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financial
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SATURDAY, AUGUST 25 1923
VOL. 117.
'Nhe Thronxcle.
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The Financial Situation.
The conference between the coal operators and
the miners, which broke up here last week and was
resumed in Atlantic City on Monday, has accomplished nothing except to emphasize the antagonism
and incidentally locate the chief blame therefor.
On Thursday morning the operators presented their
view of the situation to the public in a broad advertisement which clearly follows the record. Their
chronological summary is that on July 26 the miners
demanded the check-off and the closed shop, refused
the offered basis of arbitration and broke off negotiations; on August 15 the Coal Commission induced
a resumption of conferring and on the 21st the miners presented a second ultimatum of a 20% increase
in wage for contract men and a 40% increase to day
men, which would mean 90 millions a year more in
total wage cost. On Tuesday this came to vote, the
operators and the miners dividing upon it. Then the
operators offered to renew the agreement, on the
present wage scale, until March 31 1925; on this the
operators voted Yes and the miners voted No. The
operators then moved to send all the eleven demands
to arbitrators, to be appointed by the President if
the conferees could not agree upon them, also that
mining should continue meanwhile and the findings
of the arbitrators should be retroactive to September 1 next; on this fle miners voted No. Then the
Electric Railway Sectioa
State and City Sectior
NO. 3035
operators moved that the Commission be notified of
the situation and the sub-scale committee hold itself
in readiness for any suggestions from it; on this also.
the miners voted No. Then came the only point of
agreement, namely that the Commission be notified.
and that adjournment aethe call of the Secretary be
taken. Yesterday afternoon, at Atlantic City, the
miners'section of the Joint Scale Committee directed
the
. sub-committee to prepare and issue, not later
than next Tuesday, an order suspending all work in
the anthracite regions, effective Sept. 1.
After Lewis had made an offer and it had been
accepted, he denounced the accepted offer as not made
in good faith and withdrew from it. This week, the
old issues of the check-off and of recognition seem to
have been abandoned for a straight ultimatum of increased wages, and Mr. Lewis publicly served notice
that "the miners are prepared to enter an industrial
contest in the anthracite field and administer to the
anthracite operators on this issue, wages, the most
complete trouncing of their career." Swollen by his
sense of power, he will have no arbitration; force,
and not reason, shall decide. A later declaration of
his asserts that "the mine workers were never in a
sounder position to enter a conflict; finances are
ample, and our credit with the labor movement and
certain financial institutions is unlimited." This
truculent defiance is the talk of a braggart, nor does
it hang well together. If the operators are as greedy
and as sly as they are accused of being, they have
probably taken care of themselves; their own bins
are not empty, and they are as able as anybody can
be to endure trouncing. As to the miners, we have
been piteously asked heretofore to consider their
hard and dangerous toil and their semi-starvation
wages, a mere pittance compared with those received
by more fortunate workers; but now they are financially entrenched against a long siege of idleness.
The claim of unlimited credit at bank seems to imply that public sympathy, so constantly entreated,
has been secured and put under lock and key. Herein
may be a serious mistake. Those who ask sympathy
should show the possession in themselves of some of
that lofty quality, but these defiant miners give notice that they have none. If the members in good
standing of unions in other industries shiver with
cold, that is their own concern; we miners do not
care. Indeed, this is quite in the usual union manner, for unions are like the admired busy bee in this:
they care only for each his own hive and do not hesitate to rob other hives as occasion may arise. So out
of this turmoil and this ugly threat of a "trouncing"
which would either miss its mark or shoot past the
814
THE CHRONICLE
mark to hit the general public there may come one
permanent good: stripping off the mask and exhibiting perverted and boss-ridden unionism as the public
enemy it really is.
Ultimately, the use of substitutes for anthracite
and the needed and scarcely-begun utilization of
water power will ease up this dependence. For the
operators Mr. Warriner expects a loss of "the anthracite-consuming habit," mentioning a recent purchase of Welsh coal by the Mayor of Boston, and a
stimulus to importations will naturally follow
What is to. be done for the coming winter is of course
the immediate problem. It seems indisputable that
there ought to be some punishment available for men
who obtain and flagrantly misuse industrial leadership. There seems no objection to the proposed meeting here next Tuesday of State Executives, to discuss
the feasibility of using substitutes. Through these.
so far as people can accustom themselves to them,
the "trouncing" can be diverted to those who permit
themselves to be misled and cannot justly complain
if the penalty comes home.to them. As for Government operation of mines, it must be again said that
this is at once the least effective remedy for present
troubles and the most fertile seed of permanent difficulties. It ought not to be even mentioned.
Premier Poincare has made reply both to the latest
British note on reparations and to Chancellor Stresemann's first speech in the Reichstag after assuming
the leadership of the German Cabinet. The reply to
tLe British Government was completed on August 17,
according to a Paris dispatch to the New York
"Times," and forwarded to the Belgian Government
the same day. It was received in Brussels on August
18, a week ago to-day. It was expected then that it
would be delivered in London the following Monday
or Tuesday. Announcement was made in an Associated Press dispatch from Paris Tuealay afternoon
that the French reply "was handed to the British
Embassy at 9 o'clock this morning." The correspondent added that "the feeling in French official
circles is that this note, indicted by Premier Poincare, will prevent a rupture of the Entente. Considerable confidence is expressed that the British Cab
met will find it conciliatory and see in it a basis for
continued discussion of the Ruhr occupation and the
reparations problem generally." He admitted, however, that "there is no concealment of the fact that
the reply is largely controversial, that Premier Poincare is unyielding on the outstanding features of the
situation, and that it is not expected Prime Minister
Baldwin will find the reply conclusive." Continuing
to reflect the French opinion, he said: "It is considered almost certain, however,that he will regard it as
encouraging and will withhold any plans for separate action towards Germany until the points in
dispute are further elucidated. There is said to be
a tendency to look more favorably on a new reparations conference among the Allies, and it is thought
to be certain that Premier Poincare will see Prime
Minister Baldwin when the latter returns from his
vacation stay at Aix-les-Bains." It was added that
"the French reply takes up fifty pages of a yellow
book which will be issued to-morrow, together with a
summary in both English and French." From London came a dispatch the same afternoon, before the
French reply was received there, or at least before its
arrival was made known, that "if Premier Poincare
shows a disposition to yield on any of the points
[VOL. 117.
raised by Lord Curzon it is considered likely that
Great Britain will call the inter-Allied conference
which is being urged by Belgium, but if the note is as
uncompromising as predicted in press dispatches, it
is admitted that a solution of the impasse over the
Ruhr issue is nowhere in sight.
Through Paris dispatches made public here Wednesday morning, synopses of the reply became available. The New York "Times" representative cabled
that "the French Premier's note contains three
parts: First, a justification of the French reparations program; second, a reply to the British Prime
Minister's argument against the legality of the Ruhr
occupation and in favor of an international commission to fix Germany's capacity for payment, and
third, a statement of the French idea of how Germany can be made to pay." He added that "the first
part of the note contains nothing new, it being a reiteration of Germany's failure, to pay, of France's
having to pay instead and of French lack of faith in
the good-will of Germany. The second part is a
jurist's defense of his case, citing the Treaty of Versailles and recalling former Allied threats to Germany as justification of the Ruhr occupation and
stating that France rejects an international commission as impracticable in general because no one can
tell now what Germany may be able to pay ten years
hence, and as dangerous in particular because
France, with the predominating interest, would not
have the predominating vote." The "Times" representative further observed that "while the first twg
parts of the note offer no step to a solution of thi
difficulties between England and France, in the
third part M. Poincare, profiting by the English
statement that what Great Briain wanted out of the
Allies and Germany was the equivalent of 14,200,000,000 gold marks to pay America, sets forth what
France wants, namely 26,000,000,000 gold marks for
reconstruction, plus'what she must pay America,and
arrives at the conclusion that the German reparations total must be fixed in the neighborhood of 50,000,000,000 gold marks, present valne, plus whatever
balance England may demand of France,'Italy and
Belgium to make up her 14,000,000,000 after receiving 11,000,000,000 as her 22% share of 50,000,000,000.
M.Poincare's note states that France will permit no
discussion whatever of the 26,000,000,000 item, which
equals her 52% share of 50,000,000,000, and that inasmuch as what she needs in addition depends most
largely on Washington there is no need for any committee of experts to fix any total." Other salient
features of the note were outlined in part a; follows
in the "Times" dispatch: "As for occupation of the
Ruhr, M. Poincare says that he is willing to discuss
with the Allies a system of progressive evacuation
of the occupied territory by a definite step based on
payments by Germany 'as the German Government
proceeded in 1871.' As the French intended invisible
civilian occupation to collect taxes when they entered the Ruhr and inasmuch as severe occupation
was made necessary by German resistance, M. Poincare says that when resistance ceases the occupation
will revert to its original character, workmen can go
back to their tasks, expelled officials may return
and the cordon between the Ruhr and Germany will
be withdrawn. As for details of the withdrawal of
the soldiers, that will depend on the behavior of the
Germans." Continuing he said: "The French Premier then sets forth how he believes money may be
Atib. 251923.]
THE CHRONICLE
815
had from Germany in the near future pending re- services of any international experts to tell her what
establishment of her ability to make direct money she ought to ask."
The Associated Press correspondent in London
payments. His plan consists of five points: 1. The
railroads on the left bank of the Rhine will be turned sent word Tuesday evening that "Premier Poincare's
over to a company in which will participate France, reply to the British reparations note was delivered
Belgium, England and Rhinelanders. 2. Part of the at the Foreign Office late to-night and copies were
coal mines of the Ruhr,including those owned by the distributed to Prime Minister Baldwin and the other
German State, will be turned over to an inter-Allied Ministers, who are on their vacations in the country.
company. 3. Payments in kind will be resumed. 4. A copy was sent direct to Foreign Secretary Marquis
Germany shall fix all customs duties in gold and Curzon at Bagnolles, France, where he is vacationturn over the total to the Reparations Commission ing, by the British Embassy in Paris." He added in
under Allied supervision. 5. Germany will in addi- a cablegram the next morning that "the fact that
tion debit 26% on the value of all exports, as she Premier Baldwin has made no sign of changing his
promised to do in accepting the 1921 schedule, and holiday plans seems to prove that little hope is enthis 26%,levied on exports in money of the purchas- tertained that the French rejoinder will lead to anying country, shall be turned over to the Reparations thing but a continuance of the already protracted neCommission. As for all foreign export of products gotiations."
from the Ruhr this 26% is to be levied and collected
It seems, according to a Duesseldorf cablegram to
by the occupying authorities. M. Poincare accepts
New York "Times," that there had been considfor
moratorium
payments,
a
of
cash
the
and
principle
the
erable discussion there already of one feature of M.
is willing to discuss details with the Allies."
Regarding the payment of the French debt to Poincare's proposals. It was stated that "between
America, the "Times" representative observed that the French authorities here and Ruhr industrialists,
"if the present plan providing for collection from who are associated with Chancellor Stresemann's
Germany of what England must pay America goes political party, conversations are going on as to the
through, the French then obviously hinge cancellg possibility of a reparations deal through surrender
tion of their claims on what they regard as a satis- of the Rhineland railroads to the Allies to form the
factory arrangement with Washington, which means basis of an international reparations loan. Adminan arrangement for payment by Germany." He fur- istration of the railroads would be placed in the
ther stated that "M.Poincare goes on the basis that hands of an Allied commission with representation
France cannot pay America until she has regulated in proportion to their percentage of reparations inthe problem of reconstruction, by which time it terest and would include also representatives of
would become clear what Germany could pay and Germany, Holland and qwitzerland as the countries
whether the United States would insist on payment most interested in the Rhineland railroad system.
in full by France. It is well known that M. Poin- This plan is being discussed very largely here by
care has been studying for submission to Washing- both sides and the more it is discussed the more it
ton a plan by which America would tentatively agree appears acceptable. Several of the biggest Ruhr
to accept part payment by Germany after a certain magnates have already indicated that they would
number of years, France all the while remaining re- invest money largely in a loan on such a guarantee
sponsible for her debt." In the opinion of the au- and to the French the plan is agreeable as likely to
thor of the "Times" dispatch, "the new French note solve more problems titan that of providing means
contains more constructive suggestions than any pre- by which Germany could make immediate payment."
ceding notes and it amounts to an invitation to EngBrussels sent word on August 20 that "the meetland to discuss an Allied reparations plan on the ing of the-Cabinet which was to have been held tobases proposed by M. Poincare and to an invitation morrow has been postponed till Wednesday afterto Germany to discuss the application of the plan, al- noon. Premier Theunis and Foreign Minister Jasways after passive resistance shall have ceased." He par will then submit to their colleagues the text of
pointed out that "the French plan carries with it an the reply of Belgium to the British note. The docuofficial moratorium for a period to be fixed, which ment will be transmitted to M. Poincare Wednesday
it is thought here would be at least five years, during night and. dispatched to London Thursday." He
which time the German Government would be called added that "the Belgian reply will discuss the quesupon for no gold payments direct and would be tion of Belgian priority and will state the sum reobliged to make payments only for deliveries in kind, ceived by Belgium up to the present on account of
which payments can always be made in current reparations with regard to occupation of the Ruhr.
money of the Reich." The French reply was made The Government will emphasize the fact that occupapublic officially in Paris on Wednesday. The New tion will be modified in proportion to the payments
York "Times" correspondent at that centre cabled and guarantees of the Germans. The Belgian reply
that it "is a document of fifty typewritten pages, in will take note of the fact that in her note,for the first
which to the extent of more than 15,000 words he sets time in an official document, Great Britain fixes the
forth the French position on reparations as follows: amount of indemnity she considers she ought to reFirst, France wants from Germany 26,000,000,000 ceive on account of reparations. It is this fact, in
gold marks to pay for reconstruction plus what she the opinion of the Government, which permits of nemust pay England and America on the inter-Allied gotiations being continued." The statement came
debts. Second, she is convinced that Germany can from the Belgian capital on Thursday morning that
pay this. Third, she has gone into the Ruhr to com- "the Belgian Government's reply to the British reppel Germany to pay. Fourth, she intends to stay in arations note will not be sent to London before Satthe Ruhr till Germany does pay. Fifth, she will pay urday or Monday. A Cabinet meeting to-day [Wedneither England nor America until Germany has nesday] approved its main lines." According to the
paid to her in full 26,000,000,000 gold marks. Sixth, dispatch also, "it is understood the communication
that being France's position she does not need the will strictly maintain Belgium's viewpoint on the
816
THE CHRONICLE
questioR of priority in payments. It will also set
forth with great detail proposals to exploit German
State undertakings, and will suggest some sort of an
inter-Allied conference." Paris sent word yesterday
morning that the reply "will propose a conference of
Premiers and Foreign Ministers with a view to reaching some sort of a reparations agreement."
[Vol,. 117.
from his vacation at Aix-les-Bains, it became known
to-day. The British Premier feels that while in
France he should profit by the suggestion contained
at the end of M. Poincare's note that France was
ready to discuss the indemnity problem verbally. It
is thought possible Lord Curzon, the Secretary for
Foreign Affairs, may participate in this conference,
since he plans to remain for some time at Bagnolles,
As to the British opinion of the French reply, the Frcl ce, where he is at present recuperating."
London correspondent of the New York "Herald," in
a cablegram Thursday morning,said in part:"Prime
In his speech at Charleville last Sunday, the 19th,
Minister Baldwin returned to London this [Wednes- M. Poincare "declared that France would pursue
day] evening to study the French reply to the Brit- without weakening her reparations policy, 'which
ish reparations note, the reading of the summary of has reached the approval of both Chambers and
which caused general disappointment here to-day. which we are sure represents the general wish of the
The most moderate criticism was that it did not ad- country.'" The Paris correspondent of the New
vance prospects of a reparations settlement. The York "Times" added that "the French Premier made
extreme view of it was that it only showed the al ardent plea for a continuance of the Entente CorFrench determination to remain in the Ruhr, and diale and expressed the opinion that England would
that it was tantamount to a repudiation of the do better for herself by joining again with France
French debts to this country and America by insist- than by treating separately with Germany. Quoting
ing that until France had been fully repaid by Ger- figures, he denied that Ruhr occupation had hurt
many she could not meet her obligations. More cau- British business." The head of the French Cabinet
tious opinions, however, are expressed in political was reported to have spoken as follows on this subquarters, where it is still hoped that the Belgian re- ject: "Since unity saved our life—not only the life
ply may contain some helpful suggestions." The of France but the life of all the Allies—it is not posLondon representative of the New York "Times" sible that now, our life saved, union can become usesaid that "the British Cabinet is likely to wait until less. As for us, we consider criminal any word or
the Belgian note has been received before it comes act which troubles or weakens it. We shall continue
together for formal consideration of the French note. to make every effort to consolidate our policy with
The Belgian Government is not expected to do more that of our Allies, and we will always be ready to
than give general support to France and to insist seek with them any benefits which concerted action
upon its own rights to priority, but it is thought here may bring to their suffering." As to the effect of the
that it would be better to have all documents in the Ruhr occupation on British trade, the speaker ascase together before the Cabinet is summoned." This serted that "in the last seven months the exports and
means a delay of only a few days. He added that imports of Great Britain were greater both in weight
"individual opinions on the French note generally and value than they were in the first seven months
vary considerably, but on the whole it may be said of 1922. The transit of commerce through England,
that there is a widespread impression that France he said, was 13/
1
2% greater than re-exportation in
offers nothing except an opportunity for continued the same months last year." In his address before
discussions, which is the last thing Great Britain the City Hall in Charleville last Sunday, the French
wants. However, Premier Poincare's reply will re- Prime Minister concluded by saying, "there are peoceive careful study before final decision upon it is ple who say 'Don't think any more about it. The
reached."
nightmare is over. Forget and end it.' No, we shall
forget nothing. We shall remember not to curse, not
Purporting to reflect French opinion the Paris to hate, but the better to know, the better to undercorrespondent of the New York "Tribune" cabled stand and the better to watch." The New York
that, "with the complete text of the French note re- "Times" representative in London cabled early Monplying to Great Britain's recent "showdown" docu- day morning that "Premier Poincare's speech at
ment made public to-day, the conclusion is accepted Charleville yesterday has not increased the hope
here generally that Premier Poincare has put it that the French reply to the British note on the Ruhr
flatly up to President Coolidge to say whether Eu- and reparations will meet the requirements of this
rope's reparations question, which Washington has country. The French Premier preaches the gospel
so firmly refused to touch, shall continue toward a of united Allied action. Great Britain, as the Lonsettlement or shall fall back into an impasse of Con- don 'Times' points out, has always sought united
tinental bickering. Even greater interest is mani- action." He added that "M.Poincare's statistics refested here by the next move from Washington gen- garding British unemployment are declared to show
erated from M. Poincare's reply than in what form no real understanding of Britain's difficult position,
England will issue a rejoinder. The United States for they relate to too short a period."
is asked to say when and how it intends to collect the
Apparently the French Government was both faFrench war debt. It is made clear that France desires more than the simple statement that the United vorably and unfavorably impressed in advance by
the cabled accounts of a note.which Secretary of
Stales intends to collect that which is due."
State Hughes sent to the Allied Powers late last
The following sensible statements and suggestions week. The statement was made in a Paris cablegram
appeared in an Associated Press dispatch from Lon- to the New York "Times" that was filed a week ago
don Thursday evening: "Recognizing the futility of this evening, that "at the French Foreign Office it
a further exchange of lengthy notes on the repara- was said late this afternoon that the Government had
tions issue, Prime Minister Baldwin has decided to not received the statement on reparations by Secremeet Premier Poincare upon the former's return tary Hughes, announced in news dispatches from the
AUG. 25 1923.]
THE CHRONICLE
United States, which reaffirms the position of the
United States." The correspondent added that "it
is pointed out that the position of the French Government likewise has not changed since that period
when, it will be recalled, Secretary Hughes's suggestion was ignored by Paris and occupation of the
Ruhr followed soon afterward. Therefore it is taken
for granted that M. Poincare will not accept the international commission which Mr. Hughes advocates
because the nations making up the commission would
not guarantee payment of the total they would fix
and because he regards,it as impossible to establish
now what Germany may be able to pay ten years
hence. Since he thinks any such estimate must be a
guess, he prefers to do his own guessing." He also
said: "However, the French derive some comfort
from the contents of Secretary Hughes's statement
as a forecast in that he says America would be interested in an international reparations commission
only if all the Allies accepted, which means to say
America will take no initiative in that direction so
long as France is opposed to such a system, which
in turn is taken to mean America would not join in
the mooted English plan to fix a reparations total
independent of France."
The German Government has been more concerned
over the financial and monetary situations than over
a reply either to Premier Poincare's reply to the
British note or his speech at Charleville last Sunday.
The mark has continued to depreciate at a rapid rate.
According to Berlin advices, Germany has been on
the verge of an actual panic. In a cablegram under
date of August 21, the Berlin correspondent of the
New York "Tribune" observed that "apparently the
breathing space won for Germany by the recent
Cabinet change is not to be of long duration. Symptoms were accumulating to-day that presage another
crisis and already the first breath of panic is felt
here. With receipt of the news of yesterday's quotation of the mark in New York, showing a decline of
100% in 24 hours, registering a low record, the feeling quickly developed into a widespread insistence
that the country is again on the brink of another political and social paroxysm." On August 17 the representative in the German capital of the New York
"Herald" said that "the Government's efforts to put
German finances upon a gold basis have met with a
sharp setback. Sabotage of Finance Minister Hilferding's normalization policy on the part of the
Reichsbank is openly charged by several newspapers.
With subscriptions to the new gold loan lagging and
the mark renewing its reckless nose diving Dr. Havenstein, President of that institution, continues to
deal out currency loans in the most generous fashion." The New York "Tribune" correspondent declared "that the new internal gold loan, upon which
the Government set so much hope as a means for the
creation of a new special fund of foreign currencies
to be devoted to the importation of foodstuffs and to
the support of the mark in the world money market,
is not progressing favorably is evidenced by the absence of concrete figures showing the progress of the
loan campaign." He likewise asserted that "the
Reichsbank still continues to refuse to co-operate
with the Government in its plan to stabilize currency." Continuing to comment on the situation,
the "Tribune" correspondent said: "Friends of
the Stresemann Government do not underestimate
the blow dealt it by the resumption of the decline of
817
the mark, which threatened to disarrange the entire
stabilization program and to interfere seriously with
the importation of foodstuffs. This, combined with
the growing industrial depression, which the conservatives insist is due to the Government's radical
taxation program, and the rise in prices above world
levels, wiping out any favorable competition which
German industry has enjoyed hitherto, are the chief
causes of the apprehension visible everywhere."
As to the Reichsbank situation, he cabled that "influential members of the Social-Democratic Party,
constituting the Socialist bloc in the Reichstag, today [Aug. 17] issued an ultimatum to Herr Havenstein and Herr Glasenapp, President and Vice-President respectively of the Reichsbank, demanding their
resignation within three days." The dispatch also
stated that "if they fail to obey the ultimatum the
Socialists announce they will force a proposal to reconvoke the Reichstag, which only adjourned Wednesd after a week of feverish activity, for the purpose
of revising the statutes of the Reichsbank in a manner permitting the dismissal of the head officials."
On August 21 the Central News of London received
a Berlin dispatch stating that "Rudolf Havenstein,
President of the Reichsbank, has resigned." It was
reported also that he had been "summoned to meet
President Ebert and Chancellor Stresemann." From
Berlin came an Associated Press dispatch Wednesday evening that"the report that Rudolf Havenstein,
President of the Reichsbank, has resigned is entirely
without foundation, it was semi-officially stated this
morning."
That a determined effort has been made by the
German Government to bolster up the currency situation has been made clear in Berlin cable advices
practically all week. Under date of August 21 the
Associated Press representative said that "Germany's industrialists, commercial organizations.
and banks will be immediately called upon to state
under oath the amount of foreign currencies in their
possession so as to enable the Government to requisition a certain percentage for the purpose of creating
a national defense fund. With this money the Government will endeavor to put a prop under the tumbling mark and establish a fund for food purchases
abroad." He further stated that "this emergency
piograna was agreed upon at an extraordinary session of the Cabinet last night, continuing into the
early hours of this morning. President Ebert, Chancellor Stresemann and the entire Ministry are convinced that nothing short of dictatorial measures
will save the internal situation which is now fast
careening, not only because of the mark's further collapse, but chiefly because of the utter chaOs prevailing in all lines as a result of the introduction of 'gold
mark' wages and prices, completely upsetting the
conditions of production and retailing.",
Still another development in the greatly troubled
and complicated German situation was outlined in
part as follows by the New York "Times" correspondent at Duesseldorf in a dispatch dated August 20:
"Since last Wednesday's meeting at Coblenz all the
independent Rhineland parties have united their
forces and formed a single organization, of which
the object will be the creation of a republic of the
Rhineland and Ruhr, entirely separate from the
German Reich and from other countries of Germany.
At the head of this movement is Dr. Dorten, most
818
THE CHRONICLE
[VoL. 117.
noted of all the separatist leaders, but the man be- many's reparations
obligations." He was reported
hind the new grouping is Hugo von Metzen, descend- to have made the
following statements also: "For
ant of an old Rhineland family and formerly engi- the liberation
of German soil, for the maintenance of
neer in the great Krupp firm at Essen. Dr. Dorten our sovereignty
and for the consolidation of our situformerly sought only technical separation of the ation, it would not
be too great a sacrifice to offer
Rhineland and its inclusion in the Federation of Ger- part of the German
economic system as a productive
man States, an arrangement provided for, if desired pledge for carrying
out Germany's reparations obliby the people, in the Constitution of Weimar. But gations. If the French
Government sincerely desires
von Metzen wants more. He, with Herr Matess of to receive positive
pledges for German deliveries afthe Bonn separatists and Dr. Voltheroff of Duessel- ter the expiration
of the moratorium, we can find a
dorf, wants complete and absolute independence. way of reaching an
understanding. But no differenThey want an independent country as self-governing tiation must be
made between the Rhineland and the
as Holland or Switzerland and guaranteed against Ruhr on one hand and
the German Reich on the
aggression as Belgium was, by the neighboring Pow- other. Germany cannot
accept as a basis for a soluers or by the League of Nations."
tion of the reparations question even a temporary
That the German Government has decided to re- pledging of the Ruhr or a
transfer of the Rhineland
sort to extreme measures to strengthen the financial railways and collieries
or other property in the
situation was clearly indicated in an Associated Rhineland or Ruhr, as
suggested in Documents 2:1
Press dispatch made available here Thursday morn- and 25 of the French Yellow Book."
ing. It stated that "the compulsory requisitioning
for confiscation of foreign currencies wherever found
Nominations for members in the Free State Paris provided for in the Government's program which liament of Ireland
were made on August 18. The
becomes effective immediately. Announcement of it New York "Times" representat
ive at Dublin cabled
was made at a conference between Chancellor that "at least 400
candidates were nominated on that
Stresemann, Finance Minister Hilferding and Min- day for 153 seats in
the Free State Parliament, conister of Economics Raumer, representing the Gov- stituting the most
remarkable election in Irish hisernment, and a delegation from the League of Indus- tory. The task of computing
the returns will be diftrialists. The Government had apprised Berlin's ficult, especially with
proportional representation
banks of its determination to gather in all gold cur- system of voting."
He said that "three members
rencies, by force, wherever they were not surrendered only have been elected
by acclamation, namely Provoluntarily." According to the dispatch also, "the fessors Alton and Thrift
and Sir James Craig, repreChancellor told the leaders of finance and big busi- senting Trinity College."
Continuing, he stated that
ness that the Government would not countenance the "returns from the country
are not complete, but De
slightest attempt to evade the provisions of the ordi- Valera was nominated in
Clare. President Cosgrave
nance and would deal with all slackers in the most has as his opponent in
Kilkenny Michael Barry,
drastic manner. All foreign moneys will be gath- brother of Kevin Barry, who
was hanged by the Britered in and the owners reimbursed with paper marks. ish during the 'Black and Tan'
days. Frank Aitken,
The funds will be devoted to an effort to regulate the De Valera's chief of staff,
was nominated in the
internal financial chaos and establish a reserve from South. Minister Blythe is up
for Monaghan and the
which food purchases abroad may be made. The or- Republicans are
confident of his defeat." The
dinance provides excessive money fines and the con- "Times" further commented
on the situation as folfiscation of private fortunes for concealment of for- lows: "To-morrow
will be a busy day. President
eign currencies and demands voluntary declaration Cosgrave goes to Ennis
and returns by airplane to
of such possession. The extent of which holdings address meetings in
Waterford, Kilkenny and Carwill be requisitioned depends upon whether or not low. De Valera has
been brought to Dublin under
the holder needs them for legitimate business pur- heavy escort and will
be lodged in Mountjoy Prison
poses. The Government expects to realize between to-night.
The meeting he proposed to address to260,000,000 and 300,000,000 gold marks from the morrow in Dublin
will take place. Be Valera's
initial raid."
headquarters in Suffolk Street were visited by GovDr. Rudolf Hilferding, Minister of Finance, was ernment forces this
evening." In a Dublin dispatch
quoted as having 'told the Budget Committee of the to the New York "Herald"
,under date of August 21
Reichstag on Thursday that "the financial and polit- it was claimed
that "disorders developing into terical situation facing the new German Government rorism and violence in
some places were general tomust be regarded as well-nigh desperate." Accord- day [Aug. 21] throughout
the lake regions of Ireing to a Berlin dispatch to the New York "Tribune" land. In Wexford a
Republican flying column is
yesterday morning, the Chancellor was expected to cycling through the
country smashing up Free State
reply during the day "to Premier Poincare's propos- meetings. Waterford's
farmers' meetings have been
als as embodied in the French note to Great Britain." stopped and the roads
blocked with barbed wire."
It was added that "it will be delivered before the an- The author of the
dispatch added that "President
nual meeting of the Association of German Chambers Cosgrave, who is touring
Kilkenny, said he would
of Commerce, which.represent the most formidable take twice as many
prisoners should it be necessary
figures in trade and industry." Special attention to guarantee public
liberty. 'We only ordered execuwas called to the fact that "it also will be the first tions when every appeal
to reason failed,' he said.
time that an important State declaration has been 'Only when a strong hand
was necessary. Make no
delivered by a German Chancellor outside of the mistake about it. I shall
do it again if necessary.'"
Reichstag or its committee rooms." According to a
Berlin Dispatch to the Associated Press yesterday
No change has been noted in official discount rates
afternoon, Dr. Stresemann asserted that "the pres- at leading European centres from 30% in Berlin; 6%
ent German Government stands by the offer made by in Denmark and Norway; 53'% in Belgium; 5% in
the recent Cuno Government for the meeting of Ger- France and Madrid;
4% in sweden and 4% in
THE CHRONTCLE
AUG. 25 1923.]
London. Switzerland and Holland. In London open
market discount rates were steady at the levels prevailing a week earlier, viz., 3@31-16% for short bills
and 334@3 3-16% for three months bills. Money on
call at the British centre was easier, however, and declined to 23/s%, against 2%% last week. The open
market discount rate at Paris continues to be quoted
/%,the same as a
at 4% and in Switzerland at 13
week ago.
A further small loss in gold (£977) was shown by
the Bank of England statement for the week ending
Aug. 23. This, hOwever, was again accompanied
by an addition to reserve of £551,000, in consequence
of a reduction of £552,000 in note circulation, and
the proportion of reserves to liabilities again advanced, this time to 19.02%, against 18.89% last
week and only 17.52% the week of Aug. 2. At this
time last year the ratio stood at 18.08% and in 1921
at 15.60%. Material changes were noted in the deposit items, public deposits increasing £4,908,000,
though "other" deposits were reduced £2,824,000.
Increases were shown in loans on Government securities of £620,000 and of £933,000 in loans on other
securities. The Bank's stock of gold stands at
£127,643,276, against £127,417,304 in 1922 and
£128,402,703 a year earlier. Reserve totals L23,117,000. In the corresponding week of last year it was
£22,413,164 and the year before £20,888,148. Loans
amount to £70,052,000, in comparison with £75,763,103 and £78,658,583 one and two years ago, respectively. Note circulation has reached a total of L124,276,000, which compares with £123,553,000 the year
previous and £125,964,555 in 1921.
Clearings
through the London banks for the week amounted to
£586,866,000, as against £613,757,000 a week ago
and £600,046,000 last year. No change has been
made in the Bank's minimum discount rate of 4%.
We append herewith comparisons of the principal
items of the Bank of England returns for a series of
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1922.
1921.
1920.
1919.
Aug. 22.
Aug, 23.
Aug. 24.
Aug. 25.
Aug. 27.
Circulation
124,276,000
Public deposits
15,324,000
Other deposits
106,197,000
Governm't securities 46,455,000
Other securities_
70,052,000
Reserve notes & coin 23,117,000
Coin and bullion_ 127,643,276
Proportion of reserve
to liabilities
19.02%
Bank rate
4%
123,453,660
18,457,895
105,496,490
43,853.202
75,763,103
22,413,614
127,417,304
125,964,555
17,706,354
116,186,287
52,415,435
78,658,583
20,888,148
128,402,703
124,893,550
15,363,947
100,591,209
41,555,460
75,883,141
16,585,307
123,028,857
79,800,445
23,260,881
94,918,355
29,784,753
79,569,477
26,893,648
88,244,093
18.08%
3%
15.60%
5%
14.30%
7%
22.80%
5%
819
6,683,184,785 francs. Comparisons of the various
items in this week's return with the statement of last
week and corresponding dates in both 1922 and 1921
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Aug.23 1923. Aug. 241922. Aug.251921.
Francs.
Francs.
Francs.
Francs.
Gold holdings—
Inc.
29,000 3,673,596,873 3,582,713,009 3,573,764,716
In France
No change
1,864,344,927 1,948,367,056 1,94g,867,056
Abroad
Inc.
29,000
Total
Inc.
91,900
Silver
Bills discounted_ Dec. 93,040,000
Dec. 23,560,000
Advances
Note circulation_ _Dec. 154,251,000
Treasury deposits_Dee. 2,363,000
General deposits_ _Inc. 152,228,000
5,537,941,800
294,302,000
2,311,495,000
2,099,418,000
37,111,155,000
12,424,000
2,104,272,000
5,531,080,065 5,52: ,13t.773
285,669,189
27f 6752,552
1,897,692,003 2,4584t3,819
2,130,138,536 2,1( 6,616,537
36,050,884,200 36,712,9)9,925
(1,8 tl.914
27,597,402
2,111,317,176 .2,687,141,242
The Federal Rseerve Bank statement, issued
Thursday afternoon, revealed continued drawing
down of the banks' portfolios. For the combined
System rediscounts of all classes of paper declined
approximately $20,800,000. Bill buying in the open
. on
market increased $3,400,000; hence total bills
hand fell $17,400,000. At the same time earning
assets were reduced $23,000,000 and deposits 01,000,000. In New York rediscounting of Government secured paper declined $22,000,000 and "all Gther" $6,000,000. Here open market purchases increased $4,000,000, and the net result was a decrease in total
bill holdings of $24,000,000. A decline of $26,000,000 was reported in the earning assets and of $6,500,000 in deposits. In both statements the total of Federal Reserve notes in active circulation showed a reduction—$6,700,000 nationally and $1,600,000 at the
local bank. The banks as a group reported a small
gain in gold, namely $2,000,000, but New York in its
transactions with interior institutions added $27,000,000 to its gold reserves. Member bank reserve
accounts were again reduced,$26,000,000 for the System and $9,000,000 at New York. As a result of the
gains in gold holdings and declines in deposits and
circulation, reserve ratios were strengthened. The
combined statement showed an increase of .6% to
77.9% and the New York bank of 2.8%, to 85.9%.
Further contraction in loans and deposits featured
last Saturday's statement of New York Clearing
House banks and trust companies. The loan item
was reduced no less than $76,258,000, while net demand deposits fell $53,638,000, to $3,551,261,000.
This is exclusive of Government deposits to the
amount of $29,135,000. Time deposits also declined,
to $455,528,000, a loss of $4,268,000. Other lesser
changes included a decrease of $4,005,000 in "cash in
own vaults of members of the Federal Reserve Bank,
to $45,297,000 (not counted as reserve), a falling off
in the reserve of State banks and trust companies in
own vaults of $84,000 and an increase of $188,000 in
the reserves of these same institutions kept in other
depositories. Member banks drew down their reserve credits at the Reserve Bank in the large sum of
$15,131,000; so that notwithstanding the lowering of
deposits, surplus suffered a loss of $7,938,750; thus
bringing excess reserves down to $12,682,310, from
$20,621,060 last week. The figures here given for
surplus are on the basis of reserves above legal requirements of 13% for member banks of the Federal
Reserve System, but not including cash in own vaults
to the amount of $45,297,000 held by these banks on
Saturday last.
The Bank of France continues to report small gains
in its gold item, the increase this week being 29,000
francs. The Bank's aggregate gold holdings, therefore, now stand at 5,537,941,800 francs, as against
5,531,080,065 francs at this time last year and 5,522,131,773 francs the , year before; of these amounts
1,864,344,927 francs were held abroad in 1923 and
1,948,367 056 francs in both 1922 and 1921. Silver,
during the week, increased 91,000 francs, while
general deposits rose 152,228,000 francs. On the
other hand, bills discounted decreased 93,040,000
francs, advances fell off 23,560,000 francs and Treasury deposits were reduced 2,363,000 francs. Note
circulation registered the further contraction of 154,251,000 francs, reducing the total outstanding to
37,111,155,000 francs. This contrasts with 36,050,884,200 francs on the corresponding date last year
and with 36,782,999,925 francs in11921. Just prior
In the money market definite statements that
to the outbreak offwar in 1914, the amount was only plans had been practically completed for the sale to
820
THE CHRONICLE
(VOL. 117.
FOR DELIVERY WITHIN THIRTY DAYS.
New York bankers of a good-sized block of bonds by
Eligible member banks
434 bid
the Argentine Government, and also of the prospect Eligible
non-member banks
434 bid
of similar transactions by one or more other foreign
Governments in the near future, brought no real. There have been no changes this week in Federal
change in the local money situation. The market Reserve Bank rates. The following is the schedule
of
now in effect for the various classes of paper
was not affected either by reports from Washington at rates
the different Reserve banks:
that the Treasury Department would offer perhaps
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT AUGUST 23 1923.
$500,000,000 of new securities in the autumn and
that corporations were likely to be heavy borrowers.
Payer Maturing—
There were no actual domestic developments to
After 90 After 6
but
Days, but
change the money market here. Transactions in FEDERAL
Within 90 Days.
WOMB 6 Within 9
RESERVE
Months. Months.
BANK.
both stocks and bonds continued on a moderate scale.
Com'rcial Secur. by
A(pieta.
Agricul. U. S. Bankers' Trade
and
and
There was no perceptible increase in the commercial
&Maul Govt.
Accep- Accep- Livestock Livestock
Paper. Obliga- tames. tames. Paper. Paper.
demand for funds. Some reports were heard of
n.e.s.
lions.
money being called in by interior institutions for Boston
434
434
434
5
434
New York
434
434
4;4
434
434
434
financing the harvesting and movement of crops, but Philadelphia
434
434
5
434
434
434
Cleveland
434
434
434
434
434
434
this movement was not sufficient to change local Richmond
434
434
434
434
4;ti
434
Atlanta
434
434
434
434
43.4
434
rates for money. Brokers' loans were estimated at Chicago
434
4m
434
434
434
434
St. Louis
43.4
434
434
434
434
434
approximately $1,450,000,000 on Aug. 20, a decrease Minneapolis
434
434
434
434
434
434
Kansas City
434
434
434
434
434
434
of $50,000,000 within the last month. That the Dallas
434
434
434
43,4
43.4
434
San Francisco
434
435
434
434
434
financial institutions of tbis city and of the country *Including bankers' acceptances drawn
for an agr cultural purpose and secured
at large are in a strong position seems increasingly by warehouse receipts, &c.
apparent.
Movements in the sterling exchange market have
, Referring to money rates in detail, loans on call not been especially significant, and although the trend
this week have ranged between 432@532%, as com- has been downward, with losses of more than a cent
pared with 43'2@5% last week. Monday a maximum in the pound for the week, this has been due more to
figure of 532% was quoted, but renewals were put slightly larger offerings, coupled with a lack of buying
through at 4%%, and this was the low for the day. demand, than to any particularly adverse developOn Tuesday a flat rate of 5% was quoted, this ment. Dulness has been the outstanding characbeing the high, the low and the ruling quotation. teristic of the week and dealers seem more and more
An easier tone developed on Wednesday and for a committed to a policy of extreme caution in the matter
brief period call loans dropped to 432%; renewals, of exchange trading. After opening at a new low,
however, were still at 5%, which was the minimum. demand bills sold down steadily, until a quotation of
Thursday and Friday all loans on call were nego- 4 543A was reached, the lowest level since December
tiated at 5%, the only rate quoted. The above of last year. Before the close there was a slight rally
figures apply to mixed collateral and all-industrials and the final figure was 4 5532. London sent conwithout differentiation. In time money the general sistently lower cable quotations practically throughsituation remains about the same, but toward the out, which exercised the usual depressing influence
close a slightly firmer undertone was reported, and upon local values, while a renewal of British buying
quotations were advanced to 53'@,532% for all of Liberty bonds in this market was an additional
periods from sixty days to sir months, as against feature in the decline. So far as market sentiment
1 % a week ago. The market was inactive, and is concerned, the general undertone has been more
53.
no large individual transactions were reported in cheerful and with some apparent relaxation in the
tension between the French and British Governany maturity.
Commercial paper has been dealt in to a moderate ments, bankers commenced to express more hopeful
extent. Most of the business passing is for out-of- views regarding the outcome of the reparations tangle;
town institutions, but the turnover was light. Quo- although comparatively few are now predicting an
tations continue at 5% for sixty and ninety days' early settlement. Even though friendly relations
endorsed bills receivable and six months' names of should be maintained and negotiations resumed, it is
choice character, unchanged, with names less well considered extremely doubtful whether any kind of an
known at 53.%. Banks' and bankers' acceptances agreement can be reached in the near future. With
have been in rather more active demand, but the prospects of a long-drawn-out controversy, therefore,
market has presented no new feature. Prime ac- very little increase in activity is deemed likely for
ceptances were in demand by city and country banks. quite some time to come. The expectation seems to
Aggregate transactions, however, were not large. be that sterling prices will be maintained during the
Quotations showed no change and the general tone of next few weeks, but with the customary influx of
the market has been steady. For call loans against bills to cover autumnal shipments of grain and cotton,
bankers' acceptances the posted rate of the American declines are regarded as quite possible. Under norAcceptance Council has been advanced to 472% mal conditions remittances against securities held by
from 4Y4% last week. The Acceptance Council British interests would aid in balancing the claims
makes the discount rates on prime bankers' accep- of American dealers, but as matters now stand the
tances eligible for purchase by the Federal Reserve debt is all on one side, and London bankers will have
banks 47% bid and 4% asked for bills running for to exercise precaution to prevent recessions in the
30 days, 434.% bid and 43'3% asked for bills running value of sterling. Selling for the purpose of accumu1
asked for 120 lating United States dollars must be resorted to from
for 60 to 90 days, 4/% bid and 4/%
days and 4%% bid and 432% asked for bills running time to time. while the continued influx of gold might
ordinarily be expected to weaken exchange. Howfor 150 days. Open market quotations follow:
SPOT DELIVERY.
ever, the intrinsic soundness of England's position
60 Days.
90 Days.
30 Der.
434@4.34
434@434
431(03i may serve to counteract these untoward influences
Prime eligible bills
AUG. 251923.]
THE CHRONICLE
and maintain British currency values in spite of all
obstacles. It is noteworthy that notwithstanding the
, steady outpouring of gold from England since Jan. 1,
both for Government and private account, the position of the Bank of England has improved rather
than weakened.
Referring to quotations in greater detail, sterling
exchange on Saturday last was irregular with a
lower trend; as a result demand sold off to 4 55 5-16
®4 553%, cable transfers to 4 55 9-16@4 56, and
sixty days to 4 53 7-16@4 533"s; trading was inactive.
On Monday British buying of Liberty bonds in
this market brought about weakness and there was
a further recession to 4 54%@4 55 946 for demand,
4 54%@4 55 9-16 for cable transfers and 4 523%®
4 53 11-16 for sixty days. Notwithstanding rallies
in some of the Continental exchanges and a better
undertone generally, sterling quotations were again
lower on Tuesday, and demand ranged between
4 54%@4 55, cable transfers at 4 54%@4 55%,
and sixty days at 4 523g@4 523
4. Wednesday's
market showed an improving tendency and prices
advanced fractionally, to 4 54%@4 55 5-16 for demand, to 4 553'@4 55 9-16 for cable transfers,
and to 4 52%@4 53 1-16 for sixty days. Dulness
was the chief characteristic of Thursday's dealings
and rates were only slightly altered; demand ruled
at 4 543%@4 55 9-16, cable transfers at 4 55®
4 55 13-16, and sixty days at 4 523/
2@4 53 5-16.
On Friday the market was a dull, lifeless affair,
but prices showed fractional gains; the range was
4 5534.@4 553A for demand,4 553/2@4 553% for cabletransfers, and 4 53@4 534
1 for sixty days. Closing
quotations were 4 533/g for sixty days, 4 553A for
demand and 4 55% for cable transfers. Commercial
sight bills finished at 4 55YI., sixty days at 4 52%,
ninety days at 4 51h, documents for payment
(sixty days) at 4 52% and seven-day grain bills
at 4 543%. Cotton and grain for, payment closed
4.
at 4 543
Gold imports were comparatively light, including
a consignment on the SS. Homeric from England,
valued at $1,300,000 and $2,500,000 on the Cunarder
Mauretania. There were also on the latter vessel
six cases of gold, value unknown.
Wild gyrations in both French and German currencies featured dealings in the Continental exchanges
and the week was again marked by a series of spectacular price changes; although trading locally was
generally restricted in volume and the quotations
recorded little more than a reflection of the prevailing
nervousness and unsettlement at foreign centres.
While attention was about evenly divided between
Paris and Berlin exchange, francs took the lead in
point of activity. Speculators were reported as
having participated actively in the week's dealings.
and as largely responsible for the erratic movements
recorded. At the opening sight bills on Paris
advanced 4 points to 5 523. Reports of a slight
lessening in the strain between Great Britain and
France promptly sent shorts to cover and prices shot
/
2-27 points above the recent low. Later
up to 5 681
on, cable advices were somewhat less favorably
regarded and there was a rush to take profits, so that
the quotation slumped to 5 55, with the close 5 62.
It was claimed in some quarters that buying orders
on the part of French bankers, acting for the Government, had not a little to do with bringing about
the recovery in the price of francs. Belgian cur-
821
rency in the main followed the course of French
exchange, and the range was between 4 51 and 4 40,
Reie,hsmarks responded to acute weakness in the
London market with a drop to the diminutive figure
of 0.000013, which is equivalent to about 12 cents
per million marks, or over 8,300,000 marks to the
dollar. Needless to say, dealings in German currency in this market have been almost wholly suspended. It is claimed that to all intents and purposes the mark has been repudiated and is completely
discredited in Germany. Nearly all concerns are
figuring their transactions in either sterling, dollars,
Swiss francs or Dutch guilders, while the action of tne
German Government itself in taxing farmers on a
gold mark basis is regarded as abandonment of the
mark as a unit of value. Business in Germany is
often transacted on the basis of merchandise; that is,
in some form of goods. Farmers are refusing to sell
their produce for paper marks. This extreme low
figure, however, was of brief duration, and the quotation steadied and recovered by degrees from
0.000015 to 0.000019 and then to 0.000024, with the
2. Dealers were inclined towards
close at 0.0000223/
pessimism and despite intimations of a better understanding between the French and English Governments, the belief is evidently spreading that a settlement of the Franco-German situation is likely to be
a lengthy affair beset with troublesome complications. Fears are entertained for another outbreak
of panic in Germany, especially in the absence of
improvement in the Reichsbank condition. The
lesser European exchanges were in neglect and recorded comparatively slight changes. Lire ruled
steady at close to the levels of a week ago. Greek
drachmae and the exchanges of the minor Central
European countries were maintained.
The London check rate on Paris finished at 81.05,
compared with 82.72 last week. In New York
sight bills on the French centre closed at 5.62
4;
4;cable transfers at 5.63, against 5.493
against 5.483
commercial sight bills at 5.61, against 5.463%, and
3 , against 5.433% a
commercial sixty days at 5.554
week ago. Antwerp francs finished the week at
3 for cable transfers,
4.504
3 for checks and 4.514
comparing with 4.37 and 4.38 a week earlier. Final
2 for
quotations for Brlin marks were 0.0000223/
both checks and cable remittances, against 0.000026
last week. Austrian kronen continue at 0.00143g,
regardless of the vagaries of other Continental currencies. Lire closed at 4.313/
2 for bankers' sight
bills and 4.323/2 for cable transfers. This compares
1 and 4.294
1 the previous week. Exwith 4.284
change on Czechoslovakia finished at 2.94, against
1 ; on Bucharest at 0.454
3 , against 0.42; on
2.944
and on Finland
0.00043/
8
0.0034,
, against
Poland at
Greek
preceding.
against
2.77
the
week
at 2.78,
exchange closed at 1.79 for checks and 1.793' for
cable transfers, in comparison with 1.723/2 and
1.733/2 last week.
There is nothing new of •moment to report regarding the former neutral exchanges. Trading
has been narrow and featureless, but quotations in
the main have ruled steady and even higher, with
the single exception of pesetas which again lost
ground.
Guilders and francs, also Copenhagen
kronen, all showed small gains, chiefly in sympathy
with the other Continental exchanges; but Swedish
and Norwegian currencies were weak. Spanish
exchange wasibeavy and reflected the adverse con-
822
ditions prevailing at Madrid by another drop of 35
points to 13.24
for checks. Official statement
that Spain cannot carry on her Moroccan campaign
burdens, military reverses and political unrest at
home, all combined to force down quotations. At
the close there was a partial recovery on plans for
Government stabilization.
Bankers' sight on Amsterdam closed at 39.31,
against 39.26; cable transfers at 39.35 (unchanged);
commercial sight at 39.25, against 39.19 and commercial sixty days at 38.89, against 38.98 last week.
Closing rates on Swiss francs were 18.073/2 for
bankers' sight bills and 18.083/2 for cable remittances,
as compared with 1:8.09 and 18.10 a week ago.
Copenhagen checks closed at 18.65 and cable transfers at 18.60, against 18.57 and 18.61. Checks on
Sweden finished at 26.58 and cable transfers at
26.62, against 26.62 and 26.66, while checks on Norway closed at 16.26 and cable transfers at 16.30,
against 16.40 and 16.44 the preceding week. Spanish
pesetas finished at 13.44 for checks and 13.48
for cable transfers. A week ago the close was 13.59
and 13.61.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922,
AUGUST 18 1923 TO AUGUST 24 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and
Monetary Unit.
Aug. 18. Aug.20. Aug. 21. Aug. 22. Aug. 23. Aug. 24.
EUROPE$
$
$
$
$
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
.0442
.0445
.0445
.0450
.0447
.0442
Bulgaria, ley
009600 .009560 .009500 .009533 .009433 .009450
Czechoslovakia, krond 029325 .029328 .029322 .029358 .029344 .029358
Denmark, krone
1859
.1861
.1865
.1868
.1865
.1860
England, pound stezp
ing_
_14.5575
4.5558
4.5561
4.5520
4.5491
4.5525
Finland, markka
027719 .027703 .027684 .027700 .027700 .027694
France,franc
,.0552
.0562
.0557
.0559
.0558
.0562
Germany, reichsmarkl.00000025.00000018.00000016 .00000020-.00000021 .00000023
Greece, drachma
.016756 .016556 .016925 .017522 .017256 .017656
Holland, guilder
.3935
.3936
3936
.3935
.3936
.3936
Hungary, krone
.000057 .000057 .000056 .000056 .000056 .000056
Italy. Ura•
.0431
.0430
0429
.0430
.0430
.0431
Norway, krone
.1631
.1629
.1631
.1633
.1636
.1637
Poland, mark
0000040 .0000040 .0000041 .0000041 .0000041 .0000041
Portugal, escudo
, 0409
.0441
.0410
.0445
.0461
.0449
Rumania,lets
004238 .004341 .004678 .004728 .004606 .004566
Spain, peseta
.1347
.1328
1359
.1347
.1330
.1332
Sweden, krona
2663
.2661
.2659
.2657
.2660
2659
Switzerland, franc__ .1809
.1807
.1808
.1807
.1807
.1808
Yugoslavia, dinar-, .010503 .010494 .010503 .010506 .010494 .010500
ASIAC/dna-•
Chefoo tact
.7163
.7188
.7154 , .7171
.7138
.7138
Hankow tadl
..: .7142
.7117
.7108
.7092
.7092
.7125
Shanghai tadl
.6987
.6991
.6959
.6988
.6960
.6982
Tientsin tadl
.7263
.7238
.7213
.7229
.7246
.7213
Hongkong dollar-, .5199
.5200
.5184
.5198
.5177
.5191
Mexican dollar__ - .5063
.5077
.5069
.5042
.5044
.5054
Tientsin or Pelyang
dollar
_, .5088
.5071
.5088
.5067
.5071
.5067
Yuan dollar
5096
.5079
.5096
.5083
.5096
.5083
India, rupee
.3043
3046
.3038
.3030
.3032
.3031
Japan, yen
4888
.4892
.4896
.4894
.4896
.4893
Singapore(S.S.)dollar .6325
.5325
.5325
.5321
.5325
.5325
NORTH AMER.Canada, dollar
.977106 .977274 .977153 .977083 .976924 .976890
Cuba, peso
.998813 .998813 .998813 .998750 .998688 .998438
Mexico, peso
483594 .484375 .483542 .482656 .483542 .483281
Newfoundland, dolls .974609 .974688 .974688 .974609 .974453 .974219
SOUTH AMER.Argentina, peso (gold) .7370
.7322
.7317
.7319
.7364
.7347
Brazil, mllrels
.0987
.0984
.0983
.0927
.0937
.0983
.1225
Chile, peso (paper)
.1230
.1223
.1208
.1212
.1209
nrnanaly naan
•
[VOL. 117.
THE CITRONTCLE
7281
_7122
7220
729a
71QA
7298
With regard to South American quotations, further
declines were recorded, and the check rate for Argentina finished at 32.50 and cable transfers at 32.55,
against 32.65 and 32.70 last week. Brazilian exchange hovered around 10.05, until Thursday, when
there was a sharp drop of about 50 points, largely as
a result of the failure of the recently announced plan
of artificial stabilization of exchange rates and withdrawal of support. Closing quotations on milreis
were 9.45 for checks and 9.50 for cable transfers, in
comparison with 9.95 and 10.00 a week ago. Chilean
exchange was a shade firmer, at 12.50, but closed at
12.35 (unchanged), while Peru was weaker, at 4 12,
against 4 18.
Far Eastern exchange was as follows: Hong Kong,
52@5234, against 52(4)523; Shanghai, 703@703',
against 70@)7032; Yokohama, 493/
8@49%, against
49%@49%,
against
49%@493/2;
49@49%; Manila,
Singapore, 5332@53% (unchanged); Bombay, 30%
@,30%, against 31@313', and Calcutta, 31@)313
(unchanged).
The New York Clearing House banks in their
operations with interior banking institutions, have
gained $4,667,602 net in cash as a result of the currency movements for the week ended Aug. 23.
Their receipts from the interior have aggregated
$5,645,602, while the shipments have reached $978,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Out of
Banks.
Into
Banks.
Week ending August 23.
$5,645,602
Banks' interior movement
Gain or Loss
to Banks.
$978.000 Gain $4,667,602
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEkir YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Aug. 18. Aug. 20.
Tuesda . Wednes&y, Thursday, Friday,
Aug. 21. Aug. 22. Aug. 23. Aug. 24.
Aggregate
for Week.
$
$
$
$
62,000,000 70,000,000 51,000,000 42,000,000 59,000.000 51,000,000 Cr. 335,000,00e
Note.-The foregoing heavy credits reflect the huge mass of checks which corn
to the New York Reserve Bank from all parts of the country in the operation o
the Federal Reserve System's par collection scheme. These large credit balances.
however,reflect only a part of the Reserve Bank's operations with the Clearing Ho use
institutions, as only the Items payable In New York City are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
August 23 1923.
August 24 1922.
Banks of
Gold.
Silver.
I
Total.
I
Gold.
I
Silver.
I
Total.
£1£131£1
England_ _ 127,643,276
127.643 ,0'
127,417,304
France_ a _ 146,943,906 11,760,000158,703,906143,309,021 11,400,000154,709.021
Germany_ 33,567,150 63,475.400 37,042,550 50,111.380
976.650 51,088,030
Aus.-Hun. 10,944,000 2,369,000 13,313.000 10,944,000 2,369,000 13,313,000
Spain
101,031,000 26,439,000127,470,000100,937,000 25,850,000126,787,000
Italy
35,536,000, 3,026,000 38,562,000 34,568,000 3,409,000 37,617,000
Netherl'ds 48,483,000
906,000 49,339,000 50,496,000
726,000 51,222,000
Nat. Belg_ 10,789,000 2,534,000, 13,323,000 10,664,000 1.857,000, 12,521,000
SwItzerl'd 22,003,000 4,050,000 26,053,000 20,648,000 4,622,000 25,270,000
Sweden_
15,157.000;
15,157,000 15,218,000
15 218,000
Denmark _ 11.649,000i
262,000 11,911,0001 12,683,000
218,0001 12,901,000
Norway
8,182.000
8.183,0 0
8,182,000 8,183.000
1
1
1
Total week 571,928,3321 54,821 A001826.749,7321585,178,7051 51,067,650636,246,355
Prey. week 570,948,118 54,914,400625,862,5181585.224,421 51,182,050636,407,071
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b It is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began including in Its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver, there
is now no way of arriving at the Bank's stock of silver, and we therefore carry It
along at the figure computed March 7 1923.
Less Work for the President-By a Return
to First Principles.
We have referred twice already to the problem of
reducing the labor of the Chief Executive of the nation, but the subject keeps engaging attention. And
well it may. Life, elevated to high place, is too important to our government to be trifled with. If
there was none but this material view, that would
be enough. But master,and servant, people and
President, places upon the master due consideration
of the welfare and well-being of the servant. The
memory of the kindly man, stricken down in time of
peace while seeking a closer bond and a more complete "understanding" with the people, lingers with
us, poignantly admonitory. The servant must not be
overburdened, albeit thoughtlessly, by those who
hire him. Sympathy for his vast undertaking should
precede his taking office. If, as so lately witnessed
in wondrous affection, he is "Our President" in untimely death, so should he have our love and rever-
AUG. 25 1923.]
THE CHRONICLE
823
ence in life, for the sake of the office he holds, and people did not acquiesce, tacitly, in these pleas for
more for the sake of the man who holds it—one of Executive arbitration, in person or by board or comus, a man among men, a worker among his fellows.
mission specially appointed, the President would not
There have been many suggestions as to the have to weigh down his mind with these business conmethod of relief. An Assistant to the President is troversies that are really no part of our political
one of them; by divisional reduction placing further government. What a load this would lift from
duties upon Cabinet officers is another; but it must wearied shoulders!
appear, on mature thought, that these, salutary as
But we have gone so far in this form of "petitionthey might prove, are merely ministerial and do not ing the throne" that we have educated great masses
go to the real root of the evil. And is it not a good of people to believe that it is the peculiar province of
time to point out that the chief cause is nothing less, Government to aid us personally and by group and
and none other, than sheer paternalism? "We, the section in our business affairs. Many do not know
people," are largely responsible. We not only insist, the difference between economics and politics, betoo often, that he become our "leader," but we de- tween natural and unchanging laws of production
mand that "something be done" to bring us that and consumption and artificial man-made laws that
"prosperity" so glibly promised us by a thousand may change with every election, and which
unless
stump speakers. We grow deeply concerned that they conform to natural law are powerless.
The repolitical power be translated into personal success sult of this condition upon the work of the President
for the masses, and if not for the masses then for our is two-fold. He is compelled to "give attention,"
to
own faction, group or class. To that end we demand concern his office with these extraneous matters in
audiences with the Executive, and all but destroy great detail; and he has to bear the criticism of the
him by our own selfishness.
dissatisfied both for what he does and does not do,
There was a time, say twenty-five years ago, when and for the failure of his honest efforts.
politics, rather than economics, was the controlling
Look how they are saying in these first weeks of
consideration. Not that there wore no selfish inter- Mr. Coolidge's incumbency
that an "anthracite strike
ests haunting the "White House door, but the parties looms before him"—and at a time when
a Commiswere chiefly concerned with the loaves and fishes. sion of investigation is making its report.
The
There was once a reverberating party cry "Turn the "they say-ers" blow it down the
winds that he will
Rascals Out!" There was kn election when "Blocks make or break himself according
as he handles this
of Fives" were said to be openly distributed in a matter. But why should it be deemed
part of the
leading State. And there were many tariff cam- Presidential duties to deal with
such a lamentable
paigns when the cry of "Robber Barons" centred at- affair—unless and until a time arrives
when business
tention upon certain protected interests. All that cannot function because some men
will not let other
has passed. And yet in this very time was germinatmen work.
ing the idea that has led from politics to economics,
In like manner the travel-trips are culminations
to the present era of paternalism, and leading by the
of popular demand that the President "do someway of legislation to the placing of onerous burdens thing"—something to help
us when we ought to help
on the Executive as to economics and business— ourselves. He
must leave Washington to explain,
without taking any note of the increase, or making
pro and con. Politics and economics are so interany provision for shifting the cumulative direcwoven in the "public mind" that the very Governtion.
ment is distorted and the President all but destroyed
There can be no doubt thatreform herecan be made
by popular clamor. And if a time can be said to be
most effective. What, pray, has a President of the
opportune for a return to first principles, it is now.
United States, the head of a Government that is a
Let recent events suffice. This legislative creation
working organism through which the ministerial
of a "Dictator" should cease. Boards and Commisaffairs of the people, touching their law and protections, some of them at least,should be abolished. The
tion under law, are effected—a comprehensive repExecutive should be freed from entanglements.
resentative power limited and directed by the people as to their rights and powers—what has such a
Government, an immaterial entity, without original
The Presidential Succession.
thought, voice, or action, to do with strikes or lockThe Constitution provides [Article II., Section 1]
outs—save alone to give protection to laborer and that in case the office of President becomes vacant
capitalist alike in the exercise of their respective in- its duties shall devolve upon the Vice-President, and
alienable, personal, rights,' Nothing. Such a Presi- in each instance of the occurring of this contingency
dent or such a Government is not an arbiter in dis- the title has been immediately assumed with the duputes. The Chief Executive of the nation is not a ties, no question concerning this having been raised,
dictator, not an arbitrator, not an umpire, not a at least in later times. The Constitution also says
censor, over our common business affairs. Yet con- that "the Congress shall provide" for the
remote continually he is harassed to procure agreements or set- tingency of a vacancy in both offices, "declaring
tlements in these commercial quarrels—when plainly what officer shall then act as President, and such
it is his sole duty to see that business is free to run officer shall act accordingly, until the disability be
under the natural laws which environ it, uninter- removed or a President shall be elected." Congress
fered with by coercion or force exercised by either waited less than five years before acting under this
party to the dispute. Holding strictly to this inter- grant of authority, and the Act of March 1 of 1792
pretation (so intolerant and intolerable have become provided that if both offices became vacant th3 Presisome of the practices of undue and outside interfer- dent of the Senate, or, if there is none, the Speaker
ence) there, conceivably, could come a time whe n all of the House for the time being, shall act as President
the forces of protection might be called out, and a until the disability is removed or a new President
ring of Governmental power be drawn around a ter- elected. .But if both the two chief officers should die
ritory of intimidation and turmoil. And if we as a duing the term between the close of one Congress and
824
THE CHRONICLE•
the regular meeting of another there would be no
Speaker, and there might not even be a President
pro tem of the Senate. The Act of 1792 also provided
for notification of the Executive of each State by
the Secretary of State in case both the two chief
offices became vacant, and for a special election for
a new President, there being also certain provisions
as to the date of such election according to the time
when the deaths may occur and the length of the term
remaining for which they had respectively been
chosen. The death of President Garfield in September of 1881, during the interval between the last session of one Congress and the first session of another,
and the death of Vice-President Hendricks in November of 1885 suggested the possibility that both offices
might become vacant at the same time, and so the
Act of January 19 1886 was passed, extending the
line of possible successo-s in the presidential office
down through the seven Cabinet offices then existing, in this order: State, Treasury, War, AttorneyGeneral, Postmaster-General, Navy, Interior. In
case the first-named of these offices be vacant, the
succession passes to the next, and, upon the same
condition of vacancy,to he next, and so on down the
line; this is apparently ample provision, since it is
inconceivable that all the seven offices can be vacant
at any one time. This Act of 1886 also provides that
if at the time of the loss of both President and VicePresident Congress is not in session, or if in regular
course it would not assemble within twenty days "it
shall be the duty of the person upon whom said powers and duties shall devolve to issue a proclamation
convening Congress in extraordinary session, giving
twenty days' notice of the time of such meeting."
Apparently the intention is that so exceptional a contingency shall come to the attention of Congress
without delay.
The original constitutional provision covers the
contingency of the President's removal, or of his
death, resignation, or inability to discharge the powers and duties of the office. Removal has been attempted once, but not accomplished, and it is the
most unlikely of the four contingencies except that
of resignation. Death is a question of indisputable
fact, but no steps have ever been taken to define what
constitutes "inability." It might be such a degree of
mental failure as could neither be disputed nor concealed, and in such an event some action would be
forced; it might be a prolonged and apparently hopeless condition of sickness. Could it be absence from
the country? It is to be supposed that no such absence as has once occurred entered into the thought
of the framers as conceivable; at least, they omitted
to prohibit it, as they omitted to expand the document by specifying a great number of details and forbidding another great number. Inability is the only
one of the four contingencies over whose occurrence
any dispute about the fact could arise. What constitutes it, who shall determine it, and who shall take
the initiative of acting upon it? Inasmuch as the
legislative branch comes first in treatment in the
charter and is naturally the greatest of the three in
a democracy, the presumption would be that Congress must take the first step when the exigency
arises. To provide an answer to these questions on
which the framers were silent is necessarily the first
step. Probably it will be better to wait for a calmer
and saner time to return, but sooner or later the
omitted subject must be taken up and the provision
be made.
[Vol,. 117.
Framing the Issues.
Municipal elections come with the spring flowers
—though their bloom withers, too often, before the
summer has passed. Our quadrennial elections are
more hardy plants, and begin their growing a year
or more in advance. We are now engaged in the delectable pastime of framing the issues for 1924. And
if there ever was any doubt that politics and economics do not mix it ought to be dissipated now by the
fact that we are not certain at this early date whether
"foreign relations" or "domestic policies" will predominate. The "leading issue" has not thrust itself
into the foreground. So mixed is it with the personal
features of budding candidates for the Presidency,
with the wills and wishes of sections and blocs, with
theoretical conservatism and progressivism, that we
may only expect a hodge-podge of issues as vari-colored as a Joseph's coat. Not that there should be one
overshadowing issue but that one controlling principle should prevail.
Politics and economics do not mix, yet the parties
are forever, it would seem, trying to mix them. There
is just as distinct a cleavage between Governmental
relations and foreign trade as there is between political principles at home and domestic trade. The
idea is lately advanced that we should teach economics in the public schools. It is said we have manual
training and commercial courses galore but no real
economics. No one advocates that we teach politics
in the schools. That, such as it is, the candidates
and politicians will not forget to press upon our attention. Soon we shall have the Young Men's Republican or Democratic clubs in full swing in every
town and county. But the goal of party success cannot possibly be the goal of business success, however
much the parties may strive to make us believe they
are one and the same thing. In reality business advances best in the "off" years.
We often say "we know that business will go on
no matter which party wins." Yet the parties go on
telling us that they will put into effect such laws as
will increase our prosperity. We will never escape
from paternalism while this continues. And as we
survey the scene there is not much evidence that we
want to escape. Those who believe in the power of
Government to aid business are always active in politics. The others, though a large majority of the
population, seemingly cannot help themselves, or at
least do not make the necessary effort. The laboring
men that are dominated by unionism demand laws in
their own interest; the farmers do the same. Yet
business is interrelated and more comprehensive than
the part these two elements play in production.
There can be no other result than that such legislation shall be interference.
There is no doubt that part of the apathy shown by
the intelligent voters of the country is due to the fact
that men know these platform promises are futile.
How can foreign trade exist save through the overplus of domestic? How can domestic trade exist save
by the application of mind to soil, of initiative to enterprise, of capital to labor and labor to capital.
Can legislation energize the mind, or add one acre to
fertile soil, embody one idea in a machine, change the
seasons, or fill the wants and needs of an aspiring
generation? Oh, you say, why repeat all this! The
reason that it is pertinent is that when we can discount the effect of our elections in advance the parties will come to perceive that platform promises con-
AUG. 251923.]
THE CHRONICLE
fined to great underlying principles of political government are more potent than these factitious propositions to change the currents of trade.
We enjoy now an unmistakable revival of business.
Foreign markets for our products are avid but impotent. .There is disposition to help, but only those
who choose to help themselves. Domestic trade will
continue according to our intensive cultivation of
resources, our growth in civilization, and the freedom of our exchange. Shall we lose our bearing and
stumble on the way because this or that candidate
has beliefs as to labor, capital, industry? If we do,
it is our own fault. We can become so confused by
politics that we ourselves ignore economics, or the
laws of natural advance.
There is one great principle at stake at the present
time which the parties should acknowledge as a dominant issue. It is the "Let Us Alone" principle. If
we are to go on with control and regulations; if
we are to engage in public ownership and operation
by piecemeal, we may as well get ready for Socialism.
If we are not it is high time to say so. Somehow we
cannot imagine that an emphatic declaration will be
made. Will one or the other parties say: "We are
in favor of returning all 'business' to the people, and
never again engaging in any industry, in any way,
that can be carried on by private persons or corporations?" Having yielded to a selfish clamor for Intermediate Rural Credits banks capitalized out of the
taxpayer's money it is hardly to be expected such a
reversal can come so soon. But shall we go on?
Steamships and railroads are necessarily linked
together in transportation—in effort if not in dorporate control. If we undertake the ocean-carrying
trade shall we not soon take over the railroads? Our
Government that was instituted to protect the private or reserved rights of the individual is fast becoming a huge personal and commercial monitor.
And taxing the people for the national cost of taking
over their personal and business affairs. Well, then,
put this question to your own thought, is there a
broader, more comprehensive principle than that embodied in the old formula "Let Us Alone"? And is it
not mere self-defense to answer the question as best
one may regardless of party favor or party favorites?
For Studying the Constitution.
One of the latest pieces of unofficial utterance by
Mr.Harding was an introduction, written by request,
to a popular edition of James M. Beck's "Constitution of the United States," to be issued early in the
autumn by the National Security League. This is
further evidence of a growing endeavor to make the
youth of the country more interested in and acquainted with our great charter of liberty. As the
people necessarily rule, wisely or unwisely, it seemed
to Mr.Harding that training men and women to rule
must rank as a supreme purpose in education; under
other forms, said he, "it has always been thought
necessary to educate the ruling class in the science of
government . . . here, we are all the ruling class."
The lesson, he urged, should be learned in youth; and
if properly told, the story of the Constitution should
appeal to the imagination no less than do the battlefields of the Revolution. He justly deemed this one
of the battlefields, and in his introduction he quoted
the following from a recent address of his own:
"Here was the very chaos of victory. The triumphant Colonists were spent and wearied, financially
exhausted and without plans for the future. They
825
bad little thought of a nation. Nationality was not
the inspiration of the war for independence, but was
revealed as the necessary means of self-preservation
when independence was won. There were conflicting ideas, even more pronounced than to-day; there
were varying conditions through the Colonies, now
turned to States. There were opposing ambitions,
less understood than now, because of slow communication and less intimacy of association. There were
pronounced envies and threatening jealousies; there
were disturbing suspicions and the menace of destroying passions."
The Security League's committee on constitutional
instruction has obtained the passage in twenty-four
States of laws requiring definite courses of instruction upon this subject in all public schools, and the
intention is to keep at it until the other States follow. The "Chronicle" has repeatedly urged that
while the great charter should not be deemed a fetich
and incapable of helpful change it ought to be studied, understood, and honored as almost a political
miracle. It was without a precedent. Its framers
were men of vision; large men, God-fearing men, men
raised for the occasion, if men are ever raised to lead
epochal movements. The jealousies and difficulties
which beset them were great. Rejoicing at deliverance from Europe and fear of Europe were the dominant feeling, as shown by the last public address of
Washington; only this fear was able to overcome the
suspicions and jealousies of one another and bring
them together as the "preamble," so incomparably
puts it, under a document which could not have won
adoption but for its compromises. That some of
those compromises bred troubles later is not to the
discredit of the Founders, for then—as now and always—success was not to be won by an inflexible
insistence. The document is unique and monumental in several respects: in its great brevity; in the
self-repression of its framers, shown not less in what
they forebore to prescribe than in what they prescribed; in the dividing of government into three separate and individual yet co-ordinate departments;
and, above all else, in the scheme of checks and balances. Here they followed Nature, which gave man
two eyes and two hands and two legs, for mutual
support and checking. One of the wisest features
was the distinct recognition of the States as conceding and yet retaining sovereignty. We have pottered
with this, alternately fighting for it and against it,
until we have sadly muddled and partly lost it; yet
we have before us to reconcile State with Federal
powers in our Government, or see material changes
come in., We can criticise the document now, yet
when all is said this brief charter remains a marvel.
To be left untouched, as superhuman? No; but to
be touched reluctantly, carefully, and never hastily
or. impulsively. As directly in point we may cite
Lincoln's shrewd saying that it is never well to swap
horses while crossing a stream, the application being
that when men are highly wrought up in troubles,
problems, jealousies, class antagonisms (as always
during or for a term following a war) they should
devote themselves to regaining firm ground and defer all fundamental changes until after opportunity
for deliberation; especially and emphatically, that
changes should be made only one or a very few at a
time, made nfter considerable intervals, and after
giving each full opportunity to be tested under time.
One more point could be added to the interpretation
of Lincoln's proverb: that we should hold ourselves
ready to recognize a mistake in constitutional chang-
826
THE CHRONICLE
ing when we have made one, and to reverse ourselves.
We are in a time of uneasiness and wild radicalism,
in which there are efforts to thrust in many changes,
one of the very worst seeking to make future tinkering easy and swift, whereas this ought to be left difficult, so that the soberer second thought may have
time to gather itself.
One of the very worst present threats is that of
"curbing" the Supreme Court by abolishing its power
to find statutes constitutionally invalid. The
"Chronicle" can only repeat that a statute in conflict with the highest and fundamental statute never
can get validity; that interpretation must precede
enforcement, and if the courts do not interpret the
executing officers must; further, that the courts of
last resort have always tried to accept statutes as
%and whenever possible, not infrequently straining
interpretations and almost turning back upon their
own records in the effort to do so. In an address
nearly three months ago, Chief Justice Taft pointed
out that one purpose of establishing the Supreme
Court was to withdraw from and avoid the local
prejudices often encountered in State courts. He
cited one notable case to show that these "curbing"
proposals are not new. Back in 1864 an Indiana
citizen, one Milligan, was tried for disloyalty by a
military commission and sentenced to death; his
counsel sought the protection of the habeas corpus
writ, on the plea that the civil courts of the State
were functioning and therefore the military commission had no jurisdiction. In 1866, with Chief Justice Chase and three others dissenting, the Supreme
Court sustained this plea, and held that not even
Congress could give jurisdiction to a military commission in a State loyal and at peace and where the
Federal courts were open and unobstructed. This
was in the Johnson administration, when feeling
was hot; bills were introduced to limit the Court's
power "to declare laws invalid by a majority and
there were serious proposals made to abolish this
power of the Court altogether; the personal attacks
made upon the Court by the party press were severe
and unprecedented." Yet, added Mr. Taft,"the people are now glad that the guarantees of personal liberty were maintained by the Court against the partisan zeal of the then majority; the Court survived the
inevitable attacks upon its jurisdiction then, as it
had survived them so many times before."
May it continue to survive them! For we should
be sensible enough and calm enough to remember
'that the people can always get any statute which
they persistently demand and can then take the consequences, yet the true function of a court is to discover and maintain justice, not to "please" anybody.
The Re-opening Door in South America.
South America is now used as a distinctive term,
not including Central America. It embraces the
States lying south of the Panama Canal. An extensive and important change is taking place in their
life, both internal and external, which bears upon all
their relations with us.
Their connection with Europe, which had been
dominant from the beginning and which they were
struggling to throw off at the opening of the 19th
century, was effectually ended by the defensive position assumed by the United States, which dispelled
further fear of continental Europe. Even the slight
English aggression disappeared about 1870.
[VOL. 117.
Meanwhile a certain fear and distrust was occasioned by the tremendous development of the United
States. The organization of the , Pan-American
Union in 1906 started a better feeling which with
fluctuations consequent upon external propaganda
and our relations with Mexico and Haiti, continued
until 1915. The war lifted the South American States
into a new importance among nations, their affiliations became again established with Europe, and
the awakening life which they shared with the world
at large is in all departments finding its nourishment over there.
Before the war Germany was sending over capital
and labor, especially skilled, in force. To-day Italians in great number come annually to aid in gathering the harvest, and France is supplying books
and instructors. The new Argentine University is
wholly French, and South American students flock
to France. The United States is for the time being
in many ways, cultural, educational and economic,
largely discredited.
The elements of the situation need to be understood. These people are as old and even more important than our own. The aboriginal stock was extensive and diverse. The civilization of the Incas is well
known and is witnessed in their historic monuments.
The Aurecanians in the South and the Quaranis on
the East Coast who have been generally considered
as merely savages, had,in fact, a social and political
organization. They traded with both their natural
products and their industries, and were in character
mild and flexible, and capable of magnanimity. The
Europeans landing among them came not to settle,
but by chance or for conquest. They found no difficulty in intermarriage; and there began an assimilation of races which has continued to a prevailing degree and has produced a distinctive population.
Many of the Quaranis and Auracanians have obtained high position in the Government and in the
banks by competitive examination, and instances
occur in the interior of these aborigines who have
created a modern town with the machinery and conveniences of civilized life entirely under their own
capable management.
The foreigners were largely adventurers, idle and
dissolute, but the new conditions demanded a firmness, tenacity and even heroism, which brought out
inherited traits and talents for influence and command that have preserved for the descendants, especially of the Spaniards in the West and South, and
the Portuguese in Brazil, a position of distinction
and respect.
This, then, is the situation with which we have to
deal—a great neighboring continent occupied by a
congeries of independent republican States in some
instances with a republican history nearly as long as
our own, proud of their history and their freedom,
with all their diversity of situation and character,
conscious of the community of their relations and the
practical oneness of their people, their interests, and
their religions, as South Americans, come to be very
jeelots of their control of their affairs and of their
new place among the nations.
The sudden death of President Harding will mean
much to them. He had won their confidence and esteem. They applied to him the ennobling and affectionate term acquired from Queen Isabella. For his
simple, sincere, unpretending and kindly character
they called him "Buen Hombre," Good Van, as witness to their complete acceptance of him. Had he
AUG. 26 1923.]
THE CHRONICLE
continued the way would have readily opened for the
re-establishing in even ampler and less destructible
form free and mutually valued intercourse with the
United States. President Coolidge promises to continae the policies of Mr. Harding, though relations •
so delicate often depend upon personalities. Everything is to be hoped for, but the essential facts of the
situation deserve to be carefully studied and appreciatively handled.
A new class of American business men is recognized as already coming to South America. They
prepare to remain; they seek important investment
in industry no less than in the production of raw
materials. Personally they exhibit the better standards of life and of culture. They are men to be looked
up to and trusted. They create a new impression as
to the people and the policy of the United States, confirming the reports of recent visitors to this country,
and especially by the activity of the northern members of the Latin-American Union, the visits and
action of various of our Chambers of Commerce, and
the efficient service of recent financial, educational
and social groups and organizations which in response to invitation or opportunity have gone forth
from us. The presence of 5,000 visitors from the
United States at the great Exhibition in Brazil and
the gift of $1,000,000 by our Government to the Exhibition were of great value. Fifty thousand people
passed through the United States building the first
day. Brazil had appeared in eight of our Exhibitions
and this was our first representation at one of theirs.
There is always opportunity for valuable Governmental action, but under present conditions it can
hardly avoid arousing suspicion, in view of the awakened national self-importance, especially if on any
occasion it is connected with supervision or show of
force. Private interest or such organized group action as those to which we have referred and that of
the Rockefeller Foundation are free from this suspicion, and are far better than even Arbitrations and
Courts of special procedure. Our bankers' loans to
the South American States are required to be approved by our Secretary of State to give them the
appearance of expressing the desire of the United
States to protect the borrowers from any exploiting,
as the creditor might seek political influence in case
of change in the government of the debtor State.
Two facts are to be borne in.mind. One is that the
dropping of all suggestion of superiority by outsiders and manifest good-will are to-day the Open
Sesame to opportunity. The awakening life is reaching even the two sections of the population who have
been most repressed and neglected, Labor and the
women; and a powerful movement for political enlightenment and freedom has begun. Prohibition
also is tried, and already approved as highly beneficial to labor in the great mining regions of Chili.
The feeling of Nationalism is extending to all classes
and gives evidence of readiness to unite with other
States in common resistance to any outside aggression that might arise. In none of the South American conferences, commercial, technical or cultural,
prior to the 20th century held with European peoples was the United States considered. Now that
we find that our most important neighbors under pressure of their growing needs and opportunities
are turning from us across the sea to nations with
whom they have old and some valuable new bonds,
and are establishing new connections offered with
pressing eagerness in which they see not a little that
827
is attractive and profitable, it becomes us to observe
and carefully regard the sentiments no less than the
methods and habits, political, commercial and social,
of these worthy friends with whom we would live in
close relations.
This leads to the other fact of importance. Longestablished business connections are always difficult
to change. They rest upon well-tried integrity and
mutual confidence. We were warned of an inherent
obstacle here when we began under the Federal Reserve Banking Act to open branch banks abroad.
That difficulty remains. It has possibly been modified by the political changes consequent on the war,
and we have had some expensive but profitable experience. Good-will we are conscious of; but intelligence, unfailing courtesy and patience were never
more needed; and if we heed, larger and more generous returns to accrue to the enduring benefit of the
whole Western Hemisphere were never more certain.
Protests Against Assessments Under Law
Taxing Bank Shares and Moneyed Capital
in New York.
The hearing assigned for last Tuesday (Aug. 21) relative
to complaints against assessments under the law recently
passed by the New York Legislature levying a tax of 1% on
bank shares and moneyed capital of individuals and corporations coming into competition with banks, brought to the
offices of the Tax Commission in this city such a flood of
complainants as to make it necessary to confine the proceedings principally to the filing of the complaints and fixing
a date for the hearing of individual protests. From the
"Journal of Commerce" of Aug. 22 we rake the following
relative to the complaints registered:
Protests that the law was unconstitutional, that parts of it were illegal
Hearing on
and that the tax, while a good one, was too great were about equally
divided. Still others who were included by wording in one part of the
bill claimed exemption because their capital did not "come into competition with that of national banks."
No National Bank Protest.
Private and investment bankers, stock brokers, money lenders, pawnbrokers, realty and mortgage companies were represented in large numbers
at the hearing. Not a State or national bank filed a protest, however.
Henry M. Goldfogle, Chairman of the Municipal Tax Commission,
presided at the first session on the Walker-Donohue bill, which affects
approximately $1,500,000,000.
The Commission came to the conclusion early that it was impracticable
in the face of the rush of applicants to take up many individual cases
yesterday. Some few hearings were held behind closed doors. The
Board decided that the best thing to do was to name a date for such hearings.
It therefore noted the appearances, some five hundred or more, and determined on hearings at the rate of a hundred a day, and it will attempt to
hear all protests within the next nine days, when the assessments books
will be legally closed.
Private bankers, brokers and others of that class had their hearings set
down for to-morrow. They will be private hearings, as the law does not
permit the disclosure of the amount of capital invested in the business
of the taxpayer.
It is hoped that in determining disputed assessments the Board will
be able to set precedents so as to cover similar protests at the same time.
Nearly all lawyers who were able to get their protests in yesterday made
the point that their clients did not compete with national banks. Pawnbrokers, real estate firms and mortgage men took this ground.
Legality of Law Questioned.
"We protest the legality as well as the amount," was the usual statement
of the lawyers.
The protest of the pawnbrokers created quite some interest. The
Equitable Pledge Society protested that it was in the pawnbroking business,
and so did the firms of John B. Simpson and William Simpson. They
protested through their attorneys against the legality of a law which puts
them in a class which "competes with national banks."
"That opens a wide question." said President Goldfogle. "They loan
money on collateral, don't they?"
"Yes," was the answer.
The came the City Investing Co., represented by a woman attorney,
Dorothy Straus, who also appeared for six other firms on behalf of Hertzfeld
& Stern. She claimed that these firms are in the real estate business, and
raised the question of the constitutionality of the law and said their sole
income was from rentals, and that they did not compete with the capital of
national banks.
Stock Brokers Protest.
Schuyler M.Meyer, Chairman of the former Meyer Committee,appeared
for several stock brokers and protested against the assessment on these firms.
"Did these firms have any capital on May I?" asked President Goldfogle.
"Under our interpretation—No; under yours—Yes." was the answer.
One lawyer declared that his firms had no capital in the stock brokerage
business at all, and President Goldfogle replied:
"I enter a formal order that you produce here your sheets and books of
account."
Those assessed under the new tax have until Dec. 1 to pay.
The chances are, however, that an appeal will be taken to the courts on
the ground that the law is unconstitutional. It was passed by the last State
Legislature to meet the decision of the courts that the Bank Law was un-
828
[vor. 117.
THE CHRONICLE
constitutional as It did not tax the moneyed capital of other concerns and
was, therefore, deemed discriminatory.
Corporation Counsel Nicholson and President M. Goldfogle, who is also
a lawyer, both contend that the new law will be upheld and is Constitutional.
Will Do Better Nest Year.
In a statement to the newspaper reporters last night President Goldfogle
said that the present assessment roll of 51,500.000,000 was tentative. He
said the new Act was only signed on June 1 and they had had only a small
force in a short time to make up the roll. Next year, he said, they would
probably do better even than 51,500,000,000.
In detailing the grounds of objections raised by those who protested their
assessments, he said the most frequent one Was that the law was unconstitutional. That, he said, the Board had already overruled. The banks.
be said, had made no protest, so their assessments had been confirmed.
Mr. Goldfogle stated that he had held a number of individual hearings
Yesterday, one of which was a very large one and involved some millions
of dollars. He would not give the name of the firm.
Some are objecting, Mr. Goldfogle said, that they are foreign investors,
but, he added, the new law covered those cases. It would be found that
many of them did business here, had offices and office forces here, and
so forth.
President Goldfogle said he looked for some very interesting cases, from
a legal standpoint, but did not believe the law would be overruled in the
courts. The banks, as a matter of fact, were friendly to tho Act when
It was proposed, as it was a compromise in view of the Court of Appeals
ruling that the old bank tax law was unconstitutional. The banks receive
some allowance off their income tax as a set-off to the present tax.
With regard to money lenders President Goldfogle said he had no cases
in mind, but said that If they had not already been assessed they would
certainly be included on the assessment roll.
The text of the new law was published by us last week
(page 731) and on the same page reference was made to the
proposed hearing and the notice in the matter issued by
the New York Stock Exchange to members.
The New Capital Flotations in July and the
Seven Months Since January 1
The demoralization of prices on the Stock Exchange during July was not favorable to the bringing out of new stock
and bond issues, and accordingly the new capital flotations
for that month are the lightest of the year—in fact, the lightest of any month of any year since March 1919. Our compilations, as usual, include the stock, bond and note issues by
corporations and by States and municipalities, foreign and
domestic, and also Farm Loan issues. The grand aggregate
for July is $197,467,011, against $536,577,225 for June, $312,635,831 for May, $458,133,469 for April, $392,262,540 for
March, $380,187,119 for February, and with no less than
$879,268,265 for January, the latter having, however, as
previously explained, been swollen to exceptional proportions
by the bringing out of several issues of unusual size—the
Anaconda Copper Mining Co. alone by its financing having
then added $150,000,000 to the total and Armour & Co. $110,000,000, with the result that January broke all records for
new capital flotations in the United States, the highest previous amount for any month of any year having been $655,817,946 for April 1922.
Perhaps the best way of indicating how relatively small
the new offerings were in July is to say that as against $197,467,011 for that month, the average for the preceding six
month, that is for the half year to June 30, was no less than
$493,000,000. A striking falling off is also shown in comparison with the totals for the corresponding month of previous
years. With the amount for 1923 $197,467,011 the aggregate
of the new issues for July 1922 was $384,385,991, for July
1921 $316,456,024, for July 1920 $275,263,230, and for July
1919 $491,304,875. The new financing was light under every
one of the leading heads or divisions. For instance, the
aggregate of State and municipal bonds awarded was only
$59,107,271, against $156,366,800 in June and $94,616,091 in
July last year, and the amount of the new issues brought out
by private corporations was $132,129,740, against $288,355,425 in June and $234,169,900 in July 1922.
Going into greater detail with reference to the corporate
offerings, we find that the amount of the industrial issues
brought out was $90,269,740, as compared with $163,416,625
in June. Public utility issues also were on a much reduced
scale, the amount of $25,080,000 for July comparing with no
less than $110,406,300 in June. Railroad borrowing showed
a slight increase over the June total, but new financing under that head was very small In both months, the figures
being $16,780,000 for July and $14,532,500 for June.
As already stated, the total of all corporate issues floated
during the month was $132,129,740, and it is a fact worthy of
note that 80% of this, or $105,444,000, represented long term
issues, only $4,971,000 short term obligations, while stock
issues of $21,714,740 made up the remainder of the total.
Tile portion of corporate flotations devoted to refunding
purposes in July was exceptionally small, being only $1,600,000. Of this amount $1,300,000 consisted of long term issues
sold to refund existing long term issues and $300,000 of short
term obligations issued to refund an existing issue of short
maturity.
One large piece of Industrial financing stands to the credit
of the month. We allude to the $40,000,000 Youngstown
Sheet & Tube Co. 20-year 6% debentures brought out at 99,
yielding about 6.05%. The next largest offering in behalf
of industrial enterprises was the sale of 140,261 shares of
common stock of no par value by the Marland Oil Co. at $40
per share, involving the sum of $5,610,440. This stock was
subscribed for by the common shareholders of the company
and by the holders of bond warrants. Among the public
utility issues brought out the largest was $7,192,000 Interstate Public Service Co. let mtge. & ref. 6s "A," 1948, sold
at 91%, to yield about 6.70%. The sale of $5,000,000 Cleveland Union Terminals Co. 1st mtge. 55 "B," due 1973 at a
price of 94%, yielding about 5.30%, was the largest new railroad offering during the month.
Six issues of Joint Stock Land Bank farm loan bonds
were offered during July at prices showing yields ranging
from 4.55% to 4.73%, but these were for an aggregate
amount of only $4,700,000, an unusually low monthly figure.
A small, but nevertheless very interesting, foreign Government loan was offered here during July. The loan offered
was £75,000 Township of Tel-Aviv (Palestine) sterling 6%s,
due 1913, at a price to yield about 7.00%.
The following is a complete summary of the new financing
—corporate, State and city, foreign Government, as well as
Farm Loan issues—for July and the seven months ending
with July of the current calendar year. It will be observed
that in the case of the corporate offerings we subdivide the
figures so as to show the long term and the short term issues
separately and we also separate common stock from preferred stock.
SUMMARY OF CORPORATE FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1923.
JULY—
Corporate—Lone term bonds and notes Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign government
Farm Loan Issues
War Finance Corporation
Municipal Issues by U.S. municipalities_
By Can. Govt.4r municipalities in U.S
By United States Possessions
New Capital.
Refunding.
$
$
Total.
5
104,144,000
4,671,000
13,604,300
8.110,440
1,300,000
300,000
105,444.000
4,971,000
13,604,300
8,110,440
130,529,740
345.000
4,700,000
1,600,0(5)
132,129,740
345,000
4,700,000
58,603,271
1,000.000
185.000
504,000
59,107,271
1,000,000
185,000
Grand total
195,363.011
2,104,000 197,467,011
7 MONTHS ENDED JULY 31—
Corporate—Long term bonds and notes_ 1,128,734,157 316,238,643 1,444,972,800
Short term
119,460,200
18,916,800 138,377,000
Preferred stocks
205,238,847
67.609,830 272,848.677
Common stocks
198,795,328
3,266,760 202,062,088
Foreign
24,100,000
24,100,000
Total
1 676,328,532 406.032,033 2,082,360.565
Foreign government
100,845,000
6.000,000 106,845.000
Farm Loan issues
243,118,000
55,032,000 298,150,000
War Finance Corporation
Municipal issues by U.S. municipalities_ 622,958,727
11,544,348 634,503,075
By Can. Govt. 4c municipalities in 13,5
40,408,000
26,308,000
14,100,000
By United States Possessions
566,000
566,000
Grand total
2.670.124.259 492.708.381 3.162.832,640
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1923 with the corresponding figures for the
four years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
corporate offerings, showing separately the amounts for all
the different classes of corporations.
1923.
1922.
1921.
MONTH OF JULY.
New Capital.
Refunding. 1
CorporateLong term bonds and notes...Short term
Preferred stocks
Common stocks
Foreign
$
104.144,000
4,671.000
13,604,300
8,110,440
$
1,300.000
300.000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
130,529.740
345,000
4,700.000
Grand total
Total
New Capital. 1 Refunding.
Total.
New Capital.
Refunding.
s
$
-
$
105,444,000
4,971,000
13,604,300
8,110,440
$
104,219,140
35,000
15.260,100
2,100,000
$
110,055,660
2,500,000
1,600,000
132,129,740
345,000
4,700,000
121,614,240
21,700,000
4,600,000
112,555,660
234,169,900
21,700,000
4.600,000
185,971,900
12,900,000
58,603,271
1,000,000
185.000
504,000
59,107.271
1,000,000
185,000
91,303,591
7,500,000
21,800,000
3,312,500
94,616,091
7,500,000
21,800,000
104,349,124
2,000.000
11,000.000
235.000
195,363,0111
2,104,000
384,385,991
303.321.024
13,135.000
197,467,011
268,517,8311 115.868.160
$
214.274,800
2.535,000
15,260,100
2,100,000
82,591,000
8,540,000
10,400,000
2,500,000
94,840.900
1919.
1920.
'
Total.
$
New Capital.
Refunding.
Total.
New Capital.
Refunding.
$
s
$
$
$
73,899,250
19,275,000
77,777,175
82,488,116
19.113.000
22,192,750
1,600,000
1,650,000
4,119,160
96,092,000
20,575,000
79,427,175
86,607,276
19.113,000
6,073.000
190,453,355
25,000,000
272.552,541
30,000,000
29,561,910
302,114,451
30,000.000
309,000
57,009,875
2,800.000
83.136,724
853,700
75,000,000
83,990,424
75,000,000
200,000
105,415.610
491.304.67 i
1,416.000
4,607,000
198,871,900
184.380.355
25,000,000
104,584.124
2,000.000
11.000,000
56,700.875
2,800,000
316.456.024
268,881.230
94,890,900
$
118,760.000
28,610.000
16,445.000
21,722.700
4.915.655
117.344,000
24.003,000
16,445,000
21,672,700
4,915,655
92,991,000
11,040,000
Total.
50,000
.200,000
6.382,000
275.263.230
385,889,265
[Tg6T 9g 'Dal'
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JULY FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JULY FOR FIVE YEARS.
New Capital. Refunding.
1922.
Long Term Bonds & NotesRailroads
Public Utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
16,780.000
20,230.000
41.225,000
2,410,000
$
800,000
22,779,000
Total.
New Capital. 1 Refunding.
$
16,780.000
20.230.000
41,225,000
$
23,825.000
19.791,000
8,450,000
$
33.702,300
22.209,000
3,210,000
9,144,360
25,000,000
22,779.000
3.500.000
19,855.640
720,000
8,667,500
20,000,000
720.000
500,000
1,220,000
750,000
18,660,000
Total
Short Term Bonds & NotesRailroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
104,144.000
1,300,000
105,444,000
104,219,140
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
•
Equipment manufacturers
•
Motors and accessories
Other industrial & manufacturing_
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
4.671,000
Total
TotalRailroads
Public utilities
Iron, steel, coal. copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
4,550,000
30J,000
121,000
4,850,000
110,055,660
2,500,000
1921.
Total.
$
57,527.300
42,000,000
8.450,000
$
25,600,000
30,741,000
3.500,000
29,000,000
25,720,000
8,667,500
2J,000,000
750,000
18,660,000
900.000
14,550,000
214,274,800
82,591,000
2.500,000
300,000
6,540,000
35,000
1,500,000
200,000
121.000
35.000
300,000
4.971,000
6,950,000
5,610,440
6,358,000
6,950,000
5.610.440
6,358,000
35,000
2,500,000
New Capital.
9,800,000
600.000
$
25.600.000
40,541,000
1.500,000
14,550,000
New Capital.
Refunding.
Total.
$
$
$
14,785,000
1,400,000
5,650,000
5,650,000
150,000
5.000,000
150,000
5,000,000
60,600.000
92,991,000
117,344,000
300,000
6,540,000
1,500,000
4,973,000
3,600,000
155,000
8,540.000
7,449,306
650,000
7.449,300
650,000
3,392,806
1,000,000
3.392,800
1.000.000
10,400,000
2,500,000
791,400
791,400
2,796,300
4,868,000
4.868.000
21,714,740
17,360,100
17,360,100
94,840,900
16,780,000- ____ _
300,001
24.780.000
41,225,000
16.780,000
25,080,000
41,225.000
23,825,000
27,2411,300
9,100,000
33.702,300
24,709,000
57,527.300
51,949,300
9,100,000
25,900,000
127,100,r,00
4,230,000
9.360,000
5,731,440
29,137,000
800,000
10.160,000
5,731,440
29,137,000
3,500.000
23,248,440
1,720,000
8,702,500
________
9,144.360
25,000,000
900,000
15,341,400
1,500,000
5,850,000
3.516.300
500.000
4.016,300
750.000
23,528,000
3,500,000
32,392,800
26,720.000
8,702.500
20,000,000
750,000
23,528,000
130.529.740
1.600.000
132.129.740
121.614.240
224.160.000
125.071_0m
1,150,000
19,790,000
1.416,000
118,760,000
73,899.250
22,192,750
96,092,000
. 4,607.000
1,500,000
9,580,000
3,600,000
155,000
10,300,000
3,175,000
500,000
1.100,000
10,800,000
4,275,000
692,750
15,000,000
35,370.000
6,300,000
7,860,000
6,575,000
1,000,000
3,047.000
1,150,000
19,790,000
1,000,000
3,650,000
1.150,000
1,000.000
3,650,000
1,150,000
1,600,000
20.875.000
19,275,000
9.606,200
28,386,500
9,606,200
28,366,500
50M0
4.420.000
1,318,800
600,000
7,295,000
15,353.900
7.103,155
5,815.00
L-450.660
24,833,375
3,359,160
51,440,250
1.450.000--„..,,,
200,06
18.106,800
12.000,000
760,000
27,760.166
5.815.000
26.283.375
54,799,410
1.450,000
18,306,800
12,000.000
28,520,166
5,769,160
185,147,451
500,000
25,300,000
20,540,000
28,711,200
2,060,000
32.606,500
7,860,000
,-_....
6,7815.000
34.5,625i.2,1.42,750
3,359,160
53.50.2.504
-4,4/7,000200,000
18.106.800
13.85lJ.01Xa
760,111
47,550.1661
25.800,000
49.251.200
34.666,500
7,860,000
6.815,000
36.508.375
56.949,410
4,497,000
18.306,800
13,150,000
48,310.166
6.992,500
6,992-360
43,033,355
50,000
43,083,355
--__-9,800,000
25,900.000
136,900.500
4,230,000
. ---......
5.907,000
600.000
__2,00,000
1.500,000
15,341.400
4,000,000
5.850,000
150,000
5,000,000
1.500,000
24.178,000
6,318,800
755,000
7,295,000
30,562,900
18,553.155
3,450,000
20,000,000
1,000.000
70,767.500
1.500.000
30.085,000
6,318,800
755.000
7.295,000
30.678,900
18,603,155
3,450,000
20.000,000
1,000,000
70,767.500
106 571 0nn
124 nsn_RAA
R 072 (Inn
19 ono non
19,440,000
2.060,000
28,610,000
4,607,000
94,840.900
150,000
5.000,000
$
60,600,000
1,000,000
3,175,000
4,420.000
1.318,800
600,000
7.295.000
15.353,900
7,053.155
Total.
5,882,250
1,000,000
3,047,000
1,000,000
3,175,000
89.819.500
4.230.000
s
5.725,000
11,500,000
3,450,000
20,000,000
'
116.000
9,600,000
89.819,506
4,230.000
Refunding.
16,085,000
1,400.000
1,300.000
9.600,000
24,003,000
2,796,300
2.500.000
New Capital.
$
15,000,000
15,930,000
4,240.000
7,860,000
4.000,000
200,000
11.040,000
21.714.740
112.555.660
$
1919.
1920.
Total.
5,609,000
11,500,000
3,450,000
20,000,000
2,535.000
20,000,000
Refunding.
- ----_ -.
116.000
60,000
1011455 256
179,378,291
27n7152541
29_561 MO
302.114.451
arlOINOUHO
1923.
MONTH OF JULY.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS,
SEVEN MONTHS ENDED
JULY 31.
1923
New Capital.
Refunding.
1922.
I
Total.
New Capital.
Refunding.
1921.
Total.
New Capital.
Corporate$
$
$
$
$
$
Long term bonds and notes_ _ _ 1,128,734.157 316,238,643 1,444,972,800
1,061,543,635 425,232,415 1,486,/76,050 741,038,220
Short term
119,460.200
18,916,800 138,377,000
118,862,000 134,409.166
19,450,000
99312,000
Preferred stocks
205,238.847
67.609,830 272,848,677 177.064,600
207,364,600
30,300,000
33,876,900
Common stocks
198,795,328
3,266,760 202,062,088
8,898,625 100,198,237 183,254,215
91,299,612
Foreign
24,100,000
24,100,000
80.445,000
1,250,000
15.150,000
81,695,000
Total
1,676,328,532 406,032,033 2,082.360.565 1,509.764.847 485.131,040 1,094.895,887 1,107.728,501
Foreign Government
100,845,000
6,000,000 106,845,000 354,305,000
15,000,000 369.305,000 156,500,000
Farm Loan issues
243,118.000
55,032,000 298,150.000 213,840,000
42,000,000 255,840,000
40,000,000
War Finance Corporation
Municipal
622,958,727
11,544,348 634,503.075 733,900,001
15,802,240 749,702,241 566,400,761
Canadian
26,308,000
14,100.000
40,408,000
70.356,650 103,250.000 173,606.650
22.224,000
U. S. Po
ions
566,000
566,000
31,750,000
31,750.000
14,430,000
Grand total
2.670,124.259 492.708,381 3.162.832.640 2.913.916.498 661.183.280 3.575.099.778 1.907.283.262
Refunding.
1920.
Total.
New Capital.
$
$
392.162,480 1,133,200,700
19,523,000 153.932,166
775,600
34,652,500
113,251,215
15,1e0.000
$
630,940,245
368,123,252
417,176,487
438,000,284
26,675,655
412,461,080 1,520,189,581 1,880,915.923
50,000,000 205,500,000 125,000,000
40,000,000
4,818,850
571,219.611
22,224,000
14.430.000
375,497,824
22,805,000
467.279.930 2.374.563.192 2.404.218.747
Refunding.
1919.
Total.
$
$
54,889,755 685,830,000
87,274,248 455,397,500
20.949.533 438,126,020
14,160,750 452,161,034
26.675,655
New Capital.
Refunding.
Total.
$
397,528,550
184,550,600
270,990,575
285.619,879
19,113,000
$
95,995,250 493123.800
143,354,600 327,905,200
12,996,800 283,987,375
8,112,160 293,732,039
19,113.000
17,274,286 2,058,190,209 1.157.802,604
125.000,000
65.000,000
68,000,000
200,000,000
4,173,583 379.671,407 379,465,303
7,498.000
30,303,000
12,005,300
10,200,000
260,458,810 1,418,261,414
28,179,000
93,179,000
68,000.000
200,000,000
10,175,960 389,641,263
75,000,000
87,005,300
10,200.000
188.945.869 2.593.164.616 1.892.473.207
373.813.770 2.266.286.977
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
1923.
New Capital.
Long Term Bonds & NotesRailroads
Public Utlities
Iron, steel, coal, copper, &c
Equipment manufacturers
Moors and accessories
Otaer industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
243.699.500
307,782,071
233,743,139
8,100.000
11,962,000
104.796,447
38,500,000
110.609,000
1.335,000
2,568.000
89.739,000
Refunding.
5
26.073,000
151,865.729
46,806,861
4,288,000
24,757,053
25,000.000
1,250,000
665.000
107,000
35,426,000
1922.
Total.
$
269,772,500
459,647.800
280,550,000
8,100,000
16,250,000
129,553,500
63,500,000
111,859,000
2,000,000
2,675,000
125,165,000
New Capital.
1921.
Total.
• 5
392,970,080
294.669.039
83,060,000
$
$
108,223,570 501,193,650
119.251,161 413,920,200
1,750,000
84.810.000
10,650,000
106,576.881
43,149.300
87,372,000
2,600.000
18.110,000
102,831.335
2,500,000
51,823,119
108.220.700
8,445,000
20,200,000
1,500,000
'4,568,865
Total
1,152,834.157 316,238,643 1,469,072,800 1,141,988,635
Short Term Bonds & Notes,
Railroads
9,087.500
9.087,500
32.351.800
Public utilities
31,252,200
7,512,800
38,765,000
13,156,000
Iron. steel, coal, copper, &c
9,850.000
404.200
9,850.000
Equipment manufacturers
830,000
830.000
Motors and accessories
•
15,496,000
9,604,000
16,700,000
25,100,000
Other industrial & manufacturing..
3,000,000
1,800.000
500,000
4,800,000
Oil
•
44,814.000
30.400.000
44,814,000
Land, buildings, &c
•
1,080,500
1,080.500
2,185,000
Rubber
Shipping
1,000,000
215,000
1.000,000
Miscellaneous
3.050,000
3,500,000
3.050,000
Total
119,460,200
18,916,800 138,377,000
99,412,000
StocksRailroads
300,000
10,929,600
300,000
Public utilities
117.502,136
11,076.000 128.578,136 100,708,950
Iron, steel, coal, copper, &c
25.679,710
4,896,760
27,056.250
Equipment manufacturers
30.576.470. 2,500.000
Motors and accessories
23,355,325
1,335,000
11,525,000
24.690.325
Other industrial & manufacturing
116.184.183
16,959.140 133.143.323
39,429.002
Oil
50.249.013
984.690
51,233.703
40,152,410
Land, buildings, &c
8,948,000
4,535.000
8,948,000
Rubber
350.000
350.000
4,175,000
Shipping
Miscellaneous
61,465,808
35.625,000
97,090,808
27,353,000
Total
404,034.175
70,876,590 474.910,765 268,364,212
TotalRailroads
253,087,000
26,073.000 279.160,000 436,251,480
Public utilities
456.536.407 170.454.529 626.990,936 408,533,989
Iron. steel, coal. copper, &c
269.272.849
51,703,621 320.976,470 110,520,450
Equipment manufacturers
8.930,000
8.930.000
2,500,000
Motors and accessories
50.813.325
15.227,000
66.040,325
38,875.000
Other industrial & manufacturing.... 223,980,630
43.516,193 267,496.823 146,505.883
Oil
133.563,013
25.984,690 159,547,703 113,701,710
Land. buildings, &c
120.637.500
1,250,000 121,887,500
94,092.000
Rubber
1,685.000
665,000
2,350,000
6,775,000
Shipping
3.568,000
107,000
3.675,000
18.325,000
Miscellaneous
154,254,808
71,051,000 225,305.808 133.684,335
Total corporate securities
1.676.328.532 406.032.033 2.082.360.565 1.509.7E14.847
Refunding.
19,450,000
26.318.625
4,900.000
7.980.000
1920.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
5
9,000,000
4.259.000
12.394.000
751,313,220
392,162,480 1,143,475,70C
630,940,245
54,889,755
685,830,000
3,300,000
34,895.00C
44,000,000
225.000
3,200,006
6,750,001
48,700,001'
3.845,006
215,000
3,500.000
275,000
9,842,166
400,000
275.006
10,242,16f
20,000,000
96,791.252
9,810,000
6,081,000
7,050.000
67.859,000
126.262,000
2,560,000
30,400,000
6,385,000
10,925,000
1,500,000
80.274.248
16,700,000
500,000
30,400,000
2,185,000
3,300.000
18.272,000
44,000,000
225.000
3,200,000
6,750,000
46,200,000
3,845,000
21,500.000
177,065,500
9,810,000
6,081,000
7.050.000
70,859,000
127.512.000
3.810,000
30,400,000
6,385,000
10.925,000
118,862,000
135.909,166
19,523,000
155,432,16E
384,123.252
87,274,248
471,397,500
184,550,600 143,354,600
327.905,200
100.486,996
8,678.225
29,948.490
43,839,680
600,000
100,774,595
328,830,61C
223.163,502
11,516,047
49,163,600
14,603,500
63,412,396
5,394.250
77,215,000
129,317,025
154,693.863
2,950,000
37.946.800
12.000,000
82,018,066
5.000.000
5,586,800
7,872,160
3,410,500
35,342,740
43.839,680
600,000
114,345.245
341,440,499
223,213,502
11.516,047
49,238.600
14,603,500
66,822,896
2,240,000
82,215,000
134.903,825
162,566,023
2,950,000
38.356,800
12.000.000
84,258,066
35,110,283
900,962,709
575,723,454
21.108,960
596,832,414
10,500.000 280,122,500 117.071.000
89,927,498 291.067,740 169.791,800
12,394,000
94,359,680 100.439.500
10.791,000
10,435,000
13,570,650 124,070,245
85,246,000
35.979.638 493,064.499 185.612,275
1,300,000 363.945,502 238.793,863
1,283.000
32,788.000
77,578.047
75.000
99,738,600
38,946.800
28,014,500
16,055.000
12,244,500 195.437.896 162,623.366
177 974. 9RR 9 nns lon 90c1 1_1117_51112 1104
69,446.000
140,738,600
6.687.000
13.150,000
158,400,000
151,370.000
95,817,000
22,800.000
19,610,000
107,400,200
35,351,800
29,606.000
404,200
10.929.600
127.027.575
27,056.250
2,500.000
11,525,000
44,329,002
48,132.410
4.535,000
4,175,000
16.623.000
2,500,000
100,486.990
8,678,225
2,582,000
21,661,400
77,700.000
1,510,000
525,600
2,582,001'
22,187,001
77,700,001
1,510.000
7,887,500
250,000
8,137,500
307,562,837 220,506,115
775.600 221,281.715 865.852,42f
547,475.050 120,745,420 290,518,580 411,264,000 269,622,500
570,553,775 292,783,490
53,721,500 346,504,990 201,140,242
112,270,450
65.618,225
8,287,000
73,905,225
81,965,680
2,500,000
6,420,000
10,791.000
6,420,000
2.500,000
41,375,000
20.882,000
600,000
21.482.000 110.499.595
56,723.119 203,229,002 152,963,700
15,095,000 168.058.700 457.084.861
116,200,700 229,902,410 252.750.000
30,500.000 283.250,000 362.645,502
8.445,000 102,537.000
24.315.000
650,000
24.965,00n
76,295,047
20,200,000
26,975.000
67,500.000
67,500.000
99.663,600
1,500,000
19,825,000
2,610,000
3,950.000
6.560,000
28.014.500
4,568,865 138.253.200 101,140,666
9.139,000 110,279.666 183.193.396
4S.6.11 J140 1_004_RAR_887 1_107 728 no1 4194111 05211 I 1120 180 1181 1 RR0 01A 092
111,223,570
162,019.786
1.750,000
1919.
Total.
5
249,622.500
74,400,500
28,316,000
4,110,000
2,675,000
60,395.245
13.220,000
62.219,000
20,100,000
7.026,000
108,856,000
27,353,000
39,198,625
Refunding.
5
$
5
117,445,420 290,518.580 407,964,000
174,024,500
37,098,500 211.123,000
12,940.000
8,287,000
21,227,000
6,195.000
6,195.000
15.100.000
600,000
15,700,000
124,552,300
14.569,400 139,121,700
128,850,000
28,000,000 156.850,000
18,960.000
650,000
19,610,000
67,500,000
67,500,000
2,335,000
3,950,000
6,285,000
83,411,000
8,489,000
91,900,000
426,482,415 1,568,471,050
3,000,000
16,450,000
New Capital.
$
258,622,500
78,659,500
40.710,000
4.110,000
-----2,675,000
20,369,755
80,765,000
13,220,000
33,000
62,252,000
20,100,000
7,026,000
8,834,000 117,690.000
3,000,000
1,250,000
1,250,000
13,570,650
12.603,883
50,000
75,000
5
5
99,671,000 34,196,000
99,558,000 53,584.000
32.223,000
2,687.000
9,910.000
4,981.000
919,000
36.965.250
3,404,750
36,500,000
29,202,000
$
133,867.000
153.142,000
34,910.000
9,910,000
5,900,000
40.370,000
36.500,000
29,202,000
3,150,000
45,368,300
1,204.500
3,150,000
46,572,800
397,528,550
95,995,250
493,523,800
17,400,000 35,250,000
43.717.600 87.154,600
15.150,000
4,000,000
525,000
3,050.000
19,330,000 16,500,000
47,600.000
636.000
1,000,000
905,000
35,237,000
450.000
52,650,000
130,872,200
19.150,000
525,000
3,050,000
35.830,000
47,600,000
636,000
1,000,000
905,000
35,687,000
26,516,200
53.066,500
WIDINORHO
SEVEN MONTHS ENDED
JULY 31.
26.516,200
53,066,500
410,000
186.517,000
310.530,400
107.126,500
10,435,000
5,919,000
91,165,000
25,491,550 211,103,825
7,872,160 246,666,023
-------32,788,000
410,000
39,356,800
16,055,000
---- 3,894:800 166,517,866
2110_488 R10 1_41R 9111 414
0
AUG. 251923.]
THE CHRONICLE
831
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS.)
Purpose of Issue.
Amount.
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
Railroads3,750,000 New equipment
5.05-5.20 Central RR. Co. of N. J. Equip. 5s "J," 1924-33. Offered by First National Bank, New York,
and Drexel & Co.
5.30 The Cleveland Union Terminals Co. 1st M. 5s, "B," 1973. Offered by J. P. Morgan & Co.,
First National Bank and National City Company.
Placed privately Florida East Coast Ry.Equip.Trust 55,"C," 1924-33. Offered by Bankers Trust Co.,New York.
5.45 Hockfng Valley Ry. Equip. Trust 5s, Series of 1923, due 1924-38. Offered by J. P. Morgan & Co.,
Kuhn, Loeb & Co., First National Bank, Guaranty Co. of New York and National City Co.
Placed privately Wabash Ry. Equip. Trust 53,55, 1924-38. Offered by Kuhn, Loeb & Co.
5,000.000 Construction terminal facilities
94%
2,000,000 New equipment
4,020.000 New equipment
2,010,000 New equipment
16,780,000
Public Utilities350,000 New plant
7.192,000 General corporate purposes
97%
91%
1,250,000 Acquisitions, impts., &c
981.‘
1,000,000 Capital expenditures
97%
3,000,000 Capital expenditures
99%
500,000 General corporate purposes
1,438,000 Corporate requirements
94%
98
1,000.000 New construc'n; working capital_ _ 100
1,000,000 Additions & improvements
3,500,000 Acquisitions; other corp. purposes.
96%
95
20,230,000
6.75 Eastern Iowa Power Co. 1st (closed) M.610, 1943. Offered by Ames, Emerich & Co.
6.70 Interstate Public Service Co. 1st M. Sr Ref. 6s, "A," 1948. Offered by Halsey, Stuart & Co.,
A. B. Leach & Co. and E. H. Rollins & Sons.
7.25 Jersey Central Power & Light Corp. Convertible Debenture 78, 1933. Offered by Bolster, Pratt,
Gillespie di Co., Inc., Frederick Peirce di Co., Phila., Chas. D. Robbins & Co., Bainbridge &
Ryan and Untermeyer, Richardson & Moss, Inc., New York.
6.20 Metropolitan Edison C.o. (of Pa.) 1st & Ref. Mtge. 68, "B," 1952. Offered by Halsey, Stuart
& Co., Inc.
6.05 Northern States Power Co.(Minn.) 1st & Ref. Mtge. 6s, "B," 1941. Offered by Harris, Forbes
& Co., Guaranty Co. of New York, Bonbright & Co. and H. M.ByllesbY & Co.
6.40 Ohio Public Service Co. 1st Mtge. & Ref. 65, "C," 1953. Offered by Halsey, Stuart & Co.
6.15 San Diego Consolidated Gas & Electric Co. 1st & Ref. Mtge. 6s, "C," 1947. Offered by Harris,
Forbes & Co., Blyth, Witter & Co. and H. M.BylleabY & CO.
7.00 Union Power Co., Inc., Debenture 78, 1933. Offered by First National Bank, Sharon, Pa., and
People's Savings & Trust Co., Pittsburgh,
6.25 United Light & Rys. Co. 1st Lien & Consol. Mtge. 6s, "A," 1952. Offered by Bonbright & Co.
6.38 Virginia-Western Power Co. 1st Mtge.68,"A," 1953. Offered by Edward B. Smith & Co., W.H.
Newbold's Son & Co., West & Co. and Coffin & Burr.
Iron, Steel, Coal, Copper, &c.
600,000 New equipment
5.50-6.10 Bertha-Consumers Co. Equip. Trust 6s, 1924-33. Offered by Harrison, Smith & Co. and Cassatt
& Co.
6.50-7.00 Hanlon-Gregory Galvanizing Co. (Pittsburgh) 1st M. 65, 1925-34. Offered by McLaughlin.
MacAfee & Co., Pittsburgh.
6.40-6.50 Washington Iron Works 1st (closed) Mtge.68, 1924-38. Offered by Eilyth, Witter & Co., Geo. H.
Burr & Co., Conrad & Brown, Inc.. and Union National Bank, Seattle.
125,000 Liquidate our't debt; wkg. capital_
500,000 Acquisitions, improvements,&e._
40,000.000 Acquire Steel & Tube Co. of America; working capital
99
6.05 The Youngstown Sheet & Tube Co. Debenture 6s, July 1 1943. Offered by Bankers Trust Co.,
Guaranty Co. of N. Y., Union Trust Co., Pittsburgh; National City Co., Cleveland Trust Co..
Union Trust Co., Cleveland; Guardian Savings & Trust Co., Cleveland, and Continental & Commercial Trust & Savings Bank, Chicago.
500,000 Additions
100
350,000 General Corporate purposes
500,000 Wkg. cap.; other corp. purposes
100
100
200,000 Acquisitions; working capital
110,000 Reduce current debt
100
100
6.50 Goss Printing Press Co.(Chicago) 1st Mtge. 6145, 1925-33. Offered by Powell, Garard & Co.
and Standard Trust & Savings Bank, Chicago.
6.50 (R.) Herschel Mfg. Co. 1st M.6165, 1924-33. Offered by F. B. Hitchcock & Co., Chicago.
7.00 Imperial Cotton Mills Co. of Los Angeles 1st M. Convertible 75, 1926-33. Offered by Banks.
Huntley & Co. Los Angeles, and M. H. Lewis & Co., San Francisco.
7.50 Jones Brothers &'
Co. 1st Lien 7165, 1933. Offered by The California Co., Los Angeles.
6.50 Kansas City (Mo.) Macaroni & Importing Co. 1st M. 6165, due serially to 1933. Offered by
Stern Bros. & Co., Kansas City,
6.50-7.00 Kellogg-Mackay Co.(Chicago) 6165, 1924-33. Offered by Federal Securities Corp., Chicago, and
Union Trust Co., Cleveland.
7.05 Waitt & Bond, Inc., Debenture 78, 1938. Offered by Blake Bros. & Co. and Curti., & Sanger.
41,225,000
Other Indus. & Manufac'g-
800,000 Refunding
750,000 Reduce current liabilities
9916
3,210,000
Land, Buildings, &c,.
800.000 General corporate purposes
100
400,000 Finance construction of building_ _ 100
450,000 Finance construction of building... 100
300,000 Finance construction of apartment 100
1,200.000 Finance purchase of building
100
225,000 Real estate mortgage
100
2,000,000 Fund current debt
100
1,400,000 General corporate purposes
850,000 Real estate mortgage
100
100
150,000 Finance acquisitions
100
1.500,000 Finance construction of apartment
1,350,000 Finance construction of hotel
135,000 Finance construction of building_ _
1,225,000 Finance construction of hotel
575,000 Additions, working capital,
_
1,000,000 Acquire building
700,000 Acquire building
100
100
100
100
100
100
150,-00 Finance construction of building_ _ 100
419,000 Alterations, additions. &c
98
600,000 Acquisitions; improvements
100
675,000 Finance construction of building.. 100
800,000 Finance construction of apartment 100
2,000,000 Finance construction of hotel
100
3,875,000 Finance construction of building- 100
5.50 Bothin Real Estate Co. (San Francisco) 1st M. 516s, 1925-38. Offered by Union Trust Co..
San Francisco.
7.00 Chester-Twelfth Bldg. Co. (Cleveland) 1st M. Leasehold 7s, 1925-33. Offered by Worthington,
Bellows & Co., Cleveland.
6.50 Cincinnati Doctors' Building Co. 6%5, 1925-41. Offered by Title Guarantee & Trust Co. and
Westheimer & Co., Cincinnati.
6.00 The Devon Apartments (N. Y. City) 1st M.65, 1928-33. Offered by Columbia Mtge. Co., N. Y.
6.50 Dodge Building (53 Park Place Corp.), N. Y., 1st M.6365, 1943. Offered by Hoagland, Allum
& Co. and A. 13. Leach & Co.
7.00 Drexel Square Apartments (Chicago) 1st M. 78, 1924-33. Offered by Caldwell, Mostar & Willaman, Inc., Chicago.
6.50 Firestone Park Land Co.(Akron, 0.) Coll. Trust 636s, 1933. Offered by Otis & Co. and Cleveland Trust Co., Cleveland.
7.00 Florida Realty Corp. 1st M.7s, 1943. Offered by Anderson-Doddritige & Co., inc., Tampa, Fla.
6.50 Food Products Bldg. Corp. (Chicago) 1st M. Guar. 634s, 1924-33. Offered by Taylor, Ewart
de Co. and Henry C. Quarles & Co., Milwaukee.
7.00 (C.D.) Franke & Co.Realty & Warehouse Co.1st M.7s, 1943. Offered by Bank of Charleston,
So. Caro.
6.25 The Guilford Apfs.(N. Y. City) 1st M.61‘5, 1926-33. Offered by S. W. Strauss & Co.
6.50
The Graemere (Chicago) 1st M. 6168, 1925-33. Offered by American Bond & Mtge.
Inc.
6.00-6.40 Hall Bros., Inc.(Kansas City) 1st M.6s. 1925-33. Offered by Guaranty Trust Co., 1315nsasCity.
Co.,
6.50 Hotel Senator (Sacramento. Calif.) 1st M. 6165, 1926-43. Offered by S. W. Strauss & Co.
7.00 Magee Realty Corp.(Taunton, Mass.) 1st M. 75, 1943. Offered by C. D.Parker & 00., Boston.
6.00 Netcher Building Corp. 1st (Closed) M. Leasehold 6s, 1933. offered by Ames, En:welch de Co.
and A. G. Becker & CO.
5.50 153-159 Madison Ave. (N. Y. City) Guar. 1st M. 516% certificates. Offered by N. Y. Title &
Mortgage Co.
7.00 Pine Avenue Realty Co. (Long Beach, Calif.) let Mtge. 7s, 1925-37. Offered by Cast-Howard
& Sanford and E. E. Miller & Co., Los Angeles.
5.70 Preble Corp.(Portland, Me.) 1st M.516s, 1938. Offered by Beyer & Small, Portland. Me.
6.50 Rosedale Park Land Co.(Detroit) 1st M.616s, 1933. Offered by Howe,Snow & Bertha, Detroit.
6.50 Sacramento Bldg. Co. 1st (Closed) M. 616s, 1925-38. Offered by Bradford, Kimball & Co..
San Francisco,
6.50 17 East 96th S.Apts.(N.Y. City) 1st M.6168, 1925-33. Offered by American Bond di Mortgage
Co., New York.
6.00 Southern Hotel Co.(Hotel Peabody), Memphis,Tenn. 1st Mtge. 6s, 1953. Offered by Bank of
Commerce & Trust Co.. Memphis, and Newman-Saunders & Co., Inc., New.Orleans.
6.50 Tremont St. Realty Co. 1st M.6168, 1925-38. Offered by American Bend & Mortgage Co., N. Y.
22,779,000
Miscellaneous500,000 Refunding
100
200,000 Additional capital
100
400,000 Additions
120,000 General corporate purposes
100
6.50 Associated Almond Growers of Paso Robles 1st (Closed) M. 636s, 1932. Offere4 by Wm. R.
Smuts Co.
7.00 (J.) Hanbury SC Co., Ltd. (Vancouver, B. C.) 1st Mtge. 7s, 1926-3.5. Offered by Lumberroen's
Trust Co. Bank, Portland, Ore.
8.00 Skinner Packing Co.(Omaha. Neb.) 1st M.8s, 1931. Offered by Frank C.Evans 00.,Denver,Col.
6.25 Twin Buttes Water Co. 151 M.6s, 1928-43. Offered by Wm.R. Stoats Co., Los Angeles.
1,220,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Purpose of Issue.
Amount.
Price.*
To Yield
About.
Company and Issue and Si, Whom Offered,
Public Utilities600,000 Refunding; additions and
_
99%
3,250,000 Acquire sees, of affiliated cos
98
1,000,000 Acq. prop. Savannah Lighting Co_
99%
7.25 Commonwealth Light & Power Co. 2-Year Secured 7s, July 1 1925. Offered by Paul E. Dodge
& Co., Inc., Chicago, and B. E. Buchman & Co., Madison, Wis.
7.15 Penn-Ohio Edison Co. 3%-Year Sec. 6.16s, Jan. 11927. Offered by Bonbright & Co. and/Eastman, Dillon & Co.
6.75 Savannah Electric & Power Co. 2-Year 616s, 1925. Offered by Stone & Webster, inc.
4,850,000
011121,000 NetreqUipMent
100
6.50 American Refining Co. Equip. Tr. 616s, "B," 1923-28. Offered by Stix & Co. and Lafayette
South Side Bank, St..Louls.
832
THE CHRONICLE
[VOL. 117.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Other Industrial & Mfg.
800,000 New factory
600,000 Additional capital
100,000 Working capital
300,000 General corporate purposes
*45,000 abs Acq. American Refractories Co_
. 650,111 Betterments,improvements. &c_ _
•10,000 sin Acq. Chad. Pope Beet Sugar Co_ _ _
2,000,000 New plant
Oil—
4140.261shs Additions. extensions. &c
Land, Buildings, &c.
C00,000 Finance construction of building- 758.000 Acts realty from Globe-WernickeCo
51)0.000 Additional capital
1.000,000 Finance construction of building_ _
100.000 Corporate purposes
3,000,000 Acquisitions. additions, &c
400.000 Finance construction of building__
To Yield
Price
a Amount
About
Involved. per Share
7.00 American Type Founders Co. 7% Cum. Pref. Offered by F. H. Hatch & Co., N. Y.
7.00 Art Cloth Mills. Inc.(Belmont, N. C.) 7% Cum. Partic. Pref. Offered by American
Trust Co., Charlotte, N. C.
8.00 Chicago Starch Co. 8% Cum. Partic. Pref. Offered by K.P. Collins & Co., Chicago.
100,000 100
8.00 Gay Engineering Corp. of California 8% Cum. Cony. Pref. Offered by Aronson &
300,000 100
Co., Los Angeles.
General Refractories Co. Capital Stock. Offered by company to stockholders:
2,250,000 50
underwritten by Edw. B. Smith & Co. and M. F. Middleton, Jr., & Co.
7.00 Henrietta Mills (of N. C.) 7% Cum. Pref. Offered by American Trust Co., Charlotte,
650.000 100
NC.
Midwest Sugar Refining Co. (Chicago) Class "A" Common. Offered by F. A.
250,000 25
Brewer & Co., Chicago.
2,000,000 Placed privately. Stark Mills of Massachusetts 7% Pref. Placed privately.
800.000 100 (flat)
600,000 100
6,950,000
5.610,440
40
Marland Oil Co.Common. Offered by company to stockholders and holders of warrants.
6.00 Continental Building Co.(Indianapolis) 6% Pref. Offered by Bankers Investment
Co., Gavin L. Payne & Co., and Breed, Elliott & Harrison, Indianapolis.
6.03 Globe-Wernicke Realty Co.6% Cum. Prof. Offered by Central Trust Co. and Richards, Parish & Lamson, Cincinnati.
7.84 Harris Construction Co. (Stamford, Conn.) 8% Cum. Partic. Pref. Offered by
500,000 102
Davis & Co., New Haven, and E. D. Merritt & Co. Bridgeport.
7.00 Insurance Building Corp.(Boston) 7% Cum. Prof. '
1.000.000 100 (b)
Offered by E. W. Clump;& Co.,
N. Y.
100,000 Price on application Murat Temple Association 6% Pref., due 1924-43. Offered by J. F. Wild dr Co.
Indianapolis.
6.50 Pacific Southwest Realty Co. 636% Cum. Prof. Offered by First Securities CO.:
3,000.000 100
Blyth, Witter & Co.; Cyrus Peirce & Co.: Pacific Bond dr Share Co.; Drake, Riley &
Thomas; Stevens. Page & Sterling: and California Co. Los Angeles.
7.00 The Temple Bar Building Co. (Cincinnati) 7% Cum. Prof. Offered by Charmer &
400.000 100
Sawyer, Cincinnati.
6.358.000
600.000 100
758,000
Miscellaneous—
921.300 Working capital
993ti
7.75 (W. T.) Grant Co.8% Cum. Pref. Offered by Blake Bros.& Co. and J. B. Walker &
Co., Inc., New York.
New Madison Square Corp. Class "A" Cum. Partic. Prof. Offered by Allen Weed &
' Co.. New York.
776 Western Maryland Dairy. Inc. (Baltimore), 8% CUM. First Pref. Offered by Commonwealth 13ank, Baltimore.
921.300 103
450.000 sits Acq.new property; other corp.purp.
Company and Issue, and by Whom Offered.
1.000,000
875.000 Acquisition constituent companies_
20
--
875.000
2,796,300
FARM LOAN ISSUES.
Amount.
Issue.
Price.
1.000.000 Atlanta (Ga.) Joint Stock Land Bank 50,
1932-52
102'4
1.000.000 Fremont (Neb.) Joint Stock Land Bank 55.
1933-53
C00,000 Kentucky Joint Stock Land Bank of Lexington, R.v..58, 1933-53
600.000 Minneapolis-Trust Joint Stock Land Bank
55. 1928-53
1,000,000 Northwest Joint Stock Land Bank (Portland, Ore.) 58, 1932-52
500,000 Potomac Joint Stock Land Bank of Washington. D. C., 5s, 1933-63
To Yield
About.
Offered by
4.65 Bond & Goodwin, Inc.. N. Y.; Paine, Webber & Co., N. Y.: and Lowry Bank & Trust
Co., Atlanta.
4.62 Brooke, Stokes dr Co., and Harris, Forbes & Co.
103
103
4.62 Harris, Forbes & Co., and Harris Trust & Savings Bank, Chicago.
102
4.55 Union Trust Co., Chicago: Illinois Merchants Trust Co.. Chicago;and Minneapolis Tr.Co.
102
4.73 G. E. Miller dr Co.. Portland, Ore.
103
4.62 Brooke, Stokes & Co.
4.700,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
E75,0001 Township of Tel-Aviv (Palestine
cS.345,0001
Bonds, due-Jan,1 1943
Price.
655%
To Field
About.
Wired by
7.00 Harvey Fisk & Sons, Inc., New York.
•Shares of no par value. a Preferred stocks are taken at par, while in the case of Common stocks the amount is based on the offering price. b Bonus of 3 Wares
no par value Common stock accompanies every lit shares of Preferred stock. •c Based on sterling exchange rate-54.60— on date of public offering.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. railroads would be on a noteworthy scale. In fact, that
Friday Night, Aug. 24 1923.
In some lines trade is brightening, notably in textiles.
The business in print cloths at Fall River this week shows a
noteworthy jump to 300;000 pieces, said to be the largest for
nearly a year, at a noticeable advance in prices. Some of
the Rhode Island, Connecticut and New York mills are
• starting up. Fall River expects to increase its output next
week in response to a rising,demand. Its trade recrudescence
was one of the features of the cotton market to-day, helping
to put cottonup quite as much as excessive rains in the eastern belt and deficient rains in Texas. Grain markets are
higher, with a better demand for corn, and also, to be sure,
some nervousness about-the crop owing to cold weather and
fears of frost at the West. This affected both corn and
wheat. The Canadian wheat.crop is not turning out as well
U expected. Corn Islip 4c: a bushel for the week and wheat
nearly J. COoler weather ig helping retail trade and also
wholesale business to some extent. There is some increase
in fall buying. It is not on a large scale, for conservatism in
American trade is still undoubtedly the dominant note. But
farmers are favored by higher prices for grain and also by
the highest prices for. live stock during the present year.
In the main advances in prices of merchandise have exceeded declines of late. Iron and steel prices have teen in
the main steady, and it looks as though buying of steel by
seems to be absolutely assured. A significant thing, too, is
that mail order business is making a good showing. Though
car loadings have fallen off, they still make a fine exhibit,
and the decrease was due more to the national bereavement
and the slowing down of trade during a memorable and a
historic week than to any real decrease in the country's business. It is noticed that even the decreased total for the
week ending Aug. 11 was larger than in the previous peak
week of 1920. General trade exceeds that in progress at
this time last year, as it has all along. Noteworthy, too, is
the fact that failures are fewer. They are put at 324,
against 348 last week and 388 for this week last year, not to
mention 395 in 1921. Raw silk is steadier and Japanese has
advanced.
It is true that the cotton crop has to all appearances suffered deterioration during the past month, and it is generally believed that the Government report next Friday will
show it. The Government crop estimate a month ago was
11,516,000 bales, but of late the estimates have ranged from
10,500,000 to 11,300,000 bales, generally at around 11,000,000 bales, though several have been noticeably less. The
Kansas wheat crop seems likely to be only half as large as
that of last year. The corn farmer appears to be getting into
better shape what with high prices for cattle and hogs and
a big feeding demand, with prices of late rising, partly owing
AUG. 25 1923.]
833
THE CHRONICLE
means of fighting a strike, but they
to cold weather. Coffee has latterly been advancing with of using substitutes as a
on the part of the Governhigher prices in Brazil. Sugar has also latterly reacted up- will not tolerate any temporizing
for a 20% increase
ward, owing to a better demand for the refined product. ment towards law breaking. The demand
in the pay of day
40%
of
and
wages
miners'
coal
anthracite
in
is
and
everybody
steady,
about
Wool has been quiet, but
This is an increase over the
now awaiting the reopening of the big London sales on laborers is entirely unjustified.
In the last three
Sept. 4. A New Zealand sale the other day showed no par- peak pay of the war period of inflation.
years the cost of living has fallen. But the coal miner grips
ticular change in prices as compared with last May.
Gasoline has been cut 1 to 2c. a gallon at the West and his 1920 increase and even wants more. Yet wages in nearly
There is no
crude oil in Texas and at the Pacific Coast some 25c. per all other industries have dropped since 1920.
operators
barrel. Meanwhile the stock market has been more or less proposition to reduce the miners' wages; the coal
in symis
opinion
Public
them.
maintain
to
agree
expressly
noted
have
with
this
Merchants
depressed.
Irregular and
interest, and the fact has not been without its effect on pathy with the mine owners and not at all with union leadcommodity markets at times, even if only for the moment. ers who are so plainly indifferent to the danger of wideA
The French note seems to leave the outlook for an early set- spread suffering this winter if there should be a strike.
tlement of the Ruhr and reparations questions more hope- strike would be clearly contrary to public policy and it is to
less. But for all that there is a persistent feeling that the be hoped that action of some sort will be taken accordingly
new German Cabinet is disposed to get in touch with the if a strike should actually be declared.
