Full text of Commercial and Financial Chronicle : August 4, 1923, Vol. 117, No. 3032

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TO

Ofliiiitt12111
Bank & Quotation Section
Railway Earnings Section
VOL. 117.

iaanciat

rotitd

INCLUDING
Railway 8c Industrial Section
Bankers' Convention Section

SATURDAY, AUGUST 4 1923

Electric Railway Sectice
State and City Sectier
NO.3032

him to make friends with great readiness, but because in addition he had the mental traits which conPUBLISHED WEEKLY
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at a time when the country is still in the transition
Published every Saturday morning by WILLIAM B. DANA COMPANY. period in its return to the normal—or to use his own
President, Jacob Seibert: Business Manager, William D. Riggs; Secretary, Herbert
D.Seibert; Treasurer, William Dana Seibert. Addresses of all. Office of Company, expression, to normalcy. Mr. Coolidge, who now
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tal poise, though lacking his personality, and he canReturns of Bank Clearings heretofore given not do better than to study Mr. Harding's methods
on this page now appear in a subsequent part and turn them to his own use.
of the paper. They will be found to-day on pages
522 and 523.
The controversy between anthracite miners and
operators still remains open. On Friday of last week
The Financial Situation.
negotiations at Atlantic City were terminated for the
The death of President Harding has been the over- time being by adjournment moved by the miners after
shadowing event of the week. What effect the pass- the operators had evinced determined opposition to
ing of this strong and genial personality from the the closed shop and the check-off, but this, of course,
helm of affairs is to have on the country's economic was only a part of the struggle, and the parley will
welfare and its political future is not within the ken be resumed. There does not, however, seem much
of anyone. But this much can be set down in all hope of a waiver of persistence by one side or of recalmness and deliberation, viz, that the loss as Chief sistance by the other in respect to this, which is more
Executive of a man possessing the personal and than a matter of form. The miners' officials claim
mental traits of Mr. Harding, at the present stage, that,without co-operation of the employer the unions
is in every way a sad and deplorable event. It was must set agents at the mouths of mines to collect
President Lincoln who cautioned against swapping dues and see that the men are wearing the union buthorses when crossing a stream. The last few years ton which signifies that every union demand has rehave been a trying period for the United States, as ceived compliance, and these spokesmen of the minindeed they have for all the other leading countries ers contend that the check-off would do away with
of the world. War always compels resort to meas- so-called "button" strikes. On the other hand, the
ures and to action of the most arbitrary and auto- operators deny that such strikes would be wholly
cratic description, where Government exercises des- eliminated by the check-off and they see in the latter
potic sway and all sound canons of business and eco- only trouble for all parties. Once establish that,
nomics are relegated to limbo; and during the late they justly say, and the union levyings upon its memWorld War this subjection of business and of the in- bers work automatically in the cages of the paymasdividual to Government sway was carried to an ex- ters; if the unions see fit to increase demands the
treme to which previous pages of the country's his- men have no option about it, since their pay envelopes would be short accordingly and there would be
tory are a stranger.
The paramount duty of Mr. Harding was to guide no redress, while the employer would be in the posithe country back to normal standards in its every tion of agent under orders, and incidentally without
day affairs. And he was peculiarly fitted for the compensation for acting as accountant and collectask. This was so not alone because his gracious tor. The thing is unjust, unbusinesslike and outpersonality endeared him to every one and enabled rageous.

Whe Throuirle.




474

THE CHRONICLE

Representatives of bituminous operators, in both
union and non-union fields, claiming to control all
but about 40 million tons of the annual soft coal output, appeared on Monday before the Coal Commission with an offer to place the entire resources of the
industry at disposal, in case another anthracite
strike is called on the 31st; the agreement with the
men in the soft coal fields runs to April 1, so that
there is still some leeway of time, and the operators
proposed to also consent to "voluntary price-fixing"
along the lines adopted last year, and to publicity,
through some Government agency, as to all facts
about costs and earnings. If union miners were
called out, in sympathy with anthracite strikers, the
head of the National Coal Association said that nonunion miners, aided by such union miners as would
consent to work under protection, would still be able
to meet the emergency needs. He also said that
among the operators represented (including all
unionized fields except in Iowa) experience has
caused the check-off to be regarded as one of the
fundamental evils of the coal industry, to which it
has brought not peace but a sword.
Such encouragement as the soft-coal offer may
give is before us, yet the consumers of the country are
not accustomed to the use of bituminous coal and
habits are not readily changed. Meanwhile, Congressman Bacharach of New Jersey, a member of the
Ways and Means Committee of the last House; comes
along and calls for public regulation of mining, like
that now exercised over transportation. When the
miners want more money they strike, he said, and
when the operators want more they close down the
mines, neither taking any concern about the public.
It is unnecessary to discuss what Mr. Bacharach says
or to consider his suggestion. His proposition is
only that of the recent Coal Commission's report,
that the President be authorized to discover and proclaim an emergency and temporarily take over the
mines. It offers no more aid than when the Commission made it. Mr. Lewis pronounces this "very interesting," but it must be said again that there is no
inherent power in Government to compel the miners
to work if they be not so inclined. The miners would,
of course, work for the President, on their own terms,
but they are ready now to make the same bargain
with the operators. If we really can do no better
than to pay whatever is demanded it will be far preferable to do this under private operation rather than
to muddle our Governmental affairs still further.
Mercantile insolvencies during July, as compiled
from the records of R. G. Dun & Co., make quite a
favorable showing and indicate some improvement
as compared with the heavy business defaults of the
past two years or more. There is a decrease not only
in the total number as compared with June—and the
June figures were the lowest since November 1920—
but in the large trading division there is a decrease
contrasted with the number in the corresponding
month of last year of nearly 50% and the reduction
in defaulted indebtedness of trading failures is even
at a greater ratio. Some large manufacturing failures unfortunately swell the total of liabilities,
which in this classification exceeds those reported
for July 1922 by nearly 30%, although the number
of manufacturing defaults this year is less than it
was a year ago by over 30%. The grand aggregate
of the mercantile failures for July this year is 1,231
and the indebtedness $35,721,186. In contrast with




[VoL. 117.

these figures the report for June showed 1,358 defaults, with an indebtedness of $28,678,272 and for
July 1922, 1,753, with liabilities of $40,010,313. As
noted above, the number in July this year is less than
for any month since November 1920, while in only
three months out of the past 30 months has the
amount of defaulted indebtedness been smaller than
last month and one of the three was June, when the
liabilities were the lowest for the entire period.
The insolvencies in manufacturing lines during
July numbered 350 and the indebtedness was $19,138,803. These figures contrast with 467 manufacturing defaults in July 1922 involving liabilities of
$14,794,771. Of trading failures last month, there
were 828 and the liabilities amounted to $10,701,300.
During July 1922 there were 1,218 trading defaults
and the indebtedness reported was $17,225,857. In
the third class, embracing agents and brokers, 53
failures were reported last month and liabilities
were $5,881,085; a year ago the number was 68 and
the indebtedness $7,989,685. In most of the leading
classifications in manufacturing lines there was a
reduction in the number of failures this year as compared with last year, but as to some of them liabilities were considerably larger this year. In the division of machinery and tools, which is one of the very
diversified classifications, the number this year was
48 against 43 last year, and the liabilities $6,212,351
against $2,643,765. The number of failures this year
was also larger in iron and lumber, and there was
some increase in liabilities. Larger losses occurred
likewise in chemicals and milling. The improvement
in the trading division affects many departments of
trade, among them general stores, grocers, clothing,
dry goods and furniture. In the matter of large and
small failures the showing of manufacturing defaults
is very significant; 32 failures with liabilities of
$14,192,013 account for 9.1% of the total number of
manufacturing defaults and 74.2% of manufacturing
liabilities. These include all manufacturing insolvencies last month where the losses in each instance
exceed $100,000. Of the remaining manufacturing
defaults, there were 318 with an indebtedness of
$4,946,790, an average for each failure of $15,556.
These figures contrast with $16,214 in.July last year
and $16,889 in the corresponding month in 1921.
Trading defaults show a considerable reduction in
the number of large failures, the figures being 14 in
July for only $2,853,307, leaving 812 other defaults
in trading lines with $7,847,997 of indebtedness, the
average for each of the latter being $9,665, which
contrasts with $10,808 a year ago and $11,838, the
average for July 1921. As to agents and brokers,
there were in July 10 defaults with an indebtedness
of $4,945,846. Including all classes of failures, the
larger defaults in July this year numbered 56 and the
liabilities amounted to $21,991,166, leaving 1,175
mercantile defaults for $13,730,022, an average of
$11,685 for each failure; a year ago it was $12,508
and in 1921 the average was $14,120. During July
1922 54 of the larger failures accounted for an indebtedness of $18,759,230.
Opinions are somewhat at variance as to the exact meaning of the Government cotton report issued
on Wednesday. In the trade it was considered bullish in its bearing on market values, a better condition as to the growing crop having been expected.
The condition on July 25 was placed at 67.2% of
normal. This was a decline of 2.7 points from June

AUG. 4 1923.]

THT1 CHRONICLE

475

25, whereas an improvement had been looked for. A serve as a basis for further negotiations. The monehas continyear ago the condition on July 25 was 70.8% and tary and financial situation in Germany
developA
striking
attention.
special
attract
to
ued
the decline during the preceding month was only 0.4
Germany
of
Bank
the
in
a
increase
was
further
ment
25
points. The ten-year average condition on July
and
is 72.4%. With a lower condition on July 25 this discount rate from 18 to 30%. The Turkish
to
appear
Lausanne
at
ives
representat
American
143.9
at
yield
the
places
year, the Government
beto treaties
pounds per acre, which would make a crop of 11,- have made some progress with respect
of obstacles
spite
in
even
two
the
countries,
tween
per
yield
probable
ago
the
month
516,000 bales. A
and his
Pasha
acre was placed at 142.6 pounds and the crop at 11,- set up at frequent intervals by Ismet
412,000 bales. More will be known about the yield a associates.
month or six weeks hence, when picking is well unThe British Government was waiting over the
der way and the dangers to which the growing crop
is subject during the late summer months have been week-end for the replies of the French and Belgian
situpassed. The estimated yield, now placed for this Governments to its note dealing with the Ruhr
ion
communicat
the
British
of
contents
The
ation.
year at 11,516,000 bales, contrasts with a harvest of
Belgian
and
the
after
French
even
secret,
kept
were
in
bales
9,761,817 bales raised last year, 7,933,641
1921 and 13,439,603 in 1920. During the past eight replies were received, but were outlined in the two
Acyears the production has exceeded the August 1 esti- Houses of the British Parliament on Thursday.
"TribYork
New
the
to
dispatch
London
a
to
cording
these
In
both
of
and
1920.
1919
mate only twice, in
for the Governyears the condition in the September 1 report was une" under date of July 30, "acting
day from
lower than that indicated on August 1; in 1919 the ment,. Marquis Curzon received on that
replies
the
s
Ambassador
loss during August was 5.7 points and in 1920 it was the French and the Belgian
reparations
the
to
s
6.6 points. Marked deterioration also occurred dur- of their respective Government
Italian
ing August in 1921 and 1922 and the final output of documents sent by Premier Baldwin. The
Foreign
the
at
also
called
s
cotton was very much below that indicated in the and German Ambassador
August 1 report in both of these years. Last year Office." The correspondent added that"the contents
the decline in condition during August was 13.8 of the notes were kept secret at the request of Premier Poincare of France, but it is understood neipoints and in 1921 it was 15.4 points.
offers hope of an early agreement. It is thought,
ther
in
is
for
this
year,
for
looked
calamity
No such
that the Brussels note comes nearer to
however,
are
the
States
prospects
producing
large
most of the
view than does the French docuBritain's
meeting
alis
the
yield
where
In
good.
Texas,
y
particularl
further stated that "no Cabidispatch
The
ment."
a
crop
be
and
where
bumper
may
heavy,
very
ways
raised this year, the progress of the crop the present net meeting was held on that day, but members of
year has been generally very satisfactory. There the Ministry discussed the new situation informally.
has been some complaint of lack of moisture of late, France intends to remain in the Ruhr. It will not
Gerbut earlier in the season rains were ample, in some even discuss the question of evacuation unless
y."
immediatel
resistance
passive
end
to
agrees
sections excessive, giving a good supply to the sub- many
upon
commented
ive
also
representat
"Tribune"
soil. During July the decline in condition in Texas The
was 6 points and on July 25 this year the condition the situation in part as follows: "The next step
in that State was 71.0%, which is also the ten-year must be taken by the Baldwin Government. It must
average. Of the eight other large producing States be taken quickly,for Germany is sinking rapidly and
(in which with Texas the bulk of the cotton crop is the time is not far distant when any hope of obtainraised), two report a higher condition on July 25 ing reparations must be abandoned. M. Poincare's
than on June 25, South Carolina and Arkansas, and aim is to prolong negotiations and avoid a conferfive show a decline of only 1 or 2 points, Alabama, ence where he might be outvoted." The Paris correMississippi, Oklahoma, Louisiana and North Caro- spodnent of the Associated Press cabled that "efforts
lina. In Georgia, the situation this year is again to'keep the contents of the documents secret are bequite bad as it was last year, the condition on July ing maintained, but it is confidently asserted in wellis
25 last being 48%; a year ago it was 54%. As to informed quarters that Premier Poincare's reply
the
and
on
Versailles
of
Treaty
the
on
squarely
the remaining States the condition varies. It is high set
in Virginia and on the Pacific Coast and extreme Franco-Belgian policy outlined on January 11—that
Southwest; very satisfactory in Tennessee and Mis- negotiations with Germany are impossible until her
souri and nearly as bad in Florida as reported for passive resistance ceases, and that the evacuation of
Georgia. In connection with the progress of the the Ruhr is impossible until the payment of reparagrowing crop this year the announcement of the tions is absolutely guaranteed." He added that
New Orleans Cotton Exchange of a carry-over this "those who have seen both notes say the Belgian docyear of only 947,000 bales, the lowest on record, is of ument is the more constructive, in the sense that it
interest; the carry-over a year ago, according to this goes into methods of settlement which might prove
effective, while the French Premier regards a change
authority, was 1,906,000 bales.
of attitude on the part of the German Government
The replies of the French and Belgian Govern- toward the treaty as the first essential, and subordiments to the latest British proposals on reparations nates all proposed new measures to that considerawere received on July 30 by Lord Curzon, Secretary tion." From Rome came a dispatch stating that
for Foreign Affairs in the British Cabinet. The next "the Italian answer to the British reparations proday they were presented by him at a Council of the posals marks, according to the 'Giornale d'Italia,' a
British Cabinet. On Thursday, Lord Curzon and middle course between the French and British poliPremier Baldwin made identical statements in the cies. Italy admits the right of the Entente claim
shall
two Houses of the British Parliament, outlining the for reparations, but desires that this question
debts."
in
inter-Allied
of
effect
declaring
that
that the French be joined with
British note and
and Belgian replies contained nothing that would




476

UTE CHRONICLE

The intervals are brief in which no mention is
made in the European cable advices of plans of one
kind and another to secure financial assistance from
the United States. The Paris correspondent of the
New York "Times" cabled July 27 that "it is understood that the French Government may soon approach the American Government through diplomatic channels with feelers intended to bring out
Washington's attitude toward a proposal for arrangement of the French debt to the United States
in a manner somewhat similar to the arrangements
for paying the costs of the American army of occupation." He said also that "the proposed plan, while
not yet worked out in detail, would provide that
America would be paid a percent ge out of German
reparations payments. Inasmuch as England wishes
to collect from Germany part at least of what she
pays to America, and Italy, too, it is probable Paris
will address its idea to London and Rome as well.
This idea looks to the formation of a pool for payment of the Allied debts to America, which would be
fed by a proportion of German payments."

[Vol,. 117.

thereto. The London correspondent of the Associated Press cabled that "the British Government proposes to publish its own share of the correspondence
and is asking France and Belgium for permission to
publish their replies. This publication, it was indicated, will constitute an appeal to the public opinion of the world." According to a Paris dispatch
the same afternoon, "if the British Government demands publication of the documents recently exchanged between the Allied Governments on reparations, the French Government will agree to this request,it was announced to-day,and will itself publish
the French note as soon as it receives the consent of
the other Powers, notably Belgium." As to the statement of Lord Curzon and Premier Baldwin to the
two Houses of Parliament on Thursday the London
representative of the Associated Press said that
"Great Britain and France stand even further apart
in their attitudes towards Germany than the British
people and probably the world at large have understood. This seems to be the conclusion which must
be drawn from the explanations Prime Minister
Baldwin and Lord Curzon, the Foreign Secretary,
The French, Belgian nd Italian replies were com- gave the two Houses of Parliament to-day of the pomunicated by Lord Curzon, Secretary for Foreign sition resulting from the latest British attempt to
Affairs, to a Council of the British Cabinet on Tues- lay the foundations of a united policy. The Minisday, but discussion was postponed until the follow- ters revealed that the latest communications from
ing day. The London correspondent of the New France and Belgium furnished no material for an
York "Times" cabled that "it is understood that Lord Allied answer to the German reparations proposals,
Curzon imparted to his colleagues information sub- and they brought to light a surprising deadlock in
mitted to him yesterday by Dr. Sthamer, the Ger- the correspondence. Neither the French nor the Belman Ambassador, on internal economic and polit- gian reply,they stated,even mentioned the draft note
ical conditions in Germany, which,in the view of the to Germany which Great Britain had submitted to
British Government, have a most important bearing the two Allied Governments. Apparently the French
on any decisions to be taken, and especially on the and Belgian communications were limited to replyquestion of over how great a period it will be safe to ing to Great Britain's covering note, sent with the
prolong the present negotiations." He further as- draft, or dealt only in generalities." The correspondserted that "in official quarters to-night there was ent further stated that"Lord Curzon said that if any
no diminution of the gloomy forebodings as to the one asked what the Government was going to do next
prospects of arriving at any agreeinent with France. week or next month his answer was that he did not
All indications point to M. Poincare's maintaining know and he added it was unfair to ask such a questhe strong opposition which he has displayed from tion before the papers had been laid before the counthe moment he assumed office toward an Allied con- try and the Government, and the advantage of the
ference to settle the reparations problem, this oppo- assistance of public opinion that would come from
sition being based on the consciousness that France such publication." He also said that "'It is true to
might in such a conference find herself in the minor- say,' Premier Baldwin said in the course of debate
ity,
in Commons,'that the occupation of the Ruhr now is
The British Cabinet met again on Wednesday and beginning to be felt by the trade of the world, and
considered the replies of the Allied Governments. the longer it lasts the More heavily and grievously
The Associated Press correspondent in London ca- will it be felt for the reason that there is no isolated
bled that afternoon that "it is understood the Gov- unit in the industrial life of the world.'" The Lonernment is encountering the greatest difficulty in don cable advices yesterday morning stated that Preframing a policy which will allow single-handed ac- mier Baldwin, in deciding to place the French and
tion with the Germans and at the same time insure Belgian replies before the British Parliament,
the continuance of the Entente with the French and would essentially make an appeal to the world at
the Belgians." The London dispatches also stated large for support and co-operation in dealing with
that "Premier Baldwin announced in the House of the reparations problem, the British Government
Commons to-day that he was afraid it would be im- having failed apparently in its effort with the French
possible to publish any of the papers regarding for- and Belgians.
eign relations in time for to-morrow's debate on the
Although the food situation in Berlin was said to
reparations situation. He pointed out that the
French and Belgian notes have just been received be getting more acute steadily, word came from that
and that it was necessary to get the permission of centre a week ago last night that "the Communists
these Governments before publishing the docu- have decided to call off their open-air 'anti-Fascist'
ments."
demonstrations, and will confine their protest meetings set for Sunday to indoor gatherings, which will
On Thursday Lord Curzon in the House of Lords be under rigid police surveillance all over Germany."
and Premier Baldwin in the House of Commons The Associated Press representative further stated
made identical statements relative to the British that "after the Federal and State Governments had
note of July 20 and the French and Belgian replies announced widespread preparations for subduing




AUG. 4 1923.]

THE CHRONICLE

political outbreaks of all kinds under the existing circumstances, the German Bolshevist leaders suddenly
decided to keep their followers off the streets on
Sunday, especially as the united Socialist and labor
federations had ordered their members to hold aloof
from all Communistic demonstrations." The food
shortage was outlined in part as follows by the same
correspondent: "Tea, coffee, rice and other products of the tropics already are disappearing from the
markets and there is also a pronounced shortage of
potatoes, due to the belated spring harvest and the
fact that the Government has been sending heavy
shipments of the tubers into the Ruhr and Rhineland." The New York "Herald" correspondent in
Berlin outlined events at that centre last Sunday in
part as follows: "The Communists' much advertised
anti-Fascisti day fizzled out completely and in Berlin passed off in Sabbath tranquillity. As far as reports thus far received indicate, it was the same
throughout the whole country. In Neu-Ruppin, an
industrial town about 60 miles from Berlin, there
was rioting last night, in which two persons were
killed and eight seriously wounded."
In the Berlin advices over the week-end and during
the next few days it was claimed that the Cuno Ministry was in an unstable state. Under date of July
30 the Associated Press representative at that centre
cabled that "potatoes and fats are two commodities
destined to play an important part in determining
the Cuno Ministry's further tenure of office. If the
Government succeeds in effecting an early improvement in the food situation in Greater Berlin and
other industrial centres, particularly in the Ruhr,
the social and political crises which threw Berlin
into a panic last week will have been overcome."
Outlining the steps taken by the Government to meet
the situation he said: "The Government started out
to-day on a hurried marketing trip in Holland and
Denmark, having instructed the Reichsbank to surrender a liberal share of its reserves of foreign currencies to meet the heavy costs of Dutch potatoes and
American and Danish lard, the two articles chiefly
missing from the local market. Chancellor Cuno discussed the situation with several leading industrialists, among them Hugo Stinnes, who volunteered to
assist the Government in its forage for food supplies." The New York "Herald" correspondent at
the German capital asserted that "the Cuno Cabinet
has reached the end of its Parliamentary tether.
That was evident to-day [July 30] when the Social
Democratic executive committee met to determine
whether the party's representatives should sit in the
new Ministry, which it is generally believed will be
headed by Dr. Gustav Stresemann, leader of the
People's Party." He claimed that "should they decide to participate in the new Government the Socialists will demand at least the finance and economic
portfolios, their criticism of the bourgeois Governmental methods being aimed chiefly at the present
financial and economic policies." The New York
"Tribune" representative cabled, also under date of
July 30, that "the days of Chancellor Cuno's Cabinet to-day appeared to be numbered, and what is declared on all sides to be Germany's most incompetent
Government since the 1918 debacle probably will
give place soon to a successor which, it is hoped, will
show greater political perspicacity and more financial acumen. Virtually all parties now have come to
the conclusion that there is more to be lost by leaving
Dr. Cuno in office than by assuming a share in the




477

grave responsibilities which the Cuno Cabinet has
heaped up."
Apparently the American correspondents suddenly realized that it was far easier to talk about the
probable downfall of the Cuno Ministry than it was
to find someone to form a new Cabinet. At any rate
the New York "Times" correspondent cabled the
very next day that "the Cuno Government got a new
lease of life to-day when it became obvious that there
was nobody in sight willing to take Cuno's place at
this time and shoulder the heavy burden of responsibility." He made it known also that "the Reichstag will reconvene on an emergency call on August
8, and no change in the Government is anticipated
before then." Discussing Herr Cuno's reported
plans for relieving the financial situation in Germany, the "Times" correspondent stated that "the
Chancellor will go before the Reichstag with a new
financial program including a highly complicated
new tax scheme." Commenting upon the plans, he
asserted: "But careful analysis indicates that all
these new measures will prove futile. One cannot
see how they can check continued inflation, first, because the new measures are woefully late, far too
late for practical purposes. They might have accomplished something two years ago. Also, they constitute a weak compromise. They are hardly even halfway measures, so that even if they had come in time
they probably would have been insufficient. Drifting and sliding along seems, therefore, to be Germany's fate." Commenting still further the next
day on Chancellor Cuno's reported plans, the same
correspondent said: "What is being sought is a new
basis for currency which will restore confidence
without actually adopting a gold basis. Government
specialists are now wrestling with the technical
points of the problem of how an unlimited 'gold loan'
on a nominal dollar value basis can be issued to the
credulous German public, the certificates of such a
loan to be in such form as to be permissibly available as legal tender and which the holders can employ in transactionsinvolving'gold basis obligations."
The negotiations between Ismet Pasha and his associates at the Near East Conference at Lausanne
and the American representatives have continued,
seemingly with some progress. Announcement was
made in an Associated Press cablegram from the
seat of the Conference July 28 that "the American
and Turkish experts reached an agreement to-night
whereby the United States receives the most favored
nation treatment concerning the freedom of the
Straits for merchantmen and warships. The United
States, without signing the Straits convention, will
receive all privileges." It was added that "also, it
will be restricted by all limitations imposed by that
convention, which gives each signatory power the
right to maintain three warships, not exceeding 10,000 tow each, in the Straits. There is a substituting
privilege, that each Power may have as many ships
there as are possessed by any country bordering on
the Black Sea. This, of course, includes Russia,
which has decided to adhere to the Straits Treaty."
The correspondent stated also that "another important matter agreed upon that night was that concerning the collection of taxes on American companies
and American individuals resident in Turkey. A
declaration in the treaty will apply the provisions
contained in the Allies' treaty. From May 15 of this
year Turkey engages not to collect back taxes. If,

478

THE CHRONICLE

however, any back taxes have been paid, Americans
cannot claim a refund."
The next day the Associated Press representative
at the Conference cabled that "Turkey has undertaken to give some kind of assurance concerning
equitable treatment of the Christian populations in
Turkey. Joseph C. Grew and Ismet Pasha devoted
Sunday to a further discussion of the unsettled
points of the Turco-American treaty, and Ismet's
promise about the minority peoples in Turkey was
one of the fruits of the conversation."
Still a day later fresh complications seem to have
been encountered. The cable advices from Lausanne
stated that "the Turco-American negotiations are in
an unfavorable position and it now depends upon the
decision of Washington whether a convention will be
signed at Lausanne." It became known here also
that "the first indication that the situation was less
hopeful came when Ismet announced that Turkey
could do nothing for the United States with respect
to the protection of Christian populations in Turkey
who were Ottoman subjects. This was a distinct disappointment because of the previous intimation that
in his answer to Mr. Grew's letter inquiring as to
what steps Turkey would adopt for safeguarding the
legitimate interests of minorities, Ismet would enclose a copy of the national compact, which includes
references to the rights of minorities." Continuing
to detail the new complications, the Associated
Presg correspondent said that "to-day [July 30],
however, Ismet said that after mature consideration
this seemed impossible, because the national compact provided for treaties concerning minorities with
other countries, and it was not suggested that the
United States should negotiate a treaty on this subject." Commenting upon the seeming advantage of
the Turks in the negotiations, the correspondent observed that, "owing to the Allies' failure to obtain
certain concessions from the Turks, the American
delegation began its negotiations at a disadvantage;
in a sense it was stopped from asking for things
which the Turks had refused to grant European
States. Added to that, the Americans themselves
agreed to concessions in a spirit of accommodation.
The Turks realize that the treaty with the United
States, to be effective, must not only be signed but
ratified by the Senate. Nevertheless, they insist
that their conception of the treaty is equitable, and
therefore it should be endorsed by Congress and
public opinion in America. To-night they advanced
the second alternative as the best solution of the
claims controversy."
On Tuesday, July 31, word came from Lausanne
that "Turkish and American experts to-day compiled
a formula for insertion in the proposed Turco-American treaty which leaves the entire question of American claims open for future negotiation." It was explained that "under the terms of the formula both
Turkey and the United States are mutually obligated to conduct these negotiations and to decide the
nature of claims that are admissible and also to provide a method for adjusting them." The Associated
• Press correspondent said that both Joseph C. Grew,
American Minister to Switzerland, who is conducting the American negotiations, and Ismet Pasha,
leader of the Turkish delegation, have cabled the text
of the formula to their respective Governments. The
whole text of the new treaty is now before the State
Department at Washington and the American delegation is awaiting final instructions."



[voL. 117.

Apparently a new complication arose over night.
According to a Lausanne dispatch dated August 1,
"the 'slight' change asked for by Turkey in the formula of the Turco-American treaty dealing with
claims is not considered by the American delegates
as slight." It was further explained that "the Ottoman suggestion was that only claims of Americans
who were citizens prior to the World War should be,
entertained; this would bar the claims of all persons, including Greeks and Armenians, who acquired
American citizenship subsequent to 1914, and in the
American view has raised the whole question of dual
nationality and the recognition of American naturalization laws, which by common agreement had been
left to future negotiation." The dispatch added that
"this modification was suggested at a meeting of the
Turkish and American experts this afternoon. It
was not accepted and formed the subject of a conference between Ismet Pasha and Joseph C. Grew tonight, together with various other proposed changes
in the text dealing with claims and designed to afford more adequate protection to American interests."
Little surprise was occasioned on Thursday when
cable advices from Berlin announced that the German Reichsbank had raised its discount rate from
18% to 30%. This action is intended to put a stop
to the rediscounting at the bank which has been so
largely responsible for recent grotesque expansion in
note issues. Even under present conditions of monetary inflation in Germany the 30% rate ought to
have some effect in the direction indicated. Aside
from this change official discount rates at leading
European centres remain as before, namely 6% in
Denmark and Norway; 51/
2% in Belgium; 5% in
France and Madrid; 41/
2% in Sweden and 4% in
London, Switzerland and Holland. Open market
discounts in London have been easy and declined
to 3 1-16% for short bills, against 3@)31/
8%, with
the rate for three months' bills at 31/
8@3 3-16,
unchanged. Call money, however, was firmer
and there was a further fractional advance
to 23
/
8%, as compared with 21/
8% a week earlier. In Paris the open market discount rate has not
been changed from 4/
1
2%, but at Switzerland there
has been an advance to 11/
4%,from 1%, the previous
quotation.
The Bank of England this week showed another
trifling gain in its gold holdings, namely £530. Note
circulation, however, expanded £904,000, and the result was a drawing down in reserve of £904,000, while
the proportion of reserve to liabilities declined to
17.52%, from 18.08% a week ago. Last year the ratio stood at 161/
4% and in 1921 at 14/
1
2%. Important
Changes were shown in the deposit items, reflecting
the regular month-end strain. Public deposits expanded £2,322,000, but "other" deposits were reduced
£3,625,000. Loans on Government securities gained
£265,000, while loans on other securities declined
£635,000. Gold holdings now stand at £127,640,838,
which compares with £127,399,520 last year and
£128,382,461 a year earlier. Reserve totals £20,769,000, as contrasted with £20,075,330 in 1922 and £18,133,286 a year earlier. Note circulation is £126,621,000. This compares with £127,874,190 last year and
£128,699,175 in 1921. The loan total aggregates £69,921,000, as against £76,980,414 and £77,281,469 one
and two years ago, respectively. The bank's official

AUG. 4 1923.]

THE CHRONICLE

discount 'late remains at 4%, unchanged. Clearings
through the London banks for the week were £688,272,000, against £608,211,000 last week and £750,007,000 a year ago. We append herewith comparisons of the principal items of the Bank of England
returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
•
1923.
1922.
1920.
1921.
1919.
Aug. 1.
Aug. 3.
Aug. 2.
Aug. 4.
Aug. 6.
126,621,000
Circulation
12,784,000
Public deposits
105,759.000
Other deposits
45,898,000
Govt. securities
69,921,000
Other securities__
notes
&
coin
Reserve
20,769,000
127,640,838
Coln and bu11ion
Proportion of reserve
to liabilities
17.52%
Bank rate
4%

125,774,190
15,355,592
107,969,763
44,279,881
76.980,414
20,075,330
127,399,520

128,699,175
16,317,580
108,710,132
47,596,955
77,281,469
18,133,286
128,382,461

126,489,075
17,462,454
130,685,798
76,265,940
74,788,565
15,069,100
123,108.175

163.(%
3%

14.50%
535%

10.20%
7%

80,128,070
22,934,735
99,844,674
33,675,356
80,493,213
26,633,982
88,312,052

•

21.70%
5%

Th e Bank of France in its weekly statement shows
a further small gain of 7,350 francs in the gold item.
The Bank's aggregate gold holdings are thus brought
up to 5,537,881,600 francs, comparing with 5,530,360,065 francs on the corresponding date last year and
with 5,521,285,750 francs the year previous; of the
foregoing amounts 1,864,344,927 francs were held
abroad in 1923 and 1,948,367,056 in both 1922 and
1921. During the week silver increased 176,000
francs, Treasury deposits rose 409,866,000 francs and
bills discounted were augmented by 563,815,000
francs. Advances, on the other hand, fell off 13,297,000 francs, while general deposits were reduced
15,721,000 francs. An expansion of 223,079,000
francs occurred in note circulation, bringing the total
outstanding up to 37,152,403,000 francs. This contrasts with 36,399,294,400 francs at this time last
year and with 37,364,596,000 francs in 1921. Just
prior to the outbreak of war, in 1914, the amount was
only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement
of last week and corresponding dates in both 1922
and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Aug.2 1923. Aug. 3 1922. Aug. 4 1921
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
7,350 3,673,536,673 3,581.993,008 3,572,918,694
Abroad
No change
1,864,344,927 1,948,367.056 1,948,367,056
Total
Inc.
7,350
Silver
176,000
Inc.
Bills discounted...Inc. 563,815,000
Advances
Dec. 13.297.000
Note circulation .me. 223,079,000
Treasury deposits_Inc. 409,866,000
General deposits_ _Dec. 15,721,000

5,537,881,600
293,916,000
3,035,554,000
2,100,622,000
37,152,403,000
442,143,000
2,023,707.000

5,530,360.065
285,355,517
2,517,259,702
2,151,980,214
38,399,294,400
25,415,119
2,357,561,752

5.521,285,750
275,535,495
2,989,636,298
2,170,936,000
37,364,596,000
86,285,000
2.788,876,000

479

amount of 40,500,000 marks, and • total gold stocks
(the bulk of which are held abroad) have been reduced to 616,351,000 marks, against 1,004,859,000
marks in 1922 and 1,091,544,000 marks the year before. As recorded in another paragraph, the bank's
discount rate has been advanced from 18% to 30%,
in an attempt to halt the prodigious expansion in
note issue.
The Federal Reserve Bank statement issued
Thursday afternoon, reflected the demands for accommodation incidental to August 1 settlements,
and showed a substantial expansion in bill holdings,
both locally. and nationally. Gold reserves were
somewhat lower. The System as a whole reported a
loss of the precious metal of $4,000,000, while rediscounting of all classes of paper increased approximately $46,000,000 and open market purchases another $5,700,000, so that bill holdings were augmented by $51,600,000. Earning assets gained correspondingly, $49,000,000, and deposits $48,000,000.
At New York an increase in gold of $8,000,000 was
shown. But here also rediscounting operations were
increased—$21,900,000 on Government secured paper and $19,800,000 on "all other," with the result
that total bills on hand gained $42,000,000, to $249,406,000, as against $72,212,000 last year. There
were large increases in earning assets and deposits,
but the amount of Federal Reserve notes in circulaticin fell off $5,000,000. For the whole twelve Reserve banks combined there was a decrease in Reserve note circulation of $7,000,000. As against contraction last week, member bank reserve accounts
registered increases; for the System $40,000,000, to
$1,879,504,000, and at New York $54,000,000, to
$715,734,000. Because of the changes above noted,
reserve ratios fell to 77.3%, off 0.9%, for the banks
as a group, and 2.9% at New York, to 82.3%.
Last Saturday's statement of New York Clearing
House banks and trust companies showed further
contraction all around. Another substantial lowering in loans occurred, namely $25,039,000. At the
same time net demand deposits fell $44,946,000, to
$3,666,361,000. This total is exclusive of $33,229,000 in Government deposits. Time deposits were
also materially curtailed, being now $463,098,000, a
decline of $15,202,000 for the week. Changes in the
other items were comparatively unimportant. Cash
in own vaults of members of the Federal Reserve
Bank decreased $81,000, to $47,367,000 (not counted
as reserve). Reserves in own vaults of State banks
and trust companies fell $72,000, while the reserves
of these same institutions kept in other depositories
declined $288,000. There was a moderate addition
to member bank reserves at the Reserve bank—$480,000. The large contraction in deposits, however, was
instrumental in bringing about a gain in surplus of
$6,426,060, which carried the total of ex -ess reserves
up to $28,685,310, in comparison with $22,259,250 a
week earlier. The above figures for surplus are
based on 13% reserves above legal requirements for
member banks of the Federal Reserve System, but
do not include cash in own vaults amounting to $47,367,000 held by these banks at the close of business
on Saturday last.

Still more extraordinary changes were shown by
the statement of the Imperial Bank of Germany, issued as of July 23. The most important of these—
though not the largest—was an expansion in note circulation of 6,333,082,126,000 marks, the largest ever
recorded, and bringing the total of outstanding
notes up to the gigantic figure of 31,824,787,396,000
marks. At the corresponding time a year ago note
circulation was only 176,442,277,000 marks and in
1921 74,997,125,000 marks. Discount and Treasury
bills recorded an even more sensational increase;
that is, 9,186,613,101,000 marks. Bills of exchange
and checks mounted up 2,869,274,374,000 marks, deposits 3,475,084,053,000 marks and other liabilities
2,728,987,930,000 mqrks. There were smaller additions to notes of other banks, 668,368,000 marks; advances, 3,517,187,000 marks; investments, 541,564,000 marks and other assets, 19,026,457,000 marks.
In total coin and bullion (which now includes aluThat call money should have been quoted at 6%
minum, nickel and iron coin) a gain of 2,459,442,000 early in the week caused no surprise or special commarks is shown. The bank again lost gold, to the ment. Preparation had to be made for large dis


480

THE CHRONICLE

[Vol.. 117.

SPOT DELIVERY.
bursements on Wednesday (August 1). This fact
60 Days.
30 DayS.
90 Days.
was fully realized and it was assumed that the rates Prime eligible bills
4YI(44H
4145434
434 @434
would be lower again at an early date. This expectaFOR DELIVERY WITHIN THIRTY DAYS.
434 bid
member banks
tion was soon realized, inasmuch as a 4% rate was Eligible
434 bid
Eligible non-member banks
reported Thursday afternoon. Time money was
spoken of as rather firm, although quotations were
There have been no changes this week in Federal
not changed from 5% bid and 51,4% asked. In some
Reserve
Bank rates. The following is the schedule
banking centres it was stated that the demand .for
of rates now in effect for the various classes of paper
money from certain corporate sources had increased
at the different Reserve banks:
recently. This was said to be particularly true of
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
some oil producing and refining companies that have
AUG. 2 1923.
been called upon to carry large quantities of their
Paper Maturtng—
products. If borrowing of this kind should spread to
After 90 After 0
various industrial lines it would soon become a prombut
Days. but
Within 6 Within 9
Within 90 Days.
Months. Months.
inent factor in the money market and make for an FEDERAL RESERVE
BANK.
Apricot.' Apricot.
Com'retal Secur. by
unstable corporate position. A notable development
and
and
Agricta. U. S. Bankers Trade
Accep- Livestock Livestock
Accep&Lirest*ft Govt.
was the offering by a syndicate headed by J. P. MorPaper.
Paper.
tances.
tances.
ObitgaPaper.
Ilona.
n.e.s.
gan & Co. of $20,000,000 Government of Switzerland
431
431
444
434
5% 3-year notes, which were quickly taken. If only Boston
43f
43.4
43.4
New York
414
414
4%
4)f
4%
434
414
Philadelphia
the reparations situation could be settled undoubt- Cleveland
434
43f
434
434
431
4%
434
434
431
434
431
4%
edly American bankers would make other offerings Richmond
431
434
4%
4%
Atlanta
431
4%
431
434
431
431
434
Chicago
434
of European Government securities.
434
434
434
431
St. Louis
431
4%

Dealing with specific rates for money, call loans
this week were firm and covered a range of 4@6%,in
comparison with 432@.5% a week ago. On Monday
a high quotation of 6% was recorded, although re7 and this was the low.
newals were negotiated at 5°.0
Tuesday no loans were made under 6%, which was
the only rate for the day. Slightly easier conditions
prevailed on Wednesday and there was a decline to
5% before the close. Renewals, however, continued
at 6%, the maximum figure. Thursday there was a
further lowering and the day's range was 4@5%, with
5% the renewal basis. Friday the Stock Exchange
was open only long enough to make announcement
that there would be no dealings, owing to the death.
of President Harding. Yesterday's trades, however,
were cleared,but money rates were practically nominal.
Only one rate was quoted-5%. The figures here
given are for both mixed collateral and all-industrial
loans alike. For fixed date maturities a firmer
undertone was reported at the opening of the week,
but later on there was an easier feeling, and offerings
were larger in volume. The range remained without
change, at 5(4),5Y1% for all periods from sixty days to
six months, with most of the limited business passing
at the outside figure. The demand was limited.
Mercantile paper ruled quiet but steady, with 5%
still quoted for sixty and ninety days' endorsed bills
receivable and six months' names of choice character.
Names less well known continue to require 53.i.%•
The turnover was light and trading featureless. Outof-town institutions were the principal buyers.
Banks' and bankers' acceptances remained at the
levels previously current. Business was dull, particularly in the early part of the week. Later on a
better inquiry was reported and both local and
country banks were in the market. The turnover,
however, was small. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council still remained at 432%. The Acceptance Council makes the discount rates on prime
bankers' acceptances eligible for purchase by the
Federal Reserve Banks 43'Y0 bid and 4% asked for
bills running for 30 days, 43.1% bid and 438% asked
for bills running from 60 to 120 days, and 4%% bid
asked for bills running for 150 days.
and 4
market
quotations were as follows:
Open



431
434
Minneapolis
414
Kansas City
434
Da/as
4%
43.4
434
San Francisco
434
• Including bankers acceptances drawn for
by warehouse receipts. dm.
•

4%
434
434
434
4%
43‘
43.4
434
431
4%
4%
434
431
434
4%
431
an agricultural DurDose and secured

A tendency to weakness characterized dealings in
sterling exchange this week, and there was a decline
/, or only
which carried demand bills down to 4 561
a fraction above the low point established some time
ago. The volume of business transacted attained
larger proportions than during recent weeks, but the
activity was almost exclusively for foreign account
and inclined to be somewhat sporadic. Nervous
irregularity was plainly evident and local dealers
continue to maintain an attitude of indifference and
aloofness. A feature that attracted some attention
was the fact that offerings of sterling were for the
most part cables. This was explained by the light
supply of commercial bills now available. No real
increase in commercial offerings in the local market
is expected for some weeks to come. In the early
dealings the quotation was fairly steady, hut late
in the week prices sagged and the close -was at the
lowest fOr the week. Yesterday the passing away of
President Harding put a sudden stop .to trading, and
quotations were nominal. Bankers do not look for
any radical changes in the market because of the
change in Chief Executive. The closing was firm.
Taken as a whole, developments have not been
favorable to foreign exchange and even sterling price
levels have been sentimentally affected by the unsettling and contradictory rumors that followed each
other in such rapid succession during the greater
part of the week. On Thursday renewed threats
of a possible break between France and England over
the Ruhr dispute and the apparent failure of reparations negotiations had a depressing influence. That
the decline in quotations was not larger was due to
the fact that the situation had already been partially
discounted. Aside from European political affairs,
probably the chief element in the weakness was a
resumption of selling on the past of London dealers,
who are said to be again accumulating dollars,
ostensibly to meet coming interest payments, also
in anticipation of coming autumnal purchases. of
wheat and other commodities in this market. It is
claimed, however, that some of the trading was of
speculative origin.

Atm. 41923.]

481

THE CHRONICLE

Opinions on the probable course of sterling are as decline of over 16 points occurred, to 5.70 for checks.
mixed as ever. There are still some bankers who This constitutes a new low level for the current year
stoutly persist in saying that a satisfactory way out and is a fraction below the low record established
of the present embroglio will be found; but many in November 1920. Business was small in volume
others express grave concern as to the future of ex- with offerings light, but practically no demand.
change in the event that the reparations question Antwerp currency followed along similar lines.
is indefinitely postponed. The uncompromising po- Italian lire were quiet at slightly lower levels, although
sition of the French Government is not liked and it sharing in the general weakness at the close and
is freely predicted that the best that can be expected losing about 7 points,to 4.30. Greek exchange ruled
2
is further lengthy discussions on points of contro- weak and sustained a further recession, to 1.543/
versy involving prolonged delays which will inevi- The Central European exchanges were lower, especialtably mean serious contraction in the volume of ly Polish marks, which broke to another new low of
0.00043/2. Czechoslovakian crowns declined 5 points,
British trade.
Referring to quotations in greater detail, sterling to 2.933/2, but Rumanian lei and Finmarks were not
exchange on Saturday last was weak and demand materially changed. The weakness in Greek drachmae
bills declined to 4 58@4 58 5-16, cable transfers to was due to reports of a political crisis in Greece.
4 583'@4 58 9-16 and sixty days to 4 5534® For the first time in a number of weeks a movement
4 55 11-16; trading was very dull. On Monday of % was recorded in Austrian kronen, although the
unfavorable news had a depressing effect and prices closing was unchanged. The drastic action of the
4 for demand, 4 57 5-16@ Imperial Bank of Germany in raising its discount rate
broke to 4 57 1-16@4 573
4 58 for cable transfers and 4 54 7-16@4 553 for to 30% failed to exert any appreciable influence upon
sixty days. Lower cable rates from London sent mark quotations. It is worthy of note that the
rates down in this market on Tuesday, and there spread between French and Belgian exchange is now
was a further decline in demand to 4 56 3-16@ more than 100 points, the latter currency having
4 57 3-16 in cable transfers to 4 56 7-16@4 57 7-16 been forced down to 4.52, a loss of 31 points for the
and in sixty days to 4 53 9-16@4 54 9-16; foreign week.
The London check rate on Paris closed at 79.30,
selling to establish dollar credits figured in the weakness. On Wednesday sterling rates were main- against 77.60 a week ago. In New York sight bills
tained on slightly more active trading, and the range on the French centre finished at 5.773/2, against
8 for demand, 4 563
5 5.883/2; cable transfers at 5.783/2, against 5.893/2;
4@4 57%
was 4 56%@4 57%
2, and com4 for sixty commercial sight at 5.753/2, against 5.863/
for cable transfers and 4 53%@4 543
days. Increased weakness developed on Thursday mercial sixty days at 5.723/2, against 5.833/2 last
as a result of unfavorable European news and de- week. _Closing rates for Antwerp francs were 4.62
mand declined to 4 56 5-16®4 56 11-16, cable trans- for checks and 4.63 for cable transfers, as compared
fers to 4 56 9-16@4 56 15-16, and sixty days to with 4.85 and 4.86 the preceding week. Reichs4 53 11-16@4 54 1-16. On Friday business practi- marks finished at 0.000090 for both checks and
cally was suspended, but rates were firmer at 4 563
4 cable transfers, against 0.00010 last week. Austrian
@4 573/8 for demand, 4 57@4 57% for cable trans- kronen closed at 0.00143/8 (unchanged.) Lire finished
fers and 4 543/8@4 543/2 for sixty days. Closing the week at 4.333j for bankers' sight bills and 4.343
quotations were 4 543/2 for sixty days, 4 573/8 for for cable transfers. A week ago the close was 4.363%
3 for cable transfers. Commercial and 4.373
4. Exchange on Czechoslovakia closed at
demand and 4 57%
5
4, against 2.9794; on Bucharest at 0.503,
2.933
sight bills finished at 4 56%, sixty days at 4 54%,
ninety days at 4 533/2, documents for payment (sixty against 0.52; on Poland at 0.00043/2. against 0.00053j,
4, and seven-day grain bills at 4 563/
days) at 4 553
8. and on Finland at 2.78, against 2.79 the week preCotton and grain for payment closed at 4 56 8.
2 for checks
/
vious. Greek drachmae finished at 1.541
More gold was received this week. The White and 1.55 for cable transfers, as compared with 2.193/2
Star Liner Majestic brought $3,062,000 in bar gold and 2.20 last week.
from England, while the America arrived with 134
cases of gold coin, amounting to 20,000,000 German
In the neutral exchanges, formerly so-called, tradgold marks, the equivalent of about $4,500,003, in- ing was dull and irregular, with quotations fairly
tended for the international Acceptance Bank, from well maintained except Norwegian and Spanish curthe Reichsbank of Berlin. Yesterday a shipment of rencies, which sustained losses of about 25 points,
$20,000 in gold coin was received on the steamship although no special reason was assigned therefor.
Docket from Alexandria.
Bankers' sight on Amsterdam finished at 39.23,
against 39.35; cable transfesr at 39.32, against 39.44;
Movements in Continental exchange were uncertain commercial sight at 39.18, against 39.20, and comand the week was marked by a revival of irregular mercial sixty days at 38.93, against 39.05 a week ago.
fluctuations with sensational declines in marks and Final quotations on Swiss francs were 17.87 for bankfrancs. Trading was erratic and the undertone ers' sight bills and 17.88 for cable transfers. Last
nervous and confused. In a word, the market was week the close was 17.85 and 17.86. Copenhagen
unusually susceptible to "bad" news and responded checks closed at 18.11 and cable transfers at 18.15,
to the many unfavorable rumors circulating in the against 17.94 and 17.98. Checks on Sweden closed
financial district by sharp losses in values. This is at 26.61 and cable transfers at 26.65, against 26.61
especially true of marks which, as a result of dis- and 26.65, while checks on Norway finished at 16.09
appointing reparations news, intimations of internal and cable transfers at 16.13, against 16.21 and 16.25
political upheaval and a further spectacular expan- the previous week. Spanish pesetas closed at 14.09
sion in the Reichsbank's note circulation, were forced for checks and 14.10 for cable remittances. Last
down to 0.000083, or somewhat under the extreme week the close was 14.283/2 and 14.293/2.
As to South American exchange, very little change
low level of last week. French francs gave a better
account of themselves up until Thursday when a has taken place, although the trend is still downward.



