 5% basis by
M. Bokanowski Rapporteur of the French Budget, which put
Institutions Authorized by Federal Reserve Board to the present value of annuities under the schedule of payExercise Trust Powers.
ments at 65,000,000,000 gold marks may be accepted as apThe Federal Reserve Board has granted permission to the proximately correct, the basis of calculation of the share of
following institutions to exercise trust powers:
France and Belgium as fixed by the percentages established
The Central National Bank of Columbia, Columbia, Pa.
under the Spa agreement, 52 and 8%,respectively, would not
The Waukesha National Bank, Waukesha, Wis.
exceed 34,000,000,000 for France and 5.200,000.000 for BelThe First National Bank, Buffalo Center, Iowa.
gium, even if Germany were in a position to.pay the total
figures of the schedule." Continuing,he says:
Lord Curzon Outlines Great Britain's Stand on
But Belgium has already under the agreement which entitles her to priReparations Issue—Several Letters of Great
ority payments of $2,500,000,000 gold francs(£100,000.000) received approximately 1,500,000,000 gold marks(£73,000,000), a sum far exceeding
Britain to France and Belgium—Opposed
the receipts of any other Power, though this priority was given when the
to Ruhr Occupation.
total sums expected from Germany were immensely larger than anything that
The German reparations issue has again become a factor is now likely to be received. It has not been reduced proportionately, and
it has therefore operated to give Belgium an increasingly disproportionate
of moment, the differences between Great Britain on the one share of the actual receipts up to date. In addition, she has been entirely
hand and France and Belgium on the other, respecting the relieved of her war debts to the Allies, amounting to nearly £300,000,000.
France, on the other hand, when counting on receiving 34,000,000,000 gold
policy to be pursued in exacting settlement by Germany bemarks from Germany would have to balance this amount against her debt to
ing clearly evidenced in this week's developments. The this country, representing about 12,000,000,000 gold marks, and her debt to
views of Great Britain are set out at length in a note ad- the United States, amounting at least to the equivalent of 15,000,000,000
dressed by Lord Curzon under date of August 11 to the gold masks, together 27,000,000,000, which being set off against 34,000,000,000 to be obtained from Germany would leave France with a balance of
French and Belgium Ambassadors, in which it is stated that 7,000,000,000. When, therefore, it is now suggested that she ought to reGreat Britain regards "as doomed to fitilure the method pur- ceive 26,000,000,000 net, her total debts to Great Britain and the United
it will be seen that the demand is for an amount
sued by French and Belgian Governments to secure repara- States being cancelled,
between three and four times larger than would on balance fall to her share
tions." It is further declared that "in spite of wholesale under existing agreements. It is difficult to see on what grounds a failure
seizures the occupation of the Ruhr by France and Belgium of Germany to meet her obligations by which Great Britain is proportionately
equally with her Allies can be held to justify the claim by
has produced at great cost less receipts for the Allies, notably indemnified
France to be placed at the expense of her Allies in a far more favorable pothan
were
coke,
and
forthcoming in the previous sition than she would have occupied under the schedule of payments iself.
of coal
year." It is likewise set out that "His Majesty's Government
"His Majesty's Government," says Lord Curzon, "cannot
regard continuance of the present position as fraught with admit that there is any ground whatever for revising the Spa
the gravest risks, both economical and political." Dealing percentages." He points out that his Government cannot
with the occupation of the Ruhr, Lord Curzon states that leave out of account the position of their own country, relits Majesty's Government have never concealed their specting which he says:
Apart from the heavy material damages suffered by Great Britain, His
view that the Franco-Belgian action,, quite apart from the
are now involved in heavy payments to meet unemquestion of expediency, was not a sanction authorized by the Majesty's Government
ployment in respect of which they have been compelled to spend over £400,treaty." In the view of His ,Majesty's Government, it is 000,000 since the armistice. They alone among the Allies are paying intera capital sum due
added, "it cannot legitimately be claimed that the measures est on debts incurred abroad during the war, representingthe
present rate of
to the United States Government of £1,000,000,000 at
which the Allies are . . . authorized to take in certain exchange, and they alone have been deprived in the Allied interest of foreign
emergencies, include military occupation of territory." The securities estimated at from £700,000,000 to £800,000,000, which would
of the British debt to America.
note goes on to say that "His Majesty's Government believed otherwise substantially assist in paymentGreat
Britain made an offer at the
Notwithstanding these gigantic burdens,
the
fullest
showing
were
pothe
for
consideration
they
that
Paris conference of January to forego her rights to reimbursement of her
as
Belgium,
well
as
and
insuring more effec- damages, and expressed her readiness by reducing the debts of the Allies to
sition of France
by her allies
and
continued
steady
of
when they treat her share of German reparations as if it were a repayment
payments,
guarantee
tive
of their debts due to her. It would be inequitable, and it is impossible, to
would
occupation
from
naturally
terminate
suggested that
ask the British taxpayer, already much more heavily burdened than his
allies, to make further sacrifices by modifying the Spa
the moment that guarantees or pledges less economically French and Belgian
for the benefit of France and Belgium.
harmful and more effectively productive than occupation of percentages
According to Lord Curzon, "the main principle of the Britthe Ruhr should have been not merely devised and obtained,
ish
operating.
satisfactorily
scheme is that Great Britain is ready, subject to the just
sugges.Even
this
but seen to be
736
THE CHRONICLE
claims of other parts of the Empire, to limit her demands for
payment by the Allies and by Germany together to a net sum
approximating 14.2 milliards gold marks, this sum representing the present value of the recently funded British debt to
the United States Government." Further he says:
[VOL. 117.
10. It may perhaps be said that the Belgian reply does not reject as categorically as does the French the proposal for a fresh investigation of Germany's capacity to pay, but the consent of the Belgian Government to such
inquiry is made conditional upon obtaining for Belgium and for France pecuniary advantages of a far-reaching kind at the expense of their allies, and
notably of Great Britain. Such a suggestion appears to His Majesty's Govment to reveal palapable misconception of the situation.
The concessions which His Majesty's Government may be able to offer in
respect of inter-Allied debts must accordingly depend largely on the perCapacity of Germany to Pay.
centage of this sum of 14.2 milliards which they can recover from Germany.
11. It will not be contested that there can be no use in demanding from
They can only be granted in substantive form when the general reparations Germany more than she is capable of
paying. What is the maximum she can
settlement for which His Majesty's Government are pressing has been agreed pay is a question of supreme importance to
all her creditors. It is a question
upon and is such that His Majesty's Government can regard their share of of establishing a fact on the ascertainment
of which any practical arrangeGerman payments as an asset of real financial value.
ments or combinations for obtaining payment to the fullest extent possible
To this end the first step must be to fix the maximum sum which the must be based. The British Government
accordingly proposed to take steps
Allies can reasonably hope to recover from Germany, to be followed or ac- to ascertain this important fact. Belgium
replies that she will not consent
companied by arrangements which will insure the effective re-establishment unless corresponding advantage is obtained
by herself and by France. His
of Germany's finances and credit on a sound basis and will guarantee punc- Majesty's Government could not
willingly enter into any such transaction.
tual payment of the German debt by a system of control free from the eco12. While the Belgian notes does not indicate any precise claim, official
nomically unsound impediments inherent in the military occupation of the and semi-official pronouncements
by and on behalf of the French and BelRuhr.
gian Ministers have it clear that the French Government wish to insist on a
minimum
payment
to
them
of 26,000,000,000 gold marks over and above the
Lord Curzon's note concludes with the statement that
amount required to meet their debts owing to this country and to the United
Great Britain is "reluctant to contemplate the possibility States, and the Belgian Government on
a minimum payment of 5,000,000,000
that separate action may be required in order to have a set- gold marks, for which, or for part of which, they now ask for further
priority.
tlement which cannot be much longer delayed without the
Belgium Well Taken Care Of.
gravest consequences to the recovery of the trade and peace
13. If the estimate made on a 5% basis by M. Bokanowsky Rapporteur of
of the world." The following is his note in full as given in the French Budget, which put the present value of annuities under the scheda copyrighted cablegram from London to the New York ule of payments at 65,000,000,000 gold marks may be accepted as approximately correct, the basis of calculation of the share of France and Belgium
"Times" August 12:
as fixed by the percentages established under the Spa agreement, 52 and 8%,
respectively, would not exceed 34,000,000,000 for France and 5,200,000,000
Foreign Office, London, Aug. 11 1923.
To the Marquis Curzon of Kedleston to His Excellency Count de Sale Aulaire, for Belgium, even if Germany were
in a position to pay the total figures of
Ambassador of France, and to His Excellency Baron Moncheur, Ambas- the schedule. But Belgium has already
under the agreement which entitles
sador of Belgium.
her to priority payments of 2,500,000,000 gold francs (£100,000,000) reYour Excellencies:
received approximately 1,500,000,000 gold marks (£73,000,000), a sum
I. Most sincere disappointment has been caused His Majesty's Government far exceeding the receipts of any
other Power, though this priority was given
by the replies which they have received under date of the 30th of July from when the total sums expected
from Germany were immensely larger than
the French and Belgian Governments to their identic notes of the 20th ult. anything that is now likely to
be received. It has not been reduced proporWith those notes was submitted the draft of a joint Allied answer which his tionately, and it has therefore
operated to give Belgium an increasingly disMajesty's Government proposed should be sent to the German memorandum proportionate share ot the actual
receipts up to date. In addition, she has
of the 7th of June. The proposal represented an earnest effort on the part been entirely relieved of her war
debts to the Allies, amounting to nearly
of His Majesty's Government while showing the utmost regard for the known £300,000,000.
views of the French and Belgian Governments to indicate a practical way of
14. France, on the other hand, when counting on receiving 34,000,000,000
arriving as promptly as possible at a final settlement of the question of Ger- gold marks from Germany would
have to balance this amount against her
man reparations.
debt to this country, representing about
2. His Majesty's Government had understood that there were in the opin- debt to the United States, amounting 12,000,000,000 gold marks, and her
at least to the equivalent of 15,000,ion of the French and Belgian Governments two main obstacles standing in 000,000 gold marks, together
27,000,000,000, which being set off against
the way of any fresh move in seeking such settlement : (1) The necessity 34,000,000,000 to be obtained from
Germany would leave France with a balof scrupulously respecting the rights of the Reparations Commission under ance of 7,000,000,000. When,
therefore, it is now suggested that she ought
the Treaty of Versailles as regards the fixing of the German debt and deter- to receive 26,000,000,000 net, her total
debts to Great Britain and the United
mining modes of payment, and (2), the attitude of the German Government States being cancelled, it will be seen
that the demand is for an amount bein encouraging passive resistance to the Franco-Belgian occupation and ex- tween three and four times larger
than would on balance fall to her share
ploitation of Ruhr.
under existing agreements. It is difficult to see on
what grounds a failure
3. With both these questions accordingly His Majesty's Government pro- of Germany to meet her obligations by
which Great Britain is proportionately
posed in their suggested reply to the German memorandum to deal in a man- Indemnified equally with her allies can
be held to justify the claim by France
ner which they confidently expected would commend itself to their allies. to be placed at the expense of her
allies in a far more favorable position
How completely they have been disappointd in this expectation is made than she would have occupied under
the schedule of payments itself.
manifest by the contents of the notes in which the French and Belgian GovSea Losses Also Material Damage.
ernments have replied to their proposals.
15. The Belgian proposal to grant special priority
• 4. His Majesty's Government acknowledge with much appreciation the
for restoration of the
courteous tone of those notes. If they now proceed to comment upon them, devastated areas seems to rest on a somewhat artificial distinction as rethey trust that their remarks will be received in the friendly spirit in which gards the damages inflicted by the enemy in the late war. It is a suggestion not merely that priority should be conceded to
they are offered.
material damages over
5. A reply seems to be all the more necessary since in a desire to avoid con- the cost of war pensions, but that one particular type of material damage,
namely
damage
by
land,
should be selected for priority to the exclusion of
troversy at a critical phase His Majesty's Government refrained from sending
any rejoinder to the observations which the French and Belgian Governments other forms of material damage. No justification for such a proposal can
communicated to them over a month ago in reply to the so-called question- be found in the armistice terms or in the Peace Treaty, nor is it easy to connaire which I had addressed to the two Governments. Sooner than embark ceive what argument can be adduced to support it. Sunk ships and cargoes
upon any controversy with their allies, His Majesty's Government preferred rotting at the bottom of the sea may not shock the eye like the ruined vilat that time to submit a plan of action under which they proposed that the lages of France and Belgium, but they are equally material damage caused'
suggested inquiry into Germany's capacity to pay should be conducted within by German aggression and represent equally heavy losses of national wealth.
the frame work of the Treaty of Versailles and that the German Government Great Britain's proportion of reparations would not in fact be seriously alshould be called upon to withdraw the orders and measures by which they tered as a result of priority conceded to material damages, nevertheless, His
have enjoined passive resistance. Furthermore, in order to comply with the Majesty's Government would not be in favor of priority even on that basis, if
declared objection of their French and Belgian allies to any specific bargain only for the reason that certain other Allies would be gravely and adversely
being made on this point with the German Government, the British proposals affected.
16.•In practice the suggested priority would be
were restricted to an intimation that if the German Government were to
equivalent to an alteraabandon passive resistance without delay, not only would this be regarded as tion in favor of France and Belgium of the percentages of division fixed by
the
Spa
agreement;
for
it
is clear that if the Belgian and French claims in
evidence of good faith, but it would involve reconsideration by the occupying
powers of the conditions of their occupation and a gradual return to the respect of their devastated regions are to be met in full before the claims
of
the
other
Allies
are
considered,
and if at the same time the total sums refeatures
normal
of industrial life in the Ruhr.
covered from Germany are diminished, the loss
6. It is difficult to think in what way greater consideration could have
represented by such diminumust
tion
inevitably
fall on those not enjoying the privilege of priority.
been shown to the Franco-Belgian point of view.
Heavy Payments by Britain.
Government Painfully Impressed.
17. His Majesty's Government cannot admit
that there is any ground
7. The reception, however, that has been accorded to these proposals by whatever for revising the Spa
percentages; the principle of a percentage dithe French and Belgian Governments in their respective notes of the 30th vision is not affected by a change
in
the
total
to
which
the percentages apply.
of July leaves His Majesty's Government, notwithstanding the terms of cour- }Ii Majesty's Government
cannot leave out of account the position of their
tesy employed, under the painful impression that neither are their sugges- own country. Apart from
the heavy material damages suffered by Great
tions welcomed by their allies nor is their offered co-operation held to merit Britain, His Majesty's
Government are now involved in heavy payments to
consideration except on condition that no departure be made in any way par- meet unemployment in
respect of which they have been compelled to Om?
ticular from whatever France and Belgium declare to be their overriding over £400,000,000 since the
armistice. They alone among the Allies are
views and decision.
paying interest on debts incurred abroad during
the war, representing a
8. It 11 true that the Belgian reply appears at first sight to be less uncom- capital sum due the United
States Government of £1,000,000,000
promising than the French note, but on closer examination it is seen that the at the present rate of
exchange, and they alone have been deattitude of the two Governments is for all practical purposes identical, and prived in the Allied interest
of
that though the Belgian Government appear to be anxious for a continuance £700,000,000 to £800,000,000, foreign securities estimated at from
which would otherwise substntially
of friendly conversations it is only upon condition that the substance of the assist in payment of the British
debt to America. Notwithstanding these
Belgian claims is conceded in advance. Accordingly His Majesty's Govern- gigantic burdens, Great 13ritain
made an offer at the Paris conference of
ment ask leave to deal with the two replies as a single answer.
January to forego her rights to reimbursement of her damages, and expressed
9. The first point that has struck His Majesty's Government is that in her readiness by reducing
the debts of the Allies to treat her share of Gerneither is there any allusion whatsoever to the terms of the draft reply to the man reparations as if it were a
repayment by her Allies of their debts due
German memorandum which His Majesty's Government had proposed. The to her. It would be
inequitable, and it is impossible, to ask the British taxBelgian Government indeed still remain in favor of the principle of a joint payer, already much more
heavily burdened than his French and Belgian
reply, but the French Government pass the proposal over in complete silence. allies, to make further
And yet this was to be the main object of which in their desire for contin- benefit of France and sacrifices by modifying the Spa percentages for the
Belgium.
ued maintenance of Allied unity His Majesty's Government had devoted their
18. While the Belgian Government attach to their consent to investigaefforts. The Commission is hardly compensated by the argument of the active tion by impartial experts of
Germany's capacity to pay, a condition which
passages, inquiries on points of detail and offers of further discussions and renders such consent of little
value, the French Government reject the plan
conversations holding out a prospect of an indefinitely spunt-out controversy, altogether and appear to justify
their
of questions
while fundamental principles are only mentioned in order to declare that they which might lead to an indefinitely refusal by putting a series
protracted discussion at a time when a
do not admit of discussion.
prompt decision is of essential importance. As, however, M. Poincare has
Alia. 18 1923.]
THE CHRONICLE
737
31. France and Belgium hold that the occupation has been effected in
asked for answers on several points which he has raised, they may be briefly
virtue of authority conferred by Paragraph 18 of Annex II to Part VIII of
given.
the treaty. The German Government have consistently contended that such
Reparations Board's Estimate.
occupation does not, on proper interpretation of that paragraph, fall within
19. Astonishment is expressed that any one should question the justice of
the category of economic and financial prohibitions and reprisals, and in
the Reparations Commission's decision in fixing the total amount payable by
measures as the respective Governments may determine
Germany at 132,000,000,000 of gold marks(£6,600,000,000), and M. Poin- general such other
to be necessary in the, circumstances.
care sees no reason why an estimate made to-day by experts, whoever they
32. The highest legal authorities in Great Britain have advised His Majesmay be, should be more exact than that made in 1921. It is not clear to
Government that the contention of the German Government is *ell
what estimate made in 1921 reference is made. The Reparations Commis- ty's
founded, and His Majesty's Government have never concealed their view
sion's finding of 132,000,000,000 of gold marks was a simple estimate of the
Franco-Belgian action in occupying the Ruhr, quite apart from the
amount of damages for which compensation was claimable under the treaty that the
expediency, was not a sanction authorized by the treaty itself;
without any regard to the question of Germany's capacity to pay theist. It question of
would be quite willing that this or any other difference respecting
is true that the schedule of payments subsequently adopted, while purport- but they
of vital provisions of the treaty, in so far as they cannot
ing to provide for payment of the full amount of damages, in fact granted legal interpretation
the Reparations Commission under
substantial concessions by extending the period of payment beyond that laid be resolved by unanimous decision of
II, whether arising between the Allied Governments
12
of
Annex
down in the treaty and by waiving payment of interest for a long period in Paragraph
Government or between the different Allied Governments,
respect of a large part of the debt. These concessions represented, even in and the German
be referred to the International Court of Justice at
the opinion of the Rapporteur of the French Budget, a virtual reduction by should automatically
approximately one-half of the sum of 132,000,000,000, and the fact that The Hague or other suitable arbitration.
•
they were approved by the Allied Prime Ministers in drafting the schedule of
Inconsistency Charge Denied.
payments (subsequently accepted by the Reparations Commission) effec33.
The French Government have endeavored to convict His Majesty's Govtively answers the contention that the sum as originally fixed was not conernment of inconsistency in now refusing to acknowledge the legality of the
sidered too high by anybody. At the same time it cannot be said that the
of the Ruhr, under Paragraph 18, of Annex II, when on two forconcessions were the outcome of anything that could be described as expert occupation
mer occasions they joined in presentation of an ultimatum threatening such
• inquiry into Germany's capacity to pay.
occupation and when in 1920 they actually participated in the occupation of
20. The French Government are quite right in declaring that the duty of
Duesseldorf, Duisburg and Ruhrort. There is no inconsistency. The action
adjusting the schedule of payments to that capacity in accordance with Arthen taken or threatened was never claimed to be in pursuance of the reparaticle 234 of the treaty is one which still remains to be discharged.
clauses of the treaty. The Allies jointly decided to threaten Germany
21. They say that during the Peace Conference an American expert esti- tions
further territory, just as they might have threatened her
mated Germany's capacity to pay at 120,000,000,000 gold marks. His with occupation of
renew-al of war, for her failure to perform her treaty obligations, some
Majesty's Government have not been able to trace in their records any with
of which had no connection whatever with reparations.
American expert estimate of 120,000,000,000, though they have found one
34. In the view of His Majesty's Government it cannot legitimately be
of 60,000,000,000 and another of 240,000,000,000. There was also a French
claimed that the measures which the Allies are, under Paragraph 18 of
estimate of 800,000,000,000 and a British estimate of 480,000,000,000. The
Annex II, authorized to take in certain emergencies include military occupatruth, of course, is that at that time there was no experience of attempts to
tion of territory. Such occupation forms the subject of special provisions of
establish and enforce or understand obligations of such magnitude to which
Part XIV of the treaty, dealing with guarantees. It is the right to occupy
the experts could look for guidance. It is precisely because such experience
the left bank of the Rhine and the bridgeheads which has been given to the
has become available during the last five years that a fresh inquiry is
Allies as guarantee for execution of the treaty. Moreover, Article 430 parurgently called for.
ticularly stipulates that if the Reparations Commission finds that Germany
Several Powers Have Rights.
refuses to observe the whole or part of her obligations under the treaty with
22. The duty of making an ultimate decision rests on the Reparations regard to reparations, the whole or part of occupied territories which may
Commission and in part on the Allied Governments, seeing that if circum- already have been evacuated will be immediately reoccupied. It would have
stances necessitate cancellation of any part of the capital debt the specific been idle to stipulate expressly for such reoccupation in case of default on
authority of several Governments represented on the Commission is required. reparations if the Allies had already an unlimited right to occupy any GerIt is a duty which must, in the terms of the treaty, be performed with sole man territory under another clause of the treaty.
reference to the resources and capacity of Germany. The Governments rep35. His Majesty's Government have hitherto abstained from formally conresented on the Commission, in deciding whether or not to authorize cancel- testing the legality of the Franco-Belgian occupation as an act authorized by
lation of part of the German debt, are in the position of trustees, since the the treaty, they have done so solely in conformity with the spirit of the decinterests affected are not only their own but also those of Governments not laration made by Mr. Boner Law at the Paris conference in January last,
represented on the Commission, a consideration which His Majesty's Govern- that His Majesty's Government desired to avoid causing any needless embarment venture to think the French Government must have overlooked when rassment to their allies. This should not be made a reproach to them. His
stating that France "will never consent to such cancellation except in pro- Majesty's Government would not even now have taken up this question of
portion in which her own war debts may be canceled."
legality had they not been challenged to do so.
23. Inquiry, therefore, by impartial experts into Germany's capacity
Why Britain Stayed Out of Ruhr.
should be held to assist the Reparations Commission, and should be regarded as necessary by the Allied Governments, to carry out their duties
36. The French and Belgian Governments argue that if only Great Britain
under that article, clearly cannot be held to violate any principle expressed
had joined in the occupation there would have been no passive resistance
or implied in the treaty.
and an abundant flow of reparations payments would have been assured.
24. Both the French and Belgian notes dwell on the special qualifications
Holding the views which they did, both as to the legality and practical value
of the Reparations Commission to carry out itself any necessary inquiries.
of the operation, it was not possible for His Majesty's Government to take
This is a claim which cannot be sustained without serious qualifications in
part in it; but even if they had done so, and even if passive resistance had
the absence of an American representative as originally contemplated.
never been started or were now coming to an end, it is not clear how this
France and Belgium are in position, with the aid of the casting vote of the
would bring the problem of reparations appreciably nearer to solution.
French Chairman, to carry any resolution over the heads of the British and
37. The French Government have now declared that the object with which
Italian representatives, and it is notorious that in these circumstances the
they entered the Ruhr was not prompt or complete payment of reparations,
Commission has become in practice an instrument of Franco-Belgian policy
but the breaking of Germany's resistance and the creation of will on her
alone.
part to pay, but the will to pay is useless without the power, and Germany's
25. The French Government ask how it is proposed that an impartial
power is, in the opinion of His Majesty's Government, likely to be rapidly
expert commission should be constituted. His Majesty's Government condiminished and in the end extinguished altogether by continuation of the
sider that the more comprehensive its constitution the greater will be the
occupation with its stranglehold on the most important centre, the most provalue of its findings. They would willingly see upon it nominees not only
ductive and most highly and delicately organized of German industries.
of the Powers entitled to reparations, but of the United States of America,
of Powers which took no part in the late war, and, it would seem desirable,
The parallel of 1871.
of Germany herself. If, however, the French Government would prefer any
38. The parallel which the French Government seek to draw with German
other form of constitution, His Majesty's Government would be happy to
action in 1871 can hardly be sustained. It is true that Germany refused to
consider it.
quit the French Departments which she occupied with her forces until the
Expert Body Might Be Advisory.
indemnity of 5,000,000,000 had been paid, but this occupation was ex26. As regards its relation to the Reparations Commission and to the Al- pressly provided for by the preliminary peace of 1871. No similar authority
lied Governments, while for their own part His Majesty's Government would can be cited in the case of the Ruhr, and the real analogy in the present case
be entirely willing to enter into an agreement by which the several Govern- is the occupation of the left bank of the Rhine as provided for by the treaty,
ments would bind themselves in advance to recommend to the Reparations and from this no one had proposed to depart.
Commission acceptance of the findings of a body of experts, they would, if
39. Further, it may be pointed out that recovery after the short campaign
the French and Belgian Governments are not prepared to go so far, be con- of 1870-71 of an indemnity the equivalent of 4,000,000,000 gold marks, a
tent that the functions of the experts should be advisory only.
considerable percentage of which could be immediately covered in gold, and
27. Both the French and Belgian notes challenge the British contention against which credit was given for the value of property in the ceeded territhat it is in the best interest of the Allies that whatever figure be finally tories, involving no actual expenditure by France beyond internal payments
decided upon as representing Germany's total liabilities it should be accepted in compensation for interests of French nationals dispossessed is not really
hi the German Government as just and reasonable. They point to the fact comparable to the enforcement of a 33-fold claim against a country finanthat the German Government have in the past repeatedly failed to act up to cially exhausted by four years of strenuous warfare and blockade. The ease
their undertakings.
with which the indemnity imposed in 1871 was paid was largely the result
28. His Majesty's Government remain of the opinion that an undertaking of credit facilities which France was able to obtain. Germany has, on the
freely entered into because acknowledged to be just and reasonable, stands in other hand, suffered from complete inability to obtain foreign loans, arising
practice on a different footing and offers better prospects of faithful execu- to a large extent from the long period which elapsed before her reparations
tion than an engagement subscribed to under compulsion of an ultimatum liabilities were defined and world-wide uncertainty as to her ability to disand protested against at the very moment of signature as beyond the signa- charge them. Yet, in spite of this, it is fair to state, though His Majesty's
tory's capacity to make good. The Reparations Commission itself, as well as Government are by no means satisfied with the performance, that Germany
the principal Allied Governments has had on occasion to recognize that the has in fact paid in respect of reparations and cost of armies of occupation
German Government was not in position to carry out particular obligations more than twice the amount exacted from France in 1871, as well as considwhich it had been compelled to undertake.
erable sums in connection with clearing offices and miscellaneous treaty
29. It will be remembered that the suggestion of an inquiry by experts, of obligations.
originated
with
the
first
idea
American
the
Secretary of State, inwhich
40. The French Government are in error in attributing to His Majesty's
cluded a voluntary engagement by the German Government to accept and Government the suggestion that simultaneously with advice to be given to
give effect to whatever conclusions the experts might arrive at. His Majes- Germany to abandon passive resistance the Ruhr must be made to return to
ty's Government are not convinced that such engagement deserves to be normal conditions of production. The suggestion made in the British note of
treated as of no value.
the 20th of July was that proposals should be made for restoration of the
Question of Ruhr Occupation.
Ruhr to that condition which will enable it to become an area of fruitful
the
Ruhr
occupation
of
gives rise to a number of prop- production rather than one of international strife. His Majesty's Govern30. The subject of
ositions in the French note to which it is necessary to reply. While Pts ment confess to a sense of surprise and disappointment at the difficulties
Majesty's Government have indicated their readiness to join in advising the apparently felt by the French and Belgian Governments in agreeing to so
German Government to withdraw without delay the ordinances and decrees reasonable and so advantageous a proceeding.
41. Although in words of some vagueness it is intimated that France and
which have organized and promoted passive resistance, they cannot subscribe
passive resistance has ceased, consult toto the thesis that passive resistance must cease unconditionally because it is Belgium may, when satisfied that
gether as to how far they may find it possible to lighten the burden which
contrary to the Treaty of Versailles.
738
THE CHRONTCLE
[VOL. 117.
military occupation of the Ruhr lays on the region, nothing tangible is sug- Majesty's Government
feel that the resulting situation involves great and
gested which would hold out any hope of the occupation being brought to an growing danger to the peaceful
trade of the world, and not least of this counend, even when the avowed object of breaking Germany's will to resist has try. His Majesty's
Government regard continuance of the present position
been attained.
as fraught with the gravest risks, both ecenomical and political. They conTermination of Occupation.
sider impartial fixation of Germany's liability at a figure not inconsistent
42. His Majesty's Government believed that they were showing the fullest with her practical power of making payment a matter of great urgency, and
consideration for the position of France and Belgium, as well as insuring they have suggested what appears to them to be appropriate means to this
snort effective guarantee of continued and steady payments, when they sug- end.
gested that occupation would naturally terminate from the moment that
What Britain is Prepared to Do.
guarantees or pledges less economically harmful and more effectively produc54. When steps have thus been taken to ascertain the real value of the
tive than occupation of the Ruhr should have been not merely devised and asset represented by German
reparations, and to secure its realization without
obtained but seen to be satisfactorily operating.
further depreciation, His Majesty's Government will be ready to deal as gen43. Even this suggestion is met by a definite refusal. Both the French erously as circumstances permit,
and in the light of their respective capacity
and Belgian Governments emphatically declare that there can be no question to pay, with the debts due
to Great Britain by her allies. They cannot, havof evacuation except in proportion as payments are made by the German ing regard to the heavy material
losses of this country both during and since
Government. Complete evacuation is apparently not contemplated until the the war, and to future tax
burdens on its trade, admit that other countries
total German reparations liability is integrally discharged. Reiterated an- are justified in claiming
that agreed percentages of rbparations payments
nouncements to this effect, coupled with insistence on leaving undiminished should now be further modified
or changed in order of priority. But they
the total of 132,000,000,000 of German indebtedness under the head of rep- remain prepared to ask for no more
in respect of their very large sums due
arations, can only be interpreted as an intention to remain in occupation of by their Allies than will
together with reparations payments by Germany
the Ruhr for a number of years, which at best cannot be less than 38 (this meet the British war debt
to the United States. Their policy in this matter
being the minimum period), and which, in view of the generally admitted is stated in the British proposal
laid by Mr. Bonar Law before the Paris conImprobability of complete execution of the schedule being found practicable ference in January,
last, and has not changed. It means that Great Britain
under any circumstances, may be extended indefinitely, if not in perpetuity. would be prepared to waive
in interest of a complete settlement a very large
44. Such a situation, of which the political quite apart from the economic part of the amount for which
the British taxpyer holds due obligations of
consequences could only be described as disastrous, cannot but be viewed by the Allied Governments.
His Majesty's Government with the greatest concern. It would vividly con55. It is the hope of His Majesty's Government that the above explanajure up the danger of international relations being affected in a manner tions will convince the French
and Belgian Governments of the reasonablethreatening, to use the words of the eleventh article of the Covenant of the ness of the British position and
will win their assent to Its acceptance. They
League of Nations, to disturb international peace and the good understanding are reluctant to contemplate
the possibility that separate action may be rebetween nations upon which peace depends. His Majesty's Government can- quired in order to have a
settlement which cannot be much longer delayed
not believe that the French and Belgian Governments will be able to recon- without the gravest
consequences to the recovery of the trade and peace of
cile the opinion of the world to indefinite maintenance of so perilous a situ- the world.
ation.
I have, etc.,
45. As it Is, the occupation of the Ruhr is already having directly and
CURZON of KEDLESTON.
Indirectly a grave effect on the economic and industrial outlook, not only in
Germany, whose capacity to pay reparations is rendered more and more preFrom the "Times" we also take the following relative to
carious, but in the rest of Europe, if not the world, and not the least in this
Lord Curzon's memorandum:
country.
' Britain Ready to Cut Her Claims.
Plain Talk in Memorandum.
46. In their note of the 20th of July His Majesty's Government further
In the memorandum on the Inter-Allied debts to which Lord Ourzon
proposed that in order to arrive at a comprehensive plan for a general and makes reference in his note
of Aug. 11 the
t's crossed in
final financial settlement inter-Allied discussions should be opened with as regard to France's financial obligations I's are dotted and
to this country. The Bristih
little delay as possible. The Belgian Government reply that they will be Government. It is stated. "adhere
to the policy of limiting Great Britain's
glad to discuss such a plan if it be of the character that they have predicated total claim against her Allied debtors
and Germany together to an amount
In their note. The French Government, while questioning the propriety and necessary to cover the British
debt to the United States Government.
apparently the legality of the suggestion, asks what exactly it means and which as recently funded may be taken
to be represented on a 5% basis
whether it will include the question of inter-Allied debts. His Majesty's by the sum of 14.2 milliards of gold
marks present value.
Government gladly avail themselves of this opportunity to explain their atti"This basis is already exceedingly favorable to the Allies as the British
tude on this subject. I have accordingly the honor to enclose a separate debt to the United States Government
cannot be redeemed on such favorable
memorandum upon it. The main principle of the British scheme is that terms. This offer in effect means that Great
Britain, whose material
Great Britain is ready, subject to the just claims of other parts of the Em- war damages were not less than one-third
of those suffered by France,
pire, to limit her demands for payment by the Allies and by Germany to- is content to forego her rights to reparation
under all heads and to treat
gether to a set sum approximating 14.2 milliards gold marks, this sum rep- her own share of German payments as if it
were a reimbursement by her
resenting the present value of the recently funded British debt to the United Allies of their debts to her.
States Government. The concessions which His Majesty's Government may
"Nay, the total amount for which she asks from the Allies and Germany
be able to offer in respect of inter-Allied debts must accordingly depend together is in fact less than the amount of the Allied debts,
being limited
largely on the percentage of this sum of 14.2 milliards which they can re- to the total of the Briash debt to the United States Government without
cover from Germany. They can only be granted in substantive form when regard either to the loans raised by Great Britain in the open American
the general reparation settlement for which His Majesty's Government are market or to the value of American securities, estimated at
8700,000.000
pressing has been agreed upon and is such that His Majesty's Government to .f800,000,000, used to finance the Allied cause in America before the
can regard their share of German payments as an asset of real financial value. entry of the United States into the war, the loss of which from an economic
47. To this end the first step must be to fix the maximum sum which the point of view is the equivalent of the contracting of an equal amount of
Allies can reasonably hope to recover from Germany, to be followed or accom- °reign debt."
panied by arrangements which will insure the effective re-establishment of
Britain's Rights Not Waived.
Germany's finances and credit on a sound basis and will guarantee punctual
After reiteration of the belief that the "unwise policy pursued by the
payment of the German debt by a system of control free from the econom- French and Belgian Governments" in the Ruhr
has reduce I British ability
ically unsound impediments inherent in the military occupation of the Ruhr. to make maximum concessions feasible in regard
to Inter-Allied debts and
that
"persistence
in
the
policy
indicated in the French note will make the
Future Security Question Dropped.
48. In the last paragraph of their letter His Majesty's Government offered prospects of such settlement remote." the memorandum continues:
"His Majesty's Government feel bound to observe that the willingness
to discuss sympathetically the question of future security with their Allies.
The Belgian Government warmly welcomed this offer. They will not, how- which they and their predecessor have shown to discuss with the French
Government
arrangements under which the burden of the French debt
ever, have failed to notice the remark of the French Government that this
object has nothing to do with the Ruhr and the consequent further post- to Great Britain might be mitigated must not be interpreted as a waiver
ponement of discussion to an unnamed date in the future. The Belgian Gov- on their part of their rights as.creditors, which are governed solely by
ernment will recollect from the discussions of 1922 that His Majesty's Gov- the contracts under which the money was advanced and securities which
ernment are not prepared to enter into any arrangement respecting the ter- they hold.
"That a French Government Treasury bill given to the British Governritorial security of Belgium apart from a similar arrangement in regard to
ment for value received is a less binding obligation than a similar bill
France. Having regard to the new declared indifference of the French Govgiven to a private investor is a doctrine inadmissible both In Itself and,
ernment, no useful purpose can be served by pursuing the matter.
49. The argument which has been put forward in this note may be sum- more especially. In view of the circumstances in which these particular
loans were contracted."
marized as follows. His Majesty's Government have at no time contemplated,
These circumstances are detailed at some length and the point made
and do not now contemplate, that Germany shall be relieved from all repthat the French Government would in the normal course have been unable
arations payments.
to raise on its own credit the amounts sufficient to meet its sterling re60. They are determined that Germany shall pay up to the maximum of
quirements and that the British Government stepped in and gave its
her capacity the reparations to which Great Britain, equally with other
own securities to the lender for the amonuts raised to cover French
reAllied Powers is entitled, and which is needed to make good the losses susquirements as well as British.
tained by this country in common with her allies.
"By this means," the memorandum continues, "the French Government
51. What Germany's maximum capacity for payment may be is a matter
were able to borrow indirectly from British lenders both on less onerous
which should be determined by impartial inquiry into the facts. It cannot
t vms and to a larger amount than would have been possible if the normal
be ascertained by casting up amounts which Germany's creditors would like
procedure had been followed. The payments due on French treasury
to receive. To ask for more than Germany's maximum capacity cannot asbills thus represent amounts which the British treasury is in fact paying
sist in the actual recovery of reparations; it can only destroy assets which
to holders of securities issued on behalf of the French treasury of which the
Germany can offer to the Allies. To force liquidation is not the most profFrench treasury received the proceeds."
itable way of making recovery from a debtor with resources.
The comes the final sting.
Rehabilitation of Germany Needed,
The Final Sling.
62. It is admitted that Germany can only make substantial payments if by
"There was no suggestion when the loans were made," the memorandum
restoration of her public finance and stabilization of her currency a surplus
is made available for reparations on her budget. Moreover, this surplus concludes, "that repayment should be dependent on recoveries from Germust be in a form in which it can be made available for external payments many. Indeed, during the greater part of the period covered by the adover foreign exchanges. External debts cannot be paid by collection of de- vances the prospects of any such recoveries were highly problematical.
preciating paper marks. In the view of His Majesty's Government, forcible The bills were made subject to renewal for a limited period only after the
interference with the economic life of Germany, even if it be consistent with end of the war, with the clear intention that as soon as French credit was
sufficiently re-established they should be redeemed out of French Governthe terms of the Treaty of Versailles, cannot assist in the necessary restorament loans to be raised on the London market, the redemption money being
tion. Not only will it prevent realization of any sun:ilea for reparations, but
applied to cancellation of British securities Issued on French account.
by intensifying the disorder of German finance and currency it will have the
"While His Majesty's Government has by continuing to renew the bills
gravest reactions on trade.
beyond the period of contract tacitly recognized that the time has not yet
63. His Majesty's Government therefore regard as doomed to failure the arrived for giving
effect to this intention. It must be clearly understood
method pursued by French and Belgian Governments to secure reparations. that In the absence of a
new agreement the carrying out of It remains an
In spite of wholesale seizures, the occupation of the Ruhr by France and obligation of the French
Government which cannot honorably be repudiBelgium has produced at great cost less receipts for the Allies, notably of ated. and th.t in the
meantime the present practice of adding interest to
coal and coke, than were forthcoming in the previous year. Moreover, His capital cannot be indefinitely
continued, and that commencement of pay-
AUG. 18 1923.]
739
THE CHRONICLE
ntent or at any rate part of the interest should be made as soon as sterling
and franc exchange becomes reasonably statue."
The British note addressed to the Belgian, French, Italian
and Japanese Ambassadors at London on July 20, and the
accompanying draft of a proposed identic reply to the German Government, were made public as follows at Washington on August 12, according to special advices to the New
York "Times":
Foreign Office, July 20 1923.
Your Excellency—It is now seven weeks since the German Government.
June.
to the Powers fresh proposals
of
7th
the
submitted
of
note
their
In
for settling the problem of reparations. The main points in the note were
three: (1) A proposal to submit to an impartial international tribunal the
question of Germany's capacity to pay, coupled with an undertaking to
accept any decision so reached as regards both the amount and the mode
of payment:(2) the assignment of certain specified guarantees as securities
for payment, and (3) the summoning of a conference in order to work out
a detailed scheme.
His Majesty's Government were from the start of the opinion that,
whether these proposals were adequate or not, they marked a sufficient
advance to justify careful consideration with a view to the return of a collective reply. This view was concurred in by the Italian Government;
but the French and the Belgian Governments expressed the view that only
after passive resistance had been definitely abandoned by Germany would
it be possible to enter into communication with her.
In their anxiety to ascertain the precise meaning to be attached to this
condition a number of questions were addressed to the French and Belgian
Governments by His Majesty's Government with regard both to the action
which the German Government was invited to take and to the future
position in the Ruhr, if and when it should have been taken. The replies
that have been returned to these questions have not completely lifted the
'veil of uncertainty in which the situation is still in parts involved.
Points to Acute Situation.
In the meantime the question of reparations remains in suspense, and,
while reasons for inaction or for refusal to take any action but that which
commends itself to this or that Power abound, the international situatiot
becomes weekly, and indeed daily, more acute: the occupation of the Ruhr,
whether justified or not in its conception, falls to produce the desired effect;
allied unity is strained: payments by Germany on any adequate scale are
not forthcoming. Moreover, the steady deterioration of German currency
renders it impracticable for her to meet her I ibIlities under the schedule
of payments fixed in May 1921. It may be that German policy has contributed largely to create this situation. But it is with the results, even
more than with the causes, that we are now concerned, and It is to these
that His Majesty's Government venture to direct the attention of their
Allies.
The view was put forward by His Majesty's Government at the Paris
Conference in January last, and is still held by them, that, in order to
obtain from Germany the payments which the Allies are entitled to receive.
German credit must be re-established. German currency must be stabilized. the German budget must be balanced and German productivity muat
be encouraged. As long as the most highly developed area of German
industrial life remains under military rule and is made the scene of political
agitation. it is difficult to see how the economic problem can be solved.
It may be possible to break Germany's power of resistance by such means,
but it will be at the price of that very recovery upon which the Allied policy
depends for its ultimate success.
If it be the case that the so-called passive resistance of Germany is the
main obstacle that stands in the way of that consummation, and if its abandonment will be the first step toward a positive advance, his Majesty's
Government are quite prepared to join their Allies in pressing such a policy,
as, indeed, they have already pressed it, upon the German Government,
and in the proposed draft of a joint Allied reply to the German note of the
7th June, which they have the honor herewith to submit, the proposal has
been definitely put forward.
But if this plan is to be pursued with real hope of success, it would appear
that two other conditions will require to be simultaneously satisfied. The
first is that a renewed and serims attempt should be made to deal with the
question of reparations by determining, not the liability of Germany—for
that has already been laid down—but her capacity to pay. The second is
that proposals should be made for the restoracion of the Ruhr to that condition which will enable it to become an area offruitful production,rather than
one of international strife.
to tender to them, of the future position in the Ruhr? His Majesty's
Government believes that the French and Belgian Governments will be the
first to agree that the character of the occupation should, in those circumstances, undergo a swift and material change: that the members of the
military forces stationed In the Ruhr and at other places occupied since
January last, should be reduced as rapidly as possible; and that assurances
of ultimate and complete evacuation, when the guarantees have been put
into effective operation, should not be withheld.
Simultaneously, the various measures that have been promulgated in the
name of the Rhineland Commission for coercing the civil population and
impeding the free movement of persons and goods would doubtless be either
canceled or relaxed; as generous an amnesty as possible would be accorded;
and the return of the expelled population and functionaries would be facilitated under suitable guarantees.
It has not been thought either necessary or desirable to Include in the
draft reply to the German Government the more precise indications which
are contained in this dispatch. Attaching, as they do. the highest importance to the maintenance of Allied unity, and convinced that only by such
unity will an early solution of the problem be found, his Majesty's Government have drawn up the draft reply in a spirit and in terms which they trust
may be acceptable to their allies.
They will, of course, be glad to consider any suggestions or emendations
which any of the latter may think fit to propose consistently with the maio
lines of policy which it has been the aim of his Majesty's Government to
expound and to defend.
Should the note meet with general favor there would appear to be manifest
advantages in its early dispatch, and his Majesty's Government express the
earnest hope that there may be no delay in arriving at a decision on the,
subject.
British Plans Summarized.
The present communication, addressed to the Allies alone, has been
added in order to acquaint them in greater detail with the plans which his
Majesty's Government hope to be permitted to pursue in coajunction with
them, and which may be thus resumed:
1. The German Government to undertake to abandon the policy of
passive resistance.
2. Steps to be taken upon the cessation of passive resistance for the
resumption of the civil administration of the Ruhr and to provide for the
progressive evacuation of those areas.
3. A body of impartial experts to be set up, charged with the duty of
advising the Allied Governments and the Reparation Commission, respectively, as to Germany's capacity to pay, and as to the mode of payment
to be prescribed. The co-operation of an American expert to be sought
and arrangements to be made for German experts to be consulted and heard.
4. The same body, or a body similarly constituted, to be asked to advise
the Reparation Commission as to the economic sureties and guarantees
to be pledged by Germany to the Allies.
5. Interallied discussions to be opened with as little delay as possible.
whether by conference or otherwise, for the purpose of elaborating a comprehensive plan of a general and final financial settlement.
6. So soon as the economic sureties and guarantees which Germany will
have pledged to the Allies have been put into effective operation, the
occupation of all German territory outside the bmits laid down by the
Treaty of Versailles to come to an end.
His Majesty's Government ventures to submit the foregoing proposals
to their allies with the conviction that in the common interest positive
action can no longer safely be delayed, and in the hope that they may help
to facilitate a definite advance.
His Majesty's Government have not dealt in this note with the question
of security, but they have already indicated their readiness to enter into
sympathetic consideration of the subject whenever it may be thought
desirable.
I have, &c.,
CURZON OF KEDLESTON.
Terms of Reply to Germany.
The suggested identic reply to the German Government reads as follows:
"On the 2d May the German Government addressed an identic note to
the Governments of the United States of America. Belgium, France, Great
Britain. Italy and Japan. containing certain proposals for a settlement of
the question of reparations.
"To this note separate replies were returned by the French and Belgian
Governments, acting in unison, and by the Italian. British and Japanese
Governments, acting separately. These replies concurred, however, in
regarding the German proposals as inacceptable, the main criticism directed
against them being that neither the total amounts suggested as payable
Calls for New Reparation Figure.
reparation, nor the mode of payment, nor the guarantees offered, were
As regards the first of these steps, it will be acknowledged that the repara- for
all adequate, while settlement of any kind was made contingent on the
tion figure laid down in 1921 no longer corresponds to the realities of the at
Germans
situation. Fresh calculations must sooner or later be made. It is in the evacuation of the Ruhr. pending which nassive resistance by the
was not to be renounced.
best interest of the Allies that, whatever figure he finally decided upon by
"The unfavorable reception accorded to these proposals having led the
them, it should be accepted by the German Government as just and realizGovernment to reconsider its attitude, that Government on the
able. Furthermore, the situation Is likely not to grow better, but to German
second communication to the same Powers.
become worse, with delay. A recurrence to procedure by ultimatums may 7th June addressed a
memorandum the German Government, affirming once again
this
"In
Indeed produce tardy and reluctant capitulation; but little satisfaction will
its reparation debt, repeated a proposal which
discharge
to
determination
Its
accrue if it fails to produce substantial deliveries either in cash or in kind.
made, to refer to an impartial international tribunal the
The German Government have proposed in their recent note to allow It had before
amount and the methods of payment, undertook to
Germany's capacity to pay, as well as the mode of payment, to be investi- question both of the
furnish such a body with all possible information and assistance In conductgated by an impartial body. Under Article 234 of the Treaty of Versailles,
ing the investigation, and promised to accept the decision at which it might
a reduction of the total amount declared by the Reparation Commission to arrive. Further, the German Government proposed certain guarantees
be payable by Germany can be made if explicitly authorized by the several
fixed, involving.
Governments represented on the Commission. Thera Is nothing to prevent or sureties for the regular payment of the liabilities thus present date.
grant of a moratorium of four years from the
those Governments, or the Reparation Commission on which they are repre- however, the
at which
conference
a
"Finally, the German Government suggested
wilted, from calling into counsel such Impartial and expert assistance as
at a solution of
they may desire. Fortified by such authority, the Corrunission and the Germany might be assisted by oral discussion in arriving
Governments would be in a strong position to invite from the German all these questions.
Government, who under the terms of the treaty would have a right to be
Passive Resistance Not Mentioned.
heard, the fulfilment of the undertaking contained in the German note.
"The German note did not on this occasion contain any reference to the
As to the composition of such an Inquiry, this is a matter which should subject of passive resistance, not, it is presumed,from any failure to apprethe Allied Governments in consultation. There should
be determined by
ciate its peculiar importance. but because that topic had not been mentioned
agreeing upon a selection of competent persons enjojing
be no difficulty in
In all of the replies of the Allied Governments to which the note was inas that of the public. Further, the advantage of
well
as
confidence
their
tended as an answer.
American co-operation in this Inquiry, whether in an official or in an unoffi"The Allied Governments, anxious to terminate the phase equally of
cial capacity, scarcely requires emphasis, and Is confidently recommended paper controversy and of international complication, will now give their
allies.
their
to
by his Majesty's Government
views upon each of these matters.
Should his Majesty's Government be so fortunate as to carry with them
"In the Treaty of Versailles it was recognized by the Allied and Associated
will
they
far,
be
ready
thus
allies
delay
without
enter
to
their
of
the assent
Governments, that, while affirming the full responsibility of Germany for
precise
the
of
steps
discussion
to
be
taken
successively
detailed
more
Into a
all the loss and damage which they had suffered at her hands during the
plan of action. They only shrink from submitting
war, they could not, in view of her diminished resources, expect to receive
in order to carry out this
has
experience
because
shown
that hard and fast from her complete reparation for all such loss and damage. In other
more definite proposals now
to
promote
than
a
rather
impede
general
agreement.
to
schemes are apt
words, the necessity was admitted, even at that date, of adjusting the
Question of Passive Resistance.
liability of Germany to her capacity to pay.
German
the
Should
In May 1921 the amount of reparation was fixed by the reparation comGovernment accept the
There remains the question.
from passive resistance which It Is proposed mission at 132 millinrds of gold marks. No power was given by the treaty
advice With regard to cessation
740
THE CHRONICLE
to cancel any part of that obligation, except with the specific atitherity
of the several governments represented on the commission. If, therefore.
the contention is now put forward that, owing to the altered circumstances
of to-day,the figure of 1921 is too high and calls for reduction, it can only be
by action within the framework of the treaty that such reduction can properly be made and it is only from this point of view that the allied powers are
free to consider the first request of the German Government in the note
now under reply, namely, the request for an examination by an impartial
international tribunal of Germany's present capacity for payment.
See Advantages in Examination.
The Allied Goverments, while unable to accede to this request in the
form in which it was proposed, are far from thinking that they might not
be assisted in the task devolved upon them by the treaty by the labors
of competent and impartial experts; and, provided that nothing is done
in this respect that is inconsistent with the treaty stipulations, they are
disposed to think that positive advantage might result from such an examination. It would bring the allegations of diminished capacity to the
test of fact; it would reveal the actual position at the present moment;
and it would remove all excuse for evasion.
The Allied Governments take note of the statement by the German
Government that it would welcome such an inquiry, and of its pledge to
abide by the result.
If a binding arrangement were entered into concerning the discharge
of the entire liability as thus determined, and as to the guarantees of sureties
to be taken for the regular and complete payment of the total debt, the
whole problem would assume a different aspect.
As to the guarantees or sureties themselves, the Allied Governments,
while appreciating the effort of the German Government to advance beyond
the vague indications of the earlier note of the 2nd May, must guard themselves from accepting these new proposals as adequately, or in the best
possible way, meeting the actual requirements of the situation. Their
economic value must largely depend upon factors of which no mention is
made in the German note, such as the stabilization of the mark and the
balancing of the German budget. A careful examination of these or other
supplementary guarantees will be an inseparable feature of the inquiry
Which the Allied Governments are prepared within the limits of the treaty
to initiate.
It must be clear, however, that no guarantees for the punctual discharge
of accepted liabilities will suffice, unless provision is at the same made for
some form of international control of German financial administration.
This is one of the subjects to which it will be necessary to invite the serious
attention of the German Government, and without a settlement of which
no final solution can be obtained.
When the German Government asks for oral discussion of all these
matters it may be remembered that, under the treaty, the Reparations
Ccatuniasion, while authorized from time to time to consider the resources
and capacity of Germany, is also under an obligation to give to the German
Government an opportunity to be heard. This will allow for free consulation with the latter, and will enable it to make a full presentation of
the German case.
Would End "Passive Resistance."
Such is the reply of the Allied Governments to the main propositions
of the German note. There remains, however, one important consideration which is the antecedent condition to a willingness on the part of the
Allies to reopen the questions to which reference has been made. The
occupation of the Ruhr valley by the armed forces of certain of the Allies
Allies has been followed by measures deliberately taken by tho German
Government to impede this policy and to delay the payment of reparations.
These measures may be summed up in the familiar phrase 'passive resistance.' If the German Government now desires a resumption of inquiry, it will, in the opinion of the Allied Governments, be well advised
to withdraw without further delay the ordinances and decrees which have
organized and fomented thisform of resistance, and openly and unequivocally to disavow the acts of violence and sabotage which have in some cases
accompanied it.
Were this action to be taken without delay, not only would it be regarded
as an evidence of that good faith which the German Government has once
again avowed,- but it would involve a reconsideration by the occupying
powers of the conditions of their occupation and a gradual return to the
normal features of industrial life in the Rhur. Such a reversion would
possess the additional advantage that, by re-establiabing the productive
activity of that region, it would enable the German Government more
speedily and more effectively to discharge its reparation debt.
In making this reply to the German note the Allied Governments have
clearly demonstrated their earnest desire for the cessation of conflict and
the pacification of Europe. In return, they feel that they have the right
to invite the co-operation of the German Government in the execution
of this policy; and they have indicated with as much precision as is possible
at the present stage the reciprocal steps by which each party can effectively contribute to the desired result.
Great Britain Seeks Co-operation of United States in
Settlement of European Issues--Sees Overthrow
of Economic Situation if France Maintains Hold on Germany.
What is termed as "an authoritative and direct footnote
on British foreign policy" was made public by the Central
News at London on Aug. 13,.according to the Associated
Press cablegrams, which we quote further as follows:
"There is no tenderness in the British Empire for Germany," declares the
statement, "but the Government believes that if France is out to maintain
an indefinite stranglehold on Germany the complete overthrow of the
economic situation of Europe, if not of the whole world, is certain.
"Although there is more than suspicion that the French policy is directed
to the isolation of Great Britain in Europe, the British Government is seeking not isolation but the co-operation of France. If that fails, obviously
Great Britain will try a hand at the isolation game.
"England may then try to win over Italy, to detach Belgium from her
support of France in the Ruhr, and to bring into line with her Holland,
Switzerland, Sweden and Norway, who are suffering equally with or more
than Great Britain from the effects of the French policy.
"Apart from the immediate aims of the Government in Europe, the dominating note of its policy is ultimate co-operation between Great Britain
and America for world settlement. No immediate or sensational response
from the United States need be expected, but Premier Baldwin believes
Europe cannot be saved unless the American people join the British in
saving them."
[VOL. 117.
Great Britain, having drawn aside the heavy curtain of diplomatic secrecy
that has shrouded the Allied negotiations regarding the Ruhr and reparations questions, in recent months, is expectantly awaiting the effect upon
the world.
It is stated that molbilization of world opinion upon the great European
issues involved in these questions was one of the chief purposes behind the
publication last night of the British Blue Book.
Downing Street was obliged to endure but scant suspense in awaiting the
reaction to the British note in France, for it came through press channels
quickly in the form of no uncertain expressions of anger and disappointment.
However, it is the American reaction that is awaited with particular
interest here, for it is admitted by Government spokesmen that the success
or failure of any plan for an international commission to determine Germany's paying capacity depends largely upon the participation, either officially or unofficially, of the American experts.
It is recalled that Secretary Hughes's suggestion for such a commission
was only upon the basis of an invitation from the unified Allies, and, while
the British consider such joint action still possible, it is highly improbable
and the present trend of official opinion seems to favor an independent move
by the British if, after several weeks, a satisfactory reply has not been received from France.
French View Lord Curzon Note as Espousing Germany's
Cause.
While Great Britain, according to Central News (London)
advices, which we give elsewhere in this issue, disclaims any
special tenderness for Germany, the note of Lord Curzon of
Aug. 11 to France and Belgium on the reparations issue,
which will also be found in another column in this issue, is
regarded in French circles as a positive disavowal of Great
Britain's war allies and a frank espousal of the ,German
cause, according to Associated Press advices from Paris
Aug. 13, from which we quote further as follows:
"This amazing document proposes to haul France and Belgium before a
tribunal to answer for their efforts to make Germany carry out her treaty
obligations," said an official of the Foreign Office. "France and Belgium
are not ready to answer such a summons, even from Great Britain."
The same official, whose statements, while unofficial, in a strict sense
reflect the tense feeling aroused in the higher French circles, said the note
obviously was intended to influence American opinion. He was curious
to know, however, how the Americans would receive a document which
made all settlements of the reparation question depend upon the payment
of the debts to the United States, which, he remarked, amounted to throwing the responsibility for the European chaos on the United States.
The French reply—if a reply is sent—will but reaffirm the position of this
country as repeatedly set forth heretofore, the official declared. France.
he said, would never consent to the British demand that Germany pay less
and that France pay more, which is the official interpretation here of
the statement in the note that Great Britain must collect 14,500,000,000
gold marks, and that if she does not receive that sum from Germany she
must get it from the Allies.
The most surprising feature of the note to the French Government
officials, it was said, was the contention that the occupation of the Ruhr
was illegal.
"The legality of the occupation of the Ruhr or any other German territory
the Allies might choose was recognized in a document signed at Spa in July
1920 by the British as well as the other allies, and by representatives of
the German Government," an official said.
He referred to the protocol in which were set forth the decisions of the
Spa Conference regarding coal deliveries on reparation account, in which
a clause read:
"If by Nov. 15 1920 it appears that the coal deliveries for August,
September and October have not reached a total of 6,000,000 tons the
Allies will proceed to the occupation of new territory in Germany, in the
region of the Ruhr or elsewhere."
The official characterized as an "unheard-of proceeding" the comparison
made by Lord Curzon between France's war debt and the reparations due
from Germany.
"Our war debts," he said, "enabled us to win the war and helped us to
make a greater military effort to save British and American lives, while the
German debt represents blood of the Allies that was shed. France does
not repudiate her debts. She has wiped off the war debts owed her by
some of her allies, but she intends to pay her own."
All idea of coming to an agreement with London on the essential features
of the reparations problem was long ago abandoned, but it was still thought,
until the receipt of the last note, that the British Government would give
France further opportunity to see what could be done toward forcing
Germany to pay. Now, however, it appears to French officials concerned
with the reparations question that Great Britain stakes the life of the
Entente upon conditions intolerable for France.
Great Britain's activities in the reparations discussions, said a high
official to-day, have all been in the nature of proposals for sacrifices on the
part of France. There is only one more sacrifice, he said, that France Is
willing to make—she will abandon all claims to reparations payments on
account of pensions if Great Britain will do the same, but the British
Cabinet, he added, has shown little disposition to take even that small part
in concessions to ease the burden on Germany.
The question was raised at the Qua'd'Orsay to-day whether Great Britain
was charged by Germany with proposing arbitration by the International
Court at The Hague. Doubts were expressed, however, whether the Government of the Reich would give its approval to such procedure or to a
proposal to hand the reparations problem over to the League of Nations.
The Paris afternoon newspapers in their observations on tho British note
find it looking much like the parting of the ways. France will not budge
an inch from the Ruhr, nor will she vary her policy, they say. Therefore
any compromise must, as the note suggested, be on the Franco-Belgian
terms.
The newspapers continue to stand squarely behind Premier Poincare.
whose attitude is reflected in the inspired criticism of the note in official
circles.
The semi-official "Temps" asks:
"What genius leads England to pay for being hated?"
It dissects Great Britain's statements with bitter irony and with prompt
rejection of the principal points, reaching a final conclusion that the British
pressure on the European Allies will really react against the United States.
"For. reading the note," it says, "one is irresistably led to conclude that
all might easily be arranged if the United States would renounce the British
debt payment."
AUG. 181923.]
•
TIIE CHRONICLE
Speculation as to Nature of Premier Poincare's
Reply to British Note on German Reparations.
In advance of the answer of the French Government to
Lord Curzon's note of Aug. 11 to France and Belgium on the
subject of German reparations, a cablegram (copyright) to
unthe New York "Times" Aug. 13 summarized thus the
nt:
Governme
French
the
of
answer
official
not
but you should
We are very sorry for your troubles and difficulties,
have waited to
have been in such a hurry to pay America. You should
Meanwhile we
your
debtors.
from
see how much you were going to get
from Germany,
are going right ahead with our own method of collection
of
and while we fully acknowledge our debt to you and have no intention
disavowing it we must regretfully inform you that you must wait to be
us.
due
is
paid until we have collected in our own fashion what
The cablegram also said:
This answer in its latter part may be taken at the same time as directed
to all creditors of France.
The words "disappointing," "distressing," "egotistic," "mistaken,"
"injurious," "unjust," "bullying," "painful'," "fallacious argument" and
"ill-inspired" are all used to-day in the press to describe the note, and
though the tone of the press is still subdued its moderation is due largely
to strong advice from the Quai d'Orsay to refrain from making a public
quarrel out of the differences between the two Governments before Premier
Poincare has had a chance to reply for his Government.
741
reparations, except as
on the occupation of the Ruhr or the amount of
Speaking of a comcompensated by cancellation of inter-Allied debts.
the Premier
mittee to determine Germany's capacity to pay reparations,
empty and conclude
says the experts would simply see the German Treasury
pay.
can
she
she could not pay, while France knows
Ambassador to Great
In instructions sent to Count De St. Aulaire,
on the vital Importance
Britain, June 29, M. Poincare again lays stress
reparations. He declares
of inter-AMA debts in any general plan of
until the devastated regions
France would be unable to pay war debts
the burden placed upon It
were reconstructed and the budget relieved of
American GO ernments hesiby reconstrueien loans. If the British and
for debts. M. Poincare
tate to accept Germany's "C" bonds in exchange uncertain, and above
value is
continues, ''it is because they know their
themselves to recover from
all because they are unwilling to undertake
they are well acquainted with."
a debtor whose defaulting and
Premier adds, "we can only
"But we are obliged to tell them," the
what is owed us. If they
pay our debts in proportion as we are paid
reductions and alleviations.
consider our debts too ugh, and they grart
That is to say.
we will immediately give Germany the benefit of this.
we o: ly ask Germa y f.r what we ourselves are asked."
The letter concludes as follows:
American Govern"It is upon these important points that the British and
the Francomelts must decide before anything else. Consequently,
be opened on
Belgian conversations with the British Government must
proposals cannot be
very broad bases. It is even probable that definite
American Governmade to Germany until it has been ascertained from the
American Secretary of the
ment what it inte.-.ds to do. The visit of the
view."
Treasury might be made use of from this point of
Reference to the expected nature of the Premier's reply
We also quote the following copyright cablegram to the
was also made in Associated Press advices from Paris, New York 'Times" regarding the book:
on the French
A French "Yellow Book" containing the full documents
Aug. 13, which said:
controversy was issued this evening. There is
Permier Poincare, who will return to Paris to-night, has informed his
collaborators at the Foreign Office that he intends. "in the most courteous
manner possible," to reply point by point to the note of Lord Curzon,
British Secretary for Foreign Affairs, on the reparation question. Although
the reply will be courteous it is asserted in Foreign Office circles that it
will be a stout reaffirmation of the French viewpoint and a flat rejection
of the British suggestions.
The reply will be sent as soon as possible, probably before the end of
the week.
Although it is no longer assumed in official quarters here that the Entente
may survive the present differences, the situation is taken with perfect calm
In Governmental circles, as well as by the press and public. The French
have, in fact, long considered the Entente as virtually defunct, so far as
concerns co-operation between England and France on the application of
the terms of the Treaty of Versailles.
Lord Curzon's note is taken merely as a public recognition of that fact by
the British Government, with the aim of throwing the responsibility for
the rupture upon France.
• Premier Poincare, it is understood, will carefully omit anything that
might be taken, as a denunciation of the Entente. leaving the initiative in
the final rupture to the British Government.
If Prime Minister Baldwin decides to call an international conference to
fix Germany's capacity to pay, that action will be taken by the French, it is
forecast, as an unfriendly act which will end the cordial relations that have
existed for nearly twenty years. France will then simply recall the fact
that, after all, she is the principal creditor of Germany and that care must
be taken that her rights as such are not infringed upon.
Issued by French Government Indicates
Cut is Dependent on United
States Action Regarding War Debts.
A so-called "yellow book" of diplomatic documents
made public by the French Government on Aug. 13 indicates
that Premier Poincare maintains that there can be no
reduction in German reparations unless the United States is
willing to yield in the matter of the French debt to this
country. A letter of the Premier's incorporated in the
"yellow book" has the following to say to this effect: "The
Franco-Belgian conversations with the British Government
must be opened on very broad bases. It is even probable
that definite proposals cannot be made Germany until it
has been ascertained from the American Government what
it intends to do. The visit of the American Secretary of the
Treasury might be made use of from this point of view."
The Associated Press advices from Paris give the following
account of the disclosures in the book.
Yellow Book
Reparations
side in the reparations
sent by Premier
little news in it, but this paragraph from instructions
Ambassador in London,
Mincer° to Count de Saint Aulaire. the French
position.
French
official
may, however. be cited as setting forth the
as in Brussels
"It should be made clear in London and Washington
French action: France does net
that these are the great principles of does
against
protected
be
to
wish
desire any conquest in Europe; but she military or economic': she wishes
any return offensive by Germany, either
has so
she
which
areas
devastated
her
on
of
that the cost of reconstructi
by Germany and not by herself:
far borne almost alone should be paid for
war and
the
during
contracted
she
which
cleats
the
pay
to
she is willing
difference which exists between
though she has made clear the essential
Germany the benefit
her debts and those of Germans, she is ready to give
her.
of advantages conceded to
in the good-will
"But she has for the moment no confidencetowhatever
Germany the conditions
of Germany and that is why she will apply
by us will
occupied
Ruhr
the
of
of the Treaty of Frankfort: the districts
payment.; made
not be evacuated except in proportion and according to
by Germany.
the British
"These are considerations which I wish you to lay before
Government with utmost precision."
the correspondence from the
This paragraph summarizes the whole of
French Premier's
French side and gives as clearly as can be stated the
position both before the latest British note and now.
P:emier Poincare in Two Speeches Indicates Determination of France to Ccntinue Unchanged Its
Policy Toward Germany.
in indicating in a speech on the 12th
Poincare,
Premier
inst. that there was no intention on the part of France to
is
change its policier respecting Germany, declared that "it
only necessary not to weaken, but to have the last word?'
It war not only the bravery of the Allied armies that won the
war, but the unshakable will of the nation. The whole
nation has now the same will to win peace," he averred,
"and it will do so." He further declared that the German
Government was leading Germany to catastrophe, adding
"We are sure not only of our rights but our methods." The
Associated Press account of the two speeches made by the
Premier on that day (Sunday) follow:
Disregarding the recommendations of David Lloyd George, the former
Sundays
British, Prime Minister, that he should not make speeches on
Poincare
or in places where war memories would be aroused, Premier
n
to-day made two addresses to emphasize France's unswerving determinatio
not to change her policy toward Germany.
M. Poincare delivered his first address this morning at Marville at the
In it
unveiling of a monument to military and civil victims of the war.
dealt with Marville's sufferings during the German occupation, concluding
menaces"
with a paragraph replying to what he called "Cuno's arrogant
in the Reichstag.
war
memorial
a
This afternoon M. Poincare came to Stenay to dedicate
The book contains 37 telegrams and letters, most of them between
during most of the war was the domain and pleasure ground
Premier Poincare and French Ambassadors. They are dated from May In the town that
German Crown Prince. His addresses here and at Marville
2 to Aug. 3, and deal with the Ruhr situation, reparations, debts and of the former
he
had been written before the last British note was received, although
the British questionnaire.
the Foreign Office having sent
Premier Poincare puts his position plainly in a June 12 message to the had the document before him as he spoke, translation, so that he might
a
French Ambassador in London. He instructs the Ambassador, among him an original copy in English and without
a reply if he so desired. M. Poincare will make his
other things, to tell Lord Curzon, the British Foreign Secretary, that study it and make
Sampginy.
row
at
to-mor
"it is the problem of interallied debts which prevents us from telling Ger- third address
speech, referring
"Chancellor Cuno," said the Premier in his Afarville
many now the exact amount she owes us."
Reichstag, "undoubtedly
The message adds: "The solution of this problem is in the hands of to the German Chancellor's recent address in the
had been unaniAllies
the
if
language
England, first of all, and the United States afterward. The latter can would not have used such senseless
him their will in ordering him not to revolt longer against
be approached in a common accord by the Allies when they have agreed mous in showing
measures taken by Belgium and France." The Premier
upon a formula and it has become evident everything depends only upon the legitimate
Germany to catasdeclared that the German Government was leading
•
the attitude of the Government at Washington."
adding,"we are sure not only of our rights but our methods."
a
trophe,
was
as
Issued
to
reply
anin
Book"
the
action
British
"Yellow
The
M. Poincare
"We can only smile indulgently at Cuno's blustering,"
nouncing that the world would be called upon to judge the present situation
"If he thinks Germany was not thoroughly beaten in the
with regard to Germany. The documents, which hitherto had not been continued.
of instructions to the Ambassadors on war she declared; if he believes Germany can violate with impunity the
been published, consist mostly
go on indefinitely without
treaty she signed; if he thinks we are disposed to
how to present the French viewpoint on the situation.
she owes us;if ho believes we will go out of the Ruhr before
reparations
in
and
often
the
the
detail,
exact
declarations
great
language,
in
out
set
They
paid, then he is greatly mistaken. And if he does not believe
already made by the Premier publicly and emphasized M. Poincare's our claim is
only says it, it is his compatriots he hoodwinks and leads to
absolute conviction that Germany can pay, must pay and will pay, because all this, but
France will follow a policy of making it easier to pay than to stand the ruin."
M. Poincare concluded by saying that Germany now, as in11918, on
pressure in the Ruhr.
her military downfall, was seeking to mislead opinion.
Premier Poincare explains his idea of guarantees,suggesting that Germany the eve of
"It is only necessary," he declared, "not to weaken, but to have the
deliver the Rhineland railways to the Allies, give them certain Ruhr coal
the
mines,collect customs in gold for the Allies and other wise actively co-operate last won. It was not only the bravery of the Allied armies that won
now
war but the unshakeable will of the nation. The whole nation has
in the payment of reparations.
and
it,
demand
dead
so.
Your
do
will
it
will to win peace, and
The Premier is firm throughout, however. in his announced policy of the same
demand will be granted.'!
compelling Germany to cease resistance, and he refuses to compromise their
742
THE CHRONICLE
In his afternoon address in Stenay M. Poincare said that
part of the
world influenced by Germany refuses to believe France has
no ulterior
motive in her present policy. But, he added, "We can only
renew our
answer—we do not think of crushing anyone; we do not say
'delenda
'Germania'; no, we do not wish to take a single bit of ground
that does not
belong to us."
M. Poincare referred to the speech made Thursday by Dr. Stresemann,
leader of the German People's Party, in which he asserted that
Germany
did not hate France during the war and detested her now only
because of
the Ruhr occupation. "What would the Germans have
done if they had
hated us?" asked the Premier.
"We are not fanning hatred," the Premier added. "We proclaimed,
on the contrary, after victory, that we were ready to forget.
Rancor
and vengeance are sentiments that have no place on French
soil. We
wish only that our spirit of chivalry, our generosity, should not
be abused."
[VoL. 117.
One Communist deputy got very excited, shook
his fist at the Chancellor
and was called to order twice. Herr
Cuno was subjected to continual
interruption during the speech, which was received somewhat coldly
by the House.
The British draft of the reply to the German note was
referred to in the Chancellor's speech in his comments on
which he said, "the only thing certain was that there was no
reason for any groat hopes." He further observed that
"Germany must be prepared for a long period of suffering."
From the Associa ted Press advices we take the following
regarding what he had to say:
"If there is no light on the horizon
which promises us speedy help,
then it is for us to keep alive by means of
our own, our iron determination
and to make every sacrifice. In this
we must rely solely on ourselves.
We stand alone and must and will help
ourselves."
The Chancellor asserted that France was
receiving only one-fifth the
"When one recalls the abominable treatment the Germans
inflicted on coal and coke which she formerly received and declared that France could
us, one is amazed at their effrontery which is seeking
not
hope
for
better
deliveries, as the workers and employers refused to
to efface these crimes.
'To-day Germany noisily protests against the pacific occupation by
work at the point of the bayonet for the
which
benefit of the oppressor.
</Erman citizens would suffer nothing were they not driven by
He counselled his hearers to have
their Governnothing to do with civil war and
ment to commit acts of violence and folly.
announced that the Government would suppress with the strongest
hand
"Only this week Chancellor Cuno thought it was necessary in the Reichs- any civil disorder or rioting. He
pleaded for open discussion as a means
tag to threaten arrogantly, thus proving to what a point Germany misunder- of saving the nation and said that
he himself was ready to resign when
stands her defeat, and obstinately refuses to face the facts. He announced it was felt the people had lost confidence
in him.
the continuation of passive resistance, which is nothing but a violation of the
At the opening of the sitting President
Loebe paid tribute to the late
signed treaty, and of Germany's solemn undertakings. Doubtless he
President
Harding,
the members and the occupants of the public galleries
would
never have used this Insensate language if the Allies had been able to express standing during Herr Loebe's address.
their will with unanimity, and to enjoin Germany not to revolt any longer
Chancellor Cuno's speech reviewed the internal and external situations,
against the measures legitimately taken by Belgium and France.
and, alluding to the British draft reply to the German note, said that
the
principles upon which Great Britain based her proposals, really were not
Points to Ruin in Germany.
pleasant for Germany.
"But whatever Cuno may think, or, rather, whatever he may say, he will
There were many suggestions in the draft which appeared impossible to
not get a better Franco-Belgian policy. and It is Germany who will be the the German Government, so far
as it was able to judge without knowledge
victim of this wilful blindness. Hardly had the Chancellor finished his of the supplementary documents,
asserted the Chancellor, adding that in
discourse when Finance Mirister Hermes was received with these significant an endeavor to maintain good
relations with her comrade-In-arms of
words:'Dollars at eight million marks.' The collapse of the German cur- yesterday England had gone
extraordinarily far in her concessions to the
rency is indeed an economic and financial masterpiece on which the Govern- French standpoint.
ment of the Reich had this year worked with disastrous success, and if it
"It is not our business," declared Herr Cuno, "to expatiate on what
persists in its ill-temper and its pigheadedness, it will triumphantly conduct England considers her
interests, and we are not so foolish as to imagine
its country to catastrophe."
sympathies for Germany where there are none."
Emphasizing the danger and the futility of conjectures pending the
Points Remarks to England.
publication of the British documents, the German Chancellor said that
In the afternoon at Stenay the Premier spoke from the same text, with a the only thing certain
was that there was no reason for any great hopes.
special reference to England.
Nobertheless, he added, the German Government cannot abandon the
"What does Franco demand?" he asked. "To receive indemnity for belief that economic
common sense and a sense of justice will eventually
her sufferings. Is this an exorbitant demand? No one dares actually to prevail in foreign countries.
say so. but our intentions are distorted. We are accused of all kinds of
"Germany must be prepared for a long period of suffering," he added.
schemes, and the more we say that we have none, the more we are answered "and to accommodate
itself to such circumstances and not expect to work
with skeptical questions: 'What. Don't you really want to crush Ger- wonders. We must
believe in ourselves and manifest that belief not by
many? Don't you really want to annex her territory?' And our ques- fatalistic resignation but
by determined action.
tioners, with a knowing look, show that they do not believe us.
"The world knows we are ready to take into account French prestige
"The majority of those who adopt this attitude are, without knowing it, if France ceases to Impose
humiliation merely for the sake of humiliation,
under the influence of Germany and are the mouthpieces of Berlin propa- but what we cannot, and
will not, do is to abandon our German land and
ganda. Others are clever people who, were they in our place, would betray our fellow countrymen."
themselves have the projects which they ascribe to us. and who, at the
Alluding to France's demand for cessation of passive resistance before
bottom of their hearts, even think that we are fools not to nourish those she is willing to open
negotiations or say what she wants the Chancellor
designs. To all we can do nothing but repeat that we have no desire to emphatically declared
that it was impossible to ask the people of the Ruhr
cursh any one: that we do not desire Germany's destruction, and that we and the Rhineland to
abandon their solo weapon unconditionally. And.
would not annex a single foot of territory which is not ours.
he contended, even were the German Government to attempt this im"Fifty-three years ago Germany seized two of our provinces despite possibility, nothing would
be achieved, because "behind one impossibility
the wishes of their inhabitants. From her crime she derived no happiness. there would soon rise an
endless chain of other impossibilities by which
The people remained true to us, and returned to us in the fullness of their French policy blocks
the way to understanding."
affections. We could never have committed a similar crime, and if ever
"What we cannot do and will not do is to abandon a German land and
one day we should feel the temptation, would not this memory alone have betray fellow-countrymen,"
he repeated. "We refuse to work under the
sufficient force to dissuade us?
bayonets of our oppressors.
"With complete and unconditional submission to the French demands we
Denies Desire to Fan Hatred.
should merely be buying a document which Imposes upon us impossible
"Equally unjust toward France and her Government is the accusation
obligations which the whole world recognizes as absurd.
that we are fanning the hatred between the peoples who were at war. Herr
"The Ruhr is only to be freed when the last pfennig is paid. We are to
Stresemann on Thursday said in the Reichstag that if Germany detests
make impossible payments when the most vital instrument for the realizaus, this is because we are in the Ruhr, and because we have expelled a
tion of such payments, namely, the Ruhr, remains severed from us. We
certain number of inhabitants: and he had the impudence to add that
are, despite these impossible payments to restore our credit, stabilize our
there was no hatred of France in Germany, even during the war. If that
currency and balance our budget while France knowingly and openly by her
Is so, I would like to know what the Germans would have done to us if
action in the Ruhr has done evetything to offset Germany's entire economic
they had hated us.
and political organization.
"You who lived under their yoke, you who saw them, can tell whether
"Germany must collapse, but she must pay, and if she does not pay as a
they loved us. You can tell whether it was through esteem for us that
result of her collapse she is to be accused of fresh failures and is to be exposed
they forced innocent civilians like Toussaint (the schoolmaster) to march
to new persecutions until the work of destruction has been completed.
in front of their columns in the face of French bullets. You can tell
"But if this process of destruction, which the world watches as if it were
whether it was through friendship for us that they have, since peace was
paralyzed, is to be accomplished in the name of justice, we must be under no
declared, evaded their obligations and left our unhappy province in ruins.
illusion. Submission to the merciless obstinacy of the French Government
"No, we do not breathe hate. On the morning of victory we proclaimed would have
to be sealed with a dccument which would be worse than the
that we were willing to forget. Vindictiveness, spite and revenge are Treaty
of Versailles, which weighs like a curse upon the peoples of Europe.
not part of the French soul. We demand only that our patience and our
"The British draft reply suggests that Germany should withdraw its
long suffering are not abused."
orders and regulations regarding passive resistance, thereby giving the occupation authorities the possibility of altering the occupation regime and reestablishing the normal economic life of the occupied regions.
Chancellor Cuno's Speech to the Reichstag Declaring
"This proposal also, which practically sacrifices the German standpoint to
the French standpoint, has been rejected by the ruler and destroyer of
Passive Resistance Would Be Continued.
Europe.
Chancellor Cuno of Germany, who with his Cabinet was
"If it is the case that there are no practical possibilities for reaching as
forced out of office on Aug. 12, after the United Socialist understanding with Franco, which is desired by us but rejected by Paris,
and if there is no light on the horizon which promises speedy help, then it Is
members of the Reichstag had on Aug. 11 adopted a resolu- for
us to keep alive by means of our own, our iron determination, and to
tion of "no confidence" in the Cuno Government, delivered make every sacrifice. In this we must
rely solely on ourselves. We stand
a speech in the Reichstag on the 8th inst. in which he de- alone and must and will help ourselves.
"Therefore," Chancellor Curio concluded, "it is necessary to continue
clared that passive resistance would be continued with all with all our strength passive
resistance free from mad acts of violence
the strength of the German people, "free from mad acts of and terror against the people in'the occupied
region and to support actively
unoccupied
the
from
territory the population which is persevering in a
violence and terror." He further declared in his speech
passive resistance of its own will."
that the people in the unoccupied territory would "support
Dealing with domestic affairs Chancellor Cuno said that Germany must
actively" those in the occupied region. The Chancellor, above all show the world she is doing
everything possible to help herself in
whose remarks were addressed to the members at an extra- regard to finances. The collapse of the currency was the worst thing that
befallen Germany; she was in danger of having her imports stopped by
had
ordinary session of the Reichstag, were interrupted, accord- the exchange blockade. The
final rehabilitation of finances and currency
ing to the Associated Press advices from Berlin, by the could only occur when the foreign political position had been cleared up and
Communists, who greeted him with epithets such as "traitor" the reparations question settled in a tolerable manner.
Meanwhile, inflation and the fall of the mark must be stopped. The
"swindler" and "the president of the Stinnes Company's Chancellor
then referred to the internal gold loan, new taxation and measboard is going to speak." It was further said:
ures to promote industry as forming the Government's program.
More extended extracts of the Premier's remarks on the
13th inst. were contained in a copyright Paris cablegram to
the New York "Times," which quotes him as raying:
AUG. 18 1923.]
THE CHRONTCLE
Italy Critical of British Note—Holds That It Puts Too
Much Burden on Allies.
743
Chancellor Stresemann's New Cabint—Says Change
Does Not Indicate Weakening of Germany.
A new German Cabinet was named on Aug. 13 by Dr.
Under the above head a wireless message (copyright) to
Gustav Stresemann, leader of the German People's Party,
the New York "Times" from Rome, Aug. 14, said:
who was commissioned on Aug. 12 by President Ebert to
sugBaldwin's
with
Premier
pleased
are
Although Italian official circles
to
debt
her
to
equal
sum
a
fixed
claim
should
a new Government, following the acceptance on the
Britain
form
Great
gestion that
America from the Allies and Germany, because this is considered an ac- 12th of the resignations of Chancellor Wilhelm Cuno and
ceptance in principle of Signor Mussolini's view that reparations and interthe latter's entire cabinet. Further details regarding
Allied debts form an inseparable problem, they are not equally pleased
reasons:
two
for
Chancellor Cuno's resignation will be found in another
with its details
First, because the Baldwin suggestion throws the whole burden on the it3m in this issue. Completion of the new Cabinet was
shoulders of England's allies of obtaining the sums which England is to
announced by Dr. Stresemann on the 13th inst., the memreceive from Germany in settlement of reparations.
Second. because Mr. Baldwin leaves Allied finances in just as uncertain bership being as follows:
a state as they were before.
The "Corriere d'Italia." the semi-official organ of the Vatican, sharply
criticises the note, saying that debts are the hub of the European situation and that the Allies cannot consent to reduce their credits from Germany until they know just how far their liabilities have been reduced. It
is absurd, the newspaper contends, for England to attempt to invert this
logical way of looking at the question.
The "Corriere" also disagrees with the remainder of the note, saying
that it is still too early to proclaim that France has been a failure in the
Ruhr and that it is too late to say that the occupation of the Ruhr is illegal.
Chancellor, Dr. Gustav Stresemann, People's Party.
Minister of Foreign Affairs. Herr Von Bergen, Clerical.
Minister of the Interior, Herr Sollmann, Socialist.
Minister for Occupied Areas. Herr Fuchs, Clerical.
Minister of Finance, Herr Hilferding, Socialist.
Minister of Economics, Hans von Raumer, People's Party.
Minister of Reconstruction and Vice-Chancellor, Herr Schmidt, Socialist.
Minister of Labor, Herr Braun, Clerical.
Minister of Justice, Herr Radbruch, Socialist.
Minister of Railways, Herr Oeser, Democrat.
Minister of Posts and Telegraphs, Herr Giesberts, Clerical.
Minister of Defense. Dr. Gessler, Democrat.
Food Comptroller, Dr. Hans Luther, Democrat.
It had previously been stated in copyright advices to the
"Times" from Rome, Aug. 13, that the Birtish note in its
main lines had caused a favorable impression in Italy, alThe new Cabinet was given a vote of confidence by the
though the press was said to have shown itself extremely Reichstag on the 16th inst., 240 deputies out of a total of
sparing of its comments. The same advices stated:
341 balloting in favor of the Government;76 votes, according
The British proposals concerning reparations and inter-Allied debts have
acceptbe
a
to
partial
to the Associated Press advices from Berlin, were cast in
elicited favor in Italy because they are considered
ance of Premier Mussolini's plan that these questions should be considered opposition, while 25 deputies, supposed to be of the Bavarian
and discussed in order to untangle the problem. Mussolini has already
The other opposipeace was by releas- People's Party, abstained from voting.
urged that the only way in which Europe could obtain
ts and Communists.
ing Germany from some portion of her reparations liabilities. As the poorer tion, it is said, came from the Nationalis
Allies, however, have not ever been able to raise money to pay their debts, Dr.Stresemann, in his address to the Reichstag on the 14th
it would have been quixotic for them,according to the view here, to renounce
inst., paid a tribute to Chancellor Cuno, according to a
their German reparations.
and apHe therefore felt that the first step should come from the richer Allies, copyright cablegram to the New York "Times,"
which by renouncing some portion of their credits from the other Allies. pealed for the support of all parties. His address contained
would enable these to renounce some portion of the reparations.. This
not to assume that the present
England has now done, opening the way for a general revaluation of the a warning to foreign nations
credits and liabilities of each single Ally.
change of Cabinet was a sign of weakness. From the Associated Press accounts we quote as follows:
and
The vote came after Dr. Stresemann had addressed the Reichstag
Belgian Press Bitter in Comment on British Note
the general situation
given that body the new Government's viewpoint on
occupation
the
Respecting German Reparations.
by
and particularly with reference to the crisis brought about
He informed the members of the Chamber
Stating that all the Belgian newspapers published on of the Ruhr and the Rhineland.
in the occupied
rights
her
of
restoration
complete
Germany required
t of passive reeistance. The
Aug. 14 long comments on the British note to France and that
territory as an essential to the abandonmen
occupied by the French
Belgium on German reparations, the New York "Times" in setting free of all Germans imprisoned in the districtswho
have been sent out
those
and Belgians and permission for the return of
av wireless message from Brussels said:
a cessation of passive
for
conditions
also were made
The Liberal "Etolie Beige" writes:
"We must first of all regret sincerely the rather bitter tone employed in
regard to the occupation of the Ruhr and Belgian priority. These passages
of the documents seem to have been written by someone whom the reparation question has put in a bad humor. France and Belgium are faced with
the alternative of having to leave the Ruhr without having received from
Germany what is due to them on account of reparations. Has the British
Government considered the consequences of such a retreat, the humiliation
for the Allies, the satisfaction for Germany, who would be justified In making
a counter-claim on the Allies for damages for occupation of the Ruhr?"
The Socialist organ "Le Peuple" says:
"In spite of the tone of the note and in spite of contradictions, it can oe
said that it does not put an end to the posilbility of cellective action by the
Allies in regard to Germany. Henceforth British policy is directed plainly
against that of France and Belgium. Britain has replied to the French and
Belgian proposals by proclaiming in her turn openly and almost cynically
the policy of culpable egotism."
"Le Peuple" concludes:"The policy of MM.Theunis and Jaspar is bankrupt."
"The Soir" publishes an article from which the following is an extract:
"The hostile attitude taken by Great Britain toward the Allies who have
fought by her side and, to assure her hegemony of the seas, sacrificed
everything, their lives and property included, will not be approved by the
civilized world."
Great Britain Paid £29,000,000 for Occupation of
Turkey.
Associated Press correspondence from London Aug. 1
was reported as follows in the New York "Journal of Commerce" of Aug. 17.
it has cost England £29,115,000 sterling for the occupation of Constantinople and the adjacent area since the Armistice in 1918, Premier
Baldwin told the House of Commons recently.
These figures, he added, did not represent the extra cost to the taxpayer
of the occupation, since the greater part of the occupying forces would
otherwise have been employed elsewhere. The extra cost was estimated
at £16,000,000 sterling. The Premier further stated that the Allied
Governments have decided to forego any claim against Turkey for the
cost of occupation of Turkish territory.
Belgians Expels Germans—French Occupy Five Ruhr
Coal Mines—Miners Leave Work.
Under date of July 31,, Associated Press advices from
Aix-la-Chapelle said:
of the occupied area
resistance.
was not a sign of
Dr. Stresemann declared the change in Government
the change had brought
Weakness on the part of Germany. On the contrary,
to any idea of
opposition
into being the strongest Cabinet, as regards
had had since the
permitting the violation of Germany. that the country
Republic was formed.
occupation of the Ruhr
Passing almost immediately to the question of the
was deeply rooted in
in his address, the Chancellor said passive resistance
"has been undeclared,
he
the firm conviction of its justice. "This,"
and we may assume
equivocally recognized by the British Government.
find echo in France
that this statement of the British conception will
and Belgium."
question.
Asserting that Germany would welcome arbitration of the Ruhr
decision
Dr Stresemann added: "We have ro doubt that any impartial
happens all
would restore to us our Ruhr territory, and on the day this
artery of
forces will work to end the intoierahle paralysis of the main
German economy
us:
assured
is
Ruhr
"If the free and unrestricted administration of the
by interif the situation in the Rhineland again is such as Is guaranteed
Rhinenational treaties; if every imprisoned German in the Ruhr and the
land is restored to liberty, then,after a breathing spell has been granted us,
to
we shall be able, by exerting the whole economic force of the country,
the
furnish means for settlement of the reparations question, provided
and
life
economic
our
of
burdens imposed upon us permit of the existence
of our political
the further development of our nation. The consolidation
of the reparaand economic life is a preliminary condition for a resumption
economic derangetion deliveries which had to be discontinued owing to
ment caused by the invasion of the Ruhr."
occupied areas,
Dr. Stresemann made no mention of evacuation of the
is prepared to enter
merely stressing the conditions under which Germany
jurisdiction and the
upon negotiations for the complete restoration of her
freedom of her citizens there.
of the House,
majority
The new Chancellor R as cordially greeted by the
form of boisterous heckling
the only jarring note in his reception being In the
by the Communists.
Ministry there appears to
Among all the parties represented in the new
of truce with Polncare,
be a conviction that Germany must seek some sort
other quarters is futile
and that the hope of mediation or intervention from
in view of the present Anglo-French impasse.
or the sea when we are up
"Of what avail is a friend across the Channel
one Socialist leader.
against a cantankerous neighbor?" exclaimed
Resignation of Chancellor Cuno of Germany
and Entire Cabinet.
strife culminated in the acceptance on
political
German
resignation of Chanthe 12th inst. by President Ebert of the
The Belgian forces of occupation to-day expelled the Burgomaster
Cabinet. The early reentire
his
and
Cuno
Wilhelm
for
of
No
this
city.
reason
Municipal
Council
the
of
cellor
and five members Germans was announced.
decision on the
tirement of the Chancellor was forecast in the
the expulsion of the
of the Reichstag
The New York "Evening Post" on the same date reported 10th inst. of the United Socialist members
had been intro-.
to support the "no confidence" motion which
the following from Duesseldorf:
was
adopted in
resolution
The
Dorstfield.
of
coal
the
five
town
in
mines
ts.
occupied
duced by the Communis
French troops to-day
quit work and the French forbade them to re-enter
the
Socialist
members,
of
inst.
11th
the
The miners immediately
on
caucus
party
a
the premises.
744
THE CHRONICLE
[Vol. 117.
who, according to Associated Press advices from Berlin that
After conferring with the coalition leaders Dr.
Streseman, leader
day, decided to terminate their attitude of "benevolent of the German People's Party, announced that Gustav
the three middle parties
would meet Herr Cuno on Sunday,placing issue
before him for final decision.
neutrality" toward the present Ministry and then drafted a
This is interpreted as a courtesy to the Chancello
r, the middle parties
program of economic, financial and political reforms on the wanting to afford him
a graceful opportunity for retiring.
None of the Reichstag Bourgeois Party
basis of which they vouchsafed their support to any future
leaders believe that Herr Cuno or
other Chancellor would dare assume leadershi of ministry confronte
p a
d
Cabinet. Riots which had been in progress before the Chan- any
with the solid opposition of the labor
and a solution of the crisis,
cellor's resignation, and which reached an acute stage this according to best opinion here, is merelyvote,
being deferred in order to permit
week (31 being reported dead and 91 wounded throughout President Ebert and the Reichstag leaders of all parties to confer on the
formation of a new Cabinet.
the occupied area on a single day, according to a copyright
The Socialist program calls for sweeping
internal,..financial and tax
cablegram from Duesseldorf Aug. 14 to the New York reforms, categorical seizure of the
tangible assets of industry, commerce
and
agriculture as a covering for the internal
"Times," these following other like similar large casualties)
gold loan and the introduction
of credits and payment of wages on a
gold basis.
were reported to have subsided to some extent on Aug. 15,
The Socialists also demand that
enter the League of Nations,
after the new Chancellor, Dr. Stresemann, had taken office. and request that the new GovernmGermany
ent develop greater activity in foreign
politics. The Reichswehr is to be cleansed
While a lessening of the disorders in Germany was reported on
of reactionary elements and put
a strict republican basis. The majority
of deputies who participated in
on Aug. 15 following the assumption of office by Dr. Strese-' to-day's caucus
favor the party's entry into a coalition government.
In the event of the resignation of
man, there was on Aug. 16 a renewal of the disturbances
the Chancellor his non-partisan Cabinet,
course, also would retire, leaving President
witnessed before Chancellor Cuno's resignation. An Asso- of
Ebert to find a successor who
would be able to construct a governme
ciated Press cablegram from Berlin Aug. 16 published in tion, or one which would adopt the nt on the basis of a fourt-party coaliSocialist platform as its program.
To-day's action by the Socialists
the New York "Herald" said:
of the Reichstag enabled the party to
escape
Communists to-day stormed the City Hail at Datteln, nineteen
miles
northeast of Essen, disarmed the police and took possession of
the town,
says the Central News. Militia summoned from a neighbori
ng town also
was disarmed. Many casualties occurred on both sides.
Communists are said also to be in control of Helmstedt, having
disarmed
the police. Many persons are reported to have been injured
in a clash
between Nationalists and Communists at Arnstadt
.
Leipzig is without gas or electricity in consequence of a municipal
workers'
strike.
Eighty arrests were made at Halle following a fight between Nationali
st
and Communist factions, and on Tuesday the police
at Herne were obliged
to withdraw before a riotous mob. The forces of occupation restored
order.
The situation in Saxony Is described as threateni
ng.
Order has been restored at Zeitz, the Prussian industria centre,
l
where
the Communists attempted to seize the factories.
In Berlin labor conditions have become virtually normal, all
the outlaw
strikes having been called off. While
sporadic strikes are still causing
outbreaks at provincial points, the labor situation
in general is improving.
Marketing conditions in greater Berlin showed improvem
ent to-day,
both with regard to available supplies and
lower price levels for staples,
especially oleomargarine. In the occupied
areas, on the other hand, the
food situation is reported more acute, owing
to interrupted transport and
the currency stringency, which is continui
ng, despite 30,500,000,000,000
marks printed during the first week in August.
responsibility for supporting the "no confiden
ce" resolution introduced in the Reichstag by the
Communists and which will come up Monday
for a vote.
In hurrying their decision to
abandon Chancellor Cuno. the Socialists also
expect to block the Communists'
attempt to launch a nation-wide general
strike. To-day's action by the
Socialists will be viewed as a concession to
the radical demands for overthro
w of Herr Cuno and the adoption of a
platform of internal reforms which,
it is expected, will satisfy the p3pular
clamor.
Strike Wave Spreads.
The strike wave, caused by the
currency scarcity and the food shortage.
and accentuated by Communist
agitation, spread rapidly in Germany today. It was accompanied by
numerous demonstrations and disorders
leading to a number of fatalities in
clashes with the police.
Industrial Berlin is in a state of feverish
turmoil, fostered largely by the
failure of the employers to pay
because of their inability to obtain currency
and the demands of the workers for
wage increases.
A general strike has been ordered
by the Communistic elements, but the
labor federations so far have not
approved of the move.
Similar conditions of unrest prevail
in other parts of Germany.
With the acceptance on the 12th inst.
by President Ebert
of the resignations of Chancellor Cuno
and his Cabinet,
Dr. Gustav Stresemann was directed
by President Ebert
Chancellor Cuno's withdrawal was preceded by the issuance to form a new Government. The new Cabinet is referred
of a proclamation by President Ebert, prohibiting meetings to in another item.
or speeches tending toward acts of violence, a copyright cablegram to the New York "Times"from Berlin Aug. 10 announc- Presid•ent
Coolidge Backs Hughes' Policy on Reparaing the action of President Ebert as follows:
tions and Other Foreign Issues.
What amounts to a "state of siege" was proclaimed late to-night
throughAdvices have been conveyed to our Ambass
out Germany by President Ebert.
adors abroad
His declaration, issued under authority of Paragrap 48 of the Constitu- by Secreta
h
ry of State Hughes that there has been no change
tion of the German Republic, which begins with
the clause "to restore public in the foreign
law and order and safety," expressly warns agitators
policy of the United States respecting the
for the overthrow of
the Constitutional Government and forbids the circulatio
n of handbills or reparations and other issues with the succession to the
proclamations, the holding of meetings or the making of specehes
calculated Presidency of Calvin Coolidg
e. One of the accounts from
to incite to acts of violence or acts that will endanger
the public order.