In Rhode Island and Connecticut cotton mills 10,000 opFrench Government and there is even talk, with or without
foundation, to the effect that another conference on the eratives are about to go on full time, it is stated, for the first
reparations terms in the near future is not altogether im- time in over 60 days. Fall River mills, it is said, will inprobable. It is said, too, that the British Premier will have crease their hours of operation next week after the most
a personal consultation with Premier Poincare. A single active week for a year past. At Lewiston, Me., the Bates
talk, man to man, often does more good than a hundred and Androscoggin mills will close one week beginning Sept.
notes. It is certainly to be hoped that this vexed question 3. At Cohoes 50% of the Harmony mills equipment now idle
will soon be settled. It is universally agreed that the future will start up next Monday on a 24-hour schedule. After a
business of Europe largely hinges upon it. It is a running long holiday period in Troy collar and shirt mills reopened
sore and the sooner it is healed the better. That is the feel- on Monday. In sonic .departments of Passaic, N. J.; woolen
ing at home and abroad. The Ruhr trouble undoubtedly mills, it is stated, are still running night and day. Labor is
overshadows the world business. As regards American busi- plentiful enough because of curtailment in the spinning
nesss, it is now threatened by a big anthracite coal strike, plants. Some months ago, while all mills were operating at
with the bare possibility of a sympathetic strike on the part capacity, there was a shortage of some 600 hands, but with
of the bituminous operators. It is said that an anthracite the New Jersey Worsted Spinning Co., Passaic Worsted Mill
strike now would mean a deficit by Dec. 1 of 17,000,000 tons. and Pitkin Worsted Mills operating on a reduced schedule, a
That would be a serious blow to society. It would mean large number of workers were thrown out of employment
nothing less than a public emergency. It is said that while temporarily. They have since been absorbed by such mills
Washington has no fear of a bituminous strike, it probably as the Botany, Forstmann & Huffman Co., Gera and Garfield
knows no more about the matter than other people. It may worsted mills, where many departments are still working
as well be distinctly understood that the American people day and night. At Charlotte, N. C.. on Aug. 20 a strike ocwant this coal question handled with no undue tenderness curred in the Highland Park Mill No. 3, when 300 operatives
for fomentors of strikes. The question will have to be faced walked out in protest against discharge of workers active,
sooner or later and may as well be faced resolutely first as it appears, in the union. There was no previous announcelast. It suggests the homely old saying to the effect that ment. The mill is one of the Johnston chain of mills which
"tender handed stroke a nettle and it stings you for your employs about 6,000 operatives, and union leaders assert that
pains, but grasp it like a man of mettle and it soft as silk all will be called out, if necessary, to secure reinstatement
remains."
of the discharged members of the union. Charlotte, N. C.,
In general there are signs of an expanding business in wired later in the week that the strike of operatives at Highsome directions, as the fall draws near. There is a general land Park Cotton Mill No. was only partially effective and
expectation of larger business as the summer lull passes. In the mill was operating with reduced forces. Unionists say
parts of the West the feeling is more cheerful, owing to the 150 out of 325 employees are out. The mill owners place the
recent rise in grain prices. At the South there is also said number out at less than 100. Picketing is being maintained.
to be a confident feeling, owing to relatively high prices There is no disorder.
ruling for cotton. It is said, too, that the Southern banks
On Aug. 22 the Lynn, Mass., shoe strike came to an abrupt
are few if any frozen credits, and that in a word the whole end when the manufacturers agreed to an increase in wages
situation at the South financially and commercially is bet- of 15% for lasters and 1714jTo for assemblers, which the
ter than a year ago. There is plenty of money and in a sense unions have voted to accept, returning to work at once. The
lenders are seeking borrowers, whereas a year ago the situa- scale of wages granted brings the lasters' pay back to the
tion was just the reverse. The general situation in this schedule in effect before the award by arbitration made a
country is still of a kind to promote confidence while at the year ago. At Holyoke, Mass., all paper mills, it was ansame time there is a very evident disposition to pursue a nounced, would resume operations on Tuesday or Wednesday
conservative course, confining purchases for the most part of this week, despite the strike of stationary firemen. Hope
to immediate needs rather than indulging in venturesome of an immediate settlement with the firemen, now in the
orders far ahead. There is very little speculation. Seldom fifth week of the strike, has been abandoned. The mill ownin recent years has there been less. The country, in a word, ers are turning their efforts to filling the places of the strikis in shape to respond to the vivifying influences of expand- ing firemen. The manufacturers have offered to adjust
ing consumption and an enlarged demand to keep pace with working Conditions, but declined to raise wages.
A nation-wide survey of the employment situation for July
It.
An anthracite coal strike unfortunately looms ahead, the indicates that a "healthy undertone and a splendid spirit of
scale committee of the miners' union in the three anthracite optimism prevail practically throughout the entire indusdistricts of Pennsylvania having to-day (Friday) at Atlantic trial field," the Labor Department's Employment Service
City actually authorized the officers to order all miners to announced. This despite the fact that July is a vacation
cease work Sept. 1. The mine workers place themselves in month.
Building is proceeding at a fair rate under remarkably
the wrong by rejecting arbitration. It is a poor case that
dreads arbitration. The "closed shop" idea harking back to high wages ruling. There is to be a real effort made, howthe middle ages and its arbitrary guilds is, properly speak- ever, to overcome the scarcity of workers. Some 3,000 men.
ing, an anachronism and distinctly at variance with the spirit it appears, are ready to enter classes to learn bricklaying.
at least of the law that forbids restraint of trade. The etc., here. Extreme high wages are bound to bring their
"check-off" is repugnant to the spirit of fair play. The em- own remedy. That outsiders, even professional men, can
ployer, whether an individual or a corporation, has no right do the rough w rk readily enough is illustrated by the fact
to take a man's wages and hand any portion of it over to that at Chicago and its Evanston suburb student ministers
somebody else under any pretext whatsoever, and the idea and members of other professions have recently been doing
$104 and more a week on
has not a vestige of support in common sense or in the law. the ‘I'ork of plasterers at wages
Towards the strikers the Government at Washington must a new hotel.
Aug. 22 here was the coldest on record, being 53 degrees.
adopt a firm attitude. The people will be satisfied with
nothing less. They are not too much pleased with the idea The cold weather extended westward and southwest, with
of
834
THE CHRONT.CLE
[Vol,. 117.
low records reported from many sections in the West and
Northwest. On the Nyack branch of the Erie railroad it
was down to 38. At Buffalo, N. Y., on Aug. 22 it was the
coolest August day since 1880, the temperature reaching 44
degrees. Chicago reported freezing temperatures in North
Dakota, frosts in northeastern Minnesota and unseasonably
cool temperature in the Central and Northern States. A
temperature of 32 degrees was reported in a rural section
near Duluth, Minn., although the official temperature for
that city was 41. Detroit, Mich., on Aug. 22 had 44.8 degrees,
the coldest Aug. 22 in its history. The prolonged Texas and
Oklahoma drouth has been relieved or broken. While the
official figure of the Weather Bureau at New Haven, Conn.,
gave 48 as the lowest for Aug. 22, farmers' instruments in
eastern Connecticut are said to have shown 32, nipping late
potatoes, cucumbers and beans. A trace of ice on quiet
pools was reported. The week-end promises to be cool in
and around New York. For several days in succession the
thermometer has been down to 53 degrees.
The unprecedented heat in France this month, while it
was very oppressive to the people, was exceptionally beneficial, as it turned out, for the grain crops, and now it is
said the interior military garrisons are being called upon to
release conscripts for harvesting.
held on July 31 1922. The average price of raw cotton at New York at
25.9 cents for July may be compared with 28.4 cents in June and 22.3 cents
in July a year ago. The average prices of cotton yarn and cotton goods
declined in July.
A total of 33,843,000 pounds of wool was received at Boston in July as
against 44,403,000 pounds in June and 71,307,000 pounds in July 1922.
Of the July total, foreign wool receipts amounted to 7,762,000 pounds as
compared with 30,791,000 pounds in July a year ago, while receipts of domestic wool in July. amounting to 26,081,000 pounds, may be compared
with 40,516.000 pounds in July 1922.
•
The consumption of silk by textile mills amounted to 28,573 bales as
against 27.824 in June and 24.996 in July a year ago. Stocks of silk at
the end of July aggregated 22.914 bales as compared with 25,865 bales
at the end of June and 27,414 on July 311922.
The eastbound movement of iron ore through the Sault Ste. Marie canals
amounted to 10,094.000 short tons, which may be compared with 9,223,000
In June and 8,943.000 in July a year ago.
Pig iron production in July totaled 3.680,000 tons as against 3.668,000
tons in June and 2,405,000 tons in July a year ago. Steel ingot production,
allowing for companies not reporting, amounted to 3,516,000 tons as compared with 3.749.000 tons in June and 2,953,000 tons in July 1922. Unfilled steel orders at the end of July amounted to 5,911,000 tons as compared with 6,386,000 at the end of the preceding month and 5,776.000 tons
on July 31 1922. Prices of iron and steel declined during the month.
Locomotive shipments by the principal manufacturers amounted to 239
as against 232 in June and 128 in July 1922. Unfilled orders on the books
of these manufacturers on July 31 called for the delivery of 1,738 locomotives
as compared with 1,958 on June 30 and 811 on July 31 1922.
Production of zinc in July totaled 86,130,000 pounds as compared with
85,680,000 pounds in June and 63,834,000 pounds in July a yem ago.
Stocks of zinc at the end of July totaled 42,480,000 pounds as against
34,346,000 on June 30 and 57,236,000 pounds on July 311922. Stocks of
tin at New York on July 31 amounted to 2,037 tons as against 2,137 tons
on June 30 and 3.616 tons on July 311922. Consumption of tin aggregated
Plans for Reducing Costs of Building Materials—Era 5,305 tons as compared with 5,410 tons in June and 4,590 tons in July a
year ago. The price of pig tin declined during the month, while the price
of Lower Prices Setting In.
of slab zinc at 86 40 per hundred pounds showed no change from the pre"Countering advancing building costs with the slogan: ceding month.
Production of bituminous coal amounted to 45,126,000 tons as swans
`No Flection;No Action,'"investors of New York and vicinity
in June. Anthracite production aggregated 8,320 000 tons as
now seem to be in a fair way to success in their efforts to 45.644,000
compared with 8.665.000 in June. while production of beehive coke totaled
bring material prices down," says the Dow Service, published 1,582.000 tons as against 1,755,000 tons in the preceding month. Whole
by the Allen E. Beals Corporation, and then proceeds as sale prices of bituminous coal and coke declined during the month, while
anthracite remained stationary.
follows:
The index of the cost of building materials entering into the construction
The next five months will be more notable for its forward buying than for of a six-room brick house,
at 217 for July on a 1913 base, compares with
actual building. The year 1923 stood a fair chance to touch the 6 billion 215 for June and 184 for July
a year ago. For a six-room frame house the
mark. The country turned 3 billion dollars worth of construction at the Index for July is 214 as
compared with 212 for June and 181 for July 1922.
close of the first half, but about April and May building material purveyors Contracts awarded for all classes of
construction in 27 Northeastern States
began to misjudge the cost-burden building investors would bear, and be- amounted to $274,225,000 as compared
with $323,559,000 in June and
ginning July 15 the sag in building material ordering began to be noticeable. 8350,081,000 for July a year ago.
The production of Douglas fir in July
This sag has already lasted too long and the balance of the building year is totaled 461.532.000 feet as against
567,626 000 in June and 476,199,000 in
too short to give 1923 the honor it was entitled to. The country's first July 1922. Prices of lumber and building materials declined during the
6 billion dollar building year will probably be 1924.
month, while new orders for flooring, both oak and maple, Increased in
Common brick down El a thousand wholesale; wood lath off 50 cents a July over the preceding month. Production of cement totaled 12.620,000
thousand retail; a reduction in hollow tile fireproofing material, a steady barrels as compared with 12,382.000 in June
and 11,557.000 barrels in JulY
decline in the price of linseed oil, plate and window glass, and with struc- a year ago. Stocks at the end of July
amounted to 8,078,000 barrels as
tural metals wavering at the price line; all these price trends serve merely compared with 8,433,000 barrels on July 311922.
to show that the building material price pinnacles have flexed before the
The visible supply of corn at the end of July amounted to 2,346,000
will of the investor. The danger is, however, that as under similar condi- bushels as against 4,269.000 on June 30 and 22.304,000 bushels at the end
tions, as notably following May 1920, excessive price pressure Is applied of July 1922. The visible supply of wheat totaled 45.084,000 bushels at
to a point where plant expansion is arrested at a time when, if it had been the end of July as against 52.912,000 on June 30 and 40.513.000 on July 31
allowed sufficient margin to take care of future building requirements. an 1922. The wholesale price of corn continued to advance, while the prices
end would have been put to recurrent price traps.
of wheat and flour declined In July.
There Is unquestionably setting in an era of lower prices. It is as true
The total employment in 1.428 representative United States factories
of automobile, dry goods, stocks and bonds, foods and clothing markets amounted to 2,041,250 on July 31 as compared with 2.040.827 at the end
as it Is of building. It is because the buying power of the public lessens as of June and 1,729,826 on July 311922. Wholesale prices In general deIts income decreases. The employer demands more efficient work and the clined, the Department of Labor index for 404 commodities being 151 as
employee is reluctant to give it unless he gets more pay. Hence a period compared with 153 for June and 155 for July 1922. The cost ofliving index.
of re-employment and consequent lowering of individual buying Power. based on July 1914 as 100, stood at 162 for July, as compared with 160 for
That process is even now under way in the building trades, as it Is in other June and 156 for July a year ago. The index of unfilled orders for basic
industries. It is part of the long-deferred post war readjustment process.
commodities compiled by the Department of Commerce stood at 68 on
During this period, lowering interest rates will develop in most forms of Aug. 1, based on 1920 as 100 as against 77 on July 1 and 660n Aug. 11922.
Investment. First mortgage investments will continue to command investment favor, however, because there is nothing in the economic forces
Gasoline "Price War" Continues—Revisions Also
bringing about these readjustments that can diminish the demand for
Made in Crude Oil Prices.
building. That can be met only by actual construction, and if that wanes
for lack of natural investment impetus, a national emergency will again
The wholesale price of gasoline on Aug. 18 was out to
develop and artificial stimulation will again be applied, such as tax exemp10 cents a gallon in New York by one large Eastern refiner.
tion, &c., &c.
When a plasterer in New York gets for two days work of eight hours each This isthe lowest price yet named and compares with the
what the wheat farmer gets after working four months on an acre of ground, tank wagon price of 19% cents quoted by the
Standard Oil Co.
according to Roger W.Babson. the building investor who is a buyer of
of New York. The new low price is said to be the result of
both food and shelter, is pretty apt to think that he has been carrying such
a building construction burden about long enough, meanwhile making due the excessive manufacture of gasoline due to cheap California
allowance for the fact that the plasterer's labor produces a much longer-lived crude oil and the lower tank steamer rates between California
commodity than does the wheat farmer.
and Mexico and the Eastern seaboard. The Standard Oil
It is this factor of disproportion of compensation for labor in the building
trades as applied to rewards for labor in other industries (from which the Co. of New Jersey has reduced the export price of gasoline
demand for building construction springs), that is unsettling the steady 1 cent to 26.15 cents a gallon for United States Navy specifiprogress of construction. It Is not any longer susceptible to automatic cations
in cases, cargo lots, and 123-f cents in bulk. Refiners
adjustment, and, realizing this fact, the building investors have determined
to defer their building plans until such time as building costs stop soaring. in the Northwestern Pennsylvania district have reduced the
In an effort to effect an artificial adjustment. Recent price corrections will price of motor gasoline to 12 cents a gallon wholesale.
be interpreted by them as indication that their price-protesting voice has
In spite of the upward price revision started by Governor
been heard.
At the same time it is well for the investor to realize that while a falling MacMasters of South Dakota when he consented to increase
market normally results in slower buying, because everyone wants the lowest the price.of gasoline from 16 cents to 20 cents a gallon on
possible price; a falling market preceding an abnormal demand, such as Aug.
15, the Standard Oil Co. of Indiana on Aug. 20 conwould result in a 6-billion dollar building year, will doubtless develop a
mighty forward-buying movement. Building material manufacturing tinued to retail the fuel at 16 cents. The majority of the
capacity is far below any such output next year.
independents during this period were thus forced to continue
Commercial and Industrial Movements During July.
The Department of Commerce announces the following
figures covering industrial and commercial movements in
July:
Cotton consumption by textile mills amounted to 461,575 bales In July
as compared with 542.166 in June and 458,002 in July 1922. The total
consumption for the cotton crop year ending July 31 amounted to 6,670,237
bales as compared with 5.909,820 bales for the corresponding period ending
July 31 1922. Total stocks of cotton held at mills and warehouses aggregated 2,027,919 bales at the end of the crop year as against 2,706,553 bales
to sell at the low price which they had asserted to be ruinous,
but on Aug. 21 they raised the retail price to 20 cents a gallon, with the exception of the National Refining Co.,which
quoted 19 cents a gallon. Motorists in South Dakota then
had the choice of paying of the three prices-16, 19 or 20
cents a gallon.
Some gasoline was sold in Seattle, Wash., for 16 cents a
gallon on Aug. 21, but the reduction was not general, the
majority of the retail stations selling at 19 cents a gallon.
AUG. 25 1923.]
835
THE CHTIONTCLE
Los Angeles, Calif., on Aug. 22 saw the price of gasoline
drop to 6 cents a gallon retail at one service station. The
proprietor explained that he is interested in a small refinery
which is experimenting with a new process of manufacture.
He had previously sold the fuel at as low a price as 9 cents
a gallon. Other service stations have various prices ranging up to 17c. a gallon.
A report from Dallas Aug. 22 saw indications that the
local "gasoline price war" was about to end as a result of the
increase by the Magnolia Petroleum Co. to 16 cents a gallon.
The fuel had previously been selling at about 11 cents a
gallon. Other companies were expected to meet the advance.
The Standard Oil Co.of California in a statement published
Aug. 23 said that the continued overproduction of crude oil
in southern California has created a surplus of gasoline.
The company reduced the price of gasoline at service stations
2 cents a gallon in southern California and 1 cent elsewhere
in California and in Nevada, Washington, Oregon, Alaska
and Hawaii. The new price in Los Angeles is 15 cents a
gallon, the lowest there since November 1915, and in San
Francisco 16 cents, the lowest since January 1916. In 1920
gasoline rose to 27 cents a gallon in San Francisco and Los
Angeles, but since then there have been several changes, all
downward, totaling 11 cents a gallon in San Francisco and
12 cents in Los Angeles.
On Aug. 23 the independent oil dealers in South Dakota
again reduced the price of gasoline, this time to 15% cents a
gallon, to compete with the Standard Oil of Indiana, which
had maintained the price of 16 cents a gallon retail since
Aug. 13. From the New York "Times" of Aug. 24 we take
the folowing:
For the year period. July 15 1922 to July 15 1923, the increase in all
articles of food combined was 4%.
For the ten-year period, July 15 1913 to July 15 1923. the increase in all
articles of food combined was 48%•
Changes in Retail Prices of Food, by Cities.
During the month from June 15 1923 to July 15 1923, the average family
expenditure for food increased in 45 cities as follows: Columbus, 6%;
Boston, Chicago, Fall River, Manchester, Milwaukee, Peoria and Springfield, Ill., 5%; Detroit, Portland, Me., Providence and Rochester. 4%;
Buffalo, Butte, Denver, Indianapolis and New Haven, 3%; BridgePort,
Cincinnati, Cleveland, Philadelphia, Salt Lake City, Savannah, Scranton
and Washington, D. C., 2%; Atlanta, Birmingham, Dallas, Jacksonville,
Minneapolis, New Orleans, New York City, Omaha, Portland. Ore., and
St. Paul. 1%; and Baltimore, Houston, Little Rock, Memphis, Mobile.
Newark, Pittsburgh, Richmond, St. Louis and Seattle. less than 5-10 of
1%. There was a decrease in the following six cities: Los Angeles and Louisville. 1%; and Charleston, Kansas City. Norfolk and San Francisco. less
than 5-10 of 1%•
For the year period July 15 1922 to July 15 1923, 45 cities showed an
Increase: Cleveland, Detroit and Pittsburgh, 8%; Manchester and Philadelphia, 7%; Bridgeport, Chicago, Indianapolis, New Haven and Washington, D. C., 6%; Baltimore, Birmingham, Fall River, Newark, New York
City, and Providence, 5%; Boston, Butte, Columbus, Denver, Milwaukee,
Rochester and Scranton,4%;Buffalo, Little Rock. Los Angeles. Louisville,
Norfolk, Portland, Me., Salt Lake City, San Francisco and Savannah. 3%;
Cincinnati, Jacksonville, Kansas City, Memphis, Minneapolis, Mobile,
Peoria, Richmond and St. Paul, 2%; and Atlanta, Houston. Omaha and
Springfield, Ill., 1%. The following six cities decreased during the year:
Portland, Ore., 2%; Dallas, 1%; and Charleston, New Orleans, St. Louis
and Seattle. less than 5-10 of 1%.
As compared with the average cost in the year 1913. the cost of food in
July 1923 was 58% higher in Washington. D. C.; 57% in Chicago and
Detroit;56% in Richmond;54% in Providence;53% in Boston, Manchester,
Milwaukee and New York City:52% in Baltimore, Philadelphia and Scranton; 51% in Buffalo; 50% in Birmingham, Fall River and Pittsburgh; 49%
in New Haven;48% in Cleveland; 47% In Charleston; 46% in Indianapolis;
45% in Cincinnati and Newark;44% in Minneapolis and St. Louis;43% in
Atlanta; 42% in Omaha; 41% in Dallas and New Orleans; 40% in Kansas
City, Little Rock and San Francisco; 39% in Denver and Jacksonville; 38%
in Los Angeles and Memphis; 37% in Seattle; 34% in Louisville; 32% in
Portland, Ore., and 27% in Salt Lake City. Prices were not obtained from
Bridgeport, Butte, Columbus, Houston. Mobile, Norfolk, Peoria. Portland.
Me., Rochester, St. Paul, Savannah and Springfield, Ill., in 1913, hence no
comparison for the ten-year period can be given for these cities.
"We realize that this price," the announcement said, "will put a large
percentage of dealers out of business, for no dealer can sell gasoline at 15;i
The Bureau also furnishes the following index numbers of
cents except so long as his capital holds out."
The announcement criticized Governor McMaster for precipitating the retail prices of the principal articles of good in the United
price war.
States:
"It may be a personal victory for the Governor—it is a sad tragedy for
the helpless dealer who must be sacrificed to the Governor's ambitions," INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATI,A.
the independents' announcement said. "The Governor is quoted as saying:
'It is going to be a finish fight.' It is. It is going to be the finish of a large
Begnumber of legitimate dealers who are perfectly helpless."
Year and Sirl's R'nd Rib Ck'ck Plate Pork BaMonth. Steak. Steak' Rocat.Roast. Beef. Chops con. Ham Lard Hens Eggs ter.
"The independent dealers will maintain the prices as fixed by the larger
oil companies so long as they are able to stand the pace. When they are
1922.
97 173 145 118
no longer able to finance themselves they can simply close up their places January __ 139 136 135 119 106 137 139 164
of nisiness, throw several thousand wage earners out of employment and February_ 139 135 134 118 106 140 140 173 101 173 140 120
92 120
March ___ 141 138 136 121 107 149 144 185 109 177
mkt the living of thousands of families."
143 141 138 122 107 157 147 188 107 177 92 118
April
97 117
124 107 164 147 191 108 177
148
146
141
May
['he huge oil production in California is having a demoral- June
151 150 142 126 107 161 150 193 109 173 99 117
154 153 144 127 106 164 150 194 109 168 104 119
ixf kg effect in the crude oil market, as California oil is so July
154 153 142 125 104 167 150 189 109 164 108 115
August
chap it is driving other oils out of various markets. Effec- September 152 151 142 125 104 173 150 180 109 164 130 122
151 148 141 124 106 174 151 177 111 163 157 133
October
tive Aug. 18, the Humble Oil & Refirizg Co. reduced November 147 144 139 123 105 157 151 172 111 159 187 133
141 138 121 105 140 149 169 111 158 193 157
145
December_
gra
During the month from June 15 1923 to July 15 1923, 18 articles on
which monthly prices are secured increased in price as follows: Potatoes,
31%;strictly fresh eggs, 5%; pork chops, 4%; round steak and corn meal,
3%; sirloin steak, rib roast, chuck roast, plate beef, and bananas. 2%;
ham, fresh milk, bread, macaroni, and canned peas. 1%; bacon, cheese,
and vegetable lard substitute, less than 5-10 of 1%.
Sixteen articles decreased in price as follows: Cabbage, 13%; onions. 97
0:
granulated sugar, 5%; hens, butter, and flour, 2%;leg of lamb, lard, navy
beans, baked beans, prunes, raisins, and or„nges, 1%; nut margarine, tea,
and coffee decreased less than 5-10 of 1%•
nine articles showed no change in price
The following
during the month;
Canned salmon, evaporated milk, oleomargarine, rolled oats, cornflakes,
wheat tweak, rice, canned corn, and canned tomatoes.
145
139
123
1923.
January
February_
March _ _
April
May
June
July
142
141
142
145
148
155
159
139
139
139
140
142
145
148
123 107
122 106
123 N06
123 105
124 106
128 104
130 106
146
146
147
149
152
158
161
106
181
108
169
140 147 168
137 146 167
135 145 167
135 145 168
143 145 169
142 144 171
149 145 171
110
110
110
111
109
109
108
162 161 154
167 134 151
168 112 100
169 100 150
170 102 136
166 103 131
163 108 128
157
147
129
125
Year and
Corn
AU Articles
Pota
Month. Ch'se.Milk. Bread Flour eat. Rice. toes. Sugar Coffee Tea. Combined.
Av.for yr_ 149
147
155
155
1923.
January_.
February _
March - _
April— _
May
June
July
154
154
153
153
152
152
153
155
155
155
155
155
155
157
148
148
145
148
145
145
142
133 109 124
133 108 124
133 108 129
133 108 ! 147
133 108 I 159
133 108 ' 188
157 108 247
194 113
194 116
182 118
171 122
176 120
206 129
212 138
153 147
135 144
129 .144
124 147
124 151
130
109
165
120
119
119
120
120
121
121
121
121
122
122
123
125
125
124
124
125
125
125
125
125
125
126
126
142
142
139
139
139
141
142
139
140
143
145
147
133 121
125
142
e
,
•
169
170
168
164
161
163
164
107
107
107
108
109
110
110
110
110
110
110
109
144
142
142
143
148
144
147
151
158
185
193
204
202
191
to to to tsD, t4
148
155
161
161
161
161
158
155
148
145
145
148
1,7 b., ts, t•2 t‘Dto
00 OD V CD ola•
1922.
149 153 157
January
February. 149 148 154
149 146 155
March
145 143 155
April
139 140 157
May
141 140 157
June
143 144 157
July
144 145 155
August
September 145 147 155
154 149 155
October
November 161 151 155
December 166 154 154
.. 000000CI
00001,
CO 0,C,CO N Coi V,Ct CO CI CI CO I
Increase In Retail Prices of Food in the United States
During July.
The retail food index issued by the Department of Labor,
through the Bureau of Labor Statistics, shows that there
was an increase of 2% in the retail cost of food to the average
family in July 1923 as compared with June 1923. In July
1923 the index number was 147, and in June 1923, 144.
The Bureau's statement of Aug. 20 also said:
Av.for yr_ 147
1
de A Gulf Coast crude 25 cents to $1 a barrel, the same
prif e quoted for grade B.
Fffective Aug. 20, the Texas Co. reduced the price of all
grades or Gulf Coast crude oil to $1 a barrel.
The purchasing price of Mid-Continent crude oil was cut
50% on Aug. 21 by the Miller Petroleum Co., the change
to be effective Aug. 24. The company announced it would
pay only $1 a barrel as against the posted price of $2 a barrel.
A week or more ago the Champlin Refining Co. of Enid,
Okla., out the price of high-grade crude upon which it operates from 25 to 45 cents a barrel and the Illinois Oil Co.
of Cushing announced a similar order reducing its price
35 cents per barrel. While independent crude oil purchasing
companies are engaged in slashing the prices of Mid-Continent oil the Prairie Oil & Gas Co., the dominant crude oil
purchasing concern of the Mid-Continent territory, continues, it is stated, to maintain the posted price which has
been in effect since May.
Decline in Wholesale Prices in July.
The decline in the general level of wholesale prices which
began in May continued through July, according to information gathered in representative markets by the U.S. Department of Labor through the Bureau of Labor Statistics.
In its monthly statement, issued Aug. 18, the Department
says:
Measured by the Bureau's weighted index number, which includes 404
commodities or price series, the decrease from June to July was 1 1-3%
and from April to July, 5%,
The largest decrease from the preceding month is shown for the group
of cloths and clothing, due mainly to decline in cotton goods and raw and
spun silk. The decrease in this group was over 2%% Chemicals and
drugs declined 234% from the June level. In the group of farm products
836
THE CHRONICLE
advances in corn, cattle, hogs, eggs, timothy and clover hay, hops, onions,
and potatoes were more than offset by declines in wheat, oats, rye, lambs,
cotton, beans, alfalfa hay, and hides, causing a net decline of over 2%.
Decreases approximating 2% were recorded for the groups of metals
and metal products and building materials, while smaller decreases took
place among foods, fuel and lighting materials, and miscellaneous commodities. No change in the general price level was again reported for
houseftunishing goods.
Of the 404 commodities or series of quotations for which comparable
data for June and July were collected, decreases were shown in 175 instances
and increases In 68 instances. In 161 instances no change in price was
reported.
Index Numbers of Wholesale Prices. by Groups of Commodities (1913-100)•
1923
1922.
July.
GroupJune.
July,
Farm products
135
135
138
Foods
141
142
142
Cloths and clothing
193
198
180
Fuel and lighting
183
186
254
Metals and metal products
145
148
121
Building materials
190
194
170
Chemicals and drugs
128
131
121
Housefurnishing goods
187
187
173
Miscellaneous
121
123
114
AU commodities
151
153
155
Comparing prices in July with those of a year ago, as measured by
changes in the index numbers, it is seen that the general level has fallen
%. This is due to the great decline in fuel and lighting materials,
which have decreased 28% in price since July of last year. at which time
a strike in the coal fields was in progress. Foods have decreased about
X of 1% in the year. In all other groups except farm products, increases
have taken place, ranging from 531% in the case of chemicals and drugs
to 1931% in the case of metals and metal products. Farm products
show no change in the general price level as compared with a year ago.
[VOL. 117.
compared with an average of 36,897,371 for June. 40,192,970 for May
and 32,217,598 for June 1922. The average number of active spindles
hours per spindle in place for the month was 191.
Supply and Distribution of Cotton in'the
United States.
The Department of Commerce, under date of Aug. 18,
issued its annual statement upon the domestic supply and
distribution of cotton for the year ended July 31 1923.
From this it appears that 6,664,710 bales of cotton, exclusive of linters, were consumed in the United States
during the year, compared with 5,909,820 bales for 1922,
4,892,672 bales for 1921, and 6,419,734 bales for 1920.
The exports of cotton, exclusive of linters, during the year
are given as 4,822,589 bales, compared with 6,184,094
bales for 1922, 5,744,698 bales for 1921, and 6,545,326
bales for 1920. The carry over of cotton in the United
States on July 31 1923 it found to have been 2,087,919
bales, compared with 2,831,553 bales for 1922, 6,534,360
bales for 1921, and 3,563,162 bales for 1920. The statement
goes on as follows:
Bales included above were: Consumed for 1923, 6,277 Sea-island,
65,126 American-Egyptian, 261.326 Egyptian, and 80,862 other foreign:
held in consuming establishments, July 31 1923, 2,947 Sea-island, 10.524
American Egyptian, 86,508 Egyptian, and 25,992 other foreign: and
held in public storage and at compresses,4,070 Sea-island, 18.697 AmericanEgyptian, 51,446 Egyptian, and 19,744 other foreign. There were imported during the year 329,335 bales Egyptian, 21.185 Peruvian, 50,240
Chinese, 45,679 Mexican, 22,163 British Indian, and 1,352 other.
Cotton spindles in place on July 31 1923, exclusive cif doubling and
twisting spindles, number 37,397.331, compared with 36.945.554 In 1922.
36,617,584 in 1921, and 35.834,463 in 1920, the increase during the past
year being 451,777.
The following preliminary statement presents the several items of the
supply and distribution of cotton in the United States for the twelve
months ended July 31 1923. The quantities are given in running bales.
counting round as half bales, except that foreign cotton is in equivalent
500-pound bales. Linters, the short fibre obtained by the oil mills from
cotton seed, are not included:
Supply.
(Bales.)
Aggregate
13,610,218
Stocks Aug. 11922. total
2,831,553
In consuming establishments, total
1,218.388
In cotton-growing States
531,312
In all other States
687,076
In public storage and at compresses, total
1,488,165
In cotton-growing States
1,123.101
In all other States
365,064
Elsewhere (estimated)
125,000
Ginnings
9,729,309
Imported Aug. 1 to July 31 1923
469,954
lo balance distribution
579.405
• Distribution.
Aggregate
13.610,218
Consumed Aug. 1 1922 to July 31 1923, total
6,664,710
In cottong-growing States
4,248,525
In all other States
-----2,418,185
Exported Aug. 1 1922 to July 31 1923
4,822,589
Burned
35,000
Stocks July 311923. total
2,087,919
In consuming establishments, total
1,089,230
In cotton-growing States
532.203
In all other States
557,027
In public storage and at compresses, total
938,689
In cotton-growing States
752,888
In all other States
185,801
Elsewhere (estimated)
60.000
in the Cotton Spinning InduEtry for
July 1923.
The Department of Commerce announces that, according
to preliminary figures compiled by the Bureau of the Census,
there were 37,397,331 cotton spinning spindles in place
in the United States on July 31 1923, of which 34,237,887
were operated at some time during the month, compared
with 34$43,421 for June, 35,390,137 for May, 35,515,791
for April, 35,500,518 for March, 35,307,707 for February
1923, and 32,051,820 for July 1922. The aggregate number
of active spindle hours reported for the month was 7,135,765,590. During July the normal time of operation was
25 days (allowance being made for the observance of Independence Day) compared with 26 for June, 263. days for
May, 24 2-3 days for April, 27 for March, 23 2-3 for February, and 263/i for January. Based on an activity of 8.74
hours per day, the average number of spindles operated
during July was 32,657,966 or at 87.3% capacity on a
single-shift basis. This number compared with an average
of 36,897,371 for June, 40,192,970 for May, 40,759,979
for April, 40,389,029 for March, 40,847,845 for February,
40,008,203 for January, 34,041,028 for August, and 32,217,598 for June 1922. The average number of active
spindle hours per spindle in place for the month was 191.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the Census Report on Cotton Consumed and on
Hand, also
average spindle hours per spindle in place by States, are
Active Spindles, and Exports and Imports.
shown in the following statement:
Under date of Aug. 18 1923 the Census Board issued its
Active Spindle Hours
-Spinning Spindles
for July
In
Active
Avge. per regular preliminary report showing cotton consumed, cotton
Place
Spindle on hand, active cotton spindles and imports and exports of
During
StateJuly 31.
July.
Total. in Place.
United States
37,397,331
191 cotton for the month of July 1922 and 1923 and the twelve
7,135,765,590
34.237,887
Cotton-growing States..16,446.758
254
15.871,805
4.185,228,973
All other States
20,950,573
141 months ending with July. Cotton consumed amounted to
2,950,536,617
18.366,082
Alabama
1,330,162
228
303,908,972
1,248,062
Connecticut
1,366,668
161 461,575 bales of lint and 44,775 of linters, compared with.
1.258,135
220,573.617
2.686.047
242 458,002 bales of lint and 55,502 of linters in July last year,
Georgia
2,597,248
649.556,694
168
Maine
1,140,928
1,107,717
191,469,486
138 and 542,166 of lint and 49,635 of linters in Juno this year, the
Massachusetts
11,951,334
1,646,585.873
10,235,795
1,449,700
101
New Hampshire
145,749,282
1,186,336
447,152
125 Bureau announced. The statistics of cotton in this report
New Jersey
396.988
55.727,762
1,037.418
135 are given in running bales, counting round as half bales, exNew York
140.228,101
909,019
267
5,508,913
North Carolina.
1.470,355,600
5,361.462
203,305
143 cept foreign bales, which are in equivalent 500-lb. bales.
Pennsylvania
157,698
29,044,169
2,876.708
Activity
Rhode Island
South Carolina
Tennessee
Virginia
All other States
5,129.764
438.696
673,306
1,157.230
2,726,512
4,933.844
434,544
654,561
1.029,966
457,746,704
1.372,582,787
107,151.214
127.012,133
218,073,196
159
268
244
189
188
The Washington correrpondent of the "Journal of Commerce" of this city, in commenting on the above figures had
the following to say:
The cotton spinning industry operated at 87.3% of its single-shift capacity
during July, according to figures compiled by the Bureau of the Census.
There were 3,159.444 spindles out of 37,397,331 spindles in place which
were idle throughout the month. Active spindle.; numbered 34,237,887.
which, while below records for any month in 1923. exceeded 32,051,820 for
July of 1922.
The figures clearly indicate that the Southern cotton mills are operating
more actively than those in the Eastern and New England States. In
Alabama, Georgia, South Carolina, North Carolina and Tennessee there
was an average of more than 228 hours per month for each spindle in place,
While none of the Eastern States ran higher than 168 hours.
The aggregate number of active spindle hours reported for the month
was 7,135,765.590. During July the normal time of operation was 25 days
(allowance being made for the observance of Independence Day), compared
with 26 for June, 263 days for May. 24 2-3 days for April, 27 for March,
23 2-3 for February and 26% for January. Based on an activity of 8.74
hours per day, the average number of spindles operated during July was
32,657,966, or at 87.3% capacity on a single-shift basis. This number
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Cotton Consumed
(Bales) DuringLocality.
Year
July
United States
United States
Cotton-growing States_
Cotton-growing States_
All other States
All other States
Twelve
Months
ending
July 3.
Cotton on Hand
July 31 (Bales)-
Cot on
Spindles
Active
In
in Public During
Consuming Storage and
July
Establish- at Com- (Number)
ments.x
presses.:
1923.461,575 *6,664,710 *1,089,230 *938,689 34,237,887
1922 458,002 5,909,820 1,218,388 1,488,165 32,051,82()
1923 308,181 4,248,525
532,203
752,608 15,871.805
1922 304.676 3,729,777
531.312 1,123,101 15,580,642
1923 153.394 2,416.185
185,801 18,366,082
557,027
1922 153,326 2,180,043 687,076
365,064 16,471,178
x Stated in bales.
• Includes 17,070 Egyptian, 7,573 other foreign, 3,090 American-Egyptian and
390 sea island consumed: 86,508 Egyptian, 25,992 other foreign, 10,524 AmericanEgyptian and 2,947 sea island in consuming establishments, and 51,446 Egyptian,
17.744 other foreign, 18.697 American-Egyptian and 4,070 sea island In public
storage. Twelve months' consumption, 261,326 Egyptian, 80.862 other foreign,
65,126 American-Egyptian and 6,277 sea island.
Linters not included above were 44,775 bales consumed during July 1923 and
55,502 bales in 1922: 127,418 bales on hand in consuming establishments on July 31
1923 and 138,523 bales in 1922, and 35,870 bales in public storage and at compresses
In 1923 and 54.587 bales in 1922. Linters consumed during the twelve months
el ding July 31 amounted to 637,774 bales in 1923 and 639,033 bales in 1922.
THE CHRONICLE
AUG. 251923.]
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton During (500-lb. bales)
1923.
Egypt
Peru
China
Mexico
British India
All other countries
Total
12 Mos. end. Jail/ 31.
July.
Country of Production.
1922.
1923.
1922.
2
290
329,335
21,185
50240
45,679
22,163
1,352
233,729
38,753
15,563
53,637
10,348
11,435
8.587
469,954
363,465
3,929
592
702
13
1,107
13
5,296
2.403
596
6,356
Exports of Domestic Cotton and Linters During
(Running Bales)Country to Which Exported.
•United Kingdom
France
Italy
Germany
Other Europe
Japan
AU other countries
12 Months end. July 31.
July.
1923.
1922.
1923.
12,327
18,234
15,703
82,218
10,938
25,999
6,450
93,883
41,098
73,886
64,587
32,065
51,858
15.865
1,287,552
641,578
496,636
934,358
622,369
635.605
245,929
1922.
1,768,965
768,134
509,713
1.440.747
697,823
817,830
312,909
837
Composite Price Aug. 21 1923, Pig Iron, $25 29 Per Gross Ton.
Aug. 14 1923, $25.04
Based on average of basic and foundry
25.68
July 24 1923,
Irons, the basic being Valley quotaAug. 22 1922,
26.86
tion, the foundry an avge. of Chicago.
15.72
10-year pre-war average,
Philadelphia and Birmingham
The "Iron Trade Review," in its weekly summary issued
under date of Aug. 23, says that with the three-shift system
actually in force in many furnaces and mills, the time is not
far distant when the effects of the change will be known. In
a number of instances the introduction of the short turn during the past week has been accompanied by sporadic walkouts and other interruptions to operations owing to misunderstandings. Until the temporary confusion due to the
sudden change dies out, it will be impossible to obtain a fair
idea of normal conditions under the new system, according
to the "Review," which adds:
It will be difficult, to trace the influence of the short day on the iron and
steel market until producers have had a chance to compare actual operating
costs. In ten European open-hearth plants, the change from two to
three shifts resulted in an increase of production of about '7%, but there
also was a sharp decrease in the output per man per day and a large increase in the cost per ton.
171,469
373,242
4.864,027
6,316.121
Total
In view of this uncertainty, the present encouraging volume of inquiries
•Figures include 3,661 bales of linters exported during July in 1923 and 9.100 cannot definitely be attributed to the introduction of the abbreviated
bales
for
the
twe
ve
months
ending
July3
1
in
1923
and workday. While the volume of sales is only slightly above that of the
bales in 1922 and 41,438
132.027 bales in 1922. The distribution for July 1923 follows: United Kingdom, early weeks of August, the increasing flow of inquiries points to a period
200; France, 554: Germany. 2.690; Belgium 50. and Canada. 159 bales.
of heavier buying during September. This view also is strengthened by
the fact prices of pig iron, scrap and finished steel are firm.
More interest is being shown in the pig iron market as the fourth quarter
Iron and Steel Market Conditions.
approaches. Reported sales for the week approach the 50,009-ton mark,
while
new inquiry received in that period Involves more than 69,1100 tons.
The change to the short day at Central Western works is This latter
figure includes an inquiry Of 5,000 tons of basic iron from a
factor,
though
it
is
expected to be a stabil- valley steelmaker.
net yet a market
Spot furnace coke is firm at $4 75, Connellsville ovens, and production
izer, in view of added costs and somewhat lessened output,
Is being maintained at the rate of aboutgs quarter of a million tons weekly.
Aug.
in
its
23
Age"
review
of
the
"Iron
industry
in
states the
While scrap buying still is limited, better inquiry and the removal of emgeneral. The new regime has increased the uncertainties of bargoes has had an encouraging influence, resulting in slight price revisions
the outlook, the "Age" observes. While buyers concede that upward.
Evidence of heavier railroad buying is found in the transactions of the
it tends to sustain prices, the policy of many of them is still past week. It is estimated four western roads bought 68.009 tons of
to avoid forward contracting. The "Age" then goes on to rails in the East and inquiries for 40,000 tons are current. It is believed
more than 350,000 tons of rails have been booked for 1924 delivery. The
say:
Canadian National railways awarded contracts for 1.000 box ears, the
Rail buying is the main point of interest in a market that has not yet New York Central RR. has let the contract for repairing 700 box cars
given definite advance signs of fall activity. At Chicago four Western and the Chesapeake & Ohio has awarded the repairs for 1,500 cars. Anroads have just closed for a total of 68,000 tons for 1924, following the nounced purchases of locomotives are limited to sevelial lists of one or two
extension of the $43 price to cover deliveries in the first half of next year. Items each, but it is understood two of the leading eastern roads have
Inquiries for 40,000 tons more are pending. The total of rails already quietly placed largo orders for locomotives.
placed for 1924 is put at 350,000 tons, and it is estimated that contracts
Awards of structural steel during the'week 'totaled 15,163 tons, as againsc
yet to come will reach twice that figure.
18,818 tons last week. Among the contracts placed were those for 1,500
what
the car buying program will be. Some roads tons for a New York City school, 2,600 tons for spans for the Chicago
It is too early to know
will place orders this fall, but others, particularly grain carriers, have little Rock Island & Pacific RR., 2,000 tons for a Los Angeles power house.
to offer. Western car builders have orders that will carry them into 1,500 tons for boiler houses for the Standard Oil Co. in Cleveland, and
November and some of them will require fall orders to avoid curtailment. 1,130 tons for a boiler house in Oklahoma.
Purchases of 1,300 cars and contracting for underframes and for general
Refining interests are seeking plates for storage tanks. Inquiries for
repairs made the past week the best in two months in the equipment field.
60.000 tons for this purposes being current in Chicago. -Steel bars are
The adjustment of output to demand continues, and in the Pittsburgh In fair demand, with prices firm at 2.40c. Pittsburgh. A revisei list
and Youngstown districts six blast furnaces went out in the past week. of rivet extras is being issued. effective Sept. I and new lists for bolts and
In some cases these shutdowns have furnished men for the new third shift. nuts are expected to follow. These revisions are in accordance with the
Labor supply on the whole has been greater than was expected, but as yet recent increase in bar extras.
only a beginning has been made.
American buying of British iron and European semi-finished material
In structural steel the week was outstanding in both sales and inquiries. has been resumed on a small scale.
An Eastern producer has taken 2.000
Of 16,000 tons bought, one-third was for railroads and nearly one-third tons of Luxemburg ba.sic Bessemer billets at the equivalent of $30 48.
each for public service work and for industrial companies. Inquiries ex- f.o.b. Antwerp. "Iron Trade Review" weekly cable reports strikes are
ceeded 32,000 tons, with nearly one-half for public institutions, including widespread in the Ruhr, but mob violence is dying down. Garman pig
8.800 tons for school-houses, chiefly in New York. The one-halffor private iron is quoted at 100,000,000 marks per ton. Freight rates have increased
enterprises included 4,500 tons for a club-house in Chicago and 5,600 tons
2.000%.
for factories.
Tho volume of business in July, 125,000 tons, was substantially as large
as that in June, and two-thirds as large as the average for the first half of
Pig Iron Production in the United States in
the year•
. First Half of 1923.
The weakness in sheets in the past two months is not surprising in the
light of sales of but 92,000 tons in July by the independent mills reporting.
American
Iron and Steel Institute has just issued a
The
This is the smallest tonnage, in relation to capacity, since January 1922,
being 80,000 tons less than for Juno and 150,000 tons less than for May. special statistical bulletin (No.'4) which gives the production
Shipments in July were 100.000 tons more than sales, and unfilled orders of pig iron in the United States for the first six months of the
at the opening of August were 263,000 tons.
present calendar year. The figures are of particular interest
Wire mills have an average of thirty days' business ahead, but as the
leading interest is sold considerably farther than that, some independent as affording an indication of the extent to which further
companies can make very prompt deliveries. Revival of agricultural recovery in the iron trade has progressed. The output for the
buying is still distant.
first six months of 1923 is reported at 21,016,475 ton, as
Tin plate mills will carry over into the fourth quarter large deliveries
scheduled for the third. Tao Texas Co. is in the market for 75,000 boxes against 15,028,893 tons for the second half of 1922 and
of oil can sizes for December-February shipment.
12,191,011 tons for the first half of that year. In 1921, howIrregularity continues in bolts, nuts and rivets, in spite of the new list
ever,
the make of pig iron was only 9,530,981 tons in the first
prices effective Sept. 1 that take account of the higher extras on steel bars.
pig iron markets have not yet shown any real strength, but one or two six months and but 7,157,145 tons in the second half of the
weak spots have disappeared. The tendency of producers is to hold present year. In the following we show the half-yearly figures as
quotations more firmly, but it is possible that further tests of the market
by the American Iron & Steel Institute back to 1900:
are to come because of the excess of production over demand. Selling is reported
more active in the Central West than in the East, particularly at Cleveland,
ITALF-YEARLY PERIODS.
PRODUCTION OF PIG
oross
T
IRONIN
where 20,000 tons has been sold. Sales of Valley basic iron totaling 2,500
Gross Tonstons have apparently established the market at $25, furnace, after the 1900-1st half
14,072,274
6
7:614
46
2:65691912
-1st half
73
654663
cleaning up of iron from second hands that had sold down to $24 and $24 50.
2d half
2d half
16
half
,48
8
half
:602
1901-1st
Old material shows a firmer tendency in the East that is not yet discernible
14,477,550
2d half
8,,
2d
in the West and is having closer watching for its influence on pig iron.
-1st half
ha
haf
llf
12,536,094
2
1st
d
1902
191480
1
8
2:7
53
3
7
4
8
9
;0
The Bethlehem Steel Co. has the order for 11,000 tons of rails, with
150
2d half
half
_______ __ 12,233,791
89:370071:8386751915-21dst
splice bars, for the Imperial Govertunent Railways in Japan. Tin plates 1903-Ist half
2d half
2d half
. ,422
for Japan are also an item in recent export business, 40,000 boxes going to 1904-let half
19,619,522
8:3
17
23
3:4
53
98
5 1916-1st half
a Wheeling mill and 20,000 boxes to a British maker.
2d half
19.815,275
llIf
1d
st ha
19,258,235
For the fifth successive week the "Iron Age" finished steel composite 1905-1st half
. 1221
11 1::75
1822
63
429::9422
1500
75
15 1917-2
half
lb.,
after
2.775c.
per
remaining
2d
hai
ha
l
f
at
for
8_2d
i
st
stands
191
11
weeks
at
2.789c.
price
1906-1st half
18
h:2
38
27
h:7
13
60
2
One year ago it was 2.412c.
2d half
20,824,261
The "Iron Age" composite price of eig iron this week is $25 29, or 25c. 1907-1st
half
1d
st ha
halif
f
13,478,044 I919-2
16,278,175
change
is
entirely
in
The
steel
making iron, foundry
2d half
12,303,317
2d half
14,737,189
above last week's.
1908-1st half
18.435,602
6,918,004 1920-1st half
icon having not yet made the turn.
2d half
9,018,014
18,490.38$
Composite Price Aug. 21 1923. Finished Steel, 2.775c. Per Pound.
1909-1st half
11,022,3461921-2
1d
st half
9.530.981
Aug. 14 1923, 2.775c.
2d half
Based on• prices of steel bars, beams.
12719571:014151
14,773,125
July 24 1923, 2.775c. 1910-1st half
tank plates, plain wire, open-hearth
14
2:3
924
78
2
1s
d
t
h
h
al
alf
f
:8
7
3
2
9
8
1922conAug. 22 1922, 2.412c.
rails, black pipe and black sheets.
2d half
15,028.893
2d half
half
stituting 88% of the U. S. output of 10-year pre-war average, 1.689c. 1911-1st ha
21.016,475
11.666,996 1923-1sthalf
finished steel
2d half
11.982,551
838
THE CHRONTCLE
[Vot. 117.
The increase in the pig iron output was common to all
the different sections of the country, as will appear from the
following tabulation prepared by the American Iron Sr Steel
Institute:
Production of Anthra tie in July and Cumulative Production in First Seven
Months of the Last Ten Years (Net Tons).
Total
Total
I
YearYear. Jan. 1-July 31.
July. Jan. 1-July 31. Year1914
7,974,000 47.898,000
7,165,000 50,957,000 1919
8,342,000 52,724,000
6.691.000 49,074,000 11920
HALF-YEARLY PRODUCTION OF ALL KINDS OF PIG IRON BY 1915
1916
50,505.000
'1921
7
309,000 54.458,000
7,062.000
STATES.
1917_a
118.000 23,110.000
8.684.000 57,328.000 1922
1918_a
8,320,000 59,489,000
9,134,000 59.226,000 1923
I
Production-Gross Tons.
Blast Furnaces.*
a Years of very large washery production.
(Includes spiegeleisen,ferro-mang.
In
June 30 1923. ferro-silicon, ferro-phosph's, etc.).
BEEHIVE COKE.
States.
Blast
First
Second
Dec.
The steady decline hitherto reported in the rate of beehive coke producFirst
Half
of
Half
of
Half
of
In. Out. Total.
31
tion continued during the week ended Aug. 11. The total output is esti1923.
1922.
1922.
1922.
mated at 327.000 net tons on the basis of cars reported loaded by the principal
coke-carrying railroads. This decrease of 18,000 tons as compared
1,309
Massachusetts _
1,084
1
1
1
Connecticut _ _ _
2
2
with the week preceding was shared by all States except West Virginia,
1,489,701
New York
15
24
938,837
4
28
833,488
Washington and Utah.
New Jersey_ _ _ _
1
2
2
4
According to the Connellsville "Courier," coke production in the ConnelLsPennsylvania _ _ 90 125
28 153 4.339.560 5,392,228 7,794,398
446,797
Maryland
vine region in the week ended Aug. 11 was 266,430 tons, against 266,840 in
4
275,106
5 . 1
6
140,885
Virginia
4
6
11
17
the week preceding and 272.910 tons in the week before that.
Alabama
25
30
13
43
963,019 1,267.600 1,460,813
Georgia
0
2
Estimated Production of Beehive Coke (Net Tone).
Texas
0
1
Week Ended
355.294
West Virginia_ _
4
219,489
3
5
240,822
1922.
Aug.11 Aug.4 Aug.12
1923.
Kentucky
2
5
7
Mississippi_ _ _ _
0
1
1
to Date. to Date.
Week Ended1923.a 1923.
1922.
142,879
106,322
Tennessee
6
7
10
17
17,585
2,946,000
-270,000
282,000
83,000
Pennsylvania
and
Ohio_
-_
9,821.000
Ohio
67
58
13
80 2,898.846 3,585,316 4,978,327
723,000 234,000
21,000 21,000 6,000
Illinois
24
18
2
26 1.237,877 1.387,367 1,899,231 West Virginia
716,000 253,000
Indiana
14
16
0
16 1,252.733 1,473,994 1,825,759 Ala., Ky., Tenn. & Ga..- 16,000 19,000 8,000
Michigan
13
12
1
13
Virginia
500.000 184,000
10,000 12,000 6,000
396,958
278,221
Wisconsin
4
5
2
7
102.809
6.000
6,000
252,000 116,000
5,000
Colorado and New Mexico3
3
3
Minnesota
0
180,000 116,000
Washington and Utah
5,000 5,000 3,000
3
Missouri
0
3
225,009
103,329
Iowa
0
0
163.387
Colorado
3
3
2
5
United States Total
327,000 345,000 112,000 12,192.000 3.849,000
20,000
64,000
55,000 58,000 19,000
Total
263 335 105 440 12.191.011 15,028.893121,016.475 Daily average
a Subject to revision.
* Completed and rebuilding
The cumulative output of beehive coke in the present year to Aug. 11
stands at 12,192,000 net tons, against 3,849,000 tons in 1922, 3,667,000
tons in 1921, 13,211,000 tons in 1920. and 11,966,000 tons in 1919.
0
0
°o
6
1
I
Production of Coke in July.
The production of by-product coke improved slightly during the month
of July. The total output is estimated at 3,255,000 net tons, an increase
of 89,000 tons over the figure for June. Reports from the 69 plants now in
existence show that 64 were active and 5 were idle. The output from the
active plants was 87.1% of the total capacity of all plants.
Unlike by-product coke, the production of beehive coke continued to
decline steadily and the output was 1,582,000 tons, against 1,755,000 tons
In June. This was a decrease of 173,000 tons, or nearly 10%,and the rate
of production was less than the monthly average in any recent year except
1921 and 1922.
The total output of all coke in July was 4,837,000 tons against 4,921,000
tons in June. Thus it is seen that in spite of the decrease at beehive ovens,
the rate of production of all coke exceeds the average monthly rate during
Mining was suspended in most of the soft coal fields on Friday, Aug. 10, the years for which such records are available.
In tribute to the late President Harding. Preliminary figures of shipments
Monthly Output of By-Product and Beehive Coke in the United States. (a)
Indicate that the day counted for about one-quarter of a normal working
(Net Tons).
shipped
coal
the
day. It is probable, however, that a considerable part of
By-Product
Beehive
on Friday was loads left over from Thursday, and that the mines did not
Total.
Coke.
Coke.
work to that extent. The total output including coal coked, local salm 1917 monthly average
4,634,000
1 870,000
2,764,000
and mine fuel, during the week ended Aug. 11 decreased to 9,978,000 net 1918
4,706,000
"
2.540,000
2,166,000
tons, which was 687.000 tons less than the revised estimate for the week 1919
3,733,000
"
2,095,000
1.638,000
preceding. The daily average rate of output, however, increased.
1920
4,313,000
"
2,565,000
1.748,000
Early returns on car loadings in the present week indicate that the total 1921
2,108,000
"
1.646,000
462,000
11.
output will probably be between 10.500.000 to 10.700,000 net tons.
1922
"
3,043,000
2,374,000
669,000
5,157,000
3.328.000
1.829,000
Estimated United States Production of Bituminous Coal, Including Coal Coked May 1923
June 1923
4.921,000
3,166,000
1,755,000
(In Net Tons).
July 1923
4,837,000
3,255,000
1,582,000
1922
1923
(a)
Excludes
screenings and breeze.
Week. Cal.Yr.toDate
Week. Cat.Yr.toDate
July 28_a
3.952,000 203,295,000
10,817,000 314.432,000
Interest in the coal trade, says the "Coal Trade Journal"
1,145,000
Daily average
1.803.000
659.000
1.776.000
of
Aug. 22, has centred in New York City, where members
207.608.000
Aug.4_ a
10.565,000 324.996,000
4,313,000
1.131.000 of the U. S. Coal Commission have been endeavoring to
Daily average
1.761,000
719,000
1.776.000
Aug. ll_b
9,978,000 334,974,000
4,606.000 212,214,000 have the wage negotiations between the anthracite operators
1,120,000
Daily average
1.890.000
768,000
1.779.000
and miners resumed. Despite the fact that the Middle
a Revised since last report. ti Subject to revision.
Production during the first 189 working days of 1923 was 334,974,000 net Atlantic and New England States would be the hardest hit
tons. During the corresponding periods of the six years preceding it was in the event of an anthracite strike, that territory showed the
as followu (in net tons):
least concern, while farther west the retail trade entered the
Years of Activity.
Years Of Depression.
276,795,000 bituminous market more liberally, remarks the "Coal Trade
1917
337.068,00011919
245.068,000 Journal." Proof of this is found in the spot price situation,
356.330.000,1921
1918
212,214.000
326.097,00011922
1920
The Coal Trade-Current Production and
Market Conditions.
Preliminary figures for the week ended Aug. 11 indicate
that the production of bituminous coal fell off about 587,000
tons, bringing the total output down to 9,978,000 net tons,
while anthracite production also decreased, the total being
1,735,000 net tons, a decrease of 283,000 tons from the
preceding week, according to statistics compiled by the
United States Geological Survey on Aug. 18. The report
of the "Survey" for the week ended Aug. 11 follows:
continues the report, which we quote as follows:
Compared with the preceding week changes were shown in 52.2% of the
ANTHRACITE.
In consequence of complete shutdown of the anthracite collieries on quotations for the week ended Aug. 18. Of these changes, however,60.8%
Friday, the total output of anthracite in the week ended Aug. 11 fell off to represented reductions ranging from 5 to 50 cents per ton and averaging
cents. The advances ranged between 5 and 35 cents and averaged
1,735.000 net tons. This estimate is based on the report of 33.167 cars 16.4
cents per ton. • There were more reductions in the prices of Eastern
loaded on the principal anthracite carrying railroads. Although this Is a 14.5
of Western coals. The straight average minimum for the week was
decrease of 283.000 tons from the week preceding, it is an increase of 3% than
31 93, the same as the preceding week. The average maximum was 32 34.
in the average rate of daily output for the actual number of days worked.
less than the preceding week. A year ago the averages were
or
3
cents
Harty returns on car loadings during the present week (Aug. 13-18)
45 15 and $8 13, respectively.
indicate a total production in excess of two million tons.
In only a few cases is any complaint neard of car shortage. Although
Lake cargo dumpings for the week ended at 7 a. m. Aug. 13 dropped slightly,
Estimated United States Production of Anthracite (in Net Tons).
the total to date is far ahead of previous years. The Lake trade to date has
1922
923
Week.Cal.Yr.toDate absorbed nearly 17,000,000 tons. On the first of the month the railroads
Week. Cal.Yr.toDate
Wed ended2.080.000 58,885.000
27,900 23.435.000 had over 14,000,000 tons in storage-an increase for the month of nearly
July 28
29.000 23.464,000 3,500,000 tons. These figures help to answer the question of where the coal
2 018.000 60.834.000
Aug. 4
40,000 23.504.000 Is going. During the week ended last Saturday 44 vessels unloaded ap1 735.000 62,569.000
Aug.11
proximately 396,000 tons at the head of the Lakes.
AN ..HRACITE IN JULY.
While there has been no recession in the frantic demand for domestic
The revised estimate of anthracite production in July, based on final data anthracite, last week saw a disposition to wait the outcome of the new
relating to shipments in that month, is 8.320,000 net tons, including mine Atlantic City conferences before bidding up prices on Independent tonnage
fuel, local sales, and dredge and washery output.' As compared with the to still higher levels and the top quotations for the week showed a slight
preceding month, this is a decrease of 4%,due to the occurrence of one less decline. The steam sizes are in good shape, although tonnage is still availworking day in July than in June. The quantity produced in July was able under company circular. During the week the docks at the head of
slightly less than in July 1920 and considerably less than in July 1918 and the Lakes received six cargoes, totaling approximately 52,000 tons. ShipJuly 1917. vihich were years of maximum production under war stimulus ments from Buffalo for the week dropped to 82,400 tons.
With output more in line with demand, the slump in beehive coke has
and were also years of unusually large washery production. The July
been checked. Production during July was 1,582,000 tons, as compared
output in all other years on record was less than in the month just closed.
The total production of' anthracite in the calendar year to July 31 was with 1,755,000 tons in June. By-product output, on the other hand, In59.489.000 net tons and exceeded the output for any corresponding period. creased from 3,166,000 to 3,255,000 tons. In view.of the pig iron situation,
It was 11% greater than the average for the first seven months of the years It is reasonable to assume at least the largest part_of this Increase was due
to domestic demand.
1914 to 1921.
AUG. 26 1923.]
839
THE CHRONICLE
Structural Steel Sales Declining.
The "Coal Age" in its report describes the situation in
the coal market as sensitive to a marked degree because of
The Department of Commerce reports July sale., of fabri,
the uncertainty of the outcome of the joint wage negotiations cated structural steel, based on figures received by the Bureau
in the anthracite industry. The "Age" in its weekly review of the Census, as having been 113,331 tons, based on reports
released for publication Aug. 23 then proceeds as follows:
by firms with a capacity of 224,640 tons per month. TonLast Thursday morning it was announced that miners and operators nage booked each month by 175 identical firms, with a
that
the
danger
of
the
question
and
strike
on
check-off
had settled the
together
Sept. 1 was averted. Immediately the top level of independent quotations capacity of 229,575 tons per month, is shown below,
and domestic anthracite dropped a dollar. The same night it was an- with the per cent of shop capacity represented by these•
nounced that settlement had been upset. The next morning these indebookings. For comparative purposes the figures are also
pendent quotations went up 75 cents.
Production of bituminous coal is now nearly 11,000.000 tons per week. pro rated to obtain an estimated total for the United States
An increase of 10 or even 5% in demand would change the situation over on a capacity of 250,000 tons per month.
night from a buyers' to a sellers' market and inside of two weeks the softcoal operators would be charging their lost operating time to "car shortage"
instead of, as now, to "no market." A strike or the certainty of a strike
In the anthracite region would soon throw an added load offrom 10 to 20%
on the Eastern soft-coal fields that are in position to furrish substitutes
for anthracite. Under such circumstances nothing but voluntary action,
such as has been promised by the soft-coal operators, would serve to keep
down the price.
"Coal Age" index of spot prices of bituminous coal at the mines gained
one point last week and on Aug. 20 was 197, which corresponds to an
average price of $2 38. Throughout the East there has been some buying
of soft coal to replace anthracite and a flood of inquiries have been received
by the distributors of both coal and coke,particularly those in the Pittsburgh
district. Industrial buying has been quiet but regular in the past six weeks
and practically all large consumers in New England now have more than
90 days' supply on hand. The railroads on Aug. 1 had 14,000.000 tons of
reserve, of which more than 11,500,000 was in stock piles. This exceeds
railroad fuel stocks at the end of the war, which were the highest recorded
up to that time. The railroads put 3,500,000 tons of coal in storage in July.
Nearly one-sixth of the total bituminous coal produced in July was used
in the manufacture of coke, which goes for the most part to the iron and
steel industry. The high production records now being set up in the iron
and steel industry account for a large part of the heavy production and consumption of bituminous coal this summer. Because a great deal of coal
thus used comes from the mines, owned and occupied by the steel producers,
the heavy demand from these sources has had no effect on the commercial
market.
All-rail shipments of bituminous coal and anthracite continue in heavy
volume to New England. the anthracite movement in the first half of
August exceeding 8,000 cars and the soft-coal movement exceeding 9,000
cars. In July more than 1,000,000 tons of soft coal was shipped to New
England by water. mainly from southern West Virginia via Hampton Roads.
Movement of soft Coal up the Lakes is at the rate of more than a million
tons per week, the total to date being about 2,000,000 tons ahead of 1921,
the best year in the last four. Anthracite shipments up the Lakes through
the port of Buffalo were 1,747,520 tons for the season up to Aug. 14, as
compared with more than 2,300,000 the same date in 1921, which figures
refute the charges commonly made that all the anthracite is being sent
West this summer.
Anthracite production continues at the high rate of around 2,000,000
net tons per week. The market for steam sizes of anthracite is better than
for some time, and the entire product, domestic and steam, Is moving
forward to the consumer as fast as pr-duced.
The production of beehive coke is slowly but surely elining.
• Gross Crude Oil Production.
The American Petroleum Institute in its weekly summary
estimates that the daily average gross crude oil production
in the United States for the week ended Aug. 18 was 2,250,450
barrels, as against 2,251,250 barrels for the preceding week,
but comparing with only 1,492,450 barrels in the corresponding week last year. The following are estimates of
daily average gross production for the weeks ended Aug. 18,
Aug. 11 1923 and Aug. 19 1922:
Daily Average Production.
(In Barrels)-Aug.1823. Aug.11 '23. Aug. 4 '23. Aug. 19'22.
Oklahoma
451.800
461,850
474,450
400,500
Kansas
79,400
79,600
82.350
86.800
72,800
North Texas
72,950
74,000
49.850
Central Texas
221,600
223,650
195,300
144,100
North Louisiana
61,200
61,450
62,350
93,900
Arkansas
128,200
116.300
126.200
29,650
100,450
Gulf Coast
100,150
108.750
108,800
Eastern
113,000
113,000
113,500
121,500
Wyoming and Montana _
150.200
150,300
153,000
82.350
California
872.000
872,000
851,000
375.000
Total
2,250,450
2,251,250
2,240,900
1,492.450
Automobile Production Still Large.
The Department of Commerce announces July production
of automobiles, based on figures received by the Bureau of
the Census and covering approximately 90 passenger-car and
80 truck manufacturers each month. There is a marked
decrease as compared with other recent months, but a large
increase over a year ago.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
-Passenger Cars-Trucks1923.
1922.
1923. 1922.
223,706
81.693
January
19.398 9.416
254,650 109,171
February
21,817 13,195
319,638 152.959
March
34.681 19.761
344.474 197.216
April
37,527 22,342
350,180 232.431
May
*43,016 23,788
*337,143 263.027
June
*40.616 25.984
297,104 224,770
July
29,998 21,837
*Revised.
1922April
May
June
July
August
September
October
November
December
1923January
February
March
April
May
June
July
Actual
Tonnage Booked.
200,588
184,638
168,498
157,631
156,011
146,146
132,450
111,794
138,024
172,415
183,938
218,997
185,335a
131,291a
116,6095
113,331c
Per Cent of
Capacity.
87
81
73
69
68
64
58
49
60
Computed
Total Bookings,
217,500
202,500
182,500
172,500
170.000
160,000
145,000
122,500
150,000
75
80
95
81
57
51
50
187,500
200,000
237,500
202,500
142.500
127,500
125,000
a Reported by 174 firms with a capacity oi 229,375 tons.
b Reported by 170 firms with a capacity of 228,160 sons.
c Reported by 156 firms with a capacity of 224,640 tons.
Bookings of Steel Castings Falling Off.
The Department of Commerce in announcing the July
bookings of steel castings, based on reports received by the
Bureau of the Census, finds that the bookings for the month
by companies representing over two-thirds of the commercial
castings capacity of the United States amounted to 52,066
tons, as against 84,878 tons in June. The following table
shows the bookings of commercial steel castings for the past
seven months by 65 identical companies, with a monthly
capacity of 96,900 tons, of which 38,300 tons are usually
devoted to railway specialties and 58,600 tons to miscellaneous castings. ,
Bookings of Commercial Steel Castings.
-Railway Specialties- -Miseeli. Casting.
Total
% of
% of
% of
Month. Net Tons. Capacity, Net Tons, Capacity. Net Tons. Capacity
192390.0
47.879
125.0
52.726
January_ _ 100.605
103.8
50,307
104.0
85.8
93.0
39,845
February.. 90,152
67,155
114.6
148.2
76,409
1994
March.. _ _ 143.564
51.358
87.6
93.9
39,610
103.4
April ____ 90,968
86.5
92.4
101.3
50.705
89,493
38,788
May
84,878
87.6
42,773
111.7
42,105
71.9
June
53.7
July*__
52,066
16,741
43.7
35,325
80.3
* Two companies with a capacity of 785 tons per month on miscellaneous
castings now out of business.
Steel Furniture Shipments.
The Department of Commerce announces July shipments
of steel furniture stock goods, based on reports received by
the Bureau of the Census. Shipments by 22 manufacturers
amounted to $1,247,605 in July, as against $1,401,950 in
June, and $945,768 in July 1922. The following table gives
comparative figures for the first seven months of 1923
and 1922:
1923.
$1.362,470
January
February ____ 1,307.173
March
1,709.206
April
1,520,286
1922. I
$983,834'May
967,125 June
1,087,228 July
1,058,3821
1922.
1923.
$1.506.072 81,056.735
1,401,950 1,015.463
1,247.605
945.768
Railroad Loading of Freight Remains Heavy.
Loading of revenue freight for the week which ended on
Aug. 11 totaled 973,162 cars, according to the Car Service
Division of the American Railway Association. This was
a decrease of 59,968 cars under the week of Aug. 4, due to
the observance of President Harding's funeral. It was,
however, an increase of 130,472 cars over the corresponding
week of last year, as well as 164,893 cars over the same week
of 1921. The report continues as follows:
While the loading of revenue freight during the week of Aug.11 for the
country as a whole increased 15.5% over the corresponding week last year,
the largest increase was 19.2% in the Eastern eistrict, which includes
the Allegh y a d Pocaho,tasdistricts partial'y due to decrease 1 coal loading
list year on account of the miners'strike. Loading in the Southern district
increased 16.9% during the same period and the three Western districts
increased 10.6% •
Loading of grain and grain products totaled 46,149 cars, a decrease of
6.722 cars under the previous week,as well as 11.169 cars increase the corresponcing week last year,and 15,177 cars under the same week two rears ago.
840
[VoL. 117.
THE CHRONICLE
Live stock loadinz amounted to 30.807 cars, a decrease of 673 cars under
the week before, but increases of/2.382 cars compared with last year and
4.500 cars over two years ago.
Coal loading totaled 177,259 cars,a decrease of 13,272 cars under the preceding week. This was an increase of 94,361 cars over the same week of
last year, when, however, the miners' strike was still in progress.
Loading of merchandise and miscellaneous freight, which includes mansafactured products and perishable shipments, totaled 550,746 cars, a decrease of 34,442 cars under the previous week, but an increase of 10,221
cars over the corresponding week last year, as well as 69,268 cars over the
same week of 1921.
Forest products loading totaled 73,438 cars, while a decrease of 2,657
cars under the preceding week, continues far in excess of any corresponding
week's loading of previous years.
Coke loading totaled 12,934 cars, a decrease of only 524 cars under
the preceding week, and continues to show decided increases over the
corresponding weeks of the two previous years.
All districts show a &crease in loading compared with the previous
week, but substantial increases over the corresponding weeks of the two
previous years.
Load ng of revenue freight this year compared with the same period
of the two previous years, follows:
1921.
1922.
1923.
2,823,759
4 w-eks of January
2,785,119
3,380.296
2,739,234
4 weeks of Feb uary
3,027.886
3,366 965
3,452,941
5 weeks of March
4,088.132
4,583,162
2.822,713
4 weeks of April
2.863.416
3.763 963
3,733,137
4 weeks of May
4,873,427
3,841,683
3.114,137
5 weeks of June
3,414.031
4,045,012
2,998,885
4 weeks of July
3,252 107
3,944,386
786,178
Week ended Aug. 4
842.663
1,033,130
808,269
Week ended Aug. 11
842,690
973.162
Total for year to date
29,963,503
24,957,727
23,279,253
Current Events and Discussions
The Week With the Federal Reserve Banks.
Continued declines in the holdings of discounted bills and
Government securities by $20,800,000 and $5,100,000, respectively, as against an increase of $3,400,000 in acceptances
purchased in open market, are shown in the Federal Reserve
Board's weekly consolidated bank statement issued as at
close of business on Aug. 22 1923 ,and which deals with the
results for the twelve Federal Reserve banks combined.
Deposit liabilities show a reduction of $20,500,000 and Federal Reserve note circulation a reduction of $6,800,00, while
cash reserves increased by $6,300,000. The reserve ratio
rose from 77.3 to 77.9%. After noting these facts the Federal
Reserve Board proceeds as follows:
Five of the Reserve banks report smale holdings of discounted bills,
the largest declines by $28,200,000 and $8,200,000. respectively, being
shown for the New York and Cleveland banks.. An increase of $8,200,000
Is reported by Boston and an increase of $6,500,000 by St. Louis. •
Gold reserves increased by $1,900.000 during the week. Aggregate
I ncreases of $38,500,000 are reported by three banks and a total decline of
$36,600,000 by the nine other banks. The largest net increases in gold
reserves, by $27,500,000 and $8,800,000, were reported by New York and
Cleveland, and the largest net decreases, by $8,600,000 and $6,400,000,
by Boston and Atlanta. Reserves other than gold increased by $4,400.000,
and non-reserve cash by $8,600,000. Six of the Reserve banks report
reduced Federal Reserve note circulation, the total reduction for these
banks being $13,500,000. Philadelphia reports the largest reduction,
amounting to $7,900,000. Dallas reports an increase of $3,700,000, while
the five remaining banks show relatively small increases in note circulation
aggregating $3,000,000.
Holdings of paper secured by U. S. Government obligations declined by
$20,500,000, this decline accounting for most of the week's liquidation of
discounts. Of the total of' 5360,000,000 held on Aug. 22, $238,200,000,
or 66.2%.was secured by U.S. bonds;$105,600,000, or 29.3%,by Treasury
notes. and $16,200,000, or 4.5%, by certificates of indebtedness, as con..
pared with $251.100.000, $114.400,000 and $14,900.000 reported the
week before.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 871 and 872. A summary
of changes in the principal assets and liabilities of the Reserve banks, as compared with a week and a year ago, follows:
Increase (+) or Decrease (—)
Since
Aug. 151923. Aug. 23 1922.
Total reserves
+$6,300,000 +$8,300,000
Gold reserves
+1,900,000 +60,600,000
+800,000
Total earning assets
—22.500,000
Discounted bills, total
—20.800,000 +300.700,000
Secured by U. S. Government obligations_ _-20,500,000 +234,300.000
—300000+156,400,000
Other bills discounted
Purchased bilis+3,400,000 +10,100,000
—5,100,000 —400,000.000
United States securities, total
—4,000,000 —115.500,000
Bonds and notes
—1,100,000 —284,500,000
' U.S.certificates ofindebtedness
+30,100.000
—20,500,000
Total deposits
Members' reserve deposits
—26,100,000 +39,100,000
—9,700,000
Government deposits
+4.200.000
+700,000
+1,400,000
Other deposits
—6,800,000 +78,400.000
Federal Reserve notes in circulation
—55,400,000
liability_
circulation—net
F. R. Bank notes in
The Week With the Member Banks of the Federal
Reserve System.
Aggregate increases of $43,000,000 in net demand deposits,
accompanied with a slight reduction in loans and investments, are shown in the Federal Reserve Board's weekly
consolidated statement of condition of 770 member banks in
leading cities as of Aug. 15. It should be noted that the figures for these member banks are always a week behind those
for the Reserve banks themselves.
Loans secured by corporate obligations decreased by $2,000,000, while other loans and discounts, largely of a commercial character, increased by $8,000,000. Holdings of
United States securities declined by $8,000,000, a gain of
$3,000,000 in Liberty bonds being offset by declines of $7,000,000 in Treasury notes, of $2,000,000 in certificates of indebtedness, and of $2,000,000 in pre-war bonds. All other bonds,
stooks and securities decreased by $4,000,000. For the New
York City banks a decrease of $7,000,000 in loans on stocks
and bonds as against an increase of $19,000,000 in other
loans is shown. Investment holdings of the New York City
menthers show a decline of $4,000,000, of which $2,000,000
is in Treasury notes and $1,000,000 each in Treasury bonds
and corporate securities. Further comment regarding the
changes shown by these member banks is as follows:
No demand deposits increased by $43,000,000, while Government deposit I decreased by $15.000,000. For the New York banks the increase
In ne 'demand deposits was $13,000,000 and the decrease in Government
deposits 55.000,000.
Reserve balances of the reporting institutions declined by $23,000,000,
while their cash in vault decreased by 816.000.000. Corresponding changes
for the member banks in New York City comprise declines of $27,000.000
In their reserve balances and of $9,000,000 in cash holdings.
Borrowings of the reporting institutions from the Federal Reserve banks
show a decrease from $540,000.000 to $511,000,000 or from 3.3 to 3.1%
of their total loans and investments. A slightly larger decrease occurred
in New York City, where member banks reduced their borrowings from
the local Reserve bank from $163,000,000 to $138,000,000.
On a subsequent page—that is, on page 872—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase (+) or Decrease (—)
Since
Aug. 8 1923.
Aug. 16 1922.
Loans and discounts—total
+56.000,000 +5893,000,000
Secured by U. S. Govt. obligations
—28,000,000
Secured by stocks and bonds
—2,000,000
+137.000,000
All other
+784,000,000
+8,000.000
Investments, total
+38,000,000
—12,000,000
U. S. bonds
+1,000.000
+104,000.000
Treasury notes
—7,000,000
+196,000,000
Treasury certificates
—100,000,000
—2,000,000
Other stocks and bonds
—4,000,000
—162,000,000
Reserve balances with F. R. banks
—23,000,000
Cash in vault
—16,000,000
+15,000,000
Government deposits
—15,000,000
—45,000,000
Net demand deposits
+43,000,000
—4,000,000
Time deposits
+384,000,000
Total accommodation at F. R. banks-- _ —29.000.000
+401,000,000
•
Proposed Argentine Loan.
On Aug. 21 a Buenos Aires dispatch to the New York
"Herald" said:
It Is understood that negotiations have been practically concluded between the Argentine Government and Blair & Co. of New York for placing
a $60,000.000 6% loan on the New York market, maturing in six months
and offered at 913.5i. The loan will be used to pay off Argentina's $50,000,000 obligation due on Oct. 1.
The Argentine Government, it is said, is awaiting a more favorable
market before contracting for the 150,000.000 gold' peso WSW, authority
for which has been grantd by Congress.
Associated Press advices on the 23d from Buenos Aires
had the following to say:
Acceptance by Finance Minister Vegas of the offer of Kuhn, Loeb
& Co., Blair & Co.. and the Chase Securities Corp. to take up the Aregntine
long term loan of approximately $60.000.000 has caused criticism by
the Chamber of Deputies. The deputies assort that the elastic terms
could be made onerous if the bankers took full advantage of them, and
Senor Vegas will be interpellated in the Chamber to-morrow as to whether
terms conform to the law under which the loan was authorized.
In their objections the deputies dwell on the terms whereby the bankers
agree to take within six months of Sept. 1 "around $60,000,000" of the
new Argentine 33-year bonds at 92, carrying 6% interest, and to advance
the Government $50,000,000 at 98% for six months at 8%. beginning
Sept. 1 to pay off $50,000,000 of Argentine treasury bills hold by Blair
& Co. due Oct. 1. As the new Argentine bonds are sold by the bankers,
the proceeds would cancel the money thus advanced.
The deputies object to six months'time being given the bankers, pointing
out that it appears that they will receive interest on the bonds from Sept. 1
and have the right to wait the full six months before selling them. Meantime, the deputies say, $50,000,000 of the temporary loan would remain
uncancelled and the bankers would be receiving interest and commission
both on the bonds and the loan. The deputies desire information as to
why the Finance Minister did not publish the terms of five other banking
offers as, they state, the law requires.
It was stated in the "Journal Of Commerce" of yesterday (Aug. 24) that although a member of Kuhn, Loeb & Co.
yesterday declined to discuss the pending loan to the Argentine Government, it is known that firm will head a syndicate
including Blair Sr Co. and the Chase Securities Corporation,
AUG. 25 1923.]
841
THE CHRONICLE
with
which will float the loan, probably next week. The same corresponding date of the previous year, but comparing
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
paper added:
Negotiations for this loan have been carried on with three or four different of the European War, that is, on July 1 1914, the total was
groups of bankers. The award of the loan terminates negotiations which only $3,402,015,427. The following is the statement:
have been carried on with three or four different groups of bankers at
intermittent intervals during three months. Predictions as to the amount
of the flotation have varied from $50.000,000 to $150,000,000. Other
reported details of interest rates and maturities have been equally diverse.
An unusual aspect of the negotiations is the fact that bankers who enjoy
the reputation of never offering competitive bids for such securities at
various times have submitted propositions for the obligations.
$
S
64,078,568,612 3,393,713,606
8(791,754,349)
426,414,525
491,889,404
6(407,129,197)
$
791.754,349
408,588,320
.
$
$
152,979,026 2,260,689,896
.
$
188,290,335
17,826,205
$
684.855.006
791,754,349
65,474,879
407,129,197
1,459,123
10,926,697 258,484,640
3,219,456 343.461,580
1,079,151 2,670,005,049
20,079,275
300.725
17,120,594 752,689.783
$
281,637,227
379,816,760
8,475,588
38,190,716
.01
2.23
2.69
19.40
.17
6.52
S •
3.62
3.70
.51
3.31
$
403,217,779
411,937,589
56,999,291
368,938,481
1,458,123
1,000
10,614,819 247,869,821
43,450,668 300,010,892
509,555,963 2,160,449,086
18,900,554
1,178,721
26,702,274 725,987,509
10,926,697
3,219,456
1.079,151
300,725
17,120,594
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and Agents. The figures this time
are for August 1. They show that the money in circulation at that date (including of course what is held in bank
vaults) was $4,729,789,527, as against $4,337,418,158 at the
8(1,459,123)
269,411,337
346,681,016
2,671,084,200
20,380,000
769.810.377
A noteworthy decrease in the number of unemployed in Italy has been
effected during the past year. At the beginning of 1922 the number of
persons out of work was 541.775, while at the end of last month the total
was 213.590. Steps have been taken to introduce throughout the country
a number of agricultural reforms, including an improved method of tillage,
which are expected further to reduce unemployment.
42.16 111,386,000
.
Italy Reduces Idleness by About One-Half.
The New York "Evening Post" reported the following
from Rome Aug. 14:
i
-
Italy's internal debt at present totals 96,000,000,000 lire, it is indicated
in official figures on the country's debts just made public. The foreign
debt amounts to 22.000,000,000 gold lire, which at the current rate of
exchange is more than 100.000,000,000 paper lire.
152,979,026 2,260,689,896 d238,763,163 5,995,392,861 1.299,623.736 4,695,769,125
Italy's Foreign Debt Is 22,000,000,000 Gold Lire.
Under date of Aug. 19 Rome advices appearing in the
New York "Journal of Commerce" said:
1602 48231060
Italy Bourses Closed on Account of Heat.
Under date of Aug. 14 a Rome cablegram to the daily
papers stated that announcement had been made that day
that all bourses in Italy would be closed until Aug. 20. It
was stated in the "Wall Street Journal" of the 14th that the
closing was due to extreme heat and was a regular proceeding at this time of the year.
42.51 111,268,0001
39.47,109,880,000
I
52.36,107.491,0001
39.54'103.716,000
34.351 99,027,060
ThelMinister of Finance declared to-day that the Spanish Government
was pre-occupied with the fall in the value of the peseta and its stabilization
as compared with the high value of the pound sterling and the dollar. The
Minister said Spain was the only neutral country during the war whose
money depreciated and the only country the expenditures of which increased.
Meanwhile the nation had made no attempt to balance its budget since the
end of the war or to norrnalize production and foreign trade, and these facts
had made it impossible to stabilize Spanish money.
Now, the Minister continued, the Government was prepared to take
measures to put an end to the fall in the peseta and also to accumulate a
substantial gold reserve and restore normal conditions in Spanish commerce,
domestic and foreign. •
•
Spain Prepares to Stabilize Its Money.
A Madrid cablegram (Aug. 23) published in the "Journal
of Commerce" says:
229,728,627 5,935,428,798 1,205,639,271 4,729,789,527
237,480,145 5,675,697,921 1.338,279.763 4,337.418,158
350,626,530 6.616.390,721 987.962.989 5,628,427,732
105,219.416 5.653,910,830 953,320,1264.100,590.704
3,402,015,427
186,273,444 3,402.015,427
818 988 721
4111 817 782 818288791
For the present the regular quotations will be confined to Russian consols
of 1902.
I
8,647.824,946 83,852,774,754,1.200.342.669
I
Berlin
152.979,026 2,285,169,646
152,979,026 2,161,512,417
152,979,026 1,206,341,990
152,979,026
150.000.000
1191nnn non
Boerse to Trade in Russian Consols Beginning
Sept. 1.
Trading in1Russian securities will again be permitted on
the Berlin Boerse beginning Sept. 1, it was announced at
Berlin on Aug. 15, according to a cablegram to the daily
papers, which adds:
91 8119 AAA
Sheffield and Birmingham manufacturers have declined large orders from
the Russian Government for engineering tools unless the Soviet pays for
the goods before they are dispatched. Several previous contracts were made
on a cash basis.
A010 Ann Anoi
English Manufacturers Decline Russian Tool Orders,
Demanding Payment Beforehand.
From London Aug. 23 the New York "Herald" reports the
following:
1 nn'ACIA AO,
The budget for 1923-24 as planned calls for 1,250,000,000 gold rubles,
which is 10% in excess of last year's budget. It is estimated that if payments ,do not exceed the present rate of 15,000,000 gold rubles monthly
the budget will balance.
State bank notes—known as chernovetz—gradually are replacing Soviet
paper rubles in all ...ranches of industry and commerce. Toe chic faim of
the Government is to strive to convert the budget to a chernovetz basis.
This, however, presents great difficulties, because the budget is not real
or stable.
F
8.603.306,097 83,818,045,264 1.150.167.965
8,227,669,509 83,556,101,246 1,004,129,658
8,326,338,267 82,406,801.772 696,854.226
5,312,109,272 82,942,998,527,2,684,800.08.5
3,738,288,871 81,843,452,32311,507,178,879
Soviet Budget 10% in Excess of That of Last Year.
Under date of Aug. 23, Associated Press advices from
Moscow said:
a Does not include gold bullion or foreign coin outside of vaults of the Treasury.
Federal Reserve banks and Federal Reserve agents.
b These amounts are not Included In the total since the money held In trust against
gold and silver certificates and Treasury notes of 1890 is Included under gold coin
and bullion and standard silver dollars, respectively.
c 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
of
d This total includes 517,750,816 of notes in process of redemption,$177,681,508for
gold deposited for redemption of Federal Reserve notes, $15,434,621 deposited
of additional
redemption of national bank notes, $17,310 deposited for retirement
circulation (Act of May 30 1908), and $6,590,408 deposited as a reserve against
Postal savings deposits.
_
War Debt to
$10,000,000
of
by
Cuba
Repayment
United States.
The repayment by the Cuban Government of the $10,000.000 war loan advanced by the United States was effected this
week. Of the amount of the debt which still remained to
be liquidated this week—approximately 37,000,000—discharge of the obligation occurred in two installments. On
the 21st inst. the Treasury Department at Washington was
formally notified by the National City Bank of New York
that it had received from the Cuban Government a deposit of
$5,500,000 as a payment on that Government's debt to the
United States. Following this payment through the Federal
Reserve Bank, the Cuban Legation at Washington was
advised on the 22d inst. the Cuban Treasury had deposited
for payment through the National City Bank of New York
and the Federal Reserve Bank the final $3,500,000 of the
total amount due. Press advices from Havana, Aug. 20,
regarding these remittances, said:
remit
The Havana branch of the National City Bank of New York will
the war loan granted
to-morrow to Washington a draft in part liquidation of
842
THE CHRONICLE
to Cuba by the United States. On Wednesday a second and final draft
will be forwarded, thus liquidating the entire loan, amounting to about
$10,000,000.
With regard to the discharge of Cuba's war debt to the
United States the New York `Journal of Commerce" had
the following to say in a Washington dispatch Aug. 21:
Cuba is to be the first of the foreign debtors on the books of the Treasury
to liquidate in full. Final payment of the $10,000,000 war loan from this
country to the Un ted States is expected to-morrow.
The first payment by the Cuban Government of $3,500,000 under its new
policy of cleaning up its indebtedness to this country was made to-day. The
National City Bank of New York advised the Treasury that its Cuban
branch had received that amount from the Island Government for the
account of the United States. It was indicated that a payment of 83.388.000, which would clean up the balance due. is to follow immediately.
The $10.000,000 Cuban debt has been gradually reduced through a series
of payments of principal along with installments of interest, but the improved financial condition of the Island Government is reported to have led
it to the conclusion that the debt could be wiped out easily without the
necessity of continuing payments over a term of years. Up to to-day the
amount due from Cuba to the United States was $6,988,000. Payment of
$3,500.000 reduced the amount of the indebtedness still outstanding to
$3,388.000.
From the Cuban standpoint the decision of that Government to complete
the liquidation of its debt to the United States is regarded as a profitable
policy. Interest on the debt has been running at the rate of 5% and this
charge over a period of years as applied to the principal remaining after
each installment period will be saved by complete liquidation. Furthermore, it is believed that Cuban credit will benefit measurably by wiping
out the debt to the United States. The ability of Cuba to pay off her
obligation to this country is regarded as a signal of the financial condition
of the Island Government.
At the Treasury great satisfaction is felt at the decision of Cuba to liquidate in full. The final payment on the debt will enable the Treasury to
mark of the first foreign debtor written on the books during the war.
While the amount of the Cuban aebt is small as compared with the billions
of dollars owed by some of the European nations, it is believed that the
action of the Cuban Government may furnish an example to the other
foreign debtor nations which may at least lead to the conduct of funding
negotiations to provide for the payment of the larger obligations.
Furthermore, It is believed that the prompt settlement of its indebtedness by the Cuban Government as soon as conditions on the island permitted
of liquidation will have a pronounced effect upon the sentiment in this
country toward economic developments in Cuba.
Home Bank of Canada, With $22,000,000 Deposits,
Closes Its Doors.
The Home Bank of Canada (head office Toronto) closed
its doors on Aug. 17, the crisis, according to the Toronto
"Globe," having been precipitated at the Toronto Clearing
House on the morning of the 17th, when the bank'failed to
meet its obligations. This action, said the "Globe," automitically brought about the suspension of the bank in the
alernoon., and the naming of A. D. Barker, Manager of the
Clearing House, as Curator.
A statement issued by the bank on the 17th in behalf of
the directors announced that from an official report it was
apparent that "the resources of the bank have been seriously
impaired," and that "no readjustment of capital or reserve
could meet the situation disclosed." It was further stated
th it since it had been found impracticable to have the assets
an 1 liabilities of the bank taken over by some other bank, it
was decided to suspend payment. The bank's statement
follows:
The board of directors of the Home Bank of Canada announce that they
have received from the recently appointed Assistant General Manager of
the bank an offic al report of a serious character as to the amount of bad
and doubtful debts among the assets of the bank, and as to the extent of
appropriations necessary to be made in respect to a number of large loans
and investments.
It is apparent fr..m this report and from inquiry with respect thereto
by the board that he resources of the bank have been seriously impaired.
As no readjustment of capital or reserve could meet the situation disclosed,
an endeavrr has been made by the board to have the assets and liabilities
of the bank, as a going concern, taken over by some other bank or banks.
This h s b on fou d impractica le.
ircumstances stated, and as the immediately liquid resources
In the ,
of the bank have teen practically depleted, the board, for the purpose
of corserving the assets of the bank for the pro rata benefit of its depositors,
and other creditors, according to their legal status, respectively, have decided to suspend payment.
The Canadian Bankers' Association having been notified of this action
on the part of the board of d rectors, in accordance with the provisions of
the Bank Act, appointed a Curator to supervise the affairs of the bank and
protect he rights and Interests of its depositors and shareholders. It Is
with the deepest regret that the board of directors of the bank find themselves obliged to make this serious announcement to its depositors and
shareholders and the public generally and it is their earnest hope that with
careful administration and realization of the assets of the bank, material
loss to creditors may be avoided.
The suspension in no way involves the value of the bills of the bank
in circulation. These will be redeemed at their face value on presentation
to any of the other chartered banks.
The Toronto "Globe" of the 18th in its account of the suspension said in part:
A. E. Calvert. for some years Manager of the Toronto branch, and
for he past few months Assistant General Manager in the absence through
illness of the late General Manager, Col. J. Cooper Mason, took the first
steps which brought abut the crisis precipi ated yesterday.
That the Home Bank of Canada was in need of funds a month ago was
evidenced when a loan was floated in New York with bank premises in
Toronto and el:ewh re as the security for the loans. The properties were
transferred to a balding company, which, in return, was to rent the premises again to the bank. This plan of financing aroused suspicions in
financial circles.
[VoL. 117.
Mr. Calvert's investigations were followed by a move to have the bank
taken over by one of the other chartered banks of Canada. A number
of banks were approached througn the medium of the Canadian Bankers'
Association, but without result. News that negotiations had failed reached
Toronto yesterday morning from Montreal and trouble followed in the
Clearing House dealings. All day the position of the Home Bank of
Canada was zealously guarded to prevent a "run." There had been rather
heavy withdrawals during the past couple of weeks, no only in Toronto
but at many branches outside. So insistent were the withdrawals that the
bank's ready assets were "practically depleted" in an effort to meet the
demand on them. • • •
The financ al statement dated May 31 last gives the authorised capital
of the Home Bank of Canada as $2,000,000, which has been paid
111) to
the extent of $1,960,474. The rest account amounts to 8550,000. The
total deposits, both savings and current accounts. approximated $22.000,000. The liquid assets, as set forth in the last annual statement, were
fixed at $11,188,000, while loans and other less ready assets totalcd $16,731,000. The net pro 1 3 for the fiscal year ending May 1923 were $232,539.
The bank has paid a regular quarterly dividend at the rate of 7% per
annum since Aug. 31 1920. In Sept. 1915 the rate had been reduced to
5%, and was increased to 6% in Aug. 1919. For the first seven years
the bank paid 6%. The circulation is reported at $1,616,640. •
• •
The Home Bank of Canada had its origin in the Toronto Savings
Bank.
established in 1854. *
*
When the first General Bank Act came into effect in 1872, all banking
institutions organized under trustees, as was the Toronto Savings Bank,
were required either to amalgamate with some of the institutions then
operating as chartered banks or to take out now charters in conformity with
the first General Bank Act. The Toronto Savings Bank, therefore, reorganized as a savings and loan company under the title of the Home Savings
& Loan. The first President was the late James Austin, and the VicePresident the late Senator Frank Smith, Mr. Eugene O'Keefe was also
on the board, as well as the late Mr. John Foy.
Incorporated Twenty Years.
The Home Savings & Loan did a prosperous and growing business
throughout its career, and in 1903 application was made for incorporation
under the title of the Home Bank of Canada. The late Hon. Senator
James Mason, who had entered the service of the Toronto Savings Bank
as a junior clerk, was General Manager of the Home Savings & Loan Co.
from the time of its organization. He became General Manager of the
Home Bank of Canada, and the directors of the Home Savings & Loan
became directors of the Home Bank of Canada.
The stock of the original shareholders of the Home Savings & Loan was
converted into Home Bank stock on the basis of two shares of bank stock
for one of Loan Company stock. A final dividend of 30% waa distributed
also to the original shareholders.
The first general meeting of the shareholders of the Home Bank of Canada
was held in Toronto June 10 1904. Messrs. Eugene O'Keefe, Thomas
Flynn, Edward Stock. 'I'. R. Wood, E. G. Gooderham, M. J. Haney and
Lieut.-Col. James Mason were elected directors. Mr. O'Keefe was chosen
President and CO Mason General Manager. The bank started business
with $3,500,000 worth of depositsfrom the Home Savings & Loan Co.,which
it had superseded, and with half a million of its capital stock subscribed.
The bank had fourteen branches throughout Canada.
On Aug. 21 three Canadian bankers were named by the
Canadian Bankers' Association to join with Curator A. B.
Barker in the inquiry which is under way to determine the
status of the affairs of the bank. The Toronto "Globe" of
the 224, in reporting this said:
The bankers, who will be associated with Mr. Darker as an
advisory
committee, are: Clarence A. Bogert, General Manager of the Dominion
Bank: A. E. Phipps, General Manager of the Imperial Bank of
Canada.
and II. V. F. Jones, Assistant General Manager of the Canadian
Bank
of Commerce. * • *
The three bankers called in yesterday will act very much as do
inspectors
named by the Bankruptcy Court when a business house goes into
liquidation or proceedings are taken to wind it up.
Their appointment was announced on the eve of a smitten of the
Dominion Cabinet, which will give consideration to the demand
of T. L.
Church, M. P. for North Toronto, for an investigation, independently
of the ,Curator, into the affairs of the Home Bank. Mr. Church
was
notified last night that the Dominion Cabinet would to-day
deal with
his petition. Rt. Hon. W.S. Fielding, Minister of Finance, has
returned
from his vacation to attend the Cabinet meeting. In giving consideration
to the application for a special investigation, the Cabinet will have
before
it the monthly bank statements filed with the Finance
Department; the
annual report, dealt with by shareholders only two months
ago, and
the special and "serious" report made to the directors last Friday afternoon, which brought the announcement of the suspension of the bank.
The "serious" report of Friday last dealt particularly with "bad and
doubtful debts" of the bank.
On the 21st inst. Curator Barker issuing a statement saying:
Pending completion of the investigation of the Home Bank of Canada
by the Curator, the branches of the Home Bank are prepared to accept
payment of any obligations due to the bank, and, on such payment, to
release the securities held as collateral thereto, subject, of course, to the
approval of the Curator in each case.
Holders of safety deposit boxes at such branches where those safety
deposit boxes are installed will have access to their boxes in accordance
with their contracts.
Referring to a movement to bring about an organization of
depositors of the bank in Ontario, the "Globe" of the 22d
inst. said:
Yesterday the first group of members sent out the following call, to be
transmitted to depositors through local managers outside of Toronto:
"As you may have noticed by the paper, an application is being made in
Toronto on Thursday to put the Home Bank Into liquidation.
"We are of the impression that at the present time this would be unwise.
We think that representatives of the depositors should got together and
discuss the whole matter. We are writing you, therefore, to ask you to
advise the depositors at your branch to have a representative present at a
meeting of the depositors to be held at the Walker House, Toronto, on
Thursday, Aug. 23, at 1 p. m.
In its issue of last night (Aug. 24), the "Wall Street Journal" printed the following from Toronto regarding the affairs of the bank:
Motion before the courts for a declaration that position of the Home Bank
of Canada was such that winding-up proceedings would be in order was
•
THE CHRONICLE
Auc. 25 1923.]
84.3
This resistance has not come from the population of the Ruhr; it has not
suspended for two weeks. The court held that the motion was premature,
come from the Rhineland population, but has come from certain industrials,
pending the curator's report.
would
Association
Bankers'
the
and from Berlin.
It is asserted on banking authority that
It was on orders from Berlin that all collaboration with the Belgians,
have stood behind the Home Bank had help been sought four months ago,
Out that duel's the past two months there had been a quiet run on the insti- Italians and French was repulsed. It was on orders from Berlin that the
tution which resulted in withdrawals aggregating $7,000,000, and that the proprietors of the mines and steel mills would not confer with our commisassociation considered aid under existing circumstances would serve no good sion and closed the doors of their establishments. On orders from Berlin
end. It is further intimated that loans to concerns, in which certain the employees of the posts, the telegraph and the telephone stopped giving
communications to the French and Belgians and refused to transport our
eirectors were interested, exceeded the bank's issued capital.
letters and transmit our telegrams. On an order from Berlin. railway men
deserted their trains loaded with food for our troops, prevented the occupation authorities from entering the stations and stopped shipments of coal
Premier Poincaze's Reply to Lord Curzon's Note on and coke to Belgium and France.
The Government of the Reich did not content itself with ordering reReparations—French Policy to Remain Unsistance. It went further and etlicted severe punishment against all its
changed While Passive Resistance
citizens who showed good faith toward us, or even indifference. It revoked
Continues.
officials, imprisoned private individuals and fined them. Bands of agitators and criminals were formed, who sought to destroy the railroads and
Re-affirmation of the French Government's determina- canals, and to blow up trains with explosives; and when they tried that at
tion to continue unchanged its policy toward Germany on Dusseldorf in May Schlagetter and his accomplices declared that they were
relation to an office established at Hamm by a Minister of the Reichswel2r.
the reparations issue until Germany yields in its passive In"It
was certainly legitimate that in the presence of such facts that the
Premier
Poincare
of
reply
the
resistance, is contained in
Government of the Republic considered that the cessation of passive rethe Government
of France to Lord Curzon's note of Aug. 11 to France and sistance was a prior condition to any new conversation withthe
peace treaty,
the Reich. Not only is passive resistance contrary to
Belgium, which we gave in our issue of last week (p. 735). of
but contrary to the evident interest of Germany, whom it ccsts more dearly
Curzon
Lord
Premier Poincare's reply was sent direct to
than the performance of her obligations. The present situation, all in all,
at Bagnalles, France, where he is temporarily staying on has profited only the rivals cf the Ruhr industrials—the sellers of coal and
time (Aug. 21) metal products. The French Government hopes it will end.
vacation, and copies were at the same
delivered at the Foreign Office at London for presentation
to Prime Minister Baldwin and the other Ministers. Declaring that France will not change her policy while passive
resistance of the Ruhr continues, Premier Poincare says
"to ask her to do otherwise would be to give Germany a
victory and then one could recall the words pronounced
by Lloyd George in the Supreme Council March 3 1921,
'it would be the conquerors who would pay the cost of
defeat and the conquered who would reap the fruits of
victory'." The Premier further says, "while recognizing
our debts, while not thinking of leaving them unpaid, we
are forced to say that we can pay them only after receiving
what Germany owes us. We demand of her, in addition
to our 26 billion marks share of A and B bonds, what will
be demanded of us. The less we are asked to pay the
more Germany will be relieved." "If a joint settlement
is undertaken," says Premier Poincare, "France is quite
disposed to facilitate it by correlative abandonment of
her own claims on certain Allies. There is no need to
upset the treaty nor destroy entirely the status of payments. That which France cannot accept is that the
reduction of the German debt be made at the cost of reparations. There is besides no reason to entrust this settlement
to any other organization than the Reparations Commission."
The Premier asks that "the Reparations Commission be
allowed to fulfill its mission, that it be strengthened instead
of weakened, that it be permitted to examine the situation
in Germany, to estimate periodically her capacity of payment, and to modify dates of payment as it may judge
convenient." The Premier's reply, which, besides what
is termed the covering note, comprised a detailed statement
dealing with the French Government's views on the specific
points embodied in both Lord Curzon's note and the draft
reply proposed by Great Britain to the German proposals
of June 7 (mention of which was made in our item of a
week ago on page 735), consists of over 10,000 words and
is much too lengthy to permit our giving it in full. From
the covering note, as given in copyright cable advices to the
New York "Times" from Paris Aug. 22, we take the following extracts:
Int/ France Entered Ruhr.
The Ruhr basin is the principal economic centre of Germany. To-day
we occupy this region, which is so dense and active, peopled by 6,000.000
inhabitants, with an army of 50,000 men. But we were disposed to put
in movement a much smaller force of effectives. We did not desire, anyway, to undertake a military ',oration. Our troops went into the Ruhr
r customs officers, our forest officers. It
only to protect our engineers,
was not with military that the Germans had to deal at first. It was these
engineers and customs officers who addressed them and proposed to them
at the very beginning the following regime: Nothing should be changed in
the normal life or economic activity of the country; a commission of allied
engineers should simply control the operations of the Coal Syndicate with
view to assuring the regular delivery of the quantities of coal and coke due
from Germany; the same commission should control the industrial production of the Ruhr factories, supervise the collection of the coal tax, of which
all or part should have been handed to the Reparation Commission; the
customs men should assure, in co-operation with the German customs
agents, the collection of certain taxes of which the product should also go
to pay reparations; lastly, the Forestry Commission should control the exploitation of State forests by German foresters, so as to assure the delivery
of timber conformably with the treaty. In a word it was an amiable
arrangement for pacific collaboration which we sincerely offered Germany
on entering the Rhur.
But contrary to Paragraph 18, Annex 2. the Government of the Reich
pretended to consider the occupation of the Ruhr as an act of hostility. It
used this pretext, which is a negation of the treaty, to get out of Its best
established obligations. It stopped all deliveries of coal and coke, and
began to treat the French and Belgians like veritable enemies. It has used
against us resistance which it calls passive, but which has been active and
violent.
What France Is Willing to Do.
"But, as indicated to the British Government in its communications
of June 10 and 12, once passive resistance is ended the Ruhr occupation
will be modified. France will continue progressive evacuation as payments
are made on conditions different from those of to-day. We are 'willing to
resume collaboration with the German orgarization, and that will bring
a considerable reduction in the cost of occupation. We refer you to documents 23 and 25 of our last Yellow Book, which indicate in detail the
measures to be taken to accord guarantees to German authorities for exploitation, and those measures which may be taken to favor the Germans
expelled.
"It would be superfluous to repeat these indications, which fill several
pages of the Yellow Book, and which show abundantly the conciliatory
intentions of France. Let us recall that when it will be no longer necessary
to protect the mines, railroads and canals against sabotage, our troops will
have a minimum contact with the working population.
"We also explained in document 25 the conditions in which the Ruhr
can be progressively evacuhted as payments are made. We repeat once
more that we have no desire to remain in the Ruhr longer than necessary.
and that we have no political aims, nor annexation intents. We know
perfectly well that Germany can pay us quickly enough what she owes us.
and that consequently she is mistress of obtaining progressive evacuation.
The time in which the payments asked will be made depends on the'v.411 of
Germany. Suffice it to see the rapidity with which Austria, when she
wished, saw that the necessary effort was made. In spite of her faults.
her geographic and economic situation, she recovered her faculty of production and her credit. Thus it is seen what a country as powerfully
equipped as Germany can accomplish when she wishes to.
"In any case France will not change her position on this point. To ask
her to do otherwise would be to give Germany a victory, and then one could
recall the words pronounced by Lloyd George in the Supreme Council,
March 3 1921. 'it would be the conquerors who would pay the cost of
defeat and the conquered who would reap the fruits of victory.'
Defends French Program.
• "It is not true that the French claims are of a nature to crush Germany
and exceed her capacity for payment.
"For long months France has repeatedly proposel to her allies a very
simple, a very clear and a very modest program which conforms with the
schedule of payments and which can be put in a few words. She has asked
her allies, if they refuse priority for reparations, at least to maintain her
part of A and 13 obligations, which is the twenty-six billion marks gold
she would obtain from the Spa percentage and to keep for her from the C
obligations the sums demanded of her for inter-allied debts. The schedule
of payments guaranteed her as a minimum these two rights and,indeed, the
total obligation would leave her an additional margin. She has advanced
enormous sums on the account of Germany. She will neither interrupt
the work of reparation nor continue it indefinitely at her own expense.
"On the other hand, France has never repudiated debts she contracted
during the war, either from America or from England in interest of a
common victory. Besides, she is a creditor for five or six billion gold
marks, which she advanced to her allies during the war. These credits and
these debts among the Allies represent generally purchases of arms, material
and munitions and feeding the armies which fought fraternally, side by
side, and they constitute almost the entire collective war cost.
"However, on March 28 1916. the representatives of the Allied Governments in conference decided to put into practice in the economic domain
their solidarity of view and of interests, and they arranged an economic
conference to be held in Paris to propose of proper measures to realize that
solidarity.
The conference was opened at Paris on Juno 14 1916 under the presidency
of Premier Briand. It adopted, among others, this resolution:
The Proclamation of Solidarity.
"'Proclaiming their solidarity for the restoration of their territories to the
victims of destructions, spoliations and abusive requisitions. the Allies
decide to seek in common means to restore these territories on a privilege
basis, or to aid them to reconstitute their raw material, industrial and
agricultural machinery, their live stock and their merchant fleets.'
"Evidently at that time it was the idea of the Allies that the debts
contracted among them for a collective war could not be recovered before
payment of reparations.
"Articles 231 and 232 of the Treaty of Versailles lead to the same conclusions. By virtue of these articles, the victorious nations renounce
payment by Germany of their total loss and damages and, in a general
manner of their war costs, although in principle they had a right to them.
They resign themselves to demand only damages to persons and property. In other words, damages to persons and property had, in the
minds of the Allies, priority over war costs. Therefore can these war
costs which the Allies put after reparations, after pensions, after damages,
as set forth in the treaty, and which they did not ask from Germany,
be claimed from each other by the Allies before Germany has paid? In
other words, are friends to be treated more severely than the enemy of
yesterday?
"We do not think it possible. While recognizing our debts, while not
thinking of leaving them unpaid, we are forced to say that we can pay
844
THE CHRONTCLE
For.. 117.
them only after receiving what Germany owes us. We demand of her of indulg'ng in abstract theories
and of not taking sufficiently into account
In addition to our 26 billion marks' share of A and B bonds, what will economic and financial
realities. We, too, desire to take up a positive
be demanded of us. The less we are asked to pay, the more Germany point of view. But if we discuss the matter
as business men, what could
will be relieved.
be said of a company in which the shareholders representing 60% of the
Capacity of Germany for Payment.
shares could be placed in a minority by others who possessed only 20%.
Dealing with Germany's capacity for payment, the Premier says:
France Prefers Friendly Parleying.
"This system, which we have never believed intangible and which is
"On these diverse questions as on all others we remain disposed to
subject to variations, provided that the principles are respected, has the
discuss
in friendly spirit with the British Government and our allies, and
advantage of not entailing any revision of the treaty. On the contrary,
the English proposals would have for a consequence, the destruction of If we are publishing these notes it is only because we are forced to do so
by
the
publication
of the British note. But we believe that in the interests
several of the essential clauses of the diplomatic act signed at Versailles
of negotiations, whether they continue to-morrow between the Allies or
by the Allies.
"In the execution of this treaty the Reparation Commission has regularly whether they are begun after the cessation of resistance by Germany, it
fixed, by its letter of April 28 1921, the total amount of Germany's obli- is preferable that they should be carried on with greater discretion. While
we have nothing to fear from these revelations, even though they may be
gations, and this figure cannot be revised.
"Further, the plan of payments of London has already had, as one of premature, it was not our fault that they were made.
"We ask that the Reparations Commission be allowed to fulfill its mission,
its consequences, a considerable alleviation of this debt since, according
to certain calculations accepted by the British note and still disputable, that it be strengthened instead of being weakened, that It be permitted
to
examine the situation in Germany, to estimate periodically her capacity
the present value of the German debt has been reduced by half by the
decision of May 5 1921. Without taking up a position with regard to of payment and to modify dates of payment as it may judge convenient.
"We ask that during the period necessary for re-establishment of her
these valuations, we merely remark that to-day, like yesterday and like
to-morrow, the Reparation COMITILSRIOn is free to apply Article 2, 3 or 4. finances Germany make such reparations in kind and capital as the Reparations
Commission may judge possible, the Allies keeping pledges which
That is to say, to examine, or cause to be examined by its experts, the
capacity payment of Germany. It can, after this examination and they hold in common interest.
"We wish to pay our debts, both our debts toward United States and
according to the rights conferred upon it by the treaty, lengthen the periods
debts toward Great Britain. We cannot accord preference to one or the
of payment and modify their modalities.
other. We can therefore not make ourselves solidary with Germany
Reparation Commission Powers.
toward England for the payment of the debt of England to the United
"The treaty has, in effect, given to the Reparation Commission all the States; we
cannot, on the other hand, abandon our whole share of bonds
powers which might be attributed to the Commission of International for partial
settlement of the interallied debts; we should in any case be
Experts proposed by the British Government and by Germany. Paragraph obliged to
come to agreement in advance with the Government of the
12 of Annex 2 lays down that the Commission 'shall have all powers and United States,
which also being our creditor has interest in seeing that our
exercise all attributes conferred upon it by the present treaty,' that it financial position
is not made worse.
shall have, in a general way, powers of control and of execution of the
"We repeat besides what we have already pointed out to the British
widest kind concerning the problem of reparations and that it should Government
and as was exposed in the last French Yellow Book docuperiodically estimate the capacity of Germany for payment and at the ments Number
23 and 311 we are quite ready to take into account in a
same time examine the German fiscal system. Paragraph 9 stipulates general
settlement of reparations and of interallied debts the present situathat it shall, from time to time if the German Government demands it, tion in
Germany. It would be easy to come to an agreement for the
hear the arguments and proofs brought forward by Germany on all ques- quickest
possible payment of the German debt which corresponds to recontions concerning her capacity of payment. Paragraph 10 adds that it struction of
devastated regions and to adjourn to a determined date the
shall accord to the German Government full opportunity of hearing.
examination by the Reparations Commission of the payment of the second
"It must further be remarked that the Reparation Commission is bound part of the
debt.
by no legislation, by no code, by no special rules and that it must be
"Examination of the payment of the war debts would be by common
guided by justice, equity and good faith. [Paragraph 11.1
accord adjourned to the same date. We do not suppose that England
"Finally, the German Government recognizes fully the rights of the desires to
demand payment of the interallied debts before payment of the
Reparation Commission under the present treaty. It must furnish it reparations.
She will certainly be first to understand that in order to
with all the information it may required. [Article 240.1
acquit herself France must first recover her full productivity and repair
"Thus the treaty adopted, with regard to payments, a logical and her
disasters and place herself in a position to compete with equality with
coherent system. The debt, once fixed, can only be reduced with the her German
rivals. The interest of England is without doubt that Gerunanimous authorization of the Allied Governments. [Articles 2, 3 and many recover;
it is certainly not that France should sink.
4, and Paragraph 13A, Annex 21; but on the other hand, the capacity
"Please accept, M.le Marquis, assurance of the very high consideration
payment of Germany must be estimated periodically in order that the with which I
have the honor to be your Excellency's very humble and
payments may be graded, adjusted and modified according to the cir- very obedient
servant.
stances, these modifications to be decided by the majority.
RAYMOUND POINCARE.
Estimating Capacity Payment.
In the specific answers to Great Britain's contention, the
"The framers of the treaty thought, with reason, that the capacity of
statement is made by France that:
payment of a country was an exceptionally variable thing, that in conseWe cannot renounce any portion of the claim whose recovery is vital for
quence of this, the status of payments must itself be susceptible to change
France:
and we know Germany is and always will be rich enough to pay us.
and that it would be the duty of the Commission to take into account
All that is necessary is the will. She spends
more to-day on resistance
economic fluctuation, put off the dates of payment at difficult moments
than she would have had to spend to fulfil her obligations.
and advance them when conditions improved.
As
to
the Bokanowski estimate, referred to in Lord
"The idea of estimating, once and for all, the capacity of payment
didn't enter their heads. They didn't understand how international Curzon's note, the Premier
says:
financiers, intelligent or experienced as they might be, could foretell the
According to the decision given in execution of the treaty by the Reparafuture and draw definite conclusions from uncertain and provisional data, tion Commission the
amount of the German debt is 132.000,000.000. It is
They would, no doubt, have been still more surprised had one said to impossible to say
what is the present value of this sum,seeing that payment
them that one would think of undertaking this evacuation at the moment of the most
important part of the debt (0 Bonds) is postponed sine die.
when Germany had succeeded in organizing a momentary bankruptcy and The estimate
of M.Bokanowski is but proof of the enormous injury already
reducing for some time her capacity of payment to nothing. If such an caused us by
the plan of payments of London in reducing the actual value
operation were admitted, it would be rewarded if a German manoeuvre. of the German
debt to a figure very inferior to the theoretical figure. The
Germany would have resisted the Allies: she would have evaded reparations; estimate of
the French deputy also proves that without diminishing the
she would have made her money valueless, thus wiping out all internal amount of the
capital debt Germany can lighten payment by conforming
debts, and she would then obtain the reduction of her only external debt, to the procedure
indicated in Articlds 2. 3 and 4 of the treaty. The sucthat of reparations. She would then start afresh, profiting by her intact cessive moratoriums
accorded Germany since 1921 have again reduced the
machinery, rapidly rising and confronting her triumphant prosperity actual value
of this debt. It is, therefore, useless to upset the treaty.
with the misery of her creditors.
We leave it to Belgium to reply on the subject of the priority accorded to
her. But France cannot forget that it was Belgian territory which was first
No Intent to Ruin Germany.
"France certainly does not intend to ruin Germany. On the contrary, Invaded by Germany, and that ft Is this criminal violation of the liberties
and
rights of a small and valiant nation which made the War one of righteousit is to her,interest that her debtor should reach a state of better fortune
and she knows right well that the collapse of a great nation like Germany ness and justice.
With regard to France's alleged demand to receive 26,would have grave repercussions all over Europe. But the collapse of
France would have no less repercussions. It would be as deplorable and 000,006,000 gold marks, we quote
the following reply:
would be more unjust. In order to avoid the ruin of Germany one must
France has never had the egotistical design which has been gratuitously
not, at the expense of France and very shortly at the expense of the other attributed to her.
Allies, provide her with means too easy and too sudden a restoration
She never said that she would be content to receive 34,000,000.000 gold
which would have, as a result, that industrial and commercial hegemony marks. Our claim theoretically was
fixed at 68.000,000,000. Our theowhich she vainly strove for on the battlefields. Let us by all means retical debts vary themselves, apart from adjustments
which must be made,
study means for the conciliation and the restoration of Germany and for between 25,000.000,000 and 27,000.000,000. It is
these figures which
the payment of reparations. We are quite ready to do this on the very must be balanced up, and not those of
34,000 000.000 and 27.000,000,000.
day resistance will have ceased. But do not let reparations be sacrificed Our claim on Germany has been reduced to
billions, but our debts have
to the re-establishment of a source of economic riches which but momentarily not in any way been reduced, and we ca
not expect less from our allies
Is at ebb.
than that which has been accorded Germany. Was not the English debt
No New Commission Needed.
to the United States, subject to arrangement, reduced to its present value
"In reality when Germany demands definite valuation of her capacity by 30%1 The calculations of Paragraph 14, therefore, present the position
of payment and when England herself proposes it, the idea is to reach by to public opinion in a manner which is involuntarily inexact.
a roundabout road a reduction of the debt. But this reduction, if it is
We likewise quote from the French rejoinder the following
Judged to be indispensable, can be made to-morrow up to the full measure
to which the inter-Allied debts are reduced, and if a joint settlement is respecting the right of military occupation:
England did not reason thus in 1920-21. On three separate occasions
undertaken France is quite disposed to facilitate it by correlative abandonment of her own claims on certain Allies. There is no need to upset new occupations were decided upon by the Allies—July 16 1920, March 9
the treaty nor destroy entirely the status of payments. That which and May 5 1921. England joined in these decisions. She then considered
France cannot accept is that the reduction of the German debt be made that Paragraph 18 gave the Allies the right to take not only economic
at the cost of reparations,• There is besides no reason to entrust this and financial sanctions or measures of reprisal, but, in general, all other
settlement to any other organization than the Reparation Commission. measures which their respective Governments might judge to be necessary
It has always given proof of loyalty, competence and the spirit of justice. and without any question that these measures could be regarded by Ger"It is true that America, not having ratified the Treaty of Versailles, many as an act of hostility.
the preponderant voice of the French President and that of the Belgian
delegate may suffice and, as the British Government points out with Vice-President Stern
of Seaboard National Bank7on
regret, form a majority, but, in fact, all defaults by Germany were deConditions Abroad.
clared by a majority of three voices, including that of the Italian delegate; the majority would, therefore, have existed even if there had been
S. Stern, Vice-President of the Seaboard National Bank
an official American delegate instead of a simple observer. Besides,
Belgium and France alone hold 60% of the claim of the Allies against the of New York, who has just returned from a seven weeks'
Germans. The British Government often accuses the French Government trip to England, France, Belgium, Holland and Germany,
AUG. 25 1923.]
THE CHRONICLE
845
in commenting in a statement issued yesterday on economic
and financial conditions abroad described the outlook in
Europe as "obscure." Mr. Stern says:
Your letter of Aug. 13, asking me as Governor of Minnesota to join
With you in requesting that a special session of Congress be called for the
purpose of having Congress fix the price of wheat came duly.
Our farmers in Minnesota, many of them, are in a most distressing
Even those best qualified to analyze the situation dare not prophesy. situation. The question you raise is whether or not the United States
Government
shall adopt a new principle in legislation and that is out of
There is an appalling confusion in the minds everywhere. Europe is still
in flux but with half a chance she would be well on the road to recovery. the Treasury of the United States to directly vote what is tantamount to
For a bumper crop has come. The harvests are enriching the prospects a bonus to certain citizens who do a certain kind of work, to wit: that or
of France and, to a lesser extent, of England. Germany, too, will have raising wheat.
In the past it has been customary through a protective tariff to indirectly
enough breadstuffs and potatoes till well into next year. The country
everywhere looks rich and beautiful. Nature has been kind to those vote a bonus to certain producers of manufactured products, thereby
assisting the manufacturer and the laborers in their plans, and also to
who stayed close to the soil and have worked with such astounding energy.
In the meantime, the best brains of the business and banking world in vote bonuses in similar manner to the producers of agricultural products.
I
believe thoroughly in this system as a wise one in the interest of our
all the countries seem to be working for peace and common sense.
England pursues her policy of working nut some plan for the recovery of people. Unfortunately, the last tariff bill has resulted in the adoption
world commerce—steadfastly and with solid determination. Although of bonuses to the manufacturer but has resulted in bringing about prohard pressed by the problem of the unemployed,she has paid off or funded portionately much less help to the farmer. While the farmer is not deriving
her foreign debts, balanced her budgets by the severest methods of taxation the benefit from these tariff bonuses which the manufcturer and laborer
and is slowly regaining her former dominating position in foreign trade, are receiving, nevertheless in buying the necessities of life, he is forced to
shipping and finance. On the whole. British banks have not restricted contribute to the bonuses afforded manufacturers and laborers.
their international credits and the restlessness of labor at home does not
Bonus to a Class.
seem to give undue concern.
"r It might be similarly argued that in limiting immigration, labor has been
France, undisturbed by criticism leveled against her, is actively engaged
made scarce and prices of labor industries are very much higher than the
In consolidating her position as the most powerful nation on the Continent.
farmer himself gets for his labor on the farm, due directly to this cause.
Her material wealth—including, of course, the rich natural resources of
This also is tantamount to a bonus voted by Congress to a class.
the reconquered provinces and of her vast colonial empire—warrant, in
When the Adamson law was passed,the most concrete example of Congress
the opinion of her leading bankers, the policy of gradual amortization which
voting a bonus to a certain class was probably given us.
she has adopted in connection with the reconstruction expenses for the
No one regrets the condition of the wheat producers any more than I do.
devastated areas. Her foreign trade balance is on almost an even basis.
but I have no confidence in that Congress will take action, even if convened.
Her short term Treasury bills are still being readily absorbed by the "ronto vote such a direct bonus as would be the result of your plan, for the
tiers" and banks at home. The fall in the gold value of the franc discounts
reason that Congressmen and Senators representing districts and States
(but is not justified as yet, by) the need of inflation—in case of a serious
which do not produce wheat will feel disinclined to vote to increase the
reduction in reparation payments and a settlement of the external obligation
prices of bread to their constituents. I think the call of a special session
to our Government by other means than taxation and increased production
of Congress for this specific purpose would not accomplish the result
and exports.
desired, but the program outlined, if followed in future years, would result
Belgium is making satisfactory progress in her foreign trade,although the
in increased production of wheat and would result in a syste m of voting
possible failure of Germany to redeem in gold the billions of mark notes
bonuses out of the Treasury, first to one group and then to 4 nother.
held by the Belgian Treasury and her default in reparation payments would
I am personally willing to join you and every one else in cal lug upon the
cause the Minister of Finance of the Kingdom undoubted embarrassment
President to call a special session of Congress to give the necessary relief
In the future establishment of the budget.
to the Northwest States, but in my opinion a reduction in tariff and a
Holland's exports of agricultural products to Germany and England, thorough investigation into the profits made by the middleman standing
her principal buyers, have considerably declined. Taxation is heavy and between the consumers and the producers of the necessities of life, with
the port of Rotterdam, formerly humming with activity, reflects the harm proper action taken after investigation, together with the Administration's
done to Dutch trade and shipping principally as a result of the stagnation best endeavor to co-operate in the rehabilitation of Europe so that foreign
of production in the Ruhr district.
countries will be able to buy what they w ish from the United States,should
As to Germany, the middle class is poverty stricken and demoralized: all three, I think, be stressed more than this local issue of wheat. Only
however, the income of farmers, laborers, workingmen and all those em- 6% of the income of the farmers of Minnesota last year came from the
ployed in commerce and industry (probably representing 75-80% of the sale of wheat, consequently, it must be clear that very little relief, and
population) is regularly adapted—after, it is true, the difficult periods of only to a proportionately small number of our farmers, will come through
transition—to the cost of living. I consider her present ills as being of a the legislation suggested.
temporary, not a chronic, nature. The principal question before the
The wheat grower is not the only farmer who is losing money. As a
interested nations to-day would seem to be the following:
matter of fact, if the price of wheat is fixed, the price of several other
Can the German republic, as at present economically and politically products should as a matter of justice, also be fixed. Economically this
organized, with the same assets—actual and potential—as before 1914 system is unsound and in the long run, we in the Northwest will suffer by
(except those transferred to the victorious Allies under the Versailles Treaty) being the people who inaugurated the method,during peace days, of voting
and with hardly any liabilities—internal or external except those assumed bonuses to groups of citizens engaged in certain kinds of business.
under the Versailles Treaty), pay its way upon the basis of the same standDisapproval of suggestions for Government price fixing
ard of production and living now obtaining in the neighboring countries?
If not, to what extent should the liabilities of Germany be reduced in order was also voiced by Governor Preus in addressing the Assoto arrive again at this degree of solvency and equitable distribution of the ciation of American Dairy, Food and Drug Commissioners at
fruits of labor
The technical questions of the currency and Government Duluth on Aug. 15. The telegram of the American Wheat
finances can be settled rationally only for a concern whose future operations
are thus again placed on the solid ground of economic realities. The Ger- Growers' Associated, Inc., to President Coolidge follows:
man plant is intact. The German power of production is adequate.
Impelled by the intolerable conditions and economic punishment now
German skill is unchanged. Given the necessary raw materials and the experienced by the wheat growers of America as the culmination of three
guarantees of peaceful development along competitive lines, Germany years of extreme price depression, the American Wheat Growers'
should be in a position to pay reasonable reparations and attain again a Inc., respectfully urges that you call an immediate session of Associated.
Congress to
certain degree of financial ease and independence.
provide means of relief. This is the largest exclusive organization of wheat
growers in the United States, with 60.000 members in nine wheat States,
established to secure a fair price for wheat through co-operative marketing.
But the development of such an organization is necessarily a matter of
Wheat Growers in Session in Minnesota—Seek Special some time, and the American Wheat Growers Associated, Inc., will riot this
year be in a position to control bushelage sufficiently to influence markets
Session of Congress for Price Fixing—Views
to a degree which is imperative if the nation's wheat growers are to be
of Governor Preus.
afforded relief.
The American Wheat Growers Associated, Inc., advocates, through
In a telegram addressed to President Coolidge on Aug. 12
immediate legislation, the establishment of a Federal agency, suitably
the calling of a special session of Congress was urged by the financed, to go into the open market and purchase wheat whenever the
American Wheat Growers' Associated, Inc., to provide price drops below a basis of $1 75 a bushel for No. 1 dark northern spring
means of relief for wheat growers against price deprefision. wheat at Chicago, with suitable differentials for wheat of different grades
and qualities, this agency to act during the marketing year of 1923 and
This telegram was sent to the President by officers of the until July 11924.
From that date onward wheat producers, through their organization
association at the conclusion of a four-day session of its
will exert sufficient domestic price control to insure capital returns comdirectors at Minneapolis. The agitation for a special Con- mensurate
with their capital and labor investment.
gressional session with a view to securing relief for wheat
growers brought a request to J. A. 0. Preus, Governor of
Minnesota, to join in the appeal to this end—the request to
the Governor coming from C. H. Bealand, Secretary of the
Minnesota & Red River Valley Development Association.
While indicating that he was personally willing to join in
the call for an extra session, Governor Preus stated that in
his opinion a reduction in the tariff, an investigation into
the middleman's profits, and the "Administration's best endeavor to co-operate in the rehabilitation of Europe so that
foreign countries will be able to buy what they wish from
the United States" should be "stressed more than this local
Issue." "If the price of wheat is fixed," says the Governor,
"the price of several other products should as a matter of
justice also be fixed." Economically this system is unsound, he says, "and in the long run we in the Northwest
will suffer by being the people who inaugurated the method
during the peace days of voting bonuses to groups of citizens
engaged in certain kinds of business." The following is the
letter of Governor Preus to Mr. Bealand as given in the
Minneapolis "Journal" of the 15th Inst.:
At a meeting of farmers from 13 Minnesota counties held
at Windom, Minn., on Aug. 7, the statement was made by
Congressman Frank Clague that a new farm bloc in Congress, recruited by recent elections, to a 100-man strong organization, will report a corn and wheat price fixing bill
favorably out of committees at a special session of Congress
or at its next regular session, and may win the fight on the
floor for it. This is learned from the Minneapolis "Journal'
of the 8th inst., which also stated:
He gave strong encouragement to the supporters of the grain price firing
movement which is spreading rapidly through the western counties of
Minnesota and the States of North and South Dakota, when he spoke
last night to an audience of nearly 1,000 farmers at Windom.
The meeting was enthusiastic and concluded with the adoption of a
resolution calling upon President Coolidge to call a special session ofCongress
and also to call an agricultural meeting in the Northwest at which delegates from the grain-raising States would be represented.
The Windom meeting is the eighth that has been conducted since the
price fixing campaign was started two weeks ago. There will be another
meeting at Breckenridge Friday night, and meetings at Thief River Falls
and Benson Saturday, and at Marhsall, Minn., and Minot, No, Dak.,
Sunday. A windup tri-State meeting at Wheaton soon will be called.
"Unless the farmer gets cost of production for his crops, in three years
50% of the farmers of this area will be lost by their present operations,"
Mr. Clague said. !'The East does not understand. It points to the
846
THE CHRONICLE
War Finance Corporation and the Intermediate Credit Board, and says.
'see what we have done for you.' The farmer has borrowed too much
money. Credit has been too good. We want opportunity to pay.
Duty Rests Upon Congress.
"It is practicable to stabilize agricultural prices and it is the duty of
Congress to do it. I think it can be accomplished. We have now an
organization in Congress of virtually 100 men. We do not vote as Republicans, Democrats. Farmer-Laborites or Non-Partisans, but as farmers.
"If the price of corn and of wheat is fixed higher, the other prices will
follow. The next two and three years are to be the most oppressive to
our agricultural history. We must economize and trim at every turn.
We must trim in schoolhouse construction, roads, ditches and in every
possible way; we must hang on until we can get on an equal basis with
other parts of the country."
State Senator C. W. Gillam of Windom, Chairman of the Senate Farm
Marketing Committee, said that the low price of American farm products
exists in the face of the greatest and best employment of labor in American
history. He 'said a surplus of 600.000 bushels of wheat fixes the price
for 600,000,000 bushels.
A. Jolson Renville, Vice-President of the Minnesota Farm Bureau
Federation, said the Farm Bureau of the State was for price authorization,
and the national bureau was swinging around to the same position. He
told how, within a few weeks of the time he had two carloads of hogs to
sell, corn jumped in price from 50 to 75 cents a bushel and hogs fell from
8 to 6 cents a pound. He said co-operative marketing alone could not
suffice to remedy the present situation. He pointed out the gamble of
farming, saying that he did not know within several thousand bushels of
What his 100 acres of corn would yield.
[VOL. 117.
On the whole, our cash products are resulting in a profit to Minnesota.
Savings deposits in this State increased during the last year from $468,000,000 to $514,000.000, an increase of $46,000,000. or 10%. Demand deposits increased 7%%. Eighteen investment concerns in Minneapolis and
St. Paul sold securities amounting to $140,000,000 to buyers in the Northwest during the same period, and it is estimated that a like amount was
sold in this district by Eastern houses.
Atchison Topeka & Santa Fe RR. to Deposit Money
to Loan Farmers.
The Topeka "Capital" of Aug. 19 announced the following
dispatch from Dodge City, Kans., Aug. 18:
The bankers of Stanton, Morton, Grant. Stevens, Raskin, Finney, Scott,
Lane, Gray, Ness, Hodgman and Ford counties held a meeting following
the Dodge City seed wheat conference, and adopted a resolution that the
offer of the Santa Fe RR. to deposit money in the banks on Its lines in the
counties named to be by them loaned to farmers for seed wheat purchases
would greatly relieve the situation caused by the heavy demand for cash.
The following committee was appointed to confer with E. L. Copeland,
Secretary and Treasurer of the Santa Fe, and work out the details of the
transaction: A. W. Wilson, National Bank of Ness City; E. J. Stephenson.
Moscow State Bank; Frank M. Dunn, First National Bank. Garden City;
C. E. Mackey, Gray County State Bank, Cimmaron, and L. 0. Stanley.
Satanta State Bank.
Santa Fe to Loan Money.
The Santa Fe offered to put the money on deposit at 4% and stipulated
that the banks should not charge the farmers more than 8%•
The Santa Fe's proposition is to help farmers who are good at the bank
To show that in Minnesota at least wheat constitutes a
get the money for their seed wheat needs, and is not a part of the plan to
relatively small part of the State's total yearly productions, create a pool to take care of the farmers who
cannot borrow from the bank.
we quote the following from the "Monthly Review" of the The pool is to be financed by those who are prepared to take a ganbler's
chance
on
the
1924
wheat
crop.
Those who go into the pool will receive a
Northwestern National Bank of Minneapolis:
good share of the yield, probably a fifth. If there be a big crop, the return
The barter value of a bushel of wheat is now distressingly low, but so will be big; if a crop failure, the pool makers will lose.
far as this affects the prosperity of Minnesota, far too much emphasis has
Was Done Six Years Ago.
been placed on it. Corn produced in this State last year was valued at
Many banks are loaned up to the limit, and will have to deny the requesr
more than two and one-half times the value of our wheat, and this indicates
a proportionatels large animal production. The value of our milk products of substantial farmers for seed wheat money, unless they can arrange fot
was about five times greater than that of wheat. Even the poultry and assistance from the Santa Fe. which has expressed a willingness to hell)
eggs marketed during the year had a much greater value than wheat, the In the emergency, or the United States Intermediate Credit Bank, lately
latter being worth $27.000.000 on a Dec. 1 farm basis, while poultry and created to take over the work of the War Finance Corporation. At present
eggs sold during the year were valued at approximatlly $45,000,000. The these seem to be the only agencies on which the local banks can depend. A
census of hens in Minnesota showed 74 per farm on Jan. 1 1920. This similar emergency existed in 1917. and the Santa Fe helped to the extent
State ranks eleventh in the United States as an egg producer, and ninth in of depositing about $300,000 in Southwest Kansas banks.