0

482 •

THE CHRONICLE

[VOL. 117.

• Check rates on Argentina closed at 34.00 and cable DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
transfers at 34.10, against 33.90 and 34.00 last week,
while Brazil milreis finished at 10.25 for checks and Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
10.30 for cable transfers, against 10.35 and 10.40 July 28. July 30. July 31. Aug.1. Aug 2. Aug. 3. for Week.
3
a week earlier. Chilean exchange remains at 12.50, 55,000,000 67,000,000 54,000,000
55,000,000 70,000,000 58.000,000 Cr. 359,000,000
unchanged, and Peru at 4 14.
Note.-The foregoing heavy credits reflect the huge mass of checks which come
the New York Reserve Bank from all parts of the country in the operation of
Far Eastern exchange was somewhat depressed to
the Federal Reserve System's par collection scheme. These large credit balances.
by efforts to reduce the price of silver, but changes however,reflect only apart of the Reserve Bank's operations with the Clearing House
as only the items payable in New York City are represented in the
were confined to fractions. Hong Kong finished at Institutions,
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
52@5234., against 52@52X; Shanghai, 701
/
1@703', not
pass through the Clearing House but are deposited with the Federal Reserve
against 71@)713'; Yokohama,49@493% (unchanged); Bank for collection for the account
of the local Clearing House banks.
Manila, 4932@,49Y
1 (unchanged); Singapore, 5332@
53%, against 533@•54; Bombay, 30%@,31, against
313/
8Q313i. and Calcutta, 31@,31%
The following table indicates the amount of bul4., against 31%@
lion in the principal European banks:
31%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a 'record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 28 1923 TO AUGUST 3 1923, INCLUSIVE.

Country and Mondary Unit.

Noon Buying Rate for Cable Transfers in New York.
Value n United States Monett.
July28. July30. July31. Aug.l. Aug. 2. Aug. 3.

$
$
EUROPE$
$
$
2
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
.0478
.0482
.0484
.0451
.0457
.0469
Bulgaria, lev
.011067 .011467 .011025 .010708 .010567 .010383
Czechoslovakia, krone
.029731 :029581 .029578 .029444 .029308 .029344
Denmark, krone
.1789
.1820
.1799
.1786
.1787
.1820
England, pound sterling 4.5836 4.5773 4.5644 4.5711 4.5660 4.5705
Finland, markka
.027725 .027650 .027669 .027731 .027688 .027841
France, franc
.0589
.0586
.0583
.0575
.0573
.0578
Germany, reichsmark
.0000010 .00000093 .00000038 00000095 .09900090 .001390088
Greece, drachma
.020361 .017288 .017733 .017406 .016275 .015163
Holland, guilder
.3941
.3943
.3932
.3934
.3931
.3931
Hungary, krone
.600042 .000039 .000044 .000049 .000047 .000053
Italy, lire
.0437
.0435
.0434
.0434
.0434
.0432
Norway, krone
.1620
.1612
.1601
.
.1610
Poland, mark
.0000053 .0000050 .0000048 .0000044.0000043 .0000044
Portugal, escudo
.0405
.0402
.0404
.0404
.0403
.0401
Rumania,leu
.005153 .005119 .005083 .005056 .005027 .005041
.1427
Spain, peseta
.1424
.1420
.1418
.1404
.1410
Sweden,krona
.2667
.2662
.2658
.2662
.2660
.2662
Switzerland, franc
.1785
.1785
.1784
.1788
.1784
.1787
Yugoslavia, dinar
.010497 .010481 .010509 .010531 .010491 .010564
ASIAChina, Chefoo tael
.7208
.7138
.7196
.7217
.7221
.7229
" Hankow tael
.7163
.7092
.7150
.7171
.7208
.7183
" Shanghai tael
.6954
.6935
.6946
.6938
.6948
.6953
" Tientsin tael
.7196
.7254
.7267
.7275
.7313
.7288
" Hongkong dollar
.5183
.5158
.5163
.5166
.5168
.5175
" Mexican dollar__
.5042
.5040
.5042
.5030
.5046
.5041
" Tientsin or Pelyani
dollar
.5083
.5092
.5117
.5046
.5087
.5067
" Yuan dollar
.5092
.5150
.5158
.5163
.5158
.5158
.3087
India, rupee
.3064
.3056
.3060
.3058
.3055
.4882
Japan, yen
.4878
.4877
.4880
.4879
.4880
.5317
.5325
.5333
.5321
Singapore(S. S.), dollar_
.5321
.5321
NORTH AMERICA•
.975905 .976944 .977257 .977070 .976313 .975890
Canada. dollar
.998844 .998844 .998844 .998844 .998938 .998844
Cuba, peso
.483938 .483625 .483583 .483500 .48375 .483542
Mexico, peso
.973672 .974531 .974766 .974531 .973828 .973359
Newfoundland, dollar
SOUTH AMERICA.7655
.7661
Argentina, peso (gold)
.7688
.7688
.7677
.7636
.1026
.1021
.1015
.1014
Brazil. milreis
.1016
.1019
.1230
.1235
.1228
.1227
.1215
.1219
Chile. peso (Paper)
.7638
.7630
.7630
.7648
.7637
.7620
Uruguay. Peso

I

The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,478,842 net in cash as a result of the currency movements for the week ending Aug. 2.
Their receipts from the interior have aggregated
$4,463,842, while the shipments have reached $985,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.

Week ending Aug. 2.
Banks' interior movement

Into
Banks.
84,463.842

Out of
Banks.

Gain or Lois
to Banks.

8985,000 Gain 23,478,842

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:




Aug. 2 1923.

Banks of
Gold.

£

Silver.

1

I
1

Aug.3 1922.
Total.

I

Gold.

2

1

£

Silver.

I

Total.

I

England _ 127,640,836
I
127.64083,9521
127,399,520
France a__ 146,941,4671 11,720.000 158,661,467 143,280,221 11,400,000154,680.221
Germany _ 34.567,150 63,475.400 38,042,550 50.111,380
946,160, 51,057,530
Aus.-Hun 10,944.006 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
Spain
_ 101.031,006 28,633.000127,664,000 100,934,000 25,953,000126,887,000
Italy
35,529,000 3,028,000 38,557,000 34,567,000 3.048,000 37.615,000
Netherrds. 48,483,0001
670,000 51,166,000
902,000 49.385,006 50,496,000
Nat. Belg_ 10,757,006 2,484,000 13,241,006, 10,664.000 1,758,000 12,422,000
Switzland. 21,015,0001 4,105.006 25,120,000' 20.947,000 4,653,000 25,600,000
Sweden_ _ 15,160.0001
15,220,000
1 15,160,000 15,220,000
Denmark_ 12.674,000
218,000 12,902,000
178.000, 12.852,006 12,684,000
Norway
8,183,000
8,182,0001
8,182,0001 8,183,000

1

Total week 572,924,4551 54,894,400627,818,855 585,430.121 51,015,150 636.445,271
Prey. week 57
.9.939,681 54.731,400634,671,081 585,405,091 50,848,150636,253,241
a Gold hbldings of the Dank of France this year are exclusive of £74,573,797 bold
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 BIWA% 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.

Death of President Harding.
The sudden death of President Harding in San
Francisco on Thursday evening, directly following
his reported best day's gain in the struggle with an
illness that was clearly serious from the start, gives
the country the shock which always accompanies
such a calamity; yet it can hardly be deemed surprising, since he was a tired man when he began a journey so trying that it really should not be imposed
upon or undertaken by a President.
Mr. Harding is the sixth to die while in the Presidential office, three passing by natural causes and
three by the hand of an assassin. He was not the
first tO go to the White House after service in Congress, but was the first to go thither directly from
that service. He was the first journalist to reach the
Presidency. He was the son of a country physician.
He chopped some wood, did some work on a farm,
helped his own way through college, taught school
somewhat, picked up a knowledge of printing in the
office of the local journal, then moved to the town
of Marion, and there bought a struggling paper which
he developed into a prosperous property and only
lately sold. His creed as publisher placed cleanliness and fairness at the head of the list of journalistic virtues. He insisted that the "Star" should be
decent, fair and generous; that boosting, not knocking, should be the policy; as every question has two
sides, he required the getting of both; "be truthful,
strive for accuracy," he told his employees, declaring
that one story exactly right is better than a hundred
partly wrong.
After two terms in the Ohio State Senate and
one as Lieutenant-Governor, his next move was
to the United States Senate, from which he was
passed on to President, in 1920, by an enormous
•

AUG. 41923.]

THE CHRONICLE

483

popular vote. His recognized likeness to McKinley
"Co-operative Banks "—Are Farmers and
in mental characteristics was an aid and a backLaboring People the Source of
ground to him in the Senate, and as President that
Bank Deposits?
likeness has continued. The word "normalcy" was
Smith
W. Brookhart of Iowa, in an interSenator
of his coining, and it quickly won acceptance and
in
on July 21, according to an
view
given
Chicago
went into use. Early in 1920 he began his stand for
Press
among other things of more
Associated
report,
economy and tax reduction. Said lie: "Take the
to say:
this
had
import,
political
restrictions off the Anierican people and the shackles
deposits are from the
the
bank
of
"Two-thirds
off business, and then cut the expense which mainThe Federal Rethe
people.
and
laboring
farmers
taining the restrictions and the shackles has cost;
Until recently
is
built
deposits.
on
these
Bank
serve
after that, hold the spenders in check." If he did not
a voice in the
had
laborer
the
the
nor
farmer
neither
originate he adopted the telling phrase "more busihave
the
farmers
now
and
Board,
Reserve
Federal
ness in Government and less Government in busifarmers
three
be
to
There
ought
one
representative.
ness." To the credit of his administration, now
proposiended when only five months past its middle point, and two laborers on this Board and on this
united."
are
laborers
and
stand the establishment of the long-awaited budget, tion the farmers
"They also believe that co-operative banking is the
the conference which made a good start towards disof the success of all co-operative enterprises.
basis
armament, the settlement of the British debt to this
need co-operative credit and they have suffiThey
country, a beginning of cutting expenses and taxes,
of their own if they are organized in a cofunds
cient
and the halting of the bonus. He.has been called a
system."
operative
trimmer and has been charged with facing both
With regional Reserve deposits in the several Reways. But in the natural world nearly all movebanks, it would be interesting to the Senator,
serve
ments are resultants of several impulses, and a wise
think,
to take two of the largest of our New York
we
and successful statesmanship does not consist in obbanks,
with their well on toward a billion of
City
to
one stand but involves concesstinate adherence
then see how many States and sectional
and
deposits,
minor
some
while
points
steadfastly
sions upon
of States it will take to equal this volaggregations
of
the
all
To
principles
justice.
see
to
holding
sides is manifestly good policy as well as ume. It might enlighten him as to where the deposduty, and to yield in part may often be to win in its come from. Then he might follow another method
—take an average Middle West member bank and
substance.
Mr. Harding has never stormed, or defied, or subtract from its total deposits, all the private funds
struck an attitude. He has never pretended to be in- therein, all mercantile and manufacturing deposits,
fallible, or to be more than a sound average Ameri- public moneys, estate accumulations, and divers
can, but his integrity and sincerity and the serious- other non-labor and non-farmer deposits and see
ness of his conception of public duty have been ques- what he has remaining. This might be no less entioned by no one. His personal characteristics have lightening. Again, if the farmers and laborers have
been singularly attractive. Dignity without affecta- "sufficient funds of their own if they are organized,"
tion and a great capacity for friendship have made why all this hue and cry about granting credits to
him loved, and he has so won men's affections even the farmers, why Federal Land Banks and Joint
when he could not carry their judgment along with Stock Land Banks, why Intermediate Rural Credit
his that his death gives the whole world a sense of Banks? Why have the Government put up the capital stock of these rural credit banks that they may
personal loss.
It is much too soon for considering the political make loans and sell debentures in the open market?
consequences, and those are not what first come to What other farm banks are yet in store in the minds
our minds. Yet the question "what next" always of the "Lincoln Republicans and the Jefferson Demofollows close upon a death, and we may congratulate crats"?
Well, this is not what we want to talk about! If
ourselves and all mankind that in Mr. Coolidge we
we
understand the inner meaning of the ideas here
of
have a man proved firmness, mental clearness and
it is akin to that put forth by the unions as
advanced
meeting
The
in
duty.
showed
trial
fearlessness
which
to
a
voice
in "management." Briefly, and to the
him
ago,
and
some
five
years
mettle,
brought
his
prominently before the country, is now a comfort to point, the creditors are to have part control in the
recall; and while so much cheap and turgid verbiage management of the bank. This is the form of "cois offered us it is pleasant to cite some of his pungent operation" which is broached. These so-called coand epigrammatic sayings, as that: "self-govern- operative banks will somehow come into being as
ment means self-support; industry cannot flourish societies of those who want to loan and those who
vanishing
if labor languishes; ultimately, property rights and want to borrow, with responsibility at the
of banks
kinds
new
If
organizing
we keep on
personal rights are the same; the suspension of one point.
to copy
have
will
we
will
the
soon
time
come when
man's dividends is the suspension of another man's
and go
detector
counterfeit
from
the
of
the
days
pay envelope; men do not make laws, but only disindifand
bad
good,
the
of
list
a
about
with
printed
cover them."
any
mean
to
coming
fast
is
ferent.
are
"Co-operation"
we
Incidentally,
reminded of the expediency
be
that
can
industries
or
occupations
of
a
men
on
hodge-podge
able
intwo
Presidential ticket
of joining
purposes.
selfish
or
political
for
assembled
together
the
secondary
handing
nobody
a
to
choice
stead of
of diverse and
who may be expected to pacify some faction or secure But that this craze for organization
law continuthe
seek
some doubtful State. Mr. Coolidge is the first Vice- often opposing elements should
as it is
astounding
President to get experience by taking some part in ally to carry out its dsigns is as
administrating. It is well that we shall have neither dangerous.
Emphatically, then, let us say, we want, we need,
a wild radical nor a weakling to finish the term, and
kinds of banks. There may be
with this assurance we may renew our courage and as a people, no more
for an increase of a form
cities
smaller
room in the
our faith in the future.




484

THE CHRONICLE

[VoL. 117.
of Provident Association with which we are familiar of the United States
due to adverse weather condiin our large cities, but communities can take care of tions rather than to
a change of planting policy on
this wherever the want exists. The "poor man's the part of the producers.
However, the expansion
bank"is not a vital factor in the consideration of our remains about 14 million
acres above the pre-war
banking methods as a whole, whether city or rural. average."
We have often spoken of the co-operative feature of
This is a report of "economists and statisticians"
our present system of free and independent banks. given out by the
Department of Agriculture. And it
But it is co-operation upon a natural basis. It is the has the ring of some
farmers' alliance seeking a way
coming together of depositors and borrowers upon a to get more by growing
(giving) less. We wonder
natural plane. The deposits make loans—and the how it sounds
to the individual dirt-farmer! How
loans make deposits. And the institution itself, will he bring this
sweeping view of world conditions
springing into being at the will of the community home to his own farm,
his own personal problem in
maintained itself freely through general service. But production? Will he
reduce his wheat acreage onethe cement of the original organization and the re- half or one-third?
What will he plant instead of his
sponsibility for its safe conduct rests in. and on con- usual stand of wheat?
Will not his own puny effort
tributed capital. This free and independent bank is to stem this awful
increase look very much like trynot a mutual society in the modern use of the term. ing to sweep back
the tides with a broom? And
Its basis lies in Individualism, not Socialism. It what assurance has
he that the wise plan will sucdoes not undertake to divide profits between stock- ceed? Has he not seen
his own crop destroyed, when
holders and borrowers as a principle, though it often ripe for the harvest,
by a sudden storm; does he not
pays interest on deposits. And it does fix responsi- know of cheat and
rust and other perils; is he not
bility for conduct where it rightfully belongs; and familiar with drouth?
How can he depend upon conthe law recognizes this established relation of debtor tinued bumper
crops for even domestic consumption
and creditor. And these banks so constructed have when so often
the lean years follow the fat?
been and will be sufficient.
Agricultural schools are teaching the coming farmTo say on the other hand that those who want to ers to assay the
adaptability of soils and to use the
loan and those who want to borrow can come together intensive
methods of production. They are even
in some form of mutual bank, with equal voice in sending experts
to present farmers to show them
management, equal sharing in profits, and an equal what to plant and
how to cultivate, dependent upon
responsibility,is a delusion. The one who loans must analysis of soils of
particular farms. And it is,
always speak first. He must always dictate terms. found that in the area
of a single section of land in
And he must always bear responsibility and to the the wheat belt there
is abundant room for diversity
full (or even double, as now provided in nationals) in the cereals to be
grown. Then there is rotation of
amount of his invested capital. More than this, he crops, that overburdened
soils may have time to remust naturally furnish the ability for management cuperate. Can any
sweeping proposal for decreased
and exercise it at the peril of loss of his investment. acreage be made to
harmonize with these imperative
To talk of organizing the farmers and laborers into requirements of the
individual farmer? Shall he or
some form of mutual to do a common commercial will he listen to these
world statistics? And if he
loan business is fantastic and pernicious.'Our mutual does, is he not
multiplying the element of chance,
savings offer no suggestion for this kind of bank. never absent from
his own judgment and toil?
These are managed by trustees and they do divide Would it be good
advice to tell him to hews+*0 Of !I is
profits above costs. But when they loan the small friends?
sums deposited it is in bulk, and not to depositors,
We have heard much, lately, of co-operative marnot even to small borrowers as a rule and principle, keting associations
. We have been told that credit,
but they buy securities in the open market, and this ever more of credit,
is the farmer's problem—that he
under most rigid restrictions at law. It is time to may hold what he
does raise until the "price is
let our present banking system severely alone!
right." He has been given banks in abundance and
variety said to be adapted to his own interests. And
now he is told to stop planting because all the world
Decreasing the Acreage of Wheat—Wisdom
is growing wheat—and the European buying power
by Statistics.
down to a minimum. He is seemingly between the
In the report of the Committee called by Secretary devil and the deep sea—certain to lose whether he
Wallace to consider the foreign and domestic de- has much or little to sell. Yet, somehow, he plods
mand for farm products (see page 279 of our July 21 wearily on, using the opportunity he has, and shirkissue) we read:
ing no work, pleading for no eight-hour day with day"Owing to the World War there was an enormous light saving, and supplying bread to millions who
increase in the wheat acreage of the five principal never stop to think where it comes from. Less wheat
exporting countries of the world outside of Russia and dear bread—the farmer is not to blame.
When we, who sit apart id consider these ecoand the Danubian countries. Since the peak of war
production these exporting countries have decreased nomic questions, come to take world view, we may
their acreage very slightly and are now growing 28 well be surprised at a solemn committee judgment
million more acres of wheat than the pre-war aver- which would deliberately advise the American
age. In view of the long-time prospects of the return farmer, merely upon a showing of statistics to proof Russia and the Danubian countries as factors in duce less—less of anything. We do not doubt that
the world wheat trade, as well as the increase in time may alter the wheat acreage of the country by
other exporting countries mentioned above, the the slow process of readjustment due to the levelingAmerican winter wheat grower should take the first processes of interchange of necessaries. But who
positive step this fall to adjust the winter wheat knows when a short year may come, and who will beacreage in accordance with this situation. There prepared to meet it save the farmer with a full crop,
has been some reduction in the winter wheat acreage and are not the chances for a high or low price evened



AUG. 4 1923.]

THE. CHRONICLE

485

ucts, also that the guarantee now asked has been
tried. All such efforts to boost one class at the expense of others are doomed to failure, although the
persons on whose behalf they are made are very slow
to perceive this immutable truth. As for helping
farmers, getting a more equitable distribution of
wealth, paying bonuses and otherwise promoting the
general welfare by taxation, it is as impossible as
nourishing the body by draining blood from one's
own veins. Enterprise can be checked, unemployment can be increased, production and industry can
be halted, and general distress can be made more
acute, by excessive taxation which dries up the
sources of growth, but no people ever did or ever can
attain prosperity by attacking wealth and success.
Transportation is too costly, as even railway managers admit, and rates ought to be reduced; but the
trouble here is the universal trouble: prices are too
high, the price of labor figuring there as it figures
everywhere else, and the railroad's dollar is suffering depreciation as all other dollars suffer it. To
urge on or join the current attack upon railroads is
another exercise of egregious folly; the "Chronicle"
is wearied at pointing out over and over such fundamental truths as that any general prosperity is impossible unless railways share it, and that transportation rates cannot be cut until transportation costs
are cut,except at the cost Of weakening a factor upon
which national prosperity and even national existence depends.
Mr. Johnson, however, is not worse than others
who talk much and loudly but have no definite notion of any plans; they are all for reduced taxation,
but they all talk of schemes which would inevitably
make,taxation vastly worse. .They are like a man
who beats a drum under a window, and when the ocThe Din of Mere Complaints—Mr. Wilson
cupant is aroused and comes out tells him that there
Renews His Old Cry.
are great dangers to be escaped but cannot tell him
Senator-elect Magnus Johnson, being compelled to which way to run. Something must be done—it is
add something to his perhaps purposely uncouth easy but futile to say that, for nobody has a remedy.
presentations of himself as one of the very common except those who propose specifics that would cerpeople and as being the champion of reform, declares, tainly act like the poisons they are. Even Mr. Wilas already published, that many things need chang- son, who sends to the "Atlantic" a two-page article
ing. He is in favor of the soldiers' bonus, to be paid that secures wide reading because of his name, talks
for out of taxes levied on excess profits, and he wants vaguely of "the way from revolution" but does not
to curb the Supreme Court and produce a better dis- point us to any definite way. "Real ground for the
tribution of wealth. How this is to be done he does universal unrest," he says, "lies deep at the sources
not see, but he thinks Congress can find a way. It of the spiritual life of our time and leads to revolucould be accomplished by heavier taxation of large tion." He calls the Russia overturn "the outstand. and successful corporations, by taxing non-produc- ing event of its kind in our age," and considers its
tive income, excess profits and profiteers; in any cause to have been "a systematic denial to the great
event, however, the farmer should have cost of pro- body of Russians of the rights and privileges which
duction, plus a reasonable profit, definitely guaran- all normal men desire and must have if they are to be
teed him by the Government, "because the farmers' contented and within reach of happiness." As a matproducts have lost their buying power, and when the ter of fact, the Russian uprising cannot be said to
farmer can't buy the country will soon feel it." Mr. have had even a remote connection with any oppresJohnson may be excusable for not seeing what so sive use of capital, real or imagined, for Russia has
many thousands of others fail to see: that the great always suffered from the lack of capital and has
trouble of the country is our too-high prices, espe- never had an industrial system worthy of the name.
cially of labor, when stated in terms of dollars, for The truth is the Russian revolution was due to the
labor has not been "deflated" and obstinately insists war and was a rebellion on the part of the masses
the farm in
on a continuance of war wages, and in some in- against taking men from the field and
to the
them
sending
stances, as witness the case of the coal miners, de- never-ending procession and
the
in
wrongs
support
found
mands even a further increase; but our greatest dan- slaughter. As far as it
ger now is that so many are ignorantly trying to fur- and suffering of the peasants, it was a violent reacther debase our dollar by lessening its buying power. tion against centuries of grinding tyranny, like that
Yet Mr. Johnson forgets that the farmer was ex- which occurred in France in the eighteenth century,
pressly exempted in the Lever law, being left free to and the best and reasonable hope is that both Russia
withhold, to hoard, to combine, and to do anything and Germany will at last struggle out of trouble into
which seemed likely to keep up the prices of his prod- an established democracy, as France has done.
up in the long run by this very uncertainty in yield?
What should even a farmer do bat do his best?
Once, into Egypt, land of the Nile, where men
lived by dreams, there came a wise interpreter, who
told the King to store his grain against the years of
scarcity—and men came from far to fill their sacks.
Abundance has blessed the United States since the
war—and thus blessed the world. So that if we are
considering quantities it would be well to consider
some means of national storage rather than a temporary stoppage of the flow of crops or a decrease of
acreage to enhance price. We seem as a people to
have gone half mad over wages and prices. Teaching
a diminution of production in labor and on farm
is uneconomic and must be regarded as a grave evil.
"The increase of population is against the weight of
subsistence" is an old law no rational people can discard. We need more of everything good, not less.
Nor can this doctrine of scarcity be put into effect
in any orderly way. The surrounding influences are
too great. The individual must heed his own intensive problem first. It is this very surplus of farm
and section and territory that makes the trade of the
world. What an advertisement for our projected
"foreign trade" it must be to herald to the world
that because of limitation of acreage we will have no
corn or wheat for sale! How it must sweeten the
lips of labor at home to make bread more costly!
World vision may be good for eyes that travel and
trade, but for those who stay at home the furrow and
the field are vision enough. It is an evil day, to be
followed by evil days, when men preach the doctrine
of less work, less production, to try to fill their coffers with gold. Exchange means surplus for surplus
—the greater the better!




486

TFrE CHRONICLE

[VoL. 117.

Through Mr. Wilson's'brief article, couched in understand that we have to check Congress from
scholarly language, runs the current note of attack leading us farther into it.
upon wealth. It was against capitalism, he says,
that the Russian leaders directed their attack; this
Is Western Civilization Alien to the Orient?
can be accepted as signifying nothing, for all violent
This is a vital question. If Western Civilization
uprisings turn upon capital and property. Mr. Wilis
essentially
alien to the Orient, as is now charged in
son asks if it is not true "that capitalists have often
various
quarters,
it would emphasize the acknowlseemed to regard the men whom they used as mere
edged
"temporary
character" of the financial coninstruments of profit, whose physical and mental
sortium,
the
success
of which wasformally announced
powers it was legitimate to exploit." This is one of
the
other
day
in
New.
York. It would also even more
those characterizations of capital which is utterly
certainly
challenge
and
modify all past Plforth in
without basis in fact, but which men assume must be
similar
direction,
economic,
no less than educatrue because of its iteration and reiteration. We
deny most emphatically that the charge has any bet- tional and religious, concerning which the doubt is
ter foundation than this constant repetition by those raised.
Undoubtedly there are radical differences between
engaged in spreading the doctrine of discontent, of
Eastern
and Western civilizations. Undoubtedly
which Mr. Wilson has been the foremost exponent.
each
has
constant need of modification. UndoubtThe ex-President has quite as much to answer for in
edly
both
contain much that is mutually valuable.
this respect as for his woeful blunders in connection
It
is
not
important
how much, or if at all, one is betwith the Peace Treaty. Everybody seems to have forter
than
the
other.
Each has important distinctive
gotten now that during the whole of his first term he
features,
and
both
can
in various degree show hiskept the country on the border line of panic by directtoric
progress.
The
question
now raised is: Can the
ing all the powers of the Government against those
West
assume
that
it
certain fundamental
possesses
who happened to possess a little of the accumulated
elements
which
the
East
Still less, can the
lacks?
wealth of the country. It was during this time that
by every act and utterance of the Government wealth West in its relations with the East maintain the
was represented to be the ill-gotten gains of the rich. attitude of superiority?
At the first approach we are struck by existing
The "money power" and the "money interests" were
paradoxes.
The East has shown immense powers
stigmatized and anathematized in Congress and by
of
resistance.
Great Oriental races and nations have
the mouth of Administration leaders, and labor was
preserved
their
nationality and their occupation of
made to believe it was being exploited for the benefit
definite
territory
from earliest times, and when, as in
of capital. Profiteering by labor unions, which is
China
and
India,
they have been overrun they have
now the crying evil of the day, could never have atabsorbed
their
conquerors
with whatever of theirs
tained its present dimensions except for these false
was
found
to
be
profitable,
and have gone on, preteachings. And now Er. Wilson, broken in health,
serving
their
own
character
aul institutions. But
and blind to the consequences of his own acts, can
nevertheless,
in
both
nations
their Golden Age is in
his
old
to
renew
think of nothing better to offer than
past.
the
says
matter
is
this,"
whole
the
cry. "The sum.of
With them family life is permanent; respect and
Mr. Wilson,"that our civilization cannot survive materially unless it be redeemed spiritually . . . even reverence for parents are carefully maintained.
here is the final challenge to our churches, to our po- But the family continues incomplete; the female
litical organizations, and to our capitalists, to every child is little esteemed; and the wife and mother reone who fears God or loves his country." Mr. mains in ignorance and superstition, held fast by inWilson's preaching is correct, but his premises flexible tradition.
Business ethics, especially in some connections,
wrong.
show
exceptional strength and stability. When the
Mr. Johnson would have a special session of ConEnglish
manager of the great Hong-Kong, Shanghai
all
union
of
gress, and Senator Brookhart sees a
Bank
resigned,
to return home after 25 years of serthe
common
enemy.
as
blocs against the middleman
vice,
the
Chinese
merchants gave him a farewell dinunion
against
unions
and
needed
is
a
The union most
ner;
and
at
it
he
took occasion to say that the bank
session
would
be
a
early
an
Congress,
for
blocs. As
had
never
lost
a
tael
at the hands of a Chinese cusregushall
probably
escape;
the
which
we
evil
special
tomer.
What
he
now
especially feared was that the
enough,
menace
will
be
and
enough
near
is
session
lar
coming
influx
of
men
from
the West would work evil
that
in
splitting
up
regretfully
admit
must
and we
their integrity. Mr. John M. Forbes tells how
with
Conradical
wildness
the
new
in
and
factions
into
in returning to Boston many years ago, after his
gress will almost surely be worse than the last.
long
apprenticeship in China with one of the two or
Calmness, statesmanship, experience, caution, averthree
of the old American houses established there,
sion to rushing off into new and strange paths—
richest
the
Chinese merchant who had done business
these seem to grow less and less, as the average abilwith
him
continued
his confidence and kept never
ity of our Congresses declines. Yet we must not let
than
less
several
hundred
thousand dollars in his
our faith yield, while we must remember that there
hands,
without
even
a
scrap
of paper between them.
is no panacea and no "remedy." We have to look to
all
the
To-day
world
knows
that
in China graft preourselves for help. Patience, courage, coolness of
from
vails
the
highest
the State to the
officials
of
cheerfully
head and activity of hand, a willingness to
humblest
local
officer.
screaminstead
of
take each his own share of trouble
Personal morals there widely differ from ours;
ing to have it laid upon somebody else, faith in God they follow
traditional lines; but in the consecration
industry
initiative
and
and the future, reliance upon
girls
to
the
service of the temples and to public use,
of
as
used
to
boast
and time—these traits which we
the
freedom
of the relations of the sexes they
and
us
help
save
us
and
characteristically American will
the
restraint
lack
which Western Civilization holds
inworld.
But
the
do our part in saving the rest of
fundamental and strives to maintain. Religion,.
stead of expecting Congress to lead us out of trouble,



AUG. 4 1923.]

THE CHRONICLE'

which we regard as the source and hope of a pure
morality, is not so regarded in the East. Christianity is of Eastern origin; but the West has developed
and applied it, while the East can show only a trace
or an echo of it in any religion it possesses; Hinduism and Buddhism less, Mohammedanism more, but
in both, whatever it may have been, it is practically
lost. It is basic in the West to the extent that, however defective is its application, our Civilization is
to be appreciated according to the completeness of
its accord with the teachings and spirit of Christianity as these have been unfolded and grasped through
our two thousand years of history.
We have therefore the obligation to turn to the
Orient with our civilization as inherently the product of Christianity, and,as su2h, containing elements
essential to the best life and attainment of men.
In meeting their obligation two facts are to be
borne in mind. One is that, while no two races of
men and no two individuals are the same, all are
alike human, and as such have certain qualities in
common; Life in all means certain impulses, desires,
necessities, possibilities, hopes and fears. However
diverse people may be, to be dealt with successfully
they must be approached as alike men. When the
approach is made in any other way it is sure to encounter difficulty, if not to end in failure.
The other fact is that civilization is an entity; it
exists and must be treated as a whole. As with the
human body, an eye, an ear, a lung, may be considered separately, but cannot be treated successfully
apart from its connections with the body, so any particular section of civilization, its form of government,its morals,its system of education, its religion,
its finance may be presented, or introduced elsewhere, but it will be a lame and impotent introduction if it is detached from its connections. Not that
these connections, any more than its own particular
forms, must be taken over with it, but they must be
regarded, and in various degree will be directly a
help to its successful transplanting. Where, for instance, the religion of the West has first been brought
to a strange land, it was soon discovered that much
of the civilization of which it was a part, education,
family and social life, agriculture, even science and
machinery, was needed for its better adaptation
and acceptance; and in turn when any other form
of the West, its trade, its manners, its diplomacy,
even its science, its education, or its finance, is offered in partial or entire detachment, the result is
the same. Least of all can the elem3nt of the religion
of Jesus Christ, proclaiming the love of God and the
love of men as children of God, be ignored or held
apart without confusion, conflict and ultimate failure. With this kept in mind and made controlling
in the character and aims of those who represent the
Civilization of the West in whatever interest it appears, it cannot anywhere be held alien, for it represents a forward step in the progress of man and in
realization on earth of the Kingdom of God. "Tell
his friends that we want that man's God," said a
Pacific island chief who had observed the dying of a
young American Christian.•
At this point, when this article was written, there
came into our hands a book* which ought to be epochmaking. It is written in China by an American who
is giving his life to the praying of his contention that
not only is our civilization not alien, but that the
*"Christian Education and the National Consciousness of China." James
B. Webster, Ph.D. E. P. Dutton Co.




487

East, and notably China, is prepared to make her
contribution, definite and great, to the civilization
which, in the providence of God no less than in the
evolution of man, may be expected to result from
the union of the East and the West.
He calls attention to the two methods much int
vogue to-day in directing human progress. One is an
unnatural forcing of the laws of individual and racial development in the interest of a standardized
individualism sure to result in moral and religious
arrest. The other is that of socializing the individual, a process which the East has carried almost tc
the individual's complete submerging.
Our author is persuaded that "it will be easier to
develop the socialized individual into fitness for the
Kingdom of God" than it will be "to curb the highly
individualized personality and bring it to subordinate self-interest to the welfare of the community."
Here is where China's important contribution is to
be seen. She has been slow in her development, has
lived close to the natural instinctive life; she has allowed growth, especially in youth, to take as nearly
as possible its natural course for the sake of its highest attainment. We, on the contrary, have been producing the sophisticated and highly conventionalized
and self-sufficient individual, and are now trying to
modify our educational methods to a better solution
of "the eternal problem of human society, which is
the perfeet adjustment between the individual and
society, and between both of these human factors And
the divine spiritual force which lies behind and controls all phenomena."
Those who in any way are trying to introduce
some beneficent form of Western civilization into
the Orient need not fear that it is an alien or thankless task. We,in common with others, have nothing
which we have not received, and as we strive to share
our advantages with them, they in turn have something to give to us. The goal of a perfected human
society may be distant, but it.is to-day more plainly
in view than ever before, and a share both in its progress and its attainment is to be offered without Teserve to all. To ignore ,or refnse to do this is. the
rankest chauvinism and to invite our own ultimate
humiliation.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks under the June 1923 statement with the return for
May 1923:
ASSETS.
Gold and subsidiary coin—
In Canada
Elsewhere

June 30 1923. Mav 31 1923•
$
58.649.486
57.934,036
12,314.557
13,294,328

Total
70.964.043
71,228,364
Dominion notes
169.722.840
158,528.282
Deposited with Minister of Finance for security of note circulation
6,527.732
6.454,339
Deposit of central gold reserves
57.452,533
57,652,533
Due from banks
121.999,126
107,394.647
Loans and discounts
1,434,349.782 1.429,355.036
Bonds, securities, ..tc
403,169.080
397.332,710
Call and short loans in Canada
96,698.528
94.350,470
Call and short loans elsewhere than In Canada 219,607,375
214.916.288
Other assets
108.212,483
110,289.451
Total
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities

2,677.973,285 2,658.232,357
LIABILITIES.
187,175,000
187,175,000
125,572,300
125.572,300
125.361.251
125,356,154
126,425,000
126.425,000
174.658.110
157.379,291
69,857,320
86.301.290
•
866.869.226
835.499,516
1,214,245,872 1.231,001.480
52,732,619
48.726,659
6,847,217
7.618.649
23,140,704
22.849,205

Total not including capital or reserve fund_2,408,351,068 2,389,376.090
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.

488

THE CHRONICLE

[VOL. 117.

Indications of Business Activity
buy it at
THE STATE OF TRADE—COMMERCIAL EPITOME. on a larger scale than usual, because they could
Friday Night, Aug. 3 1923.
Naturally'the overshadowing event of the week has been
the sudden death of President Harding. who was supposed
to be on the road to recovery. His death surprised and
stunned the American people and has had a profound effect
in Europe and other parts of the world. Uniting sterling
and singularly lovable traits of character with a natural
dignity and simplicity, he secured a powerful hold on the
affections of the American people without regard to party,
creed, race or station in life; and it is within bounds to say
that he ranks with Abraham Lincoln and William McKinley as among the best loved and most respected Presidents
in the history of the American people. In a spontaneous and
universal tribute to the deeply mourned Chief Magistrate,
all the great business exchanges of the United States were
closed to-day and will, it is understood, be closed on the day
of the funeral. There is consolation in the fact that his
successor, Calvin Coolidge, has had experience in high executive station and has solid qualities which will stand the nation in good stead at this trying time. It is believed that he
will make no changes in the Cabinet and that he will continue the policies of the late President. Of a conservative
Iwpe of character he will be a man who can be trusted at the
helm, and there is no uneasiness as to what may happen under the new Administration. The nation will sorely miss its
former pilot, but is certain to have a safe and conservative
leader in the new President.
Glancing at the business history of the week, mail order
trade was good, although retail business as a rule was less
active. Buying in wholesale lines was on a moderate or
often on a small scale. Buyers are not inclined to purchase
beyond their immediate needs. Distant orders are the exception rather than the rule. People are awaiting events,
largely the question of the size of the crops and the price of
agricultural products, as indicating the position of the
farmer and his probable buying capacity. Meanwhile there
is some deterioration reported in the corn crop, although it
is not serious. Still, the corn belt would be the better for
rains. Black rust is reported in the spring wheat belt and
there is some moderate reduction, according to private statisticians in the yield as compared with the last Government
report. The cotton report of the Agricultural Bureau on the
disappointment. It put the condition at
1st inst. was
67.2%, although the general opinion had been that it was
about 70%. It gives the crop indication as 11,516,000 bales,
which is about half a million bales smaller than the generality of private estimates. The condition is put at 5.2%
under the ten-year average. It is true that the report is
criticized as being unduly pessimis4ie. But for a time it
caused a sudden rise of $7 to $750 per bale, although nearly
half of this was lost later. There is no doubt that the
Southwest needs rain for both cotton and corn and the
Eastern cotton belt would be the better for clear weather for
with a
a time. Cotton prices are up $3 to $375 as compared
week ago. It is certainly to be hoped that the weather will
improve for cotton during the critical month of August, after
partial crop failures for two years in succession. The food
change for
index is lower. Wheat prices have shown no net
the Northwest have caused
at
reports
rust
though
week,
the
crop
some apprehension and it appears that the Canadian
ted. It is well to bear in
has been considerably over-estima
countries in various parts
ndnd that the crops of exporting
s kept up to the war-time
of the globe have to all appearance
has slackened. The Eurodemand
Buropead
whereas
level,
He is raising more grain.
pean farmer is getting on his feet.
to the markets of
export
to
beginning
is
Russia
also,
Then,
somewhat lower,
been
has
iron
Meanwhile
Western Europe.
well and prices as a
hut the steel consumption keeps up very
ns are significantly few.
rule have been steady. Cancellatio
whole they show
Taking the industries of the country as a
departments
some
though
even
else,
anything
more life than
New England are practicing
of the cotton textile business of
cut
curtailment to something like 75%. High prices have
the past year. Cotdown the consumption of cotton during
Europe,. especially
ton exports have fallen off sharply.
cotton
England, has been buying Peruvian and East Indian




prices well under those current for American cotton.
Meanwhile there is a decrease in bank clearings. It is
still uncertain as to whether there is to be an anthracite
coal strike on September 1. Petroleum continues quiet,
with an evidence of over-production and various schemes to
bring about a reduced output. On the other hand, building
operations are still on a large scale. Failures in business
show a decrease. Trade is cautious and trade casualties
the more circumscribed bounds.
are therefore kept within
Woolen and worsted dress goods are reported in good demand for next spring, though aside from this, trade is quiet
in textiles. It looks as though the eight-hour day in steel
is to become an accomplished fact. Of course it will increase
costs, and it is noticeable as a rather suggestive commentary that England has latterly been getting steel business
away from the United States in some cases; that is to say
It has been making sales to Japan and Cuba at $8 a ton below American quotations. At the same time England is outpacing Germany also in the race for trade in some branches
of the steel industry. Copper declined and lead and zinc
advanced. The slowness of export trade is shown in the
dulness and depression of the ocean freight market. On the
other hand, the midsummer mail order business makes a
very good showing. The business of the country is in sound
condition, but a bettering of the condition of the American
farmer would have a highly salutary effect; there can be no
question about that. It is of course regrettable that there
should have been a dull and lower market this week for
stocks. Merchants note this fact with a certain natural disquietude. Also, the foreign exchanges have not been in an
altogether satisfactory condition. Francs have fallen to a
new low on the recent movement. Moreover, the Ruhr
situation is still unsatisfactory. England and France still
seem to be at loggerheads over it. At any rate there Is a
kind of deadlock between the two Allies. The speech the
present week of Premier Baldwin on the Ruhr situation was
certainly not encouraging. He took the ground that the
Ruhr situation is affecting the trade of the world. Now
London is uneasy over this speech and the outlook in the
Ruhr, while it is stunned by the sudden death of President
Harding. Meantime business in this country proceeds on a
slow but sure or "better be safe than sorry" basis, and it is
hoped that things will clear up at no very distant day.
So much noise has been made by radicals and others in
their denunciation of one of the signal and most useful features of modern trade, namely the business exchanges, that
it is of interest to notice that Joseph P. Griffin, former President of the Board of Trade, has suggested that the Chicago
Board of Trade cease functioning for a period of 60 or 90
days, beginning September 1. He adds that the plan "should
receive the approval of Senators Capper, Brookhart, Magnus Johnson and other celebrities who at the moment are
attempting to capitalize discontent and unhappiness among
the farmers. It is only fair for me to issue warning, however,
that such an object lesson, in my opinion, would be disastrous, for farm products, with exchange operations suspended, would only find a market by making a door to door
canvass. On the other hand, it probably would for all time
protect the producer against demagogues." When the cotton
exchanges of this country suspended operations on account
of the war from August 1 to November 16 1914 the price
drifted rapidly down to 5 cents per pound or lower at the
South. The farmer did not know what cotton was worth.
In different parts of the same State there was said to be a
difference sometimes of a cent a pound. The farmer was
lost without the standardized prices of the big cotton exchanges. He received a lesson which he should not readily
forget. Grain has declined because of an excessive world's
supply and sharp competition among exporting nations for
the European market, not on account of speculation.
At Lawrence, Mass., none of the mills engaged in the production of cotton yarns or fabrics is operating to its normal
capacity, but only one, the Pacific Mill, is making any
marked curtailment. Its print works, where ordinarily 125,000 pieces are produced weekly, now run on a four-day week,
resulting in a decrease of about 33%% from the ordinary

AUG. 4 1923.]

