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financial
r
e
Pliniurtial$*
Bank Sr Quotation Section
Railway Earnings Section
VOL. 119.
rontrie
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, AUGUST 23 1924
Electric Railway Sectiow
State and City Secticas
NO. 3087.
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massed behind an aggressive personality, a heteroGeneral Charles G. Dawes's speech this week, ac- geneous collection of those opposing the existing orcepting the Republican nomination for Vice-Presi- der of things, the greatest section of which, the Sodent, was characteristic of the man and does him cialists, flies the red flag; and into what? Into conand into the
credit. It was frank, straightforward and unequivo- fusion and conflict of ideas and ideals
reopening of war upon those fundamental principles
cal like that of the head of the ticket. No one need
of human liberty and the inalienable rights of men
feel in doubt of the position of either man on the which are giving in this country safety and opporgreat questions of the day. What appeals particu- tunity to the humblest, and to establish which the
larly to the business community is the strong stand blood of our forefathers was shed. This is the prethat General Dawes, like President Coolidge, takes dominant issue in this campaign.
in defense of American institutions and for mainCould there be any better summing up than this
taining unimpaired the principles embodied in the of the insidious methods by which it is sought to
United States Constitution. He well says that the undermine the Constitution and destroy the very
Administration has reduced the cost of Govern- basis of liberty and justice? General Dawes has
mental operation and gives point to his remarks demonstrated again, as on so many occasions in the
by adding: "And it was not an accident. It did past, that he is the right man in the right place, and
this by firmly assuming executive control of the that he can be depended upon to bring ordinary combusiness organization of Government and by hard mon sense to bear in dealing with problems that need
work—not by oratory."
only that for their solution. His ideas and views are
His conception of the issues of the day is ex- in sharp contrast with those of his competitor for
pressed in these words:
the Vice-Presidency on the Democratic ticket, GovWe are face to face with an abnormal condition in ernor Bryan, who delivered his speech of acceptance
this country, existing because of lack of respect for the day before. General Dawes believes in indilaw, caused in part by widespread demagogy in legis- vidual initiative and self-help. Mr. Bryan, on the
lative bodies, in part by the weakness of many of other hand, looks upon Government as the panacea
those commissioned to execute the law and in part
all the ills of mankind. The two men in this
by the existence and activities of aggressive minor- for
respect are as wide apart as the poles. It is our view
ity organizations behind selfish purposes.
that the people of this country are not yet prepared
Proceeding further in his diagnosis of the situato accept paternalism as their guiding star.
tion, he strikes straight at the core of the problem
1:) saying:
The cable dispatches from American newspaper
As the enemies of the existing order of things correspondents in the leading European capitals
group themselves for battle, the average good citizen have dealt almost exclusively with the agreement
knows that the elemental principles for which his for putting the Dawes plan into effect. It was
forebears fought are at stake.
in London a week ago this evening, Aug. 16.
He demands a strong leadership, standing on the signed
and moving forward with law and or- It has been adopted by the Reichsrat of Germany
Constitution
Xht Thranicit
848
THE CHRONICLE
and by the Belgian Cabinet. On a test vote on Thursday Premier Herriot won approval in both the
French Chamber and Senate for what he and his
associates did at the London Conference. His Cabinet already had accepted it unanimously.
[VoL. 119.
day night that "the German, French and Belgian
delegates and Premier MacDonald had been through
such a strain in the last 48 hours in effecting a settlement of the French and German differences about
the Ruhr evacuation which were blocking the entire
Conference, that they rushed from the Foreign Office
The London Conference has come to an end and in great relief immediately after signature of the
an agreement to put the Dawes plan into effect has protocol to-night." In describing further the movebeen signed by duly accredited representatives at ments of the chief figures at the Conference, he said:
London of both the Allied Powers and Germany. As "Mr. MacDonald started at
once for Scotland; many
last week drew to a close it was apparent that this of the French and Belgian officials took
the night
would happen, notwithstanding reports of "hitches" boats homeward and the Germans
are leaving for
in cable dispatches from London, Paris and Berlin. Berlin early to-morrow morning
to take up their
The protocols of the agreement were signed a week battle with the Reichstag for
ratification of the
ago this evening. In his account of the session of protocol." He also stated that
"the French and Gerthe Conference at which it took place the London man delegates had many long conversa
tions during
correspondent of the New York "Times" said: the Conference concerning their
future tariff ar"Shortly before 9 o'clock to-night, after a session of rangement and at times this commerci
al feature
the Plenary Council of the London Conference—its threatened to be a serious
handicap to the Ruhr setofficial title—lasting nearly three hours, the final tlement. But they finally agreed
to meet Oct. 1 in
protocol registering the agreement of all the Powers Paris to begin negotiations for a commerci
al treaty
concerned on application of the experts' report on and the German delegation insists that it made no
German reparations was signed and in some cases trade or tariff arrangements to gain the Ruhr evacinitialed by the chief delegates. And within a maxi- uation decision and that it will begin negotiations in
mum period of one year from to-day France and Bel- Paris untrammeled by any pledge to admit Alsatian
gium pledge themselves to complete the military iron ore or other French products
free."
evacuation of the Ruhr." In the exchange of feliciThere could have been no surprise in Government
tations over the outcome of the Conference a better circles in London, Paris or Berlin over the terms of
spirit was in evidence than at any previous inter- the agreement as finally signed. Apparent
ly no
national gathering since the World War, with the important step was taken by either the French or
possible exception of the Disarmament Conference German delegates without first getting the approval
in Washington a few years ago. For instance, Prime of their respective Governments.
Of course, as
Minister MacDonald said,"we are offering the first Prime Minister MacDonald was Chairma
n of the
really negotiated agreement since the war." Pre- Conference, his associates in the
British Cabinet
mier Herriot of France declared that "we now see were fully advised as its
sessions progressed. It
the dawn and we hope to work till daylight is was not to be expected that either
the Germans or
reached." Chancellor Marx of Germany was quoted the French would receive the outcome
of the Conferas saying that "we hope that in the future the spirit ence with enthusiasm. The Paris correspondent
of
of peace and reconciliation which has inspired this the Associated Press cabled Saturday night
that
Conference will remain unimpaired." The New York "M. Herriot's bargain with the Germans for the
"Times" representative added that "the American evacuation of the Ruhr and the agreement on the
Ambassador and the Belgian and Italian chief dele- Dawes plan have been received in political and Pargates also spoke at the concluding proceedings. All liamentary circles without enthusiasm and with
a
the speakers paid tribute to the work done by the rather uneasy relief, but ratification seems
probable.
Chairman of the Conference, Ramsay MacDonald, All are glad that the agony finally is over, but few
who had previously thanked all his 'friends and col- are exultant at the terms, the Premier's friends
and
leagues' for their good-will and unremitting labor. foes alike bracing themselves for a warm debate
in
Referring specially to MM.Herriot and Theunis, Mr. the Chamber and Senate over ratification at the
end
MacDonald said he hoped they would believe that if of next week. And neither side appears to
relish the
he had at times 'seemed rather unbending it was for prospect." The Berlin representative of
the same
the interests of Europe and the interests of all our news organization sent word that evening
also that
people as I saw them." By way of caution amid all "despite widespread disappointment over
the Govthe enthusiasm at this closing session of the Confer- ernment's failure to obtain a more
conciliatory conence the British Prime Minister suggested that "we cession on the question of the Ruhr
evacuation, there
have a long way to go before we reach the goal of is a very definite impression current in
political cirpeace and security, but we are on the right road." cles that the Marx-Stresemann Cabinet
will comThe "Times" representative observed that "much mand a sufficient majority in the Reichsta
g both for
still remained to be done in the way of peacemaking the approval of legislation having
to do with the
and restoration. There was the question of inter- Dawes report and on the general
question of confiAllied debts, which would be taken up in accordance dence with respect to the Governme
nt's procedure
with the declaration made in theAnglo-French mem- in London." It became known here
through a Lonorandum of July last. There was the question of the don dispatch Monday morning to the
New York
League of Nations and the working out of the prob- "Times" that "full credit for the
success of the Lonlem of doing justice by arbitration. Economic prob- don Conference is given -to the
United States in the
lems were bound to arise."
comments of the newspapers this morning." The
Associated Press representative in Rome cabled that
Naturally the delegates from the various Powers "
news of the accord of the London Conference was
were greatly relieved that the Conference had come received here with a feeling of great relief. Politicto a close—and so successfully. The London corre- ally speaking, this was the first time
Italy felt like
spondent of the Associated Press cabled last Satan taking a long, deep breath since the Conference be-
AUG. 23 1924.]
THE CHRONICLE
gan to experience one delicate crisis after another.
Although the news came too late to allow much comment, nevertheless two of the Sunday papers found
opportunity to devote nearly a column each to comment." He added that while naturally there was adverse comment by newspapers representing political
opponents of Premier Mussolini, "the press generally is frankly grateful for whatever progress has
been made, believing that it at least marks the birth
of a new attitude in handling post-war problems and
points the way to the ultimate sloughing off of hates
born of the war."
Premier Herriot and his associates at the London
Conference were given a friendly reception upon
their return to Paris. The New York "Times" representative at that centre cabled that "Premier Herriot, returning from the London Conference, got a
large and enthusiastic reception this evening. The
Opposition papers charge that it was organized and
that it was to permit of its organization that M.
Herriot remained over 24 hours in London. The
Government press calls it a spontaneous ovation."
He added that "M. Herriot arrived at the Gare St.
Lazare, the largest Paris suburban station, at 6.10
o'clock, an hour when many thousands of commuters
were on their way home. The Premier was radiant
with happiness and proclaiming the great success of
the London meeting." The "Times" representative
further stated that "to the journalists he said that
the material successes of the Conference were much
less than the moral gains France had made. He had
nothing but praise for Prime Minister MacDonald.
He predicted that in the new conference to be held in
Paris and at the League of Nations meeting in Geneva France would obtain great satisfaction."
The opinion was expressed in the cable dispatches
from Paris on Monday and early Tuesday that the
French Cabinet would ratify Premier Herriot's acts
at the London Conference. For instance, Monday
afternoon the representative in the French capital
of the New York "Evening Post" said in a wireless
dispatch that "even the leading Nationalists now
concede that the French Parliament will sustain the
final draft of the London pact." That evening the
New York "Times" correspondent said that "there
is little room for doubt that the London agreement
will be approved by the French Parliament in the
debates which will begin Thursday. Despite a for.
midable list of interpellations it is believed that M.
Herriot will get about a 70% vote in the Chamber
and a slightly less favorable vote in the Upper
House." Tuesday afternoon word was received here
through an Associated Press dispatch from Paris
that "the French Cabinet approved unanimously today the work of the French delegation at the international Conference in London and thanked it for the
important results it had attained in the interests of
France." It was added that "the Cabinet met this
morning, and after listening attentively to a report
by Premier Herriot on the Conference, gave its unqualified approval to the accord made with the Germans." The dispatch further stated that "it was
decided the Premier should read his report before
the Senate and Chamber on Thursday, giving a complete declaration on the work of the London Conference to both bodies."
This program was carried out. According to an Associated Press dispatch from Paris Thursday evening,
'Premier Herriot put the Dawes reparations plan
849
and the London agreement for making it effective
before the Chamber of Deputies this afternoon and
told the members: 'I, for my part, have chosen, but
nothing final has been done and Parliament, in its
turn, can choose.'" The correspondent added that
"evacuation of the Ruhr, the Premier said, had dominated everything at the International Conference
in London and he had had `to choose between the reestablishment of an inter-Allied entente and the
continuance of isolated action." Cotinuing, he
said that "M. Herriot emphasized that arbitration
was the great principle established at the London
Conference and asserted that France would gain by
it, for 'it would need a great deal of optimism to
believe that France, in the future, could again get
the majority of votes which enabled her to enter the
Ruhr.'" He reported also that "Herriot was enthusiastically acclaimed by his supporters and booed by
the Communists and Deputies of the Extreme Right
for five minutes when he faced the Chamber shortly
after 5 o'clock and began reading his declaration."
Special attention was called to the fact that, "as a
counterpart to the French concessions the Premier
pointed out that there would be a first conference in
Geneva next month on security and a second conference in October on inter-Allied debts, and he promised a third conference on Oct. 1 with the Germans
for drafting a beneficial commercial treaty." The
preliminary outcome in both branches of Parliament
was outlined in part as follows: "A test vote in the
Chamber on a motion by the Opposition to suspend
the debate and refer the London accord to the Foreign Affairs Committee gave 320 against the motion
and 209 in favor of it. The 320 votes represented the
full strength of the Government, but not that of the
Cpposition, whose leaders estimated after the session
that they could muster a following of 270, which
means that M. Herriot will in all likelihood get a
majority of 50—somewhat less than was expected.
There was a similar test vote in the Senate, which
gave the result of 177 in favor of the Government to
169 against it. But this was before M.Poincare had
intervened in favor of debating M.Herriot's message.
Moreover, these figures cannot be said to represent
the Senate line-up, as only half the Senators present
voted. It is considered likely that the Upper House
will approve the London accord by a majority of
from 15 to 25."
The German delegates to the Conference were well
received upon their return to Berlin, but naturally
there was no demonstration as in the case of the
French representatives. The Berlin representaive
of he New York "Times" cabled Monday evening
that, "immediately after their return from London
at 8 o'clock this morning the heads of the German
delegation, Chancellor Marx, Foreign Minister
Stresemann and Finance Minister Luther, reported
to President Ebert the result of the Conference."
Continuing the "Times" representative said: "The
Chancellor spoke first, expressing the conviction
that the delegation had done everything in its power
to obtain for Germany all the advantages possible.
He hoped the President would agree that the result
was satisfactory, even if the arrangement in some
vital questions, such as Ruhr evacuation, left much
to be desired. He was certain, however, that the
good-will of Premier Herriot could be trusted to
make continuation of the occupation much easier to
bear. Dr. Stresemann said that the result of the
850
THE CHRONICLE
Conference must be regarded as gratifying, even
though all German wishes were not granted. One
great achievement was that this time the Germans
were not expected to sign at dictation, but were accepted on an equal footing with the other members
of the Conference. Dr. Stresemann pointed out, furthermore, that though the Paris papers may claim
that France preserved for herself the right of sanctions, Germany had obtained the security that a court
ot arbitration must first approve of such sanctions."
The opinion was expressed in cable dispatches
from American newspaper correspondents in the
German capital that the Reichstag would approve
the acts of the delegates to the London Conference,
although it was admitted that there would be considerable political opposition when the matter was first
taken up by that body. The Associated Press representative said that "a dissolution of the Reichstag
because of the Government's failure to command a
sufficient majority to pass the proposed laws in connection with the Dawes plan and to ratify the pact
of London is not viewed as imminent in official quarters here, notwithstanding the heavy bombardment
of adverse editorial criticism aimed at Chancellor
Marx and Foreign Minister Stresemann and the Cabinet generally by the Conservative press." He
added that,"although the stricutures of the editorial
writers are based on the failure of Marx and Stresemann to obtain an immediate release of the Ruhr
from occupation, the Nationalist organs admit final
judgment on the net results achieved in London must
be deferred until all the documents are available."•
[VOL. 119.
G overnments of the Federated States, to-night
[Thursday] adopted all the legislative bills dealing
with the Dawes plan." Announcement also was
made that "the bill relating to the banks of emission
was then adopted, together with the other bills.
That relating to the railways, involving a change in
the German Imperial Constitution, was adopted by
the requisite two-thirds majority." It was added
that "the representatives of Bavaria, Wuertemburg
and Thuringia abstained from voting."
All the Washington dispatches indicated that
there was general satisfaction in Government circles there over the outcome of the London Conference. The New York "Times" representative said
Monday evening that "Administration officials
showed to-day that they were happy oyer the agreement reached by the Allied Powers and Germany in
the London Conference on the Dawes reparations
plan. The adoption of the plan was construed by
them as a justification of the position assumed by
this Government that in order to effect a settlement
of the troublesome reparations problem it would be
necessary to proceed from a non-political foundation." He quoted Secretary of State Hughes as saying that "it is not necessary to add anything to what
the President has said regarding the arrangement
reached at London. Of course,I am very much gratified at the success of the London Conference and
their ability to reach an agreement. This result
could not have been reached except by the splendid
co-operation of the representatives of the Allied Governments and Germany and their earnest desire to
reach a satisfactory basis for agreement. I think
that at last a sound foundation has been laid for
economic recovery in Europe and that it will be to
the advantage of all the Powers concerned. The important thing was to make a start, and that has been
done at last."
On Tuesday, Aug. 19 "the Premiers of all the German States met at the Chancellor's Palace in Berlin
to hear the story of the London Conference. Drs.
Marx, Stresemann and Luther spoke for several
hours, communicating the details of private conver.sations with Mr. MacDonald and M. Herriot that
have not yet been made public." The New York
"Times" correspondent in Berlin said that, "after
Announcement was made in Brussels on Aug. 19
discussing at length the results of the Conference, that "Premier Theunis made a detailed report to
all the Premiers admitted that the German delega- King Albert on the proceedings and results of the
tion had made most of its opportunities in the cir- International Conference in London, whereupon the
cumstances. The Bavarian Premier, Dr. Heild, de- Monarch abandoned his intention to preside at the
•plored the fact that no shorter term of evacuation next Cabinet meeting, at which M.Theunis will make
could be obtained, but expressed the opinion that the his official report on the accord concluded during
Reichstag must pass immediately the necessary laws the London negotiations. Relieved of the necessity
for enactment of the Dawes report. Through an- of awaiting the Cabinet meeting, the King left durother Berlin cable dispatch it became known that ing the evening with Crown Prince Leopold for
the same day "the Cabinet approved drafts of laws Switzerland and Italy to make his customary sum•providing for the establishment of a bank of emis- mer excursion in the Alps. They will return at the
sion and for a levy of industrial debentures amount- end of the month." The next day "the Cabinet
ing to 5,000,000,000 gold marks. Both measures will unanimously approved the attitude of the Belgian
now be referred to the Federal Council and then will delegates." The Belgian Ambassador to Great Britbe put up to the Reichstag." It was added that ain will sign the agreement on Aug. 30.
In a London cablegram to the New York "Times"
"drafts of the railway law, which will complete the
trio of legislative measures provided by the Dawes Aug. 20 it was stated that "Chancellor of Exchequer
report, will reach the Cabinet in the course of a few Philip Snowden has been expressing opinions in indays." It was explained also that "the law provid- terviews with newspaper men which have given rise
ing for the issue of industrial bonds releases the Ger- to reports that there has been friction in the British
man industrial, financial and commercial organiza- Cabinet over the conclusions reached by the London
tions.from all obligations to the Rentenbank, for Conference." It was added that "in one interview
whose benefit their various holdings are now par- Mr. Snowden sharply criticized the London agreetially hypothecated. The covering for the Renten- ment and expressed 'profound dissatisfaction! with
bank, which will be liquidated according to the the decision of the French and Belgian Governments
terms of the Dawes report, will be assumed by the to continue Ruhr occupation—a decision which
agricultural interests for the transition period." Prime Minister MacDonald had advised the Germans
Word was received from Berlin yesterday morning to accept." The Chicago "Tribune" representative
.that "the Reichsrat, consisting of members of the in the British capital cabled the same evening
that
AUG. 23 1924.)
"the attack of Philip Snowden, British Chancellor
of the Exchequer, on some of the important conclusions of the London Conference has aroused bitter
and caustic comment here, both in official circles
and in the Opposition groups."
The French Government apparently lost no time
in beginning evacuation of occupied German territory, in accordance with the agreement adopted at
the London Conference last Saturday. The Paris
correspondent of the New York "Times" cabled Sunday evening that, "in quick fulfillment of the spirit
and letter of his promises,Premier Herriot to-day, in
accord with General Nollet, Minister of War, and
with the Belgian Government, ordered the evacuation of the towns of Offenburg and Appenweier in
the Province of Baden, to be carried out to-morrow."
He explained that "these towns were occupied by
French troops Feb. 4 1923 in reprisal for the suppression by the German authorities of the international trains between Paris, Warsaw and Prague
during the period of passive resistance to the Ruhr
occupation. Circulation of these trains has been
recently re-established." Through an Associated
Press dispatch from Strasbourg, Alsace, France,
Monday afternoon it was learned that "French
troops began their evacuation of Offenburg and Appenweier this morning and it was expected they
would 'be entirely out of the two German towns some
time that night." In a later and more complete Associatd Press dispatch from the same centre it was
stated that "official announcement of the intended
evacuation of the two Baden towns made yesterday,
said that the determination of the French and Belgian authorities to take their troops out of the towns
was due to the recent resumption of international
train Services between Paris and Warsaw and Paris
and Prague, the suppression of which on the German
section of the line caused the occupation as a penalty
in February 1923." In a cablegram from Offenburg,
Baden, it was stated that "the evacuation proceeded
in an orderly fashion, the French avoiding every display of ostentation which might prove offensive to
the German citizens, who also refrained from demonstrations which might have nettled the departing
forces." The further statement was made that "a
large contingent of French civilians and their families followed in the wake of the departing cavalry
and infantry, and their exodus made available for
occupation by the townsfolk no fewer than 60 dwellings from which the Germans had been evicted when
the French occupied the area in February 1923."
Cable advices from London indicate that the Imperial Bank of India has again and rather unexpectetly advanced its rate from 4% to 5%. The 4%
level had been in effect since July 30 only. Aside
from this change official discount rates at leading
centres remain at 10% in Berlin; 7% in Norway and
in Paris; 5 % in Belgium and
2
1
/
Denmark;
Sweden;5% in Holland and Madrid, and 4% in London and Switzerland. In London open market dis/
count rates have not been changed from 334% for
short bills, while three months' bills are quoted at
/
3%@313-16%, as against 3 13-16@378% last week.
14
was strong, finishing at 3/%,as comMoney on call
% the preceding week. In Paris the
2
1
/
pared with 2
open market discount rate remains at 5% and at
/
Switzerland 378%, the same as a week ago.
851
THE CHRONICLE
Another, though trifling, increase in gold (£636)
was shown by the Bank of England in its statement
for the week ending Aug. 20, while reserve gained
£916,000 as a result of contraction in note circulation amounting to £915,000. In addition to this, the
proportion of reserve to liabilities advanced from
18.03% last week to 18.27%. In the corresponding
week last year the ratio stood at 19% and a year
earlier at 18%. All of the deposit items expanded,
prblic deposits £2,229,000 and other deposits £1,178,000. The bank's temporary loans to the Government
decreased £389,000, but there was a heavy increase
in loans on other securities, viz. £2,907,000. Gold
holdings aggregate £128,315,748, as compared with
£127,643,276 in 1923 and £127,417,304 a year earlier.
Reserve totals £22,946,000, against £23,116,456 a
year ago and £22,413,644 a year earlier. Note circulation is now £125,118,000, which compares with
£124,276,820 and £123,453,660 one and two years ago,
respectively. Loans stand at £78,916,000. This compares with £70,052,667 last year and £75,763,103 in
1922. Rumors of an advance in the minimum discount rate are commencing to subside and the 4%
rate remains in effect, unchanged. Clearings through •
the London banks for the week were £710,343,000,
against £685,376,000 last week and £586,866,000 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 STA1 EMENT.
1920.
1921.
1922.
1923.
1924.
Actg. 25.,
Aug. 24.
Aug. 22.
Aug. 23.
Aug. 20.
125,118,000
Circulation
15,634,000
Public deposits
109,974,000
Other deposits
.
Governm t secnrities 42,468,000
78,916,000
Other securities
Reserve notes & coin 22,946,000
128,315,748
Coin and bui1ion
Proportion of reserve
18.27%
to liabilities
4%
Bank rate
124,276,820
15,325,258
106,197,257
46,455,601
70,052,667
23,116,456
127,643,276
19%
4%
123,453,660 125,964,555 124,893,560.
18,457,895 17,706,354 15,363,947
105,496,490 116,186,287 100,591,209
43,853,202 52,415,435 41,555,460'
75,763,103 78,658,583 75,883,141
22,413,644 20,888,148 16,585,307
127,417,304 128,402,703 123.028,857
15.60%
53.4%
18.08%
3%
14.30%
7%
The Bank of France shows a further reduction of
149,042,000 francs in note circulation this week.
This follows a contraction of 171,732,000 francs in
that item last week and brings the total outstanding
down to 40,250,926,000 francs, contrasting with
37,111,155,640 francs at the corresponding date last
year and with 36,050,884,200 francs in 1922. Just
prior to the outbreak of war, in 1914, the amount was
only 6,683,184,785 francs. The gold item shows a
further slight increase of 18,400 francs for the week.
The Bank's gold holdings, therefore, now aggregate
5,543,762,675 francs, comparing with 5,537,942,573
francs last year at this time and with 5,531,080,065
francs the year previous; of the foregoing amounts
1,864,320,900 francs were held abroad in 1924,
1,864,344,927 francs in 1923 and 1,948,367,056
francs in 1922. During the week silver increased
146,000 francs, while Treasury deposits rose 898,000
francs. Bills discounted, on the other hand, fell off
117,086,000 francs, advances decreased 5,381,000
francs and general deposits were reduced 120,321,000,
francs. Comparisons of the various items in • this
week's return with the statement of last week and
corresponding dates in both 1923 and 1922 areas follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Aug. 21 1924, Aug. 23 1923. Aug. 24 1922.
Francs,
Francs,
Francs.
Francs.
Gold Holdings—
Inc.
18,400 3,679,441,775 3,673,597,645 3,582,713,009
In France
No change
1,864,320,900 1,864,344,927 1,948,367,056
Abroad
Inc.
18,400
Total
Inc.
146,000
Silver
Dee. 117,086,000
B11lsdiscounted
Dec. 5,381,000
Advances
Note c1rcu1ation_ _Dec. 149,042,000
898,000
Treasury deposits_Inc.
General deposit8—Dec.120,321,000
,
-
5,543,762,675 5,537,942,573 5,531,080,065
294,302,687
300,554,000
285,669,189
4,393,003,000 2,311,495,012 1.897,692,003
2,734,007,000 2,099,418,401. 2,130,138,536
40,250,926,000 37,111,155,640 36,050,884,200
12,424,550
12,987,000
27,597,402
1,916,790,000 2,104,272,247 2,111,317,170.
'1)11i
t
852
TNE CHRONICLE
[You 119.
The Imperial Bank of Germany, in its statement banks and trust companies in own vaults fell $364,issued under date of Aug. 15, reported another con- 000, and reserves kept in other depositories by these
traction in note circulation, this time amounting to same institutions fell off $193,000. Member banks
29,696,855,000,000,000,000 marks, at the same time increased their reserve credits at the Reserve bank
that deposits were increased 70,629,917,000,000,000,- $8,152,000. As a result, and despite expansion in
000 marks. Among the other more important deposits,surplus increased $6,303,490, which brought
changes were advances of 40,171,424,000,000,000,000 the total of excess reserve up to $27,969,990, in commarks in the holdings of Rentenbank notes, 35,581,- parison with $21,666,500 held a week ago. The fig698,000,000,000,000 marks in bills of exchange and ures here given for surplus are on the basis of 13%
checks, and 1,490,200,000,000,000,000 marks in Ren- reserves for member banks of the Federal Reserve
tenmark discounts and advances, while declines re- System, but not including cash in own vaults to the
corded included Rentenmark bills and checks, 9,171,- amount of $42,998,000 held by these member banks
638,000,000,000,000 marks, advances, 273,315,000,- on Saturday last.
000,000,000 marks, other assets 52,223,715,000,000,000,000 marks, and other liabilities 26,783,302,000,Time money is about one-quarter of 1% higher
000,000,000 marks. Holdings of Treasury and loan than last week, and for several weeks. The offerings
association notes decreased 20,000,000,000,000,000 were somewhat smaller. Call money was quoted at
marks. Investments expanded 170,677,000,000,000,- 2%, the same as last week. A moderate advance
000 marks. Liabilities resulting from discounted from this rate in the near future would not cause
bills payable in Berlin remain unchanged, and this any surprise. Naturally there is a more active deis also true of Rentenbank loans. The report shows mand for funds in the agricultural sections. This
that there has been another addition to gold holdings will continue until the crops are harvested and the
of 7,390,000 marks, to 498,084,000 marks, of which greater part of them is marketed and moved by rail
58,683,000 marks are deposited abroad. Outstand- and water. Brokers'loans are said to have increased
ing note circulation now totals 1,200,790,901,761,- somewhat this month in comparison with the total
000,000,000 marks. A year ago the total was 115,- at the end of July. As the stock market has been
803,000,000,000 marks and in 1922 205,000,000,000 active and as many millions of new securities have
marks.
•been offered this was perfectly natural. President
Simmons of the New York Stock Exchange has
The statement of the Federal Reserve banks, is- called attention to the well-known fact that comsued Thursday afternoon, disclosed substantial plete and accurate figures as to these loans never
losses in gold holdings, which contrast with the have been obtainable. The industrial demand for
gains of the preceding week, while rediscounting was funds cannot have increased greatly, inasmuch as
again reduced. In the combined report a decline of the steel trade and other industries have not ex$18,000,000 in gold was shown. Rediscounts of Gov- panded as rapidly as was predicted by some enthuernment secured paper declined $11,400,000, but "all siastic observers early in the summer. The opinion
other" increased $4,500,000, and open market pur- is being expressed in European cable advices that
chsaes were $7,700,000 larger. Deposits fell $8,000,- the German loan will be brought out early in Octo000. Earning assets were not essentially changed, ber. American bankers have expressed the belief
there being a gain of about $2,000,000. Federal Re- that this large undertaking will not disturb the
serve notes in actual circulation declined $14,000,000. American money market.
At New York a still larger loss in gold holdings was
shown, namely $43,800,000, as a result of operations
With regard to money rates in detail, call loans on
through the Gold Settlement Fund. Rediscounts of the Stock Exchange continue to be negotiated at a flat
paper secured by Government obligations declined rate of 2%,this having again been the maximum and
$2,500,000. "Other" bills remained almost station- the minimum, as well as renewal basis, on each of the
ary. Bill buying in the open market expanded five business days of the week; that is, Monday,
$4,p00p0. Earning assets gained $2,700,000, but Tuesday, Wednesday, Thursday and Friday. In
there was an unusually large reduction in deposits, the outside market funds have been available on call
namely $38,500,000. The amount of Federal Reserve at 132%, with the demand still light. For fixed-date
notes in circulation decreased $3,800,000 at New maturities the low levels of recent weeks prevailed
York and $14,000,000 for the System. Member bank up to Friday (yesterday), when there was a stiffening
reserve accounts were substantially reduced—$10,- on increased borrowing by interior institutions, to
000,000 for the System and $38,000,000 locally. As 2M@23 % for sixty days, against 2%;2%@3% for
4
to the ratio of reserves, that for the twelve reporting ninety days, against 2M@2%%; 3@33% for four
banks remained at 82.5%, unchanged; at New York months, against 3%, and 3%@332 for dye and
%
there was a decline of.7%,to 83.4%.
six months, against 3@31 % last week. It is be4
lieved that this advance in rates indicates the comLast Saturday's statement of New York Clearing mencement of crop moving requirements. The
House banks and trust companies indicated contin- market was dull and narrow during the greater part
ued expansion in loans and deposits, but a fairly of the time.
substantial addition to surplus. In loans there was
Commercial paper was easy and the range is now
in increase of $15,619,000. Net demand deposits given as
.
3@33t% for four to six months' names of
rose $7,418,000, to $4,473,992,000, which is exclusive choice character, against 3@332%, and 31 ,@3M%
4
of Government deposits to the amount of $14,894,000. for names not so well known, against
_33@3 % a
Time deposits were increased $11,127,000, to $556,- week ago. New England mill paper and the shorter
245,000. Other lesser changes comprised a decline choice names are usually negotiated at 3%. A ready
in cash in own vaults of members of the Federal Re- inquiry was reported for the best names with country
serve Bank of $1,872,000, to $42,998,000. This, how- banks the principal buyers. The supply, however,
ever, is not counted as reserve. Reserves of State was restricted. •
AUG. 231924.]
THE CHRONICLE
Banks' and bankers' acceptances were a shade
firmer and there was a small fractional advance on
both spot and time delivery. This was due mainly
to lessened offerings. A falling-off in dealings was
noted, since neither local nor out-of-town institutions
seem inclined to take on new commitments' on an
advancing market. The turnover, therefore, was
light. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
continues to be quoted at 13/2%. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal Reserve banks 23j% bid and 23/8% asked for bills
running 30 days, 2%% bid and 23% asked for 60
/
and 90 days, 21 2 bid and 23% asked for bills
%
running 120 days, 2%% bid and 23
/% asked for 150
days and 23 % bid and 23'%asked for bills running
4
180 days. Open market quotations are as follows:,
SPOT DELIVERY.
90 Days.
234tg2
Prime eligible bills
60 Days.
30 Days
2344)2
23402
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
234 bid
234 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. 22 1924.
Pape 41fatur450—
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Months.
Within 90 Days.
IsliDERAL RESERVE
BANK.
Austad.* Austen,.
Conercia3 Sinus. by
and
Austen,. 0. 3. Bankers' Trade
and
damp- AC(.411- Livestock Livestock
ctLivest'k Govt.
Paper. Mica- tames. tames. Paper. Papa.
lions.
ISAJ.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
311
3
334
334
4
4
4
4
434
4
4
4
334
3
334
311
4
4
4
4
434
4
4
4
311
3
311
334
4
4
4
4
434
4
4
4
311
3
334
334
4
4
4
4
434
4
4
4
311
3
334
311
4
4
4
4
434
4
4
4
334
3
334
334
4
4
4
4
434
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, ato.
The sterling exchange market this week was subjected to another of those sudden, sharp changes of
front which have become so familiar during postwar years. After two weeks or more of pronounced
activity and strength, accompanied by an upward
movement of substantial proportions, weakness set
in and prices began to recede until demand bills had
crossed the 4 50 mark and declined to a low point of
4 47 15-16, although before the close there was a rally
to 4 503'. This compares with 4 57, touched about
ten days ago. While the recession came as somewhat
of a surprise, it was not wholly unexpected in certain
quarters, and traders were readily able to offer adequate reasons therefor. On the surface it seemed as
if a strong and advancing market for foreign exchange
ought to follow the successful conclusion of the London Conference and apparently complete acceptance
of the'main provisions of the Dawes Reparation Plan—
concededly the most important development from
the standpoint of progress since the signing of the
armistice. Instead, it soon became evident that these
epoch-making events had been previously discounted
and that the market was decidedly top-heavy, with
operators bent upon taking profits. Speculative interests hastened to liquidate their holdings, while at
853
the same time a moderate volume of commercial bills
made their appearance, thus completing the sum total
of influences calculated to depress quotations. It
should also be noted that local dealers were less in
evidence, so that there was a marked lack of buying
power. Most of the trading emanated from London
and cable rates from that centre were persistently
lower throughout. Notwithstanding all this, bankers adhered to their belief in higher levels for British
currency and in many quarters the prediction was
heard that the present recession was nothing more
than a readjustment of balances and likely to be of
comparatively short duration. There were some who
expressed the opinion that the setback in quotations
was due to special transactions not made public, but
this could not be verified. Although offerings were
in larger supply, no general influx appeared, as has
been customary at this season in other years. Just
how large a volume of commercial bills is being held
for better prices is a question that is exciting considerable interest at the moment. It is claimed that
shipments of cotton and grain are being for the most
part taken care of by means of the establishment in
advance of dollar creditsland the buying of sterling
futures; but to precisely what extent this new method
is being utilized remains a matter of doubt. Owing
to prevailing high prices, exports have not as yet attained normal proportions. In the late dealings selling for purposes of liquidation commenced to subside
and a renewal of speculative buying based on the encouraging outlook for a prompt acceptance of the
London agreements by both France and Germany
sent prices up and some of the earlier losses were
wiped out.
As to the day-to-day rates, sterling exchange
on Saturday of last week was quiet and slightly
easier; demand bills sold off fractionally to 4 543
4
@,4 54 15-16, cable transfers to 4 55@4 55 3-16, and
sixty days to 4 52@4 52 3-16. On Monday profit
taking on the part of speculative interests was
responsible for a decline of 2 cents, to 4 50%@
4 533 for demand, 4 51@4 53% for cable transfers
and 4 48@4 50% for sixty days. Freer offerings
of commercial bills, together with continued realizing
sales combined to depress rates on Tuesday and
there was a further lowering that carried demand
to 4 49 1-16@4 51%, cable transfers to 4 49 5-16
@4 51% and sixty days to 4 46 5-16@4 48%.
Wednesday's market was dull and reactionary and
the result was to depress values another 2 cents
in the pound; the range was 4 47 15-16@4 49 for
demand, 4 48 3-16@4 493 for cable transfers and
4 45 3-16@4 643 for sixty days. Irregularity prevailed on Thursday, although the trend was slightly
higher and demand ranged between 4 49@4 51%,
cable transfers 4 49%@4 519/i and sixty days 4 46%
@,4 48%; the selling movement gave evidence of subsiding and a slightly improved inquiry developed.
On Friday an easier undertone was noted, with a
fractional decline to 4 49 1-16@4 503/ for demand,
4 49 5-16@4 503 for cable transfers and 4 46 5-16@
4
4 47% for sixty days. Closing quotations were
4 463i for sixty days, 4 493' for demand and 4 49%
/
for cable transfers. Commercial sight bills finished
/
at 4 49, sixty days at 4 44%, ninety days at 4 443s,
453/i and
documents for payment (sixty days) at 4
seven-day grain bills at 4 483'. Cotton and grain
for payment closed at 4 49.
So far as could be learned, no gold was received
during the week, but another $100,000 has been
854
THE CHRONICLE
[vim,. 119.
engaged for shipment to India, making the second vakia finished at 2.99%, against 2.99; on Bucharest
consignment of a similar amount on this movement. at 0.46%, against 0.46; on Poland at 1934 (unchanged), and on Finland at 2.52 (unchanged).
Movements in Continental exchange closely paral- Greek exchange closed at 1.77 for checks and 1.773/
2
leled those in sterling and the three most active for cable remittances. This compares with 1.84
of the European currencies-francs, lire and guilders and 1.84% the previous week.
-suffered more or less severe declines on continued
In the former neutral exchanges reaction likewise
and persistent realizing in the face of a lessened
demand. French francs, after an opening quota- developed and selling pressure on a narrow, unretion of 5.71, steadily lost ground until 5.363/ was sponsive market resulted in material losses in values.
2
reached, a drop for the week of 35.points. Antwerp Guilders dropped from 39 11 to 38.65. Swiss francs
francs broke to 4.92, 33 points off, while Italian opened at 18 90, but turned weak and closed at 18.76.
lire receded 13 points, to 4.38. In the final dealings Losses of from 5 to 20 points took place in the Scanthe market steadied and partial recoveries took place. dinavians, while pesetas suffered a break of 24 points
This is rather unusual showing at a time when the Eu- to 13 28, all on a small volume of trading. The deropean outlook is regarded as the brightest in years. cline is expected to be a temporary affair and dealers
It, however, occasioned no great uneasiness since it look for a fresh upward movement,just as soon as the
was obviously the natural sequence of a sustained and market has recovered from its overbought condition,
too rapid rise and the immediate outcome of attempts provided that there is no new setback in arriving at
to take profits. Absence of buyers also helped to make a settlement of the Franco-German situation.
Banker's sight on Amsterdam closed at 38.75,
a thin, dull market readily susceptible to bearish
against 39.093/; cable transfers at 38.79, against
2
influences. Attention was centred largely upon
2
39 133/; commercial sight at 38.69, against 39.033/,
2
sterling; and even francs, except for a brief period
in to a and commercial sixty days at 38.33, against 38.673/
of forced selling in the opening, were dealt
comparatively limited extent, while the lesser cur- a week ago. Swiss francs finished at 18.76 for bankrencies were neglected. Added factors which con- ers' sight bills and 18.77 for cable transfers, comtributed to the weakness in francs were uneasiness paring with 18.893/i and 18.903/ the preceding week.
over France's financial position. The new Govern- Copenhagen checks closed at 16.17 and cable transment is apparently finding it difficult to keep cam- fers at 16.21, against 16.28 and 16.32. Checks on
paign pledges and at the same time embark upon Sweden finished at 26.57 and cable transfers at 26.61,
the much-needed policy of retrenchment. On the against 26.60 and 26.64, while checks on Norway
other hand, French bankers are sanguine that closed at 13.83 and cable remittances at 13.87,
general improvement in trade will follow the final against 14.04 and 14.08 last week. The close for
adjustment of the whole reparations question and Spanish pesetas was 13.33 for checks and 13.35 for
2
it is claimed that political and economic conditions cable transfers. A week ago the close was 13.533/
and 13.553/2.
in France are vastly improved.
As to the other Continental exchanges, there is FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
very little to report. Lire ruled dull and easier.
AUG. 16 1924 TO AUG. 22 1924, INCLUSIVE.
Reichsmarks lost a small fraction, but without
for Cable Transfers in New
trading activity. Austrian kronen continued sta- Country and Monetary Noon Buying Ratein United States Money. York.
Value
Unit.
tionary, while both Greek rates and those on the
Aug. 16. Aug. 18. Aug. 19. Aug. 20. Aug. 21. Aug. 22.
8
$
$
$
$
EUROPE$
minor European countries were quiet but steady, Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
.0498
.0502
.0503
.0515
.0499
.0525
franc
at practically unchanged levels. Reports from Belgium, lev
007417 .007323 .007360 .007430 .007340 .007289
Bulgaria,
.029898 .029924 .029988 .030000
Czechoslovakia,
Poland are very favorable and it is understood Denmark, kronekrone 029829 .029818 .1619 .1615 .1620 .1621
.1626
1631
England, pound sterthat the financial reforms instituted some time ago ling
4.5071
.4896
4.5324
4.5497
4.5091
4.5023
.025138 .025128 .025137 .025156 .025141 .025103
Finland, markka
have brought entirely satisfactory results. Polish France,franc
.0541
.0539
.0554
0570
.0544
.0540
a
a
a
a
a
Finance Minister Grabski has been successful in Germany, reichstnark .018438 .01;598 .018513 .018223 .018234 .017666
Greece, drachma
.3909
.3890
.3914
Holland, guilder
.3876
.3882
.3883
balancing the budget, in addition to which the Hungary, krone
.000013 .000013 .000013 .000013 .000013 .000013
.0450
Italy, lira
.0445
.0452
.0443
.0443
.0442
new Polish National Bank has been able to maintain Norway, krone
.1397
.1402
.1390
.1384
.1388
.1386
.1924
.1923
Poland, Zloty
.1926
.1922
.1922
.1923
value of the zloty at par. Towards the close Portugal, escudo
.0298
.0296
.0302
the
.0299
.0297
.0299
.004584 .004570 .004578 .004555 .004582 .004608
Rumania,leu
Spain, peseta
.1352
.1348
.1340
week the selling movement subsided and the Sweden,krona
.1333
of the
.1337
.1335
.2661
.2658
.2656
.2657
.2659
.2659
franc
.1890
.1884
.1887
.1881
.1879
undertone strengthened, although locally operators Switzerland,dinar
.1878
Yugoslavia,
.012443 .012428 .012424 .012425 .01242,1 .012411
ASIAwere said to have withdrawn for the time being to China7442
.7425
.7458
.7467
.7433
.7475
await Germany's complete acceptance of the London Chefoo, tael
Hankow tael
7463
.6444
.7469
.7475
.7484
.7450
Shanghai tael
.7336
.7325
.7333
.7338
.7344
.7350
agreement.
Tientsin tael
.7525
.7508
.7542
.7558
.7542
.7517
Hongkong dollar_
.5368
.5346
.5337
The London check rate on Paris finished at 83.20, Mexican dollar.._._ .5267 .5248 .5345 .5343 .5345 .5313
..
.5229
.5275
.5290
compared with 81.45 last week. In New York Tientsin or Peiyang .5258 .5283 .5258 .5292 .5300 .5342
dollar
Yuan dollar
.5333
.5308
.5300
.5292
.5267
.5292
sight bills on the French centre closed at 5.3834 India,rupee
3233
.3235
.3232
.3239
.3243
.3235
Japan, yen
.4154
.4119
.4135
.4107
.4111
.4109
against 5.683'; cable transfers at5.3934, against Singapore (5.S.) dollar .5233 .5183 .5200 .5163 .5192 .5200
NORTH AMER.Canada, doHar
.999078 .999271 .999477 .999170 .999206 .999258
5.693/2; commercial sight bills at 5.373,kgaipst Cuba, peso
.999125 .999188 .999188 .999250 .999250 .899281
Mexico, peso
i
488625
5.673/2, and commercialIsixty ,day2 at 15.32, against Newfoundland, dol .996500 .488958 .488833 .488875 .489792 .488542
.997031 .996688 .996563 .996625 .996813
SOUTH AMER.5.623/ a week ago. Final quotations on Antwerp Argentina. peso (gold) .7696 .7682 .7662 .7654 .7678 .7719
2
mllreis
.1000
.0991
.0981
francs were 4.97 for checks and 4.98 for cable trans- Brazil.Peso (paper)._ .1010 .0985 .0984 .0995 .0985 .0999
Idle.
.0998
.1009
.1004
7901
7R2A
77R7
751A1
7adU.
7RR4
.a week [11111311/19. DeS0
fers, in comparison with 5.233/ and s5.243/
a Quotations for German
.000000000000238/
finished at.0.000000000023%, Aug. 18,.000000000000238; reicbsmarks have been: Aug. 16, .000000000000238:
earlier. Reichsmarks
Aug. 19,.000000000000238; Aug.20,
against 0.000000000024, the previous quotation. Aug.21,.000000000000238; Aug. 22,.000000000000238.
With regard to South American exchange the marAustrian kronen remained at 0.001434, unchanged.
the weei at 4.4134 for bankers' sight bills ket was dull and featureless. Argentine checks
Lire closed
and 4.423. for cable transfers. A week ago the close moved up to 33.98 for checks and 34.03 for cable
was 4.5134 and 4.5234. Exchange on Czechoslo- transfers, as against 33.77 and 33.82 last week.
AUG. 23 1924.]
THE CHRONICLE
855
approached in an amicable and businesslike way, a
satisfactory basis of agreement would not be hard
to find. If the conclusions that have been reached
and the plans that have been set on foot are good for
France, Belgium and German in particular, as
beyond question they are, they also carry large good
for Europe and the world at large, in the removal of
long-standing causes of international friction and
misunderstanding and almost insuperable hindrances to a revival of domestic industry and international trade. The world has learned during the
past few years, as never before, that weakness or
economic disorder in one nation or group of nations
inevitably reacts to produce weakness and disorder
elsewhere, and it is one of the greatest merits of the
The New York Clearing House banks in their Dawes plan that the reorganization which it prooperations with interior banking institutions have poses will affect not only the nations immediately
with which those
gained $4,945,915 net in cash as a result of the cur- concerned, but every other country
nations have political or economic contact. The
rency movements for the week ended Aug. 21.
are a world settlement.
Their receipts from the interior have aggregated London agreements
The broad lines of the settlement, as laid down in
$5,693,588, while the shipments have reached $747,the protocols and letters whose texts appear else673, as per the following table:
where in this issue, are on the whole simple and
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
clear. The primary question of security for the German loan is dealt with, not by pledging specific reveI Gain or Loss
Owe!
Into
to Banks.
Banks.
Banks.
Week Ending Aug. 21.
nues in advance for the payment of interest and
$747,673 Gain $4,945,915
S5.693.588
Banks'Interior movement
amortization of the loan, but by an agreement that
As the Sub-Treasury was taken over by the Fed- the loan shall have absolute priority both as to such
eral Reserve Bank on Dec. 6 1920, it is no longer specific revenues, if any are subsequently designated,
possible to show the effect of Government opera- and as to any resources that may arise in consetions on the Clearing House institutions. The Fed- quence of the imposition of "sanctions" for default
eral Reserve Bank of New York was creditor at the in reparations payments. In other words, whatever
the security for the loan, whether specific or genClearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK eral, it is to be safeguarded whether sanctions beAT CLEARING HOUSE.
come necessary or not. In case of dispute-regarding
Aggregate
Saturday, Monday, Tuesday, Wednestry. Thursday, Friday,
the measures that shall be taken in this behalf, refor Week.
Aug. 16. Aug. 18. Aug. 19. Aug. 20. Aug. 21. Aug. 22.
sort is to be had to the Permanent Court of Inter52,000,000 75,000.000 48,000,000 70.000,000 51,000.000 58.000,000 Cr.354,000,000 national Justice if the controversy cannot be adNote.—The foregoing heavy credits reflect the huge mass of checks which come
Governments furto the New York Reserve Bank from all parts of the country in the operation of justed by negotiation. The Allied
the Federal Reserve System's par collection scheme. These large credit balances,
rereflect only a Part of the Reserve Bank's operations with the Clearing House ther agree to invite the central banks of their
however,
Institutions, as only the items Payable in New York City are represented In the
the
dally balances. The large volume of cheeks on institutions located outside of spective countries to facilitate the placing of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve loan, without, however, thereby restricting the right
Bank for collection for the account of the local Clearing House banks.
of the German Government to place the loan with
is to be
The following table indicates the amount of bul- bankers of its own selection. As the loan
and not by the Allies, the
negotiated by Germany
lion in the principal European banks:
agreement to combine co-operation with freedom
Aug. 23 1923.
Ala. 21 1924.
should materially aid the undertaking.
Banks of
Total.
Gold.
Gold.
Total.
As to the Dawes plan as a whole, Germany agrees
z
z
England __ 128,315,748
127,643,276 to provide the legislation necessary to carry out the
128,315,748127,643,256
France a 147,176,530 12,000,000
146,943,906 11,760,000 158,703,906
, ,
Germany _ 24,904,200 1,305,350 26,209,550 33,567,150 3,475,400 37,042.550 plan in a form to be approved by the Reparations
Aus.-Hun. 62,000,000
b2,000,000
b2,000,000 1,2,000.000
Spain
101,384,000 26,247,000 127,631,000101,031,000 26,439,000 127,470,000 Commission, and particularly with regard to the
Italy
35,453,000 3,414,000 38,887,000 35,536,000 3,026,000 38,562,000
906,000 49,389,000 proposed new gold bank, railway and industrial deNetherl'ds 44,300,000
958,000 45,258,000 48,483,000
Nat. Belg_ 10,819,000 2,629,000 13,448,000 10,789,000 2,534,000 13,323,000
Switzerrd. 20,224,000 3,801,000 24,025,000 22,003,000 4,050,000 26,053,000 bentures, and the control of revenues assigned as
Sweden
15,157,000
15,454,000
15,454,000 15,157,000
262,000 11,911,000 security for the annuities which the plan calls for;
Denmark _ 11,642,000 1,027,000 12,669,000 11,649,
Norway
8,182.000
8,182,000 8,182,000
8,182,000
the Reparations Commission, in whose hands
Total week 549,854,478 51,381,350601,235,828 562,984,332 52.452,400515,436,732 while
Prey. week 547,879,606 51,810,550 599,690,156 562,004,118 52,545,4001614,549,518
general supervision of the whole plan remains,
the
a Gold holdings of the Bank of France this year are exclusive of £74,573,977
undertakes to do its best to put the Dawes proposals
held abroad. b No recent figures.
into effect, to facilitate the flotation of the loan and
The London Agreements on the Dawes Plan— to make an accounting of any adjustments that may
Reparations and the Evacuation of the
prove to be necessary. Similar co-operation is
Ruhr.
pledged in the case of any subsequent agreement
The announcement that the representatives of the between Germany and the Allies looking to a modiAllied and German Governments who had been for fication of the Dawes plan, with a resort to arbitraseveral weeks in conference in London had at last tion in the event of disagreement. For the purpose
reached an agreement regarding reparations and of such arbitration a board of three arbitrators is to
the Ruhr was a welcome relief to those who, in spite be set up, with the important proviso that the Presiof 'optimistic reports, had felt apprehensive lest the dent of the Court of International Justice, to whom
• negotiations might break down at the last moment, appeal is to be taken in case the arbitrators disagree,
and gave keen gratification to those who have all may order provisional measures pending a decision
along insisted that once the questions at issue were of the point in controversy, in order to avoid inter-
Brazilian milreis finished at 10.15:for checksand 10.20
for cable transfers, as against 9.92 and 9.97 a
week earlier. Chilian exchange ag lin lost ground
and after an advance to10.20, relaxed and closed at
10.12, against 10.21, and Peru finished at 4.15,
against 4.14.
The Far Eastern exchanges ruled quiet but strong
at close to the high rates established last week.
1
/
Hong Kong closed at 54/@543 , (unchanged)
4 (unchanged); Yokohama,
Shanghai, 74%@751
41%@42, against 423'@42; Manila, 493/
@49%, against 49%@49%; Singapore, 533'@53M
3
against 53®533; Bombay, 32%@33(unchanged),
and Calcutta, 333s@33%(unchanged).
856
THE CHRONICLE
[Vol.. 119.
ruption in the working of the plan and to safeguard conclusion of the Treaty of Versailles
the participathe rights of the parties concerned. The principle tion of international finance in a
German loan, deof arbitration is also applied to the settlement of signed to aid the economic rehabilitat
ion of Gerany controversy regarding the existence of "finan- many and insure the systematic payment of
reparacial maneuvers" intended to embarrass the transfer tions, has been made possible. For the first
time
of revenues accumulated in Germany for the pay- since the peace the problem of reparations has
been
ment of reparations, with the requirement that the dealt with in international conference in a large
way
Chairman of the board of "three independent and as a matter of general concern, not as a
matter in
impartial financial experts," which is to be created which the views or claims of this Governmen
t or
shall be an American.
that were to be given priority or accorded special
These, together with elaborate and detailed regu- deference. For the first time since the
peace reprelation of the conditions under which French indus- sentatives of the German Government have
been intries are to be assured of a supply of certain German vited to sit at the same table with representa
tives of
products after the date at which they could be de- the Allies and confer, instead of being
summoned to
manded as reparations in kind, are the main sub- receive an ultimatum. For the first time
since the
stantive features of the reparations settlement. It peace American citizens, acting without
official crewas clear, however, that the best-laid plans relating dentials from their Government and
without politto procedure would not suffice unless, as the Dawes ical responsibility, have been invited to
contribute of
committee was at pains to point out, the economic their experience and knowledge, their
moderating
unity of the Reich was restored, and unless the polit- influence and unbiassed judgment, to the
practical
ical authority of Germany was to be allowed free working of a plan whose aim is peace and
economic
scope save as limited by the Treaty of Versailles. It health. The enormous responsibility which the
Lonwas accordingly agreed that the customs barriers don Conference has asked Americans to assume
is a
which the French and Belgian authorities of occu- resounding answer to those in this country who
have
pation had erected between occupied and unoccupied affected to believe that only by official participaGermany should, at specified dates, be raised, and tion of the American Government could the
United
restrictions upon the movement of persons, goods States do anything of importance for Europe.
It is
and vehicles between such territories removed; that, well that the result should have come about
as it has,
"in order to bring about mutual conciliation and to not only because of the demonstration it
gives that
wipe out the past to the utmost possible extent," the national freedom and international co-operati
on can
jurisdiction and legislation of Germany in the occu- exist side by side, but even more because
the only
pied regions should in the future "follow their nor- lasting agreements under which nations
or Governmal course in conformity with the treaty of peace ments can work are those which are
grounded in
and the Rhineland Agreement"; and that a general mutual understanding, confidence and
good-will. The
amnesty should be extended to all offenses of a po- London agreements rest upon this
foundation, and
litical nature committed in the occupied territories it is for that reason, as well as
because of the pracsince the beginning of the Franco-Belgian occupa- tical character of their provisions
, that they detion, with the exception of crimes against persons serve, •as it is to be hoped they
will receive, high
which have resulted in death.
commendation and the firm support of public
The question of the evacuation of the Ruhr was opinion.
ruled out of consideration by the Conference on the
ground that it was not included in the agenda, but it
The Re-Establishment of International Law
nevertheless cast its shadow over the deliberations,
Essential to Peace.
from the first, at the same time that the sharply opA scholar and jurist with a world-wide reputation
posed demands of public opinion in Germany and who is continually
called to occupy positions of inFrance made it politically a difficult and dangerous ternational importance,
has chosen to sign himself
issue. Thanks in large measure to the conciliatory simply John Bassett Moore
in sending forth a voltemper in which M. Herriot approached the question ume that deserves general attention
and should go
at London and the courage with which he faced polit- far in molding public opinion.*
It challenges illuical opposition at home, reinforced by the friendly sions which unhappily
have gained wide acceptance
pressure which Mr. Ramsay MacDonald exercised and may be seriously
regarded as chief among the
upon the German representatives whose political evil effects of the war.
problem at home was no less acute than that of the
Two of these which strongly tend to persist and
French Premier, an exchange of notes between M. are, in his opinion, most
mischievous, are the suppoHerriot, M. Thennis and Chancellor Marx wiped out sition that existing conditions
are wholly new, that
this danger spot also. It was agreed that the occu- the world having broken with
the past, its teachings
pied territory of the Ruhr should be evacuated within and experience have become
obsolete; and the conseone year from Aug. 16, the date of the signature of quent idea that rules of
law are made only to be
the protocols, while as an earnest of good faith the broken, and it is therefore
scarcely worth while to
Dortmund zone and all territory outside of the Ruhr adopt them. From the
combined operation of these
that had been occupied since Nov. 15 1923, should be two conceptions grows a
general disrespect for interimmediately returned to German control. The national law, which
constitutes the evident menace
promptness and quietness with which this latter for the future.
part of the agreement has since been performed has
In his opening chapter, after pointing out that
apparently not been without its effect upon the Ger- the recent war
neither in the forces engaged nor in
man public.
the magnitude and extent of its destructiveness is
The significance of the London accords, rightly relatively greater
than those which have preceded it
described by Mr. Ramsay MacDonald as "the first in modern history,
he proceeds to show how from the
really negotiated agreement since the war," can
"International Law and Some Current Illusions," by John Bassett Moore.
hardly be overestimated. For the first time since the Macmillan 0o.
AuG. 23 1924.]
THE CliltaN1CLE
857
16th century, when, in the midst of the terrible ef- in fact, it legalizes war, and therefore the only alterfects of the Thirty Years War Grotius strove to for- native is to outlaw all war, the answer is that, whatmulate a scheme ofinternationallaw which would put ever may be the ideal for the future, the present situan end to the savage barbarity of earlier days, inter- ation demands that the gains of the past should be
national law has emerged and developed. Maintain- secured. He says that"while we await the prevention
ing that even in a just war there were acts which of war by a declaration of its illegality, if we spurn
were unjust in themselves and are to be considered the present opportunity to work with all our might
as proscribed, Grotius protested against the killing for the preservation and advance of that system of
of "scholars, farmers, merchants and captives who law which, recording from age to age the slow proghad surrendered"; and in the course of years his doc- ress of humanity, has established the destruction
trine of humanity for the unarmed populations in between combatants and non-combatants, enjoins
the humane treatment of captives, limited the detime of war gradually prevailed.
Powers, struction and confiscation of property, enlarged the
In the 18th and 19th century there were
among whom was the United States, that deemed it bounds of human freedom and formed the rules of
proper by special treaty to pledge protection to till- decision by which international courts have in counters of the soil, to artisans and manufacturers, and less cases determined grave disputes and settled the
"in general to all others whose occupations are for voice of strife, we shall only draw upon our own
the common sustenance of mankind," with reason- generation the bitter fate we seek to avoid."
As the starting point and aim of the movement to
able payment for whatever should be taken from
them for the use of armed forces. He quotes at create and secure observance of effective internalength the many utterances of Jay, then Chief Jus- tional law we need to turn to the declaration of Grotice, Hamilton, Jefferson and John Quincy Adams, tius that he was impelled to write his treatise beby whom through treaty and otherwise the United cause he "observed throughout the Christian world a
States was committed to this policy, until in later licentiousness in regard to war which even barbarous
time the doctrine was generally adopted, and the nations ought to be ashamed of"; and, after war was
once begun,"no longer any reverence for right either
rights of neutrals also were secured.
In the same direction subsequent Presidents, divine or human, just as if from that time on men
Pierce, McKinley and Roosevelt, and Secretaries of were authorized and firmly resolved to commit all
State, Adams, Marcy, Fish and Hay, have proposed manner of crimes without restraint." That the tenthat even enemy's private property at sea be exempt dencies and habit of that day have not ceased we have
from capture; and exemption was actually incorpo- had bitter experience in the late war, as we have torated in our treaty with Italy of Feb. 26 1871, when day a new assertion of their justification and inevitaGeneral Grant was President. In 1795, in the ear- ble future recurrence.
Our author holds that the question of creating an
lier stages of the wars which involved all Europe
Revolution, Hamilton said that international sanction pales into insignificance befollowing the French
the war was "conducted on such extraordinary prin- fore the question how far it would be observed. This
ciples as to be an exception to all general rules. is the imminent and crucial question which cannot
Human passions were wrought up to such a pitch of be put aside. The effective answer is to be sought in
frenzy as to set reason, justice and humanity at de- the consensus of the people which eventually govfiance." It should, he said, "be a beacon warning erns the course of their leaders. In the confusion
mankind to shun the pernicious example which it and bewilderment which invariably result from a
great war, disruption, disaster and blind hatred are
set, rather than a model inviting imitation."
gained acceptance with inevitable.
Humane considerations
The subsequent chapters deal with the questions
the passing years. When in 1900 Lord Salisbury as
Prime Minister reaffirmed what had become the long now pressing as to Arbitration, its present situation;
accepted rule that foodstuffs bound to a belligerent the Permanent Court of International Justice, its
country could be treated as contraband only if it organization and statutes, with an account of the
could be shown at the time of the seizure that they cases it has already successfully settled; the Rules
were actually destined for the military forces, it rep- of Warfare that are to apply to Aircraft and Radio,
resented the accepted line of advance through the so far as they have been formulated by the special
centuries. When, therefore, in the recent war the commission of The Hague Conference of 1922-23, and
ruthless measures of destruction and seizure adopted the full Report of the Rules adopted; Law and Or
by the Germans led to similar acts in reprisal on the ganization, with a history of its development. The
part of the Allies it was a reversion to the condition bearing of all these upon the main contention of the
ot things which civilized nations had agreed to re- book is enforced by the decision of the Supreme
gard intolerable and inconsistent with morality and Court of the United States which it expressed in a
Christian civilization. That such a course of action quotation from Vattel as follows:
"The common laws of war—those maxims of hushould be considered inevitable in war, as is believed by many; and that the enormously increased manity, moderation and honor—ought to be observed
means of destruction are to be extended in any future by both parties in every civil war. Should the sovwar against all the inhabitants and possessions of a ereign conceive that he has the right to hang up his
hostile nation, coupled with the taunt that inter- prisoners as rebels, the opposite party will make
national law no longer exists, and that treaties are reprisals . . . should he burn, and ravage, they
only "scraps of paper"; is to ignore the teaching of will follow his example; the war will become cruel,
horrible, and every day more destructive to the nathe centuries and to revert to primitive barbarism.
To change prevalent current opinion and to aid in tion."
His closing plea is for that study of the past which
leading men back to historic truth, Dr. Moore's book
is written. When it is urged that we should no alone gives the intelligence to estimate the current
longer waste time over international law because it phenomena of life as incidents in the unbroken prohas no sanction and cannot be enforced, and because, cession of human activities. The vital aspect of
858
THE CHRONICLE
(VOL. 119.
this, he finds, has never been better expressed than own efforts, though
reaching only his majority, had
by President Coolidge in his address at the Univer- achieved a "character"
which the years, had he been
sity of Pennsylvania: "We are set to-day in defense spared, would not change.
The youth had spent his
of some of the great realities of life. We are to con- vacations in work-st
udy far from home. Once he
tinue the guaranty of progress in the future by con- had borne danger
and affliction in care of a comtinuing a knowledge of progress in the past. . . . panion. And the
grieving father, in an almost exultThe age of science and commercialism is here. There ant note, cherishe
d the belief that, thus, though acis no sound reason for wishing it otherwise. The tive life here on
earth had been cut short, his beloved
'wise desire is not to destroy it, but to use it and son had attained to
immortality. Need we stop long
direct it, rather than to be used and directed by it, in the presence of
these admonitions and this examthat it may be what it should be, not the master but ple to enact sweepin
g laws that will interfere with
the servant, that the physical forces may not prevail parental love
and self-help that builds enduring charover the moral forces and that the rule of life may acter?
not be expediency, but righteousness."
Unfortunately, the child is sometimes sent into
Dr. Moore's book is a valuable aid to securing ac- the factory at
an age when health runs great risks
ceptance of this declaration, and putting it into ef- and associations
destroy innocence. States have enfective practice for securing the law and order for acted laws guardin
g against this. Yet how few,comwhich the world waits.
paratively, are subjected to such rigorous and dangerous life? Is society so bent on indulgence, is the
Youth and Character—The Child Labor
civilization immediately incident to such child-labor
Amendment.
so inert, that the whole youth of the land must
be
Amendments to the Constitution of the United placed under the
straight-jacket of a Congressional
States should never be adopted without careful con- law? It is this
question each voter must answer for
sideration by citizens in their individual capacity. himself or hersefl.
And in a time when youth is said
State Legislatures should be instructed to approve to be in open
revolt against old-fashioned things
or reject. There is ample time for this with refer- there not serious
danger that the already growing
ence to the proposed amendment enabling Congress opposition and
indifference to plain and prosaic
to prohibit "child labor." As the amendment is work will be
given a new impetus? How is that faith
drawn Congress shall have power,"without any lim- in self, of which
the President speaks, to be develitation," as one writer declares, if it sees fit to exer- oped in an atmosph
ere where idleness is made lawcise it, to actually prohibit, without interference by ful—and therefor
e, possibly, right, to the young
State laws or parental control, all labor by persons mind?
under eighteen years of age. The matter goes very
It will avail nothing to scout the idea of rebellio
n
much deeper than an invasion of States' rights. It against work.
On the farm there is niuch the small
attacks the fundamental rights of the citizen in that boy and girl may
do without detriment to health or
the parent has natural control of the child up to its education.
Perhaps in our "progressivism" we have
majority. In education we are asked to place the gone past "the
chores" so much in evidence in the
teacher for the time being in loco parentis, and it childhood of
this generation. But small menial
may be asked, now, if the national law is to invade tasks in endless
variety still exist; and these lead on
the home and there supersede the authority of the to a "day's
work," several years before .the age of
parent. It may be answered that Congress may be eighteen is
attained. Is the farmer to be compelled
relied upon to pass a reasonable law, but is it not for by such a law, if
it be not absolutely prohibitive, to
the citizen-parent to say whether such relinquish- "hire" his own son
to work in the fields? And if the
ment ought to be made in the interest of the youth of son will not work,
who is to make him? There is the
the land and in furtherance of that respect which by unmistakable duty of
the parent to the child to conall moral codes is due under the command "honor sider. But is there
not a duty of the child to the
thy father and thy mother."
parent? If, in the changing circumstances of life,
a
President Coolidge recently, in an address to Boy widow's only son is
required to work for pay at the
Scouts, said: "It was an act of magnificent courage age of fourteen, shall
the law sustain him in refusal?
when our ancestors set up a nation wherein any boy And will he not
become a better man, though hard
may aspire to anything. That great achievement this early apprenti
ceship, than if he elect a life of
was not wrought without blood and sacrifice. Make vagabondage on the
streets of a city?
firm your resolution to carry on nobly what has been
Certain organizations of good intent have been
so nobly begun." The President builded his theme clamoring for this law for
years because sometimes
around the thought of "reverence"—for nature, for pale and wan children of the
poor are found in faclaw, and for God. And he said, further: "Without tories. But the poor
themselves who have felt the
the sustaining influence of faith in a divine power pinch of poverty in a free land
have not themselves
we could have little faith in ourselves. We need to been calling for it. When
necessity exists, and a
feel that behind us is intelligence and love. Doubt- child too small and too weak
to work will not often
ers do not achieve; skeptics do not contribute; cyn- be employed anywhere—for such
labor is unprofitics do not create." . . . "Faith is the great motive able if for no other reason—
are the poor to be compower, and no man realizes his full possibilities un- pensated in any way for the
loss of the labor of chilless he has the deep conviction that life is eternally dren from fourteen to eighteen
years? Again the
important, and that his work, well done, is a part of answer is that these are extreme
ways of putting the
an unending plan." When shall this "conviction" ease. But why must we in our
social reforms always
and this "work" begin if it be not in youthtime? resort to law—and are not these
examples possible
Those who have read the address, recently published. under the proposed amendment
if the Congress shall
which Charles G. Dawes delivered at the funeral of so will in its law? Why oust
the parent and the
his son will find an answer. In this tribute the State from all control in favor giving
of
a new power
father emphasized the thought that his son, by his to Congress? And if a law passed
by Congress is
AUG. 23 1924.],
THE CHRONICLE
unconstitutional as has already been repeatedly decided by the Supreme Court, why is an amendment to
the Constitution to give Congress power to pass the
same law consonant with the spirit of the Constitution?
In many of our reforms we are already stark mad
in our appeals to law. Sentiment sows to the winds
and reaps the whirlwind. One would think that the
children of the land are burdened with the toil of
slaves and whipped to their dungeons at night.
When, in fact, they have as a whole more benefits
and privileges than their forbears ever dreamed of—
in the good old days that are "gone forever." The
irony of the saw "everybody works but father" does
not trouble the youth of to-day. He must have everything culture and civilized industrialism puts in his
sight, if "father" can get it for him, and grumbles
and "revolts" if he has to go without. Is he eager
and avid for work—he is not. And this is a common
observation. Now, we must have a national sweepstakes law that may,and this is not too much to say,
pamper him in his idleness!
And again, returning to the child himself. Orphaned perhaps at twelve or fourteen, he yet has in
him the urge to greatness that has fired the early
zeal of so many of our eminent men of to-day. But
he may not work, for the law is against it. Mayhap
the law will single out only certain occupations, but
these may be the only ones available to him. In a
rash impulse to help youth by our usual process of
invoking law will we not on the contrary have
harmed him? Why this unbridled power to Congress—when if we depended on a State law we might
come near to it in our politics and voting? But why
the law at all, and therefore, why the amendment?
Having insidiously taken away certain (at least believed by many to be) unalienable or inalienable
rights from adult citizens, are we now to visit the
same system of oppression upon youth? A national
law to control the child under eighteen years of age
—how can it ever meet the difficulties it must encounter in its conflict with parental authority--how
can it ever compensate the boy or girl for preventing
them from accomplishing self-help and character by
their own directed work? Let us think seriously
before ratifying this amendment.
Evolution in Banking.
A bank for the deposit of bonds is proposed. As
yet no active steps are in process. No money will be
used in this bank. Checks will be employed written
against specified bonds. These checks will pass current—avoiding the actual transfer of securities.
Clearing of these checks inside the institution and
bookkeeping will do the rest. For brokers and dealers it is believed this plan will avoid losses by theft
in transfer and lighten the labor of counting coupons. Time for the idea to take root will be required
before such an institution can be established. Discussion by those interested may reveal insuperable
objections. To us it is only a revelation of the natural evolution in banking.
Not every one knows that at the present time a
"custody account" can be opened with the trust companies. For a nominal charge securities are cared
fer, coupons clipped and cashed, and company checks
for the depositor's income forwarded at stated intervals. The ownership to the bonds remains in the
depositor—the trust company guaranteeing safe
859
keeping. In addition to this, advice will be given as
to disposal or reinvestment. It is a special service
of real benefit to customers that, at present, cannot
be duplicated elsewhere.
Of course, following the fashion of the day, this is
something the Government ought to do free of any
charge. Why collect taxes from everybody unless
they are to be spent in the service of the few? "Come,
come," says someone,"does not the Government take
charge of the delivery of letters and carry them almost unbelievable distances for two cents?" "And,"
continues this advocate, "does not the Post Office
Department pay its way?" Well, we had an idea
that it falls far short of doing this, but granting it
does, what would become of these charges if the Government did not use mail cars hired from privately
owned corporations which could not exist upon this
revenue alone?
Passing from this interlude, let us return to banking. Aside from furnishing capital in part to certain forms of agricultural banks, prematurely born
of a political farmers' panic, and excepting Postal
banks, the Government does not engage in banking.
Yet there is no want in this field of financial activity which private capital is not eager
to fulfill upon clear evidence that the want
is a need. There is an adage, "Nothing anticipate, nothing gain." But how could it be expected that the fiction of a Government instituted
for the purpose of guaranteeing liberty under law
would anticipate such a need, or any other of the
thousands of needs of a growing commerce and
finance? Our finance is clearly an evolution out of
experience and development. There is no function
in its growth which banks and trust companies do
not now fill to the satisfaction of the people—and
mainly because we have a system of free and independent banking. Nothing but the eagle eye of private capital looking for profits through the investment for service can foresee the fulfillment of need.
If we consider the regional banks of the Federal
Reserve System for what they were intended to be—
consolidated banks for the purpose of issuing emergency currency—we must question the use of rediscounts for any other purpose than currency in time
of need. It was held at the inception of these banks
that the disuse of rediscounts would automatically
retire the Federal Reserve notes or emergency currency. Recent statements of nearly all of our largest
institutions show no borrowings from this source.
And this is proof that in a period of plethora of idle
money there is no need of emergency currency. Actual idle money is merely the lubricant of the wheels
of trade that turn by the power of checks and drafts
issued upon established banks and trust companies.
These checks and drafts, made possible by banks of
loan and deposit, are the currency of the people,
made by the people, and issued in denominations to
snit.
We have here an illustration of the capacity of
our banks to care for all normal needs for the transaction of business without more contact with the
Government than a mere nominal supervision in the
interest of a general safety in institutions of a semipublic character. If, now, we undertake to introduce into this system branch banking we would
probably effect a complete change in our Federal
Reserve. If a thousand sniall branch banks in the
Northwest were endangered by failure and folly in
agriculture the immediate call would be upon the
860
TH J
CHRONICLE
parent monopoly bank which would in turn demand
accommodation at the Federal Reserve Regional
Bank, and this would ultimately rest in a regional
bank in some reserve centre far from home. The
danger of political pressure would be great, for politics is already digging at the roots of independent
banking. The uncertainty which would attend such
a development would be borne by the business and
trade immediately tributary to the parent monopoly
bank with its hundreds of branches. (We are supposing it possible for independent nationals still to
exist in territory supplied by branches.) And it is
difficult to see other than a union between monopoly
banks with branches and the Government so close
as to constitute in effect, if not in name, Government
banking. The war of sections and localized industries which would follow would tend to disruption.
And by the very existence of this forced alliance it
would be possible for one part of the people, through
the pressure of sentiment upon the large institutions,
to aid or impoverish another part. And the vaunted
relief possible to a region of small banks or branches
would in reality constitute a menace to the natural
independence and stability of all sections.
To use the trite phrase, "evolution is not revolution." It will not be forgotten that regional banks
were intended to obviate a tendency, in the system
inaugurated, toward a central bank of issue. The
twelve institutions thus created, though arbitrarily
fixed by geographical boundaries, must in reality
gather their credit power from the nature of local-
•
[VOL. 119.
ized industries. They are also the first source of
supply. When this is exhausted other centres of
credit power through other regional banks may be
drawn upon—but only when an over-supply of credit
deemed there to be available. Criticism has been
made that the Federal Reserve did not sufficiently
come to the rescue of the farmers—yet the merchants'
and manufacturers of the East were entitled to protection as well. But branch banking and monopoly
banks would constitute a more direct interference
with the spontaneous and even flow of credit; and
political influence, when biased, might disrupt the
finances of the country to the point of disaster.
Within the natural development of our commerce
and finance are the causesfor all the essentialchanges
permissible to our banking system. No branch bank
can ever take the place of a free and independent
country bank. And we are justified in preserving
these fundamental units as the original sources of
all credit power. At this day—as banking changes
are always evidencing when left free to commercial
demand—natural evolution is sufficient for all our
needs. And credit grows in volume and takes its
course from the nature and trend of trade. The
method is from small to large. Now to inaugurate a
new method, to take the concentrated power of free
and independent units, and reverse the process by
enforced and semi-Governmental methods would be
revolution, not evolution. We should welcome only
those changes in substance and method that are
based upon experience and the nature of things.
Railroad Gross and Net Earnings for the Six Months
Ending June 30
Our compilation of the gross and net earnings of
United States railroads for the half year ending
June 30 shows a substantial falling off in gross and
net results alike. In this it accurately reflects the
state of trade and business, and, as stated by us last
week, in our review of the figures for the month of
June, it is common knowledge that trade in this
country has been growing steadily worse ever since
about the middle of March. It is well enough td
bear in mind, however, that in the early part of 1924
the outlook in that respect was much more auspicious and no such falling off in industrial activity as
subsequently occurred seemed in prospect. Trade
had begun noticeably to slow up the latter part of
1923 after unprecedented activity in the early
months of that year, but in January 1924 it once
more looked as if the course of business was again
to be upward.
At all events, after the downward reaction the
latter part of 1923, recovery commenced in January
1924 and continued for a time to make steady headway, so that the railroads—which reflect business
conditions with considerable fidelity, at least in the
populous manufacturing districts east of the Mississippi—began to establish new high records in traffic, which means that their tonnage was larger than
that of the previous year, when, as already stated,
in the early months it was of unexampled proportions. But the revival proved short-lived. It did
not extend beyond, say, the middle of March, after
which business again began to fall away, and unfortunately, the decline proceeded at an accelerating
pace until in June and July it reached the proportions of a veritable slump. Considering the favor-
able way in which the year started, no one could
have deemed such a complete collapse as reasonably
likely. It is not the province of this article to enter
into the causes of the shrinkage. We are called upon
here to record merely the falling off itself and to
note its bearing or relation to the decrease in railroad traffic and railroad revenues, which are so
closely dependent upon the course of trade.
The statistcs on the loading of railroad revenue
freight compiled each week by the Car Service Division of the American Railway Association illustrate
accurately the complete reversal of the trade currents in the last three or four months of the half
year. These statistics relate to the railroads of the
whole country, and therefore do not show the greater
or smaller deviations in the different sections. For
the four weeks of January in 1924 these loadings of
railroad revenue freight comprised 3,362,136 carloads, as against 3,373,965 cars in the corresponding
four weeks of 1923, and only 2,785,119 cars in the
same four weeks of 1922. Similarly, for the four
weeks of February the loadings were 3,617,432 cars
in 1924 against 3,361,599 cars in 1923 and 3,027,886
in 1922 and for the five weeks in March 4,607,706
cars in 1924, against 4,581,176 in 1923 and 4,088,132
in 1922. The signficant feature in these comparisons is that for both February and March the totals
in 1924 ran ahead even of the extraordinary totals
of 1923, and in January fell only a trifle below the
high figures of 1923. We may add that the favorable
comparison for March followed entirely from the
good record made during the first three of the five
iv eeks and that the last two weeks showed decreases
from the 1923 figures. In April, May and June the
AUG. 23 1924.]
THE CHRONICLE
861
loadings heavily declined from the record figures of the loss must have been very much heavier than now
1923, though they kept well above the low totals of recorded had there not been the brief upward spurt in
1922. Thus for the four weeks of April the revenue business that occurred during the early months of
loading comprised 3,499,210 cars in 1924, against 1924. For the rest it is only necessary to bear in
3,764,266 and 2,863,416, respectively, in 1923 and mind that in comparing with the first half of 1923
1922; for the five weeks of May 4,474,751 cars in we are comparing with the most prosperous period
1924, against 4,876,893 and 3,841,683 in 1923 and in American railroad history, more especially in the
1922, and for the four weeks of June 3,625,472 cars case of the great east-and-west trunk lines between
in 1924, against 4,047,603 and 3,414,031 in 1923 and Chicago and the Atlantic seaboard, which in this
period of last year had in most instances very excep1922.
We cite these figures simply to bring out the dis- tional gains to their credit by reason of the wondertinction between the first three months and the last ful trade activity which the country's manufacturing
three months of the half year. Some of the trade industries were at that time enjoying. Altogether
statistics are even more conclusive on that point. the losses in earnings during the half year of 1924
The iron and steel industry in particular has suf- were large, but they followed prodigious gains in the
fered a severe setback, and that feature finds strong first half of 1923, and they are wholly the result of
emphasis in the returns of production of both iron the complete reversal of trade conditions in the two
and steel. According to the American Iron & Steel years. In brief, our tabulations show a decrease in
Institute, the calculated monthly production of steel gross earnings of $225,987,341, or 7.31%, a reduction
in the United States, after getting down to 2,863,266 oi $171,986,977 in expenses (not including taxes), or
tons in December 1923, increased to 3,633,639 tons in 7.05%, and a loss of $54,000,364, or 8.28%, in net
January,to 3,809,185 tons in February, and to 4,187,- earnings. The comparative totals for the two years
942tons in March,then fell to 3,333,535 tons in April, are as follows:
1924.
1923.
Inc.(±) or Dec. (—)•
to 2,628,261 tons in May, and to only 2,056,466 tons Jan. 1 to June 30
232,170
232,260
+20 +0.04%
Mlles of road
52,865,947,474 $3,091,934,815 —8225,987,341 —7.31%
in June. It will be observed that in the short space GrGss earnings
2,298,119,275 2,440,106,252 —171,086,977 —7.05%
Operating expenses
79.14%
78.92%
of three months, that is between March and June, Ratio of CXP. to earnings8651,828,593 —854,000,364 —8.28%
8597,828,199
the production fell off fully 50%, and we might add Net earnings
that in July the production fell still lower, or to only
As already stated, while these are heavy losses,
1,869,416 tons. Altogether in the first six months of they constitute only a portion of the very large
1924 the output of steel was only 19,649,028 tons, as gains made in 1923, when trade conditions were so
against 23,326,965 tons in the first six months of extraordinarily favorable. As a matter of fact, the
1923. The iron statistics tell the same story of a gains in these six months of 1923 were no less than
sharp recovery in the first three months, with a vio- $480,926,565 in the gross, or 18.46%, and $117,564,lent collapse the last three months. Using the fig- 641 in the net, or 22.12%. The effects of slackening
ures prepared by the "Iron Age" of this city for that trade in 1924 varied greatly in the different sections
purpose, we find that the make of iron, after having of the country. The heaviest falling off occurred in
dropped from 3,867,694 tons in May 1923 to 2,894,295 the territory east of the Mississippi and north of the
tons in November 1923, thereafter gradually in- Ohio and Potomac rivers. This is the section which
creased, amounting to 2,920,983 tons in December contains the country's great manufacturing indus1923; 3,018,890 tons in January 1924; 3,074,757 tons tries and also some of the largest coal mines—those
in February and 3,466,086 tons in March, then tributary to these manufacturing industries. The
dropped back to 3,233,428 tons in April, to 2,615,110 roads in this territory are the ones which made the
tons in May and to only 2,026,221 tons in June, with largest gains a year ago in tonnage and revenues, and
a further decline, after the close of the half year, to it is only natural that their 1924 losses should be
1,784,899 tons in July. For the first six months of in proportion to their 1923 gains. Western roads
1924 the production of iron, according to the official last year were by no means favored in the same way
statistics prepared by the American Iron & Steel In- or to the same extent as Eastern roads by the great
stitute (which differ only from those of the "Iron activity in trade. In the first place they lack the
Age" in that the "Age" does not take account of the industrial districts so common in the East, and also
small amount of iron produced with charcoal as the coal tonnage, the population being made up very
fuel) foots up only 17,514,485 tons, as against 21,- largely of agricultural communities, and in addi016,475 tons in the first half of 1923. As illustrating tion these agricultural communities in 1923 found
still further the very pronounced depression in the themselves in a rather poor state because of the low
steel trade, we might refer to the unfilled orders re- prices prevailing for their products in the markets
ported each month by the United States Steel Cor- of the world.
poration. These, after having risen from 4,368,584
The coal traffic is an important item of freight
tons on Nov.30 1923 to 4,912,901 tons on Feb. 29, de- with most Eastern roads and the coal tonnage naturclined each succeeding month and July 31 were down ally fluctuates with the course of trade. The presto 3,187,072. tons, being the lowest figure in over ent year the coal traffic fell off not only because of
thirteen years, or since May 31 1911, and comparing the relapse in trade, but because there also seemed
with 11,118,468 tons only four years ago, on July 31 to be a decided disinclination to stock up in antici1920.
pation of future needs. How this coal traffic, which
The bearing of all this on the analysis of railroad is one of the largest single items of traffic with most
earnings for the half year will be readily appre- roads, and surpasses all other items in size on many
ciated. It shows that the railroads had to contend Eastern roads, must have fallen off in 1924 may be
with business depression, but that this depression judged from the great contraction which occurred
can be said to have been operative only during a lit- in the amount of coal mined during the half year.
tle more than the last three months.It is obvious that According to figures compiled by the United States
the lossin earnings must be attributed almost wholly Geological Survey, the quantity of bituminous coal
to the slump in trade, and it is equally obvious that mined in the six months of 1924 was only 227,565,000
862
-
THE • CHRONICLE
[VOL. 119.
net tons, against 273,270,000 net tons in the first six registered a temperature of as low as 12 degrees
months of last year, and the quantity of anthracite above zero. Previously the temperature in this city
on March 31 had never been below 25. Furthermore,
45,919,000 tons, against 51,169,000 tons.
As bearing on the shrinkage in aggregate tonnage dispatches from Washington, D. C., reported the
of all classes in the different sections of the country, coldest 1st of April ever experienced at many points
some figures are available, prepared by the Bureau east of the Mississippi River, with the mercury in
of Railway Economics, which throw a great deal of Washington down to 15 degrees, 7 degrees under the
light on the subject. It is found that freight traffic record set April 19 1875, and lower than ever regisduring the first six months of 1924 fell over 9% be- tered after March 21 in any year since the establishlow that of the corresponding period in 1923, when ment of the Washington Weather Bureau in 1870.
freight business on the railroads was, as already On the other hand, in Oregon and the State of Washpointed out, the largest for that period in history. ington, all heat records were broken the last week of
The true measure is the number of tons moved one March in 1923, with temperatures at 82 in Portland,
mile. The aggregate of this was 204,636,000,000 in Ore., and 812 at Vancouver, Wash., etc. But the
/
1
the first half of 1924, or 20,850,000,000 ton miles be- cold was not so much a drawback as the snowfalls
low that of the first six months of 1923. Consider- and the snow blockades. Added to the numerous
ably over one-half of this vast tonnage movement, or snow storms in February which had so seriously in104,353,238,000 ton miles, was handled in the East- creased operating costs, more particularly hi New
ern district, and here the decrease from last year was England and northern New York, there were other
12.1%. In the Western district the tonnage move- snow storms during March,some of these in the West
ment one mile was 71,307,947,000, or 5.6% under attaining the dimensions of blizzards. The result
that for 1923, and in the Southern district 28,974,- was that virtually everywhere except in the South,
operating costs were heavily augmented-from all of
620,000 ton miles, or a decrease of 7.6%.
In one particular the steam carriers had a decided which an idea can be gained of what an advantage
advantage the present year, namely in the weather the complete freedom from such drawbacks and obconditions. In other words, the winter of 1924 was structions was in 1924.
As far as the movements of the leading staples are
nearly everywhere extremely mild, whereas in 1923
the winter in northern latitudes was of unusual concerned, Western roads, besides suffering from
severity. This was of great aid in enabling railroad the adverse effects of the slowing up in trade, had to
managers to hold down expenses, and made a tremen- contend with a smaller grain traffic. Farmers
dous difference in the case of the New England seemed disinclined to market their grain in face of
roads which in the early months of 1923 failed in the low prices prevailing, though some improvement
many instances to earn even bare operating expenses
values occurred in June and a still bigger imbecause of the extraordinary outlays required at that provement in July after the close of the half year.
time to remove snow and keep roads open. The pres- Corn moved in somewhat larger volume, but wheat,
ent year hardly any obstructions of a serious nature oats, barley and rye all moved to market on a diminover large areas from snow and ice or from extreme ished scale. And the further shrinkage in 1924 was
cold was encountered anywhere in the United States. the more noteworthy as there had been a falling off
Contrariwise, in 1923 the situation, as just stated, also in the preceding year. At the Western primary
was the exact reverse, and the winter was more than markets the receipts of wheat, corn, oats, barley and
ordinarily severe in many parts of the country. In rye were only 370,634,000 bushels in the first 26
January last year all the New England roads, as weeks of 1924, against 403,478,000 bushels in the
also the roads in northern New York, had to con- same 26 weeks of 1923 and 463,610,000 bushels in the
tend with very heavy snowfalls-the heaviest in any corresponding period of 1923. The details of the
winter month for a very long time and in some cases Western grain movement in the usual form appear
possibly the heaviest ever experienced, roads like the in the table which we now subjoin:
Delaware & Hudson suffering very severely as a reWESTERN FLOUR AND GRAIN RECEIPTS.
Corn.
Oats.
1Wheat.
Barley,
Flour.
Rye.
sult. The storms do not appear to have been in the Jan. 1 to
(bush.)
June 28.
(bush.)
(bush.)
(bush.)
(bbls.)
(bush.)
nature of blizzards, but they were very heavy and Chicago
1924.... 5,681,000 8,017,000 49,281,000 30,529,000 4,171,000 1,048,000
numerous, coming repeatedly, so that the aggregate
1923.... 6,336,000 9,663,000 54,613,000 32,919,000 4,118,000 3,176,000
Milwaukee
fall was exceedingly large. And the cost of keep1924.... 866,000
726,000 9.107,000 6,207,000 3,732,000
681,000
1923.... 464,000 1,409,000 8,352,000 9,841,000 3,779,000 1,552,000
ing the roads open was enormously increased St. Louis
1924____ 2,507,000 10,614,000 22,216,000 18,018,000
thereby. In February last year New England and
380,000
122,000
1923.... 2,267,000 14,043,000 15.595,000 17,603,000
344,000
637,000
northern New York continued to be affected in the Toledo.
-1924_
3,183,000 2.529,000 1,886,000
34,000
285,000
same way, and the trouble extended to many other
1,713,000 1,365.000
1923_
2,182.000
9,000
514,000
practically Detroit
sections of the United States
-in fact to
1024__
1,161,000 1,335,000
709,000
1,000
4,000
762,000
1,005,000 1,928,000
1923....
all parts of the country outside of the South-and
Peoria
railroad transportation was as a consequence greatly
7,714,000 5,393.000
1924_ 1,132,000
497,000
9,000
529,000
1923____ 944,000
602,000 9,556,000 7,145,000
202,000
183,000
embarrassed, so much so that for the railroad system Duluth
1924_
9,162,000 7,346,000 2,233,000
579,000 6,891,000
of the United States as a whole the augmentation in
19,925.000
1923_
307,000
184,000
955,000 10,441,000
expenses again overtopped the gain in gross earnings, Minneapolis
1924__
14,000 33,216,000 9,104,000 9,480,000 5,238,000 2,587.000
50,921.000 4,234,000 8,802,000 6,050,000 6,446,000
1923
causing a loss in the net. In March also in nearly
the whole of the northern half of the country quite Kansas City
1924
16,260,000 13,232,000 3.759,000
7,000
1923....
5.000
3,000
8,000
unusual weather conditions were experienced in Omaha ce Indianapolis 24,765,000 9,445,000 5,805,000
7,779,000 25,121,000 11,891,000
1924_.
last week of the month
1923. Here in the East the
1923_ 9,266,000 21,539,000 12,757,000
the Weather Bureau in this city on several days re- Sioux Ciiy1924_
729,000 4,818,000 2,072,000
30,000
29,000
ported the lowest March temperature records during
1923_
St. Joseph
its existence. And the cold persisted right up to the
1924_
3,072,000 5,285,000
596,000
1923_
2,480.000 3.413,000
922,000
close of the month. On the night of March 31-April Total All
1924____10,200.000 93,964,000 158,914,000 93,399,000 14,703.000 11,654,000
1, the latter being Easter, the official thermometer
1923____10,016,000 136,018,000 129,772,000 99,271,000 15,446.000 22,971.000
AUG. 23 1924.]
THE CHRONICLE
863
increase of 20%. On the other hand, the decrease of
12% made by the Labor Board,effective July 1 1921,
was a factor in lowering expenses in the first half of
1922.
It must be particularly remembered, however, that
previous to 1921 expenses had been mounting up in a
frightful way, until in 1920 a point was reached
where even the strongest and best managed properRECEIPTS OF FLOUR AND GRAIN AT SEABOARD JAN. 1 TO JULY 1.
ties were barely able to meet ordinary running ex1924.
1923.
1922.
1921.
1920.
Receipts ofbbls_ 13,033,000 12,320,000 12,049,000 11,789,000 10,195,000 penses, not to mention taxes and fixed charges. And
Flour
bush_111,386,000 122,248,000 91,293,000 97,169,000 65,681,000 it is these prodigiously inflated expense accounts
Wheat
13,063,000 32,461,000 89,348,000 40,725,000 8,940,000
Corn
Oats
22,237,000 21,833,000 35,339,000 23,452,000 10,270,000 that furnished the basis for the savings and econoBarley
6,067,000 5,707,000 8,251,000 8,289,000 5,726,000 mies that were
effected in 1921 and 1922. As com9,044,000 19,358,000 16,170,000 12,341,000 27,845,000
Rye
pared with 1920 the roads in both 1921 and 1922 also
Total grain
161,797,000 213,927,000 240,401,000 181,976,000 118,642,000
had the advantage of much more favorable weather
The Western live stock movement as a whole also
conditions. In 1921 the winter was exceptionally
appears to have been somewhat smaller than that
for the six months of 1923. At Chicago the deliveries mild and much the same was true of the winter of
comprised 144,741 carloads in the half year of 1924, 1922, though this last is declared to have been a hard
-in Wyoming and
against 144,160 in the half year of 1923, and at one in certain special sections
Omaha 67,450 cars, against 64,067, but at Kansas Montana, for instance, and contiguous territory. In
City the receipts were only 54,843 cars, against 60,- 1920, on the other hand, not only was the winter un601.
usually severe, but many other adverse influences
Southern roads had the advantage of a somewhat and conditions existed at the time, all combining to
larger cotton movement, and they also had, the same cut down the net, and in our review of the earnings
as in the previous year, the benefit arising from the for this half-year period we were prompted to say
high market price of the staple, though as against that it was not likely that we would ever be called
this they felt the ill effects of business depression, upon to record a poorer statement of net earnings of
particularly in the iron and coal districts. The
United States railroads for any period of six months
gross shipment overland for the six months of 1924
than that for the first half of 1920. Rising costs of
were 449,055 bales, against 499,367 bales in the six
months of 1923; 778,043 bales in 1922; 1,245,165 operation-induced by wage increases, advancing
bales in 1921; 1,105,534 bales in 1920; 1,250,995 prices for material, fuel, supplies and everything
bales in 1919; 1,293,570 bales in 1918; 1,106,698 bales else entering into the operating accounts of the railin 1917 and 1,308,594 bales in 1916. At the Southern roads, and by heavy extra expenses arising out of
outports the receipts were 1,809,719 bales in 1924; special unfavorable circumstances of one kind or
1,544,874 bales in 1923; 2,381,861 bales in 1922 and another-it was stated had been a feature of railroad
2,816,042 bales in 1921. Full details of the latter affairs for many years, but in 1920 the movement,
unquestionably, might be said to have reached its
appear in the table we noiv subjoin:
climax and its apex, many of the roads failing to
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE 30.
earn bare operating expenses. Altogether the result
Since January 1.
of this array of unfavorable influences on earnings
1924.
1923.
1922.
1921. 1 1920.
1919.
in the first half of 1920 was that as against a gain in
595,274 487,598 876,815 1,291,142 860,567 879,398
Galveston
our compilations
261,659 196,421 243,966 234,725 208,943 114,985 gross earnings of $358,015,357
Texas City, &c
543,512 485,482 538,726 676,483 713,368 709,569
New Orleans
showed an addition to expenses of no less than $425,Mobile
19,783
44,616
79,692
49,036
86,856
67,629
4,778
Pensacola, dm
3,683
8,663
14,397
15,864
7,713
Savannah
179,275 168,834 344,906 310,549 439,601 488,015 461,941,leaving the net diminished in amount of $67,Brunswick
64
14,096
3,447
4,316
65,327
86.230
46,128
Charleston
72,080 106,633
45,863 265,185 101,973 446,584.
Wilmington
32,687
26,062
40,833
41,239
47,208
81,347
Norfolk
101,726
It should be noted, furthermore, that the falling
81,484 127,531 147,269 130,620 186,124
Newport News
1,023
2,727
1,329
off in net in 1920 was merely one of a long series of
Total
1,809,719 1,544,874 2,381,861 2,816,042 2,836,266 2,775,312
losses in net. In the first six months of. 1919 the
We have stated above that the present year's de- higher rates then in force (as compared with 1918)
crease of $225,987,341 in gross and $54,000,364 in for the transportation of passengers and freight
net followed no less than $480,926,565 gain in gross barely sufficed to meet the great rise in expenses;
and $117,564,651 gain ill net in 1923. It is impor- our compilations then showed $265,635,870 addition
tant to note furthermore, however, that this improve- to gross earnings, with a coincident increase in exment in net last year came after large increases in penses of $265,952,855, leaving net slightly smaller,
1922 and the year before, too, the improvement, how- namely by $316,985. In the preceding two years the
ever, in those two years coming entirely as a result results were equally bad, huge increases in expenses
of savings in expenses, gross earnings in both 1922 acting to cause heavy losses in the net. For instance,
and 1921 having recorded losses. In 1922, as against in 1918 the addition to expenses (over 1917) reached
$63,399,701 decrease in gross, the saving in expenses the prodigious sum of $457,054,265, or about 34%,
was $281,731,725, affording, therefore, a gain in net with the result that a gain of $181,848,682 in gross
earnings of $218,332,024. In 1921, in like manner, was turned into a loss of no less than $275,205,583 in
though there was $67,476,090 loss in gross, this was the net, or over 50%. Not only that, but in 1917 a
turned into a gain of $141,808,030 in net by a reduc- gain of $205,066,407 in gross was concurrent with an
tion of $209,284,120 in expenses. The 1921 reduction addition of S212,222,155 to expenses, leaving a loss
in expenses would have been very much greater than of $7,155,74S in net. For the four years combined
actually recorded except that the railroads were op- (1920, 1919, 1918 and 1917) the loss in net aggreerating under much higher wage scales, the United gated $350,124,900. In the following we furnish the
Yalf-yearly comparisons back to 1906:
States Labor Board having in July 1920 air'*sled an 9
The falling off at the Western primary markets
found its counterpart in the receipts at the seaboard.
For 26 weeks in 1924 these receipts at the seaboard
reached only 161,797,000 bushels, as against 213,927,000 bushels in the same period of 1923 and 240,401,000 bushels in 1922, though as against this decrease
there was a small increase in the flour receipts, as
•
will be seen by the following:
864
THE CHRONICT,E
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Increase or
Preceding. Decrease.
Jan.1 to June 30
1906. 923,554,268 815,486,025 +108,068,243 272,101,047 226.345,85 +45,755,192
1907. 999,082,691 884,426,163 +114,656,528 280,697,496 261,423,94€ +19,273,550
1908. 883,860,965 1036,729,56
172,868,59 231,254,071 294,738,973
3,484,902
1909.1172185.403 1051,853,19 +120,332,208371.591,341 294,951,102 +76,640,239
'
1910.1351,570,837 1172,481,315 +179,089,522 108,380,483 371,562,668 +36,817,815
1911.1310,580,765 1339,539,563 -28,958,798 378,852,053 404,569.430 25,717,377
1912.1365,355,859 1309,005,353 +56,349.506 373,370,171 375,407,648 -2,037,477
1913.1502,472,942 1366,304,19 +136,168,743 400.242,544 373.442,875 +26,799,669
1914.1401,010,280 1486,043,706 -85,033,42€ 343,835.677394,495,88
50,660,208
1915.1407,465,982 1447,464,542 -39,908,560 394,683,548 347,068,207 +47,615,343
1916.1731,480,912 1403,448,334 +328.012.578559.476,894 393,225,507 +166151381
1917. 1945.395,681 1741,329,27, +205,066,407 555,683,025 562,818,773 -7,155,747
1918.2071,337,977 1889,489,29 +181,848,682 265,705,922 540,911,505 -275,205,588
1919.2339.750,122 2074,114,256 +265,535,870285.007.119265.324.144
-316,985
1920. 2884.672,507 2326,657,150 +358,015,357 195,582,649 263,029,233
7,446,584
1921. 2571.389.048 2738.845,138 -67,476,090 310,890,365 169,082,335 +141808030
1922.2802,347.011 2680,747,212 -63,399,701 530,420,651 312,088,627 +218332024
1923.3086,129,793 2605,203,228 +480,926,565649,131,565 531,566.924 +117564641
1924.2860,947,474 091,934,815-225,987,341 597.878,199 651.828,561 -54.600,364
[Vol.. 119.
crease. For the entire Pennsylvania System,including all roads
owned and
controlled, the result is a decrease in grass of $40,527,067.
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
New York Central System, the result is a loss of $47,356.692. to form the
PRINCIPAL CHANGES IN NET EARNINGS FOR SIX MONTHS
ENDED JUNE 30.
Increase.
Decrease.
Lehigh Valley
$4.721,213 Chicago Milw & St Paul_ $3,262,963
Missouri Pacific
3,116,054
C C & St Louis
2,994,096
Delaware Lack & West
2,755,244 Southern Pacific (8)_
2,775,124
Great Northern
2,329,927 Louisville & Nashville_
2,470,871
Boston & Maine
2,212.141 Bessemer & Lake Erie
2,237,329
N Y N II & Hartford_ _ _ 1,834,600 Pennsylvania
a2.083,074
Northern Pacific
1,778,790 NY Chicago & St Louis_ 2,000,074
Missouri
-Kan-Tex (2)
1,522,140 Elgin Joliet & Eastern
1,848,780
Union Pacific (4)
1.443,277 Erie (3)
1,809,535
Chicago R I & Pac (2)
1,433,862 Minn St Paul & S S M
1,601,964
Yazoo & Miss Valley_ - _ 1,419,631 Grand Trunk Western-- 1,535,695
Chesapeake & Ohio Lines 1,386,550 Illinois Central
1,442,822
New Orl Tex & Mex (3)- 1.334.565 Virginian
1,344,766
Atlantic Coast Line
963,431 Union RR (Penn)
1,333,481,
Texas & Pacific
939,539 Minn k St Dr"'
14
.57,280
1
Detroit Tol & Ironton_ -725,023 Pere Marquette
1,226,479
Colorado Southern (2)
702.755 Duluth Miss & Northern 1,012.895
Denver & Rio Grande_ - _
688,006 Southern Ry
1,012,224
Maine Central
523,118 St Louis Southern (2)- -653,779
Chicago St East Illinois
605,407
Representing 27 roads
Cm N 0& Texas Pacific_
568.447
In our compilation_ -$31,829,866 St Louis-San Fran (3)-- _
568,426
Chicago & Alton
567,008
Decrease. Western Pacific
555,237
N Y Central
669,624,795 Alabama Great Southern
537,202
Reading Co
9,311,090 Wabash
502,559
Atch Top & Santa Fe (3) 8,799,169
Baltimore & Ohio
7,804.752
Representing 45 roads
Pittsburg & Lake Erie - 4,636.882
in our compilation-677,984.205
actzmi-- a lids is the result for the Pennsylvania KR. (including the former
Pennsylvania Company). the Pennsy yenta RR. reporting $2,083,074 decrease. For the entire Pennsylvania System, including all roads owned and
controlled, the result is a decrease in net of $1,859,932.
S These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Micttigan Central, the "Big Four," &c., the result Isla lossZof $21,188.739.
It is scarcely necessary to say that in the case of
the separate roads or systems this year's showing is a
duplicate of that of the general totals. As trade
reaction has played such an important part in reducing traffic and revenues, that influence is naturally reflected in the returns of the separate companies and we find, therefore, a long list of lossses
in the gross, some of huge amount, with a comparatively small list of increases, though a somewhat
shorter list of losses in net with a more extended list
When the roads are arranged in groups or geoalso of increases in net. Reductions in expenses are,
graphical divisions according to their location, we
of course, chiefly responsible for the gains in net,
and the New England roads hold a prominent place find what would be expected from the widespread
among these gains in net, since they were spared in influence of business reaction, namely a falling off
1924 the heavy outlays made necessary in 1923 by in gross and net alike all around. In other words,
the severity of the winter. As reflecting the effects every group records a falling off in gross and every
of business depression in the case of Eastern roads, group also a falling off in the net, with the exception
we may note that the Pennsylvania RR. system, in- of Group No. 1, composed of the New England roads,
cluding all roads owned and controlled, suffered a which shows a handsome gain, and the reason for
decrease for the six months of no less than $40,527,- that is found, of course, in what has already been
067, but managed, through reductions in expenses, to said, namely reduced expenses due to the mild wincut the loss in net down to $1,859,932. The New ter of 1924 in contrast with the exceptionally severe
York Central reports a loss in gross of $30,842,849 winter of 1923. While every group shows a diminand in net of $9,624,795. This is for the New York ished gross, the ratio of falling off varies considerCentral proper. Including the various auxiliary ably in the different sections for the reasons aland controlled roads, like the Michigan Central, the ready indicated, being heaviest on Eastern roads and
"Big Four," etc., the whole going to form the New in the group of Northwestern roads. Our summary
York Central System, the result is a loss of $47,356,- by groups is as follows:
SUMMARY BY GROUPS.
692 in gross and of $21,188,739 in net. And the BalGross Earnings
Jan. 1 to June 30.
timore & Ohio has fallen $10,074,122 behind in gross
1924.
1923.
Inc.(+)or Dec.(-)
Section or Group-6
$
$
%
and $7,804,752 behind in the net. In the following Group 1 (9 roads), New England _ 126,654.988 135,571,341 -8,916,355 -6.54)
Group 2(33roads),East dr Middle 911.493,691 1,031,390,601-119,896,910-11.63
Group 3(27
we show all changes for the separate roads for Groups4 roads),Middle West _ 259.468,488 282,326,122 -22,857,634 -8.10
& 5(34 roads), Southern 430,558,285 434,611,721 -4,055,436 -0.93
Groups &
amounts in excess of $500,000, whether increases or Groups6 & 7(29 roads),Northw _ 558,769,276 620,133,282 -61,364,006 -9.90
8 9(49 roads),Southw_ 422,259.270 428.580,239 -6,720,969 -1.57
Group 10(12 roads),Pacific Coast 156,745,478 158,921,509 -2,176,031 -1.37
decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR SIX MONTHS
ENDED JUNE 30.
Increase.
Decrease.
Missouri Pacific
63.184,183 Minn St Paul & S S M
$2,747,910
Ches & Ohio Lines
2,943,026 Union Pacific
2.547,870
New On Tex & Mex (3)_ 1,948,382 Chicago R I &(4)
Pacific (2) 2,214,047
Florida East Coast
1,505,011 Besseaner & Lake Erie_
2.134,252
Atlantic Coast Line
1,256,857 West Maryland
2,105,373
Lehigh Valley
1,040,102 NY Chicago & St Louis_ 2,071,845
Detroit Toledo & Ironton 1.000,178 Pere Marquette
1,943,369
Los Angeles & Salt Lake_
946,942 St Louis Southwest (2)_ - 1,933,794
Internat-Great Northern
857.878 Virginian
1,882,009
San Antonio & Aran Pass
694,219 St Louis-San Fran (3)_
1.750,485
Seaboard Air Line
644.954 Central New Jersey
1,738,946
Chicago & Alton
1,568,007
Representing 13 roads
Chicago & East Illinois_ - 1,447.107
in our compilation_ _$16.021,732 Southern Pacific (8)_ - - 1,380,370
Missouri
-Kan-Texas (2)_ 1.222,199
Decrease. Chicago Great Western_ _ 1,191,665
Pennsylvania__ _ ______ a$40,193,012 Minneapolis& St Louis_ - 1,144,507
New York Central
630,842.849 Duluth Miss & North..., 1,130,617
Baltimore & Ohio
19.074,122 Cin N 0 & Texas Pac_
937,025
Illinois Central
9,787.316 Denver & Rio Grande_ - _
848,625
Reading Co
9,144,755 Delaware & Hudson_
792,140
Chicago Burl & Quincy
8,836,792 KC Southern
781.551
Chic Milw & St Paul
8,812.177 West Jersey & Sea Shore_
740,143
Erie (3)
8,618,430 New Orleans & N E
708,734
Atch Top & Santa Fe(3) 7,604,895 Chicago Ind & Louisv_
601,405
Great Northern
6,866.046 Louisville & Nashville
594,610
Chicago & Northwestern 6,622,759 Caro Clinch & Ohio_
572,011
Pittsburgh & Lake Erie_ _ 6,406.000 Union RR (Penn)
546.771
C C C & St Louts
5,235,898 Chic St P Minn & Omaha
536.088
Southern Ry
4,829,389 Monongahela
525,522
Reston & Maine
4,466,104 Port Reading
524,250
Michigan Central
4.134.578 Lehigh & New England
523,329
Northern Pacific
4,039,679 Grand Trunk Western_ _
513.849
Buffalo Roth & Pitt-sb_ - 3.734.176
NYNH& Hartford_ _ _ 3,503,523
Representing 73 roads
Elgin Joliet & Eastern-- 2,806.390in our compilation_6237.47a,315
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company), the Pennsylvania RR. reporting $461,193,012 de-
Total (193 roads)
Group 1
Group 2
Group 3
Groups 4& 5
Groups 6 & 7
Groups 8 & 9
Group 10
2 865.947,474 3,091,934,815 -225,987,341-7.31
Mileage-Net Earnings
1924.
1923.
Inc.(+)orDec.(-)
1923.
1924.
$
$
$
%
7,473 24,452.842 19,961,179 +4,491,663+22.49
7,374
34,657 34,472 181,425,544 208,614,278-27,188,734-13.03
15,985 15,885 60,942.435 79,063,722-18,121,287-22.92
38,949 39,050 103,707,440 105,576.720 -1,869,280 -1.77
63,247 63,252 107,695,108 116,480,428 -8,785,320 -7.55
55,102 55.158 80,794,458 81,708,870 -914,412 -1.12
16,946 16,880 38.810,372 40,423,366 -1,612,994 -3.99
Total
232 260 232,170 597,828,199 651,828,563-54,000,364 -8.28
NOTE.
-Group I includes all of the New England States.
Group II includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III Includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV and V combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI and VII combined include the northern peninsula of Michigan, all o
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII and IX combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X includes all of Washington, Oregon. Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
As part of our analysis, we also introduce the following statement, affording a comparison of the
earnings, gross and net, for the different months. It
is a striking and significant fact, corroborating what
has already been said about the reaction in trade in
AUG. 23 1924.]
1924 after early improvement, that February is the
only month recording improvement either in gross
or net. All the other months show losses in both.
Even January is no exception to the rule, notwithstanding the temporary revival in trade which we
have noted above was then in progress. Evidently
the revival had at that time not yet made sufficient
headway to make its influence felt in the revenue returns of the road. Our summary of the monthly
totals is as follows:
Gross Earnings.
Net Earnings.
3Iorah.
1924.
1923.
Increase or
Decrease.
1924.
1923.
Increase or
Decrease.
$
S
•
$
$
S
$
January467,887,013 501,497,837-33,610,824 83,953,867 93,366,257 -9,412,390
February477,809,944 445,870,232 +31,939,712104.117,278 70,729,908+33,387,370
March__ 501,016,11; 534,644,454 -30,628,346 114,754,514 117,668,590 -2,914.076
April_ __ 474,094.758 322,336,874-48,242,116101,680,719122,974,961-21,294,242
May ___ 476,458,749 548,934,882-70,476,133 96,048,087126,496,159-30,448,063
June ___ 464.759,956 540,202,29575,442,339101,527,990124,374,5921-22,846,602
-Percentage of increase or decrease in net for above nionths has been:
Note.
January, 10.08% decrease; February, 47.19% increase; March, 2.47% decrease;
April, 17.32% decrease; May, 24.07% decrease; June, 18.37% decrease. In January the length of road covered was 238,698 miles in 1924, against 235,886 miles in
1923; in February, 235,506 miles, against 235,876 miles; in March, 235,715 miles,
against 236,520 miles;in April, 235,963 miles, against 235,665 miles:in May,235,894
miles, against 234,452 miles; in June, 236,001 miles, against 235,691 miles.
We now give our detailed statement for the half
year. It shows the results for each road separately,;
classified in groups, as in the table given further
above:
EARNINGS OF UNITED STATES RAILROADS JAN. 1 TO JUNE 30.
Net
1924.
Group I.
1923.
1924.
1923.
Inc. or Dec.
New England$
3
Bangor & Aroostook 3,703,494
3,4913,433
1,035,783
780,466 +255,317
38,419,626 42,885,730 6,048,351
Boston &
3,836,210 +2,212,141
Canadian NationalAti & St Lawrence 1,282,702
1,745,134 def216,254 def177,140
-39,114
C D & Gr Tk Jet-See Group III.
Det Gr 31 & Milw-See Group III.
Central Vermont_ _
4,280,638
4,355,650
377,502
361,600
+15,902
Inter Ry Co of Me__ 1,528,203
1,591,271
192,262
235,195
-42,933
Maine Central
10,310,838 10,404,530
1,809,645
1,286,527 +523,118
NYNH& Hartford 62,479,940 65,983,463 13,681,994 11,847,394 +1,834,600
NY Connecting_ _ _ _ 1,420,556
1,788,791'
994,277
1,297,460 -303,183
Rutland
.3,228,989
3,326,339
529,282
493,467
+35,815
Total (9 roads)_ _126,654,986 135,571,341
24,452,842
Gross
-
Group II.
1924.
1923.
1924.
$
East & Middle$
$
1,817,453
Atlantic City
1,904,927 def184,379
Baltimore & Ohio_ _110,723,267 129,797,389 22,479,210
985,452
Buffalo & Susq
1,419,634
def56,127
Buff Roch & Pittsb _ 8,070,083 11,804,259
910,206
721,657
Bklyn ED Term_ __
839,057
295,691
Central New Engl'd 4,013,618 3.670,252
1,155,226
Central New Jersey_ 26,800,610 28,539,556
4,719,365
Delaware & Hudson 22,169,430 22,961,570
3,211,819
Del Lack & west,,, 42,890,674 43,200,096 10,153,725
Erie
51,370,999 60,043,281
7,495,968
Chicago & Erie-See Group III.
775,239
770.322
NJ&NY
126.048
1,457,955
Lehigh & Ilud Ely_ 1,575,758
462,286
Lehigh & New Eng. 2,507,292
3,030,621
493,391
Lehigh Valley
37,320,730 36,280.628 6,876,570
1,353,266
Monongahela Conn_ 1,098,788
92,549
Montour
732,637
1,186,792
36,401
N Y Central
183,133,728 213,976,577 44,116,513
For other auxiliary and controlled lines see Group III.
NY Ontario & West 5,944,060 6,393.439
721,034
N Y Swig &West_ 2,283,613 2,523,411
108,015
Penn Lines East & West of Pitts
Pennsylvania _ __ _315,937,359 356,130,371 61,111,408
Bait Ches & Atl_ _
617,970
652,883
def91,648
Long Island
16,080,169 15,631,133 2,886,344
Monongahela_ ___ 2.324,681
2,850,203
704,605
West Jer & Seash_ 5,492,364 6,232,507
470,654
Perklomen •
581.007540,654
233,605
Pitts & Shawmut__.
514,071
711,908
def53.868
Pitts Shaw & Nor__
657,410
764,967
def19,521
Port Reading
988,961
1,513,211
350,081
Reading Co
46,362,289 55,507,044
9,955,297
Staten Island R T,. 1.286,439
1,196,099
47,542
Ulster & Delaware
653,570
792,132
45,995
Union RR (Penn)._ 5,436,746
5,983,517
118,199
Western Maryland_ 9,625,567 11,730,940
2,453,250
19,961,179 +4.491,663
Net
1923.
Inc. or Dec.
33,557 -217,936
30,283,962 -7,804,752
203,743 -259,870
1,159,276 -249,070
391,831
-96,140
695,361
+459,865
4,707,566
+11,799
3,301.160
-89,341
7,398,481 +2,755,244
9,847,704 -2,351,736
100,325
+25,723
489,047
-26,761
847,925 -354,534
2,155,367 +4,721.213
239,953 -147,404
429,445 -392,954
53,741,308 -9,624.795
433,966
302,494
+287,068
-194,479
63,194,482 -2,083,074
def188,971
+97,323
2.988,139 -101,795
977,837 -268.232
529,786
-59,132
210,229
+23,376
def16,718
-37,150
def28,194
+8,673
797,090 -447,009
19,266,387 -9,311,090
28,255
+19.287
92,795
-46,800
1,451,680 -1,333,481
2,554,020 100,770
Total(33 roada)_ _911,493,631 1031390601 181,425,544 208,614,278-27.188,734
Net
Group III.
1924.
1924.
1923.
1923.
Inc. or Dec.
Middle 1Vest.
Ak Can & Youngst_ 1,331,810
1,337,586
519,117
528,093
-8,976
Ann Arbor
2,685,229
2,503,920
539,753
278,868 +260,885
Bessemer & L Erie
6,775,918 8,910,170
773,611
3,010,940 -2,237,329
Canadian NationalAtl & St Lawrence-See Group I.
CD&CGrTJct_ 1,573.8431,748,292
761,750
969,152 -207,402
Del G H & Milw_ 3,279,744
3,299,238
708,947
796,673
-27,726
Chic Ind & LOWEIV_ _ 8,391,819
8,993,224 2,086,947
2,332,371 -245,424
Chic Ind & West__ _ 2,115,214
2,312,794
297,095
368,477
-71,382
Detroit & Mackinac
934,095
898,217
123,334
14.693 +108,641
Det & Toledo Sh L. 1,738,160
2,187,371
683.085
1,131.233 -448,148
Det Tol Az Ironton
6,031,614
5,031,436
2,435,860
1,710,837 +725,023
Detroit Terminal_
1,191,025
1,071,866
320,906
373,613
-52,707
Erie-See Group II.
Chicago & Erie
6,952.533 6,903,598 2,487,858
1,971,380 +516,478
NJ & N St
Group II.
-See
Evans Ind & T Haute 854,311
802,945
203,475
160,316
+43,159
Grand Trunk West_ 9,330,343 9,844,192
1,307,290 2,842,985 -1,535,695
Hocking Valley_ _ _ _ 8,174,304 8,632,724
2,150,087
2,041,924 +108,163
744,684
Lake Sup 6z Ishp__ _
935,631
106,539
195,216
-88,677
517,073
Lake Terminal
570,825 def24,786
59.820
-84,606
Newburgh & So Sh_ 1,005,021
1,061,090
81,615
164,855
-83,240
-See Group II.
N Y Central
2,665,794
715.811
Cine Northern... 2,352,942
839,952 -124,141
9,442,252 12,436,348C C C & St Louis_ 42,623,775 47,859,673
2,994,096
-See Groups VI and VII.
Ind Harbor Belt
Michigan Central 44,201,484 48,336,062 12,472,632 15,924,731 -3,452,099
3,485,777
Pittsb & L Erie._ 16,459,939 22,865,939
8,122,659 -4,636,882
6,226,296
N Y Chic & St Louis 26,948,861 29,020,706
8,226,370 -2,000,074
4,266,938
Pere Marquette_ _ _ _ 20,321,249 22,264,618
5,493,417 -1,226,479
1,816,941
Pittsb & W Virginia 1,907,161
491,840
425,469
+66,371
865
THE CHRONICLE
gross
1924.
Wabash
Wheeling & L Erie
1923.
$
31,888,466 31,784,135
9,137,871
8,667,135
1924.
$
6,287,630
1,930,776
Net
Inc. or Dec.
1923.
$
$
6.790,189 -502,559
+77,635
1,853,141
Total(27 roads)__259,468,488 282,328,122 60,942.435 79,063,722-18.121,287
Nd
-Gros
Inc. or Dec.
1923.
Groups IV. & V. 1924.
1924.
1923.
$
3
-38,688
389.309
Alabama & Vicksb__ 1,721,007
1,671,790
350.621
-67,863
350,213
Atlanta & WestPt__ 1,438,249
1,451,151
282,350
def58,667 +216,360
Atl Birm & Atlantic 2,338,039 2,286,876
157.693
Atlantic Coast Line_ 44,782,644 43,525,787 14,129,299 13,165.868 +963,431
1,361.175 -103,891
Caro Clinch & Ohio_ 4,148,424 4,720.435
1,257,284
-5,754
Central of Georgia__ 13,141,171 13,187,511
2,742,937 2,748,691
560,287 -206,536
Charles& West Caro 1,970,777
2,030,804
353,751
Ches & Ohio Lines__ 51,207,885 48,264,859 12,432,058 11,045,508 +1,386,550
+15,737
82,975
Columbus & Greens
750,196
739,030
98,712
-45,984.
4,178,063
Florida East Coast_ 10,925,104 9,420,093 4,132,079
597,962 -124,467
Georgia
2,938,797
3,014,150
473,495
+6,116
848,045
851,237
186,165
192,281
Georgia & Florida
+61,146
456,574
1,759,630
1,640,403
517,720
Gulf& Ship Island
+85,285
743,519
Gulf Mobile & Nor_ 2.951,788 2,922,732
828,804
-See Groups VI. & VII.
Illinois Central
2,412,545
992.914 +1.419.631
Yazoo & Miss Val. 10,155,896 9,916,773
Louisv & Nashville_ 66,028,285 66,622,895 10,779,181 13,250,052 -2.470,871
1,701,815
351,411
479,499 -128,088
Louisv Hend & St L. 1,711,169
+41.990
243,991
202,001
902,157
916,664
Mississippi Central_
2,755,628 2,445,273 +310,355
9,996,957 10,362,099
Mobile & Ohio
1,700,002 2.040.628 -340,626
Nash Chatt & St L. 11,778,177 12,258,770
-38,146
475,450
1,412,000
437,304
New Orleans Gt Nor 1,485,825
Norfolk & Western_ 45,303,408 44,938,946 10,160,460 9,766,860 +393 600
.
1,076.949 +203,110
1,280,059
4,901,103 4,642,461
Norfolk Southern
6,464,790
2.171,370 2,376,980 -205,610
Rich Fred & Potom_ 6,283,651
5,888,937 +396,709
27,560,299 26,915,345 6,285,646
Seaboard Air Line
69,619,581 74,448,970 17,429,384 18,441,608 -1,012,224
Southern Ry
1,684,220 -537,202
5,392,914
1,147,018
Ala Gt Southern_ 4,917.745
3,071,803 3,640,250 -568,447
Cin NO & Tex P. 10,926,216 11,863,271
577,111
2,621,498
584,257
+7,146
2,411,831
Ga So & Florida
896,288 -100,055
3,504,981
796,233
2,796,247
New Orl & N E
-11,035
339,677
839,434
328,642
774,293
North Alabama
-26,013
366,835
1,547,459
340,822
1,360,142
Tennessee Central
3,099,243 4.444,009 -1,344,766
9,190,327 11,072.336
Virginian
-180
383,537
1,441,442
1,531,190
383,357
Western Ry of Ala
Total(34 roads) 430,556,285 434,611,721 103,707,440 105,576,720 -1,869,280 •
Groups VI.& VII.
Northwest.
Gross
1924.
1923.
1924.
def1,919
1,869,306
B &0Chic Term_ _ _ 1,757,181
968,496
3,599,811
Belt Ry of Chicago_ 3,318,606
Chicago & Alton... 14.799,507 16,367,514 3,008,425
1,282,954
Chic & East Illinois_ 12,798,388 14,245,495
Chic & Northwest__ 71,317,884 77,940,643 11,119,070
Chic Burl& Quincy_ 75,942,979 84,779,771 17,604,030
Chic MOW az St Paul 74,864,975 83,677,152 11,016,279
4,219
676,688
612,112
Chic Peoria& St L_ _
1,170,237
3,727,940
Chic River & Ind__ _ 3,490,532
2,155,615
Chic St PM & Om_ 13,244.942 13,781,030
1,581,061
Chicago Great West. 11,596,201 12,787,866
78,568
2,993,380
Dul & Iron Range__ 2,654,559
1,433,221
Dul Miss & North__ 5,244,629 6,375,246
539,252
Dul So Shore & AU_ 2,941,705 2,810,687
1,311,286
211,857
Duluth Winn & Pac. 1,193,809
473,091
1,173,855
East St Louis Conn_ 1,115,836
Elgin Joliet & East_ 11,571,128 14,377,518 3,232,344
Great Northern_ _ _ _ 45,677,659 52,543,705 9,609,696
647,622
735,974
171,024
Green Bay & West..
75,444,192 85,231,508 16,594,553
Illinois Central
-See Groups IV &V.
Yazoo & Miss Vail
7,005,920 8,150,427 del195,394
Minn & St Louis
2,924,228
Minn St P &SSM_ 20,904,581 23,652,491
Y Central-See Group II.
N
5,382,473
5,806,988
1,313,570
Ind Harbor Belt
42.607,448 46,647,127 6,935,952
Northern Pacific
Pennsylvania Lines965,552
900,273
134,139
Tol Pearls & West
For Lines E & Wet Pittsburgh See Group II.
891,178
877,166
222,048
Peoria& Pekin Un_.
de143,377
651,493
513,034
Quincy Om & K C
48,617,987 50,958,437 13,901,282
Union Pacific
-See Group X.
Ore Short Line
Ore-Wash Ry & N-See Group X.
250,587
1,570,857
St Jos & Grd Isle_ 1,558,305
Vet
1923.
Inc. or Dec.
278,479 -280,398
1,248,874 -280,378
3,575,433 -567,008
1,888,361 -605,407
10,940,898 +178,172
17,370,326 +233.704
14,279,242 -3,282,963
+40,528
def36,309
1,429,557 -259,320
+235.894
1,919,721
1,917.540 -336,479
395,794 -317,226
2,446,116 -1,012,895
423,045 +116.207
-18,507
230,364
670,185 -197,094
5,081,124 -1,848,780
7,279,769 +2,329,027
+79,844
91,180
18,037,375 -1,442,822
1,061,886 -1,257,280
4,526,192 -1,601,964
1,670,296 -356,726
5,157,162 +1,778,790
def84,812
+218,951
+10,383
211,665
6e182,274' +38,897
14,353,933 -452,651
199,306
+51,281
Total(29 roads)-558,769,276 620,133,282 107,695,108 116,480.428-8,785,320
Na
-Gros
Inc. or Dec.
1924.
1923.
1923.
1924.
Groups VIII. &IX.
$
$
$
Southwest.
Atch Top & SantaFe 87,393,152 96,550,970 17,051,746 25,990,203 --8,938,457
986,031
-01,738
894,293
Gulf Colo & S Fe_ 11,794,607 10,890,455
409,671
+231,026
640,697
Panhandle & El Fe 4,279,393 3,630,622
9.501,041
+902.690
8.598,351
57,007,733 59,599,477
Chic RI & Pacific
148,998 +531,172
680,170
2,955,073 2,577,376
Chic R I & Gulf
899,257
567,659 +331,598
Colorado Southern_ 6,043,152 6,132,392
984,040 +371,157
1,355,197
4.265,246
Ft W & Den City_ 4,644,760
def39,640 -268,815
772,842 def308,455
968,555
Trio & Btazos Val
+183,262
380,863
197,601
627,698
863.028
.
Wichita Valley_ _
1,524,924 +688,006
2,212,930
Deny & Rio Grande. 14,450,600 15,299,225
def65,386
-14,055
1.086,899 def79,441
Denver & Salt Lake_ 1,327,085
-15,051
102,528
87,477
808,328
765,057
Ft Smith & Western.
-79,230
158,023
551,748
78,793
651,006
Galveston Wharf _ _ _
+217,331
950,741
1 168,072
Intern'i Great North 7,685,912 6,828,034
+64,367
def50,993
913,325
13,374
785,794
K C Mex & Orient
def97,799 +182,527
994,346
84,728
793,406
K C Mex & Or of T.
2,332,774 -186,334
Kansas City South_ 8,962,712 9,744,263 2,146,440
+44,302
636,112
680,414
1,304,209
Texarkaz Lt Smith 1,412,683
250,282 -202,298
47,984
1,337,669
Kansas Okla & Gulf. 1,011,391
702,481 -224454
477,927
1,926,420
1,938,963
Louisiana & Arkan_
-92,222
263,194
1,973,335
170,972
Louisiana Ry & Nay 1,851,085
+40,731
def3,176
37,555
615,969
246,085
La Ry & Nav of T
-1,928
739,540
737,617
2,224,158
Midland Valley_ _ _ _ 2,234,687
-56,413
97,464
41,051
738,798
698,665
Missouri & No Ark_
4,776,293 3,943,476 +832,817
15,561,068 16,755,533
Missouri-Kan-Tex
1,250,142 +689,323
1,939,465
9,261,243 9.288,977
Mo-K-T of Texas
7,082,411 +3,116,054
Missouri Pacific.... 56,882,456 53,698,273 10,198,465
-61,832
543,588
481,752
1,511,132
New On Tex & Mex. 1,598,249
392,977 +221,718
614,695
1,101,464
Beaum S L & Wes 1,427,566
769.079 +1,174,683
1,943,762
2,571,063
St L Browns&Mex 4,106,226
39,820.092 41,720,727 10,728,965 11,497,440 -768,475
St Louis-San Fran
+89,231
def25,056
64,175
737,395
675,735
Ft Worth & Rio G
38,650 +110.818
149,468
821,499
733,009
St L-8 F of Tease_
St Louis Southwest_ 8,651,991 10,446,172 2,558,085 3,930,793 -1,372,708
3,735,734 def168,959 def887,888 +718,929
St Louis S W of T 3,596,121
-81.941
50,569
132,510
417,484
St Louis Transfer_ _ _
405,100
249,075 def194,462 +443.537
2,451,816
San Ant& Aran Pass 3,146,035
+71,085
159,363
88,278
San Ant Uvalde & G
787,419
597,070
Southern Pacific-See Group X.
Arizona Eastern-See Group X.
+918.935
1,2e1.741
2,160,676
Galv Harris & S A 12,376,646 10.939,915
'
705,483
G • 'PS --11i3.345
Hone& Tex Cent_ 6,867,828 6,426.020
-96,211
,;;,.3i)
1,405,099
def13,881
Hoes E & W Tex_ 1,500,959
62-1,041 -181,780
442,268
2,295,902
Louisiana West._ 2,010,941
418,431 -472,683
def54,252
4,377,288
Morgans La & Tex 3,930,920
312,662 -131.856
4,334,389
180,806
Texas & New On. 4,452,367
2,499,518
832,842 -200,582
631,760
Term Ry Assn of StL 2,486.701
2,473,195
832,708 -397,255
435,453
St L Mer Bdge T. 2,258,316
2,074,685 +939.539
3,014,224
Texas & Pacific,...15,391,535 14,963,007
+6,768
737,505
154407
161,275
692,963
Utah
587,717 -202.946
2,100,366
384,771
Vicks Shreve & Pao_ 2,052,402
Total(49roads)-.422,259,270 428,980.239 80,794,458 81,708,870
- 914,412
866
THE CHEONTCLE
[VOL. 119.
-Gross
Net
--GTOSS—
Ne'
Croup V.
1921.
1923.
1924.
1923.
Inc. or Dec.
1924.
1924.
1923. Inc. or Dec.
1923.
Pacific Coast—
$
$
s
$
$
$
$
$
3
221,551
231,407
Bingham & Garfield
—16,198 Spok Port & Seattle_ 3,982,056
53,144
69,342
1,269,018 +149,600
3.814,523
1,418,618
El Paso & S'weatern 6,271,737 6,442,382
1,544,538
1,703,736 —159,198 Union Pacific—See Groups VI and VII.
Los Ang de Salt Lake 12,458,990 11,512,048
2,541,604
2,377,026 +164,578
Ore Short
3,877,178
16,584,145 17,417,087
3,986,843 —109,665
518,443
Nevada Northern__
443,121
231,766
+22,880
254,646
Ore Wash Ry & N 14,037,520 13,379,455
Line__2,834,407
880,095 +954,312
Northwest Pacific__ 3,234,007
3,576,525
758,054 —163,296
594,758
St Jos & Grand Isl—See Groups VI. and VII.
Southern Pacific__ 91,203,484 93,803,696 24,510,841 27,138,310 —2,627.459 Western Pacific_ _ _ _ 5.987.889
1.125.505 —555.237
570.268
5.881.754
. Arizona Eastern._ 1.705.500
1.846,706
444,702
732,117 —287,415
Total(12 roads). A56,745.478 158.921,509 38.810,372 40,423,366 —1,612,994
For remainder of system see Groufs VIII.cud IX.
572,311
Spokane Internat'l_
582,661
+14,104 Gr. total (193 rds.)-2865947,474 3091934815 597,828,199 651,828,563-54,000,364
165,668
151,564
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. foreign 'interests. Canada and England have been buying
more freely. The shoe manufacturing industry is having a
Friday Night, Aug. 22 1924.
There is a steady increase in business in the United States. better business. Taking wholesale and jobbing business as
It is not at all spectacular. It is moderate and conservative. a rule, it is in better shape. The buying is still on a conBut the increase is there. That is the vital point. The servative scale, but it is persistent. The note of caution Is
crops are turning out better. That was one reason why not altogether absent, and yet there are indications of more
wheat declined 6 cents a bushel this week, although it is confidence. In the year of a national election people are
true that the foreign demand has been somewhat disap- apt to conduct business on a very conservative basis. Canpointing. Still, on Thursday there was some increase. It dor compels the statement that the acceptance speeches of
was even estimated that some 2,000,000 bushels had been the Republican nominees for President and Vice-President
taken for export within 24 hours. And a significant circum- have made an excellent impression upon the country. Constance was that of this very generous total 75% was hard servative progress is the watchword, commercial, financial
American wheat. The tendency, too, is to be more hopeful and political, at home and abroad. It strikes an approving
about the corn crop. Hitherto the estimates have been chord in public sentiment..
some 2,500.000,000 bushels, or a loss as compared with last
M the West there has been a noticeable though not strikyear of 500,000,000 bushels. But at times of late the weather ing improvement in business. The recent great advance in
has been favorable for the crop in some parts of the belt grain prices is reflected in a gradually broadening trade.
during the past week, even as high as 104 degrees in Kansas. The condition of the steel industry in the Chicago district
It may be that more of the crop will escape froSt than there is reported to be better than it is in the East. In addition
was at one time feared might be the case. The spring wheat to an improvement in the automobile industry, lumber and
in the Dakotas and Minnesota may exceed the Gov- building materials meet with a ready demand. Railroads
ernment figures by 65,000,000 bushels. The weather has are buying cars and •track material. At Chicago painters
been more favorable at times also for the oats crop. More- have demanded and received an advance in wages of 25 cents
over, the tendency is to increase the estimates on the yield per hour, putting them on the same plane with bricklayers
of cotton, so much so that prices have latterly fallen some and plasterers, who get $1 50 an hour. Of course, this
$-1 to $5 a bale. The average expectation now is 13,100,000 means an increase In building costs. Chicago partly, perbales, or some 3,000,000 bales more than that of last year, Imps because it has to divide some of its business in grain
and much the largest for four years past. It is gratifying with Winnipeg, is moving to establish a market for cotton
to nOtice, too, that if the trade at Fall River has fallen off futures on the Chicago Board of Trade, with deliveries at
sharply during the past week, as might have been expected Galveston and Houston. The fruit crops in California are
from the violent fluctuations in raw cotton, Manchester is smaller by reason of drouth, but there is partial if not
doing better. It is having a large trade in cloths with China ample compensation in the better prices received: Also, it is
and India. Stocks of cotton goods at Shanghai, China, are said that the raiSn crop wlii turn out larger than was at
very much smaller than they were in pre-war days.
one time expected.
Everything points to a better condition of the textile
Meanwhile one characteristic of the week was the falling
trades of Europe. Also in this country mills in New England off in speculation, both in securities and commodities.
and at the South are in some cases resuming full time or There was less furore in the grain markets and this is not
else increasing their working hours. If the price of raw to be regretted. At one time they seemed to be getting a
cotton can be fairly stabilized by a clearer idea of what the little out of hand. This could only result in grim reactions.
raw cotton crop is actually going to be it may easily happen One sign perhaps of improving times is that the money marthat buyers of cotton goods will re-enter the market with ket is firmer, although in some quarters it is said that the
more confidence. Silks have latterly been rising steadily. commercial demand has not increased much if at all. But
Raw silk in two dayiadvanced 35 cents per pound 'to a new evidently there is a demand for funds. That of itself may
high level of $6 60. Some cotton goods, such as denims and fairly be taken as a sign of awakening bus:ness in one field
tickings, are meeting with a brisk sale. The outlook is such 01 another. Of late, too, after falling well below 1,000,000
that speculators are beginning to take hold of print cloths. shares a day, Stock Exchange business has been up to 1,000,This may be a straw showing which way the wind blows. OCO to 1,400,C00 shares a day. And in the mercantile world
Spring weight woolens have declined 7%, but there are re- it is believed that the reaction in stocks was due more to
ports of greater activity in the clothing maqufacturing in- Profit-taking than to anything else. In fact, it has been in
dustry. The silk strike at Paterson, N. J., has been settled the main a week of profit-taking in commodities as well as
or partially settled, and 4,000 workers have gone back to securities. But taking the commercial world as a whole
the mills. Wool has been in fair demand and rather steadier. advances still exceed declines in prices of merchandise.
Lumber has been in better demand. North Pacific lumber The clearings of the banks are very much larger tnan those
regions are more active. Orders are outrunning production of last year. And this does not seem to be wholly due to an
and shipments. July showed a gain in the output of auto- increase in prices. Finally, the political outlook abroad is
mobiles. The total motor vehicle output in tile United Plainly improving. Things are in train for a settlement of
States was 262,876, again& 245,817 in June and 328.105, to the Reparations, Ruhr and German loan questions, the three
be sure, in July 1923. But the trend is upward. That is the big things that loom largest on the skyline of the world's
significant thing. Pig iron has advanced. Steel was rather affairs at the moment. The horoscope seems favorable comeaker. with rails, however, finding a better market. Cop- mercially and politically at home and abroad, and there Is
per declined somewhat, but there are those who look for bet- reason to expect that this view will accord with the event
ter things in the near future, in this branch of business. without unreasonable delay.
At Fall River rapid progress is being made In developing
Coal has been quiet here, although railroads are said to be
In the market. Coffee has advanced sharply, with a ten- plans for the cotton exhibition and carnival to be held ill
dency to reduce the crop estimates. The later deliveries Fall River in the course of the week of Sept. 15-20. This
are up half a cent. Brazilian markets have been rising. Is "All New England Week." Other textile cities are orEuropean and Brazilian interests have been buying here. ganizing similar exhibits for promoting the cotton textile
The receipts at Brazilian markets have recently increased business of New England their own community. Approxiby permission of the Brazilian Government, bet the market mately 50% of the space in the armory has already been
takes the offerings very readily. Sugar has been rising. spoken for by the mills in Fall River. Among those who will
with a rather better demand of late, both from home and make exhibits are the American Printing Co., Stevens Manu-
Aua. 23 1924.]
THE CHRONICLE
867
facturing Co., Algonquin Printing Co., Davis mills, Cornell and will yield short. King Seng. 14-16 grade, quoted $640
mills, Lincoln mills, Charlton mills, Osborn mills, Shawmut and 20-22 grade $6."
For the spring of 1925 the American Woolen Co. at the
mills, Ancona mills, Kerr Thread mills and Superba Towel
Co. Several concerns Other than mills but associated with opening of its men's wear lines established a reduction in
worsted fabrics of 7% as compared with the price level for
the textile industry will exhibit. It will be a big event.
/% when compared with the fall
At Winchendon, Mass., Nelson D. White & Sons Co., Inc., the spring of 1924 and 21 2
manufacturers of denims, resumed operations on full-time a 1923.
It was the coolest here on Aug. 19 in 28 years. At 6 o'clock
schedule on Aug. 18 and officials say that indications are
that for the first time in over a year orders on hand will a. m. it was 56 degrees. The coolness of the last few days
permit the continuance of steady work. The Massachusetts has cut attendance at the beaches to abnormally low figures
mills of the company employ 2,000 workers. For the past for the season. Blairstown, N. J., on the 19th reported
six months they have been operating but six days a month frost. Oxford and other places in New Jersey also reported
and previous to that time operated three days a week. At frost. Tuesday night many theatregoers here were wearing
Clinton, Mass, the Lancaster mills closed Aug. 18 for a topcoats and travelers from Albany and other up-State cities
month on account of poor business conditions. At Chicopee, reported cool weather. At Albany it was 52; at Buffalo 54.
Mass., the strike at the plant of the Dwight Manufacturing At Rensselaer stray snow flakes were reported. At CleveCo. has ended. The company has rescinded the 10% cut in land and Pittsburgh it was 50, Chicago 62, Boston 56. St.
wages which was in effect before the Strike was called. At Paul 54 and I'ortland, Me., 52. There was interrupted wire
Stoughton, Mass., on Aug. 18 edgemakers at the Sells Shoe service to-day to Minneapolis and Winnipeg, owing to a torCo. struck in protest against a reduction of 10% in wages. nado. It was clear and moderately warm here to-day. At
The strikers are members of the Boot and Shoe Workers' 2 p. in. the temperature was 76. It was 104 at Kansas City
Union. Strike sanction has been granted by the general at one time this week. Yesterday it was 94 at Cincinnati,
union. The men claim that a verbal wage agreement was 92 at Chicago, 80 at St. Paul. In Texas at many points it
broken. At North Adams, Mass., the Windsor Print Works was 100 to 108 and in Oklahoma 100 to 103.
announced that about 10% of the Windsor plant would be
started on night work Aug. 18. The plant is running full National Industrial Conference Board's Survey of
now. The Connecticut Department of Labor reports that
Cost of Living Between July 1914 and July 1924.
among textile industries in eastern Connecticut conditions
According to a survey of the cost of living in the United
are improved, especially in the silk and woolen industries. States just completed for July 15 1924 by the National Inand adds that manufacturers as a whole expect that within dustrial Conference Board, the weighted average of all the
the next few months conditions and production will again
items combined remained unchanged between June 15 and
be normal. In Virginia the Dan River and Riverside mills
July 15 1924, although all of the separate items included in
will resume full time in September, with wages cut 10% to
the cost of living, except light, showed slight variations in
their 5,500 workers. One of the mills of the Dan River
this period. The Board, under date of Aug. 21, said:
group at Schoolfield, Va., which is now making cotton bedBetween March 15 and July 15 1921 the7e was an average. decrease of
spreads, received an order from a mail order house for 2,000 nine-tenths of 1% in the cost of living. TM.I change was due to decreases
cases. At Charlotte, N. C., figures for the consumption of in the average cost of food, clo:aing, fuel and sundries. The only increase
electrical current do not indicate a general resumption of was in the average cost of shelter; the cost of light remained the same in
this period. Between July 1920. when the peak of the rise in the cost.of
cotton mills in that section, according to officials of the living since 1914 was reached, and July 1924 there was a decrease of 20.9%•
Southern Power Co. Rumors that textile plants are reopen- The increase in the cost of living since July 1914 was 61.7%.
The following table shows in detail the changes in the cost of living
ing full time after a period of curtailment are not fully
noted above:
borne out by the amount of current being used, it was said.
Charlotte, N. C., reports a slight increase in North Carolina
Relative Percentage of Increase in the P. C. of Decrease in Cost
Import- Cost of Living Above Average of Living on July 15 1924
cotton mill curtailment the past week. Curtailment conPrices in July 1914 to
From Average Prices in
ance
Item.
in
tinues to approximate 25%. The larger production evident
Family July March June
July March June
July
two weeks ago has not held. The mill power load of the
Bud2ct. 1920. 1924. 1924. 1024. 1920. 1924. 1924.
Southern Power Co. continues at about 25% less than nor- Food •
a0.7
0.7
43.1 119
44
42
43
34.7
a0.5
58
a17.7 a0.5
17.7
85
85
86
mal. At Spindale, N. C., the Elmore cotton mills are run- Shelter
2.4
1.8
Clothing
13.2 168
76
74
71
35.8
3.4
a0.6
72
66
65
ning full time, after several weeks of curtailment. At Forest Fuel and light_ _ 5.6 66
4.8
a0.6
7.3
3.7
78
Fuel
92
87
77
City, N. C., the Alexander mills are running 1009k after
42
a23.4
42
42
1.9
15
Light
0.6
0.6
6.4
73
74
74
recent part time. At Lando, S. C., the Manette mills did Fetndries aver'ge 20.4 85
Weighted
61.7
20.9
0.9
61.7
63.2
100.0 104.5
not operate last week, but will this week. At Lockhart, S C, all items
*Food price changes are from he United States Bureau of Labor Statis les.
the Monarch mills, near Chester, continue to operate on a
a Increase.
d No change.
full day and night schedule. At Winnsboro, S. C., the
The purchasing value of the dollar based on the cost of living in July
Winnsboro mills, after operating on a full day and night
with one dollar in July 1914.
schedule for nearly a year, are closed down, giving its large 1924 was 61.8 cents as contrasted
number of operatives a short vacation. At Chester, S. C., a
number of mills are running at 100%. At Chester tlw Retail Trade Conditions in New England Better Than
Manufacturing Conditions.
Springstein and Eureka mills continue to operate on full
Retail trade conditions in New England are much better
time. The Baldwin cotton mills, one of the largest textile
manufacturing plants of that section. resumed full time than manufacturing conditions in the leading industries.
day and night schedule on Aug. 18, after operating on a four- According to reports received by the Federal Reserve Bank
day-a-week night and day shift recently. At Rockhill. S.- C., of Boston, sales of leading department stores in Boston and
the Walhalla plant of the Victor M•maghan Co. has gone other New England cities were only 2% smaller during July
back to operatlen on full tittle. The business of the eorpora- 1924 than in July a year ago. Production of goods at the
ton has been gradually calling for remmptiou of full time. present time is considerably smaller than it was at this time
At Rockhill, too, the Arcade and Aragon cotton mills will last year. Consumers are buying more goods than are bebe placed on a full time schedule next Monday instead of ing produced in a number of important industries. The bank
four days a week, the recent schedule. The Industrial mill also, in a statement made public to-day (Aug. 23), says:
Sales of department stores in July were not satisfactory, in spite of the
will go on four days a week instead of two and a half days.
were only 2%
Huntsville, Ala., reports a much better feeling among the fact that they volume since less than a year ago, and they have been in
unsatisfactory
last February. The net sales of the average
cotton mill operators in that district regarding the future. New England department store during the first seven months of this year
were only 1% larger than in the corresponding period of 1923, yet it has
Mills are resuming operations or increasing working hours.
been estimated that the normal rate of growth
department store sales
Some big Virginia cotton mills are shortly to resume full in New England is between 5 and 7% a year. InThe
stores had the adtime, but at wage reductions of 10%. Recently a Rhode vantage of one more selling day in July this year than in July 1923.
Merchants are still following a hand-to-mouth policy in buying goods.
Island mill also made a 10% reduction and others in that
leas this year
Their rate of turnover of
in 1923, and
State, it is intimated, may do the same thing. New Eng- orders for merchandise for merchandise is have been on thanaverage about
future delivery
the
land is at a disadvantage in competing with the South both 25% lower.
In cost of labor and raw material. At Cohoes, N. Y., the
Harmony mills have about 1,000 looms running and will Life Insurance Sales in July Show Marked Rise.
add 200 this week and 200 each week hereafter.
Figures just compiled by the Life Insurance Sales ReAt Canton, China, the silk workers' strike has been re- search Bureau of Hartford, Conn., show that sales of life
sumed. A cable added: "Shipments cannot be made. Silk itsurance improved materially in July over July a year ago.
stocks accumulating but firmly held. Fifth crop damaged This improvement was shown by an 11% increase and was
'868
THE CHRONICLE
particularly signifciant because. only a month ago the figures showed that June 1924 was only 1% greater than June
1923. Furthermore, this improvement is, important because
it is in a business which reaches almost every county in
every State, and the figures tabulated by the Bureau represent companies which have in force 88% of the total business of the country. Total sales in July this year were
$591,346,000 and in July a year ago $534,075,000. These
facts make it apparent that life insurance,In-common with.
numerous other lines of business, is at this time giving
genuine evidence of "having turned the corner." The Bureau also says:
Not only have the sales of life insurance shown a marked improvement
in July, but taking the 7 months of this year and comparing them with
a year ago shows a 10% gain for 1924. The total sales for this period
reached the enormous total of $4,236,288,000.
The Bureau figures indicate furthermore, that all the various geographical
sections of the country showed improvement in July. The greatest gain
-New York,
was in those States comprising the Middle Atlantic group
New Jersey and Pennsylvania-which showed a volume of sales in July
23% greater than July 1923. Other sections showed the following results:
0% gain
New England
13% gain East South Central
East North Central
11% gain
5% gain West South Central
West North Central
2% gain Mountain
6% gain
3% gain Pacific
South Atlantic
4% gain
Of the individual States, a large majority showed gains-some of the
leaders being New Hampshire, New York, New Jersey, Pennsylvania,
Alabama, Mississippi and Oklahoma-and only a few show appreciable
losses. A study of these geographical results shows that the improvement
was widespread and not at all limited to any particular area.
Sales of Life Insurance in Canada in July.
Sales of life insurance in Canada for the month of July
1924 were 5% above those for July 1923, according to figures
just published by the Life Insurance Sales Research Bureau, of Hartford, Conn. Companies which do over 83%
of the Canadian business reported an actual volume of sales
of $33,205,000, as compared to $31,539,000 in July 1923. The
sales for the year to date, or seven months of 1924, were
$229,236,000, as compared to $203,791,000 for seven months
in 1923, an increase of 12%. Sales for the twelve months
ending July 31 1924 were $391,292,000, as compared with
$347,353,000 for the similar period of 1923, an increase of
13%. The Bureau further says:
Of the 404 commodities or price series for which comparable data for
June and July were collected, increases were shown in 106 instances and
decreases in 125 instances. Among commodities increasing in price, however, were a number of highly important articles whose combined influence
caused a rise in the general price level. In the case of 173 commodities no
change in price was reported.
INDEX NUMBERS OF WHOLESALE PRICES,BY GROUPS OF COMMODITIES (1913 EQUALS 100).
u ji
---1924--Group
1923.
June
July
Farm products
135.1
134.0
140.9
Foods
141.3
135.6
138.7
Cloths and clothing
193.1
187.2
187.5
Fuel and lighting
183.0
174.7
173.2
Metals and metal products
145.3
132.2
130.4
Building materials
189.7
172.7
168.8
Chemicals and drugs
126.5
128.5
126.6
House furnishing goods
171.8
170.8
186.7
Miscellaneous
111.1
112.4
120.7
All commodities
144.6
147.0
150.6
Increases in Cost of Living in Nineteen Cities from
December 1914 to June 1924.
Changes in the cost of living in 32 cities and in the United
States as a whole were given out on Aug. 5 by the United
States Department of Labor through the Bureau of Labor
Statistics. The following tables show changes in the total
cost of living in 19 of these cities from December 1914 to
June 1924 and in 13 cities from December 1913 to June 1924.
In addition the tables show the changes in each city from
June 1920, June 1923 and March 1924, respectively, to
June 1924. The first column in the tables shows the changes
from the time this survey was first taken up to June of this
year. The second column shows the changes from the date
when prices were the highest to the present. The third
column shows the changes during the year preceding June
1924 and the last column the changes for the three-month
period preceding June 1924.
CHANGES IN COST OF LIVING IN 19 CITIES FROM DECEMBER 1914
JUNE 1920, JUNE 1923 AND MARCH 1924 TO JUNE 1924.
City.
Baltimore
Boston
Buffalo
Chicago
Cleveland
Comparing July 1924 sales with those of July 1923. the provinces of Detroit
Alberta, British Columbia, New Brunswick. Ontario, Quebec and New- Houston
foundland show increases and Manitoba, Nova Scotia, Prince Edward Jacksonville
Island and Saskatchewan decreases. Newfoundland heads the list with Los Angeles
Mobile
an increase of 28%.
New York
The cities of Hamilton, Montreal, Ottawa. Quebec. Toronto, Vancouver Norfolk
and Winnipeg all show increase, both for July of this year as compared to Philadelphia
July of last year, and for 7 months 1924 as compared to 7 months 1923. Portland, Me
Portland, Ore
Ottawa shows the greatest increase for the month and Quebec the greatest San Francisco
increase for the 7 months.
Savannah
Seattle
Washington
Fall Orders Increase Volume of Business in Brockton
Shoe Plants.
Special advices to the New York "Journal of Commerce"
from Boston, Aug. 20, said:
Business is in better shape among the Brockton shoe manufacturers at
the moment. The fall orders are now being made and with the momentum
acquired at the recent shoe style show and exposition the factories are
looking forward much more optimistically.
The W. L. Douglas Shoe Co. plant, which is probably the outstanding
factory of Brockton for production, having a rated capacity of 3,000,000
pairs of shoes annually, and operating 120 retail stores of its own, is now
operating at about two-thirds capacity. Vice-President Tinkham of the
Douglas company said:
"It is reasonable to feel that the next few months will bring a moderate
improvement in the shoe industry. There appears to be a more optimistic
sentiment and I hope it will materialize in more business. There is no
change in the labor situation."
f VOL. 119.
Per Cent
Per Cent of Decrease from
of Increase
from
June 1920
June 1923 March 1924
9CC. 1914
to
to
to
to June 1924. June 1924. June 1924. June 1924.
71.9
63.2
73.9
72.6
75.9
82.4
65.0
67.3
75.1
58.0
72.5
68.4
71.5
62.4
52.8
57.3
52.7
66.7
59.2
19.8
22.5
21.5
19.6
20.2
22.7
22.2
22.7
13.2
23.7
21.3
24.2
19.7
21.8
23.8
19.7
27.1
20.8
20.9
0.1
0.2
0.1
*1.8
0.7
*0.4
1.3
0.2
0.4
0.1
1.6
0.3
0.6
1.2
0.2
1.9
*0.2
1.1
0.9
0.7
*0.3
0.8
0.3
1.6
1.4
1.3
0.9
0.1
1.5
0.2
1.0
1.6
0.4
0.9
*0.2
0.4
CHANGES IN COST OF LIVING IN 13 CITIES FROM DECEMBER 1917,
JUNE 1920, JUNE 1923 AND MARCH 1924 TO JUNE 1924.
City.
Per Cent of Decrease from
Per Cent
of Increase
June 1920
from
June 1923 March 1924
to
Dec. 1917
to
to
o !toe 1924. June 1924. June 1924. June 1924.
13.6
13.1
16.3
17.8
19.3
14.3
17.6
16.2
16.8
22.4
13.5
18.8
22.4
22.6
20.3
20.9
21.6
20.6
24.3
19.7
19.0
17.7
17.9
21.1
20.2
19.2
0.5
0.4
*0.7
1.8
0.1
0.9
1.9
1.0
0.8
*0.9
1.2
*0.9
x
0.2
1.0
0.8
0.6
x
1.3
1.6
1.4
1.7
•1.3
1.7
0.5
0.4
Average United States__
69.1z
21.9
0.4
x No change. * Increase. z From 1913 to June 1924.
0.8
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
Increase in Wholesale Prices in July.
An upward trend of wholesale prices in July is shown by
information gathered in representative markets by the
United States Department of Labor through the Bureau of
Labor Statistics. The Bureau's weighted index number,
which includes 404 commodities or price series, advanced to
147.0 for July, compared with 144.6 for June and 150.6 for
July 1923, according to the Bureau, which in its statement
made public Aug. 16 said:
Increase in Retail Food Prices in July.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics shows
that there was an increase of about three-fourths of 1% in
the retail cost of food in July 1924 as compared with June
1924. The index number was 142.4 in June and 143.3 in July.
The Bureau's announcement, Aug. 16, says:
Increases in farm products and foods were chiefly responsible for the rise
in the general price level. Among farm products strong advances in grains.
hogs, eggs and wool more than offset declines in lambs, poultry, hay and
potatoes, resulting in a net increase of 5% for the group. In foods there
were substantial increases in coffee,flour,corn meal and other corn products,
lard, and cottonseed oil. Millfeed middlings and bran, cottonseed meal,
and linseed meal in the group of miscellaneous commodities also showed
increases over the June prices. Cotton and woolen goods in the cloths and
clothing group averaged slightly lower than in June, while raw silk and yarns
were considerably higher.
July prices of metals and building materials were appreciably lower than
June prices, due to declines in pig iron, steel, copper, lumber, brick, sand,
gravel and lime. In the fuel group there were decreases in coke, gasoline
and crude petroleum. In the two groups of chemicals and drugs and house
furnishing goods prices averaged slightly lower than in the preceding month.
During the month from June 15 1924 to July 15 1924, 16 articles on
which monthly prices are secured increased as follows: Strictly fresh
eggs, 9%; flour, 4%; butter, cornmeal and canned tomatoes, 2%; bacon,
oleomargarine, lard, rice, onions, granulated sugar and oranges, 1%;
and pork chops, ham, coffee and bananas, less than five-tenths of 1%•
Fourteen articles decreased in price as follows: Cabbage, 14%;evaporated milk, 3%; hens, 2%; round steak, rib roast, chuck roast, plate beef,
leg of lamb, vegetable lard substitute, corn flakes, baked beans, prunes
and raisins, 1%, and tea, less than five-tenths of 1%.
Thirteen articles showed no change in price in the month. They are as
follows: Sirloin steak, canned red salmon, fresh milk, nut margarine,
cheese, bread, rolled oats, wheat cereal, macaroni, navy beans, potatoes.
canned corn and canned peas.
For the year period July 15 1923 to July 15 1924 the decrease in al
articles of food combined was slightly more than 2M %•
THE CH RO NI(II,F.
AUG. 23 1924.]
For the eleven-year period July 15 1923 to July 15 1924 the increase in
all articles of food combined was slightly less than 43 %Changes in Retail Prices of Food, by Cities.
During the month from June 15 1924 to July 15 1924 the average family
expenditure for food increased in 37 cities as follows: Boston, Indianapolis
and Portland, Me., 3%; Butte, Chicago, Dallas, Houston, Jacksonville,
Milwaukee, Minneapolis, Mobile. Portland. Ore., Providence and St. Paul,
2%; Birmingham, Buffalo, Charleston. Cleveland, Columbus, Denver,
Los Angeles, Manchester, Memphis, New Haven, New Orleans, Peoria,
Rochester, Salt Lake City, Savannah, Scranton and Seattle. 1%, and
Bridgeport, Detroit, Little Rock, Omaha,Springfield, Ill., and Washington.
D. C., less than five-tenths of 1%. Eleven cities decreased: Cincinnati,
3%; Philadelphia, 2%; Atlanta, Baltimore, Kansas City, Newark. New
York and Norfolk, 1%,and Fall River, Louisville and Pittsburgh, less txhn
five-tenths of 1%. In Richmond, St. Louis and San Francisco there was
no change in the month.
For the year period, July 1923 to July 1924, 45 of the 51 cities showed
decreases: Fall River and Manchester, 7%; Philadelphia and Washington,
D. C., 6%; Bridgeport, Cincinnati, Little Rock, Providence, Richmond,
Savannah and Scranton, 5%; Buffalo. Cleveland, Detroit, Newark, New
Haven. New York, Norfolk and Rochester. 4%; Baltimore, Birmingham,
Boston, Denver, Memphis, Milwaukee, Pittsburgh and Portland, Me.,
3%; Atlanta, Butte, Columbus, Indianapolis, Mobile and New Orleans.
2%; Charleston, Chicago, Houston, Kansas City, Los Angeles, Omaha.
Peoria, Salt Lake City and Springfield, Ill., 1%, and Jacksonville, Minneapolis and St. Louis, less than five-tenths of 1%. The following 6 cities
showed increases: Dallas and Seattle, 2%; Portland, Ore., St. Paul and
San Francisco, 1%, and Louisville, less than five-tenths of 1%•
As compared with the average cost in the year 1913, food in July 1924
was 54% higher in Chicago; 50% in Detroit and Washington. D. C.: 49%
in Richmond; 48% in Baltimore, Boston and Milwaukee; 46% in Birmingham, Buffalo, Charleston, New York, Pittsburgh and Providence; 45%
in Dallas and Scranton; 44% in Minneapolis; 43% in New Haven. Philadelphia and St. Louis; 42% in Cleveland, Indianapolis and Manchester;
41% in Atlanta, Omaha and San Francisco; 40% in Fall River and Los
Angeles; 39% in Newark, New Orleans and Seattle; 38% in Cincinnati.
Jacksonville and Kansas City; 34% in Denver and Louisville; 33% in Little
Rock, Memphis and Portland, Ore., and 26% in Salt Lake City. Prices
were not obtained from Bridgeport, Butte, Columbus, Houston, Mobile,
Norfolk, Peoria, Portland, Me., Rochester, St. Paul. Savannah and
Springfield, III., in 1913, hence no comparison for the 11-year period can
be given for those cities.
The following tables are furnished by the Bureau:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
0.4.0My.q1MWW
135 119 108
134 118 106
136 121 107
138 122 107
141 124 107
142 126 107
144 127 106
142 125 104
142 125 104
141 124 106
139 123 105
138 121 105
137
140
149
157
164
161
164
167
173
174
157
140
139
140
144
147
147
150
150
150
150
151
151
149
164
173
185
188
191
193
194
189
180
177
172
169
97
101
109
107
108
109
109
109
109
111
111
111
173
173
177
177
177
173
168
164
164
163
159
158
106
157
147 181
108
169
129 125
168
167
167
168
169
171
171
172
173
172
169
166
110
110
110
111
109
109
108
108
113
118
120
120
162
167
168
169
170
166
163
162
164
163
158
157
161
134
112
100
102
103
108
120
141
158
192
188
145 118
140 120
92 120
92 118
97 117
99 117
104 119
108 115
130 122
157 133
187 143
193 157
1
1932
rtummyFebruary
Aarch
tpril
klay
tune
luly
kugust
3optember _
3ctober
govern ber
December..
A.AMMIJIMAA.WWW
ol,
..1a.W.WW0M.MCAM
ButRib Chuck Plate Pork
Strrn
Year
and Month Steak Steak Roast Roast Beef Chops Bacon Ham Lard liens Epot ter
4vg. tor yr.
1923
lanuary
February ....
March
AprIl
May
June
July
August
September..
October
November_
December..
147
145
139
146 142 139
146 141 139
147 142 139
149 145 140
152 148 142
158 155 145
161 159 148
162 159 147
162 159 148
158 154 146
153 148 143
152 148 143
123
123 107 140 147
122 106 137 146
123 106 135 145
123 105 135 145
124 106 143 145
128 104 142 144
130 106 149 145
130 105 153 145
131 108 175 146
130 108 163 146
128 107 138 143
128 107 126 139
154
151
150
150
156
131
128
135
144
147
154
157
Avg. tor yr. 154 150 143 126 107 145 145 169 112 164 135 145
1924
January..... 154 149 144 129 110 130 138 166 118 162 158 180
February... 152 148 143 128 110 127 136 165 114 165 144 157
153 148 144 129 110 128 134 164 111 169 101 151
March
156 151 146 131 110 137 134 165 109 169 93 131
AprU
160 155 148 133 112 142 134 166 108 172
95 120
May
160.2 156.1148.. 132.5 109.1 143.8 rasa 165.8 107.0 168.5 104.6126.9
June
160.2 155.2 147.0 131.3 108.3 144.3 134.5 166.2 108.2 165 7 114 129.2
July
CotPoleYear
CornAUArlicles
and Month Cheese Milk Bread Flour meal Rice toes Sugar fee Tea combined
^.=.4.0.00W0611.4
CO
0..MaW.CMCCO
,
1•.VMMt..AP-MMM..1
10101010101010.0.0010
113 120
116 119
118 119
122 120
120 120
129 121
138 121
147 121
144 121
144 122
147 122
151 123
107
107
107
108
109
110
110
110
110
110
110
109
194
194
182
171
176
206
212
153
135
129
124
124
130
109
165
148
148
145
148
145
145
142
136
136
139
139
136
133 109 124
133 108 124
133 108 129
133 108 147
133 108 159
133 108 188
137 108 247
137 108 218
140 109 200
143 110 171
147 111 153
147 111 153
142
137
125
125
124
124
125
125
125
125
125
125
128
126
142
142
139
139
139
141
142
139
140
143
145
147
125
142
126
127
127
127
127
128
128
128
128
129
129
129
144
142
142
143
143
144
147
146
149
150
151
150
128
146
I
1
148 130
155 130
161 130
161 130
161 127
161 130
158 130
155 130
148 130
145 130
145 130
148 133
155
136 147
139 147
139 147
139 147
139 147
139.4 146.7
141.5 150
109
168
113 165
113 165
111 165
113 165
114 171
113.8 194.1
114.9 194.1
184
VC!..MW!..t..000.
.
NNMNNNCINNNOIN
M
Avg. tor yr. 167 155 155
1934
January--. 169 160 155
February __ 188 157 155
166 156 155
March
161 155 155
AprIl
157 153 155
May
155.7 151.7 155.4
June
,s; , Ill 7 1114
.M.JMI.N.MMMI,..M
M
,
MMW=000t..t•-MWM
M
......
....NM
.
1010OMOMI....0MOMI0
0.0.1,M.0.0.0.0MMOb
,
1923
January_..
February_.
March
April
May
June
July
August.--September.
October ___
November _
December._
Avg. for yr. 149 147
1923
January --- 169 164
170 154
February
168 153
March
164 153
Abel
161 152
May
183 152
June
164 153
July
August..- 164 154
September _ 167 157
October ___ 174 158
November. 171 181
December- 171 161
127
185 128 131
187 130 130
189 137 130
181 140 130
167 142 131
150.9 141.9 130.3
152.7 142.3 120 1
149
147
144
141
141
142.4
lass
869
Petroleum Markets Show Few Price Changes.
The week just closed brought few further price changes in
the petroleum markets, crude oil especially showing no
changes until Thursday, the 21st, when Bradford district
(Pennsylvania) crude oil in National Transit Co. and New
York Transit Co. lines was reduced 15 cents to $2 85 a
barrel. Other Eastern grades were unchanged. The reduction of 15 cents a barrel in Bradford district crude, the fifth
this year, brings this grade $1 65 below the 1924 high of
$4 50, made on Jan. 30, and but 25 cents above the low of
$2 60 last November. Price is now $1 40 below the 1923
high of $4 25, reached on Feb. 15 and compares with 1920
high of $6 10 and low of $5 04, 1921 range of $5 72 and
$2 25, and 1922 range of $3 50 and $3.
Dispatches from Toronto, Canada on the same day stated
that the price of Canadian crude oil had been advanced 25
cents a barrel to $2 48 a barrel for Petrolia, and to $255 a
barrel for Springs.
The Standard Oil of Kentucky has reduced the tankwagon price of gasoline in Covington, Ky., 1 cent to 16 cents
a gallon, including State road tax of 3 cents.
The price of gasoline in Oklahoma was reported to have
advanced 34 cent to 8 cents per gallon for New Navy fuel
in bulk lots.
On Aug.21 retail dealers in Schenectady, N.Y.announced
a price increase of 3 cents a gallon, making the general
gasoline price 18 cents a gallon. No reason for the increase
was given, but it was learned that the dealers, at a meeting
Sunday with dealers in Albany, where the retail price has
been 18 cents, agreed that the higher rate must be obtained
and even predicted that it might climb to 22 cents.
Crude Oil Production Shows Slight Gain.
The American Petroleum Institute on Aug. 20 estimated
that the daily average gross production in the United States
for the week ended Aug. 16 was 2,029,650 barrels, as compared with 2,010,950 barrels for the preceding week, an
increase of 18,700 barrels. Compared with the corresponding week of 1923. it was, however, a decrease of 220,800
barrels per day. The daily current average production east
of the Rocky Mountains was 1,411,200 barrels, as compared
with 1,387,800 barrels the previous week. California
,production was 618,450 barrels, as compared with 623,150
barrels; Santa Fe Springs is reported at 59,000 barrels, no
change; Long Beach, 153,500 barrels, against 156,000
barrels; Huntington Beach 41,000 barrels, against 42,000
barrels; Torrance 56,500 barrels, against 57,000 barrels, and
Dominguez 21,800 barrels, against 22,500 barrels. The
following are estimates of daily average gross production
for the weeks indicated:
DAILY AVERAGE PRODUCTION.
Aug.16'24. Aug.9'24. Aug.2'24. Aug.1823
(In Barrels)518.400 501,450 487,950 451,600
Oklahoma
83,000
81,000
79,400
83.700
Kansas
74.600
72.800
77,250
74,700
North Texas
178,150 175.800 176.300 221.600
Texas
Central
61.200
55.250
53,850
58,250
North Louisiana
142.550 146,450 144,950 128,200
Arkansas
119,500 120,450 124.250 100,450
Gulf Coast & Southwest Texas
107,100 107,200 107,300 113.000
Eastern
Wyoming,Montana and Colorado 126.300 124,900 125,200 150,200
618,450 623,150 628.300 872,000
California
Total
2,029,650 2.010,950 2,005,100 2,250,450
Automobile Manufacturers Announce New Models
and Price Changes.
The Olds Motor Co. on Aug. 18 announced new models of
Oldsmobile with price advances from $55 to $100. The new
schedule is as follows:
Roadster and touring, $875; sport touring, $1,015; coupe, $1,175; sport
roadster, $985; business coupe, $1,045; de luxe sedan, $1,350. These late
models will have new radiator and other important improvements and
additions.
The new, moderately priced Pierce-Arrow car has been
formally announced by the Pierce-Arrow company. The
price of the seven-passenger touring car at Buffalo is $2,895.
The new model is known as Series 80 and is offered in a complete line of seven body types-the four-passenger touring
oar, the seven-passenger touring car, the runabout, the fivepassenger sedan, the seven-passenger sedan, the four-passenger coupe, the enclosed drive limousine for seven passengers. It resembles the company's larger oar. The wheelbase is 130 inches.
Dispatches from Detroit on Aug. 19 stated that WillysOverland has advanced prices on all models of Willys-Knight
oars $100 with the exception of the coupe which was increased
$30.
870
THE CHRONICLE
The Paige-Detroit Motor Car Co. has announced that
new models of the Jewett ear will be introduced at price
advances of from $30 to $70 on various models. Its 1925
line will have as a sales-slogan, "One billion mile Jewetts,"
chosen because there are now over 100,000 Jewett cars in
use which have given a total mileage in excess of 1,000,000,000 miles.
The new Jewett will be furnished in standard and deluxe lines. Standard
line will comprise four models listing as follows: Five-passenger touring,
$1,135; three-passenger coupe, $1,310: five-passenger brougham, $1,385:
and five-passenger sedan, $1,545. The chassis lists at $930. Deluxe line
has three models listing as follows: Five-passenger touring, $1,299;fivepassenger brougham, $1,525: and five-passenger sedan, $1,745.
Both lines have balloon tires as standard equipment. Equipment of
deluxe models includes five 32 x 4.95 balloon tires, spare tube and tire cover:
trunk stop and tail light, spring bar bumpers, motor meter, sidelights on
cowl, all nickel headlamps, automatic windshield wiper, rear view mirror,
sun visor and spotlight. Heaters are provided in the sedan and brougham
models.
Late on Friday the Moon Motor Car Co. announced that
it will put into effect on Sept. 1 a new price schedule which
advances prices from $50 to $100 per model over present
lists. Stewart McDonald, President, says the reason for
the price advance is merely the return of the automobile
industry to a more normal state. He points out that practically all manufacturers have cleaned out surplus inventories and warehouse stocks and therefore competitive distress selling is eliminated and it is no longer necessary to
meet this type of merchandising.
[Vol.. 119.
BOOKINGS OF COMMERCIAL STEEL CASTING s.
Month,
Total.
Net
Tons.
P. C. of
Capacity.
Railway Specialties.
Net
Tons,
Miscel1. Castings.
P. C. of
Capacity.
Net
P. C.of
Tons.
Capacity.
1923 January
102,718
102.0
48,580
124.2
54,138
87.9
February- -- _ 90,590
90.0
38,696
99.0
51,894
84.2
March_
146,157
145.1
77,263
197.6
68,894
111.8
April
93,621
93.0
40.483
103.5
53,138
86.3
May
92.445
91.8
39,686
101.5
62,759
85.6
June
88,306
87.7
43,478
111.2
44,828
72.8
July*
54,316
53.9
17,390
44.5
36,926
59.9
August
52,805
52.4
19,183
48.9
33,702
54.7
September__ _ 49,401
49.1
22,374
57.2
27,027
43.9
October
39,651
39.4
10.641
27.2
29,010
47.1
November
42,008
41.7
13.645
34.9
28,363
48.0
December
42,762
42.5
15,600
39.9
27,162
44.1
1924 January
51,406
51.0
19,572
50.1
31,834
51.7
February__ _ _ 73,138.
72.6
35,474
90.7
37,664
61.1
March
100,514
99.8
59,778
152.9
40.736
66.1
ApriLa
' 67,806
67.3
33,151
84.9
34.665
56.2
Maya
56,581
56.2
28,064
71.8
28,517
46.3
June
48,718
48.4
26,170
67.0
22,548
36.6
July
37.339
37.1
15.761
an a
21 575
RR n
•Two companies with a capacity of 785 tons
now out of business. a Reports missing from per month on miscellaneous castings
one small company on miscellaneous
castings.
Steel Market Shows Slightly Larger Operations
but
Lower Prices
-Pig Iron Price Up.
Railroad buying, with large car inquiries pending at Chicago, is the outstanding feature of the market this week.
The steel output increased slightly, while markets show fresh
concessions, states the "Iron Age" on Aug. 21, adding:
The rate
of steel ingot output this week again indicates
a small increase
for the industry as a whole, and again
larger operation is accompanied
by yielding prices in important products,
more particularly plates, shapes,
bars and wire.
At the same time the Chicago district furnishes
some items in an improved
Automobile Production in July Somewhat Larger railroad demand that has been talked of for weeks, but more as a hope than
as a definite expectation. The first of these is
the probable placing of steel
Than in June, but Below a Year Ago.
this week for 1,000 hopper cars by the
Chesapeake & Ohio. Inquiry has
July production of automobiles, based on figures received been made by the Illinois Central for 6,400 freight cars and 25 locomotives,
while the Santa Fe is expected to come into
the market soon for 5,000 cars
by the Department of Commerce from 206 manufacturers, and the
Texas & Pacific for 2,000.
99 making passenger cars and 136 making trucks (29 makThe Great Northern has just closed for
11,000 tons of tie plates and angle
ing both passenger cars and trucks), was 237,652 passenger bars in addition to track spikes and bolts. From several roads there is
promise
cars. This compares with only 217,943 passenger cars in the rail of releases on rail contracts that will permit the early starting of
mill at Gary.
June, but with 348,356 in March and with 297,413 in July
Estimates of operating rates show increases by
Independent companies
in the Youngstown and Chicago districts, and to a less
last year. For the seven months to July 31 the make of
extent at Pittsburgh.
Our Pittsburgh report points out that newspaper
accounts paint a rosier
passenger ears has been 2,044,173 in 1924, against 2,128,369 picture of operations in that
and nearby districts than actually exists.
In the seven months of 1923 and 1,261,671 in the seven
The Steel Corporation is reported to be somewhat above
55% on ingots
months of 1922. The number of trucks produced in July and slightly higher on rolled products. The entire industry was probably
close to 55% as the week began, but in some cases there is
less than a sixwas only 25,224, or the smallest of any month since Febru- day operation at the scheduled rate.
One blast furnace has been started
ary last year. Data for earlier months include 15 addi- up at Pittsburgh and another at Youngstown, both by Independent steel
tional manufacturers now out of business, while July data companies.
The course of prices has not encouraged freer
for eight small firms were not received in time for inclu- jobbers' stocks, particularly in the districts buying, but the low state of
supplied from Chicago, has
sion In this report. Figures on truck production also in- brought the mills fresh orders for warehouses there as well as for fabricators'
stocks.
clude fire apparatus and street sweepers.
The new concessions on plates, shapes, bars and wire products are from $1
to $2 a ton, and in the wider sizes of hot-rolled flats competition is sharper.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES),
In sheets, larger producers are commonly holding to the 3.50c. basis for
Passenger CarsTruck
black and to 4.60c. for galvanized, and in bolts, nuts and rivets there is
1922.
1923.
a
1924.
1924.
1923.
1922.
lanuary
81,696 223,822 287,353
9,596
19,732 28,925 more serious effort to stabilize prices than has been seen in months.
February
A falling off is Indicated in structural steel work. Bookings for the siza
109,171
254,782 *336,371 13,360 22,173 *31,156
March
152,962 319,789 348,356 20,036 35,284 *34,118 ble jobs so far in August have averaged
23,000 tons weekly, against 30,000
April
197,224 344,661
337,045 22,665 38,085 *36,138
May
232.462 350,460 *279.453 24,120 43,730 *33.412 for the month preceding. The volume of fresh projects appearing has
averaged less than 04,000 tons weekly, as compared with 6,000
June
263,053 337,442 *217,943 26,3.54 41,173 *27,874
tons for
July
225,103 297,413 237,6.52 22,083 30,692 *25,224 July.
Sheet sales of independent mills reporting to the National
Association of
Seven months
1,261,671 2,128.369 2.044.173 138,214 230,869 216.867
Sheet and Tin Plate Manufacturers amounted to 135.998 net tons
August
249.498 314,431
30,872
24.711
in July,
or over 25% more than in June. Production increased in the
September
187.711
298.964
19,495 28.578
same ratio
October
217,582 335,041
21,824 30.139
over June output and again exceeded sales, and shipments in turn
exceeded
November
215,362 284,939
21,967 28,073
production, with the result that unsold stocks were reduced in
December
the month
208,016 275,472
20,394 27,762
from 45,776 to 39,620 tons, in the face of a better rate of buying.
Revised.
Following the buying of 20,000 tons of foundry pig iron by a
sanitary
company, prices on this grade have been generally advanced Sun the
Pittsburgh district, while at Cleveland and in Michigan territory
foundry and
Steel Furniture Shipments Also Smaller.
malleable have been put up 50c. by leading sellers. In nearly
all centres
July shipments of steel furniture stock goods, based on pig iron is stronger. but Southern producers find it difficult to get away from
the $17 50 quotation at Birmingham. Of 25,000 tons of basic iron
recently
reports received by the Department of Commerce from 22 bought in the East, 5,000 tons will come from India.
Active competition from British ferromanganese has resulted in
manufacturers, amounted to $1,115,792 in July, as against
a ragged
$1,270,615 in June, $1,661,303 In March and $1,247,605 In and fairly active market. The fresh decline is at least $4 to $95. and lower
prices are reported by some buyers.
July 1923. The following table gives comparative figures
Orders for cast iron pipe from smaller municipalities are below
expectations, though the time limit on new summer and fall work is near.
since the beginning of 1922:
The steel trade does not share the optimism of some estimates
of larger
1924.
1922.
1923.
1922.
1924.
1923.
domestic steel exports, following the London agreement with Germany.
Jan..-- $983.834 81,362,470 81,592,338 July.... 8945,768 81,247,605 $1,115,792 Quick
results are not likely, but ultimately IncrJased imports of European
Feb__ 967,125 1,307,173 1,605,409 August 943.087 1,345,147
steel are looked for, particularly on the Pacific Coast.
March 1,087,228 1,709,206 1,661,303 Sept.._ 1,062,495 1,273,259
April__ 1,058,382 1,520,286 1,658,610 Oct__ 1,227,447 1,365,600
Mitsui & Co., New York, have completed purchases of machine
tool
May-- 1,056,735 1,506,072 1,505,367 Nov __ 1,204,310 1,339,425
equipment totaling $500,000 or more for their client, the Shibaura EngineerJune__ 1,015,463 1,401,950 1,270.615 Dee___ 1,376,152 1,455,836
ing Co. of Japan, which is closely affiliated with the General Electric
Co.
One company took about 3200.000 worth of the business.
The "Iron Age" composite prices again have moved in opposite directions.
That for pig iron has advanced to $19 46 per gross ton from $19 38
Bookings of Steel Castings Heavily Decline.
last
week,and that for finished steel is 2.500c. per lb.. against
July bookings of steel castings by companies representing In two weeks pig iron has advanced 17c. per gross ton and 2.517c. last week.
steel has declined
over two-thirds of the commercial castings capacity of the 28c. per net ton.
United States amounted to 37,339 tons, as against 48,718
tons in June, 56,581 tons in May, 67,806 tons In April and
100,514 tons in March. The following table, prepared by the
Department of Commerce, shows the bookings of commercial steel castings for the past 18 months by 70 identical companies, with a monthly capacity of 100,700 tons, of which
39,100 tons are usually devoted to railway specialties and
61,600 tons to miscellaneous castings:
The usual composite price table is as follows:
Aug. 19 1924, Finished Steel, 2.510c. Per Pound
Based on prices of steel bars, beams, tank Aug. 12 1924
plates, plain wire, open-hearth rails. July 22 1924
black pipe and blacw sheets. These Aug. 21 1923
products constitute 88% of the U. S. 10
-year pre-war average,
output
2.517c.
2.524c.
2.775c.
1.689c.
Aug. 19 1924, Pig Iron, $19 46 Per Gross Ton.
Based on average of basic and foundry Aug. 12 1924
$19 38
Irons,the basic being Valley quotation, July 22 1924
19 29
the foundry an average of Chicago, Aug. 21 1923
Philadelphia and Birmingham
10
-year provar average, 25 29
15 72
871
THE CHRONTCLE
AUG. 23 1924.]
"For many years, even during the war, our steel-making departments,
-hour day has been
rolling mills and shops shut down over Sunday. The 12
abolished, although it was done a little later than by some of the other
on my vacation. Our men
companies because I was away in Europe
2.446c. Jan. 2 work 10, 9 and 8 hours."
2.824c. April 24
$20.77 Nov.20
$30.86 Mar.20
James A. Farrell, President United States Steel Corporation:
"The Tennessee Coal. Iron & Railroad Co. is the
The "Iron Trade Review" on Aug. 21 said that an im- South that has abolished the 7-day week and 12-houronly company in the
day. Also, we ay
'
provement in demand for steel is perceptible, but the rate from 15 to 25% more wages than other manufacturers in that district.
prices is
of recovery is below expectations. Uncertainty of
William P. Palmer, President American Steel & Wire Co., Cleveland:
1924 to Date—
Finished steel
Pig iron
1923—
Finished steel
Pig Iron
High
2.789c. Jan. 15
$22.88 Feb. 26
Low
2.510c. Aug. 19
$19.29 July 8
retarding the buying of finished steel and while a few large
users are beginning purchase for stock, the majority of
consumers are not yet convinced that the low point in prices
has been touched. Continuing, the "Review" gave further
details as follows:
Encouraging factors are that the railroads, especially those serving
the Northwest and which have suffered from depression of several years
standing, are expected to come into the market for cars and track material
as a result of advances in grain and live stock quotations. Weight is
given to this expectation by reports that railroad rolling stock is not in
state of repair that will enable the carriers to handle the increased traffic
'of the winter months efficiently.
Mill operations continue to hold up well. Ingot production in the
Chicago district slipped back a point, but in the Mahoning and Shenango
valleys the independent and Steel Corp. steel works are operating at
64% of capacity.
While little is heard in market circles as to the effect of the complicated
political situation in iron and steel business, it is known that decisions
on a number of important projects are held up, pending a more definite
size-up of the outcome of the election.
No market change in finished steel prices took place during the past
week, although instability is noted on certain products. Prospect of
a heavier demand in the Chicago district is encouraging. The Illinois
Central is reported as being ready to inquire for 6,400 cars of mixed classification. The Chesapeake & Ohio has authorized the purchase of 10,000
tons of rails and 2,000 steel hopper cars
Structurat awards for July totaled 182.000 tons, or about 70% of capacity.
This is a gain of 10,300 tons over the June total.
British exports of iron and steel in July amounted to 347,799 tons, an
increase from 324,432 tons in June.
Sharp reductions In English and domestic ferromanganese failed to
stimulate much business. Domestic material is quoted as low as $92 50
tidewater, to Eastern consumers, while in Pittsburgh the price structure
Is reported so uncertain that it is difficult to make a quotation representative of the market. English sellers have reduced quotations from
$100 to $95 tidewater. Speigeleisen also is being shaded. Domestic
material now is holding about $33.
The composite this week on 14 representative iron and steel products
is $39 37. This compares with $39 31 last week and $39 29 the preceding
week.
-hour
-day week job, nor have we any 12
"We have not any Job that is a 7
day Jobs. While this question may bother others, it does not bother our
bothering them is that they can only get three or four
workmen. What is
days' work a week. That point should be emphasized."
As to the change in the social conditions of the employees and the feeling
among the men, the Presidents stated that there had been a decided improvement. President Williams remarked that he had requests for a garage
for nearly every house now. He also stated that there was very little
change in the production. With blast furnaces the production depends
on the amount of air blown in to increase the combustion.
As to independent companies, some have accomplished more than others
in abolishing the long hours. In the South little has been done except in
the Steel Corporation plants. In Cleveland all companies operating blast
-hour day except the Otis Steel Co.
furnaces and steel plants are on the 8
Seven days a week is no more prevalent than formerly. Men on continuous
-day schedule,
work in blast furnaces, except Steel Corporation, are on 7
but are allowed a day off if they want it.
In the Youngstown district independent iron and steel companies state
-hour day, but that workers
that they have almost wholly eliminated the 12
In blast furnace and coke departments are employed 7 days a week,8 hours
one day off.
per day, with the privilege of taking
In the Pittsburgh district independents have made some progress in
establishing shorter hours, but a disposition is being shown by some com-hour
panies to yield to the demands of the men,and where they want the 12
day for the purpose of swelling their pay envelopes they are getting it.
the largest independent companies states that the
The President of one of
-day week are available to those who want such working
-hour day and 6
8
hours. When orders for steel are light and days of work limited the men
naturally are disposed to earn as much as possible and this sometimes means
working 12 hours per day and 7 days per week.
The above is apparently an answer to a report on working
conditions in the steel industry which has recently been
made to the Cabot Fund of Boston. This fund was established for the purpose of investigating industrial conditions.
In the report made to it on the steel industry the following
summary of conditions of work was given:
The steel industry of the United States has by no means gone over to an
-day week since the recent movement toward the elimina8-hour day and a 6
-hour day began. Though there are notable instances where
tion of the 12
-hour day has been practically made universal, the general tendency
the 8
where the change has been attempted has been to put the blast furnaces,
open hearth and Bessemer converting departments where work is continuous and where the 12-hour day formerly prevailed, on to a three-shift system, the men working 8 hours a day for 7 days a week, to put the rolling
mills on 2-shift system, the men working 10 hours a day usually for 6 days
-hour day ofone shift to 10 hours.
a week,and to reduce men formerly on a 12
-day week, to an extent eliminated during the depression of 1921,
The 7
but re-established with the return of prosperity by the fall of 1922, prevails.
and has perhaps been more widely established under the new system.
Though officials of the corporation say the executive orders of the United
States Steel Corp. were very specific on the point that all continuous
-hour men in these departprocesses were to be put on three shifts and all 8
-day week, such a schedule was not found in any corporation
ments on a 6
district visited. Testimony from both steel executives and workers shows
-day week, both in the cor-hour men in these processes work a 7
that the 8
poration's and independent plants.
Investigation by "Iron Age" into Elimination of
Twelve-Hour Day in Steel Industry.
A year ago (Aug. 16 1923), following long agitation, a
meeting at the White House in 1922 called by President
Harding, and thorough consideration by iron and steel
manufacturers, a good start was made in abolishing the
-hour day and introducing shorter hours in the steel
12
industry. Some companies naturally moved more rapidly
than others, and it has been charged that little has been
accomplished in introducing the shorter day and that the
seven-day week, virtually abolished by the greater part
of the industry years ago, has been re-established. The
"Iron Age" has made an investigation to determine the facts
On Aug. 19 Judge Elbert H. Gary of the United States
in regard to the change which has taken place, and publishes Steel Corp. made the following statement:
the results of its inquiry. The Presidents of the subsidiary
The Presidents are here to discuss the report of the "Iron Age" concern
searching investicompanies of the Steel Corporation, in reply to questions, tog the elimination of the 12-hour day. We think, afterour
of
corporation in
have made definite statements as to present conditions, and gation, that there is very little occasion to complain
respect to this matter.
independent companies have also supplied a large amount
of information. The Presidents of Steel Corporation subsidiaries are emphatic in their statements as follows:
Mining and Industrial Electric Locomotives.
Homer D. Williams. President Carnegie Steel Co., Pittsburgh:
The Department of Commerce, likewise under date of
"On Aug. 16 1923 we put the blast furnaces on the 8-hour basis as rapidly
mining
as possible. After we got men we started every department of the com- Aug. 11, gave out quarterly data on shipments of
pany on the shorter hours, and ran slack in some departments at times in and industrial electric locomotives, collected from 8 firms,
order to put in the 8
-hour day. It took us two months and we increased
our forces by about 9,000 men, or 19%. We have no 12-hour men in any comprising the entire industry. Below is the summary of
of our plants, and we do not work the 7-day week. That covers Youngstown as well as all other plants. In emergencies men may have worked shipments, by classes, for the quarter ending March 311924:
longer hours, but those are isolated and rare cases."
E. J. Buffington, President Illinois Steel Co.. Chicago, operating the
great plant at Gary, Ind., as well as the South Chicago plant:
"Our case is substantially like that of Mr. Williams. We proceeded in
about the same way. I do not recall the exact number of men added to the
forces. Our company has not a 12-hour job at any of its plants."
August Ziesing, President American Bridge Co., New York:
"Our principal work is in structural steel. All structural shops were on
-day week. We have a mill
10 hours and years ago we abolished the 7
at Pencoyd, Pa., which was put on an 8-hour basis in the fall of last year.
None of our men work more than 10 hours nor more than 6 days per week."
W. B. Schiller, President National Tube Co., Pittsburgh:
-hour jobs in any department at any of our works. We
"We have no 12
began to change from the 12-hour to the shorter day on Aug. 16 1923, and
that work was not entirely completed until sometime in 1924. We changed
even our watchmen and our nurses, and we changed as fast as we could
-day week was abolished about 1911 or 1912. and
secure workmen. The 7
I was the sponsor for its elimination. It was restored for a time during
-day week in our mills since a short time
the war, but there has been no 7
after the armistice."
E. W.Pargny, President American Sheet & Tin Plate Co., Pittsburgh:
"Our rolling mills have been on a 3-shift basis as long as I can remember.
At the time the subject was discussed I think we had about 15% of our men
-hour day in the steel plants and, in less than 60 days from
working the 12
Aug. 16, we had not one man working 12 hours. We do not have to-day,
-day week."
nor do we work, the 7
George G. Crawford, President Tennessee Coal, Iron & Railroad Co.,
Birmingham, Ala.:
SHIPMENTS OF ELECTRIC LOCOMOTIVES QUARTER ENDING
MARCH 31 1924
Number
Shipped.
Mining locomotives:
Trolley type
Storage-battery type
Total
Industrial locomotives:
Trolley or third-rail type
Storage-battery type
Total._
112
28
Value.
8554,950
128,615
140
$683,565
19
23
$147,139
130.407
42
8277,546
July Shipments of Railroad Locomotives as Also
Unfilled Orders Show a Decline.
The Department of Commerce makes public the July
shipments of railroad locomotives, from the principal manufacturing plants, based on reports received from the individual establishments. The following table gives the
shipments of locomotives in July and unfilled orders as of
Aug. 1, with comparisons for earlier months:
812
THE CHRONICLE
LOCOMOTIVES.
PRODUCTION,SHIPMENTS.STOCKS, AND UNFILLED ORDERS.
Shipments.
Unfilled Orders.
Year and Month.
Domestic. Foreign.
1933.
Januar"
February
March_
April
May
June
July
August
September
October
November
December
1934.
January
February
MarchApril
May
June
July
[VOL. 119.
Month.
Total.
Domestic. Foreign.
229
207
282
217
238
232
239
272
335
310
299
329
217
196
269
201
228
221
211
259
313
295
270
305
12
11
13
16
10
11
28
13
22
15
29
24
1,788
2,220
2,316
2,204
2.150
1,958
1,738
1,497
1,178
977
691
387
1,699
2,141
2,214
2,111
2,045
1,854
1,652
1,406
1,102
915
656
385
89
79
102
93
105
104
151
99
132
73
111
145
140
147
92
128
63
93
134
130
4
7
4
10
18
11
10
376
499
534
040
643
531
483
344
486
494
586
689
462
416
Establishmenu
Reporting
On hand Meat/fife- Shipped
First of lured Dur- During
Month. 04 Month Month.
On hand Unfilled
End of Orders end
Month. of Month.
(Number) (Barrels) (Barrels) (Barrels) (Barrels) (Barrels)
29
45,588 307.189 303,668
49,109 815,485
29
49,109 370,966 362,725
57,350 608,660
29
57,350 394,478 394,758
57,072 601,663
29
57,072 416,628 420,129
53,571 614,102
29
53,571 418,381 425,397
46,555 582.022
29
46,555 385,155 382.550
49,160 421.870
30
56.490 598 507 407.258
47.629 519.034
a Figures for May and June have been revised
since the publication of the reports
for those months.
32
33
40
54
54
69
67
se
91
76
62
35
22
January
February
March
Apr1L
Maya
June a
July*
Production of Floor and Wall Tile in May Falls Off.
Statistics on the operations of floor and wall tile manufacturers, collected from 34 concerns, making about 73%
of the total volume of floor and wall tile produced in 1922,
show that the production was only 4,127,174 square feet in
June, against 4,938,939 in April and 5,317,670 in March.
Structural Steel Sales and Shipments for July Increase. Below is shown a summary for total floor and wall tile for
The Department of Commerce has just reported the sales the first six months of 1924 and also details, by classes,
of fabricated structural steel for July, based on figures for the month of June:
SUMMARY OF FLOOR AND WALL TILE (ALL CLASSES).
received from the principal fabricators, as 70% of capacity,
with total bookings of 165,240 tons reported by firms with
Stocks
(End of
a capacity of 236,345 tons per month. Shipments of firms
Average Trice
Production
Shipments.
Month).
(Per Square Foot).
Year 1924.
reporting this item represented 82% of capacity, as against
White Wall
77% in June. The table below lists the statistics reported
Square
Square
Square
Ceramic
Tile
Feet.
Feet.
Value.
Mosaic. (Standard).
Feet.
by 189 identical firms (including data in earlier months for
January
5,192,047 3,759,248 $1,222,214 7,787,592 $0.24
seven firms out of business), with a present capacity of February
$0.40
5,177,246 3,662,808 1,129,865 8,430,644
0.24
0.40
245,990 tons per month, comparing with 249,540 in 1923 March
5,317,670 4,122,279 1,218,081 8,928,949
0.40
0.24
April
4,938,939 4,297,191 1,343,271 9,172,306
0.24
0.40
and 241,215 in 1922. For comparative purposes, the May
4,305,391 3,744,280 1,259,429 9,137,969
0.40
0.24
4.127.174 4.000,275 1 350 795 7 AM 11U
0.40
0.24
percentage figures are pro-rated to obtain an estimated total June
FLOOR AND WALL TILE, DETAILED STATISTICS FOR JUNE 1924.
for the United States, based on a capacity of. 250,000 tons
per month for 1922 and 260,000 tons per month in 1923
Stouts „End
and 1924:
Shipments.
of Month.
Production
Kind.
Square Feet Square Feet
Bookings.
Shipments.
AMWen= WOMCoco0oWCAWW-4Ww00000o0....1
7130.A000.40001201.-.000130.40130000013
b.O
MaaCrv ,
ive0WW13a WW.1401620...sa.W00 0-4,
,
D0
85
79
73
68
68
64
58
49
60
72
77
92
78
86
so
50
57
52
49
54
80
72
73
71
65
59
66
711
212,500
197,500
182,500
170.000
170,000
160,000
145,000
122,500
150,000
187,200
200,200
239,200
202,800
145,600
130,000
130,000
148,200
135,200
127.400
140.400
208.000
187,200
189,800
184,600
169,000
153,400
171,600
159 mil
a Reported by 184 firms with a capacity of 244,615 tons.
S Reported by 161 firms with a capacity of 236,345 tons.
-___
__
___
32,728
508,716
763,107
16,548
85,993
204,632 1,354,336
713,711
184,828
1,241,872 1,304,551
247,700
218,375
247,549
273,605
456,512
476,512
$406,008 2,154,040
600,703
220,288
516,792
191,965
200,000
79,338
Grand total
__
__
-----_
79
70
67
63
60
65
71
71
77
R9
Seuare Feet
1,733,390 1,849,203
154,095
133,086
Total
Trim
Other glazed and faience
Quarry tiles
Actual Per Cent of Computed Per Cent of Computed
Tonnage. Capacity. Tonnage. Capacity. Tonnage.
1922
-April
May
June
July
August
September
October
November
December
-January
1923
February
March
April
May
June
July
August
September
October
November
December
1924
-January
February
March
April
May
June
iniv
Value.
Ceramic mosaic
Other unglazed (except quarries)
White wall tile (bright glazed):
Selected
Standard
Commercial
205,400
182,000
174,200
163,800
156,000
169,000
184,600
184,600
200,200
915 9110
23,173
551,488
667,201
$387,944 23,824,570
570,559
65,255
4.127 174 4.009,276 $1,350,798 7.866.664
Bituminous Coal Market Shows Little Improvement
Anthracite Continues Dull-Prices Stiffen.
The market review appearing weekly in the "Coal Trade
Journal," on Aug. 20, stated that while there was no marked
improvement in the country's bituminous markets during
the second week in August, there was a stiffening of prices in
several districts, especially in the Middle West. Also
shippers have been using extreme caution in consigning coal
to piers, making sure that their shipments would be quickly
moved. The review continues:
With industry still lagging, however, the real improvement in the bituminous market is still to come. Inquiries continue to increase, which is
natural considering the depleted coal piles of manufacturers and the apCollapsible Tubes, Orders and Production in June 1924. proach of the fall season, and that these Inquiries are the advance guard
of purchases is hardly to be doubted. When it is considered that a conThe Department of Commerce on Aug. 9 also announced siderable amount of bituminous
coal is still being sold at no profit, the
the following statistics on collapsible tubes for the month attitude of the buyer may be understood. Industry is slowly reviving.
Mills that have been shut down temporarily are again resuming operations.
of June 1924, according to the reports received from 12 But
full time and overtime and brisk
yet come
companies (including one company not reporting orders). the voice of the purchasing agent. business have notconcernedto sweeten
he is still
So far as coal is
stalking the game,still watchfully waiting. He will wait until the bituminThese data show orders, cancellations, shipments and
ous backbone stiffens. Unless, of course, the industry he represents shows
production during the month, and whether the product is such activity
he can't wait.
made from tin, lead or composition, and in addition the
The Lake movement declined in the week ended Aug. 10. The Ore &
Coal Exchange reports 784,075 tons dumped, a decrease of 114,425 tons,
press hours capacity and press hours operated during the
nearly 13%. Of the total dumpings 740,961 tnos were cargo coal and
month are given:
43,114 Sons vessel fuel. In the corresponding week of 1923, dumpings
ORDERS, CANCELLATIONS, SHIPMENTS AND PRODUCTION.
totaled 1,087,994 tons. There was also a decline of tidewater business at
Hampton Roads for the week ended Aug. 9. The total quantity of bituminEstablishCompost- ous coal handled over the three piers at that port amounted to 336,560 net
Item.
ments ReTotal
Tin
lion
Lead
tons, a decrease of 74,596 tons, or 18%. The chief factor in this decline
porting.
(Gross). (Gross). (Gross). (Gross).
was a decrease of 34% in exports. However, the quantity of soft coal
Unfilled orders beginning of
dumped over the tidewater coal piers of the principal Atlantic coal ports in
month
11
326,285 270,733
36,533
18,069 July was 2,698,927 net tons, which is 208,335 net tons, or 8%,greater than
Orders booked during month_
11
158,201 142,584
11,758
3,859 in June. Car
loadings for the week ended Aug.2 amounted to 945,731 cars,
Cancellations during month_
11
36
11
25
Shipments during month_ _
12
152,910 132,823
1,899 an increase of 19,872 over the preceding week. Coal loadings were 144,865
18,188
Unfilled orders end of month_
11
349,160 294,503
33,728
20,929 cars, a decrease of 1,192 cars.
PrnthintInn during mnnth _ _ _
12
163.746 137.395
24410
1.041
The anthracite market continued dull although it is expected to pick up
rapidly before many days. Some independent operators are quoting 50
PRESS OPERATION-TWELVE COMPANIES REPORTING.
and 60 cents a ton higher in anticipation of the fall movement, and company
Press hours capacity this month
29,112
Press hours operated this month
19,106 circulars are expected to advance on Sept. 1, 10 and 15 cents a ton for
Per cent of press capacity operated
65.6 the same reason, these latter increases practically restoring company prices
to the winter schedule from which they were reduced last spring.
Along the East Atlantic States household consumers are being educated
Steel Barrels Manufactured and Shipped in July 1924.
to use pea and buckwheat and it is planned to
the
The following statement on steel barrels, including extent of having permanent exhibitions in thecarry this campaign to
larger centres.
production, shipments, stocks and unfilled orders, based, on
Along similar lines runs the summary of market conditions
reports received from 30 establishments operating 35 plants published this week in the "Coal Age." In the Middle West
for July 1924, with comparative figures by months has the bituminous coal industry seems to be experiencing a'
been issued:
slight improvement, but in the East, especially in New
Am 231924.]
873
THE CHRONICLE
England, the report is quite discouraging, says the "Age," Production of Boots and Shoes in June Shows Big
Falling Off.
adding:
The public appears to be delaying buying not only from a sense that coal
According to the Department of Commerce, the producbeen so poor
will be available when demanded, but because business has
rethat money is not obtainable for the making of purchases, even where the tion of boots and shoes in June 1924, based on reports
consumer has a conviction that there will be a scarcity this winter and ceived from 1,154 manufacturers, representing 1,277 fac:vould be well for him to get under cover. The cry seems general
that it ,
to 22,403,547 pairs, as compared with
that purchasers are slow to pay. But in the Northwest. where the farmer tories, amounted
Is looking for and actually experiencing prosperity and the ore mines are 25,240,153 pairs in May, 28,003,791 pairs in April, 28,273,preparing for resumption the coal is not being taken from the docks so 105 pairs in June 1923, and 24,831,068 pairs in June 1922.
that more can be brought in. There is need for greater circumspection in
for January-June show 157,841,018
that region,for the indications are that the wherewithal to purchase the coal Comparative figures
pairs produced in 1924 and 187,947,450 pairs produced for
Is not lacking.
"Coal Age" Index of spot prices of bituminous coal shows an increase the same period in 1923. The June production included
during the past week, standing on Aug. 18 at 165, the corresponding price
previous week.
5,646,670 pairs of men's shoes (high and low cut, leather),
being $2 00 as against 163 and $I 98 the
Hampton Roads dumpings for all accounts during the week ended 1,516,117 pairs of boys' shoes, 7,054,597 pairs of women's
Aug. 13 totaled 395,568 net tons, an increase of 36,652 tons from the week shoes, 2,692,376 pairs of misses' and children's shoes,
preceding.
Anthracite is even more leggy than bituminous coal, though the stove 1,695,862 pairs of infants' shoes, 410,973 pairs of athletic
size seems to be in great demand. However, if there were a big supply, and sporting shoes (leather), 562,911 pairs of shoes with
that market would soon evaporate. Unless the anthracite companies have
satin and other fabric uppers, 1,956,756 pairs of
a similar demand for other sizes they are unable to comply with the insistent canvas,
market for stove, which in economical operation can represent only a slippers for house wear, and 867,285 pairs of all other leather
certain portion of the whole production. The purchases of anthracite seem or part leather footwear.
by the lower earning ability of the consumer. He finds all
to be delayed
BOOTS AND SHOES, JUNE, MAY AND APRIL 1924
his dollars expended for immediate needs and does not look to the future. PRODUCTION OF
JUNE 1923 AND 1922, AND COMPARATIVE FIGURES FOR JANUARY
If he does not buy soon, however,the retailers will be doling out anthracite
JUNE 1924 AND 1923.
In single-ton lots, and the showbirds with their poor coal will come back,
eventualities good neither for public operator or retailer.
Number of Pairs.
Kind.
Jan.-Juns Jan.-Juns
June
June
June
1924. I 1923.
1922.
1923.
1924.
Bituminous Coal Production Gains Further, but
Anthracite and Coke Fall.
report on the production of bituminous coal,
The weekly
anthracite coal, and beehive coke, issued by the Department
of the Interior, through the Geological Survey, on Aug. 16
itrovfir N16111ingligtiaillin
4
said:
High and low cut (lea18,605,622 23,709,215 21,020,841 133.852,350 160,751.345
ther), total
5,646,670 7,443,327 6,214,074 41,221,03 52,716,036
Men's
1,518,117 1,995,093 1,672,166 9,504,581 11,722,822
Boys'and youths'.
7,054,597 8,847,553 8,257,288 51,407.910 59,291,031
Women's
Misses' and children's 2,692,378 3,250,928 3,051,174 19,111,700 22,239.858
1,695,862 2,172,314 1,826,141 12,607,124 14,781,596
Infants'
Athletic and sporting
683,276 3,574,597 4,103,110
504,260
410,973
(leather)
Canvas, satin and other
504,476 3,909,027 5,636,282
759,537
562,911
fabric.a
(b)
10,915,067
(b)
(b)
Slippersfor house wear_ _ 1,956,756
All other leather or part
887,285 3,300,093 2,642,475 5,589,977 17,456,713
leather footwear
Orders and Stocks:
Shipments during the month
Finished product on hand, end of month_
Orders booked during the month
Cancellations received during month_ _
Unfilled orders on hand, end of month._
The production of soft coal was distinctly improved In the week ended
Aug. 9 and reached the highest mark attained since March. Present
estimates place the total output at 7.800.000 net tons, an increase of
316.000 tons, or more than 4%. In comparison with the corresponding
week last year. when the mines were closed one day in deference to the
late President Harding, there was a decrease of 21%.
Boots and shoes, total 22,403,547 28,273,105 24,831,068 157,841,018 187,947,450
The course of the recovery of production, as shown by the figures of
a Excludes rubber-soled footwear. b Included ln"All other leather or part leather
average daily output, continues to follow with remarkable closeness the footwear."
line for 1921. In that year the recovery was temporarily halted from
the middle of August until after Labor Day. As indicated by car loadings
Orders and Stocks of Hosiery for June 1924..
on Monday and Tuesday of the present week, the total output will probably Production,
be about the same as in the week before.
Department of Commerce has given out the followThe
Estimated United States Production of Bituminous Coal (Net Tons) Including ing statistics of hosiery production, orders and stocks, acCoal Coked.
cording to returns received from 342 establishments repre1923
1924
Cal. Year
Cal. Year
senting 434 mills for the month of June 1924. Of this numWeek.
to Date.
to Date.c
Week.
reported no production during the
10,817,000 311,971,000 ber 39 establishments
7,543.000 254,400,000
July 26_a
1,803,000
1,446,000
1,257,000
1,773,000 month. During June two establishments which were inDaily average
10.564,000 322,535,000 cluded in previous reports went out of business. The 342
7,484.000 261,884.000
Aug 2 b
1,761,000
1,440,000
1,247.000
1,772,000
Daily average
9,851.000 332,386,000 establishments included in this statement produced approxi7,800,000 269,684,000
Aug
b
1,435,000
1,866,000
1,300,000
1.775,000 mately 70.3% of the total value of hosiery reported at theaverage
Daily
a Revised since last report. b Subject to revision. c Minus one day's Census of Manufactures 1921.
number of days in the two years.
production to equalize
Production during the first 188 days of the calendar year 1924 was
M K t
gVg
mcn q
269,684,000 net tons. In the six preceding years it was as follows:
. == orgag mom
Years of Depression.
q Et;:wwlgoo52;gR..08aa
Years of Activity.
J
net tons 1919
274,890.000 net tons
354,663,000
1918
I
E R Rg:;:l&
C. ill dgFe
243,233,000 net tons
324,582,000 net tonsl 1921
o.0.0
1920
218.120,000 net tons
332,386,000 net tons 11922
1923
g
. 31 ill a v Pe Of
P.P-a w -=.7 ma
Thus it is seen that from the viewpoint of the production of soft coal,
the year 1924 stands 20% behind recent years of activity and 10% ahead
PIg 5,, 0 t
4 8 g- F F 0 ER
.
of the years of depression.
ANTHRACITE.
I
5'
OfS2"t,
.5
00
The production of anthracite continued to decline in the week ended
S. g i'
Aug. 9. The total output including mine fuel, local sales, and the product
and dredges, is estimated at 1,683,000 net tons, a decrease
of washeries
8
P
of 37,000 tons. In comparison with other recent years, the present rate
S
0 Fe
of production is 3% behind that In the corresponding week of 1923, when
the mines were closed one entire day, 5% behind that of 1921. and 7%
behind that of 1920.
Estimated United States Production of Anthracite (Net Tons).
1924
1923
Cal. Year
Cal. Year
0 ...4 .-. o 0. 0 ....1
0k.0,0.
0'0.
,
lo Ia*
Week.
.o. M le I. 100.
to Date.
Week.
to Date.
0 0 ,...
i.,-- 1.., Jilly 26
2,080,000 58,885,000
1,837,000 52,469.000
•
22
1
Si 48 4 5 E°4 42
2,018,000 60,834,000
1,720,000 54,189,000
Aug. 2
...I
1,683,000 55,372,000
1.735.000 62.569,000
Aug. 9
s.g
'iril
51 1
.9
g* :i
$
g=a
S.
...' .o.
CO
..
4 - Z:
t
i
k
3
kg •
* 4
I
1W.
S "4
44=124
+
iO
.
at,
i., 2't .74
CO ND Min 0 .O.
CO 0
CO CO
14+
Women's.
e...
-,
....i
los
.0.•
1'
§
i
01- b0
.
IS
2
0000. 0 0'3
- -.4...-0'0'
0 00 sz . S
0000-,,
.- 0 0
- 8 e. T
.
.,i . ,.., . ..
,.. .
7
...
..,
1
14.
z =g _
-.. --..... .•-1.';.' s."3
0 ,. . -.K.
0
0. 0 .
tt
'4'' 5 2.,'
.a.t, ..
.
. . ....
n ... 0 . . ...
"
t tn
-4 . ..
.24
!
... ' -g, -,,,
..... .... .
.
.....0-
... -
1. F
...,
0
.
..
f
6.1.
.....
....,
Children's Athletic
& Infants & nor:
(All
(AA
&ides). &aka).
95,000 326,000 6,669,000 12,139,000
United States total-- 89,000
54,000
35,000
16.000
15,000
64,000
Daily average
to revision. b Revised from last report. c Less one day's
a Subject
production in New Years' week to equalize the number of days covered
or the two years.
. -.
-4 .4- . - .
0.,00w
•-•
.-..
0
0...
Co
N
N.000
. +
."-...0 . 0 .
" -.t SIP Z 8 5
EigIfit
Full I BeamFashioned
less.
BEEHIVE COKE.
There was no improvement in the production of beehive coke in the
week ended Aug.9 and the total output declined to 89.000 net tons. This
was a decrease of 6,000 tons from the revised figure for the preceding week.
The principal losses occurred in Pennsylvania and Ohio and in the group
of four Southern States. In Colorado and New Mexico there was an
appreciable increase in output. The weekly rate of production of beehive
coke has fallen so low that it is but a few hundred tons in excess of the
lowest figure reported during the strike of 1922, and resembles that for
the year 1921, just before the depression of that year became most acute.
In that year appreciable recovery did not occur until the month of October.
According to the Connellsville "Courier." the total output of coke from
the Connellsville region was 46,320 tons, as against 51,260 tons in the
week before.
Estimated Production of Beehive Coke (Net Tons).
1924
1923
Week ended
to
to
.
.
.
Aug 9 Aug 2 Aug 11
Date.
1923.
1924.6
Date.c
1924.a
Pennsylvania & Ohio-- 55,000 61,000 268,000 5,170.000
9,779,000
21.000
352.000
5,000
5,000
West Virginia
720,000
16,000
602.000
15,000
713,000
Ala. Ky.,Tenn.& Ga. 13,000
7,000
10.000
250.000
7.000
498,000
Virginia
166,000
3.000
6,000
250,000
Colorado & N.Mexico_ 5,000
5,000
4,000
129,000
179,000
Washington & Utah__ - 4,000
874
THE CHRONICLE
The following comparative summary for/3351identical
establishments, representing 427 mills, for May and June,
is also given:
HOSIERY PRODUCTION, ORDERS AND STOCKS FOR MAY AND JUNE
•
1924 FOR 335 IDENTICAL ESTABLISHMENTS.
Mv
I June
N
cv
.