"It certainly holed us out of that year, and lam sure it will help us flow.
supplying the four largest markets, New York. Boston, Philadelphia and
Chicago. In the table which Is presented below is given an estimate of our said L. 0. Stanley of the Satanta State Bank, a member of the committee
to
meet Mr. Copeland. Stanley was on the 1917 committee.
figures
The
State.
annual income from the foundational products of the
are for the year 1922 except those for dairy products, which are for the year
1921. The compilation of last year's dairying figures is not yet completed,
Proposed Alberta Wheat Pool.
but when it is, those for 1922 will likely be larger than those for 1921, as is
indicated by the fact that butter made by our creameries last year was
The co-operative marketing of wheat through a central
1921
was
for
valuation
valued at $72,095.214, while the corresponding
$65.737,460. This increase was effected despite the somewhat lower agency to be known as the Alberta Co-operative Wheat Proprices. The price of butter has improved, however, and on Aug. 1 1923 ducers, Ltd., is provided for in a form of agreement (made
was higher than for any midsummer for the last ten years with the exception public at Calgary on Aug.
16) between wheat growers willof the three spectacular years of 1918. 1919 and 1920. On Aug. 1 this year
the Minneapolis price, wholesale, of extra creamery butter was 39 cents. ing to join the pool and the association formed and conA year ago it was 32 cents.
trolled by members of the pool themselves. Regarding the
For comparative purposes, and to give a more complete picture of the agreement, the
Montreal "Gazette" in a Canadian press disvalue
of
iron
the
annual Minnesota income, we have added to our inventory
patch from Calgary, Aug. 16, said:
ore and forest products. the latter very roughly estimated:
Annual Value Various Minnesota Products.
The form of agreement consists of 29 clauses, a number of which are
Dairy products:
divided into sub-sections and fully outlined in legal formation, the covenant
$71,737.000
Butter
entered into by all signers with regard to the co-operative selling of wheat.
1,526,000
Cheese
As has already been announced, the campaign for signatures to the
67,000
Powdered buttermilk
contract will start next week. The contract provides that if by Sept. 5
3,460,000
Ice cream
signatures of wheat growers, representing at least 50% of the total acreage
Market milk and cream, and milk fed on/arms.. 56.316.000
In the province have not been secured under the contract, any grower will
$133,106,000 have the right to withdraw from the pool during a
stipulated period from
45,000,000
Poultry.and eggs
Sept. 8 to Sept. 22.
72,000.000
Livestock sold for meat
Provision is made for the association to properly grade the grain deliv761,000
Wool
ered to it.
Crops—
The purpose of the association is to promote, foster and encourage the
$27,306.000
Wheat
business of growing and marketineco-operatively: to eliminate speculation
73.532.000
Corn
In wheat and to stabilize the wheat market; to co-operatively and colic-e
45,679,000
Oats
tively handle the problems of the growers, and to improve in every legiti11,309,000
Barley
mate way the interest of growers in the province.
14,910,000
Rye
According to the contract, the association will have the power to borrow
8.219,000
Flax
money; using the wheat which has been delivered to it as collateral. It will
840,000
Buckwheat
then have the right to divide money pro rata among the growers who are
15,309,000
Potatoes
members of the pool. It will have the power to deduct froin the gross
1,419,000
Clover seed
returns, when the wheat is sold, the amount of the expenses and,in addition,
52,897,000
Hay
the association will have the power to deduct an amount not to exceed 1%
700,000
Sugar beets
of the gross as a commercial reserve.
252.120,000
Provision is made in the contract so that if the required acreage is not
Forest products:
secured, that the pool may be operated with those as members who have
$2,000,000
Railway ties
not withdrawn. If this is not considered advisable the association has the
6,000.000
Pulp wood
power to declare the agreement cancelled. This only provides in case the
1,500,000
Posts
50% is not secured through the signature of the wheat growers who join
1.000,000
Cedar poles
the pool.
35.000,000
Lumber
The association is given full
in the contract to act as agent, factor,
45 500,000 mercantile agent and attorneypower
for the grower. In other words, the asso116.250,000
Iron ore
ciation will handle wheat produced and delivered to it by its members.
In crops and animal products alone the Minnesota annual income is This will entail storage, transportation and marketing.
As recommended by Aaron Sapiro, when he was here, the contract will
half a billion dollars—in comparison with which the value of our wheat,
to the associa$27,000,000. seems small, indeed. There are, of course, duplications in remain inforce for five years. The grower agrees to deliver
storage receipts covering it,
our figures, as an important portion of the crops are fed to animals on tion all of the wheat and the warehouse and
seed wheat
farms. But, we believe, the comparative unimportance of wheat as shown produced or acquired by him in Alberta, with the exception of
here will be illuminating to many who mistakenly watch the ups and downs during the years 1923, 1924, 1925, 1926 and 1927.
amount
not
deduction
of
an
the
Provision
is
for
made in the agreement
of the market price of this one cereal and consider it the gauge of our
prosperity. We grant that wheat assumes a much greater importance in to exceed two cents a bushel to provide elevator facilities for the pool.
acquired by erecting, pursome other States which are more nearly on a one-crop basis. Also we The agreement says that the elevators may be
are not making the assertion that other items in this list necessarily represent chasing or leasing.
upon
to apply for ono share
called
Each grower who signs the contract is
an attractive profit to farmers. At present prices, returns from beef
stock of the association, for which he
cattle and hogs are certainly not satisfactory, which, of course, affects the of the ordinary shares in the capital
to defray expenses of organiworth of crops that are fed to them. The raising of livestock last year, Pays $1. The grower is assessed another $2
however, was on the whole profitable. Beyond doubt there is a profit in zation and other necessary work.
wheat
at any time after it is
The association has the power to sell the
dairying. Potatoes last year gave most unsatisfactory returns. The
delivered, and within or without the province and to millers, brokers or
income from sugar beets, which amounted to $700.000 last year in Minneothers. The association may. however, establish selling agencies in any
sota, netted a profit to careful growers,and Is expected to be from $1,250,000
profit than place in the world, and is given power to join with the provinces of Sasto $1.400.000 this year. Wool is bringing a greater margin of
katchewan and Manitoba in the co-operative marketing of wheat.
any other farm product.
Aus. 25 1923.]
THE CFIRONTCLE
847
pools now would bring economic disaster to the
The contract provides for certain penalties in case of a breach of any of organizations forming
organizations got together on one practicable
its clauses. If a grower falls to deliver all his wheat, he will be assessed farmers unless the two
and
scheme. The farmers would have to pay for duplication of machinery
the stun of 25 cents a bushel for all wheat delivered as damages.
that would ensue between the two marketing
fighting
the
of
result
has
the
body
The
in
be
Calgary.
will
association
the
of
office
head
The
agencies. He was still a believer in the principles applying to wheat
incorporated under the Co-operative Association Act.
himself last December, when he advocated the
The grower in signing the contract expresses a willingness to co-operate marketing enunciated by
companies co-ordinating their subsidiary exporting
with others in the production of wheat in Alberta, and in the marketing of two farmers' marketing
pool.
companies into one organization'to form a co-operative exporting
the wheat.
which will be derived from a wheat pool are, I believe, being
benefits
"The
Pacifit
Elevator
positive chance
John McFarland, President of the Alberta
greatly exaggerated by the farmers," he said. "There is no
for
Co., whose resignation from the Alberta wheat pool commit- that the pool will bring the farmers from 20 to 50 cents more a bushel
be obtained
would
the average results that
believe,
I
However,
grain.
their
for
his
resignreason
as
gave
this
week,
tee was announced
than the average
by a single expert marketing director would be better
ing the fact that the farmers of the Province were to be results obtained by 100.000 farmers. Farmers think that when the price
is on the decline it
asked to sign a binding contract disposing of their wheat for of grain is on the rise it will keep on rising,. and when it when
it drops, and
on declining. As a result they sell their grain
five years, without any arrangements having been made to will keep
it when it goes up."
hold
contract.,
deal with the basic principle of the whole system of co-opMr. Dunning said there were many arguments for the five-year
plan.
erative marketing, as outlined by Aaron Sapiro and which but that he was doubtful of the results of practising such a Dunning.
He
Wheat marketing was only touched on briefly by Mr.
in his opinion was vital to its success. A statement to this
marketing of grain
spoke on many phases connected with the handling and
,•ffect was contained in a Calgary dispatch Aug. 20 to the and made several recommendations to the officials for investigation of some
of the branches of the grain trade.
Montreal "Gazette," which we quote further as follows:
meets at Vancouver
To-day's session was the last before the Commission
McFarMr.
continued
the
of
pool."
part
on
the
"There is no obligation
on Sept. 10.
land. "to provide any facilities to take care of their crops for any part
The Toronto "Globe" of Aug. 4 printed a Canadian Press
of the five years, and the trustees of the new association are given full
power to make any arrangements they think desirable for this year, even dispatch from Regina, Aug. 3, in which it was stated that:
though less than 10% of the wheat grown in the Province is under their
wheat pool being
Strong doubt regarding the success of the voluntary
0
eontrol."
crop of the prairies this year was expressed
While the legal sub-Committee was preparing the contracts, the ele- formed to handle the grain
Commission here to-day be Hon. Geo.
vator sub-committee sought to ascertain the terms upon which the ele- before the Royal Grain Inquiry
Co-operative Elevator CO.
vator in the Province of the Alberta Pacific and other companies could Langley, President of the Saskatchewan
the fact that the
Mr. Langley based his main reason for his belief on
be secured, Mr. McFarland stated.
the Winnipeg Grain Exchange.
"I advised them that in my opinion the five-year terms for payment pool would be forced to do business through
suggested by Mr. Sapiro was too short, as it would require much too "It's dead before it's alive," he said.
the failure of
Farmers in Western Canada were much vexed regarding
large a deduction per bushel, per annum, from the wheat crop of this
favored the compulhe
that
adding
said,
to
he
operate,
Board
Wheat
the
of
the
a
price
elevator
the
sum as
purchase
Province, to pay so largo
the farmers had a satisfactory method
facilities of the Province in five years. I suggested that a period of 15 sory method himself. In 1919
and, with the present failure, after they had
years would be satisfactory to my company if the payment were guar- for marketing their grain,
to
its resurrection, they were not in good humor
anteed in any satisfactory manner say, by the Government of the Province. confidently expected
accept a substitute of any kind.
I also made it clear that Victory bond interest rate would be sufficient."
Mr. Langley spoke at considerable length on the general agricultural
We also quote from the same paper of the 21st the follow- situation. He was of the opinion that the sure cure for the ills of agriproblems.
culture in the West was in the solution of the transportation
ing from Calgary:
A statement was issued here to-day by Chairman H. W. Wood and
Secretary J. W. Jackman, of tho Alberta Wheat Pool Commission, after
the committee had considered the statement made public last night by
John I. McFarland, President of the Alberta Pacific Elevator Co., who
resigned from the executive committee owing to a difference of opinion.
Regarding Mr. McFarland's contention that definite arrangements for
acquiring elevators should be completed before the farmers are asked to
sign contracts, the statement says this is directly contrary to the advice
given by Aaron Sapiro, California Co-operative Marketing Organizer.
who was here recently. "Sapiro said, using his own words: First you
have to organize, actually sign up the growers; second, you have got to
get ready to receive the wheat; third, you have got to get ready to finance
that wheat, and fourth, you have got to get ready to sell the wheat.'
"That was the order of action he advised—get contracts signed first,
then deal with elevator companies for storage accommodation, next with
the banks for financing and then get ready to sell, that is through your
manager. The committee, therefore, organized to get the contracts signed
first as the necessary basis for positive negotiations.
"The committee agreed with Mr. Sapiro, as it is difficult to see how
intelligent arrangements can be made until definite knowledge can be
had of the amount of wheat that will be in the pool.
"We cannot agree with Mr. McFarland that the program as advised
by Mr. Sapiro, should have been changed."
Incorporation of United Farmers' Wheat Pool, Ltd.,
to Handle Saskatchewan Grain.
The incorporation of the United Farmers' Wheat Pool,
Ltd., to handle Saskatchewan grain was made known at a
meeting in RegIntl, Sask., Aug.6, by the Royal Grain Inquiry
Commission, by John Maharg, President of the Saskatchewan Grain Growers' Association. The Canadian Press dispatches of the 6th inst. said that arrangements were being
made for the opening of an office in Winnipeg, the dispatches
further stating:
Transportation is Problem.
be able
"Until we solve our problems of transportationTwe will not
to attract the settlers from
to hold our farmers, and we will not be able
other countries that are wanted so much," he said.
which, he said,
Mr. Langley attacked the Winnipeg Grain Exchange,
•NI •
inefficient.
was not necessary, was dangerous, and was
on a race
"Speculating on the Grain Exchange is Just like gambling
horse, and is just as safe," ho said.
down to the detri"Prices are not7only kept down, but they are forced
Exchange there is a body
ment of the producer. For this purpose on the
prices down by short selling. I
of men whose sole business it is to keep
answer its purpose as a grain
contend that the Grain Exchange does not
marketing medium."
grades of Canadian wheat
Mr. Langley condemned mixing of the higher
however, that it was right
as detrimental to the producer, contending,
to mix the off-grades.
Dollar Losing its:Value.
for his grain Was nearly
Pointing out that the price the farmer received
barely broke even, Mr. Langley
back to its 1913 level, when the farmer
dollar as a purchasing medium had
said the value of the present-day
gloom in the West, the
diminished nearly 40%, hence the condition of
Farmers were not taking any
practical effect of which was deplorable.
settlers because of this conpart in the propaganda campaigns for more
dition, he said.
not make a practice of knowLocal elevator companies, ho believed, did
the farmers. Even the most
ingly employing buyers to steal grain from
to reason that a buyer
unscrupulous ones would not do this, as it stood
steal from his employer.
Who stole from the farmer likewise would
he was of the
Regarding weights and averages at country elevators,
investigation by the Comopinion there was nothing deserving of closer
mission than these two matters.
' Regarding the pool's financial resources, Mr. ik.lah.srg said two of the
largest banks handling the bulk of the grain banking business in Canada
had offered their support to the pool. The pool had been stated by the
banks to have greater security than the ordinary line elevator companies.
Mr. Maharg suggested that efforts be made to have the Government
take control of all private and public terminal elevators. He also advocated a probe into the dealings of the Government elevator operated by
the Harbor Commissioners of the Port of Montreal.
This, he said, might result in information being received that the profits
of the elevator would pay almost entirely for the cost of operating the harbor.
Regarding tho Winnipeg Grain Exchange, he did not favor its abolishment unless a compulsory board became effective, when it would go out of
business automatically. Under the present conditions the Exchange was
serving a useful purpose. If it was not for the speculator at times, there
would be no buyers for Canadian wheat.
Various aspects of the situation affecting the marketing of Canadian
wheat wore discussed by John Maharg, President of the Saskatchewan
Grain Growers' Association before the Royal Grain Inquiry Commission
here this morning. Limitation of legislation giving the Wheat Board insufficient powers was blamed by Mr. Maharg for the failure of the compulsory board to become operative. A compulsory board for the next five or
ten years would go far in ameliorating the condition of Canadian agriculture.
He would not say that the failure of the board was due to the Winnipeg
Grain Exchange. He thought the board should have been given the power
entrusted to the 1919 board.
Premier Dunning Warns.
Warning was sounded against the farmers of Western Canada forming
two wheat pools for the marketing of their grain by Hon. Charles A. Dunning, Premier of Saskatchewan, at the closing session of the Royal Grain
Inquiry Commission here this afternoon. Mr. Dunning said the two
dispatch
It was also on the 5th inst. in a Canadian Press
came that
from Regina to the Toronto "Globe" that news
to co-opUnited States farmer organizations are prepared
being formed
erate to the fullest extent with the wheat pool
made by J. H.
in Western Canada, according to a statement
, before the
iagriculurist
an
Haslam, prominent Saskatchew
inst. The dis4th
the
on
Commission
Inquiry
Grain
Royal
patch said in part:
dismissed the wheat
During the course of hisq,testimoniMr:Haslam
market their crops•
to
West
the
of
farmers
the
would
help
it
how
and
at length, said the
Mr. Haslam, discu.ssing co-operative marketing
a chance to sell their
principle of the wheat pool was to give the producers
market, as at present. In
grain on a sellers' market, instead of a buyers'
price for their grain. He
fair
a
get
to
likely
be
more
would
they
this way
he was of the opinion that
did not agree with the high crop estimates, and
market this year.
there would be a lot of off-grade wheat on the
Uni'ed States Farmers to Help.
of them now that the
Discussing the feelings of the farmers, he said most
the pool. In the United
compulsory board was out of the question, favored
sentiment toward co-operaStates, he said, there was a strongly favorable
and in the southwestern section with the Canadian pool, both in the north
Hugh J. Hughes. Marketing
tions. He received word to this effect from
Canada to discuss the
Commissioner of Minnesota, who was coming to
question with Canadian leaders in the near future.
Creation of Bureau of Agriculture by Chamber of
Commerce of the United States.
• The creation of a Bureau of Agriculture was announced
on Aug. 18 by the Chamber of Commerce of the United
States. The bureau will function as a part of the Chamber's
Natural Resources Production Department, one of eight de-
848
THE CHRONICLE
partments which carry on the activities of the national
Chamber. The manager of the new bureau will be William
Harper Dean, of Washington, formerly with the United
States Department of Agriculture. The Chamber's announcement says:
[Vol,. 117.
200,000,000 bushels of wheat and store it. on the theory
that the taking
off the market of that quantity would
send up the price to a fair figure.
I am not hopeful of good results from
either of these plans. How would
the Government dispose of the surplus
accumulated? What effect would
either action have on wheat acreage?
What effect would it have on the
acreage and price of other grains and
of livestock? Would the same
policy be adopted in case of ruinously
low prices for other farm products?
The wheat situation is had enough
in all conscience, and certainly the
majority of our people would favor any
practical method of helping, but
we ought to be reasonably sure that
the remedy attempted will do the farmer
more good than harm and will not
make our situation worse instead of
better.
"The new bureau has been set up by the National Chamber
to function
upon agricultural problems as agriculture's lines
of interest cross or touch
those of business in general." The Chamber feels that the Inauguration
of
this work is a step forward in the direction of new constructive service.
In keeping with the general policy of the National Chamber, the new
bureau will make no effort to formulate on its own initiative any plans
to
Whether these acute situations might be relieved,
offer for adoption by either agriculture or other industries, but rather
if the Government
to should set up an agency with large
authority to handle our surplus farm
serve as an investigator of their common problems, and to offer the results
products in its discretion and provide it
of these studies for such action as they may seem to warrant.
with ample funds. I do not know.
I do not believe anyone knows.
Mr. Dean brings to the new bureau, it is pointed out, a
Almost everyone who comes back from
Europe tells of large crops, and
wide experience gained from many years of active agricul- assures us that Russia will this year export large quantities
of wheat. I do
not think many of our European
travelers have an opportunity to secure
tural work. For about six years he was employed as ento- reliable
information on this point, but all such stories tend to
have a bearish
mologist in Virginia, Georgia, Louisiana and Texas. The effect on our own wheat prices. A
gradual decline in our exports
grains
United States Department of Agriculture then secured him and meats is to be expected. We can not hope to keep them at of
the high
rate of recent years. But these exports
are not going to vanish overnight.
to make special entomological studies in the Southwest. For Europe
will continue to buy large quantities
of us for some time.
the past few years Mr. Dean has been devoting most of his
Railroads Can Help.
time in writing about agricultural subjects. It is stated that
Our railroads could help in this
trouble by making some reduction in
Mr. Dean was perhaps one of the first war correspondents freight rates on farm products. How
far the Western grain-carrying roads
can
gn in this direction under their
on record representing an agricultural pUblication. One of
present operating expenses I am not
preparld to say, but the roads running
east from Western primary markets
the leading agricultural journals In the country sent him to ought to be able to
make some substantia reduction in freight rates on all
France and England to report the story of the war's reaction grain, flour, livestock and meat products,lespecially
if destined for export.
If our railroad rate men would
on farming and those who live by farming.
take the farm situation to heart and get
down and study it as one of their
own problems, I believe they could help
a great deal.
Wheat Acreage Reduction.
Secretary of Agriculture Wallace Predicts Bankruptcy
Economic forces are steadily grinding
away to remedy some of the farm
of Thousands of Wheat Farmers—Urges Rate Re• troubles. The low pricerof wheat this year will in itself bring some reduction In acreage. This is clearly
duction on Farm Products—Not Hopeful of
indicated by the department report on
farmers' intentions to plant. which
Results of Suggestions of Government
was made public Aug. 15. The acreage
of winter wheat has been greater
than usual in the States east of the Missouri.
Help.
because for a number of years it was
paying bettern than corn. Now corn
Discussing the wheat situation in a statement issued at Is more profitable. In the spring and winter wheat belts proper a forced
in acreage is coming, because thousands
Washington on Aug. 20, Secretary of Agriculture Wallace reduction
of wheat growers who
have been barely hanging on will be
driven out by the ruinous prices of this
stated that "with wheat selling for considerably less than year. It is a terribly hard situation
for the individual, but those who
remain will be benefited.
the cost of production, hundreds of thousands of specializ
ed
High wages in the cities and low
wages
and prices on the farms are forcing
wheat farmers are having a mighty hard time of it." Ac- a large movement from
the farm to the city. Under conditions which now
cording to Secretary Wallace "thousands of wheat farmers prevail this seems to be an economic necessity.
Because of high wages and
low prices more and more farmers
will go bankrupt," while "other thousands will be able to
adjusting their production to what
hold they can grow with their own labor.areAll
this tends to bring farm producon only by the practice of the most grinding economy." The tion more in line with what the
consumers will buy at a fair price.
Secretary expressed himself as "not hopeful of results" from
General Farm Conditions Improving
.
either of the two plans which are being advocated—price fixIn general, farm conditions are better
than they were a year or two years
ago.
ing by the Government or the storing of 200.000,000 bushels
The legislation passed by Congress
has been helpful. The new cooperative law gives farmers assurance
of wheat; in suggesting as a measure of relief that a reduction co-operati
that they can go ahead and organize
ve associations without being
prosecuted for combining. The
be made by the railroads in rates on farm products the Sec- Agricultural Credits Act
is now functioning and money for
and
retary says "if our railroad rate men would take the farm marketing purposes can be borrowed freely and at fair rates. operating
The packers
and Stock Yards Act and the
Future Trading Act give asurance of free.
situation to heart and get down and study it as one of their open
and competitive markets for grain
and livestock, and for the first time
own problems I believe they could help a great deal." Secre- co-operative associations of farmers
can operate on these markets. The
tary Wallace contends that "agriculture and industry and Federal Warehouse Act is an essential part of the credit machinery, and the
number of such warehouses Is increasing
rapidly.
commerce must be brought into more nearly normal
The Department of Agriculture has
relabeen able to extend its helpful activitionship and until this is done these acute agricultural trou- ties during the past year. Our special
agents in Europe have been helpful in
bles will develop one after the other." We give his statemen holding foreign markets. Federal inspection at shipping and receiving
t points, dissemination of information
on
better marketing methods,extension
herewith:
of reliable market news by wire
and mall, all help to market to better
advantage.
The ruinously low price of wheat is not a
new agricultural disease. It
When all is said and done the
is just one more acute symptom of the general
fundamental fact remains to be dealt
trouble from which agri- with.
Agriculture and industry and commerce
culture is suffering. The disease itself is the
distorted relationship between nearly
must be brought into more
normal relationship and until this
prices of farm products and prices of other commoditi
Is done these acute agricultural
es. This is not a troubles
will clevelop one after the other.
new diagnosis. It has been pointed out from
time to time for the past
two and one-half years. The sooner people
engaged in commerce and
Industry frankly recognize the trouble, the better
it will be for all of us.
The farmer could get along fairly well with present
prices of what he has Wheat Growers at Spokane
Urge Organization of
to sell if prices of what he must buy were down
accordingly. But prices
Federal Wheat Purchasing Corpora
of other things remain high. That is what hurts. Wages
tion.
in industry
and en the railroads are almost twice as high as before
Wheat growers from Pacific Northwestern
the war. Taxes
States,
meeting
are about twice as high. Freight rates are from 50 to
75% higher. Metals,
building materials of all kinds, are from 50 to 100% above pre-war prices. at Spokane on Aug. 13, adopted a resolution urging legislaall of these are items in the farmer's cost of production. Until a fair tion at a special session of Congress
providing for the imrelationship is restored between agriculture and industry
and commerce, mediate formation of a Federal wheat
purchasing corporation
agriculture will be upset and will have reason to complain. If the present
to
be
formed with a capital of $500,000
plane of prices of commodities other than agricultural is to be maintained,
,000. The St. Paul
then to have general prosperity agricultural prices must be brought up. "Pioneer Press" in a Spokane
dispatch regarding the meeting
That probably means that agriculture must be gotten off the international and the
resolution adopted said:
market.
With the money thus provided, the
resolution recommends, the GovernWheat Farmer Hard Hit.
ment would purchase wheat in any
quantity and at any time for a basic
With wheat selling for considerably less than the cost of production, price of Si 50 a bushel,
subject to dockage for Inferiorities and with sufficient
hundreds of thousands of specialized wheat farmers are having a mighty variation to provide for
carrying charges and to control distribution of
hard time of it. In the diversified farming region east of the Missouri the grain.
River, wheat is but one of several crops and the trouble is not so serious.
Unity of action by wheat growers
of the United States in support of a
But in the spring wheat belt of the Northwest and the winter wheat belt definite plan of Congressio
nal relief was urged by Senator Borah.
of the Southwest where wheat is the main crop, wheat growers are sufHe urged a resolution sent Sunday
night by officials of tho American
fering severely. Thousands of wheat farmers will go bankrupt. Other Wheat Growers' Associatio
n, to
thousands will be able to hold on only by the practice of the most grinding for action by other organizati President Coolidge be taken as a model
ons.
economy.
Foreign Markets Solution.
It is not long since the corn farmer wont through just such an experience.
Opening of foreign markets will prove the
So also the cattle grower of the range States (who is not yet out of the
eventual solution of the wheat
woods), the potato grower, some of the fruit growers, the rice growers. price problem, Senator Borah declared, adding that there is no overThe case of the wheat grower is made worse because most of our wheat production of Wheat but that all the present crop would be taken if it
goes into the channels of trade. However, because of the low price, less could be delivered to countries that want it.
A plan for payment by the Governme
sf it will be sold as wheat this year. and more of it fed.
nt of a fixed price per bushel on
all 1923 wheat in warehouses or in farmers'
hands on May 1. or Juno 1 1924,
What Can Be Done?
was asked by Representative French of
Idaho. who said he considered a
The pressing question is, what can be done to help the wheat growers proposal for an export bounty by
the Government least likely to meet
get more nearly the cost of production for this year's crop. Some urge the approval of Congress of any plan
advocated.
that the Government ought to fix a fair price. That could be done only
Purchase by the Government of some 2,000,000 bushels
of wheat, he
by the Government preparing to buy unlimited quantities at the price said, would involve large taxation,
which would not be popular, and he
fixed. Others suggest that the Government go into the market and buy declared that a proposal
for a wheat tariff also was undesirable.
AUG. 25 1923.]
THE CHRONICLE
Bankers in Minneapolis Federal Reserve District to
Confer This Week on Plans for Grain Growers'
Relief at Instance of Commission of A. B. A.
A conference of bankers in the Minneapolis Federal Reserve District will be held on Tuesday next, Aug. 28, at the
North Dakota Agricultural College at Fargo,for the purpose,
it is said, of discussing a course of action to provide relief
for grain growers in the Northwest. The meeting, it is
announced, will be held under the auspices of the Agricultural Commission of the American Bankers' Association.
The Minneapolis "Journal" of the 19th inst. said:
The Commission is sending invitations to all banks in the district to have
officials present at the meeting "for the purpose of deciding upon a definite
tangible plan for assisting in bringing about relief for the grain growers of
the Northwest."
The meeting will add to the long list of meetings conducted in North and
South Dakota and Western Minnesota in the interests of relief for the small
grain farmer.
It differs from the other meetings in that those have been called specifically to advance a plan for relief by stabilization of agricultural prices
through Government action, and that this one proposes to consider all
plans for relief.
Bankers who have observed the movement for stabilization of prices
predicted last night that the plan of stabilization will be the main one
before the conference, and that the bankers will be asked either to endorse
It or condemn it in resolution.
Farmer Twice Hit.
The agricultural colleges and the Farm Bureau organizations have representatives present. The printed invitations are signed by the bankers'
associations of North Dakota, Minnesota. South Dakota, Montana, Wisconsin and Michigan, and those for Minnesota are to be mailed from Minneapolis to-morrow.
C. T. Jaffray, President of the First National Bank, said that the bank
will be represented at the meeting and that if possible he will go himself,
"I am in sympathy with any help that can be given the wheat farmer."
Mr. Jaffray said. "He has been hit twice. He not only is receiving a low
price but he has a poor crop, poor in yield and quality. If he had got a
good yield he might have pulled himself together even at the present price.
The price is not so bad as the yield."
Banks Ready to Help.
"Our bank will be represented, certainly," said C. B. Mills, President
National
Bank. "The situation is serious with the wheat
Midland
of the
growers. I don't know yet what can be done. Some unwise schemes have
been suggested."
Theodore WoId, Vice-President of the Northwestern National Bank, said
that the bank officially had not been informed of the meeting, but that it
probably will be early in the week, and presumably will have someone
present at the meeting.
George H. Prince, Chairman of the board of directors of the Merchants'
National Bank of St. Paul, and J. C. Barta. Secretary and Treasurer of
the Capitol Trust & Savings Bank of St. Paul, said their institutions will
be represented.
"Certainly it would be fine if something could be done for the Western
farmer," Mr. Barta said. "Whether anything can be accomplished by
legislation is a question. The bank is ready to investigate any plan that
promises help.
To Reconsider Fargo Plan.
T. 0. Ofsthum, Chairman of the new Minnesota Rural Credits Bureau,
said that he or another member of the bureau will be present.
"The question* is so important that we will certainly be there to fine out
all we can," he said.
"I will go to the conference, not to do any talking but just to sit and listen
and see what is happening," .1. F. Reed. President of the Minnesota Farm
Bureau Federation, said.
The invitation said that the plan suggested at a meeting of 500 farmers
and bankers in Fargo recently would be put before the conference.
"This plan will be again considered along with any other plans that may
be proposed,and it is hoped some immediate action will result from the meeting," the invitation said.
The plan was to have the United States Grain Corporation revived or a
similar agency created which would buy enough wheat to limit the market
to a domestic consumption basis, and dispose of this wheat, the national
surplus, to Europe at the best price it can get.
Resolutions of Banker-Farmer Conference at Ithaca,
N. Y., Approving Farmer Co-operative
Organizations.
The New York State Bankers' Association, through its
Secretary, Edward J. Gallien, has issued a circular to banking institutions calling attention to the resolutions adopted
at a recent conference of bankers and farmers at Ithaca, in
which the principles of co-operative marketing of farm products and co-operative buying of farm supplies are approved
as offering "the most favorably constructive lines of action
for the improvement of existing conditions." We give the
circular herewith:
BANKER-FARMER CONFERENCE.
August 15 1923.
To the Institution Addressed:
known
G.
S.
H.
well
The
Turner,
President of the Second
Gentlemen—
National Bank, Elmira, former President of this Association, who represents this State on the Agricultural Commission of the American Bankers'
Association, has always taken groat interest in matters that would aid
agriculture; largely through his efforts, with the splendid co-operation of
the men of the New York State College of Agriculture, a most interesting
conference of bankers and farmers was held recently at Ithaca, at which
President Willis G. Nash of this Association, now on his farm near Kingston,
N. Y., R. F. D. 3, spending his vacation, was present and delivered
an address.
As a result of its deliberations, the conference adopted the following
resolutions, to which it is believed bankers as a whole will give their cordial
endorsement:
849
"Whereas there has been presented to this conference ample and indisputable evidence that the pursuit of the profession of agriculture in the
State of New York is resulting in a distinct deficiency in financial return: and
"Whereas we recognize that since 'the land is the source of all wealth,'
there can be no genuine prosperity in our State and nation unless the husbandman be a sharer therein; and
"Whereas the principles of co-operative marketing of farm products
and co-operative purchasing of farm supplies have so far developed that
they can be said to offer the most favorably constructive lines of action for
the improvement of existing conditions; now therefore be it
"Resolved, that this conference respectfully requests the New York State
Bankers Association at its earliest opportunity to urge its members to support with energetic guidance and helpful advice those farmer co-operative
organizations that have already demonstrated their ability to accomplish
the ends for which they were organized."
It was also:—
'Resolved, That this conference recommends the holding of similar conferences in all counties of the State by the county bankers' association and
the agricultural organizations for the purpose of discussing banker-farmer
relationships."
New Farmer Statement Form.
There has recently been issued by the Federal Reserve Bank of New York
a form for statement of assets and liabilities of a farmer which will appeal
to those farmers who are anxious to know whether the methods used in
running the farm are profitable or not. as 'well as to bankers. It is not so
elaborate as to frighten a borrower and it is believed if used by farmers generally it will greatly lighten their burden in making up income tax returns.
It is the result of long study in which the bank has had the helpful cooperation of agriculturists and it is believed this has resulted in the adoption
of a form that will meet with hearty approval. It occurs to us that if bankers after sending for these blanks and acquainting themesives with them,
would secure the co-operation of county agents, officers of the various
Granges and Farm Bureaus, in their communities who in their turn would
pass on the desirable features to the farmers personally, that great good will
be accomplished with beneficial resnits nil
First Loan Made by Federal Intermediate Credit Bank
at New Orleans.
Stating that the Federal Intermediate Credit Bank at
New Orleans began on Aug. 11 a program of extended
monetary aid to the farmers of Louisiana, Mississippi and
Alabama, the New Orleans "Times-Picayune" of the 12th
inst. said in part:
It made the first loan since it was established here recently. Applications
which the bank will consider in the next few months will total about $15,000,000.
This first loan, which was announced by J. V. DeGruy, Treasurer of
the Federal Land Bank, upon its completion yesterday, was made to the
Louisiana Farm Bureau Perique Tobacco Growers' Association of St. James
Parish. The total loan was for $35.000. with the first installment about
$8.600. It was made to help the tobacco farmers market their crop. The
interest rate is 5 % and the term six months. In the next few weeks, it
was stated, the bank expects to lend $1,000,000. with other millions to
follow, to aid in this careful marketing of farm produce. . . .
On the loan made yesterday to the tobacco growers, the bank accepted
bonded warehouse receipts for the commodity as security. Any staple
produce, it was indicated, may be stored in a bonded warehouse by the
farmers and the receipts used as collateral for a loan from the bank.
The marketing of farm commodities over a long period rather than
dumping them on the market during the harvesting season is expected to
go a long way towards solving the farmer's difficulties.
Views of United States Chamber of Commerce on Foreign and Other Questions Discussed With President Coolidge—President Holds to Policy of
Aloofness on Reparations Issue.
A committee representing the Chamber of Commerce of
the United States—headed by Julius H. Barnes, President of
the Chamber, laid before President Coolidge on the 20th inst.
the Position of American business on important economic
questions facing the country. Among other things it was
indicated to the President that business interests "would
welcome the opportunity for the United States, either officially, or unofficially, to be helpful in the solution of European problems, and with the least possible delay." Secretary
of the Treasury Mellon, who has just returned from Europe.
was also among those who have this week discussed with
the President problems affecting this country, and in his portrayal of conditions abroad is understood to have advised
that the reparations issue be left for solution to the countries
involved. While no official statement has come from Washington it has been indicated in the press advices from there
that the current week that the President (to quote the New
York "Times" dispatch of Aug. 21) "is convinced that the
American policy of non-intervention in the affairs of Europe
has been vindicated and it is the plan of the Administration
to continue the Harding policy of isolation, so far as the existing troubles of Europe are concerned." This statement,
says the "Times" was made by a White House spokesman,
who declared that the reports of American observers which
have been placed before the President have convinced him
that nothing has happened in Europe to justify a change in
the Harding policies. The following is also taken from the
"Times" dispatch:
The President's spokesman said that Mr. Coolidge had welcomed the
opportunity to confer with Julius H. Barnes, A. 0
edford and other
prominent members of the Chamber of Conwerce of the United States,
who informed him yesterday that in the I 1 ion of the bomber, the
850
THE CHRONTCLE
[Vol,. 117.
United States should aid Europe and that this assistance should not be
delayed. However, it was made plain that the President does not share
the views of the spokesmen for the Chamber of Commerce so far as those
views relate to the European problem.
While it is the general opinion that President Coolidge will favor American
membership in the World Court, nothing has come from official Administration circles to date to indicate his attitude in that matier. It is a
matter of commentthat none ofhis spokesmen has seen fit, so far, to mention
the World Court. This silence, it goes without saying, has delighted
the irreconcilables, who are still hoping that in the end the President will
permit the Court issue to be consigned to a peaceful death in the files
of the Senate Committee on Foreign Relations. . . .
The suggestion of the Chamber of Commerce that thet ariff laws be
• amended so as to provide for the creation of a Tariff Adjustment Board
to carry out the flexible provisions of the existing tariff law does not,
it was said to-day, meet with the approval of the President. It is understood to be the view of the President that the Tariff Commission should
continue to administer this feature of the new law.
The shipping problem is receiving much attention at the hands of the
President. Mr. Coolidge, it is understood, is not inclined to favor a
Government policy of direct operation of passenger and freight fleets
under the American flag. It may be weeks before the shipping policy
of the Administration is finally worked out ard given to the public.
Income tax should not, in times of peace, be payable until the amount
has been finally decided and this amount should be subject to later revision
only in case of fraud:
Administration of Federal income taxes should be so decentralized that
a tax payer may have opportunity for prompt initial decision of questions
between him and the Government without necessity and expense of a trip
to Washington;
Court of tax appeals, independent of the Treasury Department, whould
be set up with such procedure and jurisdiction as to a.ssure an early and
impartial decision upon substantial questions;
American citizens resident abroad should not be subject to the Federal tax
upon incomes derived abroad and not remitted to the United States;
National Budget.—The first referendum of the Chamber,in 1912.favored
the establishment of a National Budget, and the Chamber has followed with
great interest the final adoption of a National Budget and the administration of it. The Chamber feels there is every encouragement to develop
and perfect the budget system.
Immigration.—The Chamber believes in restriction of immigration, and
that the principle of selection should be a controlling factor in immigration
legislation.
Because of lack offlexibility, the present immigration law is not adaptable
to changing conditions. The Chamber, therefore, advocates that, to the
present 3% quota, there should be added an additional 2% quota solely
The New York "Commercial" in a Washington dispatch upon a selective basis, to provide a flexibility, without affecting our social
standards. This 2% is a maximum only such part (if any) of which should
Aug. 21 had the following to say:
be used as is necessary to most the recognized economic and social needs of
•
Those who have returned from Europe and reported to PresidentCoolidge the nation.
Veteran Legislation—Repeatedly the Chamber has favored adequate
since he took office three weeks ago have brought back unpleasant pictures of conditions in the Old World. Senator Smoot of Utah, a member provision for the disabled, and certain constructive measures for uninjured
of the World War Debt Commission, told the President that the hatreds veterans. The Chamber is against the cash bonus, and the equivalent
on the Continent were far more bitter than anybody in the United States certificate plan, for uninjured veterans.
Tariff.—The Chamber advocated the principle of a flexible tariff, but it
could imagine.
Mr. Smoot returned with the conviction that the American people are favors the creation of a separate Tariff Adjustment Board so that the Tariff
fortunate to have escaped becoming involved in the controversies of the Commission may continue uninfluenced its functions as a research and
Old World. As the Senator saw the European problem, it was one that reporting body.
Federal Reserve System.—The Chamber advocated the inauguration of
could be solved only by the nations directly concerned.
Secretary of Labor Davis also returned from abroad confirmed in the this system, has affirmed its confidence in the principles of the system and
opinion that the United States had done well to escape the meshes of the its earnest conviction that no changes should be considered except such as
League of Nations and the Treaty of Versailles. He,too,found apparently will add further strength and usefulness to the present plan and will continue
existing safeguards against partisanship in direction or in service.
unconquerable hatreds and jealousies on the Continent.
On the committee with Mr. Barnes were:
Secretary Mellon's Opinion.
A. C. Bedford, of New York, Chairman of the Board of the Standard
The most recent arrival from a European trip is Secretary of the Treasury
Mellon, who passed more than an hour with the President yesterday dis- Oil Co. of New Jersey, and Vice-President of the Chamber for the Eastern
cussing conditions as he found them in Great Britain. Germany and France. States;
John II. Fahey, publisher of the New York "Evening Post," a former
Mr. Mellon reported that there was nothing the American Government
could do to restore peace and economic stability in Europe. Like Senator President of the Chamber:
Lewis
E. Pierson, of New York, President of the Irving Bank-Columbia
Smoot, Mr. Mellon believes that the solution of the problem lies with
Trust Co., a director of the Chamber;
the nations of the Old World.
Willis H. Booth, of New York. Vice-President of the Guaranty Trust Co..
President Coolidge, it was revealed to-day, has been particularly impressed by these reports received from American officials who had every and President of the International Chamber of Commerce;
Fred I. Kent, of New York, Vice-President of the Bankers Trust Co., a
opportunity to study European conditions.
The fact that the President has been so impressed is interpreted here as member of the Chamber's Foreign Affairs Committee;
Charles F. Weed, of Boston. Vice-President of the First National Bank
indicating that Mr. Coolidge will adhere to the traditional American
director of the Chamber;
policy of non-entanglement in foreign controversies not directly concerning and a
Elliot H. Goodwin, of Washington, resident Vice-President of the Chamthe people of the United States.
ber.
The subjects which the committee of the Chamber of Commerce of the United States took up with President Coolidge Opposition in United States to Tarafa Bill Proposing
together with the Chamber's position on each, follow:
Consolidation of Railroads in Cuba—Cuban
• International Relations.—Economic disorder in Europe continues an
Lottery Law Also Subject of Consideration
obstacle to the establishment of permanent peace, to the elimination of
by United States.
unemployment, and to the restoration of normal living conditions, and
contains also the menace of still further unhappy developments. It seems
Efforts have been under way this week toward allaying
manifest that the lack of a just and lasting settlement in Europe reflects the opposition which
have developed in the United States
into many of our own domesvic problems—the distress of the grain raiser,
the distress of industry which had developed an export outlet, selling prices relative to the Tarafa bill, which was passed by the Cuban
at home for factory products that now lack the economy of large produc- House of Representatives on August 10, and which
provides
tion sustained by both home and foreign trade, prices of securities which
for the consolidation of all the railroads in Cuba. With the
are depressed by constant apprehension—all these emphasize how desirable
it is to secure an early solution. It is clam that business conviction would adoption of the bill by the Cuban House, protest on behalf of
welcome the opportunity for the United States, either officially or unoffi- American interests was lodged with the
State Department at
cially, to be helpful in the solution of these European problems, and with
Washington on Aug. 11 by Sullivan & Cromwell, attorneys of
the least possible delay.
International Court.—The Chamber already has urged that the United New York. On the 13th inst. it was made known that proStates Government take its place with the other nations of the world in tests against the bill had resulted
in request by the State
this Court, and expresses gratification in the measures being taken by our
Department to the Cuban Government that final action be
Government to that end.
Railroad Transportation.—The Chamber stands for private ownership delayed on the pending measure until further inquiry could
and private operation, under fair and just regulation, based upon recogni- be had into
the proposed legislation and the opposition retion of the obligation of the railroads toward the public and likewise of the
specting it. On the 14th inst., when the bill was presented
obligations of the public toward the railroads.
As the result of a conference in which the leading railroad, motor and to the Cuban Senate, the latter received from President
waterway authorities participated, and which Secretary of Commerce Zayas .a message requesting
postponement of consideration
Hoover attended, for several months active Chamber committees of experienced men have been working on certain phases of transportation, with of the bill until all parties interested had been given a hearthe object of formulating a program of recommended transportation devel- ing. According to Associated Press cablegrams
from Havana
opment and treatment. For instance, the relation of motor highway trans- that
day, the measure was laid on the table on a motion
port and the use of motor delivery in congested transportation terminals,
la one of the phases receiving serious.study. The conclusions of the several which called for the appointment of a committee to study it
committees (six in number) will be submitted to a general transportation and arrange for hearings. The present week,
the author of
conference this fall, and from that conference we hope for findings and
the bill, Col. Joseph M. Tarafa, has been in conference with
recommendations that will be helpful to Congress and the Executive branch
of the Government, especially in defining the proper relation of Government sugar interests and other in New York, as well as with Secto transportation.
retary Hughes and Ambassador Crowder at Washington,
Merchant Marine.—The Chamber is opposed to the Government engaga statement given out by Colonel Tarafa is given
and
believes
that
further
ing in commercial business. It
efforts should be made
to evolve a Plan of operation by private citizens, before entering upon direct further below. On the 17th inst., when press adGovernment operation of Government-owned ships. The Chamber vices from Washington indicated that
President Coolidge
favors a ship subsidy, in the effort to equalize operation disadvantages of
American ships. It has asked an investigation of the possibility of relaxa- was prepared to take steps toward protecting American interests in Cuba, the New York "Journal of Commerce" had
tion of burdensome restrictions without ejopardizing proper public safety.
Tax Reforms.—The Chamber's position is that there should be:
the following to say in a Washington dispatch:
Repeal of remaining war excise taxes with any needed revenues obtained
from a sales tax;
Readjustment of income surtaxes for the purpose of making them more
fruitful in revenue by bringing back into productive and tax-yielding
enterprise large amounts of capital which have been diverted into investments the income from which is free from Federal taxation;
Future issues of Federal obligations should have their interest subject
to the Federal tax;
Prompt and conclusive settlement of tax liability should be assured to
all persons who act in good faith:
President Coolidge is prepared to take steps to see that fair protection
is accorded American property interests in Cuba, at was noted at the
White House to-day. Should the Cuban Legislature pass the Tarafa
Railroad Consolidation Bill. which American interests claim would bring
about the enforced closing of 47 of the private ports, the Administration
will take such action as it thinks necessary to meet the situation.
The President, who has been informed of the conditions in Cuba by
Secretary of State Ilughes, does not think that the situation has yet cleared
up, but is firm in support of the policy that the Cuban Government must
AUG. 25 1923.]
THE CHRONICLE
anything in
have due regard for American investments by not adopting
the nature of confiscatory legislation.
it
While the State Department has not yet actually announced that
the
believes the Tarafa Bill will effect a confiscation, officials have taken
the
with
rests
so
do
not
it
would
that
position that the burden of showing
proponents of the legisladon, as the American interests have presented
and railroad
much evidence declaring that their ports would be closed
properties made 'valueless by the bill.
Lottery Causes Displeasure.
on the
President Coolidge believes that the Cubans turned their backs
a
general program for reform in Government finances and practices,
in passing the latest
part of which was the floating of a $50,000,000 loan,
districts
Cuban lottery bill, which extended the number of collection
previous American
and introduced a number of features that had met with
objections. The Administration is clearly displeased over this act and
in obtaining the
thinks that one of the obligations assumed by Cuba
'350,000,000 loan was observance of the reform program.
bill and against
lottery
The protests of the Cuban public against the
the Tarafa measures are regarded by the President as indicating a sentiand the
ment on the part of the people toward meeting these obligations
the
Administration is not unmindful of their reaction. However, should
ion
Administrat
Legislature proceed with the passage of the Tarafa Bill, the
Under
matter.
the
with
deal
to
will take such steps as it thinks necessary
of
the Platt amendment, which gives promise for the fair protection
American Interests, the United States, if it desired to do so, could land
troops in that republic, but such a course is not contemplated.
to the
It is thought hero that the State Department would point out
indiCuban authorities its views, reciting an examination of the question
procated that American interests would be hurt by the legislation and
testing against it.
Tarots Going to Capital.
It is expected here that Colonel Joseph M. Mimi's., the Cuban railroad
be in Washingmagnate who is sponsoring the consolidation of the lines, will
has not given an
ton some time next week. While Secretary Hughes
man of the
appointment to the Cuban, who is represented as a most active
Tarafa should
empire-building type, it is known that he will see Colonel
he desire to call at the Department.
a warning to Cuba
The White House statement is interpreted here as
friendly
that the Coolidge Administration proposes to maintain a firm but
financial stability of the
policy toward Cuba, with the prosperity and
island as the controlling thought in mind.
851
Government Police Powers.
powers,
It is pointed out that the right of a Government to exercise police
modern
In matters of sanitation and harbor control, has long existed in most
of the United
countries, and the right has been upheld by the Supreme Court
States in this country.
of Tarafa
Should Secretary of State Hughes decide that Cuba, in the case
police powers in
bill, is merely exercising such a right to put into force her
be no
will
there
that
likely
is
it
matters of sanitation, immigration, &c.,
hand, should he
definite protest from this Government. On the other
millions of
decide that the private railways and private porta, involving
probably register
dollars, are vested rights, legitimately acquired, he will
a very serious protest with Cuba.
Stating on the 14th inst. that the Cuban House of Representatives had devoted most of that day to the bill (which it
s from
had previously passed) the Associated Press dispatche
Havana added:
for its action
Several Representatives attacked the Veterans' Association
The sentiment in
yesterday in passing resolutions against the measure.
by the Senate and
the House seems to be that if the bill should be passed
vetoed by the President, it will be passed over the veto.
his name,left
Colonel Jose Miguel Tares., father of the bill, which bears
It vras rumored here
Havana this morning on the way to Washington.
to present his views
to-night that his sudden departure was due to his desire
on the bill to Secretary of State Hughes.
among the public in the
There is a remarkable lack of interest in the bill
countrymen are alcapital, but reports from over the island show that the
in the port towns
most a unit against it, though it is nieeting with support
which expect to benefit from its passage.
Matanzas yesterin
occurred
A demonstration of protest against the bill
persons on foot marched
day, when more than 800 mounted men and many
the Cuban Congress the
to the City Hall and asked the Mayor to convey to
residents in the country
anxiety which the sugar planters. agriculturists and
districts felt regarding the proposed consolidation.
House of Representatives
In a resolution handed to Mayor Regojo. the
and was charged with
were severely censured for its passage of the Tarafa bill
bad faith to the country.
criterion of the feeling of
The demonstration in Matanzas is said to be a
in regard to the
the agricultural communities throughout the province
Tarafa bill.
in the sugar
Much alarm is felt by the great number of persons employed
passage
of Orozco and Gerardo at Bahia Honda over the proposed
being deWe also quote from the "Journal of Commerce" the fol- centrals
workmen
of the Tarafa bill, as it will result in some thousands of
A petition has
lowing Washington advices of August 13:
prived of occupation at these points if the port is closed.
Cuban Government been sent to President Zayas asking him to veto the bill if It finally passes
The State Department has dispatched a note to the
n
asking that further action on the Tarafa railroad consolidatio bill be with- the Senate.
by officials
held pending a study of the merits of the proposed legislation
On August 17 Associated Press accounts from Havana
here.
to-day stated:
The two sides of the situation were laid before Secretary Hughes
in
of carefully going over
by couniel for the differing interests, while Ambassador Crowder was
President Zayas to-day reaffirmed his intention
discussing
the
Secretary
before taking any stand.
with
afternoon
conference for thirty minutes this
Tarafa bill, in case the Senate should approve it,
the
before the Senate.
the last of next week.
the bill, which has passed the Cuban House and is now
Senate action on the bill will not be taken until
for and against the measure to
It was indicated that the State Department had not yetreached a final
The upper house has invited arguments
to
the
respect
legislation,
ten days. A commission of the
conclusion as to what its position would be with
be submitted in writing during the next
the Tarafa
one of the reasons being that the text of certain last minute amendments sugar mill owners and planters' associations has denounced
Cuban Rotary Club yes.reported to have been made by the House has not yet been examined.
and will use every effort to defeat it. The
plan
pass and
Officials here state that the bill involves a great many American interests, terday pointed out eight specific reasons why the bill should not
some claiming it to be confiscatory and others supporting it on the ground issued a manifesto which is receiving wide circulation.
into
the
Cuban
revenue
bring
that it will afford lower freight rates and
proand
According to the New York "Times" of August 19 the
Treasury. There are two groups of Americans taking different sides,
by
adopted
resolution
a
in
made
involved.
bill
are
Tarafa
property
in
the
dollars
of
many millions
test against
here on the prePurpose of Bill.
the Rotary Club of Cuba, was made public
American
The bill is reported by Colonel Tarafa. the head of the Ferrocarril del ceding day by Sullivan & Cromwell, attorneys for
DepartNorte and Jucaro y San Fernando, Cuban corporations owning public
State
the
to
d
complaine
sugar interests who. have
railroads in the Province of Camaguey. He is a large stockholder in the
The
ory.
confiscat
is
measure
the
in
properties
that
Camaon
railroad
Washingt
with
corporation
at
ment
Cuban Railroad, an American
guey and Oriente Provinces. The Ambassador's informants charge that statement was summarized as follows:
lower the cost
while the legislation avows that its purpose is to improve and
protest against the
The club makes known its decided and energetic
of railroad transportation, Colonel Tarafa has publicly stated that its purthe Senate of the Republic that it turn down said
pose is to increase railroad revenues and establish a railroad transportation Tarafa bill, requesting
measure for the following reasons:
monopoly in the Provinces of Camaguey and Oriente.
favoring the interests of a
"freeze-out" propoI. Because it is a law of a private character,
The Tarafa bill, they assert, is nothing more than a
some
including
ports,
particular individual or company.
sition, which will result in the closing of forty-seven
2. Because it creates a railroad monopoly.
of the best natural ports in Cuba, the abandonment of many privately
over the developand his associates
3. Because it gives the consolidated railroads control
owned railroads serving them and giving Colonel Tarafa
mills owning their ment of Cuba.
a monopoly on transportation in Cuba. It is stated that
and of transportation by
4. Because it restrains the liberty of commerce
own port facilities or private railroads to public ports produced 31% of
of conununicapreventing the use of the most suitable and economic means
all sugar in Cuba in 1922 and thus enjoy a low cost of production.
the utilization of the most expensive routes
The Cuban railroad question is of course a domestic issue, but the Ameri- tion and by making obligatory
conditions.
natural
Depart- and the most expensive ports and the worst as to
can interests contend that they should be protected by the State
property to prohibit the
5. Because in fact it is confiscatory of private
ment from legislation which will prove to be confiscatory in nature and which
export
was
bill
that
the
recited
introduced use of railroads, warehouses and piers which were constructed for the
will being large losses to them. It was
in force.
in the Cuban House of Representatives last Thursday afternoon and was of merchandise under the protection of laws now
existence
the
masses,
labor
6. Because, far from being detrimental to the
passed at 4 o'clock on Friday morning, hardly more than three hours being
many centres oflabor
allowed for hearing the opponents of the bill. In the conferences with of sub-ports is highly beneficial to them,since thereby
for
those opposing the are created.
Secretary Itughes it is understood that the counsel
utterly erroneous argument
7. Because not only do we not accept the
legislation contend that American property owners will have a just claim
depopulating thelarge
against Cuba, which the State Department should enforce. The other that sub-ports would completely ruin the island by
also hold to be untrue that
American group recites that the transportation question isa domestic issue, cities and leaving empty the principal ports, but
against the import
and that what is proposed is in the interest of the Cuban nation.
at the sub-ports there is carried on great competition
commerce.
Question Before Hughes.
the sugar industry. which
8. Because it greatly injures the interests of
our country.
The question which Mr. Hughes will have to determine is whether this represents over 90% of the source of permanent wealth of
closing of private railways and ports constitutes confiscation of vested rights,
Association,
Veterans'
Cuban
Regarding the protest of the
duly acquired under concession from the Cuban Government, or whether
AugHavana
from
dispatch
press
the
of
the
on
following
Cuban
were
maintained
ports
sufferance
quote
Governand
roads
these
we
ment, and, therefore, may properly be suppressed under the ordinary police ust 18:
powers of the Government.
and President of the
Carlos Garcia Velez, Cuban Minister to London,
Were it not for the alleged confiscatory features of the situation, there
-meeting of the Cuban Veterans Association
would be little or no question. It has been rather generally admitted that commission appointed by a mass
Press the following
Associated
gave The
Cuba would be better off for a closer consolidation of railways,since it is to combat recent legislation, to-day
of the veterans:
believed such a consolidation would result in better rolling stock and better signed statement relative to the activities
of the
"This is not a partisan political movement. It is the awakening
service. From the point of view of responsible Government, too, the presself-government. It is their realizaent regime is open to objection. Most of the so-called private ports are Cuban people to the responsibilities of
conditions of the Cuban Congress demand
ports of entry, also, and have port collectors or other officials, who.'while tion that the present immoral
theoretical agents of the Cuban Government, are actually paid by the pri- immediate and drastic correction.
patriots of Cuba has adopted a resolution
and
"The •issembly of veterans
vate companies maintaining the ports.
until both houses of Congress
Another objection has to do with immigration. It has been repeatedly with the determination to remain assembled
, includcharged that undesirable citizens gaining admission to Cuba have done so have manifested a radical change in their methods and proceedings
Is simply a reptile's fund to
through the private ports, and some cases of the smuggling of Chinese ing the revocation of the lottery law, which
a
through Cuba into the United States have been traced to this source. From corrupt the people of this country; to desist in the attempt to constitute
to our
the point of view of sanitation. too, It has been found more desirable to monopoly of the railroads of the republic and to close natural outlets
commerce and shipping: to include in the regular budget the appropriations
have the ports strictly under Government control.
852
THE CHRONTGLE
(VOL. 117.
for the payment of the pensions of war veterans' widows and orphans; to
Railroads,' as the tax in every case will exceed the differential between
abolish all privileges unlawfully given or taken by certain parties, and to the cost
of shipment through such sub-ports and over the lines to the
observe a strict compliance with the laws of our courts for the punishment
'Consolidated Railroads.'
ofall delinquents, irrespective of class or color; to take off the calendar of
"The bill contains a provision for payment to the Government of 50%
both houses of Congress the amnesty law, which'was framed by fugitive of net
profits of the Consolidated Company in excess of 6% on the stock,
delinquents desirous of returning absolved from all their offenses."
but no limit is put upon the amount of stock to be issued.
At a conference in New York on August 14, representatives of seven sugar companies with large interests in Cuba
plans were discussed for the formulation of a united protest'
to the State Department against the enactment of the bill.
In its reference thereto the "Journal of Commerce" said:
Public Railroads Inadequate.
"The present public railroads in Cuba are inadequate,both as to trackage
and equipment, to handle any large increase of traffic. They at present
handle but 69% of the sugars, and expensive delays annually occur in the
furnishing and moving of cars. The port facilities in the proposed so-called
'National Ports' for warehousing and handling sugars, are already strained
and serious congestion annually occurs. This will occasion delays in port
and greatly increase expense by reason of demurrage, multiple handling
and warehouse charges.
"The mills which own their own port facilities or private railroads to
public ports are in nearly all cases the low production cost mills of Cuba.
They produced last year 31% of all the sugar in Cuba.
"The situation, however, calls for and justifies more immediate action.
The moral power of this Government should be exerted to prevent the
passage of the Act. If this cannot be done the influence of the Government
should be exerted to secure its immediate repeal. The damage which will
be immediately suffered by the companies is such that it will cause injuries
which cannot be retrieved. No adequate remedy exists in an appeal to
the Court of Cassession, for the delay involved, even if the Act be declared
unconstitutional, may be ruinous to the properties. The question of
compensation will still remain."
No formal announcement was made of the results of the meeting. but. it is
understood that further conferences will be held to formulate the protest
so as to show the heavy lasses that would be inflicted upon American
investors in Cuba by the passage of the proposed bill, which It is asserted
would force the abandonment of the privately-owned railroad lines of the
sugar companies and the closing of forty-seven Cuban ports now used by
these companies.
Companies represented at yesterday's conference included the Cuba Cane
Sugar Corp., Cuban-American Sugar Co., Punta Alegre Sugar Co., E. Atkins & Co., Manati Sugar Co., Francisco Sugar Co. and the Beattie Sugar
Co.
The Tarafa bill is aimed in part at the American Sugar Refining Co.,
which it will affect to a substantial degree, it was stated authoritatively to
the "Journal of Commerce" yesterday. That company had been laying
plans for the establishment of its own port and private line at Cayo Romano,
and the new law will make it impossible for the company to construct a
The American Metal Co., Ltd., has likewise sent a protest
single kilometer of line to carry out its Dlan, while making it necessary for
against the bill to the State Department at Washington; in
it to pay an export tax should it use the proposed port.
The American Sugar Refining Co.'s centrals are located on the lines of a letter to Secretary of State Hughes on the 13th inst., it
the Cuban Northern RR., and all the sugar shipped from them goes over said:
that road, which is one of the two rail lines owned by Col. J. M. Tarafa.
author of the railroad merger bill. In addition, the company owns 150
(COPY]
miles of railroad from the sugar cane fields to the centrals, and it was proAugust 13 1923.
Hon
Charles E. Hughes, Secretary of State, Washington, D. C.
posed to build its own line from the centrals to the Port of Cayo Romano,
Sir —Permit us to call your attention to the so-called Tarafa law recently
where it has purchased large tracts of land for the purpose.
It is estimated that the American Sugar Refining Co. would save 1750,000 passed by the lower house of the Cuban Republic which provides for the
practical closing of a large number of smaller ports, or at least serious
per year were it to use its own private railroad line to the coast.
to the shipper who desires to ship from these so-called
As to the brief filed on Aug. 11 with the State Department discrimination
private ports. We are interested in this proposition as the principal
by Sullivan & Cromwell, we quote the following from the owners of the stock of the Minas de Matahambre, which owns copper
mines in the Province of Pinar del Rio, and which is shipping at the present
New York "Times" of the 12th inst.:
time its products from a little port called Sta. Lucia. We respectfully ask
"It is respectfully submitted," it is stated in the brief, "that the proposed the State Department to use its influence in
order to prevent this bill from
bill is confiscatory. The confiscation proposed has not even the merit of becoming law before a thorough investigation
of the situation can be
being for a public purpose or in the public interest. It is a confiscation for made by the Department.
a private purpose and for private interest. It does not even take the propWe refrain from submitting at this time a detailed argument against the
erty and put it to any use. It is a destruction of property by rendering it law, inasmuch a.s we notice from the newspapers
that an elaborate stateuseless.
ment was submitted to the State Department by the firm of Sullivan &
"It Is not the purpose of this memorandum to argue the iniquities, moral, Cromwell on behalf of the sugar refiners. Suffice
it to say that we are
political or economic, of this bill, except In so far as they directly affect our shipping from Sta. Lucia to New York Harbor and
Norfolk, Va., between
clients. The economic effect of closing many of the best natural ports in 50.000 and 60,000 tons of copper ore per annum, and that
we are shipping
Cuba to further growth or development; the destruction of enormous prop- to Sta. Lucia largo quantities of supplies from this country
as well as from
erty values in those ports and in railroads serving them; the loss of occupa- Mexico. (From the latter country principally oil.)
The Minas de Matstion to the populations living in those ports, large in the aggregate; the di- hambre has built an aerial tramway to the port
of Sta. Lucia and has
verting of earned millions from the industry, to serve no economic purpose purchased expensive equipment in order to improve its shipping facilities
but to go so largely to one individual and in no part to the Government or at this port. If the proposed bill should become
law we are afraid that all
back to the producers of those millions, the cane growers and manufacturers the expenditure made for the purpose of utilizing
the port of Sta. Lucia
of sugar, are matters largely political and beyond the scope of this memo- might become useless and a heavy loss sustained
by the mining company.
randum:"
May we add that the ores coming from the Sta. Lucia are being smelted
and refined in the United States.
Restricted to One Company.
If the Department so desires we are, of course, prepared to submit a
"The features of the bill which are pertinent to the subject matter of
more elaborate and detailed statement of our case. In the meantime we
this memorandum are the following:
"A holding corporation may be organized under Cuban law authorized trust that the influence of our Government will be used in order to prevent
to acquire the stock of the public railway companies of Cuba. Such hasty action on the part of the Republic of Cuba.
holding company must acquire a majority of the shares of at least three
Respectfully submitted,
such railway companies, two of which shall be Cuban companies having
THE AMERICAN METAL COMPANY, Limited.
an aggregate of 400 kilometres of road in operation and whose systems
Colonel Tarafa's statement of the 22d inst., to which we
are connected.
"Only one such company can be organized. The roads controlled refer above, is as follows:
by it are to be known as the 'Consolidated Railroads.' After its organizaThe sugar companies, through their representatives, have diligently cirtion any other railway companies (with an exception applicable only to
the United Railways of Havana) operating in municipal districts served culated a rumor and used the language that the "ports of Cuba are about
to
be closed," or that forty-seven ports will be shut down,or that "American
by the 'Consolidated Railroads,' desiring to obtain the benefit of the
Industries owning pi'Irate railroads are to be destroyed." or that "the Cuban
Act, must come into the consolidation.
people, resentful of American interference, attack American interests."
"The 'Consolidated Railroads' shall made a reduction of 20% in existing
These and similar expressions have found their way into the newspapers
tariff schedules for sugar for hauls exceeding 150 kilometres. Privately and are wholly misleading. BO
ralleh so that if these expressions are not
owned railroads in municipal districts where 'Consolidated Railroads' gotten out of the minds of the
people no understanding of the situation
operate may not be opened to public service or extended, except they can be had.
join the consolidation.
There has never been any proposal made to close any port. It must be
"Twenty-five Cuban ports are classified as 'National.' All rights to understood, first, that what are so-called
ports in this legislation, which
import and export from all other ports in Cuba are abrogated and con- are owned by these American sugar
companies, are simply piers which they
cessions relating thereto annulled. Notwithstanding, sugar may con- have built out into the water adjacent to
their sugar lands, to which piers
tinue to be exported from former 'sub-ports' until such ports are connected they have built private railways of a
short mileage. They have then
with a public railroad, such sugar paying in the meantime a tax to the induced the Cuban Government to furnish
them with a customs' official.
State of 15 cents per 100 pounds.
whose
salary
and
keep
they
•
pay, and then have proceeded to export and
"The following facts are within the personal knowledge of. or evidence import or to engage in international trade.
thereof Is in the possession of, the United States Ambassador to Cuba:
These sugar companies own all of the land surrounding the sub-port, and
"The bill was conceived and is fostered by Colonel Tarafa, President of course no sort of a community or town or village
can grow up there.
and largest stockholder of the Ferrocarril del Norte and Jucaro y San These sub-ports are private ports, and have
been permitted from time to
Fernando, Cuban corporations owning public railroads in Camaguey time, sometimes by decree, and sormtimes
without a decree, but unquesProvince. Colonel Tarafa is also a large holder of stock in the Cuba tionably contrary to the law since 1890.
They have developed to such an
Railroad, a Delaware corporation, owning a public railway in Camaguey extent that they constitute a real menace to the
future of the island if exand Oriente Provinces,
tended.
Only Tarafa Lines Eligible.
It is not difficult for any one to see that if the
180 sugar centrals in Cuba
"These companies, and no others, have agreed to enter the consolidation. shall be allowed a private or sub-port of the character just described, there
They constitute the 'three such railway companies, two of which shall be will be no industry in Cuba except the American sugar industry. The
Cuban companies, having an aggregate of 400 kilometres of road in opera- railroads will be bled to death and thrown in the scrap heap, and, what is
tion and whose systems are connected.' as provided in the bill. No other more important. Cuba will have no public wealth and if
every time she
railway companies can answer to the qualifications and form the 'Con- should attempt to impose a small tax upon the sugar industry, which
solidated Co.' Others may only join it on terms not fixed by the law will now have absorbed the entire island, the sugar industry runs to the
and which must necessarily be terms imposed by the 'Consolidated Com- American Government and cries out "confiscation," to induce the American
Government to prevent the Cuban Government
pany' itself.
from levying any tax, then
"A majority of both houses of the Cuban Congress are pledged to vote Cuba will be without any means for the payment of her public bonds,
for the bill and the President will approve it. If not, sufficient support which are held by American citizens, and the sources of her taxation will
be dried up.
is pledged to pass it over his veto.
It must not be overlooked that this is not a controversy between American
Would Raise No Revenue.
interests and Cuban interests, but is a controversy between American
"The bill will raise no revenue for the Government, although it purports interests invested in
sugar and American interests invested in Cuban
to place an export tax on sugar shipped through sub-ports. These ports Government bonds and
railroad securities.
will of necessity be closed, if not at once, in time, so far as Camaguey
The feature of the bill which is being criticized, and the only feature
and Oriente Provinces are concerned, by the extension of the 'Consolidated which is really being
considered by the State Department, to wit, the so-
AUG. 25 1923.]
THE CHRONICLE
called confiscatory feature, is the tax upon the forty-seven existing private
or sub-ports, of the character already described, which tax, roughly speaking, would yield about $900.000 annually to the Government of Cuba on an
exportation of something like 8,000,000 bags of sugar, or. to put it exactly,
it would be a tax which these forty-seven private sugar industries Would pay
for the privilege of enjoying these forty-seven private ports which would
yield about that amount of money.
It is fully known to all of the American sugar interests, and to every one
who is acquainted with the sugar business, that these forty-seven sugar
centrals, because of the use of their private ports, save to themselves about
80c. a bag in the shipment of their sugar. They do not make any reduction
in the price of their sugar to anybody, but they save that amount to themselves.
What they are complaining about now actually is that the Government
of Cuba proposes to tax part of this 80e. per bag saving, which comes to
them because of what the Government of Cuba is permitting them to have,
Sc. per bag.
It not only is not confiscation, for the law never reaches or touches the
value of the sugar, but only taxes a very small proport on of the actual
gain which these sugar centrals get by enjoying private sub-ports.
The consolidation of the railroads of Cuba would bring about a reduction
of the railroad rates and other advantages, but the island can afford to
dismiss or give up the question of the consolidation of its rahroads. It can
never dismiss or give up the fight against the grave menace which is confronting its entire public wealth.
The text of the Tarafa bill was contained in a Washington
dispatch to the New York "Times" August 18, which stated:
It is more drastic than had been represented generally in news dispatches,
and American business men who have read it say that such a law would mean
the loss of many millions of dollars to American capital invested in small
railroads running from American-owned sugar plantations in Cuba to private wharves.
American officials, after careful reading of the bill, are of opinion that the
measure, if enacted, would be confiscatory of American interests. The bill
will be discussed here next week between the State Department and Colonel
Joseph M. Tarafa, author of the measure, and a leading railroad owner,
Who,it is declared, would benefit by the provisions requiring American sugar
owners to abandon their small railways and ship over the National Railroads to twenty-five designated ports.
The opinion prevailed in official circles to-day that the railroad bill would
be dropped in the Senate and no further attempt would be made by the
Cuban authorities to push it through over the protest of this Government.
Will Seek a Compromise.
An attempt will be made to effect a compromise and permit the bill to be
enacted, since American officials are convinced that the consolidation of the
railroad system in Cuba would be advantageous if this were effected without injury to lines now in existence.
Without disparaging the purely confiscatory features of the Tarafa bill,
officials are ready to admit that in many vital respects it would tend to
economic betterment in Cuba. In the first place, it is admitted, railway
schedules could be more efficiently maintained, exchange of rolling stock
would be greatly facilitated, and an actual economy of operation could be
effected through the consolidation of the various bureaus of operation and
maintenance.
One of the most serious abuses which, presumably, would be corrected
by the new legislation is that of the private control of Government officials
at the various private ports. The officials are ostensibly Cuban Government officials, but they are paid by the private sugar companies which maintain the ports and which operate the railroads connecting the ports with the
various sugar plantations. As these nominally private ports are also ports
of entry, there have been many opportunities for abuse of the Cuban immigration laws through trifling with the honor of the privately paid Cuban
officials. It is asserted that much of the smuggling of Chinese from Cuba
into the United States can be traced to the failures in duty of these private
henchmen of the big sugar interests.
TEXT OF THE TARAFA BILL.
The text of the bill approved by the Cuban House of Representatives on
Aug. 10 follows:
"Article 1.
"There is authorized the establishment and organization of a company of
national character for the purpose of acquiring all or a majority of the shares
of the public service railway companies, with a view to consolidating and
regulating their operation and improving and lowering the cost of service
of railway transportation.
"Article 2.
"The company constituted for the purpose set forth in the preceding article
shall be considered a public service railway company and shall enjoy the
rights and privileges granted by Order No. 34 of 1902 and those which are
established by the present law. However, the company must be organized
in exact conformity with the laws of the Republic of Cuba.
853
"(C) To determine which of its shares shall have, and which shall not.
have, the right to vote.
"Article 6.
"Any stockholders of the holding company may agree among themselves
to delegate to one or more persons or entities—even though these be nonshareholders—the right to vote which corresponds to the shares possessed
by these stockholders. Such agreement may not be made for a period
exceeding twelve years, and the recording of such agreement in the stock
register of the company shall be obligatory upon those concluding such
agreements. Likewise the stockholders or their representatives may designate to the board of directors persons who are not shareholders of the
company.
"Article 7.
"Each of the public service railway companies which may be consolidated
in accordance with the present law shall continue paying the State ,the
6% tax on profits in the manner now followed.
"The shareholding company of the consolidated railways shall not pay
taxes in any form on the income consisting of profits of the companies
which constitute the consolidation, such profits having already been
subjected to the tax in accordance with the next preceding paragraph
however, the 6% tax on profits shall be levied on profits received from
any other source.
"Article 8.
"In municipal districts where there existed consolidated railwaysirths
construction of new public service railway lines or the extension of line;
shall not be authorized, unless they join the consolidation by agreement
and transportation to a qualified national port in foreign commerce by private
railways may be permitted only in the following cases and under the follow-ing limitations:
"First—In case of those railways which have been constructed and have
been carrying on such traffic prior to the promulgation of this law.
"Second—In the case of railways constructed in the future, as long as
„.;
there is no public service railway at the port in question.
"There shall be excepted from the provisions of the first paragrapn of
are
subsidized
by
the
which
construction
lines
under
railway
this article
State prior to this law, or those which may be subsidized to unite public
service railways with any national port qualified by this law for foreign
commerce and in which there does not exist said public service railways.
"Article 9.
"Article 15 of the law of ports shall be made to read as follows:
"Article 15—Ports are classified as ports of general interest of the first
and second class, and ports of local interest, i. e., provincial or municipal
interest. And in the future ports or loading points may not be opened
except in accordance with the prescriptions of this law.
"There shall be considered as ports of general interest of the first class
those which are specially used for anchoring, mercantile depots or•the loading and unloading of vessels engaged in maritime industry and commerce.
when what is carried on at these ports may be of interest to more than one
province, and when they are in direct communication with the principal
producing centres at home or abroad.
"There shall be considered as ports of the second class those suited for
refuge by reason of their location and special conditions of capacity, safety
and shelter from storm.
"There shall be considered as ports of local interest, I. e., provincial and
municipal interest, those used for anchorage and the loading and unloading
of vessels engaged in local industry and trade or coastwise shipping.
"In accordance with that which is established in the present article, there
are declared as ports of general interest of the first class, through Which
alone there may be carried on import and export trade, the following:
"Bahia Honda, Martel, Havana, Matanzas, Cardenas, Sagua, Calbarien.
Puerto Tarafa, Nuevitas (including Pastelillo), Santa Cruz del Sur, Trinidad. Cienfuegos, Nueva Gerona, Pureto Padre, Gibora, Antilla (Bahia de
Nips). Macabi, (Bahia de Banes), Sagua de Tanomo, Baracso, Guantamemo, Santiago de Cuba, Manzanillo, Jucaro, Tunas de Zaza, Batabano.
"This classification cannot be altered except by virtue of a law.
"For the purpose of the supervision charged to the customs of the Republic
the executive shall fix the limits of jurisdiction corresponding to each one
of (the ports) which are established in this article, and in accordance with
the restrictions established in the following article.
"Article 10.
"The entry and exit of merchandise of foreign commerce through the
the
next
preceding
article must be effected exactly at
ports mentioned in
the place in the port at which are located, at the time of promulgation of
this law, the customs offices and their warehouses and quays, or by the termini of the public service railroads, or by the quays or embarcaderos connected efith the public service railway lines which are situated within the
lottiral of the ports qualified for foreign commerce; but not by any other
place on the littoral of said ports, nor of the coast, nor of their customs
Jurisdiction. There are excepted from this provision the authorized quays
and embarcaderos of the principal customs port referred to in Article 5 of
the Customs Ordinances in force Note: This in Havana harbor), and plants
"Article 3.
which may have been established before the promulgation of this law for
"The company which is constituted and organized in accordance with this the importation of crude petroleum, outside of the ports qualified by this
law shall acquire shares of three public service railway companies, of which law. By these plants the importation of crude petroleum exclusively may
two must be Cuban and must together have not less than 400 kilometers be permitted.
"Licenses, dispensations and permits issued prior to (the promulgation of)
of railway lines in operation, and whose systems must be connected.
the law for the use for importation or exportation of any part, subport or
"Article 4.
embarcadero not authorized by this law, are revoked and become without
"The consolidation of the railroads shall not be obligatory; but, once the
effect ninety days after the promulgation of this law; and in the future the
shareholding company is constituted in accordance with the preceding
opening for foreign commerce of any port or embarcadero shall not be perarticle, other public service companies which desire to come into the conmitted except in the cases and under the conditions established in this law.
solidation must associate or unite themselves with it—there not being
permitted more than one company for this purpose.
"Article 11.
"The companies which comprise the consolidation shall, from the date
"Notwithstanding the provisions of the preceding articles, the exportation
of consolidating, make a reduction of 20% in the schedules of the existing
national products by other private embarcaderos, either maritime or
tarifffor the transportation ofsugar over distances exceeding 100 kilometers, of
fluvial, shall be permitted in the cases and under the conditions and limitaand shall likewise make a reduction of 30% in the existing rates for the
tions which follow:
transportation of public mails.
"First. In the cases of industries which at the time of the promulgation
"Article 5.
of this law make use of private embarcaderos, and which have not used lines
"In addition to the privileges granted to the public service railways by of the public service railways in their construction and development; proOrder No. 34 of 1902. the holding company of the consolidated railways viding that they pay the State for the privilege of private embarcation 5
and those which comprise the consolidation shall be granted the following cents for each 100 pounds of sugar, 10% ad valorem on molasses, and 2%
privileges:
ad valorem on minerals, tobaccos and other products, except minor fruits.
"(A) To enter into agreements with sugar producers regarding the charge
"Second. In the case of industries which are established in the future of a
for transporting this product, which (charge) may be based on a schedule customs district in whose port, qualified for foreign commerce, there does
flexible with relation to the average annual prices obtained for this product: not exist any public service railway; providing they pay the State for the
providing always that the transportation charges do not exceed thoso of privilege of private loading 15 cents each 100 pounds of sugar, and the
the existing tariff, and do not create preferences among shippers.
same fees as established in the preceding sections on other products.
"(B) To take in lease, or in any other manner, pursuant to measures
"Third. In the case of sugar centrals which, being connected with and
which from time to time may be considered opportune, other railways, having utilized the services of public railways and public ports for their
which shall form part of the consolidation system during the period of erection or development, make use of private embarcaderos at the time of
duration of said lease or agreement.
promulgation of this law; providing always that they pay the State for the
854
THE CHRONICLE
privilege of private loading 20 cents for each 100 pounds of sugar, and the
same fees as established in the first part of this article for other products.
"The industries which, in accordance with the three sections of this
article, utilize private loading points, may only export through them their
own production exclusively, and the fees for private embarcation which are
established in their sections shall be paid by the shipper owner of the
industry, without permitting in any case or circumstance that it be deducted
collected or transferred in whole or in part to the colone, agriculturist or
seller of the raw materials. These fees for the privilege of private embarcation shall be reduced by 25% when the price of centrifugal sugar, according
to the official premedio of the fortnight preceding the date of embarcation,
shall be less than 24 cents per pound.
"There shall be exempted from the payment ofsaid fees shipments effected
through private embarcaderos for warehousing in a national port, or for local
consumption.
"There shall not be permitted, under any circumstances, loading at subports or private embarcaderos, except in the form and manner established
in the preceding paragraphs of this article.
"The fees for the privilege of private loading established in this article
shall be paid by the shipper in the offices of the corresponding custom house
before the actual loading, and the revenue received from these fees shall be
applied solely—after deducting the expenses of collection—to the payment
of the national debt in the form established in Article 4 of the law of Oct. 9
1922.
"Article 12.
"The fourth article of the Customs Ordinance put into force by Order
No. 173 of June 22 1901, is modified and shall be made to read as follows:
"'Article 4. Custom houses shall be suppressed or closed to import and
export commerce when the executive considers it opportune.'
"Article 13.
"The executive may qualify for import and export commerce those
ports which meet the natural necessary conditions for such operations,
when the consolidated railways reach those ports at& they urbanize an
area of not less than eighty hectares. with the end that there exist there a
population of essentially public use in every qualified port.
[VOL. 117.
Since that time, however, there have been numerous indications that the
course followed by the Cuban Government was giving concern here. The
State Department has had the summons to General Crowder under consideration for some time and it is understood that the passage of the lottery
bill and adoption of the resolution merely capped the climax.
The troublesome resolution of the Cuban Congress was adopted July 23
and, according to an unofficial translation available here, is a lengthy
defense of the provisions of the lottery bill, as a sound economic measure.
Coupled with the review, however, is the statement that one of the "principles" which prompted passage of the lottery bill was the fact that suggestions had been made by the Government of the United States and
therefore if Congress did not ratify the bill it would abandon the full exercise
of its constitutional powers in Cuban internal affairs.
The resolution adds, according to this text, that none of the clauses of
the treaty are contravened in the bill, and adds:
"Never would the abandonment of our prerogatives be less justified than
during this truly happy period of our Republic.
"The morale of a Congress is the morale of the country which upholds
Its mandate. It cannot become belittled systematically with impassioned
campaigns of slander against the integrity and the patriotism of the legislative bodies, without failing at the same time the patriotism and the
morale of the people which has granted It its investure.
"Attacked without reflecting and without analysis," says the resolution.
"taken as a pretext for insinuations forgetful of our sovereignty. Congress
submits itself tranquilly to the decision of the public conscience."
In conclusion it refers to "conscious or unconscious collaborators in the
homicidal effort of seconding a policy of interference contrary to the most
elementary principles of self-government, a policy which should never
have been initiated and which will reach dangerous proportions unless all
the factors of Cuban society join to carry to the Congress and the Government of the United States the firm impression that the people of Cuba will
feel deeply wounded if the exercise of this interference, improper because
our Republic fulfills with exactitude all its international obligations,
should be attempted: unlawful because it is not authorized by the treaties
which define its relations with other governments; disturbing becausein
the end it will terminate by morally breaking down the solid ties of historical
compenetration which joins us to the great American nation."
"Article 14.
On the same date (August 1) Havana dispatches gave as
"Neither the personnel nor any expenses of any office of the customs of
the republic may be paid with funds from private sources, with the excep- follows a translation of the text of a resolution passed by
tion of the supernumerary personnel of the customs of the ports specified
the Cuban Congress whereby the adoption of the lottery law
in Article 9 of this law.
"When,and as long as there is not provided in the budget funds necessary was effected over the President's veto:
for the payment of the personnel and other expenses of any of the Custom
The Cuban Congress hereby pasFes over the veto of the President the
Houses which are established by this law, the Executive shall employ from
been unthe funds of the Treasury not otherwise appropriated those quantities neces- Lottery Law and states as its reason for so doing that the law has
justly attacked and insinuations have been cast upon the society of the
sary for meeting such expenses.
Cuban Republic. Congress submits its action to the judgment of the public
PENAL PROVISIONS.
as being dictated by patriotic intentions.
There is a faction in the Committee that, knowingly or unknowingly, is
"Article 15.
contrary
"Upon any one who infringes Article 1 of Chapter II of the Order No. 34 working against the country and in favor of foreign interference,
policy, if
of 1902, effecting transportation not authorized in said article, there shall to all national principles and rights of self-government. This
all parties
be levied a fine of $50,000 for the first infraction and in case of recurrence, continued, will become a menace to Cuban nationality, unless
unite in order to impress upon the Governments of Cuba and the United
the said fine shall be doubled.
States that the Cuban people do not desire any outside interference with
"Article 16.
their civil affairs.
"Upon any private person, concern, or proprietor of a private railroad
The Republic is meeting all its foreign engagements as they become due,
which loads or unloads merchandise, products or fruits of any class in viola- and any interference with its domestic affairs could not be justified by any
tion of the provisions of this law, there shall be imposed a fine of $1,000 treaties or by the laws of nations, and will cause such perturbation as might
for the first infraction: and in case of recurrence, the Administrator of the end in the breaking of the moral and historical ties which have hitherto
Customs shall, in addition to doubling the fine, confiscate the merchandise: bound our country to the great
Republic of North America.
and in case the confiscation cannot be effected, he shall recover the value
under date of August 15 the following special cablegram
of the merchandise from the guilty party.
"Fines, as well as the proceeds of confiscated merchandise,shall be turned was announced from Havana by the "Journal of Commerce":
into the Treasury of the republic by the respective Custom Houses, to be
President Zayas in an interview yesterday declared he saw no reason why
applied to the payment of the national debt in accordance with the disPosiany misunderstanding should come between Cuba and the United States.
tion of Article 11 of this law..
"We
merchanmaintain at all times our intention to meet regularly our obligations,"
"For the purposes of collection of the fines, as well as the value of
dise, judicial proceedings shall be brought against the concern or private said President Zayas. "and to fulfill all the terms of the permanent treaty.
The whole island is peaceful and working hard developing its natural
person guilty.
wealth."
"Article 17.
Asked if there had been any personal coldness between the official Cuban
"The customs official or administrator within whose jurisdiction more
element
and General Crowder, President Zayas said he had been friendly
than three infractions of the provision of this law takes place shall be declared out of office ('cesante') and shall remain disqualified for this position with General Crowder privately for years and had maintained officially
the same friendship.
or similar (positions), for the period of five years, commencing with the
Asked whether there would be a misunderstanding with the United States
date of his being declared out of office; it being obllgatory to set forth in
should
the Tarafa railroad consolidation bill be approved, President Zayas
the indictment which is drawn up for that purpose the cause of disqualifisaid
he did not think so.
cation and discharge.
President Zayas sent a message to Congress recommending final approval
"Article 18.
of modifications of the customs tariff, establishing but one column, with
"Article 151 of the Customs Ordinances which were put into effect by provisions for increasing or reducing duties.
Order No. 173 of June 22 1901 is repealed: also Article 3 of Chapter 11 of
The President signed the bill for extra amortization of Treasury bonds of
the Order No. 34 of 1922. 16, 17 and 47 of the law of ports now in force, 1931. retiring definitely the total owned by the United States Government.
and all other laws, decrees and dispositions which are inconsistent with the
fulfillment of the present law, which shall come into force from the date
of its publication In the 'Official Gazette' of the Republic."
Ambassador Crowder has been in Washington since the
early part of the month, having, it is said, been summoned
to confer with Secretary of State Hughes relative to recent
Cuban legislative action, these including the new lottery law,
which was passed by the Cuban Legislature over the veto of
President Zayas. On August 1 Associated Press dispatches
from Washington in noting the return of Ambassador Crowder from Havana said:
Col. Harvie Jordan's Report to New York Cotton
Exchange on Results of Campaign Against
Boll Weevil,
Col. Harvie Jordan, of the American Cotton Association,
In a statement addressed to members of the New York Cotton
Exchange on Aug. 14 gave a report of the progress of the
campaign of his association for combating the boll weevil.
Col. Jordan referred to the contribution of about $85,000 by
the Cotton Exchange toward the work of exterminating the
weevil and said "this is the first instance in the history of
that pest that any South-wide movement has been inaugurated to practically control the ravages of the boll weevil,
and this movement was made possible by the liberality of the
New York Cotton Exchange, and it is the first time that
funds in large quantities have ever been available for this
purpose." He further said in part:
Recent enactment of the Cuban lottery bill was counter to the advice
of the Ambassador and the views of the United States Government. Not
alone was the bill itself objectionable from the American point of view,
but the resolution adopted at the same time by the Cuban Congress was
regarded as so distinctly anti-American in character that it appeared
advisable to Washington authorities to call General Crowder home to
give a complete understanding of the situation.
General Crowder went to Cuba for the specific purpose of lending such
aid as he could as a special representative of President Harding in shaping
a Cuban legislative program that would aid in the recovery of the island
Government from after-the-War conditions. Ho undertook his mission
This work is inaugurated and carried out entirely by the farmer, and it
at the request of the Cuban Government.
Negotiations with Cuban authorities were prolonged before the program is absolutely no experimental work, and I feel that we are very deeply
was accomplished and the appointment of General Crowder as Ambassador indebted to the New York Cotton Exchange, and more particularly to Mr.
was viewed at the time as significant of the belief in Washington that a Gwathmey, Mr. Weld, the former President, Mr. Shutt and Mr. Freeman,
legislative house-cleaning had been set afoot in Cuba and that economic who took active charge of this movement in its early stages when I prerecovery would follow. State Department approval subsequently of the sented to them a practical plan which I worked out as a farmer, for I have
loan to be negotiated by Cuba in the United States was added evidence been growing cotton for forty-five years and have had more or less to do
with farmers during that time—at least for 25 years. anyway. There
to that belief.
AUG. 251923.]
THE CHTIONTCLE
855
that is that this co
I want to say to you gentlemen another thing, and
though, and that was that
was one difficulty this year that I encountered
is going to have a most wholesome effect on
was not available until operation of your Exchange
money
This
started.
been a certain
getting
has
late
there
bit
little
I was a
South. You know
intention at that time was to the cotton growers of the
due to
about the first week in March. My original
prejudice among a large number in the South, largely
of
amount
movethe
inaugurated
we
when
but
the Exchange in an
put out 900 farms in the cotton belt,
politicians that have been more or less against
certain
of
volume
and
the
farmer,
the
to
attractive
so
legislation by people who don't know
ment, which appeared to be
of the cotton-growing effort to sort of pass bills of extreme
studied the spot cotton business
letters was so great that came in from every one
have
I
cotton.
of
operation
practical
the
as
result
a
over the South,so,
and we
States. I decided that we would put them all
world, and we don't line up with that kind
the
over
all
years
25
for
the
Wetssued
States.
different
no market
of tnis, we established 933 farms in the
We realize that we would practically have
to.
expect
don't
deand
the
poisons
of
all
bought
I
and
necessary literature of irstruction,
I don't need anybody to talk
have carried out those for cotton if it were not for the exchanges.
is growing a sentiment that is
livered them to the farmer in ample time. They
on every farm of to me about those sort of things; but there
instructions, and I want to say to you gentlemen that
down any such sentiment as that.
in eleven States we have very antagonistic, and we want to break
to help the
from five to ten acres that we have in operation
on the part of the New York Cotten Exchange
effort
this
and
s
a
in
simple
demonstrate
That
control.
wholesome effect.
the boll weevil absolutely under
all over the South is going to have a very
farmers
the
of
fields
cotton
the
of
out
driven
be
can
pest
have had, you are
practical way that that
After this year's work and the splendid success we
that were pursued this
South by farmers as soon as they learn the methods
work on 933 farms at the end of the
this
of
result
the
double
get
to
going
We
plan.
have
used
on
year by the farms that conducted this demonstrati
to see for yourselves what
I took issue with cotton-picking season, and you will then be able
All we need for
both kinds of poison, liquid as well as dry powder, in fact.
been accomplished and what can be accomplished.
has
paron
that
February
last
Government
Federal
the representative of the
grows cotton to adopt
d the use of dry absolute success is simply to get every farm that
recommende
time
one
at
Government
The
point.
ticular
and if they use the liquid
to them that the plain, simple method of boll weevil control,
powder—calcium arsenate in dry form—but I pointed out
for the boll weevil, which is simply
brew"
"home
the
particularly
poison,
all
out
been
driven
had
my experience with the boll weevil was that they
arsenate and one gallon of water
disagreed with them a gallon of molasses combined with calcium
time on the bud
largely by liquid poison. Another position which I
square and mix It thoroughly together and apply it a drop at a
the
of
15%
or
12
until
taken
be
not
should
weevil
boll
kneehigh apply it to the
on was that the
the boll weevil of the plant as it comes up and until it gets to be
boll weevil and
had been punctured. I felt the thing to do was to stop
the
get
to every bud with a little mop on the end of a stick, we can
for
when he first made his appearance in the field, so my instructions
fields of the South and thereby retain
the
cotton
of
out
him
appears
drive
that
bud
each
on
it
of
drop
a
farmer were to take his poison and put
nation of the world this great basic industry.
ground.
the
the
of
out
comes
that
plant
cotton
the
of
leaves
upon the first two
somewhere between
Right now South Carolina has a crop running
cotton is in
The boll weevil immediately attacks the bud long before the
year ago. There
kills him. 750,000 and 1.000.000 bales as compared to 500,000 a
squares, and as he attacks that bud he gets the poison and it
that is that I have,
and
to,
attention
your
not
call
did
that!
thing
Is
one
first
the
during
hibernation
of
out
If we can kill the boll weevil as it comes
man in each State
because beginning with the first day of July, employed a good
two or three weeks there is no opportunity for him to propagate
county to county to
I think, and put him in an automobile and started him from
boll.
open
the
in
or
square
the
in
except
propagate
not
they do
they send in their rebegin in Sep- make a canvass of these demonstration farms, and
however, that the proper time to fight the boll weevil is to
report on the kind of a farm it is
a
get
I
do
not
only
and
night,
every
ports
cotton
up
his
to
plow
South
tember. If we can get every farmer in the
I also get a report on
the leaf will die and but I also get a report on the farmer, who he is, and
gentlemen
as soon as he picks it, before frost, the squares of
condition of the crop from county to county. These
general
if
the
so
hibernation,
into
go
must
They
die.
will
weevil
millions of the boll
are tremendously
simply follow it up by write me as they go from farm to farm. The farmers
and
hibernation
before
weevil
boll
the
kill
arrange next year,
we can
difficulty for every Interested; in fact, quite a number of them want us to
poisoning it as soon as the bud comes out, there is no
to have a tittle meeting of the farmers
county,
the
through
goes
agent
the
as
insect.
the
from
clean
and
free
practical schools
farmer in the South to keep it absolutely
as they are located In those sections to convert those demonstration farms into
and develop
Now, I just want to read over to you a list of stations
I want to file it ofinstruction. If we can develop these farms and put out 5.000
and
report,
this
prepared
have
I
States.
different
in the
gentlemen can
read it over may do so. each one of them into a practical school of instruction, you
inexwith your Secretary so that any of you who want to
simple
the name see how quickly the boll weevil problem will be solved in a
I have given here the name of the county, the post office addreb,
way.
pensive
Now,
used.
poison
of
kind
the
and
of the operator, the number of acres
production.
new
You gentlemen know that there is more room for economy in
in order to encourage the farmers in this work, which was all entirely
on the
of $1,000. broken in the haling and handling of cotton, than in any other commodity
to them. I decided it would be a good Idea to offer a prize
and one
face of the earth. There is room for economy all along the line,
up into four prizes—first prize, $500; second prize, $250; third prize, $150.
it was
if
r,
manufacture
of of the greatest desires on the part of the European
and fourth prize, 3100—to those who produced the largest quantity
would be to buy cotton in another country because they
so,
do
to
possible
one
feature,
stressed
I
that
doing
In
farms.
on
these
acre
cotton per
idea in
get it delivered to them in much better coneition, and our
and that was that the prizes would be based on an allowance of 30 points would
cotton.
cotton is to teach the farmer to intensify the culture of
on the best diary kept of the transaction, 30 points on the largest amount growing
pound,
a
cents
I would rather see the South grow cotton at 15
of lint Gotten produced per acre and 40 points on the economical produc- Personally
15 cents he can get a reasonable profit out of it rather
at
it
growing
in
in
for
somewhat
important
be
to
going
is
it
think
I
tion of cotton per acre.
the cost of raw
under these conditions, because the higher you go in
the future to produce cotton economically for two reasons. One is that than
aremore limited will be the ultimate consumption. and if we
the purchasing power of the world is at a low ebb and cotton must be cotton the
order
cotton we will have to break down the boll weevil in
produced economically in order to meet a larger consumption demand going to grow
Tlesa‘lhla.
as
large a we-1-1 4,,el-rel
on the part of the consumers of the world; and the second reason is that to create as
unless we can produce cotton economically it will induce the production
of cotton in different countries where they have cheaper labor and less President Bartlett of New York Cotton Exchange on
pests to contend with. I want us to hold the monopoly of the world's
Col. Harvie Jordan's Statement Relative to
cotton production in this country, which can be done if we can get rid of
meet
competition
to
as
Control of Boll Weevil.
so
economically
cotton
produce
the boll weevil and
with any other country that may be engaged in producing cotton in volume.
summarizing the report made to the New
statement,
A
In these little booklets that I issued, called "Cotton Culture," you can
of
and
boll
culture
cotton
York Cotton Exchange by Col. Harvie Jordan of the Amerisee for yourselves, is as complete a booklet on the
weevil control as has ever been issued in the United States. We have van Cotton Association relative to the measures undertaken
been forced to print over 200.000 copies of this little booklet to meet the
latter to combat the boll weevil, was issued this week
demand. A great many of the large cotton oil mills in Texas. Oklahoma by the
and Arkansas have ordered from 1,000 to as high as 10,000 copies and paid by Edward E. Bartlett, Jr., President of the Cotton Exfor them. The banks all over the South have ordered a great many of these
change. Col. Jordan's statement is given in detail in this
for distribution, and in that way it is putting it into the hands of practically
brew," a mixture
every farmer that grows cotton. This second booklet, a little diary, has issue. Mr. Bartlett points out that "hom'e
only 4 or 5 pages, and the Government officials at Washington say that it of molasses, calcium arsenate and water, has proved very
contains valuable information on the subject of growing cotton and the
effective in fighting the boll weevil in the South this season,
proper method of keeping a diary. Very few farmers keep any diary. I
have 35,000 keeping that diary on the manner in which they apply the poi- his statement saying:
son, how they cultivate their crop, what It costs them to do so, &c. We
Experiments in fighting the boll weevil in the South conducted by the
are working in thorough harmony with the officials of the Federal GovernCotton Association, and financed by the New York Cotton ExAmerican
up
it
with
take
to
to
Washington
ment in every State. I personally wont
last
change, have been so successful as to indicate that a method has at
the department there,and!personally went to the Director of the Extensicni
.
been found to control the pest and that eventually it may be exterminated
Service in each State. These directors have issued instructions to every
with
used
was
Liquid poison, or "home brew," as the farmers call it,
county in the South that where there were demonstration farms located
The
States.
-growing
marked success on 933 small farms in eleven cotton
they make their rounds over the county in order to assist the farmer in
a drop
method used was as follows: The farmers were instructed to place
every way possible in giving instruction as to the poisons they have used.
two leaves
of the "home brew" on each bud which appeared when the first
The State Department of Agriculture at Athens and the State Extension
of
point
first
of the cotton plant came out of the ground. The bud is the
Service wanted to put out 100 experimental demonstration farms. They
weevil as soon as he attacks the
the
kills
and
the
poison
attack,
weevil
the
appealed to me for a fuller amount of calcium arsenate. I bought 5,000
the first
bud. By killing the weevil as it comes out of hibernation during
pounds. so the State Extension Service, representing the Federal Governas propatwo or three weeks, there is no opportunity for him to propagate,
matter
this
we
Now.
presented
in
Georgia.
stations
100
on
put
ment,
gation takes place only in the square or in the open boll, not in the bud.
about two or three days ago to Judge Gary of the United States Steel Corsoonas
If we can educate every farmer this year to plow up the plants as
poration. and Judge Gary very properly appropriated $75.000 in amounts
is picked, before frost, the squares of the leaf will die and
cotton
the
for
check
$25.000
of $25,000 per year for three years, and I received his first
same time millions of boll weevil will perish. It is vastly important to next
last Friday. The cotton manufacturers of the South have recently stated
year's cotton crop that every farmer should take this precaution.
that they would give to our support as soon as they see the kind of work
The American Cotton Association in its report to the New York Cotton
we are doing. And Mr. Anner, President of the New England Cotton
least three years to familiarize the
Manufacturers' Association, about a week ago said that we could depend Exchange estimates that it will take at
the cotton belt with its method of boll weevil control and will
upon at least two-thirds of the people backing us for another year. A farmers in
ly $250,000 per annum, When it is considered that the
great many of the large corporations are beginning to send us their checks cost approximate
of the weevils cost the farmers millions of dollars a year, the expense
for $1,000. It is going to take about $250,000 a year for about three years ravages
practical educational plan is trivial.
to put the boll weevil out of the cotton fields of the South. It can be done of this
President Bartlett also pointed out that control of the
in three years; it is just simply a question of reaching the farmer under a
leadership in which he has confidence and get him to purchase the poison boll weevil would mean cheaper cotton products, as the cost
and apply it in this plain, simple manner that we have outlined, and I am
grower would be lessened, and that it
satisfied that when that is done there will be no further difficulty with the of production to the
boll weevil. But the trouble at the present time is that about 10% of the also would help to solve the farm labor problem in the South.
acreage this year is being poisoned, which leaves 90% of the entire area at He said:
the mercy of the bell weevil. Now, if 50 farms put on the necessary boll
The higher you go in the cost of raw cotton, the more limited the conweevil control and the balance do not, it is simply a question of furnishing
If America is going to retain its supremacy in this basic indusa breeding field to multiply those insects by migration, and they begin their sumption.
boll weevil menace and cheapen the cost of
migration flight the last week in July. then they blow all over the country try it must break down the
in order to create as large a world demand as possible.
just like swarms of bees and they destroy field after field as they get to it. production
A solution of the boll weevil problem also will go far toward improving
The thing we want to do is to break down that sort of thing which can be
In this connection the report of the Association
done if every man who plants cotton will do it, and I am satisfied that we the negro labor problem.
says: "The negro does not want to live on a farm in the South without
can get them to do it.
856
THE CHRONICLE
[VOL. 117.
growing cotton, but the ravages of the weevil have made it impossible for city; following this
conference the following letter was
him to do so profitably. If we could have demonstrated two years ago just
what we are doing now—that the weevil can be controlled—we would have made public:
stopped that tremendous exodus of labor from the cotton fields. The ne- John Hays Hammond, Chairman United States Coal Commission.
Mi Dear Sir:—The joint conference of anthracite miners and operators
groes are compelled to snake a living: if they can't do it on the farms in the
has directed me to reply to your letter of even date, requesting represenSouth, they go North to the factories.
tatives
of the two sides to immediately enter into a conference, and subThe weevil in the past few years has caused a loss to the farmers conservatively estimated in the hundreds of millions of dollars, hence the impor- mitting certain questions, as follows:
1. In view of the Commission's request, and the public interest and
tance of finding an economical and practical means to end the pest. The
New York Cotton Exchange believes that the results achieved by the apprehension, the miners and operators will, without prejudice, meet in
Joint
conference Monday next. 11 a. m.. at Atlantic City, and will earnestly
American Cotton Association will pave the way for a widespread warfare
against the weevil which eventually will reduce the losses to a minimum, endeavor to reach an agreement by Sept. 1.
2. The operators urged that an understanding be reached providing that
and that its work should be supported.
no suspension take place Sept. 1, in case no agreement is reached by that
date, and that the new agreement, when executed, be retroactive to that
Atlantic City Conference of Anthracite- Miners and date. The miners asked that this matter be left to the joint conference.
3. The operators urged that the parties agree to arbitrate any part of
Operators Unproductive of Results—Conference of
the eleven demands not otherwise disposed of. The mine workers stated
State Governors to Be Held in New York
that this subject was superseded by the joint action in agreeing to confer.
Next Week.
Very truly yours,
JAMES A. GORMAN,
With the failure of representatives of the anthracite operSecretary Joint Conference of Anthracite Miners and Operators.
ators and the United Mine Workers of America to reach an
The
agreement at the conferences which were brought under way Mr. above letter had come in reply to the following from
Hammond:
at Atlantic City on Monday last (Aug. 20), to consider anew
Aug. 17 1923.
the wage demands of the miners, a call for a conference of To Mr. John L. Lewis, International President United Mine
Workers of
America: Mr. Samuel D. Warriner, Chairman General Polciies Committee
Governors in New York on Monday next (Aug. 28), to disof Anthracite Operators.
cuss plans for the distribution of coal in the event of a strike,
Gentlemen:—The committees appointed, respectively, by the anthracite
-was issued on tug. 22 by Federal Fuel Distributor F. R. operators and the anthracite
mine workers to negotiate a now contract
Wadleigh, following a conference between the latter and to replace the existing one which expires on Aug. 31 have been in a complete
deadlock since July 27. and from that date up to Aug. 14 not even one meetPresident Coolidge. The present week's conference, as we ing was hold in an
effort to
a new agreement. More than two
indicated last Saturday (page 749), was agreed upon at a days have now been spent innegotiate
a fruitless effort to find a basis upon which
to
bring
about
a
resumption
of negotiations, and in the exchange of notes
meeting in this city of the miners and operators through the
between the parties thereto through the medium of the commission it has
efforts of John Hays Hammond, Chairman of the Federal been
found impossible to have the language of those notes construed to
Coal Commission, to prevent a cessation of the anthracite moan the same thing by both of the parties.
There now remain only fourteen days before the present contract expires.
mining industry on Sept. 1, which had seemed imminent as
The public mind, with a keen realization of the suffering of last winter bea result of the deadlock on July 27 incident to the demands cause
of an inadequate supply of anthracite, is beginning to be seriously
of the miners in the formulation between the two factions of alarmed over the question of whether
there is to be another suspension of
anthracite
mining on Sept. 1 of this year. It is imperative that this unanew contract to take the place of that which expires Aug.31.
certainty be cleared up at once.
In the call for next week's conference of Governors, Fuel
We therefore urge that the representatives of
the two sides immediately
enter into a conference to consider and report to us:
Distributor Wadleigh said:
In order to discuss and formulate plans for the distribution of bituminous
coal and coke for domestic use into the principal anthracite consuming
States,in the event of a stoppage of work at the anthracite mines on Sept. 1,
the Governors of the States interested will be requested to send representatives to attend a conference at New York City on Aug. 28 1923.
It is hoped that every State will be represented, so that full discussion
may be had and definite action taken In order to insure the distribution
into the respective States of sufficient amounts of coal and coke, to the
end that the public may suffer no inconvenience, owing to a lack of fuel
for heating its homes, offices, &c.
Representatives of the railways interested will probably be asked to
attend the conference and a representative of the Interbtate Commerce
Commission will be present, as the whole matter of fuel distribution is
largely one of adequate transportation.
An important subject to be discussed will be the matter of education
of the consumer in the use of fuels other than anthracite, as it is felt that a
systematic plan of public instruction can be of great service in the practical
and efficient use of such fuels and will thereby reduce the actual cost of
heating with resultant savings to the individual consumer and the community.
On Aug. 23 a conference of Governors of New England
States was held at Boston, and all those in attendance, it
is stated, indicated their intention of either being present
in person at next week's conference in New York or of having
representative there. A memorandum presented by the
joint special coal investigating committee of the Massachusetts Legislature to the Governors in session at Boston
expressed the belief that "the public should assert its independence of anthracite." The Associated Press dispatches
from Boston Aug. 23 also state:
"By the substitution of bituminous for anthracite." the memorandum
says, "the people of New England would save not less than $50,000,000
a year."
The committee, which in the course of its investigation visited the
anthracite fields of Pennsylvania says It feels that "both sides to the
present controversy between operators and miners have been and are
willing to see the price of anthracite advance to any extent which the
consumers will tolerate, this price advance resulting, of course, in each
case in higher wages to the miners and increased profits to the operators."
The committee recommends that an emergency fuel administrator be
appointed in Massachusetts and that he be prepared to take stops to
regulate the distribution of fuel; that tho administrator co-operate with
the National Coal Association and other agencies in obtaining an adequate supply of fuel at fair prices: that the public "for their own protection, present and future, be urged to make use of bituminous and
other fuels and they be further urged to boycott anthracite.
"To this end we recommend that consumers be assisted in every way
to familiarize themselves with other fuels, and that all the New England
States join in this movement to free the public from dependence on
anthracite."
"So long as the people of New England depend almost exclusively on
domestic sizes of anthracite for home use," the committee declares, "they
are lending encouragement to the exaction of unjust prices and to indifference on the part of both miners and operators as to whether regular
and dependable supply is maintained."
The committee expresses the belief that there Is much promise in the
offer of the National Coal Association to provide bituminous in any quantity
required to States whose supply of anthracite may be affected by a strike,
with the price at the mines to be fixed by the Government.
The efforts to bring about this week's conference of
miners and operators was crystalized at the session on Aug.
17 of the conferences held at the Hotel Pennsylvania this
1. Whether you can reach an agreement over the matters now in dispute
and negotiate a new agreement iiwy Sept. 1.
2. Whether, in the event of your inability by Sept. to reach
1
an agreement upon the matters in controversy, you can agree upon a plan that will
assure a continuance of mining after Sept. 1 and until
you have reached
an agreement.
3. Whether in the event that you find yourselves unable to reach a complete agreement upon the matters in controversy, you can agree upon some
plan for an orderly and peaceable settlement of
the matter in controversy
upon which an agreement cannot be reached by
contract negotiations,
and thus prevent a suspension of mining as a
result of the present controversy.
The Commission asks that you go Into joint session immediately
and
reply in writing to these inquiries by 8 o'clock to-night.
Very truly yours,
JOHN HAYS HAMMOND. Chairman.
According to the "Journal of Commerce," there was
likewise given out the following communication which had
also been a feature of the day's proceedings:
United States Coal Commission:
Gentlemen.—In response to your request that we present a written
statement covering the position of the anthracite operators,
we submit the following:
The operators have agreed to certain demands of the
miners as follows:
1. Eliminate the 12-hour day from the industry.
2. Provide for speedier adjustment of grievances before the Board
of Conciliation and umpire.
3. Complete the work of compiling rate sheets at each colliery
in
accordance with the resolution offered by the representatives
of tho miners at the
joint conference.
• 4. The now contract shall contain a provision for the discontinuance
of
the present practice of extending credit to employees and
deducting the indebtedness so incurred from their wages, so that hereafter
transactions
with employees will be upon a cash basis. This concession is
mad in consideration of tho withdrawal by the mine workers of tho resolution
made by
Mr. Lewis at Atlantic City as follows: "Moved: That the
principle of
complete recognition and the 'check-off' expressed in demand No.
1 be
adopted." When this resolution was rejected by the operators,
the reprosentatives of the minors broke off negotiations with the resulting deadlock.
The operators now offer to extend the present contract until
March 31
1925. with modifications covering the concessions above enumerated.
If the foregoing offer to extend the contract is not acceptable to the
miners, the operators are ready to renew negotiations for the purpose of reaching an agreement mutually acceptable; it being understood that no suspension shall take place on Sept. 1 and that the now contract, if not executed
by that date, shall be retroactive to that date.
If no agreement is reached within a reasonable period of time, the operators propose that any part of the eleven demands of the minors still in
controversy shall be submitted to arbitration, in such form as may be
mutually agreeable.
In presenting these proposals the operators are actuated by tho following
considerations:
1. Because they agree with the late President Harding that the people of
the United States should be protected against the constant menace of a coal
shortage.
2. Because the continued prosperity of the anthracite communities is dependent on the steady operation of the anthracite minas.
3. Because anthracite is in severe competition with other fuels and the
preservation of its market for the benefit of operator and miner alike requires that there should be uninterrupted service and supply.
The very existence of the industry demands continuous operation, thereby
eliminating the heavy losses and business turmoil which have followed
the
expiration of recent wage contracts.
Respectfully submitted,
SAMUEL D. WARRINER.
Chairman,
AUG. 25 1923.]
T1
C1TRONTC1LE
857
On the 19th inst. President Lewis of the Mine Workers,
Still another letter was addressed to the Commission as
replying to a brief presented by the non-union operators to
follows by Mr. Warriner:
the United States Coal Commission at Washington on the
United States Coal Commission:
Gentlemen.—The operators accepted in good faith the obviousinterpreta- previous day said:
tion of the terms of the miners' proposal of Aug. 16, whereby the demand
for the "check-off" was to be abandoned and the impending strike averted.
The miners now meet this acceptance by a letter to your Commission containing a new and amazing interpretation of their proposal which runs
counter to Mr. Lewis' previous statements. They charge the operators
with bad faith and declare that the miners' proposal was not intended as
an abandonment of the strike or of the closed shop feature of the check-off.
In order to eliminate confusion which has arisen, and to assist the public
In fixing responsibility for the present situation, the operators ask your
Commission to make and publish the following as its findings of facts:
1. From the outset the operators have sought a joint pledge that no suspension take place Sept. 1 upon the understanding that if no contract is
executed by that date the contract, when executed, shall be retroactive to
that date. The miners refused to join in such a pledge.
2. Early in the negotiations the operators conceded some of the miner's
demands and offered to extend until March 31 1925 the present agreement
with modifications to include the concessions. The miners have not
assented to such extension.
3. The operators have offered to arbitrate all issues, not even excepting
the closed shop with the "check-off." The miners have withheld their
acceptance.
4. Negotiations were ended at Atlantic City because the miners insisted
upon the closed shop with the check-off and were unwilling to arbitrate.
5. The miners refuse to resume negotiations unless certain of their most
substantial demands are granted in advance.
6. The operators have endeavored in every reasonable way to reach a
peaceful adjustment.
Respectfully yours,
SAMUEL D. WARRINER. Chairman.
In answer to the brief filed with the United States Coal Commission
by the non-union coal operators of southern West Virginia, the United
Mine Workers of America wish a square-toed proposition:
These non-union operators say in this brief, as they have said many
times previously, that the unorganized miners employed in that field
are so happy and contented with their conditions that they do not want
the unions to come into that field. Our proposition is this:
We challenge the non-union operators of southern West Virginia to
remove all restrictions and restraint and permit their employees to join
the union if they so desire. The union will present its case to these men
in a lawful, peaceable and orderly manner; and let the men themselves
determine whether they wish to joie.
Of course, it will be necessary for these non-union operators to agree
in advance they they will eliminate all of their gunmen, hired thugs and
armed guards during the time this test is in progress, and that they will
not permit these brutal desperadoes to interfere in any manner with the
men in the exercise of their discretion. Further. it will be necessary for
these non-union operators to pledge their word that they will abandon
their practice of discriminating against men who do join the union; that
they will not discharge employees who become members of the United
Mine Workers, as they have done in the past and as they are doing to-day.
Otherwise the test would not be a fair one.
No member or representative of the United Mine Workers will violate
of the
any law or create any disturbance in connection with this test
unorganized employees. If these non-union operators are game they
will accept this challenge. If they are a set of welchers, they will refuse
it. It will be interesting to see what they do about it.
John L. Lewis, President of the United Mine Workers
of America, was quoted as follows in the "Journal of Commerce" at the conclusion of the conference on the 17th inst.:
The whole thing is in status quo. Nothing has been done to change a
single demand. We go back on Monday to where we left off on July 27.
We have agreed to resume negotiations in consideration for the public
interest. We don't care which of our eleven demands is taken up first.
We have no definite program. Demand No. 1, which includes the checkoff and recognition of the union, should naturally come up first. The
check-off still stands, in view of our proposition not having been accepted
by the operators.
Obviously, if an agreement is not reached, all the men will be out of work
on Sept. 1. We will have eleven days to reach an agreement on our eleven
demands. A point a day will do it.
A further statement by Mr. Lewis said:
The United Mine Workers of America made a good faith proposition to
the anthracite operators that the miner would waive their demand for the
check-off provided the operators would agree to abandon their own check-off
system. The operators, with a great flourish of trumpets, announced that
they would accept that proposition. They now repudiate that pledge and
announce that they will not accept it. Thus they destroy the miners' hope
for a resumption of negotiations that would be likely to result in a contract
that would keep the mines in operation after Sept. 1.
The operators grossly misrepresented the proposition submitted by the
minors in order to confuse the issue and inject into the matter a lot of
things that were not included in the miners' proposal. There was nothing
In the miners' proposal except the check-off, and the operators know that
fact definitely. The miners did not offer to abandon demand No. 1. They
only offered to waive the check-off feature of that demand. That proposition was plain, clearly stated and it could not be misunderstood—not
even by anthracite operators. Yet they undertook to read into the miners'
proposition matters that were not there.
Neither did the miners demand No.2 contain a single word about whether
the mines should remain in operation after Sept. 1. The miners flled an
entirely separate and distinct proposition on that subject, which the operators have utterly ignored. We earnestly hope that a suspension may be
averted. We have offerel a plan by which this may be accomplished.
But it is evident that the operators are not at all anxious to avoid a suspension. If they were they would answer the miners' proposition on that point.
Following the conclusion of the conferences in New York,
Mr. Hammond went to Washington where on the 18th inst.
he laid before President Coolidge its developments. In a
statement presented to the President he said:
Summing up the results of the session held at Atlantic
City on Aug. 20 the Philadelphia "Record" stated:
By common consent both groups set aside the questions of check-off for
union dues and union recognition, which blocked previous attempts at a
settlement that would prevent a suspension of anthracite production
Sept. 1, and proceed to an analysis of the union's demands for general wage
increases. They were, however, in no degree advanced toward a common
viewpoint when adjournment was taken to-night, but left the topic open
for more discussion to-morrow. In the meantime the United States Coal
Commission, which induced the industry's leaders to meet again in spite
of their deadlock, was given a report of the day's transactions.
John L. Lewis, President of the United Mine Workers: Philip Murray, its
Vice-President,and Rinaldo Cappeillni, C.J. Golden and Thomas Kennedy,
union's
its three District Presidents in the anthracite region, laid out the
demand for a $2 a day increase for all day workers in and around the mines
coal.
mining
for
ton
per
rates
and a 20% increase in piece
S. D. Warriner, Chairman of the anthracite policies committee, who had
three associates—W. J. Richards, A. B. Jessup and W. W. Inglis—In the
the
joint meeting, opposed. The operators took the general ground that
Increase could only be met by increasing the price of coal by perhaps as much
extra charge,
as $2 a ton; that the consumer was in no position to pay the
of
and that the industry was in no position to collect it. The competition
bituminous coal and oil as substitute fuels, the operators claimed, would
of
unstabilizing
the
and
mines
result n the shutting down of anthracite
anthracite production.
For the union. Lewis argued that wage rates in steel, building, textile
during the last year. He
and other industries had been tending upward
estimated that 90% of the men in the anthracite workings were employed
average yearly earnings of
the
at a wage rate of about $4 20 a day, and that
average of anthrasuch a man, provided he worked the 271 days which is the
the union
cite operation, would be $1,138. The amount was inadequate,
spokesman said.
labor
anthracite
Both sides questioned the Coal Commission findings as to
conditions, Mr. Warriner assert:ng that the official report had found the
that
labor rates sufficient to meet living costs. The union contingent said
earning in coal
the Coal Commission had suggested $1,700 as a fair yearly
some
and that the lower paid men would have to work Sundays,holidays and
nights to make that much.
conwere
they
as
far
so
negotiations,
The operators further said that the
cerned, were being renewed with a continuous offer in behalf of the employees
runto leave points in the controversy to arbitration and to keep the mines
dening while arbitration proceeded, on the understanding that the final
the
in
contracts
cision would be retroactive to Sept. 1. Existing wage
industry expire on that date.
The union had made eleven demands for alteration of present arrangements, which they seek to have incorporated in the new wage contract.
The advanced wage scale is the second on the list, the first being the demand
for recognition,"check-off" and a two-year contract.
The President and the Congress of the United States:
The United States'Coal Commission, in the discharge of what( t believed
to be its function, having obtained knowledge that the conference between
the operators and miners in the anthracite region had come to a deadlock
and that negotiations had been discontinued upon the 27th day of July 1923,
and that no steps had been taken by either party to reconvene the conference, requested the parties thereto to appear before the Commission at
the Pennsylvania Hotel In the City of New York on Wednesday. Aug. 15
at 3 o'clock p. m.
At said date and hour the parties appeared and the Commission took up
with them in turn in executive session the conditions which caused the deadlock and the questions in controversy.
The Commission does not believe it in the public interest, or helpful in
the negotiations about to be resumed at Atlantic City, for it to report the
details of the statements made by the several parties before it in conference.
The Commission will keep in constant touch with said negotiations and
has the promise of both parties that it shall be informed, day by day, by
the Secretary of the joint conference of the progress made, or attempted
to be made, in reaching a solution of the question involved in keeping the
mines operated.
The Commission ventures to express the hope that a prompt agreement
at Atlantic City may render unnecessary any further report on this subject,
but if there shall be a failure to negotiate a new contract at Atlantic City
before the 31st of August, or a failure to agree upon some method of keeping
the mines open until a new contract shall have been agreed upon, the Commission will report the facts, fix what it believes to be the responsibility
and make such recommendations to you as under the circumstances and
the law it may deem appropriate.
In the meantime, if the reports received daily from Atlantic City shall
lead the Commission to the conclusion that an emergent report is necessary,
the same will be promptly made.
Respectfully submitted.
JOHN HAYS HAMMOND, Chairman.
Virtual suspension of the Atlantic City conferences came
on the 21st inst. when it was found that agreement on the
several issues was not forthcoming. Regarding that day's
session the Associated Press dispatches from Atlantic City
said:
S. D.
Following the breaking up of the anthracite conference to-day,
Warriner, head of the operators' committee, said that the operators conadesidered the existing wage scale in the industry to be "more than
the
quate," but had offered to extend it to March 31 1925. or to submit
President
that
understanding
question of an increase to arbitration, on the
Coolidge would be asked to name the arbitration board if the miners and
their employers could not mutually agree upon a group.
"We've gone to the limit of faizness in the endeavor to adjust these
differences," he added. "If the miners see fit to precipitate this break
we'll have to abide by the results."
Whether the operators would attempt to keep the mines running in
the face of a union order to its members not to 'work. Mr. Warriner would
not say. The operators had urged an adjournment of the wage conference which would allow its reconvening at the call of the Secretary, he
explained. because they still hoped for Governmental or other intervention,
which might give prospect for a settlement without mine stoppage.
"Notwithstanding, we think the public, faced though it is with the
likelihood of inconvenience and deprivation from this situation. Is ready
"We
to consider the economic aspect of the matter," he continued.
think when the anthracite wage scale as it stands is appreciated, when the
facts as to the coal price and the undesirability of their increase are considered, when the unhesitant refusal of the miners to allow any impartial
adjudication of their demands by arbitration is made so clear, public
opinion will have something to say. Certainly, we shall await some new
sort of a showing, and will be ready as always to try any method of averting
a suspension of mining."
858
THE CHRONTCLE
Mr. Lewis reviewed the history of recent attempts to reach a settlement
of wages and contract conditions and the Coal Commission's intervention.
Be remarked that the union's willingness to let the mines continue operadon had been covered in a proposal made to the Government agency in
New York last week. It hinged on the agreement of the operators to
Install the "check-off" system of collecting union dues; to accept the conclusion that a wage increase was necessary, and to abolish any other than
eight-hour day employment. That was the limit of concession the mine
workers could make, he insisted, adding that "neither the Coal Commission nor the operators have paid any attention to the proposal."
The issues between the miners' union and the anthracite operators were
raised by the presentation last July of eleven demands of the men for more
advantageous terms in a new wage contract that would be needed on Sept. 1.
First of the demands was for union recognition, which the operators say
would be the "closed shop," and would in addition require the employing
companies to collect from each miner's pay the amount he owed for union
dues and turn it over to the union. A flat rejection of this proposal. subject
to the findings of a suggested commission of arbitration, was made by the
operators July 27 and ended the first negotiations.
After discussion in New York last week with the Coal Commission, the
union officials and the employers' group consented to reopen negotiations
At the second gathering, which began here Monday,the union put forward
demand No. 2, which calls for a $2 a day increase in the pay of day men
and a 20% increase in the piece rates per ton for mining coal. The discussion carried over to-day, with the resulting complete disagreement.
The formal minutes of the meeting to-day showed that Mr. Lewis had
put forward as a motion the demand for the full increase required by the
union, and that all the operators had voted against it. Miners' motions for
adjournment were then made, but voted down pending the presentation of
the operators' counter-propositions for continuation of mine operation
pending arbitration. The miners voted this down; the operators then
moved the adjournment, which was actually taken, but which was qualified
by an agreement for further meetings at the call of the Secretary, James A.
Gorman.
Government observers have been on the ground during all the sessions,
but not inside the meetings, which have all been executive.
[Vol,. 117.
industry that the miners' organization had been sending out
misleading propaganda regarding the matters at issue with
the operators was denied on behalf of the United Mine
Workers in a letter made public Aug. 12. The letter was
signed by Ellis Searles, editor of "The United Mine Workers
Journal"; James Moore, formerly President of District No.
6, and Thomas Kennedy, President of District No. 1. The
mine workers took particular exception to this statement in
the report:
"The loose and often swashbuckling literature that
emerges on occasion from the legal and publicity departments on both sides is a constant incitement to trouble."
They said:
We wish emphatically to inform the Commission that the United Mine
Workers of America has not indulged in "swashbuckling literature" with
reference to the anthracite industry, nor has the United Mine Workers of
America issued any "irresponsible propaganda" or "misleading information"
on that subject, these investigators to the contrary notwithstanding. Further, let us point out that the United Mine Workers of America has not employed or maintained any legal department in connection with its presentation
of its case to this Commission.
We have no excuses or apologies to offer for anything that the United
Mine Workers of America has said to the public in regard to either the bituminous or anthracite industries. As far as this organization is concerned,
it has kept well within the bounds of truth and propriety in this matter.
John Hays Hammond, of United States Coal Commission, Says Stoppage of Anthracite Mining Sept. 1
Would Involve Deficit of 17,000,000 Tons at
On Aug. 22 Secretary Gorman. of the General Committee
the End of December.
of Anthracite Operators, issned the following statement
Yesterday (Aug. 24) a statement was issued at Washingreviewirg the negotiations and the results since July 26:
On July 26 the mine workers presented their first ultimatum—closed shop ton by John Hays Hammond, Chairman of the United States
and check-off. The operators offered a basis of settlement or arbitration
The mine workers refused both, and broke off negotiations.
On Aug. 15 the United States Coal Commiss.on intervened and the
parties agreed to resume negotiations.
On Aug. 21 the mine workers presented their second ultimatum—a 20%
increase for the contract men and a 40% increase to day men, adding 90
million dollars annually to wages. This ultimatum for increases on top of
war wages is not justified by the Coal Commission's report, and would
add $2 per ton to the price of domestic coal. The operators again offered
arbitration.
The mine workers not only refused arbitration but refused to hold the
conference in session pending further advice from the Coal Commission.
The miners union declares: "We refused to await word from the Coal
Commission because we are not making any requests to the Commission
and are not pleading with the Coal Commission or any other governmental
agency to assist us in defeating the operators in this contest."
In 1922 the miners union declared: "We refused arbitration from the
President of the United States notwitkstanding that all the pressure of the
Government was back of the proposal."
The official record from Atlantic City is as follows:
Atlantic City, N. J., August 21 1923.
Mr. John Hays Hammond, Chairman. United States Coal Commission,
• Washington, D. C.:
My Dear Sir:—At the session of the Joint Conference held to-day the
following resolution was offered by the Mine Workers representative, to
wit: "Resolved, That the contract wage scales be increased 20% and that
all day men be granted an increase in wages of $2 per day."
On this resolution the miners voted "Aye," the operators voted "No."
The following resolution was offered by the operators' representatives:
"That the contract and day wage scale of the agreement now in force shall
be renewed for a period ending March 31 1925."
On this resolution the operators voted "Aye," and the miners voted "No."
The following resolution was offered by operators'representatives,to wit:
"Whereas. The mine workers have declared that further negotiations are
futile; be it resolved:
"1. That all of the eleven demands shall be submitted to arbitration. If
arbitrators can not be mutually agreed upon, then the President of the
United States shall be requested to appoint arbitrators. It is understood
that no downward revision of the wage scales shall be made.
"2. That there shall be no cessation of production pending the consideration of the demands by the arbitrators, and that the findings shall be
retroactive to Sept. 1."
On this resolution the operators voted "Aye," and the miners voted "No."
A motion was made by the miners that the committee adjourn. On this
motion the miners voted "Aye," the operators voted "No."
The following resolution was offered by the operators' representatives:
"Resolved, That the Secretary be instructed to advise the United States
Coal Commission of the present status of the negotiations, and that the
joint sub-committee hold itself in readiness for consideration of such
suggestions as they may make.
On this resolution the operators voted "Aye," the miners voted "No."
Representatives of he operatives offere the following resolution:
"Resolved, That the Secretary be directed to notify the United States
Coal Commission of the present status as to the negotiations; that the
committee adjourn to meet at the call of the Secretary."
The foregoing resolution was unanimously adopted.
Very truly yours,
JAMES A. GORMAN, Secretary,
Joint Conference of Anthracite Mine Workers and Operators.
According to last night's press adviees from Atlantic City,
the miners' section of the Joint Scale Committee in the afternoon directed the sub-committee to prepare and issue, not
later than next Tuesday, an order suspending all work in
the anthracite regions, effective Sept. 1.
Coal Commission, in which he said that any complete stoppage of anthracite.mining on Sept. 1 would involve a deficit
of 17,000,000 tons of domestic sizes to be made up before
the end of December, or a million tons a week. The statement said:
In connection with the Government's preparedness measures, which
have the direct purpose to Make up with bituminous coal any possible
anthracite shortage, the United States Coal Commission makes public
Its analysis of o tidal statistics regarding the anthracite supply.
In the first place the anthrac te mines to date have maintained so high
a rate of shipment that by Sept. 1 over 25,000 000 net tons of domestic
sizes of anthracite w 11 be in the possession of the consumers or dealers.
This supply, representing shipments from April 1 to Aug. 31, is over seven
million tons more than was distributed by Dec. 31 last year and only about
17.000,000 tons less than the average supply on Dec. 31 of the three years
previous to the strike year.
Any complete stoppage of anthracite mining on Sept. 1 would thus
involve a deficit of 17,000,000 tons of domestic sizes to be made up before
the end of December, or a million tons a week. Indeed, with the present
high rate of shipments continuing through this month, the supply on hand
would be nearly two and a half million tons above the average on Sept. 1,
and a real deficit would not exist until after two weeks of shutdown. To
that degree I the anthracite consuming territory prepared to face the
threatened strike.
However, the Sept. 1 stocks of household fuel are not equally distributed
and the many households without any anthracite would be forced to prepare
for winter by accepting some substitute.
While, as was truo last winter, some by-product and beehive coke will be
available, perhaps at a rate of from 100.000 to 200,000 tons a week, the
principal substitute must be bituminous coal.
To sum up the situation: In the event of an anthracite strike, a household
fuel emergency would exist in the Eastern United States which the bituminous operators believe could be promptly met by utilizing the excess
mine capacity of the bituminous fields normally shipping steam coal to
New England, Canada and the Atlantic seaboard.
The united effort of soft coal operators, railroad executives and the
Inter-State Commerce Commission would probably be in the line of starting
this movement of coal before the period of maximum freight movement
for which the railroads are reported to be in excellent condition to handle.
Stoppage of anthracite mining would be a public emergency, to meet
which would require the full co-operation of the consumers with the soft
coal operators and all the agencies of distribution, with all the aid possible
through executive action by Federal and State Governments.
If those who now control the mining and distribution of anthracite are to
continue to think only of their own demands and not at all of the public's
demand for coal, the Coal Commission feels that every measure should be
taken to supply the domestic fuel needed in the homes of the great mass
of the consumers and especially of the industrial workers throughout the
East.
Special Coal Investigating Committee of Massachusetts
Warns Miners and Operators Anthracite Coal Will
Be Permanently Boycotted in Event of a Strike.
The Joint Special Coal Investigating Committee of Mass-
achusetts on Aug. 6, the day before the U. S. Coal Commission issued its supplementary report at Washington on labor
conditions in the anthracite industry, made public a joint
letter it had sent both to miners and operators serving
notice that in the event of a strike Sept. 1 a permanent
boycott against the use of anthracite would be pushed in
Massachusetts and possibly throughout New England.
United Mine Workers Deny Charge of "Swashbuckling Plans to have all the New England States discard anthracite
permanently in favor of low volatile bituminous coal would
Literature" Made by United States Coal
Commission.
be laid before the conference of New England Governors in
The charge recently made by the U. S. Coal Commission in Boston Aug. 23, the Committee announced. In its joint
its supplementary renort on conditions in the anthracite coal letter to John L. Lewis, President of the United Mine
AUG. 25 1923.]
THE CHRONICLE
859
Workers of America, and S. D. Warriner, Chairman of the miners, at least many thousands of them, the difference between employment and non-employment. However, if you choose to betray the
Anthracite Operators' General Policies Committee, the trust
reposed in you by the people of Massachusetts to supply them with
Committee declared that "the temper of the descendants fuel with due regularity and at fair and reasonable prices, this community
these consumers should consider whether they will not be far
believes
of
those
who
participated
in
the
Boston Tea
and successors
better off by permanently dispensing with all use of anthracite, so that
Party and who fought at Lexington and Bunker Hill is not the
present 'winter will mark the end of your power to cut off their fuel
such that they will deal further with those to whom they supply at will.
The committee does not want it to be understood that it is taking any
have entrusted the duty of supplying them with so vital a
In the present controversy between operators and miners. It believes
necessity as fuel, should that trust be further abused for side
both sides should adopt a more conciliatory attitude. Its sole concern
purposes."
The
Committee
pointed
out
that Massa- is to make certain that an adequate fuel supply is obtained for all the
selfish
chusetts consumes one-eighth of the domestic anthracite people of Massachusetts, who include more than twice as many union
as are employed in the anthracite fields.
produced, while New England accounts for one-fifth of the workers
Should there be a break in the anthracite supply as a result of cessation
supply. It states further that the Massachusetts consump- of operations, or should the already exorbitant price be still further intion of anthracite "for years has represented the difference creased, this committee will push vigorously a boycott against the use of
between profits and huge losses to the industry, and to the anthracite.
The temper of the descendants and successors of those who participated
miners, at least many thousands of them, the difference In the Boston Tea Party and who fought at Lexington and Bunker Hill
between employment and non-employment," and that "by Is not such that they will deal further with those to whom they have entrusted the duty of supplying them with so vital a necessity as fuel, should
permitting the qnthracite industry to enjoy a market prac- that
trust be further abused for selfish purposes.
tically free from competition, over a long period of years,
The committee feels sure that the other New England States, which with
one-fifth of the domestic anthracite production,
the people of Massachusetts now find themselves subjected Massachusetts consume
as well as all other anthracite-consuming States, will gladly join In a
to repeated stoppages in supply by which they have been boycott, should such drastic steps be necessary, to teach a permanent
and are being exploited." Continuing, the Committee says lesson to those who for the second time within a comparatively few months
cut off the fuel supply with total disregard to their comfort,
it takes no side in the present controversy, believing that threaten tosafety.
health and
both sides should adopt a more conciliatory attitude, and
To this end the committee proposes to lay its plans before a conference
adds that its sole concern "is to make certain that an adequate of the Governors of the New England States, which is to be held In Boston
action may result.
fuel supply is obtained for all the people of Massachusetts, on Aug. 23, In order that unified
Very truly yours,
who include more than twice as many union workers as are
JOINT SPECIAL COAL INVESTIGATING 00MIIITTEE,
Of the House,
employed in the anthracite fields." The Committee Of the Senate.
Henry L. Shattuck, Ince•Cairtnon,
Haigis, Chairman,
John
W.
expresses the confident belief that all anthracite-consuming
James D. Bentley,
John M. Gibbs,
its
boycott
plan if such a drastic step
States will join in
William F. Thomas Jr..
Charles P. Howard,
Gustave W. Everberg.
becomes necessary, "to teach a permanent lesson to those
John
Mitchell,
who for the second time within a comparatively few months By Wendell D. Howie, Secretary.