THE CHRONICLE

489

Production.
weekly production. At Clinton, Mass., the Lancaster Mills,
The Federal Reserve index of production in basic industries, which makes
on
indefinitely
shut
down
will
depression,
business
to
owing
allowance for seasonal variation, was 4% lower in June than in May, and
September 1, affecting 2,000 operatives, whose vacation be- stood at about the level of the late winter. Mill consumption of cotton, steel
and sugar meltings showed particularly large reductions. The
gins on August 8. They are notified not to return until ingot output,
value of permits for new buildings and of contracts awarded declined ink
mills
decided
Carolina
have
South
following
notified. The
June more than is usual at that season.
The Department of Agriculture forecasts, on the basis of July 1 condition,
upon plans for curtailment of production: Orr Cotton Mills,
a large increase in the cotton crop, a slight reduction in the corn crop, a
spinCo.,
41,280
Manufacturing
Chiquola
spindles;
62,272
winter wheat crop of about the same size as last year, and a spring wheat
dles, 1. e. 10 days from August 1. Brandon Mills, 93,700 crop which will possibly be about 40,000,000 bushels below 1922.
The number of factory employees at work in June in the country as a
spindles; Poinsett Mills, 27,776 spindles, Woodruff, 44,052
was about as large as in May, though a reduction is reported by New
whole
Brogon
4
spinto
Mills,
August
30,468
15.
spindles, from
England establishments. The proportion of factories reporting full time
dles; Toxaway, 30,384 spindles; Williamston, 32,356 spin- operations decreased and consequently average earnings per employee were
dles, and Calhoun, 600 spindles, from July 28 to August 6. smaller. Wage advances continued to be reported in June, but they were
so numerous as in April or May.
Many of these plants will be closed alternate weeks, or until not nearly
Trade.
the market conditions improve. They include many of the
Distribution of commodities as measured by railroad freight shipments,
cloths
mills
making print
best equipped and well managed
was active throughout June. The number of cars loaded exceeded one million
and sheetings in the South and are being closed solely be- in each of four successive weeks, and in the week ended June 30 was the
on record.
cause prices current do not permit of any profit even at the largest
The volume of wholesale and retail trade in June was about the same as in
lowest future cotton price yet recorded. At Chattanooga, May and continued to be substantially larger an in 1922. Sales of growas reflected
Tenn., the United Hosiery Mills suspended operations on ceries and dry goods were much larger in June and this increase
an advance of 4% in the Federal Reserve Board's index of wholesale trade.
July 31 owing to a strike of 1,200 workers. At Newberry, In
9% above
was
changes,
seasonal
for
allowance
This index, which makes no
S. C., the cotton mills operating about 110,000 spindles on the June 1922 level. Department store and mail order sales were smaller,
chain stores were at about
drills, sheetings and print cloths, have agreed to curtail pro- as is usual at this season, while sales of reporting
same high level as in May. Stocks of merchandise at department stores
duction at least one week in August. They are the Mollo- the
were reduced about 6%.
1Vholcsak Prices.
hon Manufacturing Co., Newberry Cotton Mills and Oakland
Cotton Mills. The agreement came about to prevent migraThe decline in commodity prices which began late in April, conthmed
'of July. The index of the Bureau of
first two weeks
tion of operatives and to give opportunity for collective during June and theJune
was 2% less than for May. The largest decline,
Labor Statistics for
recreation. The curtailment around Labor Day week, it is amounting to 4%, occurred in the prices of building materials, and decreases were shown also for all the other commodity groups, except house
said, will reach fully half the total cotton mill equipment.
which remained unchanged. During the first half of July, price
At Holyoke, Mass., on July 30, the beginning of the sec- furnishings,
declines were shown for wheat, sugar, petroleum and lead, while the prices
ond week of enforced idleness for most of the paper mill of corn and hides advanced.
Bank Credits.
workers of the city, due to the strike of union stationary
Banking developments between the middle of June and the middle of July
firemen and the forced shutdown of the mills, saw many of
largely reflected the payment of income taxes on June 15, dividend and interthe idle workers making efforts to obtain work elsewhere. est payments at the turn of the half year, the demand for additional currency
The firemen seek an increase from 73 to 80 cents an hour. for the July 4 holiday, and return flow of currency after that date. At the
bank and Federal Reserve Bank
The Skinner Silk Co. and the Farr Alpaca Co., Holyoke's end of the period the volume ofatmember
the same level as a month earlier. At
credit in use was approximately
on
July
for
repairs,
30
industry,
a week for
closed
largest
the Federal Reserve Banks the amount of discounts for member banks on
causing idleness for some several thousand operatives. Ac- July 18 was about $100,000,000 larger than on June 13, but this increase
of acceptances and Governcording to a survey by the National Industrial Conference was practically balanced by a decline in holdings
ment securities.
Board, the American wage earner is better off to-day than
During the month of June gold and gold certificates in circulation inat the "peak period" of 1920 because the rise in wages has creased by over $40,000,000 and this increase is reflected in a decline of gold
held by the Federal Reserve banks.
exceeded the rise in living costs.
Money rates were slightly firmer, as is usual at this season of the year.
Sears, Roebuck & Co.'s sales for July were $14,960,000,
against $13,333,349 in June and $12,244,961 in July 1922. For
Federal Reserve Bank of New York on Building
seven months their sales are stated at $121,738,196, against
. Construction.
the
same
in
in
Ward
time
1922.
Montgomery
$94,748,186
Regarding building construction, the Federal Reserve
& Co.'s sales in July were $7,491,908, against $11,612,004 in
June and $5,110,163 in July last year; total for seven months Bank of New York has the following to say in its August 1
$71,928,920, against $46,910,634 in the same time last year. "Monthly Review":
There was a further decrease in June in the value of building permits
The total mail order sales in July were 10% under those of
granted in 158 principal cities, although the value of permits issued in New
Thus
30%
larger than in July last year.
June, but close to
York City was larger than the much reduced May figure. The principal defar in 1923 total sales by wholesale firms in all sections of creases were in the Central States. The volume of contract awards, which
weeks, has begun to reflect
the United States have surpassed for each month the levels tends to follow the granting of permits by some
the decline of previous months in building permits. Building contracts
reached in corresponding months in 1922. Sales in June, ac- awarded in 36 Eastern States in June were 14% less than in May and were
cording to the Federal Reserve Board's index, were 4% less than in June 1922. For the first six months of the year contract awards
the first half of 1922. The largest
larger than in May and 9% larger than in June 1922. Oil were 9% larger than the high figures ofconstruction.
increase over last year was in industrial
men call for a 30-day halt In production to cut surplus.
This bank's index, which compares building permits granted with the
Wells in Pennsylvania, Oklahoma, Kansas and Texas would amount normally to be expected, declined from 22% above the estimated northis index, allowance has
be affected by shutdown. Jobbers protest, urging a cut in mal in May to 14% above in June. In computingfor
seasonal variation, and
been made for changes in the cost of construction,
prices. The capacity of the territory involved is approxi- for year to year growth of the industry.
Building wages were slightly higher in June than in May, but the cost of
mately 750,000 barrels of crude oil daily. An endless flood
building materials was somewhat lower, so that the net result was a slight
of crude oil from California recently is the leading factor in reduction
in the cost of building. This bank's index for May stood at 201%
piling up the extraordinary mid-West surplus, experts say. of the 1913 average cost and for June at 198%.
Rains for 48 hours early in the week in New York and
vicinity greatly relieved a serious shortage in the water
.Federal Reserve Bank of New York on Production
supply of Yonkers, Mt. Vernon, Peekskill and East Chester
in Basic Industries.
and staved off a threatened shortage in Ossining. The rain
Production indexes computed by this bank, says the k`edalso increased New York City's Croton supply. Yonkers eral Reserve Bank of New York in its August 1 "Monthly
stopped buying a temporary supply of water from New York Review," show
decreases during June in ten industries and
City's Catskill plant after taking 2,500,000 gallons. Lat- advances in only two, the copper and automobile industries.
terly it has grown warmer here, rising to 79 on Thursday. The bank continues:
To-day was warm, with signs of rising temperatures. It
The indexes for anthracite coal and petroleum remained unchanged. The
consumption and sugar
was rainy and abnormally coal in the fore part of the week. principal decreases were in iron and steel, cotton cases,
accompany lower
meltings. The declines in production, in many
The temperature on July 31 was down to 59 degrees.
of stocks.
accumulation
and some
prices, smaller advance

Federal Reserve Board's Summary of Business
Conditions in the United States.
While production of basic commodities declined in June,
employment was maintained at the previous month's high
level, freight shipments were exceptionally large, and the
volume of wholesale and retail trade continued heavy, according to the summary of business conditions made public
on July 26 by the Federal Reserve Board. Adding that
wholesale prices showed further decrease, the Board continues:




orders,
The aggregate of production of bituminous coal for the first six months of
the calendar year was 273,000.000 tons, as compared with an average of
228,000,000 tons for the five years, 1919 to 1923. During the second quarter of the year reserve stocks increased about 5,000,000 tons.
Prduction of crude petroleum in June was larger than the estimated consumption and stocks were increased by about 6,000,000 barrels. Production
in the first six months of the year has been more than 25% greater than in
the first half of 1922. Since April 1 the average price of ten major crack
oils has declined 24%.
Unfilled orders on the books of the United States Steel Corporation on
June 30 were announced as 595,000 tons less than on May 31, and the reduction since March 31 has been 1,000.000 tons. There have also been decreases in the outstanding orders for qtnictural steel as reported by the Structural Steel Society.

490

THE CHRONICLE

Domestic mill consumption of cotton during June was 542,000 bales, compared with 621,000 bales in May. A number of the New England mills announced the curtailment of operations to three days a week. Silk mills have
also been less active than in previous months.
June production of passenger automobiles was 336,000 cars, a decline of
14,000 cars from May, while the truck output of 40,500 represents a decline
of 2,500 from the preceding month, according to reports from 90 passenger
car and SO truck manufacturers to the Department of Commerce. These decreases are less than are usual at this season and this bank's index advanced
accordingly.
The following table shows indexes of production computed by this bank
in percentages of estimated normal production. Allowance has been made
for seasonal variations and year to year growth:
( Estimated Normal=100 Per Cent.)
1920 1921
1923
June. June. March. April. May.
Pig iron
111
38
110
114
124
Steel ingots r
118
37
114
115
122
Bituminouscoal
115
85
105 . 117
114
Anthracite coal
96
90
112
102
98
Copper, U.S. mine
94
16
90
89
95
Tin deliveries
122
29
110
114
132
Petroleum
105
106
127
139
134
Cotton consumption
105
107
85
101
108
Wool mill activity *
97
118
99
120
118
Wheat flour
96
122
104
110
113
Meat slaughtered
105
110
119
120
116
Sugar meltings, U. S. ports_ _ 108
81
132
122
118
Wood pulp
121
67
102
100
120
Paper, total
122
t
72
109
114
Lumber
95
136
84
119
125
Tobacco consumption
104
92
91
89
93
Cement
97
146
100
134
1t3
Gasoline
105
94
121
115
108
Zinc*
88
39
85
82
83
Leather, sole
102
87
106
103
96
Automobile production
135
142
150
* Seasonal variation not allowed for.
liminary. r Revised.

June.
122
114
109
98
/397
92
139
96
107
79
128
--75
93
159

t Not reported for March. p Pre-

- Employment and Wages in Federal Reserve District
of New York.
Lessened production in June was accompanied by a reduction of I% in the number of workers employed in New York
State factories, as reported by the New York State Department of Labor, says the "Monthly Review" of the Federal
Reserve Bank of New York, which continues:
Confirmation of this tendency is found in reports from employment agencies throughout the State of some increase in the number of persons seeking
factory employment. There continues to be a shortage, however, of factory
workers, building artisans and laborers, and farm laborers.
Average weekly earnings in representative factories in New York State
were $27 84 in June, or 21 cents higher than in May. Earnings were higher
in all industries except those in which seasonal inactivity reduced working
time, and the average was only about 4% below the maximum of October
1920.
Wage increases in industrial establishments throughout the United States,
as reported by the National Industrial Conference Board, totaled 137 in the
month ended July 14, compared with 287 in June and 201 in May.

[Vol.. 117.

publication no other conclusion can be drawn •om the falling
off in new business reported by various authorities and associations. It is particularly accentuated in a time like this,
when no one in authority is apparently willing to sponsor the
belief that national construction requirements have been
met. Based upon the Census Bureau's estimate of building
construction requirements for increase in population alone,
It will take ten years to even approach the nation's needs in
this respect. The Dow Service then goes on to say:
It is evidently the radiod voice of the country's building investors, amplified through a million mills and factories, warning that the public buying
power in 1923-24 will not be as elastic as that of 1920-21. It is a summons
to the building industry of the United States to anticipate, rather than
await, the arrival of the long expected post-war readjustment period. The
fact that in a single month building material prices, on a national average,
have dropped 4% augurs well for the interpretative powers of building
material producers. It is not enough to appease the public, however.
May will probably mark the peak of the national building boom as far
as building material orders are concerned. It may also mark the price
pinnacle. In that month it is .computed that building construction was
proceeding at the rate of 5 1-3 billion dollars a year. The June rate was
approximately 4 3-5 billion dollars, or about $700,000,000 a year more than
available capacity in building material manufacturing plants can turn out.
At the present time unfilled orders show reduction. In face brick, for instance, unfilled orders May 31 totaled 57.363.000 brick, June 30 the unfilled
order total was 43,283,000 brick. In the structural steel department the
percentage of plant capacity employed was 51 in June,57 in May,as against
81 in April and 95 in March.
June production of cement was 500,000 barrels below May. Shipments
were 7% below the preceding month and stocks of cement were 9% below
those in May.
Lumber records for four weeks preceding July 14 and June 15 follow:
-Feet Board Measure
June 15.
July 14.
Cut
1.110,965,368
1,008.373,479
Shipments
1,018,774,162
905,101,407
Orders
823,111,734
762,150,863
June construction contract awards were $323,559,000 as against $374,400,000 in May. The square footage of construction planned for June was
46,344,000 against 60,526,000 in May. New York City, not counting
Richmond, showed new building plan filings of $40,055,898 in the first
three weeks of June against $31,323,355 in the same period in July.

Consumption of Gas and Gas Appliances the
Largest in History.
The manufactured gas utilities of the country are not only
selling the greatest volume of gas in their history, but sales
of gas-burning appliances are showing corresponding increases. According to reports filed with the American Gas
Association, more than $40,000,000 worth of appliances will
be sold to the public in 1923 by gas companies alone, exclusive of sales made by dealers who do not report to the Association. This means that for the 9,200,000 meters in service,
more than four dollars per meter will be spent this year in
gas company salesrooms for ranges, water heaters, lighting
units, room heaters and other appliances. To take care of
unprecedented service demands, the Association says that
gas companies are successfully financing a building and expansion program that will enable them in 1923 to add to
their service mains several thousand industrial shops and
plants and about 400,000 household customers.
"The big end of the gas business is rapidly shifting to the
Industrial field," the Association states. "In the last ten
years the total production of gas has increased 100%, while
during the same period the consumption of gas for industrial
heating uses has increased 1,000%. The growth of the Industrial business has been particularly pronounced during the
last two years, when coal strikes and transportation difficulties have caused thousands of plants and shops to change
from solid fuel to gas."

• Flour Production in June Falls Off Over a Million
•
Barrels.
Flour production in the United States in June fell over a
million barrels below the product for the previous month
according to figures compiled by the Bureau of the Census.
It appears that 1,025 mills in June ground 27,965,838 bushels
of wheat and produced 6,104,050 barrels of wheat flour and
490,430,656 pounds of wheat grain offal. The mills reporting had a 24-hour capacity in wheat flour of 652,212 barrels.
On the other hand, during May 1,060 mills reported 34,031,418 bushels of wheat ground, 7,453,428 barrels of flour and
592,063,500 pounds of wheat grain offal. The full daily capacity of the reporting mills was 655,389 barrels daily. The
report, which is the second issued by the Bureau of Census,
includes only mills which are now manufacturing at the rate
of 5,000 or more barrels of flour annually. The Census reElectrical Record Year—Central Stations of Country
port goes on as follows:
Set New Mark in Expenditures for Extending
The figures for June include reports from 989 companies operating 1,025
Service.
mills, and these same establishments produced 78.3% of the total wheat
flour reported at the biennial census of manufacturers, 1921. The May
A compilation of reports from electrical central stations
figures as revised include 1,027 companies operating 1,060 mills whose com- throughout the country shows this
year an unprecedented
bined products amounted to 79.9% of the total in 1921.
The wheat ground averaged 275 pounds per barrel of flour in June and rate of development and expansion, according to the New
274 pounds in May. The offal reported amounted to 17.5 pounds per York State Committee on Public Utility Information. So
bushel of wheat in June and 17.4 pounds in May.
far there has been a total expenditure for additional service
-Production---Datly(24-hr.)
Wheat
Wheat
Wheat
Mills
capacity in of approximately $602,000,000. This sum is divided among
flour
ground
grain offal :cheatflour the four main branches of the electrical industry as follows:
reporting
(barrels).
(bushels).
(pounds).
cmth. (No.)
(barrels). steam generating plants, $209,417,000; transmission
systems,
6,104,050
27,965,838
490.430,656
1,025
652,212
June
7,453,428
34,031,418
592,063,500
1,060
May
655.389 $125,200,000; hydro-electric plants, $74,396,000; distribution
systems, $193,130,000. A comparison of these developments
with those of the two preceding years shows the present
Shrinkage in Building Material Orders.
growth now under way:
Shrinkage of basic building material orders during the
Steam Generating Hydro-electric Transmission
Distribution
Plants.
Plants.
Systems,
last 30 days is interpreted by The Dow Service, published by
Systems.
$49,858,000
1921
$45,808,000
$60,067,000
$59,077.000
the Allen E. Beals Corporation, as a nation-wide protest 1922
100,543.000
63.790,000
75,588.000
84,096,000
against ascending construction costs. According to this 1923
209,417,000
74,396,000
125,200,000
193,130,000




AUG. 4 1923.]

491

THE CHRONICLE

New High Record for Railroad Freight Car
Loading.
A new high record for all time in the number of freight cars
loaded with revenue freight was established during the week
which ended on July 21, according to the Car Service Division
of the American Railway Association. The total for the
week was 1,028,927 cars. This exceeded by 7,157 cars the
previous record week, which was that of June 30 this year,
when 1,021,770 cars were loaded. This also was the seventh
week this year that loadings have exceeded the million car
mark. The total for the week of July 21 was also the third
time this year that freight loadings have exceeded the record
which was established during the week of Oct. 14 1920, when
1,018,539 cars were loaded. This record up to that time
had never before been approached, and remained the high
mark until this year. Freight loadings for the week of July
21 this year also exceeded the corresponding week last year
by 183,379 cars, and the corresponding week in 1921 by
240,893 cars. It also exceeded by a wide margin the corresponding weeks in 1918, 1919 and 1920.
Compared with the previous week this year, it was an increase of 9,260 cars, with increases over the week before being reported in the loading of grain and grain products, coke,
forest products and merchandise nad miscellaneous freight,
which includes manufactured products. After noting these
facts, the report goes on to state:

The general increase in rates of wages was continued in a lesser degree
during the month ending June 15, 472 establishments reporting an average increase of 10.7%,affecting 77,723 employees,or 51.8% of all employees
in these establishments,and 3.5% of all employees covered. Approximately
3,000 establishments have reported increased wage rates during the last
four months.
Comparing identical establishments in June and May, 21 of the 50 industries show increases in employment in June and 23 industries show increases
in pay-roll totals. The greatest increases in both cases occurred in the
structural ironwork, confectionery and ice cream, baking and sawmill industries, with men's clothing and slaughtering and meat packing joining
the group as to pay-roll totals Structural ironwork leads in employment
gain with 5.2%,and men's clothing in increased pay-roll total with 7.1%.
Fertilizers show a further decrease of 13.6% in employment and of 12%
in pay-roll total, followed by women's clothing with decreases of 6.8%
and 7.8%, respectively.
Millinery and lace goods, automobile tires, sugar refining and agricultural
implements show from 6.2% to 4.5% decreases in employment, and agricultural implements, dyeing and finishing textiles, automobile tires, automobiles, and boots and shoes have decreased pay-roll totals of from 7.7%
to 5.1%.
Twenty-three out of 50 industries show increased per capita earnings in
June, as compared with 36 out of 47 in May.
For convenient reference the latest figures available relating to all employees, excluding executives and officials, on Class I railroads, drawn from
Inter-State Commerce reports, are given at the foot of the first and second
tables.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN MAY AND JUNE, 1923.

Industry1

No. on Pay-Roll
No.°, in One WeekEstatfish- May, June,
ments 1923. 1923.

% of Amount of Pay-Roil % of
Inin One WeekIncrease
crease
or DeJune,
May,
or Decrease.
1923.
1923.
crease.

Agrlcul. implements.. 70 23,983 22,903 -4.5 8644,146 3594,502 -7.7
-.5 8,925,870 8,474,064 -5.1
Automobiles
181) 263,216 261,969
Automobile tires.- 70 47,372 44,597 -5.9 1,490,022 1,397,309 -6.2
221 30,201 31,401 +4.0
793,688 827,260 +4.2
Baking
161 68.554 66.298 -3.3 1,503,896 1,427,921 -5.1
Boots and shoes
296,850 +3.0
8 12,156 12,102
288,157
-.4
Boots & shoes,rubber
300 23,396 23,828 +1.8 603,983 616.428 +2.1
Brick and tile
Car bldg. & repairing 187 147,739 152,026 +2.9 4,419,380 4,571,820 +3.4
22 20,384 20,413
-.4
566,962
Carpets
569,490
+.1
74,975 -4.2
Carriages & wagons_ 39
78,277
3,371 3,280 -2.6
72 20,628 20.914 +1.4
578,450 592.973 +2.5
Cement
98 21,577 21,387
-.9 560,252
551.587 -1.6
Chemicals
178 51,197 52,359 +2.3 1,382,488 1.480,200 +7.1
Clothing, men's
140 14,136 13,181 -6.8 350,830
323,365 -7.8
Clothing, women's
Confectionery and
116 12,721 13,259 +4.2 258,723 269,149 +4.0
ice cream
244 155,018 152.306 -1.7 2,884,726 2,759,808 ----4.3
Cotton goods
Dyeing and finishing
839,031 -7.7
65 28,748 27,625 -3.9 692,387
textiles
Electrical machinery,
apprees & supplies 112 95,097 94,581
-.5 2,665,188 2,701,298 +1.4
109
148,729
7,515 6.494 -13.6
130,856 -12.0
Fertilizers
259 11,841 11,747 -0.8
297,059
298,528 +0.5
Flour
Foundry & machine
451 136.658 137,960 +1.0 4,054,644 4,123,064 +1.7
shop products
891,938 -1.8
259 39.542 39,080 -1.2
908,165
Furniture
687,795 -0.5
691,256
96 27,424 27,400 -0.1
Glass
542.975 +1.3
31 21,167 21,220 +0.3 535,816
Hardware
Hosiery & Knit goods 228 75,606 74.805 -1.1 1,261,453 1,218,835 -3.4
+1.5
+2.5
6,487,863
216,264
6,390,933
211,024
166
Iron and steel
718,510
710.503 -1.1
129 28,294 28,111 -0.6
Leather
847,774
663,445 +2.4
182 26,918 26,484 +1.8
Lumber, millwork
Lumber, sawmills_ 236 67,238 69,197 +2.9 1,367,532 1.429,561 +4.5
286,252
291,470 +1.8
68 10,491 10,396 -0.9
Machine tools
198,836
190.522 -4.0
9,510 8,923 -6.2
Millinery & lace g'ds _ 57
175 51,563 51,928 +0.7 1,360,703 1.362,502 +0.1
Paper and pulp
140 13,978 14,216 +1.7
288.530
294,047 +1.9
Paper boxes
62 53,859 53,280 -1.1 1,700,371 1,704,225 +0.2
Petroleum refining
208.543 209,109 +0.3
7,389 7,444 +0.7
Pianos and organs_ _ _ 28
43 10,107 10,239 +1.3 265,224
262,968 -0.9
Pottery
784,037
777,838 -0.8
Printing, book & Job_ 192 23,070 23,339 +1.2
Printing, newspapers 193 42,630 42,353 -0.7 1,588,282 1,577,334 -0.7
27 19,437 19,557 +0.6
601,941
.592,759 -1.5
Shipbuilding, steel
390,094
93 25,097 24,635 -1.8
378.901 -2.9
Shirts and collars
192 53,871 .52,985 -1.6 1.149,946 1.131.895 -1.6
Silk goods
Slaughtering & meat
66 69,033 71,893 +2.8 1,728,227 1.809,555 +4.7
packing
Stamped Sz enameled
32 12,651 12,257 -3.1
279,536 -2.3
286.254
ware
Steam fittings and ,
steam & hot water
518.255 -0.4
heating apparatus. 78 16,628 18,594 -0.2
520,152
81 16,091 16,019 -0.4
442,693
436,906 -1.3
Stoves
290,561
306,717 +5.6
Structural ironworks 110 10,537 11,086 +5.2
10 10,747 10,216 -4.9
306,950 -3.4
Sugar refining
317,623
Tobacco56,934
3,794 3,808 +0.4
56,997 +0.1
Chewing & innok'g 30
549,268
568,426 +3.1
Cigars & cigarettes 176 31,471 31,425 -0.1
159 66.362 65,781 -0.9 1,683.512 1.660.712 -1.4
Woolen goods
Mar.15'23 $1 800,263 1
•8248,582,321
Railroads, Class I
J
1 -3.9
fi
• 23 Ali.R514
Apr. 1523 1.827.425(4.1.5114
Note.-' Pay-roll total for one month.
Comparing June, 1923, with June, 1922, of the 13 industries for which
data are available, all but men's clothing and cigars and cigarettes show
Employment in Selected Industries in June 1923. Increased employment, while all the industries show increased pay-roll
totals.
An increase of less than one-tenth of 1% in June as comWoolen goods (44%), car building and repairing and automobiles (29%)
pared with May in the number of employees for fifty indus- and silk goods (21%) lead in increased employment, while woolen goods.
from 63% to 58%•
tries combined, is reported by the United States Depart- Iron and steel and silk goods show increased pay-rolls of
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
ment of Labor, in its monthly statement issued July 21. A
DURING ONE WEEK IN JUNE 1922 AND JUNE 1923.
decrease of 0.6% in the total amount paid in wages occurred
*
No. on Pay-Roll % of Amount of Pay-Roil % of
during the same period, according to the Department's
Inin One WeekNo.of in One Week- InMEW
Crease
Industry-Rsiabstatement, which likewise says that "comparing June 1923
June
or DeJune
• list- June
June or Decrease.
1923.
1922.
ments 1922. 1923. crease.
with June 1922, of the thirteen industries for which data
are available, all but men's clothing, and cigars and cigar- Automobiles
37 109,090 140,603 +28.9 3,560.005 4,636,126 +30.2
936.284 +14.5
817,818
Boots and shoes
88 38,693 42,013 +8.6
ettes, show increased employment, while all the industries Car bldg. & repairing
railroad
57 45.216 58.312 +29.0 1,259,580 1.878.662 +33.3
show increased payroll totals." The Department's state- Clothing.
856.887 +21.6
men's
41 26,399 26,056 -1.3 704.726
854.380 +38.7
Cotton goods
63 41,402 46,514 +12.3 625,217
ment follows:
The U. S. Department of Labor, through the Bureau of Labor Statistics. Dyeing and finishing
388.399 +35.7
288,184
textiles
28 14,506 16.942 +16.8
here7presents reports concerning the volume of employment in June 1923
486.840
522,599 +7.3
Hosiery & knit goods 76 29,844 30,064 +0.7
from 6,441 representative establishments in 50 manufacturing industries. Iron and steel
111 120,871 141,532 +17.1 2.805,803 4,158.095 +59.8
286,667
322,638 +21.0
38 12,013 12,870 +7.1
covering 2,251,565 employees whose total earnings during one week in Leather
614.982 +29.5
Paper and pulp
70 20,671 23.146 +12.0 474,754
June amounted to 560.066.469.
241,561
+21.5
15,981
381,018 +57.7
13,156
goods
Silk
35
Identical establishments in May reported 2,251.037 employees and total Tobacco, cigars and
pay-rolls of $60.409,157. Therefore in June, as shown from these un286,94
54 15,008 14,935 -0.5
+1 e
282,448
cigarettes
318,294
517.840 +8211
15 13,168 18,964 +44.0
weighted figures for 50 industries combined, there was an increase over May Woolen goods
•197,052,350
1 582.984
f
Railroads,
number
0.6%
April
the
of
in
employees,
of
decrease
1922
a
15
1%
of
ono-tenth
than
less
of
59RO nate aro
1 597 495 4.150
01•00 1 1 .1.,..ii In In',,
rwv,avv.o.o +21.3
n total amount paid in wages, resulting in a like decrease in the average
•Earnings in one month.
weekly earnings.

While the number of cars loaded with revenue freight for the week of
July 21 was an increase for the country as a whole of 21.7% over the conespending week last year, when the miners' strike was in progress, freight
loading in the Western district increased only 12;i% and in the Southern
district 14.1%. The increase in the Eastern district, which includes the
Pocahontas district. was 31.7%. partly due to curtailment in coal loading
last year because of the miners' strike.
At the same time the railroads established a now high record In the
number of freight cars loaded, they had nearly 80,000 surplus freight cars
in good repair and immediately available for service if necessary, while the
reported car shortage amounted only to approximately 7.900.
The handling of this heavy freight traffic is due to a faster movement
of both loaded and empty freight cars. Reports to the Car Service Division
show that on July 25 fifty-two of the principal railroads of the country,
representing approximately 90% of the mileage of the Class 1 railroads,
moved 952,149 empty and loaded freight cars, the largest number for any
one day in the history of the railroads. The previous record was established on Oct. 28 1920, at which time 947,098 freight cars were moved.
Loading of merchandise and miscellaneous freight for the week of July 21
was 584.407 cars, an increase of 7,293 over the week before. Compared
with the corresponding week last year, this was an increase of 28,665 cars,
and with the corresponding week in 1921 it was an increase of 115,584.
Loading of grain and grain products totaled 46,275 cars. 5,860 cars above
the week before but a decrease of 10,912 cars under the same week last
year. This also was a decrease of 18.440 under the same week two years
ago.
Live stock loading totaled 32,454 cars, 272 under the preceding week but
an increase of 5,073 cars over the corresponding week in 1922, and an increase of 8,198 cars over the corresponding week in 1921.
Coal loading totaled 190,788 cars. While this was a decrease of 3,043
cars under the week before, it was an increase, owing to the miners' strike
thich was in progress this time last year, of 118.368 cars over the same week
one year ago and an increase of 40,983 cars over the same week in 1921.
Loading of forest products amounted to 75.808 cars. This was not only
an increase of 4,040 cars over the week before, but was an increase of 17,647
cars over the corresponding week last year and an increase of 32,750 cars
over the corresponding week two years ago.
Ore loading totaled 84.307 cars, 4,991 cars in excess of the preceding week.
This also was an increase of 19,568 cars over the same week last year and
an increase of 50,700 cars over the same week two years ago.
Coke loading totaled 14,888 cars, 373 above the week before and 4,950
cars above the same week last year. It also was an increase of 11,118 cars
over the same week two years ago.
Compared by districts. increases over the week before in the total loading of all commodities were reported in the Eastern, Allegheny, Central
Western and Southwestern districts, while decreases were reported in the
Pocahontas, Southern and Northwestern districts. All districts, however,
reported increases over the corresponding week last year, while all except
the Southwestern reported increases over the corresponding week in 1921.




492

THE CHRONICLE

[VOL. 117.

Per capita earnings in 23 industries increased in June as compared with of the employees in the establishments concerned and 3.5% of the entire
May, the greatest increases being in men's clothing, rubber boots and number in all establishments covered.
The greatest number of establishments reporting increases in any one
shoes, and cigars and cigarettes. Among the 27 industries showing decreased per capita earnings automobilesled,followed by dyeing and finishing industry was 77 in foundry and machine shop products, followed by 32 in
furniture, 26 in sawmills, 24 in brick, 22 in men's clothing, and 21 in structextiles, and agricultural implements.
tural ironwork.
COMPARISON OF PER CAPITA EARNINGS IN JUNE 1923 WITH THOSE
Several establishments reported increases which were omitted from their
IN MAY 1923.
May reports, noticeably one iron and steel plant. which Increased rates of
wages over '7%ler14:60-reinployees on Apri=Therefore the May rePer Cent 01
Per Cent of
Change in
port, large as it was, did not show all wage increases made. The omitted
Change in
June as ComJune as Com- increases are not included here.
pared with

pared with
May 1923.
May 1923.
Clothing, men's
+4.7 Confectionery and Ice cream
-0.2
Boots and shoes, rubber
+3.5 Steam fittings and steam and hot
Tobacco, cigars and cigarettes_ _
+3.3
water heating apparatus
-0.2
Machine tools
+2.7 Tobacco, chewing and smoking__ -0.3
Millinery and lace goods
+2.3 Automobile tires
-0.4
Electrical machinery, apparatus
Glass
-0.4
and suptdes
+1.9 Leather
-0.5
Slaughtering and meat packing__ +Li) Pianos and organs
-0.5
Fertilizers
+1.8 Woolen goods
-0.5
Sugar refining, not Including beet
Carpets
sugar
+1.7 Paper and pulp
-0.6
Lumber, sawmills
+1.6 Chemicals
-0.7
Flour
+1.3 Furniture
-0.7
Petroleum refining
+1.3 Stoves
-0.9
Cement
+1.1 Iron and steel
-1.0
Hardware
+1.1 Shirts and collars
Stamped and enameled ware
+0.8 Clothing, women's
-1.1
Foundry and machine shop proCarriages and wagons
-1.6
ducts
+0.7 Boots and shoes
-1.8
Lumber, millwork
+0.6 Printing, book and Job
-2.0
Car building and repairing, RR...._ +0.5 Pottery
-2.1
Baking
+0.3 Shipbuilding, steel
-2.1
Structural ironwork
+0.3 Hosiery and knit goods
--2.3
Brick and tile
Cotton goods
--2.6
Paper boxes
+0.2 Agricultural implements
-3.4
Silk goods
+• Dyeing and finishing textiles
Printing, newspapers
-0.1 Automobiles
-4.6
• Less than one-tenth of 1%.

The amount of full-time and part-time operation in Juno 1923 in establishments reporting as to their operating basis is shown in the following
table, by industries. A combined total of reports from the 50 industries
shows that 83% of the 4,818 establishments reporting in June were on a
full-time basis, 16% oo a part-time basis, and 1% were. shut down. Similar
reports received in May from 47 Industries showed 85% of the establishments reporting on a full-time basis.
In June from 90 to 100% of the establishments reporting in 23 industries
out of 50 were working full-time, as compared with a similar condition in
20 industries out of 47 in May.
Men's clothing, sawmills, pottery, steel shipbuilding and sugar refining
all show considerable gain in operating time, while iron and steel shows a
few less establishments operating full-time.
FULL AND PART TIME OPERATION IN MANUFACTURING
ESTABLISHMENTS IN JUNE 1923.

WAGE ADJUSTMENTS OCCURRING BETWEEN MAY 15 & JUNE 15 1923.
isstactunnyis.

Industry,

Agricultural implem'ts
Automobiles
Automobile tires
Baking
Bootie and shoes, excluding rubber
Boots & shoes, rubber_
Brick anti tile
Car building as repairing, railroad
Carpets
Carriages and wagons_
Cement
Chemicals
Clothing, men's
Clothing, women's-.
Confectionery and ice

Increase.

Employees AJJ6Clea.

% OfEmployees
Total NunsNUM- her
AverIn Es- Its AU
her
ReRange
age
Total tablish- &stabRe- port- (Per Cent). (Per Number. menu
lishport- tap InCent).
Report- meats
ing, creases
tag In- Reportcreases. int1.
70
180
70
221

7
10
3
19

3.5-16.5
5 -16.5
5 -10
2 -30

11.5
7.6
7.1
8.9

253
619
36
719

21.6
10.1
5.2
21.3

1.1
0.2
0.1
2.3

161
8
300

4
1
24

5 -10
5
6.3-20

8.3
5.0
11.9

333
900
2,729

41.8
92.6
90.4

0.5
7.4
11.5

187
22
39
72
98
178
140

21
1
3
10
4
22
1

2 -12
10
10 -20
4.5-25
8 -15
2 -12
6

5.1
10.0
10.5
11.3
9.1
9.5
6.0

10,488
87
21
2,813
186
4,692
60

54.3
97.8
6.6
62.0
16.9
96.3
29.0

6.8
0.4
0.6
13.5
0.9
9.0
0.5

cream
116
Cotton goods
244
Dyeing and finishing
textiles
65
Electrical machinery,
appliances& supplies 112
Fertilizers
109
Flour
259
Foundry and machine
451
shop products
Furniture
259
Glass
96
Hardware
31
Hosiery & knit goods_ 228
Iron and steel
166
Leather
129
Lumber, millwork_ _ _ _ 182
Lumber, sawmills
236
Machine tools
68
Millinery & lace goods 57
Paper and pulp
175
Paper boxes
140
Petroleum refining _ _ _ 62
Pianos and organs._
28
Pottery
43
Printing, book & Job
192
Printing, newspaper
193
Shipbuilding, steel__ _ _ 27
03
Shirts and collars
Silk goods
192
Slaughtering and meat
packing
66
Stamped & enameled
ware
32
3team fittings, &c..._
78
3toves
81
3tructural ironworks. 110
3ugar refining (excluding beet)
10
robacco, chewing and
smoking
30
X1nrawn onnda
Ima

4
1

6 -11
10

9.2
10.0

23
112

14.7
100.0

0.2
0.1

8

10 -20

13.1

877

19.9

3.2

12
6
4

1.6-17
7 -20
2 -10

9.5
14.6
5.2

3,438
206
154

42.5
86.9
81.9

3.6
3.2
1.3

77
32
9
1
6
8
12

1.8-20
3.5-15
2 -15
8
5 -12.5
3 -10
3.8-10
5 -20
2 -25
5 -10
15
10 -12
5 -14
11 -14
5 -8
10 -10.7
5 -14
5 -20.9
5.5- 5.6
2

9.8
6.9
8.1
8.0
10.0
6.6
8.4
8.6
10.2
7.9
15.0
11.3
6.8
11.9
5.1
10.1
6.2
9.6
5.5
2.0
7.4

11,185
887
2,356
65
656
2,333
2,182
1,795
7,065
218
8
1,737
135
8.858
470
177
153
616
2,205
3
791

53.9
18.3
64.9
28.4
60.3
51.8
61.6
36.4
83.7
17.9
12.3
85.0
12.2
90.1
31.7
19.6
20.2
32.4
86.0
11.5
27.3

8.11
2.3
8.6
0.3
0.9
1.1
7.8
6.8
10.2
2.1
0.1
3.3
0.9
10.6
6.3
1.7
0.7
1.5
11.3
•
1.5

19
26
8
1
5
9
11
4
2
4
7
2

Establishments Reporting-% Opera:- % °Pending Full- jug Part%
IndustryTotal.
Time.
Idle.
Time.
Agricultural implements
37
se
14
-Automobiles
93
131
7
-1
Automobile tires
57
75
.4
21
2.5-12.5
7
Baking
__
161
91
9
Boots and shoes. not including rubber 97
1
6
6.0
137
7.8
0.2
79
21
-Boots and shoes, rubber
67
3
33
7
2
-33.3
14.2
075
35.8
8.0
Brick and tile
254
16
83
2
9
5 -16
8.6
281
21.3
1.7
Car building and repairing, railroad_ 135
10
97
3 -18
2
9.9
687
1
28.7
4.3
Carpets
3 -25
21
8.8
542
21.2
4.9
14
93
7
-Carriages and wagons
29
10
7.5-10
3
8.7
2,124
87.6
20.8
Cement
63
97
__
3
Chemicals
62
7.5
5 -10
64
13
2
2
21.4
1.7
q
A K_In
en
079
*AO
n A
Clothing, men's
91
97
s
1
Clothing, women's
67
* Less than one-tenth of 1%.
18
79
3
x Also one decrease of 10%,affecting 87% 01 250 employees.
Confectionery and ice cream
__
73
66
34
Cotton goods
82
212
17
I
Dyeing and finishing textiles
63
__
so
38
Electrical machinery apparatus and
supplies
The Over-Production of Petroleum.
71
90
__
10
Fertilizers
53
94
39
7
Data
compiled
by the Geological Survey for June show
Flour
226
64
34
2
Foundry and machine shops products 376
7
92
1 that during the first half of this year more than 337 million
Furniture
177
89
10
1 barrels of petroleum were produced in the United States.
Glass
76
5
75
20
The annual rate of 674 million barrels Is only 22 million
Hardware
20
100
:
Hosiery and knit goods
barrels less than the entire world's production in 1920. De78
170
22
-ron and steel
132
80
18
- crease in imports of "crude oil,"
I2
reported by the Bureau of
74
Leather
89
8
3
Lumber, millwork
123
93
7
-- Foreign and Domestic Commerce, from 77 million barrels
Lumber, sawmills
205
9
90
1 during the first half of 1922 to 40 million barrels in the first
50
Machine tools
92
- half of 1923,
8
emphasizes the changed conditions in Mexico.
37
14
86
Millinery and lace goods
The decrease in imports was offset by shipments to eastern
117
90
9
Paper and pulp
103
81
19
_ _ ports in the United States of more
Paper boxes
than 20 million barrels of
36
75
22
3
Petroleum refining
California crude oil through the Panama Canal. Consump16
__
Pianos and organs
38
100-21
es
11 tion of crude oil as indicated by deliveries to consumers,
Pottery
90
144
10
_ _ including unmeasured losses,
Printing, book and job
increased from 269 million
118
-100
Printing, newspaper
barrels during the first half of 1922 to 339 million barrels in
18
89
6
Shipbuilding,steel
94
65
5
1 the first half of 1923; pipe-line and tank-farm stocks of
Shirts and collars
86
174
14
_ - crude petroleum
Silk goods
increased to the record high quantity of 283
51
92
8
-Slaughtering and meat packing
million barrels, sufficient to meet current consumption for
90
21
10
Stamped and enameled ware
157 days. The figures given below for the States east of
Steam fittings and steam and hot wa91
65
9
-- California,
ter heating apparatus
compiled from reports made by pipe-line and
71
29
65
Stoves
-96
4
_ other companies to the Geological Survey, show the quantity
90
Structural ironwork
83
17
_ _ of petroleum transported
6
Sugar refining, not incl. beet sugar
from producing properties. Pe65
35
26
Tobacco. chewing and smoking
71
28
-1 troleum consumed on the leases and produced but not trans131
Tobacco,cigars and cigarettes
93
7
151
Woolen goods
-- ported from the producing properties is not included. These
Increases in rates of wages effective during the month ending June 15 Items are given in the final annual statistics, which show
Were reported by establishments in 49 out of the 50 industries considered, gross production-all
the oil brought to the surface. The
cigars and cigarettes,for the second month in succession, reporting no wage
adjustments. These increases were reported by a total of 472 establish- figures for California, it is stated, are those reported by the
ments as compared with 1,279 in May and 800 In April. The average in- Pacific Coast office• of the American Petroleum Institute
creases ranged from 2% to 15%, with a weighted average for all industries
combined of 10.7%. The increases affected 77,723 employees, being 51.8% and show estimated gross production.




90
84

Production of Petroleum by States.
Barrels of
42 U. S. Gallons.
State.

May 1923.

I

Daily
Total. I Average.

June 1923.
Total.

Daily
Average.

Indiana:
Southwestern-Northeastern--

72,000,
20,0001

92,000
TotalIndiana
2,859.000,
Kansas
671.000
Kentucky
Louisiana:
196.000!
Gulf Coast___.
Rest of State__ 1,979,000;
Total La_ 2,175,000',
206,000'
Montana
106,000
New York
Ohio:
Cent.&Easter
Northwestern _

433,000
193,000

Total Ohlo__

626,000

2,323
645

70,0001
20,000

Jan.-June
1922.

2.333
667

6,322 193,000
63,839, 1,789.0001
70,1611 1,982,000
6,645, 207,00
3,4191 104,000

718,000
6,433 1.129,011
59,633 11,802,uss 17,168,900

13,968
6,2261
20,1941

410,000
195,000

13,667
6.500

605,000

20,167

66,066 12,931,111 17.886.000
910,000
6,900 1,286,11 I
488,000
563,00
3,466

114,687
400,333

Texas:
Gulf Coast ... 2,529,000 81,581 2,511,000 83,700
Rest of State- 6,403,000 206,54 6,306,000 210,2
Total Texas. 8,932,000 288,129 8,817,000 293,901
18,3
588,00
18,903 549,000
WestVirginia_
87.110 2,545,00
21,406 633,6

Total Wyo-. 3,360,600: 108,406 3,178,6

Days' Supply of Pipe-Line and Tank-Farm Stocks.
(Based on monthly rate of consumption of crude petroleum).
June 1922•
June 1923.
May 1923.
April 1923.
159
157
146
143
Stocks of Crude Oil Held at Refineries (Barrels) (1923).
30.
June
31.
May
30.
April
Feb. 28. March 31.
Jan. 31.
Not
Domestic ----19,639,779 19,193,699 22,662,404 23.353,771 24.790,998
available.
6,719.890
7,989,399
8,471,073
10,274,137 8,919,680
Foreign

1 Daily
Total. !Average.

84,83 14,907,000
21,121 3,555,800

8,168,000
3,375,100

105,953 18,462,800 11,543,100

June 1923.
Total.

Daily
Average.

Jan.-June Jan.-June
1922.
1923.

Appalachian ____ 2,470,0001 79,677 2,381,0001 79,366 14.051,1,1 14,562,000
7,167 1,184,o i i 1,121,000
213,000
6,871
215,000
Lima-Indiana ___
857,000 27,645 809,000 26,968 4,816,000 5,230,000
III.& S. W.Ind__
Mid-Continent _ _ 30,589,000 986,73129,197.000 973,232163,991,000 155,221,000
2,725,000' 87,903 2,704,000 90,133 16.254,00 17,459.000
Gulf Coast
Rocky Mountain. 3,573,000 115,258 3,391,000 113,033 19,785,000 12,502,000
1,535,000 694,689122,667,000 755,570 117.390,000 61,144,000
California
Total

1.982.000,1.998.77461.364.0002.045.467337.471 000267.239.00

Stocks.
Stocks of crude petroleum are classified as follows:
1. Producers' stocks: Petroleum held on the producing properties (lease or
"field" storage). Producers' stocks are reported to the Geological Survey
annually and are included in the Survey's final statistics.
2. Pipe-line and tank-farm stocks: Petroleum that has been transported
from the producing properties but not delivered to refineries or to other
consumers and is held on tank farms, in tanks along pipe lines, and in the
lines. Pipe-line and tank-farm stocks constitute by far the greater part of
the petroleum held in storage in the United States. For the States east of
California such stocks are reported monthly to the Geological Survey as
gross stocks, including the total contents of tanks and pipe lines, and as
net stocks, which are gross stocks minus B. S. and water. The stocks
reported for California are compiled by the Pacific Coast office of the
American Petroleum Institute and include producers', pipe-line and tankfarm stocks (but not refinery stocks) of crude oil, residuum and tops.
3. Refinery stocks and stocks held at other points of consumption: Petroleum
that has been delivered to refineries or to other consumers. Stocks of crude
petroleum held at refineries are compiled by the Bureau of Mines.
Pipe-Line and Tank-Farm Stocks d Crude Petroleum on Last Day of Month (Barrels).

Source by Fields.

May 31
1923.

June 30
1923.

June 30
1922.

Domestic PetroleumEast of California-Gross and net pipe-line and
mirotank-farm stocks:
Appalachian:
.&Cent Ohio Gross 6,231,000 6,313,000 6,031,000
5.973,000 6,053,000 5,768,000
Net
Kentucky
Gross 3,220,000 3,255,000 2,887,000
Net
3,096,000 3,128,000 2,784,000
Urns-Indiana
Gross 1,036,000 1,053,000 1,336,000
Net
788,000
806,000 1.046,000
Illinois-S. W. Indiana
Gross 11,212,000 11,176,000 9,925.000
Net
10,751,000 10,714,000 9,428,000
Mid-Continent:
°ma.,Kans., Cent.& North Texas_Gross 155,460,000 160,949,000 140,211,000
Net 144,213,000 149,590.000 129,245,000
North Louisiana and Arkansas
Gross 24,226,000 26,286,000 16,662.000
Net
23,357,000 25,379,000 16,034,000
Gulf Coast
Gross 23,958,000 24,053,000 24,468,000
Net 23.574,000 23,668,000 22,970,000
Gross 7,190,000 7,838,000 1.297,000
Rocky Mountain
Net
7,189,000 7.837,000 1,280,000
Total pipe-line and tank-farm stockeiGross 232,533,000 240,923,000 202,817,000
(Net 218,941,000 227,175,000 188,555,000
eaat of California
California (as stated above)
53,569,000 55,739,000 43,477,000
hiImported Crude Petroleum Held in the U.S. by
pe Importers Elsewhere than at RefineriesAt Atlantic Coast stations
154,000
a
217,000
At Gulf Coast stations
493,000
a
520,000
647,000
737.000
Total domestic net pipe-line and tank-farm
stocks east of California; producers', pipein
stocks
California plus
line and tank-farm
stocks of imported crude petroleum held in
the U. 8. by importers elsewhere than at
273,157,000 283,651,000
refineries
a Not available




Total.