NV.
0
N
V.'"
v M
WI
M.
N
00
gdo
.1
,
.
0N
0V
v
=
00
. = cr; 2ia i
"
.
e.
co
,1;.
g
e.
4
g.
§
Oi0i
g
N
46
0
N
N ..0 .
.
M . a ae ..:
.
0
N
..;
0 CIN 0
0
V0 0
N
0c.c
00
.
m . .4...1. 0
. ...
. r.
.
41
1
a.0 a
...
a.
E
...
= ,
0
0
--3 .
4
ON
n
...":
.1
N
.
June
1 ""
N
.
.
NO
8 r- 8
. 8
V. 0
0
0
0 . IN
N
V
M
00'0
v00
Vb.
ei
0.
d e4 d m
. 03 . .0 b.:
.
0.
0
0
0
020
.
N
11
o.
s
.
. ..
.0.
6
•.
00 .
2
...
CO .
.• 'F F . .00 .:.`4
.. . ,l,
, ,
.
7.i.E.
g
1 1
... 0
-. .
00 .
.-• 00 C.
s
0 q
.
g
...
. ..... .
a
r..
I
OD
4
MM
N
0
0
.
0. N
.
.
WO
2
e4
IA
0
.or
3,987.598
8,800,258
3,337,889
217,603
6,439.875
a z.siar4
, . 8"'S00s4
.
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Orders and Stouts:
Shipments during month
Finished product on hand, end of month_
Orders booked during month
Cancellations received during month__ _
'Unfilled orders on hand, end of month
`1 CC F1
n. .... co co ....
a - ....6 a
a, N240 o
3,746,369
8,811,165
3,243,106
292,586
5,739,067
May
RE
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43,522
60,458
48,170
676
90,328
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347,180 354,861
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43,765 1,345,625 1,389,978 592,994 499,507 1,062,098 1,025,760
58,497 3,723,689 3,733,516 745,747 795.390 2,204,459 2,146,396
39,201 1,188,354 1,220,589 466,120 406,184 872,717 974,943
32,022
62,365
69,081
20,852
44,338
57,379
88,298
55,229 2,401,636 2,171,04111,179,602 1,065,457 1,363,768 1,264,913
May I June
May 1 June
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144
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Coal Production Statistics for July.
Preliminary estimates by the Geological Survey place
the total output of soft coal in July at 32,284,000 net tons,
and of anthracite at 7,782,000 net tons, increase respectively,
when compared with June, of 6% and 1%. The table below
presents comparative figures for July of the 11 preceding
years, and the cumulative production in the first seven
months of each year. The figures for 1913-1922 are final,
and those for 1923 and 1924 are subject to.revision upon
receipt of additional information. Ordinarily the percentage of error in these estimates is not larger than 2%.
Production of Coal in July During the First 7 fonths of the Last 12 Years
Bituminous (Net Tons).
Anthracite (Net Tons).
Total to
Total to
July 31.
July 31.
July.
July.
Year
38.858,000 264,504.000
7,272,000 53,454,000
1913
34,305,000 238,995,000
7,165,000 50,947,000
1914
35,573,000 228,752,000
6,691,000 49,074,000
1915
7,062,000 50,505,000
38.113,000 283,895,000
1916
8,684,000 57,328,000
46,292.000 319,247.000
1917
9,134,000 59,226.000
54,971,000 336,710,000
1918
7,974.000 47.898,000
43.425,000 260,597,000
1919
8,342,000 52,724,000
45,988,000 309.341.000
1920
7,309,000 54,458,000
31,047,000 231.619.000
1921
17,602,000 211,329,000
118,000 23,110,000
1922
8,320,000 59,489,000
45,126,000 318,396,000
7,782,000 53,701,000
32,284,000 259,849,000
1924_ a '
a Subject to revision.
[VoL. 119.
Production of Coke in July.
The United States Geological Survey on Aug. 16 reported
the production of coke in July as follows:
Continued curtailment of activity at the iron and steel plants was reflected by another decline in the production of coke. The total quantity
produced in July was 2,818,000 net tons, of which 2.352,000 tons were
from by-product ovens and 466,000 tons from beehive ovens. Comparison with the figures for June shows decreases of 3% and 16%, respectively. The present monthly rate of output at by-product coke
plants is 25% below the average for 1923, and is at the lowest level reached
since early in 1922. The average daily output in July was 75,871 tons, a
decrease of approximately 5%. The July production was 62.6% of
capacity. Two new plants began operations for the first time late in
the spring, bringing the total number of plants to 73. Of these plants
68 were active in July and five were idle throughout the month. Of the
total output, 80.7% was produced at plants affiliated with companies
operating iron and steel plants.
Activity at the beehive ovens continued to decline steadily throughout
the month and the total output
-466,000 tons
-was barely 26% more
than the weekly rate a year ago. In comparison with June 1921, when
the beehive coke industry was in a state of practically complete prostration, there was an increase of slightly more than
100%.
fonthly Output of By-Product & Beehive Coke in the United States (Net Tons).a
By-Product
Beehive
Coke.
Coke.
Total.
1917 monthly average
1,870,000
4,634,000
2,764,000
1918 monthly average
2,166,000 .2,540.000
4,706,000
1919 monthly average
2.095,000 V 1.638,000
3.733,000
1920 monthly average
2,565.000
1,748,000
4,313,000
1921 monthly average
1,646.000
2,108,000
462,000
1922 monthly average
2,379,000
3,093,000
714,000
1923 monthly average
3,127,000
4,624.000
1,497,000
May 1924
112,798,000
b3,559,000
761,000
June 1924
62,416,000
b2.971.000
555,000
July 1924
2.352,000
2,818,000
466.000
a Excludes screenings and breeze. b Revised from last report.
To produce the coke manufactured in July required the carbonization
of 4,114,000 net tons of bituminous coal. Of the total, 3,379,000 tons,
or 82%, were used in by-product ovens and 735.000 tons, or 18%, in
beehive ovens.
Thus the rate of coal consumption by the industry has decreased 34%
since January 1924 and is now 35% less than the monthly average for
1920 and 39% less than that for 1923.
Estimated Monthly Consumption of Coalfor Manufacture of Coke (Net Tons)
.a
Consumed in
Consumed in
By-Product
Total Coal
Beehive
Consumed.
Ovens.
Ovens.
1920 monthly average
6,349,000
3,684.000
2.665.000
1921 monthly average
3,107,000
2,401,000
706,000
1922 monthly average
3,421,000
4,528,000
1,107.000
1923 monthly average
4.458,000
6,816,000
2,358,000
May 1924
b4,021,000
65,221,000
1,200,000
June 1924
'b3,471,000
b4,346,000
875,000
July 1924
3,379,000
4,114.000
735,000
a Assuming a yield of merchantable coke of
69.8% of the cool charged
in by-product ovens. and 63.4% in beehive ovens.
b Revised since last report.
• Work Clothing Production in June 1924.
The Department of Commerce has compiled statistics
on work clothing production for June 1924, based on reports
received from 189 establishments; also a comparative summary for 112 identical establishments which reported each
month, February to June 1924. These statistics are for
outer work garments(overalls, coveralls, unionalls, two-piece
suits, &c.), and do not include data on work shirts.
REPORT FOR JUNE 1924 (189 ESTABLISHMENTS).
Number of Garments (Dozens).
Denims.
Item.
2.20
and
other
W. B.
Garments cut
Garments shipped
Garments returned
Stock on hand
AU
2.40- 2.50 Drills. Khan. Duck. Other.
2.45& and
heavier lighter
D.&T. D.AT.
106,747 17,406 14,42714,224 13,772 5,268 33,675
107,733 21,383 14,297 14,702 22,020 3,491 35,217
1,478
631
212
150
91 1,166
161
240,838 53,036 22,18032,188 37,704 14,977 59,458
COMPARATIVE STATEMENT FOR IDENTICAL PLANTS (112 ESTAB
LISHMENTS).
Number of Garments (Dozens).
LMUMS.
Items.
2.20
and
other
1V. B.
Garments cut:
February
March
April
May
June
Garments shipped:
February
March
April
May
June
Garments returned:
February
'
March
April
May
June
Stock on hand.
February
March
April
May
June
2.40- 2.50 Drills. Khaki. Duck. Au
2.45 & and
other.
heavier lighter
D.AT. D.AT.
3,712 14,199
4,952 13,409
5,219 16,864
3,805 16.315
75,729 19,413 7,180 13,992 18,432
79,901 16,230 10,195 12,975 20,864
69,148 21,819 11,206 13,054 16,461
53,834 20,816 6,711 11,872 11,861
58,041 9,558 6,994 10,754 3.508
4,828 13,441
73,648 17,086
61,884 14,156
63,043 19,415
56,352 16,000
60,771 11,926
2,976 13,534
3,263 11,949
2,581 15,004
2,384 18,058
3,381 15,566
619
802
871
753
1,038
173
327
395
265
353
7,822 13,460 14,867
7,666 10,434 14,595
6,713 12,369 15,284
7,293 13,071 11,624
6,261 12,381 13,709
31111
61 '104
174
85
110
525
24
122
118
292
431
281
78
42
78
69
59
77
220
409
308
352
691
112,388 28,628 12,483 27,630 28,028 7,478 38.589
121,038 29,646 11,342 27,085 29,999 7,37535,686
122,275 36,482 13,719 29,187 30,103 9,775 34.921
125,162 41,866 15,356 28,599 28,182 10,795 38,401
125225 25275120140 24.30222.682 13,950 31,169
AUG. 23 1924.]
Men's and Boys' Clothing Cut During June 1924.
The Department of Commerce has also given out the
following statistics on men's and boys' clothing cut during
June, according to reports received from 535 establishments;
classified as follows: 92 tailors to the trade; 423 ready-made
and 20 cut, trim and make; a comparative summary for 312
identical establishments for qach month from June 1923 to
June 1924, inclusive, is also shown. These statistics do not
include data on work clothing made from de nims, drills,
ducks, &c.,for which a separate monthly report is published.
CLOTHING CUT DURING JUNE(535 ESTABLISHMENTS).
By Class.
Total. Tailors
cut,
to the Ready- Trim &
Trade. Made. Make.
KIND.
Men's suits, wholly or partly of wool
884,905 156,825 711,914
Men's suits, wholly or partly of mohair, cotton,
silk, linen, &c
97,810 5,813 91,915
Men's separate trousers, wholly or partly of wool 830,346 72,089 539,444
Men's separate trousers, wholly or partly of mohair, cotton, silk, linen, &c
306,355 9,336 286,849
Men's overcoats and topcoats
382,251 33,961 324,997
Boys' suits, wholly or partly of wool
229,969
228,463
Boys' suits, wholly or partly of mohair, cotton,
silk, linen, &c
76,839
87,839
Boys' separate trousers, wholly or partly of wool_ _ 292,707
158 292,549
Boys'separate trousers, wholly or partly of mohair,
148,214
cotton, silk, linen, &c
148,214
114,027
Boys' coats and reefers (all grades)
16 112,171
16,186
82
18,813
10,170
23,293
1,506
1,840
COMPARATIVE SUMMARY FOR 312 IDENTICAL ESTABLISHMENTS.
Men's Suits.
Year and Month,
1923.
June
July
August
September
October
November
December
1924.
January
February
March
April
May
Inn,.
875
THE CHRONICLE
Men's Trousers, Men's Boys' Boys'
Overc'ts Suits &erns
and
and
and
Wool. Cotton. Wool. Cotton. Tope'ts, Pants. Reefers,
84,853 651,828 339,659 336,848 760,542 83,466
45,948 692,998 366.466 348,489 640,741 60,222
24,555 642,816 392,914 395,048 581,624 70,928
41,501 557,638 287,924 362,818 441,861 128,389
59,100 620,158 410,917 487,302 426,500 125,050
76,497 609,872 428,639 289,123 420,077 74,353
93,730 415,910 434,091 99,246 502,944 15,993
692,419
608,882
845,547
485,316
479,687
524,328
569,474
689,525 119,159 614,820 342,568 146,669 673,363
744,472 108,649 617,240 487,487 118,867 720,525
673,367 102,107 638,293 480,746 136,824 803,929
506,911 80,067 477,945 404,522 138,545 549,171
458,099 71,839 417,085 353,279 212,207477,956
535.057 38.850 410220 2229A2 027 A70 OKA
16,615
15,478
19,773
23,999
52,633
.yo oon
Activity in the Cotton Spinning Industry for July
1924.
The Department of Commerce announced on Aug. 22
that, according to preliminary figures compiled by the Bureau
of the Census, 37,786,464 cotton spinning spindles were in
place in the United States on July 31 1924, of which 28,710,359 were operated at some time during the month, compared
with 29,216,486 for June, 30,493,165 for May, 31,871,005
for April, 32,392,171 for March, 32,683,786 for February
and 34,243,817 for July 1923. The aggregate number of
active spindle hours reported for the month was 5,157,779,726. During July the normal time of operation was
26 days (allowance being made for the observance of Independence Day) compared with 25 days for June, 263' for
May, 25 2-3 for April, 26 for March, 24 2-3 for February
and 25 for July 1923. Based on an activity of 8.74 hours
per day, the average number of spindles operated during
July was 22,697,499, or at 60% capacity on a single-shift
basis. This number compared with an average of 24,422,892 for June, 25,506,973 for May, 30,177,468 for April,
31,125,530 for March, 33,879,600 for February and 32,694,740 for July 1923. The average number of active spindle hours per spindle in place for the month was 136. The
total number of cotton spinning spindles in place, the number
active, the number of active spindle hours and the average
spindle hours per spindle in place, by States, are shown in
the following statement:
Spinning Spindles.
/n
Place
July 31.
Stale.
Active
During
July.
Cottonseed Production During July.
On Aug. 20 the Bureau of the Census issued the following
statement, showing cottonseed received, crushed and on
hand and cottonseed products manufactured, shipped out,
on hand and exported, covering the twelve months period
ended July 31 1924 and 1923:
COTTONSEED RECEIVED, CRUSHED, AND ON HAND (TONS).
Received at Mills*
On Hand at
Crushed
Aug. 1 to July 31. Aug. 1 to July 31. Mills July31.
State.
1924.
128,980
171,585
239,807
113,449
259,158
328,885
217,800
208,381
187,808
1,323,650
163,185
Alabama _
Arkansas_
Georgia _
Louisiana
Mississippi
North Carollna
Oklahoma..
South Caro Una
Tennessee
Texas
All other_
1923.
Total.
United States
37,786,464 28,710,359 5,157,779,726
17,218,894 15,392,684 3,298,688,278
18,575,712 11,823,859 1,861,707,829
1,994,058 1,493,836 197.403,619
192
89
99
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All other States
1,390,278
1,254,888
2,798,242
1,137,704
11,792,160
1,448.408
442,424
1,024,290
5,858,762
195,300
2,797,766
5,263,25
458,99
707,31
1,218.70
191
116
182
95
87
76
158
72
187
72
97
218
171
119
132
1924. 1923.
Item.
Season.
On Hand
Aug. 1.
Produced
Shipped Out
Aug.1-July31 Aug.1-July 31
On Hand
July 31.
1923-24 *5,103,348 978,992,377 979,347,717 *4,057,878
Crude oil
1922-23
6,905,409 1,002,922,464 1,003,472,367
5,103,348
(Pounds)
1923-24 x138,112,489 z862,333,994
Refined oil
x105,946,576
1922-23 163,851,360 910,539,168
(Pounds)
138,112,489
49,766
Cake and meal_ __ _ 1923-24
1,515,918
1,522,153
43,531
1922-23
66,915
1,504,216
1,487,067
49,766
(Tons)
15,615
1923-24
Hulls
939,138
919,823
34,928
1922-23
28,617
943,773
958,775
(Tons)
15,815
1923-24
27,565
669,347
844,435
Linters
52,477
38,929
610,161
621,525
(500-1b. Bales) 1922-23
27,565
1923-24
7,265
39,588
46,851
Hull fiber
34,342
77,089
104,166
(500-lb. Bales)__ 1922-23
7,285
1,605
Grabbots,motes,&c 1923-24
24,968
21,943
4,630
1,428
19.078
18.901
(500-lb. Bales)._ 1922-23
1.805
•Includes 1,032,229 and 1,210,807 pounds held by refining and manufcaturing
establishments and 1,170,910 and 302,000 Pounds in transit to refiners and consumers Aug. 1 1923 and July 311924, respectively.
x Includes 3,783,784 and 3,406,674 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
8,670,531 and 7,168,811 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1923 and July 31 1924, respectively.
z Produced fro 955,964,792 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR rW.ELVE MONTHS ENDED
JULY 31.
Item.
1924.
Pounds
Pounds
tons
running bales
011, crude
Refined
Cake and meal
Linters
1923.
24,512,813
15,051,584
124,940
116,144
25,752,300
38,717,986
228,583
41,438
Lumber Production During June andiFirst Six Months
of 1924.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers' Association of Washington, D. C., and Chicago, Ill., in its issue dated Aug. 7 1924
gave the following:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR TUNE 1924 AND JUNE 1923.
June 1924.
Production.
Association.
Shipments.
Mills.
Hardwoods
Feet.
15
California Redwood
California White & Sugar
29
Pine Mfrs
Georgia-Florida Saw Mill
Michigan Hardwood Mfrs 23 10,266,000
_ 51
North Carolina
Pine_-Northern Hemlock&
45 28,254,000
Hardwood Mfrs
11
Northern Pine Mfrs
Southern Cypress Mfrs.__ 12 3,907,000
181
Southern Pine
West Coast Lumbermen's 114
42
Western Pine Mfrs
28 7,503,000
Non-members
Total
Softwoods.
Feet.
Hardwoods
Feet.
Softwoods.
Feet.
23,437.000
35,730,000
133,741,000
5,121,000
2,219,000 8,928,000
27,091,000
64,042,000
4,959,000
2,473,000
25,904,000
18,575,000 19,521,000
49,911,000
11,891,000 2,549,000
370,356,000
355,042,000
144,219,000
42,908,000 6,100,000
16,212,000
31,808,000
9,630,000
353,543,000
377,495,000
111,940,000
47,419,000
557 49,930,000 1,196,804,000 37,098,000 1,088,882.000
June 1923.
Association.
Mills.
Production.
Hardwoods
Feet.
Softwoods
Feet.
Shipments.
Hardwoods
Feet.
Softwoods
Feet.
136
Cotton-growing States
New England States
All other States
1923.
452
203,720 1,311
226
584
280,979
256,428 3,918 1,173
102,420 ____
14
386,063
826
499
296
288,973 389
187,554
268
198
152,829
626
806
289,556
644
103
970,327 10,614 8,161
142.908 2,712
510
United S rates
3.320.648 3.245.807 3.304.454 3.241.557 21.534 12.786
•Includes seed destroyed at mills but not 12,786 tons and 13,188 tons on band
Aug. 1, nor 137,630 tons and 194,049 tons re-shipped for 1924 and 1923,respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
HAND.
Active Spindle Hoursfor July
Average per
Spindle
in Place.
1924.
202,152 128,101
263,084 171,785
255,926 238,809
102,949 113,453
388,268 258,830
288,583 328,792
187,127 217,731
152,227 206,394
289,507 165,220
974,344 1,321,167
143,660 158,172
1,212,880 265,984,711
1,080,184 146,146,812
2,442,712 509,501,343
1,030,004 107,704,156
7,382,913 1,020,206,601
606,308 110,494,148
405,478
69,855,881
759,074
74,245,650
5,151,378 1,097,988,655
94,956
14,016,094
1,625,402 271,500,068
4,877,754 1,146,745,626
78,095,229
422,998
84,140,419
671,106
947.214 161,154,335
California Redwood
California White & Sugar
Pine Mfrs
Georgia-Florida Saw Mill
ichigah Hardwood Mfrs
North Carolina Pine_
Northern Hemlock &
Hardwood Mfrs
Northern Pine Mfrs
Southern Cypress Mfrs_ _
Southern Pine
West Coast Lumbermen's
Western Pine Mfrs
Non-members
43,613,000
15
69,947,000
5,379,000
5,491,000
48,787,000
32,086,000 39,215,000
56,823,000
9,552,000 5,351,000
402,128,000
420.428,000
160,775,000
47,306,000 5,497,000
6,440,000
32,656,000
34,887.000
11,491,000
372,130,000
424,485,000
116,624,000
43,320,000
81 41,805,000
11
13 7,422,000
'T
1A
41
26
42,671,000
152,311,000
5,949,000
9,855,000 11,455,000
48,339,000
37
8
28 14,483,000
51
590 70,150,000 1,389,163,000 61,518,000 1,207,958,000
Total
Total production, June 1924, 1,246,734,000 feet.
Total production, June 1923, 1,459,313,000 feet.
Total shipments, June 1924, 1,105,960,000 feet.
Total shipments, June 1923, 1,269,476,000 feet.
876
THE CHRONICLE
LUMBER PRODUCTION AND SHIPMENTS Ali REPORTED BY STATES
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR JUNE 1924.
June 1924.
Mills. ProductIon
Alabama
Arkansas
California
Florida
Georgia.
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin_
Others*
24
17
36
12
11
17
55
34
7
47
10
13
3
54
15
39
14
83
35
31
Shipments (11)
29,217,000
32,469,000
31,702,000
32,447,000
74,174,000
143,514,000
20,313,000
24,012,000
6;846,000
6,019,000
47,340,000
78.778,000
118,704,000 118,758,000
19,195,000
24,380,000
23,614,000
36,067,000
92,115,000
105,173,000
14,842,000
16,430,000
3,223.000
3,804,000
7,161,000
6,570,000
166,325,000 160,920,000
6,837,000
8,309,000
68,338,000
68,467,000
12,075,000
12,393,000
263,684,000 279,638,000
29,496,000
36,991,000
60,156,000
62,198,000
TotaL
557 1,246,734,000 1.105,960,000
•Includes mostly non-member mills, not distributed.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED FOR THE
FIRST SIX MONTHS OF 1924, BY MEMBER ASSOCIATIONS TO THE
NATIONAL LUMBER MANUFACTURERS' ASSOCIATION.
The stock, by condition, consisted of 281,916,494 pounds
of grease wool,26,827,512 pounds of scoured wool, 14,969,278
pounds of pulled wool, 20,783,381 pounds of tops, and
6,641,944 pounds of noils. Dealers held 176,600,098 pounds
and manufacturers 147,113,186 pounds of raw wool. The
figures "Held by dealers" represent wool in their possession
in the form of stocks owned by them or lots held by them
awaiting delivery instructiong, and wool owned by them
which is in warehouses. Stocks of wool held by.wool pools
and wool-growers' selling organizations are also Included in
"Held by dealers" figures. Of the total amount of raw wool
reported, 56.3% was domestic and 43.7% was foreign.
Of the raw wool reported, 29.8% was fine, 13.1% % blood,
15.3% % blood, 16.3% X blood, 6.4% lower grades, 19.1%
carpet. The item "Grade not stated," consisting of 16,126,866 pounds, constitutes either wool in original bags, or
ungraded or mixed wool upon which the concerns reporting
could not accurately specify grade. A summary of the holdings on June 30 1924 and March 31 1924 follows:
WOOL STOCKS HELD BY DEALERS AND MANUFACTURERS ON
JUNE 30 1924 AND MARCH 311924.
(All quantities in pounds.)
Total.
Item.
AvNo Production.
ills
(Feet.)
Shipments.
(Feel.)
California Redwood
California White dc Sugar Pine Mfrs
Georgia-Florida Saw Mill
Michigan Hardwood Mfrs
North Carolina Pine
Northern Hemlock & Hardwood Mfrs
Northern Pine Mfrs
Southern Cypress Mfrs
Southern Pine
West Coast Lumbermen's
Western Pine Mfrs
Non-members
15 236,248,000 186,874,000
482,283,000 370,637,000
30
36,012,000
35,508,000
7
78,052,000
82,482,000
21
203,656,000 204,937,000
44
373,969,000 281,237,000
50
229,288,000 213,606,000
10
75,429,000
85,850,000
10
181 2,408,445,000 2,373,620,000
120 2,473,745,000 2,551,411,000
745,335,000 689;151,000
40
357,469,000 335,753,000
29
Total
Total January to June 1924
Total January to June 1923
Total January to June 1922
557
557
583
513
7,714,278,000 7,396,719,000
7,714,278.000 7,396,719.000
7,666,330,000 7.879,219,000
6,168,168.000 6,298.667,000
Lumber Demand Above Production on West Coast.
The weekly lumber review of the West Coast Lumbermen's
Association for the week ended Aug. 9 showed that the 113
mills reporting to the association, manufactured 88,442,678
feet of lumber; sold 112,203,939 feet, and shipped 85,310,359
feet. New business was 27% above production. Shipments
were 24% below new business.
Thirty-seven per cent of all new business taken during the week was
for future water delivery. This amounted to 41,283,652 ft., of which
26,525,994 ft. was for domestic cargo dellvery, and 14.757.658 ft. export.
New business by rail amounted to 2,195 cars.
Thirty-eight per cent of the lumber shipments moved by water. This
amounted to 32,660,072 ft., of which 24,352,753 ft. moved coastwise
and intercoastal, and 8,307,319 ft. export. Rail
shipments totaled 1.
586
cars.
Local auto and team deliveries totaled 5,070.287 ft.
Unfilled domestic cargo orders totaled 117.109.675 ft. Unfilled export
orders, 65,828,820 ft. Unfilled rail trade orders, 4.056 cars.
In the 32 weeks of the year, production reported to West Coast Lumbermen's Association has been 2,952,879,659 ft.; new business, 2.942,567.320
ft.. and shipments. 8,114,596.189 ft.
Wool Report for June 30 1924 Shows Increase in Stocks.
Stocks of wool in and afloat to the United States on June
30 1924, including tops and noils, amounted to 410,381,206
pounds, grease equivalent, against 371,157,980 pounds on
March 31, according to the quarterly joint Wool Stock Report released Aug. 14 by the Bureau of the Census, United
States Department of Commerce, and the Bureau of Agricultural Economics, United States Department of Agriculture. This report is based on returns from 382 dealers and
598 manufacturers. The totals are exclusive of stocks held
by 23 dealers and 25 manufacturers, who did not report.
The returns from dealers are secured by the Department of
Agriculture and of those from whom figures were not received when the report was closed: 1 has a rating of $1,000,000; 2 have a rating of over $750,000; 1 has a rating of over
$300,000 to $500,000; 1 has a rating of $200,000 to $300,000;
2 have a rating of $125,000 to $200,000;8 have a rating under
$125,000; 5 have general credit rating only; and 3 not given
in R. G. Dun Sz Co.'s credit reference book,issued July 1924.
Returns from manufacturers are secured by the Department
of Commerce, and the establishments not reporting were as
follows:
The Adler Underwear & Hosiery Mfg. Co.. Cincinnati, Ohio; Alsace
Worsted Co., Woonsocket, R. I.; American Woolen Co.. Andover, Mass.
Amoskeag Mfg. Co., Manchester, N. H.; Ashaway Woolen Mills, Ashaway,
R. I.; Broadhead Worsted Mills Jamestown, N. Y.: Colored Worsted
Mill, Providence, R. I.; Columbia Woolen Mills, Columbia City, Ind.
Crown mids, Marcellus, N. Y.; Daniel Boone Woolen Mills. Chicago, Ill.;
Davisville Woolen Co., Davisville, R. I.: The Felters Co., Middleville,
N. Y.; Farnsworth Mills, Inc.. Central Village, Conn.; Faulkner & Colony
Mfg. Co., Keene, N. H.; Glastonbury_ Knitting Co., Addison, Conn.;
Guerin Mills Inc., Woonsocket. R. I.: The E. E. Hilliard Co., Buckland,
Goma.; Merrill Woolen Mills Co., Merrill, Wis.; Merrimac Hat Corp.,
Amesbury, Mass.; Merrimack Woolen Corp., Lowell, Mass.; North Billerica Co. North Billerica. Mass.; Northboro Woolen Co., Northboro,
Mass.: Philmont Worsted Co., Woonsocket R. I.; Sheble & Kemp, Inc.,
Philadelphia, Pa., or Sykes Bros.. Inc.. Philadelphia, Pa.
Held by Dealers.
Held 1 y Manufacturers.
June 30'24.Mar. 31'24. June 30'24 Mar. 31'24. June 30'24.Mar. 31'24.
First Six Months of 1924.
Associations.
[VOL. 119.
TotaLincl.
tops &
nolLs___ 351,138,609 303,918,089 182,043,322 132,624,600 169,095,287 171,293,489
taw wool323,713.284273,970,761 176.600,098120.646,362 147,113,188 147,324,399
Grease__ 281,916,494225,191,533 154,930,843 100,846,059 126,985,651 124,345,474
Scoured_ 26,827,512 31,549,230 12,840,469 16,238,923 13,987,043 15,310,307
Pulled.... 14,969.27817,229,99
8,828,786 9,561,380 6,140,492 7,668,618
Tops --- 20,783,381 21,313,069 4,460,609 4,171,779 16,322,772 17,141,290
Nei1s__ _ _I 6,641,944 8,634,25
982,615 1,806,459 5,659,329 6,827,800
Tot.,gr'sel
equiv.*1410,381,206371,157,980203,269,944 158,028,881 207,111,262 213,129,092
•In computing the grease equivalent, 1 pound of scoured wool, tops or nolls is
considered equivalent to 2 pounds in the grease; and 1 pound of pulled wool equivalent to 1 1-3 pounds in the grease.
The distribution by sections of stocks held by manufacturers was as follows: New England. 76.595,893 pounds; Middle Atlantic, 77,595.997
pounds; Pacific Coast, 1,702,660 pounds; and all other sections, 13.389,737
pounds.
The holdings of dealers according to markets were as follows: Boston.
107,201,711 pounds; Chicago, 17,295.222 pounds; Philadelphia. 15,586,681
pounds; St. Louis, 13,343,378 pounds; New York, 5,979,381 pounds;
Portland, Ore., 2,703,733 pounds; San Francisco, 562,237 pounds; other
cities, 19,370,9'79 pounds.
STOCKS OF RAW WOOL HELD BY DEALERS AND MANUFACTURERS ON
JUNE 30 1924, BY CONDITION, CLASS AND GRADE.
Based on returns from 382 dealers and 598 manufacturers. Totals are exclusive of
stocks held by 23 dealers and 25 manufacturers, who did not report.
(All quantities in pounds. Wool afloat is included.)
•
AggregWe.(a
Grease.
Class db
Grade.
Held by
Held
Held
Held by
ManufacTotal.
Total.
by
by
Manufacturers.
Dealers.
Dealers.
turers.
Total ___ 323,713,284 176,600,098 147,113,186 281,916,494 154,930.843126.985,651
Domesti 182,298,344130,332.06' 51,066,284 155.582,551 115,843,102 39,739,449
Foreign - 141,414,940 46,268,038 95,146,902 126,333,943 39,087,741 87,246,202
Combing , 184,057,168109,970.909 74,086,268 177.204,136100.177,459 71,026,676
Clothing b 64,779,593 39,917,746 24,861,847 34,123,903 23,716,955 10,406,948
Fine, total 91,825,249 51,979,736 39,845,513 84,490,879 48,439,885 36,050,994
Combing:
Domes' 46,776,054 29,011,272 17,764,782 45,637,994 28,376,346 17,261,648
Foreign. 20,705,125 6,083,808 14,621,317 20,582,701 6,022,528 14,560,173
Clothing:
Domes' 21,415,401 16,256,297 5,159,104 16,810,835 13,875,017 2,935,818
Foreign. 2,928,669
628,359 2,300,310 1,459,349
165,994 1,293,355
)1-Blood:
Total ___ 40,174,976 28,670,671 11,504,305 33,260,221 23,910,853 9,349,368
Combing:
Domes'c 24,928,954 19,019.128 5,909.826 23.654.031 18,189,176 5,464,855
Foreign. 5,782,997 2,663,368 3,119,629 5,620,607 2,549,322 3,071,286
Clothing:
Domes'e 8,935,403 6,653,466 2,281,937 3,924,548 3,118,676
805,872
61,035
192,913
334,709
63,679
Foreign.
527,622
7,356
;1-Blood:
Total ___ 47,022,917 30,470,674 16,552,243 36,653,588 25,098,909 11,554,679
Combing:
Domes'e 24,472,647 19,847,647 4,625,000 22,787,286 19,018,431 3,76805
Foreign. 9,709,46. 4,023,211 5,686,254 9,472,980 3,830,186 5,642,794
Clothing:
Dometec .9,962,325 4,897,666 5,064,659 3,229,417 1,497,323 1,732,094
Foreign. 2,878,480 1,702,151 1,176,330 1,163,905
752,969
410,936
1.1-Blood:
Total _ _ 50,149,230 25,727,642 24,421,588 39,924,491 20,688,428 19,236,003
Combing:
Domee'c 17,384,639 11,811,992 5,572,647 16,460,628 11,551,
151 4,918,377
Foreign. 18,947,922 7,050,164 11,897,758 18,053,802 6,416,372 11,637,430
Clothing:
Domes' 6.251,308 2,428,616 3,822,692 2,656,831
830,314 1,826,517
Foreign. 7,565,361 4,436,871 3,128,491 2,744,331 1,890,591
853,739
Low ;1-Blood:(c)
3,873,409 11,230,215 8,405,974 2,824,241
Total._ _ 13,374,714 9,501,30
Combing: .
463,379 2,171,577 1,785,430
Domes'e 2,356,648 1,893,269
386,147
Foreign. 7,321,084 5,314,643 2,006,441 7,216,444 5,240,364 1,976,080
Clothing.
655,
474
795,382
583,754
218,345
365,409
Domes'cI 1,450,856
608,207 1,258,440 1,161,835
96,805
Foreign 2,246,126 1,637,919
Common:
347,342
760,743
817.810
670,228
Total (d)I 1,108,085
147,582
120,436
602,928
692,210
723,364
587,828
Comb 'g
104,382
226,906
157,815
125,600
384,721
82,400
Cloth'g
43,200
Braid:
159,534 1,752,199 1,626,924
1,628,624
Total (d)I 1,788,158
126,275
90,228 1,674,652 1,584,424
Comb'gI 1,676,302 1,586,074
90,228
69,306
42,550
77,547
Cloth'g
111,856
41,500
36,047
Lincoln:
Total (e) 3,393,432 1,149,251 2,244,181 3,198.635 1,054,213 2,144,422
Comb'gi 3,271,967 1,063,396 2,208,571 3,170,323 1,025,901 2,144.422
85,855
35,610
28,312
121,465
Cloth•g.
28,312
Carpet:
Total (elI 58,749,65 10,584,586 48,165,071 54,892,715 9,340,688 45,552,027
Comb'gI 20,940,049 2,410,647 18,529,402 20,174,392 2,395,797 17,778,595
Filling 37,809,608 8,173,939 29,635,669 34,718,323 6,944,891 27,773,432
Grade noti
stated_ -116,126,866 16,126,866
15,695,741 15,695,741
Domestic 15,467,866 15,467,866
15,086,741 15,086,741
659,000
659.000
Foreign _
609,000
-609.000
a Combined stocks of grease, scoured and pulled wools; figures for scoured
and
Dulled wools below. b Exclusive of "Carpet" and "Grade not stated." c
for dates previous to September, 1923, include "Common" and "Braid." Figure
d All
domestic. e All foreign.
.1
AUG. 23 1924.]
THE CHRONICLE
STOCKS OF RAW WOOL HELD BY DEALERS AND MANUFACTURERS ON
JUNE 30 1924, BY CONDITION, CLASS AND GRADE-(Concludcd).
(All quantities In pounds. Wool afloat Is included.)
Scoured.
Cktss and
Grade.
Total.
Pulled.
Held by
Manufacturers.
Held
by
Dealers.
Total.
Held
by
Dealers.
Held by
Manufacturers.
28,827,512 12,840,469 13,987,043 14,969,278 8,828,786 6,140,492
Total
Domestic _ 15,056,279 7,203,687 7.852,592 11,659,514 7,285,271 4,374,243
11,771,233 5,636,782 6,134,451 3,309,764 1,543,515 1.766,249
Foreign
Combing (a) 2,351,109 1,090,774 1,260,335
Clothing .(a) 21,880,235 10.834,885 11,045,350
4,501,924 2,702,667 1,799,257
8,775,455 5,365,906 3,409,549
Fine, total... 4,929,693 2,289,926 2,639,767 2,404,677 1,249,925 1,164,752
Combing:
175,198
78,341
96,857
962,862
Domestic .556,585
406.277
78,187
45,919
Foreign
32,268
44,237
15,361
28,876
Clothing:
Domestic -. 3,321,313 1,776,080 1,545,233 1,283,253 605,200
678,053
1,354.995
389,586
Foreign
965,409
114.325
72,779
41,546
34-Blood, total 2,880,720 1,701,127 1,179,593 4,034,035 3,058,691
975,344
Combing:
Domestic
75,958
28,300
47,658 1,198,965
801,652
397,313
Foreign....
158,650
111,046
47,504
3,840
3,000
840
Clothing:
Domestic
2,244,963 1,290,241
954,722 2,765,892 2,244,549
521,343
Foreign
401,249
271,540
129,709
65,338
9,490
55,848
34-Blood, total 6,174,576 3,086,755 3,087,821 4,194,753 2,285,010 1,909,743
Combing:
Domestic
491,619
139,151
352,468 1,193,742
503,677
690,065
Foreign
183,004
152,360
30,644
53,481
40.665
12,816
Clothing:
Domestic
4,166,484 1,994,452 2.172,032 2,566,424 1,405,891 1,160,632
Foreign
1,333,469
800,792
532,677
381,106
148,389
232,717
M-Blood,total 8,080,037 3,905,792 4,174,245 2,144,702 1,133,422 1,011,281
Combing:
Domestic
412,860
59,875
352,785
502,451
301,481
200,966
553,897
350,041
Foreign
197,856
340,223
62,472
277,751
Clothing:
2,820,536 1,125,314 1,695,222
Domestic
773.941
300,952
472.988
Foreign.... 4,292,944 2,304,562 1,928.382
528,087
348,371
181,717
854,321
Low 34--13I'd(b) 1,803,496
949,175
341,003
99,992
241,010
Combing:
47,867
91,099
Domestic
43.232
93,972
59,972
34,00(
88,640
67,279
Foreign......
21,361
16,000
9,001
7,000
Clothing:
858,371
283,091
Domestic
373,280
210,731
154,038
56,692
967,388
466,084
Foreign
511,302
20,300
20,000
301
Common:
212,544
Total (c)
26.700
185,844
77,731
63,815
13,910
17,154
Combing._ _
1,100
16,054
14,000
14,000
Clothing _
195,390
25,600
169.790
63.731
49,815
13,911
33,259
Braid, total (c)
33,259
2.700
2,700
Combing_
1,650
1,650
.
Clothing_
33,259
33,259
1.050
1,050
Lincoln.tot.()
117,019
81,038
55,981
77.778
34,000
43,771
Combing__ _
25,143
3,495
21,648
76,501
34000
42,501
Clothing _ _
91,876
57,543
34,333
1,27
1,271
Carpet, tot.(a) 2,191,893
510,535 1,681,358 1.665.049
733,363
931,681
Combing_
441,292
11,500
429,792
324,365
3,350
321,011
Filling
1,750,601
499,034 1,251,566 1,340,684
730,013
610,67
Grade not
stated _._
404,275
404,275
26,850
26,850
Domestic _ _
354,275
354,275
26,850
26,850
Foreign_..
50.000
50.000
_
a Exclusive of "Carpet" and "Grade not stated" b Figures for dates previous:to
September 1923 Include "Common" and "Braid.' c All domestic. d All foreign.
STOCKS OF TOPS AND NOILS HELD BY DEALERS AND MANUFACTURERS ON JUNE 30 1924, BY GRADE.
(All quantities in pounds.)
Tops.
Grade.
Total.
Total
Held
by
Dealers.
Held by
Manufacturers.
Total
20,783,381 4,480,609 16,322,772
Fine
34-Blood
34-Blood
3i-Blood
Low 35-blood_
Common
Braid
Lincoln
Carpet
Grade not
stated
6,641,944
4,483,146 1,265,853 3,217,293 2.300.016
3,019,874
692,498 2,327,378
542,883
5,398,983
796,777 4,600,206 .1,403,545
4,203,670
880,326 3,323,344 _1,347,004
1,838,131
556,036 1,282,095 _ 201,902
38,680
82,064
16,700 ' 21,980
7,100
730
7,100
581,091
156,419
424,672 ,- 39,562
1,143,706
724,238
25,000 1,118.706
4
71,000
Held
'Held by
Manufac141
Dealers.
turers.
982,615 5,859,329
134,311
71,146
278,209
329,813
88,570
13,600
2,165,705
IA 471,737
1,125,336
1,017,191
sg 113,332
8,464
730
2,000
7,562
64,966
659,272
F3
A.
71,000
STOCKS OF WOOL, TOPS AND NOILS HELD BY DEALERS ON JUNE 30
1924, BY CITIES.
(All quantities in pounds.)
City.
Total
Total.
Grease,
Scoured.
Pulled.
Tops.
182,043.322 154,930,843 12,840,469 8,828,786 4,460,609
Boston
107,201.711
Chicago
17,295,222
Philadelphia 15,586,681
St. Louis
13,343,378
New York
5.979,381
Portland,Ore 2,703,733
SanFrancisco
562,237
Other Citle8. 19,370.979
90,739,879 8,520,134 3,192,983 4,238,248
13.801,477
733,408 2,730,337
12,064,933 2,420,679
523,546
185,434
13,343,378
4,908,769
750,004
312,681
7,927
2,703,733
221,485
47,000
293,772
17.147.209
144
Canon
ROR AR7 1 RRR
Noils,
982,615
510,487
30,000
392,089
Krincrt
STOCKS OF WOOL, TOPS AND NOILS HELD BY MANUFACTURERS ON
JUNE 30 1924, BY SECTIONS.
(All quantities in pounds.
Section.
Total.
Grease.
Scoured.
Pulled.
Tops.
Noll&
169.095,287 126,985,651 13,987,043 6,140,492 16,322,772 5,659,329
Total
New England 76,595,893 56,191,078 7,164,578 3,553,093 7,047,242 2,639,902
Mid.Atiantic 77,406,997 62,910,219 3,387,967 1,720,289 7,340,398 2,048,144
Pacific Coast 1,702,660 1,301,358
316.764
39,625
6,935
37,978
All other.... 13.389,737 6,582.998 3.117.734
WI/ •Inn
827.605 1 92u 107
FOREIGN WOOL AFLOAT TO THE UNITED STATES ON JUNE 30 1924,
BY GRADE.
(All quantities In pounds.)
Total.
Grease.
Scoured.
3,939,403
3,843,385
64,641
429,700
389,700
40,000
199.520
455,206
198,503
421,405
24,641
2,854,977
2,833,777
Grade.
Total
Fine
34-Blood
34-Blood
4(-Blood
Low 34-blood
Lincoln
Carpet
Grade not stated
Pulled,
31,377
1,017
9,160
21,200
877
Co. Men's-Wear Lines for Spring
Show Decline in Price.
The American Woolen Co., largest producer of woolen and
worsted fabrics in the world, opened on Aug. 18 its lines of
spring 1925 fabrics for the men's wear manufacturing trades.
The prices generally showed revisions downward as compared with the lines of the company for the spring 1924 and
declines also from the lines opened the early part of this
year for the forthcoming fall season, although comparison
indicates that the new price revisions were more appreciable
from the spring prices of 1924 than the fall prices. The
opening this week was noteworthy from the fact that this
was the first time in which the American Woolen Co. showed
the entire offering of men's wear fabrics at one time. In
former openings different groups of lines for the same season were shown on different dates.
Declines averaging 7% from the quotations of July 1923
for the spring season of 1924 were shown in prices covering
175 staple worsted men's wear fabrics for spring 1925. One
hundred of these fabrics were shown for the fall 1924 season,
according to a brief statement issued by the company, and
the prices quoted showed an average reduction of 21,:% from
l
the figures then current. The fall prices were given out in
January and February last. Regarding the openings this
week, the New York "Times" had the following to say:
American
Woolen
The leading tropical worsteds of Department 1, Division B, and Department 2, which were not shown for the fall season showed reductions of from
12% to 32% cents a yard from the prices quoted a year ago. The average
reduction of this class of goods was 7%%.
-was priced
The key number of the staple worsteds-fulton serge 3192
for the coming spring at $2 62% a yard, which is a reduction of 5 cents a
yard from the fall 1924 price of the same cloth and a drop of 2.5 cents a
yard on that fabric from the quotation for the spring of 1924. On a 16ounce serge-Fulton 3844-declines of 7% and 47% cents are shown from
the prices quoted for fall and last spring respectively, on the same goods.
The price for the coming season is $3 75.
Several other prominent "numbers" in the worsteds show proportionate
changes. In isolated cases, however, no revision is shown, either in comparison with fall or last spring, while in others advances of 2% to 5 cents
a yard over the fall levels are indicated. In a few cases the price for the
coming season is higher than it was for either fall or last spring. The
appended table gives the prices quoted yesterday on 50 representative fabrics in the worsteds group, together with the comparative figures for fall
and last spring, and from them may be gained an idea of the general trend
of quotations on worsteds:
Spring
Fall
Spring
Spring
Fall
Spring
1925. 1924. 1924.
Number.
1925. 1924. 1924.
Number.
A-414-1.-52 0234 $2 1234 S2 50
A-311-01L8155 $150 $150
240
415-1_ ___ 18734 190
7
25234 265
205
3564
33 9
230
24234 25234
816-69_ 370
37734 40234
2 6234 2 6734 290
3495
339
170
16734 16734
195
205
210
AA-9118-58_ 48234 46734 49234
696
2 3734 24234
0813-1_'2 35
3213
2 1734 225
235
28734 280
250
9629
3289
250
250
29234
375
3 7734 39734
9627
3333
23734 240
24234
290
285
85
3370
9763
36234
31734
35734 355
26734 275
-1_ 265
2 05
9 3
33 7
358,4
2 15
2 20
9812
275
280
250
265
9813-7._ 275
275
2 57% 2 70
2 80
26731 2 8734 295
275
AA 3312
- 8 6-3.... 435
99
BB-6 0
9941
26734 2 70
44234 4 6234
310
1814-44.... 305
3 3734
9625
36234 38234 375
255
2 5734 25734
25734 26234 28234
9806
6192
9413-L.... 225
225
225
3 6234 3 5734 38234
D-364
310
290
300
335
9814-7.- 28734 285
675
310
425
420
9816-7... 310
4 4734
31234
744
9718 11_ _ 23234 240
9 160255
26234 26734 28734
9714-1._ 28234 28234 28734
31234 3 1734 3 5734
3 92
31 94
27734 28734 2 9734
375
3844
38234 42234
260
3 4234
9729
3 1234 320
26234 2 7734
D13_5 40
82
08
BB-6645
3 10
335
27234 27734 285
350
440
440
6543
4 4734
325
335
36234
A-200
425
N-36
43234 45734
300
3 0734 3 2734
338
Price comparisons on the fancier goods made by the company, including
fancy weave piece dyes, mixtures, wool and worsted suitings, etc., are not
possible in the great majority of cases, due to the changes in construction
from season to season, but the price ranges for the various divisions in
which these goods come were issued by the company yesterday. In Department 1, Division A, for instance, they ran from a low of $1 55 to a high of
$4 62%. In the piece dyes offered in Department 1, Division B, the range
was from $1 67% to $4 25, while in the mixtures offered in the same department and division it was from $1 67% to $4 37%.
The bottom price in Department 2 was $1 57% for a fabric made by
the Riverside mill, while "top" in that department was $4 37% for goods
made in the National and Providence mills. The greatest variety of offerings of fancy goods consisted of fabrics handled by Department 3, Division
A, which will take care of the output of 28 mills for the coming season.
Here are included fancy wool suitings, flannels, crashes, summer goods and
top coatings, and particular emphasis appears to be placed upon this merchandise by the company. Fabrics suitable for sports wear are unofficially
said to be one of the features of the offerings in this division. The diversity
of prices is great, and it ranges from a low of 44 cents for a product of the
Hecht mill to $3 22% for goods turned out by the Foxcroft mill. In Department 3, Division 0, which includes staple wool suitings, flannels and
/
2
.
top coatings, the range is from $1 75 to $3 821
Fancy worsted suitings, fancy wool suitings, London shrunk serges and
tropicals are shown in Department 7, and the price range here is from
$1 72% to $5 12%. In Department 8, Division A, prices run from $1 70
to $6 30 a yard. In this department are offered standard worsteds and woolens, gaiter cloths. gabardines and whipcords.
As indicated above, substantial declines in the prices of tropical worsteds
were shown in the prices issued yesterday. The new and comparative prices
for last spring follow. Those for Department 1, Division B, were:
Spring 1925. Spring 1924,
Wilsl
aii
52 15
rgton$2
37H
worsted
1 75
A
Wrder
1 67%
The tropical worsted lines of Department 2 were spring 1s2 is way:
pricedth . pr
5
Mill:no27 1: .
112 1
89 924
National and Providence
$2 37%
Champlain
2 25
2 40
Riverside
2 2234
2 45
878
TH 111 CHRONICLE
Yesterday's openings marked the first time in the history of the company
that the entire offering of men's wear fabrics was priced simultaneously.
This was done because of the lateness in opening the new season, the time
for which up until recently did not appear ripe. While it was too early
yesterday to get much of an idea of the way buyers were operating, the belief was expressed in certain quarters that a good deal of business was
being placed in a quiet way. With the market for raw wool on the upturn
and general business prospects brightening, the impression was abroad that
this is not a bad time to do business. While nothing was said officially
about the possibility of advances in the near future, especially on woolens,
such action would not come altogether as a surprise.
Employers Reject Arbitration Proposal Made by
Workers in Paterson Silk Strike.
Settlement of the strike in the broad silk mills of Paterson, leading silk producing centre of the East, seemed quite
remote the early part of this week, when the workers,
proposing arbitration of their demands, had their proposal
rejected by the employers as a unit. Among the principal
demands for which the operatives are on strike are a
wage increase of 15% and elimination of the three and
four-loom system. The employers took the stand that
arbitration with the union was impossible as far
as wages were concerned, and other questions could be considered only if the strikers returned to work at the old wage
scale. The strike was condemned in scathing terms by the
Paterson Chamber of Commerce. Efforts by the pollee to
maintain order during the strike have been attended with
great difficulty, it is said, as a number of agitators are
claimed to have been brought into the silk centre to stir up
trouble. Later in the week it appeared that a partial settlement might be reached. The first definite step toward the
settlement of the strike was made on Aug. 21, when Adolph
Lessig, Chairman of the Strike Committee, announced at a
meeting that the workers were ready to arbitrate for settlement with individual manufacturers. Although none of the
manufacturers commented on the proposal, it was said that
they looked on it with favor, in view of a statement issued
by them a few days before in which they declared that they
would settle the strike issues, not with the union but with
striking employees of their factories themselves. Lessig
made it clear that no workers would be allowed to return to
their looms unless the settlements effected with individual
manufacturers guaranteed the satisfaction of the demands
made throughout the dtrike.
[VOL. 119.
Sanitary Control Board, was appointed Director of Sanitary
Labor. He will be in complete charge of the issuance of all
labels, and they will be affixed only after a careful survey
of the applying factory.
Windsor Print Works Starts Night Operations.
The Windsor Print Works of North Adams, Mass., on Aug.
16 announced that about 10% of the Windsor plant would
start on night work commencing Aug. 18.
Globe Cotton Mills Cut Wages.
Employees of the Globe mill, manufacturing cotton goods,
were on Aug. 11 notified of a 10% wage cut, effective last
week. The plant is owned by the Jenckes-Manville Co., but
so far as could be ascertained other mills of the company
are not affected by the cut at this time.
Wage Cut at Corcoran Shoe Co.
The Joseph F. Corcoran Shoe Co. of South Hanover, Mass.,
on Aug. 6 announced a general wage reduction in all departments of their factory, according to the daily papers.
The percentage varies on the various operations. The firm
stated to its employees that it was obliged to cut wages or
go out of business. As a result of the cut a number of employees, including several lasters, quit. Their places were
filled quickly. The plant is a non-union factory. The firm
operates a factory in Brockton under the B. & S. W. U.
stamp contract.
Cut Sole Workers in Haverhill Reject Wage Reduction
•
Proposal.
The Haverhill Sole Leather Workers on Aug. 15 rejected
a proposition of the cut sole manufacturers asking a wage
reduction of 15% and the restoration of the 5%-day week
Aug. 28, when the present agreement expires. The union
will insist, it is seated, upon a renewal of present prices and
conditions. The wage scale now ranges from $25 to $42 per
week. There are seven factories in the industry, employing
250.
Shoe Workers Strike Against Wage Cut in Stoughton,
Mass.
Edgemakers at the Selis Shoe Co. plant at Stoughton,
Plans for Unemployment Insurance Fund in the Mass., went on strike Aug. 18 in protest against a reduction
Women's Wear Manufacturing Trades—Arthur
of 10% in wages. The strikers are members of the Boot
D. Wolf Appointed Director of Fund.
and Shoe Workers' Union, and had the sanction of the genThe plan which has been devised providing for an unem- eral union. The men contend that a verbal wage agreement
ployment insurance fund for the workers in the women's was broken.
wear manufacturing trades of New York was announced in
Milk Prices Raised to the Consumer.
detail on Aug. 5 by Morris Sigman, President of the InterFollowing closely on the announcement of the producers'
national League of Garment Workers' Unions. Arthur D.
Wolf, Vice-President of the Chatham & Phenix Bank, has Increase in milk prices, officials of the Borden's Farm Prodbeen appointed director of the Unemployment Insurance ucts Co. announced that beginning Aug. 18 the public must
Fund Bureau and is now arranging for headquarters to pay one cent more a quart for milk, prices to be 14 cents for
house his staff of assistants. This fund, Mr. Sigman said, a bottle of Grade B and 17 for Grade A in Manhattan, the
will be maintained by weekly contributions from the work- Bronx and Brooklyn. Cream prices were advanced at the
ers and employers. At a meeting two weeks ago it was de- same time one cent a half point. The company said that the
cided by the four representative units of the trade that the increase was necessary because the Dairymen's League Co-workers should devote 1% of their week's pay to the main- operative Association was advancing prices to the company
tenance of the fund, and that the manufacturers should give owing to the shortage of milk resulting from the prolonged
2% of their weekly net profits. This fund has been made drouth. The company said it would have to pay an advance
necessary, Mr. Sigman declared, by the seasonal fluctuation or more than one cent a quart to the farmers and added that
of the trade and the consequent unemployment of thousands on Aug. 1 it was required to pay an increase of almost a half
of workers. A universal scale will be used when alloting cent, which it did not pass on to the public.
assistance to members out of work. A detailed account of
Sardine Boatmen Strike in Maine.
every worker's record of employment, hours spent in labor
and amount earned will be kept by the bureau, as will also
Striking sardine boatmen at Eastport, Me., have tied up
tabulated records of the employers showing their weekly 50 boats valued at $300,000, it is reported.
earnings and the records of their payments to the fund. The
The boatmen are demanding a weekly wage minimum of
bureau will handle all re-employment, Mr. Sigman said, and $40; increase of freight rates from $2 to $3 a hogshead for
the rule of "first man out, first man back" will be adhered fish boated from weirs to factories, and that Maine canners
to.
discharge Canadian boatmen and refuse herring brought in
This plan was unanimously adopted by the Protective In Canadian boats. Twenty-five canneries were affected by
Association, the Merchants' Association, the American Asso- the strike.
ciation, the unions and also received the approval of the
Governor's Commission on Conditions in the Garment Trade Waltham Watch Workers Strike Against Wage Cuts.
In New York City.
Employees of the Waltham Watch Co. have gone on strike
A distinctive type of sanitary label to be placed on all gar- following a proposed reduction in wages. Except for the
ments made under sanitary labor conditions recognized by machinists, all the employees are now on strike, according
the associations was adopted on Aug. 5 by representatives to an announcement made by strike leaders at a mass meetof all units of the trade at a meeting held in the offices of ing of approximately 2,000 strikers in the bicycle park at
the Joint Board of Sanitary Control at 31 Union Square. Waltham, Mass. The machinists are union men, affiliated
Dr. Henry Moscowitz, who has long been a member of the with the A. F. of L., and though sympathizing with the
AUG. 23 1924.]
T H 141 CHRONICLE
strikers, are awaiting official sanction from their international union before quitting work.
Cuts in certain departments ran as high as 40%, but the
average for the 2,950 employees is less than 10%. Labor
cost on certain work was out of line with the prevailing
price list. For many weeks the company has been trying to
effect what is believed was an equitable rear!' Istment, but
in order to meet competition a wage reduction had to be
made.
Six hundred employees of Joseph Fahys & Co., manufacturers of watch cases, went on strike at Sag Harbor, N. Y.,
Aug. 11, following the announcement of wage reductions
ranging from 8 to 10%. All the employees who walked out
were skilled workers. Approximately 400 other employees
remained at their jobs.
Revolver Works to Remain Closed Indefinitely.'
The Smith & Wesson Co., manufacturers of revolvers,
whose plant at Springfield, Mass., has been closed since July
12, has notified its employees that the factory will continue
closed for an indefinite period because of the continued
quiet business. About 500 employees are affected.
Telegraphers of Four News Services Get Wage Increase.
The United Press Associations, the United News, the Universal Service and the International News Service adjusted
all differences with their union telegraphers and signed a
three-year contract on Aug. 8, retroactive to July 1. The
terms of the new scale give the men an advance of $2 a week
the •first year and 50 cents a week in each of the next two
years. The agreement was reached virtually on the basis
proposed, it is said, by the Department of Labor, acting as
arbitrator, save .that the latter suggested three annual increases of $1 each. The new contract covers 458 men, all
members of the Commercial Telegraphers' Union of America.
879
with Mr. Lewis and other union officials on the same matter Aug. 6. The Governor added that the head of the Smith
Detective Agency, which has been evicting the men, had
assured him that no further evictions would be made by his
agency until the question of his authority had been fully
determined.
Boston Women's Wear Strikers Win Demands.
More than 1,500 union cloat, suit and skirt makers
employed on women's garments in Boston went on strike
Aug. 21 in 70 shops to prevent employers from taking
employees' places at the machines in dull seasons and
establish union and sanitary conditions and eliminate the
so-called "sweat shop" in the industry. The strike was of
very short duration, however. It lasted less than a day.
The strike had been in progress for only a few hours when
announcement was made that 18 of the larger shops had
signed agreements for stipulated improvements in working
conditions. The strike was delcared off, effective next
Monday morning in these shops, leaving only non-union
shops at Chelsea, Everett, Cambridge and the East Boston
district to be the objects of a continued strike next week.
Southern Cotton Mills Extend Operations Following
Wage Reductions.
Several cotton mills in South Carolina have recently
extended their operations after having been totally idle or
onjJart time schedules, the mills resuming on the basis of
wage reductions. Reports from Rockhill, S. C., on Aug. 18
indicated that the Carhartt Cotton Mill, which has been
lying idle for some weeks, began operation on a four-day-aweek basis on a schedule providing for a 15% out in wages.
The .Aragon and Arcade Mills resumed operation on a fulltime schedule, after having been on a part-time schedule for
some time on a slightly reduced wage basis. This mill will
operate day and night. The Industrial, which had been
Wages in Pottery Trade to be Continued for Two Years. operating only two and one-half days a week, began a fourThe labor board of the United States Potters' Association day week schedule with a slightly reduced wage schedule in
and the executive council of the National Brotherhood of effect.
Operative Potters on Aug. 14 at Atlantic City renewed the
existing agreement in the general ware branch for two years.
A provision was reserved whereby either side can reopen
negotiations upon 60 days' notice, if conditions warranted.
The present agreement expires Oct. 1 next and the same
terms remain effective until 1926. Newspaper accounts say
that deadlocked over wages for two days at the biennial
conference, the manufacturers delivered a virtual ultimatum
to the men either to accept or reject such a proposal. The
brotherhood's representatives went into session by themselves before rendering final decision. By their action peace
Is continued and the imminent possibility of a strike averted.
The concession by the brotherhood's committee resulted in a
harmonious ending to the meeting which for a time threatened to break up without an agreement. It was announced
that there were some minor changes but nothing of general
Importance altered.
"Impossible Wage Scales" Forces Coal Mines to Close
Down.
Several hundred miners, employed in the Adrian, Eleanora
and Helvetia mines of the Rochester and Pittsburgh Coal &
Iron Co. in Pennsylvania, were advised by company officials
to seek other positions, as the mines will be closed down for
an indefinite period because of "the impossible wage scale."
The mines involved are the oldest operations in the Punxutawney field.
Riverside and Dan River Mills in Virginia to Resume.
The Riverside and Dan River Mills of Danville, Va.,
employing 5,500, will resume full-time operations on Sept. 1,
after three months of half-time work. A wage out of 10%
will become effective with the increase in working time.
Wage Reduction Rescinded in Chicopee Mills.
Notices were posted on Aug. 18 in the plant of the Dwight
Manufacturing Co. of Chicopee, Mass., that the 10% reduction in wages, effective Aug. 4, has been rescinded, and
the basis of wages in effect p ior to the strike of the loomfixers restored. The weavers who did not go on strike
immediately the cut became effective, as did the loom-fixers,
finally struck. Some 800 operatives are employed at this
plant.
Nelson D. White & Sons Resume on Full-Time Schedule
—Lancaster Mills Close for Month.
Nelson D. White & Sons Co., Inc., manufacturers of
denims,Winchendon, Mass.,resumed operations on full-time
schedule on Aug. 18, and officials say that indications are
that for the first time in over a year orders on hand will
permit the continuance of steady work. The Massachusetts
mills of the company employ 2,000 workers. For the past
six months they have been operating but six days a month,
and previous to that time operated three days a week.
The Lancaster Mills, Clinton, Mass., closed on Aug. 18 for
West Virginia Operators Must Follow Legal Process a month on account of poor business conditions.
Before Evicting Miners.
Eviction of striking miners from company-owned houses
In the Kanawha coal fields without the formality of legal
process will cease as a result of Attorney-General E. T. England's opinion, which has been given in consequence of protests from John L. Lewis, International President of the
Union Mine Workers. Statements by Governor Morgan and
D. C. Kennedy, Secretary of the Kanawha Coal Operators'
Association, gave this assurance on Aug. 7. Mr. Kennedy's
statement reiterated the operators' belief that they had a
right to make such evictions, but declared that hereafter
they would institute suits and obtain judgments for possession, cost and rent in every case in which they were entitled
to them. Governor Morgan's statement reviewed the presentation of the matter to him last Saturday by Percy Tetlow,
President of District 17 of the union, and the conference
LaBelle Iron Works Resume Operations.
Six hundred men, idle for the past two months, were given
employment at the LaBelle Iron Works at Steubenville,
Ohio, on Aug. 19, when operations were resumed in the jobbing and tube mills departments. One additional blast furnace also was started. The company's officials stated the
outlook is bright for steady operations.
Many Thousand Mines in Anthracite Fields Idle.
With the closing of small independent anthracite operations from Shickshinny to Forest City, Pa., due to slack
demand, 15,000 miners have been made idle, it has been
announced by President Rinaldo Cappelini of District
No. 1, -United Mine Workers of America. Most of the
large companies are working full time and storing the coal--
880
THE CHRONICLE
Havre Dock Employees Lose Strike.
The dock employees who went on strike recently at Havre,
France, returned to work on Aug. 21 on the terms of the
companies. The strike started in the early part of August
and seriously affected a number of the transatlantic lines.
The French Line steamer France, which sailed Aug. 16 for
New York, was manned by a crew made up of French naval
seamen, which took the place of the striking employees.
Other vessels had to postpone sailings because they were
unable to complete their crews. The strikers had demanded
an increase in wages.
The Country's Foreign Trade in July-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Aug. 15 issued the statement of the foreign trade of the United States for July and the seven months
ending with July. The value of merchandise exported in
July this year was $278,000,000, as compared with $302,186,027 in July last year. The imports of merchandise were
$278,400,000 in July 1924, as against $287,433,769 in July
last year. This left a trade balance against the United
States on the merchandise movement of $400,000 for the
month in 1924, as compared with a favorable balance for
the corresponding month in 1923 of $14,752,258. Imports
for the seven months of 1924 have been $2,128,084,728, as
against $2,375,053,669 for the seven months of 1923. The
merchandise exports for the seven months have been $2,367,720,131, against $2,247,745,214, giving a favorable trade
balance of $239,635,405, against an unfavorable balance in
1923 of $127,308,455. Gold imports totaled $18,834,423
in July this year, against $27,929,447 in the corresponding
month last year, and for the seven months they are $247,076,709, as against $159,861,907. Silver imports for the
seven months have been $41,646,430, as against $39,098,825
in 1923, and silver exports $60,767,702, against $31,493,706.
Some comments on the figures were given by us last week in
our article on "The Financial Situation." Following is the
complete official report:
{VOL. 119.
IMPORTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
Siker.
Gold.
1924.
ImportsJanuary ___
February __
March
April
May
June
July
August _
September
.
October _
November
December_
1923.
1922,
$
45.135,760
35,111,269
34,322,375
45,418,115
41,073,650
25,181,117
18,834,423
$
r
32,820,163
8,382,736
15,951,357
9,188,470
46,156,195
19,433,539
27,929,447
32.856,097
27,803,961
29,795,185
39,757,436
32,641.226
26,571,371
28.738,920
33.488,256
12.243,555
8,993,957
12,976,636
42,986,727
19,092,208
24,464,235
20,866,156
18,308,087
26,439,677
1924.
1923.
3
$
5,979,758 5,824,637
7,900,409 3,792,387
6,220.934 4,626,376
3,907,745 4,281,869
5,639,582 4,461,146
4,870,389 6,065,947
7,127,613 10,066,463
6,465,949
8,517,971
6,929,311
5,269,173
8,172,301
1922.
$
6,495,758
4,785,957
6,953.105
4,799,873
5,511,553
6,345,744
6,957,298
4,943,762
6,370,279
3.940,349
5,855,405
7,847,570
7 mos. end.
July
245,076,709 159,861,907 165,999,422 41,646.430 39,098,825 41,849,288
12 mos.end.
December
322,715,812 275,169,785
74,453.530 70,806,653
Exports
January ___
February -March
April
May
June
July
August _
September _
Dctober
November.
December__
280.723 8,472,198
862,983
505,135 1,399,089 1,731,794
817,374 10,392,100
963,413
1.390,537
655,235 1,578,867
593,290
824.444 3,406,658
268,015
548,484 1,600,754
327,178
522,826
643,714
2,200,961
955,853
862,697 1,398,607
1,307,060 17,591,595
746,794 3,431,065
711,529 2,709,591
8,208,644
8,876,713
8,355,278
7,801,689
9,686,517
8,648,499
9,190.362
6,921,002
2,191,059
4,731,705
4,336,338
3,499,358
3,581.081
6,233.163
7,032,221
8,123,460
7,522,845
8,775,474
9,521,083
3,977,118
7,091,665
4,302,182
5,108,732
5,676,755
6,004,421
6,268,953
3,861,180
3,735,178
3,268,731
6,599,171
6,913,200
7 mom end.
July
4,182,252 22,814,376 10,788,183 60,767,702 31,493,706 38,429,826
l2 mos.end. •
December
28.643.417 36.874 504
_ 12.468.789 62.807.286
Loading of Railroad Revenue Freight Again Declines.
Due principally to a falling off in shipments of coke, ore,
merchandise, L.C.L. and miscellaneous freight, loading of
revenue freight for the week which ended on Aug. 9 totaled
942,198 cars, a decrease of 3,533 cars under the week before,
according to reports filed by the carriers with the Car Service Division of the American Railway Association. Compared with the corresponding week last year the total for
the week of Aug. 9 was a decrease of 31,552 cars, or 3.2%,
but compared with the corresponding week in 1922 there is
an increase of 99,508 cars, or 11.8%. Particulars are as follows:
Grain and grain products totaled 57,616 cars, an increase of 914 cars
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE ITNITED STATES. over the week
before and an increase of 11,428 cars over the same week
(Preliminary figures for 1924, corrected to Aug. 14 1924.)
last year. This was also an Increase of 298 cars over the same week in
MERCHANDISE.
1922. In the Western districts alone 39,546 cars were loaded with grain
and grain products, an increase of 9.705 cars over the corresponding week
July.
7 Months ending July.
D crease(+) in 1923.
1924.
1923.
1924.
Live stock loading totaled 29,061 cars, an increase of 2.593 cars over the
Decreass(-)
1923.
preceding week, but a decrease of 1,185 cars under the same week last year.
2
S
s
$
IS
Imports
278,400,000 287,433,769 2,128.084.726 2.375,053,869 -246,968,943 Compared with the same week in 1922 it was an increase of 636 cars. Live
Exports
278,000,000 302,186,027 2,367,720,131 2,247,745,214 +119,974,917 stock loading in the Western districts for the week totaled 21.854 cars,
800 cars under the corresponding week last year.
Excess of Impts
400,000
127,308,455
Coal loading amounted to 149,482 cars, an increase of 4,617 cars over
Excess of expts
14,752.258 239.635,405
the preceding week, but 27,785 cars under last year. Compared with the
IMPORTS AND EXPORTS OF MERCHANDISE, BY MONTHS.
same period in 1922 it was an increase of 66,584 cars.
-Tease of
MiscellaneDus freight loading amounted to 338.493 cars, a de
1924.
1923.
10,995 cars under the week before, but 14,540 cars above the same week
1913.
1922.
1921.
last year. It was also an Increase of 28.581 cars over the same week in 1922.
imports
s
8
$
s
$
Forest products loading totaled 67,351 cars, 539 cars above the week
January_ __ 295,506,212 329,253,664 217,185,396 208,796,989 163,063,438
February _ _ 332,323,121 303,406,933 215,743,282 214,529.680 149.913,918 before, but 6,098 cars under last year. Compared with the corresponding
March ____ 320,482,113 397,928,382 256,177.796 251,989.241 146,194,461 week two years ago it was an increase of 11,700 cars.
April
324,369,966 364,252,544 217,023,142 254,579,325 155,445,498
Loading of merchandise and less than carload lot freight totaled 239,715
May
302,987,791 372,544,578 252,817,254 204,911,186 133,723,713
June
274,015.523 320.233,799 260,460,898 185,889,909 131,245,877 cars, 89 cars below the week before. but 11,831 cars over the same week
July
278,400,000 287,433,769 251,771.881 178,159,154 139,061,770 last year. It was also 9.102 cars above two years ago.
August_
275,437,993 281,376.403 124.768.751 137,651,553
Ore loading amounted to 53.654 cars, a decrease of 990 cars below the
Saptember _
253,645,380 298,493,403 179,292,165 171,084,843 week before, 28,173 cars under last year, as well as 15.804 cars under two
October _
308,290,809 276.103,979 188.007,629 132,949,302
November _
291,333.346 291,804,826 210,948,036 148,236,536 years ago.
December
Coke loading totaled 6.826 cars, a decrease of 122 cars under the pre288,304,766 293.788,573 237,495.505 184.025,571
ceding week and 6,110 cars under the corresponding week In 1923. Com7,mos. end.
pared with the corresponding week in 1922 it also was a decrease of 1.589
July ___ 2,128,084,728 2,375,053,669 1,671,179,649 1,498,635,484 1.018.648,675
cars.
12mos.end.
Dec
3,792,085,963 3,112,748,833 2,509,147,570 1,792,596,480
Compared by districts Increases over the week before in the total loading
of all commodities were reported in the Allegheny,Pocahontas and Southern
,Exports
districts, with decreases in all others. The Pocahontas, Southern, Central
January _ _ _ 395,271,187 335,416,508 278,848,469 654,271.423 227,032,930
5'ebruary_ _ 365,774,772 306,957,419 250,619,841 486,454,090 193,996,042 Western and Southwestern districts were the only ones to report increases
March ____ 339,755.230 341,376,664 329,979.817 386,680,346 187,420,711 over the corresponding week last year, but all reported increases over the
April
346,935,702 325,492,175 318,469,578 340,464,106 199,813,438 corresponding week two years ago except the Northwestern
district.
May
335.000,875 316.359,470 307,568.828 329,709.579 194,607,422
Loading of revenue freight this year compared with the two previous
June
306,982,365 319,956,953 335,116.750 336,898,608 163,404,916
July
278,000,000 302,186,027 301,157,335 325,181,138 160,990.778 years as follows:
August_
19622,14.
310,965,891 301,774,517 366,887,538 187,909,020
3,3
1923.
1922.
September.
381,433,570 313,196,557 324,863,123 218,240,001 Four weeks of January
36
3,373,965
2,785,119
Detober._ _
399,199,014 370,718,595 343.330.815 271,861,464 Four weeks of February
3,617,432
3,361.599
401,483.872 379,999.622 294.092.219 245,539,042 Five weeks of March
November _
4,607,706
4,581,176
132
3 27, 6
4
:888 88
426,665,512 344,327,560 296,198,373 233,195,628 Four weeks of April
December _
3,499,210
3.764,266
2,863,416
Five weeks of May
4,474,751
4,876,893
3,841,683
r mos. end.
Four weeks of June
3,625,472
4,047,603
3,414,031
July ____ 2,387,720,131 2.247,745,214 2,121,760,618 2,859,659,288 1,327,273,137 Four weeks of July
3,526,500
3,940,735
3,252,107
[2 mos.end.
Week ended Aug.2945,731
1.033.466
842,663
ri‘.0
I 157 A02 Win q 521 777 ARO 1 1100 Agl qma 1 AQA (110 009
Week ended Aug. 9
942,198
842.690
973,750
GOLD AND SILVER.
July.
1224.
Gold
Imports
Exports
Total
7 Morths ending
1923.
1924.
J015.
1923.
Increase(+)
Decrease(-)
$
3
3
18,834,423 27.929,447 245,076,709 159.861,907 +85,214,802
522,826 4,182.252 22,814,376 --18,832,124
327,178
Excess ofImports 18,507.245 27,406,621 240,894,457 137.047,531
SUUT
Imports
Exports
Excessof imports
Excess of exoorta
7,127,613 10,066,46: 41,646,430 39,098,825 +2,547,605
9,190,362 6,233,163 60,767,702 31,493,706 +29,273.996
3,833,300
2.062.749
19.121.272
7,605,119
28,601.136
29,953,453
24.957.727
Advocacy of Lengthening of
Season.
Lengthening the building season in the United States to
include the winter months, was advocated to-day by Secretary of Commerce Herbert Hoover, as a means of mitigating
seasonal ups and downs in the construction industry, of
stabilizing employment in the building trades and lowering
costs of production and building. Secretary Hoover's statement based on, and supplemental to,.the report and recomSecretary
Hoover's
Building
AUG. 23 1924.]
THE CHRONICLE
mendations of the Committee on Seasonal Operation in the
Construction Industries, appointed by him as an outgrowth
of the President's Conference on Unemployment, called in
19
91, urges elimination of wastes caused by seasonal idleness through development of information as to probable future demands for labor and materials and the development
of the habit of scheduling construction and repair work with
reference to that 'demand. He reiterates the committee's
finding that custom rather than bad weather is responsible
for building trades workers in most American cities working less than three-quarters of the year.
Calling construction the balance wheel of American industry, and placing the value of yearly construction in the
United States at more than five billion dollars and the
number of workers engaged in construction and manufacturing industries allied to building as mounting into the
millions, Secretary Hoover declared that activity in construction bears a close relation to general industrial conditions and that irregularity in the ebb and flow in demand
for construction seasonally to a large degree affects economic stability. In his foreword to the report, Secretary
Hoover said:
881
others charged with large financial responsibilities have an opportunity and
a responsibility for cutting down the present wastes."
Regarding public utilities, it is advised that the single leasing date be
attacked as a demoralizing influence on seasonal currents of construction.
"Evidence is lacking," according to the report, that "public utilities in
general authorize the erection of buildings at other times than the usual
building season," and "they might well set up 'expansion reserves' as a
practical and profitable means for constructing additions during low seasonal and cyclical periods."
The committee in its report states that out of 200 engineers in all parts
of the country who replied to the committee's questions "Are public improvements rushed right along in the peaks of the annual building season?"
192 answered in the affirmative and the comment was frankly added that
public works are undertaken without regard to private needs.
The committee is of the opinion that the need for public works is easily
foreseen and that public officials responsible be given every aid so that they
can let public works contracts when the work can be performed economically
and with least interference with private construction.
The report carries a chart to aid in determining the best time of year to
start new construction or repair work.
Building Operations in Canada Fall Off.
According to statements received by the Dominion Bureau
of Statistics, a substantial decrease occurred in the building
permits issued last month in 56 cities; their value, following
the usual seasonal trend, declined from $13,373,987 in June
to $11,090,760 in July. This was a reduction of $2,283,227,
or 17.1%. As compared with the same month of 1923, there
was also a falling off in the permits issued of $1,441,702,
or 11.5%. It is added:
"The need to eliminate the wastes of seasonal idleness has been brought
forcibly to the attention of the construction industry and the public by reason of high labor costs and the failure of the building trades to attract
young men to their ranks." Prescribing a remedy, he declares: "LengthenForty-nine cities furnished detailed reports showing that they had issued
ing the building season will mean greater production from the men now
engaged in the building trades and will also go far to attract capable ap- some 1,200 permits for dwellings valued at approximately $4,900,000 and
for over 2,700 other buildings estimated to cost more than $6,000,000.
prentices."
New Brunswick and Alberta showed increases of 631.1 and 51.6%, reSecretary Hoover outlined the danger of seasonal instability in building,
building falls off, there is bound to be a slackening in spectively, in the value of the building authorized as compared with June,
stating that: "If
other lines of industry, resulting in unemployment, decreased purchas- while declines were recorded in the remaining provinces. The reductions
many
of $819,741, or 18.4% in Quebec, and of $185,865. or 88.6%, in Nova Scotia
ing power of employees, and further depression."
He cited the need of organized community effort by representatives of were respectively the largest actual and proportional decreases.
As compared with July 1923, New Brunswick and Quebec registered inthe construction industries, the professions concerned and the public to find
the facts as to local handicaps, peaks and depressions of employment ati•1 creases in the amount of prospective building; the former province showed
kinds of construction needed for elimination of wasteful customs. He urged a gain of 119.1% and the latter of 49.4%. Of the declines indicated in the
public works as especially well adapted for scheduling with reference to other provinces, that of $2,162,050, or 31.2%, in Ontario was actually the
seasonal as well as cyclical conditions, contending that efforts to encourage most pronounced, while the largest percentage reduction of $63,690, or
long-range planning of public works deserve support of the public, legisla- 72.7%, was in Nova Scotia.
The value of authorized building in Montreal was greater than in the
tors and public officials.
Explaining that remedy does not lie in any form of Government regulation, preceding month and also than in July 1923. In Toronto, Winnipeg and
the functions of the committee are defined as having been to determine facts Vancouver there were declines in both comparisons. Of the other cities, St.
and "to point a remedy that is consonant with our national conceptions of John, Kingston, Niagara Falls, Peterborough, Stratford, Sault Ste. Marie,
individual and community initiative."
Calgary, Point Grey and Prince Rupert registered increases in projected
"The service rendered to our whole economic life by the elimination of building as compared with both June 1924 and July 1923.
these gigantic wastes and the conscious planning to overcome these irreguThe value of building permits issued in 56 cities during the first seven
larities, the improved conditions of labor, which is possible not only in month of this year was lower by 17.6% than in 1923 and by 19.6% than
actual construction but in the material manufacturing industries, the low- in 1922. It was, however, 5.4% greater than in 1921. The aggregate for
ered costs of production and of building which could result therefrom, are the period January to July in 1924 was $68,974,131 ; for 1923, $83,725,680;
great warranty for such co-operation," Secretary Hoover concluded.
for 1922, $85,742,989, and for 1921, $65,451,255.
John M. Gries, Chief of the Division of Building and
Housing of the Department of Commerce, and his assistant,
James S. Taylor, conducted the national investigation for
the committee, headed by Ernest T. Trigg, and his colleagues, who were: John W. Blodgett, President National
Lumber Manufacturers' Association; H. R. Daniel, Assistant to the President, S. W. Strauss & Co.; John Donlin,
President Building Trades Department, American Federation of Labor; L. F. Eppich, President National Association
of Real Estate Boards; A. P. Greensfeider, Fruin-Conlon
Contracting Co.; John M. Giles; J. A. Hause, President the
Guardian Savings & Trust Co.; Otto T. Mallery; Rudolph
P. Miller, consulting Engineer; James P. Noonan, President
International Brotherhood of Electrical Workers; William
Stanley Parker, Vice-President of the American Institute of
Architects, and Edward Eyre Hunt, Secretary. Information
was furnished by Government bureaus and trade associations, while the Carnegie Corporation, American Federation
of Labor, trade associations and others furnished limited
appropriations to the committee.
The report sets forth that many seasonal ups and downs
are preventable, that the past winter showed greater activity,than ever before in what had been normally a dull
season and this winter activity exerted a stimulating effect
on building-material producers and transportation companies and their employees. The report related'that construction companies are awake to possibilities of winter
activity and deserve the support and co-operation of the
building public. It is explained the ups and downs place
the heaviest burden on the employees and the public.
Bad weather effects on building have been greatly reduced, according to
the report, which further holds that "with due precautions and proper
equipment nearly all construction work can be carried on in winter and at
no great difference in cost."
"As the methods of handling winter work develop, and as manufacturers,
supply dealers and labor take more interest in encouraging winter work, tit:
cost can be appreciably reduced," the committee found.
The report explains that bankers may aid in cutting down the waste in
construction casts by applying a wider knowledge. now available, of data
regarding characteristic trends in the construction industries.
"Forethought in planning ahead and use of information as to the seasonal
trends will reduce interest on investments and will release investment funds
for other productive uses," it is explained in this relation. "Trustees and
Farmers's Crop Costs in 1923—Wheat, Corn, Oats,
•
Cotton and Potatoes.
Farmers reporting to the United States Department of
Agriculture on the average made money on corn, cotton and
potatoes last year above cost of production, including wages
and interest on investment, and lost on wheat and oats.
Losses were not in cash, but indicate that farmers did not
receive a sufficient income from their products to pay all
cash expenses of production and allow them going wages for
their time and the cash rental value of their land. In a
recent bulletin issued by the Department the following
appears:
Wheat on 7,852 farms cast on the average $1 24 per bushel and had a
sales value of 99 cents per bushel; corn on 11.238 farms cost 68 cents per
bushel with a sales value of 81 cents; oats on 8,481 farms cost 52 cents per
bushel with a sales value of 49 cents, and cotton on 407 farms with yields
between 101 and 140 pounds of lint per acre had an average cost of 22 cents
per pound and an average sales price of 30 cents per pound. Potato growers
in different sections of the country showed margins between average cost
and average selling price of from $1 42 to $86 23 per acre.
Costs include charges for labor of the farmer and his family, and a charge
for the use of the land on a cash rental basis, so that where the cost just
equalled the price received the farmer was paid for his time and his investment. The yields on the farms reporting were in general slightly higher
than the yields previously reported by the Division of Crop and Livestock
Estimates of the department, and the acreage per farm for each crop was
greater than that given in the census for 1919.
Wheat.
The reports on wheat show an average grass cost of $22 88 per acre. The
straw was $1 86 per acre, leaving an average net cast of $21 02
credit for
per acre or $1 24 per bushel, the average yield being 17 bushels per acre.
Preparing the seed bed, planting, harvesting, threshing and marketing made
up 45% of the cost; fertilizer and manure 11%; seed 7%; land rent 26%.
and mb3cellaneous items such as sacks, twine, crop insurance, use of implements and storage buildings and general overhead 11%•
Corn.
The average gross cost of producing an acre of corn was 826 40. There
wa.s a credit of $2 65 for stover, making the not cost of production $23 75
per acre or 68 cents per bushel for a yield of 35 bushels per acre. Fiftythree per cent of the total cost was for preparing the seed bed, planting.
cultivating, harvesting and marketing: fertilizer and manure took 15% of
the cost; seed 2%; land rent 22%, and miscellaneous items such as twine.
crop insurance, use of implements, use of storage buildings and a charge for
general farm overhead expense 8%.
Oats.
Oats showed an average grass cost per acre of $20 23, a credit of $2 15
a net cast of $18 08 per acre. The average yield was 35
for straw, and
882
THE CHRONICLE
bushels per acre, making an average net cost per bushel of 52 cents. Man
and horse labor for preparing the seed bed, planting, harvesting, threshing
and marketing took 49% of the cost; fertilizer and manure 7%; seed 7%;
land rent 26%. and sacks, twine, crop insurance, use of implements and
storage buildings, and general overhead 11%•
Cotton.
Cotton reports were received from 2,519 farmers, but the greater number
of replies were from farmers having yields considerably above the average of
129 pounds per acre according to the Division of Crop and Livestock Estimates. The costs are therefore shown by yield groups, rather than an
average cost for the entire cotton belt.
Of the 2,519 reports, 407 showed yields between 101 and 140 pounds per
acre with an average of 124 pounds and this group is regarded as most
nearly representative of general conditions in the cotton States. The
average net cost of production on these 407 farms was 22 cents per pound of
lint and the average price received was 30 cents per pound.
Fifty-five per cent of all farmers reporting had yields of more than 140
pounds per acre, and on an average produced their cotton at considerably
[Vol,. 119.
less cost per pound than did those who had yields from 101 to 140 pounds of
lint per acre. Of all cotton farmers reporting, 732 or 29% produced 100
pounds of lint or less per acre and of these farmers 281 produced cotton at a
cost above the price received.
Potatoes.
The 2,694 reports tabulated on potatoes were from farmers having more
than one acre of potatoes and were grouped to represent as nearly as possible
sections of the country having similar production conditions. In general,
each group showed that the average price received for potatoes last year was
sufficient to allow a good margin above cost. In the southeastern or early
potato section the average cost was $75 66 per acre and the average sales
value was $161 89 per acre,leaving a margin of $86 23 per acre. The North
Central group of States showed the lowest margin between cost and value.
The cost per bushel was relatively low and the price received averaged
47 cents per bushel, leaving a margin between cost and value of only $1 42
per acre. The averages for the other sections show very favorable margins between costs and sales value per acre of product, the department
says.
Current Events and Discussions
• The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Aug. 20, and which deals with the results
for the twelve Federal Reserve banks combined, made public by the Federal Reserve Board, shows a net increase of
$2,100,000 in earning assets, the decrease of $6,900,000 in
holdings of discounted bills having been more than offset
by increases of $7,700,000 in acceptances purchased in open
market and of $800,000 in Government securities. Federal
Reserve note circulation declined further by $14,000,000,
cash reserves declined by $20,500,000, and deposit liabilities
by $7,900,000.
The Cleveland Reserve bank shows a decrease of $6,000,000 in holdings of discounted bills, and the New York and
Philadelphia banks show reductions of $2,000,000 and $1,200,000, respectively, while the Federal Reserve Bank of
St. Louis shows an increase of $1,700,000, and Atlanta an
increase of $1,100,000. The remaining banks show relatively
small changes in this item for the week. Holdings of paper
secured by U. S. Government obligations declined by $11,400,000 to $70,600,000. Of the latter amount, $59,600,000
was secured by Liberty and other United States bonds,
$9,900,000 by Treasury notes, and $1,100,000 by certificates of indebtedness. After noting these facts, the Federal
Reserve Board proceeds as follows
An increase of $4.700.000 in acceptances purchased in open market is
reported by the Federal Reserve Bank of New York. of $2,300.000 by Boston, and of $1,500,000 by Chicago, the system as a whole showing a net
increase of$7,700.000. Holdings of Treasury notes declined by $6,900,000,
while holdings of United States bonds and of certificates of indebtedness increased by $1,500.000 and $6.100,000. respectively.
The Philadelphia Reserve bank shows a decrease of $7,300,000 in Federal Reserve note circulation, Cleveland of 83,900,000. New York of $3,800,000, and Chicago of $1,900,000. The Dallas Reserve bank reports an
increase of $1,400,000 in this item, while the remaining banks report relatively little change for the week. Gold reserves declined by $17,800,000
during the week,and reserves other than gold and non-reserve cash declined
by $2,700,000 each.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely pages 920 and 921. A summary of the changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending Aug.
20 1924 follows
Increase (+) or Decrease (—)
During
Year.
Week.
Total reserves
+$11,500,000
—$20,500,000
Gold reserves
+3,800.000
—17,800,000
Total earning assets
—214.100,000
+2.100.000
13ills discounted, total
—521.300.000
—6,900,000
Secured by U.S. Govt.obligations_ _ —11,400,000
—289,400,000
Otter bills discounted
—231,900,000
+4,500,000
Bills bought in open market
—150,900,000
+7,700.000
U.S. Government securities, total_ _
+456,400,000
+800,000
Bonds
+10,500,000
+1,500,000
Treasury notes
+331,800,000
—6.900,000
Certificates of indebtedness
+114.000.000
+6.100,000
Federal Reserve notes in circulation
—487,000,000
—14,000,000
Total deposits
+275,700.000
—7,900,000
Members reserve deposits
+270.800.000
—10,100,000
Government deposits
—6,000.000
+3,300,000
+10,900.000
Other deposits
—1,000.000
The Week With the Member Banks of the Federal
Reserve System.
Further increases of $106,000,000 in loans and investments
and of $135,000,000 in net demand deposits are shown in
the Federal Reserve Board's weekly consolidated statement
of condition on Aug. 13 of 747 member banks in leading
cities. It should be noted that the figures for these member
banks are always a week behind those for the Reierve banks
themselves.
Total loans and discounts show an increase of $55,000,000,
increases of $2,000,000 in loans on U. S. Government securities and of $60,000,000 in loans on corporate securities,
being offset in part by a decline of $7,000,000 in "all other,"
largely commercial, loans and discounts. Investment holdings of U. S. bonds increased by $30,000,000, holdings of
Treasury notes by $12,000,000 and holdings of corporate
securities by $17,000,000, while holdings of certificates of
indebtedness were reduced by $8,000,000.
Member banks in New York City report an increase of
$46,000,000 in loans on corporate securities as against a
decline of $54,000,000 in "all other" loans and discounts.
Their investments in U. S. bonds and Treasury notes were
increased by $24,000,000 and $9,000,000, respectively, while
their holdings of certificates of indebtedness declined by
$10,000,000. Holdings of corporate securities show an
increase of $6,000,000. Further comment regarding the
changes shown by these member banks is as follows:
Of the increase of $135.000,000 in net demand deposits, $37,000,000 was
reported for the Chicago district, $24,000,000 for the New York district,
$21.000,000 for the San Francisco district and $10,000.000 each for the
Boston and Cleveland districts. Time deposits increased by $31,000,000.
the New York City members reporting an increase of $14,000,000 under
this head.
Reserve balances of all reporting members increased by $22,000,000 and
cash in vault by $2,000,000. The New York City banks report an increase
of $23,000,000 in reserve balances.
Borrowings of all reporting institutions from the Federal Reserve banks
increased from $62,000,000 to $64,000.000.
On a subsequent page—that is, on page 921—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Year.
Week.
Loans and discounts, total
+$55,000,000 +$701.000,000
Secured by U. S. Government obligations +2,000,000
—40,000.000
Secured by stocks and bonds
+634.000,000
60,000,000
All other
+107,000,000
—7,000,000
Investments, total
+462,000,000
+51,000,000
U. S. bonds
+256,000,000
+30,000,000
U. S. Treasury notes
+12,000,000 —242,000,000
U. S. certificates of indebtedness
—8,000,000
Other bonds, stocks and securities
+448,000,000
+17,000.000
Reserve balances with F. R. banks
+258,000,000
+22,000.000
Cash in vault
—1.000,000
+2,000.000
Net demand deposits
+135,000,000 +1.417,000,000
Time deposits
+31.000,000
+582.000,000
Government deposits
—37,000,000
Total accommodation at F. R. banks
+2,000,000 —447.000,000
London's Smaller Gold Shipments to America Ascribed
To India's Bids, Not to Fall in Our Money Rates.
Under the above head the New York "Times" prints the
following copyright advices from London Aug. 17:
There is not believed here to be any connection between our lately reduced gold exports to the United States and the low level of money rates in
America. The real explanation is to be found in the strong demand for
gold in India, which has not only absorbed the bulk of the London market
supply but has led to extensive shipments direct from South Africa to
England. India's gold purchases since the beginning of the month have
aggregated 13,750,000, about 12,750,000 being shipped from Durban and
the balance from London.
This demand has been stimulated by the comparatively high level of the
rupee and by the fall in the price of gold which has followed the rise in
American exchange. The rupee, however, has now declined sharply under
the weight of these gold imports into India and some slackening in demand
may be looked for. There has also been less gold available for shipment to
the United States, owing to Continental purchases. Sweden bought
£300,000 of gold in the London market last week, in connection with the
restoration of the gold standard in that country, and smaller amounts have
been bought for other countries, although not, of course, for currency
purposes.
Stock of Money:in theCountry.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting the
moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
Aug. 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults and
the reserve that the member banks of the Federal Reserve
System keep with the Federal Reserve banks) was $4,665,187,268, as against $4,755,403,035 July 1 1924 and $4,695,769,125 Aug. 1 1923, but comparing with $5,628,427,732 on
Nov. 1 1920. Just before the outbreak of the European
war, that is, on July 1 1914, the total was only $3,402,015,427. The following is the statement:
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MONEY OUTSIDE OF THE TREASURY.
000-4.42
t: t '4 48
1,438,081,896
1,374,180,435 4,755,403,035
1,299,623,736 4.695.769,1251
987.962,989 5,628,427,732
953,320.126 4,100,590.704
3,402,015,427
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a Includes United States paper currency in circulation In foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
b Does not Include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
e These amounts are not Included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e This total includes 819,369,747 of notes in process of redemption, $143,824,550
of gold deposited for redemption of Federal Reserve notes, $10,159,258 deposited
for redemption of national bank notes, $8,345 deposited for retirement of additional
circulation (Act of May 30 1908). and $6,624,424 deposited as a reserve against
postal savings deposits.
,1 Includes money held by the Cuban agencies!of the Federal Reserve banks of
Boston and Atlanta.
-Gold certificates are secured dollar for dollar by gold held In the Treasury
Note.
for dollar by standard silver
for their redemption:silver certificates are secured dollar
dollars held In the Treasury for their redemption; United States notes are secured
8152,979,025 63 held In the Treasury. This reserve fund may
by a gold reserve of
of Treasury notes of 1890, which are also secured
also be used for the redemption
held in the Treasury. Federal Reserve
dollar for dollar by standard silver dollars,
and a first lien on all the assets of the
notes are obligations of the United States
Federal Reserve bank. Federal Reserve notes are secured by the deposit
issuing
with 1edet„1 Reserve agents of a like amount of gold or of gold and such discounted
eligible under the terms of the Federal Reserve Act.
or purchased paper as is maintain a gold reserve of at least 40%,including the Fedgold
eral Reserve banks must
redemption fund which must be deposited with the United States Treasurer, against
Reserve notes in actual circulation. Federal Reserve bank notes and
Federal
Gold and Silver Imported into and Exported from the
United States, by Countries, for July.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver for the United States for the month of July 1924.
It will be noted that the imports of gold were $18,834,423
and the exports only $327,178. The statement follows:
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE
UNITED STATES, BY COUNTRIES.
Gold.
Silver.
Total Value.
Exports.
Refined Bullion.
Imports.
Exports.
Dollars. Ounces.
CountriesDollars.
Ounces.
Bulgaria
,
rance
352,49'
;pain
25,000
Hingland
4,936 6,078,977
13,639,631
123,116
7_1anada
80,904
2,024,072
517,613
3ritish Honduras
.7o3ta Rica
95,595
3,976
Huatemala
20,000
561,164
29,727
Honduras
276
Nicaragua
64,907
49
Panama
50,300
167,550 2,927,453
Wexico
429,143
10
Bermuda
4
1,443
PrinIdad&Tobago
Dther Brit. West
887
Indies
Cuba
1,089
57
Dominican Repub
Dutch West Ind_
Haiti
3,272
argentine
117
Bolivia
Brazil
5,512
108,247
Chile
4,352
23,822
201,335
Colombia
91,259
Ecuador
144
40,674
British Guiana
11
4,154
Dutch Guiana_ _ _
3,645
Peru
350,485
Uruguay
126
35,992
Venezuela
7,038,925
British India101,826
731,620
China
144
181,430
Dutch East Indies
1.665
Fech Indo-ChIna
105,916
6,000
Hong Kong
141,572
Philippine Islands
97,517
New Zealand__ __
139,005
Portuguese Africa
Total
18.834,423
327.17
Total Value.
Imports.
Exports.
Dollars.
Dollars.
34,799
3 923
205.393 4,045,198
549,604
133,689
5,17
2,647
403,695
12,266
1,273
3,742,660
60
3
41
7
801
3,520
1,900
147,180
1,126
225
2,300
88,771
138,678
22,473
5,224
93
7
1,804,445
7,817
85
365
. . 70.479
143
2,937
4,722,254
84,914
68,645
1629
13
20,:• •
4,043,36313,414.172 7.127,613 9,190.36
Greece Asks Balance of $50,000,000 Loan from United
-Will Soon Take Up Claim for $33,000,000
States
With State Department at Washington.
Special advices to the New York "Times"from Washington
Aug. 21 stated:
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MONEY HELD IN THE TREASURY.
St WSg"
P
Mat. Held in
Trust Against
Gold and Miser
Certificates (A
Treas'y Notes
of 1890).
;13 4 .1 4 Zi.'
.
.. r
13 0 za .1.,'•
national bank notes are secured by United States Government obligations, and a
5% fund for their redemption Is required to be maintained with the Treasurer of
the United States In gold or lawful money.
Imports.
Total.
13
0.
0
7t13.8.:441*.
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APRIO.P.
883
THE CHRONICLE
AUG. 23 19241
The question of the status of the balance of $33,000,000 due on the
$50.000,000 credit accorded to Greece by the United States will shortly be
taken up between the Greek Government and the State Department,it was
officially learned to-day.
The Greek Government, it is stated, will act not on its own behalf, but
on behalf of the National Bank of Greece, to which the credit was assigned
shortly after the loan was negotiated.
The Greek Government. nevertheless, is expected to take the stand that
the loan Is an accomplished fact, since the agreement was signed, along with
similar agreements with the Governments of France and Great Britain,
and a partial payment of some $15,000,000 was made. The American
Government has recognized the validity of the assignment to the Bank
of Greece, it will be contended, since a part of the advance credit was made
available after that transaction.
State Department officials are not communicative, but it is recognized
that the function of the department at this time consists in advising the
Treasury Department as to whether the United States Government, in the
light of international practice, and the circumstances of the loan, stands
bound to advance the remaining amount claimed. It is believed that such
an opinion has been rendered.
The Greek Government is expected to argue that the remainder of the
credit is urgently needed for betterment of the condition of the 1,200,000
war refugees remaining in Greece.
Should the $33,000,000 be made available and the reamining amounts
due from France and Great Britain obtained, it is pointed out, plenty of
capital would be available for financing necessary enterprises and a large
population which is now a charge on Greece could be made self-supporting.
It is suggested that Foreign Minister Roussos might himself come to
Washington to take up the question of completing the loan.
Small Norwegian Bank Failure.
A special cablegram from London Aug. 19 to the "Wall
Street News" from the Central News said:
London bankers view the suspension of the small Norwegian bank.
Frederikstad Privatbank, as a belated sequel to the Norwegian banking
troubles of last year. The bank is well known at this centre, owing to Its
association with the timber trade. It is believed that London's losses in
the case will be unimportant.
Bulgaria Asks for American Bids on New Coins.
The Bulgarian Government has asked American manufacturers for bids on 85,000,000 new coins, according to
advices received by the Department of Commerce at Washington Aug. 15. It is stated that the coinage will require
284,725 pounds of aluminum, 25,208 pounds of zinc and
6,536 pounds of copper.
884
THE CHRONICLE
Issues in Great Britain—British Capital
Market Somewhat Depressed.
British new capital flotations for the first six months of
1924 were about £106,000,000, according to a report to the
Department of Commerce from Trade Commissioner C. E.
Lyon at London. If Government short-term Treasury bills,
ways and means advances and "tap" issues are added, the
total is increased to about £127,000,000. Four or five estimates on different bases, appear each month, all for different totals, so that the main value to be derived from any
statement is through comparison with similar periods in
past years. The Department adds:
New Capital
[VOL. 119.
000, that sum could be reduced by the equivalent of 1,000,000,000
gold
marks France has on deposit in the British Treasury as the loan guarantee,
leaving 1,000,000,000. It remains to be seen whether Mr. Snowden will
make any such proposal.
The "Temps.. to-night says the French are disappointed that
America
will not discuss debts at the new conference, and adds:
"Thus, despite the appeals to French moderation which come across the
Atlantic and Channel. London and Washington show no moderation at all.
However, their policies are not identical. The American Treasury is
simply defending American credit and the Government is influenced by the
fact that England has agreed to pay. This promise has caused inflated
hopes. But the American claim places no obstacle in the way of collecting
reparations, while on the contrary the attitude of the British Treasury is
inspired by doubtful theories or by anti-French prejudices rather than by
a just understanding of British interests. For five years this has encouraged
the Germans in seeking to escape payment of reparations."
On the face of it, the last half
-year's figures would indicate a depressed Reparations Paid Total $2,101,483,000; About Equal
state in the British capital market. The gross sum (statist estimate) of
German Wealth Sent Abroad.
£126.717,889 is only two-thirds as large as that of the first half of 1923, and
Under the above head the New York "Times" reported
less than 30% of the total for the same period two years ago.
The pre-war average showed 70% of loans for trade purposes. The war the following copyright advices from Paris July 31:
completely changed this situation but this year's figures show the gradual
Before leaving for London the Reparation Commission prepared a
resumption of the trade share. Similarly, the pre-war division of loans as
between home and abroad was completely interrupted by the war, but statement of what Germany had paid in reparations up to July 1 of this year.
Official statistics show that in the almost five years that the Treaty of
recent figures show a tendency to restore British interest in foreign investments, although home borrowings are taking twice as large a percentage Versailles has been in effect Germany paid 5,570,942,000 gold marks.
With the deduction made for the cost of the Army of Occupation and the
as was the case before the war.
In May and June of this year there was a flood of new issues, some of Spa loan, there remains a balance of 2,540,287,000 marks.
Credited to Germany for the value of material seized and turned over is
them too late to appear in June records. The probabilities are that the
the sum of 2,834,990,000 marks, bringing the total credit of Germany to
year's total will equal that for 1923.
Among important capital movements of the last half
-year, the following 8,405,932,000 marks.
Of the 5,500.000,000 paid by Germany 1,000,900,000 represents total
may be mentioned: Government 4% Treasury bonds amounting to £13,000,000 were sold. Usually the weekly tenders on Friday are only for cash payments, or considerably less, it is said, than Germany'realized from
the sale of paper marks in the United States alone.
Treasury bills but in the last three months funding through bonds has been
Of the cash paid England received 641,000,000, France 144,000,000,
reintroduced. Colonial loans were very largely Australian, totaling £22,000.000. Czechoslovakia, Siam and Japan were the foreign Governments Belgium 1,084,000,000, the rest being scattered among the other allies.
Of 3,300,000,000 in deliveries in kind France received 1,278,000,000. The
that entered the market, while Amsterdam was the only foreign municipality that floated a capital loan. Allied newspapers, Lever Brothers and total amount received by France in cash payments and deliveries in kind
British Goodrich Rubber secured the largest local commercial loans. all thus stands at 1,724,000,000 gold marks. After deduction of France's
issuing preferred stock at 8, 7 and 734% respectively. There is no lack of part in the Spa loan and the cost of the French Army of Occupation there
enterprise concludes Mr. Lyon and the public response has been in general is left for France for reparations for the first five years of the working
of the peace treaty the sum of 101,874.000 gold marks, or the equivalent
very encouraging.
of halfa billion paper francs,against which France has expended 100,000.000
paper francs.
According to calculations here the total payments by Germany in cash
French Count Cost of London Accord—Debt Question
and kind represent a sum no larger thay what was supposed to have been
Sore Point.
realized from the export of paper marks. The total, including property
A cablegram (copyright) from Paris, Aug. 13, appeared seized from Germany at the end of the war, which embraces 2,000,000,000
marks on account of Poland, represents a sum about equal to what the
as follows in the New York "Times" of Aug. 14:
McKenna Experts' Committee estimated to be the value of German wealth
It has been calculated here that if the Dawes plan works for forty years held abroad.
Without a hitch. France will not get enough out of it to pay what she now
The Reparation Commission's figures do not include the value of seizures
In the Ruhr. This account is kept by the French and Belgians separately
owes the United States and England.
That explains why the French newspapers to-day display with great because of the English refusal to recognize the Ruhr occupation. It is
prominence a dispatch from Washington saying the American Government generally estimated that there has been a profit of 600,000,000 gold marks,
Is unwilling to enter any discussion of the debts of European nations to the which would, therefore, bring the total of German payments up to slightly
United States, for what the French want to know is whether they have got more than 6,000,000,000 marks.
to pay England and America all they get from Germany. They had been
Six billion marks in five years represents 1,200,000,000 marks yearly.
planning to use part of it for reconstruction.
It is interesting to compare this figure with the calculation by the Dawes
The allied experts estimate that the payment of 2,500,000,000 marks committee that Germany should pay a minimum of 2,500,000,000 francs a
yearly, laid down as a minimum in the Dawes plan after a preparatory year in reparations.
period of four years, plus what increases may be made by the index figure
The French have always contended that Germany could have paid much
of German prosperity, represents an ectual value of between 40,000,000,000 more if she had tried, and their belief that she did not try is the basis for
and 50.000.000,000 gold marks. France's 52% share would be between their mistrust, for they argue that the best effect of the Dawes plan in the
21,000,000.000 and 26,000,000,000 gold marks. France owes England and next four years will be to put Germany where she was at the end of the war.
America the equivalent of 31,000,000,000 gold marks. Unless some one and their insistence on securities and sanctions to protect them against
lets her off something she owes, and if she has to begin paying England and Germany's trying to repeat once more her record of the past five years.
America, France will be no better off with the Dawes plan working than
without any German reparations and without making any payments on
Germans Will Get New Credits in United States—
her foreign debt. And her fiscal situation under those conditions has
Potash Industry First to Open Negotiations
become a serious one.
The condition shows why the French attach such great importance to the
Here.
promised conference on inter-Allied debts, because France hopes for a
The "Sun" of Aug. 15 stated:
reduction of what she owes. The keenness of this desire also explains
certain misgivings here that the Government has accepted the Dawes plan
That negotiations for the first of a series of loans by American banking inwithout any definite assurances on inter-Allied debt reduction. Without terests to German industries were already under way was revealed to-day
some such move the French feel they will be footing the bill for European by cable dispatches from Frankfort-on-the
-Main. Germany. confirmed at
business restoration.
the offices of the Chase National Bank,to the effect that the German Potash
They saw the Reparation Commission fix at 68,000,000,000 marks the Syndicate was seeking a revolving credit of about $6.000,000 from a group
cost of their reconstruction, for which they have already largely paid, of American banks.
accumulating an enormous debt. They have seen this amount cut by twoThe credit is for the purpose of financing a joint sales and advertising
thirds without any diminution in France's debt at home or abroad. They campaign in this country by the German Potash Syndicate and the Alsace
cannot find any other viewpoint than that France has done more in reducing Potash Syndicate. Foreign orders, the greater part of them from the
claims than anyone else. They figure their war debt at $20.000,000,000 United States, have been received by the German syndicate to the value of
and more, while Germany is about to get off with a war debt one-half that 326,000,000.
The news Is considered particularly significant by bankers as pointing to
amount. They hear long and learned discussions of the difficulty of
Germany paying abroad without anyone considering how difficult it may rapid reapprochement between French and German industrialists along lines
be for France to pay abroad. Indeed, the French are beginning to feel urged by Premier Harlot.
At the offices of the Chase National Bank, which will head the group of
sure that they are getting the worst of it and they are very unhappy about it.
It can be argued that France may use what she can get from Germany for American institutions making the credit available, it was said that negotiarepayment in part of what she has borrowed for reconstruction, with her tions were on, but that they had not been completed. It was hinted that
debts to England and America remaining entirely apart. But In esti- details might be made available within a few days.
Financing by American bankers ot foreign projects of merit is expected to
mating French opinion it must be remembered that the French have been
told for several years that they would get from Germany what reconstruc- become general shortly, especially if the negotiations now going on at Lonher, plus what must be paid to England and America. They don result in complete agreement on methods of putting Lino effect the Dawes
tion cost
now see themselves facing the prospect of not getting enough to meet the plan. A short time ago the International Acceptance Bank blazed the way
bills of England and America—unless those bills are reduced. And unless In establishing German revolving credits by arranging for Dr. Schact's gold
there is some reduction this danger will still exist, even fl Germany com- bank an initial credit of $5,000,000, which was subsequently enlarged to
pletely carries out the Dawes plan. The threatened result if Germany the neighborhood of $50,000,000. This was more of a strict banking transdoes not carry it out is enough to explain why, in that event, the French action, however.
wish to retain final liberty of action to do something about it.
The New York "Journal of Commerce," In Its advices
As a matter of fact,the French expect a reduction of their debt to England from
Frankfort-on-the-Main on Aug. 14, said:
In the near future, and most of them figure out that some of these days
An agreement of great importance and wide effect has been concluded
America will either reduce the total of the French debt to the United States
or admit a system of payment equivalent to the same thing. America between the German Potash Syndicate and the Alsace Potash Syndicate.
showing no disposition now to join in any such plan. French attention The agreement provides that the two syndicates shall undertake a common
turns to England. The hope there is that Premier MacDonald will make the advertising campaign and a common sales promotion program in the United
same offer that Bonar Law made, namely, to accept from friend and foe States. The announcement of this agreement is given greater significance
together what England must pay America. This is the equivalent of by the understanding here that the revolving credit now being negotiated
14.000.000,000 gold marks to be claimed by England from Germany, by the German Potash Syndicate with a group of New York banks will
France, Italy and the minor allies. England's 22% of what Germany amount to 36,000.000. Foreign orders amounting to about 326,000,000
pays will make between 8.000.000,000 and 10,000.000.000, leaving 4,000,- are now listed by the German Potash Syndicate. The greater part of these
000.000 to be paid by the Allies. If France were to be assessed 2,000,000,- orders have been received from the United States.
AUG. 23 1924.]
885
THE CHRONICLE
• In the same issue it reported officials of the Chase Na- Soviet Drops Rule Restricting Labor—Orders Sweeping
Changes in System to Combat Spread of
tional Bank as saying that the negotiations had not yet been
Unemployment.
completed.
From the New York "Times" of July 19 we take the folThe only additional advices in the matter are the following
from Frankfort-on-the-Main, Aug. 19, to the New York lowing from Moscow, July 18 (copyright):
"Journal of Commerce":
The Moscow Labor Exchange is undergoing a sweeping reorganization
An agreement for the division of the American market has been entered In an attempt to cope with the unemployment problem, which, as Premier
Into by the potash industries of Germany and France. Under the terms Rykov recently stated, is becoming increasingly difficult.
of the agreement the Germans will supply 6235% of the combined exports
Two decrees published today will really have the effect though this is
will
not expressly stated, of removing a good part of the socialistic restrictions
of potash to the United States and the Alsatian branch of the industry
was concluded to-day. It is provided that imposed by the Labor Exchange upon employers and employees.
ship 37A %. The agreement
It is to continue for three years.
Hitherto it was legally forbidden, first, for an employer to hire any one
unregistered at the Labor Exchange. and. second, for any one registered
at the Labor Exchange to accept any position save through the Exchange.
Italy Gets Two Million Tons Reparation Coal.
The first of to-day's decrees allows the hiring of unregistered persons as
Press cablegram from Rome, Italy, July "temporary" employees by State organizations and private employers.
An Inter-Ocean
22, published in the New York "Journal of Commerce" said: As the period of this "temporary" employment is not stated, it is quite
obviously a deep wedge driven into the Labor Exchange's monopoly of
Official statistics show that Germany delivered 2,000,000 tons of coal employment.
during the first half of the present year on reparation account.
to Italy
The second decree permits registered persons to seek jobs for themselves
but requires them to inform the Exchange when they have obtained a
trade
permit the
Austrian Land Credit Bank Shares Admitted to Curb position, in order to maintained. Exchange inspectors to make sure
union wage rates are
Market on a "When Issued" Basis.
This may sound complicated and unimportant, but, in point of fact
that has
Shares of the Austrian Central Land Credit Bank were It is one of the most striking reforms of communistic legislation
occurred in Russia since Lenin instituted the "NEP."
admitted to trading on a "when issued" basis on the New
York Curb Market. The listing was said to precede the
introducing of other foreign bank stocks on American exchanges, as those institutions are now turning to New York
for new money to be raised through the sale of stock in the
American market. The New York "Times" said the Austrian Central Laud Credit Bank was founded in 1871, has
Its head offices in Vienna, is capitalized at 6,000,000,000
kronen and reports reserves of 74,000,000,000 kronen. Fifty
shares of the Austrian Central's stock have been deposited
with the Coal & Iron National Bank of New York for each
American share.
Austrian Salaries Go Up—President Will Get $7,500
Yearly Under New Law.
Under date of Aug. 14 Vienna advices were reported afollows by the New York "Evening Post":
The "official Gazette" prints a decree fixing the increased salaries for
Renewal of Chinese Consortium Recommended.
• Associated Press advices from London, July 16, said:
The China Consortium Council at a meeting held in London yesterday
resolved to recommend to the groups composing the consortium a renewal
of the agreement upon its normal expiry October. 1925. Thus it may continue in force, subject only to the privilege of withdrawal by the members
upon all2Imonths' notice.
Mexico Reduces Cotton Duty.
The New York "Sun" on Aug. 8 said:
Announcement was made to-day that Mexico had reduced the export
duty on cotton 50%,to the basis of .03 pesos per gross kilo. According to
the opinion expressed in local cotton circles, the move was undoubtedly
taken because Mexico has a larger cotton crop this year. Recent estimates
Indicate a crop of 350.000 bales, which is 100% larger than the crop raised
in the last several years.
•
Cotton Production in the Argentine to be Studied.
Cotton production in Argentina, Paraguay and Brazil is
Government members and Assemblymen voted at the last session.
The President of Austria will receive $7,500 annually. the Chancellor to be studied by a representative of the United States De$2,750. Cabinet members $3,250, Governors of Provinces $2,250 and
partment of Agriculture, the Department announced on Aug.
Assemblymen $1.750.
7. Leon M. Estabrook, Agricultural Commissioner of the
He will
Italy Revives War Bread—Regular Will Sell Higher, Department, has been selected to make the study.
report also upon agricultural conditions, especially statisDue to Failure of Nation's Wheat Crop.
crops and animal production, in Argentina, Uruguay
A Rome (Italy) cablegram Aug. published in the New tics of
and Brazil. Mr. Estabrook is now in Argentina, where for
Post" stated:
York "Evening
the past 18 months he has been reorganizing the statistical
Beginning to-morrow all bakeries in Rome will again bake war bread.
service of the Bureau for Rural EcoIt will be called "Popular" bread and will sell at 1 lire 20 centimes per and crop reporting
kilogram. while the price of the regular bread will be raised to 2 lire per nomics and Statistics of the Department of Agriculture of
kilogram. The increase in the price of wheat is responsible.
Argentina. He has brought this work to a conclusion and
At a meeting to discuss the subject at the City Hall, under the chairUnited States Department
manship of Royal Commissioner Cremonesi, it was made known that the resumed his connection with the
season's crops will be very bad, as some of the land will produce only five of Agriculture on Aug. 1.
quintals of wheat per hectare. It is foreseen that Italy will have to import
30.000,000 quintals of wheat (a quintal is about 220 pounds).
Japanese Reconstruction After Earthquake.
From the New York "Journal of Commerce" we take the Progress of
G. S. Brown, President of the Alpha Portland Cement Co.,
from Milan, Italy, Aug. 13:
following
who has just returned from a three months' study of condiIn pursuance with the general policy throughout Italy originated in
East, on Aug. 5 summarized as follows his
Rome a few days ago, the municipal authorities here have decided to tions in the Far
increase the price of bread ten centimes a kilo.
observations on the construction industry in Japan, China
and the Philippines:
Australian Wheat Crop of 140,000,000 Bushels
The anticipated construction program of the Japanese to replace the
Estimated as This Season's Harvest.
buildings lost by earthquake and fire last year has failed to materialize.
Temporary structures sufficient to house the people have been erected but
London advices Aug. 14 were published as follows in the little permanent construction has been started and when I was there no
New York "Evening Post":
one seemed to have any knowledge as to when active, permanent reconstrucProspects for a large Australian wheat crop are most promising, ac- tion would be started. Japan of all sorts of construction materials. Indeed
in
cording to authoritative sources quoted by the Sydney correspondent of
the "Daily Telegraph."
Assuming there are no adverse circumstances before the harvest season,
the crop is expected to total approximately 140,000,000 bushels, as compared with 123,000,000 last year.
Rumanian Loan Fails—Premier States Finance Minister
Unable to Carry Out Plan.
The following from Bucharest Aug. 16 appeared in the
New York "Evening Post":
Premier Bratiano, in a statement before a special Cabinet meeting
yesterday, announced that the Finance Minister had been unable to negotiate the projected foreign loan.
Rumania Boosts Wheat Tax—Export Duty Increased
50% to Keep Grain in Country.
Bucharest, Rumania, advices published in the New York
•
"Evening Post" Aug. 8 said:
has been increased 50% to .C44
The wheat export duty from Rumania
further increased, it is stated, if such action is
per carload. It will be
the crop of which is
necessary to curtail the exportation of the grain,
declared to be unsatisfactory.
There is a surplus
the construction industry is in a depressed condition in all parts of the
Far East except in Hong Kong and Shanghai. The disturbed political
condition in China prevents any extensive work, while in the Philippines
fear that the islands will be given independence by the United States has
the same effect.
In Hong Kong and Shanghai, however, there is a very large construction
program in process. It is said this is financed by wealthy Chinese from
the interior of China who are fearful that they will lose their wealth because
of the present disturbed political conditions and are therefore putting it in
Hong Kong and Shanghai where the English insure stability of government.
Of the nations of the world outside of the United States, Japan is one
of the largest producers of Portland cement. Not only Japan but China
and the Philippines also prepared for what was supposed to be a very greatly
increased demand for cement because of the reconstruction of the devastated
areas in Japan. Failure of this program to materialize has resulted in a
very depressed condition and a lower price for cement than has ever been
known in the Orient. Japanese cement is of high quality as is also the
Philippine product. Cement manufactured in China and In 10-China is
not nearly so good.
The present low price, as nearly as can be found out, is about equivalent
to the prices netted by mills in the United States and I was told that Many
of the manufacturers were operating at a loss at these prices.
I was very forcibly impressed by the fact that despite this low price for
cement and the highest wages known in those countries yet a workman in
one of the cement factories in the Orient who might wish to use a barrel
of cement about his home—if he were fortunate enough to have one—.
886
THE CHRONICLE
[VoL. 110,
would be obliged to work roughly three days in order to make sufficient
money to purchase it while the average workman in the cement mills of
the United Statesearns enough in one day to purchase three barrels of cement.
the year 1921 to about $5,789,000 for 1923, and, the Commission estimates, will amount to about $6,886,000 for the
year
1924. The annual interest and sinking fund requirements
of this loan are at present $2,900,000. It is also
stated:
Comparative Figures of Condition of Canadian Banks.
Toward the close of 1923 a number of
bills providing for increased taxes
In the following we compare the condition of the Canadian and revenues were passed by the Bolivian Congress,and the results of these
financial reforms, it is expected,
banks as reported for June 30 1924, in comparison with the in the republic's revenues this will be reflected in a considerable increase
year. During the past eighteen months the
price of tin, the chief barometer
figures fol. May 31 1924:
of conditions in Bolivia, has been very
strong and
ASSETS.
June 30 1924. May 31 1924.
Current gold and subsidiary coin—
In Canada44,027,771
44,036,619
Elsewhere
14,781,021
15,189,419
Total
Dominion notes—
In Canada
Elsewhere
58,808,796
129,342,896
20,601
Total
Notes of other banks
United States and other foreign currencies
Checks on other banks
Loans to other banks in Canada, secured, including
bills rediscounted
Deposits made with and balances due from other
banks in Canada
Due from banks and banking correspondents in the
United Kingdom
Due from banks and banking correspondents elsewhere
than in Canada and the United Kingdom
Dominion Government and Provincial Government
securities
Canadian municipal securities, and British foreign and
colonial public securities other than Canadian
Railway and other bonds, debentures and stocks_
Call and short (not exceeding thirty days) loans in
Canada OD stocks, debenture bonds and other securities of a sufficient marketable value to cover
Call and short (not exceeding thirty days) loans elsewhere than in Canada on stocks, debentures, bonds
and other securities of a sufficient marketable value
to cover
Other current loans and discounts in Canada
Other current loans and discounts elsewhere than in
Canada after making full provision for bad and
doubtful debts
Loans to the Government of Canada
Loans to provincial governments
Loans to cities, towns, municipalities and school districts
Non-current loans estimated loss provided for
Real estate other than bank premises
Mortgages on real estate sold by the bank
Bank premises at not more than cost, less amounts ill
any) written off
Liabilities of customers under letters of credit as per
contra
Deposit with the Minister of Finance for the security
of note circulation
*Deposit in the central gold reserves
Shares of and loans to controlled companies
Other assets not Included under the foregoing heads
Total assets
59,226,043
140,551,389
15.704,502
23,592,979
90,092,637
3,569,546
2,958,556
7,094.258
8,210,594
71,604,379
48,737,041
317,254,987
313,132,851
142,122,558
50,572,867
131,098,948
51,101,169
102,335,491
101,562,621
176,825,772
986,366,366
199,992,805
989,305,863
181,475,190
173,447,638
13,277,877
13.751,276
79,706,323
11,128,574
7,730,467
3.595,170
81,192,495
11,525,663
7,214,627
3,507,319
79,197,419
72,600,286
50,808,088
50,522,925
6,181,922
62,252,533
6,256.219
3,670,353
6,125,240
58,102,533
6,246,978
3,777,125
2,712,180,674 2,663,282,226
LIABILITIES.
Notes in circulation
169,347.932
171,396,223
Balance due to Dominion Government after deducting
advances for credits, Pay-lists, &c63,563,069
55,929,220
Advances under the Finance Act
25,300,000
19,200,000
Balances due to provincial governments
31,679,700
33.326,316
Deposits by the public, payable on demand in Canada 529,111,173
479,309,526
Deposits by the Public, payable after notice or on a
fixed day in Canada
1,189,018,091 1,204.816,866
Deposits elsewhere than In Canada
326,928,568
340,770,351
Loans from other banks in Canada,secured, including
bills rediscounted
Deposits made by and balances due to other banks in
Canada
9,835,240
13,712,215
Due to banks and banking correspondents in the
3,155,159
United Kingdom
6,222,463
Due to banks and banking correspondents elsewhere
27,008.141
than In Canada and the United Kingdom
29,611,244
7,886,526
Bills Payable
8,721,407
50,522,925
Letters of credit outstanding
50,808,086
1,159,069
Liabilities not included under foregoing heads
1,786,292
2,496,280
Dividends declared and unpaid
810,298
124,875,000
Rest or reserve fund
124,875,000
121,909,580
Capital paid up
121,909,560
Total liabilities
2 697,207,997 2,649,703.620
Capital authorized
Capital subscribed
Aggregate amount of loans to directors, and firms of
which they are partners, and loans for which they
are guarantors
Average amount of current gold and subsidiary coin
held during the month
Average amount of Dominion notes held during the
month
Greatest amount of notes of the bank in circulation at
any time during the month
The offering was referred to in these columns last week,
page 764.
140,539,655
11,733
129,363.498
19,021,209
25,023.752
123,936,929
advancing, thus not only creating more general prosperity
within the country but also
increasing the republic's direct and indirect
revenues from the production of that
important commodity, the taxes on
which have now been placed on a
more equitable and scientific basis.
170,175,000
122,072,300
170,175,000
122,072,300
14,676,703
14,789,048
60,479,277
61,805.230
119,982,798
133,044,732
173,888,873
Nicaragua Pays to New York Bankers Account of
Purchase of National Bank of Nicaragua.
The daily papers reported the following adviees
from
San Juan del Sur, Nicaragua, Aug.
19:
The Nicaraguan Government has
remitted to New York $300,000 on
account of the purchase price of the
National Bank of Nicaragua, which the
Government is taking over from the
holding syndicate of American bankers.
Orders have been let for 100,000 tons
of rails to be used in the construction
of the Sabana Grande Matagalpa
RR., which will develop a rich section
of the country.
The previous day (Aug. 18) Associated Press advices from
Managua, Nicaragua, stated:
The Government is engaged in
negotiations for the purchase of the
National Bank of Nicaragua from
the holding syydicate of New York
bankers. It is intended to establish the
bank on lines similar to the Federal
Reserve System and the Pram Loan
Bank in the United States, and to
extend loans to the agriculttirists
at low interest. The present rate of
interest is from 12 to 30%.
In its issue of Aug. 19 the New York "Journal of Commerce" said:
Bankers representing the syndicate
referred to in the foregoing cable dispatch said yesterday that the purchase
of the bank by the Government has
been under discussion intermittently,
but that no definite offer has been
made recently by the Nicaraguan
Government. As the Republic of
Nicaragua a short time ago bought the
railways owned there by American
capital the purchase of the bank would be
a logical step by the Government, the bankers said.
Bahia Pays Interest—Government Makes
Known
Coupons in Arrears That Are Settled—Total
Payment to Date.
The following is from the "Wall Street Journal"
of Aug.21:
The Government of the Brazilian
State of Bahia announces that the
following coupons in arrears have been
paid to date:
French 5%, 1888, coupon due June
1922, Sterling 5%. 1904, coupon due
May 1922, French 5%. 1910, coupon
due January 1922, Sterling 5%.
1913, coupon due January 1922, Sterling
funding 5%, 1915, coupon due
January 1922, and Sterling Treasury
bills, 6%. 1918, coupon due January
1922. Aggregate payment to date is
£75,972 and 2.597,375 francs. Outstanding foreign debt of the State
Government, without counting arrears
of interest, is E2.967,900 and
51,947,500 francs. Bonds are now quoted
on the London Stock Exchange at
30, with second coupon of 1922 attached.
Cuban Internal Bonds of 1917 All Retired.
The following from Washington, Aug. 17, appeared in
the New York "Journal of Commerce":
The total retirement of the Cuban
internal 6% bond issue of 1917 has
been completed, Van H. Engert, Chargo
d'Affaires at Havana, reported
to
-day to the Department of Commerce.
Outstanding bonds no longer
bear interest. This issue was authorized
in the amount of $30,000.000.
but only $25,976,900 had actually been put
into circulation. According
to the original plan, one-tenth of the principal
was to have been retired
annually, beginning in 1920, the total issue to be
amortized by the end
of 1929. Extraordinary amortizations, however,
were made in August and
December 1923, and the final sum of 6,524,800
applied on June 30 1924
extinguished the issue.
174,985.702
Dutch East Indies Budget—Reduction in Floating
Debt.
Excellent results in the operation of the 1922 and 1923
Bolivian Bond Offering—Revenues and Taxes Pledged budgets of the Dutch East Indies are reported in an official
communication just received from the Ministry of Colonies
to Secure Loan.
of the Netherlands Government by the Department of
A week ago Spencer Trask & Co., The Equitable Trust Commerce
at Washington, which under date of Aug. 15 says:
Stiefel, Nicolaus & Co., Inc., and
Co. of New York, and
The Ministry officially reports that uncollected taxes are
expected to
their associates, Halsey, Stuart & Co., Inc., E. H. Rollins yield an amount larger than tke estimated deficit for 1924, and
that the
& Sons, Kissel, Kinnicutt & Co., and J. & W. Seligman & preliminary budget for 1925 as presented to the Volksraad (People's Council) indicates, as a result of the policy of retrenchment, a surplus
in the
Co. offered a block of $3,065,000 Republic of Bolivia Exter- Ordinary Budget.
nal 25.year Secured Refunding 8% Sinking Fund Gold
As a result of economies and the energetic collection of
revenues in
Bonds, due May 1 1947, at 93 and accrued interest. This arrears, the actual total deficits in the 1922 and 1923 budgets were guilders
97,622,000 and guilders 63,066.000, respectively, instead of tne
estimated
offering was quickly taken and the bonds given a wide dis- deficits of 249.171,000 and 181,692,000.
These deficits
investment demand, it is stated, has to the Extraordinary Budget, the expenditures of whichhave been confined
tribution.. A strong
have been large,y
developed for the Bolivian 8% bonds, and the price on the destined for capital construction purposes. The Ordinary Budgets for 1922
and 1923 showed actual surpluses of guilders 4,298,000
and 3.260.000,
New York Stock Exchange has advanced to 93%. Com- respectively.
The floating debt, which on Jan. 7 1022 was guilders
menting on this demand, the bankers call attention to the
549,000,000, had
fact that the Permanent Fiscal Commission advises that the been ,reduced on Jan. 5 1924 to guilders 189,770,000.
The favorable
of trade for 1923 was
republic's collections from the revenues and taxes pledged to the third largestbalance history of the Dutch double that of 1922, and is
in the
East Indies, amounting to
secure the loan have advanced from about 83,068,500 for guilders 900,000,000.
•Of this deposit $9,302,133 is In gold coin, the balance Is in Dominion notes.
Note.—Owing to the omission of the cents in the official reports, the footings In
the above do not exactly agree with the total given.
AUG. 23 19241
THE CHRONICLE
International Conference—Final Agreement for Carrying into Operation Dawes Plan for Settlement
of German Reparations—FrancoBelgian-German Notes.
reaching of full agreement a week ago by the delegates
The
to the International Conference at London brought to a
successful conclusion the deliberations which had been
brought under way on July 16 to determine the procedure
for bringing into operation the Dawes proposals for the
settlement of the German reparations problems. Opening
as the Inter-Allied Conference, it developed into the International Conference on Aug. 5 when representatives of the
German Government were accorded participation. The
action of the German Government in yielding to the French
proposals for the evacuation of the Ruhr within one year—
differences with regard to which had deadlocked the Conference last week—brought a speedy conclusion of the
deliberations. One account from Berlin regarding the decision of the German Government Aug. 15 (that of the New
York "Commercial") said:
887
delegates had many long conversations during the Conference concerning
their future tariff arrangement, and at times this commercial feature
threatened to be a serious handicap to the Ruhr settlement. But they
finally agreed to meet Oct. 1 in Paris to begin negotiations for a commercial
treaty, and the German delegation insists that it made no trade on tariff
arrangements to gain the Ruhr evacuations decision and that it will begin
negotiations in Paris untrammeled by any pledge to admit Alsatian iron
ore or other French products free.
The agreements concluded on Aug. 16 take the form of a
final protocol with four annexes, detailed reference to which
is given in another item in this issue. Summarizing the
text of the protocol and annexes the Associated Press advices
from London stated:
Summary of Protocol and Annexes.
The final protocol is a brief document in French and English. It is signed
by Ramsay MacDonald. as President, by Secretary-General Sir Maurice
Hankey,the Allied Secretaries, the German Secretary and a representative
of the Reparation Commission. The American Secretary does not sign.
The protocol states that the President informed the representatives of
the powers and of the Reparation Commission assembled at the.Foreign
Office that all the Governments concerned and the Reparation Commission
have confirmed their acceptance of the Dawes plan and that by means of the
Conference certain agreements annexed to the protocol have been signed
or initialed by the parties concerned.
These agreements are mutually interdependent and cannot be varied.
except that the dates will be advanced, as the original dates presupposed
Yielding to a virtual ultimatum by the London Conference, with the that the first steps would be taken on Aug. 15. The parties concerned will
Allies supporting the French proposal to take 12 months to evacuate the meet later in London to attach formal signatures to the documents, which
Ruhr, Germany accepted that program to-day as a definite step toward have not been signed, and a certified copy of the agreements as concluded
a final solution of the complicated reparations problem and the carrying between the Allies will be communicated to Germany.
Into effect of the Dawes plan.
Annex 1 of the protocol is the agreement of Aug. 9 between the ReparaThe German delegates to the London Conference were authorized to tion Commission and Germany, whereby Germany agrees to take necessary
with the Allies at a meeting of the parties repre- measures to promulgate and enforce the laws required to carry out the
conclude the agreement
sented in the German Government, at which President Ebert presided. Dawes plan in the form approved by the Reparation Commission, especially
The only stipulation of the German Government is that the evacuation relating to the bank of issue, the railways and industrial debentures, and to
of the Ruhr by guaranteed to them by the Allies.
apply certain provisions regarding control of the revenues assigned as
Early instructionsfrom Berlin to the delegates were not to give unqualified security for the annuities.
make counter proposals and attempt to persuade Premier
approval, but to
The Reparation Commission undertakes to do its best to carry out the
Harriet to make some dramatic concessions, such as evacuating some of Dawes plan, particularly in the way of facilitating a loan, and both the
enable the German Cabinet to square itself before the people and help Reparation Commission and Germany agree to help to carry out any addipersuade the Reichstag to pass the laws to enable the enforcement of the tional agreements, including arrangements for modifying the Dawes plan.
Dawes report.
If there is a disagreement on the interpretation of the provisins, the disIt is significant of the attitude in business circles that despite the gloomy pute shall be submitted to arbitration.
outlook in London the Berlin Stock Exchange continued firm, fearing
Three of the annexes to the procol embody agreements which the Conferthe break up of the conference much more than the continued occupation ence reached for dealing with sanctions to be applied by the Allies to Gerof the Ruhr.
many in the event of her possible default under the Dawes plan,restoration
President Ebert, it was learned, told the Ministerial Council that Ger- of Germany's economic unity and the setting up of a transfer committee to
many's rejection of the London terms would mean the overthrow of Premier receive and distribute reparations in kind from Germany.
Herriot, which would be disastrous for Germany.
The Reparation Commission, augmented by an American member, is
In its cablegram from London, Aug. 16 (copyright) the to supervise in the first instance the operation of the Dawes plan. In case
of Germany's default the Reparation Commission may take the Allies'
New York "Herald-Tribune" gave the following report recommendation as to the action to be taken, sanctions may not be applied
regarding Germany's action:
unless flagrant defaults are established, and in case of a flagrant default the
Early this morning Chancellor Marx and Foreign Minister Stresemann de- Allies shall confer as to the nature of the sanctions. Any decision by the
cided to accept the compromise that Harriet had offered them. Exhausted Reparation Commission regarding defaults not taken by unanimous vote
physically and mentally, the Germans sent word of their decision reluc- may be appealed to the arbitral commission.
tantly to the French Premier, whose nerves also were worn to a thin edge.
Loan Safeguards.
Herriot was in bed when the message from the Germans came through
The members of this arbitral commission and the American member of
an emissary, but he arose immediately and informed Premier MacDonald of the Reparation Commission shall be selected by unanimous vote of the
the development. Within a few minutes after the decision had been Reparation Commission, and, in default of this, by the President of the
reached all the statesmen concerned with the conference had learned that at World Court at The Hague. In the event the Allies have to apply sanctions
last their efforts were to be crowned with success.
to Germany they will safeguard the specific securities pledged to the service
It was Just a month ago to-day that the reparation conference opened here. of the £40,000,000 loan to Germany. Service of this loan is to have absolute
During the intervening period the most momentous decisions in Europe since priority as regards any moneys of Germany so far as such moneys have
the signing of the Treaty of Versailles have been taken.
been subjected to the general charge in favor of the loan and also as regards
any resources that may arise through the imposition of sanctions.
Entire Atmosphere Clears.
The preliminary agreement for the restoration of German economic unity
By lunch time the whole atmosphere at the headquarters of the various is confirmed in the
terms already published. Germany must fulfill the
delegations, which has for so long been surcharged and worried, had changed
stipulated obligations in launching the Dawes plan and the Allies must
The men of the Big Seven had breakfast together and immediately there- restore
German administrative, civil and economic control throughout the
after the French and Germans went into conference in Downing Street.
enforced progressively as Germany
Premier MacDonald, who for the last fortnight has chiefly carried the Ruhr in accordance with a time table to be
fulfills her part. a'he entire program for the restoration of Germany's fiscal
heavy burden of responsibility tor the conference, expressed to the delegates
by Oct. 5 next.
singly and collectively his gratification that their differences over the ques- and economic unity is to be completed
In its handling of reparations in kind by the transfer committee Germany
tion of the date for evacuation of the Ruhr had finally been adjusted.
committee to use its funds to pay for
After luncheon the Council of Fourteen held a session in preparation for recognizes the right of the transfer
after fulfillment of the Versailles Treaty
to-night's initialing of the agreement that had been reached. Meanwhile deliveries of certain products, even
obligations, and agrees that such products need not be confined to those
experts were putting the final touches on the protocol and its four affixes—
being had to Germany's own requirewhich altogether total nearly ten thousand words and are printed in English specified in the treaty, due regard
ments. Germany further agrees to facilitate these deliveries under ordinary
and French, appearing in parallel columns.
commercial conditions.
The Allies agree to prevent re-exportation of these deliveries. Deliveries
Germans Make Statement.
Commission in
The German delegation issued a statement this afternoon in which they are to be fixed by a program drawn up by the Reparation
consultation with the transfer committee. If there is a dispute as to
stated:
Commission or between the
"We are extremely, indeed profoundly. disappionted at the result of the program, either within the Reparation
commission of three
the conference. We estimate that it will be a considerable task to pass the Reparation Commission and Germany, an arbitral
necessary legislation (to make the Dawes plan operative) through the independent persons shall lay down the program for defined periods, and
such commission shall also determine upon the complaint of an Allied
Reichstag by Just a bare majority.
"Our Ministers will point out to the Reichstag that we have had to submit government whether there has been wilful discrimination or obstruction by
to force maJeureand only hope now for an early evacuation of the Ruhr. the German Government.
An elaborate scheme is outlined for the arbitration of the different kinds
as, when the time comes for reaching the loan, the bankers will intervene
of disputes that may arise in consequence of the work of the.transfer comand insist on a speedier military evacuation.
mittee. All arbitral boards not chosen unanimously by the Reparation
"We have not rcognized the legality of the occupation."
The Franco-German agreement on the Ruhr evacuation required a long Commission shall be nominated by the President of the World Court.
During the final discussions of the conference at London
time to draft, both Generals Nollet and George being engaged with the experts in drawing it up.
in the afternoon of Aug. 16, a plea put forward by the
According to Associated Press cablegrams from London,
Aug. 16, neither the Germans nor the French were satisfied
fully with the compromise agreement on the Ruhr evacuation,
but both delegations scored many points which they believe
will appeal to their publics and ease the way in obtaining
ratification. These advices continued:
The specific promise of the French to evacuate the Ruhr absolutely within
one year from Aug. 15 and to evacuate Dortmund immediately are great
prizes for the German delegates, although they had hoped that the period
would be narrowed to six months.
Premier MacDonald won the admiration of all the delegates by the fearless and dashing manner in which he handled the tangled Ruhr situation,
speaking with real frankness to both M. Herriot and Chancellor Marx and
doing much to keep wartime animosities down. The French and German
German delegation in regard to Germany's responsibility for
the Dawes plan loan was taken up and the following agreement, it is learned, from the copyright advices to the New
York "Times":
It is agreed that the putting into execution of the Dawes scheme and arrangements for the carrying out of the purposes embodied in the present
agreement depend on the issue of a loan of 800,000.000 gold marks for the
purposes of the plan and are conditional on the said issue.
The Allied Governments, desiring that this loan should be successfully
raised and contemplating that the loan will be a first lien on the security
pledged thereto, will invite the central banks in their rsepective countries
to use their good offices to facilitate the placing of the loan.
The same advices state:
When this agreement was passed it was suggested by the American observers that it implied certain compulsion upon or the committal of certain
888
THE CHRONICLE
[Vol.. 119.
banks and on this point the Americans made reservations, with the result
The first letter, signed Jointly by Premier Herriot of France and
Premier
that the following annotation was presented and accepted by the conference Theunis and Foreign Minister Hymens of Belgium,
dated Aug. 16, to
and placed on record:
Chancellor Marx says:
"We understand this resolution does not restrict the German Govern"We have the honor to acquaint you with the following declaration which
ment's freedom in negotiating the loan with bankers of its own selection."
we make in the name of our two Governments:
"The French and Belgian Governments, confirming their former declaraDuring the evening's proceedings a cablegram was received at the conferencefrom General Dawes at Evanston,Ill., congratulating the conference on tions concerning the terms on which occupation of the Ruhr has been efcompletion of its labors. A cablegram was sent in reply by the British fected by them in accordance with the Treaty of Versailles. but resolved to
the
respect the engagements then taken whereby the occupation was aimed only
Prime Minister in the name of the conference thanking General Dawes.
Colonel Logan when seen after the conference agreed with Ramsay Mac- to secure from Germany guaranties for execution of her reparations obligaDonald that this was "the first treaty of real peace since the war." Colonel tions, declare that, provided the agreements of London are freely entered
Logan has been obtirnistic throughout the conference, at which his observa- Into, and are applied in the spirit of loyalty and pacification which has
tions always have been made with humor allied with common sense and his Inspired the deliberations of the Conference, they will proceed to military
practical suggestions have been according to several experts, of considerable evacuation of the Ruhr territory in the maximum period of one year, dating
from to-day.
value.
"We shall be
As to the signing of the agreement on Aug. 16, we quote edge the receipt grateful to your Excellency to be good enough to acknowlof this communication."
The formal acknowledgement of Chancellor Marx says:
the following from the same copyrighted cablegram to the
"In noting this declaration I desire to maintain the point of view defended
"Times":
from time to time by the German Government, according to which occupaShortly before 9 o'clock to-night, after a session of the Plenary Council
tion of German territory outside the German frontiers fixed by Article 428
of the London Conference—its official title—lasting nearly three hours,
of the Versailles Treaty cannot be recognized as legal. At the same time I
the final protocol registering the agreement of all the powers concerned
desire to express here my conviction that it will be desirable to hasten as
on application of the experts' report on German reparations was signed
much as possible the date fixed by you."
and in some cases initialed by the chief delegates. Mid within a maximum
The third letter, signed jointly by MM. Herriot, Th(wile and Hymens,
period of one year from to-day France and Belgium pledge themselves
says:
to complete the military evacuation of the Ruhr.
"At the moment approaching the close of the London Conference, which
"We are offering the first really negotiated agreement since the war,"
marks an important effort to establish a regime of international concord.
said the British Prime Minister.
the French and Belgian Governments, desirous of giving immediate and
"We now see the dawn and we hope to work till daylight is reached,"
spontaneous proof of their will to peace and their confidence in the engagesaid the French Premier.
ments freely entered into, decide that they will order, on the day following
"We hope that in the future the spirit of peace and reconciliation which the
definite signature of the London agreement, the military evacuation of
has inspired this Conference will remain unimpaired," said the German
the zone of Dortmund and the territories outside that of the Ruhr occupied
Chancellor, who added that his country would be encouraged under the
since Nov. 15 1923. This military evacuation will take place at the same
burdens it had to bear by the extensive improvements for arbitration time
as economic evacuation of the same zones."
made at the Conference.
The fourth and last letter,from Chancellor Marx to the Presidents of the
The American Ambassador and the Belgian and Italian chief delegates council,
formally acknowledges receipt of the foregoing communication
also spoke at the concluding proceedings. All the speakers paid tribute
and after repeating the undertakings stated in it, proceeds:
to the work done by the Chairman of the Conference, Ramsay MacDonald,
"I am glad of this decision which, relying upon the agreements we have
who had previously thanked all his "friends and colleagues" for their entered
into, you have taken in order to re-establish peace. The German
good-will and unremitting labor. Referring specially to MM. Herriot
Government is resolved to be guided by the same spirit. It hopes that the
and Theunis, Mr. MacDonald said he hoped they would believe that if he
execution of this decision will mark the commencement of a new era which
had at times "seemed rather unbending it was for the interests of Europe will
lead to a fruitful and peaceful development of the relations between our
and the interest of all our people as I saw them."
countries.
Mr. MacDonald pleaded for consideration of the treaty as a whole,
Previous references to the Conference appeared in these
saying, "it is the first negotiated treaty since the war. It is the first
peace treaty, because we sign it feeling that we have turned our backs on columns July 26, page 403- Aug. 2, page 534- Aug. 9, page
the horrors of war and the mentality of war."
642, and Aug. 16, page
760.
French Agreement With Germany.
The British Prime Minister then stated that he was happy to announce
to the Conference that an agreement had been come to between France, Belgium and Germany in regard to military evacuation of the Ruhr, which was
outside the limits of the experts' report with which the Conference had been
directly concerned by which was essentially connected with the success of the
plan now adopted.
Evacuation of the Ruhr would take place within a maximum of twelve
months, beginning to-day, and certain portions of the occupied territory
would be evacuated with expedition as proof that France and Belgium
wanted to do all that in the public opinion of those countries it was possible
to do to insure the working of the Dawes scheme.
He then addressed himself indirectly to the German people, upon whom he
said he would like to impress the fact that the Conference had created a
system of arbitration which would enable them to watch the working of the
experts' plan. He was aware of the difficulties of the German delegates
and their people. Another thing that the signature of this agreement
marked was the ending of the period of national isolation.
Much still remained to be done in the way of peacemaking and restoration.
There was the question of interallied debts, which would be taken up in
accordance with the declaration madd in the Anglo-French memoraneum
of July last. There was the uqestion of the League of Nations and the
working out of the problem of doing Justice by arbitration. Economic
problems were bound to arise.
"We have a long way to go before we reach the goal of peace and security," concluded Mr. MacDonald, "but we are oft the right road."
In its copyright cablegram from London, Aug. 16, the
New York "Herald-Tribune" said:
The Franco-Belgian-German agreements are in the form of the following
three notes:
The first is from Premiers Herriot and Theunis to Chancellor Marx,
stating that they consider it incumbent on them to continue the Ruhr occupation to Aug. 15 1925. and that the occupation is legally justified.
The second, from Chancellor Marx to the French and Belgian Premiers,
says: "We have taken note of your decision to continue the occupation of
the Ruhr for another year, but we do not recognize the legaility of the
occupation." The German Chancellor expresses the hope that the two
Goveznments will, if possible, speed up the beginning of the evacuation.
The third is from Premiers Herriot and Theunis to Chancellor Marx,
and says that as a proof of good will they will to-morrow evacuate Dortmund and several towns and villages, at present occupied, around the
bridgeheads in the area adjoining the Ruhr. They also promise the evacuation of Dusseldorf. Duisberg and Ruhrort not later than the date fixed for
the general withdrawal from the occupied territories.
British Retire in January.
This, as it is now practically certain that the British will withdraw their
troops from the Cologne area in January next, means that the place mentioned will be evacuated about the same date, if not earlier.
Nothing definite in the way of a commercial treaty between France and
Germany has been arranged. Both the British and the Belgians offered
objections, and to-day Herr Luther, who had this matter in hand for his
delegation, told the French that he could not see his way to making an
arrangement at this time.
The question of Inter-Allied debts also was left indefinite Prime Minister MacDonald and Chancellor Snowden, having said that nothing more on
this subject would be done until the proposed conference in November. No
promise beyond Britain's willingness to sit in such a conference has been
made.
The question of security will come up next.
The Associated Press advices from London, Aug. 15,
announced as follows the text of correspondence exchanged
between the Conference delegates preliminary to the signing
of to-day's agreement:
Protocol and Annexes Connected with Agreement for
Carrying Out Dawes Plan Reached at International Conference in London.
Elsewhere wo refer to the agreement reached at the
International Conference at London on Aug. 16 looking
to the development of the procedure for bringing into
operation the Dawes proposals for the settlement of the
German reparations questions. The agreements concluded
take the form of a final protocol with four annexes. Details
of these were given as follows in a copyright cablegram from
London Aug. 16 to the New York "Times":
Copies of the final protocol of the "London Conference on Application of
the Plan Presented to the Reparations Commission on April 9, 1924 by the
First Committee of Experts, Appointed by It on Nov.30 1923." were issued
at a late hour this evening. The protocol has four annexes.
The protocol itself is a brief document in French and English and is signed
by the British Prime Minister as President, Secretary-General Sir Maurice
Hankey, the Allied Secretaries, the German Secretary and a representative
of the Reparations Commission. The representatives of the United States
"with specifically limited powers," as it is stated in the protocol, do not
sign.
The protocol says:
The President states that all the Governments concerned and the Reparations Commission have confirmed their acceptance of the plan and have
agreed to its being brought into operation, and that in the course of the
proceedings of the conference certain agreements which are necessary to
enable the play to be brought into operation have been drawn up or already
signed by the parties concerned.
It is understood that these agreements which have now been signed or
Initialed no varietur, except as regards the dates laid down in the agreement forming Annex III hereto, which will be extended by seventeen days
and are annexed hereto, are mutually Interdependent.
The representatives of parties concerned will meet in London on
Aug. 30
next in order to effect at one and the same session formal sginature of the
documents which affect them and have not already been signed on this
occasion. A certified copy of the agreement concluded between
the Allied
Governments will be communicated to the German Government.
The protocol concludes as follows:
"The statement of the President having been approved unanimously
by the representatives of the Governments
of
rations Commission,the President declares theconcerned and the the Repaconference
proceedings of
at an end."
Pledges Enforcement Laws.
Annex Ito the protocol lathe agreement of Aug.9 between the Reparations
Commission and the German Government. By it Germany agrees to
take the necessary measures to promulgate and enforce the laws required
to carry out the Dawes plan in the form approved by the Reparations
Commission, especially relating to the bank, railways and industrial
debentures andto apply certain provisions regarding control of the revenues
assigned as security for the annuities.
The Reparations Commission undertakes to do its best to carry the
Dawes plan into effect, especially in the way of facilitating the loan and
making an accounting of adjustments.
The Reparations Commission and Germany agree to help to carry out
any additional agreements come to between the Allies and Germany.
including arrangements for modifying the Dawes plan. If the German
Government and the Reparations Commission disagree as to the interpretation of this agreement the dispute shall be submitted to arbitration.
Annex II is an agreement between the Allies and Germany that six
six clauses shall be embodied in the agreement between the Reparations
Commission and the German Government given in Annex I.
AUG. 23 1924.]
THE CHRONICLE
889
German Economic Unity Restored.
Provides for Arbitration.
Annex III consists of the agreement between the Allied Governments and
Clause 1 lays down a form of arbitration between the Reparations
regards
Commission and Germany with regard to the interpretation of this agree- Germany for the putting into force of the Dawes plan, both as
ment and the Dawes plan of German legislation it involves. Three ar- German legislation thereto necessary and Allied undertakings to assist in
as soon as
bitrators are to be appointed for five years, one by the Reparations Com- restoring in large measure Germany's fiscal and economic unity
barrier between
mission, one by Germany and one who shall act as President either by possible. Dates are specified for the raising of the customs
restrictions on the
agreement between the parties or, failing such agreement, b the President occupied and unoccupied Germany and for the removal of
of the Permanent Court of International Justice. This first clause of movement of persons, goods and vehicles between such territories.
This annex also embodies the agreements arrived at with regard to payAnnex concludes as follows:
ments of reparations during the transition period.
"Before giving a final decisien and without prejudice to the question at
In the same annex is contained the agreement relative to amnesty. This
issue, the President on request of the first party applying therefor may order
any appropriate provisional measures in order to avoid interruption in the is as follows:
regular working of the plan and to safeguard the respective rights of the
"In order to bring about mutual conciliation -and in order to wipe out the
parties.
past to the utmost possible extent, the Allied Governments and German
"Subject to any decision of the arbitrators to the contrary the procedure Government agreed on the following stipulation, it being understood that
'
shall be governed by the provisions of the convention of The -Hague of as regards future incidents the jurisdiction and legislation of Germany,
Oct. 18 1907 on the pacific settlement of international disputes."
notably in the matter of security of the State and the Jurisdiction and legislation of the occupying authorities, notably in the matter of their security,
By Clause 2 Germany recognizes the right of the Transfer Committee to will respectively follow their normal course in conformity with the treaty
use irs funds to pay for deliveries of certain products, even after fulfillment of peace and Rhineland Agreement.
"Paragraph 1. No one shall under any pretext be prosecuted, disturbed
of the treaty obligations, and that these products need not be confined to
or molested or subjected to any injury, whether matrelal or moral, either by
those specified in the treaty.
reason of acts committed exclusively or principally for political reasons or
Due regard being had to Germany's own requirements, Germany also by reason of his political attitude in the occupied territory from Jan. 11
agrees to facilitate as far as possible execution of the programs for all de- 1923 up to the putting into force of the present agreement or by reason of
other inliveries under either the treaty or experts' report by means of commercial his obedience or disobedience to orders, ordinances, decrees, or
issued by the occupying authorities or the German authorities
contracts passed under ordinary commercial conditions and that in particu- junctions
respectively and relating to events which have taken place within the
lar it will not take nor allow to be taken any measure which would result in same period or by reason of his relations with the said authorities.
"Paragraph 2. The German Government and Allied Governments condeliveries being unobtainable under ordinary commercial conditions.
administrativej
judicial
The Allies agree to prevent re-exportation of deliveries received from cerned will remit all sentences and penalties,up to theor
putting tino force
imposed for the above acts from Jan. 11 1923
Germany. These deliveries are to be fixed by programs drawn up by the of the present agreement. It Is understood that fines or other pecuniary'
Reparations Commission in consultation with the Transfer Committee.
penalties, whether judicial or administrative, already paid will not be reThe German Government further declares it agrees to the following addi- imbursed.
provisions of Paragraphs 1 and 2 do not apply to
"Paragraph 3.
tional provisions in regard to the fixation and execution of deliveries of coal, crimes committedThe
against the life of persons and resulting in death."
coke, lignite, briquettes and certain synthetic nitrogenous and other prodAmerican on the Reparation Board.
ucts after fulfillment of the treaty obligations in regard to such products.
"In default of agreement as regards the programs of deliveries of these
The fourth and last annex to the final protocol is the Inter-Allied agreebetween the members of the Reparations Commission or ment making modifications in Annex II of the Treaty of Versailles. These
products, either
between the Reparations Commission acting unanimously and the German
Government, the programs which take dua account of ordinary commercial modifications are:
custom shall be laid down for periods to be determined by the special com"(I) When the Reparation Commission is deliberating on any point remittee referred to in Clause 3 of this agreement by an arbitral commission lating to the report presented on April 9 1924 to the Reparation Commisconsisting of three independent and impartial arbitrators."
sion by the First Committee of Experts, appointed by it on Nov. 30 1923,
"The members of this arbitral commission shall be appointed by agree- a citizen of the United States of America, appointed as provided below,shall
ment between the Reparations Commission, acting unanimously, and the take part in discussions and shall vote as if he had been appointed in virtue
German Government, or, in default of agreement, by the President of the of Paragraph 2 of the present annex. The American citizen shall be apPermanent Court of International Justice. The Chairman of the commis- pointed by unanimous vote of the Reparation Commission within thirty
sion shall be a citizen of the United States.
days after adoption of this amendment. In event of the Reparation Com"In laying down programs the arbitral commission shall take into account mission not being unanimous, the appointment shall be made by the Presithe possibilities of production in Germany,the position of her supplies of raw dent for the time being of the Permanent Court of International Justice at
materials and her domestic requirements, in so far as is necessary for the The Hague. The person appointed shall hold office for five years and may
maintenance of her social and economic life, and also of the conditions set be reappointed. In event of any vacancy the same procedure shall apply
out in the experts' report: nor shall it exceed the limits fixed by the Trans- to the appointment of a successor.
fer Committee with the view to maintenance of German exchange. The
"Provided always that if the United States of America are officially repdecision of the arbitral commission fixing programs shall be final.
resented by a delegate on the Reparation Commission any American citi"The Allied Governments and nationals shall make every effort to zen appointed under the provisions of this paragraph shall cease to hold ofobtain delivery of the full amounts fixed by these programs by means of fice and no fresh appointment under these provisions shall be made as long
direct commercial contracts with the German suppliers.
the United States are so officially represented.
"If any Allied Government considers that it or its nationais have not been as"(2) In the event of any application that Germany be declared in default
able to make commercial contracts to the full amount of the program,
any of the obligations contained either in this part of the present treaty
owing to measures of willfui discrimination or whiful obstruction on the part in put into force on Jan. 10 1920, and subsequently amended in virtue of
of the German Government or its nationals, it may submit a reasoned claim as
22 of the present annex or in the experts' plan dated April 9
to the Arbitral Commission, and the commission after hearing the parties Paragraph be the duty of the Reparation Commission to come to a dewill
1924,
shah decide as a matter of equity whether there have in fact been measures cision it
thereon. If the decision of the Reparation Commission granting or
of willful discrimination or willful obstruction on the gprt of the German rejecting such application has been taken by a majority any member of
Government or of the German suppliers.
Commission who has participated in the vote may within
"In the event of the Arbitral Commission deciding this question in the the Reparation
eight clays
decision appeal from that decision to
affirmative, it shall require the German Government to insure delivery of the arbitralfrom the date of said of three impartial and independent percommission composed
such quantities as it shall decide and under such conditions, particularly as sons, whose decision shall be final. Members of the arbitral commission
regards price, as it shall fix."
shall be appointed for five years by the Reparation Commission deciding
by unanimous vote, or failing unanimity by the President for the time being
On Deliveries in Kind.
of the Permanent Court of International Justice at The Hague. At the
Clause 3of Annex 2 provides for a Mixed Committee of Allied and German end of the five-year period or in case of vacancies arising during such period
the first appointments.
representatives to determine the procedure for deliveries in kind. Clause 4 the same procedure will be followed as in the case ofa citizen of the United
The President of the arbitral commission shall be
provides for differences of opinion between the Transfer Committee and the States of America.
"3. If default by Germany is established under the foregoing conditions,
german Government on the following points relating to the execution of
the commission will forthwith give notice of such default to each of the inArticle 6 of Annex 6 of the experts' report:
terested Powers and may make such recommendations as to theaction to
property in the list.
(1) Inclusion of any particular class of
be taken in consequence of such default as it may think necessary."
(2) Any modification in the list.
Security for the Loan. Article 3 of this Fourth Annex runs as follows:
(3) Scope of any class so included, or
"In order to secure the service of the loan of 800,000,000 gold marks con(4) Measures to be taken to secure that investments to be purchased by
templated by the experts' plan, and in order to facilitate the issue of that
this procedure shall not be of a temporary character.
loan to the public, the signatory Governments hereby declare that in case
Clause 4 states:
sanctions have to be imposed in consequence of default by Germany, they
" "Such a difference shall be referred at the request of either party to an will safeguard any specific securities which may be pledged to the service of
arbitrator who, if the German Government so desire, shall be a national the loan. The signatory Governments further declare that they consider
of a country not interested in German reparation payments, to be chosen by the service of the loan as entitled to absolute priority as regards any rethe President of the Court of International Justice at The Hague.
sources of Germany, so far as such resources may have been subjected to a
"The arbitrator shall decide whether any claim made or objection raised general charge in favor of said loan, and also as regards any resources that
not and in so doing shall in particular give consideration to the may arise as a result of the imposition of sanctions."
Is justified or
principles:
Article 5 provides that any dispute between the signatory Governments
"(1) That the investment must not be of a temporary character and (2)
that the German Government is required to have due regard to the neces- arising out of Articles 2 or 3 of the present agreement shall, if it cannot be
sity of making maximum payments to its creditors, but is also entitled to settled by negotiation, be submitted to the Permanent Court of Interhave regard to maintaining its control of its own internal economy."
national Justice.
Provision for "Financial Manoeuvres."
Clause 5 covers the important question of "financial manoeuvres." It
Is as follows:
"If the Transfer Committee is equally divided in regard to the question
of whether concerted financial manoeuvres have been set on foot within the
meaning of Article 8 of Annex 6 of the experts' report, the question shah
be referred to an independent and impartial arbitrator, who shall hear tha
views of each of the members of the committee and decide between them.
"The arbitrator shall be a financial expert selected by members of the
Transfer Committee in agreement, or, in default of an agreement, by the
President of the Permanent Court of International Justice. On all other
questions, if the Transfer Committee is equally divided, the Chairman shall
have the casting vote.
"If the funds at the disposal of the Agent General for Reparations Payments are at any time accumulated in Germany up to the limit of 5,000.000,may be fixed by the
figure
or
000 gold marks,the such lower has by asmajority decided that Transfer
a
committee
concerted
Committee, and
financial manoeuvres have not taken place or that certain measures to dethe manoeuvres contemplated in that article should not be taken, any
feat
member of a minority of the committee may within eight days appeal
against such decision to an arbitral tribunal whose decision on the matters
before them shall be final.
The arbitral tribunal shall consist of three independent and impartial
Chairman, such experts to be selected by the committee unanimously or,
failing In unanimity, to be appointed by the President of the Permanent
Court of International Justice."
Ambassador Kellogg Tells International Conference
That Agreement Respecting Dawes Plan Will Be
Far Reaching—President Coolidge's Message
of Congratulation.
Frank B. Kellogg, United States Ambassador to Great
Britain, in addressing the International Conference at
London on Aug. 16, just prior to the initialing of the agreements, complimented the delegates in effecting a succeSsful
consummation of the task—undertaken by them. He
declared that their accomplishment "is the first great step
in the restoration of confidence in our civilization." Stating
that "the influence of this settlement will be far reaching"
it will not be confined to the Allies and Germany but will
spread to many other nations." His remarks ,as given in a
copyright cablegram to the New York "Herald-Tribune,"
follow:
The sixth and final clause of Annex 2 deals with the possibility ot any
Government considering that a defect in the technical working of the Dawes
Mr. President, I cannot too highly compliment the delegates of all nathe submission of any disputed point to a com- tions represented at this great international conference upon their firmplan exists and provides for
of three independent and impartial experts chosen by agreement ness, ability, and broad-minded statesmanship, which has brought the conmittee
between the Reparation Commission deciding unanimously and the German ference to a successful consummation. It was evident from the beginning
Government or, in default of such an agreement, by the President for the that you came here with the firm determination to settle most of the diffiCourt of International Justice at The Hague. cult problems which, in times of peace, have confronted the leading nations
time being of the Permanent
be final.
of Europe—I might say of the world.
The decision of this committee shall
890
THE CHRONICLE
I believe It was evident to statesmen of all the world that a settlement
of the reparations, adjustment of national finances, and the rehabilitation
of Germany lay at the foundation of the future prosperity of Europe. A
permanent settlement on the basis of fairness and justice to all nations engaged in the war was the only sure guaranty of peace. It was with this
view that the Reparations Commission, representing the Allied countries,
appointed the Dawes committee to suggest a plan for such settlement.
Supported by Amercia.
From the very beginning when an expert committee was proposed, to the
consummation of your work, this plan has had the hearty and loyalsupport
of the President of the United States and the American people. Complicated and difficult as the problems were, that report has stood the test of
the most careful scrutiny and has been the basis of this settlement, for it
was founded on sound economic, social, and, I might add, political principles, which have been evolved by the experience of the ages.
I shall not take the time of this conference to review its wor r; it spea s
for itself. Its daily proceedings have been followed with intense interest
by thousands of people—in no place more than in my country.
It is the first great step in the restoration of confidence in our civilization. It puts in force a sound economic plan for reuniting German industrial life, giving the German people hope for the future and an opportunity
to discharge the obligations growing out of the war.
The influence of this settlement will be far-reaching. It will not be
•confined to the Allies and Germany, but will be spread to many other
nations, especially those border States so intimately connected with the
great nations of Europe. There must be friendly intercourse, exchange
of products and a revival of industry if Europe is to be prosperous and
her people happy.
[VOL. 119.
Secretary of State Hughes Regrets Inability to Visit
Italy During Recent European Trip.
A message from Secretary of State Hughes to Henry P.
Fletcher, United States Ambassador to Italy, transmitted
to Premier Mussolini at Rome, Italy, on Aug. 20, expressed
regret at Secretary Hughes's inability to visit Rome during
his recent European trip and indicated his intention to visit
that city "the first time the occasion presents itself." The
me -gage follows:
Will you please convey to Signor Mussolini my compliments and express
to him my profound regrets for having had to renounce my visit to Rome
because of the necessity, of an unforeseen character, of returning to the
United States. It was my hope to make such a visit, and groat has been my
regret at seeing this possibility vanish. I am confident, however, that it is
only a postponement. I hope to be able to visit Rome the first time the
occasion presents itself.
Return of Ambassador Herrick to United States on
Visit from France—Not Retiring—Comment on
Dawes Plan.
Myron T. Herrick, United States Ambassador to France,
who sailed from Paris on Aug. 9 for a two months' vacation
trip in the United States, arrived on the French line steamer
The New York "Times" in its account of what he had to Paris, which
reached New York on the 16th inst. Before
•say (copyright) also reports the Ambassador as saying:
his departure from France there were wports of the possiThere is one feature of this settlement which I wish to emphasize, and
bility of the Ambassador retiring because of ill health. With
bat is the recognition and furtherance of the principles of arbitration
for the settlement of international disputes. I would have been glad regard to this the New York "Herald Tribune" of Aug. 17
to have seen these questions referred to the World Court, but I realize said:
that many of them are of a technical nature, requiring men experienced
in finance, commerce and economics.
A message from Ambassador Kellogg to President Coolidge
announcing the reaching of "an agreement assuring that the
Dawes plan will be put into execution at an early date,"
brought from the President a reply congratulating the
Ambassador to whom he gave credit for having "greatly
contributed to the work." The message of Ambassador
Kellog to President Coolidge follows:
Commenting upon the reports which reached here that he was ill and
would soon resign his post, Mr. Herrick said that while he had had a hard
year abroad and suffered from an attack of ptomaine posioning, he would
not retire yet.
"There was no truth to the report that I was to relinquish my post
abroad," he said. "I took a cure in France and suffered a relapse, but now
I feel very well and ready to go right back
to my work in France if need be.
I feel that the diplomatic situation abroad would not permit my retirement
just yet, were I so disposed. However, I
shall have to retire some day, but
it won't be immediately."
Regarding the Dawes plan and
Ambas-
conditions abroad,
The international conference has reached an agreement assuring that
sador Herrick was quoted in the "Wall Street Journal" of
the Dawes plan will be put into execution at an early date. It has been
arrived at in the face of many difficulties and was possibly only by reason the 16th inst. as follows:
Changes in the Dawes plan have been minute and when adopted it
of the patriotic attitude and firm determination of all the Allied and
German delegates. I believe it presages a period of tranquility and in- will probably be practically the original plan. For five years the people
creased prosperity in European countries, the beneficial influence of which of the world have been trying to bring about its peace but they have been
will be reflected throughout the world.
trying to reach into the ether and get something almost intangible. ConseThe support you have given to the report of the experts' committee, quently they failed.
under the chairmanship of General Dawes, the encouragement to the
Charley Dawes, with an American standpoint and American companions,
labors of the Conference contained in your public utterances and the has employed common sense factors that will bring about a settlement
suggestions you and the Secretary of State have made have contributed because the world has not been and is.not ready for idealism. The Dawes
definitely to the successful outcome of the deliberations of the Conference. Committee has applied rules that govern
small businesses and nations.
You will readily have appreciated the cordiality which has been manifested
We have reached the point where all nations
involved in the war realize
toward the United States, and I believe that the country will welcome the their defeat, victors and vanquished. These nations know that if the
warmer relationship with the nations of Europe which, while avoiding tne Dawes plan does not succeed the step backward for
them will be so far
field of political commitments or the taking of sides in issues which do not that they are striving with every effort to bring about this settlement.
concern us, will provide a better basis for common economic effort and inThe nations must do unto others as they would have done unto them, but
creased happiness and prosperity for the men and women of all countries
the world can not be as it was before the war.
General distribution among the interested parties and among neutral
The President's reply to Ambassador Kellogg said:
Message received with great satisfaction I congratulate you on your nations is the best disposition of the loan. It will be a guarantee of the
skill and success You have greatly contributed to the welfare of the Peace of the world. America should not take more than 50%. A yield
around 8% should be about right. This settlement will be the forerunner
world
of better things for the world.
The President at the same time, in a statement given to
Conditions in France are improving. Not a particle of land that should
be cultivated is not under cultivation and there is no unemployment.
Slemp, said:
the newspapermen through Secretary
important result watch has There are 8,000,000 people in France who own and till the soil and they
The President believes that this is the most
been accomplished since the armistice, with the possible exception of the are making it produce all they can.
Washington Conference It demonstrates as nothing else could the wisdom of the American position and the effectiveness of the Atom ican method
Herrick's Words on Medal—French Commemorate His
of co-operation
With the Governments of Europe taking this wise course, there should be
Remark When Bombs Fell Near Embassy.
tittle difficulty in securing the necessary financial support from private
Associated Press advices from Paris Aug. 2 appeased in
sources in this country
It looks as if the end of the war had come at last, and the beginning of an the New York "Times":
honorable and, we hope,a lasting peace is at hand
The French Government, desiring to commemorate the words of Ambassador Herrick, uttered in September 1914, when a German airplane
Premier Theunis of Belgium Credits Ambassador dropped bombs dangerously close to the American Embassy, has had two
medals struck with what the Ambassador said at that time inscribed upon
Kellogg With Success of London Conference.
them. One of the medals is in English and the other in French.
The reverse side of each medal is taken up with a very good head of
Under date of Aug. 17 the Associated Press reported the
Mr. Herrick in relief. The inscription on the one in English reads:
'following from Brsusels:
"At this time it might
served France if
"The success of the London conference was due greatly to the work of sador had been killed byhave wellfrom the Germanthe American Ambasa bomb
airplane. There are
Mr Kellogg, the American Ambassador," Premier Theunis is quoted by moments when a dead Ambassador might be more valuable than a live one."
the London correspondent of "Etoile Beige' as having said "The AmbasAmbassador Herrick said that the quotation is hardly exact, but he doesn't
sador," M Theunis added, "showed keen perseverance, and was strongly want to raise a historical controversy by questioning it.
Supported by Mr MacDonald,the British Premier"
•
Secretary of State Hughes Gratified at Success of Premier Herriot Upheld by French Chamber in Test
Vote on Protocol Agreed to at Inter-National
International Conference.
Conference Respecting Operation of Dawes
In expressing his gratification on Aug. 18 at the success
Plan—Outline of Conclusions of Conof the International Conference at London Secretary of
ference.
indicated it as his belief "that at last a sound
State Hughes
Following the approval accorded by the French Cabinet
foundation has been laid for economic recovery in Europe."
The Secretary's statement, given out at Washington,follows: on Aug. 19 to the work of the French delegates to the InterIt is not necessary to add anything to what the President has said regard- national Conference at London, the French Chamber of
ing the greement reached at London. Of course I am very much gratified Deputies on Aug. 12 signified its support of Premier Herriot
at the success of the London conference and their ability to recah an agree- in
rejecting by a vote of 320 to 209, a motion under which
ment. This result could not have been reached except by the splendid cooperation of the representatives of the Allied Governments and Germany it was proposed to suspend debate on the protocol agreed to
and their earnest desire to reach a satisfactory basis for agreement. I at the Conference and refer it to the Foreign Affairs Comthink that at last a sound foundation has been laid for economic recovery
in Europe and that this will be to the advantage of all the Powers concerned. mittee. Premier Herriot, who returned to France from
London,following the agreement reached at the International
The important thing was to make a start and that has been done at last.
AUG. 23 1924.]
THE CHRONICLE
Conference on Aug. 16, was given an enthusiastic reception
with his arrival in Paris on the 18th inst. Regarding the
ovation he received the Associated Press accounts said:
Premier Herriot came back from London to-day like a conquering hero.
At the Gare St. Lazare, he was cheered by a crowd of many thousand as no
Premier has been cheered for years.
The train which bore the head of the Government back home after his
long and arduous work at the International Conference pulled into the station at 6:10 o'clock this evening, but it took M. Herriot fifteen minutes to
get through to the motor car which was waiting for him. And when the
automobile had started It had to worm its way through streets jammed with
the Premier's enthusiastic admirers, while four policemen standing on each
running board were forced to push away those who wanted to jump into
the car.
The mass of men and women which jammed the streets around the railway station and leading to it to the northwest of the Place de l'Opera chanted
In unison, "Long live Herriot," "Long live peace," and "Down with war,"
but aside from that seeming evidence of organization, it was apparent that
the throngs which came to welcome the Premier had not been stage managed.
Thousands stood in a drizzling rain for an hour waiting a possible glimpse
at the Premier and then only saw the surrounding bodyguard.
As indicating that there were some non-sympathizers, a
special cablegram to the New York "World" from Paris,
Aug. 18 (copyright), had the following to say:
Camelots du Roi—Royalists and Fascists—tried to demonstrate against
Herriot when the French Premier returned from London this afternoon,
and were chased and knocked about by enthusiastic Republicans who
had come to cheer him.
It was known that the Camelots du Rol planned to make their first
appearance on the streets in many months, so large numbers of police
were stationed before and inside Gare St. Lazare when Herriot arrived
at six o'clock.
The Royalists came from the headquarters of the newspaper "Action
Francaise," which is across the street, but they discreetly mixed with
the dense crowd in small groups.
Hoots Drowned by Cheers.
Inside the station, as soon as the train arrived, the Royalists began
booing and crying "Down with Herriot," but their cries were drowned
by the cheers of thousands.
891
impartial'
"The London conference may be criticized or jeered at. An
public will observe that it is the first conference that has arrived at practical
beginning of a
results. It is a work of good faith and peace, it marks the
new era. France is no longer isolated.
whose
"The conference will, however, only be fruitful if the peoples for
those—and
repose we have worked protect our work against the assaults of
civil war.ill
there are still too many ofthem—who only dream offoreign and
advisers
"I cannot thank too much my colleagues in the Cabinet and my
common oband the experts who have worked in perfect agreement in our
ject, to obtain the reparations due to France by right, and win peace."
and
The delegates have all left London with the exception of M.Herriott
formalities
some of his colleagues. They will return on Aug. 30 for final
German Parand the signature of the protocols, provided the French and
Italliaments vote ratification. No difficulty is expected in the British or
ian Parliaments.
Regarding the approval of the work of the French delegates, registered by the French Cabinet on the 19th inst., we
quote the following from the Paris Associated Press cablegrams:
The French Cabinet approved unanimously to-day the work of the French
delegation at the international conference in London and thanked it for the
Important results it had attained in the interests of France.
The Cabinet met this morning, and after listening attentively to a report
by Premier Herriot on the conference, gave its unqualified approval to the
accord made with the Germans.
It was decided the Premier should read his report before the Senate and
the
Chamber on Thursday, giving a complete declaration on the work of
London conference to both bodies.
delegation
The approval given by the Cabinet to the work of the French
survival or
in London is said by competent observers to augur well for the
parliamentary bufM. Herriot's report through the two or three weeks of
are schedfeting It will have to undergo. Eight important interpellations
and it is underuled and eight prominent orators are on the list for speeches
discussions.
stood that M. Herriot does not desire to cut short the
it is not felt
Whatever the results of the debates in the two houses—and
setback in either—M. Herriot
the Premier's course will receive any serious
general councils of
already has the satisfaction of the knowledge that the
resoluthree departments of central France have passed congratulatory
tions praising his attitude in London.
to waste no time going
Premier Herriot told interviewers he was resolved
Legislature. He will
ahead with the task of obtaining the approval of the
take no vacation when Parliament finally adjourns.
"There remains
"The conference is the first act of peace," he said.
they will prove less
others to be accomplished, but I sincerely believe
over by Friday
difficult. I count on the debate before the Chamber to be
and that before the Senate by Saturday."
In both the Ser ate a, d Chamber of Deputies, on Aug. 21,
Premier Herriot indicated what had been accomplished at
the Conference as to which he had also, on Aug. 17, in a
In his speech before the French Senate and Chamber of
statement to press representatives in London, Aug. 17, unDeputies, on Aug. 21, Premier Herriot explained (we quote
dertaken to clarify its conclusions. Associated Press acfrom a copyright cablegram to the New York "Times")
counts from London on that date reported this as follows:
The statement covered the whole recent history of the reparations that as a counterpart to the French concessions there.would
problem, leading to the initiation of the Dawes plan, and is clearly intended
be a first conference in Geneva next month on security and a
to influence the coming debates in the French Chamber. He emphasized
on Inter-Allied debts, and he
that the Dawes scheme does not eliminate sanctions in case of bad faith. second conference in October
Quite the contrary, he asserted, but it leaves the Governments the care of promised a third conference on Oct. 1 with the Germans for
determining their procedure should sanctions become necessary.
a beneficial commercial treaty. The same advices
"We have re-established the inter-Allied front in London in the event of drafting
reported as follows the account of what he had to say and the
Germany failing to keep her engatgements." he declared.
M. Herriot then outlined all the provisions of the Dawes plan having to action of the Chamber of Deputies and Senate:
to with guarantees to the Allies, and therefore to France, the foremost being
supervision of the German bank,whichwill receive reparations paymentsbY
a General Council, half the members of which will be foreigners, including
one Frenchman. That was the first guarantee. Other guarantees were
taxes, railways and industrial bonds.
With regard to taxes he said it would be inadmissible and contrary to the
Treaty for a German taxpayer to pay less than a French taxpayer. The
railways he regarded as one of the most important parts of the scheme.
where the work of the experts had been bolder still. He pointed out that
the railway commissioner who will control the entire railway operations will
be in all probabily a Frenchman. All these ho considered iportant guarantees for France.
"Germany," continued the Premier, "is subjected to the whole system of
control, and without doubt for problems of this importance there is no
solution which can escape criticism and avoid all uncertainty. But what
progress has been made over the former system,the illusory nature of which
has been shown by experience?
"The United States has agreed to co-operate in the control to be exercised
over Germany. Germany is not required to undergo this control passively,
but to accept it freely. The method is longer and more difficult to apply,
but henceforward Germany cannot say she is yielding to force alone. She
has entered into engagements with tho whole world, with the United
States as with France. Should she fall to meet the engagements thus contracted the honor of all the nations who entered into these engagements
with her would compel them to rise against her."
The adoption of the principle of arbitration when difficulties arise in
carrying out the scheme. France, according to M. Herriot, considers a
fruitful novelty for the future, and the Premier believes this innovation will
receive ever wider application.
M. Herriot said his advisers estimated that under the new scheme of
transfers and deliveries in kind France would be able to inscribe a first
annuity of about 900,000,000 francs. That would be something now.
"Further," the Premier went on, "we are assured of coal and coke for a
number of years. These are realities. The French people have had
enough of following chimeras. The solution we have begun at London
brings us at once substantial realities and peace. Whether one favored the
occupation of the Ruhr or not, one must agree that the Dawes scheme
furnishes us with pledges infinitely more extensive and productive than
the former pledges."
Regarding security, M. Herriot said:
"It is guaranteed to us under the treaty by the,occupation of the left
that the Ruhr occupation
bank of the Rhine. France has given her word
may only be regarded as a measure to gain reparations. With regard to
Cologne, it is established by French and English jurists that it can be
evacuated only if Germany has satisfied the obligations of the treaty at the
beginning of 1925, particularly the obligation to disarm.
grave for us that it could not be
"The question of inter-Allied debts is so
Premier MacDonald declared last evening
settled in the discussions. But
this problem must be made the subject
when the conference was over that
that it should be dealt with in the sense of the
of another conference and
to day, in equity, and taking into account
recent Paris agreement, that is
the debts the special character of a debt conall the elements which give
welfare of the Allies."
tracted for the common
In conclusion the Premier said:
A test vote in the Chamber on a motion by the Opposition to suspend
the debate and refer the London accord to the Foreign Affairs Committee
gave 320 against the motion and 209 in favor of it.
but
The 320 votes represented the full strength of the Government,
that
not that of the Opposition, whose leaders estimated after the session
Herriot will
they could must a following of 270, which means that M.
In all likelihood get a majority of 50—somewhat less than was expected.
which gave the result of
There was a similar test vote in the Senate,
this was before
177 in favor of the Government to 109 against it. But
message.
M. Poincare had intervened in favor of debating M. Herriot's
Senate line-up,
Moreover, these figures cannot be said to represent the
considered likely that the
as only half the Senators present voted. It is
15 to 25.
upper house will approve the London accord by a majority of from
Pictures Dawn of New Era.
cooly received
In his speech, which was warmly received by the Left,
Communists, M.
by the Right and interrupted from time to time by the
the London accord
Herriot for an hour and a half made an effort to present
part of the
as the dawn of a new era. Less attention was paid to this
might
speech than to the enumeration of the material advantages France
expect from the working of the Dawes plan.
was
The part of.the address most remakred by the crowded galleries
the
his admission that friction between France and England marked
that France's signature had
London meeting. M. Herriot pointed out
on
not yet been given and that the Chambers were entirely free to act
Chamber
the merits of the issue. He made the same speech to both the
and Senate. .
the Dawes
The Premier began by saying that the essential object of
means to
plan was to substitute for the system of penalties a businesslike
than a
Obtain reparations and to make reparations an economic rather
history of the
political matter. The first half of his address reviewed the
Commission had
London conversations. He told how, after the First
intervention of
agreed on handling the issue of defaults by Germany,
arbitration
the bankers upset its work and brought about the adoption of the
of the
plan suggested by France. While casting doubt on the widsom
loan •
bankers' plea, he remarked that success of the 800,000.000 mark
political reasons were
was absolutely essential. Although he believed
back of the bankers' demand, nevertheless he said it had to be met.
re"We have the right to say that it was France which surmounted a
doubtable difficulty which could have killed the Conference in proposing
the solution by arbitration of all problems arising," he said.
unless the
M. Herriot then defended the principle of arbitration. "which,
interpeoples maintain the horrible system of war, must obtain in future
national relations."
we were
"In making such a proposition," he continued, "we believed
before our
faithful to the solemn war declarations, to the engagements taken
system in
soldiers and to the promise made by the Allies to institute a new
whether we
the world. We kept France's promise, and it is for you to say
were right or wrong."
Defends Reparations Board Change.
Reviewing the modifications made in the Reparations Commission procedure by adding an American member and providing for appeals, Al .
Herriot took the stand that this was no abridgmentrof the Treaty o. \ u -
892
THE CHRONICLE
[VOL. 119.
sallies and added: "In fact, the Government is convinced that the modificaAs the war fades into the past. and as:yet we are only on the eve of a long
tion adopted is favorable to the French interests, because arbitration can
period of application of the Dawes plan, the spirit of war disappears. Nafunction not only on demand of a minority refusing to declare default but
tions at grips with internal problems hesitate to assume external responsialso on the demand of a minority against non-declaration of default."
bilities, and France can only gain by impartial, independent arbitration."
*The Premier then said it needed much optimism to believe that in the
Details of the text of the protocol and annexes agreed to
future France would always have a majority on the Reparations Commission
as in the past. As the war grew more distant the Allied nations were becom- at the
Conference are given in another item in this issue and
ing more and more absorbed in their own difficulties and particular interests
and less and less disposed to undertake foreign obligations in the common the proceedings whereby final agreement was brought about
cause, and the best plan for France was to trust to recognition of the justice at the Conference are also alluded to in another head in this
of her cause. That was his program.
issue.
In the matter of the transfer of reparations funds, in which she might find
herself in a political minority, M. Herriot contended that the principle of
German Reichsrat Adopts Legislative Bills Dealing
arbitration was an added protection rather than a concession.
In gaining
the commitment of the German Government to be responsible
With Dawes Reparations Plans—Cabinet Urged to
for deliveries
in kind. M. Hernia saw another victory for France at London.
Hold Down Rate of Interest on Loan to 7%.
"France," he said,"did not try to dictate her will, a method satisfying to
On Aug. 19 the German Cabinet approved drafts of laws
price but ruinous in execution. France negotiated. Her proposal of arbitration was accepted by the Germans themselves.
We have gained ad- providindforIthe establishment of a bank of emission and
vantages which do not smite the imagination
but which are substantial for a levy of industrial
debentures amounting to 5,000,000,000
nevertheless.
"You will observe that we have made a large
place for Americans in our gold marks, and on the 21st the Reichsrat, consisting of
organization of control. We did that purposely.
The regime of the Dawes members of the Governments of the Federated States,
plan is a regime which must last a long
time.
adopted all the bills. As to the action on the 21st the
"When we demand of a country that to
enable it to pay its debt it accept
foreign control of its bank system; when
we intervene in its interior legisla- Associated Press accounts published by the New York
tion and demand that it impose fiscal
charges similar to ours; when we de- "Journal of Commerce" stated:
mand that it hand over its railroads to
a foreign corporation; when we inBefore the vote was taken the representative of Mecklenburg-Strelitz detrnd to supervise its taxes and interest
ourselves in its industry, we can only
rejoice to see associated in this task the great American Republic, which was dared that his Government disapproved of the London compact and had
requested tilm to vote against the bills.
witness of our sufferings and which has
,
the authority as an accessory to
The ty l relating to the banks of emission
bll
.
watch over the execution ofa plan due
was then adopted, together with
largely to its initiative."
the other bills. That relating to the railways, involving change in the
a
German Imperial Constitution, was adopted by the requisite two-thirds
Ruhr Evacuation Question.
'
Turning to the attacks he expected on his plan, M.Herriot admitted that majority,
The representatives of Bavaria, Wurtemburg and Thuringia abstained
it was true that he had promised not to
discuss in London military evacua- from
voting.
tion of the Ruhr, but in the British capital he
said he had found occupation
Fight Begins in Reichstag.
of the Ruhr the problem dominating every thing, and that no settlement
The fight in the Reichstag over the international agreement for launching
was possible without a solution of it.
He told how twice Prime Minister
MacDonald wrote imploring him to discuss the matter with the Germans the Dawes reparations plan opened to-day when Chancellor Marx, Foreign
Minister Stresemann and Minister of Finance Luther were all subjected to
and for the first time revealed that the Belgians
had refused to follow France
a fire of heckling. The attack came mostly from the Nationalist at a sitting
In prolonged occupation of the Ruhr when
he said: "I have reasons to think
of the Foreign Affairs Committee,
that if France had decided to remain indefinitely
in the Ruhr she would have
Chancellor Marx declared that unless the Reichstag gave a two-thirds
remained there alone—absolutely alone."
Besides,he said,Prance had often declared that Ruhr occupation was only vote in favor of legislation to carry out the Dawes scheme, it will be the
for reparations purposes,therefore
he could not insist that she hold it to ob- Government's duty to use all its constitutional means to compel that body
to do so becuase the Government, Ile asserted, must exhaust all possioillties
tain security.
"I had to choose between maintenance ofthe Entente and isolated action,' at home before it could enter into fresh negotiatiosn with the Allies.
Foreign Minister Stresemann said that in the event the Reichstag did not
he added. "I made my choice.
Parliament must now choose."
M. Herriot reviewed his efforts to involve the inter-Allied debts in the give its approval the Government could do nothing until a new Reichstag
London diseuskdon. He confessed failure but pointed to the conference on was elected. In the meantime, he continued, all dates erferring to the military evacuation of the Ruhr would cease to run, all the French concessions
the debts promised by Mr. MacDonald.
regarding the railway regime and other economic measures would lapse and
He called attention to the fact that
England had pormised not to evacuate the Cologne zone before conferring
when a new Reichstag was elected the Government would have to approach
with the Allies as to whether the
the Allies with a request to convoke a new conference. Then, he said, it
Germans had carried out their disarmament obligation
and declared that the
was going to Geneva with a big delegation
would be at the discretion of the Allies whether they would enter into
to fight to obtain measures for
the protection of France, including
League control of armaments in Ger- fresh negotiations.
many.
Stresemann Warns Nationalists.
In concluding, Premier Herriot said:
The Foreign Minister especially warned the Nationalists not to be too
"Gentlemen,such are the reekilts of the
conference. I do not mean sanguine that the Allies would approve a new conference in the event that
long
to say that all difficulties have been
solved. The reactions the results of the German elections resulted in a strong Nationalist vote. The political
• the conference have provoked in
different countries show that much effort sentiment among the Allies, he said, should not be underestimated.
is still needed to unite Europe in
Herr Stresemann reminded the committee that there existed in Great
enduring fashion. I consider the London
conference the first step toward durable
peace. This task will be continued Britain a strong movement emanating from 1,700 British industrialists who
by the League of Nations.
had petitioned Parliament to the effect that it would be contrary to the
"The London agreement does not
reduce the guarantees of security the Interests of the country for England to support a large international loan
Treaty of Versailles gives us. In assuring
realities which can be reflected which would enable German industry to reappear as a serious competitor
in the next budget it was dominated by French idealism which gave it its in world markets.
character in putting forward the
It was, therefore, doubtful, the Foreign Minister contended, whether on
Modern idea of arbitration. It is a
work of wisdom and right.
Sept. 15 Great Britain would still be willing to accept the results of the
"It would be an exaggeration to believe
that in one month we could London conference as a basis for fresh negotiations. It was also doubtful,
definitely assure the balance of Europe,
upset by ten years of war and he warned, whether Prance would not then insist on making the evacuation
the aftermath of war. But it would be a grave matter, indeed, we think, of the Ruhr conditional on commercial concessions. The
Allied teems, he
to repudiate this agreement, to fail to recognize that it is full of results said, might then be far less favorable and the
occupation of the Ruhr
and hope and to prefer, although you have the right to do so, a policy prolonged indefinitely.
of isolated action."
In reporting the action of the Cabinet in approving the
As he descended from the tribune the Premier received cheers from the
Left and catcalls from the Right. He left the lower house to go to the bills indicated above, the Associated Press accounts from
Senate,and meanwhile the Chamber took up discussion of the Amnesty bill. Berlin Aug. 19
also stated:
On the Premier's return the Chamber began to debat , his message,
Drafts of the railway law, which will complete the trio of legislative
the first speaker being Deputy Bokanovrski of the Right, who proposed a
measmotion that the debate be suspended until after the Foreign Affairs Com- ures provided by the Dawes report, will reach the Cabinet in the course of a
mittee had passed upon the London accord. He made the point that
Theproviding for the Issue of industrial bonds
law
similar commitments were as a rule submitted to the committee and said fewdtys.
releases the German
that the Chamber possessed no analysis or explanation of the London industrial,financial and commercial organizations from all obligations to the
Rentenbank, for whose benefit their various holdings
agreement except that given by its advocate.
are now partially hypothecated. The covering for the Rentenbank,
lP But when he had finished and a
which will be liquidated
vote was called for, the Government
ranks were found to be solid, and although the opposition supported M. according to the terms of the Dawes report, will be assumed by the agriculBokanowski's motion, it was lost, and after several minor speeches the tural interests for the transition period.
With the dissolution of the Micum agreement,
Chamber adjourned until to-Morrow morning at 10 o'clock.
which is expected to become effective Oct. 1. further reorganization of the
Ruhr
According to the Associated Press accounts from London, made possible through the "economic evacuation" of that industry will be
area. The German industrialists are convinced that the levy of
Aug. 21, Premier Herriot described the agreement for pay- will be effected in a
5,000,000,000 debentures
manner which will not threaten the efficiency of the
ment in kind as the "master clause" of the London accord, nation's productive agencies.
for, he explained, it goes further than the Treaty of Versailles and obligates Germany to oppose the obstructive
tactics of industrialists, and, upon the final decision by
arbitration, "obliges the German Government itself to
assume deliveries." The same account, as given in the New
York "Journal of Commerce" also said in part:
Non-Committal on Loan.
M. Harriet didinot go deeply into the chances of the proposed loan's
success. but intimated that there were movements behind the scenes in
London which he would not characterize, out of respect for other nations.
The Premier is quoted as saying:
Power of Reparations Commission Curtailed.
The Premier, in his statement to the Deputies, gave much time to the
Reparations Commission, whose authority he admitted, was limited by the
London agreement, but the final text limited it strictly in accordance with
the treaty,otherwise France would not have accepted, he said.
The following regarding the report made to President
Ebert with the return of the German delegates, who had
participated in the London International Conference is
taken from a wireless message (copyright) from Berlin to
the New York "Times" Aug. 18:
Innediately after their return from London
at 8 o'clock this morning the
heads of the German delegation, Chancellor
Marx, Foreign Minister
Stresemann and Finance Minister Luther,
reported to President Ebert the
result of the Conference.
The Chancellor spoke first, expressing the
conviction that the delegation
had done everything in its power to obtain
for Germany all the advantages
possible. He hoped the President would
agree that the result Was satisfactory, even if the arrangement in some
vital questions, such as Ruhr
evacuation, left much to be desired. Ile was certain, however, that the
good-will of Premier Herriot could be trusted
to make continuation of the
occupation much easier to bear.
Dr. Stresemann said that the result of the Conference must be regarded
as gratifying, even though all German wishes were
not granted. One
AUG. 23 1924.]
THE CHRONICLE
not expected to
great achievement was that this time the Germans were
footing with the other
sign at dictation, but were accepted on an equal
out, furthermore,
members of the Conference. Dr. Stresemann pointed
preserved for herself
that though the Paris papers may claim that France
that a court of
the right of sanctions, Germany had obtained the security
arbitration must first approve of such sanctions.
report, had
The main object of the Conference adoption of the Dawes
was a matter to be dealt
been achieved. The question of evacuating
d—Germany, France and Belgium.
with by the parties most intereste
Ruhr district within
M. Herriot had told him that he would evacuate the
al
but, probably
a few days if he could obtain regulation ofinternation debts,
refused even to discuss
owing to American pressure, Mr. MacDonald had
considering circumstances the
this question. Stresemann though that
German delegation had made the best even of this matter.
relaization
Dr. Luther emphasized the fact that all now depended on
According
of the loan, without which the Dawes report meant nothing.
would begin the middle of
to his information subscriptions for the loan
September.
Similar statements were made by the three Ministers at a Cabinet
meeting held at 3 o'clock in the afternoon and later at a conference of the
893
fulfillment of his promises, ordered on Aug. 17 the departure
of the troops the following day. In its account of the
on
prompt action of Premier Herriot in directing the evacuati
occupied towns the New York "Times" cablegram
of the
from Paris Aug. 17 (copyright) stated:
party leaders.
It is reported that the German National People s Party continues to
profess unreserved rejection of the result of the London Conference, but
it is noticed that its three responsible leaders. Professor Heotsch, former
Minister of Finance Hergt and Count Westarp have not been heard from yet.
Three ways are open for them: First, they could permit each party
member to vote as he likes. That would insure passage of the necessary
bills, because all the industrial members would vote for them. Second,
they could command most of the members to stay away from the decisive
sessions of the Reichstag. Third, they could cast the whole vote of the
party against the Government. It is believed that the first course will
be taken, because the Nationalists fear the consequences of rejection in
the general election that would necessarily follow.
Before giving way, however. the German National People's Party is
expected to mage a strong effort to obtain as compensation for support
of the Dawes report restoration of the high tariff on farming products.
As the Socialists, Communists Democrats and most of the Centrists are
strongly against the revival of the Wilhelminian tariff, that only benefits
the Junkers, it is considered more than doubtful that the Government can
meet the Nationalists.
But as a last resourt of the Government there always remains dissolution
of the Reichstag, which many of its supporters prefer to all other solutions.
We likewise quote from the "Times" the following copyright cablegram from Berlin Aug. 19:
The Premiers of all the German States met at the Chancellor's palace in
Berlin to-day to hear the story of the London Cofnerence. Drs. Marx.
Stresemann and Luther spoke for several hours, communicating the details
of private conversations with Mr. MacDonald and M. Herriot that have
not yet been made public.
After discussing at length the results of the Conference, all the Premiers
admitted that the German delegation had made most of its opportunities
in the circumstances. The Bavarian Premier, Dr. Held, deplored the fact
that no shorter term of evacuation could be obtained, but expressed the
opinion that the Reichstag must pass immediately the necessary laws for
enactment of the Dawes report.
Later in the evening Drs. Marx,Stresemann and Luther received financial
experts and bankers, who advised the statesmen not to accept interest of
8%, with which, according to American telegrams, New York bankers
seek to burden the loan. It was suggested that the American bankers
would content themselves with 7% if Germany insisted.
In its issue of the 18th the New York "Commercial"
reported the following from Berlin Aug. 17:
in reprisal for
These towns were occupied by French troops Feb. 4 1923,
international trains
the suppression by the German authorities of the
passive resistance
between Paris. Warsaw and Prague during the period of
has been recently
to the Ruhr occupation. Circulation of these trains
re-established.
from
From a copyright cablegram to the same paper
London Aug. 18 we take the following:
between the French
It is announced that after an exchange of letters
Chancellor on the
and Belgian Premiers on the one side a d the German
was agreed that
other in regard to occupation of the Ruhr—by which it Dortmundhorde
evacuation should take place within a year and that the
of the London
zone should be evacuated immediately on final signature
letter to MM.
agreement—Mr. MacDonald to-day sent the following
Herriot and Theunis:
regarding occupa"In view of the new agreement which has been reached
the three Governtion of the Ruhr and of the exchange of notes between
reiterate in writing
ments primarily concerned, it is necessary that I should
explained
the position of the British Government as I have so frequently
it during the last two or three days.
Legality of Occupation.
the legality of the occu"The British Government has never recognized
clauses in the Treaty of Verpation of the Ruhr or the interpretation of
hoped that as that occupation
sailles upon which their Allies acted. They
it would be withdrawn as
was undertaken solely for economic purposes
The Expert Committee.
soon as the Dawes report was put in operation.
had to refrain from
because their terms of reference were too limited,
occupation, but they
making recommendations regarding this military
of the occupation could not be
made it clear that the economic effect
upon.
overlooked if and when their report was acted
Government have agreed to
"The occupying Powers and the German
occupation shall not extend beyond
accept an arrangement by which the
earlier. The British
months from this date, but may be terminated
12
which they and their
Government, without prejudice to the position
interpretation of the Treaty.
predecessors have taken up as to to the
report in operation, simply note the
but being anxious to see the Dawes
Governments concerned should
agreement and urge most strongly that the
evacuation, as, in the opinion of the
take every possible step to hasten
may prejudice the working
British Government. continued occupation
arrangements agreed to at the London
of the Dawes plan and jeopardize the
conference."
Four Categories of Twrritoryl
occupied territory along the.Rhine:
There are four different categories of
of Versailles,
originally occupied by virtue of the Treaty
(a) The area
s of Cologne. Coblenz.
consists of the Rhineland and the bridgehead
which
Mayence and Kehl[Strasbourgb
Ruhrort, which were occupied
(b) The towns of Dusseldorf,Duisburg and
reparations default by virtue of
in March 1921, as sanction for Germany's
n.
a decision of the Rhineland High Commissio
11 1923. by decision of the
(c) The Ruhr area proper, occupied on Jan.
French and Belgium Governments.
as centres ofcommuni(d) Various points and areas, mostly ofimportance
in the course of last year
cations, which the French and Belgians occupied
of the Rhine.
in order to establish an economic frontier east
as the agreements are
Apparently a.1 D is now to be evacuated as soon
will be to bring the British zone once
definitely signed. One efect of this
The Germans, however.
more into touch with unoccupied Germany.
this area compared with the
attach little importance to the evacuation of
speeding up of evacuation of the Ruhr.
t will use all its influence to
It Is expected that the British Governmen
period of a year,since it is taken
induce the French to consent to reduce the
t does not want to withdraw its
for granted that the British Governmen
are out of the Ruhr.
troops from Cologne until the French
The Nationalists continue to denounce the results of the London Conference in the sharpest terms, which may cut off the possibility of their retreat
from opposition when the Reichstag votes on the measures to make the
Dawes plan effective.
The inevitable result of their voting "no" will be the dissloution of the
Reichstag and a new election with the London Conference and the Dawes
plan as the sole issues.
Associated Press
From Paris we quote the following
The Government's determination to dissolve the Reichstag if necessary
was reaffirmed at London. Only the Socialists, however, welcome a new advices Aug. 19:
election. It is not impossible that the enthusiasm of the opposition may
morning by French troops of the Baden
The evacuation begun yesterday
completed last night without
sway the electorate in the end.
of Offenbourg and Appenweier was
to-day.
The Nationalist press speaks of the London pact as an ultimatum. The towns
incident, the French War Department announced Strassbourg and acomStinnes paper talks about "lost opportunity" and sees the London Conferfrom
The two squadrons of the Eighth Hussars
A like
ence as the beginning of a new era of force, sanctioned by the Allies.
formed the entire occupying
of the 170th Infantry from Kehl, which
view by the Democratic "Tagebiatt," which sees some economic advan- pany numbering something less than 200 men,have rejoined their garrisons.
force,
tages but finds Germany's legal position much worse because of Premier
French troops withdrew from
Besides Appenweier and Offenbourg, the
MacDonald's "nice distinction between principle and practice."
er, Windschlag, Eberweier, Rauthe villages and suburbs of Walterswei
Hausweler, Schutterweier
tresweier, Fessenbach, Ortenberg, Elgersweier,
German side of the Rhine. but
and Landstrasse, according to news from the
s London International
Griesheim.
Belgian Cabinet Approve
they retained their forces in AltenheLm and
with an escort ofchildren
Agreement.
The troops marched out of the towns and villages
marchers and their trains of motor
who followed for quite a distance the
Brussels advices (Associated Press) Aug. 21 stated:
trucks and wagons.
The Belgian Ambassador to Great Britain, acting as the representative
rg Aug. 19
An Associated Press cablegram from Offenbou
ofhis Government, will on Aug.30 sign the Dawes plan agreement which was
, it was announced to-day.
to say:
drawn up at the international conference
had the following
French occupation troops
The negotiation of a modus vivendi between Belgium and Germany will
Popular rejoicing over the departure of the
begin Nov. 15 at Berlin and the agreement arranged at that time will be from here, Appenweler and a number of neighboring villages, finds mute
republic an colors, which
effective until a commercial treaty is made.
expression in the liberal display of the German
A decree was issued to-day closing the Parliamentary session following the are flying from almost every house and public building in the places affected
complete approval of the statements on the outcome of the LonCabinet's
by the troop movement
the French avoiding
don reparations conference as made by Premier Theunis and Foreign MinThe evacuation proceeded in an orderly fashion,
offensive to the German
ister Hymens.
every display of ostentation which might prove
These statements brought out that the financial pledges obtained in ex- citizens, who also refrained from demonstrations which mignt have nettled
change for the evacuation of the Ruhr represent 16,000,000,000 of gold the departing forces
families followed in the
marks in railroad and industrial bonds, while a guarantee is afforded beA large contingent of French vicilians and their
cause Germany cannot violate her new engagements without ruining her wake of the departing cavalry and infantry, and their exodus made available
sixty dwellings from which
credit in America as well as in Europe.
for occupation by the townsfolk no fewer than
Finally, it was stated, the Allied front, with American co-operation, had the Germans had been evicted when the French occupied the area in Februhed and a policy of conciliation and rapprochement inaugubeen re-establis
ary 1923
rated.
Herriot and Marx Shake Hands as Peace is Signed
Evacuation of Baden Towns by French Troops.
After Premier MacDonald Brings Them Together.
evacuation by the French troops of the Baden towns
The
Associated Press advices from London Aug. 17 were
of Offenbourg and Appenweier was begun on Aug. 18, as follows:
Premier Herriot acting in accord with General Nollet„
The story of the London Conference closed last night with a noteworthy
ended, and the British Prime
Minister of War, and the Belgian Government, having, in Incident. The signing of the documents was
894
TITE CHRONICLE
Minister, Ramsay MacDonald, was shaking hands all around When he
came to Chancellor Marx,tne Prime Minister,still gripping the Chancellors
hand, led him to where M Herriot, the French Premier, was standing
surrounded by friends Without a word,so the story goes. Mr MacDonald
lifted M Herriot's right hand and joined it with that of Dr Marx Then
he stepped back, smiling genially, while the Frenchman and the German
tigthened the grip and shook hands cordially
German Loan Expected to Be Floated in October at 8%.
A special cablegram from the London Bureau of the New
York "Journal of Commerce," Aug. 18, stated:
It is believed in financial circles here that the £40,000,000 bank loan to
Germany will be floated in October and that Germany will be compelled to
pay 8% for the money. This estimate is based on the assumption that the
loan will be put on the market without any international guarantee.
If it were possible to arrange a guarantee for the loan, the issue would
meet with much better popular support on the part of British and other
investors and the terms of issue might reasonably be arranged upon a
6%
or 634% basis. Without international backing, however, it seems fairly
certain that the interest rate will be placed at
8%.
In its issue of Aug. 19 the same paper said:
[VOL. 119.
of the parties, especially all the national parties, promised relief to those
who had invested in these securities. To fulfill these election promises,
the Reichstag appointed a committee to investiagto the question of upward
valuation. This committee has given several hearings to the interested
parties, but has as yet not come to any conclusion. At the last meeting
of the committee, the representative of the Government made the declaration that the Government could not arrive at any decision until the conclusion of the London Conference.
"Should the decision be that the securities be valued up only 1% of the
pre-war value, this would make the million mark worth in round figures
$2,400. whereas the present market value is only around $1,800. One of
the propositions is to pay interest at the rate of 1% on these bonds."
Loans Extended by Agricultural Credit Corporation.
Up to the middle of July loans and investments totaling
over $4,000,000, affecting more than 200 banks, were made
by the Agricultural Credit Corporation, according to a statement made public at Minneapolis, in behalf of the Corporation on Aug. 13. The statement indicates that the banks
aided had deposits totaling approximately $45,000,000, and
says that "the safeguarding of these deposits has unquestionably been of direct benefit to many thousands of individuals, a very large percentage of whom are engaged in
agriculture, live stock raising, dairying and businesses dependent thereon. While it is noted that the corporation has
assisted in reopening nine banks, this, it is observed, is not
a large number considering the number which have been
closed within the last two years, and it is added that "it
has preferred to assist the going bank rather than to revive
a closed bank, which if revived, would only add to the difficulties of the territory later by %ringing on unbusiness-like
competition in the struggle for sufficient business on which
to exist." The statement goes into the reasons which
prompted the formation of the Corporation, its policies, etc.,
and we give it in full herewith:
Prompt absorption by the American public of the Dawes plan German
securities as soon as they will be issued was predicted yesterday by investment experts. In addition, bankers are elated at the prospect of an early
settlement of the European situation, with the ratification of the London
agreement by the French Chamber of Deputies and the German Reichstag.
At the National City Bank of New York, Kuhn, Loeb & Co.. Guaranty
Trust Co., Equitable Trust Co., Bankers Trust Co., and Metropolitan
Trust Co., previous optimistic statements were reiterated and emphasized.
The four major points set forth as conducive to an improved international
economic situation, according to investment authorities, are these:
r. Sound investment.
2. Germany's industrial resurgence.
3. Export of American capital.
4. Beginning of a new foreign investment era by Americans.
Expect More Presidential Support.
A great deal offinancial comment was predicated upon the fact that President Coolidge has again advocated the sort of financial co-operation call
for under the Dawes plan as soon as this has been
duly ratified by Berlin
and Paris.
Expect Morgan to Float Loan.
A reservation by the American delegation of the London conference making it possible for Germany to negotiate with
whatever bankers she chooses
The general depression following the 1919-20 boom, while affecting
for the loan, to a resolution which provided that
the central banks of the
different Allied countries would float the loan, was read with interest. As practically the entire country, had more marked effects in certain territories, due to the conditions prevailing in such territories. One of the
provision for the loan is made in the agreement reached under the auspices
of the Allies, it was said unofficially that J. P. Morgan & Co., as fiscal territories most seriously affected was the so-called Northwest, comprising
agents for Great Britain and France, probably would take the leading part in part Minnesota, North and South Dakota and Montana. The discussions of the conditions in this great territory brought forth many plans
in the flotation of the loan.
The Government loan will be preceded, accompanied and followed by which on paper were workable, but which in practically every instance had
serious drawbacks in so far as actual operation was concerned, and most of
various smaller loans to pirvate enterprises if the expectations of the bankers
the schemes suggested were valueless, if not positively dangerous, had they
are fulfilled. The present easiness of the money market
will facilitate such
transactions:it was said, and the need for American goods and dollar funds been carried out to the extent desired by their sponsors.
With the realization that, in all probability, there could be no safe legiswill make the negotiation of loans and bank credits
more desirable in the lation passed which
would afford sound assistance, President Coolidge
United States than elsewhere.
suggested that a private corporation of considerable financial strength be
The belief here is that the American share of the
German bank loan will organized with a view
to getting under way in the shortest possible time and
be one-half of the total proposed loan of
$200.000,000, or $100,000,000. rendering practical aid
where possible to those who not only needed assisIf plans informally discussed at London by
prominent financiers, according tance but who, with
the assistance that might possibly be rendered, could
to word received from there yesterday, will
prevail, the remaining half will work out and be
in a position to reap the benefits of the better genral times
be divided into a sterling and franc loan for distribution
in Great Britain which were sure to follow
the depression.
and France. The American share will be on a
dollar basis, it was said.
A meeting was therefore called at the request of President Coolidge. at
Good for Corporation Funds.
which meeting Secretary Hoover and other representatives of the AdminisIn view of the fact that many foreign dispatches
have left the impression tration at Washington were present, together with representatives of some
that the entire loan would be for American
absorption, one banker depre- of the larger financial and general business interests of the country,including
cated that impression. In his opinion the dollar
sterling and franc allot- farming, and a plan was adopted for the organization of the Agricultural
ments should not be interchangeable, unless in individual
cases by the ulti- Credit Corporation with an authorized capital of ten million dollars. In
mate purchaser, in which case it would be a simple exchange operation.
order to conventiently handle the financing and operation of the proposed
"Both England and France, and perhaps Belgium
and Italy," this banker corporation, it was decided to incorporate the Agricultural Securities
explained. "must retain a financial interest in the Dawes plan settlement Corporation,
which is known as the "Holding company," and the Agrifor many reasons, all of them obvious. Europe
has more to gain by the cultural Credit Corporation, which is known as tbe "Operating company,"
Dawes plan than the United States. But that does not mean that the
both corporations being organized under the laws of the State of Delaware.
United States has no interest in the result, and I am sure that price and interAt this meeting there were volunteers for the purpose of raising the ten
est rate being satisfactory, there will be no trouble at
all in disposing of million dollars of capital suggested, and outstanding men in the larger cities
$100,000,000 of these securities in a very short time. In fact. I believe that between
Minneapolis and Boston proceeded at once to cover their quotas
this will be a very good investment for corporations and I would not be surfor the required amount.
prices to see some heavy subscriptions from that source."
It was understood that the operation of these corporations would have
A new group of sound investments will be welcome
in this country at little, if any, possibility of profit, and therefore it was decided that the subthis time,it was said, and the proposed German securities
will fall under that scribers to the capital should be asked to take income bonds of the Securities
class. There aro ample funds available for this purpose,
and any foreign Corporation, which bonds would be secured by the assets of the operating
issue bearing the syndicate stamp of such houses as J. P. Morgan & Co., company, consisting
principally of loans made. The charters of the two
Kuhn, Loeb & Co., National City Company, Guaranty Company, and corporations
are very broad in their powers and are intended to cover
affiliated houses will be sure to dislodge them for investment, according to every kind of
lending operation. In order to make the aid rendered more
opinion in the Street.
effective, it was decided that the interest rate to be charged by the corporation should be 6%,which is generally conceded to be a low rate in the terriExplains Activity in German Bonds—Zimmerman & tory of operations. As no commissions or lending charges are made,it will
readily be seen that the investment return to the subscribers, after
operating
Forshay Tell of Legal Steps Taken to "Reexpenses and inevitable losses are deducted, will at best be very
small.