John H. Drew.
threaten to cut off the fuel supply with total disregard to
their comfort, health and safety." In making public the Anthracite Coal Operators' Reply to the Massachusetts
joint letter to Mr. Lewis and Mr. Warriner, the Committee's
Investigating Committee—Ready to Arbitrate
position was explained by its Secretary in the following
Every Issue.
statement:
Samuel D. Warriner, Chairman of the General Committee
The patience of the anthracite consuming public is strained to the breaking
point. It will brook no further stoppage in its fuel supply. Hardships, of Anthracite Operators, and spokesman for the hard coal
suffering, sickness and even death resulted from the situation of a year ago,
Interests, made public on Aug. 12 a letter sent to the Massaa repetition of which the public does not propose to tolerate. If the
anthracite operators and miners cannot jointly accept.the responsibility chusetts Joint Coal Investigating Committee which has
they owe to the puolic depending upon anthracite for fuel, then it behooves threatened to boycott the use of anthracite if a strike takes
that public to utilize some other form of fuel and to utilize it permanently.
when the present wage and working agreement
For instance, a few years ago the city of Atlanta, Georgia, used anthracite place Sept. 1
almost entirely for the heating of its homes. Because of the uncertainty expires. Replying to the committee, Mr. Warriner in his
of supply, however, and the constantly increasing prices, Atlanta broke letter points out that the good faith of the operators was
away from anthracite, with the result that, according to Clark Howell,
a resident of that city and at present a member of the United States Coal shown in their willingness to arbitrate the points at issue,
Commission, Atlanta now uses low volatile oituminous coal entirely in its not excepting the closed shop and •the check-off, to which
households. The same situation obtains in many States to the west of
opposition has been expressed by the employers of mine
Buffalo, New York, whose anthracite supply became curtailed with the
labor. The letter to the committee in full follows:
beginning of the war.
The Committee believes that the old New England spirit has been
thoroughly aroused over the coal situation, especially in view of the now
threatened strike, and that New England Is ready to put up with some
inconvenience If it can once and for all demonstrate that it will not tolerate
strikes against the public when one of the chief necessaries of life is at
stake. The Committee believes that if there Is to be any strike, it is the
public's turn to strike.
The joint letter to Mr. Lewis and Mr. Warriner reads
as follows:
Aug. 4 1923.
Mr. John L. Lewis, President United Mine Workers of America, Hotel
Ambassador, Atlantic City, N. J. —
Mr. S. D. Warriner, Chairman Anthracite Operators' General Policies
Committee, 437 Chestnut St., Philadelphia. Pa. —
Gentlemen—The Joint Special Coal Investigating Committee of Massachusetts, a Commonwealth which consumes one-eighth of the total domestic
anthracite production, notes that a mouth has now elapsed since you
first met at Atlantic City to discuss a new wage contract, that over a
week has elapsed since your conference broke up because of Inability to
agree, and that you are resigned, apparently, to a cessation of work In the
anthracite fields on Sept. 1, rather than to yield or compromise your
respective contentions.
The present situation, coming after the nearly six months' cessation of
production last year, with Its consequent suffering and hardships to the
anthraciteeonsuming public, and coming also at a time when the price
has more than doubled in less than ten years, clearly demonstrates that
anthracite has become at once uncertain In supply and expensive almost
to the point of being a luxury. Among practically all Important commodities the price of which increased during the war period, anthracite
alone has not fallen in price. On the contrary, a still further increase in
price is now threatened. Further, the contemplated cessation of mining
will, unless the situation is relieved promptly, bring further suffering to
many and possibly death to some of the people of Massachusetts.
A recurrence of the situation of last winter will clearly indicate that
the people of Massachusetts, in depending upon anthracite as their chief
domestic fuel, have mistakenly entrusted to you the duty of providing
an uninterrupted supply. In other words, by permitting the anthracite
Industry to enjoy a market, practically free from competition, over a
long period of years, the people of Massachusetts [IOW find themselves
subject to repeated stoppages in supply by which they have been and are
exploited.
Fuel is a necessity of life. Anthracite is not. This committee has
already begun a campaign to Instruct coal dealers and consumers In the
proper and successful use of low volatile bituminous coal, coke and other
fuels, which are In some ways more satisfactory than anthracite, especially
in price. An adequate supply of such fuels, moreover, is and will be permanently available.
The Massachusetts consumption of anthracite for years has represented
the difference between profits and huge losses to the indtistry, and to the
Philadelphia, Aug. 11 1923.
Joint Special Coal Investigating Committee, the Commonwealth of Massachusetts, Room 435, State House, Boston, Mass.
Gentlemen: Replying to your letter of the 4th inst., I am very glad to
submit to you a statement of the anthracite operators' position in the present
crisis. If you have felt that something has been left undone in the interest
of a prompt and peaceful adjustment of our controversy, a plain explanation
of the vital issues involved and the causes leading to the present situation
will clarify your judgment and assist you in fixing responsibility:
You emphasize two points:
1. After the prolonged strike of last year, the danger of another suspension on Sept. 1, with a resultant shortage of anthracite.
2. The cost of anthracite to the people of Massachusetts, and the use of
a boycott against the industry.
Suspension Not Justifiable.
Allow me to take up these matters in order. One is naturally the corollary
of the other.
I am in accord with your view that a suspension of mining for the benefit
of a special interest and not to the detriment of the public is never justifiable. Let us review the facts. The strike of 1922 was ordered as a pre-determined act before the old agreement had expired and before the joint committee appointed to negotiate a new agreement had even met. The operators
offered arbitration. The President of the United States urged arbitration.
The union refused both and said, "We refused arbitration from the President of the United States notwithstanding all the pressure of the Government
was back of the proposal."
As soon as the major policy of the union was satisfied by the settlement
of the bituminous strike, a settlement of the anthracite was made possible and
promptly reached.
Points at Issue Enumerated.
The issues as they developed in the present emergency are as follows:
1. The operators at the outset asked for a joint pledge to the public that
no suspension take place on Sept. 1. upon the understanding that the new
agreement should be retroactive. The United Mine Workers refused.
2. The operators endeavored to reach an adjustment of wages and working conditions, but the United Mine Workers refused to continue negotiations
unless the operators first granted the closed shop with the check-off.
3. The operators refused to grant the closed shop with the check-off.
4. The operators offered to extend to April 1 1925 the present contract
with its war-peak wages and to grant certain of the union demands. This
offer was not accepted, notwithstanding the United States Coal Commission
found that present earnings admit of a reasonable standard of living.
5. Finally, the operators offered to arbitrate all issues, not even excepting
the closed shop with the check-off.
Miners Rejected Four Proposals.
The mine workers refused four of these propositions and the
operators one,
viz: the closed shop with the check-off. Our objections to this
propositioi„
860
THE CHRONICT,E
are that it is fundamentally unsound in principle and expensive to the users
of anthracite in practice. Our faith in our position is shown by our willingness to arbitrate. Without a surrender of vital principles, we have taken
every step that has been suggested to avoid a suspension on Sept. 1. To have
done otherwise would justly open us to your criticism.
In our judgment arbitration represents a sound social policy in a basic industry where collective bargaining fails.
[Wt.117.
tions can be ended and the support of the public for the industry can be
secured.
Accordingly, I was authorized by a vote of my committee to inform your
honorable body that it is prepared to takePup with you a plan for voluntary
publicity through some existing Governmental agency, such as the Department of the Interior or the Department of Commerce, of facts as to costs and
earnings of the industry and the wage earnings of miners and other vital information concerning the industry; this information to be compiled and
published in such a way as not to reveal to competitors the facts as to Particular companies.
From inquiries which we have already made, we believe that the support
of the industry generally can be secured for such a system and that a sufficiently large percentage of the operators of the country will unite in it to
make the compilation of these statistics thoroughly and accurately representative of the industry.
H.
Relative to the cost of anthracite and the use of the boycott the United
States Coal Commission pays tribute to the anthracite operators for their restraint and co-operation with public officials during the anxious situation of
last winter resulting from the strike, and the care used in the distribution of
coal. It is our hope that, if continuity and operation can be secured, the
economic ills of which you complain will disappear. It is true that the cost
of anthracite has risen, but although it has not receded from the peak, yet it
The union operators who appeared before the Commission
Is a fact that the peak of anthracite prices was never as comparatively high
as many other commodities. The reports of the United States Coal Commis- included A. M. Ogle of Indiana; George B. Harrington of
sion including its later report on retail distribution thoroughly covers the Illinois;Michael Gallagher of Ohio; T. W. Guthrie of Pittssubject and invites your study.
W. A.
You are quite correct in saying that anthracite is not a necessity. We burgh, and B. M. Clark, Charles O'Neil, David Price,
frankly admit that in order to retain the asset of your markets we must com- Jones and T. E. Clarke of central Pennsylvania. Operators
pete in quality and service with other fuels.
from non-union districts in addition to Mt. Brydon were E.
In conclusion, let us now repeat that we have always been ready in the
present emergency to extend the old agreement, to resume negotiations or to L. Greever of Virginia, E. L. Douglas of Kentucky, S. L.
arbitrate, to the end that there be no suspension of mining this year.
Yerkes of Alabama and W. H. Cunningham of West Virginia.
Yours very truly.
Non-union bituminous miners would be able to furnish
S. D. WARRINER, Chairman, General Policies Committee.
enough coal to meet necessities should union miners be
called out in sympathy with anthracite workers, Mr. Brydon
Bituminous Operators Offer to Place Resources at asserted, with the aid of union miners who would work unDisposal of Government in Event of Anthracite
der protection.
Strike—Check Off System Deemed an Evil.
Representatives of the bituminous coal operations in union Exchange of Ratifications of Five-Power Naval and
and non-union fields, who assert they control all but about
Four-Power Pacific Treaties at Washington.
40,000,000 tons of the annual production, appeared before
The exchange of ratifications of the Five-Power Naval
the Federal Coal Commission on July 30 and offered to place Limitation Treaty and the Four-Power Pacific Treaty by
the entire resources of the industry at the disposal of the representatives of the five Powers which participated in the
Government if another strike should be called in the anthra- Washington Conference on Limitation of Armaments, took
cite fields on Aug. 31. The agreement between the operators place at Washington on Aug. 17. Announcement of the
and miners in the soft-coal field does not end until April 1 proposed action was made as follows by Secretary of State
next, and the operators suggested that they would be able Hughes on Aug. 16:
to supply sufficient coal to districts which use anthracite
On Aug. 17 at noon there will be signed in the Diplomatic Room of the
under normal conditions if a strike should cut off the supply State Department the proces-verbal of the deposit of ratification of the
concluded at Washington Feb.6 1922, and of the
of that fuel. It was further stated by the operators that they Five-Power Naval Treaty
Four-Power Pacific Treaty concluded at Washington Dec. 13 1921. and also
would accept "voluntary price fixing" along the lines adopted the supplementary agreement to the Pacific Treaty concluded at Washingduring the strike of 1922, so that the public might be assured ton Feb. 6 1922. The proces-verbeaux will be signed by the following
of obtaining fuel at fair prices. The statement on behalf of representatives:
For the United States of America. Charles E. Hughes, Secretary of State.
the operators was made to the Commission by John C. BryFor the British Empire. H. G. Chilton, Charge d'Affaires.
For France, Andre de la Boulaye, Charge d'Affaires.
den, President of the National Coal Association, and ChairFor Italy, Signor Augusto Rosso, Charge d'Affaires.
man of the Bituminous Operators' Special Committee. Mr.
For Japan, His Excellency Masanao Ilanthara, Ambassador for Japan. ,
Brydon denied a statement made by President Lewis of the
The Anglo-Japanese alliance automatically terminates
United Mine Workers that the collection of union dues and under the terms of the Four-Power Treaty. The ratificabituthe
assessments by the check-off system was working in
tion by the French Senate of the Four-Power and Five-Power
minous field to the satisfaction of all concerned. Many of treaties was referred to in these columns July 21, page 277,
contended
the operators in the bituminous fields, he said,
and at the same time (page 276) we printed a statement by
that the check-off system was one of the fundamental evils Secretary Hughes to the effect that as all the other signatories
of the coal industry. The operators had been invited by the of the treaties had ratified, the action by France completed
Commission to come to Washington and make a report in ratification and that all that was needed to make them
relation to the Commission's investigation. Mr. Brydon said effective was their formal deposit. With the exchange of
in his statement:
ratifications on the 17th inst., Theodore Roosevelt, Acting
A few days ago, during the conferences which were taking place in Atlan- Secretary of the Navy, issued a statement saying:
the rep-
tic City between the representatives of the anthracite operators and
resentatives of the United Mine Workers, the statement was made by Mr.
Lewis, as justification for the impending strike of the miners in the anthracite fields, that collection of union dues and assessments by the check-off
was working in the bituminous fields to the satisfaction of all concerned,
including the operators themselves.
The committee of which I am Chairman represents the operators in all of
the unionized fields of this country except those in the State of Iowa and
from our work this past winter the attitude of the operators in those union
fields has become perfectly well known to our committee. Among those
operators the check-off is regarded as one of the fundamental evils in the
coal industry to-day. To the coal industry it has brought not peace but a
sword. Accordingly, by authority of my committee and with the assistance
particularly of its representatives from the union fields, I issued a statement
on this subject denying President Lewis's statement, a copy of which I have
the honor to file with your body.
In June last the National Coal Association at its annual meeting took
steps to create an emergency organization among the bituminous coal operators of the country which could be called into action and placed at the service of the Government at any time of emergency in order to avoid a national shortage in the supply of coal. As President of that association I
have been making a study of the steps necessary to be taken under this plan.
At the recent meeting of my committee last Saturday I was authorized to proceed with the preparation of this plan in order that it might be put into effect to meet the emergency which is impending in the threatened strike in
the anthracite fields.
Such progress has been made in the formulation of these plans. I am satisfied we can have the machinery ready to function effectively within two
weeks. The National Coal Association and the bituminous operators' special
committee have authorized me to offer the use of this machinery to the Government immediately upon arising of the emergency. I believe that such
steps and the carrying out of such a plan can effectively relieve any emergency created by a strike in the anthracite fields this fall.
The investigations which your committee has been conducting during the
past winter into the costs and earnings of operators and miners in the bituminous industry and the work of my committee in assisting in that investigation and in the compilation of its results have brought home to the committee the value to the industry of having these facts compiled regularly
and made known to the public. We believe that if the public is regularly
informed of the business facts of the bituminous coal industry, misconcep-
The navy starts at once to scrap all ships other than those to be retained
under provisions of the treaty for the limitation of armaments. Of these
eleven ships are under construction, seven of which are battleships located
as follows: The Indiana and South Dakota, navy yard, New York; Montana, navy yard, Mare Island; North Carolina. navy yard, Norfolk; Michigan, Bethlehem Shipbuilding Corp., Quincy, Mass.: Iowa, Newport News
Shipbuilding Co., Newport News, Va., and Washington, Now York Shipbuilding Corp., Camden, N. J.
The battle cruisers Lexington and Saratoga under provisions of the
treaty are being converted into airplane carriers. The other four battle
cruisers, tho Constitution and United States at Philadelphia and the Constellation and Ranger at Newport News, will be scrapped at once.
No action is being taken at the present time for the disposition of the
Delaware and North Dakota, now abroad on the midshipmen's practice
cruise, as the treaty does not require that these be scrapped until the Colorado and West Virginia are placed in commission. It is the present intention of the Department to then dispose of the Delaware by sale for scrapping and to convert the North Dakota into a target ship.
In its account of the deposit of ratifications the Associated
Press advices from Washington Aug. 17 said:
Seated about a table in the State Department to-day, five men recorded
the final approval of the Powers for the treaties drafted by the Arms Conference to end naval competition, terminate the Anglo-Japanese alliance
and sweep away the war clouds that have hovered for decades over the
Pacific.
It was an epilogue to the Washington negotiations at which it had boon
planned to give the place of honor to President Harding, at whose call the
conference assembled; but instead the formal deposit of ratifications was
performed almost without cerimony.
Secretary Hughes and his colleagues met in the diplomatic reception room
In the presence of only a handful of spectators, including officials of the
Department, messengers and representatives of the press. Ambassador
Hanihara acted for Japan and the other Powers were represented by the
Charges of their embassies here—H. 0. Chilton for Great Britain, Capt.
Andre de la Dculaye for France and Augusto Rosso for Italy.
Mr. Hughes sat at the head of the table, with the foreign diplomats facing each other at the sides. Without preliminary the Secretary stated the
purpose of the gathering and added that at a preliminary meeting in his
office the ratifications had been examined and found complete. Ile then
AUG. 25 1923.]
THE CHRONTCLE
held up a paper embodying the American ratification and placed it in the
centre of the table.
"I herewith deposit the ratifications of the United States," he said.
The others followed suit, each pronouncing the same formula. Then
documents constituting a record of the day and the hour at which the
treaties became effective were passed from hand to hand for signature.
By prearrangement, a telephone flash went to the Navy Department at
the moment the last name had been written on the naval limitation pact.
The ink had not been dried on the signatures before orders were speeding
over the wires which means the striking of 750,000 tons in fighting ships,
new and old,from the navy list. The process of scrapping will begin at once.
The proces-verbal which is to form a permanent record of the coming into
effect of the naval treaty embodies the reservation adopted by France
stipulating that the 5-5-3-2-2- ratio established among the five Powers as
to capital ships cannot be construed as applying also to the smaller types of
warcraft. Likewise the "no alliance" reservation adopted by the United
States Senate denying any obligation to use armed force underithe provisions of the Four-Power Treaty was made a part of the proces-verbal by
which that pact was made effective. Termination of the Anglo-Japanese
alliance is automatic under the terms of the Four-Power agreement.
In addition to these, ratifications also were exchanged on the supplemental treaty, drawn up to clarify the terms of the Four-Power pact. It declares that in binding them-selves to consult together over controversies
arising in the Pacific the four signatories—the United States, Great Britain.
Japan and France—are not obligated to submit for discussion any question
which lies exclusively within domestic jurisdiction.
The scrapping of the war craft which will begin immediately under the
naval treaty will be carried out by different means for the various ships
affected. The treaty provides specifically that the scrapping of a warship
must comprise such destruction of offensive and defensive elements as will
place it in "such condition that it cannot be put to combatant use." This
result may be effected by "permanent sinking," by breaking the vessel up
with attendant destruction or removal of "all machinery, boilers, armor and
deck, side and bottom plating." or by converting the vessel to target use
exclusively. The number of vessels which can be used for targets is strictly
limited.
All ships listed for scrapping must be rendered "unserviceable for purposes
of war" within six months from to-day, and the actual break-up must be
finished within eighteen months.
Progress in Scrapping of Ships.
From latest advices to the Navy Department, the following summary was
made to-day of the progress in the several limitation programs abroad prior
to exchange of ratification.
British Empire.—Total to be scrapped: Twenty-four old ships of 500,000
tens; new ships, none. Proposed construction of four capital ships abandoned before keels were laid and work begun on two capital ships of smaller
tonnage; eighteen old ships rendered Incapable of war service, seventeen
already having been sold.
Japan.—Total to be scrapped: Ten old ships of 163,000 tons and two new
ships of 77,000 tons. Work on the capital ships held in state oesuspension
since signing of treaty and armament removed from nine obsolete ships.
Prance and Itaig.—Navies not affected by scrapping program.
United States.—Twenty-eight capital ships, with an aggregate tonnage of
approximately 750,000, are to be dropped from the American navy. They
were divided for scrapping purposes into three classes: ships under construction at private yards; ships under construction at navy yards, and old
ships.
In the case of ships in the first class builders were requested to-day by the
Navy Department to submit estimates for purchase of the hulk on the stocks
for reduction to scrap metal, and a separate rstimate for breaking the ship
up so that the navy might offer the scrap to other bidders. The contractors
were notified at the same time to submit a final estimate of all charges and
claims against the Government arising out of abrogation of their contracts.
Ships in the second class at navy yards will be advertised for sale within
a few days to the highest bidder, who will be required to reduce them to
"metal of scrap sizes." Most of the old ships will be disposed of by sale on
the same terms as were required in the recent cases of the Maine, Missouri,
Ohio and Kentucky, which were transferred to scrap dealers.
Four exceptions among the older ships have been made by the Department, the Washington and South Carolina being marked for use in experiments in submarine and air attacks, and the New Jersey and Virginia having
been set aside for use by army air bombers in practice maneuvers to be held
next month. In case any of these four ships are not sunk during the experiments they will be disposed of by sale for scrapping,or demolished by the
Government.
In its special advices from Washington, Aug. 17, the New
York "Times" said:
After the signing of the exchanges had taken place, the originals of which
will be deposited in the State Department here along with other original
copies of the Washington Conference documents, Secretary Hughes stated
that certified copies of the proces-verbaux would be furnished to the representatives of the ether governments as soon as they could be prepared.
Thus at 12:12 o'clock was concluded the final act in the putting into effect
of the Five-Power Naval and the Four-Power Pacific treaties, the outstanding results of the Washington Conference on the Limitation of Armaments.
At the time of President Harding's death on Aug. 2 the
Associated Press dispatches from Washington stated that the
Washington Arms Conference and the treaties growing out
of it constituted the outstanding accomplishment of President
Harding's Administration; the dispatches of that date continued:
It was Mr. Harding's own view, expressed before the plenipotentiaries of
the principal Powers assembled here on Nov. 12 1921, In response to his
Invitation, that thewesults attained at this conference would determine the
place which his Administration ultimately would be given in history.
Five treaties and an even dozen resolutions were approved and adopted
by the conference. Principal among these were the convention ending the
long and costly race for naval supremacy by sharply limiting the strength
of the sea power of the United States, Great Britain, Japan, France and
Italy, and the Four-Power pact. This pact dealt with the insular possessions in tho Pacific of the United States, Great Britain, Japan and France
and replaced the Anglo-Japanese alliance, which long had been reviewed
with much suspicion by a largo section of the American people and many
a the nation's public men.
Coincident with the arms assembly and collateral to It there were negotiated settlements of the Shantung and Yap questions. In the one case
Japan agreed with China to withdraw her troops from and restore the
Province of Shantung to that country, while in the other it agreed with
the American Government that the United States and Japan should have
equal cable and other communication rights at Yap, over which Japan had
been given a mandate under the Treaty of Versailles.
861
Message of Governor-General Wood on Philippine
National Bank—President Harding's Attitude
Toward Demand for Recall of the
Governor-General—W. C. Forbes
in Praise of General Wood.
A message addressed to the last session of the Philippine
Legislature by Leonard Wood, Governor-General of the
Philippines, regarding the condition of the Philippine National Bank was made public at Manila on Aug. 18 by Governor-General Wood. The Message is dated Feb. 16; according to the Associated Press advices, which report the Governor-General as saying that it "was suppressed by the House
and Senate leaders, who did not even communicate it to the
members of those bodies, supposedly because of its uncomplimentary exposition of the condition of the Philippine National Bank." Among other things the report states that
"the heavy losses of the Philippine National Bank are largely
responsible for the increase in our bonded indebtedness,
which is up to the limit prescribed by Congress." From the
Associated Press advices from Manila Aug. 18 we quote as
follows:
During the last few days leaders of the Democratic Party have called on
Governor-General Wood and requested to see the message, saying they
did not yet know its contents. The Governor-General therefore decided to
publish it.
The message dhows that during its six years of operation the National
Bank lost 337,345.500, representing the Government's entire investment of
98% of the bank's capital stock, in addition to $15,346,500 in deposits, or
64% of the 323.771.500 which the Government had deposited in the bank.
"The heavy losses of the Philippine National Bank are lamb,responsible
for the increase in our bonded indebtedness, which is up to the limit prescribed by Congress," the message said. "During the last year bonds
totaling 823,000,000 have been sold to provide funds for the re-establishment of our currency system, so that now behind every Treasury certificate
there is its full face value in gold and silver. The gold standard fund for
the maintenance of the parity of the peso Is recognized to be smaller than
desirable, but is the limit our indebtedness permits. Provision has been
made for increasing the fund to the desirable maximum. Bonds have
been Issued for that purpose.
"Other bond issues are to be made for developing irrigation and other
public works, imposing additional burdens on the Treasury Department
in the way of interest and sinking fund requirements and necessitating
rigid economy and increasing our revenues.
"This is all a part of the price the Government has had to pay for its
Polley of entering the field of business."
The note says that in.addition to its losses, the bank's remaining assets.
of which many are of doubtful character,are solEly tied up in frozen loans
and investments and must remain so indefinitely. Further, it says, "the
bank is carrying virtually no reserves behind its 840.837,500 in deposits
and $15,379.000 in circulating notes, which it is impossible for the bank to
redeem in lawful money as required by law.
"They [these notes] therefore are a constant menace to the financial stability of the Government and private business. Fortunately, the notes
circulate freely because the people know the Government is responsible for
their redemption. The underlying fallacy of the bank was that it encouraged speculation in handling and marketing products rather than assisting
In their production.
"Under the above conditions, there can be no question of the bank's insolvency. In accordance with the ordinary rule it would have been my
duty to close the bank as soon as this condition was clearly revealed. It is
unjust for the Government to fail to enforce its own laws against an institution of its own creating while enforcing the same law against private
institutions. In following such a course private capital is unjustly discriminated against and the foundation of our business prosperity, which
must be based on private initiative, is undermined.
"Moreover, conditions here have been exceptional and I felt for this and
other reasons that it would be unwise to close the bank, at least until after
the Legislature had been given full knowledge of the situation. The force
of necessity has required that the bank be kept in business despite the fact
it was operated in open violation of the law and in competition with private
institutions contrary to the Government policy of getting the Government
out of business."
The message says the Government Is now operating the bank at considerable loss, operation being limited chiefly to "nursing along" heavy involved
business estates taken over by the bank. In addition to the bank losses,
the message points out. the Government has been operating sugar, oil,
tobacco, cement and other commercial companies "all of which are involved
In huge additional losses," the amount of which is not stated.
General Wood, addressing the American Chamber of Commerce at a
luncheon to-day, said:
"The time has come for some plain speaking. I believe in telling the
truth, even though it hurts. There is not a single political issue at present
in the Philippines, although there have been efforts to make one. No man
worthy of the name of American or Filipino will talk non-co-operation at
this time.
"There have been attempts to stir up racial antipathy between Filipinos
and Americans. But thanks to the common sense of both Filipinos and
Americans they have been failures. Any man who tries to stir up racial
antipathy or who talks non-co-operation is a traitor to his own people.
"Relations between the Philippines and America have existed for twenty
years and are going to continue to exist. My purpose out here is to cooperate. We must work together. Our idea of a geed Government is one
under which capital seeks investment at nominal rates of interest. Unless
we pull together we can never hope to attain that condition here."
Referring to the National Bank, General Wood said:
"The bank is in batter condition now than it has been at any time in the
last four years. We have not stopped circulation of the bank's money.
What we have done is stop the free and uncontrolled circulation of public
funds among its friends. The lid is now on and cannot be pried off by
political favors. It will stay on except for eminently sound investments."
Manuel Quezon, whose resignation as President of the
Philippine Senate as a result of differences with Major-General Wood was referred to in our issue of July 28 (pages
393-395) announced on Aug. 21 that he had cabled the Secre.
862
THE CHRGNICI.E
[vol.,. 117.
were 3,000 cars above the record for a single week previously established
In the fall of 1920. The American Railway Association estimates that
freight loadings during the fall of 1923 will reach as high as 1,080.000 cars
per week, more than 60,000 above any previous record.
The outstanding factor in the situation is the comparative ease with
which this extraordinarily large volume of traffic has been handled. Traffic
Quezon charged that Rodriguez served a year for procuring the abduction congestion has been at a minimum and in spite of an unusually large perof a woman by a band of bandits. Rodriguez also was convicted, according centage of bad-order cars and locomotives resulting from the strike of
J. P. Berry of railroad shopmen last summer, the large shortage of freight cars which
to Quezon's cable, of being an accomplice ot the murder of
was a problem last autumn has been pared down until at present a fair
the Twenty-seventh United States Infantry.
exists. The proportion of locomotives in need of repair is being
surplus
folthe
take
we
22
Aug.
of
"Herald"
From the New York
continually reduced."
tar,sof War that Mayor Rodriguez of Manila, lately ap- •
pointed to that post by Governor-General Wood, was an exconvict. This was learned in Associated Press advices from
Manila on Aug. 21, which also stated:
lowing Washington dispatch:
A cablegram from Manuel Quezon charging that Governor-General
Wood of the Philippines had appointed Eulogio Rodriguez."an ex-convict,"
as Mayor of Manila was received late to-day at the War Department. At
the same time a message from General Wood reached the Department in
which he said he had no previous knowledge "of anything unfavorable"
In Rodriguez's record. He said he was making a thorough investigation
of the charges. General Wood's statement was similar to the one he
Noting that preparations have been made hi anticipation
of a heavy crop movement In the fall which makes that season the heaviest traffic season of the year, the bank continues:
it is estimated that these precautions, and the receipt of the large number
of freight cars on order to be delivered Oct. I will enable the railroads to
care for the enormous volume of traffic expected.
issued in Manila.
The earnings of the railroads have kept pace with increasing car loadings.
The Quezon cablegram contained no reference to Rodriguez being conTheir gross operating revenues for the first five months of 1923 amounted
victed as an accomplice to the murder of J. P. Berry, and the War Departto over $2.550,000,000. more than 13% higher than the previous record
ment was said to be without any record of such a conviction.
for the period, established in 1920. This was in spite of the fact that
General Wood is believed by War Department officials to be capable of
reductions in freight rates during the past year made voluntarily by the
handling his problems and will continue to exercise a free hand. Secretary
roads or at the instance of the Inter-State Commerce Commission, have
Weeks is in New Hampshire. but his attitude on this question is well
In the aggregate been considerable. For the first five months of the
known to Department officials.
year the average net return on their investment was 5.69%. There is
In the item appearing in our issue of July 21 we indicated better than a fair possibility that the standard return of 5.75% allowed
of 1920 will be earned this year for the first time
that the recall of Governor-General Wood by President the roads by the Actlaw.
since the Act became
Harding had been demanded in a resolution adopted at a
Economy of operation has not been at the expense of maintenance. In
joint meeting of both branches of the Philippine Legislature, the first five months of 1923 a larger sum was expended for maintenance
way and structures and of equipment than in the corresponding period
and that immediate independence of the Philippines had of
of any preceding year with the exception of 1920. Although the roads
been sought. It was reported at the time that in the com- expect to spend in total more than a billion dollars during 1923 on equipplaint against the Governor-General it was alleged that he ment, improvements and developments, this amount will be capitalized
than charged to operating expenses.
was "doing his best to force the Government to abandon its rather
As a direct result of the limited earnings of the railroads and their difdispatch
special
a
29
On
July
Philippine National Bank."
ficulty in obtaining funds, the expansion of the railroad system of the
country Is practically at a standstill. The mileage of railroads in this
from Washington to the New York "Times" said in part:
country is less than in 1915, whereas during the preceding decade It indemand
the
reject
There is every Indication that President Harding will
creased by nearly one-fifth. It is estimated that the population of the
of
recall
the
for
faction
independence
the
the
leaders of
of
Philippines
continental United States has Increased 12% since 1915, and the volume
Major-General Wood as Governor-General of the Philippines.
of industry and business probably even more. The number of locomotives
to
The contentions of both sides have been forwarded by Secretary Weeks
and freight cars has remained practically stationary, although on account
in
officials
of
the President for consideration. The President,in the opinion
of increased average tractive power of the locomotives and average capacity
to
satisfaction
more
no
give
close touch with the Philippines problem, will
of freight cars, their freight-handling capacity has increased.
General
of
recall
the
for
demands
their
in
adherents
and
his
Manuel Quezon
The railroads are still threatened by further hampering legislation.
of
Wood than was given to their demands a year ago for the independence
so that operating officials are unable to lay plans for the future with
the Philippines.
that they may be carried out. The Act of 1920
to reasonable assurance
For the President to do otherwise, it is asserted, would be for him
should be given a fair trial in operation under favorable conditions before
ingratitude
show
to
and
prerogatives
punish an official for exercising his legal
some other form of legislation which may prove to be
and discarding it for
to a Governor-General who has been endeavoring to carry out carefully
equally temporary, Rates should be revised only after careful consideratoward
ntelllgently the expressed policies of the Republican Administration
tion. and operating expenses must continue to be watched with extreme
the Philippines.
care. There should be no further additions to the heavy burden of taxation
Governor-General Wood was de- Which has more than doubled in the past decade.
i The administration of
fended on Aug. 15 by the former Governor-General of the
Philippines, W. Cameron Forbes, in an address at the Insti- ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
tute of Politics at Williamstown, Mass. A New York "TribJohn A. Stewart, Chairman of the board of trustees of
une" dispatch quotes Mr. Forbes as saying:
the United States Trust Co. of New York, will celebrate his
General Wood has had the wisdom. as I think most thinking Americans 101st birthday to-morrow, Sunday Aug. 26, at his country
will agree, to set his face resolutely against the Government's going into
have home near Morristown, New Jersey. Until early last year
private business. The various ventures of the Philippine Government
been unfortunate, some of them calamitous. And it is this resolute steering Mr. Stewart continued to go to the offices of the company
has
of the Philippine Ship of State toward deeper and safer waters that
at 45 Wall Street two or thrte times a week, and although
brought about the present protest on the part of the Filipinos. I cannot
unable now to make this journey, he still takes the keenest
and
petulance
present
their
will
overcome
good
sense
believe that the:r
but
they will come to realize that in the long run in these matters General Wood
has pursued the wise and statesmanlike course.
We must neither be stampeded by the natural and creditable impatience
we
of the Filipinos for early relinquishment of our authority, nor must
hold back from them the credit for their undoubted successes in some of
Is
their administrative efforts. If you are told that the Governor-General
a sign
criticized both by Americans and Filipinos for giving too little, It is
that he is steering a safe course between two extremes, both of which would
be disastrous.
advanI do not for a minute maintain that for any economic or political
to the
tage to ourselves we should repudiate any pledge that we have mado
in
factor
Controlling
Philippine people or that we should allow that to be a
that the
deciding our relationship with their people. I do feel ,however,
States
political relationship between the Philippine Islands and the United
that end we
should follow, not precede, the economic development, and to
inherent
their
should say to them that their first job and ours is to develop
will enable
wealth, financial strength and taxpaying ability to a point that
contrary to
them to maintain nationality if given to them. I believe it is
under
our traditions and our policies to permanently hold an alien people
accumulated
our domination contrary to their will, but that until they have
nationmaintain
sufficient wealth and developed to a point where they can
move.
ality granting them independence will be a very futile and undesirable
interest in business affairs. Mr. Stewart was born at the
corner of Front and Fulton streets, Manhattan, Aug. 26
1822, and in 1839 and 1840 attended Kings College, afterward Columbia. Ho is the oldest living student of that
college. In 1853 he organized and became Secretary of the
United States Trust Co., and with the exception of the years
1864 and 1865, when during President Lincoln's administration, he served as Assistant Treasurer of the United States
at New York City, he has been continuously in active,
association with the Trust company.
Bank of Commerce in New York states that unless unfavorable factors interpose, the continuation of present conditions
of industrial prosperity throughout the country will go far
toward assuring prosperity for the railroads. The bank
says:
an ancestor of the great institution with *which he
included
To-day, after sixty strenuous and productive years, which have
keenly
the entire range of banking activity, Mr. Gilbert, still vigorous, still
behalf
interested in the public service and in the great banking system in
-Chairman
of which he has labored so long and faithfully, is the active Vice
in various
of the Irving Bank-Columbia Trust Co. During these years.
development
pasts of responsibility, he has witnessed, and taken part in, the
United States
The improvement in the condition of the railroads of the
which was prewhich was apparent in the early months of last year but
to have begun
maturely strangled by the coal and rail strikes seems at last
to operating revenues
In real earnest. The ratio of operating expenses
industrial
and
business
has been gotten within reasonable bounds and
Car loadings of
recovery has created a tremendous volume of traffic.
nearly 12% greater
revenue freight during the first six months of 1923 were
of June 30 loadings
than in the seine period of 1920. During the week
of sound banking in the United States.
specie payment
Mr. Gilbert entered the banking profession at a time when
to inance the
had been suspended and when the nation was endeavoring
he particiclosing years of the Civil War. As an active New York banker
pated in the creation of the National Banking System.
1873 and 1893.
As an officer of a New York bank, he saw the panics of
panic of 1907. The
and as President of the same bank, went through the
boyhood. In 1894..
New York Clearing House was organized during his
Alexander Gilbert, Vice-Chairman of the Irving BankColumbia Trust Co., who is in active charge of the Market
and Fulton Office of that institution at 81-83 Fulton Street,
will to-day (Aug. 25) round out sixty years of his career as
a bank officer. The following testimonial, adopted by the'
Irving-Columbia Board of Directors, was sent last night to
Mr. Gilbert, who is spending his vacation at Napanoch,
Indicates
N. Y.:
York
in
New
of
Commerce
National Bank
Aug. 25 1923 marks an important anniversary in the career of one of our
Brighter Outlook for Railroads.
fellow directors. On that day in 1863. Alexander dilbert, then a youth
Bank of New York,
In the August issue of "Commerce Monthly," the National of twenty-four, was appointed Cashier of the Market
now is associated.
AUG. 25 1923.]
THE CHRONICLE
with thirty years of banking experience behind him, he was made Secretary
of the Clearing House Association. A decade later, when experience and
judgment were required to guide the New York banks through the panic
of 1907. he again was called upon to serve, this time as President of the
Association.
The man whose youth saw "shinplasters" and "autographical counterfeit
detectors" as part of the currency system of the country worked as a seasoned
banker to secure a solid foundation for the nation's financial structure,
and Mr. Gilbert was among the earliest advocates of the Federal Reserve
System, crystallized into law in the year that he was welcomed to the
Irving Board.
On the sixtieth anniversary of Mr. Gilbert's career as a bank officer, his
fellow-directors desire to indicate to him their appreciation of his ripened
counsel, their admiration for his long and honorable service to the banking
community, and their high regard for the qualities of mind and heart which
have earned for him the esteem and affection of those with whom he is
associated.
It is ordered, therefore, that this testimonial be spread upon the minutes
of the Board and that a copy, suitably engrossed, be sent to Mr. Gilbert,
with the sincere hope of his fellow-members of the Board that the future
holds for him many years of continued usefulness and honor.
Walter E. Frew, President of the Corn Exchange Bank of
this city, sailed on the Aquitania this week for a vacation
abroad. Mr. Frew plans to visit England and France and
will return to New York about Oct. 1.
David Taylor, Vice-President and director of the Coal &
Iron National Bank of New York, died at a private sanitarium in this city on Aug. 22. He had been ill nearly two
years. Mr. Taylor's home was in•Madison, N. J. He was
born in Jersey City in 1873 and was graduated from Pennington Seminary, Pennington, N. J.,in 1888. Before becoming
associated with the Coal & Iron National Bank, Mr. Taylor
had been employed by the Western National Bank and also
with the Liberty National Bank. He became identified
with the Coal & Iron when it was founded in 1904, entering
the management as Vice-President. He was also director
in the Madison Trust Co., Madison N,J.,the Alabama
Tennessee & Northern RR.,and the Wendell P. Colton Co.
W. Averill Harriman and William Newsome, Vice-President of the United Fruit Co., Boston, were elected members
of the board of directors of the New York Indemnity Co. on
Aug. 22.
Oliver F. Meredith has been elected an Assistant Cashier
of the Bank of America of this city.
James I. Clarke has resigned as Second Vice-P-esident of
the National Bank of Commerce in New York to become associated with Hitt, Farwell & Co.
Howard D. Joost, heretofore Assistant Secretary of the
Kings County Trust Co. of Brooklyn, has been elected a
Vice-President of the company. Mr. Joost started with the
Kings County Trust as an office boy more than twenty-five
years ago. For the past eleven years he had been Assistant
Secretary. Clarence E. Tobias, who has been with the
company about twenty years, has succeeded Mr. Joost as
Assistant Secretary.
Announcement is made of the election as Vice-Presidents
of the Equitable Trust Co. of Baltimore of Thomas H.
Fitchett, Secretary of the Mercantile Trust & Deposit Co.,
and D. Stewart Ridgely, at present Assistant Secretary and
Treasurer of the Equitable. Mr. Fitchett will succeed
Richard W. Alexander, who resigns to become Vice-President and Treasurer of the Poole Engineering & Machine
Co. Mr. Fitchett had been associated with the Mercantile
Trust & Deposit since 1894. He is a member of the Maryland bar, a director, Secretary and Assistant Treasurer of
the Maryland & Pennsylvania RR. and Vice-President of
the New Amsterdam Casualty Co. and thel'American Indemnity Co. Mr. Ridgely became'connected with the
Equitable Company in 1913 and has held various positions
there. Before the Equitable Trust he was with the Fidelity
Trust Co. for eight years.
The Pennsylvania Trust Co. of Pittsburgh (formerly
South Side Trust Co.) announces the election of F. Le Moyne
Page as Secretary. Mr. Page had heretofore been Assistant
Secretary; Avery J. Bradford, previously Secretary, has
become Trust Officer, and Carl M. Wolter has been made
AsSistant Trust Officer.
At a meeting of the Board of"Directors of the Chicago
"were'relected new
Trust Co. on Aug. 21, the following.
members of the Board: Charles H. Requa, Requa Brothers,
grain dealers; P. C. Dings, Treasurer, North American
863
Light & Power Co.; A. C. Thompson, real estate dealer;
and John W. Fowler. The latter is now President of the
Century Trust & Savings Bank, which institution, as we
indicated last week, page 754, will be absorbed by the
Chicago Trust Co. when it moves into new banking quarters
on the southeast corner of Monroe and Clark Sts. early in
September. The Board also elected as assistant cashier,
C. R. Corbett, who is also an officer of the Century Bank.
Messrs. Fowler and Corbett will assume their new positions
after the consolidation takes place.
The Noel State Bank, located at Milwaukee Ave., North
Ave. and Robey St., Chicago, has been admitted to direct
membership in the Chicago Clearing House Association,
having been an affiliated member thereof since 1914.
With reference to the affairs of the defunct Commercial
National Bank of Wilmington, N. C., whose failure on Dec.
30 1922 was reported in these columns in our issue of Jan. 13
last, press dispatches from Wilmington and Raleigh on Aug.
16 appearing in New York and Baltimore papers of Aug. 17
stated that Lieutenant-Governor W. B. Cooper of North
Carolina, former Chairman of the board of the Commercial
National Bank; his brother, Thomas E. Cooper,former President; his son, Horace C. Cooper, former Cashier, and Clyde
Lassiter, an automobile manufacturer and a business associate of the family, had been arrested on the evening of August 15 for alleged conspiracy to defraud
and wreck the institution. The accused men, it is
said, were later released under bonds ranging from $1,000
to $10,000. The dispatches further stated that "the
specific charges against Thomas E. Cooper are misapplication of funds of the bank and conspiracy. Lieutenant-Governor Cooper is charged with conspiring with Thomas E.
Cooper to defraud the bank of sums of money and the misapplication of funds. Horace C. Cooper is alleged to have
misapplied the funds of the bank and to have made false entries in the bank's records. Lassiter is accused of aiding and
abetting Thomas E. Cooper in the misapplication of funds."
According to the dispatches, the Federal warrant against
the defandants is said to arise from the surrender of a bill of
lading without the payment of a draft a few days before the
Commercial National Bank was closed by a Federal examiner. They are also accused of placing a "dummy note" in
the bank covering a real estate transaction amounting to
$13,500. Lieutenant-Governor Cooper, it is said, admits both
these allegations, but asserts that while irregular they were
not criminally wrong. He claims that the bank still holds a
deed to the real estate, and that it suffered no financial loss.
According to a press dispatch from Wilmington appearing in
the Baltimore "Sun," Lieutenant-Governor Cooper issued the
following statement on Aug. 16 with regard to the arrests:
I returned to the city from President Harding's funeral and ran into this
thing. It was the first I had heard of it. I knew the Government, as is ensternary, had been investigating the affairs of the bank. As I understand the
matter, I am charged with approving a worthless note for $13,000. The records of the bank will show that the other directors approved the note along
with me.
The Baltimore "Sun" of Aug. 17 also printed the following
press dispatch from Washington, D. C. on Aug. 16 with regard to the arrests growing out of the failure of the Commercial National Bank:
All facts and data concerning the failure of the Commereian National
Bank, of Wilmington, N. C., have been placed in the hands of the United
States Attorney for that State, according to Comptroller of the Currency
Dawes. Mr. Dawes declined to discuss the arrest of Lieutenant-Governor
Cooper and his associates on the conspiracy charges, saying only that the
National Bank Examiner had gone thoroughly into the afairs of the defunct
institution, and it was now a matter with which the United States Attorney
will deal.
On Aug. 16 the First National Bank of Scottsville, Ky., was
closed by W. M. Morgan, the National Bank Examiner. Too
many long-time loans was given as the reason for his action.
The institution had a capital of $50,000, with surplus and
undivided profits of $30,000.
The closing of the First National Bank of Shelby, Mont..
by its directors on Aug. 16 is reported in the following press
dispatch from Great Falls, Mont., on that date, appearing in
the New York daily papers of Aug. 17. The bank had a capital of $25,000. The dispatch read:
The First National Bank of Shelby closed to-day (Aug. 10) on order of
the board of directors. Its last statement showed deposits of $371,000.
In the month since that time, it is stated, about $100,000 had been withdrawn and the assets of the bank could not be realized upon to furnish more
cash.
This leaves Shelby without a bank, the First State Bank, of which Mayor
James A. Johnson was President, having closed shortly after the Dempsey.
864
THE CHRONICLE
Gibbons fight July 4. Mayor Johnson was Treasurer of the fight and active
in raising a part of the $300,000 which Dempsey was to have received as his
bonus for the fight.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market this week has shown improvement in a
On July 28 a consolidation of the banking firm of J. W.
Cusick & Co. of Albany, Ore., with the First National Bank
and its affiliated institution, the First Savings B ik, of that
place, was consummated. As a result of the merger the captal of the First Natior" Bank and the First Savings Bank
have been increased to $125,000 and $62,500, respectively.
P. A. Young is President of both institutions. The banking
firm of J. W. Cusick & Co. was founded in 1892 by J. W.
Cusick. His three sons have operated the bank for some
years past. The First National Bank was established in
1871.
An application to organize the West Coast National Bank
of Portland, Ore., with a capital of $300,000 has been approved by the Comptroller of the Currency. We are advised
that the organization will not be completed.for 30 days at
least, and that the bank will begin business probably in November 1923. Besides its capital of $300,000 it will have a
surplus of $100.000 and undivided profits of $50,000. The
stock will be disposed of at $150 per $100 share. Probably
Edgar H. Sensenich will be President and John N. Edlefsen
Vice-President and Cashier. The Western Securities Co.,
with a capital of $75,000, is also in process of organization
and will have same stockholders as the National Bank.
The "Wall Street Journal" in its issue of Aug. 15 printed
the following further details of the banking crisis in Bogota,
Colombia, in July, when the Banco Lopez closed its doors on
the 19th. It said:
According to Colombian papers now to hand giving details of the banking
panic in Bogota last month, when Banco Lopez went under, the most serious
factor of the situation was that 457,000 pesos were payable to clients of the
savings bank department, cash in hand being only 200,000 pesos previous to
sale of building.
On the morning of July 16 "El Tiempo" published a statement of the
bank's position, showing total liabilities 2,429,887 pesos. Assets were stated
to be as follows:
Pesos.
Cash
179,969
Bills receivable
1,467,713
Credits in current account
672,625
At Cali branch office
30,000
Holdings of capital in various banks
571,738
2,922,035
Total
In addition there was the building purchased by the Government for 750,000 pesos, entered on the books at 739,827 pesos, 42,500 pesos in gold. reserve
fund of 294,551 pesos, and shareholders' responsibility for 2,200,000 pesos
capital not paid up. Sum of these assets exceeds 6,000,000 pesos.
Banco Lopez had outstanding 2,036,553 pesos in cedulas (currency) which
are secured by mortgages valued at 2,228,000 pesos. Mortgage valuation is
50% or 60% of real value. This item need not be considered as a liability.
Bank position was so strong that the panic appears to have been unreasonable, but there is no doubt that it originated in news that Pedro A. Lopez &
Co., closely affiliated with Banco Lopez had failed to obtain payment from
the Government of 900,000 pesos, due for account of Tolima Department.
On July 17 Banco Lopez affixed notices that they were closed for a few
days in order to assemble sufficient funds to meet all engagements. In the
meantime savings bank deposits would be payable at Junta de Conversion
(conversion office). Numerous exchange agents offered to discount Banco
Lopez paper at 70%. Banco de la Republica announced inauguration for the
following day.
On July 18 the Government declared public holidays July 18, 19, 20 and
21. On July 22 Banco de la Republica was opened in Banco Lopez premises.
Treasury notes for 3,500,000 pesos were brought to Bogota from Medellin by
aeroplane, and surcharged with name of bank. All bank paper was freely
discounted and the crisis dispelled.
There was no run on banks in other cities, not even on banks in which
Banco Lopez held large part of share capital.
We referred to the failure of the Banco Lopez in these columns in our Issues of July 28 and Aug. 11.
The balance sheet of the Standard Bank of South Africa.
Ltd. (head office London), as of Mar. 31 1923, which was
presented at the 110th ordinary general meeting of the proprietors of the institution, held on July 25, showed a balance
of profits for the year, after payment of all expenses and
rebating current bills, and including £191,226 brought forward at Mar. 31 1922, of £580,050. Out of this amount there
was paid an interim dividend at the rate of 14% per annum
for the half year ended Sept. 30 1922, amounting to £156,042,
leaving a balance of £424,009. After deducting £156,042, representing a second dividend at the rate of 14% per annum
(subject to income tax and making the total distribution for
the year 14%) and appropriating £50,000 for bank premises
account and £100,000 for officers' pension fund, a balance of
£117,967 was carried forward to the next year's profit and
loss account. Total assets are shown in the statement as
£64,254,180, the total cash items of which amount to £10,088,403. The paid-up capital of the bank is £2,229,165 and
its reserve fund £2,893,335. The New York Agency of the
bank is at 67 Wall Street.
[Vor. 117.
number of directions, notwithstanding prospects of averting
a strike in the anthracite region do not look bright, and
notwithstanding also that there have been some further cuts
in prices of gasoline and of crude petroleum. The shares of
one of the anthracite carriers, indeed, namely, the Erie,
have the present week reached their highest figures of the
year on vague rumors of purchases for control. On Saturday
the trend of prices was again upward during the short
morning session, and numerous advances were recorded
throughout the list. United States Steel common went
above 92 and Baldwin Locomotive crossed 120, while other
of the leading issues reached their best prices since the upward movement started ten days ago. On Monday a firm
tone again prevailed in the forenoon, though the market
sagged shortly after midday and several of the more prominent securities ended the day with fractional declines. Quotations were slightly lower on Tuesday morning, but the
market rallied early in the day and prices continued steady
until the closing hour. The market, however, experienced a
sharp reaction in prices near the closing hour on Wednesday
that practically eliminated the advances of the preceding
day. On Thursday the market was irregular, the morning
session bringing a series of advances and declines. At midsession a stiff rally in ihdustrial issues strengthened the
market somewhat and in the last hour many stocks not only
recovered their early losses but closed at higher levels for
the day. The tone of the market was again greatly improved
on Friday. A notable feature of the day being the sharp •
rise in Du Pont, carrying that issue above 130-a gain of
over three points for the day.
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole again run a
trifle heavier than in the corresponding week last year.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending to-day (Saturday, Aug. 25) aggregate
bank clearings for all the cities in the United States from
which it is possible to obtain weekly returns, will show an
increase of 1.1% as compared with the corresponding week
last year, and as the margin is so small it is quite possible
that when the final figures are at hand this may be changed
one way or the other. The total stands at $6,289,119,985,
against $6,222,497,829 for the same week in 1922. At this
centre there is a falling off of 9.1%. Our comparative
sumniary for the week is as follows:
Cleatings-Raurns by Telegraph.
Week ending August 25.
1923.
1922.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
22,597,000,000
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
43,546,586
32,858,339.076
398,533,055
325.000.000
206.000.000
102,922,582
a
115,000,000
74,177,000
*155,000,000
105,359,569
75,186,511
63,873,129
41,193,598
-9.1
+10.4
+11.4
+19.9
+6.2
a
+16.5
+46.4
-16.9
+11.5
+11.4
+6.5
+5.7
Twelve cities, five days
Other cities, five days
24,439,344,933
800.755,055
24,520,584,518
664,830,340
-2.0
+22.3
Total all cities, five days
All cities, one day
25.240,099,988
1,048.019,997
$5,185,414,858
1,037,082,971
+1.1
+1.1
26,289,119,985
.0 Estimated.
36,222,497,829
+1.1
Total all cities for week
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
of the week has in all eases had to be estimated.
In the elaborate detailed statement, however, which we
rresent further below, we are able to give final and complete
results for the week previous-the week ending Aug.18. For
that week there is an increase, but it is:only 4.2%,the 1923
aggregate of the clearings being $6,897,994,076 and the
1922 aggregate $6,622,459,616. Outside of this city, however, the increase is 15.3%, the bank exchanges at this
centre having fallen off 4.9%. We group the cities nqw
according to the Federal Reserve districts in which they are
located, and from this it appears that in the Boston Reserve
District there is an increase of 18.4%, in the Philadelphia
Reserve District of 15.9%, while the New York Reserve
District (because of the falling off at this centre) shows a
AUG. 251923.]
THE CHRONICLE
865
loss of 4.6%. The Cleveland Reserve District has 7.9%
Week ending Aug 18.
gain, the Richmond Reserve District 15.2% and the Atlanta
clewing"
Inc.or
1923.
Dec.
1921.
I 1922.
Reserve District 15.1%. The Chicago Reserve District
registers an addition of 18.9%, the St. Louis Reserve District
n er al Reserve D 'strict-Chl alltOzenr Fed
of 13.4% and the Dallas Reserve District of 16.2%. For ac
183.024 +38.0
252,632
125,000
949,491
829,558 +14.5
656,090
Arbor___
Ann
the Minneapolis Reserve District the increase is only 3.8%, Detroit
139,073,633 113,321,000 +22.7 111,344,298
6.840,122
5,690,444
6,088.487 +12.3
Grand Rapids..
while the Kansas City Reserve District suffers a loss of
2.364.000
4,043,000
2,122,000 +11.4
Lansing
4.2%. On the other hand, the San Francisco Reserve Ind.-Ft. Wayne 2,257,119
1,549.118
1,746,787 +29.2
20,477,000
18.552,000 +23.7
Indianapolis_
15,136.000
District enjoys a gain of 27.1%.
1.984.332 +33.7
2,653,713
1,863,226
South Bend_ _ _
4,872,514 Not included in tots I.
Terre Haute_ _ _
In the following we furnish a summary by Federal Reserve Wis.-Milwaukee
36,810,956
27,695,608
30.070.468 +22.4
districts:
2,173,678
1,728,824
Ia.-Cedar Rap_
1,856,909 +17.1
SUMMARY OF BANK CLEARINGS
Week ending Aug. 18 1923.
1923.
1922.
Federal Reserve Districts.
(1st) Boston
11 cities 382,707,412 323,243,727
10 " 3,533,938,067 3,703,143,387
(2nd) New York
(3rd) Philadelphia_ _ _10 "
504,149,594 435,101,015
s - 370,404,653 343,366,653
(4th) Cleveland
(5th) Richmond
"
176,645,591 153,329,369
155,013,540 134,671,617
(8th) Atlanta
"
845,381,653 710,956,126
19 "
(7th) Chicago
60,110,479 52,986,383
7 "
(8th) St. Louis
117,878,693 113,585,032
7 (9t111 Minneapolis
=1,889,274 231,526,731
(10th) Kansas City.11 "
50,064,581 43,070,229
(11th) Dallas
5 "
479,810,533 377,479,347
(12th) San Francisco
16 "
10
1921.
Dec.
1920.
+18.4 284,000,703 381,308,800
-4.6 3,179,426,867 4,144,219,135
+15.9 367,832,020 498,159,620
+7.9 291,561,687 402,702,355
+15.2 123,858,224 180,974,112
+15.1 116,349,208 184,151,733
+18.9 697,730,894 838,748,256
+13.4 49,859,582 62,689,282
+3.8 108,551,409 133,330,202
-4.2 255,521,546 372,515,835
+16.2 41,514,76
62,993,232
+27.1 311,630,4= 377,889,966
120 cities 6,887,994,076 6,622,459,616 +4.2 5,827,837,329 7,639,682,528
Grand total
3,436,878,1932,998,620,602 +15.3 2,699,601,604 3,565,043,528
Outside New York City
Canada
29 cities 897,092,838 267,257,7113 +11.2 289,498,543 354,368,091
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending Aug. 18.
Clearings at1923.
1922.
$
First Federal Reserve Dist rict-Boston
787,190
Me.-Bangor„
649,308
3,009.312
2,555.292
Portland
Ma88.-13oston _ 338.000,000 285,000,000
2,306,209
1,749,291
Fall River._
Holyoke
'
'
48,588
Lowell
56,173
a
Lynn......
a
1.508,435
New Bedford
1,517,658
Springfield _
4,593,726
3.976,737
Worcester
3,804,000
3,213,608
11,284,666
Conn.-Hartford
8,014,658
New Haven.._
6,659,586
5,792,806
06.1.-Providence
11,605,700
9,528,200
1,0
1,1
Inc.or
Dec.
1921.
1920.
$
+21.2
+17.8
+17.9
+31.8
a
+16.6
a
-0.6
+15.5
+12.1
+39.2
+15.0
+21.8
733,938
2,750,000
250,197,188
1,338,029
1;188,128
a
1,599,127
3,089,715
2,777.884
6,795,565
5,109,649
8,521,500
1,204,004
2,500,000
340,031,185
1,838,436
a
1,100,000
a
1,933,200
4,572.035
4,138,228
8,133,674
5,221,738
10,638,300
Total(11 cities) 382,707,412 323,243,727 +18.4 284,000,703 381,308,800
Second Feder at Reserve D (strict-New York8,198,325
N. Y.-Albany._
4,024,654 +54.0
2,974.978
4,856,422
Binghamton...
1,690,994
1,159.903 +45.8
883,022
1,062,800
Buffalo
d43.309,436
39,699.874 +9.1
33,091,970
48,925,132
Elmira
878,538
509.870 +72.3
Jamestown....
c1,184,913
1,139.261 +4.0
972,584
1.317,580
New York _
3,462,115,883 3,641,838.814 --4.9 3,128,235,725 4,074,639,000
Rochester
10,787,735
8,597,628 +25.5
6,827,970
10,562,280
Syracuse
4,758,840
3,250.459 +46.4
3,322,481
4,349,051
Conn.-Stamford
c2,644,548
2,578,862 +2.5
2,808,884
N. J.-Montclair
388,855
344,082 +7.2
309,253
508.870
Total(10 cities) 3,533,938,067 3,703.143.387 -4.8 3.179,426,867 4,144,219,135
Third Federal Reserve Dist rict-Philad elphia.
Pa.-Altoona
1,649,197
991,796 +86.3
Bethlehem
4,177,649
2,643,340 +58.0
Chester
1,545,873
1,027,980 +50.4
Lancaster
2,420,814 +20.1
2,991,077
Philadelphia _ 475,000,000 414.000,000 +14.7
Reading
2,614,015 +44.6
3,780,050
Scranton
5,897,604
3,604.572 +63.6
Wilkes-Barre._
c2,729,701
2,363,388 +15.5
York
1,186,744 +32.0
1,588,958
N.J.-Trenton..
4,811.485
4,178,586 +15.1
Del.-Wilmingt'n
a
a
a
897,701
2,231,398
950,000
2,212,470
348,000,000
2,000,000
4,251,346
2,630,931
1,139,513
3,618,661
a
1,164,632
3.485,951
1,388,871
2,452,246
474.088,568
2.288,280
4,928.198
2,989,043
1,342,483
4,055,368
•
387,832,020
498,159,620
Fourth Feder at Reserve D istrict--Clev elandOhio-Akron.... d7,105,000
*8,500,000 +9.3
6,357,000
Canton.
5.011,114
4,159,089 +20.5
2,771.134
Cincinnati
82.097.307
55,737,685 +11.4
51,249,913
Cleveland
118,508,749
95,086,086 +24.6
80,943,994
Columbus
15.084,700
13,031.500 +15.8
10,201,100
Dayton
a
a
a
Lima
a
a
a
a
Mansfield
d1,723,918
1,319,030 +30.7
1,298,881
Springfield _ _
a
a
a
Toledo
a
a
a
Youngstown
d4,3
'
3,233,283 +35.5
132,468
2,939,865
a
a
Pa.-Erie
a
a
Pittsburgh .._
158,491,397 164,300,000 -4.8 135,800,000
Wheeling
10,968,000
4,480,792
65,543,874
137,884,437
13,814,100
a
a
1,790,104
a
a
3,896,943
a
164,526,555
Total(10 cities)
Total(8 cities).
504,149,594
370,404,653
435,101,015 +15.9
343,366,653
+7.9
291,561,687
402,702,355
Fifth Federal Reserve Dist rict-Richm ond2,091,438
1,503.073 +39.1
W.Va.-II unt'g'n
Va.-Norfolk . d8,613,068
7,153.050 -7.5
46,283.000
41,410,580 +11.8
Richmond
_
d1,812.893
1,691,268 -4.8
S. C.-Charlesen
101,887,194
84,502,785 +20.3
Md.-Baltimore
17,068,613 +7.6
D. C.-Wash'ton d18.358,000
1,567,809
5,868,801
36,546,071
1,673,325
63,770,257
14,433.961
2.093,830
10,259,126
57,480,009
3,300,000
91.908.525
15,932,622
123,858,224
180,974,112
4,897,905
2,669,259
13,934,174
35,092,224
8,157,489
3,321,767
22,107,341
53,917,258
Total(6 cities)_
176,645,591
153.329.389 +15.2
Sixth Federal Reserve Dist rict-Atla nt a5,225,753 +11.5
Tenn.-Chatt'ga. d5,827,847
3,475,531
2,622,583 +32.5
Knoxville
17,741,996
19,705,293
+11.1
Nashville
37,391,429 +27.2
47,545,282
Ga.-Atlanta
Augusta
1,049,199 +51.0
1,584,217
Macon
a
a
Savannah
a
9,694,354
+15.4
11,190,682
Fla.-Jacks'nville
19,660,914 -5.2
18,631,160
Ala.-131rm'gham
Mobile
611.284 +35.1
825,674
M1s8 -Jackson..
242,335 +20.7
292,549
Vicksburg
+13.6
40,431,790
45,935,331
La.-NewOrleans
1,200,000
a
7,850.388
15,224,174
2,000,000
a
11,164,527
17,876.688
667,860
215.578
34,797.848
583,806
248,387
64,994,472
134,671,617 +15.1
116,349,208
184,151,733
Total(10 cities)
155,013,546
1920.
Des Moines_
Sioux City_
Waterloo
M.-Bloom'ton.._
Chicago
Danville
Decatur
Peoria
Rockford
Springfield -
10,248,794
5,559,953
1,365,058
1,457,292
602,247,823
'a
1,384,560
4,477,473
2,269,042
2,519,286
9,007,198
5,145,598
1,111,947
1,103,526
510,569,615
a
1,267,803
4,002,158
1,845,966
2,147,752
7,840,226
5,427,554
1,230.239
1,185,919
503.898,560
a
1,091,118
3,339.522
1.653,234
2,152,918
$
rig
229,136
585,297
140,000,000
8.704.181
1,400,000
1,830,683
18,065,000
1,873,326
.4
36,528,875
2,497,093
10.512,047
7,502,098
1,806,238
1,542,720
595,069,158
a
.4
1,665,583
5,000,000
2,542,119
3,394,702
Total(19 cities)
845,381,653
710,958,128 +18.9 697.730.894
838,748,256
+13.8
+8.1
+22.8
+32.1
+18.0
a
+9.2
+11.9
+22.9
+17.3
Eighth Federa Reserve Dist rict-St.Lou 184,736,100
Ind.-Evansville
4,108,309 +15.3
a
Mo.-fit. Louis
a
a
Ky.-Louisville_ d26,449,000
25,008,009 +5.8
412,228
Owensboro _ _ _.
319,907 +28.9
16,367,110
Tenn.-Memphis
14,248,973 +14.9
10,469,689
Ark.-Little Rock
7,733,630 +35.4
Ill.-Jacksonville
385,333
340,316 +13.2
1,291,010
Quincy
1,227.239 +5.2
3,730,809
a
22,413,173
282,132
14,044,605
7,931,178
457,88.5
1,000,000
3,978,971
••
29,037,478
398,643
17,312,934
9,927,624
670,450
1,363,182
49,859,582
62,689,282
Ninth Federal Reserve Dis trict-Minn eapolisd7,721,350
_
7,438,561
7,582,904 +1.8
66,962,039
Minneapolis._ _
85,547.965 +2.2. 63,665,327
36,480,302
St. Paul
30,330.487
33,363,303 +9.3
N.,D.-Fargo
1,859,334
1,904,549
2.216.4l0 -16.1
1,255,318
S.D.-Aberdeen.
1,351,455 -7.1
1,379,060
Mont.-Billings _
535.797
496.586 +7.9
578,781
3,064,553
Helena
3,254,664
3,025,909i +1.3
8,222,260
77,611,387
40,382,108
2,607.319
1,756,121
1,178,966
1,592,041
Total(7 cities)_
60,110.479
52,986,383 +13.4
Total(7 citles)_ 117,878,693 113,585,0321 +3.8
Tenth Federal Reserve Dist rict-Kansa a City
Neb.-Fremont_
d334.779
335,027: -0.1
476.170
Hastings
441,832 +7.8
Lincoln
3,533,673
3,926,400 -10.0
35,378,489
37,275,728, -5.1
Omaha
d3,286,055
Kan.-Topeka.._
2,563,4371 +28.2
Wichita
d8,803,689
10,322,296 -14.7
Mo.-Kansas City d127,041,000 137,579,282 -7.7
'
a
St. Joseph _
a
a
a
a
Okla.-Muskogee
a
Oklahoma City d19,438,380
19,675,310 -1.2
a
•
a
Tulsa
1,149,546 +20.4
1,384,390
Colo.-Colo. spw,
17,327,314 +23.7
21,428,190
Denver
e784,499
930,559 -15.7
Pueblo
Total(11 titles) 221.889,274 231,52 .731 Eleventh Fed eral Reserve District-Da Ilas1,761,931
1,300,651 +35.5
Texas-Austin
28,356,130
22,014,977 +19.7
Dallas
d9,149,085
10,190.744 -10.2
Fort Worth......
8,437,283
6,003,933 +40.5
Galveston
a
a
a
Houston
3,559,924 +22.5
4,360,152
La.-Shreveport.
50,064,581
Total(5 cities).
43,070,229 +18.2
Twelfth Feder at Reserve D IstrIct-San Franc(
41,879,185
Wash.-Seattle_ _
32,494,183 +28.9
Spokane
12,229,000
10,521,000 +16.2
a
Tacoma
a
1,142,415
Yakima
1,103,921 -11 .5
41,765,857
Ore.-Portland.._
32,285,039 +29.4
15,095,811
Utah-S. L. City
12,695,838 +18.9
Nev.-Reno _ _ _ _
a
a
a
Ariz.-Phoenix -a
a
c3,938,011
Calif.-Fresno._ _
3,740,812
9,461.153
Long Beach
5,070,644 +86.6
Los Angeles..._ 147,687,000
97,810,000 +51.0
17,515,156
Oakland
13,190,000 +32.8
5,495,394
Pasadena
3.676,322 +49.8
d7,130.615
Sacramento 6,857.503 +4.0
4,444,712
San Diego__
*4,000,000 +11.1
San Francisco_ 185,300,000 147,700,000 +11.9
2,615,975
San Jose
2,319,633 +12.8
1,400,949
Santa Barbara.
1,400,052 +0.1
Stockton
e2,709,500
2,623,400 +3.3
108,551,409
133,330,202
600.000
504,205
2,671,939
37,905,043
2,739,583
11,888,261
156,972,576
a
•
24,367,937
a
1,027,672
15,935.368
908,964
827,930
778,084
5,250,977
54,578,116
3,188,888
15.725.009
235,780,401
a
a
83,768,347
a
1,254,043
20,398,385
987,655
255,521.548
372,515,835
1,100,000
20.000.000
10,057,531
7,333,187
a
3,024,049
1.200.000
30,906,661
20,244,932
6.008,392
IQ
4,635,247
41.514,767
62,993.232
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
36,442,111
11,688.373
rid
a
1,209,098
35,616,292
14,374,323
a 14
4,309,535
2,538,466
74,879,000
10.519,691
2,925,016
6,789.637
2,807,835
164,800.000
2.286,941
791,048
5,932,600
Total(11 cities) 221,889,274 231,526,731 -4.2 255,521,546 372,515,835
Grand total (120
6,897,994,076 6,622,459,616 +4.2 5,827,837,329 7.639.682.528
cities)
Outside N.Y
3,435,878,193 2,980,620,802 +15.3 2,699,801,804 3,565,013,528
Week ending August 16.
Clearings al1923.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ .....
New Westminster
Medicine }lat.__
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert _ __ _
Moncton
Kingston
Tot.i (20 pities)
2
93,137,760
102,298,704
33,330,251
14,345,063
6,551,702
5,575,682
2.812,298
5,377,168
, 4,408,391
2.878,192
2,153,546
2,772,144
3,652,844
3.267.939
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
895,858
1922.
$
84,871,228
84,091.378
33,035.720
12,959,858
5,910,441
4,777,465
2,595,715
5,662,620
3,997,455
3.101,959
1,957.579
2,265,047
4,317,769
3,337,855
638,298
496,898
1,639,118
987.206
937,594
694,909
616,762
257,008
536,902
1,004,888
912,266
3,778,484
300,169
1,127.871
547,521
Inc.or
Dec.
%
+9.7
+21.6
+1.0
+10.7
+10.9
+18.7
+8.3
-3.3
+10.3
-13.7
+10.0
+22.4
-15.4
-2.1
-9.1
+36.4
-8.8
+30.7
+7.2
+19.0
-12.4
+9.9
+34.9
-27.6
A-14.6
-1.6
+3.5
-31.7
+27.1
1921.
1920.
$
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
382,219
797,928
866,291
981,621
3,197,901
$
NI
130.380.498
91.468.728
45,668,369
17,240,712
7,646.925
6,793,174
4,879,781
7,044.311
7,359,928
3,351.773
2,600.000
3,858,229
5,174,856
4,046,625
700,000
884.932
2,381,467
1,758,125
1,390,194
715,807
701,080
407,081
892,103
1.218,483
1,080,013
3.881,800
968.479
697,717
883,097
297 092.03R 267 057.783 4-11.2 288.498.543 354.368.091
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Aug. 15. d Week ending Aug. 16 e Week ending Aug. 17. •Estimated,
866
voL. 117.
THE CHRONICLE
Public Debt of United States-Completed Return
Showing Net Debt as of May 31 1923.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued May 31
1923, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1922.
. The Shanghai exchange is quoted at 3s. 3id. the tad.
Bar Gold per
-Bar Silver per Oz. Std.Oz. Fins.
2 Mos.
Cash.
Quotations-90s. 3d.
Aug. 2
30 15-16d.
3034d.
90s. 2d.
30 11-16d.
Aug. 3
30 15-16d.
3040.
3034d.
Aug. 4
90s. 3d.
11-166.
30
Aug. 7
31d.
90s. 4d.
3054d.
Aug. 8
30 15-16d.
90s. 3d.
30.650d.
Average
30.937d.
The silver quotations to-day for cash and forward delivery are respectively 1-160. and 34d. above those fixed a week ago.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
May 31 1923. May 31 1922.
$301,883,908 8289,396,865
Balance end month by daily statement, ace
Add or Deduct-Excess or deficiency of re•elpts over
+6,099,914
+3,322,014
Items
belated
or under dLsbureements on
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:
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
Balance, deficit(-) or surplus(+)
8305.205,922
8295,496,779
22,021,913
68,088,240
68,423.184
56,015,095
$2,451,801
76,570,650
70,766,008
126.771,937
$194,548,432
$276,560,396
+8110,657,490 +S18,936,383
INTEREST-BEARING DF:FIT OUTSTANDING
Interest May 31 1923.
Payable,
Tide of LoanQ.-J. .599,724,050
28. Consols of 1930
Q.-F. 118.489,900
as, Loan of 1921
48,954,180
28 of 1916-36
Q.-F.
25,947,400
28 of 1918-38
Q.-F.
49,800,000
38 of 1981
Q.-M.
28,894,500
Q.-J.
Is. Conversion bombs of 1946-47
Certlfleatea of indebtedness
J.-J. 1,073,374,000
Certificates of Indebtedness under Pittman Act.J.-J.
334s, First Liberty Lean. 1932-47
J -.I 1,409,999,050
10,125,050
J -D.
48, First Liberty Loan. converted
converted
Loan,
Liberty
First
43419,
J.-D. 528,152,650
3,492,150
4345, First Liberty loan, second converted
J.-D.
43,400,300
48, Second Liberty Loan. 1927-42
M.-N.
43(8, Second Liberty Loan, converted
3,224,303,950
43.‘s, Third Liberty Loan of 1928
M -S. 3,408.334,150
eDis, Fourth Liberty Loan of 1933-38
6,329,104,200
-0.
A
3348, Victory Liberty Loan of 1922-23
J -D.
434s, Treasury bonds of 1947-59
763,954,300
Ois. Victory Liberty Loan of 1922-23
J -D
as, War Ravings and Thrift Stamps
Mat. 331,818.894
11,860,200
2348. Postal SarIvIgq beryls
J -J.
J -D 4,175,771,700
5344 to 5348. Treasury notes
May 31 1922.
3
599,724,050
118,489,900
48,954,810
25,947.400
50.000,000
28.894,500
1,659,749,000
77.000,000
1,410,016,050
12,866,050
525,506,550
3,492,150
55,919,750
3,255.039,400
3.506.906.350
8,345,778,700
254,534,500
2,317,019,3.50
671.101,769
11,830.440
1,921,265.900
Fri.Wed. Thurs.
Tues.
Mon.
Sat.
London.
Aug. 18. Aug.20. Aug.21. Aug.22. Aug.= Aug.24.
Week ending Aug. 18.
30 13-163034
d 31
31 1-18 31
3034
Silver, per oz
908.44. 908.20. 908.9d. 908.5d. 908.60. 908.5d.
Gold, per fine ounce
5834
5834
58%
5834
5834
Consols, 234 Per cents
10134
10134
102
10134
10114
British, 5 per cents
97
9634
9634
9634
British, 434 per cents _ __
56.95
58.90
57
57
56.85
_
French Rentes (in Paris)_ _fr.
74.85
74.60
74.75
74.55
74.40
French War Loan (in Paris)fr. ____
The price of silver in New York on the same days has been:
Silver in N.Y.. per on.(ea.):
6234
Foreign
63
6234
6234
6234
6234
Vanuttercia1 nu(MIiscetlaneonsgemBreadstuffs figures brought from page 914.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
I
Corn.
Oats.
Barley.
Rye.
,,1,5.1961bs bush 60 lbs bush. 56 lbs.bush. 32 lbs.bush.48lbs. bush.80Ibs.
118.000
305,000
212,000 4.388.0001 1,639.000 2,386,000
Chicago
372,000 337,000
.111
94,000
2,300,0001
Minneapolis
207,000
75,111
3,000
481.000
Duluth
34,000
150.000
854.001
165.000
68,000
50,000
Milwaukee_
15.000
2,000
57,111
156,000
692.000
Toledo
83,0001
34,000
34,000
14,000
Detroit
524,0001
364,000
330,000
Indianapolis._
18,000
11,000
840,001
542.000
106,000 1,350,0001
St. Louis__ _
377,11
144.0001
464,000
33,000
Peoria
3,418,000
258,001
401,000
Kansas CRY.584,111
390,000
685,000
Omaha
411,000
St. Joseph__
415,000 14.249,000
518,000 12,556,000
463,000 14,613,000
4,445,000
4,119,000
6,965,000
6,419,111
6.286.000
9,987,11i
729,000
915,
3,264,000
878,
942,000 613,000
Aggregate of Interest-bearing debt
Bearing no interest
Matured, Interest reamed
.22,185,500,624 22,900,036,889
231,063,468
244,718,491
5,958,840
200,533,880
Total wk. '23
Same wk. '22
Same wk. '21
Total debt
Deduct Cr-assay surplus or add Treasure deficit
a22,630,752,995 23,137,059.197
+110,657,490 +18.936,383
Slav Aug.11,135.000 45,973,000 13,945,000 15,017,111 2.142,11' 1.588,000
1923
1,406,000 43,648,000 13,269,000 16,132,000 2,175.111 6.799.000
1922
1.420.000 46.134.000 15.685.000 31.344.000 1.873.001 1.944.000
1921_ _
'22,520,095,505 23,118,122,814
Net debt
a The total gross debt May 31 1923 on tile basis of daily Treasury statements was
322,630,229,172 43, and the net amount of public debt redemption and receipts In
transit, &c., was $523,822 63.
S No deduction is made on account of obligations of foreign Governments or
Other investments.
Noir.- Issues of Soldiers' and Sailors Civic Relief bonds not included in the
above. total Issue to May 31 1923 was $195,500, of which $194,900 has been retired.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 17 1923:
Total receipts of flour al ri grain at the seaboard ports for
the week ended Saturday Aug. 18 1923 follow:
Receipts W-
MUT.
Barrels
212.111
New York_ _ _
67,111
Philadelphia__
34,000
Baltimore_ _ _ _
66 1 1 1
New Orleans•
Galveston__
,I el
Montreal __ -_
26,000
Boston
Wheat,
Corn.
Oats.
I
Barley. 1
Rye.
Bushels. 1 Bushels.
Bushels.
Bushels.
Bushels,
430,000
73.000
725.01)0
168.001
82,000
2,000
671.000
38.001
10,000
8,000
6,00'
13.000
579,000
28,011
95,000
458,000
242,000
217,000
165,001
402,000
1,561,00(1
74,000
89,001
2,000
170,000
475,001) 657,000
Total wk. '23 455.001 4,406,000
494,000
276,000
Since Jan.1'23 14.907 t 1 i 154,825.000 33,910,000 25,581,000 8,673,00024,195,000
GOLD.
The Bank of England gold reserve against its note kale on the 1st inst. Week 1922_ _ _
677.000 10,521,000 2,4040.00
838,000 369,000 1.120,000
was /125,811,595. as compared with /125.808.795 on the previous Since Jan.1'2215,190.000 145,937,000 107,819,000 44,376,00010,982.00020,475.000
Wednesday.
* Receipts do not include grain passing through New Orleans for foreign Ports
Indian Bazaar inquiry being still upon a small scale, most of the moderate on through bills of lading.
amount of gold on offer this week will probably be taken for the United
'fhe exports from the several seaboard ports for the week
States of America.
83.turday, Aug. 18 1923, are shown in the annexed
ending
Gold valued at $2,624,000 has been received in New York from London
statement:
and 20.000,000 gold marks from Germany.
Sir William Joynson-Hicks announced last week that gold to the value
Corn. Flour.' Oats. 1 Ryr. tBarley.1 Peas.
Exports fromWheat.
of £3,817,232 had been salved from the wreck of the Laurentic, ancrtiMi
operations were being continued.
Bushels. Bushels. Barrels.! Bushels. 'Bushels. Bushels.'Bushels.
New York
408,462 115,925.
201,184
SILVER.
152,150
184,000
41,000
The market continues to be quiet, and prices to move within narrow Boston
Philadelphia
14,000
Bazaars
working
been
Indian
both
has
ways
China
and though the
limits.
Baltimore
347,000
31,000
have bought small quantities for shipment, they have also been sellers Newport News._ _
5,000
266,000
43,000 51,000
3.000
of silver for forward delivery. This is noteworthy, considering that on New Orleans
672,000
the whole the monsoon has been not unfavorable. Reuter thus summarizes Galveston
Montreal
2,694,000
262,000 211,000 407,000
67,000
43,000
everywhere
the position up to the end of July: "The monsoon was late
Total week 1923_ 4,364,184
except in Bengal. The rainfall was adequate except in West Madras,
86,000 320,150 306,000 610,462 522,925'
6,780.780 2,573,124 150,078 1.268,853 239,340 209.311
Western Bengal, portions of the United Provinces, Raiputana, Baluchistan, Week 1922
and the dry zone of Upper Burma. In the latter tract the protracted
The destination of these exports for the week and, since
drought caused anxiety regarding cotton and sesamum. There was some July 1 1923 is as
below:
Bongo
rainfall
and
floods in parts of Madras.
damage to crops by heavy
and Assam. Agricultural operations were retarded in Central India.'
Corn.
Flour.
Wheat.
The news from Bombay is quite good.
Exports for Week
Stnce
The returns of the Mexican silver production for the six months ending
Week
and Since
Week
Since
Since
Week
July 1
Aug. 18
July 1 toJuly 1
Aug. 18 July 1
Aug. 18
June last are at the rate of 90,000,000 ounces per annum.
1923.
1923.
1923.
1923.
1923.
1923.
INDIAN CURRENCY RETURNS.
-July 15. July 22. July 31.
Bushels. Bushels. Bushels.
(In Lacs of Rupees)Barrels. Barrels.
Bushels.
640,351
43,000
582,778 1,290,968 14,120,234
17572 United Kingdom. 80,636
17487
17494
Notes in circulation
262,000
Continent
205,384
794,635 3,047,216 17,055,900
9004 So.
8819
8726
Silver coin and bullion in India
98,000
Or Cent. Amer. 6,000
38.000
26.000
218.000
43,000
4,000
West Indies
Silver coin and bullion out of India
20,000
128,000
10,000
---- Brit.No.Am.Cols_
2432
- -3224
2432
Gold coin and bullion in India
6,000
67,000
Other
Countries.8,130
61,025
_
Gold coin and bullion out of India
5751
5751
5751
86,000 1.136.3451
Securities (Indian Government)
Total 1923
320,150 1,804,438 4,364,184 31,345.134
385
Total 1922
485
585
150,078 1,189,244 8.780,780 41,681.388 2,573,124 18,516,098
Securities (British Government)
No silver coinage was reported during the week ending 31st ult.
world's
The
shipment of wheat and corn, as furrished by
The stock in Shanghai on the 4th inst. consisted of about 27.200,000 Broomhall to the New York Produce Exchange, for the week
ounces in sycee, 32,500,000 dollars, and 1,280 silver bars, as compared
and -1922.
" ending Friday, Aug. 17, and since July 1 1923
with about 27,200,000 ounces in sycee, 32.000,000 dollars, and 950 silve,
are shown in the following:
bars on the 28th ult.
AUG. 25 1923.]
Wheat.
1923.
Week I
Aug. 17.
North AmerRuss.& Dan.
Argentina__
Australia ___
India
0th.countr'
Total
Bushels. I
7,170,000
64,0001
2,860,000:
504,000
904,000
Since
July 1.
APPLICATIONS TO ORGANIZE RECEIVED.
Corn.
1922.
i
1923.
Since
I Week
July 1.
Aug. 17.
1922.
Since
July 1.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels,
44,017,000 51,824,000
50.000
918,000 20,431,000
544,000
712,000
118,000 1,111,000 2,630,000
16,020,000 20,361,000 2,544,000 27,684,000 12,812,000
5,392,000 4,556,000
7,624,000
160,000
1,293,000 1,736,000
866,000
11;502,0001 73,757,000 77,453,000 4,005,000 31,449,000 36.739,000
The visible supply of grain, comprising the stocks in g7:,r.ary at principal points of accumulation at lake an'i seaboard
ports Saturd....y, Aug. 18, was as follows:
United StaresNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
"
afloat
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
St.Joseph, Mo
Minneapolis
St. Louis
Kansas City
Sioux City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
867
THE CHRONICLE
GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush,
bush,
521,000
11,000
343,000
2,000
24,000
806.000
5,000
384,000
1,273,000
28,000
47,000
932,000
82,000
36,000
1,976,000
2,301,000
386,000
479,000
131,000
101,000
125,000
1,303,000
66,000
202,000
21,000
24,000
60,000
15,868,000
523,000 2,315,000
195,000
128.000
32,000
689,000
928,000
14,000
1,169,000
38.000
26,000
7,937,000
16,000
911,000
2,178,000
51,000
53,000
7,285,000
114.000
164,000
188,000
106,000
116,000
54,000
10.000
40.000
702,000
189.000
48,000
2,059,000
177,000
282,000
399,000
50,000
396,000
96,000
Rye,
bush.
244,000
Barley,
bush.
2,000
42,000
132,000
83,000
116,000
1.906.000
3,000
285,000
22,000
1,191,000
135,000
139,000
3,419,000
4,951,000
18,000
65,000
1,000
54,000
92,000
5,000
299,001)
3,000
24,000
2
10
7:0
080
0
34,000
126,000
Total Aug. 18 1923... _ 5,702,000
131,000 2,474,000 2,727,000
Total Aug. 11 1923
5,986,000 7,000,000 3,028,000 2,897,000
Total Aug. 19 1922_ _ _ 8,346,000 1,109,000 2,901,000
367,000
SummaryAmerican
48,752,000 2,105,000 8,338,000 12,387,000
Canadian
5,702,000
13,000 2.474,000 2,727,000
1,071,000
1,609,000
Total Aug. 18 1923_ _ -.54,454,000 2,118,000 8,812,000 15,114,000
Total Aug. 11 1923
48,735,000 9,736,000 8,791,000 15,177,000
Total Aug. 19 1922 _.36.336,000 9,224,000 39,912,000 4,130,000
2,680,000
3,226,000
1,600,000
1,609,000
1,971,000
691,000
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Price.
13 Union Dye &Chem. Corp. com.
and $5 scrip
$2 lot
100 Ardsley Textile Co.,Inc.,pf--$100 lot
Bonds.
Price.
$3,000 Union Dye & Chem. Corp.
65, 1923, Dec. 1918 coupons attached
$5 lot
$3,000 Iron Steamboat Co. 2d Lien
4s, 1932
45.14%
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Steel.
Par.
24 Home Bleach & Dye Wks., corn. 2
4 Great Falls Mfg. Co
509
5 American Glue Co., corn
394
3 Lawrence Gas Co
127
15 Fall River Elec. Light Co.. new 31
10 Fred H. Roberts Co., 1st pref.
certif. of deposit
7
10 G.Siegel Corp. of Amer., 1st pf. 20
20 Van Camp Packing Co., met,
$511 Par
1515
Shares. Stocks.
Par.
20 F. H. Roberts Co., pf., Class'C' 13
10 G.Siegel Corp. of Am., 18t pref 20
2 G. Siegel Corp. of Am., 2d pf.,
as bonus
15 North Boston Ltg. Prop., pref._ 88
10 F. H.Roberts Co.. pt., Class'C' 15
Bonds.
Price,
$1,000 Island,Refin. Corp. 7s, 1929,
certifs. of deposit
12%
$1,000 Seattle Elec. Co.5s, 1939
87
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price.
8 Plymouth Nat. Bank, Plymouth,
Mass
1303.
285
1 Holmes Aug.. common
62%
4 Hamilton Mfg
277
5 Naumkeag Steam Cotton
15 Otis Co
12114
6 North Boston Ltg. Properties, pt. 88
2 BostonWovenitose&Rubber,pfd.100
10 Ivar-Lite Corp.. pre!, par 810)1523.4
10 Ivar-Lite Corp.,com.,par $101per unit
Shares. Stocks.
Price.
89-100 State Theatre, pref. scrip--71c.
200 Crowell & Thurlow SS. Co, par
$10
13c.
5 Waldorf System, Inc., 1st pref,
Par $10
104
9 Puget Sound Power & Light, 6%
preferred
79%-%
5 Charlestown Gas & Electric Co,
par $50
133
5 Draper Corp
16234
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stouts.
10 Olean Bradford & Sal. RR.,pref. 2
Bank
80
Delaware
Co.
Nat.
(rights)
69
60-120 (right) Franklin Trust Co__ 3014
stock)
_
_
_224
(old
Bank
Nat.
Union
10
10 Union Nat. Bank (new stock)..224
15 Broad Street Trust, $50 each.__ 70
4 Bank of No. America & Trust- __290
14 Budd Wheel,Prof.(7 shares cornSO
mon bonus)
1 Commercial Advance Corp. (1
iss
share common bonus)
issi
24 Philadelphia Bourse. com
3 Phila. Bourse, Prof.. $25 each._$25 lot
5 Little Schuylkill Nay. RR.& Coal 40
Shares. Stocks.
Price,
2 Autocar Co., pref
95
3 Phila. & Darby Passenger RY-.- 23/I
10 Phila. & Darby Passenger Ry
23
150 American Potato Flour, corn
%
10 Independence Fire Ins. Security 25
Bonds.
Price.
$200 Olean Bradford & Salamanca
Ry. 78, 1951
59
$1,000 Strawbridge & clothier 6s.
1942
10314
$14,000 Pine Ridge Coal 6s, 1940
(Dec. 1922 and all sub, coo. att.) 1%
$1,200 Nat. Properties 4-6%. 1946 $1 lot
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE APPROVED.
Aug. 14-The First National Bank of Sausalito, Calif
Correspondent, W. L. Brown, Sausalito. Calif.
Aug. 14-The First National Bank of Nuremberg. Pa
Correspondent. Frank Wharmoy, Nuremberg, Pa.
Capital.
$30.000
200,000
50.000
$25.000
25,000
CHARTERS .ISSUED.
Aug. 14-12425-The Union Center National Bank, Union Center,
N . J.(P.O. Union, N.J.)
25,000
President. John R.Buchanan;Cashier,James M.Wade.
100,000
-The First National Bank of Berwyn. Ill
Aug. 14-12426
President. Bohumir Kryl; Cashier, Edward F. Silha.
25.000
-The First National Bank of Wheeler, Ore
Aug. 14-12427
President. A.O. Anderson; Cashier, F. M.Arnold.
Aug. 18-12428--The Maple Shade National Bank, Maple Shade.
50.000
N. 5
President. John H.Parker; Cashier, Frank T.Eastlake.
VOLUNTARY LIQUIDATION.
Aug. 14-10962-The State National Bank of Carlsbad, N.Mex $75.000
Effective July 30 192:3. Liq. Agent, The National Bank
of Carlsbad, N. Meg. (No. 6884). Absorbed by the
National Bank of Carlsbad. Liquidating bank has no
circulation.
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.
The dividends announced this week are:
Name of Company.
Total Aug. 18 1923...48.752,000 2,105,000 6,338,000 12,387,000 1,071,000
42,749,000 2,736,000 5,765,000 12,280,000 1,255,000
Total Aug. 11 1923
Total Aug. 19 1922-27,990,000 8,115,000 37,011,000 3,763.000
909,000
Note.-Bonded grain not included above: Oats, New York, 34.000 bushels; Baltimore,6,000; Duluth, 42,000; total. 82,000 bushels, against 224,000 bushels in 1922.
Barley, New York, 62,000 bushels; Buffalo, 37,000; total, 92,000 bushels, against
32,000 bushels in 1922. Wheat, New York. 236,000 bushels; Boston. 255.000; Philadelphia, 229,000; Baltimore, 87,000: Buffalo, 278,000: Duluth, 31,000: Toledo,
90,000: Toledo afloat, 3,000; total. 1,209,000 bushels, against 2,544,000 bushels in
1922.
CanadianMontreal
3,179,000
13,000 1,091,000 1,141,000
541,000
Ft. William & Pt. Arthur_ 2,523,000
864,000 1,588,000
790,000
Other Canadian
519,000
278.0011
Shares. Stocks.
Price,
100 Shaw & Van Corporation_ _ _ _811 lot
175 Republic Export Tobac. Corp.}$50
150 Republic Export Tobac. Corp.
lot
5 Simplex Automobile Co., Inc....825 lot
1,500 Piggly Wiggly Stores, Inc.,
Class"A"
• $1 per sh.
30 Federal Dyestuff & Chem.Corp.
v. t. c., certif. of deposit
$2 lot
170 Zinc Concentrating Co. of Del.
v. t 0
$6 lot
Aug. 14-The First National Bank of Auburn. Ala
Correspondent, A. L. Thomas. Auburn, Ala.
Aug. 14-Portland National Bank, Portland, Ore
Correspondent, Will B. Haines, Portland, Ore.
Aug. 14-The First National Bank of Pineville. La
Correspondent, James A. Christian, Pineville, La.
Per
When
Cent. Payable.
Rooks Closed.
Days Inclusive.
Railroads (Steam).
Bangor & Aroostook, pref. (quar.)
Boston & Albany (guar.)
Buffalo &Susquehanna,com.(quar.)
Common (extra)
•134
*2
134
234
Public Utilities.
Amer. Telephone & Telegraph (guar.).Brooklyn Union Gas(quar.)
Consol. Gas, El. L.& P., Balt.,com.(qu)
Serie Apref.(guar.)
Series B pref.(quar.)
Frank.& Southwark Pass. ny.(quar.)-Illinois Bell Telephone (quar.)
Kansas City P.& L., 1st pf., 80 A (q11.)
Laclede Gas Light,com.(quar.)
Mackay Companies, com.()guar.)
Preferred (quar.)
Monong. W. Penn Pub. Sem.. pf. (Us.)
Montana Power, corn. (quar.)
Preferred (quar.)
New England Telep. & Teleg. (quar.) _
Ohio Bell Telephone, pref.(guar.)
2d & 3d Sts. Pass. ItY., Phila• (guar.)
Standard Gas & Electric, pref. (quar.)_ _
West Penn Co., com.(quar.)
234 Oat. 15 Holders of rec. Sept.20a
*2
Oct. 1 *Holders of rec. Sept.14
2
Oct. 1 Holders of rec. Sept. I5a
2
Oct. I Holders of rec. Sept.15a
134 Oct. I Holders of rec. Sept.15a
$4.50 Oct. 1 Sept. 2 to Sept.30
•2
Sept.30 *Holders of roe. Sept.29
*$1.75 Oct. 1 *Holders of rec. Sept. 15
*134 Sept.15 *Holders of roe. Sept. 1
134 Oct. I Holders of rec. Sept. 50
1
Oct. 1 Holders of rec. Sept. 5a
4334o. Oct. 1 Holders of rec. Sept. 15a
1
Oct. 1 Holders of roc. Sept. 13
134 Oct. 1 Holders of rec. Sept. 13
*2
Sept.29 *Holders of rec. Sept.10
*134 Oct. 1 *Holders of rec. Sept.20
$3
Oct. 1 Sept. 2 to Oct. 1
$1
Sept.15 Holders of rec. Aug. 31
50c. Sept.29 Holders of rec. Sept. 15
Banks.
Chemical National (bi-monthly)
Oct. 1 *Holders of rec. Sent. 15
Sept.29 *Holders of res. Aug. 31
Sept.28 Sept.16 to Sept.90
Sept.28 Sept.16 to Sept.30
Sept. 1 *Holders of rec. Aug. 24
Miscellaneous.
Advance-Rumely Co.. Prof. (quar.), - - - *75c. Oct. 1 *Holders of roe. Sept.17
1
Sept. 16 Holders of rec. Sept. 3
American Bakery, com.(quar.)
134 Sept. 1 Holders of rec. Aug. 22
Preferred (guar.)
*25c. Oct. 1 *Holders of rec. Sept. 10
Amer. Safety Razor
25e. Oct. 1 Sept. 21 to Oct. 1
Amer. Stores, com.(quar.)
American Multigraph, pref. (quar.) _ _ •134 Oct. 1 *Holders of rec. Sept. 20
Boston Woven Hose & Rubber (quar.).. $1 Sept. 15 Holders of rec. Sept. 1
2
Sept. 1 Holders of rec. Aug. 136
Bristol Mfg.(quar.)
$2 Sept.29 Holders of rec. Sept.20
Burroughs Adding Machine (quar.)_ _
*31 Sept.24 *Holders of rec. Sept. 7
Calumet & Arizona mining ((War.)
Carter (William) Co., pref.(quar.)
134 Sept. 15 Holders of rec. Sept.10
I% Sept.29 Holders of rec. Sept.15a
Celluloid Co.,corn.(quar.)
2
Sept. 10 Aug. 26 to Sept.10
Childs Company, common (quar.)
134 Sept.10 Aug. 26 to Sept.10
Preferred (guar.)
,
20
Connor (John T.) Co.,coin. (quar.) _ _ _ *50c. Oct. 1 *Holders of rec. Sent
Dominion Iron & Steel, pref.(quar.)__ _ _ *134 Oct. 1 *Holders of roe. sevi.14
duPont(E.I.)de Nem.Powd.,com.(on.). •134 Nov. 1 *holders of rec. Oct. 20
Preferred (quar.)
•134 Nov. 1 *Holders of rec. Oct. 20
duPont(,E.I.) de Nem.& Co., corn.(qui 134 Sept. 15 Holders of rec. Sept. 5
Debenture stock (quar.)
135 Oct. 25 Holders of roc. Oct. 10
250. Sept. 1 Holders of rec. Aug. 21
Ely-Walker Dry Goods,corn. (quar.)
Federal Acceptance Corp.,com.(gu.)_ _ _ *$1 Sept. 1 *Holders of rec. Aug. 15
2
Sept. 1 Holders of rec. Aug. 22
Fulton Iron Works (111.1.)
*2
Oct. 15 *Holders of rec. Sept. 5
General Electric, com. (guar.)
Oct. 15 *Holders of rec. Sept. 5
• Common (payable in special stock)... *5
*15c. Oct. 15 *Holders of rec. Sept. 5
Special stock (guar.)
*2
Sept.291•11olders of rec. Sept.15
Grasselli Chemical, corn. (guar.)
4.1.54 Sept.29 *Holders of rec. Sept.15
Preferred (quar.)
Great Atlantic & Pacific Tea, com.(qu.) The. Sept. 15 Holders of rec. Sept. 100
Sept.134
1 Holders of rec. Aug. 21a
Preferred Mari
Hamilton-Brown Shoe(monthly)
Sept.
Hanna(M. A.) Co., 1st pref. (quar.)... 134 Sept.20 Holders of rec. Sept. 50
Hecht Mining (guar.)
15e. SePt.15 Holders of rec. Aug. 15
*131 Sept. i *Holders of rec. Aug. 23
Hood Rubber Products, pref.(guar.)•75c. Oct. 1 *holders of rec. Sept.20
Hudson Motor Car (guar.)
Inspiration Consol. Copper (guar.)
500. Oct. 1 Holders of rec. Sept.156
Kresge (S. S.) Co.. common (quar.).... lu Oct. 1 Holders of rec. Sept. 17
2
Preferred (guar.)
Oct. I Holders of rec. Sept. 17
Lake of the Woods Milling, com.(qu.)_ _ 3
Sept. 1 Holders of rec. Aug. 24
154 Sept. 1 Holders of rec. Aug. 24
Preferred (quar.)
Loose-Wiles Biscuit, lot pref.(guar.)_ _ _
134 Oct. 1 Holders of rec. Sept. 180
2d pref. (acc't accumulated dividends) $7 Nov. 1 Holders of rec. Oct. 180
MacArthur Concrete Pile A, Found., pt. 4
Aug. 20 Holders of rec. Aug- 1
Mergenthaler Linotype (quar.)
234 Sept.29 Holders of roe. Sept. So
*1234c Sept. 15 *Holders of rec. Sept. 1
Mutual Oil (ouar.)
National Surety ((mar.)
234 Oct. 1 Holders of rec. Sept. 200
National Transit (extra)
*50c. Sept. 15 *Holders of rec. Aug. 31
2
Oct. 15 Holders of rec. Sept.20
New York Transit (quar.)
Oct. 15 *Holders of rec. Oct. 6
Nova Scotia Steel & Coal,pref.(quar.)... *2
*50c. Sept.29 *Holders of rec. Aug. 31
Ohio Oil (quar.)
10c. Sept.15 Holders of rec. Aug. 31
011 Lease Development (monthly)
*3 Oct. 15 *Holders of rec. Oct. 1
Quaker Oats, common (guar.)
10134 Nov.30 *Holders of rec. Nov. 1
Preferred ((mar.)
*2
Railway Steel-Spring, com.(mar.)
Sept.29 *Holders of rec. Sept. 15
*1% Sept.20 *Holders of rec. SePt• 7
Preferred (mar.)
• 81.71 Aug. 29 *Holders of rec. Aug. 22
Rand Mines
75c. Sept.29 Holders of rec. Sept. 7
Texas Company (guar.)
•134 Sept.20 *Holders of re.,. sepi. 1
Todd Shipyards Corp.(guar.)
.2 Sept. 15 *Holders of rec. Aug. 31
U. S. Title Guaranty (Qum.)
3134c. Oct. 1 Holders of rec. Sept.20
Waldorf System, common (guar.)
First preferred and preferred (quar.)_ _ 20c. Oct. 1 Holders of roe. Sept.20
Waltham Bleachery & Dye Works
•$5
Sept. 1 *Holders of rec. Aug. 24
*2
Sept. 1 *Holders of rec. Aug. 15
West Boylston Mfg., pref.(quar.)
2
Sept. 1 Holders of roe. Aug. 28
(guar.)
Woods Mfg.
868
THE CHRONICLE
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
itannoads (Steam).
Atchison Topeka & S. Fe. com. (guar.) 111 Sept. 1 Holders o/ rec. July 27a
Baltimore & Ohio. preferred
2
Sept. 1 Holders of reo. July 146
Beech Creek (guar.)
*50e. Oct. 1 *Holders of rec. Sept. 15
Canadian Pacific, corn.(guar.)
2% Oct. 1 Holders of rec. Aug. 310
Preferred
2
Oct. 1 Holders of rec. Aug. 31
Chestnut Hill (guar.)
75c. Sept. 4 Aug. 21 to Sept. 3
Cleveland & Pittsburgh, guar.(quar.)
1% Sept. 1 Holders of rec. Aug. 106
Special guaranteed (guar.)
1
Sept. 1 Holders of rec. Aug. 10a
Cuba Railroad. rereferred
3
Febl'24 Holders of roe, Jan.I9 '24.s
Delaware & Hudson Co.(guar.)
2)4 Sept.20 Holders of rec. Aug. 28a
Illinois Central, corn. (guar.)
1% Sept. 1 Holders of rec. Aug. 2a
Preferred
3
Sept. 1 Holders of rec. Aug. 2a
New Orleans Texas & Mexico (quar.).... 111 Sept. 1 Holders of rec. Aug. 240
Norfolk & Western, com. (guar.)
134 Sept.19 Holders of rec. Aug. 316
North Pennsylvania (guar.)
El
Aug. 25 Aug. 16 to Aug. 19
Pennsylvania RR.(guar.)
75e. Aug. 31 Holders of rec. Aug. la
Phila. Germantown & Norristown (qu.)- $1.50 Sept. 4 Aug. 21 to Sept. 3
Pittsb. Ft. Wayne & Chic., corn. (qu.). *13( Oct. 1 *Holders of rec. Sept. 10
Preferred (guar.)
*114 Oct. 2 *Holders of rec. Sept. 10
Pittsburgh Sr West Va.. pref (guar.)._
14 Aug. 31 Holders of rec Aug la
Pittsb. Youngst.& Ashtabula, pf.(qu.)_ 1% Sept. 1 Holders of rec. Aug.d20a
Reading Company first pref. (quar.)
50e. Sept. 13 Holders of rec. Aug. 27a
St. Louis Southwestern. pref. (guar.)... 114 Oct. 1 Sept. 2 to Oct. 12
13haron Railway (semi-annual/
l.374 Sept. I Aug 22 to Aug 31
Southern Pacific o. (guar.)
111 Oct. 1 Holders of rec. Aug. 31a
Union Pacific, corn. (guar.)
234 Oct. 1 Holders of rec. Sept. in
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. in
Public Utilities.
Amer. Power & Light, corn. (quar.)__ _ _ 234 Sept. 1 Holders of rec. Aug. 15
American Telegraph & Cable (guar.)
134 Sept. 1 Holders of rec. Aug. 31a
Blackstone Valley Gas & El., corn.(qu) $1.25 Sept. 1 Holders of rec. Aug. 180
Brazilian Tree., Lt. & Pow., ord.(guar ) 1
Sept. 1 Holders of rec. July 31
Brooklyn City RR.(guar.)
25c. Sept. 1 Aug. 21 to Aug. 31
Brooklyn Edison Co. (guar.)
2
Sept. 1 Holders of rec. Aug. 17a
Central Ark. By.& Light, Pref. (guar.). 134 Sept. 1 Holders of rec. Aug. 20
Central Indiana Power,7% pref. (guar./ 134 Sept. 1 Holders of rec. Aug.d20a
Central Miss. Vail. Elec. Prop., Pr.(qu.) 131 Sept. 1 Holders of rec. Aug. 15a
Cleveland Elec. Ilium..8% pref.(guar.) 2
Sept. 1 Holders of rec. Aug 150
Colorado Power, corn. (guar.)
34 Oct. 15 Holders of rec. Sept. 29a
Preferred (guar.)
134 Sept. 15 Holders of rec. Aug. 310
Columbus Ry., Pow.& Lt., corm (qu.).. lid Sept. 1 Holders of rec. Aug. Itla
Common (guar.)
1
Dec. 1 Holders of rec. Nov. 15a
Preferred, Series A (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Preferred, Series A (guar.)
1%Jan2'24 Holders of rec. Dec. 15a
Preferred. Series B
214 Nov. I Holders of rec. Oct. 166
Consolidated Gas of N.Y.,com.(QWw.)
$1.25 Sept.15 Holders of rec. Aug. Oa
Detroit United Ry. (guar.)
134 Sept. 1 Holders of rec. Aug. 1
Duquesne Light, 1st pref. Sec A (qu.)_ _
131 Sept. 15 Holders of rec. Aug. 150
Eastern Shore Gas& Elec., prof.(guar.)- 50c. Sept. 1 Holders of rec. Aug. 15
Eastern Wisconsin Elec., pref. (quarj_ _
111 Sept. 1 Holders of rec. Aug. 200
El Paso Electric Co com. (guar.)
2M Sept. 15 Holders of rec. Aug. 300
Federal Light & Traction. pref. (quar.). 134 Sept. 1 Holders of rec. Aug. 150
Galveston-Houston Elec. Co., pref
Sept.15 Holders of rec. Aug. 28a
3
Georgia By. & Power, common (guar.). 1
Sept. 1 Aug. 21 to Aug. 31
Second preferred (guar.)
1
Sept. 1 Aug. 21 to Aug. 31
Gold & Stock Telegraph (guar.)
•131 Oct. 1 *Holders of rec. Sept. 30
Massachusetts Lighting Cot.,c0111.(qu.). *40c. • Sept.10 *Holders of rec. Aug. 25
Middle West Utilities, prior lien (quay.)- 114 Sept.15 Holders of rec. Aug. 31
Nebraska Power, pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 17
Newport News& Hampton By..Gas&
Electric pref (quar.)
134 Oct 1 Holders of rec. Sept. 150
North Shore Gas, preferred (quar.)..
134 Oct. I Holders of roe Sept 2o
Northern Texas Elec. Co.,com.(guar.). 2
Sept. 1 Holders of rec. Aug. 100
3
Sept. 1 Holders of rec. Aug. 10a
Preferred
Penn Central Lt. & Pr., pref. (quar.)-- $1
Oct. 1 Holders of rec. Sept. 100
100. Oct. 1 Holders of rec. Sept. 100
Preferred (extra)
Pennsylvania Water & Power (guar.).-- 1M Oct. 1 Holders of rec. Sept. 14a
Philadelphia Co., preferred
$1.25 Sept. 1 Holders of roe. Aug. 100
Philadelphia Electric, emu.& pref.(qu.) 2
Sept 15 Holders of rec. Aug. 17
San Joaquin Lt. & Pow., pref. (guar.).- 134 Sept.15 Holders of rec. Aug. 31a
Prior preferred (guar.)
134 Sept. 15 Holders of rec. Aug. 31a
Southwestern Power & Light, pf. (qu.). I% Sept. 1 Holders of rec. Aug. 13
United Gas Improvement, pref. (guar.). 8731e. Sept 15 Holders of rec. Aug. 3I0
United 1.1ght & Rys., particle pref.(ext.)
14 Oct. 2 Holders of roe. Sept. 150
Participating preferred (extra).
4 lan2'24 Holders of rec Dec 15
Washington (D. C.) By. & Elec., com_ *134 Sept. 1 *Holders of rec. Aug. 18
West Penn Rys.. pref. (guar.)
111 Sept. 15 Holders of rec. Sept. 1
Wilmington Gas, preferred
3
Sept. 1 Aug. 19 to Aug. 31
Trust Companies.
Lawyers Title & Trust (guar.)
2
Oct.
1 Holders of rec. Sept.21a
Miscellaneous,
American Art Works, corn. & pref.(qu.) 134 Oct. 15 Holders of rec. Sept.30a
American Bank Note, preferred (guar.). 750. Oct. 1 Holders of rec. Sept. 140
American Beet Sugar, preferred (quar.)
134 Oct. 2 Holders of rec. Sept. 8a
American Felt, preferred
$1.50 Sept. 1 Holders of roe. Aug. 15
•1
Amer. Fork & Hoe, corn. (guar.)
Sept.15 *Holders of rec. Sept. 5
•33.5 Oct. 15 *Holders of rec. Oct. 5
First preferred
*2
Second preferred (guar.)
Sept. 15 *Holders of rec. Sept. 5
Amer. Laundry Machinery, corn. (au).. 'll33e. Sept. 1 *Aug. 23 to Aug. 31
$1.50 Sept.29 Holders of rec. Sept. 130
Amer. Locomotive, com.(guar.)
114 Sept.29 Holders of rec. Sept. 13a
Preferred (guar.)
American Maclaine & Foundry (guar.)... lm Oct. 1 Holders of rec. Sept to
14 Jan124 Holders of roc Dec. I
Quarterly
75eSept, 1 Holders of roe. Aug. 180
American Metal, common (guar.)
Sept.134
1 Holders of rec. Aug. 200
Preferred (guar.)
40c. Sept. 1 Holders of rec. Aug. 18
American Multlgraph, corn
Sept.29 Holders of reo. Sept. 15a
American Radiator, common (guar.)... $1
134 Oct. 1 Holders of rec. Sept. 150
American Rolling Mill, pref.(quar.)
2
Nov. 1 Holders of rec. Oct. 150
Amer. Shipbuilding, com.(guar.)
2
Febl'24 Holders of rec. Jan. 15'240
Common (guar.)
2
May1'24 Holders of rec. Apr.15'24a
Common (guar.)
2
Aug1'4 Holders of rec. July 15•240
Common (guar.)
131 Sept. 1 Holders of rec. Aug. 100
Amer. Smelt. & Ref., pref. (quar.)
American Sugar Refining, Pref. (guar.). I% Oct. 2 Holders of roe. Sept. la
Sept. 1 Holders of rec. Aug. 100
American Tobacco,corn.& com. B (qu.) 3
Amer. Window Glass Co., preferred-. 334 Sept. 1 Aug. 18 to Aug. 31
*1%
_
Oct. 1 *Holders of roe. Sept. 15
pref.
(quar.)_
Illinois,
of
Armour & Co.
Armour & Co. of Del., pref. (guar.).- *134 Oct. 1 *Holders of rec. Sept. 15
Associated Dry Goods, 1st pf. (quar.).. 111 Sept. 1 Holders of rec. Aug. 110
131 Sept. 1 Holders of rec. Aug. 110
Second preferred (guar.)
1
Sept.15 Holders of rec. Aug. 210
Atlantic Refining, common (guar.)
1
Sept. 15 Holders of rec. Sept. 5
(guar.)
.Cotta,
preferred
Atlantic Terra
$1
Sept. 10 Holders of rec. Aug. 310
Atlas Powder. corn. (guar.)
$1
Oct. 15 Holders of rec. Oct. la
Auto-Knitter Hosiery (quar.)
2
Sept. 1 Holders of roe. Aug. 20
Automatic Refrigerating (guar.)
1.87)4 Nov. 15 Holders of rec. Nov. la
Beacon Oil, preferred (guar.)
Bethlehem Steel Corp.111 Oct. I Holders of rec. Sept. la
( ommon (guar.)
•
Seven per cent cum. pref. (guar.).- 134 Oct. 1 Holders of rm. Sept. lee
Seven per cent cum. pref. (guar.).-- 154 Jan2'24 Holders of rec. Dec. 15a
Seven per cent non-cum. pref. (guar.) 111 Oct. 1 Holders of rec. Sept. 156
Seven per cent non-eum. prof. (quar.) 111 Jan2'24 Holders of rec. Dec 154
2
Oct. 1 Holders of ree. Sept. 150
Eight per cent preferred (guar.)
2
Jan2'24 Holders or rec. Dee. 150
Eight per rent preferred (guar
Borden Company, preferred (guar.). -- 111 Sept. 15 Holders of rec. Sept. la
134 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
$1.25 Sept. 1 Aug. 25 to Aug. 31
Brill (J. G.) Co., com.(guar.)
Name of Company.
[VOL. 117.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Bridgeport Machine Co. (guar.)
25e. Oct. 1 Holders of rec. Sept. 2041
Quarterly
25e. Jan1'24 Holders of rec. Dec. 206
Quarterly
25e. Aprl'24 Holders of ree.Mar.20'24a
Bromoton Pulp & Paper, pref.(quar.)
*2
Aug. 30 *Holders of rec. July 31
Brown Shoe,common (guar.)
1
Sept. 1 Holders of rec. Aug. 20a
$1.75 Sept.15 Holders of rec. Aug. 20
Buckeye Pipe Line (guar.)
Bucyrus Co., pref. (guar.)
114 Oct. 1 Holders of rec. Sept. 20
Preferred (account accumulated diva.)
Yi Oct. 1 Holders of rec. Sept.20
California Packing Corp. (quar)
14 sept.15 Holders of roe. Aug. 310
Calif. Petroleum, corn.,$100 par (qu.)
131 Sept. 1 Holders of rec. Aug. 20a
Common,$25 par (guar.)
4334c Sept. 1 Holders of rec. Aug. 20a
111 Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
Campbell Soup, preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 15
Century Ribbon Mills, Inc., pref.(guar.) 134 Sept. 1 Holders of rec. Aug. 200
Checker Cab Mfg., class A (guar.)
51.25 Nov. 1 Holders of rec. Oct. 150
Class A (qua?.)
51 .25 Feb I'24 Holders of rec. Jan15'240
Chesebrough Mfg., coin.(guar.)
334 Sept.29 Holders of rec. Sept. 100
111 Sept.29 Holders of rec. Sept. 100
Preferred (guar.)
Chicago Flexible Shaft. pref.(quar.)_. *134 Sept. 1 *Holders of rec. Aug. 21
Chicago Yellow Cab (monthly)
33 1-3c Sept. 1 Holders of rec. Aug. 200
Monthly
33 1-3c Oct. 1 Holders of rec. Sept.200
Monthly
33 1-3c Nov. 1 Holders of rec. Oct. 200
Chill Copper (guar.)
6251c Sept.29 Holders of rec. Sept. 1
Cities ServiceCommon (mthly. pay. in ca h scrip).- OM Sept. 1 Holders of rec. Aug. 15
Common (payable in corn. stk. scrip). 0114 Sept. 1 Holders of rec. Aug. 15
Preferred and preferred B (monthly)._
34 Sept. 1 Holders of reo. Aug. 15
Corn. (mthly., pay. In cash scrip)
034 Oct. 1 Holders of rec. Sept. 15
Corn.(pay. In cora, stock scrip)
0134 Oct. 1 Holders of rec. Sept. 15
Preferred and preferred B (monthly) _
% Oct. 1 Holders of rec. Sept. 15
City Ice dr Fuel (Cleve.) (guar.)
2
Sept. 1 Holders of rec. Aug. 200
Cleveland Stone(quan)
154 Sept. 1 Holders o 1 reo. Aug. 15
Sept34
Extra
I Holders of rec. Aug. 15
Colorado Fuel & Iron, preferred (quar.)_ 2
Aug. 25 Holders of rec. Aug. 10a
$2
Congoleum Company, common
Oct. 15 Holders of rec. Oct. 6
134 Sept. 1 Holders of rec. Aug. 154
Consolidated Cigar Corp., pref. (quar.)_
Continental 011 (quar.)
50c. Sept. 15 Aug. 26 to Sept. 15
114 Sept. 1 Holders of rec. Aug. 15a
Cosden & Co., preferred (guar.)
Crane Co., common (guar.)
Sept. 15 Holders of rec. Sept. 1
111 Sept. 15 Holders of rec. Sept. 1
Preferred (guar.)
Crescent Pipe Line (guar.)
373.4c. Sept. 15 Aug. 25 to Sept. 16
Crows Nest Pass Coal(guar.)
134 Sept. 1 Holders of rec. Aug. 12
Crucible Steel, pref. (guar.)
131 Sept.29 Holders of rec.Sept.d15a
Cuban-American Sugar, pref.(quar.)
134 Sept.29 Holders of rec. Sept. 4a
Davol Mills (guar.)
134 Oct. 1 Holders of rec. Sept.24a
Decker (Alfred) & Cohn, pref. (guar.)._ *131 Sept. 1 *Holders of rec. Aug. 20
Deere & Co., preferred (guar.)
75c. Sept. 1 Holders of rec. Aug. 15a
Detroit Brass & Mall. Wks. (mthly.)._ *34 Sept. 1 *Holders of rec. Aug. 26
Diamond Match (guar.)
2
Sept. 15 Holders of rec. Aug. 316
I MinInion Stores. Ltd.. common
50c. /et
I Holders of rec. Sept. 1
Douglas Pectin Co.(quar.)
25e. Sept.30 Holders of rec. Sept. la
Eastman Kodak,common (qua:.)
51.25 Oct. 1 Holders of rec. Aug. 310
Preferred (guar.)
134 Oct. 1 Holders of rec. Aug. 31a
Eaton Axle a: Spring (guar.)
65e, Oct. 1 Holders of rec. Sept. 15a
Eisenlohr(Otto) & Bros.,Inc,pf.(qu.). 114 Oct. 1 Holders of rec. Sept. 20a
Fairbanks, Morse & Co., pref.(quar.)
Sept. 1 5Holders of rec. Aug. 20
Famous Players-Lasky Corp., corn.(qu.) $2
Oct. 1 Holders of rec. Sept. 156
Federal Mining & Smelting, pref. (qu,)_
134 Sept. 15 Holders of rec. Aug. 25
Fleishman° Co.com. (guar.)
500. Oct. 1 Holders of rec. Sept. ISO
Common (extra)
50e. Oct. 1 Holders of rec. Sept.1543
Common (guar.)
50c
an 1'24 Holders of rm. Doe. 150
Preferred (guar.)
134 Sept. I Holders of rec. Aug. 240
Foundation Co., com. (guar.)
$1.50 Sept.15 Holders of rec. Sept. la
Preferred (quar.)
$1.75 Sept. 15 Holders of rec. Sept. la
Galena-Signal Oil, com.(guar.)
1
Sept.29 Holders of rec. Aug. 310
Preferred and new Prof. (guar.)
2
Sept.29 Holders of rec. Aug. 3I0
General Asphalt, preferred (guar.)
134 Sept. I Holders of reo. Aug. 150
General Cigar, pref. (guar.)
111 Sept. 1 Holders of rec. Aug. 240
Debenture preferred (qllar.)
111 Oct 1 Holders of rec. Sept. 24a
General Motors Corp.,com.(qua:.).._
300. Sept. 12 Holders of rec. Aug. 20a
Seven per cent debenture stock (qu.)_
111 Nov. 1 Holders of rec. Oct. 8a
Six per cent debenture stock (qu.)___ 1% Nov. 1 Holders of rec. Oct. 80
131x per cent preferred stock (guar.)._
111 Nov. 1 Holders of rec. Oct. 80
Gillette Safety Razor (guar.)
3
Sept. 1 Holders of rec. Aug. 1
Stock dividend
e5
Doe. 1 Holders of rec. Nov. 1
Goodrich (B.F.) Co., Prof.(guar.)
134 Oct. 1 Holders of rec. Sept.21
Gossard (H. W.) Co.. com.(monthly)
250 Sept. 1 Holders of rec. Aug. 20
.Guantanamo Sugar, preferred (guar.).-- 2
Sept.29 Holders of rec. Sept. 1545
Gulf States Steel 0.Common (guar.)
Oct. 1 Holders of rec. Sept. I50
1
First dud second preferred (quar.)._.. 1% oet.
Holders of rec. Sept. 140
F1Nt and second preferred (altar )
114 Jan 2'24 Holders of rec. Dec. 1441
Harbison-Walker Refract., corn. (qu.)
111 Sept. 1 Holders of roe. Aug. 210
Preferred (guar.)
134 Oct. 20 Holders of rec. Oct. 100
Hartman Corporation (guar.)
134 Sept. 1 Holders of rec. Aug. 200
Hart, Schaffner & Marx. cow. (guar.).- 134 Aug. 31 Holders of rec. Aug. 180
Hayes Wheel (guar.)
75c. Sept. 15 Holders of rec. Aug. 310
Hollinger Cense!. Gold Mines
1
Sept. 10 Holders of rec. Aug. 30
Homeetake Mining (monthly)
500. Aug. 25 Holders of roe. Aug. 20
Household Products, Inc. (guar.)
34 Sept. 1 Holders of rm. Aug. 15
Hydrox Corporation, preferred (guar.)_
134 Sept. 1 Holders of rec. Aug. 210
Imperial Oil (Canada) (guar.)
n75o. Sept. 1 Holders of roe. Aug. r15
Ingersoll-Rand Co.. common (quar.)..
2
Sept. 1 Holders of rec. Aug. 1745
Inland Steel, common (quar.)
62 Mc Sept. 1 Holders of roe. Aug. 154
Preferred (guar.)
1% Oct. 1 Holders of roe. Sept. 15a
International Cement, corn. (quar.)_._ 75c. Sept.29 Holders of roe. Sept. 150
Preferred (guar.)
111 Sept.29 Holders of rec. Sept. 150
Internat. Cotton Mills, pref.(guar.).
114 Sept. 1 Holders of rec. Aug. 23
International Harvester. pref. (quar.)_
111 Selit. 1 Holders of roe. Aug. 100
International Salt (guar.)
134 Oct. 1 Holders of rec. Sept. 150
International Shoe, pref. (monthly).50o. Sept. 1 Holders of rec. Aug. 156
ntertype Corp , corn (In coin stock) 110
Nov. IS Heelers of rec. Nov Ire
Jones & Laughlin Steel Corp.. prof.(qu.) 111 Oct. 1 Holders of reo. Sept. 150
King Phillip Mills (extra)
25
Sept.20 Ifolders of ree. Sept. la
Kinney (G. R.) Co., Inc., Prof. ((Plan). 2
Sept. I Holders of rec. Aug. 206
Kuppenhelmer (B.), Inc., pref. (guar.). *111 Sept. 1 *Holders of rec. Aug. 24
Lake Torpedo Boat, 1st pref
57
Aug. 30 Holders of roe. Aug. 20
Lancaster Mills (guar.)
254 Sept. 1 Holders of roe. Aug. 25
Lanston Monotype Machine (quar.)__ _
154 Aug. 31 Holders of reo. Aug. 210
Lee Tire & Rubber (guar.)
50o. Sept. 1 Holders of reo. Aug. 15a
Lehigh Coal & Navigation (quar.)
$1
Aug. 31 Holders of rec. July 310
Libby-Owens Sheet Glass, com.(guar.). 50c. Sept. 1 Holders of roe. Aug. 220
Preferred (guar.)
111 Sept. 1 Holders of roe. Aug. 220
Liggetts Internat.. com. A & B (guar.)
1)4 Sept. 1 Holders of rec. Aug.
Liggett & Myers Tob.,com. A & B (qu.) 3
Sept. 1 Holders of rec. Aug. 150
Luna Locomotive Works, Inc .cont.(411.) SI
Sept. 1 Holders of rec. Aug. 156
Lindsay Light, preferred (quar.)
134 Nov. 8 Holders of rec. Nov. 50
Preferred (guar.)
114 Feb11'24 Holders of rec.Feb. 7'24 a
Lord & Taylor. 1st pref. (guar.)
1% Sept. 1 Holders of rec. Aug. 18
Ludlow Manufacturing Associates(1111.)- $2
Sept. 1 Holders of rec. Aug. 8
MahonIng Investment (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 24
Extra
500. Sept. 1 Holders of roe. Aug. 24
Manhattan Shirt, common (guar.)
75e. Sept. 1 Holders of roe. Aug. 140
Martin-Parry Corp. (guar.)
750. Sept. 1 Holders of rm. Aug. 150
May Department Stores corn. (quar.).,
114 Sept. 1 Holders of reo. Aug. 15a
Preferred loom
I Holders of roe. Sept. 150
134 lel
McCahan (W.J.)Sug. Ref.& M.,pf.(qu) 111 Sept. 1 Holders of rec. Aug. 210
McCrory Stores, coin. (In corn. stock)- fl
Sept. 1 Holders of rec. Aug. 200
McIntyre Porcupine Mines
5
Sept. 1 Holders of rec. Aug. la
Merrimack Mfg., common (quar.)
1% Sept. 1 Holders of roe. July 25
Preferred
234 Sept. 1 Holders of roe. July 25
Metropolitan Brick (Cleve.),com.(qu.)
Sept. 1 Holders of rec. Aug. 150
Michigan Drop Forge,corn.(monthlY).- *25e. Sept. 1 *Holders of rec. Aug. 26
Midway Gas, common (guar.)
500. Sept. 15 Holders of rec. Sept. 1
Preferred (guar.)
$1.40 Sept. 15 Holders of rec. Sept. 1
Miller Rubber, com.(guar.)
Sept. 1 Holders of rec. Aug. 150
2
Corn.(acct. accumulated dividends).- hl
Sept. 1 Holders of rec. Aug. 150
Montgomery Ward & Co., pref.(guar.). 134 Oct. 1 Holders of rec. Sept.200
Montreal Cottons,com.(guar.)
1% Sept.15 Holders or rec. Aug. 31
Preferred (guar.)
134 Sept.15 Holders of rec. Aug. 31
AUG. 25 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Munsingwear,Inc.(No. 1)
Holders of rec. Aug. 20
75e. Sept.
National Biscuit, common (quar.)
75c. Oct. 1 Holders of rec. Sept 290
Preferred (quar.)
134 Aug. 3 Holders of rec. Aug. 17a
National Candy, common
214 Sept. 1 Aug. 22 to Aug. 28
First and second preferred
334 Sept. 1 Aug. 22 to Aug. 28
National Cloak & Suit, Pref.(quar.)___
1% Sept.
Holders of ree. Aug. 240
Nat. Dept. Stores, 2d pf. (quar.)
lit Sept.
Holders of rec. Aug. 16a
Nat. Enamel.& Stpg., common (guar.). 134 Aug. 3 Holders of rec. Aug. lla
Preferred (quar.)
dept.2 Holders of rim. Sept. 100
"
Preferred (quar.)
134 Ow. 3 Holders of rec Dee lie
National Lead,common (quar.)
Sept.2 Holders of rec. Sept.140
2
Preferred (guar.)
134 Sept.I Holders of rec. Aug. 24a
National Sugar Refg.(guar.)
Holders of rec. Sept. 10
IX Oct.
New River Co.pref.(acc.accum. div.)_
hi% Aug. 2 Holders of rec. Aug. 180
Ogilvie Flour Mills, pref.(guar.)
Holders of rec. Aug. 22
134 Sept.
Onyx Hosiery, pref. (quar.)
13$ Sept.
Aug. 21 to Aug. 31
Package Machinery,COMMOD (quar.).__ 4
Holders of rec. Aug. 20a
Sept.
Packard Motor Car, pref.(Van)
134 Sept.1 Holders of rec. Aug. 310
Paraffine Companies, corn.(No. 1)
Sept.2 *Holders of rec
*81
17
•11,i Sept.2 *Holders of rec. Sept.
Preferred (quar.)
Sept. 17
Peerless Truck & Motor (guar.)
$I
Sept.3 Holders of rec. Sept 20a
Quarterly
Dec. 3 Holders of rec. Dec 20a
$1
Pennok Oil (quar.)
1
Sept.2 Holders of rec. Sept. 150
Extra
1
Sept.2 Holders of rec. Sept.15a
Phillips Petroleum (Guar.)
Holders of rec. Sept. 15a
50o. Oct.
Phoenix Hosiery, 1st & 2d pref. (quar.)- 134 Sept.
Holders of rec. Aug. 17a
Pittsburgh Steel, preferred (guar.)
Holders of rec. Aug. 15a
134 Sept.
Postum Cereal, corn. (guar.)
75e. Nov.
Holders of rec Oct. 20a
Preferred (guar.)
2
Holders of rec. Oct. 204
Nov.
Pressed Steel Car, preferred (qtrsr.)134 Sept.1 Holders of rec. Aug. 21a
Pure Oil, common (quar.)
37340. Sept,
Holders of rec. Aug. 151
Quaker Oats. preferred (quar.)
134 Aug. 3 Holders of rec. Aug. la
Republic Iron & Steel, Preferred (guar.). IX Oct.
Holders of rec. Sept. 15a
Preferred (account accum. dividends). 82
Holders of rec. Sept. 15a
Oct.
Reynolds Spring,corn. (1111.)(No. 1)-sftc, Nov.
Holders of rec.Sept dl4a
Preferred A & B (guar.)
Holders of rec. Sept. 17a
154 Oct.
St. Joseph Lead (titian)
25o. Sept.2 Sept. 9 to Sept. 20
Extra
250. 5004.2 Sept. 9 to Sept.20
Quarterly
25c. Dec. 2 Dec. 9 'to Dec. 20
Extra
25c. Dec. 2 Dec. 9 to Dec. 20
St.Louis Coke & Iron, preferred (guar.)- .1
Aug. 2
Schulte Retail Stores. corn.(in pref. stk.) 5$2 Sept.
Holders of rec. Aug. I50
Common (payable In preferred stock). Mg2
Dec.
Holders of rec. Nov. 150
Common (payable In preferred stock). m$2 , Mr 1'2 Hold,of rec. Feb. 15'24a
Seaboard Oil & Gas (monthly)
3 1-3c Sept.
Holders of rec. Aug. 15
Monthly
3 1-3e Oct.
Holders of rec. Sept. 15
Sherwin-Williams Co., pref. (quar.)_ _ _ _
Holders of rec. Aug. 15
154 Sept.
Sinclair Consul Oil Corp.. corn.(quar.). 50c. Aug. 3 Holders of rec. Aug. i a
Southern Pipe Line (quar.)
2
Holders of rec. Aug. 15
Sept.
Spalding(A 0.) & Bros., 1st pref. (Clu.) 134 Sept.
Holders of rec Aug. 18a
Second preferred (quar.)
Holders of rec Aug. 18a
2
Sept.
Standard Milling, common (quar.)
13$ Aug. 3 Holders of rec. Aug. 210
Preferred (quar.)
134 Aug. 3 Holders of rec. Aug. 21a
Standard 011(Calif.)(quar.)
50e. Sept.1 Holders of rec. Aug. 201
Standard 011 (Indiana) (quer.)
62340 Sept.' Aug. 17 to Sept.15
Standard 011 (Kansas)(quar.)
500, Sept,1 Hogders of ree. Aug. 316
Standard Oil of N.J.. corn.$100 par(q1L) 1
Sept. 1 Holders of rec. Aug. 250
Common. par $25 (guar.)
25c. Sept.1 Holder of rec. Aug. 25e
Preferred (quar.)
15$ Sept.1 Holders of rec. Aug. 25a
Standard OH of New York (quar.)
350 Sept.1 Holders of rec. Aug. 24
Standard 011 (Ohio) corn. (quar.)
234 Oct.
Holders of rec. Aug. 24
Preferred (guar 1
134 Sept. ] Holders of rec July 27
Standard Wholesale Phosphate,cora
10
Oct. 1 Holders of rec. July 206
Stern Bros., pref. ((mar.)
2
Sept. 1 Holders of rec. Aug. 15a
Studebaker Corp., common (qUar.)$2.50 Sept. 1 Holders of rec. Aug. 10a
Preferred (quer.)
131 Sept. 1 Holders of rec. Aug. 103
Texas Gulf Sulphur (quar.)
$1.50 Sept.15 Holders of rec. Sept. la
Thompson (John R.) Co.. corn.(mthly.) 250 Sept. I Holders of rec. Aug. 23a
Thompson-Starrett Co.. preferred
4
Oct. 1 Holders of rec. SePt.20
Timken-Detroit Axle, pref. (guar.)
134 Sept. 1 Aug. 21 to Sept. 3
Timken Roller Bearing (quar.)
75c. Sept. 5 Holders of rec. Aug. 20a
Extra
25c. Sept. 5 Holders of rec. Aug. 204
Tonopah Extension Mining (quar.)
Sc. Oct. 1 Holders of rec. Sept. 10a
Truscon Steel, common (gnat.)
Sept.15 Holders of rec. Sept. 5a
3
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 21a
Underwood Typewriter. corn.(quar.)-_. 75e.
Oct. 1 Holders of rec. Sept. lo
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. la
Union Mills, corn. (guar.)
Sept. 1 Holders of rec. Aug. 15a
$I
Preferred (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 150
Union Tank Car, common (quar.)
X Sept. 1 Holders of rec. Aug 7o
Preferred (ollar.)
134 Sept, 1 Holders of rec Aug
United Cigar Stores, preferred (quar.)-- 134 Sept.15 Holders of rec. Aug. 70
30a
United I trig,,•run moo
134 Sept. I Holders ef re, A it 1 to
United Dyewood,common (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)..,.
134 Oct. 1 Holders of rec. Sept 15a
Preferred ((mar.)
134 Jan2'24 Holders of rec. DPP Ma
United Profit Sharing (quar.)
Oct. 1 Holders of rec.
15
ha
U.S. Stores Corp., 7% prior pref.(qm.)- 11$ Sept. 1 Holders of rec. Sept.
Aug.
U.S.Cast Iron Pipe & Fdy., pref.(o1.). 134 Sept.15Holders of rec. Sept.24a
la
Preferred (q,,ar
1st Der 15 Holders of rec 1).• I
United States Envelope. common
4
Sept. 1 Holders of rec. Aug. 17a
Preferred
334 Sept. 1 Holders of rec. Aug. 176
U.S. Gypsum,common (quar.)
1
Sept.30 Sept. 16 to Sept. 30
Preferred (guar.)
134 Sent.30 Sept. 16 to Sept.30
U.S. Realty & lmpt., corn.(guar.)._ - 2
Sept.15 Holders of rec. Sept 50
Preferred lunar
134 Nov. 1 Holders of rec. Oct
United States Steel Corp., corn.(quar.)- 134 SePt.29 Aug. 30 to Sept.200
3
Preferred (quar.)
134 Aug. 30 Aug. 7 to Aug. 8
Vacuum 011 (guar.)
500. Sept.20 Holders of rec. Aug. 31
V. Vivaudou,Inc.(quar.)
500. Sept.15 Holders of ree. Sept. la
Valvoline 011, common (guar.)
234 Sept.15 Holders of rec. Sept. 8a
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 19a
2
Vail Roane Co., Inc. (quar.)
134 Sept. 1 Holders of rec.
Vesta Battery, pref. (quar.)
•1,4 Sept. 1 *Holders of rec. Aug. 186
Aug. 20
Wahl Co., common (monthly)
50c. Sept. 1 Holders of rec. Aug. 24a
Common (monthly)
50c. Oct. 1 Holders of rec. Sept.220
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.22a
Welch Grape Juice, pref.(guar.)
134 Aug. 31 Aug. 3 to Aug. 31
Western Grocer (guar.)
Oct. 1 *Holders of rec. Sept. 20
*2
Western States Oil (monthly)
1
Aug. 31 Holders of rec. Aug. 15
White (J. G.) & Co., Inc., Pref.(quar.) _ 134 Sept. 1 Holders
rec. Aug. 15
White(J.G.) Engineering Co.,pf (au.). 134 Sept. 1 Holders of
of rec. Aug. 15
White(J.O.) Managem't Corp.,pf (qu.) 134 Sept. 1 Holders of
rec. Aug. 15
White Motor (guar.)
SePt.30 Holders of rec. Sept.200
$1
Woolworth (F W 1 Co . eom. (guar.).
2 Sept. I Holders of rec. Aug 100
Worthington Pump & Mach..Pr. A (qu.) 134 Oct. 1 Holders of
rec. Sept.20a
Preferred B (quar.)
134 Oct. 1 Holders of rec. Sept. 20a
Wright Aeronautical Corp.((Mar.)