Daily
Avge.

June 1923.
Total.

Daily
Avge.

Jan. June Jan -June
1922.
1923.0

ImportsCrude oil
5,918,000 190,903 5.997,000 199,900 40,078,000 77,037,000
ExportsDomestic crude oil:
717,000 23,129 1,032,000 34,400 4,232,000 3,788.000
To Canada
875,000
To other countries_ _ _ 589,000 19,000 1,541,000 51.367 3,530,000
51,000
132,000
5774
774 523.000
24,000
Foreign crude oil

2,340,000
1,002,000

Production of Petroleum by Fields (Barrels).
May 1923.

May 1923.0

1,330,000 42,903 2,596,000 86,541 7,894,000 4,712,000
Total
Excess of imports over
4.588.000 148.000 3.401.000 113.359 32.184.000 72.325,000
tornorts
'The Bureau of Foreign and Domestic Commerce has adopted a new c ossification
3,507,11 I 3,342.000 which differentiates crude petroleum and topped oil, including fuel oil:formerly, data
for topped oil were Included with those for crude oil and difficulty is still encountered
in completely separating the two.
20,473,111 17,031,000
b June figures not available: May daily average used.
a Revised.
52,866,000
63,784
Classification ofImports of MericaPetroleum (as reported to the Geological Survey).
84,257,111 69,897,000
May 1923. June 1923. Jan.-June 1923. Jan.-June 1922•
Crude Oil-75
37
18
3,715,011 3,628,000 Lighter than 16 deg.__
33
25
63
82
4,211
5,500 16 deg,and heavier....
67
Crude
Imported
and
Indicated Consumption (Deliveries to Consumers) of Domestic
Petroleum (Barrels).
15,125,11: 16,741,000
36,015.0145,882,000
I
June 1923.
May 1923.
Jan.-June Jan.-June
51,140,0(11 62,623,000
1922.
3,607,000
3,231,00
1923.
Daily
Daily
Average. Total.
Average.
Total.
2,438
1,069

61,962,000 1,998,77461.364,000 2,045,467337,471,000267,239,000

Field.

29,913,916 28,113,379 31,133,477 31,343,170 31,510,888
Imports and Exports of Crude Petroleum* (Barrels).
(Compiled from records of the Bureau of Foreign and Domestic Commerce.)
Total

415,000
119,000

534,000
521,000
3,000
85,766 15,109 I 16,071,000
22,946 4.099.:II 4,493,500

Total Okla__ 15,959,000 514,79515,450,000 515,000
20,967
673,000 21,710 629,0
Pennsylvania__
32
2
1,000
6
Tennessee

Wyoming:
Salt Creek--- 2,697,0001
Rest of State.. 663,600

406.000
115,000

2,968
90,000
92,226 2,573,0001
21,645 688,400

Oklahoma:
Osage County_ 3,845,000 124,032 3,440.
Rest of State__ 12,114,000 390,76312,010.

Total

Jan.-June
1923.

3,389,0 , 109,323 3,079,000; 102,633 16,808,000 6,203,000
21,535,000, 694,689 22,667,000 755,570117,390,000 61,144,000
48,900
36,200
180
207
5,400;
6,4001
785,000' 25,322 739,000: 24,633 4,410,000 4,815,000

Arkansas
California
Colorado
Illinois

493

THE CHRONICLE

Am.4 1923.1

Domestic pet
leum:
75,633 13,738,000 12,848,000
Appalachian __ 2,563,000 82,678 2,269,000
6,567 1,063,000 1,089,000
197,000
6,226
193,000
Lima-Indiana _
4,242,000 3,369,000
28,200'
846,000
22,129
Ill.& B.W.Ind. 686,
768,45221,798.000' 726,600141,595,000112.343,000
Mid-Continent 23,822,0
76,774 2,610,000 87,000 17,367,000 12,095,000
Gulf Coast_ ___ 2,380,00
Rocky Mtn__ 2,756,000 88,903 2,743,000 91,4331, 17,106,000: 12,857,000
20,973,000 676,54820,497,000 683.233:111,026,000, 52,689,000
California
1
Consumption an
53,373,00 1,721710 50,960,0001,698,6681306,137,000 207,290,000
exports
Exports of domes42,129 2,573,000 85.766 7,762,000! 4,661,000
tic crude on__ 1,306.00
1.679,581 48.387.0001.612,900298,375,000202,629,000
Consumption_ __ 52,067
Imported petro5,953,000 al92,032 5,884,000 196,1331441,027,0001 66.741,000
leum
Consumption o
mestic and im
ported petrol'
1,871.61354,271,0001,809,033339,402,000269,370,000
a Revised.
Number of Producing Oil Wells Completed During Month..
Jan.-June 1922
Jan.-June 1923.
June 1923.
May 1923.
April 1923.
8,224
8,772
1,830
1,871
1,521
from the
California,
for
Journal":
•For States east of California,from "Oil & Gas
American Petroleum Institute.
Shipments of California Oil Through Panama Canal to Eastern Ports in United States
(From the "Panama Canal Record.")
(Compiled from declarations submitted by masters of vessels Intone 01 2,240 pounds)
Jan.-June Jan -June
June
May
1922.
1923.
1923.
1923.
622,219 a2,768,820
695,239
Crude oil-Long tone
20,212,387
4,542,199
5,075,245
Barrels (approx.)
546.474
280,331
124,180
54,160
Refined Products-Long tons
a In some of the manifests for the first few months of 1923 crude oil is not declared as such.
S Including 11,300 tons of lubricating oil: the rest is described as -oil."

Output of Malleable Castings Reduced.
The Department of Commerce makes public statistics on
the production of malleable castings manufactured for sale
during June 1923 as shown by reports received by the Bureau
of the Census, and they show a general reduction from those
for May, particularly in the orders booked. The figures for
may are revised to include reports received since the preliminary bulletin for that month was issued. The returns include only those castings manufactured for sale as such and
do not include those used in the plant or finished and sold as
other products. The returns for June include 96 establishments and show that during the month these plants were
operated 67.3% of their total capacity. The revised figures
for May include the production of 90 establishments which
were operated 71% of their total capacity during the mouth.
The comparisons follow:
MonthJune
May

Plants
Total
reporting production
(No.)
(tons).
61.949
ns
64,726
90

Total
shipments
(tons).
61,441
62,806

Orders
booked
(tons).
38.536
52,898

Monthly
capacity
(tons).
92.004
91.174

Further Changes in Gasoline and Petroleum Prices.
Prices of both crude petroleum and gasoline have undergone further changes during the week just past. Changes in
crude oil prices have varied throughout the country, being
reduced in certain sections and advanced in others. Magnolia Petroleum Co. announced on Aug. 1 that the- price of
Corsicana light crude would be $1 a barrel at wells, an advance of 25 cents. On the same day the Ohio Oil Co.reduced
the price of Rock Creek crude 10 cents a barrel, to $1 25.

494

THE CHRONICLE

Other Wyoming crudes were not affected. Also, effective
Aug. lIwas the reduction in price of San Joaquin crudes by
the Standard Oil Co. of California. They are now on the
same basis as the Los Angeles and Orange district oils. The
present schedule is as follows: 60 cents per barrel for 14 to
19.9 gravity (price unchanged), while reductions range from
1 cent_a barrel on crude of from 20 to 20.9 gravity to 41 cents
a barrel on crude of 35 gravity and above.
The reduction of one cent a gallon in the price of gasoline
by the Standard Oil Co.•of New York was effective throughout the State of New York as well as New England. The
Standard Oil Co. of California cut the price of gasoline 2
cents a gallon, to 17 cents Aug. 1. The Union Oil Co. also
made a similar reduction.
Due to a State tax, the price of gasoline in West Virginia
was advanced 2 cents a gallon July 27.
It was reported that ih New York State several independent
gasoline dealers were slashing the price to 3 or 4 cents under
the prevailing price of 23c. per gallon.
Interior markets in territory covered by Chicago tank
wagon price have been unaffected as yet, except in a few
instances. Denver price of 17 cents is off 4 cents from May 1
figure of 21 cents, and Cleveland at 20 cents is 1 cent lower.
Prices on Pacific Coast are among lowest in the country.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United,
States for the week eneded July 28 was 2,274,400 barrels,
as compared with 2,255,950 barrels for the preceding week,
an increase of 18,450 barrels. The daily average production
east of the Rocky Mountains was 1,424,400 barrels, as
compared with 1,404,950 barrels, an increase of 19,450
barrels.
The following are estimates of daily average gross production for the weeks as indicated:
Daily Average Production.
•
(In Barrels)July 28 '23. July 21 '23. July 14 '23. July 29 '22.
Oklahoma
487.350
500,200
503,850
411,850
Kansas
83,200
84,200
84,650
85,800
North Texas
75,000
73.900
75,550
49.650
Central Texas
199,700
194,300
175.250
148.700
North Louisiana
61,750
62.000
62.500
93.900
Arkansas
136,000
135,250
122.500
31,200
Gulf Coast
107,950
102,400
102.150
104.800
Eastern
113,500
113.500
113,000
120,000
Wyoming and Montana_
159,950
139.200
131,300
79,250
California
850,000
851.000
868,000
375,000
Total

2,274.400

2,255,950

2,238.750

1.500,150

Iron and Steel Market Conditions.
That pig iron production is being sharply curtailed appears
from the July statistics which the "Iron Age" has gathered
by wire on the last day of the month. Still other furnaces,
the "Age" states, are scheduled for blowing out in August.
Along with this movement, which our contemporary thinks
will tend to check the three months' decline in pig iron prices,
though'it has not yet done so, there is a fair increase in activity in finished steel, but with little change from the policy of
buying in small lots which has been followed for some weeks.
After making these observations, the "Age" in its report of
market conditions issued Aug. 2 goes on to say:
On direct returns from all but seven out of 322 blast furnaces, the estimated pig iron output for the 31 days of July is 3.679,810 tons, or 118.703
tons a day, against 3.668,413 tons for the 30 days of June, or 122.280 tons
a day.
Of the 27 furnaces shut down in July, 18 were steel company and 9 merchant furnaces. Many went out late in the month,so that the July figures
reflect only in part the loss of this capacity. Only two furnaces blew in
last month.
The 297 furnaces in blast Aug. 1 had an estimated capacity of 114,500
tons a day,against 125,000 tons a day for the 322 furnaces active on July 1the loss being over 8%.
Prices for finished steel continuo to mark the diverse influences affecting
pig Iron and rolled products. Deliveries can be made in shorter times,
but replenishment orders are more numerous and the marked infrequency
of suspensions and cancellations testifies to the large volume of consumption, in spite of the moderate slowing down in production. It is still true
that the test of prices is yet to come.
The Steel Corporation's second-quarter earnings confirm the production
records showing May as the peak month, as higher priced bookings were
reached. The slight falling off in June was somewhat accentuated in July.
Pittsburgh mills have found plates, strips and tin plate the lines in which
order books have held up best of late. The Pacific Coast and Hawaii
will require food containers beyond early estimates.
Specifications for cotton ties indicate an increase over early season estimates of requirements.
The oil industry has contributed largely to the week's business. Sixty
tanks boughtfor the Sinclair company will take 18,000 tons of steel and those
for three other companies 3,350 tons. A Pittsburgh independent pipe maker
will supply 25 miles of6-in. pipe in Louisiana for the Atlantic Refining Co.
About 7.500 tons of fabricated steel building work was purchased for public service and private uses. Of 21,000 tons of fresh inquiries, 16,000 tons
was for private enterprises.
Buying of pig iron in the East has been active, especially in the Philadelphia district, where it is estimated sales of foundry iron for July amounted
to 125,000 tons. The Pittsburgh market also shows greater activity and
for the most part price recessions seem to have been checked, but quotations




[VOL. 117.

are down 50c. at Chicago and in the South $24 has become the ruling price.
A round tonnage of basic has been sold by a middleman on a $24 basis.
Youngstown, but furnaces are still holding this grade at $25.
In a generally dull export market the lively race in Germansy between the
falling of mark exchange and the boosting of prices appears to have only
academic interest, even though the net result is that pig iron is only one-half
its equivalent here and bars and sheets only one-third.
England lately has been making the sales. Japan and Cuba have obtained I heets at levels fully $8 below the Amercian quotations and India
has taken some 20,000 tons. Now sheets have been advanced in the British market, though other changes are downward. The Nippon Oil Co.
ordered 18,000 boxes of tin plate of a British maker and now is in the market
for 19,000 boxes. Great Britain has supplanted Germany in getting American cotton tie business.
British shipbuilding during July was the lowest (except for April, 1922) in
40 years. Continuance of the boilermakers' strike has caused two more
shipyards at Stockton to close.
The "Iron Age" composite price table follows:
Composite Price July 311923, Finished Sete!, 2.775e. Per Lb.
Based on prices of steel bars, beams, tankJuly
2.775c•
I
24 1923
plates, plain wire, open hearth rails, July 2 1923
black pipe and black sheets, constitut- Aug. 1 1922
::
76
8
2..1
to 88% of the U. S. output of finished 10-year pre-war average_1.689c.
steel
l
Composite Price July 311923, Pig Iron. $25 38 Per Gross Ton.
Based on average basic and foundry irons fJuly 24 1923
68
8
25 3
$24
the basic being Valley quotation, the 1 July 2 1923
foundry an average of Chicago, Phlla-lAug. 1 1922
delphia and Birmingham
2
15
6 79
10-year pre-war aver_ _ _ _ 2

Continuation of heavier buying makes producers more
cheerful, while prospects of higher mill costs from the
elimination of the twelve-hour day tends to stabilize prices,
states the,"Iron Trade Review" of Cleveland in its regular
weekly detailed report of conditions throughout the industry
as a whole. The "Review" says:
Confidence in iron and steel conditions has shown noticeable improvement the past week as the broadened buying volume of the previous week
has been sustained. Consumers appear more inclined to accept present
prices as a stable basis for conservative trading and to put less faith in
expectations of reductions which they have steadily entertained. Much
of this change of feeling is attributable to the increased costs of production
certain to result from the movement toward the elimination of the twelvehour day now under way among the mills. Apparently this agitation Is
curing considerable influence in stabilizing the present market.

The Coal Trade-Current Production and Market
Conditions.
Production of both bituminous coal and anthracite slightly
decreased during the week ended July 21, according to the
estimates made by the United States Geological Survey in
its report issued July 28. The figures together with comparative tables, are given in full herewith.
The production of soft coal continues at the rate of about ten and threequarter million tons per week. The output, including lignite and coal
coked, local sales, and m:ne fuel, in the week ended July 21 decreased
somewhat and preliminary estimates place the total at 10,673,000 net
tons, against 10,941,000 tons in the week preceding.
Early returns on car loadings in the pr went week (July 23-28) indicate
little change with possibly a slight increase to between 10,700,000 and
10.800.000 tons.
Estimated United States Production of Bituminous Coal. Including Coal
Coked (in Net Tons),
1923
1922
Cal. Year
Cal. Year
Week.
to Date.
to Date.
Week.
July 7
8.742,000
191,528,000
282,014,000
3,678,000
Daily average_ - _ 1,748,000
1,201,000
736,000
1,773,000
July 14 a
10,941,000
195,651,000
292,955,000
4.123,000
Daily average--- 1.823,000
1,775,000
687,000
1,182,000
July 21 b
10,673,000
199.343,000
303,628,000
3,692,000
Daily average_ - 1,779,000
1,162,000
1,775,000
615,000
a Revised since last report. b Subject to revision.
The rate of soft-coal production in 1923 as measured by the average
daily production each week has been remarkably uniform, ranging for
the most part from 1,700,000 to 1.800,000 tons per working day. Two
pronounced peaks of production during 1923 mark the holiday periods.
New Year's Day and July 4, when complete shutdtrwn of the mines on
those days gave opportunity for improved car service during a few folowing days.
Production during the first 171 working days of 1923 was 303,628,000
net tons. During the corresponding periods of the six years preceding
It was as follows (in net tons):
Years of Activity.
Years of Depression.
I
1917
247,051.000
305,529,00011919
1918
222,302.000
319,047,00011921
1920
199,343,000
295.130.00011922
Thus it is seen from the viewpoint of soft coal production, that 1923
stands less than 1% behind the average for the three years of industrial
activity and 36% ahead of that for the three years' depression.
Stocks and Consumption.
A canvass of a selected list of about 5,000 consumers of soft coal indicated that the total reserve in storage piles on June 1 1923 was about
40,000,000 net tons. The tabulation of returns from a similar canvass
as of July 1 has not yet been completed, but it seems evident that if the
rate of consumption did not increase greatly in June, production was
sufficient to permit appreciable additions to stock piles.

ANTHRACITE.
Production of anthracite in the week ended July 21 decreased 2% as
compared with the week preceding. On the basis of 38,335 cars loaded
reported by the nine principal anthracite carriers the total output, including
mine fuel, local sales, and the product of washeries and dredges, is estimated at 2,005.000 net tons.
Early returns on car loadings during the present week (July 23-28)
Indicate a slightly higher rate of production and a probable total output 4:4.2,075,000 net tons.

THE CHRONICLE

AUG. 4 1923.]

Estimated United States Production of Anthracite (Net Tons).
1922
1923
Cal. Year
Cal. Year
to Date.
Week.
Week.
to Date.
Week ended23,348.000
23,000
52,749,000
1,580,000
July 7
23,380.000
32,000
54,800,000
2,051,000
July 14
23,408,000
28,000
56,805,000
2,005,000
July 21
BEEHIVE COKE.
The production of beehive coke which has been falling off since late in
June, is now back at the level of output in mid-February. Preliminary
estimates based on the number of cars loaded on the principal cokecarrying railroads place the total for the week ended July 21 at 360,000
net tons.
Estimated Production of Beehive Coke (in Net Tons).
Week ended
1923
July 21 July 14 July 22
1922
to Date.
to Date.
1923 a. 1923 b. 1922.
Pennsylvania & Ohio_ _292,000 293,000 78,000 8,977,000 2,702,000
5,000
656,000
21,000 21,000
214,000
West Virginia •
687,000
227,000
7,000
Ala., Ky.,Tenn.& Ga_ 19,000 33,000
5,000
465,000
167.000
15,000 15,000
Virginia
5,000
234,000
7,000
6,000
101,000
Colorado & N. Mex
4,000
163,000
7.000
104,000
7,000
Washington & Utah_
United States total_ _360,000 376,000 104,000 11,182,000 3,515,000
Daily average

60,000

63,000

17,000

65,000

20,000

a Subject to revision. b Revised from last report.

495

off contract shipments. There is some anxiety over the possibility of a
suspension of mining in the anthracite fields, but the public does not act
favorably on the suggestion that they use substitutes for the hard coals.
Export demand is quiet. There were few inquiries during the week,
according to New York houses, those that were received coming from
Italy and Holland. At Baltimore there was a drop in shipments to European countries, but an increase in movement to Canada. During the first
three weeks in July 23 ships leaving Baltimore carried in cargo and bunkers
195,586 tons of coal, while for the corresponding period of June 31 ships
leaving the same port carried 222,012 tons of coal in cargo and bunkers.
Dumpings of coals for all accounts at Hampton Roads during the week
ended July 26 were 392,249 net tons, as compared with 357,979 net tons
the previous week.
With orders increasing and many miners in the smaller operations taking
"vacations" some independent producers of anthracite are refusing
to book additional orders at this time. Complaints of curtailed
production are heard in some of the smaller mines, due to scarcity of labor
on account of the vacation period and the subsequent inability of the
operators to fill outstanding orders.

Preliminary Estimate of Wool Clip for 1923.
A wool clip of 228,031,000 pounds for 1923 is the prelim-,
inary estimate issued to-day by the United States Department of Agriculture. This exceeds the 220,155,000 pounds
clip of 1922 and the 223,062,000 pounds clip of 1921, but is
below the clip of 1920, which was 235,005,000 pounds, and
still furthersbelow that of 1919, with its 249,958,000 pounds.
Texas, with 19,700,000 pounds, leads in the estimate of the
wool clip for 1923. Wyoming is next, with 18,800,000
pounds, followed by Montana with 18,295,000 pounds; Utah
with 17,210,000 pounds, Idaho with 16,500,000 pounds,
Ohio with 14,313,000 pounds, California with 14,181,000
pounds, and Oregon with 13,200,000 pounds. No other
State has as much as 10,000,000 pounds.

The indefinite adjournment of further negotiations on a
new anthracite wage scale was the overshadowing development of the past week in the coal trade. The effect of the
break upon hard coal prices was immediately apparent in
independent quotations. Not alone were further advances
registered in the figures asked for domestic sizes, but, for the
first time in months, the top asking prices on steam sizes
exceeded the old lino company circulars. The flare-up,
however, had little effect upon bituminous spot prices, but
that is expected later, according to the "Coal Trade Journal"
in'its weekly report of market conditions. The following is Activity of Machinery in Wool Manufactures During
the Month of June 1923.
taken from the Aug. 1 issue of the "Journal":
Although current reports indicate that the number of idle mines, particuThe Department of C ommerce, in its monthly report, •
larly in the Eastern producing fields, is on the increase, those operations finds that of the total number of woolen spindles reported
that continuo hoisting appear able to absorb much of the equipment released
operation for
by the shutdown of their competitors. Aside from a Lake movement that in June 1923, 1,994,909, or 87.1%, were in
exceeds 1.000,000 tons per week and a steady, but modest, volume of export some part of the month, and 294,934 were idle throughout
shipments, the bituminous trade leaves much to be desired from the standthe month. The active woolen-spindle hours reported for
point of the producers.
Spot quotations for the past week, as compared with the week ended this month represented 92.8% of the single-shift capacity,,
July 21, showed changes in only 44.8% of the figures. Of these changes as compared with 99.9% in May 1923, and with 89.9% in
56.6% represented reductions ranging from 5 to 50 cents and averaging
The number of worsted spindles in operation
21.3 cents per ton. The advances ranged between 5 and 35 cents and June 1922.
averaged 16.9 cents per ton. The straight average minimum for the week during June 1923, was 2,227,531, or 90% of the total, and
advanced only one cent to 81 94. while the maximum registered an equal the number idle was 246,855. The active worsted-spindle
decline and stood at 8237. A year ago the averages were 16 50 and
hours were equal to 95.1% of the single-shift capacity:$8 23, respectively.
Demand for industrial coal throughout the country is closely confined to In May 1923 the active worsted-spindle hours represented
regular sources of supply so that the movement has an effect upon the price 103.6% of the capacity; and in June 1922, 68.5%. The
situation far below what the volume would normally warrant. Spot coal
by the Bureau of the
buyers are working to create a bear market and in many cases their efforts figures are based on reports received
are highly successful. Retail demand Is extremely spotty. Cargo dump- Census from 952 manufacturers, operating 1,133 mills.
ings of bituminous coal at the lower Lake ports for the week ended at 7 a. m.
These do not include the data fifF the Amoskeag Mfg. Co.,
July 23 totaled 1,039,701 tons. During the week ended last Saturday
tons
475,000
at the Head of the Lakes, where stocks Manchester, N. H.; John & Janies Dobson, Inc., Philafifty vessels unloaded
as of July 25 were estimated at 3.750,000 tons.
delphia, Pa.; Faulker & Colony Mfg. Co., Keene, N. H.;
The break at Atlantic City last Friday threatens to change the feverish
Merrill, Wis., or Sheble & Kemp,
buying of the past three months into a panicky movement in which some of Merrill Woolen Mill,
the smaller independent shippers will charge all the traffic will bear. These Philadelphia, Pa. Two manufacturers, operating two small
interests are using the demand for stove, egg and nut to force pea and the mills, reported for May discontinued operations for June.
buckwheats upon the retail trade. In one case, for every car of the larger
domestics shipped, the buyer is compelled to take a car of pea and a car of Further information is as follows:
buckwheat. Stocks at the Head of the Lakes as of July 25 were estimated
at 240,000 tons. Last week five vessels discharged 47,000 tons at the
upper docks.

Abrupt breaking off of the wage conferences at Atlantic
City on July 27 has not yet aroused consumers of hard coal
to a fear they will be without fuel next winter, says the "Coal
Age" in the Aug. 2 summary of market conditions. Producers of bituminous domestic coals, which were used to
advantage by many consumers during the last shortage of
hard coal, are receiving inquiries. Operators in the Broadtop district producing egg, stove and nut sizes, are sold ahead
for the next few weeks. The inquiry for substitutes also
has extended to coke. The "Coal Age" adds:
Quotations for independent domestic sizes of hard coal took another jump
last week, some of the smaller operators and shippers quoting from $12 75
to $13 00 for egg, stove and nut coals, concessions being made when a
proportionate share of the smaller sizes or bituminous coal is taken.
Consumers of bituminous coal are being urged by producers to heed the
warnings issued from Washington to put in coal in anticipation of autumn
and winter requirements. This has resulted in additional inquiry and some
actual orders, although the improvement is scarcely noticeable. A survey
of storage piles at industrial plants in various sections of the East shows
that stocks are fairly good, with some concerns adding to the supplies
already on hand.
For three weeks the price of soft coal has remained almost stationary.
"Coal Age Index" dropped one point on July 30 to 197,corresponding to an
average price of $2 37 f. o. b. mines. Declines occurred In Springfield and
Southern Illinois, Western Kentucky, Hocking Eastern Ohio and Pocahontas coals with Increases in Eastern Kentucky and Kanawha.
There are faint signs in the Middle West that the end of the summer
slump is approaching. The better feeling followed a pick-up in buying
of domestic coals in the Northwest. Consumption in New England is
much less than expected, and some large consumers are endeavoring to hold




Looms.
Of the total number of looms wider than 50-inch reed space. 51,079.
or 84.3%, were in operation for some part of the month of June 1923,
and 9,513 were idle throughout the month. The active machine-hours
reported for wide looms for the month of June formed 90.1% of the
shift capacity, as compared with 91.3% for the month of May 1923, and
63.8% for June 1922.
Of the total number of looms of 50-inch reed space or less covered by`
the reports for June 1923, 14,390, or 83.8%, were in operation at some
time during the month, and 2,786 were idle throughout the month. The
active machine-hours for these looms represented 83% of the single-s4kft
capacity, as against 84.4% in the preceding month and 59.9% in June 1922.
The number of carpet and rug looms reported for June 1923 was 9,121,
of which 7,979, or 87.5%, were in operation for some part of the month.
and 1,142 were idle throughout the month. The active machine-hours
reported for these looms represented 85% of the single-shift capacity •
ofthe looms,as compared with 85.7% in May 1923 and 72.1% in June 1922.
Cards and Combs.
Of the total number of sets of cards reported for June 1923, 6,204, or
88.7%, were in operation at some time during the month, while 787 were
idle throughout the month. The active machine-hours for cards were
equal to 105.4% of the single-shift capacity in June 1923, 101.4% in May
1923, and 91% in June 1922.
Of the combs reported for June 1923, 2,125, or 83.5%, were in operation
for some part of the month, and 419 were idle during the month. The
active machine-hours for this month were equal to 102.6% of the singleshift capacity, as compared with 112.6% in May 1923 and 81.2% In.
June1922.
Detailed Report.
The accompanying table gives in detail the number of machines in
operation at some time during the month of June 1923 and the number
idle for the whole month, the dumber reported on single-shift and on
double-shift and the active and idle machine or spindle hours, with percentages active and idle. Comparative figures are given for May 1923
and for June 1922.

496

THE CHRONICLE

[VOL. 117.

i

,
1 .
00
• .3000

?;Tod

t30

631
726
455

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47,8041 3,275
48.492 3.915
37.969 2,061

15.7
13.5
36.4

1

84.3 I
86.5
63.6

60,592
51,079
9,513
60,553
52,407
8.146
62.906
40.030
22,876

p

CZ
. . %;
..6i,

83.8
85.3
66.6

,—
2

...i

3,070,628
630,079
3,142,085
580,763
2.381,640
1,595,092

• 0cooq
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233
248
146

Mal

7.7461
7,699
6,949

4.1"

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5,307
5,403
5,379

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I=
COI •-. a Zi glE
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g.2§
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.5

Per Cent of Total Hours (Maximum Single-Shift Capacity).

1
• 0100r•

....

wi

Fi,4941
1.517
1,492

16.5
11.9
25.0
83.5
88.1
75.0

Per Cent of Total Number of Machines.

4
.62

..

11,615,432
1,280,621
11.819,798
1.127,799
8,784,698
4,986,846

Number of Machines in Operation on Single and Double Shift.

87.1
89.6
85.7

2,289,843
1,994,909
294,934
2,282,928
2,045,402
237,526
2,307,565
1,978,584
328,981
6,991
6.204
787
6,982
6,367
615
7,087
6,084
1,003

9,121
7,979
1,142
9,110
7,947
1,163
9,068
7,095
1,973

3;

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1

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eozej

i. &Tot
;cg

17,176
14,390
2,786
17,104
14,591
2,513
18,188
12,108
6,080

Sets of Cards.
Month to Which
Figures Relate.
(Seenote below.)

i

I Wider than 50-1 50-in. Reed
I in. Reed Space. Space or Less.

4

Carpet
and Rug.

,.;
I
0

2,544
2,125
419
2,546
2,243
303
2,597
1,947
650

i,

Active and Idle Machinery and Spindle Hours.
1,667,717
1,632,103
567,782
471,475,377
295,137
x
36,502,859
1,742,059
611,216
502,084,168
1,587,112
291,104
304,960
1,450,689
1,446,157
465,557
464,838,476
560,233
143,457
107,764
52,262,756

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8.7
36.2

8©-'-'

American Woolen Company Spring Prices on Women's
Wear Fabrics Show Small Advances—Opening of
Men's Fancy Fabrics.
•75
The American Woolen Co., following the opening last
"
week of its principal lines of piece goods for consumption in
the
men's clothing trades in the spring 1924 season, this
.6 &VC
•-•
week opened its lines of women's coat, suit and dress in• 41•••!••. dustries for spring 1924. The women's wear lines, which
,..,
•,:s
were opened formally on July 31, showed advances considerably less, as compared with levels of a year ago, than the
men's wear lines (which were referred to in these columns
e•loo;
.C3
CD CC
last week, pages 377-8). The average advances on a group
'4
of representative numbers, which are repeated in the new
'cc
•
spring 1924 lines, range from 1 to 532% over the prices
1
fixed earlier in the year for the autumn of 1923.
Following closely after the opening of its women's wear
4: egm.
lines the American Woolen Co. on Aug. 1 opened the remainder of its men's wear lines, comprising semi-staples,
•
fancy and standard worsteds and gainter cloths. Estimates
on these lines placed the advances over similar openings a
i
F.,1•Oca year ago at from 5 to 12%.

90.1 I
91.3
63.8

a• O2M
oic,i.-.

373,695,586
172,050,612

',

509.320,518
25.985,986
541,713,250

Worsted.

4
4

2,474,386
2,227,531
246,855
2,465,676
2,320,656
145,020
2,481,898
1,689,236
792,662

_ I

REPORT OF ACTIVE AND IDLE WOOL MACHINERY FOR JUNE 1923,
WITH COMPARATIVE FIGURES FOR MAY 1923 AND JUNE 1922.
Summary of Reports of 952 Manufacturers, Operating 1,133 Mills.

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•Overtime was reported sufficient to offset all idle hours and leave an excess of
83,578 hours, or 5.4%. x Overtime was reported sufficient to offset all idle hours
and leave an excess of14,472 hours. or 2.6%. Note.—ComparatIve figures shown
for June 1922 were originally published "as of" July 1 1922.

Union Loses Strike in the Buffalo Clothing Market.
The Amalgamated Clothing Workers of America have
lost their strike, called for the primary purpose of obtaining
recognition in the men's clothing manufacturing trade of
Buffalo. The open shop will be maintained. The strike,
which went into effect on June 5, was brought to a termination on July 30, an agreement having been reached the
preceding day between the Buffalo Clothing Manufacturers'
Association, representing the leading houses in the Buffalo
market, and the Amalgamated organization. Buffalo is
practically the only important clothing market in the
Eastern part of the country that has been operating on the
open shop plan, and the ability of the manufacturers in that
city to continue on this basis is, therefore, regarded as somewhat of an achievement. While the union is permitted,
under the terms of the agreement, to make further efforts
to obtain recognition from the so-called contract shops,it will
not be allowed to carry on such activities among the members
of the Manufacturers' Association. The 44-hour week will
be continued, as heretofore. The manufacturers agree not
to discriminate against the workers if they are members of
the union.

Current Events and Discussions
The Week With the Federal Reserve Banks.
An increase of $45,900,000 in holdings of discounted bills
and of $5,800,000 in acceptances purchased in open market,
accompanied with a reduction of $2,500,000 in Government
security holdings, is shown in the Federal Reserve Board's
weekly consolidated bank statement issued as at close of
business on Aug. 1 1923, and which deals with the results
for the twelve Federal Reserve banks combined. Cash
reserves declined by $6,300,000 and Federal Reserve note
circulation by 167,100,000, while deposit liabilities increased
by $48,000,000, these changes being reflected in a decline
of the reserve ratio from 78.2 to 77.3%. After noting these
facts the Federal Reserve Board proceeds as follows:
The Federal Reserve banks of New York, Philadelphia and Chicago
report increases of $41,800,000. $3,600,000 and $4,100,000, respectively,
In holdings of bills discounted, while the banks at Richmond and Kansas
respectively. Of the
City show decreases of $2,600,000 and $2,300,000, $3,400,000
and three
remaining banks four report increases aggregating
declines totaling $2,100,000.
during the week, the Cleveland
Gold reserves decreased by $3,900,000
Reserve Bank reporting a net loss of $12,000,000. as compared with a net
week. The Federal Reserve Bank of
gain of $18.700,000 the preceding
gold reserves, amounting to
Atlanta also shows a substantial decline in its
losses aggregating 36,000.00o.
37.600,000, while four other banks report net
$3.500,000.
respectively, are
and
$8,100.000
Increases of $44,700.000,
Kansas City, while the
shown by the banks at Boston, New York and
three remaining banks gained $5,500,000 during the week. Reserves other
Reserve banks show increases
than gold declined by $2,400,000. Six of the
In their Federal Reserve note circulation aggregating $5,700,000, which
of $12,800,000 shown by
decrease
total
amount Is more than offset by a
the other banks.
Holdings of paper secured by Government obligations increased by
$381,900,000, as
$17.400.000, the total held at the end of the week being
compared with $364,400,000 a week earlier. Of the total held, $237,800,000. or 62.3%, was secured by 17. S. bonds: $126,600.000, or 33.1%. by
Treasury notes, and $17,500,000. or 4.6%. by certificates of indebtedness.
as compared with $231.800.000„ $115.900.000 and $16.700,000 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 528 and 529. 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
July 251923. Aug. 2 1922.
Total reserves
—$6,300,000 —$9,000,000
Gold reserves
—3.900,000
+38.200,000
Total earning assets
+49.200.000
+35.200,000
Discounted bills, total
+45,900.000 +406,600,000
Secured by U.S. Government obligations.+17,400,000 +251.600,000
Other bills discounted
+28.500,000 +155,000,000
Purchased bills
+5.800,000
+32,100,000
United States securities, total
—2,500,000 —403,500,000
Bonds and notes
—1,200,000 —114,900,000
—1.300,000 —288,600,000
U.8. Certificates of Indebtedness
Total deposits
+48,000,000
+59.500,000
reserve
deposits
Members'
+40,200,000
+41,700,000
Government deposits
+6.800,000
+24.600,000
+1,000,000
Other deposits
—6,800,000
Federal Reserve notes in circulation
—7,100.000
+47,600,000
F. R.Bank notes in circulation—net liability.. —100,000 —60,500,000

The Week With the Member Banks of the Federal
Reserve System.
A further reduction of over $60,000,000 in loans and
investments, accompanied with a decrease of 5,000,000
in net demand deposits and of $55,000,000 in accommodation
at the Federal Reserve banks, is shown in the Federal Reserve Boards' weekly consolidated statement of condition
on July 25, of 772 member banks in leading cities. It should
be noted that the figures for these member banks are always
a week behind those for the Reserve banksithemse ves.

AUG. 4 1923.1

497

THE CHRONICLE

Total loans and discounts declined during the week by
$47,000,000, of which $7,000,000 was in loans secured by
Government obligations, $4,000,000 in loans on corporate
securities, and $36,000,000 in all other loans and discounts.
Investments show a net decrease for the week of $15,000,000.
Holdings of Government securities declined by $24,000,000,
of which $16,000,000 represent the reduction in holdings of
Treasury notes, while other stocks and bonds increased by
$9,000,000. Total loans and investments of the New York
City member banks show a reduction of $52,000,000. Loans
on Government obligations declined by $5,000,000, loans on
corporate securities by $19,000,000, and all other loansband
discounts by $22,000,000. Investments of these banks show
a decrease by $6,000,000, of which $4,000,000 was in Government securities and $2,000,000 in other stocks and bonds.
Further comment regarding the changes shown by these
member banks is as follows:

sale of bonds with coupons due March 1 1924 and subsequently at a price to be stated in the tender must be placed
in the hands of J. P. Morgan & Co. not later than 12 o'clock
noon, Aug. 11. Tenders will also be received in London
by Messrs. Baring Brothers & Co., Ltd., and in Buenos
Aires by the Credito Publico Nacional. Each £200 bond
has a par value of $973 United States gold dollars and tenders
must be made at a flat price under par expressed in dollars
per bond. Tenders must be made on a form obtainable
on application.
Offering in

United States of

$20,000,000 Government of

Switzerland Notes.

An offering on Wednesday, Aug. 1, by a group of bankers
headed by J. P. Morgan & Co., of a $20,000,000 issue of
Government of Switzerland three-year 5% external gold
notes brought so prompt a response as to cause the closing
of the subscription books in less than two hours after their
opening. The announcement of the offering was made as
follows on Aug. 1 by Thomas W. Lamont of J. P. Morgan & Co.: „

All classes of deposits show smaller totals tnan for the previous week:
Government deposits by $11,000,000, net demand deposits by $85,000,000
and time deposits by $16.000,000. For the New York City banks reductions of $3,000.000 in Government deposits, of $54.000,000 in net demand
deposits, and of $15,000,000 in time deposits are reported.
Reserve balances of all reporting institutions declined by $43.000,000
J. P. Morgan & Co. are heading a group of banks and bankers that Will
and those of the New York City members by $35,000,000. Cash in vault to-morrow offer $20,000,000 of the three-year 5% notes of the Governalso declined by about 52.000,000 for all reporting banks, of which $1,000.- ment of Switzerland. The notes will be sold to yield the investor 6%.
Associated with Messrs. Morgan in the group are the First National Bank,
000 is shown for the New York City members.
Borrowings of all reporting banks from the Federal Reserve banks de- the National City Company, the Chase National Bank,the Bankers Trust
creased from $527,000,000 to $472,000,000, or from 3.2 to 2.9% of their Co. and Harris, Forbes & Co.
total loans and investments. For the member banks in New York City a
The New York "Times" on Aug. 2 in referring to the
decrease in borrowings from the Reserve bank from $123.000,000 to $102,disposal
of the bonds stated that wide distribution of the
2%
in
the ratio of these borrowings to their com000,000. or from 2.4 to
bonds was indicated, adding:
bined loans and investments, is noted.
A slight preference was given to small subscriptions over those tendered
On a subsequent page—that is, on page 529—we give the
by institutions seeking $1,000,000 blocks or thereabout, according to
figures in full contained in this latest weekly return of the reports
from other quarters in the financial district, and the offering group
member banks of'the Reserve System. In the following is found it impossible to satisfy requests of some large applicants.
Aside from the fact that the issue marked appearance of a World War neufurnished a summary of the changes in the principal items
tral European country in the American investment market, other angles to
as compared with a week and a year ago:
the
transaction attracted attention. One was the indication afforded that
Increase (-I-) or Decrease (—)
the investment market was in a sounder position than had been supposed
Since
as short a time as one week ago, and investment bankers suggested that
July 181923.
July 26 1922.
several other substantial issues would be brought out in the near future
Loans and discounts—total
—$47,000,000 +5977,000,000
further
to test the market. During the last month there has been a lull
Secured by U. S. Govt. obligations
—7.000,000
—29,000,000
in new financing. In this period, it is reported, bonds which for a time
Secured by stocks and bonds
—4,000,000
+282,000,000
glutted the market were absorbed.
All other
—36,000.000
+724,000,000
Another point which created speculation was the fact that the Swiss
Investments, total
—15,000.000
+179,000,000
offering
was made through J. P. Morgan & Co. The three previous leans,
U. S. bonds
—7,000,000
+119,000,000
two
of them since the World War, were made through Lee. Higginson &
Treasury notes
—16,000,000
+349.000,000
Co., who have played an important part in Swiss Governmental operations
Treasury certificates
—1,000.000
—150,000,000
and who have acted for several years as that country's fiscal agent in the
Other stocks and bonds
+9,000,000
—139.000.000
United States.
Reserve balances with F. R. banks
—43.000,000
—30,000,000
In this connection it was suggested that an explanation of the fact that
Cash in vault
—2,000,000
+8,000,000
J.
P. Morgan & Co. handled the latest loan lay in negotiations for the recent
Government deposits
—11,000,000
+47.000,000
Austrian loan. In preparing this piece of financing, which was undertaken
Net demand deposits
—85,000,000
+35,000.000
by this country and eight European nations, it was provided that the
Time deposits
—16.000,000
+449.000,000
National Bank Of Switzerland should act as the depository of securities to
Total accommodation at F. R. banks
—55,000.000
+374.000.000
be put up by countries guaranteeing the loan and should serve in an important capacity in respect to the entire operation. Although nothing official
Departure of J. P. Morgan for Europe.
was said, it was further suggested that designation of this bank as de the pository had resulted from recommendations of Thomas W. Lamont of
J. P. Morgan sailed for Europe on Saturday last (July 28) J.
P. Morgan & Co.,and that placing by Switzerland of its loan in the hands
on the steamer Homeric; George F. Baker Jr., President of of the house of Morgan was the natural sequel.
Offsetting this view was the fact that the international group desired to
the First National Bank of this city, was likewise a passenger
have as a depository bank the institution of a solvent nation which had not
On the same steamer. The Associated Press had the fol- participated
in the World War,either on the side of or against Austria, and
lowing to say regarding Mr. Morgan's trip:
that this plan left only two guarantor nations as eligible candidates for this
J. P. Morgan, who is a passenger on the Homeric,sailing to-day for Cher- business, namely. Switzerland and Sweden. in which case it might have
bourg and Southampton, declared before his departure that he did not been found desirable to have Switzerland's financial institution as the deexpect to participate in any official conferences abroad, going away solely pository agency owing to its central location.
In the Austrian agreement it was stated that "before each issue forming
for rest and recreation, as is his annual custom. He declared it was unlikely
that any turther meetings would be called of the international committee part of the loan is made, every guarantor State will deposit with the Naof bankers which was appointed last year to study the question of floating tional Bank of Switzerland, in the name of the trustees for the loan,its own
bonds of like tenor and curreocy to cover the amounts of its guaranty in
a German loan as part of the general reparations scheme.
While Mr. Morgan did not express any opinion as to the possibility of a respect of such issue."
loan being arranged to aid in the economic rehabilitation of Germany,
The Switzerland bonds offered this week are to be dated
it is generally believed in the financial district that Germany's chances of
raising a loan in this country are extremely remote until the reparations Aug. 11925, are to mature Aug. 1 1926, and will be redeemquestion is definitely settled and suitable guarantees are provided to insure able, as a whole but not in part, at 100% and accrued interinvestors against loss.
est, at the option of the Government, on Aug. 1 1925 or
Although Mr. Morgan's visit is essentially for the purpose of recreation,
obligations will
It is considered likely that he will confer in London with Secretary of the Feb. 1 1926, on three months notice. The
Treasury Mellon and possibly with Premier Stanley Baldwin, whom he be in the form of coupon notes in denomintion of $1,000.
met in this country while he was with the British War Debt Refunding Mis- Interest is to be payable Feb. 1 and Aug. 1. Both principal
sion.
With Mr. Morgan's arrival in Europe practically all of the principal and interest of the notes will be payable in United States gold
banking firms in the financial district will have a representative abroad. coin of the present standard of weight and fineness, in New
Otto Kahn of Kuhn, Loeb & Co., has been abroad for several weeks, and York City, at
the office of J. P. Morgan & Co., without
Charles It. Sabin and Francis H Sisson, Chairman of the Board and Vice
President, respectively, of the Guaranty Trust Co., sailed last Saturday. deduction for any tax or taxes now, or at any time hereafter,
Willis H. Booth, another Vice-President of the Guaranty Trust Co., and imposed by the Government of Switzerland, or by any
President of the International Chamber of Commerce: Fred Kent, Vicetaxing authority thereof or therein. The above notes were
President of the Bankers Trust Co., who has been conducting an investigation for the American Bankers' Association, and Edward R. Tinker, Presi- offered for subscription, subject to issue as planned and to
dent of the Chase Securities Corporation, also are in Europe, together with the approval of counsel, at 97.29% and accrued interest, to
a number of officials from the smaller banks and trust companies.
yield 6%.
to reject any and all

J. P. Morgan & Co. Prepared to Receive Tenders for
Amortization of Argentine 5% Internal Gold
Loan of 1909.
It was announced on Aug. 1 that J. P. Morgan & Co.
have been instructed to give notice that they are prepared
to receive tenders for the amortization on or before Sept. 28
1923 of $4486,900 Argentine gold pesos of the Argentine Government 5% internal gold loan of 1909. Tenders for the




The right was reserved
applications, and also, in any case, to award a smaller
amount than applied for. The amount due on allotments
will be payable on or about Aug. 14 1923 at the office of
J. P. Morgan & Co., in New York funds, against delivery of
temporary notes or trust receipts, exchangeable for definitive
notes when prepared and received.
The following statement, according to the offering circular,
has been authorized by the Federal Financial Department of
the Swiss Government:

498

THE CHRONICLE

These notes are to be direct external obligations of the Swiss Confederation (Government of Switzerland).
The total debt of the Government of Switzerland at June 30 1923 was
approximately $873,000,000, of which about $463,000.000 represents indebtedness incurred in connection with the purchase and improvement of
the Federal Railways. For many years preceding the war, the operation
of the Federal Railways had always resulted in a surplus over interest
charges: it is expected that the railway accounts for the current year will
show a surplus, if the favorable montly results so far reported are continued.
The Federal Railways, which have a total length of about 1,880 miles. or
more than one-half of the total railway mileage in Switzerland, are gradually
being electrified. As of June 30 1923, about 268 miles were under electric
operation. Switzerland has large resources of water power, estimated at
2,700,000 horse power, the increased utilization of which should result in
substantial reduction of the quantity of coal which now has to be imported.
The general debt of the Government of Switzerland (exclusive of the
railway debt) amounted to about $410,000,000 on June 30 1923. Of the
two loans previously issued in the United States, aggregating $55,000,000.
and constituting (with the present issue of notes) the entire external debt
of the Swiss Government. about $15,000,000 has been retired by the
Government. As a partial offset to its general debt, the Government owns
the telephone and telegraph systems and has other property, securities and
special funds, all aggregating approximately $170,000,000 in value.
During 1922 and the first half of 1923, the Government of Switzerland
issued internal loans aggregating 750.000.000 francs for purposes of consolidating floating debt and providing funds for railway electrification.
These loans have been sold at prices to yield from 5.50% to 4.30%. The
.latest issue, made in April 1923, was placed on a basissof approximately
4.50%. Swiss Government obligations have for many years been included
• among those enjoying the highest credit ranking.
• The currency system of Switzerland is in a strong position. The amount
of outstanding bank notes of the National Bank of Switzerland, which
has the sole power of note issue, has been reduced during the past two and
a half years, and on June 30 1923 the Bank held a metallic reserve in gold
and silver equivalent to about 70% of its note circulation. As a result of
Its sound monetary condition. Switzerland has been able to maintain a
favorable exchange rate as compared with other European currencies.
All figures stated in dollars in the above statement have been converted
from Swiss francs at par of exchange.