Due partly to the prompt and generous subscriptions, several erroneous
valuate" Issues.
and improper ideas were formed, one being that the subscribers to
the
The following is from the New York "Times" of Aug. 17: capital of the corporation did
not expect to get back their money, and that
The firm of Zimmerman & Forshay, whieh for many years has been therefore the corporation
would grant loans secured by tfoubtful and worthone of the leading concerns specializing in German securities, issued a less assets, and
that the only condition necessary to obtaining a loan was
statement yesterday with regard to the recent heavy speculation in German need on the part of the
applicant. Another erroneous idea was formed,that
war loans and other German bonds and stocks which throws light upon the corporation
was a Government agency, allied possibly with the War
the legal steps taken in Germany to "revaluate" the issues affected by Finance
Corporation, Federal Reserve Bank. Federal Land Bank or Interthe post-war mark inflation. These valuation steps, or the promise of mediate
Credit Corporation. The reason for this latter idea was, in all
such measures, have been responsible for the quickened interest in these probability, the
activity of those in authority in Washington in the suggessecurities and the resulting sharp advances in the quotations both here tion and promotion
of the corperation. The capital was all subscribed.
and abroad.
however, by private interests and the corporation
is directed and officered
The statement, addressed to the "Times," says:
by business interests, without regard to
political influences. There are
There have been of late many loose statements about the speculation 438 subscribers,
ranging in amount from $200 upward. The list includes
In German securities, especially German War Loan and Prussian Consols. some
of the largest and best known financial,
industrial and service conerns
The facts in the matter are as follows:
in the United States, besides individuals.
The subscription list throughout
"The Senate of the German Supreme Court decided on Nov. 28 1923 comprises
the highest type of American business interests, centering in and
that mortgages, mortgage bonds, &c., could not be paid off in depreciated around
Minneapolis, St. Paul, Duluth, Milwaukee, Chicago, Detroit.
marks. The Reichstag subsequently passed eraeregncy tax legislation Cleveland,
Pittsburgh, Philadlephia. New Yerk, Hartford and Boston.
and fixed the price of some mortgages at 10% of the pre-war value, and
The board of directors represents a
number of lines of commercial life and
Others at 15%. This was called 'aufwertung,' that is, 'valuing up.' Some
includes railroads, manufacturing,
insurance, banking and farming, the
cities and industrial concerns followed suit in this upward valuation.
majority of tho board being from the Central
No consideration, however, was given to the securities
and Middle West States. As
of the national there was no business precedent
which could be used as a guide for the operGovernment and those of the different States. The upward valuation of ation of
the corporation, the board of directors did not attempt to outline
these securities was made an issue in the last Reichstag election. Most
any policies. It was understood that
the corporation had entered upon a
AuG. 23 1924.1
THE CHRONICLE
895
as the seed was purchased
be developed to meet the opportunity for assistance by the Corporation
difficult task and that the policies would have to
this corpora- elsewhere in time.
which might be found. It was recognized that for
conditions
With the defeat in Congress of the Norbeck-Buntress bill, which was inresult in a small amount
tion to attempt to deal with individual cases would
tended to assist individual farmers in a small way to add to their farming
and money expended.
of dairy cows, sheep.
of general good for the time, energy
upon the banks ex- activities in a profitable manner through the purchase
that the CorThe conditions existing in the territory had thrown
number of hogs and other farm animals, President Coolidge suggested
which had resulted in the closing of a very large
cessive burdens
seeking where aid, if any,
sound, and it was poration might take on such work with a view to
banks, some of which were without question basically
been made in this
has
banks were in dat.ger could be rendered on a business basis. A start officer in charge with
known to be a fact that a considerable number of other
of an
by a reasonable amount direction, a department organized consisting
of closing, some of which should and could be saved
assistant in the office, together with several field men who are acting
regardless of the con- one
In order to keep
of timely assistance. It was therefore decided that,
and who might be as purchasers of the animals desired by the farmers.
dition of some individuals in the territory who had need
the services of local people
be an almost impossible down operating expense, it was decided to enlist
able to work out with some assistance, it would
have been formed, which
who might apply for and approximately two hundred local committees
blanks.
task to select such people among the many thousands
to a committees have been and are being supplied with application
individual aid policy was announced. The saving of a bank
of the applicant,
aid. if an
of the com- These application blanks set forat the financial condition
his facilities
community renders direct financial aid not only to the depositors
normal func- his experience in handling the kind of farm animals desired,
Each community and the stockholders of the bank, but it permits the
of the for housing, watering, feeding and caring for the animals.
tioning of business in the community and the confident application of a mittee's orders are pooled and the animals desired purchased at the nearest
to its regular pursuits. It was recognized that the closing
community
down with
served by point possible and sold ot the approved applicants at cost laid
overhead
bank destroys the confidence in areas far beyond the territory
best field a very nominal charge added to cover purchasing and general
that bank. The checking of hank closings was deemed to be the
against fire, lightof the animals with insurance
comparatively small but efficient or- expenses such as coverage
for the
of operation for the corporation, as a
Interests ning and tornado. The farmer is given four years in which to pay
ganization could be assembled quickly and thereby safeguard the
animals, 10% of the principal being due at the end of the first year, 20%
of a large number of people whose financial condition was such as to mark
annum.
the second year, and so on, with interest at the rate of 6% per
them almost automatically as among those who had the best chance to work
The Corporation takes as security a chattel mortgage on the animals
out of their difficulties.
an additional mortgage on some other
in some instances
Temporary offices were opened Feb. 26. An officer was selected and purchased, and
which the farmer may have and be in a position to offer as security.
placed in charge of each of the four States, and applications were received property
The purchase of good grade cows is strongly advocated by the Corporaand
and considered before the formal papers necessary to the organization
com- tion, with provision for the availability of a pure-bred sire. It has been
operation of the corporation could be prepared. The first loan was
are thousands of farmers in some of these States in
on March 20. The corporation has, therefore, at this found that while there
pleted and made
middle which the Corporation operates who have no cows of any kind, many other
time been in active operation Just under four months. Up to the
been farmers have cows of the so-called scrub type which do not produce in
of July loans and investments totaling over four million dollars have
time many of
proportion to their cost of upkeep, and it is hoped that in
made,affecting more than two hundred banks, as follows:
be displaced by more profitable animals.
6886,000 these low-producing cows will
Montana,25 banks
that expert
Minnesota, 12 banks_ _ _ - 8404,000
It is not the expectation of the management of the Corporation
Special outside cases,
North Dakota,98 banks_1,242,000
numbersthrough aid in procuring a few
178,000 dairymen will be developed in large
9 banks
banks_1,547,000
that the buyers of
South Dakota,61
good grade cows. It is hoped and expected, however,
will get a sufficient
The deposits in the banks aided show as follows:
these cows, together with hogs, sheep and poultry,
$14,610,000
and their families
North Dakota
$7,262,000
Minnesota
nucleus of food-producing stock to enable these farmers
17,404,000
not be under
South Dakota
5,636,000
Montana
to be largely self-sustaining from their farms and thereby
safeguarding of the necessity, as many have been heretofore, of purchasing in town everya total of approximately forty-five million dollars. The
due each year at
thousands thing which they eat. If the substantial indebtedness
these deposits has unquestionably been of direct benefit to many
year can be avoided, it
of individuals, a very large percentage of whom are engaged in agriculture, harvest time for the living expenses of the previous
ependent thereon. In a great will be a real help to the farmer under all crop conditions.
live-stock raising, dairying and businesses,d
cover for all time
It is recognized that no one device of this kind will
many cases the loans made by this corporation have been the means of
can be invented to
saving the investment in the financial institutions of the very people who the difficulties of the farmer any more than any device
promoting remove all difficulties in the operation of any other line of business. In
can be counted upon to do the most in bringing back values and
by the Corporation,
the profitable conduct of business in their respective communities.
view of the results which have thus far been obtained
by PresiWhile there have been some most unreasonable and unfair requests and it would seem that the soundness of the idea originally advanced
the work which
demands upon the corporation, it is gratifying to be able to report that in dent Coolidge has been demonstrated, and the effect of
result in a permanent
the main those who have applied to the corporation for assistacne have has thus far been done by the Corporation will
and indirectly be
done so on a proper business basis and there have been numerous instances benefit to many thousands of people in the Northwest,
of the most generous and loyal support of the local institution by the stock- of benefit to the entire country.
holders, which proved that confidence of the depositors in those responsible
for the bank was well merited.
When the formation of the corporation was announced publicly, there Transfer of Grain Elevators to Grain Marketing Co.
was widespread comment as to what the corporation would accomp ish.
Greatest Stride in Farmers's Co-Operative
All of this publicity originated outside of the offices of the corporation.
Movement, According to New York
This excessive and unauthorized publicity led to great expectations on the
part of the public interested, and there was some impatience exhibited at
Trust Co.
corporation, and
what appeared to be the slowness of the operation of the
expressed as to its ability to accomplish anything worth while.
transfer to the Grain Marketing Co., a cosome doubt
"The recent
The nature of the work performed made it most inadvisable to publicly operative association of wheat farmers, of grain elevator
announce from time to time that aid had been rendered to this or that bank,
$22,000,000, is the greatest stride
and as a considerable amount of time is necessary to properly prepare a properties valued at about
loan or advance, it was several weeks before any substantial number of ever made in the farmers' co-operative movemetrt and a
banks could be aided. It has been found that localities vary in viewpoint striking example of industrial integration applied to agrivery widely; for instance, regarding a bank which is aided by the corpora"Index," just published by the
tion: In some localities the local bank officials have deemed it wise to pub- culture," according to the
licly state that they have received substantial aid from the Agricultural New York Trust Co. The "Index" says:
Credit Corporation, which aid has put their bank in a sound condition, and
willing to surrender their
One reason why the Chicago dealers were
the result in such cases has been an increase of confidence in their institution,
danger of adverse legislation by Congress.
and in many cases increase of deposits has been reported to the corporation. business was, it is said, the
Trading in Futures Act was felt to be an
in other cases the bank officers have deemed it unwise for attention to be The recent enactment of the
restriction to which Congress might go.
called to the fact that their bank had needed assistance. The corporation indication of further steps in
risen a few weeks before it
It is not unlikely that had the price of wheat
has therefore not attempted to give out any information regarding the
not have taken place. It was as
individual cases which have been handled by it, which aid has unquestion- actually did, the present merger would
farmers that the co-operative movement
ably saved the depositors from having their funds tied up, if not subjected a result of dissatisfaction among the
happens, the rise in the price
was able to take this important step. As it
to actual loss.
for the merger because it assists
No discrimination has been practiced as between States or sections of of wheat has proved a favorable element
Co. to the farmers.
States, nor has any attention been paid to whether the bank was operating in the sale of the stock of the Grain Marketing
n. Chicago grain
Largo economies are expected from the consolidatio
under a State or national charter. The territory served has, to a certain
of $3.000,000 a year.
extent, used the Twin Cities as a reserve center, but no special attention dealers estimate these economies in the neighborhood
the price of wheat will
has been paid in the consideration of loan applications, as to the correspondThose looking for an immediate effect upon
that the co-operative
ent bank connections of the applicant. One of the first principles laid down probably be disappointed. It is expected, however,
as it would be maniby the directors and officers of the corporation was that the aid rendered venture will have a marked effect upon speculation,
compete with the Grain
by the corporation should be so handled as to benefit the community, and festly difficult for an individual speculator to
of wheat places it in •
not used to pay off other creditors, such as large city correspondent banks, Marketing Co., whose knowledge of the movement
and a generally desired
Federal Reserve Bank, War Finance Corporation or any other existing an advantageous position in the market. A second
bloc out of politics and
agencies which were able to carry whatever loans they might have. The effect will be, it is hoped, that of taking the farm
belongs.
closest co-operation has been solicited and given between this corporation entrenching it in the economic sphere where it
success of the enterprise are
and these various other agencies, with a view to rendering the greatest
Whether or not the predictions for the
than the return of
possible aid as a whole to this territory. The various banking departments fulfilled, nothing worse can happen to the farmers
that event would at
operating in the States have worked with the corporation, and have rendered the properties to the former owners. The farmers in
economic aspects of grain
great assistance to the corporation in the selection of banks to be aided as least have gained a new understanding of the
well as working out details of re-organization and re-opening of closed banks. marketing.
The corporation has assisted in re-opening nine banks, which is not a large
number considering the number which have been closed within the last two
Farm Labor Union Discusses Marketing of 1924
years. It has preferred to assist the going bank rather than to revive a Texas
Cotton Crop.
closed bank, which, if revived, would only add to the difficulties of the
territory later by bringing on unbusinesslike competition in the struggle for
Reports from State executive committees of the Texas
sufficient business on which to exist.
marketing the 1924
The several State banking departments and the Comptroller's office at Farm Labor Union bearing on plans for
Washington recognize the part played by the excessive number of banks in cotton crop were presented at a meeting in Dallas, Aug. 8
this territory. While not a cause for the general troubles of the territory,
several hundred county unit officers of the Union.
these banks did, however, add to the difficulties and place an additional and 9, of
Dallas "News" of Aug. 9 said:
in the way of restoration of sound basic conditions.
The
barrier
Although the Corporation has rendered aid to a large number of people
The meeting of county officials is being held to acquaint members with
through its aid to banks, it has also assisted some individuals directly. It
plan developed by the committee, which is said to
farmers of excessive interest charges on their past-due details of the improved
has relieved some
greater facility for handling the cotton grown by the Texas members.
it is intended to assist a great many more as soon as it can offer
taxes, and
method employed in the past, it is unlaws and rulings in some of There is no radical change from the
safely do so and not be in conflict with existing
derstood. All the time of the visiting Farm Labor officials is being given to
the States.
for the enlargement of the memtime to assist a few cases of late consideration of organization and proposals
The Corporation got under way in
bership, which has grown materially since the inauguration of the memberactivity, however, which did not afford very much
seeding. This was an
896
THE CHRONICLE
shill campaign of summer picnics, which were held in the various counties
of the State where the Farm-Labor Union membership is established.
As to the concluding session the Dallas"News" said:
The meeting of county officials of the Farm-Labor Union of America in
Texas, which opened Friday morning at the Dallas Labor Temple, was
pronounced "entirely satisfactory," and the last of the county unit leaders
had returned to their homes Saturday after final discussions of plans for
marketing the 1924 cotton crop, with a "feeling that the organization's
growth will be unprecedented this year," G. W. Fent, Chairman of the
executive committee of the State body, said.
No political discussions were held at the Dallas sessions of the county
officials, whose entire time was devoted to work in connection with fall
cotton marketing plans.
Magnitude of Operations of Federal Land Banks and
of the Joint Stock Land Banks.
Farm loan bonds outstanding of $866,717,120 are shown
in the June 30 1924 statement of condition of the twelve
Federal Land banks. On the same date the combined Joint
Stock Land banks reported farm loan bonds outstanding of
$394,516,800. The April 30 statements of the two classes of
institutions appeared in our issue of July 5, page 29. Below we give the June 30 figures:
CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE
FEDERAL LAND BANKS AT CLOSE OF BUSINESS
JUNE 30 1924.
Assets
Net mortgage loans*
$881,273,337 08
Interest accrued but not yet due on mortgage loans
14,567,772 62
U. S. Government bonds and securities
Interest accrued but not yet due on bonds and securities-- 31,151.590 84
333,618 19
Other interest accrued but not yet due
12,464 65
Cash on hand and in banks
7,827,297 95
Notes rece:vable, acceptances, &c
4.35507 56
Accounts receivable
658,973 88
Installments matured (in process of collection)
1,474,228 71
Banking houses
1,717,28539
Furniture and fixtures
251,379 30
Other assets
3,463,828 92
Total assets
$947.087,475 09
Liabilities
Farm loan bonds outstanding
Interest accrued but not yet due on farm loan bonds
U. S. Government deposits
Notes payable
Accounts payable
Due borrowers on uncompleted loans
Amortization installments paid in advance
Farm loan bond coupons outstanding
Dividends declared but unpaid
Other liabilities
Total capital stock
Reserve (legal)
Surplus, reserves, dm
Undivided profits
Total liabilities and net worth
Memoranda
Net epamIngs to June 30 1924
Less-Dividends paid
Carried to suspense account
Other charges
Carried to surplus account
Carried to reserve account
Undivided profits
by Federal and Joint Stock Land banks from organization
to June 30 1924:
Loans Closed Si,
Federal Land
Banks.
No.
Amount,
Maine
2,063 $5,840,150
New Hampshire
428
960,275
Vermont
848
2,320,900
Massachusetts. 1,286
3,550,505
Rhode Island__
107
324,550
Connecticut _ _. 1,126
3,771,450
New York
4,568 15,143,940
New Jersey_ _ -905
3,540,450
Virginia
9,197 25,596,934
Maryland
839
3,284,800
Delaware
80
278,200
Pennsylvania.. 4,035 11,020,600
West Virginia
2,483
5,007,850
North Carolina 8,675 17,451,950
South Carolina_ 5,818 16,621,770
Georgia
8,210 19,583,510
Florida
3,347
8,133,869
Tennessee
8,261 21,478,600
Kentucky
6,334 21,103,900
Indiana
8,836 32,483,800
Ohio
4,312 17,471,500
Alabama
15,935 29.981,870
Louisiana
9,592 22,894,465
Mississippi.- -. 20.933 39,247,820
Illinois
5,133 23,346,005
Missouri
7,963 25,563,760
Arkansas
13,537 23,005,810
North Dakota_ 10,205 39,692,000
Minnesota
8,673 36,961,700
Wisconsin
6,528 24,941,500
Michigan
7,379 18,510,200
Iowa
6.971 51.854,150
Nebraska
7.603 38,581,090
South Dakota. 4,750 21,998,950
Wyoming
2,183
6,346,200
Kansas
9,146 38,424,600
Oklahoma
6,624 17,760,100
Colorado
7,723 22,124,600
New Mexico_
4,884 10,110,700
Texas
36,074 105,887,591
California
6,777 24,042,200
Utah
4,713 15,055,100
Nevada
193
732,100
Arizona
1,272
5,224,90D
Idaho
6,983 24,813,593
Montana
7.569 22,003,590
6,514 21,735,280
Oregon
Washington _ _ _ 11,181 30,631,420
Porto Rico_
1,186
3,251,500
Loans Closed by
Joint Stock Land
Banks.
Total Loans Closed by
Federal and Afrilti
Stock Land Banks,
No.
No.
Amount.
2,083
428
846
1,286
107
1,126
557 $3,637,400 5,125
162
917,400 1,067
553
3,834,900 9,750
119
815,900
958
80
599
2,728,200 4,644
1,380
4,916,650 3,863
3,593 13,938,200 12,268
1,105
5,914,800 6,923
376
2,003,600 8,586
3,347
686
3,102,500 8,947
1,702 10,934,400 8,036
5,351 31,804,084 14,179
3,716 19,560,250 8,028
233
2,043,800 16,168
30
556,000 9,622
271
4,587,500 21,204
5,777 49,472,395 10,910
2,798 23,766,210 10,761
732
7,661,500 14,269
774
4,584,600 10,979
3,955 35,589,950 12,628
979
4,860,250 7,505
518
2,816,100 7.897
6,150 78,917,345 13,121
2,274 23,094,290 9,877
1,452 12,337,320 6,202
447
3,530,700 2,630
3,511 24,495,900 12,657
975
5,777,050 7,599
83
709,300 7.806
4,884
4,232 36,918,923 40,306
1,063 13,928,250 7,840
128
658,300 4,841
20
360,700
213
189
1,367,800 1,461
330
1,733,800 7.313
345
2,068,900 7,914
692
8,331,900 7,206
160
1.819,700 11,341
1,186
310065 1077 672 200 nAnI, SARA mu 7A1 .277 ORR 51
Aniatint,
$5,840,150
960,275
2,320,900
3,550,505
324,550
3.771,450
18,781,340
4,457,850
29,431,834
4,100,700
278,200
13,748,800
9,924,500
31,390,150
22,536,570
21,587,110
8,133,869
24,581,100
32,038,300
64,287,884
37,031,750
32,025,670
23,450,485
43,835,320
72,818,400
49,329,970
30,667,310
44,276,600
72.551.6W
29,801,750
21,326,300
130,771,495
61,675,380
34,336,270
9,876,900
62,920.500
23,537,150
22,833,900
10,110,700
142,786,514
37,970,450
15,711,400
1,092,800
6,592,700
26,547,395
24,072,490
30,067,180
32,451,120
3,251,500
$866,717,120 00
10,368,721 42
1,000,000 00
6,601,311 90
548,463 65
469,085 20
Total
dig 711711AR
1,060,508 50
1,480,390 74
The above totals represent gross loans closed from organi641,64208
1,527.210 34 zation of system to date. The
difference between
Total liabilities
Net Worth
Capital stock U. S. Government
National Farm Loan associations
Borrowers through agents
Individual subscribers
[VOL. 119.
$890,414.453 83
$1.985,500 00
44,994,997 50
305,995 00
2,03000
$47.289.522 50
5.706,900 00
210,000 00
3,466,598 76
56,673,021 26
$947.087,475 09
$9,248,396 29
1,135,796 51
2,208,027 65
$21,975,718 31
12.592,219 55
$210,000 00
5,706,900 00
3.466,598 76
Total reserve and undivided profits
Capital stock originally subscribed by U. S. Government_
_
Amount of Government stock retired
these
totals and the amounts shown on the consolidated statements of condition opposite "net mortgage loans" represents
loans paid in full by borrowers and payments by borrowers
on account of principal.
Federal Intermediate Credit Banks Authorized to
Reduce Rate on Farm Loans From 5
to 5'7
0
Co
-operative Marketing Rate Lowered to 43'%.
Announcement was made on Aug. 19 by the Federal
Farm Loan Board that the Federal Intermediate Credit
Banks had been authorized to reduce their rediscount rate
to financial institutions from 5 to 5% while the rate to
co-operative marketing associations had been lowered from
5% to 4%. The Associated Press advices from Washington state:
9,383,498 76
The rates heretofore have ranged to 6% on some classes of paper and
$8,892,130 00 to 514% on others. The
action of the Board in authorizing a cut in the
6,906,630 00
rates is in line with the easier money market throughout the country. The
Capital stock held by U. S. Government
$1,985.500 00 Board, in an official statement, said the reductions were due largely to the
lower interest rates which it had had to pay on debentures of the Inter*Unpledged mortgages (gross), 813.974,844 44.
CONSOLIDATED STATEMENT OF CONDITION OF THE JOINT mediate Credit System.
Farm Loan Board officials declared the reductions, coming at this time.
STOCK LAND BANKS AT THE CLOSE OF BUSINESS
would mean a great saving to the agricultural communities particularly
J17NE 30 1924.
Assets
through the direct loans to co-operatives. It was said that a majority of
Net mortgage loans
$419,788,071 95 the volume of farming products will be marketed in the next few months
Interest accrued but not yet due on mortgage loans
7,042,024 90 and the lower rediscount rates for the co-operatives will
U. S. Government bonds and securities
bring a correspond9,197,029 27 ing
Interest accrued but not yet due on bonds and securities
saving to them and their members.
72,378 16
Notes receivable, acceptances, &c
Loans through the Intermediate Credit System now outstanding aggre2,493,550 09
Accounts receivable
892,894 79 gate something in excess of $87,000,000 with a constant call for
Other interest accrued but not yet due
more
104,444 00
Cash on hand and in banks
9,946.105 96 money at this season of the year. Commissioner Cooper of the Board.
Installments matured (in process of collection)
said that some of these loans are maturing and such renewals as are sought
1.097,76118
Banking houses
871,985 00 will bear the lower rate of interest. The renewals are expected, however.
Furniture and fixtures
191,159 69 to be smaller than usual because of the improved
Other assets
position of agriculture
2,251.074 86 generally as a result of better crops.
Total assets
Back of all the benefit which, it was pointed out, the farmers will derive
$453,948,479 85
from the rate cuts is the generally easier money market, which has absorbed
Liabilities
Federal Farm Land Bank and Intermediate Credit Bank securities rapidly
Farm loan bonds outstanding
$394,516,800 00 and
Interest accrued but not yet due on farm loan bonds
at interest rates lower than have prevailed at any time since the credit
3,858,358 31
Notes payable
12,140,433 34 system was organized.
Accounts payable
1,445.469 81
The credit banks have had little trouble except in isolated cases getting
Other interest accrued but not yet due
in
22,477 91 settlement of maturing
Due borrowers on uncompleted loans
obligations and In as equally few cases has it been
812.367 38
Amortization installments paid in advance
722,783 08 necessary to refuse renewals of loans on paper offered by the co-operatives.
Farm loan bond coupons outstanding
874.367 79 the Board's record show.
Other liabilities
259.576 48
$414,652,634 10
Net Worth
Capital stock paid in
Surplus paid in
Reserve (legal)
Surplus, reserves, &c
Undivided profits
$33,718,785 00
1,381.997 81
2,306,754 45
700.578 60
1,187,729 89
39,295.845 75
Total liabilities and net worth
$453,948,479 85
The Federal Farm Loan Bureau also furnishes the following statement Showing loans closed, segregated by States,
Total Resources of National Banks Increased Over
Half Billion Dollars Between March and June.
Total resources amounting to $22,565,919,000 on June 30
1924
-an increase over the amount March 31 1924 of $503,031,000, and an increase since .June 30 1923 of $1,054,153,000,
are shown in a summary of the returns from reporting national banks made public by the Comptroller of the Currency
on Aug. 15. Regarding the June 30 1924 totals the Comptroller also says:
p
AUG. 23 1924.]
THE CHRONICLE
Between the dates of the last two reports of conditions, loans and discounts were increased $26,441,000, or to $11,978,728,000, and show an increase since June 30 1923 of $161,057,000.
Investments in United States Government securities were reduced between
March 31 and June 30 1924 from $2,494,313,000 to $2,481,778,000, showing a reduction in the year of $212,068,000 and other miscellaneous bonds
and securities, etc., amounting to $2,660,550,000, show an increase since
March 31 1924 of $148,913,000, and an increase in the year of $284,693,000,
or a net increase in investments in Government and other securities since
June 30 1923 of $72,625,000.
Balances due from correspondent banks and bankers, including lawful
reserve with Federal Reserve banks to the amount of $1,198,670,000,
amounted to $3,040,793,000 and were $278,530,000 greater than on March
31 1924 and $295,472,000 in excess of the amount June 30 1923. Cash in
vault amounted to $345,219,000, an Increase of $2,250,000 since the date
of the previous report, and an increase in the year of $54,111,000.
Capital stock of $1,334,011,000 shows a reduction between the dates of
the last two reports of $1,561,000, but an increase in the year of $5,120,000.
Surplus and undivided profits amounting to $1,582,234,000 show an increase since March 31 1924 of $966,000, and an increase since June 30 1923
of $35,413,000.
The liability for circulating notes outstanding was $729,686,000 and shows
an increase between the dates of the last two reports of $3,203,000 and an
increase in the year of $9,685,000.
Balances due to other banks and bankers, including certified checks and
cashier's checks outstanding, aggregated $3,371,336,000, compared with
$3,014,599,000 March 31 1924 and $2,662,385,000 June 30 1923. Demand
deposits, including United States deposits, amounting to $9,716,568,000
on June 30 1924, show an increase since March 31 1924 of $241,441,000,
and are $236,135,000 greater than a year ago. Time deposits, including
postal savings, also show an increase since March 31 1924 to the extent of
$150,963,000. The amount June 30 1924 was $5,259,933,000, as compared
with $4,755,162,000 June 30 1923. Total deposit liabilities show an increase since March 31 1924 of $749,141,000, and an increase in the year of
$1,449,857,000.
By reason of the volume of the increase in total deposits and the alight
increase in loans and discounts, the liabilities of these banks for borrowed
money (bills payable and rediscounts) were curtailed $169,908,000 between
March 31 and June 30 1924 and the amount on the latter date, $340,625,000.
shows a reduction since June 30 1923 of $383,097,000. The percentage of
bills payable with Federal Reserve banks to total bills payable June 30 1924
was 56.14, compared with 75.79 March 31 1924 and 82.55 June 30 1923.
The percentage of rediscounts with Federal Reserve banks to total rediscounts was 78.57, compared with 74.24 March 31 1924 and 81.90 a year
ago.
The percentage of loans and discounts to total deposits was 65.29, compared with 67.91 March 31 1924 and 69.93 June 30 1923.
Bon d Bank (Mutual Security Bank) Planned by Secur
ity Firms—Would Function as a Clearing House
for Dealers.
The following appeared in the New York "Times" of July
29:
A plan to form a sort of clearing house for bonds, fulfilling much the
same function as the Clearing House Association for New York banks or the
stock clearing association of the New York Stock Exchange for stock selling
forms, has been placed before investment bankers and bond dealers. The
plan has not yet passed out of the preliminary stages. Action, it was said,
may be deferred indefinitely, but in view of increasing bond business the
subject has been opened for study.
Donald Durant, of Lee, Higginson & Co., formerly President of the Bond
Club of New York, who placed the plan before other bankers and dealers,
suggested that they form what he called for lack of a better name a "Mutual Security Bank." This bank would contain active issues of bonds now
traded in on the floor of the Stock Exchange, and in dealings between bond
houses this institution was to serve as a central clearing agency, thereby
doing away with much duplication in the work of counting bonds, examining
coupons and taking care of other details. In the course of an ordinary
business day, it was explained, a bond transaction may involve a duplication of these processes by no less than three or four houses and frequently
by many more houses.
The bank, as explained by Mr. Durant, would have accounts with all
dealers and with all banks, and with as many private investors as desire
such accounts, handling no cash whatever and accepting for deposit only
bonds. The medium of exchange would be checks, these calling, for example, for the transfer of $100,000 bonds from one broker to another. At the
end of a business day these checks would be cleared and balances straightened.
A hypothetical instance of how the bank would work was furnished as
follows: If A wanted to sell $100,000 of bonds to his broker, the firm
would draw a check on the Mutual Security Bank for that amount specifying
the bonds; the broker would deposit that to his account and draw a similar
check which he would give to the firm B to which he had sold the bonds.
If B wanted to make a loan on the bonds it could go to its own bank and
deliver the check for $100,000 of bonds and be credited with part of the
money loaned. The bank snaking this loan would then deposit the check
turned in by the firm to its account with the Mutual Security Bank. In this
way the balances would be straightened out at the office of the Mutual Security Company without entailing the work of counting and searching all
the coupons. Much of the risk of theft would be eliminated and the transaction would be handled in the various offices by bookkeepers and without the
more expensive security clerks.
It was pointed out that in order to elicit the support of bankers, dealers
and others, such a bank must have the confidence that now attaches to the
Federal Reserve Bank or the Clearing House. In launching his proposal,
Mr. Durant explained that the main advantage would lie in simplification,
eliminating many of the presses which he has become intimately acquainted with in his career in Wall Street, which has carried him from
office boy to manager of a bond department, and finally into an investment
banking firm.
897
Recently a series of conferences 'were held in Texas and with Department
of Agriculture officials in Washington. It was determined that Houston
and Galveston should be made the joint port of delivery on Chicago contracts.
New rules to be posted for action by the members of the association, and
which have already received approval of counsel for the Exchange and of the
Bureau of Economics. Department of Agriculture, are in closest harmony
with provisions of the Cotton Futures Act. The market would function
under that law.
Contrads to Coincide.
Trading contracts, according to officers ofthe Exchange, will coincide with
those of the New York and New Orleans cotton exchanges.
"Under the charter of this association," said Samuel P. Arnot, Executive
Vice-President of the board, "the Exchange is authorized to deal in all
agricultural products. Practically all the principal products, with the
exception of cotton, are now dealt in on the Exchange.
"For a long time there has been a demand for a cotton market at this
point, the proposal centring upon this exchange because through its large
marketing organization a broad,liquid cotton market could be developed for
the handling of hedges without disutrbing values.
Would Arouse Interest.
"It has been the belief that a cotton market here would arouse a broader
Interest in cotton not only in thi ssection but throughout the country, and
that a more liquid market would be available.
"Plans for making Houston and Galveston a joint port of delivery have
been completed. This arrangement will prove quite satisfactory. It will
be similar to the arragnement under which Winnipeg, second largest grain
futures marketlathe world, makes delivery at PortArthur and Fort William
412 miles away."
Adoption of the new rules is possible by a majority vote of the membership
and such action is anticipated by the trade. The cotton market would begin functioning about Oct. 1 or a little later, it was stated. The market
will have full approval of the Government and operate under Governmental
supervision.
Under date of Aug. 21 the New York "Journal of Commerce" announced the following from Washington:
Rules and regulations which are to govern the operation of the proposed
Trade.
new Chicago Cotton Exchange, sponsored by the Chicago Board of
have
have been passed on by officials of the Department of Agriculture and
Futures Act, it
been found to meet with the requirements of the Cotton
was learned here to-day.
office of
The whole plan of operation was presented some time ago to the
he gave
the Solicitor of the Department of Agriculture and it is understood
are subhis approval. The rules and regulations for the Chicago Exchange
of the New York and
stantially the same as those governing the operation
to comNew Orleans exchanges, as naturally they would have to be in order
very
ply with the legal requirements. The papers have been gone over
Cotton
carefully by the various officials charged with the enforcement of the
Futures Law and have been found to be in proper order.
immeIt was originally intended to start business on the new Exchange
owing
diately after Labor Day, Indications are that this will not be possible
is likely to be
to the many details that must still be taken case of, and it
well along in September before all arrangements are completed.
Liverpool Cotton Association's Decision to Withdraw
From International Agreement Providing for
Universal Standards.
Liverpool Cotton Association is not interested
That the
at this time in further negotiations following its decision to
withdraw from the International Agreement signed last year
to operate under universal standards for American cotton,
is indicated in a reply received by the United States Depart-.
ment of Agriculture, according to a statement made public
Aug.15. A conference was held the first of last week between
representatives of the American cotton trade and officials
happenof the Department of Agriculture to consider recent
cotton,
ings with regard to universal standards for American
regard to the fact that the Liverpool
particularly with
Association had given notice to withdraw after Aug. 1 1925.
when
Hope that the Liverpool decision would be reconsidered
by
it was learned that the standards had not been changed
Department of Agriculture as claimed, was expressed by
the
members of the American trade following this conference.
was
The reply from Liverpool made public on the 15th inst.
cablegrams sent out at the suggestion of
in response to the
the trade representative. The Department of Agriculture's
statement of the 15th inst. says:
1925. In
Liverpool's notice to withdraw will become effective Aug. 1 operation.
in full
the meantime Universal Standards for American cotton are
adequate authority
Under present law the Department of Agriculture has
of American
to make the United States standards universal in the sale co-operative
cotton to foreign countries, as well as at home. Believing that
established
methods are most desirable wherever possible and that the
possible, the
marketing systems of Europe should be used in every way
various European exchanges
Department entered into agreement with the
was to be
last year, under which agreement the Department of Agriculture
distrifully responsible for and the final authority in the preparation and
of the
bution of copies of the Universal Standards, and the Appeal Boards
authority by the Secretary
various European cotton exchanges were granted
standards. In
of Agriculture to make final arbitrations based upon these
arbitrations on
withdrawing from the co-operative undertaking, Liverpool
With the coUniversal Standards will cease to be final after July 31 1925.
movement for estaboperation of the other European cotton exchanges the
cotton
lishing Universal Standards as the one basis for trading in American
In European countries will continue.
Chicago Board of Trade to Establish Cotton Futures
Market.
Previous reference to the attitude of the Liverpool Cotton
In accordance with plans for the creation of a cotton futures Association appeared in our issue of Aug.9, page 637. From
market on the floor of the Chicago Board of Trade the adviees to the New York "Journal of Commerce" Aug. 14
directors of the latter on Aug. 19 ordered posted for ballot we take the following regarding the Manchester Association:
by the membership a series of new rules which would provide
Manchester TakesiAction.
for trading in contracts for the future delivery of cotton.
The directors of the Manchester Cotton Association and the genera/
committee of the Federation of Master Cotton Spinners' Association have
The Chicago "Journal of Commerce" on Aug. 20 said:
-
898
THE CHRONICLE
held separate meetings lately to discuss the dispute regarding the international;standards and the situation arising out of the London conferences
held the latter part of July.
Ot The Manchester Cotton Association decided unanimously to adopt the
,
supplementary agreement that had been presented by the American representatives to the London conference. They took this action on the ground
that universal standards for American cotton are in the interest of the
cotton trade of the world, the agreement provides for those who are parties
to it having a voice in the framing of the standards, remarking that previously Europe and America had to accept the standards as made and
passed by one association (Liverpool), no change can take place in these
standards except by the consent of the parties to the agreement, equitable
arrangements are embodied ih the agreement for the maintaining of uniform
standards, that if better means for preserving the original standards be
vised they can be put into force, the standards cannot adversely affect
t e Liverpool, New York or New Orleans future markets, and all spinners
along use of futures for cover will have equally the same protection as
present, the whole arrangement would appear to be distinctly to the ad/ ntage of the spinner, for, whereas, previously middling in Liverpool was
ne quality and middling in America another,now there is only one standard
of middling. Thus, it was added, a universal standard means that the
spinner can have greater confirmation of his particular cotton and check
the market value more accurately than at present.
[VOL. 119.
other than brokerage loans.and does not include the street loans made by
non-member institutions and private banking houses.
The impression has obtained, although this has never officially been
confirmed, that member banks made a confidential report to the Reserve
system of their street loans. This record, however, would not be complete,
it was remarked yesterday.
Aside from these possible sources for estimates, one of which has definitely been eliminated by the discontinuance of the Stock Exchange record, information is obtainable from money brokers,statements from brokerage firms, and data from bankers which might form the basis for an unofficial compilation. Dow, Jones & Co., the news agency presenting the
estimate, has not disclosed its source or sources, but its figures have been
widely accepted as a gauge of the situation. Independent estimates made
by men whose business it is to know the condition of the Stock Exchange
money market have tended to confirm them.
The current week (Aug. 18) the following was published
by the "Wall Street Journal" relative to the figures:
The expansion in brokers' money loans continues largely as a result of the
markets'activity and rising prices. The total now is approximately $1,350,000,000, an increase of about $20,000,000 since the first of the month.
Recently many call loans have been switched into time accommodations
due to the easy rates prevailing. While brokers find all the call money they
want from 134% to 2%,they prefer to finance commitments through time
funds for four,five and six months. Such loans are arranged at from 2 %
to 3%.
New York banks to-day are large lenders in Wall Street. Heretofore,it
was common for interior banks to be the larger lenders in the financial district. However, banks out of town can place funds at somewhat better
rates than obtain here in the East, and just now only surplus money drifts
into Wall Street from the interior. Local banks, however, are glad to place
funds at the existing levels in the time money market, so that to-day the
actual lending of call money is insignificant as compared to negotiations for
the fixed periods.
As of July 29, brokers' loans amounted to about $1,330,000,000. Compared with a month ago, present brokers' borrowings are about $20,000,000
larger.
A year ago such loans amounted to about $1,450,000,000. Borrowings
still are $650,000,000 below the high point of Feb. 14 last year when the
total was approximately $2,000,000,000.
Following is a table showing trend of brokers' loans since first of year:
$1,320,000,000
Dec. 10 192381,335,000,000 April 16 1924
1,300,000,000
Jan. 29 1924
1,400,000,000 May 19 1924
1,325,000,000
Feb. 20 1924
1,380,000,000 July 14 1924
1,330,000,000
Mar. 6 1924
1,375.000,000 July 29 1924
1,350,000,00
0
Mar. 21 1924
1,850,000,000 Aug. 18 1924
Approve American Attitude.
It wasreported further that the Manchester delegates upon returningfrom
the London Conference expressed surprise that a statement had emanated
from the Liverpool Cotton Association that the United States Department
of Agriculture had adopted the attitude that they were entitled to cancel
and replace standards which had been agreed upon as the original standards
by the delegation which came to Washington last year. The Manchester
delegates declared that so far as they knew the Department of Agricultur
did not adopt such an attitude and the Department officials in statements
for the press in the United States have declared that they had nbt assumed
such an attitude.
They have explained that where there is a box among a set of the standards that is as much out of line as was one in the possession of the Liverpool
Cotton Association, it is the duty of the Washington official in charge of the
standards to certify the cancellation ofsuch a box and to make an appropriate correction. It was agreed by all of the experts attending the June 16
1924 Conference in Washington that the box which has become the center
of the present controversy with Liverpool should be replaced.
This would not in any way constitute a substitution of standards or a
shifting of grade, but the replacement of an improper standard with one that
was true to form.
The Manchester delegates gave assurances that in their opinion the
methods and attitude adopted by the Department of Agriculture of the
It will be seen from the foregoing that brokers' borrowings began to
United States were as fair and correct as it was humanly possible for it to be. ascend early in May this year, and it is expected if the stock market continues to display activity and strength this account will expand further.
Figures of Brokers' Loans—President Simmons of However, credit is so abundant at present, brokers' requirements are given
but passing notice.
New York Stock Exchange Says Officials of Latter
Referring last night (Aug. 22) to President Simmons's
Doubt That Accurate Figures Are Obtainable.
statement, the "Wall Street Journal" said:
On Aug. 21 the following statement was issued by E. H. H. Dow, Jones & Co. and "The Wall Street Journal" compile the only
Simmons, President of the New York Stock Exchange, estimates of brokers' loans published regularly by any newspaper. These
regarding the figures of brokers' loans, which are issued figures are not obtained from the New York Stock Exchange.
In our issue of July 5 (page 33) reference was made to
from time to time:
PR The attention of the officials of the Exchange has been called to a state- the report that President Simmons had placed a ban on the
ment published in various newspapers, purporting to give the amount of furnishing of figures to bankers and money brokers of the
loans to brokers, and the changes that have occurred in the amount ofsuch
lending
loans. The officials of the Exchange have no figures as to the amount of amount of money received daily by the Exchange for
brokers loans and so far as they have been able to ascertain there is no purposes and the amount actually lent.
source from which accurate figures on the subject can be obtained.
The New York "Herald-Tribune" of yesterday (Aug. 22)
Charles W. Rendigs, Convicted of Perjury, Freed by
commenting on President Simmons's statement, said:
Judge Talley—Was Principal Witness for the
President E. H. H.Simmons of the New York Stock Exchange yesterday
issued a statement challenging by implication the accuracy of estimates of
Government in the Recent Fallon Trial.
Street brokerage loans published from time to time during the last few years
Charles W. Rendigs, who was convicted in May last of
by a financial news agency, and declaring that so far as the Exchange had
been able to ascertain there was no source from which accurate figures on swearing falsely when examined as a talesman in the third
the subject could be obtained.
trial for "bucketing" of Edward M. Fuller, was let off with
The statement, so far as could be learned, was unsolicited and the only
explanation of its issuance was that the attention of officials of the Ex- a suspended sentence by Judge Alfred J. Talley in the Court
change had been called to the figures. The statement did not indicate the of General Sessions on Aug. 12.
Rendigs had sworn that
occasion for bringing into question figures which have been accepted as
he had never met Fuller, his partner William F. McGee, or
reasonably accurate for upward of five years, nor did it disclose who had
called tht.situation to the Exchanges attention at thislate date. A suspicion their attorney, William J. Fallon. He was accepted as a
was aroused by inquiry in financial circles, however, that the statement juror aud voted steadily for acquittal, it is said. Fallon
was based upon a suggestion from authorities higher up and did not merely
was of counsel for Rendigs at the perjury trial. Both were
represent an extension of the Exchanges educational campaign.
If the pronouncement is merely educational in its purpose, it was sug- under Federal indictment at the time on the charge that
gested yesterday,it might be followed up by another ofsimilar wording,sub Fallon gave, and Rendigs accepted, a bribe when Rendigs
stituting "total Stock Exchange transactions for the "amount of brokerage
was a juror in the Durrell-Gregory mail fraud case in 1922.
loans' and, possibly, "may be obtained" for "can be obtained."
Several theories were brought to the fore to explain the announcement at Following his conviction for perjury, Rendigs made a full
this time of the Exchange's attitude toward the compilation. One was that confession; pleaded guilty to conspiracy to obstruct justice,
an error, for which there is admittedly a chance in such an estimate, had
crept into the compilation and made It worthless. This, however, was dis- and was the principal witness for the Government in the
counted. A second was that a plan might be under consideration for trial of Fallon on the above-mentioned charge, which ended
furnishing official data on brokerage loans and that this might be a step last week (Aug. 8) in his acquittal. In suspending senctence
to prepare the way.
The theory which found the greatest number of advocates was that the Judge Talley said:
inferences recently drawn from the compilation were objected to rather than
the figures themselves. These have shown a relatively slight increase in
outstanding loans as measured by the rise in stock prices and the expansion
of trading that has taken place. This fact has been interpreted to indicate
that the advance was largely engineered by the professional traders, and
that the public, insofar as it has participated in the movement, has largely
bought stocks for investment and not for speculation, involving an increase
in margin accounts.
01The point was made in banking quarters that an expansion of borrowings
inevitably attended an upward swing of the stock market, but it was admitted that the extent of this expansion between two fixed limits was variable, depending upon the character of the market.
Inquiry in the financial district failed to disclose other bases for the
objection taken to the unofficial estimates. The Stock Exchange, it was
recalled, maintained a record of such loans during the war and furnished
the figures daily (later weekly) for the information of the money committee,
formed under semi-official auspices during the money stringency that followed the war. This record has been abandoned. The Federal Reserve
Board receives regularly from member banks in this city a report of their
loans on stocks and bonds, but this, it was remarked yesterday, includes
Rendigs, on the 21st of May of this year you were convicted of the crime
of perjury. The crime of which you were found guilty and to which you
thereafter confessed your guilt was a very serious crime deserving of very
serious punishment, but you did confess your guilt and you did endeavor
to make some amends for the crime of whicheyou were guilty.
You not only admitted that the verdict of the jury in your case was
right, but you endeavored to aid the State and the Government in testifying
against a lawyer who,if the verdict in your case was a proper one, was guilty
of conduct which unfits him for membership of the bar of this State.
That conclusion is irresistible on the verdict rendered in your case upon
the evidence produced in this court, supplemented by your confession and
admission of guilt. I have not the slightest doubt that everything stated
by you in your confession as to your previous dealings with the attorney in
question was true, and because of that confession I direct the clerk of this
court to send to the Bar Association for such action as they see fit a certified
copy of the record in the proceedings in this court which resulted in the
conviction of this defendant.
Now, Rendigs, you have not previously been convicted of crime. I have
seen no man in this court that has satisfied me so completely of his complete
regret for the commission of a criminal act as you have. You not only
AuG. 23 1924.]
899
THE CHRONICLE
in the
confessed your guilt, but you have endeavored to aid the authorities
crime in connection with
prosecution of another person charged with
yourself.
in writing a comThe United States District Attorney has sent to me
that it was
munication in which he states you rendered to him every service
consideration at the hands of this
Possible for you to render and he asked
render.
Court in return for the service which you did
justified in suspending
In view of all the circumstances in this case I feel
in the city prison since
sentence upon you because you have already been
the close confinement there is equivalent to a
the early part of May and
institution. Sentence suspended.
much longer term in any other penal
Probation period, one year.
Signing of Anglo-Soviet Treaty in London—Proposed
Loan.
The signing at London of the Anglo-Soviet treaty and
trade agreement was effected on Aug. 8 after a breakdown
of the negotiations had been reported on Aug. 5. It was
stated at that time indeed in Associated Press cablegrams
from London that the treaty negotiations had collapsed with
the refusal of the Soviet representatives to accept an article
In the agreement which they insisted left the way open for
England eventually to demand compensation for foreign
property nstionalized by the Soviet Government. In other
words, the explanation said, It was a flat clash between
Communism and capitalism, although there had been many
evasive discussions of other features of Article XIV, which
the Russians found objectionable. In reporting the reaching
of an agreement on the 6th inst. the Associated Press cablegrams said:
on the question was resumed in the House of Commons on
Aug. 7, according to the Associated Press accounts, which
stated that the Premier, however, refused to yield one inch
to the onslaught and finally scored a victory when an amendment proposing adjournment of the House until the following day for further discussion of the question was defeated
by 157 to 77. Adjournment of the House until Sept. 30 was
taken on Aug. 7. From a copyright cablegram to the New
York "Times" from London Aug. 7, we take the following:
In the House of Lords a statement of the Government's position was made
by Lord Parmoor. Lord Curzon, who followed, described the whole incident as one of the most amazing in the annals of Parliament. Some sort of
arrangement with the Soviet had been trumped up. The preliminary treaty
it seemed to him was all give and no take. The claims of the British bondholders had not been settled and he saw no prospect of a settlement. The
whole thing was a farce, he declared. As to the war debts they were tolbe
written down, which was a synonym for written off. The upshot of the
negotiations was that the Government to save its face had made some sort
*****
of agreement, which was really an imposture.
Omits Mention of the King.
Speculation has been aroused by the fact that in the Anglo-Soviet treaty
there is no mention of "his Majesty the King," nor is there mention of the
United Kingdom nor the British Empire.
The "Daily Chronicle" points out that in the treaty with the Republic of
Austria which MacDonald signed last May the opening words were, "His
Majesty the King of Great Britain and Ireland and of British dominions
beyond the seas, Emperor of India and the Federal President of the Republic
of Austria being desirous, &c."whereas the Anglo-Soviet treaty is described
In the text as being between "Great Britain and Northern Ireland on one
hand and the Union of the Soviet Socialist Republics on the other hand."
.44
The "Chronicle" asks:
"Has Mr. Ramsay MacDonald droppedthe monarchy to please Soviet
Russia? Did the representatives of Soviet Russia refuse to sign a treaty
the
with his Majesty the King of the United Kingdom? And where is
British Empire? Has it been omitted because of the tender feelings on thelove for the British dominionsmatter of Rakovsky, who has no great
beyond seas?"
As a possible explanation of these omissions it is pointed out that the
rough draft of the treaty was hurriedly drawn up—in fact. only typewritten
copies of it were available in the Commons yesterday—and it is suggested'
the.
that when the treaty takes its final form it may be found to conform to
old usage.
After months of negotiations, a commercial treaty and a general treaty
have been arranged between Great Britain and Soviet Russia.
The proceedings in the Anglo-Russian Conference underwent a sudden
change this afternoon, following the announcement made yesterday of a
breakdown in the negotiations. This afternoon, just when the House of
Commons was preparing to listen to an explanation by Arthur Ponsonby,
Under-Secretary of State for Foreign Affairs, regarding the failure of the
conference, announcement was made by John R. Clynes, the Lord Privy Seal,
that this explanation had been delayed until a later hour owing to a prospect of the settlement of the issues involved.
Shortly afterward Mr. Ponsonby was able to announce, much to the surprise of members of the House, that the conferees had arrived at an agreeIn reporting the signing of the treaty the Associated Press
ment, and that he hoped a treaty would be signed to-morrow. Mr. Ponbecause the Imperial Gov- accounts of Aug. 8 said:
sonby admitted it had been a race against time,
ernment was anxious to reach a settlement of the controversy before ParBritish and Soviet representatives signed the Anglo-Soviet treaty-and
liament adjourned for the summer recess.
trade agreement at 6 o'clock to-night in a small room at the Foreign Office.
The Under-Secretary also explained the somewhat unorthodox methods There was no ceremony and only a few officials were present as visitors and
I 11.11i
,
PO
that had been used during the conference, inasmuch as the negotiations had newspapermen were not admitted.
been largely in the nature of conversations between himself and H. Rakovsky,
Premier MacDonald and Christian Rakovsky, the Russian' Charge
representative. He considered this method justified, how- d'Affaires at London, spoke briefly, both expressing gratification that the
the chief Russian
negotiations had resulted in what they regarded as a decided step forward
ever, if it advanced matters better than a formal conference.
In explaining that a commercial treaty and a general treaty had been in the relations between the British and Russian Soviet Governments.
the usual
Premier MacDonald and Arthur Ponsonby, Under-Secretary for Foreign
negotiated, Mr. Ponsonby said the commercial treaty followed
Affairs, affixed their signatures for Great Britain, while M. Rakovsky,
lines of such treaties.
"We receive unconditional most-favored nation treatment, and in return Adolph Joffe, M.Tomsk!and M.Scheinmann signed for:the Soviets.
Much discussion has been provoked by the fact that the'name of the
we admit the Soviet Union into our export credit scheme," he added. This
is the method under which the British Government finances foreign trade King is absent from the treaty, but to-night the likellhoodwas pointed to of
the King signing the treaty if it is ratified, as the Constitution requires:that
to a certain legalized extent.
t
The general treaty, Mr. Ponsonby continued, after reciting which of the this be done.
This raises the question whether succeeding British Governments will be
former treaties had lapsed and the few which had been renewed, made provisions for the definition of territorial waters. This question, however, he bound by a treaty omitting mention of the King,and seems to indicate that
Great Britain is leaning toward the American system of placing treaties in
said, must await international agreement.
i
llSso
With regard to miscellaneous claims, Mr. Ponsonby said an arrangement the hands of legislative bodies for ratification.
In the entire history of English treaty-making this will be the first:treaty
had been arrived at under which the claims were to be investigated and a
lump sum determined upon. Concerning property claims, both sides would to lack the monarch's signature, if it should be decided that it can become
appoint members of a commission to investigate them and arrive at a deci- law without it. The subject is creating a great deal of comment in London.
There has been an intimation in some circles that the Soviet'officials:were
sion regarding compensation. The principle adopted in the treaty was not
to reach a settlement in figures on different claims, but to get an admission not willing to sign a treaty bearing the signature of the British monarch...1
There is a provision in the commercial agreement that thel Dominions
In principle and the machinery created to reach a settlement.
"There is an unusual departure in the commercial treaty," Mr. Pon- may participate in it if they desire.
on foreign trade
sonby declared. "We are taking into account the monopoly
The texts of the two Anglo-Soviet treaties were issued at
held by the Soviet Government and we are granting to a limited number of
members of the trade delgation diplomatic immunity for themselves and London on Aug. 7, according to a cablegram (copyright) to
for the existing office of the trade delegation."
the New York "Times," which furnished the following deMr. Ponsonby told the House that the general treaty contained an admission by the Soviet Government of liability to the holders of Russian tails:
bonds and an assurance from the Soviets that they would negotiate with the
The first chapter of the general treaty deals with the existing-treaties,
bondholders.
some of which are recognized as obsolete and inoperative, whilkothers are
When Mr. Ponsonby began his statement it was understood that the legal regarded as still in force.
Ics Irs
experts of the conference had embodied in formal form the rough draft of
The second chapter solely concerns fisheries in waters contiguous to the
Rakovsky had initialed in its
the new agreement which both he and M.
northern coast of the Soviet Union. The three-mile-limit is recognized to
original form.
the extent that "citizens of the Soviet Union shall enjoy exclusive right of
Mr. Ponsonby expressed the hope that the treaty would be signed to- fishery within the distance of three miles from low watermark along the
morrow.
coast of the territory of the Union, as well as of the islands dependent
He told the House that the property claims would be investigated by a thereon," but also in waters in the White Sea that lie to the southward of
and that, when all of these matters of property and of parallel of 67 degrees 40 minutes north latitude.
mixed commission
the interests of the bondholders had been satisfactorily arranged, the BritThe most important chapter is the third, which deals with claims and the
ish Government would submit to Parliament a proposal guaranteeing a loan conditional promise of a loan. The Soviet Government does not withdraw
the decree by which in January 1918, it repudiated the debts of the Russian
to Soviet Russia.
Under strong pressure from the Conservatives and Liberals the Govern- Government. It declares, however, that "by way of exception they will
consented to adjourn the debate on the agreement until to- satisfy" in the conditions prescribed in the present treaty) the claims of
ment to-night
,
morrow. This action was taken notwithstanding excited protests on the part British holders of loans issued or taken over or* guaranteedv byt the former
Imperial Russian Government or by the municipalities of towns in the
of some of the Laborites.
Christian Rakovsky, head of the Soviet delegation. and his colleagues, territory now included in the union payable in foreign, non-Russian curmany of whom were said to be preparing to return home following the an- rency.
nounced complete breakdown in the discussions yesterday, returned to the
At the same time the British Government recognizes that the financial
Foreign Office this afternoon. It was said that drafting committees were and economic position of union renders impracticable full satisfaction of
these claims. The Soviet Government agrees to meet claims "other than
attempting to draw up new formulas to put before M. Rakovsky.
Before Mr. Ponsonby made his statement it was understood that the draft- holdings which were acquired by purchase since March 16 1921, and were in
Oft b.tie,
ing committee of the conference had reached a complete agreement covering other than British ownership on that date."
.countries, on the basis of a new
There will be negotiations between parties concerned, then the terms will
the vital points in dispute between the two
dealing with the question of the disposition of nationalized property be subject of agreement, provided the British Government is satisfiedrthat
formula
:
the terms have been accepted by the holders "of not less:than one-half of
in Russia.
NNW
'
The proposal of Prime Minister MacDcnald to sign forth- capital values of British holdings in loans."
All claims, counterclaims, debts and loans relating to the period.between
with the treaty between Great Britain and Soviet Russia the beginning of the war in August 1914, and de Jure recognition of the
drew a vigorous attack from the Opposition when the debate Bolshevist Government in February of this year are reserved or put into
•
900
THE CHRONICLE
cold storage. This includes the Russian war debt, the Bolshevist intervention claims and private claims for damages.
On this follows an obscure clause which refers to the admitted preponderance of claims of British Nationals." During these ten years and to
ultimate payment by the Soviet Government of a lump sum for distribution
among the claimants a joint commission shall assess these particular claims.
Article 10 deals with the important question of compensation to British
Nationals for property nationalized or canceled by Soviet decrees. The
Soviet Government promises to negotiate with British owners. A commission will assess the validity and amount of the claims. Members of the
commission may present separate reports. Then finally, when thsee negotiations are concluded and the various commissions have come to agreement, results of the agreements shall be incorporated in a treaty. When
this treaty is signed the British Government "will recommend Parliament
to enable them to guarantee interest and sinking fund of a loan to be issued"
by the Soviet Government, but the treaty will not come into force until the
loan is guaranteed.
It is important to note that provisions of the whole of this chapter on
claims and loans are described in Article 13 as "a single and indivisible
unit."
The commercial treaty confers exceptional privileges on the Soviet Government and their representatives in this country. The British Government
recognizes the Soviet Government's monopoly of foreign trade and grants
not merely to their Embassy but to their trade delegation diplomatic privileges and promises to the trade delegation extra-territorial rights. Immunity is thus secured to various buildings now occupied by the trade
delegation in London and it may be extended to others that they may take
over in the future.
A curious clause in the important Article 2 declares that the Soviet Government "assumes responsibility" for transactions of the Soviet trade representative and agrees these transactions shall be subject to British laws and
courts, yet "In view of the responsibility of these transactions which is
assumed by the Government of the union neither it or its representatives
will be called upon to give security for complying with orders of courts."
British merchants will thus have to deal in the case of the Soviet Government with a trader enjoying diplomatic immunity. The commercial treaty
contains most favored nation clauses. The nationals of each country resident in the other will be subjected to national treatment.
Finally, the Soviet Government reserves to itself a monopoly of the
Russian coastal trade, though in the Black Sea it has already made an exception in favor of Italy. It also registers in a supplementary declaration its
claim to the Russian Navy and to all ships of the Russian commercial fleet
In whosoever's hands these may now be.
In further advices from London (Aug. 12), copyright. the
New York "Times" said:
It Is officially announced that the final meeting of the Anglo-Soviet
[Vox. 119.
Sir Eric Hambro is quoted as saying that he considers the agreement impossible. J. Beaumont Pease says the granting of a Russian loan at present
out of the question.
"It would be impossible to float such loan in the financial district without
the guarantee of the British Government," says Lawrence Currie. "No
banker would undertake to underwrite it while no investor would subscribe."
Sir Arthur Steel Maitland says:
"The whole program is so nebulous that such a treaty can hardly tall
to bring us discredit in political and financial fields alike."
Reference to the conferetwe at which the signing of the
treaty was effected appeared in our issue of July 19, page
267.
Heir to Russian Throne Decries Loan to Soviet—
Grand Duke Cyril Vladimirovitch Warns British
Advance Will Be Repudiated by Nation.
The New York "Herald Tribune" published Aug. 21 the
following copyright cablegram from Berlin Aug. 20:
The New York "Herald Tribune" learned to-day that Grand Duke
Cyril Vladimirovitch, cousin of the late Czar, who heads the legal order of
succession to the Russian throne, has issued the following proclamation
from Coburg, where he is living:
"During the last few days. like all Russians faithful to the fatherland. I
have learned with great amazement that the Government of Great Britain
has signed an agreement with the tyrannical oligarchy which seized power in
Russia. In this agreement, among other things, a large loan is promised
the Soviet Government.
"As legal heir to the Emperors of all Russia, I consider it my duty to
declare clearly and firmly,so that all may hear the following:
"If I had so much as a ray of hope that the impending loan would be used
for the restoration of devastated Russia or succor her starving people, I
should welcome this help with delight, without consideration through the
hands of what Russian Government is passed.
Condemns Soviet Objects.
"But for me and for all Russians there can be no doubt whatever that
the loan is being concluded, not with the object of helping and benefiting the
Russian people, but only to strengthen and prolong the term of government
of enslavers of the nation and give the Third Internationale the possibility to
continue its destructive propaganda in Europe, Asia. Africa and America.
The object of this propaganda is world upheaval—that is to say,the ruin of
Christian civilization and the plunging of the entire earth into the dark
abyss of barbarism, pauperism and serfdom to the advantage and satisfaction of only a small group of fanatics and dissolute group of men who
have lost honor and conscience, and hope to exploit this upheaval for the
gratification of their cupidity and vicious appetites.
"Every nation is under obllgation honestly to pay its international debts
when once the loan has been concluded or covered by the guaranty of its
government. Money received for its needs benefits the country, whether
for works of defense, development of lines of communication, economic
life, public welfare or other similar purposes.
conference was held to-day at the Foreign Office under the Chairmanship
of Arthur Ponsonby, Under-Secretary for Foreign Affairs, in order to clear
up one or two points which had been left outstanding after the signature of
the treaty.
M.Rakovsky stated that the Soviet delegation had already made a translation of both treaties, and Mr. Ponsonby agreed to appoint experts to
check this translation.
M.Rakevsky took this opportunity to refer to certain political questions
which lie outside the sphere of the present treaties, and in the proceedings
which followed he read declarations representing the views of the Soviet
People Are Enslaved.
Government on the subject of disarmament and territorial arrangements
"But in the present case financial resources from the realization of the
of the peace treaties.
loan will pass into the hands of a government,recognized, it is true, by alAt the close of the session satisfaction was expressed on both sides at the most all Europe but not recognized by the Russian people, and Europe well
successful issue of the negotiations.
knows what I maintain hero is true. Blood which the best sons of Russia
From Moscow, Aug. 10, the Associated Press announced shed every day ofterrorism attests this declaration as a seal and confirms the
authenticity of my signature on this document. Thus. I again declare the
that an official communication issued that day announcing Russian people have not recognized and do not now recognize the Communist authority, and see in it not their own government but only actual force
the signature of the Anglo-Russian treaty said:
—malign force, which has taken advantage of their temporary weakness to
This treaty brings us nearer the realization of an agreement recognizing enslave them.
the Soviet as a new form of political, social and economic regime and consti"For this reason I promise that the British loan which is now talked about
tutes one of the principal events in the foreign policy of the Soviets and will not be recognized by the free Russian nation as binding on itself as a
consequently in the history of the international relations of our times.
debt payable by interest redemption. When there is set up a government
corresponding to the needs and ideas of the Russian people,then Russia will
It was furthermore stated:
again become Russia.
The communication also declares the special agreements entered into will
Loan Not Recognized.
form "an indivisible whole, together with a bill guaranteeing a loan," and
"I will not, in this document, which is addressed to foreigners, discuss the
that the concessions eventually granted to former holders of nationalized question of whether this Government will be monarchical or republican, for
property will be based on strict business calculations and will not be handed that we Russians will settle exclusively among ourselves. But whatever
over unless they are really advantageous to the Soviet Republic.
the form of Government may be in liberated Russia, this Government will
be national, will not fear the nation,
We likewise quote from Associated Press advices from support itself as a nation. And suchand will not shed its blood ,but will
a national Government will not be
MOSCOW Aug. 11 the following:
willing, indeed will not be able, will not dare, to recognize as binding on
Itself this loan or other transactions which the Government of Great Britain
The Moscow newspapers attribute the renewal of the Anglo-Russian
negotiations and their successful conclusion after a temporary breakdown now promises to the most nefarious enemies and executioners of our unhappy
to the important place which Soviet Russia holds with British capitalism. Russia.
The fate of this agreement is now in the hands of the Parliament and
Declaring that Soviet Russia would never agree to accept loans under
people of Great Britain. They will decide this matter according to the dicconditions similar to those which the Allies were imposing on Germany, the
tates of their reason and conscience. Butt have given my warning,and thus
official newspaper "Izvestiya" says:
fulfilled my duty toward the Russian nation and toward the memory of my
"There is no need to contrive for schemes like the Dawes plan. We have
anointed ancestors."
our own task, namely, to create an economic plan for the Soviet union.
Our plan needs no alien aid to help it along."
Flaws in English Treaty with Russia—Looked Upon
According to advices from London Aug. 16 (Associated
as Attempt to Avoid Admission of Failure—
Press), Lady Ellen Askwith has called upon British bank
London Will Not Lend Money on Such Terms.
depositors to boycott those banks which may help in floatThe following from London appeared in the "Wall Street
ing the proposed loan to Soviet Russia in case Parliament
Journal" of Aug. 8:
acts upon Premier MacDonald's request that the GovernParliamentary fight disclosed flaws in the hastily drafted treaty with the
ment guarantee such a loan. The same advices stated:
Russians. Treaty is a slipshod attempt on the part of the Labor Govern'Arty Ellen, who is connected with the National Citizens' Union, organ- ment and Rakowsky to avoid mutual admission of failure to reach financial
ized to fight Communism in England, has been especially active in battling settlement with Soviets. City is not concerned because it does not intend
against the Communist Sunday Schools, which prejudiced youth against
the church.
In a letter to the daily press, she calls upon the taxpayers to protect
themselves against further burdens by making it impossible for the bankers
boItake a hand in financing Bolshevism.
Previous indication that there was opposition to a proposed Russian loan was furnished In the following from
London Aug. 9 published in the Brooklyn "Eagle':
The proposed British-Soviet treaty, with loan accompanying, has elicited
much unfavorable comment from leading British financial and political
experts.
to lend money on such a flimsy agreement.
There will be no repayment of Czarist money or loans until real differences
with bondholders are settled subsequent to negotiations. British official
circles are equally severe in their judgment of this treaty. A prominent
official told the correspondent of the "Wall Street Journal" "the favored
nation clause means nothing with the Russians because business would be
Impossible if we merely granted the treatment they give their own nationals.
Soviets cannot hope to get more than £3,000,000 export credit and advance.;
on bill discounts and no loans from the City. It is a dangerous concession
giving part of the Soviet trade delegation a diplomatic immunity privilege
which other nations, including America, do not get."
Rakowsky abruptly climbed down after revisiting the Foreign Office.
City bankers remain skeptical, saying agreement must be political rather
Aua. 231924.]
THE CHRONICLE
than economic. Joffee told the "Wall Street Journal" the Soviet Government will not relax its foreign trade monopoly.
901
The concessionaires paid the Government $100,000 for ore lying on the
surface of the earth and has undertaken to spend 8150,000 in five years in
exploration work and building smelting and other plants. The concession
is to run for a period of thirty-five years and the Government has reserved
to itself the sole right to purchasetheentire outputof the minesformarket.
In the days before the war the mines in this vicinity were successfully
worked. In 1911 the output was 25,000 tons ofzinc,4,500 tons of silver and
lead ore and 72 tons of copper ore. The mines were owned by Germans.
Anglo-Russian Conference Costly to Great Britain—
Russians Paid Their Own Way, but Allied
Delegates Cost £500 Daily.
The following Associated Press cablegram from London
Gen. Dawes's Speech Accepting Republican NominaAug.8 appeared in the New York "Times":
tion as Vice-President--Attacks Radicalism of
Bolshevist
The signing of the Anglo-Soviet treaties brings to an end the
Senator La Follette.
months' stay in England, but, unlike the Allied and
delegation's four
German missions here for the conference on the Dawes plan, the expense
Charles G. Dawes, in accepting, in a speech at Evanston,
accounts of the Russians for living quarters and entertainment were not
111., on Aug. 19, the Republican nomination for Vice-Presipaid by the British Government.
Early in April the Labor Government offered the Soviet delegation dent of the United States, devoted his remarks to three
the customary diplomatic hospitality. The Moscow authorities may have issues—the fundamental principles of the Constitution, the
anticipated overstaying the welcome in London if the delegates came as
guests, and expressed the wish that the Russians be permitted to defray League of Nations and the World Court. He referred to the
their own expenses. Consequently the Soviet Government footed the campaign as one of domestic issues, and described it as "a
hotel and entertainment bills throughout the four months.
of brass tacks, not bombast." Attacking radicalIt is stated that the Allied diplomats, however, are costing John Bull's campaign
taxpayers £500 daily. A very small share of that sum is spent on the ism, General Dawes declared that the Republican Party,
Americans, for only two or three overseas experts are here for the con- "under the leadership of President Coolidge, has taken its
ference. The French, however, have a delegation of more than sixty.
stand firmly upon the Constitution of the United States, and
while the other Allied Powers have sent large delegations.
The chief delegates stay at the finest hotels, have a fleet of limousines all know where it stands. Opposed to it," he continued,"and
to carry them to and from Downing Street, and would have opportunities in reality its chief opponent, though the result of the effort
to attend many entertainments and social functions if the Conference
may be to deadlock the contest for the Presidency and make
sessions did not last from early morning until late at night.
Even in the conference room the diplomats enjoy British hospitality. Bryanism succeed the Coolidge policy, is a movement of
affairs
They have their tea at 4 and when the sessions stretch into all-night
untried and dangerous radicalism." "Robert M. La Folrefreshments are served and charged to John Bull.
lette," said General Dawes, "leading the army of extreme
radicalism, has a platform demanding public ownership of
Soviet Treasury to Retire Obligations—Government
our railroads and attacking our courts, which are a fundaIssued 85,000,000 in Bills against Outstandi ngs
mental and constitutional safeguard of American citizen—Totaling 250,000,000 Rubles.
ship." "Neither President Coolidge nor his party platform,"
The New York "Commercial" reported the following from said General Dawes, "assumes that the Constitution of the
Washington Aug. 12:
United States is an outworn document of old-fashioned ideas
TwoTadditional issuesiof Treasury bills have been recently authorized
to be discarded for the principles of the new Socialism." In
by the Soviet Government, one of 35,000.000 rubles on July 1 and a second
League of Nations, General Dawes
of 50,000,000 rubles on July 23, according to a cable from Minister F. W.B. his reference to the
Coleman. Riga, Latvia. Of the first amount 19,000,000 rubles are issued stated that "however noble may have been its intentions,"
to replace the railroad certificates which are to be retired, and 16,000,000
it was "not approved by the people of the United States
rubles to purchase chernovets currency in outlying districts and to cover
budget deficits. The total amount now outstanding is 250,000,000 rubles. because it did not make clear to their minds that it did not
The amount of chernovetz outstanding on July 20 1924 is stated by the encroach upon the sovereignty and the power and right of
Commissariat of Finance to be 408.500,000 rubles, of which 300,301,000
independent decision of the United States as to its own duty
rubles are actually in circulation.
An additional issue of 100,000,000 rubles in chernovets and 50,000,000 and action under all circumstances." "The Republican platrubles in Treasury bills is to be made before Oct. 1 to finance the moving form," asserted General Dawes, "is right in assuming that
of grain.
the United States in its own interests and the interests of
the world, if it is to play its part and perform its duty in
Reds Declare Secretary of State Hughes Is Fighting
international matters must do so outside of membership in
Soviet—Moscow Paper Says He Seeks to
the League of Nations." General Dawes observed that under
a Coalition against Russia.
Organize
President Harding and President Coolidge there has been
New York "Times" reported the following from MosThe
urged upon the nation membership in the World Court, and
cow Aug. 13:
he contended that "in the propositions of President Coolidge
article entitled "Big Artillery against the Soviet Federation,"
In a special
in connection with the World Court, there is safeguarded
the Soviet newspaper "Izvestia" charges American Secretary of State
the sovereignty of the United States and its interests." RefHughes with attempting to organize a coalition against Soviet Russia.
Characterizing Mr. Hughes as "a maniac," unable to speak of Russia "in erence to the Dawes reparations plan was made by General
cold blood," the newspaper declares: "A struggle with Bolshevism is the
who remarked that had it not been for the "attitude
chief object of Hughes's present policy, and he is ready for everything in Dawes,
order to attain his ends."
of President Coolidge and Secretary Hughes toward the exThe newspaper asserts that the foreign press agrees that the real aim of pert committee Europe might not to-day be facing away
the American statesman's visit to Europe was to prevent the establishment
of better relations between Soviet Russia and other countries. It cite* from the chaos and hatred of war. "With the experts' plan
various alleged activities to that end on his part in Great Britain, France Inaugurated," he added, "France, England, Germany, Italy,
and Germany.
Belgium and all Europe turn toward a new and peaceful
On the same date (Aug. 13) special advices from Washing- life, with hope and happiness, rather than despair, in their
bon to the "Times" said:
hearts and prosperity ahead. The United States will be
Reports from Moscow that Secretary of State Hughes made his latest saved from the depths of an inevitable and great depression
Europe primarily to work against Soviet Russia and prevent Eurovisit to
industry and agriculture, which the continued chaos and
pean Governments from concluding treaties with Moscow, were branded In
by officials here to-day as "nonsense." It was said that if that were his misery of Europe would entail. Indeed, the whole world
purpose he was not successful, since the treaties between Russia and Great enters upon a period of peace and prosperity." The speech
Britain were concluded just on the heels of the American Secretary's visit.
It also was recalled that when Premier Herriot of France notified the of General Dawes follows in full:
American Government of his attitude toward the question of Russian recognition, and it was suggested that Mr. Hughes would use his influence to
prevent France from recognizing the Moscow Government, the Coolidge
Administration made it plain that it understood fully the impropriety which
woulc attach to any such action, even though it were desirous of preventing
French recognition.
Soviet Gets Trade Pact with Hedjas.
The following from Jerusalem, Aug. 20 (Jewish Telegraphic Agency), appeared in the New York "Journal of
Commerce":
King Hussein of Hedjas concluded a peace treaty establishing diplomatic and commercial relations between Hedjas and Soviet Russia, according to information received here to-day from Mecca. Hakim Khan was
appointed Minister of Soviet Russia in Mecca.
Soviet Russia Grants Big Mining Concession.
An Associated Press cablegram from Moscow, Aug. 20,
published by the New York "Journal of Commerce," said:
A mining concession for zinc, silver, lead and copper at Tyutikha Bay,
in the Priamur District. has been granted by the Council of Commissars
to the Vladivostok firm of Briner & Co., in which the Becos Engineering
Corporation of England has an interest.
Mr. Chairman, Members of the Committee, Ladies and Gentlemen:
I accept the nomination of the Republican Party for the office of VicePresident, of which you now formally notify me.
The formal notification of the candidates of the political parties has
established the custom of discussion by them of the issues of the campaign.
This campaign is a campaign of domestic issues, and in the campaign
I shall try to discuss them fully, but I cannot cover them all in one speech
and say what I want to say. Political issues in the UnitedStates have
become too serious to trifle with, and its citizens realize it. The discussion
of facts and truth is demanded, and that takes time. This is a campaign
of brass tacks—not bombast.
This Administration has reduced the cost of Governmental operation and
it was not an accident. It did this by firmly assuming executive control of
the business organization of Government and by hard work—not by oratory.
As a result, under our new tax law, approximately six million dollars per
day less, for national purposes,will be collected in 1925 from the tax-payers
than for the fiscal year of 1921, and our public debt has been reduced during
the budget year, under this Administration,in the sum of$2,722,396,331 49.
In 1921, the last pre-budget year of the cost of Government collected in
national, State and municipal taxes after debt payments, our Federal
expenditures were 59% and those of the States, cities and towns 41%, but
in 1923 the Federal Government took only 28% of the taxes and 72% was
spent by the States, cities and towns.
These figures indicate that in the matter of economy and tax reduction.
the Federal Government is headed in the right direction, and most of the
States, cities and towns of our country in the wrong direction.
902
THE CHRONICLE
The Administration in lowering the enormous amount of Federal taxation
has lessened the drain from the pockets of the people and from the capital
actively employed in productive industry.
President Coolidge, with fearless common sense and full knowledge of
the facts and circumstances surrounding important decisions, endeavors to
do the right and wise thing in the interests of the nation, uninfluenced by
motives of political expediency.
He courageously recommended the recognition of right principles in the
tax reduction bill, indifferent to the demagogues who represent to the unthinking that those who lightened the burden on their backs sought to
betray them in the method of unloading. But statesmanship, braving temporary criticism and misrepresentation of right purpose, is always decorated with the eventual vindication which comes with full understanding
on the part of the public.
This subject of public economy, the subject of relief from taxation and of
an adequate tariff for the protection of our national prosperity, I will discuss upon other occasions. The nonpartisan and economic agricultural
question is a national question of such vital importance and so affecting
national welfare that it demands fuller consideration than is here possible.
I shall discuss it in my speech at Lincoln. Neb.. on Aug.29.
Three Issues.
I will, therefore, cover, however shortly, in this speech of acceptance,
only three issues: one which I deem of the utmost importance and two
others—the League of Nations and the World Court.
It is in the heart and conscience of our people that great issues are defined
and politicians align on them, but have little to do with selecting them.
A formidable attack has been launched on the fundamental principles of our
Constitution and elemental things like this must be fought out.
[VOL. 119.
the red flag: and into what? Into confusion and conflict of ideas and ;deals
and into the reopening of war upon those fundamental principles of human
liberty and the inalienable rights of men which are giving in this country
safety and opportunity to the humblest, and to establish which the blood of
our forefathers was shed. This is the predominant issue in this campaign.
League of Nations.
The League of Nations, however noble may have been its intentions, was
not approved by the people of the United States because it did not make
clear to their minds that it did not encroach upon the sovereignty and the
power and right of independent decision of the United States as to its own
duty and action under all circumstances.
While many men after study believed that the League of Nations did
not encroach upon the sovereignty and right of independent decision of the
United States, the fact that there was a just doubt as to this stamped the
plan as one which could not be accepted by the citizens of the United
States.
Our people by an enormous majority in 1920. fearing entanglement in
foreign difficulties, properly decided that they would not trust their future
to a document involving a question so momentous, which needed a lawyer's
explanation to be read with the instrument itself. And that mandate of the
people, so clearly and forcibly,expressed, must be respected and obeyed.
Perhaps if those who drew the League of Nations plan had felt it incumbent upon them to make its exact meaning as clear to the average man as
to those who drew it, the United States might have been spared the immersion for five years in the immense fog bank of the debate upon the League of
Nations. But they did not do so.
The Republican platform is right in assuming that the United States, in
its own interests and the interests of the world, if it is to play its part and
perform its duty in international matters, must do so outside of membership in the League of Nations.
The position taken by the Democratic platform upon the League of
Nations is an invitation to again enter that fog of debate in a public referendum, for which there exists neither law nor procedure, which means that
the program of the present Administration of constructive action for the
United States in Its foreign relations, becomes paralyzed in a time of crisis
in the world's affairs, when action rather than debate is demanded in the
interests of all civilization.
In the United States, in regard to the question of foreign relations, general public opinion seems to have settled upon two fundamental principles—first, that whatever be our form of contact and conference with
foreign nations, the independence and sovereignty of the United States,
with the right to determine its own course of action, must at all times and
under all circumstances, not only be preserved by it but recognized by all
other nations; and,secondly, that, with its sovereignty always unimpaired,
the United States should undertake to meet its international duties unflinchingly, exhibiting no moral cowardice and welcoming, in the interests
of universal peace and progress, that contact with other nations by which
alone relevant facts can be fully developed and common sense methods
adopted for the solution of questions of common interest.
With these two great principles im mind, and taking things as they were.
the present Administration, under President Harding and President Coolidge, entered upon a constructive policy for the United States in its international relations, which is giving our nation its place of leadership in the
betterment of the world.
The four-pact naval treaty was the first great accomplishment of this
policy, insuring peace upon the Pacific, reducing the burdens of taxation
upon the peoples by stopping competitive increases in navies, and creating
a precedent for dealing with the question of international disarmament in
the future.
Fundamental Principles of Constitution and Radicalism.
One party—the Republican Party, the party of progressive conservatism,
under the leadership of President Coolidge, has taken its stand firmly upon
the Constitution of the United States and all know where it stands. Opposed to it, and in reality its chief opponent, though the result of the effort
may be to deadlock the contest for the Presidency and make Bryanism
succeed the Coolidge policy, is a movement of untried and dangerous
radicalism.
With a platform drawn by one man, designed to soften as much as possible the apprehensions as to what the movement really means,an attempt is
movement really means, an attempt is made to induce those who are patriotic at heart but disconcerted with existing conditions, to join with the
Socialists and other diverse elements opposing the existing order of things,
in a mobilization of extreme radicalism. A man is known by the company
he keeps.
In the words of the Associated Press of July 7,"The National Convention
of the Socialist Party of America formally enrolled under the La Follette
Presidential banner." What is this banner which confronts the flag of the
United States, upheld by President Coolidge and his platform? In answer,
I quote from the same dispatch of the Associated Press, from a telegram
sent by Eugene V. Debs,reading in part:
"I think it wise for our party to make no nominations under the circumstances, but at the same time to hold the Socialist Party intact, adhere
rigidly to its principles and keep the red flag flying."
Says the Associated Press further: "The Debs sentiment echoed the opinions expressed in the debate by such party leaders as Morris Hillquit of New
York, Representative Victor Berger of Wisconsin and Mayor Daniel
Roan of Milwaukee." Here is the battle alignment and here are the flags.
Lying between these two armies of progressive conservatism and of radicalism, which are properly aligned upon this issue in the minds and consciences of the American people, is interposed the Democratic Party, with
one conservative and one radical candidate on its ticket, hoping to get
Reparations Plan.
votes by avoiding the issue.
It was in pursuance of this constructive foreign policy also, when the
In this situation, for which the American people alone are responsible,
the Democratic Party, as a party, instead of recruiting itself from the two Allies resolved to summon an expert committee—a course which Secrebattle lines, will suffer only the fate which befalls those who try to straddle tary Hughes had long before recommended—to prepare a plan which might
form a basis for the settlement of the reparations problem that President
in a real fight.
We are face to face with an abnormal condition in this country, existing Coolidge and Secretary Hughes approved the invitation of the Allies to
because of lack of respect for law, caused in part by widespread demagogy Americans to assist in the work.
They not only approved this call of the Allies from distressed Europe that
in legislative bodies, in part by the weakness of many of those commissioned
to execute the law and in part by the existence and activities of aggressive Americans assist in its time of great crisis, but gave specific advice as to
the men to be invited, thus giving them, in the eyes of Europe, as they
minority organizations behind selfish purposes.
Mi
In Congress during the last few years the American citizen has heard had, in fact, the background of the Stars and Stripes and the American
more demagogic utterances than have ever before characterized it. He has people.
Our opponents have referred to this as an act of cowardice. Upon what
seen men running for Congress and the Senate, advocating in the same
State at the same time and irrespective of their inconsistency, increased theory was it an act of cowardice? If the work of that mission was not now
wages for railroad labor and decreased railroad rates and higher prices recognized as having been of some assistance, or if the experts' plan had
signally failed to offer anything of'value to the world. President Coolidge
for beef on the hoof and lower prices for beef on the table.
It is not too much to say that from the average candidate for office, in and Secretary Hughes would have been denounced as men who had hueither party, he must accept either evasion or a doctrine designed to please miliated their country instead of endeavoring to put it in its proper and
him and appeal to his prejudices, irrespective of whether or not it tends to helpful place with the fearlessness which should adorn strength and the
Christian purpose which should glorify It?
plunge the whole country into disaster.
If the President and the Secretary of State had evaded this duty and preHe has seen the disposition on the part of political leaders and officecipitated the question of official representation for debate, delay and nonholders to condone in minority organizations acts of lawlessness. He has
witnessed the stealing on the part of candidates, of the habiliments of a action into the United States Senate, the United States would have had no
part in the last desperate but successful effort to find a common ground
conservative party for election purposes, and then, after election, the
of agreement for a new peace in the world, if indeed, but for their action,
betrayal of that party to those arrayed against fundamental principles of
there would have been any agreement at all.
the Constitution.
Had it not been for this attitude of President Coolidge and Secretary
The average man, with his sense of fair play, despises and condemns the
Hughes toward the expert committee, Europe might not to-day be facing
man out to catch votes under false pretenses, and he feels that the desire
away from the chaos and hatred of war. With the experts' plan inauguof politicians to get votes in this way is endangering the fundamentals
rated, France, England, Germany, Italy, Belgium and all Europe turn
of this great Republic.
toward a new and peaceful life, with hope and happiness rather than despair
As the enemies of the existing order of things group themselves for battle,
in their hearts and prosperity ahead.
the average good citizen knows that the elemental principles for which his
The United States will be saved from the depths of an inevitable and
forebears fought are at stake.
great depression in industry and agriculture which the continued chaos and
He demands a strong leadership, standing on the Constitution and movmisery of Europe would entail. Indeed, the whole world enters upon a
ing forward with law and order, common sense and high purpose, to comperiod of peace and prosperity.
bat strong leadership tending toward disintegration"
Foreign Policy.
He has this in Calvin Coolidge and the platform on which he stands.
Neither President Coolidge nor his party platform assumes that the ConUnder President Harding and President Coolidge, again in pursuance of
stitution of the United States is an outworn document of old-fashioned this constructive foreign policy, there has been urged upon the nation memideas to be discarded for the principles of the new socialism.
bership in the World Court. What a confused mass of argument, pro and
con as to our entrance into the World Court has been created not only by
R. M. La Follette Leading Army of Extreme Radicalism.
Robert M. La Follette, leading the army of extreme radicalism, has a the political demagogues but by some profoundly wise men.
What, again, are the fundamental propositions which will determine
platform demanding public ownership of railroads and attacking our courts
which are a fundamental and constitutional safeguard of American citi- eventual public sentiment in the matter of our adherence to the World
Court? As I said before, the people have in their minds principally but
zenship.
Our nation is asked to leave important constitutional moorings to embark two things in regard to our foreign policy—first, they do not want any
again into those contests through which it has fought up to the establish- impairment of the right of sovereignty of the United States or its right to
ment of good government. Through the War of the Revolution, through make a decision as to its own interests by itself; and, second, with that
the Civil War, and through the World War, our people have struggled to settled, they want the United States to do its duty in its international
relations.
establish and maintain our constitutional principles.
But in the propositions of President Coolidge in connection with the World
They are asked to follow into an attack upon them, massed behind an
aggressive personality, a heterogeneous collection of those opposing the Court there is safeguarded the sovereignty of the United States and its
existing order of things, the greatest section of which, the Socialists, flies interests.
AUG. 23 1924.]
-
THE CHRONTC,T,E
903
In the fog of the argument to which the people of the United States are
asked to listen on this subject, they want to keep clearly in mind that
even when we join the Court we are not compelled to submit a case to it
if we do not wish to do so. If any particular case is one where our national
interests seem to forbid legal arbitration, we are not round to resort to the
Court.
Because we help build the courthouse, we do not lhaveto try any cases
In it, unless at the time, in any particular case, we desire to do it. But we
must remember that sometimes when a house is built it may be a very convenient thing to go into to avoid rain and lightning. Yes and probably
avoid the thunderbolts of war.
It is to our national interests and the interests of the world to have a court
to use if its use is mutually desired by two nations in a given case.
These simple thoughts upon the World Court and the obligations which
we would assume by adherence to it are sufficient to relieve us from any
fears of the bogymen and the smokescreens thrown up from behind political
fences by the men who would drag this question of high purpose, of clear,
simple and plain duty into the mire of political demagogy. International
problems are always susceptible of clear statement when thoughts of political expediency as to form of statement give way to the desire to plainly
set forth truth.
Here we are, the greatest and most powerful nation on the face of the
earth,'possessing the capacity for world leadership. There may be people
in the United States who fear that our representatives, when sent abroad,
are not the peers in patriotism and sense of duty,in ability and independence
of character of those whom they meet; they may believe that we should
have a "crawfish"foreign policy; but the great majority feel that to whatever
conference in foreign matters, which involves the interests of the United
States, our representatives may be sent, they will ably and fearlessly uphold the honor of the American people and the American flag.
The American people are a proud people. They will tolerate no leadership which will surrender an iota of their independence or sovereignty to
any other nation or combination of nations. Such an action on the part
of any of our representatives would be regarded as treason and dealt with
accordingly. But the man misjudges the temper and the fibre of American
citizenship who maintains that it is not as fearless in trusting its representatives in any conflict of peace as it is in trusting its youth behind the flag
of war.
To morally rot in a policy of national isolation rather than to cleanly
contest in those mental battlefields in which qUestions must be solved for
the advancement of civilization, both here and abroad—is that the temper
of the American people? I think not.
The Republican platform on foreign relations outlines a policy which,
carried out with the common sense, clear vision and courage of Calvin
Coolidge, offers the American people a constructive course of honor,safety
and progress for its own and the world's good. It offers the only policy
which, at the present time, means the possibility of accomplishment.
In the matter of our foreign policy, therefore, the two major parties, in
their platforms, have made an issue to be decided by the American people.
The Democratic Party asks them to turn back with them into the morass
ofthe debate on the League of Nations through a public referendum,thereby
paralyzing the hope of constructive action and policy in this time of an
existing world crisis.
The Republican Party asks them to abandon the debate upon the question
of the League of Nations, which they have already decided, and to stand
by the common sense and constructive foreign policy of President Coolidge
and the Republican Party, which is placing the United States in that proud
position of world leadership for which she has been designed by Providence
and from which she can be debarred only by reversion to political expediency.
This year the American people are not seeking the rough uncertainty
of a detour. They prefer to travel the main,long-traveled permanent highway so plainly marked by the Constitution of the United States, symbolized by the Stars and Stripes.
The great majority of the American people believe in party control in
the affairs of government, because they know what has been accomplished
by organizations in all fields of human endeavor.
In 1920, some of the people, not thoroughly acquainted with the magnitude of the task, believed that the Republican Party, within a few months,
would bring about a complete and permanent readjustment of our national
affairs at home and abroad. Those who may have become impatient at
delay when obstacles were met which retarded or thwarted the plans and
purposes of the Republican Administration since March 4 1921. should
recall that it took Moses, with the active help of the Almighty, some forty
years to lead the chosen people from the land of bondage to the land of
promise.
Warren G. Harding ably carried the cares and performed the duties of
Chief Executive for some two and one-half years, until, worn and exhausted,
his noble spirit passed to that undiscovered country from whose bourne no
traveler returns.
By the light of a kerosene lamp, in the farmhouse of his father, on the
Bible of his mother. Calvin Coolidge took the oath of office.
From such a home Calvin Coolidge came to be President, to give his
wide experience and his best efforts to the administration of government
for the welfare and happiness of all, rather than a part of this great nation.
The people now know that Calvin Coolidge knows the value of the taxpayers' dollar better than they do themselves. Countless thousands of
men and women earnestly wish they possessed the courage to say "No"
and thus protect the family pocketbook as the President has protected the
Treasury of the United States.
No better resume of efficiency and economy in government and the lessening of the national debt can be found than is contained in the address of
President Coolidge of June 30 to the business organization of the Government, supplemented as it is by the response and report of General Lord,
the present Director of the Bureau of the Budget. If all thoughtful citizens
would but read these records of achievement, now published by the Government in pamphlet form, they would with one accord exclaim "Eureka!
We have found in the present Republican Administration the salvation of
our nation's future welfare."
The delegates to the Republican National Convention. at Cleveland, on
June 12 of the present year had Co other boss than that of the expressed
will of Republicans who had directed them by an overwhelming primary
vote to nominate Calvin Coolidge for President of the United States. This
that convention did with full assurance that the thinking people will elect
him Nov. 4.
The delegates to that convention were then determined to nominate a
qualified, outstanding, courageous Republican, who would bring to the
office of Vice-President a wide experience and a clear understanding of
public problems as they pertain to the different occupations of the American
people in their complex relations with each other and with the peoples of the
world. They soon singled out a man who, by the practice of frugality and
individual initiative, struggled over and beyond the financial hardships of
his younger days. One who is armed with faith and courage to do that
which produces honest achievement in private and public life.
In nominating the Republican, candidate for Vice-President the convention's sole purpose was to help the nation by calling to its service once
more the man whose ability and courage enabled him, during President
McKinley's Administration, to wisely administer the office of Comptroller
of the Currency.
The man who, while a soldier, was Chief of Supply Procurement for the
The nomination of President Coolidge by the Republican
American army in France, and co-ordinator of the supply activities of
Party and that of General Dawes for Vice-President was the Allied armies in the zone of advance at the Western front.
The man who put force and power into the administration of the budget
noted in these columns June 14, page 2904; the acceptance
approval
enactment
speech of President Coolidge appeared in our issue of a law, following itsPresident. by a Republican Congress and
by a Republican
week ago, page 766.
The man whose heart, notwithstanding his great success in private
and public life, still prompts his mind to plan and his will to do for his
fellow man who is struggling over the road of hardship and adversity.
Speech of Former Representative Jefferis Notifying
The man who so recently crossed the seas as the head of that committee
of experts which brought forth a fair and proper plan for adjustment of GerGeneral Dawes of Nomination as Vice-President
man reparations in place of that provided by the Treaty of Versailles. The
on Republican Ticket.
Dawes plan is to-day the hope of the nation and of the world.
It was no wonder, General Dawes. that that Republican Convention
The speech formally notifying General Charles G. Dawes
called you again to duty and service for your country's welfare. The deleof his nomination as Vice-President by the Republican Na- gates had the faith to believe that you would accept the call, and that
tional Convention was delivered by former Representative when elected to this great office you would counsel with and help the Presithat which guided
A. W. Jefferis of Nebraska, who in indicating General dent with a courageous spirit, similar to Roosevelt; like unto the beloved
that of the
Harding; akin unto that of the immortal
Dawes's fitness for the post, called attention to the "ability martyred Lincoln; equal to that which you have always shown in the execuand courage" which enabled him during President McKin- tion of your great trusts.
The members of the committee present this evening are here as messenley's administration "to wisely administer the office of
gers from that convention, to ask you, at your home, in the presence of
Comptroller of the Currency." He also referred to him as your beloved wife and family, your friends and neighbors, on behalf of the
"the man who, while a soldier, was Chief of Supply Procure- Republican Party, to accept the Republican nomination for the office of
United States. Your assent will assure the people of
Vice-President
ment for the American Army in France," "the man who put the nation thatof the again dedicate your ability, loyalty and courage to
you will
force and power into the administration of the budget law," their service after the fourth of next March in carrying onward the plan of
and "the man who so •recently crossed the seas at the head representative government of the people, by the people and for the people
beneath the folds of the banner of liberty.
of that committee of experts which brought forth a fair and
proper plan for adjustment of German reparations in place
of that provided by the Treaty of Versailles." We give Mr. Speech of Governor Bryan of Nebraska Accepting
Nomination as Vice-President on Democratic Ticket
Jefferis's speech herewith:
—Agreement on World Disarmament Proposed
Mr. Dawes:
The campaign of 1924 is here. The clash between the ideas and ideals
—Farmers' Needs.
of the Republican, Democratic and Socialist Parties is on.
"Honesty, efficiency and economy in Governmental
and women in the homes, on the highways and streets from the
Men
eastern shores of Maine, throughout New England, along the Atlantic, affairs, municipal, State and national," were described by
across the Eastern and Western Central States, and beyond the towering Governor Charles W. Bryan, of Nebraska, as "the need of
Rockies, are thinking and talking of the future of "My Country, 'Tis of
the hour" in his speech at Lincoln, Neb., on the 18th, acThee, Sweet Land of Liberty."
Straight thinking Democrats are deciding that it is impossible for them cepting the nomination by the Democratic Party, as Viceto ride, at the same time, two horses, going in opposite directions.
President of the United States. "There must be honesty in
Republicans who have pondered over what differing Republicans have
had to propose are concluding how serious, how disastrous, it would be to the heart, honesty in the mind, honesty in business and
follow the trail of the man from Wisconsin, since he has thrown off all honesty in official life," said Governor Bryan, "if the ideals
pretense of Republicanism and has run away from the home where for forty of the Republic are to be maintained."
"Efficiency and
years he has been fed and sheltered, and has finally eloped with the Soand economy in business and government," he added, "can
cialist Party.
These recent happenings and apparent impossibilities are clearing the only be achieved by integrity in thought and in action." In
Political atmosphere. Common sense rather than Pat Harrison's declara- his speech of acceptance Governor
Bryan also declared
tion, "Winning is no sin, strategy is no crime," will prompt and direct the
that "the Democratic Party pledges all its energies to the
voters of our common country to cleave unto that which is good.
904
THE cH Ttn
outlawing of the whole war system." He added that" the
only hope of the world is found in the substitution of machinery for peace in place of the machinery for war."
"Our party," said Governor Bryan, "will endeavor to secure
world disarmament by international agreement," and he
also indicated it as the purpose of the Democratic Party
to "strive for an international agreement providing for a
referendum on war except in case of actual or threatened
invasion." Governor Bryan asserted that "war propaganda, mobilization demonstrations of the civil and industrial resources of the country when we are at peace with the
world unnecessarily inflame the mind of the American youth,
are a great economic waste, mislead the people of other
lands . . . and should be discouraged by all friends of
world peace." The needs of the farmer were emphasized
by Governor Bryan, who said that "by the selection of one
from the heart of the great Middle West as its candidate for
the vice-presidency, the Democratic Party recognizes the
importance of agriculture as one of the basic industries of
the nation, and we have the assurance that our party is in
direct sympathy with the needs and advancement of the
farmers of the country." It is not more opportunities to
borrow money that the farmer needs," said Governor Bryan;
i"it is legislation and administrative remedies that will reduce
artificial prices of what he has to buy; remove the restrictions
n the markets in which he has to sell his products and to
ncrease his ability to pay the money he has already been
compelled to borrow and will give him a price for his grain
and live stock that will cover the cost of production,enable
him to clothe, feed and educate his family and again take
his place as a free and independent citizen." The development of our water power, and "the strict public control of
and conservation of all the nation's natural resources, including coal, iron and timber," said Governor Bryan, are
favored by the Democratic Party. The platform, he said,
"favors the recovery of the navy's oil reserves, and all other
parts of the public domain which have been fraudulently
or illegally leased or otherwise transferred to pri,vate interests." Governor Bryan's address also dealt with"woman's
worth and equality, child welfare, the Democratic Party's
interest in and support of labor," the enforcement of the
prohibition laws, &c. We give his address in full herewith;
Senator Harrison, Members of the Notification Committee and Fellow Cititens:
The generous statement of your Chairman in presenting your message,
and in placing before this audience and into the ears of unseen millions
throughout the land his encouragement and cheer to those who believe in a
government by the people, Is sincerely appreciated.
I would be wholly lacking in the impulses of humanity if I failed to
appreciate the very great honor the Democratic Party has conferred upon
me In nominating me for Vice-President of the United States. I would
be derelict in my obligations to the Democratic Party and to the nation
as well if I failed to recognize the responsibilities accompanying that honor.
The desire on the part of the citizens of Lincoln that this notification take
place here was very gratifying to me. I have made my home here for thirty
years. I have come to know these people as only few could know them.
It is here and from here that I have taken part in the business life, social
life and the political life of the city and State. I am indebted to the people
of Lincoln and of the State of Nebraska for whatever success I may have
achieved.
My connection for more than twenty years with the publication in Lincoln
of the "Commoner," a national magazine devoted to the defense and
welfare of the common people in their inalienable rights, gave me an opportunity to try to apply the principles of "equal rights to all and special
privileges to none" to the political problems that are constantly confronting
the people of every city and of every State.
My connection with the problems of government, city and State, in which
the people of Lincoln and the State of Nebraska, regardless of party affiliation or station in life, have co-operated and supported me, is largely responsible for the high honor that this occasion confers.
As a business man who has been endeavoring to apply business principles
to government and not as an experienced platform speaker. I will give to
our national leader all the support my abilities will permit.
By the selection of one from the heart of the great Middle West as its
candidate for the Vice-Presidency, the Democratic Party recognizes the
we
Importance of agriculture as one of the basic industries of the nation, and
and
have the assurance that our party is in direct sympathy with the needs
advancement of the farmers of the country.
the
No man should accept nor should a great political party tender
such
nomination to a candidate without a full realization on both sides that
people
a selection imposes on the one chosen a firm obligation to the whole
individual
to stand true to the ideals of America. The ambitions of the
in the way of the preservation and
are of no consequence and must not stand
secured
success of a democratic form of government which can only be
of
and maintained by guarding the happiness, prosperity and contentment
the people residing in all sections of the country.
The success of
This nation Is composed of divers peoples and activities.
subject to
a nation requires that the desires and interests of each shall be
organizathe needs and rights of all. Individuals, groups, factions and
othertions, whether they be persons, parties, creeds or races, economic or
shall not be
wise, must be restrained so that the equal rights of others
Impaired.
treated in
Time, nor the occasion, will permit a review of all the issues
plain,
the platform of our party. but I will analyze some of them in the
accustomed.
direct manner to which the people of the agricultural States are
women who served
The representatives of the people, the good men and
as delegates at the recent National Democratic Convention, did their work
well. The platform which they adopted upholds the ideals of America.
demands a return to the honesty in government of our forefathers and
outlines the legislative and administrative policies necessary to restore
r"
r
[voL. 119.
equality in government. It is the most progressive platform covering the
tried and practical measures for the economic freedom and prosperity of
the people that has ever been promulgated by a national political convention.
That great Democratic convention, so recently held in Madison Square
Garden, is a striking illustration of the soundness of heart and saneness
of mind of the American people.
Though, at times, torn by passions and prejudices, that mat convention
refused to be cajoled into cowardice or d9adlocked into desperation, but
tenaciously held to its purpose until out of the dying embers of controversy
the spirit of unity rose and reason triumphed in the nomination of that
able lawyer, that trained diplomat, that experienced statesman, that
champion of the rights of humanity, that progressive Democrat, John
W. Davis.
Need of Hour Honesty, Efficiency and Economy.
Honesty, efficiency and economy in governmental affairs, municipal,
State and national, are the need of the hour. There must be honesty in the
heart, honesty in the mind honesty in business and honesty in official life
If the ideals of the Republic are to be maintained. Efficiency and economy
in business and government can only be achieved by integrity in thought
and in action.
The great masses of the people to-day are calling for progressive leadership. The unrest throughout the country is caused by inertia on the
part of public officials, mounting numbers of Government employees, duplications and overlapping in governmental agencies, useless boards and
commissions, the resultant high cost of government and excessive taxation,
and the failure of the Government to function for the protection and welfare
of the weaker members of society.
The buying of immunities, the issuing of permits, the hoisting of tariff
schedules and the granting of Government oil leases in return for campaign contributions, must be uprooted and destroyed forever if this Government is to endure. Men must be selected for public positions on account
of their honesty and ability, and not on account of their wealt14, their
social qualities or their political strategy.
Woman's Entry Into Politics.
Our platform takes special notice of woman's entrance into the arena os
politics. Woman's rightful place is by the side of man. Their blood
mingled in their offspring and they are united as no others can be in guard
ing the home, the unit of society, the nursery of youth.
Everything that is good and wholesome will be benefited by woman's
counsel. Every righteous cause will triumph the sooner because of her
political activity. She will not only be the vigilant defender, of health,
education and spiritual life but, as treasurer of the household, she will
powerfully assist in the introduction of economies in Government.
The Democratic Party has no principles, policies or plans that it cannot
submit to her judgment and her sense of justice. She has been enfranchised,
and her request that she be recognized on an equality with man in employment. compensation and jury service is reasonable and equitable.
Child Labor Amendment.
The welfare, education and protection of child life. and the care of
mothers are of first importance and should be given every consideration
that law and administration can offer.
Our party testifies to its interest in the Child Labor Amendment to the
Constitution by pointing out that it could not have been submitted without
Democratic votes. Since the adoption of the Democratic platform.
Arkansas, a Democratic State, has the honor to be the first State to ratify
the Child Labor Amendment.
Democratic Party's Labor Plank.
All legislation for the benefit of the wage earners rests on the first sentence of our platform's labor plank: "Labor is not a commodity. It Is
human." Therefore it must be dealt with humanly.
Lincoln echoed the sentiments of Jefferson when he declated that in case
of conflict between the two the man must come before the dollar. That Is
a fundamental difference between the attitude of Republican leaders and the
attitude of Democratic leaders on this subject. The "captains of industry" have their place and should be protected in their rights, but those
whom they employ and whose labor they direct have rights as sacred, and
these rights are as essential as their employers' to industrial welfare and our
political progress. Equality of political rights implies, and should be accompanied by, equality of opportunity.
The Democratic Party was the first large party to declare for a Secretary
of Labor, and the Democratic administration of Woodrow Wilson was the
first to have a representative of labor at the President's council table. The
Democratic Party has led in protecting the wage earner's rights to organize
and to bargain collectively. It has been labor's champion in securing the
eight-hour day and in obtaining for it protection from government by
Injunction,
Labor is entitled to a living wage at American standards with a margin
for old age. The refusal of the present Republican administration to
permit the railway mail employees to receive a living wage at American
standards was unfair and unjust to labor and illustrates the fact that their
economy program is at the expense of labor. Economy at the expense of
humanity is further Illustrated in the veto of the pension bill and of the
soldiers' adjusted compensation measure.
Our party has always been the laboring man's friend, not to secure his
vote but because the nation cannot progress unless ho progresses. It
cannot ignore his inalienable rights without jeopardizing the rights of all.
Agreement on World Disarmament Sought.
The Democratic Party pledges all Its energies to the outlawing of the
whole war system. The statement could not be stronger and it expresses
the sentiment of a large majority of the American people. The only hope
of the world is found in the substitution of machinery for peace in the place
of machinery for war.
War propaganda, mobilization demonstrations of the civil and industrial
resources of the country when we are at peace with the world unnecessarily
Inflame the mind of the American youth, are a great economic waste, mislead
the people of other lands as to the peaceful and friendly intention of the
United States Government and should be discouraged by all friends of world
peace.
Our party will endeavor to secure world disarmament by international
agreement—It is a condition precedent to peace. It will also strive for an
internationil agreement providing for a referendum on war except in case
of actual or threatened invasion. This may require time, but it is worth
working for and worth waiting for. The reason given in the Democratic
platform for a referendum on war will commend itself to the conscience
of the world; upon It will be built the sentiment that will some day make
this a warless world. Until international agreements can be made to
maintain the pace of the world, an adequate army and navy for our national
safety must be maintained.
Farmers' Need.
All p Aitleal parties give much attention to the needs of agriculture,
cep...daily during political campaigns. The attitude of the two major
AuG. 23 1924.]
THE CHRONICLE •
political parties toward agriculture, its importance, its conditions and its
needs, is clearly indicated by their records in Congress and their positions
as set forth in their respective platforms.
Four years ago, at the time the Republican Administration came into
power, the farmers and stock raisers were receiving good prices for their
produce. There was a market at fair prices for land. The farmers were
among the first to feel the effects of legislation and administrative action
which changed the conditions of the farmers from prosperity to adversity
and caused the farmer's bank balance to disappear and mortgages on
his farm to take its place.
The Republican policy of reducing the higher schedules of the surtax
on incomes and removing the tax from the profiteer, and through this
means shifting the taxes from those who were best able to pay to those
who were already overburdened, had its direct and injurious effect on the
farmer.
The adoption by the Republican Party of the prohibitive tariff compelled the American farmer to purchase what he used and wore in an
artificial and highly protected market, and the same high tariff rates
reduced the buying ability of the farmer's customers abroad for his surplus
grains and meat.
The deflation policy of the Republican Administration, advocated in its
national platform in 1920 and endorsed in the speech of acceptance of
Its candidate for the Presidency, resulted in withdrawing bank loans and
discounts of five billions of dollars, contracted our currency by a billion
and a half dollars, cut the prices of the farmer's grain and live stock in
half, destroyed the market value of his lands, threw thousands of farmers
Into bankruptcy and spread industrial depression and unemployment
throughout the country.
The relief plan provided by the Republicans which increased the import
duty on wheat, although the farmers were exporters of grain, has added to
the farmer's knowledge of the workings of the protective tariff. Pretended relief measures provided by the Republican Administration for
loaning the farmer money at high interest rates, with a commission paid to
middle men for making the loans, has encouraged the farmer to go still
deeper into debt and has made his downfall more certain in the end.
The Democratic Party has proved itself to be the friend of the farmer
In the past, and the platform adopted in the recent National Democratic
Convention provides for the most complete and practical relief for the
farmer that any political party or organization has ever conceived.
The farmer needs the high tariff rates reduced so as to enable him to
buy in a competitive market at home and remove the restrictions which
have injuriously affected the foreign market in which he sells his surplus
products. He needs the support of the Federal Reserve System as it
was intended by the Democratic Party, which framed the bill, and he
needs relief from the deflation policy of the Republican Party, which is
largely re.sponsble for the farmer's distress.
The farmer needs lower railroad and water rates, which will benefit
both the buyer and seller, national and international. He needs the
development of a deep waterway system from the Great Lakes to the ocean
and to the Gulf, and he needs the developments of our water powers to
supply cheaper fertilizer on the farm and to supply power, light and fuel
for his service in his home.
He needs better and more uniform warehouse laws. Ile needs legislation. State and national, that will enable the farmers to develop co-operative
marketing facilities which will increase the price that he receives and
reduce the price that the ultimate consumer pays.
The farmer needs an export marknAng corporation, or commission,
so that his small surplus product, which is sold in the markets abroad.
will not establish the price of the whole crop that he produces. The
farmer needs the benefit of the Reclamation Act of 1924, which was defeated by the Republican conferees one hour before adjournment of the
last session of Congress, and be needs the reclamation of the arid and semiarid lands of the West.
The farmer needs a Democratic Administration and a Congress that will
not permit a Mellon tax plan to relieve multi-millionaires from paying
their just share of the cost of Government. These are some of the measures of relief, advancement and encouragement that are outlined in the
Democratic platform. These measures will not be unfair to any other
industry or interest.
The farmers throughout the country who produce the wealth from the
soil, who produce the foodstuffs upon which the people of the United
States subsist and who make it possible for millions to survive in other
parts of the world, are not asking for special privileges. They are not
demanding class legislation; they are not attempting to get hold of the
Government and use it to the disadvantage of other people.
The farmers are demanding, however, and they have a right to demand.
that the legislation which discriminates against them should be repealed:
that the administrative measures that have injuriously affected them
should be withdrawn and that agriculture, the basic industry of the nation,
be placed on an equality with other interests that have grown and developed
in this country.
It Is not more opportunities to borrow money that the farmer needs; it
Is legislation and administrative remedies that will reduce artificial prices
of what he has to buy, remove the restrictions in the markets in which
he has to sell his products, and to increase his ability to pay the money he
has already been compelled to borrow and will give him a price for his
grain and live stock that will cover the cost of production, enable him to
clothe, feed and educate his family and again take his place as a free and
Independent citizen.
Development of Water Power Favored.
The Democratic platform favors the development of our water power.
If the water power of Muscle Shoals and in the mountain streams and in the
rivers throughout the land were developed it would supply the power to
operate all of our factories, all of our industries and all of our means of
transportation.
It would enable the raw materials of the country to be manufactured
where they are produced, thus saving the cost of transportation of the raw
product to the factory and the finished product back to the consumer. It
would enable industries to spring up where needed most to create business
and to supply human needs.
If the water power of the nation were developed it would furnish electric
current to llght and heat the homes of the cities and on the farms, and
supply electric power to operate all the machinery necessary for the needs
of the farms and for the convenience and comfort of the homes, both city
and rural, at a small fraction of the present cost.
The Democratic platform favors the strict public control of and coservation of all the nation's natural resources, Including coal, iron, oil and
timber. The Democratic Party believes that the nation should retain title
to its water power sites, and favors the expeditious creation and development of our water power for the use of our citizens.
If the water power sites of the country were allowed to pass into the
hands of great combinations of capital, the people would pass under a yoke
of servitude more galling, if possible, than any foreign landlord system.
905
The platform favors the recovery of the navy's oil reserves and all other
parts of the public domain which have been fraudulently or illegally leased
or otherwise transferred to private interests.
Enforcement of Prohibition Laws.
The Democratic Party is the friend of orderly government. It believes
with Jefferson that acquiescence in the will of the people is the first principle
of republics. Laws should be obeyed by all, regardless of whether this or
that individual may like or dislike them. It is the doctrine of anarchy,
not the doctrine of America, that laws are to be obeyed only by those who
approve them.
The Democratic platform declares that "the Republican Administration
has failed to enforce the prohibition laws: is guilty of trafficking in liquor
permits and has become the protector of violators of this law." The Democratic Party, through its platform, pledges itself to respect and enforce the
Constitution and all laws.
Attitude Toward Private iliOnopoly.
The Democratic platform has again reiterated its attitude toward a private monopoly when it says that "a private monopoly is indefensible and
Intolerable." The failure of the Republican Administration to enforce the
law against conspiracies in restraint of trade and illegal combinations of
business which stifle competition has unneePqsarily, unfairly and dishonestly increased the cost of living and permitted the profiteer to ply his trade
without let or hindrance.
Those engaged in agriculture, the middle classes and the wage-earners
have been placed at such a disadvantage that their situation requires remedial action. The political unrest and discontent throughout the country
are a protest against the Inaction of those in public office.
The failure of the national Republican Administration to enforce the
law against private monopoly caused some of the States and State officials
in the Middle West to enter the field of commerce for the purpose of establishing competition to protect the public from the unconscionable profiteer.
In this way millions of dollars a year have been saved to the people in their
coal, gasoline and oil bills.
Municipal and State Governments should not, in my opinion, engage in
competition with legitimate private business, but when private monopoly
defies the legally const'tuted authorities, or when Government officials become corrupt and the Federal Government fails to function for the protection and welfare of the masses, it becomes necessary for the State and municipal Governments to use all the means at their command to prevent
impositions upon the public, or the result in the community and State will
be I. W.W.'s, Bolsheviki and anarchy.
I have only reviewed a few,of the provisions of the Democratic platform
but will discuss others at a later date.
I have called attention at this time to a few of the outstanding issues
which are uppermost in the minds of the people, of the great agricultural
States, viz., woman's worth and equality, child welfare, the Democratic
Party's interest in and support of labor, the needs of the agriculturist.
water power development,law enforcement and the outlawing of war.
The Democratic Party's position on these questions is in keeping with the
progressive thought of the times.
The measures approved in our platform are remedies for the relief suggested by the various groups of interested parties who have made a study
of their respective needs. The Democratic candidates are in harmony
with the platform upon which they have been nominated and upon which
they will go forth in this campaign.
The Democratic platform is broad enough,strong enough and progressive
enough to satisfy those who believe in that great Democratic principle of
equality before the law.
The Democratic Party presents a program of progressive policies for
which the party stands as a unit, without the intervention of faction,
bloc or section.
The Democratic Party enters the campaign with a spirit of harmony
and a unity of purpose rarely found in a Presidential contest.
The Democratic Party placed more progressive measures for the benefit
and protection of the common people in the Constitution and in the statutes
during the eight years of the Administration of that great statesman and
patriot, Woodrow Wilson, than ever were enacted by any other party
during any twenty-five years of the nation's history.
The Democratic Party during the World War demonstrated its ability
to co-crdinate, its ability to govern, its integrity as a party and its desire
to lead the nations of the world into an honorable and enduring peace.
Notwithstanding the billions of dollars handled during the World War,
when the stress of the times required immediate decisions and the negotiations of large contracts 'without time for investigation or deliberation, no
betrayal of a trust, no trace Of graft, and no scandal or dishonesty was
brought to the door of any Democrat in official life.
This is a record that cannot be duplicated in American history, and
It should be an assurance to every citizen, to every industry, to every
business and to every organization or interest that the Democratic Party
is the instrument, at this time, to carry into effect a government of. by
and for the people.
It is unthinkable that the great host of progressive farmers and wage
earners, both organized and unorganized, whom I know from active association and co-operation in service for many years, having this great party
organization presented now as a fit instrument through which to work
their will, should permit a division of strength and make possible the
triumph of the forces of reaction and selfish interest.
In accepting the nomination you tender me. I feel it is but due you to
say that I am conscious of no obligation to any interest or any individual
that would embarrass me in the discharge of the duties of this office.
I feel that the Democratic Party is equally free from obligation to either
Individuals or interests that would prevent it from being used to restore
confidence in government and economic Justice in the nation.
I, therefore, accept the nomination, Senator Harrison, with my solemn
pledge that every ability I can exercise, and every effort I make, shall be
with an eye single to the material, moral and spiritual welfare of my country
and my countrymen.
The nomination of John W. Davis as President and
Governor Bryan as Vice-President, at the Democratic
National Convention in July, was noted in our issue of July
12, page 148; last week (page 770) we gave Mr. Davis's
speech of acceptance.
Speech of Senator Pat Harrison Notifying Governor
Charles W. Bryan of Nomination for Vice-President
by Democratic National Convention.
"The Democratic Party is to-day the only agency through
which the Government can function in an orderly manner
during the next four years." said Senator Pat Harrison of
906
THE CHRONICLE
[VOL. 119.
racy's leadership are more attuned to their high purposes than is the Republican Party under present reactionary leadership, then it is political negligence—gross and culpable in character—for the progressive and independent
elements of any part of the country to withhold support from the Democratic ticket.
If the great West believes that the Democratic Party has been true and
sympathetic and helpful to it—if it believes that the Democratic Party
has kept the faith—then it is entitled to its support. If the battles it has
waged in behalf of the masses and against the encroachments of selfish
special interests are more appealing to the forward looking people of America
than have been the antagonistic efforts of the present reactionary Administration, then the issue should be met squarely in this campaign and a full
vote of confidence given the Democratic ticket.
The Democratic Party is to-day the only agency through which the Govyou were ernment can function in an orderly manner during the next four years.
While the Federal Government was talking reorganization
actually reducing the number of State employes under your jurisdiction by
Says Republicanism Means Chaos.
50%. While other State Governments were increasing taxes you were
The Republican Party to-day is hopelessly disrupted, without plan or
reducing them by 33%. The saving to the people ofNebraska, due to the
courage or cohesion. It is torn with dissension and wrecked by ancourageous manner in which you handled the coal and gasoline situations purpose,
tagonistic elements. The American people for four years have witnessed its
and the reforms you brought about in the Public Works Department of your
miserable plight. For the most part, whatever the President recommended
State, can hardly be measured in dollars and cents. The long list of proCongress denied, and whatever the Congress passed the President
gressive achievements that has filled the pathway of your short Adminis- the
thus business has hesitated,farm relief has been dented and the
tration reflects credit upon the common sense and patriotism of your vetoed. And
solution of the many great economic problems demanding attention has
citizenship.
been deferred.
The following Associated Press account of Senator HarriIf the Republican ticket should again triumph, the American people will
experience the same antagonisms, the same confusion, the same uncertainson's speech is taken from the New York "Times":
ties that have characterized the party for four years. How can business conGovernor Bryan:
template with complacency such a situation? And have not the farmers of
As spokesman for the Notification Committee, appointed by the last the West tasted quite enough of the bitter dregs of this Administration to
Democratic National Convention, in keeping with a long-established cus- know that if there should be a recurrence of the disastrous depression
tom,it gives me pleasure to apprise you of your nomination asthe candidate through which they have just passed, there would be little hope of extractof the Democratic Party for Vice-President of the 'United States.
ing from the confusion and disorder incident to such an Administration the
The quickness and unanimity of your nomination attest your popularity slightest opportunity for assistance or relief? The Congress, through the
and the high favor of your progressive views. It required 103 ballots before coalition of progressive independents and Democrats, and over the protest
the convention was able to agree upon its Presidential nominee. It required of a reactionary Republican leadership in the Congress, might be able to
only one ballot to agree upon you. But from that memorable convention pass some legislation, but it. Would be met,as it has been, by the vetoes of
of unbossed and independent delegates the Democratic Party emerges an unsympathetic President.
stronger and more militant than ever. The acrimony of its debates, the
The only hope for opportunity or relief might be in obtaining a two-thirds
tenseness of its meetings, the sharp differences of party policies, with such a majority of the Congress to pass legislation over the veto of the President.
strength.
happy conclusion, give renewed assurance of the party's
Why should the American people assume burdens and impose unnecessary
A political party founded upon principles less enduring, upon teachings conditions upon themselves that the fathers did not contemplate nor comless appealing, upon traditions less glorious, might have been disrupted. mon sense dictate? If majority rule is wise and if it is easier to solve our
But its long deliberations and sharp contests were but in keeping with Demo- economic problems by passing legislation through a majority vote in Concratic freedom and party independence.
gress—and under our system of government it is permissible—then why
When the representatives of Democracy met at Madison Square Garden should those who are interested in the solution of these problems restrain
on June 24 they realized that heavy responsibilities were resting upon them and shackle themselves by the imposition of a two-thirds Congressional vote
The humiliating scenes of the boss-controlled and oil-tainted Cleveland through the election of a vetoing President?
Convention were fresh in the minds of Democracy's representatives at New
With the record of the Republican nominee fresh in the minds of the
York. They realized that independent thought and free expression should American people, what wisdom or consistency is there in giving aid to his
not be strangled. They appreciated the importance of their task and the continuance in power when it must be known that to accomplish any relief
effect of their conclusions upon the American public. The very construc- In the interest of the masses they must at the same time elect two-thirds of a
.
tive and progressive platform adopted by our convention and the high char- Congress diametrically opposed to his ideas and antagonistic to his views...
acter of its ticket compensate for the effort.
Who can doubt that the Democratic Party to-day is the progressive party
of the country? What progressive leader, whether he be an independent,
Pays Tribute to John W.Davis.
a farmer-laborite, or a member of the Republican Party, can justify finding
No man in this generation has made his way to the front faster and won a fault with the progressive record of the Democratic Party? There is not
more enduring place for real ability and unsullied honesty than Democ- a Congressman or a Senator—I care not with what party label he may be
racy's nominee for President, John W.Davis. This campaign reveals one of branded—if he has cast his votes and aligned himself in the Congress on the
those rare occasions when the man and the hour were met. Whether as a side of the people, but who has voted under Democratic leadership and with
Member of the House of Representatives, as Solicitor-General, or Ambas- the Democratic organization. There has not been a progressive measure to
sador to the high Court of St. James, he served his people with marked dis- pass the American Congress within the last twelve years that was not passed
tinction and his country with signal ability.
•
under Democratic guidance and with Democratic votes. .
As a Representative in Congress, within less than four years he became
Recalls Battles in Congress.
of its most commanding figures. writing his name high upon the legisone
During the last four years there have been two contending forces in
lative scroll as one of the co-authors of the Workmen's Compensation and
the Clayton Anti-Trust Acts. His every vote, his every expression In that the Congress. One was representing the views of the present Administrahis sympathetic tion and led by forces of reaction. The other was the force of progress and
august body revealed his strict adherence to the right,
interest in labor and his constant solicitude for the welfare of the masses. liberalism led by the Democratic organization. When the Republican
In every contest he as on the side of the people and the champion of pro- members of the Congress voted for progressive measures they voted with
the Democratic Party. The defeat of the present Administration's ship
gressive thought.
As Solicitor-General in one of the most trying periods of our country's subsidy proposal, which saved the American taxpayerssmosoomo,wasone
court of the land, his of the accomplishments of the progressive forces in the Congress. The
history, handling important cases before the highest
unsurpassed ability as a lawyer and advocate was universally acknowledged. battle that was waged in the interest of the American farmer and laborer
From Isis associates at the bar, as well as he members of the Supreme and consumer against the iniquitous and indefensible provisions of the
Court, highest compliments and unlimited praise were showered upon Fordney-McCumber tariff law was another. The defeat of the Republican
Mellon plan of taxation and the adoption of the Democratic plan was
him. * 4
&thus Bryan's Record as Governor.
another.
The long and hard fight to rid this Administration of graft and corruption,
And to you, Governor, the American electorate have watched your
criminals and
record of reform, progress and action. They appreciate that it was you, in to drive from the public service proved and self-confessed
There were
1922, as the Democratic nominee for Governor, who carried Nebraska by preserve the natural resources of this country was another.
Democratic faith.
55,000 majority when the Republican ticket in practically every other in- many men on the firing line in those battles not of the
possible.
stance in your State won by more than 75.000 majority . They are not but who joined wholeheartedly and made their accomplishment
Republican
forgetful that it was you, in 1924, who carried every county in Nebraska But in all of those contests there was no independent progressive
overflowed more
as Democracy's candidate for renomination as Governor, and, in addition whose record scintillated more in behalf of the masses and
that composed
thereto, received 78% of the votes cast in the State by the Independent with progressive and liberal spirit than did the membership
Progressives. The American people know that these splendid endorsements the Democratic organizations in the American Congress. . . .
It must be refreshing to the great agricultural West, after living through
of the
were won as a reward for your long and untiring efforts in behalf
it has been
masses—fighting as a private in the ranks, always on the side of public the lean years of this Republican Administration—confronted as
to any
morality and progress. It is the crowning glory of work well done. Your with a situation deplorable in the extreme and hardly comparable
President should
endorsement for re-election as the Governor of your State, not only by your other in this generation—that the Republican nominee for
speech in speaking of agriculture "the glad
own party. but other progressives in Nebraska, reflects the able and pro- announce in his acceptance
tidings of good news" that "now that nature.and economic laws have given
gressive manner in which you have served your State as Chief Executive.
invesFew men similarly situated are able to do in a lifetime what you have some temporary relief, I propose, therefore, to appoint a committee to
help
been able to accomplish within less than two years. While the Federal tigate and report measures to the Congress in December that may
Government was talking reorganization you were actually reducing the secure this result which we all desire."
The President overlooks the fact that in June 1921, while Vice-President,
number of State employes under your Jurisdiction by 50%. While other
to study the
State Governments were increasing taxes you were reducing them by 33%. at tho direction of the Congress, he appointed a committee
Congress. The
The saving to the people of Nebraska,due to the courgeous manner in which needs of agriculture and to make recommendations to the
its report in
you handled the coal and gasoline situations, and the reforms you brought Republican nominee has forgotten that that committee made
nothing toward
about in the Public Works Department of your State, can hardly be meas- the fall of that year, and up until this good hour he has done
ured in dollars and cents. The long list of progressive achievements that having any of the recommendations applied or enacted into law.
has filled the pathway of your short Administration reflects credit upon the OPP —
Attacks Coolidge on Mellon Plan.
common sense and patriotism of your citizenship. * * *
In the same speech it was kind of the President to admit what he had
previously through Presidential ukase or otherwise declared to be impossible
Appeals to the Progressives.
American people
The record of a party is never as reactionary or as progressive as are the namely, prosperity under a Democratic tax bill. The
President and
records of some individual members of the party. The Republican Party will not soon forget the persistent efforts of the Republican
They remember
to-day is reactionary because reactionary leadership controls it, dominates his Administration to pass the Mellon plan of taxation.
discriminated
it, directs it. It cannot look, therefore, for support in this campaign from what injustices it would have worked and how it would have
the progressive and independent elements of the country. The Democratic against the many in favor of the favored few.
We were then told by the President and his Secretary of the Treasury
Party to-day is progressive, as it has always been, and it is the only party
substitute for the Mellon plan
organization to which progressives can look for direction and leadership. that the Democratic measure suggested as a
retard prosIf progressives and independents believe that the Democratic Party is more would divert money from the channels of industry and would
plan did we
in sympathy with their manifold problems, and the heart throbs of Democ- perity. Not only in the passage of the Simmons tax reduction
Mississippi in his address at Lincoln, Neb., on Aug. 18, notifying Governor Charles W. Bryan of his nomination for
Vice-President by the Democratic Party. "If the Republican
Party should again triumph," said Senator Harrison, "the
American people will experience the same antagonisms, the
same confusion, hte same uncertainties that have characterized the party for four years." Senator Harrison declared
that "few men similarly situated are able to do in a lifetime
what you have been able to accomplish within less than two
years." He added:
AUG. 23 1924.]
THE CHRONICLE
907
The present composition of the House does not indicate its decision on
give the greater relief to 3,580,000 income-tax paYers out of the total of the contest, since the vote will be by States. The Sixty-eighth Congress is
but we read now from the President's
3,585,000 taxpayers in America,
constituted as follows:
acceptance speech unstinted praise of it, "Praise from Sir Rupert is praise
Republicans, 228; Democrats, 206; Independents, 1; Farmer-Labor, 1;
Indeed." The Republican Presidential nominee says: "A new tax bill was Socialist, 1; vacancy, 1. Total 435.
passed this spring carrying still further reductions, and under its apparent
The Senate stands as follows: Republicans, 51; Democrats, 43; Farmerinfluence thereseemsto be the beginnings of another increase of prosperity."
vote is the total of the two-531.
would be inappropriate for me to detain this great Labor, 2. Total, 96. The electoral
Governor Bryan, it
The political complexion of the present House to which the decision will
longer. They want to hear you. I now hand you an authenticated
throng
be referred is as follows: Nineteen States have Republican control through
copy of the platform adopted at Madison Square Garden,as well as a formal
a majority of Republican members.
letter of notification, and may I say in conclusion, Governor, that the
These States and their Congressional delegations are as follows, the first
ticket, Davis and Bryan, thrills our hearts and stirs our souls. It has
second Democrats:
feeling of enthusiasm from one end of this country to the other, figures being Republican and the
aroused a
California, 9, 2; Colorado, 3, 1; Connecticut, 4, 1; Idaho, 2, 0; Illinois,
and to-night we light new torches, erect new standards, enlist new recruits,
8, 5; Iowa, 11,0; Kansas, 7, 1; Maine, 4, 0; Massachusetts,
and as a mighty army of crusaders we will go forth and from this hour on we 20, 7; Indiana, 12, 1; Minnesota, 8, 2 (La Follette?); North Dakota, 3,
will not pitch our camps or furl our flags until we have battered down the 13, 3; Michigan,
16, 6; Oregon, 2, 1; Pennsylvania, 30, 6; Rhode
lines of reaction and entrenched progressive Democracy in every agency of 0 (La Follette?); Ohio,
Island, 2, 0; South Dakota, 2, 1; Utah, 2, 0; Vermont, 2, 0; Washington,
the Government.
4, 1; Wisconsin, 10, 1; Wyoming, 1, 0.
The same number of States is controlled by the Democrats as follows, the
of C. W. Bryan Becoming President of first figures being Democrats:
Possibility
-Analysis of Situation By Senator
Alabama, 10, 0; Arizona, 1, 0; Arkansas, 7, 0; Delaware, 1, 0; Florida,
United States
4, 0; Georgia, 12, 0; Kentucky, 8, 3; Louisiana, 8, 0; Mississippi, 8, 0;
Fess-Wants Electoral College Abolished.
Missouri, 11, 5; Nevada, 1, 0; New Mexico, 1, 0; New York, 22, 21; North
The abolition of the electoral college is urged by Senator Carolina, 10, 0; Oklahoma, 7, 1; South Carolina, 7, 0; Tennessee, 8, 2;
(Republican), who, says the Wash- Texas, 17, 1; Virginia, 10, 0; West Virginia, 4, 2.
Simeon D. Fess, of Ohio
Four for La Follette.
ington "Post" of Aug. 17, has made an analysis of the politThere are four States whose delegations, nominally Republican, may go
ical situation from which he draws the conclusion that
to La Follette. They are as follows:
Charles W. Bryan, Democratic nominee for Vice-President,
Minnesota, 8 to 2; North Dakota, 3 to 0; South Dakota, 2 to 1; Wisconmay be the next President of the United States. Senator sin, 10 to 1.
There are five States evenly divided so that they will have no vote in the
Fess says:
decision. They are:
The present situation is complicated by the possibilities of the third party
element, which may prevent a majority of the electoral votes going to any
candidate, and also a possible failure of the House to make a decision.
The New York "World" in a Washington dispatch Aug. 17
commenting on the analysis of Senator Fess said:
The trouble with Senator Fess's figures is that to get his totals he assumes
that New Jersey, Delaware, Indiana, Colorado, New Hampshire and Illinois
will be for Coolidge, whereas nearby everybody agrees New Jersey will go
as does New York, and that Indiana, because of the McCray Scandals, the
Ku Klux split, the New-Watson feud and the alienation of votes to La Follette is more likely to go Democratic than Republican.
Fess's Argument Defeats Itself.
The other States mentioned are all debatable and belong in the doubtful
column. Hence Senator Fess's calculations may well be taken to show that
the hope of the country to escape from what he deems the menace of "a
Bryan" in the White House rests in the election of Mr. Davis, for, with the
deduction of Indiana and New Jersey, leaving the other doubtful States
where he puts them, a clear majority in the Electoral College for Mr. Davis
is shown; while even if Mr. Coolidge carries New York and does not get
New Jersey and Indiana, he would still be lacking three of the necessary 266
votes, and the election would go to Congress.
Senator Fess's ostensible thesis is that the Electoral College should be
abolished, so that there would be no chance that a minority candidate like
La Follette could balk a popular majority; his actual target is to scare New
York into voting for the President. There will be a lot of this before the
campaign is much older, for the realization is growing that on New York
alone depends the election.
The New York "Herald Tribune" quotes Senator Fess as
saying:
It is too early to make any survey of the likely results of the November
election, but it is not too early to classify certain electoral votes. For example, we can be morally certain that the following electoral votes will
go to Coolidge:
California 13; Colorado, 6; Connecticut, 7; Illinois, 29; Iowa, 13; Kansas, 10; Maine, 6; Massachusetts, 18; Michigan, 15; New Hampshire, 4;
New Jersey, 14; Ohio, 24; Oregon, 5; Pennsylvania, 38; Rhode Island, 5;
Vermont, 4, and Washington, 7. A total of 218.
Maryland, 3 to 3; Montana, 1 to 1; Nebraska, 3 to 3; New Hampshire,
for a
1 to 1; New Jersey, 6 to 6. Twenty-five votes will be necessary
choice.
for Coolidge, 20 for Davis, four for La
This line-up would be 19 votes
Follette and five not voting. No election would result unless the deadlock
were broken by the La Follette vote going either to Coolidge or Davis and
the parties.
a change in at least two of the States which are tied between
In case the
As to this probability, Coolidge would most likely be chosen.
no election of a President would take place, and, as
deadlock is not broken,
above stated, the Vice-President would assume the duties, rather than the
Secretary of State, if there will be a Vice-President at the time. There is
no Vice-President now.
The failure of the electoral college to elect a President would also apply
to a Vice-President and the Senate would be called upon to choose from the
The vote
two highest, which would limit the vote to Dawes and Bryan.
would not be taken by States. Two-thirds of all the Senators (64) are necessary for a quorum and 49 for a choice.
The composition of the Senate by States is as follows: Twelve States are
controlled by Democrats. They are Alabama, Arkansas, Florida, Georgia,
Louisiana, Mississippi, Montana, North Carolina, South Carolina, Tennessee,
Texas and Virginia.
Eleven States are controlled by the Republicans. They are California,
Connecticut, Idaho, Illinois, Kansas, Maine, New Hampshire, Ohio, Oregon,
Pennsylvania and Vermont. Two States are controlled by La Follette: Minnesota and North Dakota.
Nineteen States are equally divided between the Republicans and Democrats. They are Arizona, Colorado, Delaware, Indiana, Kentucky, Maryland,
Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New
York, Oklahoma, Rhode Island, Utah, Washington, West Virginia and
Wyoming.
La Follette Splits Four States.
Four States are equally divided between Republicans and La Follette, as
follows: Iowa, Nebraska, South Dakota and Wisconsin.
In the Senate, unlike the House, the vote will not be by States. The
Constitution requires two-thirds of the Senate to make a quorum for this
purpose and a majority of all the votes, or in this case 49, necessary for a
choice. The present Senate contains two Farmer-Labor members, both from
Minnesota. They are La Follette followers. It contains 43 Democrats and
51 Republicans. In the Republican group six of them follow La Follette.
These are from Iowa, the Dakotas, Nebraska and Wisconsin. Two are independent. They are from Michigan and Nebraska.
If the Republicans of the Senate vote solidly Dawes will be chosen and
promoted to the Presidency. If, on the other hand, the La Follette influence
is withdrawn from the Republican candidate and does not vote for the
Democratic candidate, no choice will be made, in which case Hughes will
become President under the law of 1886. If, on the other hand, the La Follette influence goes to Bryan, he will be chosen, and advanced, under the
Twelfth Amendment, to the Presidency.
With. Democrats in Past.
In the line-up of the La Follette votes in the Senate on legislation they
usually went with the Democrats. It remains to be seen what will be the
course when La Follette is made the umpire to decide whether he will make
it Republican or Democratic. It is barely possible he will have two chances
at it, first the House and next the Senate.
The possible, if not probable, confusion shows the unmistakable symptoms
of the breakdown of the American party system by the introduction of the
European bloc control.
States Conceded to Davis.
We can be just as morally certain that Davis will get the following electoral votes:
Alabama, 12; Arkansas, 9; Florida, 6; Georgia, 14; Louisiana, 10;
10; North Carolina, 12; South Carolina, 9; Texas, 20; Virginia,
12. A total of 114.
States which have at different times cast their vote for different parties,
but which have more often favored the Republicans and which will most
likely go to Coolidge are:
Delaware, 8; Idaho, 4; Indiana, 15; Utah, 4; Wyoming, 3, or 29. Making a total of 247.
States which have most frequently favored the Democratic Party and
which might go to Davis are:
Arizona, 3; Kentucky, 13; Nebraska, 8; Missouri, 18; Nevada, 8; Maryland, 8; New Mexico, 8; Oklahoma, 10; Tennessee, 12; West Virginia, 8,
or 86. Making a total of 200.
In this doubtful list are purposely placed the two States of the two Democratic candidates, which may not materialize since both States are normally
Republican. Nebraska also claims Dawes as her own. The same might be
said of the others, since Harding carried them all except Kentucky.
American Federation of Labor Finds Republican and
If the La Follette vote materializes, which is not certain, it may carry
Democratic Presidential Candidates Unacceptable
-in which he has in the past been able to control, and is
these five States
now capitalizing the discontent from agricultural depression:
to Labor-Endorses R. M. La Follette and
Minnesota, 12; Montana, 4; North Dakota, 5; South Dakota, 5; WisconB. K. Wheeler.
sin, 13. A total of 39.
Both the Republican and Democratic platforms were critiShould Coolidge carry these five States or three of them, Minnesota and
the two Dakotas, he will be elected without New York. Should he carry cised in the report of the Non-Partisan Political Committee
New York he will be elected without the so-called La Follette States. Conceding the Davis vote as above, he will fall short of an election by 21 votes of the American Federation of Labor, which in endorsing
If he carried New York, without the La Follette States, which he has no the candidacy of the independents, Robert M. La Follette
possible chance of carrying. The odds are all in favor of Coolidge, for as it for President and Burton K. Wheeler for Vice-President,
now stands he will gain rather than lose States in the above line-up.
House May Have to Decide.
However, should the Democrats carry New York in addition to States
listed, and La Follette carry the Northwest, there is no election, and the
House will be called to choose, limiting its balloting to Coolidge, Davis and
La Follette. In that case the vote will be taken by States, each State casting one vote.
The Electoral College will consist of 531 votes, making 266 necessary for
a choice.
declared that "these candidates have proffered a platform
in which the economic issues of the day are met in a manner
more nearly conforming to labor's proposals than any other
platform." The report, which was adopted on Aug. 2 by
the Executive Committee of the Federation during its annual meeting at Atlantic City, declares that "the Republican
convention gave labor's representatives a brief and curt
908
THE CHRONICLE
hearing," that "the Republican platform ignores entirely the
injunction issue," and that "it fails to deal with labor's
right to organize or the right of the workers, even in self
defense, collectively to cease work," and it describes the
candidates nominated at the Republican convention as "unacceptable to labor." I.t likewise says the same as to the
candidates nominated at the Democratic convention. The
Democratic platform, it says, "pledges that party to legislation to regulate hours and conditions of all labor, a proposal against which the American Federation of Labor has
struggled throughout its whole history." The report declares that "organized labor owes allegiance to no political
party or group. It is not partisan to any political party or
group. It is partisan to principles—the principles of freedom, of justice, of democracy." Prior to the meeting Samuel Gompers, President of the Federation, issued at Atlantic
City on July 30 a statement In which he said that the Federation "will in this campaign abide by its time-tried policy
of non-partisan action." He added:
[VOL. 119.
Washington, D. C., Aug. 4 1924.
lion. Samuel Gompers, President, American Federation of Labor,
Ambassador Hotel, Atlantic City, N. J.
I desire to express my deep appreciation for the action taken by the
Executive Council of the American Federation of Labor in endorsing the
independent candidacy of Senator Wheeler and myself. In taking this step
after deliberate judgment the American Federation of Labor for the Progressive ticket cannot be overestimated. Your Executive Committee in
stating the American Federation's political purpose says:
"Organized labor owes allegiance to no political party or group. It is not
partisan to any political party or group. It is partisan to principles, the
principles of freedom, justice and democracy."
It seems to me that in this brief paragraph you have set forth a creed of
citizenship which, if accepted and acted upon by the great body of common
citizens, would rapidly make the Government of our country what it was
intended to •be—the people's own instrument of service. I have in my
public record attested my accord with the aspirations of American wageearners as represented by the American Federation of Labor. I welcome
this endorsement. To break the combined power of selfish interests upon
Government is the paramount issue of this campaign, and with the support
of organized labor, the farmers, business men, professional men and all
other men and women whose sole interest in government is that of good
citizenship, I feel confident we shall win.
ROBERT M. LA FOLLETTE.
The following is from the New York "Journal of Com-
We shall commit ourselves to no political party as partisans to a party. merce" of Aug. 5:
. . . I think I can say with perfect propriety that we shall endeavor to
As labor's participation in the Presidential and Congressional campaigns,
demonstrate in this campaign that political organizations and politicians gen- funds will be raised by "volunteer" subscription from among the 4,000,000
erally, individually and in groups, cannot with impunity defy the great members of the Federation. Matthew Woll, spokesman for Mr. Compere
labor movement of our country, or refuse adequate and intelligent considera- and the Executive Council, declared this afternoon that the Federation
tion of the just requirements of the great masses of the people.
"cannot be expected to raise millions," like the organized political machines,
but that it would contribute quite materially in actual service.
His statement in full was given in our issue of Aug. 2,
page 543.
Following the issuance of the report on the 3d inst.,
President Gompers declared that "our Executive Council
has approved the candidacies of Senator La Follette and
Senator Wheeler and every •resource at our command will
be used in the effort to bring about their election." At the
same time he said:
I want to emphasize llie fact that our support of Senator La Follette and
Senator Wheeler does not in any way or to any degree identify the American
Federation of Labor with or commit this body to doctrines advocated by any
other group that may be supporting the same candidates.
The following is Mr. Gompers's statement of the 4th inst.:
Our Executive Council has approved the candidacies of Senator La Follette and Senator Wheeler and every resource at our command will be used
in the effort to bring about their election. We have acted in strict accordance with our long-established Policy of non-partisan political action. We
have never endorsed a political party or a political organization, and we
stand by that refusal in the present instance. We have made it clear that
between three candidacies for the Presidency we find one distinctly preferable to the other two; and the same thing applies to the platforms.
We have protested against certain grave injustices and inequalities year
after year. The platform upon which Senator La Follette and Senator
Wheeler are candidates pledges definite action to correct those injustices
and we propose to do what we can to make possible the correction of those
economic injustices through their success at the polls.
It is no fantastic thing to look for the success of Senator La Follette in
the coming election. America is seething with protest against the machinations of big business, the betrayal of public trust and the lack of patriotic,
constructive statesmanship in the two major parties. From these we have
on the one hand a frank championship of reaction, and on the other a cunning evasiveness which probably deceives not even the blindest partisans.
Our report will immediately be broadcast to the entire labor movement.
In fact, that already is in process of being done. Our system of non-partisan committees will be in action at once throughout the country. We are
going to do our best to elect Li Follette and Wheeler. We believe the conscience of America is aroused to the need of a new deal in our national
Government and a new morality in public life generally.
Of equal importance to us is the Congressional campaign. While the
action taken here is in strict conformity with past policy, it does measurably broaden our field of action and we shall take full advantage of that
fact. We are authorized to make known generally the records of members
of Congress and to give these records the widest publicity. Heretofore we
have sent these records into each individual district. It will be our business now to apprise the whole country as to the attitude of all candidates
for Congress, so that national attention may be centred on the Congressional
•
contest as a whole.
I want to emphasize the fact that our support of Senator La Follette and
Senator Wheeler does not in any way or to any degree identify us with or
commit us to doctrines advocated by any other group that may be supporting the same candidates. These candidates have the support of minority
groups, in themselves of no great importance, with whose doctrines we not
only do not agree, but with which we are and have been in the sharpest
kind of disagreement. We shall continue to oppose those doctrines at all
times.
We are in this fight, not to quibble with those who may help the cause,
but to win a great victory for humanity, for democracy, for the great
masses of the people of our country. Something far beyond the ordinary
political issue is at stake. There is at stake the great and all-transcending
issue of right against wrong, and we are for the right with all of the vigor
which our great movement possesses.
Now that our report has been adopted, it may not be amiss to say that
its general lines were agreed upon by the Executive Committee of the
National Non-Partisan Campaign Committee at a meeting held at-Brighton
Beach on the day after the Democratic convention adjourned, and informally
we were certain of what our course would have to be some days before that—
the day we were able to have before us the Democratic and Republican platforms, to be exact. I say that so that it may be known that we have arrived at our position out of the logic of events and the records of men and
parties, and not out of a series of assumed disagreements between ourselves.
That, I think, should be made clear beyond any possibility of misunderstanding.
Endorsement of the candidacy of Senator La Follette by
the Federation, it was learned, says a Washington dispatch
Aug. 5, published in the New York "Commercial," is the first
move by the leaders of organized labor in this country to test
their strength with the idea of forming an American Labor
Party. The dispatch continues:
The Executive Council of the Federation adopted the report and recommendations of the National Non-Partisan Political Campaign Committee,
endorsing La Follette last Sunday "without hesitancy" because these 11
chieftains of the Labor Federation feared that factional differences might
prevent a full show of strength.
Samuel Campers, veteran President of the Federation, was known to have
opposed a definite alignment of support of any party or candidates. But Mr.
Gompers is getting old and the younger blood in the Federation is known to
have ambitions that will not be satisfied until there is an American Labor
Party, patterned much after the British Labor Party.
Rather than have the differences of opinion among the Council members
made known to the 4,000,000 members of the American Federation of Labor,
and their friends, and in that way weaken the confidence of those members
in the decisions of the Council, the differences were subordinated to the
"will of the majority.
. Organized labor's heaviest campaign artillery will be trained on Charles
C. Dawes, Republican nominee for the Vice-Presidency, the Executive Council of the American Federation of Labor announced to-day.
Labor's most strenuous objection to Dawes lies in his organization of the
"Minute Men of the Constitution." The chief aim of that organization,
Gompers spokesmen say, was the "open shop." Dawes also fell under ban
of the Federation because his "Minute Men" supported former AttorneyGeneral Harry M. Daugherty's injunction in the 1922 railroad strike.
Last week (page 777) we referred to a letter addressed
by Mr. Gompers to former Secretary of Labor Wilson, in
reply to a communication from the latter suggesting that the
Council defer the deelaration of its stand toward the Presidential candidates until after the speech of acceptance on
Aug. 11 of the Democratic nominee—John W. Davis. Regarding the adoption on Aug. 2 by the Executive Council of
the report of the Federation's Non-Partisan Political Committee, we quote the following from the Atlantic City advices Aug. 2 to the New York "World":
Stopping just one step short of the full demands of La Follette supporters, the Executive Council of the American Federation of Labor, meeting in
the Hotel Ambassador this afternoon, adopted the report of the Federation's
Non-Partisan Political Campaign Committee, advising labor to support La
Follette for President and Senator Wheeler for Vice-President as independent Republcian and Democrat, respectively.
An even stronger endorsement which the La Follette men sought in the
form of an amendment, was withdrawn at the suggestion of President Gompers following a hot debate after it was clear that it could not be passed.
This report, as rewritten overnight, in addition to declaring a preference
for La Follette and Wheeler, declares that the platform of neither of the
old parties gives labor anything; praises the La Follette platform as in general agreement with labor's aspirations; declares against any third party,
and denies any attachment to the Socialist or other political group and
specifically reserves to the Federation the right to speak for labor in the
seleo*Ion of candidates for upper and lower branches of Congress. . . .
The schedule laid down by Jacob Fisher, who directed the La Follette
fight, called for the adoption of the report before luncheon. This was prevented, however, by a motion made by Daniel J. Tobin that an even stronger
endorsement of La Follette be added to the report, so there could be no doubt
in the mind of any person as to where the Council stands. In effect, he
wanted a snapper on the whip.
If the thing were worth doing, he argued, it was worth doing thoroughly
and without any suspicion as to ambiguity. This motion was supported by
Matthew Woll and Martin F. Ryan, representing the railroad men on the
Council, and opposed by William Green, representative of the miners, and
Frank Duffy, representing the carpenters, the largest unions in the Federation. These, with James Duncan of Quincy, Mass., Senior Vice-President
of the Federation. opposed endorsement in any form.
On the same date (the 4th inst.) a telegram addressed to
°campers as Peacemaker.
This debate forced an afternoon session, the first Saturday afternoon sesPresident Gompers by Senator La Follette expressing appresion held by the Council in 20 years, at which, until nearly dinner time, the
ciation of the action of the Executive Committee of the debate waxed hot. Finally, when it became clear that the Tobin amendment
could not pass, Mr. Gompers intervened to suggest, in the interest of bar•
Federation, was given out as follows:
Auc. 231924.]
THE CHRONICLE
909
the people, we advocate a constitutional amendment enabling Congress to
re-enact by two-thirds vote any measure declared unconstitutional by the
Supreme Court of the United States.
Labor favors graduated income and inheritance taxes and opposes the sales
tax as well as all other attempts to place excessive burdens on those least
able to pay.
We demand that our nation identify itself with international agencies;
and conferences to promote world peace. We urge membership in the League
of Nations and participation in the World Court.
In addition the Executive Council adopted the following declaration on
the selection of candidates for the offices of President and Vice-President,
which declaration was directed to the convention of both major political
parties and to the conference group having placed independent Presidential
and Vice-Presidential candidates in the field.
Devoted to the cause of American principles of justice and freedom, and
Gompers Seems Stronger.
patriotically desirous of contributing the efforts of the working people of
"We spent the entire day," said he, "discussing the report of the National our republic in the furtherance of true Americanism and of the improvement
Non-Partisan Political Committee on policy. Every angle of the political in the life and of the standards and conditions of work of the toiling masses
situation and the campaign was gone into. We have no hesitancy as to of our country, the American Federation of Labor through its Executive
clear speaking, conforming to our practice in every campaign since 1906.
Council enters the impending political campaign for the selection and elec"We have reached a conclusion and adopted a report. On account of our tion of President and Vice-President of the United States and of Senators
lock of facilities and the fact that some revision is necessary, this will not and Representatives for the purpose of service to the people and institutions
be given out until to-morrow.
of our common country.
"There is no group of citizenship more vitally interested in the outcome
In keeping with the traditional policy of the American Federation of
of the campaign than the men and women of labor, and we will exercise Labor, the Executive Council in regular session assembled, considering our
every energy and whatever ability we have in the furtherance of the rights duties as American citizens, and our responsibilities as the representatives
and interest and welfare of the common people."
of America's wage earners, do hereby manifest and express to the. convenpolitical parties of our country the earnest hope and
The report as made public Aug. 4 was given as follows in tions of the major
pressing insistence that the declaration of intentions to be formulated by
the New York "Evening Post" Associated Press accounted: each of these political parties, containing pledges to be redeemed by Congressional and executive action, shall embrace the full protection and proSection One.
motion of the rights and interests of the great mass of the people of the
The Executive Council at its last meeting instructed the Executive Com- republic—the farmers and wage earners.
mittee of the American Federation of Labor National Non-Partisan Political
It is the further hope and insistence of the American wage earners that
Campaign Committee, and as many other members of the Executive Council as founded upon a platform of honesty and progress, candidates will be nomconvenient, to attend the national Democratic and Republican inated for President and Vice-President of the United States who shall comcould find it
conventions, and that the Executive Committee present the demands of mend themselves to the favorable consideration of the great mass of the
labor to both conventions.
citizenship of our country, and make selection of these candidates the hopes,
These instructions were carried out and we present the following report:
aspirations and claims of America's wage earners for favorable considerathe American Federation of Labor's active and positive par- tion shall be treated fairly and justly.
The policy of
ticipation in politics was inaugurated in 1906. This non-partisan political
Favorable consideration is strongly urged of the names of outstanding
policy was intended to secure the election of those in favor of the just and types of America's workers for the nominations to positions within the gift
the humanitarian aims and purposes of the labor movement and the defeat of these political party conventions, and all workers, all citizens are called
of those who had demonstrated their hostility to the cause of labor.
upon in bringing to realization the high and lofty purpose of securing the
selection of candidates capable of intelligently, fearlessly and justly proDefines Policy Scope.
moting and protecting the human interest of our people and of restoring
The scope of the application of our policy has been extended to apply not
and safeg-urading the principles of justice and freedom.
only to Congressional elections, but to the offices of President and ViceSecond Section.
President of the United States and to participation in primary elections.
However, in principle the non-partisan policy inaugurated in 1906 has ever
The Executive Committee of the American Federation of Labor National
since governed the political course of the American Federation of Labor. Non-Partisan Political Campaign Conunittee presented labor's proposals
Adherence to this non-partisan policy has resulted in a splendid record of to the Republican convention.
legislative achievements. Reference to our 1906 Bill of Grievances comThe Republican convention gave labor's representatives a brief and curt
pared with legislative enactment since testifies to the progress and success hearing. The Republican platform ignores entirely the injunction issue.
resulting from labor's non-partisan political policy.
It fails to deal with labor's right to organize or the right of the workers,
In keeping with this non-partisan political policy, and by direction of the even in eelf-defense, collectively to cease work. That platform sustains the
conventions of the American Federation of Labor, the Executive Council Railroad Labor Board, with all that it means in the direction of Governand the Non-Partisan Political Campaign Committee of the American Fed- mental coercion of wage earners. It fails to recommend the ratification by
eration of Labor prepared a series of legislative and constitutional.proposals the States of the Child Labor Constitutional Amendment.
for submission to both major political parties for favorable consideration and
The Republican convention nominated candidates unacceptable to labor.
incorporation into their political platforms.
Its candidate for Vice-President is one of the most outspoken enemies of
These proposals were as follows:
labor and is the founder of an organization dedicated to the task of writing
To promote highest material progress, which is the basis for national ef- into all political platforms planks calling for the anti-union shop—an orfectiveness as well as an agency for national service, we urge that industry ganization which also encouraged and supported the Daugherty injunction
and commerce be freed from legislative prohibitions that restrict develop- against the railroad shopmen.
Labor's representatives submitted to the Democratic convention identical
ment in conformity to economic requirements. To this end we propose the
repeal of anti-trust legislation and the enactment of legislation that will proposals to those submitttd to the Republican convention. At the convenprovide regulation in public interest and legalize economic organization as tion an extended hearing was granted. The Democratic platform pledges
well as the constructive activities of trade associations.
that party to legislation to regulate hours and conditions of all labor, a
It is unescapable that an integral part of legislation establishing this eco- proposal against which the American Federation of Labor has struggled
nomic policy is full recognition of the right of workers to assist themselves throughout its whole history. It is silent as to the injunction. It does not
in unions for their protection and advancement both as workers and citi- meet the Railroad Labor Board issue. On that point it is so equivocal that
zens, and collectively to carry on the legitimate functions of trade unions. the enemies of labor may well feel that their desires will be met. It, too,
The use of the injunctive process to apply to personal relations in industrial fails to recommend the ratification by the States of the Child Labor Condisputes must be prohibited and equity procedure returned to its beneficent stitutional Amendment.
Democrats Unacceptable.
service in protection of property.
The Democratic convention nominated candidates unacceptable to labor.
Demands Protection of Child Life.
As to the candidates and platforms, both the Republican and Democratic
It is essential for the conservation of national virility that child life be
national party conventions flaunted the desires of labor—the Republican
protected. We therefore urge the ratification by the States of the
joint convention in an arrogant manner, the Democratic convention by evasiveness,
resolution passed by the Congress, to amend the Constitution empowering
which is the customary mark of insincerity.
the Congress to enact such legislation as will safeguard the future child
There remains the candidacy of Robert M. La Follette and Burton K.
life of our republic.
Wheeler, the first an independent Republican; the second an independent
Because the labor clauses of the Transportation Act of 1920 have
proved Democrat, running as such.
ineffective, we ask their repeal and the enactment of legislation
that will
These candidates have proffered a platform in which the economic issues
afford opportunity for the voluntary organizations of management and emof the day are met in a manner snore nearly conforming to labor's proposals
ployees to deal with problems of industrial relations.
than any other platform.
We demand the enactment of legislation providing that products of convict
This platform pledges a remedy for the injunction evil.
labor shipped from one State into another shall be subject to the laws of
It pledges the right to organize and collectively to cease work.
the latter State exactly as though they had been produced therein.
It pledges protection of the rights of free speech, free press and free
In order to mitigate unemployment attending business depressions, we assemblage.
urge the enactment of legislation authorizing that construction and repair of
It pledges abolishment of the Railroad Labor Board.
public works be initiated in periods of acute unemployment.
It pledges a measure to annul the power of the Supreme Court to declare
In appreciation we urge adequate provision for the full rehabilitation of all laws permanently unconstitutional.
injured in the service during the World War.
It declares for direct election of President and Vice-President and election of Federal judges.
Favors Compensation Betterment.
It recommends prompt ratification by the States of the Child Labor ConWe urge proper recognition of the work of those in the civilian service of
stitutional Amendment.
the Government with adequate compensation based upon equitable claosif
It pledges subsequent Federal legislation to protect child life.
cation.
We favor the enactment of more comprehensive compensation laws to proForeign Policy Near Labor View.
vide for all workers not covered by State compensation acts. We demand
On international issues this platform does not conform to labor's promore liberal provisions for those incapacitated by industrial accidents or posals, but it does more fully than any other political platform meet labor's
occupational diseases.
views in relation to domestic economic lames.
We maintain that the Volstead Act is contrary to the desire of the majorWe cannot do other than point out this fact, together with the further
ity of our citizens as well as the spirit of the Eighteenth Amendment, and and perhaps more important fact that the candidates La Follette and Wheeler
we demand that it be modified to permit the manufacture and sale of beer have throughout their whole political careers, stood steadfast in defense of
containing not more than 2.75% alcohol.
the rights and interests of the wage earners and the farmers.
We declare for the maintenance of freedom of speech, press, assemblage
We cannot fail to observe that both Republican and Democratic parties
association. We oppose any regulation to restrict these fundamental through manipulated control are in a condition of moral
and
bankruptcy, which
rights, believing that individuals and groups should be responsible for their constitutes a menace and a peril to our country and its institutions. Maacts and utterances.
chine politicians have brought upon our country moral obliquity and unWe oppose conscription except as a military measure for defensive war ashamed betrayal. We are judging on the basis of the condition which exand oppose all proposals to initiate compulsory labor under whatever guise. ists and thia judgment will be reversed only when the conditions upon
In order to maintain representative government based upon the will of which it is based are changed.
mony, that it be withdrawn. This was agreed to. Had it been allowed oa
go to a vote, the vote would have been six to five.
This out of the way, it was necessary to meet arguments raised by those
opposing the endorsement of anybody. As a concession to Thomas A. Rickard of the garment workers, the declaration making it clear that the Federation is not in attachment to the Socialist or other radical groups was
emphasized. The declaration disowning by implication the Conference for
Progressive Political Action also was strengthened. Then the revised report
as amended was agreed to in time for the Council members to keep early
dinner engagements.
Later Vice-President Woll announced the Council had reached an agreement, but that It would be impossible to make public the result until tomorrow afternoon. After which Mr. Gompers received the reporters for the
first time since coming to this city.
910
THE CHRONICLE
[Vol,. 119.
Service to the people is a noble cause which demands consecration, and the formation of an American Labor Party, intends to force the issue of
the American labor movement demands that there be the consecration of supremacy with its enemies.
Those enemies include the Amalgamated Clothing Workers of America,
candidates to whom it gives•support.
Our course is clear. In pointing to the platform and records of the inde- which broke from the fold of the Federation many years ago; the organipendent candidates, we do so with the confidence that no other course can zation letd by J. A. H. Hopkins, known as the "Committee of Forty-Eight,"
be pursued if we are to remain true to our convictions and our traditions. which is composed of the left-overs of the old National Independent Party
Those who are hostile to labor and to the people generally and who devoted and the Socialist Party.
In other words, if the Federation is to succeed in its test of strength, It
their energies to the service of reaction and special interests must be opmust subordinate such enemies and other organizations that heretofore have
posed.
Asks liTage Earners to Rally.
done their own campaigning and have consistently refused to deal with the
We call upon the wage earners and the great masses of the people every- Federation.
While it is known that there were members of the Executive Council who
where who stand for freedom, justice, democracy and human progress to
rally in this campaign to the end that the representatives of reaction and at this time favored a declaration for a labor party, there were others that
disapproved such a move, so the trade-off resulted in the agreement as has
special interests may be defeated and the faithful friends and servants of
been stated.
the masses elected.
Co-operation hereby urged is not a pledge of identification with an independent party movement_ or a third party, nor can it be construed as support for such a party, group or movement except as such action accords with Thirteenth Annual Meeting of Investment Bankers
our non-partisan political policy. We do not accept government as the soluAssociation in Cleveland Sept. 22-24--Proposed
tion of the problems of life. Major problems of life and labor must be
Amendments to Constitution.
dealt with by voluntary groups and organizations, of which trade unions
are an essential and integral part. Neither can this co-operation imply our
At the thirteenth annual convention of the Investment
support, acceptance or endorsement of policies or principles advocated by
any minority groups or organizations that may see fit to support the can- Bankers Association of America, to be held in Cleveland, at
didacies of Senators La Follette and Wheeler.
the Cleveland Hotel, Sept. 22, 23 and 24, there will be placed
In the campaign to elect to Congress, regardless of their political group
before the members proposals to amend the constitution of
or party affiliation, men deserving of labor's support there must be unity
of purpose and method, therefore leadership must lie with the only organi- the association. Regarding these amendments the July 28
zation having the right to speak for the entire labor movement. In this the bulleting of the association says:
American Federation of Labor yields to none, but will maintain steadfast
its leadership, guidance and direction.
PROPOSED AMENDMENTS TO BE CONSIDERED AT ANNUAL
In the selection and election of men to public office within the several
MEETING.
States leadership must lie with our State Federations of Labor, and in city
There have been few changes in the basic law of the association since the
or county elections this right must rest with central labor bodies.
organization. The constitution was changed at the 1921 convention in
Denies Allegiance to Any Party.
respect to the names of some of the standing committees. At the same
Organized labor owes allegiance to no political party or group. It is meeting the By-Laws were changed to provide for a graduated membership
not partisan to any political party or group. It is partisan to principles— fee in keeping with the classification of a newly elected house.
For some years it has been felt that parts of the constitution should be
the principles of freedom, of justice, of democracy.
It is the duty of trade unionists, their friends and sympathizers, and all rewritten to do away with certain ambiguities and to strike out some hislovers of freedom, justice and democratic ideals and institutions to unite in torical provisions now of no value. Accordingly in this issue of the "Bulledefeating those seeking public office who are indifferent or hostile to the tin" there appear a number of proposed changes. These proposed amendpeople's rights and interests. It is the duty of all to support such candi- ments will be voted upon at the Thirteenth Annual Convention in Cleveland
dates to public office who have been fair, just and outspoken in behalf of on Sept. 22, 23 and 24 1924. Members of the Association are notified that
these amendments were considered by the Board of Governors at a meeting
the welfare of the common people.
We shall analyze the record and attitude of every aspirant to public on July 14 1924, and are presented for consideration in accordance with
office and shall give our findings the widest possible publicity. Labor's Section 1, Article VIII, which reads:
Section 1. Article VIII. This constitution may be amended at the first
enemies and friends must be clearly known and be definitely indicated.
In calling upon all affiliated and recognized national and international annual meeting by resolution submitted in writing at one session and passed
and brotherhood organizations, State Federations of Labor, central labor at a subsequent session, but thereafter this constitution can only be amended
bodies, local unions, labor's friends and sympathizers, to give united, un- by written notice served on the Secretary at least thirty days before any
restricted, loyal and active support to the non-partisan campaign now set annual meeting, and then submitted in writing to the next annual Convenin motion, we emphasize the imperative need of an intensive educational vention of this Association and passed by a two-thirds vote of all delegates
campaign to enable all to act with discrimination and wisdom in this elec- present.
tion, and to stand faithfully by our friends and elect them and to oppose our
Section 1, Article III. This section deals with the terms of office of the
enemies and to defeat them.
officers and governors and the method of election. Under the provisions
now in force it is not clear whether the officers have a ballot, although a
From the Baltimore "Sun" of Aug. 2 we take the followprecedent established by Lewis B. Franklin in 1915 so gave them voting
ing regarding the Federation's session on the 1st:
power.
Toward the end of the session this afternoon the Council took notice of a
Section 6,Article III. This section originally set the machinery in motion
charge made by Joseph Manly, campaign manager for William Z. Foster, for eight governors to be retired each year. The section Is now useless and
the Workers' Party candidate, that Mr. Compere was the arch-enemy of labor under the proposed amendment is consolidated under the provisions of
in the United States.
Section 1, Article III.
Mr. Gompers later issued a brief statement assailing Foster and his crowd,
Taking up the proposed revision of Section 1, Article III, it will be seen
charging that they were directly affiliated with the Communists of Russia. that a provision is now made as to who is eligible for election as an officer or
This statement in part says:
governor. Membership in the Association is held by firms or corporations
"I do not propose to engage in any controversy, political or otherwise, and naturally such members could not be elected to office. To do away with
with the American representatives of the Moscow hierarchy.
the ambiguity it is proposed to make the eligibility of officers and governors
"Foster is the head of the so-called Trade Union Educational League, Identical with that of delegates to the convention. The result in the final
which is affiliated to and under the control of the Red labor union inter- analysis will be the same inasmuch as this practice has been followed for
national at Moscow, which in turn is controlled by the Red or Communist years in the nominations presented on the floor of the convention No
.
.
international, which in turn is controlled by the Russian Communist Party. other change is made.
"Ruthenberg is Secretary of the Workers' Party, which is affiliated to
Section 6, Article III. This section Is proposed to be stricken and old
and under the control of the Red international.
section 7 becomes Section 6.
Section 7, Article III. In this section the words "to fill all vacancies until
Cite La Follette's Rejection.
the next annual meeting and" are stricken. This power under the proposed
"Foster and Ruthenberg tried to endorse Senator fa. Follette in their St. amendments will be found
in Section I, Article III.
Paul convention, but the Senator forestalled that calamity by denouncing
Section 8, Article III. This section becomes Section 7, Article III, by
the whole Communist outfit. Thus chagrined, Foster and Ruthenberg, in reason of
Section 6 of the same Article being stricken and hence a renumbercontrol of the machinery set up in the St. Paul convention, betrayed the men ing of the sections
being made necessary.
and women who went there with honest purposes and convictions, set up
There Is also a proposed revision in this last section. Whereas at present
dummy candidates who were almost immediately discarded without cere- any eight
members of the Board constitutes a quorum it is now proposed to
mony and then proceeded to attack Senator La Follette.
raise the number to twelve. The idea originally was that eight would be
"Without expressing any further opinion, I am sure the Senator will be one-third of the Board of Governors
without any consideration begin given
pleased to know that international revolutionary Communism opposes him. the eMcers. Now
that it is proposed to do away with the ambiguity as to
For my part I should consider it extremely unfortunate for any political the right of
officers to a vote on the Board twelve more nearly constitutes
leader or for any bona fide trade union leader or official to have the friend- an equitable
quorum.
ship of those whose first object is the destruction of our labor movement as
Section 1, Article VIII. This section of the constitution deals with the
a condition preceded to the destruction of all our democratic institutions, method and procedure to be followed in amending
the constitution. When
and finally of the republic itself.
the constitution was presented at the organization meeting in 1912 it was
felt some changes would be necessary and provision was made for such
Movement Crushed.
changes at the annual meeting subsequent to the organization meeting:
"The whole movement headed by Foster and Ruthenberg has been crushed The
first part of the opening sentence which reads "This constitution may
in the United States by the fight led by the American Federation of Labor. be
amended at the first annual meeting by resolution submitted in writing
It is natural that these agents of Moscow, leading a forlorn straggling of at one
session and passed at a subsequent session, but thereafter" is now
revolutionists, beaten at every turn, should seek to arouse interest by the useless
and accordingly the amendment appearing in this Issue of the "Buluse of vituperative language. They are disappointed men who know that letin"
will be presented at the annual meeting in Cleveland.
they cannot carry out the orders of their masters in Moscow and who know
By-Laws: The procedure to be followed in amending the By-Laws is simthat the reason for this is the unyielding defense of democracy and Ameri- ple. The
Eighth By
-Law provides: "These By-Laws may be repealed or
can institutions by the American Federation of Labor."
amended ates nt. eting of the Association upon a majority vote of all
pr 7
y
In its advices from the convention city (Atlantic City) delegates
By-Law One: This By
-Law provides for a membership foe to all houses
Aug. 5, the New York "Journal of Commerce" had the folenrolled after Jan. 1 1913, and also provides that houses enrolled prior to
lowing to Say:
that date shall be known as charter members. The real significance of a
Matthew Well, of Chicago, seventh Vice-President of the Federation and charter member has never been established and while a house may feel
spokesman for the Executive Council, was asked how the Federation was some pride in being one of the original members, that house has enjoyed no
going to reconcile its stand behind La Follette when the Socialist Party, greater privileges than the non-charter members. The provision being of
avowed enemies of the Federation, has a party chief on La Follette's cam- no value it is proposed to strike out the first by-law.
paign committee, that party chief being Morris Hillquit.
Two, therefore, becomes By-Law One if the amendment Is
"Regardless of what Mr. Hillquit or any other person or organization says adopted..
adliti-Law
or does," replied Mr. Woil, "the campaign committee of the American FedClassification: By
-Law Two, as now in force, divides the membership
eration of Labor will take dictation of policy from none. They will assume into three classes—A, B and C. It is now proposed to abolish Class "A"
leadership and keep that leadership unchallenged from the start."
membership. As now on the books Class "A" membership includes houses
The persistent play on "unchallenged leadership" by the Executive Coun- doing a strictly local business. It has been contended since the adoption
cil is taken to indicate that the Federation, in the movement looking to of this classification that there are no houses doing a strictly local business.
AUG. 23 1924.]
THE CHRONICLE
It is possible that a house may do a strictly local business in the sales department. But this classification of a local house must be interpreted in
the light of the other provisions of the constitution. In Section 1, Article
II, the eligibility of a house to membership rests among other things upon a
provision that a house to be eligible must make a practice "of buying bonds
or investment stocks and publicly offer" the same as a dealer therein.
Now while a dealer may offer securities wholly within the immediate territory in which located, the buying of securities is not so confined. Hence the
sale of securities is not the only factor to be considered in defining a Class
"A" member. It is, therefore, recommended that Class "A" be stricken
and to consolidate the present classes "A" and "B."
Class "C"remains the same and its provisions are unchanged.
To simplify matters it is proposed to call the present Class "C" members
Class "A" and all other members Class "B."
There is a further proposed addition to the By
-Law dealing with classifi-Law Two). A house which at present is admitted under
cation (present By
a lower classification because of the character of its business and later is
reclassified under a higher classification because of the increased business
does not pay the difference in the membership fee. It is contended that
when a house is admitted under a lower classification and later raised that
by reason of no adjustment of membership fee such action is not equitable
to the members admitted originally under a higher classification.
By
-Law Three becomes By-Law Two if the proposed amendments are
adopted. This By-Law provides for but one thing, viz.: that the officers
and governors elected at the organization meeting in • 1912 were to hold
office until the annual meeting in 1913. The organization meeting was held
In August 1912; and the first annual convention in November 1913. To
hold another election in such a short passage of time did not seem necessary.
The entire By-Law Three is proposed to be stricken.
There is a substitute provision proposed. The new matter provides only
for the date of the collection of dues and service charges for branch offices.
Originally, this provision was written into the First By-Law which is now
proposed to be dropped.
By-Law Four. No change proposed. The proposed amended By-Laws, if
adopted, will cause this By-Law to be known as By-Law Three.
By-Law Five: This By-Law will become By-Law Four if the amendments
prevail. There is a provision in the By-Law that a membership may be
forfeited upon a three-fourths vote of the governors in attendance. The
words "in attendance" are proposed to be dropped and make a three-fourths
vote of the thirty-four officers and governors necessary to a forfeiture.
There is proposed an additional paragraph dealing with business conduct.
The paragraph is clear, it needs no further interpretation.
By-Law Six: This becomes By-Law Five if the amendments prevail. The
By-Law provides for the method oflocating the main office, and by whom it
shall be decided. The cities named in the By-Law as to where the office
may be located are stricken. The Board of Governors has no idea of changing the location of the national headquarters. The amendment is offered
only as one of simplification.
By-Law Seven: This becomes By-Law Six if the amendments prevail.
Th,e By-Law provides that Roberts Rules of Order shall govern the deliberations of the Association. It is proposed to amend the By-Law to provide
for the Revised Roberts' Rules of Order. As a matter of fact the revised
rules have been used since the organization.
By-Late Eight: No change proposed. This By-Law will be known as
By-Law Seven if the amendments prevail.
Three paragraphs are proposed to be added to the By-Law now known as
eight. These paragraphs deal entirely with members who are thrown into
voluntary or involuntary bankruptcy. Suspension is provided for; extension of time of settlement with creditors is provided for, and forfeiture of
membership and reinstatement are provided for.
year's meeting, and' urging their attendance.
says in part:
911
Mr. Head
The American Bankers Association is to meet this year in the midst of a
national campaign, in which are involved the election of a President and
Vice-President, the selection of Senators and Congressmen and the determination of important questions of foreign and domestic policy. Such a
campaign always affects the course of business and finance in some degree.
More than that, it tends always to raise questions in the minds of men
of every walk of life, relative to the efficiency of their government, the
propriety of policies undertaken or advocated and the continued stability
of national institutions which may be subject to attack.
The American Bankers Association is not engaged in partisan politics and
its convention at Chicago Sept. 29
-Oct. 2, will be entirely devoid of partisan
flavor. Our convention, however, will necessarily take note of the situation
in which the country finds itself. Ot will naturally survey its own and
related fields, in order that its highest intelligence and utmost energy may
be devoted to the maintenance of those principles of economic sanity and
progress to which we are always devoted.
Banking itself is an agency. Bankers are vitally interested in all the
great industries which make up the economic life of the nation. As bankers
—and as citizens—we will review, in our general sessions, some of the important problems affecting these industries and we will undertake to contribute to their solution. Such a survey is important to every section of
our country and to every banker who is a member of this Association.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of James T.
Bryan was reported posted for transfer this week to Frederick W. Drodge, the consideration being stated as $82,000.
Last preceding sale was for $81,000.
of
Sales of Chicago Board of Trade memberships have been
reported this week at $6,550, and at the close of last week at
$6,400 net to buyer. Previous sales were stated to be at
$5,725.
Louis Crawford Clark, member of the New York Stock
Exchange firm of Clark, Dodge & Co., died on Aug. 16 at
the country home of his son, Louis C. Clark Jr., at Roslyn,
L. I. Mr. Clark was 71 years old. He was born at Northampton, Mass., and was a graduate of Harvard College,
class of 1874. After leaving college he entered the banking
firm of Clark, Dodge & Co., of which his father was at that
time a senior member, being one of the original members
of the firm, which was founded in 1847.
Henry S. Bartow has been appointed an Assistant Secretary of the New York Trust Co.
As in previous years, it is announced arrangements have
been made for a rate of fare and a half to the Cleveland convention. The arrangements have been made with the passenger associations of the United States and Canada. John
W. Prentiss is President of the Investment Bankers Association and Frederick R. Fenton, of 105 South La Salle Street,
Chicago, is Secretary.
The National City Bank of New York is considering the
opening of anther branch in Italy, according to Charles E.
Mitchell, President of the bank, who sailed for Europe on
the 16th inst. The bank already has a branch in Genoa and
it is expected that the new branch, if established, will be
located at Milan. The National City Bank also has two
branches in London and one each in Paris, Antwerp and
American Bankers' League, Through Charles de B. Brussels, as well as in several Latin-American cities.
Claiborne, Urges Bankers to Concern Themselves in Tax Revision.
Calling attention to the fact that the work of establishing
Bankers throughout the nation are urged by Charles de B.
the main office of the Pacific Bank of New York in its new
Clairborne, of New Orleans, President of the American
Pershing Square Building at Park Avenue
Bankers' League, to act as Chairman of local committees quarters in the
has been completed, and the Pacific Bank is
to file a protest with Senators and Representatives who and 42d Street
with a number of offices to have its main
opposed the Mellon tax revision proposals. In a letter to thus the first
office in the mid-town section of the city, an announcement
bankers Mr. Claiborne says:
by the bank Aug. 21 said:
No matter which
political party wins in the coming election, our tax laws
will undoubtedly be revised by the next session of Congress, and now is
the time for the bankers of the country to take a more active part in the
fiscal policies of the nation, since they are the highest authority. As a
banker, you owe it to your community and to the nation to relate to your
fellow-citizens and to your Congressmen your experience and observation
of the application of tax legislation upon the progress of the community
and its effect upon the people as a whole, and to give them the benefit
of your judgment as to the most capable remedy.
Because of the special nature of its commercial services, the Pacific Bank
has been developed on a system of "every office the main office," and this
general principle is retained. Certain administrative departments of the
bank, however, have heretofore been located at the Broadway office and
these have been removed to the Pershing Square Building.
Ninety per cent of the volume of business done by the
Pacific Bank is with the merchants and manufacturers of
This action, it is said, is preliminary on the part of the New York City, according to an analysis made by 0. H.
Bankers' League to a campaign during the next session of Cheney, President of the Pacific Bank. Mr. Cheney States:
Congress for the enactment of tax legislation, "suited to
Because of its specializing in local manufacturing and merchandising
problems, the bank has brought its main office to the important mid-town
the needs of productive industry."
Interest in Convention of American Bankers Association Incident to Presidential Campaign—Review
of Problems Affecting Industry.
Coming in the midst of the Presidential campaign, particular interest will attach this year to the convention at
Chicago of the American Bankers Assoiation, which always
devotes a large part of its sessions to leading questions of
general welfare and to formulating a declaration of principles
on business and financial subjects. Local bankers have
received a communication from Walter W. Head, President
of the Association, pointing out the importance of this
commercial section. This move will make available to its customers in
this section the counsel of the bank's merchandising experts; the informs.
tion in the bank's charts of current business conditions and its study of daily
sales records.
The Pacific Bank was established in 1850. Its deposits
have increased almost six-fold in the past ten years, rising
from $5,883,000 in 1914 to $33,736,000 in 1924. In addition
to the Pershing Square office, the bank maintains five
others, at Broadway and Grand Street, 28th Street and
Madison Avenue, 49th Street and Seventh Avenue, 59th
Street and Park Avenue and Hudson and North Moore
streets. For many years the Pacific Rank has been closely
associated with the American Exchange National Bank.
912
THE CHRONICLE
[voL. 119.
and Cashier. Besides the
Reference to the new. Pershing Square offices was made in and H. A. Digman, Vice-President
foregoing, the following are members of the board of direcour issues of April 26, page 2004, and Aug. 16, page 781.
tors: Henry Schoegel, Gust. Strandt, Lorenz Prankfurth,
H. A. Sawyer, Walter H. Truettner, Charles Dieringer, Fred
It is announced that reports from the 96 Morris Plan Heider, J. G. Van Holten. The stock (par $100) was offered
banks and companies, organized by the Industrial Finance at $120 per share.
Corporation and operating in 106 American cities, shows
that 241,000 loans were made in the first six months of 1924,
The First National Bank of Minnesota Lake, Minn., was
for an aggregate sum of $58,750,000. This is $8,000,000 more closed by its directors on Aug. 4 upon the discovery by a
than for the same period in 1923. The total number of loans bank examiner on a routine visit to the institution of a shortmade on the Morris Plan to June 30 was 2,680,000 and the age in its funds and a check-up of the bank's accounts begun,
amount $527,560,000.
according to the Minneapolis "Journal" of Aug. 7. Subsequently a loss estimated at $75,000 was disclosed. F. A.
disappeared, it is said.
With regard to the discontinuance of the New York agency Ludwig, the Cashier of the bank, has
Soc. Anon., in ac- A press dispatch from Minnesota Lake on Aug. 9, printed
of the Banca Marmorosch, Blank & Co.,
of the following day, stated
cordance with action taken on June 10 by the Executive in the Minneapolis "Journal"
and a
the bank at Bucharest, Rumania, Dr. Arthur that the Cashier's whereabouts was still unknown
Committee of
office, had warrant charging embezzlement had been issued for his arrest.
Zentler, the executive delegate at the New York
the following to say in reply to an inquiry on the part of
The Federal Reserve Board in its announcements for the
Dow, Jones & Co.:
of Winfield,
the bank opened its agency in New York, week ending Aug. 15 states that the State Bank
Since November 1920, when
our constant aim was to serve to the best of our ability the interests of the Kan., has absorbed the Progressive State Bank, Winfield,
Rumanian population in America, who desired to transmit funds to their Kan., a non-member.
achieved our aim not only by
relatives in Rumania. We believe we have
greatly facilitating such transmissions, but also by 'making it possible to
have this done at a very reduced cost. We also attempted to serve the RuIncrease in the rate of dividend and placing the paymanian population in America in a cultural way and established for this
purpose the Rumanian Educational Bureau in the building of our bank at 31 ment on a quarterly basis has been authorized by the direcBroadway, with funds donated by Mr. Mauriciu Blank. This Educational tors of the Bank of Italy at San Francisco and the StockBureau distributed throughout the country wherever there are Rumanian
two orcentres as well as to American universities, literature in Rumanian and b.olders Auxiliary Corporation. This action of the
other languages pertaining to Rumania.
ganizations will increase the dividend for the combined
the busiAt the same time we looked forward to re-establish and augment
shares to $14 a year, effective Sept. 30, when the first payness which we carried on, prior to the war, between the United States and
Rumania. Because of the adverse conditions throughout Europe in the last ment under the new plan, will be made to stockholders of
four years the Rumanian exchange, like the other European exchanges, de- record Sept. 15. "In changing the dividend period from a
clining in value, it was made impossible to resume business on a larger
semi-annual to a quarterly basis," said A. P. Giannini, Presiscale between the two countries. This, connected with the fact that just at
the time when better conditions in Europe are in sight, large American dent of the two institutions, "we are making it possible for
interests voice and manifest their disapproval and discontentment with cer- our stockholders to benefit by more frequent disbursements.
tain laws enacted in Rumania, caused us to feel that, under the circumsince
stances, it is best to withdraw our agency from New York. In doing so we This is a more satisfactory arrangement, particularly
have been fortunate to perpetuate the work begun here in establishing close many people pay income tax, insurance premiums and other
relations with the National Bank of Commerce in New York, which be- periodic obligations quarterly." The resources of the Bank
comes the chief correspondent of our head office, and with the American
of Italy are reported as in excess of $325,000,000.
Express Co., which takes over our transmission business.
I take this opportunity to say that at all times we have met with the
American instituhighest courtesy and greatest kindness on the part of all
The 147th semi-annual report of the Bank of New South
tions with which we came in contact and to express my most sincere thanks
to them.
Wales (head office Sydney) covering the six months ending
The activities of the New York agency were discontinued March 31 1924, and presented to the shareholders at their
July 1.
half-yearly general meeting on May 30, has just been received. The statement shows net profits for the six months
when added
A charter has been issued by the Comptroller of the Cur- after the usual deductions of £458,621, which,
from the precedthe Lincoln National Bank of to the balance of £154,538 brought forward
rency for the organization of
£613,159 available for distriNewark, N. .L, with a capital of $300,000. The President of ing half year, made the sum of
two interim dividends at the
the new organizing bank is Franklin W. Fort, and F. Ran- bution. Out of this amount
for £300,000, were paid (for
dolph Dunn is the Cashier. The bank will begin business rate of 10% per annum, calling
1923 and Mar. 31 1924, respecOct. 1. The selling price of the stock, par $100, is $155 per the quarters ended Dec. 31
tively) and £150,000 added to the reserve fund, leaving a
share.
balance of £163,159 to be carried forward to the next half
year's profit and loss account. Total assets of the instituAnnouncement was made this week that the recently tion on March 31 were £79,209,080 (of which £13,061,872 conorganized Guardian National Bank of Chicago will take sisted of coin, bullion, Government legal tender notes and
over the large loop quarters now occupied by the National cash at bankers). On the debit side of the statement deCity Bank of Chicago as soon as the latter vacates, which it posits, accrued Interest and rebate amounted to £55,043,478.
Is expected will be some time in September. The organiza- The paid-up capital of the bank is £6,000,000 and its reserve
tion work of the new institution has been largely completed. fund £4,050,000. During the half year branches of the bank
Henry R. Kent, formerly Vice-President of the Fort Dear- were opened at Cessnock, Chatswood, Hurstville and Kaborn National Bank and of the Continental & Commercial toomba in New South Wales; Colbinabbin East and South
National Bank, has recently resigned the Vice-Presidency Melbourne in Victoria and Taihape in New Zealand, making
of the latter to become President of the new bank. He has the total number of its branches and agencies 400. Thomas
been identified with financial and commercial circles of Rockland is President and Oscar Lines General Manager.
Chicago for over 40 years. Emil E. Rose, a director of the
Hill State Bank of Chicago, is to be one of the Vice-Presidents and Cashier. The proposed directorate is composed THE WEEK ON THE NEW YORK STOCK EXCHANGE.
of Edward B. Carson, capitalist; Clarence B. Chadwick,
The stook market during the fore part of the week made
President Bankers Supply Co.; Darby A. Day, Manager Mu- further sharp advances, but the latter part suffered a sharp
tual Life Insurance Co., New York; T. J. Forschner, Presi- reaction. The steady advances encouraged realizing sales,
dent Forschner Construction Co.; Emil E. Rose, director of which were particularly heavy in American Can and Baldwin
Hill State Bank, Chicago; J. L. Kesner, President Keener Locomotive. In the two-hour period of trading on SaturRealty Co.; Charles M. Hayes, President Chicago Motor day the market was again active, the trend of prices being
Club; Frank M. Bowes, Vice-President Illinois Central Rail- definitely upward. United States Steel common led the
road Co.
forward movement with an advance of one point to 110.
American Can was also conspicuous by its advance of 2
%
The Comptroller of the Currency has issued a charter for points to a new high record at 1313 . New high records
the Northwestern National Bank of Milwaukee, Wis., which were scored by Southern Ry. and Texas-Pacific and Marine
has been organized with a capital of $200,000. It will begin preferred advanced 2% points to 413/2. Railroad shares,
business Sept. 20. Plans to organize the bank were referred particularly low-priced issues, were the feature on Monday,
to in these columns of Dec. 22 1923. The officers are John St. Paul and Union Pacific preferred showing substantial
G. Reutraan, President; August Reisweber, Vice-President, gains. United States Steel common was the leader in the
AUG. 23 1924.]
T H Ili
CHRONICLE
Industrial list, crossing 110 for the first time in 1924. Attention was also focussed on American Smelting by its brisk
advance of 4 points to 7734. Railroad shares were again
the feature on Tuesday, and New York Central got above
110. Texas-Pacific and Missouri Pacific preferred were
also prominent in the day's activities. American Locomotive and Western Union were in strong demand at advancing prices, the latter scoring a net advance of 434 points
to 118. Oil stocks improved materially. White Motors was
particularly strong, and in the copper group Anaconda
crossed 71.
The feature of the market on Wednesday was the spectacular advance of American Can and United States Steel
common, the former selling at 13834, the highest price ever
recorded for that stock, and United States Steel common
reaching 1113. Heavy realizing sales in the latter part
of the session brought about a reaction in several active
issues from the high levels of the morning. Included in this
group was New York Central, which reached the top price
of the year at 110%, but later declined to 1094. On
8
Thursday the course of the market was completely reversed, and sharp declines occurred. Motor issues moved
against the trend, Studebaker rising one point to 3934
and Chandler Motors crossing 51. The rally in foreign
exchange was the feature of the day, sterling advancing
sharply 334 to 4 51%. The market again resumed its upward swing on Friday, but in the closing hour heavy selling
caused a severe break. United States Steel common receded to 10834 and New York Central declined more than
three points from its recent record high, while Col. Fuel &
Iron, which on Thursday had dropped from 52 to 4934,
tumbled to 423. The whole market yielded, though
Atlantic Refining, which has been weak during most of the
year, made a spectacular rise.
THE CURB MARKET.
Curb Market prices moved to higher levels this
week.
Profit taking at times caused some unevenness,
but the
undertone of the market remained firm. Trading was on
a broad and active scale, public utility stocks
featuring the
miscellaneous list. American Power & Light common made
a sensational advance from 350 to 418, the
close to-day being
at 410. Commonwealth Power common gained
some
12 points to 11034, reacting finally to 10834. American
Gas& Electric common advanced from
753 to 8534. Lehigh
Power Securities were conspicuous for an advance from 76
to 82%, the final figure to-day being 813 . American
%
Foreign Power, new, w. i., was actively traded in up from
313 to 39 and down finally to 37. Adirondack Power &
Light common was up two points to 3434. Dubilier
Condenser & Radio gained three points to 50, dropped
back to
473 and finished to-day at 4834. Glen
Alden Coal advanced two points to 120, reacted to 11734
and moved
upward again, resting finally at 121.
United Bakeries
improved from 8034 to 86% 71- .
- di'737to=ed firall1178 34.
- 5
Oil stocks were inactive and reactionary,
though changes
were few and of little importance. Prairie
Oil & drissord
up from 2073717212 amil dowially
to 20734. South
Penn. Oil moved up from 129 to 136 and
closed to-day at
135. Standard Oil (Ind.) advanced from
563 to 584, but
%
sold back finally to 5634. Standard Oil
(Ky.) rose from
1114 to 115 and reacted to 113.
Standard Oil (Neb.)
after early gain of nine points to 244 fell
back to 238, the
final transaction for the week being at
239.
(Ohio) common moved up from 289 to 294 Standard Oil
and sold finally
at 292. Red Bank Oil was heavily
traded in down from
543( to 3934 and up to 463 .
4
A complete record of Curb Market
transactions for the
week will be found on page 934.
913
The Southern Rhodesian gold output for June 1924 amounted to 52.130
ounces, as compared with 53,816 ounces for May 1924 and 58,323 ounces for
June 1923.
It was announced under date of the 31st ult. from Bombay that the Imperial Bank of India had reduced its official rate of discount from 5 to 4%.
•
SILVER.
Some fresh sales made on China account on the 31st ult. had the effect
of depressing the price 3-16d. for cash and Hd. for forward delivery to
3434d. and 34 11-16d., respectively, from which next day a partial recovery
took place. This would seem to indicate that the undertone continues
fairly good. Support has been given from the Continent and by bear covering.
The favorable movement of the sterling exchange with the United States
of America did not appreciably affect the price of silver during the earlier
part of the period under review, but the pronounced change yesterday was
reflected to some extent in receding prices.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
July 15. July 22. Jultt31.
Notes in circulation
17624
17481
17399
Silver coin and bullion in India
8257
8110
8017
Silver coin and bullion out of India
Gold coin and bullion in India
§,sii
223
2232
Gold coin and bullion out of India
Securities (Indian Government)
5735
8§ 8
6750
Securities (British Government)
1400
1400
1400
No silver coinage was reported during the week ending 31st ult.
The stock in Shanghai on the 2d inst. consisted of about 41,700,000
ounces in sycee, 45,000,000 dollars and 1,910 silver bars, as compared with
about 41,200,000 ounces in sycee, 44,500.000 dollars and 1,910 bars on the
26th ult.
Statistics for the month of July last are appended:
-Bar Silver per Oz. StandardBar Gold
Cash Delivery.
2 Mos.' Delivery. per Or. Fine.
3474d.
34%id.
958. 64.
Highest price
34d.
345-164.
Lowest price
938. 9d.
948. 6.34.
34.601d.
Average price
34.5094.
Bar Gold
-Bar Silver per Oz. Std.per Oz. Std.
2 Mos.
Cash.
93s. 94.
34 11-16d.
34 d.
34t
93s. 10d.
344cl.
34d.
34 d.
34 d.
92s. 84.
34 d.
16d.
•
3434d.
92s. 74.
347-18d.
93s.2.5d.
34.6824
34.575d.
The silver quotations to-day for cash and two months' delivery are re
spectively Lid and 5-164 below those fixed a week ago
Quotations
July 31
Aug 1
Aug 2
Aug. 5
Aug 6
Average
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a substantial increase as compared with a year ago, due mainly,
however,to the large expansion at New York City,exchanges
at this centre recording a gain for the five days of 43.1%.
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. 23) aggregate bank
exchanges for all the cities of the United States from which it
is possible to obtain weekly returns will register an increase of
24.6% over the corresponding week last year. The total
stands at $7,932,245,772, against $6,363,886,239 for the
same week in 1923. Our comparative summary for the week
is as follows:
clearings--Returtis by Telegraph.
Week Ending August 23.
1924.
1923.
Per
Cent.
$3,716,000,000
New York
488.306,630
Chicago
365,000,000
Philadelphia
347,000.000
Boston
112,519,185
Kansas City
St.Louisa
140,400.000
San F:anclsoo
107,367,000
LDS Angeles
118,970,969
Pittsburgh
124,043,465
Detroit
82,254,826
Cleveland
69,122,560
Baltimore
52,289,530
Orleans
New
$2,597.000,000
439,990.196
362,000,000
247,000,000
109,285,912
a
134,000,000
108,622,000
128,730,208
117,483,402
83,763,334
67,923.295
43,546,568
-r4.8
-1.2
-7.6
+5.6
-1.8
+18
+20.1
Twelve cities, 5 days
Other cited, 5 days
8.5,721.274.185
888.930,645
$4,439,344,933
863,893.800
+29.8
+2.9
Total all cities, 5 days
All cities, 1 day
$6,610,204,810
1,322,040,982
$5,303,238,533
1,060,647,706
+24.6
+24.6
27 029 945 772
86.363.886.232
+24.6
n•-....0 .01.1. fn. mesa*
+43.1
+10.5
+0.8
+40.5
+2.9
a Will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
THE ENGLISH GOLD AND SILVER
of the week has in all cases had to be estimated.
MARKETS.
We reprint the following from the weekly
In the elaborate detailed statement, however, which we
circular of present further below,
Samuel Montagu & Co. of London, written
we are able to give final and complete
under date of
results for the week previous-the week ended Aug. 16. For
August 6 1924:
GOLD.
that week there is an increase of 19.2%, the 1924 gggregate
The Bank of England gold reserve against its note
issue on the 30th ultimo of the clearings being $8,250,439,598
and the 1923 aggregate
amounted to E126,487,985, as compared with
£126,449,540 on the previous
Wednesday.
$6,923,022,128. Outside of New York City, however, the
The larger proportion of the small supplies available
this week has been increase is only 1.9%, the bank exchanges at this centre
taken for India.
having made a gain of 36.5%. We group the cities now
The Finance Minister of the Union of South Africa has
stated in the
according to the Federal Reserve districts in which they are
South African Parliament that there is a possibility of the
Union taking
steps to restore the effective working of the gold standard in South
Africa, located, and from this is appears that in the Boston Reserve
even before normal currency conditions are attained by the United
King- District the totals are larger by 26.2% and in the New
dom. The loss of the gold premium would of course affect the gold
industry of South Africa, touching its capacity for paying dividends and posed- York Reserve District (including this city) by 35.7%, but
blY the ability to meet the miners' wishes as to wages.
in the Philadelphia Reserve District by only 0.1%. In
the Cleveland Reserve District there is a loss of 8.6%, in
the Richmond Reserve District of 2.5% and in the Minneapolis Reserve District of 7.5%. In the Atlanta Reserve
District there is an improvement of 3.4%, in the Chicago
Reserve District of 1.4% and in the St. Louis Reserve
District of 4.6%. In the Kansas City Reserve District
there is a gain of 3.4% and in the Dallas Reserve District of
16.9%. The San Francisco Reserve District suffers a loss
of 5.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending Aug. 16 1924.
1924.
1923.
Federal Reserve Districts.
11 cities 482,700,166 132,612,812
(1st) Boston
10 " 4,793,880,828 3,633,241,372
(2nd) New York
504,439,024 504,149,594
(3rd) Philadelphia-10 "
338,497,920 370,404,663
8"
(4th) Cleveland
172,196,399 178,645,591
6 "
(5th) Richmond
163,440,898 168,065,753
12 "
(6th) Atlanta
862,529,429 85,0522,607
20 "
(7th) Chicago
64,440,866 61,591,042
7 "
(8th) St. Louis
109,062,000 117,878,693
7 "
(9th) Minneapolis
246,179,025 028,834,596
Kansas City..._ 12 "
(10th)
58,531,306 50,064,581
5 "
(11th) Dallas
454,541,707 479,810,533
(12th) San Frandsco_16 "
Ine.or
Dec.
1922.
1921.
+26.2 323,153,727 284,000,703
+35.7 3,703,143,387 3,179,426,867
+0.1 435,101,015 367,832,020
343,366,653 291,561,687
153,329,369 123,858,224
+3.4 136,046,534 117,759,609
+1.4 710,956,126 697,550,894
+4.6 52,986,383 49,859,582
-7.5 113,585,032 108,551,409
+3.4 231,526,731 255,521,546
+16.9 43,070,229 41,514,767
-6.3 377,488,347 311,630,433
124 cities 8,250,439,698 6,923,022,128 +19.2 6,623,753,533 5,829,067,730
Grand total
3,525,137,414 3,460,906,245 +1.9 2,981,914,719 2,700,832,005
Outside New York CRY
29 cities 299,226,613 297,057,464 +0.7 267,257,783 288,498,543
Canada
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended August 16.
Clearings at
1924.
•1923.
Inc.or
Dec.
1922.
$
$
%
$
First Federal Reserve Dist rict-Bosto n649,308
787,190 -6.6
735,438
Maine-Bangor.
2,555.292
3,009,312 -2.3
2,939.819
Portland
Mass.
-Boston _ _ 436.000,000 336,000.000 +29.8 285,000,000
1,749,291
2,306,209 -14.2
1,978,184
Fall River_ _ _ _
a
a
a
Holyoke
1
1,156,173
1,348,588 -22.7
1,043,083
Lowell
a
a
a
a
Lynn
1,517,656
1,508,435 +1.5
1,530,892
New Bedford_ _
3,976,737
4,593,726 +5.4
4,842,479
Springfield _ _ _
3,213,608
3,604,000 +9.9
3,960,000
Worcester_ _ _ _ _
8,014,656
11,190,666 +4.7
11,717,934
Conn.-Hartfor I
5,792,806
6,659,586 -3.1
6,451,037
New Haven_ _ _
9,528,200
11,605,100 -0.9
11,501,300
R.I.-Providence
Total(11 cities
) 482,700,166
382,612,812 +26.2
323,153,727
1921.
3
733,938
2,750,000
250,197,188
1,338,029
a
1,088,128
a
1,599,127
3,089,715
2,777,864
6,795,565
5,109,649
8,521,500
284,000,703
Second Feder al Reserve D istrict-New York2,974,978
4,024,654
-Albany_
6,198,325 -16.3
5,185,460
N. Y.
.
883,022
1,159,903
994,300 +8.8
Binghamton_ _ _
1,081,300
33,091,970
39,699,874
Buffalo
43,309,436 -3.7
d41,702,962
509,870
Elmira
877,558
878,538 -0.1
972,584
1 139,261
1,184,913 +14.0
Jamestown_ _ _ _
c1,351,150
New York__ _ _ 4,725,302,184 3,462,115.883 +36.5 ,641,838,814 3,128,235,725
6,827,970
8,597,628
10,438,663 .10,787,735 -3.2
Rochester_ _ _ 3,322,481
3,250,459
4,791,666
4,758,840 +0.7
Syracuse
_
2,808,884
2,578,862
2,644,548 -0.7
Conn.-Stamfor 1
c2,625,097
309,253
344,062
368,855 +42.3
N. J.-Montcla r
524,788
Total(10 cities I 4,793,880,8283,533,241,373 +35.7 3,703,143,387 3,179,426,867
Third Federal Reserve Dist rIct-Philad elphia991,796
1,649,197 -16.0
-Altoona.._ .
Pa.
1,385,973
2,643,340
4,177,649 -28.7
2,977,684
Bethlehem _ _ _ .
1,027,980
Chester
1,545,873 -25.1
.
1,157,870
2,490,614
Lancaster_ _ _ _ .
2,991,077 -9.1
2,717,458
Philadelphia_ . 477,000,000 475,000,000 +0.4 414,000,000
2,614,015
Reading
3,780,050 -10.9
3,368,276
3,604,572
5,897,604 -0.2
Scranton
5,886.520
2,363,388
-Barred3,259,423
2,729,701 +19.4
Wilkes
1,186,744
York
1,566,958 +1.4
•
1,589,126
4,178,586
N.J.
-Trenton_
4,811,485 +5.9
5,096,694
a
a
Del.-Wllming'n
aa
897,701
2,231,398
950,000
2,212,470
348,000,000
2,000,000
4,251,346
2,530,931
1,139,513
3,618,661
a
+0.1
435,101,015
367,832,020
Fourth Fede al Reserve D !strict-Clev eland
7,105,000 +5.5
d7.496.000
Ohlo-Akron_ _ _
4,531,729
5,011,114 -9.6
Canton
62,097,307 +1.3
62,924,901
Cincinnati_ _ _
103,794,740 118,508,749 -12.4
Cleveland
15,084,700 -6.3
14,128,800
Columbus
a
a
a
Dayton
a
a
a
Lima
1,723,918 +1.5
d1,750.418
Mansfield
a
a
a
Springfield_ _ _ _
a
a
a
Toledo
4,382,468 +1.9
d4,465,518
Youngstown.._
a
a
a
Pa.
-Erie
Pittsburgh. -- 139,405,814 156,491,397 -10.9
.6,500,000
4,159,089
55,737.685
95,086,066
13,031,500
a
a
1,319,030
a
a
3,233,283
a
164,300,000
6,357,000
2,771,134
51,249,913
80,943,994
10,201,100
a
a
1,298.881
a
a
2,939,665
a
135,800,000
-8.6
343,366,653
291,561,687
Fifth Federal Reserve Dist act-Richm mond
2,091,438 -26.7
1,532,034
W.Va.-Hunt'g'n
6,613,066 -5.0
d6,282,859
Va.-Norfolk__
46,283,000 +11.0
51,364,000
Richmond ___.
1,612,893 +1.5
1,637,250
-Charleston
S.C.
90,267,256 101,687,194 -11.2
Md.-Baltimore _
18,358,000 +15.0
D.C.-Washing'n d21,113,000
1,503,073
7,153,050
41,410,580
1,691,268
84,502,785
17,068,613
1,567,809
5,666,801
36,546,071
1,673,325
63,770,257
14,433,961
153,329,369
123,858,224
Total(10 cities
Total(8 cities) _
Total(6 cities).
504,439,024
338,497,920
172,196,399
504,149,594
370,404,853
176,645,591
-2.5
Sixth Federal Reserve Dist rict-Atiant a
5,827,847 +1.7
d5,928,074
Tenn.-Clultt'ga
3,475,531 -0.7
3,451,479
Knoxville
19,705,293 -5.5
18,630.750
Nashville
47,545,262 +4.4
49,631,083
_
Ga
.1,200,000 +14.5
1,374,308
Augusta
1,584,217 +2.0
1,616,348
Macon
a
a
a
Savannah
11,190,682 +18.4
13,247,617
Fla.-Jack'vnille.
18,631,160 +16.1
21,631,113
Ala.-Birming'm.
1,852.207 -15.7
1,560,707
Mobile
825,674 +29.5
1,068,980
-Jackson..
36198.
292,549 +2.7
300,439
Vicksburg
45,935,331 -2.0
La.- NewOrleans d45,000,000
5,225,753
2,622,563
17,741,996
37,391,429
1,374,917
1,049,199
a
9,604,354
19,660.914
4,897,905
2,669.259
13,034,174
35,092,224
1,410,401
1,200,000
a
7,650,386
15,224,174
611,284
242,335
40,431,790
667,660
215,578
34,797,848
+3.4
136,046,534
117,759,609
Total(12 cities)
[VoL. 119.
THE CHRONICLE
914
163,440,898
158,085,753
Week Ended August 16.
Clearings at
1924.
1923.
Inc. or
Dec.
1922.
1921.
Seventh Feder al Reserve D istrIct-Chi cado
125.000
183,024
-Adrian
252,632 -10.6
225,893
Mich.
656,090
829,556
949,491 -3.0
920,660
Ann Arbor__
-0.4 113,321,000 111,344,298
138,451,124 139,073.633
Detroit
5,690,444
6,088,487
6,840,122 +9.0
7,456,186
Grand Rapids_
4,043,000
2322,000
2,364.000 -12.4
2,070,000
Lansing
1,549,116
1,746,787
2,339,995 +7.9
2,524,213
-Ft. Wayne
Ind.
15,136,000
16,552,000
20,477,000 -0.9
Indianapolis_ _ _
20,284,000
1,963,226
1,984,332
-22.7
Bend...
2,653.713
2,050,000
South
4,872,514 -7.9
4,489,408
Terre Haute...
27,695,608
30.070,468
36,810,956 +3.3
Wis.-Milwaukee
38,009,728
1,728.824
1,856,909
2.090,741
2,359,240 -11.4
Iowa-Ced. Rap_
7,640,226
9,007,198
9,696,294
10,248,794 -5.4
Des Moines
5,427,554
5,145,598
+13.7
6,319,644
5,559,953
Sioux City_ _
1,230,239
1,111,947
1,365,058 +9.2
1,490,981
Waterloo
1,185,919
1,103,526
1,457,292 -4.6
1,390,499
-Bloomington
Ill.
614,326,254 602,247,823 +2.0 510,569,615 503,898,560
Chicago
a
a
a
a
a
Danville
1,091,116
1,267,803
1,636,824
1,384,590 +18.2
Decatur
3,339,522
4,002,158
4,477,473 -4.8
4,264,763
Peoria
1,653,234
1,845,986
2,269,042 -1.3
2,238,685
Rockford
2,152,918
2,147.752
2,593,436
2,519,288 +2.9
Springfield....
+1.4
710,956,126
697,550,894
Eighth Federa I Reserve Dis trict-St.Lo nig5,188,371
-Evansville.
Ind.
4,736,100 +9.5
a
a
Mo.-St. Louis
30,173,423
27,983,038 +7.8
Ky.-Louisville _
355,348
412,228 -13.8
Owensboro_ _
16,075,337
-Memphis
16.367.119 -1.8
Tenn.
10,762,067
10,469,689 +2.8
Ark.-Little Rock
472,940
In.-Jacksonville
331,858 +42.5
1,413,380
1,291,010 +9.5
Quincy
4,108,309
a
25,008,009
319,907
14,248,973
7,733,630
340,316
1,227,239
3,730,609
a
22,413,173
282,132
14,044,605
7,931,178
457,885
1,000,000
52,986,383
49,859,582
7,582,904
65.547,965
33,363,803
2,216,410
1,351,455
496,586
3,025.909
7,438,561
63,665,327
30.330,487
1,904,649
1,379,060
578,761
3,254,664
Total(7cities). 109.062,030 117,878,693 -7.5 ' 113,585,032
Tenth Federal Reserve Dis trIct-K a n s as City
335,027
Neb.-Fremont..
d381,730
334,779 +14.0
441,832
476,170 +16.8
Hastings
556.001
3,926,400
Lincoln
4,110,555
3,533,673 +16.3
37,275,728
Omaha
40,682,550
35,378,469 +15.0
2,563,437
Kan.
-Topeka _ _
d3,231,063
3,286,055 -1.7
10.322,296
Wichita
d8,239,000
8,803,689 -6.4
Mo.-Kan. City. 135,221,454 136,302,798 -0.8 137,570,282
St. Joseph._
(16,911,842
6.883,824 +0.4
19,675,310
Okla.
-Okla.City d23,320,656
19,438,360 +20.0
a
a
a
Tulsa
a
1,149.546
Colo.
1,232.465
-Col. SIM.
1,384.390 -11.0
17,327,314
Denver
21,294,459
21,428,190 -0.6
930,559
Pueblo
e997,250
784,499 +27.1
108,551,409
Total(20 cities)
862,529,429
850,522,607
64.440,866
Total(7 cities)_
61,591,042 +4.6
Ninth Federal Reserve Die trict-M Inn eapolis
MUM.- Duluth.. d8,064,013
7,721,350 +4.4
67,762,361
Minneapolis_ .._
66.962,039 +1.2
26,962,261
St. Paul
36,480,302 -26.1
1,941,791
No. Dak.-Fargo
1,859,334 +4.4
1,318,814
S. D.
-Aberdeen
1,255,318 +5.1
572,194
Mont -Billings.
535,797 +6.8
Helena
2,440,596
3,064,553 -20.4
600,000
504,205
2,671,939
37,905,043
2,739,583
11,888,261
156,972,576
24,367,937
a
1,027,672
15,935,366
908,964
231,526,731
255,521,546
1,300,651
22,014,977
10,190,744
6,003,933
a
3,559,924
1,100,000
20,000,000
10,057,531
7,333,187
a
3,024,049
43,070,229
+16.9
Franc'sco-32,494,183
-7.5
10,521,000
-7.1
a
1,103,921
4.7
32,285,039
-8.5
12,695,838
-3.9
a
a
a
a
3,740,812
-6.6
5,070,644
-32.7
97,810,000
-10.7
13,190,000
-7.9
3,676,322
-6.3
+26.1
6,857,503
+4.6
*4,000,000
+1.1 147,700,000
2,319,633
-0.0
-10.0
1,400,052
2,623,400
28,387,379
10,522,920
a
1,138,035
29,745,739
11,022,435
a
a
3,232,628
3,523,204
75,225,000
10,174,111
2,793,186
5,816,894
2,391,208
120,600,000
1,731,766
. 745,817
4.580,100
Total(12 cities) 246,179,025 238,034,896
Eleventh Fede rat Reserve District
-Da
Texas-Austin...
1,319,046
1,761,931
Dallas
26,356.130
34,937,369
Fort Worth_ _ _
9,149,085
11,512,602
Galveston _ _
8,437,283
6,593,590
Houston
a
a
4,360,152
La -Shreveport.
4,168,699
+3.4
las-25.1
+32.6
+25.8
-21.9
a
-4.4
Total(5 cities)50.064,581
58.531,306
Twelfth Feder at Reserve D istrict-San
-Seattle.
41,879,185
Wash.
38,750.991
Spokane
12,229,000
11,360,000
a
Tacoma
a
1,142,415
Yakima
1,207,487
41,765,857
Ore -Portland.. 38,231,944
15,095,611
Utah-S. L. City
14,509,356
a
Nev.-Reno
a
a
-Phoenix_ _
Aria.
a
3,938,011
Calif.-Fresno.
3,678,052
9.461,153
Long Beach....
6,371,137
Los Angeles... 131,854,000 147,687,000
16,515.156
Oakland
16,128,139
5,495,394
Pasadena
5,148,943
7,130,615
d8,992,847
Sacramento_ _
.4,444,712
San Deigo _
4,651,343
San Francisco. 167.100,000 165,300,000
2,615,975
San Jose
2,615,602
1,400.949
1,260,966
Santa Barbara_
2,709,500
Stockton
c2,680,900
41,514,767
Total(11 cities) 454,541,707 479,810,533 -5.3 377,488,347 311,630,422
Grand total (124
cities)
8,250,439,598 6,923,022,128 +19.2 6,623,753,533 5,829,067,730
Outside New York 3,525,137,414 3,460,906.245
+1.9 2,981,914,719 2,700,832,005
Week Ended August 14.
Clearings at
1924.
Canada$
105,081,566
Montreal
91,442.118
Toronto
39,470,715
Winnipeg
14,851,145
Vancouver
5,793,482
Ottawa
5,022,033
Quebec
2,597,525
Halifax
4,634,449
Hamilton
4,287,301
Calgary
2,645,343
St. John
Victoria
1,959,281
2,436,487
London
3,662,582
Edmonton
2,474,107
Regina
Brandon
472,599
469,763
Lethbridge
Saskatoon
1,335,484
883,184
Moose Jaw
Brantford
719,582
Fort William_ _ _ _
814,676
New Westminster
607,049
.