250. Aug. 31
of rec. Aug. 15a
Wrigley (Wm.)Jr. & Co.. corn.(mthiy.) 50e. Sept. 1 Holders
Aug. 25 to Aug. 31
Common (monthly)
50c. Oct. 1 Sept.26 to Sept.30
Common (monthly)
50c. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50c. Dec 1 Nov.24 to Nov.30
Common (monthly)
50c. Jan!'24 Dec. 25 to Jan. 1 1924
Common (monthly)
50c. Feb1.24 Jan.26'24 to Jan.31 '24
Yellow Cab Mfg., clans B (monthly)__
50c. Sept. 1 Holders of rec. Aug. 200
Class B (monthly)
50c Oct. 1 Holders of rec. Sept. 206
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 18. 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.
134
.154
•From unofficial sources. t The New York Stock Exchange has ruled
that stock
will not be quoted ex-dividend on this date and not until further notice.
2 The
New York Curb Market Association has ruled that stock will not be
quoted exdividend on this data and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
IPayable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds.
r New York Curb Market has ruled that Imperial Oil be not quoted ex-divldend
untit_SePt. 13.
869
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated ill thousands of dollars-that is. three ciphers 10001 omitted.)
New
Reservei
Capital] Profits. Loans,
Discount, Cash
Time Bank
Net
with I
Week ending
De- CircaLegal Demand
in
Aug. 18 1923 Nat'l, June 30 InvestState, June 30 rnents. Vault. Depost- Deposits. posits. loSc.
tortes. I
tion.
((000 omitted.) Tr.Cos,June 30
Members of Fed. Res.
$
Bank of N Y
Trust Co____ 4,000
Bk of Manhat'n 10,000
Meet)&Met Na 10.000
Bank of America 5,500
Nat City Bank_ 40,000
Chem Nat Bank 4,500
500
Nat Butch & Dr
Amer Each Nat 5,000
Nat Bk of Corn_ 25,000
Pacific Bank__ _ 1,000
Chat & Phen Na 10,500
Hanover Nat Bk 5,000
Corn Exchange_ 9,075
National Park__ 10.000
East River Nat_ 1.000
First National__ 10,000
Irving-Bk-ColTr 17,500
Continental Bk. 1,000
Chase National- 20.000
500
Fifth Avenue_ _ _
Commonwealth_
600
Garfield Nat... 1.000
Fifth National__ 1,200
4.000
Seaboard Nat_
Coal & Iron Nat 1.500
Bankers Trust__ 20,000
U S Mtge & Tr. 3.000
Guaranty Trust 25.000
Fldel-Inter Trust 2,000
N Y Trust Co__ 10.000
Metropolitan Tr 2,000
Farm Loan & Tr 5.000
Equitable Trust. 23.000
Bank.
$
12,017
13,140
16,843
4,583
51,526
16,487
141
7,783
38,374
1,748
9,275
21.394
12,368
23.444
803
55,319
10,675
954
22,991
2,439
979
1,627
1.097
7.174
1,267
23.155
4,251
18,290
1,884
17.764
3.927
15,940
9.501
Average Average Average Average Average Av'ye.
$
$
8
8
773 6,38344,958 6,392
61,348
129,908 2,546 14.458 103,361 19,304
ea
167,457 4,583 18.857 143.238 4,177 993
67,193 1,539 8.805
65,840 2,993
481,200 4,484 53,175 *508,732 86,499 2-,152
112,148 1,076 12,892
94.702 5,853 346
5,095
58
3,106
373
20 299
873 10,126
90,380
75,762 6,140 4,971
307,316 1,054 30,834 233,486 14,71
22.295 1,439
749 3,414
26,454
144,947 5,374 16,219
109.789 25,319
114.661
99,701
297 13.304
100
170,098 5,369 20,825 150.354 23,743
156,472
117.721 5,871 :::
885 15,567
11.113 2,776
339 1,543
15,735
50
154,093 22,248 7,504
253,712
597 20,707
252,438 4,018 33,287 248.952 15,304
7,483
890
159
373
5.657
323,900 4,401 37,948 282,246 26,726 1,()89
23,147
650 2,715
__.ti a_
20,841
i_
i
,
564
9,667
14,397
8
18
3:4
78
47
6
394' 1,898
20,839
' 2,057
15,202
830 250
79,854
66
908 10,022
75,843 2,265
341 1,781
15.616
801 410
13.008
280,695 1,077 28,115 *221,202 23.642
51,539
840 6.2627,288 42
1:9
77
24 ---345,678 1,428 36,005 *311,553
---_
22,233
387 2.479
18,615 1.53
--__
145.792
603 15,003
109,338 20,82
38,393
582 4,292
32.167 3,272
128.184
529 12,796
*91,219 27,837
218,998 1.671 25,461 *220,786 20,051
I
$
$
Total of aserages288,375 429.1554,262,977 49.342469,625 c3,473,657398,006 2,597
Totals, actual condition Aug 18 4,228,296 45.297 472,507 c3,450.768398,448 2,515
Totals, actual condition Aug. 114.306,655 49,302 487.838 c3,504.892 400.815 2,647
9
.
7
c3,571,117 407,04012.453
Totals, actual condition kug.44,3t2.3981 46,
State Banks Not Members of
17,341 1,488 1,918
Greenwich Bank 1,000 2,247
17,689
30
5,429
342
Bowery Bank__
900
381
250
2,642 2.098
2,500 4,735 85.729 3.401 1.746
28,195 54,457
State Bank
;4
Total of averagel 3.750
7,883 108,499
5,231
4,045
Totals, actual co ndltion Aug.18 108,956 5,248 4,012
Totals, actual co ndltion Aug. 111 108.656 5,304 4,008
Totals. actual co ndltIon Aug. 4 108,791 5,467 4.3021
Trust Compan lea Not Members of Fed I Res'y e Bank'.
Till. Guar & Tr 10,000 12.725 56,231 1,484 3,915:
909 1.639,
Lawyers Tit & T 6,000 5,308 26,537
48,526 56.585
48,914 56,61
48,716 56.528
49,299 56,483
35,794 1,842
16.4601
613
Total of averages 16,000 18.034
82.768
2,393
6,554
52,254' 2,45
Totals, actual condition Aug. 18
Totals, actual co edition Aug.11
Totals, actunt condition Aug. 4
83,511
81,710
81,426
2.324
2,352
2,378
5,626
5,442
5.658
51,581
51,291
51,736
2,465
2,453
2,270
Gr'd aggr., aver 310,125457,093 4,454,244 56,966 479,224 3.574,437455,046 32,597
Comparison wit h prey. week__ -52,990 -369-5,427 -46.370--6.382 +105
Or'd aut., act cord'n Aug. 184.420.763 52.869482.145 3,551,261 455,52832,515
Comparison wItjIi prey. week.- -76,258-4,089,-14,943 -53.638-4,268 -132
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act' cond'n IA g. 11 4,497,021
aggr., act'l cond'n Aug. 44,542,615
aggr., ace cond'n 'July 284.836.221
aggr., act' cond'n July 214,561.260
aggr., act't cond'n Jul 144.621.958
agar., aU'l cond'n July 74,879.045
56.958497.088
54.342501.470
55.092 513,264
55.245513.072
56.418522.619
61,945500.287
3.604,899 459,796 23,647
3,672,152 485,773 32,453
3.686,381 463,098 32,095
3.711,307 478,30032.198
3.751.I04 484,028 32,010
3.741.598486,696 31,788
Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Aug. 18, $29.028,000; actual totals. Aug. 18,
$29.135.000: Aug. 11, $30.243,000: Aug. 4, 832,870,000: July 28. $33.229,000:
July 21, $32,870,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week Aug. 18,$428,028,000: Aug. 11.8435.819.000: Aug. 4.$426,388,000:
July 28,$410,405,000; July 21, 8415,511.000. Actual totals. Aug. 18, $411,198.000:
Aug. 11. $456,767,000; Aug. 4, 2429,758,000; July 28, $450,006.000; July 21, $420.093.000.
•Includes deposits in foreign branches not included In total footings as follows:
National City Bank. 8119.887,000: Bankers Trust Co., $12,202.000: Guaranty
Trust Co.,868.056.000; Farmers' Loan & Trust Co., $119,000: Equitable Trust Co.,
$30,408. Balances carried in banks in foreign countries as reserve for such deposits
were: National City Rink. $23,093: Bankers Trust Co.. 8585.000: Guaranty Trust
Co.. 87.101,000: Farmers' Loan & Trust Co., $119.000; Equitable Trust Co.,
82.736,000. c Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE B INKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust companies_ _
Total Aug.
Total Aug. 1)....
Total Aug. 4---.
Total July 28....
5,231,000
2,393,000
Total
Reserve.
a
Reserve
Required.
$
$
469,625,000 489,625,000 463.455.590
4,045,000 9,276,000 8.734.680
5,554.000 7,947,000 7,838,100
Surplus
Reserve.
$
6,169,410
541.320
108,900
7,62 ,000 79,224,000 436,848.000 480.028,370 6,819,630
7,691,000 484,651.000 492.342,000 486.247.750 6,094,250
7.557,000 493.234.000 500.791.000 494,158.230 6,632,770
7,867,000 493,222,000 501,089,000 494.698,180 6,390,820
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of state
and trust companies, but in the case of members of the Federal Reserve banks
Bank
Includes also amount In reserve reluire1 on net time deposits, which was as follows:
Aug.18,811.880,180: Aug. 11.$12,077,970; Aug.4,812,191,070;July 28.
212,336,060
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Ca
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies__ _
Total
Total
Total
Total
(Vor,. 117.
THE CHRONICLE
870
Surplus
Rover e.
Reserve
Required.
Total
Reserve.
7,572.000 482,145.000 489,717,000 477,034,690
7.656,000 497,088,000 504,744,000 484,122,940
7,845.000 501.470.000 509,315.000 493,090,630
7.725.000 513,264,000 520,989,000 492,303.690
Aug. 18
Aug. 11
Aug. 4_ _ _
July 28_
BOSTON CLEARING HOUSE MEMBERS.
3
472,507.000 472.507,000 460,493,020 12,013.980
455.480
5,248,000 4.012.000 9.260.000 8.804.520
21,2850
2,324.000 5,626,000 7,950,000 7,737.150
12,682,310
20,621,060
16,224,370
28,685,310
•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. 18,
$11,893,440; Aug. 11, $12,024,450; Aug. 4, $12,211,200; July 28, $12,127,350.
Aug. 22
1923.
Changes from
previous week.
Aug.8
1923.
Aug.15
1923.
$
$
Unchanged $57,300,000 57,300,000
57.300,000
Capital
Unchanged 80,497,000 80,497,000
81111/111:3 and profits
80,497.000
Loans, dIsets & investments_ 869,221.000 Inc. 5,122,000 864,099,000 862,118,000
Individual deposits,incl. U.S.602,411,000 Dec. 1,483,000 603.894.000 604,103,000
Due to banks
110.173.000 Dec. 1,490.000 111,663.000 108.476,000
426,000 127,910,000 127.927.000
Time deposits
128.336,000 Inc.
20.434.000 Dec. 296,000 20.730,000 21,618,000
United States deposits
20.280.000 19,672,000
1,079,000
Dec.
Exchanges for Clearing House 19,201,000
Due from other banks
64,602,000 Inc. 1,677.000 62,925.000 60,944,000
625,000 68,189,000 69.872,000
Reserve in Fed. Res. Bank_ _ 68,714,000 Inc.
153,000 9,301,000 9,026,000
Cash In bank and F. R. Bank 9,148,000 Dec.
Reserve excess In bank and
188,000 1,803,000
926,000
1,114,000 Inc.
Federal Reserve Bank_ _
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Aug. 18, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
STATEMENT.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
to
be kept with the Federal Reserve Bank. "Cash in vaults"
9Ffoures Furnished by State Banking Department.)
Differences from is not a part of legal reserve. For trust companies not memAug. 18.
Previous lerek•
bers of the Federal Reserve System the reserve required is
$814,394,700 Inc.$33,942,100
Loans and investments
10%
on demand deposits and includes "Reserve with legal
5,500
Inc.
Gold
3,371,800
43,700 depositaries" and "Cash in vaults."
19.397.000 Dec.
Currency and bank notes
69,082,700 Inc. 5,988,700
Deposits with Federal Reserve Bank of New York
827,771,500 Inc. 29.760,000
Total deposits
Week ending Aug. 18 1923.
Deposits, eliminating amounts due from reserve deAug. 11
Two Ciphers (00)
positaries and from other banks and trust com1923.
Member of
Trust
omitted.
panies in N.Y.City,exchanges and U.S.deposits 775.585,600 Inc. 24,114,600
F.R.System Companies Total.
125,044,800 Inc. 8,111.900
Reserve on deposits
Percentage of reserve, 20.8%.
Capital
$39,125,0 55,000,0 $44,125,0 644,125,0
RESERVE.
105,980,0 15,108,0 121,068,0 121,129,0
-Trust Companies- Surplus and profits
-State Ranks759,087,0 759.131,0
$64,024,900 14.88% Loans. discla & investmls 714,339,0 44,748,0 28,572,0 25,413,0
Cash In vault
•$27.826,600 16.39%
28,093,0
for
479,0
Exchanges
Clear.House
05.61%
24,148.800
Deposits In banks and trust cos_ __ _ 9,044,500 05.33%
Due from banks
33,0 98,570,0 88,076,0
98,546,0
121,148,0
879,0 122,025,0 117.380,0
$88,173,700 20.49% Bank deposits
Total
$36.871,100 21.72%
529,991,0 27,691,0 557,682,0 546,369,0
Individual deposits
53,509,0
944,0. 54,453,0 54,558,0
deposits
• Includes deposits with the Federal Reserve Bank of New York, which for the Time
Total deposits
704,646.0 29,514,0, 734,160,0 718.307,0
State banks and *run companies combined on Aug. 11 was $69,082,700.
10,033,0 10.500,0
U.S. deposits (not Intl.)..
3.014,0
2,739,0
Res've with legal deposit's
2,739,0
Reserve with F. R. Bank._ 56,305,0
------I 56,305,0 54,181.0
10,823,0
11,450,0
Cash In vault*
10,038,0
1,412,0
Banks and Trust Companies in New York City.-The Total reserve and cash held 66,343.0 4,151,0
70,494,0 68.018,0
4,255,0 60,421,0 59,863,0
56,166,0
Reserve required
averages of the New York City Clearing House banks and Excess
8.155.0
res. & cash In vault 10,177,0 def.104,0 10,073.0
trust companies combined with those for the State banks • Cash in vault not counted as reserve for Federal Reserve members.
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.
Demand
Deposits,
$
$
5,460,114,300 4,509,913.200
5,510,009.400 4,519.156,700
5,463,426,500 4.490,698.500
5,487.595,100 4,502,613,100
5,462,020.400 4,507,081,100
5,439.510,100 4,508,916,300
5.428,987,200 4,506,144,700
5.417,776,500 4,527,000,900
5,411.405,200 4,511,280.800
5,455,575,600 4.543.063.300
5,521.531.400 4.814.315,200
5,467,089,000 4,555,262,200
5,404.740.500 4.527.081.500
5.350.244,500 4.469.997.600
5,335,175.500 4,452,081,300
5,287,888.600 4,372,278,000
h 2RSI R:AR InnA le.11 no., ann
Week endedApril 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
Aug. 4
Aug. 11
Amr. 19
•Total Cash
in Vaults.
Reserve in
Depositaries
$
81.096,800
81,002,800
84,638.600
80,913,000
81,209,800
81.562,100
82,459.100
81,749,900
78.750.200
80.371.000
83,510.400
85,305,800
79,020,500
78,711,400
78,046,100
80,142,000
70 7,1 12nn
$
597,771,500
605,754.400
601,740,600
604.685.100
598.958,900
601.438.200
597.472,300
607,842.900
596.572.600
606.940,200
633.040.100
608.094.400
609.843.200
588.988.700
591,712,400
578,776,900
ASS ann MA
New York City Non-Member Banks and Trust Cornpanies.-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 06IfFed.)
Loans
Nat'l
Net
DUReserve Net
CLEARING
aunts, Cash
with Demand Time Bank
NON-MEMB a• De- CircuDeLegal
at.bks.J'ne30 Invest- in
tate bkvJne3I meats, Vault. Demist- posits, posits. lotion.
Week ending
tortes.
.cos.June 30 cgs.
Aug. 18 1923.
Average Average Average Average Average Average
Members of
$
$
$
$
$
$
$
Fed. Res. Bank. $
-509
166 1,099
9,084
7,653
Battery Park Nat_ 1,500 1,10
22
435
1,734 4,337 -500 1,56C 7,636
W.R.Grace &CoNet
apital. Profits
Total
2,11 i
2,675 16,721
188
1,534
State Banks Not . .t Members of Fed.Res've Bank.
629
325
366 6,180
200
Bank of Wash.Hte
800 2,097 20,380 2,303 1.390
Colonial Bank_ ._ _
Total
Trust Co. Not
Mech.Tr.,Bayonn
9,38
4,846
--- -
5,416
19,820
1.328
- - --
- -- -
1,715
25,236
1,328'
_
ot Me mbers of Fed. Res', Bank.
342
168
375 9,300
500
3,359
5,689
3,359
5,689
1.000
2,463 26,560
375
9,300
2,932
342
168
500
Total
Grand aggregate._ 3,500: 5,515 52,580 3.462 3.417 a37,982 11,863
+287 -447
-44 -21 -301
Comparison with previous week. _
12.310
a37,695
3.718
3.866
52,624
5,515
Gr'd aggr., Aug.11 3,500f
Gr'd aggr., Aug 4 3,500 5,515 53,084 3,51. 3,353 a37,244 12.346
Der aggr., Jul 28 3.500; 5,515 53,567 3,602 3,455 a37,813 12,206
fled acer.. Juiv 21 3.8(10 5.515 54.545 3.606 3.420 937.860 12,484
a United States deposits deducted, 9157,000.
Bills payable, rediscounts, acceptances and other liabilities $640,000
Excess reserve, $539,700 decrease.
Aug. 4
1923.
$44,125,0
121,129,0
760,544,0
27,596,0
92,058,0
117.398,0
554,3150
55,346,0
727,059,0
10.915,0
3,012,0
56,495,0
10,504,0
70,011.0
60,270.0
9,741,0
•
Condition of the Federal Reserve Bank of New York
-The following shows the condition of the Federal Reserye
Bank of New York at the close of business Aug. 22 1923.in
comparison with the previous week and the corresponding
date last year:
Aug. 22 1923. Aug. 15 1923. Aug.23 1922.
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board__
179,100.170
165,685,194
173,175,384
147,829,639
189,561,009
100,166,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
344,785,364
636,255,270
12,508,000
321.005,023
636,526.770
8,538,340
289,727,000
832,677,000
6,871,000
Total gold reserves
Reserves other than gold
993,548.635
19,698,789
966.070,135 1,129,275,000
35,756,000
20,469,064
1 013,247.424
10,422,364
986,539,109 L165,031,000
8.966,302
Total reserves
*Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations_
All other
Bills bought in open market
124.742,242
42.648,529
35,905,128
146.794,092
48.830,816
31,910,237
28,482,000
18,368,000
40,431,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtednessOne-year certificates (Pittman Act)_
All other
203,295,901
3,092,750
227,535,147
3.983.750
87,281,000
38,803,000
753,000
1,665,000
16,500,000
94,839,000
Total earning assets
Bank premises
5% redemp.fund agst. F.R.bank notes
Uncollected items
All other resources
207,141,651
13,004,319
233,183,897
12,725,448
125,516,252
1,086,481
158,711,053
1.258,736
Total resources
1 370,418,494 1.401,384,697 1,532,122,000
LtabLi Us29,341,850
Capital paid in
59,799,523
Surplus
Deposita10,741.188
Government
Member banks-Reserve account... 659,730,478
13,204.868
Allother
683,676,534
Total
495,327,241
F. R. notes in actual circulation
F. R. bank notes in elreu'n-net liability
08,488,981
Deferred availability Items
3,784,385
All other liabilities
Total liabilities
237,423,000
9,265,000
749,000
116,392,000
3,262.000
29,341.700
59,799,523
27,664,000
60,197,000
8,610,119
668,701,105
12,893,020
23,896,000
700,222,000
9,993,000
690,204,245
496,944,384
734,111,000
609,556,000
12,239,000
83,769,000
4,586,000
121,266.586
3.828,258
1 370.418,494 1.401,384,697 1,532,122,000
Ratio of total reserves to deposit and
85.9%
F. R. note liabilities combined
Contingent liability on bills purchased
12.113,234
for foreign correspondents
•Not shown separately prior to January 1923.
83.1%
86.7%
11.576,738
11,004,64
CURRENT NOTICES.
---
---66
196
-The Metropolitan Trust Co. has been appointed registrar ;for the
$25,000,000 7% cumulative first preferred stock and $15,000,000 common
stock of the Public Service Co. of Colorado. This company is a consolidation Of the Western Light & Power Co.and the Denver Gas & Electric Light
Co.,and stocks of each of these latter companies are to be deposited with the
Metropolitan Trust Co. for exchange into the first preferred shares of the
new Public Service Co. of Colorado.
-John Davenport, formerly of the firm of Finlay & Davenport, has
become associated with the Stock Exchange house of Rollins, Kalbfleisch
& Co.
Am. 25 1923.]
871
THE CHROYICLE
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Aug.23,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 840, 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.22 1923.
Aug. 22 1923. Aug. 15 1923 Aug.8 1923. Aug. 1 1923. July 25 1923. July 18 1923. July 11 1923. AA, 3 1923. Aug.33 1922.
RESOURCES.
Geld and gold certificates
Gold settlement fund, F. R. Board
356,864,000
615,595,000
$
348,655,000
634,519,000
346,809,000
664,114,000
332.289,000
662,477,000
344,561,000
650,318,000
$
341,804,000
653,784,000
340,492.000 326,442,000
658,617.000 661,593.000
3
300,470.000
520,556,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
972,459,000 983,174,000 1,010.923,000 994.879.000 994,766,000 995,588,000 999.109,000 988.035.000 821,026,000
2,081,265,000 2,079.719.000 2,040,012.000 2,048,062.000 2.058,246.000 2,052,131,000 2.047,787.000 2.040,992.000 2,197,316,000
43,420,030
60.539.000
53,483,000
58,676,000
57,988.000
52,001.000
66,725,000
69,040,000
61,701.000
Tots gold reserves
Reserves other than gold
3,122,764,000 3,120,881,000 3,112,636,000 3,109,666.000 3,113.551,000 3,099.720,000 3,100,379.000 3.087.703.000 3,061,762,000
86,454,000
76,769,000
79,200,000 130,902,000
74,186,000
83.702,000
78,612,000
84,058,000
77,484,000
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
3,201,376,000 3,195,067,000 3,190,120.000 3,193,724,000 3,200,005,000 3,183,422,000 3,177.148,000 3,166,903.000 3,192,664,000
59,589.000
81.168.000
74,025.000
70.967.000
81,261,000
66,492,000
64,138,000
79,585,000
Total bills on hand
D.8. bonds and notes
U. S. certificates of Indebtedness
Municipal warrants
359,999,000
420,597,000
176,610,000
380,560,000
420,879,000
173,189.000
397.209,000
425,893,000
177,409.000
381.862.000
424,575.000
182,630.000
364,413,000
396.126,000
176.864,000
408.466,000
397.363.000
183,121,000
477.053.000
452,786.000
198,912.000
125,738,000
364,189,000
166.488,000
957,206,000
80,925.000
3,834,000
20,000
974,628,000 1,000,511,000
84,867,000
82,921,000
4,974.000
7.285.000
20.000
10,000
989,067.000
83,802,000
9,991,000
10.000
937.403,000
85.016,000
11.268,000
10,000
988,950.000 1,032,653.000 1,128.751,000
89.744.000
92,015,600
94.211,000
5,940,000
7.027.000
4,957,000
25,000
25,000
10.000
556,415,000
196,418,000
288,342,000
21,000
419,930.000
426,439,000
186.284,000
1,041,985,000 1,064,489,000 1.090,727,000 1,082,870,000 1,033,697.000 1,086.915.000 1,133.916,000 1.223,477.000 1,041.196,000
Total earning assets
43,344,000
52,330.000
53,309.000
53,664,000
52,657,000
53,203.000
54,183,000
53.360,000
53,424,000
Bank promises
6,572,000
193,000
193,000
193,000
193,000
93,000
193,000
93,000
193,000
5% redemp. fund sent. F. R. bank notes
583,915,000 679,279.000 539,877,000 578,520.000 578,566,000 674.936,000 655.976,000 649,037.000 530,240,000
Uncollected Items
17,410,000
12,932,000
13,031.000
12.967.000
13,184,000
12.857,000
12,982,000
13,058.000
13,043,000
All other resources
4,974,180,000 5,076,743,000 4.951,537,000 4,988,141,000 4,952,762,000 5,092,9111.000 5,113,915.000 5364,461,000 4,831,426,000
Total resources
LIABILITIES.
Capital paid In
Surplus
Deposits--Government
Member bank-reserve account
Other deposits
341,0
05,: 000
109,678,000 109,886,000 109,673,000 109,497,000 109.629,000 109,714,000 109.621.000
:000 10165 0
4
109
18.36'589000
218.369,000 218,369.000 218,369.000 218.369,000 218,369,000 218,369,000 218,369,000 2
2
43,972,000
34,784.000
34,432,000
30,038.000
14.657,'''
15,778,000
21.935,000
41,584,000
34,285,000
1,824,572,000 1,850,710,000 1,860,022,000 1,879.504,000 1.839,262.000 1,883.644.000 1.909.006.000 1,931,762.41,785,489,000
33,390,000
27,832,004
22,521,000
24.445,000
21,682.000
24.938.000
23,463,000
23,048,000
22,834,000
1,881,905,000 1,902.430,000 1.904,791.000 1,944,551,000 1,896,567,000 1,942.521,000 1,949,722,000 1.974.251.00 1,851,851,000
Total deposits
2.225,063,000 2,231.815,000 2,224.358,000 2.187.729.000 2,194,871.000 2,216,994.000 2,265,149,000 2.2E2,054.000 2,146.674.000
F. It. notes in actual circulation
56,953,000
1,550,000
1,471.000
1.296.000
1,608,000
1.518.000
1,556.000
1,521,000
1,571,000
F.It bank notes In circulation-net Rah_
518,366,000 594,033,000 474,269,000 508.543.000 513,767,000 586,567,000 552,512.000 582.198.000 432,286,000
Deferred availability items
22,223,000
17.071,000
17.951.000
17.500.000
liabilities
16.487,000
17,896,000
19,278,000
18.506.000
18,660.000
All other
4,974,180,000 5,076,743.000 4,951,537,000 4,988,141,000 4,952,762,000 5,092,961.000 5,113,915,000 5.164,461,000 4.831.426,000
Total liabilitles
Ratio of gold reserves to deposit and
76.6%
75.5%
74.5%
73.6%
76.10%
75.38%
72.6%
76.0%
F. R. note liabilities combined
75.25%
Ratio of total reserves to deposit and
79.8%
76.5%
75.4%
77.3%
78.2%
74.4%
77.9%
77.3%
77.3%
F. R. note liabilities combined
Contingent liability on bills purchased
29,876,000
35,848,000
33.618.000
33,244.000
34,944.000
33,613,000
35,146,000
33,133,000
33,136.000
for foreign corresamdents
Iris ribuiton by Maturities145 days bills bought In open market.
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days ollis bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. B. certif. of Indebtedness_
31-60 days municipal warrants
61-9041ays bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-00 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
Fetters Reserve NotesOutstanding
Held by banks
59,029,000
496,397,000
1,214.000
53,421,000
521,433,000
2,071,000
51,280.000
538.727,000
3,962.000
56,346,000
528,303.000
5.111,000
53,114,000
484.677,000
7.900.000
$
62,631,000
529.156,000
2,023.000
29,013,000
65,204,000
1,967,000
29,705,000
66,354,000
33,142,000
63.521,000
32,123,000
57,073.000
27,600.000
58,725.000
29,127.000
59,201,000
27,000
52,949,000
119,568.000
50,557.000
106.867.0W
2,197,000
49,944,000
108,264,000
2.100,000
47,367,000
95,014,000
3,480,000
38,337,000
91,938.000
1,376,000
33,624.000
90.400,000
2,400,000
44.257.000
88,778,000
46,705.
90.413.
31,440,000
75,390,000
36,613.000
78.476.000
39,417,000
82,177,000
27.000
44,271,000
87,339,000
55.535,000
85,073.000
16,000
54,868.000
85,548,000
34.043.000
80,870.000
1,711,000
31,429,555
79,730.fli
544
4,179,000
24,037,000
653,000
20,000
2,893,000
28,309,000
706,000
20.000
3,626,000
30,413.000
1,196.000
10,000
2,523,000
38,708,000
1,400.000
10,000
2.278.000
40,126.000
1,976,000
10,000
2.871.000
41,524,000
1,490.000
10,000
5,321.000
44,870.000
3,276.000
10,000
4,122
44,903 IS
44103,
10.000
76.892.
69,756,000
573,106,000 653,563,
2,040.000
310.
15,
15.000
32,907.000
39,764,000
61.230,III
58.745,000
43.565,000
190.786,000
1,470,000
25,201.000
39,177,000
39,018,000
3,000
50,942,000
79,993,000
39.432,000
3.000
42,925,000
52,232.000
8,084,000
3.000
3,855,000
27.739,000
200,338,000
12.000
2,687,335,000 2,884,738,000 2,676.199,000 2,673,158.000 2,680,126,000 2.701,909,000 2,693,746,000 2,687,572.000 2.601,281,000
462,272,000 452,923,000 451,841,000 485,429.000 485,255,000 484,915,000 428.597.000 405,518,000 454.607,000
In actual circulation
2,225,033,000 2,231.815,000 2,224,358,000 2,187,729.000 2,194,871,000 2,216,994,000 2.265.149.000 2,282,054.000 2.146,674.000
Amount chargeable to Fed. Res. Agent 3,533,989.000 3,536,787,000 3,531.873,000 3,528,787.000 3,549,198.000 3,565,041,000 3,546,438.000 3.522.084.000 3,379,538,000
816,654.000 852,049,000 855,674,000 855.629.000 889.072.000 863,132.000 852,692,000 834.512.000 778,257.000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,687,335,000 2,684,738,000 2,676.199,000 2,673,158,000 2,680,126,000 2,701,909,000 2,693,746,000 2.687.572.0
2,601.281.000
320,424,000 320,429,000 320,429.000 320,429.000 320,429,000 320,429.000 320,429,000 320.429.000 416,522,000
606,070,000 605,019,000 636.187.000 625,096,000 621.880,000 649.778,000 645.959,000 646,580.000 403.965,000
125.847,000 114,772,000 114.013.000 117,262,000 122,967.000 123.612,000 111,569,000 118.202.000 128.675,000
1,634,994,000 1,644,518,000 1.605,570,000 1,610.371,000 1.614,850,000 1.608,090.000 1,615,789,000 1,602,361.000 1,653,119,000
2.687,335,000 2,684,738,000 2,676,199.000 2,673.158.000 2.680.126.000 2,701,909.000 2,693,746.000 2.687.572,000 2.601,281.000
Eligible paper delivered to F. R. Agent_ 918.173.000
•Not shown separately Prior to Jan 1923.
934.424.000
962.085.000
948.304.000 800.427.000
948.598.000
996.047.000 I 079.950.000
545,245.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 22 1923
Two ciphers(00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. Ofty Dallas. San Fran
Federal Reserve Bank of$
RESOURCES.
$
s
s
3
$
3
$
$
$
s
$
17,075,0 179,100,0 30,777,0 13,648,0 10,817,0 6,068,0 49,856.0 4,262,0 8,406,0 3.400,0 12,584,0 20,871.0
Gold and gold certificates
fund-F.R.B
rd
45,030,0
settlement
165,685,0 31,573,0 86,242,0 29,084,0 13,962,0 114,331,0 19,525,0 19,713,0 46,252,0 6,768,0 37,430,0
Gold
Total.
s
356,864,0
615,595,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
62.105,0
193.328,0
15,346,0
344,785,0 62,350,0 99,890,0 39,901,0 20,030.0 164,187,0 23,787.0 28,119.0 49,652.0 19.352,0 58,301.0 972,459,0
636,255.0 168,861,0 206,846,0 30,256.0 99,594,0 392,091,0 50,589,0 35,087,0 41,224,0 16,079.0 211.055,0 2,081,265,0
12,508,0 11.764,0 2.949,0 3,776,0 2,450,0 5,740.0 2,868,0 2,476.0 3,568,0 1,519,0 4.076,0
69.040,0
Total gold reserves
Reserves other than gold
270,779,0
5,378,0
993,548,0 242,975,0 309,685,0 73,933,0 122,074,0 562,018,0 77.244,0 65,682,0 94,444,0 36,950,0 273.432.0 3,122,764.0
19,699,0 10,913,0 3,786,0 3,147,0 4,739,0 9.243,0 11,010,0 1,115,0 2,606,0 5.410,0 1.566.0
78,612,0
276,157,0 1,013,247,0 253,888,0 313,471.0 77,080,0 126.813,0 571.261,0 88,254,0 66,797,0
Total reserves
15,463,0
10,422,0 2,975,0 3,126,0 1,635,0 12,740,0 7,489.0 6.753,0 2.974,0
Non-reserve cash
Bills discounted:
23,211,0
U.S.Govt.obllga'ne
124,742,0
37,288,0 29,639,0 30 622,0 9,051,0 28,300.0 20.985,0 6,982.0
Secured by
37.495,0
42,649.0 21,923,0 25,207,0 39:8
2 7.0 35.989,0 43,949,0 36,859,0 22,449,0
Other bills discounted
10,323,0
35,905,0 20.306,0 41,701,0 1,273,0 8,209,0 42,071,0
882.0
Bills bought in open market
_
71,029,0 203,296,0 79,517,0 96,547,0 71.722,0 53 249,0 114.320,0 58.726,0 29 431.0
Total bills on hand
4,235,0
3,093,0 17,367,0 9,953,0 1.3410
6
'
19 ,0 6,902,0 3,668,0 12:235,
0
U. 8. bonds and notes
461,0
753,0
14,0
248,0
1,0 1,960.0
330,0
U. S. certificates of Indebtedness.
20,0
NiunicIpal warrants
Total earning assets
75.725,0
207.142.0 96.898.0 Ina
745
n
73 14020 52 AAR
n
122 1821) 02 20414
41
97.050,0 42.360,0274.998.0 3,201,376.0
4,622,0 2,535,0 8,851.0
79,585,0
11,182,0 8,601.0 29,396,0
29,495,0 39,681,0 45.074,0
619,0 13,309.0
2,012,0
359.999.0
420,597,0
176,610,0
42,689.0 48,901,0 87,779,0
10,970,0 1,780,0 9.185,0
67,0
957.206.0
80,925.0
3,834,0
20,0
00014 52720
n go 5451 14
041 054414
1
011 055n
872
THE CFIRONTCLE
RESOURCES(Concludec0Two alphas(00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected Items
all other resources
against
Total resources
LMBiL/TfES.
Capital paid in
;lupins
Deposits: Government
Member bank-reserve awl
Other deposits
Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap Kan.City Dallas. SanFran.
Boston. New York. Phila.
$
13,004,0
$
4,434,0
.
52,744,0
120,0
[Vox,. 117.
$
723,0
$
9,389,0
$
2,766,0
$
2,617,0
$
8,715,0
$
1,089,0
$
1,950,0
Total.
$
2,845,0
$
54,183,0
65,0
28.0
125,516,0 51,230,0 64,824,0 50,209,0 20,232,0 79,241,0 32,610,0 14,228,0 32,280,0 21,722,0 39,079,0
567,0
592,0
363,0
339,0
1.087.0
580,0
115,0 1,890.0
826,0 2,667,0 3,887,0
93,0
583,915,0
13,043,0
$
1,681,0
$
4,970,0
424,653,0 1.370,418,0 406,053,0 497,921,0 205,171,0 216,609,0 790,533,0 191,215,0 129,566,0 193,474,0 121.943,0 426,624,0 4,974,180,0
7.867,0
16.312,0
1,439,0
125,380.0
178,0
29,342,0 9,829,0 12,234,0 5,764,0 4,420,0 15,167,0 4,990,0 3,524,0 4,583,0 4,190,0 7,768,0 109,678,0
59,800.0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9.488,0 7,496,0 15,263,0 218,369,0
10,741,0 2,341,0 2,645,0 2,088,0 1,562,0 2,479,0 2,184,0 1,466,0 2,244.0 1,749,0 3,347,0
34,285,0
659,730,0 114,806,0 163,247,0 59,118,0 54,175,0 264,270,0 68,234,0 46,967,0 80,360,0 44,097.0 144,188,0 1,824,572,0
161.0
13.205,0
117,0
435,0 1,148,0
806.0
479,0
23,048,0
392,0
370.0
213,0 5,644,0
Total deposits
126,997,0
*. R.notes In actual circulation 222.851,0
s. R. bank notes in circulationnet liability
Deferred Availability Items
49,766,0
ill other liabilities
860.0
683,676.0 117,582.0 167,040,0 61,367,0 55,854,0267,555,0 70,897,0 48,803,0 82.996,0 46,059,0 153.079.0 1,881,905,0
495,327,0 211,043,0 237,127,0 80,108,0 132,138,0 408,953,0 71,757,0 55,077.0 60,906,0 38,064,0 211,712,0 2,225,063,0
1,056,0
465,0
98,489,0 47,355,0 56,302,0 45,542.0 14,220,0 65,552,0 32,776,0 13.370,0 34,487,0 23,591.0 36,916,0
3,784,0 1,495,0 1,723.0 1.102,0 1,035,0 1,852.0 1,130,0 1,319,0 1,014,0 2,078,0 1,886,0
1.521,0
518,366,0
19,278,0
Total liabilities
424.653,0 1,370,418,0 406,053,0 497,921,0 205,171,0 216,609,0 790,533,0 191,215,0 129,566,0 193,474,0 121,943,0 426,624,04,974,180,0
Memoranda.
.
tatio of total reserves to deposit
and F. R. note liabilities combined, per cent
78.9
85.9
77.3
77.6
54.5
67.5
8.4
61.9
64.3 •
67.4
50.4
75.4
77.9
Mntingent liability on bills purchased for foreign correepond'ts
12.113.0 3.025.0 3.803.0 1.831.0 1.444.0 4_500.0 1 .40O 1 1(17 n 1 011 0 1 ORLI !I o um n
.50 115 A
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUG. 22 1923.
Federal Reserve Agent at-
Boston. New York Phila.
Resources
(in Thousands of Dollars)
$
Federal Reserve notes on hand
81,950
Federal Reserve notes outstanding
244,065
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
20,028
Gold Fund-Federal Reserve Board
138,000
Eligible paper!Amount required
50,737
lEacess amount held
20,292
Cleve. Rithm'd Atlanta Chicago. St. L. Minn. IC.City Dallas. Sas Fr.
s
s
$
$
$
$
$
a
Total.
$
313,260 49,020 31.220 25,570 72,067
742,827233,348 260,634 88,625 142,947
$
$
$
119,700 24,890 12,180 29,713 16,284 70,800 846,654
464,195 89,684 60,319 68,968 41,784 249,939 2,687,338
235,531 7,000 8,805
2,400
29,724 14,472 13,041 2,461 7,194
371,000 147,389 185,000 27,795 90,000
106,572 64.487 53,788 58,369 43,353
77,998 3,072 38,590 10,773 9,861
11,880 13,052
320,424
6,456
10.446 2,709 1,035 3,864 2,623 18,250 125,847
381,645 36,000 21,000 37,360 7,000 192,805 1,634,994
72,104 39,095 25,232 27,744 25,705 38,884 606,070
42,205 19,617 3,612 14,921 23,164 48,008 312,103
Total
590,372 1,878,912 618,788 591,078 213,593 367,822 1.090.295223,875 136,430 182,570 123,006 618,686 6,533,427
LiabilitiesNet amount of Federal Reserves notes received from
Comptroller of the Currency
326,015 1,056,087 282,368 291,854 114,195 215,014 583,895 114,574 72,499 98,681 58,068 320,739 3,533,989
Collateral received fromjGold
193,328 636.255 168,861 206,846 30,256 99,594 392,091 50,589 35,087 41,224 16,079 211,055 2,081,265
Federal Reserve Bank!Eligible Paper
71,029 184,670 67,559 92,378 69,142 53,214 114,309 58,712 28,844 42,665 48,8.59 86,892 918.173
Total
590,372 1,876,912 518,788 591,078 213,593 367,822 1,090,295 223,875 136.430 182,570 123,006 618,686 6,533,427
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation
244,065
21,214
742,827 233.348 260,634 88,625 142,947
247,500 22,305 23,507 8,517 10,809
464,195 89,684 60,319 68,968 41,784 249,939 2,687.335
55,242 17,927 5,242 8,062 3,720 38,227 462,272
222,851
495,327 211,043 237,127 80,108 132.138
408.953 71.757 55.077 60.006 10004 211 712 2 225 0113
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 770 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figure3
for the latest week appears in our Department of "Current Events and Discussions," on page 840.
1. Data for all reporting member banks in each Federal Reserve District at close of business Aug. 15 1923, Three c phers (000) omitted.
Federal Reserve District.
Boston
New York
Phila.
Cleveland Richmond Atlanta
81
77
Chicago St. Louis
Aftnnecw
Non. City
Dallas
San Fran.
Total
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
12,246
77.765
236,473 1,476,856
631,539 2,502,031
19,243
264,422
355,771
29,422
399,865
700,521
9,318
119,505
329,341
2
$
7,657
35,528
67,072 582.416
324.781 1,133,419
11,636
138,453
312,096
4,390
42,276
186,638
6,950
81,425
360.506
3,706
49,946
199,442
230,260
12,389
192,150 3,650,859
784.816 7,820,900
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. B. Certificates of Indebtedness
Other bonds, stocks and securities
880,257 4,056,652
12.541
48,079
79.485 473.023
5,059
28,400
28,708 482,957
2,664
21,632
168,274 739,117
639,436 1,129,808
47,822
10,698
44,012 116,767
5,455
3,441
58.137
52,846
7,358
5,789
183,390 298,107
458,164
29,335
32,190
4,120
11,532
2.294
51.332
399.510 1,751,363
14.430
24.694
14,341
95,972
2.045
12.433
5,893 124.263
21,522
6,870
40,523 343,107
462,185
15.325
23.419
9,377
21,214
6.195
84,788
233,304
8,461
11,780
1,220
28,740
2.617
28,808
448,881
11,716
51,201
4,930
22,269
5.688
60,007
253.094
20.115
14.053
2,202
13,202
4,056
10,906
989,355 11,702.009
31,844
275,060
106.812 1,063,055
13,158
91,840
35.904
885,665
12.665
99,350
147,386 2,155,744
Total loans & disets & investmls_ 1,176,988 5,849,860
Reserve balance with F. R. bank....
82,610 596,200
Cash in vault
19,278
78,823
Net demand deposits
809,954 4,564,489
268,480 886,991
lime deposits
20,702
Government deposits
37,199
Bills payable and rediscoUntS with
Federal Reserve Bank:
10,645 128,774
Secured by U.S. Govt. obligations
42.875
22.730
111 /then.
939,612 1,663,454
71,931 105,459
32,522
16,258
695,313 922,367
103,079 580,496
7,522
12.263
588,967
34,033
13,281
325,401
152,009
5,513
483.812 2.373,354
30,293 206,853
10,027
53,040
270.356 1.492,227
177.119 780,194
6,304
17,003
622,503
42,042
8,194
345,704
190,615
4,428
314.930
23,658
5,927
193.807
86,712
3,162
604,692
46,813
11,849
445,517
133.532
1.586
317,628 1,337,123 18.272.723
21.652
98,334 1,359,778
20,745
8.640
278.534
212,000 731.324 11,008,459
74,589 537,938 3,971,754
3,647
12,868
132,187
28,749
20_454
19,562
17.325
12,083
20.981
6,440
4.769
6,846
16.606
s
43
$
111
$
55
21,943
10 012
$
$
39
2,979
7.039
106
14,933
27.413
$
36
$
28
$
76
$
52
3,813
11.730
$
76
19,562
25 011
$
770
276,100
924 SKIR
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) omitted.
City of Chicago. 1411 F. R. Bank Cities.F. R. Branch Cities.Oiher Selected Cities.
Aug. 15. Aug.8. Aug. 15.1 Aug.8.
,
49
66
66
49!
Number of reporting banks
$
$
$
Loans and discounts. gross:
27,150
Secured by U.S. Govt. obligations 69,167 69.732 27,306
1,297.4261,304.199 438,126 433,083
Secured by stocks and bonds
2,188.3502,166,924
All other loans and discounts
663.0611__670,882
3,552,943 3,540,85 1,128,493 1,131,115
Total loans and discounts
37,428
4,074
37,429
4,088
U.S. pre-war bonds
406,600 406,59
38,707 38,835
U. S. Liberty bonds
5,362
19,246
19,836
5,384
U. S. Treasury bonds
448.598 450,91
68,265 69,392
U. S. Treasury notes
6,640
7,747
U. S. Certificates of indebtedness18.784
18.404
533,508
534,720 164,806 167.508
securities
Other bonds, stocks and
Aug.15.
Aug.8.
Total.
Aug. 15. Aug.S. Aug. 15. Aug.8. Aug.15'23 Aug.8'23.viug.16 '22
770
308
205
307
205
771
258
25:
791
$
$
$
$
$
$
$
$
$
37,650 230,250 230,126
37,485
41,424 41.326
151,154
151,341
258,530
2,554,639 2,564,98 593,409 579.203 502,811 509,031 3,650,859 3,853,219 3,513,741
4,847,834 4.827,091 1.597,0371.612,681 1,376,0291,372,975 7,820,900 7,812,7471 7,036,497
7,553,814 7.643.2202,231,8702,233.2101,916.325 1,919,656 11,702,00911,696,092 10,808,768
95,457 76.99476,997 103,046 104,741275,060 277,195
95,020
639,385 840,783 256,573 251,949 167,097 167,457 1,063,055 1,060,189 1,326.189
23,706 20,743 20,639
23,867
91.840
47,715
92,060
47,230
652.143 656,156 145,049 148,059 88,473 88,382 885,666892,597 689,968
99,350 (1100,564
36,290
34,045
47,230
16,787 *17,044
48.518
199,515
1,142,952 1,147,549 589,024 588,613 423,768 *423,95! 2,165,744a2,160,121 2,317,589
Total loans & diseta & timeorts_ , m7,1065,008,752 1,417,4881,422,926 10,179,062 10,178,116 3,357,422 3,358,8242,736,239'2,741,87816,272,723 16,278,81815,342,029
Reserve balance with F. R. Bank- 547.534 574.488 144.444 141.052 963,930 987,311 229,040 232,252 166.8081 163.330 1,359,778 1,382,893 1,380.173
152,645 69,193 62,780
294,923 263,296
78,0001 79,518 278.584
141,391
64.343 73,731
29.162 30,003
Cash In vault
Net demand deposits
.078,0504.063,53, 994.276 991,681 7.455,857 7,415,499 1,899,105 1,906,913 1,653,4971,642,90 11.008,45 10,965,31611,012,926
604,9 I 364,435 365,333 1,932,698 1,934,603 1,188,970 1,181,853 850,086 855,423 3,971,754 3,971,879 3,587,578
603,0
Time deposits
32,726
147,284 177,223
132,187
97,404
14,773
13,089
35.087
86,372
39,6
8,01
6,805
34,52
Government deposits
Bills Payable and rediscounts with
F. R. Bank:
276,109 a295,646
66,101
168,249 *190,54
41,759 44,453
60,644
52,695
6,842
5,544
Secured by U.S.Govt.Obligations 102,971 129,061
42,692 43,335 41,206 45,261
234,896 a244,796
150,998 *156,2
34,464
57,533
35,104
17,498
18,653
All other
Ratio of bills payable & rediscoun
With F. it. Bank to total loans
3.2
3.3
3.1
3.
3.1
3.3
3.0
3.1
3.
0.7
1.7
1.7
2.8
and investments, per cent
a Revised figures. • Includes Victory notes.
AUG. 25 1923.]
THE CHRONTCLE
Vanhers' 6azzite
Wall Street, Friday Night, Aug. 24 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 864.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Atg. 24 1923.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par Value.
363,200 $35,600.000
588.037 36,700,000
588.465 36.700,000
660,174 65.500,000
584,127 36,500,000
516,200 51.000,000
Total
State, Mun.
and Foreign
Bonds.
Railroad,
cte.,
Bonds.
U. S.
Bonds.
31 515.000 $1,064,000
3 411,000
856,500
3 125,000 1,154.000
3 378,000
988,000
3668.590
917,000
3 584,000
892,000
$881,900
1,337,100
1,532,250
1,898,200
1,386,950
4.176 000
3 300.203 $262.000.000 818.681 500 8&871.104)811 212 atm
Sales at
New York Stock
Exchange.
Week ending Aug. 24.
1923.
1923.
$35,765,400 $77,246,600 $1,835,446,525 $2,978,630,652
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EY CHANGES.
Boston.
Week ending
Aug. 24 1923.
Philadelphia.
Total
Prey, week revised
3,620
7,138
8,086
11,844
12,012
5,456
$3.000
20,650
13,550
40.900
5.350
23,000
48,156
43,155
2,436
4,971
2,446
3,888
5,398
7,632
$14,000
16,500
15,200
10.500
41,800
10,000
$106,450
26,771
8108,000
3,398
$61,300
$97,050
24,312
8158.400
4.770
867400
197
569
1,127
432
302
771
38.000
10.000
17,000
5,000
4,200
17.100
Daily Record of U. S. Bond Prices. Aug. 18 Aug.20 Aug.21 Aug.22 Aug.23 Aug.14
First Liberty Loan
lug,. 100332 10033, 100,33 10033i 100332 1001n
854% bonds of 1982-47__ILow. 1001,3 100133 100,33 1004, 100131 100
(First 3WO
CIO& 100331 100333 100233 100,33 100233 10012,
Total sales in $1,000 units__
38
78
14
381
151
194
Converted 4% bonds of {
(High 98"33
193247 (First 48).___ Low_ 981033
Total sales in $1,000 units_.
Converted 4)i% bondrigh
of 1932-47 (First 4%s) Low.
Close
Total sales in $1,000 units__ _
Second Converted 44%(High
bonds of 1932-47 (Firsti Low
Second 445)
1Clost
Total sake in $1,000 unit,...
Second Liberty Loan
High
4% bonds of 1927-42_ __ _ Low.
(Second 4s)
Close
Total sales in ELM units__
Converted 45('' bondsr igl
of 1927-42 (Second
Low
4510
CiObt
Total sales in $1,000 units.. _
Third Liberty Loan
illigt
44% bonds of 1928
Low.
(Third 4345)
Clem
Total sales in $1,000 units_
Fourth Liberty Loan
Iibi1
44% bonds of 1933-38
Low
(Fourth 45(s)
Close
Total sales in $1,000 units__
Treasury
illig I
Low.
4)(S. 1947-52
98103, 911033
9810,1
9803,
9810,3 981333
43
39
98
98
98
10
-- 9813,3
__-- 981,1,
-- -- 98"3!
10
-- - 981133 98133
981033 9810,3
9811ss 98143
296
319
983033 983033
98,831 98",
982033 98,
43
90
106
9813,3 9813,
981033 98111
9811,3 98133
372
508
99"n 99,03
99",, 99103
991032 98203
128
- 243
close
Total sales in 81.000 units...
98-1333
981,31
981233
49
98-an
9810,s
98133,
161
9-8"33
98"33
913.43
64
9-8-an
98"n
981033
37
981033
981233
98103,
____
____
__--
____
____
- -_-
9817,3
98113,
98133,
224
98313,
9800,3
982031
218
98113,
9812n
981033
571
980033
0819,2
982033
417
9-8-an
9813n
981033
439
981033
9820,3
982033
173
98103,
98133:
981033
679
992233
99",,
992033
23
9-8-lin
981033
981133
108
98313,
9827,3
983033
545
9810,,
9811,3
981,33
255
992332
09"32
992232
253
98,
ss
9803:
98,
n
5
9814,3
980133
9811::
118
9831,3
98,133
98",s
3524
981433
981,31
9814,
203
99"33
992233
99233,
iiii
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
9803, to 980n 156 3d 451s
98713 to 981133169 4th 451s
26 1st ots
27 2d 4515
9823,3 to 93",'
98333 to 9814'
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
June 15
Sept.15
Mar. 15
Mar. 15
Dec. 15
Sept.16
1924_
1924...
1925_
1926_
1925_
I923___
Int.
Rate.
Bid.
Asked.
Maturity.
54%
554%
44%
44%
434%
34%
1011,1
101
100311
1001,1
99%
9931,2
101',,
1014
10031,
10001,
994
10013,
Sept. 15 1926...
June 15 1925_
Dec. 15 1927___
Dec. 15 1923_
Sept. 15 1923...
Mar.15 1924._
Mar.15 1927_
Rate.
BUS.
434% 99316
4;§% 99111i3
4h% 9954
4%
100
434% 99"I!
434% 100%
44% 100%
Asked
9931,
100111
100
10031,
1001,s
1004
10054
The Curb Market.-The review of the Curb Market is
given this week on page 885.
A complete record of Curb Market transactions for the
week will be found on page 885.
Foreign Exehange.-Sterling ruled dull with a downward
trend, though changes were not important. In the Continental exchanges, violent price changes occurred in marks
and francs, which again touched new lows. Pesetas were
also heavy. Trading was dull and spotty.
Sixty Days.
4 5334
4 5234
Paris Bankers' FrancsHigh for the Week
Low for the week
5.61
5.46%
Germany Bankers' MarksHigh for the week
Low for the week
39.00
38.87
Cheques.
4 55%
4 5434
Cables.
4 56
4 5434
5.6834
5.51
5.693-4
5.52
0.000025
0.000013
0.000025
0.000013
39.35
39.24
39.39
39.33
Domestic Exchange.-Chicago, par. St. Louis, 15@25c per $1,000
discount. Boston, par. San Francisco, par. Montreal, $25 9375 per
$1,000 discount. Cincinnati, par.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
STOCKS.
Week ending Aug.24. for
Week.
Par. Ste
Baltinwre.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sterling ActualHigh for the week
Low for the week
1922.
Stocks-No. shares___
3,300.203
5,199,194
159,245,686
165,386,444
Par value
$262,000.000 $399,986,000 $13,893,000,000 $14,523,335,389
Bonds.
Government bonds_ _ _ $11,212,400 $18,201,600
$508,899,125 $1,173,581,302
State, mun.. &c.,bonds
5.871,500 12,198,000
299,475,200
404,707,500
RR.and misc. bonds
18,681,500 46,847.000 1,027,072,200 1,400,341,850
Total bonds
To-day's (Friday's) actual rates for sterling exchange were 4 53(4)4 53%
for sixty days, 4 55%@4 5534 for checks and 4 5534@4 55% for cables.
Commercial on banks, sight, 4 5534@4 55%; sixty days, 4 5234@4 52%;
ninety days, 4 514(gl4 514, and documents for payment (sixty days).
4 5234 @4 53; cotton for payment,4 5534 @4 5534, and grain for payment,
4 55%@4 55%•
To-day's (Friday's) actual rates for Paris bankers'francs were 5.5334(8
5.56% for long and 5.58%@5.6134 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 38.89@38.91 for long and 39.25©39.27 for short.
Exchanges at Paris on London, 81.05; week's range, 81.05 high and
81.68 low. The range for foreign exchange for the week follows:
Amsterdam Bankers' Guilders
High for the week
Low for the week
Jan. 1 to Aug. 24.
1922.
873
Range for Week.
Lowest,
Highest.
$ Per share. $ per share.
Railroads.
Bklyn Rap Tr full pd_ _ _
Canada Southern__ _100
Central RR of N .1_ __100
C C C & St Louls____100
Int & Gt No Ry(w 1) 100
Iowa Cent&
100
Math Elev mod gtd_100
Scrip
M St P & 85 MLeased line etfs---100
Morris & Esacx
so
NY Ch & St L new__100
Pitts Ft W & Ch. pfd 100
Rapid Transit Corp...'
Preferred
100
West Penn
100
Range since Jan. 1.
Lowest.
Highest.
per share.1$ per share.
1,200 3051
52 5054
1,068204
200 87
400 17
100 2
2,200 354
1
5
Aug 23 31%
Aug 23 51
Aug 22 206
Aug 2 87
Aug 20 17
Aug 23 2
Aug 18 36%
Aug 21 5
Aug 18 3034
Aug 21 50
Aug 22 175
Aug 20 76
Aug 20 15
Ag 23
2
Aug 23 3051
Aug 21 451
July 3251
Apr 524
July 231
Jan 92
Aug 25%
Jul
64
Jun 4554
Feb 5
Aug
Mar
Feb
Mar
Feb
Feb
Apr
Aug
100 60
27 76
700 70
5613734
2,400 1234
600 334
100 41
Aug 21 60
Aug 20 76
Aug 2 7054
Aug 22 138
Aug 23 1251
Aug 23 3454
Aug 2 41
Aug 21 58
Aug 20 934
Aug 18 6734
Aug 20 128
Aug 21 951
Aug 23 3134
Aug 20 384
July 6334
July 78
Aug 7634
June 138
Jun Ism
July 49
Ap 52%
Mar
Jan
July
July
Apr
Apr
May
Industrial & Miscel.
Amer Chain, Class A_25 500 22 Aug 20 23 Aug 21 2034 Jun 2554 Mar
100 45 Aug 22 45 Aug 22 22
Amer Chicle, prof...100
Feb 51 June
100 50 Aug 22 50 Aug 22 46
Am Teleg dr Cable_ __100
Jul 58% Feb.
Art Metal Construc__10 200 1551 Aug 23 154 Aug 23 15,4 May 18
Mar
Atlas Powder new__--10 1,300 54 Aug 2 57 Aug 22 51
July 5734 June
Atlantic Fruit Co100 134 Aug 20 154 Aug 20 134 July 254 Feb
Colum Tr Co etf of dug
• 700 2031 Aug 22 204 Aug 24 194 July 284 Apr
Auto Knit
* 300 2954 Aug 20 30% Aug 22 28 June 3634 May
Century Rib Mills
45 Aug 24 46% Aug 22 4354 Aug 493-4 May
Columbia Carbon
*
Commercial Solvents, A* TOO 32 Aug 23 32 Aug 23 2554 July 4934 May
Cosden & Co, pre_..100 200 85 Aug 24 85 Aug 24 97
Jub 10934 Feb
Cuban Dom Sugar- *
800 454 Aug 20 5 Aug 24 3
July 1251 Mar
Cuyamel Fruit
3.600 63 Aug 21 6554 Aug 18 5434 July 7054 June
Douglas Pectin
200 134 Aug 21 1331 Aug 21 123-4 June 1451 June
Eaton Axle & Spring_ _ _* 2,600 24 Aug 18 254 Aug 22 23% Aug 27
July
Fidelity Phenix Fire Ins
of New York
25
10010874 Aug 2010814 Aug 20 10234 Jan 138
Feb
• 3,200 4331 Aug 21 4554 Aug 22 3734 Jar 4754 May
Fleischmann Co
• 4,600 704 Aug 22 7754 Aug 18 66 Mal 7854 July
Foundation Co
Gardner Motor
100 851 Aug 21 851 Aug 21 751 Aug 144 Apr
• 300 77 Aug 20 7834 Aug 23 72
Gen Baking Co
July 7854 Aug
Gimbel Bros, pref...100 300 98 Aug 20 9854 Aug 22 967-1 Jar 10251 Feb
Goldwyn Pictures, new-*
200 17 Aug 23 1754 Aug 20 13% Jun 224 June
Goodyear Tire, pref.100 600 4534 Aug 22 47 Aug 20 434 July 6154 Apr
Prior preferred_ _ - _100
100 93 Aug 21 93 Aug 21 92
Aug 99
Feb
Hartman Corporation100 2,000 834 Aug 20 8831 Aug 21 80% July 9551 Jan
Househ Prod tern ctfs_* 1,900 3034 Aug 18 314 Aug 24 2834 July 3934 May
Independ Oil & Gas...* 2,500 434 Aug 2
434 Aug 21 454 Aug 114 May
Inland Steel, w 1
600 3234 Aug 20 34 Aug 24 3154 July 4634 Apr
Preferred, WI
200100 Aug 24101 Aug 24 9634 June 105
Apr
International Shoe_ ---* 600 73 Aug 2 75 Aug 20 6434 Jun 75
Aug
Internat Tel & Tel..190 200 66% Aug 20 6654 Aug 20 644 Jul 7134 Apr
1.700 32 Aug 18 33 Aug 23 2654 July 4154 Mar
Intertype Corn
Iron Products ctfs
2,100 354 Aug 13 4334 Aug 24 314 Aug 4414 May
Kinney Co
400 56 Aug 22 564 Aug22 3554 Apr 644 June
Macy (R H), prof.. _100
100113 Aug 20113 Aug 20 1114 July115
Feb
Magma Copper
• 1,200 30 Aug 21 3034 Aug 22 22 May 3634 Apr
Maracaibo Oil Explor * 2,400 1834 Aug 22 20% Aug 20 18
Aug 224 July
Montana Power, prof 100 100 109 Aug 20109 Aug 20 1074 June 112
Apr
Nat Cloak & Suit, pf_100 100 93 Aug 20 93 Aug 20 8954 June 104
Feb
Nat Dept Stores
• 9,200 3754 Aug 20 4134 Aug 23 344 June 4254 Apr
Preferred
100
100 9234 Aug 24 9234 Aug 24 9034 July 9751 May
Orpheum Clreanc,pf.100
100 91 Aug 18 91 Aug 18 8454 Jan 954 Apr
Otis Elevator, prof._100 100 9854 Aug 18 9834 Aug 18 9854 Aug 1004 June
Pacific Tel dr Tel....100 400 85 Aug 21 88 Aug 20 67
Aug
Jan 88
Packard Motor. pref_100 200 9434 Aug 23 95 Aug 23 9054 Jun 99
Feb
Penn Coal & Coke__ _ -50
100 3654 Aug 22 36% Aug 22 3554 July 4334 Apr
Philip Morris
10 1,200 13% Aug 18 1551 Aug 18 1134 July 1954 Mar
Pierce-Arrow, prior pref• 1,500 654 Aug 22 674 Aug 24 60
July 7234 Mar
Pittsburgh Steel, pref.100 200 9574 Aug 22 96 Aug 20 92
Jan 98
Apr
Prod & Ref Corp, pref_50
Aug 4934 Mar
100 41 Aug 21 41 Aug 21 41
PEl Corp NJ,prof8%-100
100 994 Aug 20 9934 Aug 20 9851 Aug 10851 July
Railway SO Spr, pf_ _100
100114% Aug 24114% Aug 24 1454 Aug 121% Mar
Schulte Retail Stores...' 3,700 9254 Aug 18 95 Aug 22 88 May 9951 July
Preferred
100
120114 Aug 23114 Aug 23 14
Aug 115 May
e, 16
Simms Petroleum ....10 4,000 64 Aug 24 734 Aug 18 654 July
Jan
• 2,200 2554 Aug 20 2634 Aug 22 23
Simmons Co
July 3434 Mar
Shell Union Oil, prof -100 500 9154 Aug 22 92 Aug 21 90 Jun 9834 Apr
Sinclair Oil, pref.. __100 1,700 804 Aug 23 86 Aug 20 804 Aug 9954 Feb
Feb
Tobacco Prod, pref.-100 300109 Aug 21109 Aug 21 0434 Feb 114
Underw Typewr, new.25
500 394 Aug 18 41 Aug 22 3534 Aug 414 June
U S Express
100
100 334 Aug 24 35.4 Aug 2
334 Aug 84 Mar
S Realty & Imp full pd 1,100 9934 Aug 231004 Aug 20 97% A 1084 Feb
Van Raalte
100 200 33 Aug 23 354 Aug 20 33
Aug 64
Jan
West Elec 7% CUM pf.100i 400115 Aug 23117 Aug 23 114 Mazlll7
Aug
Waldorf System, new..' 100 1734 Aug 231
20
8 17% Aug 2 1454 Jun 20 May
W'houseE & M,let 1/1501 100 73 Aug
73 Aug 23 70
AugI 78
Mar
Young'n Sheet & Tube.* 1,200 65% Aug 1 6634 Aug 21 6354 Ju341 80
Jan
• No par value.
8'74
New York Stock Exchange-Stock Record Daily Weekly and Yearly
/
OCCUPYING FOUR PAGES
For sale, during the week of stocks usually inactive, see preceding page
Sales
STOCKS
for
NEW YORK STOCK
the
Friday,
EXCHANGE
Tuesday, 'Wednesday.' Thursday,
Manefair,
Saturday,
Week.
Aug. 24.
Aug. 23.
Aug. 22.
Aug. 21.
Aug. 18.
Aug. 20.
--Railroads
Par
per share $ per share $ per share 3 per share $ per share Shares.
$ per share
Ann Arbor preferred
28
100
•20
25 •22
25
26
*20
*21113 2411 *21
*2112 25
9634 9714 9634 9712 9612 97
964 965s 9614 96,4 9672 9674 8,700 Atch Topeka & Santa Fe_.100
400
Do pref
88
100
8772 877s 88
88
88
8752 6772 88
*87
88
*87
15
132
600 Atlanta Birm & Atlantic,,100
134 *114
*111
14
134 *114
132 14
152 134
Atlantic
111
2,000
Coast
1103
2
11212
Line
Rft
11212
100
11274
11214
11224
1124
1123
4
11212 11212
11234
4338 487 14,000 Baltimore It Ohio
100
4872 494 49,4 49% 4838 4914 4814 494 4812 49
Do pref
500
100
*5731 534 *5734 5312 *5734 5312 "5734 5812
573* 5734 577 53
414
*I
3
4
33
Brooklyn Rapid Transit- _100
34
3*
*1.1
*14
*14
34
*14
34
418
14
as
*Is
as
413
38
*4
Certificates of deposit
14
•18
100
14372 14472 14434 14514 13,000 Canadian Pacific
14414 146
1
4 14534 146
1458, 146/
148 147
2,300 Chesapeake & Ohio
100
0934 5973 5912 60
5934 594 *5938 60
6014 594 60
60
200
Do prat
100
9812 *9814 9672
9812 *97
98
*9712 9812 *97
98
99
*98
100
212 222 *212 272 •212 234 *212 234 1,100 Chicago & Alton
234 234
258 23,1
Do pref
100
434 44 1,900
44 44
*138 434
44 5
434 5
458 434
234 234 2372 2412 1,000 Chic & East Ill RR (new)
2314 *2338 2312 2312 24
23
23
23
Do prof
103
50
*48
*48
49
48
43
48
*48
49
*47
48
*47
800 Chicago Great Western__ _100
414
414
414 414
432 432 "414 412
412 412
*438 412
1,300
1014
Co
pref
100
1014
104
1012
11
1014
1012
104
1014 1014 1012
1014
4,700 Chicago Milw & St Paul_ -100
154 16
1512 1614 16 • 16
16,4 1812 16
164 16
16
Do pref
100
2574 2634 10,300
2624 27
2512 26
27
2734 264 2714 2612 27
6614 6612 66
6538 66
67
6014 6612 6612 5.000 Chicago & North Western_ 100
6512 6614 66
' Do pref
100
*100 110 *100 110 •100 110 *100 110 *100 110 *100 110
224 224 13.300 Chicago Rock let & PacifIc_100
2374 2272 2372 2212 228
23% 23
2314 23
23
900 2 7% preferred
100
80
80
81
*78
81
•78
80
*80
7914 811
78
77
1,7002 6% Preferred
100
70
*69
71
70
70 •69
70
72 *69
6712 694 70
100 Chic St P Minn & Omaha 100
*54
60
54
54 .54
60
60
*55
45612 60
*55
60
100 Colorado It Southern
100
•2472 26
•2472 2612 •2472 2612 *2432 26
2414 244 •24h 20
2,600 Delaware & Hudson
100
10914 1094 109 10972 109,4 10914 10714 109 I 10534 106 •106 103
700 Delaware Lack & Western_ 50
115% 11534
11534 115% 1158, 11574 115% 11634 116 11614 *11512 116
87,000, Erie
100
16
15
1314 134 134 1338 15
1332 13
1318 1338 13
Do 1st preferred
100
2214 22/
1
4 2212 2272 21% 2214 2112 2212 2238 2472 2438 2512 48,8001
Do 28 preferred
100
1778 1812 15,900
1612 1614 18
1612 164 1618 16
1534 1573 16
100
5414 19,500 Great Northern prof
5412 581
54
551. 5234 5412 54
5538 5714 544 56
Iron Ore Properties_No par
3018 3032 21,800
314 32
2972 3214 3138 32
3034 31
2912 297
.922 11
100 Gulf Mob & Nor tr etre_ 100
4,04 11
912 912 *912 1114 *912 1114
*912 11
Du pref
100
*4634 48
*4634 48
*4634 50
*4634 48
*4634 50
50
•413
1,000 Illinois Central
100
106 106
106 106
10512 105,2 10534 106
10578 106 *105 106
Interboro Cons Corp_ _No par
Do pref
100
3,300 Interboro Rap Tran w I_ -100
-13
13
"/Life -fi ;"1.2 1234 -Nis 131g ii" 112-2 417
;1112
1712 2,100 Kansas City Southern,, 100
1712 17
1714 174 1712 1712 1712 1718 17
1732
300
Do pref
100
5712 "5012 52
53
•5012 511253 .50
52
63
52
Lake Erie & Western
100
4 3612 *3014 35 .304 35
364 *3014 364 *304 3612 :31112
*30
Do pref
A 100
*7012 75
*70
77 •7012 75
*7012 75 .7012 75
77
*70
,50
61
62
62/
1
4 6232 6238 617 62
6112 6012 6072 6032 60% 2,300 Lehigh '/alley
700 Louisville & Nash ville_. 100
8712 874 *8612 8712 8712 87,2 *8612 8712
88
88
88
88
100
Manhattan
Ry
guar
100
47
*42
45
*4412
47
44.2
*4412
4412
45
47
4412
•40
_
Exi Tr Co of N Y Mt dep_ 100
Market Street Ry
100
40
*9
934
*9
i6
i4
934 ";6"
Do Prof
100
3712
*35
37
*35
*34
37
*35
37
37 .334 37
*32
4,6612 6/
100
Do prior pref
100
664 6612 *6612 67
87
*6612 67
"6614 67 .66
pref
100
Do
2d
2712
•
25
2712
*25
274
*25
27
,
2
*25
2712
2712 •25
*24
14 *1
14 1,600 Mtnneap & St L (new)___ 100
114
14
111
114
14
114 14
14 114
400 Minn St P & S S Marie_._100
55
58
58
*56
5734 .
*5712 58
*56
5512 574 0574 68
Missouri Kansas & Texas 100
-ffe _ 3,900 Mo Kan & Texas (new)
I114 "lO7 ills "ii;Iola 167; "lois -1-11; i Ill..;
Do pref (new)
3.300
2914
2912
29
29
29
29
283
8
294 29
2812 2938 29
9344 934 4,600 Missouri Pacific trust ctfs_ 100
97 10
934 978
93* 972
9/
1
4 934
93* 973
Do pret trust cUs
100
2712 27
2722 2834 274 2672 27,4 2634 27,4 7.800
2628 2734 27
1,100 Nat Rys of Meg 28 pref._ _100
234 234 *24 2711
24 272
272 2h
234 27g
*23* 272
86h *84,4 8434 1,000 New On Tex & Meg v t e..100
. 8614 86
864 8634 861* 8634 *851
8478 85
100
995
98
9834 9812 9924 15,700 New York Central
99
9812 9914 98
9812 9934 99
N Y Chicago & St Louis_ 100
7012
7012 *69
*66
71
71
*136
*66
70
71
100
Do 2d preferred
95
95
5____
•____
_
95
*___
95
05
95
100
7,700 N Y N H It Hartford
1318 134 1334 1314 13% 1212 1314 124 1241 1212 1212
13
300 N Y Ontario & Western_ _100
16 I *1534 164
1612 16
164 *18
1612 "16
*16
*1534 17
100
Norfolk Southern
*9
1212
1212
*9
1212
"9
1214
*9
1212
*9
121e
*9
100
Norfolk & Western
105 10514 *105 10512 105 10512 *105 10512 10518 10512 1,700
104% 105
100
100
Do prof
77
*70
77
*70
*70
77
77
77 I *76
77
80
"77
100
5634 574 18,600 Northern Pacific
• 57
584 5632 5812 5678 5734 5612 .5812 5818 5712
60
5,900 Pennsylvania
4278 43
4314 4278 4318 43
43
4314 4314 4314 4312, 43
100
Peoria It Eastern
"812 10
sgie 10
812 10
*812 10
4812 10
*81. 10
Marquette
100
Pere
17,600
43
4212
433
424
4234
43
3
2
4334 4212
42%
1
4 42
4214 42/
Do prior pref
100
72
*68
72
*68
73
*68
73
*63
73
*70
75
.71
100
200
Do pref
03
6212 "58
6272 *60
6234 .58
62
62
62 *58
"60
Ya.
_
_
_100
Pittsburgh
&
West
2,300
42
4118
4112
4314 4112
*4114 424 424 424 4212 4212 42
100
Do pref
88
*88
88
*86
88
*86
*86
83
88
88 .38
*86
50
7512 7412 7534 7434 7552 7412 754 8,800 Reading
7512 7632 753* 764 75
50
600
Do 1st preferred
*5212 5312
54
53
*53
53
53
53
53h 54
54
.53
50
500
Do 2d preferred
5212
5212 *52
5212 5212 5212 *52
5212 527g *52
.524 53
100
Rutland
RR
pref
100
30
30
31
•30
32
*30
32
32 .30
*30
35
*30
000 St Louis-San Fran tr ctirs...100
*1812 19
19
194 19
1812 1812 *1812 19
1834 183* 19
500
Do pref A trust 2E4_100
*38
41
40
40
40 • 40
398 397
40
40
40
439
1,100 St Louis Southwestern.._.,100
28
2312 2712 2712 2818 2818
234 2834 *2812 29
29
28
190
Do pref
9)9
5,3
58
88
58
89
4
5812
4
594
583
583
4
.595
8
583
4
5814
100
54 54 1,103 Seaboard Air Line
51 t 522
511 614
514 51t •514 538 •514 512
100
1,000
Do pref
94 934
94 912
934 972 .
934 934
94 9%
*94 912
100
Southern Pacific Co
8734 86% 8714 8634 8732 8672 8734 86% 8714 8712 sr., 17,600
86
100
3278 2.800 Southern Railway
3214 3234 32
32% 33% 324 3312 3214 3272 3212 33
100
Do pref
1,000
*6634 6712 *6612 6712 6734 6734 6734 68
6734 63
68
•67
100
3,40 Texas It Pacific
1572 16% 1634 1714 1612 1612 1812 1638 1538 1538 155* 15%
100
Avenue
Third
6,000
4
103
93
934 1012 1012 *10
1012 101e *934 1012 *954 10
Twin City Rapid Transit_ _100
70
*67
70
70
*67
*6634 70
70 .68
70 • 8
*68
100
Union Pacific
130 1307 13034 13134 13034 13112 12334 1305* 12812 1294 12938 13038 10,900
100
Do pref
500
*7212 73%
73
73
73
*7234 73 .73
*7234 73
*72,4 73
309 United Railways Invest_ _ _100
101.1
.10
10
10
10
10
1014
11
1014
•10
*1014 101
prof
100
Do
700
3312
33
33
*3112 33
*3112 3312 *3113
33
33
*324 33
100
8% 838 2,700 Wabash
8% 878 *818 94
8% 9
872 9
878 87
100
Do pref A
5,700
27
27
2712 2614 2712 2612 27
2714 27% 2716 2712 27
100
Do pret II
100
21
*17
*171* 21
1712 1712 *1712 21
21
*17
21
.17
1,100 Western Maryland 02114-100
912
934
9%
9%
9
3
4
93
4
9%
912
*9
3
4
1014
934
9
100
Do 28 preferred
18
700
181 •1712 1812 17% 17% 1714 1734 1734 1734 18
*18
100
400 Western Pacific
17
1834 1634 1634 1834 *18
*1638 17
17
1612 167 *16
pref
100
Do
600
5914
594 5912 *584
*59
5978 *5912 60
60
59% 597 .59
6% 1,400 Wheeling It Lake Erie Ry 100
6
7
2
672
67
8
67
2
07
2
6%
63
4
*678
714
7
*634
Do pref
100
300
1214
1212
12%
1238
•1178
*12
13141
1214
13
.1214
13
*12
100
600 Wisconsin Central
28
28
*25
28
*25
28
28 I *26
28
.284 284 28
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
_
*6312 71% *6912 7134 1'6912
72 *704 72
*69
934
934 934 4.94 934 •01, 934
4018 934
321.
33
*32
33 .32
*31
321 •32
432
643 644 *6312 644 6334
6312 65
6412 65 .
614
.6% 7 •
618 634
*634 7
*638 7
4
*18
14
4
*4
14
.4
•18
14
*2
478 1
78
78
*78 1
•73
1
66
67
67,
6514
6712 6518
674 6838 6534
*106 108 *106
*10512 107 *10512 10612 *106 107
4238
4212 427
423
4212 42
*4214 4212 42
92
*9012
9014 9014 *9014
*9014 92
.9014 92
12
12
*113
8
113
4
113
11%
1214
1212
*12
34
*31
*31
34
3112 3112 3134 3234 *31
*8312
*8312 86
85
*83
480
*8212 85
88
*5278 55 *5272
53
5514 *5273 5314 53
.
53
2312 28
28
2812 28,2 *2712 29
*2712 29
3312 •3234
33
334
3318
3,313
3312
34
34
7134 7134 71 8 7412 74
72
72 "71
*71
49.02 --- _ *102
•102
_*102
_
*101
983* 100% 9734
954 9714 95% 9734 95% 9914 1 0812
10812 10778
108 108
108 108
109 109
166 "184
16412
1633
4
1634
164 1644 18212 1624
122
*121
*120
122
.120 122 *120 122 *120
1112 114 115, 181, 123s FY: 12
*1112 12
Ex dividend
•Bid sad asked prices
93
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share tom
Lowest
$ per share
22 July 31
9114July 31
867* July 5
114 Aug 14
110 July 5
4018 Jan 17
5534May 7
14 July 26
,3 Aug 9
14014 Jan 17
57 June 27
96 June 29
2 May 21
3% .fan 12
19 Aug 6
4612 Aug 15
4 Jan 18
84 Jan 18
1414 Aug 6
2418July 5
6138 Aug 4
10812June 20
194 Aug 6
72 Aug 4
6078 Aug 4
54 Aug 22
2414 Aug 18
9314 July 7
11012June 20
1018May 22
15 Jan 17
1034May 21
5112 Aug 4
25 July 2
912 Aug 22
44% Jan 2
105 May 22
Is Jan 17
14 Mar 2
912June 30
1538July 31
4828July 30
2878May 22
65 June 7
54 June 30
8512May 7
3814June 28
3518 Jan 25
8 Aug 13
33 June 21
62 June 21
2118June 21
78 Aug 15
5512 Aug 18
314 Apr 26
10 July 5
25 July 5
9 June 31
24'a July31
2% Jan 17
8212 Aug 11
9012May 4
88 May 22
764 Jan 2
928July 5
1414June 28
94 Aug 1
100 July 30
75 July 6
5412 Aug 4
414June 30
8% Aug 7
36 Jan 11
634July 19
GO July 31
3378 Jan 17
8512June 29
63i2June 29
44 June 28
45 June 28
25 May 2
17 July 31
3212 Jan 3
2512 Aug 4
5438June 28
434 Aug 15
814 Aug 1
3414 Aug 14
2434 Jan 6
83 July 2
14 Aug 4
gi2June 30
5814 Jan 19
12111July 31
704July 6
812June 26
2812 Jan 17
7 Mar 10
2314 Jan 17
1612 Jan 18
9 Aug 6
17 July 30
15 May 1
53 May 7
• 612June 29
11 Aug 4
23 Aug 4
Industrial & Miscellaneous
Adams Express
100 68 Jan 2
7152 *6912 71%
400 Advance RumelY
100
912July 6
10
934 10
Do Prof
100
100 3212 Aug 16
33
33
33
800 Air Reduction, Inc____No par 56 July 2
6434
6434 *64
2,100 Alas Rubber, Inc
6 Aug 6
50
638 4612 7
14
100 Alaska Gold Mines
44
10
14
Is Aug 16
1
700 Alaska Juneau Gold Min
%July 31
*78
10
1
8,909
Allied
Chenucal
&
Dye_No
par
5914
Aug 9
6614
4
65
3
13614
114
Do pref
100 10514 Aug 16
108 *106 107
100 3734June 28
43
434 4,000 Allis-Chalmers Mfg
43
100
Do pref
100 89%July 19
*9012 92
92
1212 2,200 Amer Agricultural Chem_100 1018July 3
12
12
Do pre
700
32
100 29 July 30
34
32
American Bank Note
36
50 77 Jan
86
*84
100
Do pref
50 54)42Juue 29
55
*5272 55
2,600
American Beet Sugar
4
100 25 Aug 4
303
28
285*
2912July 2
3312 3512 2,400 Amer Bosch Magneto. No par '
34
7312 2,300 An, Brake Shoe & E__No par 70 Jan 3
*72
74
' Do pref
100 102 July 3
____ *102
100 734 Jan 2
9934 9812 100% 230,600 American Can
1,300
Do Prof
100 10634 Apr 28
108 108
108
167
164 16412 1,200 American Car & Foundry.100 14S4 July 12
Do pref
100 1194 Mar 22
122 *121 122
534 Jan 30
No Par
1278 1214 1214 4,500 American Chicle
ll'ighest
PER SHARE
Range for Presious
Year 1922.
Lowest
Highest
$ per share S per share $ per Share
2778 Jan 52 Aug
45 Feb 23
9134 Jan 10812 Sept
10518 Mar 3
8438 Jun 954 Aug
9038 Mar 6
512 Apr
% Jan
34 Feli21
83 Jan 12478 Sept
127 Feb 26
3312 Jan 6014 Aug
5618 Mar 21
5212 Jan 664 Aug
6078 Mar 21
Jan 29 June
6
184 Jan 2
13 Jan 12
e
2 A
uu
ng
54
11
Jan 12
5%18 j
160 Apr 18 119
54
Jan 79 Aug
7638 Jan 30
10478 Feb 23 10034 Dec 10538 Oct
1234 May
334 Feb 13
134 Jan
638 Feb 8
34 Jan 20% May
1214 Jan 4334 Aug
3834 Feb 13
3118 Jan 6412 Aug
6214 Mar 26
7 Feb 7
334 Dec 1034 May
17 Feb 6
7 Dec 244 May
21138 Mar 5
174 Jan 3634 Aug
Jan 5514 Sept
29
454 Mar 5
Jan 9512 Sept
50
88 Mar 5
Jan 125 Aug
11818 Mar 21 100
3012 Dec 50 Sept
37% Mar 21
834 Jan 105 Sept
95 Feb 9
7014 Jan 95 Sept
85 Mar 5
Jan 90 Sept
51
78 Mar 5
4512 Feb 13
38
Jan 5312 Apr
12412 Feb 13 10834 Jan 141 12 Sept
Oet
13012 Feb 8 108 Feb 143
Jan
18% May
7
16 Aug 24
2812 Aug
1118 Jan
2512 Aug 24
74 Jan 2014 May
1812 Aug 24
7014 Jan 957 Oct
80 Mar 5
284 Nov 4538 Apr
36 Mar 19
Jan 19 May
5
20 Mar 5
Oat
Jan 47
16
8234 Feb 2l
9712 Jan 11534 Sept
1174 Feb 21
5 Apr
18 Dec
38 Jan 4
38 Dec 1234 Apr
78 Jan 5
1734 Dec 3214 Aug
22% Mar 14
17 Nov 3014 Apr
24% Mar 21
5214 Nov 5912 Apr
5738 Mar 5
10 Feb 397 June
34 Jan 2
2618 Feb 77 Sept
75 June 26
565* Jan 72 Sept
71% Feb 7
Oct
o
45
4:
7
18 Au
Ju
ag
n 15
0812 A
155 Feb 26 144
Jan 58 Aug
35
60 Apr 17
44 Feb 13
11 Mar
318 Jan
22 Mar 12
Jan 5014 Apr
6812 Mar 12
17
Jan 76 Nov
35
87 Mar 12
Apr
58 Jan 32
5614 Mar 12
912 Feb 13
Jan 144 Apr
6
7312Mar 5
55 June 75% Oct
12 Feb
738
12 .a
" 115134
Jan
9 4 Aug
17 Feb 15
2412 Jan 484 Aug
454 Feb 14
19% Feb 14
154 Nov 2514 Apr
Se
M
71%
4S
49 Feb 10
40
2% NovNo v 63
4% Feb 15
105 Mar 28
547 Jan 873S Dec
0::
:
10418.11ine 13
5
72
1:
3
2 Jan 10
9111
1 0
84 Jan 29
95 July 3
613* Jan 93 Sept
124 Jan 38 Aug
2212 Jan 30
21% Feb 13
1812 Dec 3012 Apr
1838 Feb 9
834 Jan 2212 June
9614 Jan 1254 Sept
117% Feb 9
Jan 9
80
2% Oct
78 Jan 29
7
7,
2 D
J
8112 Mar 5
Dec
Aug
47% Apr 4
3314 Jan 493 Oct
17 Mar 21
1034 Jan 2638 Aug
19
Jan 4032 Aug
4714June 11
63 Jan 82 Aug
7834151m 6
504 Jan
7434 Aug
7012 Jan 9
23
Jan
5038May 10
4134 Aug
78
93 Jan 9
Jan 95 Nov
7118 Jan 8718 Oct
8118 Feb 7
5012 Feb 7
43 Mar 57 May
45
Jan 5912 May
5634 Jan 30
37% Jan 10
1712 Feb 5314 June
2014 Dec324 Aug
27 Mar 21
344 Nov 56 Aug
50 Mar 5
3638 Feb 10
2032 Jan 3678 Nov
3258 Jan 5978 Nov
6378 Mar 21
74 Feb 10
2% Jan
10
Apr
418 Jan
1434 Apr
1314 Mar 23
Jan
964
Oct
Feb
21
7818
9514
1714 Jan 28% Aug
3734June 13
46
Jan 71
Oct
70% Mar 22
1834 Nov 36
Apr
291
:Mar 21
1313 Nov 253* May
1914 Feb 10
Jan 6212 Sept
34
7712June 11
Jan 15434 Sept
14478 Feb 28 125
7612 Jan 6
71 14 Jail 80 Aug
214 Mar 6
712 Jan
19% Apr
62 Mar 5
2014 Jan
3612 Apr
1112 Mar 22
8
Jan
143 May
Jan
3418 Mar 22
19
3512 Aug
124 Jail 247 Aug
2212 Mar 22
814 Jan
15 Feb 9
1714 Aug
2812 Dec
13
Jan
26% Mar 22
2014 Mar 5
1334 Jan 24714 Apr
6338 Mar 5
5112 Mar 647 Sept
wiz June
6 Feb
1012 Feb 13
19 Feb 13
94 Jan 29% June
Jan 3314 Mar
35
3512 Feb 23
82 Mar 3
194 Mar 6
54% Jan 14
724 Mar 19
14% Mar 14
% Mar 0
124 Mar 9
80 Jan 2
112 Mar 2
5114 Feb 16
9712 Jun 27
3878 Feb 21
6378 Feb 21
9112 Mar 7
55 Feb 7
4912 Feb 13
8314 Feb 16
83 Mar 21
110 Jan 14
106 Mar 6
115 Feb 20
139 Mar 7
12578 Jan 18
1314 Aug 22
48
Jan
107s Jan
315* Jan
4512 Jan
ly
e
uo
911 JD
Oot
83
23 Aug
3012 Aug
Oct
611
:
A yr
187
38
4M
2 May
Jan
Jan 9134 Sept
Jan 1154 Sept
Jan 5934 Sept
Jan 104 Sept
Nov 42% June
75
214
1 Sept
Jan 5
Dec
JulyJa n 01
Dec
318 Jan 49 June
Apr
49
3114 Jan
Jan 884 Sept
51
OM
984 Jan 113
3214 Jan 7811 Nov
9314 Jan 113% Dec
Oct
Jan 201
141
1154 Jan 12618 Nov
14 May
5 Nov
38
5538
101
3734
8812
2714
56
5581
New York Stock Record-Continued-Page 2
For sale. dor na •h. ••e•k or
toc
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday, i Monday,
Aug. 20.
Aug. 18.
Tuesday,
Aug. 21.
Wednesday
Aug.22.
Thursday,
Aug. 23.
Friday,
Aug. 24.
tally inert v
Sates
for
the
Week.
$7$
•e -no4 n.4e precedint
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ramie nice Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
Ptit SH A RIG
Range for Preototes
Year 1922.
Lowest
Highest
$ per share 2 Per share S Per share
2 per share $ per share 2 per share $ per share 2 per share S per share Shares. Indus,& Miscall.(Con.) Par $ per share
57
678 7%
7%
7
738
612 7
1514 Nov 3012 May
7
7
100
334July 11 2034 Jan 4
534 534
9,800 American Cotton Olt
2114 2034 2114 20
20
1734 1778 18
2014 20
*19
21
100 14 May 18 3834 Jan 4
3313 Nov 61 May
Do pref
2,800
45
45
43
43 Aug 22
45
75 Feb 23
412
412 412
4% Jan
714 Aug
41
*412 45
*45
5
700 Amer Druggists Syndicate__10
*91
93
96
*93
96
•93
96
*93
96
100 91 July 31 14312Mar 2 126 June 182
Oat
9112 9113 93
200 Amer can Express
8
814 812 *8
1018 Dec 1788 Apr
8
618 Aug 9 1334 Mar 7
*714 734
78 834 *814 834
834 2,000 American Hide & Leather-100
3914 3914 3912 393 *3912 42
42
42
41
58
Jan 7434 Sept
38
41
100 2934 Aug 9 743 Mar 7
38
1,500
Do pref
9.514 *93
94% 9412 9514 96
78
Jan 122 Sept
97
96
96
96
9718 4,400 American Ice
100 8734July 30 11112 Apr 2
95
8214 *81
8213 *81
8212 *81
8212 *81 8212p00 78 June 27 89 Feb 21
72
Jan 9514 Aug
*81
8212 *81
193 1958 1812 1958 1814 19
1812 1834 1812 19
24% Dec 5058 June
o
r International Corp_100 1612 Aug 8 3312Mar 28
*1812 187
2,600 Amer
1138 1134 1158 115 *1112 12
*1112 12
*1112 12
*1112 12
Ole Jan 14 July
10 1018July 6 13 Mar 1
300 American La France F E
*1712 20
19% 1978 *19
1913 *1812 1913
100 17 June 21 38 Mar 5
19
19
*1914 20
28 Nov 4218 Oct
500 American Linseed
3612 37
*35
40
*34
38
Oct
*36
38
*35
38% *35
38%
100 33 Aug 13 59 Feb 15
48
4 Nov 6534412 O
200
Do pref
73% 7418 73
7418 7234 7312 735 7.514 7334 741
733 75
48,300 American Locom, new _No Par 6934July 5 75 Aug 24
•118 120 *118 120 *118 120 *118 120 *118 120 *117 11912
100 115 May 4 122 Feb 9 iii Jan 12214 -17:1eC
Do pre!
4478 44% .43
4312 43
Dec
*43% 44% 45
451s 4434 45
43
1,200 Amer Metal temp ctfs__No par 4014June 30 55% Mar 5
.
80
9012 7912 9012 81
81
80
80 .80
81
80% 8073
Oct
25 76 'an 2 8812 Apr 19
82
Jan 129
600 American Radiator
55
53
47 ...ne 27
3$ Jan
Oct
538 51
613
513 638
6
534 58 13.700 American Safety Razor_ __ _ 25
58 538
918 Feb 19
11% 12
11
12
*1112 1234 *1134 13
84an
*1134 1234 *1158 1313
2t:
.7 May
y
200 Amer Ship & Comm _ _-No par 1038July 2 21% Jan 5
5814
58'4 5938 5858 598 5858 5978 583 597e 5814 5812 .5813 5834 10,300 Amer Smelting & Refining_100 53 Jan 17 69'2 Mar 2
4334 Jan 671k May
*9513 96Do pref
96
96
*95
96
*9514 96
*95
*95
*9514 96
100 93 June 27 10238 Mar 6
861* Jan 104% Oct
*13512 137 *136 137
13678 137
13612 13612 *137 140 *137 140
100 130 June 30 15214 Feb 14 109% Jan 159 Sept
400 American Snuff
3512 3512 3514 3512 3514 3512 3512 36
351 3534 *3512 36
3034 Jan 4618 Sept
3,700 Am Steel Fdry tern ctfs_33 1-3 313sJuly 2 4078 Mar 21
*98 100
*98 100
*98 100
Feb 10814 Oct
*98 1001 *97
9912 *97 100
100 977 Aug 14 10514 Feb 9
91
Do pref temp ctfs
7
595 6014 59
5912 60
59% 5978 61
5958 5958 6112 6234 3,600 American Sugar Refining_100 57 Aug 1 85 Feb 13
5418 Jan 8578 Aug
Jan 112 Aug
•101 104 *101 104 *10112 104
10214 10214 102% 10212 *101 103
100 100 Aug 9 10834 Jan 3
84
200
Do pref
18% 1938 19% 21
2012 3,200 Amer Sumatra Tobacco
100 16 July 2 3858 Feb 14
2314 Feb 47 May
20
20
20
2138 1934 2078 *19
45
45
Jan
*3034 45
*3034 45
*3034 45 1 *308 48 I *3678 48
100 3213 July 11 6534 Feb 13
5214 Feb 71
100
Do Prat
123 123
12278 123/
1
4 123 12314 12314 12314 12318 12338 4,900 Amer Telep & Teleg
1228 123
100 11.118.1une 29 12512Mar 5 11412 Jan 12814 Aug
*14513 14612 146 14713 14612 14712 14734 14734 14634 14734 14713 14713 2,100 American Tobacco
100 1404 July 3 16134 Feb 13 12918 Jan 18912 Sept
*102 10212 *102 10212 10214 10214 *1021 10234 10212 10212 *10212 10234
100 101 Mar 16 10578 Mar 3
9613 Jan 10834 Oct
200
Do Pre! (new)
14434 14478 14412 1447 145 145
145 145 ; 14412 145 1 145 14534 2,700
Do common Class B
100 140 May 20 15934 Feb 9 126
Jan 16534 Sent
3712 3712 3711' 37
113612 3712 *3613 37
37
Jan 3314 Nov
3712 *3513 37
6
600 Am Wat Wks & El v t c.__100 2713 Jan 29 4434 Apr 26
9013 9012 901
9012 9013 *90
91
9012 *90
9012 9012 *90
67
Jan 93% Sept
600
DO 1st pref (7%) v t 0.100 8514July 3 93 Jan 16
*5918 60
*59% 60
60
60
60
60
400
Do panic pf(6%) v t c.100 4812 Jan 3 6318 Apr 26
5958 5934 *5918 6012
174 Jan 5514 Oct
*90 100
Jan
*90 100
*90 100
*90 100 1 *90 100
100 9314 Jan 2 9814 Jan 31
Oct 95
*90 100
86
Amer Wholesale, pref
1
4 87% 8618 8634 85% 8658 8514 86
100 8012June 27 10958 Mar 21
Oct
86% 87% 86/
8412 86
7814 Jan 105
13,100 American Woolen
10118 10114 10158 101% 10113 10112 10112 10112 10112 10112 1,400
101 101
100 9818June 21 11134 Jan 3 102
Jan 1111
/
4 Dee
Do pref
813 812 1,100 Amer Writing Paper pref_
812 8%1
1
4 Sept
813 812
812 812 *812 9
778 8
7 Aug 4 34 Mar 7
2213 Jan 55/
834 858 .8
9
812 813
814June 28 194 Feb 16
812 812
*812 9
812 812
300 Amer Z or, Lead & Smelt_ _ _25
12% Jan 21 Sept
*32
35
347 347 *32
35
*32
35
25 31 July 5 .5814 Feb 27
*3012 35
*3012 35
36
Jan 57 Sept
100
Do pref
413 42
41
4034 42
4134 4078 41
4012 41
4034 41
9,800 Anaconda Copper Mining_ 50 38 July 5 5313 Mar 6
45 Nov 67 May
831z 85
8234 832 *83
100 6214 Jan 5 89 Mar 19
82
82
8113 8258 814 84
8312 3,800 Associated Dry Goorbo
43
Jan 70% Dec
89
*86
89 .85
90
87 I
100 8212 Jan 18 89 Feb 13
*84
8534 8534 *84
2001
Jan 86
Oct
*83
90
Do let preferred
75
*86
91
*86
91
90
*86
*86
90
*86
90 I
100 88 June 26 9312 Feb 26
76
Jan 9111 Oct
91
Do 2d preferred
*86
100 103 Aug 8 133 Jan 12
1041 10412 *10312 10412
99
Jan 1351k May
300, Associated Oil
*108 10912 *10712 10912 10712 10812 *105 106
*1% 2
*134 2
*134 2
*158 2
111June 21
*134 2
No par
5% Apr
•134 2
311 Feb 14
113 Dec
1 Atlantic Fruit
914 July 5 34 Mar 19
15
141 147 *14
14
15
14 I 1334 143
1413 1478 14
2,100 Atl Gulf & W 1 SS Line_ _100
1934 Dec 434 May
1278 1278 *12
13 .12. 13
100
128s *11% 12
12
12 1
634July 3 27 Mar 19
12
800
Do pref
15 Dec 3114 May
10434106 *102 108 *102 110
100 99;8 Aug 1 15313 Jan 10 117 Dec 1575
10934 10934 *10512 110 *106 110
Oct
400 Atlantic Refining
100 115 May 2 120 Jan 18 113
*115 117 *11411 117 *114 117 *115 117 *115 117 4115 117
' Do pref
Jan 11912 Dec
*11
12
*11
12
12
*11
12
*11
*1111 12
11
1111
No par
1034June 27 2013 Feb 14
300 Atlas Tack_
1S1124 '
Fieb
j
:2tgleapy
t
2134
22
2258 228 2111 233 238 233 24
2112 2178 2134
17 July 6 3513 Jan 12
7 100 Austin, Nichols & Co__No par
80
80 •79
*79
80
80
100 7834June 21 8912 Jan 23
*79
80
*79
82
*79
82 I '
68
Jan 91 Sept
200
Do pref
11913 12218 1203412258 11913 12178 12034 1233 12058 12218 12114 123 156,000 Baldwin Locomotive Wks_100 11012 Aug 4 14414 Mar 19
9313 Jan 14234 Oct
*111 113 *111 113
113 113 *113 115 *113 11512 *11278 11512
100 111 Apr 2 11634 Jan 4 104
Oct
100
Do pref
Jan 118
*30
40
*30
40
*30
40
*30
40
No par 46 Apr 27 55 Feb 16
40
Jan 67% Sept
*30
40 .30
40 ,
Barnet Leather
1012 10% *10
1013 10
10
*10
1012
9% 10 1 10
10 I
98 Aug 21 35 Mar 23
750 Barnsdall Corp. Class A__ 25
1934 Jan 5614 Apr
77
77
79
8
84 *6
ettly
g 22 22 Jan 2
Apr
8
*6
8
25
7178j
17 Nov 39
46
8
46
300
Do Class B
.18
14
.18
14
*18
14
41
1
*1
1
*I
14
Jan
Deo
Mar
BatopIlas Mining
55
*52
,2
1
*53
55 .52
5412 *53
3314 Apr 6118
5412
NO Par 50 June 21 621,i
5413 53
53 1 *52
100 Bayuk Bros
6712 *65
69
2,900 Beech Nni, packing
30 July 5334 Dec
•64
6512 664 6634 66
20 51 Jan 2 8414 Mar 26
6858 6834 6878 *66
493 5084 49% 507i 5012 5278 518 53
5112 5234 52/
1
4 523 54,000 Bethlehem Steel Corp
100 4134June 29 70 Mar 3
51
Jan 79 May
5512 Jan 8214 May
Do Class B common_ _100 604 Jan 16 7178 Mar 3
9078 Mar 106 Nov
100 9314 Feb 1 96% Jan 2
Do pref
--- --,.
Jan 11658 June
iiii- 1E- Niiiir4 iiiiii 1044 2044i itii. iiii- "Fiji- 106403
'17s
400
Do cum cony 8% pref-100 10014June 21 11114 Mar 12 104
Oct
94 Nov 101
897s 897
90
9013 907s 91
9113 92 I 9112 9113 *915a 93
100 87 July 2 9712Mar 9
1,000; Pre erred new
*434'514 *6
512 *5
5% *478 5t2 *5
512 *5
4 Nov
1012 Aug
512
414June 21 • 74 Jan 18
No par
1 Booth Fisberies
818
918 *6
*6
818 •6
8
*6
812 Jan
15 Sept
*6
8
*6
8
100
6 July 18
978 Mar 2
I British Empire Steel
*6111 64
64
6214 6214 611
58 Mar 7634 Apr
*62
/
4 __-- *62
100 6214 Aug 21 6912 Mar 13
____ *6134 ____
100
Do 1st preferred
*1612 1934 *1634 1934 *1634 1934 *1634 19
1918 Mar 39 Sept
.1634 1812 *18
1812
100 16 July 5 2612 Feb 20
I
Do 2d preferred
10914 10914 109 10918 *108 109
109 10978 10912 10912 10812 10912 1,500 Brooklyn Edison, Inc
100 10414May 22 12113 Jan 9 100
Jan 12434 Aug
*106 110 *105 110 *105 110 *107 110 *105 110 *105 110
100 10312May 11 128 Feb 7
70
Jan 12412 Nov
Brooklyn Union(1s
*49
51
•49
52
*48
52 1 51
51
*48
51
52
100 4212July 5 6578 Apr 2
42
Jan 64% Sept
52
200 Brown Shoe Inc
•11
/
4 112 .1% 1% *114
112 *114
112 *11
/
4 112 *114 134
118 June
5% June
1 Aug 7
2% Jan 25
Brunsw.ck Term & Ry Sec-100
11134 11134 111% 11214 11034 11558 11013 111 *107 110
10912 112
100 108 Aug 9 14434 Mar 23 11312 Jan 147 Dec
2,200 Burns Brothers
25
2412 25
2434 2434 2314 2358 *2313 24
248 2478 25
Oct
1,900
22 Aug 9 43 Jan 2
Do new Class B cons
283* Jan 63
65
57
55
57
6
6
6
6
6
558 *57
6
1.400 Butte Copper & Zinc v t c_ 5
55s July 2 1134 Feb 14
514 Mar 10% Dec
211
/
4 22
20
21
1834 1912 181a 1812 1812 1858 19
100 1314June 21 2134 Jan 4
2012 5,100 Butterick
15 Nov 34 Feb
*16
17
1618 1612 1614 173
1713 1712 1614 17
15% 16
2,400 Butte & Superior Mining_ 10 1313 Aug 14 3778 Mar 1
2058 Jan 3514 Oct
17
17
178
2
2
*178 214 *178 2% *178 2
134
112 Aug 4
634 Dec 15% Apr
500 Caddo Cent Oil A Rel_No par
91s Feb 16
.
80
8078 80
80
81
81
*8012 8134 *8058 82___
300 California Packing_ _ _ _No par 77 Aug 4 87 Feb 9
68
Jan 86% Sept
2138 2134 204 2138 204 21
20
2034 195 2014 1958 -20
__- 26,100 California Petroleum, new. 25 1734 Aug 9 291.May 31
98
9812
98
98
984 *964 9812 4964 9812 98
97
97%
600
Do pref
100 9434 Jan 2 11012May 23
83 Jan 9812 AP
,
558 534
513 5%
512 512
512 514
534 558 *514 55
10
5 July 2 125 Feb 20
3,100 Callahan Zinc-Lead
54 Feb
1134 May
485 485 *4613 4858 4834 4834 *48
49 1 *4734 49
*473 49
200 Calumet Arizona Mining
10 44 June 28 66 Mar 1
5012 Nov 6812 June
.518 64 .518 6141 .518 64 .518 614, .518 614 *518 6
1
514 Aug 13
Carson Hill Gold
958 Feb 19
614 Dec 16% Mar
*1
112 41
_ I *1
112 *1
112 *1
134 *1
138
No par
12July 11
434 Feb 21
Case (J I) Plow
3 Ms'
912 JUDO
68
*65 -67 - 66
66
68 I *65
*65
68
*65
68
100 Case (J 1) Thresh M pf ctf _100 66 Aug 21 85 Apr 9
68 Feb9314 Aug
18
1834 1714 1838 1818 1834 18
17/
1
4 18
1818 *1734 1814 4,5001 Central Leather
100 1312 Aug 9 4012Mar 7
2988 Jan 4418 Sept
4634 4512 4513 458 4634 4512 4512 *453 4614 1,300
45% 4513 46
100 408 Aug 8 7934 Mar 7
Do pref
639* Jan 8234 Sept
4012 4014 407
3912 40
40
403* 411
4034 41
4058 405* 9,100 Cerro de Pasco Copper_No par 3648July 30 5012 Mar 28
3234 Jan
4634 Dec
_ *28
*28
3412 *3018
30
*26
___ *27
34
Certain-Teed Prod_ .._.No par 23 July 18 45 Mar 14
34 Feb53% June
5134 5278 527 5414 5213 -5314 5312 543 10,900 Chandler Motor Cat-No par 4612June 30 76 Mar 14
5134 5134 5134 1'i
475 Jan 7914 Apr
81
80
80
*79
80
*79
80
*7914 80
8014 50, *80
200 Chicago Pneumatic Tool..100 75I2June 20 9034 Mar 21
60
Jan 8958 Sept
28
/
4 2734 2734 2712 10,400 Chile Conner
26
264 2714 2718 2712 2714 2738 271
25 241sJune 20 3034 Mar 1
1518 Jan 2914 Nov
171s 1734 1712 1713 1712 1758 *1714 1713' 1713 177
17
17
5 1658 Aug 16 3178 Mar 2
2,300 Chino CoPPer
2214 Nov 338 June
*655* 67
6612 6612 6612 6612 6713 6834 *6714 68
*6714 6834
400 Cluett, Peabody & Co....100 60 July 2 7614 Mar 28
Jan 7014 Dec
43
78
777 78
7712 7812 7812 7813 7912 80
7734 7812 •77
No par 73 May 4 8338June 8
3,300 Coca Cola
Jan 8234 Oct
41
283* 2838 28% 298 29% 2978 2914 3013 2912 3912 29
2914 19,400 Colorado Fuel & Iron
100 25 June 28 3538May 31
Jan 37 May
24
3434 3478 343 354 3434 35
3454 35
3434 347
345 351 10.500 Col Gash Elec, new w 1NG par 3014 hop 28 378 Apr 19
7
84
34
54
34
h
*h
h
78
7
%June 19
h
34 1.7001 Columbia Graphophone No par
27 Feb 6 --114 -Jan - 53-4 ii;i3i,
41
*38g 4
*334 4
334 35
4
4 I
4%
438 412
100
5001
2 June 19 1212 Jan 15
Do pref
5 • Feb 21 June
7478 7538 7311 7413 75
7418 74% 744 748
74
74
751
2,100 Computing-Tab-RecordNo par 6712June 18 8313 Apr 9
5514 Jan 793 Apr
22 I 21
23 1 2213 227
22
22
22
•21
22
2213 2318 1,680 Consolidated Cigar---No Par
18 June 19 393 Jan 3
1834 Feb 4234 Oct
*6314 72
*6314 72
*63% 72 1 *631 72
*634 72
*6314 72 1Do pref
100 66 June 20 83 Feb 17
47 Feb 8714 Nov
12
18
14 Feb
214 Mar
Consol DistrIbutorsane No par
IS
%June 6
ss Jan 30
_I
Consolidated Gas(N Y).._100 120 Jan 2 137 Jan 26
8512 Jan 14534 Sept
ill; -aii..
6158 6218 21,000
No par 5634July 2 6958 Feb 7
When Issued
57% Dec 6234 Dec
77
73,
73,
734
734 734
712 7121
7/
1
4 758
7
714 6,400 Consolidated Textile. No par
1412 Feb 9
9 July
1534 Apr
6's July31
Can, Inc
1001 115 Jan 2 13134 Jan 31
453 Jan l_1_5_1_
37,305, Continental Zan,
4
4 -4.
8j4 l'i -I -•-113i2 -ii
-- -I -iii•
-iflin iiii "iiii-4 17-1-.. -A-9
--,4
- 47% 481.
No par, 4278May 7 5018 Feb 19
90
92
90
•8934
92
*90
*8912
92
92
.
91
*891 92
100 Continental Insurance__ __ 25 90 Aug 9! 104 Jan 31
Jan 9384 Aug
66
784
*79* 744
600 Continental Motors_ No par
658May 28 1214 Jan 19
1114 Dec 1858 Dec
748 748 *738 734
"4 12612
758 127
12712 129
738
13 126
73
34
4 128
738
34 18,300 corn Products Refining...100 11438July 5 1394 Feb 6
914 Jan 134% Oct
12638 1281e 127 1284 125% 128
100 11614May 8 12238 Feb 24 111
I
Do pre:
Jan 1225 Nov
•119 120 •119 120 *119 120 *119 120 *119 120 ,•11.19 120
314 3118 3134 2978 3112' 297 31
31
No par 2934 Aug 15 6314 Feb 17
65,300 Cosden & Co
3138 Jan 54 Daa
311 3213 3158 327
6514 6634 6534 6718 20,100, Crucible Steel of America_100 577 July 30 8412 Mar 21
6413 647s 6414 6512 647a 6746611 68
525 Feb 98% Sept
89
1187
*8712 8912 87% 87% *87
*8612 89
*9634 90
89
Do pre(
100 85 Aug 6 9412Mar 2
80
Jan 100 Sept34
1001
1012 103a 1012 1011 1012 1058 1058 1058 11
No par
912 Aug 2 20 Feb 13
818 Jan
1934 Mar
5,6001 Cuba Cane Sugar
1018 1058 10
3912 3914 40
397 41% 9,500
4014 39
*3812 397
3912 404 39
Do pref
100 3313 Aug 4 6414 Mar 15
July
2534 2558 25% 261s 2512 257
257g 27
10 23 Aug 1 373 Feb 13
11:3
4 j
ia
an
n /A
17,500 Cuban-American Sugar
Zg73
2538 2534 25% 26
*92
96
*9212
95
4921s
95
95
*92ts
95
11,92
95
.
92
100 92 July 12 106 Apr 5
Dec
Do pref
314 3014 31% *30
Igl
'
8
3 Nov
3012 30% 34
an 1g.N:
3034 29% 3034 30
17,900 Davison Chemical v t c_No par 2038May 21 3812 Mar 6
29
*2234 23% *2278 2318 *2278 231 *223 23
23
1513 Jan 2558 Sept
•2278 2334 23
1001 De Beers Cons Mines_No par 22,8 Aug 1 28 Mar 1
100 10014June 26 111 Mar 2 11N3
.
11SI: Novu
182 Jan 1.I
100 Detroit Edison
•1024 10234 *10212 104 *10212 1048 *10278 1045 103 103 *103 104
34
34
34
*33% 3412 34
10 3034May 22 4418 Jan 4
34
800 Dome Mines, Ltd
3414 34% 344 3414 *34
10218 10218 103 10313 10118 10234 103 10418 2,800 Eastman Kodak Co.__Na par 895 Jan 2 11514 Apr 3
70 July 9012 Dec
103 10312 10118 10233 121
12314 12358 12618 12312 127
12714 13034 52.600 E I du Pont de Nem & Co_100 10614 Jan 17 1484 Apr 28 105 Dec 1693, Nov
12314 12434 12014 12414
80 June 9012 Sept
841
8412 8412 *8378 8412 •83% 8412 835 8334 8312 8313
100 8112 Apr 12 8914 Apr 10
3001 6% cumuli preferred_
*84
6012 5912 5934 597e 60
60
4012 June 585 Dec
5934 5978 593 60 1 593 593
2,500 Elec Storage Battery _No Par 52 July 5 6718 Mar 21
Is
:
e 2S
IN: Lan
. V il:
*1312 14 i 14
14
*1312 14
*1358 14
50
*131a 14 •13% 14
100, Elk Horn Coal corn
*11
June
*112 2 1 *113 2
1:
2
*11
319 273
2
I Emerson-Brantingham.--100 INuunitY
* 1
*112 2
693, 1,700 Endicott-Johnson
7614 Jan 9478 Dec
6912 *69
9414 Jan 2
4
69
*88
683
27
4
69
6212June
69h
683
50
3
8
69
69
69
,*114
Jan
3
104
Jan
119
115
118
*114
11413
.Deo
115
*114
2
*114
A00
Mav
116
11413
111
I
Do ore
*114 116 *114
-6ic2 wit; -eiiz -6-i.; - ii.,
-ei.-21 -6ii; -6-2--
Dec
•Bid and asked peces: no saws on this day. 2E2-dividend.
876
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday, 1 Monday,
Aug. 18.
Aug. 20.
7'uesday, 1 Wednesday.' Thursday,
Aug. 21.
Aug. 22.
Aug. 23.
Friday,
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. I 1923. '
1
On basis of 100-share Iota i t
Lowest
Highest
;;:
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share I $ per share $ Per share $ per share $ per share $ per share Shares. Indus. A Miscell.(Con.) Par $ per share
$ Per share $ per share $ per Mare
400 Exchange Buffet
2118 2112' *21
*21
22
*2118 22
22
21
21
21
No par 21 Aug 21 31 Jan 10
21
2612 Doe 3112 Oct
7414 75
73
7514 73
7412 7214 7412 704 7234 6934 7112 33.700 Famous Players-Lasky-No par 6712 Aug 9 93 Jan 2
7518 Jan 107 Sept
87
3.900
91
*90
91
Do preferred (8%)..._I00 8512 Aug 9 9934 Feb 14
8818 8912 87
88
8634 874 87
9113 Jan 107% Sept
*8
*6
10
200 Federal Mining & SmelVg..100
11
*614 10
10
10
10
*8
10
*7
5 June 5 1234 Feb 16
9 Jan 1612 May
600
42 42
4214 4212 41
41
*3218 4212 4218 4218 x4012 404
Do Prof
100 3414June 4 6012 Feb 13 , 3712 Mar 6234 Sept
*74 758
700 Firth Avenue Bus
734 S
*738 8
*758 8
758 8
No par
*758 8
84 Doe 1058 Dec
758 Jan 17 1038 Jan 2
175 17734 2,700 Fisher Body Corp
.163 16412 163 163
163 180
178 178 •175 178
75 Jan 218 Dec
No Par 140 July 3 21214 Jan 11
*99 99% *9812 9912 *9812 99% .9843 9912 *9812 9912 *9812 9913
Fisher Body Ohio pref____100 94 July 3 10238June 14
7012 Jan 10314 June
712 71: 1,400 Fisk'Rubber
814
8
8
8
84
734 734
No par
8
7 Aug 7 1612 Feb 13
84 8141
1058 Nov 1912 Apr
12
1258; 1212 13
1212 1278 123s 1234 12
1218 1112 1134 6,100 Freeport Texas Co
No par
912July 2 22 Jan 13
1214 Jan 2714 Oct
4612
4512 4614 45
600 Gen Amer Tank Car__ _No par 4012July 30 7178 Feb 20 . 4534 Jan 80 Oct
45
4612 *4512 47
4612 *44
4812 *44
28
28381 26
4,790 General Asphalt
28
2678 2734 28
2814 27
2738 2712 28
100 23 Aug 9 54 Mar 7 ; 374 Nov 734 July
*65 67
65 65 *8314 6412 65 65
6714
300
Do prof
100 61 June 21 83 Mar 7' 69 Nov 111 July
6518 6518 •65
900 General Cigar, Inc
83 83
*8112 83
82'± 8222 8222 83
83
8334 *7812 80
100 8018June 28 9438 Mar 14
85 Mar 8334 Des
*105 107 *1034 107 *10314 107 *10314 107 *10314 107 *10312 107
Debenture preferred__ __100 10412 Jan 2 110 Apr 2
94 Jan 109 Oct
178 17934 17712 17712 178 17914 17912 18012 179 179
178 17814 3,200 General Electric
100 17012May 21 19018 Feb 2 136
Jan 190 Dee
11
11 I 11
11
107 11
11
Special
1138 1114 1114 11% 1138 1.600
10 1012June 6 12 Jan 2
1012 Oct 12 Sent
1558 1534 15% 157
15
1558 1518 1558 1518 1538 1512 16 102,600 General Motors Corp..110 par 1234June 28 My Apr 18
84 Jan 1514 July
*8012 8112 *8012 811, 8112 8112 *804 814 *8012 8112 8112 8112
400
Do prat
100 79 July 10 89 Apr 17
69 Jan 88 Sept
81
8134 8118 8112 81
81
*81
Do Deb stock (8%)-100 7134July 17 90 Apr 7
82 *8012 82
8134 8212 1,300
67% Mar 0614 Oct
971 *97
200
Do Deb stock (7%) 100 96 June 28 105 Apr 10
*95 98 •97
98
973 9758 *97
97
971* 97
794 Mar 100 Sept
No par 3912June 27 5112 Apr 24
*44
46 *44
46
46
46
48
300 Gimbel Bros
47 47
47
4712 •46
3818 Oct 4512 Oct
*712 9
*74 9
*718 812 *714 814
No par
*812 912 *74 9
Glidden Co
7 June 21 12% Feb 9
9% Nov 1814 JU110
812 Oct
Goldwyn Pictures
No par
312June 28
7% Mar 9
434 Dec
4 -2i- 13-1-2 -;23i: iili -33i2 21131-2
500 Goodrich Co (B F)
No par 2014 Aug 4 414 Mar 22
'Hit IC •1314- ig - -31i1-4 211112812 Nov 44% May
83
Do pref
*80 82 *80
791
:Nov 91
82 *80
82 *80 82 *80
82 .80
100 7912 Aug 8 9212 Mar 6
Apr
20
1912 1912 1914 194 *1812 2%21 .1.11 112
400 Granby Cons M,Sin & Pow 100 16 July 5 33 Mar 23
*18
20 *18
22 Nov 35 May
812 *7
Gray az Davis. Inc. __No par
*8
812 *8
834 *8
812 *7
74 Aug 13 1538 Mar 7
8 Nov 19% May
400 Greene Cananea Copper._
*1714 1812 1858 1858 1812 1812 *17
1812 1858 1838
.100 15 June 20 3418 Mar 6
19 *17
22 Nov 3438 May
514 538
514 54
558 558 2,200 Guantanamo Sugar._ __No par
514 Aug 18 1412 Feb 14
534 57
573 57s
7 Feb 1438 Mar
57g 57s
7334 7438 7314 7714 7634 8114 794 8312 8012 8338 8114 83% 88,300 Gulf States Steel tr ctfs_..100 66 June 28 10438 Mar 21
4178 Jan 94% Oct
%
*14
12
*4
400 Habirshaw Elea Cable_No;
4
514
h
Fg; 314 kulff, g
378 Mar
*14
%
%
38
4
24 Jan 12
34 Jan
3512 354 38
3712 6,500 Hayes Wheel
3518 36
3534 36
3678 3612 374 37
44 Apr 19
800 Hendee Manufacturing._ _100 12 July 2 234 Feb 16
•12
14
*12
14 *12
14
13
1334 1312 14 , •1313 15
15 Jan -285 Sept
100 Homestake Mining
*5912 65
61
61
•5912 65
55912 64
100 60 May 23 7978 Jan 2
*5912 63 1 *5912 63
55 Jan 82 Nov
4978 497
48
48
4812 451g 4534 1,100 Houston 01101 Texas
100 42 July 30 78 Feb 16
47e 4738 4812 47 *45
6114 Nov 914 Oct
25
254 2534 27
2412 25
2678 28
27
2734 2714 2712 30,600 Hudson Motor Car....No par 20 June 28 3234 Mar 8
1912 Aug 263s Dec
2038 2034 2014 2078 2078 21
2034 207
4,
0 11l724
10% Jan 2818 Dee
2034 2034 •2012 2034 2,200 Hupp Motor Car Corp_ _v _ p1
8Ja 13 304 Apr 2
312 Feb 1418 June
800 Hydraulic Steel
*1 38 14
134 134
. 812 Jan 8
No
134 134
134 134
138 158 *112 134
47
47
412 438
1.600 Indlahoma Refining
5
438 458
4 June 21 19 Mar 19
434 434 *434 478
434 434
34 Jan 1534 Dec
812' *5 , 812 *5
54
512
5
5
*5
54 so
100, Indian Refining
*5
10
5 Aug 15
5 Jan 1138 June
84 Apr 6
2838 29
2878 2878 28% 2914 *2834 2912 *2812 291g 2812 2834 1,7001 Inspiration Cons Copper
26
7
124JJAuuurig
20 3
31 Nov 45 June
y
a3
2811 4334 Mar 1
200 Intermit Agricul Corp
*2
238 *2
238 *2
238
214 214
538 Dec 1134 May
238 238 *2
214
100
2 Aug 18 11 Fab 20
712 712 •734 814
400
Do
838 858 *8
8
pref
100
397
2
8
812 *712 812
Feb 23
284 Nov 434 Mar
2,000 International Cement...No par
*35
37
37
37
37
37
37
37
37
3734 37
37
44 Mar 19
28 Jan 3834 May
2314 234 2314 234 23 24
2018 June 3012 Sept
2234 2318' 2234 2234 2234 2234 7,300 Inter Combos Engine..No par 1938June 28 274 Apr 6
764 7654 75
7634 754 75%
7938 Jan 11572 Aug
7358 7518 7358 7412 2,700 Internat Harvester (new)...100 71 Aug 1 9812 Feb 7
2 76
i
Do pref (new)
*106$4 10712 *10834 10712 *10634 10712 *10634 107 *10634 107 *10634 107
100 10714 Aug 17 11614 Jan 4 10512 Feb 119 Sept
'lot Mercantile Marine _100
*5
6
*5
6
*51g 6
478 Aug 9 1138 Feb 14
*538 6
*538 6
*53
6
834 Dec 2718 May
1.200
Do pref
*21
2212 2058 21
2134 217
2112 22
100 1812 Aug 8 47 Jan 5
2112 22 *2112 22
414 Dec 87% May
1318 1234 1318 1234 1318 13
7,400 International Nickel (The) 25 11 18July 5 1614 Feb l6
13
13
1234 13
1114 Jan 1934 Apr
127s 13
100
79
Do pref
07838 81
100 6934 Jan 4 82 June 12
80
80
•78
*7818 81
*78 7912
60 Jan 85 Jan
35
3512 3558 3558 3438 3412 3438 35
100 3034 Aug 8 5838 Mar 6
3458 3434 3434 1,400 International Paper
34
434 Mar 6378 Oat
68
Do stamped preferred.100 63
*65
70 *65
70 *65
68 *64
8 July
A08 18
2 7528 Jan 5
70 *65
70 *64
59 Mar 8012 Sept
812 9
85g 878
814 814 3,100 Invincible Oil Corp....__No par
812 834
812 852
1212 July 2014 Apr
812 812
1914 Mar 7
35
37
3712 39
394 414 41
42
4214 434 7,900 Iron Products Corp____No par 3212 Aug 6 5814 Mar 8
Jan 5318 Oct
414 43
24
14
800 Island Oil & Transp v t e_. 10
14
4
58 Feb 24
4
3 Jag
•14
3s
*14
as
lis
4
4
4
4 Nov
1,300 Jewel Tea, Ins
19
100 171144 A
.18
1834 1834 193
*18
ja
un
g 9
1834 1858 19
1958 •1812 19
2 24 Mar 15
10 Jan 2212 May
700
Do pref
100 62 June 20 82 Feb 26
6734 6734 68
68 *85
70
69
6938 6934 6934 6912 6912
3812 Jan 76% Dec
100 50 Jan 17 63% Mar 16
5812 59
571g 5814 20,500 Jones Bros Tea, Inc
5812 5934 58 587
3418 Feb 5772 Sept
5734 59 I 574 58
200 Jones & Laughlin St, pref 100 104 Mar 19 110 Aug 21 10718 Dec 109% Dec
*10912 112 10912 10912 110 110 5i08 112 *108 109 *108 110
*4
*14
32
as
38
32
.4
32
14
32
32
32
300 Kansas & Gulf
7% Jan
10
LI Aug 6
34 Jan 12
14 Dec
3914 9,100 Kayser (J) Co (new)...No Par 28 July 2 45% Feb 23
3234 3318 334 3412 3412 35
3712 38
3478 354 35
34 May 4838 Aug
400
Do lst pref (new)...No par 96 July 2 104 Mar 23
.97 100 *97 100
94 May 10612 June
997g 997 •99 100 , 9972 100 *99 100
25 29 Aug 1 6218 Mar 22
3212 3314 3258 33% 31
3134 314 32 ' 8,900 Kelly-SprIngfield Tire
3258 304 32 ' 31
344 Jan 5334 May
97
' Temporary 8% pref___..
95 July 30 108 Jan 18
97 1 *94
•94 97 *90 97 •93
97
*93 97 I *94
904 Jan 10734 May
800 Kelsey Wheel, Inc
95 I
100 844July 2 11714 Mar 6
95 •92
Feb 115% Dec
91
92
93 93
93
9434 4190
95 , *92
61
No par 32 June 20 45 Mar 1
34
3438 3438 3434 3438 3514 3412 3518 3458 3434 3412 3434 17,500 Kennecott copper
2512 Jan 39% May
438 434
434 478
412 44
4 June 21 114 Mar 24
412 412
434 Nov 24% May
414 41
: 434 44 2,500 Keystone Tire & Rubber._ 10
500 Kresge (10 5) Co
100 177 Mar 2 24812 Apr 26 110 Jan 189% Nov
*215 218 215 215 215 215 *214 216 *215 218 21434 215
82 I
Laclede Gas (St Lout:).__ _100 75 July 5 87 Feb 21
*79 83 '80
83 *81
84 *
83 I .78
43 Jan 9413 Aug
*80
•1912 29
1934 1934 *19
200 Lee Rubber & Tire____No par: 171:Ju0e 27 3154 Mar 22
19
*18
1934 *19
1934 *181* 19
244 Nov 3518 Mar
Liggett & Myers Tobacco...100 19034May 21 2224 Feb 9 15314 Feb 235 Oct
.195 208 *198 208 •198 208 *198 20812 *198 20812 *198 2084
Do prof
200
100 11134 Apr 4 11818 Jan 8 108 Jan 1231: Nov
*114 11512 116 116 *11512 1164 *115 11614 *115 11614 11614 11614
12.300 Lima Loe Wks temp ctf.No Par 5814June 28 7478 Mar 20
6373 654 6438 6538 6334 6412 6412 66
6412 6514 6414 65
52 Nov 11778 May
151 1512 16
*16
1612 1534 16
*1512 1534 1512 16
1612 2,900 Loew's Incorporated___No par 14 June 21 21 14 Feb 14
1038 Jan 2334 Sept
614
400 Loft rncorporated
64 614
No par
638 858
64 612
618June 30 1134 Jan 5
9 Jan 144 May
038 638 *618 614 *6
50
00 Loo
46
rist
arW
dles
p)Biscult
100 3634 July 3 6314 Mar 2
46
46
46 I 4512 4912 4912 5012 4914 51
36 Jan 67% Sept
5012 5114 3,7
*15612 157
15714 15912 15814 15814 15914 15914 15914 15914 *156 160
100 146 June 21 17838 Feb 9 14714 Jan 180 Sept
100 Mackay Companies
*10712 112 *10712 10912 *106 112 109 109 *10812 113 *108 112
100 103 May 23 121 Feb 6
72 Jan 117 Dec
I Do pref
.65 67 *65 68 i *65
68
100 8412July 30 7012 Feb 16
6814 *65
67 Jan 70 Nov
6314 *65 67 .65
No par 5818 Jan 2 931: Apr 6
7634 7738 7612 7734' 7512
251: Jan 6178 Sept
7634 7912 77% 7912 7912 814 40.100 Mack Trucks, Inc
94
I Do 1s1 preferred
*93
944 *93 94 *93
100 87 July 3 9914 Mar 12
68 Feb 9412 Dec
94 *94
*93
9414 *93
94
84
300 mac
4
Doy .2d preferred
83 83 .8314 84 *83
100 72 June 29 93 Mar 5
54 Jan 87% Sept
84 *8312 84
84
*8334 84
*5934 5934 *5912 62 1 5934 5934 *5912 62
No par 57 July 2 711: Jan 20
59 Nov 62 Dec
594
2 *5912 62
25
2514 25
1512 Jan 40 Aug
2434 25
25
2412 2412 2512 3,200 Mallinson (BR)& Co.No par 21 June 27 40 Jan 2
241 25 • 24
49 *46
600 Manatl Sugar
100 43 July 31 754 Mar 14
3014 Jan 52 Mar
48
48 *47
49
50 I
49
4834 484 •44
48
I Do prat
100 75 June 20 90 Feb 28
80 i
7314 Apr 8414 Sept
*70 80 *70 80 *70 80 *70
80
*70
80 *70
41 Mar 69% Apr
413!4 1,000 Manhattan Elea SupplyNo par 36 Aug 9 66 Mar 21
*42 45
42 4314 *41
43
4112 41121 *40
4134 *40
25 4.2 June 27 4778 Jan 5
32 Mar 584 Oct
44 I
200 Manhattan Shirt
*43
44 *424 4312 .4214 44 *4214 44 1 44
44
44
No par 26 Aug 15 59% Apr 2
22% Jan 46% June
30141 56,900 Marland Oil
3012 3114 3038 3138 2914 3012 2912 3012' 2834 2934 2758 2938
No par
7 July 5 16 Feb 26
larlin- Rockwell
54 Mar 2638 Mar
*7
*7
9
8
10
*7
9
*7
934 *7
*7
10
2014 Jan 3014 June
900 Martin-ParrY Corp.--.No par 25 July 31 3734 Apr 17
30
30
3014 3012 31
30 *29
3014
30
*30
31
22
Jan 54 Nov
43 *42
700 Mathieson Alkali Works... 50 36 June 28 6412 Mar 14
43
434 *42
*43
43
43
4238 4258 4238
43I
4114 Nov 7434 May
4412 9,600 Maxwell Motor Class A__ _100 3634July 2 634 Mar 8
4412 44
44
4158 4334 4312 4514 43 4412 4334 45
Class
B
No
par
1012.1une
29
21
Apr
11
Feb
Motor
5
25% June
6,100
Maxwell
4
14
1334
1334
14
1378
133
1418
1378
1312 1378
1314 14
854 Deo 1744 Dec
7814 4,100 May Department Storm...100 6738 Jan 5 86 June 7
7878 78
7812 79
7878 78
7934 7814 7814 78
78
1534 Aug 22 2012May 4
1038 Jan 21% Mar
1,000 McIntyre Porcupine Mines__
*1578 16
1614 1614 1618 1638 1612 1612 1534 1618 *1578 16
100 210 July 28 293 Jan 2 10634 Jan 322 Dec
Mexican Petroleum
*190 250 *195 250 •195 250 *195 250 *195 250 •195 250
100 10014 Feb 28 10514 Mar 16
Do pref
794 Jan 108 Dec
*95 110
*95 103 .95 110 *95 110 *95 110 .95 110
Seaboard
011...No
par
534 Aug 15 2334May 28
Mexican
6,400
15 Oct 3412 July
74
74
714
738
7
74
714 714
712 772
734 734
6 Aug 15 2314May 28
6:2 654
634 678 2,700
12 Oct 3218 July
658 712
7
7
Voting trust certificates_74 74
718 734
5 2212June 21 3012 Feb 23
900 Miami Copper
25 Nov 3138 May
24
24
24_
2412 2112 *24
241g 2418 2374 24
2412 24
54 Aug 17 124 Jan 12
11 Nov 18 Apr
84 6
534 6
512 578
514 538 42,800 Middle States Oil Corp__ _ _ 10
538 538
514 512
1.900 Midvale Steel A Ordnance. 50 2112June 29 33% Apr 18
2618 Dec 454 May
27
26
27 *27
27
*2534 2612 2558 26
28
2634 27
Montana
Power
100
5412June
28
75
Mar
8
2,200
Jan 76% Sept
63
65
*8314
74
6412
6412
6412
6334
85
.6314 6412
6312 6478
12 Feb 2534 Aug
2012 2012 2014 2012 2014 2012 2038 2078 2018 2014 20
201s 4.400 Mont Ward & Co Ill Corp. 10 1814May 22 26 Feb 13
No par, 1734 Jan 17 gets Mar 22
2334 2438 2438 2578 25
13 Aug 19% Dec
2514 8,500 Moon Motors
2312 2334 24
2538 25
23
718June 20 14 Feb 20
94 984
94 912
912 938
912 912
94 9%
938 Nov 1214 Dec
914 914 4,300 Mother Lode Coalltion_No par
No par: 1018 Aug 21 2978 Mar 15
12
104 11
1434 2,500 Mullins Body
1714 Dec 34 Mar
*10
1114 1114 *II
11
11
1312 13
par
751g
No
Jan 2 1144 Jan 12
Motors
Co
1.100.
Nash
*93
95
70 Deo 525 July
954
9434
95
95
3
8
9434
*91
9278 9434
*93 '95
100 9812 Apr 23 1014 Jan 17 10112 Aug 108 Deo
Do preferred A
98 *97
98 *97
*97
98
98
*97 98 *97 98 *97
ao 1038 Aug 7 1818 Feb 19 94 Nov 214 Apr
1134 •11
200 National Acme
1134 *11
*1012 1134 *II
1134 *11
12
107s 1133
25 38 Jan 5 43% Mar 19
131soult
National
3678 Dec 270 Dec
45
4512 4514 4814 4512 464 4618 4658 4534 4618 4538 4618 16.200
100 11812July 5 125 Feb 2 11312 Jan 126 Oct
Do pref
*118 123 *118 123 *118 123 *118 122 *118 123 *119 122
.8714
_100
4218June
21
Suit._
Feb
Cloak
A
21
National
26 Jan 6678 Sept
200
53
53
*51
*5112
52
*5112
53
I
5212 5212
*5112 52
52
112 Feb 24
14May 31
1 Dec
12
12
4% Apr
600 Nat Conduit & Cable_ _No par
38
4
14
14
4
*4
*4
it
*4
1
3034 Jan 6812 Oct
60 604 5934 604 5934 594 60 614 6058 6034 61
6218 7,000 Nat Enam'g & Stamping 100 5512July 2 73 Mar 14
100 108 July 5 13834 Mar 20
85 Jan 12914 Dec
4,900 National Lead
117 11912 11914 12412 12212 1238g 122 123
11634 1163,'115 117
100 10712June 28 114 Jan 4 108 Jan 117 Oct
Do pref
300
•110 11212 •110 11258 1123 11212 *11234 11312 511234 1131± z11314 11314
•111g 11
1318 Nov 1918 June
1,900 Nevada Consol Copper.... 5 1118June 26 18% Mar 5
8 1212 12
124 •12
13
212
4 3
187
2:
3
1258 3
2412 Nov 41% Sept
4,200 N Y Air Brake (new)._No par 2658 Jan 2 41 Apr 25
333 3312
*3112 3212 *324 3212 3214 3212 3212 33
4512 Nov 5114 Oct
No par 454 Aug 23 514 Feb 13
Class A
400
47
MO
47 *46
46
46 *46
47
4514 4514 4634 464
100 1514June 30 27 Apr 2
20 Nov 46 June
New York Dock
1814 *16
18 *16
18
1814 *17
18 *16
*17
17% •16
100 3734 Aug 14 511:Mar 15
46 Nov 684 June
200
Do pre:
45
40
40 *404 43 *40
43
*40
*4614 49 *4012 43
1712Muy
21
2418
new..
10
Apr
13
American
Co,
9,400
North
2178
2218
214
2218
2178
221g
2178
2178
224
22
2134 2214
ao 4212July 2 484 Feb 14 38 Jan 4114Aug
Do prof
4412
700
4372 44
4438 4412 4412 4412 4412 4412 *4414 4434 *44
2034 Feb 40 Sept
Nova Scotia Steel & Coal_ _100 19 July 31 2978 Mar 3
21%
2112 *19
22 .1734 2112 .1758 21
2112 *17
•18
8 June 28 1018 Feb 9
Nunoally
Co
8 July 12% Mgr
100
(The)----NO Par
8
8
*734 834 *74 9
5734 834 *74 034 5734 9
*358 5
378July 14 1018 Jan 29
5 Nov 1414 Apr
4
4
434 1,200 Ohio Body & Blower__.No par
*334 4
*312 4 , 4
*312 4
318
Feb
8
112July
Prod
&
Ref
of
Amer__
5
30
1114 Dec
500
Okla
112 112 •138 112 *138 112 *138 11
:
4% June
14 112 *13s 112
412 Jan
3 July 21
778May 7
Ontario Silver Mining-100
*312 5
*312 5
*312 4
9% May
*312 6
*312 412 *312 5
1614June
2138
Circuit,
1
21
Apr
26
1238
Jan 28 Oct
1,400
Orpheum
Ins
1712
17
1714
17
17
1
1634
1634
163
4
1758
1634 1714
163*
1144
July
153
Feb
100
30
16 116 Jan 168% Oct
200 Otis Elevator
122 122 *119 124 •121 12312 *12112 12312 *122 12312 122 122
•Bid and asked prices; no sales this day. a Ez-dleidend
877
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,
Saturday,
Aug. 18.