Washington to this effect appeared
The President's proclamation was posted
on prominent street corners
as follows in the New
In Berlin late in the evening and suggested to
many the events that preceded York "Evening Post" of last night:
the last revolution.
The American
An emergency conference was being held
at the President's Palace near
midnight with Chancellor Cuno and the
entire Cabinet attending.
It is likely that the United Socialists in
the Reichstag will vote on
Monday in favor of a "no-confidence" motion,
offered to-day by the Communists, but the Chancellor, according
to last accounts, has told his
supporters that he will stick to his post in spite
of this.
There were all sorts of wild rumors and alarms
to-day with reports of
riots and bloodshed coming thick and fast.
But there was no serious
outbreak, although it would seem the situation
had all the possibilities
of an attempt at revolution provided a leader was
found.
Chancellor Cuno, who had succeeded Chancellor Wirth
last November, addressed the Reichstag in an extraordinary
session on the 8th inst. when he urged the continuance of
passive resistance on the part of Germany; his speech is
referred to in another item in this issue. Alluding on the
10th inst. to the decision of the United Socialists to support
the "no confidence" motion the Associated Press advices
from Berlin said:
foreign policy, so far as
concerns our attitude on the
Rhine, the Ruhr, and reparatio
ns, remains unchanged. Developments
of the last few days were built
upon news that somehow got twisted. Here
is the sequence:
On Tuesday President Coolidge
had a conference with the correspondents
In the course of which he let it
be known that the new Administration,
like the old, stood squarely on the
speech
New Haven last fall. On that occasion, which Secretary Hughes made at
it wil lbe remembered,the Secretary
of State deprecated the impending
occupation of the Ruhr by the French
and suggested a commission of
experts to determine Germany's capacity
to pay.
It was learned, too, that the
Coolidge Administration had no new proposals to make, but stood ready to
help in any way that it could consistent
with our American traditions in
general and recent statements of policy
in particular. Of course, there
was the further assumption that any
proposal must come from the other
side.
But apparently what was said
in Washington on Tuesday somehow got
exaggerated. Wednesday's press
cables from London spoke of the welcome
reception that had been given to
the press reports from Washington that
the Coolidge Administration would
"make a ready response to any appeal
to America for assistance in settling
the prolonged reparations struggle."
Somehow, somewhere, the various
American co-operation' got dropped qualifications to the reiterated offer of
off.
Although the United Socialists originally concluded that they
would
abstain from voting when the issue came up, the internal situation
now
is fast drifting to a point where the Socialists face the necessity
,
Our Policy Restated.
of saving
their political prestige with the workers in order to prevent
Secretary Hughes saw right away
the workers
that this was going to be embarrassing
for him, so he sat down and
from deserting to the Communists.
wrote a communication to our Ambassadors
abroad simply restating our policy
The Socialist leaders to-night are conferring with Chancello Cuno
so that there could be no misapprehenin an
r
effort to induce him to resign. In the event he acquiesces Dr. Gustav sion. There was nothing partciularly new
in this note. and State Department officials to-day deprecated
Stresemann, leader of the German People's Party, would be asked
the
by being
drawn from the whole incident. unwarranted inferences that were
President Ebert to reconstruct the Government on the basis of a
big
What
Secretary Hughes said was
merely that President Coolidge
coalition, which would include the United Socialists.
had unqualifiedly endorsed the DepartThe panicky feeling which has marked Germany's internal situation ment's policy as it had been enunciate
d under the administration of President
Harding, notably in the New
during the past few days and which Is being converted
into political capital
Haven speech.
While there have been no
by the Communists late to-night seized the Reichstag
changes in the American policy, there have
, where symptoms
concededly been some significan
of a Cuno crisis developed because of the decision
t changes in the situation abroad since
of the Socialists to
Secretary Hughes spoke at New
retire from their position of "benevolent neutrality"
Haven.- First, the French went into the
toward the present
Ruhr. We countered by coming out
non-partisan or business men's cabinet.
of the Rhine. Then the British and
the French drifted further and further
apart until they came to the parting
Cablegrams from Berlin Aug. 11 (Associated Press) in of the ways. The problem
before was to keep the French from going into
giving an account of the adoption that day of the resolution the Ruhr. Now the problem is to get
the French to come out. The
of "no confidence" in the Cuno Government, stated in part: United States and Great Britain are at one In believing
that that is a prime
condition of any settlement. But
Upon the basis of their platform they are not averse to
how
to effect a settlement?
entering a coalition
General Allen has a scheme,
government.
presumably based on creating a separate
Rhineland state within the Reich.
The United Socialists to-night officially notified
Whatever his specific proposal may be,
President Ebert and the there is no indication
that the
leaders of the three coalition parties of their future
attitude toward Chan- practicability. General Allen Department pins any hope on its present
cellor Cuno, as set forth in the resolution adopted
speaks
.with incomparable authority on the.
by the party.
Ruhr crisis and Its possible consequences.
AUG. 18 1923.]
THE CHRONICLE
When a plea for the abandonment of our policy of isolation comes from
the mouth of a man whose information as to actual conditions along the
Rhine is second to that of no other living America, even the Senate of the
United States can hardly afford to ignore it.
It was to be expected, too, that those who have all along taken the
pro-French point of view should lift their eyebrows a bit over Gen. Allen's
account, which, while not "pro-German," as they would like to call it,
is yet hardly pro-French.
For no man knows better than does Gen. Allen the lengths to which
Franco has gone in her desire to keep Germany crushed. He may well
sympathize with the French point of view, but he can hardly believe
that the French policy is conducive to the conunon welfare of Europe.
Conditions of United Stales Participation.
In general, these may be said to be the conditions of American entry
into the reparations controversy;
• (1) That the request for our assistance must come from the other side.
(2) That it must have the support of all the parties to the controversy,
notably France, which has so far not been inclined to receive our advances
favorably.
(3) That the specific proposal made must be in keeping with out general
traditions and with the declared policy of the present Administration.
(4) That there must be no confusion between debts and reparations.
France. Great Britain, and Italy would all, for obvious reasons, like to
see the two questions considered as one, but the American State Department had never been willing to confuse the two. On this point Hughes
is adamant, and has such expert support from the opposition in this
country as was expressed by Norman Davis in the rEvening:Post" the other
day, when he declared that it was "a mistake to mix debts and reparations.'
745
strength and his weakness—proved his undoing. Of all our Presidents, he
was the most democratic at heart—the most approachable. He added
to his already mighty burden by taking on those of others. No appeal, no
matter how lowly, was passed by him. He gave freely—too freely of his
time and effort. He never counted the cost nor spared himself. In this
regard, the course which was his as a citizen was his as the President.
The load ha was bearing became staggering, and this, and the fact that he
was weakened by the attack of influenza some months since, and from
which he never recovered, made him especially susceptible to the subtle
attack of ptomaine poisoning which led to his death.
Full appreciation of Warren G. Harding, the President, will no,, be
written to-day—probably not in this generation—but posterity will weigh
his achievements as President, and they have been many and great, at
their full worth.
But the measure of Warren G. Harding, the man, is to-day beyond
all question. That he was a man among men all will concede. None will
question his bigness of heart, his greatness of soul. He thought and lived
above the little things of life, and yet was so thoroughly human that to
know him was to love him; and thus it is that to-day, while the nation
mourns, our people are stunned by the passing of our citizen and friend—
greatest and best beloved.
Sympathies of Soviet Government on Death of President
Harding Extended to Senators King and Ladd.
Foreign Minister Tchitcherin presented the condolences of
the Soviet Government on the death of President Harding to
Senators King and Ladd and Congressman Frear as repreUnprecedented Action of Newspapers in Suspending sentatives of the American people at a dinner given to them
Publication of Afternoon Issues in Tribute to
in the new business club. According to a special cablegram
the Late President Harding—Resolutions and
to the New York "Times" from Moscow, August 3, the mesMessages of Newspaper Men, &c.
sage said:
One feature of the day of national mourning set up on
Friday of last week in memory of the late President Harding
was the action of the newspapers in New York suspending
their afternoon issues on that day—Aug. 10. Not a single
paper was issued in the afternoon in New York
Expression .of the sorrow of newspaper. men in the death
of President Harding were recorded on Aug. 6 by the Standing Committee of the Washington newspaper correspondents
in the adoption of a resolution which said:
No finer contact of genuine understanding and sympathy ever was
established between an American President and the newspaper men
than
that which governed the relations of President Warren G. Harding to the
writers of the capital. As a publisher and editor he understood the
ambitions and the aspirations of the craft; in every conceivable way he sought to
add to the joys of the profession; to expedite and facilitate the work of those
responsible to the public for accurate reports of White House and
Administration activities. His personal charm and lovable disposition,
coupled
with great candor and implicit faith in the integrity of those who
dealt
with him, inspired deep affection and abiding respect in the hearts of the
Washington correspondents. We mourn in his passing the loss of
a real
friend, of a colleague whose connection with the profession shed
a greater
dignity and lustre on it. A great American, a good man, has been
called
to his last reward.
To Mrs. Harding, no less gracious in the friendship she entertained
and
inspired. we offer on behalf of the corps of Washington correspondents
our
deep sympathy and the consolation that she will find in the affection of the
American people, which will preserve throughout all time the memory
of the
man whom she inspired and comforted throughout the best years of his
life.
On behalf of the Soviet Government I wish to express to the American
citizens now present here the respectful sympathy of the Russian people to
The people of Russia gratefully remember that it was under President Hard.
The peopel of Russia gratefully remember that it was under President Harding's Administration and with his active support that the American people
with great generosity came to the aid of Russia in her hour of need.
They regret that the prevailing political condition of the world prevented
the Russian Soviet Government, in close economic collaboration with the
United States during President Harding's Administration, from dispelling
prejudices and misunderstandings which for over five years deprived Russia
and America of the opportunity of applying the historical friendship of two
people to practical work of reconstruction and creation in the interests of
both. I beg of you to convey our expressions of sympathy to Mr. Harding's
family and the people of the United States.
The same cablegram said:
Senator King made a short speech thanking the Russians for their sympathy. He said that it was the purpose of himself and his companions to get
as accurate a first hand cross-section of Russia as possible. They intend to
go into Siberia as far as Perm or further, then journey down the Volga and
take a trip through the Caucasus and irimea. In reply, Northeva, head of
the Anglo-American Department of the Foreign Office, said that, contrary
to belief abroad, Russia welcomed full investigation of every phase of national life.
J. H. Puelicher, President of American Bankers'
Association, Pays Tribute to Harding.
In announcing the closing of the offices of the American
Bankers Association on August 10, the day of the funeral of
The sympathies of the International Typographical the late President Harding, John H. Puelicher, President of
Union, of which President Harding had been an honorary the Association, said:
bankers of the nation join in the universal mourning for the loss of
member, were voiced in a message addressed to Mrs. Harding ourThe
late beloved President. His untimely end brought to us all a realization
Charles
P. Howard, President of the Union, the message of the deep hold he had upon our affections and how intimately his character
by
and activities entered into the life of each individual. We were all proud of
stating:
Words can but fail to assuage your grief, even though the nation mourns
with you in your great bereavement through the loss of your husband
and
our President. The sorrow of his brother printers is especially poignant.
Warren G. Harding's pride in his craftsmanship was typical of his
lovable
character and modest disposition. To printers, especially,
his life will
serve as an inspiration for future generations. May God's grace sustain
you in this hour of immeasurable grief.
our President, whose prominent characteristic was that of a lover of mankind
and whose hand was equally extended to the wage-earner and capitalist in a
sympathetic effort to solve their respective problems. We mourn his loss
but feel that the spirit of harmony for which he constantly strove, still lives
among us and that through him and his memory the people of the entire
country in whatever walk of life and in whatever industry, will be brought
closer together in better understanding and better relationships.
Let us all abstain from worldly occupations and devote this day to reverence of the memory of our late President, worship of God and prayer for the
future welfare of our beloved country.
The National Press Club of Washington, in expressing its
sense of loss suffered in the death of President Harding, had
the following to say in a telegram addressed to the President's Secretary, George B. Christian, Jr., at San Francisco President Harding Planned
Visit to Europe on Good
on the 3d inst.:
Will Mission—Said to Have Declared His Knowledge
Please convey to Mrs. Harding and members of the official party the
deep
of His Own Limitations.
sympathy felt by members of the National Press Club in the
death of
President Harding. He was a valued member of this organization.
Plans of the late President Harding to visit Great Britain,
His
kindness to the newspaper workers,
collectively And individually, brought
him close to their hearts, and all will mourn him as a departed brother.
France and other Continental countries, "solely in a spirit
President Harding is dead.
This brief message, flashed around the globe, brought
sorrow to the
nation and touched the tenderest sympathies of the liberty-loving people
Marion,
in
here
where
But
we
land.
knew and loved him as
of every
Harding, the man; Harding, the fellow-citizen; Harding,;the neighbor,
and Harding, the friend—rather than Harding, the President—the blackest
grief obtains.
Those who were close to him can hardly escape the feelit that it must
have been given to him to have seen into the future, when, robust and the
picture of health, he told them shortly before his inauguitation that he
would never come out of the Presidency alive. Those close to him know
that, contrary to tho general view, he left the Senate with the deepest regret
to enter the Presidency. Those close to him know that in- realized that
the burden he was about to assume was such as never attem ted by mortal
man, yet they hoped for the best. Now in sorrow they realize that he was
a true prophet—that he knowinirlY gave nimself a sacrifice to his country.
And it may be said here that tnis great heart—which Was alike his
This gathering comprised a committee which was to have
welcomed the late President upon the occasion of his proposed visit to New York City on August 28. With its meeting on the 7th it was reorganized as a memorial committee,
which later in the fall will come together to pay tribute to
the late President. It is planned to have President Coolidge
address the forthcoming meeting. Mr. Stewart in telling of
President Harding's plans quoted him as saying that "the
situation in Europe never can be bettered so long as traditional hatreds are permitted to dominate the minds of those
who govern. Good-will is the only solvent of
I
believe this is the time for good-will to be used as the great
and most effective political policy in. that furtherance of
The Marion "Star," in which until recently President of neighborliness," were revealed by John A. Stewart, ChairHarding held controlling interest, paid tribute to the late man of the Board of Governors of the Sulgrave Institution,
in a gathering at the Lawyers' Club, this city, on August 7.
President in the following editorial on the 4th inst.:
740
THE CIHRONTCLE
ent betterthat good understanding without which no perman
Harding,
ment in human affairs can be effected." President
limitamy
know
"I
said:
also
,
Stewart
Mr.
according to
ss I am. But
tions; I know how far removed from greatne
problem with
be that as it may, I intend to approach every
spoke
Stewart
Mr.
hatred.'
of
good-will in my heart instead
as follows:
been invited to let
time have
You who are here to-day would about this
Committee which, on August 28,
your names be added to the City Reception
on their return from their
would have welcomed President and Mrs. Harding
greeted by His Honor the
visit to Alaska. The President would have been acclaimed by the millions
Mayor and his committee at the City Hall and
Almighty Providence to spare
who, after he was stricken in Seattle, prayed
granted; for God called bins
their President's life. This prayer was not to be
him forever. He laid
and he has left the activities of this world behind friendly duty to the
of
down his life in martyrdom to appease his sense
American people, whom he loved so fondly.
spent three hours alone
A few days before his departure from Washington I
where he was to enroll
with him. He told me of his plans for Vancouver,
politically foreign soil on a
himself as the first American President to visit
as an affirmative policy
mission of sheer friendship. He talked of good-will
international. I had urged him
in all political relationships, domestic and
had mapped out for himself
to continue determinedly on this course which he
many of the unthinking
and had said that it was a dire misfortune that so
; and he replied:
public should regard good-will as only amiable weakness
shall continue on this
"It is a pity that this is true, but, nevertheless, I
my limitations; I know how
course and to be myself Just as I am. I know
it may, I intend to apfar removed from greatness I am. But be that as
instead of hatred. Most
proach every problem with good-will in my heart,
never permanently settled.
questions which are settled by armed force are
are worked out in a
Problems can be solved fundamentally only as they
spirit of neighborly good-will.
many quarters that the
"Hence I would not yield to the insistence from
The situation in Europe
troops be called out to compose the coal situation.
permitted to dominever can be bettered so long as traditional hatreds are
only solvent of
nate the minds of those who govern. Good-will is the
great and most efI believe this is the time for good-will to be used as the
understanding without
fective political policy in the furtherance of that good
effected.
which no permanent betterment in human affairs can be
with neither bias nor
"I intend to approach every question so far as I can
me, nor how harsh
ill-will. I shall continue, no matter what may be said of
good-will and a
the criticism may be, nor how unjust, patiently to apply
People may think of
friendly feeling in the settlement of every question.
just Warren G. Harduse as they please, but I shall continue to be as I am,
trying, the best that he
is
who
a
man
him,
fashioned
God
as
and
is
he
as
ing
discordant ways Of doing
knows how, to throw into the discard the age-old,
happiness into the
things, ways which never have succeeded in bringing
is demanded of me,
world, and if I am misunderstood, and another course
politically in store for
then I shall accept, as I must, what fate may have though it lead to my
even
good-will
of
my
policy
change
not
will
I
me; but
my relegation into private
defeat for another term of the Presidency and
life."
deliberately and consciously
Warren G. Harding was the first great ruler
ding the dominant policy in
to make good-will for the sake of good understan
reason went hand in hand
his
at
policy
this
arriving
In
nt.
Governme
the
world regards imperturbwith his nature. Despite the knowledge that the
he persisted and intended
able good-will as indicative of amiable weakness,
that any settlement by. suto persist in this ssourse. He believed and knew contending parties within
perior physical force of a vital question between
retaliation; and that perthe United States would lead only to hatred and
on the basis of goodmanent settlements in any controversy must need be
whose nature the wellwill and good understanding. Here was a man in
running strong and
springs of good-will and neighborliness were perennial,
good understanding
deep and pure. He challenged, armed with the sword of
of the world to
and the shield of good-will, the hate-fed governing forces
The world needed, and
mortal combat for the control of human destiny.
President whose
still needs, the guidance and inspiration of an American
disturb.
natural neighborly qualities no stress nor storm could
neighborliness,
of
I have said that he went to Vancouver solely in a spirit
I can now say
uncontaminated by any selfish thought or political aim.
he had been rewithout ill consequences that if God had spared him and
term, in the same
elected President of the United States, during his second
Great Britain,
amiable, kindly, loving, neighborly way, he would have visited
political mission, but
France and other Continental countries, not on any
exemplar of the new
only in an endeavor to become for all the world the
politics.
this friendly man.
America and the world had much to hope for from
They would not have been disappointed.
[Vol,. 117.
undoubtedly teaches the world this great lesson: That until
all the big Powers of the world disregard their selfish aims
and the rapacity of some of their business men, and will
unite in establishing a proper system of international customs and laws, any small band of determined men, as the
Kemalists in Turkey or the Bolshevists in Russia, can at
any time threaten the peace of the world." Mr. Morgenthan's remarks were quoted at length in a dispatch from
Williamstown under date of July 27 in the New York "Evening Post," as follows:
ed
determin
Under existing international conditions "any small band of
at any
men, as the Kemalists in Turkey or the Bolshevists in Russia, can
-Ambassador
time threaten the peace of the world." Henry Morgenthau, ex
to Turkey, told the Institute of Politics at its opening session this morning.
and
The fact that such a threat can be successfully wielded by an armed
taught by
determined minority was, he said, undoubtedly the great lesson
the conference of Lausanne.
and
Taking for his subject, "Why Turkey triumphed at Lausanne au
Morgenth
escaped all punishment for her defeat in the World War," Mr.
e
conferenc
pointed out that "the Turk was the only man in the Lausanne
continued
who was ready to use his guns." and to back his claims by
successful.
fighting. Such a threat, he held, will constantly continue
rapacity of
"until all the great Powers disregard their selfish alms and the
system of
some of their business men and unite in establishing a proper
international customs and laws."
days of
Mr. Morgenthau told in detail the history of Turkey from the
unison
the great war: spoke of the forces which led to military activity in
in
resulted
with the Central Powers and finally of the circumstances which
the signing of the Treaty of Sevres.
dominaHe outlined the progress of Mustapha Kemal's efforts to secure
of the Sevres
tion of the country's affairs and the consequent scrapping
destruction of the
Treaty and the War with Greeece with its "wilful, total
he declared,
Greek and Armenian districts of Smyrna." "It was, then," willingness
tion and
"that Great Britain, single-handed, with grim determina
across the
to use force, prevented the Turk from pursuing the Greeks
Dardanelles and into Thrace.
Turks al Lausanne.
armistice which
"This brought about a conference at Mudania, and an
beginning the
was followed by the conference at Lausanne. From the very
he was the
that
Turk assumed the defiant attitude of a victor, conscious
fight on. He
only one present who was still ready, and in fact anxious, to
He well
had been carefully watching the bickerings among the others.
one wa.s
knew that there was no co-operation among them and that each
representing his own interest.
force aiming
"To the Turk Europe was but a generic name, not a united
Turk to
for the same end. This time it was almost unnecessary for the
of their
work the different Powers against each other. They were doing it
advice to
own accord and many of them were giving valuable aid and
only
was
it
the Turks. Each one of them had an axe to grind, and again
attempted to
Great Britain, under the leadership of Lord Curzon, who
was a
curb the Turk, but the change of Government in Great Britain
distinct expression on the part of the House of Commons that they were
opposed to Britain's fighting with the Turks.
the
"Of course, the Turks knew this, and therefore they could decline
t that
British demands and Lord Curzon had to assent to lama's statemen
s, and
the Armenian question was ended by the destruction of the Armenian
the
then the greatest crime of history was condoned. It was not so much
d the
strength of the Turks as the weakness of the Allies that influence
observers
course of events. The United States did send two observers, but
do not influence the Turks; it takes force or a show of force to do so.
Power,
"As the Turk became more and more convinced that there was no
continue
and certainly no combination of Powers, that would be willing to
exacting.
the war against him, he because more and more aggressive and
guns.
He was the only man in that gathering who was ready to use his
from
Of course, he knew that if he attempted to dislodge Great Britain
what
Palestine and Mesopotamia or France from Syria they would fight, so
ed
disregard
finally happened was that the Treaty of Sevres has been totally
Conand the Turk has been reinstated in eastern Trace. given control of
stantinople, and even the Judicial capitulations were abrogated.
"To save the semblance of protection. the European Powers .are Percommitted to have foreign legal advisers who are empowered to receive
is no
plaints relating to imprisonment and arrest of foreigners. There
mention made of what action is to be taken except that they are to be filed
with the Minister of Justice.
America's Attitude.
and
"As long as the United States persists in its course of isolation
the leadership that all are ready to accord to her, it ill
assume
to
refuses
According to a special dispatch to the New York "Times" becomes us to criticise the other Powers. The American observers pracJr., Sec- tically confined themselves to securing an open door for our industries.
from Washington, August 7, George B. Christian,
Within the
to the "This powerful country spent Its blood to abolish slavery.
regard
in
said
,
nt
Harding
Preside
is a
retary to the late
past few years it has established a Federal Reserve System, which
nt
proPreside
that
adopting
permanent insurance against panics, and also succeeded in
statement of John A. Stewart, in New York,
term hibition, unfortunately interpreted by the mistaken Volstead Act, and ita
midst
Harding had intended to visit Europe during his second
should now assume its full duties as a world Power, and find in its
saying:
as
d
reporte
find a
If he were re-elected. Mr. Christian is statement. I feel quite band of men Just as determined to lead toward the light and to
prohibitionists and
Harding make any such
as
President
g
Just
war.
finally
abolishin
ng
and
of
minimizi
heard
method
never
I
intention. He did intend, however, as he said on currency reformers patiently tolled for years to accomplish what they did.
sure that he had no such
hands
visit to Europe after he retired from public life.
"It is almost pitiful how we Americans have had to sit with our
several occasions, to snake a
triumphed
tied,though our eyes were allowed 'to observe' how this wily Turk
the other countries, Just as the Germans would
That Any at this conference over all
Why had
Results of Lausanne Conference Show
have triumphed over all of them if we had not entered the war.
Threaten the
Can
Men
?
ined
at
Lausanne
Determ
be
withheld
to
help
of
our
Band
Small
defiance,
"Will we be responsible in the future if the Turk's successful
thau.
treaties
Peace of the World, Says Henry Morgen
owing partly to our Inactivity, will encourage other countries to treat
the
become
Turkey
24 by
of peace as mere scraps of paper? Why cannot a group like this
The Lausanne Peace Treaty, signed July
and
studying
address
favor of America's first
in
an
wave
a
will
that
force
of
start
subject
dynamic
the
was
,
Powers
and the principal Allied
stown, Mass., then participating in international affairs?"
at William
made before the Institute of Politics
thau, a former United States
on July 27 by Henry .Morgen
ng to Mr. MorRepublic?
Ambassador to Turkey. The Turk, accordi ng (Lausanne) Has Ludendorff Been Converted to German
gatheri
as
the
at
eted
man
Interpr
only
Him
by
ed
New Motto Propos
genthau, was "the
the result being that the
Change of Heart.
who was ready to use his guns,"
for Turkey. "From
treaty represented a distinct victory
Wireless advices (copyright) to the New York "Tribune"
d, "the Turk
declare
speaker
the
Berlin Aug. 3 stated:
the very beginning,"
from
conscious that he
in the streets of Munich
The Bavarian or Nationalist Party demonstrated
assumed the defiant attitude of a victor,
von
fact
in
and
ready,,
"in commemoration of the old army." Prime Minister
still
was
yesterday
who
present
and Omegas
was the only one
and General Ludendorff viewed the marching veterans
Knilling
nce
Confere
ne
Lausan
The
anxious, to fight on. . . .
Aura. 18 1923.]
THE CHRONICLE
747
Kraft von Delmenfingen made the principal speech. General Ludendorff,
who followed, said:
'To me the old army is the highest thing Germany has. If we talk of
the old army we must not forget the Princes who made it—the Hohenzollerns and Wittelsbachs. Because the old army was so superb it was
taken away from us. Men of proud blood led it and made the German
soldier the foremost fighter in the world. To be a German means to be a
fighter. Once our motto was 'For King and Fatherland.' Let it now be
'With God for the People and Liberty ."
This change of motto is much commented upon, the interpretation placed
upon it by some papers being that Ludendorff has finally become reconciled
to the republican form of State.
Damage to This Season's Cotton Crop Through Boll
Weevil Ravages Estimated at $750,000,000 by
President of New York Cotton Exchange.
President E. E. Bartlett Jr. of the New York Cotton Exchange, in a statement issued on Aug. 16, declared that the
ravages of the deadly boll weevil, unless effectively checked
within the next few years, would threaten America's supremacy as a cotton-growing nation: The damage to the crop
bo'l weevil and drought this season, he said, represented a
Conclusion of Labors of United States Commission
loss, based on the present prices of cotton, of approximately
in Mexico—President Obregon's Statement.
$750,000,000 to Southern planters. Mr. Bartlett's stateAssociated Press dispatches from Washington, Aug. 15, ment follows:
Never since the weevil first made its appearance in the cotton belt, about
brought news to the effect that "the records of the confer1892. has such great alarm been felt as exists to-day among the cotton plantence between the representatives of the United States and ers.
After years of procrastination the National Government, the State
Mexico, embodying an agreement designed to make possible Governments and the leading cotton associations are
at last beginning to
the resumption of diplomatic relations between the two na- realize the dire need for drastic action in every section of the cotton belt to
reduce the weevil menace to a minimum.
tions, were signed here at 2:15 o'clock this afternoon." It
One of the motives which has prompted the cotton trade in the United
States to awake to the seriousness of the situation is the fact that Great
was added:
•
The signature brought to a successful conclusion the negotiations,extend- Britain and other foreign countries are making strenuous efforts to produce
ing more than thirteen weeks, between Charles B. Warren and John Barton cotton in sufficient quantities to become independent of the American
Payne, as personal representatives of the American President,and Fernando product. The success of such efforts would threaten our supremacy as
Gonzalez Roa and Ramon Ross, for President Obregon. The actual the leading cotton-growing country of the world.
The boll weevil is the most dangerous of pests because it is so thoroughly
signature, however, was by Juan F. Urquidi and J. Ralph Ringe, Secrefortified against extermination. It never has been successfully combatted
taries of the Mexican and American delegations. respectively.
Yesterday (Aug. 17) the Mexican Embassy at Washing- by sprays, as many other insect pests have, because it thee not eat the verdure of the plant. It digs
the cotton boll, extracting its nutriment
ton made public a statement by President Obregon of Mexico from it, and deposits its egginto
in the cavity it makes. This is sealed with
relative to the work accomplished, in which he indicated a gummy substance by the weevilto prevent the red ant, which is its deadly
from destroying the egg or worm which hatches from the egg.
that two conventions (one, respecting the creation of a enemy,
The one channel through which
weevil can be reached is its thirst.
mixed claims commission to examine claims against the which It satisfies by sipping the dewthe
from the leaves of the plant. PoisonMexican Government for damages arising out of revolution, ing the dew with calcium arsenate has been the most effective means of
the pest so far. Unfortunately, there is a big shortage of arseand the second creating a mixed claims commission to decide combatting
nate, which is manufactured from white arsenic, which is a by-product of
unsettled claims of citizens of either country against the copper smelting. Georgia. the
second largest cotton-growing State, has
government of the other country arising since the convention recently contracted for 50,000 tons of arsenate to be delivered over the
the
next
fight
five
to
years
the
weevil.
If other cotton States should enconcluded July 4 1868), would be concluded if the two Gov- deavor
to follow the example of Georgia. there would not be sufficient
ernments decide to resume diplomatic relations. The state- calcium arsenate produced in the
world to fight the weevil. It 'would require more than 100,000 tons annually to fight the poet in the infected parts
ment follows:
of the belt.
The work of the Mexican-American Commission, constituted by
HonExperiments to combat the weevil by using aeroplanes to spread Voloon
<rabies Mr. Charles B. Warren and Mr. John B. Payne as representatives
gas over infected areas have yet to demonstrate the effectiveness of this
of the President of the United States, and Mr. Ramon Ross and
Mr. method. If it eventually should prove
Fernando Gonzalez Roe as my own representatives in my
successful, it would require a fleet
capacity of of hundreds
of aeroplanes and huge gas production to put It Into operation
President of Mexico, having been concluded, it is now my duty
to inform over the
entire cotton belt.
the country regarding the manner in which that work was carried
out,
I am glad to see that the United States Steel Corporation appreciates
and its significance.
the menace of the weevil and that Judge E. H. Gary has notified the AmerTo that end I wish to make the following statement: First,
the work ican Cotton Association that the
corporation will contribute 825.000 a year
of the Mexican-American Commission, which was begun on the
14th for the next
three years to the boll weevil campaign. The far-reaching
of May last and ended the 15th ultimo, was confined of views and
inblight of the weevil touches even the Steel Corporation. There are eight
formation regarding the difficulties which up to the present
time have steel ties
on every bale of cotton. The crop loss this year, due chiefly to
been an obstacle to the resumption of diplomatic relations
between the weevil,
Is estimated at 6,000,000 bales. This means that cotton growers
two Governments.
will
require
The
48.000.000 fewer steel ties to bale the crop.
Mexican
(2)
Commissioners, after hearing the American
point of
At current prices for cotton, the loss this season, due chiefly to the weevil.
view in every case, but without entering into any discussion
intended to
approximates $750000000, and it may run considerably over that figure.
modify our present laws, offered explanations of those parts
of our laws In
the face of this huge loss the amount devoted to fighting the weevil
relating to American interests in Mexico in connection with
the oil and
seems
infinitesimally small. Members of the New York Cotton Exchange
the agrarian questions only; and they also explained the manner
in which
the present Government, in pursuance of its original
this year contributed $100.000 to fight the pest, but in view of the great
policy has been endeavoring to conciliate with the principles of international law
ravages of the weevil it would be real economy of benefit to the nation and
the revolutionary ideals now embodied in our laws.
the world, to devote millions of dollars to exterminating this enemy of the
cotton plant.
(3) In addition, the Mexican Commissioners confirmed the
intention
Government
this
to
conclude two conventions for the creation of
of
mixed
claims commissions. This intention was communicated to
the Embassy Fulmer Cotton Standard Act Applies
to All Shipments
of the United States by our chancellory in an informal note dated
Nov.
After August 1—Contracts Entered Into After
19 1921; and to Congress in my message of Sept. 1 1922.
Regarding the first of these conventions, our chancellory.
March 4 1923 Subject to Provisions—Possible
on July 12
1921 addressed an invitation to all the Governments who
nationals had
Test of Act.
suffered damage in their persons or in their properties through
the last
revolution in Mexico, and that invitation was based on Article
Acting
States
United
5 of the
Attorney-General Seymour, in addecree of May 10 1912, issued by the First Chief of the
Constitutional vices to Secretary of Agriculture Wallace,
Army, Mr. Venustiano Carranza, and on Article 13
has ruled that the
amended, of the
Law of Dec. 24 1917.
provisions of the United States Cotton Standards Act apply
The object of that first convention would be to create a mixed
commis- to shipments made after August 1, regardless of the date of
sion to examine, from the point of view of equity, all the claims
which the contract. It is stated in special
advices from Washingcitizens of the United States might have against the Mexican
Government for damages arising out of revolution. The second convention,
ton to the "Journal of Commerce" on August 8, that since
having
a more general jurisdiction and being of a reciprocal character,
was intended the ruling strikes at the validity of cotton contracts it is exto create a mixed claims commission to decide in accordance with the rules
pected that litigation will follow to test the Government's
of international law.
There will be in accordance with rules of international law
on unsettled position. The paper referred to says:
claims of citizens of either country against the Government of the
Under the terms of the so-called Fulmer Act the official cotton standards
other
country, for acts having taken place since the signing of
the convention fixed by the Agricultural Department became effective on August 1. The
concluded July 4 1868. but excluding, of course, those acts
falling within Act declares that the indication of a grade of cotton by any designation
the jurisdiction of the first convention mentioned.
other than provided by the standards shall be unlawful if in connection with
le (4) The conventions referred to will be concluded if the two Governments commerce.
decide to resume diplomatic relations.
Mr. Wallace inquired of the Attorney-General if the Act applied to a ship(5) If the normalization of these relations follows the termination
of ment of cotton made after August 1, in fulfillment of a contract made after
the Mexican-American conferences such result sill not be due to any March 4 1923, the date of the approval of the Act; and further
asked if the
obligations contracted, nor to any agreements which may have been
entered Act applied to a shipment made after August 1, in fulfillment of a coninto for the purpose of resuming diplomatic relations, nor to anything tract made prior to March 4.
that might contravene our laws or the rules of international law, or
injure
Power of Congress.
the dignity or the soveriengty of our nation.
p. Such a happy event should bo attributed, as far as these conferences
"My conclusion is," Mr. Seymour said, "that the United States Cotton
ability
the
and patriotism of our own
are concerned, to
commissioners to Standards Act invokes a legitimate power of Congress over inter-State Comexolain, and to the generous broad-mindedness, free from any unwise merce, and its provisions apply to shipments made on or after August 1
prejudices, of the eminent American commissioners to understand the 1923 regardless of when the contract was made."
fundamental problem that Mexico is now facing, namely, the economic
Contracts, the Acting Attorney-General held, are made subject to the posand
moral betterment of the people in harmony with the development of foreign sibility that even if valid when made Congress may by the exercise of its
country,
a
problem which can only be solved
interests invested in the
in power render them invalid. The Act, he stated, is intended to prohibit the
the present national possibilities, through a complete realization of the use in connection with any transaction in inter-State or foreign commerce
after August 1 1923 of any other than the cotton standards provided for by
p•litical and social program of tho present Government.
I am pleased, finally, to be able to state that the good-will shown by the the Act. The authority for and the validity of the Act, he eiplained, rest
four commissieners, which but reflects the good-will so frequently shown by upon the power of Congress to regulate inter-State and foreign commerce.
The individual's ownership of property, he declared, is subject to the
the two neighboring couetries in so many various ways, made it possible
lawfor the commission to carry out its work in a spirit of uninterrupted and ful demands of the sovereign power and, therefore, contracts with reference
to
these demands must be understood as subservient to the rightful
cordiality.
friendly
authority
748
of the Government. He cited cases showing the decisions of courts holding
that railroad companies may rightfully refuse, after the passage of Act forbidding the transportation of certain comniodities, to issue inter-State transportation in pursuance to a prior existing contract to do BO.
Conracts Subject to Law.
to
' "All contracts made after March 4 1923," Mr. Seymour held, "relative
the subject matter embraced in the provisions of the United States Cotton
the
to
subject
and
of
Standards Act are entered into with the knowledge
provisions of that Act.
sub"And all contracts entered into before March 4 1923 relative to the
ject matter to which the Cotton •Standards Act applies are subject to the
provisions of that Act."
As disclosing the power of Congress over contracts made in relation to
inter-State commerce, the acting Attorney-General quoted court authority as
follows: "Such commerce is solely regulated by Congress, and when parties
make contracts to engage in inter-State commerce, they are held to do so
upon the basis and with the understanding that changes in the law applicable to their contracts may be made. There can, in the nature of things, be
no vested right in an existing law which precludes its change or repeal, nor
vested right in the omission to legislate upon a particular subject which exempts a contract from the effect of subject legislation upon its subject matter by competent legislative authority."
Texas Agricultural Commissioner Says Cotton Crop
Should Bring Not Less Than 25 Cents.
Not a bale of the Texas cotton crop should be sold for less
than 25 cents, says George B. Terrell, Texas Commissioner
of Agriculture, who in a statement regarding the crop on
August 5 declared that it should bring 30 cents before the
cotton year closes. His statement as'contained in a special
dispatch from Austin to the Dallas "News" follows:
1.
This report covers the condition of corn and cotton up to August
farmThese reports represent about 200 counties and are sent in by practical
n
demonstratio
farm
ers, bankers, business men, County Commissioners and
of
agents, and the summary given below represents the combined judgment
these reporters. Damage from drouth and insect pests is very serious.
Corn: Acreage 98% of last year. Condition 88% of normal, which indicates a yield a little less than last year. The United States Government's
figures for last year are 5,729,000 acres, with a yield of 114,580,000 bushels.
our
The figures this year, based upon 18 bushels per acre yield as shown by
as an
reports, indicate a crop of 103,122,000 bushels. This is only given
approximation of the correct yield.
Cotton Acreage Increase.
acres.
Cotton: Acreage 15% increase over last year, or about 14,000,000
of a bale
Condition 67% of normal, which represents a yield of one-fourth
late and
per acre, or 3,500,000 bales. The cotton crop is about three weeks
and plowing
is not fully matured. They are picking cotton in some fields
or less
cotton in other fields in the same locality. The yield may be greater durinsect ravages
than this estimate, according to weather conditions and
forecast the
ing the next few weeks. It is not humanly possible to correctly
yield at this time.
seems to
belt
cotton
The United States Government report for the entire
Texas. Our rebe a fair and conservative estimate, but a little oo high for
shows 71% and
port shows a condition of 67% while the Government report
bales, while our report,
the Government report indicates a crop of 4,075,000
3,500,000 bales.
based on one-fourth of a bale per acre, indicates a crop of
report is made up
This difference is partly accounted for by the fact that our
cotton has
to August 1, or one week later than the Government report, and
:
serious in
failed rapidly during the last week from drouth, which is very
many parts of the State.
Cotton is Stronger.
a
Domestic consumption and exports of cotton amount to 1,000,000 bales
month, or 12,000,000 bales a year. The entire crop of the South is estimated
to be 11,000,000 bales in round numbers or 1,000,000 bales below consumpfrom
tion. Nothing but a world war or a financial panic can keep cotton
advancing the latter part of the season when the shortness of the crop is
cents
fully realized. Not a bale of this crop should be sold for less than 25
per pound, as it has cost over 20 cents per pound to produce it and it should
of cotbring 30 cents before the cotton year closes. The statistical position
because
ton is stronger than it was last year when the price went to 31 cents
the carry-over is less.
I warned the farmers and business interests last year against the suicidal
of
policy of dumping the cotton upon the market so rapidly, but the policy
policy
dumping was continued and they lost millions of dollars by the blind
pursued.
they will
The business interests can save this terrible loss this season if
financing it
finance the crop before it leaves the farmers' hands instead of
the
hands.
farmers'
for the speculators after it leaves
next three months,
If we would sell only 1,000,000 bales a month for the
the
before
end of the three months, but if the
cents
30
bring
cotton would
20 cents instead of
crop is sold as fast as gathered, it may bring less than
30 cents, which all the conditions justify.
Farmers' Intentions to Sow Winter Wheat and Rye
as of Aug. 11923.
Department of Agriculture (Bureau
States
United
The
on Aug.
of Agricultural Economics) at Washington, D. C.,
investigaits
of
the
results
giving
report
a
issued
15 1923,
regarding
tions into the question of farmers' present intentions
farmers adhere
the
grains.
If
-sown
autumn
of
planting
the
the present
to these intentions, the planting of winter wheat
wheat
year will be 153.s% less than the area sown to winter
The
less.
9%
be
rye
will
to
devoted
land
the
and
in 1922
t's
summary:
Departmen
following is the
Wheat.
the acreage to be sown
A reduction of 15.5%, or 7,177,000 acres, in
from farmers reto winter wheat this fall is indicated by 25.000 reports
of Agriporting for their own farms to the United States Department
culture. if their intentions of Aug. 1 are carried out.
from
If a reduction of 15.5% is made this year in the sown acreage
last year, It would make a total sown acreage this year of about 39,200,000
acres, compared with 46,379,000 acres actually sown last fall, of which
39,750.000 acres were harvested, there having been an abandonment of
14.3%.
[VOL. 117.
THE CHRONICLE
Compared with the pre-war (1909-1913) average annual sowing'of
33,741,000 acres, the intended sowing this fall is an increase of 16.2%.
and compared with the pre-war average annual harvested acreagelot
30,236,000 acres, an increase of 29.6%.
W. The average annual abandonment of winter wheat acreage for the past
ten years has been 9.8%-the reduction in acreage due to abandonment
ranging from 1 to 31%. If the average annual abandonment occurs this
winter. It would leave about 35,360,000 acres to be harvested next summer.
Details for the more important winter wheat States are shown below:
(000 omitted).
Arge.
Acreage Acreage
Sown
Sown
1909 to Fall of
1922.
1913.
State1,336
Pennsylvania_ _ 1.329
2.618
ie igan
mhich
O
2,128
1.014
954
2,221
2,385
Indiana
3,412
Illinois
2,555
3.132
2,412
Missouri
3,527
3,171
Nebraska
12,284
7,330
Kansas
1.695
852
Texas
3,733
1,911
Oklahoma
1.578
211
Colorado
1,456
Washington ___ 1,052
8,373
All other States 7,451
Intended Sowing, Fall of 1923,
Compared with
Acreage
Awe.
Acreage
A
Acreage Pre-War
in
Harvest
Sown
Years
Left for
Fall of
1909 to
Harvest
1923.
1922.
1913.
in 1923.
100.0%
98.0%
98.0%
1.303
0..00
181.
08
1
0i
%%%
0
36.00
8. 6..
3
118.0%
2,291
968 102.0%
77.0%
2,088
85.0%
80.0%
107.0%
3,224
76.0%.
75.0%
97.0%
3,076
100.0%
75.0%
83.0%
2,645
80.0%
111.0%
8,844 134.0%
89.0%
82.0%
1,559 163.0%
86.0%
78.0%
152.0%
3,397
90.0%
.34.0%
1.057 673.0%
19
0%
0%
2.0%
8%
05
11:0
19
145.0%
1,383
104.0%
7,915
98.6%
84.5%
39,750 116.2%
Rye.
Reports on rye acreage indicate a reduction of 9%. The acreage sown
last fall is estimated at 5,234,000: reduction of 9% would therefor indicate
a total acreage to be sown this autumn of 4,759,000. The pre-war (1909.913) average annual acreage sown was 2,562,000.
on
Note.-Thls report is not a forecast but simply a statement based
the expressed intentions of many thousands of farmers on Aug. 1. These
expressed intentions are subject to change.
CROP REPORTING BOARD.
G. K. Holmes,
W. A. Schoenfeld, Chairman,
W. W.Putnam,
W.P. Callander,
H. 0. Herbrandson,
L. M. Harrison,
Chas. E. Gage.
Approved:
C. W. Pugsley, Acting Secretary.
United States_ _33,741
46.379
Charles W. Morse and Sons Acquitted in Government
War Fraud Case.
The Government lost on Aug. 4 the first of the big war
fraud criminal cases, a jury in the District of Columbia
Supreme Court at Washington returning a verdict of acquittal
in the case of Charles W. Morse, New York shipbuilder;
his three sons and four others, who were charged with a
conspiracy to defraud the United States on war-time ship
building and operating contracts. The jurors, who had spent
15 weeks in hearing the evidence and arguments, deliberated
approximately 14 hours. Besides the elder Morse, those
acquitted were Erwin A. Morse, Benjamin W. Morse,
Harry F. Morse, N. H. Campbell, of New York; R. M. Much
of Augusta, Me., and R.0. White of New York; all officials
of some of the several Morse companies, and Philip Reinhardt, who was an auditor for the Emergency Fleet Corporation at the shipbuilding plant at Alexandria, Va.
Anthracite Miners and Operators Confer With United
States Coal Commission in New York.
No efforts have been made either by the anthracite operators or miners to break the original deadlock over wage
negotiations which might result in a strike Sept. 1, when the
present agreement expires, the Government took a hand in
the situation this week, bringing the two factions together
for the purposes of thrashing out their difference. Representatives of the anthracite operators and miners conferred
for the first time on Aug. 15 at the Hotel Pennsylvania in
New York with members of the United States Coal Commission, at the request of the latter, which, it will be recalled,
was appointed by the late President Harding after the coal
strike of 1922, to devise ways and means of averting a strike
this year at die time of expiration of the present strike.
Despite the firmness with which the anthracite coal miners
had insisted on the check-off system during their recent
negotiations in Atlantic City-negotiations that had come
to naught-spokesmen for the miners this week agreed to
abandon the check-off system when they met with representatives of the operators in a conference at the Hotel Pennsylvania called by the U. S. Coal Commission. The action of
the miners, which constituted the first definite step in the
direction of settlement of their differences, was made known
on Aug. 15.
During the second day's session, i. e., Aug. 16, new
difficulties set in, and the threat of a strike in the anthracite
United
fields on Sept. 1 became more ominous when the
and
States Coal Commission failed to get the operators
AUG. 18 1923.]
THE CHRONICLE
749
miners to resume negotiations. At the end of a day of conferences at the Hotel Pennsylvania, first with one side and
then with the other, the Commission, through Chairman
John Hays Hammond, gave out the following statement:
Railroad is comprised in the handling of its passenger traffic. Moreover.
the Central New England By. is under the same management and handled
by the same operating heads. The performance of the Central New England in car movement, train loading and gross ton miles per train hour is
higher than any other railroad in New England, not excepting the Boston
following figures show:
Up to this time no progress has been made, and frankly the outlook is & Albany, as the
Cost of
Aver. miles
discouraging. We, however, will continue our investigations to-morrow.
FreightTrain
per freight Train Load
We have no further comment to make.
G. T. M. G. T. M. Ezps. per
car day
(Year 1921.)
On the following day, however, the situation again cleared
1.000
per
(Bad Orders
Per
Excluded). Train Mile. Train Hour. 0. T. M.
up to some extent. After John Hays Hammond, Chairman
$2.056
13,474
Boston & Albany
961
31.0
of the Federal Coal Commission, had addressed a letter to Boston
1.994
Maine
12,311
1,095
20.5
both miners and operators to find some way to resume Bangor &
2.247
& Aroostook
10,191
838
16.1
2.252
negotiations to avert an anthracite strike, both sides went Maine Central
9,744
869
20.2
1.979
10,127
Rutland
945
22.6
into executive session at the Hotel Pennsylvania, and later Central
2.273
Vermont
8,173
835
28.2
let it be known that they had reached an agreement to renew New Haven
1.794
1,205
16.1*
13.354
1.752
18,718
1.452
41.3
the conference for a new wage contract. Inasmuch as the Central New England
present contract under which coal is mined expires on
Aug. 31, the operators and the union men decided to get
together once more at Atlantic City as early as Monday
next, Aug. 20, in an effort to prevent a stoppage in the
industry.
New Haven Opposes Rail Plan of Joint New England
Railroad Committee-Opposes Any Plan Linking
New England Roads and Outside Trunk Lines
but Favors Local Combines-Proposal of
Guarantees Offers Nothing to Protect Present Stockholders.
The board of directors of the New York New Haven &
Hartford RR. has submitted the statement outlined below
to the stockholders. The statement is prepared from the
report of a special committee appointed to make a careful
study of the report and an analysis of the suggestions and
criticisms contained in the report of the Joint New England
Railroad Committee to the Governors of the New England
States. An outline of the Joint New England Railroad Committee's report was given in.our issues of July 7, page 87,
and July 14, pages 170-175. The statement issued to the
stockholders follows:
New England Consolidation.
It is the firm conviction of your directors that it is vital to the
interests
of New England industries, as well as to New England railroads, that
in
due time a consolidation of the rail lines within New England.
including
not only the New Haven, Boston & Maine, Maine Central, Rutland
and
Bangor & Aroostook, but also the Boston & Albany and Central Vermont,
should be accomplished, and that a consolidation of either the northern
or
southern lines with the trunk lines will be in the highest degree detrimental
to New England's future prosperity.
There is a strong appeal in the Joint Committee's report to the
pride
and enterprise of New England business men to retain the
management
and ownership of the railroads which have been built by New England men
and money, and there is a significant warning to Now England business
men that if they allow those more interested in other parts of the country
than in New England to guide and direct the destiny of their rail lines
there may follow a decline of the position and importance of New England
and New England industry. Vigorous and prompt words and action are
needed to awaken New England to the fact that she cannot permit the industries which bake made her rich and influential to slip away from her through
inertia. This is not the expression merely of a sentiment; it is a statement
of a sound business axiom. These New England railroads should be owned
and managed by the people whom they serve. They are now principally
owned and managed by New England people. Of the eighteen directors
of your company, fourteen are residents of and do business in New England and all are vitally interested in its prosperity.
The Joint Committee points out with great force the economic reasons
why a New England consolidation should take place and why such consolidation should be of the Now England roads rather than of the several
New England roads with several trunk lines. Their reasons may be briefly
summarized as follows: Railroad management in Now England must be
sympathetic to the development of New England industries and seapolts.
Its railroad policy should be to preserve all existing differential
routes by
rail and water to the West and South. A New England
railroad management must constantly be alert to preserve rates on such a parity
with
rates from other sections of the country into the great central
territory between the Hudson and the Mississippi rivers, where New England industries now find their groat market, that they may compete on fair terms
with
industries in other sections of the country. This movement of
business
must be preserved and increased in order to induce eastbound
business
to
seek New England ports, for without eastbound business
through the ports
shipping lines will not and cannot adequately serve New England interests.
The Now England railroads constitute practically a great railroad
terminal
for the distribution and collection of business moving from and to the
West
and South, and industries in New England must preserve the advantage
of
ability to choose among a variety of routes.
In every one of the foregoing particulars which the Committee points
out as vital to the future of New England, the interests of the trunk lines
are on the other side. Their financial interests are not in New England:
they are west of the Hudson. The volume of business they transact in
other parts of the country is larger and more important in many respects
than the business of New England. It would be to their business Interest
to dry up the differential routes both by rail and water and oblige the traffic
to move in both directions over the east and west main lines. The views
expressed by trunk line presidents that a New England consolidation would
operate to place the trunk lines at a disadvantage in dealing with New
England business indicate the advantage for New England interests of a
New England
consolidation.
_
Efficiency-of Operation.
The board has given careful consideration to the Committee's views on
Operation. The same management which is praised for efficiency in handling its passenger traffic is criticized for supposed inefficiency In handling
its freight traffic. Yet one-half of the operating problem of the New Haven
* Includes New York Connecting By.
(Figures compiled by the Bureau of Railway Economics).
From the above it will be seen that the Central New England operated
at the lowest cost per 1,000 gross ton of $1.752.• The New Haven's cost
was.$1.794, or lower than any other road except the Central New England.
The deductions of the Joint Committee are mainly drawn from a single
premise, namely, an indicated relatively slow movement of freight cars.
Perhaps the most satisfactory answer to the Committee's opinion is that
recently given by Professor William J. Cunningham, the J. J. Hill Professor
of Transportation of Harvard University, who has been a profound student
of New England transportation problems and has been a most important vritnsfor the New England lines in their contest with the trunk lines for larger
divisions. In a recent communication to the New York "Evening Post"
respecting the Joint Committee's report, Professor Cunningham, among
other things, says as follows:
"The New Haven and the B.& M.are criticized because they move their
cars a shorter distance per day than does the Boston & Albany. The 1922
figures are: New Haven,13.6 miles: Boston & Maine. 17.1 miles; Boston
& Albany, 27.8 miles. The implication is that the New Haven is less than
one-half as efficient and the B.& M.less than two-thirds as efficient as the
Albany. The Committee asserts that 'the average distance moved per car
day constitutes a significant test of the efficiency with which the road is
9wa
railroad ogeratNnrno
Mela.'(4nlwhtkn;wsair
iterelreeio
not true.
hgagt
1
mthis
times as efficient as the Pittsburgh & Lake Erie, and the Lehigh & Hudson
River several times as efficient as the Lackawanna.
"The miles which a car can make in a day are influenced in part by operating efficiency, but they are influenced very much more by length of haul,
diffusion of traffic, and terminal characteristics. It will take much more
managerial skill to get nineteen miles per car day on the New Haven than
to get thirty-eight miles on the Boston & -lbany. The New Haven's
network of branch lines, its shorter haul, its diffusion of traffic, and its frequent junction points and terminals are factors which absolutely prohibit
a car performance approaching that of the Boston & Albany, with its
longer haul and more favorable traffic and operating conditions. Yet
the Committee practically ignores these traffic and operating differences
in comparing the New Haven and the B. & M. with the Albany.
"These two principal roads.are pilloried because their cars are not as
'nimble' as on the more favorably situated road, and the Committee concludes from the statistics of car miles per car day and by an empirical and
unreliable index of cars dispatched to cars on hand, that their operating
efficiency is low. Every railroad in New England is given a clear bill of
health except the New Haven and the Boston & Maine. These two roads
are condemned largely because of unintelligent deductions from car service
statistics."
The car movement for the year ending June 30 1922 and for the months
of June and July 1923 shows what the present management has been able
to accomplish with a more normal situation in regard to power and weather
conditions. The figures are as follows:
. NEW HAVEN SYSTEM
(Including C. N. E. and N. Y. Con. Ry.)
AVERAGE MILES PER FREIGHT CAR DAY.
Includes Customary Bad Orders(4%), Excludes
Excludes Bad Orders Set Aside for
All
Rebuilding. Excludes Surplus Cars
Bar
Stored in Periods of Light Traffic. Orders.
Aver. for 5 yrs., 1915-191915.5
15.1
Year ending June 30 1922-8.7
18.7
Month of June, 1923
18.2
17.4
Week of July 5 1923
18.4
17.6
19.1
Week of July 12 1923
18.2
Week of July 19 1923
19.8
18.9
20.6
Week of July 261923
19.6
When in addition to the tremendous complexities of operating a railroad
comprises
but about one-sixth ofits entire mileage and whose
whose main line
through car movement rarely rises above 6% to 10% of its total car movement, and which has innumerable Junctions, branch lines and switching
Yards and a traffic which is diffused all over southern New England, there
is considered the heavy burden of an excessive number of bad order cars
following Federal control, and deficient motive power, due to the handicap
of coal and shop strikes and extraordinary winter conditions, and the necessity of conserving every dollar, the board feels that the management Is to
be commended rather than condemned.
Economies in Operation Not Referred to by Joint Committee.
In this connection the board calls attention to the very large economies
effected by the management in the period between 1917 and 1922. These
economies, due in part to improvements and betterments and in part to
more effective operation, have resulted in annual savings in payrolls, fuel
costs and per diem approximating $19,500,000. as follows:
Payrolls-If it had been necessary to employ in the year ending
June 30 1922 the same number of employee hours per revenue
ton mile and per passenger one mile as during the years 1915.
$15,000,000
1916 or 1917, the 1922 payroll would have been about
more than It actually was.
Fuel-If the fuel consumed per revenue ton mile and per passenger one mile in the year ending June 30 1922 had been the
same as during the years 1915, 1916 and 1917, the fuel cost
$2,000,000
would have been about
more than it actually was.
Per Diem-If the miles per freight car per day (excluding bad
orders in excess of normal, and stored cars) and the car loading for the year ending June 30 1922 had been the same as
during the years 1915. 1916 and 1917, the per diem would
$2,500,000
have been
more than it actually was.
$19,500,000
Total
This does not include savings in material other than fuel and in other
Items not included above.
750
[VOL. 117.
THE CHRONICLE
board wishes to add its commendation of the loyal and faithful services of
Committee's Criticism of Cost of Locomotive Repairs.
The Joint Committee used as an index for cost of locomotive repairs, the employees.
This railroad has been under the harrow for a long period of years. Any
locomotive mileage, which Is a misleading index, unless other factor!' are
considered. On the basis of the cost of repairs per 1,000 net ton milm and errors of former administrations should not be visited on the present one.
per 1,000 passengers one mile, a closer index of the service performed by What the road needs is a respite from investigations, an opportunity for
its officers to devote all their time to the railroad business, the friendly
locomotives, the results are quite different.
The cost of locomotive repairs per 1,000 net ton miles in freight service co-operation of New England business men, and with a strong pull all together, the New Haven road can be put back where it used to be, a capable
of the New England roads for the year 1921 is as follows:
public servant and a sound financial institution.
Cost per 1,000 Net Ton
Signed: Edward Milligan, Harris Whittemore, Francis T. Maxwell,
Miles—Freight.
Walter B. Lashar. John T. Pratt, Edward 0. Buckland, Howard Elliott,
New Haven—C. N. E
.8072
Benjamin
Campbell, Arthur T. Hadley, Edward 3. Pearson. James L.
Boston & Maine
1.1502
Richards, Robert G. Hutchins, J. Horace Harding, Charles F. Choate Jr.,
Maine Central
.9768
Frank W. Matteson, Frederic C. Dumaine, Joseph B. Russell, George
Boston & Albany
1.0106
Dwight Pratt, Board of Directors.
Bangor & Aroostook
1.2428
Central Vermont
1.1522
Rutland
.9254
General Chairman of Railroad Locomotive Firemen and
(Figures compiled by the Bureau of Railway Economics.)
Enginemen Will Meet to Start Wage Movement
which shows that the New Haven produced net ton miles at a less cost for
September 6.
locomotive repairs than any other road in New England.
The coat of locomotive repairs per 1,000 passengers one mile in passenger
It was announced on Aug. 13 that approximately 350
service Is as follows:
General Chairmen of the Eastern, Western, Southeastern
Cost per 1,000 Passengers
and Canadian associations of general committees, BrotherOne Mile.
New Haven--0.N.II
$2.62
hood of Locomotive Firemen and Enginemen have been
Boston & Maine
2.93
called to convene in special session at Chicago Sept. 6 "for
Maine Central
3.14
Boston & Albany
the purpose of giving consideration to the question of in2.62
Bangor & Aroostook
5.69
augurating a wage movement,", according to the official
Central Vermont
7.24
circular mailed to all members of associations of general com4.34
Rutland
(Figures compiled by the Bureau of Railway Economics.)
mittees, D. B. Robertson, President of the Brotherhood,
which shows that the New Haven produced passenger miles at aiess cost announced. The amount of pay increase to be asked of the
for locomotive repairs than any other road in New England except the
railroads would be determined by the General Chairman,
Boston & Albany, which is the same.
There are certain other points in the Joint Committee's report relating to Mr. Robertson said. The wages of firemen were out
operation which the board defers comment upon for the present and have approximately 123.% by the Railroad Labor Board on
obtained the assistance of independent experts who will assist the board In
July 1 1921, he said. Whether this would be the amount of
making a thorough and detailed examination and further statement.
the increase to be requested he would not say. Mr. Robert— isa/sloga; Committee's Plan for Financial Aid to the Company. The board feels that the company should welcome and gladly co-operate son said he understood T. C. Cashen, President of the SwitchIn any effort satisfactory to its security holders which will Increase its rev- men's Union of North America, would convene all his Genenues without prejudice to its customers and diminish its fixed charges. eral Chairmen in Chicago at the same time to inaugurate a
A scaling down of the interest rate it pays the United States will be helpful
as well as just. A public recognition that the railroads are carrying an un- movement for increased wages.
due and unfair burden of taxes, and a public recognition of the inconsistency
Warren S. Stone, President the Brotherhood of Enginof subsidising motor truck,competition with the rail lines at the expense of eers, when asked if his
General Chairmen would join the
the taxpayer, are suggestions by the Joint Committee which are heartily
endorsed by your board. Further, it certainly Is not fair that Industries firemen in a joint request for increased wages, said the laws
which are paying their full share of rates should bear an undue proportion of his organization did not call for the convening of General
of the burden because the railroads are now required to carry a certain Chairmen to
inaugurate a wage movement, as did the rules
class of passengers at less than cog, and indeed at a heavy loss.
The principal financing which is facing the company is undoubtedly of the other brotherhoods, and that no similar aotion was
the renewal of the foreign loan, 10% of which was paid and 90% of which contemplated at present.
•
was renewed and which is due April 195. and when the present financial
After the General Chairmen decide on the amount of the
time
the
the
condition of the New Haven road is compared with that at
foreign loan was renewed, in April 1922, one would imagine that there increase to be asked the proposition will be submitted to a
would be no serious difficulty in taking care of the foreign loan at its ma- Tererendum vote of the 118,000 members of the Firemen's
turity. For instance, when the foreign loan was renewed, the company Brotherhood. This will take about thirty days, it is stated.
owed banks for borrowed money $2,000.000: at the present time it owes
them nothing and has not increased its outstanding debt during that period. If they approve the proposal it will be submitted to the GenIn addition, the company between April 11922 and July 31 1923 has spent eral Chairmen and brotherhood officials of railroads where
on additions and betterments chargeable to capital account more than
agreements expire about Oct. 31.
13.200,000 which was directly financed by the company, and its present
With the meeting of the firemen and switchmen in Chicago,
cash situation is substantially better.
In respect to valuation, the Committee either failed to understand or all of the five transportation brotherhoods, with the excepcomprehend the position of the company with respect to the tentative
tion of the engineers, have inaugurated movements for invaluation of its property found by the Inter-State Commerce Commission.
Every witness who testified on this subject distinctly stated that the creased wages. The trainmen and conductors met last
New Haven was not asking the traveling and shipping public for any return. week in the last of three joint conferences, which,requested a
upon its Investments in the trolleys. the Boston & Maine, the Ontario &
Western, the Rutland, or any other property outside of Its own system. restoration of the 8 cents an hour, or 64 cents a day, wage
What was proposed was that the amount of the valuation of its own system reduction ordered by the Railroad Labor Board in 1921, and
as finally determined should be entered on its books as the accepted measure in effect since then. The trainmen and conductors, in addiof capital assets and its balance sheet be readjusted accordingly. Such
a readjustment by the New Haven and by the rail lines which It operates, tion, requested an unnamed additional increase.
controls, or in which it has substantial interests, will undoubtedly show a
corporate surplus instead of the present corporate deficit, and so empower Railroad Executives to Discuss Plans for Opposition
the New Haven legally to declare and pay dividends when earnings are
to Wage Increases.
available for that purpose.
The stockholders of this company have made great sacrifices and the diPlans for opposing the wage demands of the Big Four
rectors are loath to call upon them to make more unless the Joint Committee's plan or some modification of it should promise substantial benefit, Brotherhood are to be made at a series of meetings of the
but we have great hope that the Joint Committee's appeal for co-operation Executive Committee of the Bureau of Information of the
In all quarters may lead to the development of such wise financial plan as Eastern Railroads, it was leauned on Aug.
16, according to
will benefit the company, its security holders and the public.
The company is lustly entitled to Increased revenue from several sources, the New York "Times." These meetings are to be held
and a co-operative effort wnich would result in a scaling down of its fixed for the most part during September. The Eastern railcharges and permit the issuance of a limited amount of securities upon the roads, it was said by one
official, are certain to oppose the
proper basis. If such can be worked out by the Joint Committee, should
wage demands. The new rates will come up for consideracertainly not be declined.
a
State Aid and State Control.
The board has carefully considered the recommendation of the Committee
with reference to State guarantees and the surrender of the management of
the property to trustees appointed by the Governors of the States. While
the acceptance of this proposition is. of course, for the stockholders to determine, it is the strong conviction of the board that the plan outlined by
the Joint Committee offers nothing substantial by way of State guarantees
In return for the suggested surrender of control. The plan outlined differs
essentially from that which Is proving so successful with the Boston Elevated
Railway. The proposed trustees would have no power to fix rates adequate
for a fair return upon the value of the property, nor is any guaranty suggested in the event that revenue is deficient, beyond a remission of taxes
sufficient to take care of fixed charges. In this the plan differs widely
from the plan under which the Boston Elevated Railway has been rehabilitated, in that it offers nothing to protect present shareholders or attract
new capital.
The good physical condition of the property and the unremitting labor
and devotion which the executive officers and management have shown in
the handling of the company's affairs and the success with which they have
met and overcome the successive difficulties which have been presented,
have been recognized by the Joint Committee, and to this recognition the
tion before Sept. 30, when some of the present wage agreements expire. The New York "Times" also says:
Three hundred general chairmen of the firemen's union will meet in
Chicago Sept. 6 to discuss means of obtaining higher wages. The conductors and the trainmen have met. While the exact amount of wage increases
that will be asked have not been made public, it has been intimated that
they will be in excess of the rates of pay received prior to the decrease
of July 1 1921.
Eastern railroad presidents are preparing to oppose any such demand.
They will cite the fact that the cost of living is 6% less than on July 11921.
When questioned about the recent increases In outside employees' wages,
they said that this had no bearing on the situation, because the Increases
granted lately to this class of employee was more than offset by decreases
made during the latter part of 1921 and In 1922. Railroad officials are of
the opinion that the unions will do all in their power to settle the impending
dispute without calling upon the Labor Board.
An increase in wages, it was pointed out, would have a serious effect on
the railroad earnings for the second half of the year. Many of the roads
have been spending large sums of money in maintenance of way and repair
of equipment, with the view of cutting down on these expenditures during
the second half of the year.
AUG. 18 1923.]
THE CHRONICLE
Railroad Labor Board Again "Rebukes" Erie Railroad.
The United States Railroad Labor Board on Aug. 8
reiterated its recent • decision that the Erie Railroad had
violated the Transportation Act by placing out on contract
work formerly done by employees who are members of the
American Federation of Railroad Workers. The carrier
contends that by its plan its men are automatically removed
from the jurisdiction of the Transportation Act. The Labor
Board issued five decisions on Aug.8 and again administered
a "formal rebuke" to the Erie system. The decisions are
based on protests by three employee organizations, and
each states that the Erie "has violated the decision of the
Board, and is wilfully and knowingly persisting in such
violation in contempt of the opinion expressed by the Board
in that decision." The American Federation of Railroad
Workers filed protests with the Board, stating that carrier
violated three decisions of that body. One protest states
that the Board arbitrarily reduced wages of trrackmen and
entered into contract in violation of the Transportation
Act; another, by the American Train Dispatchers' Association, stated that carrier failed to compensate dispatchers
for amounts deducted from their earnings during the first
three months of 1921, as ordered by the Board; and the
third, made by the Brotherhood of Dining Car Conductors,
claimed the Erie did not live up to Board's decision covering
rules and working conditions.
Wage Reductions Ordered on Two Railroads
by Labor Board.
•
Wage reductions asked by Kansas City Mexico & Orient
Railroad Co. and Kansas City Mexico & Orient Ry. of
Texas were granted by Railroad Labor Board on July 30.
Nine employee organizations opposed the cuts and a dissenting opinion was given by A. 0. Wharton and E. P. Cable,
labor members of the Board. Rates of pay in effect March 1
1920, before application of Decision 2, are restored by this
decision, which does not apply, it is stated, to telegraphers,
train dispatchers or other employees whose pay had already
been reduced. Disputes between train dispatchers and
telegraphers' organizations and carriers were dismissed.
The carriers stated they have been losing money for years
and a deficit of $675J)00 is expected for 1923 if present
ratio is continued. Discontinuance of operations is threatened because of "distressing financial condition." Employees contended roads should seek relief from Inter-State
Commerce Commission and not by reducing pay rates.
Inability of the carrier to pay is not a controlling factor, the
two dissenting members declared. Six members, representing public and railroad, votpd for the decision. The dissenting opinion declared that the federated shoperafts
strike of 1922 was due probably to the "incapability of
Chairman Ben W. Hooper and R. M. Barton to understand the.value placed upon trade union ethics by bona fide
trade unions." Chairman Hooper and Judge Barton are
members of the public group of the Board. The dissenting
opinion also said:
751
ous margin between the wages paid railway employees and the line of
bare necessity. This Is as it should be.
The decision of the Board in ordering a reduction was based on the operating costs of the road, which showed a deficit during 1919 of 11,246.578;
1920, $1.472.107; 1921. 2806,740; and it is claimed that the present ratio
of deficit for 1923 will be approximately $675,000:and the fact that the train
and engine employees involved in the decision have suffered least by wage
reductions since the war.
The dissenting opinion, after a lengthy discussion of the
shoperafts strike, said that the carrier was one of the rail- .
roads that refused to accept President Harding's proposal for
a settlement of the strike, "but found the money to continue
its policy of fighting a costly strike, although claiming it did
not have sufficient funds to continue the operation of the
railroad under the most favorable conditions." The dissenter is not sympathetic with the necessity of continued
operation of the Orient Railroad," the opinion said,"but it is
of the opinion that the factor so necessary to successful operation is and must be entitled to first consideration up to the
point of paying wages that will insure health and reasonable
comfort."
Canadian Pacific Wharf Workers Get Wage Increase.
Three hundred men who are employed on the Montreal
wharves of the Canadian Pacific Railway, have been granted
an increase in wages, according to an agreement reached
recently between the company and the men. The wage dispute was opened last May and a board of conciliation was
asked for by the men, but since the agreement was reached,
cancellation of the application for the Board has been requested.
Elevated Employees Get Wage Increase in Chicago.
Elevated railroad employees in Chicago were granted
raise in pay of 3 cents an hour for the year ended June 30
1924 and an additional 2 cents an hour for the following year
under the decision of the arbitration board reached last
month. The rate of pay increase is in the same ratio DS
that previously given the surface lines employees. This
award is retroactive from June 1 1923.
Boston Street Car Men Get Wage Increase.
An increase of 3% cents an hour, or approximately 6%,
over the basic wages now in effect was awarded to the employees of the Eastern Massachusetts Street Ry. Co. in
Boston on Aug. 1. The award was made by Henry C.
Attwill, Chairman of the State Department of Public Utilities, as the neutral member and Chairman of an arbitratio n
board. Fred A. Cummings, representing the Public Trustees of the road, concurred in the report and James H.
Vahey, representing the employees, dissented. About
3,000 men employed over a wide territory in the eastern part
of the State are affected. The award is retroative to
May 2 and will be in effect until May 1 1924.
J. F. Holden on Farmers' and Railroad Side
Relative to Freight Rates on Farm Products.
In a bulletin in which both the farmers' side and the
railroad's side of the situation, respecting freight rates on
The chairman of the board and Judge Barton, in referring to the attitude
this case) in a manner peculiarly their own and without farm products, is reviewed, J. F. Holden, Vice-President in
of the employees
foundation in fact, said in effect "that the employees had admitted that Charge of Traffic of the Kansas City Southern Railway Co.,
a reduction should be made." These members of the Board in placing
presents a chart giving prices and freight rates for May 1
such an interpretation on the statement of the employees, in the opinion
of the undersigned, indicate incapability of understanding the value placed each year, 1903, 1913 and 1923, which, he points out,"shows
upon trade union ethics by bona fide trade unions, and probabily due at a glance the proportional decrease in freight rates as comso this same disability may be found the answer to the suspension of
work July 1 1922 by the shopmen and others, which resulted in a loss of pared with the increase in the market price of farm products."
hundreds of millions of dollars to the carriers, employees and the public.
We give herewith Mr. Holden's review, issued at Kansas
The virulent nature of the dissenting opinion would seem City under date of June '25:
A good deal has been said in regard to the situation of the farmer in these
to indicate that its writer has momentarily lost sight of the days
and there is much agitation to the effect that freight rates on farm
fact that he is no longer the head cf the striking shopmen products have been unduly advanced and should be reduced. It might be
but is now a sworn member of a public tribunal designed well to give consideration to certain facts winch bear on the subject, as
submitted below:
to protect the people from the sinister effect of railroad
First, the farmers' side of the question:
strikes," declared Chairman Hooper in his supporting opinion
The United States Census Reports for 1900 and 1920, the latter being
the
last available,show increases in agriculture statistics during the twentywhich
decision,
he
declared to be just and reasonable.
of the
year period as follows:
PerCent.
He added:
Increase.
The dissenting opinion declares that the "trade union ethics" involved
in the course thus pursued by the representatives of the employees are
beyond the understanding of certain of those voting for this decision.
In this the dissenter is mistaken. Trade union ethics cannot be different
from the ethics of other people and other organizations. They embody
the same principles of right and wrong and cannot embrace the idea that
the end justifies the means.
This decision undertakes to fix wages that are just and reasonable. It
does not proceed upon the theory that the employees must exclusively bear
the burden of keeping this railroad In operation. It recognizes the fact
that the capable and well informed representatives of the employees themselves have in effect conceded that a reduction Is necessary, even if they did
block it by interposing an extraneous condition. It does not reduce the
wages of the employees below the stanclard of decent living. It does reduce them somewhat below the rates paid on the great railroads of the
,
country. In doing this, however, the Board knows that there is a genet
5.782.002
12.6%
Rural population
Farm value, including buildings, improvements
/57,484.199.000 281.2%
and live stock
Vaale of farm crops and anima products sold from
$13.253,905,000 264.5%
the farm
Second, the railroads' side of the question:
For the same period reports of the Inter-State Commerce Commission
show increases in the following factors pertaining to rail transportation:
Increase.
PerCent.
118.594
45.8%
Track *mileage
738.988.774
143.1%
Tons of freight loaded
ti9.121.077
101.2
Tons of farm products loaded
28,607.011.414
74.9
Railroad valuation
375.92
138.7
ens per train mile
26.719
Total number of locomotives
77.1
1.572,258,417
Iractive power of locomotives
204.6
1,131.748
Total number of freight cars
78.0 0
Capacity of freight cars (tons)
16.5
Earnings per ton per mile (cents)
#1.1
752
THE CHRONICLE
• It will be noted that the value of property of the farmers has increased
during this period 281.2% and the valuation of the property of the railroads
74.9%, and that while the railroads handled 101.2% greater tonnage of
farm oroducts in 1920 than in 1900, the value to the farmers for such
products increased 264.5%.
The other figures as to the increase in railroad statistics sue,' as tons
loaded, tractive power of locomotives, capacity of freight cars, dm., are
given to show that the railroads are adding at all times to their facilities is
order to take care of the increased growth of the transportation business
of the United States, and while the farmers received an increase of 264.5%
In the value of their crops, the railroads received only 44.3% in increased
earnings per ton per mile hauled.
- The accompanying graphic chart giving prices and freight rates for
May 1st each year, 1903, 1913 and 1923,shows at a glance the proportional
decrease in freight rates as compared with the increase in the market
prices of farm products.
From the above study it would indicate that the railroads have not been
responsible for any alleged financial difficulties of the farmers.
Comparison of Wholesale Prices and Freight Rates.
Below is a table showing market prices at Kansas City, Mo., on May 1
1903, 1913 and 1923, on several products of the farm and freight rates
applying thereon, in dollars and cents, as averaged from representative
points in Nebraska, Kansas and Missouri.
The prices shown on cotton are the average price per hundred pounds for
middling cotton for the years 1903 and 1913 as shown by United States
Government statistics. The price for 1923 is the market price on May 1
at New Orleans. La. The freight rate shown thereon is the average rate
from stations on the Kansas City Southern Ry. in Oklahoma, Arkansas,
Texas and Louisiana to Gulf ports.
The comparison of prices and freight rates at the bottom indicate the
Increase in price of the different commodities shown in the years given and
the increase in freight rates on such commodities for the same periods.
1923.
1903.
1913.
Wheat (per bushel)Price
.69100%
.90 =100% 1.25 =100%
Rate
8.4%
.084=12.1%
.074= 8:2%
Comparison of prices
.695=100% .900=128.8% 1.25 =180%
Comparison freight rates. .084=100%
.074= 88.1% .105=125%
Corn (per bushel)Price
.845=100%
.38 =100%
.575=100%
.Rate
.088=10.5%
.067=17.7%
.056= 9.7%
Comparison of prices_ .38 =100%
.575=151.3% .845=222.4%
Comparison freight rates. .067=100%
.056= 83.3% .088=1.31.7%
Oats (per bushel)
Price
.50 =100%
.33100%
.36 =100%
Rate
7.8%
.026= 7.6%
.024= 6.7%
Comparison of prices_ __ _ .335=100%
.36 =107.4% .50 =149.3%
Comparison freightrates. .026=100%
.024= 93.7% .039=152.3%
Hay (per ton)
Price
9.50 =100% 10.25 =100% 18.50 =100%
Rate
1.70 =17.9%
2.08 =20.3% 236 =12 8%
Com oarlson ofprices_ _ -9.50 =100% 10 21079% 18 50=194 7%
Comparison freight rates.1.70 =100%
2.08=122.4% 2.36=132.9%
Alfalfa (per ton)
Price
11 00 =100% 16 00 =100% 25.00 =100%
Rate
1.70 =15.5%
2.08 =13.0% 2.36= 9.4%
Comparison of prices___ _11.0C=100% 1600=145 5% 25.0227.3%
2.08=122.4% 2.36=132.9%
Comparison freightrates. 1.71100%
Cattle (per cwt.)9.85=100%
Price
8.3(100%
5.0100%
.254= 2.6%
Rate
.155= 3.1%
.167= 2.0%
9.85=197%
Comparison ofprices__
8.3166%
5.0100%
Comparison freight rates. .155=100%
.167=107.7% .254=163.9%
Hogs (per cwt.)
Price
7.95=100%
7.01100%
8.5(100%
Rate
.303= 3.8%
.186=2.7%
2.4%
7.95=113.6%
Comparison ofprices_ __ - 7.00=100%
8.50=121.4%
Comparison freightrates. .186=100%
.205=110.2% .303=162.9%
Lambs (Per Cwt.)
Price
7.06=100%
8.6(100% 15.5100%
Rate
4.3% .485= 3.1%
4.9%
Comparison of prices_ __ 7.00=100%
8.5122.9% 15.50221.4%
Comparison freightrates. .34100%
.361:107.9% .485=141.8%
Cotton (per cwt.)Price
11.18=100% 12.81100% 25.3100%
Rate
.58E= 5.2% .564= 4.4% .882= 3.5%
Comparison ofprices
11.18-=100% 12.8114.5% 25.31226.3%
Comparison freightrates. .585=100%
.564= 96.4% .882=150.8%
AverageRate
6.9%
7.9%
9.6%
_
Comparison ofprices
100%
192.4%
129.5%
Comparison freightrates.
100%
143.8%
103.6%
Pennsylvania National Banks Cannot be Prevented
from Using Word "Trust" in their Titles by
Amendment to State Law.
National banks in Pennsylvania, authorized to use the
word "trust" or "trust company" in their titles or names
by the laws of the United States, cannot be prevented from
using these titles under an amendment to the banking laws
passed by the Pennsylvania Legislature the present year.
An opinion to this effect was given on July 12 by J. W.Brown,
Deputy Attorney-General of Pennsylvania, to J. W. Morrison, First Deputy Secretary of Banking, according to the
Philadelphia "Public Ledger" of July 13.
The Brotherhood's Co-Operative National Bank of
Spokane, Wash.
The Brotherhood's Co-Operative National Bank has been
organized in Spokane, Wash. It began business on Aug. 1.
George 0. Barnhart is President and Henry E. Cass is VicePresident and Cashier. Mr. Barnhart is an 0.-W. RR.& N.
engineer. For ten years he has devoted his time to the chairmanship of the engineers of 0.-W. RR. & N. W. R. Croyle
and Alex Walker are also Vice-Presidents. The directors are:
[Vol.. 117.
N. J. Bostwick, Fred Cottingham, W. T. Fields, Herbert
H. Haas, C. J. Schultz, E. V. White, Wm. E. Jones and
Andrew Ross. The bank has a capital of $200,000 and a
surplus of $40,000.
A. P. Giannini Sees No Reasons Why Labor Banks
Cannot Be Successfully Maintained.
Pointing out that one of the most generally discussed developments of organized labor is its new departure in the
business of banking, A.P. Giannini, President of the Bank of
Italy, at San Francisco, sees "no reason why labor banks
cannot be maintained successfully." Mr. Giannini continues:
Banking isn't so different from other kinds of business, nor from the administration of the large and highly specialized labor organizations themselves. The men who are capable of intelligently directing the activities
of our many big labor unions certainly can be depended upon to administer the affairs of a bank capably.
The mere fact that a great many of these leaders are not practical bankers doesn't in any way militate against their chance for success. At the
outset experienced bankers may be secured to help in getting things started,
but surely the men who in a great majority of cases have the ability to work
their way up from the bottom sill be able to learn,in duo time,the necessary
practices of sound banking. For after all, there is nothing mysterious or
unusually difficult about running a bank. Good management is the essential thing, just as it is in any other enterprise.
Bankers, contrary to the opinion of some people, do not have to be born
to their work. Many of our prominent financiers have entered the field
from other lines of activity. In our own organization I have found frequently that men brought in from the outside outstripped the bankers of
long training. Salesmen, lawyers, doctors and merchants will all be found
occupying high posts in our institution. They are men who have demonstrated their ability in other lines of endeavor, and are now proving that
the same good judgment and managerial ability which made them successful in other vocations are qualities equally fundamental in banking. Men
like Warren S. Stone, President of Cleveland's successful labor basill, and.
closer at home, Daniel C. Murphy, a bank director and officer, illustrate
the fact that men of this type make good bankers.
In one particular, as I see it, labor banks will have a distinct advantage
at the start. Through their members, and organized affiliations, they are
insured of a strong new business organization. Where the average bank
has to build its new business department or get along without one, the labor
banks find themselves provided with a ready-made business getting staff
of tremendous proportions. This is no small consideration in these days of
active competition, since bankers have learned that they have to go after
their customers just as in any other kind of business.
Some financial writers have pointed to the fact that being labor banks,
the depositors of these various institutions will be members of labor unions.
This is, of course, true to a certain extent, but I do not believe that the
management of these banks will be satisfied to stop when the union members have brought in their personal accounts. I think we shall see active
solicitation of new business on a big scale; otherwise one of the most potent
advantages of the organization will be lost.
In this country many of our leaders in banking and business have been
recruited from the ranks of workers, and we know that no finer type of
executive is to be found than the man who has been "through the mill."
The labor organizations afford some of the finest illustrations of this democratic system. These men, who have won their way to dominating positions
at the head of the big unions, are quite capable of successfully directing other
business institutions or of selecting men to represent them in the management.
Labor banks, I am confident, can be made to succeed on the same basis
as other financial institutions. The principles governing them are identical
with those that apply to any other bank. My own rule is: Attend to business, stay out of politics and work hard. The bank that keeps its affairs
open and above board, avoids practices that are in any respect questionable or may lead to embarrassment, isn't going to get into trouble and will
deserve the respett and patronage of the public.
Senator Brookhart Sets Forth Transportation, Credit
Control, &c., Demands on Congress.
Under date of Aug. 5 the New York "Times" reported the
following from Washington:
A communication was received by the Washington bureau of the New
York "Times" to-day from Senator Brookhart of Iowa, in which he sets
forth his views in regard to questions which are likely to come before Congress at its next session. It was prepared by Senator Brookhart at his
home in Washington, Iowa, a few hours before President Harding's death.
The communication reads:
"Washington, Iowa, August 2.
"The important questions before the next session of Congress are transportation, credit control, a co-operative code and taxation of excess profits.
The Progressives are certain to offer important measures upon all these subjects and they probably have enough votes to pass them, though not
over a veto. If they are vetoed the people will surely change the Administration at the next election and elect a Congress stronger than vetoes.
"Upon transportation, the vital parts of the Esch-Cununins Railroad Law
should be repealed and the valuation reduced until it shall not exceed the
market value of the stocks and bonds. This can easily be accomplished
by condemning the stocks and bonds for consolidation. The adequate
return should be defined so it will not exceed the interest rate on the bonded
portion of the capital and the future capitalization of unearned increment
should be prohibited.
"The farmers and the laboring people furnish more than two-thirds of all
the primary deposits in all the banks of the country. The whole banking
system, including the Federal Reserve and the regional bank boards, should
be reorganized so the farmers and laboring people will be represented in
proportion to these deposits.
"A complete co-operative code,including co-operative balling and credit,
should be enacted.
"If an extra session is not called the depression in agriculture is likely to
continue so great as to demand an emergency Government marketing
agency to be changed into a national co-operative for permanent relief.
Some tariff changes may be needed to control the domestic price.
"The promise of the soldiers' bonus should be kept and the excess profits
tax should be increased to pay it. Excess profits are the greatest burden
upon the people of our country and taxation should take them first.
"SMITH W. BROOKHART."
AUG. 18 1923.]
THE CHRONICLE
President Coolidge is believed by hisfriends to be opposed definitely to the
scrapping of the Transportation Act, the re-enactment of the excess profits
taxes, the drastic overhauling of the Federal Reserve System and soldier
bonus legislation. It is also firmly believed here that he will not call an
extra
ion to adopt legislation in connection with the agricultural situation.
G. E. Allen Retires as Deputy Manager American
Bankers' Association—Succeeded by Frank W.
Simmonds.
Announcement was made on Tuesday by F. N. Shepherd,
Executive Manager of the American Bankers' Association,
of the appointment of Frank W. Simmonds of New York
City, as Deputy Manager to succeed George E. Allen, who
retires Aug. 21 after 20 years of service. As Deputy Manager, Mr. Simmonds will become the Secretary of the State
Bank Division, which gives particular attention to the
interests of the state incorporated institutions. Mr. Simmonds comes to the Association from the Chamber of Commerce of the United States in whose service he has for
several years been employed, first, as Field Secretary and
then as Manager of the Eastern District, embracing 18
States, with headquarters in New York. Largely a product
of the West, and particularly the'State of Kansas, where he
was successively a student, teacher in rural and city schools,
superintendent of city schools, and member of the State
Board of Education, Mr. Simmonds has an intimate knowledge of the problems confronting agriculture, to which the
State Bank Division is giving particular attention. He
expects to begin his work with the American Bankers'
Association Sept. 15.
753
David Bingham, formerly senior director of the Corn
Exchange Bank of this city and for the last seven months
an honorary member of the board, died at his home in East
Orange on Aug. 16. Mr. Bingham was 83 years of age.
Mr. Bingham came to this country at 20 years of age. He
was a director of the Queens Insurance Co. of New York
and a member of the New York Produce Exchange. He
was formerly President and at the time of his death was
Chairman of the Board of ,the East Orange Bank. He
was President of the Watsessing Bank of Bloomfield and
was formerly President and a director of the Savings Investment & Trust Co. of East Orange.
According to newspaper reports from Warren, Mass., with
regard to the affairs of the defunct First National Bank of
that place, James E. Farrell, the receiver of the institution,
with the permission of the Comptroller of the Currency, has
begun the payment of an initial dividend of 40% to the
creditors—chiefly to depositors. The total disbursement at
this time will amount to $110,000, it is said, and includes the
100% assessment levied under the law on the $50,000 of capital stock of the bank. We last referred to the affairs of the
institution in these columns in our issue of July 16 1923.
The Malden Trust Co. of Malden, Mass., will increase
its authorized capital from $200,000 to $300,000 through the
Issuance of 1,000 shares, par $100, which will be offered to
present holders at par in the ratio of one new share for each
two shares of stock now held Any of the new issue not
subscribed for by the present stockholders will be offered
ABOUT
BANKS, TRUST COMPANIES, ETC. at not less than $200 a share. The additional stock was
ITEMS
A New York Stock Exchange membership was reported authorized by the stockholders on Aug. 6; the increased
posted for transfer this week, the consideration being stated capital will become effective Oct. 1 1923.
as $82,000. Last previous sale was at $85,000.
Allison Dodd, President of the Bloomfield Trust Co. of
N. J., announced on August 2 that approximately
Bloomfield,
meeting
A special
of the stockholders of the Battery
Park Bank was held on Aug. 13, when the plans for con- 50% of the stock of the Watsessing Bank of Bloomfield had
solidating that institution with the Bank of America were been purchased by the trust company from the Savings Inapproved. The consolidated bank will continue under the vestment & Trust Co. of East Orange. According to Mr.
name of the Bank of America and will have an authorized Dodd, the transaction was negotiated the last part of July,
capital stock of $6,500,000 par value, consisting of 65,000 between 500 and 600 shares having been acquired. The Watshares. The stockholders of the Battery Park Bank will sessing Bank has a capital of $100,000, surplus $100,000 and
receive $19 20 for each share and two shares of the Bank undivided profits, $42,000. Harry H. Thomas, President of
of America for each three shares of Battery Park Bank the Savings Investment & Trust Co., •has recently directed
surrehdered. The merger becomes effective at the close the affairs of the Watsessing Bank following the illness of
of business to-day, Aug. 18. References to the proposed the President. The Watsessing Bank began business Januplans were made in out issues of June 9, p. 2599 and June ary 2 1913 with a subscribed capital of $50,000. It has deposits of $1,884,575 51. The Bloomfield Trust Co. was organ30, p. 2956.
ized in 1902, with a paid-in capital of $100,000. The deposits
At meetings this week of the stockholders of the Manufacnow exceed $4,586,000 and the capital has grown to $250,000,
turers Trust Co. and the Columbia Bank, the merger of the
Columbia Bank into the Manufacturers Trust Co. was consummated, effective August 14. The board of directors of
the Manufacturers Trust Co. has been increased to 19 by the
addition of the following gentlemen, designated by Columbia
bank interests: Eli H. Bernheim, Mortimer J. Fox, Samuel
K. Jacobs, Simeon Ford, Frederick Brown. The following
Columbia Bank officials have become officers of the Manufacturers Trust Co.: Vice-Presidents: Mortimer J. Fox,
James MacDonough, Louis S. Quimby, George F. Frost.
Guernsey R. Jewett, formerly Cashier of the Columbia Bank,
becomes First Assistant Trust Officer of the Manufacturers
Trust Co. Assistant Secretaries: H. W. Becker, George W.
Bigg, Otto Markuske, Charles L. Doty, Nathaniel Ettinger.
In addition, the following changes take place in the organization: A. C. Falconer, in addition to being a Vice-President, will be Manager of the foreign department; Charles
Somlo will be First Assistant Manager of the foreign department, and Andrew Gomory, Second Assistant Manager.
Henry C. Von Elm, Vice-President, at present in charge of
the Eighth Avenue office, will be associated with the officers
of the Columbia Bank at Fifth Avenue, in charge of that
office. Staughton B. Lynd, Vice-President, at present in
charge of the Fourth Avenue office, will assume charge of
the Eighth Avenue office. Junius B. Close, formerly Assistant Secretary, has been made a Vice-President and placed in
charge of the Fourth Avenue office. The following additional Assistant Secretaries have been appointed: Edward
Specht, Martin Gehringer, Fred V. Goess, George H. Rugen,
George T. Newell, M. Ray Coffman, Benjamin Blackford.
Mr. Coffman was formerly with the Bank of Commerce and
Bank of America, and Mr. Blackford is resigning as an Examiner in the New York State Banking Department to come
with the Manufacturers Trust Co. The proposed merger was
referred to in these columns July 28, page 405.
with a surplus of $150,000 and undivided profits of over
$100,000. All these additions to the original $100,000 have
been earned in 20 years.
The Comptroller of the Currency recently approved a conversion of the New Bedford Safe Deposit & Trust Co., New
Bedford, Mass., with one branch in that place, to the national system, under the title of the "Safe Deposit National
Bank of New Bedford." The capital of th: new bank is
$350,000.
John W. Thompson has resigned as Vice-President and
Trust Officer of the Fidelity Title & Trust Co. of Pittsburgh
to enter into general partnership with Kay, Richards & Co.,
members of the New York and Pittsburgh Stock Exchanges,
with offices in the Union Trust building. Alex P. Reed,
First Assistant Trust Officer, has been elected Vice-President and Trust Officer, in place of Mr. Thompson.
Announcement was made on Aug. 14 that the City Trust
& Savings Bank of Youngstown, 0., will take over the
People's Trust & Savings Bank of East Youngstown, sub—.
ject to ratification by the stockholders of the latter institution, according to a press dispatch from Youngstown on that
date appearing in the Cleveland "Plain Dealer" of the following day. The stock of the acquired institution, it is
said, is to be exchanged for stock of the City Trust & Savings
Bank on the basis of 2%shares of the former for one share
of the latter. The East Youngstown bank will be operated
as a branch of the enlarged City Trust & Savings Bank, it
is said, which will have deposits of more than $9,000,000
and total resources of nearly $10,000,000. John M. Read,
the present head of the People's Trust & Savings Bank, will
become a Vice-President of the enlarged bank, it is said.
The capital of the City Bank & Trust Co. is $500,000, with
surplus and undivided profits of $640,000. H. W. Grant
is President.
754
Acoording to a special press dispatch from Rushville,
Ind., on Aug. 1 to the Indianapolis "News," a new bank,
the result of a union of the People's National Bank and the
People's Loan & Trust Co. of that place (heretofore affiliated institutions) began business on that day. The consolidated institution, it is said, is known as the American National Bank and has a capital of $100,000 and surplus of
$60,000 Its officers are given as Robert A. Innis, President, and Glen Foster, Cashier. Miles S. Cox (formerly
Secretary of the People's Loan & Trust Co.) will be manager
of the bond department, it is said. The dispatch further
states that Ralph Payne, heretofore President of both
institutions, has retired.
The new West-City Trust & Savings Bank of Chicago, located at Fullerton and Cicero avenues, began business on
August 4. The newly-organized institution has a capital of
$100,000 and a surplus of $10,000. The stock, in shares of
$100 each, was sold at $125 per share. Raymond G. Kimbell,
President of the Kimbell Trust & Savings Bank, is President
of the new institution. Charles F. Hellberg of the Irving
Park Dairy Co., Is Vice-President, and Axel G. Johnson, formerly Assistant Cashier of the Kimbell Bank, is Cashier of
the West-City Trust & Savings Bank. The directors are:
William 0. Olsen, Charles F. Hellberg, Albert J. Ross, Edward H. Olsen, Frank C. Voisinet, Raymond G. Kimbell,
Leo J. Winiecki, Arthur L. Thorsen, Burt T. Wheeler, F. E.
Lammert and Charles Jarchow.
The Century Trust & Savings Bank of Chicago, located at
State and Adams streets, is to be consolidated with the
Chicago Trust Co. The merger will not become effective
formally until early in September when the Chicago Trust
Co. will move to banking quarters now being prepared for it
In the new Chicago Trust Building at Monroe and Clark
streets. The Century Bank has had a splendid and consistent growth. It opened for business in October 1913 at State
and Lake streets, moving to its present location in July 1917.
At the time of its move deposits had grown to $1,194,000.
By June of 1918 this sum had increased to $1,500,000. One
•/ear later deposits had jumped to $2,067,000. A month ago,
when the State Auditor called for a statement of condition
from all State banks, the Century Bank showed deposits of
$3,096,322. The growth of the Chicago Trust Co. has been
exceptionaL During the last 18 months its resources have
increased from $14,898,967 to $21,132,413, a difference of
approximately 41%. The deposits of the combined banks
will be approadmately $19,500,000 and total resources about
$24,500,000. "The fundamental reason for the consolidation," said President Lucius Teter of the Chicago Trust Co.,
"was based on the desire on the part of directors and officers
of the Century Bank to secure added facilities and more
comprehensive service for their customers than they were
themselves able to give." "The Century Bank is in splendid
shape," Mr. Teter added, "and we are delighted with the
opportunity to welcome its customers as a part of the Chicago Trust Co." John W. Fowler, who organized the Century Trust & Savings Bank and who has been its President
continuously, will become a Vice-President of the Chicago
Trust Co. He will be joined in his new connection by the
entire staff of officers and employees of the Century Bank.
A condensed statement of the Liberty National Bank of
South Carolina, Columbia, as of June 30 last showed total
assets of $3,047,971, of which loans and discounts amounted
to $1,900,427 and cash and in banks to $317,201. On the
debit side of the statement deposits were given as $1,705,231, capital at $500,000 and surplus and undivided profits as
$65,670. The officers of the bank are as follows: A. F.
Lever, President; W. A. Coleman, W. J. Conway, C. L. Kibler, A. H. Kohn, Julien C. Rogers (Vice-President and Cashier) and Allen L. Rogers, Vice-Presidents, and E. C. Barnard, D. P. Campbell and R. E. Halford, Jr., Assistant Cashiers.
R. S. Hecht, President of the Hibernia Bank & Trust Co.
of New Orleans, announced August 8 that the bank would
open its seventh branch bank early in the fall. The new
bank will be known as the St. Charles Avenue Branch of the
Hibernia Bank & Trust Co. and will be the only banking
house on the avenue. The bank has acquired a long term
lease on the fine building. There will be no exterior alterations of the building and the chief interior changes will be
the installation of bank fixtures and of safe deposit vaults.
[VOL. 117.
THE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE,
Notwithstanding the sharp cut in gasoline prices this
week, as a result of which the oil shares dropped to new
low records for the year, the stock market as a whole has
shown sharp recovery. This is the more notable, as it
is the first time in several weeks that an upward movement has been maintained for any length of time. On
Saturday the market was steady throughout the short
morning session and numerous advances were recorded in
both railroad and industrial groups. Famous Players
made an especially good showing, going over three points
above its previous close. In the early hours on Monday
there was practically no change from Saturday's finals.