Medicine Hat_ _
265,369
Peterborough__
710,411
Sherbrooke
715,697
Kitchener
916,073
Windsor
3,333.044
Prince Albert_..
259,861
Moncton
660,925
Kingston
704,762
1923.
$
93,137.760
102,298,704
33,380,251
14,345,063
6,551,702
5,575,682
2,812,298
5,377.168
4,373,017
2,678,192
2.153,546
2,772,144
3,652,844
3,267,989
580,510
677,406
1,494,874
1,289,975
1,005,216
827,119
.540,000
282,552
724,335
727,445
1,045,170
3,716,101
310,687
764,056
695,658
Inc. or
Dec.
%
+12.8
-10.6
+18.2
+3.5
-11.6
-9.9
-7.6
-13.8
-2.0
-1.2
-9.0
-12.1
+0.3
-24.3
-18.6
-30.7
-10.7
-31.5
-28.4
-1.5
+12.4
-6.1
-1.9
-1.6
-12.4
-10.3
-16.4
-13.5
+1.3
1922.
$
84,871,228
84,091,378
33,035.720
12 959 858
5,910,441
4,777,465
2,595,715
5,562,620
3,997,455
3,101,959
1,957,579
2,265,047
4,317,769
3,337,855
638,298
496,698
1,639,118
987,206
937,594
694,909
616,762
257,008
536,902
1,004,888
912,268
3,778,484
300,169
1,127,871
547,521
1921.
$
.
92,463,922
85,482,439
38,507,711
13,298,715
6,249,996
5,387,828
3,289,114
5,374,445
5,561,269
2,642,502
2,227,148
2,449,467
6,495,815
4,014,736
770,168
705,264
2,100,000
1,403,575
967,652
639,859
594,764
362,219
797,926
866,291
981,621
3,197,901
968,479
897,717
209 220 012 267 0117 494 441 7 797 797 IRS 259.498.543
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Aug. 13. d Week ending Aug. 14. e Week ending Aug. 15. * Estimated.
Total Canada(20)
915
THE CHRONICLE
AUG. 23 1924.]
FOREIGN EXCHANGE.
Sterling was easier and losses of about 10 cents in the
pound occurred as a result of realizing sales and freer offerings of commercial bills. The Continental exchanges were
irregular and generally weak, but quiet.
To-day's (Friday's) actual rates for sterling exchange were 4 46 5-16 ®
4 4731 for sixty days, 449 1-1604 5031 for cheques and 4 49 5-1604 50%
for cables. Commercial on banks, sight 4 48 15-1604 5031, sixty days
444 13-168644631. ninety days 444 5-1604 4531. and documents for
payment (sixty days) 4 45 1-1604 4631. cotton for payment 4 48 15-160
45031. and grain for payment 448 15-168645031.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 31 @
b 3531 for long and 5 36318654031 for short. German bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 38.33038.40 for long and 38.69038.76 for short.
Exchanges at Paris on London 83.20 francs; week's range 81.83 francs
high and 83.65 francs low.
The range for foreign exchange for the week follows:
Cables.
Cheques,
Sixty Days.
Sterling Actual
4.55 3-16
4.54 15-16
High for the week
4.52 3-16
4.48 3-16
Low for the week
4.45 3-16
4.47 15-16
Paris Bankers'Francs
5.71
5.72
High for the week
5.6431
Low for the week
5.30
5.36%
5.37%
Germany Bankers' Marks
.0000000000024
0.000000000024
High for the week
Low for the week
0.00000000002331 0.0000000000233
Amsterdam Bankers'Guilders
38.69
39.11
High for the week
39.15
38.23
Low for the week
38.65
38.69
-Chicago, par. St. Louis, 15025c. per $1,000
Domestic Exchange.
discount. Boston, par. San Francisco, par. Montreal, par. Cincinpar.
nati,
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sal.
Mon.
Tues.
Wed. Thurs.
Fri.
Aug. 16. Aug.18. Aug. 19. Aug. 20. Aug. 21. Aug.22.
Week Ended Aug. 22.
-Silver, per oz
d 3331
3313-16 34 1-16 345-16 3431
3435
Gold, per fine ounce
908.6d. 91s.
918.7d. 925.3d. 9213.1d. 916.86.
• Console, 235 per cents
5731
5734
5735
5731
5731
British,5 per cents
10131
10131
10131
10134
10134
British, 435 per cents
9731
9731
9731
9734
9731
French Rentes (in Paris)_ _fr. ---53.80
53.15
54.15
53.95
53.60
French War Loan(In Paris)fr. ---67.97
68.15
68
67.60
68.10
Receipts at-
Flour.
6835
6835
6835
6835
New York City Realty and Surety Companies.
AU NUBS dollars per share.
Bid
110
103
335
98
98
175
Alliance R'Ity
Amer SuretyBond & M ()City Investing
Preferred -Lawyers Mtge
Ask
118
108
345
102
105
178
Mtge Bond__
Nat Surety-N Y Title &
Mortgage-U S oasuak.v.
US Title ctn..
Bid
113
163
240
225
185
Ask
Bid
120 Realty Aimee
166
(Bklyn)com 140
let pref__ 80
244
2d pre!
70
Westchester
195
Title & Tr 230
Ask
150
85
75
Exportsfrom-
Wheat.
Maturity.
int.
Rate.
Bid.
Asked,
Maturity.
Int.
Rate.
Bid, Asked,
Mar.15 1925__ _
Mar.15 1926_ _
Dec. 15 1925___
Sept.15 1926_ _
June 15 1925___
431%
4;1%
05%
431%
434%
101115
102
101 15
,
101 14
,
101
101*1i
10234
Dec. 15 1927___
Mar.15 1927__ _
Dec. 15 1924_
Mar.15 1925___
Dec. 15 1924_
434%
431%
431%
4%
%
102% 10231
10235 102%
1009n 1001111
1003( 100%
100%
100
101 15
,
10114
Breadstuffs figures brought from page 966.
-The
statements below are prepared by us from figures collected by
the New'York Produce Exchange. The receipts at Western
lake and river ports for the week endling last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago
Minneapolis
Duluth
Milwatikee
Toledo
Detroit
Indianapolis
St. Louis_ _ __
peoria
Kansas City
Omaha
St. Joseph
Wichita
Sioux,Citv
• Flour.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush.56 lbs. bush.32 lbs.bush.481bs.bush.661bs.
227,000 7,796,000 2,670,000 1,194,000
77,000
44,000
1,168,000
131,000
267,000 164,000 271,000
381,000
218,000
120,000
48,000 265.000
60,000
482,000
350,000
122,000
79,000
33,000
640,000
27,000
93.000
4,000
47,000
31,000
428,000
261,000
348,0001
103,000 2,307,000
455,000 1,084,0001
18,000
29,000
33,000
173,000
271,000
l77,000i
2,000
7,000
11,000 5,596,000
343,000
92,000
1,789.000
374,000
204,000
503,000
319,000
34,000
1,191,000
21,000
6.000
70,000
201,000
146,000
4,000
Totaliwk. '24
Same5wk. '23
8amel,wk. '22
Since Aug.11924
1923
1922
Wheat.
1
434,000 22,571,000
415,000 14,249,000
518,000 12,556,000
5,641,000
4,445,000
4,119.000
3,898,000
6,419,000
6.286,000
392.000 653,000
915,000 729,000
878,000 3,264,000
1,352,000 62,360,000 14.536,000 8,282.000 937,000 2,320,000
1,135,000 451973,000 13,945,000 15,017,000 2,142,000 1.588,000
1.406.000 43,648,000 13,269,000 16,132.000 2.175 ram R 7oo newt
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, August 16 1924, follow:
Corn.
Flour.
Oats.
Bye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels, Bushels. Bushels Bushels.
345.257
9,300 81,740 311,490 164,553264,223
New York
330,000
10,000
Philadelphia
120,000
2,000
17,000
Baltimore
36,000 23,000
New Orleans.--- 230,000
1,018,000
1,000
Galveston
1,835,000
37.000
55.000 257,000 25,000
Montreal
Total week 1924.. 3,878,257
caskrna xopok 1923_ 4.364.184
45,300 154,740
86.000320.150
366,490
306.000
438,553 289,223
619.462 522.925
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Exportsfor Week
Since
Week
Since
and
Aug.16 July 1
July 1 to1924.
1924.
Tinned Kingdom_
Continent
So.& Cent. Amer..
West Indies
Brit.No.Am.Cols.
Other Countries
Total 1924
Total 1923
Corn.
Wheat.
Week
Aug. 16
1924.
Week
Aug. 16
1924.
Since
July 1
1924.
Since
July 1
1924.
Bushels.
Bushels. Bushels. Bushels.
Barrels. Barrels.
447,488 1,185,163 11,159,234
61,415
419,809 2,607,094 16,064,263
41,100
402,830
139.600
18,000
9,270
173,675
205,450
49,000
27,300
175,814
17,000
20,265
350
1,005
69,000
•
22,340
130,510
69,000
1,500
154,740 1,348,301 3,878,257 27,481,097
320,150 1,604,438 4,364,184 31,345,134
45,300
609.780
86,000 1,136,351
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Aug. 15, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
1924.
Since
July 1.
Corn.
1923.
Since
July 1.
1924.
Week
Aug. 15.
1923.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
20,000
918,000
168,000
North Amer.. 6,568,000 40,019,000 44,017,000
48,000 1,312,000
544,000 893,000 4,584,000 1,111,000
Russ.& Dan.
Argentina- _- 1,943,000 18,056,000 16,020,000 4.212,000 43,792,000 27,634,000
1,648,000 7,120,000 5,392,000
Australia
680,000 10,176,000 7,624,000
India
160,000
95,000 1,736,000
0th. countr'
Total
10,887,00
76,683,000 73,757,000 5,125,000 48,639,000 31,449,000
The visible .supply of grain, comprising the stocks in
granary at prmcipal points of accumulation at lake and
seaboard ports Saturday August 16, was as follows:
260
4Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Rye.
The exports from the sevelial seaboard ports for the week
ending Saturday, Aug. 16 1924, are shown in the annexed
statement:
6835
celiantornsgnus
I
494,000 475,000, 657,000
455,000 4,406,000
276,000
Week 1923_ _ _
Since Jan.1'23 14,907,000 154,825,000 33.910,000 25,581.000 8,673,00024,195,000
not include grain passing through New Orleans for foreign ports
•Receipts do
on through bills of lading.
Week
Aug. 15.
gomintrzial an
Barley.
Oats.
Corn.
118,000 1,076,000 404,000 282,000
Total wk. '24 350.000 7,915,000
Since Jan.1'2415,610,000147.225,000 14,551,000 28,824,000 8,211,000 13,684,000
The price of silver in New York on the same day has been:
- Silver in N.Y., per oz.(cts.):
Foreign
6835
1Vheat.
Bushels. Bushels.
Bushels.
Barrels.
Bushels.
Bushels.
392,000 265,000 215,000
32.000
115,000
431,000
New York__
5,000
23,000
10,000
40,000
523,000
Philadelphia__
5,000
13,000
17,000
35,000
234,000
Baltimore_ _ _
14,000
54,000
81,000 1,164,000
New Orleans *
Galveston...._ _
1,093,000
57,000
620,000 139.000
5,000
50,000 4,470,000
Montreal _ --14,000
29,000
Boston
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Wheat.
Corn.
Oats.
bush,
bush,
bush,
412,000
33,000
262,000
6,000
29,000
44,000
1,031.000
881,000
82,000
45,000
116,000
2,156,000
311,000
77,000
2,292,000
1,921,000
485,000
294,000
63,000
24,000
801,000
1,225,000
37,000
222,000
• 90,000
10,000
85,000
13,272,000 1,250,000
551,000
424,000
263,000
277.000
40,000
720.000
98,000
344,000
5,007,000
119,000
186,000
22,000
236,000
219,000
3,240,000
371,000
56.000
34,000
14,371,000
532,000
2,539,000
1,121.000
182,000
17,000
8,000
6,000
480,000
359,000
52,000
3,811,000
268,000
136,000
1,001,000
411,000
812,000
52,000
Rye.
bush.
801,000
Barley.
bush.
132,000
36,000
2,000
36,000
54,000
2,061,000
17.000
10,000
4,410,000
2,000
21,000
25,000
1,000
33,000
414,000
1,843,000
4,852,000
17,000
24,000
133,000
22,000
81,000
57,000
2.000
6.000
36,000
5.000
35,000
2,000
10,000
268,000
302,000
Total Aug. 16 1924____58,106,000 5.557.000 2,373,000 15,146,000
240,000
Total Aug. 9 1924____49,379,000 5,116,000 2,446,000 14,298,000
48.752.000 2,105,000 6,338,000 12,387,000 1,071,000
Total Aug. 18 1923
Note.
-Bonded grain not included above: Oats, New York, 175,000 bushels;
Buffalo, 2,584,000; total, 2,759,000 bushels, against 82,000 bushels in 1923. Barley,
New York. 105.000 bushels; Buffalo, 4,000; On Canal, 69,000; On Lakes, 13,000;
total, 191.000 bushels, against 92.000 bushels in 1923. Wheat, New York. 587,000
bushels; Philadelphia, 218,000; Baltimore, 5.000; Buffalo, 1,173,000; Buffalo afloat,
257,000; Duluth,9,000; Toledo, 15,000; On Canal, 214,000; On Lakes, 70,000; total,
2,546,000 bushels, against 1,209,000 bushels in 1923.
Canadian
13,000
929,000
124,000
Montreal
4,756,000
5,259,000 1,656,000
557,000
Ft. William & Pt. Arthur_11,152,000
62.000
3,355,000
28,000
2,416,000
Other Canadian
9,543,000
Total Aug. 16 1924...... _18,324,000
13.000 10,452,000
Total Aug. 9 1924.___18,723,000
134,000 2,474,000
Total Aug. 18 1923..__ 5,702,000
Summary
American
58,106,000 5,557,000 2,373,000
9,543,000
Canadian
18,324,000
1,731,000
1.885,000
2,727,000
709.000
967,000
1,699,000
15,146,000
1,731,000
302.000
709,000
Total Aug. 16 1924.__..76,430,000 5,557,000 11,916,000 16,877,000 1,011,000
Total Aug. 9 1924.....68,102.000 5,129,000 12,898,000 16,183,000 1,207,000
Total Aug. 18 1923-54,454.000 2,118,000 8,812,000 15,114,000 2,680.000
916
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
•
APPLICATION TO ORGANIZE RECEIVED.
Capital.
$50,000
Aug. 12
-The Florence National Bank, Florence, Calif
Correspondent, J. S. A. Smith, 7111 So. Alameda St.,
Florence District, Los Angeles, Calif.
Aug. I8
-The First National Bank of Midland Park, Midland
25,000
Park, N.J
Correspondent, Joseph Payne, Midland Park, N. J.
CHARTER ISSUED.
-The Walnut Park National Bank, Walnut, Park,
Aug. 12
-12572
50,000
Los Angeles County, Calif
President, F. L. Capers; Cashier, N. A. Patterson.
Conversion of Walnut Park Bank.
VOLUNTARY LIQUIDATION.
-The First National Bank of Miles City, Mont_ _150,000
Aug. 12
-2572
Effective July 1 1924. Liquidating agents: The directors
of First National Bank in Miles City, Mont., No.
12536, which bank succeeds to the business of the
liquidating bank and assumes liability for the circula
tion of the liquidating bank under See.5223 U.S.
-
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Bonds.
$ per oh.
17,924 Atlantic Fruit Co. ctfs. dep_ 134 $700,000 par value Atlantic Fruit
50 Marine & Mill Supply Corp.8%1
Co.5-yr.8% cony. notes, IrvingBank-Columbia Trust Co. ctfs.
cumulative preferred
30 Marine & M.Supp. Corp. com_ }$201
of dep. stamped to entitle holder
75 Adams, Evans & Co. pref
to receive 140,000 shares Atlantic
lot
75 Adams,Evans & Co. coin
Fruit& Sugar Co.com.stk.$210,0001ot
350 Anglo-Am. Comm. Corp., Ltd4
$750,000 par value Atlantic Fruit
Bonds.
Co. demand notes, Irving Bank5,150 rubles Russian Govt.Internal
Columbia Trust Co. ctfs. of dep.
War Loan 534s, due Feb. 14 1926
stamped to entitle holder to rewith August 1917 and subsequent
ceive 150.000 shares Atlantic
coupons attached
Fruit & Sugar Co.com.stk.2225,00010t
$22 lot
I
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Per oh.
5 Merchants Nat. Bank, par $100-297
5 Nat. Shawmut Bank, par $100...19634
5 reeex Trust Co., Lynn, Mass.,
par $100
196
5Saco Lowell Shops,com.,Par $100 60
10 Merrimack Mfg. Co., pref.,
par $100
7934
20 Waltham Bleachery & Dye
Works, par $100
80
2 Massachusetts Cotton Mills,
Dar $100
128
5 Naumkeag Steam Cotton Co.,
189
Par $100
8 Saco Lowell Shot's, let Pref..
93
Par $100
160 Saco Lowell Shops, com.,
par $100
61
3 Pepperell Mfg. Co., par 2100_ _123%
13 Arlington Mills, par $100
104
5 Massachusetts Ltg. Cos., 8%
pref., par 2100
10734
10 Amer. Glue Co., pref., par 2100-110
20 United Trust, pref., par $100_ _ _ 40
2 Fall River Gas Works, par $100_ _20134
3 Old State Corp., pref., par $100
95
5 The Conn. River Power Co.,
pref., par $100
94
5 Municipal Service Co., Pref..
par 2100
85
$ per sh.
Shares. Stocks.
10 Odd Fellows Hall Assoc.. par 320 734
1 Heywood Wakefield Co., corn.,
Par $100
12734
4 Champion-International Co.,
pref., par $100
100
20 Pollock Pen Co
50c.
3 Jones, McDuffee & Stratton Co.,
pref., par $100
973(
3 Jones, McDuffee & Stratton Co.,
Class A, par $100
5634
23 Nantasket Beach Steamboat
85
Co., par $100
150 Gardner (Mass.) Hotel Co..
5
pref., par 2100
40 Quincy Mkt. Cold Storage &
Warehouse Co., corn, par 3100-1303(
25 Lowell Electric Light Corp.,
par $100
20334
200 Owen Tire Co., corn., par $10.1 $1
80 Owen Tire Co., pref., par $50 I lot
50 Springfield Gas Light Co,
Par $25
9%
495*4
50 Fall River Electric Light Co.,
3434
Par $25
•
100 Atlantic Coast Co., par $100_ _$5 lot
7,000 Gasoline Corp., pref., par 25 10a.
Bonds.
Per Cent.
$500 Laconia Gas & Electric Co.
5s, March 1940
88
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per oh.
16 Mass. Cotton Mills, Par $100.--12834
6 25-100 U.S. Worsted Corp.,com. 7
6 25-100 U. S. Worsted Corp., 2d
Pref., par $100
10
2 Essex Co., par $50
193
5 Ludlow Mfg. Associates, ex-div 14534
10 The Van Camp Packing Co.,
pref., par $50
1134
6 Boston Storage Warehouse Co.,
par $100
1173*
2 Liggett's International, Ltd.,
pref., par $50
5334
g per an.
Shares. Stocks.
10 Roland A. Crandall, 8% partic.
30
pref., par $100
6 Merrimac Chemical Co., Par $50- 8834
37 Bath Iron Works, Ltd., coin.,
$7 lot
par $100
100 Betty O'Neal Mines, par 55._ 5
20 Bausch Machine Tool Co., coin- 1034
3 Puget Sound Power & Light Co.
103
prior pref., par $100
Per Cent.
Bonds.
$3,000 Bath Iron Works, Ltd., let
s. f. 6s, 1932, ctf. of deposit__ _511 lot
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
2,000 Murito Chocolate Co., com.$10 lot
2,000 Internat. Oil & Gas Corp--$20 lot
25 MacDonald-Jensen Mfg. Co.,
Inc., common
$10 lot
50 MacDonald-Jensen Mfg. Co.,
Inc., pref
$10 lot
20 Central Trust Co., Camden,N.J.106
4 North Pennsylvania RR. Co---- 803*
20 North Pennsylvania RR. Co--- 80
387
3 Phila. Nat. Bank, par $100
918
6 Girard Trust Co., par 5100
505
5 Fidelity Trust Co., par 2100
10 Metropolitan Trust Co., par $50 6334
9 Metropolitan Trust Co., par $50 6334
11 Metropolitan Trust Co.. Par 200 63
12 Chestnut Hill Title & Trust Co.,
50
Dar 250
10 Parkway Trust Co., par $50.-135
50 Central Tr.& Say. Co., par $50_140
5 Broad Street Tr. Co., par $60.-. 72
10 Bryn Mawr Trust Co.. par $50-15634
16534
8 13th & 15th Sta. Pass. Ry
26 Germantown Passenger RY
7234
835i
20 Lehigh Coal de Nay. Co
11 Lehigh Valley RR. Co
501
6034
27 Philadelphia Traction Co
16734
10 2d & 3d Ste. Pass. Ry
15 Huntingdon & Broad 'Top Mtn.
751
RR.& Coal Co., pref
$ per oh.
Shares. Stocks.
12
131 Camden & Sub. RR. Co
76%
20 Continental Passenger Ry
70
8 Cambria Steel Co. par $50
4 Cambria Iron Co., par $50
40
16 Insurance Co.of North America,
57
par $10
23*
67 Penn Traffic Co., par 3260
4 Northern Liberties Gas Co.,
343i
Par $25
750 Craig 011 Co., par $1
$25 lot
50F. A. Davis Co
40
35 L.F.Grammes& Son,Inc.. pref. 26
15 Octavio, Hill Association
5
130 American Pipe & Constr. Co_ 51
5 Boone County Coal, Corp., pref. 5031
10 Union Transfer Co., par $25- _ 27
100 United Public Utilities Co.,
1534
(Del.), corn., par 2100
8 George B. Newton Coal Co.,coin. 8
1 Victory Insurance
100
Bonds.
Per Cent.
$5.000 Peoples Passenger Ry. 4%
stock trust ctfs., 1943
7034
$1,000 Wilkes-Barre Gas & Elec.
9634
Co. let cons. 5s. 1955
21,000 Huntingdon & Broad Top
Mtn. RR. & Coal 3d cons. ext.
55
58, 1925
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
[VOL. 119.
THE CHRONICLE
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Erie & Pittsburgh (quar.)
*8734c Sept.10 *Holders of rec. Aug. 30a
Fonda Johnstown & Glov., pref.(qu.)_ _ _
15* Sept.15 Holders of rec. Sept.10
Philadelphia & Trenton (quar.)
2% Oct. 10 Oct. 1 to Oct. 10
St. Louis Southwestern Ry.. Pref.(au.). 13* Sept.39 Holders of rec. Sept. 8
United N.J. RR.& Canal Cos.(qu.)-- - 234 Oct. 10 Sept.21 to Sept.30
Public Utilities.
Associated Gas & Elec., pref. (extra).-- 12%c. Apr. 1 Holders of rec. Mar.15
Preferred (extra)
12%c. July 1 Holders of rec. June 15
Preferred (extra)
12%c. Oct. 1 Holders of rec. Sept. 15y
Preferred (extra)
12%e. Jan 1'26 Holders of rec. Dec. 15
Blackstone Val. Gas & El., corn. (qu.)
$1.25 Sept. 2 Holders of rec. Aug. 18
Citizens Pass. Ry.(Phila.) (quar.)
$3.50 Oct. 1 Sept.21 to Sept.30
Dubuque Electric Co., pref. (quar.)_ _ _
1% Sept. 1 Holders of rec. Aug. 20
Frankford & Southwark Pass.Ry.(qu.)- $4.50 Oct. 1 Sept. 2 to Oct. 1
Galveston-Houston Electric Co., pref_ _ _
3
Sept.15 Holders of rec. Sept. 26
Germantown Pass. Ry.(guar.)
$1.31 Oct. 7 Sept. 17 to Oct. 6
•1M Oct. 1 *Holders of rec. Sept.30
Gold & Stock Telegraph Mari
Grafton Co.Elec. L.& Pow., pf.(111.)
Sept. 2 Holders of rec. Aug. 19
2
Laclede Gas Light, common (guar.)---Sept.15 Holders of rec. Sept. 1
Mackay Companies, common (qmar.)--Oct. 1 Holders of rec. Sept. 66
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 6a
Mascoma Light & Power Co.,com.(qu.) 13* Sept. 2 Holders of rec. Aug. 20
Preferred (guar.)
1% Sept. 2 Holders of rec. Aug. 20
yi Sept.15 *Holders of rec. Aug.30
Middle West Utilities, pr. lien (quar.)
National Power & Light, corn.(quar.)_. $1.50 Sept. 1 Holders of rec. Aug. 23
Preferred (quan)
$1.75 Oct. 1 Holders of rec. Sept.18
New England Telep.& Teleg.(quar.)_
Sept.30 *Holders of rec. &MAO
Niagara Falls Power, com.(wan)
*50c. Sept.15 *Holders of rec. Aug. 30
Preferred (quar.)
*4334c Oct. 15 *Holders of rec. Sept.30
Northern States Pow.(Wisc.), p1.(qu.)_
Sept. 2 Holders of rec. Aug. 20
Southern Colorado Power, pref.(qu.).. 1% Sept.15 Holders of rec. Aug. 30
Second & Third Sts. Pass. Ry.(quar.)....
Oct. 1 Sept. 2 to Oct. 1
Trust Companies.
Equitable (quar.)
3
Sept.30 Holders of rec. Sept.20a
Miscellaneous.
Adams Express (quar.)
*31.50 Sept.30 *Holders of rec. Sept.15
American Baker, corn. (guar.)
Sept.15 Holders of rec. Sept. 1
Preferred (guar.)
13* Sept. 2 Holders of rec. Aug. 22
Amer. Copper Products Corp., com_ _ _ _ 50c. Sept. 1 Holders of rec. Aug. 20
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept.20
American Fork & Hoe,common (quar.). 134 Sept.15 Holders of rec. Sept. 56
Second preferred (guar.)
2
Sept.15 Holders of rec. Sept. 5a
Amer.Stores Co.(quar.)
*25c. Oct. 1 *Holders of rec. Sept.20
Baltimore Gas Appl. & Mfg., com.(qu.) 2
Sept. 1 Holders of rec. Aug. 150
Preferred
334 Sept. 1 Holders of rec. Aug. 15a
Bell(Fred P.)Stores Co.,pref
Sept. I Holders of rec. Aug. 20a
Berkey & Gay Furniture, Cl. B pf.(qu.) 2
Sept.15 Sept.11 to Sept.15
Bristol Mfg. Corp. (guar.)
Aug. 30 Holders of rec. Aug. ha
2
Brit.
-Amer.Tobacco ordinary (interim)Sept.30 Holders of coup. No. 1021'
Buda Company, pref.(guar.)
134 Sept. 1 Aug. 21 to Sept. 1
Calumet & Arizona Mining (quar.)
*50c. Sept.22 *Holders of rec. Sept. 5
Chesebrough Mfg., common (guar.) -- *62%c Sept.30 *Holders of rec. Sept.10
Preferred (quar.)
*1% Sept.30 *Holders of rec. Sept.10
Cities Service Co.
Common (mthly. pay.in cash scrip).. 934 Oct. 1 Holders of rec. Sept.15
Common (pay, in com, stock scrip)
gl% Oct. 1 Holders of rec. Sept.15
Preferred and preferred "B"(mthly.)34 Oct. 1 Holders of rec. Sept. 15
Commercial Solvents Corp., let pf.(qu.) 2
Oct. 1 Holders of rec. Sept.30
Class A (quar.)
31 Oct. 1 Holders of rec. Sept. 20
Class A (acc't accum. divs.)
$1 Sept. 10 Holders of rec. Sept. 2
Consolidation Coal,com.(guar.)
151 July 31 Holders of rec. July 15a
Crane Company,common (quar.)
13* Sept.15 Holders of rec. Aug. 30a
Common (pay. In common stock) _ _ 110 Sept.20 Holders of rec. Sept.15a
Preferred (quar.)
1% Sept.15 Holders of rec. Aug. 30a
Crucible Steel, pref. (guar.)
14£ Sept.30 Holders of rec. Sept.15a
Cuba Company, common (guar.)
Sept. 2 Holders of rec. Aug. 21
$1
Cuban-American Sugar,com.(quar.). - - 75c. Sept.30 Holders of rec. Sept. 4a
Preferred (quar.)
1% Sept.30 Holders of rec. Sept. 4a
Cumberland Pipe Line (quar.)
Sept.15 Holders of rec. Aug. 30a
3
Cushman Sons,Inc.,com.(guar.)
75c. Sept. 1 Holders of rec. Aug. 15a
Eight per cent pref.(guar.)
Sept. 1 Holders of rec. Aug. 15a
2
Seven per cent pref. (quar.)
131 Sept. 1 Holders of rec. Aug. 15a
Dartmouth Mfg., common (quar.)
Sept. 2 Holders of rec. Aug. Ila
2
Preferred (quar.)
13* Sept. 2 Holders of rec. Aug. ha
Detroit Brass & Malleable Wks.(mthly.)
Sept. 10 Aug. 26 to Aug. 31
Dictophone Corp., pref.(quar.)
Sept. 2 Holders of rec. Aug. 23a
Dominion Radiator ex Boiler, pref.(qu.) 134 Sept. 1 Aug. 28 to Aug. 31
Douglas-Pectin Corp.(quar.)
*25c. Sept.30 *Holders of rec. Aug. 30
du Pont(EL.)de Nem.& Co.,coin.(qu.) 2
Sept.15 Holders of rec. Sept. 5a
Debenture stock (quar.)
15* Oct. 25 Holders of rec. Oct. 10a
du Pont(El.)de Nem.Powd.,corn.(qu.) 134 Nov. 1 Holders of rec. Oct. 20a
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 20a
Ely & Walker Dry Goods,corn.(quar.) _ 25c SePt. 2 Aug. 23 to Sept. 1
Empire Brick & Supply (quar.)
*1;4 Sept.15 *Holders of rec. Sept.10
Fulton Iron Works, pref.(quar.)
2
Sept. 9 Holders of rec. Aug. 20a
Gamewell Co.,common
$1.25 Sept.15 Holders of rec. Sept. 5
Preferred (guar.)
13* Sept. 1 Holders of rec. Aug. 22
General Electric, com.(guar.)
Oct. 15 *Holders of rec. Sept. 4
Common (payable in special stock) •r5
Oct. 15 *Holders of rec. Sept. 4
SPeclal (guar.)
*15c. Oct. 15 *Holders of rec. Sept. 4
Great Atlantic & Pacific Tea,com.(qu.) $1.
Sept.15 Holders of rec. Sept.10a
Preferred (guar.)
1% Aug. 30 Holders of rec. Aug. 15a
*134 Oct. 1 *Holders of rec. Sept.15
Gulf States Steel,common (guar.)
Hamilton-Brown Shoe(monthly)
25c Sept. 1 Aug. 25 to Aug. 31
Hanna Furnace, pref. (quar.)
2
Sept. 15 Holders of rec. Sept. 5a
Higbee Co., 2d pref.(guar.)
2
Sept. 1 Aug. 22 to Sept. 1
Hood Rubber Products, pref.(quar.)- 134 Sept. 1 Aug. 21 to Sept. 1
Hudson Motor Car (guar.)
*75c. Oct. 1 *Holders of rec. Sept.20
International Cement, com. (guar.)'Si
Sept.30 *Holders of rec. Sept.15
Preferred (guar.)
4 1% Sept.30 *Holders of rec. Sept. 15
.
•1% Oct. 1 *Holders of rec. Sept.15
International Salt (quar.)
Lancaster Mills, common (quar.)
2% Sept. 2 Holders of rec. Aug. 25
Loew's, Inc. (guar.)
*50c. Sept.30 Holders of rec. Sept. 13
McCahan Sugar Ref. & Mol., pref.(qu.) 13* Sept. 2 !Holders of rec. Aug. 226
Mergenthaler Linotype (quar.)
2% Sept.30 Holders of rec. Sept. aa
Metro-Goldwyn Pictures Corp.,Pt(Q11.) 4.1U Sept. 14 *Holders of rec. Aug. 30
Metropolitan Paving Brick,com.(qu.)- - 2
Sept. 1 Aug. 16 to Aug. 31
Miller Rubber, pref.(guar.)
2
Sept. 1 Holders of rec. Aug. 0
Preferred (acct. accumulated diva.).- - hl
Sept. 1 Holders of rec. Aug. 0
Monitor Finance, pref
3% Sept. 1 Holders of roe. Aug. 2
6
Montreal Cottons, Ltd., com. (quar.)-- 1% Sept.15 Holders of rec. Aug. 30
Preferred (quar.)
Sept. 15 Holders of rec. Aug. 30
National Surety (guar.)
23* Oct. 1 Holders of rec. Sept.18a
National Tea, common (guar.)
$2
Oct. 1 Holders of rec. Sept.15
National Transit (extra)
25c. Sept.15 Holders of rec. Aug. 300
Niles-Bement
-Pond Co.,pref.(guar.)_ _ _
1% Aug. 30 Holders of rec. Aug. 20a
North Atlan. Oyster Farms,cl. A.(qu.)- 50c. Sept. 1 Holders of rec. Aug. 25
Clasa A (acct. accumulated dive.)_ _ _ 50c. Sept. 1 Holders of rec. Aug. 25
Orpheum Circuit, com.(monthly)
*12%c Oct. 1 *Holders of roe. Sept.20
Common (monthly)
*12%c Nov. 1 *Holders of rec. Oct. 20
Common (monthly)
*1230 Dec. 1 *Holders of rec. Nov.20
Preferred (quar.)
•2
Oct. 1 *Holders of rec. Sept.15
Packard Motor Co., preferred (guar.)
- 1% Sept.15 Holders of rec. Aug. 51
Plantation Co. of Hawaii (monthly) _ _ *20c. Aug. 31 *Holders of rec. AUg. 31
Extra
*40c. Aug. 31 *Holders of rec. Aug. 31
Pratt & Whitney Co., pref.(quar.)
134 Aug. 30 Holders of rec. Aug. 206
Procter & Gamble,6% pref. (quar.)... 15* Sept.15 Holders of rec. Aug. 250
Radio Corp. of America, pref. (quar.)- 1.3( Oct. 1 Sept. 6 to Sept.30
Railway Steel
-Spring,common (quar.)_ *2
Sept.30 *Holders of roe. Sept.17
Preferred (quar.)
*132 Sept.20 *Holders of rec. Sept. 6
Sliz (House of A.), Inc., pref.(quar.) _
134 Aug. 22 Holders of rec. Aug. 18
Texas Company(quar.)
75c. Sept.30 *Holders of rec. Sept. 3
Texas Gulf Sulphur Mar./
$1.75 Sept. 15 Holders of rec. Sept. 2
Tidal Osage Oil, pref.(guar.)
'13* Sept. 2 *Holders of rec. Ang.24
AUG. 23 1924.]
Name of Company.
Miscellaneous (Concluded).
Tonopah Extension Mining (Var.)
Truscon Steel, pref.(quar.)
Union Mills,common (quar.)
Preferred (quar.)
United States Title Guaranty (quar.)_
Waldorf System, common (quar.)
First preferred and preferred (guar.)._
Ward Baking Corp.,preferred (quar.)__ _
Western Explorations(guar.)
THE CHRONICLE
Per
When
Cent. Payable.
Books aimed.
Days Inclusive.
Oct. 1 Holders of rec. Sept. 10
6
1)4 Sept. " Holders of rec. Aug. 23a
*51
Sept. 2 *Holders of rec. Aug. 20
531.50 Sept. 2 *Holders of rec. Aug. 20
2
Sept.15 Holders of rec. Aug. 30
3140. Oct. 1 Holders of rec. Sept.20
20c. Oct. 1 Holders of rec. Sept.20
14 Oct. 1 Holders of rec. Sept.15
*50. Sept.20 *Holders of rec. Sept.15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of CornPana.
Railroads (Steam).
Atch. Topeka dr Santa Fe, corn.(guar./Baltimore & Ohio. common (quar.)..
Preferred (guar.)
Canadian Pacific, corn. (quar.)
Preferred
Chestnut Hill (quar.)
Cinc. New ON.& Tex Pao.,prof.(quar.)
Cleveland & Pittsburgh,reg. guar.(qu.).
Special guar. betterment (quar,)
Cripple Creek Central, pref
Cuba RR.. Preferred
Delaware & Hudson Co.(quar.)
Hudson Companies, preferred
Illinois Central,common (quar.)
Preferred
New Orleans Texas dr Mexico (quar.)___
N. Y. Chicago & St. Louis. Cora.(au).
Preferred (guar.)
Norfolk ar Western, common (quar.)___
North Pennsylvania (quar.)
Pennsylvania R11. (quar.)
Phila. Germantown & Norristown (qu.)_
Pittsburgh & West Virginia,Pref.(guar.)
Preferred (guar.)
Preferred (quar.)
Pittsb. Youngst. & Asht., pref. (quar.)_
Reading Company,first pref.(quar.)___
Southern Pacific (quar.)
Union Pacific, common (quar.)
Preferred
Per
When
Cent. Payable.
1)4
0.%
1
234
1
2
1%
134
134
1
1
3
234
35c.
13(
3
14
134
14
$1
75c.
$1.50
114
134
194
134
50c.
134
234
2
Books Closed.
Days Inclusive.
Sept. 2 Holders of rec. July 254
Sept. 2 Holders of rec. July 190
Sept. 2 Holders of roe. July 19a
Oct. 1 Holders of rec. Sept. 2a
Oct. 1 *Holders of rec. Sept. 2
Sept. 4 Aug. 21 to Sept. 3
Sept. 2 Holders of rec. Aug. 166
Sept. 1 Holders of rec. Aug. 96
Sept. 1 Holders of rec. Aug. 96
Sept. 1 Holders of rec. Aug. 15a
Feb2'25 Holders of rec Jan 15'25a
Sept.20 Holders of rec. Aug. 236
Sept. 2 Aug. 21 to Sept. 2
Sept. 1 Holders of rec. Aug. la
Sept. 1 Holders of rec. Aug. la
Sept. 1 Holders of rec. Aug. 226
Oct. 1 Holders of rec. Aug. 15a
Oct.134
1 Holders of rec. Aug. 150
Sept.19 Holders of rec. Aug. 300
Aug. 25 Holders of rec. Aug. 19
Aug. 30 Holders of rec. Aug. la
Sept. 4 Aug. 21 to Sept. 3
Aug. 30 Holders of rec. Aug. la
Nov.29 Holders of rec. Nov. la
(to)
Holders of rec. Feb.2'260
Sept. 2 Holders of rec. Aug. 206
Sept. 11 Holders of rec. Aug. 250
Oct. 1 Holders of rec. Aug. 29a
Oct. 1 Holders of rec. Sept. 2
Oct. 1 Holders of rec. Sept. 2
Public Utilities.
American Power & Light, corn.(quar.)
2% Sept. 1 Holders of rec. Aug. 19
Amer. Telegraph de Cable (quar.)
134 Sept. 2 Holders of rec. Aug. 30a
Amer. Telephone & Telegraph (quar.)
234 Oct. 15 Holders of rec. Sept.200
Quarterly
2% Jn15'25 Holders of rec. Dec. 200
Quarterly
234 Ap1515 Holders of rec.Mar.17'25a
,
Brazilian Tree.. Light & Power (quar.)__
1
Sept. 1 Holders of rec. July 31
Brooklyn City RR.(guar.)
25e. Sept. 2 Holders of rec. Aug. 166
Stock dividend
33 1-3 Sept.30 Holders of rec. Sept. 50
Brooklyn Edison (quar.)
2
Sept. 2 Holders of rec. Aug. 216
Central Ark. Ay.& Lt. Corp.,1 .
134 Sept. 2 Holders of rec.
11 (MO 15a
Cent. Miss. Val. Elec. Prop.. Pf. (qu.)- $1.50 Sept. 2 Holders of rec. Aug. 156
Aug.
City Gas of Norfolk. prof. (guar.)
2
Oct. 1 Holders of rec. Sept. 15
{Continental Gas& El.Corp.,corn.(qu.) 750. Oct. 1 Holders of rec. Sept. 13a
Common (payable In common stock)_ /Me. Oct. 1 Holders of rec. Sept. 136
Participating preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 136
Participating preferred (extra)
% Oct. 1 Holders of rec. Sept.136
Partio. pref.(payable in corn. stock)._
/Si Oct. 1 Holders of rec. Sept. 13a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.130
Prior preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 130
Consolidated Gas(N. Y.), corn.(quar.). $1.25 Sept.15 Holders of rec. Aug. 7a
Consumers Power,6% prof. (quar.).,.... 1% Oct. 1 Holders of roe. Sept.15a
7% preferred (quar)
134 Oct. 1 Holders of rec. Sept.150
Dominion Pow.& Transm., corn. (qu.)
Sept.15 Holders of rec. Aug. 31a
1
Preferred (guar.)
14 Oct. 15 Sept.21 to Sept.30
Duquesne Light, 1st pref.,Ser. A (qu.)-- 134 Sept.15 Holders of rec. Aug. 150
Eastern Shore Gas & Elec., pref.(qu.)__
Sept. 1 Holders of rec. Aug. 15a
Federal Light & Trac., common (quar.). $1 Oct. 1 Holders of rec. Sept. 154
Common (payable in pref.stock)
in 75e Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
14 Aug. 30 Holders of rec. Aug. 180
Georgia Railway & Power. corn,(guar.). 1
Sept. 1 Aug. 21 to Sept. 1
First preferred (quar.)
2
Oct. 20 Holders of rec. Sept.30a
1
Second preferred (quar.)
Sept. 1 Aug. 21 to Sept. 1
Keystone Teleph. of Phila., pref.(quar.) $1
Sept. 2 Holders of rec. Aug. 15
Mineral Point Pub.Service, pref.(quar.) 154 Sept.15 Holders of rec. Aug. 31
Nebraska Power, pref. (quar.)
13,4 Sept. 1 Holders of rec. Aug. 15
Northern Ohio Tr.lk Light.6% pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 15
Seven per cent preferred (quar.)
13,4 Oct. 1 Holders of rec. Sept. 15
Northern Texas Elec. Co., corn. (quar.) 2
Sept. 2 Holders of rec. Aug. 160
Preferred
3
Sept. 2 Holders of rec. Aug. 16a
Northwestern Public Service. Prof. (qu.) 13,4 Sept. 1 Holders of rec. Aug. 20
Penn Central Lt.& Pow.. pref.(quar.)_
$1 Oct. 1 Holders of rec. Sept. 106
Proferred (extra)
10c. Oct. 1 Holders of rec. Sept.106
Philadelphia CO.,5% pref
$1.26 Sept. 2 Holders of rec. Aug. 9a
Philadelphia Elec. Co.,corn.& pref.(gu.) 50c. Sept.15 Holders of rec. Aug. 136
Portland Electric Power.2d pref.(qu.)_ _
14 Sept. 2 Holders of rec. Aug. 16
Southwestern Power & Light, pref.(au.) 14 Sept. 1 Holders of rec. Aug. 18
Standard Gas & Elec.,8% pref.(guar.). 2
Sept. 15 Holders of rec. Aug. 30
Texas Electric Hy.,con).(guar.)
1
Sept. 1 Holders of rec. Aug. 15
United Gas Improvement. pref.(qua?.). 8734 Sept.15 Holders of rec. Aug. 306
West Penn Railways, pref. (guar.)
13,4 Sept.15 Holders of rec. Sept. 1
Wilmington Gas, preferred
3
Sept. 1 Aug. 24
to
Sept. 1
Trust Companies.
Lawyers Title & Trust (quar.)
Miscellaneous
Abbot's Alderney Dairies, Inc.
First and second preferred (quar.)- --Acme Steel Goods (guar.)
American Bank Note, pref.(guar.)
American Beet Sugar, corn. toner.)....
Preferred (quar.)
American Caramel, preferred
Amer. Laundry Machinery, corn. (an.).
Amer. Locomotive, common (quar.)___.
Preferred (guar.)
American Metals, common (guar.)
Preferred (quar.)
Amer. Multigraph, corn. (guar.)
Preferred (guar.)
American Radiator. common (guar)
--American Shipbuilding, common (quar.)
Common (quar.)
Common (qua?.)
Common (quar.)
Amer. Smelt. & Refg., pref.(quar.)- _
Amer.Sugar Refining. Preferred (guar).
American Tobacco, corn.& corn. B (qu.)
American Vitrified Products (quar.)__
Amer. Window Glass Co., pref
Armour & Co. of Ill., pref. (quar.)
Armour dr Co. of Del., pref. (quar.)___
Associated Dry Goods,first Prof.(qua?.)
Second preferred (guar.)
Atlantic Terra Cotta, pref. (quar.)
Atlas Powder,corn.(guar )
Babcock & Wilcox Co.(qua?.)
Quarterly
Quarterly
2
Oct.
1 Holders of rec. Sept. 20a
lyj Sept. 1 Holders of rec. Aug. 15a
Sept. 1 Holders of rec. Aug. 20a
$1
1 J an31'25 Holders of rec. Jan10'25a
1 J an31'26 Holders of rec.Jan.10'25a
14 Oct. 2 Holders of rec. Sept. I36
2
Oct. 1 Holders of rec. Sept. 10a
50c. Sept. 1 Aug. 23 to Sept. 1
21.50 Sept.30 Holders of rec. Sept.12a
14 Sept.30 Holders of rec. Sept.
use. Sept, 2 Holders of rec. Aug. 120
18a
13,4 Sept. 2 Holders of rec. Aug.
400. Sept. 1 Holders of rec. Aug. 20a
I5a
15,4 Oct. 1 Holders of red. Sept. 15a
$1
Sept.30 Holders of rec. Sept. 15a
2
Nov. 1 Holders of rec. Oct. 15
2
Feb2'25 Holders of rec. Jan. 15'25
2
M'y1
•25 Holders of rec. Apr. 15'25
2
Aug.I'25 Holders of rec. July 15'25
1% Sept. 1 Holders of rec. Aug. 8a
15,4 Oct. 2 Holders of rec. Sept. 2
3
Sept. 1 Holders of rec. Aug. 90
50c. Oct. 15 Holders of rec. Oct. 50
34 Sept. 2 Aug. 21 to Sept.
1
*14 Oct. 1 *Holders of rec. Sept.15
*14 Oct. 1 *Holders of rec. Sept.15
134 Sept. 2 Holders of rec. Aug. 9a
1% Sept. 2 Holders of rec. Aug. 9a
1
Sept.15 Sept. 6 to Sept.15
$1
Sept. 10 Holders of rec. Aug. 300
1 Holders of rec. Sept.20a
13,4 Oct
13,4
an1'25 Holders of rec. Dec. 204
1 11f Aprl'25 Holdersofrec.Mar.20'26a
Name of Company.
917
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Balaban & Katz Corp.,corn.(monthly).. 25c. Sept. 1 Holders of rec. Aug. 20a
Common(monthly)
25c. Oct. 1 Holders of rec. Sept.20a
Preferred ((Mar.)
13,4 Oct. 1 Holders of rec. Sept.20
Beech-Nut Packing, corn. (War.)
60c. Oct. 10 Holders of rec. Oct. la
Preferred B (quar.)
1% Oct. 15 Holders of rec. Oct. la
Belding-Corticelll, Ltd., preference (qu.) 134 Sept.15 Holders of rec. Sept. la
Bethlehem Steel, 7% preferred (qua?.)... 14 Oct. 1 Holders of rec. Sept. 26
Eight per cent preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 26
Borden Company, preferred (quar.)_ _
14 Sept.15 Holders of rec. Aug. 30a
Preferred (quar.)
1% Dec 15 Holders of rec. Dec. la
Brill (J.O.)Co.,coin. (qua?.)
14 Sept. 1 Aug. 24 to Aug. 31
Brown Shoe,common (guar.)
Sept. 1 Holders of rec. Aug. 206
1
Buckeye Pipe Line (guar.)
Sept.15 Holders of rec. Aug. 30
$1
Burroughs Adding Machine, corn
750. Sept.30 Holders of rec. Sept.15
13,4 Sept.30 Holders of rec. Sept.15
Preferred (guar.)
California Packing Corp.(guar.)
$1.50 Sept.15 Holders of rec. Aug. 30a
California Petroleum, corn. (guar.)
433/e Sept. 2 Holders of rec. Aug. 20a
Preferred (gan)
111 Oct. 1 Holders of rec. Sept.20a
CampbellSoup. preferred (guar.)
15,4 Sept. 1 Holders of tee. Aug. 15
Canadian Car & FdrY,Prof.(quar).... 1% Oct. 10 Holders of rec. Sept.26
Preferred (acct. accum. dies.)
hlyj Oct. 10 Holders of rec. Sept.28
Carter (William) Co.,Prof.(quar.)
134 Sept.15 Holders of rec. Sept.10
Century Ribbon Mills, Inc., pref.(qu.)_ 14 Sept. 2 Holders of rec. Aug. 15.
Chicago Flexible Shaft, pref.(quar.)___ _ *13,4 Sept. 1 *Holders of rec. Aug. 21
Chicago Yellow Cab (monthly)
33 1 Sept. 1 Holders of rec. Aug. 200
,
Chili Copper(guar.)
6234c Sept.29 Holders of rec. Sept. 36
Cities Service Co.
Common (monthly.Pay.in cash scrip) g% Sept. 1 Holders of rec. Aug. 15
Common (pay. In corn, stock scrip).. g14 Sept. 1 Holders of rec. Aug. 15
% Sept. 1 Holders of tee. Aug. 15
Preferred and preferred B (monthly)..
City Ice & Fuel(Cleveland)(guar.)._ 2
SePt. 1 Holders of rec. Aug. 20a
2
Dec. 1 Holders of ree. Nov.20a
Quarterly
134 Sept. 1 Holders of rec. Aug. 166
Cleveland Stone Co.(guar.)
1
Sept. 1 Holders of rec. Aug. 150
Extra
2
Aug. 25 Holders of rec. Aug. Ila
Colorado Fuel& Iron, pre/.(guar.)
Congoleum Co.. Preferred (a an.)
15,4 Sept. 1 Holders of rec. Aug. 16a
Consolidated Cigar Corp., pref.(guar.)_
134 Sept. 1 Holders of net. Aug 156
14 Oct. 1 Holders of rec. Sept. 20.
Continental Can, pref.(guar.)
50c. Sept.15 Aug. 17 to Sept.15
Continental 011 (quar.)
14 Sept. 1 Holders of rec. Aug. 16.
Cosden & Company, pref.(quar.)
Sept.30 Sept.16 to Sept.30
Craddock-Terry Co., common (qua?.).. 3
3
Dee. 31 Dec. 16 to Dec. 31
Common(guar.)
3
Dec. 31 Doe. i6 CO Dee. I%
First and second Preferred
Class C preferred
334 Dec. 31 Dec. 15 CO Dec. 31
Curtiss Aeropl. & Motor, preferred
234 Sept. 2 Holders of rec. Aug. 150
134 Sept.20 Holders of rec. Sept. 6.
Davis Mills (quar.)
13,4 Sept. 1 Holders of rec. Aug.20.
Decker (Alfred) & Cohn, pref. (quar.)._
Deere & Company, preferred (guar.)._ 75e. Sept. 1 Holders of rec. Aug. 16.
2
Sept.15 Holders of rec. Aug. 30a
Diamond Match (guar.)
50e. Oct. 1 Holders of rec. Sept.15
DOMM1011 Stores. common
Sept.30 Holders of rev. Sept.25a
Dubiller Condenser & Radio, pre/.(qu.). $2
Sept.30 Holders of rec. SePt.25a
$2
Preferred (qua?.)
$2
Dee. 31 Holders of rec. Dec. 26.
Preferred (guar.)
Eagle-Picher Lead, corn. (guar.)
134 Sept. 1 Holders of ree. Aug. 22.
$125 Oct. 1 Holders of tee. Aug. 30.
Eastman Kodak, corn.(guar)
The. Oct. 1 Holders of rec. Aug. 30
Common (extra)
13,4 Oct. 1 Holders of rec. Aug. 30.
Preferred (quar.)
65e. Sept.30 Holders of rec. Sept.154
Fairbanks Morse Co., coin. (guar.)14 Sept. 1 Holders of rec. Aug. 15a
Preferred (guar.)
Aug. 30 Holders of rec. July 31
Famous Players-Canad. corp.. Pt.(q) 2
Oct. I Holders of rec. Sept. 156
2
Famous Players-Lasky, corn. (quar.)_
Federal Acceptance Corp., corn.(quar.)_ $1
Sept. 1 Holders of rec. Aug. 156
Federal Mining & Smelting. prof.(an.).. 14 Sept.15 Holders of rec. Aug. 256
750. Oct. 1 Holders of rec. Sept 16.
Fleishmann Oo , COMMOU (guar.)
50c. Oct. 1 Holders of rec. Sept. 156
Common (extra)
76e. Jan1'25 Holders of rec. Dec. 16.
Common (guar.)
Foundation Co., tom.(quar.)
21.60 Sept.15 Holders of rec. Sept. 26
Preferred (quar.)
$1.75 Sept. 15 Holders of rec. Sept. 26
1
Sept.30 Holders of rec. Aug. 30a
Galena-Signal Oil,corn.(guar.)
Preferred and new preferred (quar.)_ _ 2
Sept.30Holders of rec. Aug. 30a
General Asphalt, preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 15a
General Cigar, preferred (quar.)
14 Sept. 2 Holders of rec. Aug. 230
Debenture preferred (guar.)
15,4 Oct. 1 Holders of rec. Sept. 24a
General Fireproofing. prof. (gnat.)
15,4 Oct. 1 Holders of rec. Sept.20
154 Jan2'2 Holders of rec. Dec. 20
Preferred (guar.)
General Motors,corn.(guar.)
30e. Sept.12 Holders of rec. Aug. 256
Seven per cent prof. (guar.)
13,4 Nov. 1 Holders of rec. Oct. 6a
114 Nov. 1 Holders of rec. Oct. 6a
Six per cent deb. (guar.)
14 Nov. 1 Holders of rec. Oct. 60
Six per cent pref.((Mar.)
General Petroleum,common (quar.)____ 500. Sept.15Holders of rec. Aug. 39.
$3
Sept. 1 Holders of rec. Aug. 1
Gillette Safety Razor (quar.)
Dec. 1 Holders of rec. Nov. 1
85
Stock dividend
.
Goodrich (B. F.) Co., preferred (qua?.). 1% Oct. 1 Holders of rec. Sept.20.
Oct. 1 Holders of rec. Sept.20.
Goodyear Tire & Rubb., prior IC (qu.).: 2
Goseard (H. W.) Co.. corn.(monthly).- 250. Sept. 1 Holders of rec. Aug. 20a
Greenfield Tap & Die,6% Prof.(guar.)_
1)4 Oct. 1 Holders of rec. Sept. 15a
2
Oct. 1 Holders of rec. Sept. 15a
Eight per cent pref.(guar.)
2
Sept.30 Holders of rec. Sept.15a
Guantanamo Sugar. pref. (guar.)
Gulf States Steel, first preferred (guar) 14 Oct. 1 Holders of rec. Sept.15.
13,4 Jan2'26 Holders of rec. Dec. 15.
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept.15a
Second preferred (guar.)
•
Second preferred (guar.)
194 Jan2 23 Holders of roe. Dee. 15a
13,4 Sept. 1 Holders of rec. Aug. 29.
Harbison-Walker Refrac.. corn. (quar.)
14 Oct. 20 Holders of rec. Oct. 104
Preferred (guar.)
$1
Sept. 1 Holders of rec. Aug. 19.
Hartman Corporation (guar.)
Hart,Schaffner &Marx. inc., COM.
(qU) 13,4 Aug. 30 Holders of rec. Aug. 20a
*250. Sept. 5 *Holders of rec. Aug. 28
Hawaiian Corn. & Sugar (mthly.)
*750. Sept. 5 Holders of rec. Aug. 28
Extra
75e. Sept.15 Holders of rec. Aug. 30a
Hayes Wheel,common (guar.)
14 Sept.15 Holden) of rec. Aug. 30
Preferred (quar.)
Hibbard, Spencer, Bartlett Co.(mthly.) 35c. Aug. 29 Holders of rec. Aug. 22
Monthly
35e. Sept.28 Holders of rec. Sept.19
15e. Sept.28 Holders of rec. Sept.19
Extra
Homestake Mining (monthly)
50c. Aug. 25 Holders of rec. Aug. 20.
Household Products, Inc. (quar.)
75c, Sept. 2 Holders of rec. Aug. 15a
Hydro:corporation. pref.(guar.)
15,4 Sept. 1 Holders of rec. Aug. 20.
Imperial ou (Canada) (guar.)
n75c. Sept. 2 Aug. 16 to Aug. 30
Independent Oil & Gas(guar.)
250. Sept.30 Holders of rec. Sept 126
Quarterly
250. Dec. 31 Holders of rec. Dec. 12a
Ingersoll-Rand Co., common (guar.)._ 2
Sept. 1 Holders of nee. Aug 15.
Inland Steel, common (guar.)
6234c Sept. 1 Holders of rec. Aug. 15.
Preferred (guar.)
15,4 Oct. 1 Holders of rec. seut.iag
International Harvester, Prof. (guar.)
15,4 Sept. 2 Holders of rec. Aug. 941
international Shoe. prof.(monthly)
50c. Sept. 1 Holders of rec. Aug. 15a
Johnson, Stephens & ShInkle Shoe,(au.) 50e. Sept. 1 Holders of rec. Aug. 15
Jones& Laughlin Steel Corp., pt.(qu.)
13,4 Oct. 1 Holders of rec. Sept. 154
Kinney (0. R.) Co.. preferred (quar.)-- 2
Sept. 2 Holders of rec. Aug. 21a
Kuppenheimer (B.) & Co., pref. (qu.)_ _
15,4 Sept. 1 Holders of rec. Aug. 23
Lake of the woods mining, COM.(qua.) 3
Sept. 1 Holders of rec. Aug. 23
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 23
Lake Shore Mines, Ltd.(guar.)
Sept.15 Holders of rec. Sept. 1
5
Lanston ?genotype (guar.)
134 Aug. 30 Holders of rec. Aug. 20a
Lehigh Coal & Navigation (guar.)
$1
Aug. 30 Holders of rec. July 31a
LIbbey-Owens Sheet Glass, corn. (guar.) *50e. Sept. 2 *Holders of rec. Aug. 23
Preferred (guar.)
*13t Sept, 2 *Holders of rec. Aug. 23
Liggett & Myers Tob.,corn. & corn."B" 75c, Sept. 1 Holders of rec. Aug. 154
Sept. 2 Holders of roe. Aug. 15a
Lima Locomotive Works,corn.(gnat)... $1
Ludlow Mfg. Associates
$2 Sept. 2 Holders of rec. Aug. 6
Mahoning Investment (guar.)
$1.50 Sept. 2 Holders of rec. Aug. 25
Manati Sugar, common (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 150
Manhattan Shirt, common (guar.)
75c. Sept. 2 Holders of rec. Aug. 150
Martin-Parry Corp. (guar.)
Sept. 2 Holders of rec. Aug. 15a
$1
May Department Stores.common (qu.).. $1.25 Sept. 1 Holders of rec. Aug. 15a
19,4 Oct. 1 Holders of rec. Sept.150
Preferred (guar.)
McCrory Stores Corp.,corn. A & B (3u.) e400. Sept. 1 Holders of rec. Aug. 20a
Preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 204
McIntyre-Porcupine Mines, Ltd.(gU.)-- 8
Sept. I Holders of rec. Aug. 10
Mengel Company. prof.(guar.)
15,4 Sept. 1 Holders of rec. Aug. 15
Merrimac Mfg., coin. (guar.)
134 Aug. 301 Holders of rec. July 25
Preferred
234 Aug. 30 Holders of rec. July 25
Morris Plan Insurance Society (gnat.)... 3
Sept. 1 Holders of rec. Aug. 25
918
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
(VoL. 119. •
Weekly Returns of New York City Clearing House
Banks and Trust Compantes,
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 16. 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).
75c. Sept. 1 Holders of rec. Aug. 15a
Munsingwear, Inc.(guar.)
1231e Sept.15 Holders of rec. Aug. 160
Mutual Oil (quar.)
75e. Oct. 15 Holders of rec. Sept.30a
National Biscuit, common (qua?.)
131 Aug. 30 Holders of rec. Aug. 16a
Preferred (guar.)
Sept. 10 Aug. 20 to Aug. 26
3
National Candy,common
331 Sept. 10 Aug. 20 to Aug. 26
First and second preferred
131 Sept. I Holders of rec. Aug. 260
:National Cloak & Suit, pref.(quara_
Nat. Enamel. & Stpg., pref. (quar.)
131 sept.30 Holders of rec. Sept.10a
Preferred (quar.)
1)1 Dec. 31 Holders of rec. Dee. 110
Sept.30 Holders of rec. Sept.120
2
National Lead, corn, (guar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
131 Sept.15 Holders of rec. Aug. 22a
Preferred (guar.)
(Stated in almonds of dollars-the: is, three ciphers (0001 omitted.)
131 Oct. 2 Holders of rec. Sept. 8
_National Sugar Ref., corn. (guar.)
25c. Aug. 25 Holders of rec. Aug. 86
New Cornelia Copper Co.(quar.)
Oct. I Holders of rec. Sept. 90
$I
New York Air Brake, Class A (quar.)_
New
North American Provision, pref. (qu.)._ 131 Oct. 1 Holders of rec. Sept.15
Capital.Profits.
Reserve
131 Sept. 2 Holders of rec. Aug. 20
:Ogilvie Flour Mills, pref. (guar.)
Week Ending
Time Bank
Net
Discount, Cash
with
Sept.21
50c. Sept.30 Aug. 24 to
Ohio 011 (quar.)
Aug. 16 1924 vat% June 30 Invest- CrewDe
in
Legal Demand
131 Sept. 2 Aug. 22 to Sept. 1
-Onyx Hosiery, Pref. (guar.)
State, June 30 melts, Vault. Depost- Deposits. Posits. la12% e Sept. 1 Holders of rec. Aug. 200
Orpheum Circuit, corn.(monthly)
(000 omitted.) Tr.Cos.June 30
lion.
dec.
tortes,
17
•Paraffine Co., common
*S1 Sept.27 *Holders of rec. Sept.
Preferred (quar.)
*131 Sept.27 *Holders of rec. Sept. 17
Members of Fe d. Res. Bank. Average Acerao Average Average Average Regd.
Permanent Mtge. Co., preferred (extra). 1% FebX25
Bank of N Y &
$
Phoenix Hosiery. 1st & 2d pref.(quar.)_ _ 1% Sept. 1 Holders of rec. Aug. 16a
Trust Co___ 4,000 12,188 74,711
54,533 9,683 _786 7,579
Pittsburgh Steel. preferred (guar.)
131 Sept. 1 Holders of rec. Aug. 150 Bk of Manharn 10,000 13,491 150,573 2,533 16,496
121,111 23,196 _ _5
Aug. 15a Mech & Met Bk
'Pure 011. corn.(guar.)
3730, Sept. 1 Holders of rec.
54
8,751
10,000 15,694
3
Quaker Oats, common (guar.)
Oct. 15 Holders of rec. Oct. la Bank of America 6,500 5,365 185.382 3,329 22,215 167,488 3,682
88,615
83,662 1,712 12,096
Preferred (quar.)
1% Nov. 29 Holders of rec. Nov. la Nat City Bank_ 40,000 54,133 599,611 4,654 94,950 *644,813 74,930 1:841
Preferred (guar.)
1% Aug. 30 Holders of rec. Aug. la Chem Nat Bank 4,500 17,005 122,982
1,287 15,118 113,241 6,128 348
,Rand Mines (American shares)
$1.71 Aug. 23 Holders of rec. Aug. 19a Nat Butch & D
285
1,000
125 383
4,471
5,950
63
577
Remington Typewriter, 1st pref. (guar.) 131 Oct. 1 Holders of rec. Sept. 200 Amer Each Na
5,000 7,952 111,243
98,781 9,439 4,952
845 13,640
First pref. series S (guar.)
1% Oct. 1 Holders of rec. Sept. 200 Nat Bk of Com_ 25,000 39,523 359,093 1,213 44,367 330,982 13,241 - Sept.20 Holders of rec. Sept.12a Pacific Bank-. 1,000 1,741 28,250
Second preferred (guar.)
4
26,381 2,832
835 3,908
Republic Iron & Steel. pref.(quar.)-._ - 131 Oct. 1 Holders of rec. Sept.15a chat& Phen Na 10,500 9,264 159.123
4
121,553 32,097 6:11 1
131 Sept. 1 Holders of rec. Aug. 20a Hanover Nat Bk 5,000 22,878 125,169 3,888 17,134
Saco-Lowell Shops, 2d pref. (quar.)-300
558 15,289 111,498
Sept. 10 to Sent.21
St. Joseph Lead Co.(quar.)
50c. Sept.20
Corn Exchange_ 10.000 13,155 191,775 6,030 23,215 170,393 28,001
•131 Oct. 1 *Holders of reo. Sept. 15
Savage Arms Corp., 1st pref. (quar.)
National Park_ _ 10,000 23,772 177,985
7
6
0 16
140,797 16:58
905 18,591
Second preferred (guar.)
•131 Nov.15 *Holders of rec. Nov. 1
East River Nat_ 2,100 1,900 27,432
6
'506
1 0
20,635
990 3,053
Schulte Retail Stores, common (quar.)
m2
Sept. 1 Holders of rec. Aug. lfas First National__ 10,000 59.964 305,496
225,397 27,521 7,642
409
Sept. 1 Holders of rec. Aug.f15a Irving Bk-ColTr 17,500 11,823 287,947 3,172 30,933 275,586 28,521
125
Common
36.739
Holders of rec. Nov. 150 Continental Bk. 1,000 1,027
Dee. 1
m2
Common (guar.)
376
5,767
6,931
916
160
Oct. 1 Holders of rec. Sept.150 Chase National_ 20,000 24,605 376,344 4,219 49,804 362,699 22,7051 1,092
2
Preferred (guar.)
Jan1'25 Holders of rec. Dec. 15a Fifth Ave Bank
Preferred (guar.)
2
500 2,568 23,066
22,008
553 2,824
Sept.20
Shawmut Manufacturing, corn. (quar.)- *131 Sept.30 *Holders of rec.
9,435 2,488
Commonwealth
997 11,896
600
.378 1,310
Preferred (quar.)
*131 Sept.30 *Holders of rec. Sept.20
128 397
Garfield Nat__
14,643
1.000 1,685
15,110
427 2.290
Sherwin-WilliamsCo.,Canada,com.(qu.) I% Sept.30 Holders of rec. Sept. 15
250
Fifth National. 1,200 1,240 19,054
16,864 1.391
175 2,244
Preferred (quar.)
134 Sept.30 Holders of rec. Sept.15
68
SeaboardNat__ 4,000 7,613
96,666 3,042
799 12,844
1% Sept. 2 Holders of rec. Aug. 150 Coal & Iron Nat 1,500 1,349 97,971
Sherwin-Williams Co., pref. (quar.)-15,329 1,370 412
265 2,174
17,915
Aug. 15
Sept. 2 Holders of rec.
Southern Pipe Line (quar.)
2
Bankers Trust_ 20,000 25,103 332,522
847 38,491 *298,541 37,232
Spalding(A.G.)& Bros., let pref. (qu.). 131 Sept. 2 Holders of rec. Aug. 160 158 Mtge & Tr_ 3,000 4,352 56,442
51,074 5,24
698 6,794
Sept. 2 Holders of rec. Aug. 16
Second preferred (guar.)
2
Guaranty Trust 25,000 18,763
*427,578 53,743
1% Aug. 30 Holders of rec. Aug. 200 Fldel-InterTrust 2,000 2,021 443,667 1,458 46,673
Standard Milling, corn. (guar.)
18,333 1,786
414 2,441
20,664
131 Aug. 30 Holders of roe. Aug. 200 NY Trust Co__ 10,000 18,317 177,671
Preferred (quar.)
152,666 22,089
595 20,39
280. Aug. 30 Holders of rec. Aug. 1
Standard Motor Construction (quar.)
Metropolitan Tr 2,000 4,075 48,553
609 5,842
50c. Sept. 15 Holders of roe. Aug. 16a Farm Loan & Tr 5,000 17,132
Standard 011(California) (qua?.)
*97,031 24,245
131,62
428 13,539
6231c Sept.15 Aug. 17 to Sept. 15
Standard Oil (Indiana)(quar.)
Equitable Trust 23,000 10,160 266,466 1,52 32,811 *312,144 20,441
Sept.15 Holders of rec. Aug. 25
Stand.011 of N.J..com.(par $100)(qu.) I
250. Sept.15 Holders of rec. Aug. 25
Common (par $25) (guar.)
485,11132,001
Total of averages 291,900'
1451,154 5,042,281 46,763617,295
Preferred (quar.)
131 Sept. 15 Holders of rec. Aug. 25
380 Sent.15 Holders of roe. Aug 22a Totals, aaual co nclition Aug. 16 5,043,302
Standard 011 of New York (guar.)
42,098809,945 c4,367,633 492,784 32,520
234 Oct. 1 Holders of rec. Aug. 20
Standard 011 of Ohio (guar.)
Totals, actual condition ;Aug. 95,027,847 44.870601,793c4,359,067 481,76333,343
131 Sept. 1 Holders of rec. July 25
Preferred (qua?.)
Totals, actual condition Aug. 25,959,308 40.768610,477 c4,390,18 473,34532,907
Sept. 1 Holders of rec. Aug. 150
Stern Brothers, preferred (guar.)
' 2
State Banks
Feda Reeve Bank.
Holders of rec. Aug. 9a Greenwich Bank Not Me mbers
Sept. I
Studebaker Corporation, corn. (quar.)„ $I
-381
1,000, 2,354 19,513 1,612 2,008
19,990
Preferred (guar.)
I% Sept. 1 Holders of rec. Aug. 90 Bowery. Bank__
250
88
5,066
2,361 2,041
653
Thompson (John R.) Co., cons.(mthly.) 25e. Sept. 1 Holders of rec. Aug. 25a State Bank__ 3,500 5.000
30,380 58,436 ---92,449 3,656 1,929
rec. Sept. 20
Thompson-Starrett Co., prof
Oct. 1 Holders of
4
Timken-Detroit Axle. prof.(quar.)
131 Sept. 1 Aug. 21 to Sept. I
Total of averages 4,750 8,243 117,028 5,568 4,590
52,731 60,858
75c. Sept. 5 Holders of rec. Aug.d196
Timken Roller Bearing (guar.)
Extra
25c. Sept. 5 Holders of rec. Aug.d19a Totals,
53,345 60,887
Underwood Computing Mach.,pref.(qu.) 131 Oct. 1 Holders of rec. Sept.24a Totals, actual condition 'Aug. 16 117,929 5,549 4,527
condition Aug. 9
52,695 60,796
Underwood Typewriter,common (guar.) 7.50. Oct. 1 Holders of rec. Sept. fia Totals, actual condition Aug. 2 116,989 5,762 4,432
actual
53,954 50,745
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 60 Trust Compan lea Not;Membe a118,454 5,411 4,469
Ban
Union Tank Car,common (guar.)
131 Sept. 2 Holders of rec. Aug. 50 Title Guar & Tr 10,000; 14,647 of Fed 'I Res' ye4,413 k. 37,50: 1,703
58,039 1,241
53
Preferred (guar.)
131 Sept. 2 Holders of rec. Aug.
857
Lawyers Tit&T 6,009 6,083 27,280
16,453
920 1,668
United Cigar Stores, corn. (guar.)
2
Sept.30 Holders of rec. Sept.15a
Common (payable in common stock)_ _ .1131 Sept.30 Holders of rec. Sept.15a Total of
54,051 2,560
averages 16,0001 20,731
85,319 2,161 6,081
Preferred (guar.)
131 Sept.15 Holders of rec. Sept. la
131 Sept. 2 Holders of rec. Aug. 15
United Drug, coin. & 2d pref. (quar.)
Totals, actuate° ndition Aug.16 84,943 2,074 s,oi
53,014 2,574
First preferred (quar.)
8731c Nov. 1 Holders of rec. Oct. 15
54,812 2,559
Totals,
Aug.
'United Dyewood, pref. (guar.
1% Oct. 1 Holders of rec. Sept.150 Totals, actuate° ndition Aug. 9 85,719 2,215 6,31
53,922 3,402
actual co nditlon
2 85,500 2,024 6,30
of roe. Sept. 153
Preferred (guar.)
1% Oct. 1 Holders
Preferred (guar.)
134 an2'25 Holders of roe. Doe. 150 Gr'd aggr., aver.
4,491,120 548,529 32,901
.312,650
2% Oct. 1 Holders of rec. Sept. 13a Comparison with prey. 480,129 5,244,628 54,492627,966
United Fruit (guar.)
i-1,521-1-14276 ---159
week _ +3,230 +762+17042
Quarterly
2% an.2'25 Holders of rec. Dec. fici
5
Oct. 31 Holders of rec. Sept. 30a (led aggr., ort'l cond'n Aug.16
;United Profit-Sharing Corp.. pref
,246,174 50.611620,487 4,473,992 556.245 32,520
of rec. Sept. 20
U. S. Cast Iron Pipe & Fdy., pf. (qu.). 131 Sept.15 Holders
+7,418+11127 -823
with prey. week_ _ +15,619-2.236+7.959
131 Dec. 15 Holders of rec. Dec. la Comparison
Preferred (quar.)
Sept. 2 Holders of rec. Aug. 16a Gr'd aggr., act'l cond'n
4
tr. S. Envelope. common
'
Aug. 95,230,555 52.847612.528 4,466,574545,i18
16a
Preferred
3% Sept. 2 Holders of rec. Aug.
Gr'd aggr.,cal cond'n Aug. 2 ,263,262 48,203621,250 4,498,061 537,49232,907
Sept.30 *Holders of rec. Sept 15
.
1 7. S. Gypsum,corn..(guar.)
11
4
Gr'd aggr., arrq cond'n July 26 5,201,402 52,482620,914 4,469,927 530,301 32,301
of rec. Sept. 15
Sept.30 *Holders
*S1
Common (extra)
Gr'd aggr., curl cond'n July 19 5,103,950 51,460618,515 4,385,067 524,45532,297
3
Preferred (guar.)
.131 Sept.30 *Holders of rec. Sept.15
Gr'd aggr.,act! cond'n July 12 5,058,186 56,947603.077 4,351,703501,39132,136
Sept.lb Holders of rec. Sept. 5
2
U.S.Realty .3e Impt.,common (quar.)
Gr'd aggr., aa'i cond'n July 55,040.938 52,107614.220 4,281,543487 69232,193
rec. Sept. 5
131 Nov. 1 Holders of
Preferred (guar.)
United States Steel Corp.,coin.(guar.). 131 Sept.29 Aug. 29 to Sept. 1
Note.
-U, S. deposits deducted from net demand deposits In the general total
Aug. 29 to Sept. 1
Common (extra)
34 Sept.29
above were as follows: Average total Aug. 16, 814,894,000; actual totals Aug. 16
Aug. 5
131 Aug. 30
Preferred (guar.)
814,894,000: Aug. 9, $14,895,000; Aug. 2, $14,879,000; July 26, 314,895.000
U. S. Stores Corp., 7% prior pref. (qu.) 131 Sept. 1 Holders of rec. Aug. 26
July 19, $14,937,000. Bills payable, rediscounts, acceptances and other liabilities
50c. Sept.20 Holders of rec. Aug. 30
Vacuum Oil (quar.)
average for week Aug. 16, 5338.474,000: Aug.0,8331.245.000; Aug.2,8335,780,000
Extra
25c. *lent.20 Holders of rec. Aug. 30
July 26.8333,077,000: July 19,3324,554,000. Actual totals, Aug. 16,8339,188,000
Holders of rec. Sept.11
134 Sept. 17
Valvoline 011, corn.(guar.)
Aug. 9, $344,269,000; Aug. 2, 8343,190,000: July 26, 3335,680,000: July 19
1% Sept. 1 Holders of rec. Aug. 180 $324,742,000.
Van Raarte Co.. 1st preferred (qua:.)
Vapor Car Heating. inc.. Pref.(qua?.).. 1% Sept 10 Sept. 2 to Sept.10
Includes deposits in foreign branches not Included in total footings as follows:
2 to Doe. 10
134 Dec. 10 Dee.
Preferred (guar.)
National City Bank, 5320,187,000: Bankers Trust Co. $13,590.000: Guaranty
•131 Sept. I *Holders of rec. Aug. 20
Vesta Battery Corp.,Pref.(qua:.)
Trust Co., 177,883,000; Farmers' Loan dc Trust Co.. $46,000,000: Equitable Trust
Sept. 15 Holders of rec. Aug. 12
134
Wamsutta Mills(guar.)
Co.,$64,811,000. Balances carried in banks in foreign countries as reserve for such
131 Aug. 31 Holders of rec. Aug. 20
Welch Grape Juice. prof. (qua:.)
deposits were: National City Bank, $19,287,000; Bankers Trust Co.. 81.002,000:
White (J. G.) Engineering, prof. (quar.) 131 Sept. I Holders of rec. Aug. 15
Guaranty Trust Co.,$7,810,000; Farmers'Loan & Trust Co.,$46,000,000; Equitable
of rec. Aug. 15
White(J. G.)& Co., Inc., pref.(quar.)... I% Sept. 1 Holders
Trust Co., $10,911,000. c Deposits In foreign branches not Included.
Aug. 15
White (J. G.) Mgt. Corp.. pref.(guar.). 131 Sept. 1 Holders of rec. Sept.20a
Sept.30 Holders of rec.
White Motor Co. (quar.)
The reserve position of the different groups of institutions
Aug. 90
Woolworth (F. W.) Co., common (qu.)_ 780. Sept. 1 Holders of rec.
20a on the basis of both the averages for the week and the actual
Worthington Pump & Mach., pr. A (qu.) 131 Oct. 1 Holders of rec. Sept.203
131 Oct. 1 Holders of rec. Sept.
condition at the end of the week is shown in the following
Preferred B (guar.)
250. Aug. 30 Holders of roe. Aug. 15a
Wright Aeronautical Corp.(guar.)
two tables:
Co.
Wrigley (William) Jr.&
rec. Aug. 20a
250. Sept. 2 Holders of
Monthly
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
250. Oct. 1 Holders of rec. Sept.200
Monthly
AND TRUST COMPANIES.
250. !Nov. I Holders of rec. Oct. 200
Monthly
Yellow Cab Manufacturing
4124.
[Sept. I Holders of rec. Aug. 20a
Class B (monthly)
Averages.
that stock
•From unofficial sources. t The New York Stock Exchange has ruled
Cash
Reserve
-dividend on this date and not until further notice. 3 The
Surplus
will not be quoted ex
in
Reserve
Reserve
Toted
quoted exRain.
Required
in Vault. Depositories Reserve.
New York Curb Market Association has ruled that stock will not be
this date and not until further notice.
dividend on
a Transfer books not closed for this dividend. d Correction. e Payable in stock Members Federal
$
accumulated
Reserve banks_
fPayable In common stock. o Payable in scrip. h On account offunds.
617,925,000 617.295,000 584,517,270 32,777,730
666,420
State
dividends. m Payable in Preferred stock. n Payable in Canadian
5,568,000 4,590,000 10,158,000 9,491,580
on April 1, Trust banks*
134,350
companies_.... 2,161,000 6,081,000 8,242,000 8.107,650
Annual dividends for 1924,all payable In equal quarterly installments the com1924 and Jan. I 1925 have been declared as follows: On regular
July 1 and Oct. 1
Total Aug. 16....... 7,729,000 627.966,000635.695.000 602,116,500 33,578.500
mon stock $3cash and $3 in common stock:on the participating preferred the
preferred
Total Aug. 9_ __
7.801,000 610,924,000 618,725,000 601,475,260 17,249,740
6% and extra dividends of 1% in cash and 1% In common stock: on the
Total Aug. 2._ -- 7,604,000 618,034,000 625,638,000 597,675,360 27,962,640
Stock regular 6's.: on the prior preferred stock regular 7%
Total July 26_ --- 7,830.000 620,779.000 628,609.000 592,205,490 36,403,510
o Payable In Class A common stock
In order in
Dividend is 10 pence per share (par £1). All transfers received transferees.
•Not members of Federal Reserve Bank.
London on or before Sept. 4 will be in time for payment of dividends to
-dividend on
a Thls Is the reserve required on the net demand deposits in the case of State banks
New York Curb Market has ruled ordinary stock shall be quoted ex
and trust companies, but in the case of members of Lb* Federal Reserve Bank
Aug. 25.
includes also amount In reserve required on net time deposits, which was as follows:
r Payable in epeeist stock.
Aug. 16,514,553,330; Aug.9.514,106.480; Aug.2,814.095,080; July 26.813,864,850.
w Payable Feb. 28 1925.
Auc. 23 1924.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve banks_ _
State banks*
Trust companies--
Total
Reserve.
, Reserve
Required.
Surplus
Reserve.
919
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 bf weeks:
BOSTON CLEARING HOUSE MEMBERS.
8
609,945.000 609,945,000 582.575,810 27,369,190
5,539,000 4,527,000 10,066,000 9,602,100
463,900
2,074,000 6,015,000 8,089,000 7,952,100
136,900
Total Aug. 16_ _ _ 7,613,000 620,487,000 628,100.000 600,130,010 27,969,990
Total Aug. 9_
7,977,000 612,528,000 620,505.000 598,838,500 21,666,500
Total Aug. 2...... 7,435,000 621,250,000 628,685,000 602,124,420 25,960,580
Total July 26_ __ _ 7,760,000 620,914,000 628,674,000 598,798,610 29,875,390
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. 16,$14,783,520; Aug.9,314.452,890; Aug.2,814.200,350;July 26,313,982,520.
Aug. 20
1924.
Changes from
previous week.
Aug. 13
1924.
Aug. 8
1924.
Capital
57,400,000 -Unchanged
57,400,000 57,400,000
Surplus and profits
80,829,000 Dec.
43,000 80.872,000 80,749,000
Loans, disels & investments_ 898.603,000 Dec. 2,259,000 900,882,000,900,289.000
Individual deposits,incl. U.S. 633,419,000 Dec. 2,614,000 636.033,000'641,658,000
Due to banks
141,402,000 Dec. 4,233,000 145,635,000 146,600,000
Timedeposits
168,319,000 Inc.
438,000 167,881,000 167,650,000
United States deposits
13,568,000 Dec.
2,000 13,570,000 13,269,000
Exchangesfor Clearing House 23.131,000 Dec. 2,524,000 25,655,000 31,617.000
Due from other banks
88,416,000 Inc. 1,186.000 87,230,000 92,185,000
Reserve In Fed. Res. Bank.. 76,180,000 Dec. 1,229,000 77,409,000 78,591,000
Cash In bank and FM.Bank. 8,743,000 Inc.
74,000 8,669,000 8,621,000
Reserve excess in bank and
Federal Reserve Bank__ _ _ 2,369,000 Dec. 881,000 3,250,000 4,535,000
State Banks and ,Mrust Companies Not in Clearing
House.
-The State 'Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing Housepanies in New York City not in the Clearing House as follows:
return for the week ending Aug. 16, with comparative figures
for the two weeks preceding, is given below. ReserveSUMMARY OF STATE BANKS AND TRUST COMPANIES
'IN GREATER requirements
for members of the Federal Reserve System.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand depositF 9,nd 3% on time deposits all
(Figures Furnished by State Banking Department.)
Difference from to be kept with the Federal Reouve Bank. "Cash in vaults"
Aug. 16.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
3902,934,200 1nc.$11,119,900
Gold
3,513,700 Dec. 332,500 bers of the Federal Reserve System the reserve required is
Currency and bank notes
20,605,800 Dec.
Deposits with Federal Reserve Bank of New York._ 79,265,500 Dee, 362,500 10% on demand deposits and includes "Reserve with legal
51,100
Total deposits
967,272,800 Inc. 11,359,300 depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve depositories and from other banks and trust companies in N.Y.City, exchange and U.S. deposits- 905,109,400 Inc. 12,315,500
Reserve on deposits
158,079,000 Dec. 188,000
Percentage of reserve, 22.6%•
RESERVE.
-State Banks
- -Trust Companies
Cash in vault
*$30,957,700 15.65%
$72.427,300 14.46%
Deposits in banks and trust cos__ -_ 10,140,000 05.13%
44,554,000 08.89%
Total
$41,097,700 20.78%
3116,981,300 23.35%
* Includes deposits with the Federal Reserve Bank of New York, which
for the
State banks and trust companies combined on Aug. 16 was $79,265,500.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended,
ADM 19
April 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Aug. 2
Aug. 9
Allo
IA
Demand
Deposits.
$
5,530,017,700
5,546,167,200
5,587,975,500
5,586,219,800
5,599,245,700
5,617,090,300
5,634,135,400
5,655,543,500
5,757,644.700
5,862,466,200
5,919,665,500
5,980,525,800
5,937,803.400
5,981,963,600
6,020,656,100
6,078,827,900
6,133,212,300
A 147 ass ono
$
4,674,348,500
4,712.840,800
4,783.492.000
4,764,209,200
4,774,058,800
4,799.826,200
4,818,701,900
4.927,070,500
5,059,294,800
5,140,479,500
5,185.308,900
5,221,705,600
5,208,912,100
5,274,074.000
5,291,357,000
5,335,452,300
5,382,392,900
•Total Cash
Reseree in
in Vaults. Depositaries,
A.
10A 990 AAA
$
79,455,600
80,214,600
78,995,200
81,434,100
80,209,800
79,503.100
78,885,500
81,984,300
82,224,800
78,107,400
78,890,500
79,946,300
86,578,700
80,692,800
78,972,700
77,149,800
78,544,500
, all en.,
70
$
633,238,700
641,584.400
645,935,500
640.730,500
646,164,700
644,891,000
649,648,100
672,867,200
724,239.500
725,168,100
719,713,500
714,776,100
700,834.00C
736,247,40€
750,661,60C
746,518,80C
744,376,50C
,..... ..-- ---
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing
House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
HOUSE.
(Stated in thousands of dollars
-that is, three ciphers (0001 omitted.
Net
CLEARING
Capital.' Profits.
SON-MEMBERS,
Nat. bks. June 30
Week Ending State blcs. J'ne 30
Aug. 16 1924. Tr. cos. June 30
Members of
Fed'I Res've Bank
Grace Nat Bank - _ Total
State Banks
Not Members of
Fed'i Reeve Bank
Bank of Wash. HUColonial Bank
Total
Trust Company
Not Member of
Fed'I Reeve Bank
Mech. Tr., Bayonne
Total
$
1,000
1,000
Loans,
Discounts,
Investments,
&c.
Average Average Average Average Average
$
$
s
s
s
9,368
18
574
2,392
4,617
1,718
9,368
18
574
2,392
4,617
$
1,718
Capital
Surplus and profits
Loans, discle & investls.Exchanges for Clear.House
Due from banks
Bank dePoslis
Individual deposits
Time deposits
Total deposits
U. S. deposits (not Inci.)_ _
Ree've with legal deposit's_
Reserve with F.R.Bank
Cash in vault*
Total reserve and cash held
Reserve required
Excess res.& cash In vault_
841,666,0
120,732,0
752,621,0
30,295.0
137,205,0
159,273,0
569,105,0
70,877,0
799,255,0
$5.000,0
16,228.0
44,328.0
725,0
14,0
912,0
25,535,0
1,274,0
27,721,0
3,288,0
59,757,0
9,706,0
69,463.0
60,858,0
8,605,0
1,219,0
4,507,0
3,919,0
588,0
7,310
24,300
705
2,746
352
1,559
5,879
22,022
1,988
2,721
1,200
2,765
31,610
3,451
1,911
27,9011
4,709
500
446
8,851
316
109
2,71 ,
5,921
500
446
8,851
316
109
2.718ei
5,921
Grand aggregate.. _
2,700
Comparison with prey, week
4,931
49,829
+62
3,785
+130
Gr'd aegr.. Aug• 9
Gr'd aggr , Aug. 2
Gr'd aggr., July 26
[led actor.. July 19
4,931
4,931
4,761
4.761
49,767
49,459
49,895
50,248
3,655
3,443
3,599
3.756
2,594 a33,011I 15,247
+11 -159
+31
1
2,584 a33,170 15,216
2,914 a33,567: 15,074
2,500 a33,2551 14,981
2.516 633.7871 14 505
•United States deposits deducted, $113,000.
Bills payable, rediscounts, acceptancee and other liabilities.
Excees reserve, $161,560 increase.
s101.03).
Aug.9
1924,
1924
Total.
$46,666.0
136,960,0
796,949,0
31,020,0
137,219,0
160,185,0
594,640.0
72,151,0
826.976,0
10,921.0
3,288,0
59,757,0
10,925,0
73,970,0
64,777,0
9,193,0
Aug: 2
1924.
$46,666.0
136,960,0
789,023,0
26.295,0
128,380,0
155,089,0
583.599,0
69,673,0
708,361,0
10.915,0
3,394,0
62,280,0
10,570,0
76.244.0
64,039,0
12,205,0
3
46,,
o
136.960,n
788,909,X
32,824,X
122,533,„"
148,799,
'
n
590,514,X
68.951,X
808,264,X
10,905,X
3,573,X
61,389,
'
n
10,437,X
75,399,X
64,831,X
10,568
.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 do e of business Aug. 20 1924 in.
comparison with the previous week and the corresponding
date last year:
Aug.20 1924. Aug. 13 1924. Aug.22 1923.
REsetirCes-
Gold with Federal Reserve agent
619.989,000
Gold redemp.fund with U. B. Treasury_
7,932,000
620,019,000
4,270,000
Gold held exclusively agst. F.R.note._ 627,921,000
Gold settlement fund with F.R. Board_ 141,660,000
Gold and gold certificates held by bank_. 183,936,000
624.289,000 648,763,008
176,551,000 165,685,000
196,506,000 179,100,000
Total gold reserves
Reserves other than gold
997,346,000
17,514,000
953,517,000
17,501,000
636,255,000
12,508,000
993,548.000
19,699,000
971,018,000 1,014.860.000 1,013,247,000
Totalreserves
,
Non-reserve cash
13,155,000
15,081.000 10,422,004
Bills discounted
Secured by U. S. Govt.obligations- 14,952,000
17,473,000 124,742,000
12,644,000
Other bills discounted
12,082,000 42,649,004•
Total bills discounted
27,596,000
29,555,000 167,391,000,
market
11,502,000
Bills bought In open
6,827,000
35,905,000
U. S. Government securities-4,902.000
Bonds
4,902,000
1,149,000,
133,092,000 134,826,000
Treasury notes
1,944,000.
39,045,000
Certificates of indebtedness
37.311.000
753,000
Total U.S. Government securities
177,039,000
177,039.000
216.137,000
135,384,000
16,419,000
12,905,000
Total earning assets
Uncollected Items
Bank premiums
All other resources
213,421,000 207,142,000
189,522.000 125,516,000
15,975,000
13,004,000
12,551,000
1,087,000
3,846,000
1,365,018,000 1,411,410,000 1,370,418,000
Liabilities
Fed. Res. notes In actual circulation
313,533.000
-Member bank, reserve acet- 819,451,000
Deposits
Government
8,713.000
22,163,000
Other deposits
317,338,000
857,531,000
7,705,000
23,651,000
495,327,000
659,730,000
10.741,000
13,205.000
850,327,000
109,680,000
30,187,000
59,929,000
1,362,000
888,887,000
113,737.000
30,103,000
59,929,000
1,416.000
683,676,000
98,489,000
29,342,000
59,800.000
3,784,000
Total dePosits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Totalllabilittes
437
2,328
Membersof Trust
F.R.System Companies
Totalresources
Reserve
Net
Net
Cash
with Deman
2 bas
,
in
Legal Deposits. Deposits
Vault. DePosttortes.
200
1,00:
2,70:
2,700
2,700
2,700
Week ending Aug. 16 1924.
Two Ciphers (00)
omitted.
I 365,018,000 1,411,410,000 1070,418,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined__ _
Contingent liability on bills purchased
for foreign correspondents
CURRENT
83.4%
84.1%
85.9%
8,742,000
8.774,000
12,113,000
NOTICES.
-The National City Company has issued a brief history of the Baltimore & Ohio BR., discussing the physical growth, expansion of traffic,
earnings, &c.,since the first section of track was laid in 1827. The booklet
states that the greatest development of the road has occurred since 1900,
during which time $533,300,000 has been spent on the property or in acquisition of controlled lines. As the result, it is stated the Baltimore & Ohio is
one of the small number of systems in the United States that is built for a
considerable period beyond its present day requirements. The booklet
notes that the road ended 1923 in the best physical condition of its history
and established a new record for earnings and traffic density.
920
bl CHRONICLE
[Var.. 119.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug..21,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 882, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 20 1924.
Aug. 20 1924. Aug. 13 1924. Aug. 6 1924. July 30 1924. July 23 1924 July 16 1924. July 9 1924. July 2 1924. Aug. 22 1923
RESOURCES.
$
$
$
$
$
$
$
$
5
Gold with Federal Reserve agents
2.075,614,000 2,080,982,000 2,079,415.000 2,080,047.000 2,100,426 000 2,111,173,000 2.099,835,000 2,126,688,000 2.081,265,000
Gold redemption fund with U. S. Tress32,157.000
39.947,000
35,799,000
43,732,000
38,684,000
69,040,000
33,134,000
37,657,000
37,433,000
Gold held exclusively net. F.R. notes 2.115.561,000 2,113,139,000 2,115,214,000 2,123,779,000 2,137,110,000 2,148,830.000 2.137,268.000 2,159,820,000 3,150,305,000
Gold settlement fund with F. R. Board_
604,190.000 612,078,000 589,472,000 590,814,000 584,488.000 574,339.000 595,604,000 577,616,000 615,695,000
Gold and gold certificates held by banks_
406,897,000 419,210.000 421,054,000 440,312,000 445,929.000 437,381,000 410,530.000 383,219,000 356,864,000
Total gold reserves
Reserves other than gold
3,126,648,000 3,144,425,000 3,125,740,000 3,154,905,000 3,167,527,000 3,160,550.000 3,143.402,000 3,120.855,000 3,122,864,000
89,012.000 103,309,000 105,093.000 106,015.000 105,864,000 101.904,000
86,300,000
78,612,000
98,963,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,212,948,000 3,233,437.000 3.229,049,000 3,259,998,000 3,273,542,000 3,286,414,000 3,245,306,000 3,219.618,000 3,201,476,000
48,556,000
47,746,000
45,854,000
49.947,000
55,456,000
57,312,001)
79.585,000
64,574,000
48.809,000
70,570,000
188,714,000
81,988,000
184,211,000
78,796,000
194,842,000
92.052,000
201,843,000
85,271.000
205,561,000
97,235,000
208,008,000
94.607,000
216.106.000
142,338.000
226,663,000
359,999,000
420,597,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
259,284,000
25,724,000
266,199,000
18,028,000
273.638,000
22,097,000
293,895,000 290,832,000
24.441.000
31,530,000
305,243,000
37,428,000
310,713,000
58,509,000
369,001,000
52.811.000
780.596,000
176,610,000
31,666,000
391,569,000
117,875,000
30,118,000
398,467,000
111,740,000
29,634,000
394,419,000
111,464,000
30,378.000
369,655,000
105,248,000
20,303,000
353,531.000
103,377,000
20,752,000
344.857.000
100.965,000
20.862,000
330,051,000
99,587,000
21,113,000
320.802,000
93,573,000
21,145,000
59,780,000
3,834,000
Total U.S. Govt. securities
AU other earning assets
541,110,000
1,750,000
540,325.000
1,250,000
535,517,000 505,281.000
1,250,000
1,250,000
477,211,000
1,250,000
466,574,000
1,250,000
450,500,000
1.250,000
435,488,000
1.250,000
84,759,000
30,000
Total earning assets
5% redemp.fund agst. F.R. bank notes
Uncollected items
Bank premises
AU other resources
827,868,000
825,802,000
832,502,000
824,867,000
800,823,000
810,495.000
820.972,000
572,931,000
59.290,000
31,517,000
586,953,000
58,771,000
31,308,000
514,880,000
58,668.000
30,070,000
518,145,000
58,573,000
28.778,000
560,613,000
58,371.000
27,661,000
655,099.1100
57,9.12.000
27,023,000
804,433,000
57.907,000
20,412,000
858,550,000 1,041,985,000
93,000
583.815,000
54.183,000
13.043,000
817,800,000
57,787.000
25,158,000
Total resources
4,750,408,000 4,784,827,000 4,712,915,000 4.740,308,000 4.776,466,000 4.874.275.0004.809.604,000 4,827.722,000 4,974,180,000
LIABILITIES.
P.R.notes in actual circulation
1,738,057,000 1,752,025.000 1,756,014,000 1,761,569,000 1,782,626,000 1,812,712,000 1.855,005,000 1,874,270,000 2,225,063,000
P.R. bank notes in circulation—net_ 1
1,531,000
Deposits—
Member banks—reserve account
2,095,368,000 2,105,484,000 2,092,696,000 2.087,395.000 2,074,636,000 2,085,203,000 2,036,852.000 2,016,128,000 1,824,572,000
Governmenti 28,287,000
24,995,000
35,075,000
45,385,000
40,118,000
34,514,000
34,285,000
19,151,000
32.203,000
Other depadts
35.023,000
32,015,000
31,885,000
33,993,000
1
30,097,000
24.288,000
23,048,000
22.907.000
26,181,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,157,648,0002.105.50 ,
2 000 2,159,656,000 2,184.795,000 2,144,851,000 2,144,005,000 2,078,910,000 2,074,492,000 1,881,905,000
509,847,000 522.518,000 452,831,000 469,415,000 504,600,000 573,337,000 531,328,000 535,024.000 518,366,000
112,009,000 111,867.000 111,493,000 111,487,000 111,409,000 111,405,000 111,400,000 111.407,000 109,678,000
220,915,000 220,915,000 220,915,000 220,915,000; 220,915,000 220,915.000 220.915,000 220.915.000 318,369,000
12,006.000
12,002,000
12.127,000; 12,065 000
11,932,000
11,901,000
12,046,000
11.614,000
19.278,000
Total liabilities
4,750,408,000 4,784,827,000 4,712,915,000 4.740.308.000 4.776,468,000 4,874,275,000 4,809,604,000 4,827,722,000 4,974,180,000
Ratio of gold reserves to deposit and
LB.note liabilities combined
80.2%
79.8%
80.4%
80.1%
80.6%
79.9%
79.9%
78.0%
76.0%
Ratio of total reserves to deposit and
F. R. note liabilities combined
82.5%
82.5%
82.5%
83.0%
83.3%
82.8%
82.5%
81.5%
77.9%
Contingent liability on bills purchased
for foreign correspondents
31,177.000
34,816.000
30,262,000
38,054,000
38.334,000
38.358,000
38.587,000
38.743.000
35,142,000
am=
—
Distribution by Maturities—
$
$
5
3
1-15 days bills bought in open market_
7,523,000
9,500,000
10,873,000
10,243,000
14,075,000
15,677,000
33.118.000
27,657,000
59,039,000
1-15 days bills discounted
112,209.000 119,415,000 118,629,000 135,605,000 127,698.000 139,731.000 142.880,000 200,418,000 496.397,000
1-15 days U. S. certif. of indebtedness_
1,214,000
1-15 days municipal warrants
18-30 days bills bought in open market
4,647,000
5,628,000
5.025,000
5,657,000
9.725.000
10,405.000
8,075,000
8,749,000
39,013,000
16-30 days bills discounted
28,688,000
30,229,000
28,718,000
34,814,000
27,653.000
30,065,000
34,589.000
34,534.000
65,304,000
16-30 days U. B. certif. of indebtedness_
1,967,000
16-30 days municipal warrants
31-60 days bills bought in open market.
2,730.000
3,355.000
3,692,000
4,099,000
10.467.000
52,949,000
10.210,000
6.890,000
8.149,000
31-60 days bills discounted
54,795,000
59,497,000
56,950.000
50.017.000
51,432,000
50,114,000 119,568,000
49.766.000
51,289,000
31-80 days U. S. certif. of indebtedness31-60 days municipal warrants
81-90 days bills bought in open market
1,676,000
2,040.000
3,142,000
2,287,000
2,229,000
31,440,000
2.331,000
3,070,000
2.834,000
81-90 days bills discounted
40,345,000
44,039,000
38,073,000
48,649.000
47,726,000
38,166,000
75,390,000
43,178,000
43,752,000
61-90 days U. S. certif. of indebtedness_
1,001,000
01-90 days municipal warrants
Over 90 days bills bought in open market
1,452,000
1,574,000
2,992,000
2.155,000
2.261,000
1,892,000
4,179,000
2,622,000
1,942,000
Over 90 days bills discounted
22,956,000
25,302,000
19,276,000
31,971,000
33,911,000
38,034.000
45.489.000
24,037.000
38,203,000
Over 90 days certif. of 1ndebtedness
117,875,000 111,740,000 111,484,000 104,247,000 103,377,000 100,965.000
99.587,000
653,000
93.573.000
Over 90 days municipal warrants
30,000
8
s
:
$
$
Federal Reserve Notes—
Outstanding
Held by banks
2,236,305,000 2,249,231,000 2,249,160,000 2,273,563.000 2,290,760,000 2,318,510.000 2,340.752,000 2,340,363,000 2,687,335,000
498,248,000 497,206,000 493,146,000 511.994,000 508,134.000 505,798.000 485,363,000 466.093,000 463,373,000
In actual circulation
1.738,057.000 1,752,025,000 1,756,014,000 1,761,569,000 1,782,626.000 1,812,712 000 1.855,005,000 1.874,270.0902,225,063,000
Amount chargeable to Fed Res. Agent 3,168,360,000 3,177,644,000 3,195,113,000 3,219,531,000 3,238,865,000 3,246,931,000 3,256,108,000 3,203,924,000 3,533,989,000
In bands of Federal Reserve Agent
932,055,000 928,413,000 945,953.000 945,988.000 948.105.000 928,421,000 915,356,000 923.581,000 846,654,000
Issued to Federal Reserve Banks
Hato Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
2.238,305,000 2,249,231,000 2,249,160,000 2,273,563.000 2,290,760,000 2,318,510,000 2.340,752,000 2,340,363.000 2,687,335,000
331,504,000 334,704.000 335,704,000 334,779.000 336,679,000 334,679,000 333.604,000 334.804,000 320,424,000
180,691,000 168,249,000 189,745,000 193,518,000 190,704,000 207.337.000 240,917,000 213.877,000 606,070,000
113,621,000 117,676,000 112,602,000 107,927,000 115,993,000 113,690,000 120,299,000 110,410,000 125,847,000
1,630,489,000 1,628,602,000 1,631.109,000 1,637.341.000 1,647,754,000 1,882.804,000 1,645,932,000 1,681,672,000 1,634,994,000
2,236,305,000 2,249,231 000 2,249.160,000 2,273,563.000 2,290,760,000 2,318,510 000 2,340.752,000 2,340,383.000 2,687,335,000
TotaL
Eligible caner delivered to F. R. Agent_
277.493.000 276.937,000 284,985,000 305,131.000 313.721.000 331.289.000 361.690.000 405.588.000 918.173,000
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 30 1924
Two ciphers (00) orlif&d.
Boston. New York. Phila. Cleveland. Richmond'A tianta. Chicago Bt. Louis. Minnesp. Kan. City Dallas. San Fran.
Total.
Federal Reserve Bank of—
$
RESOURCES.
Gold with Federal Reserve Agents 208,515,0
Gold red'n fund with U.B. Treas. 4,324,0
$
$
$
$
5
$
$
3
S
3
$
$
619,989,0 186,604,0 216,459,0 50,510,0 119,576,0 244,508,0 57.750.0 53,722,0 60,999,0 24,010,0 233,174,0 2,075,614,0
7,932,0 8,469,0 1,335,0 2,962,01 1,921,0 3,542,0 2,756,0 1.864,0 2,413,0 1,599,0
39,947,0
830,0
Gold held excl. agst.F.R.notee 212,839.0
Gold settle't fund with F R.B'rd 54,158,0
Gold & gold ars. held by banks.. 19,878,0
627.921.0 195,073,0 217,794,0 53,272,0'121,497.0 248,048,0 60,506,0 55,586,0 63,412,0 25,609,0 234.004,0 2,115,561,0
141,660,0 35,373,01 86,322,0 36,343,01 13,953,0 127,503,0 27,534,0 7,285,0 34,367,0 7,239,0 32,453,0 604,190,0
183,936,0 29,676,0 18,662,0 11,525,0 7,381,0 71,485,0 9,268.0 8,970,0 5,117,0 8.689,0 34,310,0 406,897,0
288,875,0
9,037,0
953,517,0 260,122,0322,778,0 101,140,01142,831,0 447,036,0 97,308,0 71,841,0 102,896,0 39,537,0 300,767,0 3,126,648,0
17,501,0 2,511.0 4,654,0 3,332,0 11,005,0 11,198,0 12,579,0 1,751,0 2,523,0 6,782,0 3,427,0
86,300,0
295,912.0
Total reserves
Non-reserve cash
3,519,0
Bills discounted:
Sec. by U. B. Govt. obligations 5,094,0
Other bills discounted
6,526,0
971,018,0 262.633,0 327,432,0 104,472,0 153,836,0 458,234,0 109,887.0 73,592,0 105,419,0 46,319.0 304,194,0 3,212,948,0
13,155,0 1,443,0 2.931,0 2,258,0 4,084,0 6,279,0 3,863,0
45,854,0
889,0 2,433.0
2,047,0 2,953,0
Totalgold reserves
Reserves other than gold
Total bills discounted
11,820.0
Bills bought in open market
4,387,0
U. B. Government securities:
1,040,0
Bonds
Treasury notes
27,906,0
Certificates of Indebtedness. 9,305,0
TotalU. S. Govt. securities....
10 001
n
14,952,0 13,379,0 10,263,0 7,754,0 2,801,0 7,254,0 3,674,0
356,0
579,0 2.349,0 2,115,0
12,644,0 6,488,0 6,352,0 25.922,0 27,921.0 26,527.0 15,455,0 13,698,0 11,436.0 19,346,0 16,399,0
70,570,0
188,714,0
27,596,0 19,867,0 16,615,0 33.676,0 30,722,0 33,781,0 19,129,0 14,054,0 12,015,0 21,695,0 18,514,0
965,0
789,0
11,502.0
1,234,0 2,776,0
16,0
158,0
243,0 2,503,0 1,151,0
259,284,0
25,724,0
749,0 4,115,0
4,902,0
133.092,0 25,355,0 39,322,0
39.045,0 5,033,0 12,779.0
177 020
n
21 1270
AR 218 0
1,191,0
2,939,0
995,0
650,0 6,281,0
600,0 7,739.0 1,451,0 1,834,0 1,114,0
1.101,0 52,546,0 11,634,0 15,025,0 23.565,0 18,990,0 40,094,0
352,0 15,971,0 2,640,0 4,425,0 6.739,0 5.686,0 14,905,0
31,666,0
391.569,0
117,875,0
A 125 0
2 102 n
641 110.0
74
702 11
14 12/A
n
07 1 so
n
21 702 A
on cm n na 1 1 3 n
AUG. 23 1924.]
THE CHRONICLE
RESOURCES (Concluded)
-Two ciphers (00) omitted.
Boston. New York.
3
1,750.0
All other earning assets
$
2
$
Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
$
3
$
$
Total.
$
$
1,750,0
216,137,0 53,543,0 73,790,0 38,801.0 34,059,0 111,355,0 34,019,0 41,401,0 44,013,0 50,708,0 75,778,0
135,384,0 51,387,0 54,407,0 48,168,0 23,782,0 75,676,0 29,168,0 11,995,0 36,842,0 21,268,0 33,966,0
16,419,0 1,110,0 9,129,0 2,528.0 2,875.0 8,264,0 2,250,0 2,941,0 4,595,0 1,912,0 2,955,0
12,905,0
322,0
192,0 1,932,0
333,0
516,0
142,0 5,336,0 1,261,0 3,565,0 4,866,0
54,258,0
50,888,0
4,312,0
147,0
Total earning assets
Uncollected items
Bank premises
All other resources
Cleveland. Richmond Atlanta.
Phila.
3
$
921
827,868,0
572,931,0
59,290,0
31,517.0
409,030,0 1,365,018,0 370,438,0 468,028,0 196,419,0 220,568,0 660,324,0 179,329,0 136,154,0 194,563,0 125,819,0 424,712,0 4,750,408,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 197,213,0 313,533,0 164,370,0 202,978,0 68,977,0 131,149,0 229,129,0 57,493,0 63,972,0 64,267,0 41,676,0 203,270,0 1,738,057,0
Deposits:
Member bank-reserve acct._ 137,392.0 819,451,0 125,535,0 175,340.0 61,947,0 56,579,0 318,838,0 74,127,0 46,587,0 78,346,0 45,275.0 155,951,0 2,095,368,0
Government
1,451,0
8,713,0 2,598,0 1.307,0
830,0 1,125,0 1,379,0 2,492,0
967,0 3.461,0 1,520,0 2,444,0
28,287,0
227,0
Other deposits
22,163,0
463,0 1,150,0
143,0 1,345,0
208,0
407.0
315,0 2,665,0
165,0 4,742,0
33,993,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
139,070,0
48,119,0
8,006,0
16,390,0
208,0
850,327,0
109,680,0
30.187,0
59,929,0
1,362,0
128,596,0
46,763,0
10,382,0
19,927,0
400,0
177,797,0 62,985,0 57,847,0 321,562,0 77,026,0 47,869,0 84,472,0 46,960,0 163,137,0 2,157,648,0
49,974,0 45,987,0 16.598,0 62,700,0 29,137,0 12,104,0 31,332,0 23,664,0 33,789,0 509,847,0
12,705.0 5,876,0 4,596,0 15,183,0 5,118,0 3,374,0 4,385,0 4,149,0 8,048,0 112,009,0
23,691,0 11,672.0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7,577,0 15,301,0 220,915,0
922,0 1.428,0 1,324,0
883,0
483,0 1,351,0
611,0 1,793.0 1,167,0
11,932,0
Total liabilities
409,036,0 1,365,018,0 370,438,0 468,028,0 196,419,0 220,568,0 660,324,0 179,329,0 136.154,0 194.563,0 125,819,0 424,712,0 4,750,408,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
88.0
83.4
83.2
89.6
81.7
81.4
79.2
86.0
65.8
70.9
52.3
83.0
82.5
Contingent liability on bills purchased for foreign corresnond'ta
8.742.0 2 944 n 2 521 n
1 72n n
1.226.0 4.523.0 1.487,0
1.093.0
1.396.0
1.153.0 2.307.0
30.262.0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUG. 20 1924.
Federal Reserve Agent at-
Boston. New YorkI Phila.
Resources(In Thousands of Dollars)
3
Federal Reserve notes on ban°
79,850
Federal Reserve notes outstanding
218,352
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
15,215
Gold Fund-Federal Reserve Board
158,000
Eligible paperj Amount required
9,837
lExcess amount held
6,170
1
$ 1 $
Clete. Illichned Atlanta' Chicago.' Si. L. 1 Minn. K.City.1 Dallas. San Fr.I
I
$
Total.
$
$
$
3
$
235,1201 49,000 52.120 39,610 75,175
624,115 203,951 225,252 77,378 144,720
S
S
$
227,940 26,100 22,310 30,893 22,437 71,5001 931055
247,644 67,409 66,922 71,063 47.462 242,037 2,236,305
3,500
238,5311 7,800 8,780
30,458 13.415 12,679 2,015 6,076
351,000 165,389 195,000 48,295 110.000
4,126 17,347 8.793 27,068 25,144
31.088 2,036 8,720 6,581 6,806
9,985 13,052
14,556
331,504
5,861 3,765 1,170 3,639 2.954 16,374 113.621
238.645 44,000 39,500 57,360 6,500 216,800 1,630.489
3,138 9,659 13,200 10,064 23,452 8,863 160,691
33,294 9,477
740 1.992
726 9.172 116,802
Total
522,724 1,514,438 458,938,511,344 200.947 371,421
LiatrUttlesNet amount of Federal Reserve notes received from
Comptroller of the Currency
298,202 859,235 252.9511277,372 116.988 219,895
Collateral received from(Gold
208,515 619,989 186,604216,459 50,310 119,576
Federal Reserve Bank Eligible paper
16,007
35,214 19,3831 17,513 33,649 31,950
756,522 170,395,156,894 175,011 118.087 564,74615,521,467
Total
1
475.5841 93,5091 89,232 101.956 69,899 313,537,3,168,360
244,506 57.750 53,722 60,999 24,010 233,174 2,075,614
36,432 19.1361 13,940 12,056 24,178 18,035, 277,493
522,7241,514,438 458,938,511,344 200,947 371,421
624,115 203,951225,2521 77,378 144,720
310,582 39,5811 22,2741 8.401 13,571
247,644 67,4091 66,922 71.063 47,462 242,037:2,236,305
18,515 9,916 2,950 6.976 5,786, 38,7671 498,248
197,243
Federal Reserve notes in actual circulation
756,522 170,3951156,894 175.011 118.087 564.74615,521,467
218,352
21,109
Federal Reserve notes outstanding
Federal Reserve notes held by banks
313.533164,370202,978 68,977 131,149
229,129 57,493' 63,9721 64,267 41,676 203,2701,738,057
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources,
the liabilities of the 747 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "ChroniPle" of Dec. 29 1917, page 2639. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 882.
1. Data for all reporting member banks in each Federal Reserve District at close of business Aug. 13 1924. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross.
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts_ _ _
Total loans and discounts..._
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_
Boston
43
New York' Phila.
108
Cleveland Richm'd I Atlanta I Chicago I St. Louis Mnpia. !Kan. City' Dallas ISan Fran.
104
36
751
1
5
33,948
7,730
6,379,
61,792 650,788
122,483
330,8751 336,355 1,188,528
55
78
74,681
8,678
256,035 1,962,351
632,394 2,557,541
9,553
275,562
375,161
$
18,677
417,122
710,589
897,107,4,594,573
15.025' 51,496
83,6091 645,135
5,870
15,720
11,8161 332,055
6,774
40,609
199,894.1,014,421
660,276 1,146,388
10,692
47,095
47,203 180,337
2,367
1,971
24,933
54,772
5,259
5,925
235.115 332,506
459.537
28,156
27,182
1,307
5,043
2.432
55.128
Total loans & disc'ts & investm'ts 1,219,8956,694,009
Reserve balance with F. R. Bank.
91,7331 788,706
Cashin vault
18,7471
78.310
Net demand deposits
852,759 5,597,785
Time deposits
323,713 1,040,113
Government deposits
14,2551
19,501
Bills payable and rediscounts with
Federal Reserve Bank:
1
Secured by U. S. Govt. obliga'ns
440
9,002
All other
845
7,794
985,845 1,768,994
76,236 120,831
14.845
29.714
724,266 975,277
144,984 695,795
12,118
13,145
578,785
36,616
13,136
337,015
176,832
4,461
s
$
S
2,349
2,933
8,142
1,246
2,623
5,582
34
Total.
25
72
$
1
s
3,193,
5,384
46,8201 79,916
174,186 317,115
3,257
60,607
200,800
405,87711,871,2641 469,731
15,082
14,7741
, 23,335
22.978
9,595' 148,665
11,145
2,509
630
9,411
3,422 119.378
1,205
14,673
1,283
92,133
41,802 374,538
224,199
8,448
22,348
398
21,590
3,263
25,875
402.415
11,629
39,233
2,271
17,877
2,449
59,283
264.664 1,007,005 12,403,036
18,844
26,949
271,525
11,971 113,989 1,352,245
1,223
16,715
62,126
9,249
34,322 '643,868
3,102
12.184
99,158
12,341 160,921 2,603,757
477,383 2,562,998
35,874 229,949
54,907
10,662
274.159 1,703,264
187,206 846,346
5,196
12,515
613,049
38,667
7,473
359,912
202,948
2,170
306,121
23,714
6,419
198,189
89.615
2,203
535,157
50,422
12,661
422,896
135,899
1,027
321,394 1,372,085 17,435,715
23,394 101.481 1,617,623
9,809
21.281
277,964
215,152 764,623 12,425,297
91,343 618,744 4,553,538
2.771
6,169
95,531
2,084
1,976
630
405
533
11
1,026
1,788
5,241
9,049
146,973
313,709
51
747
6,832
66
747
9,743
190,272
198,712 4,279,161
798,550 7,933,603
2,191
27,816
36,404
2. Data of reporting member banks In Federal
Reserve Bank and branch cities and all other reporting banks.
Three ciphers (000) omitted.
New York City.
City of Chicago.
Aug. 13.1 Aug. 6. Aug. 13. Aug. 6.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligati°
Secured by stocks and bonds
All other loans and discounts
All F. R. Bank Cities F. R. Branch Cities.Other Selected Cities
Aug. 13.
Aug. 6.
Total.
Aug. 13. Aug. 6. Aug. 13. Aug. 6. Aug. 13'24'Aup. 6 '24 Aug. 1523
67
67
48
48
196
255
198
255
747
296
296
747
770
5
$
$
$
$
$
3
$
$
$
67.620
68,310
26,328
24,680
31,750
127,672
129,696
28,826
31,181
190,272
28,715
187,568
230,250
1.769,327[1,723,053 492,719 484,075 3,139,105 3,076,486 612,564 620,031 527,492 522,592 4,279.161
4,219.109 3.645,448
2, 1,993,2.305.666 707 78
25
, 0 701.088 5,013,378 5,035,0121,580,281 1,574.9401,339,944 1,331,054 7,933,603 7,941,006 7,826,311
loans and discounts
Total
4 088,940'4,097,029 1,226,827 1,209,843
8,282,179 8,239,170 2,224,595 2,226,152 1,896,262 1,882,36112,403,036 12,347,683 11,702.009
U. B. pro-war bonds
41,037
40,477
4,133
4,137
73,838
94,165
94,524
74.091 103,163 107,807
271,525
276,083
275,060
U. S. Liberty bonds
561,440 536,259
76,329
70.046
807,544 331,728 329,669 182,331 177,772 1,352.245 1,314,985 1,063.055
838,188
U B. Treasury bonds
8,573
10,542
3.678
3,779
17,121
30,036
28,096
17,123
62.126
17,560
16.909
64,719
91,840
U. B. Treasury notes
312,235 302.581
87,817
86.124
469,296 113,209 113,687
481,721
48,938
643,868
49,061
632,044
885,665
U. S. Certificates of Indebtedness_
39,643
49,783
5,872
6,017
8,357
19,123
80,107
8,284
71,681
99,158
107,514
19,1201
Other bonds, stocks and securities_ 775,543 769.824 179,966
99.350
178.823 1,481,291 1,465,315 643.1121 638,197 479,354 483.565 2,603.7572.587,077 2,155,744
Total loans & disets & Inveert'ts_ 5,827,411 5,808,495 1,584,622
Reserve balance with F. R. Bank.- 735,650 712,470 161,036 1,558,769 11.277,680 11,185,633 3,422,72113,418,0422,735,314 2,726,41017,435,71517,330,08516,272,723
172,672 1,190,587 1,174,777 255,2611 250,079 171,775 170,428 1.617.623 1,595,284 1,359,778
Cult in vault
64,327
63,920
27,908
27.980
60,9701
137,731
139.101
77.376
77.893
60.810
277,964
275,917
Net demand deposits
278,584
5.073,6545.057.290 1,162,592 1.148,109
Time deposits
726.278 711,771 393,242 393,254 8,744,090 8.670,011 2,008,999 1,974,412 1,672,208 1,646,136 12,425,297 12,290,559 11,008,459
2,253,709 2,235,170 1,339,496 1,333,707 960,333 954,164 4,553,53 4,523,041 3,971,754
Government deposits
16,548
16,546
6,324
6,324
63,941
23,332
8,893
8,893
23,317
63,306
95,531
96.151
Bills payable and rediscounts with
132,187
F. R. Bank:
Secured by U.S. Govt. obligati°
2,925
2,775
268
308
9,912
13,202
5,555
5,334
7,739
9,280
27,816
23,206
All other
276,109
4,322
4,150
261
79
7,335
11,102
12.177
16,892
8,155
19,509
36,404
38,766
Ratio of bills payable & redlecoun
234,896
with F. It. Bank to total los
and investments, per cent
.1
.1
.03
.02
.1
All
.5
1.0
1.0
.4
4
u.
• Revised figures,
s
a
$
922
THE CHRONICLE
Vairxhrrs'
azeitt,
Wall Street, Friday Night, Aug. 22 1924.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 912.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales.
Range for Week.
Range since Jzn. 1.
STOCKS.
Week ending Aug. 22. for
Week.
Highest.
Lowest.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share.$ per share.
Railroads.
600 3331 Aug 21 36 Aug 19 25
10C
Mar 36
Aug
Ann Arbor pref
200 60 Aug 10 60 Aug 18 40
Aug
May 60
Buffalo Roch & Pitts_100
40C 240 Aug 22 25331 Aug If 199
Mar 25331 Aug
Central RR of N J._ _10C
800 4531 Aug 22 4731 Aug 18 29
Jan 4731 Aug
Minn & Om_ _100
C St P
100
500 150 Aug If 150 Aug 16 100
Apr 150
Aug
C cc & St L
124 6831 Aug 19 6831 Aug 19 6831 Aug 69
May
Cleveland & Pittsb_150
100 59 Aug 21 59 Aug 21 50
Jan 6031 Aug
Colo & Sou let pref_100
Mar 11431 Aug
Illinois Central pref_100 1,600 110% Aug 22 11431 Aug 18 104
100
286 71 Aug 21 7131 Aug 19 84
Jan 7131 Aug
RR Sec Series A
Int Rys of Cent Amer 100 12.206 1331 Aug lf 1531 Aug 22 1131 July 1531 Aug
101 2,000 53 Aug 18 5531 Aug 18 4431 May 5531 Aug
Preferred
200
31 Aug 21
100
31 Aug 131 Jan
31 Aug 21
Keokuk & Des M
Jan 7031 Aug
200 70 Aug 19 7031 Aug 19 42
Manhat Elev guar_100
Jan
100 41 Aug 19 41 Aug 19 2931 Apr 46
&SSM _ IOC
M St P
50 104
7831 Aug 19 7831 Aug 19 7431 Mar 7831 Aug
Morris & Essex
Jan 59
100 5731 Aug 20 5731 Aug 201 43
Aug
Pacific Coast lst pf_100
Jan 14031 Aug
66014031 Aug 1914031 Aug 19 137
Pitts Ft W & Chi pf_100
12,300 2131 Aug 22 2331 Aug ii 1531 Mar 2431 July
Reading rights
Industrial & Misc.
100 102 Aug 19 102 Aug 19 9631 May 102 June
All America Cables_ _100
Apr
Mar 77
200 7431 Aug 19 7431 Aug 18 70
Am Beet Sugar pref__100
Jan
Jan 43
211 40 Aug 19 40 Aug 19 26
Amer Republics--So par
July
Apr 150
100
100 14631 Aug 181463( Aug 1: 134
Snuff
American
Apr 100
100 200 9931 Aug 18 100 Aug 19 95
Aug
Preferred
700 42 Aug 19 43 Aug 20 3831 July 4331 Jan
Amer Teieg & Cable_100
300 90 Aug 20 9031 Aug 18 90
Aug 9931 Feb
AmWholesaleCorppf100
600 9031 Aug 18 9131 Aug 19 8331 May 9134 Aug
Assoc Dry Gds 1st pf 100
Aug
Jan 99
100 98 Aug 22 98 Aug 22 89
preferred-100
Second
no par
100 831 Aug 19 831 Aug 19 5 June 1131 Feb
Atlas Tack
Jan 431 Feb
50 .400 4 Aug 19 4 Aug 19 3
Auto Sales
50 200 14 Aug 18 14 Aug 18 1131 Jan 1531 Feb
Preferred
July
Feb 97
100 9631 Aug 22 9631 Aug 22 96
Bayuk Bros 1st pref _100
Mar
Au 54
100 30 Aug 20 30 Aug 20 30
gm Krup steel 1st pf 100
700 731 Aug 20 8 Aug 1: 731 Au 1531 Jan
Second preferred__100
Feb
100 90 Aug 21 90 Aug 21 84 June 92
Brown shoe Inc pref_100
Aug
Bush Term Bldg pref 100 600 98 Aug 22 100 Aug 22 8831 Jan 102
25 1,000 1731 Aug 22 1831 Aug 16 1331 May 1931 Jan
Calumet & Heels
Jan
700 58 Aug 21 5931 Aug 22 4131 May 77
Case(JI)ThrMachpf100
100 2731 Aug 20 2731 Aug 21 2531 Ap 3331 Jan
Century Rib Mills_no par
500 103 Aug 20 104 Aug 20 10031 Jan 10531 Jan
Cluett Peab & Co pf_100
• 490 4231 Aug 19 4331 Aug 20 3031 May 4331 Aug
Corn Invest Trust
Aug
100 200 9934 Aug 21 9931 Aug 21 93
May 100
Preferred
• 3,500 II
Aug 19 1431 Aug 20 731 May 1431 Aug
Tin Foil
Conley
200 109 Aug 22 10931 Aug 22,10431 Jan 114 June
Cont Can Inc pref_._100
Feb
Aug 95
700 85 Aug 21 8631 Aug 20 85
Cosden & Co pref.__ -100
July
100
100 3
Feb 33
031 Aug 21 3031 Aug 21 21
Crex Carpet
Jan
100 200 73 Aug 16 74 Aug 20 6131 May 76
Deere & Co pref
200 108 Aug 18 108 Aug 18 102
Aug
Ma 108
Duquesne Lt 1st pref_100
700 8931 Aug 18 90 Aug 19 85
Apr 90 - Aug
E I du Pont6% pref _100
F'banks-Mores tem atilt• 4,200 2831 Aug 19 2931 Aug 18 2531 May 2931 Aug
Aug 84 June
Fed Lt & True tem ctfs_• 100 7731 Aug 22 7734 Aug 22 75
Aug
400 135 Aug 1513731 Aug 16 118
May 139
FM Then Fire Ins NY 25
July
300 1131 Aug 22 1131 Aug 20 1131 Aug 12
Fifth Ave Bus ctfs
Fisk Rubber 1st Pref_101 7,100 5734 Aug 16 6631 Aug 2i 3831 July 6631 Aug
14,375 131 Aug 19 231 Aug 20 131 Aug 234 Aug
Foundation rights
Jan
• 3,900 331 Aug 16 531 Aug 21 331 Aug 7
Gardner Motor
500 98 Aug 20 9831 Aug 19 92
Feb 9831 Aug
G Am Tk Car 7% pf _100
Aug
• 2,800 125 Aug 16 133 Aug 18 93
Jan 134
Gen Baking Co
401 9731 Aug 22 9731 Aug 18 9531 July 9731 Aug
Gen Motors 7% pref.- - Jan
• 400 35 Aug 21 3531 Aug 21 31
Jun 55
Gen Refractories
Jan 10331 Aug
Gimbel Bros pref_ _ _ _101 2,906 10231 Aug 18 10331 Aug 21 99
Great Western Sugar_2 1,900 86 Aug 22 88 Aug 16 86 June 9631 Feb
Ap 10831 Jan
100
100 107 Aug 19 107 Aug 19 105
Preferred
Feb
100 9031 Aug 19 9031 Aug 19 88
Apr 95
Hanna lot prof el A I00
Aug
Jan 252
101
11 038 Aug 22251 Aug 18 159
Ingersoll-Rand
Aug
Feb 98
400 9631 Aug 20 98 Aug 20 92
K C Pr & Lt 1st Pref___•
Jan
10
300
31 Aug 18
31 Aug 18
34 May 1
Kansas & Gulf
300 50 Aug 19 5034 Aug 20 40 June 7831 Jan
Kelly-Spr Tire6% pi 101
• 2,200 75 Aug 18 78 Aug 16 5231 May 7931 July
Kinney Co
Kresge Dept Stores_ _ * 13,300 5334 Aug 22 5631 Aug 20 4734 June 6231 June
July 9731 June
101
500 96 Aug 10 9631 Aug 19 94
Preferred_
9,401 331 Aug 22 331 Aug 22 331 Aug 331 Aug
Mack Truck rights
July 10631 July
Aug 19 93
Class B
.
9 306 96 Aug 22 9931
Feb
200 67 Aug 18 67 Aug 18 6431 Apr 69
Mackay Cos pref _ _ _ _100
July
• 200 9331 Aug 18 9434 Aug 22 9031 Al) 96
Met Edison pref
July
400 8031 Aug 16 81 Aug 10 7131 Jun 81
Midland 861 Prod p1_101
10 10031 Aug 2010034 Aug 20 9831 July 10031 Aug
Nash Motors pref_ _ _100
Jan
100 9531 Aug 22 9534 Aug 22 9131 Ma 97
Nat Cloak & Suit pf _ 100
Feb
100 96 Aug 20 96 Aug 20 9231 June 96
Nat Dept Storee pref _101
Jan
Aug 89
100 7531 Aug 22 7591 Aug 22 70
Nat Enam & Stpg pf_ 10C
Jan 10631 July
100
10010231 Aug 21 10231 Aug 21 100
Nat Supply pref
July
100 2814 Aug IV 2831 Aug 19 23 June 29
New York Canners _ _
Aug
111 5031 Aug 18 5031 Aug 18 4531 July 57
NN&HRy,Gas&E101
Jan
1 i I 83 Aug 19 83 Aug 19 76
May 85
101
Preferred
Aug
May 16
• 500 1431 Aug 16 16 Aug 161 11
N Y Shipbuilding
Aug
95
Mar
500 94 Aug 20 95 Aug 20, 88
NY Steam, 1st pref__ _•
Niag Falls Pr, pf, new_25 1,000 2831 Aug 21 2831 Aug 211 27 June 2831 Aug
25 2,900 3534 Aug 19 3931 Aug 22 3131 Apr 3934 Aug
Ohio Fuel Supply
Jan
• 2,000 1931 Aug 16 2
031 Aug18 Ma 30
Onyx Hosiery
200 7631 Aug 1: 77 Aug 19, 7631 Aug 8931 Feb
100
Preferred
74% Mar
Aug
100 1,200 46 Aug 1: 5231 Aug 20, 48
Otis Steel, pref
Owens Bottle, pref 100 ,100 10831 Aug 1610831 Aug 11110731 July 11131 Mar
216 9031 Aug 19 94 Aug 19 85 June 9531 Feb
Pacific Tel dr Tel__ _100
34 July 154 Aug
Parish & Bingham stpd • 1,700 1 Aug 19 134 Aug 20
• 700 2
Park & Tilford
731 Aug 21 2731 Aug 16 2431 Jun 3031 July
Penn Coal & Coke____501 300 26 Aug 21 2631 Aug 21 1931 Mar 3031 Jan
July
100 46 Aug 18 46 Aug 18 4231 Ja , 46
Philadelphia Co, pref-50
31 A 15-16 Aug
34 Aug 2215-16 Aug 18
Phillips Petroleum rights 77.815
-Arrow, prior pref. 1,300 74 Aug 18 7831 Aug 22 5931 June 7831 Aug
Pierce
500 1231 Aug 18 13 Aug 20 1131 Feb 1431 Juli
Pitts Utilities, pref ctfs10
Feb
200 54 Aug 21 54 Aug 21 50 Jun 70
-Am Tob_100
Porto Rico
PS Corp NJ,pref8% 100 1,100 107% Aug 1810831 Aug 20 9931 Apr 10831 July
May
100 300 9731 Aug 19 9931 Aug 21 9631 Mar 100
7% preferred
5,500 17 Aug 18 1731 Aug 20 1231 My 1731 Aug
Rights
July
Ja. 118
100 116 Aug 21 116 Aug 21 113
Ry Steel Spring, pref_100
Aug 20 1031 June 1631 Feb
• 400 1031 Aug 20 11
Reis(Robt)& Co
First preferred- -100 400 6131 Aug 16 65 Aug 19, 60 Jun 7434 Jan
Remington Typewriter,
Jan
Jan 90
200 90 Aug 20 90 Aug 20 90
let pref series S___100
Mar 9531 Aug
200 9531 Aug 16 9531 Aug 16 86
Rosels Insurance Co_.25
Feb
Aug 21 105 Ma III
111
Aug 21
100 111
Schulte Retail St, p1_100
July
100 97 Aug 19 97 Aug 19 9431 Jan 97
Simmons Co, pref___100
Aug
Apr 91
400 8931 Aug 18 91 Aug 20 80
Sloss
-Sher St& Ir, pf _100
Apr
Aug 100
100 98 Aug 21 98 Aug 21 9731
Spalding Bros, let pt 100
Stand Gas & Elec ctfs_• 1,300 3531 Aug 20 3631 Aug 16 3131 May 3734 JulY
22 3131 Aug 16 2831 Jul 3531 June
Stand Plate Glass ctfs_• 11,700 29 Aug
Aug
Telautograph Corp_ _ _ _• 1,600 831 Aug 16 9 Aug 16 634 June 9
Mar
A 325
10 298 Aug 18 298 Aug 18 260
Texas Pac Land Trust100
July
The Fair, prof
100
100 103 Aug 21 103 Aug 2110231 Jan 104
Transue & Wins Steel-. 200 3231 Aug 21 3231 Aug 19 2531 Ma 354 Jan
United Cigar St, new_25 4,500 5291 Aug 22 5434 Aug 19 4231 Jun 5434 Aug
[Vol.. 119.
STOCKS.
Week ending Aug. 22.
(Concluded)
Range since Jan. 1.
Range for Week.
Sales
for
Week.
Lowest.
Lowest.
Highest.
Highest.
Indus. & Miscall. Par. Shares S per share. $ per share. $ per share.$ Per share.
June
July 21
UnlyPipe&Radtemats. 6,200 15 Aug 19 5831 Aug 21 13
Pref temp Ws_ ___100
900 5131 Aug 16 5431 Aug 20 50% July 60% June
U S Distrib Corp
• 7,800 28 Aug 22 29% Aug 18 2134 Apr 3034 Aug
Preferred
Aug
July 118
100
70011534 Aug 22 118 Aug 20 98
U S Hoffman Mach rts_ 2,100
34 Aug
31 Aug
14 Aug 22
% Aug 18
Van (attune
May 33% Jan
100 20 Aug 19 20 Aug 19 16
100
West Elec 7% cum pf 100
July
20011631 Aug 21 11631 Aug 21 111% Apr 117
West E&M 1st prof.._50
Jan 8034 Aug
100 7934 Aug 22 79% Aug 22 72
• 4,500 85 Aug 20 89% Aug 21 47% Jan 98
July
West Penn Co
Preferred 7%
100
700 91 Aug 21 9231 Aug 19 8731 Apr 9431 July
100 4,500 17 Aug 22 24 Aug 20 15 June 7234 Jan
Wilson Co. prof
Worthington, prof A-100
200 7834 Aug 21 79% Aug 18 68
July 7931 Aug
*No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
No Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad
&c.
Bonds.
$3,771,000
8,461,000
8,873,000
8,566,000
8,411,000
8,349,000
$1,152,000
2,431,000
3,432,000
2,025,000
1,955,000
1,563,000
6,342,270
Sales at
New York Stock
Exchange.
United
States
Bonds.
State.
Municipal &
Foreign lids.
529,400
1,195,660
1,190,345
1,396,940
1,012,225
1,017,700
Week ending Aug. 22.
846,431,000 $11,558,000
Week ending Aug. 22.
$482,000.
1,670,000 •
1,505,000
1,911,000
2,176,000
,
2,627,000
$10,371,000
Jan. l.to Aug. 22.
1924.
1923.
6,342.270
3,300,203
156,104,193
159,245,686.
Bonds.
Governments bonds... 810,371,000 $11,212,000
State & foreign bonds_
11,588,000
5,871,000
RR.& miscell. bonds
46,431,000 18,681,000
$629,918,000
305,755,000
1,450,169,000
,
8508,899,000
299,475,000
1,027,072,000.
Stocks
Total bonds
1923.
1924.
$68,390,0001 $35,764,000 82,385,842,000 81,835,446,000.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Philadelphia
Week ending
Aug. 22 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Area/ [aspic rovisssi
Mares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
12,026
19,494
21,896
19,429
15,768
17,594
$6,500
15,100
11,500
31,000
23,150
10,000
792
1,032
1,626
879
1,348
879
89,500
16,500
23,800
11,000
16,500
438,000
8,066
21,801
15,556
12,723
9,354
7,118
$18,000
39,300
47,400
33.700
21,200
9,000
5168,600
6,556
8121,100
ss
ts es.
ssts sss
106,207
$97,250
74,618
012•ass
!Ina 'An
its nett
soss
Daffy Record of U. S. Bond Prices. Aug. 18 Aug.18 Aug.19 Aug.20 -dug.21 Aug.22
First Liberty Loan
(High 101 33 101 81 10141 101 81 100"ss 101.00
,
,
,
331% bonds of 1932-47_ _ Low- 101133 101.00 101.00 1001, 100,033 1001333
(
33
(First3%a)
(Close 101133 101133 101.00 1001033 100"ss 100"ss
Total sales in $1,000 units_ __
130
165
51
103
54
41
Converted 4% bonds of (High
Total sales in $1,000 units __ Converted 434% bonds (High
011932-47 (First 43(s)(Low.
(Close
Total sales in $1,000 units_ _
Second Converted 44% fHliTth
bonds of 1932-47(First( Low_
(Close
Second 431s)
Total sales in $1,000 units...
(High
Second Liberty Loan
4% bonds of 1927-42_ (Low_
(Close
(Second 4s)
Total sales in $1,000 unites__
Converted 431% bonds (High
of 1927-42 (Second (Low_
(Close
431s)
Total sales in $1,000 units...
(High
Third Liberty Loan
4311% bonds of 1928__....1Low.
(Close
(Third 43(s)
Total sales in 81.000 units__
(High
Fourth Liberty Loan
434% bonds of 1933-38_4 Low_
(Close
(Fourth 434s)
Total sales in 51.000 units__
fIligla
treasury
(Low_
434s, 1947-52
(Close
Tale sal*. in 11 Ow malts
I
---.
--____
-_-___
102"ss 102"ss 102uss 102"ss 102"ss 102sss
102uss 102"ss 1021712 102"ss 102uss 1021ss
,
10211n 10218n 10211n 1021*ss 102"ss 102 as
18
95
22
64
24
36
____
--------_ 101oss
101'oss
- __ _
---33
---101,033
- _ - _ 1012,
101"n
--- - 101"n
2
__ __
....
-___
- --_ __
1011033
1011142
33
1011,
129
102"ss
102"ss
1021,33
9
102%
:
102,4
102"ss
9
105,033
105,033
10.5"ss
101",,
33
1011,
101"ss
----------
-- --------
1012,
33
10111n
101":3
1,095
102"ss
102"ss
1021333
92
10221n
1022,33
102"st
222
106.00
1052,33
105"ss
101.-,iu
10119n
1011333
242
102"ss
102"ss
102",t
109
10226::
102"ss
102 1ss
886
106.00
105"33
105"ss
4
112
142
101iin
101llst
101033
111
102",
102"ss
102"ss
122
102"ss
102"ss
102"ss
1,449
105ust
105"ss
105"ss
,s,
---- 10
331
-_-- 1011on
---- 101"st
I
101an 101"111
10111st 101%,
1011, 101sss
33
577
456
102"ss 102uss
102"ss 102 ss
,
102"ss 102'st
86
564
102"11 102"st
102"ss 102'sa
102"ss 102 st
,
1,043 1,737
105"s 105"st
10518
, 105 11
,
105"ss 105 st
,
ma
Ane
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
I 1st 3348
1st 434s
14 2d 4918
1002sn to 1001 9 3d 434s
10211n to
102",
102.00 to 102"st 44 4th 434s
102.00 to 102"st
min to 101"ss 6 U. S. Treas. 4318._105,033 to 105043
Quotations for U.S. Treas. Ctfs. of Indebtedness, &c.
-See page 915.
-See page 915.
Foreign Exchange.
-The review of the Curb Market is
The Curb Market.
given this week on page 913.
A complete record of Curb Market'transactions for the
week will be found on page 934.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Mares).
BONDS (Par Value).
Week ending Aug. 22,
Mining.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Danes*. Porn GOOS.
37,925
85,935
82,730
95,810
88,560
77,300
36,155
97,135
106,375
131,115
140,135
116,415
98,600
122,050
177,750
169,100
183,960
117,450
$330,000
691,000
489,700
516,000
858.000
611,000
$25,000
56,000
261,000
191,000
109,000
294;000
468,280
627,330
868,910 83.495,700
8938,000
New York Stock Exchange-Stock Record, Dai▪ ly Weekly and Yearly
923
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Aug. 16.
Monday,
Aug. 18.
Tuesday,
Aug. 19.
Wednesday.I Thursday,
Aug. 20.
Aug. 21.
Friday.
Aug. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share iota
Lowest
Highest
PER WARE
Sawa for Precious
Year 1923.
Lowest
Highest
per share per *bars
Railroads.
Par I Per share $ per share
Per share $ per share
per share
Per Share $ per share Shares.
4 Per share
94 Oct 0512 Mar
5
s
10478 10538 10434 1055 10518 105% 10434 10534 1047 1053 10414 10454 11.600 Atch Topeka & Santa Fe--100 9712 Jan 2 1065*July 23
4
8
8334 Dec 905 Mar
Do pre!
100 8814 Jan 2 9312 Aug 1
*9212 93
600
9212 9212
9234 92% 9258 9258 9258 93
*9112 93
314 July 22
3h Feb
114 Aug
158 Feb 23
600 Atlanta Birm & Atiantio_100
2s 258 *212 258
212 212
258 258
258 258
212 212
135 13614 133 1344 13212 13312 3,900 Atlantic Coast Line RR-100 112 Jan 23 137 Aug 12 109% July 27 Feb
13514 136
13412 136
136 136
401s Jan 6034 Dee
100 5218 Apr 22 65 Aug 15
6412 64 8 6438 64% 6438 643
7
4 635s 6412 6234 6278 6212 6314 33,000 Baltimore & Ohio
553 May 6072 Max
4
*601 600 *6012 6034 6038 603
100 5614 Apr 16 61% July 28
61
700
Do prof
61
61
8
*61
6112 61
914 Oct 1412 Dec
2612 24% 253 17,400 Bklyn Manh Tr v t o--No par 13% Jan 4 29h July 17
4 2478 2678 26
26 26% 25 253
2612 27
4
3414 Oct 49% Dec
No par 48% Jan 3 7014 July 29
683 69
Pre vot tr ctfs
687 69
8
6712 6878 2,800
*69 6912 *69 6912 69 69
258 Jan
78 Nov
412May 9
1 Jan 3
312 312 *314 4
311 312
100
*3
4
4
*212 312 *3
200 Brunswick Term & By.
100 142%Mar 10 154h Aug 11 13934 Sept 160 Apr
14934 15114 8,200 Canadian Pacific/
4
1517 15212 152 15278 15112 1523 15018 15118 15014 151
8
8
June 763 Jan
4
57
8
100 674 Feb 26 9234 Aug
8612 85 8612 85 857
* 8412 8512 16,800 Chesapeake & Ohio
8
8714 873
4 857 8714 86
100 9912 Jan 3 10918July 25 96 June 10478 Feb
Do pref
100
107 107 •105 10718 *10412 107 *105 107 *10412 107 *105 107
43 Dee
8
5
5
518 518
2 May
5%July 23
518 518
April
5
518
100
/
1
4
458 458 1,200 Chicago & Alton
3
*4% 514
8
31 Jan 1235 Dee
818May 20 1334 July 22
100
1112 1112 1034 11
11
Do pref
11
500
•1012 12 •I134 12 *1112 12
4
19 Aug 383 Feb
100 21 May 5 30781uly 21
2914 29
293
s 2912 2912 *29
500 Chic & East Ill RR
29
293 .2812 2912
4
*285 29
8
45% Aug 6214 Mar
100 37 May 5 5112 Jan 8
8
Do pref
4
*43h 45
443 4518 4512 4512 4512 4512 455 453
4 4514 4514 1,100
7 Feb
3
718July 21
4 Apr 30
2 4 Oct
63
8 634 *618 612 *64 612 2,500 Chicago Great Western.._ _100
/
1
6
/ 612
1
4
63
8 612
*614 65,3
678 Oct 17 Feb
100 1012June 4 1812July 19
1658 163
Do pref
163 17
4
1634 1712 1678 1712 1738 177
17
4 9,400
17
4
114 Oct 263 Mar
/
1
4June 7 1818 Jan 10
1512 17
1412 1614 1414 1514 19,800 Chicago Milw & St Paul-100 113
1612 17
1678 17
1634 17
45h Mar
100 2114May 27 305* Apr 12
20 8 De
5
Do pref
/
4
2412 267
8 2458 253 54,100
8 261 277
2818 2812 28 2812 2712 285
47% Dec 88 Mar
/
1
4
6312 6378 6212 63
6158 6214 9,200 Chicago & North Western-100 49 Jan 3 6414 Aug 18
63h 64
/
1
4
6234 6314 63 6414
100 100 Jan 8 108 Aug 5 97h Dec 11818 Mar
108 108 *106 109
400
Do pref
*106h 108 108 108 108 108 *106 109
1912 Oct 37% Mar
343 353
3312 34
3318 333 23,400 Chicago Rock ha & Pacific _100 2112 Feb 15 3634July 28
8 3378 35
343 35
8
34% 341
95 Feb
72 Au
100 7634 Feb 26 91 July 21
1,600
7% preferred
8958 898 89
891 .88
89
8918 893
4 898 90
89 89
6078 Aug 85 Mar
65 0 Jan 2 7918July 19
5
10
78
7712 771
7734 773
1,000 6% preferred
7712 7712 78
7712 771
*7612 771
17 Oct 4,512 Feb
100 20 Jan 2 37 July 19
2,000 Colorado & Southern
3514 351 *35
36
3612 3512 36
36
37
367
8
36% 367
93 July 12412 Feb
/
1
4
10 104%Mar 5 13434 Aug 11
130 13034 12812 1291 127 128h 3,600 Delaware & Hudson
13012 1301 13038 1307 130 131
7,100 Delaware Lack & Western.. 50 11034 Feb 15 1417 Aug 11 10978 Oct 13012 Feb
135h 1363
139 140 13812 1391 13712 13834 13514 138
139 139
1018 May 2234 Doe
s
100 2034 Jan 3 353 Aug 1
2912 3012 2914 293
2812 293 21,700 Erie
s
29% 3014 2934 30
29% 301
15 Jan 3114 Dee
100 2858 Feb 19 4278 Aug 1
Do ist preferred
3912 40
9,200
3912 4013 3912 40
40 • 405
s 40 40
41
411
1034 May 2758 Dec
100 2518 Jan 3 42 Aug 8
4018 401
Do 2d preferred
3914 40 *3834 40
39
393
1,000
*3934 401
*40
41
5058 Oct 80 Mar
100 5334Mar 3 6938Ju1y 23
6618 67
6558 661
6678 671
6514 66
13,600 Great Northern pref
6714 675
.
8 67 677
25 July 36 Mar
3014 2934 301
Iron Ore Properties-No par 26 May 23 8112 Feb 4
2912 30
2,700
30
3012 3058 30 301
*3014 303
100 1154 Apr 30 22 July 22
912 Aug 20 Max
1912 191 •1912 20
400 Gulf Mob & Nor tr etts
20 *1912 20 *1912 20
20
20 20
4478 Jan 62% Feb
100 50 Jan 3 7034July 22
67% 6758 *6734 69 *6734 68'z *6734 69
Do pref
6734 673
300
4
*68 69
9958 Dec 11712 Feb
100 10014 Mar 4 11412 Aug 18
1141 11278 113 11218 1131 *11112 112 11014 1103
8,600 Illinois Central
4
*111 112 111%
912 June 2278 Mar
100 125 Jan 2 39',July 17
2958 3114 2914 291
30 303
2534 29 20,020 Interboro Rap 'Fran
3112 3112 3018 311
1518 July 24% Mar
100 1734 Mar 26 2418July 21
2112 22
2112 22
21% 221
2078 2114 3,400 Kansas City Southern
2218 2214 2214 221
4858 July 5734 Mar
100 5114 Mar 31 5512Ju1y 29
pref
Do
551 *54
5512 *54
55 *54
5512
*5412 56 *5412 56 *54
4
54 June 713 Feb
8
50 83912 Apr 10 723 Jan 25
54h 551
54% 547k 523 5418 5312 5418 54,500 Lehigh Valley
4
54 543
s 54% 55
S484 Oct 153 Feb
3
3,600 Louisville dc Nashville-A0° 87 2 Jan 16 101h Aug 11
9912 100
993 10114 9812 100
s
101 1013 101 1013 10012 1001
4
2712 Dec 4512 Apr
Manh Elevated. mod guar-100 301 Jan 2 5178July 18
48 48
4512 48
46
4614 4558 4612 1,800
48
48
4718 48
71 Oct 22 Mar
6sgMarll 1312 Jan 4
100
Market Street Ry
*814 10
*8h 10
*8
10
*ith 10
*812 10
*8
10
100 22 Feb 20 405* Jan 5 23 Oct 68h Mar
Do pre!
100
23
31
*22
31
31 •
31 •
23
31
2378 2378 *22
*23
5612 Oct 87 Mar
100 4312Mar 17 7114 Jan 4
Do prior pre:
700
49
4612 472
*4612 49 *4612 49 46 4712 4712 4712 *47
142 Oct 5614 Mar
1
100 14 Mar 18 30 Jan 4
Do 2d pref
800
2112 *1612 23 •
23
17
1514 1512 161s 1618 *17
*15 23
hi Aug
4 Jan 28
9h Feb
138 Jan 8
100
1,000 Minneap & St L (nen)
212 212
212 21
314 *212 3%
31s *3
314 314
3
934 Oct 17 Feb
1012May 20 157 July 18
151
143 1514 1458 143 20,300 Mo-Kan-Texas RR----No pa
4
1518 1538
1518 1534 1514 1534 15
24% Oct 4512 Feb
100 • 293* Feb 18 4614 Aug 18
Do pref
4414 45
14,600
4412 45
45 453
8 45
4614 4538 4618 4412 457
814 Oct 1938 Feb
934 Jan 3 2012July 23
100
1918 1958 26,300 Missouri Pacific corn
8
1958 2018 1912 2014 195 197
1918 1914 1914 20
2214 Oct 49 Feb
100 29 Jan 3 5412 Aug 20
Do pref
5338 54'o 5234 537
5234 533 59,300
54
53
5112 5184 518 533
454 Feb
114 Nov
118July 16
2h Feb 6
114 11
11
Nat Rys of Meg 2d prof.... 100
*114
700
*11 11
/
4
*11 11
/
4
114 114
*118 13
8
8212 Aug 105 Mar
100 9312 Feb 15 12112May 20
3,300 New On Tex Jr Mel
10512 1061 x104 105
10684 107
10458 106
107 107's 107 107
100 9918 Feb 15 1101* Aug 20 994 May 10714 Dee
8
10912 10934 10958 110 10912 1101 10912 11053 10858 10938 10714 10914 61,100 New York Central
137l2 Aug 8012 Dec
100 7212 Feb 18 11612 Aug 13
10912 1101z 7,900 N YC &StL new co
110 11114 11334 1133 11034 1121 10712 11i4 108 110
86 Nov 9512 July
100 83 May 21 9114Ju1y 25
Do pref
891
700
8814 881 .877s 881
88 8814
.88
891 *8812 891 *88
95 July 2213 Jan
8
100 1418 Jan 2 3018JulY 24
271
2434 2618 57,600 N Y N H & Hartford
27
2734 2534
2738 281
2718 273
2714 273
/
1
4
14 June 2121, Feb
21h 22
2012 211
2134 221
20h 2012 5,000 N Y Ontario & Western-100 16 May 24 225s Aug 14
2212 2258 2218 221
5
9 Sept 18 s Feb
100 1212 Apr 22 2114July 21
10
19
1878 19 •17
18% 187
19
1,200 Norfolk Southern
19
19 *17
•17
100 10212 Jan 3 13212 Apr 8 100 July 11758 Feb
12512 126'i 12458 126
12618 127
12334 1243 15,200 Norfolk & Western 4
12612 1271 12618 127
72 Sept 7812 Aug
100 7234 Feb 26 8018June 10
78
75
75
78 *75
78 *75
100
*75
78
78 *74
*73
4934 Oct 8112 Mar
8
100 477 Mar 3 6734July 23
6514 665* 648 653
6614 663
8 6412 655 19,400 Northern Pacific
8
6614 66s 6618 67
40% Nov 477s Apr
50 4214 Jan 8 4634 Jan 28
453 4512 45
8
453 455
8
8 4512 453
4512 8,600 Pennsylvania
4512 453
4534 453
8 Oct 17 Mar
100
9 4Mar 13 1778 Aug 19
3
1712 177
1612 175
8 16% 1714 *1612 1714 5,100 Peoria & Eastern
173
*1512 1612 16
36 Jan 4714 June
6818 Aug 8
100 4011 Mar 3
61
62
61
6214 6204 61h 63
6,200 Pere Marquette
61
6314 6312 6212 63
23 851 Aug 2 6712 Oct Ms, Mar
100 71hApr
8212 *80 82
*8012 82
83 *80
Do prior pref
*8012 82
*81
8234 *81
100 60 Jan 4 77 Aug 8 5712 Oct 7014 Jan
*71
73
73 73
73 *70
70
Do pref
200
73
*71
7312 71h 7112 •
7
5912 6014 5878 6014 9,600 Pittsburgh & West Va100 38 Jan 4 6378 Aug 7 33 8 Jan 50% May
6138 6112 618 61% 6012 6112 60 61
85 Dec 93 Jan
100 85 Jan 5 102 Aug 6
14
101 101
10012 10012 *100 101
Do ref
100 100
500
*101 102 •101 102
12
8May 20 79 Jan 12 68 June 811s Feb
50 517
64 65
6318 6438 63% 64
624 6318 28,860 Reading
/
1
6314 65
6312 63%
44 June 66% Feb
50 3414June 24 5612 Jan 14
36
36
36
355 3534 3534 353
8
36
3614 36
Do 151 preferred
4 1,100
*353 36
s
45 June 5654 Jan
50 53318 Jan 16 56 Jan 14
365s *355 36
3534 353
4 36
Do 2d preferred
2,400
4 3514 351
36
365
8 3612 363
100 32 Jan 3 50 Aug 15 22% Oct 89 Dee
49
*47
4714 4912 4834 493
RR pref
48
4,200 Rutland
4 48
4912 4934 4734 4912
1634 Oct 27 Mar
8
100 •191 Apr 30 2634 Aug 16
2518 26
2412 2514 11,800 St Louis-San Fran
/
1
2614 263
4 264 2658 25% 2614 2534 26
3212 Jan 50 Mar
100 4284 Jan 8 62 Aug 18
5912 6118 5612 595
5912 61
8 57
573 12.000
61
Do pref A
613 60 62
4
13
25 Aug 36h Feb
7
Jan 2 4552July 15
4314 44
8 4414 4512 4438 45
4214 4314 13,300 St Louis Southwestern.. -100 33
4434 453
s 44% 455
7
3
100 57 k Jan 3 7112 July 9 54 4 June 6378 Mar
6834 69
/ 69 69
1
4
6812 683
4
Do prof
*6912 70 *6912 693 6914 69
2,200
7 Feb
12
434 Aug
100
614 Jan 2 1712July 28
1512 155
8 1512 1534 1512 1618 15
Air Line
1512 1512
1512 .1434 15
9,200 Seaboard
814 Aug 1534 Dec
100 145* Jan 2 3258July 30
30 3014 *2912 3012 2912 3014 29
30
30
294 28
Do pref
4,200
283
8414 Aug 95h Feb
100 8512Mar 26 977 Aug 12
965 9718 9618 9618 957 9612 965 961 30,000 Southern Pacific Co
8
961s 9612 9614 97
8
2434 Jan 3912 Dec
100 3812 Jan 2 7018 Aug 21
6714 68% 6814 69% 68% 6878 6818 6914 687 7018 6814 6914 69.800 Southern Railway
7
100 66% Jan 3 75 Aug 15 63 July 70% Mar
4
*7512 76 *7514 753 *7514 7534 7518 7514 75
7512 75
Do pref
753
s 1,200
14 Aug 291e Mar
-100 19 Jan 3 3914 Aug 19
3914 3634 385* 3614 375 55,300 Texas & Pacific
37% 3914 38
36
3714 37 39
8
812 Dec 1914 Feb
*1212 15
83
4May 20 181 July 17
1214 1212 12
15
100
1214 11% 117
*1312 15 *13
700 Third Avenue
5814 Jan 7712 Jaw
4712 4712 •4512 47
12
*45
47 *4512 4712 45 47
4514 47
100 Twin City Rapid Transit,...100 447 July 25 66 Jan 12
10 12658 Mar 3 14634 Aug 19 12412 Aug 14475 Feb
14478 14478 14478 14534 14634 1451 14614 14412 14514 14312 1441 39,200 Union Pacific
14412
4
701 Dec 7612 Jan
8
7612 *76
100 70 Mar 20 763 Aug 21
7614 7614 7614 7614 763
753 75% *76
4
s 764 761
/
1
Do pref
700
778 Oct 2174 Mar
758 Apr 23 2012July 28
, 1914 1914 1918 1918 1814 185
1914 1938 1814 193
8 18
18
2,800 United Railways Invest-100
26 Oct 62 Mar
100 261 Apr 21 5458July 14
4712 4712 4714 4734 4512 463
4812 4812 4734 48
44% 46
Do pref
3,900
30% Aug 36% Oct
*6012 6112 6314 63% 6418 6734 58 6912 6934 703
69
6978 6,400 Virginia Railway & Power_100 36 Feb 29 7234Ju1y 12
7 Mar 12 Dee
1534 15% 1558 1578 1512 1553 15
4
100 103 Jan 4 1738Mar 20
155s 1612 1512 16
153 11,300 Wabash
8
435 441
433 4438 4358 441g 4318 437
2314 Jan 36% Dee
100 34 Jan 3 4734Mar 19
4414 4514
4334 4314 40,800
Do pref A
161 Jan 2384 Dee
2934 293
4
30% 30's 29h 291
100 224 Jan 3 323 Apr 4
4305 3112 3018 301
8
2914 2914
Do pref B
900
8 Sept 15 Feb
1234 13
1212 1214 12
121
1314 1258 13
8June 3 1334 Aug 6
13
83
100
1178 1212 7,200 Western Maryland
14 Sept 2654 Mar
2012 207
2053 211
100 1514May 15 2158July 18
2018 201 *1912 2012 2,400
2118 2114 2034 211
Do 2d preferred
12 Setp 2014 Mar
2112 22
217 22
21
217
100 1484 Jan 2 2438June 23
2234 223
4 2238 227
Pacific
s
2014 21
5,700 Western
3
72
6934 71
7
7018 703
72 *71
100 58 Jan 7 73 8July 2 53 May 63 s Mar
8 70
70
*71
6978 70% 1,450
Do pref
8 Oct 1012 Feb
1414 135 14
8
14% 141
14
8
1414 1412 143 141
7 Jan 2 15h Aug 5
12
13
1312 13,400 Wheeling & Lake Erie Ry_100
10 Oct 19 Feb
25 251
2412 251
2612 Aug 8
2434 251
25
2312 2414 23
25
100 '141g Jan 2
Do pref
2318 5,400
8
23 Aug 38 a Dec
100 34 Jan 16 87 Jan 29
_
1
...... Wisconsin Central
Industrial & Miscellaneous
881
87
87
88 *87
88 88
8712 88 .
100
87
8814
600 Adams Express
11% 117
1112 111
12
1112 1238 115 12h •11
100
1238 2,000 Advance Rumely
3912 40 *39h 391
3912 4012 39
40
40 *3712 41
100
Do pref
1,300
793
7858 795
80
8278 81
s 7912 801
82% 81% 8214 9,60 Air Reduction, Inc.,.. No pa
111
105 111
8
1012 11
1014 101s
1012 1118 10
50
105 42,90 Ajax Rubber. Inc
8
.13 .1 - -- - -10
30 Alaska Gold Mines
114 •1
114
-;i 114 •1 114 1 701, -;
-118
1
10 Alaska Juneau Gold Min
7414
76
74
7514 7214 7434 72
75% 75
75
7378 22,400 Allied Chemical& Dye-No Pa
115h 1153 *115h 116
4
s
•1153 116 *115 116 *115h 116 *1153
100
100
8119
Do pref
62
6012 6612 6338 66
/
1
573 59% 594 60
4
64
61
64 65,800 Allis-Chalmers Mfg
100
100 100
100 1001s 100 10012
9912 9912 •100 105 *10012 102
100
Do prof
600
15
153
4 1478 1514 1412 14% 1358 1412 13% 1312 3.800 Amer Agricultural Chem 100
15
15
3934 4112 3912 40 8 3914 40% 3812 3918 37
3012 403
7
373
4 5,600
8
100
Do pref
50
•125 135 *125 135 •12512 13212 •12512 132 •125 132 *125h 132
American Bank Note
5512 *55
551
5512 *55
*5414 5612 *5414 5612 *5454 5512 *55
50
Do pref
4118 42
4114 413
4134 4134 4214 42 42
100
4 41% 42
*41
1,700 American Beet Sugar
2812 *27
2812 281! 3112 30h 3012 *2712 304 4,300 Amer Bosch Magneto_No par
28
*2712 28
83% 83% 8312 8312 *83 84
8214 83
*84
8512 84 84
600 Am Brake Shoe & F---NO Par
5
100
*1063 108 •1063 108 *108h 108 *106h 108 *106h 108 *106h 108
s
Do prof
4
3
4
100
4
s
1295 1313 1304 1313 129% 1343 133 13818 13434 1363 1333 1377 303,700 American Can
100
4
8
8
115h 1153
8
Do prof
115% 1157 1155 1155 11578 115% 11534 1153 •115h 116
600
16912 170 168% 1691
17178 17214 16934 17114 *170 171
172 172
1.600 American Car & Foundry_100
123 123 *123 125 •123 125
100
12312 1231
Do prof
•123 125 *123 125
200
25
5 2312 2312 2338 233
8 2314 234 23s 2314 263s 263
900 American Chain, el A
8
/
1
4
*23 233
21h *2012 211
21
215 *20
No par
21
21
1,600 American Chicle
2212 2314 2212 23
458 458
434 4% *412 47
43
4 4%
458 45
s
500 Amer Druggists Syndicate_ _10
*45
8 47
119% 122 *119 121 *11912 1201
100
4
2,700 American Express
12112 12112 120 1213 •119 120
11634 1203 11812 1211 16,650 Am & Foreign Pow 25% paid _8
4
4
1153 1153 116 11614 11514 116% 116 117
115 11614 11612 120
119 1211
Full paid
9.450
1133 113s 1144 11414 11478 116
4
1258 1158 1134 111z 113 •1114 118
2.000 American Hide & Leather-100
s 1214 1212 12
123 123
8
611 6214 62 627, 5.500
100
4 6214 63
Do ore!
*6314 6414 63 *6312 62 623
88
*11
*39
791/4
97
8
-rights.
•Bid and asked Mien. z Ex-dividend. b Es
73% Jan
6 June
2814June 1
6714 Jan 2
-May 14
412,
h Jan 3
72 Jan 30
65 Mar 18
110 Apr 8
41May 20
90 Apr29
7h Apr 7
185 Apr 7
4
98 Jan 8
52 May 6
36 Mar 21
221 Apr 1
76 Apr 14
10414July 10
8
957 Apr 21
109 Jan 8
15312 Apr 14
4
1183 Apr 9
21%Mar 21
143 Apr 22
4
312June 6
88 Apr 15
9212 Mar 8
9112 Apr 4
7 Apr 28
/
1
4
504 Jan
8912july 18
1234July 29
4118 Jan 4
8278July 21
1114 Aug 18
14 Feb 2
112Mar 4
79 July 28
1181.,July 16
6612 Aug 19
10012 Aug 22
1718July 29
4952 Jan 9
13518July 23
55 Mar 13
4912 Feb 6
38% Jan 12
85% Aug 15
110 Mar 26
13818 Aug 20
11612July 31
176 Jan 26
125 July 18
2312 Aug 21
2312 July 10
61 Jan 30
4
12212 Aug 4
12112 Aug 22
12112 Aug 22
1358 Feb 18
65 Feb / 1
10514 Aug
3754 June
89 Nov
1018 July
2814 Oct
77 Jan
5012 June
25 Aug
2234 Oct
6918 Sept
102 July
7312 Jan
106 Sept
1484 July
117 Sept
3
20 8 June
534 Jan
4% Sept
87 Nov
96 Dec
82 Mar
1912 Mar
343 Jan
4
723 Mar
4
147 Mat
4
5 Mar
8
1% Oct
80 Jan
112 Mar
5114 Feb
9712 Jan
367s Feb
6874 Feb
100 Nov
5514 Aug
4912 Feb
60 Mar
8314 Feb
110 Jan
10758 Dec
115 Feb
189 Max
125% Jan
25h Mar
17h Nov
758 Feb
143% Mar
97 Dec
gig Aug
2934 Aug
133* Mar
7414 Map
67 Sent
612 Oct
24 Nov
56 July
4% Oct
Is Aug
h Oct
5914 Aug
New York Stock Record-Continued-Page Z
921
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW HALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 16.
Monday,
Aug. 18.
Tuesday,
Aug. 19.
Wednesday. Thursday,
Aug. 20.
Aug. 21.
Friday.
Aug. 22.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rang. Since Jan. 1 1924.
On Octets 01100
-share lots
PER &NARA
Range for Preston.
Year 1923.
Lowest
Highest
Lowest
Highest
$ Per Share $ per share $ per share S per share $ per share $ per share Shares. Indus. & Miscall.
(Con.) Par
Per share
Per share $ per share
Per share
.89
9012 9012 9012 8912 90
8812 89
8812 8812 .8812 90
1,000 American Ice
100 86 Jan 14 96 Feb 7
Oct 11112 Apr
78
•8012 82 .801* 82 .8074 82
*8012 82
8034 803 *50i2 82
100
4
Do pref
100 7912 Mar 28 83 Feb 6
77% Oct 89 Feb
25% 267
267 2712 2714 2814 28
4
2918 287 297
4
28
29% 63,800 Amer Internaticsuil Corn- _100 17% Mar 19 29% Ang 21
18 Sept 3312 Mar
11
11
105 105
8
4
8 103 103
4 107 10% •103 107
8
4
500 American La France F E. 10 10 May 19 1214 Jan 9
8 107 10%
1012 July 13 Mar
193 20
4
20 20
2012 2012 .20
20% 197 2018
Ms 1912 1,200 American Linseed
100 13 4May 7 223 Jan 14
3
13 Oct 38 Mar
8
.39
41
40
40
4014 4014 *3914 41
4014 4018 39% 39%
900
DO prof
100 30 Apr 15 45 Jan 14
284 Oct 59 Feb
8018 808 8012 81
8014 827
8 82
833
4 8214 83
8212 29,600 American Locom, new_No par 704 Apr 15 837 Aug 21
81
7
8
4
643 July 7614 Dec
1193 119 4 .1193 12014 "11934 1201a'1193* 12014 •119 121 .11914 120
4
3
4
Do prof
100
100 11614 Apr 18 1204 July 31 1144 Sept 122 Feb
47
4858 z4812 4914 48
48 8 4814 483
7
6 4
4 47
48
14.200 American Metals
814 47
No par 38 4June 3 49% Aug 18
3
2
4014 June 557 Mar
1153 116
117 118
1167 11812 118 1183 117 117 4 115 116
4
7,500 American Radiator
3
25 9414 Apr 16 1183 ALg 20
Jan 97 Dec
76
.6 4 634
5
6 4 718
3
7
718
67
8 674
73
7
6% 7
8,700 American Safety Razor- 25
711 Mar 6
912 Feb
5% Apr 22
4% June
12
1214 123 1314 1234 13
4
1234 12 8 117 123
7
4
4 1134 1134 8,900 Amer Ship dc Comm__ _No par 10 eMay 21 16 2 Feb 11
3
3
2
10% July 213 Jan
723 735* 74
4
8
4
7712 763 7734 767 78% 76
76% 65,400 Amer ElmeltLng & Refining-100 5712 Jan 14 78:2 Aug 20
77% 76
6114 Oct 694 Mar
1037 10414 10412 10412 105 105
8
10412 10412 *104 105 •10414 105
700
Do Prat
100 96 Jan 2 105 Aug 19
2
93 June 1023 Mar
3618 363
4 3612 37
363 378* 3712 3812 3712 3834 3714 3712 10,100 Am Steel Foundries.- 33
4
1-3 334 Apr 21 40 Feb 7
31% July 4072 Mar
.106 10712 .105 107 .105 107 .105 107 *105 107 •105 107
Do prof
100 10114 Apr 25 1063 Aug 15
4
97% Aug 10514 Feb
46
4612 468 47
7 46
4612 465* 45
45% 45% •4512 4612 5,000 American Sugar Refining_.100 38% Apr 23 613 Feb 7
4
48
Oct 85 Feb
903 91
4
9012 913* 9112 9112 917 917 .90
9112 91
8
92
1,600
Do Prei
100 79 June 7 997 Feb 14
2
92 Dec 10834 Jan
818 8%
812 812
812 812 *812 9
5
85* 8 4
7 4 812 1,300 Amer Sumatra Tobacco---100
3
63
2July 11 2812 Jan 9
16 July 3634 Feb
28 4 283 .2914 35 .29
3
4
33 "2912 32
*29
/ 30
1
4
32
Do pre
100
100 2712July 11 89 Jan 16
3212 July 65% Feb
12784 128
128 1287 129 12958 1283 1293 128 1287 127 128
8
4
4
28,415 Amer Telep & Teleg
100 1211sJune 26 18072 Mar 13 11912 June 1283 Dee
4
149 4 15014 150 15034 15012 15212 15112 15212 151 151
7
151 154
6,500 American Tobacco
100 13632Mar 26 167 Jan 28 14014 July 1619 Feb
4
•104 105 "104 105 .104 105 •104 105
105 10512 •104 105
200
Do prof
100 101 Apr 11 10612July 23 10012 Nov 105% Mar
14714 147% 147 148
14772 1493 14911 150% 1497 15034 1493 1523 14,300
4
2
Do common Class B 100 135i Mar 25 153 Jan 28 140 May 159 4 Feb
4
4
8
111 111
109 110
108 1093 10978 114
4
112 11512 115 120
8,700 Am Wat Wife &El v t e
100 40 Feb 18 120 Aug 22
274 Jan 444 Ave
97 97 '97
98
*97
98 '97
98
97 97
Do 1st pref(7%) v t 0.100 891:Mar 21 99 July 8
98
200
•97
8514 July 93 Jan
*8814 92
*8814 92 .8814 91
8814 8814 89
9214 1,700
914 9117
/
1
Do partic pf(8%) v t 0.100 66 Feb 19 99 July 10
/
1
4
4812 Jan 62 Deo
7
763 77 2 778 7814 771* 7878 7714 78% 7712 7814 763* 778 21,200 American Woolen
4
100 62 Apr 23 78% Jan 11
Oct 109% Mar
85
10112 10112 100 101 .100 101
101 101
1011 101% .10012 101
1,100
Do pref
100 96 Apr 30 1025* Jan 19
/
1
4
/
4
98% Oct 1111 Jan
.3% 4
.3
312 *33* 312 *314 312 *312 31/4
33
38
100 Amer Writing Paper pref.
.100
112 Apr 16
7 July 14
14 Dec 34 Mar
9
9
9% 912
958 934
94
9
2,200 Amer Zino, Lead & Smelt_ __25
9
912 912 .9
7 Mar 29 10% Feb 14
64 Oct 1914 Feb
3112 317
8 3118 323
4 325 3314 3114 3214 32
4
32
3,800
Do pref
"3012 33
25 24 June 5 34 2 Jan 14
7
24% Dec 5814 Feb
3918 39 4 39 4 40% 4012 413
3
3
8 40% 42
4012 4112 39% 40 4 71,379 Anaconda Copper Mining_ 50 2812May 20 42 Aug 20
3
323 Oct 534 Mar
2
9114 9114 91% 9114 .90 4 9114 903 91 .90
3
4
400 Armour & Co (Del) pref._ _100 8314June 18 93% Jan 24
92 "90% 92
8834 Oct 944 Dec
9
914 91
9
.938 95
9
700 Arnold Constle& Co v toNopar
8% 914
9
.812 918
8 June 4 15 Jan 9
1012 NOV 18% Oct
118% 120
118 12034 1183 120
4
115 11914 11374 116
1137 11412 6,600 Associated Dry Goods.
..100 79 Jan 15 1203 Aug 18
4
624 Jan 89 Mar
.2814 283
4 29
29
29
291s 2914 293
4 2912 2912 287 2912 3,600 Associated 011. new
8
26 2712July 16 34% Feb 6
24% Oct 2912 Dec
1554 16
157 157 •151 158
8
1512 1512 •1512 1534 151g 15% 1,700 Atl Gulf & WI SS Line-100 1034
4
Mar 26 214July 14
9 July 34 Mar
/
1
4
1912 1912 *1912 20
1912 197
1814 19
•18
19
1,000
Do pref
18
18
100 1212 Jan 4 273
2July 3
6% July 27 Mar
8412 853
8 85 853
4 8512 868
4
863 8718 86% 877
4
8617 921 18,700 Atlantic Refining
100 7812July 16 1404 Jan 31
99% Sept 153% Jan
111% 11118 11212 11212 11118 11118 1113 1113 111 113
4
400
4
Do pref
11112 113
100 10914June 23 118 Feb 7 115 May 120 Jan
24
2418 23% 237
23 8 24
7
24
2412 233* 24% "2312 24
1,900 Austin. Nichols & CO--No par 1812Mar 28
17 July 354 Jan
30 Jan 9
_ - .8612 88
*8612 88 "8612 88 "86's 88
Do pref
100
867 867
2
2
100 79 Apr 17 881 Jan 24
78% June 894 Jan
4
.2% 3
.2% 3
"V
•/ 3
•21. 3
100 Auto Knitter Hosiery--No Par
3
2:2 212
2
1
4
13
2:Jun020
84 Jan
64 Dec 2814 Apr
12412 125
123 125
/
1
4
12234 1243 1233 125
4
s
/ 1241 12612 1233 12612 100,500 Baldwin Locomotive Wks-100 104 4May 20 131 Feb 2
1
4
/
4
4
3
7 11012 Aug 1444 Mar
'114 11612 •114 _ _
•114 116
114 11612 "114 11612 '114 11612
Do pref
100 1104June 10 116 Feb 1 111
Apr 116% Jan
21
21
21
2114 21
2112 2012 207
2112 21
2 19% 208 13,300 Barnsdall Corp, Class A... 25 14 Feb 16 21112June 30
8
972 Aug 35 Mar
*14
/ 1514 •14
1
4
15
*1414 14% 1412 1412 *1414 15
200
Do Class 13
1414 1414
25 10 Jan 7 1614June 30
Jan
8 Oct 22
'42
/
1
4
44 .42% 45
*4112 45 .42
Bayuk Cigars, Ins..
45 .4214 45
•421 45
.No par 3912May 16 69 Jan 5
50 June 6214 APT
"51
52
7
52 52
52
53
5312 547 .523 533
4
4 525 528
4
4 7,600 Beech Nut Packing
20 443 Apr 15 684 Jan 31
4
4814 Dec 8414 Mar
43 4 433
3
4 437 4412 435* 4412 4414 4612 45% 463
8 451a 463* 55,900 Bethlehem Steel Corp
100 4112July 17 6212 Feb 6
41% June 70 Mar
.9314 100 .103 107 *10512 10712 107
107 .105 107
Do turn cony 8% pre:_100 10114 Apr 12 11014 Feb 15
300
107 1071a
10014 June 11114 Mar
9212 .92
*92
9212 92% 93
935* 9312 *9314 94% 94
Preferred new
94
600
100 8912J une 30 97 Feb 11
*5
87 July 974 Mar
5
5%
53
4
5% 5%
514 5%
700 Booth Fisheries
5
55
5
512
No par
33
2June 11
712 Jan 6
714 Jon
3114 Oct
*212 5
•212 3
212 212 .218 212 '212 212 *218 3
200 British Empire Steel
100
212 Apr 3
5 Feb 9
9% Mar
3 Dec
11614 1163 11612 117
8
11678 11718 117 11714 *11512 1153 114 114% 2,800 Brooklyn Edison, Inc
4
100 10714June 2 11714 Aug 20 1044 May 12112 Jan
/
1
69
6914 6912 71
704 7213 713 723
2
2 71
713
4 7012 70% 18,600 Bklyn Union Gas new_ _No par 563 Apr 21 7212 Aug
2
19
4812 5012 .5054 50 4 *493 51 '483 50 "48 4 50
3
4
2,500 Brown Shoe Inc
47
3
47
100 39 May 27 5312 Jan 9 Ws; Oct 85a APT
•10412 10612 *106 107
10612 1067 105 106 •I05 10612 106% 10613
8
700 Burns Brothers
100 974 Feb 26 11212J00e 27 wo Sent 1443 Mar
4
.2412 25
2412 25
24% 25
25
25
*2412 25
1.100
Do new Class B cora__ __
•2412 25
19% Feb 26 27 June 27
Jan
2112 Sept 43
57
57
57
57
53
5 4 5%
3
58
57
2
58
7
5 2 5'4 1,900 Butte Copper & Zinc
,
5
3 8June 25
3
612 Feb 14
4
4
/ Oct 113 Feb
1
4
•17 8 19
7
177 177
4 1814 1814 18
18
400 Butterick Co
•173 18
4
*1712 1814
100 17 Apr 28 233 Jan 23
2
1314 June 22 Aug
18% 1812 1814 1914 1812 18 4 18
3
3
8.800 Butte & Superior Mining
18
18
1814 1712 18
10 14 May 29 20% Feb 16
*112 13
127 Oct 37% Mar
2
17
18
4
112 112
17
2
13
17
4
2 17
600 Caddo Cent Oil & Ref_No par
2
2 *13
4 17
414 Jan 19
912 Feb
112Mor 21
114 Nov
87
8814 89
90
89
89
8812 89
*88
8812 8812 89
3,700 California Packing----No par 80 Apr 30 90 Aug 18
77 Aug 87 Feb
22
2214 22 223
4 2214 22 4 32214 22% 2218 2212 215 2214 10.300 Call/ornbt Petroleum. new. 26
3
8
1912July 16 2914 Feb 6
1712 Sept 29% May
9512 95 .9512 97 .95% 97
/
1
4
9519 9512 .95 4 9612 95 4 95%
400
3
Do pref
3
100 92i2Ju1y 16 107 Jan 31
904 Sept 11012 May
4
4
418 4%
37
4 4
414 4
/
1
4
418 4%
41a 418 7,100 Callahan Zino-Lead
212May 10
3
/ Oct 12% Feb
1
4
57 Jan 9
2
54% 54% 5412 54% *5312 5412 .5312 5412 51% 51% .5214 5213 1,100 Calumet Arizona Mining__ 10
10 4134Mar 31 547 Aug 15
•2
2 114
4.4
2
42 Oct 68 Mar
114
1
1
•1
1% •1
200 Case (J 1) Plow
114
1% *118
No par
4Mar 26
4% Feb
/ Oct
1
4
13
29
.26
*2612 29 .26
28 .26
27% 26
100 Case Threshing Mach_No par 14 Mar 19 29 4July 18
26
.2612 28
July 28
17 Dec 42 Mar
155 15% 1554 157
4
8 1512 157
4 153 1513 1514 15% 1454 1514 4,600 Central Leather
4
972 Mar 25 17 2 Feo 13
100
9% Nov 40% Mar
7
.52
5212 513 523
4
8 50% 51% 501s 503
2 49% 50
Do pref
4812 49
/ 7,300
1
4
100 2014 Mar 6 523 Aug 15
284 Nov 793 Mar
4
4
47% 48 8 47% 481* 4712 48% 473 48
3
8
465e 47% 4614 46% 17,100 Cerro de Pasco Copper_No par 4034 Mar 31 491 July 22
/
4
3612 Oct 504 Mar
4914 4912 493 49% 483 49% 49
8
2
50% 49% 51% 48
5114 34,600 Chandler Motor Car_ _No par 42% Apr 14 664 Jan 2
43 Oct 76 Mar
86% 86% 8612 87
863 863
4
4 867 873 .87
8
4
1,500 Chicago Pneumatic Tool--100 797
87
/ 86 4 87
1
4
3
2May 15 873
2July 21
754 June 90% Mar
.4612 49 .4612 49 .4612 48% .46
49 .46
Chicago Yellow Cab__.No par 39 May
48 '4612 49
_
12 5112July 10
343 35
4
35
8
4
80,200 Chile Copper
3512 347 35
/ 347 3514 34% 35
1
4
32 2 34
7
25 25 Mar 29 3512 Aug 18
/
1
4
;
244 June id3 Mar
213 213
4
4 21% 2178 22
2212 2212 23% 2212 2212 22
2212 2,900 Chino Copper
5 15 Mar 28 234 Aug 20
143 Aug 31% Mar
4
.58
5912 "58
59
.59
400 Cluett. Peabody & CO-100 59 Aug 19 7511
6014 6014 59% 593
59
4
4 59% 595
60 July 7614 Mar
Jan 30
767 77
4
7614 77
76% 763
4 76 4 77% 771a 7812 7654 7713 22,600 CocaColaCovto
3
No par 61 Apr 21 7812 Aug 21
6614 Oct 83% June
5114 53
5212 5114 523
51
4 51
5214 4912 5218 4214 49 124.800 Colorado Fuel & Iron
/
1
4
100 24% Feb 16
Oct 353 May
Aug 5
2
20
4312 4312 43
43
4312 4312 437 44 .433 44% .4312 4414
8
700 Columbian Carbon vs 0 No par 40%July 24 5414
4
Oct 5112 Dec
41
5.53 Jan 18
2
40 ' 4012 4018 4012 4014 41
8 40
4012 40
4012 407
4014 9,600 Col Gas & Elec. new___No par 33 Mar 21 4232July 14
4
3014 June 375 Apr
6112 61
6012 6012 61
63
63
64% .63
64
6312 4,200 Commercial Solvents A No par 4312 Jan 11 673
63
2July 16
25 Apr 46 Feb
5 4 54% 55
55
4,
55
B
5514 55
2 1,600
56
5514 553
5 % .53
6
No par 33 Jan 15 60 July 16
15 Apr 40 Dec
5318 54
5212 64
50% 5214 4914 51% 49% 5012 4912 5012 26,400 (
Tha......ngoleum Co
323
8May 19 66 4 Feb 18 344% Dec 1844 Nov
3
/
1
•1812 1914 1814 1812 18
/ 1812 18 4 21
1
4
3
20 203 *1812 1912 4,500 Consolidated Cigor... No prw 1138Mar 25 2212 Jan 14
4
No par
14% Dec 39% Jan
/
4
*74
74 •7012 261 76% 773
7614 74
Do pref
4 76% 7714 .7414 7614 1,000
100 5912 Apr 24 84 Jon 16
60 Dec 83 Feb
7214 72% 72
72
/ 72
1
4
723
4 721e 72% 7112 72% 7114 717 33,700 Consolidated Gas(N T)-- -100 607 Jan 2 72% Aug 20
2
2
56 July 69% Feb
/
1
4
5
5
5
5%
514 5%
32,600 Consolidated Textile__.No Par
5
514
5
5
4% 5
23 Apr 22
2
8 Jan 6
Oct 1412 Feb
6
8
59 4 60% 595 6012 58% 593
3
4 583 60
4
5818 5914 577 58% 36,400 Continental Can, Inc
2
100 434 Apr 14 6012 Aug 15
4273 may 57% Dec
6 4 83
3
212 7,400 Continental Motors__ No
6
14 6 4
2
67
8 67
4
3
7
7
7%
7
12
7,
2
6 Apr 22
8 Jan 16
Par
6 Oct 1214 Jan
Corn Products Refining_.,100 1523 Jan
2
1875* Jan 28 114% July 16012 Dec
327, 328,
32
317 ii
, 7
3213 34
;
-554 "i4- 105.700 New when leaned
4
25 3112 Jan 15 37% Jan 28
27
28
273
273 2814 2714 2812 2712 27
8 27
8
/ 2712 2712 31,400 Cooden & Co
1
4
No par 2312June
4014 Feb 6
Sept 6214 Mar
6112 5214 5214 53% 51% 53% 5212 5412 5312 55
5314 5412 23.100 Crucible Steel of America_ _10
48 May 13 71% Feb 7
674 Sept 8412 Mar
"8814 90
.8812 90% 89 89
*8814 91
Do pref
8984 8934 *8812 9012
200
100 86 May 22 92 Feb 11
85 4 Aug 944 Mar
3
*1414 14% 143 1412 1414 1414 13% 1414 13% 13% *13% 14
2
4.000 Cuba Cane Sugar
No par
113 Apr 22 18 Feb
4
812 Aug 20 Feb
6412 6212 633
64% 64% 64% 65% 63
Do prof
4 63
6334 6278 63% 2,000
100 533 Apr 21 71% Feb 11
2
33 Aug 6512 Dee
/
1
4
3214 3212 3212 32% 3218 3254 3214 32% 3218 32% 32
32% 12.400 Cuban-American Sugar... 10 2812J une 9 38 2 Feb 11
7
23 Aug 87% Feb
9912 '9813 9912 .9812 9912 .
Do pref
100
9812 9912 .99
9912 9912 99 2
,
100 98 Jan 4 9913 Feb 2
92 July 106 Apr
51 512 •53
/
4
512 512
53
2 512
4 5%
1,500 Cuban Dominion Sugar No pa
41 514
/
4
5
5
812 Feb
412.1une 16
3 July 124 Mar
/
1
'42
44% .441z 4478 •42
44% '40
Do pref
443 .42
4
444 •42
/
1
447
2
100 42 Apr 11 52 Feb
30 Aug 6812 Mar
5314 533
2
2 487 5312 47% 49% 4914 50 8 49
/ 52
1
4
3
5012 5112 22,700 Cuyamel Fruit
No pa
644 July 7212 Dec
47% Aug 19 744 Jan
1512 17% 1514 16
1512 15 2 1512 16% 163 17% 1634 1712
3
4
18,200 Daniel Boone Woolen Mills 2
/
4
11 July 31 321 Mar
523 53% 527 53 4 45% 52 4 44
2
3
48% 4412 47
2
4714 50,800 Davison Chemical v t eNo pa
46
3
203 May 8114 Dec
2
41 Apr 14 694 Jan
'2014 21 '2014 21
•20 2 21
De Beers Cons Mines_.No pa
,
*2014 207 •20
4
21
*2014 21
183 Dec 28 Mar
4
1814 Jan 21 2212 Mar 1
11012 11012 11014 11014 11014 11012 11014 110% 10914 109% 109 10912 2.300 Detrolt Edlaon
100 10114 Jan 30 11012 Aug 20 10014 June 111 Mar
1514 1514 1512 1512 15
153
4 16
1518 15
1612 163 16% 9,700 Dome Mines, Ltd____No pa
3084 May 4412 Jan
2
15 Apr 28 2014 Jan 7
1114 1112 '11
500 Douglas Pectin
4 1114 1114 1114 11% Ills 11%
11 2 •1114 113
,
932June 9 11% Aug 4
11
34et 1414 June
2.700 Eastman Kodak Co.. No par 1044 Apr 21 1124 Jan 8
11014 110 8 110 8 111
111 11114 110% 11154 110 110
7
7
11014 111
89114 Jan 116% Apr
700 Eaton Axle & Spring__.No par 11 June 19 2412 Jan 8
1234 12 8 12% 1212 123
•12
5
4 12% 12% 12
12
•12
1212
20 Oct 27 July
1297 131
8
7
129 13014 129 12912 12918 132% 130 4 133
131 1327 21,900 E 1 du Pont de Nem & Co_100 112 May 20 141% Feb 1 10614 Jan 14812 Apr
2
.5814 58% 5812 59
5818 5812 5812 5812 5814 5812 5712 5814 2,300 Elea Storage Battery.
62 July 674 Mar
.No par 5012m ay 15 64 Feb 7
100 Elk Horn Coal Corp
12 Dec 203 Jan
/
1
4
•12
13% *12
133 *12
13% .12
4
13% •12
12
13% 12
2July 26
12June 20 143
4
60
•212 3
1.000 Emerson-13rantingharn Co-100
3
.2
3
3
.2% 3
3
/ Dec
14
1
3
712 Feb
•212 3
%June 23
312July 29
/ 6514 63% 637
1
4
65 4 66% 6512 657
3
65% 64
6414 3,400 Endicott-Johnson Corp
8 65
2 64
68
/ Oct 9414 Jan
1
4
5572May 0 6712 Jan 16
60
Do prat
100
•107% 10812 .10718 10812 .108 10812 •108 10812 10814 10814 '108 10812
Oct 118
Jan
100 10512June 26 116 Jan 17 110
2212 .21% 22 '2112 2212
700 Exchange Buffet Corp_No par
2212 2212 2212 23
2212 2212 22
19% Dec 31
Jan
18121%1 ay 21 244 Aug 1
84% 85
84
84% 8314 8 % 83% 83% 8314 85% 8412 85 2 6,900 Famous Players-Laaky _No par 61 Jan 29 8712 Aug 4
62 Oct 93
3
Jan
4
Do pref (8%)
9612 9612 *9612 9712 "96
9634 96% 9678 414612
200
96% .96
82 Oct 9034 Feb
100 872 Jan 28 974,1une 4
7
•1112 14
•1112 14
•1112 13% •1112 14
.9
500 Federal Mining & Smelt-2.100
1112 1112 14
51 An. 1
/
4
5 June 13 Nov
14 Aug 8
Do pref
15,700
4 5318 53% 5212 53
5018 50 8 50 4 5
344 June 6012 Feb
53% 5 4 53% 543
43
7
3
4
100 414 Jan 2 54% Aug 19
1,300 Fifth Avenue Bus
115 12
12
8
12
12
12
/
4
1218 1218 •111 12
7% Sept 10 Jan
/
1
4
94 Jan 23 13% Jan 26
11% 12
No Par
•18012 192 .185 192 '181 189
300 Fisher Body Corp
190 191 "185 192
189 189
NO par 183 Jan 23 22312 Mar 21 140 July 2124 Jan
Fisher Body Ohlo prat-AO° 98 Jon 9 10212 Afar 13
•100 102 •100 102 •100 102 •100 102 •100 101 •100 101
94 July 102% June
9% 103
8% 9
87
9 4 1014 35,300 Fisk Rubber
8 03
3
8
4
6 2 Oct 1612 Feb
914 93
7
914 9%
No par
5i2June 6 10 Jan 16
4
/
1
4
88% 683
711s 695s 711e 20.700 Fleischman Co
69% 697 7212 7114 7212 71
2
37% Feb 474 Mar
4 69
No par 444 Jan 22 7212 Aug 19
/
1
8614 87
8
873
8312 85% 84
85
8 865 88
4
873 22,200 Foundation Co
6812 Oct 78% July
85% 86
No par 0612 Jan 11 88 Aug 21
8% 8
54
8% 8%
8% 914
83
4 8%
912 July 22
83
8% 8% 5,800 Freeport Texas Co__..No par
4 9
Jan
7
8 Apr 21 13 1 Jan 7
46
47
47
45% 467 12,700 Gen Amer Tank Car__.No par 3512May 28 4914 Aug 20
48
47
48
4
384 Oct 717 Feb
48% 4612 4914 47
1
4614 47
4612 4714 45% 4
465
8 44% 4514 43% 441 14,300 General Asphalt
23 Aug 54 Mar
6% 45
100 31% April 473 Aug 15
2
844 .531. 85
/
1
'821- 85
Do pref
200
84
.8312
84
.
*8312 85 '831 84
85 Aug 15
80 Bent 83 Mar
100 7112 Apr 5
•Bid and asked prices: no sales on this day. c Es 300.
Ex-rights s Ex-dividend.
stock.
New York Stock Record-Continued-Page 3
925
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 16.
Monday,
Aug. 18.
Tuesday,
Aug. 19.
Wednesday. Thursdag,
Aug. 21.
Aug. 20.
Friday,
Aug. 22.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On harts of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
LOWO,
Highest
per share $ per share $ per share $ per share $ per share $ Per share Shares.
88
88
8712 88
8712 873
873 877 *8712 8512 1,400
8
8
4 8712 88
111013 106 *10454 108 .1043 106 •10434 106 *10434 106 *10434 106
4
4
274 27614 27254 2753 26934 27312 272 276
4
288 272% 2654 27112 44,700
1112 1112 1114 1114 113 1112 113 113
8
8
8 1114 1112 1112 1112 2,300
14% 15
1434 15
143 1478 1434 1014 15
8
1514 15
1514 147,000
*86
*86
87
*86
87
87
87
87
87
874 *86
400
87
*86
8714 *86
8718 865 8715 *86
8715 8718 874 *87
4
400
8718
Indus.& Miscall.(Con.) Par $ per share $ per ewe $ per share $ Per shard
General Cigar.Inc
100 8214 Apr 30 9744 Jan 10
8012 June 97 Dee
12
Debenture preferred_._ 100 100 Apr 3 107 Jan 11 10414 Nov 110 Apr
100 193 Jan 3 281 Aug 4 16752 Sept 2024 Dee
General Electric
/
1
4
Jan
Special
10 10% Apr 29 1112July 11
104 Oct 12
/
1
/
4
General Motors Corp_No par 123
4May 20 1614 Feb 1
123 June 171 Apr
4
100 80 June 4 8712 Aug 21
79 July 89 Apr
Do pref
Do Deb stock (6%)-100 8014June 5 8712 Aug 12
78% July 90 Apr
Do Deb stock (7%)-A00 92 June 10 10012Mar 17
93% Oct 105 Apr
-iiT8 114 41 111 41 if34 41 4112 4178 43 41% 42% 34,200 General Petroleum
25 383
4
5June 9 45 Aug 4 - - 54
55
No par 4712June 6 59% Aug 19
55% 5734 573 5918 58 587
3912 June -511 Apr
;
8
2 5612 584 55% 57% 11,600 Gimbel Bros
*10
1014 *10
No par
8 June 6 14 Feb 4
1014 •10
2
1014 •10
6 Sept 123 Feb
100 Glidden Co
10 •10
1014 10
1014
*3812 40
No par 2812 Apr 10 4114July 28 - --*39
3914 3914 *39
40
*39
40
-100 Gold Dust Corp
40
*39
40
*15
1512 *15
812 Feb 15 16 Aug 12
1512 *15
1512 1512 1512 •15
8 Nov 2212 June
100 Goldwyn Pictures, new_No par
•15
16
16
23% 243
5 2414 25
23 8 2412 231s 243
7
4
8 23% 25
17 2 Oct 414 Mar
3
24
21% 8,900 Goodrich Co (B F)___ _No par 17 June 19 263 Jan 10
*7912 795
5 79% 82
100 7014May 1 82% Aug 20
82
82
8218 82 82
Do pref
1,100
*81
82
6733 Oct 9212 Mar
82
5612 57
573 5978 597 6012 594 60
4
8
35 Oct 62 Apr
/
1
4
573 5812 9,900 Goodyear T & Rub pf v t0100 39 Jan 4 6012 Aug 19
58
59
4
*95
96
100 8814 Jan 2 963 Aug 19
95% 96
8
Oct 99 Feb
Prior preferred
96
96% 96% .
88
97
9612 1,600
953 954 *95
4
1914 195
4 1912 20% 2012 207
8 207 21% 2012 213
12 Oct33 Mar
2
8 1934 20% 12,500 Granby Cons M.Sm & Pow100 1212 Apr 14 2152 Aug 20
*4
5
3 June 3
5
412 5
5
9 Jan 11
12
*4
5
64 Dec 15% Mar
600 Gray & Davis, tno____No par
5
5 12
512
1712
1712 1712 *17
100 10 May 16 183
1712 1718 174 173* 173 *17
2July 22
13 Dec 3418 Mar
52
700 Greene Cananea Copper
2'
1712
•612 1712
5 4July 18 10 Feb 6
3
•612 7
7
/
1
4
7
7
Guantanamo Sugar_ _ __ No par
5 Sept 1412 Feb
*612 7
200
*612 7
7
7
74
75
7412 7614 74% 75% 743 763
68 June 10433 Mar
4
4
s 743 7512, 7414 753 15,000 Gulf States Steel tr ctf8.-100 62 May 20 894 Feb 7
37
37
37
374 53652 3712 3612 3678 3612 37 I 357 36
795 Nov 944 Feb
4
4,300 Hartman Corporation_ _No Par 34 May 14 4434 Feb 4
35
35
100 3214May 20 527 Feb 4
3514 3534 35
31 July 44 Apr
2
3512 3514 353
3512 364 6,600 Hayes Wheel
4 3554 363
*41
42
100 35 July 1 5612 Jan 3
4214 4214 *4112 4212 *41
54 Dec 797 Jae
2
*41
42
100 Homestake Mining
42
54112 42
3414 3414 3418 3412 343 345
2
4
2852 July 393 Mai
2
8
4 347 35
3,000 Household Prod,Inc-No Pa. 313 Apr 19 35% Aug 4
35
353
41 343 35
4
*6912 70
7134 7012 7215 703 7214 703 72 I 693 7112 12,300 Houston Oil of Texas
100 61 Apr 22 6212 Feb
70
40 4 Aug 78 Feb
3
5
4
4
2714 2712 2714 28
20 June 32% Mar
2715 28
27
277
8 274 28
275 2814 38.10 Hudson Motor Car__-No par 2012May 13 2944 Mar 10
5
13% 137
5 13% 1312 13% 13% 133 133
8
/
1
4 1312 133 *134 138 1,400 Hupp Motor Car Corp-- 10 IlisMay 13 18 Jan 2
78
13 8 Ci 311 3. L:
5
: eet
112 Jan 10
12 Jan 2
7
2
7g
: 101i L
1:
78;
84
*514
7
5
No par
78
6, A
*5
8
*5
5
50 Hydraulic Steel
54
%
714 71,
63
9 Jan 18
14
2July 3
734
*714 73
4
714
80 Independent Oil & Gas_No par
714 714: *714
714 *714 7
54
2% Jan 17
3 Aug 22
8
12
1
1
Oct 19 Mar
5
3
l2 1,700 Indiahoma Refining
%
5
5
*12 65
8
*12
%
12
12
18
18
18 Dec 1954 Dec
181, 18
*1712 19 "18
*18
19
1812 '17I 19
40 Indian Motocycle____No par 154June 6 254 Feb 4
*614 612 *614 612 •63
712June 18
10
5 612 *614 612 *614 6121 *614 612
3 Dec
/
1
4
812 Apr
3% Apr 12
Indian Refining
355 353
4
4 3512 3512 354 3512 35% 36
No par 3112May 16 3814 Jan 30
3115 July 4655 Apr
36
3612 364 37
5,600 Inland Steel
2814 28% 28% 293
8 2915 2953 28
231 Oct 43% Mar
4
/ 2934 284 287
1
4
Inspiration Cons Copper__ 20 2215 Feb 28 2934 Aug 20
28
2812 8,100
*7
8
1
7
8
7
8
*7
5
1
2 5 Feb 6
3
.78 1
15 Oct 11 Feb
100
/ Apr 15
1
4
900 Internat AgriCul Corp
3
4
3
4
%
*712 9
31aMay 29 1012 Jan 8
•712 9
412 Oct 397 Feb
2
100
75
5 7 5 *714 84
3
712 712
Do pref
500
714 714
10412 1057 1047 10518 10312 1063 106% 10714 1033 10533 10312 10418 14,500 Int Business Machines_No par 83 Apr 11 10714 Aug 20
8
5
4
*45
4512 4512 4512 4514 1514 453 453
31 June 44 Rif
4
0
4 4814 4638 3,800 International Cement-No par 4 14 Apr 24 47 July 12
4 4534 483
26
2614 257 2612 2614 26% 2614 263
8
1933 June 271s Apr
4
4 253 2614 253 26
8
10,400 Inter Combus Engine_ _No par 22 Mar 31 2752July 15
9512 9612 96 963
4 9534 96
9512 98
6611 Oct98 Feb
4
12
9714 994 95
9.600 International Harvester.__ 100 78 Jan 3 991s Aug 21
96
110 110 '10934110
110 110
110 110
Oct106
11614 3i3
100 106 Feb 28 111 Aug 22
11052 110% 111 111 I
700
Do prof
1012 108 107 1114 11
8
114 11
iii8 1014 1012 7,300 lot Mercantile Marine.
6% Jan 2 114 Aug 18
1841722 AugA
-100
1114 11
1133 Feb
3834 4114 413 4238 4138 4234 42
8
47 Jan
4314 42
100 2612 Mar 26 4312 Aug 21
4312 41
4278 90,700
Do pref
19
193
2 19% 1912 1915 1934
1834 1912 181 187
4
10418 Oct 161 Feb
/
4
1814 19 i 36,200 International Nickel (The) 25 1112MaY 9 1934 Aug 19
8814 0814 *86
8812 •87
8812 *87
6934 Jan 83 June
8812 8712 8712 *87
100 751254ay 29 89 July 9
200
Do prat
8812
545 5612 557 5678 5514 567
2
2778 Oct 5854 Mar
5 5512 5612 544 557
100 3412 Apr 15 59 July 15
8 533 547
88,500 International Paper
47312 75
*7352 75
*7312 75
/
1
4
Oct 7512 Jan
60
*7214 74
.7214 74
.72l2 75 I
Do stamped preferred_100 62 Mar 25 7412July 19
79
794 777 79
s
78
783
4 7854 783
64
t
-._
7 Oct 7112 Apr
4 777 7918 7914 82 !
Te_l N0 1,av
8
Ioviocible oe coro.
lnternat Telitp & !100 66 Feb 1 82 Aug 22
1212 1212
1212 12% 1212 13
71 Nov 1914 Mar
1234 1278 125 1312 13
1011 July 17 167 Jan 2
2
8
1358 10,.047000
6
*42
441 *40
/
4
45 .42
4212 42% 4212 44
32 Aug 584 Mar
/
1
4
3912 Apr 2 5234 Jan 10
45
*4234 44 I
300 Iron Products Corp_No pa
•1812 20
193 193* *19
8
20
1912 20
5
15% Oct 24 Mar
100 16 5 Apr 15 2314 Jan 2
194 20 I 21)
203
8 2,300 Jewel Tea, Inc
*91
93
*91
93
91
91
92
9212 *91
62 June 8812 Dee
100 78 Mar 31 9315Jurte 30
94
*91
94 I
600
Do Wel
2052 21
207 2114 .2112 2212 211 22
20 4 Dec 63 Mar
1
2112 211
100 1812 Apr 1 2712 Jan 3
/
1
4
2112 211 1,900 Jones Bros Tea. Inc
/
41
*3014 3012 30
3014 30
304 3014 3133 3034 317
213
gMay 20 31% Aug 21
.....No pa
5 3034 31% 12,200 Jordan Motor Car
1614 187
8 17
1814 1812 1912 19
193
8 1858 19
28 July 457g Feb
1614 Aug 16 We Jan 18
17%I 1812 1812 6,100 Kayser (J) Co, v t 0_ __No pa
77
7734 77
77
77
80
*7712 80 .7712 80
77 Aug 16 10212 Feb 11
96 July 104 Mar
*77
No pa
801
400
Do 1st pref
153 163* 1614 17% 1714 1712 173 1734 17
4
5
93
4Jtme 20 35 Jan 10
25
201 Oct 6215 Mar
5
163 1714 22,500 Kelly-Springfield Tire
4
4612 4612 47
487
8 50
50
5012 5012 .46
Jan
100 33 June 21 88 Jan 10
78 Nov 108
5034 .48
505
4
8% preferred
500
92 •85
92
*85
9112 *85
92
92
100 76 May 7 101 Jan 10
75
Oct 11714 Mar
9412 *85
92 I
300 Kelsey Wheel. 115
-485 493
4
5 49
4958 4812 493
5 4754 49
344 Jan 21 49% Aug 15
/
1
46% 473
41 463 473 84,100 Kennecott Copper
NO Pa
295 Oct 45 Mar
s
4
5'
2
2 18
218 24
218 214 .218 254
458 Jan 9
13 ay 14
8N1
152 Oct II% Mar
254 214'
215 2141 1,700 Keystone Tire & Rubber-- 10
*405 415 *406 415 415 41514 *115 420 *410 420 1.420 425
100 28712 Jan 17 434 July 2 177 Mar 300 Dec
200 Kresge (8 El) Co
*98 100 .98 100
•98 100
*98 100
*98
4July 25
9912' *98 100
75 July 893 June
3
(St Louis)-100 79 Jan 2 993
Laclede Gas L
•103 1112 11
4
12
12
1214 12
12 .1112 12
8 May 13 1712 Jan 11
1152 Oct 3152 Mar
*1114 12 1 1,300' Lee Rubber & TIre.--No par
00
Liggettore yers Toba000-100 20614 Feb 18 245 Feb 9 19034 May 240 Dee
Do & y
*iiii- iiii- *Hi- 116- 116' fici .iiii- iiii" *Hsi- fici- *Ha 120
1147
2July 7 121 June 26
11812 Jan
615 62
8
s
617 6212 6214 625
5 623 6354 613 6212 615 6313 9,600
s
4
25 50 Mar 26 6334 Aug 20 .1-581
New
5
1-1- 4
8- - -61
613
4 6112 624 6134 623
5 614 627
8 6112 6241 6114 6212 31,300
25 487 Mar 28 627 Aug 20
5
5
B new
6112 627
8 6212 6212 61
6214 613 6218 62
g
4
RA
56 June 9 683 Feb 9
otf _No pa
June 747 Mat
4
2
1 ,
17,1 ii751 1 1711 6212 5,000 Lima Loo Wks tern
1612 1612 1612 174 1714 173
4 17% 18
14 June 2114 Feb
1512,1une 25 18 Jan 10
7
, 16,400 Loew's Incorporated-No pa
1
7f lz 17
612 612
6% 712
715 8
754 814
74 758
512 Apr 22
854 Jan 11 6 Sept 1134 Jan
NO 100
P51
9,900 Loft Incorporated
7112 6914 713
6912 6912 71
7218 70
70
70 ! .6712 70 . 7,500 Loose-Wiles Biscuit
50 Mar 6 724 Aug 18
36'g July 664 Dee
3934 39
3818 3812 3838 39
39
3978 383 39121 3812 3933 27,700 Lorillard new
8
3415vIay 15 404 July 2
2
*17
1914 1914 1914 *1914 2012 .1914 2012 1914 19141 *1914 2014
1714July 17 23 4 Mat 17
3
No pa
200 Ludlum Steel
.11514 11614 *11513117
1164 1164 *116 118 1 116 116 1.011514 118200 Mackay Companies
100 107 Jan 2 119 Aug 1 103 May 121 Feb
10312 10514 1023 1043 10212 1037 104 10712 10112 105
4
4
8
/
1
4
75% Apr 14 10712tug 20
No pa
5815 Jan 93 Apr
101 103
96,600 Mack Trucks, Ina
103 10412 .104 105 *104 10414 104 10414 .10212 10412 *101
87 July 9914 Mar
100 9813 Jan 16 10412 Aug 16
let
97
974 97 97
*95
97
97
97 1 *95
72 June 92 Mar
97 I 967 1
100 87 Apr 22 9714 Aug 16
5 5
7
reffed
fe
1"°
800
Do 2d preferred
po
.63
64
64
66
66
665
4 653 677
4
s 65
59 May 15 68 Jan 2
6312 .65
57 July 7112 Jan
/
1
4
.
6612 7,000 Macy(R H)& Co. Ino_No pa
365 37
s
364 3714 3614 371
354 3612 343 357 1 3412 3538 18,900 Magma Copper
264June 14 3714 Aug 18
4
2714 Oct 38'4 Mar
8,
No Pa
2312 2312 *2314 2312 2314 233 *23
4
2314 *2212 23141 23
Jan
21 June 10
23
500 Mallingon(H R)& Co-No par 18 Mar 28 3134 Jan 18
134 4512 4314 45
/
1
44
4534 445 453
5
5 4312 443 *4314 447
Oct 66 Mar
334 Mar 21 495g July 15
/
1
4
35
3,200 Manhattan moo SupplyNo pa
*35
36
*3512 3614 *3512 3614 3514 3512 35%
Oct 477 Jan
1
40
25 3312May 16 44 Jan 10
1
35800 Manhattan Shirt
29
30
30 30
283 3014 2912 297
4
8 29
2912 2812 29 I 2,600 Maracaibo Oil Expi--No Pa
18 Sept 28% Dec
25% Apr 21 3712 Jan 26
31
3112 3112 3212 32
32 5 324 3254' 3218 3233 3158 325 33,900 Marland Oil
7
17
12 Oct 5952 Apr
29 May 12 42 Feb 5
No pa
5
•10
11
*10
11
*10
11
10
10 • 1012 1012 1012 1012
16 Feb
3 Nov
14
No Pa
8 Jan 8 17% Mar 11
300 Marlin-Rockwell
33 33
33
33
324 33
3234 33
33
33
26 July 37% Apr
*32
33
Corp- No Par 3114June 3 37% Jan 17
1,500 Martin-Parry
41
4112 4012 43
424 42 4 4
3
4012 405
5 39
3114 Oct 63% Mu
5June 20
5May 13 467
053 42
39
6,100 Matbieson Alkali Works-- 60 295
544 53
5212 5278 53
543
8 538 555
5354 551s 54
Oct 634 Mar
2
100 38 Apr 14 563 Aug 22
38
563 35,200 Maxwell Motor Class A
8
12/2 1312 123 1314 13
1214 121
4
13
52 13
135
5 1312 1414 28,800 Maxwell Motor Class B.No par
104 Oct 21
1015 Apr 30 16 Jan 91
AM'
915 927
5
gg
5 9212 9834 97
987
5 97 10012 9718 9912 96
5
/
1
4
45,200 May Department Stores-.100 82 Apr 21 10012 Aug 201 67 2 Jan 93 Dee
153 15% 15% 1512 1558 153
8
154 151
5 154 1534 1512 153
/
1
15 Sept 201: May
15 May 23 1814 Jan 71
4 2,300 McIntyre Porcupine Mines_
21% 213
2112 217
4 21% 22
s
534 Aug 23 s May
5 215 221
8
5
8
218 223
21
2172 15,700 Mexican Seaboard 011_ _No par 1415 Jan 3 243 Aug 15'
2112 213
21% •211
21% 22
213* 223* 213 22
4
6 Aug 234 May
2012 213
Voting trust certificates.... 12% Jan 3 23 Feb 6
6,600
2412 25
2414 241
243 25
4
24% 247
2452 247
2 244 9412 7,600 Miami Copper
2012 Oct 3012 Feb
5 20 May 19 25 Aug 18
112 1%
115 13
138
13
1214 Jan
312 Nov
1 Aug 14
67 Jan 2
2
10
1% 13
112 133
13
8
112 31.400 Middle States 011 Corp
52512 28
*2512 28
*2518 28
2112 June 33% Apr
*2652 291 .2612 2918 1
•2652 29
Midvale Steel & Ordnance 60 25 July 17 344 Feb 7
653
*66
661 . 4 661
653 70
4
6852 68
5412 June 75 Mar
6812 70
673 683
71 July 11
100 6114June I
4
5 6,400 Montana Power
367 371
2
3612 371
3614 37
8 3412 96
1814 May 2614 Nov
363 37
5
353 365
4
4May 20 3712 Aug 16
59,200 Mont Ward & Co III Corp- 10 213
214 211
203 211
4
2114 211
22
18 May 20 27 Feb 7
2112 22'4 2133 22
173 Jan 29% Mar
4
/
1
4
No par
2314 5,700 Moon Motors
838 81
85
83
s 81
83
8 83
812 87s
8
7 June 14 Feb
/
1
4
914 Feb 15
6 May 1
85 13,700 Mother Lode Coalition.No par
5
8 2 85
,
16
16
16 •15
*13
153
167 .16
1614 *1614 1612
2
1012 Aug 297 Mar
16
9 Mar 22 18 July 24
500 Mullins Body Corp.. No par
34
35
4
*333 341
34i *34
3433 34
34
3452
311 Oct 3612 Nov
/
4
*34
*34
No par 291s July 14 394 Jan 16
500 Munstngwear, Inc
108 1081 109 115
115 117
11412 118
754 Jan 11412 Jan
118 12612 125 130
No par 961 Apr 29 130 Aug 22
/
4
9,900 Nash Motors Co
612 61
•615 7
*6
7
•13
6
7
6
*618 7
104 Jan 28 7 Nov 1815 Feb
5 Aug
60
200 National Acme
661
6614 687
66
2
38 Jan 527 Nov
67
68
67
69
6712 68% *67
68
25 5014 Mar 28 6912 Aug 13
13,200 National Biscuit
12514 1251 12512 1251 •12514 127 *125 126 .12514 127
*123 127
126 Aug 15 11812 July 125 Feb
100 12012 Jan
200
Do pre(
*54
571
55
561 *53
57
5712 *54
40 June 6714 Feb
64 Feb 1
5512 551 .53
5714
500 National Cloak & Suit_ _..100 44 June
38
4
38% 373 381
3712 38% 375 383
5
5 384 3958 3814 3914 23,800 Nat Dairy Prod tern ctfs No par 301 Apr 11 39% Aug 21
/
4
*38
381s 3814 40
•
2214 241 •2212 24
16614 1683 1653 1671
4
•1161 ____ •117 ____
/
4
*57
59
59
5912
15
1518 1514 1514
*41
43
42
43
*50
51% *5012 51
28
3038 307 31
5014 5014 51
263 267
2634
4
* 263 267
4
8
49
4912 491 4915
393 4075 393 40
4
4
*22
24
22% 23
164 1663 163 1653
4
4
1111714 __. •11714 ____
6014 6215
5912 61
2
1518 15% 15% 153
43
.42
4214 .42
5
4
504 507 •501s 503
3012
1128
3012 .28
49
49
.49
50
2615 27
4
263 27
487
5
48
49% 493
8
8
.712 812 .8
•13
2 112 .13
112 *114
8 112 .13g
*214 2 5
233
3
258 23
24 214
5
•7
8
*1
8 • *7
8
74
19 4 193
5
4 20 20
20 :2015
20
653 653 "65
4
4
66
657 6712 66%
8
77
752 755
8
8
838
838
44
44 44
43%
443* 4458 45
*52
7
5
%
5
5
*5
5
3
4
5
8
9512 9572 95
9534 9534 9534 951 t
'Bid and asked prices; no sales this day
3914 3954 39
2112 162
2312 158 4
213
1594
11714 11714 .117
59
6012 5814
145 1454 1418
8
42
4212 42
*5013 51
50
*28
3012 2712
•46
5014 *48
263 267
4
8 263
4
48
484 *48
814 *8
84
13
13
8 •114
8
25
3
214 24
74 '7
8
2014 2012 2018
6712 6612 6612
7
91
83
4 8
4418 *433 4414
4
5
8
5
8
5
8
956g 95
9514
2Ex-dividend.