Tuesday.
Monday,
Aug. 20. ' Aug. 21.
Nor PER CENT.
Wednesday. Thursday,
Aug. 22.
Aug. 23.
Friday,
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share $ per share $ per share
Indus. & Miscell.(Con.) Par $ Per share
No par
7 June 30 1434 Mar 21
1378 Nov 1613 Apr
Otis Steel
25 36/
1
4 Jan 2 5234 Apr 2
24 Jan 4238 Sept
Owens Bottle
13 Dec 141
12 Jan 2
214 Mar 5
/
4 Apr
Pacific Development
80 Jan 9118 Sept
100 7444May 4 85 Jan 5
Pacific Gas & Electric
Jan 19 June
7 July 2 12/
1
4 Marl) 11
Pacific Mall Steamship__ 5
421: Nov 6938 May
3112July 5 4378 Jan 4
Pacific 011
10 101
10 Dec 21 Nov
/
4 Jan 8 1512 Mar 22
Packard Motor Car
4,
378 Jan 10078 Dec
Pan-Amer Petr & Trans.- 50 5172 July 30 9312 Feb 7
got Feb 9534 Dec
50 51 July 2 86 Feb 7
Do Class B
1
4 Jan
2 June 21
614.Apr 5
3 Dec 12/
Panhandle Prod & Ref-No Par
711 Nov 17 Apr
No par
Parish & Bingham
9 May 23 1512 Mar 13
238 Dec 1338 May
212 Jan 2
6 Apr 4
Penn-Seaboard 81,1 v t cNo par
5034 Jan 99 Sept
People's 0 L & C (Chic)....100 86 Apr 27 941: Jan 30
311
/
4 Jan 4538 Sept
Philadelphia Co (Pittsb) 50 41 July 2 5014 Mar 19
No par 55 Aug 9 80 Apr 4
1
4 Jan
731
/
4 Oct 105/
Phillips-Jones Corp
1
4 June
2012 Aug 7 69/
1
4 Apr 5
Phillips Petroleum -No pa
2814 Jan 59/
614 July2 1514 Jan 14
8 July 2434 Apr
Pierce-Arrow Mot Car_No par
100 1312July 2 3558 Jan 9
1878 July 49 Apr
Do pref
6 Feb 13
378 Dec 12 Jan
25
112July 5
Pierce Oil Corporation
100 24 Aug 17 45 Jan 4
32 Sept 71 Jan
Do pref
5514 Jan 17 124 Mar 20
39 Nov 5914 Dec
Pigg Wigg Stm.Inc"A"No pa
-- -- 16- -iof1 -611i ;1364 IC
100 58 Jan 16 67/
1
4 Mar 7
55 Nov 7238 Sept
iioo Pittsburgh Coal of Pa
;e6- iii- .iii)- 66
9911l
9912 *99
901
/
4 Feb 10014 Sept
991
/
4 991
/
4 *99 100
*99
100 9712July 11 100 Apr 5
Do pref
300
*9914 100 •99 100
1414 Feb 41 Dec
10
914 Mar 1 47/
1
4 Feb 15
Pond Creek Coal
47 July 5 134 Feb 6
65511 Apr 120 Oct
1212 ;io- -ii- -8i- ii- ;iii2 -5-i- -iiii -n-i-2 --1,i55 Postum Cereal
No Pa
100 10812June 30 11414 Jan 25 10512 Apr 11213 Oct
Do 8% preferred
*105 114 *105 114 *108 114 1105 114 •105 114 *105 114
1
4 Sept
100 49 Ang 6 8112 Jan 2 63 Jan 95/
561: *53
57
5638 56/
1
4 5572 554 "54
57
300 Pressed Steel Car
*57 58 *53
91 Feb 106 Sent
*89 90
*89
100 86 Jan 22 9934 Jan 5
91
90
8918 8918 .80
8918
*90
Do pref
91
100
*90
2414 Jan 51 Sept
1
4 2718 25/
1
4 2414 2612 110,903 Producers & Refiners Corp_ 50 2414 Aug 21 5818 Mar 20
1
4 26/
28
294 2718 2914 2512 2712 25/
45
45
4514 45
4413 4412 44
46
46
47
424 Aug 6 5112 Apr 16
5,800 PubServCorp ofNJ,new No pa
43 44
118 119
100 11012July 2 134 Mar 8 10515 Jan 1313-4 Sept
11712 11712 *11714 11814
11734 11912 11712 118
600 Pullman Company
118 118
Jan 5314 June
47
4712 47/
1
4 4812 *4714 48
50 414July 31 6914 Apr 19
31
4818 501
/
4 9,300 Punta Alegre Sugar
48 4834 4744 48
1
4 Jan
1734 1734 1711 1734 16/
2
2612 Nov 38/
1
4 1738 1658 1634 9,300 Pure Oil (The)
1612 Aug 23 32 Feb 13
1744 18
1758 18
*80
90 •80
100 88 July 27 100 Mar 9
94 July 10234 Apr
90 *80
90
Do 8% Preferred
*85 92 •85 91 •85 91
106 10634 5105 107 +105 10612
94 Jan 12614 Sept
100 100 June 30 123 Mar 17
600 Railway Steel Spring
*10512 108 *10412 108 105 105
1
4 .2934 3012 *2912 3014 *29/
1
4 3078
No Pa 2914./111Y 16 3438 Feb 19 1912' Jan 361: Sept
100 Rand Mines, Ltd
*2914 3014 530 3014 3034 30/
1118 1118 1114 11
1
4 11
11
10 June 28 1714 Mar 1
1218 Nov 19 May
1,900 Ray Consolidated Copper_ I
1011 1058 1012 1034 1058 10/
3213 3212 3311 32
32
*30
32 1530
3312
24 Jan 42 Mar
32
600 Remington Typewriter v t 0100 24 June 27 4814 Mar 6
32
32
.85 96
*85 9314 *86
96 "85
96
385
100 100 Mar 5 104 Feb 13
96 *85
96
1st preferred v t c
55 Jan 105 Dee
50t2 Feb 8034 Dec
9314 *85/
1
4 9314 *8512 9314 9314 9314
*8512 93/
1
4 *8513 9314 *85
100
100 80 Jan 3 9114 Apr 24
2d preferred
1212 13
1234 1314 1212 13
1234 1234 3,500 Replogle Steel
No pa
978 Aug
3134 Feb 16
21 Nov 381: May
1214 1214 13
12
4812
4612
4712
4914
47
48
4712
481
/
4
4512
4612
Iron
&
Steel
100
4018.7une
21
28,500
Republic
3
(161
/
4Mar
4812 Nov 7812 Mar
4534 461±
9234
9214 92 93/
1
4 9212 9212 /592
100 86 June 21 9674 Mar 21
91 *91
91
74 Feb 9534 Mor
7001 Do pref
*89 91
No par 14 June 30 29/
1
4 1878 1912 1938 1958 4,700 Reynolds SD ins
1
4 Apr 17
1
4 No
5034 June
12/
1914 1978 1)58 21114, 1914 2,,15 1912 19/
6712 6634 6712 17,500 Reynolds(11J) Tob Class B 25 47 Jan 10 68 Aug 20
6578 65/
1
4 66 61 1 654 67
67 68 I 67
43 Mar 6334 Nov
100 114 July 9 118 Feb 9 11118 Apr
1
4 11534 *11412 118 *11412 118 *11412 118 *11412 118
Oct185
Do 7% preferred
100
.115 11534 115/
4414 4438 4412 4434 2,600 Royal Dutch Co(N Y shares). 4012 Aug 1 5518 Feb 19
43k 4334 4338 4338. 4334 44
43
4734 Jan 87 June
43
1834 1834 1834 1834 3,200 &Joseph Lead
10 17 June 29 2258Mar 9
1
4 Jan 2014 Sept
12/
*1712 1814 184 1814 184 1914 *1834 19
*14 214 •178 2141 *178 214 *11
/
4 2
158July 11
178 178
5 Feb 14
113 Jan
*14 2
900 San Cecilia Sugar v t c-No par
6/
1
4 Mar
2412 2412' 2412 2412 2414 241: 2414 2414 1.100 Savage Artna Cor90ration_100 1812 Jan 3 30 Apr 5
2312 2358 *2312 24
10 /
1
4u
2478 Apr
1
4 76
76
*7512 7612 2,600 Sears, Roebuck & Co
100 6612June 29 9238 Feb 13
59/
1
4 Fe
94/
1
4 Aug
7634 *7512 77/
751
/
4 76
7713 76
75
100 10612June
11312June 12
91
Jan 112 Aug
Do pref
•101 108 *101 108 *102 108 *102 108 *102 108 *102 108
No par
74 74
778 74 •752 8
6 June 20 1212 Mar 3
734 734
778 772 *734 8
Oc
600 Seneca Copper
234 Jan
538July 6 1078 Mar 2
7
7
7
7
7
7
7
7
*6
7
*6
7
61: No
12 June
500 Shattuck Arizona Conner__ 10
3412 Dee 48s May
3014 •29/
1
4 3012 *2934 31
*3012 3138 •31
3134 3112 3112
*29
700 Shell Transp & Trading__ £2 2914 Aug 8 4114 Mar 7
No par 12/
1
4 Jan 8 1914May 23
1734 1731 1734 1714 1712 1678 1712 28,100 Shell Union 011
1218 Dec 1314 Dee
1
4 1674 174 17
16/
1
4 16/
214 2234 22 234 2112 224 21 14 22
1
4 Aug 15 3938 Mar 19
1934 21
1934 2012 76.400 Sinclair Cons 011 Corp_No par 19/
1834 Jan 3834 June
144 1514 14
154 1352 14
10
958 Jan 2 35 Mar 31
1358 14
13
134 124 1312 14,400 Skelly 08 Co
834 No
111
/
4 Oct
49
48
3413 Mar 541: May
46
47
48
48
48
4614 4614 .44
48
4814 1,600 Sloss-Sheffield Steel & Iron.100 3914July 11 60 Apr .416
*70
82 *70 82 "75
100 68 Jan 13 90 Mar 11
66 Ma
82 *75 80
*75
80 *75
82
80 Aug
Do pref
4234 •41
4234 *41
4234 •41
33 No
.41
423 *4112 4212 4234 4314
57/
1
4 Mar
200 South Porto Rico Sugar.. 10039 July 6 6434 Apr 19
•14
1614 1818 161
/
4 1612 1678 16/
15 No
1
4 17
17
1712 1752 1838 4,400 Spicer Mfg Co
No par 1134June 30 2734 Feb 16
24 June
93 *89
1
4 Feb 2
84 Apr 96 Sept
93
90
90 .90
106 90 Jan 3 97/
*89 93 •89 93 +89
93
Do pref
100
8434 Dec 141 Sept
78 *6634 78 '6634 78 *6634 78
100 70 July 5 9012 Jan 23
.65 80 *70
*6634 78
Standard Milling
x.50
50/
1
4 50
9134 Jan 135 Oct
5013 50
5058 4914 50
5034 51
4912 5018 8,200 Standard 011 of California_ 25 4718JUlY 30 12312 Jan 2
331: 331
/
4 3338 3338 3312 33
3812 Dec 25012 Oct
3312 £3214 33
331g 3312 33
14.300 Standard 011 of New Jersey 251 .30* July 31 4414 Mar 3
1
4 11512 11512 11558 116
11512 11534 11538 115/
11534 116 £11434 11434 4,700
Do pref non-voting_ _100. 11434 Aug 24 118 Feb 21 11334 Jan igt2 Nov
•11034 11078 .11034 ____ •11034 ____ *11034 ____ *11034 ____ *11034 ____ ______ Steel St Tube of Am. pref. _100 85 Jan 2 110% Aug 9
88 Mar 90 May
*53
5414 5438 5412 .5414 55 .5438 5434 5434 54/
1
4 55 55700 Sterling Products
No par, 51 June 29 671
/
4 Mar 2
45/
1
4 May 6334 Dee
100, 109/
1
4 Jan 2 115 Jan 5
Jan 109 Dec
15114 116 *114 116 *114 116 *114 116 *114 116 *114 116
81
Stern Bros, pref(8%)
901
/
4 92/
1
4 9012 9238 9013 923
90
9134 91
90/
1
4 92
92 42,100 Stewart-Warn Sp Corp-No par) 74 July 5 12413 Apr 17
24/
1
4 Jan 79 Dec
7114 691* 70/
139/
1
4 70/
1
4 70
7114 6878 70311 70
1
4 7012 7012 8,200 Stromberg Carburetor-No ParI 5912July 2 94/
1
4 Mar 6
3514 Jan 71 Dec
10514 10672 10514 10634 10452 10652 10534 1071s 10434 10812 106 1064 128,800 Studebaker Corp (The)---100 9814July 2 12814 Mar 21
7918 Jan 14134 Dec
•11314 120 *11314 11814 .11314 11814 *11314 1181 *11314 11814 *11314 11814
100 112 Jan 4 116 June 27 100 Feb 11814 Nov
Do pref
312 Jan
No par
7 Jan 3 15 Apr 6
914 934
9/
1
4 9/
1
4
9/
1
4 934
912 97
8/
1
4 Nov
912 912 7.000 Submarine Boat
94 934
3
3
1
4 3
272 27
24 275 •252 3No
234 234 •2/
par
238June 18
4 Nov 1014 June
634 Feb 15
400 Superior Oil
29 *2512 29
*2812 29
*2512 29 *2512 29 *26
•2812 29
100 24 June 29 34 Mar 22
Superior Steel
26 Jan 3912 Apr
51
1
1
*1
114
118 11
/
4 •1
11
114 *1
10
1 June 4
278 Jan 12
114
oot merica
158 Nov
300 uP
5 Mar
938 *918 914
918 918
1
4
9
878 9
878 9/
9
9
8 June 21 1234 Feb 21
1,500 Tenn COPP & C tr ctfa_No par
838 Nov 1234 May
/
4 4212 4114 42Is 4114 4158 4114 4112 14,300 Texas Company (Tbe)
25 3934 Aug 4 52/
4214 4278 42 4273 411
1
4 Mar 20
42 Ma
5214 Oct
5742 5734 5634 5758 5658 5712 5734 5812 5758 5814 5814 5812 8,900 Texas Gulf Sulphur
10 531
/
4 July 2 65 Jan 15
3812 Jan 6714 Nov
814
838 812
814 838
8
838
8
7/
1
4 814
8
818 5,800 Texas Pacific Coal & 011- 10
712July 31 2414 Feb 2
1812 Nov 3234 June
*99 101 "100 10012 101 101100
*98 100
100 100 *9812 101
94 July 2 144 Mar 2 10934 May 154 Oct
200, Tidewater Oil
3812 381
/
4 38/
1
4 3812 40
384 3932 384 39
3834 39 z38
13,100' Timken Roller Bearing_No Par 3318 Jan 2 45 Mar 8
2812 Sep
35 Oct
5112 5314 5312 5514 5378 5512 5458 5538 5412 5558 54/
1
4 55/
1
4 24,800 Tobacco Products Corp_ _ _100 4634 Aug 4 6112 Apr 27
4914 Nov 8414 June
82
8212 8214 8212 82 824 814 8212 82
84
8332 844 9,800' Do CIA (since July 15) 100 7612July 2 85 Mar 2
7678 Au
8912 Sept
414
4
4/
1
4
4
4
3/
1
4 378
334 4
378 414
4l4 30.100; Transcontinental 011___No par
3/
1
4 Aug 17 141: Jan 5
712 Ma
2018 May
*82
*62 67. *82 67 *62 65 •62 66
64 .62
65
1 Union Bag & Paper Corp_100 61 Aug 4 7712 Mar 28
78 Sept
55 Ma
•lg
14
.12
14
*15
14
*12
14
*18
14
14 Jan 3
*18
No Par
14
I Union 011
Is Jan 4
Is Dec 25 June
87
*87
88 *87
89 *85
8814 *8512 8812 87
*86
87
100 81 Feb 1 9934 Mar 19
100 Union Tank Car
85 Dec 13434 Dec
•105 108 *105 10812 .105 10812 *105 10812 *105 10812 *105 10812
101 10612July 19 112 Jan 19 102 Fe 113 Sept
Do pref
1
4 30/
*3038 3034 30/
1
4 3034 3034 31 .31
.3113 3212 .3112 32/
No par 29 July 31 3912 Mar 21
1
4
300 United Alloy Steel
25 Jan 4114 May
80
7914 7914 *79
*78 80 *78 80 *79
80
*79 80100
7534July 2 8534 Feb 28
100 United Drug
13078 Ma
85 Oct
1
4 4712 47 47 *46
4812 *46
.1.47
4712 47/
5174 Oct
48 •46
48
50 4614 Feb 14 48 Mar 1
Do 1st preferred
4118 Fe
300
.170 174 5170 174 *170 174 *17013 174 *171 174
172 172
100 15212 Jan 17 183 Mar 2 11934 Jan 162 Oct
100 United Fruit
74/
1
4 75
73
7612 2,800 United Retail Stores__ _No par 64/
1
4 Feb 1 844 Apr 17
4312 Feb 8713 Oct
761
/
4 7634 *73
7535 75
7612 7512 77
2713 2612 2678 26/
1
4 28
27/
1
4 27/
1
4 *25
*2634 28
2734 2834 4,800 US Cast Iron Pipe & Fdy..100 20 July 3 34/2 Mar 2
1618 Jan 39 Aug
72
*68
72 *68
72
*68
72
*68
1388
72
7114 72
100 64 June 21 72/
50 Jan 78 Aug
300
Do pref
1
4 Jan 3
318 3/
1
4
3
3
3
3
313 312
3/
1
4 3/
1
4 *3
612 Mar 19
338
218June 28
234 Feb 1018 Jan
900 U S Food Products Corp_ _100
1
4 1734 517
1734 "1714 1734 1672 1672 17
1712 1734 17/
25/
1
4 May
17
700 US HoWn Mach Corp-No par 15 June 30 25 Jan 27
181
/
4 No
4812 48/
1
4 4812 491
1
4 4812 49
/
4 4818 4812 4814 48/
4814 48/
37 Jan 724 Oct
1
4 5.000 II 5 Industrial Alcohol_
100 40 June 29 7314 Mar 16
496 100 "98 100
*96 100 *96 100
*96 100
Oct
impro,
7211
Dec
102
*96 100100
9514June
t
ef
y
a
29
101
Mar
28
Rea
p
Ir
D
s
o
u
+95
9512 95/
1
4 95/
1
4 941
/
4 95
*95 9512 /395 96
95
56 Jan 924 Oct
951:
ement100 88's July 2 106 Mar 5
900
41
4134 4058 4178 3934 4034 3912 4012 3918 40
67/
1
4 Apr
46 No
3974 3974 11.100 United States Rubber
100 3512 Aug 13 6478111ar 22
9434 9734 95 96
95 9534 9334 9534 9434 9434 *94/
1
4 9634 2.300
91 Sep 107 July
Do 1st preferred
100 8814 Aug 13 105 Jan 13
25
*2412 25
25
25
2512 2414 2412 2358 25
•2412 25
33 Fe
4834 Oct
1.100 US Smelting, Ref & Min
50 20 June 28 4338 Mar 2
421g *42
42/
1
4 *42
*42
424 *42
424 4212 424 *42
42/
1
4 Fe
49 Aug
42/
1
4
100
Do pref
1
4 Jan 3
50 4012June 28 48/
1
4 911
/
4 9214 9134 92/
1
4 9114 92
9112 9212 9138 92/
/
4 Oct
9114 9214 102.100 United States Steel Corp 100 8512July 31 10958 Mar 21
82 Jan 1111
117 11714 11714 11714 117 11714 11718 11714 11714 11714 11714 11714 2,400
1
4 Feb 123 Sent
Do pref
100 1161
/
4 Aug 6 12312 Jan 15 113/
6038 60/
1
4 60
60
1
4 60 6014 60 61
59 No
7112 Sept
5934 59/
*5934 61 1 3,000 Utah Copper
10 56 July 5 7812Mar 5
16
1614 *1513 17 •16
•1634 17 •163‘ 17
1613 *1614 16/
974 Jan 2314 Sent
1
4
100 1418June 27 2434 Feb 16
200 Utah Securities v t o
33/
1
4 311
32 3312 3213 3314 32
/
4 32
311
/
4 311
3014 Jan 5334 Aug
/
4 14,100 Vanadium Corp
3238 331
No pa
2434July 5 4438Mar 20
90
1185 90 .85 90 *85
92
*85
Jan 100 Oct
90
100
25
ia_c
lta
e
,o
r
llst
ina
pr
c
etem
98
Jan
.85 90
on
aaa
8912May
31
*85
Va
irn
90/
1
4 1.000 v
8
8
7/
1
4 8
7/
1
4 778
818 81
2314 Nov 3674 Mar
*734 8
814 81/4
614June 27 27 Feb 20
1
4 24/
1
4 •23
2412 2414 2414 24/
241
58 July 83 Oct
241 *23
24
24
300
Do pref
100 17 June 27 69 Mar 15
•23
59
43 Mar 9412 Jan
.55 59 *55
100 Virginia Iron. C & C
.._100 52 July 2 68 Mar 5
1 *g; 1013
4(
6413 18.1
68
618 Mar 8
16
6 D
Oe
:
t
12"
*78 100 •78 100 :78 18,
100 7712June 28 85 Apr 23
1712 1778 18
1814 51818 181
Jan
.1712 18
17/
1
4 18
1812 1812 1,500 Viv
No pa
iloudoPurelV).
1514 Jan 17 23 Mar 22
1
4 *1314 137u 1334 14
*13,4 137 •134 134 *1314 13/
10/
1
4 Oct 17 Apr
•13t4 14
1214 Jan 27 1538 Mar 8
700 Weber & Hellbroner-No pa
*3212 37 *3212 37 '3212 37 •36
37 '36
6614 Jan 9834 Oct
37
Wells Fargo Express
100 3412Ju1y 11 105 Mar 2
*3213 37
106 106
10572 1054 •10578 107
1
4 Feb 20
89 Feb 12114 Aug
800 Western Union Telegraph -100 10118July 5 119/
*106 1067 106 10614 1054 106
83 *79/
1
4 83
80/
83 •80
1
4 807 .81
80 Mar 114 Dec
83
300 Westinghouse Air Brake_- 50 76 July 5 120 Feb 17
80
80 *80
6018 5814 5912 5812 59
49/
1
4 Jan 6518 Aug
5814 5834 5834 5912 59
13,600 Westinghouse Elec & Mfg_ 59 5212June 30 6718 Fab 16
58/
1
4 591
2318 2212 2278 2214 22/
1
4 231: 23
2312 231 •23/
25 May 3338 Nov
1
4 2,000 Wbite Eagle Oil
No par 2134 Aug 15 3038 Mar 20
23/
1
4 233
t.n
51
51
4
5034
503
Mar
19
51
8
28
607
35
/
1
4 Jan 54 Sept
5114
515g
Motor
June
51
12
••••
5
054
45
3,801)
White
.50
503
153
114
5/
1
4 Feb 19
133 138
1,4 134
114 133
114
214 Dec 12 May
114 1,200 White Oil Corporation_No Par
118 Aug 16
138 133 .812
612 612
61
/
4 672
884
6
61*
6
812 Nov
6
2178 May
2,300 Wickwire Spencer Steel
5
5/
1
4 Jtily 28 14 Feb 13
6/
1
4 7
714 7/
1
4
74 714
814 Jan 5
7
712
7
412 Feb 10 May
714
5 June 21
715 714 7,400 Willys-Overland (The)_ _ _ 25
714 714
66
66'2 60
1
4 Apr 6
1
4 Jan 2 69/
66
24 Feb 494 July
Do pref (new)
100 42/
66
6614 1,900
6614 6612 6814 6614 6534 66
520/
1
4 24
24
*21
520
23
*23
1
4 Mar 7
24
24
*20
19 June 27 42/
271
1 Wilson St Co.Inc, v t c-No Pa
/
4 Jan 5012 Sept
24
*20
1
4 ____ *6634 ---- 3663* - _-- 3
- _- _ - Do pref
100 64 July 13 89 Feb 8
66 Jan 91 Sept
.6634 70 *64334 __ _ _ •66/
25114 25114 25034
1
4 Jan 24 255 Aug 21 137 Jan 223 Nov
663*25114
-: 25034 255 252 254
2,780 Woolworth Co(F W)
25013 2501
100 199/
24814 251
2
2
3
1
4 29':
2972 29/
2 *27
2912 1,100 Worthington P & M v t 3..100 2318July 3 4018 Feb 15
2678 Nov 5574 June
30
29
10
10
10
10
9/
1
4 97s *912 934 1,200 Wright Aeronautical__ No pa
10
814 Jan 17 11 May 17
10
6 J
*9/
1
4 10
1/ Aug
&ilea
on
this
day.
z
Ex
no
prices;
-dividend.
asked
•1316 sad
$ per share $ per share
34 878
*813 834
43/
1
4 4358 4313 4358
12
*38
34
12
*7814 7912 8014 8012
*7
8
*7
8
3334 3438 33/
1
4 3438
1278 1314 1253 1318
6134 83/
1
4 6178 6314
5934 6114
5934 61
*158 2
511
/
4 2
:914 111
/
4
/
4 *914 111
1
4
234 2/
234 234
93
9014 9014 91
4438 4458 4412 4434
57
57 *55
*55
25/
1
4
24
2414 24
938 912
9
94
1912 1952 1912 20
1
4 258
258 258 *2/
*24 26
26
*25
3 per share $ per share $ per share
834
814 858
1
4 4314 434
4312 4313 4312 44/
*12
12
34
*52
34
81
8112 8034 804
81
81
47
37
8
8
*7
8
3212 3338 3258 33
3338 34
1314
13
1314 1318 1312 13
1
4
5912 6214 5914 6058 5858 59/
1
4 .5818
571
/
4 6014 5714 5834 56/
2
2
2
*113 2
*914 1134 *914 913 *9/
1
4 911
3
314
2114 318
234
318 9112 92
9112
92 9312
*91
4434
4434
4512
4512
4434 4434
*55
57
*55
57
55
55
234 25
2334 2412 2234 2353
932 94
9/
1
4 1038 10/
1
4 1034
20 21
22
25
2434 2612
212 212 • 258 258
212 212
*24
26
524
27
*25/
1
4 27
$ Per share Shares.
834 834 1,200
*4334 44
4,100
200
34
*1
/
4
'Si
811
/
4 1,900
*7
8
32$4 33/
1
4 15.300
131
/
4 1338 12,100
59
6012 48,500
5714 5818 87,900
100
13914 938
234 318 15,900
92
92
2,400
*44/
1
4 45
2,200
.55
60
100
2258 23/
1
4 27.900
1034 1078 14,200
25
25/
1
4 6,2001
2/
1
4 213 1,300
*24
27
"iiIC"
*2'2
---
878
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. I 1919 the Rzehante method of
BONDS.
N.'F. STOCK EXCHANGE
Week ending Aug. 24.
it
Price
Friday
Aug. 24
my
bond, was changed and prices are now "and interest" —except for income and defaulted bonds
Week's
Range or
Last Said
Range
Since
Jan. 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending Aug. 24.
:14
Price
Friday
Aug. 24
U. S. Government.
Bid
Ask Low
High No.
First Liberty LoanID 100122Sale 100
354% of 1932-1947
1004 856
Cony 4% of 1932-1947
in 98122 -- 981032 98102
1
Cony 45.4% of 1932-1947
• D 98102:Sale 98.22 9814 393
26 cony 4I% of 1932-1947_ S D 972088 98 98w
10
98
Second Liberty Loan4% of 1927-1942
MN 98322Sale 98.44 98114
17
MN 981,32Salo 981044 98..1 1504
Cony 4M % of 1927-1942
Third Liberty LoanMS 98",,Sale 981144 98314 4656
4h% of 1928
Fourth Liberty LoanAO 98142Sale 981044 981% 2595
4h% of 1933-1938
AO
Treasury 4Ms 1847-1952
991. 991.3 1152
d1930 Q
25 consol registered
10414 July'23 ____
2. consol coupon
d1930 Q
103 July'23 _
48 registered
1925 Q F
184 May'23
45 coupon
1925 Q F
10314 Aug'23 _
Panama Canal 10-30-Yr 211--/1936 Q F
100 July'21 ---Panama Canal 325 gold
1961 QM
9412 Apr'23 _
1961 Q
Registered
9314 June'23
State and City Securities.
NY City-434s Corp stock 1960 MS 100 10038 10014
10014
1984 MS 100 10012 10014 Aug'23
4s Corporate stock
1966 AO 100 10013 10032 July'23
4529 Corporate stock
1971 S D 10412 10518 108
454a Corporate stock
Jan'23
434s Corporate stock _July 1967 J J 18412 19518 18438
184%
5
1965 S D 10412 10618 18438 10418
434s Corporate stock
1963 MS 1041 105 18413 Aug'23
434e Corporate stock
96.8
1959 MN
974 9614 July'23
4% Corporate stock
96.8 974 06.8 Aug'23
1958 MN
4% Corporate stock
1957 MN 0638 ---- 968 June'23
4% Corporate stock
9512 9814 95 July'23
4% Corporate stock reg 1956 MN
1957 MN 10414 10434 10334 Aug'23
4.50 Corporate stock
1957 MN 18414 10434 10434 Ity134;
454% Corporate stock
2
334% Oorporate stock_1954 ▪ N 87 ----I 87 July'23
1961 M
10214 June'23
New York State-4s
_
1961 JJ
10213 June'23
Canal Improvement 43
11214 July'23 __-Highway Improv't 4348_1963 MS -___
10413 Apr'22
Highway Improv't 4348_ .1965 MS
_
1991 Si
7114 Oet'20 _
Virginia 2-3s
Week's
Range or
Last Sale
0
1339.•
Range
Mace
Jan. 1
Low
Bid
High
High N o Low
ilaR Low
High
All & Birm 30-yr 1st g 45_e_1933 M
671 6812 6712 Aug'23
65
684
100 101.90 Atl Knoxv & Cln Div 4s____1955 MN 8134 84
84 A89'23.-8084 864
9742 98.90 Atl Knox & Nor 1st g 5s___ _1946 J D 9918
9834 May'23[---9834 9913
9814299.10 Ati & Charl A L 151 A 4548.1944 5 J 9114 93
9004 June'23,_
914
88
97.0099.00
1st 30-year 5a Ser B
98
9712
97.8
2
1941 55 97
98 100
All Coast Line 1st gold 4s_k1944 31 S 87
8754 87
8734 13
82% 89
98218298.70
10-year secured 75
1930 MN 10612 107 10612 10634
0 106 108
98,1,398.88
General unified 4545
8612 WE Aug'23 -1964 S D 83
82
8918
L & N coif gold 4s
81121
2
a1952 MS 8114 Sale 8114
7812 83
1.99.18
Atl & Danv 1st g 45
979
7414 July'23 ---1948 JS 754 81
73% 78
2d4.))
1998 ii 63.4 6612 65 Aug'23 ---614 68%
97111 99.04 All & Yad 1st g guar 48
80
77
774
1949 * 0
1512(18
98142100.04 A & N W 1st gu g 5s
_ 94
77112
8 Jte
nue:2
233'
1941 J S
9338 9512
1024 10412
953
102
8
Sale
103 Bait & Ohio prior 3348
954
9541 83
1925 J J
9318 9719
94,4 ____ 9414 July'23 -1034 104
Registered
9315 941,4
k1925 Q J
1034 1034
1st 50-year gold 49
k1948 AO 7812 bale 7734
7812 87
7418 80
Registered
k1948 (5 J 744 7712 76I5 Aug.23 — —
7413 78%
10-year cony 4548
8143 124
1933 MS bk./ bale 81
834
77
831
934 96's
bale
Refund & gen laser A.-1995 JO
83
83% Ai
7938 85
10-year as
1014 57
1929"S 10118 bale 1150%
99 10175
9934 101
94/ 21
P Jet & M Dtv 1st g 3;43.1925 MN 9432 bale 9418
91
95
10012 11127
PLE&WVa Sys ref 48..1941 MN
73
794
7
b4
0
:
35
180% 10212
3
4 b8
au
ale
e
5
9
7 8
5
Southw Djv let gold 3548_1925
pv9;4
:
:
1233
4 :8
2
1
: 9112 944
J 9
10714 108
Toi&Ci Dtv 1st ref 45A_1959 J J 65 bale 64.8
86
7
6112 8738
10438 10712 Battle Or & Slur 1st gu 3,8_1998 J O
5718 60
104 3210712 Beech Creek 1st gu g 45__ —1936 J J 88'8 9114 8913
8833 8913
10412 107%
Registered
'eu'23
1936 55 84,8 ____ 86
86
86
9614 10014
2d guar gold 55
1936 55
96% 9978 Beech Cr Ert 181 g 354s__81951 AO
16A
0 l'I
JUalY
Y:21
!
9638 10014 1319 Sandy let 4s
02 -844 8014 July'23
1944 S D
8 ---- -8004 8484
95
7u
65 July'23 -9912 BA NY Air Line 1st 4s__1955 FA 66
66
754
10314 105 Bruns & W 1st gu gold 4a
1938 J J 8734 8913 89 kw 23
89
89
10412 10712 Buffalo It & P gen gold 58. _1937 MS
10984 luU
100 I
1 100 1011%
3
91
891
87
9034
804
Consol 4345
8912
1
1957 MN
87
9214
10112 10312 Burl C B & Nor 1st 58
98
98 Aug'23
1934 AO 98
95
9912
10238 10212
I •
11214 11214 Canada Sou cons gu A 5s___1062 A 0 9734 9813 9734
99
16
04 1004
1134 $7 112 115
Canadian North deb S 175.,1990 J D 11342 Sale 113
25-year s f deb 6545
11314 19 11018 11354
1996 5 J 11334 bale 153
Canadian Pee fly deb 45 stock.. J J 80 bale 79/
7612 804
8014 7/
Foreign Government.
1
1
92,2 S1392'22
8218 911
gold
4s
Carb
&
Shaw
1st
1932
M
1927 FA 10214 Sale 102
Argentine(Govt) 79
10214 58 1004 10318 Caro Cent 1s1 con g 4s
7234 6204 JUU0'23 -68, 71
1990 J J 06
8014
8412
8012
82
Treasury
1909_
3
_ ▪ S
5s of
Argentine
771: 8,414 Car Clinch &0 1st 3-yr 5s 1938 J D 9413 _17.:8_ 94,2
92/ 44
8814 94
1943 in 8812 bale 88
Austrian (Goat) 78 w 1
81)
153
88
9334
,8 bale 1/6.8
97 1 33
19525 D 1%
135
89
9818
Belgium 25-yr oats f 7)45 g.1945 ID 99'2 bale 984
9912 183
7618
9114 10314 Cart & Ad 1st gu g 45
81,3 Deo'22
19815
D
Jan 1925 J J 06 bale 9513
5-year 6% notes
9612 104
93
7238 661 May'23 -- -CA Ili
9838 Cent Br U P 1st g 4.4
1948J D 61
1941 FA 1011 bale 9734 IOU
20-year f 85
56
93 10314 Cent New Eng 1st gu 48--- -1961 J J 5214 bale 04.4
71238
2
48
58
1945 MN 18834 bale 115834 10834
Bergen (Norway) a t 88
4 10712 10934 Central Ohio 950 1930
9344 Dee'22 ---1930 Si 5 9044__
Berne (City of) a f 8:3
1945 tol N luats bale 109
109% 33 10812 11313 Central of Ga 1st gold 58_ ..7)1945 F A 1Uu 102 12 Aug'23 -- 100" 16"
Bolivia (Republic of) 85._ _ _1947 MN 8814 bale 88
8812 39
86
94
Consol gold 55
1995 M N 9014 90,4 951 Aug-23 -- -9258 981:
Bordeaux (City o1) 15-yr 65_1934 MN 76,2 bale 7512
7718 40
491
101 I 31
: 831
June 1929 .1 D lutr% bale 100,4
: 10-yr scour Os
903 10112
Brasil, U S external 88
1941 S D 9514 bale 9538
96
72
9154 99
9
76.1
4.2 May'23
,
y:2
23
Chatt Div pur money g 45-1951 J D
7412 81
1952 J D 8138 bale 81
7s
8112 37
8814
80
Mac & Nor Div 1st g 53..1946 J J
1952 A 0 1120 bale 9978
754s
100
8
__
94 July'23--.9654 104
Mid Oak AU Div Is
1947 J J 94
94
94
Canada (Dominion of) g 58_1926 A 0 904 10012 91134
111012 41
9912 10134
9438!
1
1946 J J 9938 dale- 941
Mobile Division 58
9418 9712
do
do
Balls 26
5a 1931 A 0 10u bale 991
do
99 102 Cent RR & B of Ga coil g 513.1937 MN 91.4 93,2 9t.).8 Aug'23,---90% 97%
1929 F A 1017 bale 10134 102
84
10-year 5345
iu4,51
991 10212 Central of N J gen gold 55. _1987 J J 18432 14,8 104.5
10313 108
1952 al N 99,4 bale 99
9938 221
Is
97% 102
k1987 Q J 10343 10442 105,2 July 23 Registered
103 106
Chile (Republic) ext a f 13s 1941 F A 10313 bale 103
10334 50 100 10412 Cent pae 1st ref on g 4s___1049 F A 87 bale 83a4
87 I 152
7918 884
103.4
bale
183
1928
11533
85
8
47
au
A
0
91.8
Externals-yearsf
100 103%
al Aug'23
Mort guar gold 334a. .k1929 J D
8934 914
95
40
1942 M N 9484 bale 9414
10
0414
75
2 81/
Through St L 1st gll 45._ -1954 A 0 18
9312 9634
7834 84
115334 58 100% 105 Charleston & Savannah 73_1936 J J
1948 M N 103 10334 103
25-year s 1 8a
18
14
112 June
111231 --...! 1141
:11411
Chinese(Hukuang By)5s of 1911
4212 28
D 4114 bale 41
41
97
1/6 Aug-23 -5254 Ches & Ohio fund & impt 56-1929 J .1 1)5
94% 964
1945 A 0 10912 bale 10932 10934
4 10734 11212
Christiania (City) a f 8s
101
101
193 M N 101
1st consol gold 55
9784 1034
9212 32
Colombia(Republic)6545._.1927 A 0 9213 bale 9134
156%
8812 95
1939 M N
Registered
;
_);14 9812 May'23
97,4 984
Copenhagen 25
8934 52
-years f 5545.1944 J J 8913 bale 89
9202
83.4 84
12
88
83.2
199" M
General gold 4148
804 8634
99
1944 M S 99 bale 98
10
Cuba 5s
9014 99
1204 Ap
;
8123
1992 M S 78
Registered
804 8013
9112
bale
81
A_1949
9112
F A
Ezter debt of 58'14 Ser
6' 874 9314
8641 bale 56.2
20-year convertible 4;0..1930 F A
87
61
8912
85
1949 F A 8418 85 8312
External loan 4545
8412
7
8118 89
30-year cony secured 68-1946 A 0 89,2 oale 88
8012 4.4
88
964
9914 41
1953J J 9914 bale 9914
5548
9944
99
,2 9138 J11131'24
1940 J J 9111
Craig Valley 151 g 55
9014 95
Czechoalovak (Repub of) 88-1951 A 0 92% bale 9214
9312 55 • 77
9612
76 4 79% 7514 May'23 -Potts Creek Branch 1st 43 1996 J J
784 7814
115814 12 10612 10912
Danish Con Municip 85"A"1946 F A 10712 108 10714
7734 88
80 Aug'23
& A Div let con g 4)1_1989 J J
76% 81
1946 F A 10712 bale 10713 108
Series B
4 10634 10912
7434 Aug'23
2d ronsol gold 4s
1989 J J 74,8 78
78
7412
1945 A 0 10978 bale 10934 110
39 107% 11034
Denmark external 5 1 8a
814 ---- 9004 J uly 43 -- Warm Springs V 1st g 5s__1941 M
9034 9034
1942 J J 9534 bale 9512
9634 97
20-year 6s
95
99 Chic & Alton RR ref g 32
1949 A 0 5"8438
504
54
100
102
101
Dominican Rep Cop Adm 8155'58 F A
102
3
5
14
3 July
9514 102
"
New York Tr Co etre
'23
4814 53
1942M S 89 bale 8813
5545
89
34
54
90
52
02
51
1
Stamped Oct '22 lot
02
494 52
Dutch East Endies ext tis__ _1947 J .1 0614 bale 9634
9834 89
9214 9814
.___ 4912 4638 Apr'23 -Stamped Apr '23 lot
48%
46%
3312
1962 M S 964 bale 9554
40-year Os
•
9838 174
9214 9712
Railway 1st lien 3545
1950 J J 2713 28,2 284
2518
2834 13
1953 M S 9118 bale 9118
554s trust rcta
911 131
87% 9414 Chic Burl &(1—Ill Div 3348-10495 J
s,,
791 8034 80
85
784
973
4
bale
88..1945
M S
9534
French Repub 25-yr ext
98
367
90 101
8/12 Aug'23
Illinois Division 48
1949 J J 8712 840
8512 9034
20-yr external loan 7 8_1941 J D 941 bale 9234
947 48/1
84
97
Nebraska Ex12112109 411
1927 M N 96,4 97 1 1/0% Aug 23 ---9512 97
Gt Brit At Ire(UK of) 534aJ937 F A 1021 bale 10112 1021 183 101 10464
Registered
1927
M
N
95%
9613
1929 F A 11.1.2 bale 11132 1117
10-year cony 534s
41 111 116
87% --.11-3
11613
1e 818 "4''23
General 45)
1958 M 5 87
83
8912
76 bale 751
1942 M N
Greater Prague 7348
76
50
65
la%
bale 971
8212
let & ref 5s
1971 F A
9912 35
963
8
1014
1952 A 0 9012 91
9012
Haiti (Republic) 68
9112 46
9012 98 Chic City & Conn Rye 55.-1927 A 0 .52,4 bale 6238
52,4
66
47
Italy (Kingd of) Ser A 650-1925 F A 961 9614 9614
9614
3
8
9212 9714 Chicago & East III let 65-1934 A 0 104,
104'8 June'23
104 1064
Japanese Govt—E loan 4548_1925 F A 93 Sale 9273
93% 61
92
9412 C & E 111 RR (new co) gen 58_1951 MN
7844 bale 7145
39
78
,
3
784
814
1925 J J 92
Second series 4545
9212 9214
9212 27
9112 93% Chic & Erie 1st gold 58
91'4 bale 9144
1982 M N
91'4
8,34 9713
1931 J J 8034 Sale 8012
Sterling loan 48
81
55
7934 82% Chicago Great West 1st 48..1959 M 5 4734 bale 47,8
86
48
4618 56
Oriental Development 85.1953 M S 9114 bale 91
9114 64
91
9312
With Sept '24 coupon on.......... 43,2 bale 42,2
33 • 4214 46
43.2
7634 bale 7512
Lyons (City of) 15-year 68..1934 M N
7712 44
6914 8332 Chic Ind & Loulsv—Ref 65_ _1947 J J 186 166% 186 Aug'23
115478 10%
7612 bale 7534
Marseilles (City of) 15-yr 68.1934 MN
7712 56
6912 83121
Refunding gold 55
93/4 Aug 23
1997 5 J 944 96
9713
92
Mexican Irrigation 4545_ _ _1943 M N 32 bale 32
3332
6
30
42 ' Refunding 4s Series C.,,,_.,1947 J J --__ 85
80 Aug'23
7913 861
Mexico—Extern loan 2 55 of 1899 Q J 5312 bale 5212
55
108
49
5812
80%
General 513 A
4
81
8014
1066 M N
80,4
804
84
32
19545
Sale
1904
32
4i
of
Gold debt
35
115
30
4154
9712 bale 97
General 65 B
c1966 S J
11712
9412 98
1952 5 D 86
8712 8612
Montevideo 712
8612
1
9138
85
Ind & Louisville 1st 5)1 45,1956 5 j 70
74
78
Jan'23
78
78
Netherlands 135 Ulm prices). A972 FA S 100 Sale 9934
115118 189
97 10212 Chic Ind & Sou 50-year 4s_ _1956 J J 8334 86
8214 July 23
81
844
110
Sale 110
1940 A 0
11012 13 109 11234 Chic L S & East 1st 454s-1969 J D 8614 ____ 88/ June 23
Norway external a f 88
8614 90
1952 A 0 9534 Sale 9514
9628 91
65
9514 100 C St & Puget Sel lat gu 45_1949 J J 54,s Sale 84/
13
64,8
5412 6818
1943 F A 9812 Sale 9612
9638 47
65(w I)
9612 98% ChM & St Pizeng 48 Her A.e1989
6
73,2
.1 7114 702 7114
7014 7414
9738 12
Panama(Rep)554a Tr recta_1953 J D 9512 bale 9512
951: 97%
General gold 35.is Sur B, e1989 J
62
63,2 83
3
83
82
854
96
5
Porto Alegre (City of) 88._ 1961 J D 96 Sale 96
1
9912
03
7713 79.8 77
General 434s Series Ce1989 J J
12
7812
77%
88%
107
Queensland (State)ext s t 78_1941 A 0 107 bale 10614
27 10534 10912
140
Gen & ref Series A 434e_a2014 A 0 611 Sale 4914
52
4934 6214
1947 F A 10012 bale 10038 10078 201 100 10234
25-year Oa
Gen ref oonv Stir B 5a_a2014 F A 66 bale 6715
9/1
5818
70
56
96
Sale
A
0
1946
9512
991.
96
118
Rio Grande do Sul 8s
9172
Convertible 4545
94
1932 J D 6612 bale 554
57
55
80
93
91
9312 20
Rio de Janeiro 25-year f 8a-1946 A 0 92
97
90
48
61
19255 D 7334 bale 724
74
704 84
1947 A 0 91 Sale 911
fts
9112 11. 90
9712
25-year debenture 48
1934 J J 524 66
53
5414
9
53
8318
1952 M S 97 Sale 9618
9712 20' 9534 9914
San Paulo (City) a f 85
Cole & Mo Itiv Div 58-1926 J J
813.8 97
9618 Aug 23 -98
96
9512 100 Chic & N•west Ext 90,.1880-l928 F A
9914 22
Ban Paulo (State) ext 8188.1936J J 9812 9914 9834
95% 156
95.2 July'23 -96
943
8
Sale
81
8318
J
1942
J
831e 114
90
Seine (France) ext 75
76
Reg stered
9514 96
1886-1926 F A
95%
Aug'23
-933
8
954
7134 297
Serbs, Croats & Slovenes 89_1962 MN 6734 Sale 6712
General gold 33,4s
5313 7812
7112 73
.1987 M N
7112 Aug'23
7914 77
80 Sale 79
1936 M N
80
52
Soissons(City)Os
8812 85
Registered
7134 73.8 Dee'22
91987 Q F
1939 .1 D 104 Sale 104
105
100
Sweden 20-year 68
034 106
General 4s
1987 NI N 83
84
83
8312 15 -tiiiFs W1144 Sale 11414
11434 38i 11312 11914
Swiss Conferer'n 20-yr 5188_1940 J
Stamped 45
--_ 85
8318 Aug'23
1987 M N
79 874
7434 Sale 7434
M
7434
2
Tokyo Clty Is loan 01 1912
7138 7734
General 5e stamped
1987 M N i0034 lul 10034
10034
10012 1054
9914 107
103
39
Uruguay Republic ext 88___ _1946 F A 102 10314 10214
Sinking fund Os
1879-1929 A 0 10113 105 101
Aug'23
101 10814
1945 A 0 109 11014 10934 110
5 109 113%
Zurich (City o1) 8 f 88
Registered
1879-1929 A 0
lUls Apr'22
_IS.5Sinking fund 55
---L
1870-1921/ A 0 -_-_
994-91134 97 July'23
97 1004
Railroad.
Regi2tered
9712 9712
1879-192!) A 0 98
8878 9713 Mar'23
95
3
4
9312
D
J
9412 July'23
1943
Ala Gt Sou 1st cons A 55
Sinking fund deb 55
9212 98
1933 M N
9812 Sale 9814
97 1014
981
: 17
9934 -- -- 9978 July'23
1928 M N
Ala Mid 1st guar gold 5s
9918 10138
Registered
2
1933 M N
9638100
994
97
97
97
Alb ilk Siam cony 3348
1948 A 0 7834 7938 8012 Aug'23
78
8112
10-year secured 75 g
1930 J D 10712 108 10712 10712 16 19534 110
8234 82 Aug'23
•Alleg & West 1st g 48 gu
1998 A 0 80
83
—
15-year secured 634s g_ ._.1938 M S 107 Sale 10612 10834
82
9 108 111
Alleg Val gen guar g 43
1942 hi 8 8814 8912 88 Aug'23
82
90 Chic Ill & P.—Railway gen 48'88 J J
6
79 Sale 79
79
7034 82
57
55 Aug'23, 55
Ann Arbor 1st g 4a
55
k1995 Q J
65%
Registered
734 ___ 754 J1113e23
765s 8034
J J
Atoll Top & S Fe—Gen g 48_1995 A 0 8814 Sale 8814
89341 307
Refunding gold 4s
8414 91.112
1934 A 0 75 Sale 7434
73% 8312
751 "jou
7838 Aug'23
Registered
1995 A 0 8618 90
78% 88% Chic St L & NO gold 58
2
9714 1014
1951 J D 10018 10034 18018
100%
8102 Aug'23 _
Adjustment gold 4s
7938 81
k1995 Nov
78
8312
Registered
95.8 June'23
9518 95%
.1 D 9518
Stamped
80 Sale 80
784 8312
k1995 Nov
8012
Gold 354s
3
78% 7912
___ 7811 May'23
19.51 S D 771
Cony gold 48 1909
Sale
834
84
84
19555 D
84
3
3
Joint 1st rot 58 Series A
78
4-9812 941
91% 0711
941
1963 J D 9412
Cony 48 1906
D 8312 84
1955
8318
8318
83%
5
Mempb Div Pat g 45
78
7912 8375
1951 J D
7834 8212 7912 Aug'23 -Conv 45 Issue of 1910
79 May'23 —
_1980 J D
97 10914 C St LA
1st eons g 5s
9975 10034
_ 18034 Juue'23 -1932 A 0 991
East Okla Div 1st a 4a
954 Aug'23
9512 96
1928 M
_
9334 9612 Chic St P M 62 0 eons fis
10414 10712
1930 J D 10012
8105 10514 Aug'23
7912 82
Rocky Mtn Div Ist 4a_...1965 J J
80
7934
6
Cons 135 regitioed to 3548_1930 J D 9014
7712 83
9212 92%
_ 9212 Mar'23
Trans-Con Short L tat 45_1958 J J 8514 Sale 8514
8578
6
Debenture 55
8114 853/
9218 9634
1930 M S 93 -1;i114 9418
95
I
2
Cal-Ariz 1st & ref 434s"A"1962 M
9012 ---- 91
91
2
8712 100 Chic T FI *50 East 1st 5s...1960 .1 111 8012 81
81
2
Ws 82%
81
•No price Friday; latest bid and asked, a Due jaa. d Due April. e Due May. g Due June. 5 Due July. 5 Due Aug. o Due Oct. D Due Nov. I Due Dec. s Option sale.
L:14
879
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 24.
Price
Friday
Aug. 24
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 24.
Price
Fridag
Aug. 24
Range
Binge
Jan. I
West's
Range or
Last Sale
High No. Low
Ask Law
Bid
High
Ask Low
High No. Low
Rid
High Illinois Central (Concluded)
78 Aug'23
79
76
3
1952 Ii 7534 78
4 8912
1
8934
Purchased lines 3345
J 8912 89/
8714 9254
Chic Un Eita'n 1st gu 438 A..1963
12 773483
MN
Sale
8014
4
8012
803
4
_1953
45...
gold
9918
Sale
trust
9812
10011
9812
Collateral
J
J
97
1963
56 B
7632
7638 July'23
1953 MN • 7638
11412 13 11274 11514
Registered
1963 ii 11312 11458 114
1st Series C 630
10012 45
98 10012
1955 MN 100 Sale 100
Ref 55 interim ctfe
10412 105
Chic & West Ind gen g 65_61932 M 1044g -i65; 105 Apr'23
1007s 10138 10012 10135 58 100 10274
12
1934
71
7012
15-year secured 5348
1952 JJ 7014
70
7578
Consol 50-year 48
1 1071s 111
10838 10918 10838 1083s
1 10112 10314
15-year secured 63413 g. _ _1936
1935 MS 10218 Sale 1024 10218
15-year s f 7%s
8214 87
834 June'23
82
1950
9778 9658 July'23
Cairo Bridge gold 45
954 97
Choc Okla & Gulf cons 58-1952 N 95
6914 73
71 June'23
6714
88 Mar'17
_
Litchfield Div 1st gold 38.1951
_
C Find & Ft W 1st gu 436-1923 MN
724 79.4
75 7212 July'23
1953
734
334s
g
Term
Aug'23
894
87
1
4
&
863
J
Div
Loulsv
1937
4
3
8612
89
4;46.gold
2d
Cln & D
June'23
6774 6958
A
6734
7014
2
_1951
69
_
3s_
gold
91
89
8758
89
1st
8
Div
861
F
Omaha
89
31936 Q
CIStL&Clstg46
71
June'23
70
68
70
684
9012 Oct'22
51936 Q F 8458
St Louis Div & Term g 35_1951
Registered
Ti 80
75 May'23
1951
7612
8414 June'23
1942 MN 8418
Gold 3345
8312 1E14
Cm Lob & Nor gu 45 g
July'22
1
7818
1951
7212
334s_
9738
Sale
9738
9738
8pringf Div 1st g
1928 J
97
99
Chi & CI cons let g 5s
81 83
A 80
83 May'23
904 Jan'22
Western Lines 1st g 48-- _1951
Clearf & Mah 1st gu g 5s-- _1943 J .1
A -- -92 Nov'10
1951
7878 14 -7
7878
Registered
7oCleve On Ch & St L gen 46_1993 J D
83 8713
6
83 June'23
1940 A 0 84
604 9312 Ind B & W lst pref 4s
9178
1931 J
9134 9214 9174
10-year deb 4%s
sate 8576
8218 86 831 June'23
1950
9858 10
1993 J D 9514 99 9858
9558 100 Ind III & Iowa 1st g 48
General 55 Series B
2
98
95 100
18
99
98
10112
1965
Sale
101
1929 J J 10118
100 10278 Ind Union fly 55 A
Ref & impt 68 Series A
33 4914
3515 146
3512 Sale 3414
1941 J J 10112 10214 10212 July'23
10012 10212 Int & Great Nor adjust Bs_.1952
Be C
19
87
975a
4
7
89
1
Sale
89
1952
89
88
88
8458
8412
8013
J
ctfs
65
8412
1939
mtge
1st
Calro Div 1st gold 45
57 734
6312 27
7514 7812 Iowa Central 1st gold 5s.,_1938 in 6212 Sale 5858
CinW&M Div 1st g 48-1991 1.7 7618 7814 76 Aug'23
14 40
1512 47
5
Sale
14
S
14
79
1951
79
8
7838
787
45
gold
MN
7478
Refunding
4.6-1990
8138
g
g
tr
coll
St L Div 1st
84 Apr'23
8212 84
Spr & Col Div 1st g 4s_._1940 MS 7938
8234 87
8434 84 Aug'23
8158 June'23
8158
8058 8214 James Frank & Clear 1st 46_1959 in 81
W W Val Div let g 48-.-1940 1J 1011,
June'23
2
166110412
J
J
10318 10678
1934
CCC&I gen cons g 65
874
96
98 98 Aug'23
1938
944 98 KaA&GRlstgug5S
Clev Lor & W con 1st g 56-1933 AO 94
797g
ii
;
75
1990 AO 7612 7724 77i8- Au-st
9212 June'23
N
1936
9212 95 Kan at M 1st gu g 48
Cl & Mar 1st gu g 430
954 97
1927 J J 9578 9914 96 July'23
93 Mar'22
2d 20-year 50
Clev & Mahon Vail g 55-1938.7.7 86
Aug'23
10234
10012
4
10214
161- 91 Nov'21
K C Ft 5&M cons g 68.-- _1928 MN 102
CI& P gen gu 4;is Ser A----1942 ▪ j 9513
7514 57
7358 7912
1942 AO 944 ooi2 104 Dec'15
K C Ft S & M Ry ref g 46_- -1936 AO 7518 gd-le 75
Series B
924 934
9612 Feb'12
KC&MR&BIstgu 58-1929 AO 9214 9312 934 June'23
Int reduced to 3Ms_ ---1942 AO 7758
98 6334 6914
69
AO 69 Sale 68
let
Dec'12
City
Kansas
gold
sou
35.1950
9018
4
1948
793
MN
31is
C
Series
13554 eo
83 893s
Apr 195011 86 Sale 8814
67 Jan'21
1950 FA 7934
Ref & impt 55
Series D 345
e 765s 8334
824
9078
9018 Aug'23
90 98 Kansas City Term 1st 48.--1960 J 1 8212 Sale 8158
Cleve -hor Line 1st gu 430.1961 AO 1021,
81 837s
June'23
25
82
.7'
82
10212
8074
4s_
-1987
gold
Sale
10214
Central
1972
AO
101
Kentucky
106
Cleve Union Term 5348
26 65 92
70
9512 24
1973 AO 95 Bale 95
9434 9512 Keok & Des Moines 1st 56-1923 AO 6812 7118 674
58 (w 0
10034 1017s
Ii 10334
23
10034 /1117.23
1925
June
79
82
8018
68
g
1st
A945
in
_
Ohio
48_
&
gu
85
804
Knoxv
1st
Ry
River
Coal
92 914 Aug'23
9034 9312
Colorado & South 1st g 48-1929 FA 9178
9118 97
14
9514
83
N 8212 Sale 8238
81
871s Lake Erie & West 1st g 5s.1937 J J 9314 95313 9338 June'23
Refunding & exten 4;0-1935
811.86
1941 1.7 8212 8458 83
794
78 July'23
1948
AO
78
78
Col & H V let ext g 42
7512
1
7238 7812
784
in
76
7712
1997
754
7712
3345
1955 FA 7734
76
8034 Lake Shore gold
Col & Tol 1st ext 45
24
7312 75
74 Aug'23
86
1997 in 7214 75
86 Sale 8534
80 • 87
Registered
Cuba RR lst 50-year 58 g__ _1952 J J 103 Sale 1021s
941
22
9 102 10512
907 96
Sale
MS
1928
94
94
10314
45
gold
1936
JD
Debenture
1st ref 7348
92
9058 934
1931 MN 9178 Sale 9178
June'23
91
91
9234
25-year gold 45
Day & Mich Ist cons 430--1931 J J 8558 Sale 9118
19
8
MN
887
1931
8518
.20
31117
854
80
-1943
MN
4s..
8358
Registered
&ref
Del& Hudson 1st
4
9134
94
9134 -if
9134
1935 AO 9312 Sale 9312
98 Leh Val N Y let gu g 4%B.-1940 J J 9134
90
30-year cony 58
4
9234
90
9234 July'23
10012
1940 Ji
1937 MN 100 Sale 100
98 10212
Registered
5%5
6
7818
7814
7814
7614 8113
Sale
109
MN
10858
Sale
-2003
48.10858
g
cons
1930
(Pa)
D
J
Val
105 11134 Lehigh
10-year secured 75
9 84 921:
2003 MN 8512 Sale 8512
8614
89
87 Alay'22
General cons 4345
D RR & Bdge lst go 48 g-- -1936 FA 7314 6;11 7314
7
10074 1021g
7378
72
Leh V Term fly 1st gu g 58-1941 A0 10212 103 1024 Aug'23
Den & K Gr--Ist cons g 45..1936 J J 7712 7834
2
1941 AD 9O*- - 113 Mar'21
7734
7734
1936'.7
7678 80
Registered
Consol gold 4345
8 82 • 88 Leh Val RR 10-yr coil Bs_ _n1928 M S 102 10212 10214 10214
100s 105
8434
Improvement gold 58.._1928 J D 8412 Sale 8412
40
44
804 8512
42
1955 FA 44 Sale 42
58 Leh & NY list guar gold 4s_1945 MS 8034 8412 8018 July'23
1st & refunding 55
10
974 100
4912 Aug'20
_
Lox & East let 50-yr 56 gu-1965 AO 9812 100 9834 100
do Registered
81
--May'23
June'23
MN
37
1962
81
82
4718
801s
int.
'22
45
Feb
45
ctfs
Miami
strap
Little
Tr
Bks
_
Nov•22
July'23
AO
37
49
1084
107
4212
1935
'55.
68
g
4238 5314 Long Dock consol
Farmers L&Tr Ws Aug
2
40
40 Sale 40
955* Vi40 50 Long leld let cons gold 58__51931 Q J 97 98 - 98 Aug'23
Bankers]Tr ars of deP
go% 9214
51931 Q J 8612 92 9218 May'23
37
46 June'23
48
50
1st consol gold 48
do Stamped
81
854
51
1938 in 8434 8812 81 July'23
35
46 June'23
46
General gold 46
46
Am Ex Nat Bk Feb '22 Ws_
814 8112
1932 in 8012
814 July'23
45
Gold
do Aug 1922 ctfs
1
July'23
83
81
3518
MS
Y5
75
161949
-5Lie
7518
358
45
35 45
Unified gold
Dee M as Ft D Ist gu 48_ _ _1935
94
1934 in 9258
91
9212 Aug'23
Debenture gold 59
Dee Plaines Val let gu 4348..1947 MS 8834 __ 014 Sept'22
84
10
Aug'23
821
8512
6
MN
8374
65
1937
4
65
3
83
55
681
deb
75l
4s._1995
m
65
g
in
p
lien
-year
20
Dot & Mack-lst
2
7712
83
8
774
783
MS
76
7314
7738
_0
7
45-1949
355
7314
1995 in
60 65
Guar refunding gold
Gold 48
92 93
93 June'SS
1961 MN 8534 87 8612 Aug'23
85
Nor Si, B 1st con g go 5S.a1932 Q J 9018
9054
Det Riv Tun 4345
95
944
944
9412
MS
93
July'23
-1927
_
9913
5s_
8
g
987
9314
j
1st
894
56..1941
Ark
9814
Louisiana dr
Dul Mlssabe At Nor gen
8112
5
4 77 83
8112 8112
80
99
9814 10034 Lou & Jeff Bdge Co gu g 48-1945 M
Dul & Iron Range 1st 58___ _1937 AO 9814 -91- 9812
9752 103
1937 AO 9818 9812 954 July'23
9518 98,2 Louisville & Nashville 58-1937 MN 10012 10178 102 July'23
Registered
91
811
Sale
874 92
9038
J
9038
J
77
1940
7612
78
7612
74 80
Unified gold 48
Dill Sou Shore & Atl g 58.,1937 J J
901, May'23
9014 904
1940 J
Registered
9738 10112
8412 July'23
Collateral trust gold 56-1931 MM 9818 99 9814 July'23
8412 90
E Minn Nor Div 1st g 48-1948 A 0 84
106 109
- 9312 June'23
1930 MN 1065s 107 10658 107
1938 m S9i
Ws
secured 78
9112 9313
10-year
E Tenn reorg lien gret
53 10114 1064
2
104
Sale 103
2003
AO
103
99
99
.1
Mis
97
2
1930.7
'
98
58
ref
Dive
99
Ga
100
let
&
Va
ET
05% 116
1
115Ie 964
951g
2003 AO
1956 hi N 9818 99 984
984
9612 9912
55 B (W .
Conn 1st gold 58
4
103
1014 103
99
1930 J J ia- Sale 103
9758 100,
NO & M 1st gold (Ss
Elgin Joliet & East 1st g 55-1941 MN 9778 99,4 99
4
11
Ireb'23
10112
104
9712 10113
104
Sale
10312
.71
1930
100
M
1930
ext
Os
78
gold
10212 10434
2.1 old
Erie let consol
8814 844
5912 104
1996 2 Sj 1112 Sale 5712
644 5878
Paducah & Mem thy 48-1946 FA 8214 88 8214 Aug'23
1st cons g 48 prior
6218
4 62
1
8 5812 63
57 Mar'22
Louis Div 26 gold 3s...1980 MS 611g 62/
1996.1 j 5118
Registered
St
52 615 "ii; 52
9212 96
9218 July'23
L&K&m,km 1ets43481945 MS 9214
ist consol gen lien g 43-1998 .3 .1 5158 Sale 4838
y 7814 Sale 784
7812 to
75 8014
-819---- 4714 June'23
1996.7 J.....
43 4714
Registered
L & N South Joint M 4s-1952•
79
Apr'23
j
Q
8912
Sale
2
8714
7314 7315
7312
72
51952
A
F
411-1951
gold
82
Registered
8912
Penn coil trust
9415 9754
5478 139
4112 5478 Loulsv Cin & Lox gold 430_1931 MN 9478 -_-_-_-_ 9458 Aug'23
50-year cony 45 Ser A..1953 A 0 54 Sale 52
5412 228
1953 A 0 5413 Sale 51
4214 5413
do Series B
382
57
1934 ▪ J 98 100 9812 JulY-21
984 9812
4334 57 Mahon CI RR let 55
Gen cony 48 Series D__ _1953 A 0 5678 Sale 5312
65
88 87 Aug'23
63 71
1955 1 j 86
84
8978 Manila RR (Southern Lines) 1939 MN 6018 6534 6118
Erie & Jersey 1st s f(Se
July'23
D
J
9538 9712
9712
58-1934
Aug'23
85
98
9812
Colonization
8334 85 Manitoba
Erie & Pitts gu g 3553 H
1940 J
84 82 July'23 I 8214 ---- 83
12 --83
82 82%
'
1 212
j
1940 .1 .
82 8314 ManG B&N W 1st 330-1941
Series C
---- 77 Mar'10
Mex Internat'l 1st cons g 4s-1977 MS
Evans & T H 1st gen g 58-1942 A 0 ---- --- 88 Apr'21
'lois Rif"
M
10012 __-- 101 Aug'23
Michigan Central 58
Sul Co Branch 1st g 5s..1930 A 0 -------- 6913 Apr'21
5 -§5r,
9912
9712 10012
- 10012 May'23
1931 Q
9518
1924.7 J 9918 -- -- 9912
Registered
Fargo & Sou 68
9458
9412
June'23
88
88
1940
J
86
88
86 8812
J
58.1930
9412
g
9412
ext.
1st
Fla Cent & Pen
48
1940 J
85
8712 86 May'23
86 86
1943.7 J 9517 ----. 96 Aug'23
Registered
91
96
Consol gold 56
8534 July'23
1951 MS 7612 79 80 Feb 23
80 80
8512 89
J L & S 1st gold 3348
Florida E Coast 1st 434s....1959 .1 D 8434
8774 Aug'23
1952 MN 774 7958 77 Aug'23
77 84
1952 M N
65
72
Fonda .1 & Gloy 430
1st gold 3348
134 16.12 81 June'23
87
1929 A0 9178 9214 9214
8914 93
9214
79 81
-year debenture 4s
Fort St U D Co let g 043...1941 i J 6
20
3;
a
6
1
87
Apr'23
10078
Aug'23
AO
8814
87
87
1940
____
58
ext
-1st
C
J
J
D
1st
Den
6
N
530-1961
9934 103 Mid of
Ft W &
8712 12
984 100
9934 Aug'23
82 8758 Milw L S & West imp g 58.-1929 FA 9958 100
Ft Worth & Rio Gr Isle 45..1928.7 J 8713 Sale 82
1925 MS 1004 --- 10112 Mar'22
107 109
From Elk & Mo V Ist 68.--1933 A 0 10612 10774 107 Aug'23
Ashland Div 1st ails
10034
1924 Ii
- 10034 Aug'23
1931 MN 954 9812 9714 June'23
9512 994
GH&SAM&P lst 58
Mich Div 1st gold Os
8734 9312
4 9112 Aug'23
8714 921
1931 .1 J - -- - 9912 98 July'23
9312 98 Milw & Nor 1st ext 4348--A934 J D 1007426 exten 55 guar
8912
90
8938
89 91
June'23
93
91
D
1934
9014
J
8818
434e
A
5s
0
1933
1st
Bend
extended
&
Boos
8514 8914
Cons
Only
46
84 89
86
853a
82 8854 Mil Spar & NW 1st gu 4s__ _1947•S 8412 86 854 Aug'23
Genesee River 1st 5 f 6s___ _1957 J J 86 Sale
4
83 824
1941 J
8212
7814 86 6618 Aug'21
7912 8212 Milw & S List gu 330
Ga & Ala Ity 1st con 5s_ _ -.01945 3 J 81
IF far,
9038 May'23
97
1927 in 97 100 97
90
911g Minn & St Louis 181 78
Ga Car & No 1st gu g 5s._ _ _1929 J 1 00
4 58
76
60
1934 MN BO Sale 58
1946 A 0 in -6212 6114 Aug'23
6034 6474
Ga Midland 1st 38
let consol gold 55
39
1614 40
9938
July'23
1658
Sale
MS
164
9912
4s..1949
174
gold
MN
-1924
58g
gu
refunding
lst
N
&
G
Gila V
1st &
4 - 9912
99,
151s 3934
154 37
1942 J D 9414 _
& ext 50-Yr 55 Ser A_ _1962 Q F 15ls Sale 1518
Gou & Oswegatch 55
Ref
11458 9012
-91-- 02 July'23
881s 13
89
92 M St P&SSM con g 45 Int gu'38 Ii 8734 Sale 8754
Or Ft & I ex 1st gu g 434e_ 1941 J .1 sols Sale
113
98 10018
11358 21 112 116
584 Aug'23
1938 J J
A 0 11313
eons 55
Grand Trunk of Can deb 78.1940
let
a
Sale 10378 10418 27 10234 105
10014 106
103 10238 10318
99121936
15-year 8 f 65
10-year coll trust 6348_ _._1931 MS 10238
9912
9838 10512
1946 J J 9912 10012 9912
i 1_ 03_.7: r - -- 10113 Apr'07
M5
J
1947.7
Grays Point Ter 58
66 A
Dec'22
Bale
9212
16
10618
1
_-6
1113
10612
11
1068
Great Nor gen 78 Series A-1936
1st Chicago Term a 14s._.1941 MN
1 8712 88 8712 Aug'23
.7
„3 .
4 ,
96's 97 9634 9714 9678 July'23
87 924 M 55MAA let 548 int gu.1926 J J 894let & ref 438 Series A.-1
8814 100
90 May'23
8634 90 Mississippi Central 1st 56_ _ _1949 J J 8814 _--- 100 July'23
Registered
45
_ 9134 May'23
91h 94
98
1952 J J -97i8 itil-e- 97
961g 1024 M K & Okla 1st guar Se._ ..1942 MN
*As
75
7312 8014
4
7412
1
/
60
7114
June'23
6414
in
Feb
60
ctfs
"A"____
deb
gold
44.1990
W
Tex-let
&
Bay
60
75 Mo Kan &
Green
651
7434 8358
12
784
77
7
712
Sale
7818
712
7
Feb
Debenture We "B"
7
1314 Mo-K-T KR-Pr 15s Ser A_1962.71
6112 671:
844 10
1962 J J 6412 Sale 6378
45 Series 13
Greenbrier Ry 1st gu g 48_ _1940 M N 8412 8734 69 Apr'21
40-year
81
8212
9514
9254 9634
8134
944
J
Sale
8212
July'23
9474
J
J
56..51952
J
C
g
t
&
1032
78 9i1-2
10-year 138 Series
Gulf & FT I Ist ref
534 598
73 67 Aug'23
485e 63
67
Harlem It le Pt Cites 1st 4s.1954 M N 68
Cum adjust 55 Series A _ 1967• J 534 Sale 5118
7812
_ _ 8434 Aug'23 _
Co)
(reorg
Pacific
Docking Val let cons g 4348.1999 J J 83 _84_74
80 86 Missouri
79 8678
79 80 Aug'23
8112 July'23
1999.7 J 76'4
81
Registered
1st & refunding 55 Ser A..1965 FA 78
814
9912 July'23
1937J J 9712
92,4 9634
9558 9734
let & refunding 56 Ser C..1026 FA 9413 96 924 Aug'23
ji dsT C 1st e 5s Int gu
as
Sale
91
91
3
92
1
92
.1
91
9012 99
Sale
9238
5s.1937
1st
86
Houston Belt & Term
1st A refunding Os Ser D..1949 FA
93
524 els
514 8314
1933 M N 93 97 90 July'23
1975 MS 52 Sale 514
93
Holm E & W T 1st g 5s
General 48
98
034
93
98
July'23
N
1933
M
red
Pacific:
934
55
98 Missouri
let guar
85 87 May'23
7913 8134
87 87
76 3xtended at 4%._ _1938 MN 804 82 80 July'23
Housatonic ity eons g 58_ _.1937 MN 71 Sale
3d
823s
8218
9178 9178
824 71
9178 July'23
7678 8478 Mob & Blr prior lien g 5s _1945 J J 924
Mid & hianhat 58 Series A_ _1957 F A 614
Sale
60
102
0
70
7334
A
July'23
1957
714
6134
1945 Ii
Mortgage gold 45
55 6435
Adjust income Is
- 8812 June'23
1005e 1044
Ohio new gold Os_ _1927 ID 102 103 101 Aug'23
&
Mobile
31111nois Central 1st gold 46...1951 .3 j 80
8812
9218
84 li 834 Sept•21
10372
.1
J
June'23
1951
10034
10158
10012
51927 Q
let ext gold Os
Registered
8618 78 July'23
1951 J .7 78
7252 7812
73 Aug'23
1938 MS
1st gold 3348
General gbld 4s
80 80 Oct'22
1951 J J 76
90 9434
Montgomery Div 1st g 55_1947 FA 9214 9312 93 Aug'23
Registered
78
0
83
A
Feb'23
94
94 9512
1927 ID 934 96 94
Louis Div 55
82
Extended let gold 3%5.-1951
St
76
1951 A 0 76 -7975 7812
1938 MS 754 7612 7575
Mob & Ohio coil tr g 46
Registered
1981 hp 8 52
72 831z Mar'22
8215838*
8238 MiW2S
1991 MS 8114
Mob & Mal 1st gu g 48
let soli 38 sterling
8512 83
83
io 7715 85 Mont
84
109% 111
1937 J J 10812 110 10918 July'23
C 1st gu g 13e
Collate-al trust gold 48._1952 M 5 784_
_ 0538 Sept•19 1952 A 0
1937ii
Registered
Registered
- 1-4 8,584
_ 3 48
gig;
8534
1955 M N 854
3 82 "dig;
1937
1st guar gold tq
lit reins ling 4s
this week. a Due Jan b Due Feb.
asked
Option
S
o
dept.
and
Due
bid
Oct.
eatie.
Due
C
latest
Due
3
June.
Due
July.
:
,
Pedal
Etta
'No
-
-
-Ftr.
1
880
New York Bond .Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending Aug. 24.
Price
F.idall
Aug. 24
Weeed
itaiki. or
Last Sale
..
•ei
e
I
4;?;
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 24.
Sn
Price
Friday
Aug. 24
Week's
Range or
Last Sale
04,
2
Range
Since
Jan. 1
ma.
High No Low
Ark Low
High
BM
Ask Low
Mon
High
Low
M & E 1st gu 3%e
747 Au '23 -2000 Jo 7534 78
7453 78 Peoria & East lot COW 48---1940 A0 7012 71
7012 Aug'23
70% 78
Nashv Chatt & St L lot 513_1928 AO 9934 101
9912
9934
7
98% 101
Income 42
21 Aug'23
1990 Apr, 21
23
30
21
N Fla & S 1st gu g 577
1937 F A 9614 ---- 98 June'23
98
98 Pere Marquette let Ser A 58 1956
94
95
9434
95
9234 97%
Nat Ry of Mex pr hen 4.462 1957ii ____
_ 31 Sept'22
1st Series B 42
1956 J J
7912 Aug'23
77
80
July coupon on
8
2614 Sale 2614
2614
23 ii34 Phil& Balt & W lst g 45
2404 224
1943 MN 8614 89% July'23
do off
22
24% 28 May'23 -35 Philippine Ry let 30-yr s 1 42 1937 J
28
4318 45
43%
4334
4712 4974
General 4s(Oct on)
28,8 July'23
1977 AO
2618 2618 PCC&StLgu4%5A
1940 A0 94
9514 9512
9512
94
9714
April coupon on
22
Series B 440 guar
---1942 AO 9414 96% Aug'23
9612
94
22 -233do
off
4 2912 May'23
2712 2912
Series C 44is guar
1942 MN 9314 ---- 9312
9312
9312 9414
Nat RE Mex prior lien 4%2_1926
_3814 June=
j
Series D 4s guar
1945 MN 91% ____ 9138 July'23
89% 9132
3914 42% June'23
July coupon on
38
44
28
Series E 33ft guar gold
1949 FA
9134 -84% Apr'23
1
4
84% 89/
do off
44% May'23
44% 44%
Series F guar 42 gold
1953 J o 9158 ____ 9113 June'23
91%
89
let consol 45 (Oct on), _1951 AO
28 Apr'23
27
28
Series G 4s guar
91%
1957 MN
92 Aug'23
89% 92
23
--- 2114 Aug'23
April coupon on
2114 2812
Series Icons guar 4,4is
1903 P A
9213 May'23
9212 9414
23 30
2212 July'23
off
do
2212 2812
Series .3 44is
1964 MN
94 July'23
9214 94
- 68,8 May'23
Naugatuck RR lot 45
1954 M N 68
8818 6818
General
52
Series
J
D
9514
A
1970
9512
Sale
9618
9354 9912
80
New England eons 55
90
76 Aug'23
1945j J
75
9012 Pitts & L Erie 2d g be
AO
9614
a1928
99 Nov'22
Cousol 42
1945 .1 J 6814 -- 70 Aug'23
7514 Pitts McK & Y let gu 13s. _._1932 .1 .1 102% __
70
105 Dee'22
NJ June ttft guar 1st 48_1986 F A 7738
82 Jaii43
82 82
2d guaranteed 62
9938 ____ 9514 June'20
1934 J J
NO& NE ler ref & Imp 4%s A'52
,2 78% /9 8034 Aug'23
Pitts Sh & L E ist g 52
77
9714 100
1940 AO 98 100
9912 June'23
7414 7478 7414
New Orleans Term let 4s
74,4
1953 J
let consol gold 50
J
J
1943
100 Feb'23
100 100
101
10114
3
10018 101
N 0Texas & Mexico let es 1925 J D
Pitts Y & Ash let cons be__ _1927 MN
99%
98 June'22
Non-cum Income 56
7632 39
1935 A 0 7534 Sale 7514
7213 84 Providence Secur deb 4s
1957 MN
35 June'23
1
90
N & C Bdge gen gu 4%2
90
1946 J .1 8934 91
8914 9012 Providence Term let 414
1956 MS 7012 ____ 2828 Feb'18
93 June'23 _
NYB&M B Istcong 52_1935 A 0 9t 78
94
93
Reading Co gen gold 45
1997 ▪ J 8712 Sale 87%
8712 72
N Y Cent RR cony deb 6s.._1935 M N 1114s Sale 10334 104% 154 101 10614
Registered
1997 .2 .2 83% ____ 84 July'23
8112 80,,s
8112 39
Consol 48 Series A
1998 F A 81
78% 83
Certificates of deposit
8612 87% 87
2
87
79
88
28
86
Ref & impt 44.65 "A"
2013 A 0 86 Sale 8512
84% 88%
Jersey Central coil g 4s___1951 * 0 81% 83 83 Aug'23
80
86
95% 241
Ref di impt 52
2013 A 0 96 Sale 96
92% 98% Renee & Saratoga 20-Yr 6s- -1941
N 10813
N Y Central & Hudson RiverRich
&
Dan
55
AO
9734 9814 97% Aug'23
1927
97% 98%
69
75
Mortgage 3%ii
19973 J 75% Sale 7414
72
7734 Rleh & Meek 1st g 52
1948 MN 68
74
72 Mar'23 -72
72
7112 May'23
Registered
1997 .1 J
7112 7112 Rich Ter Is,.,
'
3 9713 Bale 9712
1952
1
9712
23
9614 100
8934
9u
Debenture gold 40
1934 M N
91%
86%
Rio
GrJune 1st gu 58
90 83 July'23
1939 JO 83
83
85
8612
30-year debenture 40
1942.3 .7 8612 Sale 85%
8412 9014 Rio Gr Sou let gold 48
1930
3% 9
3% July'23
12,4 72.8 7244
31e 11,
72.4
Lake Shore coil gold 3%8_1998 F A
6818 76
Guaranteed
1940
9 June'23
9
9•
Registered
1998 F A 01,8 71.4 6914 July'm
6914 73 Rio Gr West let gold 4e
j J 76% 77% 77
1939•
7112 78
7734
6
7214
Mich Cent colt gold 340 1998 F A 7214 73,8 7214
7114 73
Mtge & coil trust 48 A.._ _1949 AO 6234 63 62%
63
601.4 68
5
70 Apr'm
Registered
1998 F A 69.8
75
70
RI
Ark
& Louts let 43'45_1934 MS 74% Sale 74%
25
75
7214 81
87%
N Y Chle & St L let g 4431937 A 0 8748 Sale 87%
8314 9014 Rut-Canada lot gu g 48
1949 ▪ J 65
74
70 June'23 -70
70
86's June'23
Registered
19371A 0
Ms 8612 Rutland 1st con g 4445
7612
1941 J J
80 Apr'23 -80
8012
86% 81134
86.8
Debenture 40
1931 M N 86
8314 88% St Jos & Grand lel g 42
69
1947
76
June'23
6914
6914
10012
75
Sale
14
33
100
lul
2d lIs A B C
1931 M N
98 101 St Lawr & Acilr let g be
1996 3, 88% 9312 91
Apr'23
91
9212
89
N Y Connect 1st gu 4%ti A-1953 F A 86 Batt Si)
8418 88%
2d gold 68
1996 A0 98 101
9812 July'23 --9514 981s
87 July'22
NY&Er1elotextgdo
1947 M N
St L & Cairo guar g 45
1931
'
3 8912 91
90
87
90 June'23 -96 Mar'23
3d ext gold 4440
1923 M 8
95
9912 St L Ir M &13 gen con g 52_1931 AO 9434 Sale 9434
9414 091,
8
95
93% July'23
4th ext gold 5$
1930 A 0
9318 94
Gen con stamp gu g 5s
1931 AO
102
Julr14,
91
93
-9144
914
4
5th ext gold 4s
1928.3 D
9134 9134
Unified ds ref gold 45
1929.5, 83% Sale 8314
822a 89?.
8312: 211
72 July'23
N Y & Green L gu g 58
1946 MN 8114
72
72
Riv di G Div lot g-413
1933 MN 75 Bale 75
1, 7414 77
75 1
74.4 88,2 7312 Mar'23
N Y & Harlem g 33411
2000 M N
7312 77% St L M Bridge Ter gu g 58....-1930 A0 2612 99
97%
96
July'23
99
--994
4Jtme'2.1
NY Lack & Western be1923 FA
9934 100 St L& San Fran (reorg Co)43.'50 J J 6734 Sale 67
6734 114' 65
70%
let & ref 55
1973 MN
Prior lien Ser B 52
1950 J
81%
Sale
32'
85%
81
80
111
30
90
177
-lat & ref 4,442
1973 MN
97
97
Prior lien Ser C 62
1928• J 99% 9904 99%
97 10012
03 June'23
99% 16
N YLE& W 1st 75 ext
1930 MS
103 10312
5%s
'
'
3 91
1942
91% 9934
6
9134
8734 93
9812 June'23
991
Dock & Imp 571
1943
98%
94
Cum adjust Ser A 62____01955 A0 7413 Sale 7334
7012 80
99.8 1499'86
74% 148
N Y & JeriseY let 5s
1932 FA 90 4-17-t
9414 9812
Income Series A Os
61960 Oet
66% Sale 6518
68
137/
1
4
6718 240
91 July'22
N Y & Long Br gen g 45____1941 MS 8332
St Louis & San Fran gen 6e__1931 '
103 Bale 103
J
1 102/
103
1
4 104
NY N Has HartfordGeneral gold 58
1931 J J 97% 99
0834 Aug'23 -3814 36% Aug'23
9514 9914
Non-cony deben 33.4o _.i954 AO 36
36
47
StL&SFRRconeg
8334
4:5_1996 J J
82% July'23 ---.
44
8212 82
1
48 June'23
Non-cony deben 4s
1947 M
4714 49
Southw Div let g 5s- --1947 AO
91 June'23 -91
91
44 June'23
Non-conv deben 33,45_1947 MS
43% 48 St L Peo & N W let gu 52._ _1948• J ---_ 102 l004 July'23 -9914 103
404 41
40
40
Non-conv deben 45
1955
agis 6134 St Louis Sou let gu g 4.3
1931 MS
8612 July'23 ---8612 8812
4112 13
Non-conv deben 45
1958 MN 4112 Sale 40
41% St. L S W lot jpis bond MI:L 1989 MN
37
7418 7512 7418
7418
2
7234 78%
2
39 Sale 3734
39
Cony debenture 3%5
1956
34
2d g 48 income bond W5421989 J J 68
4611
69% 68
1
68
6632 7012
3,8
37
53%
68
57
Cony debenture 65
1948
52
Como'gold 48
7314
1932 ID 7512 7534 7518
7534 18
1
4
7313 78/
32
30
30
4% debentures
1957 MN 30
4234
30
let terminal & unifying 58_1952 .1
74% 76% 7412
7512 24
7314 82%
62% 5i
1925 AO 6112 62% 608
78 European Loan
54% 81% St Paul & KG Sh L lot 4345_1941 FA 75% Sale 75
1
753
8112
4
74%
123
584
6
4
Sale
5818
58
Francs
1925 AO
7112 It Paul M & Man 48
53
1933 3' 9154 93'2 9134 July'23 -9114 93
44 Apr'23
Cons Ry non-conv 42.___1930 FA 39
4014 4812
1st coneol g fis
1933 3' 10312
03
10734 July'23 -- 107 10914
5013 Dec'22
Non-conv 42
1954 Ji
Reduced to gold 4445
1933.7, 954 9618 9534
9812
9538
9
9912
43
31414
,
23
Non-conv deben 4e
1955
43
44
Mont ext let gold 475
1937 3D
91 July'23 8918 93
50
49 Dec'22
Non-conv deben 4s
1956 JJ 39
Pacific ext guar 48
1940 J
85 July'23 ---84
85
N Y & Northern iota 5s___ _1927 AO 9812 ---- 9938 June'23 _
94T18998 9 A & A Pass lot gu 1746_ _1943
'
3 72% Sale 71%
7214 32
250
i
70% 7514
nu
N V 0 dz W ref let g 48.___4lee2 MS 62 Sale 6112
6012 70% Santa Fe Pres & Ph 52
1942 MS
97 May'23 3814 68
97
58
99
1955 JD 58
General 4s
62
70/
1
4 don Fran Terml 101. 48
1950 A0 81% 8112 8118
7212
9
8112
Aug'22
73
8314
1942 AO
Y Prey & Beaton 42
Say Fla & W 6s
1934 * 0 10814 ---- 107 July'23 -- 107 107
N Y & Pu let cons gug 48-1998 AO 80% 8214 8214 Aug'43
8234
8012
5s
1934 AO 10013 9984 9934
9934 July'23 5214 sale 51 Aoe'23
NY&R B let gold 58
1927 MS 9095
95
95 Scio V & N E let gu g 45_ 1989 MN 84
86
86 July'23'-.-84114 8714
62% 11
N Y Susq & W 1st ref be
1937
50
60 Seaboard Air Line g 40
68% 538 July'23 ---1950 A0 66
447 46 June-23
53
58
1937 FA 4u
2d gold 4%s
45
42
Gold 45stamped
1950 AO 54% Sale 54
5434 149
44
4034
52
4044
58
General gold 52
1940 P A 41
41
40
Adjustment 5$
01949 P A
30 Sale 29
129
6% ____ 84 June'2a
30
2234 321s
Terminal lot gold 55
1943 MN
93%
84
Refunding
45
1959 AO 44% Sale 4314
81
45
37.8 38
39
46
3212 6014
N Y SV'ebes & B 1st Ser I 4%5_'46 J J 36 Sale 367
lot & cons 6s Series A.
1945 MS 6512 Sale 6414
6512 172
15112
58% 68
Norfolk Sou let di ref A 5s_ A961 FA 8112 Sale 61
61
71
Seaboard & Roan let 5s. _ _1926 J J 94
9612 9614 Aug'23.-8812 8718 Aug 23
9334 974
Norfolk & Sou let gold 5s
1941 MN 86
87% 9314 Sher fith &So let gu g fis
1943 Jo
36% 3712
1U8 Iv
14
3612 June'23'-___
110.8
Aittg
a,23
Norf & West gen gold 68
1931 MN
106 10812 SS,N Ala eons gu g be
1936 FA
997 May'23 -- -98 10114
Improvement & extg
1934 FA
110 110
Gen cons guar 50-yr 52_ _1903 AO 96% 99
9834 June'23,
98%
99%
1932 AO 101,8 ____ 107 J1/17 23
New River 18t gold
107 So Pac Col 40 (Cent Pac col)_k'49 3D 84 Sale 83
92 Sale 913
Si 10634
8412 35
7712 85
94
N & W Ry 1st cone g 4s. 1996 AO 9012
8514 9314
20-year cony 411
51929 M
9212 Bale 9214
9212 121
85 ' J1113,23
90%
92%
Registered
1996 AO
85
90
20-year cony 55
1934 J D 99 101
10
9934 100
90
88
88
9814 10212
DWI let lien & gen g 42_1944I, 87
82% 88 So Pm of Cal-Gu g 52
1937 MN 10212
10432 12 101 108 So
- 0114 July'23
103
101 10112
10-25 year coov 4%13_1938 MS
Pac Coast 1st gu 40 6-1937
88 Aug'23 -18 107
8914
88
10-year cony Os1929 MS 108% Sale 108% 1(19
117% So Pac RR tat ref 45
1955 J J 87% Bale 8714
87321 172
86
83
8812
1941 J O 8312 86% 8512
Pocah C & C joint 4e
8438 89% Southern-1st cons g 58
1994 Ji 9412 Sale 9412
41
95
8o
79 July'23
92
3
2
984
1945 A 0 78
North Ohio let guar g 513
79
83
Develop & gen 42 Ser A __ _1956 AO 67% Sale 6718
108
84% Sale 84%
68
66% 691s
8434 53
NOT Pacific prior lien 46
1997 Q
8134 87
03.62._
1956 * 0 10112 Sale 01% 10118 94 100 102
81.4 July'23
1997 Q J
Regletered
81
8312
Mem Div let g 43'45-52...._1998
9234 9912 93 Aug'23 - - -60 Sale 6934
90
90% 34
97
a2047
General lien gold 30
59
St Louis dlv 1st g 4s
6214
1951
78
7714 Aug'23, -- -80
76% 81
60 June'23
a2047 Q F 8118 84
Registered
5812 60 So Car & Ga let ext 53'45____1929 MN 98 Sale
a
us
84%
8438
1
2
9934
97
Ref & impt 4.40 ser A___2047 J .1 8‘114 85
90
823
4
Spokane
8112 86 814 July'23, _
10018 123 10514 10934 Staten Internet let g 52-1955
8134 83/
1
4
,2047J .1 10012 Sale 10014
62 see B
Island Ry 43.45------1943
-- 80
Oct'20,
94.4
2047 .1 J 9312 9412 94%
52 C
92% 100 Sunbury & Lew 48
1936
8714 ---- 92 May'22'
9334 21
20473 J 9338 Sale 9334
Sal)
9212, 9914 Superior Short 1,, lot 55 a.._41930 M
95 May'181---89 17co'23
St Paul-Duluth Div g 48. _1996 J D 86
89 Term Assn of St L let g 4%2_1939 AO 91/8 94
89
9212 July'23' - _
96
90
F 9918 ____ 98% Jan'23
St Paul & Duluth lot 52_1931
98% 9874
let cons gold 514
FA 9534 97
1944
96
Aug'23'
8414
Jan'23
951s 99
1968.3
D
1st come' gold 45
8414 8414
Gen refund s I g 4s
7912 80 7934
1953
8
79341
82
77
Nor Pac Term Co let g 65._ _1933 .1 J Ka-ITS fiti lu July'23
108 110 Tex & N 0000 gold be
1943'JJ 8938 93
go% May'23
Ou June'23
904
90
1938 A 0
100 102 Texas & Okla let gu g bs___ _1943 MS
No of Cal guar 13 58
33% Dee'22,
1930 J J 1t-e-114 _100 3u103'22
North Wisconsin let 611
Texas & Pm let gold 52
2000
9212 93 9212 Aug'231---634 67
68 auly'23 - 66
J 8912
71
Og dk L Cham ist gu 4e g.__1948
2d gold income Se
772000 Mar 40
75
8014 Apr'23
51 Aug'23 -- -4012 54
1943 M S
Ohio Conn Ry 48
8614 8634
La Div B L let g be
1931
84
88
9318 99
84 Aug'28-97:08Mar'23
84
92
1936
95% 981s Tol & Ohio Cent lot gu 58_1935
Ohio River RR lot g 5s
97%
May'23
Feo'23
984
9614
A
0
1937
General gold 52
9512 9512
Western Div Iota 55
1935 AO
9312 Apr'23'
; 9912
9214 96
9918 39
1 9912 -993
1927
100
Ore & Cal 1st guar
98%
gold
General
5e
JO
1935
8818 90
8932 July'23 ---8754 9114
5
867%
D 8614 89.4 8632
1946
Ore RR & Nav eon g 48
8434 88 Tot Peo & West 4s
1917
27
2812 30 June'23 -.30
3
82
.1 10012 101.4 10113 10134
Ore Short Line-1st cons g 58.'46
99 104% Tol St L & W pr lien g 33'45_1925
95
9614 9534 Aug'23
93% 9614
10112 102
102
1
J
1946
105
99%
Guar con 5s
50
-year
gold
42
1950 A0 8912 7034 7034 Aug'23
9214 Sale 92
9212
75
6814
19
D
1929
J
Guar refund 48
90% 9218 Tol W V &0 gu 4%s A
1931 3,
1
80
'
954 9514
30
Oregon-Wash lot & ref 45_1961 J J 79% Sale 79%
7512 82
Series B 4j.4s
1933 3,
77
76 Aug'23
95% June'23
9514 9614
D 75
75
Pacific Coast Co let g 58_ _1946
79%
Series C 43
1942 M S
86% Nov'22
PacRRotMoistextg48._lD3SF A 8638 ____ 8418 July'23
84
86% Tor Ham & Buff Int g 45_81946 3D 80
8314 8014 July'23
-7812 82
19381 J 9438 _ _ _ 96 July'23
95
2d extended gold 55
97 Ulster & Del let ions g 50_._1928 J D
9413
90
9412 Aug'23
91
June'23
9
514
88.8
9512.
94
J
.7
91
90
1955
Paducah & Ills lets f 4.40
1st refunding g 42
1952 A0 50
67% 70 Mar'23
7138 Sale 7012
66
70
7114 52
6518 7812 Union Pacific let g 40
Paris-Lyons-Med RR Os__ 1958 F A
J
J
1047
93 Sale 1(2'O
88% 94/
1
4
9714 96
354
96
97
Iti
1942 M
Paullsta Ry 72
95
977
4
20-year cony 413
1927 J J 9814 Sale 9534
9414 9812
8812
8812
5
96% 109
Pennsylvania RR-cons g de 1943 he N 8812
8812 9314
let & refunding 4e
02008 M 8 84% Sale 84
89
8454 43
8018 88
3
8714 9112
1048 M N 89 Sale 88%
Como!gold 48
10
-year
perm
secured
68_192,4 J
103 10312 10318
8812 Aug'23
10318
6 100 1054
40 stamped
90 U N J RR & Can gen 4e__1944 MS 90
85
May 1 1908 MN
9212 9112 June'23
_90
93%
9314
9
9234 98% Utah & Nor gold 52
1960 F A 9478 9512 94%
Consol 43,45
1926 J
99% 100
9918 June'23 _-_Sale 9014
9034 31
9912 99%
General 4%s
85%
1985 J D 9012
92%
let
extended do
19333' 89% --__ 9112 Apr'23 _-_1
9914
914
Sale
91
10018
99
51
General Ss
98 101% vandalta 02.98 g 45 Ser A_ __1955 P A
19683 D
88 Apr'22 _-_108% 23 106% 11004
10-year secured Is
1930 A 0 10814 Sale 10814
Coning 4e Series B
1957 MN
86 May'23 _-_85 If
15-year secured 6442.....1936 F A 10734 Sale 10712 107,8 30 106% 111% Vera Cruz & P let gu 4%s
.2
1934
38 June'23 __
3712
34
Pennsylvania CoJuly
coupon
on
2612
34
45
38 Apr'23
8412 Nov'22
Guar 34is coil[met reg A.7937 M S 8412
July coupon off
827
8
July'23
8218
Guar 3%2eoll trust ger 13_1941 A A
8134 83's Verdi V I & W let g be
1926 01
__ 99% 98 May'23
9814
8318 June'23
98
Guar 344s trust cas C._ _ _11142 J o 8112
80
8318 Virginia Mid Ser E 58
1926 M
9714 98% 9818 Mar'23
ogle 9834
8134 June'23
Guar 3442 trim cUe D__ _1944
D 801
8134 8134
General 5,2
1936 M N
8
- 96 July'23
97%
93
Guar 15-25-year gold 4e..1931 A 0 90 4-9112 90 Aug'23
8914 93
Vs & So'w'n let gu 513
2003.3 J 92
94% 92 July'23
92
841 June'23
9314
Guar 42 Ser F
1952 MN 8412 87
let eons 50-ye5r 55
8412 9033
1968 A 0 7618 781s 7634 Aug'23
75% 81
ONO price Friday: latest bid and asked tills week. 0 Due Jan, 0 Due Feb. p Due June. 71 Due July k Due Aug. o
Due Oct. 77Due Nov. 77 Doe Dec. s Option sale.
as
sit,
7318 7934
loo 10112
"ii-oi! 1(1
-Csi;
12
'ea; "di"
9412
gm
New York Bond Record—Continued—Page 4
881
Week's
Price
Range
Price
BONDS
Week's
Range
Fr catty
Range or
Friday
Since
Range or
N. Y. STOCK EXCHANGE
Since
Aug.
Sale
24
1
Aug. 24
Jan.
Last
24,
Aug.
Layt Sale
Jan, 1
Week ending
--— -High No. Low
Ask Low
Bid
Ask Low
Bid
High
High Ns. Low
High
9418 9478 94
8634
8634 79
82
21
95
9012 98 Del United let cons g 4558.-1932 J 3 8612 Sale 854 1053
Virginian 1st 58 Series A _.__1962 MN
4 38 10518 10812
9512 Sale 9412
9
9534
94
Diamond Match a f deb 7555 1936 SIN 10058 Sale 10518
99
N
1939
Wabash 1st gold 5s
Aug'23
51
2
85,
21
53
bale
64
52
8512
4714
A0
8412
581027
1st
g
cony
Corp
83
9214 Distill Sec
1939 F A 60
2d gold 08
3
.53
5218
5218 54
474 64
71 June'23
67
71
Trust certificates of depoelt_ _ let lien 50-yr g term 45__ _1954 J J
4
sals
77
8 94
10014
77
7612
7612
7612
JJ
4
93,
1943
94
5s_
Steel
32
Iron
9612
94
Dominion
J
J
net & CO eat let g 5s__ _ _1941
8
S7
87
68,4 79
.Sale 8612
84
7338 Jan'23 -1942 J J 861
7314 734 Donner Steel 75
Des Moines Div let g 4s 1939 33 64
6612 6312 July'23 -_
88 May'23
3D
4 90
873
.1936
4558
Powder
I)
(E
63
AO
Pont
du
6614
1941
355e
Om Div 1st g
10818 73 10555 10914
7234 Apr'23 -7234 7278 duPont de Nemours & Co 7555'31 MN 108 gale 108
1941 MS 714 75
Tol & Ch Div g 4s
45 101 10412
7418 Nov'22 -Duquesne Lt 1st & coil 65_ _1949 33 1034 10334 10312 10334
2000 FA
Warren 1st ref gu g 355s
_ 10614 1081s
7412 _
10678 June'23
is
787
1936
8
8
787
5
7558
M
Q
16Debenture
1948
Wash Cent let gold 45
129
9912
gale
94 11314
9814
99
-98.4
S
51
Aug'23
s
7558'37
983
975g 9812 East Cuba Sug 15-yr s 1 g
1924 FA
W 0 & W lat cy gu 48
6
90
7718
91
1
89
J 8834 89,2 8812
80
J
80
4s-1939
g
con
1st
7612
80
Mtn
Ill
El
FA
Ed
1945
__
3,55s
go
Wash Term let
____ 8512 June'23
8124
100
102
9714
9'312 103
-Aug'23
J
_1990
55._
g
8512
cons
1st
8512
Ed Elec III
1945 FA
1st 40-year guar 48
9612 9912
7612 90
9738 9712 Aug'23
06
1925 J
80 Aug'23 --89 Elk Horn Coal cone 6s
80
W Min W & N W let an 55_ _1930 FA 6u14 Sale 5934
130
91
8812 9512
6012 30
5934 6534 Empire Gas & Fuel 7345....1937 MN 91 Sale 933s
West Maryland let g 4s_ _ _ _1952 AO 97
_
_ _ 98
8
93
95
98
1932 MS 9214 9012 9934 Aug'23
9012 100 Equit Gas Light 55
West N Y & Pa 1st g 5s. _ _ _1937 33 7512 7612 7612
9614
94
9614 Aug'23 _ 95
4
7012
Os___ _1942 MS 91
Trac
&
Light
7314
78
0
Federal
A
1943
4s
gold
Gen
7
•
98
8
78.4
7914
07
9
97
7914
MS
79
1953
78
MS
85
7s
Western Pac 1st Ser A 58_ _.1946
1
91,2 Sale 9112
10312 48 103 10812
9112
1941 51 S 1O31 Sale 103
91
95 Fisk Rubber lets f Ss
1946 MS
11 613
2
83
704 Mar'23
77
7912 80
7018 7012
..1936
MS
80
80
58_
g
44
837
1st
77
Tr
A
"3
Lt
Ft
Smith
2361
guar
West Shore 1st 48
77
9
88
8314 9334
5
7712
7712
82 Frameric Ind & Dev 20-yr 7556'42 J J 89 Sale 8612
0361 33 117,2 Sale
75
Registered
9914 10314
33
9834 June'23 - - -1942 MN 100 10034 101 Aug'23 _
99 Francisco Sugar 7555
97
Wheeling & I. E let g 55._ __1926 AO 9312 93
9114 9312
____
July'23
4
9114
923
23
.
Feb
D
J
99
0s1949
g
cons
Co
99
Berg
of
J
El
J
58_1928
Gas &
998
Wheeling Div 1st gold
1/0
_
8912
July'23
1014
9912 101
100
10012
June'23
3D
95
95
9558 General Baking 1st 25-yr 68_1936
Eaten & impt gold 55_ _ _1930 FA .1(P4 4934 49
10
79 Aug'23 _ _ - _
7834 80
49
7638 8012
FA
942
4514
3548-1
g
S
51
deb
62
Electric
A_.1966
Gen
Series
Refunding 4558
61
e7
17
10014
1
8
9912 103
Sale
997
100
61
61
1902
S
NI
57
6518
Debenture 55
1949 51 S 00
RR let consol 4s
53
6
98
97 101
49 Aug'23 - 60 Gen Refr 181 s f g 68 Ser A _ _1952 F A 9712 9814 9712
1942 J
49
Will & East 1st go g 5s
61
99
9912 99 Aug'23 -- -9914
10134
Sale
9712
8
9914
995
J
1947
J
9S
101
1)
J
6558
Co
1938
Goodrich
Will & SF 1st gold 58
794 Sat
11358 1177s
79 Aug'23---76
8112 Goodyear Tire& Rub 1st s 1 88'41 M N 116 Sale 11578 11611 96
Winston-Salem S B 1st 48..1060 I J
7
774
764 78
9958 106
76t8
e1931 F A 10218 Sale 10134 10214 93
Ss
g
74
J
J
82
deb
f
5
..1049
-year
48_
10
gen
1st
50-yr
Ms Cent
75
9
78
7612
8812 9212
8812 July'23
7612
8058 Granby Cons NI SAP con es A'28.M N 8834 94
75
Sup & Dui iliw & term 1st 48'36 MN .5434 ____ 65 May'23
92 June'23 _ _
92
92
1928,M N 88,
4
1943 .1 .1
Stamped
W & Con East let 45is
3
93
92 100
92
1925 M N 9112 III
Cony deben Ss
16
92
95
92
90
90
92
F
1932
A
Gray & Davis is
INDUSTRIALS
80 Sale 80
14
97 100
80
9834 July'23
80% Great Falls Power 1st 8 1 58.1940 MN 9834 100
80
Adams Express coil tr g 42. _1948
934 Sale 9334
_
3
May'23
81
82
8
82
8014
937
8012
1952
J
J
4e
Water
1936
9312 9912 Hackensack
0.1 5
Max Rubber 8s
a
2
6
84
8124 85,4
5
8 Havana E Ev L & P gen 53 A 1954 M S 84 Sale 8312
5
Alaska Gold M deb Os A__ _ _1925
9314 13 •67
04 5 Aug'23
5
94
1926
612 Havana Elee consol g 55—.1952 F A 9314 Sale 93
5
Cony deb 68 series B
56
4
90,
33
4
983
Sale
96 100
4
983
4
9812
064
96
N
95
M
65_1942
g
1928 A 0 56 Sale
10012 Hershey Choc 1st s 1
Am Agile Chem let 55
2
83
83
821, 8134
7834 92
97
96
(fla0_1947 M N 81
Os
06
Line
1941
A
mer
10434
Holland-A
g
755s
US bale
Ist ref s f
9278 90
9334 21
9212 974 Hudson Co Gas 1st g 5s,-.- -1949 M N 9312 g_ 9312 Aug'23
1933 AG 6418 6612 93
Amer, an Chain 65
J
97
9612 99
9612
8312 Aug'23 ---59
8012 Humble 011 A Refining 5555_1932 J J 9612 aJe
Am Cot 011 debenture 5s..._1931 MN 164
9418 226
9312 954
J D 9312 Sale 9312
105% Dec'22 -11956
SOW
Telephone
Bell
Illinois
Alb Dock & ImPt gu 68-1936
6
884
3
86
91
9019
8812
923
88
91
9612
4
A
86
1940
0
8
10T7
1037 AO 9114 Sale
Illinois Steel deb 4353
Amer Republica Cs
9112 66
_
804
7534 _ _ _ _ 79 July'23
79
9034
1936 M N
4
AO
923
844
A1947
5s
0
&
G
Nat
ser
Ind
Us
30-yr
1st
Am Sm & It
10112 bale 101,4
14
10178 49
100
Sale
10112
10012
8
99
997
1952
N
M
4
5s
093
1st
AO
1947
102
Indiana Steel
162 bale
65 II
68 10012
102
96 Nov'22 _
p1935 J J 9612 100
3 9212 bale 1014
104
'
Ingersoll Rand let 58
Amer Sugar Refining 68....l937
88
93
_
934 July 23
812 10
8
,
92
9078 9318 Interboro Nletrop coil 4558_1956 A 0 _
1
Am Teicp & Teleg coil tr 45_1929
2
,
86
88,
2
3
514 Apr 23 _ _
8812
912
8812
5
deposit
1936 M
80
90
Certifleates of
Convertible 48
101,4 163 10014 July'23 - - 100
1314 Aug 23 ___ _
12 1%
stamped.....
16%
etre
M
Co
1933
10212
Tr
Guar
4555
cony
uti bale 9734
20-year
9814 128
67
4
63
7272
633
5612
J
J
08..1966
1st
95
'Fran
3D
1946
101
Rap
Interboro
115 116 115,4
30-year coil tr 58
6312 Sale 63
11534 55 11312 11712
6358 71
5712 7212
Stamped
7-year convertible Os... _1925 FA
84 bale 8334
8418 20
5912 51
1932 A 0 59 Sale 5734
5278 7312
8612
82
10-year Os
Am Witt Wks & Eke 58____1934 * 0 63,4 bale 63
9
Sale
87
64
22
8712
8612
M
9434
1932
S
8.5
6512
6212
1939• 3 Ifily
75
Am Writ Papers 7-68
nate 97,4
9712 250
23
67
55
8112
1953 FA 1004
9534 9878 lot Aerie Corp let 20-yr 55-1932 M N 6512 Sale 6512
Anaconda Copper 6s
bale 100
9034
7418
37
Sale
4
74
743
10034 197
74
0
A
_1941
68_
f
e
Marine
10414
1938
FA
Nlercan
2
98,
Inter
7e
63,2 bale 8278
1
831,
8312 36
8812
81
1947 J J 83,4 8418 8312
82
90 International Paper 55
Armour & Co let real est 455s1939'ID :We _
84 Sale 8314
26
84
4
1947
J
813
34
J
88
13
1947
B
J
55
ref
58
1st
&
Light
Atlanta Gas
25
33
95 June 17 _
19203 D
28 Aug'23 - - - 28
4011 Jeff Clear C & 158
Atlantic Fruit cony deb 78 A_1934 J D
1
20'8 28
22
74
76
26
26
39t2 Jurgens Wks 68 (flat price)_ _1947 J .1 ‘a Sale 75
26
Trust certificates of deposit....
26 Aug'23
25
44
do stamped
9714 Sale 0714
9012 9318
91
9012 27
87
9814 57
9612 9934 Kansas City Pow & Lt 524_1952 M S 9018
Atlantic Refg deb 7,51937 J J 109,2 1uu.8 1004
9434 49
Aug'23
9312 9614
1952 M S 94 Sale 94
100
_1940
MN
58._
103
Kan Gas & El es
let
Works
Loco
Baldw
96.2
23
9012
Sale
8
104
1025
8
1025
10218
107
9012
A
F
1942
951s
94
103 Kayser At Co 78
Barnsdall Corps f cony 8% A1931 33 t.(/ bale
10612 108 107
10712 31 105 10914
971, flu
9514 9918 Kelly-Springfield Tire 88__ _1031 M N
9.314 bale 964
Bell Telephone of Pa 6s_ __.1948 • J
9412 July'21
98
09,4
1926 J
96,2 100 Keystone Telep Co 1st 5s..-1935 J J 9712
Beth Steel 1st ext ef5s
9,1.3 95
18
_
Aug'23
9914
9518
961 I91-4
0
A
9418
_1937
58___
g
974 Kings Co El L & P
91
1942 MN
1st & ref 55 guar A
88 Sale
1 10812 11312
8812 17
1907 A 0 11012 Bale 11012 11012
9312
87
Purchase money 6s
20-yr p m & Imp f Us__ _ _1936 3 3 'i/78 bale 8712
32
100
July'23
8
10438
1043
10438
98
-S
M
9712
1925
Os
90
deb
1948
A
F
Convertible
100
6a A
9.,,g bale 894
70
74
7014 7038 June'23
91)12 35
89
1953 FA
9378 Kings County El let g 4s_ 1049 F A 69
5558
_
4
68
7012 69
76
69
69
80 July'23
A
F
1949
45
guar
_1926
AO
80
es._
Stamped
1
4
a
70
deb
Booth Fisheries
99 Sale 99
52
7114
100
June'23
754
7514
8018
4
823
J
J
_1954
55_
Lighting
9754 10014 Kings County
Braden Cop M coil tr e f 68_ _1931 FA
9418 sale 9412
2
9612 96
96
9412 74
9512 101
1954 3 .1 94
91% 9828
6555
Brier Hill Steel let 555a._ _ _1042 AO 614 64
10114
6
9914 10212
19363 13 10014 Sale 10114
64 Aug'23
61,2 69 Kinney Co 7558
Wway dr 7th Av late g Os_ _1943 3D 85
8038
9212
8834 8818
8814 14
87
,2 Aug'23
88
83
Lackawanna Steel 5s A._1050 M S 88
Brooklyn City RR Us__ _1941 J J 98 Sale 84
15
9
92
98
92 Sale 9114
8812 96
97
0
591934
A
ext
&
ref
I.
j
St
943
21
Lot
_1949
A.
Gas
99
58
Lac
gen
Inc
Edison
liklyn
102 103,2 10312
July'23
914
2
9214
8
(r214
1047
1037
3
J
2
1954
88,
A
10012
4555
1930 J J 19012 bale
Lehigh C & Nay s f
General Os Series 11
98 10034
9814 98 July'23
107
1933 J J 98
3 168,2 169 106,2
'
1930
10814 Lehigh Valley Coal 5s
General 78 Series C
2 105
4
8318 Oct'21
10812
109
1933J J
106 10912
1940 J o 66,2
4s
General 7s Series D
4714
43
July'23
42
40
47
Aug'23
S
65
58
66 Leg A6 & p F 1st gu g 5s_ 1993 M
Bklyn Qu Co & Sub con gtd U5'41 51 N
7912 Nov'22 _
23 112 119
119
1941 .1 .1
Liggett & Myers Tobac 75_ _1044 A 0 11834 Sale 11858
1st 5s
70.8 75
708
15
Aug'23
Sale
9612
93
9814
9712
A
F
1951
4
953
E1
1
-.
Us
Brooklyn Rapid Tran g 5s_1945 AO
7u.4 Sale 7058
3 —05
7034
12 1114 118
118
1944 A 0 118 119 118
79 Lorillard Co (P) 75
54
Trust certificates
594 61
5612
Aug'23
9638
10
9612
9612
8
963
9712
1951F
A
0318
68
54
J
J
48_
_2002
_
5s
1st refund cony gold
86
45
87
87
87
11038 12 107 120
8434 99 Magma Cop 10-yr cony g 78_1932 3 D 10834 109 109
3-yr 7% secured notes _ _1921 J J 86
87
8658
9
9612 102
9778
8658
1942 A 0 9714 Sale 974
9512 NIanati Sugar 7555
84
Certificates of deposit......
bl
83
8134 Aug'23
951, Mental Ry (NY) cons g 4s.1.990 A 0 5812 Sale 58
5912 23
79
564 6478
Ctfs of deposit stamped........ 8032 81%
61
5012 July'23
8112 Aug'23 _
50,4 66
20133 D 45
85
79
1950 F A
244s
Bklyn Un El 1st g 4-58
804 81,4 8114 Aug'23
7
9712
8
977
9612 9834
4
M
1942
N
973
2
,
97
A
F
1050
4-58
78
8434 Manila Eke
Stamped guar
56 Sale
10' 81
96
8134 8478
8212 June'23
9312 100 Manila Eke Ry & Lt s 1 5s_ _1953 M S 8258 85
111(lyn Un Gas 1st cons g 58_1045 M N 160 bale 9458
16'
9338 9358 934
9634
1094
91
8 28
8
935
1085
S
M
58._.1924
cons
1st
M
1982
N
10712
1167
Ry
St
8
Market
78
16372 bale 103
6
8
963
8
11
11)34
995
A
1924
1
0
8
9612
965
434
9
,notes
5- ear 6
1st lien & ref 6313011es A_ _1947 M N 108,2 1011.-g 1084
2, 100 4 10512
10858
109 16134
1071g 117 Marland 011 8188 with warlits'31 A 0 116 118 116 Aug'23
1929 M N
75
9112 June'23
9114
10312 Sale 10314
10334 21 10112 10712
1932 J D IOu
Without warrant attached_ _ __
9112 9112
Buff & Slum Iron s 1 53
8412
102 159
1031F A 11.2 114 112 Aug'23
80
1952 A 0 84.g bale 82 July'23
87
Bush Terminal let 4e
8
8514
834
1
97
9812 9718
9134 10172
warrants
8
1055 J J
825
without
894
do
Consol .5e
9213 9012
6
93
10518
34
95 10512
Sale
10.518
10514
_1942
78_
Each
Mfrs
85
9334 Merchants &
Building 55 guar tax ex..1960 A 0 :W8 974
96
9972
96'4 Aug'23 _6! 9412 98,4
9834 22
Ser 13_1952 F A 9838 Sale 9838
es
1937 MN
g
Ist&ref
Ed
etr
Cal G & E Corp 5s
96.4 Sale 904
9758
9414
947
9418
9612
8
8
943
944
J
1953
94
0
A
_1942
68
78.._
g
ef
Power
1st
99
Metr
Sug
Camaguey
934 93.8 934
9338
10 10634 10914
108
A 108 Sale 108
F N
6M
934
9712 Mexican Petroleum s f 88.. _192
9114
Canada SS Lines Ist coll sf7s'42 M N lul Sale 101
1111
10112
9938 10014
9978 Sale 9978
6
100
100
5s
1st
10312
Tele!)
State
Mich
Canada Gen Eke Co 6s_ _ _ _1942 F A
9512 Lel
1
841.2 9112
99
8534 27
97 100 Midvale Steel &0cony e f 5s 1936 M S 8534 Sale 8478
Cent Dist. Tel 1st 30-year 5e.1943 J D 86,2 8814 99 July'23 _
8412 90
8558 20
8514 Sale 8432
88
87
9914
Certificates of deposit,.,.l936
Cent Foundry 1st s 1 65. _1931 F A
97 sale 97
974 42
98
5
9914
9918
Sale
99
9914
58
1926
—
FA
cons
Lt
0
A
10018
97
if
&
58-1025
Ry
5111w
Elec
g
Cent Leather 20-year
12212 Sale 1214
58
125
88% 91,2
4
9078 8834
89,2
1931 J
11612 150
Refunding & eaten 4358_1931 J J 89
Cerro de Pasco Cop 85
V014 90.8 9514
8872 9218
9012
894 9018 9018
D
1051J
92
J
58_
g
gu
_1937
let
Coke
0834
A
5s
&
Gen
L
Ch
77 Sale 7634
77% 28
81
8912
8358 39
19813 D 834 Sale 8214
1927 F A
764 8378
1st 58 B
Chicago Rys 1st 55
__
994
927g 9434
04 Aug'23
1923 3 D 99,4 Sale 99'2 J111Y23 68
9912 10018 Milwaukee Gas L 1st 45_ _ _1927 M N
Chicago Tel 55
1/3
9834
35
8
3
94
Sale
9438
95
9912
4
983
J
J
A.
_1943
_
_
58
lot
A
1932
0
Ser
A
Power
96
10314
es
Montana
Chile Copper
4
96,8 9624 0612
9618
91
4
88
8878
8878 Sale
Cluck Gas & Eke let & ref 5s'56 A 0 96
9934 Montreal Tram 1st & ref 55_1941 J J 7634 Sale 8858
95
1.47
2
97
7312 8734
37
97
2
,
77
2
J
76,
J
_1939
_
_
4558_
1961
0
A
f
a
1st
I
Co
Jan
due
&
9812
orris
2
NI
,
11
95
Ser
55513
664 87
86
83 Apr'14
86
1966 A 0
8512 8912 Mortgage Bond 48
Colo F & I Co gen f 5s_ _ _ _1043 F A
74.4 76
0113 93's
75
1
9212
75
7912
74
1932A 0 9212 9312 9212
Os
Col Indus let & coil Os g11-1934 F A
1164 11734 06
3
8634 95
9612
9312
9112
July'23
92
N
J
M
J
5,e
g
1947
1927
cu
55
95
let
1st
Mu
Gas
Fuel
E
974
&
Columbia G
96,2 sale 9614
21
954
97
9512
_
_
8
3
93
Feb'23
9518
1927 J .1
9518 97 Slut Un gtd bds ext(M....1941 MN
Stamped
30
5.514 6734
1412 1214 J9131.23
3
60
60
60
59
S
M
J
.1
4s,.
_1951
gold
1993
guar
20
Wee
58
1214
Nassau
Av
Rog
1st
9th
9214 _ _
Col &
3
93
9534
Aug'23
Sale
95
95
9514
92
j
J
D
3
08._1932
1931
92
93
Nat onal Acme 7558
Columbus Gas 1st geld
69
70
97
9712
6924
7512 Nat Enam & Stampg 1st 55_1929 J D 954 - --- 9712 June'23
69
Commercial Cable 1st ii 4s._2397 Q J 86,2 Sale 0934
95 95
8612 11
Aug'23
8
95
935
4
943
deb
.1
J
Ss_
_1930
84
-year
20
Commonwealth Power Os_ 1947 M N luU 16014 85,2
Starch
8914
Nat
6
97
10112
.50
4
993
100
9912
4
100,
1937 J
19.52 M N 9834 994
9312 10113 National Tube 1st 55
160 bale 0912 100
Cornp Azu Hera 7558
3
9512 100
9712 60
9738 9758 97
95 101
New England Tel & Tel 5s 1952 J
comuting-Tab-Rec f 68_ .1941 J J
__ 7612 June'23
7718
62
62
62 Aug'23
7612 8732 New On Ry & Lt gen 4558_ _1935 J J
80
8314 81 Aug'23
Conn Ry & L let & ref g 4558 1951 JJ
100 104
1951 J J
cony (is_ _1928 M N 10158 104 102 Aug'23
1st
Brake
76
Air
8314
Y
N
Stamped guar 45es
8714
Sale
8734 25
7912
7412
864
79
D
78
Aug'23
4
783
J
1950
58
4s.,,
ref
g
A
_1951
&
let
F
8412
lat
50-yr
90
N Y Dock
Cons Coal of Nfd
9312 9512 94 Aug'23
52 106% 11212
11(1
_1936 .1 j 8912
8912 9534 NY Edison Ist & ref 655s A.1941 A 0 10934 1103s 10914
Sale 89
Con 0 Co of Ch let gUg .5(3.
8912 46
9512 100
2
99
N
M
9912
9912
9914
1052
1048
3
8412
9212
Power
NYGEL&Pg5s
Consumers
97 10014 99 July'23
710g 8314
8318 12
1931 M N
9812 100
Purchase money g 4s...,..1949 F A 8278 Sale 8278
9914 10(1
Corn Prod Refg s f g 5s
5
9084
82
99,2
76
1934 M N
98 101
N Y Munic Ry let s f 58 A._1966 3 J 793s _ _ 82 June'23
90
80
let 25-yr 1 58
8
8912
89
99
96
A
k'
July'23
8
965
9712
1943
9612
A
F
_1930
65
8814
P
U.__
g
L
1st
95
N Y 12 El
8614 Sale 884
Crown Cork & Seal
12
87
2,12 3814
J J
J 2834 3034 2834 Aug'23
J
ref
_1942
&
82
E
43._
R
94
1st
Rye
Y
N
91
91
Sale
Cuba Cane Sugar cony 7s...1930 J
9138 31
20
3712
J
31
2812
Aug'23
29
.1930
98t4
8%
8712
stamped
deposit
of
Certificates
&ben
Cony
10612 Sale 10912 1064
9 10512
212 8
6
3 Sale
3
814.1931 M S
212
a1942 A 0
10812
30-year ad) Inc .5s
9178 9212 92
Cuban Am Sugar let coil _1937 J .1
9212
7
134 772
278 214 Aug'23
214
Os..
91
deposit
gen
of
0414
1st&
Certificates
TAT
Comb
59
69
_
0
00
8
59
N Y Slate Rys 1st cons 4555 1962 NI N 604 65
Denver Cons Tratnw 5s_ _ _ .1033 A
-863.4 Sale 86
9712
8
90
86,4
9112 July'23
'51 M N
3814 9(1
1962 51 N
8334 90
6558
79 Sale 74
Den Gas & EL Ist&ref s f g 5s
98
7958 57
92
17
9318
4
9328
923
S
93
NI
1942
M
1947
N
A
55
Sm.
tat
Os
25-yr
Steam
99
Y
N
78
G)
14
Sale
4
993
Pert' Corp(D
95
8
5
4
90
8
9514
16
997
Sale
4
093
9.5
9412
J
9434 1004 91 Y 'Velem let & gen 81455'8_1939 M N
Detroit Edison let coil tr 58_1933 J S 9512 Sale 9038
95114 14
8
kIQ4OM
98
90
30-year geben a fee__ _Feb 1949 F A 105 Sale 10512 1064 69 10314 1083
let & ref es Serie8 A
19 101 10412
104
10312 Sale 10314
10214 10814
68
Sale
8
1045
10512
1045
8
0
S
A
68_1941
M
gold
refunding
.11940
-year
20
B.__
1st & ref 68 Series
asked. a Due Jan 12 Due April. C Due March. e Due NIay. g Due June. 8 Due July, 1 Due Aug. o Due Oct. PDue Dec. 30151102
*No price Friday:'Meet bid and
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 24.
fol;
-ia-
88X
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[VoL. 117.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked 'f"
Price
.
b
Week's
Range
Standard 011 Stocks Par Bid Ask
Railroad Equipments Per Cf. Basis
t'g
z*E
Since
Frid4
Range or '
1,.
Anglo-American Oil new. Li. 5'1413 15 Atlantic Coast Line 65
5.65 5.35
Aug. 24
Last Sale
...c.
Jan. 1
mita
Atlantic Refining
100 102 110
Equipment8s
5.50 5.30
Preferred
100 115 117. Baltimore & Ohio 65
5.80 5.45
Bid
Ask Low
High No, Low
High Borne Scrymser Co
100 115 130
Equipment 4%5 & 55.- - - 5.60 5.35
Niagara Palls Power 1st 58._1932 J J 9934 10014 9934 10018
9514 101
8
Buckeye Pipe Line Co__50 .84 85 Buff Root' & Pitts equip 65_ 5.50 5.25
Ref & gen 65
421932 A 0 104 10438 10414 1041
/
4
4 10112 105
Chesebrough Mfg new_ 100 220 225 Canadian Pacific 4%5 & 65- 5.50 5.25
Niag Lock &0Pow 1st 5s_ _1954 M N 9918 _-__ 993s
998
Preferred new
3 96
9912
100 111 113 Central RR of N J 65
5.60 5.30
No Amer Edison 135
1952 M El 9114 Sale 9114
99
92
91
96
Continental OE new_
25 *3312 3413 Chesapeake & Ohio 135
5.75 5.45
Nor Ohio Trac & Light 6s
1947 M S 9312 sale 9234
9312 21
90 95
Crescent Pipe Line Co 50 *1713 18
Equipment
5.30
630
5.60
Nor States Power 25-yr 5s A-1941 A 0 90
9012 8934
9012 16
87/
1
4 93
Cumberland Pipe une 100 107 109
Equipment 55
5.60 5.30
1st & ref 25-year (is Ser 13_1941 A 0 10113 Sale 10014 10112 19
9838 102
Eureka Pipe Line Co_ _ _ _100 10312 105 Chlcago Burl & Quincy 68_ _ 5.65 5.30
Northweat'n Bell T let 75 A.1941 F A 108 Sale 10758 108
52 107 108
Galena Signal Oil corn__ _100
NorthEaster nw.fee114,54%48- 6.25 5.60
North W T 1st Id g 43Ss gtd-I934 1 J 89/
1
4 ____ 914 May'23 --__
9138 9212
Preferred old
100 16
12
4 6
16
3 Chicago &&
5.45 5.20
Ohio Public,Service 730_-1946 A 0 10334 Sale 10318 104
10 101 108
Preferred new
100 105 07
Equipment
5.70 5.40
Os
78
1947 F A 10112 Sale 101
99/
1
4 10514 Humble 011 do Ref new.,.. 25 .29 2912
10134 10
Equipment(3365
5.50 5.25
Ontario Power N F 1st 5s- _1943 F A 9614 Sale 96
9612
9
9234 9612 Illinois Pipe Line
100
158
60 Chic It l& Pac
& 55--- 5.85 5.40
Ontario Transmission 55
1945 MN 93
94 93/
1
93/
9214 96
1
4
1
4
Imperial Oil
25 •9712 9812
Equipment68
5.85 5.50
Otis Steel 88
1941 F A 96
96 10113 Indiana Pipe Line Co_
6
9612 96
9613
50 96 98
& Southern (1s___ _ 5.75 5.40
1st 25-year s 1 g 7345 Ser B 1947 F A 92
9212 9112
9212 18
9012 947 International Petroleum_(t) *1518 1538 Colorado
Delaware & Hudson Os
5.35
5.65
Pacific0& El gen & ref 55_1942 J J 91 Sale 9013
9114 61
8812 934 Magn011a Petroleum_ ---100 130
34 Erie 4%5 & 55
6.25 5.75
Pan Pow&Lt lst&ref 20-yr Os '30 F A 9238 9212 92
8978 94
9
9238
National Transit Co12.50 *2414 2434
Equipment(15
6.25 5.90
Pacific Tel & Tel 1st 55
1937 J J 06 0634 96%
9434 9012 New York Transit Co
3
06/
1
4
100 101
04 Great Northern (15
5.65 5.35
55
1952 MN 9034 Sale 9058
9134 39
88 9213 Northern Pipe Line Co 100 102 04 Hocking
5.85 5.50
Valley 68
Pan-Amer P& T let 10-yr 73 1930 F A 10314 Sale 10314 10312 11 102 10558
Ohio 011 new
25 *5112 53 Illinois Central 430
5.20
5.40
&
55_
Pat& Passaic G & El cons 551949 M S 92/
1
4
92/
1
4 94
9238 Aug'23 ____
Penn Mex Fuel Co
25 *9
11
Equipment65
5.65 5.35
Peep Gas & C 1st cons g 65_1943 A 0 ____ 1-67-is 10612 July'23 _ _ _ _ 105 108
Prairie Oil & Gas new_ __100 170 72
Equipment 75 & 63is_ _
5.50 5.25
1947 M 5 8934 9134 8912 Aug'23 ____
Refunding gold Os
87
94
Prairie Pipe Line new
100 1004 0112 Kanawha & Michigan 68_ _ 5.85 5.40
Philadelphia Co 65 A
1944 F A 10034 Sale 10034 10112 .59
98/
1
4 10112 Solar Refining
100 170 80
Equipment4s
5.60 5.25
534s
1938 M S 9112 Sale 9014
8812 9112 Southern Pipe Line Co 100 95 97
9112 33
Louisville & Nashville (is_ _ 5.65 5.35
1943 M S 77 Sale 7212
Pierce-Arrow 88
651
/
4
237
8234
784
South Penn 011
100 118 23
5.25
Equipment
5.50
6%8
Pierce 011 s 185
1931 J D 85
84/
1
4 fjg
3
86 8534
88
Southwest Pa Pipe Lines _100 83 85 Michigan Central 5 dr 65..
5.50 5.25
Pleasant Val Coal 1st g 5 f Es 1928 J J 9038--- _ 9018 July'23 ____
89 90
Standard Oil (California) 25 *4913 50 Minn St P & S M 4% & 55 5.75
5.40
Pocah Con Colliers 1st 8 f 55_1957 J J 9114 9214 9214 Aug'23 ___
90
9458 Standard 011 (Indiana) 25 *5113 511
/
4
Equipment 6%8 & 75.
5.85 5.45
Portland Gen Eleolst 58-1935 J J 94
9412 9312 Aug'23 _-- 9112 9512 Standard 011(Kan)
25 *40 41 Missouri Kansas & Texas 68 6.00 5.50
Portland Ry let & ref 55._ 1930 M N 8718 8778 8734
8414 88
1
87/
1
4
Standard 011 (Kentucky) 25 *88 89 Missouri Pacific (is & 630.
5.85
5.55
Portland Ry,Lt & P let ref 55'42 F A 83 83/
8378
1
4 83/
1
4
2
82 867s Standard 011(Nebraska) 100 215 25 Mobile & Ohio 4%5 & 55..
5.75 5.30
1947 M N 94
65 B
9414 9312
94
9312 9612 Standard 01101 New Jer_ 25 •232 3212
8
s
Central
&
4%
5.50
New
5.25
York
1st & refrind 73is Ser A_ _1946 MN 10412 Sale 10438 10412
7 10378 10714
100 x11452 15
Preferred
Equipment65
5.70 5.40
Porto Rican Am Tob 8s.__1931 M N 10512 Sale 105
3 10178 10512 Standard Oil of New York 25 *23814 38/
10512
1
4
Equipment 75
5.55 5.35
Pressed Steel ar 55
1933 J J 8012
87/
1
4 9334 Standard 011(Ohio)
9118
9334 21
100 227.5 280 Norfolk & Western 00...
5.35 5.00
Prod do Ref5 f 85(with waents)'31 1 D 107 11512 11612 Aug'23 ____ 116 13313
100 118 120 Northern Pacific 75
Preferred
5.50 5.35
Without warrants attached-. _ J D 102 Sale 102
5 102 10812 Swan & Finch
102/
1
4
100 32 34 Pacific Fruit Express 78..
5.55 5.30
Pub Serv Corp of N J gen 53.1959 A 0 83 Sale 82
8118 86
26
83
Union Tank Car Co.__ -100 87 8813 Pennsylvania RR eor 55 &
5.60 5.20
Punta Alegre Sugar 75
19373 J 108 Sale 10714 108/
1
4 110 104 124
Preferred
100
105
10812 Pitts de Lake Erie 630_
5.55 5.30
Rapid Transit See 68
1968
6634 Sale 66/
6514 7438 Vacuum Oil new
6734 155
1
4
25 *4414 4434
5.80 5.40
Equipment68
Remington Arms 68
1937 M N 9412 Sale 9312
944 18
9078 96
Washington 011
10
2
313 2
15
5.35 5.10
3 Reading Co 4355 & 53-Repub I & S 10-30-yr 58 s f 1940 A 0 9012 9134 92 Aug'23 ____
89 9618
Other Oil Stocks
5.80 5.45
St Louis & San Francisco 5,
1953 J J
530
__ 88 87/
87 9458 Atlantic Lobos Oil
27
89
1
4
(:)
5.90 5.50
piareiLnienect%48mhe
n
d A
Robbins & Myers s f 75
19523 D 9612 9712 96/
9612 99
1
4 Aug'23 _
50 *5
Preferred
10 S
5.35 5.10
S
e
oa
Southern
ubto
h
Roch & Pitts Coal ,it Iron 53_1946 MN 90
Jan'23 ____
__ 91
Gulf
91
25 *5018 5058
Oil new
91
5.50 5.25
Equipment 75
Rogers-Brown Iron Co 78_ _1942 M N 8412 Sale 82
8412 10
5 *512 612 Southern Ry 4345 & 55
82 93
Mexican Eagle Oil
5.60 5.35
Mutual Oil__
858 8/
1
4
Equipment Os
5.85 5.50
St Jos Ry, L,II & P58
1937 NI N 7834 8012 78 Aug 23 __
77 7814 National Fuel Gas
*7
15
634 7
18
634 Toledo & Ohio Central Os_
5.85 5.45
St Joseph Stk Yda 1st g 00 1930 J J 8412_ 8578 Dec 22 --------_ 7 Salt Creek Producers-.- 10
Union Pacific 7s
5.45 5.25
St L Rock Mt & P58 strapd-1955 J J 8018 -91-12 8018
8018
I
69113 8412 Sapulpa Refining
5
178 2
St Louis Transit 55
1924 A 0 5714 6912 60 June 23 ____
60 62
Public Utilities
Tobacco Stocks
St Paul City Cable 55
1937 i J 9218 934 92 June 23 ____
92
9334 Amer Gas & Elea new..(2) *3634 374 American
76
Cigar common 1HO:
78
Saks Co 7s
1942 M 8 10118 10312 102
102
2
103
10312
7e
50 •41r2 424
Preferred
Preferred
80 85
San Antonio Pub Ser 6s._.1952 J J 9118 92/
5
9138
1
4 9114
90 9424
M&N 93 94 Amer Machine & Fdry_ _10 140
Deb (is 2014
Sharon Steel Hoop lst 88 ger A '41 M S 9834 Sale 9834
97 104
13
99
Amer Light Trac com-100 120 122 British-Amer Tobac ord.