British Draft of Allied Reply to German Reparation
Proposals—Statements by Stanley Baldwin
and Lord Curzon.
In addressing the British House of Commons on August
2 with regard to the developments incident to the German
reparations proposals of June 7, Prime Minister Stanley
Baldwin, although indicating that the responses to Great
Britain from France and Belgium to the British draft of a
reply to Germany did not reveal material for sending an
Allied answer to the German note, stated that the British
Government has "not yet given up hope of securing such
unity among the Allies as may lead to a quick and final settlement." "If, however," he said, "a settlement is made you
may be faced in the future with a very strong industrial Germany. You cannot have it both ways. You must either have
a broken country that will pay no reparatiohs, which will
leave the trade of the world in such a state that it will become the work of generations to make good and find new
fields of industry, or you must have a Germany that will be
powerful industrially and that will pay adequate reparations. There is no choice between these." He continued:
But let us remember this—just as Germany may prosper, and just as
she may be charged with reparations, so in proportion to those reparations
will she have to have an extort trade, and one of two things will happen:
Either we shall have some of the most serious competition which we have
ever had to face or else you will see such an increase in the trade of the
world throughout the world that the amount of exports which will arise
to meet reparations can be absorbed entirely.

[VoL. 117.

The draft note is believed to have been considerably modifie;e1 and greatly
improved during a conversation between the Prime Minister and Lord
Curzon yesterday afternoon. In its final form it left the Cabinet to-day.
It is believed, since it is a reply to the German memorandum, to have
answered various points in that document. Running about six typewritten
pages, it is reported that it sets forth the British point of view in regard to
reparations clearly and concisely. The final text met with unanimous
approval of the Cabinet. The note intimates that an early reply would
be acceptable.
The covering memorandum contains data compiled by British experts.
The strictest secrecy is maintained concerning the contents of both documents.

On July 23 the Associated Press advices from London said:
The secrecy agreed upon by the British and French Governments concerning the reparation documents forwarded to the Allies is being closely
maintained, and it is expected that another ton days will elapse before
any reply is received from the French Government, owing to the delay
In the meeting of Premier Poincare and Premier Theunts to consult over
the British draft note to Germany.
It had been arranged to discuss the Ruhr questions in the House of
Commons Thursday, when the Foreign Office estimates came up for
consideration, but the Government, in the belief that such discussion at
the present moment would not be helpful to delicate negotiations has
decided to postpone the debate indefinitely.
J. Ramsay MacDonald, leader of the opposition in the House of Commons, moved a resolution to-day in favor of convening an international
conference to discuss the limitation of armaments, but the House rejected
this proposal 286 to 169.
Premier Baldwin emphasized the difficulties of carrying out a policy
with which everybody was in sympathy. The mistake must not be made
of thinking that what might be war weariness was necessarily an access
of innate good will. Alluding to the growth in Europe since the war of
feelings of extreme nationalism, which, unless corrected, might bear the
seeds of peril to peace, he said the Government believed that any attempt
now to convene an international conference would not only not lead to
success, but would lead to indefinite postponement of any possibility
of achieving the end all desired. It was hdpeless to approach the question
until the problems of reparations and security on the frontiers were settled.
The Prime Minister felt that it would be hopeless to expect a favorable
answer from France until these questions were disposed of, or from Poland
until she could feel that her frontiers were secure against the gigantic
and powerful neighbor along her eastern border. The first step to be
taken was the one which the Government was now taking—an attempt
to settle the problem of reparations.

In addressing the House of Commons on August 2 Prime
Minister Baldwin announced that the draft identic note of
July 20 forwarded to France, Belgium, Italy and Japan was
accompanied by a covering note. They expressed their opinion, he said, "that while nothing should be done that was inconsistent with the stipulations of the Treaty of Versailles,
advantage would be derived from an examination by impartial experts in co-operation with the Reparations Commission into Germany's capacity for payment." The reply also
pointed out that the economic value of any guarantees offered by the German Government "must largely depend upon
factors of which the German memorandum had made no
mention, such as stabilization of the mark and balancing of
the German budget, and that no guarantees could be effective unless provision were made for some form of international control of the German financial administration." The
reply furthermore advised the German Government that "If
It desired a resumption of the inquiry, to withdraw without
further delay the ordinances and decrees which had organized and fomented the policy of passive resistance and unequivocally to disavow the acts of violence and sabotage
which had in some eases accompanied it; and it expressed
the belief that such action on the part of Germany would
involve reconsideration by the occupying Powers of the conditions of their occupation and a gradual return to the normal features of industrial life in the Ruhr." Referring to
the responses to the British draft, Premier Baldwin, in addition to expressing regret that Great Britain could not "find
In them material for sending an Allied answer to the German
note to the dispatch of which they attach BO much importance," added: "Nor do these notes appear to hold out any
definite prospect either of an early alteration of the situation in the Ruhr or of the commencement of discussion
about reparations." In stating that it was the decision of
the Government "to lay before Parliament with the least
possible delay papers which record their own views and endeavors," and that the Allies had been invited "to agree to
the publication of the notes or statements on their part to
which reference has been made and which are required to
explain the situation as a whole," Premier Baldwin added:

Observing that "sooner or later German exports will go
largely into Russia," Premier Baldwin added: "I see in the
future that Russia may act as a shock absorber to take from
the world production of increased trade so much of the exports of Germany as will allow the German portion to be
absorbed in the whole, without causing the apprehension to
which I have just given expression." The Premier in his
address to the House declared that "we shall not leave a
stone unturned to do what we have tried to do in our first
note, and that is to keep together the whole Allied forces to
secure from Germany what is due to us in justice and to
secure that settlement fully and finally the earliest day possible." Premier Baldwin's speech in the House on the 2d
gave the first definite advices relative to the British draft
the part of the Allies to
of a note designed as an answer on
of the
the German communication of June 7. The intention
in drawing up a
initiative
the
take
to
Government
British
His Majesty's Government entertains the hope that publication of these
reply was made known on July 12 by Prime Minister Bald- papers may assist in determining the real dimension of the problems with
win, whose statement indicating this was given in our issue which the Allies are confronted and may convince the world of the imperative necessity of prompt and united action to deal with it.
of July 14, page 147. A copyright cablegram to the New
Coincident with the address of Premier Baldwin in the
disthe
20,
announcing
July
London,
from
"Times"
York
House of Commons on the subject on the 2d inst., Lord Curreply
the
by
drafted
of
Governments
patch to the Allied
zon, Foreign Minister, similarly addressed the House of
Great Britain said:
Lords on the same day. The following account of their rereparation
memorandum
German
The British draft note in reply to the
marks is taken from a copyright cablegram to the New York
memoaccompanying
its
with
afternoon
of June 7 was dispatched this
Belgium, Italy and Japan, "Times" from London, August 2:
randum to the Allied Governments of France,
by the Cabinet,
and also to the United States. It had been considered
which met at the House of Commons at noon, and was discussed for an
hour.




Premier Baldwin said he had always acted on the assumption that the
object of the Allies in pursuing their Ruhr policy was to obtain reparations.

AUG. 4 1923.1

THE CHRONICLE

It had often been stated that there were ulterior motives. He did not wish
to believe that, but if it were so, he would just say this: Deep down in every
British heart, irrespective of party, lay a profound sense of what they believed to be right. It was a thing upon which they did not argue, but they
felt it, and it was one of the most potent forces in their life. It was the
force which took the nation into the war and the fcrce that kept it there to
the end.
If the British people should find after a lapse of time that the wounds of
Europe were being kept open instead of being healed, there might easily
ensue the last thing in the world he would like to see—an estrangement of
heart between the British people and those who took the opposite view.
Statement Made to Both Houses.
The Prime Minister's first declaration, which was repeated in the Lords
by Lord Curzon. was as follows:
"On June 7 last the German Government, having considered the replies
of the Allied Governments to their first note of May 2. communicated to
the latter a further memorandum containing revised proposals for dealing
with the questions of reparations and the Ruhr. The German memorandum appeared in the press of June 8.
"Communications then passed between the Allied Government with the
object of ascertaining and elucidating their respective points of view, and
'the French and Belgian Governments in particular exchanged opinions with
his Majesty's Government on the subject.
"A month later, on July 12, a statement was made in both Houses of
Parliament as to the position assumed by his Majesty's Government, and
the necessity of action was strongly emphasized in order to terminate a
situation that was fraught with peril both to the peace of Europe and to
the interests of all the parties concerned. Certain propositions were
submitted by his Majesty's Government as bases of any such action and
the statement ended by recommending definite steps to the Allies.
"His Majesty's Government held that the proposals contained in the
new German note of June 7 deserved to be examined and replied to, and
that such reply should, if possible, be an Allied reply. Further, inasmuch
as the French and Belgian Governments were indisposed to take the initiative in formulating an answer his Majesty's Government said that they
would themselves assume the responsibility of framing a draft reply which
they would forward for the consideration of their allies.
"In pursuance of this intention his Majesty's Government drew up a
draft identic reply, which they forwarded on July 20 with a covering note
to the Allied Governments of France, Belgium, Italy and Japan. In this
draft reply they dealt with the various proposals contained in the German
memorandum of June 7. They expressed their opinion that, while nothing
should be done that was inconsistent with the stipulations of the Treaty
of Versailles, advantage Would be derived from an examination by impartial
experts in co-operation with the Reparation Commission into Germany's
capacity for payment.
"As to the question of the guarantees offered by the German Government,
his Majesty's Government went on to point out in the draft reply that the
economic value of any such guarantees must largely depend upon factors
of which the German memorandum had made no mention, such as stabilization of the mark and balancing of the German budget, and that no guarantees could be effective unless provision were made for some form of international control of the German financial administration.
"The draft reply ended by advising the German Government, if it
desired a resumption of the inquiry, to withdraw without further delay the
ordinances and decrees which had organized and fomented the policy of
passive resistance and unequivocably to disavow the acts of violence and
sabotage which had in some cases accompanied it; and it expressed the
belief that such action on the part of Germany would involve reconsideration by the occupying Powers of the conditions of their occupation and a
gradual return to the normal features of industrial life in the Ruhr.
"In covering notes with which the draft reply was sent to the Allied Governments, his Majesty's Government gave fuller explanations of the views
which they held on all these points, and they urged upon their allies that
inter-Allied discussions should be opened with as little delay as possible,
whether by conference or otherwise, for the purpose of elaborating a comprehensive plan of a general and final finanical settlement.
"The replies of the Allied Governments have now been received. The
Italian Government have not so far returned a written answer, but have expressed themselves as in general agreement with the views and proposals of
his Majesty's Government. The French and Belgian Governments have
returned independent replies.
Replies Not Satisfactory.
"His Majesty's Government have devoted most careful and anxious
consideration to these replies and, while fully conscious of the friendly language in which they are couched and of the cordial spirit by which they are
Inspired, they regret not to find in them material for sending an Allied
answer to the German note to the dispatch of which they attach so much
importance.
"Indeed, the draft reply submitted by his Majesty's Government is not
mentioned in the French and Belgian replies, nor do these notes appear to
hold out any definite prospect either of an early alteration of the situation
in the Ruhr or of the commencement of discussion about reparations, to
both of which his Majesty's Government had eagerly looked forward.
"It is apparent that many weeks, if not months, might easily be consumed
in a preliminary exchange of opinions between the Allies on the lines that
are now foreshadowed by the latter before any effective step could be taken
for terminating the present situation.
"His Majesty's Government cannot too often repeat that, while regarding the interests of their allies as bound up with their own,and while shrinkleg as they have done throughout from any action that might be thought
indicative of Allied disunion, they yet hold firmly the view that the problem
now before all of them cannot be evaded, and that while the Allies may be
occupied in exchanging views in a spirit of unabated friendliness on this or
that detail of this or that proposal, the European situation, carrying with
it all prospects of reparation payments to which the Allies are equally
entitled, may sink into irretrievable ruin.
"In these circumstances his Majesty's Government have decided to lay
before Parliament with the least possible delay papers which record their
own views and endeavors, and they are inviting their allies to agree to the
publication of the notes or statements on their part to which reference has
been made and which are required to explain the situation as a whole.
"His Majesty's Government entertains the hope that publication of these
papers may assist in determining the real dimensions of the problems with
which the Allies are confronted and may convince the world of the imperative necessity of prompt and united action to deal with it."
Chamberlain Criticizes Government.
In the debate which ensued Austen Chamberlain suggested that the
Government had made a mistake by a public statement of such definiteness and solemnity as the Prime Minister made to the House on July 12.
France's position was thereby made more difficult. If people had got
into a position from which it was very difficult for them to recede with
credit to themselves, to their country, it was not well to begin by a public
statement of what was required as the first step to private negotiations.




499

Mr. Chamberlain asked the Prime Minister to assure the House that
before he made his statement of July 12 he had carefully considered not
only what was to be done in the event of his securing agreement with
France and Belgium and the other Allies, but what course the Government would take if they failed to secure that agreement.
"If that assurance was given, the House could then feel in going away
for a three-months'holiday that the Government were not drifting rudderless
on the ocean but were pursuing a clear and definite policy amid all the
perils of the time.
Mr. Asquith also asked for a more definite and explicit statement of
what the Government purposed to do in the event of Allied disagreement.
The Prime Minister, replying, said it was only the circumstances of
time itself that had defeated his desire to place all the documents before
the House. Mr. Baldwin continued:
"Some criticism has been passed to-day on the late Prime Minister,
Mr. Boner Law, on the ground that in January last he took a passive
rather than an active line on the occasion of the proposed French entrance
into the Ruhr. It is always easy after the event to say what a man should
have done. He was in an extremely difficult position, and I think, having
regard to the facts of the time, he took the right course. After all, he
might easily have precipitated a breach in the Entente.
"He said in the most explicit terms that he objected to what was going
to be done and strained to the utmost his well-known affection for France
and loyalty to the Allies and preferred to wait, a spectator of events.
knowing quite well that such inaction must expose him to criticism. But
it was quite obvious that passivity could only be temporary. and had he
remained in office he must have brought that period of passivity to a close.
Questionnaire a Forward Move.
"When I succeeded him I felt at once that the time had come to make
an attempt td move forward and to bring if possible to a termination a
state of things which appears to every one to hold within it seeds of unhappy
and possibly terrible events in the future. And so it was that we lost
no time, and immediately after receiving the German note of June 7 we
issued within six days, on June 13, a questionnaire to our Allies to elucidate
certain points on which it was necessary to have information before we
could see on what lines we could proceed with the greatest hope of success.
"It was not till July 3 that we received a reply from Belgium and on
July 6 we received a reply from France. Without delay we prepared a
note to our Allies covering the draft reply to Germany which we hoped
might at any rate have been taken on a b giS of a reply from the united
Allies, and we had the two notes ready to be dispatched by July 20. On
the evening of the 30th we received the French and Belgian replies, which
were translated and circulated to the Cabinet only the day before yesterday.
"I think the House will agree that whether our procedure was right or
not, no time has been lost by this Government in the last two months in
taking, at any rate, the preliminary steps which seemed good to us to find
a way out of the impasse into which we had drifted.
"There was one good thing about the attitude of passivity. It showed
with the utmost clearness that our desire was to maintain the old relationship with our Allies. We sacrificed something to prove that, and we also
allowed time to elapse to prove whether our contemtion or the contention
of our Allies as to the efficacy of the method of obtaining the common end
we both had in view was justifiable or not.
One Bad Conse'uence of Delay.
"But while that may be to the good, there has been one bad thing about
this delay. The silence of Great Britain has led many people not only
in the world at large but in Great Britain to overlook the interests of our
own country. We must remember that we are Allies, that our interests
are no less and no more than those of France and Belgium, and that as
Allies we have an equal voice to declare our views.
"It cannot be expected among allies, any more than among friends, that
we should always regard a thing from the same point of view, and when
a difference arises between allies, as between friends, it is far better and far
more honest to state frankly where the difference arises and what the reasons are for it, knowing by that method you are more likely to come to an
ultimate agreement than if you try to hide them and gloss them over. I
deprecate from the bottom of my heart in discussions of this kind such
phrases as pro-French or pro-German, but if we are to be pro-anything
let us be pro-British.
"I feel that at this point I ought to make a few observations generally
and broadly regarding the Ruhr and what it means, so that both our own
people and our allies may understand where the real difference of opinion
comes.
"We regard the Ruhr policy as not well calculated to achieve the common
end which we have in view. Our allies regard it as a good method to achieve
that end. It is a perfectly honest and genuine difference of opinion as to
method, whereas we both agree that what we want is to secure payment of
adequate reparations, and that as soon as may be.
"The reason that I doubt the wisdom, or am certain of the unwisdom, of
the Ruhr occupation is this: In ray view it postpones by its very length the
payment of reparations, and it is hitting directly and cumulatively the
progress of trade in this country and the trade of the world.
Occupation's Effect on Trade.
"There has been a good deal of nonsense, in my view, talked upon this
subject by people who imperfectly apprehend it, but I think that no one
will controvert the few statements that I propose to make.
"It would be untrue to say to-day that the cause of unemployment that
we have in this country is due primarily to the.Ruhr occupation. That is
an exaggeration on our side. The Ruhr occupation is an unhappy symptom of diseases which are inherent to-day in so many nations of the world.
The direct cause of unemployment is due to the impoverishment of the
world which has made it so difficult for countries and individuals to afford
to make payment for goods which they want, or to find means of making
those payments.
"But it is true to say that the occupation of the Ruhr is now beginning
to be felt in the trade of the world, and the longer it lasts the more heavily
and grievously will it be felt, and for this reason, that there is no isolated
unit in the industrial life of the world; or, to take the old threadbare analogy
of the machine of trade, the machine of the world. You stop part of it
from functioning and the whole suffers. You have contraction of trade
in the Ruhr going on, as we know to-day, and the result of this contraction
is felt on the wires between Lverpool and Calcutta and between Liverpool
and Valparaiso.
India as an Example.
"India, suprorting one of the largest populations of any country in the
world, with a good monsoon and every prospect of enjoying favorable
terms of exportation, finds that neither with her jute, her hides, her seeds
nor her rice has she her accustomed markets in Central Europe. The reaction of that is twofold: It means cessation of progress and prosperity in
India; it means that India will be poorer than otherwise she would be, and
it means that Lancashire suffers in the same way.
"The inability of Germany now to take nitrates from Chile is bringing
Chilean international trade to a deadlock. And we find that as the situ-

500

THE CHRONICLE

ation gets worse the difficulty of providing credits for payment of imports
into Germany is beginning, or soon will begin, to tell on our own coal trade,
because at this moment the Germans are seeking to find means of financing
the importation into Hamburg of coal. And similarly, if you go right
across the world to Australia you will find the same thing happening with
the importation of Australian wool into Germany.
"We are told by some superficial observers. 'Oh, yes, but it is a good
thing for British trade.' But it is not a good thing for British trade.
The few orders here and there that we may be getting are no compensation
for the orders that we are losing in international trade.
"And what else is going on? The liquid capital of Germany is being
reduced and her gold and her industrial shares are passing into the hands
offoreigners, all of which will make it more difficult to get reparations when
the time comes. And, meantime, Belgium has to watch the docks at
Antwerp becoming less and less occupied.
"Where is this leading to? The circumstances are unprecedented and
there is no one who can 'fortell what the result will be of the collapse or
surrender which some of our friends tell us is a necessary preliminary to
the recovery of reparations.
"It has been said in this House to-day that our action is strengthening
German resistance. We want to do nothing to strengthen German resistance, because we know very well that the longer Germany resists the
more hopeless will be the position afterward. We want a settlement.
But what is going to happen if and when the collapse of Germany comes—
a collapse the nature of which no one can foresee?
"We know one thing, that whatever it means it will mean less reparations.
We know another thing, that it will mean a longer time before Germany's
financial system can be restored, and I fear very much another thing, that
If it be collapse or surrender that is caused by a feeling that anything is
better than a continuance of what is going on, then what will happen will
be that Germany will sign anything and she will default again, and we must
look forward to an endless chain of events similar to those of the last few
years. It is from feeling that so strongly that the Government are using
every endeavor to secure, and have not yet given up the hope of securing,
such unity among the Allies as may lead to a quick and final settlement.
'Then followed the portion of Premier Baldwin's remarks already quoted
above.]
"There is only one thing I want to say. I am sure the House will
understand that at this moment, when the Government have to take
Into consideration their reply to the last notes they have only just received, it would be quite impossible for me to attempt to canvass the
various lines upon which It might be possible for us to answer.
"I will only say this, and I ask the House to believe me, that I realize
to the full that the Government of the day in dealing with these matters
Is not merely a Government of one party, but that the Government for
the time being is speaking in the name of the whole nation and that we
shall not leave a stone unturned to do what we have tried to do in our
first note, and that is to keep together the whole Allied forces, to escure
from Germany what is due to us in justice and to secure that settlement
fully and finally the earliest day possible.
"That will be our endeavor, and I may add that should at any time
there arise any crisis in our relations—which indeed I pray God may
not arise—I should not hesitate to call Parliament together at whatever

[VOL. 117.

not "find in them material for sending an Allied answer to
the German note," . . . "nor do these notes appear to hold
out any definite prospect either of an early alteration of the
situation in the Ruhr, or of the commencement of discussion
about reparations." A resume of the French note, as contained in a copyright cablegram from Paris, August 2, to the
New York "Times" follows:
The note in reply to the British communications first of all sets forth
that the French Government was perfectly disposed to discuss at once with
the British Government the German proposals of June 7, but that it was
obliged to emphasize that these proposals contained no engagement by Germany to put an end to the resistance with which the Reich had opposed during six months execution of the treaty of peace.
The note replied in the fullest possible way to the diverse questions
which had been proposed by the British Government, and stated that the
French Government would be glad to reply at any future times to questions
which the British might wish to address to it. But it recalled that after
four years of waiting, of attempts of all kinds, of ultimatums never put
into effect, of conferences proposed by the British Government of which
the conclusions were never applied, and of successive moratoriums accorded
Germany, France and Belgium were decided not to evacuate the Ruhr
except in the measure of payment made by the German Government.
As for passive resistance, if Germany ceases it France will immediately
modify the occupation of the Ruhr in such manner as may be judged compatible With the safety of the troops and of the engineers, and with the conservation of this pledge.
The French Government is convinced that if the British Government
simply makes known to the Reich that it disapproves of the policy which
ruins Germany and menaces Europe with ruin, everything will immediately
be easy to straighten out.
The French Government is in accord with the British Government in
thinking that Germany ought to re-establish her credit, stabilize her money.
balance her budget and encourage production. These are words of ad rice
which the Allies have been giving Germany since 1920, but all these efforts
have been vain. The real ruia of Germany is not the consequences of occupation of the Ruhr, but is the work of the Reich itself.

Asks About Inter-Allied Debts.
As concerns the British proposals for the elaboration by the Allies of a
complete plan for a definite general financial settlement, the French Government desires to know if the question of the inter-Allied debts is included.
With regard to the fixation of Germany's capacity for payment the
French Government asks how the calculation made to-day by experts,
whoever they may be, would be more exact than that which was made in
1921, and how the figures fixed to-day would be still valid ton or fifteen
years hence. The capacity of payment of the country is something essentially variable.
According to Article 234 of the treaty, the Commission on Reparations,
after having fixed the amount of damages, has the task of studying from
time to time the resources and capacity of Germany. Moreover, it is not
to be hoped that any one can ever fir the figure which the German Governtime that may be. . . .
ment would consider just and realizable.
At 5 o'clock the Commons adjourned and will not meet till Nov. 13,
To fix this capacity for payment the British Government proposes the
unless a crisis should develop requiring a special session.
opinion of Impartial experts, neither the number nor the nationality of
which it fixes. The French Government asks it to say what would be in
Curzon Answers Critics in Lords.
Meanwhile, in the Upper House, Lord Curzon had announced that he this case the relation of the experts with the Commission created by the
had
proposal
British
treaty and what would be exactly the nature of their opinion. How and
had just been' informed that Italy's reply to the
by whom would the experts be chosen—by the Governments, by the
been received at the Foreign Office.
Lord Birkenhead had assumed that because the replies of France and Commission on Reparation, by the Allies, by the associated Powers or by
Belgium were not encouraging, therefore British policy had failed. He neutrals. The Government would be naturally very happy to see the
(Lord Curzon) did not draw that conclusion for one moment. He could American delegate interest himself more in the discussions of the Commisnot say what would happen in the next two or three months, but he con- sion on Reparation.
tended there was not a shadow of foundation for the suggestion that Great
The Associated Press advices from Paris August 2 referBritain had done anything that was provocative or exasperating to France.
Lord Birkenhead had also suggested British retirement from the Repara- ring to the French note said:
in
Occupation
British
Army
of
the
tion Commission and withdrawal of
The express wish for more accurate participation by the unofficial AmeriGermany. Twelve months' notice would be reqt red. in regard to the
first point, and in regard to the second he (Lord Curzon)could show that can delegate on the Reparations Commission and the suggestion that If
Great
Britain would make plain to Germany that she disapproves of a
the presence of the British forces on the Rhine had had a most quieting
and steadying effect on the situation, and that their presence there had "ruination policy" it would immediately mend things, are the leading features of Premier Poincare's reply to the British reparations note.
been warmly welcomed and appreciated by all parties concerned.
The substance of the French reply was given out this evening after it
He believed that an announcement of the withdrawal of the British
became known that the British Ministers had disclosed the contents of
troops would be received not only with regret, but almost with dismay.
British note.
the
The text of the French reply is indicated in another item
The impression in official circles from a hasty reading of the declaration
paper.
in this issue of our
of the British Prime Minister, as contained in dispatches to the press, is
that Premier Baldwin's attitude leaves plenty of room for a continuation
of the negotiations regarding a settlement of the reparations question and
Reply of French Government to British Draft of Note an answer
to Germany's latest proposals. It is emphasized In circles close
on German Reparations—Seeks Further Assurto M. Poincare that the French Premier's reply to the British note also
leaves the door wide open for further discussion.
ances from Germany.
There is a general feeling that the Entente is in no immediate danger of
On Thursday of this week (August 2) the text of the a rupture because of the British proposition, though M. Poincare's reply
makes
such conditions to a consideration of the German proposals as to
was
French reply to the British note on German reparations
render final agreement with Mr. Baldwin difficult. The Premier decided
made public, publicity being given to the French communica- this afternoon that inasmuch as the British proposals were disclosed in the
tion coincident with a statement in the British House of House of Commons debate there was no longer any reason for keeping his
note secret.
Commons by Prime Minister Stanley Baldwin rehearsing the
At the outset M. Poincare declares he is quite ready to examine the GerGreat
of
Britain
toward
an
part
adjustproceedings on the
man proposals with the British Government, but recalls that the German
ment of the reparations question since the last communica- offer was silent as to a cessation of resistance to occupation of the Ruhr.
He reaffirms that the French Government cannot enter into any negotiation addressed to the Allies by the German Government on tions with Germany until that resistance is ended, and that France and
June 7. The German proposals of June 7 were given in our Belgium are ready to modify the conditions of their occupation when that
But there
Issue of June 9, page 2580. The willingness of Great Britain is made possible by the disappearance of systematic obstruction.
could be no idea of evacuation until a final agreement was reached and paypreparing
the draft of a re- ments were made or assured.
to assume the responsibility of
The responsibilities of the British Government in the situation were
ply in view of the understanding that the French and Belrather pointedly alluded to in a paragraph which says the conviction of
gian Governments were not disposed to take the initiative in the
French Government is that if the British Government would simply
suggesting a reply was indicated on July 12 by Prime Minis- make known to the Reich that it disapproves of a policy that is ruining
ter Baldwin, whose statement in the matter was given in Germany and threatening the ruin of Europe, the whole situation immediately would be corrected.
these columns July 14, page 147. The draft of the note
Referring to an allusion in the British note to "a general and final financial
delivered
to
the
was
Britain
Allied
AmGreat
by
up
settlement,"
M.Poincare asks whether It is to be understood that the interdrawn
bassadors on July 20; the first definite indication of its con- Allied debts are comprised therein.

Several declarations recently by Premier Poincare of
tents was given in Premier Baldwin's statement in the House
unchanged attitude of
of Commons this week (we are publishing this statement in France indicated the practically
unveilanother item in this issue). As to the replies thereto the France toward Germany. Speaking on July 22 at the
in
erected
(France),
Villers-Cottrets
at
of
a
monument
ing
British
does
Government
Prime Minister indicates that the




Atm. 41923.]

THE CHRONICLE

memory of the soldiers who fell in the World War, the Premier declared, according to the Associated Press:
If we commit...the imprudence to-day of inclosing Germany's capacity
us;
for payment in a fixed and permanent frame, she will quickly evade
extraour arbitrary measures will soon come under the influence of this
ordinary agglomeration of industrial forces and, by reconquering economic
supremacy, will impose uponithe world the scandal of a most retrograde
and immoral policy.

Great Britain, Belgium, Italy and France, M. Poincare
added, must unite closely to avert this peril and not be led
astray by the false illusion of an impoverished and forever
powerless Germany. The Premier's remarks upon that occasion were in reply to a speech of former Prime Minister
Lloyd George of Great Britain describing the prosperity of
France. On July 15, Premier Poincare, in a speech at SenLis (France) proclaimed (we quote the Associated Press
accounts of his declarations) the French Government's unalterable decision resolutely to stand for the complete execution of the Versailles Peace Treaty, with the German debt at
132,000,000,000 gold marks, as agreed upon by the Allies at
the London conference, and against any international financial committee to replace the Reparations Commission. The
Associated Press cablegrams of July 15 continued:
M. Poincare chose for his pronouncement this town, which marks the
furthest advance of the Germans and where the Germans executed hostages,
placed civilians in the line of the French fire and burned part of the town in
reprisal against alleged civilian resistance.
M.Poincare professed to have no hatred and no spirit for revenge for the
devastation, the traces of which were visible from where he spoke. "We
should like no longer to talk of devastation or to think of it," he declared.
"We should like to forget—even to forgive."
France, said M. Poincare, had been no better treated in reparations than
in the concessions wrung from her and the security denied her.
the Reparation ComThe peace treaty established conditions under which
mission should fix the German debt. "There was a pretense of respecting
those conditions," he added."but the debt hardly had been fixed when there
we always left
was imposed upon us in one of those Supreme Councils where
behind us some of our rights a schedule of payments that the Commission
accepted reluctantly and which reduced our claim in undetermined proportions. We then accepted this schedule of payments as an international
convention, as an engagement of honor pledged to us."
A few months later this schedule again was questioned, "as certain of
our friends seemed no longer to have any other thought than to lighten the
German debt, and as they themselves were our creditors, we told them:
'There are three kinds of bonds provided for. Let us keep our part of the
first two. As for the third, we will use them against Germany only in proportion as our creditors ask us to pay our debts." Still we were found too
exacting."
The Premier said France was reproached for not having sufficient regard for Germany, and for exposing her to disaster that would affect all
other nations.
"And yet," he asked, "has not Germany been so well looked after during three whole years that she has been allowed to default on all her obligations, so that we had to pay with our own money 100,000,000,000 francs
she owed us, and has not paid? Has she not been allowed to rebuild her
commercial fleet and develop her canals and railroads, and enrich her great
Industries at the expense of her creditors?"
M. Poincare asked if any one imagined that Germany would stabilize
the mark and put her house in order, "if France watched with arms folded."
"For three years," he said, "the Allies have followed this mirage and for
three years things have been going from bad to worse. If we were not in
the Ruhr, Germany would have continued to slip into the abyss she dug,
but we would have come empty-handed, while now we hold security and we
are powerful enough not to have to let go."
France, the Premier asserted, unceasingly had been making concessions.
"Then." he added,"why have we said we have reached the end? It is because until now they always have been at our expense." The peace treaty
had promised reparations and security. For security the right was given
to France of temporary occupation on the Rhine that was to cease at the
precise moment Germany should become stronger."
Franco also had been promised a guaranty pact, but this had not been
fulfilled, and nothing had been offered to replace it, for "the new guaranty
pact proposed by Mr. Lloyd George was for a shorter time than occupation
and without precise engagements. Military aid was nothing; it was only
a dangerous deception."
M. Poincare emphasized the Government's and his own personal feeling
in favor of close relations between France and Great Britain. He recalled
that it was he who brought about the alliance with Great Britain before
the war when others were advocating better relations between France
and Germany.
The Premier concluded with what was interpreted as a carefully worded
reminder of France's supreme position on the Continent and the danger
of attacking the Treaty of Versailles. For, he said, "through a breach
opened in the Versailles Treaty other propositions would pass that would
re-open the entire peace settlement, destroy the now status of Central
Europe, and menace our friend, Czechoslovakia, Rumania and Jugoslavia."

Hopes France's Allies Will Heed.
That was what France felt, he said, and that feeling would shape France's
actions. He hoped France's allies would heed and not too late have to
regret not taking her advice.
Since his accession to power Premier Poincare has made no speech which
so well reveals his attitude toward Germany. Right or wrong, no one
-clay in public what he has often said
doubts his sincerity, for he said to
in private.
In a reply to Mr. Lloyd George's recent attack on France in which the
ex-Prime Minister said that while crying ruin France was rebuilding her
industrial machine in better shape than ever, the French Premier said the
British would do better to worry about the future trade competition of
Germany, who was awaiting only to shake off lier obligations with English
help to engage in a commercial war with Great Britain.
He reviewed the now famous German General Staff report on b)btematic
destruction in France, quoting the German leaders to the effect that its
purpose was to cripple France in her recovery after the wax.
In speaking of General Mangin's attack on July 18 1918 the Premier made
no mention of the American troops, although the head of MangIn's wedge
on that notable morning was made up of the First and Second American
Divisions with a Moroccan division in between.
Reviewing those thrilling days five years ago when the tide of the World
War changed not many miles from where he spoke. the Premier turned to
the subject of the Germans' destruction wantonly of French industrial
machinery.
Lloyd George's Wicked Comparisons.
"This is the moment chosen by an eminent statesman and former Prime
Minister of an allied nation to establish between France and Germany the
most wicked comparison and to declare amusing that we could restore our
devastated regions and at the same time complain of the large expenditures
Berlin is making in Germany.
"What does Lloyd George mean? While Germany rebuilds her merchant
marine, develops her railroads and builds new canals, is she repairing war
damage? Is she only making improvements? And are not these improvements made at the expense of her creditors?
"All that may be amusing for Mr. Lloyd George. For France it is sad,
and it is intolerable.
"As for blaming us for not having always rebuilt our destroyed industries
on the old model, that would be to add to our ruin the interdiction to make
any progress. It was just that paralysis that Germany sought to inflict
on us when she prepared her program of devastation. She confiscated raw
materials and manufactured goods. She stole in our invaded provinces
leather, wood,rubber, chemical products, iron, metals,furnaces, machines
and pieces of machines, and she added joyously: 'These war damages will
have a durable effect. They will not only cripple enterprise, but put the
future life of these enterprises in doubt. All furnaces and steel mills are
put behind for years. The damages to the French steel industry is so severe
that the consequences can with difficulty be overcome.'
"And to quote another German report:
"'War damage to woolen and cloth mills is very important. Germany
will be able to regain full capacity in woolen cloth at least two or three years
before the French.'
"And her own German document adds:
"'However, it is to be feared that England will get the lion's share'."
After giving other examples of German boasting of what they had done
in France, M.Poincare continued:
"It was the same thing for the leather industry, alcohol, wool, soap,
glass, paper, coal, iron and phosphates. The Germans not only calculated
upon benefiting from the wanton destruction they did, but on the time it
would take us to recover.
"Mr. Lloyd George had these pages before him when in 1919 he helped
to write the peace treaty. Can he possibly have forgotten them? Whatever may be the vitality of France, her recovery is delayed thanks to Germany. She threatens the economic life of no nation, and our friends
would be better inspired to worry about things not so distant. If they had
gone with us into the Ruhr they would understand better where their danger
lies. They would have found in the great German industrial organization
serious reasons for thought. For there, not only are there vast cartels
of immense patronal syndicates and great horizontal organizations grouping the manufacture of similar products, but there are great instruments
of industrial concentration, great vertical organizations which group exploitation from the raw materials to the finished products.

Poincare's speech of July 22, as given in a copyto the New York "Times" from Paris, was
cablegram
right
In part as follows:
Premier

501

Tighten Grip on Government.
"These great groups possess the national fortune of Germany. Day by
day they tighten their control on the Government. They envelop it, they
surround it, they annihilate it. They command the press of Germany
and they command the Government. They impose on the German republic a new caste as hateful as the Junkers and just as opoosed to the
liberties of the people.
"Is it this regime of social and economic oppression, the natural accomplice of the militarists, which the conquerors of 1918 will install definitely
In the centre of Europe? What would be more incompatible with the ancient traditions of England and France? Let us to-day commit the blunder
of deciding finally on the capacity for payment of Germany and she would
soon escape us. She would quickly assume by means of they great organizations proportions we would not foresee to-day. And Germany in reconquering her economic primacy would impose on the world the scandal
of the most retrograde and immoral political domination.
"To meet this peril England, Belgium, Italy and France must unite more
closely than ever in a oemmon effort. They must face realities and not be
fooled by the deceiving picture of Germany poor and forever powerless,
and see the truth despite camouflages.
"Is it too difficult to furnish the allied Governments with the elements
of instructive comparison and motives for a fair decision? Would it not
suffice for them to make a trip through the Aisne and then through the
Ruhr? They would learn something. Let us hope none of our friends
will refuse this little inquiry which calls for neither financial experts nor

Twenty-four hours after .ocsivIA; Prime Minister Baldwin's prayer to International bankers.
Germany, Premier Poincare, standing to-day at the foot of
"Let us hope that under the pretext of sparing an unfortunate debtor
be kinder to
war dead at Villers-Cotteret. not far from where, on they will not encourage fraud and injustice; that they will not repudiate
a monument to the
General Mangin started the drive which ended the glorious memory of the victorious gained in common in this devastated
July 18 five years ago.
painted a picture of Germany hiding behind a camou- country; that they will not prepare the way for future arrogant triumphs
in Germany's defeat,
hope their eyes now closed will open beflage of ruin waiting only until England had helped her to escape her of a foreign plutocracy. Let us
earth in the days to come will have
obligations, to launch upon the vrorld an economic war backed by the fore the evidence and that no one on
to regret having disdained in these decisive hours the warnings given by
design to try once again to foist political domination on other nations.
He reviewed the program of methodical economic destruction in France France."
to the German General Staff,
The Paris Government press to-day is unanimous in declaring France
dictated by the German business barons
the same purposes to-(lay. They had only cannot accept the British project to make advance promises to Germany
and said those same men had
to change their weapons. Let the Allies In return for her cessation of passive resistance in the Ruhr. Paris makes
been forced for the time being
trap of estimating her capacity for payment this question the basic issue involved in the London draft note and it is reto-day fall into the German
she had arrived at a point where she could pay iterated here that M. Poincare will enter no negotiations with Germany
at a time when purposely
the intermediary of England before Berlin has
nothing, and they would see Germany quickly escape from their hold and either directly or through
surrendered in the Ruhr.
launch again on the path of conquest.




502

THE CHRONICLE

The French Cabinet on July 24 unanimously approved Premier Poincare's draft of reply to Great Britain, as to which Capital stock paid in
Reserve from earnings
we quote the following copyright cablegram of July 24 to the Undivided profits
Farm loan bonds issued
New York "Times" from Paris:
Premier Poincare submitted to the Cabinet to-day, which approved
it, the draft of an answer to Prime Minister Baldwin's proposal for a
Joint Allied reply to Germany's latest note on reparations. It is stated
here that Paris has assurance that Brussels will either join in the French
reply or make a separate reply in the same tenor. The Franco-Belgian
anwer will probably reach London by the end of the week, Mr. Baldwin
having requested that the French Government make known its opinion
before the adjournment of Parliament on Aug. 4.
Official secrecy continues to be thrown about the French answer, but
there Is excellent reason to believe thta M. Poincare will propose that the
Allied reply to Germany take the form of a simple statement that reparations negotiations cannot be begun until Berlin rescinds its resistance
orders.
It is understood that this reply will not take up the proposals contained
in Mr. Baldwin's separate memorandum to France, going deeply into
the reparations issue, but will confine itself to suggesting a change in the
Allied response to Germany proposed by Mr. Baldwin.
Proposal as Construed by French.
His draft said in effect that it would be desirable for Germany to cease
passive resistance if she wished the Allies to consider the proposals made
in her note for the evaluation of her capacity for payment and for a change
In the character of the Ruhr occupation. M. Poincare is said to construe
this as proposing that France in a measure go back on her program of
insisting on the cessation of resistance before negotiating, in that France
would make advance promises to obtain an end of resistance.
Regardless of the assurance he may give the British Premier, M. Poincare will, it is understood, insist that the proper answer for the Allies to
make will be to advise Germany to accept the French terms concerning
resistance and without making any promises to Germany. That being
done, the French will await the next move from England. It is gad
here that M. Poincare favors not mentioning in the reply to Germany any
project of evaluation of her capacity for payment.
It is thought possible that if Germany, with or without the advice of
England, ceases resistance in the Ruhr, M. Poincare, may show himself
more reasonable than his present attitude indicates but all the evidence
that can be gathered here now is to the effect that he will stand pat on
his proposition that the Germans must first of all admit defeat in their
Ruhr battle.

[VoL. 117.
Liabilities.

$1,861,200 00
57,200 00
8,681 03
20,310,000 00
Payments on principal of loans
290,482 96
Advance payments on principal & interest
27,193 54
Reserve for unpaid bond coupons
21,852 50
Accrued interest on farm loan bonds
169,658 82
Accounts payable (due on incompleteloans)
424,487 31
Bills payable
446,000 00

$2,033,700 00
138,700 00
71,135 41
26,885,000 00
449,413 92
49,863 99
29,435 00
257,771 66
39,487 12
1,868,966 68

$28,116,755 86

881,823,473 78

President Barkley in his letter to the stockholders under
date of July 12 says:
When all is said and done it is to this great grain and live stock region of
the Central West that men look for all that is most stable in American industry and American agriculture. The pulse of the nation beats in this area.
Nowhere on earth is there a duplicate for this territory of which Iowa and
Nebraska are a component part.
The rural population of these two States is nearly 2,500,000. It includes
338,000 actual operators of farms, who make up one of the greatest surplus
producing groups in the world. It is a fact worth spending a thought on
that these farmers are the world's heaviest producers per man. In Iowa 85%
of these men and in Nebraska 80% are native born-a fact worth attention.

The last offering of bonds of the Lincoln Joint Stock Land
Bank was noted in our issue of May 5 1923, page 1954.

Offering of Five Thousand Shares of Stock of
Chicago Joint Stock Land Bank.
R. F. DeVoe & Co., Inc., and Russell, Miller & Carey offered last week 5,000 shares of stock of the Chicago Joint
Stock Land Bank at $150 a share and accrued dividend,
yielding 6.67%. The shares are exempt from the Federal
Income tax and are not subject to State or local taxes while
In the hands of the individual investor, as such taxes are
paid by the bank. The par value is $100. From Jan. 1 1919
dividends paid were at the rate of 8% per annum until Jan.
1 1922, when dividend rate was increased to 9% and again
Offering of Bonds of Northwest Joint Stock
increased on Jan. 1 1923 to the present rate of 10%. The
Land Bank of Portland, Oregon.
bank operates in Illinois and Iowa. The *following is the
• G. E. Miller & Co. of Portland, San Francisco, Chicago,
condensed statement of condition of the Chicago Joint Stock
etc., have offered during the past few weeks $1,000,000 5%
Land Bank at the close of business June 80 1923:
Farm Loan bonds of the Northwest Joint Stock Land Bank
Assets.
of Portland, Ore. (formerly the Portland Joint Stock Land Loans
secured by first mortgages on farm lands, total apBank). The bonds were offered at 102 and accrued interest
praised valuations exceeding $129,000,000
$51,609,275 00
to yield 4.73% to the optional date and 5% thereafter. They Accrued interest on loans
904,362 05
U. S. Govt. and farm loans bonds at cost___ $1,479,317 33
are dated Nov. 1 1922, are due Nov. 1 1952 and are redeem- Less subject
repurchase agreement
750,300 00
able at par and interest on any interest date or after ten
729,017 38
years from the date of issue. Interest is payable semi-an- Accrued interest, Government and farm loan bonds
12,443 12
Accounts receivable
29,284 87
nually May 1 and November 1 and principal and in- Furniture and fixtures
15,413 36
terest are payable in New York, Chicago, or at the Cash on deposit in banks
720,479 83
Northwest Joint Stock Land Bank, Portland, Oregon.
$54,020,275 56
The bonds are in coupon form, fully registerable and
interchangeable in denomination of $1,000. They are legal Capital
$3,250,000 00
815,069 06
investment for all fiduciary and trust funds under the juris- Reserves and undivided profits
Amortization payments
943,466 12
diction of the Federal Government and acceptable at par as Advance and unearned interest
7,489 64
security for Postal Savings and other deposits of Govern- Due borrowers
48,290 80
Coupons
due,
not
presented
00
54,915
ment funds. The Northwest Joint Stock Land Bank was Accrued
interest, farm loan
401,044 94
chartered by the Federal Farm Loan Board on Oct. 13 1922. Farm loan bonds outstandingbonds
48,500,000 00
It has a paid in capital of $250,000; its operations are con$54,020,275 56
fined to the States of Oregon and Washington. George C.
This week's circular announcing the offering of stock says:
Jewett, formerly Secretary of the Federal Land Bank of
Starting July 25 1917 With a paid-in capital of $250,000, this was inSpokane, and now Manager of the American Wheat Grow- creased to $375,000 on Jan. 1 1919, further to
$700,000 by May 7 1919.
ers' Association, is President of he Northwest Joint Stock With practically no exceptions this increase was taken by the original subscribers to the capital stock. Since that time the stock was offered to counLand Bank.
try bankers located throughout
June 30 Statement of Lincoln Joint Stock
Land Bank.
A comparative statement of condition of the Lincoln Joint
Stock Land Bank of Lincoln, Neb., at the close of business
June 30 1922 and June 30 1923 has been issued to the stockholders by President W. E. Barkley. The amount of farm
loan bonds issued at the latest date is shown as $26,885,000,
as compared with $20,310,000 a year ago, and the amount of
mortgage loans Is given as $28,138,400 on June 30 1923,
against $18,172,150 the same date in 1922. The total assets
are now $31,323,474, whereas on June 30 1922 the assets aggregated $23,116,756. The following is the statement:
COMPARATIVE STATEMENT OF THE LINCOLN JOINT STOCK LAND
BANK OF LINCOLN, NEB.
Assets.
June 30 1922.
June 30 1923.
$18,172,150 00 $28,138,400 00
Mortgage loans
201,895 66
1,779,129 17
Farm loan bonds on hand (cost)
3,680,000 00
Liberty bonds and U. S. Treasury certifs
28,437 87
87,883 64
Accounts receivable
629,528 62
755,021 90
Deposits with banks
399,286
53
568,669 98
Accrued interest on loans and securities
5,456 98
Furniture and fixtures
6,309 83
Other assets
38,059 76




$23,116,755 66

$31,828,473 78

Illinois and Iowa. The bank now has $3,250,000 of paid up capital and a large part of the capital is owned by the
original incorporators and approximately one hundred bankers in the rural
districts of Illinois and Iowa.