3434 June 4212 Apr
39
37 June 9 43 Jan 9
8,300 Nat Department Stores No pa
Oct73 Mar
35
2
2134 2 000 NNot 0rioim4 .4 Stamping_.100 183
4May 20 447 Jan 17
1608 13:
900 auEna Looo
100 1234 Apr 21 16914 Aug 15 108 July 148 Dee
/
1
____
100 11112May 27 11714 Aug 21 107'sJune 114 Jan
200
Do pref
Oct
50 554 July 16 7212 Feb 4
5914 9,700 National Supply
1412 5,000 Nevada Control Copper-- 5 11% Jan 2 153 Aug 19
NMar
i
2
5i58::
2
Jan
42
3615 Apr 22 45 June 16
Nov
1,200 NY Air Brake temp ctfs No pa
4514 Aug 514 Feb
No par 47 Jan 7 5112July 19
/
1
4
50
300
Class A
28
100 19 Jan 9 3715May 23
1,500 New York Dock
17134 Zug r112 Mar
4.7 n
100 4112 Feb 27 551458ay 14
5014
700
Do prig
1712 May 244 Apr
267 21,700 North American CO
8
10 22 Jan 3 2714June 28
/
1
421 J o tr Feb
4 i
r
50 437 Jan 2 5014July 11
2
4012 _ : ._
: 1ar
h
51:10
Do pref
15
8 Apr 25 1418 Jan 18
/
1
4
)._ N _ln
ac o_ai_o oo
vtht
o co
77 Oct101a Feb
9% Feb 5
--7 Apr I I
---814200 Nova ale
13 rIze
( l
N unn ai
•114
112
488 Jan 14
1 July 22
133 Dec 1012 Jan
Ohio Body & Blower__ _No par
2112July 25
7 Nov
2
•
214 212 1,600 Okla Prod & Ref of Amer__ 5
112 Jan 2
3 Feb
/
1
4
.7
8
8 Jan 7
434 Mar 24
3 July
100
914 Dec
100 Ontario Silver Mining
197 20
8
1 18 Feb 18 21 July 29
1.000 Orpbeum CireUlt.1110
4 11: 2i
aJune 24 73/Vilna
653 6612 4,400 Otis Elevator-2
4
114 July 12818
50 635
5
712 Aug 13 11% Jan 26
7 Jun
814 83 11.700 Otis Steel
5
No par
1434 Mar
"4312 4412 2,800 Owens Bottle
73633047.
25 3914May 29 3 1ougo 10
47114, Jan 1
11
4 Nov 5P2 NIDr
3 Jan 2
8
.5
8
7
2
an
600 Pacific Development
Aa
943 95
g
100
July
2.900 Pacific Gas& Electric
Dec
k Par value changed from $100 to $50 and prices on th9°1418 b :a beginning June 3. a Ex-rights.
: 4
.a
Feb
926
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 16.
Monday,
Aug. 18.
Tuesday.
Aug. 19.
Wednesday
Aug. 20.
Thursday,
Aug. 21.
Friday,
Aug. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1924.
On basis of 100-thare lost
Lowest
Highest
Per share $ per share $ Per share $ per share $ per share $ Per share Shares. Indus.& Miscall.(Con.) Par $ per
share $ per share
9 s 1018 10
7
101
3 10
10
91
/
4
*9
*813 10
973 10
1,500 Pacific Mall Steamship-- 5
7 Apr 7 1034 Jan 9
4773 48
48
4833 43% 483
4 173 483
3
8 47% 4813 4713 4814 24,600 Pacific Oil
45 Apr 22 685* Feb 6
115 1158 1158 118
4 1112 113
8 1134 11% *1134 Ills 5,400 Packard Motor Car
4 1134 117
10
9 8May 1 127 Jan 7
7
100 100 100 100 *100 10014 100 100 *100 10018 •100 10018
Preferred
700
100 8912 Apr 24 101 Aug 11
5778 5814 57 58
5734 58% 5812 5312 5734 583
573 25,000 Pan-Amer Petr & Trans- _ 50 4414 Feb 14 6114 Jan 2
4
4 56
k 5614 5714 56% 53
5853 573
/ 573 53 3 58% 57% 54
1
4
4
Do Class B
7
553 132,000
4
50 4114 Feb 14 5913 Jan 2
*178 2
.134 2
*1% 2
*13
*17
4 2•
8 2
Panhandle Prod & Ref_No par
is 2
138May 19
4 Jan 23
/
1
4
Parish dr Bingham
No par 1314 Jan 2 16 Mar 12
134. j7
134 -1
134 -18
7
;
134 -13
74
718 13 12,400 Penn-Seaboard SO v t cNo par
153 184
133May 29
414 Jan 17
10014 10014 310014 101
100 100 100 10012 9973 100
1,300 People's0L & C(Chic)
100 100
-100 9234 Apr 29 1024 Aug 1
5018 50% 50 51
5013 5034 5013 50% 49
4914 493
/ 50
1
4
8 6,000 Philadelphia Co (Pittsb)-- 50 424May 1 5312July 14
49 50% 4934 507
3 49% 5018 4914 50
47
/ 4813 37,700 PhDs & Read C & 1w I_No par 3412 Mar 28 527 July 31
1
4
4814 50
'43812 72 *6813 72 *6813 72 *6812 72
Phillips-Jones Corp
*6812 72
*6813 72
No par 44 May 14 88 July 14
12
1212 •1212 13
13
13
13
1278 13% 3,600 Phillip Morrie & Co Ltd----10 11 July 10 2334 Jan 31
13
13
14
3418 3438 341 3518 35% 3514 a3438 3478 3414 343
/
4
3
No par 3138July 17 4213 Apr 5
2 333 34% 30,000 Phillips Petroleum
*1012 1114 11
1114 11
11% 11
618may 13 1218 Jan 17
1114 1114 11% 8,200 Pierce-Arrow Mot Car_No par
1114 11
323 333
4
8 33 3514 35 3512 34 3514 34
Do pref
4
/ 7,700
1
4
343 *333 31
4
100 1818May 15 3578 Aug 4
2
2
2
2
173 2
1% 17
*17
8 2
1,500 Pierce 011 Corporation
2
2
112 Apr 3
25
413 Jan 22
27 27
27 2712 *27 273
4 27
Do pref
27
2712 1,
,
273 28 3 *27
4
100 20 Mar 4 36 Jan 31
*5412 58 *544 55
55
55
55
5514 55 55,
100 534 Aug 12 6334Mar 12
3 554 5614 1,500 Pittsburgh Coal of Pa
*9312 96
*9312 97 *9312 97 *9312 97
Do pre!
100
94% 94% *9312 97
100 9478 Aug 21 100 Apr 4
1212 1234 12
13
13
13
97 Jan 22 1412July 10
1234 131
13
5,000 Pittsburgh Utilities pref
13
13
13
100
5612 5712 5718 5814 5814 6033 58% 597
4
5814 5912 5812 593 28,300 Postum Cereal Co Inc__No par 4812 Apr 22 6038 Aug 19
*115 117 *115 120 *11518 119 *115 110 •115 117 *115 118
Do 8% preferred
100 110 Feb 7 115 July16
4212 43
4312 46
45
4338 4312 1,900 Pressed Steel Car
4512 *45 46
4334 44
100 39 Aug 6 62 Jan 26
*6712 6912 70
70
69 6914 69 691 *6812 70
/
1
4
Do pref
6812 6812 1,000
100 67 Aug 15 90 Feb 8
30 30
30 3133 30
313
3 3012 31
4 8,200 Producers& Refiners Corp.. 50 2234 Apr 22 4312 Jan 22
2812 293
31
30
587 5914 5812 593
8 59
*
593
8 59
4
593
5914 59% 583 5953 18,200 PubServCorp ofNJ new No Par 39 Mar 25 5934 Aug 20
13212 13333 13214 13334 131 1313 131 133 130 13112 12912 13014 10,700 Pullman Company
4
100 11312 Apr 10 13473 Aug 12
538 543
538 5414 5318 5413 5313 537
7,300 Punta Alegre Sugar
3
50 4714June 6 6733 Mar 14
8 523 53
2258 231 2234 2433 2378 2438 2373 24% 5212 527
/
4
2312 2334 12,300 Pure 011(The)
2312 24
25 20 June 6 26% Feb 6
*97 99
98 984 *97 98 *96 98 *97
/
1
Do 8% preferred
200
98 " 98
100 92 Jan 10 984 Mar 13
%
8
12934 131
129 129
12712 12812 12712 1273 •125 126
2,000 Railway Steel Spring
122 122
100 108 Jan 3 131 Aug 15
*33
3334 '
,
3214 34 *3133 34
4
Rang Mines. Ltd
*3112 34
*3113 34 *313 34
No par 30 Jan 17 334 Feb 15
1278 1318 127 131 1318 1334 13% 14
8
/
4
1312 33,200 Ray Consolidated Copper_ 10
1314 13% 13
9 Mar 27 14 Aug 20
*42
4234 1238 4234 *4012 42
*4012 42
200 Remington Typewriter__100 3214 Jan 4 49 8 Feb 5
*40 42
/
1
4
*4012 42
5
*9014 93 *9014 93 *9014 93 *9114 93 *9114 93
1st preferred
*9114 93
100 9014July 11 943 Feb 5
4
*10414 110 *104 10912 *10412 10912 10434 1043 *104 10912 *104 10912
2d preferred
100
100 9012May 13 10134 Aug 20
117 12
1173 12
117 1214 11% 1218 11% 11% 12
125* 20,100 Replogle Steel
No par
4
714June 11 153 Jan 28
48 49
4813 49
48 4834 48 50
/
1
4814 4978 484 49 10.400 Republic Iron & Steel
100 42 June 7 61% Feb 11
88 88
8912 8912 *8912 90 *8912 90
Do pref
400
89 8912 *8912 90
100 82 June 16 95 Mar 6
1634 1733 1634 1758
164 17
/
1
1634 17
No par
1638 16% 153 1623 3,900 Reynolds Spring
4
8May 13 223* Jan 7
97
7473 7518 7514 7534 76
7614 76
/
4
77% 761 77 4 7614 7712 15,300 Reynolds(It J) Top Class B 25 8158 Mar 31 7712 Aug 22
,
*120 1204 *120 1204 *120 12012 *120 1201 120 120 *120 12012
/
1
Do 7% preferred
100
100 11514 Mar 26 121 June 17
. 4412 4453 4333 43 3 4314 44
7
43 431
4
4338 4414 434 433 13,700 Royal Dutch Co(N Y shares)- 4112July 30 5912 Feb 6
2918 2913 2933 2958 2914 2912 2914 291
2912 3,300 St Joseph Lead
29
10 22 Jan 7 3014 July 30
29% 29
•17
8 218 *134 214
200 Santa Cecelia Sugar-No par
214 214 *114 21
*134 214 *134 214
11 mar 6
4
353 Jan 24
6213 63
62
6234 6134 62
/ 6214 621
1
4
6112 61523 60 61% 4,200 Savage Arms Corporation 100 3254 Jan 2 6114 July 31
126 12638 12614 12614 126 12638 125 126
12412 1244 125 12512 4,600 Schulte Retail Stores_No par 968 Apr 16 12934 Aug 7
/
1
105 10658 10814 10712 105 10634 106 107 1054 1053 105 1053 13,400 Sears, Roebuck & Co
4
100 7834May 15 10713 Aug 18
4
*120 122 *120 122 *120 122 *120 122 *120 122
Do pref
100
120 120
100 1121:Mar 26 120 Aug 22
*2
213 213
218
21$ 2
1,800 Seneca Copper
2
2
/
1
4
213
No par
214 21
2
12May 2
64 Jan 11
73
4 73
4
758 73
78 78
4 1,000 Shattuck Arizona Copper.- 10
4 Apr 11
7 4 73
3
8 July 23
4
7$4
73
74
3
73
4
1653 1634 165* 17
1634 17
*
1634 163
No par 1514July 17 204 Feb 6
165 17
4 1612 1638 13,500 Shell Union Oil
*96
9618 96
96
96
96
2,000 Preferred
96
96
96
96
96
96
100 914 Jan 4 964May 6
135* 1373 1358 1433 14
1114 14
5,400 Simme Petroleum
1334 14
141
14
14
10 104 Jan 4 14%Mar 24
254 2513 25 26
/
1
25
1,700 Simmons Co
2513 2514 253
No par 22 Apr 14 27 July 24
25
2512 2434 25
171 1758 1714 1712 1713 1814 184 131
/
4
1814 18% 1713 1812 48,800 Sinclair Cone 011 Corp_No par 15 July 16 2718 Jan 2
/
1
*84 85
84 84
8213 8213 *83
84
300 Preferred
84
85 *84 85
100 77 May 8 90 Jan 21
183* 1812 1773 19
19
19
3.000 Skelly 011 Co
19
185* 191
1938 19 8 19
25 174July 17 29 Feb 4
3
68 70
70
72
7234 7134 7438 761
7412 7612 7212 7414 11,300 Sloss-Sheffield Steel & Iron 100 52 May 20 7612 Aug 20
7412 7413 7312 7312 74
74
800 South Porto Rico Sugar_100 0412June 9 95 8 Mar 8
75
74
7414 74
*70
74
7
*12
13
1212 1212 *1214 1224 1234 123
600 Spicer Mfg Co
1314
1234 13 •12
aluna 20 18 Jan 12
No par
73
*8212 8513 *831, 8512 *83
8514 *8412 8514 8514 8514 *843 853
Do pref
100
4
4
100 78 July 18 90 Jan 2
*5512 61 *5512 60
*5512 58 *5414 58 "5414 58 *5414 58
Standard Milling
100 3912May 20 6212 Feb 7
5733 587
578 58
8 58
5834 58 58% 5712 5814 5713 577 11,200 Standard Oil of California- 25 554 Apr 21 6812 Jan 26
3
3434 35
357
35
36
Standard 011 of New Jersey 25 33 May 14 4214 Jan 26
3512 357
358
3512 16,900
35
/ 35% 35
1
4
•118 11858 *118 11812 11814 11812 *11814 1187 *11814 1188 1187 1194
Do pref non-voting
/
1
400
8
4Mar 1 11918 Aug 22
100 1153
62 62
62 62 *61
6218 6114 611
No par 5513 Apr 23 6378 Jan 2
61% 62% 6212 8212 1,000 Sterling Products
5258 5313 5212 5314 5213 521 52
/
4
-Warn Sp Corp No par 4813 July 17 10072 Jan 12
5314 19,700 Stewart
5433 523 5312 52
4
*61
63 *61
63
6112 64
6414 67
683
8 4,300 Stromberg Carburetor_No par 8412May 14 8478 Jan 11
6512 66% 65
Studebaker Corp (The)
...100 804 Apr 30 10814 Jan 8
-5814 3173 -3814
New w I
38 2 -38- 16- -38'2 3912 -5gi, 3933 62.200
3No par 3012May 20 3912 Aug 21
912 10
912 1014 15,600 Submarine Boat
872 10
95
934 10
7 Mar 29 124 Jan 2
No par
912 97
934
6
818
514 58
29,400 Superior 011
No par
5
/ 614
1
4
24 Jan 2
55g 57
3
84 Aug 4
513 6
55
8 6
*2618 2873 *2618 2873 *2618 287
200 Superior Steel
100 23 July 28 347 Jan 9
28 2 29 *2618 2914 *2618 28%
7
*17
3 2
173 178
173 July 22
17
17
3 Jan 2
173 17
17
10
8 1,600 Sweets Co of America
2
178 2
No par
8% 8%
8
/ 812 2,500 Tenn Copp & C
1
4
834 88
6 4Mar 31
934 Jan 5
3
834 87
873
873
873 87
8
413
40% 40% 4013 41
41% 20,200 Texas Company (The).-- 25 3734June 7 453 Jan 30
4034 41
41
8
41
3
4133 417
7734 7812 77 787
10 5714 Apr 21 7933 Aug 19
/
1
8 7814 7058 7814 783
4 773* 783
4 7738 784 44,800 Texas Gulf Sulphur
9I
814June 7 1514 Feb 1
918 94 2,400 Texas Pacific Coal & Cll.__ 10
914
914 912
93
4 93
4
918 914
914 98
*119 125 12012 12012 12012 123
100 11814July 15 161 Feb 7
122 12334 12378 1237 119 120% 3,300 Tidewater 011
3
3534 36
12,100 Timken Roller Bearing-No par 3112May 19 41 Jan 7
3534 3814 z351 36
4
/
4
3518 3512 35
3513 343 35
8
8434 647
65'4
8512 663 6818 6612 643 66% 6434 65% 22,600 Tobacco Products Corp-100 53 Apr 11 7034 Feb 5
3
Do Chu3s A
91
91% 913 9134 9134 9214 9134 9218 9134 913
100 8314 Mar 25 9313July 29
4 5,800
4 9134 913
Preferred
100 113 Feb 19 11978June 30
47 - 514
434 -1- 47 -1- 434 --3 34,400 Transcontinental 011....No par 334 Apr 15 614 Jan 21
5
48
48-151-4
3813 3812 ..3712 3872 3812 387
25 3634.1une 9 43 Jan 9
3812 1.000 Underwood Typewriter
8 38 38
*38 3812 *38
300 Union Bag & Paper Corp-100 4612May 23 6458 Feb 9
*47 49 *48
/
1
4
4812 481
49 49
49
4812 4812 *4812 49
*18
14
*18
•14
14 1,200 Union Oil
14
/ Feb 1
1
4
No Pa
33 Apr 9
.20 .20
.20 .20
.20 .20
2,400 Union Tank Car
121 121
100 94 Jan 7 132 Aug 20
120 120
122 128
128 132
12712 1274 •123 130
Do pref
200
*114 115 *114 116 *114 115 *11414 115
100 10614 Feb 18 11634Ju1y 23
8
11414 11414 1143 11458
2114June 19 87 Feb 11
500 United Alloy Steel
•2334 243 *2334 2434 *2334 24
4
No Pa
2334 2334 2434 243
4 2434 25
8418 3.700 'United Drug
8314 8412 84
*81
100 71 May 29 88 Feb 4
82
82
82 82
*81
82 85
100
Do let preferred
4812 *48 4812 *48 4812 4812 4812 *48
*4734 4812 *48
4812
50 484May 3 49 July 1
*216 217 217 21912 21912 21934 21913 22014 21812 2193 216 2184 1,500 United Fruit
100 182 Jan 4 22412 Aug 5
4
10112 10334 10312 10612 104 107% 118,700 U B Cast Iron Pipe & Fdy_ _100 64 Feb 27 1073 Aug 22
100% 10112 10012 10212 98 102
4
Do pref
4
100 817 J11015 9514 Aug 22
9412 944 944 943 *944 95
/
1
*93
9514 1,000
/
1
9412 94 94
05
800 U S Hoff'n Mach Corp_No par 1654Mar 28 24 Aug 2
2118 2114 *21
2114 2112 2112 21
2113 *21% 2112 2118 214
747 771 751 7612 7314 7512 42,000 U S Industrial Alcohol
/
4
100 6118May 20 835* Jan 31
7314 75
73% 73
/ 734 74
1
4
/
4
Do pref
100 98 Jan 3 1033 Feb 7
*100 105 *100 105 *100 105 *103 105 •103 105 *103 105
4
3,500 US Realty & Improv't_-100 90 June 9 10734 Feb 13
09
3
98 9913 99 10034 100 100 4 10014 100% 9915 9914 *97
Preferred
100
100 June 9 109 Feb 13
•104 10412 103 103 *10312 105 *10312 105 •10312 105 *10312 105
100 221211,18,1 22 42% Jan 12
,
32% 34
3
3713 3814 36% 37% 353 3612 49,400 United States Rubber
4
3414 363
4 363 377
Do let preferred
100 6612May 28 943 Jan 10
8914 8912 89
863 8818 8812 8934 89 90
8912 8812 88% 8,400
8
4
343 15,800 LY S Smelting, Ref & Min_ 50 1812Mar 26 38 Aug 19
4
311 32% 3334 34% 35
/
4
36
3412 35 3 33
353* 36
3
Do pref
700
45 45
50 3713 Mar 22 4618July 21
45
*4314 4514 45 45
4512 45 4512 *4434 4512
10914 110
1095* 11078 110 1113 109% 111% 108 110% 372,900 United States Steel Corp-I00 9414June 6 11134 Aug 20
10978 111
4
Do pref
100 11838 Feb 1 123 July 23
121% 12118 121% 121% 12128 12218 12133 1218* 12112 12112 1214 12112 1,300
81
10 64 Jan 18 8134July 29
4 3,1001 Utah Copper
81
81
4
793 803
7934 80
8114 80 80
81
3
803
100 we Jan 4 3214 Aug 20
30% 32 43,900' Utah Securities
315 3212 3014 32
8
19% 293
8
4 2913 30% 297 32
NO par 1918June 9 3312 Feb 11
• 24
2414 23% 2414 2138 2414 24 2514 2414 24% 24% 25% 8,100 Vanadium Corp
/
4
34June 10 103 Jan 11
134 11
100
2
2
2
13
4 13
2
4 1,300 Virginia-Carolina Chem..
13
4 2
4
134 13
4
400
Do pref
812
212June 9 3434 Jan 2
100
5
5
3
514
512 .8
512
512
512
512
*514 512
600 Vlvaudou(V)
54 512
No par
434July 12 1514 Jan 10
513 512
*512 57
8 *512 57
514 5%
*53
4 6
14% 14% 1,500 Waldorf System
No par 14 Apr 29 1718July 14
1412 1433 *1414 143
*1514 1534 1473 1513 1433 143
4
1514 1514 15
1534 1534 1618 1534 164 15% 15% 1518 15% 3,800 Weber & Hellbroner_No per 1434 Jan 31 101k Mat 15
677 Wells Fargo Express
50 3514 Jan 19 4334 Aug 11
4212 415 42
413 413
*42 43 *42
4
4 4112 4112 *4113 42
115 11612 *114 11518 11312 11418 3,560 Western Union Telegraph.100 105 May 1 118 Aug 19
11434 11434 11312 11434 1135 118
8
400 Westinghouse Air Brake..
.50 84 Jan 2 9634 Jan 28
93 93
93 93
9358 *9318 94
93
*9234 94 *93
94
/
1
3
6333 638 633 6334 6314 8312 634 6312 8,000 Westinghouse Elec & Mfg- 50 5514May 15 65 Jan 22
63% 64
63 8 64
7
1,100 White Eagle 011 •
24
24
No par 2314May 12 224 Feb 6
2373 23% 24
237 23% 237 23% 237 23% 24
3
8
50 504 Apr 11 06 Aug 20
6334 6514 6212 64 61,000 White Motor
6353 66
5934 6034 80% 623
5934 Ws
4
11 114 4,400 Wickwire Spencer Steel
/
4
118 114
5
1
11 11*
/
4
1
11 113
/
4
1
5 Jan 11
/
1
4
4May 19
118
7
25
6%May 17 1414 Jan 16
83
4 8 2 13,300 Willys-Overland (The)
7
83
4 914
834 87
8
/ 88
1
4
812 838
834 934
6912 7012 10,100
Do pref
7134 6934 71
8918 698 70
100 8114May 16 88 Jan 15
/ 69
1
4
69 69
/ 70
1
4
612 6% 11,300 Wilson & Co Inc
6
/ 73
1
4
8
77
414May 16 28 Jan 9
No par
712 812
8%
712 818
63 7
Woolworth Co(F W)
100 280 Jan 4 345 Mar 24
New w 1
25 724 Apr 10 12014June 30
1135*
-- - 8
1111- 112l2 1137 11214 1137 11114 11233 iii iiii -8,700
- 4
2,500 Worthington P & M
100 2314June 9 314 Jan 9
29
30
2934 3014 2834 2913 29
2912 2934 3014 *2812 30
123
4 1,100 Wright Aeronatuical_No par
/
1
4
958May 15 134 Jan 8
12
123 •12
/ 1234 1212 1212 1214 1215 1234 12 •12
1
4
4
41% 41% 2,500 Wrigley(Wm Jr)
4173 42
No par 35 Apr 22 42 July 28
42 42
42
4113 42 z42
4112 42
5312 5312
600 Yellow Cab Mfg tern ctts_10 4434J une 10 855* Mar 27
5473 55 *54
54 4 5513
3
553* *5313 5512 •5312 55
1,000 Youngstovrn Sheet & T_No par 62 May 5 703 Aug 20
70*693 70
4
70
70
6934 70
701
* 6934 693 *6934 7013
4
•131d and asked price; no sales 00 this day s Ex-dividend.
PER SHARE
Songs for Previous
Yaw 1923.
Lowest
Highest
$ per share $ per ahar
7 July 1234 Ma,
3114 Sept 5214 De;
97 Oct 154 Mar
8
9018 June 99 Feb
53 Sept 934 Feb
504 Oct 86 Feb
114 Oct
614 Apr
9 May 1513 Mar
14 Oct
6 Apr
86 Apr 9812 Dee
41 July 5014 Mal
Aug
1
114 July
1934 Sept
64 July
134 July
14 July
18 Oct
68 Jan
96 Oct
10 July
47 July
10812June
424 Oct
80 Oct
17 Nov
4112 Dec
1104 July
417 July
e
1614 Sept
8212 Aug
994 Oct
2914 July
97 Sept
24 June
89 Dec
80 Jan
8 Oct
404 June
8434 Oct
14 June
47 Jan
114 July
4014 Aug
17 Juno
114 Oct
184 Jan
83 May
6534 June
10612 June
47 Oct
5 Oct
1234 Jan
894 Nov
613 July
22% Dec
16 Sept
8014 Aug
954 Jan
3914 July
3814 Aug
1134 June
88 Oct
6014 Dec
474 July
30% July
11454 Aug
51 June
74 July
594 July
9358 Oct
ID;
24% Dec
695 Apr
154 Jan
355 Jan
13 Feb
45 Jae
6778 Mar
100
Apt
1112 Sept
134 Feb
11414 Jan '
814 Jan
9934 Jan
5818 Mar
514 Apr
134 Mat
6914 Apr
32 Feb
100 Mar
123 Mar
341 Feb
1714 Mar
4818 Mal
104 Feb
99 No
313* Feb
883 Mar
4
96% Mar
s
297 ADC
76 Deo
118 Feb
5514 Feb
23% Dot
3 Feb
354 Dee
1163 Dee
4
928* Feb
115 Nov
1212 Mar
1078 Mar
1914 May
95 May
18 Feb
3458 Mar
395 Mar
994 Feb
35 Mar
63 Dee
70 Dee
2714 Feb
977 Feb
904 J411
1234 Jan
4414 Mar
1184 July
67% Mar
12414 Apr
9414 Mar
1264 Mar
7 Jan
2 Sept
234 Oct
1 June
8 June
345g Nov
5314 July
514 Nov
94 July
334 Jan
463 Aug
4
7612 July
1048 Feb
114 Oct
367g Aug
50 Oct
4 Jan
81 Feb
106 Sept
29 July
7414 Oct
4614 Feb
16214 Jan
20 July
84 June
134 Oct
40 June
9514 June
884 July
974 Aug
30% Oct
763 Oct
4
18% Oct
3838 Dec
8512 July
11618 Aug
5514 Oct
14 Oct
15 Apt
654 Feb
34 Mar
4 Oct
124 Feb
5278 Mar
65 Jan
2414 Feb
144 Mar
45 Mar
7854 Dec
927 Deo
8
11512 Oat
1414 Jan
42 Des
774 Mar
14 Jan
9934 Mar
112 Jan
394 Mar
8534 Feb
49 July
18714 Des
694 Dal
87 Nov'
25 Jan
7314 Mar
101 Mar
106 Max
1084 Mar
64% Mar
105 Jan
433 Mar
s
484 Jan
109% Mar
12314 Jan
7613 Mar
244 Feb
244 JUG`
04 June
17 June
12 Oct
4
143 June
1214 Jan
33 Dec
101% July
76 July
5214 June
20 Oct
45 June
2 Dec
5 June
424 Jan
19 June
1994 Jan
19% Oct
814 Jan
374 Dec
Ws Mar
27 Feb
69 Mai
23 Mar
20 MAY
8
163 Dee
105 Mar
1194 Feb
120 Feb
674 Feb
303 Mar
8
60% Mar
14 Feb
1114 Deo
8334 biee
42 Dar
62
Oct
290
Dec
40's Feb
%
1344 D
40 N
80
isa
927
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest—except for income and defaulted bonds.
BONDS.
N.Y.STOCK EXCHANGE
Week ending Aug. 22.
Pries
Friday
Aug. 22.
Week's
Range or
Last Sale
3
.3
7
0
0 M
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending Aug. 22.
Price
Friday
Aug. 22.
Week's
Range or
Lan Sale
41
E3
rc4
Bangs
Since
Jan. 1
High
Low
High
Bid
Ask Low
High
Ask Low
High No. Low
SO
U. S. Government.
6434
57
6212 12
31995 Q J 624 Sale 62%
ann Arbor 1st g 413
Ifiret Liberty Loan
8412
70
844 13
8334 Sale 83%
1138 1013333 Atl & Birm 30-yr 1515 43 e1933 M
3D 1002333 Sale 1002033 101233 524 98
334% of 1932-1947
90
81
81 Aug'24
3D 10243
8
98,7 1021833 Atl Knoxv & CM Div 45_...1955 MN 88% 90
_ 1021,
32Aug'24
Cony 4% of 1932-1947
1
8912 103
J O 100%
4
983
4
983
3D 102131 Sale 102,733102,132 259 981038 1022133 All Knoxv de Nor isle 5s---1946
Cony 43&% of 1932-1947
91% 94
03 Aug'24
95
All & Chart A List A 4348-1944 33 94
4 9830n 103
,
Zd cony 451% of 1932-1947 3D 101 102 1012032101 41
96 103
10114
9
1st 30-year 55 Series B_-._1044 3, 100% 10112 01
Second Liberty Loan
28
8612 9312
90
8818 Sale 88
MN 1011031 Sale 10110,2101088:
2 981033 1021131 All Coast Line 1st con 48—h1952 M
4% of 1927-1942
8
26 1065 108%
108
193 MN 108 Sale 0714
MN
-year secured 7s
10
,
98 13102
1927-1942
Cony 432% of
6
8614 9312
9214
1964 3D 91 Sale 91
General unified 43413
,
101 33 Sale 1013,1 101142 2610
Third Liberty Loan
81% 87
9
01952 M S 85
8
85% 855
5
85 5
L & N coil gold 4.5
MS
9911,1 102"88
431% 01 1928
7812 14
734 804
1948 33 7712 78% 78
All & Dant lot g 48
,
,
102 33 Sale 102 31 1021033 982
,
Fourth Liberty Loan
68%
85
68 Aug'24
1948 33 66
69
AO
33
981, 103
2d 48
4)2% of 1933-1938
7
8012
68
1949 AO 7612 Sale 7612
78
,
AO 102 31 Sale 102 33 102"33 4846 991033 106 33 All & Yad 1st g guar 48
,
,
4315 1947-1952
Treasury
9612 1004
1941 J J 9715
0015 Aug'24
61930 Q J 105033 Sale 105233 106.00 792 1034 10312 A & N W 1st gug 58
24 consol registered
d1930 Q J
102% 102%
10312 Mar'14
Si °wool coupon
964 10034
10014 675
1925 J J 100 Sale 00
Bait & Ohio prior 3345
2
1023 alar'24
Panama Canal 10-30-yr 28_31936 Q F
96 10014
5
9934 100
99%
8
997
31925 Q
1981 QM
Registered
-937s
100 Aug'23
Panama Canal 3s gold
14
8112 88
229
87
31948 AO 86% Sale 8612
-year gold 40
1st 50
and City Securities.
93% Aug'24
8514
80
85 June'24
31948 Q J
4
7
98 8 1013
Registered
stock-1960 MS
Xs Corp
10115
10118
NY
4
8214 9012
8912 640
1933 MS 8914 Sale 89%
1964 MS 102 102% 102
99% 1021z
-year cony 4)413
10
102
Ms Corporate etock
3
8,634 111
85%
88
83
1966 AO 102.
4
99% 10218
Refund & gen 5s Series A-1995 J o 863 _ _
102% July'24
44s Corporate stock
170 10012 1037
2
0212 103
1929 33 10212
1971 J o 10654 1074 107 July'24
10534 10704
-year fts
10
6348 Corporate stock
4
99% 12
954 99%
10234 1063
P 3ct & M Div lot g 3348-1925 MN 99% Sale 99%
&lie Corporate stock _July 1967 3, 10612 107 10654 Aug'24
554
79
1965 3D 10612 1067 10612 Aug'24
83% 69
103 10612
PLE&W Va Sys ref 411-1941 MN 83% Sale 83
4
Corporate stock
434a
9612 10014
216
100
99%
1983 M S 106% 1063 106% 106%
Southw Div 1st gold 330-1925 33 99% 100
636s Corporate stock
1 10234 106%
6614 70
39
68
68
6712
1959 M N 9914 998 995
94% 99%
Tol & Cm Div lot ref 45 A-1959 33 67
5
4% Corporatestock
5
9918
62
58
62 Aug'24
4
1958 M N 9914
99% Battle Cr & Stur 1st gu 38-1989 J O 603 64
94%
4% Corporate stock
9914
99% 15
91%
3
9012 9312
1957 M N 9914 19- 8 9914
99%
964 9934 Beech Creek 1st gu g 48
1936 33 91% Sale 9178
5
6% Corporatestock
2
86
Feb'24
86
86
8
887
1936 J
Corporate stock reg-_1956 MN
Registered
4
9 % 9814
9814 June'24
4%
104 May'21
1936 J J 96% _ _
2d guar gold 59
106
4
% Corporate stock_ _ _ _1957 NI N 166- 166- 106
1 10312 10618
/714 7704
_ 77% May'24
102% 106 Beech Cr Ext 1st g 343---51951 AO 7512
MS% Corporate stock_ _ —1957 MN 106 10618 106 Aug'24
80% 84%
84% Aug'24
1944 3D 83% 85
8512 90% Big Sandy 181 48
Corporate etock-1954 MN
34%
90% Aug'24
FA 68% 69
6912
61
6812
1961 M
5
68 4 12
-48
B & N Y Air Line 1st 4a- --1955
10212 June'23
New York State
8812 92
2
92
92
1961 J
93
Bruns & W let gu gold 4s---1938 J J 92
Canal Improvement 4s
4
1033
4
1033
10 100 103
103
4
Highway Ira prov't 430_1963 MS
Buffalo R & P gen gold 55-.1937 MS 102 1023 103
112%
112%
8812 554
87
9014
1957 MN 8712 Sale 8712
Consol 4345
Highway Improv't 4;is_ _1965 MS
10412 Apr'23
95% 10112
1991 J J
1934 AO 100 101 100 Aug'24
_
7114 Oct'23
Burl C R & Nor let Ss
Virginia 2-38
Foreign Government.
97% 102
101
16
1927 FA 102% Sale 10212 1023
3
4 99 100% 102% Canada freu cons gu A 55-1962 AO 100 4 10112 10034
Argentine(Govt)75
•S 8012 82
1154 71 111 11554
84 Canadian North deb s I 75.-1940 J O 11538 Sale 11514
78
argentine Treasury 55.£ —1945
8112 12
81
4 36 110% 11534
1946• J 1155 Sale 11512 1153
8912 94,
4
-year sI deb 034e
Temporary s f g as Ser A _ -1957 Ni S 9312 Sale 9312
94
25
451
7854 8264
118
81
1043 ID 9512 Sale 95
4
854 98 Canadian Pac Ry deb 48 stock_ _ J J 8078 Sale 803
Austrian (Govt) s f 7s
9714 258
9144
90
i
75
%
4 5
753 7 38 9154
92 _ _ __ 75 Feb'24
97 110% Carb & Shaw let gold 48-- —1932 M
11012 145
Belgium 25-yr ext of 7)488_1945 3D 109 Sale 109
8
707 79%
Jan 1925 33 1007g Sale 1003
96% 101
1949 33 7813
4
Caro Cent 1st con g 45
1007
-year 6% notes
83
5
4 68
9258 99%
993
1941 FA 10712 Sale 1073
97 109 Caro Clinch &0let 3-yr 55-1938 3D 9912 Sale 9814
8
-year 5 f Ss
108
20
78
96 105 4
4
3
1053 268
1945 MN 110 11012 110
1952 J O 1051 Sale 1023
Bergen (Norway) s 180
11004
613
7 108 11034
_
8238
81
822, Aug'24
1945 MN 111 Sale 111
84
1981 3D 83
11112 15 108 112 Cart & Ad Ist gu g 411
Berne (City of) 51130
7514
3D 75
67
_
7512 75 July'24
94 Cent Branch 13 P let g 43-1948
85
932 359
/
Bolivia (Republic of) 138— -1947 MN
93 Sale 9258
I
65
% 66
60
9014 217
71% 91 Cent New Eng let gu 40....196l 3, 65 Sale 65
Bordeaux (City of) 15-yr 68-1934 Ni N 883 Sale 8812
4
971%
96
1941 3D 96 Sale 96
9912 Central Ohio 4548 1930
91
1930 MS
Brazil. U 8external 88
98
152
2
Y: 4
99 1014
1952 3D 823 Sale 82
67358
100 4 AugJuly'244
76
88 Central of Ga 1st gold 55-51945 FA 100%
5
84
78 (Central fly)
4
45
9514 10012
9918 15
1945 MN 9914 Sale 994
94 103
730(Coffee occur) £(flat) 1952 AO 102 Sale 102
102
Consol gold 55
6
7
June 1929 3D 10312 Sale 10338 103 8 24 100 104
99% 10112
Canada(Dominion of) 50-1926 A 0 1014 10112 10115
10118
-year faecur 631
10
8
7812 83%
1931 AG 1013 Sale 10014 1012
81% Aug'24
9912 10212
4
15e
Chatt Div pur money g 48-1951 J D
24
95% 97%
1929 FA 104 Sale 10318
972 July'24 --__
10034 104
let g 58-1946 J J 98 100
104
10-year 5348
Mae & Nor Div
30
.▪ t 9414 ____ 94 July'23
1952 MN 102% Sale 1023
994 10312
1947
4
55
103
Mid Ga & Atl Div 55
100
4
1846 33 98% ____ 99 July'24 --__ -6i- 992
Chile (Republic) ext s I 14-1941 FA 10512 Sale 105
106
Mobile Division 50
43 102 10912
s
917 98
1926 A0 1033 Sale 10312 104
6
98
4
External 5-year B f 8s
65 10238 104 Cent RR & B of Ga coil g 55-1937 MN 9612 9712 972
3
1942 St N 973 Sale 973
27 103 4 10714
1071
4
99 Central of NJ gen gold 55-1987 33 106 Sale 106
94
4
20-yr ext 75
99
142
1946 MN 1055 106 1053
1
2 102% 1057
4
31987 Q J 1043 Sale 10434 1043
-year at 88
25
8
10614 36 102 10714
Registered
8
893
D 46
85
8 17
877
3914 4712 Cent Pac lst ref gu g 45
Chinese (Hukuang Ry) 58_1951
1949 FA 8714 8814 874
4712 18
4712 47
95%
91
1945 AC 11018 11012 110
3
95 s 94
Clniatiania (City) e I 85
31929 3D 953 Sale 9514
11012 11 107 11012
Mtge guar gold 3345
2
817 8834
7
8
84%
Colombia (Republic) 6348-1927 AC 997 Sale 9912 100
3
94 4 100
Through St L 1st gu 48---1954 AO 8452 Sale 842,
36
s
1154 1153
-year s f 5348_1944 ii 95 Sale 95
874 964 Charleston & Savannah 75-1936 33 11618 ____ 1152, Feb'24
Copenhagen 25
9614 156
8
1944 Ml- 95
97 1017
10012 18
93% 9612 Ches & Ohio fund & impt 50-1929 J J 10014 ____ 10058
Cuba 55 of 1904
9512 95
9512
2
9312 14
99% 103
89
10112 24
9312
1939 MN 10114 Sale 100
Etter debt 581914 Ser A.._1949 FA
93 ---_ 93
let consol gold fis
1949 FA
98 10014
_
8712 8812 8712
1939 MN 10012 ____ 10014 July'24
External loan 4345
94 8734
7
873
Registered
25
1953 1
8
993 Sale 9618
8414 90
9112 97%
884 72
1992 MS 8814 Sale 88
5)4s
63
9 4 345
General gold 4348
8
835 85
94 1013
_
Osechoeloyak (Repub of) 85-1951 AG 100 Sale 100
1992 MS 84% 86
4
10134 123
Registered
10612 10912
884 9612
-1957 Sale 957; I6 8192
109
convertible 4345--1930 FA
Danish Con Municlp 88"A 1946 FA 109 Sale 108
-year
27
20
1946 FA 10812 1094 10812 10902
8
887 103
4
Series 13 a I 88
8
1007 128
7 106% 10912
30-year cony secured 58_--1946 AO 9834 Sale 983
92% 975
4 14
4.
973
11012 39 10714 111
Denmark external B f 8s___1945 AO 11012 Sale 110
0
194 J J 975 Sale 96
8
Craig Valley let g 6
1942 ii 1003 Sale 10012 101
8212
9314 101
78
80 July'24 - _
82
4
-year 69
20
193
Potts Creek Branch 1st 45_1946 3, 80
102
7934 83%
4
Dominican Rep Con Adm et 5555 F A 102 10212 102
2 100 10212
R d3 A Div let con g 48---1989 33 833 ____ 83 July'24
76
85% 92
9112 91
92
88%
2
4
793
Custom Administr 5)0_1942 MS 91
793
1989 J
7412 12
2d consol gold 45
92% 97%
95
95
97
9614 Sale 9614
Dutch East Indies ext 68-1947 1
106
Warm Springs V let g 58-1941 MS 955 984 95 July'24 1962 MS 96 Sale 953
9602 119
92% 99% Chic & Alton RR ref g 35_ 1949 AO 62
8
637
4
58
10
62 3
6314 62
40-year 65
1953 MS 9015 Sale 90
8512 91
91
23 July'23
5345
Trust Co olio
External
203
New York
4
MS 9014 Sale 892
1 -Li- 162
855 9214
60
60 Sale 60
9018 421
Deposit receipts
Stamped April 1923 Interest -_
.1945 M S 107 Sale 10612 10
5312 60
9212 109
60 July'24
65
60
French Repub 25-yr ext 85.
84 631
Stamped Oct 1923 Interest_ _
3
30 4 44
4312 2
05
9012 10514
10412 405
20-yr external loan 734s.._1941 Jr 102% Sale 1023
Railway first lien 3348...,..1950 33 427 Sale 42
1945 M S 89 Sale 89
785 8312
8512 9112 Chic Burl & Q—III Div 3345-1949 33 81 Sale 81
8
81
2
90
Finland (Rep) ext tlet
41
9112
86
9858 1054
16
90
4
1949 33 89 Sale 89
Division 45
ut Brit & Bel(UK of) 510-1937 FA 1043 Sale 10412 105% 158
Illinois
1929 FA 11014 Sale 110
994 17
9612 994
4
-year cony 5343
10
4 87 10612 1113
1115
Nebraska Extension 45-1927 MN 9914 99% 9914
1952 MN
8
927 116
96 Mar'23
1927 MN
9154 Sale 9112
Greater Prague 7348
764 9312
Registered
1952 AO 9014 Sale 90
51 -al 91
89
88% 92
91
1958 MB 8814 ____ 8814
Haiti (Republic) 66
14
General 45
k
967 10154
10114 170
s
1971 FA 10012 ____ 1003
Hungary (Kingd of) at 7348w I'44 FA 8814 Sale 88
8912 460
8912
87
lot & ref 5a
49
554
101
5112 524 Aug'24
9812 101
Italy (KIngd 00 Ser A 63.0..1925 FA 10012 101 10018
13
Conn Rys 55...-1927 AG 47
Chic City &
9712 Sale 9712
2
1044 1057
92% 97% Chicago & East III lot 65_1934 AG 10615 10712 1057 July'24
977
Japanese Govt—e loan 4345-1925 FA
83
9712 24
1925 33 9712 Sale 9712
6912 7812
7212 135
Second series 4348 £
7112 Sale 71
91% 9812 C & E III RR(new co) gen 515.1951 MN
MN
1931 J 3 83% Sale 8214
91% 9914
84
9914 35
Sterling loan 48
9914 Sale 9812
8
755 84 Chic & Erie 1s1 gold 53----1982
296
1954 FA 9218 Sale 923
5712
50
177
56
8
Temporary s fg 634
92 4 676
884 93 Chicago Great West lot 4s 1959 St S 55 Sale 5412
2 105% 110
8712 Sale 8714
109%
8
Oriental Development 631_1953 M
8815 130
91 Chic Ind At Loulay—Ref60-1947 33 10712 ____ 1093
81
72% 91
631_1934 MN 8818 Sale 8812
3
95 8 99%
9812 July'24
,
90 4 178
1947 J J 9914 100
Lyons (City of) 15-year
Refunding gold 58
857 Aug'24
8
81% 857
72% 91
Marseilles (City of) 15-yr 62.1934 MN 8814 Sale 884
87
9004 231
Refunding 4s Series C----1947 33 85
8112 87
29 Mar'24
11
87
Mexican Irrigation 4;ie.__ _1943 hi N
87 Sale 8512
1966 MN
274 40
General 55 A
40
5112
20
1945 Q J 35
40
10112 30, 9512 10212
-58 of 1899 £
45
Mexico
5
c1966 J J 10018 Sale 100
General Os B
1954 3D 21
71
99%
_ _ - 20 Aug'24
Gold debt 45 of 1904
30
18
Ind & Louisville lot gu 45-1956
8514 93 Chic Ind & Sou 50-year 45_ _1956 .
1952 3D 9012 Sale 90
824 88
Montevideo 75
9112 17
5
6
6
7 2 7
75
854 86102 8 % July'
J
24
81% 92
1
92
Netherlands 65(flat prices)_ _1972 M
D 92
92
93
4
893 10012 Chic L S & East lot 4345...1969
100 Sale 9912 1004 258
4
491 6034
g 71
1940 AO 11218 Sale 1121s
Norway external s f Fa
567
4 90 109 113 C M & Puget Sd 1st gu 4s__-1949
55% Sale 551
1123
4
924 99 Ch M & St P gen g 48 Ser A-e1989 J. 3 7312 Sale 7312
14
1952 AO 9754 Sale 9712
7418 31
30-yr extl 65
9815 136
704 75
61% 654
,
985 179
4
7
1943 FA 973 Sale 97%
2
20-yr esti 613
843
9112 98%
34s Ser 13_21989 J. 3 6414 Sale 6414
General gold
84
100
78
954 100
8318 12
9912 9914
Panama (Rep) 53413 tr rect5_1953 3D 99
172
J
General 4)41 Series C_ _ _ _4989 . 3 81 Sale 81
99
4
495 8512
92
98
5812 390
DO 5312 Sale 5314
7
Porto Alegre(City of) 88_ _.196l J o 9612 Sale 964
Gen & ref Series A 4)48 a21092145
10912 42 104% 10902
624
54
6112 172
Queensland (State) este f 7e 1941 AO 109 Sale 109
r
60 Sale 58
Gen ref cony Ser B 5s—a2014 . A
5412 gg
9912 103%
1947 FA 10218 Salo 102%
6312 665
10312 61
-year 6s
25
1932
6114 Sale 59
Convertible 4348
98
99
92
84 2250
68% 867
9712
1
98
17
1946 AO 97
Rio Grande do Sul 8s
82 Sale 8012
48
96
4912 60%
87% 99%
25
.
574 _29_8_
Rio de Janeiro 25-yr s f 80.1948 AO 94 Sale 94
3
J
1934. 3 5514 Bale 53 4
25-year debenture 45
97%
96 100
87
5
4
993
9504 18
1947 AO 94 Sale 94
25-yr cell 8s
993 991
98
Chic & Mo Riv Div 58-1926
8
96% 99%
3
e 19 100 1027 Chic & N'west Est 431._1886-1926 L
1027
2
993
. 1948 33 10254 Sale 102
El Salvador (Rep) 88
4
9914 993 9914
9814 24
9884
904 10212
'4
96
72
5
_ 8
1952 itt N 98 Sale 97
743 7 14
Sao Paulo (City) of 89
1886-1926 r
8
7
93% _ _ _ 4 9 3 A ug538
4 10012 75
69% 76
94 103
San Paulo(State) ext a I 8s 1936 33 10014 Sale 993
1987 M N
General gold 3348
97%
79
68% 70%
9704 364
3 95 Sale 95
'
1942
51987 Q F
Seine (France) ext 75
Registered
8 4
9012 489
4
5 8 18
72
8 12 6858 jan.4214 19
813
4 9012
63
1987 MN
Serbs. Croats & Slovenes 88_1962 MN 89% Sale 874
80 8
General 413
8812 99 " 89
79% 86
_
Aug'24
1936 St N 88 Sale 8718
1987 MN
Solesons(City) Os
%
Stamped 45
10418 70 101% 105,4
95 10514
15
1939 3D 10412 Sale 104
- -12
-year 65
1987 MN 103E8 164 1086378
Sweden 20
General 59 stamped
8 46 111% 118
1167
99 1044
11612 Sale 115
1879-1929 AO 10378 ____ 104 June'24
.11
Swiss Conteder'n 20-yr s 185 1940 ..1
Sinking fund 65
8
98% 643
944 985
96% 100%
9718 14
1879-1929 AO 9738 Sale 975
8
Switzerland Govt ext 5128 1946 AO 9814 Sale 972
Sinking fund 58
66
2
96 10412
34
1879-1929 AO 98-- 10412 10412
MS 66 Sale 65%
694 66
Tokyo City 5s loan 011912
Registered
97% 102
1064 26 102 107
16
1933 MN 100 11. 10012 101
056
Uruguay (Repubile) ext 85..1946 FA 105 Sale 105
4 111
9814 107
9 10912 112% Sinking fund deb
12
1933 MN 100... 1004 Aug'24
1945 A 0 11054 Sale 1103
Zurich (City of) s f 88
Registered
10818 13 1041 1083
2
4
8
1930 3D 10714 1084 1077
Railroad.
-year secured leg
10
MS
11014 14 10512 11212
Ala Ot Sou let cons A 51___ _1943 3D 10014 -- 0012 Aug'24
54
9 3 10012
-year secured 834s g_ _ _ _1936 J J 110 Sale 110
I5
101
01
983 101
4
4
4
781 84
2 42
835
1928 NI N 1003 102
Ala Mid lot guar gold 56
4
Chic RI& P—Railway gen 4a1988• 3 823 Sale 823
83
83
79
1
10
8112
2
767 8112
1946 A 0 82 Sale 82
8112 81% 8112
Mb & Susq cony 3349
Registered
84 June'24
4
73% 83
.....1998 AO 833
4
813 359
1934 AO 81 Sale 808
84
80
Alleg & West lst g 48 gu.
Refunding gold 48
9214 15
4
88 4 9214 chie sr L & N 0 gold 5s
3
99 101%
1942 MS 9138 923 91%
1951 3D 10078 105 1014 July'24
&Beg Val gen guar a 48
3D
90
131
9558 May'23
AVM Top AS Fe—Gen g 48_1995 AO 8812 Sale 8812
91
86
Registered
8312
8214
77 W31995 Nov 824 90
4
1951 • D 7712 ____ 77 Feb'24
Adjustment gold 48
7802 85
Gold 3345
J O
4 42
823
31995 Nov 8214 Sale 82
97%
2
973 Aug'24
94
Stamped
4 85
79
Joint lot ref 55 Series A_ 1963 3D
8312 Sale 8312
84
82% 85
1955 3D
4
14 964
95
9512 June'24
1963
Cony gold 48 1909
Do Series B
83%
3
8112 85
1955 3D 8118 8414 83 4
2
8314 14
8512 83
Cosy 45 1905
80% 85
lot g 48--..-1951 30 83
Memphis Div
82% Aug'24
1060 3D 8314 84
Cony 48 Issue 01 1910
99%- 10012 June'24 _
81% 83 C St LAP lot cons g 55-1932
2
997 10012
9914 10
_1928 M
,
99 4 -- -- 994
-8
East Ohio Div 1st g
105
16 1014 106
9512 9912 Chic St PM &O cone 6&_.l930 3D 104% 10518 1047
8512 85
85
5
Mtn Div let 48_ _ _1965 33 84
80
_ 734 Aug'24
_
Rocky
8512
7312 89%
Cone Os reduced to 330--1930 3D 7214
2
877 8614
8654 13
•S 967 Sale 96%
Train-Con Short L let 48_1958 33 86
1930
975
4 23
934 974
834 88%
Debenture 58
93
9312 14
Cal-Ariz lat& ref 434,"A"1962 MS 89% 94
90% 94 Chic TB & So East let 5s...1960 J O 80 Sale 794
80
39
77% 82
'No price Friday;latest bid and asked. 11$5=1. a Due Jan. dDue April. e UMaY. oDue June. hDue July. kDue Aug. oDue Oct. pDue Nov. oDue Dec. sOotio n Sale.
--_-
____
--.
928
New York Bond Record—Continued—Page 2
a
BONDS
N.Y.STOCK EXCHANGE
Week ending Aug. 22.
Price
Friday
Aug. 22.
Week's
Range or
Last Sale
al'ca
High NC.
Bid
Ask Lois
u
Chte Un Stain let gu 4s A_1963 1
12
92 Sale
19
Si B
1963 Si 1007 Sale 10078 10214
8
91
1st Series C 630
1963 ii 11814 Sale 1177
11814 15
Chic & West Ind gen g 68.. e1932 1351 104%
_ 10512 Aug'24 ---Como!50
-year 4s
1952 3 .1 7614 Sale 7614
7818 115
15-year 5 f 7s
4
1935 M S 1033 Sale 10334
4
104
N 9812 Sale 9812
Choc Okla & Gulf cons 55
2
1952
9812
MN
0Find &Ft W 1st gu 45 g
1923
_ 88 Mar'17 Cin H & D 2d gold 41is
1937'Ii 9234 9412 92 Aug'17 -0I St L & C let g 4s
11936 Q F 89
_ 8914 June'24 -9314 87 Dec'23
Registered
11936 Q F _
OlnLeb&Norgu4sg
-8
1942 MN ai3 9812 87 Apr'24
' 98% __
3
Cin S dr CI cons lat g 5s
1928
99 July'24 ---_ 93 Mar'23 -Clear(& Mali 1st gu g 5s19433) 9714
Cleve CM Ch & St L gen 45_1993 J D 8212 Si 8212
823
4
' 97% 98
3
-year deb 431s
20
1931
975
9734 40
General 55 Series B
1993 J D 102% 103 104 Aug'24 - J J 1033 Sale 10314
Ref 5c Mint es Series A
1929
8
10334 73
Os C
1941 .1 J 105 10512 103% Aug'24
' 8814 02
3
Cabo Div let gold 49
1939
Gin W & NI Div 1st g 4s 1991 S i 80
80% 8 4 SalY.24
80
%
0
8
St L Div 1st coll tr g g 48_1990• N 8218 83% 8214
833s 11
Syr & Col Div 1st g 45
1940 51 S 873 9112 8612 Mar'24 -4
W W Vol Div 1st g 45
1940 S i 867
2
2
4
8
_ 1086,78
OCC&Igenconsges
1934 J J 10918
Aug'
Clay Lor & W con lit g 5s 1933 AO 99%
-_ 10018 July'24
N 06
7
CI & Mar 1st gu g 4
1935
96%
96%
Cleve & Mahon Vail g 5s
1938• J 98% ____ 99 Aug'24
'
3
CI & P gen gu 4,10 Ser A
1942
91 Mar'24 -Series B
1942 AO 961g ____ 8412 Aug'24 -- - lot reduced to 33-49_..,1942 AO 8218
7612 Feb'12 -Series C 330
_ _ 90:: De9 17 ---2
' 8
c6,
1948 MN
7
6
Series D 3310
803s- - 8418 Aug'24 - - - 1950 FA 83
8412
Cleve Shor Line 1st gu 410_1961 AO 0618 Sale
Cleve Union Term 5
10
_ 1972 AO 1043 105 1044 105
4
es(w1)
1973 AO 9912 Sale 9912 10018 106
CORI River Ry let gu 4s
1945 J D 834 84
/
1
84 Aug'24
Colorado &South 1st g 45
1929 FA 9734 98
973
4
973
4
N 88
Refunding & exten 4542 1935
883 88 4
4
,
8812 11
CO1 & H V 1st ext g 48
1948 AO 85% 87
8
863 July'24
FA 84
Col & To! 1st ext 48
90
1955
83% June'24
Cuba RR let 50-year 5s 6-19525, 84 Sale 83%
8412 20
6
10112
let ref 71ti
1936 S D 101 102 101
Day dt Mica let cons 43is__ _1931
Del & Hudson 1st & ref 4s__
MN
A o
20
-Year cony 58
15
-year 5145
1937 MN
10
-year secured 78
1930
D
D RR Jr Bdge 1st gu 48 g_ —1936 F A
Deli & R Gr—lst cons g 45._1936
Consol gold 43 s1936
6
3
Improvement gold 58
1928 D
1st & refunding 55
1955 F A
do Registered
Farmers L&Tr rcts Aug '55. --- Bankers Tr etre of dep
do Stamped
Am Ex Nat Bk Feb '22 etni_
do Aug 1922 ars
Des M & Ft D 1st gu 49_ __ _1935
Des Plaines Val 1st gu 410_1947 M S
Det & Mack—lst lien g 4s1995
D
Gold 49
1995
D
Dot Rlv Tun 43.65
Do! Missabe &Nor gen 55— 1961
941
Do!& Iron Range 1st 5s
1937 A 0
Registered
1937 A 0
DM Sou Shore dr Atl g 59._1037
N,
94% ____
8812 Sale
9034 Sale
101 Sale
109% 110
9212
78% Sale
82 Sale•
8914 Sale
4312 Sale
4
933 June'24
8812
8812
993
4 10011
10114
101
110
109%
02 June'24
7818
7812
82
82 12
99 4 :
, ,2
89
4313
< 2'
1
42
4212
4212
Aug'24
4
403
40 July'24
3812 June'24
4014 42
42
41
9212 94
9314 Sept'12
70
7014 70
7018
65
68
68 May'24
9114 917 92% Aug'24
8
1003 -- 10012 June'24
4
10012 101 1003
4
4 1003
9814 _ _ _ _ 927 July'23
83% Sale 833
833
4
4
42 Sale
41% 4212
4214
45
27
95
16
4
36
10
7
20
5
—15
10
IS Minn Nor Div 1st g 48
1948 A
8914 88% June'24
89
IC Tenn reorg ilen g 59
1938 M S 96% Sale 96%
90%
E T Va GaaDly g 5s
1930
" 8 __
997
9912 Aug'24
Cons 1st gold:Its
1956 MN 997 Sale 99%
8
1003
4 15
N 100 Sale
Elgin Joliet dr Eller g 5s 1941 M
100
100
189
Erie 1st consol go. .7s ext_ _1930 M S 1083 Sale 108%
4
109% 95
let cons g 4s prior
1996
7118 Sale 703
4
717
3
Registered
1996
"
34 , 2
6
gife- 641 June'24 -; 25
1st consol gen lien g 4s 1996
Registered
1996
59 July'24 15
Penn coil trust gold 45.1951 F A
953 Sale 95
159
-year cony 4s Ser A._ 1 953 A ° 6518 Sale 55
50
, A0
5
66
95
do Series B
6912 276
65 Sale 65
Gen cony 4s Series D
14
1053 A
6914 Sale 6914
70
5
Erie & Jersey lets f es
1955
10012 10112 101% 1013
4
Erie & Pitts gu g 3SO B
1940
85 Aug'24
84
86
Series C
85 Aug'24
1940
Evans & T
lst gen g 5s__ _1942 A
22
2
3
Sul Co Branch 1st g 59._ -1030 A
-_-_-_-_ -_-_-__- 8912 A Pr
7
8
Ap :
Fargo & Sou 6s
1924
9914 Oct'23
3
Fla Cent & Pen let ext g 56-1930
3 083
4
98 June'24
Consol gold 58
973 982.8 9712 Aug'24
8
1943
Florida E Coast 1st 4368
1959
D 9218 94 94 Aug'24 12
Fonda J & Glov 430
1952 M
6712
65 Sale 55
Fort St U D Co 1st g 4}5s 1941
8712 Aug'24
Ft W & Den C 1st g 35Cs_ _1981
0 104% _- 104% Aug'24 --ai
,3
Ft Worth& Rio Gr 1st g 4s 1928
94
93 Sale
Frem Elk & Mo V 1st 6e
1933 A 0 107 -- - 107 July'24
GH&SAM &Plat 5s
1931 MN 100 Sale 1,00314
1,03012
gd exten 58 guar
1931 5
100 _ _ _ 993 Aug'24
4
Galv Hous & Bend 1st 58-1033 A 0 9314 Sale
3
Genesee River 1st 5 f es_ _ 1957
100
9912 100 100
Ga & Ala Ry 1st con 5s_._ _01945 5 J
02 Aug'24 11
Ga Car dr No 1st gu g 5s
1929 J
l0
99
- - 65 4
993
Gs Midland 1st 314
1946 A 0 6418 65
July'24
Gila V G & N 1st gu g 5s_
1924 M N 100
'4
12
- - 10538 Jul:534
10
9812
Gou & Oswegatch 55
_
98% Feb•24
)
1811 - 11 94
9612 9412
Or H & I ex lst gu g 4;is
25
Grand Trunk of Can deb 76_1940 A 0 115 2 Sale
,
147
15
-year f es
1043
06314
0 3
106% Sale
, 4
Grays Point Ter 58
,
1947 3 13 863 -- 109 Apr'
807 74
4
8112
Great Nor gen 75 Series A...1936 51'1
1936
4
109, Sale 10018
1st Ac ref 43je Series A_1961
89 Sale
Regtstered
1961 J
—56
5345 Series B
1952 J J 1004 Sale
.1'41101'2132
Green Bay & W deb ctfs "A"____ Feb 66
0 July'24
17012 1114 15
Feb
:
9
10
Debentures ctfs "B"
11
Greenbrier Ry 1st gu g 4s_ _ _1940 M N 83 ---- 8412 Oct'23
%
8
Gulf &13 I 1st ref t 5s_ _81952 J J 913 94
913
8
918
8
Harlem R & Pt Chet] let 48..1954 M N 813 82
83 Aug'24 17
Hocking Vol 1st cons g 43.45.1999
881 Sale 8814
/
4
8914
83 May'24
Registered
1999
9912 -___ 99 June'24 13
1937
H&TC1stg5sIntgu
9612 Sale 9612
Houston Belt & Term 1st 59_1937
9612
997
4
Roils E & W T 1st g 58
1933 MN 993
997
8
1g33 MN 9934 -- -- 9318 JulY'23
1st guar 58 red
41
Houeatonic Ry cons g 55_ __ _1937 MN 9 4 ---- 94 Aug'24 -128
Bud & Slanhat Is Series A_ _1957 F A 8714 Sale 863
8738 83
4
673
Adjust income 5s
4
667 Sale 66%
Illinois Central 1st gold 42_1957
1951
9118 ---- 9012 July'24
89 July'24
Registered
1951 J 3 __-8214 Sale 82%
8214
let gold 3545
1951 J
Oct'20
Reglatered
1951 1 3
80
Extended 1st gold 3349-1951 A 0
811
/
4
81%
A 0
8012 June'24
51 June'24
52
66
1st gold 3s sterling
7
8718
Collateral trust gold 4s
Registered9 32 M S 87 Sale 87
195 11 M
1195
9338 Sept'19
Registered
1952 A 0
let refunding 4s
8938
8
195 5 N 881 893 89
/
4
1
1
°
Ran go
Since
Jan, 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending Aug. 22.
„
Price
Friday
Aug. 22.
53
33,
High Illinois Central (Concluded)—
Low
High No
Ask Low
Bid
Purchased lines 33-4s
8
893 9212
1952 J J 8114 8514 81 July'24
Collateral trust gold 4a
97 101%
1953 MN 8312 Sale 8312
8414 84
114% 11814
Registered
1953 MN
8018 May'24
10434 10518
Refunding 55
1955 MN 10338 Sale 0338 1037
s 44
7113 7814
15-year secured 5.145
' 10218 103
S
1934
03
1033
s 19
101% 104%
15-year secured 6349 g_1936 J .1 1103 111
1034 Aug'24
4
94
Cairo Bridge gold 48
0912
1950 J O 8612 88
8618 June'24
Litchfield Div 1st gold 39_1951
' 70%
S
70 Apr'24
Loulsv Div & Term g 3348 1053 S i 78% --- - 79 Aug'24
8811 9412
797
s
Omaha Div 1st gold 35_ _ _1951 FA 71% 717 72 July'24
82% 89%
8
St Louis Div & Term g 38_1951 S i 69% 7212 7012 July'24
Gold 335s
86 if1931 S i 82
82 July'24
Wilts 9973 Springfield Div 1st g 3359_1951 3 7818 8214 82 July'24
'
8112
Western Lines 1st g 49_1951 P A 863 88
87 July'24
4
7853 84
Registered
1951 P A
85 May'24
8214 973 Ind B itr W 1st pref 48
4
1940 AO -96;
8
96 Mar'16
97% 10414 Ind Ill & Iowa 1st g 4s
1950 J J 8538 66 87% Aug'24
10012 104 Ind Union Ry B. A
1965 J J 9914 no
5
9914
9914
1013 10714 lot & Great Nor adjust 68_ _1952 S i 5514 Sale 54
8
5512 977
86% 8914
1st mortgagees certifIcates1952 J
99% Sale 993
86
4 100
77
8914 Iowa Central let gold 5s_ __ _1938 J D 6218 6312 6312
1
6312
7812 83 s
3
Refunding gold 4s
S 18
1951
183 1814 Aug'24
4
8512 8612
87 James Frank & Clear lst 49-1959 J D 86% Sale 85
86
86% 26
103% 109
97% 10012 Ka A & G R lst gu g Se1933 S i 9918
99 July'24 _ _ _ _
8438 96% Kan & NI let gu ir 4s
1990 AO 8014 Sale 8014
8014
3
99
95
26 20
-year 58
1927 J J 1003 10118 10034 Aug'24 --_
4
91
K C Ft S & NI cons g 6s_ _ 1928
91
N 10314 Sale 10314 10314
1
4
8412 943 K C Ft S& M Ry ref g 4s 1936 A0 8014 Sale 8014
804 42
KC&M R & 131st gu 5s1929 A0 975 _ _ _ _ 97 July'24
Kansas City Sou 1st gold 3a-1950 AO 70 Sale 70
70% 13
841s
84
Ref &'mot 58
Apr 1950 J
8914 16
89 Sale 89
9012 973 Kansse City Term 1st 48_ _.1960• J 8312 Sale 8312
4
8438 45
8
1023 108 Kentucky Central gold 49_1987 3' 84% 8614 8618 Aug'24 --_ _
95% 10118 Keok & Des Molnes 1st 59_ _1923 A0 821, 84
83 Aug'24 --_ _
84 Knoxv & Ohio 1st g es
80
1925 Si 1003
10012 Aug'24 --_;
4
923 98
8011 89% Lake Erie & West 1st g 58_1937
993
4 12
'
3 9934 Sale 9934
811s 8638
26 gold 55
2
1941 S i 9312 067 93%
8
9514
81% 83% Lake Shore gold 33•45
10
1997 ii.) 79 Sale 79
79
813 85
Registered
4
1997 J D 7518 77
7712 Aug'24
101 103
Debenture gold 45
1928 53 S 9814 Sale 98%
08% 59
25
-year gold 45
1031 MN 96 Sale 96
967
8 70
9212 943
4
Registered
1931 MN
_ 053 July'24
4
2
833 91
Leh Vol N Y let gu g 43-45_.l1)40 J
:3
95%
9512
91%953 cT
3
92% 100%
Registered
1940 S i 9138
9412 July'24
8
9712 1023 Lehigh Val (Pal cons g 45_2003 MN 9013 81
7
81
81
10611 110
General cons 4.16s
2003 MN 8958 90
29
8934
91
92 Leh V Term Ry 1st gu g 55-1941 A 0 101% 103 102 Aug'24
92
671 7914
/
4
Registered
1941 A0
_ _ 9912 Jan'24
72% 84% Leh Vol RR 10-yr coil esn1928 MS 103 10318 103
99%- 4
10318
8
7912 913 Leh & NY 1st guar gold 48_ -1945 MS
2
_ _ _ 8418
8418
3418 4512 Lea & East 1st 50-yr 58 gu_ _1965 AO 102 104 10212 104
847
_ Little Miami 4s
1962 MN 817
8113 July'24
3414 4412 Long Dock consol g es
1935 A0 10738
107 May'24
341 443 Long had 1st con gold 55_11931 Q J 100
/
4
4
10018 Aug'24
421,
33
1st C01:1110i gold 4s
11931 Q
9212
100% Aug'24
4
37
433
General gold 45
1938 ,JD 88 16
8812 88
88
34% 41
Gold 48
1932 ID
___ 89 July'24
3712 4714
Unified gold 48
1949 MS 87%8312 85
84
6
8412
Debenture gold Is
1934 J D 941
___ 933 July'24
4
6- 71 - 20-year p in deb 55
1937 MN 87% 8812 88 Aug'24
260
68
Guar refunding gold 48_ -.1949 M
84 Sale 84
85
57
8712 9312
Nor Sh B 1st con g gu 55_01932
98 Sale 98
5
08
99% 10012 Louisiana & Ark 1st g 59._ _1927 Q
2
St S 10012 10112 1007
2 1007g
98 100% Lou &Jeff Bilge Co PI g 48-11)45 MS
85
8434 Aug'24
Louisville dr Nashville .5s_.-1937
1
104 104
104
N
76
844
Unified gold 48
1940 S i 91% Sale 903
4
92,
4 39
Registered
1940 S i 871
4
-- 913 July'24
84% 8918
Collateral trust gold 58.. _1931 MM 10212 103 10138 Aug'24
29012 9912
10-year secured 75
1930 MN 10712 Sale 107
1073
4 15
983 100
4
let refunding 53-48
2003 AO 10634 Sale 10612 10714 25
977 10034
8
58 B (when issued)
2003 AO 103% Sale 10312 10418 77
9712 10012
N 0& M 1st gold es
5
1930
104%
' 10434 106 104%
3
8
104% 1093
2d gold 68
1930
'
-- 1(12 June'24
3
513 7438
4
Paducah & Stem Div 48_1946 FA 1023400 July'24
8514 88
6438
el
St Lonis Div 2d gold 313_ _1980 MS 62 Sale 62
6312 15
5312 66
L& N & M & NI 1st g 430 1945 53 S 9418 9514 95 June'24
53
59
L & N South Joint M 48-.1952 S i 83
8318
8312 8318
88% 95%
Registered
Jan'24
11952 Q
7612
-- 77
4,
5 4 6612 Loulav Cin & Lox gold 450.1931 MN 97%
9712
6
97%
54% 6912
Mahon Coal RR 1st 58
593 77
4
9834 Feb'24
1934 1 3 100%
102
8912
Manila RIt(Southern Lines) 1939 MN 5818 16- 5814
5814
85 Manitoba Colonization 58._ _1934 J D 9734 99
82
2
98
98
85 Man G 13 & N W 1st 3358_1941 1 3 81
83
8214 July'24 ----1
Mex Internatil let cons g 45_1977 St $
37 hlar'13
Michigan Central 56
1931 M S 196.78 ____ 1003 July'24
4
Registered
_ 88 Apr'24
1931 @ M 987
8
98
98
45
90 July'24
1040i J 9 18 93
0
93% 9914
Registered
1940 1 ..I 86 4 -- -- 78 Mar'24
,
875 9412
3
J L & S 1st gold 3349
t
1951 M 5 72 4
,
-- 77% Apr'24
70
65
lst gold 3Sis
1052 M N 80
8018
8112
823 8712
8
20
-year debenture 46
1029 A 0
S_a_l_e_ 973
4
41
98
100% 105% Mid of N J 1st ext 59
1940A 0 883 89% 89 Aug'24
4
Milw L S & West Imp g 5s-1929 F A 101
8418 94
_-- 101 Aug'24
10514 107
Ashland Div 1st g 6s__ __ _1925 M S 10014
100 Dec•23
9714
9512 10012
Mich Div let gold 68
923 - - 10012 May'24
4
9611 99% Milw & Nor let ext. 4 As___ _1934 S D 91%
1924 J i
9212
92 2
,
89% 933
4
Cons extended 43-4s
1934 J D 86
94
92 July'24
89 100
Mil Spar & NW let gu 45._1947 M S 8014 87 July'24
8412 92 Milo, & S L lst gu 3lis
8612 May'24
1941 5 i
93% 100
Minn & St Louis 1st 75
1927 J D 10212 6;1e 10212 10212
.
603 65
4
1st consol gold 5s
1934 M N 60% Sale 607
8
17
62
9811 10018
let & refundlng gold 45._.1949 M S 1814 19 4 19
14
,
1914
98
Ref & ext. 50-yr 5s Sec A _ _1962 Q F 16% 17
983
4
16% Aug'24
903 95
s
MStP&SSSIcong4sintgu'38 il 1 8718 Sale 8718
8814 41
110% 1153
4
1st cons 5s
19383 J 99
8
9912 993 Aug'24
10212 107
10
-year coil trust 614s
1931 SI 5 1033 Sale 10314
4
1033
4 34
69 A
1946J 1 9218 95
97% Aug'24
106 1-1- 8
61- 1st Chicago Terms 14s__ _1941 lid N 0218 95 1015 May'24
83
923 SI 0SM &A latg Writ gu-1926 J J 9912 100
4
99%
993
8
1
Mississippi Central 1st 5s
1941) J 1 91
9114 01 July'24
NI IC & Okla 1st guar 58_ _ _ _1942 M N
5934 70
Mo Kan & Tex—Ist gold 48_1990 J D 8018 Sale 80's
82's 32
111 Mo-K-T flit—Fri 55 Ser A_19 2 j 3 85 Sale 85
/
4
7
1,
6 j 3
81
86
40-year 45 Series 13
60% Sale 6912
70
71
81
WI; 10-year es Series C
1932 J J 1093 Sale 10012 101
4
59
7312 8312
Cum adjust Is Ser A Jan-1967 A 0 6318 Sale 63
127
64
83% 90% Missouri Pacific (reorg Co)
83
84
1st & refunding 55 Ser A 1965 F A
8218 Sale 817
.
82% 56
8
97 10014
1st & refunding 5s Ser C 1926 F A 100 Sale 100
10018 21
9014 97
1st & refunding 135 Ser 13._1919 F A
0814 Sale 98
985g 114
95% 99%
1975 NI S 61 Sale 61
General 4s
6214 553
Missouri Pacific
944 95
_
3d 7s extended at 4% — —1933 M N
8412 July'24 ____
803 87% Slob & 13Ir prior lien g 58.-1945 5 i 80%- 1 963
4
9612 98 2
963
8 12
581 6812
/
4
1945 J 1
Mortgage gold 48
76
76
92 Mobile & Ohio new gold 65_ A927 J 0 174 Sal 10478
88
0678 S le
e
1047
8
89
89
,8 m J
1 3
1st extended gold fis._ _ _11927 Q s 102% ___ 10238 Aug'24
78
83 4
,
General gold 49
8412
8412 July'24
__
Montgomery
1st g 58.1947 F A
merylv
p
9712
5
9712
7714 1412
1927 J D _97'1le 997
St
Is
9
92 1cio34
10014 18
-8012 8012 Mob & Ohio coil tr g 4e
1938 Nt S
81%
81%
3
1991 MS 8114
60
61
Moh & Mal let gu g 4s
8012 June'24 - _ _
/
4
1937 J 1 11012
891 Mont C 1st go g es
83
110 July'24 —_
1937 J 1 100
Registered
13614
6012 let gust grad M19375 J 10012 162 10014 May'06 -842 - July'24 --__
-iaTs 1-0-(7;
• No price Friday: latest bid and asked this week. a Due Jan. b Due Feb. c Due June. 1 Due July. n Due Sept. o Due Oct.
Week':
Range or
Last Sate
s Option gale
Range
Since
Jan, 1.
High
Low
7512 81
79% 8612
8012
78
993 10512
4
10012 104
10812 11212
85
861s
697g 7014
743 80
4
6834 72
7012 79
75% 8218
75% 82
8334 87
85
85
735:74
96
40%
9038
57
15%
lili
993
4
58
100
70
26
8314 87
99
99
77% 83
95 101
10012 104
7313 82
9412 973
4
717
s
67
91
86
80% 85%
82
8614
6012 8312
10014 101
9338 10014
90
87
7512 8012
7834
75
9138 983a
9214 97
9134 953
4
9232 9012
9112 0112
,
78 8 83
853 9114
4
10014 103
9012 9912
1(11 104
8214 8118
9) 105
8112 8112
106% 107
97% 10012
9312 10012
843 881s
4
89
83
8412
79
91% 9334
84
88%
86
79
9414 09
9512 100%
79% 95
1007 10412
2
89
9414
8912 91,14
99% 10214
10614 1083
4
1043 10712
4
9711 10514
10312 105
102 10312
8512 903
4
60
64
94
9534
79
85
77
77
96
97%
98%
55
9612
80%
9934
60
99
82%
98 10014
88
98
86% 90
77% 85
77% 933
8
7718 83
9214 983
2
8712 8912
9912 101
101)11 16188% 9212
8712 9212
83% 87
82
8612
100 10212
6812
55
1312 2312
13% 21
86% 90
97% 1033
4
101 1033
4
9714 10212
9112 10152
903 9934
4
91
88
-itisia
78%
65
94%
51%
13 4
-387
7234
102
64
7518
0414
87%
51
8514
10014
100
6214
8054 8412
925 963
4
8
68
7718
10214 1047
s
1003 102%
4
84%
74
98
92
4
9514 1003
843
8
76
8012 8312
10E94 11036
-9974 COI"
929
New York Bond Record—Continued—Page 3
BONDS.
N.Y.STOCK EXCHANGE
Week ending Aug. 22.
Price
Friday
Aug. 22.
Week's
Range or
Last Sale.
Z81
, •
Range
Since
Jan, 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Aug. 22.
13.5
Price
Friday
Aug. 22.
Week's
Range or
Last Sale.
LT.
Rasps
Since
Jan, 1,
Hish
RIDS No. Loss
Ask Low
Bid
High
High No. Low
Ask Low
Bid
80
67
0
1195,0
4
783 79 Aug'24
76% 80 Peoria & East 1st cons 4s___ 19940 AG 78
78% 26
2000 JO 78 Sale 78
M & E let gu 345
3512
59
21
35
Apr. 3414 3472 3414
Income 48
99% 10114
Nash, Chatt & St L let 5a 1928 AO 10114 10112 10012 Aug'24
9112 09
971s 235
99 Pere Marquette 1st Ser A bs 1956 S i 9612 Sale 96%
99
FA 9912
99 Apr'24
1937
N Fla & S 1st gu g 5s
4
/
761 817
8
8052 21
J J 795 Sale 7958
8
1st Series B 4s
30 Sept'23
Nat Ry of Mex pr lien 43.0_1957 Si
1
/
1
/
894 994
1943 MN 9114 ---- 9114 July'24
153 37 Phlla Bait & W 1st g 4s
4
153 July'24
July coupon on
4112
37
4712 39
0
3
Philippine Ry let 30-yr s f 45 1947 J J 45 Sale 45
26 Nov'23
do off
8
935 97
AO 944 96
97 July'24
PCC&StLgu450A
274 July'23
1077 AO
General 45 (Oct on)
4
1
/ 965
93
8
1
/
1942
1945 AG 944 954 9618 Aug'24
Series B 450 guar
18
18
18 May'24
April coupon on
9412
88
SIN
9412 May'24
1942
Series C 445 guar
24 Dec'23
off
do
83
903
4
SI N 903 ---- 9034 Aug'24
Series D 4s guar
4
3814 June'23
Mex prior lien 445_1926 J J
Nat RR
8612 91
91 Aug'24
7
19943 FA
19559
,
Series E 335s guar gold
25 11
14
2812 25 July'24
26
July coupon on
8712 9712
J O 903
9712 Mar'24
4
F 45 g ts
s r
Seriies G g11aru r gold
Oct'23
34
off
do
884 89
MN 903 9112 8812 June'24
4
28 Apr'23
let consol 43 (Oct on)____1951 AO
8
905 9158
4
/
911 July'24
Series 1 cons guar 450-1 963 FA 9312 97
,
1 70
-55- 36
Jan'24
36
April COLIP013 on
9(4589312
9318 Aug'24
1964 MN 9318 _ _
Series J 4SO
22
10
1814 Apr'24
off
do
934 101
16
S D 10014 Sale 10014
101
General Is Series A
MN
1
/
664 May'23
1954
Naugatuck RR 1st 4s
100 10012
10012 July'24
00
0
1!
01928 AG 11003
90 Pitts & L Erie 2d g Is
90
1945 Si 89
New England cons Is
_ 90 July'24
4
1
/
105 Dec'23
83 Pitts McK & Y 1st gu 65____1932 J J
75
.1 784
4
783 July'24
Consol 4s
1945
1
/
4
983 100
J J 10318
2d guaranteed 65
4
983 Aug'24
4
4
803 813
4
813 June'24
1986 FA 8112 86
NJ June RR guar 1st 45
9812 100%
10034 Aug'24
940
1934 AO
8118 88 Pitts Sh ALE 1st g 58
.1 85
4
8
855
8
N 06z N E1et ref & imp 44s A'52
4
853 855
4
983
97
4
983 Feb'24
8
1943• J 855
1st consol gold 5s
J J 8114 82
7614 83
12
83
8114
1953
New Orleans Term 1st 45
99 102
0
0138 5
1
/
5
96
1927 MN 143 Sale 10012 1014 21
3
8 12 100 4 102% Pitts Y & Ash let cons 55
4
/
NO Texas & Mexico let 65 1925 JD 1011 102 1011 1017
4
/
4114
40
40 June'24
1957 MN
854 9312 Providence Secur deb 4s
9252 147
Non-cum income 55
1935 AO 92 Sale 91
MS 773
8
9412 Providence Term 1st 48
4
713 Dec'23
92
92 Aug'24
N & C Bdge gen gu 450_ _1945 J J 921s _
87'g 95'2
9514 80
4
1997 J J 943 Sale 94
97% Reading Co gen gold 4s
95
4
1
/
97
NYB &MB let con g 5s1935 AO 97% Sale 97 8
,
8714 92
13
92 May'24
Certificates of deposit
2
598 10312 1093
NY Cent RR cony deb 6s 1935 MN 107% Sale 1073
8 109
834 88
29
86
87
cell g 45___ 1957 AO
951
Jersey Central
804 86%
841
57
Consol 4s Series A
1998 FA 833 Sale 833
4
4
8818 944
J
9212
4
1
/ 68
93
Gen & ref 4855 Ser A
854 894
25
89
Ref & impt 450 "A4
2013 AO 8812 Sale 8812
Sale5 --121 Sa15 - --1 21
1947 MN 1989
9e
4
2
953 993 Renss & Saratoga 20-yr(3s
2
- -993 333
Ref & impt 5s
2013 AC 98% Sale 98%
2
--1313is 197
AG 10018
-June'24
9975
Rich & Dan 55
N Y Central at Hudson River—
____ 72 Mar'23
52
1948 MN
7918 Rich & Aleck let g 55
74
7714 53
Mortgage 350
1997 Si _76% Sale_ 761
4
/
- 5
is 1005 ____ 10028 July'24 ---- -68- 16671
5
4
/
721 7814 Rich Ter 55
2
76%
Registered
1997 J J
s
763
84
921z
9212 19
9212 9212
91
8918 9458 Rio Grande Jung let gu 5a1939 J
941
34
Debenture gold 0
1934 MN
glice 9314
4 54
3
3
314
314
314 7
,
92 Rio Grande Sou 1st gold 45_194 S i
0
4
J
87
30-year debenture 4s
1942
-9114 92 Aug'24
S i
Guaranteed
8
707 7714
18
75
Lake Shore coil gold 348_1998 FA -7434 Sale 743
4
7314 -- 84
.
8 23
8214 7
3
2
697 75 Rio Grande West 1st gold 0_1939 S i 8214 - - -- 8112 Dee258 -55
13
74
Registered
1998 PA 7212 Sale 7212
7132
60
6928 25
1949 AO 6915 6912 6914
Mtge & coll trust 43 A
78%
73
9
77%
MIch Cent coil gold 350-1998 FA 76
8
777 7612
7412 8312
7
MS 815 Sale 8078
82
8
1934
7214 7614 R I Ark & Louis lat 4 qs
1998 FA 744 80
7414 Aug'24
Registered
1
/
837
68
2
1
/
754 74 Aug'24
1949 ii 73
-Canada 1st gu g 4s
AC 9112 93
89% 93 Rut
1937
9212
N Y Chic & St L let g 45
9212
9
801e 6412
4
/
841
,
9 47 J
1941 . J 8412 Sale 8412
884 8958 Rutland 1st con g 4585
8
Registered
1937 AC 9114 _
_ 895 June'24
7112 77
8 10
755
7512 Sale 7512
9518 St Jos & Grand Isl g 4s
88
8
9312
1931 MN 92% 93 9314
Debenture 4s
1
/
4
/
911 964
8
l996' J 935 ____ 95 July'24 ---.
1034 52 1004 10318 St Lawr & Atilt 1st g 5s
1931 MN 1023 Sale 1024
2d 65 A B C
4
98
98
1996 A 0 98 8 ---- 98 Mar'24
2d gold 65
864 91
8912 46
N Y Connect 1st gu 445 A 1953 FA 8912 Sale 8914
9312
89
9
93
1931 J 5 9258 9314 93
MN
8812 89 St L & Cairo guar g 4s
Erie 1st ext g 4s
1047
24 Y &
8812 May'24 96 100
4
4 56
993
, ,
,3 A .
9312 96 St L Ir NI dr S geh con g 55_1921 J 0 994 993 9914
96 May'24
3d ext gold 450
1933 MS
8312 93
20
92
9112 Sale 9112
Unified & ref gold 45
97
96
4th ext gold Is
1930 AO
97 May'24,__
85%
72
8 69
835
4
9,312 9312
1 33 10 N 883 Sale 834
SD 96
Itly & G Div 1st g 4s
5th ext gold 4s
1928
9312 June'24 -9812 9912
_
90A
5
8
N Y & Green L gu g 5s
8412 9018 St L NI Bridge Ter gu g 5s__ _ 1930 J 0 994 ____ 9914 Aug'24 -208
9018
1946 MN 9018 - 7- 90
668
654 71%
7114
7634 78 St L &San Fran (reorg co) 4131950 j J 70 Sale 6934
NY & Harlem g 350
_
2000 MN 7718
78 July'24
j 8512 Sale 8512
8012 874
4 42
863
Prior lien Ser B 5s
N Y Lack & Western Is.. A923 FA
_
4
993 June'23
984 10212
10212 43
10212 Sale 102
1928 j
6813 9812
Prior lien Ser C 6s
9813 Mar'24 let & ref Is
1973 MN
8712 953
4
168
8
035 Sale
,
1 52
81940 .1
MN 963
96
5555
9712
lat & ref 4;Ss
1973
9612 July'24 _ _
3
8112
72
A0 793 Sale ?r3.1
8
U7
18 390
4
Cum adjust Ser A 6t._..111955
N Y L E & W 1st 7s ext__1930 M S
103 June'23
4
1
/ 74%
58
827
Oct. 73 Sale
"9754 1i- Income Series A 68 6s
Dock & Imp be
Apr'24
1943 ii 08
4
973
994 10552
7858
,
1931 S i 105 ____ 10478 Aug'24
4
N Y & Jersey let Is
4
/
961 993 St Louis & San Fran gen
991,
4
9958
1932 FA 995s 103
9712 100
S i 973
100 Aug'24
4
General gold 55
Pf Y & Long Br gen g 4s
1941 MS 8914
91 July'23 ---8212 July'24 --__
St L & S F RR cons g 0-1996 Si 904
N Y N It & Hartford—
-5712 -9712
AO 9714
9712 Mar'24
1947
394 55
Southw Div let g 5s
Non-cony deben 350
5312
1954 AO 51% 5312 5312
98 101
1
101
101
1938 J
41
4412 60 St L Peo & N W let gu 55
Non-cony deben 45
3
58%
1947 MS 57
4
583 58%
8
4
/
911 925
_
9258 Aug'24
19 54 S 921
55 St Louts Sou let gu g 45
38
Non-cony deben 30
1947 MS 511
_ .55 Aug'24
4
/
83
76
8112 10
24418 61 St L S W 1st g 4s bond ctfs_1989 M N 8012 g;1e- 801
Non-cony deben 45
4
60
1955 Si 60 Sale 60
6914 7414
9
,
1 8
MN 56
2d g 48 income bond ctfa_p1 932 J J 74 Sale 74
4312 60
Non-cony deben 4s
1
58
1956
574 58
8
777 8612
S D 853 Sale 854
10
120
6
8
74
Consol gold 4s
3934 60
Cony debenture 34s
5318 • 3
1956 J J 48
5514 524
85
78
833 20
4
let terminal & unifying 55_1952 is 823 Sale 8234
80
59
Cony debenture 6s
1948 J
7712 50
77 Sale 765s
81
73
794 17
0
1
Paul & K C Sh List 445_ 1943 FA 7912 Sale 7914
494 St
36
4% debentures
8
4712
4
1957 MN
4
463 Sale 463
95
90
1
J J 9212 ____ 9412
9412
70% 87% St Paul E Gr Trunk 488t._.1947
78 European Loan
8712 178
1925 AG 87 Sale 8612
4
/
911 95
2
4
1933 J J 943 Sale 943
4
4
943
937
AO 84% 853 8514
69
8612 St Paul Minn & Man 4s
103
France
8514
1925
s
105 108
J J 107 109 10712 July'24
1e red uso d 65g
6st eon eelgt0
Cons Ry non-cony 4s
44 Apr'23
1930 FA
9512 9814
old 484s.... _1940 Si 974 973 974 Aug'24
4
-4612
1
/
1, 3
3
Non-cony 45
5514 Aug'24
1994 Si 5124 I2
4
1
/
4
1
/ 97
88
u s 9212 934 9212
3
9234
Mont ext 181 gold 413
5512
48
Non-cony deben 4a
55 Aug'24
1955 J
8212 8212
• J 8328
_
_ 8212 Apr'24
Pacific ext guar 4s
4212 51
51 July'24
Non-cony deben 45
_1956 J J -Likt 53
4
/
711 79
14
79
7858
79
1943 J J
4
993 100 S A & A Pass 1st gu g 4s
NY & Northern let g Is...... _1927 AO 1003 1013 100 July'24
4
4
4
1
/
99 100
_
8
:
00
70 ____ 100 Aug'24
9,04
19,52 M S 10
4
8
667 Santa Fe Pres At Phen 55
60
N Y 0 & W ref 1st g 45
66313 39
g1992 M S 66 Sale 65
804 87%
AO 831z Sale 8312
8414 41
4
1
/ 66 San Fran Terml 151 4,
58
6
65
General 4a
4
/
1955 SD 6412 Sale 641
AG 1073
_ 10712 108
108 Aug'24
4
AG 8514 _ _ 854 May'21
8515 85121 Say Fla & West 65
NY Prov & Boston 49
1942
_ 10018 10112
10058 July'24
934
1950 AG
831,
55
81
N Y & Pu let cons gu g 4s_1998 AC 824 8412 8312 Aug'24
84% 90
_
894 Aug'24
8912 100 Scioto V & N E let gu g 45_ _1989 MN -16
1927 NI 5 99% Sale 994 100
N Y & R B lat gold 58
7234
61
AG
3
7234
7234
Line g 4s
5212 71 Seaboard Air
1937 J J 65
N Y Susq & W lst ref bs
6712 68 Aug'24
5812 73
AG 72 5
7234
7214 7218
Gold 4s stamped
43
584
5712 Aug'24
26 gold 4559
1937 FA 5712 63
8
437 68
6338 140
4
1
/
8
01 i2
FA 60
19 °
01959 FA 1625 Sale 62
4
Adjustment 55
4014 68
1940
General gold 59
4
623 6318 Aug'24
4752 584
4 68
573
Refunding 48
1959 AO 56 Sale 56
8614 94
94 Aug'24
1943 MN 9112 94
Terminal 1st gold 59
67% 85
83% 134
4
1035 MS 82 Sale 813
940
5412 106
1st Sr cons 6s Series A
3912 58
NY W'ches &II 1st Ser I 450:46 ii 5312 Sale 5312
973 100%
4
10012 Aug'24
PA 68% Sale 6712
s
g let 8 . 946
Roan 0 g 5 _ . 1923 S i 10012
.sh &
6112 70 Seaboard &
182
Norfolk Sou let & ref A 5a 1961
69
• D
3612 June'23 -so1st
9434 Seer
Norfolk & Sou 1st gold 9s
89
1941 MN
9412 July'24
8
935
FA
:
4
0 8 A0y 24
foils 1015 Ju1 g 2
MN 107
105% 107
Norf & West gen gold 6s
1931
107 June'24
99 10512
_
___
'
consgu g 5g 5
(Sen A
108 107 844Nlae°n aru 0- 5s _ _.1963 AC ioiImprovement & extg
1934 PA 10712
4
/
- 1061 May'24
8115 8612
8612 40
New River 1st gold
106 10712 So Pac Col 45(Cent Pac col)11949 S D 8512 Sale 8512
1932 A
4
/
1071 July'24
10712
9212 98
153
98
AO 8912 Sale- 8912
4
4
973 Sale 973
45
192 7
01929 M
-year cony
N & W Ry 1st cons g 0_1996
86
71
20
90
9158
5
974 1015
J D 10018 10214 10012 1015
4
8
1934
Registered
8614 87
1996 AO
20-year cony Is
87 June'24
90
101 103
SI N 101103 Aug'24
Div'l 1st lien & gen g 45_1944 J J 87% 8912 90 Aug'24
s
8614 907 So Pac of Cal—Go g 5s
_ 9112 101%
M S
7
5 Si 9012 14- 10118 Aug'24 _
193
_195
10-25 year cony 450 _1938
92 Dec'23
So Pac Coast let MI 4s g
9052
85
134
J J 873 Sale 8734
89
4
10
-year cony 6s
1929 M S 12312 Sale 12312 125
47 10612 1311:>. So Pac R R 1st ref 413
954 102
4 78
1003
6
Pocah C & C Joint 4s _1941 JD 8912 9012 90 Aug'24
1954
Southern-1st cons g 5s_ _1 99 J J 100 Sale 100
4
/
781 91
594 75 4
3
274
75
North Ohio let guar g 5s_ _1945 AO 89 Sale 8814
956
1958 AG 7414 Sale 7414
Develop & gen 45 Ser A
4
/
841 91
10
89
964 10312
AO 10228 Sale 1023, 10312 107
Norracific prior lien 4s
1997 Q J 854 Sale 85
8012 8612
4 70
853
(35 (w I)
133 10114 10712
AG 10612 Sale 10612 107
(,)
Registered
1997
84 July'23
78% 8412
99
General lien gold 38
19 1
a2047Q F 6018 6034 594
9
91
61
m s
e lm Div let g 4545-5a__ _5956 is 9812 ____ 9834 86 10 93% 100
5634 624
4
793 86
11
S i 844 Sale 847s
Registered
Louis Div 1st g 4s
02047 Q F ____ 60
5912 Aug'24
57
5912
St Lo
974 1023
s
2
8 1023,
1023
Ref & impt 450 ser A
8
2047 J J 85% Sale 853
4
8 30
865
79% 8712 So Car &Ga 1st ext 5518_-.1929 MN 1023
87%
93
874 73
fls ser 13
1955
193 S i 8712 887s 87
2047J J 10618 Sale 10612 1064 91 101% 10712 Spokane Internet 1st g 5s
6
Oct'23
50 C
____ 91
2047J i 9512 96
J J 89
8 38
063
96
90% 9714 Sunbury & Lew 45
S 9715 ____ 95 May'18
be D
2047 J J 96 Sale 96
96
e1930
22
89% 97 Superior Short L let 55 g
2 -oils Vi2
947
944
St Paul-Duluth Div g 45_1998 J 0
4
89 Feb'23
Term Assn of St List g 4.S1s_1939 AO 943
tal, lock
St Paul & Duluth let 58_1931 Q F 100
99l 9914
1954
1943 FA 9928 _ _ 10012 July'24 --__
9914 Mar'24
1st cons gold 55
783 8634
4
5
834
let consol gold 4s
4
84
1968 J D 8118
8414 Jan'23
is 8334 - - 833
Gen refund a f g 4s
9412 9,5
1933 J J loots
Nor Pac Term Co 1st g 65
9412 June'24
10918
10912
2 10912 169TI4 Tex & N 0con gold 5s
1043 S i 9714 99
92 10014
14
100
8
No of Cal guar g 58
91 Aug'24 _
4
1938 A 0 10014
8912 10912 Texas At Pac 1st gold 55
• D 983 Sale 985
_
North Wleconain 1st 63
58 Aug'23
98
42g 8 Ma
100 June'24
60
°
1930 J J 10318
0
97% 100
2d gold income Is
9813
91
Og & L Chem 1st gu 4s 6_1948 J 5 711 5
9.12
7134
4
4
/ 7212 713
4
La Div 13 L 1st g 5s
1931 iS 964 981 9812
7312
69
12
97 10058
Ohio Conn Ry 48
1943 M S 8918 _
1935 J J 9914 10012 995s 10012 10
_ 8912 Apr'24
935
8912 8934 Tol & Ohio Cent 1st gu 5s
947g 10014
Aug'24 _ _ _ _
Ohio River RR 1st g 65
1936 J D 100
9912 Aug'24
8
1
AO 984 9952 984
Western goldD i v 5st g 5a
14 9912
97
914 9512
1937 A 0 973 11:U - 9814 July'24
2
9512
General gold be
8
4 General
1935 J O 944 963 9512
3
95 4 9814
2212 3014
Ore & Cal let guar g 55
4
1927 J J 10112 Sale 10118
2
4
/
1011 26
1917 S i 223 2414 233 July'24 -___
9914 10178 Toledo Peorla & West 4s
9612 100
27
100
Ore RR & Nay con g 4s_ _ 1046 J D 8813 89
4
1
/
89
8918
4
1
855 9012 Tol St L & W pr lien g 345_ _1925 S i 9912 ____ 0934
76
8412
8
8212
Ore Short Line—lst cons g 55.'46 J J 104 Sale 104
8
10412 22 101 10614
AG 8212 825 824
50-year gold 45
9514 97
Guar eons 5s
1946 5 J 1043 Sale 1043
4
10478
4
4 1013 1063 Tol W V &0 gu 450 A
Ji 9758 ___ 97 July'24 ____
8
2
9518 9512
(Soar refund 4s
1929 J D 97 Sale 97
4
1
/
8
81
98
93
199 S i 963 ____ 954 Feb'24 _ _ _ _
7
Series B 450
9214 98
Oregon-Wash let & ref 4s
1961 1 5 8812 Sale 8214
4
161
83
1942 MS 893 ____ 8612 Mar'23 _ _ _ _
79% 84
Series C 45
-8113 85
Pacific Coast Co 1st g 5s
.1946 J 1) 79 Sale 79
79
1
,
1 42
7512 8011 Tor Ham & Buff let g 4S-11958 S D 8212 8512 85 Aug'24
93
1
9712
9712
1938 F A 8912 ____ 9018 Aug'24
Pan RR of Mo let ext g 45
9712 9712
78
1928 if 97
9018 Ulster & Del let con5 g 5s
4
1
/
1
/
624 70
_
1938 J J
2d extended gold Is
66 Aug'24
8818
__
oEo8
684
2
A0 66
89
1st refunding g 4s
994
Paducah & Ills 14t a r 444_19.55 J J 98- - 934
8
885 94
156
92
4
1
/ 95
93
5
9318
1
/
1947 S i 9112 Sale 9052
9112 9812 Union Pacific 1st g 45
953 100
8
Parle-Lyons-Med RR 6a__1958 F A 8112 Sale 8112
994 49
8
4 99
833
cony 4s
1927 S i 9958 Sale 995
8412
65
20-year
4
1
/
8
815 8.8
1942 M S 9512 96
Paulista Ry 75
94 Aug'24
8612 60
56 5 8512 Sale 8512
1st & refunding 48
89
9612
51 100 107
105
Pennsylvania RR—cons g 4s 1943 M N 923 _ _ _ _ 925
8
2
9258
104 Sale 104
1
018
2
g2 8
1st & ref temp 55
8912 9512
1948M N 903 Sale 905
Consol gold 45
4
10428 28 10234 105
8
10414
9112 17
-year perm secured 6s 1928 S i 10414 Sale
87
10
93
May 1 1948 M N 89'2 8984 9112
4e stamped
92
4
888 90
8
2
NJ RIt & Can gen 4s_ _ 1944 MS 903 ____ 90 July'24
874 95
93 100%
1960 F A 9714 9812 9814
Consol 451s
981_
10012 ____ 93 Aug'24
15
926
1,33 ..r
90 100 Utah & Nor gold Is
93
General 450
1965 5 D 9312 Sale 934
94% 112
93
4
943 93 Aug'24
Ji 93
904 9914
1968 5 13 102 Sale 102
General .58
85
85
__
Jan'24
103
4
95
l:taelltecnded44% Ser A__ 1955 FA 853 ____ 85
933 110
Vacila cons g
4
1930 A 0 10912 Sale 10912 11014 187 1013 11014
-year secured 75
10
85
89
1957 MN 853 ____ 89 Mar'24
Consol 4s Series B
4
1936 F A 110 Sale 1093
-year secured 650
15
4
11012 90 1074 1104 Vera Cruz & P 1st gu 445_ _1934 Si
36 June'23 _
Pennsylvania Co—
_ -iiis 161;
Apr'24
26
July COUP011 on
reg A.1937 M
5
8658
Guar 350 coil trust
8412 Dec'23_
5 9914 9912
MS 99
9912
- 9912
Verdi V I & W lst g 58
,
8314 July'24 ____ -83i4 - - Virginia Mid Series E 5a
97 1007k
Guar 330 roll trust Ser 13_1941 AA 83 8
96
1 926 MS 100 100% 10014 Aug'24
. ii
1942 SD 8114 8312 813 May'24ay'24 __
8
Guar 350 trust Mrs C
_ 98 100
1936 MN 9912 10014 100 Aug'24 _
811 813
4
/
General Is
8
823
4
4
823
2
Guar 34e trust ctfa D_ _ _1944 JO 82
9718 9618
964
4
1
/
1
/
924 97
9
2003 J J 95
4
/
811 83 Va & Southw'n 1st gu 5s
1
/ -.
95 Aug'24
4
/
751 8812
-25
8414 841s Aug'24
8
965 9518
Guar 15 -year gold 4s1931 AG 944 .'____
__
1958 AG 83
5s
1st cons 50-year
1952 MN 8418 88 8 863 July'24. _ _
4
-1Guar 4e Ser E
4
4
4
964 103
1962 MN 953 Sale 953
9214 973
8334 8718 Virginian let bs Series A_
•No Price FridaY:latest bid and asked. a Due Jan. c Due March. d Due April, eDue May. oDue June. hDue July. kDue Aug. oDue Oct. pDue Dec. •Option eale,
41
930
BONDS.
N. Y.STOCK EXCHANGE
Week ending Aug. 22.
New York Bond Record-Continued-Page 4
t
t
Price
Friday
Aug. 22.
Week's
Range or
Last Sale.
a•
Rang,
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Aug. 22.
Pries
Friday
Aug. 22.
Wean
Range or
Last Sale.
.53
Ames
Mace
Jan. 1.
High
High
Big
High No. Low
Ask Low
Mob No Low
Ask Low
Bla
gals 101
Wabash let gold Is
Det United 1st cons g 4tis_ _1932 3J 9118 Sale 9118
1939 MN 10014 Sale 100
843 93
8
41
92
1003
8 38
VI gold 5s
8718 9818 Distill See Corp cony let 155 1927 AD 3834 4012 40 July'24
40
_1939 FA 9314 933 9314
544
933
4 27
4
let lien 50-yr g term 45_ _.1954 38 74
Trust certificates of deposit_ _ _
75
68
38
544
3834 41
41 Aug'24
747 Aug'24
8
75
Dot & Ch ext 1st g 5s___.1941 J J 977
9914 Dominion Iron & Steel 5a___ 1942 Ji 65
97
8414 794
99
3
1
8
66
6614 65
987
8
g
-987
s
Des Moines Div 1st g 413-1039 J J 81
7212 814 Donner Steel 75
81
9212
3, 843 85
1
85
85
4
8112 7212 Aug'24
Om Div 1st g 33Is
673 7312 du Pont (E I) Powder 450_1936• 12 89 _ _ _
91
4
9212
1941 AG 7018 7314 72
10
894 Aug'24
72
Tol & Ch Div g 4s
77 4 82 duPont de Nemours& Co 7345'31 M
3
1941
8
1
25 1067 1087
S 82 Sale 82
108 Sale 108
10812
82
Warren lot ref gu g 334s._2000 P A
Duquesne Lt 1st & coil 6s_.1949 J J 10512 Sale 10514 1053
7413 May'23
4 47 10314 1061a
Wash Cent lot gold 4s
7
5
-78ja 8612 East Cuba Sug l5-yro f g 754s'37 M
1948 QM 8412 89
37 1031 111
10612 10712 10612 107
8612 Aug'24
9912 994 Ed El Ill Bkn 1st con g 46..1939 J J 90
8618 9014
1924 P A
WO&WlstcYgu4s
1
90
9014 90
994 July'24
8012 89 Ed Elm III let cons g 5s_ __ _1995 3, 100
Wash Term lot gu 3Ms
9812 1011g
1945 FA 811g
2
10012 10012
815 July'24
8
lot 40
9934
-year guar 45
1945 FA 8814 ---- 74 July'24
96
1925 J O 993 Sale 9934
733 8814 Elk Horn Coal cony 65
4
8
4
993
4
W Min W & N W lat gu 5s 1930 P A 9312 943 9418 Aug'24
9518 Empire Gas & Fuel 7Ms__ _ _1932 MN 963 Sale 9534
90
887 97
8
30 7
4
557
97
4
Watt Maryland let g 4s_ _ 1952 AO 65 Sale 8412
58
MS 9812
6512 Equit Gas Light bs
935 983
4
4
98 July'24
6612 -528
West N Y & Pa lot g 5e_.1937 3J 9914 997 NI,
974 10114 Federal Light & Trac 138._ _ 1942 M
98
93
93
5
2
97 Sale 96
9614
9714 38
8
Gen gold 4s
75
1943 AO 80
784 81
9812 1074
MS 10318 10414 104
4
4
10418
81
81
81
Western Pee let Set A 5s_ 1946 MS 91 Sale 91
7912 9314 Fisk Rubber 181sf 85
984 10512
1941 M
10512 Sale 103
10512 118
9214 117
B 813
92% 10112 Ft Smith Lt & Tr 1st g 58_1946 M
77% 81
1946 MS 1007 Sale 1003
92
3
79
82
81 Aug'24
23
8
4 101
Waft Shore lot 45 guar
2361 ▪ j 825 Sale 825
78% 85 Frameric Ind & Dev 20-yr 7Ms'42 33 96 Sale 9514
8438 9712
10
97
61
8
83
8
7714 88% Francisco Sugar 744/3
Registered
2361 J J 805 Sale 8012
MN 10314 10312 10338
2 10118 1074
10333
8
8212 22
Wheeling & L E lot g ba_ _1926 AD 10012
983 10012 Gas & El of Berg Co cons g 581949 J D 9578 ____ 94 June'24
8
94
94
10014 Aug'24
Wheeling Div lot gold 56_192883 100
98 1001s General Baking 1st 25-yr 63_1936 3D 10434
101 10412
10418 Aug'24
10014 10018 Aug'24
Exten &'mat gold Ea_
9438 Gen Electric deb g 334s,...,...1942 FA 83
94
1930 FA 94 10012 943 Aug'24
833
4
80
5
83
83
s
5312 6818
Refunding 4326 Series A 1966 MS
Debenture 58
1952 M
4
1045 Sale 10414 1043
8
8 100 1043
4
6614 Sale 65 4
3
6714 30
RR lot Consol 45
75 Gen Refr 1st s f g Os Set A.._ 19 7 J A 99
60
1949 MS 713 Sale 703
942
9814 1004
5
2
99
995s 99
4
4
7318 105
WUk & East 1st gu g 56
49
70 Goodrich Co 642s
1942 3D 64 Sale 64
J
934 10012
9814 Sale 98
985
s 47
6512 31
Will & S F let gold be
99 101' Goodyear Tire & Rub 1stI 8s' 1 MN 11818 Sale 118
1938 3D
4193
4
104 11412 119
119
Winston-Salem S B 1st 4s_ 1080 J J 10012 ---- 101 July'24
8212
81
-year s f deb g 8s
10
FA 105 4 Sale 10514
3
1053 159 100 10534
4
Wig Cent 50-yr 1st gen 4s__ _1949 33 844 ____ 8114 July'24 -76% 8414 Granby Cons al S & P con 68 A'28 M N 9314
92
91
- 91 July'24
8214 Sale 8214
8212 15
Sup & Dul div & term lat 4s'36 ▪ N
77
Stamped
873
4
1928 M N
p314
92
90
90 Apr'24
2
85
86
5
853 85 8
4
INDUSTRIALS
Cony debenture 8.8
1925 M N 93 Sale 93
89
9712
•
9712 19
78
Adams Express coil tr g 4s 1948 lel
F N 80
m A
85 Gray & Davis
4
96
78
9312 80 Aug'24
6
823 8412 823
4
4
83 4
3
743 95 Great Falls Power let of 58_1840
Max Rubber 8s
4
7s32
1936 J D 9414 Sale 92 8
19
98 10212
997 10012 907
8
8 100
8
92
95
7
Alaska Gold M deb 65 A__ _1925 MS
558 7 Hackensack Water 4.2
4
7914 8212
1952 J
4
_
_ 8212 July'24
518
558 6 Aug'24
512 712 Havana El Ry L& P gen 5s A 1954 MS 823
Cony deb 65 series B
1926 MS
81% 8612
14
86 Sale 8512
86
518 7 8 518 June'24
5
9834 Havana Elec consol g 5s_
94
AM Agile Chem lot ba
95
1952 F A 9312 Sale 9312
92
1928 AD 983 Sale 98
6
9312
4
984 37
82 101
1st ref f 7)4s g
Hershey Choc 1st 5 f g 6s_ _ _1942 M N 10314 Sale 10314
1941 FA 95 Sale 933
49 101 104
10
4
9512 249
9112 964 Holland-Amer Line 68 Olaf)
8412
American Chain 138
72
.1947 MN 8112 Sale 8112
1933 AO 96 Sale 954
7
8112
45
96
Am Cot 011 debenture 5a
82
9014 Hudson Co Gas 1st g 58_ __ _1949 MN 97
9414 9734
1931 MN 883 Sale 885
97 Aug'24
29
4
8
89
Am Dock & Impt gu Bs
4
9658 997
3
1936 33 107 Sale 107
130
8
1 1064 1073 Humble Oil& Refining 5420_1932 J J 997 Sale 9912
107
997
8
Amer Republics do
875a 974 Illinois Bell Telephone 56.._ _1956 .1 D 9718 Sale 97
9312 981g
1937 AG 9218 Sale 9118
977
8 97
9218 17
8
Am Sm & R 1st 30-yr 58 am A1947 AG 9412 Sale 3
914 953 Illinois Steel deb 43.28
1940 A 0 933 Sale 0334
9114 95
4
9414 25
947
944
8 95
Si B
4
1936 M N 8812 89 2 8838 Aug'24
82
887
1947 AO 10412 Sale 10412 105
2
34 1013 10612 Ind Nat G & 0 5s
,
965 1023 Indiana Steel 15155
Amer Sugar Refining (88..
5
4
7212
1952 M N 10112 1015 10114 1023
1937 .1 .1
3 1:018 10314
4
4
10114 54
9212 98 Ingersoll-Rand 1st 55
Am Telep & Teleg coil tr 48_1929 3) 10014 Sale 100
p1935 J J 983 102 100
4
341
7 100 100
100
975 Sale 97%
8
08
93 Interboro Metrop coil 4Ms_ _1956 A 0 1118 14
87
Convertible 4s
104 11
1936 MS 90
5
104 June'24
4
92
913 92
20
8
-year cony 4 Me
1933 MS 105 107 10612 107
6538 Sale 653
3 1005 109 Interboro Rap Tran 1st 55..1966
8
693 129
4
80
8
Stamped
-year coil tr 55
974 1025
1946 J D 1013 Sale 1014 10218 161
66 Sale 6518
4
6812 184
20
4
97 1023
14
10
-year f 5Ms
-year 6s
1932 A 0 663 Sale 653
1943 MN 1015 Sale 10112 1025 224
8
8
697 177
8
8
8
123
7
7s
-year convertible 6s
1932 M S 89 Sale 88's
1925 P A
91% 136
119
12114 19 11214 94
Am Wat Wks & Elee bs_ _1934 AO
Int Agric Corp 1st 20-yr 5s_ _1932 M N 6218 67
844
48:4 7211:44
5583 77 2
61 0
6714 136
6714
9114 93 9212
935
8 60
57 Inter Mercan Marines f (is_ _1941 A 0 883 Sale 8812
Am Writ Paper a f 7-6a
38
931 927s
79
' 90
:
1939 ▪ j 5012 Sale 47
5012
4
193
6
90
8
Anaconda Copper 139
9418 987 International Paper bs
1947 J J 87 Sale 8612
1953 FA 977 Sale 973
8
4
984 265
874 38
9412 10114
70
let & ref 58 B_
A
1947 .1 J
1938 P A 1003 Sale 1005
8
83
8 18 85
3
8
84 Mar'24
4
8 10114 540
Armour & Co litt real est 4)261939 3D 86 Sale
83% 874 jurgens Works 85(jtaifprIce)_1947 J .1 8138 Sale 813
7312 82
817
8 29
8512
8612 94
844 9212 Kansas City Pow & Lt 543._ _1952 M S 93 Sale 93 8
Armour & Co of Del 5Ms__ _1943 38 92 Sale 914
94
9218 139
934 79
101'2 Kansas Gas & Elecialc 6s1952 M S
Associated 011 temp 85
963
4
1935 MS 10112 Sale 101
93
9834 Sale 985
8
46
99
10112 140
40 Kayser & Co 7s
Atlantic Fruit cony deb 75 A _1934
29
F A
_11993421 m N 10034 Sale 100
9 1084112
8 s
5
1013
35 Mar'24
4 47
2212 40 Kelly-Springfield Tire 843_ _
Trust certificates of depoidt- -864 10414
99 Sale 97
993
26
4 49
28
2712
2712
3912 Keystone Telep Co lot 5s__ _1935 J J 75-- _ _ 80 June'24
21
do
stamped
7318 80
31
253 Sale 25 4
4
26
3
Atlantic Refg deb 5s
8
967 993 Kings Co El & P g 5s
a
_ 19 5s 113
1937 33
10 4 0414
87
102 103 103 Aug'24
993 99
8
994 57
Balaw Loco Works let 58_1940 MN 99
4
Purchase money 651 97 F 0 1135 _
3
78 7 A A
,
g 44_ 1949 A0
114
8
1
114
1 1001s 1025
1017 10512
8
10212
8
Barnsdall Corp a!cony 8% A1931 J J 10114 Sale 10214
951 1025 Kings County El Jot
695 76
4
7214 'A
75 Aug'24
4
10114
1017
8
974 101
Bell Telephone of Pa 5s_ _ 1948 J J 100 Sale 100
Stamped guar 4s
49 F 3
54_ _19954 3 J1 74
7014 76
76 Aug'24
76
1007
8 65
Beth Steel lot ext s f 5a__ _1926 J J 100 10018 1005
99 10114 Kings County Lighting
9 14 1003
77
5
274
1
864 874 103
103
8 10114 41
1st & ref 5s guar A
93% 9712
134s1954 J .1 10258 103 10258 1023
6545
1942 MN 9412 96
6
8
4
9714
20-yr p m & imp f 5a_ __ _1936 3J 86 Sale 95
8712 913 Kinney Co
4
105 Sale 10412 105
1g
2 10112 105
883
8
893
4 68
953 100 Lackawanna Steel 55 A
4
65 A
1942 P A 96 Sale 96
7850 j
1938 M
903
9054
7
91'2
Ms 112
8778 92 Lao Gas of St L ref & ext be 1934 A 0 97 4 9112 9732
540
1953 P A 8814
8
973
9712
4
88% 35
Booth Fisheries deb 5 t 8s......1926 AD 7718 Sale 88
3
7212 83 4
Coll & ref 5 Ms ser C
98925858 935%
97'i9
1953 F A 9412 Sale 9412
49
95
80 80 Aug'24
Braden Cop M coil trot 6s1931 FA
94
91
1 10012 10512 Lehigh C & Nay st454s A 1954 .1 J 9312 9512 04 July'24
1047
8
1047
8
Brier Hill Steel lot 554s
9714 Lehigh Valley Coal ba
93
1933 J J 100
1042 AO 9612 Sale 9612
12
100
101
903
4 26
B'way & 7th Ay lot c g 50_1943 J o 6618 Sale
45
6014 7314
8112 18712
8
7
81
8712 July'24
88
10
6618
70
Brooklyn City RR 55
9114 Lex Av & P F 1st gU g 5s1833 It 5 40 Sale 40
87
1941
324 4312
3
79 3
9
32
9012
1
_ 91
42
91
Bklyn Edison Inc gen 58 A19498) 10012 Sale 10012
974 10218 Liggett & Myers Tobac 7s-1944 A 0 11714 Sale 11714
4
11712 10 1143 11814
1003
4 10
General lis Series B
106
5s
95 8 99
7
1930 J J 10512 Sale 10514 106
1951F 0 98
A A
9812 9838
9312 23
6 10212 109
General 7s Series C
Lorillard Co (P) 7s
1930 .1 J 107 Sale 1063
2 11412 1184
11614 11612 11614
8 107
5 1054
116'4 16
General 78 Series D
55
99
95
A F N 9712 Sale 9714
m
1940 J O 10914 Sale 109
9712
15 107 11018
1093
Bklyn Man R Tr Sec(tem)6s 1968 3) 795 Sale 7912
4
723 8212 Louisville Gas & Electric J98951241
881 12
14 ,
58 10 88 19 14
91
9034 Sale 6012
8
82 1357
Bklyn Qu Co & Sub con gtd 5s'41 MN 6618 Sale
63 4 691a Magma Cop 10-yr cony g 7s_1932
3
D 11712 Sale 117
11914 133
2
6618
664
80 m „htitSuy( 7M) eons g 44_199 A 0 99 Sale 99
let ba
na
80
ni, a Bgar y s
N
1941• .1
1942 A 0
0
997
s 25
80
Jan'24 - - 7814 101
Brooklyn Rapid Trans g 58_ _1945 AO 9612
613 172
4
6118 Sale 6058
_: 101 June'24 - 96
96
Trust certificates
2d 4s
533
4 17
5212 Sale 5212
96 July'24 4
971e 172
46694 8 00
lit refund cony gold 0_2092 3, 825
647 823 Manila Electric 75
8
8031:4
2
98
98 12
9812 99
8
823 June'24 4
Manila Elec fly & Lt f 55..295 M ND 8212 85
9712 105
8212 10034
9814 86
3-Yr 7% secured notes__ _1921 3 .1
181323 M.' S
9
8212 Aug'24
102 Apr'24 - 9612 11612 Market St By 78 Set A
Certificates of deposit......
1040 Q J 9814 Sale 98
993 126
4
11612 Aug'24 - 92 4 1104 Marland Oils f 55 with waratts'31 A 0 126 134 125 July'24
3
Ctfo of deposit stamped__ -1163 140
s
1103 July'24 -- 4
Bklyn Un El lot g 4-543
Without warrant attached__ A 0 105 10514 105
3
6
0
0
1950 FA -8:4T4
105
2 117 10514
5. 8012 8512
2 8412
843
4
8512
81
7Ms Series B
Stamped guar 4-5s
1950 P A
117 123 12134 122
3
8414
8414 Sale 84
7
962 10014
2
do without warrants
Bklyn Un Gas 1st cons g 55_1945 MN
98% 1043
4
1025 Sale 1024 1024
8
5
1
09
100
09
114 136% Merchants & Mfrs Exch 70_ _1942 F D
19 1 J A
3
70
1932 MN 13412 Sale 132
100 May'23
1363
4 30
gale 107
Metr Ed lst & ref g 6s Sec 13_1952 F A 1003 Sale 100
let lien dc ref 68 Series A 1947 MN 10
4
1003
4 11 -6/4 102
_
9912 Aug'24
9685834 __
114 1313 Metr Power 135
4
75
944 100
1929 MN
987 Sale 984
8
99
150 - 133
8
13634 19,
4
903 933 Mexican Petroleum a f 821_ .._1833 M D 106 Sale 10514
4
6
193 ir N
Buff & Sung Iron s f bs
1932 3D - - 95
106
25 10114 106
Of58
933 July'24
4
863 Midvale Steel &0cony s f 581936 M
8
81
Bush Terminal let 48
1952 AO 8612
885 Sale 883
854 904
8
.
8
883
4 50
8618 Aug'24
Certificates of deposit_ _ _ _1936
4 883
Comiol 5s
1955 J J 865 871, 865
89s 9514
93 Feb.
24
8
8 833 9738 Maw Elec By & Lt cons 158 1926
8
873
4
4
91
Building 512 guar tax ex 1960 AO 93 4 Sale 93
96 100%
1003 Aug'24
8
ioais
3
37
941
974 100
Refunding & exten 454s_1931 3 J 94 Cal G & E Corp 5s
1937 MN 99 8 9978 9914
9012 95
us
94
9412 10
,
9912 20
1951 J D 957 96
General 58 A
95 101
Cal Petroleum 63.4o (w 1)._ _1933 AD 100 4 Sale 10018
92
8
96
95%
96
3
80
37
101
D 85
1961
9412 975
1st 5,3 B
4
Camaguey /lug 1st B I g 70_ _1942 AO
8018 88
8512 85
85
7
11
9812
9712
51
96
91
lot & ref g 6s ser C
Canada SS Linea let coll at 7s'42 MN 9512 Sale 95 s
9712 Sale 9712
9555100
0838 30
3
953
4 27
8
2
19 7
Canada Gen Elec Co Els_ _1942 P A 10612 1065 10612 10612
943 9812
4
4
4
96 9 's
4 68
1 102% 106% Milwaukee Gas Lt 1st 4s_1883 M N 9712 973 973
98
4
Montana Power let 55 A__ _1943 J
973 101
4
Cent Dist Tel 1st 30-yr 5s_ _1943 J O 10012
973 Sale 9714
95
4
981e
10012 101
6
98
42
9 1 A .4
46
894 93 Montreal Tram 1st & ref 58_ 196 J 0 94 Sale 9312
Cent Foundry 181 s f 6s__ _ _1931 FA 88
88% 94
92
94
8912 July'24
71
Morris & Co 1st s f 4Mo._ _1939 J J 8112 Sale 814
924 100
Cent Leather 20
-year g 5s...1925 AG 100 Sale 993
76
83
4
30
83
100
47
Mortgage Bond 45
8
74i-- _ 7412 June'24
Central Steel 88
194 MN 109 Sale 109
7412 7412
2 1075 110
10912
1932 A 0 94
58
Cerro Sc Pasco Cop 8s
1931 3)
92
9414
138 July'24
_ 127 1445e
943 94
-4
94
1
awl 987 Mu Fuel Gas 1st eu g 5s_ __ _1947 MN 9518 96
8
CI3 G L & Coke lst gll g 56..1937 3) 9814 Sale 984
012
9512
92
9614
987
8 25
3
Mut Un gtd bonds ext 5% _ _1941 MN 943
81
74
Chicago Rye 1st be
1927 FA 78 Sale 775
937 95 4
4
8
95 4 June'24
3
1
4
783 106
1
99 10914 N9.88811 Elec guar gold 4s__ _1951 J J 6o18 gfe 60
Chile Copper 6s Set A
1932 AO 1063 Sale 10612 1087 196
4
53% 62
604 37
3
9258 100% National Acme 7340
Cincin Gas & Elec 1st & ref 50'56 AO 9914 993 9914
8412 20
94
8
84 Sale 84
82
9914 10
98 10112 Nat Enam & Stampg let 52_1129 .11 D 98
31 1 D
5345 Ser B due Jan 1
1961 AO 10012 Sale 10018
99
10112 45
98
964 9012
98
1
811s 9314 Nat Starch 20-year deb 5s_ _1930 J .1
Colo F & I Co gen I 5e_
1943 P A
91
923 8118 Aug'24
8
_ _ 9512 May'24
9512 97
National Tube lot 55
82
1952 M N 10114 1014 10118
75
Col Indus 1st & coil 5s gu
1934 P A 8114 Sale 81
813
9512- 4 43
9912 102
10112 36
9814 10012 Newark Con Gas 5s
Columbia G & E let 58
1927 J
10014 Sale 10018
967
93% 97
8
10012 56
_ _ 97
97
11
9614 100% New England Tel & Tel 5s..1942 j 0 10034 Sale 1003
1858 J 13
Stamped
1927 • J 100 Sale 100
1005
9714 1014
8 27
4
10114 12
N Y Air Brake 1st cony 6s...1028 M N 103 Sale 103
7
7
Col & 9th Av 1st gu g 55_ _1993 MS
6
7 Apr'24
14
103
5 1014 104
4
83
963 N Y Dock 50-yr let g 48--_ _1951 F A 784 79
Columbus Gas 1st gold 5e 1932 J J
93 July'24
73
787
e
78
7812
7614 N Y Edison 1st & ref 6 Ma A_1941 A 0 1127 Sale 1123
70
Commercial Cable lit g 4s_ _2397 Q J
7012 75
75 Aug'24
8
a
4 11318 36 1097 1134
97 N Y Gas El Lt & Pow g 5s_ 1948 J D 100 Sale 100
87
Commonwealth Power 68.._ _1947 MN
9612 Sale 963
,3
97
97
9814 102
100
13
Purchase money g 48
4
1949 F A 854 8614
Comp Azu Bars, 734s
1013
1937 J J 102 Sale 101
4 19 100 1033
s
8218 867
8612 23
%
98 1(12% N Y Mimic Ry lotoflsA 19003 J 8012 ____ 85
Computing-Tab-Roe f 65_ _1941 J .1 1013 Sale 1013
4
4
9
1025
8
801e 814
8112 Apr'24
-878 884 N Y Q El L & P 1st g 5a_. 1930 F A 9914
Conn Ry & L lat& ref g 4Ms 1951 J J 8718 ---- 877 July'24
8
98 100
8
-- 993 Aug'24 _ 884 NYRys1st1tE&ref4a.1942J J 40 Sale 40
82
Stamped guar 44513
1951 J 8 87 Sale 8714 Aug'24
33% 4412
433
4 34
Certificates of deposit
86
903
4
Cons Coal of Md lot & ref 581950 J O 88 Sale 8712
32
8814 68
433
4
3914 Sale 3914
4314 147
30
-year ad) Inc 55
934 100
Con G Co of Ch 1st gu g 5a1936 J J 98
14 6
8
9812 987 Aug'24
al942 AD
43 Sale
4
578 86
45
8
87
Certificates of deposit
92%
112 6
Consumers Power
1952 MN 90 Sale 8912
904 54
412 Sale
412
6
237
Y State Rya let cons 434e 1962 MN 64 Sale 64
905 103
8
Corn Prod Refg of g 5a.---1931 MN 9912
8
- 905 July'24
58
65
643
4 20
64211
1st 25-year s f 58
8 9814 10112 NY
10114
1934 MN 10118 Sale 10118
1962 MN 87
85
96
883 883
8
8
883
8
3
Steam list 25-yr fla Set A 1047 MN 9712 Sale 9712
85
71
Crown Cork & Seal fts
78
77
783 78
1943 FA
4
9212 99
9712 17
N Y Telep lst & gen a f 4)0_1939 MN 965 Sale 9612
914 98
Cuba Cane Sugar cony 7s 1930• J
953 9614 96
4
9612 17
93% 9712
8
963
4 62
30-ycar deben s fee _Feb 1949 FA 108 Sale 1073
96 10112
Cony deben stamped 81 ..1930
9912 Sale 9912 1004 134
A
J
4
10814 83 105 10814
20-year refunding gold 60_1941 AO 1065 Sale 10612
Cuban Am Sugar lat coil 88_1931 MS 10812 Sale 108
10812 16 107 10812
8
10718 40 1031g 1071g
9414 9714 Niagara Falls Power let 55. _1932 J J 10512 1053 101
Cumb T & T 1st & gen 5s_ _ _1937 .1 3 9814 9714 964
964
99 102
101
4
Ref & gen 6s
Den Gas & EL lst&ref f g 56'51 MN 8938 Sale 8918
13414 9118
8912 50
1011. 102 10512 10618 11 104 1064
Mae Lock AG Pow lot 5a__1854
82
Dory Corp (D 13) 70
67
11
77
767 7512
D 103 Sale 103
N
1942 2,1 5 76
s
9912 104
a 932
104
13
99 10114 No Amer Edison 138
Detroit Edison 1st coil tr 58_1933 33 993 100
993
5
4 1004
4
9114 98
9612 Sale 96
977
8 60
95 100
let & ref Si Series A
Secured s f g 8y4sEier B
993 Sale 99
4
96 103
11940 M
19 8 M 8 10012 Sale 100 2 10114 29
942 M E3
5
993
4 44
,
let & ref 8s Series B
1063
106 Sale 106
11940 M
8 41 104 10612
_-_-
_-_-
__
_-_-
_-_-
___
----
---
•No price Friday;latest bid and asked. a Due Jan. 5 Due Feb. c Due Jane. 8 Due July. 1 Due Aug. 0 Duo Oct. p Due Nov. r Due Dec
s Option sale.
AUG. 23 1624.]
New York Bond Record-Concluded-Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week ending Aug. 22.
Nor Ohio Trao & Light 65___1947 M
Nor States Pow 25-yr 58 A1941 A 0
1st & ref 25-yr 68 Ser B__1941 A 0
Northwest'n Bell T let 7s A_1941 F A
North W T 1st fd g 4As gtd_1934 J J
Ohio Public Service 7348-_1946 A 0
75
1947F A
Ontario Power N F let 5e
1943 F A
Ontario Transmission 55_
1945 M N
Otis Steel 88
1941 F A
1st 25-yr f g 7As Ser B _ _1947 F A
Pacific G & El egn & ref 58_ _1942 .1 J
Pao Pow&Lt Istdrref 20-yr 55 '30 F A
Pacific Tel & Tel let 58
1397 J J
458
1952 M N
Pan-Amer PaT 1st 10-yr 781930 F A
6 As(w1)
1935 MN
Park-Lox (are) 6 As
19533 J
Pat & Partial° G & El eons 5s 1949 M
Peon Gas & C lat cons g (is 1943 A 0
Refunding gold ts
1947 M S
Philadelphia C 68 A
1944 F A
5948
1938M S
Phila &Reading C& I ref 50_1973 J .7
Pierce-Arrow 88
1943 M
Pierce 0118 f 88
19313
Pillsbury Fl Mills 68 (rota)_1943 A 0
Pleasant Val Coal let g s 58 19283 J
Pocah Con Collieries tatsf5519573
Portland Gen Elec lot 5s__.19353 J
Portland Ry 1st & ref 58_ _ _ _1930 MN
Portland Ry Lt& P 1st ref 881942 F A
Soil
1947 M N
let & refund 7345 Ser A_ _1946 M N
Porto Rican Am Tob 8s.._ _1931 M N
Pressed Steel Car 58
19333 .1
Prod & Refs f 88(with war'nta)'31 J D
J
Without warrants attached_
Pub Serv Corp of N J gen 58_1959 A 0
Punta Alegre Sugar 78
1937 J J
Remington Arms 60
1937 M N
Repub I & S 10-30-yr 58s f _ _1940 A 0
5348
1053.3 J
Robbins di Myers a 178
1952.3 D
Roch & Pitts Coal & Iron 55_1946,MN
Rogers
-Brown Iron Co 75._ _1942IM N
St Jos Ry Lt Ht & Pr 5s
1937 MN
St L Rock Mt & P 58 stmpd_19551 J .1
St Louis Transit 5s
1924 A 0
St Paul City Cable 5s
1937 J J
St Paul Union Depot ba
1972 J J
Saks Co 78
1942M
San Antonio Pub Ser 65_ 19b2
J
Sharon Steel Hoop lst 8s ser A '41 M S
Sheffield Farms 694s.1942 A 0
Sierra & Ban Fran Power 58_1949 F A
Sinclair Cons 011 15-year 75_1937 M
6
B (w1)
19383 D
Sinclair Crude Oil 5348
1925 A 0
Os
1926F A
Sinclair Pipe Line bs
1942 A 0
South Porto Rico Sugar 7s_ A941 J D
South Bell Tel & Tel lets f 581941 J J
B'weat Bell Tel lot & ref bs 1954 F A
Southern Colo Power 23s_ _ _1947 J J
Stand Gas & El cony 81 6s 1926 J D
Cony deb g 8A 8series_ - _ _1933 M S
Standard Milling let 58
1930 M N
Steel de Tube gen 5 f 75 Ser C 1951 J J
Sugar Estates (Orienti) 78 1942 M S
Syracuse Lighting let g 55...1951 J D
Light & Pow Co con tr f 58'54 J J
Tenn Coal Iron d2 RR gen 55 1951 J J
Tennessee Cop let cow,68 1925 M N
Tennessee Elm Power68_1947 J D
Third Ave 1st ref 45
1960.3 J
Adjustment income 5a__a1960 A 0
Third Ave Ry 1st g 55
1937.3 J
Tide Water 011 6328
1931 F A
Toledo Edison 7s
1941 M S
Toledo True. Lt & Pr &I.__ _1925 F A
Trenton & El 1st g 58_ _ _1949 M
Undergr'd of London 4348_ _1933 J J
Income 68
1948
J
Union Bag & Paper Os
1942 MN
Union Elea Lt & Pr let g 55_1932 M $
55
1933 M N
Union Elev (Chicago) 58_1945 A 0
Union 011 58
1931 .1 J
Os
'
c1942 F A
Union Tank Car equip 75_ _ _1930 A A
United Drug cony 8s
1941 .1 D
United Fuel Gas lets f 6s_ _ _1936 J J
United Rya Inv 55 Pitta issue 1926 M N
United AY!,St L 1st g 46_1934 J .1
United 513 Co lot rct5 68
1937 M N
United Stores 68
1942 A 0
U S Hoffman Mach 88
1932 J
13 Realty & I cony deb g bs 19243 J
U S Rubber lst & ref 5a ser A 1947.3 J
10
-year 730
1930 F A
U El Smelt Ref & M cony 68.1926 F A
U 9Steel Corp fcoupon
d1963 MN
o I 10-60-yr 5311 registered __d1963 MN
Utah Light & Traction 58...1944 A 0
Utah Power & Lt let 58
1944 F A
Utica Eleo L & Pow lets!58 1950 J J
Utica Gas & Elm ref 55
1957.3 J
Vs
-Caro Chem lot 78
19473 D
I2-yr 734e with warrants_1937 J J
Without warrants attached_ J .1
Vs Iron Coal & Coke let g bs 1949 M s
19343 J
Va Ry Pow let & ref 68
VerUentes Sugar 75
1942 J D
Warner Sugar 78
1941 J D
19393 J
First& ref 7sSer A
Wash Wat Power 5 f 58_ _ _ _1939 J .3
Westches Ltg g be stmpd gtd 19503 D
West Penn Power Series A 881946 M 8
-year 65 Series C._ _1958 J
lst 40
let series D 78
01946 F A
55 E
1983M5
Western Electric deb 5s
1944 A 0
Western Union coil tr cur 55.1938 .1 J
Fund & real estate g 4148_1950 MN
15
-year 6345 g
1936 F A
Westinghouse E & M 7s
1931 MN
J
Wickwire Spen Steel 1st 78._1935
Willys-Overland 8 168
1933 M
Wilson & Co let 25-yr ef 631_1941 A 0
19283 D
-year cony e f 65
10
1931 F A
7348
1941 A 0
Winchester Arms 7348
Young'n Sheet & T 65 Or 1).1943 1 .1
Price
Aug. 22.
Week's
Range or
Last Sale
g
42 2,
2
Range
Since
Jan. 1
High
11808 No. Low
Bid
AO Low
8818 93
893 18
89 Sale 89
8914 94
94
28
937 Sale 9312
8
10338 23 101 104
103 10812 103
8 109
48 10712 109%
8
1087 Sale 1087
92
9513
933 95 9512 July'24
4
103% 110
3
110
110 Sale 110
12 10014 10714
107
107 10714 107
8
943 99
9814
4
9818 Sale 9818
94
9812
1
97
9612-_._ 97
9412 10112
9512 16
95 Sale 95
87
95
10
89
8812 sale 8838
903 95
4
943
8 93
933 Sale 93%
4
9812
92
9814 Sale 9818
9814 44
9934
96
9914 32
Sale 98
984
9038 93%
84
93
92 Sale 92
99% 10514
10378 29
8
103 1033 10314
93
98
__
9614 Mar'24
94 100
9514
9
9518 9512 95
93% 96
____ 96 May'24 _
9638
10414 1077
8
105 108 107 June'24
8714 98
943 173
4
8
9438 Sale 943
99% 1037
s
96
4 103
1027 Sale 1023
8
90
96
953
4 65
9412 Sale 9412
93% 10014
993
4 35
Sale 98
9912
70
873
8
873 234
8
87 Sale 8638
84% 10214
70
10112 10134 10138 102
947 9812
8
9812
5
9814
9838 100
93
97
97 July'24
97
9012 94
94
4
94
94
95
99
9812
1
9812
9713 98
86
9312
9114
3
9114 Sale 91
803 90
s
854 14
Sale 85
85
893 953
4
4
4
93% 10
933 Sale 933
4
10512 11 103 10512
10514 Sale 10518
10418 10518
105 Aug'24
105 106
8812 95
89%
91
4
91
90
8
116
24 1093 11614
11338 118 116
110
12 10612 11014
10912 110 110
77 105
1043 109
4
10418 Sale 104
109% 43 106 122
10918 Sale 109
92
95%
93
9212 Sale 92
16
9634
93
9612 Sale 96
9612 16
87% 917
8
903 913 8938
4
4
917
8 16
75% 9112
78
78 Aug'24
77
91
91
90
90 _..90
74
90
78
76
773 76
4
2
763 84%
4
843
8
7
8
843 8512 843
8
7814
74
80
79
78
78
14
5212 78i2
_
7812
7812
1
9112 95%
4
-943 16 - 95 July'24
9512 10134
100 Sale 100
10014 29
8
1057
8 15 102 1057
1053 106 10514
4
4
9938 46 933 100
9912 Sale 9812
7 100 10234
101 102 10138 102
8 105
105 Sale 1017
5 10012 105
837 9112
8
893 Sale 893
4
4
9114
3
87% 97
93 Sale 92%
93
182
833 9014
4
87
Sale 86
8612
152
97 10012
10014 Sale 100
10014 72
95% 10012
10012 149
11014 Sale 100
813 86
8
84 12 79
8412 Sale 84
10212 1027 1023
8
4
103
17 100% 10412
94
9912
9712 Sale 9712
9312 9634
98358 38
9 4 18
6
9618 Sale 96
5
9313
87
91
7
91 Sale 91
105 May'24 -- 100 105
9412 10018
10018 67
-6912 Sale- 99%
9534 100
99
9934 98 Aug'24
-_
25 103 106
1053 Sale 1053
4
4 106
9512 97%
93
9512 9512
9512
5
92
9834
9812 98
3
98
9812
8418 105
1047 ____ 1047 May'24 -g
e
9914 10212
10118 ____ 101
101
5
9712 103
10112 10212 10112 10112
5
93% 9878
973 Sale 97
8
073
4 95
4912 61%
563 Sale 5612
4
60
91
3912 58%
51 Sale 50%
543 298
4
92% 96
951 94
94
95
11
4
8 1033
1033 Sale 1033
8
4
2 102 1043
10812 Sale 10812 109
45 106 109
9812 101
1003 Sale 1003
4
8 1003
4
9618 ____ 023 Nov'23
4
_
_ -60- 90
8812 ____ 90 Aug'23 _
79
8812 8914 Oct'23
4
9518 Sale 948
96
39 "OF Ii1071s 100
__
993 100 100 Aug'24
4
90% 99
9814 Sale 9814
9814
8
70
75
75 May'24
7514
954 102
4
99
993 9912
993
4
6
8
10218 24
994 1023
102 1023 100
4
104 10412 10412 10438
9 103 1051s
1153
11512 11534 11512
4 27 11112 1153
.1
9212 9812
9712 Sale 9712
98
31
91
9818 Sale 9818
9812 12
987
8
6118 70%
6918 17
60 Sale 69
9012 93 69
69
86
9212
25
101 103 1007
10112
7
8
984 10112
11014 111 11114 Aug'24
103 11112
99% July'24
__
993 100
5
843 Sale 8414
4
85
132
793 877
s
8
103% Sale 10312 1043
4 33
991e 10612
102 Sale 10138
102
9934 102
37
105 Sale 1043
4
105
187 102 105
1037 Aug'24
g
1013 105
4
86
85'2 Sale 8412
26
80
873
4
91 Sale 91
913
4 29
£1738 933
4
10014 ____ 9712 July'24
973 98
8
3
96
963 96
4
9612
2
9018 983
4
6314 Sale 6212
5314
6312 95
3314 Sale 33
3338
9
28
7314
3012 Aug'24
27
76
91 Sale 91
91
2
88
92
92 Sale 92
9212
8
88
9412
94 Sale 94
94
46
8914 97%
102 Sale 102
1023
4 17 101 10314
91 Sale 9012
9114 20
89% 9814
10012 Sale 10012
101
11
993 1013g
8
983 ____ 99 Aug'24
4
__
96% 993
4
943 95
4
9212
95
10
894 9512
1038 10412 10312
104
6 101 10434
1067 107 10638
8
107
25 10414 1073
4
9212 Sale 9212
9712 19
863 3712
4
9818 Sale 98
9812 263
964 984
98 100 100
10012 12
4
98 10114
9412 Sale 9412
943
4 14
903 95
8
110 Sale 110
1107
41 1083 11214
8
10812 Sale 10812
109
55 10634 1093
4
73 Sale 73
7514 58
56
79%
973 Sale 9714
4
98
45
9712 9812
8914 Sale 89
90
87
80
984
5012 Sale 4918
55
59
44
92%
5214 57
5112
60
211
47% 100
1013 Sale 0112 102
4
14 10034 1028
4
9538 Sale 9538
9614 122
944 97
*No price Friday,latest bid and asked. aDue Jan dDue April cDue Mar,
eDue
an anus June. bDue July. kDue Aug. oDue Oct. oDue Dec. 8 Option sale.
931
THE ClIRONTCLE
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "1."
C0
2
Railroad Equipments Per, i. Basis
oo
Standard 011 Stocks Par Bid. Ask.
Anglo-American Oil new El *157 1512 Atituitio Coast Line 65
5.00 4.80
Atlantic Refining
100 903 91
4
Equ1pment0As
5.35 5.05
Preferred
100 112 11314 Baltimore d2 Ohio 65
Equipment 43.45 & 5s
5.00 4.86
Borne Scrymser Co
100 210 225
59 Buff Roch & Pitts equip Os. 5.00 4.75
Buckeye Pipe Line Co__50 *58
505 4 0
.
new
25 *4838 4912 Canadian Pacific 4348 & Os_ 5.25 5.85
.5
Cheaeb rred h Mfg
Prefer°ug
100 115 119
entral RR of N J 68
5.35 5.05
Continental 011 new
25
44 Chesape
1
Eauivake & Ohio 130
42 1
5.10 4.85
50 :3114
1
Crescent Pipe Line Co
ment
5.00 4.75
Equipment59
Cumberland Pipe Line 100 144 145
Eureka Pipe Line Co_ _-.100 95
96 Chicago Burl & Quincy 65.._ 5.25 5.00
Galena Signal Oil corn- 100 58
5812 Chicago & Eastern Ill 550_ 5.50 5.05
100 114 120 Chicago & North West Os
5.30 5.05
Preferred old
5.05 4.85
100 103 108
Preferred new
Equipment6A8
5.10 5 95
25 ; 4 8 13514 Chlc 11 0mentcs
2
Humble 011 & Ref new
E001 I & Pac 4;i8 & 68.... 5 55 4. 0
317 33
3
100
Illinois Pipe Line
25 *10417 105 Colorado At Southern 65
5.45 5.20
Imperial 011
5.25 5.00
Indiana Pipe Line Co
50 *90
91 Delaware & Hudson Os
5.25 5.00
International Petroleum_ C) *1834 19 Erie 4A 5 & 58
Equipmentfis
Magnolia Petroleum_---100 128 132
5..20 5..00
535
National Transit Co_-12.50 *2134 2214 Great Northern 68
15
100 6212 64
4.95 4.70
New York Transit Co
Equipment 55
85 Hocking Valley 68
5.40 5.10
Northern Pipe Line Co.._ 100 82
25 *5812 59
5.00 4.75
Ohio Oil new
Equipment 58
25 *3314 3514 flflnois Central 434s & 55
Penn Mel Fuel Co
4.90 4.70
100 20712 20814
Prairie Oil& Gas new
Equipment68
5.20 5.00
Equipment 75 & 634s
5.00 4.85
Prairie Pipe Line new__ _100 10512 106
100 181 182 Kanawha & Michigan 6s
5.50 5.20
Solar Refining
91
Equipment068
Southern Pipe Line Co 100 90
5.20 5.00
134 138 Kansas City Southern 5148- 5.30 5.05
South Penn Oil
87 Louisville lc Nashville 65
SouthwestPa Pipe Lines.100 85
5.25 5.00
5.05 4.80
Standard 011(California) 25 *5718 5712
Equipment630
5
8
5.20 4.95
Standard Oil(Indiana) 25 *567 57 Michigan Central be & 8s
Standard Oil(Ran)
134% MinnuitP &SSM 430& 58 5.30 5.00
13
Eg S
pment 6348 &
5.30 5.10
Standard Oil (Kentucky) 25 1241122
Standard 011(Nebraska) 100 236 239 Missouri Kansas & Texas 64 5.65 5.35
0
10
3514 Missouri Pacific 68 & 6348-.. 5.65 5.25
Standard Oil of New Jar _25 *35
d
r
11834 11914 Mobile & Ohio 430 & 513
5.10 4.90
Preferred
8
5.2 4 7
9
.0
Standard 011 of New York 25 *387 39 New York Central 430 & 55 4. 0 5 00
291 293
Equipment621
Standard Oil(Ohio)
100 11512 120
Equipment 78
5.00 4.80
Preferred
100 42
47 Norfolk & Western 4As___. 4.85 4.40
Swan & Finch
10 0 123 128 Northern PacIfle 78
00
5.00 4.8.5
Union Tank Car Co
114 11414 Pacific Fruit Express 7._.._ 5.00 4.75
Preferred
25 6438 64% Pennsylvania RR eq 58 & 68 5.10 4.75
Vacuum 011 new
10 *2912 31
5.15 4.90
Washington 011
Pitta & Lake Ede 6348
Equipment&
5.60 5.25
Other 011 Stocks (t)
4.75 4.50
Atlantic Lobos 011
*3% 317 Reading Co 43.4e & 58
*612 12 St Louth & San Francisco bs_ 5.15 4.90
Preferred
05 *5812 59 Seaboard Air Line 4348 & be 5.50
Gulf 011 new
4.90
5 *312 412 Southern Pacific Co 4;0- 4.80 4. 0
.55 . 0
Mexican Eagle Oil
5
7
5 *1078 11
Equipment75
Mutual 011
100 104 106 Southern Ry 43,48 & 58
5.05 4.85
National Fuel Gas
15 *2314 2312
0
Equipment 6s
5.35 5.00
Salt Creek Producers
*15
8 2 Toledo & Ohio Central Mi.__ 4.60 4. 0
5 .5 5 50
, .
Sapulpa Refining
3
Public Utilities
Unio
n Pacific 78
484512
Tobacco Stocks
50
1
Toba
Amer Gas at Elec new ( ) 95
96 Unio:1
44
100 85
American Cigar common 1007
4
57i2
76
Preferred
MAN
Preferred
Deb 68 2014
1 0
2
0 4412 50
2
Amer Light & Trao com-10 125 127
Amer Machine & Fdry_101 :0 125,4
8
Preferred
Bear-A
4331z Britisher mer Tobac ord_ £1. *247 25
90
Amer Power & Lt com -100 492021
00 9
42
corn
431
Cora new w 1
Helm xx eo W) Co,co 25 *59
ee(G
6012
100
100 111 114
Preferred
Preferred
MckS
Imperial Tob of GB & Irerd *1718 1758
Deb 68 2016
1 00 941 951
Amer Public) Mil com_100 82_ Int Cigar Machiner7100 50
58
80 gi Johnson Tin Foil & Met_100 75
7% prior pref
100 67
71
MacAndrews & Forbes 100 144 146
4% partici pre
75
Blackstone Val0& Ecom 50 73
100 99 101
Preferred
Carolina Pow & Lt com-100 *180 190 Mengel Co
100 25
28
100 145Porto Rtcan-Amer Tob 100 55
00
Cities Service Co coin-1
--- _
56
7514
Preferred
100 32
Universal Leaf Tob com-100 8
0
8
36
5
10 *7
Preferred B
__
Preferred
100 703
Preferred B B
100 115 120
Young (35) Co
CltiesServtoeBankers'Shares *141
100 103 107
Preferred
100 33
0
35
Colorado Power oom
Rubber Stocks(Cleoelasd) Prices
93 95 Am Fire 42 Rub corn
Preferred
4
8
)
:
COm'w'th Pow Corp com100 108 109 Firestone Tire & Rub cam 10 *78
79
*78
Preferred
80
6% preferred
100 9514 96
100 86
Consumers Power pref_ 103 8912 92
7% preferred
90
50 9
6
6
Elm Bond & Share pret-100 101 102 Genethl Tire & Rub corn100 *18o 1_ 6 _
*143 153
4
Preferred
Elea Ry Securities
84 Goodyear Tire & R com_100 1112 1214
Lehigh Power Securities_(2) *82
Mississippi Rio Pow corn 100 311 3212 Goody'r TAR of Can rd-100 r74_ _
87
89 India Tire & Rub cow_ _100 75 - 0 100
0 80
Preferred
Preferred
First mtge bs, 1951 J&J 961 9712
101
1 2)
Mason Tire & Rub cem_ 00
(
S F g deb 78 1935__M&N x1621
168
(
11
1
Preferred '
Nat Power & Lt oom_ _(b)
132'
3
*92
94 Miller Rubber
100 77
Preferred
85
.1423 *97
98
100 97
Income 78 1972
Preferred
1)
Electric100 *927 1112 Mohawk Rubber
Northern Ohio
100 _ _ _ _ -- -Preferred
*28 10
Preferred
1 00
North States Pow com_10 0 100 103 Beiberling Tire & Rubber(I) *612 714
94
96
100 68
Preferred
Preferred
72 •
1
63 Swinehart Tire & R com-100 ____ 10
Nor Texas Else CO com_100 60
70
73
100 ____ 40
Preferred
Preferred
Pacific Gas & El let pref 100 9014 91
Sugar Stocks
50 *12
11
Caracas Sugar
15
Power Securities corn (
(b) 59
77
Second preferred
*34
37 Cent Aguirre Sugar corn- 20 *76
100 105
77 Fajardo Sugar
07
Coll trust 68 1949._ _.3&D *74
Incomes June l949 FAA 88
100 55 66
0 90
90 Federal Sugar Ref oom-100 9
00
Puget Sound Pow & Lt._ 100 59
61
Preferred
(I) *212 4
80
83 Godchaux Sugar, Ino
6% preferred
100 21
26
Preferred
7% preferred....._ _ _100 410213 10412
25
9812 Holly Sugar Corp com--(2) *23
1st di ref 53401949 __J&D 97
100 7812 81
Preferred
Republic Ry & Light-100 3812 40
100 6612 68 Juncos Central 5ugar_100 75 125
Preferred
89
1 00
South Calif Edition com-100 98
99 National Sugar Refining-100 88
92
117
New Mauer° 131.1883----100 88
8% preferred
Standard Gas &Elec co m(:)
Banta Cecilia Stag corp pf loo
5
......100 -Pit;
Savannah Sugar com (
100 *8317 67
1) 4- 86
7% cum prior pref.
Preferred
50 *49
50
Tennesse Elsemepref Power_ -1 )*38
8% ca
()
39 Sugar Eatates Oriente pf 100 89 9312
100
0
9
Second preferred
35
10
*65
653 West India Sus Fin corn-100 2
4
Preferred
36
Western Power Corp_ ---100 35
Preferred
100 80
83 IndustrIal&Miscoll
American Hardware___ _100 78
Short Term Securities
80
Am Cot 011 65 1924. M&52 10014 _ _ __ Amer Typelounders 0010 100 107 10812
Preferred...
100 104 10512
Anaconda Cop Min68'29 J&J 10312 104
Anglo-Amer0117A 5'25 Ad20 10214 1023 Babcock & Wilcox
100 124 126
4
:
Federal Bug Ref 68'33_M&N 101 10112 Bliss (E W) Co new_ (i) *1012 ID
Preferred
Hocking Valley 5221926 M&S 101 10114
50 *50
58
Borden Company oom 100 12812 12912
K 0 Term Ry.6345'31 J&J 10312
1926 10218 1- New corn
t •12412 1251.
0i12
5125
Lehigh Pow Sec 68'27.F&A 101 10114
Preferred
100 105 106
Sloss-Sheff S&L 68 '29_F&A 10112 102 Celluloid company
1
00 99 103
99 59
Preferred
U S Rubber 7345 1930_F&A 104 10414
84
Childs Company corn
Joint Stk Land Bk Bonds
IL) *31 137
1 16
13
Preferred
rr
Chic Jt Sth Land Bk 55_1951 101 102
1011 1 10214 HerculesPowder
100 86
58 1952 opt 1932
90
Preferred
101 14 10214
100 102 104
55 1963 opt 1933
102 103 International Silver pref 100 104 108
5345 1951 opt 1931
Lehigh Valley Coal Sales 50 *83
10014 101
4340 1952 opt 1932
84
96
97 Phelps Dodge Corp
• s 1952 opt 1932
100 105
_
Royal Baking Pow com_100 198 101 10014 101
1
4548 1963 opt 1933___
3
9 - 4
Pac Coast of Portland, Ore
Preferred
J&J 101 1013 Singer Manufacturing .100 159 161
4
58 1954 op 1934
•Per share. I No Par value. S Basis. d Purchaser also pays accrued dividend.
New stock. filet price. k Last sale. n Nominal. x Ex-dividend
2 Ex-rights.
Mx-stock dividend. s Sale price. o Canadian Quotation.
43
BOSTON STOCK EXCHANGE-Stock Record s..tritg.
932
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday.
Aug. 16.
Monday,
Aug. 18.
Tuesday.
Aug. 19.
Wednesday. Thursday,
Aug 21
Aug. 20.
Friday.
Aug. 22.
Sates
for
The
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range ante Jan. 1 1924.
Lowest
Highest
PER SHARE
Range for Pre$0113
Year 1923.
Lowesg
Higkest
Railroads
Shares
100 14578Mar 27 158 July 28 143 Apr 151 June
131 Boston & Albany
154 155 155 155
154 154
153 154 15312 154 154 154
75 June 84 Jan
4
100 713 Aug 8 80 Jan 8
2 m)
7812
349 Sodon profted
78
78
7814 7814 78
78
7712 7712 7712 78
78
914 Aug 100 Mar
/
1
8
100 887 Aug 6 9614May 10
93
93
___ 31
_92 __ __ *92
96
__ *91
*91
_ *91
/
4
100 110 June 18 11614 Jan 24 1111 Aug 125 June
11412 11412
59 Do let pref
116 116 +114 116
115 116
115 116
116 118
95 Nov 106 Mar
100 9512June 10 100 Feb 27
190 Do 25 pref
98
/ 9812
1
4
99 99
*984 99
/
1
9878 9878 9812 99 *9812 99
/
1
7 Deo 204 Mar
/
1
4
812 Jan 2 17 July 28
100
154 1,420 Boston& Maine
/
1
154 1534 15
/
1
15 16
/
1
4
1518 1578 1512 16
1578 16
7 Dec 27 Feb
100 12 Jan 10 1914 Au;20
35 Do pref
_--- ---1914 19
19
*____ 1914 *____ 1914 *____ 1914 19
1212 Oct 8212 Mar
100 13 June 12 2312July 21
610 Do Selloff A 1st pref
--------146---23
22 23
/
1
4
23
21
23 23
---2234 23
21
15 Dec 48 Feb
/
1
4
Do Series B let pref
100 1712 Jan 2 28 Aug 21
27 27
2712 28
2713 2712 27 27 •__-- 28
160 Do Series C let pre! 100 18 Feb 27 25 July 21
14 Dea 42 Mar
/
1
4
*____ 26 •24 25
25
25
25 25
Feb
32 Do Series D lst pref....100 23 Jan 3 36 July 22
36
36 :::: ::::
+36 ____ 36 36
31
36
12 I)
100 143 Jan 4 164 Aug 18 115 J11; 1E12
---------2 Boston & Providence
•160 170
160 160 *160 ____ +160 165
164 164
Mar
Feb
3 East Mass Street Ry Co._.100 18 May 12 27 July 30
21
21
2112 2112 2112 2112 20 20
22 23
58 Dec 72 rJan
100 5812 Jan 8 68 June 27
51 Do ld pref
i
6
624 624 •____ 62 *61
63 -ii- - - 60 60 *60 63
5034 Dec 65 Mar
100 48 May 26 5878July 28
135 Do met B
51
52
51
51
53
*50
53 *50 53 *50
Mar
984 Do adjustment
100 28 May 21 3912 Feb 14
i412
-23- - .4 35
35
34 3412 33
34
35 36
35 353
4
East Mass St Ry (tr dfs) 100 313 Apr 23 3912 Feb 11
100 25 June 19 37 Apr 9
/
1
4
224 Dec 43 Jan
/
1
70 Malne Central
2
s
tii
-56- 'Ici- ;ZU2 -_-_-_-_ »iii2 -_-_-- ii8r2 -- -- -ii- - - - ---- ---/
1
4
100 14 Jan 3 3012July 25
934 Ju1% 22 Jan
61 8,170 NY N H & Hartford
8 2
2738 2778 27 2734 2732 2838 27 27% 2534 27 -2i117 - 62 Dec 84 Feb
56 Northern New Hampahlre_100 62 Jan 14 77 July 31
75
74
75
76
74 *74
75
*74
76 *73 76 *73
75 Dec 100 Jan
3199 100 *99 100
99 99 *99 100 *99 100 --------10 Norwich & Worcester pref.100 80 Jan 2 100 July 23
.91
64 Oct 81 Feb
/
1
4
92
100 7212 Jan 4 92 July 26
8117 Old Colony
91
91
*91
92 *91
92 :8931
_9_2 _
. 3
100 34 Mar 3 491 Aug 20
Rutland pref
/
4
2112 Aug 38% Dec
*4812 50 *484 50
/
1
48 4812 4714 491 491 4912---------192
/
1
4
/
4
/
4
1
.
70 Nov 98 Jan
____ ____ _ _____ Vermont & Massachusetts-100 70 Jan 22 87 July 23
•
85 ____ *85 ____ *85
Miscellaneous
114 Apr 11
3 Jan
/
1
4
2 Jan 18
1 Sept
/
1
134 14 1,700 Amer Pneumatic Service_ 25
134 178
14 11 *134 2
/
1
/
4
/
1
*134 14
/
1
14 134
60 12 Jan 3 15 June 5
12 Dec 20 Jan
238 Do pref
1434 15
15
15 *14
15
15
133 133 *14
4
4
3,084 Amer Telephone & Teleg-100 121 June 24 13072Mar 12 119 June 12812 Deo
4 - 3
127 128
/
1
4
12818 129 12814 130 12872 130
128 1294 iii1- 1ii8
No par 65 Apr 28 83 Jan 14
5 Amoskeag Mfg
0
6712 Oct 112 Jan
75 *75
76
'-- - 77 *__
7612 75
7634 *75
7 79 Aug 14
72 Oct 88 Jan
35 Do pref
ii*79 ____ *79
-7i- 79 •_ 79
79 79 *75
Art Metal Construe.InoN4 11; 213454" 8 18 Feb 15
__ ..P4
13 Aug
14 Nov 1612 Mar
/
1
4
17 *15
17 *15
17 *15
17
*15
17 '
315
No par
2 Dec 2018 Feb
8 June 10 1014 Jan 8
*8
9
*6
7
/ *6
1
4
712 ---- ---- ______ A• tlas Tack Corp
72 *8
712 *6
- • 93
*107 10712 3
.107 10712 *107 10712 *107 10712 *107 10712 ioi- 16i" ____-- B• oston Cons Gas Co prof. 100 104 Jan 18 108 July 1 104 Oct 10812 Feb
Boston Mex Pet Trus-No Par .07 Mar 29 .20 Jan 10 .05 Dec .30 Jan
3.07 .15 '
3.07 .15
'
3.07 .15 .
3.07 .15 *.07 .15 .
19 July 27 Mar
10 23 June 25 2818Mar 5
4
2534 -2_! :2:5:1_2 - -•---- Connor (John '1)
2 4 _ ..
5
2512 26
25
/ 26
1
4
25
/ 2534 2512 26
1
4
2412May 22 80 Feb 14
2513 Dec 2614 Dec
20 Dominion Stores, Ltd
/
1
4
2512 *225512
2512 25 25 •25
*25 2512 *25
Preferred A
100 84 Jan 15 86 Aug 7
8712 --__ ____ ______
.
85 3612 *85
8612 *85 8612 *85
8612 *85
2 Mar 5
/
1
4
100 East Boston Land
10
3 Feb 25
*212 3
*212 3
214 214 •2
24 •212 3
5
;
14 2 Mar
4
225 Eastern Manufacturing
412July 16
12
8 Feb 6 --2 - Dec -- 1- -il-li
/
1
4
4
/ 412 -;5i2 - -, 11
4
5
5
514
514 .5
514 *5
*5
25 38 JEW 3 5514 Mar 8
155 Eastern SS Lines.Inc
31 Nov 1274 Mar
43 43---- ---43 43 *43 44
43
43 *42 44
/
4
No par 341 Jan 25 40 Feb 7
35 Oct 40 Oct
185 Preferred
____ -_
*36 37 •36 37
35
354 *35
/
1
36
35
35
1st preferred
100 854 Jan 8 93 Mar 8
/
1
91
*89 91
*89 91 *89 91
*88
3189 91
i
100 16312 Jan 2 190 Aug 6 1N3 Ao , ln
2 ta
-• -4188 190 18912 190 18912 190 189 18912 188 18912 fiii- 11712 __ -2-6 E• dison Electric Illum
No par
24 Jan 17
/
1
112 Dec 1078 Jan
60 Elder Corporatlon
438May 14
3
3
/ 312
1
4
/ 313 *34 4 -------1
4
/
1
*313 4
*312 4
5 July 2912 Feb
3137 40 ---------24 Galveston-Houston Elec.-100 13 Jan 11 40 Aug 31
337 40
*37 38
37 37 *37 40 .
4 Aug 21
00 Gardner Motor
/
1
4
6 Jan 8
/
1
4
31478 _ _4_7_2Nopar
15
---- -Georgia Ry & Elec
100 113 Mar 26 116 Jan 8 li
/
1
4
4
•iiii :::: .iiii :::: •iii ::::'ill& ---:
b
e
t
19,,T
-.78 ____ ---- ---- ----16 5% non-cum prat
100 79 Aug 18 80 Jan 3
79
3178 ____ 79 79
1178
Greenfield Tap & Die
1434Nov 24 Feb
25 12
/
1
4Mar 31 1572 Jan 7
1312
•1314 1312 *1314 1312 *1314
No par 46 Mar 25 52 Jan 8 60 Dec 634 Mar
io ---ioi Hood Rubber
51
ii3- 487 48
487.
g
/ 51
1
4
/ 49 50
1
4
4912 5012 50 50
/
1
4
Internal Cement Corp_No par 41 Apr 28 46 July 12
32 July 44
46
314
.45 46 *45 46 *45
45
46 *8 483
4
3 Mar
---- --- - --------------------international Producte_No par .10 Feb 18
112May 26 .10 Dec
*'25 1
*.25 1 •.25 1
•.25 1
•.25 1
100 .25 Feb 14
8 Mar
2 June 20 .60 Dec
*112 ____ *112 ____ *112 ___. *113 ---- *14 ---- _-_- -_------ Do pref
Kidder, Peabody Acceptance
-- Corp Class A pref
100 80 Jan 3 8334Mar 22 80 May 884 Feb
/
1
* 44 ---8
*8414 _--- *8414 ---- *8414
*8
414
812 Aug
4 June 12
4 Dec
/
1
4
.5 --4
613 Jan 4
14
55
E
5
/ 755141 -- - ---- ---248 Libby. McNelll& Libby_ 10
1
4
58 58
3
3
5
51 *518
/
4
7;71: 17937:,814 _7
_gr2 _ 4 ---6 Lincoln Fire Insurance
71;738
_
_11
20 70 Jan 9 70 Jan 9 . -0
70
70
*.
70 •_ 70 •
25
9 Mat 21 10 Jan 9 - ili June If""IR
/
1
4
*93 10
4
*93 10
4
93
4 93
4 *93
4 9
/
1
4
9
9
Massach usetatr Gas Cos 100 6912 July 7 81 Feb 20
w.e Tar s
73 Dec 8711 Jan
/
1
4
73 7312 7312 7412 7314 74
7314 73 4
7
85 Do pref
100 62 June 26 70 Jan 31
62 Dec 73 Jan
3
66 66
67 67
66 4 67
6612 6613 67 67
58 Mergenthaler Linotype--100 150 Apr 22 162 July 3 147 June 179 Jan
i82- 116159
158 1584 *15812 159
/
1
15712 15712 *157 159
/
1
4
300 Mexican Investment,Inc_ 10
6 Jan 2 1732 Feb 21
/
1
4
8 Dec 14 Feb
11
11
*10
11
1114 1014 11
*1034 11
11
18 Nov 2814 Jan
836 Mississippi River Power
100 19 Feb 18 3212 Aug 22
30
31
3112 -2iis - .13
i2 30
30
30
O2914 2912 2912 30
Do stamped pref
100 80 Jan 4 89 July 25
80 Jan 84 Feb
387 89
•87 88 *87 88 *87 89 •87 89 '
1:
21343
33
Ts Dec
t11 4pn 211
53 Ja3
/
44
4
.
10
.1 pr 21
312 312
/ 34
1
4
3
31/4 33 --512 3% 1,554 National Leather
/
1
4
33
4 3 8 •3
7
32 3
3
Sept
300 New England Oil Corp tr etre_
44 418 *44 ..-•4
438 *4
44
414 44 --__ ---20 Preferred (tr etre)
1212 Deo 16 Oct
100 17 Jan 10 3114 Mar 20
_ +2113
*21 ____ *21 ____ 21
/ 22 •2112
1
4
714 New England Telephone-100 10312 Apr 24 11512 Jan 31 110 Dec 122 Jan
(
107 10714 107 1073 10612 10714 107 107
8
10612 10 .- jai- 1 1i--7
/
4
1 14 Jan 16 2034 Aug 2
164 July 211 Apr
/
1
•1912 2012 *191 201 *191 2012 204 204 .21912 2013 ------250 Orpheum Circuit,Inc
/
4
/
4
/
4
318 Pacific Mills
84 Dec 190 Jan
7214June 30 87 Feb 14
8212 83
83 83
83 83
81
82
8212 83
811 83
/
4
ml a
33 Reece Button Hoae 0334___ 110 114 Jan 5 17 July 22 214+4 Dec 18 Mar
0
/
1
18
16
*153 16
4
*153 16
4
15
16
+1534 16 *1534 16
314 Mar
2 Jan
------ Reece Folding
218May 14
3 Jan 2
+234 3
31234 3
*234 3
*23
4 3
*23
4 3
2 Feb
5 .15 Apr 14 .40 Feb 15 .10 Dec
.
+.15 .50 •
.15 .50 *.15 .50 .
3.15 .50 :::: :::: ______ Simms Magneto
693 Swift & Co
984 June 10912 Jan
/
1
100 100 June 11 10914 July 30
4
1054 10512 106 10612 106 10612 106 1063 106 10612 -------419 Torrington
25 3512June 3
3612 3612 3612 3613 3612
36 3612 3614 364 3614 3614 36
/
1
ar
a
iiar
5 Union Twist Drill
311 4
i
2
2
3
32 0: , 3142 Dec
9
9
9
5
7 Feb 2 E41113 11
*6
9
*6
9
*6
9
*6
9
*6
.3
,
25 312412
3812 4,013 United Shoe Mach Corp
38
3812 38
3812 3812 3878 3812 39
38
37 38
/
1
4
June
29 Do pref
25 24 Feb 29
/
1
4
26
2612 26
2612 *26
3126
2612 26
2612 +26
2612 *26
's
s
a
/
1
2112 214 1,747 Ventura Consol Oil Fields_ 5 2034July 19 U lan 2; ?.t3 Aug
/
1
2178 2114 214 217 214 2134 23
/
1
8
2114 2134 21
15 Dec 52212 Mar
/
1
144 143
/
1
4 1412 144 --------1,831 Waldorf Sys,Inc.new sh No par 1372 Apr 30 1714 Jan 9
15 8 154 15
3
/
1
154 1412 15
/
1
Mar
______ Walth Watch Cl B com_No par
*7
9
*7
9
9
*7
9
9
*7
*7
ar
9
3
---------------Preferred trust ctfs
!.,5 DecJanrec i512 .eo
100
:L
1
June 16 i31 eg11
19 *17
19
317
*17
19 *17
18
*1712 18 .
HI,
•
• 265 alworth Manufacturing_ 20 1512June 20 2114 Feb 11
---1712 ---1712 1713 1712 1712 1712 1712 17
+17 18
25 Jan 3412 Mar
/
1
4
-56 'Ws 1,375 Warren Bros
3
50 29 Jan 3 3834Mar 12
/
1
4
3634 37
•37 3714 367 3714 3634 3718 37 37
8
/
1
4
5 Do lst pre:
3012 Dec 39 Mar
50 343 Apr 25
..lan 25
ja
4
8
377 377 *3612 38 --- -- -*3612 38 *3612 38 *3613 38
25 Do 2d pref
_ _ - -- -41
*39
41
41
41
*39
40 40 •39 41
3
14
385 Wickwire Spencer Steel-. 55 .90 Mar 20 "41 Jan 18
8 38 Aug 5
518
-___ ____ -_---_.90 1
1
____ ____
118 118
1
Mining
1
Adventure Consolidated.- 25 .20 Apr 8 .20 Apr 8 .10 Nov .50
50
3.25 .50 *.25
3
.25 .50 .
3
..25 .50 •
.25 .50 .3.25 .50 '
Mar
Algomah Mining
25 .10 Jan 15 .20 Mar 20 .10 July
112 .4
%10 .20 *.10 1 3
•.10 .20 *.10 .20 *.10 .20 *AO .20 3
/
1
4
4 Mar
212July 22 .70 July
320 Arcadian Consolidated.... 25 .75 June 16
1% r
x, 1% 1%
• •1% I% *1% 1.% *1% 1%
7 Dec 1412 Mar
5
8 Jan 2 1218 Aug 19
1114 2,013 Arizona Commercial
1178 12
111 12
/
4
8
3
8
2 1114 1112 11
1112
286 Bingbam Mines
1412 Oct 19 Feb
10 14 June 13 1878 Jan 15
1712
3814 117
14 1
.234 17
*1534 1612 *153 1612 *1534 1612 1613 1334 1
4
17 Oct 49 June
/
1
4
25 131 May 15 1972 Jan 7
1738 1812 5,275 Calumet & Hada
8
18
18
177 1814 18
18
18
280 Carson 111111 Gold
3 Feb 1
I
I Mar 31
138 112 .118 138
13
5 13
8 *11g 13s
•118 112
*118 13
s
2E14 Jro: 44f.
2i
1134 eir
a
b
25 1812June 6 2914 Aug 20
2712 2,568 Copper Range Co
2834 2614
2814 2812 28 2812 28 2812 2832 2914 28
Davis-Daly Copper
434 Jan 23
10
332 Jan 3
/
4
314July 15
512 Jan 24
438 Nov 111 Mar
T
i
8g
-ii2 - -,is _ 1,445 East Butte Copper Mining_ 10
412
2
/
1
4
7
;
47
i- - 4 -1 --41. -1 - - --47 -4 i- --434 -May
I Jan 8
25 .40 May 24
15
.95 .95 *.75 .95 .3.65 .95 *.60 .95 :to •113
'.75 .95
2% M"
2
.341
1P1 rancock Consolidated.... 25 .75 June 26
a
112
*1
1
1
13
4
113 *1
134 *1
•1
/
1
4
1 2112June 24 2812 Jan 7 24 Mar
2412 2412 1,415 Hardy Coal Co
2413 25
243 244
5
4
2434 2518 25 2512 243 25
ae
114 Aug 19 .10 Sept 3114 Fuaar
1 48.1M b
125 Helvetia
25 .30 May 10
112
112 *1
1
1
*1
114 114
/
4
•.70 11 *114 112
A
,
2 54p:
2 95
22 93112
2,474 Island Creek Coal
1 0 June41 Apr 4 13253 Aug 22 004 NovONoovt 1
90
127 1283* 12812 132
3
126 128 126 1277 12612 128
*124 126
82 Do pref
9868
/
4
97 9712 *9634 9734 *9612 971 *9612 9713 97
97 97
Mar
16
Isle Royal
155 K eRoya Copper
26 12 June 7 20 Jan 3
1712 1712
18
18
1814 1834 1812 1812 1834 19
19
19
Lake
2 Feb 13
/
1
4
1 Dec
/
1
4
332 Jan
5
112Mar 5
*134 2
*134 2
*13
4 2
.134 2
*134 2
•134 2
1 Feb 19 .80 Sept
15 Keweenaw Copper
2 Mar
/
1
4
25 .50 Jan 7
.
3.90 1
.80 .80 -- -3.90 1
414
414 .
•
.90 1
2 4July 23
3
338 Lake Copper Co
25 .90 Apr 3
8
214 212
2
2
24
212 212 *214 25
214 214
m3405 valiey mine
2 July 23 .50 Oct.
100 La /3alle Copper
25 .70 June 13
113 113 *112 278 :LI It
*112 2
*113 2
*14 2
/
1
1I3
2 Mar 7
14 Nov
/
1
14July 7
/
1
2 Mar
/
1
4
8 1
8 *13
*11 17
/
4
8 *Ps 17
2
*178 2
*11
/
4
4 Mar
/
1
4
134 Aug 20 .50 Dec
190 MIMI Consolidated
25 .50 Jan 8
114 114 .114 14
114 134
112 112
113
13
3 1s
5 July 21
7 Feb
14 Oct
/
1
1,052 Mayflower-Old Colony
25 .80 Apr 9
*234 3
318
2
/ 3
1
4
3
3
3
234 234
24 314
/
1
27 Oct 71 Ma!
879 Mohawk
25 23121une 13 3812 Aug 20
4
3812 3713 38
3512 373
38
/ 38
1
4
38
38
37 3712 37
1414 Oct 24 Ma1612 Jan 2 23 Aug 18
/
1
4
2112 2134 1,200 New Cornelia Copper
22
2212 2234 2214 2234 22
/
1
2234 2234 224 23
41.4 Apr
2 Aug
/
1
4
5,445 New Dominion Copper
June 19
23 Apr 7
.75
4
114 118
/
4
11 11
/
4
.99 118
1
14 112
118
14 13
1
4
1
85 Apr 40 Apr
New River Company
3512
100 35 June 16 40 Mar 11
3812 *35
3812 *35
3812 '
335
.35 3812 *35 3812 *35
Do pref
72 Nov 84 Mar
100 60 June 10 75 Mar 11
65
*60
65 *60
*60 85
*60 65
1360 65 *60 65
6 Feb
/
1
4
452 July
770 Nipissing M111108
64
538 Jan 10 61114 Feb 1
6
6
5
612
6
Big 614 *6
614
618 618 *6
638July 26
11 Nov 123 Mar
4
4
2 Jan 16
1,955 North Butte
15
434 5
518
53
4
8
51 53
/
4
514 514
514 512
3
514 5 8
2 Mar
/
1
4
.95 Aug 18 .50 Nov
25 Ojibway Mining
25 .40 June 10
..70 .71
3.75 .90 *.25 .90 3..75 .90 3
.95 .95 .
'
.60 1
1312 Oct 3212 Mar
cimtnion Co
5
5
,3
/
1
26
2312 25
/ 2314 244 1,769 dDoor m w50 & smelt_ 25 13 Jan 30 2712July 28
1
4
26
2634
2612 26
26
2534 26
412 Nov
214 Aug
518 Feb 1
Park
Jan 3
414
414 *4
414 *4
414 *4
414 *4
4,14 *4
*4
720 Pd Crk Pocahontas Co_No par 104July 11 1512July 23
/
1
4
/ 1412 1412 *1438 143
1
4
/ 14
1
4
1412 1412 14
/
1
•1414 15 *144 15
14 l:er
ot E2 il r
ir ro
/
1
490 Quincy
25 14 June 10 254July 28
2412 2312 24
8 244
2412 254 2412 247
*244 2512 2412 25
/
1
2
930 St Mary's Mineral Land
25 26 June 16 4014 Aug 18
394 4014 3812 3914 3712 3812
/
1
39 40
3834 40
39
39
112 Mar
785 outhS
10 .30 Apr 2 .95 July 22 .80 Dec
.50 .60
.65 .75 13.65 .75
.65 .74
.65 .65
3
..65 .75
1 Aug
hannonl ke
25 .25 July 19 .31 Aug 15 .10 June
1%
.
3.25 .75 *.20 .75 ' 25 .75 *.25 .75 *.25 .75 •.25 .75
3 Mar
14
1 Dec
25
60
g •114 13g ----------- Superior
112 113 *13g 13
4
•114 134 •114 13
59 Superior & Boston Copper- 20 .80 31'1115
15
l
174julY
.31
.30
.40 .49
.25 .49
.45 .50
.46 .60
114. 11;22
/
1
:
577 13tah-A pex 111atrig
17333h c 530 n ed
0
e 1g
.4062 72.1tu
.
un
/
1
4
234 2
234 234 +213 vs
234 234
234
2
3 Mar
*212 234
1 .01 Jan 3 .01 Jan 3 .01 Dec
Utah Metal & Tunnel
;.4i)
.0 .
4
;. 0 .51) -37 - - -- E6 - - Tio ---iii Victoria
4
0 .
. 7 .37 --51- -- 45 - -- -3
--- - -. 5 .5 -- - - -3
? Ai tg
11
ria
25
21 •11 j prg .21 j t11
.
+.75 1
'
3.75 1
'
3.75 1
•
.75 1
1
•.75 1
1
25 ,13 Feb 8 71 July 22
195
32
,..33 :
.40 .40 •
.45 .50
3
'.40 .50 13.30 .50 •.45 .50
100 PVryina°lidot
25 July 26
25 10 July 23 .
.2
3.20 .25 31.20 .25
20 .
20
25
•
.20 .25 . 20
3
2Ex-dividend. Ex-stock dividend. a Assessment paid. e Price on new bade.
•Bld and asked Prime, no sales on this day. x Ex-rights. b Ex-diV. and rights.
iia- ::::
31 41v° 12
Oct.
yiii .134 1312 .1314
i'L
r Lan.
Jity. 11,1g,
111 Mar
1
'34 Dec 3' :epb,
Dec 1:: Feb
:33
/
4
:13 Dec) 11 rf::
AUG. 23 1924.]
T1-1 P,
CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Aug. 16 to Aug. 22, both inclusive:
'
,
may
Last
Sale
Bonds-
Week's Range Sales
of Prices.
for
High. Week.
Price. Low.
Atl Gulf& W I SS L 581959
Chic Juno Ry & U S Y 58'40
EastItlassStRR Ser B 58'48
1936
Hood Rubber 7e
K C Mem & B inc 5s _1934
1931
Mass Gas 4348
Miss River Power 5s...1951
New England Tel 5s_ _ 1932
1944
Swift & Co 58
Western Ter& Tel 5s_ _1932
Western Union Tel 5s_1938
5354
5334
95
60
10134
9434
96
9634 9634
10054
97
9954 99
10054
Range since Jan. 1.
Low.
54 $19,000 42
97
19,000 9234
60
1,150 59
10134 1,000 9934
9434 6,500 87
9634 3,000 91
9634 8,000 92
101% 5,000 97
97
10,000 943.4
9934 18,000 9534
10034 2,000 10034
Jan
Jan
Aug
May
June
Jan
Jan
Jan
May
Jan
Aug
High.
6034
9754
75
102
9434
9634
9734
10154
101
10034
10034
July
July
June
Feb
Aug
July
Aug
Aug
July
Aug
Aug
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Aug. 16 to Aug. 22, both inclusive, compiled from official lists:
r reggae
Stocks-
bases
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
ArundelSand & Gravel_100 70
Atian Coast L(Conn)_-100 13234
Baltimore Trust Co
50
Baltimore Tube
100
Preferred
100
Central Teresa Sug com_10
Preferred
10
Century Trust
50
Meg & Po Tel of Belt_100 11054
Commercial Credit
• 2434
Preferred
25
Preferred B
25
Consol Gas,E L & Pow 100 11734
634% preferred
100 102
7% preferred
100
100 120
8% Preferred
Consolidation Coal_ _100 '
100
Preferred
•
Eastern Rolling Mill
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of America_ _25 4634
Preferred
25
Finance di Guar Co
25
Preferred
25
Finance Service Class A10
Class B
10
Georgia Southern & Fla 100
First preferred
100
Second preferred_ _ _ _100
Houston Oil pref tr ctfs_100
Manufacturers Finance_25
Second preferred
25
Maryland Casualty Co_ _25 793
Merch & Min Tr Co_ _ _100
Monon Val Tree pref_ _25 2234
.
Mortgage & Accept Corp _• 15
First preferred
50 45
MtV-WoodbMilispfvtr100 50
New Amsterd'm Gas Co 100 40
Penns Water & Power_100 11634
Silica Gel Corp corn
• 19
United Ry & Electrie-_50 1734
U S Fidelity & Guar_ _ _50 15534
.
Wash Balt & Annap _ _ _ 50
Preferred
50
West Md Dairy corn_
•
Preferred
50 5134
6934 71
13234 13254
158 158
2434 31
5834 64
.75 .75
254 254
9954 9934
11054 11034
2334 2434
2434 2434
2434 2434
1163411734
102 10234
107 10734
120 12034
70
7034
103 103
80
80
4834 4834
8734 88
4634 4634
2834 2634
24
24
19
19
18
18
18
18
35
35
6314 6334
5434 5434
93
93
5134 5134
2234 2234
7954 80
10734 108
21
2234
15
15
45
45
4734 50
3934 40
115 11634
19
19
1734 18
1553415534
5
5
18
1934
30
30
5134 5134
Range since Jan. 1.
Low.
547 46
Jan
20 115
Jan
6 155
Apr
421 21
Jan
170 53
Jan
25
.75 Aug
190
234 May
2 99
Mar
26 10934 Jan
181 2234 June
60 2334 June
110 2434 May
348.108
Mar
187 10034 June
43.10434 Mar
100 11534 Jan
321 6954 Apr
76 103 June
20 6634 Jan
5 46
Feb
33 77 June
10 4534 Jan
100 18
Jan
151 22
Feb
5 18
Jan
2 1734 Apr
5 18
Aug
8 35
Aug
20 6334 Aug
8 5434 Aug
5 8834 May
28 50
Feb
250 22
Jan
93 75 June
62 102 June
120 17 May
20 11
July
20 45
Aug
155 45 June
185 3834 June
574 9834 Jan
150 1834 July
650 1534 May
160 145
Apr
25
5 May
26 15 May
50 2934 July
1 4934 May
High,
71
Aug
13234 Aug
160
Jan
37
Feb
7334 Feb
134 Jan
434 Jan
10134 Jan
112
Feb
3134 Feb
2534 Jan
2634 Mar
11934 June
10234 July
110
Apr
121
July
8134 Jan
104 May
95
Mai
49
Aug
90 June
47
Apr
2634 Aug
25
Ape
2334 Mac
1834 Feb
1834 July
35
Aug
66
Feb
5434 Aug
95
July
53
Jan
23
Mar
83
Jan
108
July
2334 July
15
Aug
46
July
6034 Jan
40
Jan
11734 July
3034 Feb
1934 July
15634 Aug
754 June
28
Jan
30
Aug
52 July
933
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Philadelphia Traction...50
Pulls & Western
50
Preferred
so
Railways Co General- AO
Reading Company
50
Warrants
Scott Paper Co, pref-100
Tono-Belmont Devel__ _1
I
Tonopah Mining
Union Traction
50
50
United Gas Impt
Preferred
50
West Jersey & Seashore_50
Westmoreland Coal
50
82%
5714
Bonds
Amer Gas & Elec 55_ _2007
Elec & Peoples tr ctfg 4s'45 64
Lake Superior Corp 5s 1924
Phila Co cons dr stpd 5851 92
1966
Phil,. Co lst s f 45_
1966 103
let 5e
1947
5348
1953
554s
6s
1941
Spanish-Amer Iron 65_1927
United Rye gold tr ctfs45'49
85
64
15
92
8534
102
103%
10334
10634
101%
65
47
61
980
16%
220
35
150
6
64
50
46
50
98%
10
325
%
2
2,210
40
170
16,822
84
57%
255
37
70
62
69
90%
64
15
92
8.534
103
10334
103%
107
101%
65
LOW.
5834 May
Jan
9
3154 Apr
4% June
51% May
Mar
32
9334 June
7-16 Apr
134 Jan
37;4 June
5834 Jan
5554 Jan
34% July
60% June
23,400 84
Mar
7,500 62 May
10,000 13% Mar
5,000 88% Jan
3,000 80% Jan
53,200 97
Feb
22,000 99% Jan
13,000 98% Jan
500 103% Jan
3,000 100
Apr
15,000 54
Mar
High.
64
Jan
2054 May
35
Jan
634 Aug
78% Jan
46
Aug
98% Aug
11-16 Feb
2% July
43
Jan
84
Aug
58 June
42
Mar
6634 Feb
92
86
1934
93
85%
103
10354
103%
107
102
73
July
Mar
Feb
June
Aug
Aug
June
July
Aug
June
June
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists:
!Tway •
Stocks-.
bases
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Wind Glass Mach_100
89
90
94
100
94
Preferred
110 110
Am Wind Glass Co, pf_100
434
43.4 43.4
Arkansas Nat Gas, com_10
334 374
Carnegie Lead dr Zinc__ _5
3254 32
3334
Federated Metals
122 122
Harb-Walk Refrac,corn 100
5
5
Indep Brewing, pref_ _50
112 112
Jones-Laugh Stl, pref-100 112
25 2834 28
Lone Star Gas
2834
50 57
55
Mfrs Light & Heat
57
534 9
534
Nat Fireproofing,. -50
1095
23
50 24
2.5%
Preferred
25 3834 3474 393.4
Ohio Fuelsupply
Oklahoma Natural Gas_ _25 2554 2534 26
Pittsburgh Brew, pref_50 See no to below.
96
96
Pittsburgh Coal, pref._100
Sc
6c
Pittsb & Mt Shasta CoP--1
249 250
Pittsburgh Plate Glass_100
73.4 734
Salt Creek Consul Oil-- _10
8754 8834
Stand Plate Glass, pref-100
99
99
Stand San Mfg,com_ __ _2,
100
11254 11254
Preferred
10
10
10
Tidal Osage Oil
25 32
3054 33
Union Natural Gas
9354 94
West-house Air Brake.- -50
.... ...
.....
..... 100 0772 0772 20
Range since Jan. 1.
Low.
High.
240 86
15 9254
25 107
1,330
431
310
134
1,420 32
500 120
200
5
93 11134
700 2654
720 51
580
7
1,160 2034
4,390 31
1,345 2254
July 9634
May 9634
Mar 112
June
7
May
6
July 35
July 125
July
8
July 11434
Jan 2834
Aim 57
June
934
Jan 2534
Feb ssq
May 2634
Feb
Mar
Feb
Apr
Apr
June
Apr
Feb
Jan
Aug
Aug
Feb
Aug
Aug
Aug
10 9434
Sc
2,000
62 209
150
734
200 873.4
93 9034
25 11134
525
8
1,275 20
200 84
Mar
Mar
Jan
June
Aug
June
July
July
June
Feb
Apr
Jan
Mar
Jan
Aug
Jan
Aug
Jan
Aug
Jan
90
491C
A vv.
100
lie
265
1034
100
110
11234
16
33
9634
4i1
•
•tds
-Sold last week and not reported,20 Pittsburgh Brewing preferred @ 554
Note.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Aug. 16 to'Aug. 22, both inclusive,
compiled from official sales lists:
rvmuy
Stocks.-
OM.
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Pub (derv, pref_.-100
American Shipbuilding-100 58
Bonds.
100 8754
Augusta Ry & El 1st 5s.'40
Preferred
8834 8834 $1,000 8834 Aug8834 Aug
Consol Gas gen 454a_ _1954 91
Armour ik Co(Del) pre1100 91
9034 91
7,000 8834 Jan 91
Aug
55
100 8154
1939 100
100 100
1,000 98
Mar 10034 Aug Armour & Co pref
15
434
ConsG,EL&PserA6s1949
loot 10454 2,000 10134 Jan 105 Jung Armour Leather t0.-25 48
Series D 834s
1957
10834 10834 6,000 107 May 10854 Juni Balaban & Katz v
434s
1935 9534 9534 9554 1,000 91
Jan 9534 Aug Bassick-Alemite Corp---• 32
Elkhorn Coal Corp 68_1925 9954 9954 9934 20,000 9534 Jan
354
Beaver Board v t c "B"...*
9934 Aug
Fair & Clarks'Frac es_ 1938 95
Preferred certlficates-100
9454 95
5,000 90
Jan 95
July
• 25
Knoxville Traction 5s_1938 96
Borg & Beck
96
4,000 94
96
Mar 96
Aug
NewpN&HampG diE5s'44 7934 7934 7954 4,000 7534 Jan 80
Central III Pub Serv pref.* 85
July
Petersburg Class 13 68_1926
100
Chicago City AY
10134 10134 1,000 10134 Feb10134 JIM
Titusville Iron 78
134
1929
10034 10054
500 100 May 10034 Aug Chic City 5, Eon Tv pref_•
United E L & P 414s_ _1929
Mfg Co_-..• 28
Chicago Fuse
9734 9734 1,000 94
Jan 9734 Aug
United Ry & E 4g.._1949
Chic Motor Coach com- _5
73
73
17,000 6834 Mar 7334 Aug
Income 4s
1949 5134 5134 5134 11,000 49
Apr 5234 Jar Chic Nipple Mfg Co "A"15
Funding 55
15
1936 72
Class "B"
72
7234 4,600 624 Jan 74
Jar
88
1927 9834 9854 9834 14,000 9554 May 9834 Aug Commonwealth Edison 100 13154
6e
1949 9634 9834 9634 6,000 9534 Apr 9954 Jar Consumers Co pref.-100
Wash Halt & Ann its 1041
flit
Al2
0 11,111
RO
•
754
Continental Motors
25 4034
Crane Co common
Philadelphia Stock Exchange.
Preferred
-Record of transactions Cudahy Pack Co corn. 100 113
100
at Philadelphia Stock Exchange Aug. 16 to Aug. 22, both Daniel Boone Wool Mills 25 1534
inclusive, compiled from official sales lists:
Decker (Alf) & Cohn Inc.• 20
100 7234
Deere & Co pref
Friday
Sales
100 117
Diamond Match
Last Week's Range for
Range since Jan. 1.
Fair Corp(The) pref_ -.100
Sale
of Prices. Week,
h
•7
Gill Mfg Co
StocksPar. Price. Low. High. Shares.
Low.
Godchaux Sugar coin- •
High.
•
Gossard, W H,pref
Alliance Insurance
10
34
34
88 32
Jan 35
Feb Great Lakes D & D___ _100 8534
Amer Klee Pow Co, pi_ _100
92
93
78 775.1 Mar 96 June Hibbard,Spencer,Bartlett25
American Gas of N J._100 105
104 105
515 7734 Apr 109 June Hupp Motor
10
• 3
3
3334 35
American Stores
2,791 2634 Apr 35
• 57
Aug Hurley Machine Co
100 9834 9834 ,05
Brill (J G) Co
205 8534 Jan 123
100
Illinois Brick
Jan
Cambria Iron
50
3934 40
31 3834 Apr 41
Mar Indep Pneumatic Tool---• 70
Catowissa, 1st pref
50 42
42
42
10 42
Mar 4334 July Internet DUllp Corp_ _ _25
Consal Traction of N J-100
4034 41
370 31
Feb 45 June Kellogg 8vritchboard. - _25
Eleenlohr (Otto)
100 40
40
42
160 3054 July 8134 Jan Kentucky Hydro Elec-100
•
Erie Lighting Co
2734 2734
25 2334 Jan 30 June Kuppenheimer & Co pf-100
Giant Portland Cement-50 10
834 10
58
3
Mar 10 May Libby,McNetil& Lib newl0
53.4
50 3834 33
Preferred
3654
254 23
Feb 3634 Aug Lyon dg Healy Inc pref _100 10054
Insurance Co of N A_ _..10 58
57
58
783 4834 Jan 58
July McCord Had Mfg Co "A"• 36
Keystone Telephone- -50
634 834
11
854 Aug
834 June MeQuay-Norrl. M18
.
so
Preferred
26
26
24 26
Apr 30
Jan Mid West Utilities corn. _* 59
3
Lake Superior Corp _ _ _100
3
3
355
214 June
454 Jan
100 91
Preferred
50 83
Lehigh Navigation
8134 8434 4,715 6434 Jan 8
Prior lien preferred_ -100 97
634 July
so
Lehigh Valley
5354 5534 1,000 3934 Apr 72
Jan Murray (J W) Mfg Co--10
10 2434 24
Lit Brothers
2434
110 22 June 2534 May Nat Carbon pref(new)-100
Schuyl Hav_ _ 50
Minehill &
46 4834 Mar 5
4934 4954
10
034 July National Leather
334
50
Northern Central
784 7634
10 7234 May 7534 Aug Omnibus pref"A" W I_ _100
5934 5934
Penn Cent Light & Pow_ •
23 57
Jan 60
Voting tr ctfs w I "A"__• 1654
Jan
83
82
Pennsylvania Salt M fg_ _52 83
120 8034 June 89
People's Gas Lt& Coke
so
Pennsylvania RR
4534 4554 3,570 423 Jan 4634 Feb Philipeborn's,Inc,tr ctf100
.
1
Jan
%
_1
50
Philadelphia Co (Pitts)-50
25 43
5054
Apr 5234 July Pick (Albert) & Co
10 1734
50 34
34
34
50 33
Preferred (5%)
Jan 36 June Pineo Winterfront "A"...._5 3234
4534 4534
211 42
Preferred (cumul 8%)_50
Jan 4534
25 3854 3834 395.4 20,746 29 May 3934 July Pub Serv of No III corn...* 10154
Phila Electric of Pa
Common
100
Aug
25 3854 3834 3035 1,459 2934 Mar 3934 Aug
Preferred
100 9234
Preferred
•
45
45
20 41
Jan 4534 Feb
Phila Insulated Wire
7% preferred100
49
100 4454 May 5034 July
49
.......•
Inn Inn,'
Phil(' & Reading C & L._•
•
- .-. _ _.a m.........17
Ril
2012
29L? 24
A 110
21111 T..nes
.10
v-• No par value.
6034
15%
35
6
64
46
9834
%
1%
3954
81%
57%
37
62
Range since Jan. I.
88
91
57
58
8734 8734
9034 9r
8254
81
334 434
47
49
32
33
2
334
2234 24
25
26
85
85
51
51
134 134
2734 28
110 110
3634 3634
14
14
130 13134
4734 4734
656 7%
35
41
11154 113
6434 65
15
1734
20
21
72
7434
11634 117
10334 104
734 714
334
3
2434 25
8534 8554
68
68
1334 1354
5534 58
8354 8354
70
70
134 134
40
42
8734 8754
93
94
531 534
10034 10034
36
3734
1434 1434
5754 59%
8934 9154
97
9734
15
15
122 122
334 33.4
90
90
1534 1754
9934 9934
34
%
1734 18
3034 3354
10034 10154
100 10134
9134 9234
105 106
InAIL 1n072
600
231
25
635
1,511
262
421
1,385
225
42
470
373
12
450
110
45
700
20
419
10
3,975
593
328
255
8,325
26
252
195
140
50
250
870
15
100
977
1,805
95
45
125
385
40
135
839
20
1.030
200
3,655
892
450
220
100
298
45
2,160
1
1,400
465
5,985
219
135
197
155
UM
Range since Jan. 1.
Low.
High.
85 May
57
July
8534 July
83 May
69
Apr
2 May
38
Apr
27% May
134 Feb
13 June
20 June
85
Jan
50
Jan
134 Aug
27
Aug
110
Aug
34 May
14
July
12634 May
47% Aug
6
Apr
30
Mar
10734 Mar
55
Apr
11
July
17
Apr
61 May
115
July
10034 Apr
5 June
3 July
July
22
793.4 Apr
6534 Jan
1074 June
48
Apr
78 May
62 June
1
Mar
Apr
37
8554 June
9034 June
4 June
96
July
30
Apr
11 June
43
Jan
8354 Mar
Jan
94
Aug
15
115 June
254 June
88
July
15
Aug
9354 May
h Aug
17
July
1954 Apr
99 June
97 May
9054 June
Aug
105
91
nag
Jan
83
89
Feb
9334 Jan
84
Feb
734 Mar
5134 Jan
3834 Jan
314 Aug
24
Aug
31
Jan
89
Jan
51
Aug
4
Jan
28
Aug
195
Feb
4834 Mar
2234 Jan
136
Jan
Jan
65
834 Jan
41
Aug
113
Aug
65
Aug
Jan
38
21
Aug
Jan
75
12034 Jan
10534 July
Jan
18
8
Jan
30
Jan
8934 Jan
70
Feb
1734 Jan
6434 July
Jan
86
8034 Jan
9
Jan
47
Feb
8734 .Feb
94
Aug
634 July
10034 Aug
38
Aug
2034 Jim
5934 Aug
9154 Aug
9934 Jan
Feb
20
Jan
125
434 Jan
July
92
Phi July
100
July
234 Jan
2174 Jan
3354 Aug
103
Apr
Apr
103
9934 Jan
106
Aug
102
Jul.
1101,4 May
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
RealSIlk Hosiery Mills_ _10 40% 4031
16%
10 1654
Reo Motor
36
Standard Gas dr Electric_* 36
4934
80 50
.
Preferred
Stewart-Warner Speed cm• 52% 51%
100 106% 105
Swift & Co
15 2531 23%
Swift International
Thompson,J R,com_ .._ _25 4631 46%
Union Carbide & Carbon_• 61% 5934
334
United Iron Works v t c_50
United Light & Power
Common "A" w 1 a _ _* 31% 31
38
•
Common "B" w 1 a_
Preferred "A" w 1 a__ __• 79% 79%
43%
Preferred "B" w I a_ _ _ •
95
20 108
SGYPsuin
25
• 25
Wahl Co
34% 3434
Ward, Montgomery com__
• 115
115
Class "A"
West'n Knitting MillsInc•
%
7
Wolff Mfg Corp
• 41% 41%
Wrigley Jr, corn
53
Cab Mfg cl "B"_10 53
Yellow
47
Yellow Cab Co Inc (Chic)* 47
615 28%
32
210 31
38
606 75%
80
44
30 43%
10834 4,750 78
26% 1,300 21%
37% 5,810 21%
710 104
116)4
%
% 1,070
4%
160
7
42
21,600 35%
55% 4,205 44%
728 39
48%
Bonds
Armour & Co of Del
91%
-year g 531s
1943
20
51%
Chic City & Con Rys 55'27
7854
Chicago Railways 5s_ _1927
38%
45, series "B"
1927
100
Commonw Edison 5s_ _1943 100
1945 92% 92%
Ogden Gas Co 55
90
Pub Serv Co 1st ref g 5s'56
96%
Swift & Co lstsf g 55.1944
92 $31,000
51% 5,000
1,000
78%
3834 5,000
100% 8,000
92% 7,000
15,000
90
96% 5,000
High.
40% 2,535 28% July 41%
495 15 June 19%
16%
775 30% Jan 37%
36%
807 46% May 50
50
11,530 4914 Aug 101
5531
106% 2,005 100% May 109%
Jan 26%
26% 48,775 19
425 42% Apr 50%
47
Apr 63%
62% 7,540 55
4%
2 May
50
3%
8851
4954
7431
38
95
92
85%
94%
Aug
Jan
July
July
Jan
July
Aug
Jan
Feb
Jan
May 34 June
May 39% July
Apr 80% Aug
Mar
Apr 46
Apr 108% Aug
Jan
July 42
May 37% Aug
May 11654 Aug
154 July
Jan
851 Jan
Apr
Aug
42
July
Jan
May 96
May 64% Jan
June
May
May
July
Jan
Aug
Mar
May
92
55%
7951
45
107%
92%
90%
98%
Jan
Jan
Jan
Jan
May
Aug
July
July
St. Louis Stock Exchange. Record of transactions at
St. Louis Stock Exchange Aug. 16 to Aug. 22, both inclusive, compiled from official sales lists:
Stocks-
[VOL. 119.
THE CHRONICLE
934
sates
eitaay
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares,
First National Bank
Merchants-Laclede Nat'l
Nat Bank of Commerce._ _
Mercantile Trust
Brown Shoe,com
Preferred
Certain-teed Prod, let pref
2d preferred
Ely & Walker D G,com_
Fulton Iron Works,com_
Preferred
Hamilton-Brown Shoe__ __
Hydraulic Press Brick, corn
International Shoe, cora _ _ _
Preferred
Mo Portland Cement
National Candy, COM
Rice-StLx D G,2d pref_
Southwest Bell Tel, pref__
Wagner Electric, corn
Wagner Elec Corp. pref.__
Mo-Ill Stores, pref
Johnson-Stephens Shoe_
Bonds
E St Louis & Sub Co 5s_ __
198
261
138
____
390
390
48
48
91
78
6734
22
36
92
4335
331
_ _87
8531
11751
108
85
103
103
10534 10531
25
______
81%
103
80
81%
19831
261
13831
390
5031
91
78
6734
22
36
95
4334
38%
8831
11731
108
86
103
10631
2531
8131
103
80
80% 81%
75
15
80
7
Si)
5
10
40
35
2
6
40
5
1,075
20
6
27
5
83
25
15
35
5
$4,000
Range since Jan. 1.
Low.
197
260
135
388
40
85
70
65
2031
30
92
4231
334
73
115
94
80
100
103
20
77
102
35
Aug
July
July
Aug
June
June
July
July
July
June
Aug
July
May
May
May
Apr
May
July
May
May
May
Apr
Jan
77% Feb
High.
201
265
147
398
5031
9231
80
7231
24
36
100
47
6
8831
118
11031
92
101
10631
3431
8431
10431
80
Feb
May
Feb
May
Aug
Mar
Feb
Jan
Jan
Aug
Jan
Mar
Feb
Aug
July
Mar
Jan
Aug
June
Jan
Feb
Jan
Aug
8155 Mar
New York Curb Market. Official transactions in the
New York Curb Market from Aug. 16 to Aug. 22, inclusive:
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Lino. High. Shares.
Week ending Aug. 22.
Range since Jan. 1.
Stocks-
Low.
Indus. & Miscellaneous.
Adirondack Pr & L com 100
100
7% preferred
Allied Packers common_ *
100
Prior preferred
Am Cotton Fabric pf_ _100
Amer Cyanamid pref_ _100
Amer Foreign Pow new WI
Amer Gas & Elec, corn--•
Amer Lt & Trac. com__I00
100
Preferred
Am Pow dr Light, com _100
100
Preferred
*
Amer Stores new
American Thread, pret _5
Amer Type Fdrs com...100
Appalachian Pow. com-100
Ark Light & Pow com_ _100
Armour & Co (Ill) pref _100
Atlantic Fruit Jr Sug, w L•
Austrian Central Land
Credit Bank w 1
Borden Co. common---100
Brit
-Am Tob ord bear- __11
Ordinary registered__ _ £1
10
Brooklyn City RR
Bucyrus Co common_ _ _100
100
Preferred
Burroughs Add Mach new..
100
New preferred
Campbell Soup, pref... _100
l0
Cent Teresa Sug corn_ _10
Centrifugal Cast Iron Pipe*
Chatterton & Son com- _10
100
Preferred
Chia Nipple Mfg, Cl A__50
50
Class 11
Childs Co, new stock...."
Cities Service. com----1611
100
Preferred
Stock scrip
Cash scrip
•
Bankers' shares
Clevel'd Automobile com_•
Com'wealth Pow Corp_ •
loci
Preferred
Continental Tobacco_ _ _ _ •
•
Cuba Company
100
Cudahy Packing
•
Doehler Die Casting
Dubiller Condenser & Rad•
Dunhill International_ _ _ _•
Du Pont Motors, Inc.....•
*
Durant Motors, Inc
East Penn Elec Co corn_ _ _•
Elec Bond & Share,pref 100
Electric Ry Securities_ _ _ _•
...... _____ x....,.,.. r".....0 - e
.
•No par value.
3434
58%
97
37
8431
125
923.1
410
91
73
6034
131
3234 3434 1,800 2231 Feb 3551
July 97
10 96
97
97
63<1
500
134 Mar
531 63<1
June 4031
300 1431
3631 37
Jan 98
400 95
97
97
10 73 June 7734
7734 7731
Aug 39
10.700 30
3151 39
7531 8555 2,900 4331 Jan 8531
805 11831 Jan 14031
12431 12755
Mar 9334
220 91
9231 9334
Jan 418
980 202
350 418
Apr 92
100 84
91
92
Feb 35
800 30
3331 35
455
331 Feb
411. 41o, 1,000
106 106
20 96 June 106
74
270 6655 May 93
723.4
58
6034
50 33 June 60
Apr 83
110 72
8131 83
255
131 June
131 134 12,000
June
Aug
Aug
July
Mar
Aug
Aug
Aug
July
Apr
Aug
Aug
Aug
Jan
Aug
June
Aug
Mar
Feb
56
13331
25
2431
1431
85
100
60
10134
111
18%
3331
12
12
4031
2274
373.4
155
753<1
98
74
16
2331
11015
81
2634
4055
68
2251
563<1
2831
351
3651
51
10231
19
33%
July
July
Aug
Aug
July
Aug
Aug
July
July
June
Jan
June
July
55
129
129
2435 2455
2434
1334 1334
85
85
100
5554 55
10031 10054
110
111
87c
87c
29
31
1134
1134
36
36
1435
1434
3634
143
145
7531 7431
82
82
70
143<1
1434
22
2131
10834 9855
79
24
z3531 3494
67
18
18
4831 47
26
155
255
1834
1934
3955
50
101
101
1551
1551
295A
High.
3214
300
56
130
300
25
400
2434
100
1335 2,300
100
85
100
10
553<1
570
10131
285
111
30
300
87c
31
500
12
600
12
400
3655 3,200
goo
1431
300
3634
146
1,040
7551 1,700
8231 $15,000
70
85,000
1434
500
2231 5.600
11055 7,125
30
7931
24
100
1,980
3631
68
10
1834 1,000
50
16,500
400
2631
234 1,300
7,900
20
955
51
10131
65()
400
1534
3214 2.000
5454
11755
2055
2131
1055
78
100
45
98
1078%
87c
2531
10
10
3334
14
32
132
6634
77
70
1331
1631
56
74
2034
32
57
18
1031
23
1
12
36
97
11
3234
July
Mar
Jan
Feb
Jan
July
Aug
July
July
Jan
June
Apr
July
July
May
Aug
May
June
Jan
Jan
May
May
June
Feb
Mar
May
July
Apr
May
Jan
May
Mar
May
June
Jan
Mar
Aug
Aug
Jan
Jan
July
Feb
Aug
Feb
Jan
Jan
Jan
Aug
Aug
Jan
Feb
Aug
Mar
July
July
Jan
Jan
Aug
July
June
July
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Conduded) Par. Price. Low. High. Shares.
--Film Inspection Machine_* 10
6y,, 10% 41,900
20
Ford Motor of Canada_100
452 455
1,800
104% 112
Foundation Co, pref
• 111
General Motors new w I _
59% 57% 60)4 38.400
240
Gillette Safety Razor.... • 294% 294 297
Ginter Co, corn
1.400
• 27% 27% 27%
2,900
117% 121
Glen Alden Coal
• 121
Goodyear Tire & R,com100 12
10% 12% 4,900
Grand 5-10-25c Stores. •
200
70
0
Hall Switch & Sig, com_100
109
3
3
Preferred
100
12
100
12
Havana Tobacco corn .100
4
200
4
Hazeltine Corp
• 2434 24% 2551 3,300
Heyden Chemical
234 354 25,100
2%
Hudson Cos, pref
25
3,300
3851 40
Hudson & Manh,corn.