In the afternoon the market developed some irregularity
in oil stocks due in a measure to the price war in the West.
This did not, however, seriously affect the general market.
On Tuesday prices improved all along the line, and an
upward movement in the late afternoon carried several of
the leading issues from two to three points above the morning
quotations. The rise was maintained on Wednesday. A
slight downward reaction in the oil group, due to the continued drop in gasoline prices was again noticeable, but the
market recovered toward the end of the day. The upward
movement made further progress on Thursday, while
during the greater part of the session on Friday the trend
was again toward higher levels. Prices were somewhat
shaded in the last hour, but for the most part the day's
gains were maintained.
COURSE OF BANK CLEARINGS.
For the whole country bank clearings the present week
show a.small increase compared with the corresponding week
last year. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country, indicate that for the week ending to-day (Saturday, Aug. 18)
aggregate bank clearings for all the cities in the United States
from which it is possible to obtain weekly returns, will show
an increase of 2.6% as compared with the corresponding week
last year. The total stands at $6,806,443,588, against
$6,632,489,604 for the same week in 1922. At this centre
there is a falling off of 4.4%. Our comparative summary
for the week is as follows:
Clearings—Returns by Tatra's.
1923.
1922.
Per
Cent.
New York
II ICIIRO
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Los Angeles;
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
52,894.000,000
515.064.127
390,000.000
280,000.000
113,807,064
a
142,000.000
125,441,000
132,020.633
119.397,764
101.292.511
86.000,423
37,503,677
13.027.100,000
433,664,224
352.000.000
234.000,000
118,116,508
a
125,800.000
81.164.000
*140.000.000
101.124,956
80.664,759
71.588.919
38.874.224
—4.4
+18.8
+10.8
+19.7
—3.6
a
+12.9
+54.6
—5.7
+18.1
+25.6
+20.1
—3.5
Twelve cities, 5 days
Other cities, 5 days
54,936.527,199
735,509,125
$4,804.097,590
722,977.080
+2.8
+1.7
Total a I cities, 5 days
All cities, 1 day
25.672.036,324
1,134,407.264
85.527.074.670
1,105.414,934
+2.6
+2.6
Total all cities for week
36.806,443,588
a Will not report clearings. •Estimated.
56,632,489,604
+2.6
Week ending August 18.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all oases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results/or the week previous—the week ending Aug. 11. For
that week there is a decrease of 17.6%, the 1923 aggregate
of the clearings being $5,434,474,153 and the 1922 aggregate
$6,591,430,576. This falling off follows in great part from
the fact that business everywhere was greatly restricted by
the death of President Harding and the tributes paid to his
memory. Friday. Aug. 10, the final day of tha obsequies
at Marion, was observed as a day of mourning throughout
the length and breadth of the land, with business completely
suspended, and there was also considerable interruption to
business activities on Wednesday, Aug. 8, the day of the
official funeral at Washington.
Outside of this city the decrease is only 7.2%, the bank
exchanges at this centre recording a loss of 25.8%. We
group the cities now according to the Federal Reserve districts in which they are located, and from this it will In: seen
that in the Boston Reserve District:there is a decline of 10.7%
in the New York Reserve District (including this (lily) of
AUG. 18 1923.] '
THE CHRONICLE
25.3%,and in the Philadelphia Reserve District of9 .3%. In
the Cleveland Reserve District there is a loss of 14.9%; in
the Richmond Reserve District of 10.8%,and in the Atlanta
Reserve District of 0.9%. In-the Chicago Reserve District
the totals are smaller by 8.5%, and in the Kansas City
Reserve District by 9.3%. The Minneapolis Reserve District has a trifling increase, namely, 0.4%; the St. Louis
Reserve District a gain of 5.5%; the Dallas Reserve District
of 6.4%, and the San Francisco Reserve District of 1.4%.
In the following we furnish a summary by Federal Reserve
districts:
755
Week ending Aar. 11.
Marines at1923.
1922.
Inc.or
Dec.
1921.
1820.
$
Seventh Feder at Reserve D Istrict-C h 1
237,042
Mich.-Adrian __
195.886 +21.0
150,
235.060
669.541
Ann Arbor_ __ 693.151
598.963
628.975
97,644,638
98,507.836 -0.9
86.047.690 119.511.231
Detroit
5.704,999
6,492,700 -12.1
6.426,22
Grand Rapids_
7,293,174
1.778.000
Lansing
1.853.000
2,387.000
1.500,000
2.339.995
1.867.781 +25.3
Ind.-Ft. Wayne
1.848,56
2,185,963
19.901,000
Indianapolis...
16,629,000 +19.7
16,552,
20,889,000
SouthBend.._
2,429,189 -5.0
2,307,200
2,119,477
2,142,71
5.442.307 Notincl. in to tel.
Terre Haute...
32,604,913
Wis.-Milwaukee
30.923.513 +5.4
28,405.229
34.776,357
2,359.240
3,323.174
1,922,596 +22.7
1,895.933
• Iowa-Ced. Rap_
SUMMARY OF BANK CLEARINGS.
10,788.181
7,602.874
Des Moines...
10,604,507
9,309,195 +15.9
5.810.000
7,980.024
5.650.282 +2.8
5,530.443
SiouxCity---1.393,915
Waterloo
1,863,428
1,348,675 +3.4
1,206,51
Inz.ar
111.-Bloom'gton.
1,342.973
1.237,769
+8.5
1.729,835
1,148.36
Week ending Aug. 11 1923.
1923.
1922.
Dee.
1921.
1920.
456,122.528 521,782,746 -12.6 471.435.834 699,439,095
Chicago
a
Danville
a
a
a
Federal Reserve Districts.
1,206.708
1,173.133 '
Decatur
2.9
1,761,832
1,386,64
11 cities 284,425,894 318,393,281 -10.7 2133,149,196 381,240,567
(1st) Boston
3.435,521
Peoria
5.500.000
4,207.023
3,248.8
--18.3
10 " 2,786,951,228 3,730,393,386 -25.3 3,258,602,396 4,145,057,129
(2nd) New York
2,177.057
1.773,931
Rockford
,2545,927
1,964,179 +10.8
369,816,240 407,772,338 -9.3 358,959,595 492,743,869
(3rd) Philadelphia__.10 "
2,164,745
Springfield
3,613.601
2,436.730 --11.2
2,373,2
8 "
294,203,598 345,667,811 -14.9 284,261,120 393,518,069
(4th) Cleveland
141,272,670 158,376,970 -10.8 125,048,811 181,820,047
6 "
(5th) Richmond
Total(19 cities) 649,988.196 710,624,384 -8.5 642,161,06
827,500.660
12 "
131,063,563 132,223,593 -0.9 115,969,285 179,498,219
(6th) Atlanta
19 "
649,988,196 710,624,384 -8.5 642,161,063 827,500,660
(7th) Chicago
Eighth Federa I Reserve Die trict-St. Lo Ws64,103,448 51,295,499 +5.5 46,003,843 64,552,998 Ind.-Evansville
(8th) St. Louis
d4,759,049
4,942,332
4,324,389 +10.1
4.166,87
103,343,146 102,956,112 +0.4 101,757,300 128,570,673 Mo.-St. Louis..
(9th) Minneapolis_ _ _ _ 7 "
a
a
a
a
11
214,921,888 236,932,354 -9.3 245,258,465 360,320,514 Ky.-Louisville..
(10th) Kansas City_
21,175.448
25.100,130
28,399.134
23,380,460 +7.4
43,511,159 40,884,023 +5.4 41,321,704 61,222,882
5 "
(11th) Dallas
349,471
Owensboro _ _
356.349
319,034
566,206
360,883,124 355,910,825 +1.4 310,269,143 376,633,032 Tenn.-Memphis
(12th) San Francisco -16 "
13,310.924
11,389,
18,087,286
14.044.605
8,753,505
10.044.609
7,502,863
Ark.-I ittle Rock
7,474,695 +17.1
122 cities 5,434,474,153 6,591,430,576 -17.6 5,812,761,921 7,592,678,657 Ill -Jacksonville
Grand total
326.042
444,720
715,561
320,001 +39.0
2,710,894,8762,922,391,386 -7.2 2,603,231,458 ,512,177,765
Outside New York City
1.385.649
Quincy
1,124.083
1,797,868
1,395,020 -0.7
titles
277,789,365 248,258,140 +11.9 286,411,384 369,564,486
29
Canada
54,103,448
Total(7 cities).
64,552,996
46,003.843
51.295,499 +5.5
1
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Wino Aug. 11.
Clearings at1923.
1922.
Inc. Or
Dec.
$
$
%
First Federal Reserve Dist rict-Boston726.517
764,692 -5.0
Me.-Bangor_
3.526,255
Portland
3,337.510 +5.7
Mass -Boston _ _ 248 000 000 278,000,000 -10.8
1,602,688
Fall River_
1,655,396 -3.2
Holyoke
a
a
a
Lowell
1,102,072
1,029,652 +7.0
a
Lynn
a
a
1,186.552
New Bedford _
1,543,575 -23.1
Springfield
3,968,419
4,137,116 -4.1
Worcester
2,508,000
3,508,829 -28.5
7,502,526
Conn.-Hartford
8,962.289 -16.3
5,707.365 • 5.743,922 -0.6
New Haven__
R.I.-Providence
8,595.500
9,710,300 -11.5
1921.
1920.
$
$
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
1146.319
2.850 000
334,893,326
2,013,726
a
1,200.000
a
1,886,032
4,466,855
4,581.051
8,903,358
6,950,000
12,549,900
Total(11 cities) 284,425.894 318,393,281 -10.7 283.149.196 381,240,567
Second Fede at Reserve D Istrict-New YorkN. Y.-Albany_ _
3,958.059
3.658.185 +8.2
3,306,597
4,559,229
Binghamton__
994.323
1.183.925 -16.0
1.033,082
1.389.700
Buffalo
d41,144,828
38.750.985 +6.2
31,342,204
42,744,467
Elmira
640.422
599.498 +8.8
Jamestown...
c1,280,823
1.715 257 -25.3
926 836
New York_
2,723,579.277 3,699,039,190 -25.83.209,530.463 4,080.500.892
Rochester
8.384.401
8.933,000 -6.1
7.055.608
10,678,438
Syracuse
3.535,768
3,737 445 -5.1
3033.911
4,633,477
Conn.-Stamford
c3,124,959
2,477,211 +26.1
2,051.813
N. J.-Montclal
308,368
308,690 -0.1
321.882
550,926
Total(10 cities 2,786,951.228 3.730.393,386 -25.3 3.258,602,396 4,145,057,129
Third Federal Reserve Dist rict-Philad elphla pa.-Altoona..1,292,932
1,064.997 +21.4
995,223
_ •
3,827,477
2.462.026 +55.5
2,070,519
Chester
•
1.032,490
903,808 +14.2
1,000,000
Lancaster
•
2.241.762
2.529,154 -11.4
2,278,286
Philadelphia_ _
346.000.000 387.000,000 -10.6 339.000.000
Reading
2,464,000
2,662,433 -7.5
2,445,672
Scranton
•
4,511.737
3,759,804 +20.0
4.197.499
Wilkes-Barre _ •
d3,583,650
2.443,047 +46.7
2,762,738
•
York
1.402,417
1,221,750 +14.8
1,128,399
N.J.-Trenton..•
3,459,766
3,725.319 -7.1
3.081,259
Del.-Wilm'gton.
a
a
a
a
Total(10 cities
369,816,240 407,772.338 -9.3 358,959,595
Fourth Fede r al Reserve D Istrict-C le velandOhlo-Akron
. d6,057,000
5.817,000 +4.1
6.561,000
Canton
3,803,961
3,940,861 -3.5
3,037,878
Cincinnati- .
52,384,785
52.187,296 +0.4
49.733,662
Cleveland._ .
85,228,567
93.009,502 -8.4
73,340,951
Columbus.- .
14,689,700
13,866,000 +5.9
11,534,700
Dayton
a
a
a
a
a
Lim
a
a
a
Mansfield._ .
d1,576.665
1.319.030 +19.5
1,139,601
Springfield
a
a
a
a
Toledo
a
a
a
a
Youngstown... d3.812,462
2,728,122 +39.7
3,273,328
pa.-Erie
a
a
a
a
Pittsburgh _. 126.650,458 172.800,000 -26.7 135,640,000
W.Va.-Wheelln /
b
b
b
b
Total(8 cities). 294,203,598
1,167.994
3,767,820
1,417.190
2,814,587
467,902,936
2,650,000
4,986.508
2,821.089
1,426.168
3,789,577
a
492,743,869
9,558.000
5,205,470
62.951,576
129,241.433
16,112,500
a
a
1,674,287
a
a
4,577,585
a
164,197,218
b
345,667,811 -14.9
284,261,120
393,518,069
Fifth Federal Reserve Dist rict-Richm mad2,038.984
W.Va.-Hunt'n.
1.525.947 +33.5
_
Va..-Norfolk
d6,318.802
6,290.250 +0.5
. 37,128,000
Richmond
44,845.974 -17.2
a
1,669,520
1.754.825 -4.9
8.o.-Char
Md.-Baltimore. 77,726,001
86,074,271 -9.7
16,393.363
17,885,703 -8.3
D. C.-NVash'to a
1,363.263
6,088.244
36,302.010
2.080,610
64,290,251
14,916.433
1.943.423
10,968.516
51,355,031
4.200.000
97.583.474
15,769,603
158,376,970 -10.8
125,048,811
181.820,047
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chat'n'g a
d5,430,618
4,830,448 +12.4
_
Knoxville_
3,044,586 -7.4
2,817,806
Nashville _ - . 17.278,596
17,419,775 -0.8
. 36.846,508
35,328.892 +4.3
1,115,556
1.300.964 -14.3
Augusta
1,184,126
1,098,291 +7.8
Macon
a
Savannah._._.
a
a
Fla.-Jacks'nville
10.193,111
8.435,746 +20.8
18.843,147 -2.8
18,308,300
A.1a.-Birm'ham _
1,489,934 +15.6
1,722,082
Mobile
660,005 +53.6
1,014,056
Miss.-Jackson_ _
402,642
266.433 +51.1
Vicksburg.- - _
39.505.372 -12.1
g..-NewOrieafla d34,740,162
4,935.005
2.827,682
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
7,791,320
3.463.832
23,093.564
52.962,986
2,892.158
1.250,000
a
10.810,115
16,149.573
2,400.000
596.908
348,836
57.738,927
115.969,285
179,498.219
Total(6 cities). 141,272,670
Total(12 cities) 131,053,563
132,223,593
-0.9
Ninth Federal Reserve Dist rict-Minna spoils
Minn.-Duluth.. d6.508.328
5,319,241 +22.4
59.971,851 -2.2
Minneapolis- 58.677.504
31,623,967
St. Paul
30,578,880 +3.4
1,873,587
No. Dak.-Fargo
1.980.597 -5.4
1.247,596
So. Dak.-Aberd'n
1.465,357 -14.9
494.129
Mont.-Billings_
579,779 -14.8
2,918,034
Helena
3.060.4071 -4.7
Total(7 cities). 103,343,145 102,956,112 +0.4
Tenth Federal Reserve Dist rict-Kansas City-Neb.-Fremont..
d271,922
391,868 -30.6
449,523
Hastings
591,057 -23.9
3,795,340
Lincoln
4.036,366 -6.0
33,554.983
37.825.265 -11.3
Omaha
Kan.-Topeka.. d4,298.451
3,587,903 +19.8
c9,231,270
11,227.309 -17.8
Wichita
Mo.lCanass City_ 122,823,571 136,659.161 -10.1
a
a
a
St. Joseph._
a
a
•
Okla.-M uskogee
20,704,282 +1.0
Oklahoma City d20.908,807
a
a
S
Tulsa
1,068,302
1.380.278 -22.6
Colo.-Colo.Spgs
17,594,349
19,725,252 -10.8
Denver
e925,370
803.613 +15.2
Pueblo
Total(11 cities) 214,921,888 236,932,354 -9.3
Eleventh Fede rat Reserve District-Da Ilse1,312.000
1.023.347 +28.2
Texas-Austin-23,163.274
Dallas
20,500.000 +13.9
10,195.712
8.973,385
Fort Worth.-6,078,711
5,339,993 +13.9
Galveston
a
a
Houston
3,983,789
3,824,971 +4.2
La.-Shreveport-
5,809.461
60,456,096
28.499.740
2,050.965
1,283.075
661,076
2,996,887
7.859,812
73.996,048
39,043,170
3,000.000
1,863,144
1,202,707
1.605.792
101,757,300
128,570.673
550.767
565,368
3.251,690
36,966,970
3,096.000
11,764,598
145,954,598
a
a
23,728.861
a
1.515.210
17,030.296
834447
823,222
885.818
5,387.536
50,75,0024
3,497.072
15.690,591
228,947,119
a
a
31.587,581
a
1,275,782
20,429,674
1,051.095
24.5 258 463
260 320 514
1.200.000
18,301.477
10,301.157
8.031,297
1,400,000
28.533,878
21,075,807
5,766,157
a
4,447,040
34,87.772
43,511,159
Total (5:cities)40.884,023 +6.4
41.321.704
Twelfth Feder al Reserve D !strict-San Franc'*coWash -Seattle..
30.815,260
30,418,156 +1.3
27,874.355
9.094,000
Spokane
10.498.7113
9,894,000
a
Tacoma
a
a
•
Yakima
851,721
1.112,858 -23.5
1.120.37
Ore -Portland..
28.502.889
32,307,372 -11.8
29,724.047
Utah-S. L. City
12,087,764
13,036,661 -7.3
10,425,945
a
Nev.-Reno
a
a
a
a
Arts -Phoenix..
a
a
a
Calif.-Fresno
d4.412.408
3,579.338 +23.3
3,849.628
6,713,718
Long Beach_ _ _
4,989,105 +34.6
3,459.1
Los Angeles... 110,148,000
76,364.000
94.980.000 +16.0
14,141.958
Oakland
12,394,386 +14.1
10,811.896
Pasadena
3,702,067
3,644,404 +1.6
2,941.407
d7,891,236
Sacramento _
5,928.616 +33.1
5,724.21
3.318,027
San Diego....
.3.000,000 +10.6
3,203,084
San Francisco_ 123.200.000 134.500,000 -8.4 117,000.000
San Jose
1,984,166
2,433.346 -18.5
1,745.365
1,019.61
Santa Barbara_
952.083 +7.1
864,837
Stockton
c3,000.300
2,740.500 +9.5
4.662,000
•
61.222.882
119,443,438
11,996,000
a
1,305.801
36,710350
14,326.189
a
4,6158,525
3.271,972
78,288.000
11,043,500
2.550.793
7,000.000
3,386,625
153.000,000
2,576,833
1.157,806
5,937,400
Total(16 cities) 360.883.124 355.910,825 +1.4 310,269,143 376,633.032
Grand total (122
5,434.474.153 6.591,430.576 -17.6 5.812,761.921 7.592,678,657
cities)
Outside N. Y
2.710,894,876 2,922.391,386 -7.22.603.231.458 3,512,177,765
Weed ending August 9.
Clearings at1923.
CanadianMontreal
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
$
86.777,993
93,432.559
28,282,578
15,652,178
5,714,181
5,930.806
2,868,538
5,557,603
4,373,017
2,852.738
2,027.035
3.067,402
3,535,851
3,607,267
616,885
504.647
1,814,652
1,207,215
837,862
876,256
558,993
294,860
674,924
1,051,834
960,842
2.721,961
301,010
832,176
855,502
1922.
$
79,657,331
68,896,901
31.757,784
13,439,484
5,711,610
5,902,324
5,682.032
4,897,450
3,905,432
3,020,244
1,809,510
2,132.014
3,603,423
2,979,271
663.574
438,410
1,771.522
974,532
813.588
685.730
631,990
302,586
594,379
820.756
891,547
3,570.053
299.553
1,818.300
606,812
Inc.or
Dec.
%
+8.9
+35.6
-10.9
+16.5
+0.0
+0.5
-49.5
+13.5
+12.0
-5.5
+12.0
+43.9
-1.9
+21.1
-7.0
+15.1
+2.4
+23.9
+3.0
+31.6
-11.6
-2.6
+13.6
+28.2
+7.8
-23.8
+0.5
+54.2
+41.0
1921.
1920.
$
98.225,07
69.501,882
40,683.606
18,878.1:
6.817.033
5,687.961
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
1,305.782
952,610
774.489
544,448
446,4
702,400
1,601,444
961,972
3,354.602
$
139,417,800
102,256,813
41.163,138
18,290,502
7.788,325
7,009,590
5,109,044
7.571,971
6.558,078
3,480,257
2.494.144
3,624,342
4,470,920
4,510,223
771,101
844,062
2.142,727
1.526.955
1,325,785
774.427
677,339
419,697
829.533
1,472.747
1,213,302
3.004.948
1.054.504
832,735
816.716
Total Canada- 277.789.365 248,258,140 +11.9 286.411.384 369.564.486
a No longer report clearings. b Do not respond ti requests for figures. c Week
eliding July 25. d Week ending July 26. e Week ending July 27. •Estimated.
756
[VOL. 117.
THE CHRONICLE
BANK NOTES-CHANGES IN TOTALS OF, AND IN
ENGLISH FINANCIAL MARKETS-PER CABLE.
DEPOSITED BONDS, &c.-We give below tables which
The daily closing quotations for securities, &c., at London,
show all the monthly changes in national bank notes and in
as reported by cable, have been as follows the past week:
bonds and legal tenders on deposit therefor:
Fri.
London,
Wed. Thurs.
Tues.
Sat.
Mon.
Amt. BO. on Deposit to
Secure Circulation forNational
Fed. Res.
Bank Notes. Bank Note,.
July 31 1923._
June 30 1923_ _
May 31 1923__
April 30 1923__
Mar.31 1923..
Feb. 28 1923..
Jan. 31 1923._
Dec. 30 1922__
Nov.30 1922_ _
Oct. 31 1922..
Sept.30 1922_ _
Aug. 31 1922..
July 31 1922._
June 30 1922..
May 31 1922..
April 30 1922__
Mar.31 1922__
Feb. 28 1922_
Jan. 31 1922...
Deo. 31 1921._
744,848,940 4,793,700
744,654,990 4,993,700
744,034,190 5,593,700
742,823,590 6,148.700
742.879.540 6,368,700
741,077,590 6,878,700
739,329,840 7,868,700
738,257.440 7,968.700
739,018,690 31,488,700
737.660,690 48,468,700
737,501,940 56.768.700
735,460,690 67.518,700
735,160,690 80,518,700
734,546.300 84,218.700
733,876,590 87,218,700
731,693,690 95.568,700
730.016,940 102,393.700
729.702,240 10.359,700
729,425,740 26,393.700
728,523.240 26.393,700
Na:tonal Bank Circulation
Afloat onLegal
Tenders.
Bonds.
740,986,663
719,103,625
742,178,351
740,099,541
739.984,523
738,423,517
734,541,173
735,281,275
736.065.365
734,520,475
734,465,283
733,623,525
732,467.585
732,585,640
730,203,870
729,526,135
727,838,900
727.465,523
724.480,758
724,235,815
28,823,714
28,336,094
27,829,641
27,868,731
27,197,981
28.620,187
29.209,789
26,846.812
25,433.762
26,158,712
26,285,914
26,082,024
25,603.977
25,616,387
25.696.832
25,096,414
24.840.522
24.569.959
25.130,609
25,932,109
Total.
769,810,377
747.439,719
770,007,992
767,968.272
767,182,504
767,043,704
763,750,962
762,128,087
761.499,127
760,679,187
760,751,197
759,705,549
758,071,562
758,202,027
755,900,702
754,622,549
752,679,422
752.035,482
749.611,367
750,167,924
$20,380,000 Federal Reserve bank notes outstanding July 31 (of which $1,898,300
secured by United States bonds and $18,481,700 by lawful money), against $75,866,400 July 31 1922.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on July 31:
U. S. Bonds Held Ju:y 31 to SecureBonds on Deposit
July 31 1923.
2s, U. S. Consols of 1930
48, U. S. Loan of 1925
28, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
On Deposit tmOn Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
2,658,400
1,768,000
237,000
130,300
586,216,300
84,893,800
48,247,600
25,491,240
$
588,874,700
86,661,800
48,484,600
25,621,540
4,793,700
744,848,940
749.642,640
Week ending Aug. 17.
Aug. 11. Aug. 13. Aug..14. Aug. 15. Aug. 16. Aug. 17*
Silver, per oz
d 31%
31 1-16 31 1-16 31 1-16 31 146 301546,
Gold, per fine ounce
9013.2d. 928.2d. 908.2d. 908.2d. 908.2d. 908. 26.
Consols, 2% per cents
583
58%
58%
58%
58%
101%
British, 5 per cents
101
101%
101%
101%
9636
British,4% per cents
96%
9634
96%
96%
56.50
French Rentes (in Paris)_ _fr.
Holiday 56.70
56.85
56.55
74
French War Loan(in Paris) fr.
74.70
74.65
Holiday 74.15
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
Foreign
63
633/a
63%
6336
6336
6234
gommercial andnYttsctUantonsgems
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Aug. 7-The Citizens National Bank of Trenton, Tenn
$75,000
Correspondent: W. L. Wade, Trenton, Tenn.
APPLICATIONS TO CONVERT RECEIVED.
Aug. 11-The First National Bank of Whitman, No. Dak
25,000
Conversion of the Lamb's Bank of Whitman, No. Dak.
APPLICATIONS TO CONVERT APPROVED.
25,000
Aug. 9-The Security National Bank of Florence, Colo
Conversion of the Arkansas Valley Bank of Florence.
Aug. 9-The South Texas National Bank of Galveston. Texas_ __ _200,000
Conversion of the South Texas State Bank of Galveston.
100,000
Aug. 9-National Bank of Commerce of El Dorado, Ark
Conversion of Bank of Commerce of El Dorado.
VOLUNTARY LIQUIDATIONS.
Aug. 6-10,975-The First National Bank of Newdale, Idaho___ 25,000
Effective Aug. 1 1923. Liquidating agent: G. CI
Alder, Newdale, Idaho.
Aug. 6-11,703-The First National Bank of Lake Hamilton, Fla_ 25,000
Effective Aug. 4 1923. Liquidating agents: Chas. B.
Anderson and Fred A. Holmes, Lake Hamilton, Fla.
To be succeeded by a State bank.
50,000
Aug. 7-10.545-The First National Bank of Daytona, Fla
Effective Aug.2 1923. Liquidating agent: W.M.Hankins, Daytona, Fla.
Absorbed by the Daytona Bank & Trust Co., Daytona,
Fla.
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits July 1 and
Auction Sales.-Among other securities, the following,
Aug. 1, and their increase or decrease during the month
not usually dealt in at the Stock Exchange, were recently sold
of July:
at auction in New York, Boston and Philadelphia:
National Bank Notes-Total AfloatAmount afloat July 1 1923
$747,439,719
By Messrs. Adrian H. Muller & Sons, New York:
Net increase during July
22,370.658
Amount of bank notes afloat Aug. 1 1923
Legal Tender NotesAmount on deposit to redeem national bank notes July 1 1923
Net amount of bank notes issued in July
Amount on deposit to redeem national bank notes Aug. 1 1923
$769,810,377
$28,336,094
487,620
828,823,714
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 1 1923:
Shares. Stocks.
Price.
50 New Fiction Publishing Co.,
pref., $40 each
$1 50 per share
92 First National Bank of the City
of New York
81,196 per share
Price.
Shares. Stocks.
$205 per share
30 Hudson Trust Co
525 Continental 011 & Refining
El lot
Co., $1 each
.50 Republic Motor Truck Co., pref $34 lot
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price.
10 Commonwealth-Atlantic National Bank
20031
7 First National Bank
32234
10 Merrimack Mfg., common
100%
12 Ludlow Mfg. Associates_14334 ex-div.
70-100 State Theatre, pref. scrip _640.
3 Plymouth Cordage
106
10 Carr Fastener, corn., $25 each._ 38
153 Lawrence Gas
12534
5 Hope Webbing, pref
10031
Price.
Shares. Stocks.
34-100 State Theatre, pref. scrip-65e.
10
500 Cary Farm,Inc
3 Lawrence Gas
127%
74-100 State Theatre, pref. scrip.63-650.
53 American Glue, corn_ _ __39%-39%-40
103%
5 So. Calif. Edison, corn
67-100 State Theatre, pref. scrip_64-65c.
170%
7 Mass. Bonding & Insurance
20 Merrimac Chemical, $50,each_95-95%
GOLD.
The Bank of England gold reserve against its note issue on the 25th
ult. was £125,808,795, as compared with £125,808,440 on the previous
By Messrs. Wise, Hobbs & Arnold, Boston:
Wednesday.
Shares. Stocks.
Price.
Price. Shares. Stocks.
The Indian Bazaar ;nquiry has again been small, and the bulk of the 5 Great Falls Mfg. Co
5036 1 Converse Rubber Shoe Co., pref. 82
supplies of gold coming on the market this week will be sent to the United 5 Wm. Whitman Co., Inc., prof... 96% 13 North Boston Lighting, corn.- 28
1 Naumkeag Steam Cotton Co_ _27(in 9-100 State Theatre Co., Prof
600.
States of America.
5 Manhattan Piggly-W1ggly Corp.,
10 Mass. Lighting. 6% pref
8534-85
Gold valued at $1,715,000 has arrived in New York from London.
8% pref
$2 50 lot $7,472 6% note of the Alaska-NatThe Southern Rhodesian gold output for June 1923 amounted to 58,323 6 North Boston Lighting, pref
88
azhat MM. Co., due Feb. 28 '23 $100
fine ounces. as compared with 54,737 fine ounces for May 1923 and 55,614 34-100 State Theatre Co., pref_63c.-60c. 294,500 Alaska-Natazhat Consoll- lot
6 Fall River Electric Light Co
125%
dated
Mines Co., par 1
fine ounces for June 1922.
By Messrs. Barnes & Lofland, Philadelphia:
The Soviet Minister of Finance has stated that the new gold coin now
being minted would be withheld from circulation for a few years in order Shares. Stocks.
Price.
Bonds,
Pace.
625
813,000 Colorado Wyoming & East- .4
to prevent it from finding its way into the stockings of the peasants, who 4 Eighth Nat. Bank of Phila
11 Fidelity Trust Co
500
ern RR. Os, 1944
$11 lot
already hold in this way something between 200,000,000 and 300,000,000 2 Provident Trust Co
525
$3,500 Bartlesville Gas & Electric 4
old gold rubles.
5 Broad Street Trust, $50 each.70-7034
Co. 6s, 1947
80Z
SILVER.
10 Manayunk Trust, $25 each._ 80
$5,000 State of Florida, Everglades ql
The market has been exceptionally inert during the week. There 2 (rights) Franklin Trust, EMI ea_ 27
Drain. Dist. 68. 1932
9834
was some buying from China, but yesterday China both bought and 12,000 New General Traction, Lien. 1.30 $5,000 Cleve. dr Erie Ry.58, 1929_810 lot
40 (rights) Camden Fire Insurmil
$5,000
Cleve.
&
Erie
(inRy.
5s,
bear
covering,
Indian
was
assisted
by
improvement
some
sold. The
ance Association, $10 each
1
81108
come) 1929
of which quite a large position still remains open. To-day both India 10 Abbotts Alderney Dairies, 1st pf. 93
$8,300 Springfield Cons. Water 5s, 1 41
5 Victory Insurance, $50 each
100
and the Continent sold; the offerings were absorbed by China.
1958
T.77
4 Philadelphia Bourse, corn
1836 $1,000 Lebanon Vail. St. Ry.5s,'29A75
INDIAN CURRENCY RETURNS.
8 John B. Stetson, corn., no par._ 96
(In Lacs of Rupees)1 Academy of Fine Arts
22
Notes in circulation
8726
8819
8658
Silver coin and bullion in India
Silver coin and bullion out of India
Nai
N5
2432
DIVIDENDS.
Gold coin and bullion in India
Gold coin and bullion out of India
Dividends are grouped in two separate tables. In the
5751
5751
.
88i
Securities (Indian Government)
585
485 first we bring together all the dividends announced the cur585
Securities (British Government)
No silver coinage was reported during the week ending 22d ult.
rent week. Then we follow with a second table, in which
The stock in Shanghai on the 28th ult. consisted of about 27,200,000 we show the dividends previously announced, but which have
ounces in sycee, 32,000.000 dollars, and 950 silver bars, as compared with not yet been paid.
about 27,500,000 ounces in sycee, 32.000,000 dollars and 1,140 silver
The dividends announced this week are:
bars on the 21st ult.
The Shanghai exchange is quoted at 3s. kid. the tae!.
Per
Books Closed.
When
Statistics for the month of July are appended:
Name of Company.
•.1
Cent. Payable.
Days Inclusive.
Bar Gold per
-Bar Silver per Oz. Std.Oz. Fine.
Cash.
2 Mos.
Railroads (Steam).
d.
31%cl.
90s.
3114
7d.
Highest price
Beech Creek (quer.)
.50c. Oct. 1 *Holders of rec. Sept. 15'
89.s 5d. Canadian Pacific, corn.(quer.)
Lowest price307-16d.
2% Oct. 1 Holders of rec. Aug. 31
30.942d.
89s. lid.
30.647d.
Average price
Preferred
2
Oct. 1 Holders of rec. Aug. 31
QuotationsChestnut Hill (quer.)
750. Sept. 4 Aug. 21 to Sept. 3 I
898. 8d.
30 9-16d.
30%d.
July 26
Orleans & Northeastern
Aug. 23 Holders of rec. Aug. 16:
898 . 8d. New
30%d.
July 27
30 13-16d.
New Orleans Texas & Mexico (quar.)Sept. 1 *Holders of rec. Aug. 24 I
30%d:
July 28
30 13-16d.
North Pennsylvania (Qmar.)
$1
Aug. 25 Aug. 16 to Aug. 19 I
30 7-16d.
90s. Od. Phila. Germantown &
July 30
30%d.
Norristown (qu.)_ $1.50 Sept. 4 Aug. 21 to Sept. 3 I
90s. 2d. MM.Ft. Wayne & Chic.,
July 31
30%d.
9-I6d.
corn.
(q.).
.1%
Oct. 1 *Holders of rec. Sept. 10
Aug. 1
30%d.
30%d.
90s. ld.
Preferred (guar.)
'1% Oct. 2'Holders of rec. Sept. 10
30.833d.
89s. 11d. Pittsb.
Average
30.510d.
Youngst. & Ashtabula (guar.)._
Sept. 1 'Holders of roe. Aug. 24
The silver quotations to-day for cash and forward delivery are the same St. Louis Southwestern, pref. (ouar.)
1% Oct. 1 Holders of rec. Sept. 1
as and 1-16d. below those fixed a week ago respectively.
1P1114 JuN44 JIM
ida
AUG. 18 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities.
Amer. Power dr Light, corn.(quar.)__
214 Sept. 1 Holders of rec. Aug. 15
Blackstone Valley Gas & El., corn. (qu.) 41.25 Sept. 1 Holders of rec. Aug. 18a
Brooklyn City RR.(guar.)
25c. Sept. 1 Aug. 21 to Aug. 31
Colorado Power, corn. (guar.)
*Si Oct. 15 *Holders of rec. Sept.29
Preferred (guar.)
'134 Sept.15 *Holders of rec. Aug. 31
El Paso Electric Co.(guar.)
24 Sept.15 Holders of rec. Aug. 30a
Galveston-Houston Elec. Co., prof
3
Sept.15 Holders of rec. Aug. 28a
Gold dr Stock Telegraph (guar.)
'134 Oct. 1 *Holders of rec. Sept. 30
Massachusetts Lighting Co.,corn.(qu.)_ *40c. Sept. 10 *Holders of rec. Aug. 25
Middle West Utilities, prior lien (guar.)_
134 Sept.15 Holders of rec. Aug. 31
Nebraska Power. prof.(War.)
134 Sept. I Holders of rec. Aug. 17
Nevada-California Elec. Corp., pf. (an.) 134 Aug. 1 Holders of rec. June
30a
Penn Central Lt. & Pr., pref. (guar.)._ $1
Oct. 1 Holders of rec. Sept. 100
Preferred (extra)
10c. Oct. 1 Holders of rec. Sept.
Pennsylvania Water & Power (guar.) _ _ _ 14 Oct. 1 Holders of rec. Sept. 100
14
San Joaquin Lt. dr Pow., pref. (guar.)-- '13.4 Sept.15 *Holders of rec. Aug. 31
Prior preferred (guar.)
'1N Sept.15 *Holders of rec. Aug. 31
Southwestern Power & Light. pf.(au). 151 Sept. 1 Holders of rec. Aug.
Washington (D. C.) Ry. dr Elec., coin_ _ *14 Sept. 1 *Holders of rec. Aug. 13
18
Wilmington Gas, preferred
3
Sept. 1 Aug. 19 to Aug. 31
Miscellaneous.
Amer. Fork & Hoe, corn. (guar.)
•14 Sept.15 *Holders of rec. Sept. 5
First preferred
*34 Oct. 15 *Holders of rec. Oct. 5
Second preferred (guar.)
*2
Sept.15 *Holders of rec.
5
Amer. Laundry Machinery, Wm.(au). •33c. Sept. 1 *Aug. 23 to Sept.
Aug. 31
American Multtgraph, corn
*40c. Sept. 1 *Holders of rec. Aug. 18
Armour & Co. of Illinois, pref. (quar.)_ _ •131 Oct. 1 *Holders of rec. Sept.
15
Armour dr Co. of Del.. prof.(quar.).--- •154 Oct. 1 *Holders of rec. Sept. 15
Atlas Powder, corn. (guar.)
$1
Sept.10 Holders of rec. Aug. 310
Bucyrus Co., pref. (guar.)
'151 Oct. 1 *Holders of rec. Sept. 20
Preferred (extra)
•4 Oct. 1 *Holders of rec. Sept. 20
Crane Co., common (guar.)
1
Sept.15 Holders of rec. Sept. 1
Preferred (guar.)
134 Sept. 15 Holders of rec. Sept. 1
Chesebrough Mfg., corn.(guar.)
34 Sept.29 Holders of rec. Sept. 10a
Preferred (guar.)
154 Sept.29 Holders of rec.
10a
Chicago Flexible Shaft, pref.(guar.) _ . *134 Sept. 1 *Holders of rec. Sept.
Aug. 21
Cities ServiceCorn. (mthly., pay. in cash scrip)
44 Oct. 1 Holders of rec. Sept. 15
Corn.(pay. In corn. stock scrip)
gl
Oct. 1 Holders of rec. Sept. 15
Preferred and preferred B (monthly) _
31 Oct. 1 Holders of rec. Sept. 15
City lee & Fuel (Cleve.) (quar.)
2
Sept. 1 Holders of rec. Aug. 200
Continental Oil (guar.)
50c. Sept.15 Aug. 26 to Sept.15
Crucible Steel, pref. (quar.)
•131 Sept.29 *Holders of rec. Sept. 16
Cuban-American Sugar, pref. (quar.) _
151 Sept.29 Holders of rec. Sept. 4a
Decker (Alfred) & Cohn, pref. (guar.)_ _ *131 Sept. 1 *Holders of rec. Aug. 20
Detroit Brass & Mall. Wks. (mthly.)
•Si Sept. 1 *Holders of rec. Aug. 26
Douglas Pectin Co.(guar.)
*25c. Sept.30 *Holders of rec. Sept. I
Eaton Axle & Spring (guar.)
*65c. Oct. 1 *Holders of rec.
15
ref.(guar.)_ _ •14 Sept. 1 *Holders of rec. Sept.
Fairbanks. Morse &
Aug. 20
Co.,dorp., coin.(au) $2
Famous Players-Lasky
Oct. 1 Holders of rec. Sept. 15a
Fay (J. A.) dr Egan Co., pref.(guar.)... '131 Aug. 20 *Holders of rec. Aug. 16
Federal Mining dr Smelting, pref. (au). 151 Sept.15 Holders of rec. Aug. 25
Foundation Co. corn. (guar.)
'3150 Sept.15 *Holders of rec. Sept. 1
Preferred (Irian)
'81,75 Sept.15 *Holders of rec. Sept. 1
.Galena-Signal 011, corn.(guar.)
•1
Sept.29 *Holders of rec. Aug. 31
Preferred (guar.)
•2
Sept.29 *Holders of rec. Aug. 31
Cult States Steel, corn.(quar.)
*1
Oct. 1 *Holders of rec. Sept. 15
Hollinger Consol. Gold Mines
*1
Sept. 10 *Holders of rec. Aug. 30
International Cement, corn.(guar.)
•75c. Sept.29 *Holders of rec. Sept.15
Preferred (guar.)
*1.54 Sept.29 *Holders of rec. Sept.15
Internat. Cotton Mills, pref.(guar.) _ _
154 Sept. 1 Holders of rec. Aug. 23
International Salt (guar.)
•14 Oct. 1 *Holders of rec. Sept.15
_King Phillip Mills (extra)
*25
Sept.20 *Holders of
Sept. 1
Kuppenheimer (B.), Inc., prof. (quar.). •151 Sept. 1 *Holders of rec.
rec. Aug 24
Lake Torpedo Boat, 1st pref
57
Aug. 30 Holders of rec. Aug. 20
McCalian (W.J.) Bug. Ref. dr M..PL(gU) •131 Sept. 1 *Holders of rec.
Aug. 21
McCrory Stores, coin. (In corn. stock)_ *11
Sept. 1 *Holders of rec. Aug. 20
Metropolitan Brick (Clove.),corn.(qu.)
2
Sept. 1 Holders of rec. Aug. 150
Michigan Drop Forge,corn.(monthly).- *25c. Sept. 1 *Holders of
rec. Aug. 26
Midway Gas, common (quar.)
500. Sept.15 Holders of rec. Sept.
1
Preferred (guar.)
$1.40 Sept.15 Holders of rec. Sept. 1
Miller Rubber, corn.(guar.)
2
Sept. 1 Holders of rec. Aug. 150
Corn.(acct, accumulated dividends)_ hl
Sept. 1 Holders of rec. Aug. 15a
Montreal Cottons,coin.(guar.)
134 Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
154 Sept.15 Holders of rec. Aug. 31
National Candy, common
24 Sept.12 Aug. 22 to Aug.
28
First and second preferred
34 Sept.12 Aug. 22 to Aug. 28
National Sugar Refg. (guar.)
154 Oct. 2 Holders of rec. Sept.
10
.Ogilvie Flour Mills, pref.(guar.)
144 Sept. 1 Holders of rec. Aug. 22
Packard Motor Car. pref. (guar.)
154 Sept.15 Holders of rec. Aug. 3Ia
Paraffine Companies,corn.(No. 1)
*41
Sept.27 *Holders of rec.
17
Preferred (guar.)
*1.14 Sept.27 *Holders of rec. Sept.
Sept. 17
Pennok 011 (guar.)
*1
Sept.25 *Holders of rec. Sept.15
Extra
*I
Sept.25 *Holders of rec. Sept.15
,Phillips Petroleum ((Mar.)
*50c. Oct. 1
Phoenix Hosiery, 1st dr 2d pref. (quar.)- 134 Sept. 1 *Holders of rec. Sept. 15
Holders of rec. Aug. 17
Postum Cereal, corn. (guar.)
*75e. Nov. 1 *Holders of rec. Oct.
20
Preferred (guar.)
*2
Nov. 1 *Holders of rec. Oct. 20
Southern States Oil (monthly)
1
Aug. 20 Holders of rec. Aug. 1
Standard Oil (Kansas) (guar.)
50c. Sept.15 Howlers of rec. Aug.
3I0
-Standard Oil of N.J.,com.$100 par(gu.) 1
Sept.15 Holders of
Aug. 25
Common, par $25 (guar.)
25e. Sept.15 Holder of rec.
roc. Aug. 25
Preferred (guar.)
14 Sept.15 Holders of rec.
Texas Gulf Sulphur (guar.)
$1.50 Sept.15 Holders of rec. Aug. 25
1
TImken-Detroit Axle, pref. (guar.)
•131 Sept. 1 *Holders of rec. Sept.
Aug. 20
Tonopah Extension Mining (guar.)
*5c. Oct. 1 *Holders of rec. Sept.
10
Union Mills, corn.(guar.)
•41
Sept. I *Holders of rec. Aug. 15
Preferred (guar.)
$1.50 Sept. 1 *Holders of rec. Aug. 15
United Profit Sharing (guar.)
15
Oct. 1 Holders of rec. Sept. ha
United Stores Corp., pref.(quar.)
'151 Sept. 1 *Holders of rec. Aug. 24
United States Envelope, common
*4
Sept. 1 *Holders of rec. Aug. 17
Preferred
*34 Sept. 1 *Holders of rec. Aug.
17
'Vacuum Oil (guar.)
*500. Sept.20 *Holders of rec.
Aug. 31
Valvoline 011, common (guar.)
234 Sept.15 Holders of rec. Sept.
80
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept.19a
Vesta Battery, pref. (guar.)
•114 Sept. 1 *Holders of rec. Aug.
20
Western Grocer (guar.)
*2
Oct. 1 *Holders of rec. Sept. 20
Western States Oil (monthly)
1
Aug. 31 Holders of rec. Aug. 15
Below we give the dividends announced in previous weeks
.and not yet paid. This list does not
dividends announced this week, these being given in
n the preceding table.
Name of Company.
Per
When
Cent. Payable.
martroads (Steam).
Atchison Topeka & S. Fe. corn. (guar.) 14
Baltimore &Ohio, preferred
2
• Chic. St. Paul Minn.& Omaha,corn..... 24
Preferred
331
-Cleveland & Pittsburgh, guar. (guar.)._
134
Special guaranteed (guar.)
1
3
Cuba Railroad. preferred
Delaware & Bound Brook (quar.)
2
Delaware & Hudson Co.(QUM%)
24
114
Illinois Central, corn.(quar.)
3
Preferred
Norfolk & Western, corn, (guar.)
134
1
Adjustment preferred (quar.)
44
Oswego & Syracuse
Pennsylvania Hit.(guar.)
75c.
Pittsburgh & West Va., pref. (guar.)._
114
Reading Company first Reef. (guar.)-- 50o.
$ 1.3731
Sharon Railway (semi-annual)
14
. Southern Pacific 0. ((Mar.)
24
-Union Pacific, corn. (guar.)
2
Preferred (guar.)
Books Cloud.
Days Inclusive.
Sept. 1 Holders of rm. July 270
Sept. 1 Holders of rec. July 140
Aug. 20 Holders of rec. Aug. is
Aug. 20 Holders of rec. Aug. la
Sept. 1 Holders of rec. Aug. 10a
Sept. 1 Holders of rec. Aug. 100
Febl'24 Holders of rec. Jan.19
Aug. 20 Aug. 11 to Aug.'24a
19
Sept.20 Holders of rec. Aug. 28a
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rm. Aug. 20
Sept. 19 Holders of rm. Aug. 310
Aug. 18 Holders of rec. July
Aug. 20 Holders of rec. Aug. 310
70
Aug. 31 Holders of rec. Aug. la
Aug. 31 Holders of rec. Aug. la
Sept.13 Holders of rec. Aug.
Sept. 1 Au* 22 to Aug. 27a
31
Oct. 1 Holders of rec. Aug. 310
Oct. 1 Holders of rec. Sept. la
Oct. 1 Holders of rec. Sept. la
Name of Company.
757
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities.
American Telegraph & Cable (guar.).
*14 Sept. 1 *Holders of rec. Aug. 31
Brazilian Trac., Lt.& Pow.. ord.(guar.) 1
Sept. 1 Holders of rec. July 31
Brooklyn Edison Co.(quar.)
2
Sept. 1 Holders of rec. Aug. 170
Central Ark. By. dr Light. prof. (Qum.).
1 Holders of rec. Aug. d20
Sept.154
Central Indiana Power,7% prof.(quar.) 14 Sept. 1 Holders of rec. Aug. 30
Central MISS. Vail. Elec. Prop., pr.(an.) 14 Sept. 1 Holders of rec. Aug. 15a
Cleveland Elec. Blum.,8% prof.(guar.) 2
Sept. 1 Holders of rec. Aug 15a
Columbus By., Pow.& Lt.. corn.(qu.). 114 Sept. 1 Holders of rec. Aug. 164
Common (guar.)
Dec. 1 Holders of rec. Nov.15a
1
Preferred, Series A (guar.)
14 Oct. I Holders of rec. Sept. 150
Preferred, Series A (quar.)
134 Jan2'24 Holden. of rec. Dee. 15a
Preferred, Series B
24 Nov. 1 Holders of rec. Oct. 16a
Consolidated Gas of N.V.,com.(quar.)
$1.25 Sept.15 Holders of rec. Aug. 9a
Detroit United By. (quar.)
14 Sept. 1 Holders of rec. Aug. 1
Duquesne Light, 1st pref. Ser A (qu.)_ _
134 SOL 15 Holders of rec. Aug. 15a
Eastern Shore Gas & Elec., Prof.(guar.)_ 50c. Sept. 1 Holders of rec. Aug. 15
Eastern Wisconsin Elec., prof. (guar.)._ •154 Sept. 1 *Holders of rec. Aug. 20
Federal Light & Traction. Prof. (quar.)_ 14 Sept. 1 Holders of rec. Aug. 15a
Georgia By.& Power,common (quar.)_ 1
Sept. 1 Aug. 21 to Aug. 31
Second preferred (guar.)
1
Sept. 1 Aug. 21 to Aug. 31
Newport News ,it Hampton Ry.,Gas&
Electric. pref. (guar.)
14 Oct 1 Holders of rec. Sept. 150
North Shore Gas. preferred (guar.)._
134 Oct. 1 Holders of rec. Sept.20
Northern Texas Eke.Co.. corn.(guar.)_ 2
Sept. 1 Holders of rec. Aug. 10a
Preferred
3
Sept. 1 Holders of rec. Aug. 100
Philadelphia Co., preferred
$1.25 Sept. 1 Holders of rec. Aug. 100
Philadelphia Electric, corn. & Pref. (qtr.) 2
Septd15 Holders of rec. Aug. 17
United Gas Improvement, pref.(guar.). 8740.Sept.15 Holders of rec. Aug. 310
United Light & Rys., particiii Prof.(ext.)
Bi Oct. 2 Holders of rec. Sept. 150
Participating preferred (extra)._ _ _ _
51 Jan2'24 Holders of rec Dee. 15
West Penn Rye.. pref.((Man)
14 Sept.15 Holders of rec. Sept. I
Wisconsin River Power. Prof. (guar.).- lit Aug. 20 Holders of rec. July 3I0
Trust Companies.
Lawyers Title & Trust (guar.)
2
Oct. 1 Holders of rec. Sept.21a
Miscellaneous.
American Art Works, corn. & pref.(qu.) 14 Oct. 15 Holders of rec. Sept.30a
American Bank Note, preferred (quar.). 75e. Oct. 1 Holders of rec. Sept.146
American Beet Sugar. Preferred (quar.). 14 Oct. 2 Holders of rec. Sept. 8a
American Felt, preferred
41.50 Sept, 1 Holders of rec. Aug. 15
Amer. Locomotive, corn. (guar.)
1.50 Sept.29 Holders of rec. Sept.130
Preferred (guar.)
154 Sept.29 Holders of rec. Sept. 130
American Machine & Foundry (gear.).. 14 Oct. 1 Holders of rec. Sept. is
Quarterly
14 Jan 1'24 Holders of rec. Dec. lo
American Metal, common (quar.)
756. Sept. 1 Holders of rec. Aug. 184
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 200
American Radiator, common (quar.)
$1
Sept.29 Holders of rec. Sept. 150
American Rolling MUL prof.(quar.).... 154 Oct. 1 Holders of rec. Sept.150
Amer. Shipbuilding, corn. (guar.)
2
Nov. 1 Holders of rec. Oct. 150
Common (guar.)
2
Febl'24 Holders of rec. Jan. 15'24a
Common (guar.)
2
May1'24 Holders of rec. Apr.15'244
Common (guar.)
2
Augl'24 Holders of rec. July 15'246
Amer. Smelt. & Ref., pref. (guar.)
14 Sept. 1 Holders of rec. Aug. 100
American Sugar Refining. Prof. (quar.)
134 Oct. 2 Holders of rec. Sept. la
American Tobacco, corn.& corn. B (qu) 3
Sept. 1 Holders of rec. Aug. 10a
Amer. Window Glass Co., preferred__ 34 Sept. 1 Aug. 18 to Aug. 31
Associated Dry Goods, 1st pf.(guar.)._ 14 Sept. 1 Holders of rec. Aug. lla
Second preferred (guar-)
134 Sept. 1 Holders of rec. Aug. lla
Atlantic Refining, common (quar.)
1
Sept.15 Holders of rec. Aug. 2I0
Atlantic Terra Cotta, preferred (quar.)
1
Sept.15 Holders of rec. Sept. 5
Auto-Knitter Hosiery (guar.)
Oct. 15 *Holders of rec. Oct. 1
Automatic Refrigerating (quar.)
2
Sept. I Holders of rec. Aug. 20
Beacon Oil, preferred (quar.)
1.874 Nov. 15 Holders of rec. Nov. la
Bethlehem Steel Corp.Common (guar.)
IN Oct. 1 Holders of rec. Sept. la
Seven per cent cum. prof.(quar.)_. i3t Oct. 1 Holders of rm. Sept. 154
Seven per cent cum. prof. (quar.)
lit Jan2'24 Holders of rec. Dec. 154
Seven per cent non-cum. pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 154
Seven per cent non-cum. pref. (gran) lit Jan2'24 Holders of rec. Dec. 150
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 154
Eight per rent preferred (ouar
2
Jan2'24 Holders of rec. Dec. 150
Borden Company, preferred (quar.)
14 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la
Bridgeport Machine Co. (guar.)
250. Oct. 1 Holders of rec. Sept. 200
Quarterly
250. Jan1'24 Holders of rec. Dec. 200
Quarterly
25c. Aprl'24 Holders of rec.Mar.20'24a
Brill (J. G.) Co., corn.(guar.)
$1.25 Sept. 1 Aug. 25 to Aug. 31
Bromriton Pulp & Paper. Prof.(guar.)._ 12
Aug. 30 *Holders of rec. July 31
Brown Shoe,common (auar.)
1
Sept. 1 Holders of rec. Aug. 20a
Buckeye Pipe Line (guar.)
$1.75 Sept.15 Holders of rec. Aug. 20
California Packing Corp. (guar.)
131 Sept. 15 Holders of rec Aug. 310
Calif. Petroleum, corn., $100 par (gu.)_ _
1 Holders of rec. Aug. 200
Sept.134
Common,$25 par (guar.)
4340 Sept. 1 Holders of rec. Aug. 206
Preferred (guar.)
134 lOct. 1 Holders of rec. Sept.20a
Campbell Soup. Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
Century Ribbon Mills,Inc., Prof.(guar.) lit Sept. 1 Holders of rec. Aug. 200
Checker Cab Mfg., class A (guar.)
$1.25 INov. 1 Holders of rec. Oct. 154
Class A (guar.).
$1 .2151Feb1'2 Holders of rec. JanI5'24a
Chicago Yellow Cab (monthly)
33 1-3c Sept. 1 Holders of rec. Aug. 200
Monthly
331-30 Oct. 1 Holders of rec. fiept.200
Monthly
33 1-3c Nov. 1 Holders of rec. Oct. 200
Chill Copper (guar.)
6214e Sept.29 Holders of rec. Sept. 1
Cities serviceCommon (monthly. Payable In scrip). 04 Sept. I Holders of rec. Aug.
Common (payable in corn. stk. scrip). 014 Sept. 1 Holders of rec. Aug. 15
15
Preferred and preferred B(monthly)
34 Sept. 1 Holders of rec. Aug. 15
Cleveland Stone(guar.)
1 Holders o tree. Aug. 15
Sept.134
Extra
I Holders of rec. Aug. 15
Sept31
Colorado Fuel & Iron, preferred (quar.). 2
Aug. 26 Holders of rec. Aug. 10a
Congoleum Company, common
Oct. 15 Holders of rec. Oct. 6
$2
Consolidated Cigar Corp.. Prof.(quar.)_ lq Sept. 1 Holders of rec. Aug. 15a
Consumers Company,Preferred
34 Aug. 20 Holders of rec. Aug. 90
Cosden & Co., Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. Illa
Crescent Pipe Line (guar.)
374c. Sept. 15 Aug. 25 tO Sept.16
Crows Nest Pass Coal(guar.)
131 Sept. 1 Holders of rec. Aug. 12
Davol Mills (guar.)
14 Oct. 1 Holders of rec. Serit.24a
Deere dr Co., preferred (guar.)
75c. Sept. 1 Holders of rec. Aug. 15a
Diamond Match (guar.)
2
Sept. 15 Holders of rec. Aug. 81a
Dominion Stores, Ltd Common
50c
. of rec. Sept. 1
NA. I Holder,
Eastman Kodak,common (guar)
$1.25 Oct. 1 Holders Of rec. Aug. 31
Preferred (guar.)
14 Oct. 1 Holders of rec. Aug. 31
ELsenlohr (Otto) &Bros.,Inc.,Pt.(qu.). 134 Oct. 1 .Holders of rec. Sept. 20a
Fielshmann Co.corn. (quar.)
50c. Oct. 1 Holders of rec. Sept.15a
Common (extra)
50o. Oct. 1 Holders of roe. Sept.150
Common (guar.)
50c. Ian 1'24 Holders of rec. Dec. 154
Preferred (guar.)
IN Sept. 1 Holders of ree. Aug. 240
General Asphalt, preferred (guar.)
114 Sept. 1 Holders of rec. Aug. 15a
General Cigar, pref. (quar.)
14 Sept. 1 Holders of rec. Aug. 240
Debenture preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 24a
General Development(guar.)
250. Aug. 20 Holders of rec. Aug. 104
General Motors Cori),corn. (ClUar.)
300. Sept. 12 Holders of rec. Aug. 20
Seven per cent debenture stock (qu.). 14 Nov. 1 Holders of rec. Oct. 8
debenture
Six per cent
stock
14 Nov. 1 Holders of rec. Oct. 8
Six per cent preferred stock (guar.)._ 13.4 Nov. 1 Holders of rec. Oct. 8
Gillette Safety Razor (guar.)
Sept. 1 Holders of rec. Aug. 1
3
Stock dividend
Dec. 1 Holders of rec. Nev. 1
e5
Goodrich (B. F.) Co., prof. (guar.)
134 Oct. 1 Holders of rec. SePt.21
Gossard (H. W.) Co.. corn. (monthly)._
25o. Sept. 1 Holders of rec. Aug. 20
Guantanamo Sugar,Preferred (guar.)._ _ 2
Sept.29 Holders of rec. Sept.15a
Gulf States Steel 0.First and second preferred (qUar.).....
Oct. I Holders of rec. Sept. 140
First and second preferred (guar.).- 134 ran2'24 Holder, of roe. Dec. 14a
Harblson-Walker Refract., corn,(qu.)._ 134 Sept. 1 Holders of rec. Aug. 21a
Preferred (guar.)
14 Oct. 20 Holders of rec. Oct. 104
Hartman Corporation(guar.)
154 Sept. 1 Holders of rec. Aug. 20a
Hart, Schaffner dr Marx. corn. (guar.)._
114 Aug 31 Holders of rec. Aug. 185
Hayes Wheel (elm.)
750. Sept.15 Holders of rec. Aug. 31a
Homestake mining (monthly)
500. Aug. 25 Holders of rec. Aug. 20
Household Products, Inc. (guar.)
34 Sept. 1 Holders of rec. Aug. 15
Hydrox Corporation, preferred (wan)._ '134 Sept. 1 *Holders of rec. Aug.
21
AN
THE CHRONICLE
758
Name of amsyany.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 117.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 11. 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.
Miscellaneous (Concluded).
n75c. Sept. 1 Holders of rec. Aug. r15
Imperial 011 (Canada) (guar.)
Sept. 1 Holders of rec. Aug. 17a
2
Ingersoll-Rand Co.. common (QUar.)
Sept, 1 Holders of rec. Aug. 15'
6234c
Inland Steel, common (guar.)
144 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
rec. Aug. 107
International Harvester, pref. (guar.).- 154 Sept. 1 Holders of
50c. Sept. 1 Holders of rec. Aug. 150
International Shoe, pref. (monthly)..
Is
NOV. 15 Hoiden. of roc N.i,
,in ..,,ii, vorki 110
Intertype Corp r
Sept. 15a
Jones &Laughlin Steel Corp.,Pref.(gU.) 1)2 Oct. 1 Holders of rec.
2110
Aug
rec.
of
Sept. 1 Holders
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Kinney (G. it) Co., Inc., pref. (guar.). 2
234 Sept. 1 Holders of rec. Aug. 25
Lancaster Mills (quar.)
(Stated in thousands of dollars-thal is. three Ciphers (0001 omitted.)
210
Aug.
rec.
of
Holders
134
31
Aug.
Lanston Monotype Machine (quar.)._
50c. Sept. 1 Holders of rec. Aug. 150
Lee Tire & Rubber (guar.)
I New I
Aug. 31 Holders of rec July 315
El
Lehigh Coal & Navigation (guar.)
Reserve
Aug. 22a
Capital. Profits] Loans,
Libby-Owens Sheet Glass, corn.(guar.). 50c. Sept. 1 Holders of rec.
with
Time Bank
Net
Discount Cash
1% Sept. I Holders of rec. Aug. 220 Week ending
Preferred (guar.)
De- Claw5a
1
Legal Demand
in
Aug.
Investrec.
of
30
June
Holders
1
Nat'l,
Sept.
1923
11
Aug.
Liggetts Internat.. corn. A & B (guar.).- 154
State, June 30 ments, Vault. Deport- Deposits, posits. loSept. 1 Holders of rec. Aug. 150
Liggett & Myers Tob..corn. A Je B (qu.) 3
tion.
15a
tortes.
tEc.
Aug.
30
rec.
of
.Cos,June
Holders
I
Sept.
Tr
$1
omitted.)
.com.tqu.)
((000
Inc
Works.
Lana Locomotive
142 Nov. 8 Holders of rec. Nov. 5a
Lindsay Light, preferred (guar.)
1M Febil'24 Holders of rec.Feb.7240 Members of Fed. Res.,Bank. Average Average Average Average Average Argo,
Preferred (guar.)
5
$
5
$
134 Sept. 1 Holders of rec. Aug. 18
Bank of N Y &
Lord & Taylor. 1st pref. Mum.)
45,090 6,409
815 5,944
Sept. 1 Holders of rec. Aug. 8
Trust Co..... _I 4,000 12,017 61,840
Ludlow Manufacturing Associates(gu.)_ $2
102.594 19,142
81.50 Sept. 1 Holders of rec. Aug. 24
Bk of Manhat'n 10.0001 13,140 129,355 2,485 13,969
Mahoning Investment (guar.)
50c. Sept. 1 Holders of rec. Aug. 24
Meet'& Met Nat 10.000 16,843 165,294 4,554 19,205 142,675 4,194 997'
Extra
65,216 2,969
75e Sept. 1 Holders of rec. Aug. 140 Bank of America 5,500 4,583 67,085 1,495 8,818
Manhattan Shirt, common (guar.)
15a
Aug.
rec.
of
51,526 482,610 4,521i 53,002 *510.374 68,346 2,101
Holders
750.
1
Sept,
Nat City Bank.' 40,
Martin-Parry Corp. (guar.)
12,668
93,205 5,971
343
16,.
1,134
111,702
Aug.
rec.
Chem Nat Bank 4,500 16,467
1,4 Sept. 1 Holders of
May Department Stores corn.(gust.)
3.014
27 285.
368
5,056
59
141
1101dP14 01 re' •ien, I .0
500
Nat Butch dt Dr,
Preferred o.olr 1
la
6,515
10,074
74.797
914'
4,965.
89,758
Aug.
rec.
of
7,783
Holders
5,000
14 Sept. 1
Amer Exch Nat
McIntyre Porcupine Mince
974 30,660 234,948 13,117
38,374 308,842
Nat Bk of Corn.1 25,
145 Sept. I Holders of rec. July 25
Merrimack Mfg., common (guar.)
21,955, 1,421
234 Sept. I Holders of rec. July 25
Piscine Bank...1 1,000 1.748 26,125 • 7721 3,198
Preferred
110,140 24,283 6,057
15,905
5,442
Sept.20a
144,706
rec.
9,275
of
Chat & Phen Nat 10,500
Montgomery Ward & Co.. Pref.(guar.). 1)4 Oct. 1 Holders
99.332
255' 12,947
20
114.879
Aug.
tee.
21,394
of
5,000
Holders
Bk
Nat
Hanover
1
75c.
Sept.
(No.
1)
Inc.
Munsingwear,
149,682 24,308 ____
Corn Exchange_ 9,075 12,368 170,707 6,254 20,494
75c. (Jet 15 Holders of rec. Sept 290
National DIdCUlt, common (guar.)
118,877 5.388 7,877
15,764
1'4 Aug. 31 Holders of rec. Aug 17a National Park_ 10,000 23,444 157,729
Preferred (gnarl
240
10,779 2,778
50
1,518
15,599
336
Aug.
rec.
803
of
Holders
1
1,000
Sept.
Nat_
River
142
(quir.)
East
National Cloak & Suit. Pref.
168,533 22,248 7,467
566 22,557
1)2 Sept. 1 Holders of rec. Aug. 160 First National._ 10,000 55.319 272,607
Nat. Dept. Stores, 2d pf. (guar.)
250,869 15,344
Aug. 11' Irving-Bk -ColTr 17.500 10,675 254.470 4,019 33,657
rec.
of
Holders
31
Aug.
134
Reg.,
at
(guar.).
common
Enamel.
Nat.
5,800
956
389
7,504
16
954
Holders of ree. Sept. illa Continental Bk. 1,000
154
Preferred (guar.)
31 Holders of roe Dee lia Chase National. 20,000 22,991 319,717 4,275 38,162 285,424 27,781 1,090
Preferred (guar )
140 Fifth Avenue...
21,194
Sept.
2,743
634
23,053
rec.
2,439
of
Holders
500
2
Sept.
29
National Lead,common (guar.)
877
8,719
1,206
9,711
63
979
Holders of rec. Aug. 240 Commonwealth.
600
Preferred (quar.)
16 396.
14,669
397 1,862 . 13,747
Holders of rec. Aug. 3
125
4c
5
Garfield Nat.__ 1,000 1,627
New Cornelia Copper Co. (guar.)
799 248
1110
14,803
Aug.
rec.
218
1,858
of
20,916
1,097
_
Holders
_
.
3
v
1,200
di
al H Aug. 28
Fifth National._
New River Co.pref (acc.accum.
66
75,212 2,284
917 9,902
74 80,551
167
1:2
134 Aug. 20 Holders of rec. Aug. 90 Seaboard Nat.. 4000
1:600 7,174
Niles-Bement-PondCo., pref. (guar.)._
796 415.
12,906
15,287
368 1,722
Aug. 21 to Aug. 31
134
Coal & iron Nat
Onyx Hoeiery, pref. (guar.)
24,541
200
Aug.
rec.
*233,543
265,641
of
29,581
1
55
1
:2
46
1,066
Holders
N:gt: 1
Bankers Trust._ 20.000 23
Package Machinery. common (guar).47,755 3,096
52,305
847 6,423
scot.30 Holders of rec. Sept 21,0 U S Mtge & Tr. 3.000
$1
Peerless Truck St Motor (guar I.
sl
Oec. 31 Hollers of rec. Dee Via Guaranty Trust 25.000 18,290 343,008 1,459 37,007 *339,750 43,587
.
Quarterly
154
Aug.
18,205 1,645
369 2,424
22,177
Iti Sept. I Holders of rec.
Fidel-InterTrust 2,000 1,884
Pittsburgh Steel. preferred (guar.)
9a N Y Trust Co._ 10.000 17,764 146,893
112,088 20,792
576 14,521
134 Aug. 20 Holders of rec. Aug. 21a
Pratt dc Whitney Co.. pref. (qUar.).Aug.
3.890
31,485
rec.
4.297
of
37,801
576
Holders
3.927
Metropolitan Tr 2.000
Pressed Steel Car. preferred (guar.).- 134
*87,412 27,729
125,887
4
920
00
5:
12,372
00 12
37 ic N:g1:11 Holders of rec. Aug. 15, Farm Loan & Tr %
2 000
Pure Oil, common (guar.)
la
2,581
Aug.
33,427
rec.
574
of
23,528
3,470
Holders
31
134 Aug.
Columbia Bank.
Quaker Oats, preferred (guar.)
Sept. 15a Equitable Trust 23.000 9,501 219,9901 1,702 25,886 *224,776 21,457
Republic Iron & Steel, preferred (guar.). I% Oct. 1 Holders of rec.
Holders of rec. Sept. I6a
Preferred (account mown. dividends).
ree.Sept.d14a
of
Holders
52
50c. Oct.
Nov. 1
Total of averages290,375431,1754,316,799 49,644 475,140c3,520,450402,59932.492
Reynolds Spring, corn.(gu.)(NO. 1)
134 Oct. I Holders of rec. Sept. 17a
Preferred A & II (guar.)
20
Seta.
to
9
Sept.
25e Sept.20
Totals, actual coindition Aug. 1114,306,655 49,302 487,638 c3,504,892 400,81632,647
Bt. Joseph Lead (guar.)
250. Sept.20 Sept. 9 to Sept.20
Totals, actual condition Aug. 44,362,398, 46,497491.510 c3,571.117 407.041132,45.1
Extra
Dec. 20
to
9
Dec.
20
Dee.
25c.
Totals, actual c
Quarterly
20
Dec.
to
9
State Banks Not Members of Fed'i Res've Beni.
25c Df•x. 20 Dec.
Extra
30
17,7611
17,6001 1,460 1,809
Greenwich Bank 1,000 2,247
St. Louis Coke & Iron, preferred (guar.). •15.i Aug. 95
150
Aug.
rec.
2,592 2,092
of
375
325'
5,426
Holders
900
250
Bowery Bank._
Schulte Retail Stores, corn. tin pref..itk.) 01$2 Sept. 1
28,238 54,411
2,500 4,735 85,589 3,544 1,781
Dec. 1 Holders of rec. Nov. 15a State Bank
Common (payable In preferred stock) 0152
Mr 1'24 Hold. of rec. Feb 15'240
Common (payable In preferred stock) a$2
48,591 58,522
3 1-3c Sept. 1 Holders of rec. Aug. 15
Total of averages 3.750 7.883 108,615 5,329 3,965
Seaboard 011 & Gas (monthly)
1-30
1 Holders of rec. Sept. 15
3
Oct.
Monthly
15
Aug.
rec.
of
48,716 56,528 ....-11
108,656
4,008
6,3041
Holders
Aug.
nditlon
co
actual
Totals,
134 Sept. 1
Sherwin-Williams Co., pref. (guar.)
49,299 66.463 _--Totals, actual co ndition Aug. 4 108,791 6.4671 4,302
50e. Aug. 31 Holders of rec. Aug. (0
Sinclair Consol Oil Corp.,cum.(guar.)
a Totals, actual co ndition July 28 109,511 5,386, 3,928
rec. Aug
of
Hollers
49,563 56,597
Aug.
2
15
Preferred (gnat.)
2
Sept. 1 Holders of rec. Aug. 15
Trust Compan lea Not Members of Fed 'I lites''ve Hank.
Southern Pipe Line (guar.)
of tee Aug. I8a Till' Guar & Tr 10.000 12,725 55,602 1,451 3.875
Holders
35.2561 1,694
1
134
Sept.
(W)
let
pref.
Bros.,
&
G.)
(A
Spalding
613
110111C111 of roe Aug 10,
16.510
911 1,6711
2
•lept.
Lawyers lit & T 6.000 5,308 26,218
....
Second preferred (guar.)
21a
134 Aug. 31 Holders of rec. Aug. 2I0
Standard Milling, common (guar.).- _
Aug.
rec.
of
_- 2,037
51,766
5,546
18.034
Holders
81,820
2,3821
16,000
31
averages
of
Aug.
Total
13.4
Preferred (guar.)
500. SePt.15 Holders of rec. Aug. 207
Standard Oil (Calif.)(guar.)
51,291 2,453
81,711 2,352 5,442
6240 Sept. 15 Aug. 17 to Sept. 15
Totals, actual co ndltion Aug. 11
Standard 011 (Indiana) (qua?.)
51.736 2,270
Totals, actual co nditlon Aug. 4 81,426 2,378 5,658
350. Sent. 15 Holders of rec. Aug. 24
Standard 011 of New York (qua?.)
53,563 2,256
234 Oct. 1 Holders of rec. Aug. 24
Totals, actual co ndition July 28 82,920 2,339 5,703
Standard 011 (Ohio) corn. (guar-)
July 27
tee
of
Holder"
1
Sent
154
i
•rpi.,r
Preferred
Gr'd aggr., over.310,125457,093 4,507,234 67,335484,651 3,620,807461,42832,492
Oct. 1 *Holders of rec. July 20
Standard Wholesale Phosphate,com_.-. •10
15a
Aug.
2
Sept. I Holders of rec.
Comparison wit 17 prey. week.. -37,561+1,198-8,583 -59,666-3,652 +22
.....
Stern Bros. Prof. (guar.). .
rec. Aug. 10a
Corp., common (qua?).... $2.50 Sept. 1 Holders of
Studebaker'
10a Gr'd aggr., ace:cond'n Aug. 11 4,497,021 68,968497,088 3,604,899 459.798 32,647
152 Sept. 1 Holders of rec. Aug. 230
Preferred (guar-)
rec. Aug.
Comparison wit b prey. week__ -'4S.694(+2016-4.382 -87,253-5,977 +194
Thompson (John R.) Co.. corn.(mthly.) 25o. Sept. I Holders of
. 4
Oct. 1 Holders of rec. Sept.20
Thompson-Starrett Co.. preferred
75c. Sept. 5 Holders of rec. Aug. 200 Or'd ann. acri cond'n A R. 44,542,615 54,3421601,470 3,672,152485,773 32,45a
Timken Roller Bearing (guar.)
25c. Sept. 6 Holders of rec. Aug. 202 Gr'd aggr., act'l cond'n July 284,536,221 55,092 513,264 3.866,361 483,09832,095
Extra
3
Sept.15 Holders of rec. Sept. 5a Gr'd aggr.. aa't cond'n July 21 4,561,260 65.245613,072 3,711,307478.30032.198
Truscon Steel, eommon (guar.)
134 Sept, 1 Holders of rec. Aug. 2I0 Gr'd aggr., oat' cond'n July 144,621.068 56,4161522,619 3,761,104484,026 32,010
Preferred (guar.)
75e. Oct. 1 Holders of roe. Sept. la Gr'd aggr., act'l
Underwood Typewriter, coin.(guar.).
134 Oct. 1 Holders of roe. Sept. la Gr'd aggr., 001 cond'n June 304,740,150 56,550516,723 3,815,400480.41832,169
Preferred (guar.)
70
1
(qua?.)
4 Sept. I Holders of rec. Aug.
Union Tank Car, common
Note.-U. S. deposits deducted from net demand deposits in the general tote
142 Sept. 1 If oldrrs of toe Aug 'a
Preferred (guar )
of tee. Aug. 300 above were as follows: Average total Aug. 11, $32,155,000; actual totals Aug. 11'
Holders
15
Sept.
(guar.)._
134
Preferred
United agar Stores.
I a 530.243,000; Aug.4,532,870,000; July 28,$33,229,000; July 21.832.870.000: July 14
1 54 'tent. 1 !wider of re, A ig
United , wog •
134 Oct. 1 Holders of rec. Sept. 15
$39,207,000. Bills Payable, rediscounts, acceptances and other liabilities, average
United Dyewood, common (guar.)
roe. Sept 150 for week Aug. 11,5435,619,000; Aug.4,$426,388,000; July 28,8410,406.000; July 21.
of
Holders
1
Oct.
134
Preferred (guar.)
154 14112'24 Holders of tee Der 1.(3.7 $415.511.000; July 14, $453,961,000. Actual totals Aug. 11, 5458.767,000; Aug. 4.
Preferred (gust)
00; July 21.8420,093,000; July 14,5461,836,000.
Holders of rec. Sept. la
U.S.Cast Iron Pipe & Fdt.. Pref. WILL 142 Sept. 15 Holders of rec. 17, t, $429,758,000; July 28,8460,006.0
142 tr. 15
•Includes deposits In foreign branches not included In total footings as follows:
Preferred (guar i
I
Sept. 30 Sept. 16 to Sept.30
City
Bank.
National
Bankers Trust Co., $12,782,000; Guaranty
$123,806,000;
U.S. Gypsum,common (guar.)
134 Sept. 30 Sept. 16 to Sept. 30
dt Trust Co.. $120.000; Equitable Trust Co..
Preferred (guar.)
50 Trust Co. $69,169; Farmers' Loan in
. 2
Sept. 15 Holders of rec. Sept 200
banks
in
carried
foreign countries as reserve for such deposits
Balances
'
$32.108.
U. S. Realty @ 1mpt., corn. (guar.). _ _
134 Nov. I Holders of rec. Ort 3
were: National City Bank, $23,575; Bankers Trust Co., $466.000; Guaranty Trust
Preferred (guar 1.
Aug. 30 to Sept.
Loan St Trust Co., 8120.000; Equitable Trust Co..
Farmers'
54.791,000;
Co..
United States Steel Corp., corn.(guar.). 142 SePt.29
8
AUg.
132 Aug. 30 Aug. 7 to
$2,766,000. c Deposits In foreign branches not included.
Preferred (guar.)
50c. Sept.20 Holders of rec. Aug. 31
Vacuum 011 (guar-)
*50c. Sept. 15 *Holders of rec. Sept. 1
The reserve position of the different groups of institutions
V. Vivaudou, Inc.(QUar.)
180
132 Sept. I Holders of rec. Aug. 240
Van Raalte Co.. Inc. (guar.)
50c. Sept. 1 Holders of rec. Aug. 22a on the basis of both the averages for the week and the actual
Wahl Co., common (monthly)
Sept.
50c. Oct. I Holders of rec.
two.
Common (monthly)
1 Holders of rec. Sept.22a condition at the end of the week is shown in the following
Oct.134
Preferred (guar)
31
134 Aug, 31 Aug. 3 to Aug.
Welch Grape Juice, pref.(War.)
tables:
of rec. Aug. 15
Holders
I
Sept.
134
pref.
(guar.).
Inc.,
CO.,
White (J. G.) &
Holders of rec. Aug. 15
STATEMENT 01P RESERVE POSITION OF CLEARING HOUSE 13 tNKS
White(J.G.) Engineering Co.,pf Om.). 132 Sept. 1
Holders of rec. Aug. 15
AND TRUST COMPANIES.
White(J.G.) Managem't CorP.,Pf.(411.) 134 Sept. 1 Holders of rec. Sept.20a
Sept.30
$1
White Motor (guar.)
fiolderi of rec. Aug 100
2 Sept.
Woolworth (F '.4..i Co corn. (gust)
Averages.
Holders of rec. Sept.20a
134 Oct.
Worthington Pump & Mach.,pf. A (qu.) 134 Oct.
Holders of rec. Sept. 20a
Preferred 11 (qua?.)
a
Cash
Reserve
Holders of rec. Aug. 15a
250
3
Aug.
•
(guar.)
Corp.
Sta'Plat
Wright Aeronautical
Reserve
in
Total
Reserve
Aug. 25 to Aug. 31
50c. Sept.
Reserve.
Wrigley (Wm.)Jr. & Co., Wm.(mthly.) 50c. Oct.
30
Sept.
Required.
to
in
Reserve.
26
Depositaries
Vault.
Sept.
Common (monthly)
Oct. 26 to Oct. 31
Nov.
50c.
30
Common (monthly)
Nov
$
Federal
to
$
8
$
Members
Nov.24
50c. Dec.
Common (monthly)
Reserve banks_
475,140,000 475.140,000 469.736,470 6,403,531,
Dec. 25 to Jan. 1 1924
50c. Janl
547,620
Common (monthly)
5,329,000 3,965,000 9,294,000 8,746.380
State banks'
50c. Feb1.2 Jan.26'24 to Jan.31 '24
143,100
200
Aug.
Common (monthly)
rec.
of
2,382.000 5,546,000i 7,908,000 7.784,900
Holders
Trust companies.
50e. Sept.
.
(monthly)...
B
class
Mfg.,
200
Yellow Cab
Holders of rec. Sept.
50e. Oct.
6,094,250
Class B (monthly)
7.891,000 484,851,000 492,342,000 486,247,750 6,632,770
Total Aug. II__ _
stock
Total Aug. 4.... 7,557,000 493,234,001) 500.791,000 404,168,230 6,390,820
New York Stock E change has ruled that
•From unofficial sources. f The this date and not until further notice. f The
Total July 28_ 7,867,000 493,222.000 501,089.000 494,698,180 6,651,770
exquoted
will not be quoted ex-dividend on
be
not
will
Total July 21.... 7,918,000 500,119,000 508,037,000 501.385.230
has ruled that stock
New York Curb Market Associationfurther notice.
until
dividend on this date and not
stock.
in
Not members of Federal Reserve Bank.
•
Payable
dividend. d Correction. e
State banks
a This is the reserve required on net demand deposits in the case of
a Transfer books not closed for this
Reserve Bank
in scrip. h On account of accumulated
trust companies, but In the case of members of the Federal
!Payable In common stock. g Payable
and
funds.
Canadian
which was as follows:
stock. n Payable in
deposits.
preferred
time
In
net
In
on
amount
Payable
also
required
reserve
in
Includes
dividends.
011 be not quoted ex-dividend Aug.11,$12,077,970; Aug.4,812,191,070; July 28,812,336.060; July 21,812,679,470
r New York Curb Market has ruled that Imperial
until Sept. 13.
•
i154 r
leuT:18
AUG. 18 1923-]
THE CHRONIC
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
is Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companies_
Total Aug. 11
Total Aug. 4
Total July 28_ _ _
Total July 21
Total
Reserve.
Reserve
Require.
759
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
487,638,000 487.638,000 467,660,410 19,977,590
5,304,000 4,008,000 9,312.000 8.768,880
543,120
2,352,000 5.442.000 7,794.000 7,693,650
100.350
7.856.000 497.088,000 504,744,000 484,122,940
7,845,000 501.470.000 509,315,000 493.090,830
7,725.000 513,264,000 520,989,000 492,303,690
7.797.000 513.072,000 520,869,000 498,609,750
20,621,060
16,224.370
28,685.310
22,259,250
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Aug.
11.
$12,024,450; Aug. 4, $12,211,200; July 28, 812,127,350; July 21,
$12,574,740.
Aug. 15
1923.
Changes from
previous week.
Aug. 8
Aug. 1
1923.
1923.
Capital
S57,300.000
Unchanged 57,300.000 57,300,000
Surplus and profits
80,497.000
Unchanged 80.497,000 80,497,000
Loans. dtsc'ta & investments_ 864,099.000 Inc. 1,981,000 862,118,000 868,644,000
Individual deposits, incl. U.S.603.894,000 Dec. 209.000 604.103,000 613.238,000
Due to banks
111,663.000 Inc. 3,187,000 108.476,000 109.780,000
Time deposits
127,910.000 Dec.
17,000 127,927.000 127,427,000
United States deposits
20,730,000 Dec. 888,090 21.618,000 21.620,000
Exchanges for Clearing House 20,280,000 Inc.
e. 1.80
6
9()8
1:033 19.672.000 22,400.000
Due from other banks
62.925.000
6
70
1:8
84
10
6:000
000
Reserve in Fed. Res. Bank__ 68,189,000 Dec. 1,683,000 69
..000
0
M
0.:8
00
0
97
2
46
4
2,
Cash in bank and F. it. Bank 9,301,000 Inc.
275,000
8.870,000
Reserve excess In bank and
Federal Reserve Bank.-188,000 Dec. 1,615.000 1,803,000 2,085.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Aug. 11, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMEN
are 10% on demand deposits and 3% on time deposits, all
T.
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from is not a part of legal reserve. For trust
companies not memAug. 11.
previous
week.
Loans and Investments
8780,452,600 Dec. $9,647,900 bers of the Federal Reserve System the reserve required is
Gold
3,366,300 Inc.
36,100 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
19,440,700
861,800
Deposits with Federal Reserve Bank of New York._ 63,094,000 Inc.
Dec. 5,519,000 depositaries" and 'Cash in vaults."
Total deposits
798,011,500 Dec. 19,835,000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N.Y.City,exchanges and U.S.deposits 751,471,000 Dec.20,137,300
Reserve on deposits
116,932,900 Dec. 3,464,600
Percentage of reserve, 20.4%.
RESERVE.
State Banks
-Trust Companiescash in vault
$27.442.800 16.32%
$58,458,200 14.44%
Deposits in banks and trust cos._ .._ 8.999,600 05.36%
22,032,300 05.43%
Total
$36,442,400 21.68%
$80,490,500 19.87%
• Includes deposits with the Federal Reserve Bank of New York, which
State banks and trust companies combined on Aug. 11 was $63,094,000. for the
Banks and Trust Companies in New York City.-The
of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearng Hous are as blows:
averages
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Week endedApril 21
April 28
May 5
May 12
May 19
May 28
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
Aug. 4
Aua. 11
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries
$
5,488.632,300
5,460,114,300
5.510.009,400
5,463,426,500
5.467.595.100
5.462,020,400
5.439.510,100
5.428,987,200
5317.776,500
5,411.405.200
5,455.575.600
5,521.531,400
5367.089,000
5,401,760.500
5,350,244.500
5,335,175.500
A227 2211 Ann
$
4,512.747,600
4,509.913,200
4.519.156,700
4.490,698,500
4.502,613.100
4.507.081,100
4.508,916.300
4,506.144,700
4.527.000.900
4,511.280.800
4,543.063,300
4.614.315.200
4,555,262.200
4.527.051.500
4.469.997.600
4,452,081,300
A /79 972 nnn
$
80.217,400
81.096.800
81.002,800
84,636.600
80.913,000
81.209,800
81,562,100
82,459.100
81,749.900
78,750.200
80.871,000
83.510.400
85.305.800
79.020.500
78,711,400
78,046.100
en r99 nnn
$
608,409.400
597.771.500
605.754.400
601.740.600
604,685.100
598.958.900
601.438,200
597.472,300
607.842.900
596,572,600
606,940.200
633.640.100
608.094.400
609.843.200
588,988,700
591,712.400
GTO .7,*1
nnt
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
ineluded in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
maim is thousands of dollars-Shot is, three
ciphers (0001 omitted.)
Net
Loans
CLEARING
Capital. Profits DieRUMS Net 1 Net
Nari
NON-MEMBE • .1
ounts, Cash
with Demand Time Sank
Nat.bks.J'ne30 Invest- in
Legal
DeDe- CircuWeek ending :tate bksJ•ne30 merits, Vault. peposi.
p051)3, :vow, lotion,
Aug. II 1923. Tr.cos.June 30 see.
tortes.
Members of
Average Average Average Average
Average Average
Fed. Res. Bank.
$
II
$
$
$
$
Battery Park Nat. 1 II 1,10: 9,208
$
164 1,229
7,440
525
W.R.Grace & Co.
ii 1,566 8.072
21
443
1.783 4,759
Total
2,001 2,675 17.280
18
1,672
9,22
5,284
---State Banks Not Mem rs of F decal Resets Bank
211
Bank of Wash.Hte
366 6,100
677
323
5.38
1,31.
_
Colonial Bank....
811 2,097 19,950 2,454 1,553 19.6:6
1,''' 2,483 26,050 3,131 1,876
Total
25,06
1,31.
Trust Co. Not Mem . rs of F .eral Reserv Rank
mech.Tr.,Bayonn
500
375 9.294
350
170
3,40. 5.711
Total
600
375 9,294
350
170
3,40
5,711
I
Grand aggregate_ 3,500 5,615 52,824
Comparison with p evious week _. -460
3.688
+151
th..d apttr., Aug 4
Ger aggr•, Jul 2:
Gr'd agar., July 21
rum agar.. July 14
3.51 •
3.602
3,606
3.847
3,500
3.500
3,500
3.500
5.515
5,11.
5.51
5.51.
53,084
53,567
54.645
55.840
3,718 a37,69 12,310
+365
+451 -35
3,353 537,244 12.34.
3,45 537,813 12,206
3,4 I a37,860
3,817 stgg**I. 12,484
1'2 *II I
•United States deposits deducted, 8184,000.
Ell 9 pAYaDiel, O 1,11111
1111).S I.:al Acid oth4r ilabilitlet
S5)2,03)
Exoess reserve. $152.200 increase.
:-_66
196
.n.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans. disc'ts & Investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not me.)..
Res've with legal deposit's
Reserve with F. R. Bank..
Cashin vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault
Week ending Aug. 11 1923.
Member of
Triist
F.R.Systern Companies,
839,125.0
106,021,0
714.763,0
24,990,0
88,034.0
116,737.0
518,747,0
53.614,0
689,098,0
Ass. 4
1923.
July 28
1923.
$44,125.0
121,129,0
760,544,0
27,598.0
92,058,0
117.398,0
554.315 0
65,346,0
727.059,0
10,915.0
3.012.0
56,495.0
10.504,0
70.011.0
60.270,0
9.741,0
$44,125,0
121,129,0
765,895,0
26,158,0
92,626,0
116.849,0
558 409,0
56,575,0
731,833,0
10,898,0
3,141,0
56,164.0
10,755,0
70.060.0
60,780.0
9,280.0
Total.
$5,000.0
15,108.0
44,368.0
423,0
42.0
643.0
27,622,0
944,0
29,209,0
844,125,0
121,129,0
759.131.0
25.413,0
88.076,0
117.380.0
546.369.0
54,558,0
718.307.0
10.500.0
3,014,0
3,014,0
54,181,0
I 54,181.0
9.362,0
1,461.0 10.823,0
63,543,0
4,475,0 68.018,0
55,616.0
4,247.0 59.863,0
7.927,0
228.0
8.155.0
•Cash in vault not counted as reserve for Federal Reserve
members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 15 1923 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F.R. Board
Aug. 15 1923. Aug.8 1528. Aug.16 1922•
173,175,384
147,829,639
171.308,477
150,304,621
195,829,000
44,366.000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
321.005,023
636,526,770
8,538,340
321;613,099
836.612,070
8,987.540
240,195,000
862,831,000
7,614,000
Total gold reserves
Reserves other than gold
966,070.135
20,469.064
967,212,710 1,110,640,000
22,474,093
35,228,000
Total reserves
*Non reserve cash
Bills discounted:
Secured by U. S. Govt. obligatlons
All other
Bills bought in open market
986,539,199
8,966,362
989.688,803 1,145,868,0011
7,843,421
146,794.092
48,830,816
31,910,237
172,663,192
50,208,783
37,002,569
21,852,000
19,073,000
26,835,000
Total bills on band
U. B. bonds and notes
U. S. certificates of indebtednessOne-year certificates (Pittman Act)_
Ail other
227,535,147
3,983,750
259.874,545
2,973,750
67,750,000
42,303,000
1,665,000
3.650.000
17,500,000
94,839,000
Total earning assets
Bank premises
5% redemp.fund east. F.It. bank notes
Uncollected items
All other resources
233.183,897
12,725,448
266,498,295
12,725,440
158,711,053
1,258,736
112,457,332
1.146,562
Total resources
1,401,384,697 1,390,357,856 1.517,473,000
Liabili *esCapital paid In
29.341,700
Surplus
59,799,523
DepositsGovernment
8,610,119
Member banks-Reserve account_ _ _ 668,701,105
All other
12,893,020
Total
690.204,245
F. R. notes in actual circulation
496,944,384
F. R. bank notes in circu'n-net liability
Deferred availability items
121,266,586
All other liabilities
3,828,258
Total liabilities
222,402,000
9,242,000
799,000
135,984,000
3,158.000
29,336.900
59,799,523
27,654,000
60,197,000
3,994,731
690,236,185
13.209.997
7,563,000
482,552,000
9,648,000
707.440.914
504,061,502
699,763,000
513,645,000
13,499.000
98,143,000
4,542.000
86,078.972
3,640.043
1,401,384.697 1,390,357,856 1,517,473,00e
Ratio of total reserves to deposit and
F. R. note liabilities combined
83.1%
Contingent liability on bills purchased
for foreign correspondents
11,576,738
• Not shown separately prior to January 1923.
81.7%
87.2%
11,468,800
10,993.659
CURRENT NOTICES.
-Major James F. Case leaves on Saturday. Aug. 18, for Montevideo,
where he will take up his duties as chief consulting engineer for men & Co.,
Inc., In Connection with hydro-electric construction works in South America.
-Grossman, Lewis & Co. of Milwaukee have moved their offices to more
commodious quarters on the ground floor of the Milwaukee Athletic Club
Building at the corner of Broadway and Mason Streets
-J.11. Belly, formerly connected with the bond department of
Goodbody
& Co., Is now associated with Aemllius Jarvis & Co.. Inc., in
charge or
Canadian public utility and industrial bonds.
[Von. 117.
THE CHRONICLE
• 760
Weekly Return of the Federal Reserve Board.
Reserve Board Thursday afternoon, Aug.16, and showindthe condition
The following is the return issued by the Federalon
Wednesday. In the first table we present the results for the system
business
of
close
the
at
of the twelve Reserve Banks
weeks and with those of the corresponding week last year.
preceding
seven
the
for
figures
the
with
as a whole in comparison
for
each of the twelve banks. The Federal Reserve Agents'
separately
liabilities
and
resources
the
The second table shows
in Federal Reserve notes between the Comptroller and
transactions
regarding
details
gives
following)
Accounts (third table
Reserve Board's comment upon the returnsfor the latest
The
banks.
Reserve
Federal
and
latter
the
Reserve Agents and between
of
Events and Discussions."
"Current
department
our
in
item
first
the
being
week appears on page 726,
AT THE CLOSE OF BUSINESS Auo.151923.
BANKS
RESERVE
FEDERAL
THE
OF
COMBINED RESOURCES AND LIABILITIES
1923. July 3 1923. June 27 1923. Aug. 16 1922
Aug. 15 1923 Aug.8 1923. Aug.1 1923. July 25 1923. July 18 1923. july 11
$
$
i
$
$
$
$
$
$
RESOURCES.
340,492,000 326,442.000 326,334,000 306,386,000
348,855,000 346,809,000 344,561,000 332,289,000 341,804,000 658,617,000 661,593,000 691,429.000 474,662,000
Gold and gold certificates
634,519,000 664,114,000 650,318,000 662,477,000 653,784,000
Gold settlement fund, F. It. Board
999.109,000 988,035.000 1,017,763.000 780,948,000
983,174.000 1,010,923,000 994.879,000 994,766,000 995,588,000 2.047,787.000 2,040,992,000 2,035.011.000 3,238,893,000
banks
by
held
Total gold
46,593,000
2.079,719,000 2,040.012,000 2,048,062,000 2,058,246,000 2,052.131,000
57,970,000
58,676,000
Gold with Federal Reserve agents
53,483,000
52,001,000
60,539,000
66,725,000
61,701,000
57,988,000
Gold redemption fund
3,066,434,000
3,110.744.000
3,087,703,000
3,120,881,000 3,112,636,000 3,109,666,000 3,113,551,000 3,099,720,000 3,100,379,000
91,735,000 131,424,000
79,200,000
Tota gold reserves
76,769,000
84,058,000
86,454.000
83.702.000
77,484,000
74,186,000
Reserves other than gold
3.202,479,000 3,197,858,000
3,166,903,000
3,177,148,000
3,183,422,000
3,200.005,000
3,193,724,000
*
3,195,067,000 3,190,120,000
72,030.000
59,589.000
Total reserves
81,168,000
81,261,000
66,492,000
74,025,000
64,138,000
70,967,000
•Non-reserve cash
419,930,000 477,053,000 383,297.000 125,440,000
Bills discounted:
380,560,000 397,209,000 381,862.000 364.413,000 408,466,000 426,439,000 452,786,000 391,666.000 257,045,000
Secured by U. S. Govt. obligations
420,879,000 425,893,000 424,575,000 396,126,000 397,363,000
149,600,000
Other bills discounted
186,284,000 198,912,000 204,225,000
176,864,000
183,121,000
182,630,000
177,409,000
173,189.000
Bills bought in open market
532,085,000
979,188,000
1,128.751,000
974,628,000 1,000,511,000 089,067,000 937,403,000 988.950.000 1,032,653.000
89,744,000 108,158.000 202,973,000
Total bills on hand
94,211,000
92,015,000
85,016,000
83,802,000
82,921.000
84,867,000
26,818.000 285,644,000
4,957,000
U. S. bonds and notes
7,027,000
5,940,000
11,268,000
9,991,000
7,285,000
4,974,000
9,000
55.000
25,000
U. S. certificates of indebtedness
25,000
10,000
10,000
10,000
10,000
20,000
Municipal warrants
1.020,711,000
1,114,219.000
1,223,4'77,000
43,296,000
1,064,489,000 1,090,727,000 1,082,870,000 1,033,697,000 1,086,915.000 1,133.916,000
52,270.000
Total earning assets
52,330.000
53,360,000
53,203,000
52.657.000
53,309,000
53,424,000
53,664,000
6,640,000
103.000
Bank premises
193,000
193,000
193,000
193,000
193,000
193,000
93,000
notes
583,012,000 593,930,000
bank
It.
F.
agst.