Federal Trade Commission on Grain Speculation, &c.
Recommends Publicity by Chicago Board of Trade
of Daily Volume of Futures Operations.
The second volume of the report of the Federal Trade Commission on the Methods and Operations of Grain Exporters,
made public July 30, deals with speculation, competition
and prices, and recommends that the Chicago Board of
Trade be required to make public each day the total volume
of futures operations of each grain for the preceding day,
and also the total volume of open trades in each option of
each grain in existence at the close of the Preceding
day.
The Commission also recommends that all brokers and commission men, or officers or large stockholders of companies
doing a brokerage or commission business in futures for customers be prohibited from speculating in grain futures for
their own account in order to prevent abuses and risks arising from the same party acting as agent and as principal in
trading on the Exchange. In that part of its report bearing
on speculation the Commission reaches the conclusion that
while speculation frequently caused injurious aberrations in

AUG. 4 1923.]

THE CHRONICLE

503

grade oi whoat at Chicago from an average to about $2 85 per bushel OD
July 17 1920 to a fraction over $1 per bushel on Sept. 4 1922 was due
malny to ef her factors, including supply and demand, rather than to speculation or manipulation. Speculators and hedgers are especially able ta
run up prices during the delivery month, and when this occurs, after their
future interests are closed out, prices inevitably fall. In general, however.
it appears that, although the frequent and temporary fluctuations in grain
prices may be attributed largely to speculation, the relatively infrequent,
but long-time fluctuations, may be attributed almost entirely to other
causes, including actual supply and demand conditions.
The heavy decline in wheat prices from July to December 1920 occurred
in a period of comparatively light futures trading in which some ofthe largest
speculators were on the "long" side (i. e., anticipating a price advance)
until about October, but thereafter generally on the "short" side (i. e., anticipating a price decline).
On the other hand. the advance of about 60 cents per bushel in May1921
wheat futures was due to a so-called "natural corner," caused largely by a
New York exporter standing for delivery on his future hedging contracts of:
about 2.000,000 bushels of wheat, which was more than could be delivered in.
Chicago before the close of the month.
The large increase of about 40 cents per bushel in May 1922 wheat futures
during January and February 1922 resulted chiefly from a wave of speculative buying.
In both of the last-mentioned cases, after the exceptional conditions
were removed, wheat prices declined suddenly and extensively, probably'
to a point lower than they would otherwise have reached, had it not. been
for these special conditions.
The car delivery rule, which permits delivery of grain on futures contracts
in cars on track, instead of in regular elevators, is used only in emergencies,
on a vote of the Board of Directors of the Chicago Board of Trade and it
has been invoked only twice since its adoption in 1918. Its operation is
intended to affect, and naturally results in, an increase in the deliverable
supply, and consequently in a decline in price. Moreover, demurrage
charges and the difficulty of insuring or borrowing money on grain delivered
on track are additional price weakening influences which force prices to a
level than would be the case if delivery wore made in regular elevators.
lower
II
Commission
public
to-day
report
its
Volume
made
of
Trade
The Federal
May 1922. especially th( invoking of the car delivery rule helped to
on the Methods and Operations of Grain exporters, made pursuant to a Sen- In
break prices lower than would have otherwise been the case. Most of the
ate Resolution introduced by Senator Ladd.
wheat delivered on track in May 1922 was delivered by the Armour Grain
This volume deals with speculation, competition and prices. The first
Co. and the J. Rosenbaum Grain Co.
volume of this report, published in May 1922, discussed.the profits and inThe case of the May 1921 wheat squeeze mentioned above indicates also
ter-relations of grain exporters. These two volumes complete the Commisthat a hedger, under certain conditions, may cause an abnormal price
sion's inquiry in response to the Senate resolution.
movement of the market quite as extensive as that of a speculator, and that
The Commission makes the following recommendations:
there are less violent price fluctuations on the Chicago Board of Trade
speculative institution than when used as a
1. That the Chicago Board of Trade be required to make public each day when it is used purely as a
the total volume of futures operations in each option of each grain for the market for obtaining cash wheat, because if so used a squeeze or corner
of
option
the
each
in
open
total
trades
volume of
preceding day, and also
may occur. In other words, to avoid artificial prices in futures practically
each grain in existence at the close of the preceding day, so that the general
be closed out other than by the delivery of the
public may have information as to the basis for the widely quoted prices of all future contracts must
actual grain because, if delivery is demanded even in a relatively small
Chicago futures.
2. That all brokers, and all commission men, or officers, or large stock- proportion of futures transactions, prices may skyrocket towards the end
holders of companies doing a brokerage or commission business in futures
delivery period, and then fall precipitately after its close.
for customers, be prohibited from speculating in grain futures for their own of the
It will be noted that, in the last two cases mentioned, prices were run up
account, in order to prevent abuses and risks arising from the same party
acting at the same time as agent and as principal in trading on the exchange. by artificial conditions in the spring of the year. when the farmers had little
3. That the car delivery rule and the settlement rule for defaulted futures or no wheat to sell, while the resultant slump in prices cazne at a time
contracts on the Chicago Board of Trade should be interpreted and applied
was moving, and the farmers were beginning to soil
by an impartial person or tribunal, because these rules Involve complex when the new crop
questions of fact, requiring unorejudiced judgment, and because the present large quantities of wheat. It is easter, of course, to run up prices in the
°resident,
the
directors
and
practice involves the discretion of the board of
May option than in the September option, when the new crop affords an
who may be called upon to decide questions affecting their respective abundant supply of grata.
interests or those of their customers.
While the evidence is clear that speculation during this period resulted'
4. That the Chicago Board of Trade be required to permit the delivery
of grain on futures cont acts at other important markets than Cnicago, In various instances, in producing artificial price changes in the wheat
otder
in
terms,
and
whenever
necessary
equitable
under proper safeguards
futures market, the speculators. whos% trades were obtained, pursued quite
to prevent a squeeze or corner in the Chicago market.
policies, although their net position taken as a
5. Finally the Commission reiterates, In substance, a recommendation diverse buying and selling
made In a previous report, namely, that the railroads might be encouraged group Indicates that they were usually on the profitable side in different
to furnish or the State or Federal Government might assume the duty of turns of the market.
furnishing, adequate storage elevator capacity at convenient market points.
Speculation in corn futures seems not to have had such an extensive inespecially at Chicago, free from control or operation by any grain dealer,
in wheat futures had on wheat prices.
broker or commission house, in o-der to remove the artificial conditions fluence on corn prices as speculation
condiThe only striking case of any undue influence of futures trading on corn
frequently occurring there and with such storage charges and other
tions that the grain fa trier or merchant would be able to store grain in prices appears in the Sept. 1920 option, when the prices increased from
competition with elevator merchandisers, while, by means of negotiable
Sept. 25 to $1 28 on Sept. 30, as the result of a large
warehouse receipts obtained for such grain, the farmer would be aided in El 22 per bushel on
long interest. Then on Oct. 1, after this long interest had been closed out,
borrowing money to finance his crop, until he was willing to sell.
cash corn at Chicago fell about 25 cents per bushel, as compared with
The full report contains a large number of quotations from letters written Sept.
30.
hearings,
by grain merchants and from statements made by them at public
Various definitions have been proposed for the purpose of distinguishing.
giving their opinions of the effect which spfculation on the Chicago Board between the speculator and the gambler, such as the taking of an inherent
of Trade had upon grain prices during the period of rapidly declining prices pre-existing risk of the cash grain market as compared with the creation ofwhich began in 1920, and contains a detailed analysis of the speculative a new and unnecessary hazard, or the application to the futures market
transactions of a representative group of large speculators and grain mer- of trained ability and professional skill as compared with ignorant plunging
chants. It gives detailed evidence of the efforts of certain large export or following tips, or the legal distinction with respect to the existence of
grain merchants in the Kansas City territory and in the Pacific Northwest a bona fide intention to carry out the contract by delivery or receiving
to agree upon the prices bid for wheat, and calls attention to the present of the actual grain. No matter by which of these definitions the question
unsatisfactory method of grading grain which has given rise to complaints is determined, the great majority of futures traders are gamblers, but it Is
on the part of foreign buyers in which it has been alleged that certain ship- questionablewhether any of these definitions is capable of practical adminments of wheat were "littered with foreign substances," injured by "the in- istrative application in distinguishing the speculator from the gambler.
vasion of weevils and worms," and contained an excessive mixture of rye
In view of the fact that future prices have a substantial influence on
which "equaled 26%" of a portion of one cargo.
cash prices (and this is insisted on by most of the proponents of futures
Complaints received from England in which it was alleged that wheat trading) and the fact that artificial price conditions so often prevail in
grown in the United States was mixed with Canadian wheat shipped in bond the futures market, it seems clear that, if this trading is permitted to
through this country and exported on Canadian certificates of inspection continue, the Federal Government should regulate it, in order to prevent.
were carefully inquired into. but no evidence was found that there was any aboses.
deliberate admixture of Canadian and American wheat, but owing to the
Competitive Conditions.
public criticism evoked by these complaints, which were apparently inspired
An examination of the correspondence files af the more important.
by persons interested in diverting the export of Canadian grain from Amerwho sell free on board vessels
ican to Canadian ports, the Commission suggested the advisability of closer grain exporters, jobbers (1. e., merchants
at seaports) and elevator operators showed that in the sale of grain forFederal supervision of Canadian grain exported in bond in order to forestall
in the purchase of wheat from
that
but
export there was keen competition,
future complaints and thus to promote American export trade and to safethe farmer and country elevator by exporters and jobbers there were two
guard its reputation.
distinct price agreements in existence in 1921, one covering the purchase of
A summary of the report follows:
wheat for export through the Gulf of Mexico ports, and the other that
Speculation.
for export from the Pacific Northwest.
The Gulf price agreement included certain grain exporters and jobbers
The resolution made particular inquiry as to market manipulations.
Kansas City, New Orleans and Galveston. During the summer of 1921.
which are most apt to develop, of course, in the speculation on the large at
these grain dealers to quote uniform bide
futures markets. The Chicago Board of Trade is by far the most important there was an agreement among
the purchase of wheat in the country for export through Galveston
grain futures market in the United States, with over 85% of the futures for
uniform bids were arranged in Kansas City each,
trading during the five-year period 1914-1918. Speculation is chiefly and New Orleans. The
wheat was restored on July 15 1920. afternoon and wired to a participant at New Orleans, who in turn wiredi
in wheat and corn. Futures trading in
25 1917.
them to Galveston. The agreement on bids sees to have originated late
after being in abeyance from Aug.
abandoned in August 1921, due to the repeated nonIn order to ascertain what effect the operations of largo speculators and In June 1921. and was
by some of the participants, to its terms. The following
cash grain dealers who hedged their mercantile iransactions had on the conformance,
in the Gulf agreements: Armour Grain
participants
were
active
prices of wheat, the Commission secured the daily trades in wheat futures concerns
such Co., Kansas City; J. Rosenbaum Grain Co., Kansas City; Norris Groh).
on the Chicago Board of Trade of twelve such speculators and nine
Co.. Kansas City; Simonds-Shields-Lonsdale Grain Co., Kansas Oilyhedgers for the period July 15 1920 to May 311922. A number of these
Hall-Baker Grain Co., Kansas City; Barnes-Piazzek Co., Kansas City:
traders, moreover, gave detailed testimony concerning their operations.
the C. B. Fox Co., New Orleans, and E. F. Newing, Galveston.
From the information thus obtained, and from other pertinent data,
The cause of the abandonment of the agreement was the necessity of
Commission concludes that, while speculation frequently caused injurious
contract some participants at times of procuring wheat to fill short cash wheat saw..
aberrations in wheat prices, the extensive decline in prices of the

wheat prices, the extensive decline in prices of the contract
grade of wheat at Chicago from an verage of about $285 a
bushel on July 17 1920 to a fraction over $1 a bushel on Sept.
,14 1922 was due mainly to other factors, including supply
and demand rather than to speculation or manipulation. The
advance of 'about 60 cents a bushel in May 1921 wheat futures, says the report, was due to a so-called "natural corner," caused largely by a New York exporter st nding for
delivery on his future hedging contracts of about $2,000,000
bushels, which was more than could be delivered in Chicago
before the end of the month. The large increase of about
40c. per bushel in May 1922 wheat futures during January
and February of that year, resulted, according to the Commission, chiefly from a wave of speculative buying. The
Commission states that "speculation in corn futures seems
not to have had such an extensive influence on corn prices as
speculation in wheat futures had on wheat prices. The only
striking case of any undue influence of futures trading on
corn prices as speculation appears in the September 1920
option, when the prices increased from $122 per bushel on
Sept. 25 to $128 on Sept. 30, as the result of a large
long interest. Then on October 1, after this long interest had
been closed ut, cash corn at Chicago fell ab-ut 25 cents per
bushel as compared with September 30. We give herewith
the Commission's announcement of July 30 regarding its
present report:




504

TUE CHRGNICLE

Under such conditions higher bids were frequently made to get the wheat
for shipment by a certain time to fill export sales.
Most of the foregoing grain merchants and some others apparently entered into an agreement regarding discounts on the purchase prices of the
different grades of wheat. The Commission found indications that J. 'I'.
Fahey & Co., a large Baltimore exporter, also participated in this latter
agreement and it had planned to examine his correspondence, but access to
this company's records was requested and refused. As stated in Volume 1
of this report, the Commission attempted to enforce the statutory grant of
power to compel the Baltimore concerns to grant access to their records,
but was prevented by negative judicial decision regarding its power in this
respect.
A number of grain dealers and millers of the Pacific Northwest also had
an agreement on the purchase of wheat In the country during the summer
and fall of 1921. The latest information obtained covering December,
1921. showed that this agreement was still in effect.
Decline in Prices in 1920-21.
The severe decline in the prices of export grain in 1920 and the very low
prices in 1921 were chiefly due to various adverse factors in the general situation of the world market,such as large crops at home and abroad, general
business depression, unfavorable exchange rates and limited purchasing
Dower and credit in foreign markets.
Marketing Charges and Export Facilities.
The expenses of marketing grain were much higher in 1920 than for prewar years, particularly for transportation and country marketing facilities.
When grain prices declined these expenses necessarily became much more
burdensome.
A large proportion of the grain elevator capacity used in the export trade
is controlled by large grain merchants. Four of these merchants controlled
about 22% of the total capacity, and 21 merchants controlled 43% thereof.
The evidence in this inquiry supports that previously obtained with reBard to the inadequacy of public elevator capacity and the necessity of lower
storage rates to afford the grain producer and merchant necessary marketing facilities and to prevent price manipulations.

J. P. Griffin and J. R. Mauff in Reply to Federal Trade
Commission's Report on Grain Exchanges—
Proposal to Close Chicago Board of Trade
to Determine Its Need.
The report, which we give elsewhere in this issue, of the
Federal Trade Commission respecting the operation of grain
exchanges has brought from Joseph P. Griffin, former President of the Chicago Board of Trade, comment to the effect
that the Commission's recommendations "substantially
amount to a suggestion that the market be further fettered
with obnoxious, unnecessary and unfruitful restrictions and
regulations." To determine whether or not the Chicago
Board of Trade "serves a useful economic function," Mr.
Griffin suggests that it "voluntarily cease functioning for a
period of sixty or ninety days beginning Sept. 1." Mr.
Griffin's views were given as follows in the Chicago "Journal
of Commerce" of July 31:
The report of the FederaleTrade Commission is no surprise to me. Their
finding is entirely consistent with an apparent fixed policy of being unfriendly to business. Since 1917 the Commission has had under way a
continuous investigation of the Chicago Board of Trade and kindred exchanges. The inquiry has been prejudicial and unfair, and the Commission
and its attaches have been imbued with an unfair spirit of antagonism
and a keen desire to locate faults in the exchange system.
In effect, their recommendations substantially amount to a suggestion
that the market be further fettered with obnoxious, unnecessary and unfruitful restrictions and regulations. The report is quite in keeping with
the bureaucratic craze now prevalent at Washington. When the Federal
Trade Commission was created, the idea back of its foundation was sound.
It was intended to be a constructive aid to business of every character
and description. As it has functioned it has been an agency of destruction,
helpful to no business and of great harm to all with whom it has had contact.
Quotes Capper's Editorial.
If the Chicago Board of Trade does not serve a useful economic function,
its activities should be stopped. If, on the other hand, it does servo a useful economic purpose, and is the best market possessed by the farmer, it
should not be hampered and fettered by obnoxious restrictions.
In this connection I should like to quote from an editorial in the Topeka
"Daily Capital," published by Senator Arthur Capper, which says: "Wheat.
it must be said, is altogether the best marketed farm product, the machinery for marketing is the most complete and it operates more smoothly and
economically- than in any other product of the soil."
No comment by me appears necessary, except to direct attention to tie:
fact that Senator Capper has a high regard for the exact facts and truth
when he speaks as a newspaper man.
Whether the agitator, the demagogue and the bureaucrat are correct in
their criticism of the Chicago Board of Trade can be easily ascertained. I
suggest that the Board of Trade voluntarily cease functioning for a period
of sixty or ninety days, beginning Sept. 1. I shall presonaliy do my utmost
to bring this about,if such a move receives the sanction of the Federal Trade
Commission and the Department of Agriculture.
In addition, the plan should receive the approval of Senators Capper,
Brookhart, Magnus Johnson and other celebrities who at the moment are
attempting to capitalize discontent and unhappiness among the farmers.
It is only fair for me to issue a warning that such an object lesson, in my
opinion, would be disastrous and farm products, with exchange operations
Suspended, would only find a market by making a door-to-door canvass in
the manner followed by the vendor of patent medicines or sewing machines.
On the other hand, it probably would for all time protect the producer
against demagoges and false leaders. While I concede the experiment is
dangerous and temporarily harmful, in the long run it would be a blessing
ifor the American farmer.

John R. Mauff, Executive Vice-President of the Chicago
Board of Trade, sees in the Trade Commission's report the
.exchanges of the United States "completely vindicated of
the most unfair charge ever brought against an industry."
Mr. Mauff states that the declaration of the Commission
f.5after a very thorough and extensive investigation into the




[VoL. 117.

cause and responsibility for the decline in wheat from July
1920, when it was around $2 85 per bushel, to a fraction
over $1 in September 1922; that speculation and manipulation is in no way the cause, but that it was due to other
factors, including supply and demand, should be heralded
far and wide to offset the very mistaken notion to the contrary that has been the basis of much propaganda by those
lacking information." The reply to the Commission made
in behalf of the Board of Trade by Mr. Mauff appeared
as follows in the Chicago "Journal of Commerce" of July 31:
1. The rules of this association already provide against and prohibit
under penalty of suspension or expulsion members acting as agents having
any financial interest in the accounts of customers other than the commissions earned. Similarly, there is a rule prohibiting a member from acting
as principal and agent.
2. The Grain Futures Act, under the supervision of the Grain Futures
Administration of the Department of Agriculture, has been in effect since
April 16 1923. The rules and regulations formulated by the Honorable
Secretary of Agriculture on June 22 1923, among various other requirements
exacts a detailed daily report from each member of the clearing house of
this association, showing the contracts on both sides of the market in total
volume at the commencement and close of each business day: also, the
amount of each kind of grain bought and sold for each period of delivery
each day, and the amount delivered daily on the current month contracts
and the amount settled by offset and the amount open at the conclusion
of each day; also a report showing the net position at the end of the period
covered by each report of each separate account carried by such clearing
member when such net position equals or exceeds 500,000 bushels of wheat
and 250,000 bushels of corn, oats, rye or barley.
In addition to this, the Internal Revenue Department demands a monthly
report showing the business for each thirty days by each member of the clearing house, this being for the payment of what is known as the transaction
tax, which is a special form of tax amounting to 2 cents per each $100.
Extra Burden on the Farmer.
This peculiar form of taxation is applicable to farm products and is a burden which in the end is borne by the producers.
This great amount of labor is performed by our members at considerable
clerical expense, but they are offering no obstacles to the desires of the
Government in this or in any other respect, although the heavy price decline
in values indicates who is jointly suffering with our members because of
these unnatural conditions and exactments.
Therefore the Government is already completely informed—by daily
report to the Department of Agriculture, and by monthly report to the
Treasury Department.
To make these figures public will accomplish nothing of value to the
producer or consumer or the general public, but it would be the first step
toward shattering that fundamentalism of all that is sacred in business—
a confidential relationship existing between principal and agent, that
should be kept inviolate.
It stands to reason that if the mere figures in total are of no value to
the public or to any one else and would only make for confusion confounded.
the next step might be taken along more radical lines. Government
supervision already in operation has not considered it ethical to treat the
confidential statistical part of our business in any way except as personal
and of value only to the business itself.

Cite Hoover's War Precedent.
Even our members cannot obtain from any source the knowledge of
the volume of business transacted by one another. During the World
War, with daily supervision of all accounts by the Food Administration,
the figures obtainable from our members were never treated in any way
by Mr. Herbert Hoover and his Administration to violate this confidential
relationship already referred to.
3. The delivery in other markets on future contracts executed on this
exchange would do great harm to the value of the contract in this market
and the prices would suffer in consequence. For instance, a miller of a
certain variety of wheat intended to be ground at a certain plant in a
particular location would have to accept on his purchases perhaps some
other variety and kind and at a remote place or in a position where cars
were scarce and shipments difficult to make.
Chicago contracts mean delivery in Class "A" warehouses in this city
on receipts registered officially in the State of Illinois, and in cars in a
case of emergency. In other words, the grain is available for delivery
East by lake during navigation and by cars during the entire year, and
that is an entirely different sort of a contract from a delivery away from
water trarsportation in a geographical location of which the miller could
have no possible previous knowledge.
The Carlo( Rule Explained.
An exporter buying wheat in this market to fill ocean freights, for
instance. in Montreal. New York or Baltimore, would place a less value
on the contract if the seller had the privilege to deliver the wheat at a
variety of scattered places where it would not be available for prompt
delivery where required.
4. The carlot rule was adopted to adjust situations that could arise
because of insufficient storage room or insufficient time for the delivery
of the grain from cars to Class "A" warehouses, a loss to the shippers
having their sales made and desirous to make delivery would be the result.
The carlot rule permits the accomplishment of that ideal purpose of
making a delivery of any grain within the switching district of Chicago
up to and including the last business day of a delivery month. It can
not be invoked earlier than the last three days of the month except in a
storage emergency.
Where storage is not to be had in Class "A" warehouses other provisions
must prevail or else the country shipper, and this means in the end the
farmer who sells to the country shipper, is deprived of one of his chief
sources of demand. The warehouse committee of this association is
delegated to make the investigation when any emergency is reported.
Storage Figures Always Available.
Whether some outside tribunal investigates and finds the emergency
or not, does not change the matter at all, because it is always possible
to ascertain the storage capacity of public elevators in this city and the
amount of grain contained therein can also be checked up and arrived at.
Facts are facts no matter by whom proclaimed.
Public storage in Chicago was over 40,000,000 bushels some years ago
and is now about 16,000,000. This does not augur well for the financial
success of this particular line of endeavor, else other public elevator room
would be provided by private capital to replace what was destroyed by
fire and age. Whoever provides it would confer a favor on the grain
trade, and this embraces all branches of the grain trade and also covers

AUG. 4 1923.]

THE CHRONICLE

point out, as inconsistent to a
recommendations 6 and 7. It is well to
r part of the report of the
great many of the proposals, this particula
Federal Trade Commission:
and from other pertinent data,
"From the information thus obtained
speculation frequently causes injurious
the Commission concludes that while
decline in prices of the contrapt
aberrations in wheat prices, the extensive
an average of about 82 85 a bushel on
grade of wheat at Chicago from
on Sept. 14 1922 was due
bushel
per
July 17 1920 to a fraction over $1
and demand, rather than to
mainly to other factors, including supply frequent temporary fluctuathe
speculation or manipulation. Although
largely to speculation, the relatively
tions in grain prices may be attributed
be attributed almost entirely
Infrequent, but long time fluctuation may
and demand conditions."
to other causes, including actual supply

105

A press dispatch from Chicago regarding the plans of the
Wheat Committee of the United States Chamber of Comthis
merce appeared in the New York "Times" of July 30,
wax
problem
wheat
the
solve
to
t
stating that an attemp
or
announced by a joint committee of the Wheat Council
Comof
r
Chambe
States
United
the
and
States
United
the
merce; the dispatch added:

W.I. Drummond
Representing the wheat council on the committee are
s of the International
of Kansas City. Chairman of the Board of Governor
American Farm Bureau
Farm Congress; 0. E. Bradfute, President of the
National Grange.
Federation; S. J. Lowell of Fredonia, N.Y., Master of the
of the American
and George C. Jewett of Minneapolis, General Manager
Wheat Growers' Association.
of Commerce.
Julius H. Barnes. President of the United States Chamber
appointed within
announced that the Chamber's representatives will be
the next few days.

Motive is Questioned.
speculation or manipulation is
This being the fact, and, therefore, as
of the extensive decline from
not, as we have always contended, the cause
been the reason for any long
July 17 1920 to Sept. 14 1922 and has never
Trade Commission rightly
time fluctuations, all of which the Federal
demand, in the face of
on the
attributes to other causes, including supply and
The Mechanics & Metals National Bank
l recommendations
this admission it is pertinent to ask why these additiona
Wheat.
of
Price
Low
time, or better still, why any
and restrictions in trading at this particular
Governmental interference at all.
recent collapse in the price of wheat and
the
ing
Discuss
a
after
on,
Commissi
Trade
Federal
This positive declaration of the
States, the
the cause and responsibility its effect on the future prosperity of the United
very thorough and extensive investigation into
in its Augwas around $2 85 per
York,
New
of
it
Bank
when
l
1920
July
Nationa
from
wheat
Metals
&
cs
in
Mechani
for the decline
r 1922, that speculation
bushel, to a fraction over one dollar in Septembe
says:
rs,
deposito
to
letter
ust
other
to
due
was
it
that
but
and manipulation is in no way the cause,
is derived from whett
be heralded far and wide
The condition of the farmer whose sole income
factors, including supply and demand, should
that has been the basis is at the moment unmistakably discouraging. At the same time, there is a
to offset the very mistaken notion to the contrary
the matter that is
times
all
regarding
on and stop for
confused state of mind throughout the country
of much propaganda, by those lacking informati
their own prestige with manifesting itself in hysterical and contradictory discussions among political
the idle wagging of evil tongues, which in seeking
ion of the farmers' and business leaders. A depression in the wheat market must of course
the agricultural interests, do so through a denunciat
offset wheat of itself repg place.
have an effect on general trade, but as a matter
only bona fide. efficient and low-cost marketin
of the country. Moreover,
resents only 5 to 7% of the total farm output
substantial percentage of the
even at the present price level, there is a
The most
farmers who can market wheat and gain a profit.
country's
Remedy bitter complaint at the moment comesfrom those Western farmers who have
Julius H. Barnes on Wheat Situation—Says
farming" and who
s the
never interested themselves particularly in "mixed
Lies Not in Price-Fixing:—Improved Market
themselves with staking their entire fortune
contented
have
year
after
year
Need—Plans of Wheat Committee of United
on a single crop.
g States, yet
States Chamber of Commerce.
Pennsylvania, Ohio and Illinois are large wheat producin
because of the low
there has been no great outcry from the farmers there
the
of
ce
of
Commer
r
Chambe
nt
Preside
Barnes,
of Minnesota is threatJulius H.
price of wheat, and no political upheaval like that
market has
Cham- ened
in those States because of the way in which the wheat
United States, in a statement issued in behalf of the
the
Largely this is due to the fact that by diversifying their crops
Chicago
ed
the
confirm
suffered.
31,
on
July
tee,
Commit
ber's Wheat
just such a disaster
farmers of the East have protected themselves from
United
the
ce
of
Commer
press dispatch that the Chamber of
as the Westerners now believe they face.
much strength is behind
It remains for the next Congress to disclose how
States would provide money for the expenses of an effort
the Government enter the wheat business. That the
have
to
t
to
movemen
the
leaders
ation
organiz
of
farm
n
largely
under the directio
the danger is that political
plan is unsound can readily be demonstrated, but
attitude of Consee what, if any, amelioration could be found for present expediency rather than sound economics may govern the
for its consideration comes around.
areas.
time
ing
the
when
wheat-grow
nate
question
the
unfortu
toward
certain
in
gress
conditions
ent should be asked to
There is no more sound reason why the Governm
s than it should
Mr. Barnes said in explanation:
price of wheat to the figures desired by producer
the
restore
ts
statemen
whose makers are not finding
Only harm is done, and no remedy effected, by recent general
asked to advance the prices of other goods
be
ts
statemen
such
n, when
that dollar wheat is below the cost of productio
as profitable as they would like to have it.
of Maryland, and Penn- business
might in the long run do
are made to apply equally to the wheat farmer
As a matter of fact, any valorization precedent
even
industries
and
thirty,
forty,
of
yields
many
their
with
Illinois,
wheat producers than good, for, with other
sylvania, and
the
to
harm
more
grower of the
what it did for the
fifty bushels to the acre, and also to the less fortimate wheat
insisting upon the Government doing for them
on
later
eight
and
farmers might find themsemi-arid West, where heat and rust have shrunk his yield to six
farmers and guaranteeing profitable prices, the
ancient law of
bushels per acre.
more for what they have to buy than if the
far
paying
selves
produced
of this
Front page publicity to unrestrained statements has already
were left in undisputed control. Valorization
demand
and
supply
g remedies
which it
too much unnecessary apprehension which, without promisin
inject the Government into a situation from
would
crop
year's
the
to undermine
reduction of
for the unfortunate subnormal wheat section, tends
be extricated without a pronounced
for much might with difficulty
After all the
present state of full employment that provides a ready market
wheat acreage in the future, not only at home but abroad.
areas
wheat
are
large
semi-arid
There
is due to world conditions, in which other
else of farm production than wheat.
farmer
wheat
the
of
difficulty
create a
for themselves
In the West where unsatisfactory yields and the present price
countries alike are seeking now to produce more wheat
condition that should enlist the sympathetic study and help of all industry. and buy lees from others. The situation is one that is bound to bring hardcent
fifty
not
The remedy lies not in legislative price-fixing. One dollar and
sell in the world's markets, but Its solution lies
to six or ship to those who must
which have a
wheat Will not make a profit to the farmer whose yield has shrunk
in legislation and credit so much as in the economic forces
and
s
difficultie
his
present
over
be
helped
he
Can
acre.
eight bushels per
in
which way of working themselves out time.
the way shortened for him to reach more of the relative security
only
accompanies mixed farming in the older areas? Mixed farming not
more
means fewer eggs in a single basket, but it means soil renewal and,
that
Less Surplus Wheat in Argentina.
than that, it means such full utilization of the farmers working hours
single-crop
those hours are productive of more earnings than is possible in
exportable surplus of wheat on July 3 was
na's
Argenti
labor.
farming, such as wheat, which requires relatively little manual
bushels, according to a cable received by the
than
000
36,000,
about
Agriculture as a whole has survived more discouraging outlooks
Buenos
exist to-day. Two years ago. Nebraska corn was twenty cents per bushel. United States Department of Agriculture from
low in
Embassy at Washon the farm, and being burned for fuel. Last fall, wheat was as
ne
Argenti
the
through
18,
on
July
Ayres
price as to-day, and in the Northwest even lower.
ed Argentine surplus was
European disorganization, political and financial, reaches the American ington. Last month the estimat
theasame authority.
ng
to
farm most directly, and with peculiar menace.
00,
accordi
49,000,0
about
industry
We believe the Chamber of Commerce, representing organized
than
In this country, can perform no more helpful service to all business ions
organizat
to provide the means by which the leaders of these great farm
Revised Wheat Estimates for Hungary,
among
can study this question and see if, in those certain sections and
the
until
,
be
can
lightened
distress
of
certain groups of farmers, this period
The 1923 wheat crop in Hungary is estimated at 60,737,000
again—for
000
day of full recovery, which has always come—and will come
bushels, compared with the revised estimate of 54,711,
Intelligent, resourceful, self-respecting American agriculture.
to-day. bushels for 1922, according to a cablegram received by the
If Europe with its throe hundred million consumers were secure
relieved
In political and financial stability: if merchant judgment in Europe,
States Department of Agriculture from the Internang currencies which threaten merchant United
fitivieeq,
of the groat hazards of fluctuati
volume; tional Institute of Agriculture at Rome. As to these
solvency, could exercise its free judgment in purchases of normal
had normal conditions at the Department on July 24 said:
if competitors in the raising of export surplus
ually inefficient—were not to-day marketing
over last year's
home so that cheap labor—us
This is an increase of about 14.000,000 bushels, or 11%
of utter barbarism: if in the great comtheir surplus on a living standard
matter of crop.
a
g
were
grain
and
marketin
growing
grain
Russia,
indicates
petitor of
The revised estimate of wheat production in Hungary for 1922
consideraindividual good judgment, instead of one governed by political
wheat last year than was at first
perhaps against urgent consumptive needs at that there were 9,000,000 bushels more
export
forces
been
has
which
bushels
tions,
45,000.000
they will be, with supposed, hence the November estimate of
home—if these conditions were corrected—as corrected
ly.
Increased
according
certain
all
at
in
is
um
not
of
Europe,
time—it
equilibri
forecast.
the recovery of the
Rye production in Hungary in 1923, according to the second
farm, with its resourcefulness and with the economy of
00 bushels in 1922, the dethat the AITICTICan
s, can not continue to grow and market is 27,439,000 bushels compared with 25,156,0
appliance
and
y
machiner
improved
partment states.
all the world, as heretofore.
production
grain in competition with
The first forecast for barley and oats indicates that the 1923
n of acreage alone is a difficult task. We
bushels for
Control of supply by limitatio
on of barley will be 23,561,000 bushels compared with 22,184,000
wheat
spring
million
of
322
bushels
States,
United
estimated at 24.388,000 bushels as against
have growr in the
that four years before produced but 131 1922. The oat crop this year is
almost exactly the same acreage
year.
such an outcome would defeat acreage-control. 22,528.000 bushels for last
on
Nature
this year than last, the
bushels.
million
All areal crops in Hungary show larger yields
is improved markets, which would follow Eurod
What we need now, most,
increased production of 1923 over 1922 is attribute
This
report
states.
communi
g
s
consumin
the
prosperou
which
by
way
pean stability, and some
to favorable weather conditions.
and
fair
pay
would
are
to-day,
they
as
employed
the
and
bushels,
0
9,186.00
ties in America, fully
The 1923 wheat crop of Korea is forecasted at
with the same satisfaction with which
bushels.
generous prices for farm products
barley crop is forecasted at 30,727,000
and the movies.
fountains
soda
patronize
they




506

THE CHRONICLE

Larger Foreign Crops Forecast by International
Institute of Agriculture at Rome—
Canadian Figures.
The forecasts of wheat production for 10 countries of the
Northern Hemisphere is about 1,878,000,000 bushels, compared with 1,754,000,000 bushels for 1922, according to a
,2ablegram received by the United States Depart
ment of
Agriculture at Rome. This is an increase of 124,000,000
bushels, or about 7%, says the statement issued July 20 by
the Department of Agriculture, from which we also quote
the following:
Forecasts of the 1923 wheat crop indicate that it will be
more than twice
the 1922 crop in Switzerland. Algeria and Tunis. The
total production in
these three countries is estimated at 52,837.000 bushels,
compared to
24.289,000 bushels last year.
The Canadian rye crop is forecasted at 31,770,000 bushels,
compared with
'12,373,000 bushels last year. This is a decrease of about
2%.
Barley production in Italy, Algeria and Tunis is forecaste
d at 67,883,000
bushels, compared to 29,892,000 bushels in 1922. This
is an.increase of
127%.
The forecast for barley in Italy is 10,164,000 bushels, as
compared with
5,253,000 bushels in 1922. The crop of Algeria is given as 47,297,0
00 bushels, against 19,804.000 bushels harvested last year. The
production of
Tunis Is forecasted at 11,482,000 bushels, as compared with
1,835.000 bushels produced in 1922. The forecast of the barley crop in Greece
for 1923 is
7.119,000 bushels.
The Canadian barley production is forecasted at 63.428,0
00 bushels,
compared to 71.865,000 bushels last year. This is a decrease
of 8,437,000
bushels.

[VOL. 117.

the Western farmers for reductions of
freight rates is, in effect, a demand
for the reduction of wages on the
railways and in other industries, because
so long as the present wages prevail
no reduction of rates that would really
help the farmer will be practicable.
Messrs. LaFollette of Wisconsin.
Brookhart of Iowa, Shipstead and
Johnson of Minnesota, and other Western
radicals have won their recent
political triumphs because by attacking
the railroads and other large
industrial and financial concerns they
have succeeded in getting both the
radical farmers and working men in
their States to vote for them. When,
however, they have to undertake
the practical task of framing legislation
in the interest of both the farmer,
whose wheat is bringing only one dollar
a bushel in the largo markets, and
the working man, who is receiving wages
per hour or per day from two to
even four and five times as high as he
received before the war, they will find
it impossible to frame constitutional
legislation which will satisfy both these
classes: and on that rock the FarmerLabor movement will split.

Payment in Full to Depositors
of Imbrie & Co. and
Bank of Cuba—Proposed Reorganizati
on of
Imbrie & Co.
The payment of claims in full to deposit
ors of two defunct
banking concerns is the record .just accompl
ished by New

York State Superintendent of Banks
George V. McLaughlin.
In the case of one, Imbrie & Co., private
bankers of New
York City, checks representing 50%
of the claims together
with interest have just been mailed.
This payment makes
100% and interest paid to depositors and
creditors. In
the other case, the Bank of Cuba in New
York,
a dividend
Forecasts of the oat crops for 1923 are larger than in 1922 in all countries of 15% is about to
be paid, which, together with several
'reporting. The aggregate of forecasts of Canada. Italy, Switzerla
nd, Al- dividends already paid, will
.geria and Tunis are 594.140.000 bushels, compared to
amount to 100%. In addition,
530.529.000 bushels. it is
'This is an increase of 63.611,000 bushels, or 12%.
expected that there will be realized from the remaining
The Canadian oat forecast for this year is 538.198.000 bushels,
as com- assets sufficient funds from which to pay interest on
these
pared with 491.239,000 bushels, the amount harvested
in 1922. The claims. Checks
representing • the 15% dividend probably
Italian crop is given as 36,514.000 bushels, against 30,463,0
00 last year.
will be mailed to depositors of the Bank
Switzerland's crop is forecasted at 3,031,000 bushels,
as compared with
of Cuba in New
2,466,000 bushels in 1922. The North African crops
in 1923 are much York within the next two weeks.
As a result of these paylarger than those of 1922, the Algerian crop being
estimated at 13,090,000 ments about to
be made, the records of the New York State
bushels, compared with 5.569,000 in 1922. The crop of
Tunis is estimated
to be 3,307,000, against 791.000 last year.
Banking Department show that no deposit
ors have lost a
dollar through the failure of a corporate
State bank or trust
company under the supervision of the
Who Is Getting the Farmer's Money?
Banking Department
'Referring to the Farmer-Labor movement in the West since 1912. In astatement made public July 30, Superinwhich resulted in the election of Magnus Johnson to the tendent McLaughlin says:

'United States Senate from Minnesota, the "Railway Age"
:says in an editorial in its issue of July 28:

After enactment of the private banking
statute in the year 1914, bringing
certain private bankers under the
supervision of the Now York State
Banking Department,a number of
insolvent private bankers were petitioned
in bankruptcy and liquidated under
the jurisdiction of the U. S. Bankruptcy Court.
Of the private bankers that came
under the supervision as a result of
the enactment of this statute, only one
has failed, and this a very small
one, in the year 1917. The insolvent
due to the methods he was permitted condition of this private banker was
to pursue prior to State supervision.
His affairs were liquidated pursuant
to the bankruptcy law.
This remarkable record of no losses
to depositors for this long period of
time can be best appreciated when
compared with the failures of financial
firms and those engaged in other
branches of business during these same
years. During these years there was
a period of deflation and the occurrence of quick and wide changes in
the price levels of all kinds of securities
and commodities. At the same time
the supervised banking institutions
of the State were demonstrating their
stability in this manner they were
recording the greatest growth in
resources in the history of the State.
The public should understand that
the firms doing a general banking
and security business and the steamshi
p agents doing a money transmission
business which have failed recently
were without the scope of the provisions
of the banking law and Were, therefore
,
New York State Banking Department. not under the supervision of the
•
As to plans

A feature of this radical Farmer-Labor movement which tends to rob it
'of its terrors is that it obviously contains within itself the seeds of
its own
destruction. It is in an important respect one of the most paradoxic
al
political and economic movements ever carried on in this country. The
'wheat farmer could prosper with the price of wheat at $1 a bushel
if he
did not have to pay relatively so much more than before the war
for almost
everything he has to buy. Now, most of the money he is paying
out in
increased railway rates and increased prices is going to the
labor employed
in the railroad and various industries.
The situation with respect to railway rates is typical. The total
earnings
of the railways in 1922 were $1,600,000,000 more than in 1917.
On Up
ether hand, the net operating income which was earned
and which was
available for paying interest and dividends was almost
$200,000,000 less
in 1922 than in 1917. These figures show that the owners
of railway
securities did not get the money derived by the railways
from increased
rates. Where, then, did the increased earnings of the railways
go?
The railways paid $942,000,000 more in wages to their own
employees
in 1922 than in 1917. They paid $170.000,000 more for fuel.
Most of
this went to the coal miners in the form of increased wages.
They paid
about $500.000.000 more for materials and supplies used in
operation
and maintenance. Most of this went to the employees of manufact
uring
for the reorganization of Imbrie & Co.
concerns in increased wages. They paid $91,000,000 more
we take
taxes in 1922 the following
from
the "Wall Street Journal" of July 31:
than in 1917. These facts show that the owners of railway
securities did
not get any of the increased earnings of the railways, but that,
After paying depositors of Imbrie
directly and
& Co., private bankers. 100%. plus
indirectly, they were all, and more than all, taken by their own
employees, interest at 3%. a substantial surplus remains. It is possible that
6%
by labor in other industries, and by the tax-gatherer.
may be paid depositors, but the surplus
will then go to the receivers of the
investment department of Imbrie
The wages now being paid in all the large organized industries of
& Co. Amount of the surplus cannot
the
'country may or may not be justifiable, but the incontrovertible
yet be accurately estimated, for litigation
facts are
has not been closed. Clients
that these wages are much higher,than they were before the war, and
of the investment house have made claims
that
on the assets of the Banking
Department.but it is expected that
they are absorbing most of the money which the Western farmer is
litigation will be ended reasonably soon.
paying
Reorganization plans are being
to the railways and other industries in the form of railway rates and
developed and will be presented to the
prices
exceeding those that prevailed before the war. The paradox in the Farmer- Court when it next convenes. Imbrie
Securities Co., Ltd., was incorporated
Labor political movement is that it is a result of a combination of the in March 1922, and through reorganization
is to take over the assets of the
Western farmers with those who are getting most of the money that the equity receivership. The new organizat
ion is a corporation, while the
former concerns were partnerships. The
farmer complains he is losing.
plan has been definitely approved
Sooner or later the parties to this combination must awaken to a realiza- by 82% of the creditors: the percentage is
really larger and estimated at
tion of the fact that their aims are incompatible. The Western farmer over 90%. for some of the committee have
-wants either an increase in the prices of the things he produces or a reduction provals, though they have already passed neglected to send in their apon the plan.
•in the prices of the things he must buy. Labor in the various industrie
Judge Manton, before whom the plan
must be presented, is expected to
s
desires to maintain its present standard of living. But the farmer cannot return from his vacation around Aug. 20 and
approval of the reorganization
should soon follow.
-get transportation, clothing, building materials and other services
and
commodities at lower prices if present wages are to be maintained: and
The placing of Imbrie & Co. in the
hands of receivers was
'labor cannot maintain its present standard of living if the prices of
farm noted in our issues of March
5 1921, page 890, and March 12,
products are to be increased without any corresponding advance in wages.
1921, page 081.
The Western farmers are turning to Congressional legislation
for a
'remedy for their situation. Will organized labor favor legislation that
- will cause the Government to subsidize the production of
wheat at $1 75
•a bushel and put up the price of bread? Samuel Gompers,
M. Kardos Jr. of Failed Brokerage House of Kardos
President of L.
the American Federation of Labor, recently volunteered to
the farmers the
& Burke Indicted by Grand Jury.
advice that they should not
seek legislative remedies. "Let me assure
you, out of a long and active experience." he said in an
On Tuesday of this week (July 31) six indictments were
address to the
National Wheat Conference at Chicago, "that there is no
great magic in returned by the Grand Jury against Louis M. Kardos
Jr.,
a law." This indicates that Mr. Gompers
and the members of his organ- former head of the
ization will not enthuse over a proposal
bankrupt brokerag3 firm of Kardos &
legislatio
n that would increase
for
their cost of living. They apparentl understa the relations
nd
y
hip between Burke of this city, which failed in February 1922 for upwards
their situation and that of the
farmers better than the farmers do. If, of $2,000,000. The indictments were
voted on July 27
'however,labor will not help the radical
farmers to get legislation to increase after Assistant
District Attorney Thomas J. W. Geraty
the price of wheat, how long will is
be before these farmers will decide that
labor is "double.croadng" them,
and begin to entertain proposals for had called more than a score of witnesses before the Grand
legislation to bring down the wteges of labor?
The fact is, the demand of Jury. Among these witnesses, it
is said, were several




Au°. 41923.]