.100
20% 21%
300
Imperial Tob GB & Ire_ £1
200
17% 1755
Intercontinental Rubb_100
200
3% 351
154 1% 4,100
1%
Keystone Solether
10
Lehigh Coal Ar Nav1g_ _ _50
82% 8234
100
Lehigh Power Securities...• 8134 76
82% 3,600
Lehigh Val Coal Sales_ __511 8334 83% 84%
1,255
Leb Vali Coal. ctfs new w I 41% 41% 4334 84,700
Libby, McNeil & Libby_10
200
534
53.4
9
Lupton (F Si) Pub cl A_ •
X
300
94% 95
McCrory Stores corn
200
110
26
Mengel Co
100
26%
Mesabi Iron Co
•
2% 2% 1,000
234
18
Metrop.5 to 50c Stores pref
100
18
110
5755 5855
Middle West Utilities corn*
500
2354 2335
Midvale Co
•
200
30% 31
Mississippi IllyPow corn 100
300
3%
National Leather
10
3% 371
226 231
310
National Tea new
• 225
55%
300
554
New Mex & Aria Land_ _A
150
NY Telep 654% pref__100 110% 110% 11054
300
37
3735
New York Transport'n _10
34
100
34
34
Certificates of deposit_ _ _
10
97
97
Northern States Pow pf 100
Omnibus Corp v t c, w Le 16% 15% 17)1 4,300
91
500
90
Belies A prat w 1_ _ _ _100 91
13
300
13%
Palge-Detrolt Mot Car_ _10
05
10
81
81
Parke. Davis & Co
20
105 105
Phelps, Dodge Corp com_•
1,500
Pines Winterfront, CI A_ _5 33
3034 33
Pyrene Manufacturing_ AO
100
1055 1055
Radio Corp of Amer. corn-*
5% 6,900
5
5
434 4% 6,500
Preferred
5
47,6
255.1 2534 25% 2,200
New A common w
1,900
New preferred w I._ _ _50 45% 44
45%
700
Reo Motor Car
10 16% 16% 1655
100
48% 4811
Rosenb'in Grain Corp. p150
Rova Radio Corp tr ctls _* 1654
15% 16% 36,800
Silica Gel Corp, corn v t c.•
700
185.4 19
Singer Manufacturing_ _100 159
150
156% 159
495
Sou Calif Edison,corn_ _100 98% 975 99%
%
4c
Sc
Southern Coal & Iron_ ___5
Sc 40,000
SoUthw 1301ITelep, pref 100 105% 105% 106
60
Standard Motor Constr_10
700
4
334 35
Stand Publishing el A_25 2555 25% 2555
1,100
Stutz Motor Car
1,900
554 7
Swift & CO
210
105 10655
100
Swift International
15 25% 23% 26,5 6,600
Tenn Nice Power, com_ _ _• 39% 36% 39%
1,500
65% 65
250
6534
Second preferred
Thompson(RE)Radio vtc• 16% 15% 1855 9,150
100
3%
Tob Prod Export Corp_ _.•
355 3%
300
Union Carbide & Carbon.• 62
62
62
Unit Bakeries Corp com-• 85% 80% 86% 5,500
800
93% 96
Preferred
100 96
1,100
34
United G & E corn new_ _10 34
32
United Gas Impt, com_ _50
100
82
82
United Lt & Pwr corn A •
30
3134 31%
53.g
Unit Retail Stores Candy_•
2,300
55.5
5
200
3834 38%
United Shoe Much com_25
200
50c 50c
U S Lt& Ht Corp. corn--10
300
Preferred
10
900 95c
100
Ward Corp,COM,Class A
98
98
4,800
Common Class B
• 23% 2355 24
400
88%
100 88% 88
7% Preferred
9,010
Ware Radio Corp, w
_ _• 23% 22% 25
5,1)70
Western Pr Corp. com_100 35% 29% 3651
100
White Rock Min Spg new 5
11% 11%
.
300
11
11
Voting trust certifs.
*
20
Woodward Iron corn_ 100
70% 7254
900
Yellow Taxi Corp, N Y__• 18%
18% 20%
Rights
Fifth Ave Bus at of dep._ _
N Y Transport'n ctf of depFormer Standard 011
Subsidiaries
AngieAmerican 011____£1
Buckeye Pipe Llne
50
Chesebrough Mfg,new.
.26
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena-Signal Oil, com_100
Old preferred
100
Humble 011 dr 31•.fining_ _25
Illinois Pipe Line
100
Imperial 011(Can) coup_25
Indiana Pine Line
60
Magnolia Petroleum_ _ _100
National Transit _ _12.50
New York Transit
100
Ohio Oil
25
Penn Mex Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
100
Southern Pipe Line__ 100
So West Pa Pipe Line_ _100
Standard Oil (Indiana)_25
Standard 011(Kansas)_ _25
25
Standard Oil (Ky)
Standard 011 (Neb)____100
Standard Oil of N Y_ _25
Stand 011 (Ohio) com_-100
Vacuum 011
25
10
Washington Oil
63c
1551
59
145
95%
58
35
132
104%
90
132
5934
33%
20755
105%
183
135
85
5655
35
113
£39
Other 011 Stocks
Arkansas Natural Gas_ _10
Atlantic Lobos 011 corn._•
Barrington Oil, class A._10
1310 Indian Oil & Gas._ _ _1
British American OIL _ _ _25
Carib Syndicate
Creole Syndicate
5
Engineers Petroleum Co_ _1
Ertle 011
5
Gilliland 011 v t c
•
Glenroek 011
10
Gulf Oil Corp of Pa
25
Gulf States Oil & Ref _. _ _5
1
Hudson Oil
International Petroleum '
•
Lago Petroleum Corp
6455
2955
7
334
9
4c
Sc
3
5854
2c
19
551
600 70c
1% 2
5,500
400
Range since Jan. 1.
Low.
-Aug
June
July
May
May
July
Jan
Jan
Feb
Feb
Feb
Jan
Feb
June
Feb
Mar
Jan
June
June
Aug
Jan
May
Apr
June
Jan
Apr
Apr
Mar
Aug
May
Jan
Feb
July
May
Jan
Mar
Jan
Aug
July
Aug
July
May
Aug
July
June
334
410
86%
52
257
24%
7655
8%
35
1
4
1%
13
1
1755
9%
15
2
750
8255
33
72
26%
4
5%
69
25
2
18
50
18
19
234
151
3%
109
3355
34
93
14%
86%
1251
78%
103
20%
10
3%
19
40
1551
413%
9%
17%
125
97%
40
10:3%
23g
,
25%
5
100
1854
1751
49%
11%
334
56
43
85
18%
73%
30
4
34%
50e
85c
5234
14%
79%
13%
26
10
1)
70%
17
High.
170 54; Aug
482 Apr
112
Aug
Aug
301 55 Julyug
0
301
30% July
12255 July
12% July
J ne
uu
841
31
June
12
Mar
4
July
0
351 Aug
4055 Aug
23% July
17% Aug
Feb
5
July
8 % A ug
8x
2
4July
89g Feb
5
63<114
May
106
July
35% Apr
834 Jan
June
28
Aug
60
25% Mar
Aug
31
434 Jan
245
July
10
Apr
4e
July
112% J u
1
34
97
19
IS
98
81
105
33
133
May
Apr
534
4%
July
Apr 275(
July 4551
June 1831
Aug
July 89
168%
July
3
9
Jan 15
Ana 104%
May
6
Aug 10
1
455
Jan
July 2531
1555
Aug
June
6
Mar 129851
Jan 4051
Jan 67
1544
8
May
Feb
Apr 6355
Feb 56%
Jan 9734
4
2
Jan 81%
June
Apr 34
Mar
Apr
May
Jul}
011
Jan 13851
Apr 2414
Jan 89%
June 304
Mar
3691111
1%
May
June
39%
Aug 83
Apr
60c Aug
155 Aug
70e
2
Aug
Aug
July
July
Feb
Aug
Aug
Aug
IPbe
July
Jan
July
Aug
Jan
Jan
Aug
n
Jan
Aug0
Apr
Jan
Aug79
July
Aug
Jan
July
Augt
July
July
Aub
reg
Feb
Aug
July
Jung
A ue
June
JJanaauY
Ajj1llnng
July
July
Aug
A u3
Allg
'
Apr
Aug
Aug
Feb
Jan
15
1535 4,100 14% June 18
July 8551
210 59
59
6055
49
300 47% May 52%
49%
110 110% Jai 149
145 145
July 105
30 94
95
95%
70
Jun
125 53
58
58%
June 116
10 114
116 116
1,800 34% Aug 4355
34% 3555
July 161
90 129
132 133%
1,240 98% Apr 119
104% 10655
Feb 100
140 88
90
91%
July 162
50 122
132 132
500 20% June 27%
2151 22
Aug 97
30 55
64
64
June 70%
5855 60% 17,300 58
1,100 27
July 43
3351 3455
2,260 19434 July 269
20734 212
Feb ill
660 100
10554 10655
July 230
40 175
183 185
520 117 June 171
129 137
Aug 100
250 90
91%
90
Feb 89
20 80
85%
85
569-1 58% 27,900 54% July 68%
50%
4,200 3255 Aug
35
36
May 120
2,500 101
111% 115
Jan 256%
340 199
235 244
z38% 4055 9,100 37% May 48
120 275 June 335
289 294
6454 65% 7,800 5655 Jan 6951
Jan 30
10 25
2955 2955
July
Jan
July
Aug
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
7
4%
814
Sc
3034
6%
9
130
19e
554
600
65
'.1N
70
22%
5%
Jan
Jan
Jan
Feb
Jan
Jan
Aug
June
May
Feb
Jan
Jan
Jan
Jan
Feb
/Aug
4%
3%
7
60
33%
3%
7%
3c
Sc
3
20c
58%
50c
2c
18%
534
4%
355
7
70
3355
4
9
Sc
5c
3
20c
59
50c
2c
19%
5%
300
200
400
2,000
100
1,900
34,200
29,000
2,000
200
1,000
800
200
29,000
,I2,803
46,900
4%
3
4
4c
32
3
255
3o
2c
1%
20c
5634
37c
20
16%
2%
July
Mar
June
June
June
July
Jan
Mar
July
Jan
Aug
May
Aug
June
June
Jan
Mar
AUG. 23 1924.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Other 011 Stocks.
of Prices.
Sale
Week.
(Concluded)
Par Price. Low. Nigh. Shares.
Range since Jan. 1.
Low.
High.
Lance Creek Royalties_ _1
25
35
4.000
10 Feb
30 Aug
Latin-Amer 011
25
1
C 38,000
lo Aug
1111 Feb
Livingston Petroleum- •
1% 2
3,500 60e Mar
254 July
Lyons Petroleum
1 12c
12e 12c
2.000 lie Aug 45c
Jan
Mexican Panuco Oil_ _ __10 65c
56c 650
1.000 650 July
1% Apr
Mexico Oil Corp
150 160
10
2,000
70 May 30o
Jan
Mountain & Gulf OIL_ _I
14 134 1.900
14 Jan
151 Mar
Mountain Producers_
18
10 18
184 2,200 16
Feb 194 May
Mutual Oil vot trust ctts-5 11
10
11% 28,900
94 July 134 Jan
New Bradford 011
44 44
434
5
455 Aug
900
64 Jan
New England Fuel OIL._ _5 34
33
43
2,900 20
Jan 44
July
New York 011
915 955
25
200
84 June 14
Feb
Noble(ChasF)0 &0corn.1
7o
7,000
75
70 Jan 160 Feb
Northwest Oil
45
1
45
4,000
20 June
Jan
9c
Ohio Fuel 011
1 1251 12
80 12
124
July 16
Mar
Ohio Ranger
7c 12c 210,000
se
1
20 Jan 150 July
Oklahoma Natural Gas_ -25
200 22
2534 2534
Apr 2555 Aug
Omar 011 & Gas
50c 50c
10
1,000 500 Aug 800 Jan
Peer 011 Corporation
1
1
14 4,400
1
•
July
Jan
6
Pennsylvania Beaver 011-1 420
350 50c 12,200 210 May 620 Feb
Pennok Oil
10 144 14
154 5,300 1234 July 184 June
Pierce Petroleum wI• 7
7
7
7
3.100
July
754 July
Red Bank 011
25 46% 394 5451 4 ,
54 Jan 58
Aug
0 000
Royal Can 011 Syndicate-5
17,400
7
6
634
7
24 Air
Aug
Salt Creek Consol OIL _ _10
7% 7%
734 Auc 1034 Jan
300
Salt Creek Producers-10 23% 2334 24
2,800 1954 Feb 265* May
Savoy 011
5
2
2
114 Jan
100
3% Jan
Sunstar Oil
175
160 17c
3,000 140 Aug 25c May
Tidal-Osage Oil (vot stk)_•
9
9
10
Jan 1654 Jan
8
Turman 011
2
10
2
100
2 June
814 Jan
Union Oil of Callfornia.100
Dillon. Read & Co Int rec 132
132 1324 1,300 132
July 13414 July
Western States Oil& Gas_l 120
125 12c
2.000 120 Aug 300 Jan
Wilcox Oil & Gas
44 5
434
1.400
4% May
8% Feb
WoodleY Petroleum Co....• 10%
934 104 3. 00
7
Apr 13 May
4
"Y" Oil & Gae
7c
70
2.000
1
70
Sc June 14c Feb
1
Mining Stocks
American Exploration_.1
Arizona Globe Copper
-1
Beaver Consolidated
1
Bingham Mines Co
10
Black Oak Mines Co
1
Calaveras Copper
5
Calumet & Jerome Cop.
.1
Caned° Copper
10
Comstock Tun & Drain be
Consol Copper Mlnee----1
Copper Canyon
1
Copper Range Co
Cortex Silver
1
Cresson Con Gold M & MI
Crown King Cons Mines_l
Diamond BLf Butte Reorgl
Dolores Esperanza Corp_2
Emma Silver
1
Engineer Gold Mines, Ltd 5
Eureka Croesus
1
Goldfield Deep Mines...150
Goldfield Development_ _50
Goldfield Florence
1
Gold Zone Divide
190
Hard Shell Mining
1
Harm111 Divide
100
Hawthorne Mines, Inc.._1
Hecht Mining
25e
Hilltop Nevada Mining_ I
Hollinger Consol0M...5
Howe Sound Co
1
Independence Lead Min-1
Jerome Verde Develop__ _1
1
Jib Consol Mining
Jim Butler Tonopah
1
Jumbo Extension Mining.1
Kay Copper Co
1
Kerr Lake
5
Kewanee (Reorganized)_ 1
Keystone Mining
Lone Star Consol
1
Lorrain Silver Syndicate_ -1
MacNamara Min & 51111.1
Mason Valley Mime . -5
Mizpah Eaten of TonoPabMohican Copper
I
New Cornelia Copper Co..5
New Jersey Zino
100
NipissIng Mines
5
Ohio Copper
I
Plymouth Lead Mines_l
Premier Gold Min Co Ltd 1
Ray Hercules, Inc
5
Red Hills Florence
10e
Red warrior Mining Co_.1
Reore Dev Ann M
Rescue Eula
RockyMtSmeit&ReL..l
Preferred
1
Ruby Rand Mines Co___ _1
Silver Dale Mining
Silver Horn M & D._ .10c
Silver King Coalition
Silver Pick Consol
1
South Amer Gold it Plat 1
Southwest Metals
•
Spearhead
1
Standard Silver-Lead. _ I
Success Mining
1
Tech Hughes
1
Temlskaming Mining_ _1
Tonopah Belmont Deve1.1
Tonopah Extension
1
Tonopah Mining
1
Tonopah Seventy-six
'Fri-Bullion S & D
10c
Trinity Copper
United Eastern Mining. _1
United Verde Extension 50e
U El Continental Mines_ 5
5
Unity Gold Mime
5
Utah Apex
1
Walker Minim: Co.
Wenden Copper Mining_ _ I
West End Comoolidateu _5
West End Extension Min_ 1
Western Utah Copper.... _1
White Caps Mining...--10c
Bonds
Allied Pack cony deb 65'39
1939
its, series B
Aluminum CO of Am 78233
7s
1925
Amer G & E deb 68-2014
American Ice 75
Amrow&Lt68w1..20l6
Amer Rolling Mill 63-1938
Amer Sumatra Tob 7hs'25
American Thread 65_1928
Anaconda Cop Mtn 65 1929
Anglo-Amer 011 7558_1925
Assoc Simmons Hardw19331
6548
50
lsee
225
3%
351
14
18e
1434
80
30
20
100
3c
110
230
94
234
13e
71e
155
570
150
167
6
lite
700
Sec
160
14
14
35c
Sc
2c
7c
11c
150
14
2
450
150
155
600
140
170
30
6934
8334
9555
106
9474
81
10334
1034
10234
8734
90c 90c
Sc
Sc
12c
12c
1634 164
1
iSis
114 24
20c 22c
334 4
170 17c
334 4
250 490
2934 2934
15c 175
3% 3%
14 134
185 20e
500 51e
lc
le
11
1534
70
8c
30
45
2o
2e
10e 110
Sc
Sc
2o
Sc
10c 2Ic
20o 24c
9
94
2o
3c
1355 14
2% 3
13c 140
95e
1
790 780
Sc
70
30
30
155
Vie
2
2
50
Sc
Sic 74c
6c
7c
50.3 57c
25
25
1% 2
8c
70
14c 15o
2155 22%
15694 1704
BM
6
134 134
67c 700
255 234
23c 23c
3c
30
50c 68c
Sc 150
2c
2c
Pis l'is
Iste 14
190 350
30
ge
2c
25
314 314
30
35
34 4
65c
2
Sc
80
8c lie
15c 20c
14 111,
16c 160
63c 650
21118 2%
114 21.8
Sc
Sc
7c
95
34c 41c
410 4I0
2934 30
16o 17c
1
14
214 24
3118 24
1118 134
60o 600
110 140
170 17e
lc
35
300
16,000
2,000
100
16,700
800
6,000
14,100
2,000
30,500
9.000
100
7,000
300
1,600
36.000
2,400
2.000
9.400
13,000
19.000
5,000
8,000
8,000
7,000
86,000
10,000
1,400
14,000
400
4,400
59,000
800
60,900
18,000
1,000
14,000
100
2,000
2,500
31,000
39,600
2,000
500
2,000
10,000
900
360
3,200
26,400
12,300
1,400
1.000
3.000
11,600
18,000
1,000
3.800
2,10
4,000
48,000
5,000
10
1,000
1,80
100
23,000
6.000
4,000
3,400
1,000
300
9,000
1.900
1.000
5,000
31,000
2,000
1,200
14,000
1.200
200
9.700
4.500
1.100
17,000
2.000
5,000
694 704 $45,000
83 ' 84% 56,000
10734 107% 8.000
103 10355 31,000
95
95% 81,000
106 1074 33,000
94% 95
44,000
1004 100% 6.000
81
82
3,000
103% 10354 2,000
10355 104
31,000
1024 10255 14,000
83
8754 57,000
250 Mar
155 Feb
40 Apr 120 Jan
12c Aug 275 Feb
16 June 184 Jan
37c
Jan 1118 Aug
1
Feb
214 June
75 Feb 254) May
1% May
4
July
15c Aug 24c Apr
155 Jan
4
Aug
250 Aug 40e Aug
27% July 2914 Aug
10e June 70o Mar
3 July
118
451 Jan
1
Aug
1% Aug
40 Jan 220 July
37c Apr 70c Feb
lc Jan
be
Jan
6
Mar 2355 June
4c June 15c Jan
30 Mar
Sc
Jan
2c Aug 10c Jan
10c Aug 42e Jan
20 June 120 Jan
le Feb
Sc Jan
20 Jan 26e Aug
15c May 82c
Jan
814 Jan
94 Mar
lc Feb
7c Mar
1114 Mar 144 July
114 June
3
Jan
136 Apr 18o Feb
76c July
2
Jan
15e Mar 95e July
20 Apr
7e Aug
2c Apr
30 Jan
1
Apr
PH July
155 Mar
214 Jan
40 Aug
80 Aug
51c Aug 74c Aug
lc May
90 Aug
300 Aug 57e Aug
lc Jan
3c July
14 Jan
255 Aug
40 Mar
85 Mar
10c May 48e
Jan
154 Jan 22% July
13411 may 1704 Aug
551 Jan
655 May
65e Mar 151 Aug
30c Jan 70o Aug
14 Apr
255 Jan
190 Mar 38c Feb
lo
Jan
50 Jan
21e Jan 75c Aug
be July 18c Aug
20 Aug
2c Aug
1
Apr
1% July
1
Apr
151 June
10c July 41e July
be July
6c
Jan
lc Feb
8c
Jan
2% Apr
3% Aug
lc May
4e
Jan
24 Jun
451 Aug
50c May
2
Aug
20 Jan 100 June
8c Aug 113c
Jan
15c July 51c Feb
1118 May
14 Jan
16c Aug 31c Jan
40c Apr 75c Feb
1% Jan
3 i. May
,
14 Jan
214 July
5c Aug
Sc Aug
35 Feb
95 Aug
25c May 80c
Jan
395 Jan
l'is Feb
21
Jun
30% July
105 May 20o Jan
600 July
21( Feb
2
Apr
214 Feb
2
Apr
34 Aug
1
Apr
154 Jan
30c June 86c Jan
2e May 105 July
15c Aug 50e
Jan
2c Mar
Sc Feb
48
May 70% July
57 May 844 Aug
105% Mar 1074 Aug
101% Jan 10355 June
94
Feb 9654 June
1044 June 107% Aug
944 Aug 95
Aug
98% Apr 100% Aug
73
July 99
Feb
1014 Jan 103% Aug
101
Feb 104
Aug
10155 Mar 102% June
71% June
93% Feb
Bonds (Concluded)
Atlantic Fruit 85
AU Gulf& W I SS L M 1959
Bait & Ohio 58w 1_ _..1948
Beaver Board Co 84_1933
Beaver Prod 7%s
1942
Belgo-Canad'n Pap 65_1943
Beth Steel equip 75...1935
Canadian Nat By. 75_1935
58
Chic RI & Pac 550..192
2
5
19 6
Chllds Co 68 w 1
1929
Cities Serv 7s, Sex C._1966
1966
is Series D
ConsG.E L&P.Balt,68'49
5555
19 1
52
655s. series!)
Consol Textile 88
1941
Cont Pap & Bag M 8558'44
Cudahy Pk deb 555s 1937
Deere & Co 7548
1931
Detroit City Gas 6s-1947
Detroit Edison 6s__ -1932
Dunlop T&Rol Am75-1942
1933
Federal Sugar 65
Federated Metals 68_ _1939
1925
Fisher Body 68
1926
65
1927
6s
1928
6s
Gait* (Robert) Co 7s-1937
Galena-Signal 011 78_1930
General Asphalt 88_ _1930
General Petroleum 65.1928
Grand Trunk RI645_1938
Gt Cons El Pow (Japan)
1944
lst f 7s der A
1937
Gulf OU of Pa 5s
Hanna(MA)Co 6s_..1934
1936
Hood Rubber 7s
Internat Match 648-1943
_1928
Italian Power 6145
Kan City Term Ry 545'26
Ketulecott Copper 75_1930
Lehigh Power &cur 65 1927
Lehigh Val Har Term 55'54
Lehigh Vali RR Saw L2003
LibbyMcNelli&Libby78'31
Liggett Winchester 78_1942
Manitoba Power 75.-1941
930
mossou.t ca5 548 I. _ _ 1027
M I rris ri Po 7 w
Motor Prod Corp 64s.1943
Nat Distil Prod 7s w 1930
National Leather 88-1925
New On Pub Sent 5s-1952
Northern Cent RR 58_1979
Nor States Pow 65513-1933
634% goldss esnot w 1_1933
E ower
1952
Ohio
Penn Pow & Light 58 _1952
Public Service Corp 78 1941
1944
Pure 011 Co 645
1933
Shawsheen Mills 7,...l931
Sloss Sheffield SA:I 6s 1929
1934
Solvay & Cleats
South Calif Edison 58_1944
Standard Gas & El 63Is'5
4
Stand 011 of NY 6555-1933
7% serial gold deb__1925
.1926
7% serial gold deb.
_1927
7 ser gold deb
7% serial gold deb__1928
7% serial gold deb__1929
7% serial gold deb-1930
7% serial gold deb-1931
1929
Sun Co 6s
1931
7s
Swift & Co 58__Oct 15 1932
Tidal-Osage Oil 75---1931
Union El L&P of n1550'54
Union 011 68 Series B-I925
United 011 Produe 88_1931
Un fly. of Havana 7348 36
1936
Vacuum 011 7s
Virginian Rs Sc ser A_1962
WebsterMills655%nate5.3
3
935
Friday
Last Week's Range Seizes
Sale
of Prices.
for
Price. Low. High. Week.
2555
5355
98%
80
10351
111
10034
10355
9755
96
10451
80%
94
103
10274
109
994
10251
99%
10534
10051
9155
98
101%
9754
10654
100%
994
9934
10554
100
9%
84
9
904
1004
87
100%
97
89
10814
96%
953-4
10434
101
974
108
10151
10651
95
9851
39
106%
106%
95
1034
Range sines Jan. 1.
Low.
High.
25
2555 2,000
5355 5451 20,000
9855 98% 355,000
78
80
75,000
1004 100% 1,000
95
95
1.000
10351 10354 42,000
11055 111
35,000
10051 1004 3.000
10054 101
28,000
10355 10354 21,000
9754 9751 31,000
9551 96
23,000
1044 10414 9,000
101 101% 6,000
10834 1083-4 19,000
794 82
26,000
9314 94
20,000
8755 88
6,000
103 103% 17,000
10234 103
48.000
10854 1094 61,000
92% 92% 11,000
101 10155 21,000
9955 101
18,000
100% 100% 2.000
10251 1024 2,000
1023-4 102% 12,000
10251 1024 11,000
99
994 42.000
10555 10515 8,000
1044 105
16,000
10051 101
35,000
103 10851 6,000
25
42
98%
70
9755
92
10234
1063.4
904
974
102
8955
89
1013-4
93
1064
683.4
90
8155
9955
994
10234
90
9955
100
100
994
984
9754
944
1044
10255
944
1054
Aug
Jan
Aug
Jan
June
Feb
Feb
Jan
Jan
Jan
June
Jan
Jan
Jan
Jan
May
Jun
May
May
May
Jan
Jan
Jan
Jan
Aug
Mat
Jan
Jan
Jan
May
Jan
May
Jan
Jan
Mar
36
el
July
98% Aug
79% July
1004 July
954 Aug
Aug
104
July
111
15075 July
10134 July
10434 July
974 Aug
9514 Aug
10554 June
1014 June
10834 July
Jan
f57
Feb
95
3855 Jan
10355 Aug
10354 June
109% Aug
Feb
94
10134 Aug
101
Aug
1014 July
10234 July
1024 Aug
10215 Aug
Apr
100
106
Aug
10554 Aug
101
Aug
10851 Aug
9114 91% 79,000
98
984 40,000
984 984 2,000
101% 1014 2,000
974 97% 37,000
98% 99
11,000
102% 10214 16,000
10654 106% 73,000
100% 10134 6,000
100% 1004 6,000
9934 99% 183,000
994 100
9,000
105.4 105% 9,000
99% 100% 24,000
994 100
3,000
98
9814 23,000
95
95
5,090
904 904 5.000
1004 100% 40,000
87
87% 39,000
101% 101%
70
100% 101
36.000
964 974 15,000
884 89
21,000
924 924 18,000
1084 1084 42,000
954 964 118,000
954 964 84.000
1044 1943-4 19.000
1
101% 10151 8.000
101 10155 18,000
924 _2% 10,000
9755 984 129,000
108 10854 80,000
10151 10134 15.000
1034 104
10,000
10855 106% 5,000
108 108
8.000
106 106
2,000
106 1064 19,000
10654 107
20,000
1004 100% 1,000
1024 103
10.000
95
9515 122,000
10351 10454 11,000
98
9855 49,000
101 101% 6,000
38
38
4,000
106% 107
22,000
106% 10751 28,000
95
9551 75,000
10351 10355 37,000
9155
94
9851
99
9255
973.4
10014
103
96
9534
994
94
10255
91534
9031
92
9151
85
9234
54
10134
98
9855
844
8734
101
9554
9254
102
97
99
8954
96
1053.5
10151
10255
10455
105
10555
105
106
96
100
894
10134
944
100
30
10554
106
92
10051
July
Jan
Aug
May
Jan
Feb
Jan
Jan
Jan
Jan
Aug
June
Jan
Jan
June
June
July
June
Apr
Jan
Aug
Jan
May
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Apr
Jan
Aug
Jan
Aug
May
July
Jan
Jan
Feb
Mar
Feb
May
may
Jab
Apr
Jan
Aug
Jan
Jan
Jan
Jan
93
984
9835
10255
9314
99
10255
107
10134
10134
10051
101
105%
100
10055
10051
95
nom
101
9554
10254
10435
98
90
94
10854
97
96%
10454
1024
10135
9314
983.4
10951
10255
105
10655
10834
10755
108
109
10051
103
9554
10434
9855
1014
7954
109
108
9655
10334
July
Jul,
Aug
May
Aug
J_ne
July
Aug
Aug
July
July
Feb
Aug
Aug
Aug
Feb
Aug
Aug
Mar
Jan
July
June
May
July
Jima
J1117
July
Aug
Mar
July
Aug
June
Aug
June
June
Jan
Aug
Feb
June
June
Feb
Aug
Aug
Aug
July
Aug
Aug
Feb
July
June
June
July
Foreign Government
and Municipalities
1943
French Govt 48
33
33
4,000 2355 Mar 36 May
Indus Mtge Bk of Finland
1st M coll s f 7s_ __1944 95% 9551 95% 64,000 9551 Aug 95% Aug
Indus Bank of Japan Ltd
6% deb notes Aug 1527 99% 994 100 425,000 994 Aug 100
Aug
Netherlands(Kingd)6sB'72 99% 9955 1003-4 53,000 894 Apr 10051 Aug
Russian Govt 645.-1919 184 17
1855 84,000
9
Jan 2155 Aug
_1919 18
6558 certificated. _ _
16
1754 211,00
Jan 20)5 Feb
10
17
555s certificates__ _1921
17% 21,000
955 Jan 21
Aug
Switzerland Govt 5145 1929 102
1014 102
59,000 9754 Apr 102
Aug
1926 1004 10055 100% 37,000 97% Jan 10054 Aug
Ext 5% notes
• No par value. k Correction.
Listed on tile Stock Exchange this week, where
additional transactions wl I be found. o New stook. s Option sale. w When
Issued. z Ex-dividend. y Ex-rights. z Ex-etock dividend.
New York City Banks and Trust Companies.
All prices dollars per Wm.
Banks-N.Y. Bid Ask
Banks
Bid Ask Trust C.o.'s Bid .ass
America•___ 220 225 Manhattan'. 161 165
New York
Amer Exch.. 315 320 Medi & Met- 368 373 American- --- ----- Mutual'
Amer union' 165
400-. Bank of N Y
-- Nat American 135 jib
BowerY •--dt Trust Co 550 560
155
Broadway Cen 525 170 National City 397 402 Bankers Truest 385 390
Bronx Bons*. 250 --- New Neth• 140 155 Central Union 628 638
Bronx Nat__ 155
Pacific•
300_ Empire
293 303
Bryant Park • 160 __ Park
445
5
.
0 Equitable Tr, 235 240
Butch & Drov 125 145 Penn Each
103
_ _ Farm L de Tr_ 705 720
Cent Merest'. 180 190 Port Morris- 178Fidelity Inter 215 225
368 374 Public
Chase
390 iili Fulton
320
Chat & Phen_ 269 275 Seaboard ____ 417 ___ Guaranty Tr. 272 277
Chelsea Ezell* 150 160 Seventh Ave. 92 __
. Hudson Trust 290
Chemical __ x560 565 Standard __ 260 275 Irving BankCoal & Iron__ 220 227
Columbia 'Fr 230 232
370 --_
Colonial •_ __. 400 - -rade•
143 ___ Law Tit & Tr 202 207
Commerce... 342 347
rademen's• _ 200 ___ Metropolitan_ 340 350
Com'nwealth• 250 270 234 Ward•
___
___ Mutual (West
Continental_ 185 200 United States* 185 195
chaster) ___ 122 128
Corn Exch.- 440 445 Wash'n Hts•- 200 _ N Y Trust__ 384
Cosmoplan•_ 115 125 Yorkville• 1100 1500 Title Gu & Tr 442 447
East River- 202 212
US Mtg & Tr 320
Brooklyn
Fifth Avenue* 1350 - -.
United States 1490 1615
Filth
245 255 Coney Island* 180
Weetches Tr_ 245
First
1840 1865 First
410 __
Brooklyn
Garfield
300 310 Mechanics' •_ 140 150 Brooklyn 'Fr_ 550
122 132 Montauk 5-- 180
Gotham
Kings County 1050
Greenwich'.. 375 400 Nassau
265
Manufacturer 293
People's
Hanover
850
270
People's
415
390 -•Banks marked with(9 are State banks. (z) Ex dividend.
New stock.
566
(0
butstuxent awlSailiroad ptelligencie.
936
RAILROAD GROSS EARNINGS
weekly or monthly returns
The following table shows the gross earnings of various STEAM roads from which regular or month, and the last two
can be obtained. The first two columns of figures give the gross earnings for the latest week returns of electric railways
columns the earnings for the period from Jan. 1 to and including the latest week or month. The
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Akron Canton & Y_ June
Ala & Vicksburg.._ June
Amer Sty Express.... June
2d wk
Ann Arb e.
Atch Topeka & S Fe June
Gulf Colo & $ Fe.. June
Panhandle St S Fe June
Atlanta Birm & Atl_ June
Atlanta & West Pt.. June
June
Atlantic City
Atlantic Coast Line_ June
Baltimore & Ohio June
B &0Chic Term_ _ _ June
Bangor & Aroostook June
Bellefonte Central_ June
Belt By of Chicago_ June
Bessemer & L Erie_ _'June
Bingham & Garfield June
& Maine.Bost
- June
Bkivn E D Terminal June
Buff Roch & Pitts 2d wk
Buffalo & Susqueh_ June
Canadian Nat -Rys_ 2d wk
All & St Lawrence June
Ch Det Can G T J June
Bet0 H & Milw_ June
2d wk
Canadian Pacific
Caro Clinch & Ohio_ June
Central of Georgia... June
Central RR of N J_ June
Cent New England_ June
Central Vermont_ _ _June
Charles & W Caro__ June
Ches & Ohio Lines.. June
Chicago & Alton__ June
Chic Burl & Quincy_ June
Chicago & East Ill_ June
Chic Great Western June
Chic Md & Louisv_ _
Chic Milw & St Paul June
Chic & North West_ June
Chic Peoria & St L_ June
Chic River & Ind..__ June
Chic R I & Pacific_ _ June
Chic RI & Gulf__ June
Chic St Paul M & 0 June
Chic Ind & Western June
Colo & Southern___ Tune
t W & Den City. June
Trio & Brazos Val June
Wichita Valley___ June
Columbus & Greens June
Delaware & Hudson June
Del Lack & Western June
Deny & Rio Grande June
Denver & Salt Lake June
Detroit & Mackinac June
Detroit Terminal_ __ June
Detroit Tol & front_ June
Bet & Tol Sh Line.._ June
Dul & Iron Range_ _ June
Dul Missabe & No__ June
Dul So Shore & Ati_ 25 wk
Dul Winn & Pacific_ June
East St L Connect.. June
Elgin Joliet & East.. June
El Paso & South W.. June
June
Erie Railroad
Chicago & Erie_ June
June
NJ&WYRR
Evan Ind & Terre H June
Florida East Coast.. June
Fonda Johns & Glov June
Ft Smith & Western June
Galveston Wharf...._ June
June
Georgia RR
Georgia & Florida _ 2d wk
Grand Trunk West_ June
Great Nortn System 2d wk
Green Bay & West.. June
Gulf Mobile & Nor.. June
Gulf & Ship Island_ June
Hocking Valley _ _ June
Illinois Central Syst June
Illinois Central Co June
Yazoo & Miss Val June
Internet Gt North_ June
Intern Ry Co of Me June
K C Mex & Orient.... June
K0 M & Or of Tex_ June
Kansas City South- June
Texark & Ft Sm. June
Total system....-- July
Kansas Okla & Gulf June
Lake Superior& Ishp June
Lake Terminal Ry.... June
Lehigh& Hud River June
Lehigh & New Eng.. June
June
Lehigh Valley
Los Ang & Salt Lake June
Louisiana & Arkan_ June
La Ry Sr Nay Co...... June
LaRy & Nay of T June
LouLsv & Nashville.. June
Louisv Rend & St L June
June
Maine Central
Midland Valley_ --. June
Current
Year.
Jan. 1 la Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
3
8
250005 1,331,810 1.337,586
269:935 1.721,007 1,671.790
12996898 13212155 51,365.187 51.797,878
Aug 104.208 111,790 3,326,752 3.238,049
14557016 16260907 87.303.152 96.550.970
1,840,468 1,783,129 11,794,607 10,890.455
612,855 548.180 4.279,393 3,630,622
347,424 334,280 2,338.039 2.286.876
'
219,372 244,505 1,438,249 1,451,151
432,574 491,2981,817.453 1.904,927
6,167.081 6.369,570 44.782.644 43.525.787
17165370 22515 545 110723267 129797389
290,758 325.753 1,757,181 1,869,306
379.427 475,669 3,703,494 3,490,433
67,110
49,454
9,446
5.378
497.305 580.823 3.318.606 3.599.811
1,723.8302.330.188 6,775.918 8.910,170
221,551
231.407
39.520
40.539
6.154,906 7.703,567 38,419,626 42,885,730
839,057
721.657
111.213
121.133
Aug 272,214 482.591 10.340,042 15,977.869
985,452 1.419.634
114,596 228.111
Aug 4,049.9744.928.491 142927703 146390972
152.638 213,645 1,282.702 1.745,134
237.146 312,611 1,573,843 1.748.292
476,710 642.516 3.279.744 3.200.238
Aug 2,988,000 3,565.000 102176000 100132000
634,062 813.156 4,148,424 4,720,435
1,945.1282,082,494 13,141.171 13.187.511
4,543,364 5.100,892 26.800.610 28.539.556
674.258 748,555 4,013.6183.670.252
723.429 741,350 4.280.638 4.355.650
301.681 322.792 1.970,777 2.030.804
8,735,009 8,650,02551.207.885 48.264,859
2.444.637 2.725.222 14,799,507 84,779,771
12000 306 13554 376 75,942.979
1,787,656 2.226,104 12.798,388 14.245,495
1.959,1832.233.782 11.596,201 12,787.866
1.273.034 1.423.095 8.391.8198.993.224
12158495 14089084 74.864.975 83.6,7.152
12212 190 14099061 71.317,884 77,940,643
676.688
612,112
98.442
94,052
500.575 598.874 3,490,532 3,727,940
9.431.420 10202006 57,007.733 59,599,477
525.564 486.370 2.955.073 2,577.376
2,108,908 2.273.195 13,244.942 13.781.030
343.934 354,950 2,115,214 2,312,794
928,057 1,030,044 6.043.152 6,132,392
703.174 719,522 4,644.760 4,265,296
772.842
968.555
105,441 135,197
627.698
863,028
104,008 106.686
739.030
750.196
117,147 121,971
22,961.570
3.732,5524.454,137 22.159.430 43,200,096
7.101,281 8,005,941 2.890,674
2.523,914 2,725.111 14,450,600 15,299,225
261,020 311,397 1,327.085 1,086.899
898.217
934.095
177,902 172,558
156,142 193,565 1.191,025 1,071.866
6,031.614 5,031.436
788,323 874.559
1.738.160 2,187,371
223 881
.
950.446 1,177.105 2.654.559 2,993.470
2,100,822 3.188.263 5.244.629 6.375.246
7
Aug 111,873 121 411 3.678,55 3.563,287
150,040 176.674 1,193.809 1,331,286
150,137 172,519 1.115,836 1.173,855
1.422,033 2.483.235 1.571,128 14,377,518
1.137,827 1,174.912 6.271.737 8,492.382
9
8.032.119 9.854.901 1.370.90 60.043.281
966,084 1.179,823 6,952.533 6,903.598
770.322
775.239
135,662 133,819
802,945
854,311
124,132 138.707
0,925,104 9,420.093
1.074.237 1.154,523
781.741
677.168
765.057
808.328
130,413 111,166
651.006
551.748
89.550
68.261
458,239 505,172 2.938,797 3.014,150
33.700 1,068,644 1.061.66d
41.200
Aug
9,844.192
1.384.144 1.711.931 9.330.343 67.491.231
Aug 2.039.448 2,414.758 '8,784,184
647,622
735.974
116.874 115.014
429.890 454.922 2,951.788 2.922.732
1.759.630 1.640.403
256,232 268,092
8,632.724
1.571.496 1.788,789 8.174.304 95.148.281
13077997 15072360 85,600.088 85.231.508
11590831 13440564 75.444,192 9,916,773
1.487,166 1,631,796 10.155.896 6.828.034
1.177.330 1.110.085 7.685.912 1,591.271
141.209 156.811 1.528.203
785.794
913.325
• 151.420 125.476
793.406
994.346
169.750 144.916
1.407.010 1.617.441 8,962.712 9.744,263
204.098 230,500 1.412.683 1.304.209
1.636,2281,833.817 12,011,623 12,882,289
140.854 181.586 1.011.391 1,337,669
216.888 328,385
570.825
517.073
96.432 114.922
261.412 273.096 1.575.758 1.457.955
2.507.292 3.030.621
587,9246.0
0
,244,092 7,052,888 37.320.73 36,280.628
2.112.3902,231,757 12,458,990 11,512,048
295.027 241,827 1.926,420 1.938,968
326.298 304.945 1.851.685 1.973.335
246.085
615,969
90.581
85.340
10373401 11220 169 66,082.285 66.622,895
1.701.815
253.182 273,418 1,711,169
1.655.974 1.879,980 10.310.838 10.404,530
310,181 349.593 2.234.687 2.224,158
3
187,994
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
294,053
306,504
8,285
Mineral Range
7.557
2d wk Aug
Minneap & St Louis 2d wk Aug 289.663 359,192 8,695.028 10,062,414
Minn St P & S M_ June
3.677.297 4.315.127 20.904.581 23.652.491
. Wisconsin Central June
1,570,634 1.817.169 9,450,616 10,219,226
Total System_ _ _ _ June
3,677,297 4,315.127 20.904.581 23,652.491
916,664
902.157
Mississippi Central_ June
138,768 148.268
-Kan-Texas June
Missouri
2.445,562 2.699,884 15,561.068 16,755,533
9.288.977
M K Tex Ry of T June
1.515,302 1.404.248 9.261.243 26,044,510
Total system........June
3,960.864 4,184.132 24,822.311
698,665
738.798
Mo & Nor Arkansas June
104,985 110.672
Missouri Pacific_ _ _ _ June
9.074,115 9.195.002 56.882.456 53.698,273
Mobile & Ohio
2d wk Aug 349,546 377,174 12,108,215 12,629,792
Monongahela Conn. July
103,732 236.261 1.202.520 1,589.527
732.637 1,186,792
June
Montour
152,995 269.704
Nashv Chatt & St L June
1.757.075 2,009.347 11,778.177 12,258,770
180,272
190,577
10,736
wk Aug
8,039
Nevada-Calif-Ore....1st
443.121
516.443
Nevada Northern June
84.885 100.014
Newburgh & So Sh_ June
154.552 171.588 1.005.021 1.061.090
New Orb Gt North July
234,586 240,446 1,720,411 1,652.446
N 0 Tex & Mexico_ June
209.869 231.238 1.598,299 1,511,132
N 0 Tex & Mex Syst June
1,147,822 824,932 7.258.246 5.319,837
Beau Sour L & W June
197.594 179.960 1,427.566 1.101,464
St L Browns & M June
718.089 394,449 4.106.226 2.571,063
New York Central June
30158 143 37931 291 183133728 213976577
Ind Harbor Belt_ June
833.981 960.497 5,382,473 5.806,988
Michigan Central June
6.823,069 8.166.682 44.201,484 48.336,062
C C 0 & St Louis.. June
6.673.750 7.966.671 42.623.775 47,859.673
Cincinnati North_ June
345.560 412.159 2,352,942 2.665.794
Pitts & Lake Erie June
2,217.334 4.339,900 16.459,939 22,864,939
N Y Chic & St Louis June
3,985,456 4.861,724 6,948,861 29.020.706
N Y Connecting...... June
245.165 310.186 1.420,556 1,788.791
NYNH& Hartf'd June
10583870 11949570 2,479.940 65.983.463
N Y Ontario & West June
1.094,412 1,248.667 5.944.060 6.393.439
N Y Susq St Western June
356,508 409,169 2,283.613 2,523,411
Norfolk Southern June
802.953 780.987 4.901.103 4,642,461
Norfolk & Western_ June
6,764,495 7.881,048 45.303,408 44.938,946
Northern Pacific
June
7,131,414 8.302,287 42.4107.448 46,647,127
Northwestern Pee._ June
617.894 720.812 3,234,007 3.576.525
Pennsylvania Syst June
56701 236 70011 667 83515244 311088394
Penn RR & Co_ June
51652768 64387849 315937 359 356130371
652.883
617,970
Bait Ches & Ati June
140.785 133,240
Long Island
June
3,179.864 3.229,004 16.080,169 15.631,133
Monongahela.._.... June
308.458 549.516 2.324,661 2,850,203
900,273
965.552
Tol Peoria & West June
171.022 143,085
W Jersey & Seash June
1,083,657 1,230.752 5,492.364 6,232.507
877,166
891.178
Peoria & Pekin Uri_ June
118,235 131,897
Pere Marquette_ _ _ _ June
3,136.998 ,895,209 20.321,240 22,264.618
540,654
681.007
Perkiomen
June
102,780 107,240
711,908
514,071
Pitts & Shawmut
86,920 100.190
June
Pitts & West Va.--- June
333.427 310.230 1.907,161 1.816,941
764.907
657.410
Pitts Shaw & North June
108.630 103.722
988,961 1.513.211
Port Reading
169,079 203,178
June
Pullman Co
.718,770 6,636,368 35.584,789 34,638.282
June
651,493
513,034
88,908
Quincy Om Sr K C June
74.691
Reading Company_ June
,210.546 9,037,861 46,362,289 55.507,044
Rich Fred St Potom_ June
.043,406 1,002,468 6,283,651 6.464,790
Rutland
520.378 575.777 3,228049 3.326.339
Tune
St Louis-San Fran__ 2d wk Aug .706.936 1,757.076 52.269,964 54.242.256
733.009
821.499
St L-San F of Tex June
148,100 130,980
675.735
737,395
Ft Worth & Rio G June
128.371 137.832
St Louis Southwest_ June
1.192.724 1,468,107 8,651.901 10.446.172
St L S W of Tex June
549.378 637.195 3.596.121 3,735.734
Total system........ 2d wk Aug 465.105 518,763 15.090.324 17.487,954
417,484
405,100
59.793
St Louis Transfer__ June
55.852
San Ant & Aran Pass June
540.676 445.015 3.146.035 2,451,816
787.419. 597.070
San Ant Uvalde &0 June
126.076 110.167
Seaboard Air Line__ June
3.871.191 4.076.170 27.560.299 26.015.345
22692131 24352845 153311 110 157376005
Southern Pee Syst__ July
16391 574 18178291 91.203.484 93,803.696
Southern Pac Co.. June
895.500 1.126.537 5.805.291 6.818,920
Atlantic SS Lines June
291,337 301.889 1.705.500 1,846,706
Arizona Eastern_ June
2.081,693 1,863.224 12.376,646 10,939.915
Galv Harris & A June
1,063,420 1.039.363 6.867.828 6.426.020
lions & Tex Cent_ June
226.395 227.896 1.500.959 1.405.099
Hous E & W Tex_ June
284.717 363.489 2,010.941 2.295,902
Louisiana West'n June
592.777 663.799 3.930.920 4.377.288
Morg La & Texas June
Southern Ry System 2d wk Aug 3,579,214 3.746,741 113305417 122146674
11010306 12585968 69.619.581 74,448,970
Southern Ry Co__ June
806.692 898.388 4.917,745 5,392,914
Ala Great South_ June
1.670.404 1,971.729 10.926.246 11.863.271
C New Orb & T P.. June
369.441 460.834 2.411.831 2.621,498
Georgia Sou & Fla June
418.208 554.771 2.796.247 3.504,981
New Orl & No E.. June
839,434
774,293
110.328 135.907
North Alabama.... June
710.994 719.849 4,452.367 4.334.389
Texas & New On.. June
582.661
572,311
86.032
95.494
June
Spokane Internatl642,560 653.319 3.982.056 3.814.523
Spok Port & Seattle June
242.149 238,187 1,286,439 1.196.099
Staten Island R T..- June
216.005 247.664 1.360.142 1.547,459
Tennessee Central.... June
395.303 419,466 2.486.701 2.419.518
Term RR Assn ofStL June
294.192 348.238 2.258.316 2.473.195
St L Mer Bdge T_ June
Texas & Pacific........ 1st wk Aug 642,664 629.962 18,613,972 18,055,975
792.132
653.570
139.406 168.216
Ulster & Delaware.... June
8.288.606 8.877.619 48.617,987 50.958.437
June
Union Pacific
15351 604 1638994991.678.65293,267.028
Total system_...... Tune
2.659.723 2.947.282 16.564.145 17.417.087
Oregon Short Line June
2,290,884 2.333.292 14.037.529 13,379.455
-Wash RR &N June
Ore
228,056 235,888 1.558.305 1,570.857
St Jos & Grand Isl June
944.366 1,237.322 5.436,746 5.983.517
Union RR (Penn) June
95.290 139,929692.963 737,505
June
Utah
311,100 331.673 2,052,492 2,100.366
Vicks Shreve & Pac- June
1,549.805 1.791.452 9,190.327 11.072,336
June
Virginian RR
5,178.985 5.558.770 31,888,466 31.784.135
June
Wabash RR
Western Maryland_ 2d wk Aug 324.605 468.722 11.731:333 14.680,489
1.086.6061.262.79! 5.967,869 5.881.754
Western Pacific_ - June
221.578 236.993 1,531,190 1,441,442
Western Ry of Ala.... June
1.328.142 1.910.179 9.137,871 8,667,135
Wheel & Lake Erie.. June
-Weekly and Monthly.
AGGREGATE OF GROSS EARNINGS
Increase or
Current 1 Previous
Increase or
%
Decrease.
Year.
Year.
Monthly Summaries.
Decrease. 1 %
,
$
$
I
$
Prey. Yr.
Mileage. Cur. Yr.
$
$
$
September.. _235,611 236,525 544.270.233 499,720,575 +44.549.658 8.91
1st week June 16 roads)---- 17.204.375 18,731.974 -1.527,600 8.16 October ____235,608 236,015 586.328,886 549.080,662 +37,248.224 6.78
.
2d week June 16 roads)--_- 17,225.913 18,728.480-1.002,56 7.05 November _253,589 253.593 530.106.708 522,458.208 +7.648.500 1.48
-1,312,418
3d week June 16 roads)--- - 17.283.403 18.595,821 -1,975.184: 8.31 December__ _235,379 235.555 493,099,550512,312,354 -19,212.804 3.75
4th week June* 14 roads)........ 21.787.983 23.763.167 -1.682.729 i 9.38 January __ -238.698 235.886 467,887.013 501.497.837 -33,1110.824 6.70
week July 15 roads)........ 16,255,111 17,937,840
1st
-496,784 4.86 February .._.235,506 235.876 477,809.944 445,870.232 +31.939,712 7.16
2d week July 4 roads)........ 9.840.656 10,337.440
235.715 236,520 504.016,114 534.644,454 -30.628.340 5.73
6.95 March
3d week July 16 roads .... _ 17,125,824 18,404,590 -1.278,766 7.03 April
235,963 235.665 474.094.758 522,336,874 -48,242,116 9.24
- 23,996.889 25,810.867 -1,813,978 10 77 May
4th week July (15 roads).235,894 234.452 476.458,749 546.934,882 -70.476,133 12.89
-1.807.712
1st week Aug (14 roads)_ _ .... 14,985,502 16.793.214 -2.545,711 13 48 June
236.001 235.691 464.759.956 540.202.295 -75.442.339 13.97
16 548.543 18.804.254
vEras.L. Alm (11 revIrlal
9r1
and Pitts. CM.Chic. & St. Louis included in Pennsylvania RR. Lake Erie & Western included in New York Central.
-Grand Rapids & Indiana
Note.
Toledo St. Louis & Western included in New York Chicago & St. Louis. •Estimated.
Weekly Summaries.
Current
Year.
Previous
Year.
AUG. 23 1,924.]
TITE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of August. The table covers 14 roads and shows
13.48% decrease from the same week last year.
937
Latest Gross Earnings.
Name of Road.
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Int Rys of Cent Amer July
378,275 297,849 3,044,246 2.677.629
Increase. Decrease: Kens City Pow & Lt_ July
677,682 634,211 *9,232,737 8.637.109
dKans Gas & Elec Co June
420.687 407.165 *5.586.202 *5.382,139
Keokuk Electric Co__ June
34.008 34.686 *421,719 *405.537
Ann Arbor
104,208
7.582 Key West Electric___ June
11 .790
1
18,787 20.870 *237,458 *253,995
Buffalo Rochester & Pittsburgh
272,214
482,591
210,377 Lake Shore Electric__ June
206.613 223.086 1,420.785 1.337.319
Canadian National
4,069.974 4,928.491
858,517 Long Island Electric_ March
89.222
31.233 27.542
76.402
Canadian Pacific
2,988,000 3,565,000
577,000 Lowell El & Lt Cor)_ June
109,720 127.547 *1,519,788 *1.603,239
Duluth Soutn Shore & Atlantic..
121,971
111,873
10.098 Manchester Trac, Lt
Georgia & Florida
41,200
33,700
7.500
& Pow Co & Subs-. June
196,992 202.992 1.285,889 1,279,785
Great Northern
2,030,448 2,414,758
375.310 Manhat 13dge 3c Line March
67.438
23.492 25.017
68,005
Mineral Range
7.557
8,285
728 Manh & Queens (Eee) March
94.570
33.897 33.522
92,227
Minneapolis & St. Louis
289,663
359,192
69,529 Manila Electric Corp_ July
304,994 298.268 *3.672,883 3,578.314
Mobile & Ohio
377,174
349,546
27.628 Market Street Ry--- 31113
. ,
797.946 795,380 5.709.672 5.605.688
St Louis
-San Francico System_ 1,706,936 1.757,076
50.140 Mass Lighting Cos_ _ _ July
253.604 259,217 1.919.751 1,879,869
St Louis Southwestern
464.105
54,658 eMetropolitan Edison June
518,763
632.039 609.688 *7.883.259 *7.312.754
Southern
3,579.214 3,746.741
167,527 Milw Elec By & Light June
1700,097 1736.043 22,566.002 21.228,929
Western Maryland
468.722
324,605
144.117 Mississippi Pow & Lt_ June
104.194 91,543 *1.252,6n2 *1.201.605
Miss River Power Co_ June
270.516 284.348 *3,097.705 *2,964,367
Total (14 roads)
16,348,543 18,894,254
7,500 2,553,211 Munic Ser Co & Subs_ June
400,854 363.431 4.953,281 *4.899.508
9 MA 711 aNebraska Power Co_ June
Net decrease (13.48%)
298.276 307.474 *3.885.104 *3.706.487
Nevada-Calif Electric June
679,511 634,895 *4.335.097 *4,030.754
In the following we also complete our summary for the New Bedf G & Elee Lt June
255,297 295,178 1,748,616 1.895.862
New Rug Power Syst_ June
498.266 603,103 *7.250.650'6.800.868first week of August:
New Jersey Pow & Lt June
80.487 75.011 *1,060.151 '864.718
Nevrp News & Ramp
First Week of August.
Ry,Gas & Elec Co- June
176.116 189.373 *2,030,770 *2.130.120
1923. I Increase. Decrease.
1924.
280.387 275.097 1.610.200 1.671.986
New York Dock Co__ June
736,260 769.912 2.129,13 2,166.641
New York Railways_ March
Previously reported (13 roads)-- 14.878,648 16.678,403
100.561 100.858
bEighth Avenue.-- March
288.878
1,799,755
283.870
Ann Arbor
39.527 43.199
bhanth Avenue....March
114,811
118.178
106,854
7.957
122.818
56.387 53,071
N Y & Queens (Rec)_ March
159.093
160.030
Total (14 roads)
March
133.605 136,694
14.985,502 16.793.214
387.897
1,807,712 N Y & Harlem
380.643
Net decrease (10.77%)
33.960 38,299
102,543
1,807,712 N y & Long Isl (Rec) March
107.382
Niagara Lockport &
431.881 431,797 2.913.600 2.693.534
Ont Pow Co & Subs June
Net Earnings Monthly to Latest Dates.
-The table Nor Amer Co & Subs_ June
6065,402 5961.486 *77768195 68,615,122
following shows the gross and net earnings for STEAM North Coast Pow Co_ April
53.506 47.105 *660.561
33.548 28.783 *408.523 11Y4Y,5i*
railroads reported this week:
Nor Conn Lt & P Co- May
793,014 830.633 *9,773,349 *10195073
North Ohio Elec Corp June
-Grossfrom Railway- -Net from Railway- -Net after Taxes
- North Texas Elec Co- June
208,785 232.207 *2.828.608 *2,997,217
1924.
1923.
1924.
1923.
1924.
1923.
41.618 48.601 *562.611 *546.849
Nor'west Ohio By & P June
6
March
16.224 19,730
49.677
50.504
Ocean Electric
Hansaa City Southern Ry (inel Texark & Ft Sm Ry)265.663 260,464 *3.250,912 *3.043,338
dPacific Pow & Light- June
1,636,2213 1,833,817
441,714
July
427,243
342,897
327,825 Paducah Electric__ _ June
48.954 48,538 *625.254
594.484
From Jan 1_12,011,623 12,882,289 3,268,568 3,396,129 2,538,080 2,703,334
Penn Central Light &
Monongahela Connecting
285.622 252.114 *3,574,217 *2,932,450
Power Co & Subs_ June
103,732
236,261 --13,1I2
July
49.609 --17,803
47,151 Pennsylvania Edison_ June
238,364 235,731 *3.174.515 *2.923.652
FrontJan 1_ 1,202.520 1,589,527
79,437
289,562
43,602
272,930 Phi% Co and affil corp June
2808,472 2783.847 21,461.085 20.886.325
New (Means! Great Northern
77.163 76.024
Philadelphia & West_ July
519.040
497,047
July
234,586
240,446
64,808
77,312
16,380
59,753 Philo Rapid Transit July
3484,656 3547,520 26.081,372 26.059.920
Pecan Jan I_ 1,720,411 1,652,416
502,112
552,762
378,097
435,002 Pine Bluff Co__
75.071 71.113 *889.164 *863,966
June
Southern Pacific System
April
1963.740 1889,162 7,759.984 7,441.118
22,692,131 24,352,845 6,425,310 6,707,616 4,784,056 5,131,578 Pittsburgh Rys Co
July
287,141 277.414 *3.535.937 *3.386.717
FromnJanl 153,311,110 157376,005 35,037,255 39,440,814 24,280,847 28,583,236 dPortland Gas & Coke June
850,181 897.427 *10932647 *10476265
Portland Elec Pow Co June
June
979,267 948,671 *12621050 *11380623
ELECTRIC RAILWAY AND PUBLIC UTILITY CO's. Puget Sound Pr & Lt_ June
243.338 263.424 *3,078.24 *3.061.504
Reading Transit & Lt
783,54 792,131 6,198,44 5.669,8414
Republic By & Lt Co- July
March
65,951 66,748
189.69'
188.883
Latest Gross Earnings.
Jan. 1 to Latest Date. Mown Lt & RR(Rec) June •
40,51
Rutland Ry,Lt & Pr_
40.988 *539.93
*570.873
Name of Road.
65,02
62,869 *845,029 *847.288
Sandusky Gas & Elm June
or Company.
Current Previous Currant
Previous
154.508 131,179 *1,930.269 *1,596462
Savannah Elec & Pow June
Month.
Year.
Year.
Year.
Year.
16,062 15,099 *215.629 *199,688
Sayre Electric Co--- _ June
92,326 141,873
Second Avenue (Rec) March
265.886
231.348
$
$
$
$
90.450 86.385 *1,055,957 *968.809
Adirondack Pow & Lt July
535,871 508.118 *7,150.887 *6.575,858 Sierra Pacific Elec Co June
1909,017 1677.339 y21559 135 y17842097 _
Alabama Power Co__ July
676,410 620,045 *8.703,561 *6,939.478 South Cal Edison Co_ May
81,986 75,370 t784.551 1700,056
Amer Elec l'ower Co_ April
1629,577 1759,868 6.986.680 7.225.393 Sou Canada Pow Co_ June
233.215 219,781
Am Pr & Lt Co subsid June
715,140
650.269
2654,0172515,486 '33434517 *31125153 Sou Ind Gas & Elec._ March
235,783 189,587 *2.897.674 *2.439.055
American Tel & Tel-- May
6152,818 6050,498 30.838,359 29,942,764 Southern Utilities Co_ July
937,632 852,973'11877841 *10712928
Am \Vat Wks & Elec_ June
3024.790 2991,371 *38084774 *32468867 gS'western Pow & Lt_ June
228.297 208.811 *2,645.336 *2,405.868
Appalachian Pow Co_ June
272,722 277,720 *3.508.724 *3,177.894 Staten Isrd Bells Corp June
63.309 70.279
243.207
194.674
cArkansas Lt & Power June
183.296 138.543 *1.663.237 *1.398.096 Steinway Rys(Real.. March
Tampa Electric Co June
178.092 170,003 *2,214.179 *1.989.318
Asheville Pow & Light June
84.375 79.924 *1.018.622 *932.341
755.198 733,917 *9,333,497 *8.631900
Associated Gas & Elec June
307,159 259.945 *3,519,336 2,848.012 Tennessee Elec Pr Co June
Texas Electric By... June
210.945 219.336 *3,032,089 *2.747,575
Atl Gulf& W I SS L__ May
2346.689
11.281.970
463,857 395.539 *6.111.551 *5,231.055
Aug-Aiken Ity & Elm April
102,357 106.569 *1,235,300 *1198.846 oTexas Pow & Light_ June
1297,506 1269,952 y13376994 y13126649
Bangor By de Electric June
112,195 119,274 *1,552.530 *1,532.202 Third Avenue By Co_ May
United Electric Rys April
670.977 663,548 2.790,020 2.754.788
kBarcelona Tr, L & P June
4452.601 3711.837 28.367.153 25,758.987
1142,936 1082.081 *14495225 *13405393
Baton Rouge Electric June
55,456 51,407 *664,156 '612.761 United Gas & El Corp June
1416.037 1463,850 6,863.297 6.849.534
Binghamton L. H & P June
102,446 87,443 *1.267.744 *1.101.075 United Rys & Electric May
708,777 661.890 *9.018.780 *7.816.824
Blackstone Val G & E June
343,887 363,317 *4,543,024 *4,326.001 Utah Power & Light_ June
873,420 791.335'10658028 *9.570.214
Boston "L" Railway.. January
3047,705 2998.297 3,047,705 2.998.297 gUtah Securities Corp July
Vermont Hydro-Elec_ June
54.582 56.193 *732.083 *685.054
Brazilian Tr. Lt & P. June
2322,906 2089,277 13,465,907 12,224.482
Power_ July
828.814 857,524 6.077,322 6.057.018
Bklyn Heights (Real.. March
6,859
7.481
19.866
21.233 Virginia By &
421,123 403,852 3.019.873 2,854,864
Wash Water Pow Co_ Juiy
B-M-T System
July
3718,898 3304,665
June
9185,326 9459.298 54.224.338 55,185.986
Western Union
BknQCo&Sub(tec) March
215,465 222.865
615.542
633.759 West Penn Co
June
1988.682 1982.291 *25490268 *22430226
Con I & Skin(Rec) March
.
226.255 224.202
649.893
633.886 Winnipeg Electric By April
441.379 467.474 *5.359.155 *5.550.977
Coney Isl & Grave_ March
6,417
6.156
16.133
16.616
144.275 158.693 *1.845.720 *1.564.076
Nassau Electric
March
481.905 454,293 1.373,002 1,278,877 n Yadkin Riv Pow Co June
12.754 21.886
South Brooklyn
York Utilities Co-- _ July
116,994
141.471
March
91.287 98.528
267.640
288.318
Brooklyn City HR.._ July
969,384 1006.251
the Atlanta Northern Railway Co. b The Eighth Avenue
a Includes
:IN Y Rap Tran Corp_ March
2457.905 2177.074 6,993.460 6,077.638
and Ninth Avenue Railroad companies were formerly leased to the New
Capel3retonElCo,Ltd June
50,538 56.851
708.429
676,668
Carolina Pow te Light June
194.840 178,489 *2.444,405 *2.134.772 York Railways Co., but these leases were terminated on July 11
since which date these roads have been operated separately. c InCentral Illinois Lt (Ay March
325.952 307.630 1.021.895
967.262 1919,
Cent Miss Val El Co_ June
46,631 46,863 *590.082 *565.983 cludes Pine Bluff Co. d Subsidiary of American Power & Light Co.
York Haven Water & Power Co. g Subsidiary companies.
Central Power & Lt May
345,268 282.158 *3.804,910 *3.078,929 e Includes pesetas.
n Includes Palmetto Power & Light Co. o Subsidiary
Cities Service Co_ _ _ _ July
1320,696 1296,673 *17134512 16.523,677 k Given in
of Southwestern Power & Light Co. p Includes subsidiary companies.
Citizens Tr Co & Subs June
72,850 75,504 *998.959 *909.353
s Earnings for ten months ended April 30. v Formerly the New York
City GasCoofNorfolk June
77,863 72,800
503.870
498,097 Consolidated. t Earnings for 9 months ended May 31. * Earnings for
Cleve Painesv & East June
52,579 51,574
310,710
340,455
Colorado Power Co.. May
113.413 99.296 *1.309,337 *1.072.645 12 months. y Earnings for 11 months.
p Columbia Gas & EL. June
1656.551 1485.120 15.075.254 11,010.509
Oiolumbus Eloc & Pow June
Electric Railway and Other Public Utility Net
167,548 180,826 *2,271.666 *2.147.776
Com'w'Ith Pow Corp_ July
2245.8682232,837 18.452,658 16,866.115 Earnings.
-The following table gives the returns of
Consumers Power Co June
1385.079 1301,991 *18130900 *15544939
Cumberland Co P & L June
301.529 304.798 *3,838.439 *3,676,614 ELECTRIC railway and other public utility gross and net
Detroit Edison Co... July
2357,425 2193.998 18,379,667 16,660,924 earnings with charges and surplus reported this week:
Duquesne Lt Co Sub* April
1700.6811648.275 7.142.273 6.735.774
-Gross Earnings--Net Earnings
Eastern Mass St Ry_ July
790,433 899.959 5,787,843 6,460,891
Current
Previous
Current
Previous
East Penn Elec Co_ _ _ July
245,128 227,078 *3,120.656 *2,717,986
Companies.
Year.
Year.
Year.
Year.
Sh G&E Co&Sub June
East
47,874 44,666 *591,822 *529,068
East St Louis & Sub
620,045 *352.633 *314,905
Alton Companies June
110.606 116.610 *1,020,965 *1.393,097 Alabama Power Co._ __July 676,410
12 mos ended July 31.. 8,703,561 6.939.478 *4,088.163 *3,038,559
East Texas Elec Co June
198,000 175,620 *2,162,925 *1,914,087
Edis Elec Ill of Boston June
1420,523 1295,969 9.907,767 9,000.566 bAmerican Power & Lt_June_ 2,654,017 2.515.486 *1.120,499 *1.044.727
107,952 115.760 *1.564.415 *1,519,321
Edis Elec III of Brock June
12 mos ended June 30-33,434,517 31.125,153*13.741,777*12.858.619
198,142 195,878 *2,407,934 *2,360,870 Brazilian Tr, Lt & Pow_June 2,322.906 2,089,277 1.49o.263 1.354.872
El Paso Electric Co June
Elec Lt & Pow Co of
6 mos ended June 30...-13.465.907 12.224.482 .8454.318 7,770,969
Rockl'd June
Abington &
31,598 33,279 *448,696 *
421,450
July_ 1.320.696 1,296,673
Fall River Gas Works June
88,565 88.425 *1.028.183 *1,027.549 Cities Service Co
12 mos ended July 31-17,134.512 16,523,677 16.569,070 16,009,628
Federal Lt & 'frac Co June
417,146 423,057 2.851.765 2,781,314
234,501 227.147 *3.115.814 *2,811,521 Georgia By & Power Co
o Ft Worth Pow & Lt June
Galv-Houston El Co_ June
Atlanta Northern Ry_July 1.225,554 1,235.614 *309.188 *336,532
329.125 273,960 *3,512,942 *3,287,016
7 mos ended July Si..... 9,410,554 9,261,288 *2,939,495 *2,713.955
1463,108 1248.074 16.758,495
Gen G & E & Sub Cos June
1235,6141225,554 9,261.288 9,410,554 aSouthw Pow & Lt Co_June 937,632
a Georgia Ry & Power July
852,973 *411,155 *378.063
14.668 13.282
Grafton Co E L & P July
117.046
12 mos ended June 30_ _11,877,841 10,712.928 *5,575.544 *5,042,415
101,814
627,830 584.682 3.804.680 3,572,796 Southern Utilities Co_ _ _July 235,783
Great West Pow Syst June
189,587
68.536
49.205
1158.386 1103.750 7.008.191 6,619.018
Havana El Ry,El & P June
12 mos ended July 31__ 2,897,674 2,439,055
890,796
753.130
, t June
50,511 49.091 *573.286 *565,236
Haverhill Gas Lig41i
Securities Corp_ _July 873,420
791.335 *418,118 *374.220
an June
83.154 81.653
Honolulu Rapid
487.816
471.819 C Utah
12 mos ended July 31_ _ _ _10,658,028 9.570.214 *5.311.783 *4,897,696
36,259 37.469 *524.246 *541.077
Houghton Co Electric June
925,755 912,662 6.918,732 6.648,099
Hudson & Manhattan July
a Earnings from operation of the properties of subsidiary companies, not
75.424 97,514 *1,298.098 *1,292,693
Hunting'n Dev & Gas June
June
249.837 226,470 2.652.573 2.520.944 the earnings of the Southwestern Power & Light Co.
Idaho Power Co
b Earnimis from operation of the properties of subsidiary companies,
June
89.636 87,555 *1.174,355 *1.052,280
Indiana Power Co
5203,315 5092,593 15.051,448 14,422,228 not the earnings of the American Power & Light Co.
Rap Trans_ March
Interboro
c Earnings from operation of the properties of subsidiary companies;
3534,9693392,700 10,272.062 9.658.451
Subway Division... March
ri...,..t...4 Division_ March
1668.346 1699.893 4.779.386 4.76a 777 not the earnings of Inc Utah Securities Corp.
* Net after taxes.
Second Week of August.
1924.
1923.
THE CHRONICLE
938
Gross
Earnings.
Companies.
Net after
Taxes.
Fixed
Charges.
39.141
July'24 d969.384
125,262
51.718
'23 d1,006,251
250.093
558,485
Bklyn-Manh Transit July'24 3,718,898 1.065.640
580.812
'23 3.304,665
971,494
8.508
52,579
Cleveland Paines- June'24
5,594
13.675
61,524
ville & Eastern
'23
16,385
51,557
310,710
52.861
7 mos ended June 30 '24
82,934
'23
340,456
65,113
July '24 2,245,868
Commonwealth
801.190 f602.047
'23 2,232.837
Power Corp
798,440 f521.974
7 mos ended July 31 '24 18,452,658 7,426,896 13,968,189
'23 16,866,115 6,699,519 f3.591.508
333.904
°Detroit Edison Co July'24 a2,418,787
526,200
350,078
'23 a2,235,359
506,223
7 mos ended July 31 '24a19,949,492 5.937,686 2,397,099
'23a18,143,318 5,315,773 2,477,318
114,417
Eastern Mass
July '24
790,433
174.930
116.828
Street Railway
'23
899.959
200,363
802,321
7 mos ended July 31 '24 5,787,843 1.246,555
726,312
'23 6,460,891 1,383,971
38,454
East Penn
June '24
245.128
e72,848
23,763
Electric Co
'23
e53,925
227,078
421,794
12 mos ended June 30'24 3,120,656 e1,042,886
293,130
'23 2,717,986 e786.731
17,061
Eastern Texas
June'24
198,000
78,717
Elea Co & subs
18,641
'23
175,620
084,854
12 mos ended June 30 '24 2,162,925 0826,829
213.728
223,143
'23 1.914,087 0732,129
El Paso Elec..
18.169
June'24
198,142
72,139
Co dr subs
17,068
195,878
'23
67,183
206,839
12 mos ended June 30'24 2,407,934
873,637
204,349
'23 2,360.870
887,419
338,546
Hudson & Manhat July '24
925,755
413.007
338.875
'23
912,662
411,523
7 mos ended July 31 '24 6,918,732 3,297,326 2,370,991
'23 6,648,099 3,049,243 2,376.168
88.434
Kansas City Pow July '24
677,682
301,644
80,282
& Light Co
'23
288,786
634,211
12 mos end July 31 '24 9,232,738 4,483,434 1,053,735
911,684
'23 8,637,109 4,105,185
35,148
Lake Shore
June '24
206,613
18.543
35,487
Electric Ry System
'23
48,524
223,087
211,644
6 mos ended June 30 '24 1,420.786
259,528
213.156
265.808
'23 1,337,319
b15.917
Phla & West Ry July '24
77,163
30,699
b15,657
76,024
'23
31,379
519,040
7 mos end July 31 '24
220,424 1411.232
'23
208,621 1408,173
497,047
876,700
Phila. Rap Tran Co July'24 3,484,656 0889,222
827.737
'23 3,547.520 0839,558
7 mos end July 31 '2426,081,372 07,428,401 6,077,717
'23 26,059,920 07,171.870 5,824,169
241,387
Republic Railway July '24
783,548
245.735
207,924
4c Light Co
792,131
'23
229.198
7 mos ended July 31 '24 6,198,440 2,195.326 1,748,876
363.436
'23 5,669,848 1,837,772
108.929
Virginia Ry &
July '24
828,814 0305,634
99,162
Pow Co
857.524 0299,400
'23
755,567
7 mos end July 31 '24 6,077,322 c2,341,482
693.382
'23 6,057,018 02,320,546
52,100
Washington Water July'24
421,123
247,053
49,481
Power Co
'23
222.186
403.852
360,409
7 mos ended July 31 '24 3,019,873 1,756,639
361,135
'23 2,854,864 1.598,764
Brooklyn City RR
Balance,
Surplus.
116.121
198.375
507,159
390.682
--2,814
2.710
1,304
--17,821
199,143
276.466
3,458,707
3,108.011
192,296
156,145
3,540,587
2,838,455
60,513
83,535
444.234
557.659
34,394
30,162
621,092
493,601
61,656
66,240
613,101
508,986
53,970
50,115
666,798
683.070
74,461
72,648
926,335
673,075
213,210
208,504
3,429,699
3,193,501
-16,605
13,037
47.884
52.652
14,782
15,722
109,192
100.448
12,522
11,821
1,350,684
1.347,702
4,348
21,274
446,450
1,474,336
196,705
200,238
1,585,915
1,627.164
194.953
172,705
1.396,230
1,237,629
a Includes operating and non-operating revenue.
b Taxes are not included in "charges."
c After allowing for other income.
d Includes other income.
e Renewals and replacements deducted.
(Includes dividends on outstanding preferred stock of sub. companies
FINANCIAL REPORTS
-An index to amnia reports of steam
Financial Reports.
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 irichn will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
July 25. The runt will appear in that of Aug. 30.
C;tilf Mobile & Northern Railroad Co.
(7th Annual Report-Year Ended Dec. 31 1923.)
President I. B. Tigrett, Mobile, Ala., April 3, wrote in
substance:
-The change in Capital stock during the year was brought
Financial.
about by the termination of the privilege of exchange of New Orleans
Mobile & Chicago RR. First Zs Ref. Mtgs. 5% gold bonds, there having
been returned to the treasury of the company,876 shares of Pref. stock and
826 shares of Common stock of the Gull Mobile & Northern RR. of the
par value of $87,600 and $84,400, respectively.
There has been expunged from the balance sheet assets of the company,
tne
the amount of $21,551 previously shown as deposited with tne Clerk ofsurCourt for tne Soutnern District of Alabama and payable against the
Mob.& Chic.RR.
render of First & Ref. Mtge.5% bonds of the New Orleans
During the year one $1,000 Mobile Jackson & Kansas City bond shown
as outstanding on Dec. 31 1922, was purchased and canceled.
The
Loans from the U.8. Government remain unchanged at $1.913.500.loans,
First Mtge. 6% Series "A" Gold Bonds pledged as collateral for such the
The balance of
however, were reduced from $3,827.000 to $2.871,000.
issue of 84.000,000 of such bonds, or $1,129,000, were held unpledged in the
company's treasury as of Dec. 31 1923.
The company's notes in favor of the U. S. War Department, issued in
connection with the purchase of locomotives. decreased $21,000 during the
year. Short-term notes totaling 8194.600, shown on the balance sheet as
bills payable, were issued in connection with the purchase of five new
decapod locomotives.
-The claim of the company filed with the Government
Federal Guaranty.
March 28 1922, covering the guaranty period, was settled during the year,
resulting in a final payment to the company of $65,813, which sum was
credited to miscellaneous income.
-Roadway and structures were maintained in an efficient
Roadway.
was
operating condition. An extensive ballast maintenance program year
carried on and approximately $60.000 was spent thereunder during the
1923 as compared with approximately 817,500 in 1922. locomotives were
-Three switch engines and 5 new decapod
Equipment.
acquired during the year; 11 locomotives were retired from freight service.
of which 6 were changed for use in passenger and switch service. 32,825
As of Dec. 311923. the average tractive effort of locomotives was
lbs. as compared with 29,881 lbs. on Dec. 311922.
-The sum of $834,699 was expended for addiAdditions and Betterments.
tion and betterment projects during the Year.
Memphis
Meridian & Memphis Ry.-The operations of the Meridian &
Ry. were taken over by the Gulf Mobile dz Northern RR. under an operating
revenues and expenses are included in
contract as of Jan. 1 1923, and such
the income account of this company.
[VOL. 119.
General.
-The volume of business handled during 1923 was very satisfactory, exceeding that of any previous year. A great deal of the increased
business is due to the activities of off-line soliciting forces, which are located
in the principal industrial centres tributary to this line.
The property has been well maintained, and the organization is following
defined standards, which is conducive to permanent improvements and
economics.
Dividends.
-On Nov. 15 1923 the company paid its first dividend on the
Preferred stock.
OPERATING RESULTS AND STATISTICS FOR CALENDAR YEARS.
1920.
1921.
1922.
1923.
470
Average miles operated_
454
466
469
1,102,084
Passengers carried
642,857
570,905
530,982
Pass. carried one mile
14,799.752 12.552.731 13,976,145 23,380,047
Average amount received
from each passenger
90.303 cts. 83.896 cts. 76.118 cts. 64.571 cts.
Av. amt. per 'Jess. p. m_
3.0 cts.
3.5 cts.
3.4 cts.
3.5 cts.
1,545,897
Tons of freight carried
1,431,840
2,297.498
1.702,828
Tons offreight carr. 1 m.391.446.479 277.330,786 219.546,943 216,241,510
Av. amt. rec'd per ton
82.05775
82.37953
82.26023
82.24983
1.47 cts.
Av. rects. per ton per m- 1.327 cts.
1.552 cts.
1.485 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
*Combined.
Corporate
1920.
x1923.
1921.
x1922.
Oper. revenue-freight_ $5,192,875 $4,117,478 $3,407,105 $3,181,066
711,629
Passenger
489,328
515,544
449,248
Mail, express, &c_
197,882
134,032
164,544
146.497
57,383
Incidental revenue
55,752
71,586
54.824
Total oper. revenue__ $5,944.549 $4.768,047 $4,086,218 $4,147,960
Operating expensesMaint.of way & struc. $907,224
$703,030 $1,440,842
$687,747
1,093,938
Maint. of equipment_ 1,020,982
789,877
768,995
Traffic
133,984
156,823
212.989
171,718
2,026,246
Transportation
1,829,721
2,110.081
1,653,992
215,999
General expenses
178.526
211,659
188,649
Transp'n for investm't
Cr.1,907
Cr.4,959
Cr.2,983
Cr.10,179
Total oper. expenses__ 84,459.952 $3,460,922 $3,653,018 14,30 .102
Net operating revenue_ - $1.484,896 $1,307,124
$433,199def $761.142
180,404
Railway tax accruals,&c.
234,465
326,799
306,537
Net operating income_ $1,157,797 $1,000,587
$198,735 def$941,545
Rent from equip.. &c___deb.202,490 deb.155,835 deb.99.865 deb.92,552
842.279
Miscellaneous
18,316
97,373
16,020
Inc.from unf.sec.&accts.
46,866
3.655
13,167
19,266
33,396
Inc.from fd. sec.&accts_
33,750
33.750
33,750
Gross income
$154,592 def$111.556
$1,099,597
8913.788
Rent for leased roads_ _ _
33,750
Interest on funded debt_
7,758
67,093
125,172
114,345
Int. on unfunded debt
51,540
42.911
179
16.456
Misc,income charges_
644,370
Balance, surplus
544.588 derS815,224
$940,497
$782,988
* Excluding effects of Federal compensation and guaranty.
x The operations of the Meridian & Memphis Ry. were taken over by the
company under an operating contract as of Jan. 1 1923, and such revenues
and expenses are included in the income account. The year 1922 has been
restated for comparison purposes.
Profit and loss account for tne year ended Dec. 31 1923 shows: Credits.
Balance Dec. 31 1922, $2.805,198: balance from income account Dec. 31
1923,8940.497; delayed income credits, $100,655; unrefundable overcharges.
$2,743; donations. $14,473; other miscellaneous items, $1.549; total credits.
$3,865,116. Debits-Loss on road and equipment, $63.863; dividend
appropriations of surplus, $228,136; miscellaneous, $11,637; credit balance
Dec. 31 1923, $3,561,480.
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1923.
1923.
1922.
Assets
Invest. in road and
Common stock__ _11,072,500 11,072,500
equipment
27,196,565 26,540,450 Preferred stock_ _ 11,494,400 11,494,400
1,000
Misc. phys. prop_ _
96,809
56,761 M.J.& K.C.bonds.
Investm*ts In affiliU.S. Govt. bonds. 1,913,500 1,913,500
174,000
ated companies_ 631,810
631.810 U.S.War Dept.bds. 153,000
Other investments.
27,510
15,070 Loans 5, bills pay. 194,600
Cash
748,709
691,233 Traffic & car serv.
70,901
Special deposits_ _
balances payable 134,228
2,200
Loans & bills rec..
10,786
17,439 Audited acets and
618,376
626,118
& car sem
Traffic
wages payable.66,013
51,100
balances recehele 62,589
Misc. accts. PaY'le
Net balances reele
Unmat.dim decl_ 114,068
25
from agents and
Int. mated' unpaid
38,519
38,958
conductors
5,883
20,719 Unmet. Int. accr'd
229,997
Misc,accts. reedy. 178,676
163,419
339,442 Tax liability
Material & suPp_ _ 583,381
431,913 Accrued deprec. of
613,093
Interest and diviroad & equipm't 693,467
86,277
47,432
dends receivable 130.552
98,943 Other unadj. cred_
Deterrzd assets_
2,250
2,653 Profit and logs..... 3,561,480 2,805,198
Unadjusted debits. 410,740
337,168
30,085,270 29,183,800
Total
30,086,270 29,183.800 Total
Note.
-Securities issued or assumed. unpledged. $1.301,000; securities
Issued or assumed, pledged, $2,871,000.-V. 119, D. 811.
Minneapolis & St. Louis Railroad.
(Annual Report-Year Ended Dec. 31 1923.)
Receiver W. H. Bremner in the annual report for 1923
says in brief:
On July 26 1923 the Minneapolis Steel dr Machinery Co. of Minneapolis
filed a creditor's bill in the U. S. District Court for the District of Minnesota, Fourth Division. asking for the appointment of a receiver of the road;
and on the same date the Federal Judge Wilbur F. Booth made an order
appointing W. H. Bremner receiver.
Thereafter, and on Aug. 20 1923, Guaranty Trust Co. trustee of the
Ref. & Ext. Mtge., filed its bill in equity in the same court seeking fore'
,
closure of such mortgage. On the same date, by order of court, the action
of the Minneapolis Steel & Machinery Co.. and that of the Guaranty Trust
Co. were consolidated, taking the style and title of "Guaranty Trust Co. of
New York et al vs. Minneapolis & St. Louis RR. et al.," in which consolidated action W. H. Bremner was confirmed as receiver.
On April 29 1924 Central Union Trust Co.. as trustee of the First & Ref.
Mtge., and as trustee of the First & Ref. Mtge. of the Iowa Central Ry..
filed its bills in the same court seeking foreclosure of the two mortgages
because of default in the payment of interest due on both of said mortgages
Sept. 11923. By appropriate order the two actions brought by the Central
Union Trust Co. were, on May 24 1924,consolidated with the action already
pending.
By an amended and supplemental bill of complaint filed by the MinneaPohs Steel & Machinery Co., and the Northern Pacific Ry., as complainants.
under date of Feb.2 81924,the trustees of all of the mortgages not heretofore
mentioned were named as defendants and brought into the proceedings.
All of such trustees have now answered such amended and supplemental
bill and are, therefore, parties to the case.
-DEC. 31.
ROLLING STOCK OWNED-BRIDGES, BALLAST, RAILS
Locomotives- Passenger -Freight Equipment- Work
capacity. Equip.
Tractive Power. Equip.
No.
No.
266
273.205 tons
6,911,530 lbs.
136
1923-_--x222
7.687
304
294.555 tons
7,126.760 lbs.
138
8,421
1922....-x226
358
300,905 tons
7,162,580 lbs.
1921..... 229
8.640
138
366
305,370 tons
6,435.710 lbs.
139
1920-___ 219
8,800
347
300,730 tons
6,445,690 lbs.
145
1919 _ _-_ 219
8.793
357
293,525 tons
6,434,390 lbs.
145
1918 _ _ 219
8,668
x Includes 15 freight locomotives leased from the National Railway
Service Corp. under Equipment Trust, Series "A," lease, basis.
AUG. 231924.]
THE CFIRONTCLE
-PRODUCTS OF (TONS).
CLASSIFICATION OF FREIGHT
Forests. Manufac. Miscell.
Agriculture. Animals. Mines.
920.550
2,071,916 350,294 2,611.478 416,600 940,351
857,596
2,073,477 330.671 1,941,355 357.265 805,636
823,969
1,949,620 293,442 2,109,998 335.101 650.778
1 827,280 310,348 2.725,161 .523.641 817,463 1,068.866
807.371
2,059,551 333,623 1,698.820 308,143 714,427
850.489
1 894.595 320.570 2.071.769 294.698 613,794
STATISTICS FOR CALENDAR YEARS.
1920.
1922.
•
1921.
1923.
1,650
1,650
1,650
1.650
Average miles operated_
2,360.257
1,292,065
1,706,785
1.139.239
Passengers carried
Pass.carried one mile_ -- 48.144.979 52,555.237 63,915.479 89,892.017
3.495 cts.
3.410 cts.
3.491 cts. 3.010 cts.
Rate per pass. per mile
7,272,759
6,162,908
6,366,000
Revenue freight. tons..-- 7,311,189
1,331,007
1,132,266
1,050,119
Rev.fgt. carr. 1 m.(000) 1,276.675
1.004 cts.
1.250 cts.
1.136 cts.
- 1.105 cts.
Rate per ton per mile.
$1.61
$1.21
$1.28
$1.10
Earns. per pass. tr. mile_
$4.32
$4.62
$4.78
$4.72
Earns, per fgt. train mile
INCOME ACCOUNT FOR CALENDAR YEARS.
xCombined.
Corporate- Fed.lt Corp.
1923.
1920.
1922.
1921.
Earnings$1,641,911 $1,835,373 52.231,073 $2,705.955
Passenger
14.103,634 12.865,023 13,143,225 13.361.174
Freight
859.576
Mail. express, &c
857.851
1.070.547
810.830
Total oper. revenue_ _816.60512 $15,518,247 $16,185.130 S17,137,677
-1
Expenses
Maintenance of way,&c. $2,315.954 $2,245,452 $2,485,696 $3.256,096
Maint. of equipment_ _ _ 3,807,346
3,702.438
4,512,532
2,921,073
Transportation expenses 7,329.828
7,398,718
7.748.882
9,271,355
Traffic expenses
314,084
291.703
300,339
251.704
521.993
General, &c
480,764
524,774
511.074
790.483
Taxes
829.166
798.191
737,554
Total exp. and taxes_ _$15,079,68 $14,166,875 $15.560,321 $18,540.315
8
Net operating revenue
$1,525,433 $1.391,372
$624,809df$1,402.638
Divs. on stock owned
84.144
4,144
4,144
4.144
Rentals, lease of road,&c
330.031
291.502
270,441
302.943
Total net income
$1,939,608 $1.1387:018
$899:394 dfil,095.551
Deduct
Interest on funded debt_ 82,126,620 $2,092.296 $2,116.069 $2,079,218
89.434
Int. disc't and exchange_
2,759
27,912
52.670
362,111
Miscellaneous charges
357,488
340.467
346,346
494.864
Hire of equip., balance
396,399
226,411 Cr.168,417
Total fixed, &c., chges $31/3,029 $2,848.942 82,735.616 $2,285,059
Balance, deficit
81.133.422 $1.161,924 51,836,223 $3,380,610
x Combined income account, corporation, and receiver.
BALANCE SHEET DECEMBER 31.
1923.
1922.
1922.
1923.
3
S
AssetsLiabilities5
$
Cost of road,Ban..
Capital stock
25,792,600 25,792,600
f quip.. &c., less
Funded debt_ __ _x44,873,748 45,451,615
62,366,028 62,722,672 U. S. Govt. 10-yr.
r;serve)
369,435 6% loan
Securities owned
400,435
1,382,000 1,382,000
Cash
682 252
,
354513 Bills payable
2,961,644 4,510,000
441,391 Director-Gen'l of
Agents & conduers 504,051
Individuals & cos_ 1,913,589 1,293,788
Railroads, Fed'l
U.S.P.O.Dept..
32,497
42,376
control 6% note 625,000
Loans & bills rec..
67,608
169,123 Receiver's certifs_ _ 200,000
Traffic and car serAudited vouchers_ 4,312,378 2,838,585
vice balances_ _ _ 440,865
452,444 Unpaid wages_ _ __ 615,503
635,754
Material & supp
1,649,115 1,167,662 Agents' drafts_ _ _ _
48,096
42,956
Unadj.fght.claims
41,011 NI he. accts. pay'le 454,069
40,538
679,009
Insurance prem'ms
Marti in,unpaid_ 718,164
158,360
paid in advance_
21,080
4,207 Traffic and car serWork.funds & adv
27,083
499,954
43,303
vice balance_ _ _ _ 1,155,484
Oper. ballast pits_
39,815
39,828 U. S. Govt. def'd
Est. forw. Interline
liability
7 6,029,152
fght. unsettled_
70,000
661,687
75,000 Taxes accrued_ _ _ _ 672,485
U.S. Govt. acct._
deb.62 3,280,017 Unmat. int. acced 453,723
461,095
U. S. Govt. stand337,178
Oper. & othcr res_ 383,850
ard return (bal.)
2,975,153 Misc. def'd credits
16,498
11,004
U. S. Govt. guar'y 2,872,819 2,872,819 Rehabilitation and
Misc. def'd chess. 1,320,792 2,182,328
adjustment acc't
64,156
64,156
Unexting. disc't on
Ad(rns to property
securities sold_ _10,467,597 10,530,759
through income
52,035
Deficit
49,348
1,859,829
and surplus_ __ _
561,524
---- ----84,775.932 89,669,943
Total
84,775,932 89,669,948
Total
x Funded debt, $49,772.792, less $4,899.044 refunding and extension
5% bonds held by or for company.
-V. 119, p. 579.
1923
1922
1921
1920
1919
1918
939
General Motors Corporation.
(Semi-Annual Report-Six Months Ended June 30 1924.)
A comparative income account for the first and second
quarters of 1923 and 1924 as well as for the six months ended
June 30 1924, together with the comparative balance sheet
as of June 30 1924 and Dec. 31 1923, will be found under
"Reports and Documents" on a subsequent page.
The corporation during the first six months of 1924, after all charges,
shows surplus available for dividends of $27,066,990. The regular quarterly dividends on the Debenture and Preferred stocks,requiring $3.462.160.
were paid, after which there remained for the Common stock $23,604.830.
or the equivalent of 51 14 per share on the 20,646.337 shares outstanding.
Two quarterly dividends each of 30 cents a share on the Common stock
were paid, totaling $12,386,164, leaving a balance of $11.218,666 carried to
surplus account from earnings.
The statement of earnings reflects the earnings of Fisher Body Corp.
and General Motors Acceptance Corp. only to the extent of dividends received. If the General Motors Corp.'s equity in the undivided profits of
Fisher Body Corp. (60%) and General Motors Acceptance Corp. (100%)
were included, the amount earned on the Common stock of General Motors
Corp. for the first six months of this year would be $28,600.701. This is
equivalent to Si 39 per share on the 20,646.337 shares of no par value Common stock outstanding, and compares with $2 18 per share earned on the
Common stock the first six months of 1923 on the same basis.
Quarterly Sales and Profits of General Motors Corp., also Sales to Consumers.
1st 6 Mos.
2d Quar.
1st Quar.
Year 1924
Retail deliveries by dealers to consum379,590
240,442
139,148
-cars and trucks
ers
General Motors Corp. sahib to dealers
353.099
215,550
137,549
-cars and trucks
819,400,957 $7,666,033 $27.066.990
Net earnings (after taxes)
Amount earned on Common stock_ _ _317.669.887 $5.934,943 823.604.830
1st 6 Mos.
2d Quar.
1st Quar.
Year 1923Retail deliveries by dealers to consum408.985
262.936
146.049
-cars and trucks
ers
General Motors Corp. sales to dealers
397.181
220,923
176,258
-carsand trucks
$19.406.123 $22,179,478 $41,585,601
Net earnings (after taxes)
on Common stock_ _ _S17,704,199 $20,475,305 $38,179,504
Amount earned
The corporation's policy of manufacturing cars during the winter months
In quantities to meet the contemplated spring demand was followed during
the past winter, but due to the general business recession which developed,
the sale of cars by dealers and distributors to consumers this spring was
below the estimated demand, so that production was curtailed during the
second quarter in order that stocks or cars on hand, including cars in the
hands of dealers and distributors, could be more quickly reduced to normal;
this accounts for the sharp reduction in earnings for the second quarter as
compared with the first quarter of this year.
While substantial progress has been made in reducing stocks, curtailed
production is being continued during the third quarter in an effort to establish permanently healthy and sound conditions in the industry and particularly among dealers and distributors: the extent of this curtailment will
necessarily depend on the demand for and sale of cars to consumers, which
will no doubt be governed by general business conditions existing during
this period.
Net earnings available for Common stock dividends for the first six months
show $23,604.830. or within $1,170,774 of the $24,775.604 required for the
full year's dividend on the Common stock, so that there is no reason whatever to doubt that the earnings for the entire year will exceed dividend requirements by a substantial amount.
From the standpoint of deliveries by dealers and distributors, to consumers, 1923 was the largest year in the corporation's history. The retail
deliveries during the first seven months of 1924. 435.366 cars and trucks,
were only 7.8% below the deliveries in the corresponding period of 1923.V. 119, p. 817, 461. 330.
United States Rubber Co., New York.
(Results of Operation First Six Months of 1924.)
Chairman C. B. Seger, Aug. 20, wrote in substance:
Business Subject to Seasonal Condftions.-The business of this company,
by reason of the nature of the commodities handled, is subject to seasonal
conditions and is necessarily conducted and must be considered on a yearly
basis. Therefore, results and comparisons for any period of less than a
year are not conclusive, and might be misleading.
Sales.-Salcs for the first six months of 1924 amounted to $77.774.696, a
decrease of $9,935,509 compared with the corresponding period of last year.
This decrease was due in part to lower selling prices, but principally to
General Petroleum Corporation.
general business conditions. The tire business of the company has shown
very substantial improvement, and, in spite of materially lower prices, the
(Annual Report-Year Ended June 30 1924.)
results for the first six months have more than justified the hope expressed
in the annual report for test year.
The remarks of President John Barneson, together with
-The outlook for a continuance of this improvement is very
Outlook.
comparative income account and balance sheet for fiscal encouraging.
-Net income before interest, but after sit other charges
Income.
Net
year ended June 30 1924, will be found under "Reports
including depreciation of plants, amounted to 87.510.415; interest on the
and Documents" on subsequent pages.
•
funded debt amounted to 52.360.200, and all other interest amounted to
$727,728, making a total of $3.087.928. thus leaving net profits of $4,422.CONSOLIDATED GENERAL BALANCE SHEET JUNE 0.
487 for the p..71od. This compares with $4,572.861 for the first six
1924.
1923.
months of 1923.
Assets (with special details for 1924)$
5
RESI.LTS FOR FIRST SIX MONTHS.
General Petroleum Corp.. oil lands. &c., property,
1922.
$24,257,680; development and equipment,
1923.
1924.
$39,533.954, total
63,791,634 60,450,290 Sales ----------------377.774,696 $87,710,205 873.933.771
----Pipe line transportation system
eresi
$7,510.415 $7,743,346 $6,305,113
Net inctime 6efore ini
Construction work in progress
2,445.610
2.386,803
2:442:657
2.360.200
Interest on funded debt
Sinking funds
806.585
783.682
727,728
All other interest
Investments in stocks of other companies
ti 9
3,84i i514
50
816:9n
Sundry investments
26,376
Net profits after int.. &c., charges.
Oil in storage, 822.063,297; material and supplies.
84.422,487 84.572.861 $3.052.918
incl. depreciation of plant
81.888.777; total
23.952,074 15,606.508 Consol. surp. June 30. after providing
Deferred debit items
1.513,950
Not Avail. 833.894,867 830.231,456
1,597.711
for Pref. div. payaole July 31
Cash
2.142.227
5.070.457 STATEMENT OF CC RRENT ASSETS AND CLRRENT LIABILITIES.
Notes rec.. $217.646; accounts rec.. 33.944,615-4.162.261
5.754.610
Capital stock in trust for employees
June 30'24. June 30'23. June 3022.
Current Assets-.
1.035.660
Exchanges receivable in oil
$50,017,000 $54.193,000 $56,752,000
1.130,507
2. 7 890 Cash and accounts receivable
9
4
to Texas Co. of Mexico
Special advances
269.410
379.176 Inventories of finished goods and raw
77,099,000 84,227,000 75.993,000
mxterials
Total
114,364,155 106,563,904
• Liabilities
Total$127,116,000$138,420,000 $132,745.000
Preferred stock (shares of $100 each, $198300;
Current Liabilities
•
shares of $25 each, $3,014,100)
3,212,200
3.212,200 Bank loans, &c
$40,160.000 538.425.000 $34,990,000
Conunon stock (shares of $100 each. $1,359,200:
Current accts. payable, incl. accept.
shares
28,023.050 25,945,200
importation of crude rubber and
for
kor
47 000
Secured 6% notes ca:lled for redemption
13,332.000 20,125.000 11.362.000
accrued .iabilities
,
Gen. Petrol. Corp. 10-Year 7,7 Gold notes
8.361:000
8
°
8,661:80
951.400
6% Cony. Gold notes. due Sept. 15 1927
2.448,100
553,492,000 $58,550.000 546.352.000
Total
-'ear 0% Gold notes, due April 15 1928
5
9,491.000 10,000.000
.-AsofJune 30 1924 current assets amounted
Current Assets and Liabilities
Land purchase contracts
3,430.833
186,667
Notes payable
to 5127.116,000. as compared with $125,058,000 as of the close of last year,
Accounts payable
) 4764
46.' °
) 4,988,336 an increase of.$2.058,000. The current assets consisted of 550,017.000 in
inventories of finished
Salaries and wages payable
182,786
317.977 cash and accounts receivable and $77,099,000 in
Exchanges payable in oil
,
goods and raw materials. Current dabliities amounted to $53.492,000, as
446500
interest, $418,323; liability ins., $12.500---compared with 550,438,000 as of the close of last year, an increase of
Accr.
64 54
429:18
9
1221:819 9,250.828 $3,054,000. '1 he current liabl_ities consisted of 540.160,000 in bank loans
Reserve for depreciation
including acceptances for
Reserve for Federal taxes
1,020.098
517.950 and $13,332.000 in current accounts payable,
crude rubber, and accrued
Dividends declared
202,454
189,199 Importation of-The funded debt has been liabilities.
reduced 5947.000 since Dec. 31
Funded Debt.
Unrealized portion of surplus arising from appre1923 by the retirement of 5767.000 1st & Ref. Mtge. 5% gold bonds and
ciation in value of oil lands and leases
$180,0M of 7 34% goad notes, through the operation of sinking funds.
Employees' subscriptions to capital stock
Contractual Liabilities representing commitments for purchase of raw
Capital surplus
6.135.914
requirements, and as to prices
Profit and loss surplus
9.901,240 materials and supplies covered only current
were at or below current market.
Rev.from Govt. receiver subject to undertermined
-The company's current liabilities are created only
Current Liabilities.
and other adjustments
3.423.369
Federal tax
3.423.369
operating requirements and are wholly represented by accounts
114,364,155 106,563.904 for currentand inventories. The accounts receivable are collectible, adeTotal
receivable
x Oil lands, &c., property at cost, 818.267.691: less reserve for depletion quate reserves having been established out of current income to provide for
based on cost, 57,170,822; appreciation, $31.253.510; less reserve for deple- possible Cad debts, and inventories are at sound values and as to quantities
tion based on appreciation, $18.092,699.-V. 118, p. 1917.
are conservative on the basis of current requirements.
2.EllIR
.
1.'1
12:RIM
940
THE CHRONICLE
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 ef 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. 119. p. 335.
United Paperboard Co., Inc.
(11th Annual Report-Fiscal Year Ended May 31 1924.)
President Sidney Mitchell reports in substance:
The earnings for the first half of the year were $357,571, with a fairly
good demand for our products. This condition failed to continue during
the last six months and keen competition ensued, with but small profit.
A dividend of6% was declared on the Preferred stock.
The installation of sprinkler systems at Wabash, Eaton, Rockport.
Mt. Carmel, and Peoria, at a cost of $96,229, resulted in reducing insurance
premiums $48,104 per annum.
The boiler plant at the Wabash mill, built in 1890, was condemned and
the new, modern boiler plant is nearly completed, which will largely reduce
the amount of coal consumed per ton of product manufactured. The
additional steam power already secured has enabled the mill to increase
Its'production.
At Peoria 48 28-inch dryers, built in 1890, became unsuitable for the
manufacture of straw paper and have been replaced with 60 42
-inch new
vertical dryers, which necessitated enlarging the building. The additional
dryer capacity enabled the mill to operate on exhaust steam, rather than
live steam, thereby decreasing the amount of fuel per ton of board, as
well as increasing the production of the machine.
Several warehouses were enlarged to care for the increased production
at the mills.
The company owns three pulp mills in Maine and three in New York.
The mills in Maine are idle and the sulphite mill at Lockport has been
closed down. These mills cause a considerable loss because of expense to
maintain, covering taxes, insurance, repairs, watchmen, &c. The company
used the product of the pulp mills, but was obliged to discontinue operation
because foreign pulp can be purchased at a much lower price delivered
our mills than the company can produce it.
Notwithstanding this decrease in production, the total output of the
company's mills for the year was several thousand tons in excess of any
other year's result, due to increased efficiency obtained in its board mills,
all of which increased their capacity.
There are 648 stockholders all told. 116 of whom are employees and
members of their families, and 34 are former employees.
INCOME ACCOUNT FOR YEARS ENDED
fay 31
fay 26
fay 28
- 27
ay
1920-21.
1923-24.
1922-23.
1921-22.
Mill earnings
$731,041
$705,768
$881.714 loss$155,559
Taxes and insurance_ _ _ _
$101,600
$147,397
$95,070
$102,981
Administration expenses
115.117
134,951
130,726
132,459
[VOL. 119.
BALANCE SHEET JUNE 30.
1924.
1924.
1923.
1923.
Assets
Liabilities$
$
$
Lands, bldgs., &c_x4,242,477 3,820,877 Common stock_ __ 6,594,300 6,594,300
Notes & accts.ree_ 497,763
435,077 Preferred stock__ 5,595,900 5,595,900
Cash
881,980
746,413 Accts. pay., accr.
Inventories
2,061,994 1,309,037
890,203
wages & taxes_ _ 833,089
License, pats., &e_y1,910,680 2,145,568 Due to subsid. coy.. 402,236
228,073
Inv. In sub. cos_ _.4,115,839 5,093,189 Dividends payable 182,853
149,882
Duefrom sub.cos_ 444,152
319,535 Res, for conting__ 974,595
150.000
'U. S. Govt. secs 1,242,686 1,963,956 Inc. & prof. taxe3_ 193,526
• 29,715
Prepaid insurance_ 418,195
1,039,267 1,496,352
300,772 Surplus
Total
15,815,766 16,134,424
Total
15,815,766 16,134,424
x After deducting $33,382,958 for depreciation in 1924. against $3,378.625
in 1923. y After deducting $1.638,740 proportion of licenses and patents written off.
-V. 118, P. 2826.
Procter & Gamble Co., Cincinnati, 0.
(Annual Report
-Year Ended June 30 1924.)
Pres. Wm. Cooper Procter, Cincinnati, Aug. 15, wrote in
brief:
The fiscal year which ended June 30 1924 was attended with considerable satisfaction, in that it marked a further approach to normal after a
prolonged period of disturbed conditions. The company's officers are
gratified by its financial condition at this time, and feel that the outlook
for the coming year is good.
The volume of sales for the year amounted to $121.372,682; the net earnings for the year, after providing for all reserves and charges for depreciation. losses, taxes, &c., amounted to $8,629,447.
VOLL ME OF BLSINESS & NET EARNINGS YEARS ENDED JLNE 30.
1920-21.
1921-22.
1923-24.
1922-23.
Volume of business, incl.
$
$
subsidiary cos
121,372,681 109,776,389 105,655,386 120,019,727
Operating profit
3,729,559
Not stated
Net earns,after prov.for
deprec., losses, taxes.
&c
8.629,447
7,340,327 Not stated
8,532,826
BALANCE SHEET JL NE 30.
1924.
1923.
1023.
1924.
Assets-8
Liabilities
S
Real estate, bidys.,
Common stock_ _ _23,082,357 22,194,964
machine plant &
Preferred stocks_ _12,181,100 12.181,100
37,786.073 33,824,940 Notes payable..
eqUIPment
-1.50 ,
0 000
Good-will, patents,
Acc'ts payable__ _ _ 981,193 2,433,039
licenses, fic_ _ 2.883,055 2,883,055 Depreen, repairs,
Mdse. & material_19,702,302 23,427,163
Ins., &c.,res've.18,656,240 17,130,808
Debts & notes rec_ 7,670,816 6,990,213 Surplus and undiv.
Other inveaments 2,062,446
834,647 .profits
26,553,360 24,155,969
Loans against sec_ 4,712,737 5,190,968
Cash
6,144,678 2,624,437
Deferred charges_ _ 492,144
850,458
Net earnings
Other income
$423.420
$646,275 loss$381,355
Total net earnings_ _ _ _
Interest charges
Depreciation
Preferred diva. (6%)_ _
Common dividends
$423,420
$563,553
$6,885
TntsI _ _
81,454,252 82,625,880
Total
81,434,252 82,625,880
100,000 -V. 119, p. 821.
88,140
.278
(4%)367
Commercial Credit Co., Baltimore.
$1.250
$266,793 def$481.355
Balance, surplus
$300,000
79.476
$43,944
$514,324
49,229
$646,275 loss$381,355
$100,000
$300,000
79,482
COMPARATIVE BALANCE SHEET.
•
:Way 31'23 May 2623
May 31'24 May 23'23
Assets
LiabilUiesReal estate, plants,
1,326,000 1.328,300
Proferrei stock_
equipment. &c_10,456,163 10,346,338 Common sto _ _ _10,055,00 10,055,000
0
Other securities_ __
57,843
67,218 Accts. payable._ _
228,109
173,028
Cash
449,276
553,315 Conaracts for im Notes & accounts
313,177
pro v.is & replac.
61.035
receivable
600,015 1.001,913 Pref. di.% payable_
79,482
70,473
Mdse. & supplies_ 849.816
779,050 Rer/e for accrued
Deferred charges
10,111
174,350
27.512 interest, &e_ _ _
84,643
Suspended assets_
2,753
CO2,820
5.896 Surplus
616,561
--Total
12,426,047 12,781,249 Total
12.423,047 12,791,249
-V. 118, p. 2450.
American Cyanamid Co.
(12th Annual Report
-Year Ended June 30 1924.)
C. M. Grant, New York, Aug. 1924, wrote in brief:
Surplus account reflects a- deduction of $1.000,000, representing a writedown during the year of the amount at which the company carries its investment in Amalgamated Phosphate Co. There has been expended during the
course of the year for additional real estate and for plant extensions and
Improvements, principally at Niagara Falls, the sum of $1.371,576. Also
during the year plant and equipment to the extent of $945.643, against which
a depreciation reserve of $702,043 had already been provided for, were
charged off as obsolete.
The claim of the Government for additional taxes still remains undetermined. Settlements have been made or arranged for with respect
to tho principal claims pending against the company growing out of contracts made by the Amalgamated Phosphate Co. with certain preferential
customers at the time of the formation of the Amalgamated Phosphate Co.
and before its acquisition by this company.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1920-21.
1923-24.
1921-22.
1922-23.
Gross sales
$8,912,555 $8,387,420 $4,137,792 $5,608,599
Freight allowances
141,650
600,311
305.604
417,596
Net sales
$8,312,244 $7,969,823 $3,832,188 $5.466,950
Sales to Amal. Phos. Co.
579,700
541,370
612.255
471,005
Total sales
$8,853,614 $8,582,078 $4,303,194 $6,046.650
5,303.478
Cost of sales
6,540,636
5,936,679
3,678,429
Selling & gen. expenses_ _
245.658
528.941
269,202
443,783
Net profit on sales__ _ $1,784,036 $2,201,616
Miscellaneous income__ _
146,573
224,217
$355,563
97,560
8497,513
152,550
Total income
$1,930.609 $2,425,833
Int.. exch. & disc. paid_
14,844
10.362
Int. bds. of Am.Ph. Co_
38,120
42,258
Miscellaneous charges_ _
6.189
$4453,123
3,406
46,685
$650,063
2,691
53,258
Net profit Am.Cy. Co.$1,871,456 $2,373,213
Profit of sub.
r
108,488
131,867
Res. for Federal taxes_ _
189,542
261,149
Licenses & pat's writ. off
234,888
233,975
$403,031
83,937
55,000
233,975
$594,113
83,972
100,000
233,975
Net income
$1,555.514 $2,009,957
Previous surplus
1,628,219
3,143.276
Sundry credits
50,101
Prof. on pref. stk. purch.
$197.992
3,291,490
$3344,110
2.392,629
960.155
Total surplus
i
$3,183,733 $5,203,334 $33.489,482 $3,61nr
Losses on aband. equip6,613
136,347
10.451
Good-will written off
2,216,805
Sundry charges
69.322
Red. ofinv. in A.Ph.0o- 1,000,000
Res. for contingencies_
950,000
374,231
Preferred dividends(69')
335,754
335,754
335,754
Common dividends_ _(534 %)362.686 (1 %)65,943
a Profit & loss, surplus $1,279,624 $1,628,219 $3,143,276 $3,291,490
a Includes profits of subsidiary companies, as above.
(Results for Six Months Ended June 30 1924.)
The report of Chairman A. E. Duncan for the six months
ended June 30 1924 says in substance:
Last summer your companies were operating at full capacity and had to
discontinue soliciting business from new customers. To take care of an
expected further increase in business this year, the Baltimore company on
Jan. 3 1924 substantially increased its capital stock. The anticipated
volume of business did not materialize but, on the contrary, the present
depression set in almost immediately thereafter and, so far, we have not
been able to employ fully the now capital and have had the expense of
carrying large unused credit lines with our banks. This condition we regard
as temporary, but, meanwhile, your companies have been faced with having
to carry the regular overhead of experienced employees to take care of the
very slow seasonal increase in outstandings, believing this wiser than to
curtail their staffs and possibly later on have to take on new and untrained
employees. They can now efficiently take care of a very much larger
volume of outstandings with but little increase in overhead and no increase
of capital.
During the past year all of your companies have had to move into larger
quarters and to spend a large amount of money for the arrangement thereof
and for additional furniture and eqmitiment. all being carried by your companies as an asset at only $1 each. Of this large expense tne sum of $205,849
was charged out of earnings for the first six months of this year.
Our losses for the first part of this year have been heavier than usual, but
under similar conditions we must expect this and revise our rates accordingly. Losses and collection difficulties on motor retail paper are always
greatest during the winter and spring months. We have charged off losses
very liberally and kept our outstandings in fine shape.
On June 30 1924 the appraised value of all repossessed cars in possession
of all our companies was $125,379 and those in possession of good dealers
$119,949, or a total of $245,328 in repossessed cars on $36,121,946 of well
seasoned motor retail paper outstanding. This compares with $200,484
of repossessed cars in possession of all companies and $154,408 in possession
of good dealers, a total of $354,892 on $36,157,653 ofsuch paper outstanding
Dec. 31 1923, making a reduction of over $100,000 during the six months
period. The total retail paper over 60 days past due on original terms of
sale was $350,668 on June 30 1924 as compared with $385,494 on Dec. 31
1923. Your officers are much pleased with the present status of repossessed
cars and 60 day past due paper.
We are glad to say that all dividend requirements have been earned by a
substantial margin,even though the new capital has not been fully employed.
The results for six months ended June 30 1924 would have been very satisfactory on the capital prior to the last increase but the percentage of earnings is obviously less on the present capital. The earnings for April, May
and June show great improvement over the first three months of this year
and should continue to show a substantial betterment during the next six
months,as we may confidently predict a return of active business conditions,
which will undoubtedly bring a large increase of outstandings to all of'
your companie..
Limitation of Liabilities.-Company covenants (a) that it will limit its
aggregate liability upon loans of all kinds, rediscounts, accounts payable,
letters of credit and acceptances to a maximum of five times its then cash
capital, surplus and undivided profits after deducting therefrom the total
amount of its investments in other corporations, associations or trusts
which are being operated and financed separately and upon the obligations
of which the company assumes no liability, it being understood that the
contingent reserve or nu rgin held by the company against customers from
whom receivables have been acquired shall not be included in the liabilities
as herein provided; and (b) that such condition shall be substantiated every
six months by financial statement of the company filed with each of the
trustees and duly certified to by well known and reputable accountants.
Dividends.
-Company has been successfully operated by the present
management since its inception June 15 1912 and has never failed to earn
and pay regularly its full dividends on outstanding Pref. and Pref. Class "IP'
stocks, and since July 1 1913 it has paid from 6% to 18% annual cash dividends on its outstanding Common stock and is now paying $1 50 a share
per annum on its no par value Common stock since Jan. 1 1924. In addition, the company has paid several very substantial Common stock diva.
ANNUAL SUMMARY OF CONSOL. OPERATIONS AND EARNINGS
(Applicable to the Capital Stock of Commercial Credit Co.)
1924(to June30)
1921.
. 1923.
1922.
Gross receivables purch_383,242,52&$170,384,600$111.826,475 $79.347.241
Average cash employed_ 54,958,819 58.858,572 28,120.843 16,886,287
Net earns for int. chgs.,
prior to Federal taxes- 1,352.772
1,331,125
3.668,539
2,513,169
Int. & discount charges_
556,745.
427.462
1,203,213
766.138
Net earns, on cap, stock,
after Federal taxes......
654.002'
1.581,117
848,279
2,301,520
Am 23 19241
941
THE CHRONICLE
FINANCIAL STATEMENT JUNE 30 1924.
LiabilitIesAssets
$4,000,000
Cash and duefrom banks_ __ _ $5,560,653 Preferred stock, 7%
Pref. stock, Class "B."8% _ _ 4,000,000
Open accounts, notes and
2,920,278 Common stock, no par value_ 4,000,000
acceptances
Installment lien obligations_ _ 1,391,362 Collateral trust notts payable 14,892,500
500,000
Notes payable, unsecured_ _.
Motor lien retail time sales
15,026,932 Sundry aecodnts payable_ _
327.160
notes
Accrued Federal, dm., taxes
Motor lien storage notes and
1,763,675 (1924)
81,903
acceptances
273,831 Reserve for Federal tax (1925)
76,399
Sundry accts. & notes receiv_
96,005 Contingent reserve
1,009,663
Repossessed cars
*6,345,519 Deferred interest and charges 1,142,401
Investments
147,095 Surplus and undivided profits 3,495,353
Deferred charges
Furniture and fixtures (cost
1
$297,119)
-$33,525,383 Total
$33,525,383
Total
* Commercial Credit Corp., N. Y., $3,461,885; Commercial Credit
Trust. Chicago, $1,426,151; Commercial Credit Co., Inc.. New Orleans,
$1,457,483.
-Contingent liability on guaranteed motor lien retail time sales
Note.
notes. $1,009,779.
CONSOLIDATED FINANCIAL STATEMENT AS OF JUNE 30 1924
[Commercial Credit Co., Baltimore; Commercial Credit Corp., N. Y.; Commercial Credit Trust, Chicago; Commercial Credit Co., Inc., New Orleans.]
Lists11itleeAssets
.
Cash and due from banks_ _ _ _$13,909,574 Pre( stock, affiliated cos_ _ _ _ 52,250.000
Preferred stock
4,000,000
Open accounts, notes and
6,782,412 Preferred stock, Class "13"_ _ 4,000.000
acceptances
Installment lien obligations_ _ 2,103,559 Common stock (no par value) 4,000,000
Collateral trust notes payable 28,478,000
Motor lien retail time sales
36,121,946 Notes payable,secured
notes
2,815,800
Notes payable, unsecured_ _ _ 10,861,000
Motor lien storage notes and
5.416,313 Sundry accounts payable
acceptances
632,578
601,336 Accrued Federal, ctrc., taxes
Sundry accts.& notes recely_
245,328 (1924)
Repossessed cars
171.281
1,000 Res. for income taxes (19251.
Inv. of Com.Cr.Corp.,N.Y.
118.563
369,317 Contingent reserve
Deferred charges
2,141,746
Deferred interest and charges 2,586,464
Furniture and fixtures (cost
4 Surplus and undivided profits 3,495,354
5584,175)
$65,550,788
Total
Total
$65.550,788
-Remaining contingent liability, n8,933-381.789 on discounts of
Note.
London company, which company has been sold; and contingent liability
on guaranteed motor lien retail time sales notes, 31,009.779.-V. 119. p. 78.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
In the railroad and electric railway world during the week
ust past, together with a summary of the items of greatest
nterest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
i
Pres. William T. Noonan, in a letter to bankers, dated
Aug. 15, writes in part as follows:
These bonds are secured by direct mortgage lien on all property of the
company, including 370 miles of road owned, with equipment, terminal
trackage rights,
properties at Buffalo, Rochester and elsewhere,
leaseholds.
&c.,together with all property acquired with the proceeds of the bonds after
the date of the mortgage. The bonds are now secured by a first mortgage
lien on approximately 107 miles of road. and by second mortgage lien on the
remaining mileage owned, aggregating 263 miles, subject to prior lien bonds
totaling $4,777,000 which cannot be increased in amount or extended beyond maturity.
The unissued bonds are reserved only for refundingand for additions to
the mortgaged property at the rate of not exceeding $1,500.000 per annum
unless authorized by vote of the holders of a majority of the capital stock .
The proceeds of this issue of 43 % bonds are to be used for retiring
$2,000,000 notes bearing interest rates of 534% and 6%,the balance being
used for additions and betterments and for other corporate purposes.
For the six years 1918 to 1923, inclusive, the average net income of tha
company available for interest was $2,341.908 per annum, with interest on
funded debt averaging $1,621,360. In 1923 the net income available for
interest was $2,803,612 and interest on funded debt amounted to $1,687,851.
Dividends have been paid on the company's Preferred stock at the rata
of 6% per annum since 1902, and at not less than 4% per annum since that
date on its Common stock.
Bonds Called for Redemption.
All of the outstanding Series 'F" 434% Equipment Trust bonds, due
April 1 1927 will be redeemed at par and interest on Oct. 1 at Guaranty
Trust Co., 140 Broadway, New York City. Coupons due Oct. 1 should be
detached and collected at the coupon department of the trust company.
V. 118, p. 1128.
Boston Elevated Ry.-Earnings.Siz Months Ended June 30Revenue passengers carried-10c. passengers
do
- Sc. passengers
do
do
1924.
1923.
145,077.613 145,392,522
54,096.867 49,668,497
199,174,480 195,061,019
Total revenue passengers carried
$17,545,626 $17,369,069
Total receipts from direct operation of road
66,983
79,419
Interest on deposits, income from securities, &c
•
$17,612,609 $17,448,488
Total receipts
Cost of Service
Maintaining track,line equipment & buildings--- $1,747,598 51,978,787
2,118,283
1,706,435
Maintaing cars, shop equipment. &c
1.536.1101.665,072
Power
5,096,595
Transportation exp.(incl. wages of car service men) 5.874,687
42,162
44,991
Salaries and expenses of general officers
702,291
670,670
Law exp., injuries and damages, & insurance
610,742
526.678
Other general operating expenses
886,604
801,733
Federal, State and municipal tax accruals
1,592,993
1,589.436
Rent for leased roads
815,092
847,458
Subw.& tunnel rentals to be paid to City of Boston
Cambridge subway rental to be paid to Common199,084
198,050
wealth
1,140,023
1,303,759
Interest on bonds and notes
32,744
32,586
Miscellaneous items
Total cost of service
Excess of receipts over cost of service
-V. 119, p.323. 72.
$17,374,308 516,386,354
$238,301 51.062,135
-Elects Chairman.
Boston & Maine RR.
Homer Loring has been elected Chairman of the Executive Committee in
James
plac 19, p. 9. H. Hustis, President, who has been acting Chairman.ValeofJ
Merchants' Association Requests Secretary of War IVeeks to Postpone Sale
of Hoboken Shore Line RR.
-Regards road as key to Port of New York
Authority's plan for belt line system. New York "Times" Aug. 21, p.22.
-Trustee, Registrar &c.
Canadian National Railways.
Authorized Statistics.-The Car Service Division of the American Railway
Guaranty Trust Co. of New York has been appointed trustee, registrar
'Association on Aug. 18 reported:
and paying agent under the Equipment Trust Series H-1924, providing for
Surplus Cars.
-Surplus freight cars in good repair and immediately available for service totaled 296,496 on Aug. 7 a decrease of 26,034 cars under and securing an authorized issue of $9,375,000 4 Si% Equipment Trust Gold
the number reported on July 31, at which time there were 322,530. Surplus Certificates dated July 1 1924. due $625.000 annually from July 1 1925 to
coal cars in good repair on Aug. 7 totaled 138,325, a decrease of 8,515 July 1 1939. inclusive. See offering in V. 119. p. 578. 323.
R. H. McKay has been appointed a director to succeed J. H. Sinclair.
under the number reported on July 31, while surplus box cars in good
-V. 119. P. 578.
repair totaled 123.344, a decrease of 15.390 within a week. Reports showed deceased.
14.611 surplus stock cars, a decrease of 889 since July 31, while there was a
-Lease Accepted.
Carolina Clinchfield & Ohio RR.
decrease during the same period of 1,296 in the number of surplus refrigera-V.119, p. 454, 73.
See Atlantic Coast Line RR. above.
tor cars, which brought the total for that class of equipment to 10.949.
-Practically no car shortage is being reported.
Car Shortage.
-Stock.
---Castleman Valley RR.
-Freight cars in need of repair on Aug. 1 totaled
Freight Car Repair.
The L-S. C. Commission on Aug. 11 authorized the company to issue
202,864,or 8.9% of the number on line, an increase of 2,712 over the number
reported on July 15, at which time there were 200,152, or 8.8%. Of the and sell at not less than par not exceeding $70,000 Common stock (par $50)
total number, freight cars in need of heavy repair totaled 153,725,or 6.7%, and not exceeding $230,000 7% Cumul. Pref. stock (par $50), the proceeds
an increase of 2,497 compared with the number on July 15. Reports to be used in the purchase and rehabilitation of certain railroad property.
showed 49,139, or 2.2%,in need of light repair, an increase since July 15 of formerly owned and operated by the Northern Maryland & Tidewater
RR., extending from Worth Junction, Pa., to a point approximately 434
215.
-Class I. roads on Aug. 1 had 11,105 locomotives in miles south of Jennings. Md.,a distance of approximately 14 miles. These
Locomotive Repair.
of the number on line, a decrease of 667 locomotives properties were purchased on or about June 1 1923 by William A. Morgart.
need of repair, 17.2%
under the number in need of repair on July 15, at which time there were personally, from that company for a consideration which is stated to be
11,772, or 18.3%. Of the total number. 6.073. or 9.4%, were in need of $50,000. subsequently, by contract entered into between the Castleman
classified repairs, a decrease compared with July 15 of 355, while 5.032, or Valley RR. and William A. Morgart on Nov. 3 1923, the latter agreed
7.8%, were in need of running repairs, a decrease of 312 compared with to sea the properties for the sum of $150,000 in full payment of which he
Julzgiceab
5
.
was to accept $50,000 in cash and 1,980 shares of Common capital stock.
le Locomotioes.-Class I. roads on Aug. 1 had 7,152 serviceable
William A. Morgart, it is represented, subsequently agreed to accept
-V. 117, p. 1460.
locomotives in storage being held for the anticipated seasonal increase in $50,000 in cash as full payment for the properties.
traffic, which always comes in the fall of the year. This was an
freight
-To Abandon Branch.
Chicago & Alton RR.
increase of 11 over the number in storage on July 15,and the largest number
of serviceable locomotives in storage at any one time since May 1922.
The receivers have applied to the L-S. C. Commission for authority to
During the last fifteen days in July, 28,015 locomotives were repaired and abandon the line from Rutland to Granville, Ill., 32 miles, because it has
-V. 119, p. 451.
turned out of the shops, compared with 23.488 during the first half of July. been unable to earn its operating expenses.
Matters Covered in "Chronicle" Aug. 16.-(a) Railroad gross and net
earnings for June, p. 744-747. (b) 1..,oading of railway revenue freight
Chicago North Shore & Milwaukee Ry.-Oper. Buses.
slightly larger again, p. 753,
A description of the characteristics of the bus service instituted about two
years ago by the road is given in the Aug. 16 issue of the "Railway Age",
Ann Arbor RR.
-Pledge of Bonds.
P. 275-277.-V. 119, p. 692.
-S. C. Commission on Aug. 14 authorized the company to pledge
The I.
Chicago Rock Island & Pacific Ry.-Purchase of
with the Director-General of Railroads not exceeding $450.000 Improvement & Extension Mtge. 30
-year 6% gold bonds as security for a demand Keokuk & Des Moines Ry.note for 5337,000.-V. 119. p. 322. 198.
-V. 119. p. 810. 578.
See that company below.
Atlantic Coast Line RR.
-Accepts Joint Lease of Carolina
Clinchfield & Ohio RR.
The directors of the Atlantic Coast Line RR. and its subsidiary, the
Louisville & Nashville, Aug. 21 formally accepted the lease of the Carolina
Clinchfield & Ohio RR. for 999 years under the terms set down by the
L-S. C.Commission. The action was taken by both companies at meeting
following a careful consideration of all phases of the lease by the legal
representatives of the Atlantic Coast Line and the Louisville & Nashville.
(For terms and conditions of lease see under Carolina Clinchfield & Ohio
Ry. in V. 118. P. 3075.)-V. 118, p. 3075, 2946.
Baltimore & Ohio RR.
-Bond Application.
-
-New Vice-President and Director.
Cuba RR.
'a
R. B. Van Horne has been elected a Vice-President and Guy W. Currier
director -V. 119, P. 73. 197.
Dallas (Texas) Ry.-Wages Increased.
Effective Oct. 1, a new wage scale will be instituted under which trainmen
in their first year of employment will receive 45c. an hour. in their second
year 48c. an hour, and in their third year and tnereafter 50c. an hour. In
each classification the operators of one-man cars will receive 4c. an hour
additional. The old wage scale provided for two classifications, first year
employees receiving 42c. an hour and those in the second and subsequent
Years 46c. an hour. It also provided for 4r. additional to one-man car
operators.
-V. 117, p. 552.
-S. Commerce Commission for authority
The company has asked the I.
-Another Appeal for Funds.
pledged
Denver & Rio Grande RR.
to issue and sell $75,000,000 First Mtge. 57 bonds andpropr as additional security to the first mortgage_ $75,000,000 of its
lien bonds.
Another call for funds to carry on the fight against the reorganization of
The issue has been sold at 95Si% to Kuhn, Loeb & Co. and Speyer & Co., the Denver & Rio Grande Western under the present terms was made
subject to approval of the L-S. C. Commission. See offering in V. 119. Aug. 15 by the stockholders' protective committee, of which George Tracy
p.809.
Rogers is Chairman. According to the call. the committee recommends
that contributions be made on the basis of $10 for every stockholder owning
Buffalo Rochester & Pittsburgh Ry.-Bonds Sold.
- up to $1,000 of the stock, $15 for stockholders owning from 51.000 to
stockholders owning
Dillon, Read & Co. have sold at 877 and interest, to yield $5,000, and $20 formoney, the committeemore than $5,000. Announcing
said:
the need for more
the
over 5.30%, $3,000,000 Consol. Mtge. 472% Gold Bonds. "The enormous work involved in the action has exhaustedthe funds in
generous
the hands of the committee, and, while we are mindful of
Dated May 1 1907. Due May 1 1957.
support in the past, it is obvious that unless further contributions are made
Denom. $1,000 c*., and exchangeable for fully registered bonds which to the extent above set forth, the committee will be unable to prosecute the
are not reconvertible. Interest payable M.& 1 . in New York. Author- action and will be compelled to abandon the same."
iz
ed, $38,000,000. Outstanding in hands of public, including this Issue,
The outstanding action brought by the committee was to recover $200,$25,578,000. Central Union Trust Co., New York, trustee. Included in 000,000 to the Denver & Rio Grande RR. The stockholders alleged that
the list or legal investments for savings banks in New York and other the railroad had been defrauded of this amount and named as defendants
s
States. Bonds previously sold listed on the New York Stock Exchange. in the action George J. Gould, Edward R. Jeffery, Arthur Coppell, Edwin
Application Will be made in due course to list the present issue. Free of Gould, Kingdon Gould. Edgar L. Marston, Benjamin F. Bush, Edward L
present Pennsylvania State tax.
Brown, Edward D. Adams, Finley J. Shepard, Harrison Williams, Ben'
942
jamin B. McAlpin, George C. Haven, Henry U. Mudge, James Horace
Harding, Harry Bronner, Charles C. Huitt, John H. McClement, Alvin
W. Krech, Alexander R. Baldwin and the Denver & Rio Grande RR.
The case will come up for hearing in the New York Supreme Court in
October. According to the stockholders' protective committee, it will be
forced to abandon the action unless further funds are forthcoming.
V. 116. P. 2636.
Detroit United Ry.-Explains Financing Plans.-Pres.
Elliott G. Stevenson, in a letter to stockholders dated
Aug. 18, says:
In connection with the consideration of the matter of authorizing an
Issue of $2,000,000 5
-Year 6%% bonds in addition to the bonds we have
recently sold and $1,000,000 of equipment notes, I deem it proper that
you should be advised as to the disposition of the proceeds of the sale
of the $9,000,000 6% notes made last month, and in connection with this
statement, to explain the need for the issues of the additional securities
referred to.
-Year 5% Notes.
Statement of Disposition of Proceeds of Sale of $9,000,000 5
$8,344,000
Net proceeds of sale of notes
Application of Proceeds
(a) Redemption of 8% bonds: Face value of bonds in hands of
public,$3.280,000; premium.7% %,$246,000;accrued interest.
$3,652,826
$126,826; total
(b) To pay First National Co., Detroit (for purchase $798,000
$692,041
435% Cons. bonds)___
.(c) Bills payable: To pay Highland Park Bank,$250,000; to pay
First National Bank, Detroit, $300,000; to pay People's State
Bank.$628,062; to pay New York Trust Co.,$400,000; to Pay
$2,381,929
Central Union Trust Co.. $803,866; total
(d) To pay Union Trust Co., (Detroit) to discharge outstanding
610,000
Detroit & Pontiac By. bonds ___________ _
1 ,000,000
(e) To pay Detroit By. 5s, matured Dec. 1 1924
$8,336,797
Total expenses
The $3,000.000 434% Consol. bonds pledged under mortgage, which
will be used to take over city payments on the contract for the sale of the
city system, is made up of bonds released as follows
-a part of the collateral for outstanding bills payable, the bonds purchased from the First
National Co. and the Detroit Ry. bonds above referred to, which are
convertible into 43591 Consol. bomis.
,
It will be recalled that the authorized issues of notes was $10,000.000,
$9,000,000 of which have been issued and sold. The remaining $1,000,000
of notes are held by the trustee to be used for the purchase of $1.000,000
of Detroit Fort Wayne & Belle Isle By. bonds that mature April 1 1927.
These Detroit Fort Wayne & Belle Isle By. bonds are also convertible
Into 43591 Consol. bonds and they will also be pledged under the mortgage
,
of July 1 1924, when the final $1,000,000 of notes secured under it shall
be issued, and these bonds
-being eligible to take over city payments
under the contract referred to-will provide an additional $1,000.000 for
the sinking fund in 1928. Of the sinking fund requirements for 1925,
1926 and 1927 ($1,500.000 annually) $3,000,000 will be provided out
of the funds to be paid by the city on the surrender of the $3.000,000 of
bonds already pledged under the mortgage of July 1 1924.
By the financing and application of the proceeds referred to, the company is now In a position to comply with its covenant to convey a clear
title to the property contracted to be sold to the city whenever the city
Is prepared to make payment of the balance remaining unpaid.
I think the stockholders very generally understand that the company
has been passing through a period of unusual conditions growing out of
the bus competition in connection with the operations of the company
and the general business and industrial depression prevailing. It has
been determined by the board, after a most exhaustive investigation.
that the only practicable way of meeting the bus competition is to engage
in and co-ordinate it in connection with the operation of the railways.
This calls for an entirely different 'program with reference to the operation
of the railway, and, as indicated in former communications, one very
important feature of the changed policy involves the substitution so far as
possible of one-man operation of cars instead of two-men, as has been the
general practice throughout the country until within the past few months.
This one-man operation also involves a change in the character of part of
equipment. Whereas, in the past cars in local service have been of an
average weight of 50.000 lbs. or more, and suburban type of from 60,000
to 90,000 lbs., cars for one-man operation having a much lighter weight
can in a large part of the service render as efficient service as cars operated
by two men, and therefore would effect not only a saving in the man-power
cost of operation of the cars, but also a large saving in the cost of motive
power; the substitution of light-weight cars will also reduce the cost of
maintenance of ways and structures substantially.
We have recently contracted for 30 double-truck cars for one-man
operation, with a weight complete of 28,500 lbs., as compared with a very
much heavier type of equipment at present in service. This contract
will probably be increased to 50 or more cars of this type, hence the need
for additional financing.
You also will have in mind that in order to effect a large saving in the
costs of operation it is planned to transfer our passengers from our interurban cars at the outside of the city to buses. thus saving a car rental
for the use of city tracks of approximately $400.000 per year at the present
rate of cost. At each transfer point we will have to erect terminal stations
which, it is estimated, will cost approximately $200,000 to $250.000.
The acquiring of buses for co-ordinating service with the railways,
with the cost of terminal stations, garages, gasoline storage tanks, &c.,
will involve an expenditure of $1,000,000 or more, while the change in
and addition to the company's equipment will involve the expenditure of
approximately another $1.000,000. I am not able at the present moment
to state definitely how many cars now operated by two men can be superseded by cars operated by one man, but I can give you, in an isolated
instance, an example of what the accomplishment would effect in the
matter of economy in operation.
In our local service in the City of Flint, under normal conditions, we
Operate about 125 cars, all of which have been and now are operated by
two men, motorman and conductor. The entire platform expense-wages
of motormen and conductors
-exceeds $600,000 per annum, and the
saving in discontinuing one-half of' this service will approximate $300,000
per annum.
We feel confident that in the entire service the substitution of oneman for two-men operation-where practical
-a saving of $500.000 Per
annum will be effected, as we think that in all 200 to 250 one-man cars
can be substituted for two-men cars and safely and efficiently operated.
You will understand, of course, that the change contemplated does
not involve our high-speed interurban service,, but only our local and
semi-local service.
Effecting all the various economies permissible under the plans worked
out, we look for an aggregate saving in operating expense of $1.000.000
per annum, and with the co-ordination of the bus and railway service,
we expect our normal earnings will be restored.
-V. 119, p. 810, 578.
Duluth South Shore & Atlantic Ry.-Equipment Trusts
-Minneapolis Trust Co. and Lane, Piper & Jaffray,
Offered.
Inc., are offering at prices to yield from 4M to 5.10%,
according to maturity, $440,000 5% Equipment Trust Gold
Certificates, Series"A." Issued under the Philadelphia plan.
Dated Aug. 11924. Serial maturities of $44,000 per annum. Aug. 1 1925
to Aug. 11934. both inclusive. Dividends payable F. & A. at the office of
Minneapolis Trust Co., Minneapolis, trustee. Denom. $1,000.
-s. C. Commission.
Issuance.
-Subject to final authorization by the I.
The certificates are to be issued to provide for part of the cost of the
following new railway equipment: 2 consolidation type switch locomotives,
4 first-class steel passenger coaches. 2 Pacific type passenger locomotives,
-ton capacity steel under2 combination baggage and mail cars, and 200 40
frame flat cars.
The foregoing equipment is to cost approximately $627,694, of which
29.9%. or approximately $187,694, is to be paid by the company in cash
at the time of acquisition.
The Duluth South Shore dr Atlantic By., operating 621 miles of road
principally between Sault Ste. Marie, Mich., and Duluth. Minn.. is controlled by the Canadian Pacific By.. the latter owning $5,100,000 out of
$10,000,000 Preferred. $6,100.000 out of $12.000,000 Common, and all the
First Consolidated Mortgage Bonds amounting to $15,107.000. V. 118.,
P. 2303. 663.
Erie RR.
-Defers Merger Action.
The directors this week considered the proposed terms of consolidation
In the new Nickel Plate System, and referred it to the executive committee
[VOL. 119.
THE CHRONICLE
for further consideration. The following statement was issued after the
meeting:
"The proposal which 0. P. and M. J. Van Sweringen plan to make to
stockholders of the New York Chicago & St. Louis, Chesapeake & Ohio,
Hocking Valley, Erie and Pere Marquette for the unified control and
operation of their respective railroads, which proposal was submitted to
Erie RR. directors, was considered and discussed at a meeting of the
Erie board. The question of the board's recommendation to the stockholders on the proposed offer was referred to the executive committee
for its further consideration and to report its recommendations thereon
to a meeting of the board to be held in the near future."
-V.119; p.693,74.
Florida Western & Northern RR.
-Securities.
-
The 1.-8. C. Commission on Aug. 13 authorized the company to issue
.
$5,000 Common stock (par $100), to be sold at par for cash, and $7.000,000
First Mtge. Sinking Fund 7% Gold Bonds, Series A, to be sold at not less
than 9215 and the proceeds applied to construction work, &c.
The report of the Commission says in part:
The 55,000 Common stock will oe issued to the subscribers who were the
original incorporators of the applicant, or to their assigns, at par for cash.
The proceeds will become treasury assets of the applicant and will be disbursed for proper corporate purposes.
The proceeds of the $7.000.000 of bonds (see offering in V. 118. p. 2303)
will be used in payment of construction and acQuisition of five distinct lines
of railroad in Florida as follows: Coleman to West Palm Beach, approximately 205 miles; Valrico to Welcome Junction, approximately 10 miles;
Gross to Callahan, approximately 14 miles; Anthony to Ocala. approximately 7 miles:and a spur or branch line to turn out from the main line from Coleman to West Palm Beach and extending to Frostproof, approximately 3
miles.
It appears that a company called the Jefferson Construction Co. is now
proceeding with the acquisition of rights of way and the building of the
aforesaid lines of railroad, with the understanding that the applicant may
take them over at cost, plus 5%. The Jefferson Construction Co. is also
engaged in obtaining gifts and grants in aid of construction, the amount of
which, it is estimated, will ultimately approximate $1,000,000. In the
application as originally filed the applicant requested authority to issue not
exceeding 10,000 shares of common stock having no nominal or par value
In respect of gifts and grants in aid of construction. By its letter of Aug. 12
1924. the applicant withdrew its application so far as it related to such issue
of stock without nominal or par value, stating that it may at a latter data
request authority to issue securities in respect of property so aceluired.
The $5,000 of Common Capital stock will be transferred to the Seaboard
Air Line Ry., which will pay the amount actually paid or to be paid therefor
by the Jefferson Construction Co. This stock will be pledged by the
Seaboard as security for the Florida Western & Northern bonds.
,
Sale of the Series A bonds at not less than 9235, with interest, to Dillon,
Read & Co., is contemplated. With the bonds there will also go 70,000
shares of no par value Common stock of the Florida Land & Development
Co., the name of which was changed on July 22 1924 to the Land Co. of
Florida. These shares are to be sat apart, by deposit with the trustee, for
the holders of the bonds, the stock to be delivered to such holders on or
after May 15 1929. or upon any earlier redemption of the bonds. In consideration of their purchase of the bonds, Dillon, Read & Co. are also to
receive 35,000 shares of the no par value common stock of the Land Co. of
Florida. On the basis of the sale of the bonds at 92)4, the cost of the
proceeds to tljg applicant would be approximately 8.1% per annum.
The Seabo d Air Line By. will guarantee by endorsement the punctual
payment of te principal and interest of the bonds and of the instailments
of sinking futI required to be paid by the indenture securing the bonds.
In addition th4 Seaboard Air Line By. will assume obligations and liabilities
in respect of the bonds. (See below.)
-V. 119, p. 811.
Great Northern Ry.-Equip. Trusts Sold.
-J. P. Morgan
& Co., First National Bank and the National City Co.,
New York, have sold at prices to yield 4.70% for all maturities, $4,500,000 43% Equip. Trust gold certificates, Series
"C." Issued under Philadelphia Plan.
Dated Sept. 11924. Serial maturities of $300.000 per annum. Sept. 1
1925 to Sept. 1 1939, both inclusive. Warrants for the semi-annual diva.
payable M. & S. at the office of the First National Bank, New York,
trustee. Denom. $1,000.
Issuance.
-Authorized by the I.-0. C. Commission.
The certificates are to be issued to provide for part of the cost of the
following standard new railway eouipment: 27 Mikado type locomotives;
2 Pacific type locomotives, 1,300 box cars. 1.250 stock cars. 250 steel ore
cars, 100 steel underframe automobile cars, 100 flat cars. 50 refrigerator
cars, 25 steel underframe caboose cars, 10 dining cars, 4 Vanderbilt type
tenders. 2 locomotive cranes. The foregoing equipment is to cost approximately $6,050,000, of which over 25%. or $1.550.000. is to be paid by the
company in dash at the time of acquisition.-V. 119. 13• 576, 450
.
-Directors
-To Oppose
Interborough Rapid Transit Co.
Bus Franchises.
Grayson M.
-P. Murphy has resigned as Chairman of the Executive Committee. Frederick T. Wood,President of the Fiftti Avenue Coach Co., has
likewise resigned from the directorate of the Interborough company, and
the two corporations now stand completely severed.
See also Fifth Avenue Coach Co.'below.
-V. 119, p. 693.
-Notes and Bonds.
International-Great Northern RR.
The I.
-S. C. Commission on Aug. 11 authorized the company to issue
82,400.000 6% secured gold notes and to pledge $2,750,000 First Mtge.
gold bonds, Series ".A.." as collateral security therefor.
-V. 119, p.811, 578
Keokuk & Des Moines Ry.-Sale.-
At a foreclosure sale Aug. 19 at Des Moines, Iowa, the property of the
company was bought by a committee of bondholders for $1,250,000.
A foreclosure suit was instituted by the Farmers Loan & Trust Co. as
trustee under the first mortgage because of default in the payment of the
principal of the bond. which matured on Oct. 1 1923. The bondholders'
protective committee (F. J. Lisman, Chairman), represented by Geller.
Rolston & Blanc. as counsel, bought the property pursuant to a reorganization plan (see plan in V. 119, p. 324). Under the terms of the plan,
bondholders who have deposited their bonds with the Farmers Loan &
Trust Co. as depositary for the committee, will receive par in Chicago
Rock Island & Pacific Ry. First & Ref. 4% bonds, with an adjustment of
interest from Oct. 1 1923. See V. 119, P. 324, 455.
-Bonds.
Lehigh Valley RR.
The I.
-S. C. Commission on Aug. 13 authorized the company to sell not
e weeding $12.000,000 Gen. Consol. Mtge. 5% bonds at not less than 96)4
and int. The company has made arrangements to sell them to Drexel &
Co.of Phila. and First National Bank, N.Y. See offering in V.119, p. 578.
-Accepts Joint Lease of
Louisville & Nashville RR.
Carolina Clinchfield ct Ohio RR.
-V. 118. p. 3077, 2949.
See Atlantic Coast Line RR. above.
-Tenders,
Manila Electric Co.
The Equitable Trust Co. 37 Wall St., N. Y. City, will until Sept. 1
receive bids for the sale to It of 1st Ref. Mtge. Gold bonds, 5% Series.
due 1946, to an amount sufficient to exhaust $3,696, at a price not to
exceed 105, without interest. The coupons representing accrued interest
-V.
due Sept. 1 must be detached and collected in the usual manner.
118, P. 1773.
-Interest.
Midland Valley RR.
The company will pay 5% interest Sept. 1 1924 on Its Adj. Mtge.,
Series"A"and "B" bonds for the year ended June 301924.-V. 119. p. 325.
-Interest Payment.
Missouri-Kansas-Texas RR.
The directors on Aug. 18 authorized the payment of interest due Oct. 1
1924 at the rate of.5% per annum for the six months ending June 30 1924.
-V. 119. p. 75.
on the Adjustment Mortgage bonds.
Monongahela West Penn Public
tomer Ownership.
-
Service
Co.
-Cus-
The company, a subsidiary of West Penn Co., on July 7 last offered for
sale to the employees and customers of the West Penn System $500,000
7% Cumulative Pref. stock. By July 26 this offering had been over
AUG. 23 1924.]
THE CHRONICLE
943
subscribed. The average purchase per subscriber averaged slightly over
Texas Midland RR.
-Final Valuation.
$300 par value. Since 1919 to date the subsidiaries of West Penn Co.
The final valuation as of June 30 1914 has been fixed at $3,080,000 by
have sold to customers and employees over $14.000,000 Preferred stocks the I.
-S. C. Commission, or $16,000 less than the amount found for the tensales The average purchase per tative valuation.
through approximately 20,000 individual
-V. 113. P. 1054.
-V.
Individual during this period aggregated about $700 par value.
118, p. 2824.
-Redemption.
Toledo Traction, Light & Power Co.
Aug. I
Certain of the
3
-year
-Bonds Offered.
- 1922, aggregatingcompany's will be 6% Secured Gold notes, datedTrust &
New Orleans Public Service Inc.
$126,000.
redeemed Oct. 1 at the Harris
-V. 117. p. 440, 1349.
Jackson & Curtis, Old Colony Trust Co. and Tucker, Savings Bank, Chicago. at 100% and interest.
Anthony & Co. are offering at 86% and int, to yield about
6%%,$1,650,000 Gen. Lien 4%% Gold bonds. A circular
shows:
Date July 1 1922. Due July 1 1935. Interest payable J. & J. in New
York and New Orleans. Denom. $1,000, $500 and $100c*. Red., all
or part, at any time at 105 and int, on six weeke notice. Company
agrees to pay interest without deduction for the present normal Federal
income tax not in excess of 2% per annum. New York Trust Co., New
York,trustee and registrar.
-Owns and operates properties formerly owned by New
Company.
Orleans R.& Light Co. and certain of that company's former subsidiaries.
It also owns approximately 98% of the stock of New Orleans City RR.
and operates that company's property under a lease extending to 1955
and,in addition, it owns over 99% of the stock of New Orleans Gas Light Co.
The properties directly owned or controlled include all the plants (with
one minor excep.ion) now generating electric energy for commercial power
and light and' the entire gas manufacturing and distributing properties
in the City of New Orleans. and 223 miles of electric railway system.
The properties of the system include electric generating stations having
an aggregate installed capacity of 70,200 kw. (with 20.000 kw. additional
capacity wen under construction). 1.537 miles of electric transmission
and distribution systems, gas generating capacity of 19.124.000 Cu. ft.
per day, 503 miles of gas mains and 223 miles of eleeric railway system.
More than 55.000 electric customers and 59.900 gas customers are
served. During the 12 months ended June 30 1924 more than 144.000.000
electric railway passengers were carried. The settlement ordinance provides
that rates may be estaolished to enable the company to earn 714% return
on the property value and additions thereto, after operating expenses,
taxes, and reserve for renewals and replacements.
Security.-Secured by direct mortgage lien or through pledge ef collateral,
on properties which have a present value of about $57.500,0n0, as determined in accordance with a settlement ordinance with the City of New
Orleans. Bonds of this issue, together with all prior lien obligations now
outstanding amount in the aggregate to less than 64% of tnis valuation.
These bonds will also be subject to any 1st & Ref. Mtge. bonds that may
hereafter be issued.
Eguitu.-The present combined market value of the junior securities
now outtanding is about $21,000,000. Company has contracted to sell
an additional 53,000,000 Common stock at per, and when this has been
issued toe market value of the equity will be increased to about $24.000.000.
The settlement ordinance requires the reinvestment in Common stock
of all dividends utt to a total of 40% which are paid on the 58,107.400
Common stock originally issued. This provision should add, eventually,
about $2.000,000 more to the equity value.
Dividends.
-At the rate of 7% per annum are being paid on the Pref.
stock, and the annual rate on the Common stock, subsequent to the initial
dividend of 8% for 1923, has been 9%.
Earnings
-12 Months Ended June 30 1924.
Gross revenues
$14.833.723
Operating expenses and taxes
510.008,693
Annual interest charges on Gen. Lien 4%% Gold bonds and all
senior issues now outstanding
1.765,596
Balance
$3,059,434
Capitalization
Authorized.
Outstanding.
Pref. stock, 7% cumul. (red. 110)
910,000.000$4,273,800
Common stock (oar 9300)
13,803.4fl0
14,000,000
Underlying divisional issues
10,981,500
r
1st & Ref. Mtge. 5s, Series "A," 1952_ _ _
12,000,0011
z
Gen. Lien 4 qs, due July 1 1935
13.876.500
13.467,350
Income 6s, Series "A," due Nov. 1 1949_ 4,016,500
4,758,200
Income 6s, Series "B," due Nov. 1 1949_ 1.517,500 frs.
258,000 frs.
x Including $500,000 issued subsequent to July 31 1924. y Mortgages
clo.sed as to issuance of bonds to the public. z Limited by conservative
restrictions of thu mortgage.-V. 119, p. 325.
Northern Maryland & Tidewater RR.
-Successor.
-
See Castleman Valley RR. above.
-V. 117, p. 1462.
Ohio & Kentucky Ry.-Tentative Valuation.
The I.
-S. C. Commission has placed a tentative valuation of $817,068
on the company's property, as of June 30 1917.-V. 103, p. 2238.
Pacific Electric Ry.-Tenders.-The company will. until Sept. 8, receive at its office, Sixth and Main
streets, Los Angeles, Calif., bids for the sale to it of Los Angeles Pacific RR.
Co. of California Gen. Consol. Mtge. 5% bonds due Jan. 2 1946, to an
amount sufficient to exhaust $57,000.
The Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif., trustee, will until Sept. 9 receive bids for the sale to it of the San Bernardino
Valley Traction Co.'s First & Ref. Mtge. 5% Gold bonds to an amount
sufficient to exhaust 9)25.000.-V. 119, p. 198, 694.
Public Service Corp. of New Jersey.
-Exchange of Bds.
On July 25 1924'the requirements of the deposit agreement dated May 26
1924 then having been fulfilled, 1st & Ref. Mtge. Gold bonds,
%
Series. due 1959, of Public Service Electric & Gas Co. were delivered
to J, P. Morgan & Co. and Drexel & Co.. depositaries, under the deposit
greement, in exchange for a like amount of deposited Gen Mtge 5%
old bonds of Public Service Corp. The depositaries are now prepared
.
to deliver, in temporary form, such 1st & Ref. Mtge. 5%% Gold bonds of
Public Service Electric & Gas Co. to holders of the certificates of deposit,
with Oct. 1 1924 interest coupon attached, at the office of either of the
depositaries. At the time of delivery of the new bonds, holders of certificates of deposit will be paid interest on the principal amount of bonds
Called for by tho certificates of deposit, at the rate of 5% per annum from
April 1 1924 to July 25 1924 and at the rate of 5%% per annum from
July 25 1924 to Aug. 11924,aggregating $1675 for each $1,000 of the bonds.
Ownership certificates covering this amount must be furnished at the
time of payment. The new bonds will carry a coupon of interest at the
rate of 5%% per annum from Aug. 1 1924 to Oct. 1 1924, to wit, $917
-V. 119. p. 694, 580.
for each $1,000 principal amount.
t
Seaboard Air Line Ry.-Acquisition of Control and
Assumption of Obligation.
-Chairman Finance Committee.
Union Pacific RR.
Charles Bronson Seger has been elected Chairman of the Finance Com-V. 118. p. 3080.
mittee to succeed Charles A. Peabody, resigned.
Virginia R. 8c Power Co.
-Balance Sheet.
xfuly 31 '24. May 31 '24.
x.
fuly 31 '24. May 31 '24.
S
S
S
AssesLtablIttlesS
Common stock_ _ _11,950,500 11,950,500
Prop, plant. work
In progress, &c_46,196,739 51,138,537 Preferred stock_ _ _ 8,987,090 8,987,090
1,650,000
2,563,264 2,802,064 N.R.& L.com.stk
Investments
30,488
21,952.626 25,826,626
164,201 Funded debt
Adv. to OM.cos__
Sinking funds__ __ 2,312.825 3,183,076 S.F. bonds retire_ 2,305.985 3,108,296
711,480 Deferred credits
14,431
Deferred charges__ 724,966
97,450
107,110
Current assets_ _ 2,233,939 2,368,191 Allied c.o.
193,502
Def, liabilities
Speel deposit with
91,643 Current liabilities_ 1.734,859 2,021.078
trustees
Reserves
5,717,453 5,447,676
1,292,156 1,221,975
Total (each side)_54,062.220 60,509,193 Surplus
x Does not include Norfolk R. & Light Co. assets and obligations.
-V. 119, p. 457.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading appears to-day on a preceding page under "Indications
of Business Activity.
Coal Productioh, Prices, &c.
The United States Geological Survey's, report on coal production, together
with the detailed statements by the "Coal Trade Journal" and the "Coal
Age,' regarding market conditions, heretofore appearing in this column.
will be found to-day on a preceding page under the heading "Indications
er 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.
Prices, Wages and Other Trade Matters.
Refined Sugar Prices -In addition to the price changes given last week.
late on Aug. 15 the American and McCahan companies advanced refined
15 points to 6.90c• Per lb., and Warner withdrew. On Aug. 18 Warner
re-entered the market. quoting 6.90c., Federal advanced 15 points to
6.75@6.80c., National and Arbuckle 15 pts. to 6.90c.. Pennsylvania 5 pts.
to 6.80c. On Aug. 21 Federal advanced 5 pts. to 6.80@6.85c. and Pennsylvania 5 pts. to 6.85c.: American. Warner, NicCahan and National advanced 10 pts. to 7c. per lb.. Revere 10 pts. to 6.85c.
-Borden's Farm Products Co. adMilk Price Advanced 1 Cent per Quart.
vances Grade "B" milk to 14c., Grade "A" to 17c. ner quart, and also advances price of cream lc. per 4 pint.. "New York Times" Aug. 16. p. 1.
Wire Nails Reduced 5 Cents per Keg at Pittsburgh -Present quotation is
92 80 per keg, against 92 85 formerly. "Boston Financial News" Aug. 20,
p.2.
-Libby Owens Sheet Glass Co. meets reduction
Glass Prices Reduced.
averaging 10% instituted last week (seep. 812) by American Window Glass
Co. 'Wall Street News" Aug. 22.
American Woolen Co. Announces Spring 1925 Line with Prices Averaging
7% Decline From Those of One Year APO and 2%% From Those of Last Au-General trend of quotations given in New York "Times" Aug. 19.
tumn.
p. 30.
-Dwight Mfg. Co. (Chicopee, Mass.) rescinds 10%
Wage Cut Rescinded.
wage cut effective Aug. 4. Loom fixers who struck will return to work.
Adjustment is temporary as conferences will be called. "Boston News
Bureau" Aug. 18. p 3.
-Strikers' Settlement Board will meet manuPaterson (N. J.) Silk Strike.
facturers Aug. 23 to arbitrate. John Moffitt of U. S. Department of Labor
manufacturers to confer with strikers. "New York Times"
will urge
Aug. 22,
MotionPicture Machine Operators Preparing to Strike Sept. 1 for 30% Wage
Increase, Closed Shop and Institution of Two-Shift Rule Whereby Each Operator
-New York
Works Not More than Six Nor Less than Four Consecutive Hours.
"Times" Aug. 21, 11.
12.-While 5,000 workers in men's garment shops
Boston Clothing Strike.
form agreement to return Aug. 18, cloak and skirt manufacturers call strike
against small "sweatshop.' New York "Times" Aug. 16, p. 4.
Edgemakers at Selis Shoe Co. (Stoughton, Mass.) Strike Against 10% Wage
-New York "Times" Aug. 19, p. 19.
Cut.
Survey of Steel Mills Shows that Agreement to Abolish Twelve-Hour Day Has
-New York "Times" Aug. 16,.p. 10.
Been Kept Generally.
Matters Covered in "Chronicle" Aug 16.-(a) C.A.IN ood predicts advance
in prices of wool and cloth-retail stores all over country, he says, are
practically bare ofgoods-foreign wools already higher than domestic,p.749.
(b) Life insurance sales in second quarter of 1924 break all records. p. 751.
(c) Strike terminated in Philadelphia clothing market. p. 757. (d) Small
independents in cloak and suit trade tell Governor's commission its recommendations deprive man of opportunity to start in business or continue,
P. 758. (e) Strike in Baltimore women's wear trade settled-manufacturers grant unemployment in.surance demand, p. 758. (f) Strike in the
Boston clothing trade, p. 758. (g) Strike in broadsilk mills of Paterson,
p 758. (h) Wage agreement signed in shoe industry of Lynn, p. 758.
(i) Dairymen's League announces further price advance on Milk, effective
Aug. 18, p. 758. (j) Federal Trade Commission issues an order requiring
discontinuance of deceptive practices in connection with the buying and
selling of municipal water and improvement bonds, p. 780.
Amalgamated Silk Corp., N. Y.-Consol. Balance Sheet.
-S. C. Commission on Aug. 13 approved (1) the acquisition by the
The I.
[Including its subsidiary, The Cedar Cliff Silk Company.]
company of control of the Florida Western & Northern RR. under lease
and by purchase of stock: (2) granted the company authority to assume
June 30'24 Dec.31'23
LiabilitiesJune 30'24 Dee. 31 '23
Assetsobligation and liaaility in respect of securities of the Florida Western & :Lands, buildings.
7% Cum.Pref. stki$3,501,500 93,501.500
Northern RR. and of the Land Company of Florida, formerly tha Florida
600,896
mach'y & equip_56,027,084 95,053,795 yCom.stock equity 360,321
Land & Development Co., by entering into a lease, by execution of a trust Cash
545,765 Pur, money oblig's
indenture, by endorsement, and pursuant to a 'proposal to sail $7,000,000 Cash value of Int. 549,900
and short-term
-V. 119. p. 199.
of Florida Western & Northern RR. bonds.
135,000
130,000
In sub,realty co.
mortgages
In course of liq'n
20,067
21.342 let M. 20-yr. lads. 3,945,500 3,945,500
-New Yard.
Southern Railway.
752,095
75,099 Trade creep. pay.. 387,027
Accountsreceivle.
43,943
2,089,883 3,831.207 Accts. payle, incl.
To facilitate the movement of freight through the Knoxville gateway, the Inventories
294,872
company has started the construction of a new classification yard and engine Prepaid ins.& int_
accr. wages. fie_ 200,587
25,711
42,949
93,876
terminal at Caswell. Tenn.,6 miles east of Knoxville on the double-tracked Investments& sunAccr.int. payable_( 104,426 f
dry assets
Knoxville-Morristown line. In conjunction with the new yard the company
3,732
3.732 Prov. for Federal)
6,000
income taxes_
begun to build a 4-mile cut-off line from Caswell to Beverly, to form a Sinking fund cash
has
Res. for conting.
on deposit with
belt line around the northern side of the City of Knoxville.
accrued divs. on
3,865
3,365
trustee
The new yard will be 3 miles long and will contain 50 miles of tracks. It
230,777
154,247
2,163
. Pref. stock
will consist of separate receiving and classification units, car repair and Deferred charges
caboose storage tracks,and will also includes transfer plant for the handling
SS 783,588 S9,510,516
-V. 119, p. 457. 194.
Total
car-load freight.
$8,783,588 99,560,516
Total
of less than
Stanley, Merrill & Phillips Ry.-Abandonment of Line.
x After deducting $605,906 for reserve for depreciation and $1,934,70*
-S. C. Commission on Aug. 8 issued a certificate authorizing the for reserve for plant contingencies. y Surplus, balance available for 200.000
The I.
company to abandon, as to inter-State and foreign commerce, that portion shares of Common stock, no par value.
The income account for the six months ended June 30 1924 were given in
ofits line extending from Stanely,Chippewa County,through Clark County,
V. 119. p. 813
to Polley, Taylor County, Wis., a distance of 15 miles.
944
THE CHRONICLE
All America Cables, Inc.
-Meeting Adjourned.
The stockholders' meeting called for Aug. 21 to consider the purchase
of the Antilles System of the French Cable Co. was again adjourned to
Oct. 2.-V. 118, p. 3081, 2826.
Aluminum Co. of America.-Outlook.Pres. Davis said in substance: "We have eight plants operating full.
We are stocking our shelves in anticipation of future needs of merchants.
"Our total assets are $150,000,000. Our earnings are about the same as
last year. We recovered from the slump in 1921 and had a fair improvement
In 1922: 1923 was substantially better, and 1924 should be about the same
as 1923.
"We are handling only domestic business, because we cannot stand German competition in the world market. We have to pay a man $4 50 a
day, while Germany can get the same work done for 35 to 40 cents. The
Germans cannot manufacture aluminum as well as we can, but their operating casts are a great deal less, so that they can beat us in world competition. Without a protective tariff we should be swamped by Germany.
After this German loan, I look for Germany to give manufacturers of the
United States some very strenuous competition in world markets."
-V.119.
p. 696.
American Bosch Magneto Corp.
-Earnings.
6 Months End.
1924.
1923.
6 Months End.
Oa June 30-s
I
June 30
Total sales
5,773,848 6,075,279 Depreciation
Gross oper. profit_ 372,894
374,802 Bond interest_ _
1924.
1923.
[VoL. 119.
The final recapitulation of the sale of the $151,157,500 stock which was
offered to shareholders in May shows that 195,000 subscriptions were
received, of which 143,000 paid in full and 52,000 accepted the installment
method of payment. A total of $130,000,000 has been received by the
company to date as a result of the sale, of which $124,500,000 came from
full payments and $5,500.000 from the first installment.
There were 13,000 new shareholders added to the company's list as a
result of the sale, so that there are 340.000 registered shareholders at
present, exclusive of more than 100,000 employees who are buying the
stock on the part payment plan. The average holdings of stock is 24
shares per holder. The average number of shares per subscription to the
recent offering was 7 2-3 shares. The offering was on a basis of one share
for every five held.
The Philadelphia Stock Exchange has admitted to the list $9,223,100
additional capital stock, issued-$1,400 in exchange for $1,400 Cony.
435% bonds due 1933: $36.300 in exchange for $36,300 7
-Year 6% Cony.
bonds due 1925, cancelled and stricken from the list: $3,600 being part of
200,000 shares applied for in company's application dated Jan. 31 1924
to be issued to employees, and $9.181,800 being part of 1,511,575 shares
applied for July 1 1924, making total amount of stock listed $869,729,500
and reducing the amount of Cony. 4 Yi% bonds listed to $3,893,200, and
the amount of Cony. 6% bonds listed to $6,279,200. V. 119, p. 813.
582, 458.
American Tobacco Co.
-Complaint.
-
The West Virginia Wholesale Grocers' Association Co. of Parkersburg,
W. Va., its officers and members, and American Tobacco Co.,P. Lorillard
Co. and Liggett & Myers Tobacco Co. are cited by the Federal Trade Com-V. 118, p. 2181.
176,980
274,802 mission in an unfair method of competition complaint.
Surplus
According to the citation the association and its members, consisting of
wholesalers and jobbers of groceries, tobacco and tobacco products, entered
American Cotton Oil Co.
-Payment of Notes.
Payment of principal and interest of the 6% Gold notes due Sept. 2 into an agreement, combination and conspiracy to fix unifrom discounts or
1924 will be made on or after the date of maturity of such notes, viz.: prices at which tobacco products should thereafter be sold by respondent
Sept. 2. at First National Bank, 2 Wall St., N. Y. City.
-V. 118, p. Jobbers and their competitors. The complaint alleges that the three respondent tobacco manufacturers acceded to and joined in the conspiracy
666. 433.
with the respondent jobbers and gave assistance toward the accomplishAmerican Gas Co.
ment of the purpose and object of such conspiracy. The complaint states
-Listing.
The Philadelphia Stock Exchange has authorized the listing of $9,000 that the respondent manufacturers discontinued and refused to sell to certain
additional Common stock, reported issued in exchange for a like amount Jobbers who were competitors of the respondent jobbers and who sold
of 10
-Year 7% Cony. Gold bonds, due 1928, making the total amount of tobacco products at prices less than those agreed upon and fixed by the
stock listed $8.719.400.-V. 119, p. 77. •
association and its members. A complete list of the officers and members of
the association is named in the dtation.-V. 119, P. 582, 458.
.
..
.101,747
194,167
100,000
American Power & Light Co.
-Review of Activates Si
Close of 1923 Year.-Pres. C. E. Groesbeck in a letter to the
stockholders dated Aug. 15 says in substance:
Arkansas Light & Power Co.
-Exchange of Stock.
-
Common stockholders are offered an opportunity to exchange their stock
for Southern Power & Light Co. Common stock in the ratio of 2 Southern
The balance sheet as of June 30 1924 shows current assets (including cash shares for 1 Arkansas. Stock should be deposited with Equitable Trust
on hand of $4,080.585) $8,368,669_, as against current liabilities of $1.315,- Co., 37 Wall St., N. Y. City, or L. Garrett, Secretary of Southern Power &
642. Excepting funded debt, indebess to the company and current Light Co., Pine Bluff, Ark. See also Southern Power & Light Co. below.
monthly operating accounts not due, the operating subsidiaries were on that -V. 119, p. 582, 458.
date free of debt. Suostantialiy all of the Common stocks (and in soma
cases various amounts of Preferred and Second Preferred stocks as well as
Associated Gas & Electric Co.
-Extra Dividend on Pref.
certain indebtedness) of the subsidiaries are owned by the company and art.
-Initial Common Dividend.-Pres. J. I. Mange in a circular
heid free in its treasury.
Since the last r port to stockholders there have neen acquired in the inter• letter to Pref. stockholders, Aug. 18, says in substance:
eat of the company the etectrtc power and 1 ght and electric railway properExtra Dividend.
-Early this year the directors advised you that out of
ties serving Miami Beach, Fla., and environs, and the gas property serving the earnings for the year 1923 there would be paid in 1924 an extra dividend
Miami, Fla. Florida Power & Light Co. has been organized to operate the (specially declared with the unanimous consent of the Common stockelectric power and light and the gas properties. The electric railway holders) of 50c. per share (amounting to 1% upon the stated capital of $50
properties in Miami Beach will, as heretofore, be operated by the Miami per share, making the total dividend 8%). This has been paid.
Beach By., and in addition that company wilt operate, under a 30
-year
The satisfactory completion of the recent financing of the cost of acquiagreement entered into July 17 1924. the electric railway system in Miami sition of the properties (referred to below) and the satisfactory progress on
owned by the city. All electric energy rectuired for the operation of the the extensive program of new construction for the more economical supply
electric railway lines in Miami and Miami Beach will be furnished by the and distribution ofelectricity makes it possible now to annuonce that similar
Florida Power & Light Co.
action has been authorized out of the earnings of 1924. This extra dividend
Comparative Statement of Earnings of the Florida Properties.
will be payable in four installments of 1234c. per share each, beginning with
12 Months ended June 30Increase the payment for the first quarter of next year due April 1 1925. There has
1923.
1924.
Gross earnings
$195,051 also been declared an initial dividend of$1 per share upon the Common stock.
$560,043
$755,094
Net earnings
In a letter to stockholders dated Feb. 14 you were advised of the results
115,502
183,727
299.229
Extensive additions to the electric power and light and gas properties, which had been accomplished to that time under the policy adopted when
now well in progress, will enable the subsidiary to connect a 'Argo amount of the present interests became connected with the company. This is to
desirab.e business heretofore unserved and to keep pace with the marked and inform you briefly of the progress which has since been made in expanding
substant.al development of these rapidly growing communities. The the interests of the company. The annual regular report is now nearing
acquisition of these properties witi add to the stability of the company by completion and it is expected that printed copies will be available before long.
Increasing the already largely diversified territory served by the subsidi-At that time the N.Y. State Gas &
New York State Gas & Electric Corp.
aries, which now supply public utility service to 396 communities in the Elec. Corp. was engaged in acquiring a number of properties adjacent to
States of Oregon, Washington, Idaho, Kansas, Nebraska, Iowa, Minnesota, those then owned, the money for such acquisition having been provided by
Wisconsin, Texas and Flqrida.
this company. The acquisition of these properties has now been subThe installation of the first 11,000 kilowatt unit at the new Fond du Lac stantially completed and the transfer of all, except one. has been authorized
hydro-electric generating plant of the Minnesota Power & Light Co. was by the P. S. Commission.
completed and the plant put in operation in July. Construction work on
Their acquisition enables the N. Y. State Gas & El. Corp. to furnish a
the 18,000 kilowatt hydro-electric generating plant on the Mississippi River co-ordinated service under a single management in a very substantial
at Blanchard Rapids, Minn., is progressing satisfactorily and it is expected portion of the State of New York described roughly as extending from
that the first two units of 6,000 kilowatts each (total 12.000 kilowatts), Ithaca to Monticello in one direction and from the Mohawk-Hudson River
together with 127 miles of new 110,000-volt transmission line to complete district on the north to the New York State-Pennsylvania territory served
the interconnection of all the Minnesota Power & Light Co.'s electric gen- by the Erie RR. on the south. There are still a few small properties in
erating plants, transmission lines and distribution systems, will be in ser- this territory which are indepandetnly operated but in general it is now
vice by the close of this year. Thesa added hydroelectric facilities wil proper for the N. Y. State Gas & Elec. Corp. to lay out its system of transgreatly reduce the amount of steam generation required, with a resultant mission lines and substations so as to traverse that entire section in the
saving in the operating expenses of the Minnesota Power & Light Co.
most economical manner.
The company, following its practice of taking advantage of favorable
In the western portion of the territory the supply of energy is furnished
Investment markets to provide additional capital for extensions to existing from a steam plant located on the shroes of Cayuga Lake at Ithaca, which
properties and for the purpose of securing new properties when obtainable will be ample for the needs of the company at present.
,
on a satisfactory basis, sold on Aug. 11 an additional $5,000.000 6% Gold
In the eastern district a contract has been made with the Adirondack
Debenture bonds, due Mar. 1 2016.
Power & Light Corp. which is ample to cover all of the necessities of the
N. Y. State Gas & El. Corp. in this territory for the next decade. NegoIncome Account. 12 Months Ended June 30 1924.
The income account of the company and the balance applicable to the tiations are under way for the extension of the transmission tines of the
company from the operations of its subsidiaries for the 12 months ended N. Y. State Gas dr Elec. Corp. so that they may be utilized for the transJune 30 1924 follow:
mission of wholesale power in the territory not now occupied by it, which
(a) American Power 4 Light Co.
will immediately reduce line losses and to some extent produce lower power
Gross earnings
$4,778,442 costs, through reduction in transmission expenses.
Expenses
432,697
Staten Island Edison Corp.
-A large portion of the time of the executives
Interest and Discounts
731,692 of the company during the last 18 months has been devoted to the Staten
Preferred dividends
935,834 Island situation. The stock owned by interests affiliated with this comCommon dividends
1,845,405 pany represents approximately two-thirds of all of the voting stock in the
Staten Island Edison Corp. That corporation is now paying dividends at
Balance
$832,814 the rate of $3 per share, which is at the rate of 6% upon the stated capital
(b) Subsidiary Companies
of $50 per share, with earnings of more than 10%. It has recently entered
Undistributed income of sub. cos. before renewal and replaceinto a long term power contract on a good basis with the Staten Island
$3,176,795 Rapid Transit By. for the furnishing of power for the operation of that
ment (depreciation) reserves
Transferred to renewal and replacement (deprec'n) reserves_-_ - 1,951,337 company's railroad lines, the electrification of which is now in process.
23,499 To cover the cost of the construction necessary to substantially increase the
Amt. applicable to Com,stock not owned by A.P.& L.Co_
electric generating capacity to meet the requirement in connection with the
Balance from oper. of sub. cos. applic. to A. P.& L. Co____ 1,201,959 electrification of the steam railroad lines and also to pay for the construction of transmission lines and substations throughout the island it recently
Combined undistributed income
$2,034.773 procured funds through the issue of its bonds on a good basis.
-In Nov. 1923 the KentuckyIncluding the undistributed income of subsidiary companies applicable
Kentucky-Tennessee Light & Power Co.
to the Am. Pr. & Lt. Co., the earnings for the Common stock were equal Tennessee Light & Power Co., which was organized to take over additional
to 26.8% on the $14,477,432 Common stock outstanding at June 30 1924. properties which we were able to acquire, was consolidated with the former
This compares with 24% earned for the calendar year 1923 on the $13,239,- Kentucky Public Service Co., the name of the consolidated company being
456 Common stock outstanding at Dec. 31 1923. Earnings for the 12 Kentucky-Tennessee Light & Power Co. In connection with this consolimonths ended June 30 1924 were exclusive of any earnings from the recently dation there was acquired by the Associated Gas & Electric Co. 100% of the
acquired Florida properties.
-V. 119, p. 813.
Common or voting stock of the new Kentucky company thereby conforming that company to the policy of the Associated Company of owning in all
American Public Utilities Co.
-Earnings.
cases, so far as possible. 100% of the Common stocks of the operating
Due to the sale of its Wisconsin, Minnesota and Mississippi properties, properties. It was also possible to create a new open end serial mortgage
the annual report of the company for the year ended June 30 shows a do providing for the issuance, under conservative restrictions, of bonds in
crease of about $2,400,000 in gross earnings, compared with the previous series with varying rates of interest, dates of maturity, &c., thereby proyear, but net income dropped loss than $400,000.
viding a modern flexible vehicle for the mortgage financing of the KentuckyThe balance sheet, however,shows that surplus, after the payment of all Tennessee properties.
dividends, fixed charges and depreciation of parent and subsidiary comRecently it acquired 11 municipally owned plants in Tennessee and it is
panies, had increased from $333,000 to $673,000. These figures do not now expected that the operations of the company in that State will undergo
include earnings from the Wabash River super-power station, which was Considerable expansion during the next few years. These plants have small
opened on July 5, after all obstacles to its operation at the mouth of the coal isolated generating stations, and it is proposed to connect them by transmine had been removed by a decision of the Indiana Supreme Court.
mission lines, and through this general territory to run a high voltage
Joseph H. Brewer, who was re-elected President, reports that all back feeder line which it is proposed to connect with the present modern steam
dividend obligations of parent and subsidiary companies had been dis- plant of the company located at Hopkinsville. Ky., and perhaps also with
charged, current expenses easily met and future financing amply provided the feeder lines of other large systems in nearby territory.
for with coal consumption at superpower plant over 10% less than preThe installation of the 3,000 k.w. steam turbine in the Hopldnsville
dieted by builders. He said the engineers estimate gross earnings for the plant has been completed and construction of a new high tension transnext calendar year at $9.250.000 with balance for depreciation and divi- mission line connecting Bowling Green and Hopkinsville, a distance of
dends of $1.400,000.-V. 118, p. 2952.
about 60 miles, is now under way.
policy of the directors of the Associated
General.
-It has not
-Details of company to attempt tobeen thelarge highly organized, developed properAmerican Telephone & Telegraph Co.
acquire
Recent Stock Offering-Listing.
ties which can only be bought on a basis which will pay a very low return
AUG. 23 1924.]
945
THE CHRONICLE
The corporation, it is reported, will reopen its second plant in Terre
upon the capital investment. The development of the use and art of
electricity is so rapid that we believe the prospects of substantial returns, Haute Sept. 10. The plant will operate at full. Its other plant, which was
both in the form of results accomplished and service rendered (upon which reopened some two weeks ago, is already operating at capacity, it is said.
all hopes of permanent profit must be based), are greater through the com- -V. 119, p. 816.
bination and connection of small properties. While such acquired proper-To Dissolve.
Conley Tin-Foil Corp.
ties require great attention to detail, nevertheless with the rapidly increasing
The stockholders will vote Aug. 25 on dissolving the company. Pres.
use of electricity, the development is great and the possibilities likewise.
Other situations are now under investigation and it is hoped that the di- Egbert Moxham in a letter to the stockholders dated Aug. 19. says:
The stockholders will consider the advisability of dissolving the corporaversity of earnings which results from operating in different sections, may
be further increased.
tion and liquidating its asets for the benefit of the creditors and stockDec. 31 '21. June 30'24. holders. Competition in the foil industry during the past four or flic
Earnings Twelve Months Ended$1.560,005 $3,830,236 years has become and is now of such an intensive nature that notwithGross revenues
$252,097
$805,325 standing every endeavor to operate under the most economical conditions,
Net earnings for dividends and reserves
171,220 it is not possible to earn a profit commensurate with the amount of invested
57,558
Regular dividend requirements
4.4
4.7 capital except by the most advantageous location of the manufacturing
Times earned
plant.
-V. 119. p. 582.
After mature deliberation, the directors, including several of the largest
Bethlehem Shipbuilding Corp., Ltd.
-Construction.
- stockholders, have reached the conclusion that this condition can only be
-foot remedied by the removal of the major portion of the company's operation
The corporation has completed plans for the erection of a new 500
pile and concrete pier adjoining its Simpson patent dry-dock plant at East from its present quarters in New York City to a new, adequately designed
-foot floating dry- and better located plant. but in their opinion, conditions of the industry
Boston, Mass. The pier will act as a mooring for the 480
dock now located at Bethlehem's Fore River shipyard. It is said that do not warrant the additional investment involved in such an undermore than $2,000,000 will be expended on the project. It is planned to taking.
-V. 118, p. 2442.
commence construction at once. The new unit should be in operation by
Connecticut Valley Lumber Co.
-Tenders.
Jan. 1 1925.-V. 119, p. 697.
The First National Bank of Boston, 70 Federal St.. Boston, trustee,
Binghamton (N. Y.) Gas Works.
-Capital Increase.
- will until Aug. 25 receive bids for the sale to it of 1st Mtge.6%Gold bonds
The company has increased its authorized capital stock from $750,000 Series "M," due June 1 1934, to an amount sufficient to exhaust $62,897
(all Common) of $100 par to $1,000,000 Preferred stock (par $100) and at a price not to exceed 102% and interest.
-V. 108, p. 2531.
22,500 shares of Common stock of no par value.
-V.115. p. 2584.
(Sidney) Blumenthal & Co., Inc. (The Shelton
-Earnings.
Looms).
The statement of earnings for the six months ended June 30 1924,
subject to yearly audit and adjustments, follows:
Earnings from operation
loss $23,188
Accrued interest on bonds, $72,338: amount set aside for depreciation on plant and equipment, $147,209
219,547
Debit balance
Preferred dividends paid from earned surplus
-V. 118, p. 2953.
$242,735
$87,500
British-American Tobacco Co., Ltd.
-Interim Div.
-
The directors have declared an interim dividend of 10d. a share on the
Ordinary shares, payable Sept. 30, free of British income tax.
-V. 118,
p. 2576.
Butterick Company, New York.
-Earnings.
-
6 Months to June 30Net income
Preferred dividend
Balance. surplus
1924.
$431.549
26.000
1923.
$547,483
30,000
1922.
$338,453
34,000
1921.
$622,535
38,000
$405,549
$577,483
Balance Sheet June 30.
1924.
1923.
$304,453
$584.535
Assets
-Real est. &
mach.,plant,&c.a4,615,974
Patents, good-will,
contracts, copyrights ,marks,&c13,893,271
Accts. receivable_b4,539,403
Notes receivable__
24.036
Inventories
2,012,641
Cash
426,724
Deferred charges_ _ 212,543
1924.
1923.
Common stock__ _14,642,100 14,642,100
4,546,703 Preferred stock__ _ 600,000
700,000
Mortgages
616,000
741,500
Notes payable_
1,150,000
972,500
13,893,271 Dividend payable_
12,000
14,000
4,300,590 Accounts payable_ 986,768
841,208
13,890 Res.for depr., pat1,933,635 tern returns,&c. 3,390,268 3,643,536
438,677 Res.for torn exch.
43,182
42,627
253,530 Reserve for taxes_ 111,688
70,065
Surplus
4,172,088 3,712,761
-10% Stock Dividend.
Crane Co., Chicago.
The directors have declared a stock dividend of 10% on the Common
stock payable Sept. 20 to holders of record Sept. 15. The regular quar-,
terly cash dividends of 1 3i% on the Common and of 154% on the Pref.
stock, both payable Sept. 15 to holders of record Aug. 30, were also dedared.
-V. 118, P. 2047.
-Balance Sheet.
Dayton Power & Light Co.
June 30'24 Jan.31 '24
Assets
Property havestl_23,101,401 21,904,122
12,400
12,400
Sundry investin'ts.
303,105
546,885
Cash
35,000
45.000
receivable
Notes
549,019
426,299
Ac c'ts receivable
F2,370
Other.curr. assets_ 151,491
524,975
Supply accounts_ _ 532,233
1F8,982
88,755
Susp.acct. undis
24,173
13,880
Prepaid accounts_
Unamort.debt,dis666,862
count & expense 650,832
Deposit to pay cou20,189
pons & div. mat. 348,997
25,918,182 24,311.797
Total
-V. 119. p. 816.
Central Steel Co.
-Earnings.
--
six Months Ended June 30*Gross earnings
Other Income
1924.
1923.
$2.974,916 $2.209,761
234,035
103,106
Total income
Interest, taxes, &c
Depreciation
$3,206,951 $2,312.867
533,344
$606,754
360,000
Net income
x Before Federal taxes.
y After Federal taxes.
x$2,015,607 y$1,706.113
25,918,182 24,311,797
-Balance Sheet June 30 1924.Doehler Die Casting Co.
Liabilities
$500,000
Preferred stock
x2,377,707
Common stock
400,000
Debenture bonds outst'g_
395.900
Mortgages payable
Restricted surplus due to
25,707
incomplete transactions
7,999
Deferred sales in suspense_
19,952
Res., taxes & compen.ins.
331.166
Notes payable
115.794
Accounts payable
11,494
Interest accrued
35,145
Wages accrued
14,091
$4,234,954 Expenses accrued
Total (each side)
-V. 119, p. 816.
x Represented by 150,000 shares of no par value.
-Plants Unsold.
Eastman Kodak Co.
Because no bids were made at the auction sale of two plants of the company, held at Rochester, N. Y.. Aug. 15, in compliance with an order of
dissolution made by the United States District Court in a suit brought by
the Government, Attorney-General Stone will be asked to decide what
further action is to be taken.
Two years were given in which the Foimer & Schwing Century plant was
to be sold for a minimum of $796,042, and the Premo plant for a minimum
of $589,449. The decree provided for an auction as a final resort, but no
provision was made for no sale.
James S. Havens, attorney for the Eastman company, said: "We shall
continue to manufacture cameras at these plants. The Government will
have to decide what further action will be taken. I do not know what will
-V. 119. p. 585. 816.
be done."
-Merger.
(Thomas A.) Edison, Inc.
Cities Service Co.
-Usual Monthly Dividends.
-
The
directors
declared
monthly
dividends of
3.4 of 1% on the have and Prof.the regular and 3i ofcash in cash scrip,
Prof.
"B' stocks
1%
and 1 3 % stock scrip on the Common stock, all payable Oct. 1 to holders
of record Sept. 15.-V. 119, p. 583, 201.
The Edison Phonograph Works, which has manufactured Edison phonographs since 1888. and Thomas A. Edison, Inc., which has merchandised
the same:product since 1896, will be consolidated as Thomas A.Edison,Inc.,
effective Beet. 1.-V. 118, p. 557.
Edison
Clinchfield Coal Corp.
-Tenders.
The Equitable Trust Co., trustee, 37 Wall St., New York, will until
Aug. 21 receive bids for the sale to it of 10
-Year 8% Sinking Fund Gold
Debentures dated April 1 1921 to an amount sufficient to exhaust $52,500,
at a price not to exceed 105 and interest.
-V. 118, p. 1273.
Coast Valleys Gas & Electric Co.
-Earnings.
Income Year Ending June 30 1924.
'Gross earnings
Operating expenses, maintenance and taxes ($79,144)
Total
Assets
Plant, prop.& equipment_$2.453,755
111,358
Patents
16.850
Common stock in treasury
17,804
Invest. & securities owned
698.805
Inventories
266,241
Cash
502.386
Accts, receivable, less res_
4,909
Loans receivable
58,104
Notes & trade accept. rec..
104,742
Prepaid & def. expenses_ -
Total
25,724,594 25,380,296 Total
25,724,594 25,380,296
a Includes Butterick building land, $217,306: Butterick building and
Improvements,$1.360,297; machinery and equipment,$2,168.270: furniture
and fixtures, $682,757: total, $4,428.631 (before reserves): Spring and
Vandam streets properties, $187.343; total (as above). $4.615,974. b Including customers' standing credits amounting to 112,443,673.-V. 118,
p. 1523.
June 30'24 Jan.31'24
Liabilities
Preferred stock... 5,500,000 5,000,000
Common stock_ _ 3,053,000 3,053,000
Funded debt _ A0,974,000 10,974,000
220,000
20,000
Notes payable..
365,458
Accounts payable_ 631,612
20,623
20,769
Consumeis'depos_
2,648
9,003
Other curr.liabil_ _
27,029
25.191
Adv.for spec. cons
17,077
27,142
Comp.awards pay.
590,269
Accrued liabilities_ 622,665
20,189
Coup.& divs. mat. 348.997
3,285,977 2,809,169
Reserves
1,399,971 1.212,190
Surplus
$839,261
541,085
-Earns.
Electric Illuminating Co. of Boston.
Month of June--6 Mos.End. June 30-1923.
1924.
1923.
1924.
sold_ __ _ 31,343,263 31,028.257 214,357.544 197,738.445
Kilowatt hours
$1.420,523 $1,295,969 $9,907,763 $9,000.566
Electric revenue
4.535,714
4,584,726
718,296
707,071
Operating expenses
1,130,000
1,290,000
160,000
180,000
Taxes
$4.033,037 $3,334,852
$417,673
$533,452
Balance
-V. 119. P. 585.
EmpireCoke Co.
-New Control.
Control of the company has passed from E. H. Palmer of Geneva. PresiG.W.
dent of the Empire Gas & Electric Co.to E.L.Phillips and stock. Olmstead,
The sale
New York financiers, who have bought all Mr. Palmer's
affect the present operation of companies. A statement issued by
will not
Balance for depreciation, Common dividends, &c
$173.030 Mr. Palmer follows:
-V. 119, p. 698.
"On July 24 I,made a contract with E. L. Phillips and G. W. Olmstead,
financially strong New York :parties, to sell all my Common and Preferred
,
Colorado Springs Light, Heat & Power Co.
with the
-Sale.
- stock of the Empire Coke Co., provided there were depositedstock outThe company has sold its entire electrical distribution system to the city Geneva Trust Co. before Aug. 25 two-thirds of each class of
Colorado Springs for $600,000. An agreement was arrived at between standing. The amount has been deposited and the contract binds all
of
the City Council and the bondholders whereby the city acquires the distri- parties. The contract provides that all stockholders may receive the same
bution system and will thus be enabled to transmit power from the pro- price if they desire to sell.
jected municipal plant. All pending litigation is to be settled at once and
"Before making the contract I satisfied myself that, as the ownership,of
the municipality is to take title to the company's transmission lines from the stock of the Empire Coke Co. carries with it the control of the Empire
the
-electric plant to the city limits of Colorado Springs.
the Manitou hydro
Gas & Electric Co., the policies which have been pursued since alsoorganizathat the
Various other pieces of property now owned by the company on
tion of the Empire Gas & Electric Co. would be continued,
watershed are included in the deal, but, along with its steam plant, the management and personnel of the organization built up during the 13 Years
.company retains title to substations A and B in the city, though the the of that company's existence would be substantially the same as in the
use
of subs.a..ion A is reserved to the city as long as it is required. The com- past."
-V. 118. p. 2048.
pany plans to supply the various buburban communities outside the cor-Stricken from List.
porate limits of Colorado Springs.
Erie (Pa.) Lighting Co.
The company is to operate and receive all revenues until completion of
The no par Cumulative Preferred stock has been stricken from the
a steam plant by the city of Colorado Springs or until Jan. 1 1926. The Philadelphia Stock Exchange list, owing to the refusal of the company to
-city, in the meantime, si to continue to receive present rental for the use furnish the Exchange with a financial statement as required under its
of the hydro-electric plant by the light company, or $36,000 a year.
-V. 118. p. 1779.
listing agreement.
The terms necessitate that the company be thrown into the hands of a
-Organized.
'receive, sold at public edition and purchased by the bondholders at auction
Ethyl Gasoline Corporation.
before title to the property can be delivered to the city. ("Electrical
Walter C. Teagle, President Standard Oil Co. of New Jersey. and
World" Aug. 16.)-V. 117. p. 2114.
P. Sloan Jr., President General Motors Corp., announced Aug. 21
Alfred
the organization, under laws of Dela.,(Aug. 19)of the Ethyl Gasoline Corp.,a
Commercial Solvents Corp.
-Back Dividend Paid.
$5.000.000 concern in which their respective companies are equal sharedirectors have declared a dividend of rl a share on Class "A"stock holders. The new company will take over the promotion and sale of
The
or the quarter ended June 309123. payable Sept. 10 to holders of record ethyl fluid, which has in the past been handled by the General Motors
Sept. 2. This reduces accumulations on the "A" stock to $1.
Chemical Co.. and will continue the marketing policies of that company.
The regular quarterly dividend of $1 on the "A" stock and the regular
The distribution of ethyl fluid will not in any way be confined to the
-quarterly dividend of 2% on the First Preferred were also declared, Payable Standard Oil Co. of New Jersey, or to any other single company or group
Oct. 1 to holders of record Sept. 30.
of companies; the policy and purpose will be to furnish it gentrally and on
Net earnings
Interest
Preferred dividends
$298,176
95,253
29,892
946
THE CHRONICLE
equal terms to all of the responsible gasoline marketing organizations.
subject only to the limited exclusive contracts originally made by the
General Motors Chemical Co. for the purpose of introducing the new
product to the trade.
This association of the General Motors and the Standard Oil of New
Jersey marks the culmination of years of research and experimental work.
conducted independently but with rather free co-operation between the
parties, in the effort to find a commercially satisfactory and feasible method
of controlling the combustion characteristics of gasoline so as to avoid the
detonation, or "knock," which is experienced in automobile engines under
extreme load or adverse weather conditions, or because of carbon accumulation or slight mechanical irregularities.
The credit for initiating this research work, as well as for first reaching
a satisfactory conclusion thereof, belongs to C. F. Kettering and his associates in the General Motors Corp.. and Thomas 'Andsley jr., V.-Pres. of
General Motors Chemical Co., who was awarded the Nichols Medal of the
American Chemical Society for 1922 in recognition of his personal contributions to this achievement. The research work of the Standard 011 Co.
of New Jersey on the same problem resulted in the development of commercially essential !improvements in the manufacture of the material which
General Motors had found to be satisfactory for the purpose, thus opening
the way to the immediate expansion of the business on an economical basis.
The experience, research staffs, patents and trade connections of both the
General Motors Corp. and Standard Oil Co. of New Jersey will be available
to the new company and it is believed that this will make possible in the most
economical and efficient manner, the expansion of the othylized gasoline
business to cover all countries in which gasoline is used in substantial
quantities for motor fuel.
The newly organized Ethyl Gasoline Corporation takes over the present
business of the General Motors Chemical Co. and will immediately undertake to increase the production and enlarge the distribution of ethyl fluid.
It is confidently expected that by the year 1925 there will be available an
adequate supply of the material to meet the demands of the United States.
Directors of the new corporation are: W. C. Teagle, .T. A. Moffett Jr..
E. M. Clark, F. A. Howard (1st V.-Pres. , A. M. Maxwell (3d V.-Pres. and
Sales Mgr.), Alfred P. Sloan Jr., Charles F. Kettering (Pres.). Donaldson
Brown (Sec. & Treas.). Thomas Midgley Jr. (2d V.-Pres. & Gen. Mgr.),
ard-John Thomas Smith. Cheste- 0. Swain is General Counsel. The
offices of the corporation are in the Cunard Bldg.. 25 Broadway, N. Y. City.
[VOL. 119.
the Concourse as far as 165th St., from which point it would pass through
various cross streets, principally on Courtiand Ave. to 150th St. and
Melrose Ave.
Bronx Lines Connect with Rapid Transit Lines.—Five of the Bronx lines
would carry passengers into Manhattan to subway, elevated railroad and
street-car connections. These routes would provide a direct service
between the residential and business sections within The Bronx Borough
as well as between the outlying districts of The Bron and Harlem and
Washington Heights. Three of The Brox lines would terminate at
the Fort Lee Ferry in West 125th St.. giving residents of The Bronx direct
access to New Jersey. Several of the routes would cover the outlying
districts of Pelham Park, Hunts Point, West Farms, Bronx Park and
City Island.
Queens Line to Jackson Heights.—Jackson Heights, in the Borough of
Queens, would be linked to Manhattan by a line operating over the Queens
borough Bridge. This line would connect with the longitudinal lines in
Manhattan.
New Through Service.—Where the volume of traffic on a combination
of a crosstown and a longitudinal line warrants the establishment of a
direct through service, such service would be instituted, and double-deck
coaches would be placed in service at a 10c. fare. This would not cancel
the regular Sc. crosstown service, which would be maintained in accordance
with the local demand.
The company has also filed applications for franchises covering routes
which, for some years, have been operated under temporary permits.
In connection with the applications and plans for additional motor bus service in New York, John Hertz made the
following statement:
No city in the world has more to gain from the building up of a comprehensive motor-coach service than the City of New York.
This conclusion is based on long and careful study, not only in New
York and other American cities, but in European cities, especially London.
Before deciding to make applications for franchises here I and my asso
elates have given this whole subject a great deal of thought. We are
prepared in every way to give the people of New York the kind of service
they need and do it without delay.
Our companies have had a larger experience both in the manufacturing
and operating of motor buses than any other companies in this country.
We are operating extensive systems in Chicago, and St. Louis, as well as
Exchange Buffet Corp.—Earnings.—
the Fifth .Aveaue Coach Co. in New York.
1023
Three lionths Enact: July 31—
190
4
The latter co npany is now entirely separate from any of its former
$129,911 New York affiliations.
Gross orofits
8145,940
89
27,3l26,
Depreciation
Experience in motor bus transportation has proved one thing beyond
Federal taxes
14.821
question—that the best service cannot be given by a number of small
unrelated companies. It can be given only by a large, comprehensive
$•0,359 system with ample resources for every need, backed by experienced manageNet profits
8103,746
Interests close to the management state that the past quarter and the ment and a well-trained organization. The Fifth Ave. coach service is
profitable of the an example of what I mean.
current one cover trie summer season, always the least
The financial success of a motor bus company depends upon giving
Year. and that it is normal for the corporation to make the bulk of its
earnings during the last six months of its fiscal yeor.
the people the best of service. This we are prepared to do. It is the
The relatively better showing of the past quarter. indicating a gain of only solid foundation for lasting prosperity and public approval.
15% in net profits over last year, reflects the benefit of Important operating
We have tried to make our applications meet the situation in New York
and other changes which have been made, and which are expected to as nearly as possible. They are, however, subject to conference with
the authorities and such amendment as may prove to be necessary.
have a further favorable effect on earnings in the current year.
The corporation continues in strong cash position, with no bank loans,
In another statement Mr. Hertz said:
notes or other obligations aside from current accounts.—V. 11S, p.3193.
The resignation from the Fifth Avenue Coach Co. of Frank Hedley,
Fairbanks Co. (and Subs.).—Tentative Income Account. President of the Interborough R tpid Transit Co., and W. Leon Pepperman,
Vice-President & Treasurer of the same company,marked the final severance
1923.
6 Mos.End. June 30. 1924.
1923. 1 6 Mos.End. June30. 1924.
of the
in the Fifth Avenue
Gross profit
$642,514 $740,9061Int., depr., res., &c_ _$199,250 $502,262 leaves former Interborough interestoperating control in Coach Co. This
the complete financial
the hands of the
Profit after expenses._ 139,321 41.9691 Net loss
$59,929 $160,293 Chicago group of motor bus and
owning and operating companies, which are
—V. 119, p. 202.
headed by the omnibus corporation.
The
the
Fifth Avenue Coach Co.—Applies to Board of Estimate voting stock control of for Fifth Avenue Coach Co. is in the hands of a
trust extending
period of
The voting trustees,
for Franchises to Inaugurate Approximately 116 Miles of New four of whom are residentsaof Chicago five years. of whom are residents
and three
Motor-Coach Routes in Manhattan, Queens and The Bronx, of New York, are as follows:
Hertz, Chairman of the Omnibus Corp.; John A.
N. Y. City—Statement by John Hertz in Connection with the ofJohn Omnibus Corp.: Charles A. McCulloch, V.-Pres. ofRitchie, Pres.
the
the Omnibus
Applications—Interborough Rapid Transit Co. to Strenuously Corp.; Edward d'Ancona. Sec. of the Omnibus Corp., all of Chicago;
Jay. V.-Pres, of the
-P.
Oppose Application—City Officials Reticent.—The following John C.H. Sabin, ail of NewOmnibus Corp; Grayson M. Murphy and
Charles
York.
The Chicago directors of the Omnibus Corp. are John Hertz. Chairman;
statement is authorized by President F. T. Wood:
F. T. Wood, President of the Fifth Avenue Coach Co., filed Aug 20 John A. Ritchie, Pres.; Charles McCulloch, V.-Pres.: Edward d'Ancona,
with the Board of Estimate and Apportionment applications for franchises Sec.; Leonard Florsheim, Treas.; Col. Geo. A. Green; Harvey T. Woodruff;
to inaugurate and operate approximately 116 miles of new motor coach Rustus W.Abbott, William Wrigley Jr., John Borden, John R. Thompson,
service routes in Manhattan, The Bronx and Queens. Of the 116 miles, Otto W. Lehmann and Harold E. Foreman.
The New York directors are: F. Lascaris, J. B. A. Fosburgh, Edmund
about 34 miles would be operated on a Sc. fare.
-P. Murphy, Charles H. Sabin and
Provisions for City Ownership and Operation.—In its applications the E. Wise, John C. Jay, Grayson M.
company has suggested two different plans, by either of which the city, Alfred Strauss.
The Omnibus Corp. also owns and operates the Chicago Motor Coach
under the proposed franchises, could take over the ownership and operation
of the new lines applied for: (a) Under this plan, contemplating 25
-year Co. and owns an interest in and manages the People's Motor Bus Co. of
franchises, the city could upon three years' notice take over the ownership St. Louis.
Col. Grayson M,
-P, Murphy has for some time been Chairman of the
and operation of the company's new lines, purchasing the plant and equipment upon an agreed valuation to be determined, if necessary, by arbitra- Board of the Fifth Avenue fins Co. representing interests largely centred
'
tion. (b) Under the plan, after six years of operation under 10
-year in New York. At an early meeting the board will be reorganized in recogfranchises (with option for five years extension of the same) the city could, nition of the predominating interest of the Chicago group. John A.
on one year's notice, take over the ownership and operation of the company's Ritchie, formerly President of the Fifth Ave. Coach Co.. now President
new lines, purchasing the plant and equipment upon an agreed valuation, of the Omnibus Corp. and of the Chicago Motor Coach Co.. wisl Pe at
the head of the business and in active control of the management of the
to be determined, if necessary, by arbitration.
Fares & Equipment.—Fifteen of the new lines in Manhattan would Fifth Avenue company. The operating of the company will be continued.
operate single-deck coaches of the best and latest models at a Sc. fare,
Frank Heclley, Pres. & Gen. Mgr. of the Interborough
nine would operate double-deck coaches at a 10c. fare, one line is contemplated to operate single-deck coaches at a 10c. fare, and one line is a Rapid Transit Co., issued the following statement Aug. 20:
I have not yet seen the formal applications for franchises for bus operation
single-block extension of the present 72d St. 10c. line. The coaches,
while similar in general appearance to the Fifth Ave. coaches, would be of but I assume they are along the general lines of copies which were pre- ,
sentod to be last Saturday, with this exception: Last Saturday, the
later and improved designs.
In general the north and south, or longitudinal routes, would operate President of the Fifth Avenue Coach Co. showed me copies of petitions,
which indicated that the new merger had organized a Delaware corporation,
on a 10c. fare and the crosstown routes on a 5c. fare.
Double-dec4 equipment would be used in the Concourse lines. On all known as "New York Coach Lines, Inc.," and that the Delaware corporaother lines in the Bronx and the Queens line, extending from Jackson tion had prepared four separate applications for franchises, practically
gridironing Manhattan Island, with extensions into the Borough of Queens
Heights into Manhattan. the equipment would be single-deck coaches.
Mileage & Routes.—The franchises requested contemplate 34 routes: and The Bronx. He had also an application for the Fifth Avenue Coach
Manhattan to have 25 routes totaling approximately 63 miles; The Bronx Co., requesting that it be granted franchises for routes which it Is now
eight routes totaling approximately 47 miles, and Queens one route of operating under permits from the city authorities. I am informed that
about six miles. Of the 25 new routes in Manhattan 11 would be cross- the plan of having a Delaware corporation apply has been abandoned and
town routes, 12 would run in a general north and south direction, and that the applications made this afternoon were by the Fifth Ave. Coach Co.
As to the merits of the matter, it strikes me that this is a repetition of
two would run through Central Park. /
Transfers.—In general on the new and old 10c. routes a single ree efforts which were made by Chicago interests about ten years ago, when
transfer would be given to the Sc. lines or to other 10c. lines. On the applications were made for routes not much unlike the present routes. . .
At the hearing ten years ago the Interborough's position was stated.
Sc. lines transfers would be issued for another Sc. to the 10c. lines. There
would be no transferring between lines operating in The Bronx and lines and that was that it was not advisable to grant further franchises. Indeed,
the report of the city's Bureau of Franchises to the Board at that time,
not operated in the Bronx.
Compensation to the City.—The company would pay 2% of its gross was against franchises for a comprehensive bus system as proposed by the
four applications.
earnings from all new lines as compensation to the City of New York.
The position of the Interborough was further stated that there was a
New Crosstown Lines.—The 12 crosstown lines would link the east and
west sides of Manhattan at convenient points and furnish direct routes limited need for motor buses to be of use to the city, and that to the
between the East and North rivers, as well as to the ferries and to railroad extent that there is such a need the Interborough Rapid Transit Co. made
and steamboat terminals. These routes would also provide access to no objection. For instance; that there were certain localities, like the
the east and west side subways and elevated lines. Several of the cross- Washington Heights sections, which need relief and should have buses
town routes would traverse streets over which buses now are in operation to get the people to the rapid transit and surface lines, and there might
under municipal control. Four of the Sc. routes wold be longitudinal be other similar localities in the city wIrere there was need for bus
(north and south). Two of them would tap the residential district of transportation for similar reasons.
The Interborough company did not then, nor does it now, take any
Inwood in Manhattan. The third and fourth would be lines in Central
"dog-in-the-manger policy." It has used its credit to obtain upward of
Park.
One of the Sc longitudinal routes—that operating into Inwood via $150,000,000 for the purpose of building and equipping subways in a
the Speedway and Dyck
-man St —would provide not only a needed business joint enterprise with the City of New York. It has a.ways stood ready
transportation service, but also a recreational ride. The route would be to make extensions to the subways in co-operation with the pub lc authoralong the west bank of the Harlem River from 115th St. to Dyckman St. ities. It is ready to-day to co-operate with the public authorities to
arrange for the bus operation in such localities as may be necessary to
and thence west to the Hudson River.
Relief for Fifth Ave —Two of the new north and south routes outlined serve the public in connection with the city-owned subways.
About 30 years ago the City of New York embarked upon a policy of
in the plan (the Park Ave. route and the Broadway-Seventh Ave. extension)
would provide new surface transportation on both the east and west sides putting transportation underground to prevent the even then increasing
to the lower section of the city. They would relieve congestion in Fifth congestion in the city's streets.
Ten years ago. at the hearings mentioned, statistics were said before
Ave. and expedite north and south vehicular traffic. Several of the
north and south routes would give modern service to sections in which the city authorities of the terrible accidents in the streets of London and
facilities have been wholly inadequate. One line would provide direct Paris and the intolerable congestion of traffic movement due to the omnibus
connections between the Grand Central Station, Pennsylvania Terminal operation in those cities. it was found in London that the omnibus war
and the West 23d St. ferries, and another would run on Riverside Drive ruining the transportation lines owned by the City of London. The
Underground Companies, as they are called in London, had to buy them
between 135th St. and Dyckman St.
Concourse Lines.—Two of the eight lines in The Bronx would operate in order to get them rerouted to avoid unfair and ruinous competition
on the Concourse, one running from Mosholu Parkway over the Grand and to relieve street traffic congestion.
A was stated to the city authorities ten years ago, on behalf of the
Boulevard and Concourse and Mott Ave. to 138th St., thence over the
Madison Ave. bridge and via 125th St to Fort Lee Ferry, Manhattan. •nterborough,"We are not in the market to buy anything from anybody.
The other Concourse line would start from Mosholu Parkway and run on We msght just as well be understood now, if anynody gets a franchsse,
•
AUG. 23 1924.]
THE CHRONICLE
947
the Interborough is not going to be in the market as the London UnderData from Letter of President Harry C. Moir.
ground was to take it up. We wiri stand the competition first."
Building.
-Is located at the southwest corner of West Madison St. and
That is the position of the Interborough company to-day.
The Interborough company is not, and never has been, financially South Dearborn St.. Chicago, in the heart of the financial, hotel and shopInterested in an omnibus company. The stock of the Interborough company ping districts of the Loop,the building having a frontage of 95 ft. on Madison
ten years ago was almost entire.y in the treasury of the Interborough- St. and of 9254 ft. on Dearborn St.; it is 14 stories high.
Security.-These bonds, which constitute the only indebtedness, will be
Metropo.ftan company. At that time the same company had a Attie
less than one-half of the shares of the company owning the Fifth Avenue secured by a closed first mortgage on the Hartford Building and the leasehold
Coach Co. That investment at that time represented only about one- estates in the land upon which it stands. Based upon an appraisal of the
third of 1% of the investments of the Interborough-Metropolitan system. building and of the leasehold, the total present value of the security for this
On behalf of that company the city authorities were told that, rather bond issue is 32.484,799, or practically twice the total amount of these bonds.
The leasehold estates represent an asset of unusually large and increasing
than have a comprehensive bus system granted even to the Fifth Avenue
Coach Co., they could afford to take whatever there was in that company value. The ground leases were made in 1891 and 1901, respectively, and
and throw it out of the window rather than have the interests of the city extend to April 30 1991, so that nearly 67 years of unexpired term remain.
and of the Interborough company impaired by unfair and unnecessary The rental payments aggregate only 339,000 annually, without revaluation
competition with the city-owned subway. Since that time the Inter- throughout the term.
borough Consolidated Corp. (successor to the Interborough-Metropolitan Earnings of the Hartford Building for the Twelve Months Ended June 30 1924.
company) has gone into bankruptcy and its investment in the omnibus Gross income
$336,837
business in New York was distributed among the creditors of the company. Operating expenses (not incl, deprec. or Federal income taxes)
175.759
The business of the Interborough Rapid Transit Co. is sole.y that of
Balance available for interest
furnishing transportation to the people of New York. With its lease
$161,078
of the present city-owned subway, with extensions wherever bus operation Maximum annual interest charges on these bonds
381.250
Sinking Fund.
-The mortgage securing this bond issue will provide for the
may be necessary, the needs of the people of New York can be met better
by bus routes connected with the subway than it is possible for any bus payment to the trustee of $120,000 per year in semi-annual installments
beginning Feb. 1 1925 for the payment of bond interest and for the retirecompany to do as a separate service.
ment and cancellation of bonds by purchase or redemption by lot. If
bonds are available for the sinking fund at or below par, over 75% of the
No Statement by City Officials.
No official statement of the city's attitiude toward the new enterprise total issue should be retired at or before maturity by operation of the sink.Id.
Guaranty.
-These bonds will be personally guaranteed by Harry C. Moir
could be had. Mayor Hylan is away on vacation and none of his subordinates was willing to say whether the Mayor was aware of the project as to principal, interext and sinking fund by endorsement on each bond.
or to forecast his probable position. City officials generally, it is stated, Mr. Moir's personal net worth, aside from his interest in the Hartford
Building, is estimated to be several times the amount of this bond issue.
showed groat interest in the proposal and studied it intently.
It appeared probable that the Board of Estimate would not consider
Hayes Wheel Co., Jackson, Mich.
-Complaint.
the request for franchises until its next regular meeting on Sept. 19.
In a complaint issued by the Federal Trade Commission, the company is
George McAneny, Chairman of the, Transit Commission, refused to
make any official comment, but said that as an individual he favored the charged with violating certain provisions of the Clayton Act in acquiring
the outstanding Common capital stock of a competing company. The renew bus lines as a great step toward relieving congestion.
spondent is engaged in the manufacture of automobile wheels, and accordResignation of Interborough Directors.
ing to the Commission's citation manufactures approximately 37% of all
At a meeting Aug. 19 of the board of directors of the company, Frank automobile wheels manufactuerd in the United States. The complaint
Hedley, Pres. & Gen. Mgr. of the Interborough Rapid Transit Co., and alleges that the Hayes company acquired all the outstanding Common stock
Leon A. Pepperman, V.-Pres, of the I. R. T. Co., resigned as directors. of the Imperial Wheel Co., a competing concern of Flint, Mich. The effect
The following were elected as directors: J. B. A. Fosburgh of the firm of such acquisition, the complaint recites, has been to substantially lessen
of Grayson M.
-P. Murphy & Co. and John A. Ritchie, Pres, of the Chicago competition between the two companies, to restrain commerce in the sale
Motor Coach Co. It is understood that Mr. Hediey and Mr. Pepperman of automobile wheels in the sections in which the two companies operate,
withdrew from the company in anticipation of active competition between and to tend to create a monopoly in the sale of automobile wheels. Comthe proposed lines and the Interborough, which will take place if the city pany has 30 days in which to answer.