.5% redemp. fund
649,037,000
655,976.000
578,566,000
674.936,000
578,520,000
539,877,000
16,651,000
679,279,000
12,394,000
Uncollected items
12,932,000
12,857,000
13,031,000
12,982,000
12,967,000
13,058,000
13,184,000
All other resources
5.037,502,000 4,879,086,000
5,076,743,000 4,951,537,000 4,088,141,000 4,952.762,0005.092.961.000 5.113,915.000 5,164,461,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other dePositS
Total deposits
F. R. notes in actual circulation
P.R.bank notes in circulation-net nab_
Deferred availability items
All other liabilities
Total liabilities
Ratio of gold reserves to deposit and
F. It. note liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
Dts Mutton by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days (Ails bought in open market16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
81-90 days U. S. certif. of indebtedness_
61-90 days MUILICIDal 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
Federa Reserve NotesOutstanding
Held by banks
In actual circulation
Amount chargeable to Fed. Res. Agent
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
109,427,000 105,983,000
109,888,000 109,673,000 109,497,000 109,629,000 109,714,000 109,621.000 109,584,000 218,369,000 215,398,000
218,369,000 218,369,000 218,369,000 218,369.000 218,369.000 218,369,000 218,369,000
33,935,000
43,952.000
41,584,000
14.657.000
15,778,000
34,784,000
34.432.000
21,035,000
30,038,000
1,790.260,000
1,839,262,000 1,883,644,000 1,909.006.000 1,931,762,000 1,867,650,000
23,770,000
1.850.710.000 1.860,022,000 1,879.504,000
24,997,000
27,832,000
23,463,000
24,445,000
24,938,000
22,521,000
22,834,000
21,682,000
1,846,965,000
1,938,599,000
1,902,430,000 1,904,791,000 1,044,551,000 1,896.567,000 1,942,521,000 1,949.722,000 1.974.251.000 2,226,954,000 3,142,288,000
2,231,815,000 2,224,358,000 2,187.720,000 2,194,871,000 2,216,994.000 2,265,149,000 2,282,054,000
1,548,000 • 58,130,000
1,518.000
1,296,000
1,471,000
1,556.000
1,608,000
1.571,000
1,550,000
525,165,000 488,613,000
594,033,000 474,269,000 508,543,000 513,767,000 586,567,000 552,512,000 662,198,000
31,709,000
19,440.000
16.487,000
17,500,000
17,071,000
17,951,000
17,898,000
18,506,000
18,660,000
5.037.502,000 4,879,086,000
5,164,461,000
5,092.961,000
5,113,915.000
4,388,141,000
4,952,762,000
4,951.537,000
5,076,743,000
76.9%
74.6%
74.5%
73.6%
72.6%
76.10%
75.25%
75.38%
75.5%
80.2%
76.9%
76.5%
75.4%
744%
78.2%
77.3%
77.3%
77.3%
29,865,000
33,539,000
33,613,000
33.618.000
33,133,000
34,944,000
35,848,000
33,136,000
33,244,000
S
69,756,000
573,106,000
2.040,000
15,000
32,907,000
58,745.000
8
76,892,000
653,563,000
310,000
15,000
39,764,000
61,230.000
S
77,785,000
524,586,000
21.529,000
40.000
47,013,000
56,282,000
33,624.000
90.400,000
2,400,000
44,257,000
88,778,000
46.705,000
90,413,000
15.000
36,906.000
83,480,000
5.5,535,000
85,073.000
16,000
54,868,000
85,548,000
34,043,000
80,870.000
1,711,000
31,429,000
79.730,000
544,000
37,723.000
61,403.000
177.000
2,278,000
40,126,000
1,976,000
10,000
2,871,000
41,524,000
1,490,000
10,000
5,321,000
44,870.000
3,276,000
10.000
4,122,000
44,903,000
4,103.000
10,000
4,798.000
49,212.000
5,112.000
71
53,421,000
521,433,000
2,071,000
$
51,280,000
538.727,000
3,962,000
S
56,348,000
528,303.000
5,111,000
i
53,114,000
484,677,000
7,900,000
$
62,831,000
529,156,000
2,023,000
29.705,000
66.354,000
33,142,000
63,521,000
32,123,000
57,073,000
27,600.000
58,725,000
29,127.000
59,201,000
27,000
50,557,000
106,867,000
2,197,000
49,944,000
108,264,000
2,100,000
47,367,000
95,014,000
3,480,000
38,337.000
91,938,000
1,376,000
36,613,000
78,476,000
39,417,000
82,177.000
27,000
44,271,000
87,339,000
2,893,000
28,309,000
706,000
20,000
3,626,000
30.413,000
1,196,000
10,000
2,523,000
38,708,000
1,400,000
10.000
2,684,738,600 2,676,199.000
452,923,000 451,841,000
2,231,815.000 2,224.358,000
8
36,063,000
181,367,000
2,400,000
23,083,000
42,787,000
36,169,000
3,000
46,462,000
70,655,000
14,624,000
4,000
39,178,000
56,242,000
34,284,000
3,000
4,814,000
31,434,000
198,167,000
2,673,158,000 2,680,126,000 2,701,909,000 2,693,746.000 2,687,572,000 2,665,141,000 3,590,069,000
485,429.000 485,255,000 484,015,000 428,507,000 405,518,000 438,187,000 447,766,000
2,187,729,000 2,194,871,000 2,216,994,000 2.265,149,000 2,282,054,000 2,226,954.000 3,143,303,000
3.522.084,000 3,511,965,000 3,373,411.000
3,536,787,000 3,531,873,000 3,528,787,000 3,549.198,000 3,565,041.000 3,548,438.000
852,692,000 834,512,000 846.824.000 783,342,000
852,049.000 855.674,000 855,629.000 869,072.000 863.132.000
0.128.000 2,701,909,000 2,693,746,000 2.687,572,000 2,665,141,000 2,590,069,000
2,684,738.000 2,676,199,000 2.673.158,0002.88
320,429,000 320,429,000 320,429,000 320.429,000 320,429,000 416,523,000
320,429,000 320.429,000 320,529,000 621,880,000 649,778,000 645,959,000
630.130,000 351,176,000
605,019,000 638,187,000 625,096,000 122.967,000 123,612,000 111,589,000 646,580.000
118,202.000 118.451.000 130,531,000
114,772,000 114,013,000 117,262,000 1,614,850,000 1.608.090.000
1,691,840,000
1.596,131,000
1,615.789,000
1,602.381.000
1,610,371,000
1,644,518,000 1,605,570,000
2,680,126,000 2,701,909,000 2,693,746.000 2,687,572,000 2,665,141,000 3,590,069,000
2,673,158,000
2,676,199,000
2,684,738,000
Total
890,427,000 948,598,000 996,047.000 1,079,950,000 938.477.000 512.927,000
934,424,000 962,065,000 948.304.000
Eligible paper delivered to F. R. Agentto Jan. 1923.
•Not shown separately Prior
OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 15 1933 .
RESOURCES AND LIABILITIES OF EACH
OF
STATEMENT
WEEKLY
How SecuredBy gold and gold certificates
By eligible paper
3old redemption fund
With Federal Reserve Board
Richmond Atlanta. Chicago. St. Louis Minneap. Kan. CO/
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland.
Federal Reserve Bank of8
$
$
$
S
$
$
S
8
3
RESOURCES.
10.514,0 6.011,0 50,111,0 4,242,0 3,398,0 3,368,0
16,930,0 173,175.0 29,037,0 13,484,0 31,135,0 19,757,0 128.193,0 22,766,0 20,737,0
47,466.0
Gold and gold certificates
147,830.0 41,419,0 76,236,0
53,160.0
fund-F.R.B'rd
Gold settlement
89,720,0 41,649,0 25,768,0 178,304.0 27,008,0 29,135,0 50,834.0
70.140,0 321,005,0 70,456,0 209,433,0
31,548,0 100,502,0 382,209,0 49,753,0 35,729,0 41,946.0
Total gold held by banks
195.098.0 636,527,0 168,561,0 1,690,0 3,809,0 2,225,0 6,663.0 4.174,0 2.105,0 3.277,0
Gold with F. R. Agents
7,851.0
8,538,0
14.158,0
fund
redemption
Gold
76,906,0 128,495.0 567,176,0 80,935,0 66,969.0 96,057,0
279,396,0 966.070.0 246,868.0 300,843,0
4,374,0 7,923,0 11,594.0
910.0 2,893.0
Total gold reserves
20,469,0 8,963,0 3,637,0 2,308.0
4,470.0
Reserves other than gold
575,099,0
132,869,0
98,950,0
92.529,0
79,214,0
67,879.0
304,480,0
255.531,0
283,866,0 986,539,0
Total reserves
8,966.0 2,930,0 5,320.0 1,531,0 6,364,0 7,427,0 5,892,0 3,030,0 4,812,0
14,634,0
Non-reserve cash
20,311,0 8,633,0 28,688.0 18,912,0 7,807,0 8.742,0
Bills discounted:
148.794.0 42,135,0 37,571,0
38,086,0 33,506.0 48,847,0 32,455,0 22,486,0 29,973.0
Secured by U.S.Govt.obliga'ns 22,232.0
48.831,0 23,074,0 25,437,0 1,318.0 8,542,0 44,690,0 1,111.0
30,247,0
Other bills discounted
38,110,0
20,212,0
31,910,0
11,771,0
Bills bought in open market
68,715,0 50,771,0 120,205,0 52,478,0 30,293,0 38,715,0
64,250,0 227,535,0 85,421.0 101,118,0
251,0 6,951.0 7,251,0 11,815,0 11,120.0
Total bills on band
3.984,0 17,367,0 9,953,0 1,341,0
3,869,0
65,0
1,0 2,575,0
U. S. bonds and notes
248,0
14.0
1,665,0
406,0
20,0
U.S. certificates of indebtednessMunicipal warrants
233.184.0 102.802.0 111.319.0 70.056.0 51,043.0 129,731.0 59.729.0 42.108.0 49.900.0
Rs c9A n
Total earning assets
Dallas. San Fran
$
$
12,521,0 20,814,0
6,271.0 39,549,0
Total.
$
348.655,0
634,519,0
18,792,0 60,363.0 983.174,0
14,610,0 213.003,02,079,719,0
57.988.0
1,258,0 2,240,0
34,860,0 276,506,0 3,120,881,0
74,186,0
5,331,0 1,314,0
3,195,067,0
39,991,0 277,820,0
70,987,0
2,928,0 7,333,0
6,554,0 25,201,0
39,608.0 48.239,0
630,0 14,895,0
380,560,0
420,879,0
173,189,0
46,792,0 88,335,0
1,780.0 9,185,0
974,628,0
84.867.0
4,974,0
20,0
48.572.0 97,520,0 1.064,489.0
Atr“. 18.1923.]
RESOURCES (Concluded)Taro ciphers (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources
THE CHRONTCLE
Boston. New York,
$
4,434,0
3
12.726,0
Phila.
3
721,0
Total resources
LIABILITIES.
Capital Paid in
Surplus
Deposits: Government
Member bank-reserve ace't
Other deposits
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kara. City Dallas. San Fran.
3
9,208,0
$
2,617,0
3
2,718,0
3
8,715,0
3
1,089,0
3
1,672,0
$
4,970,0
$
1,947,0
Total.
$
2,817,0
$
53.604.0
65,0
28,0
158,711.0 63,914,0 73,066,0 53,706,0 22,314,0 90,617,0 34.571,0 13.959,0 37,319.0 22,512,0 42,747,0
1,259.0
329,0
336,0
555,0
177.0 1.856,0
607,0
578,0
811,0 2,744,0 3,796.0
93,0
679,279,0
13,184,0
against
65.843,9
126,0
61
437,428,0 1,401,385,0 426,527,0 003,729,0 207,679,0 215,916,0 812,261,0 193,987,0 130,514,0 196,562,0 118,722,0 432,033,0 5,076,743,0
8,110,0
16,312,0
1.455.0
124,741,0
220.0
29,342,0 9,827,0 12,236,0 5,726,0 4,423,0 15,166,0 4,987,0 3,526,0 4,583,0 4,191,0 7,769,0 109,886,0
59,800,0 18,749,0 23,495.0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488.0 7.496,015,263,0 218,369,0
8,610,0 2.253,0 2,333,0 1,551,0 1,956.0 1,802,0 2,092.0
914,0 2,784.0 1,480.0 2,808,0
30,038,0
668,701,0 118,433,0 158,756,0 59,693,0 51,093.0 281,424,0 69,001,0 48,534,0 78,879,0 43,741.0 147,709,0 1,850,710,0
12,893,0
466,0 1,059,0
162,0
364,0
412,0
199,0 1,138,0
439,0
21,682,0
219,0 4,111,0
Total deposits
126,416,0
F.It. notes in actual circulation 223,409,0
F. R. bank notes in circulationnet liability
Deferred Availability Items
62,405,0
All other liabilities
776,0
690,204,0 121,157,0 162,148,0 61.406.0 53,433,0 284,364,0 71.505,0 49.812,0 82,102,0 45,440.0 154,628.0 1,902,430,0
496,045.0 218,992,0 239,675,0 79,453,0 132,203,0 407,970,0 72,521,0 54,813,0 60,589,0 34,385,0 210,860,0 2,231,815,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign correspondls
1,078.0
472.0
121.266,0 56,377.0 64,560.0 48,776,0 16,091.0 71,472,0 34.205,0 13,657,0 38,848,0 24.6 6.0 41,690.0
3.028,0 1,425,0 1,615,0 1,030.0 1,009.0 1,813,0 1,104,0 1,233.0
952,0 2,052,0 1.323,0
437,428,0 1,401,385,0 426,527,0 503,729,0 207,679,0 215,916,0 812.261,0 193,987,0 130,514,0
196.562,0 118.722,0 432,033,0
81.1
1,550,0
594,033,0
18,660.0
5,076,743,0
83.1
75.2
70.8
56.2
71.6
33.1
64.2
64.9
69.3
50.1
76.0
77.3
11.577.0
2.849.0
3.5782)
1.795 Cl
1 .355.fl
4 605 n
1.458.0
1.126.0
1.425.0
1.193.0
2.352.0
33.244.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUG.
15 1923.
Federal Reserve Agent atBoston. New York Phila. Cleve. Richm'd Atlanta Chicago. St. L. Minn. K.City. Dallas. San Pr. Total.
(In Thousands of Dollars)
Resources
S
$
s
s
5
3
3
5
$
s
$
$
$
Federal Reserve notes on hand
85,050 313.260 51,620 32.220 22,370 76,597 112,300 24,890 12,785 29,913 20,244 70,800 852,049
Federal Reserve notes outstanding
242,735 745,446 236,449 264,221 87,517 137,921 462,477 89,348 59,795 69,490 38,350 250,986 2,684,738
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300 235,531
7,000 8,805
2,400
11,380 13,052
6,461
320,429
Gold redemption fund
11,798
29,996 15,172 15,628 3,653 4,102
10,565 3,373 1,677 2,586 2,649 13,573 114,772
Gold Fund-Federal Reserve Board
148,000 371,000 146,389 185,000 27,795 94.000 371,644 34,500 21,000 39,360 5,500 200,330 1,644,518
Eligible paperiA mount required
47.637 108,919 67,888 54.788 56,069 37,422
80,268 39,595 24,066 27,544 23,740 37,083 605,019
(Excess amount held
16,613
99,573 5,855 40.002 11,354 13,312
39,928 12,872 5,401 11,147 22,973 50,375 329,405
---------------------------------------Total
587,133 1,903,725 530,373 600,664 208,758 365,757 1,077,182 216,458 137.776 180,040 119,917 623.147 6,550,930
LiabiliiieoNet amount of Federal Reserves notes received from
Comptroller of the Currency
327,785 1,058,706 288,069 296,441 109,887 214,521 574,777 114,238 72,580 99,403 58,594 321,786 3,536.787
Collateral received fromf Gold
195,098 636,527 168,561 209,433 31,448 100,502 382,209 49,753 35,729 41,946 14.610213,003 2,079,719
Federal Reserve 13anklEliglble paper
64,250 208,492 73,743 94,790 67,423 50,734 120,196 52,467 29,467 38,691 46,713 87,458 934,424
Total
587,133 1,903,725 530.373 600,664 208,758 365,757 1,077,182 216,458 137,776 180,040 119,917 623,147 6,550,930
Federal Reserve notes outstanding
242,735 745,446 236,449 264,221 87,517 137,924 462,477 89,348 59,795 69,490 38,350 250,986 2,684,738
Federal Reserve notes held by banks
19,326 248,501 17,457 24,546 8,064 5,721
54,507 16,827 4,982 8,901 3,965 40,126 4.52,927
Federal Reserve notes in actual circulation
223.409 496.045 218.009 958.873 70.455 132.201 407.970 72.521 54.813 60.589 34.385 210.860 2.231 Ill-,
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 771 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 727.
I. Data for all reporting member banks in each Federal
Reserve District at close of business Aug. 8 1923.
Federal Reserve District.
Boston
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
U. S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. S. Certificates of Indebtedness
Other bonds, stocks and securities
s
43
New York
3
111
12,503
78,305
244,539 1,482,217
625,687 2.482,004
882,729 4,042,526
12,541
48,190
79,507 472,850
5,065
29,053
29,506 485,137
2,944
21,276
168,656 740,067
Total loans & disc'ts &investm'te_ 1,180,948 5,839.099
Reserve balance with F. It. bank
82,817 619,993
Cash in vault
19,701
90,343
Net demand delmalts
800,461 4,540,882
Time deposits
267,991 888,515
Government deposits
:22,080
42,799
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
8,771 154,864
All other
26.062
42.982
Phila.
55
Cleveland Richmond
82
77
Atlanta
39
Three ciphers (000) omitted.
Chicago St. Louts Minticap. Kan. City
106
36
28
Dallas
76
52
San Pram.
Total
66
29,212
399,467
700,101
9,153
120,633
328.379
35.420
7.797
62,575 576.553
328,635 1,140,787
11,799
137,568
309,427
4,437
42,371
185,050
6,760
78,920
361,912
3
3,891
50,196
198,168
771
3
$
230,126
12.593
186,049 3,653.219
797,042 7,812,747
645,937 1,128,780
10,998
48,052
44,144 116,843
3,462
5,499
52,851
57,935
5,937
7.298
183,202 297,491
458.170
30.335
32,368
4,120
11,385
2,323
52,355
399,007 1,752,760
24,670
14.326
14,384
96,099
1.769
12,406
5,895 126,042
20,426
7.003
40,185 344,929
458,794
15,325
23,517
9.350
21,255
9,242
82.028
231,858
8,636
11,7.56
1,215
28,768
2,546
28,472
447,592
11.416
52,354
4,814
22,126
5,619
60,489
252,255
20,711
14,154
2,222
13,132
4,045
10,927
995,684 11,698,092
277,195
31,995
102,213 1,060,189
13,085
92,060
872,597
38.565
103.243
14,584
148,631 2,157.442
946,531 1,661,898
69,665 110,668
17,000
32,679
701,326 922.103
102,973 583,591
13,398
8.473
591,056
33,681
13,732
325,731
151,950
6,100
482,569 2,377,332
32.793 202,906
55,277
9,760
272.720 1,484,717
177,869 781.817
19,150
6,892
619,511
41,556
7.840
345,910
190,633
5,228
313,251
22,681
6,412
191,344
86,707
3.543
604,410
47,609
12.625
443,464
133,700
1,876
317,456 1,344.757 16,278,818
21,464
97,060 1,382,893
8,501
294,923
21,048
205.766 730.892 10,965,316
74.949 531,184 3,971,879
147.264
13.824
3,901
16,337
97 141
9,943
18.927
2,100
5.628
8,103
17.021
s
18,251
272,131
355,555
21.476
I n 1(19
3
25,372
99 one
$
18.597
17 5391
3
3.068
19 145
s
s
3
5
3.831
10.384
19,609
25.684
890,071
243.111
2. Data of reporting member banks in Federal
Reserve Bank and branch cities and all other reporting banks.
I
New York CUP.
City of Chicago. All F. R. Bank Cities. F. R. Branch Cities.lOther Selected Cities.'
Total.
Three ciphers (000) omitted.
I Aug.8. i Aug. 1. Aug.& I
Aug.l. I 482.8.
Aub. 1.
Aug.& Aug. I. Aug.& Aug.l. Aug.8'23. Aug. 1 '23.,Aug.9'22.
Number of reporting banks
1
66
66
49
49
205
258
3081
205
258
308
771
771
Loans and discounts, gross:
792
$
$
$
1
$
$
$
$
$
Secured by U.S. Govt. obligations' 69,732
$
70,226
27.150, 26,211
41,461
151,150
151,171
230,126
37.650
41,326
230.846
38.215
261,941
Secured by etocks and bonds
11 304,1991,378,013 433,083 435,385
All other loans and discounts
2,166,924 2,158.884 670.8821 667,105 2,564,985 2,640,299 579,203 583,142 509.031 488,361 3.653,219 3.711,802 3,491.676
4,827,091 4,810.030 1,612,681 1,611,969 1,372,975 1,375,153 7,812.747 7,797,152, 7,039,621
Total loans and discounts
3 540,855 3,607,123 1,131,115
1,128,701 7,543,226 7,601,4992,233,210 2,236.572 1.919,656 1.901.729 11,696,092 11,739,80010,793,238
U. S. pre-war bonds
37,429
37,429
,074
4,049
95,4571
95,6571 76,99776,089 104,741 104,894
277,195
276,640
U. S. Liberty bonds
406,59' 407,14
38,835
38,163
640,783
642.1721 251,949 254.535 167,457 166,767 1,060,189 1,063.4741,335,070
U. S. Treasury bonds
19,836
20.011
5,362
5,212
47,715
23.602
48.0101 23,706
20,639
20.760
92,06
92,372
U. S. Treasury notes
450.913 457,549
69,392
68,989
656,156
662.7281 148.059 148.085
88,382
89,973
72. S. Certificates of Indebtedness ....
892,597
900,7861 .685.197
18,404
20.790
6,640
6,788
47,230
36.049
49,9291 36,290
19,723
103,243
013,736
17.758
Other bonds, stocks and securities- 534,720 531,996 167,508
225,146
175.808 1,147,549 1,157,478 588,613 590,616 421,280 425,039 2,157,442 2,173,133 2,294,084
Total loans & disc'te & invest'ts_ 5,008.752 5,082,047
:1.422,926
1,427,710
10.178,11610.257,473
3,353,824 3.365.548 2,741,8782,726,929 16,278,818 16,349,94115,332,735
Reserve balance with F. It. Bank_ 574,488 602,277
141,052 135.293
987,311 1,001,908 232.252 233,920 163.330 159,997 1.382,8911 1,395.825 1,351,778
Cash in vault
73,731
61,548.003 28,517
..
152,645
62,760
58.672
135.648
.
Net demand deposits
271.835
276,150
.
4063.6304.154,545 991,661 995.706 7,415,499
7,521,333 1,906,9131.919,041 1,642,904 1,639.150
11.079,524 10,979.830
Time deposits
604,950 617,57
365,333 367.788 1,934,603 1,948,456 1,181,853 1,175,101 855,423 848,546 10,965,316
Government deposits
3,971,879
3,972.103 3,569.485
39,634
39,634
8,018
8,010
97,404
35,144
35,087
97.108
14,78811
14,773
147,264
147,040
198,871
Bills payable and rediscounts with
F. It. Bank:
Secured by U.S. Govt.obligations 129,061 103,871
6,842
6.197
1811,974
40.034
165,520
60,644
72,388
292,071
277,942
44,453
41,877
All other
34,464
40,577
17.498
10,598
154,515
150,121
43,335
44,358
43,372
243.111
237,851
45.261
62,882
Ratio of bills Payable & rediscounts
with F. It. Bank to total loans
and investments, per cent
3.3
1.7
1.2
3.4
3.1
3.3
3.3
3.2
3.4
3.1
3.1
0.7
a Includes Victory notes.
[VOL. 117.
THE CHRONICLE
762
tankers' Oazettt
Wall Street, Friday Night, Aug. 17 1923.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 755.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Atg. 17 1923.
Shares,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stale, Mon.
and Foreign
Bonds.
Railroad,
rte.,
Bonds.
Par Value.
151,280 $14,300.000
320.261 30,400.000
534,116 51.900.000
623,100 61,100.000
586,120 57.300.000
608,400 60.000.000
51,728,000
4.177.000
4 149,000
4906,000
3,855,500
4,685,000
U. S.
Bonds.
8880.500
1,468,950
1,522.550
1,667,240
915,750
3,361,000
8394,000
1,320,000
1,517.000
1,676,000
1,081,500
1,005,000
2.823.277 8275.000.000 823.500.500 86.993,500 $9,815,990
Jan. 110 Aug. 17.
Week ending Aug. 17.
Bales at
New York Stock
Exchange.
1922.
1923.
1922.
1923.
160,187.250
155,945,483
3,340,295
2,823,277
Stooks-No. shares_ _ _
$275,000,000 $264,846,000 $13,631,000,000 814,123,349,389
Par value
Bonds.
$497.686,725 $1,155,379,702
89,815,090 $18,275,800
Government bonds__ _
392,509,500
293,603.700
8,398,500
6,993.500
State, nun., &c., bds_
23,500,500 36.569,000 1,008,390.700 1,353,494,850
RR.and misc. bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE ETCHANGES.
Boston.
2,621
6.037
8,587
7,536
9.313
6,840
40,934
8,500
15.350
11,100
20,150
18,250
17,000
90,350
oo
•-.3
b2 0000000J
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. BondSales. Shares. BendSales•
105,000
7,300
8,500
23.800
3,000
10,800
22,627
$158,400
CJ ob. tA
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Amsterdam Bankers' GuildersHigh for the week
Low for the week
209
1,387
730
901
1,126
518
1.000
28,500
11,300
19,600
4,000
3,000
4.871
867.400
39.08
38.91
39.52
39.29
39.31
39.20
Domestic Exchange.-Chicago, par; St. Louis, 15@)25c. per $1,000 dLs..
count; Boston, par; San Francisco, par; Montreal. $22.8125 per $1,000 discount; Cincinnati, par.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending July 17.
540,309.990 563,243,300 $1,799,681,125 $2.901,384,052
Total bonds
Week ending
A, g. 17 1923.
To-day's (Friday's) actual rates for sterling exchange were 4 53340
45434 for sixty days, 4 55%04 5684 for checks and 4 553-604 5634 for
cables. Commercial on banks, sight 4 553404 5634, sixty days 4 52340
4533's, ninety days 4 513404 524 and documents for pyament (sixty
days) 4 52%04 53%. Cotton for payment 4 55%04 563-i and grain for
payment 4 553404 5634.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.43%0
5.4834 for long and 5.4631 05.51% for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers guilders
were 38.96,039.03 for long and 30.17039.23 for short.
Exchange at Paris on London, 82.72; week's range, 82.45 high and 83.55
low.
The range for foreign exchange for the week follows:
Cables.
Sterling, ActualSixty days. Checks.
High for the week
4 54%
4 56 1546 4 57 3-16
4 552i
Low for the week
4 53.%
4 55%
Paris Bankers' FrancsHigh for the week
5.6834
5.6734
5.6334
5.4234
Low for the week
5.4134
5.1034
Germany Bankers' Marks0.000045
0.000045
High for the week
0.000025
Low for the week
0.000025
Sales
for
Week.
Par. Share
Range since Jan. 1.
Range for Week.
Highest.
per share.
Railroads.
Bklyn Rap Tr full paid_ _ 4,800 3034 Aug
Dul 9 S St ALI pref__ _100
100 3% Aug
Int & Gt No By(w I) 100 60 15 Aug
Iowa Central
100
100 2 Aug
Keokuk & Des M _ _.100
10
3 Aug
Manh Elev mod gtd.100 2,400 33% Aug
Scrip
900 4% Aug
Morris & Essex
50
31 75 Aug
Nat Rys Mex 1st prof 100
200 5.4 Aug
N Y Cl St St L new .100
200 68 Aug
Rapid Trans Corp
• 4,700 1234 Aug
Preferred
100
700 3334 Aug
Tol St L 5t W ser B 100
100 5634 Aug
Virginia By & Power 100
II, 3034 Aug
West Penn
211 40 Aug
100
13
15
11
15
16
15
14
13
15
13
11
13
17
14
15
Lowest.
Highest.
$ per share. $ per share.$ per share.
3234 Aug
3% Aug
15 Aug
2 Aug
3 Aug
35% Aug
5 Aug
75 Aug
5% Aug
69 Aug
13% Aug
35% Aug
56% Aug
30% Aug
40% Aug
13
15
11
15
16
16
16
13
15
15
13
13
17
14
16
30%
3%
15
2
234
30%
4%
73%
5%
67%
9%
31%
52
30%
asg
July
Aug
Aug
July
May
Jun
Feb
Jul
Aug
Aug
Jun
Jul
Apr
Aug
Ap
32% Aug
5% Feb
b
2551
6
Feb
3% Mar
405%
Aug
78
Jan
954 Mar
76% July
4
19
8% Apr
Apr
66
Jan
02
34s Jiyru y
May
Indus. and Miscell.
Jan
Aug106
All America Cables_ _100
60 100 Aug 13 100 Aug 13 100
!I i 2054 Aug 13 3134 Aug 17 20% Jun 25% Mar
American Chain el A__25
Am Locomotive new__ _• 42,000 7154 Aug 14 7374 Aug 15 6454 July 745$ Aug
July 58% Feb
200 51
Aug 11 51
Aug 11 46
Daily Record of U. S. Bond Prices. Aug. 11 Aug.13 Aug.14 Aug.15 Aug. 16 Aug. 17 Am Teleg dr Cable_ _ _100
Atlas Powder new
•
100 53% Aug 16 5334 Aug 16 51
July 57% June
Jan
I
Assets
Realization__
_10
100
%
Aug
si
June
16
54
Aug
16
First LIDC/11.1 Loan
nis
100132 100331 100332 10043: 100452 100'32
Auto Knit
• 400 20 Aug 14 2054 Aug 11 1914 Jul 28% Apr
100132 10013: 100232 10023, 100132 100132
334% bonds of 1932-47__ILow
Feb
454
Auto
Sales
50
100
3
Jan
Aug
17
2
3
Aug
17
100332
1001st
100432
C108, 1001n 10033: 100232
(First 334s)
Mar
100 90 Aug 13 90 Aug 13 87
July 97
342 1,277 Barnet Leather, pref_100
366
148
438
3
Total sales in $1,000 units__
Bayult Bros, 1st preL100
100 97 Aug 16 97 Aug 16 97 June 12434 Apr
-- _ _
---9843:
____
____
____
1
Converted 4% bonds ofHigi
Jan
Booth
Fish,
1st
pref_100
Aug
3534
100
30
Aug
16
25
30
Aug
18
-- ----98332
____
____
____
1932-47 (First 4s)____ Low
Burns Bros, pref__100
100 9854 Aug 17 9834 Aug 17 9854 Aug 10934 June
Chase Nat'l Bank
341
Aug
10
341
Aug
Aug
14
341
Aug
14
341
30
Total sales in $1,000 antis__
-------981032 Calif Petroleum, new_25 44,100 1734 Aug 14 2134 Aug 17 1734 Aug 2934 May
981132
984;3
98232
98432
98332
Converted
er
414% bonder:141
Columbia Carbon
• 400 45 Aug 11 46
Aug 16 4334 Aug 49% may
9843,
9843:
98732
984::
98432
981132
of 1932-47 (First 41(e) Low
Columbia G & E w L.
8,200 3334 Aug 11 34% Aug 17 3034 Jun 37% Apr
984s2
98432
987n
C10t*
98832
98h: 98432
July
400 24 Aug 16 25 Aug 151 15
Ap 28
43 Comm Solvents. B____*
15
69
37
5
72
Total sales in $1,000 units
CubanDomSugar
• 400 454 Aug 14 434 Aug 14. 3
July 1234 Mar
Second Converted 4%% HIV'
----------------- Cuyamel Fruit
• 5.900 60 Aug 13 6474 Aug 17 54% July 7034 June
bonds of 1932-47 (First Low
---------------- - -- Deere & Co pref
100
100 6254 Aug 13 6234 Aug 13 60% Aug 7354 Jan
------Second 434e)
Clos:
Douglas Pectin
• 300 1334 Aug 17 1334 Aug 13 1234 Jun 1434 June
Total sales in $1,000 units__
---------- -------- Duquesne Lt 1st pref_100
700 102 Aug 1510334 Aug 14 102
July 10334 June
-98432
98°32
98432
Second Liberty Loan
---- 9843:
{High
July
Elton Axle & Spring
• 800 2334 Aug 14 2434 Aug 16 2334 Aug 27
98432
98431
98432
4% bonds of 1927-42
____
98432
Low
Jan
E'k Horn Coal Corp pf 50
300 30 Aug 13 30% Aug 16 30
Apr 36
9843,
98432
98431
(Second 4e)
Close
---- 98432
Fidel Phe Fire In N Y_25
400 107 Aug 16108% Aug 1710234 Jan 13
Feb
2
2
1
Total latest,, $1,000 units__
---FleIschmann
Co
•
4,300
47%
May
42
Aug
Jan
15
3734
98112:
4434 Aug 16
98432
98932
98',,
Converted 434% bonds{H lgh 9873:
98732
Foundation Co
* 4,300 7134 Aug 14 78 Aug 17 66
May 7854 July
98431
98432
98432
98631
of 1927-42 (Second' Low
9833:
98431
General Baking Co.....' 600 78 Aug 14 78 Aug 14 72
July 7654 MaY
98332
98232
98433
9833:
4%s)
98432
Chas. 9843:
Gimbel
Bros
pref.
_
_
_100
200
295
136
9754 Aug 13 98 Aug 13 9634 Jan 10234 Feb
323
154
241
Total sales in 81.000 units__
152
Goldwyn Pictures new.'
1834
22% June
150
Aug
June
16
1634
982433
982432
Aug
16;
1334
962233
32
Third Liberty Loan
983,
99
rig? 98313:
23” Goodyear Tire pref_ _100
700 4534 Aug 11 46 Aug 14! 4374 July 6134 Apr
41$% bonds of 1928
982h2 9823n 9824n 982h2 98243: 98
Low
Prior
Feb
_100
200 92% Aug 14 9234 Aug 14 92
Aug 99
(Third 41$e)
Close 983432 982433 98243: 98"32 982332 983732 Ot Westpreferred__
Sugar pref__1001 300102% Aug 15 103 Aug 1510234 Aug 108% Mar
179
215
196
157
230
Total sales in $1.000 units__
537
Aug
100
100 97 Aug 11 97 Aug 11 9454 Aug 97
98
"32 Hanna 1st prof
'
32
987°22 98
Fourth Liberty Loan
1HW 981032 98°f,98431
Hartman Corp
100
400 83 Aug 13 8334 Aug 17 80
98433
98735
98232
98782
98432
434% bonds of 1933-38
98732
Low
11:1 j
J
itl
tutill i ')F
9814n Household Pr tern etts..• 5,100 3034 Aug 15 31
Aug 13 2,
ig May
98432
31
98,
981132
(Fourth 434e)
98432
9873:
Gloss
154 1,235 Independent Oil & Gas.* 2,500 4% Aug 17 4% Aug 14
640
276
Total sales in $1,000 units__
425
143
WI
Inland
Steel
•
1,300
32%
Aug
14
991732
991432
3234
Aug
15
3
99143:
Treasury
filigl. 991532 992032 992112
Preferred w I
100
100 99% Aug 14 9934 Aug 14 0Luunle€ .E
.
j r
41.ro, 1947-52
iLow
991732 9918:2 99133: 991732 991432 991352 International Shoe....'
400 6511 Aug 11 70 Aug 17
991432 99242 991332 9917n 991732 991432 Jot Tel & Tel
(Gloat
100
300 6554 Aug 16 6634 Aug 13
263
16
Jul
15
722
46
30
Total sales in 51000 torus
Iron Products etre
100 33 Aug 16 33 Aug 16 1151
lg 7414 a;
Kinney Co
* 1,700 5234 Aug 13 55% Aug iI 35
AP 6434
j41ne
Lorillard pref
100
100 114 Aug 14 114 Aug 14 112
Apr 119Jan
Note.-The above table includes only sales of coupon Magma
Copper
• 1,000 2834 Aug 15 2934 Aug 15 22
Ma 3634 Apr
Maracaibo Oil Explore.* 5,900 18 Aug 14 2034 Aug 15 18
bonds. Transactions in registered bonds were:
Au 2254 JulY
Feb
Nat Cloak & Suit p1..100
200 9234 Aug 16 93 Aug 16 8954 Jun 104
982432 to 98243: Nat Dept Stores
to 100332 18 3d 411e
2118t 334s
100
• 900 3534 Aug 14 38 Aug 17 3454 Jun
17
98432 to 98232
r
New York Canners.....' 400 2734 Aug 15 28 Aug 13 2734 Aug 4214A
32% June
10 1,1434s
9843: to 9873: 123 4th 434s
9913n
.....
8 Treasury 434e
Newport News & Hump
to 9841:
98
20 2d 434s
Ry,G & E pref_ ___ me
200 7954' Aug 13 7934 Aug 13 791( Aug 90 /Mar
North American
10 18,100 2134 Aug 14 2234 Aug 16 18%
Ohio Fuel supply
25
100 31% Aug 15 31% Aug 15 31
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Pacific Tel & Tel_ __ _100
200 85 Aug 14 85 Aug 14 67
Packard
Motor
pref_100
100
9334 Aug 14 93% Aug 14 90% jJjj
iutua
n
nlny 68257" MarAAup8r
Int.
Int.
Penn Coal & Coke
50
100 35% Aug 17 35% Aug 17 35% MJ
uulgaly 448150385‘44 MarIAF..
JA0
Bid. Asked
Rate.
Maturity.
Bid. Asked.
Rate.
Maturity.
Philip Morris
10
100 13 Aug 14 13 Aug 14 114
Phoenix Hosiery
5
100 2834 Aug 13 2834 Aug 13 28% Aug 56% Mar
9914
June 15 1924___ 554% 101111 10121. Sept. 15 1926.... 45(% 99%
Feb
50
Phila Co 6% pref
100 43% Aug 16 433-4 Aug 16' 41%
101% June 16 1925___ 4%% 99% 100
Sept. 15 1924___ 514% 101
Utilities pref_10
Augpr
Plttsb
200
10
91 :14 JulyA
10 Aug 14 1054 Aug 16, 10
Ag 90
July
100
9934
4%%
Mar. 15 1925_ 434% 100% 100% Dec. 15 1927._
NJ
new...'
of
Pub
Serv
400
4234
Aug
16
43
Aug 13, 42%
993132 Minn
Mar. 15 1926___ 4%% 1004i, 100411 Dec. 15 1923___ 4%
Reis (Robt) & Co
• 600 12 Aug 15 14 Aug 171 10
19% Mar
99% Sept 15 1923...- 4%% 995132 1001n
Dec. 15 1925___ 4%% 9934
Schulte Retail Stores • 5,100 91% Aug 17 9614 Aug 13 88
May
Sept.15 1923___ 334% 992132 100132 Mar. 15 1924._ 4%% 1001ie 100h.
Petroleum__
__10
Simms
3.200 634 Aug 14 734 Aug 171 614
Mar.
. 15 1927___ 4%% 1005$ 10014
Mar
Simmons Co
* 1,000 24 Aug 11 2634 Aug I0 23
July
j
A teit
3146
811 I
Shell Union Oil pref....100
300 90 Aug 17 91
jjuull 9
Aug 17, 90 Juno
9934 Feb
Sinclair Oil, pref____100 1,200, 85% Aug 16 8834 Aug 13 85%
e
el)b
FAe
14%
u F
40
The Curb Market.-The review of the Curb Market is Tobacco Prod, pref.-100 100 10934 Aug 13109% Aug 13 104% AAFeuugbFir 1:
Transue & Williams St.*
100' 30 Aug 13 30 Aug 13 30 June' 40
e
given this week on page 774.
un
eobb
JFF
Underw'd Typew,new 25 2,000i 38% Aug 11 4054 Aug 16 35%
United Cigar Stores__100
61174% Aug 14 17434 Aug 14 147% Aug 223
A complete record of Curb Market transactions for the UnItedDycwoodCorp100
Marl 5014 Feb
100 48 Aug 13 4.8 Aug 13 40
&
Imp
full
pd
Realty
U
9
100
100 Aug 17 100 Aug 17 97%
week will be found on page 774.
Va-Carolina Chem B_. 100, 414 Aug 14 4% Aug 14 3% June 17
n
is454aa
Jayy
2%
2
54
0
pr 6
Van Raalte
100
Aug
100, 33 Aug 11 33 Aug 11 33
Waldorf System, new..' 500 1734 Aug 14 17% Aug 13 14% June
West Penn Power
200 40 Aug 15 4044 Aug 16 38%
Sterling exchange was quiet and
311. M
78
Foreign Exchange.
A
Aupg 0
WestIngh E&M 1st p1_50
100 70 Aug 15 70 Aug 15 70
Mar
Worthington pref A.-100
Aug 16 80
100 81
Aug 16 81
only slightly changed, though tending toward lower levels
Jun 7134 Mar
100
Preferred B
2001 6114 Aug 16 62 Aug 17 61
irregularity
prevailed
In the Continental exchanges nervous
Prev. week revlseg
42.527
72.300
10.782
7M450
2,626
--nd marks and francs again sank to new low levels.
67,400
*No par value.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
763
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 11.
Monday,
Aug. 13.
Tuesday,
Aug. 14.
Wednesday, Thursday,
Aug. 16.
Aug.15.
Friday,
Aug. 17.
grdag
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range strict Jan. 1 1923.
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
Par $ per share
$ per share $ per share $ Per share
Railroads
$ per share $ per share $ per share $ per share Shares.
2778 Jan 52 Aug
100 22 July 31 45 Feb 23
*21
Ann Arbor preferred
26
*20
25
*20
26 *____ 25
100
31
10518 Mar 3
9134 Jan 10812 Sept
Santa
Fe
9114July
9612
Atch
Topeka
Az
9614
965
8
96%
9614 9612
8.000
9612 97
100 865 July5 9058 Mar 6
845 Jan 9512 Aug
Do pref
87% 88
88
800
*8734 88% 88
8814 88
112 *114
114 Aug 14
314 Feb 21
5% Apr
158
158 I% 2,600 Atlanta Birm & Atlantic_100
34 Jan
114
112 .114
83
Jan 12478 Sept
11112 11112 110% 11112 112 11218 11214 11214 1,000 Atlantic Coast Line RR-100 110 July 5 127 Feb 26
100 40% Jan 17 5618 Mar 21
3312 Jan 6014 Aug
48% 4858 4918 4812 4914 15,500 Baltimore & Ohio
4718 4838 48
100 55%May 7 6078 Mar 21
5212 Jan 6614 Aug
Do pref
400
5658 5658 *56% 57% *56% 57% *5714 57%
14 July 26 1614 Jan 2
6
Jan 29 June
*/
1
4
12
14
14 1.300 Brooklyn Rapid Transit__ _100
%
*14
12
.18
/
1
4
*13
38
•18
/
1
4
18 Aug 9 13 Jan 12
558 Jan 2478 June
18
18
Certificates of deposit
600
100 14014 Jan 17 160 Apr 18 119% Jan 15158 Aug
14514 146% 13,800 Canadian Pacific
,
4 146
14478 146% 146 14678 145
100 57 June 27 7618 Jan 30
54
Jan 79 Aug
59,
4 59% 2,600 Chesapeake Az Ohio
4 60
5812 5938 59% 59% 59,
100 96 June 29 1047 Feb 23 100% Dec 10538 Oct
Do pref
100
*9678 9812 *9714 9812 *9712 9812 9812 9812
100
2 May 21
134 Jan
128 May
3
,
4 Feb 13
238 212 1212 2%
500 Chicago & Alton
1214 284
212 212
100
3% Jan 12
6% Feb 8
1
4
318 Jan 207 May
4% 4/
Do pref
458 4
412 412
400
,
4
4% 4
,
4
19 Aug 6 38,
124 Jan 438 Aug
4 Feb 13
*2212 23
*22
900 Chic Az East III RR (new)
22
23
20
21
20
4612 Aug 15 6214 Mar 26
Do pref
3118 Jan 6412 Aug
*47
48
48
400
*47
48
4612 4612 *47
4 Jan 18
7 Feb 7
3% Dec 105 May
414 414 *4% 412
200 Chicago Great Western .100
412 *414 412
*4
100
812 Jan 18 17 Feb 6
7 Dec 2482 May
978 10
Co pref
*978 1014
400
:
78 '
978 41/4 1‘11I1; 19
,
4 1012 10
10
1714 Jan 363* Aug
1458 1514 1478 1538 14,
15
1512 1512 1614 1514 16
6,100 Chicago Milw & St Paul....-100 144 Aug 6 2638 Mar 5
4 15
100 241k July 5 4512 Mar 5
29
Jan 554 Sept
2414 25
Do pref
16,100
24/
1
4 26
244 25% 251 2612 2618 277* 2612 27
59
Jan 951 Sept
64
64
63
6118 6512 6,200 Chicago & North Western-100 6158 Aug 4 88 Mar 5
6414 6214 6418 9312 6412 6438 65
100 10812June 20 11818 Mar 21 100
Jan 125 Aug
*100 110 1100 110 *100 110 1100 110 *100 110 *100 110
I
Do pref
PacifIc_109
50 Sept
1914
Aug
3012
Dec
6
377
8
Mar
21
207* 2114 20% 2114 20% 21% 2114 2158 2112 223
Rock
Isl
&
2218 2212 5,400 Chicago
100 72 Aug 4 95 Feb 9
834 Jan 105 Sept
*733* 743* *7312 7414 72% 74
*7412 75
7434 748 748 76
1,300, 7% Preferred
100 60% Aug 4 85 Mar 5
7014 Jan 95 Sept
6312 6334 64
6412 .6312 6412 644 6558 6512 6512 6514 66
1,2001 6% preferred
Jan 90 Sept
51
*55
60
*54
*5212 57
5658 5658
200 Chic St P Minn & Omaha-I00 5658 Aug 17 78 Mar 5
57
*5258 57
57
57
100 24
38
Jan 53% Apr
,
4 Aug 4 45% Feb 13
*24
27
27
200 Colorado & Southern
25
124
*24
26
*25
26
25
25
25
9384
100
Feb
Jan 14112 Sept
July7
12412
13
1063*
105 105 1104 105
Delaware
Az
Hudson
105 10514 105,2 108
10814 109
108 10834 2,500
Oct
*112 114 111212 11412 11218 11218 113 113
1
4 115 116
1,500 Delaware Lack Az Western- 50 11012June 20 13012 Feb 8 108 Feb 143
114 115/
100 I018May 22 1312 Feb 13
7
Jan
1534 May
1278 13/
1
4 1278 1318 1258 1318 13
1314 25.000 Erie
1314 13
1314 13
2112 213* 2034 2134 2014 2112 21
1118 Jan 2812 Aug
100 15 Jan 17 2214 Aug 17
2184 2158 2218 2134 2214 32,100; Do 1st preferred
,
718 Jan 2014 May
4May 21 1612June II
1512 151
1514 158 1518 1538 1518 1512 4,4001 Do 2d preferred
100 10
1434 15
1434 157
7014 Jan 9578 Oct
5458 547
54
548 52% 5434 5412 5614 5614 5712 5618 5714 13,000 Great Northern pref___ _ _ 100 5112 Aug 4 80 Mar 5
2818 Nov 4558 Apr
268 2712 27
27% 2878 2814 2834 2878 2914 2878 2914 6,500, Iron Ore Properties_No Par 25 July 2 36 Mar 19
27
Jan 19 May
5
*9
11
*9
11
19
11
*9
11
*912 11
*912 11
1 Gull Mob & Nor tr ctfs___100 10 June 28 20 Mar 5
100 4478 Jan 2 6234 Feb 21
16
Jan 47 Oct
I
Do pref
52
*46
*46
52
*46
51
*46
5()
.47
52
100 105 May 22 11712 Feb 21
9712 Jan 11534 Sept
10512 10612 10512 10512 .1.05% 106
10584 10534 10512 10512 106 106
3,200 Illinois Central
18 Jan 17
8 Dec5 Apr
34 Jan 4
Interboro Cons Corp__No par
100
78 Jan 6
14 Mar 2
% Dec 1234 Apr
Do pref
*11
12
-iiii 13 121, 1213 -1282 -I2-5g *111., 1234 ;lii8 -1/1i 1,200 Interboro Rap Tran w 1-100 912June 30 22% Mar 14 1734 Dec 3214 Aug
100 15%July 31 2478 Mar 21
17
•1612 1712 1612 1612 1718 17% 1714 1714 *17
17 Nov 3014 Apr
17
1712
400 Kansas City Southern
•8012 54
100 4858July 33 5738 Mar 5
5214 Nov 59% Apr
5014 5014 5014 5014 50
*50
52
5014 5112 5112
500
Do pref
3512
6
12718 3612 *2718 3612 :
718 7
100 2878May 22 34 Jan 2
6
25
10 Feb 3978 June
*28
3612 *2718 36
34 .28
1 Lake Erie &Western
748
100 65 June 7 75 June 26
*65
•68
*65
75
pref
2618 Feb 77 Sept
7412 *68
74,2 *65
Do
7414
50 54 June 30 71% Feb 7
61
6078 6118 61,
4 61,
56% Jan 72 Sept
61
60% 61
4 6178 61% 6134 6218 1,900 Lehigh Valley
*87
18712 88
88
88
88
88
88
88
Jan 14474 Oct
88
88
88
700 Louisville & Nashville_100 8512May 7 155 Feb 26 108
100 3814June 28 60 Apr 17
*40
46
*40
45
*40
4218 4218 44
Jan 58 Aug
*40
45
44
35
45
200 Manhattan By guar
*33
35
44% Aug 5512 Aug
Eq Tr Co of N Y ctf deP-I00 35% Jan 25 44 Feb 13
*734 10
100
8 Aug 13 22 Mar 12
*81, 10
8
814 *7
-16- -;4- .1611 Mar
,
4 10
3% Jan
300 Market Street By
33 June 21 6812 Mar 12
*32
36 •32
36
*32
36 '32
Jan
36
17
MN Apr
*32
36
*32 37100
Do prat
100 62 June 21 87 Mar 12
.64
66
66
66
*64
66
Jan 76 Nov
*64
35
56
65% 6534 6612 661a
4001 Do prior pref
02012 24
*2012 24
*21
24
2717
100 2118June 21 564 Mar 12
*2014 24
25
25
*24
5% Jan 32 Apr
100
Do 2d pref
78 1
1
118 *118
118 1%
11
118
1
100
118
78 Aug 15
Jan
1412 Apr
912 Feb 13
5
114 3,500 Minneap & St L (new)
57
*54
*54
60
*54
59
*54
59
*54
59
55 June 7634 Oct
*54
59
1 Minn St P & SS marietho 5712July 6 7312 Mar 5
1514 Dec
mlusourl Kansas & TexaS-100 814 Apr 26 12 Feb 6
% Jan
1014 103* 10
-io"
10 July 5 17 Feb 15
712 Jan 19% Aug
1018
164 -itoiz 107 -11514 -1-03-4 3,000 Mo Kan & Texas (new)
2658 2612 27
27
25 July 5 4512 Feb 14
2412 Jan 48
27
27
,
2778 28
4 Aug
28
2838 28
28/
1
4 2,700
Do pref (new)
1938 Feb 14
9 June 31
1512 Nov 2514 Apr
9% 978
93* 1014
9
958
918 93*
638 98
6,800 Missouri Pacific trust ctfs_100
914 934
Feb
10
Nov
2612 2612 25% 2614 253s 2512 2512 26/
2414July
31
49
40
63
,
4 Sept
1
4 ;612 27
2658 27
Do
pref
trust
ctfs
___
100
_
_
5,500
3l
*212 3
2/
1
4
2
212 234 12% 23*
,
8 Jan 17
434 Feb 15
2% Nov
234 278
714 May
2
,
4 284 4.300 Nat Rys of Meg 2d pref__-100
*84
84
,
4 *8312 8412 82% 83
54% Jan 87% Dec
8312 8312 8412 8413 *84
85
1,000 New Orl Tex & Met v t c__100 8212 Aug 11 105 Mar 26
97
,
4 98
9758 98
100 9012May 4 10418June 13
7234 Jan 101% Oct
97
97% 9734 9838 9814 9858 98/
1
4 9854 11,800 New York Central
6812 *67
5118 Jan 91% Oct
*67
72
*67
72
69
69 *____ 70
70
70
200, N Y Chicago & St Louis-100 68 May 22 84 Jan 29
61% Jan 93 Sept
95 *- --- 95
95
I
Do 2d preferred ______ 100 7612 Jan 2 95 July 3
1158 1178 1114 1112 11
1112 1138 1138 1131 1318 13
958July 5 22% Jan 30 '1212 Jan 38 Aug
133g 11,200' N Y N H & Hartford _____ 100
*15,
4 1612 *1534 1612 *15/
1812 Dec 30% Apr.
15% 1514 •151. 1612 1512 16
1
4 17
400 N Y Ontario dz Western-100 1414June 28 21% Feb 13
*9
11
.9
11
100
914 Aug 1
18% Feb 9
884 Jan 2211 June
*9
11
*9
13
*9
12
*9
13
Norfolk
Southern
1
10212 10212 *102 104
9614 Jan 125% Sept
10212 1021 103 10312 10414 10414 10434 10434 1.000 Norfolk & Western
100 100 July 30 11758 Feb 9
*77
78
*77
72
Jan 82
Oct
78
*77
78
78
78% *77
80
100 75 July 6 78 Jan 29
*77
SO
Do pref
300
56,
4 .5714 56% 5714 55% 5712 5614 573
100 5412 Aug 4 8112 Mar 5
73 Dec 905* Aug
57
5812 57
58
20,300 Northern Pacific
43
43
43
3314 Jan 498 Oct
4234 43
4315 4312 4314 4312 6,700 Pennsylvania
50 4112June 30 4778 Apr 4
43% 4234 43
*8
10
*8
10
100
10% Jan 263* Aug
*834 10
*834 10
*812 10
834 Aug 7 17 Mar 21
*812 10
. Peoria & Eastern
• 41
4114 4034 4112 4058 41
41
4134 4134 42
19
100 36 Jan 11 4714June 11
Jan 4058 Aug
4154 4214 5,400 Pere Marquette
*68
73 .68
100 68/
*68
73
*68
71
*69
1
4 July 19 76,
73
75
63
Jan 82 Aug
4 Mar 5
*68
75
I
Do prior pref
6018 60% *58
62
62
*58
62
*60
62
100 60 July 31 7012 Jan 9
*58
62
501 Jan 7434 Aug
Do pref
100
.40
43
*4(1
42
23
*40
42
4018 41
Jan 4138 Aug
404 41
42
4212 1,100, Pittsburgh S3 West Va___ _100 337 Jan 17 5058May 10
•86
88
*86
*86
88
*86. 88
88
*86
88
une
76
Jan 95 Nov
*86
2.1a
93 Jan 9
88
Do pre(
1
120 M2j
741 75% 75
741p 7412 *73% 75
76
741s 7434 74
8118 Feb 7
7118 Jan 87% Oct
75
,
4 8,700 Reading
*5212 5312 5312 5312 532 5312 53
5312 53% 5318 .52
50 44 June 28 5612 Feb 7
43 Mar 57 May
53
Do 1st preferred
1,100
•52
53
5213 521
*52
53
5218 5212 52
53
53
50 45 June 28 56% Jan 30
45
Jan 5912 May
1,100, Do 2d preferred
52
*30
35
35 .30
32
100 25 May
*30
35
•30
35 "30
*30
35
1 Rutland RR pref
1712 Feb 5314 June
3734 Jan 10
*17% 1812 •1712 18
1784 17% 1734 18
1818 1812 1812 1812
2014 Dec 323* Aug
900 St Louis-San Fran tr cUs_100 17 July 31 27 Mar 21
*3712 40
*37
*37
40
3912 .37
39
38% 3878 *37
100
3484 Nov 56 Aug
40
Do pre( A trust cUs-100 3212 Jan
50 Mar 5
•25
25% 26
2714 2554 2612 2658 2712 2734 2814 28
28
2,900 St Louis Southwestern__ _100 2512 Aug 4 We Feb 10
2058 Jan 3678 Nov
*5612 57
100 5418June 28 63% Mar 21
57
, 5814 5812 *58
5714 5712 5712 572 583
5811 1,400
Do pref
8 Jan 597 Nov
32,
43
*5
512
5
4% 5
*5
514
100
512
434 Aug 15
514' *5
600 Seaboard Air Line
10 Apr
48
258 Jan
758 Feb 10
*858 912
838 833 *9
912
856 8% *812 912
100
911 9/
1
4
300
Do pref
84 Aug 1
418 Jan
1434 Apr
134 Mar 23
85
8514 84% 85% 8414 857* 8518 855* 855 8618 8558 8618 26,600 Southern Pacific Co
100 84/
Oct
1
4 Aug 14 954 Feb 21
Jan
9614
78%
1
4 3212 3284 17,100 Southern Railway
31% 317
3154 3212 3214 32/
100 24% Jan 6 3734June 13
3114 3158 30% 32
1714 Jan 2858 Aug
6514 6514 65% 651
6512 6512 6614 6612 6714 6714 6778 68
100 63 July 2 7078 Mar 22
Oct
Do pref
46
Jan 71
1,300
1518 151
1534 157
153* 153* "1514 155
100 14 Aug 4 2912154ar 21
1514 16
155 1534 2,300 Texas & Pacific
1534 Nov 36 Apr
101 *10
1012 10
10% 101 *10
10
100
13% Nov
10
10
9123une 30 1914 Feb 10
2558 May
*934 1012
500 Third Avenue
"6614 70
*67
70
*67
70
*67
70
*69
70
Jan 6212 Sept
70
Twin City Rapid Transit_ _100 5814 Jan 19 7712June 11
*68
34
127 128
1258 128
12614 125
12734 1287 129 130
100 12114Ju1y 31 144% Feb 26 125
Jan 154% Sept
1293* 130
8,370 Union Pacific
*72
73
*72
73
172
73
*72
100 7078 July 6 7612 Jan 6
73
72% 727 *7214 73
Do pref
100
71.14 Jan 80 Aug
4578 91
*9
gi
97 10
100
1978 Apr
10
912 912 "934 10
10
600 United Railways Invest
812June 26 2178 Mar 6
7% Jan
293
*29
29
29
2912 30
100 26% Jan 17 62 Mar 5
3012 3212 33/
Do pref
1
4 3314 •3238 33
1.300
2014 Jan 36% Apr
8
8
8
81
100
Jan 143a May
8
83
812 812
812 9
6
858 8114 2,600 Wabash
7 Mar 10 1112Mar 22
2558 261
25% 261
2514 2512 2614 2738 27
Jan 3512 Aug
2784 8,000
Do pref A
100 2314 Jan 17 344 Mar 22
19
2734 27
17
17 *--__ 21 *____ 21
100 1612 Jan 18 2212 Mar 22
*16
21
*17
21
21
1214 Jan 247g Aug
*17
Do prat B
300
914 IP
9
934
9% 9% «912 934
84 Jan 1714 Aug
938 938
934 10
1,400 Western Maryland (new)_ l00
9 Aug 6 15 Feb 9
*1612 17
17
17,
4 17
Jan 2811 Dec
17
*1734 18
13
1712 1778 18
1838 1,200
Do 2d preferred ------100 17 July 30 2684 Mar 22
*16 , 171
16% 1618 1614 1658 *16
17
10
13% Jan 2478 Apr
163* 165* 1618 1618
15 May I 2014 Mar 5
500 Western Pacific
.58 ' 60 .58/
1
4 59
8112 Mar 64% Sept
*57
*57
60
100 53 May 7 6318 Mar 5
60 '157
59 .58
Do prat'
60
6/
1
4 6/
1
4
63
*634. 7
63
612 618
6 Feb 1612 June
634 7
67
678 1,500 Wheeling & Lake Erie RY-100
612June 29 1012 Feb 13
*1112 121 *1112 1212 *II% 1212 *11
914 Jan 2918 June
1212 1212 13
100 11 Aug 4 19 Feb 13
*12% 1234
300
Do pref
*23
*23414 24
24
23
23
*24
Jan 3314 Mar
25
25
25
100 23 Aug 4 3512 Feb 23
35
27
700 Wisconsin Central
27
S per share $ per share
.20
25 *__ _ _ 24
96
9612 0658 9714
*8734 881 *873* 8812
*112 15
112
158
11012 11012 *111 11212
4734 4814 4734 4814
563* 563
57
57
*la
55
*14
12
*18
14
18
18
*145 14612 145 147
58% 5858 59
5914
.9678 9812 .9678 9812
*214 23* *214 21
.14
,
8 4/
1
4 1412 434
20
2014 20
20
*47
48
*46% 48
Industrial & Miscellaneou
•6852, 72 .68% 72
6858 6912 70
70
7014 70/
1
4 *68
100 68 Jan 2
713*
400 Adams Express
*9% 934 •918 97
*91s 984
934 934 *9% 95
100
934 98
200 Advance Rumely
912July 6
35
327* 327
35 •32
33
*32
33
3212 3212 *32 33100
300
Do pref
3212 Aug 16
62
.62
64
*62
64
62
*62
6312 6312 6438 64
64
900 Air Reduction, Ine_No par 56 July 2
*634 7
"634 7
678 678
"638 7
65,1
7
7
50
7
1,200 Ajax Rubber, Inc
6 Aug
*Is
14
*18
14
14
.18
14
14
18
18
14
14 1,300 Alaska Gold Mines
10
18 Aug I
78
78
*78
1
*78 I
*714
*78 1
1
*78
1
100 Alaska Juneau Gold Min._ 10
78July 3
6038 6178 6012 6234 6214 6412 6418 6534 65
62
60
67% 22,600 Allied Chemical & Dye_No par 5914 Aug
•10414 107 *10414 107 *10414 107 .105 107
10514 10514 110512106100
100
Do pref
1054 Aug 1
4218 4212 4212 421
4134 4112 42
4114 4114 4112 4112 *40
100 37,
2,800 Allis-Chalmers Mfg
4June 2
*90
*9014 92 •9014 92
92
*9014 92
*9014 92
*9014 92
Do pref
100 89%July IS
1112 1112 1178 1178 1212 1212 121, 1212 1,400 Amer Agricultural Chem 100 101* July 3
1212 *1134 12
*12
31
3012 3034 3058 3018 31
3114 4412 v
3134 31
.30
1,300
Do pref
100 29 July 30
*771 81
17712 81
*7712 81
81
81
8118 8118
200 American Bank Note
50 77 Jan 6
*8314 54
544 554 533 5334 *53
"5358 56
5514 *53 55so
Do pref
50i2June 29
400
2712
27
27
2712
27
2712
28
2718
*2612
2718 2712 2858 1.100 American Beet Sugar
100 25 Aug
32
*3112 32
32
3184 3134 31
321 33
34
3314 34
1,900 Amer Bosch Magneto__No par 2912July 2
70
•69
70
72
•69
72
72
7014 7012 *71
•70
72
....No par 70 Jan 3
300 Am Brake Shoe & F..
____
__ *101 --__ *101
.101
101
____ ___
Do prat
100 102 July 3
91
9014 9278 9212 943
- 88% 8978 88
8734 -887s
9384 95% 128.100 American Can
100 7312 Jan 2
10912
109%
10912
10912
1093
4
1095
4
109%
10914 10914
10912 10834 10884
700
Do pref
100 114634 Apr 28
160 1611
/
4 16112 16212 162 16514 3.300 American Car & Foundry.I01) 148', July12
158 158
•158 169 .156 159
•11938 122 *11958 122 *11958 122 *120 122 .120 122 *120 122
Do pre(
100 1194 Mar 22
161, ini, •161. 11 1, 1 1 1, 11 1, 11.
111,
1
1038 1038 '1031 11
700 A morlean Chicle
_ No nor
5% Jan 30
•Bld and asked prices- 2 Ex-dividend.
82 Mar 3
1912 Mar 6
54% Jan 14
7218 Mar 19
1478 Mar 14
% Mar 9
1,
4 Mar 9
80 Jan 2
112 Mar 2
5114 Feb 16
9712 Jan 27
36% Feb 21
66% Feb 21
9112 Mar 7
55 Feb 7
4912 Feb 13
8314 Feb 16
83 Mar 21
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
12578 Jan I*
13 July 13
Jan
48
10% Jan
8
315 Jan
4512 Jan
912 July
18 Dec
% Jan
553g Jan
Jan
101
4 Jan
37,
8612 Jan
2714 Nov
Jan
56
58
Jan
51 July
31,
4 Jan
314 Jan
51
Jan
984 Jan
3214 Jan
934 Jan
141
Jan
11512 Jan
5 No
83
23
Oct
Aug
gol2 Aug
66
Oct
1534 Apr
78 May
2 May
9134 Sept
11512 Sept
59% Sept
104 Sept
42% June
72/
1
4 Sept
91
Dec
5512 Dec
49 June
49
Apr
8812 Sent
113
Oct
76% Nov
113% Dec
201
Oct
126% Nov
14 May
New York Stock Record-Continued-Page 2
764
For sac. during the 'neck of sr, cks usually inactive, see second page preceding
Monday,
Aug. 13.
S per share
47
5
.15
1512
*412 5
*91
96
7
7
31
3234
*8912 9012
1181
85
17
17
*1012 11
*1712 1878
34
34
5 per share
47
5
1.15
16
412 434
*01
96
7
7
3434 35
9014 9113
*82
8218
17% 1714
'10l 11
•1712 19
33
33
Tuesday. i' Wednesday
Aug. 14.
Aug. 15.
$ per share
431
434
16
16
•44 ' 5
*91
96
*714 734
351, 36
8912 9411
*82
8314
1713 1712
*1013 11
1713 1713
33
33
$ per share
*434 514
16% 16%
*44 5
95
*91
*714 734
*35
3712
9314 93,2
82
82
171 18
*1012 11
1838 1812
*34
37
Thursday, I
Aug. 16.
$ per share
5
514
1612 17
*458 5
95
.91
7
7
3613 3634
95
94
8213
*81
19
18
*1012 11
*1813 19
354 35,2
Friday,
Aug. 17.
STOCKS
NEW YORK STOCK
EXCHANGE
,
ran >11.1,2•
1 Range since Jan. 1 1923.
1 On basis of 100-share lots
Lowest
Highest
I" GI, ,3114U&
Range for Previous
Year 1922.
Lowest
3 per share Shares. Indus. & Miscall.(Con.) Par $ per share
3 per share $ per share
513 534 1,800 American Cotton Oil
100
334July 11 2034 Jan 4
1514 Nov
174 174 1,200
Do pref
100 14 May 18 384 Jan 4
3312. Nov
*434 5
500 Amer Druggists Syndicate__ 10
75 Feb 23
412June 29
412 Jan
*91
96
Amer can Express
100 91 July 31 14312 Mar 2 126 June
900 American Hide & Leather_100
618 Aug 9 1334 Mar 7
7
101 Dec
7
37
37
400
Do pref
100 293i Aug 9 7434 Mar 7
58
Jan
94
9434 3,500 American Ice
100 8734July 30 11113 Apr 2
78
Jan
*81
8213
100
Do pref
100 78 June 27 89 Feb 21
72
Jan
1978 4.200 Amer International Corp_100 1612 Aug 8 3312Mar 28
19
5
24 Dec
*11
114
American La France F E
10 1018July 6 13 Mar 1
9% Jan
1812 1858
700 American Linseed
100 17 June 21
38 Mar 5
28 Nov
500
Do
pref
*36
100 33 Aug 13 59 Feb 15
37
48 Nov
_
American Locomotive
100 12018 Jan 17 14638June 7 102
Jan
*Hi- 1-2-6- 11.
8- 1-2-0- *HT lir 14.i8- lid' *Ho- 12-0-- ii6is 1163; - - Rio
Do pref
100 115 May 4 122 Feb 9 112
Jan
*4212 44
*424 44
4413 4412 1,300 Amer Metal temp ctfs__No par 4014June 30 55% Mar 5
44
44
44
45
45% 45
44
Sept
05 76 'an 2 8813 Apr 19
*78% 7834 7812 7834 7813 7812 791.3 79%
- *7812 79% *7813 79
300 American Radiator
82
Jan
54 512
534 512 *538 512 *54 512
47
American
2,300
Safety
538 538
538 534
Razor
25
one 27
918 Feb 19
334 Jan
51118 12
*1112 12
*1112 12
12
1218
900 Amer Ship & Comm___No par
1113 12
12
12
1038July 2 214 Jan 5
512 Jan
5638 564 56% 5655 5534 5712 5734 58
5814 10,100 Amer Smelting & Refining-100 53 Jan 17 6912Mar 2
58
5812 53
4358 Jan
*95
07
*951 96
*95
96
Do pref
100
9514 9514 •95
98
100 93 June 27 1024 Mar 6
*95
96
8618 Jan
*132 137 *130 137 *134 137 *134 137 *134 137 *135 137
American Snuff
100 130 June 30 15214 Feb 14 10913 Jun
347 3478 3412 35
3514 2,500 Am Steel Fdry tern ct1s_33 1-3 3138July 2 401 Mar 21
3412 3458 35
3514 35
35
35
3034 Jan
7
*96
98
7
400
*96
9914
Do
98
pref
9914
temp
9913
97
98
ctfs
*98
9813 9912
100 97 Aug 14 1054 Feb 9
91
Feb
*59
5912 • 60
6014 59
3,000 American Sugar Refining _100 57 Aug 1 85 Feb 13
59
58
5834 5834 60
5814 58
54% Jan
*100 105
10113 10113
*997 1004 *100 104 *100 104 *100 104
200
Do pre/
100 100 Aug 9 10834 Jan 3
84
Jan
*1634 20
*171* 20
*1634 20
*1718 20 I *194 20
Amer Sumatra Tobacco__ _100 16 July 2 3638 Feb 14
*1813 20
234 Feb
*4014 48
*4014 48
4014 404 *3034 44
*3034 4514 *3034 45
100
Do pref
100 3212July 11 654 Feb 13
5214 Feb
12234 123
12234 123
1227 123
12234
1224
Amer
Telep
5,900
& Teleg
12234 1227 12234 123
100 11918June 29 12512Mar 5 11412 Jan
14413 14413 *142 143% *143 1441.3 14414 1447 145 145
14612 14612
700 American Tobacco
100 140'4 July3 1614 Feb 13 12918 Jan
102 102 *102 102% 102 102 *102 10213
•102 10212 102 102
800
Do prof (new)
100 101 Mar 16 10578 Mar 3
9613 Jan
•141 143
14134
*140 1418 *142 143 i 143 143
14134
144 144
1,300
Do common Class B-100 140 May 20 15934 Feb 9 126
Jan
*35
3712 *36
3712 *37
371. 371 3718! .3612 3712 *37
3712
100 Am Wat Wks & El v t c
100 2713 Jan 29 4434 Apr 26
6
Jan
*89
*89
90
90
894 897
9014 1 89
; 90
9012
Do 1s1 pref (7%) v t 0,100 8514 July3 93 Jan 16
400
S9 I *89
67
Jan
*59% 6013 5914 5912 5934 5934
*59% 6012 *5918 60
5912 60
900
Do partic p1(6%) v t 0.100 4813 Jan 3 6318 Apr 26
1714 Jan
98
*90
*90
*90 100
98
*90 100 I *90 100 I *90 100
Amer Wholesale, pref
100 934 Jan 2 9814 Jan 31
86
Oct
85
85
84
854 8.114 8512 8434 86% 8512 87
8578 8614 7,200 American Woolen
100 8012June 27 10958 Mar 21
7814 Jan
101 101
101 1013 1007 10078 10034 10034 10078 100% 101 101
900
Do pre(
100 9818June 21 11134 Jan 3 102
Jan
77
734 8
71
8
8
773
Amer
Writing
1,000
758 8
.
Paper
7%
pref 100
*768
734
7 Aug 4 34 Mar 7
2212 Jan
812 812
312 813
9
9
*812 9
*812 0
*813 9
280 Amer 2 no, Lead Jr Smelt___25
814June 28 1914 Feb 16
12% Jan
*31
*3013 35
35
I
*3012 35
Do pref
*3012 35
*3212 35
35
*32
25 31 July 5 5814 Feb 27
36
Jan
39
3931 3913 40
3313 3912 3913 40
40
4038 40
4038 6,300 Anaconda Copper Mining_ 50 38 July 5 5312 Mar 8
45 Nov
791. 81
*7912 8012 7934 81
8114 8133 Si
8212 8238 8313 4,400 Associated Dry Goods_
100 6214 Jan 5 89 Mar 19
Jan
43
*8312 86
*83
86
*8314 86 .83
1
*8314 88
86
Do 1s1 preferred
86 I *83
100 8212 Jan 18 89 Feb 13
75
Jan
*86
90 .86
90
*86
91
91
*86
90 .86
Do 2d preferred
90 I *86
100 88 June 26 9312 Feb 26
Jan
76
•103 106 *10414 106
104 104
106 106*10834 10
108 108
900 Associated 011
100 103 Aug 8 133 Jan 12
99
Jan
*112 2
*112 2
*112' *113 2 I *11. 2
511* 2
Atlantic Fruit
No par
112.11lne 21
313 Feb 14
113 Dec
*1234 1312 *1212 14
121.1 1214 13
131, 1314 1312 1378 1413 1,300 Atl Gulf & WI SS Line...100
914July 5 34 Mar 19
1958 Dec
•1012 12
*104 121. *1012 1213 *1012 1213 *1013 11
Do pref
300
1058 11
100
634July 3 27 Mar 19
15 Dec
•105 110 *105 110
102 105 *101 110 *103 108 *107 110
300 Atlantic Refining
100 99% Aug 1 15313 Jan 10 117 Dec
*117 120
117 117 *114 118 *114 118 ,•114 117 *114 117
100
Do pref
100 115 May 2 120 Jan 18 113
Jan
*11
12
*11
12
*11
*II
Atlas Tack
12
12
*11
12
12 1 *II
No par
1034June 27 2012 Feb 14
1312 Feb
20
20
2014
2034
204 218k 2,400 Austin, Nichols & Co_No par
1013 1934 1034 1934 2034 21
17 July 6 3512 Jan 12
014 Jan
*79
82
*79
1
81
•79
Do pref
81
*80
82 I *79
80
100 7834June 21 8912 Jan 23
*79
80
Jan
68
1117 11313 11212 1143 11234 117
11534 1184 11713 11914 11814 12018 130,300 Baldwin Locomotive Wks_100 11012 Aug 4 14414 Mar 19
9312 Jan
•III12 11512 *111 114 *111 114 *111 113 *111 113 *111 113
1
Do pref
100 111 Apr 2 11634 Jan 4 104
Jan
40 .30
*30
40
*30
*30
Barnet Leather
40
40
40
*30
*30
40
No par 46 Apr 27 55 Feb 16
40
Jan
*1018 1114
1018 1018 *10
10% 1013 1,000 Barnsdall Corp, Class A__.. 25 10 June 20 35 Mar 23
10
10% 10
1012 10
Jan
1934
.5
9
9
9
.3
812 *5
Do Class B
200
812
812
814 84 *8
25
814 Aug 16 22 Jan 2
17 Nov
18
18
18
18
18
%
14
it
*%
14
•18
12 2,000 Batopilas Mining
20
13July 2
13 Jan 2
14 Dec
.51
53
*52
53 .52
53
5278 53
000 BIWA Bros
*52
53
53
*52
No par 50 June 21 6214 Apr 4
33
Apr
•62
65 .61
65
62
900 Beech Nut Packing
62
6413 65
6512 6513 6334 6334
20 51 Jan 2 8414 Mar 26
30 July
471 4813 48
7
4878 464 4838 48
20,600 Bethlehem Steel Corp
49
49
50
4114 49
100 4134June 29 70 Mar 3
.51
Jan
Do Class B common
100 6014 Jan 16 7178 Mar 3
5512 Jan
Do pref
100 9314 Feb 1
9613 Jan 2
907 Mar
*iii r ig nii" sio2it iiii- 10i3 I-62:G *liii" io-S" siotif2 103
103 10
500. Do cum cony 8% pref_100 10014June 21 111 14 Mar 12 104
Jan
00
90
90
90
*87
90
913
5001 Pre'erred new
*87
9314 9014 934 90
100 87 July 2 9712 Mar 9
94 Nov
.434 5
*434 5
*414 5
5
*434 5
514 *434 5
200 Booth Fisberies
414June 21
No par
718 Jan i8i
4 Nov
*6
7
1 British Emcire Steel
*6
8% *6
812 *6
818 *6
100
818 *6
6 July 18
978 Mar 21
818
813 Jan
*60
66
.8114 86
•64
I
Do let preferred
6618 .614 6618 *6114 6618 *6114 6218
100 63 Juno 29 6912Mar 13j 58 Mar
*1612 1934 *1613 1934 .161. 1934 *161, 1934 *1613 194 *1612 194
I
Do 2d preferred
100 16 July 5 2612 Feb 20
1918 Mar
*108 10912 10912 10934 10913 10934 1097 11034 110 11034 x109 109
2,000 Brooklyn Edison, Inc
Jan
100 10414May 22 12112 Jan 9 100
*105 110 *105 110 *105 110 *105 110 *100 110 *106 110
Brooklyn Union Oas
100 10312May 11 128 Feb 7l
70
Jan
48
48
48% 4878 4934 494 *48
*4914 51
300 Brown Shoe Inc
50
50 1 *49
Jan
100 4212July 5 6578 Apr 21 42
Brunsw.ck Term & Ry See_ 100
*1%
134 *114
134 *Dr
14 *114
134 *11.1
234 Jan 25i
113 June
134 *14
1 Aug 7
Ill
109 111
11012 11184 112 113
11212 11313 11114 11214 11118 11118 10,900 Burns Brothers
100 108 Aug 9 144345lar 23 11312 Jan
2214 228
23
25
3362 24
*2413 25
2434 25
Do new Class B corn
3,000
283 Jan
2412 25
22 Aug 9 43 Jan 21
6
6
*534 6
534 534
750 Butte Coppex & Zinc v Lc_ 5
514 Mar
54 534
568July 2 1134 Feb 14
534 584 *513 6
*16
17
1612 184 1812 19
2112 10,300 Butterick
1834 2014 2012 2078 20
15 Nov
100 1314June 21 2134 Jan 41
144 1713 1312 1478 147 1514 1534 164 16
*1813 19
1614 7.700 Butte & Superior Mining_ 10 1312 Aug 14 3778 Mar ii 205 Jan
*2
21.
134 1%
21
14 2
178 2
_ .^
2,000 Caddo Cent 011 & Ref_No par
2
2
112 Aug 4
918 Feb 16
634 Dec
79
400 California Packing____No par
*78
*7712 7913 *78
81
79
79'2 79
Jan
77 Aug 4 87 Feb 91 68
7834 79,2 81
California Petroleum
100 664 Jan 3 11738May 311 4318 Jan
9518 9518 ----961. -9-6% 07
*9514 96% *95
87
97%
Do pref
900
Jan
100 9434 Jan 2 110127sIay 231 83
*513 534
511 512
538 512
54 512
5 July 2 1 234 Feb 201
54 Feb
514 51::
10
514 534 4,900 Callahan Zinc-Lead
*4612 485 .47
4814 *4714 4814 48
4858
*48
200 Calumet Arizona Mining
49
4814 *48
10 44 June 28 66 Mar ii
5012 Nov
*514 512
95 Feb 19
514 514 .51a 6
100 Carson Hill Gold
*516 6
1
514 Aug 13
614 Dec
*518 6
*518 6
*118 113
l's 111
118
113 *1
100 case (J I) Plow
113
112 *1
434 Feb 211
12July 11
112 *I
No par
3 Mar
•____ 68 *--__ 88 •____ 6734 *--__ 674 •65
Case (J I) Thresh 3.1 pf etf_100 68 Aug 7 85 Apr 91
68
6734 *6
138 Feb
4
1514 1634 1538 16% 1534 1614 1658 1634. 164 1713 6,200 Central Leather
1513 153
100 1312 Aug 9 4012Mar 7
2934 Jan
4213 4213 44
45
4412 45
4414 451.1 4414 45
44% 45
Do pref
2,600
100 4034 Aug 8 7934 Mar 7
6334 Jan
*3814 3938 3834 394 3814 3814 394 3934 3914 3934 394 30,2 2,700 Cerro de Pasco Copper_No par 3658July 30 5012 Mar 28
3234 Jan
341„
*26
*25
3412
-_-____ .26 _ _ *28
35
Certain-Teed Prod_ __No par 23 July 18 45 Mar 14
3413 *28
34 Feb
49
49
49,2 4934 4812 5038 50
Chandler Motor Car__ _No par 4612June 30 76 Mar 14
4734 Jan
503a 50% 5178 504 52 8,100 Chicago
*8012 81
Pneumatfo Tool 100 7512June 20 9034 Mar 21
8013 8034 *8014 8034 *8014 8034
7912 7912 804 81
800
60
Jan
2534 2618 2534 26
26
2534 257
26
25 2418June 20 3038 Mar 1
257 2618 26
268 4,500 Chile Copper
15% Jan
17
17
17
17
1634 1734 1612 1613 1634 1668 1634 164 2,800 Chino Copper
5 1634 Aug 16 3178 mar 2
2214 Nov
65
6514 .64
6514 *64
65
100 60 July 2 7614 Mar 28
65
*64
6514 6641 6513 6613 1,000 Cluett, Peabody & Co_
43
Jan
.76
7712 76
7658 7718 7788 76% 78
7712 7815 *77
78
4,400 Coca Cola
No par 73 May 4 8338June 8
41
Jan
*254 2614 2614 27
100 25 June 28 3538May 31
26
1,200 Colorado Fuel & Iron
2713 26
.26
2734 28381 274 28
24
Jan
__ _ __
___
__
___
I ___ c __
- c:._ Columbia Gas & Electrie_100 9118July 2 114 Feb 14
6334 Jan
14June 19
-78 3,600 Columbia Graphophone No par
34
8.
i8 -- -1
4
.
- --is - - -78-34
-g_-34
it
-78
-78
27 Feb 6
1 14 Jan
4
4
53% 4
4
Do pref
*334 4
400
4
100
2 June 19 1212 Jan 15
34 334
34 334
5 Feb
2,600 Computing-Tab-RecordNo par 6712June 18 8312 Apr 9
7212 7213 7334 734 74
7312 74
*7113 7213 7134 7134 *72
5514 Jan
21
21
20
22
1914 1914 *20
2134 21
18 June 19 3938 Jan 3
2134 2112 2112 2,100 Consolidated Cigar____No par
1858 Feb
72
*65
*6314 72
Do pref
72
*63
100 66 June 20 83 Feb 17
72 I *6314 72
72 .65
*65
47 Feb
Consol Distributors.Inc No par
%June 6
38 Jan 30
14 Feb
Consolidated Gas(N Y)__ _100 120 Jun 2 137 Jan 26
_ __
8513 Jan
1678
- -645is -6-1-34 60%613g 61
6134 6138 61781 6112 6134 12,600
When issued
NO Par 5634July 2 6938 Feb 7
5778 Dec
74 778
714 712
735 758
712
74 734 5,200 Consolidated Textile_ No par
7
7
734
6,s July 31
1413 Feb 9
9 July
Continental Can, Inc
__
100 115 Jan 2 13134 Jan 31
454 Jan
8 -iLf, itfili -46i8 iiis -i614 -4-678
When issued
- 21,600
-ifiis -4-6-3-4 -45i.2 16-34 -ili-4 :15:7No par 4270.1ay 7 5034 Feb 19 - -- - --_90
90
90
*89
90
90
*89
325 Continental Insurance__ 25 90 Aug 9 104 Jan 31
90
90
*89
90
00
Jan
66
712 712
714 714
668May 28 124 Jan 19
758 753 1,300 Continental Motors_..No par
734 734
714 714
*74 734
1114 Dec
120 12118 1198s 12114 12112 1223s 1224 12334 1234 127
11912 120
16,400 Corn Products Refining-100 11438July 6 13914 Feb 6
9114 Jan
Do prof
100 11614May 8 1224 Feb 24 111
*119 120 *119 120 *119 120 *119 120 *119 120 *119 120
Jan
3158 2934 31
No par 2934 Aug 15 0314 Feb 17
3178 32% 30
2934 3058 3038 3134 97,700 Cosden & Co
33
32
3158 Jan
634 6314 64
6234 62
634 64% 10,600 Crucible Steel of America. 100 5778July 30 8412 Mar 21
6158 6034 62
60
61
524 Feb
8534 86 .
200
89
Do pref
*80
8534 88
•8534 87
100 8534 Aug 6 9412Mar 2
*8513 87
*8512 87
Jan
80
1018 1012 2,400 Cuba Cane Sugar
No par
812 Aug 2 20 Feb 13
10
10
818 Jan
10
.
10
18 10,8 1014
1.0
_, 10
94 1018 „.
37
37
3678 3712 3613 37
Do pref
8,200
31,2 374 374 39,8 3878 40
100 3312 Aug 4 6414 Mar 15
1514 Jan
2412 2438 24% 241* 2434 2434 2513 11,000 Cuban-American Sugar
10 23 Aug 1
24
25
*2413 2434 24
1413 Jan
3734 Feb 13
95
95 .93
Do pref
95 1*92
*92
95
1192
100 92 July 12 106 Apr 5
95
96 .92
*92
7818 Jan
2834 2813 28% 2812 2934 4,500 Davison Chemical v t c_No par 2038May 21 3812Mar 6
2734 2812 28
2758 2758 *2734 28
2318 Nov
Cons
23
2323
Beers
23
1
Do
2318
MInes_No par 2218 Aug I 28 Mar I
300
*224
*2318 2334 *2213 2313 •2258 23
1513 Jan
100 Detroit Edison
100 1004June 26 111 Mar 2 1004 Jan
*10213 103 *10212 10314 *10213 10234 *102% 10234 10212 10212 .102 103
3458 2,200 Dome Mines, Ltd
3414 34
10 3084May 22 4418 Jan 4
35% 3412 3412 3412 343 34
1812 Jan
*3434 3512 35
9,800 Eastman Kodak Co_ _No par 8934 Jan 2 11534 Apr 3
102 103
101 10212 10234 10312 102 10212 1004 102 1 10113 102
70 July
11513 11688 116 119
11513 116
11811 12212 12014 12213 12012 12414 27,100 El du Pont de Nem JrCo_100
10514 Jan 17 14812 Apr 28 105 Dec
8412
200
6% cumul preferred
100 8113 Apr 12 8914 Apr 10
.82
8312 831* 8313 *8312 8412 •84
83
80 June
*83
•82
83
57
56
1.56
5912 3,800 Else storage BattsrY__No par 52 July 5 6718 Mar 21
5912 59
5712 5755 5934 53
56
57
4012 June
*1314 14
1312 1312 .1312 14
100 Elk Horn Coal Coro
*1313 14
•1313 14
1414 Jan
*1312 14
50 1312July 11
2034 Jan 2
•112 2
*112 2
*D. 2
Emerson-Brantingham____100
258 Jan
*1 13 2 I *112 2
*112 2
713 Feb 20
2 June 19
68
6812 .1684 69
6612 6612 67
7,500 Endicott-Johnson
7614 Jan
•66
50 6212Juno 27 0414 Jan 2
6734 6814 6712 68
Jan
•114 115 *114 1144 *114 116
Do pref
200
11434 11434 115 115 *114 116
100 111 May 2 11.§ Jan 3 104
•Bid and aaked oecem no sales on this day. z Ex-dividend.
1
Highest
4-47-4.Aa. xx
A-:.•,,,
'clutrJuTzez>5e>c>t.TS'uzotz- : 0›-icTr.o>="=T4,3>tgT >tr.`=Ta.o..1tvg)ttg'z>g'>•T>c, ''x?-'?-*cg'.->WooTT4tzo:e-t's-400 t:J.-..g1t/o,
, 4.4. 4-':-4
-oT254oT›,-.4>ofeTo
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,
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v...
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m...-0=....cPwN
,
40,,4,4.,,...2:<,<.,8./:..,<.„.....4.q7a........, ,<,<180„,,400;„.,,,
n,<,4.
Saturday,
Aug. 11.
Sales
for
the
1Veek..
..
..
..
.... .
.
..
.
..
..
,.............Dcw.cocz
"11.c..."'m-".."°. cao,....
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cD,....
=.tS2c7otte=f2tAnO"=r:FZE125.1gFogteo:2e1=ToVg2e1V.con=2=8==12-4.en
wa,-;:a.g.....7.7.7 W.? ar 0..a.a.a..xx"
"
°•a.' a.,..r..Z..a.:......X
&m.orew x4-4.4.4-4.4-4-A-4-4- de
4-.-exe
de4-4- A-A-4-de
H1GH A.ID LOW SALE PRICE-PER SHARE, NOT PER CENT.
New York Stock Record-Continued-Page 3
765'
For sates during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 11.
Monday,
Aug. 13.
Tuesday,
Aug. 14.
1Wednesday, Thursday,
Aug. 16.
Aug. 15.
Friday,
Aug. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923. 11
On basis of 100-share lots 11
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
Highest
Lowest
per share
$
share
per
per
share
5
$
share
per
M1sce11.
&
Par
(Con.)
Indus.
S per share 5 Per share 3 per share 8 per share 3 per share $ per share Shares,
2612 Dec 3112 Oct
No par 2112 Aug 17 31 Jan 10
100 Exchange Buffet
25
2112 2112
*2112 25 .22
*211* 22
25
*21
25
*21
7518 Jan 107 Sept
2
Jan
93
9
Aug
par
6713
Players-Lasky_No
Famous
38,500
744
73
73%
7214
727
8
715
7038 7274 703 727
6858 72
9112 Jan 10738 Sept
Do preferred (8%)--- - 100 8512 Aug 9 993 Feb 14
200
90
90
90
*87
90
*8712 0013 *87
89
89
•1361* 90
1613 May
Jan
9
5 June 5 1234 Feb 16
10
500 Federal Mining & SmeltIg_100
8
*513 8
*512 8
*512 8
*51* 8
*512 8
3712 Mar 6234 Sept
6012
I
13
Feb
4
3414June
100
421
prof
Do
4 1.400
3812 3812 3812 3912
*36
37
3812 37
3812 *36
*36
Dec
834
1
2
Jan
103s Dec
par
No
734 Jan 17 1034
7% 758 *712 7% 1,000 Fifth Avenue Bte,
74 714 *712 734
712 77
*712 S
Jan 218 Dec
75
No par 140 July 3 21214 Jan 11
1.000 Fisher Body Corp
159 1604 161 163
•155 160 *155 15913 *155 160 *158 160
June
10314
Jan
7612
14
8June
1023
3
July
94
100
pref.200 Fisher Body Ohio
9918 *9812 994 *9812 0918 9918 994
s9811 0014 *0812 9918 •98
1912 Apr
1058 Nov
7 Aug 7 1613 Feb 13
No par
8,8 818 1,300 Fisk Rubber
818 8,8
734 838
734 734
734 734
8
8
2714 Oct
Jan
124
13
Jan
22
2
912July
Par
No
Co
Texas
12
1134
1134
Freeport
2,700
4
113
1113 1112
11
11
1112 12
12
12
Oct
4534 Jan 80
900 Gen Amer Tank Car__ _No par 4012July 30 71% Feb 20
454 4458 4458 4434 4434 4434 45
44
45
4458 4434 *43
100 23 Aug 0 54 Mar 7 ' 3714 Nov 731 July
2518 2412 2534 2412 2712 8,000 General Asphalt
244 2512 244 254 25
2313 25
111
Nov
July
69
7
Mar
100
83
21
June
61
65
65
Do prat
65
300
*60
63
*55
*6358 6734 6334 6334 *6358 65
65 Mar 833 Dec
100 804June 28 9438 Mar 14
8212 8212
84
600 General Cigar, Inc
*82
83
*81
83
*81
83
8234 8234 *81
Oct
Jan 109
94
100 10412 Jan 2 110 Apr 2
referre_
d
t liectrpic
E
105 107
•104 107 *104 107 *104 107 *104 107 *105 107
Jan 190 Dec
136
2
Feb
100
19018
21
17012May
eb Electric
179 18034 8,300 General
175 17734 177 179
17478 175
175 175 *1754 176
1011 Oct 12 Sept
Jan 2
12
6
1012June
10
11
11
Special
11
1,000
11
11
11
8
107
11
108
11
11
*10%
1514 July
814 Jan
1534 91,900 General Motors CorpNo par 1234June 28 1712 Apr 18
1414 1418 1414 144 1458 1412 1514 147 1514 15
14
Jan 86 Sept
69
100 79 July 10 89 Apr 17
Do pref
20
8113
8012 8012 *80
*8012 81
82
*791* 8112 *7912 82
*80
6714 Mar 9614 Oct
Do Del) stock (6%)....-100 7334July 17 90 Apr 7
81
1,309
8034 81
8014 80,4 8038 808 8012 8034 81
SO
80
7914 Mar 100 Sept
Do Deb stock (7%)-__100 96 June 28 105 Apr 10
98
*95
98
98 .95
*95
98
*95
98
*95
98
*95
3818 Oct4518 Oct
24
Apr
13
No Par 3912June 27 51
46
*44
45
100 Gimbel Bros
45
48
*41
45
*42
45
*42
45
*42
934 Nov1814 June
7 June 21
No Par
1234 Feb 9
9
4,7
4.841 914 *813 918 *813 94 *813 012 *812 012
Glidden Co
77
812 Oct
434 Dec
9
Mar
par
28
312June
No
____ Goldwyn Pictures
_
2312 Nov4478 May
2378 1,300 Goodrich Co (B F)__No Par 2014 Aug 4 41 18 Mar 22
.6i4 ili -ii- 2-3- 2314 2312 2311 2312 23
- i18 -2-2 - -2
Apr
Nov91
7913
6
Mar
0212
Aug
7913
100
3
prat
Do
82
200
*7912 8112 *79
.
*7912 82
80
80
80
80
82
*80
22 Nov35 May
187 187* 1.100 Granby Cons NI,Srn & Pow 100 16 July 5 33 Mar 23
1734 1814 1734 18
13
17
13
18
174 18
1978 May
8 Nov
Mar 7
15%
l'
Aug
714
par
__No
Inc__
Davis,
&
Gray
300
1
8
8
9
*8
812
*8
8
*714
714 712
*712 8
22 Nov
3434 May
-100 15 June 20 3418 Mar 6
17
500 Greene Cananea Copper,
1714 *1612 174 1614 1614 1618 1618 164 16% 17
•16
7 Feb1434 Mar
512 Aug 17 1412 Feb 14
52
53
800 Guantanamo sugar__ _ _No par
512 514
534
5%
*534 614 .5% 64 *578 64
Jan 94% Oct
4472
21
Mar
10434
28
June
66
ct12-100
tr
Steel
74
7214
7238
7134
7338
States
Gulf
74
7214
19,500
7012 7014 7134 69
70
34 Jan37 Mar
24 Jan 12
14 Aug
400 Habirahaw Else Cable.NO Par
38
38
1*
28
22 .
38
38
%
13
*38
13
*14
100 31 July 5 44 Apr 19
3512 *35
354
35
900 Hayes Wheel
*3338 3413 3413 35
34
•3334 3412 34
Jan -2'4-4 Sept
15
16
Feb
238
July
12
100
2
Manufacturing
14 .12
*12
14
14
100 Hendee
1312
13
13
15
*13
15
*13
Jan 82 Nov
55
100 60 May 23 7978 Jan 2
300 Homestake Mining
*6158 644 6134 614 *5112 6311 6112 6113 *5912 6112 *5913 64 I
Nov 9124 Oct
6114
16
Feb
78
30
July
42
458
100
.....
I
45
8
447
4
453
Texas
47
of
011
Houston
44
2,900
44
44
46
46
45
45
Vas Dec
Aug
194
8
Mar
4
323
28
June
22,8 2212 2234 23 1 238 2418 244 2412 11,000 Hudson Motor Car_ _NO Par 20
2214 23
2212 223
1078 Jan 2614 Dec
10 167k July 3 3012 Apr 2
*1811 19
*1812 19
*1812 19
*1813 19
2012 29% 2058 2,309 Hupp Motor Car Corp
19
1418 June
Feb
313
114
8
Jan
612
13
July
Par
No
134
700 Hydraulic Steel
11
1 13 112 *1%
113 134
•158 134 *138 52
*
1134136,4
15% Dec
314 Jan
19 Mar 19
4 June 21
5
413 413 1,700 Indiahoma Refining
412 413
6
i
438 434
*5
*413 5
II% June
Jan
5
5
6
10
Apr
812
15
Aug
Refining
Indian
513
*5
512
100
*5
I
5
6
513
*5
54
*5
512
*5
4.5 June
Nov
31
1
Mar
4
July
27
20
433
31
28 1 2812 2412 2812 2812 1,609 Inspiration Cons Copper
23i. 284 234 28
28
28
28
1134 May
Dec
234!
58
2 Aug 13 11 Feb 20
100
300 1nternat Agricul Corp
218 2181
218
2
*24 234 *218 234 *24
23
, *2
4318 Mar
2812 Nov
3978 Feb 23
014 Aug 1
100
Do Prof
812 *712 813
812 *J 12 84 *722 812 *712 812 *8
*7
343
Jan
4 May
26
31
19
par
Mar
44
28
June
Cement__No
400 International
3612 *3413 3613 3412 3412 *3412 364 3412 3412 3538 3532
*34
2018 June 3012 Sept
1938June 28 2718 Apr 6
213 2212 2214 2318 23
21 t 13.610 Inter Combos Engine__No par
2124 2134. 21 14 2114 2012 213
Aug
8
1157
Jan
8
793
7
800
Feb
9412
1
Aug
71
Harveaier
(new)Internal
4,700
7612
*7312 7412 7334 7412 7414 7.12 7..04 76 , 7512
74
74
100 19714 Aug 17 11614 Jan 4, 10512 Feb 119 Sept
Do pref (new)
200
107 107 *10611 10814 *106% 1034 *10714 10712.10634 10714 10714 10714
834 Dec 2718 May
478 Aug 9 1.158 Feb 14'
100
47
41
512 512
538
630 Int Mercantile Marine
*514 512
538
54
*514 6
6
100 1812 Aug 8 47 Jan 5, 4134 Dec 8738 May
Do prof
*1813 1934 19
21 18 3.030
1938 19
1934 1914 1934 2013 2012 21
1934 Apr
11 14 Jan
12141 1134 12 I 1178 12 1 12
1214 124 1314 10,500 International Nickel (The) 25 1118 July 5 1614 Feb 16 1
12
12
12
Jan
Jan 85
60
100, 6934 Jan 4 82 June 1.2
pref
81
Do
100
1
79 .78
7812 7813 7812 *7835
7812' *78
79 •78
.78
8 Oct
637
Ma
4313
6
Mar
100
3034 Aug 8 5835
3211 3212 3213 33 I 3314 34 1 3414 3412 3123 308 2,200 International Paper
3178 317
8012 Sept
59 Ma
Jan 6
12
July
63
100
754
preferredstamped
Do
200
654
65
1
67
*64
I
66
*64
06
*64
65
*6313
. 64
*631
20,4 Apr
1218 Jul
8 Aug 15 1914 Mar 7
812 8%
8% 9
84 812
8
838
824 818 11,600 Invincible Oil Corp____No par
838
8
Jan 5318 Oct
24
par 3212 Aug 6 6814 Mar 8
_
Iron Products Corp___No
38
35 1
*31
3534 *33
*32
*33
35 1 *3212 35
*3318 36
Jan
Nov
%
24
2
Jan
14
10
c__
t
v
Transp
33
14
14.