THE CHRONICLE

g Miss Harriett
former employees of the failed house,includin
Mr. Geraty
by
ned
questio
Others
.
Cashier
Kaplan, the
of the firm
rs
custome
former
before the Grand Jury were
employees
and
Kardos,
against
nts
complai
filed
who had
same day
the
on
ed
arraign
was
of the firm. Mr. Kardos
e in the Court of
McIntyr
F.
John
Judge
before
31)
(July
bail. On
General Sessions and was released in $15,000 ed before
arraign
again
was
Wednesday, Aug. 1, Mr. Kardos
guilty" to the
Judge McIntyre and entered a plea of "not
ed by Judge
continu
was
$15,000
of
indictments. His bail
ing,"
McIntyre. One of the indictments charged "bucket
acrs'
custome
five
against
he
traded
that
others
and the
Burke,
counts. Mr. Kardos's partner in the firm, John W.
r
formerly Treasurer of the United States and thrice Goverro
Jury.
Grand
the
by
indicted
not
of North Dakota, was
According to New York daily papers of June 10, Mr. Burke
arrived in New York from the West, where he now lives,
y,
on June 9 and went to the office of the District Attorne
give
ty
and
immuni
waive
to
offered
he
said,
it
was
where,
the Grand Jury any information in his possession. He was
reported at the time as saying:

g I can to aid
I want to lay all the cards on the table and do everythin
hurts me more than anythe District Attorney in his investigation. What
nation
greatest
the
of
thing else is that I. John Burke, the former Treasurer
brokerage house which
on earth, should have my name connected with a
with it by many small
went to the wall and wiped out the money put up
n I had of what
investors. I give you my word that the first intimatio
was going on was when the bankruptcy petition was filed.

of
We referred to the failure of the firm in our issue
and subseauently.
Feb. 25 1922, page 794,
'4

5O7

by the Advisory
Unanimous opposition to the proposal was registered
par clearance rules.
Committee of Governors, but the opposition to the new
apparently
enough
strong
was
crystallizing in the suggested substitute,
question.
to persuade the Board to reconsider the whole
"in accordance with
"The Federal Reserve Board," it was announced,
of the advisory committee of
the recommendation contained in the report
ue the use of
discontin
governors, directed all Federal Reserve banks to
making collections at par of
agents other than banks for the purpose of
was taken by the
items drawn upon non-remitting banks. No action
collection plan, nor on that
Board looking to the adoption of the proposed
the plan.
portion of the Governors' report which relates to
proposed collection
"The Federal Reserve Board has referred both the
Council for conAdvisory
Federal
the
plan and the Governors' report to
next Council meeting,
sideration and report thereon to the Board at the
Federal Advisory
which will take place some time in September. The
Federal Reserve
Council is composed of twelve members, one from each
•
district, and is representative of the public."
Report of Governors.
consisting of the
The report of the Governors' Advisory Committee,
Philadelphia, Clevegovernors of the Federal Reserve banks of New York,
clearance plan
land, Chicago and Richmond. opposing the suggested
follows:
the following
"We are entirely and unanimously opposed to this plan for
reasons:
faults of the
glaring
"It would reinstate and perpetuate one of the most
reserve.
old banking system—the creation of a fictitious
collection system and
"It would be a substantial abandonment of the par
commerce and business of
would pave the way for the imposition upon the
000.
the country of an annual charge of over 5100,000,
bank on all items in
"If immediate availability were to be given by each
over $300,000,000.
float
the
to
added
be
its district there would probably
consolidated statement
calculating simply on the basis of the present weekly
be enormously increased.
of the system. In practice this float wquld
"Kiting."
Might Lead to
banks would not
"Human nature being what it is. it is inconceivable that
them. Instead of
take advantage of the unusual opportunity afforded
payable in other
forwarding to their own Federal Reserve bank checks
such items to correFederal Reserve districts, they would naturally send
dents could
correspon
spondents in other Federal Reserve bank cities, which
receive immediate
deposit them in their own Federal Reserve banks and
charge. This
credit and availability without being subject to the exchange
for practically
would result in giving immediate credit and availability
branch. It is also
all checks as received at each Federal Reserve bank or
evident that it would make possible unlimited 'kiting.'
or used to reduce
"As these additional credits would be either checked out
of the Federal
loans, there would not only be a reduction in the reserve ratio
large reduction in the
Reserve System,but there would be a still further very
y cut in half
practicall
actual reserves of the member banks, which were
when the Federal Reserve System was established."

Federal Reserve Board Refers Question of Par Check
Collection Regulations to Advisory Council—
New Plan Suggested by Charles de B.
Claiborne.
Following the postponement last week by Governor
Crissinger of the Federal Reserve Board of the new regulations of the Board governing par cheek collections, which
were to have become effective Aug. 15, the Board announced
on the 2d inst. that the question of proposed changes in the
system of check clearance had been left for discussion
with the Federal Advisory Council. The conclusions of
the Board to this effect came after the submission to it on
Aug. 1 of a new proposal by Charles de B. Claiborne, VicePresident of the Whitney Central National Bank of New
Orleans and L. R. Adams of Atlanta, representing the
Nittional and State Bankers' Protective Association. This
plan was brought before the Board when its own recently
announced regulations were under further consideration.
Regarding the Claiborne-Adams plan, the Associated Press
advices from Washington Aug. 1 said:

The amended par check collection regulations of the Rep. 27,
serve Board were referred to in our issue of July 17,
of the
ement
postpon
the
noted
we
389)
(p.
week
last
and
effective date of these regulations.

Death of President Warren G. Harding.
has
Not only the United States;but the entire, world,
FranSan
at
death
sudden
the
of
news
been stunned by the
States,
cisco on Aug. 2 of the President of the United
there
when
did,
it
as
Coming
.
Harding
l
Warren Gamalie
of
wais wide-spread rejoicing in the reassuring statements
anthe
after
y
Thursda
and
day
Wednes
on
n
his conditio
nouncements early in the week of the grave nature of his
The Claiborne-Adams program contemplates the use of par clearance
illness, his death has been a profound shock, and is everybut
on a voluntary basis within each of the twelve Reserve districts,
would
It
ns.
where deeply deplored. On June 19 the President left
would permit a collection charge on inter-district transactio
take the place of the recently promulgated order of the Reserve Board, Washington for a trip to the Pacific Coast, Alaska, the
later withdrawn, prohibiting the Reserve banks from receiving on deposit
expected
the Panama Canal Zone and Porto Rico—the tour was
or for collection checks drawn on banks which are not members of
ended his
Reserve System, and which, at the same time, do not remit the face value to be of two months' duration. The President
of checks.
two weeks' stay in Alaska on July 22, when he boarded the
It was contended by its sponsors that while the check collection proposal
collection
marine transport Henderson for Vancouver, (B. C.) and
to
the
make
banks
allow
n
would
associatio
protective
the
of
Vancouver
charge if they saw fit, there would be such an inducement for banks to remit Seattle. His speeches at the latter points,
at par that the number handling the chocks without the service fee would July 26 and Seattle July 27, were the last which he was
increase.
On July 28 he was forced to
The belief prevailed in some quarters, however, that the scope of the pro- able to deliver in person.
he
gram was so broad as to make the checks equal to currency within the abandon his proposed trip to the Yosemite Valley, when
Federal Reserve district, with a result that the burden of expense in handling
attack of ptomaine
an
be
to
d
suppose
was
what
suffered
according
the checks would be placed on the Reserve System. The expense,
fran- poison, his illness keeping him in bed on his special train
to those of this view, ultimately would corn out of the Government's
of
Reserve
banks.
the
from
tax
chise
passing through Oregon and into California. Because
The Special Committee of Reserve Bank Governors, which acts in an
delay to San
without
proceed
to
decided
was
it
attack
the
ons.
advisory capacity with the Board, participated in to-day's deliberati
E. Sawyer, the
While no official statement was forthcoming, it was reported that the Gov- Francisco. Brigadier-General Charles
ernors did not look with favor on the Claiborne-Adams suggestion. It was President's physician, in an announcement that day, when
President's
said, however, that two and possibly three Board members were inclined
the first intimation came to the public of the
to support the proposal.
In reporting the intention of the Board to submit the con- indisposition, said:
. The bowel trouble
President's condition is somewhat improved
evening is considerably
troversy to the Federal Advisory Council for decision the hasThe
disappeared entirely and his temperature this
New York "Journal of Commerce" had the following to say lower than earlier in the day.
ton Aug. 2:
It was on the following day (July 29) that announcement
in its adviees from Washing
s
Indefinite suspension of the Federal Reserve par collection regulation
made as follows at San Francisco of the decision of the
was
new rules on the subject, together with the
ia program:
pending the submission of
to the Federal Advisory Council in President to cancel his entire Californ
Claiborne-Adams check collection plan
September, was announced to-day by the Federal Reserve Board.
up to
Action by the Reserve Board in putting the par collection question
a meeting of the Board with its Advisory
Its Advisory Council followed
of New
Committee of Governors yesterday, at which Charles Claiborne
e
Exchange of the
Orleans appeared as representing the Committe of Five on
check
-Adams
American Bankers' Association and presented the Claiborne
regulation J, covercollection plan as a substitute for the Board's amended
ing par clearance.
Substitute Is Opposed.
n would provide for the clearance at par
The suggested substitute regulatio
of the checks payable in that district.
within each Federal Reserve district
the Federal Reserve Dank which would
Such checks would clear through
absorb the cost of clearance.




The President is deeply appreciative of the fact that the people of California and its great cities have planned a series of magnificent demonstrations in honor of his visit.
He realizes the great inconvenience imposed on public authorities, volunteer committees and the people in general by reason of uncertainty whether
the program in which he was to have participated can be carried out. He
has been particularly concerned to avoid the possibility that many thousands would travel long distances and then be disappointed.
Accordingly, after full consideration of all circumstances, he has desired
the statement made public that by advice of his physician he will not
attempt to carry out the program arranged for him for San Francisco.
Moreover,the President is reluctantly persuaded that it will be necessarY
to cancel the entire California program.

8

THE CHRONICLE

dispatches from San Francisco on July 30 were such
cause apprehension, one of the bulletins issued at 9:10
(1:10 a. m. New York time) that day by the physicians
ttendance saying:
efinite central patches of broncho-pneumonia have developed
in the
right lung, as indicated clinically and by the X ray.
Nourishment is being taken regularly, and the abdomina
l symptoms are
less noticeable.
While his condition is grave, he is temperamentally well
adapted to make
a strong fight against the infection.
Pulse, temperature and respiration are about the same
as shown in the
previous report.

More hopeful news came on July 51, Dr. Sawyer, in a
statement to the Associated Press, saying;

Since we have our toiin well under control, I feel
safe in saying that we
have passed the peak load of trouble. I don't
want to be too emphatic
about it, because we always face complications.
But I feel that the crisis is
over and that the President is well on the road
to recovery.

[VOL. 117.

of a weakness and pain. Because of this
he was persuaded to comeidlrectly
to San Francisco and arrived at the
Palace Hotel Sunday morning, July 28.
He dressed and walked to the
automobile from the train. Sunday
evening a consultation was called
because his temperature had risen to
102 and his pulse and respirations
were about normally rapid. The abdominal difficulty had by this time
become localized in the gall bladder
region, but there was a general
toxemia with fever and leucocytocis.
A central broncho-pneumonia soon
developed on the left side. It was
accompanied by short circulatory collapses
with cold sweats and an irregular pulse. Most disturbing of all
was the rapid and irregular breathing,
suggestive of arterio-sclerosis of the
brain vessels in the region of the
respiratory centre.
Under treatment marked improvement
in the pneumonia and circulatory
disturbance took place, and Thursday
, Aug. 2, he was free from fever
and pain; the acute lung condition
was practically gone. He was resting
comfortably in bed and conversing with
Mrs. Harding and Gen. Sawyer
when he died instantaneously without
a word or a groan.
We all believe he died from
apoplexy or a rupture of a blood vessel
In the axis of the brain near
the respiratory centre. His death came
after recovery from the acute illness
was in process. It might have occurred at any time. One of his sisters
died suddenly in the same manner.

Two bulletins issued by the physicians also indicated a
more favorable condition; one of these issued at 4
p. m.
The President is to buried in his home town, Marion,
(8 p. m. New York time), said:
Ohio. The President's body will first be taken to WashThe President has maintained the ground gained
since last night.
ington; the train on which it is being borne to the Capital'
His temperature is 100; pulse 120; respiratio
n 44 and regular.
Nourishment is being taken regularly, and the laborator
y findings indi- left San Francisco last night, and is expected to arrive in
cate elimination is improving.
Washington on Tuesday.
In general he is more comfortable and resting better.
President Harding was born on Nov. 2 1865 in Blooming
The earlier one,given out at 10 a. m.(2 p. m. New York
Grove, Morrow County, Ohio, and was elected President
time), read as follows:
Nov. 2 1920. He assumed the office of President on March
The President had a fairly comfortable night, with considera
ble restful
sleep.
4 1921. He had been a member of both the Ohio
and
His temperature at 9 a. m. Is 100; pulse, 120; respiratio
n, 40 and regular. United
States Senates, and had also been Lieutenant-GovThere has been no expansion of the pneumonic areas,
and the heart action
is definitely Improved.
ernor of Ohio. He was well known as a newspaper pubNourishment and fluids are being taken regularly.
Elimination is satis lisher and only recently
relinquished his majority holdings
factory.
in the Marion "Star."
He expresses himself as feeling better and less
exhausted.
The bulletins of the following day (Aug. 1) seemed likePresident Harding's Death—Closing of Stock Exwise to indicate progress; the first, issued at 10:10
a. m.
changes and Banking Houses—Messages of
(2:10 p. m., New York time), read:
The President is fairly comfortable this morning
Sympathy from Abroad.
after a few hours of sleep.
His breathing is less labored and there Is but little
cough. The lung conThe profound sorrow occasioned by the sudden death of
dition is about the same as yesterday.
the President of the United States, Warren G. Harding,
He is still much exhausted but maintains
his normal buoyancy of spirit.
Small amounts of food are being taken regularly
and there is regular and evinced in every quarter of the globe, was typified in the
satisfactory elimination.
action yesterday of the various exchanges in closing for the
The temperature is 99 degrees, pulse 114, respiratio
n 30.
day, a number of the banking houses likewise suspending
While progress is being made, every care is necessary
to assure freedom
from further complications.
operations. As we indicate in another item, the President's
The second, issued at 4:50 p. m. (8:50 p. m., New York death, coming unexpectedly on Thursda
y night after the
time), said:
reassuring announcements from the sick room in San FranThe President is now resting comfortably after a restless
day.
cisco during that and the preceding days, was a severe
The temperature reached normal during the day and the
pulse has shock not only
to this country, but to Europe as well. While
varied from 116 to 120 and the respiration from 36 to
40.
There is evidence of slight improvement in the lung condition
. Other- the usual exercises of opening the New York Stock Exchange
wise there is no marked change.
were followed yesterday morning, the closing of the exchange
On the morning of the 2d,9:45 a. m.(12:45 p. m. New York
came
almost immediately after the opening. In its account
time), the following bulletin came from the physicians:
the
of
ceremonies, "Daily Financial America" of yesterday
The President had several hours of restful sleep during
the night and ex- said:
cept for the marked exhaustion of an acute illness,

expresses himself as
While the ceremony of opening and closing
feeling easier this morning.
the New York Stock Exchange
in compliance with the resolution of
The temperature is 98.2 degrees; pulse, 100, and respiratio
the Governing Committee was short.
n from 32 to 40. it
was extremely impressive. President
The lung condition shows definite improvement.
Seymour L. Cromwell was on the
rostrum and at 10 o'clock one stroke
Small quantities of food are being taken and eliminatio
on the gong was sounded, the usual
n remains satis- signal
for commencing business, and
factory.
the Stock Exchange was formally
opened. As soon as the sound died
While recovery will inevitably take some little time, we
away another stroke rang and the
are more confiStock Exchange was closed.
dent than heretofore as to the outcome of his illness.
Members of the Exchange on the floor,
all employees, both of the ExLater in the day a bulletin was issued saying:
change and of brokerage firms in
various sections adjacent to the board room
The President has had the most satisfactory day since his
floor and those in the lobbies stood with
Illness.
uncovered heads while the President
The evidences of infection are subsiding, but he has been
left in a very of the Exchange read the resolutions passed by
the Governors. Then there
weakened condition by the hard battle he has made.
came a double stroke and a single
stroke of the gong and the ceremony
This afternoon the temperature is remaining normal, with
the pulse rate was Over.
arcstnd 100 and the respirations averaging about 30. Other
factors remain
The resolution adopted by the exchange follows:
about the same.
Borrowing with the nation in the great loss
which falls upon us in 'the
It was at 7.30 p. m. that day (Aug. 2) (11.30 p. m. New death
of our beloved and honored Chief Magistrat
e, President Warren
York time) that the unlooked for death of the President Gamaliel Harding, and as an expression
of our profound grief, be it
Resolved, That the New York Stock Exchange
occurred. The following announcement of his death was August
be closed to-day, Friday..
3, and upon the day of the funeral.
made:

An expressi

on of sympathy at the nation's loss came to
The President died at 7.30 p. m. Mrs. Harding and the two nurses,
President Cromwell of the New York Stock Exchange from
Miss Ruth Powderly and Miss Sue Drusser, were in the room at tho
time.
Mrs. Harding was reading to the President, when, utterly without warning, the London Stock Exchange in the followin
g cablegram:
a slight shudder passed through his frame; he collapsed, and all recognize
d President. New York Stock Exchange:
that the end had come. A stroke of apoplexy was the cause of nis death.
The members of the Stock Exchange desire to express their deep
sympathy
Within a few moments all of the President's official party had been with you and
the American people in the loss sustained by you
through
summoned.
the death of the President.
A. H. CAMPBELL,
The physicians in attendance were C. E. Sawyer, M.D.;
Chairman Stock Exchange, London.
Ray Lyman Wilbur, M.D.; C. M. Cooper,

M.D.; J. T.
Boone, M.D.,and Hubert Work, M.D. A statement issued
by them yesterday (Aug. 2) at San Francisco said:

A reply thereto was sent in the following cablegram:

A. H. Campbell, Chairman,
Stock Exchange, London, England.
The members of the New York Stock Exchange deeply appreciate your
message of sympathy for us and the American people in the great loss
that
has fallen upon us in the death of our beloved and honored Chief Magistrate, President Harding.
SEYMOUR L. CROMWELL,
President.

Last spring, following a long period of overwork and great strain, President Harding was confined to his bed with an attack of influenza
which
was followed by a few nocturnal attacks oflabored breathing. His
recovery
was slow and he had not fully regained his normal strength and
health when
he started out on the trip to Alaska. He had also had some
attacks of
abdominal pain and indigestion and at times he had some pain associated
The closing of the New York Cotton Exchange yesterday
with a feeling of oppression in the chest.
was in accordance with the following resolution adopted
For some years his systolic blood pressure had ranged around
180, and
there was evidence of some arterial sclerosis, enlargement of the
the board of managers at a special meeting in the morning:
heart and by
defective action of the kidneys. Except for fatigue and the fact
Resolved, That the New York Cotton Exchange be closed 'for
that his
business
heart and blood vessels were some years older than the rest of his
body, to-day as a mark of respect to the memory of Warren G. Harding, late
he was In reasonably good health.
President of the United States.
On the return trip from Alaska he had an acute gastro-int
estinal attack,
Edward E. Bartlett Jr., President of the Now York Cotton
associated with abdominal pain and fever. In spite of his illness,
he insisted on putting through his program of speaking in Vancouve
Exchange, received the following cablegram from Edward
r
and
Seattle.
He had considerable difficulty in completin
g his address in Seattle, because Porritt, President of the Liverpo
ol Cotton Association:




Aix. 41923.]

THE CHRONICLE

sympathy
Members of the Liverpool Cotton Association express deep
of President
at the loss sustained by your country by the tragic death
PORRITT.
Harding.

509

The Queen and I are much shocked and grieved to hear the irreparable
loss which has befallen you, and assure you of our heartfelt sympathy in
your sorrow. The whole British people will join with those of their sisternation who mourn the death of the President at the culminating point of
his distinguished career.
(Signed) GEORGE, R. I.

It was also announced, following a special meeting of the
Board of Managers of the New York Cotton Exchange,
An order commanding that the Court wear mourning for a
that a committee has been appointed to draw up suitable
the
of
the
of
all
members
by
signed
be
out of respect for President Harding was issued as
will
week
which
resolutions
The
funeral.
Harding's
President
of
follows from Buckingham Palace, London:
Exchange on the day
wear mourning one week for
Exchange, of course, will be closed for business on that day. The King commands that the Court shall
of
the late Hon. Warren Gamaliel Harding, President of the United States
Harding.
Mrs.
to
be
forwarded
will
later
The resolutions
America. The mourning is to commence from this date.
Laurance Tweedy, President of the Consolidated Stock
Premier Poincare of France sent to Secretary of State
Exchange, made public the following resolution on the Hughes the following message:
news of President Harding's death:
Painfully shocked by the cruel loss the United States has just suffered.
Resolved. That the Board of Governors of the Consolidated Stock
Exchange of New York, in special session, have this day received with
intense grief the news of the death of President Harding.
And be it Further Resolved, That business on the Exchange be suspended
for the day as a mark of respect to the memory of the late President.

The Board of Governors of the New York Curb Market
adopted the following resolution:
Resolved, That the New York Curb Market be closed to-day as an
expression of our grief and in deep sympathy with the nations' great loss
In the death of our beloved President, Warren G. Harding.

The New York Metal Exchange also closed out of respect
to the memory of President Harding. In its resolution the
latter said:
As an expression of our profound grief and sorrow at the death of our
esteemed and honored President. Warren G. Harding, it is resolved that
the New York Metal Exchange be closed to-day and the day of his funeral.

Throughout the country the various other exchanges
likewise closed for the day, including the Chicago Stock
Exchange, Chicago Board of Trade, Cleveland, Baltimore,
Boston, Philadelphia and Cincinnati stock exchanges, &c.
The "Wall Street Journal" of yesterday in reporting that
there were few selling orders on brokers books yesterday said:
The opinion of brokerage houses seems to be that had the stock market
opened as usual this morning the course of stocks would have been orderly.
Many houses reported a few selling orders on the books at 10 o'clock. One
large Broadway house reported no out-of-town orders to sell. A Wall
Street house said it had only two selling orders. Another firm reported
that its buying orders from out-of-town branches exceeded selling orders.
Leading brokerage houses, while deploring the death of President Harding,
do not believe that there will be any market effect. As one broker said,
"It is the last thing the President would have desired with his orderly mind
and grasp of affairs." Another broker said that "anybody selling long
stocks because of the President's death would be acting against the welfare
of the United States and, of course. I cannot describe in printable language
the opinion one would have of anybody selling the markets short op such
an occurrence."
The Street also looks upon President Coolidge as a strong man well able
to follow out the policies of the present Administration and add some of
his own pregnant ideas on domestic and international matters.

J. P. Morgan & Co. announced that they would close their
banking institution for the day as a mark of respect and in
recognition of the loss the United States has suffered in the
loss of the President. T. W. Lamont of that firm, in
referring to the untimely death of the President, said:

the
I want to assure you, Mr. Secretary, of the most feeling sympathy of
French Government.
emifigure,
With President Harding there disappears not only a grand
nently qualified to head the nation to which we are bound by so many
ties, but also the generous and enlightened friend that all Frenchmen have
learned to like and respect.
All France partakes in the bereavement of the United States.

A message addressed by President Millerand of France to
Mrs. Harding read:
President
It is with deep emotion that my wife and I learn of the death of
you
Harding. Our hearts are with you in your grief, and we wish to assure
you and
to
cruelly
so
of our deepest sympathy in the sorrow that comes
to the American nation.

Vice-President Calvin Coolidge Takes the Oath of
Office as President of the United States.
Following the receipt of advices of President Harding's
death, the Vice-President of the United States, Calvin
Coolidge, was sworn in as President of the United States
early yesterday morning, Aug. 3, by his father, Col. John
C. Coolidge, a notary public. The oath of office was
administered at Plymouth, Vt., at 2:47 a. m., Eastern
standard time, in the Coolidge farm house, the boyhood
home of the new President. The Associated Press advices
from Plymouth gave the following account of the adminstering of the oath:
A telephone had been installed in the Coolidge farm house within an hour
and by
after word of the death of President Harding had been received,
communication with Washington the exact form of the oath was obtained.
words
the
father
his
In a clear voice the Vice-President repeated after
prescribed by the Constitution:
"I do solemnly swear that I will faithfully execute the office of President
protect
of the United States and I will to the best of my ability preserve,
and defend the Constitution of the United States."
"So
added:
he
It,
require
not
does
Then, although the Constitution
help me God."
CongressThe witnesses of the simple ceremony were Mrs. Coolidge,
Secman Porter H. Dale of Vermont, Edwin C. Giesser, Mr. Coolidge's
"Reporter":
Vt.,
retary; Joseph H. Fountain, editor of the Springfield,
L. Lane of
Joseph M. McInerney of Springfield, a Federal officer; L.
and
Chester, President of the New England Railway Mail Association,
Herbert P. Thompson, commander of the Springfield Post of the American
Legion.

President Coolidge left immediately for New York, his
plans being to proceed at once from here to Washington.
In a statement early yesterday morning, after news of PresOther banking houses which closed for the day, except ident Harding's death had been received, President Coloidge
for the transaction of routine business, were Speyer & Co., said:
are correct that President Harding
Heidelbach, Ickleheimer & Co., Blair & Co., Inc., Kuhn, Reports have reached me which I fear good
man. I mourn his loss. He
gone. The world has lost a great and
Loeb & Co., Goldman, Sachs & Co., Dillon, Read & Co., Is
was my chief and my freind. It will be my purpose to carry out the policies
Brown Brothers & Co. Ladenburg, Thalmann & Co., which he had begun for the service of the Ameriacn people and for meeting
their responsibilities wherever they may arise. For this purpose I shall
Lazard Freres, &c.
the co-operation of all those who have been associated with the President
All the Government departments in Washington were seek
him
during his term of office. Those who lave given their efforts to assist
Staff
by
the
issued
General
closed, and a general order was
I wish to remain in office that they may assist me. I have faith that God
of the Army at Washington for the mobilization of all the will direct the destinies of our nation.
A little later Mr. Coolidge made the following statement:
armed forces of the United States to-day (Saturday) at 10
for
It is my intention to remain here until I can secure the correct form
o'clock At that time formal notification will be read to
is
oath of office, which will be administered to me by my father, who
to
the troops of the death of President Harding and of the the
expect
a notary public, if that will meet the necessary requirements. I
the
the
With
Presidency.
succession of Calvin Coolidge to
leave for Washington during the day.
assembling of the troops, a mourning salute will be fired,
The following telegram was sent to Vice-President Coolidge
followed by half hour "guns of sorrow" until a final salute notifying him of the President's death:
at taps. The order calls for half masting of all flags at
Palace Hotel, San Francisco. California.
died instantly, while conversing
all
by
—The
Coolidge
Calvin
President
Mr.
of
crepe
and
wearing
garrisons,
military posts and
The physicians report that death
his
p.m.
of
members
at
with
family,
7:30
officers on their sword knots for a period of 30 days.
was apparently due to some brain embolism, probably apoplexy.
Besides the adjournment of the United States District
The message was signed by George B. Christian, Secretary.
Courts for the Southern District of New York by Judge
President
Coolidge sent the following telegram to Mrs.
Francis A. Winslow, out of respect to the memory of the Harding:
President, other local courts also adjourned. The following
We offer you our deepest sympathy. May God bless you and keep you.
CALVIN COOLIDGE.
tribute to the memory of the President came from Judge
GRACE COOLIDGE.
Learned Hand of the Federal Court:
The entire business community is one in mourning over the untimely
death of the President who had become endeared to the entire nation.

In the death of President Harding the country has lost a devoted servant
and a typical American. In his warmth of heart, his lack of all rancor, his
kind and friendly readiness to listen and to help, he represented what are
perhaps our most outstanding virtues. People loved him spontaneously,
because they knew him to share their opinions, their feelings, and their
ideals. We understood his trials, because we felt that they were to him as
they would be to us. He will go down to history, as he would wish, a
figure, unpretentious, tolerant, loyal, loving, genial and upright.

President Harding on Foreign Policies and Efforts to
Re-Establish Peace—Further Appeal for
World Court.
President Harding, whose death in the West, following his
recent visit to Alaska, is referred to at length above, had
prepared an address for delivery at San Francisco on July 31,
Harding
a
Mrs.
message
in
to
King George of England
in which he reviewed the measures on the part of the United
offered condolences as follows:




510

THE CHRONICLE

[VOL. 117.

States for re-establishing peace; this speech, which, of
The Department of Commerce, newly vitalized under the Administration
course, the President, being then sick, was unable to deliver, of your fellow-townsman, alone frequently receives between
three and
was made public at San Francisco by the President's Secre- four thousand inquiries a day for information relative to foreign trade.
Amid such hungering of America for trade relations abroad the
cordiality
tary, George B. Christian, on the day slated for its delivery. of our foreign relations is little less
important than our tranquility and
Stating therein that "from the day the present administra- confidence at home.
When the present national Administration came into responsibility world
tion assumed responsibility, it has given devout thought to affairs
were in a complicated and very difficult posture. Our foreign relathe means of creating an international situation so far as the tions presented many
novel, delicate and far-reaching problems, and their
United States might contribute to it, which would give fortunate solution is no less significant than our democratic rehabilitation.
We have strengthened our friendly relationships and have done much
assurance of future peace," the President recited that "the to promote
peace in the world. We encountered a world condition in which
limitation of the Armament Conference was signally tri- peace had been covenanted, but
the pact had been rejected by the
umphant in two accomplishments: it relieved and limited United States Senate. This action left us in a technical state of war with
the Central Powers of Europe and aloof from
the colossal adjustments
the burden and found a way to remove the causes of mis- following the
World War. Many just and very necessary rights were
understanding which lead to war."
accorded to us under the Treaty of Versailles. But these
were all threatReferring to the Mexican situation, Mr. Harding stated ened by uncertainty and doubt.
Many parts of Europe were in a pitiable destitution;small wars persisted.
that "our feeling toward the Mexican people is one of entire and widespread revolutions
upset the orderly processes of civilization; so
and very cordial friendliness, and we have deeply regretted that there was a chaos of peace little
less menacing than the tumult of
world
war.
the necessity for the continued suspension of diplomatic
For a little while there had been a word remorse, a penitence
promising
relations. We have no hatred toward Mexico; no selfish a new order, but the temporary
spirit of international dedication to a comends to serve at her expense. We have no promptings other mon cause soon gave way to a revived concern
for particular national interthan those of neighborly friendship. We have no desire to ests. The new and only partially re-established peace was threatened and
the urgent processes of reconstruction were discouragingly retarded. Our
interfere in the internal concerns of Mexico. We respect in OWn prestige,
once reaching outstanding eminence in 1919, had been greatly
the Mexican people the same rights of self-determination impaired, and we faced a situation offering little promise of satisfactory
which we exact for ourselves. It is not for us to suggest solution.
With faith in our own sincerity of purpose, with the consciousness of
what laws she shall have relating to the future, for we utter unselfishness, the Administration
promptly undertook the accomplishwillingly acclaim Mexico as the judge of her own domestic ment of four main tasks:
First—The
re-establishment
of
peace
with the Central Powers and the
policy. . . . We crave not only friendly relationship, orderly
settlement of those important after-problems of the war which
but we wish it to be founded upon an understanding which directly involved the United States.
Second—The protection and promotion, amid the chaos of conflicting
will guarantee its permanence. Upon such an understanding
national interests, of the just rights of the United States and the legitimate
we may jointly promote the most neighborly friendships interests
of American citizens.
which shall be to the mutual advantage of the two republics."
Third—The creation of an international situation, so far as the United
Alluding to the pleas that we grant political recognition to States might contribute thereto, which would give the best assurances of
for the future; and
the present Russian regime, the President confessed that he peace
Fourth—The pursuit of the tradtional American policy of friendly cocan "see Russia only as the supreme tragedy, and a world operation with our sister republics
of the Western Hemisphere.
The eminent success and the far-reaching achievements must have their
warning, the dangers of which we must avoid if our heritage
ultimate appraisal by American public opinion, but I submit them with
is to be preserved." "International good faith," he said, unrestrained pride and
sincere tribute to the historic services of a great
"forbids any sort of sanction of the Bolshevist policy." Secretary of State.
Few
people
have
stopped to measure the outstanding task of re-establishWhile observing that "we were never technically at war
ing peace. The
negotiated by my distinguished predecessor, though
with Turkey, and had no part in the Greek-Angora conflict," he was impelled peace
by lofty purpose, had evoked a bitter and undying conhe expressed the belief that "the American influence at troversy. It was conclusive to those who had studied the public verdict
that our people would never consent to assume
Lausanne played a becoming part and an influential part in legal,
any obligations, moral or
which would fetter their cherished freedom of action in unknown
making for peace when all the world stood in apprehension contingencies.
If our people are ever to decide upon war,
of an armed conflagration." Among other things he stated
they will choose to decide
according to our own national conscience at the time and in the constituthat "the friendly offices of this Republic in furthering the tional
manner without advance commitment, or the advice or consent of
settlement of a dispute, a generation cold, between Chile and any other power. To revive the old controversy in any phase would
Peru, have been attended by a most gratifying promise of have been disastrous.
We do not challenge the utility of the
League of Nations to others; We
success." A revival of his former appeals for adhesion by wish
it more power in every righteous exercise of its functions; but it is
the United States to the Permanent Court of International clearly not for us as presented in the Versailles
covenant. To have fought
Justice also figured in the address which the President had over again that controversy would have postponed our resumption of
peaceful relations, essential to our commerce,
and impaired our own
planned to deliver in San Francisco. In his reference thereto tranquility.
he said in part:
So we took the only way,and the direct way,to peace, and we established

I would be insensible to duty and violate all the sentiments of my heart
and all my convictions if I failed to urge American support of the Permanent Court of International Justice.
I do not know that such a court will be unfailing in the avoidance of
war, but I know it is a step in the right direction and will prove an advance
toward international peace for which the reflective conscience of mankind
is calling.
Why should there not be a court of this character with the most cordial
American support? We originated the modern suggestion of such a
tribunal and have been advocating it-for years.
My own sincerity of purpose has been questioned because I do not
insist that we shall accept the existing World Court precisely as provided.
Personally I should vastly prefer the policy of submitting all controversies
in which we are concerned to the court as It stands to-day as against any
other agency of settlement yet devised. As President. speaking for the
United States, I am more interested in adherence to such a tribunal in
the best form obtainable than I am concerned about the triumph of
Presidential insistence.

Mr. C hristian's statement at San Francisco announcing
the President's decision from his sickbed to release the
address, said:
The President before leaving Washington and during his journey to
Alaska prepared speeches dealing with the fundamental questions of policy
and performance on the part of the Administration. Most of these have
been delivered. One was prepared to be delivered in San Francisco, Tuesday July 31, and advance copies of this, likelthe others, were furnished
the press, awaiting release upon delivery.lEal
The San Francisco speech was to deal with foreign relations, and was a
carefully considered and carefully prepared document. But for his illness,
the President would have delivered the speech according to schedule, but
this being prevented he now feels that it should go to the public through
the medium of the press and for the information and consideration of the
People. Therefore, he has directed that the speech be released.

President Harding's address follows:
My Fellow-Countrymen:—Something in your golden gateway has impelled
me to speak to you of the foreign relations of our Republic. Happily, it
is not a message of anxiety, but one of satisfaction and rejoicing.
It is easy to share the feelings of home concern of those who think first
of all of our domestic fortunes, but there can be no divorcement in these
modern days of home affairs and foreign relationships.
Human progress had established a relationship little short of the community among nations, and there is and can be no great people in a position
of permanent aloofness. The urging of commerce, quite apart from
human fellowship, is fashioning intimate relationships each succeeding day.
This pressure is not foreign; it is a reflex of American commercial aspirations.




it. We avoided controversy and recorded accomplishment. Negotiations
were begun with the Central Powers, and
those negotiations culminated
In treaties which established peace with those countries
on an equitable
basis and at the same time preserved for the
United States the rights
embodied in the Paris treaties which we
had acquired through participation
in the common victory.
These treaties were promptly ratified and
have been in full force since
November 1921.
Then quickly followed a treaty with Germany
for the determination by a
mixed commission of the amount of American
claims against Germany.
The commission was promptly appointed, and
the extraordinary tribute,
unparalleled in international relationships,
was paid to the American sense
of justice by the suggestion on the part of Germany
that tho United States
should'appoint an American umpire. History has
yet to record another
like expression of trust by one nation in the fairness of
another.
In recognition of this signal tribute by the
vanquished to a victor, I asked
Justice Day to retire from the Supreme Court bench
to serve in that capacity. I know you share my sorrow that ill-health
forced his retirement
from this great service, and only a little later his
retirement was followed
by his death.

World War Foreign Debt Commission.
A stupendous problem, no less important and no
less difficult, was the
settlement of the debts owed to the United
States by its late associates in
the World War. This involved the funding and
eventual repayment to
the American taxpayers of a total sum in excess
of $10,000,000,000.
A freely expressed sentiment among our own
people had argued for
cancellation, and it was more than seized upon
and argued abroad; but we
believed in the sanctity of contract and that world
stability which is founded
on kept obligations. Settlement may enforce the
hardships and denials
and economies which hinder the easy way to restoration,
but it maintains
the foundations of financial honor which must
.111
be everlasting.
Accordingly, Congress created the World War Foreign Debt Commission,
and notice was sent to the debtor nations that
this country was ready to
negotiate an equitable adjustment.
In response to this invitation the British Government sent a commission
to Washington; a settlement with Great Britain was soon effected and subsequently approved by Congress and by the British Government. Under
this settlement the British Government has undertaken the discharge of an
obligation of more than four and a half billion dollars, and thereby put
a fresh stamp of approval on the sacredness of international obligations. .
When that settlement was announced there was a new assurance of stability throughout the world"'More, here was the example of two great
Powers dealing with a sum of indebtedness unparalleled in international
history, and a settlement was promptly reached without the exactions of
greed on the one hand or appeal to sentimental modification on the other.
and two peoples were at once conunittedito the validity of international
contract.

AUG. 41923.]

THE CHRONICLE

An adjustment on a like basis has been reached with the Government of
Finland, which awaits only the approval of Congress to become effective.
Negotiations are now in progress with the Government of Czechoslovakia
and Yugoslavia has given notice of its intention to send within the near
future a mission to Washington for the same purpose.
The advocacy of cancellation is drowned out by the advancing hosts of
settlement and maintained integrity, and the United States will keep faith
with its own people who loaned, as they fought, with faith in the Republic.
Seemingly a trivial thing in itself, it was nevertheless a notable achievement to effect a successful settlement of the costs incurred for the maintenance of our army on the Rhine. Without adequate understanding, our
own people were urging the withdrawal of our troops long before it was
finally ordered, but nearly all of Europe,and Germany in particular, meanwhile were asking us to stay. There was a feeling that our military forces
were immensely helpful in maintaining peace and order. We know that
our military forces left behind them a fine and lasting impression of courtesy
and consideration.
But we were aloof from the Reparations Commission,and the payment for
our Army of Occupation was ignored in the reparation payments made by
Germany. We had received nothing up to January 1923, though our costs
had accumulated to an amount of more than $250,000,000. After discouraging delays, a definite plan for the payment of this large sum was negotiated at Paris, and the settlement was sanctioned late in May of this year.
There is little about it all to make sentimental appeal, but it is a gratifying
record of sane business and the seemly assertion of our Just rights.
Few post-war adjustments have embodied greater potentiality of harm or
exacted more careful vigilance in behalf of American interests than the new
experiment of mandates, to which the United States ceased to be a direct
party upon rejection of the Treaty of Versailles. We denied for ourselves
any acquirement of territory, but that denial surrendered no rights which
accrued to us along with the Allied victors in the war. I mean the rights
of equality in industry and commerce. Under the system of mandates an
effective sovereignty over former German overseas possessions was transferred to certain of the Allied Powers, and it was necessary for us to obtain
definite assurances from those Powers that our citizens should not suffer
discrimination in territories which came into their possession in the bestowal
of the fruits of victory.
We had sought none of those fruits, but we had yielded none of our rights.
So negotiations to this end were promptly begun. The Island of Yap had
special advantages as a cable centre, and an acute difference developed
concerning its control. A settlement satisfactory to all concerned was,
nevertheless, reached with the mandatory Power, Japan, and the treaty
which was concluded and sanctioned full y secures all American rights with
respect to all those Pacific islands north of the Equator over which Japan
exercises its mandate.
The contention that the United States is rightfully entitled to fair opportunity in the mandated regions hold by other Powers had been successfully
presented to the Governments of France and Belgium, and satisfactory
treaties have been signed with those Powers relating to the territories in
Africa under their control.
Negotiations are now in progress with Great Britain relating to the
British mandated territories in Africa, and we look with confidence to a
satisfactory treaty.
Since I am only paying tribute to the Department of State in so saying.
I may say becomingly that these adjustments of mandate difficulties constitute an outstanding achievement of inestimable importance and benefit
to our America.
The outstanding-historical, monumental achievement is the Washington
Conference on the Limitation of Armament. Only a few days ago the
Government of France gave the ratification which makes unanimous the
approval of the nations concerned, and confirms the dawn of a new era
in international co-operation for world peace.

United States. the British Empire, France and Japan, relating to their •
insular possessions and insular dominions in the Pacific Ocean. This.
treaty provided for the termination of the Anglo-Japanese Alliance, and in•
the pledge of respected rights it recordsd a new assurance of peace. Not
the semblance of war's foreboding lathe Pacific remained when this covenant,
•
of good faith was signed.
Probably the mist important results of this historically Important conthe
to
refer
I
imponderable.
and
ference are those which are unwritten
revelations of sentiment and purpose, to the manifestations of good-will and
assured,
the evident thirst for better understanding. New friendships were
confidence.
new confidence revealed. Where there is friendship and
relationfriendly
The
importance.
treaties to maintain peace are of least
peace
ship and the soul of national honor are infinitely more important to
than a written form of their expression.
present
the
If you would measure the work of the conference, contrast
opinion as to peace In the East with the view which was widely entertained
mists,
and frequently expresed before the conference was held. The
There is
which had the forebodings of war-clouds, have been dispelled.
confidence to-day; fears have been allayed, and out of understanding has
specific
come a new feeling of friendship and respect. Quite apart from
engagements, it was a distinct achievement to produce a new state of mind,
a reign of goodwill and with it new assurances with respect to our relations
in the Far East.
There has been a way revealed to the world, the way of peace, and if'
humanity and its governments will only accept the indicated way,that which
has been a world lament may be turned to a universal paean of rejoicing.
The preservation of the just rights of the United States and its citizens
has been maintained as the basis of an American policy in respect to two
World
very difficult situations, one growing out of revolution attending the
War, the other antedating the war itself.
Mexican
I refer first to the situation in Mexico. Our feeling toward the
deeply
people is one of entire and very cordial friendliness, and we have
relations.
diplomatic
of
suspension
regretted the necessity for the continued
We have no hatred toward Mexico, no selfish ends to serve at her expense.
We have no promptings other than those of a neighborly friendship. We
have no desire to interfere in the internal concerns of Mexico. We respect
exact
in the Mexican people the same rights of self-determination which we
relating
for ourselves. It is not for us to suggest what laws she shall have
to the future, for we willingly acclaim Mexico as the judge of her own
domestic policy.
We do, however, maintain one clear principle which lies at the foundation
of all international intercourse. When a nation has invited intercourse
with other nations and has enacted laws under which investments have
been legally made, contracts entered into and property rights acquired by
citizens of other jurisdictions, it is an essential condition of international
intercourse that lawful obligations shall be met, and that there shall be no
resort to confiscation and repudiation. We are not insistent on the form
of any particular assurance against confiscation, but we do desire the substance of such protection. We would give a.s freely as we ask.
Such assurance is in the interest of permanent friendly relations. We
have sought to have this wholly defensible attitude understood by our
Mexican neighbors ever since the present Administration came into power.
I am happy to say that we now have out commissioners in conference at
Mexico City and it is earnestly hoped that there may be definite and
favorable results from their exchange of views with the Mexican commissioners.
We crave not only friendly diplomatic relationship, but we wish it to be
founded upon an understanding which will guarantee its permanence.
Upon such an understanding we may jointly promote the most neighborly
friendships which shall mutually advantage the two republics.

Assurance of Future Peace.
From the day the present Administration assumed responsibility it has
given devout thought to the means of creating an international situation
so far as the United States might contribute to it, which would give assurance of future peace. We craved less of armament, and we hated war.
We felt sure we could find a rift in the clouds if we could but have inter
national understanding. We felt sure that if sponsors for Governments
could only face each other at the conference table and voice the conscience
ofa penitent world, we could divert the genius and the resources of men from
the agencies of destruction and sorrow to the ways of construction and
human happiness.
The world was needing some new assurances. The old British-Japanese
military alliance.was about to be extended, at a time when alliances were
less needed, and common consecration at the altar of peace was a pressing
world necessity. There was anxiety about the Pacific area, no one knew
why, but the prophets of evil were prolific in forebodings. It is a pity
we have the mischief-makers who are over adding to the burdens of distrust,
but we do have them and in 1921 they were busy in our land and in the
East, exciting suspicion and ill-feeling.
War might easily have been precipitated; but responsible Government
heads knew that the great under-current of human feeling was flowing
toward peace, and that a frank discussion would reveal it. The world
was weary of war burdens and armament cost, and an honest and authoritative confession would reveal that fact so that men might act in concert
to relieve the situation and make for widespread amity.
Limitation of Armament Conference.
'rhe limitation of armament conference was significantly triumphant in
two accomplLslunents, it relieved and limited the burdens and found a way
to remove the causes of misunderstanding which lead to war. In the gloom
and grief of the world, the conference table lighted the torch of understanding and pointed the simplest way to peace. The conference proved
one of the greatest achievements in the history of international relations.
Its four great treaties, now ratified, related to the limitation of naval
armament, to the restricted use ofsubmarines and poison gases, to principles
and policies restoring the integrity of China, and to the regulation of
Chinese customs tariff. Important resolutions were adopted. Providing a
commission of jurists to consider amendments to the laws of war, made
necessary by new agencies of warfare; for a board of reference, for Far
Eastern questions; for international unity of action respecting various matters affecting China, such as extra-territoriality, foreign postal agencies.
foreign armed forces, unification of railways, reduction of Chinese military
forces, publicity for existing commitments, and the Chinese Eastern Hy.
Though not a part of the conference, the Shantung Treaty between China
and Japan grew out of it, accomplishing for China a restoration in which
Versailles had failed, and China to-day needs only her self-assertion to find
a revered place among the nations, with her own destiny impelling and
wholly in her own hands.
Another achievement, not technically a part of the work of the conference
as such, but which was negotiated while the conference was in session and
which was most important, was the Four-Power Treaty between the




511

Russian Recognition.
The problem of Russian recognition is complicated by a fundamental
difficulty because of a government regime there whose very existence is
predicated upon a policy of confiscation and repudiation. No one much
questions the continuation of the present government or wishes to direct
the expression of Russian preference. There is an unfailing friendship in
the United States for the people of Russia. The deplorable conditions in
Russia have deeply touched the sympathies of the American people, and we
have sought to give evidence of friendship rather than dictate the course
of its government.
I gladly recommended an appropriation of $20,000,000 by Congress for
the relief of her famine-stricken people, and, all told, America's friendly
interest has been expressed in a $66,000,000 relief expenditure, handled in
the main by the Secretary of Commerce,in distributing food and combating
disease.
That this Administration, supported by the strength and generosity of
the American people, has saved the lies of ten millions of men, women and
js
children in Russia, at the very door of death from famine and pestilence,
the complete answer to every charge of our ill-will toward the Russian
people.
It has been urged that we ought to grant political recognition to the
present Russian regime because the destitution of the Russian people
would thereby be put in the way of alleviation, and that this humane
appeal is so urgent that all other considerations should be put aisde, but
the fact remains that the establishment of a basis of permanent improvement in Russia lies solely within the power of those who govern the destinies
of that country, and political recognition prior to correcting fundamental
error tends only to perpetuate the Ms from which the Russian people are
suffering.
International good faith forbids any sort of sanction of the Bolshevist
policy. The property of American citizens in Russia, honestly acquired
under the laws then existing, has been taken without the color of compensation, without process of law, by the mere emission of countless
decrees. Such a policy challenges the very groundwork of righteous
intercourse among peoples and rends the basis of good faith everywhere
In the world.
If the fundamentals of our boasted civilization are based on twenty
centuries of maintained error, if the Russian conception of the social fabric
Is the true revelation, tardily conceived after forty centuries of evolution and development, the truth will ultimately assert itself in thelgreat
experiment.
I can see Russia only as the supreme tragedy, and a world.warning, the.
dangers of which we must avoid if out heritage is to be preserved.1 If
the revolutionary order is the way to higher attainment and greater'human
happiness. Russia will command our ultimate sanction.
the.
Meanwhile. I prefer to safeguard our interests and hold unsullied
sernmin' gly proven principles under which human rights and property
rights are blended in the supreme inspiration to human endeavor.% If
there are no property rights, there is little, if any, foundation for national
rights, which we are ever being called upon to safeguard. Thetwhole
fabric of international commerce and righteous international relationship.
will fail if any great nation like ours will abandon the underlying prin.ciples relating to sanctity of contract and the honor involved in respected
rights.