-V. 119. p. 817.
approves the franchises.
-V.11, p. 817, 79.
Hoover Steel Ball Co., Ann Arbor.
-Buys Plant.
H. D. Runciman, Gen. Mgr., has announced that the companv has purFisher Body Corporation.
-Earnings.
chased the entire plant and equipment of the Imperial Bearing Co. of De3 Mos. End. July 311924.
1923.
1922.
1921.
a Net earnings
32.221,743 $5,806,110 $2,137,036 $1,720,643 treit. The price was said to have been more than 5500,000.-V. 114. P•
2475.
Interest
261.611
361.354
166.994
227,587
Federal taxes, &c
262.961
667.074
236.609
Hortonia Power Co.
280,820
-Receivership.
Frederick D. Nirns has been appointed receiver by the U. S. District
Balance, surplus
$1,696,170 $4,777,681
$1,212,236
a Net earnings and income from operations after31,733,433 all expenses Court for the District of Vermont at Burlington, Vt. The appointment was
deducting
made on a creditors' bill filed by the creditors who are in no way hostile
of the business, including expenditures for repairs and maintenance
of to the reorganization plan now being worked out.
properties and an adequate allowance for accruing renewals
-V. 118. p. 1019.
and depreciation.
-V. 118, p. 2945.
Motor
Hudson
Fisher Body Ohio Co.
-Earnings.
-
Three Months Ended July 311924.
1923.
Net earnings after exp., depr., &c_ _ _ - $305,547
$1,276,100
Interest charges
40,000
Provision for taxes
41.943
154,512
Net income
$263.604 $1,081,588
-V. 118, p. 2956.
1922.
$588,789
21,375
72,138
Car Co.
-July Earnings.
-
Net earnings for July. after full allowance for taxes and depreciation,
were approximately $1,019,000.-V. 119, p. 818.
Huntington Development & Gas Co.
-Sufficient Deposits Received.
E. W. Clark & Co. announce that a sufficient amount of Pref. and
Common stock of the company has been deposited under the terms of the
offer of July 31 1924 and that the sale of the stock will be consummated.
The time for the deposit of the stock has been extended.
They also advise that they have contracted for the sale of the notes
Florida Land & Development Co.
-New Name.
which they will receive for the deferred payments of their stock sold
See Florida Western & Northern RR. under "Railroads"
above.
-V. have reserved the right for all other depositing stockholders to sell and
118. p. 2310.
their
notes at the same price if they desire to do so. The result of the sale is
that those stockholders who exercise this right will receive a total in cash
Ford Motor Co.
-July Output.
of $73 34 per share for the Pref. stock and 333 67 per share for the Common
The company in July produced in its domestic plants
151,244 cars and stock, which figures include the cash payments referred to in their letter
trucks, 5,607 tractors and 664 Lincoln cars. This compares
with 169,927 of July 31 1924. It is expected that the settlement and distribution will
cars and trucks, 9,001 tractors and 782 Lincelns in July
1923.-V. 119, be made about Sept. 24. See V. 119, p. 700.
D. 699. 585.
$495,276
Ice Service Co., Inc.
-Merger Attacked.
-
Foundation Co.
-Sees Good Business.
Attorney-General Sherman was asked Aug. 20 by a committee of
President John W.Doty is quoted as follows: "Our earnings
holders of the company to investigate the affairs of the company.stockindications will amount to more than $967,000 in the current frmo present
The company represents a consolidation of companies which, the petition
year, and we
will easily earn $15 a share on our 65,000 shares of Common
alleges, were all prosperous when merged and earning high dividends on
present rate of earnings continues the directors may see fit stock. If the the capitalization. It is complained that salaries are being paid "out of all
to declare an
extra dividend, but that is a matter entirely in their hands. I am
positive. proportion to the services rendered," and that excessive payments were
however, that there will be no increase in
rate, and if an extra dividend made for the erection and repair of ice plants, including the spending of
is not declared the money will be put into the
$1,100.000 for one plant, when, it is alleged, the work could have been
surplus.
"We are heavily interested in the Foundation Co., Ltd., which
is doing a clone for $300,000 less.
large amount of subway and general power house work in
The petition recites that an additional bond issue of $1,000,000 has been
England. I am
going over to look the situation over. Throughout the world
voted and asks the Attorney-General to begin proceedings
working on 70 contracts, which total between e60,000,000 and we are now sale of bonds or other securities: to require an accounting restraining the
from the officers
870,000.000.
"We did 90% more business during the first six months of this
and directors and to have a receiver appointed.
we did last year. The business totaled about 319,250,000, and year than
The stockholders signing the petition are Clara F. Beyer, Max R. Simon,
since June
30 we have boo.ted between $2,000,000 and e3,000,000 more of new
business. Harley Penney, William Rennings and Joseph Mountefering. The petition
"It is possible teat the Japanese subway work will be
started before the was filed by C. I. Engel, 305 Broadway.
close of this year. The work was held back there on account
of the earthHerman G. Witte, 2 Rector St., of the legal staff of the
quake. Tne first part of tars contract calls for $30,000,000.
to this contract, we have two bridge contracts in Japan whim In addition company, in denying the foregoing accusations,
said:
total about
$1,000,000 together.
The allegations contained in the complaint are a gross slander on the
'In South America our contracts totaled between 54,000,000
and 35,000,- officers of the company and are uncalled for and malicious. One of the
000. Most of this work is in Peru.
complainants, Mrs. Bayer, is. I understand, the wife of a Deputy Attorney"If the situation in Europe is readjusted, and I think
'twill be,it will General of this State. Some time ago Mrs. Bayer wrote to the President
stimulate business generally and open up larger fields for us.
The outlook of the company asking the latter to take action against the former directors
for business in this country for the balance of the year with us is
very good." of the concern. The President replied that if Mrs. Beyer could furnish
-V. 119, p. 817. 699.
him with evidence against these men the company would proceed immediately.
(The) Gamewell Co.
-Common Dividend.
So far as the allegation concerning excessive salaries is concerned. S. M.
The directors have declared a dividend of $1 25 per share on
the 60,000 Schatzkin, the President, is serving without any salary, and so is the
shares of no par value Common stock, payable Sept. 15 to
Treasurer. The salaries of other officers have been cut in half.
holders of record
Sept. 5.-V. 118. p. 3203, 2956.
The bond lien which the company placed on the assets of the corporation
was approved by stockholders at a meeting held in November 1922. The
General Electric Co.
-Extra Dividend of 5% Potable $1,000,1)00 which the company proposed to borrow is to meet obligations
incurred as an outcome of two successive mild summers, which, of course,
in Special 6% Preferred Stock.
-A dividend of 5% has
business for ice companies.
declared, payable in special stock (par $10) on Oct. een means poor
The company is not insolvent. It is
15 to stockholders to exchange stock for stock notaselling stock. It is asking
holders of Common stock of record Sept. 4.
new holding company and
in
to aid in the building up of the present corporation. The fact of the
Dividends of like amount were paid in special stock in Oct.
The regular quarterly dividend of 2% on the Common1922 and 1923. matter is certain stockholders are disgruntled because they have not been
1 yi% on the special stock have also been declared, payable stock and of receiving such high dividends as in the past. The old directors of the
Oct. 15 to hold- Brooklyn plants paid out virtually all earnings in dividends without setting
ers of record Sept. 4.-V. 119, p. 699, 585.
aside any reserve for depreciation or for keeping the plants in proper
repair. The consequence was when the new management took charge
General Motors Corp.
-Interest in Ethyl Gasoline Corp.
- there was no money in the treasury to take care of these necessary works.
See Ethyl Gasoline Corp. above.
-V. 119, p. 817, 461.
Naturally the company was forced to borrow.
-V.115, p. 2484.
(W. F.) Hall Printing Co.
-Permanent Bonds.
-
Permanent 1st Mtge.6% Sinking Fund Gold bonds due
ready for delivery at the offices of Lee, Higginson & Co., Mar. 1 1939 are
Chicago, in exchange for the interim certificates now New York. and
outstanding.......
V. 118, p. 2579.
Hartford Building Co., Chicago.
-Bonds Offered.
A. C. Allyn & Co. are offering at 100 and int. $1,250,000
Mtge. Leasehold Sinking Fund gold bonds.
15-Year 63% 1st
Idaho Power Co.
-Valuation, &c.
-
The company has filed with the U. S. District Court a bill of complaint
asking the Court to review the valuations, rate decisions and orders of the
Idaho P. U. Commission affecting the company. It is alleged that these
orders are based on three erroneous premises: (1) The company charges
that its property has been undervalued by approximately $4,000.000;
(2) the company holds that the rate of return allowed by the Commission on
the valuation set by it is too low: and (3) the company asserts that certain
rates, such as those for irrigation power and for heating power, are set at
a non-compensatory figure.
-V. 119, p. 461. 331.
Dated Aug. 11924. Due Aug. 1 1939. Int. payable F. & A.
Independent Pneumatic Tool Co.
-Vice-President.
$1,000. $500 and $100 O. Callable all or part on 60 days noticeDenom.
Gordon II. McCrae has been elected Vice-President.
any
-V. 118. p. 2311.
int. date up to and incl. Aug. 1 1929 at 103 and int.; thereafter up on and
to
incl. Aug. 1 1934 at 102 and int.; thereafter to maturity at 101 and int.
Indiahoma Refining Co.
-8567,500 Offered for Assets.
Principal and semi-annual int. payable at Continental & Commercial
According to a St. Louis dispatch an offer of $567,500 plus accrued taxes,
Trust & Savings Bank, Chicago, trustee. Interest payable without
for all of the company's assets, was filed with Referee
tion for normal Federal income tax not to exceed 2%. Penna. 4 deduc- Aug. 15 by a creditors' committee. Hearings on in Bankruptcy cotes
-mill tax
the offer, and
and Mass.6% income tax refundable.
amended petition of sale,free of lien, were set for Sept. 2.-V. 119.p. on an
332.
THE CHRONICLE
948
International
-Earnings.
Cement Corporation.
-2d Quarter. 1st Quarter -6 Mos. End. June 30
1924.1923.
1924.
1924.
Period$4,487,314 $2.961,598 $7,448.912 $6,461,783
Gross sales
1,191,029
1,343,795
814,154
524,641
Less pkgs., disc. & allow.
$3,673,160 $2,431,957 $6,105.117 $5,270,754
Net sales
2,640.402
3,082,077
1,202,454
Manufacturing costs__ _ 1.879,623
424,303
447,559
265,058
182,501
Depreciation
Shipping, selling and ad922.450
1,106.856
602,777
504,079
ministrative expenses_
Net profit
Miscellaneou3 income_ _
$925,702
21,079
$542,923 $1,468,625 $1,283,599
16,588
24,036
2,957
Total income
Int.chgs.& financial exp
Reserve for Fed'l income
taxes & contingencies_
$946,780
$545,880 $1,492,661
$1.300.188
20,693
372,357
182,575
Net to surplus
268.490
$678,290
103.867
$442.013 x$1,120,303 x$1,096,920
[VOL. 119.
Marlin-Rockwell Corp.
-Earnings.
Report for:Quarter Ending June 30 1924.
Gross earnings
Selling & admin. exp., $136.030; depreciation, M4,114
Net operating profits
Other income
•
Net profit
Preferred dividend
lT327,090
250,144
$76,946
6,657
$3603
47.649
Surplus
-V4119, p. 204.
MexicanISeaboard Oil Co.
-To End Voting Trust. .35'9
Officers of the company are understood to be preparing a letter to stockholders notifying them of the contemplated dissolution of the voting trust
agreement on Sept. 1. it It has been in existence since Sept. 11919.-V. 119,
p. 702.
Middle States Oil Corp.
-Statement by President.-
Pres. P. D. Saklatvala issued the following statement Aug. 15, following
x These earnings after allowing for Preferred dividends are equivalent announcement of the appointment of receivers:
to $2 87 per share for the six months on the 364,167 shares of Common
"The new management of the corporation found upon investigating its
Stock outstanding at the present time.
affairs that they were in an extremely
The new Kansas plant was placed in operation during the latter part of pany has a large number of subsidiariescomplicated condition. The comand sub-subsidiaries, and
July, and its results will be reflected in the figures for the third quarter. them have minority stock interests outstanding in the hands of themost of
public,
The construction organization is now completing its work in Kansas, and and while its properties appeared to be valuable their operation was renwill be transferred shortly to Norfolk. Va. It is estimated that the Norfolk dered difficult by reason of this situation, and its affairs were further complant will be completed during the early part of the summer of 1925.
plicated because of the fact that many of
The general business conditions throughout the districts served by the ests and fractions in some instances were its holdings and fractional interheld by different subsidiaries.
subsidiaries continue satisfactory and the outlook for the last half of the
"Early in July the pipe line companies notified the oil producing companyear is promising.
-V. 118. D. 2580.
ies that their oil runs would be prorated and that the pipe line companies
would only accept and pay for 50% of the oil produced, the balance being
Iron Products Corp.
-Balance Sheet.stored at the producers expense. This meant that the income of Middle
J'ne 30'24. Mar.31'24. States and its subsidiaries would be cut in two. Very soon thereafter there
J'ne 3024. Mar.31'24,
AssetsLiabilities
were different cuts in the price of crude oil, which further reduced Middle
987,300 State's income.
Land, bides., die_x11,631,625 11,410,408 Preferred stock_ _ _ 987,300
Miscell. investm'ts 158,917
163,712 Common stock__ _y8,644,023 8,644,023
"The suit brought by a stockholder seriously affected the company's credit
Cash on hand____ 318,968
392,101 Bonds & mtges. of
and caused so much uneasiness among the stockholders generally that it was
Inventories
2,985.737 2,910,984 subsidiaries ____ 2,289.700 2,289,700 deemed advisable, in view of all of these complications, that a general rePats.,good-will, &c
1
1 Bills & accts. pay_ 2,341,548 2,000,910 ceivership should be had as the best means of protecting the interests of
Cash in sink.fund_
7,880
11,043 Res. for amen int.,
stockholders and all other security holders.
490,248
Notes & accts. rec_ 1,498,138 1,270,185 tax., coating.olic 299,890
"It is believed that Middle States is entirely solvent and that the receiver2,371,168 2,062,797 ship will be of short duration and that it
334,361
316,563 Surplus
Deferred charges
should result in a complete reorganization which
Common stock16,933,628 16,474,978 holders, and alsowill protect all security holders, including interest in subTotal
16,933,628 16.474,978 Total
including stockholders holding minority
sidiaries. The receivers appointed by thA Court are
very superior
x Less reserve for depreciation, amortization, depletion and minority ability and experience and the management believes men of
that under their adinterests in Central Foundry Co. y Authorized 300,000 shares of no par ministration the assets will be conserved and preserved in such manner as
-V. 119, p. 818.
value; outstanding 140,854 shares of no par value.
will ultimately redound to the great financial advantage of the security
holders." Compare V. 119, D. 819. 702.
-Earnings.
Kansas City Power & Light Co.
1923.
Missouri Power & Light Co.
1924.
Years Ended June 30-Bonds Offered.-Hamble88,557,989
$9,188,962
Gross earnings
4,531,473 ton & Co., E. H. Rollins & Sons, H. M. Byllesby & Co.,
4.712,352
Expenses and taxes
936,825 Inc., and Federal Securities Corp. are offering at 983' and
1,045,583
Interest
153,885
165,481
Amortizatita
993,404 int. to yield over 6.60%,$1,200 1st Mtge. & Ref.(Ion. Lien
1,101,907
Depreciation
625,365 Siniing Fund gold bonds, Series "B" 632%. Dated Dec. 1
716,367
Preferred dividends
675,000 1923. Due Dec. 1 1943. (See
1,000,000
Common dividends
description in V. 117, p. 2550.)
Issuance.
-Approved by the Missouri Public Service Commission.
$642,037
$447.272
Surplus
Data from Letter of Pres. Clement Studebaker Jr., Dated Aug. 20.
-V. 119, p. 818.
Company -Organized in Missouri. Owns and operates directly or
through subsidiaries, electric power and light, gas, heating, water, street
Kelsey Wheel Co.
-Earnings.
8 los.End ----Calendar Years- railway and ice properties in 117 cities and towns in Missouri. Oklahoma,
1922.
Kansas and Ohio,serving a population estimated at 161,000. The Missouri
PeriodJune 30'24
1923.
Net sales
$8.443,986 $20,078,435 $16,938.924 properties include Jefferson City, Moberly, Kirksville, Bonneville. Mexico,
Manufacturing costs and expenses_ _ _ _ 7,774,922 18,287,705 15,065,786 Brookfield, Excelsior Springs, Iduntsville and Centralia. In Oklahoma the
principal communities served are Ardmore and Durant. Extensions are
Net profits
$669.064 $1,790,730 $1,873,138 being made in all of the territories served by the company and its sub173,208 sidiaries to meet the demands for services rendered, particularly electric
216.427
Miscellaneous income
97,685
power and light.
Net income before Fed'I taxes, &c.. _
$766,749 $2,007,157 $2,046,345
Socurile.-Secured by a direct first mortgage on the properties owned
178,211 by the company at Jefferson City and Mexico, together with the adjacent
173,089
Preferred dividends
85,179
600,000 communities which are served with electricity from the latter point. They
600,000
Common dividends
300.000
are also a mortgage on the fixed property of the company located at BrookSurplus
$381,570 $1,234,068 $1,268,134 field, Excelsior Springs and Edina. Mo., and on the transmission lines
-V. 118, p. 1528.
extending to many communities and the distribution systems serving therefrom, subject to $1,598,200 bonds of the Excelsior Springs Water. Gas &
Electric Co. and North Missouri Power Co.. under which latter bonds are
Keystone Tire & Rubber Co.
-Earnings.
-pledged all of the securities of the Kansas subsidiary operating at Marys1923.
1924.
6 Months ended June 30$175,432 $182,170 ville. The bonds are also secured by a lien subject only to a closed issue of
Net loss after reserves and other adjustments
-Year gold
$4,104,200 North American Light & Power Co. First Lien 20
-V. 118, p. 1781.
bonds on all the outstanding securities of the other subsidiary companies
owned by the Missouri Power & Light Co.
Lake Superior Corp.
-Annual Report.
Consolidated StatementofEarningsfor Twelve MonthsEnda June 30 1924.
[Excluding the earnings of the Algoma Central & Hudson Bay Ky.
$3,926,100
Gross earnings
1920-21.
1921-22.
Years Ended June 30- 1923-24.
1922-23.
2,695,890
Operating expenses
$
. Ann.
Net earnings from oper.
$
Si
$
632,618
int. charges on these bonds and underlying divisional secur_
1,731,293
330,001
of all subsid. cos
1.156,740
866,582
Int.on bonds ofsub. cos.
$597,592
Balance
and on bank and other
Sinking Fund.
9 n2
-The mortgage provides for a semi-annual sinking k5d,
9
1,779,378
1,498,181
advances, divs., &c_ _ 1,393,989
1.410,717
payable to the trustee in cash, equal in annual amount to 1 % of all bonds
of Series "A" and "B" outstanding at May 31 each year. This sinking
48,085
1,168,180
Deficit for year
237,249
544,136
1 43Su
14
r
lIng fund shall be used for the retirement of bonds of Series "A" and "B" by
Brought forward
def1,307,949 def763,814 sur4 :
purchase or call.
Other adjustments
Capitalization Outstanding.
stir.404,813 1st M.& Ref. Gen. Lien S. F. gold bonds due 1943-Ser."A" 7% $2,978,000
Bal.carried forward _def.1,545,199 defl,307.949 def
.763,814
Series"B"
% (this issue)
51:206420:040000
-V.117, p. 1670.
Underlying divisional securities (closed for issuance to public)
25
-Year 7% Income debentures
1.250,000
Land Co. of Florida.
-New Name.
1,381,100
The name of the Florida Land & Development Co.has been changed to 7% Preferred stock (par $100)
Land Co. of Florida. See Florida Western & Northern RR. under 'Rail- Common stock (no par value)
the
.
Purpose.
-This is.sue of Series "B" bonds is for the acquisition of°la
roads" above.
properties of the North Missouri Power Co. and the securities of the Marysville Water & Electric Co.. and for other property additions, expenditures
Liggett & Myers Tobacco Co.
-Complaint.
for which have been and are to be made, and on account of the retirement
See American Tobacco Co. above.
-V. 119, p. 586.
of underlying bonds.
-Company is controlled by the same interests which control
- Management.
-Capital Increase.
Lima Telephone & Telegraph Co.
company from Illinois Power & Light Corp. The management of the Missouri and the
The stockholders have increased the capital stock of the
Illinois companies is practically identical.
-V. 118, D. 2959.
$1,500,000 to $3,000,000.-V. 105, p. 2002.
-Complaint.
(P.) Lorillard Co.
Montgomery Ward & Co.
-To Erect Building in Baltimore.
Negotiations, it is understood, have been closed by the company for the
erection of a $2.000,000 building in Baltimore. Upon completion of the
building,it is stated,the company will employ about 1,500 people,increasing
-Option.
McIntyre Porcupine Mines, Ltd.
exceed
the number as business
The company,it is reported, has taken an option on the Gamble-Bathurst $1,500.000. It is alsodemands. The pay-roll, it is estimated, will from
estimated that the company will purchase
group comprising approximately 2.600 acres lathe Rouyn district of Quebec, $3,000.000 to $5.000,000 worth of goods in the Baltimore
and it Is
at an ultimate price of $1,000.000. Provided it completes the transaction, said will utilize Baltimore industries as far as possible for market,
the manufacture
regular payments
noc eryarnt tr ex end nn? D 9 4
e op oruife d uut il icc 191... 11131r
n lia
of its quantity purchases.
-V. 119, p. 587, 81.
p. 333.
-V.119, p. 80.
See American Tobacco Co. above.
-Rights.
Mack Trucks, Inc.
The directors on Aug. 21 authorized the offering to stockholders of
record of Sept. 2, the right to subscribe to one share of stock at $80 a share
for each five shares held by them, the right to expire Sept. 22. This
entire issue has been underwritten by Hayden, Stone & Co. construction
The purpose of this issue is to supply funds to pay for the
which the Mack Trucks is making and the supplying of working capital
for the new large business they are developing in motor buses and motor
-V. 119, p. 701.
rail cars.
-Listing.
Massachusetts Cities Realty Co.
9
The Boston Stock Exchange has authorized for the list $500,00 30-Year
Dated
First & Ref. Mtge. Sinking Fund 7% Gold Bonds, Series "A.
1953. See offering in V. 116, p. 522.
Jan. 2 1923. Due Jan. 1
-Declares Initial Div.
Metro-Goldwyn (Pictures) Corp.
15i% on
The directors have declared the initial quarterly dividend of
the Preferred stock, payable Sept. 14 to stockholders of record Aug. 30.
-V,119. p. 462.
Checks will be mailed.
-Earnings.
Mother Lode Coalition Mines Co.
-Output
1923.
Six Months Ended June 301924.
Total net production in concentrate and direct
shipping ore (lbs.)
Y15,166,539 14,
936.9n
Sales of copper (lbs.)
14,568,306 11,966,257
Average price per pound
13.205 cts. 15.939 cts.
2 0 5, 8
9f
Net after taxes
ta
.50
xy9 i 22 11$1, 0; 1m1ays:
$ Dr 2d 4 a,: 7810w 7.
p2
x After crediting the value of silver contents.
Jan., 2,539,243; Feb., 2.510.589: March, 2,495,690; A.
2,531,880: and June, 2,507,840.
The average price received for copper, delivered to consumers, after
deplleiapion a od taxes and crediting silver. was 7.276 cents per pound.ir re8 t 271n
.
Motor Wheel Corp.
-Complaint.
-
Acquiring the whole of the stock or share capital of a competing company
with the effect of substantially lessening competition and creating a monopoly in the automobile wheel industry is charged by the Federal Trade
Commission in a citation directed to the corporation. The firm manufac-
Au°. 23 1924.]
THE CHRONICLE
949
tures and sells wood wheels and steel disc wheels for automobiles and sundry
Quarterly dividends have been paid continuously on the company's
parts and materials for automobiles and automobile wheels.
Preferred stock since its issuance and on the Common stock for a period
The complaint alleges that the respondent corporation acquired the whole of more than 15 years. the
of the stock or share capital of Forsythe Bros. Co., a manufacturer of steel annum payable in Commonpresent Common dividend rate being 10% per
stock at par.
disc automobile wheels with its place of business in Harvey, Ili. Such
-Proceeds of
Purpose.
acquisition, the complaint states, is contrary to law and a violation of the stock are to be used for the present additional issue of $10,000,000 Prof.
the acquisition of income-producing investments
Clayton Act, in that it has a tendency to restrain commerce in the sale of and for retirement of interest-bearing
indebtedness.
steel disc wheels for automobiles in the sections of the United States in which
Consolidated Balance Sheet June 30 1924 (V. 119. p. 8201.
-The continued
the Motor Wheel Corp.and Forsythe Bros. Co.sold their products
.-V. 118. progress of the company and its subsidiaries is reflected in the consolidated
p. 2447.
balance sheet of June 30 1924. The important changes during the 12
months ended on that date are the following: Property and plant account,
National Acme Co.
-Expansion.
which amounted to
The company, according to a dispatch from Toronto, is acquiring the additions to the plants $271,762,081 increased $40,328,351. representing
and systems of subsidiaries. Cash on deposit with
Russell Gear & Machine Co. The Acme Co., it is said, will close its Cana- trustees increased $2,881,705 and amounted
to $4,035.305. a substantial
dian branch at Montreal, moving its equipmant to the Russell plant at part of which is cash
Toronto. The amalgamation will be styled Canadian Acme Screw & Gear, companies' properties. available for further additions to the subsidiary
Net current assets amounted to $23,605.179 an
Ltd. The Russell Co.is a subsidiary of the Russell Motor Co.
-V.119,p.462. Increase of 911,694,585. Funded debt of subsidiaries, amounting to
$161,299.683 increased $29,265,233 and
National Gas Electric Light & Power Co.
-Redemption. increased $10,506,469 and amounted to Preferred stock of subsidiaries
Certain 6% 20-year Collateral Trust Gold bonds. dated Jan. 1 1911 Preferred stock and scrip increased $3,848$36,976,454. North American
(various numbers between 38 and 2046 been drawn) will be redeemed Jan. 1 stock increased $4,321,773. including the and North American Common
dividend
Common
1925 at the office of the Integrity Trust Co., 717 Chestnut St., Phila- on July 1 1924. Reserves increased $8,540.814 and stockall chargespayable
after
includdelphia, at 102 and interest.
ing a write-off of $2,471,531 excess
over
The holders of the bonds may, at their option, present them for payment of subsidiaries, surplus increased of book value On par value of securities
$2,448,864.
June 30 1924 reserves
at the office of Integrity Trust Co., at any time and prior to Jan..1 1925. and surplus amounted to $63,192,853.-V. 119,
p. 820, 703.
when upon surrender of such bonds and coupons due Jan. 1 1925. and
subsequent thereto, they will receive in payment the principal thereof with
North Atlantic Oyster Farms, Inc.
-Back Dividend.
interest accrued to the date of payment, and a premium equal to 2% on
The directors have declared a dividend of 50 cents a share on the Class
the principal of the bonds redeemed.
-V. 116, p. 2265.
"A"stock on account of back dividends and the regular dividend of 50 cents
a share on the issue, both payable
holders of record Aug. 25.
National Power & Light Co.
-Common Dividend No. 2. This clears up all back dividends on Sept. 1 to"A" stock, which is entitled
the Class
A quarterly dividend of $1 50 per share on the Common stock has been to $2 annually.
-V. 118, p. 2711.
declared payable Sept. 1 to holders of record Aug. 23. The regular nuarterly dividend of $1 75 per share on the Pref. stock has also been declared
Northern Indiana Gas & Electric Co.
-No Par Shares.
payable Oct. 1 to holders of record Sept. 18.-V. 118. p. 2834, 2447.
Permission to retire all of the Class B stock and the Common stock of
$100 par value and to issue in exchange Common stock of no par value on
National Transit Co.
-Extra Dividend of 2%.
the basis of 10 shares for one is asked in a petition
An extra dividend of 2% has been declared on the outstanding $6,362,500 the company with the Indiana P. S. Commission. which has been filed by
capital stock, par $12 50, payable Sept. 15 to holders of record Aug. 30.
The company its petition recites that it has completed an arrangement
Extra disbursements of 4% were made March 15 and Sept. 15 1923, and of with the presentin
holders of the Class B Prof. stock, subject to approval by
2% March 15 1924.-V. 118, P. 2582.
the Commission, whereby they will accept Common stock without par value
at the rate of 10 shares of such stock for each share of Class B Prof. stock
Newmines Issues Co.
-To Wind up Affairs.
of $100 par value. The company also has entered into an arrangement
The stockholders will vote Sept. 2 on authorizing the directors
dis- with the holders of the present Common stock whereby, subject to the
tribute the assets and dissolve the corporation. The assets consist to and approval of the Commission,it will purchase and retire the entire $7,000,000
of
distribution will be made in shares of Mason Valley Mines Co. and Gray of its Common stock now outstanding, represented by 70,000 shares of the
Eagle Copper Co., and cash. Upon distribution being made stockholders par value of $100 each by issuing in exchange its Common stock without
will receive for each share of Newmines, 134 shares of Mason Valley, par value at the rate of 10 shares for one. The petition states in part:
22-100ths of a share of Gray Eagle, and about 75 cents in cash. Company
"The exchange if approved by the Commission will improve the structure
has no indebtedness or outstanding obligations.
of petitioner's capitalization by increasing the proportion of outstanding
Common stock at this time from 18.9% to 29.8% of the whole. The proNiagara Falls Power Co.
-Earnings, ctc.posed change in the form of its outstanding Common stock from shares
6 Mos.End.
Calendar Years
a nominal or par value to shares without par value will place its
June 30'24.
Period1923.
Common stock equally in the future on a basis of intrinsic worth without
1922.
1921.
Operating revenue
$4,000,025 $7,121,928 $6,601,690 $6,083,713 reference to or dependence upon the stated or par valuation of the outstandOp. exps., amort. & tax_ 1,660,355
2,836,183
2,485,124
2,386,727 ing shares representing it, which so-called valuation bears no fixed or necessary relation at any time to the actual value of such shares or amount of
Net oper. revenue_ _ _ $2,339.670 $4,285,745 $4,116,566 $3,696,986 such equity."
Non-oper. rev.(net)- -__
182,822
420,339
Under the proposed plan there will be only two kinds of stock, 70.000
380,682
325,655
shares of Class A Pref. of $100 par value and 1,100,000 shares of Common
Gross income
$2,522,492 $4,706,084 $4,497,249 $4,022,641 stock of no par value. The company has about $18,800,000 funded debt
Int. on funded debt_ _ _ _
917,538
1.709,127
-V. 119, p. 81.
1,722,896
1,725,342 outstanding.
U. S. Federal & Canadian taxes. &c
227,176
Northern Indiana Power Co.
-Acquisition.
434.570
379,945
318,707
Preferred dividends_ _
576.058
1,107.267
The company recently acquired the Larwill Light & Power Co., Columbia
1,055,908
812,719
Common dividends
705,042
1,299,834
-V. 119. n• 463.
1,015,542
.869,510 City, Ind.
Surplus for period_ __ _
$96,678
$155,285
$322.957
$296,364
Capitalization June 30 1924Authorized. Outstanding.
Total funded debt
$75,000.000 $37,547,000
7% Cumulative Preferred stock
20,000,000 16,504,200
Common stock (no par value)
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo, 800,000 shs. 714,940 shs.
N. Y.,
cular describing the company's property, earnings, &c. have issued a cir-V. 119, p. 333.
Nipissing Mines Co., Ltd.
-Production, &c.
The company in July mined ore having estimated value of
$167,917. all
Of which reprnsented silver; and shipped 304,051 ounces of silver in bullion,
Valued at $204,713, with silver at 68 A cents an ounce. The low-grade
mil
treated 7,521 tons of ore and the high-grade mill was idle during the
month.
Compare V. 119, p. 333. 587.
North American Co.
-Preferred Stock Sold.
-Dillon, Read
& Co. have sold at $48 per share, to yield 63%,$10,000,000
6% Cumulative Pref. (a. & d.) stock (par 850),
Authorized $60,000,000. To be presently outstanding,
$29.08.5,750. Entitled to preference at par and divs. in incl. this issue,
distribution of
assets in the event of liquidation. Holders entitled to one vote for
each
share of Preferred stock held. Red. upon 30 days' notice all or
part at
105 and divs, at any time after three years from date of issue.
Certificates
of stock interchangeable between New York and St. Louis. Divs.
payable
Q.
-J. Registrars, Bangers Trust Co.. New York. and
Co, St. Louis. Transfer agents, Robert Randall and Mercantile Trust
C. D. Burdick,
60 Broadway, N. Y. City. and Mississippi Valley Trust Co., St. Louis,
Mo.
Divs, free of present Federal normal income tax.
Listing.
-Outstanding Pref. stock listed on N. Y. Stock Exchange
and
application has been made for the listing of this issue.
Data From Latter of Pres. F. L. Dame, New York Aug.
14.
-Organized in 1890. Is one of the oldest, largest and
Company.
most
successful of public utility holding companies. Among
the principal
controlled operating subsidiaries are: Cleveland Electric
Munimating Co,
Union Electric Light & Power Co.(St. Louis, Mo.),and Milwaukee
Ry.& Light Co. Company also owns a substantial stock interest in Electric
Detroit
Edison Co. Operating subsidiaries have been conspicuously
successful in
the public utility field and they have been notable for consistent
growth in
both volume of business and net earnings. The cities in which they
operate
are among the most important industrial centres in the United
States and
the territory served comprises an area of more than 11,000 square
miles,
with a population in excess of 3,600.000.
Income of subsidiary companies is derived principally from the
distribution of electric current for electric power and light, more than 78%
net income from operations in 1923 having come from this source. of the
Total
output of electric energy in 1923 showed an increase of more
3r
than 26%
over the output of 1922. The growth of the subsidiary
companies is
further indicated by increase in their consolidated gross earnings
from
$18,364,656 for 1916 to $77.768,195 for the 12 months ended June
30
During the same period the balance of consolidated earnings before1924.
dividends on Preferred stock of the company, and after depreciation and
all
r
iage at yc harges, increased from $2,260.96l to $8,833.543. or more
tr
an
Consolidated Earnings (IncIdding Subsidiaries) Calendar
Years,
Gross
Balance
Reserved
Balance Before
Earnings of
Before
for
Dirs. on
Subsidiaries.
Depreciation.
Depreciation.
N. A. Pref.
$18,364,656
1916
$3,735,809
$1,474,848
$2,260,961
24,792.880
1918
2,549,864
1.059,895
1.489,969
39,611,162
1920
5,396,288
2,484,155
2,912,133
55,234,492
1922
11,303,731
5,209,882
6,093,849
75.465,267
16.253,454
1923
6.867,996
9,385.458
77.768,195
1924 *
16.371.747
7,538,204
8 833 543
* Twelve months ended June 30 1924.
Earnings of $8,833,543 before Preferred dividends and after all
operating
charges including depreciation, during the 12 months ended June 30
1924
as shown above, were in excess of 73 times the actual dividend requirement
on Preferred stock outstanding during that period, and more than 5 times
dividend requirement on the total amount of Preferred
the annual
stock
to be outstanding after this additional issue.
-Company itself has no funded debt.
Junior farket Equity 574,000,000.
The $29,085,750 of Preferred stock to be outstanding after this issue will
be followed by Common stock which, on the basis of present quotations,
represents a market equity junior to the Preferred stock of over $74,000,000.
The par amount of Common stock outstanding as of June 30 1924 was
$97.g29.160.
-Earnings Six Mos. Ended June 30 1924.
Nunnally Co.
Net sales
Cost of goods and expenses
$742.618
701,972
Operating profit
Other income
$40.646
16,217
Net profit
$58,863
Condensed Balance Sheet.
June 30'24. Dee. 31 '23.
AssetsMOW:fa- Jupe 30'24. Dee. 3l'23.
Permanent assets.$1,161,343 5948,170 C irrent liabilities_ 575,587 5129444
Tradr-morka and
Reserves
235,906
20.t51
1,449,124 1,448,974 Capital and curgood-will
597,648
689,125
Current assets
plus
x3,004,781 3,027,917
Deferred ehargos
108,159
01.847
Total
$3.316,274 53.178,116
Total
$3,319,274 $3,178,116
x Capital stock, 160,000 shares of no par value.
-V. 118, p. 2190.
-Production.
Ohio Copper Co. of Utah.
The company in July produced 1.094.957 pounds ofcopper at an operating
profit of 172,230. The cost per pound was 5.439c. Compare V. 119,
p. 333.
-Balance Sheet June 30 1924.
Ohio Leather Co.
Assets.
Real estate, plant, equip.,
E944,446
less depreciation
151,115
Cash
452,786
U. S. Government secs_ _ _
Accts.& notes rec..less dis 445.007
2.077,165
Inventory
20,975
Stock subscriptions rec_ _ _
25.480
Cash to retire deb. notes_ _
22,202
Prepaid expense
Total
-V. 119, p. 588.
$4,139,178
1st Preferred stock
$803,700
2d Preferred stock
803.700
Common stk. (49,484 shs.
no par)
677,609
Debenture notes
1,500,000
Current accts. pay.& accr.
accounts
166,044
Reserve for cont ngencies_
108,775
Res. for liability insurance
13,439
Profit & loss surplus
65.910
Total
$4.139,178
Orpheum Circuit Co.
-Dividends.
Tee directors have declared three monthly dividends of 123-ic. each on
the Common stock (par 91), Payable Oct. 1, Nov. 1 and Dec. 1 to stock
of rerord Sept. 20. Oct. 20 and Nov. 20, respectively. Like amounts have
been paid on the Common stock since March 1 last. The regular quarterly
dividend of 2% has also been declared on the Prof. stock, payable Oct. 1
to ',tort: of record Sept. 15.-V. 118. p. 3087.
-Earnings Statement.Pacific Oil Co.
1924.
1921.
6 Mos. End. June 30-1923.
$11,102,670 $9,300,588 $111 922:600 $18.765,223
Gross earnings
.798
Operating expenses
$4,405,285 $3,715,939 $3,781,479 87.654,262
Taxes (Federal not incl.)
656,684
359,536
612,308
153,162
Net profit from oper__ $6,085,076 $4,927,964 $7,657,585 $10,957,798
Other income
1.214,339
x1,569.511
965.137
578,742
$7,654,587 $6,142,303 $8,622.722 811,536.540
Gross income
Res.for deprec. & deple_ $1,493,055 $1,473,528 $1.565,453 $1,551,347
25,0819
Reserve for Federal taxes
354,725
133,586
Surplus for period_ ___ $5.806,807 $4,535,189 $6,806,451
$9,985,193
x Includes dividends of 373c. each, paid Jan. 25 1924 and April 25 1924
on the stock of the Associated Oil Co,and dividend of 40c. per share paid
Feb.8 and June 30 1924 on stock of Miley
-Keck Oil Co.
-V. 118. p. 3088.
-Report.
Pacific Burt Co., Ltd.
Years end. Mar. 31- 1923-24.
Net profits
$225,867
Reserves
59,822
Other deductions
16.552
Preferred dividends_ __ _
45,279
Common dividends
39.189
Surplusfor year
$65,024
1922-23.
$235,990
42,401
12,552
45,500
35,750
1921-22.
$115.446
33,720
19,875
45,500
13.000
1920-21.
$149,397
40,300
49,959
45,500
13,000
$99,787
$3,369
8639
THE CHRONICLE
950
Silence Sheet March 31
1923.
1924.
Liabilities
1923.
1924.
A ssets
51,300,000 51,300,000
Capital stock
Real estate, plant
350,000
350.000
3652,268 Funded debt
and equipment _ 5764,434
202,890
261,959
890.164 Reserves
Good-will & pat'ts 877,957
21,125
21,114
270,714 Divs. payable_ _ _ _
277,645
Inventory
150,507
178,865
285,693 Bills & acc'ts pay
Acc'ts & bills rec_ _ 316,101
11,375
11,375
63,446 Bond interest_
58,591
Cash
148,879
195,748
22,496 Surplus
24,305
Prepaid expenses_
52,319,062 52,184,781
Total
82.319.062 32,184,781
Total
-V. 115, p. 2591.
-Earnings, &c.
Paige-Detroit Motor Car Co.
For the first six months of 1924 the company reports sales of $26,559,498
with gross profit of $2.924.005. Net profit of the company and its subsidiaries was $1,854,697. Surplus on June 30, after deducting $360,000
for dividends on the Common stock, was $1,704.148, an increase from
$209,452 on Jan. 1 1924.
and
Current assets, including $1,637,754 in cash, $1.698,912 in notes
accounts receivable, and $5,690.584 in inventories of finished cars, materials
while current liabilities were $2.and supplies, aggregated 39,113.062,
763,347. Investments in subsidiary and other companies were $2,074,483.
Fixed assets, comprising real estate, buildings, machinery and equipment.
after writing off $1.074,043 as depreciation reserve, were valued at $4,464,289. Liabilities other than current, include $3.000.000 634% Serial
Gold Debentures, $6.000,000 of Common stock, and $2,337,500 of Preferred
-V. 119, p. 704.
stock.
-Trustee.
Panola Oil & Gas Co.
The American Trust Co. has been appointed trustee for $400,000 First
Mortgage 7% Demand Gold bonds.
Paraffine
Inc.-Earnings.-
1923.
1924.
Cos.,
Years Ended June 30-17,248,408 $15,807,335
Gross sales
after all deductions. incl. int. on bonds
Earnings,
$1.736.148 $1,620,925
and reserve for Federal taxes
-V. 118, p. 1674.
-Bonds Offered.
Paso Robles Corporation (Calif.).
Wm. R. Staats Co., San Francisco, are offering at 100 and
interest $250,000.7% First (Closed) Lien Bonds.
ReDated Sept. 1 1924. Due Sept. 1 1932. Denom. $1.000, $500.
Interest payable
deemable on any interest date at 101 and interest. tax up to 2%, at
M. & S., without deduction for normal Federal income Angeles, and at
Los
Pacific-Southwest Trust & Savings Bank, trustee,
authorization
Crocker National Bank, San Francisco. Issuance subject to fund will be
sinking
of the Commissioner of Corporations of California. A with the trustee all
provided which will require the corporation to deposit
deeds at or prior
moneys that may be received through retirement of trust
to purchase
to their maturity. Sums so received will be used by the trustee101 and int.
bonds in the open market or to call same by lot at not exceeding
Is closely affiliated with the
Corporation was incorporated in California.
by first lien.
Paso Robles National Bank. These bonds will be secured the Creamery
either by direct first trust deed in the case of the property of
trustee-upon selected
Co.. or through deposit of first trust deeds with the
at $758.455.
improved properties which have been appraised in the aggregate
or more than three times the amount of this issue.
-Balance Sheet July 1.Peck, Stow & Wilcox Co.
1923.
1924.
LtabilUtes1923.
1924.
Assets$2,000,006 12,000,000
Real est.& bldgs__ 1695,249151,261,117 Capital stock
123,563
Accts. & labor pay 153,688
& equipl_ 717,1881
Mach'y
23,446
4,588
Stk.& merchand'se 1,691,203 1,430,047 Accr. liabilities_ _ _ 121,282
74,146
333,167 Res. for canting's_
Accts.receivable_ _ 357,725
18,000
34,000
216,094 Res.for Fed.tax
investmls 161,505
Bonds dr
1,387,816 1,157,536
140,673 Surplus
65,926
Cash
15,593
12,580
Other assets
Total (ea. side).$3,701,374 $3,396,691
Dividend paid during year amounted to 8160.000.-V. 113. p. 1060.
-Balance Sheet.Pennok Oil Co.
June 30'24. Mar.31 '24.
AssetsLeases, wells, pipe
ilnes&plants,&c.55,570,178 85,419,644
Cash,loans & taxexempt securities 3,180,570 3,030,645
123,245
Accts.& notes rec.. 165,664
140,789
204,093
Inventory
28,956
29,177
Insurance ()Ind.__
5,298
33,258
Deferred charges
Liabilities- June 30'24. Afar. 31 '24.
$3,750,000 53,750,000
Capital stock
157,004
Accounts payable_ 186,519
Reserve for deplet.
& deprec., &c x2,854,316 2,698,709
2,392,105 2,142,866
Surplus
940 58,748,578
Total (each side).$9,182,
-V.119, p. 704.
estimated.
x Including six months ended June 30 1924
[vol.. nu.
-Dividend.
Rand Gold Mines, Ltd.
Bankers Trust Co., as depositary of certain Ordinary sterling shares,
has received dividend No. 42, of 60%,and is paying to holders of its certificates for "American shares" (each such certificate representing 2 Yg deposited Ordinary shares) $1 71 per "American share." the equivalent of such
dividend at the current exchange rate. The dividend will be paid on Aug.
23 to holders of record of "American" shares on Aug. 19 1924,-V. 119.
p. 821. 206.
-Permanent Notes.
Remington Arms Co., Inc.
0
Permanent 3
-year 67 gold notes, due April 15 1927, are ready for delivery at the offices of Lee, Higginson & Co.,43 Exchange Place, New York
City.
-V. 118, p. 1785.
-To Oppose Sale.
Riordon Co., Ltd.
A Toronto dispatch states that the proposed sale of the company's assets
at the instance of Boston bondholders will be met with objections from three
sources, viz.: (1) Unsecured creditors are fitghtIng the case through Retail
Merchants Association of Canada; (2) preferred stockholders of the old
Riordon Pulp & Paper Co. are about to take action on the grounds that
their assets were sold without their consent, and (3) common stockholders
-V. 119, p. 334, 206.
of the old company contemplate similar steps.
-New Officers,
Sacramento Gas Co.
-
W. J. Helwick has been elected Sec. & Treas. to succeed C. T. Hills
deceased, and M. J. Gaustad has been elected General Superintendent
-V. 101, p. 1812.
to succeed J. N. Jensen.
Salt River Valley Water Users' Association (Roose--Bonds.
velt Dam Project).
A recent dispatch from Phoenix, Ariz. says: "Announcement has been
sent the principal bond houses of the United States that the Association is
offering for sale bond issues from which it is to pay off the cost of erection
of the Horse Mesa power dam on Salt River and its electrical works and line.
The issues include: $2,500,000 bonds of the Association, bearing 6.7 interest
and payable from 3 to 25 years; $1,576,000 bonds of Agricultural Improvement District No. 2 (Tempe), bearing 6% interest, dated May 29 last.
and due from 1939 to 1954; $665.000 bonds of Roosevelt Agricultural
Improvement District No. 1, due from 1936 to 1954. The district bonds
are guaranteed by the Association, including principal and interest."
-V. 116. p. 2018.
San Antonio Land & Irrigation Co., Ltd.-Reorg
-Year 6% 1st Mtge. bonds will vote Sept. 10 on
The holders of the 12
considering a plan of reorganization of which the following are the main
points: The assets are to be bought at foreclosure sale. The irrigation
system will be transferred to a water improvement district constituted
under the laws of Texas in consideration of not less than 52,000,000 6%
bonds of the district redeemable within 40 years, and these bonds and the
whole of the remaining assets forming the security of the bondholders will
be vested in trustees whose duties, for the purposes of the plan, will be to
realize the property and distribute the net proceeds as an when available.
The plan will be financed mainly by means of the water improvement
district bonds, the bankers being bound on the request of the trustees to
take up at 85% a sufficient number in order to provide (a) the sum of over
51.000.000 immediately wanted, and (b) other moneys as and when needed.
The bankers at the same time will have an option, at the same price for
two years over the whole of such of the bonds as the trustees may not have
called upon them to take up and the company's bondholders will have the
,
opportunity of subscribing /or $500 of the bonds at 93 for each /1,000 of
company's bonds held by them, the bankers to have a call upon the same
at any time within two years at 95 and int. Subject thereto the bonds will
be sold at discretion by the trustees.
The net proceeds of the realization of the assets to be vested in thetrustees
as specified above (Including interim income), will be divided into 130,296
participation shares in respect of which trust participation certificates
(registered) will be issued.
The holders of the company's .£1,600,000 bonds and the /150,000 notes
ranking pail passu therewith and the Empire Trust Co. in respect of a
sum of /9,000, will be allotted 87,950 participation shares ratably as nearly
as may be, and their bonds and notes will be exchanged for the corresponding trust certificates; the residue of the shares will be applicable for financing
conunissions (the bankers in any event taking the bulk of these). The
Empire Trust Co. to receive $32,000 cash and a pro rata amount of the
participation shares in satisfaction of its claim to a first charge upon $300,000
of Medina Valley Irrigation Co.'s bonds owned by the company. Copies
of the plan and forms for deposit of bonds may be had on application to
E. C. 2, London, Eng., or to the
Empire Trust Co., 41 Threadneedle
St.,
Canadian & General Finance Co., Ltd., 3 London Wall Buildings, E. C. 2,
London, Eng.-V. 111, p. 2529.
-Obituary.
Savannah Sugar Refining Co.
p• 2836.
-To Liquidate.
Sharon Pressed Steel Co.
President Ben A. Oxnard died Aug. 19.-V. 118.
The Midland Bank, trustee for the bondholders, according to a Cleveland
dispatch, has decided to liquidate both plant and equipment. The company
failed after considerable financing by the Cleveland Discount Co. when the
The Philadelphia Stock Exchange has authorized the
-V. 117, p. 1898.
due Oct. 11953. latter was placed into receiver's hands.
additional 1st Ref. Mtge. Gold bonds 5 yg % Series "A,"
Proceeds from the
-To Increase Capital.
Shawinigan Water & Power Co.
making the total amount of bonds list 33:000,000.
of extensions
sale of the $1,000.000 have been used for the construction
The shareholders will vote Sept. 22 on authorizing an increase in the cap-V. 119, p. 334.
and additions to the company's property.
ital stock from $20,000,000 to $25,000,000 and authorizing the directors
to issue the additional stock from time to time, and for such prices and in
-No Receiver.
-V. 119, p. 821.
such amounts as the directors may deem advisable.
Piggly Wiggly Corp.
of Federal MasFederal Judge Ross has before him the recommendation the corporation,
for
-Earnings.
Sheffield Farms Co., Inc.
C. S. Marsilliot, denying a receiver President of the corter in Chancery
which had been sought by Clarence Saunders, former
[Including Louvain Construction Corporation.]
stocs transacporation. The report of Marsilliot deals largely with theOne part of the
3 fos. Ended- -6 fee. Ended June 30Periodtions of the corporation under the Saunders management.
1923.
Ju ne 30'24. far.31 '24.
1924.
corporation in the sum of
report indicates that Saunders was indebted to the
sales
$11,117,718 510,727,981 521,845,699 $19,942,851
while in another the master holds that the corporation is en- Net of goods sold
$2,491,962,
5.838,822 6,156,744 11,995,566 11,475,236
described in the report, to Cost
titled to an equitable lien in certain real estate
secure payment of $308.194 which is due.
Gross profit
55.278,896 $4,571,237 $9,850,133 $8,467,615
The prcipal points in Judge Marsilliot's opinion follow: deal in stocks Operating expenses
7,602,909
8,387,140
4,417,460
3,969,680
charter to
(1) The corporation had the power under its ordinary and usual course
-in the
margin, but with these qualifications
on
$864,706
Net income
5861,437
8601,556 $1,462,993
principal object for which
of its business as auxiliary or incidental to the
104,728
39,104
37,678
76,782
speculate in stocks Other income
the corporation was formed-it was not authorized to
or to enter into any gambling contracts, that is, conupon the exchanges
Net inc. before deprec.,
tracts not contemplating actual delivery of the stock.
$969,434
& Federal taxes- -- $899,115
$640,660 $1,539,775
Saunders to deal in stocks
(2) No authority was conferred upon Clarence
121,000
33,500
68,500
35,000
of 50,000 shares of the Fed. inc. tax (estimated)
on margin except In connection with the flotation 10 1922.
stores company's stock, which was completed May action in investing th
$848,434
8865.615
Balance
$605,660 $1,471,275
corporatio n did not ratify Mr. Saunders'
(3) The
-V. 118, p. 2449.
funds in stock transactions.
corporation in a joint venture
(4) Mr.Saunders employed the funds of the the stores' company stock,
Southern Power & Light Co.
-Offer of Exchange of
creation of a corner in
having for its object
by the corporation.
which was an illegal transaction and was not ratifiedthe stock transactions Company's Common Stock for Arkansas Light & Power Company
•
(5) Mr. Saunders is now estopped to assert that
Common Stock.were conducted on behalf of the corporation.
The Common stockholders of the Afkansas Light & Power Co. are in
the sum of $2,491,962.
(6) Mr.Saunders is indebted to the corporation inlien on Mr. Szunders' receipt of a letter signed by Pres. H. C. Couch, which says in substance:
is entitled to an equitable
(7) The corporation
"The Southern Power & Light Co. has been incorporated in Delaware
country estate to secure payment of $308,194.
exists between the inter- with an authorized capital stock of $150,000 without par value, and doing
(8) No conspiracy as charged by Mr. Saundersstores company to injure business in Arkansas. Mississippi and Louisiana, with its principal office
corporation and the
locking stockholders of the
at Pine Bluff, Ark. One of the purposes of the company is to become the
o wra orp
the r e ction.
able to dis- holding company through stock ownership of the Mississippi Power dc
oration is not only not insolvent, but is amply
Light Co. and the Arkansas Light dr Power Co., and such other companies
surplus.
a considerable
charge all its indebtedness and leave for a receiver is dismissed.
-V. 119. p. as become subsidiaries or associated companies.
Application of Mr. Saunders
"The Southern Power & Light Co. has acquired all of the outstanding
82r)
Common stock of the Mississippi Power & Light Co., consisting of 21,000
-Tenders.
owns and controls principal utilities of Mississippi among
(The) Poole Engineering & Machine Co. 19 received bids shares, which cities of Jackson, Vicksburg, Greenville, Columbus, &c., and
which are the
until Aug.
The Equitable Trust Co., Baltimore, trustee, July 1 1916 to an amuont has also acquired more than 80% of the Arkansas Light & Power Co.
for the sale to it of 1st Ref. Gold bonds dated
and int.-V. 118, Common stock outstanding, for which 2 shares of Southern Power de Light
sufficient to exhaust $36,184, at a price not exceeding 105
have been issued in exchange for each share ofCommon stock of the Arkansas
1530.
Light & Power Co.. and the same opportunity is hereby offered to all
P.
stockholders of the remaining outstanding Common stock. Stockholders
-Production-Earnings.
Pure Oil Co.
9,700,000 bbls. desiring to exchange their stock should forward their certificates to the
Production from the Humphreys Oil Co. properties totaled
Equitable Trust Co.. stock transfer agents, 37 Wall St., New York, or to
from September 1923 to June 30 1924. depletion from these ten months L. Garrett, Sec. of the Southern Power & Light Co. at Pine Bluff, Ark.
Net profits before depreciation and Smithsbluff refinery and the pipe
"It is estimated that Southern Power & Light Co. will have earnings
output, including the operations of the
substantially $14,- accruing to 2 shares of its stock that will enable it to pay annual dividends
line from the Mexia field to SmIthspluff, aggregated
better than the present earnings accruing to 1 share Arkansas Light & Power
000,000.-V. 119, p. 821. 589.
-Listing.
Pennsylvania Water & Power Co.
listing of $1,000.000
TH l
AUG. 23 19241
CHRONICLE
951
Consolidated Balance Shect.
June 3024.Mar.31'24.
June 30'24. Mar.31'24
MN/WesAssetsCapital stock_ ___712,467,959 12,467,619
Land.,bidgs.,mach.
and equipment_r6,704,622 6,588,516 Acc'ts & vouchers
584,345
302,526
payable
Pats.,g'd-will,&c_10,956,011 10,955,816
3,578,837 3,106,702 Taxes, royalties,
Inventories
-Sale of Plant.
374,563
Southern Utilities Co.
accrued_ _ _ 276,524
1,294,471 3,154,763
&c.,
Acc'ts & notes rec_
The company has formally accepted the offer of the City of Sanford, Fla., U. S. Govt. seem. 1,299,396 2,110,124 Provision for Fed894,145
664,363
to purchase the company's gas plant in that city for a reported price of Invests,in marketeral taxes
13,294,794 13,964,348
$100,000.-V. 119, p. 590.
able securities__ 1,424,381 1,343,218 Surplus
-Petition
Splitdorf Electric Co. filed in the in Bankruptcy. Newark Cash charges 1,470,695 789,094
277,751
236,786
Deferred
Chancery Court in
A petition in bankruptcy was
shares
27,006,165 28,285,022
Aug. 20 against the company by Harry D. Halsey, who controls 40 money
Total
27,006.165 28,285,020
Total
had
of stock. The petitioner stated that the companywhichbeen losing at $4,he placed
x After deducting $3,053.863 reserve for depreciation. y 474,990 shares
and that its present liabilities equaled its assets, an
order to iprevent the of no par value.
-V. 119, P. 465.
559,504. Vice-Chancellor John H. Backus signed
company from disposing of any property or mortgages, and directing the
-Lee, Higginson & Co.,
-Bonds Sold.
Sun Oil Co.
officers to show cause why a receiver should not be appointed and a special
-V. 106, p. 605.
master called in to conduct an investigation.
Brothers & Co., have
Co. Common stock, and will be increased as the properties develop. The
fact that all of the large Common stockholders of the Arkansas Light &
Power Co. have already exchanged their Common stock for Southern
Power & Light Co. on basis of the above offer is the best evidence of their
faith in the ultimate earning and development of the Southern Power
& Light Co."
Forbes & Co., and Brown
-To Move All Equipment sold at 993 and interest, yielding 5.52%, $10,000,000 15(C. G.) Spring & Bumper Co.
Harris, 4
to Detroit and Chicago.Year 53% Sinking Fund Gold Debentures.
Pres. Christian Girl in a letter to stockholders Aug. 15 says in substance:
The fire in March 1923 at the Kalamazoo factory necessitated quick and
unexpected action in order to maintain production and take care of customers. We concluded a short time lease for a new plant in Kalamazoo at
rather large cost and purchased the equipment and leased the building of
the Copper Spring plant in Cleveland. At the same time the fire in Chicago
necessitated new arrangements there. We were fortunate in being able to
purchase on attractive terms a factory building in the central manufacturing district and to be able to lease ground adjoining on which a large building is now being erected for our use in Sept. During the year facilities of
our Detroit plant have been expanded and lease of the Chelsea property,
therefore, discontinued.
The largest purchases for standard equipment are made in Detroit and to
obtain certain sale and delivery advantages it has seemed wise to enlarge
our Detroit fac.lities.
Much of our steel is purchased directly in Chicago. No city offers greater
facilities for distribution to the great Southern, Central and Western territories, and, therefore, it has been our aim to build up our Chicago property
Our original plant was in Kalamazoo, but we have been paying freight on
steel purchased in Chicago and again on bumbers shlppea to Chicago.
Since lease on our Kalamazoo plant expires Oct. 1. it has been decided to
discontinue all operations there and to move all equipment to Detroit and
Chicago.
Cleveland facilities were required at the time of the fire, but are economically no longer necessary. Leases on the Cooper plant, as well as on our
plating plant, which is located in property of the White Sewing Machine
Co., and also our downtown office and service station, expire shortly and
we have decided not to renew any of these leases, but in their pace we have
leased a small plant formerly owned by the King Bridge Co., on the East
and where service
Side, from which sales in that territory will be direc
will be rendered Cleveland and surrounding territory.
our New York company have increased 50% this year and no
Sales from
change is contemplated in our operations in that territory.
These changes will result in enlarged capacity,concentration ofeffort and,
we firmly believe, in a saving of $75,000 to $100,000 a year through freight
-V. 118, p. 3209.
reduction and decreased overhead.
-Balance Sheet March 31.
Standard Chemical Co., Ltd.
1924.
Liabilities1923.
1924.
1923.
Assetsx$2,213,315 52,405,144 Preferred stock...53,602,700 53,602,700
Properties
1,870,724 1,870,724 Common stock_ _ _ 1,250,000 1,250,000
Goodwill
488,082
63,750 Debentures
162,722
535,493
Investments
310,500
9,134 Bonds
19,368
312,000
Sinking fund cash_
85,801 Bank loans
100,000
Advances,
820,955 Accts. payable... 139,677
962,927
104,169
Inventories
267,016 Canadian land.
5,009
Accts. receivable_ _ 248,166
402,457
332,897
11,333 Reserves
10,677
Working funds...
82,682
77,652
Cash
44,163
41,438
Prepaid charges
581,462 Total (ea. side).$6,193,418 $6,242,260
586,424
Deficit
x Properties. $3,905,567. less $1,692,252 reserve for depreciation.
v. 119. P. 705.
-Employees' Holdings.
Standard Oil Co. of New Jersey.
Trustees of the stock acquisition plan of the company held a total of
506,641 shares of stock for 14,700 subscribing employees on June 30 1924.
This compared with 408,431 shares for 12,928 employees at Dec. 31 1923.
In the first six months of this year the total plan fund increased from
$15,138,564 to $18,501,863.
The directors have declared the quarterly dividend upon the outstanding
Preferred and Common stock, payable Sept. 15 to holders of record Aug.25,
as follows: Preferred stock, $1 75 per share; Common stock:$100 par value,
$1 per share; $25 par value, 25 cents per share.
The proper officers of the company are authorized to withhold payments
of aforesaid dividends, in so far as dividends are declared in respect of any
outstanding $100 par Common certificates, and any outstanding full paid
Preferred stock receipts, until such $100 par Common certificates shall have
been surrendered in exchange for $25 par Common certificates, and such
full paid receipts shall have been surrendered in exchange for definitive
Preferred stock certificates.
Interest in Ethyl Gasoline Corp.
-V. 118. p. 3209. 2961.
See Ethyl Gasoline Corporation above.
-Acquisition.
Standard Plate Glass Corp.
Dispatches from Cincinnati state that the Cincinnati Plate Glass Co.
has been merged with the Standard Plate Glass Corp.. and that the Cincinnati firm will be operated under its present name for the time being as a
division of the Pittsburgh company. The amalgamation, It is stated,
-V. 119, P. 335.
was effected through exchange of shares.
-Listing.
Standard Sanitary Mfg. Co.
The Pittsburgh Stock Exchange on Aug. 4 listed 18,640 additional shares
(par $25) Common stock and 250 additional shares (par $100) Preferred
stock of the company. There has been previously listed of the Common
stock 800,000 shares on Feb.9 1923 and 5.106 additional shares on Aug. 29
1923; of the Preferred stock 40,000 shares on Sept. 14 1916. 4,800 additional
shares on April 28 1920, 534 additional shares on Aug. 1 1921, 257 additional
shares on Sept. 14 1922, and 816 additional shares on Aug. 29 1923. The
total outstanding Common stock amounts to 823.746 shares,or $20.593,650.
and the total outstanding Preferred stock to 46,657 shares, or $4,665.700.
This additional Common stock now listed was issued by authority of the
stockholders, under date of Jan. 10 1924, through the offering of $500,000
of the Common stock to the employees at a price determined by the board
The additional Preferred stock was issued to the trustees of
of directors.fund of the company.
-V. 118, p. 2191, 1148.
the pension
-Tenders.
Stutz Motor Car Co. of America, Inc.
Willard A. Mitchell, Secretary of the company, will receive at his office,
4, bids for the sale of 15
-year
141 Broadway, New York City, until Sept.
%% Convertible Sinking Fund Gold Debenture bonds to an amount
ufficient to exhaust 525,000.-V. 118, p. 3073.
-Earnings
Stewart-Warner Speedometer Corp.
Six Months Ended June 30Profit and income (see note)
Federal taxes
Dividends paid
Premium on Preferred stock retired
1924.
1923.
1922.
$2,256,737 $4,468,331 $2,122,050
528,985
247,186
265,526
1,904,801
2.382.857
579,373
25,374
def$373,306 $2,009,172 $1,277,151
Surplus net income
13,668.100 11,222,588
7,652,200
Add----Previous surplus
$13,294,793 $13.231,760 $8.929,351
unappropriated surplus
Total
-"Profits and income" (3 mos. end. Mar. 31 1924 $1,690.906:
Note.
'
1924, $565,830) are shown "after deducting all manu3 mo . end. June 30 administrative epxenses, including adequate provifacturing, selling and losses on doubtful accounts, depreciation on plant
sions for discounts and
equipment, &c."
Dated Sept. 11924. Due Sept. 1 1939. Principal and interest(M.& N.)
payable at the offices of Lee, Higginson & C9., in New York, Boston and
Chicago, or at Mechanics & Metals National Bank, New York, trustee.
Denom. $1,000 and $500 c*. Callable on 30 days' notice, as a whole at
any time, or in part on any interest date: at 1023 and interest on or prior
to Sept. 1 1929; thereafter at 10114 and interest on or prior to Sept. 1 1934;
at
thereafter at 101 and interest on or prior to Sept. 1 1938; and thereafterfor
100 and interest prior to maturity. Interest payable without deduction
normal Federal income tax up to 2%. Company agrees to pay or to refund
the Penn. 4 mills tax.
-Sinking fund, payable semi-annually, first payment
Sinking Fund.
March 1 1925. to be used for purchase or call and retirement of debentures,
will be sufficient to retire 40% of this issue, or $4,000,000 debentures, by or
before maturity.
Data from Letter of President J. Howard Pew,Philadelphia, Aug. 18.
Company.-Incorp. in New Jersey in 1901 as the Sun Co., continuing a
business established in 1886. Is engaged in the production, transportation,
one of the
refining and distribution of petroleum and its products. It is the United
principal producers and distributors of petroleum products in to Europe.
one of the largest exporters of lubricating oils
States and is
Sales in 1923 were in excess of $33.000,000. Its output, including various
classes of products, is sold in practically every part of the world. Company
and its subsidiaries own or lease 1,000,000 acres,developed and undeveloped,
they are
of
in twelve different States, from the developed acreage andwhich400 miles
own
now producing over 17,000 bbls. of crude oil per day, bbls. daily refining
25,000
of pipelines. 3 well equipped refineries with over
and
d.
capacity, 10 tank steamers aggregating more than 100,000 thew. tons,
distribution
1,250 tank cars. It has a well equipped organization for
and through stockholding
and marketing of its product in the United States, its products in Europe.
interests, excellent facilities for the distribution of
-Proceeds of these $10,000,000 15-Year 514% Sinking Fund
Purpose.
price of
Gold Debentures will be used for the retirement, at its redemption 10
-Year
10214 and interest, of the entire outstanding issue of $4,264,000
price
its
7% Sinking Fund Gold Bonds; for the retirement at 10 redemption
0
interest of the entire outstanding issue of -Year 67, Sinking
101 and
ofv
the retirement of current indebtedFund Gold Debenture Bonds; and for
ness, resulting in corresponding increase in the company's net working
capital.
Capitalization to Be Outstanding upon Completion of Present Financing.
-Year 534% Sinking Fund Gold Debentures (this issue)-- -310,000.000
15
4,000,000
-Year 6% Gold Notes, due June 15 1925
2
492.000
-April 1 1928
6% Equip. Certifs., due serially Oct. 1 1924
30,624,800
(auth. 532.000.000, Par $100)
Capital stock
There are also $222,615 total mortgages on parts of properties, on none
of which is there any bond of the company or any subsidiary.
Sales and Net Earnings Before Interest on Funded Debt, but After Depreciation
and Depletion Charges, Years Ended Dec. 31.
xNet Earn.
Sales.
xNet Earn.
Sales.
532,177.431 14.961,983
$8,173,599 51.244,568 1919
1914
52.797,446 10.105,683
10.934,498
1,884,601 1920
1915
33,989,895 loss316,321
19,517.431
6,190.520 1921
1916
2,344,455
44,338.951
30,206.900 6,292,469 1922
1917
2,439,445
33.893,738
1923
31,264,779
5,716,153
1918
it Before interest on funded debt, but after depreciation and depletion
charges.
For the six months ended June 30 1924 net earnings were $2,636,661. or
at the rate of more than 6 1-3 times this requirement.
after
Average annual net earnings before interest on funded debt but 192,3.
Dec. 31
depreciation and depletion charges, for the ten years endedannual interest
the $819,520
were $4,086,355. or approximately five times
of this financing;
requirement on total funded debt upon completion same basis were for the
34,716.last eight years average annual net earnings on the for the last five years
798, or more than 5% times this requirement; and $3,907,049, or more
average annual net earnings on the same basis were
than 44 times this requirement.
Properties.-Properttes of the company include production owned or
leased, directly or through subsidiary companies, of something over 25.000
acres of oil-producing lands in Oklahoma, Kansas, Texas, Ohio, Louisiana,
Kentucky, West Virginia and Arkansas, having a present net developed
production in excess of 17,000 bbls. per day. Company also owns or
lands in
controls through leaseholds over 1,000.000 acres of undeveloped Indiana,
Oklahoma. Arkansas, Kansas, Texas, Ohio, West Virginia. Also owns
Louisiana. Kentucky, Colorado, New Mexico and California.stock of the
Pref.
50% of the Common stock and all of the $3.000,000 1.750,000 acres in
Beacon Sun Co., owning concessions covering more than
the Maracaibo oil basin in Venezuela.
Company has three well equipped refineries, at Marcus Hook, Pa. at
Toledo, Ohio,and at Yale, Okla. having a combined daily refining capacity
Hook, Pa., on
'
of over 25,000 bbls. Company's largest refinery, at Marcus -acre tract of
the Delaware River below Philadelphia, is situated on a 228 refinery at
The
land and has a daily refining capacity of 20.000 bbls. capacity of 3.000
Toledo is situated on a tract of 65 acres and has a refining subsidiary of the
by a
bbls. per day. The refinery at Yale, Okla., is ownedbbls. per day, and is
Sun Oil Co. and has a refining capacity of 3,000 refineries are: lubricat..
of these
situated on 65 acres of land. The products
int
.
rp er ne.i ilth
asphalt, i rliies f s iliLa o
nror
petroleumfue o greases, road
ing ii
other
ese facilities considerably
e ec
ni l ,
stills, exclusive of tar andexperimendi srillsostorage as is necessary for the
in excess of 1,000,000 bbls., and such other equipment
operation of these plants.
subsidiaries include tank
The distribution facilities of the company and its
tank ships of over
steamers, tank cars and pipe lines. Company owns 10the operation of its
100,000 tons d. w. and such barges as are necessary fora total of 400 miles
Company's transportation system includes
business.
steel tank cars.
of pipe lines, and its railroad transportation equipment 1.250
capacity of over
In connection with its pipe lines company has a storage
Company owns 55 distributing stations located in impor4,000,000 bbls.
directly throughout
tant cities in 17 States and distributes through agents or distribution of its
the United States and owns 65 filling stations. In the
a substantial interest in several of
products in Europe, the company owns
the best equipped distributing companies serving France, Italy, Belgium,
England and Germany. It also owns the stock of the Sun Co. of Canada.
Canada.
Ltd., through which its products are marketed in stock ownership: Sun
-Controls through entire
Subsidiary Companies.
refinery at Yale, Okla.; Twin State
Co. of Delaware, which owns the oil
Oil Co., which owns the producing properties in Oklahoma; Delaware River
Sun 011 Co.
& Union RR., which is the operating railroad on the land of theall the comat Marcus Hook; Sun Oil Line Co., which operates and owns in the Ohio
lines, gathering lines, pumping stations and tanks
pany's pipe
Sun
Co. and for
field for the collection of oil from the properties of the Co., Oil
which operates
transportation to the Toledo refinery; Sun Pipe Line
lines and main pipe lines for collection of oil from the
and owns collecting
company's properties in Texas and transports this oil to Sabine Pass, on the
Gulf, which on is eventually transferred to Marcus Hook by ocean-going
tankers; the pipe lines owned by the Sun Pipe Line Co. consisting a 153
-inch pipe line; the Hardwood PackAge Co., located op
-inch and 8
miles of 6
land owned by the Sun 011 Co. at Marcus Hook, Pa., manufactures kegs
952
For,. 119.
THE CHRONICLE
and barrels for the company and for the trade, with a capacity of 400 kegs per year, or approximately 844 times the maximum interest requirements
on this issue of tponds. For 1923 earnings were $117.891, or more than 12
and2,000 barrels per day.
Sun Oil Co. also owns more than 80% of the outstanding capital stock times the maximum interest requirements.
Sinking Fund.
-Company will be required to pay into the hands of the
the Sun Shipbuilding & Drydock Co. This company is located at
of
Chester. Pa., and in addition to the building of new ships, it has a largo trustee $4 per 1,000 ft. on all fee timber cut or sold, such moneys to be used
repair and drydock plant. Aggregate capital and surplus of the Sun Ship- as a sinking fund for the retirement of bonds.
Purpose.
-Proceeds will be used for additions and betterments and to rebuilding & Drydock Co. amounts to 310,885,200.
duce current indebtedness.
Balance Sheet June 30 1924 (Giving Effect to Present Financing).
I LiabilitiesAssetsUnited Cigar Stores Co. of America.
-Declares a 2%
814,492.000
$25.350.786 Funded debt
xFixed assets
30,624,800 Cash and a 134% Stock Dividend on Common Stock.
Inv.in allied and sub. cos. 8.142.143 Capital stock
2,376.313
893,961 Accounts payable
Adv. to allied & sub. cos_
dividend
855.150 ofThe directors have declared a cash dividend of 2% and a stock of record
646.588 Notes payable
Cash
I 34% on the Common stock, both payable Sept. 30 to holders
154,596 Sept.
4,210,288!Accrued interest & taxes_
Accounts receivable
1A% on the Preferred
quarterly
2,244,792 stock,15: and the regularto holders cash dividend of1. Like amounts were
102.039 Surplus
receivable
Notes
payable Sept. 15
of record Sept.
10.038,322
inventories
paid last quarter. Quarterly cash dividends of 3% each were paid on tho
83,323
Securities
Common stock from Nov.1923 to May 1924. inclusive.
-V.119, p.465,207.
809,740
Deferred assets
850.747,651
380.462 Total (each side)
Capital stock in treasury_
x Land, buildings, leases, plants & equipment, $23,601,868: railroad
equipment & tank cars, 82,431,407: steamships & barges, 813.710,280:
automobiles & trucks,$507,928; total. $40.251.485; less reserve for depreciation, depletion & amortization, $14,678,084: balance, $25,573,400; less
mortgages payable, 8222.615.-V. 118, p. 3209.
-Statement of Current
Superior & Boston Copper Co.
Condition Aug. 13 1924.
Cash. $47.958: supplies. $20,500: ore in transit (estimated), $18,500:
total, $86.958. Notes and accounts payable, $21,700.-V. 119, p. 822.
-Dividend Rate.
-Gulf Sulphur Co.
Texas
The directors have declared a quarterly dividend of $1 75 a share on the
capital stock, payable Sept. 15 to holders of record Sept. 2. This action
places the stock on a regular $7 annual dividend basis. Formerly regular
disbursements of $1 50 a share had been paid and extras from time to time,
-V. 119, p. 465.
bringing the payment up to $7 a share annually.
-The
-Bonds Offered.
Thirty Federal Street, Boston.
Puritan Mortgage Corp., New York and Boston, is offering
at 100 and int. $750,000 Federal District Trust 1st (Closed)
Mtge. 6% Serial Gold Bonds.
Dated May 15 1924. due serially to May 15 1939. Red. by lot on any
int, date on 60 days notice at 105 and int. Int, payable without deduction
for any normal Federal income tax not in excess of 4%. Free from Mass.
Income tax. Penn. and Conn, personal property taxes not in excess of
4 mills refunded. Int. payable M. & N. at National Shawmut Bank,
Boston, trustee. Denom. $1.000. 3500 and $100.
-Bonds will constitute direct obligations of the Federal District
Security.
Trust secured by a closed first mortgage on the plot of land fronting approximately 78 ft. on Federal St. and extending through and fronting 80 It. on
-story and basement, first-class
Congress St.. Boston, together with the 7
bank and office building to be built thereon. The building will be of first
classfireproof steel construction. It will be erected from plans and specifications prepared by J. D. Leland & Co.. architects and engineers, Boston,
Mass. The street floor will contain two banking rooms and the remaining
six floors will consist of office space, with a total rentable area of 45,400
square feet.
-Land (as appraised by Richard De B. Boardman, of
Values.
of T. Donnie Boardman. Reginald Boardman & Richard De B.
$725,000
Boardman,of Boston, Mass.)
Land and building completed (as appraised by Hayes & Read,
1,307,125
of Boston. Mass.)
750.000
-year 6% Serial Gold bonds(57% of total valuation)
1st Mtge.15
557.125
Equity (43% of total valuation)
of Boston. Mass.
Income and Operating Costs as Estimated by Hayes & Read
$148.000
-Gross annual rental
33,000
-Operating expenses, taxes,-&c
$115,000
Net annual income
845.000
Maximum annual interest charge on this issue
Net estimated income will therefore be over 244 times maximum interest
requirements of these bonds.
-New Directors.
Tobacco Products Corporation.
c. A. Whalen and Elliott Averett, respectively President and VicePresident of United Cigar Stores Co. of America, have been elected direc-V. 118, p. 3090.
tors.
-Tenders.
Trinity Buildings Corp. of New York.
The Guaranty Trust Co., 140 Broadway, New York, trustee, will until
-year 534% Gold Loan
Sept. 2 receive bids for the sale to it of 1st Mtge. 20
certificates, due June 1 1939, to an amount sufficient to exhaust 850,402
-V. 118, p. 2584.
at a price not exceeding 103 and interest.
-Earnings and Balance Sheet.
Union Tank Car Co.
1922.
1923.
1924.
Six Months Ended June 30$3,968.084 $3.056,958
Earnings after operating expenses___ 83,311,654
81.918.456 $1,668,492 31,698.746
Depreciation
2 .124,781
291,4
Reserve for taxes
79.577
85.000
Reserve for annuities
f
81.101,718 $1,924.592 81,153.854
Balance, surplus
S420.000
$420,000
S420.000
Preferred dividends (344%)
0
(234%)450.000(245)450.00 (344)420.000
Common dividends
United Fuel & Supply Co., Detroit.
-Bonds Sold.
Hoagland, Allum & Co., Howe, Snow & Bertles, Inc., Peabody, Houghteling & Co. and Otis & Co. have sold at 100
and int. $2,000,000 6
1st Mtge. Real Estate Sinking
Fund Gold bonds.
Dated Aug. 11924. due Aug. 11939. Denom. $1.000,8500 and $100 c*.
Int. payable F. & A. at Bankers Trust Co., New York, or Security Trust
Co., Detroit, without deduction of the normal Federal income tax up to
2%. Company agrees to refund the State taxes of Mass., Conn., Penn.
and Maryland. Red. all or part upon any int, date on 30 days' notice at
103 for the first 10 years, less 44% for each year thereafter, until maturity.
Legal for Michigan savings banks
-tax exempt in Michigan. Security
Trust Co., Detroit, Mich., trustee.
Data From Letter of Pres. C. N. Ray, Detroit Aug. 13.
-A Michigan corporation, with its predecessors, has been
Company.
engaged in the fuel and supply business in Detroit for 46 years. Is the
largest business of its kind in Michigan and one of the largest building
supply businesses in the United States. It is estimated that the company
does approximately 50% of the fuel and supply business in the city of
Detroit. Company owns and operates large supply yards in Detroit, several
large deck properties on the Detroit River, 5 steamships and a fleet of
dredges and barges operating in the Detroit River and Lake St. Clair.
Company owns and operates 7 locomotives, 25 cars, 75 motor trucks and
70 teams of horses. About 800 people are employed in the company's
operations. Gross sales for the year ended March 31 1924 were in excess
of $6,000,000.
-Secured by a first mortgage on all the real estate holdings and
Security.
other fixed assets of the company. The total assets of the company,
exclusive of net current assets, are valued in excess of $6,950.000. Of this,
over $5,430,000 is represented by real estate values, including 16 parcels
of real estate in the Detroit district, valued at $4.350,034 by a committee
of five members of the Detroit Real Estate Board.
Sinking Fund.
-Provision is made for a minimum sinking fund, beginning
In Jan. 1926, which will retire by purchase or call $1,197,000 of this issue
before maturity. Additional sinking funds are provided in accordance with
the provisions of the trust deed.
Purpose.
-Proceeds will be used to retire funded and floating indebtedness
of the company and for other corporate purposes.
-year period, ending March 311924,the company
Earnings.
-During the 9
earned net, after local taxes. Federal taxes and maintenance, but before
depreciation, $3.519.653, or an average of 3391.072 per annum.
For the 12 months ended March 31 1924 net earnings as above defined
were $571.393. or more than 4 times the maximum interest charges on this
entire issue. For the first quarter ending June 30 of the 1924 fiscal year
such not earnings were $193.450, or 6 times interest requirements for
that period.
Gross sales for the last 12 years have been as follows:
1912 _ -$1.420,0641915 -43.745.07311918 -33.350.65711921 --$5,242,33
l913. 2,002,715 1916 -- 4.726.987 1919 _- 6,338.622 1922 __ 5,331,89
1914.. 3.173,253,1917_..4.812,014 1920 -- 7.682,020 1923 -- 6,191,116
Balance Sheet March 31 1924 (After Giving Effect to This Financing).
$2,000:000
bonds
*Real est., bldgs., mach.,
673
equipment, &c
$4.750.946 Land coritraccontracts
68.822
Land contracts
218.795 Notes payable
385,718Inventories
871,077 Accounts payable
622..084664
Accrued items
Notes & accts. rec. (less
reserves)
503.290 Deposits
0
101,70260
Cash
C
119.189 Reserve for taxes
Prepaid ins., taxes, &c.,.. 286,187 ftes. for repairs, &c
Res. for depreciation- 1,246,566
54.459
wod proton prop.sold
earrth
2,862,610
Total (each side)
$6.749.483 Not
* These properties have been recently appraised at 86,950,000. V. 104,
p. 2558, 2656.
--Earnings.
United Iron Works, Inc.
Years Ended May 31Sales, less returns and allowances
Cost of sales
Selling, administrative and general expenses
Net earnings
Inventory adjustment
Other income
1922-23.
1923-24.
33,831.744 $3,159,896
2,648,645
3,355.017
241,993
265,877
$210,850
10,712
$269,258
Cr.6,875
25.084
$313.854
$231,717 $1,054,592
8301,217
$221,562
Total net income
157,426
Comparative Balance Sheet.
140,417
Interest charges
19,626
June 3024 Dec.31 '23 Other deductions
18,303
June 3024 Dec. 31 '23
$
8
Assets$124,165
$62,843
Surplus for year
Tank car equIp't.:44,676,602 46,470,226 Preferred stock___12,000.000 12,000,000
639,170 Common stock___18.000,000 18 000,000 -V. 115, p. 2058.
Shop equipment__ 1.080.881
353,827 Car trust notes__ 6,500,000 6,500.600
Materials
-Redemption.
16,070 Accounts payable_ 640,207 1,343,121
19,691
Office fu niture
United Power & Light Corp. of Kansas.
339,982
Cash & securities_ 3.237,319 1,928,430 Res, for annuitles..1 907,5351 580,025
-year Gold bonds, due April 1
All of the outstanding 1st Mtge. 8% 10
l
Accts.receivable 1,568,257 1,658,697 Reserve for taxes-J
for
12,535,009 12.303.292 1931, of the Pawnee Power & Water Co. have been called and redemption
Surplus
interest.
Oct. 1 at Harris Trust & Savings Bank, Chicago at 110
50,582.752 51,066,421 V. 118, p. 2317.
Total
50,582.752 51,066,421
Total
Balance, surplus
-Referee
United States Light & Heating Co. (of Me.).
Reports on Allegations of Stockholders.Union Lumber & Shingle Co., Union Mills, Wash.
Ashbel P. Fitch, who was appointed referee two years ago to take an
Babcock, in
court in a suit by
Bonds Offered.-Lumbermen's Trust Co., Portland, Ore., accounting ordered by the stockholders against Frederick R. of the stocktho members
behalf of himself and other
are offering at prices to yield from 63/3% to 7%,according to holders' protective committee appointed in 1915. filed his report Aug. 18.
In it he found that tho members of the committee had overpaid themselves
maturity, $150,000 1st (closed) Mtge. 63/3% Gold bonds.
-V. 119, p. 85.
x Less depreciation.
DoDated July 15 1924. Due serially July 15 and Jan. 15 19254929.Trust
Born. $1,000 and $500 c*. Interest payable J. & J. at Lumbermen's
numerical
Co., Portland, Ore., trustee. Callable as a whole or, if in part. In and incl.
order, on any int. date on 30 days' notice at 10234 and int. up to
-month period thereafter.
Jan. 15 1925. less A of 1% for each succeeding 6
to but
Int, payable without deduction for normal Federal income tax up
not exceeding 2% par annum.
-Business established in 1898. Company's business consists
Company.
lath,
In milling and logging operations and the manufacture of lumber, own
its
shingles and Tung-Lok silos, which products are marketed through
well-known
sales organizat.on In domestic and foreign markets under the
brand shingles.
trade marks of "Lilco" branded lumber and "Long-Lake" mills, planing
Company owns and operates its own logging camps, saw
mi.ls, dry kilns and logging railroads. Its business has been
mills, shingle
same ownership and
carried on continuously since its inception under the timber holdings, acmanagement and in the same location. Company's
cruises, approximate 134
cording to two independent
134 million feet.
cording to two independent cruises, approximate appraisal by General ApThe plant, exclusive of timber, according to
replacement value of $1.017.681 and a depraisal Co., has an estimated
preciated value of $759,516.
-Earnings for the past 7 years (excluding 1921. during which
Earnings.
market
the plant,like many others, was not operated due to unsatisfactory
conditions), have averaged, before depreciation and Federal taxes. $82,322
for their services and that they must return the excess payment with
interest since 1915.
The members of the committee who were ordered to refund $122,267 and
interest amounting to $64.800. a total of 3187,068, are Walston it. Brown,
Crawford Livingston. Albert N.Parlin, Charles R. Dalgleish and Herbert V.
Falk. The defendants will appeal from the decision of the referee upholding
objections made by the plaintiff to their accounting as members of the
stockholders' protective committee, and awarding to the corporation the
sum stated.
Mr. Fitch stated in his report that the accounting was ordered in the
Supreme Court in 1920 and that he was appointed to take testimony as
to the compensation appropriated to themselves by the members of the
committee. He says they were appointed in July 1915. and that they took
as the "reasonable value" of their services 812.500 in cash, 835,500 in par
value of Preferred stock and $275.000 par value Common stock of the
corporation. He reports that this compensation was "far in excess of the
fair and reasonable value of the services rendered."
The referee says that the total cash received by the members of the
committee for the stock appropriated for themselves and subsequently
sold was $102,875, and the cash value of stock unsold was $47,426. He
finds that the reasonable value of their services was $35,000.
They are charged with a total of $157,267 and credited with $35.000,
for which reason judgment for $122,267 with interest Is granted-(New
-V. 101, p. 136.
York "Times").
THE CHRONICLE
AUG. 23 1924.]
953
a
Wichita Water Co.
-Permanent Bonds Ready.
-
-Earnings.
U. S. Hoffman Machinery Corp.
(Including Canadian Hoffman Machinary Co., Ltd.)
1924.
1923.
1922.
Six Months Ended June 30$2,912.463 $2,762.049 $2,508,728
Gross sales
2,090.511
1,926,080
Oper.costs & exp.,returns, depr., &c.. 2,399.375
Profit from operations
Interest and other income
$513,087
71,734
$671,537
78.153
$582.648
69,910
Gross income
Interest and other charges
Debenture interest
Premiums on debentures
Federal tax reserve
Provision for amortization
Preferred dividend
$584,821
85,181
74,954
24,000
32,822
106,507
$749,690
136,288
88,919
15.000
49.343
105,698
$652,557
138,387
99,321
15.000
34.817
98,768
38,250
Surplus for period
Previous surplus
$261,357
1,105,403
8354,443
510.680
$228,014
Profit and loss, surplus
$1,352,804
$865,122
$228,014
Consolidated Balance Sheet (Including Can. Hoffman Machinery Co., Ltd.).
Joe 3024. Mar.3124.
rile 30'24. Mar.31'24.
Assets$
Plant prop.less res 856,479
848,095 Capital stock
y2,766,081 2,766,081
Patents, less rea__ 2,645,694 2,695,049,8% sinking fund
1
11 gold deb. bonds_ 1,731,000 1.925,000
Good-will
438,493 Notes payable__ __ 875,000
Cash
315,389
875,000
Notes & accts. rec.
Accounts payable), 367,981
217,230
less reserve
x2,443,205 2,448,4371 Accrued accounts_ f
85,864
Inventories
1,232,861 1,158,652 Def.accts. payable 225,000
250,000
Spec. dep., leases,
'Res.,tax.& royal's 298,199
296,625
contracts,&c
2,665
3,192 Res.,deb.bd.prem,
67.266
63,026
Investments
64,999
52,951:Deferred credits__
24.697
13,592
Sinking fund
94.369
1.014 Disc, drafts reo___
5,093
6,254
52,366
Deferred charges_ _
56,809 Surplus
1,352,803 1,210,278
6,254
5,093
Drafts rec. dhieted
Farmers Loan & Trust Co. announces that it will be prepared to deliver
on and after Aug. 21 permanent First Mtge. bonds in exchange for temporary bonds outstanding.
-V. 118, p. 2079.
Wicks Store & Office Building, Chicago.
-Bonds Offered.-Garard & Co., Chicago, are offering at par and int.
$260,000 1st Mtge. 6%% Gold bonds.
Dated July 1 1924. Due serially July 1 1926, Jan. 1 1927-33, Jan. &
July 1 1934. Callable after two years upon 30 days' notice in inverse order
of maturity at 102. Int. payable J. & J. at the office of Garard & Co.,
Chicago, Ill., without deduction for normal Federal income tax up to 2%.
Chicago Title & Trust Co., Chicago, trustee. Denom.$30008500. $100.
The building is located at the northeast corner of Cottage Grove Ave. and
74th St., Chicago. The building occupies a lot 166 x 125 ft.: is of fireproof
construction throughout, of concrete and brick, with cream and buff
terra cotta facing, and will provide the Wicks Store (a mercantile organization owned and operated by Wicks- Brothers) with three large salesrooms,
and, with the Cottage Grove Avenue store, 38 x 125 ft. (4.750 sq. ft.),
gives the building a total rentable floor area of 46,150 sq. ft., exclusive of
the offices.
The bonds are secured by a first mortgage on entire property, conservatively valued at $400,000, and under the terms of the mortgage monthly
deposits of one-twelfth of the maturing principal payments due each year
will be deposited in the office of Garard & Co.
The annual income as estimated by the owners, including value of the
space occupied by them, will be $44,100, or about 2.7 times the greatest
annual interest requirement on this bond issue.
Willys-Overland Co.(& Subs.).
-Earnings.
-
6 Months ended June 301924.
1923.
Cars sold-"Overland"
77,699
76.453
"Knight"
21,n80
27,244
int. & special reserve (est.)_ $2,781,691 87,932,385
Net earns, after taxes,
Consolidated Balance Sheet June 30.
1924.
1923.
1924,
1923.
Liabilities$
$
Assets7,713.121 7,708,952 Total
Total
7,713,121 7,708,952 Real estate,bldgs..
Pref. (auth., $10,000,000) stock__ 8,878,700 8,878,700
mach'y, &c___y27,275,278 26,702,899
x Includes $1,874,068 customers' notes receivable secured by chattel
Cony.Pref.(auth.,
patt'ns,
mortgages or equivalent liens, of which $1,381,695 is assigned as collateral Good-will,
xl
xl
515,000.000)stk.13,170,800 13,170,800
dm
security for notes payable. It does not include interest accrued on customers' Trust fund
'264,253 Corn. stk. & scrip..11.324,176 53,993,925
notes receivable. y Represented by 150.000 shares of no par value.
31,938,107 26,430.165 Subs. stk. outat'g_
Inventories
219,400
The consolidated balance sheet as of June 30 1924, after giving effect to
sects rec.z4,772,663 4,344,583 Funded debt
9.000.000 6,943,000
the issuance of 81,300.0007% Cum. Prof. stock. 30,000 shares of Common Notes &
2,723,922 7,248,321 Acc'ts payable_ _ _b 6.683,103 10,859,259
Cash
stock and the retirement of $1.645.000 8% Debs. was given in V.119. p.822 Due from affil.cos. 890,480
260,771 Deferred liabilities a 932,315 1,078,253
775,404
Invin affil.,&o.cos 1,332,938 1,230,072 Accrued int., &c
431,323
Entire Issue of Debentures Called.
Res, for conting
1,957,629 3,604,414
hliscell. notes &
124,703 "Ii.vent. shortage 1,208,560 2,883,249
The company will redeem and pay on Sept. 19 at the office of the New
accts. receivable 161.670
551.515
Surplus
York Trust Co., 100 Broadway, New York City, trustee, the entire issue Unamort. bd. disc.
16,437,659
721,774
149.963
of its 10-year 8% Sinking Fund Gold Debentures at 105% and interest. Prepaid int., &c
35,306,593
Holders of said debentures having the certificate for stock rights appertain- Deficit
ing thereto attached, together with all unmatured warrants for dividends
appertaining thereto, will receive a voting trust certificate for three shares
70,388,349 102062,324
Total
70,368,349 102062,324
Total
of Common stock, without par value. in lieu of each stock rights certificate.
x Good-will. patents. &c.. less reserve provided to reduce book value of
-v. 119, P. 822, 706.
these items to $1. y After deducting $14,672,408 allowance for depreciation
and $873.328 allowance for loss. z Notes receivable, $2.467,723; accounts
Universal Pipe & Radiator Co.
-Earnings.receivable, $2,522,044; total, $4,989,767; less allowance for doubtful
-3Months Endedaccount, $217,104. a Stock purchase contract. &c., payable, $153,140
Total
June 30'24. Mar. 31 '24. 6 Mos.End. annually beginning in 1925. b As follows: For purchases, expenses. &c..
Total earns, after deducting cost of
$3.724,253; dealers' performance bonds. $948,477; excise taxes. $345,428:
oper., Inc!. repairs & maint. & up;
3
5 5
7
papaients iro11 $ si3.814 funfug d bon ,d es, $191.97 2 ,s11 0 ' Initial
un ymd pr85357; 8nking re d noldcertids afic tue ju1y 5 19 ;4dea, 0
keep. exps. of sales and general offices, doubtful acc'ts & adjustments
The company was reported contingently liable as endorsers on notes,
of inventories
$525,397
$391,481
$916,878 acceptances, &c., June 30 1924, in the amount of $5,941,935.
less: Provision for int., taxes. depreThe company's Federal tax returns have been reviewed and settled for
ciation, depletion, &c
254.225
119,017
373,242 the period covered by the high tax rates and current adjustments with the
Dividends paid on Preferred stock
136,544
19.746
-V. 119, P. 343, 208.
156,290 Government should be of minor importance only.
Balance, surplus
Previous surplus
$134,626
2,062.797
$252,718
2,021,348
$387,344
2,021,348
-Deposits of Bonds Asked.
Wilson & Co., Inc.
-
Progress in the readjustment of the affairs of the company is indicated
by the call issued Aug. 20 for deposit of the company's 10
-'Year Convertible
Sinking Fund 6% Gold Bonds, due 1928, and the 10
-Year Convertible
Total surplus
$2,197,423 $4,274,066 82,408.692 Sinking Fund 735% Gold Bonds, due 1931. The bondholders'
committee
_Dividend on Common stock declared
Stanley. Chairman, President Guaranty Trust Co.) has devoted
payable April 15 1924
211,269
211.269 (Harold
much time and study to the company's situation, in consultation with the
committee representing the bank creditors,and believes that it is practicable
Profit and loss surplus
82,197,423 $2,062,797 $2,197,423 With co-operation of all concerned to prepare a plan to accomplish the
The offer to exchange Iron Products Corp. and Central Foundry Co. readjustment of the company's financial structure necessary for its future
stock for Universal Pipe & Radiator Co. stock has been extended to the successful opitwe
ful operation.
eom m er
resenting the bank creditors reports that holders of
close of business Aug. 29.-V. 119. p. 336.
over 95% of the bank debt and commercial paper already have agreed to
extension of these obligations until Oct. 15 1924. and are co-operating
Victor-Monaghan Co.
the
-Earnings.
allowing time for preparation of a readjustment
The company reports net profits for the year ended June 30 1924 of with a view tobondholders' committee may be in position most plan. In
effectively
order that the
$450.430 after interest, depreciation and taxes.
bondholders in the
During the year the company realized $563,426 from sale of some of its to represent the of both issues ofpreparation of this plan,it is now importConvertible Bonds should immediately
ant that holders
.mills.
-V.117, p. 1673.
forward their bonds for deposit with either of the depositaries, Guaranty
-V. 119, p. 707.
Trust Co. or the Chase National Bank, New York City.
(V.) Vivaudou, Inc.
-Earnings.592.
-Three Months EndingTotal
Period(Walter A.) Wood Mowing & Reaping Machine Co.
June 30'24. Mar.31 '24.
6 Mos.
Net earns, after deprec.& oth. chgs__ loss$87,172
897.916
$10,744
John T. Norton, Special Master, will sell at public auction at the County
-V. 119, p. 592.
of Rensselaer County, Troy. N. Y., on Sept. 30 thei entire
Court House
property of the company. A description of the property to be sold is given
Wabasso Cotton Co., Ltd.
-Earnings.
in the New York "Evening Post" Aug. 19. p. 17.-V. 117, p. 2225.
Years Ended June 301924.
1923.
1922.
'Operating profits
-Earnings.
-(Wm.) Wrigley Jr. Corporation.
$265,193 $303,177 $347,550
Interest on investments
96.644
113,700
48.464
The company reports earnings of $878,680 for July after reserves for
depreciation, taxes and other charges. This establishes a new high
-V. 119, p. 46e.
Total income
8361.838 8416,877 $396,014 monthly figure in the history of the company.
Depreciation
8100.000 $100,000 $100,000
Mond interest
103.685
94,922
52,240
Sinking fund
15,000
15.000
CURRENT NOTICES.
Net profit
'Dividends paid
Surplus for year
'Previous surplus
Profit and loss surplus
-v. 117, p. 1015.
$143.153 $206,955 $243,774
140.000
140.000
140,000
$3,153
613.110
$66,955 $103.774
546,156
442,382
$616,263 $613,110 $546,156
Ward Baking Corp.
-Earnings.
-
-"Principles of Public Utility Management" is the title of a booklet
printed originally for private circulation among certain public utility corn.
ponies, which should be of interest to those who have given thought to rates,
regulation, or other details of public utility management. It is claimed
that this booklet reflects the policies pursued by Samuel Insull of Chicago
for upwards of thirty years in the development and management of public
utility properties. Copies may be had by applying to Bernard J. Mullaney, Peoples Gas Building. Chicago.
-Guaranty Trust Company of New York has been appointed trustee
under the Pennsylvania-Ohio Power & Light Co. First & Refunding Mortgage dated July 1 1924. securing an unlimited issue of bonds, and has authenticated as a forthwith issue $19.000,000 par value Series "A" 53%
bonds due July 1 1954. It will also act as registrar of the Series "A" bonds.
-Empire Trust Co. has been appointed trustee of an issue of $1,200,000
certificates of participation in 6% First Mortgage of Two Hundred West
-Definitive Bonds.
Western Electric Co., Inc.
Seventieth Corp.
On and after Aug. 18, 20-Year 5% Gold Debenture bonds in definitive
-J. J. B. Hilliard & Son. Louisville, Ky., announce that Isaac Hilliard
form will be ready for delivery in exchange for temporary bonds at the trust
'department. Seaboard National Bank, 115 Broadway, N. y. City.
- of their firm has been admitted to membership in the New York Stock
2962.
V. 118. p. 3210,
Exchange.
-Charles H. Rockwell Jr. has been appointed manager of the bond de-Buys Stations.
White Eagle Oil & Refining Co.
partment of the Chicago office of George H. Burr St Co.
The company has purchased 33 bulk and service stations in Kansas from
-Bernhard. Schiffer & Co. announce the appointment of E. S. B.
the Kansas State Reserve Bank. These stations are part of the distributing
•units formerly owned by the Kansas Gas & Petroleum Co., which went Walker as manager of their public utility department.
'through receivership. It is stated that the White Eagle Oil Co. now ovine
-Donald A. Clark has become associated with the municipal bond de-V. 119. p. 823,
and operates more than 509 stations in the Middle West.
partment of W. A. Harriman & Co.
.466.
pros. William B. Ward authorized the following statement: Net
earnings for the five-week period ended Aug. 9 1924 were $505.849, after
Iproviding reserves for interest on bonds, depreciation and Federal taxes
This is a now high record, breaking the one set for the previous five weeks,
which was the best in the history of the company up to that time. These
record earnings are due to increased sales and economies in operation
-V.119, p. 466.
which more than offset the higher costs for raw materials.
THE CHRONICLE
954
:4I,Cfrorts anti
1
[VOL. 119.
ocuutents.
PURL SHED AS ADVERTISEMENTS
GENERAL PETROLEUM CORPORATION
EIGHTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1924.
San Francisco, California,
August 19th, 1924.
To the Stockholders:—
Your Board of Directors submits the eighth annual report
covering the operations of your Company for the fiscal year
ended June 30th, 1924.
After the deduction of all charges against income, including $3,036,219 33 for depreciation, $1,715,489 25 covering losses arising from unproductive drilling, abandoned
leases, and the disposal of other capital assets, and $1,871,304 90 for labor and incidental expenses on drilling wells,
there remains a net profit for the year of $8,267,329 27.
The amount, after providing for the required dividend on
the preferred capital stock, represents earnings at the rate
of slightly over 30% on the average amount of common
capital stock outstanding during the year.
It must again be noted that it has been impossible as yet to
include in earnings the sum of $3,423,369 23 received from
the United States during 1921, this amount still being carried
on the balance sheet as a deferred credit pending final
determination with the Government as to the method of
accounting.
Dividend disbursements during the year were $224,854 00
on the preferred capital stock and $2,136,561 87 on the
common capital stock. In addition $202,453 82 was accrued
to cover the June proportion of dividends payable during
the ensuing fiscal year. Total dividends paid during the
eight fiscal years since the organization of the Company have
been $15,653,423 10.
As pointed out in the bulletins issued to stockholders
during the year, the opening of the fiscal year under review
found production still increasing and considerably in excess
of demand. Additional storage facilities were still being
erected and every endeavor was being made to increase
foreign and intercoastal shipments. California production
and exports were at their highest during the third quarter
of 1923 but it was not until early in 1924 that your Company
was able to bring receipts and deliveries into approximate
balance.
The figures of increased facilities and stored oil, shown
elsewhere in this [pamphlet] report, are sufficient evidence
of the part played by your Company in the efforts of the
major marketing companies to meet the situation brought
about by the flush production of the Los Angeles Basin fields.
In an endeavor to relieve the critical storage situation every
effort was made to assist in extending the market for California oils, and sales during the year totalled approximately
29,000,000 barrels with a sales value of nearly $44,000,000,
compared with 22,000,000 barrels valued at $36,000,000
during the previous year. It will be noted that on account
of the continued depression in prices it was necessary to
increase the quantity of oil sold by nearly 32% in order to
effect an increase of slightly over 22% in the sales income.
The charge against income for property abandonments
reflects in part further amounts written off to cover leases
in Mexico which were rendered valueless by the intrusion of
salt water in the light oil fields. The charge for drilling labor
and incidental expenses on wells is made under the option
granted by the Treasury regulations which permits such
charges to be made either to capital investment or operating
costs. The decrease of this charge from that for the preceding year indicates to some extent the relaxation of the
rigid drilling requirements in the congested areas in the Los
Angeles Basin fields.
NOTES ON BALANCE SHEET.
PROPERTY AND EQUIPMENT.
The net investment in oil lands, leases and other property
of the Company at the end of the year, after deduction of
reserve for depletion, was $11,096,868 93, an increase of
$1,474,909 32 over the corresponding figure for the preceding
year.
Other fixed assets, including development and equipment,
pipe line transportation system, and construction work in
progress totaled $51,907,680 63, after deducting reserves for
depreciation. This is an increase of $7,109,026 14 for the
year, which reflects the expenditures necessitated by the
program for storing surplus oil and extending markets.
CAPITAL STOCK IN TRUST FOR EMPLOYEES'SUBSCRIPTIONS.
During the fiscal year the Company deposited with the
Trustee additional Common Capital Stock in compliance
with requirements of subscription agreements with employees. Payments by employees on these subscriptions
now total $622,886 78.
INVESTMENTS IN STOCKS OF AND ADVANCES TO AFFILIATED
COMPANIES.
As previously announced in a bulletin in March, your
Company entered into an agreement with the stockholders
of the Midway Oil Company to purchase the entire capital
stock of that company for the sum of $2,850,000, payable
in five installments of $500,000 each, due on March 1st each
year from 1924 to 1928 inclusive, and a final installment of
$350,000 due March 1st, 1929.
A contract was also made during the year to purchase onehalf of the capital stock of the Republic Supply Company
of California for the sum of $750,000, payable $250,000 on
deposit of stock in escrow and $125,000 each month from
April to July inclusive.
CURRENT ASSETS.
Total current assets at the close of the year were $31,433,620 02, including $2,142,227 48 in cash, $3,944,615 31
of accounts receivable, $1,888,777 45 of materials and supplies and $23,1.93,803 46 covering oil in storage or due from
other companies.
Oil inventories are carried at figures substantially below
present market prices. Interest on money borrowed to
purchase oil and provide storage facilities, depreciation on
tanks and reservoirs, evaporation losses and all other storage
expenses have been deducted in computing the income for the
year.
It is estimated that the present market value of oil inventories and exchange balances is in excess of $31,000,000 00.
Materials and supplies inventories were reduced $1,387,888 21 during the year.
Current assets exceeded the combined total of current
liabilities, purchase contracts payable and funded debt,
and were nearly four times current liabilities.
CAPITAL STOCK.
The common capital stock outstanding at the close of the
year was $28,023,050 00, including $1,035,650 00 deposited
in trust for delivery under employees stock subscription
plans. During the year $1,108,200 00 par value of common
capital stock was issued at $28 75 per share, and $388,500 00.
par value was issued at $30 00 per share in exchange for the
C—mpany's 6% Convertible Notes. The premiums of $375.
and $5 00 per share were credited to capital surplus.
The common capital stock was admitted to the list of the
New York Stock Exchange on April 16th, 1924.
Your attention is directed to the fact that, although the
par value of both the preferred and common capital stock
was reduced from $10000 per share to $25 00 per share in
November 1922, there is still $198,100 00 of preferredstock
and $1,359,200 00 of common stock which has not been presented for issuance of the new certificates.
FUNDED DEBT.
On February 15 1924 $500,000 00 of 10-year 7% Sinking
Fund Gold Notes were called for redemption in accordance
with the provisions of the deed of trust. The notes so called
have been retired,with the exception of a small amount shown
on the balance sheet for which funds are on deposit with the
trustee. At the end of the year the Company held $139,000 00 face value of these notes and this amount has been
deducted in computing the outstanding amount shown on
the balance sheet.
On June 30 1924 there were outstanding $951,400 00 face
value of 6% Convertible Gold Notes. Since that date over
$300,000 00 have been converted into common capital stock.
In accordance with the provisions of the trust agreement,
$125,000 00 face value of 5 year 6% Gold Notes were delivered to the trustees for cancellation on April 15 1924. On
June 30 1924 the Company held $384,000 00 face value of
these notes and this amount has been deducted in computing
the outstanding amount shown on the balance sheet.
PURCHASE CONTRACTS PAYABLE.
The principal items of this account are the balances dueon contracts for the purchase of the stock of the Midway
Oil Company and the Sunset Road Oil and Soudan properties in Kern County, after eliminating all amounts payableprior to January 1 1925.
•
AUG. 23 1924.]
The Sunset Road Oil property, acquired in November,
1923, consists of 4,817 acres of undeveloped property, of
which at least 800 acres are proven oil land from which a
long-lived production of heavy oil can be secured.
The Soudan property acquired in May, 1924, consists of
50 acres of developed oil lands on which there are 22 producing wells with a settled daily production of over 400 barrels.
The purchase contract provides for small monthly payments
over a period of 9 years.
CURRENT LIABILITIES.
The current liabilities at the end of the year were ,109,526 49, including all accrued items.
During the year a total of $3,000,000 was borrowed from
banks to care for investments in properties and equipment
not contemplated at the time of the $10,000,000 note issue
in April, 1923. It is anticipated that these notes will be met
promptly at maturity.
Accounts payable consists principally of June purchases of
oil and materials paid in July.
SURPLUS.
The combined surplus account at the end of the year was
$35,367,732 37.
PHYSICAL AND OPERATING STATISTICS.
During the fiscal year the Company purchased in fee 850
acres of proven oil land in the San Joaquin Valley and also
acquired by purchase or lease 7,380 acres of prospective oil
land in the same district.
Successful drilling operations on a prospecting permit in
the Wheeler Ridge field resulted in a lease granted by the
United States Government on 160 acres of proven territory.
In addition, a prospecting permit was obtained from the
Government on 2,538 acres in the Kettleman Hills on which
a deep test is being drilled at this time. The Company owns
in fee other lands in this district and holds contracts covering
the purchase of any production which may be secured on
approximately 3,000 acres of adjacent territory..
Proven land owned in Southern California remained virtually unchanged during the year. Undepveloed lands in the
Los Angeles Basin totaling 1,140 acres, and 7,150 acres adjacent to the Santa Maria and Casmalia fields, in Santa Barbara County, were acquired during the year.
Leases abandoned after test and quitclaimed to original
owners totaled 3,735 acres, of which 2,795 were in the San
Joaquin Valley and 940 acres in southern California.
At the end of the year California properties owned or leased
consisted of 5,775 acres of proven and developed oil lands
and 37,550 acres of undeveloped lands. Included in this
undeveloped territory are 200 acres in the newly discovered
Rosecrans-Athens field in Los Angeles County, where the
Company is at present drilling three wells.
None of the foregoing figures include 1,380 acres of patented land owned by the Midway Oil Company, a greater
part of which is proven, control of which was secured under
contract to purchase the stock of that Company as previously
outlined in the notes on the balance sheet.
It will be seen that, following its established policy, your
Company has added to its undeveloped proven land during
the year, thus substantially increasing its oil reserves.
The drilling activities for the year are summarized as follows:
District—
Coalinga
Kettleman 11111s
Midway-Sunset
Wheeler Ridge
Whittier-Fullerton _
Redondo
Dominguez
Rosecrans-Athens
Signal Hill
Santa Fe Springs
Ventura
955
THE CITRON TCLE
Wells
Drilling
July I
1923.
*9
_
2
*4
2
7
26
3
We Is
Stoned
During
Year.
1
1
10
2
1
5
2
5
10
1
Wells
Wells
[Fells
Finished Abandoned Drilling
During
During June 30
Year.
Year.
1924.
1
1
8
*4
2
1
*4
32
2
1
2
4
2
3
2
2
Totals
46
38
55
5
24
* One well in Midway-Sunset District and four wells in Whittier-Fullerton
District idle throughout year.
Sixteen wells were being drilled at the beginning of the year
and redrilling was commenced on 50 additional wells during
the year. Of these 66 wells, 49 wore completed, 6 abandoned, 2 converted to gas wells, and 9 were still being redrilled at the close of the year. The average number of
strings of tools employed on drilling and redrilling was 28,
compared with 40 for the previous year.
Crude oil production for the year, including 39,248 barrels
in Mexico, and 12,514 barrels in Wyoming, was 17,310,658
barrels, an increase of 2,912,677 barrels over the preceding
year. In addition to the crude oil produced from properties
operated by the Company, over 17,000,000 barrels were
purchased from other producing companies and nearly 7,000,000 barrels were received from other marketing companies
on an exchange basis providing for return at convenient
delivery points. The total volume of oil handled in
California during the fiscal year was nearly 42,000,000
barrels, an increase of more than 6,000,000 barrels over the
.
previous year.
Production in June 1924, from properties operated by the
Company averaged 30,000 barrels per day, compared with
56,000 barrels per day in June 1923. This decrease is due
to the decline in flush production in Santa Fe Springs and
Signal Hill, in which fields the Company's production is
now on a settled basis. To offset this decline in production
additional contracts were made during the year covering
the purchase of crude oil from other properties so that the
Company is assured an ample supply for full operation of
refining and transportation facilities.
Owing to the opening of offsetting wells by other producers,
some of the wells shut in during the previous two years have
been placed on production. However, at the close of the
year over 200 wells, with a potential production of over
4,000 barrels per day, were still being held in reserve.
In accordance with the previously announced program of
storing surplus oil during the period of over-production,
substantial additions were made to the storage facilities of
the Company. Steel tanks with a total capacity of 3,150,000
barrels, and concrete reservoirs with a capacity of 2,800,000
barrels were completed during the year. In addition,
1,500,000 barrels of reservoir storage was leased from other
companies.
After deducting a 500,000 barrel reservoir,lost by fire, the
combined concrete and steel storage capacity of the Company
on the Pacific Coast at the end of the year was slightly over
17,000,000 barrels. On June 30 the total quantity of oil
in storage on the Coast, or due from other Companies on
exchanges, was 14,082,543 barrels, consisting of 5,674,427
barrels of refinable crude oil, 4,328,639 barrels of fuel oil
and 4,079,477 barrels of refined products. Stocks and
exchange balances in Wyoming, Mexico, Chile, Argentine
and Japan totaled 739,201 barrels.
Approximately 8 miles of additional main pipe lines were
laid during the year, the pipe line system now consisting of
415 miles of main lines and over 300 miles of field gathering
lines.
Further increases were made in the capacity and efficiency
of the refineries. The two absorption plants extracted over
15,500,000 gallons of gasoline from natural gas. Nearly six
billion feet of residual dry gas from these plants was sold
during the year in addition to over two billion feet sold
direct from wells.
Eight additional 80,000 barrel tanks were erected at the
terminal in Los Angeles Harbor, bringing the total capacity
of the station up to 975,000 barrels. Additional pumps and
a complete foamite fire protection system were installed and
work commenced on three additional loading berths, one of
which is completed. An additional station for the delivery
of refined products to fishing boats and other small craft
was acquired during the year.
The marine equipment of the Company at the end of the
year included 19 tankers with an aggregate carrying capacity
of nearly 1,500,000 barrels, 7 of these being owned and 12
operated under time or trip charters. The U. S. Shipping
Board, in an effort to co-operate with American Tank
Steamer Owners in bringing their tanker tonnage up to date,
offered an advantageous purchase contract for tankers on
condition that they be converted to Diesel driven machinery.
Your Company has availed itself of the offer to the extent
of purchasing the 10,250 ton tanker "Lio," which vessel
will be converted to a direct Diesel drive of the most economical type to be installed at the San Francisco plant of the
Bethlehem Shipbuilding Company.
During the year facilities were installed at the Seattle
station for the wholesale distribution of gasoline by tank
cars and tank trucks. Sales are being made only to independent dealers either direct, or through sub-agencies located
in the principal cities of Western Washington. The remarkable success experienced at Seattle is due to the quality of
the product and the enthusiastic co-operation of the employees in the sales, distribution and advertising of
"GENERAL" products. As a result of the successful
operations in Seattle your directors, after thorough investigation, authorized the establishment of a distributing
station at Portland. Construction work is now rapidly
proceeding, it being anticipated that the new station will be
m operation within a few weeks.
GENERAL.
The practical completion of the program for additional
facilities and the slackening of the feverish field activities
have enabled a material reduction in the number of employees, there being at present a total of slightly over 3,000
employees as compared with about 5,000 at the beginning
of the year. Your Board of Directors desires to extend its
sincere thanks for the loyal and efficient manner in which
the officers and employees have met the demands of the
past year.
In the past year the oil industry has successfully carried
unusual burdens, and in addition has maintained its position
against unjust attacks from various sources.
The industry is sound and essential to the prosperity of
the country. Its operations—highly technical in character—
have been conducted with intelligence and honesty of
purpose.
It is necessary, however, at this time to remind employees
and stockholders alike that their mutual interest in the
progress of the industry requires continued loyalty and
positive maintenance of the freedom of individual initiative.
It is also well to caution Governmental bodies charged
with the responsibility of legislation, or the authority of
supervision over industry, that this responsibility cannot be
shirked, nor this authority abused without penalty.
Respectfully submitted,
JOHN BARNESON, President.
956
For.. 119.
THE elTRONTCLE
CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND LOSS FOR THE YEARS ENDED JUNE 30
1924 AND 1923, AND COMPARISON.
EXHIBIT "B."
GROSS PROFIT—OIL AND TRANSPORTATION
LESS:
Depletion of oil lands and leases, based on cost
Depreciation of equipment
Selling and marketing expenses
General expenses and taxes (other than Federal income taxes)
Year Ended June 301923.
1924.
$18,313.544 48
$21,339,766 00
$380,515 20
3,036,219 33
1.113,45723
3.062,255 48
$583,617 05
2,612.027 80
848,169 75
2,556,913 14
$7,592,447 24
$6,600.727 74
NET PROFIT FROM OPERATIONS
OTHER INCOME CREDITS
$13,747,318 76
532,298 45
$11,712,816 74
515,365 30
GROSS INCOME
$14,279,617 21
$12,228,182 04
$1,299,804 10
228.495 34
1,265.050 54
1,871.304 90
450.438 71
237,786 91
157,259 74
$829.308 15
71,684 87
1,683,643 17
2,619,726 39
454,751 80
157,361 85
20.308 52
Total
INCOME CHARGES:
Interest on funded debt
Other interest
Leases and other property sold and abandoned
Labor and incidental expenses drilling oil wells
Unproductive drilling
Amortization of discount and premium on gold notes redeemed
Other deductions
$5,510,140 24
$5,736,784 75
NET INCOME FOR THE YEAR BEFORE PROVIDING FOR FEDERAL INCOME TAXES
PROVISION FOR FEDERAL INCOME TAXES
$8,769,476 97
502.147 70
$6,491,397 29
500.000 00
NET INCOME FOR THE YEAR AFTER PROVIDING FOR FEDERAL INCOME TAXES
PROFIT AND LOSS SURPLUS AT BEGINNING OF YEAR
PROFIT AND LOSS CREDITS—ADJUSTMENTS (net) AFFECTING PRIOR PERIODS
$8:IRE
$5g:881:PS 29
Total
PROFIT AND LOSS GROSS SURPLUS------------------------------------------------------------------$18.188,493 73
$12,076.944 67
PROFIT AND LOSS CHARGES:
Dividends on preferred stock-------------------------------------------------------------------------- 3224,854 00
Dividends on common stock -------------------------------------------------------------------------- 2,136,561 87
Adjustments (net) affecting prior periods--------------------------------------------------------------Total---------------------------------------------------------------------------------------- 32.361,415 87
$2.175,70449
PROFIT AND LOSS SURPLUS AT END OF YEAR-------------------------------------------------------$15.827.077 86
$9,901,240 18
$224,854 00
1,878,766 25
72.084 24
CONSOLIDATED GENERAL BALANCE SHEET JUNE 30 1924.
EXHIBIT "A."
ASSETS.
PROPERTY:
Oil lands, leases, and other property:
Cost-----------------------------------------------------------$18,267,691 39
Less reserve ---on cOiti-------------------------------------------- 7,170,822 46
$11,096.868 93
Remainder----------------------------------------------------------------20
----------------------------------------$31.253.510
Appreciation -----------18,092,699 27
Less reserve Kir Cleiletion (based on aipreciation)
- Remainder--------------------------------------------------------------------------------Total oil lands, leases, and other property
Development and equipment- _
Pipe line transportation system
Construction work in progress
13,160.810 93
$24,257,679 86
39,533,953 74
9,931,069 40
2.442,657 49
Total property
--------------------------------------------------------------------------------------------SINKING FUNDS
CAPITAL STOCK IN TRUST FOR EMPLOYEE'S SUBSCRIPTIONS
INVESTMENTS IN STOCKS OF AND ADVANCES TO AFFILIATED COMPANIES
CURRENT ASSETS:
$2,142,227 48
Cash----------------------------------------------------------------------------------------------46.550 00
Sundry investments_
--------------------------------------------------------------------------------217,646 32
Notes receivable- _ ----------------------------------------------------------------------------------3,944,615 31
Accounts receivable_ _ -----------------------------------------------------------------------------1.130.506 82
Exchanges receivable in
--------------------------------------------22.063.296 64
oil01
in storage----- _ _
---------------------------------1,888,777 45
Material and supplies---------------------------------------------- ------------------------------------------------------------------------------Total current assets
SPECIAL ADVANCE TO TEXAS COMPANY OF MEXICO
DEFERRED DEBIT ITEMS:
$863.737 46
Unamortized discount on gold notes------------------------------------------------------------------560,136 05
Expenses paid in advance---------------------------------------------------------------------------90.076 82
Unadjusted accounts--------------------------------------------------------------------------------Total deferred debit items----------------------------------------------------------------------------------
31,433,620 02
269,409 98
1.513.95083
$114,364,154 98
TOTAL
LIABILITIES.
PREFERRED CAPITAL STOCK:
------------------------------------------------------------------------------Shares of $10000 each
Shares of $25 00 each--------------------------------------------------------------------------------
$76,165,360 49
49.350 00
1,035,650 00
3,896,814 16
$198,100 00
3,014.100 00
Total prefer
capital stock-------------------------------------------------------------------------------COMMON CAPITAL redSTOCK:
$1,359,200 00
------------------------------------------------------------------------------Shares of $100 00 each
26,663,850 00
Shares of $2500 each--------------------------------------------- ----------------------------------
$3,212,200 00
Total common capital stock--------------------------------------------------------------------------------GENERAL PETROLEUM CORPORATION GOLD NOTES:
$8,361,000 00
Ten-year, 7%, sinking fund, gold notes, due February 15 1931
951.40000
6%, convertible, gold notes, due September 15 1927
9.491.000 00
Five-year, 6%, gold notes, due April 15 1928
28,023,050 00
Total notes---------------------------•____.----- --- ------------ ------ ---------------------- - — ------------ NOTES CALLED FOR REDEMPTION-------------------------------------------------------------------------------PURCHASE CONTRACTS PAYABLE---------------------------------------------------------------------------------CURRENT LIABILITIES:
$3,000,000 00
Notes payable
3.846,964 41
Accounts payable
446,499 68
oil
Exchanges payable in
182,785 65
Salaries and wages payable
418.322 93
Accrued interest
12.500 00
Accrued liability insurance
202,453 82
Dividends declared
--------------------------------------Total current liabilities------------------------------------------------REVENUE FROM GOVERNMENT RECEIVER—SUBJECT TO UNDETERMINED FEDDEFERRED CREDIT ITEMS
ERAL TAXES AND OTHER ADJUSTMENTS
RESERVES FOR DEPRECIATION:
$9,864,410 15
Development and equipment-------------------------------------------------------------------------2,439,648 85
Pipe line transportation system------------------------------------------------------------------------------------------------------Total reserves for depreciation----------------------------------------------RESERVE FOR FEDERAL INCOME TAXES-------------------------------------------------------------------------SURPLUS:
$13.160,810 93
Unrealized portion of surplus arising from appreciation in value of oil lands and leases
Capital surplus
6 379 343 53
''
15,827,077 86
Profit and loss surplus, per Exhibit "B"
18,803,400 00
47,000 00
3.430,833 33
Total surplus--------------------------------------------------------------------- - -----------------------TOTAL
8,109,526 49
3,423,369 23
12,304,059 00
1,020,097 78
35,367,732 37
$114,364.154 98
THE CHRONICLE
AuG. 231924.]
957
GENERAL MOTORS CORPORATION
CONDENSED CONSOLIDATED INCOME ACCOUNT SIX MONTHS ENDED JUNE 30 1924 AND 1923.
1st Quar.
-Units:
Cars and Trucks
Retail deliveries by dealers to consumers
General Motors sales to dealers
Net Sales-Value
1924
2d Quar.
Six Months.
1st Quar.
1923
2d Quar.
Six Months.
139,148
215,550
240,442
137.549
379.590
353,099
146,049
176.258
262,936
220,923
408.985
397,181
$178,046,258 84 $136,380,414 87 $314,426,673 71 $158,662,560 18 $204,156,793 22 1362,819,353 40
Profit from operations and investments, after all
expenses incident thereto, but before depreciation of real estate, plants and equipment
28,261,034 18
Provision for depreciation ofreal estate, plants
and equipment
3.986.640 54
13,053,200 40
41,314,234 58
27,532.964 92
30,778,146 34
58.311,111 26
4.016,458 25
8,003,098 79
3,560,223 47
3,644,748 68
7.204,972 15
Net Profit from operations and investments
$9,036,742 15 $33.311,135 79 $23,972.741 45 $27,133,397 66 $51,106,139 11
Less-Provision for:
Employees' Bonus
Amount due Managers Securities Co
Employees' Savings and Investment Fund_ _ _ _
Interest on notes payable
$24,274,393 64
653,000 00
653,000 00
636.026 07
152.614 52
$2.094,640 59
1.000 00
1.000 00
434,302 85
132,584 17
652,000 00
652.000 00
1,070,328 92
285.198 69
1,194.000 00
1,436,090 00
2,630.000 00
466,173 10
165.036 68
474,596 61
145,463 23
940.769 71
310,499 91
$564,887 02
$2,659.527 61
$1,825,209 78
$2,056,059 84
$3,881,269 62'
$22,179,753 05
2,625,000 00
$8,471,855 13 $30,651,608 18 $22,147,531 67 $25.077.337 82 $47,224.869 49
2,670.000 00
3,370,000 00
2.813,000 00
5,483,000 oa
745.000 00
Net Income
$19,554,753 05
General Motors Corporation proportion of net
income
$19,400,956 40
.
9
$7,726,855 13 $27,281,608 18 $19,477,531 67 $22,264,337 82 $41,741,869 4
Less-Provision for Federal Income Taxes
Debenture dividends at rate of 7%
Debenture dividends at rate of 6%
Preferred dividends at rate of 6%
$576,303 00
912,015 00
242,751 00
$7,666,033 35 $27,066,989 75 $19,406,123 06 $22,179,477 54 141,585.600 60
$576,324 74
912,015 00
242,751 00
$1,152,627 74
1,824,030 00
485,502 00
$547.377 46
911,965 05
242,581 50
$549.626 59
911,964 50
242,581 50
$1,097.004 05
1,823.929 55
485,163 00
$1,731,069 00 $1,731.090 74 $3,462.159 74 $1,701,924 01
11.704.172 59 13.406,09660
*117,669,887 40 *$5.934,94261 *S23.604,83001 *$17,704,19905 *120,475,304 95 *$38,179.504 00
* Note.
-Ifthe General Motors Corporation's equity
in the undivided profits of Fisher Body Corporation (60%) and General Motors Acceptance
Corporation (100%) were included, the amount
earned on the common stock would be
$20,997.392 93 817,603,307 60 $28,600,700 53 $21,033,427 50 $23,969,775 64 145,003,203 14
Amount Earned on Common Stock
SURPLUS ACCOUNT.
Surplus over and above $10 per share of no par
value common stock outstanding at the
beginning of the Period
$120,699,299 66 $132,176,113 36 $120,699,299 66 $89,936,863 08 $101.844,785 13 $89,936,863 08
Addition arising from excess over $10 per share of
no par value common stock issued for employees'
bonus
354.308 00
354,308 00
Amount earned on common stock, as per income
account
17.669,887 40
17.704,199 05
23.604,830 01
20,475.304 95 38,179,504 00
5.934,942 61
$138,369,187 06 $138,111,055 97 $144,304,129 67 $107.995,370 13 $122,320,090 08 $128,470,675 08
6,193,073 70
6,193,073 70
6,150.585 00
6,150.585 00
6,193,090 50
6,121,491 60
6,121,491 60
6,193,090 50
$6,193,073 70 16.193,09050 $12,386,164 20 16,150,585 00 $6,121,491 60 $12,272,076 60
Surplus over and above $10 per share of no par
value common stock outstanding
$132,176,113 36 1131.917,96547 $131,917,965 47 $101,844,785 13 $116.198.598 48 $116,198,598 48•
-Cash dividends paid on common stock:
Less
Mar. 12, $0.30 share
June 12, $0.30 share
CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30 1924 AND DECEMBER 31 1923.
ASSETS.
Current and 1Vorkina AssetsJune 30 1924.
Cash in banks and on hand _______________________________________________________ $30,552,452 45
_____________________
Marketable securities _ _ ._ _- _ -- _ -_--- ___ -_ ______ _, _ __
9,094 53
____________________________________________
Sight drafts with bills of lading attached, and C.O.D. items_______________________
:D
9,193,435 59
__________________________
Notes receivable
3,779,560 55
Accounts receivable and trade acceptances, less reserve for doubtful
(hi 1
$1
-9ii,- -Aii2,269 48; in 1923,
$1,663,274
14, ,
088 404 60
_______________ ________
Inventories at cost or market, whichever is lower __________
142,774,934 29
expenses
Prepaid
Total Current and Working Assets___
Dec. 311923.
$47,069.804 57
9,817 55
13.283.706 86
3,452,273 91
15.820.019 32
138,678,131 38
1.587,53294
$201,472,076 76
1219,901.286 53
Fixed Assets
investment in affiliated and miscellaneous companies not consolidated __________________________ $61,783.981 22
General Motors Corporation stocks held in treasury ____________________________________________________
2,488,834 19
Real estate, plants and equipment______________________________________________ 286,724,533 53
Deferred expenses
8,023,227 39
_____________________________
Goodwill, patents, &c
22,440,811 06
________________________________________________
Total Fixed Assets ______________________________________________________________________________ 1381,461.387 39
$60,796,034 98
5,046,322 62
276,576,055 68
8,363,207 59
22,440,811 06
1373,222,431 93
Total Assets _______________________________________________________________________________________ $582.933,464 15
1593,123,718 46
LIABILITIES, RESERVES AND CAPITAL.
Current Liabilities
June 30 1924.
e s
Nccoun a ypa e _b_1 ____________________________________________________________________________________________________________________ $19,530,084 27
A ot s pt, abra
payrolls and sundries accrued not due
Taxes,
______________________________________________________________ 23,022,141 99
Federal taxes
7,259,868 86
__________________________________________________________
Accrued dividends on debenture and preferred stock ___________________________________________________
1,154,045 78
Total Current Liabilities ___________________________________________________________________________ $50,966,140 90
Purchase money mortgages
$1,187,563 02
Reserves
Depreciation of real estate, plants and equipment________________________________________________________
Employees' investment fund _____________________________________________________________________ $69,916,330 65
816,442 50
Sundry contingencies
9,369,288 14
Bonus to employees _________________________________________________________
759,519 79
___________________________________________________________________________________
Total Reserves
$80,861,581 08
Capital Stock
Debenture stock 7 0 __________________________________________________________________ $32.931,600 00
Debenture stock 6 o _________________________________________________________________________________ 60,801,000 00
Preferred stock 6% ______
-_
- - __
16,183,400 00
Common stock, no par value (at 310 ____ snare)____________________________________________________________ 206,463,370 00
________________________
Common stock ($100 par value)________________________________________________________________________________________________
600 00
___________________
Total Capital Stock
Interest of minority stockholders in subsidiary companies_______
1 3 09 0
7 7
9
____________ _____________________ S316:62 :243 61
Surplus over and above $10 per share of no par value common stock _________________________ 131.917.965 47
Total Capital Stock and Surplus_____________________________________________________________________$449,918,179 15
Total Liabilities, Reserves and Capital____________________________________________________________________$582,933,464 15
Dec. 31 1923.
$40,299,518 04
10.000,000 00
19.430,546 06
8,272,586 05
1,148,054 71
179.150.70486
11.218.05520
$63,248,80325
1,526,337 50
7,538.435 54
1,914,70569
$74,228,281 98
132.931,60000
60.801.00000
16,183,400 00
206,463,270 00
700 00
1316.379,97000
1,447.406 76
120,699,299 66
1438,526,676 42
1593.123,71846
[VOL. 119.
THE CHRONICLE
958
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Aug. 22 1924.
COFFEE on the spot has been firm on Brazilian drought
reports and a fair demand. No.7 Rio, 163/2c.; No.4 Santos,
204 to 213c.; fair to good Cucuta, 21 to 223/2c.; Medellin,
263/i to 273'c.; Bogota, 243 to 2554c. To-day there was a
better demand and prices were firmer. Futures have advanced with rising cables and considerable covering of
shorts. Dry weather, it is insisted, is steadily reducing the
Brazilian crop. On Thursday there was talk of a somewhat
better spot demand with prices stronger. Santos closed
250 to 925 reis higher on Wednesday and opened on Thursday unchanged to 375 reis higher. Exchange on London was
1-32d. higher. The dollar rate advanced 80 reis. Rio receipts for a day, it is of interest to notice, were 15,000 bags
Santos, 49,000; Sao Paulo, 48,000; and Jundihy, 30,000.
The stock at Rio is 302,000 bags against 838,000 a year ago;
at Santos, 1,217,000 against 1,222,000 a year ago. The
quantity afloat for the United States is 419,000 against
471,200 a year ago; total in sight for this country, 953,524,
against 936,112 a year ago. Premiums have latterly been
paid of 38 points in switching from December to March,
100 to 105 for changing between September and March, and
40 for March to May. Brazilian interests on Thursday were
said to be buying December, March and May. Europe
also bought. Bulls lay stress on the contention that futures
are below the parity of actual costs.
At one time weaker Brazilian cables were supposed to reflect a stringent monetary situation in Brazil accompanying
the moratorium in Sao Paulo. Also the exportation of Santos
coffee has been resumed. Yet of late Santos has advanced.
Business was mostly in distant months. Cost-and-freight
offerings were again on a firm basis of price. Santos advanced on waning crop prospects. Jt is argued that Brazil
crops are below the average and that consuming countries
are without sufficient reserve stocks to dominate the producing markets. Brazil, some believe, has the whiphand and
will keep it until a couple of good-sized crops swell the world's
stocks. To-day prices advanced with European and Brazilian buying and a more pronounced tendency to reduce crop
estimates. Also the spot demand has latterly improved.
There was a sharp demand for December and March, supposedly for European and Brazilian interests. The demand
was whetted by the firmness of cost-and-freight offers. Last
prices show a rise for the week of 35 to 65 points, the distant
months showing the most strength.
Spot (unofficial)_ le xe.iDecember _15.05 15.10 May______ 14.40(g) - --______ 14.090 -September_15.600 --
I March _ _ _14.75014.80 July
SUGAR.-Cuban raws have been stronger with a better
demand and on Thursday 33/sc. was asked, after sales latterly
of some 75,000 bags at 39c. for August and September
shipment. Canada bought 2,500 tons of San Domingo
August shipment at 3.79c. c. i. f. Montreal. For Philippines,
5.53c. delivered was asked. There was talk of 4c. ahead for
raws as England has, it is said, large purchases to make.
Refined advanced 10 points on Thursday, putting it up to
7c. Estimates of Cuba's carry-over are now placed as low as
200,000 tons, against estimates of 1,000,000 tons earlier in
the season, and an unexpected demand it seems has appeared
in the Orient, particularly Japan and India, as well as in the
Eastern European countries. This is diverting Java's from
the Continent and making a better market for Cubes. The
receipts for the week at U. S. Atlantic ports were 51,946
tons, against 41,448 in the previous week, 44,766 in the same
week last year, and 76,675 two years ago; meltings were
54,000 tons, against 64,000 in the previous week, 51,000 last
year and 85,000 two years ago; total stock, 146,013 tons,
against 148,067 in the previous week, 114,481 last year, and
195,918 two years ago.
One firm said: While total visible stocks at Cuba, both
at ports and in the interior, are 290,000 tons greater than a
year ago the recent heavy purchases by Europe must be
shipped from the Island and this will undoubtedly materially
reduce this excess over last year, as at this time a year ago
practically nothing was being shipped abroad. In addition
to virtually exhausting the stocks at Cuba last year this
country was a fairly large purchaser of full duty sugars,
taking about 165,000 tons. Indications are, however, that
unless prices advance considerably above the present basis,
only a very moderate amount of full duty sugar will be
available. Exports of refined from this country during
August, September and early October last year were virtually
nil, while the recent free purchases by Europe would indicate
a very fair export movement of refined abroad during the
next month.'
Receipts at Cuban ports for the week were 40,096 tons,
against 60,698 in the previous week, 14,575 in the same week
last year and 63,604 two years ago; exports were 63,824 tons,
against 95,571 in the previous week, 35,696 in the same week
last year and 70,532 two years ago; stock, 512,201, against
535,929 in the previous week, 457,711 in the same week
last year and 513,217 two years avi. Centrals grinding
numbered one, against the same number in the previous
week and the same week last year and two two years ago.
United States Atlantic ports received 30,986 tons of the
exports, New Orleans 21,253 tons, Galveston 4,586 and
Europe 6,999. Havana cabled: "Rain increasing."
The "Louisiana Planter" said: "Hot weather and local
showers prevailed throughout the sugar district during the
week. The much-desired general rain has not yet occurred.
While the showers during the week have been heavier than
in preceding weeks, they have been local and have not given
the benefit that has been looked for. The Government
report shows a decline of four points in the condition of the
Louisiana sugar crop in the cane belt during the month of
July. The deterioration is duo to the continued drought.
The cane is not suckering well and except in localities favored
with heavy showers, is growing slowly. The color of the
crop, however, continues good and a general rain throughout
the sugar district would start a vigorous growth. The crop
is clean and well cultivated." To-day futures advanced on
September but declined a couple of points on later months.
Raw sugar on the spot was strong with 33'8c. asked. Canada
and the United Kingdom bought 10,000 tons. Within a
few days the sales have been some 60,000 to 70,000 bags
at equal to 33 0. This price is bid, but %c. more is asked.
/
Europe, it is said, wants prompt shipment Cuban raws and
American refined. Refined was quoted at 6.80 to 7c.
Canada bought 3,000 tons of Cuba for August and first
half of September shipment at 3.67c. f.o.b. Cuba. The
United Kingdom took 7,000 tons of Cuban prompt shipment
at 19s. 43d. and 16s. 6d. c.i.f., equal to 3.73e. and 3.65c.
f.o.b. Cuba, respectively. Futures end 3 to 12 points higher
for the week.
.76
Spot (unofficial)..3.14c.I December c _ 3
September_ _ _ 3.73 - -- I
.34
- _ I March _ _ -c_ 3
3.42
I May
_
LARD on the spot was steady with only a fair demand.
Prime Western early in the week, 14.70 to 14.80o.; refined,
1
%
Continent, 153 e.; South American, 16/03.- Brazil, 17%e.
'
Later on came a break with futures and the decline in corn,
as well as the indifference of Europe. To-day prime Western,
14.45c.; Futures have fluctuated within narrow limits.
Some profit taking, poor export demand and erratic grain
markets offset higher hog prices and a Liverpool advance.
Packers sold May. Some of the buying was supposed to
remove hedges in shipping business. Some of the buying
too was against sales of cottonseed oil. Predictions are
heard of a light marketing of hogs this fall. On Thursday
there was selling on lower Liverpool prices. They were
down 3d. Hogs were 5e. higher; top, 10.50o. Western
receipts for the day were 85,000, against 106,000 last year,
and the smaller run of hogs day after day made sellers wary
about selling the nearby deliveries. To-day futures declined
in sympathy with corn, winding up steady and recovering
some of the early break. Traders and commission houses
wore good buyers. Local shorts covered. Final prices show
a decline for the week of 45 to 50 points.
DAILY CLOSING PRICES
Sat.
September delivery_cts _ 13.97
13.97
October delivery
14.22
January delivery
OF LARD FUTURES
Wed.
Mon.
Tues.
13.92
13.90
13.87
13.95
13.95
13.92
14.20
14.20
14.17
IN CHICAGO.
Fri.
Thurs.
13.45
13.55
13.45
13.e5
-- -13.82
PORK stoady; mess, $29 75 nom.; family, $30; short
clear, $23 to $31. Beef quiet; mess, $17 to $18; packet,
$17 to $18; family, $20 to $21; extra India mess, $34 to $35,
nominal; No. 1 canned corned beef, $2 35; No.2,$4;6 lbs.,
$15; pickled tongues,$55 to $65 nom. per bbl. Cut meats
dull; pickled hams, 10 to 24 lbs., 163 to 19%c.; pickled
%
bellies, 6 to 12 lbs., 18e. Butter, creamery, lower grades
to high scoring, 33 to 40%e. Cheese, flats, 21 to 213/20.
Eggs, fresh gathered trade to extras, 27 to 420.
OIL.
-Linseed has been in better demand early in the
week and firmer. Spot to first half of September was quoted
at $1 02 in carlots, cooperage basis, with second half of
September held at $1, October at 96c. and November-April
at 91c. Consumption is fairly large. Stocks of linseed oil
are of only fair size. Later on there was more disposition
AUG. 23 1924.1
THE CHRONICLE
on the part of big consumers to purchase ahead. Late in
the week linseed advanced on the strength of flaxseed, small
spot stocks and a good demand. September carlots were
quoted at $1 04, October at 94c., November-December, 92c.;
tanks, 98c.; less than carlots, $1 05, less than 5 bbls., $1 07.
Cocoanut oil, Ceylon, bbls., 103,1c. Corn, crude, tanks,
mills, 12c.; edible, 100 bbls., 1534 ©16c. Olive, $1 20d
$1 25. Cod, domestic, 56@60c. Newfoundland, 56@60c.
4
%
Lard, prime, 165 c.; extra strained, New York, 143 c.
of turpentine, 90%@96c. Rosin, $5 90@$7 75.
Cottonseed
cottonseed oil sales to-day, including switches, 21,500.
Crude S.E. nominal. Prices closed as follows:
.15IJanuary_c_10.57010.59
Spot_ _ _c_ 13.50§15.0010ctober _ c _12.14§12
Auguit__ _ _14.00 14 10 November_11.15 11.20 February_ _10.60010.70
September_13.33 13.35 December _10.55 10.57 March _ _ -10.68010.75
One firm said: "The strength of lard, which is now selling
at a premium of about 300 points over cotton seed oil, with
the high price for corn and the promise of an exceedingly short
supply of corn, naturally means that cotton seed oil is relatively too cheap. If the cotton crop should finally turn out
to be 12,500,000 bales plus linters, say 700,000 bales, making
a crop of 13,200,000 bales, it is quite possible that the oil
mills will be able to "carry on" upon an independent basis
compared to lard. We therefore figure that as long as corn,
hogs and lard continue to be elevated, there will not likely
be any pressure of oil and that the buying side of this commodity is more than likely to prove to be the safest speculation."
•
-Gasoline early in the week was slightly
PETROLEUM.
4
easier. Leading refiners quoted 103 c. in tank ears Bayonne, but it was believed that on a firm bid business might
have been done at 10340. Consumption is large. Refiners
are more disposed now to move their stocks at present prices.
The heavy consuming season in any case is not far off. Later
on prices were firmer on Mid-Continent. The buying of
some distressed gasoline by leadin,g interests considerably
improved the situation. But on tbe whole the market is
still quiet. Export business is very slow. Late in the week
there was a better inquiry for gasoline but prices were still
rather weak. On Thursday Pennsylvania crude was cut
1543..in New York and National Transit pipe lines. The new
price was $2 85 per bbl. Cuts in other eastern crudes, it is
expected, will follow. Bunker oil of late has been quiet but
steady at $1 75 at refinery. Kerosene has been in better
demand and firm. Europe,it is said, will have to buy heavily
before long, as stooks abroad are not supposed to be large.
In Schenectady on the 20th inst. gasoline was advanced 3e.
Late in the week a better export inquiry was reported for
gasoline. Leading refiners continued to quote 103. to 103 c.
4
for navy in single tank cars. In steel bbls. to garages the
price is considered weak at 19e. and there are predictions of
lower prices in this direction before very long. The demand
for lubricating oils has improved recently. But a good
many sellers are offering quite freely. New York prices:
Gasoline,cases,cargo lots, TJ. S. Navy specifications, 26.40c.;
bulk, per gallon, 12.25e.• export naphtha, cargo lots, 13.250.;
'
64-65 *deg. 14.50e.; 66-68 deg., 16e.; kerosene, cargo lots,
cases, 16.9be. Petroleum tank wagon to store, 13c.; motor
gasoline (garages steel barrels), 19e. Tulsa, Okla. wired
Aug. 22nd.: 'Reporting mid-Continent refiners to the number of 141, for the week ended Aug. 16th, ran 1,692,000
bbls. of crude oil, an increase of 6.9%, compared with the
previous week. Gasoline production was 29,141,000 gallons, an increase of 3.4%. Gasoline shipments were 55,033,000, an increase of 13%. Gasoline stooks were 108,018,0(Xl
a decrease of 5.2%"
Pennsylvania
82 75 Bradford
$2 85 Illinois
11 62
1 75 Corsicana,lgt Corning
1 25 Crichton
115
1 45 Lima
Cabell
1 83 Plymouth
1 00
Somerset. light.-- 1 70 Indiana
1 63 Maxis
1 25 01 38
1 45 Princeton
Wyoming
1 82 Calif.,35 & above_ 1 40
Smackover.26 deg.
Gulf Coastal
1 50
0 95 Bull-Bayai3 34.9 1 00
Oklahoma. Kansas and TexasMid-Continent
Under 28 Magnolia
Below 30 deg
10 90
$110
28-30.9
1 00
30-32.9
1 25
31-32.9
1 10
33 and above
1 50
1 25 Caddo
33 and above
30 Humble
1 00
Below
Below 32 deg
1 00
33-35.9
1 40
32-34.9
1 15
1 60
38 and above
36 and above
1 35
' RUBBER has been quiet and lower. Early in the week
prices declined on a lower London market and some profit
taking. There was also some switching from forward positions to spot and nearby on the belief that the market would
become overbought on the distant deliveries. On Tuesday
London cabled higher prices and the market here advanced.
But business remained quiet. On Wednesday the market
both here and in London was quiet and featureless. Here
spot smoked ribbed sheets and August on that day were
quoted at 263/8c.; Sept. at 26%c.; Oct., 263e.; Oct.
-Dec.,
-March 27c. First latex crepe spot, August,
268%0., and Jan.
-Dee., 27340.; Jan.
/sc.; Sept.-Oct., 27c.; Oct.
273
-March,
27340. Later in the week prices here advanced on higher
but there was little business to speak of. Sellers
cables,
asked 2734c. for spot and August for ribbed smoked sheets;
%
-Dee. For first latex
273,4e. for Sept. and 273 e. for Oct.
-Oct., 273 c.;
crepe spot, August, 28c. was quoted; for Sept.
4
-March, 288%c.
-Dec., 27%c., and Jan.
Oct.
HIDES have been in rather better demand and about
steady on city packer. Country hides tend downward.
/
River Plate trade has been slow; cows 1231c. nom.; steers,
15c.; country hides, 9 to 12c.; common hides 15 to 20c.,
including Bogata, 19 to 20e. These are largely nominal
959
prices, however. At Chicago of late big packer hides were
firm but quiet, after considerable business had been done at
recent prices. Packers then wanted an advance of 34c.
Buyers wanted quantities of August light native cows at the
recent price of 14c., but offerings were small of native
cows at 1434c. Local independent packers were offering
August all weight native cows and steers at 1434c. but
tanners held off. Recent sales in big packer kipskins are
now confirmed. One packer sold, it seems, his entire July
production at 18c. for regular weight skins, 16c. for overweights and 13c. for branded, taking in slaughter at both
Northern and Southern killing plants. City collectors
now ask 18c., with tanners bidding 17c. Calfskins firm;
big packer skins, 23c. Colombians are held at 20c. The
River Plate market for frigorifico hides remained dull and
the only sale reported was of 2,000 Las Palmas cows at
13 13-16c. sight credit. Locally city packer hides were held
at 1434c. for butts and 1334e for Colorados. Leather trade
in New York has been in somewhat better demand for white
oak sole and belting butts. Uppers are steady but quiet.
OCEAN FREIGHTS have been quiet except for a good
berth grain demand, including business with Antwerp at
8c. Grain room has been firmer. Also at times there has
been a good business in tankers. In general business has
latterly been quiet.
CHARTERS included crude oil from Gulf to Port Said, September loading, at 25s.: clean oil from Gulf to north of Hatteras, two consecutive trips
first half of September. at 28s.: dirty oil from Gulf to Buenos Aires, first
half September, at $6 75; clean oil from Gulf to French Mediterranean.
first half September.at 243.;sugar from Santo Domingo to United Kingdom
prompt at 24s. 6d.: grain from San Lorenz.° to United Kingdom-Continent.
Bordeaux range, 10% option, 26s. 3d. soot; coal from Hampton Roads to
Rio, $3 20. or Santos at $3 40: crude oil from Gulf to Port Said. September
loading. at 25s.: case oil from Gulf to Australia. New Zealand and Tasmania, 27c.; clean oil from Gulf to Mediterranean, 27s. 64. first half of
September; coal from Hampton Roads to Rio Grande do Sul. August at
13 25: sugar from Cuba to Canada prompt at 19c.: grain from Gulf to
-id. one port
United Kingdom islands and the Mersey. August, at 3s. 103
and 4s. 1;id. two ports: from Montreal to Mediterranean, September,
187 option at 17c.; from San Lorenzo to United Kingdom-Continent,
10% option August. 25s.; from San Lorenzo to Bergen-Stockholm range.
August one port, 27s., two ports 28s., three ports 29s.:from North Pacific
to United Kingdom-Continent. August, at 30s.: grain from San Lorenzo
to United Kingdom-Continent. 10% option. 24s. 6d.: option down river
loading at 26s. 6d.fixed at London; coal from Hampton Roads to Rio early
September, $3 25; lumber from Gulf to Plate. $14 25 October.
TOBACCO has been in only moderate demand, but the
outlook is believed to indicate better things this fall. Buyers have held off so long. They cannot hold aloof indefinitely.
Jobbers' stocks, and indeed stocks of dealers generally, are
believed to have been much depleted. Porto Rico tobacco of
good quality is arriving and something will naturally depend
on the prices at which it will be offered. On the whole the
prospects for business are believed to be brightening somewhat. Washington wired Aug. 20: "The maintenance of
uniform resale prices of cigars, cigarettes and other tobacco
products as a result of an agreement between the American
Tobacco Co., P. Lorillard Company, Inc. the Liggett &
Myers Tobacco Co.and the West Virginia Wboleasle Grocers'
Association, is charged in a complaint of the Federal Trade
Commission."
COAL has been quiet and rather weak on a narrow margin
of profit. September is expected to bring better things to
the trade. General business is considered near the turn.
Soft coal Pool No. 1, Navy mines, $3 to $3 25 f. o. b.; piers,
$5 70 to $5 90; anthracite, f. o. b. mines, $8 20 to $8 95 for
broken, $8 45 to $9 for egg and $8 45 to $8 95 for stove.
At Hampton Roads on Aug. 20 had 262,000 tons standing
ons.
and vessels waiting for 36,00
COPPER early in the week was quiet but the price of
4
133 c. was maintained for electrolytic. On Tuesday a
slightly easier tone was noticeable. One interest was
/
reported to have sold prompt copper at 1358e. delivered to
the Connecticut Valley, as well as f.a.s. New York. However, sellers for a time became more independent, having
made large sales over the last few weeks. Some are said
to have oversold their quotas. Most producers adhered to
4
the 133 c. price. But still later in the week another im4
portant interest was said to be quoting 133 c. for prompt
delivery to the Valley, and it was the belief in most quarters
that many producers would meet this price for any worth8
while business. Prices were firmer late in the week at 13%
to 13 8c. for electrolytic. There was a better foreign
demand reported, though domestic business continued light.
London was higher on Thursday. Some pred;ct a big cut
in ths)surplus supply of copper, that is to say some 20,000,000
lbs. in the next few weeks. There is said to be a good deal
of speculative buying going on.
/
TIN has been fairly active and steady at 525sc. for spot.
It is estimated that about 100,000 boxes of tin plate were
sold to Japan by this country in the last two weeks. The
market here advanced to a new high level of 533'c. for all
positions of Straits on Thursday. London was also higher
on that day. The buying has been only on a hand-to-mouth
basis recently, but it is believed that consumers will have to
purchase freely before long to fill rapidly accumulating
needs.
LEAD has been in good demand and firmer. The leading
refiner continues to quote Sc. New York, but the outside
market appears to be higher, i. e., spot New York, 8e. to
2e. Lead ore was ad8.25c.- East St. Louis, Sc. to 8.12 y
vanced $5 per ton in the Joplin district to $105.
ZINC has been in fair demand and higher. Spot New
York, 60. to 6.023'c.- East St. Louis, 6.25c. to 6.273'2c.
Operators and galvanizers were good buyers on Tuesday.
960
THE CHRONICLE
STEEL has declined though the demand for rails has been
better. Output has increased somewhat. Declines have
taken place of $1 to $2 per ton in shapes, plates, bars and
wire products. Sheets are 3.50c. for black and 4.600. for
galvanized. prices for bolts, nuts and rivets have, it is intimated, .dechned sharply in an effort to reach a point of
stabilization. Indications do not point to any material increase in the export trade. A better political outlook in
Europe is not reflected as yet in the steel business of the
United States. Sooner or later it is believed that imports
of steel will increase, especially in California. Meantime,
aside from the increased call for rails, there is no particular
.
improvement in trade. It leaves much to be desired. If
output increases, prices yield. But Chicago is more optimistic than Nem York. Some reports say that the Western
.
"
trade is reviving as the output of steel ingots in the Chicago
district has increased since Aug. 1 about 3%. The Central
West is buying to supply railroad needs. Chicago steel
manufacturers declare that the sentiment in that district
has grown perceptibly brighter in the last few weeks and that
the outlook is the best for six months past. Its trade reflects
in some degree the increasing buying power of the grain belt.
PIG IRON advanced $1 in the Pittsburgh district and
50c. in Buffalo section, where it is now $19 50 base. Also in
the Cleveland and Michigan territory there has been a rise
• of 50 cents in foundry and malleable grades. Eastern Pennsylvania has been generally quoted at $20 50. The sales of
late have amounted to some 20,000 tons. About 5,000 tons
of ferro-manganese sold, it is said, at $92 50, and spiegeleisen
at $33 to $35. Recently some 25,000 tons of basic iron has
been sold, of which 5,000 tons are East Indian. The purchaser of 20,000 tons mentioned was, it seems, the Standard
Sanitary Manufacturing Co. for fourth quarter delivery.
Prices and division of tonnages are reported as follows: 12,000
tons from valley furnaces at $19; 6,000 tons of Southern iron
at $17 50; 2,000 tons of Ohio iron at $19 50 furnace. Since
this purchase the makers in the valley district have raised
quotations $1 per ton. Another advance of 50c. per ton is
expected at Chicago; the present quotation is $20 50. Alabama has been dull, it is stated, at $17 50 to $18. A quotation of $20 50 furnace is the lowest in eastern Pennsylvania.
WOOL has been firmer and in fair demand with Boston
and Europe strong. The out of 7% in light weight woolens
by the American Woolen Co. was a surprise, however. .Fine
fleece grades have been reported in better demand with a
fair trade in the lower grades. Strong markets were reported
at Bradford and London. Ohio and Pennsylvania fine delaine
here was quoted at 55 to 560.; Ohio and Pennsylvania XX,
49 to 50c.; Ohio and Pennsylvania /
-blood, 53 to 54o.;
12
Ohio and Pennsylvania /-blood, 51 to 52o.; 14-blood, 48
tp7490. Territory clean basis fine staple, $1 35 to $1 38;
fine, fine medium, French combing, $1 25 to $1 27; fine,
fine medium clothing, $1 15 to $1 20; %-blood staples, $1 20
to $1 25; /i-blood, $1 10 to $1 12; 1.4-blood, 85 to 90c.
3
London cabled that the export figures are double those
preceding the war, while the value increased threefold. The
United States continues to be the largest consumer, taking
to the end of July 9,959,000 lbs., compared with Germany's
5,783,000 lbs. Germany, however, buying the best grades
making the value in sterling £699,000, against the United
States £644,000.
Boston says mills have bought 50% of the new clip. The
West is reported almost bare of wool. Pennsylvania mills
are said to have bought nearly 5,000,000 lbs. last week.
Offerings in advance of the season's opening are, it appears,
being made from the River Plate, especially from Montevideo, at high prices, indeed above the general parity. For
Montevideo ones and twos 51c. c. & f. is asked; for super
Concordia 2s (50s.), 463/2c. and super 3s, 44c.; for Montevideo and Concordia 3s are in some cases held at 42 and 411,4c.
c. & f. Roswell, N. M., wools heavy shrinking (71 to 72%)
fine and fine medium sold; it is said, on a big scale to Pennsylvania at 35c., or about $1 30 clean basis landed, mill.
Another large Pennsylvania mill bought, it is stated, very
freely in Boston of fine and fine medium Utah wools at about
$1 30 clean basis. Fine 12 months, Texas, in the original
bags is reported to have sold at $1 35. It is further said that
fine Australian 64-70s. combing has been sold for home
consumption and for export at $1 30 clean basis; half blood
Ohio at 55c., or close to $1 20, with $1 25 clean basis for
Montana. Three-eighths combing shorn wool was quoted
at from $1 to $1 10 and quarters bcoming at 85 to 93c. clean
basis. Scoured wools are very firm and a bit stronger.
Fine Australian noils have been sold, it is stated, at $1 17
for 70s. choice.
The next public sale is scheduled for Antwerp on Sept. 10.
Stocks of wool at the end of June amounted to 8,214 bales,
against 6,326 bales at the end of the preceding month.
The Boston "Commercial Bulletin" will say on Saturday,
Aug.23:
[VOL. 119.
COTTON.
Friday Night, August 22 1924.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
35,004 bales, against 49,702 bales last week and 13,558 bales
the previous week, making the total receipts sinee the 1st
of August 1924, 100,979 bales, against 145,656 bales for the
same period of 1923, showing a decrease since Aug. 1 1924
of 44,677 bales.
Receipts atGalveston
Houston
New Orleans_
Mobile
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
Philadelphia
Sat.
Mon.
6,396
3,171
363
31
352
Tues.
Thurs.
Wed.
3,211
2,927
37
235
19
215
175
17
320
48
Totals this week_ 10.350
4.240
3,776
345
1
348
2,055
330
771
82
235
102
227
38
178
169
13
3.9RR
3.775
1,252
70
760
64
52
5 104
Fri.
Total.
3,996 22,331
3.501
1,443 4,409
288
85
892 2,802
23
364
38
21
174 1,068
136
--__
15
15
52
5 540 35.004
The following table shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night, compared with
last year.
•
Receipts to
Aug. 22.
1924.
Galveston
22,331
Texas City
Houston
3.501
Port Arthur, &c
New Orleans
4,409
Gulfport
Mobile
288
Pensacola
Jacksonville
Savannah
2,802
Brunswick
Charleston
364
Georgetown
Wilmington
38
Norfolk
1,068
N'port News. &c_
New York
Boston
136
Baltimore
15
Philadelphia
52
Totals
1923.
Stock.
This Since Aug This Since Aug
Week. 11924. Week. 1 1923.
35.004
45,439 49,995
32
29.737 5.000
1924.
1923.
108,682
32
12,990
47.690
74,645
36
44.024
13,223
3,415
9.878
28,583
2,037
5
160
735
543
5.231
89
1.917
2.642
16
5.698
889
4,063
1,513
8,942
30
14,761
2,513
10,828
161
24,714
88
1,879
109
858
912
2,394
1,916
14,996
2.497
10,230
13
92
214
525
69,708
2,712
515
3,432
15,086
4,221
1.000
4,418
no 7KR
1 AK etKA
10n ens
1 lIA Gig
263
749
275
52
100 070
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1924.
1923.
1922.
1921.
1920.
Galveston___
Galveston....
Houston.
New Orleans_
Mobile
Savannah
Brunswick
Charleston .. _ _
Wilmington
Norfolk
N'port N.
.&c..
All others_ _
22,331
3,501
4,409
288
2,802
4:1,995
5,000
3,415
5
2,642
364
38
1,068
889
109
658
28,424
40
4,406
463
7.917
1,210
426
454
270
203
45
707
Total thLs wk_
aim.. A.... I
35,004
100 070
62.758
44,317
91.711
37,388
1AR ;MR
119 050
QM ORO
100 RA k
47,441
9,607
12,338
7,120
9,828
991
559
2,900
28
899
23,253
811
5,120
231
2,632
179
2.617
584
27
1.932
1919.
13,238
349
6,241
166
10.234
4.000
918
592
2.142
62
1,575
39,517
A.,
Og It
The exports for the week ending this evening reach a total
of 43,455 bales, of which 14,037 were to Great Britain,
8,799 to France, 8,061 to Germany, 10,615 to Italy, and
1,943 to other destinations. In the corresponding week
last year total exports were 17,725 bales. For the season to
date aggregate exports have been 98,653 bales, against
117,658 bales in the same period of the previous season.
Below are the exports for the week:
Week Ended
Aug. 22 1924.
Exports from
Galveston
Houston
New Orleans__
Mobile
Savannah
New York
Exported to
GerGreat
Britain. France. many.
Japan&
Italy. Russia. China. Other. Total.
Bales. Bales. Bales. Bales. Bales. Bales.
3,429 5,759 4,601 5,401
2,871
4,847
267
589 3,619
50
60
5,711 2,773
1,535
Total
14,037
8,799
8,061 10,615
Total 1923
Total 1922
5.200
1.640
7,054
597
3,505
5.224
4,119
Bales. Bales.
1,352 20,542
300 3,171
191 9,513
se
"leo
60
10,119
1,943 43,455
_-
Exported to
-
10,046
1,966 17.725
3,400 25,026
From Aug.1 1924
to Aug. 22 1924. Great
GerJapan&
Britain. France. many. Italy. Russia. China. Other. Total.
Exports from
- Bales. Bales. Bales. Bales. Bales. Bales. Bales. Bales.
Galveston
3,429 6,028 7,349 5,401
1.552 23,759
Houston
9,121 13,016 6,970
300 29,407
New Orleans_ _ _ 7,8.58
891 20,176
927 1,756 4,119 4,595
Mobile
50
50
1,853
While manufacturers have been nardly so keen buyers thisweek. dealers Savannah
1,026
_
267
60
441
have shown a disposition to acquire wool, and some of them have been Norfolk
441
-Lob' 23,467
heavy buyers, so that the market has been active and the disposition of New York
15,397 3.585 1;545ii 2,685
vaTheues is to harden.
l
3,243 98,653
Total
37.322 23,556 16,672 12,265 4,595
opening of lightweight goods by the American Woolen Co., always
an event of first importance, seems to nave been fairly well discounted all
through the trade and is generally conceded to have been well conceived Total 1923
29,019 21,662 39,079 11,462
-- 2,500 13,936 117,656
as a move toward stabilization, with prives so low that they are bound to Total 1922
24,955 19,635 21.316 15,936
---- 35,231 15,723 132,796
induce good business in goods.
NOTE.
-Exports to Canada.
-It has never been our practice to Include in the
Foreign markets are very strong and the tendency abroad is upward.
both on merinos and crossbreds, which have advanced about 10% from the above table exports of cotton to Canada, the reason being that virtually all the
cotton destined to the Dominion conies overland and it is impossible to get returns
closing rates of the last London sales.
concerning the same from week to week, while reports from the customs districts on
Mohair moves moderately at steady rates.
AUG. 23 1924.]
THE CHRONICLE
the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that for
the month of July the exports to the Dominion the present season have been 6,024
bales. In the corresponding month of the preceding season the exports were 5,615
bales.
For the twelve months ending July 31 1924 there were 152,439 bales exported,
as against 109,053 bales for the corresponding twelve months in 1922-23.
961
late London and Continental operators have been covering
in Liverpool. The trade was buying in Liverpool, as also,
by the way, it was here. The Texas spot basis became
stronger. Some dealers in the interior of that State have
been, it seems, unable to fill their contracts for August shipIn addition to above exports, our telegrams to-night also ment. Texas dispatches said that 200 points "on" New York
give us the following amounts of cotton on shipboard, not October was freely bid for August shipment. Russia has becleared, at the ports named.
gun to buy. One cargo has been shipped and tnree more will
soon be to that destination, it is stated. Italy has been
On Shipboard, Not Cleared for
buying to some extent. On Wednesday French and German
buying of futures was reported here. The total spot sales
GerOther CoastGreat
Leaving
Aug. 22 at- Britain. France. many. Cont'nt. wise. Total.
Stock.
at the South, which were recently comparatively small,
something over 15,000 bales in a day. Exports
Galveston
35,290 amounted to
2,000 2,000 2.000 2.900 3,500 12.400
New Orleans
217 2,020
26,563 increased somewhat. A moderate tropical storm near Porto
476
855
253
219
Savannah
200
8,742
200
appeared. Rumors were heard of another between
Charleston
14,129 Rico
632
632
Mobile
735 Florida and Cuba.
Norfolk
600
14.396
600
Moreover, on Wednesday an outstanding factor was the
Other ports *-- 1,500
300
500
2,800
500
77,026
weekly Government report. It was worse than expected.
Total 1924__ 4,955 2.553 2,719 3,876 4,549 18,652 176.881
Total 1923__ 12.744 5,400 10,632 12.390 5,571 46.737 148.179 Last week it made no mention of the weevil. That was a
Total 1922._ 9,678 5.648 14.805 12.304 3.386 45,821 334.182 circumstance which caused general remark. This week its
comments on the weevil are frequent and persistent; they
*Estimated.
Speculation in cotton for future delivery has been at times refer to almost every State. They were more numerous
than in any report issued thus far this season. The
active, with fluctuations still sharp and very deceptive from indeed said to be doing considerable damage in southern
pest is
day to day. Prices have risen only to fall the next day. Texas. Shedding and premature opening continued in dry
But early in the week there was some decline as the result sections of Texas. The weevil infestation in Oklahoma is
of crop estimates of 13,000,000 and above. The range was Increasing, though the injury is not yet serious. From Geor12,800,000 to 13,340,000, with an average condition of about gia weevil reports continue to be received. In Alabama the
ranges from slight to considerable
66%, against 67.4 on Aug. 1, 51.1 on Aug. 25 last year and a weevil damage There is some damage from weevilin differin North
ent localities.
ten-year average for Aug. 25 of 63.2%. The estimates of the Carolina. In general the weevil has done no great harm
Texas crop were generally 4,500,000 to 4,650,000 bales, the thus far. But the fact that it is so often spoken of in the
latter about the highest on record. In almost all the States weekly report aroused apprehension that it might become a
the crop is well ahead of last year, while the acreage planted more serious factor later on. Premature opening is also
this year was 40,403,000, far the largest ever given by the feared in Texas. In that State the weather has been for the
dry and hot. The weekly report said that
Government. Roughly, _ there is an increase of 2,000,000 most part cotton in Texas was very good locally where the
the
growth of
acres. It is also recalled that the carry-over of 2,319,000 rain was sufficient, but that the plant deteriorated elsebales was nearly 1,000,000 bales larger than some had sup- where. On the whole the report chilled the short interest.
posed it would be. 'A crop of 13,340,000 bales would be over There was much covering and a general disinclination to go
3,000,000 bales larger than that of last year, 3,600,000 more short. Rather there was a disposition to have a clean sheet.
than in 1922 and some 5,400,000 more than in 1921. It would To be sure, this applied to not a few on the bull side also.
the main the trend in the middle of the week was
be nearly the same as that of 1920, which was 13,439,000. At But in buying rather than selling, and the effect on
prices
toward
the same time cotton goods have been dull, and on Tuesday was plain.
print cloths dropped %c. The raw cotton market has been
On Thursday prices declined some 60 points owing to a
narrow. The outside public has for the most part let it weaker technical position, generally favorable weather and
alone, disgusted with a decline since Aug. 1 of nearly 4c. some aggressive selling by uptown and boardroom operators,
Outside speculation seems to have gone very largely for mostly of December. Also, New Orleans took a weak turn
the time being into stocks and grain, though on Tuesday the and sold here quite freely. And a new feature is the gradtransactions in cotton futures were estimated at 450,000 ual increase hi hedge selling. It is becoming something of a
bales. And even on Wednesday, when prices advanced, large market factor. Many preferred to even up on both sides of
Chicago operators are understood to have sold out some the market awaiting the Government report of Saturday.
25,000 to 35,000 bales. Some other operators here or in Yet New York cannot openly act upon it until next Monday.
Chicago late last week doubled up on the short side to re- The surprising thing, too, is that there will be two more recoup themselves for recent losses. At any rate that was the ports this year on Saturday, one on Oct. 25 and the other on
DOpular impression. Everybody became bearish. Southern Nov. 8. On Thursday, however, the Texas spot basis was
traders seem to be bearish to a man. The weather was re- still strong for August and firmer than hitherto for Septemported to be in the main favorable. The crop was making ber. Some of the Texas August spot shorts, it is understood,
good progress over a large area of the belt. Boll weevil were "laying down," owing to the difficulty, if not the imwas little mentioned. There were rising hopes that the possibility, of filling their engagements in a late season. In
danger from the pest had been averted. At all events, it any case large losses have been incurred where the shippers
was hoped that its damage would be reduced to a minimum toed the mark and got the cotton somehow.
unknown for years past. The severe winter and prolonged
To-day prices were irregular, winding up practically undry hot weather in the Southwest was believed to have dealt changed. Some months were a point or two higher, others
it a hard blow. It has not been absent by any means, but that much lower. Early prices were lower, but there was a
the damage has been small thus far. Nor has there been any rally later of some 40 to 45 poinfs from the morning low.
serious damage from other insects, such as grasshoppers, Later came a decline on week-end liquidation on the eve of
fleas, boll worms, etc. At times the basis at the South has
Bureau report on Saturday, on which New York will
been reported easier. The spot demand for a while flagged. •the no chance to trade until next Monday. Spinners' takhave
Exports were rather sluggish. They are behind the total of ings were disappointing, showing some falling off from last
a year ago. Powerful interests were said to be keeping
week. The Texas forecast was for showers. Some favordown the price early in the week whenever it showed a ten- able crop reports were received from sections both east and
dency to rally.
the Mississippi River. Fall.River's sales of print
But on Tuesday it began to advance. The trade woke up west of off for the week to 30,000 pieces. Liverpool was
fell
to the fact that the Government report would appear at 12 cloths weaker than expected. Also, the Texas basis was
o'clock on Saturday. That is certainly an awkward hour rather lower. It is said that the Texas August shipping
reported
for that day. The Board of Managers of the New York Cot- engagements have been largely filled, in some cases shipton Exchange on Tuesday announced that the Exchange
buying in Louisiana and Mississippi. Manchester was
would adjourn on Saturday, Aug. 23, at 11.45 a. m. in order pers
one of the bright spots. It is doing a big business in cloth.
avoid confusion that might arise from trading just on
to
Liverpool reported a good spot demand. The market
the
stroke of 12, when the Government report would appear. Also,
ended, it is believed, pretty well evened up. The average
The shorts began to cover. Nobody knew what the report guess of the members of the Exchange on the Bureau report
will be. People bethought themselves that Liverpool has to be issued at noon to-day was 65.9 on the condition and 13,the first chance for open trading on the Government report. 100,000 bales on the crop. The condition guess contrasts
That would be at 5 a. m. New York time on Monday, Aug. 25. with 67.4 on Aug. 1, 54.1 on Aug. 25 last year and 63.2 the
Shorts grew uneasy. On Wednesday they began to cover in
average for Aug. 25. To-day's report will be based
earnest. One operator was credited with covering some ten-year brought down to Aug. 15 only. The 13,100,000
-bale
on data
25,000 to 30,000 bales. There was a good deal of scattered crop guess must be compared with 12,351,000 bales the Govcovering for Wall Street local and Southern account. Con- ernment estimate on Aug. 1 this year and 10,788.000 on Aug.
tracts became scarce. That is an almost chronic condition 25 last year. The final crop last year turned out to be 10,except at rare intervals, when big operators see fit to un- 128,000 bales. Last prices to-day show a decline for the
load. Contracts are largely held now, it is understood, by week of 80 to 110 points, the latter on October. Spot cotton
trade interests. Apparently they wlil not come out until ended at 27.80c. for middling, a decline for the week of 60
these merchants and mills secure the cotton against which points.
the contracts were bought. This thought made the shorts
The Liverpool Cotton Association has declined to enter
more and more uneasy. On Wednesday prices advanced Into negotiations with officials of the United States Departsome 50 to 65 points, the later months leading. The cables ment of Agriculture, who have been seeking to have the
from Liverpool, moreover, were higher than expected. Of association reverse its recent decision to withdraw from the
962
[VOL. 119.
THE CHRONICLE
The following averages of the differences between grades,
as figured from the Aug. 21 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Aug. 28, 1924.
2.95 off
1 61 on *Middling "yellow" stained
1,29 on *Good middling "blue" stained-A.40 off
Strict good middling
.98 on *Strict middling "blue" stained_ _1.85 off
Good middling
2.63 off
.59 on *Middling "blue" etained
Strict middling
.29 on
1 09 off Good middling Blunted
Strictlow middling
.23 off
2.78 off Strict middling spotted
Low middling
1.08 off
4.23 off Middling spotted
*Strict good ordinary
2 58 off
*Good ordinary
5.60 off *Strict low middling spotted
403 off
Strict good mid."yellow" tinged. .10 on *Low middling spotted
Good middling "yellow" tingl_.. .30 off Good mid light yellow stained .90 off
Strict middling "yellow" tingMl__ .80 off *Strict mid, light yellow stained.1 48 off
1.93 off *Middling light yellow stained-2.28 off
*Middling "yellow" tinged
.45 off
*Strict low mid."yellow" tinged..3.48 off Good middling "gray"
*Low middling "yellow" tinged_ _5.O0 off *Strict middling "gray"
.94 oil
Good middling "yellow" stained. 1.53 off *Middling gray"
1.46 off
*Strict mid."yellow"stained____2.05 off • These grades are not deliverable.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 16 to Aug. 22Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
28.70 28.10 28.05 28.20 27.80 27.80
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 22 for each of the past 32 years have been as follows:
10.00c.
1924
14.90c. 1908
27.80c. 1916
10.00c. 1900
6.31c.
1923
25.25c. 1915
13.35c. 1899
9.20c. 1907
5.75c.
1922
22.80c. 1914
1906
10.10c. 1898
7.88c.
1921
12.15c. 1905
13.60c. 1913
11.05c. 1897
8.62c.
1920
11.00c, 1896
11.80c. 1904
32.50c. 1912
7.62c.
1919
31.50c, 1911
12.75c. 1895
12.60c. 1903
6.94c.
1918
16.40c. 1902
34.45c. 1910
9.00c. 1894
7.31c.
1917
24.65c. 1909
8.31c. 1893
12.65c. 1901
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closea.
Saturday___
Monday _
Tuesday _ _ _
Wednesday_
Thursday -Friday
SALES.
Futures
Market
Closed.
Quiet,70 pts. dec.._ _
Quiet,60 pts. dec
Quiet,5 pts.dec_ _
Quiet, 15 pts. adv _ _
uiet,40 pts. dec_ _ _
Quiet,unchanged_ _
Total.
Spot.
Steady
Irregular
Easy
Steady
Barely steady
Barely steady
200
200
Total_
200
200
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
•
Saturday,
Aug. 18.
Monday,
Aug. 18.
Tuesday, Wednesday, Thursday,
Aug. 19.
Aug. 20, Aug. 21.
Friday,
Aug. 22.
August
Range,_ 28.52-27.00
28.25-28.25 28.85-26.87 28.17-28.22 25.80-26.00
Closing- 26.25 -- 25.5526.2528.85-28.87 28.17-28.22
Sept.
Range_ _25.50-28.25
25.58-25.75
- -- 25.45-25.83
Closing_ 26.55 -- 25.55 -- 25.90 -- 25.80 -- 25.45 -- 25.55October
Range,_ 25.95-28.72 25.34-28.04 25.55-25.93 25.70-26.24 25.75-28.31 2560-28.02
Closing_ 28.12-28.18 25.55-25.60 25.75-25.79 28.15-26.19 25.78-25.78 25.75-25.80
Noy.
Range_ _- Closing_ 25.75 -25.22 -25.48 -25.95 -25.55 -- 25.55 ---Dec.
Range.. 25.30-28.10 24.68-25.35 24.90-25.40 25.23-25.85 25.22-25.92 25.15-25.57
Closing_ 25.45-25.50 24.90-24.98 25.20-25.28 25.75-25.78 25.35-25.37 25.33-25.36
January
Range _ _ 25.18-25.90 24.60-25.34 24.85-25.34 25.15-25.80 25.20-25.89 25.16-25.58
Closing_ 25.34-25.35 24.86-24.95 25.18-25.22 25.72-25.75 25.32-25.38 25.35-25.38
February-Range _ _
25.60-25.60
- --Closing _ 25.50 -25.90 -- 25.30 -- 25.88 -- 25.48 -- 25.50 -March
Range._ 25.45-26.15 24.92-25.58 25.14-25.60 25.51-28.10 25.55-28.19 25.45-25.90
Closing_ 25.65-26.7525.12 -- 25.45 -- 28.01-28.08 25.85-25.89 25.6525.70
April
Range _ _ - --- -- --- Closing_ 25.75 -25.20 -25.55 -- 26.12 -25.74 --- 25.75 ---nt •
May
Range,_ 25.60-26.28 25.10-24.70 25.30-25.83 25.60-26.24 25.70-28.29 25.60-26.00
25.83 -- 25.84 ---Closing_ 25.83-25.88 25.28 --25.65-25.70 28.24June
-- -- - --Range._
-Closing_ 25.5024.90 -25.30 -25.90-25.50 -- 25.55 ---July
Range _ _ 25.00-25.40 24.45-24.7" 24.72-24.90 24.90-25.00 25.20-25.70 25.07-25.07
25.23 ---CInnl ns_ -. .-
.
Range of future prices at New York for week ending
Aug. 22 1924 and since trading began on each option.
Option for
Aug. 1924., 25.80
Sept. 1924., 25.45
Oct. 1924._ 25.34
Nov. 1924,.
Dec. 1924._ 24.68
Jan. 1925,, 24.60
Feb. i925., 25.60
Mar. 1925.. 24.92
Apr. 1925.,
May 1925,, 25.10
Jtme 1925,.
July 1925._ 24.45
Range for Week.
Range Since Beginning of Option.
Aug. 22 27.00 Aug. 16 25.25
Aug. 22 26.25 Aug. 18 24.20
Aug. 1826.72 Aug. 16 23.45
23.84
Aug. 1826.10 Aug. 16 23.11
Aug. 18 25.90 Aug. 18 22.98
Aug. 2025.60 Aug. 20 23.85
Aug. 1826.19 Aug. 21 23.17
Mar. 27 1924 34.50
Mar.28 1924 31.00
Mar.27 1924 30.00
Mar. 27 1924 28.90
July 7 1924 29.10
July 7 1924 28.98
Apr. 8 1924 25.60
July 7 1924 29.06
Aug. 18 26.29 Aug. 21 23.30 July
Nov.30 1923
Nov.30 1923
Nov.30 1923
Aug. 1 1924
July 28 1924
July 28 1924
Aug. 20 1924
July 28 1924
7 1924 29.15 July 28 1924
Aug. 1815.70 Aug- 21 24.45 Aug. 18 1924 27.50 Aug. 8 1924
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
.
well as the afloat, are this week's returns, and consequexitly
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Aug. 22Stock at Liverpool
Stock at London
Stock at Manchester
1924.
bales_ 396,000
3,000
31,000
1923.
346,000
3,000
29,000
1922.
1921.
729,000 1,015,000
2,000
74,000
51,000
430,000
2,000
72.000
52.000
9,000
80,000
16,000
3,000
1,000
378,000
15,000
51,000
30,000
3,000
64,000
13,000
3,000
1,000
780,000 1,091,000
18,000
33,000
167,000 310,600
134,000 143,000
13,000
10,000
99,000
74,000
9,000
47,000
31,000
7,000
2,000
235.000
180,000
474,000
665,000
51,000
112.000
105,000
37,000
569,000
195,533
164,199
558,000 1,254,000 1,714,000
64,000
67,000
112,000
82,000 194,371
108,000
50,000
69,000
62,000
113,000 195,000 260,000
435,000 829,000 1,093,000
194,916 380,043 1,308,190
302,780 351,079 1,015,473
27,169
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
Total European stocks
India cotton afloat for Europe_ _ _
American cotton afloat for Europe
Egypt,Brazil,&c.,afloatforEurope
Stock in Alexandria,Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
U.S. exports to-day
623,000
Total visible supply
1,898,732 1,885,696 3,227.122 5,726.203
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 150,000
91,000 389,000 625,000
60,000
16,000
36,000
Manchester stock
24,000
Continental stock
150,000 109,000 380,000 553,000
82,000 104,371
American afloat for Europe
112,000 108,000
U. S. ports stocks
195,533 194,916 380,043 1,308,190
U. S. interior stocks
161,199 302,780 351,079 1,015,473
27,169
U. S. exports to-day
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
Total American
795,732
821,696 1,618,122 3,783,203
246,000
3,000
7,000
85.000
51.000
105,000
37,000
569,000
255,000
3,000
13,000
71,000
112,000
62,000
113,000
435,000
390,000
2,000
15,000
14,000
70,000
94,000
64,000
67.000
50,000
69,000
195,000 260,000
829,000 1,093,000
340,000
1,103,000 1,064,000 1,609,000 1,943,000
795,732 821,696 1,618,122 3.783,203
Total visible supply
1,898,732 1,885.696 3,227,122 5,726,203
9.61d.
12.60d.
15.19d.
16.08d.
Middling uplands, TAverpool
15.30c.
22.25c.
25.45c.
Middling uplands, New York _ - _ - 27.80c.
26.70d. 17.65d. 20.25d. 18.25d.
Egypt,good Sakel, Liverpool
10.00d.
14.25d.
Peruvian, rough good, Liverpool- 23.50d.
18.506.
8.80d.
Broach, fine, Liverpool
12.40d. 12.15d.
13.20d.
9.30d.
13.05d.
14.35-1.
13.30d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 33,000 bales.
The above figures for 1924 show a decrease from last week
of 62,582 bales, a gain of 13,036 from 1923, a decline of
1,328,390 bales from 1922, and a falling off of 3,827,471
bales from 1921.
AT THE INTERIOR TOWNS the movement that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stock to-night, and the same items for the
corresponding periods of the previous year is set out in
detail below:
Movement to Aug. 22 1924.
Towns.
I ShipReceipts.
ments.
Week. Season. Week.
Ala.,Birming'm
Eufaula
25
Montgomery.
189
375
Selma
98
87
Ark., Helena
___
1,987
Little Rock
_ 51
170
Pine Bluff
272
Ga.. Albany...
41
38
Athens
33
4
Atlanta
1,680
157
Augusta
1,779
848
Columbus
356
70
Macon
194
45
Rome
66
66
La., Shreveport700
Miss.,Columbus
355
Clarksdale__ _
168
140
Greenwood__
51
20
4
Meridian_ _ _ _
31
Natchez
31
2
Vicksburg_ _ _
2
Yazoo City
18
15
Mo., St. Louis_ 4,240
7,934
338
2
N.C.,Gensboro
13
Raleigh
10
Okla., Altus... _
Chickasha
Oklahoma
4,194
S.C.,Greenville 1,500
Greenwood
9,942
3,743
Tenn.,Memphi
20
Nashville__ _ _
Texas, Abilene_
4f
----- I
Brenham---Austin
31
Dallas
10
Houston
35,820 70.180
28
Paris
San Antonio_
887
Fort Worth__
452
7,1..1
All •..........
A, An.
101 011
77
100
144
88
300
420
87
46
857
679
318
59
125
744
1,110
10
3:
41
343
4,280
298
75
1
32:
2,000
5,832
13
22,949
475
I,•
Aug.
22.
W
N.
W.
WOW
.Wbaba .01004 •.1.Nol..C.C.44.”-“iWN..P.
1414 glu.lisW...mwo:4-4-4
olo..4. Ipt4a....4.a.o>
,
cAoww .. .movoocoo...mwoom.ogoc.4bawv4wwma
.
mo,co,sco,—coov.c.w.4.o..a..cowcovoowoco-im.4.mbato
agreement which makes the universal cotton standards international.
Other foreign bodies have sided with the
United States. The Cotton Association's withdrawal will
become effective Aug. 1 1925.
Movement to Aug. 24 1023.
Receipts.
Week. Season.
2
14
9
- - --
147
14
1,031
8
13
1,295
7
380
111
895
120
2
____
24.
1,666
447
581
1,41
551
38
7,
.
-io6
----
231
311
101
----- 83
1
11
13,38
36.
88
'
60
2
1,162
3,105
7,561
---9
4,131
61
33
1,726
2,555
758
859
129
175
91,497 180,372
327
327
2,000
4,589
66
146
Al /1171/141. 100 100 CA9
Ship- Stocks
meats. Aug.
Week. 24.
359
648
5,532
878
6,613
10,902
21,800
2007,
12,570
7,553
10.152
3,358
3.505
3.302
200
644
105 14.698
1,200 12,685
519
1
2,822
189 2,428
233 8,778
4,439 4,419
982 8,239
112
50
889
279
____
_238
iiii) 8 917
.
4,380
4,142 53.75
4
10
186
1,441 4,307
802
585
323
117 1,
51,080 83,943
26
0
108
1,000 2,818
361
3
34
____
290
___
201
884
833
___
37'4
1,074
670
412
113
____
Moo A,' 91 191 21)2
780
The above total shows that the interior stocks have induring the week 5,240 bales and are to-night
creased
138,581 bales more than at the same time last year. The
receipts at all towns have been 59,552 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
tiLfrom telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
AUG. 23 1924.]
THE CHRONICLE
-1923
-1924------Since
Week. Aug. 1.
8,887
4,280
6.960
2,700
133
65
637
273
3.089
9.644
22.769
9,617
Aug• 22ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia Points
Via other routes, Scc
20.024
Total gross overland
Deduct Shipments
203
Overland to N. Y., Boston, &c..
517
Between interior towns
8,959
Inland, &c.,from South
Week.
4.439
1,000
Since
Aug. 1.
14,652
3,040
129
3,039
9,782
295
11,483
27.319
49,030
18.389
56.789
1,339
1,547
18,108
13
446
2,798
831
1,472
9.779
Total to be deducted
9,679
20.994
3.257
10,345
28,036
15,132
44.707
Galveston, Texas.
-The weather in Texas the past week
has been generally very dry and hot. Temperatures are in
part unseasonable and have caused plants to open prematurely. Worms are beginning to put in their appearance, but
as yet no serious damage has been noted. Reports of great
deterioration in some sections of the State should not be taken
too seriously.
Mobile, Ala.
-The weather has been very hot and dry,
which has caused slight deterioration along with shedding
and premature opening. Cotton is opening and is being
picked and ginned rapidly.
12,082
Leaving total net overland'
963
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 10,345 bales, against 15,132 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 16,671
bales.
924
In Sight and Spinners'
Since
Week. Aug. 1.
Takings.
Receipts at ports to Aug. 22
35,004
100,979
Net overland to Aug. 22
10,345
28,036
Southern consumption to Aug.22.. 75.000
202,000
Total marketed
Interior stocks in excess
120.349
5,240
331.015
*20,852
Came into sight during weelc_ _ _125,589
Total in sight Aug. 22
310.163
Nor,spinners' takings to Aug. 22.. 24.716
1923
Since
Aug. 1.
145,656
44,707
355,000
Week.
62.758
15,132
90.000
57.822
167,890
34.554
545.363
33,847
202,444
579,210
21,707
56,139
* Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1145,816 1922
-Aug.25
144,03911921-Aug.26
116,50011920
-Aug.27
Week-Aug. 25
1922
-Aug.26
1921
1920
-Aug.27
Bales,
463,907
559,876
367,292
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
Aug. 22.
Closing Quotations for Miadling Cotton on
-
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
27.90
27.45
27.65
27.90
27.40
27.40
New Orleans
26.07
25.75
26.25
26.63
26.25
26.33
Mobile
25.85
25.20
25.25
25.50
25.50
25.50
Savannah
26.16
25.57
25.25
26.17
25.76
25.76
Norfolk
27.00
26.38
26.50
26.75
26.38
26.38
Baltimore
27.00
27.00
27.00
27.00
27.00
Augusta
27.38
26.88
25.75
26.19
25.88
25.88
Memphis
27.00
26.50
26.50
26.50
26.50
26.50
Houston
27.50
27.00
27.15
27.65
27.40
27.15
Little Rock___ _ 26.50
26.00
26.00
26.25
26.00
26.00
Dallas
27.40
26.55
26.60
26.90
26.65
26.70
Fort Worth_ __ _
26.60
26.80
27.00
26.55
26.55
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Ita "Saturday,
tn
Aug. 16.
Monday,
Aug. 18.
Tuesday, Wednesday, Thursday,
Aug. 19. Aug. 20. Aug. 21.
Rain. Rainfall.
dry
0.52 tn.
dry
dry
dry
dry
dry
dry
dry
2 days 0.60 in.
dry
dry
dry
1 day 0.68 in.
dry
dry
dry
2 days 0.191n.
1 day 0.26 in.
2 days 0.27 in.
dry
2 days 0.37 in.
2 days 1.47 In.
2 days 1.00 in.
1 day 0.45 in.
1 day 0.40 in.
3 days 1.82 in.
3 days 1.44 in.
2 days 1.59411.
dry
dry
1 day 0.53 in.
1 day 0.11 in.
1 day 0.59 in.
dry
2 days 0.02 in.
1 day 0.40 in.
dry
1 day 0.29 in.
1 day 0.06 in.
1 day 0.10 in.
2 days 0.52 in.
dry
2 days 0.01 in.
dry
dry
dry
dry
1 day 0.34 in.
dry
2 days 0.08 in.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpuschristi
Dallas
Henrietta
Huntsville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore. Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria. La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston,S.C
Greenwood
Columbia
Conway
Charlotte. N. C
Newbern
Weldon
Memphis
1 day
Thermometer
high 90 low 82 mean 86
high 102 low 72 mean 87
high 100 low 75 mean 88
high 94 low 76 mean 85
high 92 low 76 mean 84
high 102 low 74 mean 88
high 101 low 75 mean 88
high 100 low 68 mean 84
high 103 low 73 mean 88
high 98 low 75 mean 87
high 100 low 74 mean 87
high 106 low 70 mean 88
high 96 low 76 mean 86
high 106 low 70 mean 88
high 98 low 74 mean 86
high -- low 74 mean _ _
high 99 low 70 mean 75
high 103 low 71 mean 87
high 104 low 69 mean 87
high 102 low 68 mean 85
high 98 low 71 mean 85
high 100 low 60 mean 80
high 101 low 68 mean 85
high 96 low 69 mean 89
high 102 low 65 mean 84
high 100 low 69 mean 85
high 98 low 65 mean 82
high -- low __ mean 84
high 100 low 69 mean 85
high 100 low 60 mean 80
high 100 low 63 mean 82
high 99 low 62 mean 81
high 94 low 69 mean 82
high 95 low 69 mean 84
high 95 low 59 mean 77
high 95 low 69 mean 82
h g,h 95 low 68 mean 82
high 93 low 68 mean 81
high 97 low 70 mean 84
high 95 low 69 mean 82
high 96 low 59 mean 78
high 95 low 62 mean 79
high 99 low 70 mean 85
high 95 low 70 mean 83
high 91 low 61 mean 76
high __ low 60 mean..
high 97 low 65 mean 81
high 92 low 58 mean 75
high 89 low 61 mean 75
high 94 low 55 mean 75
high 93 low 63 mean 81
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Aug. 22 1924. Ally 24 1923.
.
Feet.
Feet.
2.9
3.1
12.2
18.0
7.1
9.0
5.7
6.2
19.1
20.8
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Friday.
Aug. 22.
August _ _ _
September
October __ 25.32-25.40 24.72-24.75 24.91-25.03 25.40-25.42 25.00-25.02 25.06-25.09
December_ 25.31-25.35 24.72-24.74 25.03-25.06 25.46-25.49 25.04-25.08 25.11-25.12
January - _ 25.29 --24.70-24.72 25.02-25.03 25.47-25.50 25.11 -- 25.17march.... 25.45-25.49 24.96 -- 25.25-25.29 25.80 -25.30 -25.36 bid
25.37-25.40 24.84-24.86 25.37-25.38 25.75May
25.30 bid 25.34 bid
Tone
Quiet
Quiet
Spot
Quiet
Steady
Steady
Steady
Options_ Barely st'y Steady
Steady
Steady
Steady
Steady
CROP CONDITIONS IN NORTH CAROLINA.
-The
Department of Agriculture of North Carolina issued on
Aug. 15 its semi-monthly farm notes for that State covering
the period Aug. 1-15. The remarks about the cotton crop
in this report were as follows:
Cotton.
-It is evident that the boll weevil is doing little damage at this
date except in three general localities. These are Scotland-Robeson
Counties, Edgecombe-Halifax and Chowan. While they are present In
most areas, they are not as active as was expected. Lower Halifax has
over 100 dusting machines in operation and are expecting to counteract
most of the boll weevil damages. Cotton has improved over the State
as a whole. Plants are showing better color and fruitfulness. The bottom
crop is reported as quite short. Many sections have reported heavy shedding, especially where conditions arc dry.
Cotton Takings.
Week and Season.
1924.
Week.
Season.
1923.
Week,
Sense°.
1,961,314
1,848,271
Visible supply Aug. 15
2.190.493
Visible supply Aug. 1
2,024,671
310,163 202,444
American in sight to Aug. 22.....125,589
579,210
12.000
24.000
10,000
Bombay receipts to Aug. 21
39,000
4,000
10,000
7.000
Other India shipm'ts to Aug. 21
19.000
1.600
1,800
Alexandria receipts to Aug. 20
1,000
2,000
5,000
Aug. 20..*_b
16,000
4,000
Other supply to
14.000
2,109,503 2,552,4582,072,715 2,677.881
Total supply
Deduct
1,898,732 1.898.732 1,885,696 1,885,696
Visible supply Aug. 22
653.724 187,019
Total takings to Aug. 22..a____ 210,771
792,185
140,171
447,924 145,019
593,185
Of which American
70.600
205,800
42.000
Of which other
199.000
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
total embraces the tots estimated consumpt on by Southern mills
a This
-takings not
since Aug. 1, 202,000 bales in 1924 and 355,000 bales In 1923
being available-and aggregate amounts taken by Northern and foreign
spinners, 447,924 bales in 1924 and 437,185 in 1923, of which 242.124 bales
and 238,185 bales American. b Estimated.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. , The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations ofthat
part of the crop which finally reaches the market through
the outports.
COTTON CONDITION REPORT BY MURRAYCLEMENT, CURTIS & CO.
-Murray-Clement, Curtis &
Co., on Aug. 19, issued their report showing the condition
and prospective yield of the growing cotton crop. They
make the condition 65.6% of normal on Aug. 16 forecasting
13,100,000 bales. By States forecasts are, in thousands of
Stocks at Interior Towns. Receiptsfrorn Plantations
Week' Receipts at Forts.
bales: Virginia, 38; North Carolina, 822; South Carolina, end&n
Georgia, 1,185; Florida, 24; Alabama, 933; Mississippi,
925-24 1922-231921-22 1923-24 1922-23 1921-22 1923-241922-231921-22
803;
Louisiana, 381; Texas, 4,506; Arkansas, 1,065; Ten- May
1,087;
nessee, 485; Missouri, 222; Oklahoma, 1,288; others, 261.
30_i 50.42 28,322 113,448 347,017 447,224 715,192 24,888 5,568 46,444
Condition by States: North Carolina, 61; South Carolina, June 43,377 25,060 94,570 333.056 419.670 666,798 29,416 133 45,767
659; Georgia, 70; Alabama, 66; Mississippi, 68; Louisiana, 13- 35,702 31.651 70,575 312,127 391,675 674,483 14.773 5,244 31,240
369,047 538.332
Arkansas, 68; Tennessee, 80; Oklahoma, 77. 20_ 49,228 30,728 75,711 283.651 348,278 540.737 20,752 9,95938,680
53; Texas, 62;
18,859 8.046 24.919
27.... 35,721 29.87lj 72,514 266.789
July
WEATHER REPORTS BY TELEGRIPT 7-11rei
1
)orts
21,783 24,472 56.184 256.315 331,668 498,93 11,309 8,662 14,382
i--I
to us by telegraph from the South thisevening denote that 11_ 21.177 20,125 41.564 243,812 312,912 458,83 17.86 1,672 1.468
18__ 35,877 15,202 31,697 225,799 293,590 433.178
rainfall has been scattered and precipitation has been light 25I 40,50 22,226 34,393 206,000 278.391 388,830 20,709 11,646 6.036
1.876
to moderate. Cotton has made very good progress locally Aug.
1._ 35.170 27,686 32,031 182,549 270.233 355,159 11,719 19,528
____
where rain has fallen. Elsewhere there have been reports
183,738 264,913 345,726 14,747 24,
13.558 29,72 24,012
8
14 579
,
3
158,959 268,226
46,
of deterioration, which, however, our Texas correspondent 15._ 49,702 62,75 33,716 164,199 302,780 341,519 24,923 51,252 29 509
.
44,317
351,079 40,244 97.312 53:877
22__ 35,004
says should not be taken too seriously at this stage. From
The above statement shows: (1) That the total receipts .
the dry sections also there are some complaints of shedding
from the plantations since Aug. 1 1924 are 80,127 bales
and premature opening.
[VOL 119.
THE CIIIIONICLE
'964
Bales..
in 1923 were 179,474 bales, and in 1922 were 97,965 bales. HOUSTON-To Bremen-Aug. I5
2,871'
-City of Alton, 2,871
To Rotterdam-Aug. 15
,
(2) That although the receipts at the outports the past
300
-City of Alton, 300
MOBILE
-To Manchester
-Aug. 16
-Saco. 50
50'
week were 35,004 bales, the actual movement from plan- SAVANNAH-To Genoa-Aug. 19-Quistconck,60
60.
tations was 40,244 bales, stocks at interior towns having
Total
43.455increased 5,240 bales during the week. Last year receipts
COTTON FREIGHTS.
-Current rates for cotton from
from the plantations for the week were 97,312 bales and
New York, as furnished by Lambert & Burrows, Inc., are •
for 1922 they were 53,877 bales.
- as follows, quotations being in cents per pound:
INDIA COTTON MOVEMENT FROM ALL PORTS.
Stand.
High
High
StandStandHigh
The receipts of India cotton at Bombay and the shipments
ord.
Density.
Density.
ard.
ard.
Density.
from all India ports for the week and for the season from Liverpool .30c. .494. Stockholm .50c. Sic. Bombay .500. . .
650
--Gothenburg
Mancheeter.30e. .494. 'Trieste
.494. .60c.
for three years, have been as follows:
Aug. 1, as cabled,
.30c. .450.
1924.
Aug. 21.
Receipts at
Week.
Since
Aug. 1.
12,000
24,000 10,000
Far the Week.
67,000
39.000 13,000
Contineat,
Japan dk
China.
Total.
7,000 25,000 32,0II
13,000
13,000
3,III
3,000
12,000
2,000
18,000
28,000
25,500
48.000 78,000
13,000 41,000
98,500 126,000
4,000
2,000
2.000
2,000
8,000
17,000
21,550
10,000
19,000
23,550
14,000
2,000
4.000
26,000
45,0001
47,050
48,000 88,000
13,000 60,000
98,500 149,550
Total all
1924
1923
1922
3,000
7.000
5,000
7.
1,000 10.000 25,000 36,000
_
20,000
20.000
10,011
2,
8,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
2,000 bales. Exports from all India ports record an increase
of 16,000 bales during the week, and since Aug. 1 show an
increase of 28,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
August 20.
1924.
.45c. .60e.
.50c. .650.
.900.
.750.
.494.
.300.
.42Si0. .67340.
.4230. .5734c.
1923.
1922.
Bremen
Hamburg .27340. .42340.
.600. .75c.
Piraeus
.50e. .750.
Salonlca
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Aug. 1.
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which .American
Amount afloat
Of which American
22,000
10.000
1,000
43,000
422,000
158,000
41,000
28,000
122,000
28,000
Aug. 8. Aug. 15. Aug. 22.
29,000. 39,000.
20,000
15,000
15,000
11,000
1,000.
1,000
1,000
41,000.
42,000
35,000
414,000 399,000 396,000.
157,000 145,000 150,000.
37.000.
30,000
36,000
26,000.
14,000
10.000
130,000 130,000 125,000.
38,000 23,000.
36,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of'
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market, I
12:15 1
P.M. I
Market,
4
P.M.
A fair
business
doing,
Fridag•
_
A fair
More
demand.
business
doing.
16.15
I
I
1I
I
I
15.85
15.85
16.33
16.08
5,000
HOLIDAY
Futures.
Market
opened
A fair
business
doing,
Quiet.
Mid.Upl'ds
Sales
Tuesday. Wednesday. Thursday.
5,000
5,000
7,000
6.000
Quiet
Quiet, 16 Quiet,3 pts Quiet but
Quiet,
62to 8Opts. pts. dec. to decline to st'dy, 13 to 10 to 20ptil,
decline. 2 pts. adv. 4 pts. adv. 26 pts.adv. decline.
Quiet,
Barely st'y, Quiet but Steady,
77 to 96pts. steady, 11 19 to 23pts. 9 to 21 pta.
decline. late. dec. to advance. advance.
4 pts. adv.
Steady
610 12
Points
decline.
Prices of futures at Liverpool for each day are given below:
Receipts (centers)
This week
Since Aug. 1
Exports (bales)-
Flume
Lisbon
Oporto
Barcelona
Japan
Shanghai
8.000
9.41111
Since
Week. Aug. 1.
To Liverpool
2,000
To Manchester. &c
To Continent and India_ 5,000
To America
4,500
ii FaS
9,500
38,638
Since
Since
Week. Aug. 1. Week. Aug. 1.
5,250 ---- 2,250 ---5,750 ---- 2,250 4,750
7,000 5,500 12,185 1,550
800 ___- 2,250 ----
2,846
8,146
10,724
2,800
Total exports
7,000 18,800 5,500 18,935 6.
300 24 517
.
-A cantar is 99 lbs Egyptian ha es weigh about 750 lbs
Note.
This statement shows that the receipts for the week ending Aug. 26 were
8,000 canters and the foreign shipments 7.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for both India
and China is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison:
Sat.
Mon.
-Aug. 16--to
Aug. 22.
Tues.
Wed.
Thurs.
Fri.
1234 4:00 1234 4101 12)( 4:00 1234 4:00
.m.lp.m.p.m.p.m p.m.p.m.p.m,p, m.. m.p.m.O.m P.m.
123411234 1234 4:
I
I
1,0
.40c.
.500.
.400.
.40e.
.50c.
.550.
Since Aural 1.
Great Conti- Japan&
Great
Britain. neat. China. Total. Britain.
Bombay
1924
1923
1922
OtherIndia
4
k 192
1923
1922
Since
Aug. 1.
Week.
Antwerp .294.
Ghent
.350.
Havre
.250.
Rotterdam .250.
Genoa
.40c.
Christiania .400.
d.
d. I d.
August
15.3
September
15.18
October
14.67
November
14.4
December
14.39
January
HOLI- 14,411
February
DAY 14.381
March
14.371
April
14.341
May
14.321
June14,151
July14,121
oi• at
;-.•
62 k
too,to Co to40-
Exports.
Since
Aug. 1.
Week.
1922.
,
!1..P.
8
Bombay
1923.
d. d. d.
d.
d.
d. Ti. 'Ti.
15.10 15.13 15.10 15.32 15,58r15.53 15.33 15.41
14.81 14.86 14.89 15.05 15.26 15.21 15.11 15 27
14.49 14.52 14.55 14.71 14.88114.83 14.65 14.78
14.32 14.34 14.38 145 14.70114.66 14.48 14.59
14.23 14.2 14.28 14.47 14.62114.57 14.40 14.50
14.26 14.2 14.31 14.49 14.64 14.59 14.42 14.51
14.23 14.2 14.27 14.47 14.62114.57 14.41 14.50
14,23114.25 14.27 14.47 14.62114.57 14.41 14.40
14.20114,22114.24 14.44 14.59114.56 14.39 14.47
14.18114,20114.22 14.43 14.58 14.54 14.87 14.46
l4.0i114.041l4.06 14.27 14.41114.37 14.23 14.31
1358114.00114.02 14.23 14.36 14.32 14.17 14.25
BREADSTUFFS
CSC@ COGS
Friday Night, Aug. 22 1924.
Flour has been more or less irregular from sharp fluctuations in wheat and the excitement in the corn market. It
1923.
1924.
has cut down trade. Buyers hardly knew what to do. Sup83-1 lbs. Shirt Corn plies here are relatively small. Mills now and then have
834 lbs. Shirt Corn
Common Mid.
tags,
328 Coll
tags, Common Mid.
32.1 Cop
Upi's to supply the demand direct for prompt shipment. The buyto Finest.
Twist.
to Finest.
Upl's
Twist.
ing is still largely of a hand-to-mouth sort pending further
e. d. d.
d. 8.6.
8.6. d. d.
d. s. d.
May d.
events. The export business is also inclined to small lots.
23% 16 3 (416 9 15.96
2834 18 1 @18 5 17.99 2234
ao 2634
Clearances from New York reported on Monday were only
June
2494 16 3 @)17 0 16.33 8,400 sacks to Hamburg. Clearances for all of last week
2834 18 1 4618 5 17.30 2294
6 2634
2434 17 0 617 4 16.61
18 0 618 3 17.14 2294
2834
13 25H
2434 170 @17 3 16.57 were 114,657 sacks. Minneapolis wired Aug. 21: "Flour
2734 18 2 618 5 16.99 2234
20 2534
24 16 6 @17 1 16.52 business is showing considerable improvement. This is re2734 18 2 018 5 16.88 2234
27 2534
July
2
23H 16 5 617 0 15.62 flected in to-day's shipment of 59,271 barrels, the largest for
27 18 1 @18 4 15.92 22
4 25
23 16 3 016 6 15.79 many months. Shipments of wheat are also liberal; 169 cars
27 18 1 618 4 16.35 2134
11 25
2234 16 2 016 5 15.49
2534 18 2 (1818 5 16.73 2134
13 2434
27H 19 4 620 0 17.74 2034
2134 16 1 016 4 14.42 moving out against 238 receipts. Stocks of wheat are de25 26
creasing steadily and show 350,000 bushels decrease so far
Aug.
2034 16 0 @16 2 13.71
28 19 6 620 2 18.18 20
2654
21 16 1 @16 2 14.57 this week. The quality of wheat received is very high and
2754 19 8 620 2 17.38 2034
28
(416 6 15.61 would be in keen demand by our millers. Some apprehen2134 16 1
2634 19 6 020 2 16.94 20H
15 2534
2134 16 0 016 4 15.19
22 25
6 26% 19 6 @20 2 16.08 2034
sion exists, however, over rainy weather, for if it persists
-As shown on a previous page, the too long there will be some lowering of grades." Relative
SHIPPING NEWS.
•exports of cotton from the United States the past week have prices of feedstuffs are shown,in the following comparisons
reached 43,455 bales. The shipments in detail, as made of values, sack basis: Corn meal, 64 per ton; ry feed, $29;
up from mail and telegraphic returns, are as follows: Bales. bran, $32; middling, $33; gluten feed, $44 and oil, meal and
cotton meal, $50 per ton. Late in the week there were re-Lafayette, 351: Aug. 19.
-To Havre-Aug. 15
NEW YORK
773 ports that some of the large buyers had taken hold more
Paris, 422
2,000 freely, even if the smaller ones clung to the policy of buying
-Sierra Ventana, 2,000
To Bremen-Aug. 15
5,711
-Baltic, 4.700; Aug. 20-Viberg, 1,011
-Aug. 15
To Liverpool
to supply only temporary needs. Larger interests are said
-City of Eureka,
--Conte Verdi,419;Aug.16
-Aug.19
To Genoa
1,535 to have bought spring patents to the amount of 100,000 bar1,116
100
-Aug.16-Kolsnaren. 100
To Gothenburg
rels. Prices were admittedly very irregular. Many are non-Scholar, 3,048; Aug.
-Aug. 15
-To Liverpool
NEW ORLEANS
4,545 plussed by the wide range quoted by some of the,mills.
16-Kamesit, 1,497
302
-Scholar, 155; Aug. 15-Kameelt,147-Aug.15
To Manchester
267 Meanwhile export sales are said to be slowly increasing and
To Havre-Aug. 16--Carplaka, 267
150 Canadian flour is selling more freely. Stocks at terminals
-Aug. 16-Carplaka, 150
To Ghent
3,469
year.
-Aug. 16-Monviso, 3,469
To Genoa
150 here are 764 cars, against 747 last week and 1,040 last
-Aug. 16-Monviso, 150
To Savona
589 Minneapolis wired Aug. 20: "One milling company tells
To Bremen-Aug. 19-Saguache, 589
41
already
-Tripp, 41
To Rotterdam-Aug. 19
3,204 me their flour business is good. This company
-Mount Evans, 3,204
-Aug. 15
GALVESTON-To Liverpool
225 bought 100,000 futures this morning." Ocean freight room
-Mount Evans, 225
To Manchester-Aug. 15
-Pennsylvania,1.622 7,381 has been engaged for about 10,000 barrels of flour and 1,500,To Havre-Aug.15-Prusa,5,759; Aug.16
650
-Aug. 15-Prusa. 650
To Ghent.
550 000 bushels of wheat and scattered lots of oats and barley.
Antwerp-.Aug. 15-Prusa. 550
To
2,979
-West Munham, 2,979
To Bremen-Aug. 15
Wheat early in the week was up some 2 to 3c. Later came152
To Rotterdam-Aug. 15-Weet Munham, 152
5.401 a decline. Yet the political situation in Europe is promising.
-Liberty Bell, 5,401
To Genoa-Aug. 16
Atm. 2S
1924.]
THE OilitOXICIAL
965
It looks as though the reparations matter bad been finally DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
.
settled. That would be considered as a very constructive
Sat. Mon. Tues. Wed.Thurs. Fri.
delivery In elevator_c
factor. Europe's buying power will be increased. At the Septemberdelivery In elevator ts_133 130% 127% 12734 126g 125
December
137% 135% 133 132% 131
130PI
same time, whatever may be said in some quarters, many May delivery in elevator
143% 141% 139% 138% 137% 136
133% 131% 12934 128% 12831 127
believe that the world's crop will hardly be adequate to July delivery in elevator
meet the world's needs, especially with a rising buying DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
power. Some reports, however, take the ground that the
October delivery in elevator—
139
13514 13534 134%
world's shortage has been overestimated. And it appears December delivery in elevator cta_14131 13434 13111 131% 13031 131
137
12711
140% 138% 135% 135% 135 132
that the American spring wheat crop is likely to turn out May delivery in elevator
larger than was at one time expected, just as the winter
Indian corn, like other grain, was advancing early in the
wheat yield has exceeded some of the earlier estimates. week, rising, in fact, some 2 to 4c., but later on it succumb
ed
Moreover, the American visible supply increased last week to the influence of warmer weather and generally better
to an amount approaching 9,000,000 bushels, or several mil- condition for the crop. Also, there was heavy selling. Ablion bushels more than in the same week last year. Early in sence of the frost in Canada counted for something on
Monthe week, too, the absence of killing frost in Canada was a day, when prices dropped 3 to 4 c. from the top quotatio
/
1
2
ns
factor. It caused selling. The crop outlook in Canada was of the morning. Also, the big increase in the visible
supply,
called rather more hopeful. The hedge selling against the namely 5,500,000 bushels. The weakness in wheat
also
spring wheat crop increased. The export demand was un- counted. And a reaction was consider
satisfactory. Generally it amounted to only 250,000 to 300,- 40 to 50c. a bushel higher than a yeared due. Prices were
ago. The crop may
000 bushels a day of Manitoba and American hard wheat. yet be considerably increased by good weather.