4
14
14
se
84
*14
&
1
Oil
Island
as 1,300
*14
A May
24
10Ja
'e 15
Mar
100 1714 Aug 9
1813 1814 1812
18
18
184 *17
*IS
903 Jewel Tea, Inc
17% 177 *1718 18
178
76% Dec
3812 Jan
100 62 June 20 82 Feb 26
Do prof
6434 6914
100
67
*55
*63
70
70
*65
70 I •65
70
*65
3413 Feb5778 Sept
100 50 Jan 17 6334 Mar 16
534 5711 5814 574 53
58
58
58
5713 5914 5314 59,8 9.209 Jones Bros Tea, Inc,
, Dec
Dec 1093
10912 10912 *10913 114 *10912 112 •10911 111 I
100 Jones 4.:. Laughlin St, pref 100 104 Mar 19 10914 Mar 22 1074
*109 110 *109 110
712 Jan
1 13 Dec
12
Jan
12
Aug3
1
101
Gull
&
Kansas
12
700
38
32
38
28
38
28
•14
33
38
`14
*14
May
34
4835
23
Aug
Feb
2
July
28
par
458
(new)___No
3212 3278 *3234 33 I 3212 3234 3212 3222 *3234 334 1.030 Kayser (J) Co
*3234 331
94 May 10612 June
Do 1s1 prat (new) ..NO Pari 96 July 2 104 Mar 23
*07 100
*97 100
497 109 .97 100
*97 100 I *97 100 , __ .... _
May
4
533
Jan
344
22
Mar
6218
1
1
Aug
29
25,
Tire
3158 3134 3158 3134 3234 32
33 4 9,803 Kelly-Springfield
2914 3012 298 3014 30
e
b 10
en
Ja
4 May
73
16
1 12 F
90
6
8
7 NJiaatir 16
184
10
_100001
, Temporary 8% pret____1
97 1 *93
97 r .93
97
*93
*93
*94
97
97
97
*91
y 3'
ulY
ju
434J
83
91
*85
' Kelsey Wheel. rue--------100 9
91 , *87
*87
01
91
*85
*8512 91
*8512 91
Jan
8
393
2512
May
1
Mar
45
20
June
32
parl
No
3
Copper
12,700 Kennecott
3334 3378 33% 344 3313 344 3334 344 33
34,8 3334 34
43 Nov, 243g May
4 June 21 1118 Mar 24
48
438
412 478
434 414
4,8 435 *414 5
528 2.400 Keystone Tire & Rubber- 10
5
Jan 18912 Nov
100 177 Mar 2 24812 Apr 26 110
o
215 215 1 212 21334 *21212 215
215 217
215 215
*213 215
1, 09 Kresge
r
Jan' 9412 Aug
43
21
Feb
87
5
July
75
100
__
82
.80
8038 8134 82
81
80
81
600 Laclede Gas (St Louls)- 78
78
78
*75
2414 Nov! 3518 Mar
1712June 27 3134 Mar 22
*1912 20
19
*1912 20
19
*18
600 Lee Robber At Tire_ ,__No par
1914 1812 1012 *1912 20
Oct
235
Feb
15314
9
Feb
2223
21
1903
_100
Tobacco_
4May
Liggett ,k Myers
•l9212 202 *105 202 *195 202 *192 200 *192 200 *195 206
Jan 12312 Nov
100 11134 Apr 4 1184 Jan 8 108
115 115
Do pref
112 115 *11014 115 *11014 113 1.11014 115 *112 115
.
100
52 Nov11778 May
20
Mar
74%
5814June
par.
28
ett.No
temp
Wks
21
Lot
Lima
64
63
4
032
'61
4,600
8
6-2
4
6- 2 61,2 622
61
'
1034 Jan 233u Sept
4 1434 1434 1513 154 153* 1,300 Loew's Incorporated___No par' 14 June 21 2114 Feb 14
1
4 14/
/
1434 144 1434 1434 .1412 141
1414 May
Jan
9
6% 634
638 638
634 834
634 638 *614 7
1.100 Loft Incorporated _____ No par' 618June 30 nal Jan 5
038 638
Jan 671 Sept
38
2
Mar
6314
3
4July
383
100
Biscuit
454
4514
45
46
Looae-Wlies
45
454
900
454 *42
45
4518 .42
•4I
100 146 June 21 17858 Feb 9 14714 Jan 180 Sept
*155 157
300 Lorillard (P)
15514 1554 15514 1554 *15513 154 •158 157
15638 15635
Jan 117 Dec
72
Mackay Companies ______ 100 103 May 23 121 Feb 6
*106 112 *10714 112 ,*10714 10013 *108 10913 *10712 10914 *10812 112
Jan 70 Nov
57
• 100 6434July 39 7012 Feb 16
681
•65
67
634 *65
Do prof
66 I 6514 6514 *65
*65
67
*65
100
2513 Jan 6178 Sept
7678 16,500 Mack Trucks, Inc _ _ ___ No par, 584 Jan 2 9313 Apr 6
4 76
/
4 7512 761
1
747
7334 7412 73
728 7534 7414 76/
9413 Dec
Feb
68
12
Mar
87
10()
9914
3
July
______
7
*9212
02
preferred
92%
1st
92%,
93
*92
I
Do
93
93
93
300
03
93
*92
Jan 8734 Sept
54
100, 72 June 29 92 Mar 5
8278 8278 8278 8278
400' Do 2d preferred
*8058 83
*8051 83 I *8053 533 I *8058 33
59 Nov 62 Dec
No par, 57 July 2 7113 Jan 20
63 •5812 65 I *5912 62
5813 *58
600 Macy
5813 5834 58
*5334 60
1512 Jan 40 Aug
23 1 2312 2338 2334 2441 2434. 2413 1,300 Mallinson (II R) & CO-No par, 21 June 27 40 Jan 2
23 I 23
2314 23
23
3014 Jan 52 Mar
100 43 July 31 754 Mar 14
48 1 *44
*44
48
4414 4414' *45
48
46
500 Manati Sugar
47
48
*44
Apr 8414 Sept
100
7314
June
75
26
Feb
90
20
*70
SO
*70
;
78
80
80
pref
*70
.70
'
SO
*70
I Do
SO
*70
41 Mar 693 Apr
1,4001 manhattsn Else SupplyNo Parr 36 Aug 0 66 Mar 21
42
39 1 38
38
33
37 I *37
34. 1 37
*17
37
37
7
32 Mar 5834 Oct
25, 42 June 27 47 Jan 5
43
43
44
*43
4312 •4214 425 * 1 34 44
200 Manhattan Shirt
043
45
*43
No par, 21 Aug 15 5938 Apr 2
261 2458 2812 304 72,900 Marland Oil
28
2235 Jan 4838 June
2838 25
3034 294 30.4 27
30
512 Mar 2638 Mar
par.
No
7 July 5 16 Feb 26
4.7
10
7
10
*7
I()
*7
95
9.4 *7
Marlin-Rockwell
7
10
, 29
2014 Jan 3814 June
378 Apr 17
2914 288
300 Martin-Parry oorp_ _No par 25 July 31
2912 2814 28141 *28
*2813 30
*2712 2812 .28
Jan 54 Nov
22
4212
60
4318
36
14
Mar
42
6412
Works__
June
1,11)0
24
4
4113
420
413
4113
*41
mathieson Alkali
42
*39
42
*39
4114 Nov 7434 May
4078 4014 4112 405 4134 4134 42
39
2,900 Maxwell Motor Class A__ -100 3634July 2 6314 Mar 8
*3914 40
40
40
25% June
Feb
11
5
par
No
1012June
Apr
123
13
29
21
1213
Class
13
Motor
3
1
Maxwell
12
13
13
1.100
1213 *1134 12
*12
12
12
6.513 Dec 1745 Dec
27512 7513 78
76 : 76
78
3,700 May Department Stores_ -100 6735 Jan 5 86 June 7
7513 7512 7612 7513 76
*75
2138 Mar
1035 Jan
16 July 24 2012May 4
1612 1612 1614 1614 1612 1613 1,200 McIntyre Porcupine Mines_
*1614 1612 1638 1634 1618 1614
100 210 July 2 i 293 Jan 2 10634 Jan 322 Dec
I Mexican Petroleum
•182 235 *182 230 .182 250 •182 250 •100 250 *190 250
794 Jan 108 Dec
100 10014 Feb 24 10514 Mar 16
Do pref
*95 105 1 .95 105 I *95 105
15
*95
*95 105
•95 105
Oct 3423 July
15
53
534 Aug 15 2334May 28
74 8 I
9
74 73 17,900 Mexican Seaboard 011__No par
1212 1113 1114 1114 1018 1112
Oct 324 July
12
6 Aug 15 2314May 28
Voting trust certificates__
*104 1112 1052 1034
912 1034
834
711 11,800
6
7
611 73
25 Nov 313g May
3013 Feb 23
5 2212June 21
2312 2312 2334 2334 *2314 2418
24
21
600 Miami Copper
24
2334 2334 *23
Apr
16
Nov
11
12
Jan
1214
17
Aug
518
10
58
Carp
638
6
534 614:
618 658
518 54 42.400 Middle States Oil
6 I
638 6%
2618 Dee 4514 May
24
800 Midvale Steel & Ordnance_ 50 2112June 29 333* Apr 18
2414 244 *254 26 1 254 25% 24
*2412 26
2413 25
38 Sept
Jan 76pt
63
100 5412June 28 75 Mar 8
6112 61
571 *56
63
5714 *56
*58
1,400 Montana Power
12 Feb 258 Aug
4 197 20 , 1938 2038 3,300 Mont ward & Co Ill Corp- 10 1814May 22 28 Feb 13
1
19,8 1918 1914 1914 1914 10/
18s
18% 187
1938 Dec
No par
1734 Jan 17 29% Mar 22
2214' 2212 221* 23
13 Aug
2134 2214 22
2314 4,700 Moon Motors
2178 2178 2134 22
1214 Dec
9% Nov
9i
9I'
20
Feb
par
Coalltion_No
718June
14
20
94 91
918 014
*94 01
912 912 2,500 Mother Lode
9% 938
1714 Dec 34 Mar
No par 11 38July 30 2978 Mar 15
12 1 *1114 12 i *11 14 12
12
14
.12
12
12
12
41)0 Mullins Body
12
70 Dec 525 July
No par 754 Jan 2 1144 Jan 12
*88
92
02 I 91% 9234
92 .88
*88
92
92 .88
•88
600 Nash Motors Co
57.4 57.4 o018
100
I
98 I *97
*97
98
Do preferred A
94 I *97
•94
98 I
50
11 ti *11 III *1118 1112 1112 1112 *11 1134
100 National Acme
25
434 45 1 4412 4514 441
4213 4338 428 431
4 454 35,500 National Biscuit
/
4212 421
122 122 *118 120 I
Do pref
300
12234 12234 •122 123 *122 123 *122 123
50
50 .49
*5014 51 I 51
50
51
51 I
5034 •50
50
700 National Cloak & Suit_ _12
28
"4
2$
38
*1
it
2
14
700 Nat Conduit &Cable_ _No par
14 1
5912
I
5978'
69
Nat EnarnIg & Stamping_ _100
5812
1,700
58
58
5712
57
58
*57
58
*56
100
4 115 I
1
700 National Lead
1214 11214 *11212 1133 11212 1128u 1137 11378 11412 11412 114/
100
Do prat
I
*110 11212 *110 11212'110 11212 *110 11213'110 11238 •Iii) 112111
1112
1114
1114
.5
1112
Copper
1114
4
113
14
11
Congo'
1112
1114
Nevada
1112 1,300
1111 1114
'
32
*30
32
32
32
3134 32 1 1.000 N Y Air Brake (new) No par
3113 3112 32
•31,
47
*45
No par
*4612 47
Class 1
*4612 47
100
4678 4678 *4612 47
47
*45
1612 17
17
1834 1,200 New York Dock
18
18
1738 •1514 1758 1514 16
*15
38
3734 3734 .36
38
Do prof
38
*3734 41
40
400
40 I
.3612 42
50
North American Co
12
4 4414 444 .44
/
50
4":1T4 141
4414 4334 4334
Do pref
500
•iii4 4.11:2 Ws 143-8 -.
.1714 2111 *18% 2012 *1714 21
*1712 21
Nova Seotia Steel & Coal_ _100
21% .1712 23
*18
,,,,,,,,4 , *8
9
818 818 *8
9 I
8
8
8
8
300 Nunnally Co (The)_-__No par
4 I
4
*313 4
4
*378 434
3%
400 Ohio Body & Blower_ __No par
8
*4
4
4
•113 134
4 113
/
11
13
112
11
700 Okla Prod & Ref of Amer__ 5
13
11/4
4
/
112
4
13
•113
*312 41* .312 413 *312 413 *322 412
Ontario Sliver alining__ _ _100
5
4.31., 44 *Ill
8
167
4
•163
8
165
1638
1,000
Orpheum Circuit. Inc
4
163
17
1634
16%
4
16%
103
167
8
167
167s
11811
119
100
*118
119
117
Otis Elevator
117
119
600
.
11912_
120
•118119 •117
*9712 98
•11
0712 971
112
% .„
%
, ---- ---- ---- -___ ____
•111(1 and asked Prices; no sales this day. z Et-dividend
9612 Apr 23 10134 Jan 17
10% Aug 7 1818 Feb 19
38 Jan 5 4334 Mar 19
2
l:atuunlYe
14May 31
t) 21
114 rei)
112 Feb 24
5512July 2 73 Mar 14
108 July 5 13654 Mar 20
10712June 28 114 Jan 4
1118June 26 1838 Mar 5
2634 Jan 2 41 Apr 25
,13
Aepb
e 3g r2 F
121,42jAnung
4
2
Aug
2
104
4212July 2 4813 Feb 14
29% Mar 3
19 July 31
8 June 28 1018 Feb 9
104 Jan 29
378July 14
318 Feb 8
112July 30
774May 7
3 July 21
1614June 21 215s Apr 26
11413July 30 153 Feb 16
IA 1t4:21 W,g
10122 Aug 108 Dec
2114 Apr
912 Nov
4 Dec 270 Dec
/
361
10,8
Septc'e
n
'
.jlit'
11B13'
44 Apr
Dec
I
3034 Jan 6813 Oct
12914 D
JanDec
85
Jan 117
Oct
108
1918 June
1318 Nov
2412 Nov 4133 seat
4518 Nov 514 Oct
20 Nov 46 June
48 Nov 6812 June
444 Jan 10614 Dec
Jan 474 Aug
38
20% Feb 40 Sept
8 July
123 Mar
5 Nov 1414 Apr
18 Dec
438 June
4,12 Jan 169
8%
34 Mar
Oct4
1238 Jan
28
Oct
JanI
116
766
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 MARS, NOT PER CS.VT.
Saturday,
Aug. 11.
Monday,
Ago. 13.
Tastazy.
Auo. 14.
Sales
for
Wednesday. ThursdaY, I Friday, I the
Apo. 15.
Au7.18. 1 Aug. 17.
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
PER SMARM
Range since Jan. 11923,
On Darts of 100-sears lots
PER SHARE
Ranoe for Prestotts
Year 1922.
Lowest
Lowest
Mohan
IlighasS
I
Indus. & Miscall.(Con.) Par a per share
$ per share $ per share $ per share
Otls Steel
No par
7 June 30 1434 Mar 21
1912 Apr
67 N
Owens Bottle
25 36138
Jan
an 2 5234 ,tpr 2
3J
24 Jan 42% Sept
Pacific Development
is Dec 1418 Apr
214 Mar 5
Pacific G is & Electric
10.9 743488ay 4 85 Jan 5
60 Jan 9118 Sept
Pacific Mall Steamship
5
7 July 2 1234 Mar 14
Jan 19 June
II
Pacific OIL
3113July 5 4378 Jan 4
4218 Nsv 69% May
Packard Motor Car
10 1018 Jan 8 1513 M ar 22
Dao
21 Nov
10
Pan-Amer Petr & Trans_ 50 5178July 33 93%
Feb 7
43% Jan 100% Dec
Do Class B
50 51 July 2 86 Feb 7
Dec
4013
Feb
954
Panhandle Prod & Ret_No par
2 June 21
614 Apr 5
3 Doc 124 Jan
300 Parish & Bingham
No par
9
151288
May
23
Apr
713
as'
13
Nov
17
4,303 Peon-Seaboard St'l v t oNo par
213 Jan 2
6 Apr 4
2% Dec 1338 May
300 People's G I. & 0(Cub).__100 86 Apr
27 9113 Jan 30
5934 Jan 99 Bent
2.100 PhIlalelphia Co (Pittsb) _ 50 41 July
2 5014 Mat' 19
3113 Jun 454 Sept
P9Iltio3-Jones Corn
No par
Aug 9 80 Apr 4
734 Oot 10518 Jan
23,100 Phillips Petroleum ....No par 55
2)'2 Aug 7 694 Apr 5
Jan 5914 June
2814
5,103 Plerce-Arrow Mot Car_No par
614 J sly 2 1514 Jan 14
8 July 24% Apr
1.3)0
Do Drat
100 1313.7217 2 354 Jan 9
Apr
18% July 49
1.330 Pierce 011 Corporation__ 25
113July 5
6 Feb 13
Jan
378 Dec 12
500
Do pref
100 21 Aug 17 45 Jan 4
Jan
Sept
71
32
-- Plgr Wig;'nor Eno"A" No Pit 5514 Jan 17 124 NI
ill- I(ili -iii 16- "iii "fi'ci" •60 61 .60 61
ar 20
39 Nov 594 Dec
i;66- -ifsbargh coal of Pa
101) 58 Jan 16 67% Mar 7
.9914 100
*9914 100 *994 100 .9914 109 *9914 100 .994 100 ---513 Pitt
55 'Nov 7238 Sept
Du pre
100 9712.1aly 11 109 Apr 5
9018 Feb 10013 Sept
C7•33k Coal
744812 -fir ;46" liti "al
10
94 Mar 1 4778 Feb 15
1414 Feb 41 Dec
16 ;RI itili "ii- 12- -ii- 1114 1:165
1
Postum Cereal
.
NS Par 47 July 5 134 Feb 6
105 11214 .105 114 .105 114 .105 114 '3105
654 Apr 120 Oct
114 .109 114
Do 8% Preferred
103 10312June 30 11414 Jan 25 10513 Apr 1121s Oct
*50
52 .49
51 .49
52
51
56
5412 5&I 55
5613
90)
Pressed
Steel
Car
103 49 Aug 6 8118 Jan 2
90 90
898 89% .8913 9011 90 90 .8912 91 .90 91
63 Jan 954 Sept
30'
D, prof
103 88 Jan 22 9914 fan 5
3014 31
297 3114 234 2038 2578 2878 2634 2734 274 2313 77,320 Producers
91
Feb 106 Sept
& Etzfiners Corp_ 50 25's Aug 15 5418 Mu'20
Jan 51 Sept
2418
Pablia
33rvIce Corp of NJ_100 91 May 22 101
•
fic *ill 1141 iii" fiiii iiifs Ili' 114i4
66
Jan 100 Nov
21
Mar
11518 115% 2,330 Palm an 00012 tnY
1
103 1101aJaly 2 134 M sr 8 10512 Jan 13934 Sept
45
4514 454 4614 4514 4612 4612 711 4714 -1-514 4712 43
6,030
Punta
474
Alegre
Sugar
53 4178.1ily 31 694 Apr 19
1734 1834 1818 1814 1718 13 31634 1738
31
Jan
5314 June
1713
1314
17
11,230 Pure Oil (The)
1714
25 1614 Az;15 32 Fab 13
.85 91 •95 91 .93% 101
2613 Nov 38% Jan
•85 90 I .85 90 *85 90
Do 8% Preferred
100 83 July 27 100 Mw 9
103 103 .101 101 .103 101 •103 101
94 July 10234 Apr
103 1034
10178 105
700
Railway
Steel Spring
103 100 June 30 123 Me 17
.2918 3014 .2913 3014 *2118 314 .28% 3014 *294 3014 •29% 304
94 Jan 1264 Sept
Ran I Mines, 1.12-- ----No par 2914July
1018 1018 10
1913 Jan 3612 Sept
16 3418 Feb 19
104 1018 1018 1014 1014 1014 10 4 104 104 1,500 Raw Closoildate
l Cooper- 10 10 June 23 174
•29
34 .29
34 .33 33 i .33 33 I .30
1218 Nov 19 Malr
Mar
1
*3)12
31
39
Remington Tvnewriter v t 0109 24 June 21
.85 100 .85 99 1 *85 93 1 .85 96 .85
Jan 42 Mar
21
WI
6
4318
ar
96 .85 93
1st preferred v t o
101 100 Mar 5 101 Feb 13
*8712 95 .8712 95
55 Jan 105 Deo
87% 8713 .8513 9314 4145
9314 •8513 934
1)9
2,3 preferred
100 80 Jan 3 914 Apr 21
1012 11
5013
.1034 11*4 11
90114 Dec
Feb
11 ; 1034 111
11*4 1134 11,
8 1:14 3,10) R1plogie Steel
No Par
.
43 4312 4318 44
934 Aug 8 3114 F.1) 16
4412 414 414 46 ' 4313 464 4512 46
21 Nay 3813 May
11,720 Re mbite Iron & Steel
100 4018June 30 6614 Mar 21
4813 Nov 784 Mars
89 8934 .89 89141 .89 894 .8911 90 .8914 90
91
91
I
Do prat
430
100 86 June 21 9678 Mar 21
19
19
19141 19
19
74 Feb 9534 May
20
191 197g19
1918 1914 3,110 Reynolds Spring
No par 14
*6338 64
6334 64 ' *634 8314 634 6378 6378
1214 Nov 504 June
69 66
10 60* Reynolds(P.8) Tob Class B 25 47 June 30 2978 kpr 17
.11514 116 1154 11534 *115 11513 •115
Jan 10 6734May 23
43 Mar 6334 Nov
11512
'
3115
11512
11514
11314
210
100
.428 4278 42
114
July
4218 4218 43
9
Feb
11118
118
9
Apr 11834 Oct
42
*4213 4214 43% 4214 2,630 R3D
Ya
ol D11.1%tcphrfjefoerr(NedY shares).
171 17% *1714 1744 .17% 18,4 1712 424
494 Aug I 5518 Feb 19
1734 *1712 1818 1818 134
4738 Jan 67 June
803 St Joseph Lead
10 17 June 29 2218 Mar 9
8134 2
*178 2 I .178 2,4 "178
204 Sept
Jan
123
8
*11
2,4
10) San Cecilia Sugar v t o-No Par
4
4122
24
138July 11
2212 22% 224 2278 •2234
14 Jan
5 Feb 14
614 Mar
Swap) Arms CorporatIon_100 1812
72
7234 7234 73
Jan 3 30 Apr 5
7212 73 ; 7314 '33181 1,2112 2
2478
Apr
lug
10
711
Sear%
11,
4
MS
Et'aback & Co
53)
33
.
101 108 .101 108 .101 103 1.101 103
100 66181une 29 92% Feb 13
5938 Feb 9478 Aug
;•101 103 '101 108
Do pre(
100
10612June
778 778 *734 8
•712 8
4 11312113ne 12
Jan 112 Aug
91
73
4
73
7%
4
738
*74
;
8
Seneoa
510
Copper
No
.54 7
par
6 June 20 1212 M sr 3
1
4:6
*534 7
.6
6 Oct 2314 Jan
7 1
612 alz
614 7
80) Shattuck Arizona cooper_ in
30
538July 6 1078 Mar 2
30 .294 3013 .2934 3014 2913 2138' 30
612 Nov 12 June
30 .2918 3)14
6)0 Shell Tramp & TradIng___ E2 234
167 17
Aug 8 4114 Mar 7
1718 1733 1614 17
3413
Dec 4818 May
1634 16% 1612 1613 16,
19.5)0
Shell
17
4
Union
011
No par 124 Jan 8 191488 ay 23
2134 22
211, 2214 19)8 21141 1918 2018' 20
1218
Dec 1314 Dec
2012; 20
2118 97,0)0 Shrills' Cons 011 CorP-No par 1938
1314 1314 131, 137
Aug 15 391488 sr 19
1834 Jan 3834 June
13
1312 1234 1318; 1318 134 1338 15
Skelly
11,000
Oil
Co
10
94 Jan 2 35 M ar 31
.
43
45 .43 45
1172 Oct
Nov
43 43 i .41
8%
I .45
47
45
45
45
20) Slais-Sheffield Steel & Iron 100 394 July
.
70 80 .370
11 60 Apr 26
g4i2 May
78 .70
3412 M
79 1 .70
82 ....i5o.
79 .70
80 .70
Do pref
100 63 Jan 13 90 M w 16
.40% 4284 •40% 4234 4014 4014 *40442 .4013 424 41
66
Mar
80
Aug
41
South
Porto
Woo Sugar_ _100 39 July 6 6434 Apr
.14
16 .14
19
15 *15
33 Nov 5714 Mar
16 •1112 16
16
16
III I 16
430 Spicer Mfg Co
No par 1134June 30 2734 Feb 16
.89 91
91
91
91
15 Nov 24 June
91 .81
I .39
93
Do pref.
4,89
200
93
93
100 90 Jan 3 9778 Feb 2
.65 80 .65 80 .65 80 *65 80 .65
84
Apr 96 Sept
78 '
365
78
Standard Milling
100
504 5138 4934 514 49
8134 Dec 141 sent
5012 494 5014 494 5078 5012 5114 16,50) Standard Oil of California_ 25 70 July 5 9012 Jan 23
4718July 30 12311 Jan 2
91134 Jan 135 Oct
3212 3338 321. 3314 3134 3212 32
327
3234 3314 3312 3378 26,700 Standard 011 of New Jersey 251 3078July
*11617 117
384 Dec 2504 0.31
11613 117
11613 117
11512 11514 3,610
1164 1164 115% 116
Do met non-votIng____100 115 June 31 4414 Mar 3
11034 11034 11012 1104 •1054 11014 11034 11034 11018 110% .11014 110'e 3.603 Steel
& Tube of Am, pref__100 85 Jan 2 118 Feb 21 11338 Jan lig% Nov
4:53
55 .5314 5412 54
2 11034 Aug 9 68 Mar 90 May
51
54 .54
54
*53
600 Sterling Products
5114
54
No par 51 June 29 6738 Mar 2
*114 116 *114 115 .114 116 .112 ____ .114 116 .114 116
4518 May 634 Dec
I Stern Bros. Pre(8%)
100
Jan 2 115 Jan 5 81
86% 87
8614 874 8513 88
Jan 109 Deo
8712 8312 88
8338 9214 31.700 Stewart-Warn Sp Corp-No par 10912
90
74 July 5 12413 Apr 17
6534 66% 6534 668 66
244 Jan 79 Dec
6334 68 69
69
70141 69
708 9,633 Stromberg Carburetor_No par 5913July
10014 10214 10134 103
2 9414 Mar 6
10118 11)134 1034 105 104 103% 10118 10514 130,10) Studebaker Corp
354 Jan 71 Deo
(TI3e).-100
•11314 1164 •11314 11613 *11314 11612 *11314
1264 Mar 21
7918 Jan 14134 Dec
100
11612 11612 11612 *11314 120
Do prat
12
18214.1Juan
*8
814
lY 2
8
4 116 June 27 100 Feb 11814 Nov
8
.8
838
8
8
9
914 1.600 Submarine Boat
z 9
No Par
7 Jan 3 15 Apr 6
.234 3
.234 278
234 234
3% Jan
24 234
238 238
878 Nov
23
4
Superior
.
3
1,700
011
No
par
.
238Juae 18
24
30 *25
29 .25
634 Feb 15
29 .25
4 Nov 1014 June
29 .254 29 •2513 29 '
I Superior Steel
100 24 June 29 34 Mar 22
.1
114 .1
114
114
26 Jan 391y Apr
114 *1
114
114 114 .1
114
20) Sweets Co of America
10
1
*8% 94 *878 918
June
4
2% Jan 12
9
9
1% Nov
834 8%
5 Mar
9
9
818 834
1.833 Tenn Copp & C tr etts-No
8 June 21 1234 Feb 21
41% 4214 4134 4213 404 4138 4014 414
838 Nov 1234 MAY
414 4214 42
4234 30,200 Texas Company (The)____ Par
25 3934 Aug 4 5278 Mar 20
5434 5514 5512 56
5514 5712 5612 57
42 Mar 524 Oct
5738 5534 5734 13,3)0 Texas Gulf Sulphur
5634
10
*812 914
ly 2 65 Jan 15
858 84
84 834
38% Jan 6718 Nov
8
812
8
818
81/3 812 5.50) Texas Pacific Coal & OIL._ _ 10 5314Ju
712July 31 2414 Feb 2
.99 100
100 100
98% 9914 98 98
181s Nov 3234 June
9814 9814 .98 100
1,110 Tidewater 011
371z 3778 3778 38
3738 33
3734 3318 3318 3312 3834 33/8 6,60) Timken Roller Bearing-No 100 94 July 2 144 Mar 2 10934 May 154 Oot
par 334 Jan 2 45 Mar 8
*5018 51 .5018 51
50 5034 50
2312
50
Sept 35 Oct
50
501
50%
51
2.30)
Tobacco
Produets Corp
*804 81
100 464 Aug 4 614 Apr 27
80% 81
8078 813s .8014 814 .8012 814 814 8134 1,3 i0
4914 Nov 844 June
Do CIA (since
514 514
473 514
414 47
34 34 52,'01 Transcontinental July 15) 100 7612July 2 85 Mar 2
76%
44 412
414 418
Aug snit sent
3
0111.....No par
.
314 Aug 17 1412 Ian 5
61
85 .61
63 .8114 63 .62 68
66
712 M tr me May
65
65 .62
100 Unlon Bag & Paper Corp_ _100 61
Aug 4 774 Mar 23
Mar
55
*18
78 Sept
14 .
18
4
13
14
*4
18
i
14
.
15
LI
600 Union 011
No par
18 Jan 4
.82 88 .
834 86 .84
4 Jan 3
86 .
8414 86 .85
4 Dec 25 June
86 .8513 87
I Union Tank Car
100 81 Feb 1 9934 Mar 19
.10434 10812 .105 10312 .105 10712 •105 108 .105 1094 .105 103
85
Dec
4 Dec
1345
Do Pref
100 10614 July 19 112 Jan 19 102 Feb
.30
30% .30
3014 .30
3014 *30 3014 3014 3012 *3034 3014
113 Sept
200 United Alloy Steel ' No Par 29 July
31 3912 Mar 21
.78
8012 8034 8034 81
81 .76 8012 •76
25 Jan 414 May
80 .7311 80
300 United Drug
100 754July 2 85% Feb 26
4712 •46
.46
47% 47
47 *46
4711 .47
6074 Mar 85 Oct
4712 .47
100
4713
Do 1st preferred
50 464 Feb 14 48 Mar 1
168 170 *16712 172 .16634 172 16913 16)13 *170 174
170 170
41 18 Feb 51% Oet
430 Ualt Fruit
100 15212 Jan 17 183 Mar 2
74 .71
.71
74 .70
74 •69
11934 Jan 162 Oct
74 .69
74
73 .70
United
ed eta211 Stores___No Par 6438 Feb
1
.24 25 .
844
24
25
4124
25
Apr 17
4312 Feb 874 Oct
25 25
26
26% 26% 27
1,600 178 Cast Iron Pipe & Pdy-100 20 July
3 3413 Mar 2
70 .88
.67
71 '
68
71 .70
164 Jan 39 Aug '
71
71
72
7118 .68
230
Do pref
100 64 June 21 724 Jan 3
314 37
318 3%
31
34 34
31
50 Jan 78 Aug
34 32 .
34 312 2,100 U S Food Products Corp 100
218June 28
613 mar 19
15% 16
1514 1514 157 157
1612 17
234 Feb 1018 Jan
17% 1.300 U S Hoff'n Mach Dorn-No par
17
174 .17
15 June 30 25 Jan 27
4614 4534 47
.45% 4634 46
4634 4738 4714 48
1812 Nov 25% may
48
48
2,500 17 S Industrial Alcohol._ 100 40 June
29 734 Mar 16
96 100 .96 100 *98 100 1 .96 100 •96 100
96 11)0 .
.
37 Jan ws Oct
Do
Drat
100
9514Ju
94
ne 29 101 Mar 28
9434 .934 9413 *934 9412 .95 98
*94 95
724 Dec 102 Oct
6
96
500 U S Realty & Improvement100 SS's July
2 106 Mar 5
3814 35% 373
3538 337/3 3314 3918 3878 40
36
56 Jan 9278 Oct
3934 4114 33,100 United States Rubber
100 3512 Aug 13 64% Mar
9413 8814 91
22
8912 9134 92 93 I 924 9412 9434 9114 9.500
90
46 Nov 67% Apr
Do 1st preferred
2313 231 .2314 234 *2314 2312 231 21% 2412 2118 1,000 US Smelting. Ref & min 100 8314 Aug 13 105 Jan 13
*2314 24
91 Sent 107 July
50 20 June 28 4318 Mar 2
4278 .42
421$ •42
.
42 42% .42
33 Feb 4834 Oct
4273 .42
421
Do pref
4234 .42
50
87% 884 8734 8918 872 897k 8334 904 90 908 904 914 111.700 United States Steel Corp__100 4012June 28 4818 Jan 3
4214 Feb 49 Aug
8512July 31 1094 Mar
11714 11714 11714 11712 11738 1173, 117 11714 1174 11712 117 11718 2.700
82 Jan 1114 Oct
Do pref
100 1164 Aug 6 1231: Jan 21
15
113%
58 58
Feb 123 Sept
584 5918 5813 5934 5834 59
594 5914 594 594 4,400 Utah Copper
10 56 July 5 7612 Mar 5
1*4
16
15'z 16
6
59 Nov ni2 seta
1634 *16
"64 16
16
16 ' 1.000 Utah Securities v t c
163
100 1418.1une 27 2438 Feb 16
978 Jan 2318 Sept
297 3012 3034 3234 314 33
*2814 28% 2834 2913 284 29
15,900 Vanadium Corp
No par 2484 July 5 44% Mar 20
.80 9018 *80
9018 •85 9018 .85 90 1 .135
3014 Jan 5334 Aug
90 .85
90
Van Rialto, 131 pref
100
71
71
77 .734 8
Oot
92 Jan 100
81
81
.8
600 Virginla-Carolina Chem_ 100 8912May 31 98 Jan 2.5
7%
814
*734 8
614June 27 27 Feb 20
22
2314 N437 3678 Mar
241, .22 24
23 23 .22
23
300
23
3
Do pref
100 17 June 27 69 Mar
83 Oct
15
58
4152
59 1 .55
•52
59
J
56 .52 59 .52
tly
59
59 .55
Virginia (ton, Ex
--__100 52 July 2 68 Mar 5
*7613
.7612 ____ .7613 _
.7612 ----' .78 100 •78 100
43 Mar 9412 Jan
Do pref
100 7712Juno 28 85 Apr
23
66 Mar 86 Oct
1734 1734 1714 17% 1712 1734 1712 1713 *1714 1734
la
18
800 Vivaudou(V)...
No par 1514 Jan 17 23 NI
sr 22
618 Jan 16 Dec
.1314 1334 1334 1334 .1314 1413 137 1378 .1314 14
300 Weber & Helibroner-No par 124 Jan
1334 1334
27 1518114 sr
10% Oct 17 ADC
36
36 .32 37 .33% 37
35 .344 35
*344 364 *34
100 Wells Fargo Express
100 34% July 11 105 Mar 8
6614 Jan 0834 Oct
*1054 106% 106 106
2
10634 106% 107 10738 10614 106% 1.800 Western Union TelegraPh-100 1
105% 106
01:8July 5 11913 Feb 20
89 Feb 12134 Aug
•79 83 '379
82
81
*SO
804 8034 *SO
83 .79
82
100 Westinghouse Air Brake._ _ 50
80 Mar 114 Deo
5813 59
5334 5)14 14,700 Westinghouse Elec Es Mfg_ 50 76 July 5 120 Feb 17
58 59
56% 58
58 583
5714 588
5212June 30 6718 Feb 16
494
Jan 6518 Aug
24 24
2134 23
224 2234 2234 234 7,20) White Eagle 011
2314 2313 2214 23
No par 2114 Aug13 3018 Mar 20
25 May 3348 NOV
4.4858 4912 .49
4834 49 .4912 .50
6)0 Waite Motor
50
50 504 501s 50,
S
50 45 June 28 604 M ar 19
35,4 Jan 54 Sept
*14 112 *114 112
114 114
118 114
11.• 114
118 1 14 2,6)0 White Oil Corporation_No par
lie Aug 11
5% Feb 19
218 Dec 12 May
7
7
7
7
7
7
678 7
2,230 Wickwire Spencer Steel__ 5
7
7 1 6714 74
14 Feb 13
8.3 Nov 2178 May
74 73s
714 738
74 732
74 714
74 734
718 714 5,200 WIllys-Overland (The)
_ 25
5
514kg 2
23
1
84
Jan
5
Feb 10 May
413
67 67
6613 6738 65% 66
6614 67
8,230
65% 6678 6512 67
Do pref (new)
100 42% Jan 2 6978 Apr 6
24 Feb 4913 July
*21% 22
22
21
21
*21
22
23
2013 21 1 *21
23
333 Wilson & Co. Inc. v c-No Par 19 June 27
4234 Mar 7
2714 Jan 501s Sept
.
6634 ---- .6634 70 *6634 70 .13834 70 *6634 70
Do pref
103
6634 6634
100 84 July 13 89 Feb 8 66 Jan 91 Sept
5,503 Wool worth Co(F W)
2354 236 236 d411Z 2404 2104 2404 24014 241 249 251 233
100 1994 Jan
253 Aug 17 137 Jan 223 Nov
*26 27 •25
28
27 27 .2714 29
2678 27 •2634 27
400 Worthington P&Mv Cc.-100 23's July 24
3 404 Feb 15
36% Nov 55% June
10
491.1
10
10
10
10
10
10
500
Wright
94 10
Aeronautical-No par
4
814 Jan 17 11 May 17
6 Jan 11 Aug
•Bid and asked prices; na debts on 11111 day. s lit dividend
$Per share S per share $ per share $ per share $ per share 8 per share
8
8
811
812 834
81a 8!
812
834
2
*4138 43 .
42
4212 .42
4212 .42% 43
4312 43
43
43
12
4
12
186,
8
7
4
8
34
3
8
4
*84
4
7678 77
77 77
77
77
7713 77I4 77 8 777 .78 794
.8
9
.8
9
8
8
*7
9
.7
8
.7
8
3312 3413 344 3478 3314 34
33% 3D,
.1234 13
1234 1234 1234 1234 12% 13
3418
?If:
13
N18
60 60% 60 6073 57% 130% 5914 6034
57% 5834 .571z 58% 55% 53% 5718 5313 80
.1% 2
.138 2 .
1% 2
.1% 2 .
112 2
*113 2
•94 10
918 918
aia 918 .94 1134 .914 1134 *914 1134
234 234
258 234
23s 2%
24 234
238 24
214 214
.88 89
8418 881s .83 89 .
83 89
89
8912
89 .89
.4334 444 .4334 44
434 44
44 4112 4114 4434 414 414
.
155 57 *55
57 *55
57 .55
57
V
*55
57
2118 2218 21% 2214 2138 2214 2138 22 .55
2134 2214 2214 2118
734 8
8
814 *8
812 878
834
9
934
914 94
.174 1812 18
18
18
18
1814 18,8 1878 1914 1912 19%,
.24 234 .24 2%
24 24
238 212
212 24
213 2121
.
23
25 .22
26 .22
26
2478 24% .22
25
24
2514'
Shares.
1,100
5)0
1,330
700
390
16,100
2,200
37.200
?AI
57% 213,'; 24% 2V: 61,09,
--
et
767
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
truerest"-except for income and defaulted bonds
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and
Range
Week's
Prize
BONDS.
Ra
nfee
sin
Week's
Price
t3
Since
BONDS.
Range or
Friday
N. Y. STOCK EXCHANGE z
Friday
Range or
Jan, 1
Last Sak 13
N. Y. STOCK EXCHANGE
17
Aug.
17.
Aug.
ending
Week
4
Jan. 1
Last Sale
4Aug. 17
Week ending Aug. 17.
Mph
High No. Low
Ask Low
Bid
High No. Low
High
Ask Low
Bid
3
6.5
684
88
U. S. G eeeeernant.
8712
Atl & Birm 30-yr 1st g 48-8-1933 M 8 6712 Sale 84
8812
4
3
80
Aug'23
First Liberty Loan84
4
813
ID 10048 Sale 100182 100482 2574 100 101.90 Atl Knoxv & Cin Div 4s...1955 M N 9958 _ _ _ 9834 May'23
0834 994
3M% of 1932-1947
D
J
-1946
58g
1st
Nor
&
Knox
At!
30
98388
JD 9842 ---9842
97182 98.90
88
9134
June'23
Cony 4% of 1932-1947
93
9134
9014
J D 98382 Sale 98182 981082 241 9623899.10 All & Charl AL 1st A 00-1944 J .1 9618 97511 961a
3 96 100
Cony 4M% .of 1932-1947
964
1941 J J
1st 30-year 55 Ser B
15
8255 89
8612
8712
2d cony 4M% of 1932-1947._ JD 97102298.00 9713nJuly'23 ---- 97.0099.00 Atl
Sale
87
48_81944
5
M
gold
Coast Line 1st
6 106 108
Second Liberty Loan1930 M X 10634 10718 10612 10718
10-year secured 78
98382 98382
MN 9842
6 9O"98.70
82 8958
4% of 1927-1942
8612 8612 Aug'23
1964 3 D 83
General unified 4155
MN 98533 Sale 9842 98141 1301 9634898.88
7813 83
6
81
Cony 43 % of 1927-1942
81
8138
8118
a1952
S
M
L& N coll gold 4a
7s 78
73
July'23
Third Liberty Loan7414
19481 J 7358 81
M
98142 Sale 981382 99.00 1514 97138899.18 Atl & Deny 1st g 45
611s 687s
Aug'23
65
4j(% of 1928
6314
8612
19483
J
2d 4s
7715
77
Fourth Liberty LoanFeb'23
7718
80
7618
1949 A 0
AO 981038 Sale 98182 98142 2873 97322 99.04 Atl & Yad Ist g guar 4e
934 9512
43j% of 1933-1938
9418 June'23
1941 1 J
AO 991382 Sale 99142 99342 1092 98%2100.04 A & N W lat gu g 58
Treasury 058 1947-1952
1024 1041,
10414 July'23
51930 Q J
75
934 9714
951
28 consol registered
1925 13 95 Sale 95
102
103 July'23
103 Bait & Ohio prior 3345
5I930 Q J
9312 944
8
7'2
28 consol coupon
4144 July
97
714 s_ze_ 7
M
k1925 Q J 7
104 May'23
Registered
1034 104
1925 Q F --155
7458 80
49 registered
k1948 A0
10314 10314
1st 50-year gold 48
1034 1034
1925 Q F
744 787s
49 coupon
7618
7618 Sale 7618
81948
Q
July'21
100
Registered
F
Q
-81936
8213
75
77
Panama Canal 10-30-yr 28_
8114
Sale
1933
MS
9413 Apr'23
10-year cony 4348
1961 QM 9312
144 95
Panama Canal 35 gold
7988 85
8378 55
1
83
9314 June'23
931, 98', Refund & gen 58 Ser A-1995ID 8831:24 Sale
1961 QM
Registered
36
99 1014
101
10012
Sale
101
1929
13
10-year 68
9418 20
State and City Securities.
95
91
1
994
P Jet 38 m Div 1st g 31411-1925 MN 9412 Sale 94
9934 101
73
7912
N Y City-4M5 Corp stock_1960 MS 994 10014 9978
7538 33
PLE&WVaSysref 48_1941 MN 7434 7512 7458
5 1004 10278
1984 MS 100 10038 10014 10014
14 28
9112
43O Corporate stock
9412
9312
94
Sale
8
937
3345_1925
13
Soutbw Div 1st gold
1003s 10212
1966 AO 100 10038 10038 July'23
4
4
1
/
67
6112
05s Corporate stock
4
,
65
65
Tel & Cin Div 1st ref 45 A_1959.33 6514 Sale 574 Apr'23
1074 108
1971 ID 10414 105 108 Jan'23
574 60
4 a Corporate stock
1043s 10712 Battle Cr & Stur 181 gu 38-1998 3D 5478 60 8912 Apr'23
8912
8
4 s Corporate stock _July 1987 J J 10414 10478 10412 10412
863
9114
884
10412 10718 Beech Creek tat gu g 48-A936 13
1965 JD 1044 10478 10412 Aug'23
86
88
3
18
eb:2
lay
43.s Corporate stock
34 NF
186
193813
Registered
10412 10738
1983 MS 10418 10434 10412 Aug'23
4348 Corporate stock
1936 13
9614 July'23
9614 10014
2d guar gold 58
1959 MN 4% Corporate stock
July'22
80
____
9638 9978 Beech Cr Ext 1st g 3103-J4951 AO 887s
1958 MN 9612 971 9658 Aug'23
-801484,
4% Corporate stock
5
1944 3D 8012 84 8014 July'23
9638 1004 Big Sandy 1st 49
1957 MN 9638 97'8 9638 June'23
7512
85
4% Corporate stock
65 July'23
95
9912 B & N Y Air Line 1st 48----1955 FA 65 4 77
89 89
4 • Corporate stock reg....1956 MN 9538 961k 95 July'23
Feb'23
873 8912 89
4s_
1938
3J
gold
MN
gu
104
10334
10334
10458
1st
10314
1957
W
&
Bruns
105
10158
45s Corporate stock
10418 10712 Buffalo R & P gen gold 58_1937 MS 100 10034 10114 July'23 25 100
87 9214
43-% Corporate stock--1957 MN 104 10458 10458 July'23
8978
1957 MN 89 8913 89
8612 ____ 87 July'23
87
91
Consol 055
1
9912
95
334% Corporate stock_1954 MN
96
96
98
96
1934
A0
June'23
10214
MS
10318
1961
55
lat
10112
Burl C R & Nor
New York State-48
10213 June'23
10238 10212
20
98
94 10012
Canal Improvement 49_1961 ii
98 Sale 9712
1962
55A
A0
MS
gu
11214
July'23
cons
11214
Sou
410_1963
Canada
11214
Highway Improv't
9734 98 11234 11312 19 112 115
10412 Apr'22
MS
Canadian North deb s f 75_1940 3D 11312
Highway Improv't 4%9_1965 J
Sale 1124 11358 28 11058 11314
1946 13
J 69
7114 Oct'20
1991
25-years f deb 6348
Virginia 2-35
8014 185
7612 804
7978 Sale 7934
stock__
48
33
deb
Ry
Pae
Canadian
9213 Sept'22 -48-1932
MS
Carb & Shaw 1st gold
Foreign G00000mutt.
7254 6834June'23 - -- "ii" If"
67
1949
143
45
J
10178
J
10212
Sale
10238
A
g
F
con
1927
1st
10014
Cent
Caro
1034
Argentine(Govt)is
9312 11
8814 94
9278 93
6
81
8 8012 Sale 8014
7_713 841 1 Car Clinch &0 1st 3-SF 58 1938 3D 924
Argentine Treasury 58 of l909.. M D
89 9838
38
97
1952 ID 9634 Sale 9612
8958 197
1943 J
8878 Sale 8834
9354
aa
65
Austrian (Govt) 78 w I
Dec'22 -8112
7618
1981
227
D
J
D
9958
9818
96
4s
g
Sale
g.1945.3
gu
10
7158
Ad
9114 1034 Cart &
Belgium 25-yr ext a f
Wig
-66is
May'22
8
667
7213
67
9578 112
Jan 1925.3 J 9534 Sale 9514
93 9838 Cent Br U P 1st g 48-- -1948 3D 49
5-year 6%•notes
3 48 58
5278
5212 5014
1941 F A 98 Bale 98
93 10314 Cent New Eng 1st gu 45.....-1961 33
9914 151
20-years f 88
Dec'22
9334
_
904
1930
13
M
109
109
10834
N
M
1930
Sale
1945
10713 10934 Central Ohio 055
Bergen (Norway)5 f 8s
- 100 102
4 10818 11318 Central of Ga 1st gold 55-411945 FA loo 102 102 Aug'23
1945 M N 10914 110 10912 1097$
Berne (City of) 5 f 88
925e 9818
9534 23
1945 MN 9538 Sale 9514
94
88,2 26
86
Consol gold 58
Bolivia (Republic of) Ss__ -1947 M N 8814 Sale 88
10
10112
9958 10112
10118
10114
Sale
------June
1929 3D
7714 105
8912 8318
10-yr secur 6s
Bordeaux (City of) 15-yr 89-1934 MN 7858 Sale 73
7412 81
_ _ 7412 May'23 -7378
4a-1951
54
g
3D
9534
9613
money
96
oo
D
J
9134
Sale
1941
pur
83
Div
Chatt
external
Brazil, U 5
9658
Sept'22
____
9318
55-1946
g
37
33
1st
82
81
82
1952.3
81
D
Mac & Nor Div
88,4
80
75
1;-ei"
94
---July'23
1947 3.3
3 9634 104
1004
1952 A 0 100 10012 100
Mid Oa & Atl Div 58
7348
97 9712
1946 3J 971 -- 991s June'23 -9978 70
9918 10134
Mobile Division 513
Canada (Dominion of) g 58_1926 A 0 9934 Sale 99
90349784
Aug'23
8
905
---915
9312
4
2594937
10018
g
coil
27
MN
58 1931 A 0 100 Bale 9978
99 102 Cent RR & B of Ga
do
do
do
10514 104511 10578 20 1034 108
87
1929 F A 10134 Sale 10112 102
9938 10218 Central of N J gen gold 55-1987 33 10458
10-year 53.58
103 105
10312 1041 10312 July'23
81987 Q
9914 113
1952 M N 994 Bale 99
9778 102
Registered
55
8812 276
864
795s 8812
Sale
8812
---1949 P A
Chile (Republlc) ext s f 8s 1941 F A 103 10334 10234 10312 45 100 10432 Cent Pac 1st ref gu g
8934 914
91 Aug'23
9118
ID
3103-J1929
15
103
4
0
A
10234
1023
10314
1926
100
gold
guar
tis
Mort
f
10339
External 5-years
7834 84
3
81
81
811
81
48_1954
AO
42
gu
1st
L
95
Through Sy
1942 M N 95 Sale 9412
9312 9834
75
11413 June'23 -- 11412 11412
21 10012 105 Charleston & Savannah 7s 1936 31 115,
1946 M N 104 Sale 10278 104
25-year a f 8s
9488 987s
3
95
97
95
59-1929
Rant
J
4212
42
44
41
4
523
D
J
&
42
1911
fund
Ches & Ohio
Chinese(Hukuang Ry)58 of
4
9734 10314
1939 MN lOOli 101 10012 101
1st consol gold 59
Christiania (City) a 1158._ 1945 A 0 10914 Sale 10918 10938 40 10734 11212
2
4
1939 MN 964 983 9812 May'23 -9312 37
Registered
Colombia(Republic)6345-1927 A 0 9214 93 9214
88,2 95
204 2234
Sale
8334
8314
8
837
1992
31
MS
57
894
9212
General gold 43.48
88
Copenhagen 25-years f 5M8.1944 J J 8914 Sale 8814
204 8012
_ _ 8014 Apr'23 -1992 MS 78
9812 21
1944 M 5 98 100 98
Registered
9014 99
Cuba Is
8912
85
35
87
Sale 864
4
9114
8712 9314
20-year convertible 058_ _1930 FA 8678 Sale 8838
Exter debt of 53'14 Ser A..1949 F A 91 Sale 91
86 964
8938 193
85
5 814 89
1949 F A 8412 85 8412
30-year cony secured 55_1946 AO 8918
External loan 048
9014 95
9138 931 9138 July'23 -1940
J
58
J
39
9984
g
1953.3
J
lot
994
8
994
993
Valley
Craig
5348
9934
784 7814
7534 797 7814 May'23 ---52 99
93
77 9612
Potts Creek Branch Ist 4s_1946 .1
Czechoslovak (Repub of) 88_1951 A 0 93 Sale 92
10
81
76811 81
8 80 80
18 10812 10913
R & A Div 1st con g 48-1989 3J 775
Danish Con Municip 8s"A"-1946 F A 108 Sale 10714 108
7412 76
Aug'23
4
743
73
78
1989
5
J
45
10838
10714
____
10714
A
F
1946
2d consol gold
Series 13
10834 10912
9034
904
-July'23
4
903
914
1945 A 0 10958 Sale 1094 11012 49 10758 11034
Warm Springs V 15, g 55-1941 M
Denmark external 81 8s
4
52
534
504 54
98 138
1942.3 J 9512 Sale 9512
ng Chic & Alton RR ref g 35---1949 A0 5358 Sale
95
20-year 68
4814
53
--July'23
53
_
48
ctis
9514 102
New York Tr Co
Dominican Rep Con Adm s f 58'58 F A 9912 103 100 Aug'23
2
51
4912 51
5114 -51-1 51
8 84
8914
1942 M S 8812 Sale 88
go
5345
Stamped Oct'22 Int
846¼
5
46
-Apr'23
464
_52
1
lot
207
9612
J
J
Sale
9612
'23
97
_1947
9814
4
9214
Stamped Apr
Dutch East Indies ext 69_ _
2834 41
254 aah,
97 530
1982 M S 9614 Sale 9614
195013 i512 Sale 2714
Railway 1st lien 3345
40-year 65
4 974
92,
7812 85
7978 803 7978 Aug'23 -1953 M S 9158 Sale 9158
8758 9434 Chic Burl & Q-III Div 3%8_1949 J
9214 129
5345 trust rata
2
89
9034
8512
8712
89
8712
93
9612
1949 J 3
595
90 101
Illinois Division 4e
French Repub 25-yr ext 88_ _1945 M S 96 Sale
4
9512 97
9614
9312 677
Nebraska Extension 48-1927 MN 984 971 9814
20-yr external loan 7155_ _1941 J D 9238 Sale 9012
84 97
9815
4
3
95
July'23
9618
9638
102
10112
A
F
10238
Sale
1927
187
MN
534s_1937
101
4
1045
of)
Registered
Cit Brit & Ire (UK
884 12 83 8912
.8 8758 87
1929 F A 112 Sale 11134 112
1958 MS 81-37
261 111 116
113-year cony 5345
General 4s
9838 1011s
751. 39 85 8212
99,4 141
1971 FA 9918 Sale 9812
1942 M N 7512 Sale 7434
Greater Prague 7348
1st & ref As
2
47 66
514
524 5114
92
1927 A0 51
1952 A 0 914 Sale 91
17
98 Chic City & Conn Rya 55
Haiti (Republic) 68
91
984 24
9212 9714 Chicago & East III 1st Ea_ _ -1934 AO 10438 10612 10418 June'23 ---- 104 10612
Italy (Kingd of) Ser A 534s_1925 F A 9614 Sale 9614
7612 8112
78
40
7812
Sale
7812
93
A
F
Sale
4
58_1951
923
N
gen
▪
93
11
058_1925
co)
9413
loan
92
(new
-E
Japanese Govt
C & E Ill RR
8i34 9712
9212 17
914 27
1982 MN 91 Sale 9078
1925 J J 9214 9212 9214
9112 9358 Chic & Erie 1st gold 55
Second series 415s
4612 56
28
47
8058 40
1931 J J 8012 Sale 8018
Sterling loan 49
7934 8278 Chicago Great West 1st 4s 1959 MS 4634 Sale 464
4214 46
9178 50
8
4234
4214 4213 4212
9114 9312
Oriental Development 68_1953 M El 9113 Sale 9112
With Sept'24 coupon on
10634 30 10478 10734
7712 162 69,4 8338 Chic Ind & Louisv-Ref65_ _194713 106 10638 106
Lyons (City of) I5-year 68_ _19341M N 7658 Sale 73
92 9712
Aug'23
9334
96
7714 135 6912 8312
1947
94
J
J
Marseilles(City of) 15-yr 69_1934 MN 7614 Sale 7234
Refunding gold 58
7912 863s
80 Aug'23 -31
20
Mexican Irrigation 4%9.-1943 M N 304 3312 31
30 42
Refunding 45 series C---494713
80,4 84
80 8012 July'23 -54
40
1966 MN 79
49 584
Mexico-Extern loan E 59 of 1899 11 J 5334 Sale 52
General As A
3
9612
9584
98
D
9412
1954.3
32
Sale
Sale 30
41.
33
81966 13 9612
Gold debt 44 of 1904
30 4134
General 69 B
78
78
1952.3 D 87 Sale 86
78 Jan'23 -74
8738
9
Montevideo 78
Ind & Louisville 1st gu 49.1956 31 70
9158
85
81
844
-July'23
1972
5
prices)
M
8214
49_
101
85
-year
Sale
834
10118
31
10213
_1956
(flat
296
8s
97
Netherlands
10212 Chic Ind & Sou 50
90
8634
1940 A 0 10934 11034 10934 11014 41. 109 11234 Chic L S & East 1st 059._ _1969 3D 88,4 2,- 8813 June'23 Norway external a f Ea
544 6818
1952 A 0 954 Sale 9512
5514 16
98
179
97 100 C M & Puget Sd 1st gu 4s_ _ -1949 ▪ J 55 Sale 5471.
69
7014 7434
7112 18
1943 F A 9612 Sale 9612
7118
72
9612 9618 Ch M & St P gen g 49 Ser A _91989 33 71
5
9613
69(w 0
62 6514
9518
3345 Ser B._ e1989 33 62 6312 6438 July'23
3
Panama(Rep)5348 Tr rocts-1953 J D 9512 Sale 9512
gold
General
8
975
2
,
5
9
6
9
7
95
7812 834
og
9512
D
7878
J
7834
-1961
Sale
7834
89_
ii
of)
-81989
(City
CAlegre
93
Series
Porto
9912
General 434s
5014 6234
5214 118
26 1054 1094
Queensland (State)ext a f 78_1941 A 0 106 107 10612 107
Gen & ref Series A 05s_a2014 A0 52 Sale 50,4
70'
58
99
59
1947 F A 1004 Bale 10018 10178 55 100 10234
25-year 65
Gen ref cony Ser 13 55_ _a2014 P A .58 Sale 56
80
55
574 120
1948 A 0 9558 98 95
9512
9178 904
1932 3D .57 Sale 5.5
1.
Rio Grande do Sul 88
Convertible 4348
7012 84
7534 190
9213 12
1925 J D 721s Sale 7012
90 97
45
Rio de Janeiro 25-year a f 89_1946 A 0 92 Sale 92
53 6312
5378 11
1947 A 0 92 Sale 9014
92
1934 J
53 55 53
38
90 9713 25-year debenture 411
88
6
98
96
98
1952 M 8 9738 Sale 98
9738 lb
Chic & Mo Riv Div 59.- _1926 13 964 Sale 9978
San Paulo (City) s f 88
9534 9934
9458 96
994 31
9512 100 Chic & N'weat Ext 49.-1886-1926 FA 9514 98 9312 July'23
San Paulo (State) ext a 1 89_1936 J J 9834 9914 9834
93
8
3
9512
8314
J
Aug'23
1942
805
J
8 Sale 7913
181
1886-1926 P A 9514 96 9538
78 90
RegIstered
Seine (France) ext 78
704 77
4
7112
1987 MN 7112 73 7112
68,2 245
Serbs, Croats & Slovenes 89_1962 MN 68 Sale 8513
General gold 334e
5313 7813
M
1938
N
80
Dec'22
8
,
73
Sale
76
6e
37
(City)
91987 Q F - - 7134
6812 85
Soissons
Registered
3 "iiirs 87
1939 J D 10488 Sale 10412 1(114 89 10312 108
83
1987 MN 83 84 83
Sweden 20-year 68
General 48
4
79 87,
85 8318 Aug'23
1987 MN
Stamped 03
Swiss Conferern 20-yr a f 88_1940 J .1 115 Sale 11313 11514 23 11312 11914
2
S
10012 1002
M
10118
7438
10012
Sale
75
Sale 7438
21
1987 MN
Tokyo City 55 loan of 1912
713s 7734
General 55 stamped
2 101 10814
101
10314 31
9914 107
1879-1929 A0 101 Sale 101
Uruguay Republic ext 88..._.1948 F A 10212 Sale 103
Sinking fund 68
1945 A 0 10912 11038 110
10178 Apr'22
110,4
2 109 1137s
1879-1929 A0 9918
Registered
Zurich (City of) a f 88
97 1665:
97 July'23
1879-1929 A0
Sinking fund 58
-£
3597321 97:
1
97,2 Mar'23
Railroad.
1879-1929 A0
Registered
41
97 1014
D
J
_1943
98
8
8
927
977
_
55_
9534 9412 July'23
9211 96
1933 MN 98 Sale
Sinking fund deb 58
Ala Gt Sou 1st cons A
97 9914
97 97 Aug'23
1928 M N 9934 ---- 9978 July'23
1933 MN
Registered
9958 1014
Ala Mid 18t guar gold 5s
4 10534 110
1946 A 0 7834 -- -- 8013
78 8112
1930 3D iaii2 los 10712 108
80,2
10-year secured 78 g
Mb & 5050 cony 3345
3 106 111
.1998 A 0 80
8234 82
9 82 83
83,4
15-year secured 6345 g_4936 MS 108 10854 10812 109
Alleg & West 181 g 49 gu
7614 82
7912 25
7912 7814
1942 M 5 8714 8912 88 Aug'23
,vai gen guar g 413
Alia
82 90 Chic R I & F.-Railway gen 48'88 3J 79
7555 8034
July'23
7558
J
Q
81995
55
5518
3J 7318 -.3
Registered
55 653s
Ann Arbor 1st g 4s.
7358 8318
0
754 82
9112 860
7 Sale 8918
1934 A0 7514 sale 7438
Refunding gold 4e
8414 9012
Mali Top & S Fe-Gen g 48-1995 A 0 8918
4
9754 10152
100
1995 A
90
Aug'23
Registered
7838 88311 Chic St L & N 0 gold 58_ _1951 3D 100 Sale 100
8044
9558 9516
7311: gle go
ov 8
:ittg Nov
76
3D 9512 -- -- 95a June'23 _
3
8312
Registered
Adjustment gold 45
7858 7912
-- 7858 May'23 _
8034 12
8018
1951• D
7614 8312
Stamped
Gold 3155
9138 9712
9414 33
9412 9518 94
1935 1 D
8312
1
8312
78
8313
Joint let ref 58 Series A_ 1983• D 76Cony gold 48 1909
7912 8378
7912
1951 J O 7858 8212 7912
1955.3 D 8312 84
30
76
Memph Div 1st g 4s
8212
Cony 48 1905
9978 10034
79
8
318 May'23
97 10414 C St L & P 1st cons g 55- _ _1932 A0 995s- 10034 June'23
Cony 4s Issue of 1910_ _ _ .1960 J D 75
10712
10414
10514
4
,
105
i6i14
9514
96 9514
1928 M S 94
8
9334 9612 Chic SIP M &0 cons 69--1930 3D locos
East Okla Div 1st g 4s
_ 9212 Mar'23
9212 9212
.1 7934 82 7978
80
12
7713 83
Cons 65 reduced to 3348 1930 3D 9014 951.
Rocky Mtn Div 1st 45_._ 1965.3_
9238
9412
8
9634
9538
95
8512
8513
8578
1930 MS
2 8114 8834
Debenture Ss
Trans-Con Short L 1st 42.1958.3 J 8558
10
81
76% 824
908
9112 9113
1
8712 100 Chic T H & So East let 58_1980ID 81 Sale 804
Cal-Ariz Ist & ref 434s"A"1962 M 8 91
a Due Jan, 5 Due April, e Due May. g Due June, 5 Due July. 8 Due Aug. 0 Due Oct. y Due Nov. I Due Dec. s Option sale.
'No price Friday; latest bid nd asked.
it
____
i
-1-
768
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 17.
New York Bond Record-Continued-Page 2
4}.
Price
F May
Aug. 17
Week's
Range or
Last Sale
4
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 17.
U
Price
Friday
Aug. 17
1Veek's
Range or
Last Sale
45
Range
Since
Jan. 1
Bid
Ask
High No. Low
High Illinois Central (Concluded)
Chic UM Sta'n 1st gu 43s A_1963 .1 J 90 Sale Low
Bid
Ask Low
1119h No. Low
High
41
8912
90
87% 924
Purchased lines 3348
1052 J
55 13
1
7534 7812 78
1963,1 J 99 Sale 99
78
79
76
9
99
97 10012
Collateral trust gold 45.._ _1953 MN 8034 Sale 8018
1st Series C 6s
18
1963 J J 11358 114 113
774 83
804
8 11278 11514
11310
Registered
Chic & West Ind gen g 6s c1932 Q M 1044 10612 105 Apr'23
1053 SIN 7614 -- 764 July'23
7638 7814
10412
Ref
105
Os
interim
ctfs
_
_
Consol 50-year 4s
8
1955 M N 10912
10018
195" J J 71 Sale 7012
10012
98 1004
18
70
15-year secured .534s
7578
71
1934 .1 .1 1014 Sale 101
15-year s f 7s
1935 M S 102 10212 102
10112 24 100 1027s
5 10112 10314
10212
I5-year secured (Uis g1936 J J 109 Sale 109
Choc Okla & Gulf cons 5s
4 10718 111
1952 M N 95
1094
98
908
July'23
9518
Cairo
97
Bridge gold 48
Cam'& Ft W 1st gu 4s g_1923
1950 J o
8312 June'23
N
8238 87
88 Mar'17
Litchfield Div 1st gold 39_1951 J J 6714 70
Cln 11 & D 2d gold 434s_ __ _1937 J I -86s 13.- 87
71 June'23
6938 73
1 -8612 163-4
87
Loulsv Div & Term g 33481953 Ji 7318 75
C I St 1,& C 1st g 48
k1936 Q F 89
July'23
7212
7212 794
93
88 June'23
8618
88
Omaha Div let gold 3s_ _ _1951
Registered
6738 7014 6734 June'23
81936 Q F 8454
_ _ 9012 Oct'22
6734 6953
St Louis Div & Term g 35_1951 Ji 684 70
Cin Lab & Nor gu 48 g
1942 M N 8418
70 June'23
_ _ 8414 June'23
OS
71
-8312
81
34
Gold
3149
1951 JJ 784
_ 75 May'23
Cin S & CI cons 1st g 5s
1928.1 J 974 ____ 98 July'23
80
75
97
99
Spring( Div 1st is 3./
1 85
1951 J J
Clearf & Mal] 1st gu g 5s_ _ 1943 J
7812 July'22
9012 Jan'22
Western
Lines
4s___
1st
g
_1951
53l
F
A 80
Cleve CM Ch & St L gen 49_1993 J D -78T4 -717-8 7778
83 May'23
-WI 83
7914 14
76
8218
Registered
1951 FA 7814 ---- 92 Nov'10
10-year deb 43'V;
1931 .1 .1 9178 Sale 9112
9178 15
9014 9312 Ind B & W 1st prof 4s
1940 AO
General Os Series B
1993 .1 D 9514 10012 9558 June'23
83 June'23
83
955
8
100
Ind
III
&
Iowa
1st
1950 Ji S2
is 48
Ref & Impt Os Series A__ _1929 J .1 10112 Sale 10114
86
834 June'23
857s
1024 25 100 10278 Ind Union Ry 58 A
1965 ii 97
6s C
1041,1 J 10112 10258 10212 July'23
98
97 July'23
95 100
10012 1024 Int & Great Nor adjust 6s 1952 J J 34 Sale
Cairo Div 1st gold 4s
1939 .1 J 8334 88
33
3412 176
33
4914
85 Aug'23
804
88
1st
mtge Os ars
1952 3' 8912 Sale 8813
Cin W & M Div 1st g 4s1991 J .1 76 Sale 76
894 63
87
9753
76
7514 7812 Iowa Central let gold 55
1938 J D 6014 Sale 60
St L Div 1st coil tr g g 48-1990 M N 7734 79 771s July'23 - - - _
4
6014
57
7318
7478 81,
8
Refunding gold 45
1051 MS 154 Sale 15
92
Spr & Col Div 1st g 48- _1940 M S 7938 _ _ 84
19
15
40
Apr'23 - _ _ _
8212
84
W W Val Div 1st g 45
1940
.1 8158 -8212
- 8158 June'23
805
8
James
8214
Frank
&
Clear
49_1959
1st
.1
81
CC C&I gen cons g 6s
1934.1 J 10112 10612
844 84 Aug'23
824 87
10318 1064
10412 June'23
Clev Lor & W con 1st g 5s- -1933 A 0 96
08
98
98
9412 98 1Ca A & G R 1st gu g 5s
1938
8712
CI & Mar 1st gu g 45is
1936 M N 94
9212 June'23
9212 95 Kan & M 1st gu g 4s
A
1990
7612 774 7718 Aug'23
Clev & Mahon Vail g 55
1933
J
_ 93 Mar'22
75
7'Jls
2d 20-year 58
1927
9578 9914 96 July'23
CI & P gen gu 4%8 Ser A
1942 .1 J 869412 9612
- - 91 Nov'21
9578 97
KC Ft S& M cons g 68_ _ 1928
102
102
Series B
10214 12 10012 10234
1942 A 0 9512 9614 104 Dee'15
IC
C
Ft
S
dr M Ry ref g 48-1936 A
11
75 Sale 75
Int reduced to 3Ms
7534
1942 A 0
7358 7912
9613 Feb'12
K C&
R & B Ist gu 5s_ _1929 A
9218 9312 9312 June'23
Series C 35, 9
1948 M N 7934
924 93
- 9018 Dec'12
Kansas City Sou let gold 39.1910 A
6812 Sale 6772
Series D 330
6914 250
1950 F A 7934
033
4 691,1
Jan'21
67
Ref & knot 53
Apr 1950
8534 Sale 85
Cleve shor Line 1st gu 4Ms_1961 A 0 9058 9112 9018 Aug'23
854 46
83
8938
90- 98
Kansas City Term 1st 48_ _1960
62
82 Sale 8112
Cleve Union Term 5A s
82
1972 A 0 10214 Sale 10178 10212 36 101 .
765
8
8354
106
Kentucky
Central gold 4s_1987
8018 8112
June'23
1973A 0 9514 Sale 95
58 (w I)
81
8378
9574 50
9454 9512 Keok & Des Moines 1st 5s1923 A 0 70 Sale 82
32
70
70
Coal River By 1st gu 48_
1945 J D 79
65
92
82 804 June'23
8018 85 Knoxv & Ohio 1st g 63
1925
1004 ____ 10054 July'23
Colorado & South 1st g 4s
1929 F A 9178 9214
1004 1014
924 20
9(134 9312
9178
Refunding & exten 40_1935 M N 83 Sale 8214
27
8
81
8718
Lake
Erie
West
&
1st
g
-1937
J
5s__
J
03
95
Col & II V 1st ext g 49
9434
95
1948 A 0 78
,
8
914 07
78 July'23
78
78
20 gold 58
1941 ,T
824 8434 83 June'23
1955 F A 774
Col & Tol 1st ext 43
8114 86
76 July'23
76
8034 Lake Shore gold 3348
1997 J D 7514 7734 7534
7534 10
1952 J .1 86 Sale 8534
Cuba RR Is', 50-year 5s g
7239 7811
35
86
80
87
Registered
2
1997
13
.1
Sale
74
74
74
let ref 7315
1936 J D 101 10238 102
7312 75
5 102 10512
1024
Debenture gold 48
1928 M S 9434 Sale 944
9434 66
Day & Mich 1st cons 4%s_ _1931 .1 J 91
904 96
914 June'23
91
9234
25-year gold 45
1931 MN 9218 Sale 914
9218 51
Del& Hudson 1st & ref 49
1943 MN 8512 Sale 8512
9058 9312
23
88
835
8
90
Registered
1931
MN
8512 July'20
30-year cony 5s
1935 A 0 9418 Sale 94
9418 18
90
98 Leh Val NY 1st gu g 4As_1940 J J 9158 9154 9312 July'23
S1As
1937 M N 10012 Sale 10012 100,
-914 W8 11
98 10212
Registered
1040 J J
_- 9234 July'23
10-year secured 78
1930 .1 D 108 Sale 10678 108
9284
90
10 105 11134 Lehigh Val (l's) cons g 49
2003 MN 76
8114 13
77
D RR & Bdge 1st gu 4s g_ _1936 F A 89 _ _ _ _
7614
7618 8112
General eons 4145
"003 MN 8558 864 844
8618 32
Den & R Gr-1st cons g 49_1936 J J 74 Sale 87 0,121,y'23 46
0213
81
734
744
"iF
V613
1
V
Leh
58_1941
Term
Ry
gu
1st
g
AC 10213 103 10212
Consol gold 45,518
10212
1936
10078 10213
7712 78
78 Aug'23
7678 80
Registered
1941 A0 961,1 _
113 Mar'21
Improvement gold 58-.1928 J D 8413 85 85
8
8514
82
88
Leh Val RR 1.0-yr coil 68_ _n1928 MS 102 10258 102
10234 29 10
1st & refunding 55
1955 F
.018 105
4212 Sale 4213
47
43
42
58
Leh & N Y tat guar gold 4s 1945 SI S 8034 8114 8018 July'23
do Registered
8018 8512
4912 Aug'20
Lox & East 1st 50-yr 55 gu-1965 AO 9834 100
Bks Tr stmp etre Feb '22 Int.
984 Aug'23
971s 9958
351 4512 4718 June'23
Little
Miami
1962
49
May'23
MN
804
82
Farmers L&-Tr rcts Aug '55_
81
81
35
49
4212 July'23
424 5314 Long Dock consul g 65
1935 AC 107
_ 10812 Nov'22
Bankers Tr ars of dep
35
4612 July'23
4612 Si) Long 151(1 1st cons gold 5s_h1931 Q
16
118 Sale 98
98
do Stamped
9538
35
June'23
46
46
50
consol
1st
81931
gold 4s
8612
- 9218 May'23
Q
Am Ex Nat 138 Feb '22 Ws_
903s 9214
35
if 46 June'23
48
46
General gold 43
1938• D 83
8612 81 July'23
do Aug 1922 cgs
8512
81
Gold 48
1932 .1 D 804
8112 July'23
Dee
& Ft D 1st gu 4s_ _ _ _1935 j
8112
8112
40
35
35- 135
35
45
Unified gold 4s
1949 MB 7518 83
75 July'23
Dee Plaines Val 1st gu 4s_ _1947 M S 8834
81
75
9314 Sept'22
Debenture gold 55
1
1934
D 9258 _ _ _ _ 9212
9212
Det & Mack-18t lien g
94
91
60
7518 Feb'23
- 51-8 7518
20-year p In deb 5s
1937 M N 83
84
834 14ug'23
Gold 4s
1q95 J t) 55
82% 8512
70
60
Guar refunding gold 4s_ 1949 M S 7734 Sale 7634
60 July'23
65
784 16
Det Riv Tun 41,49
83
75
1961 MN 86
8734 8612 Aug'23
903
85
4
Nor
gu
con
lot
Sh
g
B
55_01932
Q
8978
J
June'23
93
_
DUI Missabe & Nor gen 5s 1941 j j 9878
'J3
92
9814 9912 Louisiana & Ark late 55_ -1927 M S 934 9414 9413 Aug'23
9912 July'23
Dul & Iron Range 1st 5s__1937 A 0 0814
93
9412
9814 10034 Lou & Jeff Bdge Co gu is 49_1945 M S 80
9814
984
81
784 July'23
Registered
83
77
1937 A 0 9414
954 9812 Louisville & Nashville 59-1937 M N 102
954 July'23
__ _ _ 102 July'23
Dul Sou Shore & Atl g 5s__ _1937 .1 j 7712 78
103
975
8
7658
80
74
774
Unified gold 4s
1940 J .1 9078 Sale 9014
904 28
8714 92
Registered
1940 1. J
9014 May'23
ENIInn NorDiv 1st g 49----1948 A 0 84
9014 9014
8412 July'23
8412 90
Collateral trust gold 5s.__1031 MM
9818 9911 9814 July'23
E Tenn reorg lieu g 55
1938 M S 9012 05
9738 10112
9312 June'23
9112 9312
secured
78
10-year
1030
21
M
N
10634
Sale
10654
10714
E T Va & Ga Div is 5s
1930 J .1 9814 9914 9714 July'23
106
97 100
1st ref 534s
2003 A 0 104 Sale 10378 104
37 10114 109
Cons 1st gold 55
1956 01 N 9814 99
10514
984 12
9814
9612 9912
N 0 & M 1st gold 68
1930,1 J 10212 105 10212 July'23
Elgin Joliet & East 1st is 58_ A941 M N 99 Sale 99
10138 103
3
9758 10014
99
20
gold
1930.1
(Is
J
964
10112
_
1"eb'23
Erie 1st consol gold 7s ext...1030 M S 10312 Sale 10312 1034 24 10212
1171
10112
2
1043
Div
Mem
Paducah
4
&
4s-1940 F A 824 88
8214
824
1st cons is 4s prior
1996 .1 J 574 Sale 574
8214 844
5412 5878
St Louis Div 2d gold 38_ .1980 M S 6058 6112 604 Aug'23
584 78
Registered
1996 .1 J 514 Sale 57 Mar'22
5812 63
L & N & M & 01 let g 4345 1945 NI S 9214 _- 9218 July'23
1st consol gen lien g 42._1996 .1 J 4834 Sale 4734
06
9212
219
-43T2
49
L & X South Joint 01 4s_ _1952 J J 77,
8 7814 77
Registered
7813
1996 .1 3
8034
75
43
4714 June'23
4714
Registered
81932 Q J
7313 Apr'23
Penn coil trust gold 4s 1951 F A 87C4 _--- 8658
10
7312
7312
864
82
804
gold
0
Loulsv
do
4
LOX
&
18_1931 MN 9434 ____ 9458
2
50-year cony 45 Ser A._1953 A 0 514 Sale
944
9458 974
4113 52
50
5178 71
do Series
es B
4. 0 51 Sale 5018
4214 52 Mahon C'l RP. 1st 55
5112 115
1934 3 j 98 100
9812 July'23
Gen cony 43 Series D
1953 A 0 5334 Sale 5314
9812
107
9812
(Southern
543
434
4
5512 Manila RR
Lines) 1939 M N 6172 65
Erie & Jersey lets f 6s
64 July'23
1955 .I .1 87 Sale 86
71
5
8718
84
894 Manitoba Colonization 55..1934j D 11712 ___- 9612
3' 63
Erie & Pitts gu g 3448 B
9712
1941i' .0 8222 84
9712
953
8
July'23
85
GB&NW
85
3
4
83
Man
3345..
1st
.1941
31 J 8218 __-- 8218
4
Series C
8218
1940
.1 8212 ---- 82 Apr'23
8218
82
82
8314 Mex Intern:WI let cons g 48 _1977 M S
Evans & T II 1st gen is 59_1942 A 0
Mar'10
77
____ 88 Apr'21
Michigan Central Is
1931
4
11)012
Sul Co Branch 1st g 59_1930 A i.."-101
101
993 fa"
_ ....... 6912 Apr'21
Registered
1931 Q M
Fargo & Sou 6s
1924,3 3 99:8
10012 May'23 ...,,.,,')9l 2 Aug'23
5512 -661-2 4s
9712 1001s
1910.1 J 8658 -88
Fla Cent & Pen 1st ext g 58_1930i3 J 9458 _...9412June'23
86 July'23 - - 1
884
88
9412
9412
Registered
1940 J J 85
Consol gold 59
1943,j J 93I
8712 86 May'23 -86
86
96
96
91
96
J LAS 1st gold 35,58
1351 NI
Florida E Coast 1st 434e._..1959 .1 D 8434 87
80 Feb'23
7612 79
80
80
July'23
5
3
8512
4
6
87
89
let
334s
gold
1952
M N 79
`
774
8
1952 M N 6734 70
774 77
12
84
77
65
72
20-year debenture 48
1929 A 0 9114 9219 9218
Fort St U D Co let g 4349.-1941 j 3 81
924
6
81 June'23
79
8938 93
81
ofNJIstext
Mid
5s
194(1
A
g
Den
let
C
0
534
Ft W &
-___ 8814 87
5--.1961 J D 10038 Sale 10038
Apr'23 -87
87
994 103 0111w LB & West imp g 55 1929 F
10012 16
9934 20
Ft Worth & Rio Or 1st g 48_ _1928 J .1 82
9958 100
9931
88
82
8753
9818 100
82 Aug'23
Ashland Div mete
M s 10012
Frem Elk & Mo V 1st 6s-1933 A 0 10612 108 107
- 10112 Mar'22 -1137
109
Mich
107
Div
gold
let
68
1924
J J 10038
G H & 5 A 01 & P 1st 53__ _ _1931 M N 954 9812 9714 June'23
10034
10034
4
1-6078
9512 994 MIlw & Nor let ext
j
9112 13
1931 3 .1
8718 Vi3-4 8734
20 exten 58 guar
9912 98 July'23
9312 98
87
,
4 0212
Cons extended 4j-4e
1934 .1 13 89
Galv nous & Bend 1st 58__ _1933 A 0 8818 8958 884 Aug'23
93
91 June'23
91
89
8514
Spar
Mil
893
&
4
1st
N
W
4e.
gu
.1947
MS 8412 85
851.
Genesee River 1st 5 f 65_ _ _1957 3 J 83
8512
8512 83 July'23
89
84
82
88,
8 0111w & S List gu 3558
1941 J J 174 86
Oa & Ala Ry 1st con 5s_ ___o1945 3 J 8212 _ __ _
6618 Aug'21
2
7912 8212 Minn & St Louis 1st 7s
Ga Gar & No 1st gu g 58__ _1929 J J 00
1927• D 97 100 10012 Aug'23
____ 8
90
2%
3 may:2
117)11T4
8 213
90
2
91 12
1st corm) gold 55
1934 MN 58
1946 A 0 60
Ga Midland 1st 38
5812
624 6114 Aug'23
78
604 6478
1st & refunding gold 4s....1949 MS 1712 5834 5818
Gua Nr G & N 1st gu g 5s_1924 M N 9933
2158 76
17
40
9938 July'23
9914 9912
Ref & ext 50-yr 55 Ser A _ _1982 Q F 1512 Sale 17
1942 .1 D 0414 _
Sale
1512
1638 26
GOu & Oswegatch 58
1518 394
M St P & S S 01 con g 48 let gu '38 J J
16
434s...1941
884
J
Sale
g
gu
8714
Or R & I ex lot
.1 8758 91
8812
92 July'23
92
89
8158 9012
1st cons 55
1938 J , 9912
98 Aug'23
Grand Trunk of Can deb 79.1940 A 0 11313 Sale 113
11312 49 112 115
98 10015
10-year coil trust 6Si _ _ _ _ 1931 M S 10212
15
Sale 10213 103
1936 M S 1037s Sale 10312 10418 44 10234 105
15-year s f 6s
10014 106
65 A
1946
J
J
1
1947 J D
Sale 9834
Grays Point Ter 58
9854
10112 Apr'07
9838 10512
let Chicago Term 8 f 4s_ 1941 MN 984
8912
_ 9212 Dec'22
Great Nor gen 75 Series A 1936 J .1 10614 Sale 10578
mssm&A 1st g 4s lot gu.1926
104 ioUg
J J 9634 -9714
1961 .1 J 8712 884 8712 1064
-- 9678 July'23
1st & ref 449 Series A
87
-59i8 97 9212 Mississippi Central 181 55_ _ _1949
8712
J 8814
100 July'23
1961 J J
Registered
90 May'23
8634 90 M K & Okla Mt guar 55_ _ _1942 J
8814 100
MN
1952 J J -Ogiz -66- 0753
914 May'23
Ois
9134 94
22
91318 10238 Mo Kan & Tex-1st gold 48.1990 3D
984
155
75 Sale 744
Green Bay & W deb ctfs "A".___ Feb 60
7534
65
6038 June'23
734 8014
60
75 Mo-K-T RU-Fri Is Ser A_19132
'
3 77 Sale 764
Feb
Debenture ctfs "B"
7712 115
7
714 7
7
74,
4 8358
7
1314
40-year 48 Series It
1962
•
J
11
634
6314
037
64
8
Greenbrier Ry 1st gu g 43_ _ _1940 M N
8.112 8734 69
6112 6712
Apr'21
10-year 6s Series C
1932• J 9478 Sale 9412
53
Gulf dr Si Is; ref & t is 5s_ .51952 J .1 81
947
8212 8212 July'23
8
964
923
4
"ii"
adjust
Cum
Wit;
Os Series A __ _1967
.• 7 5113 Sale 494
Harlem R & Pt Ches 1st 4s. _1954 MN 68
5178 543
73 67 Aug'23
4858 63
67
7813 Missouri Pacific (reorg Co)
Hocking Val 1st cons g 4348_1999 J .1 8434 Sale 8812
8434 13
80
86
1st & refunding 58 Ser A1965 FA 70
80
80 Aug'23
1999 3 .1 -___ --- 8112 July'23
864
79
Registered
81
1st & refunding 5s Ser C 1926 FA
8112
9412 96
0214 Aug'23
1937 J .1 9712 __-- 9912 July'23
H & T C 1st g 5s int gu
9214 9834
9553 9734
1st & refunding 65 Ser D 1949 FA 9212 Sale
25
92
1)3
99
Houston Belt & Term mat 59.1937 J .1 89
9012
9012 86
86
General 4s
90
93
1975 MS 52 Sale 5144
129
52
514 8314
1933 M N 93
98
Hous E dr W T 1st g 5s
90 July'23
93
Missouri Pacific98
1933 M N 93
97
1st guar 5s red
934 July'23
9318 98
1938 SIN
3.1 78 3xtended at 4%
80
82
8033
July'23
8134
1937 SIN 71
Housatonic Ry cons g 5s
98
7912
87 May'23
87
87 Mob & Bir prior lien g 59_1945 J J 8918 ____
914 July'23
Bud & Manhat 55 Series A_ _1957 F A 8258 Sale 8214
9178 9178
8234 (
-35
Mortgage gold 48
7678 84%
1945 J .1
July'23
714
--734
70
Adjust income 58
1957 A 0 60 Sale 5938
6073 73
Mobile
55
Ohio
&
new
6433
gold 69..1927 J
101 Aug'23
10053 1044
Illinois Central let gold 4,3 1951 .1 .2 8812 ____ 881: Ju
ene41
5,
8812 9218
181 ext gold 69
81927 Q J
111012 10158 June'23
831
Registered
1904 1034
1951 J J 84
88
General gold 48
1938 MS 73 ____ 73 Aug'23
72,
3 7812
let gold 314s
1951 .1 J
8612 78 July'23
78
Montgomery Div 1st g 08.1947 FA
7714 83
92
98
9214
9434
90
93
Registered
1951 J J
8
83
80
76
0 0
1,8cbt:222
St Louis Div 59
2
19' J D 94
9418 Aug'23
95
9512
04
Extended lot gold 33.55.-1951 A 0
82
83 Mob & Ohio coil tr g 45
1938 01 S 7533 76
1
76
76
7812
75
Registered
79
1951 A 0 76
Mob & Mal 1st gu g 49
1991
MS
8114
____ 8238 May'23 -8238 8314
let gold 3s sterling
72
1951 M 5 62
83;- Mar'22
Mont C 181 gu g 68
1937.23 10812 110 10918 July'23 ---- 1094 111
Collateral trust gold 45_ 1952 M S 8214 84
8312
84
24
774 8579
Registered
1937 J'
May'16 -- -Registered
lir& A 0 7814
s SePt'111
1st guar gold 55
1937 J J 101) 166(
3 lgg'4 Aug'23 - - "654 icini
aro,
8814
1955 NI N
5s15 SRI, 953
let refunding 4s
02
OR',
7
-
11/,
/o price Friday; latest bid and asked this week. a Duo Jan
9 Due Feb.
Due June. It Due July. 9 0,1e So..)
0 Due Oct. 801)11018 sale
769
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending Aug. 17.
ft
Price
Friday
Aug. 17
Week's
Range or
Last Sale
1.
3
Range
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week ending Aug. 17.
On
t
ft
Price
• Friday
Aug. 17
Week's
Range OT
Last Sale
g
Range
Since
Jan. 1
High No, Low
High
Ask Lou,
Bid
Rid
Ask Low
High No, Low
High
724
13
7014 78
74% Aug'23
2000 Jo 7438 78
7458 78 Peorla & East 1st cons 4s-__1940 AO 7012 7034 7012
M & E 1st gu 3%e
Apr.
21
21
1
21
30
21
23
1990
AO
9934
Income
43
993
4
100
100
7
55_1928
1st
St
L
101
Chatt
&
985
8
Nashv
j j 9412 Sale 9412
9434
4
9234 9778
98 June'23
1937 F A 9618
98
98 Pere Marquette tat Ser A 58 1956
N Fla & S 1st gu g 5s
80
7912 Aug'23 _-_77
1956 II
31 Sept'22
tat Series B 4s
Nat Ry of Mex pr lien 4%8_1957 J J
8814 9214
___ 8912 July'23 .._1943 MN 861
-2.
6T8 273 2578
2612 19
23
3234 Pllita Bait & W 1st g 4s
July coupon on
4334
444
3
4112 4978
8-45
20
2778 28 May'23
Philippine Sty 1st 30-yr s f 48 1937• J 4334
28
35
do oft
94
95
15
9714
1940 AO 95 Sale 95
2618 July'23
1977 A 0
2618 2618 PCC&St Lgt14%5 A
General 45 (Oct on)
94
9612
4
9612
1942 A0 9412 ____ 9612
2112 2334
Sprit% B 4%s guar
April coupon on
94
_ 9414 Apr'23 ____
9414
1942 MN 934
2912 May'23
30
Series C 4%8 guar
off
do
-2713
MN
8934
9138
July'23
_--____
913
8
1945
915
8
43.8_1926
J
J
3814
June'22
Series
D
4s
guar
lien
Nat RR Alex prior
844 894
8412 Apr'23 ____
37b 3914 4234 June'23
Series E 334s guar gold__ _1949 FA 9158
.
25- 44 July coupon on
89
9134
1953 J O 9158 ____ 9112 June'23 ____
40
4438 May'23
Serles F guar 45 gold
4438 4438
do off
8958 92
92
7
9138 ____ 92
1957 SI N
_ 28 Apr'23
Series G 48 guar
27
let consol 45 (Oct on)_ _1951 A 0
28
9212 9458
9212 May'23 _-__
1963 FA
2114 Aug'23
Series I cons guar 4%s
2114 2612
April coupon on
9214 94
94 July'23 _-__
1964 MN 93
2212 July'23
2212 30
Series J 4%3
off
2212 2812
do
4
9358 9912
9638
1970 ID 9638 Sale 954
1954 M N 68
681s May'23
General 58 Series A
Naugatuck RR lot 45
681s 684
_ _
al928 AO 9614 ____ 99 Nov'22
2
1945 J J
75 Sale 75
75
New England cons Is
75
9012 Pitts & L Erle 2d g 53
1945 J J 6814 --- 70 Aug'23
70
Consol 4s
7514 Pitts McK & V 1st gu 6s---1932 J J 10278 ____ 105 Dec'22
1934 J J 994 --_- 9514 June 20 ----7738
82
Jan'23
82
2d guaranteed 813
82
NJ June RR guar let 4s__.1986 F A
.
954 100
1940 A0 9734 100
2
9918 June'23
8034
NO&NE ist ref & imp 4%s A'52 J J 8034 Sale 7912
77
81 12 Pitts Sh & L E 1st g 58
100 Feb'23 ____ 100 100
1943 J J
7358 74% 74 Aug'23
1st consol gold 58
New Orleans Term tat 4s__ _1953 J J
7318 7934
1927 51 N 9918 ____ 98 June'22
3 100 101 12 Pitts V & Ash 1st cons 5s
101
N 0Texas & Mexico 1st 6s_ _1925 J D 101 Sale 101
1957 MN
1935 A 0 754 7614 75
35 June'23
7614 13
Providence Secur deb 4s
Non-cum income bs
7258 84
71%
8
1956 M
3
'
91
9012 May'23
18
,
70
7
91114
2
8
.8
6
_4:
58 Feb
1945 J J 90
N & C Bdge gen gu 4%s
8914 9013 Providence Term 1st 45
113
827 88
Sale
1997 J
93 June'23
NYB&M B 1st con g 58- _1935 A 0 91%
Reading Co gen gold 46
93
94
8012 86
1997 J J 85
183 101 10614
84 July'23 ____
Registered
NY Cent RR cony deb 65_ A935 M N 10334 Sale 10358 104
79
88
8712 11
1998 F A 82 Sale 82
8214 106
8638 Sale 864
Consol 48 Series A
Certificates of deposit
7638 83
80
86
_
83 Aug'23
2013 A 0 86 Sale 8512
8638 10
Jersey Central coil e 48-1951 A0 814 85
Ref & impt 4%s "A"
8414 884
157
2013 A 0 95% Sale 9534
96
Ref & impt bs
9278 98% Reuss & Saratoga 20-yr6s--- 1941 MN
973.
8
1 -574 11111927 A0 9734 9814 97344
Rich 1: Dan 5s
N Y Central & Hudson River72
72
72 Mar'23 ---1948 MN 68
1997 J .1 7434 Sale 7414
74
7414 16
Mortgage 3%s
72
7734 Rich & Mock 1st g 58
9614 100
'
I
1952
7112 May'23
9614 Aug'23
1997 J J
96
Registered
7112 7112 Rich Ter 58
83
85
83 July'23 ---_
1939 ID
1934 M N 88
8934 8878
89% 15
Debenture gold 48
8612 9158 Rlo Gr June 1st gu 53
318 11
1940• J
34 July'23 --__
1942 J J 8514 8612 8612
358 9
8612 21
30-year debenture 48
8412 904 Rio Gr Sou let gold 45
9
9
7134
9
1940 II
73
9 June'23 ---Lake Shore coil gold 3A8_1998 F A 72
727s
6818 76
Guaranteed
7112 78
6718 71
1939 J
3
1998 F A
6914 July'23
774 Sale 7714
7712
Registered
694 73 Rio Cr West 1st gold 48
6
6018 68
7214 7378 7214
1
63
7214
Mtge & cell trust 48 A.---1949 A0 63 Sale 6278
Mich Cent cell gold 3%s 1998 F A
7114 73
7412 18
7214 81
70 Apr'23
1998 F A 694
70
Registered
75 RI Ark & Louis 1st 4%5--1934 MS 7412 Sale 7418
70
70
1949 j j 65
1937 A 0 874 88
s 8378 9014
70 June'23 --__
8714
74
874
NY Chic & St List g 4s
Rut-Canada 1st gu g 48
8012
1941 II 7612 ____ 80
8612 June'23
Apr'23
80
1937 A 0 8314
Registered
8612 8612 Rutland 1st cool 4%5
6514 7534
2
1947 J J 69
1931 M N 8578 Sale 85%
6914 June'23
8578
74
8358 88% St Jos & Grand 181 g 48
Debenture 45
91
9212
1996 J J 8818 9312 91
1931 M N 10038 Sale 10058 101
32
Apr'23 --__
98 101
St Lawr & Adir 1st g bs
2d 6s A B C
9538 9812
1996 A0
86
3
8418 8878
9812 July'23 --__
864
2d gold (is
N Y C,onnect let gu 4%s A 1953 F A
90
87
1931 1 J 8912 90
87 July'22
1947 MN 75 _
90 June'23 --__
N Y Ede let ext g 49
St L ,S, Cairo guar g 45
95 Mar'23
2
94,4 9912
1923 M
9913 St L It M & S gen con g 58-1931 A0 9412 95
9434
95
95
3d ext gold 43.8
1931 A0
1930 A 0
1i1-2 9318 July'23 ____
102 July'14 -9318 94
Gen con stamp gu g 58
4th ext gold 55
1929 J J 8312 Sale 8312
1928 J D 91
8 -Kis -i -sfh
93 9434 Nov'15
84
Unified & ref gold 45
5th ext gold 48
1933 MN
1946 M N 8212 90
72 July'23
7478 22
7414 77
7414 Sale 744
72
Riv & G Div 1st g 48
N Y & Green L gu g be
72
7434 8412 7312 Mar'23
96
99
2000 M N
974 July'23 --__
7313 7738 St L M Bridge Ter gu g 58-1930 A0 964 99
N Y & Harlem g 3%s
65
7074
6758 92
N Y Lack & Western lie__11123 F A 9914 ---- 9934 June'23
9934 100 St L & San Fran (reorg Co) 4s_'50 J J 6712 Sale 67
1973 MN
8134 18
80
8572
1950 J J 8158 Bale 81
Ist & ref bs
Prior lien Ser B 58
97 10012
1928 J J 994 Sale 9858 100
1973 M
97 Aug'23
28
97
let & ref 4%s
97
Prior lien Ser C6s
1942 J J 9012 9112 90
103 June'23
1930 51 S 103
90
1
8784 93
NYLE&W 1st 7e ext
103 10312
,5)4a
6
7638
4
10
96
7
68
7012 6
86
0
1943 J J 994
9812 June'23
Sale
Dock & Imp bet
94
Cum adjust Ser A 65.-81955 AO
9812
96 98 - 964
67641'
6
74
314
4
1932 F A
1
9618
N Y & Jersey 1st 5s
9434 MI
Income Series A 13s------81960 Oct
103
1 10212 104
91 July'22
N Y & Long Br gen g 48__.1941M S 8338
St Louis & San Fran gen 68-1931 J J 103 10534 103
9538 9934
7
9878
NYNH & Hartford1931 J J 9834 Sale 98
General gold 5s
8212 8312
3612
Non-cony deben 3%8__1951 A 0 1612 Sale 3814
4
St LS:SF RR consg 49-1996 .1 1 834 ____ 8212 July'23 --__
38 47
91
91
48 June'23
1947 M S
Non-cony deben 48
1947 A0 8532 ____ 91 June'23 --__
4734 49
Southw Div 1st g 613
9914 103
10034 July'23 --__
44 June'23
1947 M S ---- 42
Non-cony deben 3%s
434 48 St L Pee & N W 1st gu 513-1948 11
MS
8612
8612
July'23
---39
40
8612
40
deben
45
1955
J
Non-cony
J
Aug'23
3812 51.34 St Louis Sou 1st gu e 48
1931
4
7234 7834
7512
39 Sale 384
74
7658 744
1956 M N
39
15
Non-cony deben 48
37
41
St L S W 1st g 43 bond ctfs_1989 MN
6634 7012
4
68
6912 68
36
38
354
3512
3
1950 J J
Cony debenture 3%8
34
28 g 48 Income bond ctt8_p1989 J J 68
4612
7312 7834
76
33
1932 J D 7512 Sale 7514
19481 J 55 Sale 54
Cony debenture 68
554 35
Consol geld 45
52
7314
6' 7314 8212
7478
3 J J 7414 7434 7458
932
4% debentures
1957 M N 274 3114 30
30
22
let terminal & unifying 55.1195
30
4234
FA 7512 Bale 7412
7484 8112
5
_
7512
1925 A 0 60 Sale 5718
37
79 European Loan
60
5418 8154 S%31941
St Paul & K C Sh L 1st4
9114 93
1933 J J 9134 9314 9134 July'23 --__
1926 A 0 5734 5834 5734
5832 110
Francs
4,66s
M an 45
st60
1%1
80,
au1 6
53
7112 StiP
J J 10312 __ 10734 July'23 _-__ 107 10914
44 Apr'23 _Cons Ry non-cony 49
1930 F A
4014 4812
J
341
3
9918
J
954
1
9534 9612 9612
9612
5012 Dec'22
Non-cony 45
1954 J J 35
Reduced to gold 4%8
193
9403
8918 93
1937 ID
91 July'23 --__
3412
• Non-cony deben 48......1955 J
43 14-- 43 July'23 _
Mont ext 1st gold 45
85
84
11
--__
July'23
85
Non-cony deben 4s
38
49
1956 J
Dec'22
34'2
Pacific ext guar 48
7055 7514
04
53
0 J J 72 Sale 7158
734 74
19
NY & Northern 181 g 5s__1927 A 0 9812 _
9938 June'23
9984 997 s A & A pass tat gu g 4s
99
97
1942 MS 9658 --- 97 May'23 ---NYO&Wreflstg4s
O1992 M S 6112 6194 6018
6134 28
6018 7078 Santa Fe Pres & Pb 58
7812 8314
A0 8114 Sale 81
8114 35
General 48
1955 J D 5714 58
58
1
58
52
7058 San Fran Terml 1st 43
1934 A0 10814 ___- 107 July'23 --__ 107 107
N Y Prov & Boston 48
73 Aug'22 _
1942 A 0 65
Say Fla & W 65
9934 9914
1934 AO 10012
9934 July'23 --__
N Y & Pu 1st cons gu g 48_1998 A 0 8034 .