*2234
Sheffield Farms 615
1942 A 0 10014 10114 101
9912 103
2
101
100 90 92
Preferred
Bearer
*2234 2412
Sierra dt San Fran Power 55-1949 F A ____ 8714 8718 Aug 23 ____
824 8712 Amer Power & Lt corn_ _100 163 166 Heime (Gee W) Co, new 1(2, *50 5213
Sinclair Cons 011 15-year 75-1937 M S 9312 Sale 9312
10113
/
1
4
93
9458 90
100 8112 83
Preferred
110
Preferred
15
133'5 B (m I)
1938 J D 89 Sale 8818
88
9714
89 336
Deb 68 2016
9214 93 Imperial Tob of GB & Irel' *16
17
Sinclair Crude 011 530
1925 A 0 9512 Sale 9514
9514 10054 Amer Public Util com_ _100 40
97 106
_ Int Cigar Machinery....ill
50
58
66
1926 F A 9512 Sale 9514
9514 9978
9618 45
100 65 70 Johnson Tin Foil & Met.10
7% prior pref
80 90
1942 A 0 83/
Sinclair Pipe Line Os
8412 45
1
4 Sale 8314
82 8913
100 40 43 MacAndrews & Forbes._10 131
4% panic pref
34
South Porto Rico Sugar 75_ _1941 J D 10012 Sale 100
9812 1024
10024 12
100 40 45
6% preferred
Preferred
10
94
98
South Bell Tel & T 1st 5 f 55_1941 1 J 95 Sale 9414
9034 99 I Blackstone Val CI&E corn 50 *70 72 Mengel Co
10
95
2812
10
26
Southern Colo Power 68
1947 3 J 8812 89 8812
874 92
8
9112
Carolina Pow & Lt com_100 68 71 Porto Rican-Amer Tob_ _10
76
71
Stand Gas & El cony 8 f 65-1926 3 D 974 9812 9812
9812
100 131
1
9678 997 Cities Service Co corn
33
75
1930 M N 95/
Standard Milling 1st MI
1
4 9634 9612
1
9612
96
100 64 65 Un
Preferred
9914
Leaf Tob com_ 10
0:
err
aled
l
pervreeifre
85 95
Standard Oil of Cal 7s
01931 F A
CitlesServiceBankers'Shares •13
04 July 23 _ __ 101 107
14
85 91
Steel & Tube gen s f Ts ser C-1951 3 J 10514 Sale 10414 10514 58 100 10712 Colorado Power corn_ _ -100
101 103 107
1734 184 Young (J 8) Co
Sugar Estates (Orlenti) 75..1942 M 5 9758 Sale 97/
9
9734
96
1
4
9934
100 91 934
Preferred
104 102 106
Preferred
Syracuse Lighting 1st g 513_1951
/
4 Com'w'th Pow,Ry & Lt-100 3114 32%
D 9114 -_ _ 9114 July 23 __
9018 911
Light& Power Co col tr s 158'54
.1 8324 864 8334
8334
L1 9818
8334 8818 Com'w'th Pow Corp pref 100 69 71
Rubber Stocks(Cleveland)
Tenn Coal, Iron & RR gen 55'51 J J 9912 ____ 100
101
100
Consumers Power pref. 100 84 87 Firestone Tire& Rub coralg 1564 72
Tennessee Cop let cony 65-1925 M N 100 Sale 100
100
1
9934 10113 Elec Bond & Share pref._100 9534 9612 6% preferred
93
Tennessee Elea Power 65--1947 J D 93 Sale 9278
92
95
12
93
Federal Light Se Traction(3) *6112 634
104
7% preferred
90
Third Aye let ref 45
1960 3 J 56 Sale 5514
5613 32
524 65
Preferred
100 0612 69 General Tire & Rub corn10
5:
170
Adjustment income 58-a19130 A 0 5134__ 51
45 6234 Lehigh Power Securities.(I) *22 224
5214 79
Preferred
98
Third Ave Ry 1st 555
1937
J 9013 -9518 91
1
90 9514 Mississippi Ely Pow corn 100 20 22 Goodyear Tire & It com_101
91
10
1014
Tide Water 0116%5
1931 F A 10214 Sale 10112 10212 42 10112 105
100 80 83 Goody'r T&R of Can pf_ 10(4,
Preferred
83
Tobacco Products 5 1 75-1931 3 D 10478 10513 105
2 10224 1054
105
First mtge 55, 1951._Jac./ 93 94 Mason Tire & Rub com10
31
214
Toledo Edison 75
1941 M 5 107 10712 107
10518
10758
4
10712
SF g deb 75 1935_M&N 100 102
Preferred
20
23
Toledo Trac. I.SrP 65
1925 F A
3 974 9912 Nat Power & Lt corn.,..(t) •30 51 Miller Rubber
98 98
98
101
69
Trenton 0& El 1st g 5&....1949 m S 9134 ____ 9214 July 23 ____
9214 95
Preferred
Preferred
*8412 86
96 98
Undergr of Loudon 430.-1933 I J 85 __ __ 9258 May 23 __-9078 934
J&J 8614 8714 Mohawk Rubber
Income 78 1972
100
8
Income 65
19481 J
88/
1
4 8814 Northern Ohio Electric_(t) •3 12
___ 86/
1
4 May'23 _ _
Preferred
so
Union Bag & Paper 65
1942 MN 97189714 98 97
99
95
Preferred
9712 14
100 23 25 Seiberling Tire & Rubber(I) *312 412
Fist
g
Lt
&
Union Elec
58-1932 M S 9638-- -- 96/
1
4 Aug'23 ____
92 9734 North States Pow com.100 *92 94
Preferred
35 50
1933 M N 91% 9138 9132
55
8814 92
2
9134
Preferred
100 92 95 Swinehart Tire & It corn.10
15 21
Union Fiev (Chicago)55-1945 A 0 65
70
70
734 70 June'23 ____
Nor Texas Elec Co corn_100 65 70
Preferred
•
100
40
50
Union 011 58
1931 3 J
__ 9512 96 Aug'23 __
90
96
100 70 75
Preferred
c1942 F A 100 Sale 100
88
10258
99
/
1
4
10012 16
Pacific Gas & El let pref 100 89 90
Sugar Stocks
equip
75.__l930
Car
Tank
Union
F A 103/
1
4 Sale 103
•9
10334 21 103 105
Power Securities corn._ (I) *3
Caracas Sugar
5
12
19413 D 11024 11112 111
United Drug cony 88
Second preferred
1114 19 110 11334
(I) 5114 20 Cent Aguirre Sugar corn_ 20 *8012 8212
United Fuel Gas 1st s f 65-1936 I J 9278 94 93
92 98
2
93
Coll trust 65 1949_ _ _J&D 76 82 Fajardo Sugar
100
95
97
United Rys Inv 55 Pitts Issue 1926 m N 92 Sale 92
8714 9712
Incomes June 1949_ _F&A 155 60 Federal Sugar Ref corn-100 61
92/
1
4 15
65
United Rys St L let g 45-1934 J J 5812 5914 60 July'23 _-584 634 Puget Sound Pow & Lt_ _100 46 49
Preferred
100 90 105
United SS Co int rcts 68-1937 MN 89 Sale 8814
100 80 83 Godchaux Sugar, Inc...(I) *10
89/
1
4
6% preferred
9 8612 93
16
1942 A 0 99 Sale 99
United Stores 68
100 al00 103
98 1014
1
4 22
7% preferred
99/
Preferred
70 78
1932 J J 10212 10234 103 Aug'23 - 10018 10312
US Hoffman Mach 85
Gen mtge 7%2 1941 _M&N 104 10512 Great Western Sugar new 25 *72 77
US Realty & I cony deb g 55 1924 J J 100 10014 10014 10014
2
99 10034 Republic Ry & Light__ _100 1412 16 Holly Sugar Corp corn (I) *20 26
1
4 Sale 8613
U 8 Rubber 1st & ref 55 ser A 19471 J 86/
100 40 43
Preferred
85 8913
8718 83
Preferred
100 70
76
1930 F A 10612 Sale 106
10-year 730
10678 21 10512 10912 South Calif Edison com_100 101 102 Juncos Central Sugar__ _100 90 110
US Smelt Ref Ac 51 cony 65_1926 F A 9924 Sale 9934 100
9913 102
Preferred
100 114 117 National Sugar Refining_100 89 92
7
US Steel Corpicoupon __d1963 MN 102 Sale 10134 102/
Standard Gas & El (Del) 50 *2512 27 New Niquero Sugar
1
4 94 10034 104
95 100
a f 10.60-yr54registered _d1963 MN -------- 101 July'23 ___ 100 10413
Preferred
50 *48 4834 Santa Cecilia Sug Corp pf 100
5 10
Utah Light & Traction 55.-1944 A 0 8014 8134 81
81318 9134 Tennessee Elec Power_ _ (() *1212 1312 Savannah Sugar corn_ (I) *57 60
5
8134
1944
1st
55
F A 8812 Sale 8812
Utah Power & Lt
8524 92
Second preferred
8914 33
(I) *41
43
Preferred
1(10 79 83
Utica Mee L & Pow 1st 5 f 53 1950 J J 953
___ 9538 Aug'23 ___
95 9534 United Lt & Rya com
100 140 143 Sugar Estates Oriente pref.. 85 90
1957 J J 8974Utica Gas & Elec ref 55
8 9134 89/
1
4 Aug'23 ___
89
let preferred (6%)-- _100 78 80 West India Sag Fin corn 100
9214
J D 100 10014 100 Aug'23 ___
1
Va-Caro Chen& let 15-yr:45_1923
9934 10014 Western Power Corp---100 2612 2712
Preferred
100
1947 J D 8334 Sale 8214
75
75 8314
gm 94
Preferred
100 77 78
1937
J J 6218 Sale 60
11-years f 7345
5434 9412
Short Term Securities
6212 57
Industrial&Miscell
Without warrants attached_ J J 6018 62 601e
61
2
58
2012 Am Cot Oil 65 1924_ _Mdc52 9512 9612 American Hardware_ _100 5712 59
Va Iron Coal & Coke 1st g 55 1949 M S 92 95 9312 Aug'23 __
0513 Amer Tel&Tel 65 1924_ F'Sat 100/
92
1
4 10012 Amer Typefounders coin 100 72
75
19343 J 8378 85 84/
Va Ry Pow 1st & ref 58
84
Anaconda Cop Min 65'29 J&J 10114 10158
1
4
87
1
8478
Preferred
100 98 100
1942 J D 9634 Sale 9634
Vertlentes Sugar 78
Anglo-Amer0117%8'25 A&O 10214 10234 Bliss (E W) Co
99
96
9734 31
21
•19
new-(f)
1941 J D 103 Sale 103
Warner Sugar 79
Federal sue Ref 13s'24-M&N 101 10114
10312
8 10133 100
Preferred
558
50 '
Wash Wat Power s 1 55
1939 J J
9912 Aug'23 -631933
M&N 9712 98 Borden Company corn._100 116 118
98/
1
4 9913
Westches Ltg g 55stmpd gtd 1950 J D 9414
9912-9713 95 July'23 _
9312 974 Hocking Valley 68 1924 M&S 1004 10012
Preferred
100 100 102
West Penn Power Ser A 58._1946 M El 93 Sale 92
Interboro RU 8s 1922.M&5
ii
93
88 95
- _ Celluloid Company
100 80 90
let 40-year 65 Series C__ _ _1958 I D 10113 Sale 101
6 100 10212 K C Term Ry (is'23 M&N15 iii6" 100/
10112
1
4
Preferred
100 108 112
1st series D 75
c1946 F A 10434 Sale 10434 10513
6%5July 1931
6 10218 10713
J&J 103 104 Childs Company com_ _ _100 148 152
55 E
1963 M 8 8712 88 87/
1
4
88
9
87
88/
1
4 Lehigh Pow Sec Os'27.F&A 9212 94
Preferred
100 10812 110
Western Union coil tr eur 5E4_1938 J J 99 Sale 984
13
00
98 100
Sloss-Sheff S&I 138 '29 F&A 9612 97 Hercules Powder
100 98 103
Fund & real estate g 4%5_1950 MN 94 Sale 9312
94
89
U S Rubber 7%5 1930.F&A
20
94
Preferred
100 101 103
15-year 63s g
1936 F A 10978 Sale 1O912 11014 12 10512 11178 Joint Stk Land Bk Bonds 10512 10612
International Salt
100 79
Westinghouse E & M 75_ ..1931 M N 10712 Sale 10738 10734 50 10512 10812 Chic Jt Stk Land 13k 55_1951
10012 102 International Silver pref 100 108 111
Wickwire Open Steel 1st 75_ _ 1935 J J 9478 Sale 94
98
55 1952 opt 1932
95
91
17
10012 102 Lehigh Valley Coal Sales 50 •78 a.
Wilson & Co 1st 25-yr 51 65_1941 A 0 95/
1
4 9573 9414
9414 102
5%5 1951 opt 1931
95% 46
102 1044 Phelps Dodge Corp
100 155 105
10-year cony 5 I 65
1928 J D 8414 8478 8412
8478
9
83 98
43-is 1952 opt 1932
9912 101 Royal Baking Pow com 100 120 130
1931 F A 9434 Sale 944
T30
93 105
430 1952 opt 1932
9512 38
98
9913
Preferred
98 105
100
Winchester Arms 7%5
1941 A 0 10312 104 103
3 10012 106
10313
43
45 1963 opt 1933
9912 101 Singer Manufacturing 100 112 114
Yarnell Meet& T 8.4(w 0_ _ 1943 J J 99 Sale 99
9912
99
99
111
• Per share. S No Par value. 0 Basis. d Purchaser also pays accrued dividend.
•No price Friday; latest bid and asked, a Due Jan. d Due Apr. c Due Mar. s Due e New stock. IFlat prim. 8 Last
a Nominal. I Ex-dividend. g Ex-rights.
Mar. # Dee Jane. Is Due July, 8 Due Aug. o Due Oct. p Due Dec. 8 Option sale. f Ex stock dividend. 8 Sale price.sale.
o Canadian quotation.
BONDS
N.Y.STOCK EXCFIANGE
Woo& ending Aug. 24.
7
BOSTON STOCK EXCHANGE-Stock Record seeBIZILID
,SALE PRICE-PER SHARE, NOT PER CENT.
HIGH AND LOS
Saturday,
Aug. 18.
Monday,
Aug. 20.
Tuesday,
Aug.21.
Wednesday. Thursday,
Aug. 22.
Aug.23.
*147 14812 +147 14812 14612 149 149
7312 79v 7912 79t2 7914 80
80
93 +91
93
92
1191
92
92
11334 11354 11312 114 +113 115 *114
*99 9934 9913 9912 9912 99V 100
13 *13
14
13
1318 1318 13
16
16
16
16
*16
16
16
23
19
20 *____
20 21. *20
27
27 *27
28 28 *24
26
--__ ____ *24 26
*34
36 '
334
*24__- +34 _
35 35
*13514 140 140 140 •140 144 *140
25
25
25
25
2512 25
*23
6212 6212 *62 63 *62
*6212 64
54
54
----iiiii -51312 /61-2 3- -- "--: ii- ;iiis
29
29
29
*28 29 *2812 29
13
1378 1332 1334 13
13
13
7034 *_--- 7034 *--__ 7034 *---3_ _ - _
489 90 *_ __ _ 89 *____ 89 '
67 67 I 6714 6714 66
66
68
32 *27 32 I ____
_ 3014
764 *744 76 i•_ _ _ _ -fO-14 ---+74
Friday,
Aug. 24.
Sales
for
the
Week.
•
STOCKS
BOSTON STOCK
EXCHANGE
.14 .,4I
*1334 14
12258 123
*7514 76
80
*79
*14
16
12
*11
.I
+.33 .50
*58 60
'
.15 .20
*1512 1612
*alai 2
*94 952
*Hp, 17
*4014 41
4.318 334
*8
812
2734 28
+213 234
578 6
*118 112
*113 3
3158 315s
+a.50 .75
10434 10454
96
+94
*2012 22
"214 234
+.80 11
*134 214
Iv 114
*112 2
Ds 118
*234 314
.11% 2
42
'41
1712 17h
*214 3
Range since Jan. 1 1923.
LOWellt
Highest
Shares
Railroads
149 *148 150
49 Boston & AlbanY
100 143 Apr 3 151 June 14
8014 80
80
*7912 -10 209 Boston Elevated
100 75 June 29 84 Jan 5
92 *9112 93
25 Do pref
100 9113 Aug 9 100 Mar 6
116 *114 115
iii- 1-11100 11112 Aug 2 125 June 12
63 Do 1st pref
100
994 9912 --100 98 Aug 9 106 Mar•5
56 Do 2d pref
1314 *-___ 1334 -1312 ---1334
161 Boston & Maine
100 1014July 30 2012 Mar 2
19 *15
19 --------22 Do pref
100 14 July 28 27 Feb 13
23 *20
23 --------118 Do Series A 15t pref-100 19 July 17 3212 Mar 1
____ *27 ------------11 Do Series B 1st pref
100 28 July 10 • 48 Feb 6
26 *____ 28 --------50 Do Series C 1st pret
100 25 July 3 42 Mar 22
36 *34
36
---- --100 34 July 18 59 Feb 7
12 Do Series D let pref
144 +140 144 --------10 Boston & Providence
100 135 July 21 16012 Jan 25
25
25
25 --------857 East Mass Street Ry Co I00 18 Feb 15 35 Mar 22
64 *62
64 --------10 Do 1st pref
100 6212 Aug 20 72 Jan 16
*____ 54 --------110 Do pref B
100 53 Feb 24 65 Mar 19
______
Do adjustment
100 3412 Feb 13 46 Mar 22
If- -5i- iiii -ii- 3712
200 East Mass St Ry (tr ctts)_100 3412 Feb 15 45 Mar 21
29 *2813 30---- ---39 Maine Central
100 28 July 27 43 Jan 2
13 *1214 1234 --------950 N It N H & Hartford
100
934July 5 2212 Jan 80
7034 *66
69
_--- ---- ______ Northern New Hampshire_100 69 June 28 84 Feb 3
89
1155
90
'Norwich & Worcester pre:-100 80 June 12 100 Jan 3
66
65
67
67
67
125 Old Colony
100 65 Aug 14 81 Feb 14
3014 *29
32
__-- --__
15 Rutland pref
100 25 May 14 3818 Feb 20
7614
I Vermont & Massachusetts-100 76 Aug 16 98 Jan 11
Miscellaneous
,
4 o•2 .
a
n14
134 134 -------30 Amer Pneumatic Service_ 25
1334 14
*1313 15
*1334 1545 Do pref
50
12234 12318 123 12338 123 12332 123- 12338 1,278 Amer Telephone & Teleg_100
76
77
76
76
76
76
75
76
108 Amoskeag Mfg
No par
•79 80 *79
80
80
80
7912 80
NO par
43 Do pref
16
*14
*14
16 *14
____ ___ ______!Art Metal Construe,Inc__ _ 10
16
*11
12
+11
12
*11
12
---- ---- ______ Atlas Tack Corp
No par
10553 106V __
__
10512 10512 --------9 Boston Cons Gas Co, pref-100
3.22 .30 :
-17.12 -:56 -».-2-2 ":iii '
22
- .ii
.20 .20 -_ _
_
500 Boston Mex Pet Trus._No par
120
2012 2014 2014 2014 2014 +2014 2034 2034 2034 2 12 -136 Connor (John T)
10
2034
*3
34 *3
318 *3
34 *3
10
34 *3
31 ---- ----------East Boston Land
712 8
*714 814
8
8 I "714 8 • *714 8
45 Eastern Manufacturing
5
76
7612 78
78
78
78
78
77
7878
130 Eastern SS Lines,Inc
25
163 16314 162 162
16414 16414 164 16414 164 16412 16334 164
286 Edison Electric Ilium
100
*312--------------- I Eider Corporation
*312 4 I *34 4
*313 4
*312 4
No PDX
*514 612 *514 612 *512 612 *512 612
*514
'Galveston-Houston Elec__100
9
*8
9
*8
9 ' *8
No par
8450Gardner Motor
17
17121 16
1712 416
1712 *16
1713 +16
1678 17 *18
25
150 Greenfield Tap & Die
56
55
55
54
55 --------43 Hood Rubber
No par
*5412 56 "5413 56 *55
38 *36
38 *36
38
*3612 38
3512 *36
____ ____ ______ 1 Internat Cement Corp_No par
*34
12 *_ - __ 14 *__ _ _ 12
12
•____ 14
12
____ --__
50
4 Internat Cotton Mills
54
54
56
56
56 *25414 60____ ____
56
56
100
56
63 Do prof
+113 2 1
112 112 . +112 2
*114 2
*112 2 --------150 International Products-No par
*312 7
*313 7
*34 7
*312 7
*313
100
______ I Do pref
713 712
712 812
74 713
8
8
+8
87 Libby. McNeill & Libby_ _ _ 10
4,812 9'2
9
912 *812 912
9
9
9
9
9
9
25
96 Loew's Theatres
*8012 81
8018 81
8012 8073 *8032 8034 8012 8034 8012 8012
83 Massachusetts Gas•Cos__ -100
6734 68
68 6913 68 68
68 68
68 68
68 68
100
59 Do pref
155 1554 *15514 15614 156 156
*155 _-__ 15512 158 +15513 156
100
55 Mergenthaler Linotype
+6
712 +612 7
"6
612
6
612
612 634 ____ __-10
185 Mexican Investment, Inc
22131 21
2212 2212 22V 2213 22
22 I 21
21
21
21
128 Mississippi River Power__ _100
82 82 , 811282 1 18012 82
*82
83
8012 804 --------22 Do stamped Prof
100
4
4
37s 4 I
312 414
413 412
458 434
44 412
10
813 National Leather
334 38g ---------1.099 New England Oil Corp tr cats.
382 34
334 334
334 334
4 354
'11412 115 +11412 115
11412 115 I 115 115 I 11412 11412 11434 115
91 New England Telephone 100
*1612 1714 1714 171 *17
1712 *1634 17 *1634 17 ---------100 Orpheum Circuit, Inc
1
88
88
88
88
88
88
87V 8712 8612 8734 87
88
334 Pacific Mills
16
16 "1513 16
*1578 16
*1414 16 I *15 16_
10
25 Reece Button Hole
11.
2
50
14 2
114
3 .
.2514
0 2
.
1.
(
2,0
14 2
112 .
1.
250
14 2
11141
2:
111:'.
32
50
14 2
1114
2 _ __
_ _ ___
22
12 ______
Folding
fag.e40Mach1ne-- 10
23R
Reece
Ei4
5
10112 102 i 102 102V 10213 10314 10214 103
101 101
102 1021
100
464 Swift & Co
44
44
1
44
43V 44
4413 4413 4412 45
45
45
45
25
187 Torrington
812 '
38
84 *8
+8
812 +8
812
812---------100 Union Twist Drill
5
364 36
3612 36
3614 36
36
3612 3618 3812 36
3618 1,235 United Shoe Mach Corp... 25
12512 26
2584 2534 2512 2578 2578 2578 2512 257s 2578 2578
25
145 Do pref
2378 24
2334 2378 2314 2378 2114 2314 1934 2134 ---------14,253 Ventura Consol Oil Fields_ 5
1712 1712 1713 1712 1714 1714 *1714 1734 *1714 1712 ____
395 Waldorf Sys,Inc,new shNo par
.9 10
*9
10 i *9
10
*9
10 1 +9
10 I ____
____ -1 Waltb Watch Cl B com.No par
.118
19 *18
19
18
18
18
18
*18
21. Preferred trust cats
100
1412 1412 *1414 1484 *1414 1413 1414 1414 *14
1412 ____
105 Walworth Manufacturing_ 20
29 •2812 29 *2812 29
29
29
29
361
*2812 2912 2814 1i12
50
155 Warren Bros
*3113 32
*3112 32
32
3113 3112 *3112 32
20 Do let prof
50
*34
36
35
35
36
36 *34
*34
36
50
201
Do
2d
pref
*7
*7 _ __
*612 7
______ I Wickwire Spencer Steel... 5
5
*18
214
*1313 1334
12258 12278
*7514 76
*79 80
*15
17
*11
12
883
114May 4
13 Aug 7
119 June 29
76 July 30
877 July 10
15 Mar 1
10 July 2
105 Jan 22
.10 Jan 18
19 July 5
3 June 25
7 June 28
6834July 30
160 June 28
312June 30
5 July 9
813 Aug 23
1512June 12
54 Jan 8
32 July 2
12 Aug 20
50 May 31
112June 5
412June 20
5 June 22
814June 27
7812May 22
65 July 7
147 June 19
6 Aug 22
1834July 6
80 Jan 16
314June 27
214 Aug 1.3
113 July 4
1634July 12
8612 Aug 23
15 June26
2 Jan 11
.75 June 14
981 June26
42 July31
712 Jan19
23312 Junel5
2418 June14
1934 Aug23
1534 June21
5 Feb15
1512 Mar 6
1114 Jan 5
2513 Jan31
31 July12
33 July10
7 Aug14
313 Jan 9
20 Jan 10
12534Mar 14
112 Jan 5
88 Jan 5
1612Mar 14
20V Feb 14
1081 Feb 24
.30 Jan 25
27 Mar 19
4 Jan 2
1418 Mar 5
12712M ar 22
172 Jan 3
1078 Jan 2
2912 Feb 5
1558 Mar 3
24 Feb 10
6313 Mar 13
44 Mar 19
22 Feb 19
7212 Jan 10
3 Mar 20
8 Mar 15
812 Aug 20
11 Apr 26
874 Jan 2
73 Jan 25
179 Jan 6
1434 Feb 19
2814 Jan 31
84 Feb 14
834 Feb 13
334 Aug 20
122 Jan 3
2112 Apr 26
190 Jan 2
18 Mar 14
314 Mar 15
2 Feb 20
10212 Jan 6
50 Mar 9
11 Mar 7
55h Mar 8
2814 Jan 11
30 Jan 2
222h Mar 19
13 Mar 17
2912 Mar 19
1712 Feb 17
3413 Mar 14
3912 Mar 14
42 Mar 15
1212 Feb 21
PER SHARE
Range for Preston
Year 1922.
Lowest
Highest
13014 Jan
7312 Feb
9414 Mar
116 June
10112 Nov
14 Jan
20 Jan
22 Jan
36 Jan
30 Jan
40 Jan
125 Jan
18 July
66 Aug
51 July
28 July
29 July
2712 Jan
121.4 Jan
69 Jan
58 Jan
57 Jan
15 Jan
78 Jan
152 May
8913 Sept
105 Sept
128 Sept
109 Sept
3113 May
37 Apr
4412 Apr
62 May
54 May
7712 May
163 July
2658 July
77 July
60 Nov
47 Aug
47 Aug
55 Oct
3478 May
96 Jai'
10314 Dec
9814 May
(1873 June
100 Aug
212 D
13
Feb
11418 Jan
104 Jan
80 Nov
14 Nov
13 Jan
10434 Aug
.10 Sept
1534 Jan
3 Jan
7 Dec
3812 Jai
156 Mar
3 Mar
28 Dec
9 Nov
17 D
43 Mar
Jan
26
20 Nov
60 Aug
IV Dec
512 Dec
138 A p
8 July
63 Jan
62 Jan
130 Jan
11 Dec
13 Jan
7213 Jan
654 Dec
.22 Dec
109 Jan
13 Jan
11514 Oct
1212 Apr
118 D
.50 No
9234 Jan
89 Jul
8 M
37 Jan
25 Jan
2172 Jan
21314 Jan
214 Nov
11 Nov
738 Feb
1712 Jan
3012 Jan
31 Feb
814 No
414 Jan
2014 Aug
1284 Aug
121 Dec
91 Aug
2012 May
22 May
107 Dec
.50 May
807a Dec
6 Apr
14h Feb
8912 Oct
185 Sept
13 May
39 Aug
1614 Apr
2734 Feb
5418 Des
8818May
82 Jan
85 Dec
613 Mar
17 Apr
1112 June
18 Jan
9018 Nos
74 Oct
181
Oct
2728 June
34 Aug
8513 Oct
1138 Jan
5 Jan
125 Sept
28 Oct
192 Dee
16 July
3 Mar
7% Apr
1101 Sept
8112 June
14% Feb
45 Mar
2712 July
3312 June
02112 Dec
1114 Apr
41 Apr
33 Oct
3.514 Sept
3834 Oct
4414 July
21 May
13.33 .50
.50 .55 *.33 .55 '
3.30 .55 '
3.30 .55
1 Apr
1 Feb 28 .50 J
25 .25 Feb16
200 Adventure C
inligriated
Moinnso
5913 5912 5912 61
6012 6012 *5912 61
*5912 60
25 54 July 5 87 Mar 1
56 No
66 May
170 Ahmeek
*.15 .25 1%15 .25 1.15 .25 +.15 .25 *.15 425
25 .10 July 5 .50 Mar 2 .03 Sept .50 Apr
1 Algomah Mining
1512 1512 154 1614 16
1612 16
1638 *1514 16
269 Allouez
25 15 Aug 9 34 Mar 1
19 Dec 3213 Jan
*44134 2 *al12 2
134 134 *alga 2
154 134
25 Arcadian Consolidated
25 .70 July 3
2 Mar
414 Mar 5
418 May
9
912
9,z 912
914, 914
934 954 *914 958
430, Arizona Commercial
5
738 Jan 6 1412Mar 2
6 Nov 1012 June
*1614 17 *16
17 *16
17 I *16
17
*16
17
10 16 July27 19 Feb 19
1814 Sept
. Bingham Mines
18 J
41
41
4014 4112 4034 4112. 41
41
4034 4014
25 40 June26 49 June 15 248 Nov 1201 Aug
640 Calumet & Recta
512 558 *51s 554 *51e 6 1
518 518 *3
6
1684 Ma
938 Feb 13
1
512June 12
No
Nov572
1601Carson Hill Gold
8 N
8
8
. 1312 Feb
+7
8 i
712 712
7
712 *7
713
7 Jan 18 15 Mar 1
3701 Centennial25
2834 2914 2812 2941 2813 2834 *2834 29
2834 294431Copper Range Co
25 27 July 5 4634 Mar 1
3518 De
4634 May
"24 234 *212 278 *213 234
212 213 2/
914 Jan
1
4 2/
1
4
195 Davis-Daly Copper
10
214June 28
218 NovNo
5 Feb 23
6
6
534 534
534 534
54 534
512 512
1214 Jan
710 East Butte Copper Mining_ 10
5 July 5 1112 Mar 1
712 NovNo
*138 112 *118 112 '
3118 113 *118 112 *1
372 Apr
I Franklin_
25 .30 May 22
1 A
258 Mar 5
112
*113 212
112 212
2
2
+2
3
2
2 1
812 Mar
110,Hancock Consolidated.... 25
158July 12
112 AugA
4 Mar 5
31
31
3034 3034 3034 3034 3013 3012 3012 3034
325'Hardy Coal Co
1 2434 Mar 28 3352.7une 7
---- ----.
"alai 1 4 *a.50 .75 *44.60 .75 *a.(10 .75 *.60 .75'
21 .i.1
313 JA.Iter
tg
,1i
Helvetia
114 Feb 20 .50 Dec 8%1 Ain'
105 105 1110312 105
105 106 I 10513 106
10534 110
11513 Apr 7
Jan 11618 June
792 Island Creek Coal
*95 98
+95
96
+95
96
+94
96 *95
96
88 Feb 97V Nov
Do pref
10012 Mar 28
22
22 "204 22
*21
23 *2112 23
22
Nov 2634 May
22
30
Isle
25
19
June
21
18
Royale
334
Mar
3
Copper
+238 234 *312 4
*214 234 *214 234 *214 234I
473 Apr
5
2 July 17
3 Feb
358 Jan 2
1 Kerr Lake
'
3.80 113 •.80 112
.80 .80 '1.80 113 •.80 112
1 Feb
25 .80 July 13
50 Keweenaw Copper
312 Apr
214 Mar 5
*2
212
2
2
*2
2V *134 213
2
634 May
2 123 Lake Copper Co
214 Fe
25
134June 27
514 Mar 1
*114 112
114 114 *114 134' *14 134 *114 184
214 Apr
1 No
160 La Salle Copper
25
118 Jan 29
314 Mar 1
*113 2
*11
*112 2
2
*11
2 I *112 2 I
261 May
Ile Jan
5
1 Mason valley Mine
1/8June 15
258 Mar 27
'138 lh *lh 114 *lh lh *133 IV *158 1341
434 Apr
113 Dee
25
10 Mass Consolidated
118July 20
414 Mar 3
*238 3
3
3
*3
312 *3
3I2' 272 2721
616 Apr
218 Dec
200 Mayflower-Old Colony
25
212May 15
7 Feb 10
2
2
2
2
2
.
42
1
2 1 *2
7 Apr
212'
25 .90 July 3
172 Michigan
4 Mar 17 .75 Jul
42 42
42
4214 42
42
68 June
4212 42
52 No
42 I
70 Mohawk
25 39 July 2 71 Mar 2
21
8, *1712 18 I 1753 1772
1713 1734 1753 1734 1778 177
20% Jane
1514
853 New Cornelia Copper
5 12
612y4
Juug
ne 2
28
0 2412Mar 2
212 213 *214 234 *214 2341 *214 284 ____
-- _-__
414 Apr 4
100 New Dom. CopPer
*37
__ *37
*37
40 Feb
*37 ---- "37
- *37
37 J
100 35 Apr18 40 Apr 27
______ 1New River Company-----100
*275 -80 1175
427514 80 *375
•275 -80
73 Jan 85 Oct
*75
---Do
Do pre(
100 77 Mar 5 84 Mar 16
514
515 *5
54 514 *5
5
7 Jan
51,f8 5/
1
4
5 Jul
54
Mines
614 Feb 20
5
514
491
5
48g July 5
212 258 *212 278
258 258
212 2V
8% Oct15 May
258 258
212 212
220 North Butte
15
2 July30 1214Mar I
.4.33 114 *.90 114 *.90 114 *AM
114
1
4% Apr
I
*1
114
114
218 Mar 5
100 Ojibway Mining
25 .70 July 2
18
18 *18
19
1614 17
*1712 19
*18
19
16 Nov 27 Jan
1814 18141
88 Old Dominion Co
1614 A20
Aug20 32h Mar 1
31
31
3118 3112 3113 3112 3112 3113 +31
3212 *3113 33
25 Nov 3812 Aug
25 2434 Juiy18 46 Mar 1
296, Osceola
*272 314 *273 314 *234 333 *284 338 '
3234 288 *234 338
8•14 Nov
212.9
4 Mar 5
214 Aug13
I Park City Mining & Smelt_ 5
13
*13
14 "13
14 1 *14
1334 1334 1334 1334 13
15
2
165
10 PdC
Quincry
k Pocahontas Co-No Par 1254 May22 1614 Mar 23 ---- -- 2612 27
27
27
27
+26V 28
2612 2612 27
30 No
KJ- May
126
28
25 22 July 5 50 Mar 2
*3413 36
*33
36
3432 35
*33
36
37 No
36
4812 May
+33
36
25 31 July 2 5312 Mar 1
*33
30 St Mary's Mineral Land
.55 .55 +.50 .60 '
4.60 .60 *.50 .60
3.50 .60
ii2 Mar 5 .25 Mar
114 May
.55 .55
150 Shannon
10 40 Jan 9
3.25 .85 '3.25 .85 '
114 Ma,
3.25 .85
I..
1 Aug 8 .25
+.25 .85 •25 .85 +.25 .85 '
25 .10 June 4
South Lake
4138 134 *112 2
*114 2 I *138 172
112
434 July
*128 2
*188
314 Mar 3
25
114 July18
Superior
'
3.95 1
1
'1.90 1
'1.96
354 Feb 23 .90 M
1
*,33 118
1181 +.90 118
234 Oct
100 Superior & Boston Cooper- 10 .90 July30
.50 .53 1%50 .55 11.50 .55
144 D
1h Feb 15
.50 .50
Co
313 Apr
•.52 .55 1..50 .55
350 Trinity CopperCorp
5 50 May15
112 13(4 •114 158'
158 Aug 18 .40 Nov .92 May
Ps 158
114
114.
10
1 July 6
138 152 *14 134
400 Tuolumne CoPPer
6 Apr 13
1;44 Oc
4 Mar
*814 312
312 312 *338 34 *335 34
5
234 Jan 9
338 Vs
312 338
350 Utah-Apex M1111112
114 114 '114 114 "114 114
114 114
3 Mar 5
114 114
1 Fe
312 June
1 Aug 7
1
*114 112
270 Utah Consolidated
.58 .58
.60 .60 ".55 .60 '1%55 .60
.51 .55 1,200 Utah Metal & Tunnel
lh Feb 27 .80
IN Apr
1 .40 July20
+.55 .60
.75 .75 1.75 112
.75 .75 ...-- .75
21 Jan
238 Feb 28 .75 No
100 Victoria
25 .75 July 3
•.87 --•.50 .75 +IA .75 4.,30 .75 '1.50 .75
.
2114 Apr
1hMar 5 .25 J
25 .30 June29
•.60 • .75 •
Winona
612 7 • 632 613
7
612 712
7
718 Nov 16 May
261 Wolverine
25
5 July 3 13 Mar 1
612 612 Ms 7
a Bid and &abed Deems no Wee on this day. s Et-r121216, blbrdividend and rights. s Ex-dividend. q Ex-stock dividend. a Assessment pad,
eBeginning with 'Thursday, May 24, trading has been In new shares, of which two new Shared of no Par value wfwe given In exchange for one snare ot 01141 axon bt $12
Parvalue. In order be make possible companions with previous quotations, we have divided all these previous quotations by two.
...,..iiii 12
884
Fin.117.
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Aug. 18 to Aug. 24 both inclusive:
Bonds-
Sales
FridaY
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
All Gulf & W I SS L 5s'50
49
49
E Mass St RR ser B 59'48
.71
71
Hood Rubber 7s
1938 100% 100% 100%
Mass Gas 414s
1931
91
91
M188 River Power 5s__1957
94
93% 94
New England T€1 58_1932
9831 98%
Swift & Co 5s..
1944 9534 9534 96
Warren Bros 7Ns---1937 104
104 104
Western Tel 5s
1932 97
96% 97
Range since Jan 1.
High.
Low.
$2,000 43
450 7034
30,000 100
2,000 89
33,500 89
2,000 9834
4,500 91
5.000 10234
18.000 94
Mar
July 62
June 77% Jan
July 10234 Jan
Jan
Apr 92
Jan
Apr 95
Mar 9934 Jan
Apr 9934 June
Mar
July 115
Feb
Mar 98
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 18 to Aug. 24, both inclusive, compiled from official lists:
Stocks-
FridaY
Sales
Last Week's Range for
Bale
of Prices. Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
IggagA4gagtV, Vera%IgVagga4g1448.gattanV014;Tit4O444"4g4
zo.000commw-vom
.1 aag.A. _.c,,wwwa...a.4.00.1w4paetmoonmgo-Iww
zwmww.,wo...no, wc.t.omaT
ob ,
Iwwwom.qwbawto..ao*.ocomoonoa.-o,wmow
...
..\
,
0=M.GG=0M.000MPP00MMP
- 00.
PrM 00= 0OPPOE
0 .
.4,
40mmooNsem.00.6my•emmo;pweAzo;aoomAyats
xrx
X
=XX
X
July
Aug
Jan
Aug
Feb
May
July
Aug
May
Aor
g
853:
7634
47
7654
59
9531
99
9734
61
9214
xxx x
33.000
6,000
19,000
4.000
2,000
9.000
6,000
4.000
12.000
13.000
;k22224;<'"
8834
77
5214
77
6134
9736
99
9754
63
911
tOM.ONO.0*NoTh
000001'.00000
8814
7834
52
77
6154
9734
99
9734
62
9554
VaMtitIgS2g4tivi21.1Weiag522t;742Netatig
89
89
80 89
Aug
734 8% 3,124
5
July
4
4
25
231 May
9734 98
12 96
JI113,
31
3334
525 26 June
19
175 ION May
1934
4214 45
512 3634 May
8234 8314
335 8034 July
9834 99
252 96 June
1934 20
325 18
July
334 434
991
311 June
9
10
200
9
Aug
1934 2034 1,605 1734 Aug
179 9935 June
10034 10134
10034 101%
378 9934 may
9234 93
14 9134 May
202 202
3 202
Aug
9854 99
105 85 June
17.14 18
919 1134 Jan
77
77
15 6734 July
2534 2634
550 1754 Jan
iso 4654 June
4834 48.4
90
9254 49,950 7414 July
10134 10314 1,829 9854 June
20
2154 19,212 16 June
48
50
1,110 4334 June
5854 5734 8,242 5134 July
4
454
150
4
Aug
140 144
116 71
Jan
115 8914 July
7514 77
72
1.888 51
88
July
6 10234 Aug
10214 10234
17
150 17
1734
Aug
395 43
4334 44
July
24
355 1854 May
22
40 9654 Feb
9834 99
21
3.335 1834 May
20
98
173 93
Jan
98
234
705
2
134 Aug
18
2034 2,020 12 June
860 100
107 10834
Jan
153 222 June
244% 248
9854 9954 30,230 7034 Jan
V
0
0
.0
g
Aug
July
May
July
gx g
lEPors=.c===.o.
Opo .
<..,
4MMa0.40,
4
8234
32
8
39%
xxgxx xg x xg
N
.
W
00.0
NWWW
.
.20*.N00...00,0.000-40.N
00..
40.000.4...Wia.00.44. 0WWw000004,0000-.1
64
Feb
1834 July
1854 July
x xx xgg
.
*000000.4.MOW
m..INC0004:44,00N
7
3,610
1,065
100
106
20
1,690
201
:siggmomnggucmgmlgtatim m
85
2034
2154
75
85
3354
12
43
xxx
•No Dar value.
85
2034
20
75
82%
3314
ION
42
High.
Low.
84
2 8334 Aug
84
88
391 8434 June
8934
7634 8014 1,575 71 June
7$4 734
167
735 AK
20 71 June
8034 8034
3234 34
1,215 2734 Feb
27
3034 8.985 2234 MaY
1254 13
800 1234 Aug
10
July
8
10
10
1
1
50
% July
5
5
434 July
25
Si Aug
Si
% 4,028
152 161
118 May
90
90
85 May
127 128
858 12834 June
20
4% 4%
434 July
15 6834 Aug
5834 5834
734 734 1,185
654 June
107 109
121 107
July
195 40 June
5034 5334
2514 3034 17.410 1934 May
38 4834 June
6134 82
11034 11034
213 10934 July
3,4 July
14
X
540
25
25
40 2334 Aug
34
3531 2,595 2234 Apr
10131 10154
190 100
Jan
19
545 1634 June
2034
734 11
1,145
734 Aug
27
28
290 2434 Feb
79
79
75 75 June
116 117
225 98
Jan
36
37
415 32
July
00Nm 0MV .
M 0M0
.
,
0, 0
0000000VM.MWMO0MM00=MCO
.. N.
Amer Pub Serv pref_ _100
Armour & Co.(Del.) p-f 100 8834
Armour & Co prof
100 77
15
Armour Leather
Preferred
100
Bassick Alemito Corp_ _ - -4 33
Borg & Beck
* 2934
Bridgeport Mach Co
* 1234
Bunts Bros
10 10
Case (J I) '
*
6
Chic City & Con Ry pref_ •
Chic Elev Ry pref
100
Si
Chic Motor Coach corn_ _ -5 152
Preferred
Edison.100
Commonwealth
12754
Consumers Co com_ _ _ _100
4%
Preferred
100
Continental Motors._ -10
J0
734
Crane Co prof
100 10834
Cudahy Peeking com_ _100 53
Daniel Boone Wool Mills 25 3031
Deere & Co prof
100
Diamond Match
100
Earl Motors Co
*
Si
Eaton Axle dr Spring
•
Eddy Paper Corp (The)_ -• 34
Fair Corp(The)
100 10134
Gill Mfg Co
* 2034
Godchaux Sugar, corn _ _ _ -*
8
Gossard ill W). pref _100
Great Lakes D dr D_ _ _ -100
Hart &haf&Marx,com_100 117
Hayes Wheel Co
*
Hibbard,Spencer, Bartlett & Co
25
Hupp Motor
10 2034
Hydros Corp. pref_ -100 20
Illinois Brick
100
Illinois Utilities
100
Inland Steel
25
International Lamp_ _ __25 12
Kellogg Switchboard
_25
Ktippenheimer & Co(B)
preferred
100
Libby, MoNeill & L, new _o
Lindsay Light
l
Lyon & Healy, Inc, pref. __
McCord Had Mfg
• 3234
* 19
McQuay Norris
Mid West Utilities, econ100 45
100 8314
Preferred
99
Prior lien preferred
10 20
Murray Mfg
National Leather, new.. _10
Phillipsborn's. Inc, com_ _5
9
Pick (Albert) & Co
10
Pub Serv of Nor III, com100 10134
• 10134
Common
100
Preferred
4uaker Oats Co
100
100
Preferred
10 18
Roo Motor
Sears-Roebuck, cont. _ _100 77
Standard Gas dr Elec._ _50 2634
50 4834
Preferred
Stew Warn Speed, com.100 91
100 10234
Swift & Co
15 2014
Swift International
Thompson (J R), com_ _25
1;Intim Carbide & Carb._10 5614
1:inked Iron Works new_50
1316ted Lt & Rya, com_100
100 7534
lot preferred
1J S Gypsum
20 72
Preferred
100
1Testa Battery Corp. com..• 17
1,Vahl Co
• 4334
1Wanner Malleable Cast...'
1Ward, Mont,& Co, 01_100 9834
When issued
20 21)
*
Class "A"
Western Knitting Mills__*
2
•
Wolff Mfg Corp
Wrigley, Jr, common__ _25 107
fellow Cab Mfg, Cl"B" 10 247
98
fellow Taxi Co
BondsLrmour & Co of Del20-year gold 5Ns._1948
:ihicago City Ry 58-1927
:Mc City & Con Rys 5,6'27
3hleago Rys 55
1927
58 Series "A"
1927
:7ommonw Edison 58_1943 9754
nternat Ry L dr P 7s.1945
endon Guar 8s
1962
detrop W Side El 181 48'38
twig, ,
n let e f,e RN 1444
Range since Jan. 1.
xx gx
• No par value.
High.
Low.
Stocks
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. price. Low. High Shares.
CNN
Stocks-
10
Alliance Insurance
30
15
3034
Amer Elec Power 00_-50 21
2034 21
903
Preferred
100
7134 7134
55
American Gas of NJ_ _100
7334 7334
5
American Stores
• 2434 2234 2434 8,53
100 77
Brill (.1 G) Co
68
77
1,223
50
Iron
4134
Cambria
4134 4154
53
• 212
Congoleum Co. Inc
210 212
195
Consol Traction of N J-100 35
35
35
5
Cramp (Wm) & Sons_ _100
56
57
82
100
Eisenlohr (Otto)
8034 8034
10
100
5954 6034
Else Stor Battery
185
*
49
General Refractories
49
189
Insurance Co of N A_ ___10 4534 4534 4554
287
Keystone Toler), Mg- -50
25
27
35
434 534 3,880
Lake Superior Corp____100
534
50 6834 66
Lehigh Navigation
67
231
Lehigh Valley
62
so
62
5
10
21
Llt Brothers,
21
10
40
so
Little Schuylkill
40
28
* 60
Penn Cent Lt & Pow
60
130
86
83
82
Pennsaylrania Salt Mfg-50 83
44
so
Pennsylvania RR
43
894
4334
4434 4414
Philadelphia Co (Pitts)-50
10
50
Frei (cumul 6%)
45
4234 4354
25 2934 2934 2934 2,909
Phila Eleetrio of Pa
25 31
Preferred 3034. 31
329
phlia Rapid Transit
50 33
32% 3314 3,270
Philadelphia Traction_ -50 6134 61
6134
180
Tono-Belmont Derel_ -_I
34 11-16
285
1
Tonopah Mining
134 131
500
Traction
Union
50 3754 3734 3734
200
50 52
United Gas Impt
5054 5234 1,418
Preferred
50 56
5534 51334
21
Warwick Iron & Steel_-1020
west jersey & Sea Elh_ 50
34
8
38
4
27
BondsAmer Gas& Elm 5a_ _-2007
8834 89
$4,500
Bell Telep lst 5e
1948
97
9714 4,000
Eleo & Peoples tx etts 48 45
6314 8434 16,000
Lake Superior Corp 581924
22
22
3,500
Lehigh Vail gen eons 42003
7634 7634 2,000
Mile Co consol stmpd 58.57
8934 9034 25,000
81
81
5,000
Phila Elea 1st 4s reg_ _1988
98
9934 27,600
1988 98
1st Ea
8,000
1947 101
10034 101
534s
1941 104
fis
10334 104
4,000
1,000
57
57
Jutted Rya gold tr ctfs4is''49
Aralealakels (in Atg
19R11 Of(34 ORS.: 0834 1800
Range since Jan. 1.
of transactions at
Chicago Stock Exchange Aug. 18 to Aug. 24, both inclusive,
compiled from official sales lists:
:== .‘z!
Sales
Last Wears Range for
Sale
of Prices. Week.
Par. Price. Low. High. Shares.
Prlally
Aug
101
Chicago Stock Exchange.-Record
1 =.!
complete record
of transactions at the Philadelphia Stock Exchange from
Aug. 18 to Aug. 24, both inclusive, compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
834 Apr
95
Mar
107% Mar
Jan
• 10
122 May
434 Aug
July
10
Aug
110
Feb
27
Feb
80
1814 Feb
1834 Feb
3634 mar
3634 Mar
2% Jan
8
Mar
Mar
100
Jan
28e
Jan
205
17% Apr
8.4% Apr
2834 Aug
May
86
6934 Mar
=2:
Philadelphia Stock Exchange.-The
Am Vitrified Prod, corn 50
6% 6%
100
634 July
Am Wind Glass Mach_ _100
July
84
8434
110 78
Preferred
100
8914 89%
25 8914 Aug
Arkansas Nat Gas, corn_10
514 5% 2,590
5
Aug
534
Barb-Walk Refr, cora_ A00
Mar
10434 10434
10 102
Indep Brewing, corn_ _ -50
4
4
334 Jan
100
Preferred
50
10
Jan
10
20
6
Jones-Laughlin, pref__ _100 109% 109 110
232 10634 Mar
Lone Star Gas
25 2534 25
110 23 May
2534
Mfrs Light dc Heat
50 53
53
5334
525 51
May
Nat Fireproofing. pref_ _50 17% 1534 18
740 1434 July
Ohio Fuel 011
1
12
12
140 12 May
Ohio Fuel Supply
25
3134 3134
July
370 30
Oklahoma Natural Gas_ _25 2134 20
21
868 18% Mar
Pittsburgh Brew,corn__ -50
2
214
25
IN May
Preferred
50
434 534
140
4% Aug
Pittsburgh Coal. pref._100
99% 99%
15 97
Jan
Pittab & Mt Shasta Cop_ _1 13e
12c l3c
8.000 10c June
Pittsburgh Plate Glass 100 184
182 186
Jan
230 165
Salt Creek Consol 011 _10
7
8
8
Aug
50
Stand San'y Mfg, com_100
81
Mar
82
100 73
Union Natural Gas
25 28
28
28;4
905 2314 Feb
West'house Air Brake
50
80
Apr
350 76
8134
W'house El & Mfg,com_50
July
5854 59;4
69 50
BondsHeldenkamp P G 6 Ns_ _
100 101 $49,000 99;4 July
t.o0000000..1.0000.00001.0.4...00000,00.4,0M
M0=.0MM..
00
N..CONN
MVONNM0..
Arundel Sand & Grarel_100 4234 4234 4234
Jan 4534 Mar
120 40
Baltimore Brick pref _100
Apr
50
50
Jan 68
21 49
Baltimore Trust Co
_50
Feb
158 158
Jan 180
7 155
Beneseh (I) corn
•
33
33
15 3231 Jan 36 June
25 2534 2534 2534
Preferred
141 2534 June' 2834 Jan
Jan
Celestine Oil
1
.12 .12
Aug .50
518 .12
Central Teresa Bug pref_10
234 234
414 Feb
50
234 July
Ches & Po Tel of Balt__100 10934 10834 110
44 10834 June 11034 Mar
25 70
Commercial Credit
69
70
Jan 7014 July
65 48
25
Preferred
25
Jan 2534 Apr
25
75 25
Preferred Et
25 26
26
26
113 2534 Aug 2734 Jan
Consol Gas,E L &Pow-100 10834 107 109
Mar
481 10614 July 118
7% preferred
100 104
Mar
July 108
46 103
10334 104
8% preferred
Jan
100
115 11834
112 115 June 120
Consolidation Coal_ _100
Jan
8434 8434
20 8234 May 98
Eastern Rolling Mill
•
Apr
43
Jan 60
43
4 25
100
Mar
8% preferred
82
Jan 100
87
105 80
Fidelity & Deposit
50 8334 83
219 7834 July 14434 Apr
8334
Houston Oil pref tr ctfs_100 8134 8134 8114
Jan
Aug 95
10 80
Manufacturers Finance_25
5034 5034
20 50
July 5734 Jan
Maryland Casualty Co_ _25
Jan
83
95 8234 Aug 90
8334
Mercantile Trust Co__50 2473424734 24734
Apr
Jan 251
10 233
Merch & Min Tr Co_ 100
Apr
107 107
10 10414 Aug 121
Monon Val Trae prof ___25 20
10 18
Feb 22
Aug
20'20
Mt V-Woodb Mills v t r 100
10
10
32 10 May 1934 Mar
Preferred v t r
100
Aug 7334 Mar
58
5734
21 50
New Anysterd'm Gas Co 100
3734 38
123 30i • Jan 39 June
Peruse Water & Power_ 100
100 101
Aug 10834 Mar
67 100
United Ry & Electric_ -50
1834 17
230 1534 Aug 2034 Jan
US Fidelity & Guar_ __ _50
Jan
Jan 164
10 147
15334 15334
Va Ry & Power corn_ _100 3834 3834 3634
July 3634 Aug
100 33
Wash Bait & Annan_ _ _50
Feb
Aug
15
8
8
8
8
75
Preferred
50 28
28
25
15 2834 June 3134 Feb
BondsJan
Atl C L(Conn) ctis 5s_1920
9134 9134 32,100 9134 Aug 96
Jan
Consolidated Gas 5&.1939
99
99
2,000 9834 Aug 101
C0nGEL&P8erA81049
103 10334 2,000 10034 Apr 10334 Jan
Fair & Clarks Trao 58_1938
9034 9034 1,000 90 May 9334 June
Fairmont Coal Se
Apr 9734 Mar
1931
1,000 94
95
95
Jan
Monon Valley Trac 50_1942
7934 7934 1,000 7934 Aug 86
Penns Wat & Pr 5s.._ .1940
9534 9534 1,000 9434 May 9734 Feb
United Ry & El 4s_ _ __1949
72
12,000 7134 May 7434 Jan
72
Jan
1949 51
Income 4s
51
5134 4,000 5034 Aug 55
Os
A949 9934 9934 9934 6,000 9934 May 10214 Jan
Jan
Aug 98
6s
1927 96
96
96
5.100 98
Wash Balt dr Aansp 5s 1941 ------7134 7234 10.000 7034 July 7734 Feb
•No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Aug. 18 to Aug. 24, both inclusive, compiled from official sales lists:
Friday
Sales
Range since Jan. 1.
Last Week's Range for
Sale
Week.
ofPrices.
StocksPar. Price. LOW. High. Shares
High.
Low.
Sala
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares
THE CURB MARKET.
Trading in the Curb Market this week was exceptionally
dull, prices moving without definite trend over a narrow
range. Standard Oil issues continue the most prominent
issues. Standard Oil (Indiana) after early advance from
533/2 to 54%, moved down to 51%. Vacuum Oil gained
over 13/2 points to 46%, then fell to 443%, the close to-day
being at 443A. Ohio Oil, after an advance from 573%
to 58 and a reaction to 563/2. broke to 513/2 following the
announcement of a reduction in the dividend. GalenaSignal Oil rose from 63 to 65, then reacted to 62. Magnolia
Petroleum sold down from 135 to 129 and up to 133 finally.
Prairie Oil & Gas was off from 180 to 171, the close to-day
being at 172. Prairie Pipe Line declined from 104 to 101.
South Penn Oil gained four points to 121. Standard Oil
(Kansas) receded from 423/2 to 40. Standard Oil of N. Y.
5 at the beginning of the
improved about a point to 40/
week, but thereafter weakened and finished to-day at
383/2. Industrials were dull with few changes of importance.
4, the close
Peerless Truck & Motor sold up from 37 to 393
to-day being at 393%. Durant Motors advanced from
393/2 to 423/2, but reacted to 39. Gillette Safety Razor,
after an advance during the week from 2523/2 to 2543/2,
to-day jumped to 258. Glen Alden Coal, after early
improvement from 70 to 71, dropped to 68. Midvale
Co. rose from 153 to 173% and reacted finally to 163%.
National Supply Co. declined from 573/2 to 56 and ends
the week at 563%. Bonds were quiet and without material
change.
Below is a record of the transactions from Aug. 18 to
Aug. 24, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale.
Week
ofPrices.
Low. High. Shares.
Per.
Week ending Aug. 24.
Stocks—
Indus. & Miscellaneous.
Amalgamated Sugar v t o _
Amer Cotton Fabric,91.100
Amer Gas & Elec. com_ •
American Hawaiian SS_.10
Amer Light &Tree.com100
American Multigraph w L
•
American Stores new
4
American Thread. Pref._ -5
Archer-Daniels Mid Co. •
Armour & Co of Del, p1.1011 89
•
Atlantic Fruit
Babcock & Wilcox Co_.100
Borden Company corn 100
100
Preferred
Bridgeport Machine Co. •
Brit-Amer Tob ord bear _El 24%
Ll
Ordinary
British Int Corp. class A_•
• 14
Class B
10 10
Brooklyn City RR
14
Buddy-Buds. Inc
Car Ltg & Power,coin_ .25
Centdfuwal cs.t. Iron Pipe• 15%
Checker Cab Mfg CI A. •
414
Chic Nipple Mfg Claws A.I n
10
Class B
100 132
Cities Service, coin
100 64%
Preferred
Cities Service, stock scrip _ 83
78
Cash scrip
Cities Spry. banker.' eh • 13%
Cleveland Automobile(toms
2e
Colombian Emerald SYnd.
Colorado Power.. out LOU
CurtLs Aeropl & M,Corn
731
Certificates of deposit_ _
Del Lack & West Coal 60
Dubiller I 'ondeuser & Rad' 10
•
DuPont Motors,Inc
• 39
Durant Motors. Inc
Durant Motors of Ind . 10
Elee Bond & Share pf_100
5
Federal Tel & Tel
Film Inspection Mach Co_•
Ford Motor of Canada_ 100
General Ry Signal, corn 100 35
Gillette Safety Hasor....• 258
• 68
Olen Alden Goal
Goodyear T1re & R.com100
•
Hoyden Chemical
10
Hocking Val Prod
100 15%
Hudson Cos Pre(
Hud & Maui) RR corn. 100
Intercontinental Woo. its,
Lehigh Power Securities.-. 2231
Lehigh Valley Coal Sales o
Libby. McNeil & Libby. 10
Marconi W Tel of Can_2.50
MeCroryStoresnewcom w is 53%
•
Non-vot corn Cl B
531
Mesabi Iron Co
16%
Midvale Co
MitUdas River Pr corn_ .100
10
National Leather
Nat Supp Coto! I Janette. so 564
Inn
N Y Tel 64% Pre(
Peerless Truck & Motor.50 3934
34
Radio Corp of Amer. COM •
Preferred
WI
Reading Coal Co
10
Reo Motor Car
Roamer Motor Car
Rosentem Or Corp, pf •
Shelton Looms corn
885
THE CHRONICLE
AUG. 25 1923.]
24
2
200
101 101
200
373,9 37%
200
13
13
200
119 1214
30
214 22
100
23
100
23
4
4
300
100
25% 254
300
89
89
14 1%
200
1034 1034
20
114% 118
365
10
102% 1024
1244 12%
400
2439 2431
400
233,1 23%
100
17% 184
200
13% 14
500
934 104 1,900
Pis 1st
1,600
100
1% 1%
154 16
300
37
100
37
4% 5
2,500
34 1,300
3
131% 134,i
861
6434 65
1,300
84
83
$5,000
76
77
58.000
1339 134
900
2811 29
500
2c
2c
1.000
17% 17%
20
864
104
4
4236
1019
os 964
6%
616 64
415 415
35
35
252% 258
71
68
104 104
139 1%
2
2
14,6 15%
94 911
3,1 34
214 2239
78% 78%
731 a
1
53% 55
16
16
5% 6
15% 174
21,4 22%
44
4
574
56
110 1104
37
39%
3
3.4
3% 3•Is
4634 48
17% 18
10
10
x4844 49
18
18
11634
9%
4
39
104
100
50
5.900
200
6.100
100
120
800
200
10
10
966
1,900
1.200
100
100
900
200
300
500
25
1.100
100
300
100
1,500
4,700
20
700
1.100
505
1,100
5,900
1.800
200
2.100
100
400
400
Range since Jan. 1.
Low.
High.
290 20,000 14e Aug 50e
15e
Southern Coal & Iron___ _5 20c
5031 50% 50% 1,000 50% Aug 50%
Studebaker-Wulff Rub- _
Aug 24%
300 13
14
13
•
Stutz Motor Car
140 98 June 109
100 1024 101 103
•
Swift es Co
1,600 17 June 21
21
20
15
Swift International
94
534 Aug
700
594 54
5%
Technical Products CorP.5
400 12
July 19
-- 12% 12%
Tenn Elec Power, COM-• June
634
231
900
3%
3%
Tot, Prod Exports Corp- •
July 60
225 47
Todd Shipyards Corp.._ _* 4954 49% 51
414 Jan
7
200
591 5%
United Profit Soar, new..1
Jan
5
539 599 1,400
•
-41.1rem CILIAY- •
tJu
304
500 20 Jun
25
25
Cr S Distill) Corp. com._50 25
234
Jan
1
14 4,000
1
119
US Light & Heat coin_.10
34
500 90e Jan
2
2
2
10
Preferred
400 1239 July 20%
1449
14
Universal Pipe dr Rad w I.•
60
58
300 56% Aug 72
100
Preferred
Aug 31%
22
22
100 20
Wanner Malleable Cast_ *
214
% Jun
14 14 1.600
o'fivpa Coal
300 1.000 30c Jan 55c
30c
1
West End Chemical
Feb 152%
300 100
123 124
Yellow Taxi Corp N Y. •
Rights.
Reading Coal w
21
Former Standard Oil
Subsidiaries
Anglo-Atuerlyan Oil_ £1
541 84
Buckeye Pine lee
100
Chesebrough Mfg
25
Continental Oil
100 104
vureka Pipe line
Galena-Signal 011, corn.10062
omble On& Ren nine. .25 294
100 159
Illinois Pipe Line
Imperial 011 (Can) coup_25 98
50
Indiana Pipe Line
Magnolia wetroleurO__ _100 133
'National Transit-12.50
100
New York Transit
Northern Pipe Line.....100 10219
26 524
Ohio 011
100 172
Prairie Oil& Gas
100 101
Prairie Pipe Line
100
South Penn 011
Southern Pine Line- —100
Standard Oil (mndlana)..25 51%
Standard 011 (Kansas)_ .25 40
25 884
Standard On (Ky)
Standard 011 of N Y._ 25 :3834
100
Swan &Finch
25 44%
Vacuum Oil
2231
2,300
144 154 3,900
205
85
84
20
223 228
33g 3449
600
30
104 105
115
65
62
1.200
294 30
160
157% 159
1.475
98 101
45
9634 97
129 135
130
2439 2439
100
20
101 102
60
102% 103
514 58
900
171 180
655
101 104
750
117 121
120
95
so
97
51% 54% 94.300
40
4234 1,100
884 92
1,100
:384 40% 56.400
32
45
32
44 1.6 46% 15,300
May
Aug
Jan
Feb
Feb
Feb
Mar
Mar
May
Apr
Mar
Jan
July
Apr
Apr
Apr
Apr
Jan
Jan
Apr
1449 JulyI 2334 July
1334 Aug 1941
80 May 9449
Jan 237
207
32% Aug an
Jan 117
95
July 7954
55
294 July 414
15554 JI1120 171
92
July 123
93 June 103
1254 June 168
2244 July 29
9534 Augl3
97 June 110
484 July 8539
168
Aug 275
July 1184
.93
July 196
100
July 116
93
4934 Aug 6934
July 57
39
80
Jan 110
3534 May ami
21
Jan 39
July 864
40
Jan
Jan
Mar
freb
Apr
Mar
Mot
Feb
Feb
Mar
Jae
Feb
Iv
Feb
Feb
Feb
Feb
Feb
Feb
Mae
Feb
Feb
Jan
Feb
Mar
Other Oil Stocks
Ark Natural Gas, corn..10
Atlantic Lobos 011 corn....'
Barrington 011, Class A.10
Boston-Wyoming 011__1
Carib Syndicate
Creole syndicate _____ 5
Derby Oil & Ref Corp, pf •
suginee.x• Petroleum Co. 1
Range since Jan. 1.
Enuity Petrol Corp. pf__10
Gilliland 011,common—_ _•
Low.
10
High.
Glenroek
Granada Oil Corp, Cl A-10
25
Gulf Oil Corp of Pa
Aug
2
234 Aug Hudson0111
99% Mar 102
35
Mar Humphreys Oil
31 June 4644 Mar International Petroleum..'
Aug 254 Mar Keystone Ranger Devel__1
13
109
•
July 140
Feb Kirby Petroleum
20
Aug 23
July Lafayette 011 Corp
2031 June 25 May Lance Creek Royalties__ ..1
34 Feb
Apr Livingston Petroleum....'
4
25
1
July 40% May Marland 011 of Mex
$449 July 99% Feb Mexican Pantie° U11—__10
1% June
If)
234 Feb Mexice 011 Corn
1034 Aug 1034 Aug Midwest Oil, corn
1
110
Mar 122
1
Jan Mountain & Gulf 011
July 1064 Apr Mountain Producers_
99
1239 Aug 1614 May Mutual Oil vot trust Ws_
19% Jab 244 Aug New Bradford On w I__ii
194 June 234 Aug New York 011
25
12
July 184 Aug Voble(Chas VI(Slit(las I
1134 Apr 184 May Northwest 011
1
739 Jan 10% Mar I Hoar oti et Gas _
— 10
Ills June
149 Feb Peer (Ill Cormwation... •
75c Mar
2 June Pennsylvania-Beaver 011_1
HI
Jan
111
_
1 31 July Pennok Oil.
34 June 6634 Feb 'Inv" "art
111 qvnell•ate
'
2% Jan
549 June Salt Creek Cense! 011- _10
10
24 May
34 July Salt reek Prod
130 June 195
5
Feb Sapulpa Refining
64 June 70
$
Mar Seaboard oil & Gas
72 June 102
Jan South Petrol & Refining_ 5
July 78
74
10
Aug Southern States Oil
1339 June 19% Fee Tidal Osage Oil
10
2434 July 344 Apr
!nrtnat. 41
20 Aug 490 Jan Western States Oil & Gas_l
lo
June 254 Mar Wilcox Oil& Gas
1
"4— Oil& Gas
7% June
July
8
Jan 91% June
82
Mining Stocks
411 Jae
13% Apr
244 June
7% Apr Alaska-Brit Col Metals..1
3794 May 89
Jan Amer Comm
8% July 25% Ian
,r1rona Globe Copper_ 1
96
July 99
10C
Mar Belcher Divide
351 Apr
7
100
Jan 14eicher Extension
531 Feb
64 Jan Booth Mining.
400
Jan 460
Mar Boston & Montana Dey__G
1
Butte & Watt Mln Co_
238
June 292
Apr Cenario Copper
56
l
Jan 754 Apr "ftedalarla Sliver
94 Mar In
"qv. Cash Boy Consolldated-1
139 Aug
239 Feb Chief Consol Mining
1 19 Jan
.22*01 Copper Nlitom----5
3,1 Feb
1.t4.
'onlinenlal
12% Aug 174 Feb
July 124 Feb Cork Province Mines. Ltd 1
8
a
Aug
3
.1
ones Silver
I.k
rwonn Con Cold M & M.1
174 July 25
Mar
754 Aug 90
Jam Dolores Eaperanza
5 June
1
834 Apr Emma Silver
Aug
1
2% Feb taireka Croesus....
1
404 May 55
Aug Fortuity% Cons Mining
16
Aug 16
Aug Golden State Mining
591 A g. 124
Goldfield Consol Mines-10
11% June 'If 4 %pt. Goldfield Deep Mines-5e
18 June 27
Feb Goldfield Development...
34 July
neld Florence.
1
84 Feb
504 May 70
Goldfield Jarkixit
1
Stat
108 June
112 Jan (loll Zone Divide_ _.
30 June 80
Hard Shell Mining
Jan
21( June
Harmill Divide
10c
• IS Mat
21•16 Jan
nr
Reels Mining
25c
39
July 50% May Hilltop-Nevada Mining...
15)8 Fab
Hollinger Con Gold Mines5
Og Niztv
9% Aug Il
July Homestake Ext Min Co__1
97% Aug 54.4 Mar
Howe Sound Co
1
18
Aug 2731 Mar forlanendence toad Mln 1
5
241
10%
76c
80c
3,4
3%
239
2%
2834
6e
1099
3%
61c
61c
87e
87c
5019
7c
8c
40
43
154 154
Sc
6e
3
231
1%
lc
50o
50c
141
234
75c
62e
62c
239
14
13-4
1434 144
844
8%
3%
34
994
11c
90
7c
65e
66c
144
119
1
14
1139 1139
314
34
7,4
1694 16%
1%
14
134
20
le
1241 1134
74
67c
67c
150
54
54
Sc
51,6
24
131
15c
3c
12c
1%
fic
334
6
71c
331
ills
IC
6o
15c
220
6c
9c
14c
49e
le
6c
40
10c
850
36e
539
239
1031
80e
334
3
29%
70
11
334
70c
870
51
8c
43
16
Bc
3%
1%
lc
50c
24
80c
70e
2%
1%
1439
94
339
10
lie
7c
67c
14
1%
12
4_
734
174
24
2
2c
144
74
70c
15c
54
8c
900
200
300
300
2,700
5,300
800
19.000
300
400
4,000
100
2.600
14,000
2.100
13,900
39,000
9,500
200
2,000
4,000
600
500
2,000
100
300
4,200
26,800
500
300
4,000
1.000
5,100
1,200
4.200
1.000
6.400
200
3,300
4,100
17,800
12,100
29,900
100
2,700
1.000
16,200
3,000
July
5
24 May
Aug
10
750 Aug
339 Jun
239 Aug
2434 Aug
3e June
10% Aug
Jan
3
500 June
870 Aug
99% Aug
7e May
27 June
14 June
5e Aug
139 Apr
75e June
le May
50c Aug
14 Aug
510 Jun
55c July
24 Jan
I% June
12% Jul
834 Au
3% July
5 Jun
70 Au
4c July
4".e Au
14 Au
90o Jun
919 tan
239 Aug
739 Aug
15% . une
114 Aug
I% Aug
le May
11% Aug
7,1 July
60, June
10c Aug
5,9 Aug
7.- June
14 14
Aug
1
100
3c
3c
3.000
2c June
90 190 20.000
6c Aug
2c
lc
IC July
5,000
3c 364,000
le
it Aug
3c Aug
3c
3c
1,000
90 Feb
7,000
12c 12c
50c 55c
3,800 500 Aug
1% June
1% 2
4,300
6c 19,000
Sc
Go June
6c
Sc
Sc Aug
2.000
34 Aug
100
331
14 Aug
24 6.900
4
5
6.200
6
50 July
6c
1,000
6c
68c 72c 22,600 62s Apr
Apr
2
3% 1,100
14,
2.100 70e Aug
70o
le Apr
3.000
10
le
8o 32.000
50
Sc Aug
10e 18e 83.000 10c Aug
21e 250 31.000 170 June
Apr
6c
2,000
60' 60
90 100 38.000
70 Apr
40 Jan
13e 16e 60.000
la
8.200 29e
460 500
Jai
2,000 35e
44e 440
le
4.000
le
le Aug
80 132.000
4e
30 Jan
40
2.000
4e
2e June
400
514 Jul
631 634
9,000 ice Au
10c I3c
100 114 Jun
11% 114
1,800 58e Fe
70c 850
3%
3
2% Jan
500
34c 38c 20.000 16e June
Mar
Jan
May
Feb
Apr
Apr
Mar
Jan
June
Mar
Jan
3 Feb
6831 Mat'
18e
Jan
Aug
43
24% Feb
400 Feb
Jou
4
244 Apr
40 Feb
23-4 Mar
4% June
Mar
$3
"Its MAI'
239 July
119 Mar
201t Feb
154 Mar
514 May
21% Feb
Jan
w0c
220 Jan
Pis Mar
Mar
13
Mar
5
1414
73-4 Mar
Mar
14
25% Feb
431 Mar
Apr
4
130 Jan
26% Mar
134 Feb
es"
300 Feb
1011 Jan
200 Mar
10
7%
114
1%
7%
7%
4949
25e
1539
7%
Pis
255 Mar
Jan
11c
, Feb
115
Sc Mar
Jan
be
160 Jan
23c May
53
Ain
2% Jan
Jan
38e
I3c Jan
Jan
5
431 Mar
5,4 June
I5c Jan
14 Mar
34 Apr
24 Jan
4c
Jan
37c
Jan
74o
Jan
50e Mar
1lc
Jan
24c
Jan
34c Jan
711c Feb
57c Mar
11c Feb
130 Jan
10e Mar
934 Apr
1114 Feb
14
Feb
11819 July
4% Mar
4,1" Mar
886
Iron Blossom Cons Mm...1
Jerome Verde Developl._I
Jib Cons Mining
Jim Butler Tonopah_ __ __1
Kerr Lake
6
Kewanas
1
Knox Divide
be
Lone Star Consolidated _1
Marsh Mining
1
Mason Valley Mines
5
National Tin 'imp
50c
Nevada Ophir
1
New Domlnl o copper__ _5
New Jersey Zino
100
N Y At Honduras Roam-1010
Niplasing
Nixon Nevada Mining--Ohio Copper
Premier Gold
Ray Hercules. Inc
Red Hills Florence
Rex Consolidated M ining_ 1
Rochester Sliver Corti- -I
Silver K ng Divide (reorg).
Silver Mines of America _
Silver Pick Consol
Silver Queen Mining Corp.
Spa .014,41
Standard Sliver Lead_ _1
Success Mining
1
Superstition ConaoL
1
Sutherland Divide
leek-Hughes
1
Tonopah Divide
1
Tonopah Pmenalon
1
Tonopah Midway
Tonopah Mining
1
Tuolumne Copper
1
United Eastern Mining
1
United Impala] Mines_ I
rinited verde Extenalon_50
United ZOO SMOYAU 8 Cont Mines
Unity Gold Mines
5
Utah Aggen_
Wenden Conner Mining__ _
West End Conaolidated....5
Western Utah Conner_ _ _1
Yukon Gold.,
6
241
lc
30
lc
14
be
15c
2%
152
514
62c
30
2c
300
10c
lit.
2h.
120
1,11.
111.
230
334
62c
790
1.50
230 24c
134 1%
650 650
lc
lc
234 294
30
30
lc
lc
4c
Sc
70
70
14 2
10c 100
12c 15e
234 24
151 152
6
6
534 5%
40
Sc
62c 670
2% 294
750 900
2c
3c
lc
20
50
Sc
lc
30
16e 180
4e
4c
294 33c
10c 120
15c 170
390 450
30
3c
8c
8c
1
1,1e
500 51c
231 2,1.
lc
lc
1% 191
100 12c
191, 154
95c
111.
2954 2954
500 50c
20c 23c
3
3%
33,4 33,1
60c 62c
790 82c
15e 15c
14 1%
2,000
200
400
17,000
800
5,000
3,000
21,000
2,000
300
36,000
10,800
6,000
30
100
900
5,000
5,900
400
4,800
20,000
11,000
1,000
31,000
3,000
2,000
19,000
33.000
4,000
4,000
1.000
2,000
3,000
800
1,100
1,000
1,200
11,000
4,500
11,500
500
200
8,000
900
100
800
1,800
5,000
200
Friday
Last Week's Range Sales
Sale.
for
ofPrices.
Price. Low. High Week.
Range since Jan. 1.
Low.
Foreign Government
and Municipalities
High.
July 380 Jan
34 Feb
Ant
Aug
11314May
June
60 Jan
3% Jan
July
80 Jan
Mar
May
70 Apr
Jan
June 10e
Jan 160 May
June
234 Mar
Jan
June 32e
June 20e Mar
44 Mar
Jan
June 18056 Mar
6% Feb
June
Mar
it
July
Jan 10e May
Jan
I'm Mar
July
334. Apr
234 Mar
8c Mar
y
75c
1c May
80 Feb
10 July
30 May 190 Feb
ic Aug 250 Apr
100 May 400 Feb
90 Jan
3o June
25c J ly 500 Feb
4e Mar 31c June
150 Aug 28c Feb
320 July 680 Jan
30 Jan 160 Feb
90 July
lc Jan
194 May
810 Jan
480 July 890 Mar
4
Mar
June
134
lc Aug 130 Jan
234 Jan
194 Aug
So June 670 Feb
2•14 Feb
11it Aug
600 Mar
Jan 384 Apr
14 Apr
41c
264 Jlaly
Apr 280 July
130
Jul
54 Mar
3
654 Apr
Feb
3
28e June 820 Aug
134 Jan
76c July
150 July 55c Feb
211, Apr
750 Jan
23c
950
650
lc
2
2o
lo
20
60
134
10c
60
234
148
534
434
30
37o
24
Allied Pack 84. See B..1939 66
62
66 $24,500 51
Aug 8451 Jan
Convertible deb 6s-1939
54
55
17,000 5131 July 76% Jan
Aluminum Cool Am7a1925
10234 103
Jan
6.000 1024 Apr 104
76
10614 106% 8,000 1054 July 10634 Aug
1933
Amer Cotton 0118s___1024 96
9434 96% 40,000 85
Feb 96% JIM
Amer0& E deb 8s___2014 9331 9354 93% 25,000 111 3-4 July 97% Jan
Amer Lt & True 6s_ _ _1925
104 104
Jan
1,000 103 June 110
Without warrants
100% 10094 1,000 10011 June 10154 Feb
Amer Rolling Mills 68_1928 98
98
98
July 100% Jan
1,000 97
Amer Sumatra Tob 794s'25
964 97
25,000 9534 Jan 1004 May
Amer el & Tel it..
10014 100% 36,000 10034 Aug 101,
_1924
4 Jan
American Thread 01_1928 10154 101% 1024 7,000 10131 May 10334 Mar
Anaconda Cop Min 68.1929 1014 10154 102
28,000 10094 July 10394 Feb
Anglo-Amer Oil 794s_ _1925 10254 1023-4 1024 20,000 101)4
103% Jan
Armour & Co of Del 514s'43 88% 8834 88% 13,000 844 July
July 964 Jan
Assoc Hardware 646_1933 94
94
94
Aug 9834 June
9,000 94
Atl Gulf & W I SS L 64 1959
Mar
48
4894 6,000 43% July 62
Beaver Board 8a
774 78
1933
3,000 653-4 Feb 824 June
Beth Steel equip 73..1935 102% 1023,4 10234 37,000 10294 Jan 103
Feb
Canadian Nat Rye 78_1935 1074 10734 108
19,000 1064 May 1103-4 Jan
5s
99
1925
99% 3,000 97
July 9933 Feb
Central Steel Sc
1941 10734 107% 10714 14,000 106
Feb 10834 Apr
()Mc RI & Par 634s..1926
9754 9754 1,000 96
July 9834 June
Cities Service 78, See 0'66
874 Aug 964 Apr
8834 8834 23,00
78. series D
1966 884 873-4 8816 16,000 87
July 9334 Jan
Cleve Elec In 78
1941 1074 107% 10714 1,000 10734 Aug 1074 Aug
Columbia Graph 84...1925 1294 12% 12% 5,000 1231 Aug 30
Jan
Cons GEL&P Bait 6s '49 102% 10234 10234 4,000 1004 Apr 1035,
1 Jan
7s
1931
10614 106% 1,000 105
Apr 10834 Feb
594,3
1952
98
Jan
98, 8,000 97
Apr 100
Consol Textile88..,.,..1941 9594 95% 95% 6,000 94 June 106
Feb
Cuban Wen 734•____11141
106 106
Jan
Jan 107
1,000 105
Deere & co 734a
99% 100
1931 100
23,000 9834 Jan 103% Feb
Detroit City Gas ge_ _1947 994 9996 9954 19,000 9934
June 101% Jan
Detroit Edison 68
1014 102
1932 102
Jan
11,000 100 June 104
DunlopT& Rot Am 76_1942 95
944 95
vr
56,000 9434 July 97 14
Federal Sugar 6e
1933 97% 97% 97% 20,000 964 June 9834 May
Fisher Body 68
1926 99
97% 99
Feb
July 100
11,000 97
6s
1927 974 974 97% 51,000 96 May 9934 Feb
6s
1928 97% 97% 9795 28,000 94% Mar 9854 Feb
Gair (Robert) Co 78_1937
95
95
July 99% Jan
9,000 94
Galena-Signal Oil 7E1_1930 103% 103% 10394 3,000 103 June 105% Mar
General Asphalt 8s_ _ _ 1930 10054 10034 101
Jan
4,000 99 June 105
General Petroleum 84.1928
9594 9594 3.000 95 June 98
Apr
Grand Trunk Ry 640_1936 10434 104 105
Jan
4.000 10394 Apr 107
Gulf nil of Pa 5a
1037 94% 9434 9416 22,000 933-4 Mar 974 Jan
Hocking Valley BR 88_1924
10014 10014 17,000 100
Mar 1004 Apr
Hood Rubber 7s
1936
10094 10014 9,000 100 June 102
Jan
Kansas] GUY Term 59-1923
100 100
Jan
10)00 100
Apr 101
Kennecott Copper 78_1930 1034 10314 10354 18,000 101% July 1053( Jan
Libby McNeill& Libby7831 99% 99
9931 18,000 97
July 1024 Jan
Liggett-Winchester 7s 1942
1023,4 1024 1,000 10134 Mar 104
May
Loulav Gas& Floc 5s 195?
8754 8894 10,000 86
Mar 914 Jan
Loulsv & Mashy RR lb '03
96
96% 10,000 96
Aug 9634 Aug
Manitoba Power 78_ .1941
9894 9934 11,000 95
Jan 10233 Feb
Maracaibo Oil Rxp 76_1925
190 190
1,000 105
Mar 2493.4 May
Morris& Co 796s
1930 9834 98
9891 19.000 97
Aug 10633 Jan
National Leather 8:1_ _1925 96
96
964 11,000 954 July 102
Jan
New On Pub!key 6e._1952 8234 8294 82% 41,000 8194 July 8934 Mar
Ohio Power 55
87
1952
8751 16,000 8334 Apr 92
Jan
Penns P & L Sc B
874 8734 5,000 86
Apr 9014 Jan
Phil.. Hos ligs.
10154 1014 1.000 98% Apr 102% Jan
1947
6s
1941 10494 1044 10433 2,000 10234 Mar 105% Jan
Philips Petrol 734.--1951
Without warrants
954 9514 4,000 9594 Aug 103% Jan
Public dery Corp 7._ _1941
10114 102
29,000 100% Aug 104% Feb
Pub Serv Flee Pow 64_1948 97
964 97
22,000 96
Aug 98% MAY
Reading Co 434s w I
8634 864 13,000 86
Aug mt.; July
fis w L
9154 92% 14,000 87
July 92% Aug
Sears. Roebuck & Co 78'23
10034 100% 4.000 100
Aug 10134 JOI.
Shawsbeen Mills 7s...1931 104
104 10494 19,000 10334 May 105% Apr
Sloss-Sheffield S& I Os 1929
97% 974 7,000 98
Feb 9834 Feb
Solvay & cle 8s
1924
104 104
5,000 104
Mar 105% May
South Calif Edison 58_1944
90% 90% 1,000 87
Jan
93
Stand 01101 N VS 48_1933 10634 10634 10794 8,000 1044 Mar
Apr 1074 Jan
7% serial gold deb_ _1925
103 10334 4,000 102 June 108% Feb
7% Serial cold deb ..19211 10494 103% 10434 9.000 103
July
Apr 106
7% serial goM deb_ _1928 106
106 106
1,000 10434 Apr 10794 Jan
7% serial gold deb __1929 10834 106% 1064 9,000 104
AM 108% Feb
7% serial gold deb_1930
1074 107% 2,000 105
Apr 1094 Jan
7% serial gold deb_1931
10834 10814 7.000 1054 May 110
Feb
Sun Co 7s
10094 10094 1,000 100 June 103
1931
Mar
Swift & Co 5s._Oct 151932 904 9034 91
31.000 89% Mar 94
Feb
Tidal Osage 011 7s____1931
5,000 100
101 101
Aug 104 May
Union Cril as Sae D_._1924
10034 10033 2.000 994 Aug 100% Aug
Serial6s_
1926
Apr
994 10031 3,000 9934 June 100
United liii Produe 88_1931
30,000 89
92
89
Aug 106% Mar
United Rya of Hay 734116
Jan
10634 10654 11,000 10374 Apr 107
Vacuum Oil 68
108 10634 12,000 105% June 10754 Jai)
1936
Range since Jan. 1.
High.
Low.
Argentine Nation 76..1923 100% 100 100% $11,000 994 June 10044 Mal
,
Mexico 4s
1945 37
36% 37% 90,000 334 Aug 4494 May
65 10-year Series A
58
.57% 58
27.000 534 Aug 634 May
Netherlands(Kingd)6aR'72 99% 9914 101
30,000 9734 Mstr 10234 Aug
Peru (Republic) 88_ 1932
Feb 1004 Apr
974 9734 1;000 97
Russian Govt 63,5.. 1919
934 Jan 11334 Feb
10% 104 1,000
Certificates
Jan 1634 Feb
9
9% 10% 16,000
Switzerland fund 648 1026 9934 994 99% 75,000
Jan
984 Aug 104
Ext 5% g notes__ _ _1926
9734 9754 34,000 9734 Aug 9734 Aug
* No par value. k Correction. m Dollars per 1,000 Ike flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. w When issued. z Ex-dividend. y Ex-rights. z Ex-Mock
dividend. n Ex-stock dividend 0( 40%.
IMPORTS AND EXPORTS FOR JULY.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for July, and from
it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for July:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
Merchandise.
0005
omitfed.
Imports.
ports.
Gold.
Excess
of
ExExports. ports.
1923 _
1922 _
1921 1020.
1919 1918 _
1917 _
1916 _
310.000 284,000
301,157 251.772
325,181 178,159
651,136 537,119
568,687 343,746
507,468 241,87
372,758 225,926
444,714 182,723
Excess of imports.
Excess
ImExof
ports. Expor ports.
Excess
hnof
ports. Exports
26.000
523 27.929e27.406 8,23.- 10,066 *3,833
49,385
644 42,987 *42,343 8,26
6,957 *688
147,022 3,735 64,248 *60,513 5,113 4,513
600
114.017 21,873 19,818 2,055 5,4
6,496 •1,002
224,941 54,673 1,846 52,827 8,262 5,528 2,734
265,590 7,199 2,213 4,986 40,8
5,214 35,616
146,832, 69,052, 27,304 41,748 5,53
3,420 2,118
261,9911 9,3951 62,108 52,713 4,337 2,426 1,911
Total for seven months ended July 31:
Merchandise.
Bona*
[VOL. 117.
THE CHRONICLE
Sales
Friday
Last Week's Range for
Mining Stocks (Cone
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
0008
Omitted.
Exports.
unports.
I
Gold.
Excess
Exof
Exports. ports.
Excess
lenof
Exports. Exports ports.
Excess
Int- 1 Of
ports. Export
,
$
$
$
$
s
$
$
$ I $
1923 _ 2,255,9302,371,920 *115,990 22,814 159,862'137048 31,494I 39,099 *7,605
1922 _ 2,121,761 1,671,180 450,581 10.788165,999 *155211 38,4301 41,849 *3,419
1921 _ 2,859.659 1,498,635 1,361,024 10,425410,1901399765 26,154 31,964 f5,810
1920 _ 4,897,120 3.481,617 1.415,503 217,117 144,269 72,848 87,616 62,576 2.5,040
1919 _ 4,626,1001,954,257 2,671,852 151,682 52,292 99.390150,388148,118102,250
1918 _ 3,481,694 1.787,881 1,693,813 28,7021 52,337 /23.635 134.6081 40,354 94,254
1917 _ 3,660.7801,778.743 1,882,043 271.587505,469/23.882 44.6251 21,572 22,693
1916 _ 2,925,335 1,467.8201,457,515 75,801 249,0871173286 35,3791 17,838 17.451
Excess of imports.
New York City Banks and Trust Companies.
Banks-N.Y. Bid
America'____ 227
Amer Etch__ 286
Bowery*
440
Broadway Ce. 130
Bronx Boro*. 175
Bronx Nat.__ Bryant Park' 114
Butch & Dro 130
Cent Mercan- 205
Chase
342
Chat & Phen_ 255
Chelsea Exch• -Chemical ____ 520
Coal & Iron__ 218
Colonial•___ 375
Columbia _ _ 275
Commerce _ _
Com'nwealth• 220
Continental__ 135
Corn Exch... 428
Cosmop'tan*_ 115
East River__ 204
Fifth Avenue'1200
FMh
235
First
1200
Garfield
255
Gotham
184
Greenwich' - 290
Hanover
675
All prices dollars per share.
Ask
Banks
, Bid Ask Trust Co.'s Bid Ask.
232 Harriman._ _ _1 320 330
New York
292 Manhattan
143 147 American.....
Mech & Met_ 388 389 Bank of N Y.
150 Mutual*
320
& Trust Co 463 469
Nat American 135 14E Bankers Trust 352 355
1:16 National City 348 352 Central Union 470 480
170 New Neth*
130 140 Commercial_ -105 115
138 Pacific•
300
Empire
305 315
215 Park
420 425 Equitable 'Fr.: 191 193
347 Port Morris__ 180
Farm L & Tr_ 527 535
260 Public
300 366 Fidelity Inter 195 205
80 Seaboard
Fulton
360
255 265
530 Seventh Ave- 88, 66 Guaranty 'Fr. 252 255
225 Standard
175 190 Hudson
205 215
_ State*
310 330 Irving BankTradesmen's• 200
ColumbiaTn 218 220
297
3d Ward'__. 270
Law Tit & Tr_ 180 190
230 United States* 160 lio Metropolitan. 290 300
Wash'n lite- 200
Mutual(Wes
434 Yorkville *._ - 850
cheater) ___ 120 130
122
N Y Trust_ __ 342 346
Title Gu & Tr 363 370
US Mtg & Tr 305 315
245
Brooklyn
United States 1200 1220
Coney Island* 155 165 Weatches Tr-1 180
270 First
320 355
Brooklyn
190 Mecbanclg *- 130 136 Brooklyn Tr- 470 490
310 Montauk'_.. 170
Kings County 850
685 NASSAU
225 246 Manufacturer 275
People's
160
People'e
I soa 415
•Banks marked wIth (*) are State banks.
New York City Realty and
Surety Companies.
All prizes dollars per share.
Alliance R'Ity
Amer SuretyBond & M G.
City Investing
Preferred __
Lawyers Mtge
Bid
98
94
267
65
92
152
Ask
105
96
272
68
98
158
Mtge Bond__
Nat Surety.,..
N Y Title &
Mortgage._
US CasualtyU 8Title Guar
Bid
107
155
184
140
130
Ask
Bid
111 Realty Assoc
158
(Bklyn)con4 80
1st pref____ 80
188
2d pref___ 63
Westchester
124
Title & Tr- 200
Ask
90
83
68
220
CURRENT NOTICES.
-The Guaranty Trust Co. of New York is prepared to deliver definitive,
Houston Lighting & Power Co. first lien and refunding mortgage series
"A" 5% gold bonds, due March 1 1953, in exchange for the outstanding
temporary bonds.
-F. L. Andrews, formerly Secretary or the late United States Senator
W Murray Crane, and subsequently Purchasing Agent for Crane & Co..
has become associated with Berg, Eyre & Kerr.
-Prudden & Co., New York, announce the addition to their sales department of Sherman A. Taylor, formerly of Clark Williams & Co.
-United States Mortgage & Trust Co. has been appointed registrar of
the common stock of the Westland Oil Corporation.
-Bankers Trust Company has been appointed transfer agent for the
capital stock of the Westland Oil Corporation.
-The New York Trust Co. has been appointed registrar at American
Arch Co., Incorporated, capital stock.
-The Seaboard National Bank has been appointed transfer agent of the
capital stock of the American Arch Co.
Investment awl gailiroatt intelliffente.
887
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns'the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Date.
Current
Year.
Previous
Year.
$
1
$
250,005 198.848 1.317,586 1,071.614
Akron Canton & Y_ June
269.935 281.411 1.671.790 1.575,417
Alabama & Vicksb. June
13212156 12945966 51.797.878 51.737.855
Amer By Express__ April'
97,854 100,411 3,144,053 3,025,193
2d wk Aug
Ann Arbor
16260907 15524584 96.550.970 83.402.328
cAtch Top & S Fe June
1.783.129 1.892.718 10.890.455 9.994.276
Gulf Colo & S Fe- June
548.180 574.661 3.630,622 3.471.006
Panhandle S Fe June
334.280 312.517 2,286.8761 1,842,846
Atlanta firm & Atl- June
244.505 207,363 1,451.1511 1,147,232
Atlanta & West Pt.. June
491.298 461,874,9697.594
June
Atlantic City
6.369.570 5.571,036 43.525.787 37.095.580
Atlantic Coast Line- June
22515545 17580515 129797389 98,679.159
Baltimore & Ohio._ June
325,753 290.213 1,869.306 1,477.424
B & 0 Ch Term.... June
475,669 562.672 3,490.433 4,488.387
Bangor & Aroostook June
77,988
9,260
56,155
10,878
Bellefonte Central.. _ July
580,823 501.780 3,599,811 2,890,726
Belt By of Chicago_ June
2,330.188 1,388.601 8,910,170 4,661,582
Bessemer& L Erie June
221.551
23,625
39.520
82.380
Bingham & Garfield June
7.703.567 6,531,344 42.885,730 37,912,544
Boston & Maine
June
111.213 127,723
839.057
Bklvn 8; 13 Term.... June
797.420
243.657 13.476.840 7.856.524
Buff Roch & Pittsb_ 2d wk Aug 451,
yCanadian Nat Rys 2d wk Aug 4,932,561 4.514,044 147575493 131046501
213,645 164,862 1.745.134 1.364.899
Atl & St Lawrence June
Canadian Pacific...... 2d wk Aug 3.565.000 3,511.000 100222000 94.825.000
813,156 699.220 4,720,435 3.863.255
Caro Clinch & Ohio_ June
2,082.494 1.993,095 13.187.511 10.747,997
Central of Georgia June
5,100.892 3.443,405 28,539.556 23.199,980
Central RR of N J June
748.555 458.678 3,670,252 3,511.250
Cent New England.. June
741.350 596.727 4,355,650 3.391,348
Central Vermont...... June
322,792 271.725 2.030.804 1.724,476
Charleston & W Car June
8.650,025 8,870.114 48.264.859 44.172.859
Ches & Ohio Lines June
2.725.222 2.306.082 16,367.514 14.132,672
Chicago & Alton...... June
13554 376 13084755 84.779.771 74,635,952
Chic Burl & Quincy_ June
2.226.104 2,010.422 14,245.495 11.903,154
Chicago & East Ill.. June
2.233,782 2.038.290 12.787.866 11.323.144
Chicago Great West June
1,423.095 1,358,651 8.993.2241 7.757.916
Chic Ind & Louisv-. June
14089084 13513554 83,677.152171.156.775
Chic Milw & St Paul June
14099061 13665 322 77,940.643 67.660.629
Chic & North West.. June
98.442 168.093
676.688 1,133,185
Chic Peoria & St L. June
598,874 594,994 3.727.940
Chic River & Ind_ _ _ June
June
10202006 10733758 59,599,477 56.053.682
Chic RI & Pac
488.370 516.269 2,577,376 2.716,060
Chic R 1 & Gulf... June
2,273.195 2.466.833 13.781.030 13.056,451
Chic St PM & Om_ June
354,950 376,757 2.312,794 2.043.584
Chic Ind & Western June
1,030.044 1,156.706 6.132,392 6.059.965
tColo & Southern June
719,522 784,649 4,265,246 4.362.143
Ft W & Don City_ June
Trin & Brazos Val June
135.197 139.785
772.842 1,580.058
106.686
Wichita Valley.._.. June
89,779
627,698
571.445
4,454,139 2,297,070 22.961,570 18.866,476
Delaware & Hudson June
Del Lack & Western June
8,005,941 5.501,267 43,200,096 35.882.808
2.725.111 2,737,227 15.299.225 14,456.211
Deny & Rio Grande June
311.397
Denver & Salt Lake June
41.963 1.086,899
555,823
172.558 185.535
Detroit & Mackinac June
898,217
815.311
Detroit Tol & Iront_ June
874.559 904.632 5.031,436 4.477.923
349,808 310.025 2,187.371 1.809.131
Det & Tol Shore L June
Dul & Iron Range June
1,177,105 1.317.150 2.993.380 2.176,549
3.188.263 2.679,074 6.375.246 3.844,734
Dul Missabe & Nor_ June
Dul Sou Shore & Atl 2d wk Aug 131,971
99,471 3,563,287 2,572,415
Duluth Winn & Pac June
176.674 194.909 1.311.286
972,664
172.519 173.377 1,173.855 1.011,166
East St Louis Conn_ Juno
Elgin Joliet & East_ June
2,483.235 1,731,845 14.377.518 10.507.235
El Paso & Sou West June
1,174,912 1,066.799 6,442,382 5.211,774
June
9,854.901 6,911.867 60.043,281 44.435.306
Erie Railroad
Chicago & Erie_ _ June
1.179.823 903.500 6,903,598 5.492,774
New Jersey & N Y June
133.819 123.401
770.322
728.748
Evans Ind & Terr H June
138,707
50 546
802.945
521.478
1,154,523 813,138 9,420,093 8,065.238
Florida East Coast_ June
June
Cloy
&
115.953
Fonda Johns
101,380
781.741
684,008
111,166 • 142.072
Ft Smith & Western June
765.057
730.608
Galveston Wharf...._ June
89,550
98.602
651,006
706.854
Georgia Railroad...... June
505,172 421,356 3.014,150 2,367.734
33,300
Georgia & Florida_ 2d wk Aug
21,500 1,059.687
812,523
Grand Trunk Syst,Ch Det C G T Jet June
312.611 155,446 1.748.292 1.124.376
642.516 553.815 3.299.238 2.536.005
Det 0 H & Milw _ June
1.711.931 1.683.523 9.844.192 7,343.633
Grand Trk West_ June
Great North System 2d wk Aug 2,372,840 2.124,168 67,351.418 55,914,197
Green Bay & West_ June
115,014 125.040
647.622
686.695
454.922 435.559 2.922.733 2.375.446
Gulf Mobile & Nor_ June
268.092 259,108 1,640,403 1.437.784
Gulf & Ship Island_ June
1.788.789 1,178 018 8.632.724 (1.350.410
Hocking V .1Iey-- June
15072360 .3780721 95.148,281 78,501,740
Ill Central System_ June
13440564 12355745 85,231,508 69.773.121
Ill Central Co_
June
1.631,796 1.424.976 9,916.773 8,728,619
Yazoo & Miss V_ _ June
156.811 201,647 1,591,271 1.508.504
Intern By Co of Me June
1.119,085 1.090.186 6.828,034 6,741,669
Internet & Grt Nor.. June
125.476 123.182
K0 Mex & Orient.... June
785,794
665,313
144,916 135.325
K C M & Orient of T June
793,406
740.236
1,617.441 1,518,100 9.744.263 8.732.517
Kansas City South.. June
230.500 183.464 1.304.209
Texark & Ft Sm_ _ June
977.860
1,833,817 1.506,357 12.882,288 11.216,734
Total system........ July
181,586 250.799 1,337,669 1,341,614
Kansas Okla & Gulf June
229,236 177,980
Lake Sup & Ishpem_ June
438.298
247,681
June
114.922
Lake Term Ry
84.266
570.825
551.559
273.096 160,126 1.457,955 1,200,236
Lehigh & Hud River June
June
Eng..
Now
587,924 240.118 3.030.621 1.987.365
Lehigh &
June
7.052.888 4.694.664 36,280.628 31.017.207
Lehigh Valley
Los Ang & Salt Lake Julie
2.231,757 1.844,979 11,512.048 9.450.004
Louisiana & Arkan_ June
241.827 320,341 1,938 953 1.633.284
Louisiana By & Nay June
304.945 281.851 1,973,335 1,607.991
85,339
La By & Nay of Tex June
246.085
11220 189 11882959 66,622.895 62.050.125
Louisville & Nashv _ June
273,418 297.736 1.701.815 1.531.388
Louisv Hend & St L June
June
1,879.980 1,699.621 10,404.530 10,126.725
Maine Central
349.593 434.597 2.224.158 2.281.899
Midland Valley...... June
2d wk Aug
8,285
6,849
Mineral Range
294,053
167,433
Minneap & St Louis 1st wk Aug 284,543 293,520 9.571,523 8.953.612
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. I to Latest Date.
Previous , Current
Year. I Year.
Precious
Year.
$
$
1
1
2.497.957 2,434.461 13.433.265 10.949.675
Minn St P & S S M_ June
4,315.127 4.204.331 23,652.491 19.254.928
M StP & SsM Syst_ June
1,817.170 1,769.870 10,219.226 8.305.254
Wisconsin Central June
739.741
916.664
148.268 129.211
Mississippi Central.. June
2,699.884 2.852.501 16.755.533 15.382.647
Missouri-Kan-Texas June
1,484.248 1,816.892 9.288.977 10.008,850
Mo-Kan-Tex of Tex June
4.184.133 4.669.393 26,044.511 25.391.497
Total Systent_-__ June
115.262
698.665
76,963
110.672
June
Mo & Nor Ark
June
9.195.092 8.662.534 53.698.273 48.551,033
Pacific
Missouri
2d wk Aug 382.425 308.700 12,629.971 10.421.504
Mobile & Ohio
714,658
739.030
121,971 126,183
Colum & Greenv_ June
832.985
240.758 155,429 1.353.266
Monongahela Conn_ June
348.006
21.802 1.186.792
June
269,704
Montour
2.009.347 1.751.912 12.258 770 10.143.436
Nashv Chatt & St L June
166,282
6.8111 188.526
8,789
Nevada-Cal-Oregon 2d wk Aug
186.150
443.121
46,078
100,014
Nevada Northern June
997.496
1.061.090
June
178.888
Sh
171.588
Newburgh & Sou
247,927 213,954 1.412.000 1.267,449
New Orl Great Nor_ rune
231.238 197.823 1.511.132 1.319.005
N 0 Texas & Mex.- June
179.960 148.020 1.101.464 1.015.176
Beaum S L & W June
394,449 316,856 2.571.063 2.602.675
St L Browns & M June
June
29921333 213676 256 164498339
Central
38145470
New York
960.497 822.389 5,806.988 4,638.822
Ind Harbor Belt_ June
8.166.682 7,224.128 48.336.062 37.437,749
Michigan Central June
7.966.671 7,613,870 47,859.673 40,829.638
Clev CC & St L June
412,159 317,754 2.665.794 1.750.311
Cincinnati North- June
2,061.173 22,865.939 11,800.206
June
4.339,900
Erie
Lake
Pitts &
3.813.741 3,463,784 22.456.750 18.811.491
NY Chic & St Louis June
310.186 209.726 1,788.791 1.391.125
N Y Connecting_ _ _ June
11949570 10249837 65.983.46357.847,727
NYNA& Hartf_ June
1,248,667 888.365 6.393.439 5,591.268
N Y Ont & Western June
June
West-.
409.169 324.2412.523.411 1.975,049
&
N Y Susq
780.987 752.968 4 642,461 4,200.225
Norfolk Southern.- June
8.523.2357,543,224 53,563,597 53,589,879
Norfolk & Western.. July
8.302.287 8.300.557 46.647.127 41.922,104
Northern Pacific..- June
720.812 719.158 3.576.525 3.557.385
Northwestern Pac June
69339897 13972138 380428291 319078077
Penn RR System.- June
64387849 50879806 356130371 297047643
Pennsylv RR & Co.. June
667,302
652.883
133.240 148.510
Balt Ches & Atl- _ June
June
3.229.094 2,917.091 15.631.133 13.964,429
Long Island
483,500
468.290
95,008 107.654
Mary Del & Va.... June
549.516 129.932 2.850.203 1.730.964
Monongahela.._ _ _ June
791,224
900.273
143,085 145.712
Tol Poor & West_ June
1,230,752 1.090.194 6,232.507 5,725.940
W Jersey & Seash June
891,054
877,166
131.897 129,845
Peoria & Pekin Un_ June
June
3,895.209 3,304.993 22.264.618 18.207.976
Pere Marquette
585.458
540.654
June
107.240 122.108
Perkiomen
June
8,959.203 5,673.491 55.077,844 38.260.119
Phita & Reading
510.067
711.908
55.345
100.190
Pittsb & Shawmut June
310.230 228.343 1.816.941 1,391.143
Pittsb & West Va June
998.840
June
203,178
92.507 1.513.211
Port Reading
June
6,636,368 6,452,534 34.638.282 31.450.350
Pullman Co
530.687
651.493
98.873
88.906
Quincy Om & K C _ June
1.092.468 960.332 6,464,790 5.407.635
Rich Fred & Potom_ June
2.740.961
3,326.339
469.047
June
575.777
Rutland
St L-San Fran Syst_ 2d wk Aug 1.721.651 1,569.131 54.109.123 51,141.590
595.052
675.735
137.832 104.424
FtWorth & Rio Or June
6.764.804 7.566,589 41,720.727 39.426.419
St L San Fran Co_ June
780.826
733.009
130.980 141.489
St L-8 F of Texas_ June
1,468.197 1.449.634 10.446,172 8.351.238
St L Southwest Co_ June
637,195 634.760 3.735.734 3.438,201
St L S W of Texas June
Total system....... 2d wk Aug 351,460 332.616 16.349.182 13.821.646
370.574
417.484
62.455
59.793
St Louis Transfer- June
445.015 416.187 2.451.816 2,483.789
San Ant & Aran Pass June
514.482
597.070
June
69.044
G
110.167
&
Uvalde
San Ant
4,076,170 3,600.199 26,915.345 22.426.507
Seaboard Air Line June
24611 625 22897098 133023 160 120127220
Sou Pacific System.. June
24352845 21664974 157376005 141792 194
Southern Pacific Co July
1,126.537 883,427 6,818.920 5.635.528
Atlantic SS Lines_ June
301.899 281.019 1.846,706 1.494.068
Arizona Eastern_ June
1,863,224 1,860.437 10.939.915 10.506.166
Galv Harris & S A June
1,039.363 1.094.774 6.426,020 6.904,226
Hous & Tex Cent_ June
227.896 281,942 1.405.099 1.413.013
Hous E & W Tex_ June
363,489 310.701 2.295,902 2.108.193
Louisiana Western June
Jllaa
627.443 4.377.288 3.850.216
Texas
663,799
&
Morg La
719.849 686.184 4,334,389 4.346.660
Texas & New Orl_ June
Southern Ry System 2d wk Aug 3,652,901 2.566,429 122223456 99,395.196
12585968 11385784 74,448.970 61,995.454
Southern By Co June
896.388 861,027 5.392.914 4.711.467
Ala Great South June
June
P..
1,821.510 11.863,271 9.119.251
Tex
1.971.729
&
0
Cln N
460.833 406,800 2.621.498 2.371.003
Georgia Sou & Fla June
554.771 558.572 3,504,981 3.120.824
, New Orl & Nor E_ June
628.932
135.907 122.001
839.434
Northern Ala__ _ _ June
541,334
86.032
582.661
96.547
Spokane Internet June
3.390,108
June
3.814.523
Seattle
646.532
&
653.319
Portl
Spok
238,187 202.266 1.196.099 1,151.808
Staten Island R T._ June
247.664 215,942 1,547.459 1,172.185
Tennessee Central.... June
419.466 383.404 2,499,518 2.283.855
Term R R Assn ofStL June
348.238 278.309 2.473.195 1.781.546
St L Mer Bridge T June
Texas & Pacific_ -- _ 2d wk Aug 572,281 548,904 18,514.884 17.808.977
1.047.983 917,601 6,563,95e 4.906.257
Toledo St L & West_ June
717.040
792.132
168,216 154.500
Ulster & Delaware.._ June
June
8.877,819 8.401.925 50 958.437 15 402.183
Union Pacific Co
July
16391 067 14599313 109658095 J8,530.817
Total System
Oregon Short L _ June
2.947.282 2.804,310 17.417,087 16.380.589
2.333.292 2.343.05e 13.379.455 12.698.727
Ore-Wash RR & N June
235,888 234,919 1.570.857 1.505.620
St Joseph & Or Isl June
1.237.322 1.192,118 5.983.517 5.071.267
Union RR (Penn)... June
760.531
737.505
June
139.929 159,033
Utah
331.673 350,811 2.100.366 1.885,273
Vicks Shrev & Pac June
June
1.791,452 2,069,25- 11.072.338 10.485.198
Virginian RR
5,558,770 5.362.371 11.784.131 28.630.584
June
Wabash RR
Western Maryland_ 1st wk Aug 439,427 367.57t. 14.170.67; 9.863.234
1.263.893 1,064.741 5.881.812 5.090.241
Western Pacific__ _ _ June
236,993 213,38. 1.441.441 1,194.732
Western Ry of Ala June
1,910.179 1,346,65: 8,667.131' 6,822.930
Wheel & Lake Erie_ June
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
$
19.827,932
18.675.125
18.562,257
22,945.214
18.434,668
18,846.646
18.316.984
25,323.563
$
18,058.748
17,215.757
17.376.653
20.536.529
16.476.170
16.692.351
15.994.753
21.322.383
Increase or ;
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
$
Cum Yr. Prev.Yr.
$
$
Mileage.
$
11.769.184 9.79 September -235.280 235.205 498.702.275 496.978,503 +1.723.772 0.83
111li 1i:45
233.872 232.882 545.759,206 532,684,914 1317
1.459.368 8.48 October
1,185,604 6.82 November -235.748 235.679 523,748.483 466.130.328 57.
+2,408.685 11.73 December 235.290 236.121 512.433.733 434.898,143+87.735.59020.66
+1.958.498 11.89 January _.._.235.678 235.827 500.816,521 395,000.157 +70.803.472 21.00
February-.235.399 235.528 444.891,872 400,146,341 +44.745,531 11.18
+2,154.295 12.9
235.424 235.470 533,553,199 473,747,009 +59.806.190 12.63
+2,322.231 14.52 March
234,970 235.839 521.387,412 415,808.970 1- 105578442 25.39
+4.001,180 18.77 April
235.186 235.472 545.503.898 447,993.844 +97.510.05421.77
+2.663.523
MaY
..
236.739 236.683 540 054.165 473 150,664 +66.903.501 14.14
June
.
and
Indiana
Pitts.
&
Ctn.
Rapids
Chic.& St. Louis included In Pennsylvania RR. Lake Erie & Western included In New York Central.
Note.-Grand
Includes Grand Trunk System. 1. Includes Wichita Palls & Northwestern.
let week June (17 roads)......
2d week June (16 roads).......
3d week June (16 roads)._
4th week June (16 roads).......
let week July (16 roads)_ _ _ _
2d week July (16 roads).......
3d week July (16 roads)........
4th week July (13 roads)......_
roads)_.._..
((4 rands
Aug (16
,.....6 Am,
l!P week
IR:T42:1%; 15:gagg
888
THE 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 14.54%
increase over the same week last year:
Name of Road
or Company.
[Vol,. 117.
Latest Gross Earnings.
Month.
Jan. 1 to Latest Date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
Lake Shore Electric_ - June
223,087 205,630 1.337,319 1,144.601
Lexington UtU Co &
Lox Ice Co Consol_ April
84,463 80.257 *1,121,044 *1.083.865
Long Island Electric.. May
35,226 36.824
140,748
145.960
Los Angeles Gas Co-- April
989,904 1040.632 4.914,646 4.987.097
Ann Arbor
97.854
2,557 Louisv
100.411
Gas & El Co-- January
5654.105 4931.795 5.654.105 4.931.795
Buffalo Rochester & Pittsburgh
451.414
243,657 207,757
Lowell
El
& Lt Corp_ June
Canadian National
127,547 100.116
867,472 627,310
4,932,561 4,514,044 418.517
*Manhat Bdge 3c Line May
24,467 25,560
Canadian Pacific
116.693
117,795
3,565.000 3.511,000
54,000
Manh & Queens(Ree) May
36.840 36.973
Duluth South Shore & Atlantic_
162.257
148,766.
121,971
22,500
99.471
Mobile Electric Co-- - February
75,132 72.640
154.898
Georgia & Florida
146.982
33,300
11,800
21.500
Manila Electric Corp July
298.268 291,093 *3.578.259 *3.611,449
Great Northern
2,372.840 2.124,168 248,672
MarketStreet Ry--- July
795,380 785.112 5,605,680
Mineral Range
8.285
1,436
6.849
Mass Lighting Co_-- June
260.711 238,783 1,620.650 1.393,341
Mobile & Ohio
382,425
73,716
308.709
e Metroporn Edison_ June
609,688 508,350 3.730.768 3.070,053.
Nevada-California-Oregon
8,789
1.978
6.811
Milw Elec Ry & Light June
1736,043 1488,028 *21228929 *18640964
St Louis-San Francisco
1.721,651 1.569.131 152,520
Miss Power & Lt Co- May .
93,733 90.462 *1.202.729 *1.133.995
St Louis Southwestern
351,460
18,844
332,616
M Ws River Power Co.. June
264,348 259.423 1,520,095 1.462,401
Southern Railway
3.652,901 2.566,429 1,086,472
MountainStates
Preo
1152.932
January
998.044 1.152.932
Texas & Pacific
998.044
572.281
23.377
548,904
Munk Ser Co & Subs- May
400,500 214.418 2.153.920 1.097,515
Nashv Pow & Lt Co_ - June
79,924 74.765 *932,341 *871,360
Total (14 roads)
18.272.732 15.953,700 2.321.589
2,557 dNebraska
Power Co.. June
307.474 280,540 1,883,577 1.680,855.
Net increase (14.541)
2.319,032
Nevada-Calif Electric June
617,403 473,806 2.199.489 1,703,373
New Bedf G&Edis Lt. June
295,178 263.186 1.895,862 - _______
Net Earnings Month y to Latest Dates.—The table New Eng Power Sys.. June
603.104 441,563 *6.800,868 *5450,935
Pow & Lt June
75,012 46.941
437.407
following shows the gross and net dulling; with charges NewJersey
315,104
Newpt News k Ham,.
and surplus of STEAM railroad and industrial companies
Ay, Gas & Elec Co June
189,373 187,598 *2330,120 *2,199.630
New York Dock Co-- June
275,098 355,577 1,671,987 2,026,767
reported this week:
York Railways.. May
777,244 825.369 3,689.500 3,774,287
—Gross from Railway— —Net from Railway— —Net after Taxes- New
Eighth Avenue-- May
491,910
107.015 111.653
507,115
1922.
1923.
1923.
1922.
1923.
1922.
Ninth Avenue
May
211,946
45,159 44,091
218,941
$
$
$
8
8
$
N Y & QueensiRecl- May
60,856 87,002
273,695
518,000
Bellefonte Central—
N Y & Harlem Reel- May
132,525 140,035
646,399
675,566
July
9,260
10,878
1,752
1,925 N Y & Long I and May
1,632
2,045
42,977 54,064
190,834
224,573
From Jan 1
56,155
77,988
5,221
4,381
8,927 Niagara Lockport &
9,767
Ont Pow Co & Subs July
Kansas City Southern—
440,019 309,558 3.133.554 1,967,495
Nor
Caro
Juno
July
Serv
Public
1,833,817 1,506.357
427,243
111,366 95,393 692.139
273,628
327,305
600.227
379,254
or Ohio Elec
_ June
From Jan 1_12,882,288 11.216,734 3,396,128 2,827,662 2,700,887 2,074,408
830.633 766.618 5,281,111 4.496,489
Nor'west Ohio CorpR 8cP June
48,601 41,698
175,907
229.522
Southern Pacific—
North
Texas
El o...... June
232,207 240.156 1,448.231 1.520,529
July
24.352,845 21,664,974 6,707,617 5,848,516 5,131,578 4,256,039
May
25.195 29,793
94,525
94,654
From Jan 1157,376,005 141792,194 39,440,815 33,807,142 28,683,23622,640,292 Ocean Electric
dPacific Power & Lt_ - June
260.464 249,259 1.462,558 1.426,278
Union Pacific—
Paducah Electric..
June
48,538 43,674
304,275
270,977
16,391.067 14,599,313 3.230,833 3,732,334 2,095,195 2,564,898 Penn
July
Central Light &
From Jan 1100658,095 98,530,817 24,828.732 22,541,244 17,100,657 14,539,111
l'ower Co & Subs June
259,323 172,793 1,616.163 1,137.720
Penne Coal & Coke_ - June
718.413 698.806 4,549.640 3.245,066
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Pennsylvania Edison_ Juno
235,732 196.877 1,513.368 1,241,712
Plink' Co. & Subsidy
Natural Gas Cos_ - June
866,200 988.203 8,229,445 7,342,074
Latest Gross Earnings.
Jan. Ito Latest Date. Philadelphia 011 Co— June
33,005 93.158
501,711
244.936
Name of Road
Philadelphia & West.. July
76.024 73,044
463,957
497,047
or Company.
Current Previous Current
Phila Rapid Transit..- July
Previous
3547,520 3355,819 26,059,920 24,474.602
Month.
Pine
Year.
Year.
Year.
Year.
Bluff Co
81,126 81,183
863,909
803,093
dPortland Gas & Coke May
281,985 270.025 1.441,284 1,441.908
Portland Ry, Lt & Pr June
901,069 836.856 5.416,927 5.032,135
Adirondack Pow & Lt July
508,113 438,488 3.896,683 3.088.666 Pub Serv Corp of N J June
6740.834 6269.518 42,049,797 38.458,591
Alabama Power Co__ July
620.045 438,097 4,159,565 2.965.408 Puget Sound Gas Co_ January
171.329 168.816
171.329
168.816
Amer Elec Power Co. June
1707.934 1533,799 10,667,002 9.386.736 Puget Sound Pr & Lt_ June
948.671 785.175 11380623 *10138086
Am Pr & Lt Co Subsid June
2424.984 2194.039 15,401,919 13,997.902 Reading Transit & Lt June
263,424
239,659 1.554,877 1,436,606
American Tel & Tel__ May
6050,498 5162.967 29,942.764 26,025.049 Republic Ry & Lt Co.. June
807,3111 664.190 4,877,716 3,958,854
ntAm W at Wks & Sub June
846.880 1638.302 17.074.076 10.040.202 Texas Electric Ry_ -- July
235,006 215,931 1,523,539 1.466,282
Appalachian Pow Co_ June
277,720 246,089 *3.177.894 *2.722,900 °Texas Power & Light June
395,539 356.579 2,640,952 2,328,045
Arizona Power Co__ _ April
Third
*727.894
Avenue Ity Co.. June
63.540
280.107
1241.121 7,149.596 7,015,250
cArkansas Lt & Power July
163.876 154,430 *1,407,542 *1.182,667 UnitedElectric Rys- June
675.451 661,871 4,063,548 3,824,819
Asheville Pow & Light June
79,924 74,765 *932,341 *871.360 United Gas & El Corp
- June
071,602 970,709 *13286804 '11830466
Associated Gas & Elm June
771.857 United Lt&Rys&Subs June
259,945 154.169 1.261,464
978.489 908.818 6,190,325 5,611,195
Aug-Aiken Ry & Elec June
97,571 88,476 '1.215.135 *1,064,292 Un Rys & El of Bait_ March
436,169 1345.418 4,045,237 3.804,118
Bangor Ry & Electric June
717.817 Utah Power & Light_ June
761.083
119,274 115.958
661,890
549,694 4,045,979 3,350 301
kBarcelona Tr. L & P June
711,837 3617,712 25,758.987 22,515.219 gUtah Securities Corp July
791,335
700,852 10,271,066 9,178,012
Baton Rouge Electric June
290.690 Vermont Hydro-Elec.. June
318.346
51.407 50.983
56.103 39.715
351.468
249.325
Beaver Valley Trac__ June
312.369
356,341
56.276 49.566
Virginia Power Co...... June
222.215
150.547 *2.379,028 *1,820,413
Binghamton L H & P June
490,453 VirginiaRy & Pow Co July
571,872
87.444 84.947
857.524 799,572 6.057,018 5,184,422
Blackstone Val 0 & K June
363.317 307.811 2.271.527 1.948.970 West Penn Co & Sub_ June
1873,333 1132.730 11.566,783 7,2113,360
Boston "L" Railway_ June
760.077 2630.924 17.448.488 16,535.329 Western Pow System_ May
562,483 636.517 2,988,113 3,043.179
Bklyn Heights (Reel_ May
36,466 Western Union Tel Co May
35,898
7,365
8,218
9021.1698091.170 36,318,142 31.789,301
Bklyn Q C& Sub(Rec) May
1.067.298
226,802 239,157 1,081,666
Winnipeg Electric Ity April
467.474
443.327 1.933.015 1.899.114
Coney I & Bkin (Rec) May
269.509 269.566 1,135.366 1,109.733 nYadkin River Pr Co June
158.693 97.079 *1,564,076 *1,160.369
Coney Island & Grave May
30.518 York Hay Wat& Pow June
11,093 10.139
35.092
76,280
74.090
450,229
419.530
Nassau Electric(Rec) May
496.388 466.068 2,230.417 2,052.439 York Utilities Co_ - - - June
16,503 15,772
119.585
108.328
South Brooklyn
May
418.470 Young & Ohio Ely RR March ' 50.472
486.802
104,00
4
99,299
41.284
159.341
15,310
fBrazillan Tr. Lt & Pr June
0870000 16266000 117463000 92,515,000
Bklyn-Man Transit May
310,274 3017.255 *36899294 *34544 092
a The Brooklyn City
is no longer part of the Brooklyn Rapid Transit
Bklyn City RR (Rec) June
056.839 1044.852 *12196450 *11848702 System. the receiver ofRR.
the Brooklyn Heights RR. Co. having, with the
NY Consol (Reel
May
309,787 2074,299 10,540.583 9,733.022 approval of the Court, declined
Cape Breton El Co.Ltd June
287,623 since Oct. 18 1919 the Brooklynto continue payment of the rental: therefore
338,050
56.851 46.053
City RR.
been operated by its owners.
Carolina Power & Lt_ June
178.489 154,958 *2,134,772 *1.791.710
The Eighth Avenue and Ninth Avenuehas
RR. co-matiko were formerly
Cent Miss Val El Co_ June
•
265.892 leased to the New
46.863 43.123
283.939
York Railways Co., but these
sea were terminated
Central Pow St Light- March
240,718 282.315 *3.095.150 *3.238.434 on July 11 1919.
since
date these roads have been operated separately.
July
Cities Service Ce
1296.673 1060,862 10.919,032 9,049,326 c Includes Pine Bluff which
Co. d Subsidiary of American Power & Light Co.
Citizens Tr Co & Sub_ June
75.505 62.147 *909.353 *758.390 e Includes York Haven Water
Power Co. !Earnings given in milrels.
City Gas Co. Norfolk March
266.350 g Subsidiary companies only. &
87.324 85.251
255,340
h Includes Nashville Ry. & Lt. Co. I InCleve Painesv & East June
339.741 cludes both subway
61.524 67.811
340.456
and elevated lines. 5 Of Abington & Rockland (Mass.).
Colorado Power Co June
96.914 81.927 *1,080.845 *963.589
Given in pesetas. I These were the earnings from operation of
Columbia Gas & Elec July
theliroper1430,051 1271.228 12,440,561 10,756.413 ties of subsidiary
companies. m Includes West Penn Co. n Includes
Columbus Elec & Pow June
948.14.3 metto Power & Light
180,826 158.35Q 1,120.495
Co. o Subsidiary of Southwestern Power & LightPalCo.
Com'w1th Pow Corp June
2292,941 2009,828 14,633.279 12.848,953 *Earnings for 12 mos.
t Earnings for 0 mos. ending June 30.
Com'w'1th Pr.Ry& Lt June
2918,984 2586,681 18,520,698 16.203.632
June
Conn Power Co
154,693 138.774
832.500
991.826
Consumers Power Co June
1301,991 1121,118 8.182,663 6.838.926 ',Electric Railway and Other Public UtilityNet
Cumberland Co P & L June
304,798 280.61/ 1,860,920 1,651.869 Earnings.— The following table
gives the returns of
Detroit Edison Co_ _ _ July
2235,359 1867,834 18,143,318 14,716.380
Duquesne Lt Co Subs June
1519,950 1275.753 9.785.437 8.164,850 ELECTRIC railway and other public utility gross and net
Eastern Mass St Ry _ July
899,959 948.166 6,460,892 6,200,969 earnings with charges and surplus reported
this week:
Eastern Penn Elec Co June
228,936 166,929 *2,658,637 *2.457.947
—Gross Earnings— —Net Earnings—
377,548 270,999
East St Louis & Sub.._ April
Current
ent
Previous
Current
235.698
44,667 38.684
East Sh G&E Co&Sub June
Previous
262,762
Year.
Year.Companies.Yea
r.
872.614
Year.
175,620 156,024
East Texas Elec Co June
997,016
$
1295.969 1133,419 9.000,566 7,987.626
Edis El Ill of Boston_ June
July 620,045
670.944 Alabama Power Co
115,760 99,711
Edis El Ill of Broclen_ June
808,226
232.385
438,097
314,905
12 mos ending July 31- _ - 6,939.478 4,913,474 3,038,559 2,562,248
195,878 185,464 1,211,381 1,141,352
El Paso Electric Co_ - June
x Utah Securities Corp_ _July 791,335
Elec Lt & Pow Co of
319,804
700,852
374.220
172,906
33,279 25.913
Abington & Rocki'd June
12 mos ending July 3L......9,570.214 8,521,480
212,080
4,897,696 4,185.351
118.216 87.774
388.066
Erie Ltg Co & Subs April
517.999
June
x
These
88.425
477.306
83.978
Fall River Gas Works
earnings for subsidiary companies only.
498,169
423,057 389,302 2,781.314 2,553,174
Federal Lt & Trac Co June
227,147 193.458 1,455,578 1,206.594
oFt Worth Pow & Lt_ June
Gross
Net after
Balance,
Fixed
273.960 287,347 1,622.187 1.652.752
Galv-Hous Mee Co- - June
Earnings.
Taxes.
Surplus.
Charges.
1248,075 036,349 7.561,309 6,315.221
Gen G & L & Sub Cos June
710.490
May
165,131
141.828
Georgia Lt, Pr & RYs
Arkansas Light & July '23
816.457
163,876
57,053
81.675
24,622
1387.005 170,185 8,112.689 7,457.990
Georgia Ity & Power June
Power Company
'22
154,430
69.669
48,631
21,038
584.682 617.327 3.572,795 3,660.507
GreatWest Pow Syst June
12 mos ending July 30 '23 1,407,542
336,873
589,228
252,355
25,509 22.395 *326,213 *264.273
Hanover Pr Co & Sub June
'22 1,182,667
206,474
423,315
216,841
1103,750 038.448 6,619,018 6,497.989 Columbia Gas
Havana El Ry, L & P June
July '23 1,430,051 *796,908
307,529
489,379
267.288
49.091 47,571
Haverhill Gas Light June
286,677
dr Electric
'22
239,741
1,271.228 *717,809
478,068
33.547 34.845 *413.962 *390.987
Helena Lt & RYS Co_ March
7 mos ending July 31 '23 12,440,561
*7,610,055 3,386,983 4,223,072
478,296
81.653 82,222
Honolulu Rapid Tran June
477,819
'22 10,756,413 *6.554,351 3,299,008 3,255,343
277.731
37,469 41,056
269,958
Houghton Co Elec.__ June
July '23 2,235,359
938.617 889.981 5.735,437 5.508,870 Detroit Edison
156,145
Hudson & Manhattan June
506,223
350,078
Company
'22 1,867,834
591.581
91,688
97,514 82,927
Hunting'n Dev & Gas June
689.506
316,523
408,211
7 mos ending July 31 '23 18.143,318 5,315,773
579.158
'56133286
Interb Rapid Transit.. June
2.477.318 2,838,455
'22 14,716,380 4,121,604 2,283,916 1,837.688
249.485 3048.671 16,128,120 23,033,215
Subway Division May
688,670 1654,183 8,085,132 7,522,253 Eastern MassaJuly '23
Elevated Division_ May
83,536
899.959
200,364
116,828
chusetts Street Ry
226,470 222,081 *2,520,944 *2,359,484
Idaho Power Co
June
'22
948,166
106,529
234.909
128,380
7 mos ending July 31 '23 6,460,892
635.659 550,127 5,170,447 4.364.963
Kansas City Pr &Lt.. July
557,659
1,383.972
826.313
407,165 358.167 *5.382,139 *4.930.963
dKan Gas & Elec Co.. June
'22 6.200,969 1,525.022
612,720
912,302
187.019 Kansas City Power July '23
34.686 30.933
Keokuk Electric Co June
204,137
203.155
635,659
283,328
80,173
158,669 145,834 *1.669,763 *1,578,128
Kentucky Trac Term June
& Light
99,731
'22205,154
105,423
967.058
151.475 140,920 1.030.518
Keystone Telep Co June
12 mos ending July 31 '23- 8,694,894 4,108,858
3.197,937
910.921
122.579
19.438
Key West Electric_ June
20.870
127.881
'22 7,311,208 3,481,315 1,216,103 2,265,212
Second Week of August.
1923.
1922.
Increase. Decrease.
AUG. 25 1923.]
THE CHRONICLE
Gross
Earnings.
440,019
July '23
Niag Lock & Oft
309,558
'22
Power Co & Subs
7 mos ending July 30 '23 3,133,554
'22 1,967.495
July '23 3.547.520
Philadelphia
'22 3.355,819
Rapid Transit Co
7 mos ending July 31 '23 26,059.920
'22 24,474,602
76.024
July '23
Philadelphia &
73,044
'22
Western
497,047
7 mos ending July 31 '23
'22
463,957
July '23
81,126
Pine Bluff
'22
81,182
Company
863.909
12 mos ending July 31 '23
'22
803,093
July '23
235,006
Texas Electric
Railway
'22
215,931
12 mos ending July 31 '23 2,766,650
'22 2,727,671
Fixed
Net after
Charges.
Taxes.
$
40,456
*202,928
39,142
*177,670
291,145
*1,531.001
242,424
*1,140,139
827,737
*839,558
821,856
*833,098
*7.171,870 5,824.169
*7.046,728 5,735.779
15,657
31,378
15,088
35,412
108.173
208,621
105,903
202.884
9,502
34.109
9,767
29,492
108,789
362,012
118.435
320.989
37.137
93,462
38,106
80,640
450,722
1,098,205
466,789
1,055,538
Balance.
Surplus.
162,472
138,528
1,239,856
897,715
11,821
11,242
1.347,701
1.310.949
15,721
20,324
100,448
96.981
24.607
19,725
253,223
202,554
56,325
42,534
647,483
588.749
*After allowing for other income.
FINANCIAL REPORTS
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
Aug. 4 1923.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Bold face figures indicate reports published at length.
Industrials (Concluded)Page.
Steam RoadsChicago No. Shore & Milwaukee RR _ 781 Hercules Corp. (Evansville, Ind.)- -.786
780 Hercules Power Co., Wilmington, De1.559
Chieago Union Station Co
552 Houston Oil Co
674
Cincinnati Northern RR
781 Inland Steel Co
559
Indiana Harbor Belt RR
670 International Cement Corp
786
Interborough Rapid Transit Co
559, 674
Internat. Rys. of Central America- _780 International Nickel Co
782 Iron Cap Copper Co
675
Pennsylvania Company
Island Creek Coal Co
559
St. Louis Southwestern Ry.("Cotton
548 Lowell Bleachery, Inc
675
Belt Route")
Mack Trucks, Inc
675
Electric Railways669 Manhattan Electrical Supply Co- 675
Boston Elevated Ry
Mathiesen Alkali Works, Inc___560, 668
Eastern Massachusetts Street Ry_..552 Maxwell Motor
Corp.(and subsids.) _675
670
Federal Light di Traction Co
Metropolitan Edison Co
560
Co
782
Tramways
Montreal
Mexican
Oil Co
Seaboard
788
555
Tennessee Electric Power Co
676
555 Mountain Producers Corp
Texas Electric Ry.. Dallas, Tex
Niullins
Corp
Body
560.
676
Of
Providence,
United Electric Rye.
783 National Department Stores. Inc_ ...6711
R. I.)
783
671 National Grocer Co.. Chicago
United Rys. Investment Co
Nevada Consol. Copper Co
676. 788
New England Tel. & Tel. Co
Industrials560
Aetna Mills (Watertown, Mass.)_ _ _ _783 New Jersey Zinc Co
5f0
671 Niagara Lockport & Ontario Pr. Co- _789
Ajax Rubber Co.. Inc
Allis-Chalmers Mfg. Co., Inc
556 Ohio Copper Co. of Utah
676
671 Ohio Fuel Supply Co
American Bank Note Co
560
668 Okonite Co., N. Y. C. (Insulated
American Chicle Co
Wires & Cables)
671
American Hide 2c Leather Co
560
American-La France Fire Engine
Ontario Steel Products Co., Ltd_ _ - _676
556 Onyx Hosiery, Inc
Co., Inc
789
556 Otis Steel Co
American Light & Traction Co
676
551 Owens Bottle Co
American Locomotive Co
561
671 Pacific Gas & Electric Co
American Metal Co
581
American Pneumatic Service Co
779 Pacific Oil Co
790
556 Panhandle Prod. & Ref. Co
American Steel Foundries Co
790
American Writing Paper Co
784 Paraffine Co., Inc
790
(of
(J.
Co.
778
2.:
C.)
Armour
Penny Co
Illinois)
561
Armour Leather Co
556 Peerless Truck & Motor Corp
778
Batchelder & Snyder Co
672 Pennok Oil Co
677
Bayuk Cigars, Inc
556 Pennsylvania Edison Co
561
Bell Telephone Co.(of Pa.)
672 Philadelphia Insulated Wire Co
790
Blackstone Valley Gas & Elec. Co__ _784 Phillips-Jones Corp
668
Butte & Superior Mining Co
672 Phillips Petroleum Co
561
California Petroleum Co
784 Plerce-Orrow Motor Car Co
561
Procter & Gamble Co., Cincinnati.._779
Canadian Connecticut Cotton Mills,
784 Pullman Company, Chicago
Ltd
668
668 Replogle Steel Co
Canton Co.(pf Baltimore)
561
784 Reynolds Spring Co., Jackson, Mich.562
Certain-Teed Products Corp
Cleveland Electric Illuminating Co 557 Savoy Oil Co
678
Shell Union Oil Corp
Cluett, Peabody & Co., Inc. (and
79
subsidiary companies)
667 Simmons Co
678, 791
Columbian Carbon Co
673 Simms Petroleum Co
562
785 Spicer Manufacturing Co
Commercial Solvents Corp
678
commonwealth Power Corp
557 Stewart-Warner Speedometer Corp_ _791
Consolidated Gas, Electric Light &
011
Superior
Corp
678
557 Studebaker Corp.. South Bend, had._551
Power Co.(of Baltimore)
673 Tidal Osage Oil Co
Cosden & Co
791
668 Tide Water Oil Co
Davison Chemical Co
667
557 Underwood Typewriter Co
Eastern Steamship Lines, Inc
679
(Thomas A.) Edison, Inc.,& sub.cos_786 Union Natural Gas Corp
679, 779
558 United Alloy Steel Co
Electric Auto-Lite Corp
679
673 U. S. Hoffman Machinery Corp__ -.563
English Sewing Cotton Co., Ltd
786 U. S. Realty & Impt. Co
Fisk Rubber Co
563, 792
673 United Katt% Rubber Co., N. Y....778
Fleischmann Co
673 United States Steel Corp
Freeport Texas Co
549
558 Vanadium Corp. of America
(Robert) Gait* Co
563
551 Virginia-Carolina Chemical Co
General Cigar Co., Inc
550
558 Western Power Corp
General Gas & Electric Corp
679
(;eneral Motors Acceptance Corp.._ _558 Wheeling Steel Corp
679
674 Wickwire-Spencer Steel Corp....563. 793
General Railway Signal Co
558 Willys-Overiand Co. & subsidiaries_ _667
General Refractories Co
Wolverine Copper Mining Co
Goodyear Tire & Rubber Co.. Akron.