Some emIt is true that the business might have been larger if the phasis was laid on this fact. New crop
supply of gulf freight room had been larger. But on the shown more weakness than the old, as the deliveries have
outlook seemed
whole the European demand has fallen below expectations. more promising for the yield. It is true that
This, coincident with a more favorable outlook in the Amer- further heavy rains on Thursday in the Central there were
West and in
ican Northwest and also in Canada, accounted for much of some quarters there was a disposition to
estimate the crop
the selling. It is said that the spring wheat crop will be at around 2,510,000,000 bushels, as against the
62,000,000 bushels over the last Government estimate. There ment estimate of 2,576,000,000 bushels. But last Governthis
are some who go so far as to estimate the exportable sur- accord with the general idea during the week. does not
It is true
plus this season of North American wheat at anywhere that there are reports from time to time of
slow growth. It
from 480,000,000 to 500,000,000 bushels. The weakness in appears, too, that Canada has made, or is
likely to make,
corn and oats has had a certain effect as well as the better according to common rumor, a ruling against
direct imporweather of late in Canada. It is true that on Thursday there tations of Argentine corn until regulations
similar to those
were reports that a cargo of hard wheat had been sold at in force in this country are adopted. But
the
the Gulf overnight, a cargo also of Manitoba and parcel lots competition from Argentine corn is not waved question of
of hard winter and Manitoba, approximately in all, it was means. Reflective men in the corn business aside by any
said, something like 1,000,000 bushels for foreign markets. a possible factor of no small importance. At recognize it as
one time during
If that was so, however, it was the exception which proved the week the estimated purchases
thus far of Argentine
the rule of a sluggish foreign sale during the week. Nat. C. corn for shipment to the United States
Murray said that spring wheat prospects improved slightly els. Also, there has been from time to were 6,000,000 bushin the past two weeks and on Aug. 16 the forecast was 232,- selling pressure. In parts of Kansas time a good deal of
the temperatures rose
275,000 bushels. The Government estimate on Aug. 1 was to 100 and 104 degrees. That was
good corn weather. The
225,000,000. The grains are in the three States of
Minnesota Cincinnati "Price Current" said: "Reports indicate that
and the Dakotas, where 155,000,000 bushels are forecast the percentage of corn that will mature
,
in each of the States
compared with 146,000,000 on Aug. 1. The world's
by Oct. 1 is as follows: Ohio, 30 to 80%; Indiana, 20 to 25;
supplies on Aug.1 were 192,927,000 bushels, against wheat Illinois,
50 to 75; Missouri, 50 to 80; Iowa, 10 to 75; Ne208,596,000 bushels on July 1 and 161,278,000 Mat year.
Present braska, 75 to 80, and Kansas and Oklahoma, practically
stocks are the largest at this time since 1919. Stocks
in the 100." Because of the high corn prices now prevailing, a
United States total 70,694,000 bushels, against 61,982,0
00 large quantity of corn from Argentina has recently been
month and 73,299,000 last year. The American
last
visible received in San Francisco, according to the Department of
supply increased last week 8,727,000 bushels, against
6,003,- Agriculture. Decatur, Ill., wired: "Drove 50 miles in
000 in the same week last year. The total is now 58,100,00
0, northern Champaign County; average early corn will have
against 48,752,000 a year ago. A report from Kansas
City Its first roasting ears by Aug. 26, but 50% of the ears will
estimated the crop of the Dakotas and Minnesota at
210,000,- not be in that stage for an additional 7 to 10 days. Ninety,
000 bushels, or 65,000,000 more than the Government's
esti- day corn planted May 10 is now only in the milk. These are
mate. It is figured that after allowing for carryover,
the only roasting ears I have seen. About one
field in.
United States and Canada have an aggregate supplythe twelve is close to worthless,
either from poor stand or ex1,280,000 bushels, of which 500,000,000 bushels can of treme lateness. Half the corn
will be soft by average frost
be
spared /or export after allowing for the 1924-25
season date and the average yield on the rest will be extremely
carryover. Argentine shipments of wheat for the week
low." "Rumor has been
estimated at 1,850,000 bushels, against 1,943,000 last were ada would prohibit the current," said Russell, "that Canimportation of Argentine corn. Selland 3,086,000 last year. Argentina acreage, it was week ers of
the Argentine corn state that Canada is proposing to.
from Buenos Aires, has been increased 3% over last cabled put into
effect restrictions against the importation of Argenseason.
This would mean 511,000 acres, making the total
17,543,000, tine corn similar to those prevailing in the United States.
against 17,031,000 last year. The largest ever reached
Corn
prior to the end of July can be imported regard17,875,000 in 1917. Minneapolis wired: "The movemen was less afloat
of the restriction. The restrictions of the United States
t of
spring wheat is slow in getting under way due to
the fact in order to guard against foot-and-mouth disease and other
that the crop is later this year than last and that
weather diseases provide that the corn must be loaded in new bags,
has been against harvesting operations. Hedging sales
that
which the grain is hauled must be clean and
to-day were about 200,000 bushels. Receipts of spring here free the cars in
from infection and other strict provisions, which must
wheat
in Minneapolis and Duluth are 297 cars, against
502 last be certified to by special consular certificates. If the reguyear." Broomhall cabled: "Arrivals of wheat and
wheat lations are met with a consular certificate is issued and the
flour into the United Kingdom during the
as
past
amounted to about 7,250,000 bushels, as compare week grain can be imported. Corn which has passed the United
d with States regulations can be imported into Canada through the
6,500,000 bushels the previous week. Normal
weekly re- United States." The American visible supply increased last
quirements of wheat are calculated at about
4,500,000
week
bushels, against a decrease last year of 631,000.
els. There are now afloat about 37,500,000 bushels of bush- The 441,000
total is now 5,557,000 bushels, against 2,105,000 a yearwheat,
compared with 40,000,000 last week and 49,750,0
00
ago. At the Sc. drop in corn on Thursday there was heavy
last month. At this time last year there were about bushels
000 bushels of wheat on passage. The outlook for 36,250- selling on stop orders and better weather almost everywhere.
Argentine crop continues to be favorably maintain the new throughout the corn belt. Long liquidation took on formided. The able proportions. Late in the week higher temperatures and
weather is fine. Recent rains were beneficia
l. Markets more favorable crop reports caused large selling, and prices
for wheat rule about steady, but the foreign
demand
dropped 3% to 4 c. Yellow corn on Wednesday was 1 to
/
1
2
active." To-day some said that Thursday's export is less 1
1c.
2
business / higher, with sales at 1 to 2 c. over Sept. The Iowa
/
1
2
was as much as 2,000,000 bushels, including
1,500,000 hard weekly crop report said: "The crop is now about three
American wheat. To-day prices declined under
hedge sell- weeks late, though not so late as in 1915, when only
ing and long liquidation, especially at Winnipe
35%
g. That hit matured. It looks now as if slightly less than half
the market hard. Also, receipts were very large.
the crop
The move- would escape frost." Corn shipments from Argentina for
ment of the spring wheat is expected to be very
heavy within the week were 4,800,000 bushels, against 4,212,000 last week
a short time. Stop orders were caught on the
Export trade was fair, reaching 500,000 bushels, way down. and 2,664,000 last year. To-day prices were irregular, debut it was clining 2 to 2%c. early, then rallying for a time, only to
not large enough to absorb the hedges and
drop
%
/
Liverpool acted firm and early in the dayliquidation. Yet later and wind up 21 to 314c. lower for the day. Stop
there was some orders were caught on big liquidation. In the
main the
buying on this fact. Final prices show a decline
weather was considered better, although there was a rally
week of 4 to 6c. A petition is being circulated on for the at
the New
one time on predictions of rather colder weather. The
York Produce Exchange requesting the Board
to grant a special holiday on Saturday, Aug. of Managers big drop in wheat hurt corn. The technical position looked
30, preceding weak. The market had become overbought
Last prices
Labor Day.
show a decline for the week of, roughly,6 to 7c. •
DAILY CLOSING PRICES OF WHEAT IN NEW
No. 2 red
Sat. Mon. Tues. Wed.YORK.
eta-147.14 145 142 141% Thurs. Fri,
141% 140%
DAILY CLOSING PRICES OF CORN IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs.w
cts.13934 139 13834 136% 133% Fri,
13034
No.2 mixed
966
THE CHRONICLE
[VOL. 119.
by frequent rainfall in some sections of
CHICAGO. Mg
DAILY CLOSING PRICES OF CORN FUTURES IN Thurs. Fri. this were delayed considerably
area, particularly in the upper Mississippi Valley and the region of
Sat. Mon. Tuts. Wed.
the Great Lakes. Light frost was reported from a few localities in the
114
12031 117
122
12231
September delivery in elevator_cts_122
North, but without material damage.
117% 115% 111% 108
118% 118
December delivery in elevator
In interior States it was rather too cool for best growth; decidedly so
12034 11931 118% 117% 113% 109
May delivery in elevator
in most of the Ohio Valley. The progress of crops, however, was satis118% 114% 110
119%
July delivery in elevator
factory in the central Great Plains and fairly so in the lower Missouri
with Valley where moisture was generally ample and sunshine abundant, which
Oats advanced early in the week, but later on reacted
cool weather. The recent increased
good growth despite
other grain. The tone early in the week was strong, owing promotedhas materially benefitedthe growing crops in the middle and north
all
moisture
in a few places, but
to reports of big storms at the West. Wet weather was bad Atlantic sections, though more rain is neededAtlantic area and mostat the
crops
time showers were scattered in the south
for the crop. The shorts covered. But later on liquidation same rain badly. It continued generally dry also in the east Gulf districts
need
carried prices downward. Receipts have shown a tendency and in Tennessee, where vegetation is suffering considerably in most loto increase. The speculation has exhibited less snap. But calities.
The drought was relieved by generous rains in southern Arkansas and
with the statistical position strong, as it is in the matter of most of northern Louisiana, while light to moderate showers occurred in
State
many
visible supplies, the downward trend of late may be attrib- severe sections of Texas, though in most localities of the last-named Moddrought continued with crops showing further deterioration.
uted more to the influence of other grain markets than to erate to copious rains were very beneficial to growing crops and relieved
there
anything inherently weak in the oats situation itself. At the forest fire menace in most sections of the North Pacific States, andBasin
was sufficient rainfall to be materially helpful in the southern Great
the same time it is not forgotten that the crop promises to and parts of the Southwest.
SMALL GRAINS.—Threshing winter wheat was greatly delayed by
be a very large one; in fact, one of the largest on record. frequent rain in much of the upper Mississippi Valley, southwestern Mis1c.
/
The decline in oats on Thursday of 2 to 22 from the morn- souri, and in the central Great Plains with complaint of damage to wheat
ing's high level was traceable to large receipts, increasing in shock. In other sections threshing made good progress. Spring wheat
harvest advanced well in the later districts and has been practically comcrop estimates and heavy hedge selling. The American pleted in most of the principal producing area. Late spring wheat is being
73,000 bushels, against cut early in North Dakota because of black stem rust. Yields where threshvisible supply decreased last week
Recent rains have
ing
an increase last year of 573,000. The total is down to 2,373,- puthas been done are reported as satisfactory generally.
the soil in excellent condition for fall plowing in the central Great Plains
000 bushels, against 6,338,000 last year. Some small sales where this work made good progress; there was some plowing accomplished
for export were reported. To-day prices were irregular, also in the Ohio Valley States.reports continue of very satisfactory yields
As oat threshing progresses
1
/
closing 12 to 2c. lower. Big hedge selling told. So did in the principal producing sections, especially so in the upper Mississippi
States and
as though re- Valley. Flax is ripening in the Central-Northernsorghums aresome was
large receipts. Cash prices broke. It looks
generally
being cut with favorable reports as to yield. Grain
ceipts will continue large. A notable increase in the visible good in the lower Great Plains, but are needing rain in parts of Oklahoma.
and made rather poor progress in
Final prices Rice needs warmer weather in
supply would not be surprising on Monday.
Louisiana, but the condition and progress of the crop is very good in Texas.
2
1
/
2
1
/
show a decline for the week of 2 to 3 c.
CORN.—This crop made slow progress in much of the principal producing area, be
of the persistently low temperatures. The continued
DAILY CLOSING PRICES OF OATS IN NEW YORK. Fri. coolness was especially unfavorable because of the fact that corn is 10 days
Tues. Wed. Thurs.
Sat. Mon.
to as much as three weeks late in most of the Corn Belt and warm weather
63
66
67
67
66
eta. 67
No.2 white
is needed badly to mature it before frost. The weather in the principal
IN CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURESWed. Thurs. Fri. corn States has been continuously cool during the present season. For the
15 weeks from that beginning May 7 to date, the weekly mean temperature
Mon. Tues.
Sat.
50
has been higher than normal generally over the belt for but two weeks, and
September delivery in elevator _cts_ 5531 53% 54% 53% 51%
53
in addition, slightly above normal over the western portion once, and over
55
55% 56% 5731 57
delivery in elevator
December
6031 60% 60% 58% 5631 the eastern portion once. For the other 11 weeks of the period the average
61
May delivery in elevator
temperature has been generally below normal and frequently decidedly so.
IN
DAILY CLOSING PRICES OF OATS FUTURES Wed. WINNIPEG.
Progress during the past week was poor in Iowa. Indiana and Ohio.
Thurs. Fri.
Sat. Mon. Tues.
In Illinois very good advance was reported, and in Missouri progress was
58% 58
9
59% 5831 5
October delivery in elevator_ - -cts_ 61
generally satisfactory, despite the cool nights. In the central Plains States,
5731 565( 5631 56% 5631 55
Deceanber delivery in elevator
except In parts of Oklahoma, the crop made good to excellent growth,
60% 59% 58% 5931 58% 5731 especially so in Kansas where recent rains have been very beneficial and
May delivery in elevator
latterly at lower temperatures sufficiently high to permit good advance. The present state
Rye has been in some demand for export
of the corn crop in Iowa indicates that with normal temperature only about
2
1
/
prices. Early in the week there was an advance of 1 to 2c. half will mature before the average frost date, consequently, much warmer
last week 848,000 weather is badly needed.
The American visible supply increased
COTTON.—The temperature averaged above normal in most of the
bushels, against an increase last year of 107,000. The total Cotton Belt, though it was cool in central-northern and northeastern disis now 15,146,000 bushels, against 12,387,000 last year. The tricts. Rainfall was of a local character with moisture insufficient in many
were beneficial rains in portions of the Mississippi
"visible" of barley increased last week 62,000, against a de- sections, although therelocal showers in parts of the western belt.
Valley States, and good
Light to moderate rains occurred at about one-half of the reporting stacrease last year of 184,000 bushels. This makes the total
very good progress where these were sufficient,
302,000 bushels, against 1,071,000 a year ago. About 200,000 tions in Texas; cotton made was reported, and the late crop is in poor conbut elsewhere deterioration
bushels of Canadian barley were reported taken on Thurs- dition, except in the extreme west and northwestern portions. There were
areas.
and premature opening in the
2
1
/
day for export. To-day prices dropped 2 to 2%c., getting further complaints of shedding improved by generous rains indry
northern
Conditions were considerably
into new low territory on this movement. There was a Louisnana and southern Arkansas, while growth was very good to excellent
Oklahoma, except in the dry south-central and southeastern
pressure to sell cash rye. In the "futures" market there in Growth continued slow in Mississippi, with local shedding, sections.
while both
was little or no support.. The export demand was disappoint- progress and condition range from fair to very good in Tennessee and Alawas
bama. Only fair advance was reported
ing. That is one of the big drawbacks in the situation. very good in some sections; there were from Georgia, though growth and
increased reports of shedding
Prices showed no rallying power and ended at the "low" of some of premature opening. Cotton was reported as practically at a stand1c.
/
still in South Carolina, with some shedding and only fair fruiting. Little
the day. That means a decline for the week of 52
or no progress was noted in southern North Carolina, though conditions
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
were more favorable in the north where the plants were fruiting nicely.
Sat. Mon. Tues. Wed. Thurs. Fri. The weather was favorable for cotton in Virginia, southern Illinois and in
8734
September delivery in elevator_ cts_ 94% 9331 9131 01% 9831 92% the more western States.
9931 9831 96% 96% 95
December delivery in elevator
101% 100% 98
10531 103% 102
May delivery in elevator
The Weather Bureau also furnishes the following 'resume
The following are closing quotations:
of the conditions in the different States:
Virginia.—Ilichmond: Generous showers at close of preceding week
in northern and central sections greatly benefited growing crops. Early
corn poor condition most parts account dry weather. Late corn fair to
good. Favorable for cotton and peanuts. Considerable local damage by
hail to tobacco and corn first of week.
North Carolina.—Raleigh: Scattered showers; some sections needing
rain. Progress and condition of cotton generally very good in north and
fruiting nicely, but advance only fair in south where any improvement more
than offset by other deterioration and shedding. Weevil increasing in spots
on coastal plain; some damage. Corn varies from poor to excellent; late
needing rain in some sections. Fruit doing well.
South Carolina.—Columbia: Copious scattered rains; most sections need
moisture. Condition of cotton fair and practically at standstill; some
shedding and only fair fruitage. Considerable weevil, but damage slight
generally. Intermediate and late corn deteriorated and will be ruined in many
sections without rain soon. Sweet potatoes and minor crops show weak
growth because of drought. Fruits plentiful.
Georoia.—Atlanta: Scattered showers, but drought intensified in many
counties. Progress and condition of cotton generally fair, though very
good in some sections: increased reports of shedding. Bolls opening rapidly.
In some cases prematurel'v: picking and ginning making good progress:
continue. torn and other crops need rain generally.
WEATHER BULLETIN FOR THE WEEK ENDING weevil reports
Florida.—Jacksonville: Cotton opening rapidly most sections; picking
crop open
19.—The general summary of the weather bulletin making good progress with one-half ofSeed beds,some localities. Peanuts,
AUG.
potatoes and other truck
sweet potatoes doing well.
issued by the Department of Agriculture, indicating the cane and but warm weather unfavorable for rapid growth. Citrus groves
planted,
the weather for the week ending Aug. 19 is good to excellent; fruit holding well. Rain needed locally. crops need rain.
influence of
Alabama.—Montgomery: Showers widely scattered; all
as follows:
the Progress and condition of corn,sweet potatoes and fruit mostly fair to good.
The showery conditions that prevailed at the close of last week infirst Truck and minor crops poor to good. Progress and condition of cotton
during the
more Eastern States continued along the Atlantic Coast in the western mostly fair to very good; opening prematurely locally in south and shedding
fell
24 hours of that just closed, and at the same time rainwas further heavy at scattered places because of dryness. Picking and ginning progressing in
Lake region and southwestern Great Plains. There and showers were more southern counties. Weevil damage slight to considerable locally.
rainfall in the western upper Lake districts on the 15th, the more NorthMississippi.—Vicksburg: Warm with abundant sunshine; rain light,
rather frequent the latter half of the week in parts of South and In cen- except locally. Progress of cotton mostly poor; some picking in south.
western States. Fair weather prevailed, as a rule, in the though there were Shedding and weevil damage slight. Progress of early corn poor and late
Mountains,
tral and southern sections west of the Rocky
fell.
of the week. Cool deteriorated, except where rain Warm. moderate to heavy rains broke
showers in the southern Great Basin during the first halfRocky Mountains,
Louisiana.—New Orleans:
weather persisted in practically all sections east of the
north where conditions were serious,
temperatures in most drought many localities, especially inmost sections. Cotton benefited by
except that the last few days had considerably higher
with maximum but good general rains still needed
of the South and warm weather obtained in the Southwest
rains, but condition still generally unsatisfactory; picking and ginning to
Texas.
temperatures of 100 degrees or higher in much of
much of corn crop;
whole, was again northern border. Weevil inactive. Rains too late forRice and cane made
Chart I shows that the temperature for the week, as a
of the Great condition very poor, much immature cut for fodder.
much below normal in Central and Northern States east
upper Mississippi rather poor progress; needing general heavy rains. Pastures and truck
Plains. It was especially cool in the Lake region and 9 and 10 degrees very short. Sweet potatoes poor.
Valley where the weekly means in some sections were
Texas.—Houston: Warm with light to moderate rains at one-half reportwarmer than
below the seasonal average. In the Southeast it was slightly
weekly rainfall, ing stations, mostly in north. Pastures, late corn and minor crops made
normal, and considerably warmer in the Southwest.ofThe Atlantic Coast fair progress where good rains and deteriorated elsewhere. Growth of cotton
the
shown on Chart II, was rather generous in most
area, while good very good locally where sufficient rain, but deteriorated elsewhere; condition
States, the Lake region, and much of the Great Plains
good in extreme west and northwest, elsewhere of early-planted
fair
received in many localities of the Southwest. The amounts fair to verylate-planted poor. Shedding and premature opening continued
showers were
and of
in the Ohio and middle and lower Mississippi
were small at most stations
while rainfall in dry sections; insect damage for State small, but considerable weevil
districts,
Valleys, east Gulf sections and Rocky Mountain Southwest.
damage in extreme south. Picking and ginning excellent progress. Amaareas
condition.
was again absent over considerable the of the far
week in their relation to farming rillo: Ranges and livestock fair to excellent excellent progress, except in
The weather conditions during
country. The
Oklahoma.—Oklahoma City: Crops made
interests varied considerably in different portions of the of the Rocky droughty areas of south-central and southeast. Progress and condition o.
temperatures in Northern States east
.e*sistent subnormal
especially of
very good to excellent, but poor or deteriorated and con
Mountains further retarded the growth of unharvested crops, and thresh- cotton generallyfair in dry areas of south-central and southeast; weevil
haying
dition poor to
corn and tender truck and,at the same time, harvesting,
FLOUR.
$5 35@i6 10
$7 25 $7 75 Rye flour, patents
Spring patents
6 25 6 75 Seminole No.2. lb
Clears,first Win
3 45(di 34
4
675 Oats goods
Soft winter straights,,- 6 25
3 45@ 3 55
Hard winter straights_ _ 6 50t5 700 Corn flour
Hard winter patents ___ 7 00 7 50 Barley goods—
400
5 75 625 Nos.2,3 and 4
Hard winter clears
Fancy Minn. patents ___ 875@940 Fancy pearl, Nos• 2.3
850
and 4
90 9 40
8
City mills
GRAIN.
Oats:
Wheat. New York:
63
No.2 red,f.o.b
14031 No. 2 white
62
No. 3 white
15.3
No.1 Northern
No.2 hard winter. f.o.b.-.14O31 Rye. New York:
93
2 ca.(
o
91%
Chicago. No. 2
Corn:
.130% Barley, New York:
No.2 mixed
:
182 D a
132% Malting
No.2 yellow
Chicago
For other tables usually given here, see page 916.
A uc. 231924.]
THE CHRONICLE
infestation spotted: increasing, but not yet serious. Early corn made and
good to excellent: progress and condition of late generally fair to very good.
Arkansas.
-Little Rock: Progress of cotton very good to excellent
northern and central portions and copious rains very favorable in most
southern portions. Shedding and prematurely opening in many southern
counties because of previous drought. Few weevil, but leaf and army
worms in several localities. Condition of cotton varies from poor in south
to excellent in north. Other crops ruined by drought in some southern
and eastern localities: fairly good to excellent elsewhere.
-Nashville: More rain needed everywhere: some localities
Tennessee.
suffering considerably. Progress and condition of cotton generally fair
to very good: damage from disease and insects slight. Corn needing moisture, especially late crop in many places, but general condition good.
Tobacco made fair progress some wildfire, but not spreading much. Sweet
potatoes good: coming on market.
Kentucky.-LoulsvIlle: Moderate showers east and central: continued
dry west and north. Growth of corn fair in dry areas, but very good elsewhere,though retarded by cool nights; some late beginning tassel. Tobacco
improved slowly; early spreading better after rains. Late potatoes and
forage crops doing well, except in dry districts.
LARGER WINTER WHEAT ACREAGE CONTEM-The United States Department of Agriculture
PLATED.
issued on Aug. 15 its report on the intentions of farmers to
plant winter wheat and rye. Last week we gave telegraphic
abstracts of this report and give below the report in full:
UNITED STATES DEPARTMENT OF AGRICULTURE,
Bureau of Agricultural Economics.
Washington, Aug. 15 1924, 2:15 p. m.(E.T.)
Farmers' Intentions to Sou, Winter Wheat and Rye(*) as of Aug. 1 1924.
WHEAT.
-An intended increase of 2,986,000 acres, or 7.5% in the acreage of winter wheat to be sown this fall compared with the acreage sown
last fall is indicated by,reports received by the United States Department
of Agriculture from 19.000 farmers. These reports were' mailed about
Aug. 1 and show the acreage which these individual farmers sowed on their
own farms last fall and the acreage which they intended to sow this fall.
If the acreage sown to winter wheat in the United States this fall is increased 7.5% as compared with last year, the total sown acreage would be
42,919.000 acres. Last fall 39.933,000 acres were sown to winter wheat
and 36,898.000 acres were left for harvest, there having been an abandonment of 7.6%.
The intended sowing this fall is 27.8% greater than the pre-war (19091913) average annual fall sowing of 33,582,000: it is 0.2% more than the
average annual fall sowing of 42,842,000 acres for the years 1914-1918.
and 5.2% less than the average annual fall sowing of 45,261,000 acres for
the years 1919-1923.
The average annual abandonment of winter wheat acreage for the past
ten years has been 10.6%, the reduction in acreage due to abandonment
ranging from 1.1 to 28.9%. If the average annual abandonment should
occur this winter, it would leave from the intended sowing about 38,370,000
acres to be harvested next summer. compared with 36,898,000 acres of
winter wheat harvested this year, or 4% more.
The intended fall sowings last year as reported by farmers on Aug. 1
showed a reduction of 15.5% from the acreage sown the preceding fall.
The acreage finally reported as actually sown showed a reduction of 13.1%.
The generally favorable fall for seeding wheat last year and the improvement in the price of wheat subsequent to Aug. 1 may have had some influence in leading to the sowing of a greater acreage than intended on Aug. 1.
-Reports on rye acreage indicate an intended increase of 14.1%.
RYE.
The area sown for grain last fall was est,mated at 4,377,000 acres, and that
harvested this year at 4,337,000 acres . An increase of 14.1% over the
December estimate of plantings would therefore indicate a total area to
be sown for grain this fall of 4,992,000 acres. The pre-war (1909-1913)
average annual acreage harvested for grain was 2,305,000 acres, that for
the years 1914-1918 was 4,671,000 acres and for 1909-1923 it was 5,021.000
acres.
The intended sowing of rye for grain last fall as reported Aug. 1 was a
reduction of 9% from the acreage of the preceding year, while the actual
area of rye harvested this year for grain from the sowing of last fall is a
reduction of 15.9% from the acreage harvested for grain last year. This
difference is partly due to a failure to harvest for grain considerable rye
originally sown for grain.
*Note.-Thls report is not a forecast of acreage, but a statement of expressed early intentions of farmers obtained and published in order to permit growers to modify present intentions if this report should in their
opinion indicate the need for any change in their plans.
Details of winter wheat acreages in former years for the more important
winter wheat States are shown below followed by a comparison ofthe intended acreage this fall in percentage of the former periods:
FALL SOWINGS WINTER WHEAT, 1909-1923.
State.
Average Acreage Sown In Fall. Acreage
Acreage
sowninfall left over for
1909-1913. 1914-1918. 1919-1923. of 1923. hare.In'24
967
out the industry a few weeks ago. Others were received
from scattered parts of the country, and particularly from
the agricultural sections. The majority of this quickening
in demand, however, is directly traceable to requirements
for fall. It was reported that there was a great deal of
quick shipment for jobbing needs. Though many buyers
were about the markets in both wholesale and agency circles, reports were quite general to the effect that operations
were principally confined to spot and early shipment goods.
However, in wash fabric novelties, some lines of silks,
woolens and a few of the more staple garments, retailers
were more disposed to place orders for deferred delivery,
though buying of this character tended to be dominated by
more or less caution. Buyers were said to lack confidence
in the raw future markets
-particularly raw cotton. Seasonable needs only are occupying the centre of attention.
This is a reflection of the seasonable improvement in retail
channels, traceable to a more active call for housefurniShing
materials of all kinds, and the approaching school needs.
Some retailers in an effort to stimulate sales have instituted
special sales on goods and fabrics that are passe in style.
It is claimed that they have succeeded in moving a quantity
of goods in this manner at low prices. In regard to woolens, the American Woolen Co. officially opened their men's
wear spring lines for 1925 on last Monday. Buyers were in
fair attendance, though the lack of any vigorous consumer
buying retarded operations.
DOMESTIC COTTON GOODS: During the past week
markets for domestic cotton goods displayed a general
widening in demand. This was particularly true in the
Middle West, where trade reports of sentiment and distribution were distinctly of an optimistic character. Sales of
denims have been quite general to overall manufacturers for
delivery in August and September, and stocks have been
substantially reduced. Towels and bleached cottons are
also said to be in a better condition that at any time thus
far this year. A good call was also claimed to have existed
for sheets and pillow cases made by the better known manufacturers. Cotton fabric finishers were reported as receiving more business in poplins, broadcloths, voiles and wrap
sateens. There were some readjustments of prices on cotton goods based on lower wages. This was particularly felt
In many of the Southern colored cottons, such as chambrays,
denims, some of the ginghams and various other goods. It
was said that operatives were quite willing to accept wage
revisions if assured of more steady work. In regard to the
effect of the reparations question, the general feeling was
that there was a strong possibility of increased imports as
the effects of the settlement become manifest. This was
particularly true in regard to Germany and other European
textile producing centres. It was generally conceded that
in the main business would belmproved as a consequence to
the increased demands for raw cotton, copper and other raw
materials, which should increase the purchasing power applicable to clothing. Print cloths, 28
-inch, 64 x 64's construction, are quoted at 7%c. and 27-inch, 64 x 60's, at 6%c.
-inch, 68 x 72's. are quoted at 101
Gray goods in the 39
4c. and
-inch, 80 x 80'st at 13c.
39
WOOLEN GOODS: On Monday last the American
Woolen Co. officially opened their spring season in the men's
Pennsylvania
wear division. In the face of a rising wool market prices
Ohio
were 2;6% below the fall 1924 lists and 7% compared with
Indiana
Illinois
last spring's opening levels. This reduction, however, did
Michigan
not appear to be sufficient to cause more than ordinary
Missouri
Nebraska
comment. New prices are said to favor the jobber rather
Kansas
than the cutters-up. The latter feel the stress of the
Texas
Oklahoma
pressure emanating from retail and consuming channels for
Colorado
lower prices. Manufacturers were generally disappointed
Washington
All other States
over the failure of a more material reduction, as cuts of
to 7% will not show in the retail price of a suit.
,
United States total
33,582,000 42,842,000 45,261,000 39.933.000 36.898,000 from 21 i%
On the other hand, in some quarters it was felt that the reINTENDED SOWINGS WINTER WHEAT, FALL 1924
ductions were as low as could be considered expedient.
Other mill factors and agents were generally expectant of
Expressed as Percentage of
good business in men's goods fabrics and a substantial imAvge. Acreage Avg& Acreage Avge. Acreage Acreage
Sous provement in worsteds. Other lines shown have effectively
State.
Sown in Fall Sown in Fall Sown in Fall
in Fall of
1909-1913.
reflected the policies of the big company.
1914-1918.
1919-1923.
1923.
Pennsylvania
FOREIGN DRY GOODS: The markets for linens devel91%
83%
91%
97%
121
Ohio
117
101
104
oped an irregular undertone during the past week. Dress
Indiana
97
93
107
114
Illinois
109
linens continued in active demand, while household linens
100
88
95
Michigan
104
109
102
109
found trade recovery rather slow. Although numerous buyMissouri
97
76
78
105
ers were in the market and placed small orders in a fairly
Nebraska
98
94
83
104
147
113
Kansas
94
general way, the size of the orders was not conducive of
108
219
99
Texas
103
150
encouragement. Nevertheless, in some quarters a better
195
Oklahoma
102
98
III
710
Colorado
234
104
demand for the finer qualities of damasks was reported. It
105
148
161
Washington
105
99
was claimed that retailers' stocks were pretty well filled
112
82
All other States
98
108
with the low-end goods and were not centring their atten127.8%
United States total_ _
100.2%
94.8%
107.5%
tion on the better grade assortments. Dress linens orders
CROP REPORTING BOARD:
have been received from all sections of the country. ImportW.A.Schoenfeld, Chairman: J. A. Becker,
S. A. Jones,
ers were preparing to carry all the accustomed varieties and
L. M.Harrison,
.1. B. Shepard,
G. K. Holmes,
qualities, as retailers, jobbers and manufacturers have deApproved:
E. C. Paxton.
manded diversity in both high and low-priced goods. It is
C. F. Marvin, Acting Secretary.
said that dress linens mills in Ireland are contracted far
enough in advance to encourage them to ask higher prices
THE DRY GOODS TRADE
on any new business placed. Burlaps were firm the earlier
Friday Aright, Aug. 22 1924.
part of the week, though they developed easiness the latter
A sustained broadening improvement was noted in the part owing to the decline in sterling exchange and
large remarkets for textiles during the past week. Business contin- sale offers. Light weights were quoted at 7.15c.
and heavies
to recover from the quietness which prevailed through- at 10.25c.
ued
ACM.
Acres,
Acres.
1.329,000 1,448,000 1,333.000
2,167,000 2,235,000 2,578,000
2,385.000 2,486,000 2,156,000
2,55.5.000 2,774,000 3,139,000
954,000
917,000
973,000
2,412,000 3,078,000 2,981,000
3,171,000 3,296,000 3,741,000
7,236,000 9,409,000 11,339.000
848,000 1,879,000 1,795,000
1,918,000 3,660,000 3,834,000
213,000
646,000 1,455,000
1,040,000
956,000 1,474,000
7,354,000 10,058.000 8,463,000
Acres.
1,240,000
2,514,000
2,028,000
2,922.000
913.000
2,225,000
2,998,000
9,849,000
1,237,000
3.374,000
1,440,000
1,559,000
7,634,000
Acres.
1,203,000
2,212,000
1,845,000
2,425,000
904,000
2,069,000
2,908,000
9,406,000
1,212,000
1,307,000
1,375,000
1,278,000
6,754,000
968
THE CHRONICLE
jitate anti Tit gleparintent
NEWS ITEMS.
New York City.—That Portion of the City's Authorized
Issue of $137,500,000 Reserved for City Sinking Fund Not
Yet Disposed of.—It developed last week that that portion
(said to be $35,485,247 79) of the city's new bond issue of
$137,500,000, authorized in May, and which was reserved
for sale to the city's sinking fund, has not yet been taken by
the latter. On June 3 $67,400,000 of the above authorized
issue was offered and sold to the public, and it was stated at
the time that the remaining $70,100,000 bonds would be
taken by the Pension Fund and Sinking Fund of the city.
It now seems that only the Pension Fund actually took its
share and that the Sinking Fund's portion still remains to
be taken. The facts have been divulged as the result of a
bitter controversy between Mayor Hylan and Comptroller
Craig. The matter was finally taken up at a special meeting
of the Sinking Fund Commission on Aug. 14, when the purchase of the bonds was authorized. The Comptroller had
threatened grand jury action. He had laid the case before
the District Attorney, but the latter said that he did not feel
warranted in taking drastic action. The Comptroller then
took it upon himself to call a meeting of the Sinking Fund
Commission for Aug. 13. He was alone, however, to attend. After his futile wait for other members of the Commission to meet, the Comptroller in a statement prepared
by him threatened to sell the bonds to the public. In his
statement he said:
On Aug. 8 1924 the Comptroller addressed the following notice to Mayor
Hylan and each of the other members of the Sinking Fund Commission:
"Notice is hereby given that unless the $35,485,247 79 of serial bonds of
the City of New York, dated June 1 1924, referred to in the communication
of the Comptroller addressed to the Commissioners of the Sinking Fund
under date of June 10 1924. are purchased and payment therefor made by
the Board of Commissioners of the Sinking Fund on or before Aug. 13 1924,
the offer of such bonds to the Commissioners of the Sinking Fund will be
withdrawn and such bonds will be otherwise disposed of; and for the purpose of acting upon such matter by the adoption of the resolution heretofore submitted and the signing of the necessary warrants to carry into effect
such resolution, a meeting of the Board of Commissioners of the Sinking
Fund is hereby called, to be held at Room 16 in the City Hall, Borough
of Manhattan, City of New York, on the 13th day of August, 1924. at 11
o'clock in the forenoon."
The matter of investing $35,485,247 79 idle cash of the Commissioners of
the Sinking Fund, which they are mandatorily required by law to invest in
bonds of the City of New York, has been repeatedly pressed upon Mayor
Hylan and his associates by the Comptroller from early in June. 1924, to
the present time. Notwithstanding their duty in the matter, Mayor Hylan
and his associates have allowed this huge amount of cash to lie on deposit
In banks favored by the Chamberlain at the low rate of interest of 2%.
Says fayor Falsified.
The only action taken by Mayor Hylan upon receipt of the Comptroller's
letter of Aug. 8 1924 was to make public a declaration to befuddle and
falsify the situation.
Neither Mayor Hylan nor any of his associates attended at the City Hall
this morning in response to the notice of the Comptroller.
While the Comptroller was awaiting the arrival of Mayor Hylan and his
associates, he received a calendar prepared at the instance of Mayor Hylan
and following up a notice issued yestqrday for a special meeting of the Commissioners of the Sinking Fund to be held on Thursday, Aug. 14 1924.
The calendar contains one item in relation to a communication from the
Commissioner of Docks in regard to wharfage rates.
The calendar contains no reference to any proposed action in regard to
the investment of the $35,485,247 79 of idle casl, held by the Commissioners
of the Sinking Fund. Action on the matter of this investment had previously been adjourned from time to time by the Mayor and his associates
to Sept. 18 1924.
If the course taken by Mayor Hylan and his associates were to prevail, or
be acquiesced in by the Comptroller, the inevitable result would be that
the City of New York woald be in defaub It redeeming outstanding notes
amounting to many millions of dollars issued for the construction of public
schools and other purposes.
Charges of Speculation.
While Mayor Hylan and his associates ignore their plain legal dutY,
they are permitting this and other sinking fund moneys, totaling more than
356,000,000. to be on deposit in favored banks in Wall Street at 2%. A very
obvious effect of this is that sin big fund moneys are being placed at the
disposal of the international ban ers to conduct a bull market on the Stock
Exchange, in which the innocent public is afforded an opportunity to buy
stocks at advancing prices, and through their brokers to obtain call loans
at a low rate of interest to finance these stock speculations into which they
have been lured.
In other *words, the international bankers, by the action of Mayor Hylan
and his associates, are being allowed to use more than $56,000 000 of sinkmaking it
ing fund moneys at the ridiculously low rate of interest of 2
available for stock market purposes, while Mayor Hylan and his associates
evade their plain duty to invest these moneys in bonds of the City of New
York at a return of 4 %•
To raise money to pay for the construction of public schools and other
purposes, the Comptroller borrowed on notes which can only be redeemed by
the sale of the city's bonds. These $35.485.247 79 in bonds were reserved
for the Commissioners of the Sinking Fund from the bond sale held on June 3
1924, and all of the bonds of the city required to redeem the notes issued
previously by the Comptroller were sold and paid for except this $35,485,247 79.
In order to meet this situation, created by the conduct of Mayor Hylan
and his associates in refusing to invest these Sinking Fund moneys, it is
now necessary for the Comptroller to sell these bonds to the public. Notice of public sale, bids to be opened at noon on Wednesday, Aug. 27 1924,
will appear in the "City Record" Thursday morning.
This action, however, was checked by Mayor Hyman.
Upon seeing the above statement by the Comptroller, Mayor
Hylan sent the following letter to him, copies of which he
immediately caused to be distributed to the press:
City of New York, Office of the Mayor,
August 13 1924.
Hon. Charles L. Craig, Comptroller,
City of New York.
Dear Sir—I see that you have given out another one of your misleading
statements to the public. A meeting of the Sinking Fund Commission was
legally called for to-morrow morning at 10 o'clock. We will have a report
from the Commissioner of Accounts at that time and will be in a position to
take action for the best interests of the people of the city in the matter of the
investment in serial bonds of approximately $35,000,000 now in the sinking funds.
This item had been put over until the next regular meeting of the Sinking Fund Commission. However, a motion can be made to take it up for
consideration at the meeting to-morrow, Aug. 14 1924.
Very truly yours.
JOHN F. HYLAN, Mayor.
On the night of Aug. 13 the Mayor supplemented his letter
to Comptroller Craig by making public a formal statement in
which he denied the charge that he was allowing the bankers
to use $56,000,000 of the city funds. He added:
[VOL. 119.
The ComptrollerEasked that the Sinking Fund Commission purchase
about $35.000,000 of city bonds. He conveyed the Impression some time
ago that the city was paying 4X% interest on these bonds and hence that
the city was losing more than $2.000 a day. He knew this to be false when
he gave out the statement. The fact is the city has been making in the
neighborhood of $2,000 per day instead of losing that amount. Nobody
knows this better than the Comptroller himself. The city does not have to
pay interest on its bonds until they are sold and out of its possession. Up
to date the bonds referred to by the Comptroller are still in the possession
of the city.
Without consulting anybody and without authority, he attempted to call
a meeting of the Sinking Fund Commission for Aug. 13, and threatened
that if the Sinking Fund Commission did not take these city bonds on or
before the 13th day of August, he would sell them to the Wall Street banking houses.
A meeting of the Sinking Fund Commission was legally called for 10
o'clock Thursday morning, Aug. 14 1924, and the Commissioner of Accounts was asked to exdite his report on the matter of this investment.
The Comptroller now threatens to sell these city bonds to the Wall Street
banking houses. If the Comptroller's threat be carried out and the Wall
Street banking houses purchase these bonds, the city would be losing approximately $4.000 a day.
At the meeting of the Sinking Fund Commission on Aug.
14 Mr. Craig, who remained suspicious that an effort was
being made to trick him, announced that he should vote
"aye" with the understanding that the warrants authorizing
the purchase should be executed and signed forthwith.
Otherwise he would revert to the alternative of insisting upon
a sale of the city bonds in the open market ant the insertion
of an advertisement of sale in the "City Record," as the law
requires. AlFo atthe meeting of the Sinking Fund Commission
on Aug. 14,a proposal to sell $600,000 worth of Liberty bonds
owned by the city was made by Comptroller Craig to the
Commission, but the latter refused to vote on the proposal
upon the advice of City Chamberlain Berolzheimer. This same
proposal seems to have come up before and the point was now
made that if such action had been taken when the Comptroller first recommended it, the city would have incurred a loss
of $15,000, as the Liberty bonds have increased in value
since. The action taken by the Commission both in reference to the serial city bonds and the Liberty bonds was ostensibly predicated upon a report made to the Mayor and read
in the meeting, in which David Hirshfield, Commissioner
of the Department of Investigation and Accounts, said in
part:
Heretofore it was the practice when the Comptroller desired to redeem
short-term holdings to obtain in advance authority from the Sinking Fund
Commission to reinvest the proceeds in corporate stock or serial bonds.
This, of course, would mean an inquiry by the Sinking Fund Commission
as to whether or not the Comptroller's proposition was sound and honest.
The Comptroller, it appears, has not asked for and, of course, has not received such authority.
The fact that the Comptroller proceeded to redeem the short-term holdings in the sinking funds in his own way, before obtaining the permission of
the Commissioners of the Sinking Fund to reinvest the proceeds in corporate stock and serial beds of the City of New York. has brought about a
condition where the available funds in the City Treasury for the redemption
of short-term obligations issued on or before June 3 1924, and for the current
expenditures of the city, have been almost entirely exhausted. To relieve
this situation, money must now be provided by borrowing from the sinking funds.
Increase in Liberty Bonds.
With respect to the $600,000 Second United States Liberty Loan bonds
held by the Sinking Fund, which the Comptroller in his letter to the Commissioners of the sinking fund under date of June 10 1924 requested authority to sell at 160 30-32, I call attention to the present market value of these
bonds, quoted at 103. which means an increase in value of approximately
$15.000. Why Craig was so anxious to sell these bonds at 100 30-32 in a
rising market, and to force such sale tried to inveigle the District Attorney
to help him. God only knows and Craig will not tell the truth.
Inasmuch as it appears as aforesaid stated, that because of Comptroller
Craig's high-handed manner in which he runs the Department of Finance,
the Sinking Funds will have to be invested in corporate stock to replenish
the city treasury, and provide funds to pay the city's expenses, it becomes
Imperative for the Commissioners of tha Sinking Fund to meet the cituation and consent to the investment of the $35,000,000 now and to the sale
of the United States bonds. In the meantime, this large sum of $35,000.000 has earned 2% and has by that much enriched the city treasury.
In conclusion, I cannot refrain from observing that, in view of the fact
that in this matter of the proposed sale of the Liberty bonds it is clearly
proven that it is necessary to check up on Comptroller Craig on all his city
business propositions, I do not wonder that the Sinking Fund Commissioners
did not jump upon the Comptroller's proposition to let him sell $35,000,000
city corporate stock in his own way and invest same in like manner. In
fact, as pointed out before, the United States Liberty bonds are now worth
$15.000 more than when Craig insisted upon selling them, and the $35,000.000 which Craig proposed to invest at that time has earned interest at the
rate of 2%,it is clearly to be seen that if the Sinking Fund Commissioners
had followed Craig's advice in June the city would have been out a great
deal of money.
A letter from City Chamberlain Philip Berolzheimer was
also read at the meeting, in which he expressed himself in
favor of the purchase of $35,000,000 city's bonds, but at the
same time was doubtful whether the city should pay the City
Sinking Fund Commission 43% interest on bonds, since a
rate of 3% would be sufficient to meet sinking fund requirements, and there is no use, he added, of burdening the taxpayers unnecessarily with a greater interest charge than is
required. He wrote as follows:
Since the last meeting of the Commissioners of the Sinking Fund on
June 27,I have looked into the question of money rates and am advised that
rates may stiffen somewhat later in the year. Under these circumstances
I recommend the adoption of a resolution by the Commissioners of the
Sinking Fund to purchase corporate stock of the City of New York to the
extent of 335,000000 as proposed, and to direct the Comptroller to carry
out the details. I am not in favor, however, of selling 4 X% Liberty bonds
to the extent of $600,000; first, because they are the best investment in the
world; and secondly, because they actually bring 4 X% return.
There is a great doubt in my mind whether the City of New York should
pay the Sinking Fund Commissioners 44% on these bonds, since a rate of
3% would be sufficient to meet sinking fund requirements, and there is no
than is rrqenlng the taxpayers unnecessarily with a greater interest charge
use of bued uired.
It is to be observed, however, that the Comptroller has defaulted Oil the
sinking fund interest to the extent of approidmately $6,700,000. payable
May 1 last. As it would be improper for the Commissioners of the Sinking
Fund to continue to invest moneys in city bonds unless the interest thereon is
paid when due, I also recommend that tne Corporation Counsel be directed
he un naidprocee tagainst the Comptroller for the immediate payment of
at opce intexe .
l
rI
cannot conclude my report without formally recording on the files of this
Commftion my earnest protest against the conduct of the Comptroller in
proclaiming falsely and slanderously that the city treasury was losing hundreds of thousands of dollars because of our deliberate action in this matter.
If anything were needed to demonstrate the utter falsity of his atrocious
misstatements, the Comptroller's admissions in his letter to you under date
of Aug. 8 would show how baseless were his charges.
For the sake of the city's good name, it is to be hoped that the newspaper publishers will hereafter hesitate before they broadcast any similar
reckless utterances emanating from a source known to be so untrustworthy,
AUG. 23 1924.j
THE CHRONICLE
969
In a letter toTthe Comptroller, dated Aug. 18,
As tending to elucidate the matter, the following editorial returned.
his action as follows:
from the New York "Sun" of Aug. 15 is worth quot- the Chamberlain explains
article
for
Your statement that these warrants were previouslyTheid by
It should be added that Mr. Berolzheimer had this two days is untrue and unwarranted. Warrants were sent to my office
ing.
printed at his own expense in some of the daily papers: covering these funds after the Sinking Fund meeting of Aug. 14 1924.
article
of
the vicThe great Battle of the Sinking Fund has been settled andhas voted
tory goes to Comptroller Craig. The Sinking Fund Commission
account for investment in
banks
to use the $35,000,000 now in the Mayor in itscapitulated.
The
the city's corporate stock. all is that, sohas at least as the financial issue
far
The strange thing about it
those of the
was concerned, the Mayor's contentions have been correct and
ridiculous.
Comptroller have been
gave the impression that
All of the Comptroller's statements definitelythe $35,000,000 of sinking
the corporate stock of the city to be bought with
public and bearfund moneys was already outstanding in the hands of the % by buying up
this 43.1
ing 4 % interest, and that the city would save itself. The Comptroller
stock and paying the interest to
this corporate
$2,000 a
figured down to the last dollar that the city was losing more than it in the
day, representing 23.1% interest on the $35,000,000, by keepingcorporate
drawing only 2%,instead of investing it in
banks, where it was
%.
stock, where it would draw 4 j
This contention was wholly misleading, as the Comptroller's own statements now show.
• The bonds which he wanted the Sinking Fund Commission to buy, and
nhave never been
which it has now voted to buy, are not outstanding; ther 43.1% interest.
outstanding, and consequently they have never been pay
The Comptroller has not demonstrated that the city has lost a penny by
not investing in them sooner.
What now takes place is purely a bookkeeping transaction.
The Sinking Fund Commission in effect will make out a check for $35,000,000 to the account of the city treasury, and the city treasury will turn
over $35,000,000 of corporate stock to the Sinking Fund Commission. The
Sinking Fund Commission will begin to receive 4S1% interest on the money
and the city will begin to pay it.
The interest payment,in short, will go from the city's right hand pocket
into its left hand pocket.
As for the $35,000.000 now in the banks, the banks will merely debit the
account of
amount against the Sinking Fund's account and credit it to the the deposithe city treasury. The City Chamberlain still has control over
as the
taries, so the money will still remain in the same "favored banks" which,
Comptroller calls them, and will still draw no more than 2% interest,
In view of present condition in the money market,is a very fair rate for such
deposits to draw.
All this is not to say that the city would not have lost money by keeping
this $35,000,000 in the banks to the account of the Sinking Fund indefinitely. The money will now be available to meet current needs, and it will
be available for the retirement of short-term debt. The Mayor and the
Chamberlain contend that in any case no part of this debt can be retired
until Sept. 1, because no part falls due until then.
The Comptroller won this point by the simple process of using all the
Hylan strategy and all the nylon epithets against Hylan.
The Comptroller made ridiculous statements about the city's losses.
His master stroke was that the sinking fund moneys were "being placed
at the disposal of the international bankers to conduct a bull market on
the Stock Exchange in which the innocent public is afforded an opportunity
to buy stocks at advancing prices." To charge that the Mayor was in
league with his own favorite enemies, next to the traction gang, was too
much. The Mayor succumbed.
These warrants were made out to "Philip Berolzheimer, Chamberlain
your
the City of New York," and were signed by one of the deputies of
department.
warrants, you sent an employee of
Subsequently to my receipt of such
purpose
your office to my office and withdrew such warrants, for what
received a
I did not know at the time. On Friday, the following day, I
New York," and
new batch of warrants, made payable to the "City ofof them made out
unsigned by your or your authorized deputy, and one
Counsel,
in an incorrect amount. After consultation with the Corporation
made out.
I returned the second batch of warrants to you as being incorrectly you have
your motive may be in the foregoing course which
Whatever
to the
adopted, it is certainly an ulterior one, and your course is contrary
sending back the warrants. •
method heretofore universally followed. I amunless you comply with the
them
with the assurance that I shall not sign
compliance
request made by me in my letter of the 16th. inst. Upon sucn
the warrants will be immediately signed.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-R. M. Grant &
-BOND SALE.
AKRON, Summit County, Ohio.
issues of 53.6%
Co.. Inc., of Chicago, have been awarded the following 722
-at 104.99.
assessment bonds offered on Aug. 18-V. 119, p.
special
a basis of about 4.40%:
Fifth Ave. improvement. Denom. $1.000 and one for $300.
826,300
Due yearly on Oct. 1 as follows: $2,300 1925 and $3,000 1926
;
.
7 100 td31933 Ave. improvement. Denom. $1,000 and one for $100.
Murray
Due yearly on Oct. 1 as follows: $1,100 1925, $1,000 1926 and
1927. incl., and $2,000 1928 and 1929.
ASA. improvement. Denom. $1.000 and one for $200.
6 200 Mt. Vernonon Oct. 1 as follows: $1.200 1925. $1,000 1926 to 1928.
Due yearly
incl., and $2,000 1929.
Denom. $1,000 and one for $100.
4 100 Lucille Ave. improvement.
Due yearly on Oct. 1 as follows: $100 1925, $1,000 1926 to 1929.
On Aug. 19 the Comptroller again sought to have the
bonds advertised for sale to the public in the "City Record".
This time he made application to Justice Cotillo of the Supreme Court for a peremptory writ of mandamus directing
Peter J. Brady, director of that paper, to insert the advertisement. The writ, however, was denied on Aug. 21. Justice
Cotillo held that the Comptroller's right to direct publication
of the offer should not be exercised unless justified. The
circumstances di-I not justify a mandamus writ, said the
Court. Justice Cotillo recalled, in his opinion, that Mayor
Hylan had ordered Supervisor Brady not to publiih Craig's
offer. The Court said the reason for the Mayor's instructions
did not appear. Taking up the resolution on Thursday of
last week by the Sinking Fund Commission, the Court said
that the Comptroller had taken proceedings to secure the
execution of the warrants, but a dispute as to the form thereof
arose and was not adjusted. "The Court is not called upon
in this action to make that adjustment, and in any event,
it is to be hoped that when men arrive at the height of
occupying responsible city positions in this great city of ours,
that as city officials they can at least twee upon such a
comparatively simple matter of administrative routine,"
said Justice Cotillo, adding:
Fears of the Comptroller.
The petitioner fears the resolution is a mere "gesture"; that the Commissioners of the Sinking Fund will not carry out the terms of the resolution; that he will be obliged again to offer the bonds to the public and
that a sale to the public cannot be concluded in time to permit the application
of the proceeds of the sale to the obligations of the city to which they
must be devoted.
This fear of the petitioner is based on several invidious assumptions.
It supposes that the Board of Sinking Fund Commissioners will disregard
the provisions oflaw watch advise, if they do not command,the investment;
will repudiate the transaction to which it is committed by the resolution and while placing the city in a position wherein it is possible for
the city to sell bonds to the public in time to realize funds to pay when
due its just obligations, will embarrass the municipal government and
Injure the city's credit.
The Court hesitates to believe that the Commissioners of the Sinking
Fund will place the city in that position. It feels confident that the
members of the Baord will formally and duly sign the necessary warrants
and perform all other requisite ministerial acts.
If the Court is deceived in this respect the officials will be responsible
to the electorate of the city. Not sharing the fears of the petitioner, therefore, the Court feels that they do not constitute sufficient reasons for the
Issuance of the order applied for. Motion denied.
Comptroller Craig made the following statement after
he had heard of Justice Cotillo's decision:
In plain English, Judge Cotillo's opinion means that the holders of
upward of $35,000,000 of the city's obligations are dependent for their
payment upon the Mayor and his Chamberlain doing what they have
persistently refused to do, namely, purchase and make payment for $35,000,000 of serial bonds a the City of New York from the surplus cash
which the Commissioners of the Sinking Fund nave for many months
kept on deposit in favored institutions at 2%, and which during all of
that period should have been earnings 43.1% for the Sinking Fund.
I shall give Mayor Ii yland and his Chamberlain another chance to
sign the warrants, the signing of which has heretofore been refused. It
remains to be seen whether or not they will continue to withhold the
investment of the Sinking Fund cash in an effort to leave it on deposit
to the very last minute and take a chance on the city's being placed in
default in the payment of obligations issued in good faith to the Public,
and the proceeds of which have been expended for the construction of
public schools and other purposes.
NSThis kind of an experiment with the city's credit is similar to that of the
venturous individual who attempted to see how far he could go in a canoe
In the Niagara River without going over the Falls.
The Comptroller charges that warrants, necessary to
consummate the purchase of the bonds by the Sinking Fund,
had twice been sent to City Chamberlain Berolzheimer for
his signature, but that on both occasions the warrants were
Denom. $1,000 and one for $400.
LoL
34 400 Incvers Lane improvement.
Due yearly on Oct. 1 as follows: $3.400 1925,$3,000 1926,$4,000
Denom. $1,000 and one for
nct
33Sti reei.
192-1 t° 19
20 800 W. Dalton yearly improvement. follows: $2,800 1925; $2,000
on Oct. 1 as
$800. Due
1926 to 1931 incl., and $3,000 1932 and 1933. and one for $900.
Denom. $1.000
4 900 Carlysle Street improvement.$900 1925 and *1.000 1926 to 1929.
Due yearly Oct. 1 as follows:
North Adams improvement. Denom. $1,000. Due yearly on
8000
Oct. 1 as follows: $1,000 1925 and 1926 and $2,000 1927 to
nterAve. improvement. Denom. $1,000 and one for $100.
2
Dorch m
22 100 19 "ci. on Oct. 1 as follows: *2.100 1925, 52.000 1926 to
Due yearly
1929, incl., and $3,000 1930 to 1933, incl.
Denom. $400 and one for $300.
3 500 Daniels Place improvement.
Due yearly on Oct. 1 as follows: $300 1925 and $400 1926 to
1933. incl.
$100.
100 Burns Ave. improvement. Denom. $1,000 and one for 1926
Due yearly on Oct. 1 as follows: $1,100 1925 and $2.000
$120. Due $120 yearly on
2
Sylva 9, ind
600 t4 I9 n Ave..improveripent. Denom.
Oct. 1 1925 to 1929, incl.
Ave. improvement. Denom. $1,000 and one for $900.
17 go° Morgan
Due yearly on Oct. 1 as follows: $3,900 192.5, $3,000 1926 and
1927 and $4,000 1928 and 1929.
Denom. $1,000 and one for $100.
27 100 Emma Ave. improvement.
Due yearly on Oct. 1 as follows: $3,100 1925 and 53.000 1926
improvement. Denom. $1,000. Due yearly on
. as
W mm .
lIct 3 el
22,000 o aI913
S
f
inc
otows: 52,000 1925 to 1929, incl., and $3,000 1930 to
for $200.
3
19 3 ie
14,200 8outhil3rLdway improvement. Denom. $1,000 and one 1926 to
Due yearly on Oct. 1 as follows: $1,200 1925, $1,000
1928. incl., and $2,000 1929 to 1933. incl.
9,200 Berwyn St. improvement. Denom. $1,000 and one for $200.
Due Yearly on Oct. 1 as follows: $1,200 1925 and $2.000 1926 to
.
b0n6
150.000 1929s
special assessment) issued for the purpose of the replacement and restoration of sewers, streets and other public works.
Denom. $1.000. Due $15,000 yearly on Oct. 1 from 1925 to 1934,
incl.
Date Aug. 1 1924.
Rate Bid.
Rate Bid.
Stephens & Co
Harris,Forbes & Co.:National
1°4..34
04 53
Herrick & Co
City Co.and Hayden,Miller104.09 A. M. Lamport & Co.; J. S.
& Co
Bache & Co. and R. M.
104.19
Stranahan, Harris & Oatis,
Eira edge & CH
Stdrnaham, ° orris & Oatis,
104.98
S. Bache & Co
103.87
Inc
104.99
103 61 R. M. Grant & Co
Canton Investment Co
104.12 D. T. Robinson & Co.
& Co
W.L. Slayton
$104,12
104.35 (Premium)
Seasongood & Mayer
103.65
Gran, Todd & Co. and H. L.
Allen & Co
above bids are for "all or none" with the exception of the bid of
The
five issues only.
D. T. Robinson & Co., who bid for
% harbor
-The $1,000,000
-BOND SALE.
ALABAMA (State of).
-were purchased by Caldp. 603
hunt. bonds offered on Aug. 18-V. 119,
the Merchants
well & Co. of Nashville, Steiner Bros. of Birmingham and
4.33%. Date June 1 1924.
Bank of Mobile at 102.85, a basis of about
1973, incl.
Due $25,000 yearly on June 1 from 1934 to
NO. 1 (P. 0. Laramie),
ALBANY COUNTY SCHOOL DISTRICT received untll Sept. 16 for
--Sealed bids will be
Wyo.-BOND OFFERING.
or 43.% school bonds. These bonds were voted at an election
0
$100,00 4
held on May 19-V. 118, p. 2731.
-BOND SALE POSTALLEN COUNTY (P. 0. Ft. Wayne), Ind.
-The sale of the 542,000 5% coupon Washington Road construePONED.
-has been
bonds, which was scheduled for Aug. 14-V. 119, p. 485
tion
postponed.0DALE-The 511.5005% T. J. Bowman et al. road bonds offered
-have been sold to the Fletcher Savings &
on Aug. 19-V. 119, p. 836 $11,853 53, equal to 104.81. a basis of about
Trust Co. of Indianapolis for
$575 every six months May 15 1925 to Nov. 151934,incl.
4.015%• Due
County, Ohio.
ALLEN TOWNSHIP (P. 0. Williston), Ottawa 3 p. m. Sept. 1 at
-Sealed bids will be received until
BOND OFFERING.
Board of Trustees, for the purchase
Krouse, Clerk of
the office of Elmer G. of
53.1% road improvement bonds:
of the following issues
$1.000 and one for
$6,569 Biliman Road Impt. No. 54 bonds. Denom.
1925 to 1927,
$569. Due yearly on Sept. 1 as follows: $2,000.
and $569, 1928.
incl.,
bonds. Denom. 31.000 and one
25,795 Opfer-Lentz Road Impt. No. 214 as follows: $6,000, 1925; $5,000,
for $795. Due yearly on Sept. 1
1926 to 1928, incl., and $4.795, 1929. payable at the Curtice State
Date Sept. 1 1924. Prin. and semi-ann.int.
some solvent bank, payable to the
Bank of Curtice. Certified check onof bonds bid for required.
above Clerk, for 5% of the par value
(P. 0. Oberlin), La.
ALLEN PARISH ROAD DISTRICT NO. 4the $150,000 6% coupon
-All bids received for
ALL BIDS REJECTED.
-were rejected. Date
p. 485
road bonds offered on Aug. 12-V. 119,
Aug. 1 1924. Due Aug. 1 1925 to 1944.
-N.fl.
AMELIA COUNTY (P. 0. Amelia C. H.), Va.-BOND SALE.
$25,000 court house bonds as
Hill & Co. of Cincinnati have purchased
to 100.96.
5hs at a premium of $241, equal
ANDERSON SCHOOL DISTRICT (P. 0. Lillington), Harnett
-Sealed bids will be receivd
-BOND OFFERING.
County, No. Caro.
970
THE CHRONICLE
[VOL. 119.
until 11 a. m. Sept. 1 by W. H. Faucette, Clerk Board
BOURBON COUNTY (P. 0. Fort Scott),
for sw.nor 6% school building bonds. Legal proceedingof Commissioners.
-BOND SALE.
s under the super- The 4568,700 434% road impt. bonds offered on Kan.
vision of Bruce Craven of Trinity.
Aug. 4-V. 119, p. 354
were purchased by Stern Bros. & Co. of Kansas City,
at 101.46,
a basis of about 4.44%. Date July 1 1924.
ARKANSAS COUNTY SPECIAL SCHOOL DISTRICT NO. 66
Due on July 1 as follows:
Mo..
$7,000, 1925 to 1931, incl.: $6.500. 1932 and 1933. and $6,700, 1934.
(P. 0. Gillett), Ark.
-BOND OFFERING.
-Sealed bids
This
until Aug 28 by R. H. Whitehead, Chairman of Board will be received corrects the report given in V. 119, p. 723.
of Directors, for
$12,500 school bonds.
BRISTOL, Hartford County, Conn.
-BONDS VOTED.
-At especial
ARLINGTON, Sibley County, Minn.
election held on Aug. 16 a $200,000 bond issue
-The State
was voted by 186 to 16.
.Minne;oia has ourmased $25.000 434% -BOND SALE. bonds at of
Communit
par
BRUNSWICK, Frederick County, Md.-BOND OFFERING.
plus a bonus of 3; of 1%. Due on July 1 as follows: y Hall
-Sealed
$1,500, 1930 to 1942 bids will be received
incl.; V.500. 1943. and 83.000. 1944.
by the City Treasurer until Sept. 15 for $20.000 5%
street impt. bonds. Date Sept. 1 1924. Int. semi-ann.
Due 30 years
ARLINGTON, Snohomish County, Wash.
-BOND
-The optional after 10 years.
$22,000 town coupon bonds offered on Aug. 11-V. 119, SALE.
-were
p.
purchased by John E. Price & Co. of Seattle at a premium 722
BUFFALO, N. Y.
-BOND OFFERING.
of $224 40,
-Sealed bids will be received
equal to 101.02 for 5s
-a basis of about 4.855. Int. payable semi-ann- by the City Council at the office of Ross Graves, Commissio
ner of Finance
Due $1,000, 1925 to 1927. incl.; $2.000, 1928:
$1,000, 1929; $2.000, 1930; and Accounts, Room 1. City and County Hall, Buffalo, until 11 a. m.
$1,000. 1931; $2,000, 1932 and 1933: 81,000, 1934, and 32,000,
Sept. 3 for the purchase of the following issues
1935
of 45(i% coupon or registered
to 1938, inclusive
non-taxable bonds.
$600,000 school bonds as authorized by Chapter
AUGUSTA, Kennebec County, Me.
-BOND
(the charter of the City of Buffalo) and 217 of the Laws of 1914
of Boston were recently the successful biddersSALE.-Estabrook & Co.
the
for $40,000 4% bonds.
Acts amendatory thereof, and pursuant to aEducation Law and
paying 99.399. Due 1944.
by the Council July 23 1924 and duly certifiedresolution adopted
by the City Clerk.
AZTEC, San Juan County, N. Mex.-BO
Due $30,000 yearly on Oct. 1
-The
6% coupon water supply bonds offered on Aug.ND SALE. p. $60,000
300,000 park bonds as authorized by 1925 to 1944, incl.
-were
14-V. 119.
222
Chapter 217 of the Laws of 1914
purchased by Sidlo, Simons, Fels & Co. of Denver
the charter of the City of Buffalo) and the
at par. Date Aug. 1
1924. Due Aug. 1 1954, optional Aug. 11044.
Acts amendatory thereof, and pursuant toGeneral City Law and
a
by the Council July 23 1924 and duly certifiedresolution adopted
BARBERTON,Summit County,Ohio.
by the
-BOND SALE.
-David RobinDue 315,000 yearly on Oct. 1 1925 to 1924. incl. City Clerk.
son & Co. of Toledo have been awarded
the following two issues of 554%
80,000 Police and Fire Department bonds as authorized
• street impt. bonds offered on Aug.
11-V. 119. p. 722
-at 102.61, a basis
of the Laws of 1914 (the charter of the City of by Chapter 217
of about 4 89%.
General City Law and Acts amendatory thereof,Buffalo) and the
$16.695 Seventh St. assessment bonds. Denom.
and pursuant to
31.000 and one for $695.
a resolution adopted by the Council July
Due yearly on Oct. 1 as follows: $695,
23
1925, and $1,000, 1926
fied by the City Clerk. Due 84,000 yearly1924 and duly certito 1933, inclusive.
on Oct. 1 1925 to
1944. incl.
5,575 Seventh St., city's portion, bonds.
Denom. 31.000 and one for 1.000,000 water bonds as authorized by Chapter 217
$575. Due yearly on Oct. 1 as follows: $1,000, 1925 to 1928.
of the
(the charter of the City of Buffalo) and the General Laws of 1914
inclusive, and $1,575, 1929.
City Law and
Acts amendatory thereof, and
Date Sept. 1 1924.
resolution adopted
by the Council July 23 1924 andpursuant to a by
duly certified
the City Clerk.
BARNESBORO, Cambria County, Pa.
Due Oct. 1 1954.
-Until
-BOND OFFERING.
8 p. in. Aug. 29 sealed bids will be received
Coupon
by H. E. Drew, Borough bonds will bonds will be issued in the denomination of $1,000; registered
Secretary, for $20,000 4,54%
be issued in denominations of $1,000 or multiples thereof
as far
Date Aug. 1 1924. Int. F. & coupon refunding bonds. Denom. $500. as practicable. Date Oct. 1 1924. Prin.
A. Due $5,000 Aug. 1 1929. 1934. 1939
and
payable at the office of the above Commission semi-ann. int. (A. & 0.)
and 1944. Certified check for $500 required.
er, or at the Hanvoer Nat.
Bank, New York, as the holder of bonds
may elect. The favorable opinion
BEAUREGARD PARISH (P.O. De Ridder), La.
of Caldwell &
-Sealed bids will be received until 10 a. in. Sept. -BOND OFFERING. furnished the Raymond, certifying as to the legality of the issues, will be
11
Secretary of Police Jury, for 385,000 6% Consolidat by D. W. McFatter, and the pricepurchaser. Proposals must state the amount of bonds desired
per $100 of the bonds. No bid for
ed Road District "A."
Series 3 bonds. Date July 1 1924. Due in ten
less than par and
years. Legality approved accrued interest will be entertained and all bids a sum be unconditional.
by Wood & Oakley of Chicago. A certified check for
must
254% of bid, payable Each bid must be accompanied by a certified check drawn u0on an incorto the Treasurer of the Parish.
porated bank or trust company, payable
to the order of
BEAUREGARD PARISH SCHOOL DISTRICT NO. 29 (P. 0. De of Finance and Accounts, in the amount of 2% of the the Commissioner
amount of bonds
bid for. The bonds will be delivered to the
Ridder), La.
-BOND OFFERING.
-Sealed bids
purchaser at
2 p. m. Sept.6 by Q. G. Lunsford, Secretary Schoolwill be received until Commissioer of Finance and Accounts on Oct. 1924, the office of the
1
or as soon thereBoard. for 390,0006% after as the bonds may
school bonds. Date Sept. 1 1924. Due in 30 years.
be prepared and ready for delivery.
Legality approved
Financial Statement.
by Wood & Oakley, of Chicago. A certified
-Total bonded debt Aug. 1 1924, $59.602,897 61
check for 254%. Payable to (including bonds
the above
-named official, is required.
issued for a water supply to the amount a $14,920,032 51,
of which 313,311.487 01 were issued for
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
1904; and tax anticipation certificates of water supply subsequent to Jan. 1
-BOND SALE.
W. L. Slayton & Co. of Toledo have been
indebtedness maturing July 1 1925
awarded the
5% in the amount of 31,194,909 84, for payment of which taxes will be levied).
Neffs-Willow Grove Road bonds offered on Aug. 18-V. 334.128 16-at Assessed valuation
of taxable real estate, incl. special franchises, for the
119, p. 723
par and accrued interest plus a premium of $650,
101.00-a basis fiscal year 1923-1924 was $714,445,290, and for the fiscal year 1924-1925 is
equal to
of about 4.61%. Date Aug. 1 1924. Due yearly
3761,381,265. The sinking funds applicable to the payment
on
of the bonded
$2.628 15. 1925, and $3,500, 1926 to 1934, inclusive. Sept. 1 as follows: indebtedness
aggregate 35.553,472 99, of which $2,543,419 48 is applicable
The following bids
were received:
to payment of the water debt. The last city
tax rate per $1,000 of' assessed
Premium.
Premium. valuation is $28 46. The population according to the 1920 United States
W.L.Slayton & Co.,Toledo-$650 00 Seasongood
& Mayer, CM---$558 0 Census Is 506,775.
Stranahan, Harris & Oatis,
Breed,Elliott& Harrison.Cin. 480 0
00
Inc., Toledo
BULL BUTTE SCHOOL DISTRICT NO. 62,
645 00
Williams County,
A. E. Aub & Co., Cincinnati_ 621 00 State Teachers' Retirement
No. Dak.-CERTIFICATE OFFERING
Board, Columbus
20000 received
-Sealed or verbal bids
.
Otis & Co., Cleveland
until 2 p. m. Aug. 30 by A. L. Bakkum, District Clerk, for will be
$4,000
Prov.Say.Bk.&Tr.Co..Cin_ 526 00 Industrial Commission of
354 93
Ohio, Columbus
Par certificates of indebtedness. Interest rate not to exceed 7%. Interest
The Herrick Co., Cleveland.. 636 00
payable annually. Denoms. 4 for $250, 1 for 1500,
Bohmer-Re
2 for $750 and 1
Second Ward Secnr. Co., MU. 591 84 Citizens inhart & Co.,CM. 587 00 for $1,000.Date Aug.
Tr. & Say. Bk., Col.. 34.00
30 1924. Due in 18 months. A certified check
Ryan. Bowman & Co.. Tol
for 5% of bid required.
392 47 Assel, Goetz & Moerlein,Inc.,
Title Guar.& Tr. Co.. Cin443 67
Cincinnati
593 84
CALABASAS SCHOOL DISTRICT, Los Angeles County, Calif.BELOIT, Rock County, Wis.-BOND SALE.
-The Wells-Dickey Co. BOND SALE.
-The 310.000 6% school bonds offered on Aug. 4-V. 119.
of Minneapolis has purchased
-were purchased by Dean. Witter Co. at a premium of $410, equal
city's portion, bonds offered on the $45.000 454% coupon sanitary- sewer, p. 604
Aug. 15-V. 119,_p. 837
-at a premium or to 104.10, a basis of about 5.45%. Date Aug. 11924. Due $500 yearly
486. equal to 101.08-a basis of about 4.38%.
on Aug. 1 from 1925 to 1944,incl. The following is a list of bids received:
$2,000. 1925 to 1939, incl., and $3,000, 1940 to Date Sept. 11924. Due
1944, incl.
Premium.I
Premium.
Dean, Witter Co
BENSON,Johnston County, No. Caro.
$410 00 Freeman, Smith & Camp Co_$406 70
bids will be received until 7 p. m. Sept. 4 by-BOND OFFERING.Sealed National City Co
10991Wm. R. Stoats Co
333 00
Virginia Lee. Town Clerk,for Bank of Italy
the following gold bonds:
108 00ICaimfornia Co
266 00
$90.000 street
-improvement bonds. Denom. $1,000. Due March 1 as
CEDAR FALLS INDEPENDENT SCHOOL DISTRICT (P. 0. Cedar
follows: $5,000, 1926 to 1935, Inclusive. and
:4,000, 1936 to 1945, Falls), Black Hawk County, lowa.-BOND OFFERING.
--Seated bids
Inclusive.
will be received untir 7:30 p. m. Sept. 1 by V. U. Johnson, Secretary
10.000 water and sewer bonds. Denom. $500.
of
Due $500 March 1 1926 Board of Directors, for $30,000
% school refunding bonds. Date
to 1945, inclusive.
Date Sept. 1 1924. Bidders to name rate of interest. Interest payable Nov. 1 1924. Due serially.
semi-annually (M. & S.) in New York. The bonds
CHARBON SCHOOL DISTRICT NO. 15, McKenzie County, No.
Chester M. Masslich, New York, and prepared and will be approved by Dak.-BO
certified by the United
ND OFFERING.
-Bids will be received until 2 p. m.
States Mortgage & Trust Co. A certified check
by F. W. Erickson. District Clerk, at the County Auditor's Sept. 6
for 2% of bid required.
office in
,
Charhoneau for
BENTON COUNTY (P. 0. Fowler), Ind.
- Denom. 31,000. 312.000 refunding bonds. Int, rate not to exceed 7%.
-BOND OFFERING.
Until 10:30 a. m. Sept. 3, sealed bids will be
Date Oct. 1 1924. Int. semi-annually.
County Treasurer, for $26,867 454% Henry received by Robert A. Swan. 1934. A certified check for not less than 5% of bid required.Due Oct. 1
Plaspohl et al. highway construction bonds. Denom. $1,343 35. Date Sept.
CHICOPEE, Hampden Couety, Mass.
3 1924. Int. M. & N.
-LOAN' OFFERING.-Louls
15. Due 31,343 35 every six months from
May 15 1925 to Nov. 15 1934 M.Dufault, City Treasurer, wiA receive proposals at 12 m.(daylight saving
incl.
time) Aug. 26 for the purchase at discount of a temporary loan of $200,000
BETHLEHEM (TOWN) UNION FREE SCHOOL DISTRICT NO. 10 issued in anticipation of revenue for the current year, maturing Nov. 10
(P. 0. Box 171, Delmar), Albany County, N.
1924. This loan will be in the denominations of $25,000, $10,000 and
Y.
-BOND OFFERING.
Sealed proposals will be received 'by the
Board of Education until 6 P. m• 35,000. and will be engraved under the supervision of the Old Colony
Trust Co., Boston,
(eastern standard time) Sept. 4 for 315,000
454% school bonds. Denom. the notes are issuedwhich will guarantee the signatures and also certify that
$500. Date Aug. 1 1924. Principal and annual
by
interest (January) pay- Alderman, the validity virtue and in pursuance of an order of the Board of
able at the First National Bank of Albany, in
of which order has been approved by Storey. ThornNew York exchange. Due dike, Palmer &
$500 yearly on Jan. 1 1925 to 1954. inclusive. Certified check for
Dodge of Boston. The regal papers Incident to this issue
10% will be filed with the Old Colony Trust Co., where they
of the amount bid for,required.
may be inspected.
CISCO, Eastland County, Tex.
BEULAH SCHOOL DISTRICT NO. 27, Mercer Counts', No. Dak.-WILL VOTE TO RESCIND BOND
• -CERTIFICATE OFFERING.
-An election will be held on Sept. 9 to vote on the question of
-Bids will be received until If a. m. Sept. 9 ISSUE.
rescinding 315.000 paving bonds, which were voted last fall.
by L. F. Temme, District Clerk, at the County
Auditor's
in Stanton,
for 38,000 certificates of indebtedness. Interest rate officeexceed
CLACKAMAS COUNTY SCHOOL DISTRICT NO, 119, Ore.
7%•
not to
Denom. $1,000. Interest payable semi-annually. $5.000 are dated Oct. 1 BOND OFFERING.
-Sealed bids will be received until 8 p. in. Aug. 29 by
1924 and become due April 1 1925 and $3.000 are dated Jan. 1925 and Laura It. Blanchar,
1
Clerk School Board, for $15,000 534%
mature July 1 1925. A certified check for 5% of bid
Denom. $1,000. Date June 15 1924. Due $5,000 Dec. 15 school bonds.
required.
1929 to 1931.
BIG HORN COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Cowley), Legal opinion of Teal, Winfree, Johnson & McCulloch, of Portland, will be
Wyo.-BOND OFFERING.
-Sealed bids will be received until 10 a. m. furnished.
Sept. 3 by Jesse Crosby, District Clerk, for $39,060 6% funding bonds.
CLINTON,Laurens County,So. Caro.
-BOND SALE.
-The following
Denom. 61,000. Date Aug. 1 1924.
5% coupon bonds offered on Aug. 18-V. 119, p. 838
-were purchased by
BISBEE SPECIAL SCHOOL DISTRICT NO. 7, Towner County, the Bank of Charleston at 98.63, a basis of about 5.11%;
$70,000 water works inept. bonds. Due $2,000 Aug. 15 1930 to 1964, incl.
No. Dak.-NO BIDS RECEIVED.
-No bids were received for the $10,000
30,000 sewerage extension bonds. Duo $1,000 Aug. 15 1930 to 1959, incl.
certificates of indebtedness offered on Aug. 10-V. 119, p. 603. Dated
Date Aug. 15 1924.
about Sept. 1 1924. Due in 12 months.
CLINTON
BLADEN COUNTY (P. 0. Elizabethtown), No. Caro.
-BOND SALE.
-The
-BOND two Lssues of COUNTY (P. 0. Frankfort), Ind.
5% coupon road bonds offered on Aug. 16-V. 1 19, p. 723
OFFERING.
-Sealed bids will be received until Sept. 1
Ferguson, have been
sold as follows:
County Clerk, for the following 534% coupon bonds:by W. A.
$19,200 Grace Smith et al. Gravel Road No. 370 bonds to the Fletcher
$12.500 Hollow Townsaip School building bonds.
Savings & Trust Co. of Indianapolis at 103.041, a basis of about
20,000 Bladen County School bonds.
4.37%. Denom. 4960.
Due serially for twenty years.
2,400 Chas. B. Fretz et al. gravel road bonds to the Fletcher American
BLUE EARTH COUNTY(P.O. Mankato),Minn.
Co. of Indianapolis at 103.05, a basis of about 4.37%. Denom.
-BOND OFFERING.
-Bids will be received until 2 p. m. Sept. 9 by C. L. Kennedy. County
$120.
Auditor. for $100,000 5% county road bonds. Denom. 31.000. Date
Date June 20 1924. Int. M. & N. 15. Due one bond of each issue
Oct. 1 1924. Interest semi-annually. A certified check for
every six months from May 15 1925 to Nov. 15
5% of issue is a
1934 incl. Following
is required.
list of the bids received:
For Smith Road Bonds.
BOSSIER, Bossier Parish, La.
For Fritz Road Bonds.
-BOND SALE.
-The American
National Bank of Shreveport was recently awarded $30,000 water works
Prem,
Prem.
Fletcher-American Co., Ind.:562 50 Fletcher-American Co.,
bonds at a premium of 311, equal to 100.03.
$45 00
Thos. D.Sheerin & Co.,Ind_ 565 00 J. F. Wild & Co., Ind Ind_ 6575
BOSTON, Mass.
-LOAN OFFERING.
-John J. Curley,
Treasurer, J. F. Wild & Co., Ind
585 00 Fletcher Say.& Tr.Co.,Ind_ 73 40
will receive bids until 12 m. Aug. 25 for the purchase onCityinterest
-to- City Trust Co.. Ind
an
579 84 Amer. Nat. Bank,Frankfort- 45 00
follow basis of $2,000,000 notes, dated Aug. 26 1924. Duo Nov.5 1924.
Myer-Kiser Bank, Ind
525 00 Myer-Kiser Bank, Ind__ _ 57 50
AUG. 23 1924.]
THE CHRONICLE
971
$25,000 street improvement bonds. Due on July 1 as follows: $2,000
1926 to 1930, incl., and $1,000 1931 to 1945. incl.
25.000 water and light bonds. Due July 1 as follows: $1,000 1926 to
1950, incl.
Denom. $1,000. Date July 1 1924. Principal and semi-annual interest
(J. & J.), payable in gold at New York. Bidder requested to name one
rate of interest on "all or none bid," not to exceed 6%,in a multiple of
X of 1%. Legality approved by Chester B. Masslich, New York, and
J. T. Morehead, Durham, N. C. Preparation and certification of bonds
by United States Mortgage & Trust Co., New York. A certified check for
2% required. Bids are requested on forms to be furnished by the above
Clerk or by the above trust company. Delivery of bonds to be made on
or about Sept. 23.
DEFIANCE SCHOOL DISTRICT NO.92, Mercer County, No. Dak.
-Bids will be received until 3 p. m. Aug. 30 by Elmo
-BOND OFFERING.
Allison, District Clerk, at the County Auditor's office in Stanton for $4,000
funding bonds. Denom. $1,000. Interest semi-annually, payable at
7%
the office of the purchaser, if so designated In bid. A certified check
for 5% of bid required.
-Harris, Forbes & Co. of
-BOND SALE.
DELAWARE (State of).
New York and Laird, Bissell & Meeds of Wilmington purchased at 99.7893,
of the $536,000 4% coupon or registered
a basis of about 4.01%, $280,000
- State bonds offered for sale on Aug. 20 (V. 119, p. 838). The remaining
COLLEGEVIEW, Lancaster County. Neb.-BOND ELECTION.
investment of State
The question of issuing 820,000 water bonds will be voted upon at an elec- $256.000 bonds were not sold, having been reserved for
investment of State funds. Date Jan. 1 1924. Due Jan. 1 1964, "but all
tion to be held Aug. 28.
or any of the bonds may be redeemed at the option of the State at the rate
COLUMBIA COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Verno- of 105% of the principal debt of the bond redeemed on any Jan. 1 or July 1
-Sealed bids will be received until 2 p. m. after the said bond or any of them shall have been issued one year, upon 30
nia), Ore.
-BOND OFFERING.
Aug. 23 by Louis Stiegert, Clerk School Board, for $25,000 5R",% school days notice." Following is a complete list of the bids received for 8280,000
bonds. Denom. $1,000. Date June 1 1924: Duo June 1 as follows: bonds:
Rata Bid.
Rate Bid.
$2,000. 1926 to 1928, inclusive; $1.000, 1929 to 1933, inclusive; $2,000, 1934
99.786
)99.7893 H.L. Allen & Co
to 1938, inclusive, and $4.000, 1939. The legal opinion of Teal. Winfree. Laird, Bissell & Meeds
99.237
Barr Brothers & Co
Johnson & McCulloch. of Portland, will be furnished to the successful Harris, Forbes & Co
199.519
P.F.Cusick & Co
99.15
Farmers Bank
A certified check for $500 required.
bidder.
99.234 Foster. McConnell & Co__ f
Eldredge & Co
99.7799
Kean,Taylor & Co
COLUMBIA TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. The National City Co
99.20
-The Bank Estabrook & Co
-BOND SALE.
Guaranty Co.of New York_ _99.083
98.70
Columbia Station), Lorain County, Ohio.
99.048
of Berea Co. of Olmstead Falls has been awarded $4,200 6% school bonds L. F. Rothschild & Co
at par, plus the cost of the printing of the bonds.
-BOND OFFERING.
DELAWARE COUNTY (P. 0. Muncie), Ind.
a. m.
COLUMBUS CITY SCHOOL DISTRICT(P.O.Columbus), Franklin James P. Drag(s). County Auditor, will receive sealed bids until 10bonds.
-BOND SALE.
-The $680,000 5% coupon school bonds Sept. 6 for $13,219 82 6% Harriett C. Newlee et al. drainage
County, Ohio.
-have been sold to a syndicate composed Denom.$660 99 except two for $661. Date July 23 1924. Int. M.& N.15
offered on Aug.20-V. 119. p.604
of Estabrook & Co. of New 'York. Otis & Co. of Cleveland, Hannah, Bailin Due yearly on Nov. 15 as follows: 82.643 98. 1924. and $2.643 96. 1925
& LW and Curtis & Sangar of New York, at 104.418, a basis of about to 1928, inclusive.
4.37%. Data Aug. 20 1924. Dua yearly on Feb. 20 as follows: $45.000
-Harris, Forbes
-BOND SALE.
DERBY, New Haven County. Conn.
1926 to 1935. incl., and $46,000 1936 to 1940.incl. Following is a complete & Co. and Roy T. II. Barnes & Co., of Hartford, have been awarded the
list of the bids received:
following issues of 4 II% bonds offered on Aug. 19(V. 119. p. 724), taking
Premium.
Premium.
and the balance at 103.949-a basis of about
$25.751 00 First Trust & Says. Bank.$25,825 90 the truck bonds at 100.51,
A.G.Becker & Co_
3.915% :
A.B.Leach & Co.,Inc--- 26,064 00 Stevenson, Perry, Stacy
$20,000 Main St. coupon paving bonds. Due $2,000 Sept. 1 1929 to
28,525 27
28,852 00 & Co
Detroit Trust Co
1938 inclusive.
27,737 00 Benjamin Dansard &Co__ 29,110 00
Prudden & Co
High School coupon bonds. Due $6.000 Sept. 1
24,466 66 Hayden, Miller & Co_ _ 27,450 00 144,000 Completon inclusive.
Weil, Roth & Irving Co
1929 to 1952
25.63000 Citizens Trust & Says. Bk. 28,084 00
Bankers Trust Co
Hose House coupon bonds. Due $1,000 Sept. 1 1929
20,000 Hotchkiss
29,507 00 A. M.Lampert & Co.,Inc 26.601 00
Herrick Co
to 1948 inclusive.
Huntington Nat. Bank
23,528 00 Otis & Co., Cleveland, 0_ 34,043 08
10.000 city service truck registered bonds.
23,401 00 Prendergast & Co
29,899 60
Lehman Bros
Denom. 81.000. Date Sept. 1 1924. Other bidders were: Rate
Bid.
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN.
102.579
Co.. for entire issue
F. B. Moseley & Co. of Boston have purchased a temporary loan of $75,000 National City (Truck bonds
100.05
on a 2.24% discount basis. Date Nov. 17 1924.
103.02
Estabrook & Co.t Hotchkiss Hose
103.32
High school
CONETOE CONSOLIDATED SCHOOL DISTRICT (P.O. Tarboro),
102.07
Main Street paving
-The $30,000 6%
-BOND SALE.
Edgecombe County, No. Caro.
103.167
Inc., for entire issue
coupon school bonds offered on Aug. 15-V. 119, p. 723
-were purchased R. M. Grant &
102.849
by Stranahan, Harris & Oatis, Inc., of Toledo at a premium of $1,992, Birmingham National Bank, for entire issue
-BOND OFFERING.
equal to 106.64, a basis of about 5.405%. Date July 1 1924. Due on
DESCHUTES CONUTY (P. 0. Bend), Ore.
July 1 as follows: $1,000 1927 to 1952, incl., and $2,000 1953 and 1954.
will be received until 2 p. m. Aug. 26 by J. H. Honer, County
Sealed bids
Clerk, for $65.000 5% road bonds. Denom. $1,000. Date May 1 1924.
COOK COUNTY (P. 0. Chicago), 111.
-Sealed
-BOND OFFERING.
May 1 1931 to 1943. Legality approved by Teal. Winfree.
bids will be received by the County Commissioners until Aug. 26 for the Due $5,000 McCulloch of Portland. A certified check for $2,000 is re&
purchase of $100,000 highway construction bonds, it is stated. These Johnson
quired with each bid.
bonds are part of a total authorized issue of $3,000,000 voted in 1919.
DE WITT UNION FREE SCHOOL DISTRICT NO. 5 (P. 0. East
-Sherwood &
-BOND SALE.
COVINA UNION HIGH SCHOOL DISTRICT, Los Angeles County, Syracuse), Onondaga County, N. Y.
Calif.
-The $200.000 5% school bonds offered on Aug.4- Merrifield, Inc., of New York have purchased 814.000 school bonds as
-BOND SALE.
V. 119. p. 604
-were awarded to the California Co. of Los Angeles, at a 4s(price not stated). Denom. $1,000. Date July I 1924. Int. J. & J.
premium of $3,517, equal to 101.75. a basis of about 4.83%. Date Nov. 1 Due $1,000 Jan. 1 1930 to 1943, incl. Legality approved by Clay &
1923. Duo on Nov. 1 as follows: $5,000. 1924 to 1933 incl.; $10,000. Dillon of New York.
1934 to 1943 Incl., and $5,000, 1944 to 1953 incl. The following other
DONLEY COUNTY COMMON SCHOOL DISTRICT NO. 23,
bids were received for the bonds:
-On Aug. 12 the State Comptroller of
-BONDS REGISTERED.
Texas.
Prem. Texas registered 85.500 5% 4-40 year school bonds.
Prem.
$2,020
$3,443 Security Co
Dean, Witter & Co
DORCHESTER COUNTY (P. 0. Cambridge), Md.-BOND SALE.
3.260 Blyth. Witter & Co. and Wm.
First Securities Co
that Stein Bros. & Boyce and the
2,117 The Baltimore "Sun" of Aug. 20 statedrecently
Bank of Italy and AngloR. Stoats Co
the successful bidders for
Mercantile Trust & Deposit Co. were
London-Paris Co
1,3601
1925
the 820,000 issue of Dorchestez County 434% lateral road bonds. duewere:
This report corrects the one given in V. 119. p. 838.
to 1944. The bonds were awarded at 101.7176. Other bidders
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.
-BOND SALE.- Colston, Heald & Trail at 101.207. and Weilupp, Bruton & Co.at 100.8921.
Seasongood & Mayer of Cincinnati have been awarded the $86,000 514%
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND OFFERING.
1.0.11. No.23 coupon bonds offered on Aug. 15-V. 119. p.723
-at 104.02.
m. Aug. 26 by Frank Dewey,County
a basis of about 4.59%. Date April 1 1924. Due 810,000 yearly on Oct. 1 Sealed bids will be received until 10 a.A certified check for 51.000. payable
Clerk, for 8100,000 highway bonds.
1925 to 1932, incl., and $6,000 1933.
to the County Clerk is required.
CROWLEY, Crowley County, Colo.
-BOND SALE.-Durfee,
-BONDS VOTED-SALE.
-At
DRESDEN, Muskingum County, Ohio.
an election held on Aug. 12 the voters authorized the issuance of $8,000
bonds
Niles Co. of Toledo have been awarded the 82.000 6% public hallplus a
water bonds. These bonds had been sold to Boettcher, Porter & Co., of offered on July 28-V. 119, p. 356
-at par and accrued interest
Denver, subject to being sanctioned at said election.
Date June 1
premium of $14. equal to 100.70-a basis of about 5.81%. Dresden State
yearly on June 1 1925 to 1932, incl. The
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
-BOND OFFERING. 1924. Due $250
bonds.
-Sealed proposals will be received by A. J. Bieber, Clerk Board of County Bank bid par and accrued interest for the
Commissioners, until 11 a. nt. (eastern standard time) Sept. 6 for the purDREXEL SPECIAL TAX SCHOOL DISTRICT (P. 0. Morganton),
,
-The $25.000 6%. school
-BOND SALE.
chase of the following issues of 5% coupon special assessment bends:
Burke County, No. Caro.
-were purchased by
$54,000 County Sewer District No. 1 bonds for the construction of water building bonds offered on Aug. 16-V. 119, p. 605
supply improvement. Due $3,000 yearly on Oct. 1 1925 to 1942, Stranahan, Harris & Oatis, Inc. of Toledo at 105.34. a basis of about
inclusive.
'
5.47%. Denom. S1,000. Date Aug. 1 1924. Due 81,000 Aug. 1 1927
52.000 County Sewer Districts 1 and 2 bonds for the construction of water to 1951. incl.
supply improvement 13. Due yearly on Oct. 1 as follows: $2,5e0,
-BOND SALE.-Geo. B.
1925 to 1928, inclusive: $3,000. 1929: $2,500, 1930 to 1933.inc- • DUNKIRK, Chautauaua County, N. Y.
lye; $3,000. 1934: $2.500, 1935 to 1938. inclusive; 83.000. 1939, and Gibbons & Co., Inc., of New York have purchased the following issues of
-at 100.51-a basis
82,500. 1940 to 1943, inclusive, and $3,000. 1944.
4ti impt. bonds offered on Aug. 16-V. 119. p. 839
65,000 County Sewer District 1 bonds, sewage improvement 36. Due of about 4.88%Brigham Road bonds. Denom.8959 55. Due $959 55 Aug. 15
yearly on Oct. 1 as follows: $3,000, 1925 to 1927. inclusive: $4.000, 88,635 95
1925 to 1933, inclusive.
1928; $3.000, 1929 to 1931, inclusive; $4,000. 1932: 33.000, 1933 to
1935, inclusive; $4.000, 1936: $3,000. 1937 to 1939, inclusive:
3,445 47 East Front St. bonds. Denom. $382 83. Due $382 83 Aug. 15
1925 to 1933, inclusive.
$4,000. 1940; $3.000. 1941 to 1943. Inclusive, and 84,000, 1944.
210.000 County Sewer District No. 1 bonds, sewerage improvement 33. 11,175 12 West Front St. bonds. Denom. $1,241 68. Due $1,241 68
Aug. 15 1925 to 1933, inclusive.
Due $10.500 yearly on Oct. 1 1925 to 1944. inclusive.
5.801 04 Middle Road bonds. Denom. $644 56. Due $644 56 Aug. 15
28,500 County Sewer District No. 1 bonds, sewerage improvement 21.
1925 to 1933, inclusive.
Due $1.500 yearly on Oct. 1 1925 to 1943. inclusive.
Date Aug. 15 1924.
Denom. $1.000 and $500. Date Oct. 1 1924. Principal and semi-annual
interest (A. & 0.) payable at the County Treasurer's office. Certified
-BONDS
-BONDS NOT SOLD
DUQUESNE, Allegheny County, Pa.
check on sonic solvent bank other than bidder, payable to the County
-OFFERED.-The 8377,000 4,4% general impt. bonds offered
TO BE RE
Treasurer, for 1% of the amount of bonds bid for, required.
-were not sold. This issue consists
-V. 119, p. 605
for sale on Aug. I8
DALLAS, Polk County, Ore.
-BOND OFFERING.
-Bids will be of 8187,000 Gen. Impt. Bonds 1924, which will be re-offered on Sept. 22.
received until 8 p. m. Aug. 25 by J. T. Ford, City Auditor, for $20.000 and $190,000 bonds for water works impts., the re-offering of which will
6% street impt. bonds. Dement. $1,000. Date Sept. 1 1924. Prin. be taken up later.
and semi-ann. Int.(M.& S.) payable at the Dallas City Bank, Dallas City.
EAST WINDSOR TOWNSHIP SCHOOL DISTRICT (P. 0. NightsDue $2,000 Sept. 1 1925 to 1934. A certifeid check for 5% of bid required.
-NO BIDS RECEIVED -There were no
town), Mercer Counyt, N. J.
DANFORTH EXTENSION DRAINAGE DISTRICT (P. 0. Billings), bids received for the purchase of the $75.000 414% coupon or registered
-NO BIDS RECEIVED.
-No bids were received for the $94.720 school bonds offered on Aug 18 (V. 119. p 724)•
Mont.
6% drainage bonds offered on Aug. 15-V. 119. p. 605.
-Seated bids
-BOND OFFERING.
EDINBORO, Erie County, Pa.
DARKE COUNTY (P. 0. Greenville), Ohio.
-BOND SALE.
-The will be received by B. R. Harrison, Borough Clerk, until 8 p. m. Aug. 25
Ohio National Bank of Columbus has purchased the $80,000 6% Sec. "B" for $17,000 5% coupon or registered permanent improvement bonds.
I. C. H. No. 212 and Sec. "A-2" I. C. H. No. 62 construction, county's Denom. 8500. Interest J. & D. Due June 1 1952, optional after June 1
-for 882,725, equal to 1932. Certified check for 1% of the amount of bonds bid for required.
share, bonds offered on Aug. 14-V. 119, p. 487
103.40 a basis of about 4.66%. Date Aug. 1 1924. Due $8,000 every
B. R. Harrison, Borough Clerk, informs us that these bonds had been offered on Aug. 11 but were not sold on that day "on account cf errors' in
six months March 1 1925 to Sept. 1 1929, incl.
advertising."
DAVIDSON, Mecklenburg County, No. Caro.
-BOND OFFERING.._ newspaper
EDINBURGH SCHOOL TOWN (P. 0. Edinburgh), Johnson and
Sealed bids will be received until 2 p. m. Sept. 4 by W. H.Thompson, Town
-The City Trust Co. of
-BOND SALE.
Clerk, for the following gold coupon (with privilege of registration as to Bartholomew Counties, Ind.
principal only) bonds:
Indianapolis was the successful bidder for the $37,000 5% coupon school
CLYO CONSOLIDATED LOCAL TAX SCHOOL DISTRICT (P. 0.
-Sealed bias will
Clyo), Effingham County, Ga.-BOND OFFERING.
be received until 12 m. Sept. 15 by 0. E. Smith, District Secretary and
Treasurer, for $12,000 6% school bonds. Denom. $500. Date Aug. 1
1924. Due Aug. 1 as follows: $3,000 1934. $4,000 1939 and $5,000 1944.
A deposit of 1% is required with each bid. Bonds have been, it is stated,
duly confirmed and validated by judgment of Superior Court. It is
expected of the purchaser to furnish printed bonds.
-The
-BOND SALE.
COFFEYVILLE, Montgomery County, Kan.
$180,000 5% internal improvement bonds offered on Aug. 15-V. 119.
the Fidelity National Bank & Trust Co. at par,
-were purchased by
p. 723
$500.
plus a premium of 83,816, equal to 102.12. Denom. $1,000 and years.
Dated $80,000 May 1 1924 and $100,000 June,1 1924. Due 1 to 10
Other bidders were: '
Rate Bid.
102.25
The Brown-Crummer Investment Co., Wichita
101.81
Stern Bros. & Co., Topeka
100.50
Prudential Trust Co.. Topeka
100.906
The Shawnee Investment Co., Topeka
101.88
First Trust Co
101.772
Co., Topeka
Central Trust
101.46
The Branch-Middle-Kauff Co.. Wichita
972
THE CHRONICLE
[VOL. 119.
bonds offered on Aug. 18-V. 119, U. 724-bidding 539,541 90, equal to Ward, Sterne & Co. of Birmingham
at par plus a premium of $85 50. equal
106.87, a basis of about 4.385%. Date Aug. 15 1924. Due $500 every to 100.45-a basis of
six months from Aug. 15 1925 to Aug. 15 1944, incl., and $17,500 Feb. 15 51.000. Date Sept. about 5.94%,if allowed to run full ten years. Denom.
1 1924. Due Sept. 1 1934 with the option of redeem1945.
ing about one-tenth every year.
ELLERBE, Richmond County, No. Caro.
-BOND OFFERING.
GALLIPOLIS, Gallia
-BOND OFFERING.
-"Until
Sealed bids will be received until 2 p. m. Sept. 3 by Prince O'Brien, Town 12 in. Sept. 15 sealed bids County, Ohio.
will be received by W. P. Kling, City Auditor,
Secretary, for $75,000 6% coupon gold water and sewer bonds. Denom. for $7,600 534% refunding
bonds. Denom. $1,000 and one for $600.
$1,000. Date July 1 1924. Int. J. & J. Prin. and int. payable in New Date Aug. 25 1924. Principal
and semi-annual interest (F. & A. 25)
York. Due July 1 as follows: $1,000 1925 to 1929,incl., and 52,000 1930 payable at the
to 1964, incl. legality approved by Chester B. MassItch, New York, and $1,000, 1925 toCity Treasurer's office. Due yearly on Aug. 25 as follows:
1932, inclusive,
J. T. Morehead, Durham. Preparation and certification of bonds by approved by Squire, Sanders & and 5600, 1933. This bond issue has been
Dempsey,
United States Mortgage & Trust Co., New York. A certified check for the approving opinion of said attorneys attorneys-at-law, Cleveland, and
will be furnished by the city to the
2% required. Delivery of bonds on or about Sept. 16 1924. Bids are successful bidder. No bid will
requested on forms to be furnished by the above Clerk and by the above certified check on a bank, other be considered unless accopmanied by a
than the bank bidding, doing business in
trust company.
the State of Ohio, payable to W.P. Kling, City Auditor, in the sum of $500.
ERIE COUNTY (P. 0. Buffalo), N. Y.
-BOND OFFERING.
GARFIELD HEIGHTS (P.0. Cleveland), Cuyahoga County, Ohio.
-Until
11 a. m. (daylight saving time) Aug. 28 sealed bids will be received by -BOND OFFERING.
-Herman Bohning, Village Clerk, will receive sealed
Severn A. Anderson, County Treasurer, for the following issues of 4% bids until 8 p. m.(Eastern standard
time) Aug. 26 for the purchase of the
coupon bonds:
ho
following issues of 5,
)4% coupon special assessment bonds:
me and infirmary bonds. Due $100,000 Sept. 1 1944 to
$489 71 Vineyard Ave. water main construction bonds. Denom. $100
1953, inclusive.
and one for $98 71. Date May 11924. Due yearly on May 1
350,000 office and warehouse bonds. Due $35,000 Sept. 1 1944 to
as follows: $98 71. 1925. and $100. 1927,
and 1933.
1953. inclusive.
7,320 00 East 113th St. sewer construction bonds. 1929, 1931
and one
600,000 penitentiary, Series 1924, bonds. Due $60,000 Sept. 1 1944 to
for $120. Date July 1 1924. Due yearlyDenom.$800 follows:
on Oct. 1 as
inclusive.
1953.
$120, 1925, and $800, 1926 to 1934, incl.
Denom.$1,000. Date Sept. 1 1924. Principal and semi-annual interest
4,980 00 East 113th St. water main construction bonds. Denom. $500
(M.& S.) payable at the Buffalo Trust Co. in New York exchange. Legal
and one for $480. Date July 1 1924. Due yearly on Oct. 1 as
opinion of Clay & Dillon of New York win be furnished to the purchaser.
follows: 8480. 1925. and $500, 1926 to
Certified check for 2% of the bonds bid for, required.
7,469 00 Tonging Drive sewer construction bonds. 1934. incl.
Denom. $750 and one
for $719. Date Aug. 1 1924. Due yearly on Nov. 1 as follows:
FINDLAY, Hancock County, Ohio.
-Sealed
-BOND OFFERING.
5719, 1925, and $750, 1926 to 1934, incl.
bids will be received by Chas. T. Pope, City Auditor, until 12 in. Sept. 2
11,846 47 East 117th St. pavement bonds. Denom. $1.000 and one for
for the purchase of the following issues of bonds:
$8846 47. Date Aug. 1 1924. Due yearly on Nov. 1 as follows:
$64.500 531% North Main St. paving special assessment bonds. Denom.
8846 47, 1925: 81.000, 1926;$2,000. 1927: $1,000. 1928 and
$1.000 and one for
•
Date March 1 1924. Interest
52.000, 1930: 51.000. 1931 and 1932, and 52.000, 1933. 1929;
A. & 0. Due yearly on Oct. 1 as follows: $7,500 1925,
$1,500'
19,790 00 Alvin Ave. pavement construction bonds. Denom. $1,000 and
57.000 1926 to 1928 and $6,000 1929 to 1934. incl.
one for $790. Date July 1 1924. Due yearly on Oct. 1 as fol14,850 5% East McPherson Ave.improvement special assessment bonds.
lows: $2,790. 1925; 52.000, 1926 to 1928, incl.; $3,000, 1929,
Denom. $1,000 and one for 51.850. Date Aug. 1 1924.
and $2,000, 1930 to 1933, incl.
Int. M. & S. Due yearly on March 1 as follows: $1,850
Certified check for 1% of the amount of bonds bid for, payable to the
1925 and $1,000 in each of the odd years and 52,000 In each
Village Treasurer, required.
of the even years from 1927 to 1935, inci.
4,550 5% Midland Ave. improvement, city's portion, bonds. Denom.
GENEVA, Franklin County, Pa.
-At an
-BOND ELECTION.
$500 and one for $550. Date Aug. 1 1924. Interest M.& S. election to be held on Sept. 5 the
question of issuing $19,000 water bonds
Due yearly on March 1 as follows: $550 1926 and $500 will be voted upon.
1927 to 1934. incl.
GILLIAM COUNTY (P. 0. Condon), Ore.
4,500 5% Connel St., Dayton Ave. and Stanley Ave. improvement
-BOND OFFERING.special assessment bonds. Denom. $500. Date Aug. 1 Sealed bids will be received until 10 a. m. Aug. 30 by J. C. Sutngill, Clerk
1924. Int. M.& S. Due $500 yearly on March 1 1926 to County Court, for $75,000 road bonds. Interest rate not to exceed 53-%.
Denom. $1,000. Date Aug. 11924. Interest F. & A. Due Aug. 11949.
1934, inci.
5,275 531% Blanchard Ave. improvement special assessment bonds. Approving opinion of Teal, Winfree, Johnson & McCulloch, of Portland,
Denom. $500 and one for $1,275. Date Aug. 1 1924. Int. will be furnished to the successful bidder. A certified check for $5,000
M.& S. Due yearly on March 1 as follows: $1,275 1926 required.
and $500 1927 to 1934, incl.
GONZALES COUNTY ROAD DISTRICT NO. 5 (P. 0. Gonzales)
2,600 5% Connell St., Stanley Ave., Dayton Ave. and Blanchard Texas.
-BONDS AWARDED IN PART -Of the $125.000 534% road
Ave., city's portion improvement bonds. Denom. $500 bonds
on Aug. 15-V. 119. D. 840-$16,000 were awarded to
and one for $600. Date Aug. 1 1924. Int. M.& S. Due Crosbyofferedof San
& Co.
Antonio at par. Due serially in from 1 to 30 years.
yearly on March 1 as follows: $600 1926 and $500 1927 to
GORHAM, Cumberland County, Me.
1930, incl.
-Byer & Small
-BOND SALE.
Howard St. and West Main Cross St. improvement, city's of Portland have purchased .the $76,000 44% coupon school building
9,82553-1%
portion, bonds. Denom. $1,000 and one for $825. Date bonds offered on Aug. 18-V. 117. p. 840
-at 101.189, a basis of about
Aug. 1 1924. Int. M. & S. Due yearly on March 1 as 4.28%. Date July 1 1924. Due yearly on Jan. 1 as follows: $6,000
1925 to 1932, incl., and $7,000 1933 to 1936, incl.
follows: $825 1926 and $1,000 1927 to 1935, incl.
24,125 53-1% Howard St.improvement special assessment bonds. Denom.
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids),
$1,000 and one for $1,125. Date Aug. 1 1924. Int. M.& S. Kent County,
Mich.
-BOND SALE.
-An issue
5450.000 43-1% school
Due yearly on March 1 as follows: $3,125 1925, $3,000 1927 bonds
has been sold. These bonds are part of a of
to 1929, incl., and $2,000 1930 to 1935, incl.
total authorized issue of
18.850 53-1% West Main Cross St. improvement,special assessment bonds. 51,575,000.
Denom. $1,000 and one for $1.850. Date Aug. 1 1924.
GRAND SALINE, Van Zandt County, Texas.
-BONDS REGISInterest M.& S. Due yearly on March 1 as follows: $2,850 TERED.
-On Aug. 12 the State Comptroller of Texas registered $50,000
1926.$2,000 1927 to 1933,incl., and $1,000 1934 and 1935.
6% water works bonds. Due serially.
Certified check for 2% of the amount of bonds bid for, payable to the
GRANGER INDEPENDENT SCHOOL DISTRICT (P. 0. Granger),
City Treasurer required.
Williamson County, Texas.
-BONDS REGISTERED.
-The State CompFLINT UNION SCHOOL DISTRICT(P.O. Flint),
see County, troller of Texas registered $125,000 5% serial school bonds on Aug. 15.
Mich.
-BOND SALE.-Stranahan, Harris &
Gene
GRANVILLE VILLAGE SCHOOL DISTRICT (P. 0. Granville),
been awarded the $85.000 school bonds offeredCoatis, Inc.. of Toledo, have
on Aug. 19(Y• 119 p• 830) Licking County, Ohio.
.
as 43is for $85,153, equal to 100.18-a basis of about
-BOND OFFERING.
-Sealed bids will be reon March 1 as follows: $60,000, 1930, and $25,000 4.465%. Due yearly ceived until 12 m. Sept. 6 by Clara F. Owens, Clerk Board of Education,
1931. The following for $10,000
bids were received:
% school bonds. Denom. $500. Date July 1 1924. Int.
A. & 0. Due $500 yearly on Oct. 1 1925 to 1944, incl. Certified check
-Premium- for 5% of the
amount of bonds bid for required.
435%. 431%.
Industrial Bank
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 28 (P. 0.
$1100
Genesee County Savings Bank
Montesano), Wash.
-BOND OFFERING.-SeAled bids will be received
39 95
H. D. Fellows Company
until 1 p. m. Aug. 30 by the County Treasurer
68 00
$75,000 school bonds.
Detroit Trust Company
Interest rate not to exceed 6%. Date Sept. for
126 00
1924. Duo serially for
Stranahan, Harris & Ostia, Inc
21 years. Certified check for 5% required. 15
153 00
Halsey, Stuart & Co., Inc
$70400
GREENFIELD, Adair
R. M. Grant & Co., Inc
-George M •
805 00 Bechtel & Co.of Davenport County, lowa.-BOND SALE.
have purchased 545.000 electric light and power
FORD CITY, Armstrong County, Pa.
-A. B. plant bonds as 43 's for $45,671, equal to 101.48. Duo in 20 years.
-BOND OFFERING.
4
Mohney, Borough Secretary, will receive sealed bids until
7:30 P. in.
GRIFFITH, Lake County, Ind.
Sept. 10 at the Council Chambers in the City
-BOND OFFERING.
-Adolph C.
% Penning, Town Treasurer, will
coupon borough bonds. Denom. $10,00. Date Hall for $50,000
receive sealed bids until 7.30 P. m. (central
Aug.
F. & A. Due $10,000 on Aug. 1 in each of the years 1 1924. Interest standard time) Sept. 5 for $12,500 5% drain construction bonds. Denom.
1930, 1935, 1940, $500. Date July 15 1924. Interest semi-annually. Due each six months
1945 and 1950. Certified check for $500, payable to the city, required.
as follows: 51.000 July 15 1925 to Jan. 15 1928, incl.; 81.500 July 15 1928
FORT PIERCE, St. Lucie County, Fla.
-The to July 15 1929, incl., and 52.000 Jan. 15 1930. Certified check for 2%
-BOND SALE.
5500.000 6% coupon municipal impt. bonds offered on Aug. 13-Y
• 119. of the amount of bonds bid for required.
487
-were purchased by the Atlantic National Bank of Jacksonville
HAGUE SCHOOL DISTRICT NO. SO, Emmons County, No. Dak.at a premium of $23,505. equal to 104.70, a basis of about
Date CERTIFICATE OFFERING.
July 1 1924. Due July 1 as follows: 56,000, 1925 to 1929 5.60%•
-Sealed or verbal bids will be received until
incl.: $10,000,
1930 to 1934 incl.: 514.000, 1935 to 1939 incl.: $18,000, 1940 to 1944 incl.; Aug. 28 by Carl Fischer, District Clerk, at the County Auditor's office in
522,000, 1945 to 1949 id.,and 530,000, 1950 to 1954 incl. Other bidders Linton for $1,500 certificates of indebtedness. Int, rate not to exceed 7%.
Denom. $500. Of the $1,500 offered $1,000 are dated Sept. 1 1924 and
were:
mature Sept. 11925; the other $500 are also dated Sept. 1 1924 but mature
• Bid.
Bid.
Feb. 1 1926. A certified check for 5% of bid required.
Well, Roth & Irving Co.,
Walter. Woody & Hemmeret al
$516,100
dinger
HAMILTON, Ohio.
$508,750
-Breed Elliott & Harrison of
-BOND
Seasongood & Mayer et al__ 520.655 J. C. Mayer & Co.et al_ _ _ _ 518,100 Cincinnati have been awarded SALE.
Whiteway lighting and
the $10,360 6
Marx & Co
*105.28 Prudden & Co
510.915 bolievard bonds offered on Aug. 12-V. 119, p. 57
-for 510.850. equal to
*Rate bid
101.72-a basis of about 5.01%. Date June 1 1924. Due $1,036 yearly
FORT WORTH,Tarrant County,Tex.
-NOTE SALE.
-H.D.Crosby on Sept. 1 1925 to 1934. incl. The bids were as follows:
& Co. of San Antonio have purchased $100,000 6% water revenue notes,
Premium.
Premium.
it is stated.
Breed,Elliott&Harrison,Cin..$490 00 Otis &Co..Cleveland
$391 00
FRAMINGHAM, Middlesex County, Mass.
-The W.L.Slayton & Co., Toledo_ 475 00 Assel, Goetz & Moerlein,Inc.,
-BOND SALE.
Cincinnati
522.000 4% Water Loan Act of 1906 bonds offered on Aug. 18-V. 119, Ryan, Bowman & Co., Tol__ 425 28
371 00
to Merrill, Oldham & Co. of Boston at 100.69. Prov.Sav.Bk.& Tr Co Cin 425 80 Seasongood & Mayer. Cin_ _ _ 363 00
-have been sold
P• 839
a basis of about 3.92%. Date July 2 1917. Due 51,000 yearly on July 2
BOND SALE.
-The 85,0006% gas works impt. bonds offered on Aug. 12
1925 to 1946 inclusive.
-V. 119, p. 724
-have been sold to Breed, Elliott & Harrison of Cincinnati for $5.236, equal to 104.72-a basis of about 5.03%. Date July 11924.
FRANKLIN COUNTY (P.O. Columbus), Ohio.
-BOND SALE -The Due $500 yearly on Oct. 1 from 1925 to 1934. incl. Other bidders were:
following issues of 5% road bonds offered on Aug. 16 (V. 119, p. 724) have
Premium.
Premium. I
been sold to Continental & Commercial Trust & Savings
Chicago W.
L. Slayton & Co., Toledo_$230 00 Otis & Co.,Cleveland
for $316,621, equal to 102.47-a basis of about 4.445%: Bank of
$189 00
$887,500 'Waggoner Road bonds. Denom. $1,000 and one for 5500. Due Ryan, Bowman & Co., Tol__ 209 00 Aasel, Goetz & Moerlein,Inc.,
Cincinnati
177 00
yearly on Oct. 1 as follows: 510,000, 1925 to 1930 incl.; $9,500, Provident Savings Bank &
Trust Co.,Cincinnati
206 50 Seasongood & Mayer, Cin_ 166 00
1931, and 59.000. 1932 and 1933.
17,000 Miller Road bonds. Denom. 51.000. Due yearly on Oct. 1 as
HANOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Tabor), Morris
follows: 52.000, 1925 to 1932 incl., and 51.000, 1933.
County, N. J.
SALE.
-The
137,500 Eastman Boulevard bonds. Denom. $1,000 and one for $500. unsuccessfully -BOND 23-V. 118. $29,500 414% school bonds offered
-were awarded to
p.
on May
Due yearly on Oct. 1 as follows: $16,000, 1925 and 1926; 515,500, Williams & Co. of New York at a private 2860 Date July 1 1924. Clark
sale.
Due
1927, and 515.000. 1928 to 1933 incl.
$1.000 1925 and $1,500 1926 to 1944. 1nclusive.
66,000 Harding Road bonds. Denom. $1,000. Due yearly on Oct. 1
HARRIETTSTOWN UNION FREE SCHOOL DISTRICT NO. 1
as follows: 58,000.1925 to 1927 incl., and $7,000, 1928 to 1933 incl.
(P. 0. Saranac Lake), Franklin County, N. Y.
Denom.$1,000 and $500. Date Aug. 1 1924.
-BOND OFFERING.N. S. Davenport, Clerk Board of Education, will sell
FRANKLIN COUNTY SCHOOL DISTRICT NO.SS(P.O.Franklin), school bonds at public auction at 11 a. m.(standard time) 5200.000 coupon
Aug. 23. Denom.
Neb.-BOND OFFERING.
-Sealed bids will be received until 2 13. in. 51,000. Date
0. Due $5,000 yearly on
Aug. 29 by Jeannie Bette!. District Secretary. for 525,000 5% coupon April 1 1925 to April 1 1924. Interest A. &to
Interest not
school building.bonds. Denom. $1,000. Date Aug. 1 1924. Prin. and proved by Clay 1964, inclusive. York. Certified exceed 5%. Legality ap& Dillon, New
check for $4,000, payable
semi-ann. Int. payable at the County Treasurer's office. Due on Aug. 1 to William B. Davidson, required.
as follows: $1,000, 1929 to 1943 incl., and 510,000, 1944. Notice of
this offering was already given in V. 119, p. 724, but under the caption of
HARRISBURG, Linn County, Ore.
-Sealed
-BOND OFFERING.
bids will be received until 8 p. m. Ault. 25 by R. W. Kessel, Mayor, for
"Franklin School District."
55,000 6% permanent road bonds. Denom. $500. Date Aug.
1924.
GADSDEN, Etowah County, Ala.
-BOND SALE.
-The $19,000 6% Interest semi-annual. Due Aug. 15 1944. A certified check 15 5%
for
public impt. bonds offered on Aug. 18-V. 119. p. 839
-were awarded to required.
AUG. 23 1924.1
THE CHRONICLE
973
KARNES CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
-The
-The $40,000
HENRICO COUNTY (P. 0. Richmond), Va.-BOND SALE. 119. Karnes City), Karnes County, Texas.
-BOND SALE.
$175.000 5% Fairfield School District ponds offered on Aug. 12-V.at a 6% serial school bonds registered by the State Comptroller of Texas on
Richmond Trust Co. of Richmond
-were awarded to the
p. 606
-were purchased by T. H.Bowman of Austin.
July 23-V. 119, p. 607
1
premium of $6,667, equal to 103.80. a basis of about 4.66%.toDate July
1940,incl.,
-On Aug. 15 an
-BOND SALE.
1924. Due on Jan. 1 as follows: $25,000 1930, $5,000 1931
KEENE, Cheshire County, N. H.
Boston
and $10,000 1941 to 1950, incl.
Issue of $140,000 43(% water bonds was sold to Estabrook & Co.of1 1924.
Denom. $1,000. Date Sept.
-BOND OFFERING.- at 100.468, a basis of about 4.17%.
HENRY COUNTY (P. 0. Napoleon), Ohio.
inclusive.
County Auditor, will receive sealed bids until 1 p. m. Int. M. & S. Due $14,000 yearly on Sept. 1 1926 to 1935
Earl T. Crawford,
bonds:
-Sealed
Sept. 5 for the purchase of the following Issues of 5% road A, B and Hol-BOND OFFERING.
KIESTER, Faribault County, Minn.
$96,000 HoIgate-Miller City Road I. C. H. No. 491, Secs. on Sept. 1 as bids will be received until 8 p. m. Aug.25 by 0.E. Hermundstad, Village
owners' share bonds. Due yearly
gate, property
$6,000 refunding bonds. Interest rate not to exceed 6% to be
1934, incl.
follows: $10.000, 1926 to 1928, incl.: $11,000. 1929 to F. county's Clerk, for
semi-annually. A certified check for 5% of issue required.
No. 285, Sec.
1.
73,000 Ottawa-Grand Rapids Road on C. H.1 as follows: $8.000, 1926 payable
Sept.
-BOND OFFERING.
portion bonds. Due yearly
KNOX COUNTY (P. 0. Mt. Vernon), Ohio.
to 1933, incl., and 89,000. 1934.
Commissioners, until 1 p. m.
Sec. D,county's portion Howard McFarland, Clerk Board of County
20,500 Deshler-Findlay Road I. C. H. No. 225, $2,500. 1926, and $3,000, Sept. 11 will receive sealed bids at the office of the County Auditor for
$100. except
bonds. Due yearly on Sept.1 as follows:
$43,980 26 5% I. C. H. No. 339 Sec. "L" bonds. Denom.
A. & O.)
1927 to 1932, incl.
semi- one for $980 26. Date Oct. 1 1924. Prin. and semi-ann. int. begInning
Prin.
1
Denom. $1,000 and one for $500. Date Sept. 15 1924.office. and
Certified payable at the County Treasurer's office. Due yearly on Oct. required.
Treasurer's
ann. int. (M. & S.) payable at the County banks doing a regular business 1925. Certified check for 1% of the amount of bonds bid for
check for 5% of the total issue, on one of the
-An issue of
-BOND SALE.
In Henry County, or a New York draft payable to the County Treasurer,
LACKAWANNA, Erie County, N. Y.
required.
sewer and paving bonds has been sold to Sherwood & Merri- S53.257 90 of New York. at 100.25.
SALE.
-BOND
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio.
field, Inc.,
,
The $28,000 554% Road Improvement No. 76 bonds offered on Aug. 18-The Second
LADYSMITH, Rusk County, Wis.-BOND SALE.
-have been sold to N.S. Hill & Co.of Cincinnati for $28.865.
V.119. p.606
every Ward Securit'es Co. of Milwaukee has purchased $32,000 sewer bonds at a
equal to 103.08. a basis of about 4.65%. Date Sept. 1 1924. Due81.000
premium of $700, equal to 102.18. it is stated.
six months as follows: $2,000 March 1 1925 to March 1 1929. incl.:
-The
-BOND SALE.
Sept. 1 1929. 52.000 March 1 1930, $1,000 Sept. 1 1930. $2.000 March 1
LAKE COUNTY (P. 0. Tiptonville), Tenn.
were purchased
1931, $1,000 Sept. 1 1931. $2.000 March 1 1932 and $1,000 Sept. 11932.
$25,000 5% school bonds offered on Aug. 18(V. 119, p. 358)
a premium of 8630 50. equal to 102.52at
HILL COUNTY ROAD DISTRICT NO. 4 (P. 0. Hillsboro), Texas. by J. W.fakes, of Nashville,
Date July 1 1924. Interest
-The State Comptroller of Texas registered a basis of about 4.82%. Denom. $1,000.July 1 1944 and 815.000, 1949.
-BONDS REGISTERED.
J. & D. Date July 1 1924. Due $10,000
$50,000 5%% serial road bonds on Aug. 11.
-BOND OFFERING.
(P. 0. La Porte), Ind.
-BOND OFFERING.
LA PORTE COUNTY
HUDSON COUNTY (P.O. Jersey City), N. J.
will receive sealed bids until 11 a. m. Aug.28
Sealed bids will be received until 3 p. m. Sept. 11 by Walter O'Mara, Neva Line, County Treasurer, et al. road bonds. Denom. $625. Date
L. J. Gross
Clerk Board of Chosen Freeholders, for the following two issues of 454% for $125,000 6% M.& N. 15. Due $625 every six months from May 15
ed
Aug. 15 1924. Int.
1934 inclusive.
as
Due
sig
,(r08,00Orroist al for theinsane bonds. incl., yearly on Sept. 15 to 1925 to Nov. 15
ni c 1
-The
and 835,000, 1941
-BOND SALE.
Ind.
follows: $34,000, 1925 to 1940
LA PORTE COUNTY (P. 0. La Porte), bonds offered on Aug. 15
1954 incl.
$101,934 50 6% Edward W. Kabelin ditch
1,000,000 boulevard °ridge reconstruction bonds. Due yearly on Sept. 15 (V. 119, p. 489) have been sold to the City Trust Co. and the Fletcheras follows: $34,000, 1926 to 1940 incl., and $35,000. 1941 American Co.of Indianapolis at par. Date Aug. 15 1924. Due $10.193 45
to 1954 incl.
on Dec. 1 1925 to 1934, inclusive
&
Denom.$1,000. Date Sept. 15 1924. Prin.and semi-ann.int.(M.to S.) Yearly
-The
-BOND SALE.
be
LATAH COUNTY (P. 0. Moscow), Idaho.
payable in gold at the County Treasurer's office. No more bonds
over each of the above Union Trust Co. of Spokane has been awarded $25.000 5%% Highway
awarded than will produce a premium of $1,000
1924. Due $2.500 May 1 1935
May 1
issues. Legality approved by Hawkins, Delafield & Longfellow of New District No. 2 bonds at par. Dateon July 1 1934 or thereafter.
York. The bonds will be prepared under the supervision of the U. S. to 1944 incl., but may be redeemed
-BOND SALE.Mtge. & Trust Co. of New York, which will certify as to the genuineness
HOT SPRINGS, Bannock County, Ida. 6% bonds offered
LAVA
of the signatures of the officials and the seal impressed thereon. Certified The $40,000 hospital and 813,000 hot water acquirement
check for 2% of the amount of bonds bid for, payable to the County, on Aug. 11 (V. 119. p. 607) were purchased by George W. Valery & Co.
and $500.
required.
Denver at par less a 651% commission. Denoms. $1,000
July 1 1934.
-BOND OFFERING. of
HUGHES COUNTY (P. 0. Holdenville), Okla.
Date July 1 1924. Due July 1 1944, optional
OFFERING._
-W. L. Bartiess. County Clerk, will sell at public auction on Sept. 1.
-BOND
LAVALLETTEE, Ocean County, N. J.
$400,000 5% county road bonds. Due in equal amounts in 5. 10, 15, 20
will be received by H. A. Whitelock,
Unti 1730p. m. Sept. 3 sealed bids an issue of 6% coupon water supply
and 25 years.
Borough Clerk, for the purchase of bonds to be awarded than will produce
-Frick.
-BOA D SALE.
INGLEWOOD, Los Angeles County, Calif.
bonds not to exceed $80,000, no more
1924.
avlartin & Co. of Los Angeles have been awarded 835.000 5% .mpt. bonds a premium of $1,000 over $80.000. Denom. $1,000. Date Sept. 1 Bank
S.) payable at the First National
at a premium of $711, equal to 102.03.
Prin. and semi-ann. int. (M. & Sept. 1 as follows: $2.000. 1925 to 1944
.
River. Due yearly on
IRON MOUNTAIN SCHOOL DISTRICT (P. 0. Iron Mountain), of Toms
Certified check for
-R. C. Browning, incl.; $3,000. 1945 to 1957 incl., and $1,000, 1958.
-BOND OFFERING.
Dickinson County, Mich.
required.
Secretary Board of Education, will receive sealed bids until 8 p. m. Aug. 27 2% of the bonds bid for,
Smith
at the First National Bank Building, Iron Mountain, for $250,000 5%
LEBANON SCHOOL DISTRICT NO. 71 (P. 0. Lebanon),
-The State School Fund has purchased
-BOND SALE.
school bonds. Interest semi-annually. Due 812,500 yearly from 1927 County, Kan.
to 1946, incl. Certified check for $500 required.
school bonds at par.
$60.000
-BOND OFFERING.
-BOND OFFERING.
-Will H.
IRONTON. Lawrence County, Ohio.
LEE COUNTY (P. 0. Marianna), Ark.
Hayes, City Auditor, will receive sealed bids until 12 m. Sept. 9 for the Sealed bids will be received until Sept. 2 by the Clerk Board of County
following three series of 5%% refunding bonds:
Commissioners for $448,000 road bonds, it is stated.
I $5.000 Fire Department bonds.
$5,000 water works bonds.
LEONARD SCHOOL DISTRICT NO. 9, Rolette County, No. Dak.
5,000 sewer bonds.
-Sealed or verbal bids will be received until
Denom. $500. Date Sept. 1 1924. Prin. and semi-ann. int.(M. & S.) -CERTIFICATE OFFERING.
at the First Nat. Bank of Ironton. Due one bond of each issue 2 p. m. Aug. 28 by Wm. Beaver, District Clerk, at the County Auditor's
payable
certificates of indebtedness. Interest not to
every Sept. 1 from 1925 to 1934, incl. Certified check for $500, payable office in Rolette, for $10,000
Due March 15 1926
? 7 Ironton, required.
to the 7
exceed 7%. Denom. $1,000. Date Sept. 15 1924.
check for not less than 5% of bid required.
JAMESTOWN INDEPENDENT SCHOOL DISTRICT, Stutsman A certified
-The
-BOND SALE.
Los Angeles County, Calif.
-Sealed or verbal bids
County, No. Dak.-CERTIFICATE OFFERING.
LOS ANGELES,
119, p. 725
Aug.
Will be received until 8 p. m. Sept. 2 by John G. Bensch, Secretary Board $2.000,000 Class B water works bonds offered on York 12-V.at a premium
as 44s
all or any part of $40,000 certificates of indebtedness, were purchased by the National City Co. of New
of Education, for
July 1 1924.
$20,000 to be issued Oct. 1 1924 and $20.000 Nov. 11924. Due one year of 8161.980. equal to 100.549, a basis of about 4.455%. Date
from date of issue. Bidders to name rate of interest. A certified check Due 850,000 1925 to 1964 Inclusive.
for 5% of bid required.
LOWVILLE SCHOOL DISTRICT NO. 2 (P. 0. Lowville), Lewis
-The Meyer-Kiser
-BOND SALE.
-All bids received for the $470.000
JASPER, Jasper County, Ind.
-BIDS REJECTED.
County, N. Y.
-were
Bank of Indianapolis has been awarded the $11,000 43% refunding bonds 45.4% or 454% school bonds offered on Aug. 18-V. 119, p. 725
-for 811.082 50. equal to 100.75-a
offered on Aug. 15-V. 119, la. 606
bonds will be re-advertised at once.
rejected. The
basis of about 4.34%. Date Aug. 15 1924. Due $1,100 yearly on Aug. 15
-The $13.000
-BOND SALE.
Fla.
LYNN HAVEN, Bay County, on Aug. 13 (V. 119. p. 607) were
1925 to 1934, incl.
-improvement bonds offered
- 6% street
JASPER SCHOOL CITY (P. 0. Jasper), Dubois County, Ind.
the Hanchett Bond Co., Inc. of Chicago, at a premium of
Board of School Trustees will receive sealed purchased byto 100.75-a basis of about 5.96%. Date Aug. 151924. Due
-The
BOND OFFERING.
9820,equal
bids until 10 a. m. Sept. 6 at the office of genry Pfau, President of the
1934.
School Board, for $45,'700 454% school bonds. Denom. $500 and one for Aug. 15
-BOND OFFERING.
McLEOD COUNTY (P. 0. Glencoe), Minn. J. J. Leasman. County
$700. Date Oct. 1 1924. Int. J. & J. Due every six months as follows:
Aug. 29 by
$2.500. July 1 1925 to July 1 1933 incl., and $3,200, Jan. 1 1934.
Bids will be received until 1:30_p. In.
8175.000 County toad bonds at not to exceed 5% interest.
for
- Auditor,81.000. A certified check for 5% of amount of issue required.
-BOND SALE.
JEFFERSON COUNTY (P. 0. Oscaloosa), Kan.
The 5150.000 5% road impt. bonds registered by the qtate Comptroller Denom.
0.
-were purchased on June 18 by
McFARLAND UNION GRAMMAR SCHOOL DISTRICT (P.bids
of Kansas on Jui 25-V. 119, p. 725
-Sealed
-BOND OFFERING.
tho Columbian Title & Trust Co. of Topeka at par. Denom. $1,000. Bakersfield), Kern County, Calif.
10 a. m. Aug. 25 by F. E. Smith, Clerk Board of
Date July 11924. Int. J. & J. Due serially for ten years.
will be received until
for $15,000 6% school bonds. Denom. $1,000. Principal
JEFFERSON PARISH SUB DRAINAGE DISTRICT NO. 3 (P. 0. Supervisors,
interest(F. & A.) payable at the County Treasurer's office.
-The 81,500,000 6% coupon drainage and semi-annual 4 1930 to 1944. A certified check for 10% of bid required.
-BOND SALE.
Shrewsbury), La.
Aug.
bonds offered on Aug. 5(V. 119. p. 489) were purchased by L. E. French & Duo 81,000
-BOND OFFERING.
MADISON, Rockingham County, No. Caro.
Co. of Alexandria at 92.125. Date May 1 1924. Duo May 1 1929 to 1954.
p. rn. Sept. 9 by C. J. Thompson,
There were no other bidders.
Sealed bids will be received until 2 bonds. Legal proceedings under the
6% street
-Sealed bids will be received Town Clerk, for $40,000
-BOND OFFERING.
KANSAS (State of).
of Bruce Craven, Trinity,
until 10 a. m. (Central standard time) Sept. 20 by Jonathan M. Davis, supervision
MANNINGTON SCHOOL DISTRICT (P. 0. Mannington), Marion
(P.0.Topeka), for $1,000,000 4%% additional soldiers'compenGovernor
-The proposition to issue
sation bonds. Denom. $1,000. Date Oct. 1 1924. Prin, and semi-ann. County,'W. Va.-BONDS DEFEATED.
of the people at the elecint. (J. & J.) payable at the State Treasurer's office or at the sub-fiscal $200 000 554% school bonds, submitted to a votecarry.
at option of holder. Due tion held on May 15-V. 118, p. 2220-failed to
agency of the State of Kansas in New York City,
$500,800 J_Iy 1 1952 and $500,000 July 11953. A certified check on some
-BOND OFFERING.
Ohio.
MAPLE HEIGHTS, Cuyahoga County,
solvent bank or trust company incorporated under the laws of the State of
Sept. 3, sealed bids will be received at the office of Locher,
Kansas or having its principal place of business within the State of Kansas. -Until 12 m. 1040 Guardian Bldg., Cleveland, by F. J. Vaseck. Village
and having a capital and surplus of not less than $100,000, for % of 1% Green & Woods. F. D. Bedford), for the purchase of the following issues
R.
of the par value of the bonds bid for, payable to E. T. Thompson, State Clerk (P. 0.
bonds:
Treasurer. All proceedings having to do with the issuance of these bonds of sti% cotinon special assessment Denom. $500 and one for $200. Due
bonds.
made to conform to law in every respect and purchasers will be 810.200 00 Miller St. sewer 1 as follows: $1,000. 1925 to 1933 inclusive,
will be
yearly on Oct.
furnished with the legal opinion of Charles B. Griffith. State Attorneyand $1,200, 1934.
General, approving these bonds as valid and binding obligations of the
$500 and one for $400.
11.400 00 Stanley Ave. sewer bonds. Denom.
State of Kansas. Delivery of these bonds will be made on Oct. 1 1924.
Due yearly on Oct. 1 as follows: $1,000. 1925 to 1927 incl.;
unless it snould be mutually agreed between the Governor, Secretary of
incl.: 51,500, 1932; $1,000.
$1,500, 1928; $1,000. 1929 to 1931
State and the Auditor of State, and the successful bidder, that delivery
1933. and 81,400. 1934.
should be made at some earlier or later date, at Chicago, or at the office
Denom. $400 and one for
4,282 85 Gardenview Drive water bonds. as follows: $400. 1925 to
of the State Treasurer, at the option of the purchaser or purchasers, pro$282 85. Due yearly on Oct. 1
option must be exercised by the successful bidder, or bidvided that sucn
1933 inclusive, and $682 85, 1934.
ders, by notice to the Secretary of State, on or before noon Sept. 25 1924:
Denom. $500 and one for
6,242 12 Gardenview Drive sewer bonds. as follows: $500. 1925 to
and provided also that the successful bidder or bidders must advise the
$242 12. Due yearly on Oct. 1
Secretary of State on or before that time of the exercise of such option,
$500, 1930 to 1932 incl.; S1,000, 1933,
1928 incl.: $1,000. 1929:
and if no such notice be given to the Secretary of State on or before noon.
and $742 12, 1934.
Sept. 25 1924. delivery will be made at the office of the State Treasurer
Denom. $400 and one for
4,28285 Mountville Drive water bonds.1 as follows: 8400, 1925 to
in the Capitol Building in Topeka. Kan. A complete transcript of pro$282 85. Due yearly on Oct.
ceedings Preliminary to the issuance of these bonds has been placed on file
1933 inclusive. and $682 85, 1934.
in the office of the Auditor of State of the State of Kansas, and printed
Denom. $500 and one for
6.242 12 Mountville Drive sewer bonds.1 as follows: 8500, 1925 to
copies thereof attested as true by the Auditor of State will be furnished on
$242 12. Due yearly on Oct.
request.
inclusive: $1,000, 1933, and $1.742 12. 1934.
1932
$25,000,000 bonds were originally authorized by the State Legislature
& 0.) payable at the
Date Sept. 1 1924. Prin. and semi-ann. int. (A. Cleveland. Certified
for this purpose, but that amount was later found to be insuffidient. In
National Bank, Savings & Trust Co. of
a special sersion (August 1923) the Legislature passed an Act authorizing Central
located in Ohio for 5% of the amount of
bank
additional $7,000,000, and the $1,000,000 presently offered is part of that check upon some solvent All bids must be made upon blank forms to be
for required.
amount. The $25,000,000 bonds have already been sold, having been bonds bidupon application, and separate bids must be made for each issue.
furnished
successfully marketed in June 1923.-V. 116, p. 2801.
Z
974
THE CHRONICLE
[VOL. 119.
MARTINEE GRAMMAR SCHOOL DISTRICT, Contra Costa
Interest to date of transfer, at not less than their
County, Calif.
-BOND ELECTION.
face value, and with each
-An election will
to vote on the question of issuing $25,000 school bonds. belheld on Sept. 2 separate proposal must be filed a certified check, payable to the Treasurer,
of at least 23i% of the face value of the bonds
bid for. The official notice
of offering says of the financial condition
MASON, Ingham County, Mich.
-BOND SALE.
-The Harris Trust of all
"The net valuation
& Savings Bank of Chicago on Aug. 4 was awarded
property, both real and personal, in of the city:unit, after all exempthis taxing
the $40,000 4I% tions and
sewerage bonds offered on that day
deductions have been made. Is $14.440,310. and
-V. 119, p. 607
to 101.20, a basis of about 4.59%. Denom. $1,000. -for $40,481, equal of this taxing unit is $157.818 32. exclusive of the proposedthe present debt
Int. F. & A. Due as the first
new issues, and
$3,000 1927 to 1938, incl.. and $4,000 1939.
series is a refunding issue, the
amount of the second series. or $18,500." debt will be increased but the
MAXTON, Robeson County, No. Caro.
-BOND OFFERING.
-Sealed
NEW HALL SCHOOL DISTRICT
propoals will be received until 2 p. m. Aug. 28 by
(P. 0. Ls Angeles), Los Angeles
Board of Commissioners, for 840,000 coupon (with A. J. Steed, Clrek of County, Calif.
-BOND OFFERING.
-Sealed
of registration
as to principal only) street impt. bonds. Int. not privilege6%. Denom. 2 p. m. Aug. 25 by L.E. Lampton, Clerk Boardbids will be received until
of Supervisors,
$1,000. Date July 11924. Prin. and semi-ann. to exceed J. payable in • % school bonds. Denom. $1,000. Date Aug. 1 1924. for $40,000
int. (J.
Prin. and
semi-ann. int. payable at the County
New York. Due $2.000 July I 1926 to 1945, incl. The&
Treasury. Due $2,000 Aug.
bonds are to be
prepared under the supervision of the United States Mortgage & Trust Co., to 1944. A certified check for 3% of par value of bonds, payable 1 1925
to the
Chariman Board of Supervisors, required.
New York City, which will certify as to the genuineness
the town officials signing same and the seal impressed of the signatures of
thereon. The apNORTHAMPTON, Hampshire County, Mass.
-BOND SALE.proving opinions of Chester B. Masslich, N. Y. City, and J. L. Morehead
, Geo. A. Fernald & Co. of Boston have been awarded 837.700 4 Si% school
Durham, will be furnished the purchasers. Delivery on or
bonds at
1924 in New York City; delivery elsewhere at purchaser about Sept. 15 bidders 102.267. Date Aug. 1 1924. Due 1925 to 1939. incl. Other
s'
cluding New York exchange. Cash or a certified check uponexpense, in- 101.768:were: Merrill, Oldham & Co., 101.84: Kidder, Peabody & Co.,
R. L. Day & Co., 101.679; Estabrook &
an incorporated bank or trust company for 2% of the
Co., 101.649, and Hamppar value of bonds bid for, shire County Trust Co., 101.60.
payable to the City Treasurer, is required.
NORTH ANDOVER, Essex County,
Financial Statement.
Mass.
-BOND OFFERING.
Assessed valuation, 1923
$1,957,589 00 Gordon Currier, Town Treasurer, will receive sealed bids until 2 P. me
Actual valuation, estimated
3,500,000 00 Aug. 26 for $15.000 4% coupon water loan bonds. Denom. $1.000.
Total debt, including bonds now offered
Date Sept. 1 1924. Prin. and
250,000 00 First
semi-ann. int. M.& S.) payable at the
Less water debt
National Bank of Boston.
$30,000 00
Less sinking funds (except for water
1927 incl. These bonds are, it is Due $5,000 yearly on Sept. 1 1925 to
bonds)
18.813 24
Less special assessments to be immediately
chusetts, and are engraved understated, exempt from taxation in Massalevied_108,000 00
the supervision of and certified as to
156,813 24 genuineness by the First National Bank of Boston: their legality will be
approved by Ropes, Gray. Boyden
Net debt, including bonds now offered
furnished the purchaser. All legal & Perkins, whose opinion will be
$93,186 76 filed
papers incident to this issue will be
Sinking funds for water bonds amount to
8,914 50 will with said bank where they may be inspected at any time. Bonds
Population, Federal Census 1920, 1,397: present populatio (est.).
be delivered to the purchaser on or
2,000. National
n
about Sept. 1 1924 at the First
Present tax rate, 80c.
Bank of Boston.
The bonds now offered, as well
NORTHBRIDGE, Worcester County, Mass.
ing to $140,000, are general and as the outstanding street bonds amount-TEMPORARY LOAN.
.
absolute obligations of the town, and ad -A temporary loan of $25,000
valorem taxes, without limit as to rate,
has been sold to the Old Colony Trust Co.
are authorized by law and provided of Boston on a 2.50% discount
by ordinance for the payment of the
basis, plus a $1 25 premium. Due Oct..
principal and interest. This tax levy 15 1924.
is reduced in each year by the amount
all of which are pledged to the paymentof special assessments collected,
OMAHA, Douglas County, Neb.-BO
of principal and interest.
-Minton. Lampert
ND SALE.
& Co. of Chicago were successful
MAYSVILLE,Jones County, No.
-Sealed street impt. bonds offered on Aug. bidders for the $600,000 43 % coupon
-BOND OFFERING.
bids will be received until Aug. 25 byCaro.
18-V. 119. p. 843
-paying a premium
the Town Clerk for $5,000 electric of $5.454, equal to 100.909, a
light bonds. Legal proceedings under the
basis of about 4.39% to optional date and
supervision of Bruce Craven. a basis of about 4.43% if
Trinity.
allowed
1924. Due Sept. 1 1944: optionalto run full term of years. Date Sept. 1
1934.
MERKEL, Taylor County, Tex.
-BOND SALE.
ONEIDA
informed that Prudden & Co. of Toledo purchased -We have just been
-BOND OFFERING.
-Sealed
on May 6 $55,000 51% bids will be, Madison County, N. Y.
sewer bonds at par and interest.
Denom. $1,000. Date June 1 1924. for $15.000 received by M. E. Brophy, City Clerk, until 4 p. m. Sept. 2
Interest J. & D.
434% registered series D-3 paving bonds. Denom. 31.000
and $500. Date Sept. 1 1924. Due
MIDLAND BOROUGH SCHOOL DISTRICT (3. o.
Midland), Certified check for $750, payable to the $1,500 Sept. 1 1925 to 1934 incl.
Beaver County, Pa.
-BOND OFFERING.
City Clerk, required.
-Sealed bids will be received
by Geo. B. Newcomer, Secretary of Board
of Education, until 4 p. m OSBORNE COUNTY RURAL HIGH SCHOOL DISTRICT NO. 2
(Eastern standard time) Sept. 6 for $250,000
(P. 0. Alton), Kan.
-BOND SALE.
4h'% coupon (registerable
-The $20,000 5% school building
as to principal) school bonds.
bonds offered
-were purchased by the Central
F.& A. Due $10,000 yearly on Denom. $1,000. Date Aug. 11924. Int. Trust Co. of on Aug. 14-V. 119 P. 726
Aug. 1 1930 to
for $5,000, payable to the borough, required. 1954,incl. Certified check $500. DateTopeka at 103.31 and interest, a basis of about 4.59%. Denom.
July 1 1924. Due $500 semi-ann.(J. & J.) from 1925 to 1944
MONROE COUNTY (P. 0. Monroe), Mich.
-ADDITIONAL INFOR- inclusive.
MATION.
-Following
description of
OSSINING (P. 0. Ossining). Westchester County,
,
1
No. 32 bonds sold to is a Detroit Trustthe $39,870 43 % Road District
N. Y.
the
Co. of Detroit at 100.002 (see OFFERING.
-Until 8 p. m.(daylight saving time) Aug. 28 sealed -BOND
V. 119. p. 359). Denom. $1,000 and
bids will
Int. M. & N. Due July 1 1925 to one for $870. Date July 1 1924. be received by Cornelius P. Dietr eh. Town Clerk, for $5.000 5 % road
1934, incl. At the above price the Improvement bonds. Denom. $500. Date
money is costing the county about 4.745%.
July 1 1924. Interest J. & J.
Due $500 yearly on July 1 1925 to
1934. Inclusive. Certified check far
MONTGOMERY COUNTY (P.
$250, payable to J. C. Barlow, Town Superviso
-BOND SALE.
r. required.
The $325,000 4%% school bonds 0. Rockville), Ind.
offered on Aug. 19-V. 119. Pe 708
OWATONNA, Steele County, Minn.
have been sold to Hambleton & Co.
-The 3100,000
and the Baltimore Trust Co._, both of 5% public utility bonds offered on Aug. -BOND SALE.
Baltimore, at 101.61. a basis of about 4.245%.
14-V. 119. p.726
-were purchased
Date Sept. 1 1924. Due by William R. Compton Co. of Chicago as 43is
yearly on Sept. 1 as follows: $15.000,
1925; $20,000, 1926: *25.000. equal to 101.173, a basis of about 4.405%. Date at a premium of 81.173,
1927 to 1934 incl., and $30,000.
1935 to 1937 incl. The following bids 000 May 1 1940 to 1944. Other bidders were: May 11924. Due $20,were received:
John F. Baer & Co. and J. S. Wilson
Int. Rate.
Premium
101.362
Hambleton & Co. and the Baltimore Jr. & Co., jointly
Offered.
Wells
-Dickey Co.. Minneapolis; Kalman. Cates, Bid.
101.61
Harris, Forbes & Co. of New York Trust Co.. jointly
City
Whites & Co., St. Paul;Lane, Piper & Jaffrey.
101.6095
The National City Company of New
York City
Inc., Minneapolis
100.939
Strother, Brogden & Co.; Mackubin
61:426505
4Si%
, Goodrich & Co. and ConDrakes
-Jones Co.. Minneapolis
tinental Co., all of Baltimore _
101.2911 Minneapolis Trust Co.. Minneapolis; Minnesota 4Si%
All bids included accrued interest. _
Loan & Trust Co., Minneapolis; Northwestern
MONTROSE, Montrose County,
Trust Co.. St. Paul
43i 7.
133
-BOND SALE.
-The United
States National Co. of Denver has Colo.
1.250
purchased $12.666 72 53i% Paving Magraw. Kerfoot & Co
5%
Districts Nos. 2 and 3 bonds at par.
Due May 1 1299.
PAINESVILLE, Lake County, Ohio.
-BOND OFFERING.
-Albin
Lord, City Auditor, will
MORTON ISLAND BRIDGE DISTRIC
T (P. 0. Vale), Malheur 5% sidewalk assessmen receive sealed bids until 12 m. Aug. 25 for $23.000
County, Ore.
-BOND OFFERING.
t bonds. Denom. $1,000. Date April 1 1924.
-Sealed
11 a. m. Sept. 3 by H. E. Sackett, County bids will be received until Interest A. & 0. Due yearly on Oct. 1 as follows: $5,000 1925, $4,000
bonds. Date July 11924. Interest J. & Clerk, for $10,000 6% bridge 1926, $5,000 1927. $4,000 1928 and $5,000 1929. Certified check for
J. Due July 1 1934• A certi- $1,000 required.
fied check for 5% required.
MOUNT HOLLY,Gaston County, No.
PALMETTO SPECIAL TAX SCHOOL DISTRICT NO. 16 (P. 0.
-Sealed
Caro.
-BOND SALE.
bids will be received until 2
Bradentown), Manatee County, Fla.
-The $14.000 6%
for $80.000 6% gold couponp. m. Sept. 8 by J. W. Holland, Town Clerk, school bonds offered on Aug. 12-V.-BOND SALE.
(with privilege
119. P.
only or as to both principal and interest) of registration as to principal Stranahan, Harris & Oatis, Inc., of Toledo, at 491-were purchased by
a premium of $904,
water bonds. Denom. $1,000. to
Date Oct. 1 1924. Principal and semi-annu
106.45, a basis of about 5.56%. Due Aug. 15 1954. Other bidders equal
al interest (A. & 0.) payable Walter:
were:
at the office of the Town Treasurer or
Woody & Heimerdinger
$14150
:
National Bank. New York. Due Oct. at option of holder at the Hanover
u enCo..Toledo
1 as follows: $2.000, 1927 to 1960. Campbell
Inclusive, and $3,000. 1961 to 1964,
& Co., Toledo
Inclusive. A certified check upon an Ryan,
14,761
incorporated bank or trust company for
Bowman & Co., Toledo
2%
14,585
town, is required. The successful bidders of bonds bid for, payable to the Well, Roth & Irving Co.. Cincinnati
will
14,742
Hawkins, Delafield & Longfellow, attorneys be furnished the opinion of W. L. Slayton & Co., Toledo
at law, New York City, that Wright, Warlow &
the bonds are binding and legal obligation
Co., Orlando
s of the Town of Mount HollYe
14.120
4' 0
5
MUSKEGON COUNTY (P. 0. Muskegon
PARK RIDGE, Bergen County, N. J.
-ADDITIONAL
-BOND OFFERING.
), Mich.
-Sealed
INFORMATION.
-We are now in receipt of the following information in proposals will he received until 8.30 p. m. (daylight saving time) Sept.
8
connection with the $44.150 assessment
by John J. Collins,
Road No. 13 bonds awarded to or registered water Borough Clerk, for the purchase of an issue of coupon
H. D. Fellows & Co. of Chicago at
bonds not to exceed $200,000.
Denom. to suit purchaser. Date 100.86, as WRS stated in V. 119. p. 726. sold than will produce a premium of ELMO over no more bonds to be
Sept. 1 1924. Int. M. & N. Due to
$200.000. Interest not
2 to 10 years.
exceed 5%. Denom. $1,000. Date Sept. 11924.
annual interest (M. & S.) payable at the office of the Principal and semiNATCHITOCHES PARISH (P. 0. Natchito
-SUIT gold. Duo yearly on Sept. 1 as follows: $4.000 1926 Borough Collector in
ches), La.
FILED AGAINST ROAD BOND ISSUE.
to 1938, incl.; $5,000
1939 to 1946. incl., and $6,000 1947 to 1964, incl.
Picayune" in its issue of Aug. 20 said: -The New Orleans "Tim
"Construction of a parish-wide of John C. Thompson of New York will be furnishedThe approving opinion
road system was held up by a suit brought
, without charge to the
on Aug. 19 by the Louisiana successful bidder. Certified check for 2% of the amount
Ry. &. Navigation Co. to enjoin the issuance of
of bonds bid for
$1 ,871,000 in bonds, voted on an incorporated bank or trust company, payable to Robert Hayden,
In a special election June 18. The suit
Borough Collector, required.
attacks the
Sections 16 and 17 of Act 11S of 1921. The company constitutionality of
is assessed for 8408.
PARKERSBURG, Wood County, W.
530 in Natchitochei Parish.'
Va.-BOND SALE.
-The
*100,0005% gold coupon paving bonds offered on
NEWARK CITY SCHOOL DISTRICT (P.
Aug. 19(V. 119, p. 843)
0. Newark), Licking were purchased by Stranahan, Harris & Oatis, Inc., of Toledo, at premium
County, Ohio.
-BOND OFFERING.
a
-Sealed bids will be received by of $3,840. equal to 103.84-a basis of about 4.56%.
F. A. 'Woolson, Clerk-Treasurer of Board of
Date May 1 1923.
Due on May 1 as follows:$25,000, 1934 to
Education, until 7
1936, and S12,500, 1937 and 1938.
(Eastern standard time) Sept. 4 for $68,500 5% school building and n• m•
equipPASS CHRISTI
ment bonds. Denom. $500. Date Sept. 1 1924. Int.
-The
M. & S. Due $80,000 6% street AN, Harrison County, Miss.
-BOND SALE.
yearly on Sept. 1 as follows: $2.500. 1926: 33.000, 1927
paving bonds offered on July 1 (V.
to 1944, incl., and
$4,000. 1945 to 1947, incl. This bond issue has been approved by Squire. purchased by the fliberni4 Securities Co.. Inc., of New 118, p• 310e) were
Orleans. Denom.
Sanders & Dempsey. attorneys at law, Cleveland, and successful bidder will $1,003. Date July 1 1924. Prin. and semi-ann. int. (J. J.) payable at
&
be furnished with the unqualified approving opinion of said firm. Each the Chemical National Bank, New York. Due serially.
1925
bidder must file with his bid a certified check upon a solvent bank or trust Legality of bonds approved by John C. Thomson of New -York. to 1934.
company doing business in the State of Ohio (a bank or trust company
FinancialStatement.
Actual value taxable property (estimated)
bidding must give a check on some other bank or trust
sum of 1% of the amount of the bonds bid for, payable to company) in the Assessed valuation, 1923
the Clerk-Trees.
Total bonded debt, incl. this issue
311161:063000$
1:2"32
NEWBURYPORT, Essex County,
-TEMPORARY LOAN.
- Less sinking fund
The National Shawmut Bank of BostonMass.been awarded
i dpebt
has
a temporary Neto uivion. 2.370.
loan of 3100,000 on a 2.28% discount basis. Date Aug. 12 1924. Duo
Nov. 4 1924.
PICKENS, Pickens County, So. Caro.
-BOND OFFERING.-SL
° 361
4
NEWCASTLE, Henry County, Ind.
-BOND OFFERING.
-L. M. bids will be received until 10 a. m. to-day (Aug. 23) by G. G. Christophled
er,
Johnson, City Clerk, will receive sealed bids until 1:30 p. in. Sept. 5 for the City Clerk. for
$30,000 5% power bonds. Date Sept. 1 1924. Due
following issues of bonds:
Sept. 1 1944.
$23,500 5% Series 1 "refunding bonds of 1924." Due each six months ax
PICO SCHOOL DISTRICT, Los Angeles
-PRICE
County, Calif.
follows: $7.000. Feb. 1 127 to Feb. 1 1928,incl., and $2.500 PAID-BIDS.
-The price at
the William
of Los
Aug. 1 1928.
Angeles purchased the $40,000whichschool bonds R. Staats Co. district
5c,
:
18.500 43i% Series 2 "corporation bonds of 1924." Due $4,500 Aug. 1 on Aug. 4
offered by this
was $40,661, equal to 101.65,a basis of about 4.785%
Notice
1928 and 87.000 Feb. 1 and Aug. 11929.
that the above company had purchased the bonds
Denom. 8500. Date Sept.
was given in V. 119.
1924, Int. F & A. Each
series D• 843. but at that time the price
of bonds will b sold. separatel15 to the highest filthier for cash of the
paid was not available. The other bids
y,
and accrued for the bonds were:
Am 23 1924.1
THE CHRONICLE
Prem.
Prem. the hoods may be prepared. Bids are desired on forms which will be
Dean, Witter Co
$121 00 Bank of Italy
$28800 furnished by the U. S. Mtge. & Trust Co., 55 Cedar St., N. Y. City, or by
Capitol National Bank
563 00J Freeman,Smith & Camp Co_ 106 80 the above official, and must be accompanied by a certified check on an
National City Bank
371 20 Security Co
525 00 Incorporated bank or trust company for 2% of the amount of the par value
First Securities Co
355 001 Citizens National Co
227 00 of the bonds bid for, payable to the order of the Board of School Trustees.
Drake, Riley & Thomas_ ___ 12 50!California Co
222 00 No interes, will be allowed on checks accompanying bids.
Financial Statement.
PINAL HIGH SCHOOL DISTRICT NO. 15(P.O. Florence), Ariz.
$2,616,942 14
BOND SALE.
-R. M. Grant & Co. have juirchased the $75,000 6% school Assessed valuation-Real estate
Personal property
bonds offered on Aug. 11-V. 119, D. 726
-at a premium of $3,135, equal Total Assessed Valuation
2 616,942 14
to 104.18. a basis of about 5.65%. Date Aug. 1 1924.*Due Aug. 1 1944.
Bonded debt, exclusive of the present issue
51.000 00
PIONEER SCHOOL DISTRICT NO.15, Billings County, No. Dais.
None
- Floating debt
BOND OFFERING.
-Bids will be received until 2 p. m. Aug. 30 by Mrs. Total debt
1,00000
B. C. Johnson, District Clerk, at her residence in Gorham, for $2,000 Population
2,300
funding bonds. Interest rate not to exceed 7%. Interest payable semiRICKTON INDEPENDENT SCHOOL DISTRICT. T•xas.-BONDS
annually. Due 10 years from date of issue. A certified check for 5% of
REGISTERED.
-On Aug. 12 the State Comptroller of Texas registered
bid required.
1110114111
$8.500 54% serial school bonds.
PIQUA, Miami County, Ohio.
-BOND SALE.
-On Aug. 18
RIDGEWOOD TOWNSHIP SCHOOL DISTRICT (P. 0. Ridge$450,500 5% water supply bonds offered on that day (V. 119. p. 491) the
were
-BOND SALE.
-The National City Co.of
sold to the Herrick Co. of Cleveland for $471,513, equal to 104.78-a basis wood), Bergen County, N. J.
New 'York has been awarded the issue of 44% coupon or registered school
of about 4.48%. Date Aug. 1 1924. Due $18,000 yearly on Aug. 15,
bonds offered on Aug. 15, taking $124,000 (5125,000 offered) for $125.1925 to 1949, inclusive.
437 16, equal to 101.15, a basis of about 4.37%. Date July 11924. Due
PITTSBURG, Crawford County, Kan.
-BOND SALE.
-The First yearly on July 1 as follows: $5,000. 1925 to 1929 incl.; $6,000, 1930 to
Trust Co. of Wichita on Aug. 13 purchased 538,588 90 44% improvement 1934 incl.; $7,000, 1935 to 1943 incl.. and $6,000, 1944. Th3 bids were
bonds at par and accrued interest tdus a premium of $567, equal to
as follows:
Denom. $1,000. Date April 1 1924. Interest A. & 0. Due one101.46.
And. Bid For.
Bid.
to ten
years.
Batchelder, Wack & Co., New York
$125,333 75
$125,000
National City Co.. New York
124,000
125,437 16
PITTSFIELD, Berkshire County, Mass.
-BOND .SALE.
-P. M. Ridgewood Trust Co., Ridgewood
125,000
125,362 50
Platt, City Treasurer, will receive sealed proposals until 11 a. m.
Sept. 3 A. B. Leach & Co., Inc., New York
124,000
the following issues of 4% bonds:
125,164 00
R. M. Grant & Co., Inc., New York
125,000
125,087 50
$79,000 "Sewer Loan 1924" bonds. payable $4,000 Sept. 1 1925 to
1943 Graham, Parsons & Co.. New York
125,000
125,655 00
inel.,-and $3,000 Sept. 1 1944.
H. L. Allen & Co., New York
124,000
125.10060
144,000 "Paving Loan Year of 1924" bonds. payable $29,000
Sept. 1 1925 J. S. Rippel & Co.. Newark
124,000
125,419 80
to 1928 incl., and $28,000 Sept. 1 1929.
Harris Forbes & Co., New York
124.000
125,016 80
60,000 "Water Bonds 1924" payable $12,000 Sept. 1 1925 to 1929 incl.
Denom.$1,000. Date Sept. 11924. Prin. and seml-ann. int.
ROBESON COUNTY (P.O. Lumberton), No. Caro.
-BOND OFFERpayable at the First National Bank of Boston. These bonds, it(M.& S.) ING.
-Sealed bids will be received until 11 a. m. Sept. 1 by M. W. Floyd.
are exempt from taxation in Massachusetts, and are engraved is stated, Clerk Board of County Commissioners, for $20.000 5% coupon read and
under the
supervision of and certified as to genuineness by the First National Bank bridge bonds. Denom. 51,000. Date Sept. 1 1924. Prin. and semiof Boston; their legality will be approved by Ropes, Gray,
gold at the Hanover National Bank, New York.
Boyden & ann. int. payable inLegality approved
Perkins, whose opinion will be furniihed the purchaser. All legal
by Storey, Thorndike, Palmer &
papers Due Sept. 1 1944.
incident to these issues will be filed with said bank, where
they may be Dodge of Boston. A certified check for 2% is required with each bid.
inspected at any time. Bonds will be delivered to the purchaser on or
ROBINSON, Brown County, Kan.
-BOND OFFERING.-Sealed
about Sept. 5 1924 at the First National Bank of Boston.
bids will be received until 8 to. m. Aug. 26 by Charles Pirkey, City Clerk.
Financial Statentrnt Aug. 8 1924.
for 58,000 5% city hall bonds. Denom. $800. Date Sept. 1 1924. Int.
Net valuation for year 1923
$51,797,820 00 semi-ann. Due $800 yearly from 1925 to 1934.
Debtlimit
1,218,902 58
Total gross debt, including these issues
ROCHESTER, Olmsted County, Minn.
-BONDS VOTED.
-At the
Exempted debt: Water bonds. $1,034,000; sewer bonds, 2,753,400 00 election arid on Aug. 19-V. 119. p.834
-the voters approved the issuance
5229,000; paving bonds. $341,000; school bonds,$285.000;
of $350,000 sewage disposal plant and sanitary sewer trunk line bonds by a
playground bonds. 58,000; total
1.897,00000 vote of 1,021 for to 165 against. A three-fifths majority was necessary to
carry the issue.
Net debt
"The special sewage bond election," says the St. Paul "Free Press" of
S856.400 00
Borrowing capacity
threatened lawsuits by
$362,502 58 Aug. 20, "resulted from into which the city now farmers north of this city.
dumps its sewage. Farmers
along the Zumbro River,
PITTSFORD (P. 0. Rochester), Monroe County, N. Y.
-BOND Protested against the unsanitary condition of the stream."
SALE.
-On July 25 the Union National Corp.
an issue of $175,000 5%_ coupon or registered of New York was awarded
ROCKLAND COUNTY (P. 0. New City), N. Y.
-BOND SALE.
-The
sewer bonds at 106.095, a
basis of about 4.44%. Due yearly on July 1 as follows:
two issues of 44% bonds offered on Aug. 19-V. 119. p. 844
-have been
1938 incl.: $9,000, 1939 to 1943 incl., and $10,000, 1944 $8,000. 1929 to sold to Clark Williams & Co. of New York as follows:
to 1948 incl.
$55,000 tuberculosis hospital bonds at 102.86, a basis of about 4.13%.
PORTLAND,Multnomah County, Ore.
SALE -The $1,000.Due yearly on Aug. 15 as follows: $2,000 1925 to 1934, incl.;
000 4% gold coupon water bonds offered on-BOND (V
Aug 19
119, p 609) were
$8,000 1935 and $9,000 1936 to 1938, incl.
purchased at 95.46, a basis of about 4.34%, by the Detroit
Co., the First
92.000 highway bonds at 102.76. a basis of about 4.145%. Due yearly
Isladonal Bank, Kissel, Kinnicutt & Co. and the
Anglo-London-Paris Co.
on Aug. 15 as follows: $4,000 1925 to 1934, incl., and $13.5000
and Rah% Sclumeloch Co., Portland. Date Sept. 1
1924. Due 550.000
1035 to 1938. incl.
Sept. 1 from 1935 to 1954 incl.
Denom. $1,000. Date Aug. 15 1925.
PORT WASHINGTON SEWER DISTRICT OF THE
TOWN OF
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0.
NORTH HEMPSTEAD (P. 0. Manhasset), Nassau
County, N. - Berkley R. D.), Oakland County, Mich.
-BOND OFFERING.
--Charles
BOND SALE.
-Sherwood & Merrifield. Inc.. of New York, have Y.
been Rock, Secretary Board of Education, will receive sealed bids until 8 p. m.
awarded the 550.000.5% coupon or registered sewer bonds
offered on Aug. Aug. 23 for $55,000 44,41. Sand 54% school bonds. Denom. $1.000.
18-V. 119, p. 609
-at 100.081. a basis of about 4.99%. Date Aug.
1924. Prin. and sem.-ann. int, payable at the First State
1 Date Aug. 15
1924. Due yearly on Aug. 1 as follows: $3,000 1925 to
1940, incl., and Bank of Royal Oak. Due Aug. 15 1954. Certified check for $2,000,
$2,000 1941.
Payable to the District Treasurer, required.
PORTSMOUTH, Norfolk County, Va.-BOND OFFERING
.-Sealed
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND SALE.
bids will be received until 12 m. Aug. 26 by T. C. Brinson.
City Clerk, for Payne & Co. of Indianapolis have purchased the $10,160 5% -Gavin L.
$200,000 5% redemption coupon or registered bonds.
road
Denom. $1,000. offered on Aug, 18-V. 119, p. 844-for $10,491, equal to 103.25. abonds
Date Sept. 11924. Principal and semi-annual interest(M. &
basis
S.) payable of about 4.33%• Date July 15 192.4 Due 5.500 every six months from
in standard gold coin or its equivalent In New York. Due
The favorable opinion of John C. Thomson, of New York,Sept. 1 1954. May 15 1925 to Nov. 15 1934, incl.
certifying as
to the legality of the bonds, will be furnished to the purchaser,
RUSHVILLE, Rush County, Ind.
-BOND SALE.
-The City Trust
and the
and seal on the bonds will be certified to by the United
States Co. of Indianapolis has purchased the $14,500 5% water main extension
Mortgage & Trust Co.. New York. A certified check for 2%,
natures
and fire equipment purchase bonds offered on Aug. 16-V. 119. p. 844
payable to
H. L. Hudgins, City Treasurer, Is required.
equal to 104.53, a basis of about 4.31%. Denom. $500.
for $15,156 85
Interest J. & D. Due $.500 every six months from
Date June 1 1924.
QUINCY, Norfolk County, Mass.
-BOND SALE.
-Kidder. Peabody June 1 1925 to June 1 1939. incl.
& Co. of Boston at 100.803. purchased 5242.0004% bonds. Date
1924. Due 1925 to 1931 incl. Other bidders were: Estabrook Aug. 1
ST. JOHNSVILLE, Montgomery County, N. Y.
-BOND SALE.
100.578; E. IT. Rollins & Sons. 100.547; Old Colony Trust Co.. & Co.. On Aug. 19 the $170,000 St. Johnsville additional water supply bonds of100.40;
R. L. Day & Co., 100.40. and F. S. Moseley & Co., 100.21.
-V. 119. p. 726
-were sold as 4.40s to Sherwood &
fered on that day
Merrifield, Inc., of New York at 100.19, a basis of about 4.385%. Due
RAVENNA, Ravenna County, Ohio.
-BOND OFFERING
.-W. A. $5,000, 1925 to 1958 Md. Other bidders were:
Root, City Auditor, will receive sealed bids until 12 m.
5;4% Main Street improvement special assessment Sept. 6 for $4,400
Rate of Int.
Rate Bid.
bonds.
4.50%
$550_. Date April 15 1924. Principal and semi-annual interest, Denom. First National Bank, St. Johnsville
101.21
payable Union National Corporation
at the Second National Bank of Ravenna. Due $550 yearly
4.50%
100.09
on Oct. 15 Geo. B. Gibbons & Co
1925 to 1932. incl. Certified check for $150 required.
4.50%100.81
Parson, Son & Co
4.40%
100.047
RED SPRINGS GRADED SCHOOL DISTRICT(P.O. Red
4.50%101,136
Springs), Batchelder, Wack & Co
Robeson County, No. Caro.
-BOND SALE.
JOSEPH COUNTY (P. 0. Centerville), Mich.
school-building bonds offered on Aug. 14 (V.-The $75,000 54% coupon
SAINT
-BONDS
119, p.
-The issuance of $40,000 in bonds has been authorized
by Drake-Jones Co. of Minneapolis at a premium 727) were purchased AUTHORIZED.
of
104.33-a basis of about 5.14%. Date July 1 1924. $3,251, equal to by the County Road Commission for the purpose of building a gravel
Due as follows: highway from Klinger Lake to Centerville.
$2,000. 1927 to 1944, inclusive; $3.000. 1945, and $4,000.
1946 to 1954.
inclusive. The following is a list of bids received:
ST.TAMMANY PARISH SCHOOL DISTRICT NO.9(P.O. Farmer.
• Name
-BOND SALE
ville), La.
-CORRECTION IN NAME OF PURCHASER.
Bid.
The Hanchett Bond Co., Inc., Chicago
877,010 00 Caldwell & Co. recently purchased 575.000 6% school bonds at par plus
Walter, Woody & Heimerdinger
75.502 50 a premium of $125, equal to 100.16. a basis of about 5.98%. payable
Well, Roth & Irving Co., Cincinnati
National Park Bank, New York. Due on May 1 as follows:
76.72590 at the
A. T. Bell & Co.. Toledo
75,483 00 $2,000. 1925 to 1929; $3,000, 1930 to 1933: 54,000, 1934 to 1938: $5.000.
Campbell & Co., Toledo
76.76390 1939 to 1941; 56,000. 1942 to 1944. Legality approved by Charles RutherPrudden & Co., Toledo
76,703 00 ford, St. Louis. We stated in last week's issue on page 844 that these
Spitzer, Rorick & Co.. Toledo
76,911 00 bonds had been sold to Sutherlin, Barry & Co.. Inc., of New Orleans.
W. L. Slayton & Co., Toledo
77.160 00 but, as a result of a later inquiry made by us, we find that the purchaser
Braun, Bosworth & Co.. Toledo
77,30650 was Caldwell & Co. of Nashville, as stated above.
Kalman, Gates, White & Co., Minneapolis •
77,971 00
SALISBURY, Rowan Couney, No. Caro.
Drake-Jones Co., Minneapolis
-BOND SALE.
-The follow78,251 00 ing coupon bonds offered on Aug. 14-V. 119, p. 610
A. C. Allyn & Co., Chicago
-were purchased by
77,851 00 the American Trust Co. of Charlotte as 5s at a premium of $3,827, equal
John Nuveen & Co., Chicago
77.283 00 to 100.84, a basis of about 4.925%:
First National Trust Co
77,11690 $245,000 street improvement bonds, maturing on Aug. 1: 59.000 1926 to
Sr RENVILLE COUNTY (P. 0. Olivia), Minn.
-BOND OFFERING.
1930, incl.; $10,000 1931 to 1934, incl., and $16,000 1935 to 1944.
Sealed bids will be received until 2 p. m. Sept. 8 by A. 0. Schmidt.
Incl.
County
Auditor, for $836,000 public drainage ditch bonds. Interest
75,000 funding bonds, maturing on Aug. 1: $2,000 1926 to 1946, incl.:
Denom. $1,000. Date Sept. 1 1924. Interest rate not to
exceed 5% •
$4,000 1947 to 1953. incl., and $5,000 1954.
semi-annual
Due serially 1930 to 1944. Approving opinion of Lancaster.
70,000 water bonds, maturing on Aug. 1: $1,000 1927 to 1932, incl.. and
Junell & Dorsey. Minneapolis, to be furnished successful bidder. Simpson,'
82,000 1933 to 1964. incl.
A certified check for 5%, payable to the City Treasurer, required.
65,000 sower bonds, maturing on Aug. 1: $1,000 1927 to 1937, incl.. and
$2,000 1938 to 1964, incl.
RENVILLE COUNTY INDEPENDENT SCHOOL
DISTRICT NO.
Date Aug. 1 1924.
6.5 (P. 0. Hector), Minn.
-BOND SALE.
-The State of Minnesota has
been awarded the 520,000 school bonds mentioned in V. 118, p.
SAN BENITO, Cameron County, Tex.
-BIDS REJECTED.
-All bids
2096.
received for the following 54% bonds offered on Aug. 18-V. 119. p.844
RICHARDSON PARK SCHOOL DISTRICT NO. 20 (P.O.
Wilming- were rejected:
ton), New Castle County, Del.
-BOND OFFERING.
-Sealed bids
street paving bonds.
be received by P. E. Strickland. Chairman Board of School Trustees, will $75,000 sewer bonds.
20,000
until
p. to. (standard time) Sept. 8 at the office of Philip L.
Garrett,
The bonds were re-offered on Aug. 20.
'00 Equitable Bldg., Wilmington, for 585,000 5% coupon or attorney.
7
SANFORD,Seminole County, Fla.
-BOND OFFERING.
-Sealed bids
school bonds. Denorn. $1,000. Date Sept. 1 1924. Prin. and registered
send-ann. will be received until 2p. m. Aug. 28 by Forrest Lake, city Commissioner,
S.) payable at the Farmers' Bank, Wilmington. Due
int. (M. A:
yeaYly on Sept. 1 1925 to 1949, incl. The bonds will be prepared $3,400 for each of the following two issues of 54% bonds separately:
by
trnited state Mortgage & Trust Co., which will
8160.000 gas plant public utility bonds.
s
certify as to
75,000 pubfic imp,ovement bonds.
/less of the signatures and the seal Impressed thereon, and theirthe genuinelegality
Denom. $1.000. Date July 1 1924. Principal and semi-annual interest
be approved by Philip L. Garrett, of Wilmington. whose opinion willwill
be (J. & J.) payable in New York, Duo July 1 1954. A certified check for
the purchaser. The bonds will be delivered to the
furnished to
purchaser
at U. S. Mtge. & Trust Co. on Sept. 10 at 1 p. m. or as 5000 thereafter as 2% of bonds bid for required. Bonds will be sold subject to the approving
Opinion of Caldwell & Raymond, to be furnished by the City of Sanford.
976
THE CHRONICLE
[VOL. 119.
coupon public improvement bonds. Interest rate not to exceed 554%.
Denom. $1,000. Date July 1 1924. Principal and semi-annual interest
shall be payable and bonds delivered at any bank or trust comgany in
Washington, D. C.. New York or Porto Rico, at the option of the buyer,
to be designated by the Mayor. Due July 1 as follows: 31.000. 1930 to
1943. inclusive; $2,000. 1944 to 1956, inclusive; $3,000. 1957 to 1960. inclusive, and $4,000, 1961 to 1967, inclusive. A certified check or bank
draft for 2% of the par value of the bonds, drawn on any national bank
rf the United States or on any bank doing business in Porto'Rico,or In cash,
Is required. Bonds are advertised as exempt from taxation in the United
States and Porto Rico.
-Sherwood &
-BOND SALE.
TONAWANDA, Erie County, N. Y.
Merrifield, Inc.. of New York were the successful bidders for the $86,000
18-V. 119, p. 727
454% coupon street impt, bonds offered on Aug.
paying 102.20. Date July 1 1924. Other bidders were:
Rate Bid.
CorpRale Bid.
101.225 Mfrs. National Bank, Troy_ _101.70
Union National
Geo. B. Gibbons & Co.. Inc_101.93 I First Trust Co.. Tonawanda_101.62
101.777
Fidelity Trust Co., Buffalo 101.279 Farson, Son & Co
-On July 28
-BOND SALE.
TONAWANDA, Erie County, N. Y.
$450.000 43,% school bonds were sold to the Manufacturers National
Bank of Troy at 100.01, a basis of about 4.745%. Denom. $1,000.
Date July 1 1924. Due 315.000 yearly on July 1 1925 to 1954 incl.
These bonds, it is stated, are part of a total authorized issue of $650,000.
-The City Sinking
-BOND SALE.
TOPEKA,Shawnee County, Kan.
Fund has purchased $36,000 5% internal improvement bonds. Date
Aug. 1 1924. Due one to ten years.
TREMONT SCHOOL DISTRICT (P. 0. Tremont), Schuylkill
-Sealed bids will be received by E. F.
County, Pa.
-BOND OFFERING.
Fidler, Secretary Board of School Directors, until 7 p. m. Sept. 1 for $40,000
5% school bonds. Denom. 21,000. Date Sent. 1 1924. Interest semiannual. Due Sept. 1 1954, optional Sept. 1 1929. Certified check for 2%
of bid required.
TUCKAHOE ROAD DISTRICT(P.O. Richmond), Henrico County,
Va.-BOND SALE.
-The Federal Trust Co. of Richmond and F. E.
Notting & Co. of Richmond. inintiv, were recently awarded 5175,000 5%
$2,89860 road bonds at a premium of $6,771, equal to 103.86.
Dean, Witter & Co
1,68150
National City Bank
-Sealed bids
TULARE, Tulare County, Calif.-BONO OFFERING.
2,21000
California Securities Co
m. Aug. 27 by C. W. Cobb, City Clerk, for the
2.12800 will be rec5ei7ovedg
Bank of Italy and Anglo-London-Paris Co
old tbo8ndps.:
n il
2,156 OU following
Security Co
2,100 00 $130,000 sewerage system bonds. Denom. $500 and $200. Due $5,200
Citizens National Co.. National City Co.and California Co.,Inc
July 2 1925 to 1949.
2,172 00
R. H. Moulton & Co. and Bond & Goodwin & Tucker, Inc
35,000 sewage treatment works bonds. Denom. $500 and $400. Due
Blyth, Witter & Co.: Hunter, Dulin & Co.and Wm.R. Staats Co- 3,080 00
51.400 July 2 1925 to 1949.
Date July 2 1924. Prin. and semi-ann. int.
&
Payable at the
Los Angeles
SOUTH PASADENA CITY HIGH SCHOOL DISTRICT,week's issue. office of the City Treasurer. A certified check(S• 5% of bonds bid for
for
tated in last
-PRICE PAID-BIDS.-Asys
County, Calif.
successful required.
on page 844, the First Securities Co. of Los Angeles was the It appears
UNION PARISH ROAD DISTRICT NO.9 P.0. Farmeryille), La.
bidder for the $185,000 5% school bonds offered on Aug. 4.
of New
that the price paid was 3191,355, equal to 103.43, a basis of about 4.65%• CORRECTION IN A fOUNT.-Sutherlin. Barry & Co., Inc.,
Orleans, were recently the purchasers of 3400,000 (not $300,000, as stated
Other bidders were:
Premium. in last week's issue on page 845) 54% road bonds of this district. The
Name$5,736 on Price paid was par and accrued interest. Bonds are in denomination of
Dean, Witter & Co
3.320 00 $1,000 each and are dated Aug. 11924. Principal and semi-annual interest
National City Bank
4,363 50
Payable at the National City Bank, N. Y. Mature yearly on
&
California Securities Co
4,163 00 Aug. 1. (For maturity of $300,000 of the above $400.000. see above
Bank of Italy and Anglo-London-Paris Co
4,306 00 reference.) Legality of bonds approved by Wood & Oakley, of Chicago.
Security Co., Inc
4,169 90
Citizens National Co., National City Co., California Co
4,255 00
UNIONTOWN SCHOOL DISTRICT (P. 0. Uniontown), Fayette
H. Moulton & Co. and Bond, Goodwin Tucker. Inc
6.073 00 County, Pa.
-Until 7.30 p. m. Sept. 2 Robert J.
Staats Co
-BOND OFFERING.
Blyth, Witter & Co., Hunter, Dulin & Co., Wm. R.
$600,000
- Arnett. Secretary Board of Directors, will receive sealed bids for J. & J.
-BOND OFFERING.
SOUTHPORT,Brunswick County, No. Caro.
4t(% school bonds. Denom. 31.000. Date July 1 1924. Interest
City
Sealed bids will be received until 1 p. m. Sept. 1 by J. G. Howe,1922. Certified check for $10,000 required.
Treasurer, for $39,000 534% public impt. bonds. Date Dec. 1 States
UNION TOWNSHIP (P. 0. Mount), Hancock County, Ohio.Prin. and semi-ann. Int. (J. & D.) payable in gold coin of the United
at the Hanover National Bank. New York. Due on Dec. 1 as follows: BONDS NOT SOLD.
-The $4,000 5% road bonds offered on Aug. 16of
31.000. 1924 to 1942. Incl., and $2,000. 1943 to 1952, incl. The opinion be V. 119, p. 728
-were not sold.
John C. Thomson of New York as to the validity of the bonds will an
-An
-BOND ELECTION.
UINTAH COUNTY (P. 0. Vernal), Utah.
furnished to the purchaser free of charge. A certified check upon the
election will be held on Nov. 4 in which $40.000 county hospital bonds will
incorporated bank or trust company for 2% of bonds bid for, payable to
be voted upon. Wilson Murray, County Clerk.
City Treasurer, is required.
County, Neb.-BOND SALE.UNIVERSITY PLACE, Lan
-BOND SALE -Geo .B.
STAMFORD, Delaware County, N. Y.
bonds:
Gibbons & Co.. Inc.. of New Yor.c on July 23 purchased 320.000 5% .Tarnos T. Wachob of Omaha has purchased the following
sewer bonds at 103.78, a basis of about 4.52%. Denom. $1.000. Date *32.0006% paving district bonds at 101.00.
30,000 5% water extension bonds.
yearly on Aug. 1 1925 to 1944 inclusive.
Aug. 1 1923. Due 31.000
VANCE RURAL SCHOOL DISTRICT NO. 6 (P. 0. Bethel), Wynn.
-BOND OFFERING.
STEPHENS COUNTY (P. 0. Duncan), Okla.
-The State School Fund has pur-BOND SALE.
The County Clerk will sell at public auction at 5 p. m. Aug. 23 $4400,000 dotte County, Kan.
years.
bonds. Due serially in 25 years. A certified check for 5% chased $25,000 5% school bonds at par. Due 1 to 15
5% road
-The
-BOND SALE.
required.
VIGO COUNTY (P. 0. Terre Haute), Ind.
bonds offered on Aug. 11 V. 119,
-On May 15 $45 0 5% J. E. Milks et al. highway
. 00
-BOND SALE.
STERLING, Whiteside County, III.
subway p. 611-have been sold to J. F. Wild & Co. of Indianapolis for 346.361.
R. M. Grant & Co., Inc.. of Chicago, purchased 395,000 434% payable equal to
103.06. a basis of about 4.37%. Date July 15 1924. Due 52.250
bonds at par. Denom. $1.000. Date May 15 1924. Interest
15 1934, incl.
annually on June I. Due yearly on June 1 as follows: $5,000 1925 and every six months from May 15 1925 to Nov.
BOn 845_ E- old ts roli o ur
119 ND . w,; The awo lsw : of 5% bonds offered on Aug. 19-V.
s
SAL e R
310.000 1926 to 1934, incl.
-A special election 520,000 Timothy Donovan et al. road bonds to the Meyer Kiser Bank
-BOND ELECTION.
TAMA, Tama County, Iowa.
will be held on Sept. 16 to vote on the question of issuing $45,000 municipal
of Indianapolis. Denom. 51.000. Due $1,000 each six months
bonds. J. R. Carter,
water-works system improvement and extension
from May 15 1925 to Nov. 15 1934 inclusive.
Mayor.
77,000 B. B. May et al. road bonds to the City Trust Co. of Indianapolis.
Denom. $1.000 and $850. Due 33.850 each six months from
TAYLOR SCHOOL TOWNSHIP (P. 0. Quincy), Owen County,
May 15 10 to Nov. 15 1934 Inclusive.
25
-E.J. Beaman. Township Trustee, will receive
Ind.
-BOND OFFERING.
Denom.
Interest M. & N. 15.
sealed bids until 2 11). m. Sept. 5 for $2,300 5% school bonds. payable
Sept. 1 1924. Prin. and semi-ann. int. (J. & J.) 1 1926
$230. Date
VOLGA INDEPENDENT SCHOOL DISTRICT, Brookings County,
at the Gosport State Bank of Gosport. Due $230 yearly on July
So. Dak.-BOND ELECTION.
-A special election will be held on Sept. 17
to 1935 inclusive.
to vote on the question of issuing $32,000 school-building bonds. Interest
Bergen County,
%. Interest semi-annually. Due in from 1 to 20
TEANECK TOWNSHIP (P. 0. West Englewood), Robert J. Lewis. rate not to esceed
year. C. 0. Lee, District Ceirk.
-Sealed bids addressed to
N. J.
-BOND OFFERING.
-000.
Township Clerk. Town Hall. West Englewood, will be received until 8:30
WADSWORTH, Merlina County, Ohin.-BOND OFFERING.
saving time) Aug. 28 for the purchase of an issue of 5% W. Baker, Village Clerk, will receive sealed bids until 12 m. Sent. 6 for
p. m. (daylight
;so more
coupon or registered assessment bonds, not to exceed 3288.000. $288.000. $28,000 554% water works bonds, series 1924. Denom. $500. Date
52.000
bonds to be awarded than will produce a premium of $1.000 over
& A.) April 11924. Interest A. & 0. Due yearly on Oct. 1 as follows:
Denom. 31.000. Date Aug. 1 1924. Prin. and semi-ann. int. (F. New every odd year and $1.500 every even year 1925 to 1940, incl. Certified
payable at the office of the United States Mortgage & Trust Co. ofincl.; check for 2% of the amount of bonds bid for required.
1928.
York. Due yearly on Aug. 1 as follows: 329,000. 1926 to will be preWAKEFIELD SCHOOL DISTRICT (P. 0. Wakefield), Gogehic
331.000. 1929. and 334.000, 1930 to 1934. incl. The bonds Trust Co. of
-At a meeting held on Aug. 14. the
-BONDS VOTED.
County, Mich.
pared under the supervision of the United States Mortgage &
Bonds
certify as to the genuineness of the signatures of the School Board of this district voted to issue 3225.000 school bonds.a period
New York. which will
b
.
ondsn.hea will be in denom. of $1.000 and will be serial in form, maturing for
officials and the seal impressed thereon and the validity of the
of nine years from 1926 to 1934 inclusive.
of ein Detaof andsLongfellow ofNew York. C
Hair aoun lie
-The Third Nat.
check
WALDEN. Orange County, N. Y.-FIOND SALE.
-BONDS REGISTERED.
-The State Comptroller Bank of Walden has been awarded the $2,500 5% fire-apparatus bonds
TEXAS (State of).
offered on Aug. 19-V. 119. P. 845
-at par. Date Sept. 1 1924. Due
registered the following bonds:
of Texas
Dale Reg. $500 Sept. 1 1925 to 1929, incl.
Due.
let Rote.
Place.
Amount.
Aug. 12
Serially
;4
-BOND OFFERING.
$4,000 Milan County C. S. D. No.355 % 40 years
WARREN COUNTY (P. 0. Williamsport), Ind.
Aug. 13
5,7
C. S. D. No. 40
until 2 P• m:
1,Ro0 Montague
years Aug. 13 -David H. Moffitt, County Treasurer, will receive sealed bids
10-20
7,,
Sept. 1 for $9,340 5%, C. It. Mitchell et al. highway Improvement bonds.
800 Van Zandt County C. S. D. No. 2_ _60n
years Aug. 13
N. 15).
2,000 Collingsworth Co. C. S. D. No. 16_ _534% 10-40 years Aug. 13 Denom.$467. Date Aug. 4 1924. Prin. and semi-ann. int.(M.& months
10-20
6%
No.3
2.200 Coryell County C. S. D.
,
office of the Counts Treasurer. Due $467 every six
.
A ig 3 payable at
5-40 years ffft : from May the 1925 to Nov. 15 1934, incl.
4,500 Coryell County C. S. D. No. 111_ - -6%
15
13
Aug._
20 yea
5%
3,000 Gonzales County C. S. D. No. 26 _rs
WASCO COUNTY SCHOOL DISTRICT NO. 50 (P. 0. Danes), Ore.
6%
Serially
2,000 Live Oak County C.S. D.No.7
Aug. 13 -BOND OFFERING.-Sealnd bids will be received until 7:30 p. m. Aug. 23
Serially
Live Oak County C.S. D.No. 34_ _ _6%
1.500
10-20 years Aug. 13 by Mrs. Wilbur Bolton, District Clerk, for $11,000 5% school bonds.
6%
D. No. 56
4,000 Bowie County C. S.
certified check for
0. Thrift), Denom. $500. Date Sept. 1 1924. Int. M. & S. A
THRIFT INDEPENDENT SCHOOL DISTRICT (P.Co. of Toledo 5% required.
-Sidney, Spitzer &
-BOND SALE.
Wichita County, Tex.
-The
-BOND SALE.
WASHINGTON COUNTY (P. 0. Salem), Ind.
have been awarded $60,000 6% school bonds.
$2,200 5% Chas. R. Morris et al. highway impt. bonds offered on Aug. 19Indianapolis for
UNION HIGH SCHOOL DISTRICT NO. 1 V. 119, 13. 845
TILLAMOOK COUNTY
-have been sold to the City Trust Co. of
-BOND SALE.
-The 350,000 5% school bonds
(P. 0. Tillamook), Ore.
to 102.72-a basis of about 4.44%. Date Aug. 4 1925.
-were purchased by Ralph Schnelloch $2.260 94, equal
1934, incl.
offered on July 28-V. 119, p. 493
basis of about $110 every six months from May 15 1925 to Nov. 15 DISTRICT (P.O.
Co. of Portland at a premium of $175. equal to 100.35, a
WATERFORD (TOWN) UNION FREE SCHOOL
Due $10,000. Dec. 1 1925 to 1929.
-On Aug. 18 the
4.88%.
-BOND SALE.
- Waterford). Saratoga County, N. Y. day-V. 119. p. 845
-were sold
-BOND OFFERING.
$22000 454% school bonds offered on that
TIPPECANOE, Harrison County, Ohio.
by S. 0. Mitchell, Village to Sherwood & Merrifield. Inc.. of New York, at 100.43, a basis of about
Sealed bids will be received until 12 m. Sept. 1
from Aug. 1
Date Aug.
Clerk, for $5,000 54% fire engine bonds. Denom. $400. from March 1 4.44%. Date Aug. 1 1924. Duo $1,000 every six months
1
1924. Interest semi-annual. Due $500 every six months the amount of 1927 to Feb. 11938. incl.
-BOND OFFERING.
1926 to Sept. 1 1930. Inclusive. Certified check for 10% of
WATERLOO, Black Hawk County, Iowa.
Mackay, City
bid for, payable to the Village Treasurer, required.
bonds
Sealed b'ds will be received until 8 p. m. Aug. 27 by Chas. C. Date Aug. 1
-Sealed bids will be Clerk, f•r 197.000 434% funding 'bonds. Denoro. $1,000.
-BOND OFFERING.
TOA ALTA, Porto Rico.
(P. & A.), payable at the City Treasurer's
received until 2 p. m. Sept. 18 by Felix Monclova, Mayor, for $80,000 1924. Prin. and semi-ann. int.
Bids may also be submitted for bonds bearing a lower ratte1of interestithan
554%.
-The
-BOND SALE.
SAN FRANCISCO (City and County), Calif.
$1,900,000 5% relief home bonds offered on Aug. 18-V. 119, p. 610
were purchased by a syndicate composed of the National City Co.. the
of New York, Anglo-California Trust Co. of San FranBankers Trust Co.
equal
cisco and the California Co. of Los Angeles at a premium of $91.371,
incl.
to 104.809. a basis of about 4.52%. Due $95,000 1928 to 1947,
SAN FRANCISQUITO SCHOOL DISTRICT, Los Angeles County,
-No bids were received for the 31.000 6%
-NO BIDS RECEIVED.
Calif.
Due
school bonds offered on Aug.4(V. 119. p. 616). Date Aug. 1 1924. 9
'II"1"
1925 to 1934, inclusive."t'
3100 yearly on Aug. 1 from
-BOND SALE.Barbara County, Calif.
SANTA BARBARA,Santa
The $407,000 5% coupon sewer bonds offered on Aug. 14-V. 119. P. 610 of
were awarded to R. H. Moulton & Co. of Los Angeles at a premium
317.748 equal to 104.36.
SEAFORD FIRE DISTRICT OF THE TOWN OF HEMPSTEAD
-Charles
-BOND OFFERING.
(P. 0. Seaford), Nassau County, N. Y.
until
E. Herrold, Clerk of the Fire Commissioners, will receive sealed bids fire
315.000
8 p. m. (daylight saving time) Aug. 27 for the purchase of$500. Date
Denom.s $1,000 and
bonds, not to exceed 6% interest.
Due $1,500 on Aug.1 1925 to 1934
Aug. 15 1924. Int. F. & A. 15.
will be furincl. The approving opinion of Clay & Dillon of New Yorkincorporated
nished the purchasers without charge. Certified check upon an
bank or trust company, payable to C. Wayne Tuthill, Treasurer, for
$1,000, required.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Clinton),
-An election will be held on Aug. 29 to vote on
Neb.-BOND ELECTION.
the question of issuing 310.500 school bonds.
SOUTH PASADENA CITY SCHOOL DISTRICT, Los-*Angeles
-The price paid for the 3100.000
-PRICE PAID
-BIDS.
County, Calif.
First
5% school bonds offered on Aug. 4 and sold on that date to the basis
-was 103.21 a
Securities of Los Angeles, as stated in V. 119. p. 844
i"
rel
of about 4.66%. The other bids received for the bonds were:
AUG. 23 1924.]
THE CHRONICLE
977
office. Due Aug. 1 as follows: $7.000 1935 and $10.000 1936 to 1944.
The bonds will be sold subject to the legal opinion of Chapman, Cutler &
Parker of Chicago, the expense of which will be borne by the purchaser.
City will furnish bond forms.
WATERTOWN, Codington County, So. Dak.-BONDS VOTED.
At the election held on Aug. 5-V. 119. p. 611-the voters authorized the
Issuance of $80,000 5% 20
-year refunding light bonds.
WATONWAN COUNTY SCHOOL DISTRICT NO. 32 (P. 0. St.
James), Minn.
-BOND SALE.
-The State of Minnesota has purchased
at par $7,500 44% school bonds.
WEST BEND, Washington County, Wis.-BOND ELECTION.
-An
election will be held on Aug. 25 to vote on the question of issuing
school-building and equipment bonds. F. W. Bucklin, District $220,000
Clerk.
WEST JEFFERSON Ache County, No. Caro.
-BOND OFFERING.Sealed bids will be received until 2 p. m. Sept. 15 by the Town Clerk
$25,000 6% water bonds. Legal proceedings under the supervision for
of
Bruce Craven of Trinity.
BEAVERTON, Ont.-BOND SALE.
-Reports say that an issue of
-Installment school debentures has been awarded to
$40.000 54% 30
C. H. Burgess & Co. of Toronto at 101.11-a basis of about 5.40%. The
firm will also pay the cost of printing the bonds. Bids were as follows:
Bird, Harris & Co
101.12 A.E.Ames dr Co
99.47
C. H. Burgess & Co
101.11 W.C. Brent & Co
98.79
Matthews & Co
100.46 McLeod. Young, Weir & Co_ __98.27
Wood, Gundy & Co
100.43
DORVAL,Que.-BOND SALE.
-We are informed that Credit Canadian,
Inc., on a bid of 102.67, was awarded $50,600 6% 10
-year bonds. The
cast to the municipality is 5.64%. Tenders were as follows:
Credit Canadien, Inc
102.67 Dominion Securities
_ _101.77
Hanson Bros
102.52 Municipal Debentures Corp_101.77
CorpWood, Gundy & Co
102.37 L. G. Beaubien & Co.. Ltd_ _101.29
Versailles, Vidricaire, Boulais,
Rene T. Leclerc. Inc
101.25
Ltd
102.01 A. E. Ames & Co
100.756
DUNDAS, Qnt.-BOND SALE.
-Matthews & Co., of Toronto, have
purchased $15,000 54% 15
-installment bonds at 100.63, the money costing
WEST UNION, Adams County, Ohio.
-BOND SALE.
-The 25,000 5.40%. Bids were as follows:
6% fire prevention bonds offered on Aug. 16-V. 119, p. 845
-have been Matthews & Co
100.63 Wood, Gundy & Co
100.176
sold to the Davies-Bertram Co. of Cincinnati at par and accrued
interest, McLeod, Young, Weir & Co_ _100.62 C. H. Burgess & Co
100.167
plus a premium of $155, equal to 103.10. a basis of about 5.34%.
Date Gairdner. Clarke & Co
100.27,
March 1 1924. Dua as follows: $500 Sept. 1 1925 to 1933. incl.,
and
$500 Aug. 1 1934.
HAWKESBURY, Ont.-BOND OFFERING.
-Bids are invited up to
7 p. in. Aug. 27 for the purchase of 118.562 6% 20
WHATCOM COUNTY UNION HIGH SCHOOL DISTRICT NO.
-installment consolidated
400
(P. 0. Bellingham), Wash.
-BOND SALE.
-The State of Washington redemption bonds. J. 0. Bertrand. Clerk-Treasurer.
has purchased at par 8119,000 44% school bonds.
MERRICKVILLE, Ont.-BOND SALE.
-Bird. Harris & Co. of ToWHITTIER, Los Angeles County. Calif.
-installment school lotinds at
-The fol- onto, have been awarded $25,000 54% 30
lowing 5% bonds offered on Aug. 18 (V. 119, -BOND SALE.
100.07, the money costing 5.495". Bids were as follows:
the Bank of Italy of Los Angeles at a premium p. 845) were purchased by Bird. Harris & Co
100.07 Housser. Wood & Co
of $6,688. equal to 104.45.
98.50
a basis of about 4.655%:
Matthews Sr Co
99.17 IDyment. Anderson & Co
97.53
$100,000 water-works bonds. Due $2,500 Sept. 1
-MacKay
MacKay
99.001W.C. Brent & Co
95.00
1925
50,000 sewage-disposal plant bonds. Due $2,000 Sept. to 1964.
C.
98.82
1 1925 to 1949. ' H. Burgess & Co
WIGGINS SEPARATE SCHOOL DISTRICT (P.0.
NORTH VANCOUVER, B. C.
-DEBENTURE OFFERING.
-Tenders
Wiggins), Stone
County, Miss.
-BOND SALE.
will be received up to 5 p. m. Sept. 2 for the purchase of $80,000 54%
-The Whitney Central Bank and
& Co. of New Orleans have purchased $50.000 5% school bonds. Caldwell 30
-year and $11,000 54% 20
-year debentures. R. F. Archibald, City
Denom.
$1,000. Date April 1 1924. Prin. and semi-ann. int.(A. &
Clerk.
the National Park Bank. New York. Due serially, April 0.) payable at
1 1925 to 1949.
ONTARIO (Province of).
Legality approved by Wood & Oakley. Chicago.
-BOND SALE.
-We are informed by wire
that the Bank of Montreal of Toronto and First National Bank of New
Financial Statement.
associates were the successful bidders for an issue of $20.000,000
Assessed valuation, 1923
York
11.200,000 4 %and
registered
-year refunding bonds, bids for which were
coupon
Estimated actual valuation
2.000.000 asked until 12 or yesterday20
Total bonded debt (this Issue)
(Aug. 22) at 94.8698. equivalent, it is stated,
m.
Population (officially) estimated, 3,500. Acreage of district. 50,000 to 94.94. in New York funds. Denom. $1,000. Date Sept. 1 1924.
13,000. Principal and semi-annual interest(M.& S.) payable in gld coin of lawful
Railroad mileage in district. 5 miles.
money of Canada at the Provincial Treasurer's office, Toronto. or at the
WILKESBORO, Wilkes County, No. Caro.
-BOND OFFERING.
- agents of the Treasurer in Montreal, or in gold coin of the United States of
Sealed bids will be received until 2 p. m.Sept.2 by T.B. Dula,
America of the present standard of weight and fineness at the agents of the
for $16,000 6% sewer bonds. Denom. $500. Date July 1 Town Clerk, Province of Ontario in New York or at par of exchange at the agents of
1924.
semi-ann. Due $500 July 1 1927 to 1958. incl. A certified check Int. the Province in London at the holder's option. Due Sept. 1 1944. The
on an
incorporated bank or trust company for 2% of the bonds bid
for, payable above bonds were issued, it is stated, under the authority of 14 Geo. V.
to the Town. is required. Bonds to be delivered at sale
(Ontario) Chap. 9.
legality furnished by Caldwell & Raymond. New York. with opinion as to
-BOND SALE.
POINT GREY. B. C.
-Issues of 1160.000 53% 15
-year
WILLARD, Huron County, Ohio.
-year debentures were purchased by the Royal Finan-BONDS VOTED.
-By a count of and $62,000 54% 20
371 to 142 a bond issue of 862.000 for tha improvement of the local
cial Corp., Ltd., of Vancouver, at 100.675-a basis of about 5.44%. Bids
water
and electric plant and the extension of the city's water
mains and for were as follows:
incidental expenses was voted.
Royal Financial Corp., Ltd
100.675
Wood. Gundy & Co
100.39
WISE COUNTY COMMON SCHOOL DISTRICT NO.
34 (P. 0. Waghorn, Gwynn & Co.: V. W. Odium & Co.; R.P. Clarke & Co.;
Decatur), Tex.
-BOND SALE.
-The $15,000 6% serial
and Gillespie. Hart & Todd. Ltd
100.377
registered by the State Comptroller of Texas on July 17-V.school bonds
119, p. 495
100.194
- A. E. Ames & Co
were purchased by local investors.
Royal Securities Corporation
98.77
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
RENFREW COUNTY(P.O.Pembroke), Ont.-BOND SALE.-Gaird-BOND
ING.
-Sealed bids will be received until 2 p. m. Aug. 26 by OFFERWillis M. ner. Clarke & Co.. have been awarded an issue of 175.0006% 20
-year bonds
Pritchard, County Auditor, for $200,000 road bonds.
Int.
exceed 5%. Due May 1 as follows: 140.000. 1929: $45,000, rate not to at 107.08. Denom. $6.538 84. Date Aug. 14 1924. Interest Aug. 13
1930; $50,000, each year. The money is required by the county to pay its share of the cost
1931; $40,000, 1932, and $25,000. 1933. A certified check
for $5,000. of the Provincial highway construction to the Ontario Government. The
payable to the County Treasurer, is required.
tenders received were as follows:
WORCESTER, Worcester County, Mass.
107.08 Cochran, Hay & Co
-TEMPORARY LOAN.
105.29
- Gairdner, Clarke & Co
The First National Bank of Boston has been
106.08 Wood, Gundy & Co
Bird, Harris & Co
105.686
of $500,000 on a 2.17% discount basis plusawarded a temporary loan C. H. Burgess & Co
a $6 premium. Payable
106.18 McNeill, Young, Weir & C0_105.47
$250,000 on Feb. 19 and April 17 1925.
Matthews & Co
106.08 A. E. Ames & Co
105.13
Bain, Snowball & Co
100.43
YAKIMA COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 81
(P. 0. Yakima), Wash.
RIVIERE DU LOUP, Que.-BOND SALE.
-BOND OFFERING.
-Reports say that L. G.
-Sealed bids will be received until 1 p. in. Aug. 23 by the County Treasurer for
Ltd. of Montreal, were recently awarded $40.000 534%
330.000 school Beaubien & Co.,
bonds. Int. rate not to exceed 6%. Denom. $500. Date
-installment debentures at 99.44. the money costing 5.57%. The
20
Aug. 1 1924. following are the bids received:
Due over a period of 30 years. A certified check for 5%
required.
99.44 'Versailles, Vidricaire, Boulals,
L. G. Beaubien & Co
YAZOO CITY, Yazoo County, Miss.
Ltd
-BOND OFFERING.
Credit Anglo-Francais, Ltd_ - _99.38
99.09
bids will be received until Sept. 8 by E. G. Olden, City Clerk, -Sealed Municipal Debentures Corp_ _99.28 JLe Pret Municipal, Ltd
98.47
for $98.000
municipal building and impt. refunding bonds. Int. rate not
Hemel, McKay & Fugere_ _ _ _99.26 Dominion Securities Corp
98.07
to exceed
54%, payable semi-annually.
99.13 Credit Canadien, Ltd
Rene T.Leclerc. Inc
97.96
Bray, Caron & Dube, Ltd----99.125
CANADA, its Provinces and
Municipalities.
BEAUFORT,Que.-BOND SALE.
-It is reported that Rene T.Leclerc.
Inc.. of Montreal, were the successful bidders for $150,000
54% 15
-year
bonds, PaYlag a price of 99.30. which is equal to a cost basis
of 5.57%•
Bids were as follows:
Rene T. Leclerc, Inc
99.30 Provincial Securities Ltd
98.85
Municipal Debentures Corp_ --99.16 Credit Anglo-Francais,
Ltd-- _ 98.62
Versailles, Vidricaire, Boulais,
Bray, Caron & Dube, Ltd
97.43
Ltd
99.05
L. 0. Beaubien & Co
98.55
-The Royal Securities Corp.,
ST. LAMBERT. Que.-BOND SALE.
Ltd., of Montreal, has been awarded the $150.000% public works bonds
offered on Aug. 18-V. 119. p. 728
-at 101.847. Due Nov. 11952.
SHAWINIGAN FALLS, Que.-BOND SALE.
-It is stated that A. E.
-installment school debenture.
Ames & CO. were awarded $78.000 54%_ 30
at 101.33, the money costing 5.38%. The only other bidder was Woods
Gundy & Co., who bid 100.06.
-BOND OFFERING.
-Bids will be received up to noon
SYDNEY,N. S.
-year and 120.000 5 %
Aug. 30 for the purchase of $242,000 53. % 30
-year bonds. The bonds are dated Aug. 1 1924. J. J. Curry, Clerk.
20
NEW LOANS
FINANCIAL
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important factor in our pleasant business
relationships with a large number of out-oftown banks, corporations and individuals.
Our facilities are so complete as to cover every
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We Specialize in
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MELLON NATIONAL BANK
PITTSBURGH. PA.
Biddle & Henry
104
South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437
USE AND CONSULT
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The Financial Chronicle
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[VOL. 119.
THE CHRONICLE
978
ginancial
MICHIGAN
ffinantial
HARRIS, SMALL & Co.
eenebamn Sons Hyney, Emerson & Co.
150 CONGRESS ST.,
Coniianj
W.
DETROIT
5. E. Cor. LaSalle and Madison Sta.
MUNICIPAL & CORPORATION
BONDS
Safe First Mortgage
Real Estate Serial Bonds
Specialists in Financing of
Chicago and Middle-Western Industries
Suitable Investments for Banks, Insuv•
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Approved and Recommended by the
OLDEST BANKING HOUSE IN CHICAGO
_
39 South LaSalle Street, CHICAGO
KALAMAZOO
MILWAUKEE
Municipal, Government &
Corporation Bonds
MILWAUKEE
Members Detroit Stock Exchange
Penobscot Bldg. • DETROIT - Cherry 3500
Safe Investments Since 1855
Joel Stockard & Co., Inc.
INVESTMENT BANKERS
EDGAR, RICKER & CO.
Utilities
WAILING,LERCIIEN & COMPANY
East Water & Mason Sta.,
MILWAUKEE. WIS.
One hundred thousand
investors have purchased
income-earning securities
of strong public utilities
through our organization.
Michigan Municipal Bonds
Local Corporation Bonds and Stock
WANTED
We Incite Inquiries
County Gas &
Electric Co.
St. Clair
DETROIT
Members Detroit Stock Exchange
First Cons. 5s, due Mar. 1, 1959
UTILITY SECURITIES
COMPANY
Members of Detroit Stock Exchange
72 W.Adams St.,Chicago,I11.
Tel. Randolph 6262
Milwaukee
—
Second Ward Securities Co. Charles A. Parcells & Co.
Third and Cedar Sta.
MILWAUKEE
Louisville
1••1111.
105 So. La Salle St.
CHICAGO
Cammack & Company
INVESTMENT SECURITIES
PENOBSCOT BUILDING, DETROIT, MICH.
Municipal, Corporation and
Railroad Bonds
Wisconsin Municipals
WHITTLESEX
McLEAN &CO.
39 So. La Salle St.
CHICAGO, ILLINOIS
and all
Municipal and Corporation Bonds
Specialists in
High Grade Investments
CLEVELAND
A. 0. Slaughter & Co.
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
110 WEST MONROE STREET
CHICAGO, ILL.
Members Detroit Stock Exchange
DETROIT
Penobscot Building
_
Livingstone, Higbie & Company
Municipal & Corporation Bonds
Listed - Unlisted - Inactive
Stocks & Bonds
Dime Savings Bank Bldg.,
DETROIT
CORRELL&CO.
ALBERT FOYER
Leader News Bldg.
GARARD & CO.
Invectment Securities
39 So. La Salle St.
HAYDEN,VAN ATTER & CO.
Investment Bonds
PITTSBURGH
Investment Securities
1027 The Rookery • Chicago
CLEVELAND, 0.
A. E. MASTEN & CO.
323 Fourth Ave.,
Pittsburgh, Pa.
Branch Office ,Wheeling, W. Va.
SMITH, MOORE & CO.
Branches
Detroit
Chicago
80. La Salle
2319 Dime Bank Building
Louisville
South Bend
510 Citizen, Bank Bldg. 811 Inter-Southern Bldg,
M
ST. LOUIS, MISSOURI
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
Cincinnati
Investment Securities
We ipecialize in Municipal Bondi
29 S. LaSalle St.,
Conducts a general Investment business
INVESTMENT BONDS
609 OLIVE ST.,
POTTER, KAUFFMAN & CO.
H. D. FELLOWS COMPANY
Fletcher American Company
Allied with the
Fletcher American National Bank
INDIANAPOLIS
Charles W.Moore
J. Herndon Smith
William H. Burg
Collateral Loans
Investment Securities
Chicago, M.
208 S. La Salle St
Grand Rapids Savings
Bank Building
Grand Rapids
INDIANAPOLIS
ST. LOUIS
Chicago
CHRISTIAN & PARSONS CO.
Penobscot Building
Detroit
Mich.
Established 1891
New York Stock Exchange
MembersiBoston Stock Exchange
Pittsburgh Stock Exchange
Chicago Board of Trade
Pittsburgh Securities a Specialty
Listed and Unlisted Securities
611 LOCUST ST.
ik
Detroit
Chicago
Milwauksa
Investment Securities
Municipal Bonds
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ST. LOUIS
Member St, Louis Stock Exchange A
Chicago
THOMAS D.SHEERIN & CO.
Indiana Municipal Bonds
Corporation Bonds
PROVIDENCE
TOLEDO
Blanchet, Thornburgh & Vandersall
BODELL & CO.
10 WEN DOSSET STREET
MUNICIPAL BONDS
szcorm
NATIONAL BANK BLDG.,
OLEDO. OHIO
PROVIDENCE
New Yoik
Boston
Fletcher Savings and
Trust Building
INDIANAPOLIS
NEWTON TODD
Securities and
Local
lane Corporation Bonds and Stocks
INDIANAPOLIS
415 Lemcko Bldg.
@FedFRASER