8214 8214
8214
1
8012 123
.
4
55
845* 8214
19
089
50 M N 84
86
86 July'23 --__
NY&RB ist gold 5s
1927 M S 96 ____ 95 Apr'23
95
95 Selo VA NE 1st gu g 4s
p2
:
53
612 58
A0
ly'
,
23
2
1950
J
A
u
ug
5
9
3
6
3
14
8
N Y Susq & W 1st ref 58
52 Sale 52
5
96
81
1
2
52
6
312
1937 J J
5
5
9
50
60 Seaboard Air Line 548
52
58
AO 5334 541 544
541
4
2d gold 4311
44% 45 June'23 1937 F A
42
Gold 49 stamped
4458
2234 3212
7.5
01949 F 'A
2834 Sale 28
287
41
8
General gold bs
40
41
Adiustment 58
1940 F A 40
40
49
46
39
1959 A0 4314 Sale 4212
63
431
78
Terminal 1st gold 58
84 June'23 1943 M N
Refunding 45
84
934
67
5834 68
641
9
NY W'ches& B leafier I 4%s_'413 3 J 3512 3612 3558
64 Sale 6312
324 50'4
1st & cons Os series A__ 193465
3578 19
Ii
1926
58
61
1st
Norfolk Sou 1st & ref A 59_1961 F A
0112 62
62
8
Seaboard
&
Roan
61 14 71
1943 JO
3012 June'23
Norfolk & Sou 1st gold 5s.„1941 M N
874 8812 87%
1
8778
8778 9314 Sher Sh & Su ist gu g 513
F. A
98 10114
9978 May'23 --__
Norf & West gen gold 6s_ ___1931 M N 1084 ---- 10818 10818
4 106 10812 S & N Ala cons gu g 58
A0 961s 99
9612 997z
5
/
1-1063
110
Improvement & extg
1934 F A 1084 - Mar'23
110 110
9834 June'23 _-__
Gen cons guar 50-yr
7712 85
107 July'23 ---- 10634 107 So Pee Col is (Cent Pac 001) k'49 J D 83 Sale 8218
1932 A 0 10718
8.312 04
New River let gold
MS
196
9014
9252
924
92
5
8
92
51
923
8
Sale
N & W Ry 1st cons g 4a__ _ 1996 A 0 9112 Sale 904
-year
cony
45
20
8514 9314
9814 10212
g 193
29
7
4 ID 99 Sale 99
85 July'23 4
1990 A 0 8012
99
Registered
85
20-year cony 58
90
MN 9118 ____ 10114 July'23
101 10112
88
88
Div'l ist lien & gen g 48.1944 J .1 87 98
2
8278 88 So Pee of Cal-Cu g 58
8914
88
101
101
1 101 108 So Pac Coast 1st gu 45 5
1938 M S 10212
8818 8914 88 Aug'23 --__
10-25 year cony 4%s
195
37
5J J
8812
J 1 8712 Sale 874
83
- 81315 115
10-year cony 68
1929 AI S 10734 1083
4 10712 1084 62 107 11734 So Pee RR let ret 4s
1
924 9814
199
054
6 A 0 9478 Sale 9458
Pocah C & C Joint 413. _1941 J D 8538 86
85%
8584
34
8458 8912 Southern-let cons g 5a
95
79 July'23
North Ohio 1st guar g 58__ 1945 A 0 78
85
79
83
Sale
Develop & gen 4s Ser A-1956 A 0
61
02
004 16
8438 Sale 84
Nor Pacitic prior lien 48
136
2 166
1997 Q
8434 72
62
8
8134 87
10
68
1114 Sale 10113 10
6%s
Registered
1997 Q 1 8118 85
8114 July'23
97
17
90
81
93
MteLmD
oui dtvlv
8312
6
4%9-58
44 -1996 1 .1 9234 9912 93
General lien geld 38
a2047 Q F 59% Sale 5934
1951 1 J
60
12
St
1st
59
6214
1929 M N 9
02047 Q F ---- 5934 60 June'23
83
99811
4
Registered
:
8
977
5
1
7"8
7
9
79
9'4 9
79
714 Aug
712134
5812 60 So Car & Ga 1st ext 5)4s
Ref & impt 4%8 ser A___2047 J .1 8414 8614 8414
4
84,4
1,3
950
5 J I 8114 83
8134 July'23 -__
8234 90 Spokane internat 1st g 55-1
User B
2047J 1 10534 Sale 10514
1943 J D 10618 61 10514 10934 Staten Island Ry 4%31
Oct'20
80
55 C
2047J J 93
93
95
9312
2
____ 95 may'22
9212 100 Sunbury & Lew 45
5s D
2047J J 934 Sale 9314
94
59
9212 994 Superior Short L 1st 58 5-81930 M 8 9514
95 May'18 -95
90
St Paul-Duluth Div g 45..1996 J D
89 Feb'23 -89
89 Term Aasn ot St L lst g 4558 94
533
9I
A 32
Ijr 9078 -94
9212 July'23 -903
9538 99
St Paul & Duluth 1st 58_1031 Q F 9918
9878 Jan'23 -F A 95
1944
1
96
2
9712 96
984 9878
1st cons gold 55
77
82
1st consol gold 48
1968 J D
10912 July'23
3
80
80 Sale 7934
8414 844
Gen refund a t g 4s
9054
10814 110 110 July'23
90
Nor Pac Term Co lot g 68
1933
108 110 Tex & N 0 con gold 58
894 -___ 9958 May'23
1938 A 0
No of Cal guar g bs
100 June'23
1943 AI S 3318 Dec'22
- 100 102 Texas 5, Okla 1st gu g 5s
ea;
96
North Wisconsin 1st 68
1930 J J
J
D
2000
_ 100 June'22 --3
55
93
9212
Texas & Pee let gold
9212 93
4012 54
Og&LCham Ist gu 48 g1948 J J 6334 67 68 July'23 -_
.
r 40
M
A. a0D
350
05 1
68
51 Aug'23
110
9,0
75
0
71
2d gold income 58
84
92
1943 M S 894
Ohio Conn Ry 45
8614 Apr'23 _ - 1
84
84
88
82
La Div B L 1st g 5s
86,4 8634
9634 9834
1936 J D 94
Ohio River RR 1st g Ss
964 Mar'23 -1 96
193
935
11
J ..1
9512 984 Tol & 0 do Cent 1st gu 5s___1
9812 9712 May'23 -9214 96
1937 A 0 95
General gold bs
j 92 ____ 9312 Apr'23
71
A Cl
193
915
091s 9512 Feb'23
9512 9512
Western Div tat 558
1927 .1 .1 994 Sale 99
8753 9134
Ore & Cal let guar g bs
---_
July'23
9958 51
984 100
8938
____
88
General gold 58
32
1946 J D 8634 Sale 8638
30
Ore ItR & Nav con g 48
5634 12
27_ 30 June'23
8434 88 Tol Peo & West 4s
9318 9614
Ore Short Line-lst cons g 58.'46 J J 101 10112 101
10118
9534 10
7
99 10412 Tel St L& W pr lien g 3%8_ 1933
J ;
11 95 16-14 951g
9023
5
1 1,
75
1946
68118
J 102 Sale 102
Guar con 55
102
4
4
9
703
9978 105
6914 7034 7038
50-year gold 48
9514 9514
1929 J D 9214 Sale 92
Guar refund 4s
9234 34
9058 9278 Tol W V &0 gu 4%s A
9514 June'23
94
9514 9618
80 Sale 7958
Oregon-Wash let de ref 48- _1961 J
39
80
7512 82
94 ___ 9514 June'23
SeriesB 4%5
1st
g
5s.
1946
.1
D
Coast
Co
75
77
Pacific
75 Aug'23 -75
7058
8678 Nov'22
_
Series
C
48
1938 F A
8512
_ 841s July'23
8
. 80
Pae RR of Mo 1st ext g 4s
J
A
A1 0
7
84
9538-834
- 8014 July'23 --__ -FS; 82
9994
5
246
2
72 11
864 Tut Ham & Buff let g 4e_k11119
0414 95
94
1938 J J
9512
95 July'23 -2d extended gold bs
9412 Aug'23 --- _
95
81928 I D 9438 96
97
Ulster & Del 1st tons 35_
66
70
Paducah & Ills 1st sf 4%s-1955 J J 884 91
90 June'23 70 Mar'23 -90
67
50
91
1st refunding g 45
8812 9432
1958 F A 69 Sale 654
Paris-Lyons-Med RR 6s
9458 264
6912 289
9312 Sale 9338
654 7812 Union Pacific let g 4s
1942 M S 97 Sale 96
9414 984
9534 143
Paulista Ry 78
97
11
95
9534 Sale 9514
9778
4s
20-year
cony
804 88
Pennsylvania RR-cons g 4s 1943 MN 8812 _
8812 July'23 -8478 114
8812 934
5.
J
/%1 .
1
S 8478 Sale 8358
tat & refunding 48
02
100
928
1948 M N 8834 Sale 8884
10412 19 100 1053A
Consol gold 48
8912 14
e
un
red6!
46.
194
24
9 ai
J a
l 104 Sale 104
ILO-yeak
NiN
8714 91 12
May 1 11)08 M
_ 8812
90
9314
1
48 stamped
8812
9212 9112 June'23
90
85
90 U
1980 F A 9434 Sale 9434
9912 99%
Consol 45
9978 June'23
9478 48
9918 100
9234 984 Utah & Nor gold:Cm
oa
ldnse5gcs
1965 J D 9012 Sale 90
91
9134
General 4 5
9112 Apr'23
9034 67
8578 924
1st extended 45
1933 J J 8914
1968 .1 D 10012 Sale 100
Apr'23
General 5s
10012 64
A 84 ____ 86
57
5 Fi N
98 10134 Vandatia cons g 48 Ser A
196
1930 A 0 108 Sale 108
85
87
June'23u3
May'23
n2e
109
8
3
6
5
10-year secured 78
35 10818 11034
_!•!_
B
Consol 4s Series
1936 F A 10734 Sale 10712 10734 27 10638 11118 Vera Cruz & P 1st gu 4%s
34
3712
15-year secured 6%s
1934 .7 J
34
45
20
Pennsylvania Co____ 38 Apr'23
July coupon on
51
S
A
.,937
8418
trust
reg
coll
8412 Nov'22
Guar 33.s
July coupon off
8214 9312 8278 July'23
9912 98 May'23
Guar 3s coil trust Ser B.1941 A A
98
9814
1926 M S
8154 SI's Verdi V 1 & W 1st g 55
98i$ 9824
Guar 3%5 trust ctts C____1942 J D 8118 834 834 June'23
80
8318 Virginia Mid Ser E 5s
1926•M S 0714 9834 984 Mar'23
_ 8134 June'23
Guar 3%5 trust ctfe D._1944 1 D 8014
93
9778
8134 8134
1936 M N 9618 ___ 96 July'23
General 53
90
Guar 15-25-year gold 45_1931 A 0 90 -91-12 90
2
894 93
Va & So'w'n 1st gu 58
2003 J J 92 -9412 92 July'23
92 . 9314
1952 M N 844 87
8412 June'23
Guar 4s Ser E
1954 A 0 764 • 783s 7638
8412 9038
764
1st cons 50-year 58
7538 81
4N0 price Friday: latest bid and asked this week. a Due Jan. 8 DIM Feb. 0 Due June. h Due July, k Due Aug. o Due Oct. pnue Nov. 5 Due Dee, a Option sale,
770
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 17.
4:a.
Virginian 1st 56 Series A____1962 MN
Wabash 1st gold 5s
1939 MN
2d gold 58
1939 FA
1st lien 50-yr g term 45
1954• J
Dot & Ch ext 1st g 543._ 1941 J J
Des Moines Div 1st g 48 1939 33
Om Div 1st g 3s
1941 AO
1941 MS
Tol & Ch Div g 421
Warren 1st ref gu g 3348
2000 FA
Wash Cent 1st gold 4s
1948
WO&WIstcygu4s
1924 FA
Wash Term lot gu 3s_. 1945 FA
1st 40-year guar 45
1945 FA
W Min W & NW 1st gu 55_1930 J A
West Maryland 1st g 4s
1952 AO
West N Y& Pa lot g 58
1937• J
1943 AO
Gen gold 4s
Western Pac 1st Set A 55-1946 MS
1946 MS
B 68
West Shore 1st 48 guar
2361 ▪ J
2361 .1
Registered
Wheeling & L E 1st g 5s
1926 AO
Wheeling Div 1st gold 58-1928 J J
Eaten & impt gold 58-1930 FA
Refunding 43s Series A 1966 MS
1949 MS
RR 1st corusol 4s
Wilk&EsstlstgugSs
1942 3D
Will & SF 1st gold 5s
1938 3D
Winston-Salem 13 13 1st 48_ _1960 J J
WM Cent 50-yr 1st gen 4s._1949• J
Sup & Dul div & term 1st 45'36 MN
1943 ii
W & Con East 1st 4M8
New York Bond Record-Continued-Page 4
Price
Fr day
Aug. 17
Bid
Ask
9412 Sale
9413 9578
85 Sale
9313 10018
6814 79
6238 6612
7118 75
7413 _
9812 _ _
7718 _
8128
7612 90
60 6013
9778 98
75
77
79 Sale
91
92
80 Sale
77
7712
97 98
9312 99
8913 95
4634 4918
6012 Sale
45 50
99 9912
7818 80
7618 Sale
7312 7613
5434 _
Week's
Range or
Last Sale
34
Range
Since
Jan. 1
High
High No Low
Low
29
9012 98
9412
95
94 99
9434
9578 29
17
86
83 9214
85
67
71
71 June'23
9613
94
94 Mar'23
7314 7338
7338 Jan'23
63 6614
6313 July'23
7234 7278
7234 Apr'23
7418 Nov'22
79 June'23
9718 9812
9838 June'23
7913 7912
7814 July'23
8513 8512
8512 June'23
80 89
80 Aug'23
5
5934 6534
6012
60
9012 100
9814
98
4
7314 78
7614
7614
3 78
7878
7913
85
91
95
92 Aug'23
7928
8
80
77 8378
5
7718
75 82
7712
97 99
9834 June'23
9838 99
99 Feb'23
95 951s
95 June'23
1
4514 • 62
4934
4934
2
57 6518
6012
60
4 49 60
49
49
98 101
99 Aug'23
76 8112
79 Aug'23
7615
74
82
7878 10
75 8018
7513 Aug'23
95 may'22
'
t
.s4
BONDS
N. Y. STOCK EXCHANGE t•
Week ending Aug. 17.
"°.
Price
Friday
Aug. 17
Week's
Range or
Last Sale
Bid
Ask Low
High No.
Det United 1st cons g
s._1932 33 8518 8613 85
65
86
Diamond Match 5 f deb 7M s 1936 MN 10534 Sale 10518 10534 15
Distill Sec Corp cony 1st g bs 1927 AO 5118 56 51 Aug'23
Trust certificates of deposit_ _
28
5118 54 50
52
Dominion Iron & Steel 58_ _ _1943 ii 7434 79 7613
1
7613
Donner Steel 7s
1942 J J 8612 87 8612
8612
du Pont(E I) Powder 4Ms -1936 3D 88
88 May'23
duPont de Nemours& Co7s'31 MN 10778 Sale 10778 1081s 72
Du
rzubes
en
nteuL
ret 175A.2
& coil 68_1
193
46
93' 10318 Sale 10314 10412 40
J J
0878 June'23
East Cuba Sul; 15-yr of g 7Ms'37 MS -135- Sale 98
9914 "iio
Ed El III Bkn 1st con g 48_ _1939 33 88
89 8714 July'23
Ed Elec III 1st cone g &L.-1995 3' 97 102 100
4
100
Elk Horn Coal cony 6s
1925 J O 9612 9713 9713
2
9712
Empire Gas & Fuel 7).5s_ _ _ _1
1932
7 MN ' 9038 Sale 8918
133
91
&mit Gas Light 5s
MS 92
3
9513 9334
9334
Federal Light & Trac 6e_..1942 M
1
_
9614
9614
78
1953 MS 97 Sale 97
4
97
Fisk Rubber 1M e t 85
1941 MS 103 Sale 03
10418 20
Ft Smith Lt & Tr lot g 58-1936 M
77
8114 7018 Mar'23
Frameric Ind & Dev 20-yr 7%15
9
'4
42
2 .1 3 88 Sale 8614 '88
8
Francisco Sugar 7358
MN 100 101
7
101
00
Gm & El of Berg Co cons g 551949 3D 9238
9114 July'23
General Baking 1st 25-yr 68-1936 3D 100 1-01-13 00 July'23
Gen Electric deb g 3)0_ 198
42 FA 7812 80 7131s
12
79
Debenture 58
MS 100 Sale 00
10012 35
Gen Refr 1st s f g 621Ser A 1952 P A 9713 98 9714
6
98
Goodrich Co 6M5
1947 33 9912 Sale 9912 100
72
Goodyear Tire & Rub 1st 5!8
21
8'
9341 MN 11534 Sale 1514 11614 176
10-year t deb g
FA 102 Sale 0134 10218 45
Granby Cons M S& P con 6s 1
A
'
928 MN 8812 94 881 July'23
Stamped
MN 8813 _ 92 June'23
Cony deben Ss
1925 MN 9014 -94 92
5
9212
Gray & Davis 75
1932 FA 90
92 91 July'23
Great Falls Power 1st s f 5s-1
198
40
2 MN 9334 100 9834 July'23
Hackensack Water 48
ii 8014 81 82 May'23
Havana E Ry L & P gen 58A 1954 MS 8418 Sale 8212
8
8414
Havana Elec consul g 55_ .....1952 FA 9212 Sale 92
2
921
Hershey Choc 1st f g 6s
1942 MN 9884 Sale 9838
9814 84
Holland-Amer Line 65 (flat)-1947 MN 82 Bale 7934
5
82
Hudson Co Gas 1st g M....1
19
949
0 MN 9312 Sale 9312
1
9313
Humble 011 & Refining 5%3_1932 Ji 97 Sale 9614
9724 38
Illinois Bell Telephone 58w 1 193
56 ID 94 Sale 9378
9413 389
Illinois Steel deb 438
AO 90
9113 10
9118 9114
Ind Nat G & 055
MN 7512
79 July'23 --Indiana Steel 1st be
1952 MN 100 119
101
100
Ingersoll Rand jot 58
91935 33
6192
100
96 Nov'22 --Interboro Metrop coll 430.-1956 AO
934 July'23 -Certificates of deposit
514 Apr'23 -- _Guar Tr Co ctfs 16% stamped_
138 Aug'23 -Interboro Rap Tran let 58-1966 1-3 6314 Sale 6212
79
64
Stamped
54
94
63 Sale 6118
7
12-year 13s
1932 A0 5714 59 57
5734 15
1932 MS 8612 Sale 8534
7613 28
Int Agric Corp lot 20-yr 58-1932 MN 6313 97 6012 Aug'23
---Inter Mercan Marines!62r.-1941 A0 7328 Sale 74
7512 78
International Paper 58
1947 3.5 8313 Sale 83
8312
4
let dr ref Is B
J J 83
4
83
8334 8234
Jeff Clear C & I 55
1926 3D 74
75 95 June'17
Jurgens Wks 63(flat price)._1947.53 75 Sale 74
27
75
Range
Since
Jan, 1
Low High
82 86
1053s 10813
4714 64
4715 84
7813 8513
84 87
874 90
10558 10914
101 10412
10614 1081s
94 11314
91
86
9912 103
9812 9913
6612 9818
93 95
94
9614
97 98
103 10813
7018 7018
8314 9334
9914 10314
9114 9312
9913 101
7622 8012
994 103
97 101
9712 10114
1131s 11271
9928 106
8812 9212
92
92
92 100
91
90
97 100
8012 82
8114 8524
87 94
96 100
783.1 92
927s 95
9634 99
9313 9518
88. 9612
8012
79
99 10113
INDUSTRIALS
Adams Express coil tr g 48_ _1948 M S 80
8014 80 Aug'23 -- 80
803s
1936 J D 9312 94 9313
Max Rubber 85
9318 9912
9312
1
Alaska Gold M deb 624A__.--1925 M S
5
8
5
678 5 34113•'23 -1926 M S
Cony deb 68 series B
5
612
612 5 Aug'23 ---5
1928 A 0 9518 96 96
Am Agric Chem 1st Be
95 1001t
9614
7
1941 F A 9634 97 9513
28
lst ref f 7343 g
97
9612 10434
1933 A 0 9312 Sale 938,
9413 17
Amer! an Chain 65
9213 9758
9 59 8012
Am Cot 011 debenture 5e......1931 MN 6312 Sale 6214
8412
6e....1936
J J 104
Am Dock & Impt gu
10518 Dec'22
1937 A 0 8812 89 8814
Amer Republics 68
8812 n9
, "iirs 167;
Am Sm & R lst 30-yr 5e ser A1947 A 0 914 Sale 9034
8418 9234
9114 "'•
1947 A 0 10113 Sale 10142 102
6s B
83 9934 102
Amer Sugar Refining 6s
1937 J J 102 Sale 10134 1024 100 10013 104
Am Telep & Teleg coil tr 45_1929 J J 9318 Sale 9214
9078 9318
9318 93
16"
Convertible 46
1936 M
86 90
8612 9214 88 July'23 ---5
912
20-year cony 4s
1933 M S 10113 102 10014 July'23 -;-- 100 10212
13
125
tops .03 95 101
1946 J
30-year coil tr 55
98 Sale 97%
6912 7278
7-year convertible 65
1925 F A 11514 Sale 11514 11513 38 11313 11713
5712 7212
Am Wat Wks & Elm 58... 1934 A 0 84 Sale 84
8212 6
8434 37 6
82112
5278 7318
Am Writ Papers t 7-138
1939 J J 6212 Sale 62i,
6414
9
85 9424
Anaconda Copper 68
1953 F A 9738 Sale 9714
9554 9878
9718 376
55
8112
78
1938 F A 10038 Sale 100
9813 10434
10012 278
74 9034
Armour & Co let realest4%51939 3 D 8312 Sale 8314
8412 52 82 90
8812
81
Atlanta Gas Light 52
1947 J D 9578
8124 8834
Atlantic Fruit cony deb 724A-1934 J D 26
28 4012
Aug'23
34
20
Trust certificates of deposit__ - -- 26 Sale 26
22 4
34
29
912
WI;
"ii"
_
do stamped
- 27 26 Aug'23 -Atlantic Refg deb 58
1937 J
9612 9934 Kansas City Pow & Lt 5s..1952 MS 9012
9718 981s 9738
984 18
91
87
27
9013
Sale
9918
_
100 103 Kan Gas & El 68
Baldw Loco Works 1st 513_ -1940 M N 10014
1952 MS 9414 Sale 94
9312 9614
10034 Aug'23
9512 25
Barnsdall Corps f cony 8%11931 .1 J 95
9514 39 94 103 Kayser & Co 75
9612 9434
1942 FA 10338 Sale 10338 104
10218 107
11
9
63
,
9712
98
9514
Bell Telephone of Pa 5s
1948 J
9918 Kelly-Springfield Tire 8s
9714 9712
1931 MN
10734 15 105 10934
9612 100 Keystone Telep Co let 58-1935 J J 10734 Sale 107
Beth Steel 1st ext f 68
19263 .1 9812 981s 981;
99
3
-- -- ---- 9412 July'21 -- - 91
9718 Kings Co El L & F g 58----1
1942 M N 9518 9512 95
1st & ref 58 guar A
96
13
961 991g
19
93
25
7 A0 9712 _,--- 9914
1
9914
9
1936 J J 87 Sale 87
20-yr p m & imp s f 50
89
88
9312
Purchase money 68
1997 A0 11012 sale 11012 11012
2 10813 11312
40
96 100
• 1948 F A 9718 Sale 9712
68A
98
Convertible deb 65
M
__ 10438 July'23 ---- 10432 1044
1953 F A 90 Sale 89
s
9ols 31 89 9378 Kings County El Is! 48-1949 FA 100
70 74
68 -7-014 7038 June'23 ---7038 80
Booth Fisheries deb of 1321_ _ _1926 A 0
Stamped guar 48
80 july'23 -1949 FA
76
9 68
68
70 68
14
Braden Cop M colt tr 5 f 65 1931 F A 100 Sale 9934 100
9734 10014 Kings County Lighting 514_1954 J J 68
751s
8018
71
June'23
8234
7514
Brier Hill Steel 1st 5M8
1942 A 0 9414 Sale 9414
9112 9838 6Ms
9412 19
33 95
954 101
2
9512
9634
9512
2
B'way & 7th Av 1st c g 5a..1943 J D 61
64
6112 69 Kinney Co 7348
6312 6312
19
93
36
4 3D 10114 102 101
9914 10212
10112
3
Brooklyn City RR 58
1941 J J 847s 8518 8412
3 83 88 Lackawanna Steel 58 A_ _ _ _1950 MS 887s Sale
8412
87 9213
88
887s
6
Bklyn Edison Inc gen 58 A-1949 J J 9712 Sale 97
9713
8 944 99 Lac Gas L of St L ref & ext 551
,
1933
4 AG 92 Sale 91
6
92
8812 96
2 10012 10478 Lehigh C & Nov f 430 A._ 19'
1930.1 J 10313 10378 10324 104
General 644 Series B
3
53
4
3 9118
13813 9214
10 105 10814 Lehigh Valley Coal 58
General 75 Series C
1930
J 107 Sale 10612 107
33 9718 Ii323 :::: 98 10034
4 98
214 L
114,1:2
1940 .5 D 10812 Sale 1013
General 78 Series D
10912 24 106 10912 4s
'
3
__ 8318 Oct'21 ---Bklyn Qu Co & Sub con gtd be'41 MN 601. 64 65 July'23 -58 66 Lex Av At PP let gu g 55-1993 MS 88
1 "ii" WI;
47
40 -48 47
19413
1st 54;
7913 Nov'22
_ Liggett & Myers Tobac 78_1944 AO 119
8 112 119
Sale 11834 119
Brooklyn Rapid Tran g 58_ _1945 A 0 7038 75 7118
55 16
5s
7118
1951 P A 9612 9712 97
93 9814
9713
6
Trust certificates
64
79 Lorillard Co (P) 78
7018 75 7112
1944 AO 11814 119 117
71
'
2
9 11178 118
118
1st refund cony gold 4s..2002 J .1 5818 61
54
68
5513 Au8'23 -58
1951 FA
934 974
9613 96
9612 12
3-yr 7% secured notes._ _ _ l921 J .1 8618 8712 85
8434 95 Magma Cop 10-yr cony g 78_1932 3D 96
86
44 107 120
109 Sale 107
109
Certificates of deposit
84
9512 Manati Sugar 7348
8618 Sale 8614
1942 AO
87
964 102
13
9814 28
_ 81144 8212 8134
Ctrs of deposit stamped_ _ _
79
951s Manhat Ry(NY)cons g 48_1990 AO 9718 Sale 9738
8114 13
5678 6478
5812
6
5814
59
59
Bklyn Un El 1st g 4-58
_-1950 FA
79
85
8018 8112 8114
2d 45
8218
7
504 66
2013 J O 45
July'23
61
5012
2 81
1950 F A 8038 8114 8114
Stamped guar 4-58
8434 Manila Elec 75
8114
1942 M N 9712 9814 9712
9615 9834
98
3
Bklyn Un Gas 1st cons g 68_1945 M N 96 Sale 96
931y
100
Manila
Elec
Ry
&
of
Lt 58_1953 M S 8218 85 8212 June'23 --- 96
1,5
814 8478
1932 M N 109 Sale 109 • 10938 .
10712 11678 Market St Ry let cons 5s_ _1
75
1
19
,24 M
A0
S 9312 Sale 9314
91
9634
9313 15
4 10014 10512 5-year 6% notes
lot lien & ref 6.1 Series A 1947 M N 10378 Sale 103
10378
9434 99
9618 10
1929 M N 10818 109 10813 Aug'23
10718 117 Marland 011s f fis with war'nts'31 A 0 9618 Sale 0618
75
109
161
/
1
4
9
116
Sale
116
117
19323 D 91
Buff & Susq Iron s f 55
9113 9112
Without warrant attached__ A 0 10212 10314 102
9334 9113..Inne'23
10111 1074
102
1952 A 0 8212 8514 82 July'23
Bush Terminal 1st 4s
80 87
7M s Series 13
1931F A 11212 156 112
159
102
5
112
1955
11
J 8314 84
Consol 53
8218 8912
84
do without warrants
9124 10172
99 9812 Aug'23 -- -Building 58 guar tax ex_ _ _1960 A 0 9013 Sale 8934
85
9334 Merchants & Mfrs Exch 78._1942 J D 97
9012 11
95 10512
10512 65
9413 9814 Metr Ed Ist&ref g Co Ser B_1952 F A 1051s Sale 105
1937 MN 9514 97 9614
1
Cal & E Corp 521
9614
994
96
24
9818
Bale
9858
9814
Camaguey Sug 1st s f g _ _1942 A 0 9714 9814 9713
94
99 Metr Power 65
9814 24
1953 J D 9432 •9478 95
9418 9613
2
95
s f75'42 M N
5
9118 9712 Mexican Petroleum 5!86- _1936 M N 108
Canada SS Lines Uncoil7810634 10914
9314
94
10812
108
10818
8
6s.1942
F
A
10
Canada Gen Elec Co
93
11 Sale 101
10114 15 100 10313 Mich State Telep 1st 55
1924 F A 9918 Sale 9978 100
9938 1004
22
97 100 Midvale Steel &0cony s f 551936 M S 85
Cent Dist Tel 1st 30-year 55.19433 D
99 Aug'23
43 844 9112
Sale 8412
85
4
S6
87 994
Certificates of deposit_ _ _ _1936
Cent Foundry 1st 5 f 65_ _1931 F A 9
812 898914 97
9714
844
90
2
8418
8478
8428
8428
97 10018 Milw Elec Ry & Lt cons g Es 1926 F--A 9834 9914
Cent Leather 20-year g 55_1925 A 0 9712 Sale 97
9712 155
98 9914
9812 July'23 -1931 J J 120 122 119
7 11612 150
Refunding & exten 4%8_1931 3 .1 8038 9018 8938
Cerro de Pasco Cop Ss
12118
884
914
2
8938
J
9613
J
2
9514
92
9634
9514
Gen 58 A
9514
Ch L & Coke 1st gu g 58_1937
1951 J D 9018 Sale 8918
901s
9 8878 9215
1927 F A 7613 Sale 7638
7614 8378
1st 58 B
Chicago Rys 1st 58
1961 J D 82 Sale 8178
7772 27
8912
81
8278 16
1923 J D 9978 10014 9918 Jull'23
9913 10018 MUwaukee Gas L 1st 48
Chicago Tel 5s
1927 M N
9272 9454
---Aug'23
94
1932 A 0
98 1034 Montana Power lot 55 A_ _ _ _1943 J J -5iis filiiii,"
Sale 99
9912 40
Chile Copper 68 Ser A
93 9834
9418 38
9412
4
A
0
'56
68
95
9934
ref
99139618
1st
&
Tram
Elec
Montreal
1st
&
ref
Gas
&
55_1941
957
9614
8
9518
Cincin
J J 8838 89 8878
88 91
14
89
1961 A 0 96
9512 9812 Morris & Co lots f 4Ms__ _ _1939 J J _7613
97 967s
9738
7312 874
5Ms Ser B due Jan 1
Sale 7612
15
77
8512 8912 Mortgage Bond 48
'Colo F
1966 A 0
Co gen a 5s___ _1943 F A 85 87 87 July'23 -- -8-83
Apr'14
gu-1934
A
F
74
7413
Sate 7413
7912
55
75
Col Indus 1st & coll 5$
1932 A 0 il2i2 -ill; 9212 July'23 -- _ -Hi,
19273 J 9638 Sale 9638
95 9714 Mu Fuel Gas 1st Cu g 5s___ _1947 M N 9112 9312
963s _ _23.65.
'Columbia G & E 1st 58
8934 95
92 July'23 -5
1927 3 J 9614 9638 9614
9518 97 Niut Un gtd bds ext3%
9513 9518
961s
Stamped
1941 M N 9338
1993 MS 10
1214 20 Nassau Elec guar gold 48.._ _1951 J .1 59 -7-3- - 9518 Feb'23 -- -1413 1214 July'23
'Col & 9th Av lat gu g 5s
5514 674
58
July'23
92 93 Nat onal Acme 7)40
92 _ _ _2_
Columbus Gas 1st gold 58_.1932 J J -- _--- 92
1931 3 D 9412 9514 95
93 95114
9514 ---5
69
7512 Nat Enam & Stampg 1st 58_1929 3 D 9514 ____:__
70 69 Aug'23
Commercial Cable 1st g 444._2397 Q J 69
97 971s
June'23
9712
84
8914 Nat Starch 20-year deb 58..1
Commonwealth Power 68-1947 M N 8534 Sale 85
19
96
30
8614 19
2 DI
95 95
J
9328
1937 J J 10018 Sale 10018 10014
9312 10112 National Tube lot 55
97 101/1
Comp Am Bars 7s
9812 9912 9
9814
8
98
814
61
95 101 New England Tel & Tel 58..1952 3 D 9738 Sale
954
100
Computing-Tab-Rec s f 68.-1941 J J 100 Sale 9712 101 _.2_43_
97
977
2
51
7612 8728 New Orl Ry & Lt gen 4%8..1935 J J 67
7613 June'23
Conn Ry & L lat & ref g 4M8 1951 3 J
62 62
6
76
1951 J J 81 Sale 79
834 N Y Air Brake 1st cony 68_1928 M N 10113 104 18
81
Stamped guar 4s
12
1 100 104
10
6
2
0
2
8628 Sale 8612
8412 90 NY Dock 50-yr lat g 48_
7413 7913
861s 18
Cons Coal of Md Ist & ref 58 1950 J
1951 F A 78
6
79 7834
79
8918 9534 N Y Edison 1st & ref6%5 A.1
1941
9 A D
Con Co of Cb 1st gu g 58-1938 J .1 9312 9412 94 Aug'23
O 11014 Sale 10938 11014 116 10628 11212
8413 9212 NYGEL&Pg 58
1952 M N 8914 Sale 89
483
8912 18
9511 100
Consumers Power
2
Sale 99
99
99
Purchase money g 45
981s 100
7918 8314
1931 MN 97
9912 99 July'23
Cern Prod Refg s f g 5s
1949 F A 8212 83 8214
70
83
98 101 NY Munic Ry lot s f 5s A_19653 .1
1934 M N 991s ---- 9938 Aug'23
79 82
lat 25-yr 8 f 5s
82 June'23 ---8814 95 N Y Q El L & 1st g 45_ __ _1930 F A 961a 9712 9612 July'23 -8912 89 Aug'23
1943 F A 89
Crown Cork & Seal 68
96
99
16
82 94 N Y Rya 1st R E & ref 4s_ 1942 J J 2834 31
2312 3814
Cuba Cane Sugar cony _ _1930 3 J 87 Sale 8578
87
11
283
2812
Certificates of deposit
8712 984
3714
9138 Sale 9014
29
Cony deben stamped7s914 36
8%4-1930 J
29 Aug'23.--2812 31
213
30-year ad1 Inc 58
Cuban Am Sugar 1st coll 88_1931 M S 10612 107 1064 10643 12 10513 10813
a1942 A- 0
9
278
278
272 Sale
91
Certificates of deposit
9414
134 778
Cumb T & T lst&gen5s....111373 J 9238 Sale 911z
9234
68
214 132
17
18
2 92
.1
1116
4 j167,
223
14 __7
5912 69
---!.
NY State Rys 1st cons 4Ms 1962 MN 5912 Sale 5912
Denver Cons Tramw 5s_ _ 1933 A 0
so
2
42 )154 16. 6M8
90 9713
Den Gas& E L 1stAref f g Es'51 MN -8ii2 iti1962 M N
19
55 99 N Y Steam 1st25-yr 6s Sec A 1947 M N 9228 Bale 9238
92 98
75
Dery Corp(DC)76
1942M S 7412 78 72
9334 42
9444 100i8 NY Telep let & gen 450_1939 MN 94 Bale 9378
941
49 9080 6413
Detroit Edison 1st coil tr 58_1933 3 J 99 Sale 99
9934 10
90 98
30-year deben 166...Feb 1949 F A 10614 Sale 10618 1061
48 10314 10818
k1940 M S 9514 Sale 9414
Ist & ref 58 Series A
9514 26
1st & ref 65 Series B
k1940 M 13 104 Sale 0318 10418 20 101 1641s 20-year refunding gold 58_1941 A 13 10514 Bale 10514 1051
49 10218 10814
•No Wee Friday;latent bid and asked. a Due Jan a Due April. dDne March. Due May. g Due June. h Due July. k Due Aug. o Due Oct. 900e Deo. /Option sale•
--
THE CHRONICLE
AUG. 18 1923.]
New York Bond Record-Concluded-Page 5
771
Quotations of Sundry Securities
All bond prices are "and interest" except where marked 'f"
Railroad Equipments PerCt. Basis
Standard 011 Stocks Par Bid Ask
Price
BONDS
Week'sRange
5.65 5.35
*1414 1412 Atlantic Coast Line 68
1...,
Anglo-American Oil newRange or '
Since
Friday
N.Y.STOCK EXCHANGE
107
110
Mita - _ --- _ __ 5.50 5.30
Equipment
100
Aug. 17
Atlantic Refining
Last Sale
rat3
Jan. 1
Week ending Aug. 17.
5.80 5.40
100 114 117 Baltimore & Ohio 66
Preferred
Equipment 4,545 & 58____ 5.60 5.35
100 120 130
High Borne Scrymser Co
Ask Low
Bid
High No. Low
10012 13
100 Sale 100
Buckeye Pipe Line Co-.50 *86 87 Buff Each & Pitts equip tle_ 5.50 5.20
9514 101
Niagara Falls Power 1st 56_ _1932
01932
10414 Sale 10312 10414 16 1014 105
Chesebrough Mfg new-100 220 225 Canadian Pacific 4345 & 1311_ 5.50 5.25
Ref da gen 68
5.60 5.30
100 110 113 Central RR of NJ (18
9938 ____ 994 July'23 ---Preferred new
98
Nlag Lock &0Pow 1st 58.-1954
9912
5.75 5.45
1952
914 Sale 9138
9334 173
Continental Oil new___ 25 *33 35 Chesapeake & Ohio (is
91
96
No Amer Edison 136
.5.60
5.30
•18
6is
Equipment
1812
1947
50
6s
Co-Light
Line
923
Sale
&
931.
Pipe
Trac
9312
Crescent
4
21
Ohio
95
90
Nor
5.60 5.30
Equipment56
9012 19
90 Sale 90
Cumberland Pipe Line-100 107 112
8733 93
Nor States Power 25-yr 5s A-1941
100 Sale 100
Eureka Pipe Line Co_ --100 101 103 Chicago Burl & Quincy 6s_. 5.65 5.30
9833 102
100'a 14
1st di ref 25-year 68 Sec B-1941
78 107 108
1074 Sale 10712 108
Galena Signal Oil com-100 60 62 Chicago & Eastern Ill 540. 6.15 5.50
Northwest'n Bell T 1st 75 A-1941
100 113 115 Chicago & North West 4345 5.45 5.20
9133 9212
8934 ____ 9112 May'23 ---Preferred old
North W T let fd g 4s gtd-1934
5.70 5.40
100 105 108
Equipment6s
4 101 108
10314 Sale 10314 10311
Preferred new
Ohio Public Service 74.4 a_ _ _ _1946
5.50 5.25
Equipment634s
1947
5
10034 10134 10013 1011
9934 1054 Humble 011 & Ref new. 25 *30 3013
78
16
96
98 Sale 95
Ontario Power N F 1st 56 _ _1943
9234 9633 Illinois Pipe Line-------100 158 159 Chic R I & Pac 4%s & 5s _ _ _ 5.75 5.40
*9712
25
5.85 5.50
Os
5a......1945
Equipment
1
9314
9314
9214
93
Transmission
934
984
Imperial OU
Ontario
96
1941
2 96 1014 Indiana Pipe Line Co-_ 50 *96 98 Colorado & Southern(is-. 5.75 5.40
96 Sale 96
9614
Otis Steel 88
5.65 5.35
1514 Delaware & Hudson as
9234 Sale 9112
12
93
9012 9473 International Petroleum-(t) *15
1st 25-year a f g 7M s Ser B 1947
6.25 5.75
91)34 49
9034 Sale 9014
Pacific G & El gen di ref 58_ -1942
884 9314 Magnolia Petroleum-100 132 135 Erie 4441. & 55
6.25 5.90
Equipment6s
9173 9214 9114 Aug'23 - -- National Transit Co-12.50 •24 2412
Pac Pow&Lt lat&ref 20-yr 56'30
897s 94
5.65 5.35
1937
9673 Sale 9633
Pacific Tel & Tel 1st 56
9434 9912 New York Transit Co---100 97 100 Great Northern (23
968 14
5 104 105 Hocking Valley 138
00
1952
5.85 5.50
91 Sale 9038
9114 43 88 9212 Northern Pipe Line Co--12
re
*5513 57 Illinois Central 4345 & 5e___ 5.40 5.20
5 102 10533 Ohio 011 new
10314 1034 10318 1034
Pan-Amer P & T let 10-yr 78 1930
25 *11
5.65 5.35
13
Equipment(is
9233 94
9233 9418 924 Aug'23 -__
Pat& Passaic G & El cons 58 1949
Penn Mex Fuel Co
178 180
106 10778 10612 July'23 - - -- 105 108
Equipment 76 & MO.-. 5.50 5.25
Peop Gas & C 1st cone g 6s.1943
Prairie Oil& Gas new-5.40
10313
00
1
_1
_
5.85
_
(is10212
Michigan
1947
new_
8913
&
Kanawha
8912 92 8914
2
Refunding gold re
87
g
Line
inia
rpeL
Pi
Re
Prarie
94
5.60 5.25
170 180
1944
Equipment 44.68
1014 Sale 101
10138 35
9836 10112 Solar
Philadelphia Co 66 A
00 96
1938
100
97 Louisville & Nashville IN-__ 5.65 5.35
90
52
91
9034 90
8812 91
5%8
Southern Pipe Line Co--1
5.50 5.25
112 115
1943
71
714 17 654 824 South Penn 011
721. 71
Equipment6548
Pierce-Arrow 88
1931
8613 874 867s
8812
8 844 98
Pierce Oils f 88
Southwest Pa Pipe LInes_100 82 83 Michigan Central 5 & 65.._ 5.50 5.25
25
5.75 SAO
(California)
44is&56
MinnStPdiSSM
_ _ 9013 July'23 ---4
3
50
*5014
89 90
Pleasant Val Coal 1st e 8 f 58 1928
Standard 011
Equipment Ois & 78..- 5.85 5.45
90
924
- 92
9214
2
93Pocah Con Colliers 1st s f 5s-1957
90
9433 Standard 011 (lndiana)-- 25 *5318 5314
9313
42 Missouri Kansas & Texas 68 6.00 5.50
9312 94
9112 984 Standard Oil(Kan)..... 25 *41
1
9312
Portland Gen Elec let 5.3.- 1935
5.85 5.50
8734 88 8734
8414 88
4
8734
Portland By 1st & ref 50-1930
Standard 011 (Kentucky) 25 *88 90 Missouri Pacific 65 & Mis
5.75 5.30
83
8373 83
82 804 Standard 011 (Nebraska) 100 215 225 Mobile & Ohio 4348 & 5s
837s 23
Portland Ry,Lt& P let ref 56'42
&
5
0
2
Jer-10
5.50 5.25
56
*3312
1947
Central
4445
941
9612 Sta
York
9414 9412
New
94
New
2
94
of
4
333
011
red
d
r
r
e
a
f
d
re
n
Os B
p
11514 11534
5.70 5.40
3 1037e 10714
Equipment65
10438 Sale 10438 1047
1st & refund 7;i5 Ser A-1946
5.55 5.35
2 1014 1054 Standard Oil of New York 25 *3938 3934
Equipment 7s
10412 10512 104
10432
Porto Rican Am Tob 86-1931
1933
5.35 5.00
9114 18
8912 ____ 9114
8733 914 Stan
011(Ohio)-----100 280 288 Norfolk & Western 454s
dfaerrdred
pre
Pressed Steel ar158
11612 Sale 116
5.50 5.35
116 117 Northern Pacific 75
3 116 1334
Prod & Ref ef8s(with war'nts)'31
11612
attached...
100
5.50 5.30
'al-.
32
34
104
Express
Fruit
103
1081
103
103
9
10278
warrants
Pacific
Finch
&
Swan
Without
3
100 8512 87 Pennsylvania RR eq 55 & Os 5.60 5.20
814 85
82 Sale 8114
35
82
Union TankCar Co
Pub Serv Corp of N J gen 5s.1959
105 108 Pitts & Lake Erie 6445
1937
5.50 5.25
108 Sale 107
108
65 104 124
Preferred
Punta Alegre Sugar 7s
1968
5.80 5.40
67 Sale 6612
Equipment Os
6734 263 854 7433 Vacuum Oil new -------25 *4433 444
Rapid Transit Sec 66
1937
9433 11
5.35 5.10
94 Sale 9312
10 •23 25 Reading Co 4Yis & 55
Washington OU----Remington Arms lis
907s 96
961a
6 89
St Louis & San Francisco 58, 5.80 5.45
: 9134 91
901
92
Other 011 Stocks
Repub I & S 10-30-Yr 588 f-1940
1953
88 89 88
6 87
88
944 AtlanticIqbos Oil------00 *234 314 Seaboard Air Line 4348 & 505.90 5.50
ais
1952
50 *6
12 Southern Pacific Co 4348.. 5.35 5.10
9612 99
1
984
Preferred
Robbins & Myers s f 76
9612 9712 964
25 *5013 51
5.50 5.25
90
Jan'2 ____
91
91
Equipment 7s
91
Gulf 011 new
Roch & Pitts Coal& Iron 58-1946
5.60 5.35
93
85
9034 -9i 85 July'23 ____
Mexican Eagle 011------ 5 *412 513 Southern Ry Ois& 56
Rogers-Brown Iron Co 78-1942
914
5.85 5.50
Equipment6s
Mutual 011
79 Toledo & Ohio Central 68--- 5.85 5.45
76
1937
79 78
78
78
7814 National Fuel Gas
77
1
St Jos Ry, L,H & P re
5.45 5.20
844
8578 Dec'2 --- - ---- ___ Salt Creek Producers.-- 10 *1634 1678 Union Pacific 76
St Joseph Stk Yds 1st 8 4)is 1930
178 2
801s -844 Sapulpa Refining---------5
80 81-4 801a Aug'23 --__
St L Rock Mt & P 56 stmpd-1955
1924
Tobacco Stocks
5714 594 60 June'2 --Public Utilities
St Louis Transit 58
60 62
79
1937
50 *3614 3712 American Cigar common 100 76
(8)
92
9318 92 June'2 ____
92 9334 Amer
St Paul City Cable 5e
eraa& Elec
rfG
*41
42
100 80 86
1942
Preferred
8 103 1034
103 Sale 103
l037e
Saks Co 78
9234 9312 Amer Machine & Fdry 100 140
San Antonio Pub Ser as__ 1952
9434
90
904 9'2 92 Aug'23 ---Deb 63 2014----- Sharon Steel Hoop 1st 86 ser A '41
99 Sale 99
9934
Amer Light & Tree com-100 118 120 British-Amer Tobac ord. .51 *2373 -14-1;
5
97 104
*234 2412
100 89 91
1942
Bearer
Sheffield Farms 6344s
9912 103
10133 Sale 10133 10133 10
Preferred
Sierra di San Fran Power 56-1949
8714 861:
3 8212 871, Am
87
874
er & Lt coin..100 163 166 Helme (Geo W) Co, new 25 .49 51
ed
ow
err
perrefP
110 115
100
8114
8214
Preferred
Sinclair Cons Oil 15-year 78-1937
94 Sale 9333
9633 165 9333 1011,
1938
Mis B (w I)
88
8873 Sale 88
91 1007
9714
Deb Os 2016--------WI" 9214 93 Imperial Tob of G B & Irel'd •1513 1634
50 60
35
40
-100
Machinery
-100
1925
Cigar
Int
coin
Sinclair Crude Oil 5%8
Util
9612 Sale 9612
9773 54
9513 10034 Amer Public
70 Johnson Tin Foll & Met.100 80 90
1926
6s
9534 994
96 Sale 96
9713 66
7% prior pref--------100 65
40
43 MacAndrews & Forbes_ _100 129 132
1942
Sinclair Pipe Line re
82 894
84 Sale 82
177
84
100 94 98
40 45
Preferred
South Porto Rico Sugar 78-1941
100 Sale 100
9813 1021,
10014 14
4%
6
100 26 29
South Bell Tel & T lat s f 56_1941
9412 Sale 944
944 16
Blackstone Val G &ECom 50 *70 72 Mengel Co
9034 99
73
_100
77
Tab_
-1947
67
com-100
70
Rican-Amer
Southern Colo Power 6s
Porto
8812 91 88 Aug'23 __
Lt
8712 92
Carolina Pow &
75
Scrip
98 Sale 9712
Stand Gas & El cony a f 66.-1926
8 964 994 Cities Service Co con'--100 133 134
98
1930
100 641 65 Universal Leaf Tob com-100 90 116Standard Milling 1st 56
9673 Sale 9678
9 96
9673
Preferred
9914
100 89 92
01931
14
CitiesServIceBankers'Shares *13
Preferred
Standsql 011 of Cal 75
101 .107
--------104 July'23
100 100 106
19 Young (J Si Co
00 18
10
105 Sale 10434 105
Steel & Tube gen 6 f is ser C-1951
44 100 1071, Colorado Power coin---1
89
100 100 106
9754 55
Sugar Estates (Orientl) 75.-1942
9734 Sale 96
93
Preferred
96
994
Preferred
f_t__ 10
reL
0 28 29
00
Syracuse Lighting let g 58.1951
___ 9114 July'23 ____
9013 914 Com'w'th Pow,Ry &
Light &Power Co col Ire f 58'54
8334 85 8618 July'23 ____
9184311 864 Com'w'th Pow Corp pref 100 681 6912 Rubber Stocks(Cleveland) •64
85 87 Firestone Tire& Rub corn 10
99 100 99 July'23 -__
Tenn Coal, Iron & RR gen 58,51
Consumers Power P
98's 101
100 90 94 Tennessee Cop let cony 6e 1925
9912 10012 9931 Aug'23 ___ _
9934 1014 Elec Bond & Share pref-100 953 9634 6% preferred
0
0
1
94 Sale 9214
*59
Tennessee Elec Power 68--1947
100 81
61
)
l
(
Traction
94
92 95
29
7% preferred
ight &
Led
preerfaelrr
Fed
1980
fif
68 70 General Tire & Rub corn 50
56
Third Ave 1st ref 48
57 56
5612 10
5213 65
5034 Sale 4834
Adjustment income 58- filen
97
100
Preferred
45 623. Lehigh Power Securities-(t) *2014 2114
5034 76
1937
00 22 23 Goodyear Tire & R com _100 10
9113 94 91
Third Ave Ry 1st g 58
1014
91
1
90 954 kflaslasippi Rh,Pow corn 110
1931
102 Sale 102
Tide Water 011 6)i8
80 83 Goody'r T&R of Can pf _100 0834 8412
10212 31 102 105
Preferred
105 106 105
Tobacco Products s f 713-J931
10514 20 10234 1051.
First mtge 58, 1951-J&J 931 9412 Mason Tire & Rub corn_(5) *212 234
1941
78
10712 Sale 107
Toledo Edison
100 24 25
10712 14 10513 10753
Proferred
S F g deb 7s 1935-M&N 100 102
1925
98
981. 98
Toledo Trac, L & P 6s
51 Miller Rubber
98
100 -- 67
7
9713 9911 Nat Power & Lt coin- -(I) *50
924 95
91
_ _ __ 9214 July'23 _ _ _ _
Trenton G & El 181 g 5s_..1949
9612
100
(5) .84 85
Preferred
Preferred
Undergr of London 4A s_ -- -1933
85 _ _ __ 924 May'23 __
86 87 Mohawk Rubber
1012
9078 9314
100
Income Ts 1972-----1948
874 _ _ __ 864 May'23 ____
Income 6s
49 - 62
864 8814 Northern Ohio Electric-(2) *10
12
Preferred
1942
971. Sale 964
5
Union Bag & Paper Os
100 22 25 Selberling Tire & Rubber(5) *4
9713
fi
95
Preferred
99
2
963
9634
Union Elec Lt & P 1st g 58.-1932
Ws
974 North States Pow com-100 *92 94
92
100 45 55
Preferred
1933
904
a-92 9034 Aug'23
21
_
100 92 95 Swinehart Tire & R cora_100
8814 92
55
Preferred
70
Union Elev (Chicago) I8.....1945_ _ _. 7312 70 June'23 _ _ _ _
100 40 50
70
70
sElec Co com-I00 65
Nor
Preferred
1931
96
96 Aug'23
95
90
Preferred100 70
Union Oil Is
75
c1942
100 10033 10012 10038
4
994 1024 Pacific Gas & El 1st pref 100 89 90
as
Sugar Stocks
103 Sale 103
104
12
8 1024 105
53
Union Tank Car equip 70__ -1930
50 *9
6 Caracas Sugar
Power Securities com1941
11112 Sale 111
11112 15 110 1133,
83
United Drug cony 83
19 Cent Aguirre Sugar corn. 20 *80
Second preferred ------(I) *14
1
94 Sale 94
94
92
100 95 97
United Fuel Gas 1st s f 6s.-1936
98
Coll trust Os 1949-J&D 75 82 FaJardo Sugar
9214 Sale 9214
9214 17
65
874 974 • Incomes June 1949-F&A /55 60 Federal Sugar Ref cons_ _100 61
United Rys Inv 5s Pitts Issue 1926
59
591: 60 July'23 _ - _ 100 90 105
United Rys St L 1st g 4a---1934
Preferred
5812 631t Puget Sound Pow &IA--100 46 49
16
88
89 88
89
3 8612 93
United SS Co ink rcts ft.._ -1937
6% preferred--------100 80 83 Godchaux Sugar, Inc_(t) *10
1942
78
994 9812 100
99
100 70
10
United Stores 66
98 1011.
Preferred
7% preferred --------100 al00 103
1932
102 103 10212 103
9 10013 1031;
U S Hoffman Mach 8s
Gen mtge 744s 1941- aidiN 10334 10514 Great Western Sugar new 25 *72 77
10013 10212 10018 10013
US Realty di I cony deb g 581924
100 12
1
99 1003, Republic Ry & Light--1
15 Holly Sugar Corp com (t) .20 26
76
8673 Sale 86
100 70
U El Rubber let & ref Seger A 1947
874 93 85 894
40 43
Preferred
Preferred
1030
10613 Sale 106
10673 38 10513 109( Sop
10-year 73.it;
100 101 102 Juncos Central Sugar. _100 90 110
lif Edison com-1
hfeCr:ed
tirte
92
89
99 100 9913 100
US Smelt Ref & M cony 66-1926
14
Relining_100
113 116 National Sugar
9912 102
d1963
95 1120
10213 Sale 10112 10236 162 10034 104
U S Steel Corp{coupon
Standard Gas& El(Del) 50 *2513 2612 New Niquero Sugar
5 10
,. _ _ _ _ _ _ 101 July'23 __ 100 104'1
3(10.60-yr re registered _d1963
5 *4712 4812 Santa Cecilia Sug Corp pf 100
Preferred
_1944
55....
Traction
Sale
&
804
8013
81
Utah Light
23 804 913, Tennessee Elec Power-(I •12
13 Savannah Sugar com---(I) *57 60
•40 42
1944
83
884 Sale 884
100 79
Utah Power & Lt 1st 55
89
27
Preferred
8534 92
Second preferred
955i 9558 Aug'23 _ __
Utica Elec L & Pow 1st a f 58 1950
95 953. United Lt & Rys com---100 137 141 Sugar Estates Oriente pref_. 85 90
1957
-_
8938 Sale 894
Utica Gas & Elec ref 58
89314
1
89
78 80 West India Mg Fin com_100
921,
1st
preferred
0
10
To)
(6
_ 35
100 10014 100 Aug'23 _
100
Va-Caro Clicm lat 15-yr 56_ -1923
9934 100,, Western Power Corp---100 26 27
Preterred
1947
82 Sale 81
7s
8214 83
100 76
75
821;
78
Preferred
1937
6012 Sale 60
12-years f 7%8
6212 136
5484 941.
Securities
I ndustrial&Miscoll
Short
Term
60 6l12 58
Without warrants attached_
5934 35
68
903 Am Cot 011 Os 1924..M&S2 94 95 American Hardware__ _ _100 57 58
75
92 95 9312 Aug'23 _- __
Va Iron Coal & Coke let g 5a 1949
dfounders corn 100 72
yr
err
rfT
Am4e
92 951; Amer Tel&Tel 66 1924-F&A
1934
100 98 100
837s 8434 85
01:4 10%1
85
Va Ry Pow 1st & ref 56
2
M
87
AnacondaCop Mm 6s'29 J&J 100
1942
21
*19
9734 Sale 97
Vertientes Sugar 78
9734 28
96
99
Anglo-Amer0117%8'20 Adt0 102 10213 Bliss (E W) Co new.. (I) .58
1941
50
10212 Sale 10213 103
Preferred
Warner Sugar 75
3 1013e 106
Federal Bug Ref 135'24- M&N 101 10114
1939
_ 9912 Aug'23 ____
M&N 9713 98 Borden Company corn._100 117 120
Wash Wat Power a f 156
984 99(
68 1933
100 100 102
944
_- 95 July'23 ___
9912-9712
Weetches Ltg g 55 stmpd gtd 1950
Preferred
9313 951, Hocking Valley 63 1924 M&S 1004 10012
100 80 90
9234 Sale 9012
West Penn Power Ser A 58.-1946
9234 37
-_ Celluloid Company
88 96
Interboro R T 85(922..M&S
100 108 112
10112 Sale 101
1st 40-year 65 Series C_ ---1958
10112
2 100 1021: K C Term Ry Os'23 M&N15
21948
10513 Sale 1044 10513
Company com100 134 137
1st series D 76
J&J 10
-04 ChPiredefegoed
."
6 1
63
8 10213 1071
1340 July 1931
100 108 110
1963
8713 Sale 8734
Preferred
56 E
88
7
87 888 Lehigh Pow Sec 68'27-F&A 924 93
100 98 103
9833 9930 9833
Western Union coil tr cur 68-1938
9933
8
Slose-Sheff EMI 68 '29.F&A 964 97 Hercules Powder
96 100
100 101 103
93
Preferred
9378 94
Fund & real estate g 4Si8-1950
94
1
89 93
U S Rubber 75 1930_ F&A 10513 107
100 7812 891a
Salt
1936
International
10912
Sale
6s
10913 110
g
15-year
16 1054 1117, Joint Stk Land Bk Bonds
10724 Sale 1071: 1077s 49 10512 10811 Chic Jt Stk Land Bk 55-1951 10012 102 International Silver pref 100 104 108
Westinghouse E & M 76._ _1931
Coal
Valley
94 2 94
Lehigh
50 *75
94
Sales
102
10012
78
Wickwire Spen Steel 1st 78_ _1935
1932
98
91
2
9412
531 1952 opt
100 150 160
941: Sale 9414
Wilson & Co let 25-yr s f 68_1941
9534 46
102 10412 Phelps Dodge Corp
944 102
5I6 1951 opt 1931
1928
8434 Sale 8412
994 101 Royal Baking Pow com-100 120 130
10-year cony a f 65
8633 25
434s 1952 opt 1932
83 98
Preferred
1931
100 98 100
9533 Sale 95
98 9913
964 95
Ois 1952 opt 1932
93 105
7558
9913 101 Singer Manufacturing_100 111 113
1941
103 10314 10312 10334
Winchester Arms nis
4 1004 106
Oie 1963 opt 1933
99 Sale 99
9933 14
Young'n Sheet & T(is(w 1)- _1943
99
991
•Per share. 5 No Par value. b Bads. d Purchaser also Pays accrued dividend.
•No price Friday;latest bid and asked. a Due Jan. d Due Apr. C Due Mo. e Due e New stock. f Flat price. k Last sale. a Nominal. x Ex-dividend. y Ex-rights,
May. p Due June. h Due July. k Due Aug. o Due Oct. p Due Dec. a Option sale. g Ex stock dividend. a Bale price. eCanadlanquotation.
m,
,
120.4amgm.,
zsz,,oraeo-.1
gZZZ'IPPw%:Zo'$a)ZZ zo-im..wmo4malo.coo -soz.gmczm,,oncein4m - zozona4m',z-lzo4<zzoom,
-,ozmwoo-sZ44"14viZ400z
,
44-.EE
-,4EEE446.,41Eww-fw..EwE4EILEE.EEE.,
'd
kI
u
4'4
--
772
BOSTON STOCK EXCHANGE-Stock Record SeeWage
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 11.
Monday.
Aug. 13.
Tuesday,
Aug. 14.
Wednesday, Thursday,
Aug. 15.
Aug. 16.
Friday,
Aug. 17.
0146 148
147 147
146 148
146 146
147 147
147 148
78
7813 +79
7934 79
7912 79
7912 7912 79
79
79
*9112 9212
9112 92
092
924 *92
92
9212 92
•113 114 *113 114
113 113 0113 114
114 114
114 114
98
98
98
98
98
98
•9838 100
99
9338 99
99
*1212 __
1212 1212 1212 13
1214 1213 *1212 1312 *1214 1312
*15
19
*15
19
15
15
*15
19
0115
19
---*1912 ____ 020 ___ .20 ____ 20
20
020
---- ---027 ____ •27
•27
____
28
28
028
---*24 ____ +24
__
25
28
025
25
35
35
•34
_
35
35
*35
36
013514 140- *13514 140
133 135 *13514 140
13514 13514 13514 ISS.C4
•25
28
025
26
25
25
*23
26
25
25
•____ 64
6312 6312 *___ _ 6312 0_ _ 64
___ 64
54
▪
54 0▪ _ 54
53
53
53
53
*36
39
*38
39
036
39
_
*36
37
*36
37
•36
37
*3312 -36-1-2 036- 06
- -1-2
_ __ 29
025
29 .28
29
*28
29
028
29
•-1138 1138 01118 1138 114 1118 111$ 1138 124
1278 13 -1-3-3-3
4 *65
7034 °65
7034 065
7034 •-__ 7034
.
90 *_-__ 90 •____ 90
1°83
•80
84
080
GO
--__ 66 •____ 65
65
6514 65
65
65
65
0128
32
O27
32
____
*30
32 028
32
*73
761-4 -itit-i
7734 076
77
76
7612 -
Sales
for
the
{Peek.
STOCKS
BOSTON STOCK
EXCHANGE
5133 64
Railroads
333 Boston & Albany
100
87 Boston Elevated
100
10
Do pref
100
45
Do lot pref
100
71
Do 2d pref
100
68 Boston at Maine
100
2
Do pref
100
27
Do Series A 1s1 pref
100
20
Do Series B tat pref
100
Do Series C tot prof_.100
50
30
Do Series D Ist pref
100
8 Boston Si Providence
100
96 East Mass Street Ry Co_ _100
21
Do tot pref
100
80
Do prof B
100
Do adjustment
100
East Mass St Ry (tr otfs)_100
Maine Central
100
676 N Y N Fl & Hartford
100
Northern New Hampsbire_100
Norwich di Worcester pref_ 100
130 Old Colony
100
Rutland prof
100
84 Vermont & Massachusetts_100
Lowest
Highest
Lowest
Highest
143 Apr 3
75 June 29
91 12 Aug 9
111,8 Aug 2
93 Aug 9
1014July 30
14 July 28
19 July 17
26 July 10
25 July 3
34 July 18
135 July 21
18 Feb 15
6312 Aug 13
53 Feb 24
3413 Feb 13
3412 Feb 15
28 July 27
934July 5
69 June 28
80 June 12
65 Aug 14
25 May 14
76 Aug 16
151 June 14
84 Jan 5
100 Mar 6
125 June 12
106 Mar 5
2012 M ar 2
27 Feb 13
3212Mar 1
48 Feb 6
42 Mar 22
59 Feb 7
16013 Jan 25
35 Mar 22
72 Jan 16
65 Mar 19
46 Mar 22
45 Mar 21
43 Jan 2
2212 Jan 30
84 Feb 3
100 Jan 3
81 Feb 14
384 Feb 20
98 Jan 11
13014 Jan
7313 Feb
944 Mar
116 June
10113 Nov
Jan
14
Jan
20
Jan
22
Jan
36
Jan
30
Jan
40
Jan
125
18 July
66 Aug
51 July
28 July
29 July
2712 Jan
1214 Jan
69
Jan
58
Jan
57
Jan
Jan
15
Jan
78
152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3112 MaY
37
Apr
4412 Apr
62 May
54 Mal
7713 May
163 July
2638 July
77 July
60 Nov
47 Ang
47 Aug
Oct
55
3478 May
96 July
10334 Dec
+4 May
June
,
Aug
1
313 Jan 9
20 Jan 10
12534 Mar 14
112 Jan 5
88 Jan 5
1612 Mar 14
2018 Feb 14
10812 Feb 24
.30 Jan 25
27 Mar 19
4 Jan 2
1418 Mar 5
12712Mar 22
172 Jan 3
1078 Jan 2
2913 Feb 5
1538 Mar 3
212 Dec
Feb
13
11438 Jan
Jan
104
80 Nov
II Nov
Jan
13
10434 Aug
.10 Sept
1534 Jan
Jan
3
7 Dec
3812 Jan
156 Mar
3 Mar
28 Dec
9 Nov
44 Jan
2014 Aug
12814 Aug
121 Dec
91 Aug
2012 May
22 May
107 Dec
50 May
3078 Dec
6 Apr
1414 Feb
894 Oct
185 Sept
13 May
39 Aug
1614 Apr
2714 Feb
5438 Dec
3838May
Jan
32
85 Dec
612 Mar
Apr
17
1113 JUne
13
Jan
9018 NON
Oct
74
Oct
181
2738 June
34 Aug
8512 Oct
114 Jan
Jan
5
125 Sept
Oct
28
102 Dec
16 July
3 Mar
718 Apr
11012 Sept
8112June
1414 Feb
45 Mar
'2712 July
3312Ju11e
a )iz Dec
1134 Apr
4) Apr
Opt
13
3534 Sept
3814 Oct
4434 July
21 May
Miscellaneous
lAmer Pneumatic Service_ 25
114May 4
30
Do pref
so 13 Aug 7
1,803 Amer Telephone At Teleg_.100 119 June 29
112 Arnoskeag Mfg
No Par 76 July30
Do pre(
No par 277 July 10
Art Metal Construe,
10 15 Mar 1
Atlas Tack Corn
Inc..do Par
10 July 2
25 Boston Cons Gas Co. pref-100 105 Jan 22
O.20 .35
.20 .23
.22 .22
2,900 Boston Mex Pet Trus_No par .10 Jan 18
20
2073 204 21
2012 21
2014 2012
304 Connor (John T)
10 19 July 5
314 *3
*3
3,4 *3
314 *3
314
East Boston Land
10
3 June 25
81
*712 814 •7
7
7
5
73s 712
25
Eastern Manufacturing _ 5
7 June 28
7513 7512 7413 7412 75
7513 754 7538
530 Eastern SS Lines, Inc
25 6834July 39
165 165
16413 165
16412 165
502 Edison Electric Illum
16414 16434
100 160 June 28
.312 5
*313 5
*313 5
*312 4
Elder Corporation
NO Par
312June 30
*514 __-514 514 *514
60 Galveston-Houston Elec__100
5 July 9
----I
Gardner Motor
No par
9 July 2
16
016
16
17 •16
171 016
17 I *18
17
30 Greenfield Tap at Die
25 1512June 12
54
54
54 .54
54
5414 5413 55
56
56
214 Flood Rubber
No Par 54 Jan 8
O3312 35
3512 3.512 35
35
03413 3512 +34
23, Intermit Cement Corp-No Par 32 July 2
3514
•-__ 14 +____ 14 +____ 14
14 •____ 14
i Internet Cotton Mills
30 13 June 19
*54
5.5
0155
56 , 054
5.512 *54
56
5
54
54
Do pref
100 50 May 31
3
*2
*2
212
2
2
*134 213 *112 214
25 International Products_No Par
112June 6
*312 7
*312 7
*313 7
*312 7
*312 7
Do pre!
100
412June 20
*612 634
634 634
714 714
7
7
7
7
7
416 Libby, McNeill & Libby
7
10
5 June 22
9
9 02914 10 I
914 914 *9
914 912
101 Loew's Theatres
812 9
911
25
814June 27
*81
8112 8013 8113 8014 8014 81
81
261 Massachusetts Gas Cos._.100 7812May 22
8014 8138 8013 81
66
6618 66
6613 6618 67
6734 6734
108
*67
_
Do
prat
100
65
July 7
155 155
153 153
153 153
15.5 155
15534 15534 156 156
60 Mergenthaler Linotype__ A00 147 June 19
0613 8
713 712 06
712 *612 713
30 Mexican Investment, Inc_ 10
613 6,2
612July
28
2212 23
2112 25
23
23
2213 23
2212 2212 22'2 2212
600 Mississippi River Power
100 1834July 6
O8012 82
*8012 82
*804 82
82
82
16
82
Do stamped prof
82 I
100 80 Jan 16
034 37s
338 358
378 378
34 338
88 National Leather
333 313
10
314June 27
312 312
314 312 1,425 New England 011 Corp tr ctfs_
3
3
234 3
234 Aug 15
11412 11413 11412 115
11313 115 *11414 115
114 115
299 New England Telephone. 100 113 July 4
115 115
17
*1612 17
17
4116
17
01612 1714 *1612 1712
23 Orp eum Circuit, Inc
1634July
1
12
8812 8833 8833 884 884 89
562 Pacific Mills
0884 89
8734 884 -in; -ki8734 Aug 16
15
15
15
15
0115
1613 *154 1613 1612 1613
60 Reece Button Hole
10
15
June
26
0214 212 •24 212 .212 314 *214 213 *214 212
Reece Folding Machine
10
2 Jan II
.1.99 I
•99 1
99 1
0.99
Simms Magneto
1 I 0.99 1 1
5 .75 June 14
10014 10034 10013 10078 1004 101
10014 10034 10014 101 1 10012 101
954 Swift at Co
100 9812June26
04313 44
•4312 44
04313 44
155 Torrington
*4312 44 , 44
4312 44
41
25 42 July31
*8
813 018
8,2 *8
75 Union Twist Drill
812
812 812
812 812 -.-_,,,- ---5
712 JanI9
36
3614 38
3612 36
3614 36
3612 3618 361s 36
384 3,702 United Shoe Macb Corp.__ 25 23312 June15
2538 2533 2538 2533 26
26
2512 2534 2512 2512
Do • Pref
181
25 2438 June14
.2412 2434 2412 2438 2418 2412 2334 2413 2334 24
24
24
3,567 Ventura Consol Oil Fields_ 5 23 July30
1712 1734 1734 1734 1712 1734 1712 1734 1714 1712 1733 1738
622 Waldorf Sys,Ine.new ahNo par 1534 June2I
.812 9
813 9
*813 9
*9
912 +9
912
115 Walth Watch Cl B com.No par
9
9
5 Feb15
•I8
20
18
*18
18
19
018
10
10
0118
Preferred trust ctfs
19 1 -,-100 1513 Mar 6
01313 1414 *1312 1373 •1334 1434 144 1414 144 1434 1434 1434
140 Walworth Manufacturing. 20 1114 Jan 5
O2812 2914 028
29
2712 2734 29
29 1 29
240 Warren Bros
2912 -------50 2513 Jan31
3214 321.1 032
3212 *314 3214 3112 32
30
+3113 3214 -------Do 1st pre
50 31 July12
.34
36
034
36
034
36
36
36
30
*35
Do 2d pref
37 i ---- ---50 33 July10
7
7
--------20 Wickwire Spencer Steel.- 5
7 Aug14
1
Mining
1
0.33 .45 01.33
45 *.33
50 '
1.33 .50 •.33 .50
.33 .50 ______ Adventure Consolidated__ - 25 .25 Feb16
*5812 59
5812 5912 058
5913 .58
5912 058
60
60
30 A hmeek
058
25 54 July 5
•.15 .25 0.15 .25 • 15
25 •.15 .25 0.15 .25 41.15 .20
Algomah Mining
25 .10 July 5
16
01.5
•15
17
+15
17
1612 17 , 1812 184 16
1614
125 Alloues
15 Aug 9
25
134 134 03134 ____ .3134 2
2
2 1 0,3134 2 ;
585 Arcadian Consolidated
178
14
25 .70 July 3
+912 94
933 94 *94 958 *914 938 .932 032
70 Arizona Commercial
912 9,2
5
738 Jan 6
*16
17
016
17
•I6
17
0116
17
30 Bingham Mines
•I6
17 , 1614 1514
10 16 July27
40
4012 4014 4034 4033 4012 4013 4114 414 4113 41
41
657 Calumet & Hecla
25 40 June26
*138 214
013
15
12234 123
77
77
07818 80
014
16
.11
12
*112 214
01312 15
12178 123
76
76
+79
80
•14
16
*11
12
*54 512
.8
812
2733 274
213 212
534 534
133
pa
3
3
31
31
*a .60 .75
102 104
49512 97
22
*21
*24 234
112
•80
*134 212
112
•114
.113 24
14 134
O234 3
01% 2
41
41
*21734 184
*214 3
•I13 214
*1334 15
12238 123
*75
77
•79
80
*14
16
*11
12
•158 214
*1334 14
12212 12273
76
76
80
079
•I4
16
4111
12
0133 214
1312 1312
12213 12234 HA!
, 1-23 76
76
*79
80
*14
16
12
0111
105 105
.20 .28
.25 .30
020
2038
*3
314
*714 84
7513 7714 77
78
16112 16112 164 16413
0312 4
*514
6
6
PER SHARE
Range for PreetOU1
Year 1922.
Range since Jan, 1 1923.
17 Dec
24 Feb 10
43 Mar
6313 Mar 13
Jan
44 Mar 19
28
22 Feb 19
20 Nov
7913 Jan 10
80 Aug
14 Dec
3 Mar 20
512 Dec
8 Mar 15
8 Apr 6
14 Apr
11 Apr 28
8 July
Jan
8712 Jan 2
63
73 Jan 25
Jan
62
179 Jan 6 130
Jan
1434 Feb 19
Dec
11
2814 Jan 31
Jan
13
84 Feb 14
7212 Jan
834 Feb 13
64 Dec
312 Apr 13 .22 Dec
122 Jan 3 109
Jan
2112 Apr 28
13
Jan
190 Jan 2 11534 Oct
18 Mar 14
1212 Apr
314 Mar 15
133 Dec
2 Feb 20 .50 Nov
10912 Jan 6
9214 Jan
50 Mar 9
39 July
11 Mar 7
8 Mar
Jan
87
5534 Mar 8
284 Jan II
25
Jan
30 Jan 2
2178 Jan
e2218 Mar 19 *1314 Jan
13 Mar 17
214 Nov
11 Nov
2912 Mar 19
712 Feb
1712 Feb 17
3413 Mar 14
1712 Jan
3012 Jan
3913 Mar 14
Feb
31
42 Mar 15
1212 Feb 21
834 Nov
1 Feb 28
87 Mar 1
.50 Mar 2
34 Mar 1
414 Mar 5
1413 Mar 2
19 Feb 19
49 June 15
938 Feb 13
15 Mar 1
4634 Mar I
6 Feb 23
11 12 Mar I
238 Mar 5
4 Mar 5
3338June 7
114 Feb 20
11513 Apr 7
10012 Mar 28
3314 Mar 3
338 Jan 2
214 Mar 5
54 Mar 1
314 Mar 1
238 Mar 27
44 Mar 3
7 Feb 10
4 Mar 17
71 Mar 2
2413Mar 2
414 Apr 4
40 Apr 27
84 Mar 16
.534 Feb 20
1234 Mar 1
238 Mar 6
3212 Mar 1
46 Mar 1
4 Mar 5
1614 Mar 23
50 Mar 2
5312 Mar I
11251ar 5
1 Aug 8
314 Mar 3
334 Feb 23
112 Feb 15
114July 31
6 Apr 13
3 Mar 5
153 Feb 27
238 Feb 28
134 Mar 5
13 Mar I
Jan
1
Apr
Nov 66 May
Sept .50 Apr
Dec 3211 Jan
Mar
44 May
1013 June
Nov
1834 Sept
Jan
Nov 301 Aug
Nov
1634 Mar
134 Feb
Nov
4614 may
Deo
94 Jan
Nov
1214 Jan
Nov
378 Apr
Apr
313 Mar
Aug
__ .50 Dec -2-X• Apr
8112 Jan 11638 June
88 Feb 9712 Nov
18 Nov
2634 May
3 Feb
478 Apr
1
Feb
313 Apr
214 Feb
54 May
1 Nov
214 Apr
138 Jan
24 May
113 Dec
434 Apr
24 Dec
613 Apr
Apr
7
.75 July
52 Nov 68 June
154 Dec 2012June
.50
56
.03
19
2
6
13
248
54
8
35%
24
713
1
113
514 54 *514 6
*514 5341
512 511
650 Carson Hill Gold
514 512
1
54June 12
8
8
*8
812 *8
120 Centennial
8
8
812 .8
813
25
7 Jan 18
2712 28
2712 2734 2713 2734 2713 28 1 274 28
5.10 Copper Runge Co
25 27 July 5
213 213 10134 2
212
213
0212 24
495 Davls-Daly Copper
212 24
10
214June 28
534 534
513 573 +534 6 I
54 538
325 East Butte Conner Mining_ 10
534 534
5 July 5
*1 13 113 *118 113 1i4 10,4' 0.14 14 0113 113
130 Franklin
25 .30 May 22
02
3
.2
3
100 Hancock Consolidated
*2
3 1 01113 3 I *112 3
25
14July 12
031
314 3112 3112 3118 3118 3113 3112 3134 3134
225 Hardy Coal Co
1 2434 Mar 28
+3.50 .75 +a 50 .75 04.50 .73
100 Helvetia
25 .11 Aug 8
.60 .60 •.50 .75
1024 10312 103 1044 104 104 . 104 104
10214 104
270 Island Creek Coal
1 97 July 2
*94
96
96
96
96
Do Prof
25
96 , .94
1 9312 Feb 15
96 I *94
06
22
*21
21
21
*20
30 Isle Royale Copper
21 I 0204 22
21 I 21
25 19 June 21
*211 234 0214 234 .24 234 024 234 *214 234
Kerr Lake
2 July 17
5
112
.80 .80 "1.80 112 *.80
30 Keweenaw Copper
0.80
25 .80 July 13
113 +.80 14 '
*2
2
10 Lake Capper Co
2
214 1•34 312 0134 212 *134 234
25
134June 27
20 La Salle Copper
114 *114 2 1 014 112 0114 2
114
25
118 Jan 29
112
*114
Mason Valley Mine
*112 2 f *14 2 1 *112 2
5
*133 134 *113 2
133June 15
25
40 Mass Consolidated
1 18July 20
14 138 •133 104 01311
133 133
134
134 °133
3
25
35 Mayflower-Old Colony
2311 238 *234 314
212May 15
4*234 314 *233 334
*1% 2
134 134 1% 1% 01% 3 I .11% 2
25 .90 July 3
74 Michigan
4114 4012 41
*404 42
41
25 39 July 2
173 Mohawk
41 ' *4012 42
41
900 New Cornelia Copper
5 16 June 28
1733 1778 1713 1734 1712 1712 1734 1734 1734 1734
*214 213 0214 212 ---_ ---- ______ New Dun. ,;op3or
0214 3
0214 3
3 June 28
_I 0,37
..1 ------New River Company ' 1001 35
1037
0137 ____ *37 ____ •37 -_ _ - •37
Apr18
Jan 40 Feb
37
100 77 Mar 5
80 I *7514 -80 +27514 -id; 1) Do pref
80
Oct
*7514 80
Jan 85
85
*78
73
80
*75
160 NipIssIng Mines
5
4 *5
4 51
514 *53% 54
*54 54
434 July 5
54 54 *51
4 514 51
Jan
7
5 July
North
445
234
Butte
15
238 238 *233
212 24
212 213
2 July30
234 234
212 212
May
813
Oct
15
39 Oilbway Mining
0.99
1
114 0.90 14 •.90
25 .70 July 2
80 •.90
.80
114
'.90
114
416 Apr
114 Dec
19
19 I
017
5 Old Dominion Co
17
017
17
19
19 ! •17
•17
19
25 17 Aug14
*17
Jan
27
16 Nov
50 Osceola
25 244 July18
3113 3012 3012 3012 3012 03012 314 3114 3114 314 3114
1030
25 Nov 384 Aug
103 Park City Mining at Smelt. 5
.234 31t
212 2
,
41 0278 314 *24 314 •278 34 024 314,
2.3 Aug13
334 Nov
24 June
Pd
Crk
150
1414 1334 14 I •1334 14
•1334 1434 *1334 1434 0134 1414 014
Pocahontas Co-No Par 1234 May22
2512 2513 02513 27
02513 27
50 Quincy
25 22 July 5
02513 27
02512 27
2534 26
Nov
45 St Mary's Mineral Land- 25 31 July 2
3212 3212 032
33 1 032
34 .3212 35
32
314 32
32
4°
84 is
-3
57
Milt
°- Nov -8
iy
i
200 Shannon
60
0.50
.50 .55 0.50 .60 .1.50 .60
.55 .55 '
10 40
0.50 .60
1!4 May
Jan 9
.25 Mar
South Lake
.
1.25
1
.
1.25 .90 10.259
1
25 .10 June 4
10.25 I
01.25
114 May
.25 Dec
Superior
*114 2
+5
•I14 2
* 35
4
201 4
3 .P35
14 JulyI8
14 •13s .
•114
01 14 2
434 July
112 Dee
111
•.98
.98 ,98 •90
234 Oct
200 Superior & Boston Copper- 10 .90 July30
1
•90
I18• °.98 112
1 ,
1
.90 Mar
* 50
35 Trinity Copper Corp
55
Dec
313 Apr
1.50 .55, .10 .50 +.52 .55
.35 .55 +.47 .55 '
1
14
5 50 May15
•114 2
Tuolumne Copper
134 *114
*113 2
112 01114 2 1 0111
134
*114
10
1 July 6
.40 Nov .92 May
865 Utah-Apex Mining
3,4 3,4
4 Mar
312 313
314 333 *314 312 1034 312 *338 313
5
1;4 Oot
234 Jan 9
112
*118 14 •113 132 *118 112 •118
138 •114
Utah Consolidated
313 June
Feb
112 •11i
1
Aug 7
1
1
O.55 .60 * 55 .60
500 Utah Metal at Tunnel
.58 .58
.55 .55
.55 .55
.55 .55
213 Apr
.80 Dee
1 .40 July20
.67 •____ .87 ,
125 Victoria
•.87 14 0.87
212 Jan
D. .87 .87 0-- 25 .75 July 3
.75 Nov
.65 .65 0.60 .75
133 Winona
Jan
*130 .75
.65 .65 •60 .7
*-65 • .75
234 Ain'
25 .30 June29
.25
612
.
6
6
634 03% 53%
7
7 ' 4,618 612 •614 612
247 Wolverine
16 May
74 Nov
25
5 July 3
•Bid and asked prices- no sales on this day. s Ex-rights. h Ex-divIdend and rights. s Ex-divIdend. p Ex-stock dividend. a Asaeasment paid.
e Beginning with Thursday. May 24, trading has been in new Olives, of which two new shares of no Par value were given in exchange for one share of old stock of 810
Dar value. In order to make possible comparisons with previous quotations, we have divided all these previous quotations by two.
AUG. 18 1923.]
Outside_......._
Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stook Exchange Aug. 11 to Aug. 17, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bonds=
Atl G & WI SS L 5s_ _1963 4834 48
71
E Mass St RR ser B 59 1948
1936 10034 100%
Hood Rubber 75
86
IC C Mem & B Me 48..1934
1934
Income 55
8634
9115
1931
Mass Gas 415s
Miss River Power 5s_ _1957 9334 9334
98
New England Tel 59..1932
1944 9634 9574
Swift dr Co 55
Warren Bros 7158. 1937
10334
1932
Western Tel 5s
Low.
4834 6,000 43
7234 3,450 7034
10034 11,000 100
86
1,000 8534
8655 1,500 85
9115 2,000 89
32,000 89
94
9834 7,000 9655
9834 5,000 91
104
8,000 10234
3,000 94
I,may
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Prize. Low. High. Shares.
Amer Wholesale pref._.100
Arundel Sand dr Gravel 100
100
Preferred
Baltimore Tube, pref--100
*
Benesch (I), corn
25
Preferred
1
Celestine Oil
Central Teresa Sug,com.10
Ches & Po Tel of Balt...100
25
Colonial Trust
25
Commercial Credit
25
Preferred
26
Preferred B
Consol Gas, E L & Pr_100
100
7% preferred
100
8% preferred
-100
Consolidation Coal
25
Equitable Trust Co
50
Fidelity do Deposit
Finance Co of America_ _25
Houston Oil pf tr dfs..100
Manufacturers Finance.25
25
let preferred
Maryland Casualty Co...25
Mercantile Trust Co_ _ _.50
Merch & Min Tr Co_ _100
Monon Valley Trite pref_25
Mt V-Wood M pf v t r 100
New Amsterd'm Gas Co100
50
Northern Central
Penne Water & Power. 100
United Ry & Electric__ _50
158 Fidelity & Guar._ _60
Wash Bait & Annap__ .50
Preferred
50
BondsCarolina Central 4s_ _ _1949
Consol Gas El Lt dr Pr1952
Series E 515e
1949
Series A Cis
Series C 78
1931
Elkhorn Coal Corp 68_1925
Fairmont Coal 58
1931
Ga Sou & Florida 5s_ _1945
1940
Penns W & P 5s
United Ry & E lee 48.1949
Funding 56
1936
65
1949
Wash Balt & Annan 5s.1941
5034
1934
3434
9
25
20
101
11515
24%
83%
21714
53
72
1(1
152
95
95
43
43
10114 101%
50% 50%
3334 3334
25% 25%
.12
.15
.90
.90
109% 1097%
3434 3434
6834 69
25
25%
26
26
107 108
103 104
115 116
83% 83%
45
45
83
83%
42% 43
80
80%
60
50%
24% 25
82% 83%
247% 250
10455 110
19
22
60
5
38
38
72
73
100 100
15% 16
152 153
8
814
27% 28
10
10
10
20
12
13
1,255
200
22
6
246
154
74
253
20
85
57
50
91
25
10
117
72
130
15
83
599
-3
86
145
175
195
5
90
10
High.
July 62
Mar
June 7714 Jan
July 102% Jan
June 87
Jan
Apr 8834 Jan
Apr 92
Jan
Apr 95
Jan
Mar 9934 Jan
Apr 9955 June
July 115
Mar
Mar 98
Feb
70% 70% $1,000
Range since Jan. 1.
Low.
ossi
40
9434
48
3255
25%
.12
.80
105%
3414
48
25
25%
106%
103
115
82%
45
78%
3856
SO
50
24%
8215
233
104%
18
50
3556
72
100
15%
147
8
2614
July
Jan
Jan
Feb
Jan
June
Aug
Aug
June
June
Jan
Jan
Aug
July
July
June
May
Aug
July
Jan
Aug
July
July
Aug
Jan
Aug
Feb
Aug
Jan
July
Aug
Aug
Jan
Aug
June
70% May
stni 98%
9,000 97 May
103 103
9,000 10034 Apr
10834 10614 2,000 106
Jan
9834 97
12,000 9634 Aug
9431 9434 1.000 94
Apr
8734 8715 1,000 8734 Aug
9554 osu ssu Loos ing May
el% 5015 5134 12,000 50% Aug
73
74
3,100 73
Aug
9931 9955 13,000 9934 May
7234 72
72% 3.000 70IC lel,'
High.
98
4534
03
65
36
26%
.50
2%
110%
35
70%
25%
27%
118
108
120
98
47%
144%
44%
95
57%
2656
90
251
121
22
7315
39
77
Feb
Mar
June
Apr
June
Jan
Jan
Mar
Mar
July
July
Apr
Jan
Mar
Mar
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Feb
Jan
Apr
Apr
Aug
Mar
June
Jan
tom Mar
20K Jan
164
Jan
15
Feb
31% Feb
70% May
100
103%
10815
9934
97%
9015
9734
55
7734
10234
Ill.?
Jan
Jan
Feb
Jam
Max
Jan
Feb
Jar
Jar
Jar
.....
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Aug. 11 to Aug. 17, both
inclusive, compiled from official sales lists:
Stocks-
Frway
Bales
LouI Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10 31
3034 31
American Elee Pow Go.AO 2054 20
2034
Preferred
100
7114 72
American Gas of N J ....-100
7334 74
American Ship
*
1134 1174
• 2334 23
American Stores
2334
Baldwin Locomotive __ _100
113 113
Brill(JO)Co
100
67
67
Preferred
100
95
95
congoleum Co, Inc
• 21234 207 213
Eisenlohr (Otto)
100 60
60
60
Electric Storage Batt'y.100
5554 5834
Erie Lighting Co
*
2414 2416
100
General Asphalt
25% 2534
General Rerractories._._ _• 50
4915 50
Insurance Co of N A.__ _10 4534 45
46
6
6
6
lie3,180110 Telephone_ __ _60
Labe Superior Corp_ _100
434
454 5
50 66
Lehigh Navigation
65
67
renn Cent Light & Pow_ *
60
60
Pennsylvania Salt MM.-50
81
81
50
pennsylvanla 1111
4255 4355
Philadelphia Co(Pitts)4234 4351
Preferred (cum 6%)-50
Phila Electrical Pa._ _..25 2955 2915 3034
25 30,i
3034 31%
Preferred
Enos Rapid Transit_ _ _ _ 50 3215 3234 3214
61
61.15
Philadelphia Traction __ _50
100
94
96
Scott Paper, pref
tl
77is
Tono.Belmont Devel_ _1
1
134 ly
Tonopah Mining
50
37
38
Union Traction
50 60% 4955 5134
United Gas Impt
6555 .5554
50
Preferred
66
66
50
Westmoreland Coal
Bonds
Amer (1as & Elec 5ri....2007
1948
Bell Tel let 58
Elm & PeopleS tr et (848'45
Keystone Td lot 58..1935
Lehigh C & N cons 4165 54
Lehigh Vail gee eons 482003
Tura Flee let 55._._ 1966
1906
Registered 55
1947
5158
1941
614
n Ana eons est 4s'37
8434
9754
63
73
73
91
7634 7634
98
99
97
101
104
85
•No par value.
Range since Jan. 1.
Low.
60 27%
875 15
33 63
70 7334
10 1134
4,817 20
10 113
25 49
10 8834
3 3 143
25 60
248 5234
10 2355
100 2514
85 4234
335 423-4
50
6
2,015
434
2 9 64
228 5434
15 79
1,552 4134
High.
Jan 32 May
Feb 30
Apr
Feb 78
Apr
Aug 8334 May
July 2015 Feb
June 25 May
Aug 14234 Mar
Jan 91
Mar
Feb 98
May
Feb 240 May
Aug 85
Jan
July 6634 Mar
July 27
Feb
Aug 5334 Mar
Feb 5955 Mar
Jan 50
Apr
Aug
874 Feb
Aug 1055 Feb
Aug 75
Jan
Apr 62
Aug
June 9374 Apr
June 4734 Jan
157 41
June
5,88
2734 May
541 2934 May
727 30
Jan
61 597-4 June
30 94
Aug
500
56 June
100
17-4 June
50 35 June
1,867 4714 May
31 r5494 May
34 6054 May
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Aug. 11 to Aug. 17, both inclusive,
compiled from official sales lists:
Stocks-
Range since Jan 1.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stook Exchange Aug. 11 to Aug. 17, both inclusive, compiled from official lists:
Stocks-
773
THE CHRONICLE
4534
3374
3334
3334
67
99
134
211
4034
56
5615
863-4
Feb
Jan
Jan
June
Jan
May
Jan
Jan
Jan
Apr
Feb
Mat
90
$2.300 82
July 95%
9714 1,000 9655 June 99
64
8.300 60
July 7115
73
1,000 70
Apr 80
91
1.000 91
Feb 94
7654 1,000 7614 Aug 80
99 110.300 96
Apr 103
97
1,000 97
Aug 9734
101
2.000 99
Apr 103
5,000 10234 May 10615
104
85
500 85
Atm Rate
Api
Jar
Jar
Jar
Jar
der
Jar
Aup
Feb
Jar
TA.
,
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
American Shipbuilding-100
Armour & Co (Del) pf-100
Armour & Co. pref.-100 7634
15
Armour Leather
Bassick-Alernite Corp---* 3214
• 2634
Borg & Beck
Bridgeport Mach Co
•
Case (J I)
Central Pub Serv, pref-100 85
Chic C&C Ry pt sh pref. •
%
Chic Eley Ry, pref..--100
Chic Motor Coach, corn--S 159
90
Preferred
Chic Rys. part di series 2_
51
Part elf series 3
Commonwealth Edison..100 12754
Consumers Co,pref__100 5914
Continental Motors -10
Crane Co. pref
Cudahy Pack Co, com-100 52546
Daniel Boone Wool Mills 25 2534
100
Deere dr Co, pref
100 110%
Diamond Match
Eaton Axle & Spring
*
Eddy Paper Corp (rbe)--* 3414
100 10115
Fair Corp(The)
• 1814
Gill Mfg Co
Godchaux Sugar, coin.- 5
Gossard (H W), pref._ 100
Great Lakes D & D_ -100 81
Hurt Schaff&Marx,com100 116
Hayes Wheel Co ________ * 3511
Hibbard,Spencer, Bart25
lett & Co
Holiand-American Sugar 10
10 2034
Hupp Motor
*
Hurley Machine Co _
Hydrox Corp, pref _____ 100 2114
100 75
Illinois Brick
Illinois Nor Util. prof 100 85
25
Inland Steel
Internet Lamp Corp.......25 1134
Kellogg Switchb & Sup--25
Kuppenheimer & Co (B).
5
Inc, corn
714
Libby. McNeill & LibbY-10
10
4
Lindsay Light
10
Preferred
Lyon & Healy, Inc, pref--.