679
531 Youngstown Sheet & Tube Co_ :563, 679
Ohlo
Baltimore & Ohio Railroad.
(96th Annual Report-Calendar Year 1922.)
The text of the report, signed by President Daniel Willard,
together with comparative income account and balance sheet,
will be found on subsequent pages under "Reports and
Documents."
TRAFFIC STATISTICS YEARS ENDED DECEMBER 31.
1922.
1921.•
1920.
1919.
5,212
5,235
5,155
Miles operated
5,154
Operations78,585,692
71,573,662
101,924,520
88,862,248
Tons ffear.(rev.only)
Tonsfgt.can'. 1 mile.15,053,798,968 14,209,154,989 20,932,667,000 17,203,592,000
1.103 eta.
1.080 eta.
0.873 eta.
0.795 eta.
Av.rate per ton p. m.
21,204,736
17,992,565
passengers carried
240581,776
1,012
895,254,315
810,848,329
mils
1
41M:1:8 1,240,144,875
PUS.carried
3.287 eta.
3.305 eta.
2.941 cts
2.558 cis.
Av.rate e.Pass. P.m.
Av. train load (tAMS)
712
762
873
(revenue only) _ _ _ _
847
81.9171
$1.7673
82.0864
$2.0548
Earn. p. pass. tr.mile
Earn,per freight train
87.8562
$8.0757
. 87.6229
mile(revenue only)
$6.7360
Gross earns, per mile,
$38,027
$38,534
$44,992
$35,435
incl.outside °per_ _
•The figures for 1921 have been restated to Include the operations of the Morgantown & Kingwood RR.
GENERA', BALANCE SHEET DECEMBER 31.
1922.
Assets-$
Investments in:
248,725,360
Road
164,670,409
Equipment
296,499,601
Subsidiary co's operated as cons*. parts of the cos
4,956,441
Misc. phys. prop. held for transportation purposes...
81,245
Improvements to leased railway property
6,441.200
Perpetual leaseholds-capitalized (per contra)
Investment in sub. & attn. cos. separately operatedTotal.
Unpledged.
Pledged.
$7,101,024 $3,950,856 11,051,879
Stocks
37,147,501
1,347,501
35,800,000
Bonds
6,991,039
6.991,039
Miscellaneous
4,482,100
Investment in other miscellaneous physical property..
180,613
Investment in sinking funds
61.704
Deposits in lieu of mortgaged property sold
Total.
UnPledged.
Investments in other companies: Pledged.
5279,144 22,215,332
821,936,188
Stocks
607,791
117,000
490,791
Bonds
1.233,872
1,233,872
Miscellaneous
13,737,200
Cash
4.470,627
Special deposits
118,637
Loans and bills receivable
6,086,551
Traffic and car service balances receivable
6,995,474
Net balances receivable from agents and conductors_ _ _
11,214,055
Misce laneous accounts receivable
18,426,277
Materials and supplies
18.293
Interest and dividends receivable
27,593
Rents receivable
1,675,541
Deferred assets
9,371,575
United States Government Transportation Act of 1920
74,809,693
United States Railroad Administration
4,097,994
Unadjusted debits
Securities of carrier's own issue1,513,859
Unpledged Stocks
15,707,655
Bonds
1,650,000
Pledged: Stocks, Washington Branch (per contra)...
49,721,550
Bonds
889
1921.
$
248,071,127
157,783,124
288,759,973
4,447,415
1,530,013
6.441(200
12,092,269
37,147,501
5,731,870
4,339,132
168,441
28,263
22,532,321
828,971
1,054,478
12,000,561
32.716
107,379
17,992,784
5,334,454
11,888,734
23,588,296
23.621
1,396,946
9,371,575
73,484,374
2,178,040
1,508,739
7,736,755
1,650,000
53,755,550
1,024,978,560 1,013,004,621
922
Total
Held by or
1921.
Outstanding.for Company. Issued.
$
$
151.945,429
372,039 152,317,468 152,317,468
Common stock
60.000.000
58,863,181
1,136,819 60,000,000
Preferred stock
Separate stock-Washington
1,650,000
1,650,000
1,650,000
Branch (see contra)
38,989,675
44,690,707
19,100 44,709,807
Equipment obligations
297,662,335 58,712,895 356,375,230 355.275,230
Mortgage bonds
99,250,500
93,976,290 7,721,210 101,697,500
Collateral trust bonds
80,065,685
79,763,405
79,763,405
Miseelhineous obligations
Dayton & Michigan RR. Co.
2,401,950
2,401,950
5,000
2,396,950
Common stock
1,211,250
1,211,250
1,211,250
D.& M.RR.Co.Pref.stock
2,728,000
2,728,000
D.&M.RR.Co. 1st M.bonds 2,728,000
100,000
100,000
100,000
Home Ave. Ry. Co. cap. stock
3,000,000
4,300,000
Loans and bills payable
10,707,215
6,128,738
Traffic and car service balances payable
11,828,410
18,108,893
Audited accounts and wages payable
7,525,030
4,144,100
Miscellaneous accounts payable
3,682,998
3.659,932
Interest matured unpaid
56,121
64,510
Dividends matured unpaid
39.800
8,000
Funded debt matured unpaid
1,177,264
1.177,264
Unmatured dividends declared
3,675,604
3,823,040
Unmatured interest accrued
22,648
33,281
Unmatured rents accrued
61,667
62,079
Other current liabilities
3,245,178
2,891,193
Liability for provident funds
1,641,282
1.220,204
Other deferred liabilities
84,344,796
81,608,980
United States Railroad Administration
301,079
1,529,780
Tax liability
1.044,444
1,456,613
Insurance reserve
5,595,179
5,017,146
Operating reserves
42,656,930
38,949,495
Accrued depreciation-equipment
2,215,740
3,994,861
Other unadjusted credits
168,441
180,613
Sinking fund reserves
20,736,233
17,036,266
Additions to property through income and surplus
21,911,583
20,015,285
balance
loss,
Profit and
Total
1,024,978,660 1,013,004,621
Total
The following securities bear the endorsement of the B. & 0. RR. Co. jointly
RR. Co. 1st Mtge.
Terminal
Indiana
&
Kentucky
viz.:
companies,
other
with
sterling bonds,$6,282,781; Richmond-Washington Co. 1st Mtge. bonds,$10,000,000:
Washington Terminal Co. 1st Mtge. bonds. $12,000,000. The company. through
subsidiary, the Toledo & Cincinnati RR. Co., guarantees $2,728,000 C013/301. 1st
Mtge. bonds of the 1)ayton & Michigan RFt. Co.-V. 117, p. 669. 85.
Pennsylvania Company.
(Fifty-first Annual Report-Year ended Dec. 31 1922.)
President Samuel Rea, Pittsburgh, Pa., April 25, says in
substance:
'nem! Slaturient.-The gross inrome for the year amounted to $8,329,213 and the net incoma was $6,142,059. From this net income dividends
aggregating 6%,or $4.803.000. were paid, and $49,934 was applied to sinking and other reserve funds and $118.948 appropriated for investment in
physical property, leaving a balance of 81,113,171 transferred to the credit
of profit and loss account to wnien was added $4,874,314 sundry net credits
during the year, and after appropriating $16.000.000 for special dividend
of 20%, payable in securities owned by the company, the balance to credit
of profit and loss on Dec. 31 1922 was $7,445,479.
General Balance Sheet.-The investmant in equipment decreased $1,208.684. due to the sale to the Pennsylvania RR. of 1,000 steel-frame automobile box cars. Tne decreases of $13,043,812 in investments In affiliated
companies' stocks and $1.421,389 in bonds are due chiefly to the delivery to the Pennsylvania RR,of certain stocks and bonds of various companies in payment of the special dividend of 20% •
The company acquired 8,858 additional shares 1S885.8001 of the Pittsburgn Cincinnati Chimp & St. Louis RR. Common stock, and gave in
part payment therefor 4103,300 of rite Pittsburgh Cincinnati Chicago &
St. Louis RR. Gen. Mtge. 5% bonds. Series "A." the balance of the stock
having been purchased for cash; and also acquired 552 additional shares
1$56.2001 of Grand Rapids & Indiana Ry, capital stock, and gave in part
payment therefor $51,700 of Grand Rapids & Indiana Ry. 2d Mtge. 4%
bonds, the balance of the stock having also been purchased for cash. The
decrease of $559,613 in "advances" is due to repayment of amounts heretofore advanced to affiliated companies and transftr of accounts to the
Pennsylvania RR. The decrease of 81.771.297 in "bonds" is due chiefly
to the exchange of81.771,000 of U.S. Treasury 4 % certificates of indebtedness with the managers of the trust created by the Pennsylvania RR.
for a like amount of the Pittsburgh Cincinnati Chicago & St. Louis RR.
Gen. Mtge.5% bonds. series"A." TTe increase of $1.252,717 in "interest
and dividends receivable" is due chiefly to accrual in 1922 of dividend
on the capital stock of the Pittsburgh Cincinnati Chicago & St. Louis RR.
owned by the comnany, payable on Jan. 20 1923.
Funded Debt.-The decrease in long-term debt is duo to the purchase of
the general fund
$100,000 4% 15-25-year gold loan of 1906 certificates by
and final payment made on June 1 1922 on account of equipment trust
obligations covering freight cars acquired under Pennsylvania General
Freight Equipment Trust, Series "D" and "E."
Fl ailing Debt.-The decreases in loans and bills payable of $8.790,607
and miscellaneous accounts payable of $178.966, are duo chiefly to partial
repayment of loans received from the Pennsylvania RR. and refund of
am-unts heretofore placed on deposit with the company by sundry affiliate 1 companies. The decrease of $435,929 in funded debt matured, unpaid, is due to payments made on account of 3j% French franc loan certificates, called for redemption June 15 1920, and 1st Mtge. 43.5% bonds,
matured July 11921. The decrease of 8488,369 90 in unmatured interest
accrued is cue to reduction in amount of Interest accrued on loans received
from the Pennsylvania RR.
890
THE CHRONTCLE
The decreases of$283.425 in accrued depreciation equipment and $1.089,736 in additions to property through income and surplus are due chiefly
to the sale to the Pennsylvania RR. of 1,000 freight cars acquired under
car trust arrangements. The decrease of $1,052,128 in other unadjusted
credits is due chiefly to adjustment of account with the Pennsylvania RR.
covering amounts advanced by that company for the redemption of this
company's 3%% French franc loan of 1906 certificates. The increase of
$17,902,213 in funded debt retired through income and surplus is the cost
of certain matured First Mtge. 4J4% bonds and 4)4% Gold Loan of 1915
certificates redeemed by the managers of the general fund, which was
transferred from miscellaneous fund reserves, and this amount,less $49,933
appropriated from income to the general fund during the year, represents
the decrease of $17.852,279 in the latter account.
Leases.-The I.-S. 0. Commission approved during 1922 the leases to
the Pennsylvania RR. of the railroads and properties of the following
companies, referred to in annual reports for previous years, for a term of
999 years from Jan. 1 1921, these leases, dated Mar. 26 1921, having previously been approved by the directors and stockholders of the respective
companies.
(1) Clue. Lebanon 8t Nor. Ry.
(7) Ohio Connecting Ry.
(2) Clev. Akron & Cincinnati Ry. (8) Pitts. Cinc. Ch. & St. L. RR.
(3) Englewood Connecting Ry.
(9) Pitts. Ohio Val.& Clue. RR.
(4) Grand Rapids & Indiana Ry.
(10) South Chicago & Southern RR.
(5) Indianapolis & Frankfort RR. (11) Tol. Columb. & Ohio River RR.
(6) Louisville Bridge & Term. Ry. (12) Wheeling Terminal Ry.
The company is the owner of either all or a majority of the capital stock
of these companies.
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1922.
1921.
Rent from equipment
$463,462 51,246,677
$55,021
61,929
Income from lease of road
10,724
Miscellaneous rent income
10.014
-11-,8§8
9,213.905
Dividend income
5.388,159
6.786,869
592,919
Incomefrom funded securities
534,860
695,150
1,378.144
Income from unfund. secs. & acc'ts_ _
1.371,348
733.255
196,094
Income from sink.& other res've fds_
157.079
48.905
Gross Income
$8,329,213 $7,926,806 $12,700,393
143,960
Tax accruals
450,000
290,089
4,254,655
Interest on funded debt
2.074,563
799,954
1,120,658
Interest on unfunded debt
1,786.937
1,007,631
58,568
Maintenance ofinvest.organization _ _
24.516
17,149
22,931
Miscellaneous income charges
17.298
72,332
Total deductions
$2,187,154 $4.353,314 $5,600,772
Net income
$6,142,059 $3,573,492 $7,099,621
Inc.appl. to skg. & other res've funds
$571,335 81,524.033
849,934
Inc.approp.for inv.in phys. prop'ty_
208,234
118,948
118,948
Bal.transf. to cred. of prof. & loss_ $5,973,177 $2,883,209 $5,367,354
Previous surplus
$17,397,988 $17.941,742 $16,856.226
Sundry not credits during the Year.
518,162
1,373.035
4,874,314
Less dividend appropriations (6%)_ _ 4,800,000 4,800,000 4.800,000
Special dividend (20%)
16.000,000
Profit and losssurplus, Dec.31_ _ - - $7,445,479 $17,397,988
BALANCE SHEET DEC. 31.
Assets1922.
Investment in road and equipment
$464,216
Miscellaneous physical property
2.249,916
• Investments in affiliated companiesStocks
111,878,830
Bonds
11.647.348
Notes
674,396
Advances
4,612,023
Other investmentsStocks
12,194,016
754,509
Bonds
Notes and advances
47.519
Miscellaneous
40
330,10(5
Cash.
Special deposits
382,027
Loans and bills receivable
17.080,275
Miscellaneous accounts receivable
2,937,765
2,587,679
Interest and dividends receivable
Insurance and other prepayments
1,886,890
Other deferred assets
4,694
Unadjusted debits
1,134,953
$17,941.743
1921.
31,672.900
2.390,716
124,922,641
13,068,738
712,848
5,171,636
[vol.. 117.
Consol. Mtge. bonds; $17,000 Chicago St. Louis & Pittsburgh RR.Consol.
Mtge. bonds; $179,000 Vandalia RR. Consol. Mtge, bonds, and by the
payment of $1,496,094 Equipment Trust obligations, which matured
during the year.
INCOME STATEMENT-YEAR ENDED DEC. 31.
Inc.(+) or
1922.
Dec.(-)•
Mileage
1.856.67
+0.30
Income,rental received
-$139,866
$9.815,963
Income frcm unfunded securities & accounts
21,293
+507
Miscellaneous income
-3,532,446
Gross income
Deductions-Interest on funded debt
Interest on unfunded debt
Maintenance of investment organization
Miscellaneous income charges
Total
Net income
Dividends (4%)-
89,837,255 -$3.671,806
$4,788,105
-$290,770
1,650,254
-9,957
+149
149
-285.057
86,438,508
-585,636
$3.398,748 -$3,086,170
3.388,500
+16
Balance
810.248 -$3,086,186
The profit and loss statement shows: Credit balance of income for the
Year, $10,247; adjustments of accounts with Pennsylvania RR. under
lease dated March 26 1921, $10,172,481; total $10,182,729. Deduct:
Debit balance to this account, Dec. 311921, $2,494,526; sundry net debits
for the year, $1,028,561; amount to credit of profit and loss Dec. 31 1922.
$6,659,642.
BALANCE SHEET DEC. 31.
.
.
1922.
1921.
Assets$
$
Inv. In road &
Common stock_ 84,713,893 84,713,123
equipment__ _264,593,838 264,266.631 Stock Habit. for
cony. of outst.
Imps. on leased
ry. property_ _ 3,277,780 3,367,573 sec. roost. cos.
146,219
146,989
722,116 Gen. M.58, Ser.
Misc. phys. prop
720,197
"A," l970.._ 20,000,000 20,000,000
I.In affil. cos.:
1,829,994 1,824,631 Cons. M.bonds,
Stocks
69,000
69,000
1940-64
Bonds
53,064,000 54,262,000
303,158
303,158 C.St.L.& P.con.
Notes
M. 5s, 1932._ 1,429,000 1,446,000
Advances_
4,883,349 5,493.539
595,752 Chartiers Ry. 1st
595,150
Other stocks__ ..
38,606
11,139
M. 316s. 1931
Notes
625,000
625,000
1,180,914 1,196,242 Vendetta RR.
Advances, &c
16
16
Cons. M.bds.. 15,695,000 15,874,000
Miscellaneous
19,191 2,465,584 'I'. H.& I. Cons.
Cash
121,102
lit M. 5s, '25 1,899,000 1,899,000
Special deposits_
165,769
Traf.& car.serv.
Equip. tr. oblig. 10,885,678 12,381,772
bal. receivable
5,158,831 Non-negot. debt
to sail. cos
Net bal. rec. fr.
2,590,643
1,915,120 Lns.& bills pay_ 16,080,000 20,945,000
agts. ,k cond.
Misc. accts. rec_ 2,501,751 6,429,098 Trot. & car serv.
Mat'l ex supplies
15,572,109
bal. payable
6,545 3,566,583
Int. & divs. rec849 Aud. accts. and
931
Rents receivable 6,129,426
wages payable
4,356,583
Work,fund adv..
8,878 Misc, accts. pay
18,687 5,949.840
0th. def. assets_ 8,524.761
4,527 Int. mat. unpaid
120,102
171,763
0th. unadj.deb_ 17,670,369 13,818,504 Divs. mat. unpd
39
19,350
Funded debt matured unpaid_
9,012
9,012
Unmat.dlys dec. 1,694,258
Unmat.Int. accr 1,124,703
1,225,691
Until. rents accr.
169,739
Other cur. Ilabil.
21,053
Deferred liabil 30,449,521 27,291,338
Tax liabilitY4,791,018
Oper. reserves_
17,497
Accr.depr.,equip 28,140,214 26,557,621
0th. unadj. cred
171,744
971,518
Corp. surplus 36.916,381 38,492,348
P.& L.deb. bal. 6,659,642 2,494,526
12,209.316
2,525,806
62,665
1.541
405,640
193,801
17,480,275
8,478,006
Total
312,458,592 323,390,000
Total
312,458,592 323,390,000
1,334.962 -V. 116, p. 2131.
1,901.509
5,583
American Cyanamid Company.
1.331,173
Total
8170,867,2018193,869,754
LiabilitiesCommon stock
$80,000,000 $80,000.000
4% gold loan of 1906 ctfs.. due 1931
19,900.000 20,000,000
Equipment trust obligations
118,948
Loans and bills payable
21,764,379 30.554,985
Audited accounts and wages payable
513.917
500,099
Miscellaneousaccounts payable
2.411,770
1,632,804
Interest matured unpaid
22,955
14,033
Funded debt matured unpaid
646.717
210,788
Unmatured interest accrued
688,369
200,000
Other current liabilities
17,679
7,980
103,131
Other deferred liabilities
101,752
232,880
Tax liability
304,830
Accrued depreciation-equipment
283,425
3.006.805
Other unadjusted credits.
1.954.677
Additions to property through income and surplus 140,514
1,230,250
Funded debt retired through income and surplus 34,738,424 16,836,211
Miscellaneous fund reserves_
1,951,443 19,803,722
Profit and loss-balance
7,445,479 l',.397,988
(Annual Report for Fiscal Year Ended June 30 1923.)
Treasurer C. M. Grant,New York Aug. 1923, wrote
in brief:
During the period under review company purchased that portion of the
stock of the Owl Fumigating Corp. which it did not previous own, so that
It is now the sole owner of that company. The Owl Fumigating Corp. Is
engaged In the production,from cyanide supplied it by the parent company,
ofliquid hydrocyanic acid. used for the fumigation of citrus trees in California.
During the year good-will, amounting to $2,216,805, which had been
carried as an asset upon the books of the company, was written off out of
sures.
The
u claim of the Government for additional taxes still remains undotermined. No provision has heretofore been made of any reserve set up to
take care of this claim, because the company has felt that the Government
was wrong In its contentions, at least as to the greater part of this claim.
In addition to this there are other 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. Two of
Total
170,867,201 193.869.754 these claims nave now taken the form of suits. Without admitting any
liability whatever for any of these claims directors felt that as a matter of
-v. 117. p. 782.
business prudence, to cover the possibility of decisions adverse to the
company in regard both to these suits and the claims of the Government,
Pittsburgh Cincinnati Chicago & St. Louis RR.
there should be transferred from surplus as a credit to "reserve for con
tingencies" the sum of $950,000, and this has accordingly been done.
(Sixth Annual Report-Year ended Dec. 311922.)
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
President Samuel Rea March 28 writes in substance:
1922-23.
1921-22.
1920-21.
1919-20,
Lease of Road.-The lease, dated March 26 1921 of the railroad and Gross sales
$8,387,420 $4,137,792 $5,608,599 $8,464,889
property to the Pennsylvania RR.for a term of 999 years from Jan. 1 1921 Freight allowances
417,596
305,604
325,421
141,650
was approved by the I.-S. C. Commission during the year and the PennsylNet sales
$7,969,823 $3,832,188 $5,466,950 $8,139,468
vania RR. as lessee, assumed the operation of the lines of railroad thereto- Sales
to Amal.Phos.Co_
61.2,255
544,617
471,005
579,700
fore operated by the company. The lease provides that the lessee company
Total sales
shall pay an annual rental equivalent to the amount of fixed charges and
$8,582,078 $4,303,194 $6,046,650 88,684,085
4% per annum of the aggregate oar value of full shares of outstanding Cost of sales
5,936,679
3,678,420
5,303,478 6,611,196
Common stock for five years ending Dec. 31 1925 and 5% per annum Selling & gen.expenses.._
443.783
356,528
269,202
245,658
thereafter. No dividends are to be paid on outstanding stock scrip or
Net ofit on sales- -- $2,201,616
$355,563
$497,513 $1,716,361
capital stock of constituent companies until same are converted into full Miscellaneous income__
375,816
224,217
,
97560
152,550
lease
stock.
The
also
become
Common
shall
provides that it
shares of
Total income
$2,425.833
$453,123
8650.063 $2,092,177
effective on Jan. 11921.
Int., exch. St disc. paid_ _
10,362
4,115
3,406
2.691
Income Statement.-The income statements for the years ended Dec. 31 Int.
bds. of Am.Ph Co_
57,617
42.258
46.685
53,258
1921 and 1922 have therefore been re-stated to show the rental received Miscellaneous
charges
6,750
under terms of the lease and the disposition made thereof.
Net profit Am.Cy.Co $2,373,213
The decrease in rental received from lease of road is due chiefly to de3594,113 $2.023,695
$403,031
Cr.71,157
creases in interest accrued on the amount due the U. S. Government for Profit ofsub.cos
Cr.131.887
Cr.83.972
Cr.83,937
of
made
to
the
period
Res.
for Federal taxes_ _ _
betterments
property
the
during
335,000
additions and
100,000
261,149
55,000
233.975
Federal control, and in interest on funded debt due to reduction of out- Licenses & pat's writ. off
233,975
233,975
233,975
standing bonds or other obligations. These are also the reasons for the
Net income
$1,525,877
$344.110
$2,009.957
$197,992
The
decreases in interest on funded debt and interest on unfunded debt.
Previous surplus
1,723,529
2,392,629
3,143.276
3,291,490
increase in income from unfunded securities and accounts is due chiefly Sundry credits
102,527
50,101
the Prof. on Pill. stk. purch_
to an increase in the amount of interest accrued on advances made to and
960,155
Chartiers Southern Ry. The decreases in miscellaneous income
Total surplus
$3,351,933
accounts
$3.696,895
85.203.334
$3,489,482
adjustments
of
to
are
due
in
1921
charges
miscellaneous income
Losses on aband. equip_
31,174
6,613
10,451
with the U. S. Government growing out of Federal Control and Guaranty Good-will written off_ _ .. 2,216,805
periods.
Res.
for
contingencies
year
the
950,000
of
outstanding
at
close
the
Capital Stock.-The Common stock
Pref. dividends
(6%)335,754 (6)335,754 (6)374,231b(12)959,304
was $84,713,892, an increase of $770 due to the conversion of seven shares Common dividends
(1 %)65,943
of Preferred stock, thus leaving the total outstanding capital stock liability
aProfit St loss, surplus $1,628,219 $3,143,276 $3,291,490 $2,392,629
year.
the same as at the close of the previousreduced
purthe
year
by
during
the
was
debt
funded
-The
Debt.
Funded
a Includes profits of subsidiary companies, as above. b This Includes
chase and retirement of $1,000 Pittsburgh Cincinnati Chicago & St. Louis
through dividends on the Pref. stock for two years. June 30 1918 to Jane 30 1920,
Ry. Consol. Mtge. 4)4% bond, Series ".A"; also by the retirement
Louis
Ry.
up all accumulations;
clearing
Cincinnati
St.
Chicago
&
Pittsburgh
sinking funds of $1,197,000
AUG. 25 1923.]
BALANCE SHEET JUNE 30.
1922.
1923.
5
AssetsLands, bldgs., &c_x3,820,877 3,711,172 Common stock...
176,628 Preferred stock...
Notes & accts. rec. 435,077
640,077 Accounts payable,
746,413
Cash
accr. wages &
Inventories
1,309,037 1,019,385
taxes
License, pats., &c_y2,145,568 4,587,227
Inv. In sub. cos__ _ 5,093,189 4,930,651 Due to subsid. cos_
277,620 Dividends payable
Due from sub. cos_ 319.535
U. S. Govt. secs 1,963,956 1,292,697 Res. for conting_
227,299 Inc. & prof. taxes_
Prepaid Insurance_ 300,772
Surplus
891
THE CHRONTCLE
1922.
5
6,594,300 6,594,300
5,595,900 5,595.900
1923.
United Paperboard Co., Inc.
(10th Annual Report-Fiscal Year Ended May 26 1923.)•
President Sidney Mitchell reports in substance:
The period of depression in the board business extended into the fiscal'
year ending May 26 1923. The company made a small profit the first
without deduction for depreciation.
890,203
273.264 6 months, amounting to $121,149,considerable
improvement.
228,073
875,188 The last 6 months' earnings show
somewhat, and in the month of
increased
has
mills
The capacity of the
149,882
167,877
May the company produced the largest tonnage in its history although
950,000
229,715
212.949 several of the mills were not in operation.
Improvements made during the year involved an expenditure of $158,728.
1,496,352 3,143,276
Directors have authorized sprinkler installations at some of the mills at
16.134,424 16,862,755 an estimated cost of $85,177. and approximate reduction in insurance
Total
Total
16,134,424 16,862.755
premiums will be $36,446 annually.
The company is erecting a new boiler plant at Wabash. Ind. and new
x After deducting $3,378,625 for depreciation In 1923, against $2,764,883
'expected
on the No. 1 Machine at Peoria, Ill., which it is
In 1922. y After deducting $1,403,853 for proportion of licenses and vertical dryers
result in reducing costs. The company made a water power lease at
will
patents written off.
operation
resumed
has
notice,
and
cancellable
on
30
days`
While the U. S. Government is making claim for additional taxes, based Lockport, N. Y.,
Principally on charges made for depletion and depreciation of the properties of the Lockport ground wood mill.
INCOME ACCOUNT FOR YEARS ENDING.
and on determination of the amount of "invested capital," the claim, in
the opinion of the company's officials, will be substantially reduced, and in
May 31
May 28
May 26
May 27
any event, will have no important effect on the general position of the
1920-21.
1919-20.
1921-22.
1922-23.
company. All known liabilities have been included.-V. 117, p. 556.
$731,041 $1,664,731
$881,714 loss$155,559
Mill earnings
101.600
224,377
102,981
95,070
Taxes and insurance_ 115,117
99.019
132,459
130,726
Administration expenses
Butterick Company, New York.
(Semi-Annual Report-Six Months ended June 30 1923.)
1921.
1922.
1923.
6 Months to June 30$547,483 $338.453 $622,535
Net income
30,000 34,000 38,000
Preferred dividend
1919.
1920.
$59,419 $391.798
33,433
$577,483 $304.453 $584.535 $25.986 $391,798
BALANCE SHEET JUNE 30.
1923.
1922.
1922.
1923.
LtahatitesAssets$
Common stock_ _ _14,642,100 14,642,100
Real est. & impts.,
800,000
mach.,plant&c.a4.546,703 2,479,803 Preferred stock .__ 700.000
741,500
Mortgages
766,500
Patents, good-will,
972,500
450.000
Notes payable_ __
contracts, copy14.000
16,000
rights,marks,&c13,893,271 13,893,271 Dividend payable_
851,060
5,760 Accounts payable_ 841,208
Stock owned
Accts. receivable.b4,300,590 2,088.100 Res.for depr., pattern returns, &e.. 3,643,536
21,332
13,890
Notes receivable
42,627
45,428
Res.for for'n exch.
Paper in stock_ __
Mdse.manufact'd 1,933,635 1,736,948 Res. for prep. sub133,603
scription, &c_
and in process.
70,065
88,435
373,695 Reserve for taxes_
438,677
Cash
3,712,761 2,998.813
193,034 Surplus
Deferred charges.- 253.530
Balance, surplus
$646,275 loss$381,355
Net earnings
Other income
$514,324 $1.341,334
8.722
49,229
$563,553 $1.350.056
Total net earnings_ --- $646,275 loss$381.355
$6,885
$10,046
Interest charges
100.000
500,000
100,000
300.000
Depreciation
94,633
88,140
Preferred divs. (6%)....-79,482
(4%)367,278 (2)183.636
Common divs
561.741
1.250
$266,793 def.$481,355
BALANCE SHEET.
May 26'23. May 27'22.
May 26'23. May 27'22.
Liabilities$
$
$
$
AssetsPreferred stock... 1,326,300 1,327,871
Real estate, plants,
equipment, &c_10,346,338 10,533,125 Common stock__ _10.055,000 10,055,000
67,218
136,011
,
Accts, payable..... 228,109
Other securities_ _ _
553,315
198,102 Contracts for imCash
486,102
prov'ts & replac. 315,177
342,583
Notes & accts. rec. 1,001,919
698.901 Pref. div. payable
Mdse. & supplies_ 779,050
79,482
27,512
25,990
July 2 1923_ _ _ _
Defared charges
5,896
8,071 Reserve for accrued
Suspended assets..
104.310
interest. &c___ - 174,360
335,434
Surplus
602,820
Balance, surplus
Total
25.380.296 20.791,944
25.380,296 20,791,944
12,781.249 12,301,209
Total '
12,781,249 12,301,209.
Total
a Includes Butterick building land, $217,306; Butterick building and -v. 116, p. 2286.
improvements, $1,360,297 machinery and equipment, $2,160,070: furniture and fixtures, $622,616; total, $4,360.289 (before reserves); Spring and
Michigan Sugar Co., Saginaw, Mich.
Vandam streets properties, $186,413; total (as above), $4.546.703. V.116,
(Report for Fiscal Year ending June 30.)
P. 1898. (b) Including customers' standing credits amounting to $2,289.576. (c) Reserve for depreciation of $2,011,305, and reserve for pattern
1923.
1922.
1921.
1920.
returns, &c.. already deducted from real estate and accounts receivable, Net earnings
$505,455 loss$877.869 1oss$423,319 $1,843,156
respectively, June 30 1922.-V. 116, p. 1898.
214,707
Loss on sales & inventory
11.250
Canadian etch,disc. ad).
American Druggists Syndicate, Long Island City, N. Y. Preferred dividends_
(1% )55.533 (6)222,210 (6)222,210
(1 074,711 (8)597.688 (10)747.110
Common dividends
Total
(Semi-Annual Reportfor Six Months Ending June 30'23)
President F. H. Jones Aug. 13 wrote in substance:
The deficit for the six months of $38,341 does not mean that the company has lost that amount of money during these months. When the
present management started the first thing done was to make a careful
survey of all investments and book accounts and see where any passible
savings could he made or losses could be stopped and bringing these matters
before the directors for consideration.
We disposed of the interest of this company in the Estates Club Realty
Corp. at a profit of $65,000. An account of approximately $154,000
charged on the books for a cancellation of a war order, and representing
our loss by that cancellation, was settled within $30,000 of the amount on
the books. This moans closing off $30,000 loss.
We had a plant that was put up during the war for the making of a camphor substitute, which at that time seemed very profitable to the management. With the fall in the price of camphor, this plant was closed, and
with the large number of war plants throughout the country that were- on
the market the sale of it has been difficult. It was on our books at $800,000,
Including the machinery, which was all special
We probably
could not, if we had had to scrap the machinerymachinery.
and put it on the market,
have received over $400.000 for it. Through finding a chemical company
that can use a large part of the machinery we have sold the plant for $500,
000 and in addition a block of the Common stock of the company that will
operate same. Inasmuch as this stock has a value only to be made in the
future, we did not believe that it should be carried on the books at any such
amount as the difference. $300,000, and we have, therefore, closed off
$100,000 further on the loss of this plant.
In this operation we have cut off a carrying cost of $25,000 per annum
in the way of interest, taxes and the care of the plant, and through the sale
have turned it into $25,000 income, which makes $50.000 in the right
direction. In addition to this, we are relieved of the charges for,depreelation which are necessarily high in a chemical plant.
Our Canadian operation has been very unprofitable for years, and th
loss during the past six months has been very considerable. we have cut
this loss down to a small monthly loss, and if it cannot be eliminated and
made profitable we shall make some disposition of this proposition, as It
is the purpose of this management to carry on nothing that is not profitable to this company.
The A.P.C. plant, where our cotton fabrics are made,is now on a paying
basis. The Saks stamping plant, where our enameled ware is made, is
also at last on a paying basis.
It will be noted from the foregoing that $130,000 has been closed off,
none of which was entailed as a loss during the past 6 months; therefore,
If It had not been done, we would have had a profit of about $80,000.
INCOME ACCOUNT FOR SIX MONTHS ENDED JUNE 30
1923
1922.
1921
1920
Profits for six months... ioss$38,341
$100,948 loss$741,340 $ 360.832
Dividends paid
226,675
Divs. on sub,co's stock..
787
loss$38,341
3100,948 10388741.340
Balance, surplus
$133.371
def.186,410 dej.603,216
Previous surplus
288,046
117,528
Federal tax (prey. year)_
deb.16,947
*6.8,267
Premium rec'd on sale
of capital stock, &c__
Cr.190,898
Profit & loss surplus- _def$224,751 def$502,268 def$470,241
$733,530
Balance, surplus
Previous surplus
$505,455d1$1,222.841=1,254,467
3.122,462 4.376.930
. 1,899,623
5873,8362.995.106
32,405.078 $1,899,623 $3,122,462 $3,868.942
BALANCE SHEET JUNE 30.
1923.
1922.
1922.
1923.
Liabilities$
Assets6% Cum.Pref.__ 3,703,500 3,703,500
Land,bldgs..mach.
& equipment__ 8,080,720 8,010,816 Common stock... 7,471,100 7,471,100
Accrued taxes (not
Good will, trade
57,232
3,742,924 3
due), &c
55,029
.
,742,924
names, &e
Reserve for deprec. 1,512,767 1,512.767
Inv. in other cos.
1,074,240 1,074,240 Surplus
2,405,078 1,899,623
(at cost)
629.236
783,479
Inventories
23,696
29,392
Accts. receivable
294,126
Bills receivable__ _ 400,299
59,193
63.303
Land contracts roe.
175,084
U.S. Govt.scours
648,507
293,570
Cash
2.228
4,728
Accrued int. rec._
Tot.(each side)_15,149,676 14,642,018,
170,355
Deferred charges_'.. 488,632
-V. 117. p. 446.
Total surplus
Mexican Eagle Oil Co., Ltd.
(Compania Mexicana de Petroleo "El Aguila," S. A.)
(Report for Year ended Dec. 31 1922.)
President T. J. Ryder, Mexico City, June 21 wrote in
substance:
The Directors beg to submit the accompanying Report and Statement:
(Mexican Gold.)
ResultsProfit on trading for 1922
$24,017.145
Less-Transfer to field redemption account,$1,525,493;transfer
6,838,687
to depreciation reserve account, $5.313,193; total
Add Interest, &c. (net)
$17.178.4582,798,564
Ne,trprofit
Less Transfer to legal reserve account
Transfer to provident fund
$19,977.022
$828.271
500,000
Balance
Balance brought forward
518,648,751
1.682,130
Total surplus
Deduct-lst Pref. div. paid & accrued to Dec. 31 1922
8% div. on participating Preference shares
8% dividend on Ordinary shares
Expenses of issue of 1st Preference shares
$20,330,882
32,440,517
680.000
9,666.209
2,911,596
$4,632,560
Carry forward to next year
In order to retain the company's balance sheet on the conservative:
principle heretofore adopted, the directors have made certain adjustments
In the values of the company's assets, including an allowance which it is
believed covers the fall in price of operating stores purchased at high
Prices. It is also proposed to write off the whole of the expenses conCONSOLIDATED BALANCE SHEET.
nected with the issue of the First Preference share capital.
Having regard to the present position of the company's producing fields
June 30'23. Dec. 31 '22.
June 30'23. Dec. 31 '22.
and to enable the company to proceed energetically with Its exploration
Liabilities$
Assetsit is proposed to carry forward the whole of the balance of the year's
work
Capital
stock
mabldgs.,
Land,
chinery & equIp_x2,056,735 2,217,373 678,335 shares__ 6,783,350 6,783,230 available profits.
Productton.-The production of crude oil and the amounts of crude oil
Subsidiary comFormulae, tradepurchased by the company for the last three fiscal periods have been as.
554,273
panies (at Par)
554,523
marks &
follows:
377,151
held by minor575,347
Investments
Production.
Oil Purchased.
ity
1,539,317
interests_
_
__
1,387,814
11,480
11,560
Inventories
nil
38,298.729 bbls.
(a) Year to June 30 1921
Installments reed
TradeacceP.&liectS•
to Dec.31 1921
10,449,920 bbls. 4,303,942 bbls.
on stock subscr_
806,953
5,734
5,734 (b) 6 months
rec., less reserve .708,218
Dec.
5.418.910
bbls.
to
31
1922
12,390,429
bbis.
Year
(c)
Accounts
payable_
85,050
221,623
& U.S.Gov.
599.459 Unclaimed divs___
The general and heavy decline In the retail prices of oil products through19,313
19,532
bds.&treas.notes 599,459
728,592
has
company's
trading
results.
world
affected
the
materially
the
out
765,385
Cash
32,150
Drilling.-During the period under review drilling operations have
32,694
Deferred charges. _
Total(each side) 6,904.926 7,041,679 been actively continued, but have not yet shown favorable results. The
186,410
224,751
Deficit
large promising inh ial production of certain wells on both the Zacamixtle
and Cerro Viejo fields was not maintained, and these fields finally have
x After deducting reserves for depreciation.-V. 116, p. 2518.
892
THE CHRONICLE
proved to be disappointing. Stripper wells drilled on the older fields
situated along the Dos Bocas-Alamo structure, which had previously
developed salt water, have proved that satisfactory production may still
be obtained by means of such wells.
Further drilling is • proceeding in the San Geronimo field, where the
company has 2 wells shut in having an estimated production of 15,000
barrels daily. This production is not being exploited as the facilities for
pumping heavy gravity oil to the refineries are for the present occupied in
the transport of the thick reservoir oil stored in the fields.
Deep drilling is in progress on the main Dos Bocas-Alamo anticline to
test the existence of a second oil horizon below the present one, which
occurs at the top of the limestone formation. It need not be emphasized
that such deep tests may prove of far reaching importance.
Further drilling is proceeding in the Cazones area south of the Tuxpam
River in order to locate the main structure. As
pointed out in the semiannual report, structural conditions in this region present many technical
difficulties.
In Southern Mexico, on the Isthmus of Tehuantepec. every effort is
being made to develop the company's large properties which in character
seem to resemble the salt dome structure in the United States. The
most satisfactory results that have been
to date are on the Concepsion and Filisola properties, where theobtained
wells drilled showed considerable
promise, which, however, was not realized. It has now, however, been
proved that the oil so far obtained occurred in very fine volcanic ash. The
company's geological advisers consider that the
main oil deposits should
be found in a sand of normal character, and deeper
drilling is consequently
proceeding In search of such a sand.
Fleet.-The fleet of the Eagle Oil Transport in the service of the company
amounted to 397,478 tons d.w. on Dec. 311922.
The comparative income account for the year ended
Dec. 31 1922 was given in V. 117, p. 214.
BALANCE SHEET DEC. 31 (ALL MEXICAN GOLD PESOS.)
[Stated in Mex. gold pesos, par value 243cl. sterl. or 49.750. U. B. gold.
1922.
1921.
1921.
1922.
AssasLiabilities$
Real est., bldgs..
1st Pref. 7%
plant & equip. 75.023,632 74,156,850
shares
67,080,000
Subsoil rights &
Pref. shares (par
field expend... a1,000.000 9.218,669
8,500,000 8.500,000
$10)
Loose plant and
Ordinary shares
equipment _ _ _ 6,903,131 7,026,143 (par CO)._ -120,827,610 120.827,610
Steamers. &c_ _ _ 4,929,651 5.801,631 Reserves
30,366,011 52,933,936
Invest't In allied
Provident fund_ 3,490,589 3,686,590
company, &c. 44,081.633 44,081,633 Creditors' and
Stocks of oil,
credit balance 10,661,903 25,629,170
stores, &c- - - 34.058,406 47,289,184 Shareholders for
Debtors, debit
divs. declared 11,451.309 24,762.602
bal. and cash_ 91,013,530 69,847,070 Profit and loss
7,544,155 21,081,272
Exp. of 1st Pref.
share issue._ 2,911,596
Total
259,921,578 257,421,181
259,921,578 257,421.181
Total
a Subsoil rights on private lands and Federal and State concessions, Stc.,
$31,642,205; exploration and field expenditures, Including plant and equipment, $53,096,481, less redemption account, $83,738,686.
Note.-The company has guaranteed the payment of (a) a dividend of
8% per annum of 400.000 Cumul.6% Partic. Pref. shares of £5 each, fully
paid, in the Eagle Oil Transport Co., Ltd.; (b) the principal of and interest
on £3,000,000 7% 12-Year notes of that company.-V. 117. p. 214.
Certain-teed Products Corporation.
(Semi-Annual Report, Six Months Ended June 30 1923.)
[The company manufactures: (1) Rooffngs and shingles; (2) building and
Insulating papers;(3) dry asphalt and tarred felts;(4) linoleum.floor covering and oil cloth; (5) plaster and gypsum products; and (6) paints and
varnishes.)
President George M. Brown reports in substance:
The income and surplus account shows the result of operations of the
corporation for the six months ending June 30 1923. The ousiness done in
all lines was in excess of business done in those lines in the like period of
1922 and shows a total volume of business in excess of our estimates for the
period.
0. Bond interest is deposited with the trustee monthly in advance. All
first and second preferred dividends were paid promptly on regular dividend
dates, continuing an unbroken record of prompt dividend payments on
these stocks. Our financial statement shows net current assets of $5,603.387, which is equal to 3.59 times our net current liabilities.
We took over complete management of the plants of Cook Linoleum Co.
and Standard Inlaid Mfg. Co.and Acme Cement Plaster Co.as of April 28,
and there was little opportunity to secure the benefit of operating as a single
unit during the first six months. The work of taking over these properties
and adjusting them to a single management and reshaping our organization
for the enlarged work was practically completed on June 30 and all expenses
of such adjustment have been provided for.
In taking over these newly acquired properties it was deemed desirable to
have our statement reflect the sound appraisal values of all of our properties
as per recent appraisals taken by Geo. W. Goethals & Co. and Ford, Bacon
& Davis. These adjustments to appraisal values were merged with our
surplus to Dec. 31 1922. against which we charged off good will and the
expenses of the bond issue, &c., the net credit being segregated as capital
surplus. Good will has been written down to $I.
Had final payment been made Jan. 1 for the additional properties and
bonds and stocks issued as of that date the bond interest and dividends
earned beginning Jan. 1 1923 would have cost the company $157.308 less
than was repaid to former stockholders of the acquired companies as a share
in the earnings between Jan. 1 and April 28, when they were paid in full
for their properties; and in that case the net earnings and credit to surplus
would have been $576,959, or an earning of $6 27 per share of common stock
for the six months period,instead of $4 56 per share actually shown for that
period.
The acquisition of these additional properties has put us In a very strong
position In each line, in addition to giving us further diversified lines, all
of which we find we can handle satisfactorily with our present organization.
We now have 16 manufacturing plants located in all sections of the United
States so that we may readily reach the market for consumption of our
various products. We are finding our enlarged plans up to our expectations.
The comparative income account for the six months
was given in V. 117, p. 784.
[VOL. 117.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatets
Interest which were published in full detail in last weeks'
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Additional Railroads Petition I.-S. C. Commission for Reductions in Transcontinental Freight Rates.-All request, however, that no changes be made
in rates to intermediate points. Competition of the Panama Canal
is
given as the cause for revising the through rate. "Times" Aug.21. p. 24.
Car Surplus.-The railroads of the United States on Aug. 8 had 74,168
surplus freight cars in good repair and immediately available for service
if transportation conditions warranted despite the fact that for the week
which ended on Aug. 4 a total of 1.033.130
'
freight cars were loaded with
revenue freight, the second largest number for any one week in the history
of the country and immediately following the week of the largest loading
on record.
The total number of surplus freight cars on Aug.8 was a decrease of 2,285
under the number on July 31. Surplus box cars in good repair numbered
55.366, a decrease within a week of 2.465, while surplus coal cars numbered
6,093, a decrease of 453 within the same period. Surplus refrigerator cars
totaled 7.695, an increase of 80 over the number on July 31. There was
also an increase of 539 surplus stock cars, which brought the total on Aug.8
to 3,976.
Car Shortage.-The reported shortage in freight cars on Aug. 8 totaled
10.149. ThLs was not only an increase of 579 cars despite the record loading of revenue freight. Shortage in box cars on Aug. 8 was only 3,162,
an
increase of 413 within a week, while the shortage In coal cars was 4,897, an
increase of only 123 within the same period.
Car Loadings.-Observance of President Harding's death during the week
of Aug. 11 was partly responsible for a drop in car loadings during that
period, according to the American Railway Association. Loadings totaled
973.162 cars, a decrease of 59,968 from the previous week and an increase
of 103.472 over the corresponding period last year. The Eastern district
showed an increase of 19.2% over the figures for the like term last year.
when the miners' strike was in effect: the South reported a gain of 16.9%,
and the West an increase of 10.6%.
Loadings of merchandise and miscellaneous freight, including manufactured products, amounted to 550.746 cars, a decrease of 34,442 from
the
figures for the previous week, but 10.221 over the total for the period of last
Year. Loadings of forest products aggregated 73,428, a decrease of 2,657
under the preceding week, but far in excess ofloadings during corresponding
periods in previous years.
Loadings of grain and grain products were
cars, a decrease of 6,722
from the week previous, and 11.169 under 45,149
the 1922 period. Loadings of
live stock amounted to 30.807. a decrease of 673
from
the previous week.
but 2,382 over last year's figures. Coal loadings aggregated
177,259 cars.
13.272 less than the preceding week but 94,361 over last year.
Matters Covered in "Chronicle" Aug. 18.-(a) Railroad gross and net
earnings for the six months ending June 3), p. 715.
(b) New Haven opposes rail plan of Joint New England Railroad Committee-Opposes any plan linking New England roads
outside trunk
lines, but favors local combines-Proposal of guaranteesand
offers nothing to
protect present stockholders, p. 749.
(c) General Chairmen of Railroad Locomotive Firemen and Enginemen
will meet to start wage movement Sept. 6. p. 750.
(d) Railroad executives to discuss plans for opposition to wage
increases.
p. 750.
(a) Railroad Labor Board again "rebukes" Erie RR., p. 757.
(f) Wage reductions ordered on two railroads by Labor Board. p. 751.
aggPacificwhar
f workers
employeesgetwag
get wage nre ,
Eereaeenbgiea
lev
(i) Boston street car men get wage increase, p. 751.
(j) J. F. Holden on farmers' and railroad side relative tofr eight rates on
farm products, p. 751.
E
Boston Elevated Railway.-Balance Sheet.June 30 '23. Dec.31 '22.1
June 30'23. Dec. 31 '22.
Assets8
$'
$
Road & equip't_ 99,228,914 97,236,991 Capital stock__ 47,309,250 47,309,250
Mise.phys.prop.
152,597
556,521 Prem,on capital
Inv.in affil. cos_
304,360
304.360 stock
4,939,905 4,939,905
Other invest'ts_
642,479
270,155 Funded debt... 49,346,000 46,346,000
Cash
986.702
825,666 Loans and notes
[Veda Ideposits_ 2,876.770 1,804,908
payable
1,800,000
Misc. acc'ts rec.
178,799
165,871 Acc'ts & wages
Materials & supp 2,700,556 2.418.280
payable
1,268,433
1,082,534
Int. dive. dr rents
Int., diva. and
receivable__
56,189
50,556
rents payable_
793,532
806,113
Other curr.assets
38,951
38,139 Accr. Int., dive.
Deferred assets. 3,006,086 3,009,892
and rents..
857,599
850,916
Unadj. debits__ 4,216,035 4,339,885 Deferred Habit's.
72,102
38,731
Unadj. credits
8,640,100 7,771,110
Profit and loss
69,962
1,168.200
Total
114,388,438 111,021,2241 Total
114,388,438 111,021,224
The earnings statement for the year ended June 30 1923 will
be found in
V. 117, P. 669-
Brooklyn-Manhattan Transit Corp.-Earnings.
12 Months Ended June 301922-23.
1921-22.
1920-21.
Gross
$36,899.295 $34,544,093 $30,972,085
Net after taxes
10,460,912 10,296,972
2,657,174
Total Income
12,416,091 11,953.041
4.317.764
Surplus after charges
3.587,753 3,087 Al= def4,880,934
Includes B.-M. T. System and affiliated companies
for last sixteen days
of June 1923 and B. It. T. system for balance of 1922-23
and 1921-22 and
1920-21.-V. 117. p. 669, 322.
Buffalo & Susquehanna RR.-2
Extra
Dividend.An extra dividend of 2%% has been declared on the
$3,000,000 Common
stock, par $100, in addition to the regular quarterly
dividend
of 1
both payable Sept. 28 to holders of record Sept. 15.
Like amounts were
paid March 30 and June 30 last on the Common
stock. The company on
Dec. 30 1922 paid a special dividend of 19%
on the Common stock in addition to the regular quarterly of 1(%.-V. 117,
p. 320.
Central Pacific Ry.-Construction of Cut-Off.
The I.-S. C. Commission on Aug. 15 issued a certificate authorizing
the
company to construct a line of railroad
extending
from
near Oaka
point
ridge, Lane County, In a general southerly direction to a
Kirk,
Klamath County, a distance of approximately 118 miles,point near
all in the State
of Oregon.
The company is incorporated under
laws of Utah. it owns approximately 2.290 miles of railroad In the the
of Utah, Nevada, California
and Oregon. All of its capital stock isStates
owned by the Southern Pacific Co.
and its railroad is operated as a part of
the
Southern
Pacific System under
a lease expiring Dec. 31 1984, subject to prior determination
under certain
conditions therein contained. Such control,
by lease and stock ownership, was approved and authorized
by
and the
the
Commission
I.-S.
C.
action of the Commission therein has been sustained by the Court.
In
its report on that proceeding the Commission said
"Moreover, it appears that the Southern Pacific Company has agreed,
In part at least, to the contentions made by the interveners from Oregon,
and that the construction of the Natant cut-off will be commenced In the
near future. The cut-off has been a part of the Southern Pacific's construction program for a long time. It is represented
that. in view of the suit by
a Land, buildings, machinery and equipment at manufacturing plants. the Government to separate the
Southern Pacific and Central Pacific, and
warehouses and offices at sound values per recent appraisals plus additions the resultant uncertainty of
the title of the respective companies in their
since dates of appraisals,less reserve for depreciation. b Includes customers' properties,It was deemed unwise
the largo expenditure-about $10.accounts receivable, less reserve for doubtful accounts, $27,127.175; 000,000-necessary to complete to incur
project. It appears that the board of
salesmen's traveling advances and sundry employees' accounts, $28,789; directors of the Southern Pacificthe
has formally declared its intention to promiscellaneous claims and trade accounts, $76,910. c Common stock ceed immediately with the completion
of the work In the event that the right
represented by 92,000 shares of no par value at value declared under laws of the Southern Pacific to hold the Central Pacific should
be confirmed.
of State of Maryland or at issue price. d Other surplus arising from operaNo definite plan for financing the construction cost Is presented. The
tions and other transactions subsequent to Jan. 11923. after providing for company states that this will depend on its cash resources and the condition
depreciation, Federal taxes, bond interest and dividends.-V. 117, p. 784. of the financial markets at the time the work is undertaken.-V.117,P.781.
CONSOLIDATED BALANCE SHEET JUNE 30 1923.
AssetsLiabilitiesLand. bldgs.,mach.,&c_a$13,745.589 let Pref.7% Cum.stock_ $4,900.000
Gypsum dopes.,less depl. 2,998.390 2d P
Pref. 7% Cum.stock- 2,675.000
Water power rights, less
c3,070.000
Common stock
amortization
668,925 Undeliv. stock interest-100
Good will, trade marks.
1,306,500
Notes payable
patents, &c
1 Accounts payable
624,691
Cash
681,031 Divs. payable July 1 1923
Notes receivable
82,154 on 1st & 2d Pref.stocks
135,013
Accounts receivable
b2,832,874 Accr. local & Fed'l taxes_
98,482
Inventories
4,172.015 Res.for 1923 Fed'I taxes_
50.600
stock
Empl.
purch. acc'ts
624.758 Res.for gypsum sacks_ _ _
44,870
Investments in other cos_
80,760 Reserve for contingencies
200,000
Expenses paid in advance
137,243 1st mtge. 6%% serial
8,000,000
coupon bonds
4,498,833
Capital surplus
Total (each side)
$26.023,739 Other surplus
41419,651
AuG. 251923.]
THE CHRONICLE
Charleston (W. Va.) Interurban RR.-Purchases
Kanawha Valley Stock.5,000 shares (par $100),
Robert Garrett & Sons announce the purchase of
Valley Traction Co.,for the
or the entire outstanding stock of the Kanawha
Charleston Interurban RR. The stock of the Kanawha company was
properties of the
owned by the Ohio Valley Electric Ry., although thesystem
in CharlesKanawha company, which comprise the street railway were leased
to the
ton, W. Va.,and interurban lines radiating from the city,
earnings
Charleston Interurban. The Charleston company's statement ofoperating
$489,564:
receipts,
Gross
shows:
30
June
ended
for the six months
729,327;gross income,$150,237; bond interest. 9,102.
93
exkprislanpd taxes.1$
Chicago Great Western RR.-Listing.-
The London Stock Exchange has granted an official quotation to $7,366,000 1st Mtge. 50-year 4% gold bonds, with coupons due Sept. 1 1924
and after.-V. 117. p. 207.
Chicago North Shore & Milwaukee RR.-ReorganizaLion Plan Operative-New Stock Offered.-
The participation shareholders, under date of Aug. 11, are advised
participation shareby Pres. Britton I. Budd that at the meeting of theoutlined
- in the letter
holders, Feb. 27 1923, the plan of reorganization, as
of Samuel Insult, dated Feb. 1 1923 to the shareholders (V. 116. p. 615)
adopted.
unanimously
was
Capitalization of New Company.-A new company named Chicago North
Shore 80 Milwaukee RR. was formed, and a charter obtained from the State
Commerce Commission
of Illinois. Under the orders issued by the Illinoiscompany
has an authorand the Wisconsin Railroad Commission, the new
7% Stock, $5,000,000
Lien
follows:
Prier
$10.000,000
as
stock
capital
ized
69'_Non-Cum. Pref, stock. and $5.000,000 Common stock.
The company is also authorized to issue $2,700,000 in non-interest bearing
5-year notes, and a first and refunding indenture of mortgage.
Exchange of Stock.-The participation shareholders will receive securities
of the new company in exchange for their participation shares, in accordance
with the terms of the trust agreement under which the participation shares
were issued, and in the following proportion:
-Will Receive in Exchange
5-Year
6% Pref. Corn. Stock
Present Holdings
Notes.
Participation Shares (No Par)- (Par MO). (Par $100).
25,000 $1,250,000
25.000
1st Preferred,50,000
1,434,208
20,000
20,000
2d Preferred. 58,000
5,000
5,000
Common,62,000
of
shares
1st
stock
Pref.
100
Participation
receives
50
of
Thus a holder
shares of 6% Non-Cum. Pref. stock, 50 shares of Common stock and
note.
-Year
5
a
$2,500 in
A holder of 100 shares of 2d Pref. Participation stock receives 34.48
shares of 6% Non-Cum. Pref. stock, 34.48 shares of Common stock, and
$2,472 77 in a 5-Year note.
A holder of 100 shares of Common Participation shares receives 8.06
shares of 69' Non-Cum. Pref. stock and 8.06 shares of Common stock.
Participation shareholders should send in their certificates to Central
Trust Co. of Illinois, 125 West Monroe St., Chicago, Ill., for exchange.
The 1st & Ref. bonds will be issued as required to retire the present
1st Mtge. bonds, and for capital expenditures.
Offering of$1,500,000 7% Prior Lien Stock.-Of the authorized issue of 7%,
Prior Lien stock, $1.500,000 is to be now sold to retire indebtedness incurred, and for additional working capital. The directors believe it
fair that the Participation shareholders should have the right to subscribe
for this stock, reserving however a part of the issue to be later offered
to the employees of the company
This stock is offered at par ($100). Subscriptions may be made under
one of the three following plans: (a) Cash in full; (b) 25% cash and the
balance in three payments of 25% each. due Oct. 1 1923; Jan. 1 1924.
and April 1 1924; (c) 10% cash and the balance in monthly payments of
10% each.
Subscriptions will be accepted to and including Sept. 10 1923. Checks
should be made payable to the order of the company and sent with the
subscription to the office of the Treasurer, Room 1230. 72 West Adams
St., Chicago. Ill.
Partial payments will draw interest from date of payment at the rate
of 7% per annum. Interim certificates will be issued for stock purchased
either for cash or on the partial payment plan.
Balance Sheet as of July 11923.
[Upon completion of exchange of securities for Participation shares
and sale of the Prior Lien stock.]
AssetsLiabilitiesCost of road & equip_ _ _ _$22,694,584 Prior Lien stock
$1.500.000
Met. & exp. on funded
Preferred stock
5,000.000
359,409 Common stock
debt subject to amort_
5,000,000
523,546 Funded debt
Funds in hands of trustees
8,265,400
5
1,198.483
assets___
-Year notes
Cash & current
2,700,000
314.866 Current liabilities
Special advances
745,830
54,122 Reserves
Prepaid accounts
2,013,258
79,478
Unadjusted accounts_ _ _ _
893
being operated at a loss. Commission said in part: "In this case we are
satisfied that the company has explicitly and by long-continued conduct
waived its right to insist that an unprofitable unit of its street railway system be discontinued. The waiver comes from the company's own request
that its street railway utility', its electric utility and its gas utility be considered as one property, and that, so treated, a fair return be provided for
the consolidated property. This fair return has been provided by rates
fixed by the Commission, and under such circumstances the company's
request has been fully met,"-V. 117. p. 86.
Hocking Valley Ry.-Equipment Trusts Authorized.-
The I.-S. C. Commission on Aug. 7 authorized the company to assume
obligation and liability In respect of $4,020,000 Equipment Trust Certificates, series of 1923, to be issued by Union Trust Co. under an agreement
to be dated April 1 1923 and to be sold at not leas than 94.843 in connection
with the procurement of certain equipment. See offering in V. 117, P.
325. 781.
Illinois Central RR.-Construction, &c., of Cut-off.-
The I.-S. C. Commission on Aug. 4 issued a certificate (1) authorizing
the Southern Illinois & Kentucky RR. to construct a line of railroad
between Edgewood and Metropolis; (2) authorizing the Chicago St. Louis
& New Orleans RR. to construct a line of railroad between Fulton and a
point near the Ohio River; (3) authorized the acquisition by the Illinois
Central RR. of control of the Southern Illinois & Kentucky RR. by purchase of its capital stock;(4) authorized the Illinois Central RR.to acquire
and operate the line of railroad to be constructed by the Southern Illinois
& Kentucky Co.: (5) approved the acquisition by the Illinois Central
RR. Co. of control under lease of the line of railroad to be constructed by
the Chicago St. Louis & New Orleans RR.
The report of the Commission says in substance:
On Jan. 26 1923 the Southern Illinois & Kentucky RR.and the Chicago
St. Louis & New Orleans ER..and the Illinois Central RR.filed an application, under paragraph (18) of Sec. 1 and paragraph (2) of Sec. 5 of the
Act, whereby authority is sought:
(a) By the Illinois company to construct 123.7 miles of single-track
railroad from Edgewood, m., through Effingham, Clay, Wayne, Marion.
Jefferson, Franklin, Satin, Pope Johnson, Williamson, and Massac
counties, Ill., to a connection with* the Paducah & Illinois RR. at or near
Metropolis, Ill.. a point on the Ohio River, and a seven-mile single-track
branch from Akin. Franklin County, southwestwardly to a connection
with the Benton Southern RR., a line operated by the Central company,
owned by one a its subsidiaries, and hereinafter called the Eldorado line;
(b) By the Kentucky company to construct 42.1 miles of single-track
railroad from Fulton. Ky., through Fulton, Hickman, Graves and
McCracken counties. Ky., to a point of connection with the Paducah &
Illinois RR.south of the Ohio River opposite Metropolis and near Paducah,
Ky.; and
(c) By the Central company to acquire control of the Illinois company
by the purchase of its entire capital stock, and to purchase, lease and(or)
acquire running rights over, and operate, the proposed lines of railroad
of that company and of the Kentucky company.
The Cairo line passes through Odin, Centralia, Tamaroa. DuQuoin,
Carbondale. Makanda. Cobden, Anna. Dongola. Ullin, Villa Ridge,
and Mounds. Ill. Traffic over this line has been and is steadily growing
In voltam and, therefore, it is desirable either that its capacity be enlarged
or that a portion of the traffic be diverted to some other line. There
had been a rapid increase in the Central company's coal traffic from the
southern Illinois field, most of which moves westwardly from the mines
over the Eldorado line to DuQuoin or to Carbondale and thence northwardly to Edgewood and beyond. The Eldorado line has heavy limiting
grades and the Central company estimates that it would cost $1,982,000
to reduce them to 0.3% and properly revise the line. A study convinced
the Central company that it would be economical to build a single-track
low-grade line from Edgewood southerly to a connection with the Eldorado
line. This line would be about 70 miles long.. The Central company
estimates that it could be constructed with 11.3% limiting grades at a
cost of approximately $7,000,000. It would save some 25 miles on the
haul of coal from Franklin County to the north, avoid hauling it westwardly
over the heavy grades of the Eldorado line and remove most of the coal
traffic from the Cairo line between Fulton and Carbondale or DuQuoin.
It would consist of that portion of the Illinois company's propo ei line
between Edgewood and Akin, together with the proposed Akin branch.
There has also been a heavy increase in traffic over the single-track
line now operated by the Central company between Paducah and Fulton,
due chiefly to the development of the west Kentucky coal fields. This
line has limiting grades of 1.1% and maximum curves of 7 degrees. Another
track being needed to provide for this growing traffic, the Central company
concluded that the most practical method of obtaining it, and at the same
time reducing grades and curvature, is to build on a new location west
of the existing line, where 0.3% limiting grades and maximum curves of
two degrees can be obtained at a cost of $3,660.000, as estimated by it.
This projected line is the one which the Kentucky company seeks authority
to construct. It would reduce total curvature from 1.214 to 180 degrees
and aggregate rise and fall from 715 to 328 ft.
The applicants desire that, in any event, authority be granted to constrict. acquire or control and operate, as proposed, these new lines from
Edgewood to the Eldorado line, via Akin, and from Paducah to Fulton,
Total
Total
$25,224.488
$25,224,488 the combined cost of which is estimated by them at approximately $10,The income account for the 12 months ended June 30 1923 was given 660,000.
The projection of these two lines led to the present plan, which emin V. 117. p. 781.
braces and would connect them, affording a continuous line from EdgeChicago & North Western RR.-Executive Committee.- wood to Fulton, hereinafter referred to as the cut-off. The Central
Henry C. McEldowney was recently elected a member of the executive company estimates that the additional expenditure involved-that is,
committee to succeed the late Edmund D. Hulbert.-V.117. p. 781, 439. the cost of buildingfrom Akin to Metropolis-would be less than $6.000,000.
and that the cost of the entire cut-off, single-tracked and including the
Chicago Peoria & St. Louis RR.-Sale.
Akin branch, would be $16,635,000. About three miles of the cut-off,
Charles U. Maggie, Special Master, will sell the entire property at public including the Ohio River crossing, would be over the rails of the Paducah
auction Sept. 26 at the County Court House at Springfield, Ill., at the upset & Illinois RR. and operated in its name. It is proposed to divert some
price of S2,627.500 if the property is purchased together as an entirety. through freight traffic from the Cairo line to the cut-off.
Compared with the Cairo line the cut-off would have the following
-V. 117, p. 669.
advantages: reduction of distance from 190.6 to 168.8 miles; reduction of
Chicago St. Louis & New Orleans RR.-Constr., &c.- limiting grade from 0.8 to 0.3%; reduction of aggregate rise and fall from
2,049 to 1,349 ft.; reduction of maximum CUrV3 from 5 to 2 degrees, and
See Illinois Central RR. below.
reduction of total curvature from 3,393 to 613 degio.s.
Cleveland Southwestern & Columbus Ry.-Would
The applicants submit an estimate of the saving to be effected by the
operation of the cut-off as compared with operation of the Cairo line.
Abandon Branch.This estimate is based on the estimated volume of traffic in 1925 (when
If is announced that the Norwalk-Oberlin branch (about 14.4 miles of It is assumed the cut-off would be completed), and contemplates that
track) will be abandoned and sold as junk -V. 116. p. 2388.
450 cars each way, making five through freight trains in each direction,
would be diverted to the cut-off daily, and that in addition 300 cars of
Federal Light & Traction Co.-Purchase.coal now hauled to Carbondale or DuQuoin would be moved daily to
Brunswick
Power
Co.
above.
-V.117. p.670.
See New
Akin and thence northward over the cut-off. On this basis the applicants
the annual saving in operating expenses on diverted business to
Fitchburg & Leominster St. Ry.-Div. Rate Changed.- estimate
be $1.518,642. They estimate increases in the Central company's net
The Massachusetts Department of Public Utilities has modified the order railway operating income as follows; First year, $976,996; second year,
of May 25 1920 (V. 110, p. 2387) approving an issue of 2,250 shares of 79' $1,312,244: third year, $1,509,535; fourth year, $1,561,786; fifth year,
cumul. Pref. stock (par $100). so that the dividend rate authorized shall $1,515.616; and annually thereafter. $1,399,718.
Everything considered, we are of the opinion that the local benefits which
be not more than 8%. No stock has been issued, the company having at
various times attempted to market the stock bearing the 7% dividend would result from the construction of the cut-off should outweigh the
rate. but has been unable to do so.-V. 112, p. 469.
local injuries.
Construction of the cut-off would be financed by the Central comapny
Georgia Railway & Power Co.-Files Petition.which would advance the necessary funds to the Illinois and Kentucky
Declaring that the decision rendered in the Atlanta gas case on June 11 commutes. It is not now proposed to issue securities except that 540,000
was at such variance with decisions in the Bluefield Waterworks & Improve- capital stock of the Illinois company Is to be bought at par and held by
ment Co. case on the same date and the Southwestern Bell Telephone Co. the Central company. An application by the Illinois company for authorcase on May 21 as to cast doubt upon the law,the Georgia Railway & Power ity to issue this stock has been made.
The Central company's system is of the first importance for transCo. and its lessor, the Atlanta Gas Light Co., filed a petition Aug. 11 in the
S. Supreme Court in support of their motion for a rehearing. The portation between the Great Lakes or upper Mississippi Valley and the
Atlanta gas case was decided adversely to the companies in an opinion by Gulf of Mexico. The cut-off would be unusually direct and its grades
Associate Justice Brandeis, with Associate Justice McKenna dissenting. and alignment excellent, and it appears to offer an excellent route for the
pointed out that in the Atlanta case the Georgia movement of through fraight. We are of the opinion that it should be
. The majority opinion
rates, had carefully considered replacement constructed.
RE. Commission, in fixing
The Central company seeks authority to acquire control of and operate
value and increased costs, although it did not allow all of the claims of the
the case differed from the Bluefield and the Kentucky portion of the cut-off under its lease of the railroads of the
hence
regard;
this
in
companies
Kentucky company, effective July 1 1897. for a term of 99 years, which
Southwestern Telephone cases. (See V. 116. p. 2766.)--V. 117, p. 781.
lease covers after-acquired property. The Central company CONVDS all of
Green Bay & Western RR.-New President.the outstanding capital stock of the Kentucky company.
Manager of this company. the Kewaunee Green
Upon the facts presented we find that the present and future public
F. B. Seymour. Generalthe
Ahnapee & Western RR. has been elected convenience and necessity require and will require the construction by the
Bay & Western RR. and succeed
the late J. A. Jordan.-V.116. p.515. Illinois company and by the Kentucky company of their respective lines
President and Gen. Mgr. to
of railroad, described in the application, and the acquisition and operation
Helena (Mont.) Light & Ry.-Application Denied.by the Central company of the line of railroad to be constructed by the
has refused to permit the company to Illinois company. We further find that the acquisition by the Central
The Montana P. S. Commission
State
and
Street
of control of the Illinois company by purchasing its capital
trolley
Kenwood
company
lines,
its
which are
abandon service on
894
THE CHRONICLE
[VOL. 117.
stock, as proposed, will be In the public interest and that the acquisition
by the Central company of control of the line of railroad to be constructed
by the Kentucky company, in accordance with the terms of the lase by
the Central company of the railroads of the Kentucky company, effective
July 1 1897 and upon the condition that the Central company shall pot
sell, or pledge or otherwise dispose of the capital stock of the Kentucky
company, or any part thereof, without our consent, will also be in the
public interest.-V. 117, p. 781, 439.
I refer to the unfortunate attacks upon the railroads and the
Transportation Act by certain members of the next Congress,
having in view the enactment of legislation to Impose further restrictions upon
railroad systems..
Their main purpose, as disclosed at the recent meeting the
in Chicago, seems to
be the curtailment of revenues,either directly by reducing
rates or indirectly
by changing the methods of valuing railroad property upon
which the rates
are based. The effect in either case would be to halt
the installation of
needed improvements, both by diminishing the current income and by
off private investors upon whom the railroads must depend for
Illinois Power & Light Corp.-Pref. Stock Authorized.- frightening
new capital. This would inevitably result in breaking
down and bankThe Illinois Commerce Commission has authorized the company to issue rupting
the
transportation system and ultimately forcing government
52,059,000 7% Pref. stock, proceeds from sale of which will be used for
Improvements planned. It is understood that this stock will shortly be ownerships.
The railroads should be let alone. They have accepted the provisions of
offered to employees and the public.-V. 117, p. 86.
the Transportation Act as expressing the policy of Congress and
the voice
the people; and while the disturbed conditions since its enactment
Iriterborough Rapid Transit Co.-Additional Cars. of
prevented them from earning the rate of return prescribed therein, have.
they
The plea of the company for permission to reduce its subway service have
been
distinctly
heartened
by
recently
improved economic conditions
during the summer from a 3Si-minute to a 3-minute schedule was denied and are now earnestly striving to build
up their facilities to a condition in
by the Transit Commission Aug. 22, and the company was ordered to keeping with the traffic demand. They
are
now
spending more than
buy 100 additional steel cars forthwith, and 150 more when the city provides $1.000,000,000 for improvements, nearly all of
which was borrowed upon
additional yard space.-V. 117. p. 670.
the assurance of the Transportation Act that they would be
permitted to
earn
a
fair
return
upon
the
value
of
their
property. In this respect the.
Kanawha Valley Traction Co.-New Control.L. & N. has done its full share, having not only contracted during
the
Charleston
See
Interurban RR. above.-V. 106. p. 1126.
year to spend more than 552.000.000 for new equipment,second trackspast
and
various modern facilities, but with the co-operation of its patrons has intenIsland
RR.
Long
-Equipment Trusts.sified and improved its operations, resulting in the movement a substanThe company has applied to the I.-S. C. Commission for authority to tially greater volume of tonnage during the first six months ofof
1923 than in
Issue $1,710,0005% Equipment Trust Certificates. While no arrangements any previous similar period in the company's history.
have been made for sale, the carrier proposes to dispose of them at best
The prospect is not wholly devoid of optimism. I believe the great
price obtainable, so as to net not less than 95% and use the proceeds In the majority of our people are sensible of the vital part the railroads play
in the
purchase of 40 motor passenger cars, 30 passenger cars, 20 trailer cars and nation's progress and are most willing to accord them that measure of
fair2 combination baggage and mail cars, having a total value of $2,158,284. ness which they deserve. But there are many uninformed people who
may
-V. 117, p. 208.
be unwittingly misled by the theoretical nostrums of those who, whilst
seeking to tear down, have nothing constructive to offer in substitution.
Louisville & Nashville RR.-Issue of $14,000,000 Bonds
I am writing, therefore, to enlist your interest and assistance in the complete establishment of an enlightened public sentiment concerning the
and $6,000,000 Equipment Trust Certificates Sold.-J. P. dangers
threaten the railroads, and in the creation of a friendlier
Morgan & Co. on Monday last offered for subscription feeling inwhich
their behalf. Our own organization is endeavoring in every prac$14,000,000 First & Ref. Mtge.5% Gold Bonds, Series 93," ticable way to enlighten the public mind on these more important
problems
and we believe it quite expedient that the bondholders and stockholders
and $6,000,000 5% Equipment Trust gold certificates, the
railroads also do something more than confidently await the arrival of
of
Series "F" (Philadelphia Plan). Both issues were immedi- their dividends and interest. Legislation
is presumed to reflect the views
of the majority, and government relulation supposedly carries
the
ately oversubscribed and the subscription books closed. of
the governed, whereas it is manifest that silence and inactivityconsent
cannot
The bonds were offered at 953/i and interest, to yield 53j
register.-V. 117. P• 553.
and the equipment trust issue at prices to yield 53i% (see
advertising pages).
Market Street Railway.-Tenders.-
The company at its office. 58 Sutter St., San Francisco, Calif.. and
Thalmann & Co.. 25 Broad St. New York City, will, until'
Bond Issue.-Dated Aug. 1 1921 (bearing interest from Oct. 1 1923). Ladenburg,
Aug..
31, receive bids for the sale to it of First'
Conga Mtge.5% gold bonds
Due April 1 2003. Interest payable A. & 0.in New York City. Redeemable as a whole only on Oct. 1 1938, or on any interest date thereafter, at of 1894 to an amount sufficient to exhaust $160,000.-V. 116, p. 2388.
105 and Interest. Denom c* $1,000 and r* $1,000 and authorized multiples
Miami Mineral Belt RR.-Control by Frisco.thereof. United States Trust Co. of New York, trustee.
The I.-S. C. Commission on Aug. 7 authorized the acquisition by the
Investment for Savings Banks.-These bonds will be, in the opinion of St.
Louis-San Francisco Ry. of control of the Miami Co. by purchase of the
counsel, a legal investment for savings banks in the States of New York, capital
stock.
Massachusetts and Connecticut, as *ell as for life insurance companies in
The Miami Co.'s railroad extends from a connection with the Frisco's line
the State of New York.
at
or
near
Quapaw, Ottawa County, Okla. In a westerly, northerly and
Issuance.-Subject to authorization by the I.-S. C. Commission.
northeasterly direction to a connection with'
the, Frisco's railroad at Baxter
Equipment Trust Gold Ctfs.-Dated Sept. 1 1923. Serial maturities of Junction,
Cherokee
County, Kan., a distance of 11.05 miles, with a branch
$400.000 per annum Sept. 1 1924 to Sept. 11938. both inclusive. Denorn. line 3.09 miles
long to Naylor, Cherokee County, Kan. This road is prac111.000. Dividends payable M.& S. In New York City at the office of the tically aswitching
line and its chief function is to gather up traffic from the
Louisville & Nashville RR. United States Trust Co., New York, trustee. zinc
and lead mine and mill spurs and haul it to the trunk line connections
Issuance.-Subject to authorization by the I.-S. C. Commission.
for transportation to more distant points. While
a large preponderance of
Listing.-The Near York Stock Exchange has admitted to trading Its traffic
consists of outbound lead and zinc ores, it also handles some
514,000.000 1st & Ref. 5% bonds, Series II, "when Issued".
Inbound merchandise and similar traffic.
Security.-The equipment to be .vested in the trustee is as follows: 10
The total amount to be paid for the capital stock is approximately
heavy Mikado locomotives, 6 Pacific type locomotives. 20 light Mikado $483,614. The
owners of all of the capital stock of the Miami Co. have
locomotives, 51 steel passenger train cars, 2,300 55-ton all-steel hopper agreed to endorse
certificates in blank and to deposit them in escrow.
coal cars. The foregoing equipment is to cost approximately $7,624.140 to be delivered to their
the Frisco upon consummation of the transaction. Al/
of which over 21%. or $1.624.140, is to be paid by the company in cash.
of the indebtedness of the Miami Co. Is to be discharged
by the present
Data from Letter of Chairman H. Walters, New York, Aug. 17 1923. stockholders, and it is agreed that the railroad and its
equipment shall be
Company, &c.-Has been in continuous and successful operation since free from all liens and encumbrances when the capital stock is delivered to
the
Frisco.
1859. the system as now constituted being the result of more than half a
century's development and growth. Except during three crises of national
Michigan Electric Co.-New Company.scope, dividends have been paid annually since 1864. For the last 20 years
See Michigan United Ry. below.
the company has paid dividends of not less than 5% per annum on its
capital stock. From 1910 to 1922, inclusive, dividends have been paid at
Michigan United Ry.-Hearing on Plan.the rate of 7% per annum excepting in the years 1915 and 1916. when 5%
The reorganization plan (V'. 115, p. 2684; V. 117. p.
and 6%, respectively, were paid. On May 7 1923 a stock dividend of
553) has been submitted
to the Michigan P. U. Commission for approval.
625.4% was paid thereby increasing the outstanding stock from $72.000,000
Under the plan
to 3117,000,000, on which dividends at the rate of 5% per annum are now It is proposed to sell the properties to a new company. the Michigan Electric Co.-V. 117, p. 86, 553.
being paid.
The company operates 5.039 miles of road and owns in fee 4.773 miles.
Minneapolis & St. Louis RR.-Foreclosure.Including mileage of companies in which this company owns a majority
According to a dispatch from Minneapolis, Aug. 20, the Guaranty Trust
of the capital stock or is interested as joint owner or lessee, and mileage
owned by this company but operated by other companies. the Louisville dr Co. of New York has been granted permission by Judge Wilbur P. Booth in
Nashville System comprises 7,688 miles. The system extends from Chi- the Federal District Court to intervene and file a bill In its petition to
cago. Cincinnati, St. Louis and MemphLs through the middle South by way foreclose a mortgage of $8.896.000 against the road. Amendments to the
of Nashville, Atlanta, Birmingham, Montgomery, Augusta and other im- original order appointing W. H. Bremner receiver were presented to Judge
portant centres, and terminates at New Orleans, Mobile and Pensacola on Booth for approval. The trust company ask that the income from that
the Gulf of Mexico. thus placing the Louisville & Nashville in a favorable portion of the railroad property covered by the mortgage be segregated.
position to obtain traffic moving either by rail or by rail and water through The first mortgage is on the roadbed between Watertown and Loola, S. D..
and Canby, Minn., and Lebeau, S. D. Changes in the receivership were
Gulf
ports.First and Refunding Mortgage.-Covers as a direct first lien approximately agreed to in a conference between attorneys for the trust company and
Mr
Bremner,limiting the power in some respects and extending it In others.
658 miles of road, as a second lien. 2,656 miles, as a third lion, 1,256 miles,
and as a fourth lien, 546 miles. Thus, the company's total mileage under -V. 117, p. 554, 439,
the First & Ref. Mtge. by direct mortgage or collateral lien is 5.116 miles.
Missouri-Kansas-Texas RR.-Bond
and its outstanding mortgage indebtedness (including the ppresent issue of
The directors have declared the full semi-annualInterest.
First & Ref. Mtge. Bonds) is at he rate of approximately $36,000 per mile.
interest of 254% on the
5%.
Series "A." Adjustment Mortgage bonds for the
The First & Ref. Mtge.covers as a first lien the company's valuable terminal
6
months
ended June
Properties in St. Louis. and, subject to prior liens, the terminal properties 30 1923, payable Oct. 1.-V. 117, p. 782.
and shops in Evansville, Cincinnati. Knoxville, Louisville, Nashville,
Montgomery
Light & Traction Co.-Bonds Paid.Paducah, Montgomery, Birmingham. Pensacola. Mobile, New Orleans,
The $350,000 Montgomery Street Ry. Os, due Aug.
Memphis and elsewhere. This mortgage closes all prior lien mortgages,
1, were paid off at
Including the Unified Mortgage of 1890,and no prior lien mortgage matures office of Farmers' Loan & Trust Co., Now York City. In connection with
this payment the Alabama Power Co. has issued 6%
before 1930.
First Mtge. L. & R.
bonds
which
have
been
sold
bonds
and
issue
for
the
Refunding
of
terms
First
the
of
Mtge.
through Harris, Forbes & Co., New York City.
Under the
the acquisition of property and for additions and betterments to the com- Control of the Montgomery Utilities was acquired by the Alabama Power
pany's property in no event can exceed the actual cost of the property to be Co. in February last.-V. 117. p. 554.
placed under the mortgage. No bonds can be issued for equipment to an
New Brunswick Power Co.-New Control.amount in excess of 80% of the cost thereof. The authorized issue of the
Control of this company, controlling the
First & Ref. Mtge. Bonds is limited to an amount which, together with all
light, gas and street railway
other then outstanding prior debt of the railroad company, after deducting properties of St. John, N. B., was recently purchased by the Federal Light
therefrom bonds reserved to retire prior debt,shall never exceed three times & Traction Co.-V. 118, p. 1770.
the par value of capital stock then outstanding.
New York Chicago & St. Louis RR.-Equip. Trusts
Earnings for Calendar Years.
Sc/d.-Guaranty Co. of New York and Lee, Higginson &
Gross Oper'g Corporate Rentals,Int.,
Revenue.
Co. have sold at prices ranging from 95.92 and div., to
Income. ctc., Charges. Surplus.
Dec.31564.928.121 $25,689,970 $8,627,686 $17,062,285 99.76 and
1916
div., to yield from 5.25% to 5.40%, according to
76.907,387 24.978.643 8.514.628 16,464,015
1917
z101,392,792 z19,823,321
8,803,964 11.019,357 maturity,$4,275,000 Equipment Trust 5% Gold certificates.
1918
x107.514,966 z19,979,120 8,802,838 11,176,282 Issued under the
1919
Philadelphia plan (see advertising pages).
y127,297,532 z16,877,199 9,013.548 7.863.651
1920
Date Aug. 11923. Due $285.000 each Aug.
117.485,777 z8,659,205 8,996,166 def336,961 payable
1 1924 to 1938. Dividends
1921
r &A.lroit deduction fo normal Federal
income laxupt0
121.138.840
z20,431,728
10.598,019
9,833,709
1922
Co.. Cleveland,
2apimdAensyatjioT
and
Guaranty
Trust CO. of New York. Denom. $1,0000.
x U. S. Railroad Administration. y Including operations under U. S.
certificates arc to be issued against not to exceed 80%
Railroad Administration two months, and Federal guaranty six months. of Seeurity.-These
the
cost
of
new
standard railroad equipment consisting of: 6 Pacific
z After joint facility and equipment rents.
passenger locomotives, 30 light
Mikado freight locomotives, 500 55-ton
Company's average annual income available for rentals, interest, and steel underfraire
composite gondola cars and 1,000 55_ton steel underframe
years ended Dec. 31 1922 amounted to $18.227,- composite
other charges for the
hopper
cars. The total purchase price of this equipment is to
734. or more than twice the average annual amount of such charges.
be approximately $5,345,280, of which not less than
20%, Is to be paid
Traffic has developed steadily, the density of freight traffic in 1922 by the
company in cash.
having been 64% greater than in 1912, and during the same period the
Sostem.-The company, known as the "Nickel Plate,"
is a consolidation
average train-load increased 75%•
of the New York Chicago & St. Louis RR., Toledo,
St. Louis & Western
RR.. Lake Erie & Western RR., and two subsidiaries,
effected April 11
Urges Stockholders to Oppose Further Restrictive Legislation. 1923.
The
system comprises 1,695 miles of road, extending
-Pres. W. L. Mapother in connection with the forwarding from Buffaloconsolidated
to connections with the principal western and southwestern
at Cticago. Peoria and St. Louis, and also reaching Indianapolis,
of the semi-annual dividend checks, sent a letter to stock- roads
Toledo and othcr important cities in the middle west.
holders urging them to oppose any enactment of legislation
Company owns half the capital stock of the Detroit & Toledo Shore
by the text Congress which imposes further restrictions upon Line RR., connecting Toledo with Detroit, and a substantial interest
In the Common stock of the Chesapeake & Ohio Ry., with which mutually
the railroad systems of the country. Pres. Mapother says: advantageous
traffic arrangements have been effected.
1054
AUG. 25 1923.]
THE CHRONICLE
Earnings.-Cambined income cf the consolidated companies available
for fixed charges for the seven years ended Dec. 31 1922, averaged more
than twice average annual charges for that period. For the six Months
ended June 30 1023 such income amounted to $6,429,088. which was more
than 3;4 times fixed charges for the period and $1.542,076 more than in
the corresponding months of last Year.
Issuance.-Authorized by the I.-S. C. Commission.-V. 117. p. 325.
New York Railways.-Sale of Property.-
Nathaniel A. Elsberg, Special Master, will sell at public auction on Oct. 2
at the New York Court House, Chambers St., N. Y. City, the property
located at 96th St. and 1st Ave. described as "Lot 1 96th St. property."
The car barn site between 6th and 7th Ave. and 50th and 51st streets was
recently sold to "Tex" Rickard for a sum said to be about $5.500.000 or
$6,000,000. This property is to be improved (see New Madison Square
Garden Corp. in V.117, p. 334).
The car barn property on Park and Lexington Ayes., between 32d and
33d Sts., was sold at auction last May for $1,600,000 and title has been
taken by the Parlax Holding Corp., comprising Frederick Brown and the
Mandel-Ehrich Corp. This syndicate has taken over the property subject
to a purchase money mortgage of $1,200,000. The Mandel-Ehrich and
Brown interests are preparing plans for the improvement of a portion of the
site with a business building. They took over the interests of Charles
A. Newmark, who was associated with them in the purchase last May.
-V. 117, p. 208.
Ohio Valley Electric Ry.-Sells Stock of Sub. Company.-.'
See Charleston (W. Va.) Interurban RR. above.-V. 111, p. 1950.
Pennsylvania Co.-Tenders.The Girard Trust Co.,trustee. Philadelphia, Pa., will until Sept. 1 receive
bids for the sale to it of Guaranteed 334% trust certificates, series "A,"
clue 1937, to an amount sufficient to exhaust $50,000 at a price notexceeding
par and interest.-V. 117, p. 782.
Pittsburgh Shawmut & Northern RR.-Ctfs. of Indebt.
895
(6) Both sides shall agree that the report of former Judge Thomas G.
Haight, the master in the pending rate case,fixing the value of the property
of the railway company devoted to the public use, as of the date specified
decree.
in his report, at $110,000,000 as therein set forth, be confirmed by Federal
This valuation was arrived at by the master appointed by the
both
for
counsel
of
aid
the
with
subject,
whole
the
Court after considering
the
parties, for one year and one half. It is some million dollars less than
valuation fixed by a firm of independent engineers employed by the State
year's
one
nearly
after
$100,000,
of New Jersey, at a cost of approximately
as the value in
study of the problem. It is in excess of the amount fixedCommissioners,
the summer of 1921 by the then Board of Public Utility
conwhich, under the law, was obliged to find a value after a few weeks'
sideration. Necessarily such consideration did not admit of so complete
master
the
by
or
engineers
State
the
by
an investigation as was made either
time
of the Federal Court. It is essential to adjust this matter at this
because while the Federal suit remains undetermined, the injunction stands
be made.
and the change in fare referred to in the next paragraph cannot
shall
(7) Simultaneously with the effectuation of the plan, the companies for
put into effect both on cars and buses a fare of 7 cents, with one cent
fixed
transfer. This fare is lower by one cent for transfer charge than that
by the P. U. Commission as a Just and reasonable fare in 1921 upon the low
valuation found by the Board and with a lower wage in effect than that
contemplated in this plan. It may be decreased as and when the cost of
service, including a fair return upon the value of the property devoted to
the public use will admit. Such a reduction could be accelerated by support of the plan by the public, by the employees, by the removal of unjust
paving obligations now enforced upon the railway company and by the
reduction of burdensome taxes.
(8) The companies will give employment, either on cars or buses, to all
bus drivers who are qualified and can pass the railway company's usual
tests of employment.
(9) After the plan has become effective, the company will take up with
the P. U. Commission the revamping of its financial structure so as to provide for future financing and to place the company upon a sound financial
basis.
(10) Service can be resumed temporarily at the rate of fare in effect when
the strike was called, at the new wage scale, upon the railway company
receiving definite assurances from the P. U. Commission and from the representatives of the more prominent municipalities that the plan is acceptable and that they will co-operate with the railway company in carrying
it into prompt execution. It is impossible for the railway company to
resume service at the rate of wages demanded by the men and under the
conditions in other respects that prevailed prior to Aug. 1.
The holders of certificates of indebtedness are notified that under an
order of the New York Supreme Court entered on a remittitur from the
Court of Appeals at Belmont. N. Y., on June 5 1923 the receiver Is authorized and directed to issue new 2-year 6% certificates and exchange the new
certificates at par for the certificates now outstanding. The original
petition Mr the authorization of the issue and exchange of the certificates
was presented on Sept. 6 1920, and the above mentioned remittitur from
the Court of Appeals is the result of appeals to the Appellate Division and
Trolleymen Approve Plan-Bus Owners to Fight Plan.the Court of Appeals, respectively.
Representatives of the striking employees of the company have accepted
The holders of certificates are advised that Henry S. Hastings, as re- the settlement offered by the company. The settlement, however, does
ceiver of the Pittsburgh Shawmut & Northern RR. and the mortgaged not insure immediate resumption of service. The agreement was reached
properties of the Shawmut Mining Co. and the Kersey Mining Co., will at a conference in the office of President Thomas N. McCarter.
- the
,
t•
on Aug. 30, or as soon thereafter as the matter can be heard,
It is stated that the bus men are opposed to the proposed plan of the comcourts having Jurisdiction of the receivership for orders modifying in some pany to take over their buses.
respects the aforementioned order, especially to the extent o authorizing
The New Jersey P. U. Commissioners have called a public hearing for
and directing the receiver to pay in cash 30% upon each and every outstand- Aug. 28 to consider the details of the plan proposed by the company. The
ing certificate, and to issue new 5'year 6% certificates to the amount of Board in a statement took strong issue with the company's attitude that it
70% of the outstanding certificates to be exchanged at par for the out- could not resume service until it had received assurance that its plan would
standing certificates in the proportion of 70% of each and-every outstand- be accepted in its entirety.
ing certificate.-V. 113, P. 1054.
In this connection the Board declared:"The assumption by the company
of the right to suspend service until this Board and 'representatives of the
Pennsylvania RR.-Where the Money Goes.more prominent municipalities give definite assurance to co-operate with
Out of every dollar of revenues received by the Pennsylvania RR.System the company in establishing its new rate of fare, in eliminating competition
last year 51.4 cents-more than half-were immediately paid out in salaries of buses by purchase or otherwise . . . is unwarranted and a menace
and wages to the company's 220,000 employees. This is shown in a report to public welfare. It amounts to a strike on the part of the company. A
just compiled setting forth how the Pennsylvania ER's "dollar" was spent strike against the public."
in 1922.
The Commission's attitude on other features of the plan was expressed as
Materials and supplies used in every day railroad operation took 17.07 follows: (1) Resumption of service should be first in the company's plan
interests
cents out of every dollar earned. Coal for the system's 7,547 locomotives instead of last. (2) Public should have service while opposing
took 7.29 cents..
are brought into accord or until such an effort may fail. (3) Board cannot
For the support of municipal. State and Federal governments. the Penn- cancel bus licenses. (4) Board will continue policy of approving bus licenses
sulvania RR. paid in taxes in 1922 a total of 4.54 cents from every dollar. upon proof of necessity and convenience to the public.
Tax payments, which have been increasing yearly,, have now reached the
(5) Proposed fare of 7 cents on trolleys and jitneys would require investipoint where they are approximately, equal to the dividends received by the gation to determine fairness. (6) The law provides a method of procedure
who
stockholders,
are owners of the property.
if the company is financially unable to operate. (7) Board will aid company
Loss and damage payments, depreciation on rolling stock and other prop- in revamping financial structure.
erty, and miscellaneous rentals absorbed an additional 6.41 cents of the
(8) Valuation of 5110,000,000 fixed by Special Master Haight in pending
railroad's "dollar."
fare suit in Federal Court cannot be accepted by the Board.-V.117, p.782.
After meeting operating expenses and taxes, 7.72 cents were needed to
pay fixed charges, which include the interest on the funded debt.
Puget Sound Power & Light Co.-Suit Dismissed.Of the original "dollar," 5.56 cents finally remained to pay a return to
The 'specific performance" suit of the company against the city of
the stockholders, and sustain the company's credit.-V.117, p.554,440.
Seattle was formally closed when the U. S. District Court received the
mandate of the Circuit Court of Appeals ordering Federal Judge E. E.
Public Service Ry. (N. J.).-Offers Plan to End Trolley Cushman
to enter a decree reversing his original decision. The suit was
by the city
Strike and Resume Service-Would Purchase Bus Lines and a fight of the Seattle taxpayers to prevent forever invasionand
principal
fund by taxation for payment of the interest
general
the
Raise Pay of Employees and Reduce Fares.-The company on of
of the purchase price of the railway system. The Corporation Counsel
Aug. 21 submitted to the New Jersey P. 13. Commission and will draft a form of decree to be signed by Judge E. E. Cushman, disthe company's suit, which sought to compel the city to comto the authorities of the interested municipalities a formal missing
plete the contract for purchase of the railway lines. The city's defense
plan for the settlement of the trolley strike of its 6,000 to
the suit was that it already was living up to the contract.
Under Judge Cushman's decision, the city would have been obligated
employees that has tied up surface car transportation in
to
resort to taxation if necessary to support the municipal railway and
145 municipalities in northern New Jersey since Aug. 1.
pay interest and bond redemption to the Stone & Webster interests. Judge
whose
The plan in brief provides for a 20% wage increase, as Cushman, however, was reversed by the Circuit Court of Appeals,
was affirmed by the U. S. Supreme Court. The decision of the
against the men's demand for 30%; a 7-cent straight fare and ruling
Circuit Court of Appeals was entered Dec. 4 1922 and the ruling of the
a 1-cent transfer fee to replace an 8-cent fare and the same U. 8. Supreme Court denying the power company's petition for a writ
of certiorari was entered April 16 1923. ("Electric Railway Journal.")
transfer fee; purchase and operation of competitive bus lines -V.
117, p. 782.
in operation prior to the strike; re-routing to non-trolley
streets of such bus lines as did not sell, and exclusion of new
buses from trolley streets hereafter.
St. Louis-San Francisco Ry.-Interest Payment.-
The directors have declared a semi-annual interest installment of 39"
on the Cumulative Adjustment Mtge.6% Gold bonds and an annual interest
installment of6% on theincome bonds,both payable Oct. 1.
See Miami Mineral Belt RR. above.-V. 117, p. 555.
A statement accompanying the plan states that the company reaffirms
Its determination that it cannot contract to pay out large sums of money
for wages in excess of its revenues available for that purpose, but conscious
of its obligations to the people of New Jersey. and desirous of meeting the
Saginaw-Bay City Ry.-Sale, &c.local transportation needs of that portion of the Spate
Slate served by it, offers
The property of the company was sold at auction by Otto Schupp,trustee,
the following comprehensive plan, as an entirety,
the settlement of the
sale, which was
very serious problem that now confronts the State. If it were otherwise at the Federal Building, Bay City, Mich., Aug. 18. The
referee
practicable, nothing would be gained by a resumption of operation upon a for a total of $225,000, was later confirmed by George Amarston,
Northern
bat3i9 of destructive and uneconomic competition such as has latterly existed. in bankruptcy. The purchaser was George Wedthoff, for the
trustee.
City,
Bay
Co..
Trust
&
Title
only
would
repetition
a
in
result
of
the present unfortunate situation at a
It
The company will now be reorganized and proceed with the operation of
later date. In no large community in the United States does any such
at an
condition exist as has been the case In New Jersey. It has been ascertained cars in Saginaw. under the terms of the franchise recently adopted
there. There is no immediate prospect of resumption of service
election
by hard experience the country over that cars and buses cannot economically
exist in direct competition with each other upon the same streets, and in Bay City.
The Saginaw property of the company was sold for $175,000, the Bay
wherever the issue has arisen the necessity for railway transportation has
The franchise
manifested itself. It is possible to settle this whole problem and it should City property,including Wenonah Beach Park. for $50,000. street
railway
Carrollton Township, Saginaw County, was bid in by the
in
once
all.
for
now
done
be
bid was made on the franchises in Bay City, Essexville.
No
company.
Digest of Plan of Settlement of Transportation Crisis.
and Bangor Township, Bay County.
(1) The railway company, acting through an allied corporation, will
The street railway company filed a petition in bankruptcy Aug. 10 1921
purchase at their present fair physical value all buses operating competi- and street car service in both Bay City and Saginaw was suspended at that
tively on July 31 1923 (the day before the commencement of the strike) on time. There has been no attempt at resumption of service and buses have
the streets where company's tracks are laid, whose owners are willing to sell. attempted to serve the public. Recently a new franchise was approved
This will involve a capital investment of several million dollars,the financing by the electors of Saginaw and a new company, the Saginaw Transit Co.,
of which, after much negotiation, has been provided for, conditioned upon is being organized to take over and operate the street railway properties
in that city. See plan in V. 117. p. 326, 555, 782.
the adoption of the plan as a whole.
(2) Thereafter the companies will operate cars and buses in co-ordination
Saginaw Traction Co.-New Company.to the extent found necessary to accommodate the traffic and under the
See Saginaw-Bay City Ry. above.
supervision of the municipal authorities and of the Board of Public Utility
Commissioners. As opportunity offers, buses operated will be modernized
Shore Line Electric Ry.(Conn.).-Operation.-and standardized. Transfers will be instituted between buses and cars
existing on the lines of the railway system.
Cars began operation on July 17 between New Haven and Guilford.
to the manner heretofore
who
owners
to
sell
the
company,
bus
on the New Haven & Shore Line Ry., a part of the former Shore
all
Conn.,
of
and
licenses
those
of
(3) The
that part of the old
having temporary permits, shall be rescinded and canceled, and the licenses Line Electric Ry. The new company has purchased and
has rehabilitated
of bus owners who do not desire to sell shall either be rescinded or the buses Shore Line system between New Haven and Saybrook
between Guilford
line
The
Guilford.
are
there
and
where
no
New
between
Haven
street
streets
line
railway
the
tracks.
shall be re-routed on
Altogether the new company
(4) No competitive bus licenses shall be issued hereafter for operation and Saybrook will gradually be opened.
owns about 35 miles of track. A large part of the road is on its own right
on streets where railway company's tracks exist.
supplied by the Connecticut Co.,
(5)The companies will promulgate a new wage scale with a basic maximum of way. Power for the present is being
use carsleased from the Connecticut Co.
of 60c. per hour, this being the last figure which the men agreed to accept, and the company for the present will
is acting as banker in connection
Haven,
New
Co.,
the
Kingston
of
E.
excess
present
F.
in
The
20%
schedule. This inand is 10c. per hour, or
of which $400,000 is to be sold,
volves of course Sc, per hour extra for one-man operated car or bus. So with the road. The bond issue is 5500.000.
Haven business men and residents
far as the labor situation will permit, no one will be required to work more the stock issue being $400,000. Newsupporters
of the project. ("Electric
the
among
served
territory
are
than 6 days in any week. Other working conditions can be left to the man- of the
Railway Journal.")-V. 116, p. 2516.
agement and the employees to adjust satisfactorily.
896
THE CHRONTCLE
Southern Illinois & Kentucky RR.-Capital Stock, &c.
The I.-8. C. Commission on June 4 authorized the company to issue not
exceeding $40,000 of common capital stock, to be sold at par to the Illinois
Central RR.,and the proceeds applied toward the construction of a railroad.
See also Illinois Central RR. anove.
Southern Pacific Co.-Construction of Natron Cut-Off.-
See Central Pacific Ry. above.-V.117, p. 782.
Southern Railway.-Authority to Assume Obligation and
Liability in Respect of Passenger-Terminal Bonds of Greensboro,
N. C., Approved.The 1.-S. C. Commission on Aug. 11 authorized the company to assume,
as lessee, obligation and liability of paying, as rental for a passenger station
and appurtenances at Greensboro, N. C., an annual sum sufficient to pay
the interest on not exceeding $1.300,000 of 5% bonds to be issued by the
city, and such further sum as may be necessary to provide for a sinking fund
for their redemption at maturity. (See "State and City Section," June 2.)
-V. 116, p. 2768.
Texas & Pacific RR.-Settlement with Government.-
An order by Judge Foster filed in Federal District Court at Shreveport,
La., Aug. 15 authorized final settlement between the receivers and the
Director-General of Railroads during Government control. The order
authorized payment of $1.400,000 by the receivers to the Government for
debts incurred during Government control.-V. 116. p. 2885.
United Railways of St. Louis.-Expenditures.-
Receiver Rolla Wells has been authorized by Federal Judge Faris to
spend $1,200,000 during the remainder of 1923 for maintenance, repairs
and reconstruction on company's property making $2,800,000 authorized
by the court for the year.-V.117, p.555, 327.
U. S. Railroad Administration.-Final Settlements.-
[VOL. 117.
Talking Machine Records Reduced in Price.-Victor Talking Machine
Co. reduced "red seal" records 25c. each. "Phila. News Bureau," Aug.
20, p. 3.
Automobile Price Reduced.-Willys-KnIght models were cut $60 each on
the touring car and runabout to $1,175 and $45 on the coupe-sedan to
$1.550, according to announcement made by Willys-Overland Co. "Times"
Aug. 19, Sec. 2, p. 1.
Women's Market Committeeof New York Act to Secure a Fourteen-Ounce
Loaf of Bread for Eight Cents.-Bakers and members of committee investigate price and quality of bread. "Times" Aug. 23, p. 17.
Paper Strike Developments.-Nearly all mills of American Writing Paper
Co. at Holyoke (Mass.) were opened Aug. 23, but nowhere near a normal
force reported for work. Papermakers voted moral support to the striking
stationary firemen and will not return to work in any of the mills where
non-union firemen are employed. "Boston News Bureau" Aug. 24, P. 9.
Transcontinental Air Mail Route.-Post Office officials report that
results of experimental transcontinental air mall service indicate that
permanent service will probably be inaugurated about Sept. 5. The rate
is 8cents from New York to Chicago, 8 cents from Chicago to Cheyenne.
8 cents from Cheyenne to San Francisco, or a total of 24 cents from New
York to San Francisco. "Times" Aug. 24, p. 1.
Brass Prices Reduced -American Brass Co. reduced brass and copper
finished material 3 cent a poUnd except copper rolls, which were cut 1
cent a pound. "Wall St. Journal" Aug. 24, p. 1.
Montgomery Ward Co. Advances Prices.-Fall catalogue in effect Sept. 1
shows that this mail order house has advanced prices about 15% over
the spring lines, especially in cotton goods. The increase in price of raw
materials is the cause of the advance. "Financial America" Aug. 25.
Matters Covered in "Chronicle" Aug. 18.-(a) Charles W. Morse and
Sons acquitted in Government War Fraud Case, p. 748. (b) Anthracite
Miners and Operators Confer with United States Coal Commission in
New York, p. 748.
Alabama Power Co.-Bonds Offered.-Harris, Forbes &
Co., New York, are offering at 99 and int., to yield about
6.07%, $3,000,000 1st Mtge. Lien & Ref. Gold bonds, 6%
Series due 1951. Dated June 1 1921. Due June 1 1951
(see description in V. 112, p. 2644, 2751).
The U. S. RR. Administration reports the following final settlements
and has paid out the following amounts:
Central Indiana By., $45.000: Central New England Ry.. $90,000;
Massena Terminal RR. $3,200: Garden City Western Ry., $3,500; Great
Western Ry., $15.000:
'
Columbia & Nebelem River RR., $1: Cincinnati
Issuance.-Alabama P. S. Commission has approved the issuance of
Northern RR. paid Director General $100,000: Talbotton RR. paid Direc- these bonds.
tor-General $600: St. Louis Southwestern By. paid Director-General
Data
from Letter of Pres.Thos. W.Martin,Birmingham,Ala., July 24
$700.000.-V. 116, p. 2390.
Company -Serves, directly and indirectly, over 80% of the urban popu
lation and practically all of the large industrial power requirements of the
Utah Power & Light Co.-Franchise Granted.The company has been granted a franchise to supply electricity in Clear- State of Alabama outside of the City of Mobile. Company does directly
all the electric light and power business in some 83 cities and towns, includfield, Utah.-V. 117, p. 440, 209.
ing Montgomery, Anniston, Gadsden, Attalla, Talladega, Huntsville,
Virginia Railway & Power Co.-Listing-Earnings, &c. Selma, Roanoke, Decatur and Albany: all the street
railway business in
The New York Stock Exchange has authorized the listing of $1,000,000 Montgomery, Anniston, Gadsden and Huntsville, and the gas business in
additional 1st & Ref. Mtge.5% bonds, payable July 11934. upon official Montgomery, Anniston, Selma, Decatur and Albany, and it furnishes
notice that the same have been issued and are outstanding in the hands of under contract all the current used by the Birmingham By., Light & Power
Co. in Greater Birmingham and Bessemer and all the current used by the
the public, making the total amount applied for $13,285,000.
local public service companies in Tuscaloosa, Alexander City, Tuskegee
Results for Six Months Ended June 30 1923.
and Cordova, and by the municipalities of Opelika, Sylacauga, La Fayette
Gross earnings
$5,317,527 and Piedmont. It also serves under contract a number of large industrial
Operating expenses
$2,700,079 power consumers.
Depreciation
Company now has in direct service a total of 29.881 customers' meters,
740,909
Rentals and sinking fund, Norfolk By. & Light Co
68,500 and current is being supplied directly and indirectly to approximately
State and municipal taxes
259,301 65,000 customers. The present connected load of the system is approxiFederal taxes
118,500 mately 450,000 h. p., and for the year ended Juno 30 1923 the electrical
Bond and miscellaneous interest
609,827 output of the system was approximately 703,000,000 k. w. h.
Direct profit and loss charges
199,521
Capitalization (Upon Completion of the Present Financing).
Appropriation for sinking fund bonds
84,393
Authorized. Outstanding.
x Capital stock-Common
$40,000.000 $18,751,000
Net surplus
$536,496
Preferred
10,000,900 5.454.550
Income debenture certificates
y12.170,000
Balance Sheet as of June 30 1923.
First Mtge. Lien & Ref.6s (incl. this issue)
f 12,000,000
z
AssetsLiabilities5% Series. due 1951
1 4,700,000
Plant, property and equip _ __$47,434,948 Common stock
$11,950,500 First Mortgage 5s,
due
1946
a
alO,221.000
Works in progress and undis8,969,300 Underlying divisional bonds
Preferred stock
(closed) ;0,265,600
tributed property
17,790
1,867,154 Preferred stock scrip
x Partly represented by no par value stock.
Investments
1,298,493 Nor. By.& Lt. Co. Corn.stk. 1,650,000
y These debentures are a non-foreclosable security having a contingent
Advances to affiliated cos_
x23,778,626 interest in the balance available after the payment of
150,790 Funded debt
Preferred stock divCash
233.123 idends. They represent part of the original
889,009 Notes payable
investment in the property
Accounts receivable
778,368 over and above that represented
382,043 Accounts payable
by
the
outstanding
bonded
debt.
Notes receivable
103,169
10,955 Payrolls payable
z Unlimited except by the conservative restrictions of the indenture.
Material and supplies. cost
380,725 $820.500 additional bonds
603,648 Matured int. on bonds
of the 6% Series will be in the company's treasDeposits to pay In coupons_
269,998 ury.
360,849 Unpaid diva.(paid July 20)_
Deposits to pay dividends_ _ _
1,127 Accrued interest
81,617
a $13,874,000 additional 1st Mtge. bonds and $828.000 additional UnInt, receivable accrued
7,226 Accrued sink,fund instalimls
26,779 derlying Divisional bonds will
be pledged under the indenture securing the
Sinking funds (contra)
182,285 1st Mtge. Lien & Ref. bonds.
2,835,756 Accr'd mun. & State taxes_
No additional 1st Mtge.5% bonds may be
Special deposit with trustees_
126,208 Accrued Federal tax
236,415 issued except for pledge hereunder.
Deferred charges
9,302
1,803,179 Accrued rental
Earnings
(Including
Earnings
of the Utility Properties in Montgomery).
87,757
Affiliated companies
12 Months ended June 301922.
1923.
135,187 Gross
Deferred liabilities
earnings
$6,114,385 $7.871,714
Depreciation & renewal res've 4,732,357 Operating
expenses and taxes
3,295,065 4,618,931
173,087
Other reserves
Trustee accounts: Sink. fund
Net earnings
$2,819,320 $3,252,783
2,835,758 Annual
(contra)
int.on funded debt with public (incl. this issue)
1,529,330
Surplus
1,179,282
Balance
Total assets
$37,769,382
$57,769,382
Total liabilities
(For description of property. &c., see annual report for 19224
1,7
V2
.
,
1417.
353
x The amount of funded debt is held as follows: In hands of public, p. 81.)-V. 117, p. 556.
$20,604.626; with trustee.; in sinking fund, $2,820,000; with trustees purAmalgamated
Silk Corp.-New Company.chased from proceeds of sale of property. $74,000; in treasury, bonds purSee D. G. Deny Corp. below.
chased, $296.000: total, $23,776,626.
American Brake Shoe & Foundry Co.-Obituary.The Philadelphia Stock Exchange on Aug. 18 struck off the regular list
$1.370,000 let & Ref. Mtge. 5% bonds, due July 1 1934, reported purWaldo H. Marshall, a director (formerly President of the American
chased for account of the sinking fund, leaving the amcunt of bonds listed Locom. Co.). died at Barnstable. Mass., on Aug. 22.-V. 117,
p. 556, 442.
$10,742,000.-V. 116, p.2768.
American Cotton Oil Co.-Sells Mill.-
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, to
gether with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, itc.
The review of market, conditions by the "Iron Age,"
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
•
Coal Production, Prices, &c.
The United States Geological Survey's report on coal
production, together with the detailed statement by the
"Coal Trade Journal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
preceding page under the heading "Indications of Business
Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the
United States; compiled by the American Petroleum Institute
and formerly appearing under the above heading, will be
found to-day on a preceding page under "Indications of
Business Activity."
The company has disposed of its Memphis (Tenn.) cottonseed oil mill to
the Dixie Cotton 011 Co According to Randolph Catlin, Secretary-Treasurer, the sale was concluded two weeks ago and was one of several similar
transactions effected or yet to be concluded. Of its 25 gins
reported to have disposed of about 20.-V. 116, p. 2996. the company Is
American Drug Stores, Inc.-Suspended from Curb.-
Dealings in the Class A common stock were temporarily suspended
Aug. 23 by the Board of Governors of the New York
Curb Market. According to information available, the company has 3,000,000 shares of such
stock of $1 par value, each, listed on the exchange. The company operates
a chain of drug stores throughout the southern part of the United States.
The parent company, the Co-Operative Drug Co., Inc., was placed in the
hands of a receiver a short time ago. (See that company below.)
-V. 111.
p.590.
American Multigraph Co.-Earnings, &c.
53,507
Balance, surplus
Profit and loss surplus June 30
,
The directors have declared a dividend
40 cents per share on
Common stock, no par value, payable Sept.of
Aug. 18.
record
1
holders
of
to
-V. 1.7, p.556. 210.
American Rolling Mills Co.-Earnings.Income Account for Quarter Ended June 30 1923.
Net sales, $6,992,159; cost of sales, $5,417,669; gross profit on
mills ___ _ _ - _-__________ $1,574,490
Other operating
7,953
Prices, Wages and Other Trade Matters.
Gross operating profit
Refined Sugar Prices -On Aug.20 the American. Arbuckle,Pennsylvania, Expenses
National, Revere, and Warner companies reduced the price 15 points to
Net profit
7.60e. a pound. Federal Co. reduced 10 points to 7.50c. a pound. On
Aug. 22 the other leading refiners reduced their price to 7.50c. a pound' Other income
the level which Federal continued to quote.
Net earnings before interest and Federal taxes
Canadian Refined Sugar Reduced.-Refined sugar has been reduced 25c.
-V. 116, p. 2996.
to $9 10 per 100 pounds. "Financial America" Aug. 23, p. 4.
6.
7
:301.)
Su:
=
Income Account for Six Months Ended June 30 1923.
Operating profits after depreciation and taxes
Preferred dividends and interest
Common dividends
$1.582,443
482.437
$1,100,006
110,806
$1,210,812
THE CHRONICLE
AUG. 25 1923.1
American Pneumatic Service Co.-Orders, &c.-
Business taken by the Lamson Co., a subsidiary, for the 8 months to
Aug. 1 totaled $2,400,000 against $1,855,000 for the same period in 1922.
Orders on the books now amount to $1,700,000 as compared with approximately $1.000,000 a year ago. Current bookings, it is stated, show a substantial increase over this time last year.(Boston "News Bureau.")-V.117
p. 779.
American Safety Razor Corp.-Dividend of25 Cents.The directors have declared a dividend of 25 cents per share on the capital stock, no par value, payable Oct. 1 to holders of record Sept. 10. A
like amount was paid on April 2 1923 and Oct. 2 1922.-V. 116. p. 1896.
American Stores Co.-Dividend of 25 Cents.The company has declared a quarterly dividend of 25 cents per share on
the Common stock, no par value, payable Oct. 1 to holders of record
Sept. 20. A like amount was paid on July 2 last. See also V. 116, p.
2887, 2996.
American Strawboard Co.-Payment on Bonds.Notices are being sent to bondholders that arrangements have been
made for payment of an initial $1,000 on each bond, on account of principal and interest. Bondholders who have deposited their bonds with the
bondholders' protective committee are directed to send their certificates
of deposit to the depositary that issued it. Other payments will be made in
the future, bondholders to be notified each time. The sub-depositary
in Baltimore is the Fidelity Trust Co.
The properties and subsillaries were sold July 18 last at Chicago for
81.586,200. There are $1,400,000 of 7% bonds outstanding. See V. 117,
p. 442.
American Syndicate Corp., Detroit.-Equity.Audit of the books of this corporation, a housing trust for which the
Detroit Trust Co. was appointed receiver in May, shows net receiver's
equity of $97,885. The equity consists of land contracts. The audit
shows total assets of $263,921. of which $239.595 are land contracts receivable. against which there are first and second mortgages to the amount of
$154,196. Unsecured debt of the corporation is $148,327, owed principally
to investors in home purchase contracts, of which there are approximately
4,000.
Babcock & Wilcox (Boiler Mfg.) Co.-Contract.The company has been awarded a contract for the construction of eight
large boilers in the new municipal power and lighting plant at Detroit, Mich.
-V. 116. P. 1415*
Barrick-Kentucky Oil & Gas Co.Edward 0. Lynch. Wilmington. Del., has been appointed administrator
by Judge Morris of U. S. District Court for Delaware.
Beaver Board Cos.-Consol. Bal. Sheet Dec. 31 1922.Assets.
$11,455,710
Property
Patents, trade-marks, &c....._ 1,512,128
1,588,258
Cash & ctfs. of deposit
399,710
Bankers' acceptances
Aocts.& notes rec., less reeve 1,714,567
2,264,107
Inventories
584,173
Proceeds of prop.& insurance
946,806
Deferred charges
176,543
Other assets
-V. 115, p. 1735.
Capital and surplus
$11,373,114
Funded & long term debt... 8,076,400
Minority interest sub. co's-164,600
Notes payable
101.342
Accounts payable
414,307
Accruals
83,362
Reserve for taxes
238,629
Miscellaneous reserves
190.248
Total (each side)
Beech Nut Packing Co.-Report.-Six Months Ended June 30-
1923.
Net profits (without provision for Federal tax).- $1,215,030
Earned surplus Jan. 1 (adjusted)
2,704,183
Total surplus
Dividends-Cash
Stock
$20,642,002
1922.
$961.563
5,258,159
83.919.213 $6,219,722
339,340
107,774
4,000,000
897
Earnings.-A statement of the gross and net income of the Central Connecticut Power & Light Co.for the year ended May 31 1923 and the Essex
Light & Power Co. for the year ended June 30 1923 follows:
Total.
Essex.
Central.
$91,258 $235,234
$143,976
Gross income
47,258
84,005
131,263
Operating expenses, maintenance & taxes$44,000 *S103.971
$59,971
Net income
Annual interest on: $201,000 1st Mtge. 5% bonds, $10,500;
$300,000 5-Year 7% notes (this issue), $21,000; total interest
31.500
charges
$72,471
Balance
Purpose.-Proceeds will be used for part of the 1923 construction requirements and in part payment of the capital stock of the Essex Light & Pr.Co.
Cities Service Co.-New Subsidiary Formed to Consolidate
Colorado Power and Light Companies.-President Henry L.
Doherty announced,Aug. 20 the formation of the Public Service Company of Colorado, a new subsidiary, and the largest
utility company in that State, to take over the Denver Gas
& Electric Light Co., the Western Light & Power Corp. of
Boulder, Colo., and the new power plant development at
Valmont, Colorado.
This consolidation in Colorado parallels to some extent the merger of
nine operating properties in Ohio into the Ohio Public Service Co.two years
ago by the Cities Service Co. management.
Plans for the new company provide for financing the completion of a
steam turbine electric generating plant at Valmont. just outside of Boulder.
Colo., which has been designed for an ultimate capacity of 200,000 k. w.,
and for the tying together of both the Denver and Boulder properties with
high-tension transmission lines. The merged properties of the new company
are located in one of the most important and prosperous regions in Colorado.
Through its operations the new company will supply electricity for light,
heat and power purposes to a number of substantial and rapidly growing
communities in Colorado, among which the more important are Denver
(and its suburbs), Boulder. Fort Collins and Loveland. Colo. Through a
subsidiary, electricity, gas and steam heating is supplied at Cheyenne, Wyo.
The company will also supply electricity at wholesale to Greeley, Longmont, Englewood and other communities. The most important among
other forms of utility service supplied by the company is the manufacture'
and distribution of gas in Denver. The field of operation includes a most
fertile combination of cities, towns and fertile agricultural districts. The
territory served has enjoyed a steady and substantial growth over the past
20 years and the total population to be served directly and indirectly is
estimated at 375,000.
Construction work has already been started on the new power station
near Boulder, and it has been stated officially that the first unit in the plant
will be in operation within 12 months. This work and additional construction of high-tension transmission power lines call for a large expenditure. Provision for all financial requirements has been underwritten by
a group of Eastern bankers.
The new company will have an issued capitalization of 83,500,000 7%
Preferred and $15,000,000 Common stock.
Terms of Exchange of Stocks of Old Companiesfor Stocks of New Company.
The holders of6% Cumulative Preferred stock of the Denver Gas & Electric Light Co.for each $100 share will receive a $100 share of7% Cumulative
1st Prof. stock of the new company. The income to the investment will
thus be increased 16 2-3%.
The holders of the Common stock of the Western Light & Power Co.
outstanding in the hands of the public will receive in exchange for each 8100
share of Common stock $25 par value of 7% Cumulative 1st Pref. stock of
Public Service Co. of Colorado; that is to say, $100 par value of the 7%
Cumul. Pref. stock of the new company will be issued in exchange for each
four shares of the Common stock of the Western Light & Power Co.
The holders of 7% Cumulative Preferred stock of the Western Light &
Power Co. will receive in exchange for each $100 share an equal par value
of 7% 1st Pref. stock of the new company, plus an amount of such stock at
par equal to all accumulated dividends on the Western Light & Power Co.
Preferred stock.
The 7% First Prof. stock of Public Service Co. of Colorado will bear dividends payable monthly, accruing from Oct. 1 1923, making the first cash
dividend distributable on Nov. 1 1923. In order for such dividends to begin
to accrue on stock to be received in exchange for the stocks of the other companies, it is necessary that assent to the exchange of securities be received
by the company or one of the depositaries on or before Sept. 15 1923.
The Metropolitan Trust Co., New York, has been appointed registrar
for the $25,000,000 of 7% Cumul. First Pref. stock and for the $15,000,000
of Common stock of the Public Service Co. of Colorado. The Trust Co. is
also depositary to receive stocks of the companies consolidated for exchange
for the stock of the new company.-V.117, p. 785, 673.
Profit and loss surplus June 30
$3,579,873 $2,111,948
Comparative Balance Sheet.
J'ne 30'23. Dec. 31'22.
J'ne 30'23. Dec .31'22.
$
I LiabilitiesAssets$
$
3
Cl."A"Pref.stock
Land, buildings,
4,500
4,500
mach'y & equip _x3,048,659 3,245,632 Cl."B"Pref. stock 1,119,500 1,119,500
Mtges. & secured
Common stock_ _5,000,000 5,000,000
loans on real est_
55,363
51,163 Min. stk. of contri
owned by B. N.
Pats.,trade-marks,
1
31 Packing Co_
Acc
78,250
Securities owned
1,549,691
985,846 Notes & accts. pay 566.621
101,409
Cash
833,869
706,275 Short term notes
Cash for redemp'n
mat'd or called
of notes
19,553
79,335 for redemption_
19.553
79,335
City Investing Co.-Tenders.Bank & trust co.
Dividends payable 169,964
169,842
The Equitable Trust Co., 37 Wall St., N. Y. City, will until Sept. 18
stocks
56,670
383,110 Fed. & State inc.
bids for the sale to it of 3,000 shares of Prof. stock at a price not
receive
Accts.& notes rec_ 1,147,451
663.0161 taxes withheld at
$100 per share.-V. 116. p. 1416.
Inventories
4,198,128 3,608,746 source
2
721 exceeding
assets..
_
134,562
Deferred
342,885 Sales taxes payable
4,653
2,376
Colts Patent Fire Arms Mfg. Co.-Directors.Accrued expenses_
95,768
115,287
Morgan G. Bulkeley and Samuel Ferguson were recently elected directors
Deferred liabilities
9.783
Fed.inc. tax res've 169,077
312,922 to succeed the late ex-Gov. Bulkeley and the late Lewis Speery,respectively.
Empl.Ins., dm.,res 208,211
134,170 -V. 117. p. 443.
Prem. on cap. stk. 106,225
106,225
Total(each side) 11,043,947 10,046,010 Earned surplus__ _ 3,579,873 2,811,691
Columbia Gas & Electric Co.-Sub. Co. Rate Increase.On Aug. 11 the West Virginia P. U. Commission issued its opinion and
x Land, buildings, machinery and equipment $4,051,106, less reserve for order on the application of the United Fuel Gas Co.. a subsidiary, for perdepreciation $1,002,447.-V. 117, p. 443.
mission to increase its rates for gas sold to both domestic and industrial
consumers In the State of West Virginia. The Commission ordered an inBush Terminal Co.-renders.crease of 5 cents per 1.000 cu. ft. on all classes of service, effective as to
The Irving Bank-Columbia Trust Co., trustee, 60 Broadway, N. Y. domestic consumers after the July 1923 meter readings, and as to indusCity, up to .Aug. 22 received bids for the sale to it of sufficient 1st Mtge. trial consumers on Aug. 15.
4% 80-year gold bonds, dated April 1 1902 to exhaust 528,738.-V. 116,
On the basis of the volume of gas sales by the United Fuel Gas Co. in
1922 affected by this increase in rates and by increases recently made effecp. 2634.
tive in a few cities in Ohio served by that company,the result should be an
Canada Bread Co., Ltd., Toronto.-Acguisition.increased revenue of approximately $550,000 per year. Columbia Gas &
The company has taken over the Blinn Bread Co.. Ltd., of Ottawa. Electric Co. owns 51% of the stock of the United Fuel Gas Co.
Canada.-V. 115. p. 1432.
Acquires Additional Utility Companies.The Columbia Gas & Electric Co.. operating public utilities throughout
Chicago Yellow Cab Co. Inc.-Earnings.West Virginia and Kentucky, has purchased 100% of the stock of the
Ohio,
after
earnings
taxes
for
the
six
Net
months ended June 30 1923 were
$1,040,634. This compares with net after taxes of $1,773,072 for the full Ohio Gas & Electric Co.(V. 117, p. 789) and of the Hamilton Service Co.
thereby extending its facilities to more than 15 separate and
Ohio,
of
is
stated
that
over
It
700
new
1922.
cabs
have
year
been purchased from
communities in Ohio, aggregating an approximate population of
Use Yellow Cab Mfg. Co. this year, all of which have been paid for from distinct
150,000.
earnings. -V. 116, p. 725.
W.W.Freeman, Vice-President of the Columbia Gas & Electric Co.and
Central Connecticut Power & Light Co.-Notes Offered. President of the Union Gas & Electric Co. of Cincinnati, 0., under whose
administration the new properties will be operated in the future, says in
-Bodell & Co. Providence, R. I., are offering at 100 and substance:
"Extending the scope of the Union Gas & Electric Co., as this purchase
int. $300,000 5-Year 7% Gold Coupon notes.
is a natural development of its facilities and will bring greater prosDated July 1 1923. Due July 1 1928. Int. payable J.& J.at Industrial does,
perity not only to our stockholders but
to the communities served by
Trust Co.,trustee, Providence, R.I. Denom. $1,000, $500 and $100 Cs, the companies we have acquired. The also
Columbia Gas & Electric Co. has
any
int.
part
on
date
upon 30 days' notice at 105 up to and
Callable all or
had a successful year. The earnings for the first 7 months of 1923 conincl. Jan. 11925; thereafter at 102 up to and incl. July 11926, and there- tinued to show the same ratio of increase each month. Neither the comafter at 100, in every case plus interest. Company will pay interest with pany nor any of its subsidiaries has any unfunded debt, and the funded
out deduction for the normal Federal income tax up to 2%.
debt has actually decreased by a substantial amount during the period
Capitalization After Present FinancingAuthorized. Outstand'g. mentioned.
$500.000
First Mortgage 6% Gold bonds, due 1937
"The conduct of the service to Middleton. Hamilton, Franklin and the
$201,000
50000
,0
Five-Year 7% Gold notes (this issue)
300,000 contiguous communities to which we are now responsible for light, heat and
6% Cumulative Preferred stock (par $100)
215,000
215,000 power will be under the same administration that has directed the affairs
Conunon stock (par $100)
250,000
250,000 of the Union Gas & Electric Co. of Cincinnati, with which centre these
Company.-Incorporated in Connecticut in March 1917. Recently new properties will be linked."
The purchase of the Ohio Gas & Electric Co.and of the Hamilton Service
purchased all of the capital stock of the Essex Light & Power Co. The two
companies supply, without competition, electric light and power to over Co. was made through Redmond & Co. of New York,from interests headed
4,200 customers in and around East Hampton, G1 istonbury, Haddam, by Charles A. Munroe of Chicago.-V.117, p. 785, 443.
East Haddam, Higgamun, Colchester, a portion of Hadlyime. Chester.
Consolidated Cigar Corp.-Earnings.Deep River, Essex, Ivoryton, Saybrook and Westbrook, Connecticut.
Combined population served, about 25,000. Franchises for communities
The company reports for the 6 months ended June 30 1923: Gross
profits, $1,167,790; selling and administration expenses. $713,998; interest
served are unlimited as to time,
security -Secured by deposit with the trustee of all the capital stock of on loans, $274,000; miscellaneous income credits, $70,094; leaving a net
profit before Federal taxes of 11249,886.-V. 116, p. 2261.
the Essex Light & Power Co.
898
THE CHRONICLE
[Vol,. 117.
Consolidated Telephone Co. (of Pa.).-Reorganization.
It is announced that rearrangement of the territory served and adjustment
stock in the new company at $2 50 per share. Subscriptions of less than
20 shares will not be accepted and a minimum of one share for each share
of capitalization are provided for in the plan of reorganization. The com- of old Elgin Motor Car Corp. stork must be subscribed for. Approxipany operates in Pennsylvania through the Lackawanna Telephone CO.. mately 90,000 shares have been subscribed for to Aug. 15.
the People's Telephone Co., the Lehigh Telephone Co. and the Honesdale
Financial Statement June 30 1923.
Telephone Co. In the territory served by the companies in question the
Assets.
Liabilities.
Bell Telephone Co. of Pa. also renders service.
Cash
3127,477 Accounts payable
31,284
This competition has proved harmful to the Consolidated, making it Accounts receivable
Accr.
int.,
mtge.
notes pay_
937
495
Impossible for the company to pay interest on the Consolidated income mort- Inventories, material
6,187 Mtge. notes payable
99,000
gage bonds since Mar. 1 1916. Under the plan of reorganization the com- Land, bidgs., equip., &c_
stock
Capital
312,786
(about
84,803
pany will Issue $2,750,000 in 1st & Ref. Mtge. 5% Gold bonds, which will Good-will
shares, no par)
1
x212,008
be exchanged for the underlying securities.
The Consolidated Income bondholders will receive the equivalent of 50%
Total
Total
$312,787
$312,787
of their holdings in the new issue, while the stockholders will receive the
equivalent of 10% of their holdings. There also will be issued and sold
x Since June 30 additional cash subscriptions of about $25,000 have
$3.250,000 capital stock to provide funds for the payment of territory pur- been received.
chased from the Bell Company, costs and expenses of reorganization and
Officers.-J. H. McDuffee, Pres. & Gen. Mgr.: D. E. Lynam, V.-Pres.;
for improvement of the property.-V.99. p. 540.
F. A. Kohler, Treas.; Wm.S. McAlester, Sec.-V. 116. p. 2520.
Continental Clay Co., Canton Ohio.-Tranfer Agent.
The Chatham & Phenix National Bank
'
has been appointed tranfer
agent of the company's Preferred stock, and Class "A' and Class "B"
Common stocks.-V.117, p. 330.
Co-operative Drug Co. (Del.).-Receiver.-
George N. Davis has been appointed ancillary receiver in Maryland for
this company, which conducted drug stores in Hagerstown. Frederick and
other Maryland towns. Mr. Davis had previously been named as receiver
In Delaware. The assets in Maryland are put at not less than $1,000,000.
Dallas Power & Light Co.-Bonds Offered.-Harris,
Forbes & Co. and Lee, Higginson & Co. are offering at 100
and int. $1,000,000 1st Mtge. 6% gold bonds, Series A, of
1919, due July 1 1949 (see description in V. 109, p. 274).
•
Empire Oil Purchasing Co.-To Pay Notes.The $568,300 7% notes due Sept. 1 will be paid off at maturity at office
of Henry L. Doherty & Co.,60 Wall Street, N.Y.City.-V.112, p.937.
Euclid Stearns Realty Co.-Bonds Sold.-The Union
Trust Co. and Otis & Co., Cleveland, have sold at par and
int. for all maturities $1,000,000 1st Mtge. Serial 63/2%
Gold bonds (see advertising pages).
Dated Aug. 15 1923. To mature serially, $100,000 each yoar Aug. 15
1924 through 1933, both inclusive. Interest payable F.& A.at Union Trust
Co., Cleveland. trustee, without deduction for Federal income tax up to
2%. Denom. $1.000, 3500 and $100 c*. Redeemable at any time on 60
days' notice at 103M.
Data From Letter of Leslie Nichols, President of the Company.
Company.-Owns in fee 7 acres of land at the northwest corner of Euclid
Ave. and Lakeview Road. Cleveland, and all buildings and fixed machinery
located thereon. The land comprises 640 feet on Euclid Ave. with an average depth of 463 feet to the New York Chicago & St. LDUIS RR. tracks.
The buildings consist of 2 two-story units and 2 five-story units, having
a total floor space of about 380,000 sq. ft.
Security and Valuation.-These bonds are seccred in the opinion of counsel by a direct first closed mortgage subject only to a lien of $30.000, for
the retirement of which funds have been reserved on property which has
been appraised as follows: Land, $875,580: buildings. $1,278,000; total,
$2,153,580.
Lease to the F. B. Stearns Co.--The F. B. Stearns Co., manufacturer of
the well-known Stearns Knight automobiles, has executed a lease running
for tho life of these bonds, by which the lessee pays to the Euclid Stearns
Realty Co. an annual rental in excess of the maximum requirements for
interest and serial installments of principal on these bonds.
The P. B. Stearns Co.-Organized and built its first car 25 years ago.
Was incorporated in Ohio in 1905, succeeding a West Virginia corporation
of the same name. Company's net earnings after depreciation and provision for Federal taxes at 1922 rates for the four-year period, 1919-1922.
Inclusive, as audited by Ernst & Ernst, were as follows: 1919, 3565.255:
1920. $475,888; 1921. $417,530; 1922, $724.914. The F. B. Stearns Co.'s
average annual net earnings for this period wero 3545.897. The maximum
charge for both principal and interest on the Euclid Stearns bonds as provided for in the lease will be $105,009. According to operating results for
the first six months of 1923 it is estimated that earnings for the present
calendar year will exceed 1922 earnings.
Data from Letter of E. W. Hill, Vice-President of the Company.
Company.-Does the entire electric power and light business in the city
and suburbs of Dallas, the leading manufacturing, commercial and financial
centre of the State of Texas. Population estimated at about 195,000.
Capitalization Outstanding-Upon Completion of Present Financing.
t
1st Mtge. bonds: Series "A" 6s (including this issu-e)
36,000,000
Series "13" is,due July 1 1949
1.100,000
Series "C" 54, due J ily 1 1952 (V. 115, p. 1843)
1,000,000
7% Cumulative Preferred stock
1.500,000
Common stock
2,000,000
Franchise.-New franchise approved by popular vote of city on April 3
1917, established a definite "property value which will aggregate on completion of this financing more than 310.000,000. Under the franchise company is now authorized to withdraw from net earnings, as a first charge,
9% on the "property value." On present value of more than $10,000,000
this 9% exceeds $900.000 as compared with actual net earnings for the 12
months ended June 30 1923. of $1.103.625, the excess of net earnings being
carried to certain reserve funds under the terms of the company's franchise.
Earnings Years end.Dec.31Net.
Gross. Oper.
.Exp.& Taxes.
1915
$544,476
$1,030,317
$485,841
1916
609.705
1,143.064
533.339
1917
678.708
x1.267,922
589.214
1918
696,032
1,434.369
738,337
1919
740,323
1.753,987
1,013,664
1920
617,667
2,534,302
1,916,635
1921
1,021,385
2,690,599
1,669,214
.1922
Exchange Buffet Corp.-Earns. 3 Mos. end. July 311923.
1,044,878
1,743,721
2,788,599
5 Gross profits
1923-y, .
$127,550
x New franchise became operative Oct. 11917. y 12 mos. end. jund 30. Federal taxes. $12,908; depreciation, $24,286; total
37,194
management.-Operations are supervised by Electric Bond & Share Co.
-V.115. p. 1843.
Net profits
$90,356
Dividends paid
$124,229
Denver Gas & Electric Light Co.-Consolidation-Terms
Interests close to the management state that the past quarter and the
current one, which cover the summer season, are usually the least profitable
-of Exchange of Stock.of the year, and that it is normal for the corporation to make the bulk of
See Cities Service Co. above.-V.116, p. 2642.
its earnings during the last 6 months. The relatively' poor showing of
the past quarter can be attributed also to the policy which the corporation
(D. G.) Dery Corp.-Reorganization Plan.has consistently followed of keeping Its prices to its patrons as low as possible.
At a joint meeting Aug. 20 of the reorganization committee and the The corporation has no bank loans,
funded debt or Preferred
@FedFRASER