3034
-"A
McCord Rad Mfg
•
McQuay Norris Mfg _
Mid West Utilities, com100
100
Preferred
Prior lien preferred _____ 97%
Murray (J W) Mfg _____ 10 1855
National Leather _______ 10
Philipsborn's, Inc, cons---5
Pick (Albert) & Co _____ 10 1934
Pub Serv of No Ill, own--• 10115
100 10115
Common
100
Preferred
Quaker Oats Co, pref.-100 9815
10 1715
Reo Motor
Standard Gas dr Electric-50 2534
50
Preferred
Stewart-Warner Sp,com100 9015
100 10034
Swift & Co
Swift International _____ 15 20
Thompson (J R),corn--25 48
Union Carbide & Carbon 10 6655
United Lt dr Rye, corn-100 142
100 76
let preferred
Participating pref.--100 90
Warrants
20 86
13 S Gypsum
• 44
Wahl Co
Ward, Mont,& Co. pf- 100
20 2034
When issued
2
Western Knitting Mills-•
Wilson & Co, pre_____ 100 70
• 17
Wolff Mfg Corp
25 107
Wrigley Jr, corn
Yellow Cab Mfg, Cl "13" 10 247
9715
Yellow Taxi Co
BondsArmour dr Co of Del 20
1943
year g 515e
Chicago City Ry 5s. .1927
Chicago Railways 5s...1927
1927
55, Series "A"
Commonw Edison 58_1943
Inter-Mountain Ry, Lt &
Power 1st ref impt 7s '45
Pub cry Co 1st ref g 5s'56
Swift & Co 1st a f g 5.s.1944
8814
63
63
90
86
7334 7914
755 755
3134 3234
2515 27
1234 13
1
1
84
85
5
5
15
K
135 160
87
90
1
I
51
%
127 12734
59% 593.4
754 715
10814 10934
5256 54
25
26K
6134 13155'
11034 11055
2315 2434
35
34
10151 10131
1854 19
1134 1134
2616 2755
76
81
116 116
3334 3554
6515
455
1855
48
20
74
84
33
10
41
6515
416
20%
5031
2234
75
85
33
1115
42
14
815
3,287
35
330
525
500
150
80
50
2,150
650
575
100
200
937
85
1,052
49
28
2,490
55
126
155
2,375
95
260
10
305
92
85
112
38
100
2,925
620
6,100
70
81
(0
1,235
130
Range Once Jan. 1.
Low.
59 Jun
8434 June
June
71
715 Apr
2734 Feb
2234 May
1234 Aug
55 July
84
Aug
4% July
% July
May
118
85 May
14 July
55 Feb
12634 June
5914 Aug
655 June
July
107
40 June
1914 May
4834 June
10934 July
2334 Aug
2234 Apr
100
Jan
1634 June
July
11
2434 Feb
75 June
Jan
98
32
July
64
434
1634
4114
1834
60
83
32
8
3934
Feb
June
July
July
July
Apr
June
July
May
July
25
25
15 25
Aug
854 8
July
2,006
5
135
254 May
314 4
50
715 Jan
73.4 734
9754 98
20 96
July
31
30
135 26 June
1814 20
160 1034 May
4234 43
53 3634 May
83
83
95 8015 July
9614 9754
412 96 June
10 18
July
1834 1854
336 316
62
315 June
10
1055
450 10
Aug
225 1734 Aug
1834 1934
360 9934 May
10034 10136
145 9954 June
10134 10154
9215 92%
35 9114 May
90 85 June
98
98%
17% 18
955 1154 Jan
295 1754 Jan
2515 26
432 4655 June
48
4834
8534 9034 50,605 7434 July
10034 10154 1,733 9834 June
173-4 203-4 9.793 16 June
140 4334 June
47
48
5315 5754 9,619 5134 July
97 71
Jan
13854 142
7654
285 8915 July
75
8934 9055
55 893-4 Aug
115 Aug
1% 1%
40
5734 67
225 51
July
44
4496
250 43
July
10955 10954
20 9514 Feb
19
2054 1,745 1814 May
I% 234
365
134 Aug
70
10 70
70
Aug
17
415 12 June
1734
Jan
103 10734 1.662 100
241 249
779 222 June
91
9815 26,100 70% Jan
8834
7734
7754
62
9755
8836 52.000
78
2.000
7715 3,000
62
2.000
98
4,000
99
99
85
85
9554 96
5.000
2,000
6,000
8554
7634
7614
69
9554
High.
74
Jan
108
Feb
96
Jan
10
Jan
3934 Mar
323-4 Mar
16% May
454 Feb
90
Mar
Mar
10
834 Mar
Aug
160
90 June
314 Mar
54 Aug
Jan
131
Feb
70
Jan
12
Feb
115
6434 Jan
6234 Jan
7414 Jan
121
Jan
3034 May
40
July
Jan
106
2834 Apr
2614 Apr
3555 Apr
9415 Feb
Aug
116
4334 Apr
66
67-4
2555
5031
3234
9634
8654
5015
32
43
Jan
Feb
Mar
Aug
Apr
Jan
Mar
June
Apr
June
Mar
30
854 Apr
456 Jail
9
Jan
10114 Max
Apr
39
26
Apr
53
Feb
8615 Jan
Jan
104
1954 June
815 Feb
38
Jan
3611 Mar
10334 Apr
10354 Apr
99
Apt
100
Jan
20 May
3215 Mar
5134 Apt
12434 Apr
10934 Jan
21% Jam
52 June
6734 Jar
164 Ma3
94
Apt
9974 Mai
115 Aul
7534 Max
5834 Jar
112 Juni
2534 Fe
1034 Max
70
All
3534 Max
114- Apo
Ain
296
9834 Api
Fel
July 96
Aug 8334 Mal
Aug 8255 Ma
Ma
Feb 70
May 10534 Mal
July
99
Aug
85
9215 Apr
Jul
99
8734 Ma
9734 JAI
• Never value.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Aug. 11
to Aug. 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last Week's flange for
Sale
ofPrices.
Week.
Stocks-Par.Price. Low. High. Shares.
Am W nd Glass Mach._100
Arkansas Nat Gas, com-10
Indep Brewing, common 50
Jones & Laughlin, pref _100
25
Lone Star Gas
Mfrs Light & Heat_____.50
1
Ohio Fuel 011
25
Ohio Fuel Supply
25
Oklahoma Nat Gas
Pittsburgh Brew, Cern- -50
Pittsburgh Coal, pm!..100
Pitts & Mt Shasta Cop_ _ _1
Pitts Plate Glass ______ 100
Salt Creek Consol 011- --10
10
Tidal Osage 011
25
Union Natural Gas
West'house Air Brake...50
West Penn Rys, pref- --100
BondsIndependent Brewl 681955
West Penn Trac 5s-- -1960
84%
555
84
85
5
6
4
4
1013 109
25
2534
53% 53
53%
12
12
3115 31% 31%
1954 1934
2
2
2
99
9951
11c 12c
180 183
7% 755
8
8
28
27
28
80% 83
79% 7954
Range since Jan. 1. •
Lew.
High.
380 78
July 95
3.690
5
Aug 10
4%
354 Jan
80
75 10854 Mar 10915
75 23 May 27
May 60
205 51
48 12 May 1815
July 36%
500 30
312 1815 mar 36%
255
90
1% May
Jan 100
75 97
9,500 be June 28c
Jan 205
83 165
7
Aug 17%
450
50
8 June • 1355
841 23% Feb 28
July 120
67 76
Apr 86
100 77
7834 78% $3,000
7.000
79
79
6615 Mar
Aug
79
Mar
Jan
Aug
July
Feb
Feb
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Apr
Feb
Aug
Feb
May
80
July
921,5 June
774
THE CHRONICLE
[VoL.117.
Friday
Sales
Last Week's Range for
ofPrices.
Sate
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
THE CURB MARKET.
Range since Jan. I.
Low.
High.
Trading in the Curb Market this week centred in the oil Rosenb'm Gr Corp, pf_ .50 4751 4754 4755
300 4754 Aug 54% Mar
Savannah Sugar corn. 100
100 55% Aug 60 June
5554 5554
issues, particularly the Standard Oil stocks, the drastic Southern
Coal .ft Iron___.5 196
I8o 200 16,000 14o Aug 50c May
reductions in gasoline prices causing a drop in values in the Standard Gas & El, pref-50
49
49
100 48% Feb 5034 Apr
Standard
Constr_10
234
234 234
2% May
3% Jan
200
early part of the week. Later, however, the situation im- StudebakerMotor
-Wulff Rub- _ _• 50% 50% 5054
425 50% Aug 5051 Aug
Swift International
15
Feb
18
20
21
June
17
20
800
proved and prices made substantial recoveries. Standard Technical Products Corp-5 531
954 Feb
5% Aug
300
534
Tenn Elec Power, cora- •
5 .but recovered to 533. Tot'
12% 12%
100 12
Mar
Oil (Indiana) fell from 523 to 49%
July 19
Prod Export,
'Corp •
351 3%
700
2% June
634 Mar
Standard Oil (Kentucky) dropped from 903/i to 86, sold up Todd Shipyards Corp_ •
49% 49%
July 60 May
75 47
Triangle Film Corp v t c 5
Apr
Sc
380
5o
Aug
5c
1.000
to 893 and closed to-day at 893/8. Standard Oil of New United Profit Sher new_.1
7
Apr
5% 554
431 Jan
500
tin Retail AtIlfPfl candy. •
Mar
551 5% 2,100
531
Ian
5
York was off from 393 to 373/2, advanced to 393/i and ends United
Shoe Mach com-25
Mar
3634 364
200 n3331 May 56
S
Distrib Corp. com__50
26
the week at 393'. Ohio Oil, after early advance from 55 to Universal
26
100 20 June 30% Jan
Pipe & Rad WI.' 1251 1254 1251
200 12% July 2034 Apr
563, broke to 52% and sold hack again to 56. Prairie Oil
Preferred
100 58% 5691 5631
Apr
100 5634 Aug 72
U S Light dr Heat Pref.-10
2
354 Apr
2
200 90c Jan
& Gas lost about 15 points to 168, recovered to 180 and US Metal Cap & Seal- _10 2
75e 75c
131 Feb
100 50c Feb
Victor
Talking
Aug
25 145
finished to-day at 179. South Penn Oil receded from 115 Wayne Coal Mach_ _100 145 145 145
Aug 145
5
134 1% 2.800
1% June
2% Jan
to 110 and to-day sold back to 115. Vacuum Oil declined
Rights.
from 453/i to 43 and recovered finally to 443
4. Magnolia
22
2111 2231 4,600 1434 July 2334 July
Petroleum lost 8 points to 130 and sold finally at 136. Gulf Reading Coal w 1
Former Standard 011
Oil of Pennsylvania sold down from 513
4 and at 51
% to 493
Subsidiaries
finally. Southern States Oil dropped from 163/i to 14 and
Anglo-American Oil....51 14% 1334 1434 1,900 13% Aug 193( Jan
closed to-day at 14%. Trading in the industrial list was Buckeye Pipe Line
50 86% 86% 87
35 80 May 9454 Jan
Continental 011
25
325.4 34
700 32% An
.
Feb
small. The increase in the dividend of the Brooklyn City Crescent
Pipe Line
18
25
18%
35 15% June 26
Feb
Eureka Pipe Line
100
102 102
RR. advanced the price from 93/ to 10%, the close to-day Galena-Si
Jan 117
50 95
Apt
gnal Oil, com_100 60
60
60
100 .55
July 7934 Mar
Humble
1
111 A. Refining_ _25 29% 29% 30% 1,600 2984 July 4134 Mm.
being at 103'. Cleveland Automobile corn. improved a
Illinois
Line
100 15734 157 158
70 155% June 171
Feb
point to 283'. Durant Motors sold up from 38 to 40% and ImperialPipe
011(Can) coup_25 98% 9634 98%
945 92 J1113, 123
Feb
Plpe Line
50 96
96
97
65 93 June 103
Mar
at 393/i finally. Gillette Safety Razor moved up from 244 Indiana
Magnolia Petroleum_ .Inn
130 138
80 1254 June 168
Jan
Transit...-12.50
24% 2454
to 255 and rested finally at 254. Glen Alden Coal was National
100 2234 July 29
Feb
New York Transit
100
98
98
20 95% Aug 138
Apr
conspicuous for a rise from 673/i to 72, the close to-day being Northern Pipe Line__..100
104
104 104
Feb
20 97 June 110
Ohio ..i.
52% 56% 1,700 48% July
•
11534 Trio)
at 70. National Supply rose from 53% to 583 and ends the Penn
Mex Fuel
25 12
12
13
Aug 25
Feb
200 12
Prairie
2: Gas
168 183
100 179
Feb
week at 58. Mining stocks were quiet. Bonds very little Prairie 011
Aug 275
815 18
Pipe Line
101 104
100 104
July 11851 Feb
765 93
South Penn 011
changed.
110 115
100 115
July 196
Feb
115 100
Southern
Line__..i00 97
94% 97
so 93 July 116 Feb
Below is a record of the transactions from Aug. 11 to Standard Pipe
Oil (Indiana)--25 5331 4934 5331 24,400 49% Aug 6974 Mar
Standard 011 (Kansas)_ _25
40
Pa%
4155
400 39
July 57
Aug.17, both inclusive, as compiled from the official lists. Standard
011 (KY)
25 88% 86
9034 2.500 80
Jan 110
Feb
011 of N V_
VS 39% 37% 39% 12,500 3551 May 49% Jan
As noted in our issue of July 2 1921, the New York Curb Standard
Standard Oil(Ohio) com100
279% 27951
Apr
30
July
270
317
Market Association on June 27 1921 transferred its activities Vacuum 011
25 4434 43
4531 8,600 40
July 5531 Mar
from the Broad Street curb to its new building on Trinity
Other oil Stocks
Place, and the Association is now issuing an. official sheet Ark Natural Gas. com 10 531
531 551
400
July 10
5
Mar
Atlantic Lobos Oil corn...'
3
which forms the basis of the compilations below.
3
3
300
7% Jan
231 May
Big Indian Oil& Gas
13c
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
1Veek ending Aug. 17.
Stocks-
Indus. & Miscellaneous.
Acme Coal Mining. new_10
254 3
Allied Pack prior pref. _10
9
9
Amer Cotton Fabric. Pf.1.00
101 101
Amer Drug Stores Cl A_ _1
134 134
Amer Gas & Elec. corn...," 37
36
37
American Hawaiian SPI__10
1334 1551
Amer Light & Trac,com100 120
113 12051
American Thread, pref..-5
331 334
Amer Writ Paper com_100
131 1%
Archer-Daniels Mid Co_ •
26
26
Armour*. 0 of Del. 01.100
8534 8834
Borden Company com_100 11634 11434 119
Bridgeport Machine Co.'
13
13
Biit-Amer Tob ord bear_ £1 24
23
24
Ordinary
51
2334 2334
British Int Corp. class A_• 1734 1734 1734
Class B
• 1334 1334 1334
Brooklyn City RR
16 1034
951 1094
Buddy-Buds,Inc
•
1.114 134
151
Campbell Soul,. Pref- -100
10634 10634
Car Ltg Sr Power com_ _25
1% 151
Celluloid CompanY Prof 100
10734 10734
Cent Teresa Sugar,com_10
90c SOc
Centrifugal Cast Iron Pipe' 1534 1534 1534
Clidc Nipple Mfg Class A.10
4%
4% 5
10
Class B.
2I4 3
Chicago Steel Wheel p1_10
134 254
Cities Service. corn--.100 134
13234 136
Preferred
100 6434 6434 6534
Preferred B
10
5% 5%
Cities Service. stock scrip__ 83
83
89
77
77
Cash scrip
78
Cities Secy. banksre sh • 1334 1334 1334
Cleveland Automobllecom• 2834 2734 2831
100 87
87
87
Preferred
1734 1834
Colorado Power, corn .11)0
8634 8634
Del Lack & West Coal__50
951
814 934
Duhiller , ondenser Si Red
4
*
2% 4
DuPont Motors,Inc
• 3054 38
4034
Durant Motors. Inc
10
In
Durant Motors of Ind
1034
9831 0631
Elec Bond & Share pf_100
Federal Lt & Trac, corn._• 6251 6251 6234
410 411
Ford Motor of Canada_100 410
245 255
Gillette Safety Razor____• 254
6734 72
• 70
Glen Alden Coal
9% 1034
Goodyear Tire & R,com100
131 3
Griffith (1) W) Inc, CIA •
154 131
Heyden Chemical
•
12% 1234
100
Hudson Cos pref
834 9
9
Hud & Mathh RR com-I00
334 351 3%
Intercontinental Rubb_100
251 254
/0
Keystone Solether
25
25
Kup'h•mer(B)& Co corn_ _5
451 5
Lake Torpedo Boat lst pflO
21
21
Lehigh Power Securities..• 21
77
77
Lehigh Valley Coal Sales 50
751
7
Libby. McNell & Libby_10
1354
1334
Lupton(PM)Pub,CI A_ _*
52
46
McCroryStoreanewcomwl*
s
6
551 6%
Mesabi Iron Co
• 1534 1454 1534
Midvale Co
115 125
*
Motor Products
3434
34
Munallngwear, Inc
•
5334 5834
Nat Supp Co(of Deficom 50 58
N Y Tel 651% Pref.__ 100 109% 10934 110
3755
Peerless Truck & Motor_50 37% 37
351
Radio Corp of Amer,corn •
3X
3
3%
5
Preferred
34 334
48
48
48
Reading coal Co w I
10 1734 1734 18
Reo Motor Car
Roamer Motor Car_______ 10
934 10
Range since Jan. 1.
Low.
High.
400
231 Aug
6 May
100
July 20
6
Jan
100 wig Mar 102
Mar
134 Apr
200 370 June
200 31 June 4651 Mar
800 1334 Aug 2554 Mar
July 140
Feb
97 109
200
Apr
4
334 Feb
200
334 Apr
134 Aug
100 25
Jul) 4034 May
1,700 mg July 5934 k eb
Jan
Mar 122
215 110
500 13
July 1631 May
2,400 1934 Jan 24
Aug
100 1951 June 2334 June
July 1734 Aug
600 12
300 1134 Apr 1854 May
1054 Mar
754 Jan
6,300
134 Feb
3,700
ills June
100 10534 July 10934 Feb
2 June
300 750 Mar
90 10634 May 11134 July
500 50c July
234 Mar
300 10
Jan It 31 July
1,300
fig Jan
534 June
1,000
314 July
234 May
600
July
1
934 Feb
685 130 June 195
Feb
2,800 64 June 70
Mar
5% June
300
631 Mar
Jan
8,000 72 June 102
July 78
7.000 74
Aug
2,000 1334 June 1934 I'd,
700 2434 July 3434 Apr
10 7034 Apr 95 June
150 16 June 254 Mar
Jan 9134 June
50 82
7,300
414 Jai. 1334 A or
1,000
7% Apr
251 June
2,900 3734 May 84
Jan
8% July 2534 Jan
200
20 96
July 99
Mar
Jan 8234 Aug
10 48
Jan 460
Mar
SO 400
1.835 238 June 292
Apr
3,600 58
Jan 75% Apr
2,300
94 Mar 184 Mai,
1% Aug
600
654 May
235 Feb
1,300
134 Aug
200 1234 Aug 1754 Feb
July 1251 Feb
8
500
900
634 Jan
334 Aug
331 July
100
July
1
200 25 May 30
Mar
Apr
5
300
134 Jan
100 1734 July 25 Mar
50 7534 AUg 90
Jan
300
834 Apr
5 June
Jan 22
100 13
Jan
Aug
300 4034 May 52
1.600
5% A g
1231 Jan
1,900 1134 June 21% Am
110 102
Aug
July 125
700 3154 July 42% May
1,800 5034 May 704 Mat
112 Jan
225 108 June
Jan
200 30 June 80
3,800
4% Mat
254 June
4,500
21•14 Jan
31111 APT
200 39
July 50% May
2.500 1334 Feb 2034 May
700
934 Aug 11
July
Boston-Wyoming 011- __I
Carib Syndicate
Creole Syndicate
5
Derby Oil & Ref Corp corn*
Preferred
•
Dominion on of Te-xas_ _10
Engineer,' Petroleum Co.. 1
Equity Petrol Corp, pf-A0
Federal on
5
General Petroleum, com_25
Gilliland 011, common_
•
Glenrock oil
In
Granada 011 Corp, CI A.10
Gulf Oil Corp of Pa
25
Hudson 011
1
Humphreys Oil
35
International Petroleum__•
Keystone Ranger Devel__1
Kirby Petroleum
•
Lafayette Oil Corp
Lance Creek Royalties_ A
Livingston Petroleum....'
Lyons Petroleum
1
Mammoth Oil, class A...'
Marland 011 of Mex
1
Mexican Panuco
__ _10
Mexico OH Coro
10
Mountain & Gulf 011
1
Mountain Producers- _ _ -10
Mutual ()II vet trust cue_
New Bradford 011w 1____5
Noble(Chas F) Oil& Gas.1
Preferred
1
Northwest Oil
1
.tmarOli& Gas
10
Peer Oil Corporation
•
Pennsylvania-Beaver 011_1
Pennok 011
10
Royal can 011 Syndicate _
Ryan Consol Petrol Corp.'
Salt Creek Consol Oil-„10
:Mt reek Prod
10
Santa Fe 011 & RefinIng_..5
Sapulpa Refining
5
Seaboard Oil & Gas
5
South Petrol & RefinIng_.5
Southern States 011
10
Turman 011
1
Western States Oil& Gas_l
1)11,,,t, nee
1
Woodburn Oil Corp
•
"Y" 011 & Gas
13c
2.000
760 760
1,000
3% 4
500
3
234 3
4,000
731 734 1.000
26
2855
700
431 5
200
Sc
Sc
80 22.000
10% 12%
600
50c 560
2,700
32% 32%
100
3% 334
900
68o
66c 75o
1,600
1
1
500
51
4934 51% 6.100
70
8c
4,000
39% 4134 1,400
1531 14% 15% 8,700
60
Sc
Sc 61,000
2
131 2
3,800
13/ 1% 1,000
lc
10
2,000
70c 796
100
60c GOc
60c
300
51% 51%
200
131
151 1% 1,400
68c 85c
700
64c
60c 81c
7.000
134 154 1,100
14% 1334 1431 3,800
951
854 931 33,200
3% 3%
400
Sc
7c
90 38.000
29c
290 296
1,000
4c
4c
6,000
60c
56c 70c
3.600
1.11
1% 1%
900
154
1
154 4,200
12
11% 12
5,700
334
351 5.700
3
3% 3%
300
731
734 731
400
16% 1854 17
4,600
4% 5
200
1% 2
300
2
1% 2
15,000
20
2c
3c
3.300
1431 14
1651 31.900
720
68c 72c
1,800
10c 12c
2.000
SIg
5% 5% 7,100
210 21c
1,000
80
8o
5.000
100 June
75o Aug
354 June
234 Jan
754 Aug
2451 Aug
431 Aug
3 June
10% Aug
500 June
31 June
3
Jan
500 June
1
Aug
4934 Aug
70 May
27 June
14
July
Sc Aug
154 Apr
7543 June
lo May
70c July
600 June
45
Apr
131 Aug
50, June
55e July
1% June
12% July
8% Aug
3% July
7c Aug
29c Aug
40 July
410 Aug
134 Aug
90c June
94 Jan
211 Aug
351 Aug
734 Aug
1551 uly
4% May
1% Aug
1% Aug
lo May
1231 May
60c June
100 Aug
5% Aug
210 Aug
70 June
30c Mar
1% Feb
7% Apr
7% Apr
1834 Apr
4954 Mar
Feb
7
250 Jan
1551 June
Jan
I
38% Apr
794 Mar
2•18 Jan
Feb
3
6834 Mar
180 Jan
41% Aug
24% Feb
40,3 Feb
Jan
4
2% Apr
4c Feb
254 mar
151 Jan
Apr
57
4% June
Mar
$3
21114 Mar
1% Mar
20% Feb
1534 mar
5,1 May
Jan
30o
Jan
78c
220 Jan
ills Mar
Mar
13
Aror
5
14,4 Apr
784 Mar
634 Mar
Feb
14
25% Feb
6% Mar
414 Mar
Apr
4
130 Jan
g Mar
1% Apr
30o Feb
10% Jan
40o May
200 Mar
1
Aug
2
Aug
2c June
So Aug
lo Aug
9c Feb
50c Aug
1% June
5c June
Sc June
11111JulY
7o July
454 Jan
62o Apr
lo June
Aor
2
320 Feb
960' Aug
70 July
160 July
170 June
60 Apr
70 Apr
40 Jan
251
6%
110
au
go
230
$3
234
380
13c
431
15o
5%
154
150
3%
720
234
37o
74o
500
llo
240
34c
Mining Stocks.
Alaska-Brit-Col Metals..1
Alvarado Min & Mill _20
Amer Comm
Arizona Globe cooper. -1
Belcher Extension
196
Boston & Montana Dev__5
Butte & West Min Co__ _I
Canario Copper
1
candalaria Silver
1
Cash Boy Consolidated..1
0091101 Copper Mines--5
Cons Nevada-Utah Corp..
ontinental Mines. Ltd..
CortexSilver
1
Crackerjack Mining
reason Con Gold M & M.1
Crown Reserve
1
Dolores Esperanza
Eureka Crowns
Fortuna Cons Mining
Golden State Mining
Goldfield Consol Mines_10
Goldfield Deep Mince__.5c
Goldfield Development _
20
55c
134
Sc
134
710
33,1
95c
170
240
10c
160
1
2
4e
10c
lc
13c
50c
131
Sc
Sc
1111.
70
4%
670
2c
331
530
964
7c
15c
220
Sc
8c
11c
154 2,300
2%
700
4c 2,000
10c 6,000
4c 807.200
13c 1,000
65c 3,600
1% 3,300
Sc 16.000
Sc 1.000
2% 6,300
7c 1.000
5
1.100
71c 29.300
2c 24,000
354 2,800
53c
500
1st 13.400
7c 5,000
18c 43,000
264 61,000
Sc 1.000
10c 27.000
160 67,000
Mar
Mar
Jan
Feb
SSD
May
API'
Jae
Jan
Jan
Mar
Jan
June
Mae
Jan
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Jan
AuG. 18 1923.]
THE CHRONTCLE
Friday
Sales
Last Week's Range for
Mining Stocks
of Prices.
Sale.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Goldfield Florence
1
50c 8,800
45e
1
44c 5,000
Goldfield Jackpot
44e
Gold Road Annex M
50
Sc 8,000
lc
lc 25,000
Gold Zone Divide
Hard Shell Mining
Sc
5c
Sc 59,000
Harmi11 Divide
10c
6c 19,000
4e
Hecia Mining
7
25c
7
754 2,400
120
Hilltop-Nevada Mining__. 14c
17c 62,000
Hollinger Con Gold Mines 5
1135 1154
200
Homestake Ext Min Co_.1 85e
75c
85c 1,200
1
Howe Sound Co
355 351
100
Independence Lead Min_ _1
37e
38c
39c 18,000
Iron Blossom Cons Min _l
23e
230 1,000
Jerome Verde Develop't_ .1
131
174
700
Kerr Lake
5
254
255
100
234
Kewanas
1
30
3c 1,000
lc
10c
Knox Divide
lc
2c 2,000
Lake Superior
5
5
200
5
La Rose Mines
280
28c 2,000
130
Lone Star Consolidated_ 1
30
6c 172,000
MacNamara Crescent Devi
2e
2e 3,000
MacNamara Mining
1
30
3c 3,000
Mason Valley Mines
In 1%
5
700
McKinley-Darragh-Sav ..1
13e
13c 2,000
National Tin Corp
10c
50c 10c
10c 40,000
Nevada Ophir
15c
1
17c 12,000
234
New Dominion Copper_ _ _6
2% 231 4,300
149% 150
New Jersey Zinc
100 150
84
N Y Porcupine Mining._ _
450
450 2,000
5%
Nipisfdng Mines
5
1,700
555 551
650
Ohio Copper
62e
1
67e 15,400
Park Utah Mining
3
1
3
100
Premier Gold.
234 2;i2
300
Ray Hercules Inc
75c
900
90c 10,600
Red Rills Florence
2c
50
3c 12,000
Rcorg Divide-Ann
6c
Sc 9,000
lc
Rex Consolidated Mining _I
2c 3,000
30
Silver King Divide (react)
lc
4c 55,000
Silver Queen Mining Corp. 29e
29e
35c 11,000
SimonSilver Lead
10c
15e
1
13c 4,000
3
South Amer Gold Ji Plat.1
3
351
1,600
100
lie
Spearhead
12c 46.000
20
Stewart Mining
30 7,000
1
38c
Success Mining
1 380
40e 2,000
50
Sc 23,000
Sutherland Divide
1
980
134 11,400
'leek-Hughes
1
660
68c
Tonopah Belmont Divide 1
200
51c
53c 5,300
1 53c
Tonopah Divide
2;12
2
1
Tonopah Extension
25i2 1,600
154
1
Tonopah Mining
Me
600
12c
Tuolumne Copper
1
13e 4,000
In
PH 154 9,700
United Eastern Mining---1
11.2 980
United Imperial Mines_ _1
1.12 6,100
28% 29%
United Verde Extension_50
400
22c
20c
US Cent Mines
24c 13,000
355
Unity Gold Mines
334 3%
5
700
600
Wenden Copper Mining.._
610
600
81c
83e 1,100
West End Consolidal ed _ _5
West End Extension Min._
IC
lc 3,000
Western Utah Copper_ _ _ _1
16c
16c 1.000
Range since Jan. 1.
Low.
High.
Jan 76c Feb
29e
Jan 57e Mar
35e
5e Aug 30c July
lc Aug 11 c Feb
3c
Jan
13c
Jan
2c June 10c Mar
5% July
9% Apr
Ilc July
lnie Feb
1154 June 14
Feb
Feb 88c July
58c
2% Jan
454 Mar
16c June 48e Mar
23c July 380
Jan
950
Apr
314 Feb
2
July
3% Jan
2c Mar
8c
Jan
le May
7c
Apr
5
Aug
Aug
5
Apr 40c Feb
23e
2c June 10c
Jan
lc Mar
6c
Jan
lc June
7c
Jan
1% June
251 Mar
13c July 25c Mar
10c June 32c
Jan
60 June 20c Mar
234 Jan
4% Mar
148
June 180% Star
300
Jan
7.5c June
414 July
6% Star
37e
Jan
l'ie Mar
July
231
434 Jan
2% July
334 Apr
75c Aug
234 Mgr
lc May
Sc Mar
3c June
7c
Apr
lc July
80 Feb
lc Aug 25c
Apr
250 J ly 500 Feb
10c Aug
50e
Apr
254 July
49-4 Mar
4c Mar 31e June
20 July
Sc
Jan
32c July 68c
Jan
lc
Jan
9c July
81c
11,4 May
Jan
660 Aug
Jan
48c July 89e Mar
1% June
4
Mar
154 Aug
234 Jan
Se June 67c
Feb
134. Au
2512 Feb
60c Mar
l'12 Aug
26% Jan
38% A or
Apr 28c July
130
3
Jul
534 Mar
28c June COO Aug
76c July
154 Jai
lc May
6c • Jan
I5c July
55c
Feb
Bona.
Allied Pack Ss, Ser B__1939
Convertible deb 65_1939
Aluminum Coot Art1751925
78
1933
Amer Cotton 011 68_1924
Amer G & E deb 6s..2014
Amer Lt & Trac (is_ _ _1925
Without warrants
Amer Rolling Mill iis 1928
Amer Sumatra Tob 754s'25
Amer Tel & Tel 6s_ -._1924
Anaconda Cop Min 68_1929
Anglo-Amer Oil 754s. _1925
Armour & Cool Del 5340'43
Assoc Hardware 6540.1933
All Gulf & W I SS L 5s 1959
Beaver Board 8s
1933
Belgo Can Paper 6s_ _ _1943
Beth Steel equip 75_1935
Canadian Nat Rye 78 1935
Is
1925
Central Steel 88
1941
Charcoal iron of Am 851931
Chic R I & Pee 554s_ _1926
Cities Service 7s, Ser C '66
7e, series D
1966
Cons GEL&P Halt 6s '49
75
1931
554s
1952
Cone. '1 cattle 8i
1941
Deere & Co 7 34s
1931
Detroit City Gas 6g._.1947
Detroit Edison 6s_ _ _1932
DunlopT& R of Am 78 1942
Federal Sugar 65
1933
Fisher Body 68
1926
65
1927
6s
1928
Galt (Robert) CO 7s- 1937
Galena-Signal Oil 70_1930
General Asphalt 85_ _ _1930
General Petroleum 68.1928
Grand Trunk lty 63.45_1936
Gulf 011 of Pa 58
1937
Hood Rubber 75
1936
Interboro R T 8s JPAI rcts
Kennecott Copper is. Me
Libby McNeill& Libby 70'31
Liggett-Winchester 78 1942
1.0111SV Gas & Flee 5s_ 1952
Manitoba Power 7s.. _ _1941
Maracaibo 011 Exp 75_1925
Morris de Co 7
1930
National Leather 88_1925
New On Pub Sexy 5s.. _1952
1952
Ohio Power 55
1952
Penne P & L 58 11
Phillips Petrol 7548- 1931
Without warrants
Public Serv t.orp 70_ _1941
Pub Serv Flee Pow as 1948
Reading Co 434s WI
wI
Sears. Roebuck & Co 75'23
Shawsheen Mills 7s . 1931
Sloss-Sheffleld S &I65 1929
1924
Solvay & Cie 88
South Calif Edison 58.1944
Stand 01101 N V 6 501.1933
7% serial gold deb...1925
7% serial gold deb_ .1920
7% serial gold deb..1927
7% serial gold deb_ _1928
7% serial gold deb_ _1929
7% serial gold deb_ _1930
7% serial gold deb_ _1931
1931
Bun CO 7s
1929
13s
61%
54
10355
106% 106%
95
92%
93
92%
54
61% 81,000 51
Aug 8454 Jae
54
1,000 51% July 7634 Jan
103% 3.000 102% Apr 104
Jan
106% 9,000 105% July 106%
Feb
95 117,000 85
Feb 9652 Jan
9355 19,000 91% July 97% Jan
100% 100% 100%
98% 98%
96
96%
10054 10054 100%
101% 10231
10251 10254 102%
8851 87% 88%
9451 9454
47
47
47
78
78
9454 97
1023-4 1t24 10234
10i34 10734
99
99%
10754 10755 10734
92% 93
93
97% 9734 97%
88% 87% 89
87% 87% 8854
102% 103
10851 106%
9855 9954
94
94
9954 100
99% 9954 99%
102
10134 102
94% 94%
9755 97% 98
9854 98% 98%
9755 9734 97%
97% 9654 9754
95
9555
103% 10355
100% 10055
95
9555
105 10534
105
9451 9455 94%
100 100
104
10354 104
994
99
103 103%
87% 8755 8851
99% 9951 9951
190 190
98
9834
96% 9655 9735
82
82
83
87
8654 87%
8751 8751 88
6,000
1,000
13,000
38,000
17,000
20.00
103.000
5,000
1,00
2,00
12,000
13,000
4,000
26,000
9,000
12.000
9,000
18,000
15,000
12,000
6,000
8,000
1.000
18,000
11,000
33,000
18,000
33,000
6,000
24,000
21,000
3.000
12,000
1,000
16,000
16,000
35,000
5,000
1,000
5,000
2,000
5,000
21,00
1,00
1,00
10,000
14,000
25,00
28,000
4,000
100%
97
95%
10054
100%
10134
81%
94
43%
6554
9434
10254
10934
97
106
90
96
87%
87
100%
105
97
94
98%
99%
100
9414
063-4
97
96
94%
94
103
99
95
10355
9355
100
9554
101%
97
101;4
86
95
105
97
9551
81 34
8334
86
June
July
Jan
Aug
July
July
July
Au
July
Feb
Aug
Jan
May,
July
Fe
Jul
July
Au
Jul
Apr
Apr
Apr
June
Jan
June
June
July
June
July
May
Mar
July
June
June
June
Apr
Ma
June
Jan
July
July
mar
Mar
Jan
Mar
Aug
July
July
Ay
Apr
101%
100.4
1003.4
10134
103%
103%
96%
98%
62
8234
9654
103
110%
993-4
10834
97
9834
9654
93%
10351
10851
100
106
10354
1014
104
97%
98%
100
9991
98%
9934
105%
105
98
107
97%
102
105
105%
102%
104
914
102;4
24934
106%
102
8951
92
90%
Feb
Jae
May
Jai
Feb
Jst,
Jan
June
Mar
June
June
Feb
Jai
Feb
AIM*
Mar
June
Apr
Jan
Jan
Feb
Jan
Feb
Fet,
'Jai
Jan
kir
May
Feb
Feb
Feb
Jan
Mar.
Jan
Apr
Jan
Jar.
Jan
July
Jar,
Jan
May
la,
Feb
May
Jan
Jan
Mar
Jan
Jan
97
97
10151 101% 102
96% 96
97
86
86
92
91% 92
100% 10054 1004
104% 104%
96% 9751
104 10434
90% 90% 9051
10751 107 107%
103% 103%
103% 10334 1031.1
10514 1054
10654 106%
108% 10634 1063-4
107 10755
109% 107% 10934
101 31 10154
97% 9751
1,000
11,000
50,000
7,000
25,000
11,00
5,000
26,000
8.000
9,00
33.000
6.00(
5,000
5.000
1,000
6,000
3,000
16,000
15,000
7.000
9554
100%
96
86
87
100
103;4
96
104
87
10454
102
103
103
104%
104
105
105%
100
97
'Au
Au
Aug
Au
July
Au
may
Feb
Mar
Ma
Apr
Jun
An
Apr
Apr
Apr
Aer
may
June
Apr
10314
104%
9854
88%
92
101%
105%
9354
105%
93
107%
106%
106
10751
107%
108%
109%
110
103
9855
Jan
Feb
in
775
Friday
Last Week's Range Saks
Sale.
ofPrices.
for
Price. Low. High. Week.
July
Aug
Ja,
Apr
Feb
May
Jan
Jan
Feb
July
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Bonds (Concluded)Swift & Co 55 Oct 15 1932
Tidal Osage 011 7s_ _ _ _1931
1925
Union 011 6s
United 011 Prodar Rs_ .1931
United Rys of Hay 7311'
36
1936
Vacuum Oil 6s
Valvoline Oil Os
1937
91
903-1 91
46,000
100
89% 897-4
10534
10554
10234
100
9134
10634
10634
10655
2,000
23,000
13,000
23,000
14,000
Argentine Nation 75..1923 10054 9934
Slexlco 45
1945 3634
355.4
5635 5614
6s 10 year Series A
Netherlands (Klegd)681112 101
101
Peru (Republic) 85_ _ _1932
9755
Russian Govt 6348.._19l9
10
9835
Sw117eriand Govt 5345.192,, 99
Ext 5% g notes_ _ _ _1926
9731
10014
3634
.5655
1023-4
9754
10
99
9734
15,000
52,000
20,000
118,000
5,000
16,000
58,000
61,000
Range since Jan 1.
Low.
8934
100
9954
8934
103%
105%
102
High.
Mar
Aug
June
June
Apr
June
July
94
104
10035
10654
107
10734
10354
Feb
May
APT
Mar
Jan
Jan
Mar
9954 June
33% Aug
5354 Aug
97% Mar
Feb
97
914 Jan
9854 Aug
9734 Aug
100%
444
83%
10214
100%
1654
104
97%
MaY
May
May
Aug
Apr
Feb
Jan
Aug
Foreign Government
and SIunic1pallties
* No par value. it Correction. m Dollars per 1,000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. to When issued. z Ex-dividend. y Ex-rights. 2 Ex-stock
dividend. n Ex-stock dividend of 40%.
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid
Banks
Ask
Americas____ 227 232 Harriman_ _
Amer Exch___ 287 294 Manhattan *_
Battery Park_ 180 188 Mech & Met_
Mutual.
Bowery.
440
Broadway Ce 115 140 Nat American
_ National City
Bronx Bo.ci*_ 175
Bronx Nat_ _ _
__
150 New Neth•__
Bryant Park* 160 170 Pacific s
Butch & Drov 130 138 Park
Cent Slercan_ 205 215 Port Morris
Chase
342 347 Public
Chat & Phen_ 255 260 Seaboard
SO Seventh Ave_
Chelsea Exchs _ _
Chemical
520 530 Standard e..._
Coal & Iron
218 225 State*
1Tradesmen's•
Colonial *__
375
__ 23d Ward...
Columbia
265
Commerce
290 292 !United States*
Com'nwealth• 230 240 'Wash'n Hts•_
Yorkville *_._
Continental
135
Corn Exch._ _ 428
Cosmop'tan*_ 110 120
East River_ _ _ 204
Brooklyn
Fifth Avenues 1200
Coney Island*
Fifth
235
First
1200 1210 First
Garfield
250 265 Meehancls' •_
Gotham
184 190 Montauk•
Greenwich s
290 310 Nassau
Hanover
675 685 People's
434
Bid
325
145
381
320
135
345
130
300
414
160
296
380
88
175
310
200
270
160
200
850
155
320
130
170
225
160
Ask Trust C.o.'s Bid Ask.
New York
335
148 American _ _ _ _
389 Bank of N Y _
& Trust Co 463 489
14-5 Bankers Trust 352 355
350 Central Union 468 475
140 Commercial__ 105 115
Empire
305 315
425 Equitable Tr_ 190 192
;Farm t. & T. 527 535
304 'Fidelity Inter 195 205
,Fulton
255 265
6§ ;Guaranty Tr_ 253 257
190 Hudson
205 215
330 Irving BankI ColumbiaTr 215 217
'Law Tit & Tr_ 177 185
170 Metropolitan_ 290 300
Mutual (West
Ichester)
120 130
N Y Trust_
342 346
Title Gu & Tr 363 370
Mtg & Tr 305 315
United States 1200 1220
165 ,Westches Tr_ 180
355
Brooklyn
136 'Brooklyn Tr_ 470 490
Kings County 850
240 Manufacturer 275
People's
395
415
*Banks marked with (°) are State banks.
New York City Realty and Surety Companies.
All prices dollars per share.
Alliance Wily
Amer Surety_
Bond At NI G.
City Investing
Preferred..
Lawyers mtge
Bid
98
94
27
65
92
150
.45k
105
96
272
68
98
155
Mtge Bond__
NatSurety_ _ _
NY Title &
Mortgage..
U S Casualty_
U S Title Guar
Bid
107
155
Ask
ill
158
187
140
130
192
__
134
'Bid
Realty ASSOC
(Bklyn)com 80
1st prof.... 80
2d pref.-. 63
Westchester
Title & 'Tr_ 200
.4.11i.
85
68
220
CURRENT NOTICES.
-Arthur A. G. Luders has resigned as trust officer of the Coal & Iron
National Bank to become Vice-President and Treasurer of tho Bentz
Engineering Corp. of Newark, N.. J., manufacturers of refrigerating and
ventilating apparatus. Mr. Luders has been 23 years in the banking
business, having been formerly connected with the old Knickerbocker
Trust Co. and Secretary-Treasurer of the Rockland County Trust Co.
Ile was Treasurer of the New York State Bankers Association during
1921-1922.
_Roy H. Morris, Harry J. Kasting and Hugh A. Green have incorporated under the name of Morris. Kasting & Green, investment bonds.
opening offices in the Chicago Trust Bldg. at 79 West Monroe St., Chicago.
They will conduct a general investment business dealing in Government.
municipal, railroad, public utility and corporation bonds.
-Guaranty Trust Co. of New York has been appointed Transfer Agent
for the stock of the Consolidated Credit Organizations, Inc., consisting
of 50.000 shares of common stock, par value $10 per share, and 4.000 shares
of preferred stock, par value S100 per share.
-Edward S. Hammel!, formerly connected with John Nickerson &
Co., in their wholesale department, and Frank L. Peel are now associated
with the Sotck Exchange house of Rollins, Kalbfleisch & Co., in their
bond department.
-Announcement is made that James I. Clarke has resigned as Second
Vice-President of the National Bank of Commerce in New York to become
associated with the investment house of Hitt, Farwell & Co., 160 Broadway.
-Bull & Rockwell announce that Areson B. Burr. formerly of the
Guaranty Co. of New York and S. W. Straus & Co., is now connected
with their sales department.
-Arthur N. Cantril Co. announce the opening of offices in the Old
National Bank Building, Spokane, Wash., for the transaction of a general
bond business.
-The Bankers Trust Co. of this city has been appointed registrar for
the preferred and common stock of the U. S. Paper Mfg. Corporation.
-Stephens & Co. announce the removal of their San Diego offices to
their own building at Plaza and Third Streets.
-Arthur Atkins announces that he has opened offices at 100 Broadway,
this city, for the transaction of a general investment security business.
-R. V. DeVoe & Co. announce that Eugene G. Grant,formerly with
McKinley & Morris, is now associated with them.
776
Xixoestutent arta plant' inkiliffetute
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or 'Current
Month.
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
1
$
$
Akron Canton & V. June
25k005 198.848 1.337.586 1,071,614
Alabama & Vicksb.. June
269.935 281.411 1.671.790 1.575.417
Amer Ry Express__ Apr01
13212 156 12945966 51.797.878 51.737.855
Ann Arbor
1st wk Aug 100,571
99.588 3,046,199 2,924.782
cAtch Top & 8 Fe June
16260907 15524 584 96.550.970 83.402.328
Gulf Colo & 8 Fe_ June
1.783.129 1.892,718 10.890.455 9.994.276
Panhandle 8 Fe,.. June
548.180 574.661 3,630,622 3.471.006
Atlanta Birm & AU_ June
334.280 312.5171 2.286.876 1.842 846
Atlanta & West Pt. June
244,505 207.363 1,451.151 1,147.232
Atlantic City
June491.298 467.594 1,904.9271.874.969
Atlantic Coast Line_ June
6.369 570 5 571 035 43 525.787 37.095 580
Baltimore & Ohio__ June
22515545 17580515 129797 389 98.679.159
B & 0 Ch Term__ June
325.753 290.213, 1,869.30ft 1.477.424
Bangor & Aroostook June
475.6691 562.6721 3,490.433 4,488 387
Bellefonte Central__ June
46,896
67.111
9,447
9.1021 3.599.811
Belt Ry of Chicago_ June
2.890.726
580.823 501.780
Bessemer & L N:rie_ _ June
2.330.188 1,388,6011 8,910.170 4,661 582
Bingham & Garfield June
82.380
39.520
23.625! 221.551
Boston & Maine_ __rune
7.703.567 6.531,344 42.885,730 37,912.544
Bklyn IC 11 Ter_
m .June
839.057
797 420
111 213 127.723
Buff Roch & Pittsb_ 1st wk Aug 466,332 243,657 13,025.426 7.612,867
yeanadian Nat Rye 1st wk Aug 4,856.035 4.623,101 142642932 126532457
All & St Lawrencerune
213.645 164.862 1.745.131 1.364.899
Canadian Pacific_ _ _ 1st wk Aug 3,498.000 3,285.000 96.657,000 91.314,000
Caro tlinch & Ohio_ June
813.156 699.220 4,720.435 3.813.255
Central of Georgia_ _ June
2.082 494 1.993.095 13.187.511 10.747,997
Central RR of NJ June
5.100.892 3.443.405 28.539,556 23,199.980
Cent New England June
748.555 458.678 3,670.252 3.511.250
Central Vermont_ __ June
741.350 596.7271 4.355.650 3.391.348
Charleston & W Car June
322.792 271.725 2.030.804 1.724.476
Ches & Ohio Lines__ June
8.650.025 8.870,114 48.264.859 44.172.859
Chicago & Alton_. June
.
2.725.222 2 306.082 1 .
•
Chic Burl & Quincy. June
13554376 1308475584,779.77174,635.952
Chicago & East III_ _ June
2.226,104 2.010.422 14.245.495 11.903 154
Chicago Great West June
2.233.782 2.038.290 12,787.861. 11.323.144
Chic Ind & Louisv_ . June
1.423.095 1.358,651 8.993.224 7.757.916
Chic Milw & St Paul June
14089084 13513554 83,677,152 71.156,775
Chic & North West.. June
14099061 1366532277'940 643 57.660.629
Chic Peoria & St L. June
676.688 1,133.185
98.442 168.093
Chic River & Ind.__ June
598.874 594.994 3,727.940
Chic R I & Pac
June
10202006 10733758 59,599.477 56.053 582
Chic R I & Gulf June
486.370 516.269 2,577.376 2.716 060
Chic St PM & Om_ June
2.273.195 2,466.833 13.781.030 13.056.451
Chic Ind & Western June
351,950 376,757 2.312,794 2.043 584
1Colo & Southern_ June
1.030.044 1,156.706 6.132.392 6.059.965
Ft W & Den City_ June
719.522 784,649 4.265.246 4.362.143
Trin & Brazos Val June
772.842 1.580.058
135.197 139,785
Wichita Valley__ _ June
571.445
627.698
106.686
89,779
Delaware & Hudson June
4.454,139 2,297.070 22.961.570 18.866.476
Del Lack & Western June
8.005,941 5.501.267 43,200.096 35,882.808
Deny & Rio Grande June
2.725.111 2.737.227 15.299.225 14.456 211
Denver & Salt Lake June
555 823
311.397
41.963 1.086.899
898.217
815.311
Detroit & Mackinac June
172.558 185.535
Detroit Tol & Iront_ June
874.559 904.632 5.031.436 4.477 923
Det & TM Shore L__ June
349,808 310.025 2.187.371 1,809.131
Dul & Iron Range_ _ June
1.177.105 1.317.150 2,993.380 2.176 549
Dul Missabe & Nor_ June
3.188.263 2,679.074 6.375.246 3.844.734
Dul Sou Shore & At! 1st wk Aug 122.379
93.247 3,441.316 2.472.944
972.664
Duluth Winn & Pac June
176.674 194.909 1,311,286
East St Louis Conn_ June
172.519 173.377 1,173.855 1.011,166
Elgin Joliet & East_ Junel
2.483.235 .731.845 14,377.518 10.507.235
El Paso & Sou West June
1.174.912 1.066.799 6,442,382 5,211.774
Erie Railroad
June
.854.901 6,911.867 60,043.281 44.435.306
Chicago & Erie.. June
1.179.823 903.500 6,903.598 5.492.774
New Jersey & NY June
728.748
770.322
133.819 123.401
Evans Ind & Terr H June
521 4"R
802.945
138.707
50 546
Florida East Coast_ June
1.154.523 813.138 9,420.093 8.065.238
Fonda Johns & Glov June
684.008
781.741
115.953 101,380
Ft Smith & Western June
730.608
765.057
111.166 142,072
Galveston Wharf... June
706.854
651.006
89.550
98,602
Georgia Railroad... June
505.172 421.356 3.014.150 2.367.734
Georgi. & Florida.. let wk Aug
791.023
30,150
20.000 1,026.387
Grand Trunk SystCS Det C 0 T Jct June
312,611 155,446 1,748.292 1.124,376
Del 0 H & Milw_ June
642.516 553.815 3.299.238 2.536.005
Grand Trk West_ June
1.711.931 1,683.523 9.844.192 7.343,633
Great North System 1st wk Aug 2.462,950 2.040.620 64,978,578 53.790,029
Green Bay & West_ June
686.695
647.622
115.0141 125,040
Gulf Mobile & Nor_ June
454.9221 435 559 2,922.733 2.3'5 441
Gulf & Ship Island_ June
268.092 259,108 1.640,403 1,437.784
June
Hocking V day
1.788.789 1.178 018 8.632.724 6 350 410
111Central System. June
15072360 .3780721 95,148.281 78.501,740
June
III Central Co_
13440564 12355745 85.231.508 69.773.121
Yazoo & Miss V June
1,631,7961,424.976 9,916.773 8.728.619
Intern Ry Co of Me June
1.508.504
156.811
. .
.
Internat & Grt Nor_ June
1.119.085 1.090.186 6.828.034 6.741.669
665.313
'K0 Mex & Orient.. June
785.794
125.476 123.182
793.406
740 236
144,916 135.325
K CM & Orient of T June
Kansas City South _ June
1,617.441 1,518,100 9,744.263 8.732.517
977.860
Texark & Ft Sm..June
230.500 183.464 1,304.209
Total system...- June
1.847.941 1.701,564 11,048.472 9,701,377
Kansas Okla & Gulf June
181,586 250,799 1,337.669 1,311.614
247.681
229,236 177,980
438,298
Lake Sup & Ishpem_ June
June
551.559
570.825
114.922
Lake Term Ry
84.266
273.096 160.126 1.457,955 1.200.236
Lehigh & Hud River June
587,924 240.118 3,030.621 1.987,365
Lehigh & New Eng_ June
June
7.052.888 4.694.664 36.280.628 31.017.207
Lehigh Valley
2,231,757 1.844.9791,512.048 9.450.004
Los Ang & Sait Lake June
241.827 320.341 1.938 953 1.633 284
Louisiana & Arkin. June
304.945 281.851 1,973.335 1,607.991
Louisiana Ry & Nov June
85,339
246.085
La Ry & Nay of Tox June
11220 169 11882969 66,622.895 82.050.125
Louisville & Nash v _ June
273.418 297.736 1.701,815 1,531.388
LouLsv Fiend & St L June
June
1.879,980 1.699.621 10.404.530 10.126.725
Maine Central
349.593 434.597 2,224.158 2.281.899
Midland Valley....1June
160.584
1st wk Aug
285.768
7.707
6.380
Mineral Range
Aug
wk
1st
284,543
Louis
293,520 9,571.523 8.953,612
St
Mhmeap &
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Minn St P & 88 M.Juno
2.497.957 2.434 461 13 433.265 10.949,675
M StP & 88M Syst_ June
4.315,127 4.204.331 23.652,491 19.254.928
Wisconsin Central June
1,817.170 1.769.870 10.219,226 8.305,254
739,741
Mississippi Central_ June
916,664
148.268 129.211
Misinuri-Kan-Texas June
2.699,884 2.852 501 16.755.533 15.382,647
Mo-Kan-Tex of Tex June
1.484.248 1.816.892 9.288.977 10.008.850
Total System_ _ _ _ June
4.184.133 4.669.393 26.044.511 25,391,497
115.262
Mo & Nor Ark
June
698.665
110,672
76.963
Mkq-,uri Pacific___.'June
9.195 092 8.662 534 53.698.273 48,551,033
Mobile & Ohio
'1st wk Aug 344.991 2.59.428 12.247,546 10,112,795
714.658
739.030
Coium & Greenv_ June
121,971 126.183
832.985
Monongahela Conn_ June
240.758 155.429 1,353,266
348,006
Montour
June
269.704
21.802 1.186,792
Na.shv Chatt & St L June
2.009.347 1.751.912 12.258.770 10.143.436
159,471
179.737
Novada-Cal•Oregon 1st wk Aug
6.810
10,422
186.150
Nevada Northern June
443.121
100.014
46,078
997,496
Newburgh & Sou Oh June
171.588 178.888 1.061.090
New On Great Nor_ June
247.927 213.954 1,412.000 1,267.449
N 0 Texas & Mex_ _ Pune
231.238 197.823 1.511.132 1.319,005
Reaum 8 L & W 'June
179.960 148 020 1.101.464 1.015,176
St L Browns & M June
394.449 316.856 2,571,063 2,602,675
New York Central June
38145470 29921 333 213676 256 164498339
Ind Harbor Belt_ June
960.497 822.389 5.806.988 4.638.822
Michigan Central June
8.166.682 .224.128 48 336.002 37,437,749
Clev CC & St L._ June
7.966,671 .613.870 47.859.673 40.829,638
(Incinnati North_ June
412.159 317,754 2.665.794 1.750,311
Pitts & Lake Erie June
4.339.900 .061.173 22.865,939 11.800,206
N Y Chic & St Louis June
.813,741 .463.784 22.456.750 18.811.491
N Y Connecting.... June
310.186 209,726 1.788.791 1,391,125
NYN H & Hartf June
1949570 0249837 65.983.40357,847,727
N Y Ont & Western June
1,248,667 888.365 6.393.439 5,591.268
N Y Sus & West June
409.169 324.241 2.523.411 1,975,049
Norfolk Southern.. June
780.987 752,968 4.642.461 4.200,225
Norfolk & Western_ June
.881,048 .473.091 44.938,946 46.011,351
Northern Pacific... June
.302.287 8.300.55746.6.47.12741.922,104
Northwestern Pac June]
720,812 719.158 3.576.525 3,557.385
Penn RR System_ _ _ June
69339897 13972138 380428291 319078077
Pennsylv RR & Co_ June
64387849 50879806 356130371 297047643
667,302
Halt Ches &,At1 June
652.883
133.240 148.510
Long Island
June
.229.094 2.917.091 15.631.133 13,964.429
483.500
Mary Del & Va.. June
468,290
95,008 107.654
Monongahela_ ___ June
549.516 129,932 2,850.203 1,730,964
791,224
Tol Poor & West_ Junej
900.273
143,085 145,712
W Jersey & Seash June
1.230,752 1,090.194 6.232,507 5,725.940
891,054
Peoria & Pekin Un_ June
877,166
131.897 129.845
Pere Marquette_.. June
3,895,209 3,304.993 22.264,618 18,207.076
585.458
June
Perklomen
540.654
107.240 122.108
Plata & Reading
June
8.959.203 5.673.491 55.077.844 38,260.119
510.087
Plash & Shawmut June
711.908
55.345
100.190
Pittsb & West Va June
310.230 228.343 1,816.941 1,391,143
l'ort Reading
June
998,840
203.178
92.507 1.513.211
June
Pullman Co
6,636.368 6.452,534 34,638.282 31.450,350
Quincy Om & K C June
530,687
651.493
88.906
98.873
Rich Fred & Potom_ June
1,092.468 960.332 6.464,790 5.407.635
Rutland
June
575.777 469,047 3.326.339 2.740.961
St L-San Fran Syst_ let wk Aug 1,722,294 1,604.850 52,387,472 49,572,459
Ft Worth & Rio Or June
595.052
675,735
137.832 104.424
OIL San Fran Co_ Juno
6.764.804 7.566.589 41,720,727 39,426.419
St L-S F of Texas_ June
780,826
733.009
130.980 141.489
St L Southwest Co_ June
1.468.197 1,449.634 10.446.172 8,351.238
St L SW of Texas June
637.195 634.760 3.735.734 3.438.201
Total system_ _ let wk Aug 518.317 444,622 15,997.722 13.489,030
St Louis Transfer__ June
370,574
417.484
62.45o
59.793
Sad Ant & Aran Pass June
445.015 416.187 2.451,816 2,483,789
San Ant Uvalde & G June
514.482
69.044
597,070
110,167
Seaboard Air Line__ June
4.076.170 3,600,199 6,915.345 2,426.507
Sou Pacific System_ June
24611 625 22897098 33023 160 120127220
Southern Pacific Co June
18178291 1674037493.803.09683.205.31
Atlantic SS Lines_ June
1,126.537 883,427 6,818,920 5,635,525
Arizona Eastern_ June
301,899 281.019 1.846.706 1,494,068
Galv Harris & S A June
1.863.224 1.860.437 0,939,915 10.506,166
Hous & Tex Cent_ June
1,039.363 1,094.774 6,426,020 6,904.226
Nous E & W Tex_ June
227.896 281.942 1,405.099 1.413,013
Louisiana Western June
363.489 310.701 2,295.902 2.108,193
Morg La & Texas June
663.799 627.443 4.377.288 3,850,216
Texas & New Orb. June
719.849 685.184 4.334,389 4,346,660
Southern Ry System let wk Aug 3.741.782 2,573,104 1185701555 96.828,767
Southern ity Co__ June
12585968 11385 784 74.448,970 61.995.454
Ala Great South. June
896,388 861.027 5.392.914 4.711.467
CM NO & Tex P. June
1,971.729 1.821.510 11,863.271 9,119.251
Georgia Sou & Fla June
460.833 406.800 2.621.498 2,371,003
New Orl & Nor E_ June
554.771, 558.572 3,504.981 3,120.824
Northern Ala_
628.932
June
135.9071 122.001
839,434
Spokane internal.. June
541,334
86.032
582.661
96.547
Spok Portl & Seattle June
653.319 646.532 3.814,523 3,390,108
Staten Island H T__ June
238,1871 202.266 1.196,099 1,151,808
Tennessee Central__ JUI113
247.664' 215.942 1.547.459 1,172,185
Term RR Assn ofStL June
419.466 383.404 2.499.518 2.283,855
St L Men Bridge T June
348,238 278.309 2.473,195 1,781,546
Texas & Pacific. _ _ _ 1st wk Aug 594,406 575,278 17.942,603 17,240,073
Toledo St L & West_ June
1.047.983 917.607 6.563.956 4,906,257
Ulster & Delaware__ June
168.216 154.500
792.132, 717,040
Union Pacific Co_ _ _ June
8,877.619 8.901.925 50.958.437 45.402.183
Total System_ _ __ June
16389949 15394 264 93.267.02883,931.504
Oregon Short L _ June
2.047,2822.804,310 17.417,087 16,380.589
Ore-Wash RR &N June
2.303.292 2.343.050 13,379,455 12.698,727
St Joseph & Or Isl June
735.888 234.919 1.570.857 1,505,620
Union RR (Penn)._ June
1,237.322 1,192.118 5,983,5171 5,071,267
Utah
760,531
June
139.929 159.033
737.505
Vicks Shrev & Pac June
331,673 350.811 2,100,366 1,885.273
Virginian RR
June
1,791,452 2.069,254 11.072.336110,485,198
Wabash RR
June
5.558.770 5.362.371 31,784,135 28,630,584
Western Maryland_ 1st wk Aug 439.427! 397,578 14.170,677 9.863,234
Western Pacific_ -__ tune
1,263,893 1,064.742 5,881,812 5,090,291
Western Ry of Ala__ June
236,993 213.381 1,441.442 1,194,732
Wheel & Lake Erie_ June
1,910,179 1,346,652 8,687,135 6,822,930
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
4th week May (16 roads)
let week June (17 roads)..,.
2d week Juno ((6 roads)__
3d week June (16 roads)....
4th week June (16 roads)....
1st week July (16 roads)-2d week July (16 roads)....
3d week July (16 roads).....
4th week July (13 r aids)_
1st wnek
$
1
26.363.118
19.827.932,
18.675.125!
18.562,257,
22.945.214
18.431.668
18.816.616
18.316.984
25.32 .•
1
onn 008
Previous
Year.
Increase or
Decrease.
$
23.207,333
18.058.748
17.215.757
17.376.653
20.536.529
16.476.170
16.692.351
15.994.753
.383
3
+3,155,785 13.60
+1,769.184 9 79
+1.459.368 8.48
+1,185.604 6.82
+2.408.685 11.73
+ 1,958.498 11.89
+2.154.295 12.9
+2.322.131 11.52
+4.Q0,1 0 18.77
ln 801 751
Monthly Summaries.
Mileage.
Curr.Yr.
September ..235,280
October
233.872
November 235.748
December
235.290
January
235.678
Fehroary -235.399
March
235.424
April
Zli4.970
May
235.188
-40
Current
Year.
1 Previous
Year.
Prev.Yr.
I
$
$
235.205 498.702,275 496.978.503
232,882 545.759.206 532,684,914
235.079 523,748,483 466,130.328
236.121 512.433.733 434,698,143
235.827 600.816,521 395,000.157
235.528 444,891.872 400,146,341
235,470 533.553.199 473,747,009
235.839 521.387.412 415.808,070
235.472 545.503,898 147.093.844
0/1 001 cm n Ass 188470 ,,,‘.001
Increase or
Decrease.
2102
0.
+1.723.772 ;
5 2.45
52
14
8:2
19
7:6
07
5
13
t
87.735.590
+70.803,472 21.00
+44,745.531 11.18
--
+
+155784422589
587
144
1a.0
+9:5005421
11:194)12163
03501
Note.-Grand Rapids & Lou ana and Pit ts. Ctn. Chic.& St. Louis Liducied in Pennsylvania RR. Lake aide & Western included in New York Central.
r includes Graud Trunk System. t Includea Wichita Falls & North webt,rn.
AUG. 18 1923.]
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 16 roads and shows 16.11%
increase over the same week last year:
First Week of August.
1923.
1922.
Increase. Decrease.
$
$
t
Ann Arbor
100,571
99,588
983
Buffalo Rochester & Pittsburgh466,332
243,657 222,675
Canadian National
4.856.035 4,623,101 232.934
Canadian Pacific
3,498,000 3.285,000 213,000
Duluth South Shore & Atlantic_
122,379
93.247
29,132
Georgia & Florida
30,150
20,000
10.150
Great Northern
2,462,950 2.040.620 422.330
Mineral Range
7.707
8,380
1,327
Minneapolis & St Louis
284.543
293,520
Mobile & Ohio
344.991
259,428
85.563
Nevada-California-Oregon
10.422
6,810
3.612
St. Louis-San Francisco
1,722,294 1,604.850 117.444
St. Louis Southwestern
518.317
444.622
73,695
Southern Railway System
3.741.782 2.573,104 1,168,678
Texas & Pacific
594,406
575.278
19.128
Western Maryland
439,427
367,578
71.849
Total (16 roads)
19,200,306 16,536,783 2.672.500
Net increase (16.11811
9 AM A95
$
8,977
8,977
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings for STEAM
railroads reported this week.
—Gross from Railway— —Net from Railway— —Na after
1923.
1923.
1923.
1922.
1923.
$
1
3
$
American Ry Express—
April
13,212,156 12,945.986
235,344
279,230
60,699
• From Jan 1_51,797,878 51,737,855 1,066,632 1,139,256
365,796
Louisiana Ry &Nay Cool Texas—
June
85.339
2,631
—1,369
From Jan 1
246,085
—3,176
—15,176
*Monongahela—
129,932
June
549,516
214,584
3,943
204,594
From Jan 1 2,850,203 1.730,964
972,837
717,156
913,097
•Revised figures. — Deficit.
Trues
1922.
$
81,158
389,119
—4.057
669,156
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- June
Am Pr & Lt Co Subsid June
American Tel & Tel_ - May
mAm Wat Wks & Sub June
Appalachian Pow Co_ June
Arizona Power Co.__ April
cArkansas Lt & Power June
Asheville Pow & Light June
Associated Gas & Eloc June
Aug-Aiken Ry & Elec June
Bangor Ry & Electric June
kBarcelona Tr, L & P June
Baton Rouge Electric June
Beaver Valley Trac__ June
Binghamton IL H & P June
Blackstone Val U & It June
Boston "L" Railway_ June
Bklyn Heights (Roe). May
Bklyn QC &Sub(Hoc) May
Coney I & Bkln (Roe) May
Coney Island & Grave May
Nassau Electric (Roe) May
South Brooklyn
May
}Brazilian Tr. Lt & Pr June
"Bklyn-Man Transit May
Bklyn City RR (Roe) June
N Y Consol(Rec)
May
CapeBretonElOo.Ltcl June
Carolina Power & Lt. June
Cent Miss Val El Co- June
Central Pow & Light_ March
Cities Service Co_
July
Citizens Tr Co & Sub_ June
City Gas Co. Norfolk March
Cleve Painesv & East June
Colorado Power Co June
Columbia Gas & Elec June
Columbus Eiec & Pow June
Com'w'lth Pow Corp_ June
Com'w'Ith Pr.Ry&Lt June
Conn Power Co
June
Consumers Power Co June
Cumberland Co P & L June
Detroit Edison Co... June
Duquesne Lt Co Subs June
Eastern Mass St Ry June
Eastern Penn Elec Co June
East St Louis & Sub-- April
East Sh G&E Co&Sub June
East Texas Elec Co June
Edis El Ill of Boston_ Juno
Edis El Ill of Brock'n- June
El Paso Electric Co June
Elec Lt & Pow Co of
Abington & Rockl'd June
Erie Ltg Co & Subs April
Fall River Gas Works June
Federal Lt & Trac Co June
oFt Worth Pow & Lt_ June
Galv-Hous Elec Co._ June
Gen G & L & Sub Cos June
Georgia Lt, Pr & Rys May
Georgia Ry & Power_ June
Great West Pow Syst June
Hanover Pr Co & Sub June
Havana El Ry, L & P June
Haverhill Gas Light._ Juno
Helena Lt & RYS CO. March
Honolulu Rapid Tran June
Houghton Co Elec... June
Hudson & Manhattan June
Hunting'n Dev & Gas June
Interb Rapid Transit_ June
Subway Division May
Elevated Division_ May
Idaho Power Co
June
Kansas City Pr & Lt. June
dKan Gas & Elec Co_ June
Keokuk Electric Co June
Jan. 1 to Latest Date.
Current Previous Current
Previous
Year.
Year.
Year.
Year.
Name of Road
or Company.
777
Latest Gross Earnings.
Month.
Kentucky Trac Term June
Keystone Telep Co__ Juno
Key West Electric_ _ _ June
Lake Shore Electric__ June
Lexington Utll Co &
Lox Ice Co ConsoL April
Long Island Electric_ May
Los Angeles Gas Co__ April
Louisv Gas & El Co_ January
Lowell El & Lt Corp_ June
Manhat Bdge 3c Line May
Mach & Queens(Roe) May
Mobile Electric Co... February
Manila Electric Corp_ July
Market Street Ry_ _ July
Mass Lighting Co___ June
e Metropol'n Edison_ June
Mllw Elec Ry & Light June
Miss Power & Lt Co- May
Miss River Power Co_ June
Mountain States PrOo January
Munic Ser Co & Subs_ May
Nashv Pow & Lt Co__ June
dNebraska Power Co_ June
Nevada-Calif Electric June
New Bedf G&Edis Lt.June
New Eng Power Sys_ June
New Jersey Pow & Lt June
Newpt News & flame
Ry, Gas & Elec Co June
New York Dock Co__ June
New York Railways_ May
Eighth Avenue_ — May
May
Ninth Avenue
N Y & Queens(Roo_ May
NY & Harlem (Rae). May
N Y & Long Island— May
Niagara Lockport &
Out Pow Co & Subs June
Nor Caro Public Serv June
Nor Ohio Elec Corp - June
Nor'west Ohio Ry &I,June
North Texas El
_ June
Ocean Electric Co_- May
dPacIfic Power & Lt.— June
Paducah Electric.... June
Penn Central Light&
Power Co & Subs_ June
Penna Coal & Coke.: June
Pennsylvania Edison_ June
Pinta Co. & Subsidy
Natural Gas Cos_ Jane
Philadelphia Oil Co.: June
Philadelphia & West- June
Phila Rapid Transit June
June
Pine Bluff Co
dPortland Gas & Coke May
Portland Ry, Lt & Pr June
Pub Serv Corp of NJ June
Puget Sound Gas Co_ January
Puget Sound Pr & Lt_ June
Reading Transit & Lt June
Republic Ry & Lt Co- June
Richm Lt & RR (Rec)may
Rutland Ry Lt & Pr- June
San Diego Cons G&EI January
Sandusky Gas & Elec June
Savannah Elec & Pow June
Sayre Electric Co _
June
Schenectady Ry Co.- May
Second Avenue (Roe) May
17th St Incline Plane_ June
Sierra Pacific Electric June
Southern Calif Edison June
South Canada Power_ June
South Colo Power Co February
South NY Pr & Ry June
Southern Utilities Co- June
Southwestern Pr & Lt June
Tacoma Gas & Fuel January
Tampa Electric Co— June
hTennesseeElec Pow.June
Texas Electric Ry... June
°Texas Power & Light June
Third Avenue Ry Co_ June
United Electric R ye— June 1
United Gas & El Corp Alm
United Lt&Rys&Subs June
Un Rys & El of Balt_ March
Utah Power & Light- June
pUtah Securities Corp June
Vermont Hydro-Elec. June
Virginia Power Co
tune
Virginia Ry & Pow Co JulY
West Penn Co & Sub- Tune
Western Pow System- May
Western Union Tel co May
Winnipeg Electric Ry April
nYadkin River Pr Co June
York Hay Wat& Pow June
June
York Utilities Co_
Jan. I to Latest Date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
$
83
$
158,669 145.834 *1.669,763 *1.578,128
151.475 140.920 1.030.518
967.058
20.870 19,438
127.881
122.579
223,087 205,630 1,337,319 1,144,604
84,463 80.257 *1,121.044 *1.083.865
35,226 36.824
140.748
145,960
389,904 1040.632 4.914,646 4.987,097
5654,1054931.795 5.654.105 4.931.795
127.547 100.116
867.472
627,310
24,467 25,560
116.693
117,795
36,840 36.973
162.257
148.766
75.132 72.640
154.898
146.982
298.268 291,093 *3.578.259 *3.611.449
795.380 785.112 5,605.680
260.711 238.783 1.620.650 1.393.341
609.688 508,350 3,730,768 3.070.053
1736,043 1488.028 *21228929 *18640964
93.733 90,462 *1,202.729 *1.133.995
264.348 259,423 1,520.095 1.462,401
1152.932 998,044 1.152,932
998.044
400,500 214,418 2,153.920 1.097.515
79,924 74,765 *932.341 *871.360
307,474 280.540 1,883.577 1,680,855
617.403 473,806 2.199.489 1.703.373
295,178 263,186 1.895.862
603.104 441.563 *6.800.868 *5.550.936
75.012 46,941
437,407
315,104
189,373
275,098
777,244
107.015
45,159
60.856
132,525
42.977
187.598 *2.130.120 *2.199,636
355.577 1.671,987 2,026,767
825.369 3,689.500 3.774.287
111.653
491.910
507,115
44.091
211,946
218,941
87,002
273,695
518,00(
140,035
675.566
646.399
54,064
190,834
224.571
431.797
111,366
830.633
48.601
232.207
25.195
260,464
48.538
298,251
95,393
766,618
41.698
240.156
29.793
249,259
43,674
2,693.535
692.139
5.281.111
229.522
1.448.231
94,654
1,462,558
304,275
1,657.931
600.221
4.496,481
175.901
1.520.521
94,521
1.426,271
270,971
259,323 172.793 1,616.1(33 1.137.7213
718.413 698.806 4.549,640 3.245,0613
235.732 196,877 1,513.368 1.241,71!2
866.200 988.203 8,229,445 7,342.07,
33.005 93.158
244,936
501,71
74,296 67.995
421.023
390.91,
3772.370 3525,735 22.512,400 21.118,78
71,113 74.355 *863.966 *997.68
281,985 270.025 1,441,284 1.441.90
901,069 836,856 5,416.927 5.032,13
6740,8346289.518 42,049.797 38.458,59
171.329 168.816
171,329
168.816
948.671 785.175 *11380623 *1013808
263.424 239.659 1,554,877 1.436.60
807,381 664.190 4.877,718 3.958,854
68.956 67.388
322,811
301.669
40.989 45.947 *570.874 *563.48
3756.665 3866.576 3,756.665 8.866.571
62,869 58,290
443.599
378.91
131.179 133,551
795,862
802,39
15.100 10.032
103.937
89.281
74.836 142 534
686 407
740 51
90,521 90.365
407,184
394,366
3,599
3.556
17,698
18.392
86,385 73.304
500.502
442.073
1888,740 1436,840 9,182.343 7.870.573
75,705 66,566 '1700.390 1'630,842
156,416 151,631
320,712
316,721
46.894 41.58
*555,922 *535,607
192.970 182,42 *2.423.559 *2.431,189
833,861 747,851 5,338,337 4,715,302
455.053 577.227
455.053
577.227
170,003 138.608 1,085,425
905.38
733.917 637,215 *8.631.900 *7,625,26
219,336 208,436 1.288,533 1.250.351
395,539 356.579 2.640.952 2.328,04
1280,107 1241.121 7,149.596 7.015,25
675,451 661.871 4.063.548 3.824,819
1071.602 970,709 *13286804 *1183046
978,489 908,818 6.190.325 5,611,1c15
1436.169 1345.418 4.045,237 3.804,11,8
661.890 549,694 4,045,979 3,350 3()1
793,831 696.068 9,479,731 8,477,1(10
56.193 39,715
351.468
249.3115
222,215 180.547 *2.379,028 *1,820,4113
857.524 799.572 6,057,018 5,184,4112
1873,333 1132,730 11.566,783 7,218.3610
562.483 636.517 2.988.113 3.043.11ril
9021.169 8091,170 36.318,142 31.789.3611.
467.474 443,327 1.933,015 1.899.1114
158,693 97,079 *1.564,076 *1,160,3139
76,280 74.090
10
450.229
108,3118
119.585
1713
419.5;I 'gal0
508,118 438,488 3.896,683 3,088.666
625,695 445.707 3.539.520 2.527.311
1707.934 1533,799 10.667.002 9.386.736
2424,984 2194,039 15.401,919 13.997.902
6050,498 5462,967 29.942.764 26.025.049
2846,880 1638,302 17,074,076 10.040.202
277,720 246,089 *3,177,894 *2,722,900
63,540
*727,894
138,544 133,046 *1.398,096 *1.164,763
79,924 74.765 *932.341 *871,360
259,945 154,169 1.261,464
771,857
97.571 88.476 *1,215,135 *1,064.292
119,274 115.958
761.083
717,817
3711,837 3617,712 25,758,987 22.515.219
51,407 50.983
318,346
290.690
56,276 49.566
356,341
312.369
87,444 84,947
571.872
490,453
363,317 307,811 2.271,527 1,948.970
2760.077 2630.924 17.448.488 16,535.329
7,365
8,218
35,898
36,466
226,802 232,157 1,081,666 1,067,298
269,509 269,566 1.135.366 1,109,733
11,093 10,139
35,092
30,518
496,38,8 466,068 2,236.417 2,052.439
104,400 99,299
486,802
418,470
20870000 16266000 117463000 92,515,000
3310.274 3017.25 y36899294 '34544092
1056,839 1044,852 *12196450 *11848702
2309,787 2074,299 10.540.583 9,733,022
56.8.51 46,053
338,050
287.623
178,489 154,958 *2,134,772 *1.791,710
46,863 43,123
283.939
265.892
240.718 282.31 *3.095.150 *3.238.434
1296,673 1080,862 10.919,032 9,049.326
75,505 62,14
*909.353 *758.390
87.324 85.251
255.340
266,350
61,524 67,811
340,456
339,741
96,914 81,927 *1,080,845 *963.589
1485,120 1299.155 11.010.509 9.485,184
180,826 158.350 1,120,495
948.143
2292,941 2009,828 14,633.279 12.848,953
2918,984 2586,681 18,520,698 16,203,632
154,693 138,774
991.826
832.500
1301,991 1121,118 8,182,663 6.838,926
304,798 280.611 1.860,920 1.651,869
2306.046 1959.841 15,907,959 12,848,546
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
1519.950 1275.753 9,785.437 8,164,850 System, the receiver of the Brooklyn
Heights P .t. Co. having. with the
890,558 867.422 5,560,932 5,252,802 approval of the Court, declined to continue
of the rental: therefore
228,936 166,929 *2.658,637 *2.457.947 since Oct. 18 1919 the Brooklyn City RR. pay e i • .toperated
by Its owners.
has be,it
377,548 270.999
The Eighth Avenue and Ninth .Avenue RR. co-upanies were formerly
. 44,887 38.684
262,762
York Railways Co. but these . sea were terminated
New
to
235,698
leased
the
175,620 156.024
997,016
872,614 on July 111919. since which date these roads have been operated separately.
1295.969 1133,419 9.000,566
7,987.626 c Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
115,760 99,711
808.226
670,944 e Includes York Haven Water & Power Co. f Earnings given in milreis.
195,878 185,464 1.211.381 1,141,352
g Subsidiary companies only. h Includes Nashville Ry. & Lt. Co. i Includes both subway and elevated lines. j Of Abington & Rockland (Mass.).
33,279 25,913
212.080
172,906
Given in pesetas. I These were the earnings from operation of the properk
118.216 87.774
517,999
388.066 ties of subsidiary companies. m Includes West Penn Co. n Includes Pal88.425 83,978
498,169
477,306
metto
Power & Light Co. o Subsidiary of S011thiVOStOrO Power & Light Co.
423,057 389.302 2,781.314
227,147 193,458 1,455.578 2,553,174 •Earnings for 12 mos. I Three mos. ending Dec. 31. z Earnings for 10
Earnings for 11 mos. s Five mos. ending Nov. 30. s Four
273.960 287.347 1,622,187 1,206,594 mos. y Earnings
for 9 months.
1248,075 1036,349 7,561,309 1.652,752 mos. t
6,315.221
165,131 141,828
816,457
710.490
1387,005 1170.185 8.112.689
Electric Railway and Other Public Utility Net
584.682 617.327 3.572.795 7.457,990
25,509 22,395 *326,213 3,660.507 Earnings.— The following table gives the returns of
*264,273
1103.750 1038.448 6,619,018
6,497,989 ELECTRIC railway and other public utility gross and net
49,091 47,571
286,677
267.288
33.547 34,845 *413.962
*390.987 earnings with charges and surplus reported this week:
81,653 82,222
477.819
478,296
37,469 41,056
269,958
—Gross Earnings— —Net Earnings—
277,734
938.617 889.981 5,735,437
Previous
Current
Current
5,508,870
Previous
97,514 82,927
689,506
Companies.
Year.
Year.
Year.
Year.
591,581
4579,158
'56133286
$
$
3249,485 3048,671 16.128,120
987,041
1688,670 1654,183 8,085.132 23.033.215 :Amer Power & Light_ _June 2,424,984 2.194.039
875,982
12 mos ending June 30-30,133,953 27,619,045 12.216,713 11.447.396
226,470 222.081 *2.520.944 *7,822,253
2,359,484
666,621 563,639 4.534,788
Southwestern Pow & L_June 833,861
747.851
368,387
329,057
407,165 358,167 *5,382,139 *3.814.836
12 mos ending June 30--10,522,480 9,696,683 4,954,162 4.647,699
4.930.963
34.686 30.933
204.137
187,019
x These earnings are for subsidiary companies only.
(
THE CHRONICLE
778
Gross
Earnings.
Net (kik,
Taxes.
97,410
508,118
Adirondack Pewe.r July '23
124.285
438,488
'22
& Light
- 12 mos ending July 31 '23 6.575,858 1,808,938
'22 5,265,456 1.521,572
Cities Service Co July '23 1.296.673 1,031.829
'22 1,060.862
832.326
12 raos ending July 31 '23 16,523.677 16,009.628
'22 13.844.852 13,402,254
23.132
75.505
Citizens' Traction June '23
62.147
'22
19,241
Co & Subs
379.708
909.353
12 mos ending June 30'23
'22
313,927
758.390
16,385
61.524
Jane '23
Clev Painesv &
67,811
'22
23,532
Eastern system
65,113
340.456
6 mos ending June 30'23
'22
339.741
95.283
44.667
14.695
Eastern Shore Gas June '23
'22
38,684
11.293
& El Co & Subs
179.150
529.068
12 mos ending June 30'23
'22
474.965
168.193
Havana Blec Ry. June'23 1.103.750 *607.376
'22 1.038.448 *551.178
Lt & Power Co
6 mos ending June 30 '23 6,619.018 *3,608.033
'22 6.497.989 *3.353,725
226,470 *112.917
June '23
Idaho Power Co
'22
222,081 *118.324
12 mos ending June 30'23 2,520,944 *1,404,243
'22 2,359.484 *1,404.869
69,652
151,475
Keystone Teiep Co July'23
'22
57,243
140.920
456.948
7 mos ending July 31 '23 1,030.518
'22
967.058
384.462
223.087
June '23
48.524
Lake Shore Elea
'22
205.630
48.770
Ry system
265.808
6 mos ending Jane 30 '23 1.337,319
'22 1.144,604
261,543
298.268
148.014
Manila Elec Corp July'23
'22
291.093
135.678
12 mos ending July 31 '23 3,578.259 1.736.010
'22 3,611.449 1,600.279
795,380 *182.174
Market Street) Ry July '23
785.112 *173.148
June
'23
Gas
295.178
Bedford
New
*105.945
'22
263.166
*90.403
& Edison Lt Co
12 mos ending June 30'23 3,633.071 *1,313,454
'22
Newport News & June '23
189,373
67,387
187.596
Hemp By G & El '22
70.053
12 mos ending June 30'23 2.130.120
630.740
'22 2,199,630
633.826
111.366
North Carolina
June '23
28.014
'22
Pub fiery Go
26.418
95.393
12 mos ending Juno 30'23 1.325,899
374.304
'22 1,181.033
324.986
Penn Central Lt
259,323
Juno '23
111.762
& Power CO
'22
69,270
172.793
12 mos ending June 30'23 2.972,786 1,299,379
'22 2.269,459
990,309
*9.306
46.894
Southern N Y Pr June '23
*12,242
'22
41.585
& By Co
555,922 *134.209
12 mos ending June 30 '23
168,222
535.607
'22
*93.132
United Electric By June '23 675.451
'22
661.871 *102.860
6 mos ending Jane 30 '23 4.063.548 *373.971
'22 3.824.819 *658,168
857.524 *299,400
Virginia By & Pr July "23
799.572 *219,083
'22
Co
7 mos ending July 31 '23 6,057,018 n.321,271
'22 5.184,422 *1,784.769
Fired
Charges.
Balance,
Surplus.
-1.228
98.638
39.607
84.678
709.345
1,099.593
509,979
1,011.593
615.956
415.873
422.488
409.838
2,614,629 13.394,999
1,166.067 11,236.187
13,123
10,009
261,451
118,257
196.822
117.105
2,710
13.675
9.014
14.518
82,934 --17,821
11.760
83.523
6,018
8.677
3.255
8.038
77.452
101.698
81,613
86.580
514.153
93.223
463.206
67 972
559,613 3.048.420
532.772 2,820.953
49,634
63.283
61.273
07.051
679,474
724.769
728.828
676.041
26.681
42.971
14.668
42.575
153.812
303.136
93,767
290.695
13.037
35,487
14.230
34,540
52.652
213.156
53.775
207,768
90.546
57,468
81,506
54,172
606.253
1.129.757
657.312
942.967
120.886
61.288
110,404
62.744
60.511
45,434
43,050
47.353
712,402
601,052
46,758
20,629
42,345
27,708
381.080
249.660
297,027
336.799
13.070
14,944
11,887
14,531
196,400
177.904
155,685
169.301
79,414
32.348
39,161
30.109
928,925
370.454
631,003
359.306
1,806
7.500
7,242
5,000
51,799
82,500
108,222
60.000
37,910
55.222
53,624
49,236
42.386
331.585
352,153
306.015
200,238
99.162
193.330
97,753
693.507 1.627,764
694,056 1,090.713
* After allowing for other income.
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
.1111y 28. The next will appear in that of Aug. 31.
United States Rubber Co., New York.
(Results of Operation First Six Months of 1923.)
Chairman C. B. Seger Aug. 14 wrote in substance:
Sales.-Sales for the first six months of 1923 amounted to $87,710,205'
Ali
an increase of 313.776.434 over the corresponding period of last rear.
of this increase was in sales of commodities other than tires. Excluding
than
less
substantially
tires, which at prevailing selling prices constituted
apone-third of the total sales, the increase in dollar volume of sales was
proximately 28%. Company has more than maintained its position in the
tire trade, but the results have been unsatisfactory due to general conditions
In the industry.
Outkmk.-The business outlook for the last half of the year is encouraging.
inNet Income.-Net Income before interest amounted to $7,743.346;
interest
Wrest on the funded debt amounted to $2,386.803, and all other
net profits
amounted to $783.682. making a total of 33,170.485, thus leaving
charges,
of $4,572.861 for the first six months, after interest and all other
including depreciation of plants. This compares with 33.052.918 for the
first six months of 1922. an increase of $1.519.943.
RESULTS FOR FIRST SIX MONTHS.
Inc. or Dec.
1923.
,
1922.
$87,710,205 $73,933,771 Inc.313,776.434
Sales
1,438.233
Inc.
$6,305,113
37.743.346
Net income before Interest
58.807
2.386.803 2,445,610 Dec.
Interest on funded debt
22,903
Dee.
806.585
783.682
All other interest
&c.,
interest.
after
profits
Net
charges. incl. deprec.of plant_ 34,572,861 $3.052,916 Inc. $1,519,943
Consol. surp. June 30. after pro83,883,411
biding for Prefativ.pay.July 31 333,894,867 $30,231,456Inc.
after providing
Surplus.-The consolidated surplus as of June 30 1923.
amounted to
1923,
stock
31
July
Preferred
payable
the
on
dividend
the
for
$33.894.867.
LIABILITIES.
STATEMENT OF CURRENT ASSETS AND CURRENT
June 30 '23. June 30 '22. Inc. or Dec.
Current Assets$2,559,000
Cash and accounts receivable_ -- _$54,193.000 $56,752,000 Dec.
Inventories of finished goods and
8,234.000
Inc.
75,993.000
84,227.000
raw materials
$5.675,000
Inc.
000
3338.420,0003332,745,
Total
CUrrent Liabilities$338.425,000 $34,990,000 Inc. $3,435,000
Bank loans, &c
Current acc'ts pay., Incl. accept.
for Importation of crude rubber
20.125.000 11.362.000 Inc. $8,763,000
and accrued liabilities
$58,550.000 $46,352,000 Inc.$12.198,000
Total
[VoL. 117.
Contractual Liabilitics.-Contractual liabilities representing commitments
for purchase of raw materials and supplies covered only current requirements, and as to prices were at or below current market.
Retirement ofBonds.-Through the operation ofsinking funds the company
has retired since Dec. 31 1922 $772,000 1st & Ref. Mtge. 5% Gold bonds
and $184.000 of its 7Si% Gold notes, thus making a reduction of 3956,000
in the funded debt.
Current Liabilities.-The company's current liabilities are created only
for current operating requirements, and are wholly represented by accounts
receivable and inventories. The accounts receivable are collectible, adequate reserves having been established out of current income to provide for
possible bad debts, and inventories are at sound values and as to quantities
are conservative on the basis of current requirements.
The seasonal nature of the company's business necessitates accumulating stocks in the first six months of the year to meet heavier shipments to
be made during the remaining months. This results in inventories being
at their highest point about the middle of the calendar year. Purchases
of materials and production schedules are currently controlled and regulated.
which results in inventories being at all times kept down to the minimum
consistent with sales requirements.-V. 116, p. 2648.
Armour & Co.(of Illinois).
(Semi-annual Statement-Six Months ended June 30 1923.)
President F. Edson White says in part:
The consolidated balance sheet of the company and its subsidiaries
as of Dec. 31 1922. published In April(V. 116. p. 2126) did not include
the figures of Morris & Co. Since the time of the purchase on March 28,
public accountants have been engaged in a thorough audit of the Morris
& Co. business and figures as of March 31 1923 and we are now in receipt
of their report.
Accordingly we publish a completely consolidated blIsnce sheet as of
June 30 1923 of Armour & Co. and its subsidiaries. The Morris figures
in these balance sheets are the audited figures of March 31 1923, extended
to June 30.
Your officers consider the financial condition of your company gratifying.
Cash on hand shows in excess of $57,000.000, with total current assets
of over $265.300,000 to pay current liabilities of $135.800.000. leaving
net current assets of 3129.500,000, which are sufficient to pay all except
approximately $15,000,000 of total funded debt. To provide for the
$15,000,000 of funded debt so remaining and the $132,700,000 Preferred
stocks. your company shows fixed properties of $230.000,000 and investments a approximately $41.000,000.
The increase in the inventories of your companies with the resulting,
Increase in notes payable is due largely to the exceptionally heavy receipts'
of hogs which occurred in the last three months. The inventory has
been written down in line with all marina declines which have occurred.
rorincip.aly in hog products, and as a result our Inventory is unusually
Mw-priced and our position in this respect is more favorable than it has
been in a good many years.
We consider the earnings for the six months' period, which was so largely
one of readjustment of our corporate and financial affairs, as encouraging.
It is significant that the volume of sales during the six months' Period
of the combined Armour and Morris businesses exceeds the combined
volume of the two businesses for the corresponding period of 1922 by
over 15%.
While the time elapsed since the Morris purchase has not been sufficient
to reflect to any great extent the economies ultimately expected therefrom,
the results realized in this direction confirm our estimate that approximately $10,000,000 annually would be saved when full co-ordination had
been effected.
The present situation in the industry is satisfactory, and with our inventories written down to a low basis, we have ahead the six months of
the areas. which. in the past, have been the more profitable.
(Armour & Co. of Illinois and Armour & Co. of Delaware have declared
the regularly quarterly dividends of l(% on the Preferred stocks, both
payable Oct. 1 to holders of record Sept. 15.
INCOME ACCOUNT FOR SIX MONTHS ENDED JUNE 30 1923.
[Armour & Co. of Illinois and subs., incl. Morris az Co.]
$18,712,402
Net operating income
3,852,032
Depreciation
7.660,865
Interest
3.710.930
Preferred dividends
$1,488,575
Surplus
CONSOLIDATED BALANCE SHEET JUNE 30 1923.
[Armour & Co. of Illinois and Subs., Incl. Morris & Co.]
LiabilitiesAssets-x$230.353,183 Cl."A" Corn. stk.($25
Property account
$50,033,700
par)
Investments and ad41,718,289 Cl."B" Com. stk. ($25
vances
50,000,000
par)
57.173.129
Cash
59.298,400
7% Cum. Prof. stock
Notes and accounts re64,864,300
do
Co.)
(Del.
70.375,020
ceivable
do (No. Am.Pr.Co.) 8,600,000
y119.704.326
Inventories
Marketable securities- 18.122,928 Minority stockholders'
547,656
equity in sub. cos_ ___
19,334,074
Deferred charges
x144.746.000
Funded debt
114,881,664
Notes payable
20,944,252
Accounts payable
1,000,000
Reserves for coining_ _ _
41,864,977
Surplus
-$556.780,949
_
side)_
Total (each
x Includes, land, buildings, mach nery, and equipment. 3208.338,593:
refrigerator cars, delivery equipment, tools. fixtures, &c.. 320.163.216,
and franchises and leaseholds. 31.851,373. y inventories of merchandise,
less drafts (310.779.576) drawn against foreign consignments. z Funded
debt includes Illinois Co. let Mtge.4 yis, due 1039, $50.000.000; Delaware
360,000.000: Morris S: Co. 1st Mtge.
Co. 1st Mtge. 5344, guar.
W. P. Messer Co. 8% notes, due 1930,
1943.
434s, due 1939. 318,602.000:
$1,900,000: Morris & Co. 7 M % tries, due 1930. $14,244.000.
BALANCE SHEET OF ARMOUR ,t CO. OF DELAWARE. INCLUDING
NORTH AMER WAN PROVISION CO. AND THEIR SUBS.,
JUNE 30 1923.
LiabilitiesAssetsb$135,425,914 7% Prof.stk. Del. CO-- $64,864,300
Properties
do
(No.Am.Pr.Co.) 8,600.000
24$78,922
Cash
38,451.564 Common stock issued__ 60,000,000
Notes & accts. rec
41,529.325
a51,932,618 Notes payable
Inventories
12,088,776
Marketable securities__ 16,082,357 Accounts payable
94,746.000
Funded debt
Invest, stocks, bonds.
stockholders
Minority
28,187.643
advances
547,656
equity in sub. cos__
12,918,122
Deferred charges
25,801,086
Surplus
Total (each side)----8307,977,144
a Inventories of merchandise less drafts ($4,713,877) drawn against
foreign consignments. b Includes land, buildings, machinery, fixed
equipment, 3129.324,642: refrigerator cars, delivery equipment, tools.
fixtures, &c.. $4,368,735, and franchises and leaseholds, 31,732,538.V. 116, p. 2392.
• Peerless Truck & Motor Corp. and Subsid. Cos.
(Semi-Annual Report-6 Moe. ended June 30 1923.)
CONSOLIDATED INCOME ACCOUNT FOR 6 MOS.END.JUNE 30 1923
Gross income from manufac. & sale of autos,and parts (excl. of
Inter-co. profits), less cost of material,labor and factory exps.
and depreciation ($134,221). $2.572,428; int. earned and
62,700.97other Income, 3128.544: total income
31.562.603
Deduct-Selling,general and administrative expenses
57,374
Interest paid and other charges
125,000
Provision for estimated Fedaral taxes
Net profit
Dividends
3955.996
x043,011
$12,985
Balance, surplus
x Dividends include $470,833 ($2 per share) paid to June 30 1923:
$236,089 ($1 per share) payable Sept. so 1923. and 3236.089 (31 per share)
Payable Dec. 311023.
CONSOLIDATED SURPLUS ACCOUNT JUNE 30 1923.
Surplus Dec. 31 192255.173,392
Charges-Adjustment of deferred engineering & development
charges (Dec. 311922). $198.631; less adj. of Federal inc.
172,999
& corp. taxes apolic. to prior period. $25,632
Reduction in patents. franchises & good-will to the nominal
value of 52,862.033; lass amt. absorbed in adj. of perm. assets to conform to sound values as appraised by the Cleveland Real Est. Board and Lloyd-Thomas Co. as of Jan. 1
95,714
1923, $2.766,319
Adjusted surplus as of Dec. 31 1922
Balance, surplus, for 6 months ended June 30 1923
$4,904,679
12,985
Surplus Juno 30 1923
54.917,664
CONSOLIDATED BALANCE SHEET.
June 3023. Dec. 3122.
Itsue 30'23.Dec. 31'22.
Liabilities$
Assets6,702.560 6,471,660
Capital stock
Land, bidgs., machinery, equip%
fixtures, &c- - _$5,699,337
Patents, franchisee
I
& good'adll
1,678,335
Cash
U.S. Lib. bds.and
War Say.stamps
3,738
Cust.notes & awls
rec., less res'ves_ 750,917
Inventories
5,662,633
Misc.Inv.(at cost) 397,594
Empl.&mtsc. notes
& acets rec., advances, &e
01,07
Cash on dents,. for
redemp'n of 10Yr. 6% notes,
called for red.
May 10 1923_
175
Deferred charges.99,087
F nded debt
372 850
2,641.561 Notes payable__ __ 668,937 1,387,189
Accounts payable_ 1,318,887 1,502,217
x2,862.034 Miscell. accounts_
909.039
896,203 Divs. payable_
472,178
Accr'd real & pers'i
1,953,636
taxes, liability
Insurance,
147,688
122,527
916.257 Res've for est. 1923
5,758.033
Federal taxes_ _ _ 125,000
111,500
375,000 Res've for conting.,
devel., &c.,exp.
550,000
4,917,664 5,173.392
Surplus
67,070
22,890
1,107,690
Total(each sIde)14,352,913 16,600,374
x Includes net cost of acquisition of stocks of subsichary companies.
Note.-Attention Is directed to the fact that the provision made in this
balance sheet for Federal taxes Is subject to any necessary adjustment for
this or prior years upon determination of the final liability of the companies
therefor.-V.117. 13- 335. 97.
& Gamble Co., Cincinnati.
(Annual Reportfor Fiscal Year ended June 30 1923.)
President Wm. Cooper Procter Aug. 15 wrote in brief:
Procter
The company's fiscal year, which ended June 30 1923, was marked by
progress and satisfactory development. The volume of sales amounted to
$109,776,389. The net earnings for the year,after providing for all reserves
and charges for depreciation, lasses, taxes, &c., amounted to $8,532,826.
Further information will be furnished to any accredited stockholder who
is interested, and who will apply in person at the company's office in Cincinnati.
VOLUME OF BUSINESS & NET EARNINGS YEARS END. JUNE 30.
1921-22.
1920-21.
1919-20.
1922-23.
Volume of business, incl.
subsidiary cos
$109,776,389$105.655,386$120,019,727$188.800.668
Operating profit
Not stated
3,729,559 Not stated
Netearns.after prov.for
deprec., losses, taxes,
&c., & in 1919-20 reduction in value of inventories
8,532,826 7.340.327 Not stated
4,191.057
CONSOLIDATED BALANCE SHEET JUNE 30.
1923.
Assets$
Real estate, bldgs.,
machine plant &
equipment
36.824,940
Good-will, patents,
2.883,055
licenses, &o.Mdse. & material_28,427,163
Debts & notes rec. 6,990,213
Other Investments 834.647
Loans against seo_ 5,190.968
2,624,437
Cash
Deferred charges
850.458
779
THE CHRONICLE
AUG. /8 19234
1922.
$
1923.
Common stock_ _ _22,194,964
Preferred stocks_ _12,181,100
35,677,890 7% Ser. G notes
Notes payable__ __ 4,500.000
2,883,055 Acc'ts payable_ _ _ 2,463,039
24,365,355 Depree'n, repairs.
5.945,630
Ins., &c., res've_17.130,808
1,413.386 Surplus and undlv.
4,761,098
profits
24,155,969
2,425,323
1.301,009
1922.
21,341,672
12,181,100
x5,000.000
2,000,000
884,646
15,719,845
21,645,485
Total
Total
82,025,880 78,772.747
82,625,880 78,772,747
x Called for payment Sept. 1 at Guaranty Trust Co.. New York, at
100.14 and bat.-V. 116. p. 2891.
Union Natural Gas Corporation, Pittsburgh.
(Semi-annual Report-Six Months ending June 30 1923.)
CONSOLIDATED INCOME ACCOUNT (INCL. AFFILAITED COS.).
1922.
1923.
1921.
1920.
Gross earnings, gas, &c.. 14,855,921 $4,210,864 $3,915,727 $4,021,785
276.401
173.769
Oil
217.425
42349
69
0
6,649
8,122
Miscellaneous
15,169
establishment of postal pneumatic tube service in New York Oity, where
more than one-half of the Mail Tube Co.'s mileage is located.
The American Pneumatic Service Co. now owns all but 8 shares, amounting to $200 of the entire outstanding capital stock of the Lamson Co., as
incorporated in Massachusetts. and totaling $2,985,675.
Regular dividends have been paid on the 1st Prof. stock of the company
during the past year. and a dividend of 50 cents a share on the 2d Prof.
stock was paid June 30 1923. During the ye.r all of the $296.500 bonds
of the Lamson Co. were retired. The new plant at Syracuse. N. Y.. was
completed at a cost of about $455,000 and the mail tube system in N. Y.
City was rehabilitated at a cost of some 5175.000, and as no new capital
securities were issued for this purpose the net current assets were reduced
some $900.000.
The U. S. Post Office Department entered into a 10-year contract with
the N. Y. Pneumatic Service Co. on Sept. 5 1922 for the re-establishment
of the underground postal pneumatic tube service in N. Y. Oily. This
contract expires on June 30 1932.
The Post Office Pep rtment is paying an annual rental of $502,586.
which is at the rate of 518,500 per mile of double tubes for 27.1668 miles
of such service. This rate is the maximum now allowed by the statutes.
Provision is made, however, in the law of June 19 1922 which permits the
company to appeal to the I.-S. C. Commission for a review of this rate
and for this Commission to decide upon a new rate which shall not, however, be in excess of $19,500 per mile.
The company has made application to the I.-S. 0. Commission for a
revision of the present rental and has asked for the maximum of519.500 p.m.
In the present contract the Post Office Department has the option to
purchase this tube system on June 30 of any year at a valuation to be fixed
by the I.-S. C. Commission or such other tribunal as may be agreed upon
by the Postmaster-General and the company. The Postmaster-General
has the further privilege, on similar dates, to take over and operate this
pneumatic tube system with Post Office employees at a rate of compensation to be agreed upon between the Postmaster-Gener and the comp any,
and under such conditions that the total yearly cost shali not exceed the
rate per mile authorized by the Act of June -19 1922 mentioned above.
The Joint Congressional Commission on Mail Tube Service has recommended the re-establishment of the pneumatic tube service In Boston and
Chicago, and Congress at its coming session will be asked to appropriate
the money necessary for this service.
COMBINED INCOME ACCOUNT YEARS ENDED DEC. 31.
1921.
1922.
Income from sales & systems leased--Lamson Co__ _$3,487.374 34.249.282
Cost of sales & oper.leased systems-Lamson Co__ _ 3.178.725 3,789.387
Operating income
Interest and. discount earned
3318,649
34.5
$459.894
34.974
Total income
Deduct-Interest
Maint. of Postal Tubes Co.s & exp. parent co
Divs, minority stock of Lamson Co
Divs. 1st Preferred stock
$343.424
6.814
96,440
295
105,000
3494.868
44.188
92,589
581
105.000
$252.516
$134,875
Balance,surplus
The surplus account Dec.31 1922 shows: Surplus Dec. 31 1921,$14,384:
1922
as
$149,259:
above,
$134.875:
total
surplus.
year
for
surplus
add
less charges against surplus, including depreciation on mail tubes, revaluation of machinery now in use, moving of Lamson 0o., dre.. $131,902;
balance Dec. 31 1922. 317.357.
INCOME ACCOUNT OF LAMSON CO. FOR YEARS ENDED DEC. 31.
1922.
1921.
1920.
Income from sales and systems leased__$3,487.374 54.249.282 $4.274.304
Cost of sales and oper- leased systems__ 3,178,725 3,789.387 3,677,939
Operating income
Interest and discount earned
3308.649
34,775
3459.894
34.974
3596.364
32.080
Gross income
Interest
Loss on Liberty bonds
Dividends
$343.424
32.237
$494,868
$25,793
119.714
120.000
3628.444
532.243
32.805
120,000
$221,473 $349.075 $443.396
Surplus for year
The surplus account Dec. 31 1922 shows: Accumulated surplus to
adjustment
(which includes costs and reless
32,094,701;
1921,
Dec. 31
valuations incident to relocating the company's plant at Syracuse, N. Y.,
also adjustments due to the sm .11er number of outstanding shire, of stock
in the Massachusetts Corp.). $64.016; total surplus, $2,030,686; surplus
for year 1922, $221,473; surplus Dec. 31 1922, 52.252.159.
BALANCE SHEET DEC. 31 (AMERICAN PNEUMATIC SERVICE CO.)
1922.
1922.
1921.
1921. 1
1 Liabilities8
s
$
$
AssetsPat's & good-will_ 5,211.735 5,211,735 Common stock.. 4.995,663 4,995,663
Preferred stock_ 6.328,800 6,328,800
Securities(at cost):
Mall Tube Co__ 5,619,778 5,640.539 1st Prof. stock_ _ _- 1.498,477 1,498,477
56,000
60.500
Lamson Co_ _ _ _ 2,896,628 2,938,031 Bonds
78,563
78,563 Accounts'payable_
4,171
7.456
Bidgs.& real estate
22,296
699
756
21,860 Accr. Int, on bonds
Skg. fund not Inv_
25,000 Accrs. on 1st pref..
26,250
26.250
Liberty bonds__ _ _
12,759
1,109 Accrued taxes.___
14,212
87,143
Cash
8,711
852 Res,for unus'i exp.
25,000
25.000
Accounts recelv
21,353 Surp.Inv.in sk.fd. 792,146
791,710
Materials & sum_
363
1,030 Surplus
118.319
109,416
Prepaid accounts_
13,850.834 13,940.0741 Total
13.850.834 13,940,074
Total
55,138,972 $4.392.756 34.148.320 34,455.045
Total earnings
Taxes, drilling, rentals,
COMBINED BALANCE SHEET DECEMBER 31.
$359.197
$301.415
royalties, drA3
$384.498
$282.509
N. Y. Mail & Newspaper Transportation Co.. N. Y. Pneumatic
Gas purch., op.exp..&c. 2.311.620 1,969.762 2.094.382 2,012,221 [Includes
Service Co. Boston Pneumatic Transit Co.. Chicago Postal Pneu945,000
851,948
Depreciation
650.250
636.000
Co.. St. Louis Pneumatic Tube Co.(
matic Tube'
1922.
1921.
1922.
1921.
$1.523,155 $1,269,631 $1,019,190 $1,524.315
. Net earnings
5
$
Liabilities$
Assets$
507.949
251,002
Int., diva.. &c., received
232,118
162,919 Patents, good-will
Capital stock
1,500,000 1,500,000
149,000 Bonds owned by
& franchises_ _ 149,000
52,031.104 $1,520.633 $1,251.308 51,687,234
Gross income
200,000
parent company 200,000
$31.731
Interest on bonds,&c_
549.990
$74.154
$103.835 Plant account_ _ _13,298,005 3,362,611 Am.
Pneu.Ser. Co.
Dividends
(3h %)645.750(5%)492,000(5%)492,000(5%)492,000 Rehabilitation cost
3,992,329
177,686
system.
3,971.777
notes
&
accts.__
of
N.
Y.
8,084
Miscellaneous
2,634
Cr.499
Total deductions
$677,481
$550,074
$568,788
3595,336
Balance, surplus
$1,435,743
5970.559
$682,520 51.091,899
CONSOLIDATED BALANCE SHEET JUNE 30.
Assets-
1923.
$
1922.
3
Property invest't_36,657.830 35,293,999
Liberty L'n bonds
and other securi5,848,397 4,926,021
ties
795,111
.Mat'l & supplies
765,386
Notes & accounts
1,109.573
996,174
receivable
061,880
697,714
Cash
Prepaid rents, roy192,191
153.083
alties, &o
Special den., sink37,230
ing fund, &c..._ 126.704
27.960
96.190
1)eferred charges
Total
45.719.648 42,965,795
1923.
Liabilities5
Capital stock
17,220,000
Bonds, 'Union".. *482.000
Affli'd co. bonds
'38,000
Mat'd bds.&coups.
5,440
Notes payable
Consumer's depos. 165,405
Accounts payable_ 293,852
Dividends July 15_ 344,400
Accr. Int. & taxes_ 496,772
Deferred credits._
1,864
Res've for deprec.13,727,766
Plant invent. ad.'. 7,113,751
Other reserves_._
188,677
Surplus
5,641,721
Total
195
22.
9,840.000
617,000
297,000
26,230
20,_
156,255
304,065
246,000
392,576
45,485
11,058,279
7,688,941
45,659
12,048,306
45.719,648 42,965,795
* Union Corporation bonds, 31.500,000; less in treasury, $1,018,000
Affiliated companies' bonds, $38,000.-V. 117, p. 679.
American Pneumatic Service Co.
(Annual Report-Year Ending Dec. 31 1922.)
President Gilmer Clapp writes in substance:
Repair shop & fixt.
Cash
Accts.receivable
Materials & supp_
Total
26.843
146 Other notes and
24,928
20
accounts pay_ _ _ 262.965
8.423
9,777 Aeon taxes 4,insur. 106,501
2,344,118 2,198.636
5,489 Deficit
3,697,126 3,527,044
Total
3.697.126 3,527,044
CONSOLIDATED BALANCE SHEET DECEMBER 31.
[American Pneumatic Service Co. and Subsidiary Oompanies.]
1922.
.4seasPatents, good-will
and franchises.- 6.895,032
Patterns. ligakfixt. 165,826
Mall tube systems 5,217,712
Rehabilitation cost
177.686
__
N. Y.
systemLeas.plants
in stores1,480.487
400,612
kik. Plant
Land & buildings_ 770,946
22,296
S.F. cash not Inv_
Liberty bonds_ _- U.S.Treasury ctfs.
92,511
and notes
Dom.of Can. bds210,849
Cash
Notes & accts. rec-921,705
Mdse. Inventories-766,086
Contracts In process of completion 192.039
Prepaid accounts-7.307
The past year has been marked by the removal of the Lamson organization to Syracuse. where a new plant has been constructed [the Lowell,
Mass., plant of the Lamson Co. was sold at auction last week•for $70.000Ed.]: the retirement of the Lamson Co.'s bonds; the changing over of the
Lamson Co.from a New Jersey to a Massachusetts corporation, and the re- , Total
146
5,743
39.703
1921.
1922.
LiabilitiesCapital stock:
6,895,032 Am.Pneu.Serv.Co.
199,862Sish.com.4.995.663 4,995,663
165,826
5,217,712
126,576 sh. pref. 6.328.800 6.328.800
30,000sh.lst p1. 1.500.000 1.500.000
1921.
1,413,929
288,029
427,872
21,860
34.850
313,000
23,000
266,771
1,016,400
951,975
158,080
23,992
J7.321,095 17,218,327
12,824.462 12,824.462
Total
1,523
1.523
Treasury stook12.822,940 12,822,940
Sub. stock held
52.089
66,389
by outsiders__
Bonds:
60.500
56.000
Am. Fn. S. Co296.500
Lamson Co_ _
212.739
Accts.& notes pay. 491,008
699
6,933
Accr. Int. on bonds
131,556
103,424
Accr. tax. & insur_
28,354
26,250
Divs. unpd.&accr_
82.124
80,339
Deferred charges__
Depr.&other res.. 2,834.381 2,719,918
808,011
Surplus reserves._ 804.587
17,357
14,384
Surplus
,Total
17,321.095 17.218.327
780
THE CHRONICLE
[VOL. 117.
BALANCE SHEET DECEMBER 31 [THE LAMSON CO.].
INCOME ACCT.FOR CAL. YRS.(EXCL.OCCIDENTAL RR.)(U.S.GOLD)
1922.
1921.
1922.
1921.
1922.
1921.
1920.
1919.
Assetsa
Liabilities-Miles op.(excl.Occ.RR.)
a
$
$
537.62
524.42
515.04
Pat's de good-will_ 1,534,297 1,534,297 Capital stock
:2,985,675 3,000,000 Operating revenues
$3.867.184
$3.679,104
$3,637,674
$2,909,614
Leas.plants In stores1,480,487 1,413,929 Bonds
Operating expenses
2.416,646 2,317,418 2,183,804
1.881,160
Land, bldgs. and
180,355
Accounts payable_ 225,975
fixed equipment 691,087
348,012 Bond interest_
8,260
Net earnings
$1,450,538 $1,361,686 $1,453,870 $1.028,454
Mach'y & equip__ 400,465
10,843
7,858 Taxes
287,883 Taxes accrued
103,717
66,604
102,541
66,978
Patterns, tools
Rentals charged In
and jigs
165,626
165,826 advance
82,124
80,339
Operating income_ _ _ $1,346,821 $1.294.708 $1,387,266
$925.912
U. S. notes
92,511
322,850 Reserves:
Outside operations (net)
60,302
44.284
28,246
60,693
Canadian Vic. bds.
23,000 Depr.on leas.plls 648,008
579,8.58 Int., disct., &c.,received deb.12,595 deb.52,872
deb.45,768
10,990
Cash
169,957
263,141 Depr. on Lowell
Notes & accts. rec_ 964,849 1,057,724
bidgs.& fixed eq. 135,417
100,652
Gross income
$1,394,529
$1,286,120
$1,402,191
0965,158
Contracts in proc- 192,039
158,060 Depr. on mach'y
Bond interest, &c
743,494
675,514
615,225
614,808
Finished parts, facand equipment_ 104,952
158,010 Unexting. disrount, &c..
20.012
7,505
7,505
7,505
tory & districts_ 352 264
504,655 Insurance
12,441
16,301
Mat'ls, supplies &
2,252,159 2,094,701
Surplus
Total deductions
2763,506
$683,018
$622,313
$622,730
work in process_ 366,680
420.475
Balance, surplus
$631,023
$603,102
$342,846
$779,462
Prep'd int.,ins„Sec.
6,834
22,961
P.de L.surplus Jan.1_ _ - $192.035 $2,134,850
11,484,533 $1,177,669
xPref. div.
. (20%) (paid
TotaL
6,457,594 6,522,835 Total
6,457,594 6,522,635
In 15-year 6% notes)
2,000.000
GuatemalaTr.,L.& P.Co
225,280
x The outstanding capital stock of the Lamson Co. of Massachusetts Chiquimula Ship. Corp
77,949
212.545
is less than that of the New Jersey corporation, since on the dissolution of Profiton bonds in treas_ Cr.16,182
Cr.2,507
Loss
of
property
the latter 573 shares of a par value of $25 were retired.-V.116, p. 2770.
by
earthquake
aCr.70,292
Miscellaneous
10,875
110.599
129,144
106,273
Chicago Union Station Company.
P. & L.sur. Dec.31_ - $750.417
1192.035 $2,134,850 $14484.533
(7th Annual Report-Year ended Dec. 31 1922.)
x Covering period Feb. 1917 to Jan. 1921, unpaid since
The above earnings do not include the Occidental RR.that date.
President Samuel Rea,Philadel., Pa.,June 1, says in brief: The
mi es).
gross earnings of that company in 1922 were $262.635 and(50.25
the operating
During 1922 $6,150,000 Series B 5% 1st Mtge. Gold bonds, which expenses, $187.273, against $282,016 and $189.803. respectively, in 1921.
had been held in the treasury, were sold to provide additional funds for On Dec. 31 1922 the Occidental RR. Co. had outstanding 30,000 shares.
of which the International Rys. of Central America owned
construction purposes (see V. 114, p. 2468, 2578).
a Written back because cost of replacement of property 28,308.
The new viaduct across the company's property at Madison St., connectwas absorbent
In
operating expenses.
ing with the new bascule bridge erected by the city over the Chicago River,
was completed and opened to traffic on Nov. 23 1922. The centre portion
BALANCE SHEET DEC. 31.
of the new Van Buren St. viaduct, work on which had to be deferred pend1922.
1921.
ing the rearrangement of tracks, has been completed and the entire struc1922.
1921.
Assetsture is now in service.
Road
&
equipm1_55,136,02
6 54,189,942 Common stock__ .30,000,000 30,000,000
The widening of Canal St. from 80 ft. to 100 ft. between Harrison and Inv.In affil.
ens-- _ x984,541 1,078,896 Preferred stock _10,000.000 10,000,000
Washington Sts. is now completed, with the exception of that portion frontOther investments 873,514
788,400 Govt. grants
ing the present Union Depot and a short stretch south of Washington St.: Sinking
2,235,006 2,235,006
fund for
work on the latter section is now under way, however. All work south of
Funded debt
13,736,445 13,404.73/
let Mtge. bonds
25,354
Debt to Occ. RR_ _ 592,903
Polk St. has been completed and the erection of the double-deck structure Cash
527,757
406,955
205.336 Notes payable_ _ _ _ 545,570
between Harrison and Polk Sts. is progressing rapidly.
810,355
&c., bat
503
10,862 Accts.& wages pay 220,121
The new mail terminal, including driveway, between Harrison and Van Traffic,
113,948
90,462 Int.& diva. mat'd_ 146,720
Buren Sts., was completed on Dec. 1 1922, on which date the Government Agts.& conductors 113.964
363,022
72,974 Int.accrued
commenced its lease of the six upper floors. About 1,700 tons of mail are Remit. in trans.__ 157.579
111.444
107,034
Materials & suppl's 633,974
746,154 Miami. accounts
being handled daily at this terminal.
36,998
116.351
The power plant, which is furnishing steam and compressed air to the mail MIscell. accounts_ 815,133 .631,205 Tax liability
63,031
Gov.of Guatemala 747,485 1,022,131 Fire Insur. reserve.. 102,226
building and other units of the Station Co.'s facilities, as well as to the C. B. Other
72,594
61,693
Govts
423,906
348,834 Accrued deprec'n_ 1,639,294 1,491,842
& Q.Co.'s freight house,and which will give similar service to the company's
Discount
on
funded
main building, was put in service early in 1923. Its equipment includes
Int. rec. suspense_ 410,123
379,519
debt
261,620
224,559 Other unadj. ered_ 141,333
two 610-h. p. and two 328-h. p. Stirling boilers. The additional founda136,142
612,861 Profit and loss_ _ _ 750,417
tions, necessitated by the company's decision to provide for the ultimate Other unadj. deb_ 160,637
192,035
construction of a 22-story office building,surmounting the head-house,have
Total
60,741.194 60,022,667 Total
been completed. The erection of steel for the 8-story structure now
60,741,194 60,022,667
authorized is proceeding as fast as the fabricated material arrives.
x Invested in affiliated companies: Occidental
In spite of unsettled working conditions and the scarcity of labor through- shares
Guatemala (28.308
RR.
of
of stock). 8984,541.
out the past year, the company has made good progress with its construcNote.-Dividends on Preferred stock unpaid since Jan. 31
tion work, and, barring untoward circumstances, should be entering upon
1921.
Contingent Liability.-Guarantee of principal of 920 shares
the last stages of construction at the close of the present year.
Preferred
stock of the Guatemala Tramway. Light
& Power Co. at $100 per share,
on
liquidation or dissolution of that company, in addition to guarantee of
GENERAL BALANCE SHEET DEC.31.
dividends thereon at the rate of 6% per annum.-V. 117,
p. 208, 86.
1922.
1922.
1921.
1921.
Assets-i
S
Invest, in road-65,832,313 57.684,777 Capital stock
2.800,000 2,800,000
GENERAL INVESTMENT NEWS
Cash
4,816,970 1,138,235 Funded debt
52,150,000 46,000,000
Time drafts & dep.. 1,049,423 3,853,923 Non-nego. debt to
Special deposits__ _ 1,376,047 1,220,451
MM. cos., advs_15,373,855 12,495,865
Mac. mole recle_ 414.994
446,550 Int. matured unpd. 1,372,947 1,215,351
RAILROADS, INCLUDING ELECTRIC ROADS.
Deferred meets_
589.587
589,936 Deferred liabilities 4,014,458 3,892,229
The following news in brief form touches the high points
Disc't on fund. d't 1,629,926 1,470,572
Total
75,711,261 66,404,445 Total
75.711,261 66,404,445
Securities issued or assumed. unpledged. $850,000.-V. 115, p. 988.
International Railways of Central America.
(Annual Report-Year Ended Dec. 31 1922.)
General Manager A. Clark, Guatemala, C. A., May 4
1923, reports in substance:
Results.-The year 1922 closed with a showing which, on the whole, was
a very satisfactory one. The work of all departments was as nearly normal
as could be expected.
Exchange -The value of Guatemalan currency. while much depreciated,
did not fluctuate to any great extent:
1922.
1921. Increase.
Highest rate
58.38 to $1 Gold
69.50 dec.11.12
Lowest rate
51.18 to $1 Gold
41.25
9.93
Average for year
55.46 to $1 Gold
49.44
6.02
In El Salvador the official rate is fixed, one Colon the standard being
equal to 50 cents U. S. gold.
Guatemala Divisions.-The banana traffic continued good, the plantations
having received no serious set-backs during the year. The bunches hauled
in 1922 amounted to 4.289,572, against 3.978.165 in 1921.
Salvador Division.-The track at Dec. 31 1921 had reached Acelhuate,
a distance from the Port of La Union of 155.231 miles; the track from that
point to the terminal, San Salvador. was completed, 1.356 miles; total
length of Main Line La Union (Cutuco) to San Salvador 156.587 miles:
Zacatecoluca Branch, .890 miles; total main line and branches. 157.477
miles; sidings, spurs, &c., 9.585 miles; total mileage in operation 167.062
miles.
Gross earnings amounted to $469,332, against 8351,417 in 1921. Oyer.
expenses (taxes included) amounted to $593.050. against $483,242 In 1922,
leaving a deficit of $123,718 for 1922, against a loss of 0131,825 in 1921.
Forecast for 1923.-Judging from the movement during the first 4 months
of the year there is every reason to believe that we shall do as well, if not a
little better than in 1922.
OPERATING STATISTICS FOR CALENDAR YEARS.
1922.
1921.
1919.
1920.
1,351.435
1,195.234
949,010
907.796
Passengers carried
Passengers carried 1 mile 37,489,293 34.157.795 28,933,921 26,506,896
60 cts.
61 cts.
57 cts.
64 cts.
Avge. rev, per passenger
2.1 cts.
2.1 cts.
1.9 cts.
2.1 cts.
Avge.rev.per pass.per m
527,420
497.903
413,773
435,430
Freight carried
Ton miles comm'l freight 24,891.953 24,121,754 28,178,623 22,949,063
$7.18
$7.34
$7.95
$6.79
Earnings per ton
Earns.per ton per mile- 12.01 cts. 11.82 eta. 10.43 cts. 10.31 cts.
EARNINGS BY DIVISIONS (U. S. GOLD) FOR CALENDAR YEARS.
-Miles Cyer.- -Gross Earnings- _Net Earnings1922.
--Dec.31- 1922.
1921.
1921.
1
$
$
1922. 1921.
$
Atlantic Division 197.45 197.45 2,122,639 2.063,562 1,091,888 1,042,052
Central Division_ _138.77 138.77 1,272.671 1,262,144 506,135 476.146
75,361
92,213
Occidental Div__ _ 50.25 50.24 262,635 282,016
2,542
1.981 def31,260 def32,229
Ocos Division____ 12.10 12.10
Salvador Division_157.48 156.12 469,332 351.418 d1116,225 df124,281
Total*
556.04 554.69 4,129,819 3.961,121 1,525,899 1.453,900
'Does net Include Pan-American Extension of 41.1 mile&
in the railroad and electric railway world during the
week
just past, together with a summary of the items of
interest which were published in full detail in lastgreatets
weeks'
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Wage Increases.-Pennsylvania RR, grants wage
increases of from $5 to
$10 a month to employees in marine department,
Philadelpiha Harbor.
Pittsburgh & Lake Erie grants signalmen and signal
ployees of Pittsburgh & Lake Erie RR. increases ranging maintenance eman our. "Philadelphia News Bureau" Aug. 15, p. 2. from 3 to 4 cents
Director-General Reappointed.-J. 0 Davis was
reappointed DirectorGeneral of the U. S. Railroad Administration
by President Coolidge.
'Wall Street Journal" Aug. 13. p. 10.
General Information on Railroads.-The following statistics
are authorized
by the Car Service Division of the American Railway
Association:
Locomotive Repair.-The railroads of the
States from July 15 to
Aug. 1 repaired and turned out of their shopsUnited
largest number of locomotives for any semi-monthly period in their the
history. The total number
repaired during that period was 22200. This exceeded
by 794 the previous
record which was established during the last half of May
this year when
21,406 locomotives were repaired.
Locomotives in need of repair on Aug. 1 this year totaled
11,555,
or 18.1%
of the total number on line. This was a decrease of 300
compared with the
number on July 15, at which time there were 11,855,
or
18.6%.
Of the total number on Aug. 1. 10,370, or 16.2% of the
number online,
were in need of heavy repair, a decrease of 414
since July 15. There were
also on Aug. 1 this year 1,185, or 1.9%. in need
of light repair, an increase,
however, of 114 over the number in need of such repair
on July 15.
The railroads on Aug. 1 had 52,385 serviceable
an increase
of 313 over the number on July 15, while they also locomotives,
2,550 locomotives in
good repair and in storage, which was an incraesehad
of
113 within the same
period.
Freight Car Repair.-The railroads of the United
on Aug. 1 had
189,014 freight cars, or 8.3% of the total number on States
in need of repair.
This was an increase of 393 over the total number line
in
need
of repair on
July 15, at which time there were 188,621, or 8.3%.
Compared with the
number on July 1, it was a decrease of 1,397. Of the
total
number on
Aug. 1 this year, 144.566, or 6.3%. of the number on line
were in need of
heavy repair, an increase over the number in need of such
repair
on July 15
were
There
also
of 1.285.
on Aug. 1, 44.448 freight
repair, a decrease of 892 within the same period. cars in need of light
Car Surplus -The railroads of the United States on July 31
surplus freight cars in good repair and immediately available had 76,453
for service
if necessary, despite the fact that in the week which
ended on July 28
1,041.044 cars were loaded with revenue freight, the largest
for
any one week in the history of the country. When a recordnumber
loading of
1,018,539 cars was established, during the week of Oct. 14 1920,
which
record remained until this year,a car shortage of 69,517 cars was reported.
The total number of surplus freight cars on July 31 was a decrease of
3,257
compared with the number on July 22. Of the total number on July
31,
57,831 were box cars, a decrease of 3,388 in approximately a week; while
there were 6,546 surplus coal cars in good repair, an increase of 1,379 within
the same period. Surphis stock cars numbered 3,437, a decrease of
846
since July 22, while a decrease for the same period of 848 was reported
the number of surplus refrigerator cars, which brought the total for in
that
class of equipment to 7.615.
Car Shortage.-At the same time shortage in box cars,
ports filed by the carriers with the Car Service Division,according to re9,570,
or an increase since July 22 of 1,679. Of that number 2,749totaled
were box cars,
an increase of 758 since July 22, while there also was an
of 1,098
in the reported shortage in coal cars, which brought theincrease
total number to
4.774. The shortage in stock cars amounted to only 123, a decrease
of 410
within approxiinately a week.
The majority of the box cars now shown as surplus are cars which
are
big held in the grain-originating territories, and will be absorbed within bethe
AUG. 18 1923.]
781
THE CHRONICLE
next few weeks as the grain movement becomes heavier. The fact that
there is no appreciable car shortage to-day should not serve as a basis for
lessening efforts to move as much freight as possible before the fall period.
The volume of traffic now being handled is far in excess of that tonnage
which the Car Service Division originally anticipated would be offered the
railroads. To avoid car shortage this fall shippers and consumers must
continue and augment, during the next thirty days, their efforts to level
off the peak of shipments during the coming fall.
New Equipment.During the last half of July 9,493 new freight cars
were delivered to the railroads and placed in service, which brought the total
number of new freight cars placed in service from Jan. 1 to Aug. 1 up to
96,950.
The railroads also during the last half of July installed 121 new locomotives, making a total of 2,221 placed in service during the first seven
months of this year. .
Of the new freight cars placed in service during the last half of July, box
cars numbered 3.595, coal cars 3.133, refrigerator cars, including those delivered to railroad-owned private refrigerator companies, 1.846. and stock
cars 226.
The railroade had on Aug. 1 this year 86,716 new freight cars on order,
with deliveries being made constantly. Of the total number on order, box
cars numbered 38,689: coal cars, 34,457, refrigerator cars 9.299 and stock
cars 2,214.
They also had on order on Aug. 1 a total of 1.772 new locomotives.
Matters Covered in "Chronicle" Aug. 11.-(a) Railroad Gross and Net
Earnings for June, p. 598-601. (b) Effect of Increased Taxes and Rate
Reductions on Income of Great Northern Ry. Co., p. 636. (c) Eastern
Chairmen of Railway Trainmen and Conductors Want Wage Increase of
8 Cents an Hour. D. 636
. Cincinnati Traction Co.-Wage Increase.-
After 30 days of arbitration an award was reached Aug. 11 increasing
the wages of motormen and conductors 5 cents an hour, or from 48 to 53
cents an hour. The increase is retroactive to July 1, when the old contract
expired. The general increase of all workers ranges from 2 cents an hour
for one-man car operators to 15 cents an hour for crane-men. The award
calls for an increased expenditure of approximately $250,000 annually.
-V. 117. p. 85.
Commonwealth Light & Power Co.-Earnings.-
Earnings for the year ended May 31 1923 of the Commonwealth Light &
Power Co. and subsidiaries, show: Gross earnings. $1.972.750; operating
expenses, incl. maintenant and taxes. 31,275,263: adjustments, Dr.$5,935;
interest on sub. co.s• obligations. 3291.781; interest on C. L. & P. 1st
Lien & Ref. 6s, 3122.446: interest on C. L. & P. Ref. & Unit. bonds, drc..
$111,252: balance, 3166,072.-V. 117. p. 444.
Denver & Rio Grande Western RR.-Time Extended.Kuhn, Loeb & Co. and the Equitable Trust Co., reorganization managers, have issued a notice to holders of the
1st & Ref. Mtge. 5% Gold bonds and 7% Cumul. Adjust.
Mtge. Gold bonds of the Denver & Rio Grande RR. to
the effect that a large majority of both issues having already
assented to plan of reorganization, in order to enable the
holders of the remaining bonds of these issues to become
to the benefits of the plan, the reorganization
entitled
Road.
of
Fe
Santa
Ry.-Control
&
Topeka
Atchison
managers have extended the time for deposit to the close of
See Osage County & Santa Fe By. below.-V.117. p. 438.
business Sept. 7.
Atlantic & North Carolina RR.-New Officer, &c.The plan of reorganization is now before the I.-S. 0. Commission and
Ernest M. Green of New Bern. No. Caro., has been elected President, the mortgages are In process of foreclosure. Bondholders should deposit
succeeding J. F. Patterson. The present board of directors consists of: their bonds immediately so that the reorganization managers may repreL. H. Cutler Sr., Charles L. Ives Sr., Ernest M. Green, W. B. Blanes, sent substantially all of the bonds dealt with by the plan. The Bankers
New Bern, No. Sara.; H. D. Bateman, Wilson, No. Caro.: Courtney Trust Co.. Farmers' Loan & Trust Co. and American Exchange National
Mitchell. Kingston, No. Caro.; W. C. Petty, Charlotte. No. Caro.: D. F. Bank are depositaries under the plan.-V.117. p.669.
McKhme, Louisburg, No. Caro.; Mrs. Palmer Jerman and W. H. McElwee, Raleigh, No. Caro.-V.115. p. 2683.
United Ry.-Wage Increase-Injunction Against
Boston & Worcester Street Ry.-Deposits.-
It is understood that to date $1.684,000 1st Mtge. 43i% bonds out of
$2,297,000 outstanding in the hands of the public have been deposited
under the refinancing plan outlined in V. 117. p. 438: V. 116, p. 2992.
Brooklyn City RR.-Dividend Increased.-
The directors have declared a quarterly dividend of 25 cents a share on
the outstanding Capital stock, par $10. payable Sept. 1 to holders of
record Aug. 20 This compares with 20 cents per share paid quarterly
from Dec. 1922 to June 1923. inclusive.-V. 117. D. 207.
Buffalo Rochester & Pittsburgh Ry.-Bonds Called.-
One hundred and twenty-two 4122,000 4ii% Equip. Trust bonds,
Eeries F, due April 1 1927, have been calks for redemption Oct. 1 at par
and int. at the Guaranty Trust Co., trustee. 140 Broadway. N. Y. City.
-V. 116, p. 2515.
Caddo & Choctaw RR.-Abandonment.-
Detroit
Operating Certain Line.-
An increase of 6 cents an hour was granted Aug. 4 to all platform employees, bringing wages on all interurban and on the city lines in Flint and
Pontiac to 61, 64 and 66 cents an hour, according to length of service.
In Ann Arbor and Mount Clemens a similar increase was granted but
wages on these lines are still 2 cents an hour below those in other cities.
Operators of one-man cars receive 5 cents per hour more than other employees.
An injunction restraining the company from operating between Detroit.
Esorse and intermediate points,including River Rouge, Ford Village and
Wyandotte. has been issued by Judge Richter in Circuit Court at Detroit.
The injunction results from the disapproval by River Rouge official of
the schedule which the Detroit United tried to put into effect following the
expiration of its franchise with that suburb. As a result of the injunction
the company ceased operations Aug. 11 on its lines, which pass through the
above municipalities.
The Council of the Village of River Rouge, with a population of 1,800.
has ordered the company to remove its tracks from the village and cease
operations because of the disagreement over the fare rate.-V. 117, p. 85.
The I.-S. C. Commission on July 30 issued a certificate authorizing the
abandonment, as to inter-State and foreign commerce, of a portion of the
company's line of railroad a short distance southwest of Rosboro to Cooper,
Georgia Light, Power & Ry.-Increased Rates.all in Pike County, Ark., a distance of 12.75 miles. The Arkansas RR.
The Georgia P. S. Commission has granted the company an increase of
Commission has entered an order authorizing the company to abandon 20% in its power rates.-V. 117. p. 86.
and dismantle the line in question.
Canadian Pacific Ry.-Listing.-
The London Stock Exchange has granted an official quotation to £2,000.000 4% non-cumul. Preference stock and E1,000.000 4% Perpetual Consolidated Debenture stock, making total Preference stock listed E18.578,477.
and Debenture stock listed 544,022,921.-V. 116, p. 2255.
Carolina Clinchfield & Ohio RR.-Georgia P. S. Commission Disapproves Lease of Road.-
Georgia Ky. & Power Co.-Equip. Trust Notes.-
The Georgia P. S. Commission has approved the issuance of $274,000
Equipment Trust notes for the purchase of 20 new street cars.-V. 116.
p. 2766.
Hertford & Connecticut Western RR.-Bonds Extended.
The stockholders on Aug. 14 voted to extend the $700.000 let Mtge.
435% bonds for 10 years from July 1 1923 at 6%. See V. 117. p. 88;
V. 116. p. 2636.
The petition of the Atlantic Coast Line and Louisville & Nashville RR.
Hocking Valley Ry.-Equip. Trusts.to lease the Carolina Clinchfield & Ohio has been disapproved by the
Georgia P.S. Commissien. The petition was referred to the States affected
The company has applied to the I.-S. C. Commission for authority to
for hearing by the I.-S. 0. Commission. The action of the Georgia Com- Issue $4.020.000 Equip. Trust certificates, to be sold at not less than 94.443.
mission is not binding on the I.-S. C. Commission.-V. 116, p. 2881.
See offering in V. 117. D. 325.
Central Pacific Ry.-Govt. Not to Appeal Case.See Southern Pacific Co. below.-V. 116, p. 1410.
Illinois Central RR.-Assumption of Obligation.-
The I.-S. C. Commission on Aug. 4 authorized the company to assume
obligation and liability in respect of the principal. interest, and sinking
Charlottesville (Va.) & Albemarle Ry.-Bonds Called.- fund
installments of not exceeding $4.571.000 of let Mtge. bonds of the
All of the outstanding First Mtge. 6% gold bonds, dated April 1 1915.
Illinois RR. Co.-V. 117, p. 439.
have been called for redemption Oct. 1 at 105 and interest, at the Equitable Paducah &
Trust Co., trustee, Baltimore. Md.-V. 117. p. 438.
Indiana Harbor Belt RR.-Annual Report.1921.
1922.
Years Ended Dec. 31• Chicago Elevated Rys. Collateral Trust.-Opposes Plan
119.64
120.09
William Hughes Clarke of Chicago has sent a letter to noteholders calling Miles operated
310.299.401 39.034.538
on them to join with him in opposing the plan of reorganization dated Railway operating revenues
5.981.052
6.945,470
expenses
operating
Railway
says
required
he
which
several and unnecessary
July 14 (V. 117. p. 323).
sacrifices from the noteholders. Ho says in part:
33,353,931 33,053,485
Net revenue from railway operations
"My examination of the reorganization as planned discloses the note$270,871
• $439,509
holders would be obliged (a) to sacrifice their sole and only claims against Railway tax accruals
430
439
the very valuable equity in the prosperous South Side Division:(b) to sacri- Uncollectible railway revenues
an
the
in
against
majority
equity
claims
Metropolitan Division:
fice their
32.913,982 32.782384
Railway operating income
c) to sacrifice their large claims against the Northwestern Division. and
3976.190 31.046.867
d) to sacrifice their pro rata two-thirds interest in $208,000 Northwestern Equipment rents (net debit
156,467
218.801
st Mtge. bonds and other assets of the railways trust available to the Joint facility rents (net debit)
committee. &C., all mostly for the benefit of particular holders of Oak Park
31.578.851
31,718.992
operating
income
railway
Net
and
Lake
bonds
obligations
Street
and
receiver's
selected numbers of
. Cr.38,509 Dr.388,681
Non-operating income
other securities."
i
Employees Receive Wage Increase.Under the decision of the board of arbitration reached July 26, the
employees were rcently awarded an increase in wages of 3 cents an hour
for the year from June 1 1923 to June 1 1924, and an additional 2 cents an
hour for the following year. The company's mechanical forces are now
seeking increases ranging from 10 to 45 cents an hour.-V.117, p.438,323.
Chicago North Shore & Milwaukee RR.-Offers Pref.
Gross income
DeductionsRent for leased roads
Miscellaneous rents
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
$1.757,500 31.190,169
$66,947
34.300
458.369
41,642
1.640
2,451
3259.153
22,773
459.371
50.397
1,694
25.122
The company is offering to its stockholders and the public 31.500,000
$371,661
31.152,151
Surplus for the year
7% Prior Lien stock, the proceeds to be used to retire indebtedness incurred
-V. 116. p. 2884•
and forodditional worldng capital.
Income Account for the Twelve Months Ended:Kalamazoo Lake Shore & Chicago Ry.-Receiver.June 30 '23. Dec. 31 '22.
IL D. Swaze of Paw Paw, Mich., has been appointed receiver, according
Operating revenue
$5,494.626 $5.007,951
a dispatch from Paw Paw. Mich.. which states that the receivership
to
taxes
4,423,506
Operating expenses and
4.017.798
was a foregone conclusion since the Pere Marquette, July 1 last,
Haven.
that Dart of the line running west from Lawton to South Lawtonseized
income
$1,071,120
Operating
$990,153
Marquette was a heavy holder in the line and the
15.649
14.560 The Pere
Non-operating income
obligations.
outstanding
South Haven section was taken over to satisfy
of that section of the road was followed by the seizure of all
$1,086,769 $1,004,713 The seizurestock
Gross income
and other operative equipment, leaving the company only
487.588
Fixed charges
486.784 the rolling
is
the 18-mile stretch of line between Kalamazoo and Lawton, which
main line of the Michigan Central.
almost
3599.181
$517,920 parallelled 2022.all the way by the
Net income
The stockholders in February last approved a plan to reorganize the com- -V. 108, p.
pany. See V. 116. p. 615, 1274.-V. 116, p. 2881.
Lehigh Traction Co.-Offering of Bonds.The company is offering to employees, patrons and the public, at 89.10
Chicago & North Western Ry.-Valuation.int., $350.000 1st Mtge. 10-Year 5% Extended bonds dated June
and
The 1.-1. C. Commission has served on the company a tentative final 11893. Due JUDO 11933. Interest payable J. & D. at office of Markle
valuation ,f its property as of June 30 1917, which puts cost of reproduction Banking
& Trust Co., Hazleton, Pa., trustee. Denom. $1,000, $500
of
cost
reproduction less depreciation at $485,new at $591,753,670 and
Free of Pennsylvania State taxes.
334,029. lietween Dec. 31 1917 and Dec. 31 1922 the company expended and 31000.
Authorized.
Outstanding.
equipment,
which
of Preferred Securitiesand
Schedule
road
expenditure, added to the de357.820.981 on
x$500.000
3500.000
preciated cost figure above. Indicates that the present value of the road and 5% 1st Mtge. bonds
60.000
60,000
bonds
The
$543,155.010.
Park
than
less
Hazle
company's
5
not
bonded
debt
is
equipment
18,000
A
18,000
Series
and
Trust
certificates,
Preferred stock issue $22,395,120. 5 Equipment
as of Doc. 31 1922 was $287,906.700
Deducting these leaves a balance of $232,853,190 to represent the equity
3578,000
debt
on
funded
share
a
3160
about
or
Total
the
$145.156,644 issued.
of the Common stock,
This does not include various items of non-carrier property, such as
part of an authorized issue of $500,990 dated
x The present offering
North Western's holdings of stock in the Chicago St. Paul Minneapolis &
June 1 1893, due June 1 192Z. extended to June 1 1933.
Omaha and other treasury securities.-V.117. p. 439.
782
THE CHRONICLE
[voL. 117.
Conspans.-Inoorporated Nov. 7 1892. Owns and operates a system
Pennsylvania Co.-Annual Report.
of trolley fines within the city of Hazleton. Pa., to thersarrounding townsCalendar Years1920.
Milnesville and Lattimer, Harleigh, Ebervale, Jeddo, Drifton, and inter1921.
1922.
mediate towns to Freeland, Jeanesville, Trese_kow, Yorktown. Audenried Gross income
$8,329,213 $7,926,806 *12,700,393
and Intermediate towns to McAdoo, with a total mileage of 20.63 miles. Taxes, interest, &c
2,187,154 4,353,314 5,600,772
serving a population of 75,000. It also acts as a very valuable feeder
Net income
to the WillusA-Barre & Hazleton Ry. third-rail electric line, operating
$6.142,059 $3,578.492 $7,099,621
1,524,033
between Hazietern and Wilkes-Barre, a distance of 30 miles and closely Sinking, &c., reserve funds
571,334
49,933
Investment
in physical property
208.234
allied with it.
118,948
118,948
Security.-Secured by a first mortgage on all the franchises, real estate,
Balance
property., road and equipment on the entire system, having an actual cost
$5.973,178 $2,883,210 $5,367.354
Dividends
value of $742.164 and a reproduction value (less depreciation) of 111.239.885.
4,800,000 4,800,000 4,800,000
as valued by the P.,S. Commission of Pennsylvania.
Surplus
Earnings.-Based upon earnings for five years ending Dec. 31 1922.
$1,173.178df$1,916,790 $1,367,354
net earnings available for interest, after depreciation and taxes, have Profit and loss surplus
g7,445,479 $17,397,988 817,941.743
averaged 134 times the annual interest requirements on the funded debt. -V. 116. p• 2994.
Net income, after all charges. averaged 317.875 for the five-year period.
Portland (Ore.) Ry., Light & Power Co.-Franchise.-V. 117, P. 670.
A new franchise, effective for 50 years, has been granted the company'
in an ordinance passed by the City Council
Manila Electric Corp.-Tenders.-of Vancouver, Wash. Under
The Equitable Trust Co., trustee, 37 Wall St., N. Y. City, will until the new franchise the city will receive $75 a month from the company during
Aug. 24 receive bids for the sale to it of 1st Ref. Mtge. Gold bonds. 5% the term of the franchise, whereas before the city received nothing.Series, due 1946. to an amount sufficient to exhaust $2,890, at a price V. 116, p. 2994.
not exceeding 105 and interest.-V.116, p. 822: V. 115, P. 2794.
Public Service Railway.-kFtrikc Situation.Justice William S. Gummere of the New Jersey Supreme Court has
Mexico Tramways Co.-Interest.issued
an alternative writ against the company requiring it to regime
On and after Sept. 1 coupon No.21, dated March 11917. detached from
the Gen. Cense'. 1st Mtge. 50-Year 5% Gold bonds, will be paid at the operations of its trolleys or show cause within 10 days why a writ of manBank of Montreal, Toronto, Montreal or London, England, or at the damus would not lie against it compelling it to renew service. Application
agency of the Bank of Montreal, New York, N. Y., at the holder's option. for the writ was made by counsel for the State Board of Utility Commissioners. Justice Glimmer° said he would convene the entire court to hear
-V. 117, p. 208.
the arguments at the end of the 10 days. Service was suspended on the
Missouri-Kansas-Texas RR.-Bond Interest-Earnings. company's entire system on Aug. 1, when the employees went out on strike
The directors will meet on Aug. 20 to act upon the recommendation of as their demands for higher wages were refused. The company has made
the executive committee to pay the full semi-annual interest of
on no effort to resume service or to arbitrate the wage dispute.-V. 117, P•
670, 326.
the 5% Adjustment bonds on Oct. 1.
Chairman Ruhlender says that during the first 6 months of this year
Puget Sound Power & Light Co.-Acq."14iSitiOn.the company earned 31,000,000 over the fult semi-annual interest on its
The company has acquired control of the Olympia
Adjustment bonds.-V. 117, p. 440, 86.
Light & Power Co.,
which supplies electric light and power and
street railway service to Olympia.
Wash. Olympia's gross earnings for 1922 were $199,581. The Puget
Montreal Tramways Co.-Annual Report.Sound Co.is under the management of Stone & Webstm..-V. 116,P. 2389.
Years end. June 30-- 1922-23.
1919-20.
1920-21.
1921-22.
Gross earnings
$12,056,355 $11,712,525 $11,778,005 $10,782,470
Quebec Central Ry.-Listihg.Oper.expensts& taxes_ .. 6,099,993 5,769,403 6,327,841
5,849,912
The London Stock Exchange has granted an official quotation to £150,00i
Operating profit
46,607
48,304
47,442
47,960
Maintenance & renewals 2,492,792 2.579,200 2,529,055 2,190,557 First Mtge.4% Debenture stock (interest guaranteed by 0.P.R.)., maldre,
total First Mtge. Debenture stock listed £904,837.
-V. 115,P. 183.
Balance_
$3,415,264 $3,315,962 32.868,667 32.695,394
Allowances duo Co.
Reading Co.-Special Stockholders Meeting to Take Actiop
6% on capital value
$2,177,177 $2,177,178 $2,177,178 $2,177,178 on Various Matters Connected
with Dissolutiop Decree.6% on working capital::
23,833
12.491
2,530
6,596
The stockholders will vote Oct. 15 on the following
7% on add'ns te capital_
69,827
118,859
164.973
145.684
To authorize the officers and directors
Expense of financing__ _
181,437
181,431
181,431
181.431
to do whatever may be pecassar3,
or expedient to carry into effect the Third
Modified Plan and the decree
Total_
32,526,113 $2,510,889 82,489.959 *2.452,269 of the U.S. District Court for the Eastern District of Pennsylvania,entered
Balance
$243,124 Juno 28 1923. pursuant to the mandate of the U. S. Supreme Court in the
$378,708
$889.151
$805,073
suit of the United States of Anierica against Reading Co. et al.. and in
Payable as earned- •
City of Montreal rental_
$500,000 particular to authorize:
$500.000
3500,000
$500,000
(a) The increase of the indebtedness of the Reading Co. in the amount
Contingent reserve
107.825
117,730
x41,597
117.125
of $64.000,000;
(b)
The creation of a mortgage and deed of trust on all or any of its
Total
$607,825
$617,730
$541,597
3617,125
railroad and other property to secure an issue of bonds of the company, the
Balance, surplus
$347,553
$187,948 def$239,022 def$364,700 total
authorized issue at any one time outstanding, excluding bonds issued
x The contingent reserve fund is limited by the contract to 3500.000. or reserved for refunding, to be limited to an aggregate principal amount
equal to the aggregate par value of the then outstanding Capital stock
-V.116. P. 935.
of the company:
(c) The merger by the Reading Co. of the Philadelphia & Reading RY •
New York New Haven & Hartford RR.-Board Opposes and
the
& Delaware River RR., the Middletown & Hummelstown
Rail Plan-Sees Menace in Consolidation of Northern or RR., theChester
Rupet It Bloomsburg RR., the Tamaqua Hazleton & Northern
RR., the Norristown Junction RR., the Philadelphia & Frankfort/ RR...
Southern Lines with *Trunk Systems-State Control Discussed- the
Harrisburg & Pittsburgh RR., the Schuylkill & Lehigh
Proposal of Guarantees Declared to Offer Nothing to Protect RR..Philadelphia
the Shamokin, Sunbury & Lewisburg RR.
Now York Short
Line RR., the Norristown & Main Line Connecting the
Present Stockholders.RR. and the Reading
Belt RR.;
See under "Current Events" above.-V. 117. p. 440.
(d) The disposition of the stock of the Reading Iron Co. and of the
Philadelphia & Reading Coal & Iron CO. as contemplated by the plan and
N. Y. North Shore Traction Co.-Payment on Bonds.- final
decree;
The Union Trust Co., Cleveland, is sending out notices to holders of the
The adoption of a by-law restricting the transfer
shares of stock
8800,000 1st Mtge.5% bonds issued April 1 1914, and to holders of certifi- of(0)
the company as provided in the plan and final decree;of
cates of deposit under bondholders' agreement, that funds are on hand to
(f) The surrender by the Reading Co. of those of Its powers which are
pay a liquid dividend at the rate of $50 on each $1,000 face amount of all Inappropriate
for a railroad corporation of
and
bonds outstanding under the above mentioned First Mtge. Bonds must
(g) The acceptance by the Reading Co. Pennsylvania;
of the Constitution of 1874.
have attached coupons matured April 1 1919 and thereafter, :aid must be -V.
117,
p.
555.
326, 208.
forwarded to the Union Trust Co..Cleveland. See V.116.13• 176.
Norfolk & Western Ry.-Settlement With Govt.-
It was announced Aug. 16 that at a recent conference between officials of
the company and theDirector-General of Railroads, a final settlement was
made for the use of the road during the period of Federal control. Advances by the Government of $30,000.000 had already been received, and
after adjusting all accounts settlement was arrived at by the payment to
the railway of *7.285.000.-V. 117, p. 208.
Oregon Short Line RR.-Construction.--
The I.-8 C. Commission on Aug. 2 issued a certificate authorizing the
company to construct a line of railroad extending from a point on one of
its branch lines at or near the city of Nampa in a general easterly and then
northerly direction to a connection with its Boise branch, a distance of
2.66 miles. all in Canyon County. Idaho.-V. 117. p. 440.
Osage County & Santa Fe Ry.-Control by Santa Fe.-
The I.-S. 0. Commission on Aug. 2 authorized the Atchison Topeka &
Santa Fe Ry. to acquire control of the railroad of the Osage County & Santa
Fe Ry. by lease. The report of the Commission says In loan:
The Osage Company was incorp. In Oklahoma Feb. 24 1917 with authority to construct a railroad extending from a connection with the Atchison's
southern Kansas division at or near Owen, Washington County,in a general
southwesterly direction to a connection with the Atchison's main line at
a point south of Fairfax, Osage County, a distance of 62 miles. all in Oklahoma. Outstanding capital of $1.000.000 is all owned by the Atchison
except directors' shares. It has no bonds outstanding, but is indebted to
the .Atchison for advances to the amount of $3,000,000. Construction
work was begun on Aug.3 1917. During the Federal control period authority to complete the line was given by the Director-General. but the work
was deferred because of high construction costs. The work of construction
was resumed on Fob. 20 1922 and the line has been substantially completed
from Owen to Pawhuska, 35 miles. It is represented that this portion of
the line will be ready for operation within 30 days and that shippers are insistent on service. The right-of-way has been secured and some grading
done on the proposed route from Pawhuska to Fairfax, but no definite plans
have been made for the completion of this portion of the line in the near
future.
By the terms of the proposed lease the Osage Company demises to the
Atchison its railroad and appurtenances, constructed and to be constructed,
for the term of 10 years from March 1 1920 and thereafter from year to year,
subject to the right of either party to terminate the lease upon 90 days'
written notice The lessee agrees to maintain and operate the demised railroad and di pay aU interest which shall accrue during the term upon any
indebtedness incurred by the lessor with the written consent of the lessee,
owned by parties other than the lessee; all taxes, assessments and Governmental charge.; which shall accrue during the term upon the demised premises or any part thereof; all rentals and other sums which the lessor shall
become liable to pay during the term under any lease or agreement existing
on the date the demised railroad shall be turned over to the lessee for operation, relating to the use of any facility or appurtenance of the demised
railroad, or under any lease or agreement which, during the term, may be
made by the lessor with the written consent of the lessee; and all expenses
necessarily incurred by the lessor in maintaining its corporate organization.
Pere Marquette Ry.-To Purchase Interest in Belt Ry.The directors of the Belt Railway of Chicago have approved the sale
of 2.400 shares of stock at $100 a share to the Pero Marquette Railway.
This transaction will make the Pere Marquette an equal owner of the
Belt Railway with the other 12 roads already part owners of the Belt Line.
Approval of the action by the L-S. C. Commission is now being asked.
-V• 117• p. 208.88.
Saginaw-Bay City Rv.-Plan.-
The Michigan P. U. Commission will hold a formal hearing Aug. 30 on
the application of the Saginaw Transit Co. for the
approval of its financial
arrangements for taking over the former properties
Saginaw-Bay City
By. in Saginaw, voted under the franchise election ofof
25. Articles of
Incorporation for the new company have already beenJune
with the State
filed
authorities. See V. 117. p. 326, 555.
San Diego Electric Ry.-Equip. Trusts.-
The company has applied to the Calif. RR. Commission for permission
to issue $712,000 equipment trusts, proceeds to
used to purchase 50
double-end electric cars costing $865,000, and 10bemotor
coaches costing
385,000.-V. 116, p. 2516.'
Southern Pacific Co.-Government Not to Appeal Central
Pacific Case-To Abide by I.-S. C. Commission and Court
Decisions on New Lease-Transportation Act Found to Offset
Anti-Trust Law in Such a Consolidation.-It was announced
on Aug. 13 that the Government will not appeal from the
recent decision of the U. S. District Court at St. Paul that
the I.-S. C. Commission had authority to consent to control
by the Southern Pacific of the Central Pacific (see V. 116, p.
2768, 2516, 685).
Attorney-General Daugherty announced that after several
conferences with President Coolidge it had been decided to
allow the decision of the St. Paul court to stand, in spite of
the fact that the U. S. Supreme Court had previously declared that the consolidation violated the Sherman AntiTrust laws.
The statement given out by Attorney-General Daugherty
says:
In
proceedings last June in the District Court to enforce the mandate
of the Supreme Court, before Judges Sanborn, Lewis and Kenyon, the
Southern Pacific contended that the Transportation Act, and the action of
the I.-S. C. Commission as authorized thereby, made inoperative the
Sherman law in that regard.
After full hearing the Judges above named decided that the I.-S. C. Commission had authority to consent to the lease and tho stock ownership contended for by the Southern Pacific under the provisions of the Transportation Act passed subsequent to the bringing of this suit by the Government.
It must be remembered that the I.-S. C. Commission, one of the most
Important and powerful administrative agencies of the Government.
attached conditions to its approval and consent, which conditions, in my
judgment, safeguard the public interest, and,if not complied with, subject
the lease and stock ownership to termination.
If the question as to whether the Transportation Act made inoperative
the Sherman law,as applicable in this case, under the conditions set forth in
the Transportation Act, were originally submitted to me, as AttorneyGeneral, without having had the benefit,as I now have,of the opinion of the
I.-S. C. Commission and the opinion 01 such eminent jurists as Judges
Sanborn, Lewis and Kenyon. all of whom, both Judges and members of the
I.-S. C. Commission, have given the fullest and most intelligent consideration to the testimony, where applicable, and to the law governing this case.
I should prrbably have adopted the course of an appeal to the Supreme
Court, so that the Supreme Court might faire into consideration the par-
Am 18 1923.]
788
THE CHRONICLE
ticular question which it did not take into consideration in the rendition of
its opinion, viz.: whether the Transportation Act,as applicable to railroads,
authorizes the I.-S. 0. Commission to give its approval and consent in
eases which, but for the provisions of the Transportation Act, might be
held to be in violation of the Sherman law.
But with the opinion of the three distinguished Circuit Judges, and with
the opinion of the I.-S. 0. Commission, I have reached the conclusion that
it is my duty to end this litigation and not pray for an appeal to the Supreme
Court. It was a beneficial victory when the Government won the case in
the Supreme Ciourt, for had the Government not been successful, an acquirement of the character then being urged by the Southern Pacific,
without any conditions, probably would have worked a hardship to the
community served by these facilities.
I am of the opinion that Congress,in effect, by the passage of the Transportation Act and by the enactment of Paragraph 2, Section 5, and the
enactment of Section 8 amendatory to the Inter-State Commerce Act,
changed the policy of the Government in regard to transactions of this
character, and authorized such transactions under Governmental authority,
Observation and control: whereas, prior to the Transportation Act, there
was no authority therefor, and transactions of this character were in violation of the Sherman law, as held by the Supreme Court, as the Ca.943 was
presented on thelaw as it stood before the passage ofthe Transportation Act.
Steel and Iron Production, Prices, &c.
The review of market conditions by the "Iron Age,"
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
Coal Production, Prices, &c.
The United States Geological Survey's report on coal
production, together with the detailed statement by the
"Coal Trade Journal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
preceding page under the heading "Indications of Business ,
Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the
United States, compiled by the American Petroleum Institute
and formerly appearing under the above heading, will be
found to-day on a preceding page under "Indications of
An additional statement given out at the Department of Business Activity."
Justice further described the Attorney-General's attitude as
Prices, Wages and Other Trade Matters.
follows:
Refined Sugar Prices.-On Aug. 14 the following companies reduced prices
Following several conferences with President Coolidge at which were discussed exhaustively the various administrative questions involved, Attorney-General Daugherty on Aug. 13 announced that the Government would
not take an appeal.
The President and the Attorney-General gave considerable study to the
various phases of the litigation, the broad policiesinvolved and the necessity
for definite action. Mr.Daugherty was of the opinion that the contentions
of the Southern Pacific, the ruling of the I.-S. C. Commission and the
decision of Judges Sanborn, Lewis and Kenyon at St. Paul, were well
founded and that the Transportation Act authorizes a transaction of this
character between railroads when consented to and approved by the I.-S. C.
Commission after exhaustive hearings at which all interests are heard.
The Attorney-General was of the opinion that the course taken by the
Government was the only one that could be observed in the public interest,
in view of the findings by the Court and the I.-S. C. Commission and the
opinions arrived at by himself and his associates in the Department, especially after he had completed a careful and painstaking survey of conditions in the States of California, Utah, Nevada. Oregon, traversed by the
two great rail systems, and the sentiment in those States for a termination
if the long-drawn-out litigation.
Mr. Daugherty pointed out that the Southern Pacific, in view of the action determined upon by the Government, will, according to its declaration
to the I.-S. C. Commission, begin at once the construction of the so-called
N'atron Cut-Off line in the State of Oregon at an expenditure of approximately $10,000,000, and that this construction work will be of tremendous
value to that State.
The Attorney-General stated also that the I.-S. C. Commission had
found that to separate the Southern Pacific from the Central Pacific would(a) Disturb traffic conditions on the whole Pacific coast and among the
Inter-Mountain States:
(b) Increase traffic rates by causing two line hauls instead of one line
haul in practically the same territory:
(c) Leave the Central Pacific without sufficient equipment and without
sufficient credit to obtain such equipment (thus creating a car shortage
throughout the territory served by the Central Pacific);
(d) Disturb some $240,000,000 in bonds and securities issued or guaranteed by the Southern Pacific and the pledge as collateral security.
Statement by Chairman Julius ICruttschmitt.
Julius Kruttschmitt. Chairman of the Executive Committee,commenting
upon the decision of U. S. Government says:
"Naturally wo arc pleased that the litigation over the ownership of the
Central Pacific by the Southern Pacific, which has been in progress for about
15 years, seemingly has come to an end.
"The case involved the title of the Southern Pacific to valuable property,
and also the whole financial structure of the Southern Pacific. Of course,
these are vital matters and it is very pleasing that the Government has
recognized the accuracy and justice of the contentions made by the Southern
Pacific throughout this litigation.
"It is gratifying also to note that the Attorney-General in his statement
recognized and called attention to the power of the I.-S. C.Commission to
authorize consolidations like that of the Central Pacific with the Southern
Pacific. We have felt that this power was clearly defined in the Act.
"The proposed Natron cut off, the building of which naturally the
Southern Pacific did not wish to imdertake before having its title to the
Central Pacific clearly established by the courts and recognized by the
U. S. Government, is 290 miles in length. Already a total of about 120
miles has been constructed. This leaves a connecting link of 170 miles
to be built.
"The cost will be between £10,000,000 and $12,000,000. Some time
will be required to complete this work, as the line goes through the mountains and naturally is very heavy.
"The present line is on a 3% grade. The maximum of the cut off will
be less than 2%. In addition to this great saving in the grade there will
boa saving of 10 miles in the actual distance.
"The completion of the Natron cut off furthermore will afford an outlet
for valuable timber lands in Central Oregon."-V. 116,.p. 2768. 2516.
Refining Co..
10 points to 7.90c. a lb.: Arbuckle Bros.. Federal Sugar Sugar
CO. and
National and American Sugar Refining Co's, Pennsylvania
Co. also cut
Refining
Sugar
On
Warner
Aug. 15
Revere Sugar Refinery.
the price
price to 7.90c. a lb. On Aug. 16 Federal Sugar Refining Co.cut
to 7.60c. a lb.. followed by the Warner Co., which reduced quotation to
7.75c. a lb. On Aug. 17 the American Sugar Refining Co. and Revere
Sugar Refinery cut the price to 7.75c. a lb.
Co.
Prices Cut on Electric Storage Baderies.-Electrle Storage Battery
formerly
cuts prices of Exide batteries about 25%, as follows: Batteries
to
batteries
¶3340
85:
$20
to
batteries
85
327
65:
316
to
priced at $21 cut
sizes most
$25, and $38 95 batteries to $29 15. These four represent the
extensively used. Smaller reductions were made in batteries of larger size.
Philadelphia "News Bureau" Aug. 15. p. 2.
Guard
Zinc Plant Closed by Strike.-Ten companies of Illinois National to
preCo.
ordered to Hillsboro plant of American Zinc, Lead & Smelting
of plant refused
vent further disorder. Strike called Aug.7 when manager"Evening
Post"
to recognize the employees union recently organized.
Aug. 11. p. 2.
Matters Covered in Chronicle Aug.11.-(a)The rise and the"substance"
In wages, p. 594. (b) Another coal report, p.596 and 629. (c) Plasterers
material
get $119 a week,p.603. (d) Manufacturers of American Building
insupplies threatened by foreign competition are hoping that inventive
marbrick
the
their
in
slump
rescue,
p.
The
603. (e)
genuity will come to
Canaket; monthly report shows a downward trend in prices, p. 603. (0 statisdian newsprint output in half-year. p. 605. (g)Petroleum refinery
tics for June 1923: decrease in stocks, p.605. (h)Shoe workers lose strike
In Brockton, p. 606. (i) Pressed and blown glass manufacturers restore
post-war peak wages. P• 606. (j) "Everybody on the job, but everybody
loaf." I.W.W. order to workers in lumber Industry, p. 606. (k) Elimination of 12-hour day in steel industry starts neat week, p. 609. (I) Unions
begin efforts to organize steel industry, p. b10. (m)Repayments received
by War Finance Corporation, p. 611. (n) Advances by War Finance Corporation account of agricultural and live stock purposes, p.612. (o)Wheat
rate reduction gives new impetus to milling at Minneapolis, p. 613.
Aetna Mills, Watertown, Mass.-Bal. Sheet June 30.-
1922.
1923.
Matilde,1922.
1923.
Assets5490.000 $490,000
Real est. & mach. 5687,595 8771,886 I Capital stock
500.000
500,000
bonds
&
Nftges.
1.215,579
1,290,259
Merchandise
56,528
359,119 Acets pavable___. 130,885
890,041
Acets receivable
792,500
Notes
222,105
payable
177.534
1,037000
Cash
786.343
46,002 Surieus_ _.
927.571
44,117
Securities
10,680
16,409
Deferred charges
$3,085,957 $2,625.371
Tots:
$3,085,957 82,625,371
Total
-V. 116, p. 2996.
Allis Chalmers Mfg. Co.-Orders.-
the Public
The company recently secured the following orders frompower
transService Corp. of New Jersey: 18 15,000-k.v.a. 132.000-voltstation
to be
generating
'
new
the
with
connection
in
used
formers, to be
orders ever
built at Kearny, N. J. This is one of the largest transformer
placed in one contract, the amount aggregating slightly under $750,000.
Shipment of this apparatus will start in 10 months and be completed in
15 months.
received
In addition to this contract, several weeks ag,o the corporation
condensers.
a contractfrom thissame company for two 50,000sq.ft.surface
for
purchased
units
turbine
k.w.
with
30.000
connection
two
in
used
be
to
the Kearny station. Thiscontract amounted to Considerably over $250,000.
has ever
While these are not the largest surface condensers the company
built, they will nevertheless embody all of the latest improvements.
V. 117. p. 671. 556.
American Bronze Co., Berwyn, Pa.-Receivership.-
Soo under II. L. Dollings Co.in ourissues of July 28 and Aug. 11.
American Cellulose & Chemical Mfg. Co., Ltd.United Electric Rys. Co.(of Providence, R.I.).-Earns. Capital Increase.-
6 Months Ended June 30Total operating revenue
Total operating expenses
1923.
1922.
$4,063,548 $3,824.819
3,605.787
3.034.589
Net operating revenue
Non-operating income_
$157,760
82,801
$790,229
43,818
Totalincome
Deduct-Taxes
Interest
Miscellaneous deductioes
Dividends
$540,562
*166.591
331,296
287
206,267
$834,047
$175.879
301,707
4,307
82.393
Deficit
-V. 117, p. 209.
$163,880sur.$269,760
Virginian Railway.-Petition For Rehearing.-
The company has petitioned the I.-S. C. Commission for a rehearing of
its application for authority to construct a 1.19-mile extension to its present
line in West Virginia in order to furnish transportation facilities to new coal
'nines. In a recent riding the Commission denied the company's applies.
lion on the ground that there were already enough coal mines and that the
carrier was unable last year to furnish sufficient ears for mines already In
existence. See V. 117, p. 89.
•
The company recently filed notice at Wilmington, Del., of an increase
7%
in its capital stock. The stock increased is as follows: 315,000,000
stock (par
Cum. Partic. Pref. stock (par 5100). *10,000,000 7% 2d Pref.
no par value. None of the
$100) and 220,000 shares of Common stock of
1st Pref. is issued and less than $3,000,000 of the 2d Pref. is issued. The
2d Prof. was originally 1st Pref. stock. About 200,000 shares of the
Common stock is outstanding.-V. 107. p. 689.
American Chicle Co.-New Treasurer.-
Alonzo A. Masterson, formerly Assistant Treasurer, has been elected
Treasurer. succeeding Ernest Wilibonseder.-V. 116, p. 671, 668.
American Lime & Stone Co.-Tenders.---
St., N. Y. Oity, will until
The Bankers Trust Co., trustee. 10 Wall St.
Sinking Rand Gold
Aug. 29 receive bids for the sale to it of let
to exhaust $16.280.
an amount sufficient
bonds. dated April 1 1922. toand
.
.638
int.-y. 116, p
exceeding
1073-i
not
at a price
American Motor Truck Co. Newark, 0,-Receivership.
See under R. L. Dollings Co. in our Issue of July 23.
American Power & Light Co.-Common Ditridend
The company has declared the regular quarterly dividend of 23,5% on
the outstanding Common stock (par $100). payable Sept. 1 to holders of
record Aug. 15. On June 1 last the company distributed a stock dividend
Wabash Ry.-Equip. Trust, Series C, Authorized.addition to the usual quarterly cash dividend (V. 116, p. 2133).
The I.-S. 0. Conunission on Aug. 6 authorized the company to assume of 2% in
'
obligation and liability in respect of $2,010,000 Equipment Trust cer- -V. 117, P. 671
be
to
0,
by
issued
Series
the
&c.Bank
tificates,
of North America & Trust
American Telephone & Telegraph Co.-Listing,
Co., under an agreement to be dated July 1 1923. and sold at not less
Stock
Exahange has granted an official quotation to $4,057,The London
tha 97.02 in connection with the procurement of certain equipment.
$713,886,700.
listed
- 500 additional capital stock, making the total ofstock
See offering in V. 117. p. 440.
It is stated that registered stockholders total 270,000, compared with
265,000 a month ago and 248,925 on Dec. 31 1922.-V. 117. p. 328.
Wisconsin-Minnesota Light & Power Co.-
The Norwalk (Wis.) Village Council has decided to sell its municipal
electric light and power plant and obtain energy from the above company.
If the approval of the Wisconsin Railroad Commission is obtained, a special
election will be held to approve the action of the Council--V. 117, p. :327,
90.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important develiipments in the industrial world.during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle."
American Writing Paper Co.-Report for Four Months
Ended April 30 1923.-
"Upon election
President S. L. Wilson in a report to shareholders says: the
condition of
as President in April 1923 an audit was ordered to verify
as of Dec. 31 1022. The
the company shown by the annual statementused;
materials
obsolete
that
were
values
inventory
incorrect
audit discloses
value
had not been written off, and that some accounts of questionable
satisfied that the
had not been properly considered. The management feels
co.
the
of
condition
true
the
reflects
1923
financial statement as of April 30
took place.
"In April a complete change in the company's managementability,
executive
long
of
men
of
composed
one
is
organization
The present
'experience and practical knowledge of paper manufacturing and merchanaffairs
dising, and never in the history of the company have the company's
been in more competent hands. The saving' slaw to be flnctd ender
THE CHRONICLE
the plans of the present management will be large-safely estimated at a
sum considerably in excess of the bond interest."
Financial StatemeHt for the Four Months Ended April 30 1923.
Lass for period
2213,241
Depreciation
300,000
Net loss
$513.241
Surplus Dec. 30 1922
$5,286,402
Adjustments.-Revaluation o inventories, $595,145; deferred
advertising account, no value, $67,378; insufficient reserve for
cash discount, 232,117; additional amount reserved for bad
note. 28,167: reserve for contingent liabilities and resultant
bad debts, $381,085; advertising supply account, 257,231; stationery and printing inventory at Dec. 30 1922, 219,165; adjustment of reserve for sales allowances, Cr.$12,210; total
1,148,077
Balance
23.625,085
Less-Sundry expenses, chargeable against prior period
6,667
Surplus April 30 1923'
23,618.418
Comparative Balance Sheet.
Apr.30'23.Dec.30'22.
Apr.30'23.Dec.30'22.
Assets-$
LiabilitiesProperty account_14,421,017 14,512,355 Pref. 7% cum.
stk.12.500,000 12,500,000
Good-will, tradeCommon stock___ 9.500,000 9,500,000
marks, &e
18,010 150 18,010.150 Bonded debt
9,293.000 9,293,000
Cash
528 820 1,206,754 Notes payable
1,530.000 1,340,000
Notes receivab &_. .5000
8,167 Accounts payable_ 1,665,127 1,415,157
Accts. rec.,less res.
Deferred liabilities 1,080,000 1,080,000
for discounts,&e. 1,955,128 1,580,778 Reserve
for conInventories
4,207,863 4.557,754
442,646
tingency
Sinking fund
151.431
32,731 Surplus
3,618,417 6,286,402
Other accts. rec.__
79,442
99,338
Investments
151,955
152,015
Deferred assets.... 118,371
254,515
Total(each side)39,829,191 40,414,561
Note.-Pref. stock dividends to Dec. 31 1922 in arrears and if accumulated would amount to 1M3%.
-V.117. D. 210.
Anaconda Copper Mining Co.-Listing.
The London Stock Exchange has granted an official quotation
to 668,750
shares capital stock, par $50, fully paid, making
total stock listed 3.000,000
shares.-V. 117. p..442. 91.
Atlas Powder Co.-Dividend of $1. Per Share.-
The directors have declared a dividend of El a share on the capital stock.
no par value, payable Sept. 10 to holders of
record Aug. 31. This is equivalent to $12 per annum on the old Common
par $100, which was recently exchanged for new Common stock ofstock,
no par value on the basis of
three new shares for each 'old share held. Dividends
at the rate of 12%
per annum were paid on the old Common stock, par $100.
in March and
J'une last.-V. 116. p. 2770.
Bear Mountain Hudson River Bridge Co.-Bonds.
-
The Chase National Bank is now prepared to exchange definitive 1st
Mtge. 7% 30-year Sinking Fund Gold
due April 1 1953. for outstanding interim receipts. For offering bonds.
see V. 116, P. 17134.
Blackstone 'Valley Gas & Electric Co.-Earnings.-A
circular issued by Minot, Kendall & Co., Boston, who are
offering tho common stock at $70 per share, affords the
following:
Company.-Through ownership or control, does the entire gas and electric
lighting and power business in the Blackstono
Valley district of Rhode
Island, including the cities of Pawtucket, Woonsocket and Central Falls and
the towns of Cumberland, Lincoln and others adjacent,serving a population
estimated at 165.000. Electrical equipment of the generating plants has a
combined capacity of 51,500 h. p., of which 2,400 h. p. is hydro-electric.
Main plant is equipped for burning fuel oil and includes 526.800 h. p. turbogenerator installed in Jan. 1920. Transmission system is connected with
that of Rhode Island Power Transmission Co., which permits tho purchase
and sale of wholesale power under a long-term contract,reinforcing the power facilities of both companies. Gas plants haves combined daily capacity
of 4,950.000 Cu. ft. A 14-mile high pressure line connects the Woonsocket
and Pawtucket plants, the gas plant in Woonsocket being held as reserve
capacity.
CapitalizationAuthorized. Outstanding.
First & General Mortgage 5s, 1939
$5,000,000 $3,755,000
Underlying bonds and bonds outstanding on properties controlled through stock ownershin (1931
and 1943)
Closed.
1,844,000
5% Preferred stock. Pawtucket Gas Co.of N.J
1,000.000
990.000
6% Cum. Preferred stock (par $100)
1,294,200
1,350.000
Common stock (par $50) paying diva. at 1O%....,. 5,197,500
5,197,500
Combined Earnings and Expenses for the Year Ending June 30 1923.
Gross earnings
24.326,001
Operating expenses and taxes _ _ ___ _ _
_ __ _ ______
2,735,104
Interest and preferred dividends on __________ ____ Co.securities 105,500
Interest and amortization charges
234.503
Dividends on Preferred Stock,6%
77,652
Balance
21,173.242
Dividends on $5,197,500 Common Stock at 10% require
519.750
Consolidated Balance Sheet as of June 30 1923.
Assets1 LiabilitiesProperty, plant, &c
$13A52.605 Common stock
$5,170,550
Material and supplies_ _ _
453.808 Preferred stock
1,294.200
Advance payments
110.772 Blackstone V.0.&E.bds_ 4,474,000
Notes receivable
109,204 Pawtucket El. Co. bonds
176,000
Accounts receivable
600.044 Woon.E.M •StP.Co.bonds
500,000
xSinking fund investnfts.
203.954 Pawtucket Gas pref. stk_
990,000
Treasury bonds
779,000 Pawtucket Gas Co.bonds 1,400,000
Treasury stock
58,032 Accounts payable
254.466
Suspense
37,110 Accounts not yet due..--84,650
Unamort. debt disc.itexp.
234,841 Suspense
870
1,469,670 Operating reserves
Cash
76.126
;Replacement reserve-- -- 1,031.507
side)
Total (each
817,509,040IReserves and surplus2,056.671
x Includes $172,000 bonds of Woonsocket Electric Machine & Power Co.
held in sinking fund uncanceled.
Management.--Stone & Webster management.-V.116, p. 1897.
Belvedere Water Corp.-Bonds Offered.-Hunter, Dulin
(fc Co., Los Angeles, are offering at 100 and div. $300,000
1st Mtge. Sinking Fund Gold bonds, Series "A," 634%.
The bankers state:
[Vol.,. 117.
are retired, are guaranteed by Janss Investment Co., which will own al l
of the $220.000 Common stock.
Sinking Fund.-A sinking fund has been created to purchase bonds in the
the open market or to redeem the same by lot and is calculated to retire
over 60% of this issue by maturity.
Franchises.-Company possesses constitutional perpetual franchises and
in addition a franchise from the County of Los Angeles expiring in 1962,
entitling it to operate in the above territory.
Borg & Beck Co.(of Illinois).-Earnings.--
Net earnings for July amount to $31,191 before taxes, it is reported.V. 117, p. 672, 329.
(James A.) Brady Foundry Co.-Sale.see Wolff Mfg. Co. below.-V.116. p. 2518.
Bristol Mfg. Co., New Bedford, Mass.-Dividend.-
The regular quarterly dividend of $2 has been declared on the outstanding 21,000,000 Capital stock, par 2100, payable Sept. 1 to holders
of record Aug. 13. An extra dividend of $2 was.paid on June 1 last.V. 115, p. 2271, 2584.
British-American Tobacco Co.-New Officer.--
Sir Hugo Cunliffe Owen has been elected Chairman, succeeding J. B.
Duke, who has also resigned as a director.-V.117, 443.
P.
Brompton Pulp 8c Paper Co.-Acquisition.-
It Is announced that control of the Dominion Line Co. has passed into
the hands of the Brompton company. The Brompton company is understood to have paid $50 a share for its controlling interest, and an offer Is
being made to other shareholders on somewhat similar lines.-V. 117.
P. 443,
Brooks Iowa Lumber Co., Ltd.-Would Foreclose.-
Suit has been instituted in the Supreme Court of British Columbia by
the bondholders, headed by Norman Reginald Whittall. who are seeking
the foreclosure on the bond mortgage and the appointment of a receiver
and manager for the company's mills at Clowholm Pails. Powell River,
and Coal Harbour. The debentures, it
said, were issued in November
last and $226,000 are outstanding. Theistrustee of the debentures is the
Montreal Trust Co.
Brunswick-Balke-Collender Co.-Earnings.-
It is reported that sales for the first six months of 1923 show an increase
of 21,995,000 over the corresponding period
in 1922.-V. 116, p. 2997.
Bucyrus Co.-Dividend on Account of Arrears.-
The directors have declared the regular quarterly dividend of 1U% and
a dividend of 3,6 of 1% on account of back dividends on the Preferred stock
both payable Oct. 1 to holders of record Sept. 20. Like amounts were
paid April 2 and July 2 last. On Jan. 2 last 334% was paid on account of
dividend accumulations on the Preferred stock.-V.116. p. 2518.
Burnrite Coal Briquette Co.-Receivership Dismissed.
The U. S. Circuit Court of Appeals at Philadelphia has dismissed the
receivership which was appointed by New Jersey Federal Court in May
1922. (Philadelphia News Bureau.)
California Petroleum Corp.-Earnings (Incl. Sub. Cos.).
six Mos. end. June 30: 1923.
1920.
1922.
1921.
Gross earnings
29.867.097 54.332.345 23,920.181 22,823,013
Operating expenses
4,074,843
1,001,816
1,457.358
1.940.241
Net earnings
25.792,254 22,392,104 22,482,823 21.821,197
Deprec., deple'n, &c__ - $1,330,953
$868,480
$537.483
$415.670
Bond interest
41,912
23.733
25,472
25.564
Subsid. co.'s share
12,736
Res.for Fed. tax., &c
525.246
222,721
190,570
379,184
Preferred diva
(3)1%)437.725(331)353.550(331)361,271(331)392,456
Common dividends
608.196
Other reserves
a310,147
82,823
111.708
99,047
Balance. surplus
22.556.250
2646,879
2842.233 $1.060.367
a Represents provision for redemption of Pref, stock
and bonds of subsidiary companios.-V. 117. p. 329.
Canadian Connecticut Cotton Mills, Ltd.-Listing,
Earnings, &c.The 21,000,000 Class "A" and 2500.000 Class "B" Common and the
23.000,000 Preferred stock have been listed on the Montreal Stock Exchange
6 Mos. end. Year end.
Earnings for Stated Periods.
Mar. 10 '23 Sept. 9 '23.
Sales, net of returns
21.367,691 23,866,377
Less-Discounts
21,637
70,435
Cost of sales
950,079
2,147,836
Administrative expenses
66,321
139.007
Selling expenses
33,360
121,556
Net profit on sales
2296.292 $1,387,542
Other income
37,241
25,081
Gross income
2333,534 21,412,623
Government taxes(estimated)
24,863
115,060
,for doubtful accts., bad debts. &c
Pros,
42,046
157,091
Reserve to reduce inventory (est. market value)
30,257
65,823
Net profit
2236,368 $1,074,649
Consolidated Balance Sheet.
AssetsMar.10'23 Sept. 9.'22
LiabilitiesAfar. 1023 Sept. 9 '22
Land, buildings,
8% Cum. pt. stk.-83,000,000 83.000.000
machinery.&a-34,467,331 $4,558,321 Non-voting Corn.
Inv. In Sherbrooke
stock "B"
500,000
600,009
Housing Co- - 287,301
299,898 Voting Common
Cash •
268,558
stock "A"
560.176
1,000,000 1,000,000
Can. Vic. bonds._ 500,035
349,985 Accts. Payable &
Notes & accts. rec.
accrued items
116,202
50.328
(net of reserves) 571,394
322,823 Liab. on undel,
Invent's (at cost). 721,558
569,786
cotton contracts 482,588
99,058
Cott. contr. not del 462,588
99.058 Reserve for taxes.
54,422
180,542
Deferred charges-13,007 Res. for taxes pay.
6,168
Inv. In Goodyear
In 1924
123,747
98,884
T. & R. Co. of
Comm'ns payable
Canada, Ltd- - 280.985
In Goodyear stk.
280,237
3.300
10,890
Inv. In stk. of Bt.
Contingent reserve
38.846,
19,487
George's Club.
1,000 Surplus at organ'n 1,211,120 1,211,121
Tr.td.for empl_ _ 122.859
122,764 Earned surplus-- 1,152,072 1,000,383
Surplus for purpose
of trust fund.-0,864
6,459
Total- _____ 17,668,760 $7,157,056
Total
87,888.780 27,157,014
-V. 116,P. 415.
C. & E. Shoe Co., Columbus, Ohio.-Receivership.Dated Jan. 1 1923. Due Jan. 1 1944. Denom. $1,000 and $500.
Callable all or part on any int. date, after 30 days' notice. at 105 and int.
See under R. L. Dollings Co. in our issue of July 28.
up to and Incl. Jan. 11933; at 104 and int. thereafter up to and incl. Jan.
Certain Teed Products Corp.-Semi-annual Report.1 1938: and at 103 and int, thereafter until maturity. Int. payable J. & J.
at Citizens Trust & Savings Bank, trustee, Las Angeles, or the Wells Fargo
6 Months Ended June 301922.
x1923.
Nevada National Bank, San Francisco, without deduction for normal Fed- Oper. profit after repairs, maint. & depreciation_ _ 22.802,245 21,605,192
eral income tax not exceeding 2%• Authorized, $1,000,000.
Other income
al0,511
al00,076
Company.-Supplies domestic water to 35,000 people living In the
Gross income
unincorporated territory, immediately adjacent to the northeasterly
21,615,703
22,902,321
boundary of the city of Los Angeles and known as Boyle Heights, Bel- Less-Selling, adm., gen. exp. and interest
21.872,125 21,316,570
vedere, Laguna and Belvedere Gardens. These suburbs cover an area
Federal taxes
35,700
50.600
of 3.82 square miles. This district has enjoyed an unusual growth in
Proportion of 1923 net profits repaid in accordpopulation and now includes six community centres and six large schools.
ance with contr. to stockholders of co.'s acquired
316,171
Earnings.-In 1920 net operating profit after depreciation amounted to
1st Preferred dividends
(3M7)150,150(335)126.000
$10,047; In 1921 to 213,512, and in 1922 to $30.225. It is estimated that
2d Preferred dividends
(3fa %)93.625 (331)93,625
the 1923 earnings should amount to $44,000, which is supported by an
actual return of over $19.000 for the first six months of 1923. Figures over
Balance,surplus
243,809
$419,651
a period of years show that on an average 40% of the business Is done in
the first half of the year. Net earnings in 1922 were over 131 times the
a Other Income is after adding In 1923 $52,616 and in 1922 27.350 for
highest interest requirement of $19,500 and the estimated earnings for sundry surplus adjustments credit.
1923 will be 2.25 times this interest charge.
x In April last company acquired the plants and properties of Cook's
Guaranty.-Interest and sinking fund payments on Series "A" bonds Linoleum Co., Trenton, N. J., and the Acme Cement Plaster Co., SO.
and all covenants in the deed of trust, until one-third of Series "A" bonds Louis. (See V. 116, p. 1653).-V. 116, p. 2011.
AUG. 18 1923.]
THE CHRONICLE
785
than 4,000 men and women employed in the public utility companies
operated or owned by the Columbia Gas & Electric Co. in Ohio, West Virginia and Kentucky are eligible as purchasers. , Employees will be advised
to invest more than 15% of their monthly salary in monthly installChampion Engineering Co. Kenton, 0.-Receivership. not
ments for the stock of the company bought on this plan. The plan involves
See under R. L. Dollings Co. in our issue of July 28.
the creation of no new stock, as the shares which will be distributed among
have been or will be acquired by the company from the
Chattanooga (Tenn.) Gas Co.-Appeals Gas Decision.- the employees
already outstanding. A group of trustees consisting of officers
The company has applied to the Federal Court at Nashville, Tenn., for amount
been chosen to hold this stock for sale to employees on
has
employees
and
an injunction against the order of the Tennessee RR.and P. U.Commission
Neither the company nor the trustees will receive
which reduces gas rates in Chattanooga 25%. The company holds that the the installment plan.
the operation of the stock. The trustees will continue to
rates, as proposed by the Commission, are confiscatory.-V.117,p.329,673. any profit from until
employees have paid in full.
hold the shares
The company recently changed its capitalization by issuing three shares
Chino Copper Co.-47th Quarterly Report.of no par value stock in exchange for each share of the original $100 par
The report, covering the second quarter of 1923. shows:
the same time placed the stock upon the dividend
Mill Operation.-Four regular sections of the mill at Hurley,out of seven value capital stock, and at
a share. At the offered price of $32 50 per share this Is at
to be reconstructed, together with a proportionate number of ball mills rate of $2 60
8%.-V.
rate
of
the
117.
P.
443.
In the fine grinding section, were in operation during the quarter. Conditions of operation and progress in making betterments did not improve
Solvents
Corporation.-Earnings Six Mos.
Commercial
quarter
as
rapidly as expected due to the skilled labor situation
during the
remaining unsatisfactory. But, regardless of this, substantial advances Ending June 30 1923.
in these directions were made and are continuing in a way which promises Gross profit after production costs, laboratory expenses, factory
much improvement In results in the nearby future.
885,945
operating, redistillation charges, returns, &c
Ore Treated.-The total amount of ore treated for the quarter was 712.260
$24,005; admin., general, selling & shipping expenses.
dry tons, an average of 7,827 tons per day, the average grade being 1.419' Depreciation,
87,516
$63,511
copper. The comparative figures for the preceding quarter were 7,825
tons per day, and an average of 1.51% copper. The average gross re51.571
Operating
loss
covery of copper contained in the concentrates was 17.82 lbs. per ton Miscellaneous earnings
24.141
of core treated, as compared to 19.72 lbs. per ton for the previous quarter.
In addition to the copper produced from mill operations, there were ship$22,570
Net
profit
ments of crude ore and precipitates from the mine.
59.606
care of idle property, &c
Production.-The net production of refined copper from all sources, Interest, discount,
after allowing for smelter deductions was 12,416,022 lbs., compared to
537.036
deficit
Balance,
13,356,764 lbs. for the preceding quarter, as follows:
The loss of $37,036 was applied against the earned surplus of $148,560
January. February. March.
Total. Mthly.
shown on the company's statement of Dec. 31 1922. For the six months
First quarter 1923__4,440.237 3,768,330 5,148.197 13,356,764 4.452,255 ended Dec. 31 1922 the operating loss amounted to $18.117 and the sum
April.
May.
June.
Total. Mthly Av. of $34,882 was applied against earned surplus. The company's principal
Second quarter 1923..3,880,694 4,539.540 3,995,788 12,416,022 4.138.674 loss due to process troubles was sustained during the closing months of
The cost per pound of net copper produced from all sources was 13.95 1922, operations up to that point having been on a highly profitable scale.
oents, as compared with 12.50 cents for the quarter ended March 31 1923. Since Jan. 1923 steady progress has been made towards the recovery of the
These costs include all operating charges and general Charges of every kind company's former manufacturing position.
except depreciation and reserves for Federal taxes, and also include credit
The Majestic plant of the U. S. Food Products Corp. at Peoria, III, was
for gold and silver values and miscellaneous revenues. The increase in recently purchased and extensive alterations are now in progress. It is
cost was due in large measure to the lower grade of ore treated, but more expected to begin manufacturing there before the close of the current year.
particularly to operating interferences occasioned through the installation Unfilled orders indicate that both the Peoria and Terre Haute plants will
of improved apparatus and changes in milling methods.
run to capacity until the end of 1924.-V. 117, p. 211.
Financial Results of Operations Exclusive of Depreciation or Fed. Tax Charges.
Couch Cotton Mill Co., Inc.-Sale.
2d Quarter 1st Quarter
Total, 6
The Beaver Duck plant of the company at Greenville, No. Caro., was
1923.
1923.
Mos. 1923. sold
auction
Aug.
10
to
C.
J.
Haynesworth
for $160,000. The
at
public
Operating gain
$201,698
$388,752
$590.450 sale was held by order of the U. S. District Court for the Northern District
Misc.income,incl. precious metals_
53.379
16,859
70,238 of Georgia and was conducted by attorneys for the receiver. The property
is said to be valued at $400,000.
Operating gain
$255,077
$405,612
$660.688
The above figures are based on an average of 16.006 cents per pound
Crane Ice Cream Co., Philadelphia.
for copper, as compared with 15.44 cents for the quarter ended March 31
See under R.L. Dollings Co.in our issue of Aug. 11.-V. 109, p. 1528.
1923.
At the mines there was removed by the 12 steam shovel crews a total
Crowell & Thurlow Steamship Co.-Receiver.of 981.930 Cu. yds. of ore and capping, as compared to a total of
Judge Lowell of the U. S. Court at Boston has appointed Richard H.
ig. yds. for the first quarter of 1923. Of the total material 824,453
Boston, receiver for the following three boats of the company's
removed.
Bennett,
474,527 Cu. yds. was capping, the remainder being equal to 868,448 tons fleet: the Lewis
K.Thurlosv, Edward Pierce and Walter D. Noyes. A libel
of ore, of an average grade of 1.33% copper. The difference between the
in the Federal Court at Boston this week by the Exchange
filed
suit
was
tons of ore mined and tons of ore milled is accounted for by low-grade
Trust Co., as trustee of the $1,500.000 8% bonds. Although the bond
oxidized ore sent to the ore piles.
issue is secured by a mortgage on the entire fleet of nine ships, aggregating
[Signed D. C. Jackling, Pres., and John M. Sully, Gen. Mgr.]---V. about
70,000 tons deadweight capacity, the libel Is directed against only six.
.116, p. 2519.
totaling 45.700 tons, as follows: Lewis K. Thurlow, 5.100 tons: Edward
7,200: Walter D. Noyes, 7,200; Stephen R. Jones, 7,200; Wm. A.
Pierce,
Cities Service Co.-Dividends-Attractive Booklet.A. L. Kent, 9,500.
The directors have declared the regular monthly cash dividends of 34 of McKenney, 9,500;
alleges default on two counts. Under the terms of the
trustei3
The
the
Preferred and Preference "B" stocks, and 4 of 1% in cash scrip
1% on
were to be paid off in serial installments, viz.: $150,000
bonds
mortgage
the
and 1 h% in stock scrip on the Common stock, all payable Oct. 1 to holders
each year for 10 years beginning March 11923. Of the $150,000 due last
of record Sept. 15. Like amounts are also payable Sept. 1.
was paid. It is for failure to pay this installment in
$75,000
only
March
"Serving a Nation" is the title of an attractive booket just issued by
full, as well as for alleged failure to comply with mortgage requirements
Henry L. Doherty & Co.,60 Wall St., New York. describing the diversified
Involving insurance of the vessels,that the action is brought. The company
interests and activities of Cities Service Co.and its subsidiaries and
showing
Interest due on the bonds March 1, and the next
the advantage of a unified management of operations which extends from paid the semi-manila
the Atlantic to the Pacific coasts and from Southern Canada into Mexico. coupon is due Sept. 1.-V. 116, ro. 2888.
The booklet traces the amazing advance of Cities Service Co.
Cudahy Packing Co.-Earnings.front rank of American industry, over a period of less than 13 to the
years.
For the first 6 months ended May 31 1923 operations were conducted at
during which time gross earnings have increased from a very modest
a
loss
but for the past 3 months the company has operated at a profit and
beginning to $100,000,000 a year.
as good a showing for the year to end
It shows that the subsidiary properties of Cities Service Co. sell yearly from present indications will makeprevious
year when net earnings were
Oct.
31
next as was made in the
38,500.000,000 Cu. ft. of natural gas and 6.000,000,000 cu. ft. of manu51,231,499 after interest and taxes. Inventories are understood to be
factured gas, serving a population of 2,750,000; more than 850,000,000
k. w. hours of electrical energy-the latter being distributed to a popula- heavier than was the case at this time a year ago, but it is expected that
any excess stock of goods now on hand will shortly be absorb -(Chicago
tion in excess of 1,450,000 in 225 cities and towns in the United
States; "Economist").-V. 116, p. 726.
more than 90.000.000 passengers are carried annually by the company's
street railways; 30,000 barrels of crude petroleum are produced each day;
Danbury & Bethel (Conn.) Gas & Electric Light Co.
900 miles of oil pipe lines and 5,500 miles of gas pipeline,and eight petroleum
refineries are operated and over 800 service tank and barrel stations
are Bonds Offered.-A. B. Leach & Co., Inc. are offering at
maintained, through which more than 1.700 cities, towns and villages
In this country are supplied with petroleum and its products. These 100 and int., $600,000 25-Year 6% Mtge. Gold bonds,
products are also distributed through branches in Canada. Mexico and Series "A."
Europe and through marketing agencies in Australia, South America
Date Aug. 1 1923. Due Aug. 1 1948. Interest payable F. & A. in
and the Far East.
for normal Federal income tax not in excess
More than 100,000 individuals, corporations and organizations own the New York without deduction
of 2%. Denom. 51.000 and $500c5. Redeemable, all or part, on 30
securities of Cities Service Co.
at 110. thereafter until Aug. 1 1933 at 107:
Aug.
1
1930
until
days'
'settee,
A pictorial map of the extensive and diversified interests of Cities Service
thereafter decreasing M of 1% each year or part thereof, plus interest
Co. is reproduced in the booklet, the different subsidiary companies
being
income tax on the interest, not exceeding
drawn in perspective in their geographical locations on a tilted map of In each case. Massachusetts
6% per annum and Pennsylvania four-mill tax refunded. Metropolitan
the United States.-V. 117. p. 673. 329.
Trust Co., New York. trustee.
President of the Company.
Citizens Necessities Co., Toledo, Ohio.-Bonds Offered. Data from Letter of Hen
@FedFRASER