512

THE CHRONICLE

Turkish War and Lausanne Conference.
We were never technically at war with Turkey, and had no part in
the Greek-Angora conflict, which threatened to set the Near East aflame.
But the rights of our nationals and other nations long recognized by
accepted civilization were involved in the settlement, and we had our
representatives at Lausanne, not only to protect those rights, but to serve
humanitarian interests and promote the cause of peace.
Cynical critics sneered at our "unofficial" representatives, but the
Powers of the Old World thought well enough of them to tender to the
United States the Chairmanship of the conference. It could not be
accepted, for manifest reasons, but we did not fail to voice American
sentiment on behalf of Christian minorities, and we did assist in reaching
a settlement calculated to assure their future protection.
I firmly believe that the American influence at Lausanne played a
becoming part, and an influential part, in making for peace, when all the
world stood in apprehension of an armed conflagration, the horrors of
'which no one ventured to predict.
Unselfishness and understanding argued for the same grant to others
which we would demand for ourselves, and that attitude was never successfully challenged. We supplemented State credit with a humanitarian work
and a necessary and highly appealing relief work which planted the seeds of
goodwill in the Near East, to blossom in the years to come, and we left
there the appeal of goodwill and mutual understanding to argue for peace
for all the future, so long as memory abides.
An achievement of a different kind in the humanitarian field has Just
been accomplished through the participation of American representatives
in a conference at Geneva, dealing with international traffic in opium and
other narcotics. A policy of aloofness would have forbidden our presence
there, but human helpfulness impelled attendance. The American representatives recorded a distinct accomplishment in obtaining the substantial
acceptance of the proposals which they putforward,looking to the effective
restriction of the opium traffic to the minimum required for medicinal and
scientific purposes.
Out of the American example, out of confidence in American unselfishness, has come a succession of incidents which reveal our influence and
effective goodwill in the economic and political fields, as well as those of
humanity.
Persia gave proof of her confidence in American impartiality and integrity
by inviting the nomination of an American expert for the post of Administrator-General of her finances.

[VoL. 117.

In like spirit, in the same assurance that we always may confidently
look into the faces of the spokesmen of all Governments everywhere, our
delegates attended the fifth international conference of American States
held at Santiago, Chile. It was an occasion of most complete understanding between the United States and other participating Governments.
The results, tangible and intangible, are sure to facilitate commercial
and other intercourse in the Western Hemisphere. While our diplomacy
Is not commercial, we do recognize the ties of trade and the fostering of
exchanges of friendly relationship. When we give precisely as we ask,
we are entrenched in righteous relationship.
Frankly, trade impelled and lines of understanding urged the readjustment relating to the cable companies in various Central and South American
countries, and to-day the way is open for the laying of one or more cables
directly down the east coast of South America which will bring these
countries into closer communication with us and facilitate commerce and
the exchange of news—always the ways of understanding.
Our relations in the Western world truly symbolize our position in the
whole world; they reveal our friendly and peaceful intent and purpose.
We have only the most genuine friendship for all. We seek nothing which
belongs to another. We do not strive for aloofness, but we do not make
an un-American commitment. We have shunned no obligations which
duty has called us to share with others. We maintain a scrupulous respect
for the rights of friendly nations in the adjustment of their own affairs
not directly affecting the United States, and we have avoided their entanglements. With firmness we have asserted American rights and have
Insisted upon the open door of opportunity where Americans may enter
on righteous and lawful ways, precisely as do other nationals everywhere
under the shining sun.
With the political controversies of other countries, which have often
strained their friendly relations, we have had no part. In adherence to
our conception of justice, with becoming dignity, we have maintained
our rights, we have yielded willingly to the rights of others and we dwell
in cherished and unthreatened peace.

World Court.
I have thus far made no allusion to the hungering of humanity for new
assurances that the world may be equally blessed. Peace ought to be
the supreme blessing to all mankind. Armed warfare is abhorrent to the
ideal civilization. Nations ought no snore need resort to force in the
settlement of their disputes or differences than do men in this enlightened
day. Out of this conviction, out of my belief in a penitent world, craving
for agencies of peace, out of the inevitable Presidential contact with the
Brazil. Cuba. &c.
requested
and is receiving the services of American financial World War's havoc and devastation and ,the measureless sorrow which
Colombia
experts in the study of her financial conditions. A cordial friendship with attended and has followed. I would be insensible to duty and violate
Colombia has been fully re-established and her people are welcoming the all the sentiments of my heart and all my convictions if I failed to urge
American support of the permanent court of international justice.
agents of American development and facilitating their activities.
I do not know that such a court will be unfailing in the avoidance of
Brazil Invited an American Naval Commission to participate in the development of her befitting naval defense, and such a commission was named war, but I know it is a step in the right direction and will prove an advance
toward international peace for which the reflective conscience of man—a fine testimonial of confidence and a deserved tribute to our navy.
Nothing can surpass the success of the maintenance and furtherance of kind is calling.
Why should there not be a court of this character with the most cordial
our traditional policy of friendship and utterly unselfish helpfulness to our
sister republics in the Western Hemisphere. We have given new proof of American support? We originated the modern suggestion of such a
our cherishment for their independence, our desire for their peace, our wish tribunal and have been advocating it for years.
We have proclaimed in behalf of its establishment again and again.
for their unimpaired integrity and their increasing prosperity. It can not be
unseemly to say that the proof of their confidence and the assurances of Its origin is no hindrance, because its inspiration, growing out of con- .
ditions
which we ourselves were unable to contrive, need be no less noble.
their reciprocated friendship are matters of especial gratification. If there
was once a suspicion of intended domination or dictation, when only the Our own concern is not with the beginning. Out interest is in the end to
most generous friendship was intended, it has been enteaed dissipated. be attained.
There manifestly are controversies between nations, as there are between
When we found Panama and Costa Rica about to engage in war we
pointed the just way to peace, the very route we ourselves would have the men who constitute them, which should be decided by a court. There
are
controversies calling for the examination of facts and the applicataken, indeed have taken. We merely asked them to join in holding sacred
an agreement to accept an arbitral award. The ways of peace are in tion of principles of law. There are international contracts, better known
as treaties, now more numerous than over, to be interpreted. I should
kept agreements.
We may gratefully contemplate new progress in Cuba toward stability be the last man in the United States to surrender an essential, national
right
or to yield the right to exercise self-determination.
and restored prosperity. Cuba was desperately hit by the deflation which
But here is a distinction between questions of a legal nature and quesfollowed in the wake of war, but out of the helpful advice, which was inspired by true friendship and extended because of our peculiar relationship, tions of policy or of national honor, and there has emerged from the disCuba is now well on the road to economic recovery and healthful restoration. cussions of jurists an agreement defining justiciable disputes as those
Where resentment once abided because of the presence of our military which relate to the interpretation of a treaty, to any question of interforces in the Dominican Republic, there are to-day universal expressions national law, to the existence of facts which would constitute a breach of
of approval, and the processes of setting up a constitutional Government international obligation, or to the reparation to be made for such a breach.
have made gratifying progress. The provisional Government is in actual A nation which believes in the reign of law, prefereablo to the rule of
operation, the constitution for a permanent overnment will soon be voted force, must subscribe to an agency for the law's just construction.
How else may controversies between nations be determined? Is a
upon, and it is expected that our troops may be withdrawn within the current year. To-day there is complete trust in the unselfish aims of our Gov- controversy to be left a festering sore? If it is, then there is over-increasing
danger that the ultimate alternative to peaceful settlement would be
ernment and a new record of high purpose will soon be completed.
Progress in Haiti is giving promise of an almost unhoped for success. arbitrament of arms. The logical way to prevent war is to dispose of
Peace and order have been established and safety of life and property the causes of war, and the honest desire for peace must be supported by
exists for the first time in that troubled republic. A new day is dawning the institutions of peace. If controversies over legal rights are to be
in Haiti and the foundations of security are being safely laid. Public determined peacefully, there must be a tribunal to determine them, and
order has been so improved in the interior that our marines have been prac- I most devoutly wish the United States to do its full part, to voice a
tically withdrawn therefrom, and the day is in prospect when our complete national conscience toward making secure the provision and strengthening
the agencies for the peaceful settlement of international disputes. Our
withdrawal from the island may be contemplated.
Those who little understood saw the United States embarked on a pro- own interests require the judgment of such a tribunal of international
gram of domination and exploitation, but the written history will recite justice, and the interests of world peace demand it.
Because such a court is not able to deal with every sort of controversy.
another instance of a great Republic's insistence on order and justice with
but only with those appropriate for a court to decide, is no more reason for
a righteous peace attending.
dispensing with it than that we should cease hating war because there is
Chile-Peru Dispute.
no effective way to outlaw it. I would instantly subscribe to any proposal
The friendly offices of this Republic in furthering the settlement of a dis- to outlaw war ifsome one would point to the effective way to accomplish it.
There is no inunediate access to perfected world conditions. No demand
pute, a generation old, between Chile and Peru have been attended by a
most gratifying promise of success. With avowed confidence in our for the millenium will prevent war. If the plain and very simple path of
sense of justice, the Governments of Chile and Peru have agreed to sub- progress in dealing with these controversies which all countries recognize to
mit to arbitral settlement the long-standing Tacna-Arica controversy. be susceptible to settlement through judicial tribunals is not to be followed,
Through OW friendly advices and a resulting conference in Washington, then hope lies dead and no progress is possible.
My own sincerity of purpose has been questioned because I do not insist
these Republics have agreed upon a plan of peaceful settlement of the
dispute which has divided them and troubled their relations for more than that we shall accept the existing World Court precisely as provided. Perthirty years. The gratifying proof of confidence in the United States lies sonally I should vastly prefer the policy of submitting all controversies in
in their acceptance of our decision in the capacity of arbitrator. This is which we are concerned to the court as it stands to-day as against any other
agency of settlement yet devised. As President, speaking for the United
another tribute to the way of peace revealing understanding.
States, I am more interested in adherence to such a tribunal in the best
Stabilization.
Central American
form attainable than I am concerned about the triumph of Presidential
Added proof of our deep concern for Central American stabilization was insistence.
five
The big thing Is the firm establishment of the court and our cordial adthe
Republics—Costa
of
Rica,
revealed in the Washington conference
Guatemala, Honduras, Nicaragua and Salvador—assembled last Decem- herence thereto. All else is mere detail. No matter what the critics may
ber. New understandings were reached, the treaties of 1907 were made say, we have the obligation of duly recognizing constituted authority, and
effective, measures were promoted to limit armaments, plans were worked I had rather have the Senate grant its support and have the United States
out for the peaceful settlement of disputes. a general treaty of peace and wholeheartedly favor the permanent court than prolong a controversy and
amity was signed and the establishment of an international Central American defeat the main purpose. I respect the Senate precisely as I would have it
respect the Presidency,and I can appraise opposition which is conscientiously
tribunal was effected.
Here was written a new and valid assurance of peaceful relations among inspired. In the grant of the same consideration which I would be justified
the republics of Central America, a new proof that this Republic favors in asking. I cherish the belief that fear may be allayed and hope encouraged.
It is the forward step to which we must first aspire. Our hopeful aspiraconditions conducive to the best interests of the whole of the Western
Hemisphere and more evidence that friendship and understanding open tion is to contribute whatever we can toward the elimination of the causes
of war. My recital of two years of work In furthering our friendly foreign
the avenues to peaceful progress.




Aua. 41923.1

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513

constitution, it is understood, contains no bill of rights, and the civil liberties of the people remain insecure. There is no press except the press controlled by the regime, and the censorship is far-reaching and stringent.
Labor is understood to be still at the mercy of the State. While membership in official unions is no longer obligatory, workmen may not organize
or participate in voluntary unions.
The fundamentals of the Russian situation are pretty generally understood in the United States and have made a profound impression upon the
thought of our people. We are constantly made aware of this in the
Department of State by the various ways in which public opinion makes
itself felt in the seat of government. We learn of the hope of America that
Russia should have the opportunity of free political expression and that she
should be enabled to restore her economic life and regain prosperity and
once more to take her place among the nations on the basis of mutual
helpfulness and respect.
There can be no question of the sincerefriendlinessof the American people
toward the Russian people. And there is for this very reason a strong
desire that nothing should be done to place the seal of approval on the
tyrannical measures that have been adopted in Russia or to take any action
Letter of Secretary of State Hughes to Samuel Gompers which might retard the gradual reassertion of the Russian people of their
right to live in freedom.
Respecting Grounds for Withholding Russian
To the Department of State, charged with the conduct of our foreign
Recognition.
relations, in accordance with the accepted principles of international interpresents itself necessarily in somewhat less general
Secretary of State Hughes has once more indicated the course, the problem concerned
with the question of the legitimacy of a
terms. We are not
in
regime
the
present
of
the
recognition
grounds upon which
government as judged by former European standards. We recognize the
to determine the internal conRussia has been withheld by the United States, his latest right of revolution, and we do not attempt
cerns of other States. The following words of Thomas Jefferson,in 1793.
recognition
toward
attitude
this
country's
of
presentation
express a fundamental principle:
right whereon our own
being contained in a letter to Samuel Gompers, President of
"We surely cannot deny to any nation that
itself according to
is founded—that everyone may govern
at its own will; and that it
the American Federation of Labor. The request for an ex- Government
whatever form it pleases, and change these forms
whatever organ it
through
nations
foreign
Mr.
with
from
business
came
its
transact
Hughes
may
pression of opinion by Secretary
thinks proper, whether king, convention, assembly, committee, president
Gompers, who, commenting on "misinformation gathered by or anything else it may choose. The will of the nation is the only thing
essential to be regarded."
returning travelers during closely supervised tours" in RusIt was 'undoubtedly this principle which was invoked by the represia, suggested to Secretary Hughes that some purpose might sentative of the Department of State in the statement which you quote
of
concept
the
American
for
standing
"those
be served if
as having been made in February 1921. before the House Committee
on the consideration of House Resolution 635, Sixtyright and Justice and democracy could be given to under- on Foreign Affairs
sixth Congress, third session. It must be borne in mind, however, that
Russia."
regarding
situation
the
whole
of
backbone
stand the
while this Government has laid stress upon the value of expressed popular
should be recognized,
One of those who have advocated recognition of Russia since approval in determining whether a new Government
never insisted that the will of the people of a foreign State may not
to
reply
has
whose
it
is
Brookhart,
abroad
Senator
from
return
his
funcbe manifested by long-continued acquiescence in a regime actually
Mr. Gompers's questionnaire in the matter is given else- tioning as a Government.
the
of
it
generally
has
nation
When there is a question as to the will
where in this issue, as is also Mr. Gompers's letter to
regarded as a wise precaution to give sufficient time to enable a
Senators King and Ladd embodying the questionnaire. been regime
to prove its stability and the apparent acquiescence to the
new
Secretary Hughes in his letter to Mr. Gompers, •
in the exercise of the authority it has assumed. The application.
with foreign States, is not in derogation,
made public July 22, points out that while the "spirit of these familiar principles in dealingby
our people and constitutes no Justiideals cherished
democratic
the
of
the
unaltered
remains
of destruction at home and abroad
fication of tyranny in any form, but proceeds upon a consideration ofthe.
question of recognition by our Government of the authorities importance of international intercourse and upon the established American
the internal concerns of other peoples.
at Moscow cannot be determined by mere economic consid- principle of non-intervention inmay
have securely established itself through,
regime
foreign
a
while
But
erations or by the establishment in some degree of a more the exercise of control and the submission of the people to or their acquiprosperous condition." Secretary Hughes further says: "In escence in its exercise of authority, there still remain other questions
Recognition is an invitation to intercourse. It is
the case of the existing regime in Russia there has not only to be considered.
accompanied on the part of the new Government by the clearly implied
been the tyrannical procedure to which you refer, and which or express promise to fulfill the obligations of intercourse.
These obligations include, among other things, the protection of the
has caused the question of submission or acquiescence of the
property of the citizens of one country lawfully pursuing their
Russian people to remain an open one, but also a repudiation persons and
business in the territory of the other and abstention from hostile propaand
intercourse
in
inherent
international
of the obligations
ganda by one country in the territory of the other. In the case of the
been the tyrannical procedure
a defiance of the principles upon which alone it can be con- existing regime in Russia there has not onlythe
question of the submission
to which you refer and which has caused
Russia
in
of
"the
our
citizens
that
persons
Stating
ducted."
or acquiescence of the Russian people to remain an open one, but also a
are for the moment free from harm," he adds:
repudiation of the obligations inherent in international intercourse and
upon which alone it can be conducted.
No assurance exists, however, against a repetition of the arbitrary a defiance of the principles
The persons of our citizens in Russia are for the moment free from
detentions which some of them have suffered in the past. The situation
however, against a repetition of the arbitrary
exists,
assurance
with respect to property is even more palpable. The obligations of Russia harm. No
have suffered in the past. The situation
to the taxpayers of the United States remain repudiated. The many detentions which some of them
more palpable. The obligations of Russia
American citizens who have suffered directly or indirectly by the confisca- with respect to property is even
remain repudiated.
tion of American property in Russia remain without the prospect of indem- to the tax payers of the United States
The many American citizens who have suffered directly or indirectly
nification. We hare had recent evidence, moreover, that the policy of
in Russia, remain without the
property
American
of
by
the
confiscation
confiscation is by no means at an end.
prospect of indemnification. We have bad recent evidence, moreover,
GomMr.
to
on
The following is the communicati addressed
that the policy of confiscation is by no means at an end. The effective
jurisdiction of Moscow was recently extended to Vladivostok, and soon
pers by Secretary Hughes:
thereafter Moscow directed the carrying out in that city of confiscatory
with
instant
Mv Dear Mr. Gompers —I have your letter of the 9th
measures such as we saw in Western Russia during 1917 and 1918.
in
regime
present
the
of
recognition
respect to the grounds upon which the
What is most serious is that there is conclusive evidence that those in
Russia has been withheld.
at Moscow have not given up their original purpose of destroying
control
You refer with just emphasis to the tyrannical exercise of power by this existing Governments wherever they can do so throughout the world.
grievous
regime. The seizure of control by a minority in Russia came as a
Their efforts in this direction have recently been lessened in intensity
disappointment to American democratic thought, which had enthusiasti- only by the reduction of cash resources at their disposal.
cally acclaimed the end of the despotism of the Czars and the entrance of
You are well aware from the experiences of the American Federation
free Russia into the family of democratic nations. Subsequent events of Labor of this aspect of the situation, which must be kept constantly
liberwere even more disturbing. The rights of free speech and other civil
in view. I had occasion to refer to it last March in addressing the Women's
ties were deried. Even the advocacy of those rights which are usually Committee for the Recognition of Russia. It is worth while to repeat
be
to
declared
was
freedom
of
considered to constitute the foundation
the quotations which I then gave from utterances of the leaders of the
counter-revolutionary and punishable by death. Every form of political Bolshevik Government on the subject of world revolution, as the authenopposition was ruthlessly exterminated.
ticity of these has not been denied by their authors. Last November
There followed the deliberate destruction of the economic life of the Zinovief said:
so-called
its
in
beginning of
country. Attacks were made not only upon property
"The eternal in the Russian revolution is the fact it is theof
the Third
capitalistic form, but recourse was had also to the requisitioning of labor. the world revolution." Lenin, before the last Congresscountries
must
all
revolutionists of
All voluntary organizations of workers were brought to an end. To International, last fall, said that "themethod and the substance of revothe
learn
the
the
origin,
planning,
the
of
outlook
unionize or strike was followed by the severest penalties. When labor lutionary work." "Then,
"the
said,
I am convinced," he
labor
retaliated by passive resistance, workmen were impressed into a huge
world revolution will not be good, but excellent." And Trotsky,addressing
last
more
Moscow
at
Youths
once
Russia
Communist
to
was
plunge
program
this
of
effect
the Fifth Congress of the Russian
army. The practical
this: "That means,
into medievalism. Politically there was a ruthless despotism, and economi- October—not two years ago, but last October—said
comrades, that revolution is coming in Europe as well as in America,
cally the situation was equally disastrous.
of teeth In
gnashing
with
systematically, step by step, stubbornly and
It is true that, under the pressure of the calamitous consequences, the both camps. It will be long protracted, cruel and sanguinary."
so-called
The
certain
has
concessions.
Russia
yielded
governing group in
k The only suggestion that I have seen in answer to this protrayal of a
new economic policy presented a partial retura to economic freedom. The
fixed policy is that these statements express the views of the individuals
termination of forcible requisitions of grains has induced the peasantry to
than of the regime itself. We
endeavor to build up production once more, and favorable weather condi- In control of the Moscow regime rather
are unable, however, to find any reason for separating the regime and
tions have combined to increase the agricultural output.
and direct it so as
How far the reported exports of Russian grain are Justified by the general its purpose from those who animate it and control it
economy of the country is at least an open question. Manufacturing indus- to further their aims.
While this spirit of destruction at home and abroad remains unaltered
try has, to a great extent, disappeared. The suffrage, so far as it may
authorities at Moscow
be exercised, continues to be limited to certain classes, and even among them the question of recognition by our Government of the
or by the establishthe votes of some categories count more than the votes of others. A new cannot be determined by mere economic considerations
prosperous condition, which, of course,.
constitution has just now been promulgated, providing in effect for the ment in some degree of a more
consideration of the probab/c
continuance of the regime of the 1917 coup d'etat under a new title. The we should be glad to note, or simply by a

aspiration and the fruits
relations has had for its object the emphasis of that
accomplishments must be founded upon
of practicable application. Future
steps, and must have the
the combination of considered and practicable
support of an undivided American goodwill.
depends upon
accomplishment
The real hope of permanent and effective
dissension. The forfreedom from internal dissension and international
many othersin our generaward steps already taken ought to be followed by
long and difficult one.
tion, but the way to permanent world peace is a
accepted programs of
the
or
Those who alleged that the suggested ways
impulse to human progress.
to-day are final are denying the ever-impelling
I know that
The surpassing accomplishments are progressively made, and
When that
the soul of America will light the way to a gratifying victory.
of our own
sincerity
the
glad day comes—I hope it will be soon—when
a united
to
us
bring
convictions
rld's
w
the
aspirations and the sincerity of
which
endeavor, we shall forget that there were necessary compromises
which
hindered but did not obstruct, and all may rejoice en the assurances
are those of peace, with all its blessings.




514

THE CHRONICLE

[VOL. 117.

stability of the regime in question. There can be no intercourse among
nations any more than among individuals except utlim a general assumption
of good faith.
We would welcome convincing evidence of a desire of the Russian
authorities to observe the fundamental conditions of international intercourse and the abandonment by them of the persistent attempts to subvert the institutions of democracy as maintained in this country and in
.others. It may confidently be added that respect by the Moscow regime
for the liberties of other peoples will most likely be accompanied by appropriate respect for the essential rights and liberties of the Russian people
themselves. The sentiment of our people is not deemed to be favorable
to the acceptance into political fellowship of this regime so long as it denies
the essential bases of intercourse and cherishes, as an ultimate and definite
aim, the destruction of the free institutions which we have laboriously
built up, containing as they do, the necessary assurances of the freedom
of labor upon which our prosperity most depend.
I am, dear Mr. Gompers.
Very sincerely yours.
CHARLES E. HUGHES.

the Soviets, all the way from Trotzky and Lenin to the peasants,
are
friendly toward the United States and its institutions. Colonel Haskell
and
the American Relief Commission deserve a great deal of credit for this."
No. 5. If it is true, as claimed, that the Russian Government no longer
is a strictly Communist organization, but is now almost a model of
such
republics as the United States, why does not the Soviet Government actually
change its character to conform to such declaration?
"They have changed'their economic policy and officially
published
the fact that there has been a change from the communist
to the co-operative
principle, along the principle of the Rochdale co-operative system
in the
English mills. That principle is well understood. It is
one man, one
vote. Capital does not vote its power: excess profits are
distributed
among the producers thereof. This co-operative form of government
is
being gradually put into effect and has been officially declared. I
have
a copy, in Russian, of the declaration.
Dislikes Election System.
"However, I do not like the election system which savors too much
of our own old-fashioned Republican standpat
caucuses. They hold
town
and select Bill Jonesky to go as a delegate to the Soviet
Secretary Hughes's declaration before a delegation of districtmeetings
convention. At that convention Bill Smithsky may be selected
women last March to the effect that Soviet Russia must as delegate to the State convention, and at the State convention they
name a delegate to go to the National convention at Moscow, and
abandon its present policy before there can be international he
when
gets there he votes to elect Lenin as Premier and so on. It
is the old
intercourse was referred to in our issue of March 24, page standpat caucus arrangement which
we have had here, and I'm against
that. There is one other unfair thing—they do not allow the
1241.
Czarists,
the old intellectuals, to vote at all."
No. 6. If the Soviets are willing to acknowledge Russia's
Senator Brookhart's Reply to Questionnaire of foreign obligations, why does it not definitely, at least in legitimate
principle, go
on record to such effect?
Samuel Gompers Regarding Soviet Russia.
"The Soviet Government will acknowledge the Czar's debts at
any
According to Senator Smith W. Brookhart of Iowa, who time the United States and other
countries will acknowledge Soviet claims
returned to this country on July 17 from a trip to Europe against them for assisting counter-revolutions in Russia. These counterthey say, cost enormous losses in property and lives and were
during which he visited Germany, Austria, Russia, etc., the revolutions,
encouraged by foreign nations,
our own. Because of this they
Russian Government is stable to-day and is going to stick. claim that we owe them just asincluding
much as Germany owes France. They
The world, says Senator Brookhart, might as well accept refer to the Wrangel-Denekine and Kolchak armies, and if there is one
thing the Soviets hate it is the memory of such assistance to the counterthis fact and the United States should recognize the Soviet revolutions."
Government,"which is as white as snow as compared to the
Relations with Border States.
old Czarist Government which we did so long recognize."
No. 7. Mr. Gompers's lengthy seventh question related to the broken
promises
of the Soviets and alleged strained relations existing to-day
Senator Brookhart is quoted tO this effect in the Baltimore
between Russia and several nations that had restored official relations,
"Sun" of July 20, which prints the replies made by the Sen- such as Turkey, Finland,
Czechoslovakia, Latvia and Poland.
"Russia has no strained relations with Turkey and none with Czechoator to a questionnaire on Russia addressed to Senators King
said Senator Brookhart. "About Finland and Latvia I do
and Ladd by Samuel Gompers, President of the American slovakia,"
not know. In Poland there is bitter feeling against Russia, and this is
Federation of Labor. The article published in the Balti- reciprocated in Russia. However, I asked
Polish bankers and business
more "Sun" is from their special correspondent in Washing- men if they wanted the old Czarist system back and they said they preferred the present government in Russia.
ton under date of July 19 and is as follows:
"Russia's trouble with Great Britain was over
the 12-mile international
Giving Soviet Russia practically a clean bill as to fundamentals of stable line at sea, and in this Russia was right. I would like to see our threeand just government. Senator Smith W.Brookhart, of Iowa,in an exclusive mile limit extended to 24 miles and then we'd stop rum smuggling. We
interview for "The Sun," to-day answered the eight questions recently have the power to do it, too, by simply giving notices. Newspaper reports
propounded by Samuel Gompers. President of the American Federation of about Russia not keeping her agreements are mostly propaganda."
Labor, in his questionnaire addressed to Senators King, of Utah, and
Explains Guest Houses.
Ladd, of North Dakota.
No. 8. Is it the intention of American visitors in Russia to be guests
Senators King and Ladd are en route to Russia; Senator Brookhart has of the Soviet? Even
if a part of expenses are paid by themselves, are
just returned from that country and is willing to give immediately the infor- they to travel on
"guest trains" and stop at "guest hotels" and to visit
mation wanted by Mr. Gompers in determining organized labor's attitude only "guest" farms,
schools, factories, and soon?
toward the Soviets.
4.167,000.000 Rubles for Board.
Answers in Detail.
"The so-called 'guest house' in Russia is a hotel. I stopped at
Senator Brookhart answers in detail each of the eight questions. On
one
days
for
five
and
paid a bill of 4.167.000,000 rubles for five days' rooming
general lines he asserts:
and
six
meals.
There
are
no
guest trains. I traveled on a common
"Russia is the workingman's country; there are much fewer scabs there
train, along with peasants and other folks. The
than the number with which Mr. Gompers contends in America."
trains were clean and
Mr. Gompers himself should go to to Russia and learn the truth which in good order; the railroads are good in the main and are being repaired
after their war damage. Ninety per cent of Russian. railroads
Senator Brookhart says is easily obtainable.
are in
The Russian Government is stable to-day and going to stick. The world operation and the trains are on time to the minute. They are building
might as well accept this fact and the United States should recognize the their own locomotives for the first time.
"I traveled 1,700 or 1,800 miles in Russia.
Soviet Governmen$ "which is as white as snow as compared to the old
was permitted to see anyCzarist Government which we did so long recognize," the Iowa Senator thing I wanted to see and talked with all classes, from peasants to Trotsky.
Lenin
is
still
quite
ill—has the same affliction as Woodrow Wilson—
declares.
but the country loves him and is for his system
of government.
Admits Imperfections.
"One thing they are doing now is
eliminating graft in Government.
There are imperfections li the Russian Government as in all governments, The
petty grafters are sent to prison for short terms.
If the grafter is a
the
whole it is just, the nation is for it from Lenin and Trotzlo, down man high
but on
up in the Government and not near the foot
of the organization
to the humblest peasant, and "the whole country almost worships Lenin." he is shot. Their
law
provides
that for grafters of high degree, and they
Senator Brookhart conferred for a half-hour this afternoon with Secretary have
executed 37. Such a law might not hurt in this country.
Hughes, and is understood to have urged recognition of Russia. Details of
"Having answered Mr. Gompers's questionnaire
I am going down to
the conference were withheld, but there is no doubt that Mr. Brookhart see 'Uncle Sam,' at
American Federation of Labor headquarters, and
presented a proposal for recognition.
find out what's the matter with him. Meanwhile,
I hope he'll go to
Russia and see things for himself, and he'll
Questions and Answers.
find them as I have described
Senator Brookhart took up in order the eight questions which Senators them."
King and Ladd were asked to answer on their return. A summary of the
Samuel Gompers's Letter to Senators King and Ladd
questions, with the replies of Senator Brookhart, follows:
No. 1. Is there a free press in Russia; are opposition papers allowed to
Embodying Questionnaire on Russia.
censorship
official
of
the
press
a
there
and
of foreign correspondexist, and is
•

'The Russian press is practically free," said Senator Brookhart. "The
opposition to the Government is negligible. No one wants to start an opposition paper. It would receive no support. Peasants and laboring people
are all united for the present government. No decent foreign correspondent
is censored. So long as he does not attempt untruthful propaganda there
is no censorship."
Workers Organized.
No. 2. Are workmen permitted to organize and to what extent may they
criticise the Government and working conditions?
"The worldngm011 are organized and there are very few 'scabs' such as
Mr. Gompers encounters here. When he gets mad a workingman may cuss
the Government there just as he does here, but it Is a workingman's Government and the laboring classes are 99 9-10% in favor of the existing Government, and they are all in the unions."
No. 3. Is it true that the leading officials of the Soviet Government and
Communist Party and of the Third International are the same persons?
"I didn't even hear the Third International mentioned over there. It is
not an active institution at all and you seldom, if ever, hear anything said
about it."
As to Propaganda.
No. 4. To what extent is the Government supporting the Third International or permitting its propaganda hostile to other Governments?
"The Soviets put out propaganda only against Governments and peoples
that put out propaganda against them. They attempt only to meet propaganda with propaganda, which is quite natural and human. Incidentally




In his letter of last month to Senators Edwin F. Ladd of
North Dakota and William H. King of Utah embodying
the questionnaire on Russia, to which reference is made in
our two preceding items, Samuel Gompers, President of the
American Federhtion of Labor, stated that it was essential
that information and assurances be given on the questions
presented "to satisfy the workers of America that the Soviet
Government does not plan any interference with the internal
affairs of their country." "American labor," said Mr.
Gompers in his letter, "stands determinedly opposed to
the dictatorship of Big Business and High Finance as it is
opposed to the dictatorship of the so-called 'proletariat'."
"Doubtless," said Mr. Gompers, "you have followed the
proceedings of the recent Farmer-Labor Party Convention
in Chicago, which was captured by the Communists under
the guise of a Workers' Party, following the minute instructions received from Moscow. You also noted that all pretense was finally thrown to the winds and that it was openly
admitted by the Communists that in that move they were
representing the Soviet regime." Mr. Gompers further

AUG. 4 1923.]

THE CHRONICLE

declared that, notwithstanding that we now have "the spectacle of a Communistic Party formally launched in this
country with its politics and tactics directed from the seat
of Bolshevist rule in Russia and its objective the violent
overthrow of the American Government. . . . American citizens, actuated in most instances by the highest
motives, are daily lending themselves to the widespread
and shrewdly directed program in the United States for
recognition of that same Bolshevist Government." Mr.
Gompers's letter, as given in a Washington dispatch to the
New York "Times" July 15, follows:

3. Is it true that the leading officials of the Soviet Government, of the
Communist Party and of the Third Internationale are the same persons?
4. To what extent is the Soviet Government supporting or at least permitting, the Third Internationale to conduct propaganda hostile to foreign
Governments?
the Soviet
5. Individually and unofficially, responsible spokesmen of
Communist
Government declare that the Government is no longer a strictly
organization, but that, on the contrary, it is almost a model of such repubthe Soviet
lics as the United States. If this is really the cce-, why does not
conform to the
Government actually and officially change its character to

for
The current newspapers record that you are on the eve of departure
to bringing
Soviet Russia to confer with its Communist leaders with a view
your
about the recognition of that regime by our Government. Whether
purpose is correctly stated by the press or not, you can be of inestimable
the Amerservice to the people of the United States generally, as well as to
to the Soviet
ican labor movement, if you can succeed in making clear
as an inserve
adopted
have
they
which
policies
authorities that certain
superable barrier to the cause of recognition.
Let me say first that the labor movement-In this country is not concerned with political or economic experiments carried on in other countries,
of
beyond constantly observing their progress and results. Nor is it
countries
consequence to us what manner of Government the people of other
choose for themselves provided the regimes which they set up confine their
activities within their own boundaries and do not seek to utilize this country
as an additional laboratory for extra-mural experimentation.
Unfriendly to Soviet's Aims.
and
From the beginning American labor has viewed with sympathy
to establish their
concern the efforts of Russian workers and peasants
it has maintained
freedom. But, despite the friendly attitude which
regime, acting under
toward the Russian people, the agents of the Soviet
rendered it impossible for
the direction of the authorities in Moscow, have
a friendly policy toward
the American Federation of Labor to maintain
the Russian Soviet Government.
chosen
Let me make it clear to you that the workers of America have
have organized
voluntarily their own form of labor organization. They
from
of
which
Labor,
Federation
themselves in the powerful American
democratic principle,
Its inception, was formed and has been managed,on a
of their
whereby the members of the various unions dictate the policies
leaders.
organization
of
form
their
American wage workers recognize that under
labor
they are guaranteed the greatest freedom of action. The American
movement has rendered incalculable service for the protection and promotion of the rights and interests of the great mass of the working people
of
of our Republic. The American wage workers have chosen their form
labor organization and if they require or desire any change it is for them to
decide and for them alone.
See Plot Against Republic.
With the Bolshevild's overthrow of the constitutional Government of
Russia. the Government elected by the people and for the first time by
s
universal suffrage, America has been invaded by a horde of revolutionist
from Soviet Russia who have sought by means of deception and intrigue
to destroy the organizations which American labor has itself set up for
Its own protection. So constant and diligent have been the activities of
these agents of disruption that the officers of the American Federation of
Labor and its constituent bodies have been compelled to guard the integrity
of its unions with the utmost watchfulness.
The methods a lopted by the representatives and agencies of the Soviet
regime, which it has been necessary for American labor to combat are
briefly set forth in a memorandum published by the Federation on June
29 1923, a few copies being enclosed herewith.
Nor do the activities of these Soviet agencies affect the welfare and
progress of American labor alone, their avowed purpose is not only to
destroy the American labor movement and replace it by a system of revolutionary unions which would deprive the workers of all control and leave
them more tools in the hands of an alien Government. They would go
much further.
These Moscow world plotters plan to employ "revolutionary unions" as
the instruments for the overthrow of the American republic. No one
cognizant of the underground activities of Bolshevistic propagandists in
this country will deny the truth of this.

declarations just mentioned?
legitimate obli6. If the Soviet Government is willing to acknowledge its
to such
gations, why does it not definitely, at least in principle, go on record
effect?
promits
to
adheres
7. It is claimed that the Soviet Government strictly
Czechoises and agreements. Why is It, then, that such Governments as
Britain.
slovakia, Turkey,Finland, Latvia and Poland. not to mention Great
time
all of whom have official relations with Russia, have at the present
strained relations with the Soviets, who, they charge, have not lived up to
their agreements?
It is definitely reported that only recently the Turkish Government was
ground
obliged to cancel the exequators of certain Soviet Consuls on the
that they were engaged in Communist propaganda in Turkey. The
paythe
for
provided
Poland
Treaty of Peace between Soviet Russia and
ment of an indemnity to Poland, due in April 1920. At the present moment
citizens and officials of Latvia are virtually barred from entering Soviet
. FinRussia because of strained relations between the two Governments
regarding
land is appealing to the League of Nations to obtain a decision
Peace between
the status of Karelia, despite the fact that in the Treaty of
which
Finland and Soviet Russia the Soviets agreed to a certain settlement
they now repudiate.
Soviet
as
be
8. Is it the intention of American visitors in Russia to
guests in Russia even if a part of their expenses is paid by themselves:
to stop
are such visitors to travel to Moscow only on the "guest train" and
at the "guest hotels" at Petrograd and Moscow; to visit only the "guest
unions,
schools, factories, mines, model farms, co-operative societies, trade
statistics.
.4c.: to witness army manoeuvres; to read only Soviet reports and
to
and to use a Soviet-paid Interpreter? Or are the Americans planning
travel freely while in Russia in order to find out what is really happening
behind the scenes?
Jilts Proletariat "Dictatorship."
Permit me to assure you that I do not in the least underestimate the
intelligence, keenness of your observation or the earnestness with which
you are imbued to undertake the visit to and investigations of conditions
In Russia.
My purtiose in writing this letter is to acquaint you with some of the
facts and conditions of which possibly you may not be aware and about
which you certainly would want to ascertain definitely and accurately.
of Big
American labor stands determinedly opposed to the dictatorship
soBusiness and High Finance, as it is opposed to the dictatorship of the
both
called "proletariat." American labor is aware of the subtleties of
on
press
may
we
that
so
„hose two extremes—contending against both,
movement of natural and rational progress for freedom, justice, democracy and humanity.

Farmer-Labor Party.
Doubtless you have followed the proceedings of the recent FarmerLabor Party convention in Chicago, which was captured by the Communists under the guise of a Workers' Party, following the minute instructions received from Moscow. You also noted that all pretense was
finally thrown to the winds, and that it was openly admitted by the
Communists that in that move they were representing the toviet regime.
And now so ha ve the spectacle of a Communistic party formally launched
In this country, with its policies and tactics directed from the seat of
Bolshevist rule in Russia and its objective the violent overthrow of the
American Government. Notwithstanding this, American citizens, actuated
in most instances by the highest motives, are daily lending themselves
to the widespread and shrewdly directed program in the United States
for recognition of that same Bolshevist Government.
Little do these citizens realize that such recognition contemplates the
establishment of consulates throughout this country, which would serve
Mosco
as so many centres for the furtherance of the entire program of
through which it would strike down every existing institution in our
republic.
The workers of America, before they can urge or support the recognition
must be satisfied that such a Government shall not
of any foreign regime,
with the
attempt to interfere with the liberty of the American people or
independence of the American labor movement.
Information That He Wants.
that the Soviet Government does not
To satisfy the workers of America
affairs of their country, it is essential
plan any interference with the internal
on
certain points be given them. It is
assurances
that information and
while you
possible you can secure the needed information and assurances
are specific points which are of special interare in Russia. The following
est at the present time:
no free press in Russia? Is an opposition press
1. Is it true that therein
existing official press censored by the Govpermitted to function? Is the
ts permitted to freely communicate
ernment? Are foreign corresponden
their dispatches?
without interference from the
organize
to
2. Are workmen permitted
workmen permitted to criticize the GovGovernment? To what extent are
which they Work?
ernment and the conditions under




515

J. S. Wannamaker Seeks Revision of Cotton Acreage
Report.
Declaring that the cotton acreage report of July 2 is much
too high, J. S. Wannamaker, President of the American
Cotton Association, has solicited the aid of Southern Senators and Congressmen and leading agricultural factors in
securing a revision of the figures. Mr. Wannamaker says:
"If this report is permitted to stand it will act as a continuous depressant on cotton values at a period of intense shortage in cotton supplies." Mr. Wannamaker's request that
the Secretary of Commerce and the Secretary of Agriculture
be appealed to for a revision of last month's estimate is contained in an open letter, given in part as follows in the New
York "Commercial" of July 31:

has
The general consensus of the cotton trade is that the report as issued
intenbeen so tabulated as to confirm and validate the April 20 report on
was so
tions of farmers to plant by the same bureau and which at the time
adversely criticized by the general public.
the
It is now an authenticated fact that from the official estimates of
years
Crop Reporting Bureau on cotton acreage planted in the last three
made at
as between the July 1 estimates and later revisions of the same
of
the end of each season the differences show a variation for the period
8,140,000 acres.
cultivation
in
In July 1920 the bureau estimated the cotton acreage
was reJune 25 at 37.043,000 acres. Six months later the area as picked
duced to 35,878,000 acres, indicating error of 1,165,000 acres.
Crop Bureau's Estimates.
25 to
In July 1921 the bureau estimated the planted acreage on June
raised
be 26,519,000 acres and in the following December perpendicularly
acres.
the acreage to 31,678,000 acres, indicating an error of 5,159,000
The June 25 acreage of 1922 was estimated by the bureau to be 34.852.000
acres
acres and eight months later this was revised to an area of 33,036,000
as having been picked, indicating an error of 1,816,000 acres.
a basis for
Instead of using the revised acreage estimate as picked as
the bureau
calculating the percentage of increase in acreage planted in 1923, although
acres,
used another revision of the 1922 acreage fixed at 34.016.000
33,036,only
been
admitting the actual shortage picked last year to have
000 acres.
of production based
Five out of the last seven years the July 1 forecast
material over-estimate of
upon the estimated June 25 plantings has been a
Service has
the actual crop harvested. This record of the Crop Reporting
and every departbeen exceedingly harmful to the cotton growing industry
act as depressing factors
ment of the legitimate cotton trade. Such reports
and early marketing
In the market values of spot cotton during the growing
and tend to destroy
period of the crop, stimulate speculative abuses
ng industry.
manufacturi
stability of values seriously hurtful to the
in the spring,
In 1920 with the price of cotton above 35 cents per pound
credits, abundant supplies of
demand limited, with ample finances and
labor, mules and machinery. the June estimated acreage was 37,043,000
acres, or 1,344,000 less than the estimated acreage this season.
Growers Lack Credits.
In 1923 the cotton growers are financially depressed and without credits.
The records show an exodus of 300,000 farm laborers from the cotton belt
In the past two years, more than 25,000 totally abandoned cotton farms

516

THE CHRONICLE

and unprecedented destruction by the cotton boll weevils which has forced
diversified farming and reduced cotton acreage on thousands of
farms
In the cotton belt.
It is further established that owing to widespread adverse seasonal
conditions and labor shortage this spring an unusually large acreage abandonment has taken place amounting to not less than 1,500,000
acres. The
estimated abandoned acreage added to the 38.387,000 acres estimated
by
the Bureau as having been in cultivation June 25 would indicate
a total
planted area this season of approximately 40,000,000 acres,
or 3,168,000
acres greater than the acreage of 1914, which was the largest
acreage over
heretofore planted in the history of the industry.
There will be no revision of the 1923 estimated cotton acreage
before
next December and all forecasts of production for the remainde
r of the year
will be based upon the high June 25 acreage. If this report
is permitted
to stand it will act as a continuous depressant on cotton values
at a period
of intense shortage in cotton supplies and when the cost
of production to the
farmers has been greatly increased through the hazards
of the boll weevil
and advanced prices for labor due to extreme shortage
of same.

New York Cotton Exchange Secretary Present When
Crop Board Determined Cotton Condition
Figure This Week.
The following, from its Washington bureau, Aug. 2, was
published in the New York "Journal of Commerce" of
yesterday:
It was revealed to-day that Thomas Hale, Secretary of the New
York
Cotton Exchange, was closeted with the Crop Reporting Board
at its
Aug. 1 meeting, where the Department of Agriculture's forecast
a
condition for the growing cotton crop was estimated. Admissioof 67.2%
n that Mr.
Hale had been present at the meeting was made by officials
of the Board
but it was declared that the presence of an outsider, represent
ing interests
that are directly affected by the crop estimates, was not
unprecedented.
The Department, it was explained, is desirous that the
producers, cotton
exchanges and other institutions affected by the
Federal
know the methods and system through which the percentag forecasts may
e figure is ascertained and may appreciate the safeguards which the
Crop Reporting Board
states have been taken to casue meticulous accuracy
in the computation of
the figures and the measures which have been
taken to prevent any possible
"leak" in advance of the appointed hour.
The invitation was extended to Mr. Hale by Dr.
S. A. Jones. Secretary of
the Crop Reporting Board, at the suggestion of the
director of the scientific
work in the Department of Agirculture. A similar
invitation was sent to
Carl Williams. head of the large co-operative
selling agency in the cotton
States. However, Mr. Williams was not present
on Wednesday.
"It has been a habit of the Department for
years."
Invite representatives from the farm organizations, Dr. Jones said, "to
foreign Governments
and large interests directly affected by the estimates
to see just how the
Board assembles the data, compiles It and arrives at
the condition of the
growing crop.
•
"The meeting is held behind closed doors. No one leaves
the
any time. There is no way in which there can be any communic room at
ation with
the outside during the time of compilation and the work is
attended by the
utmost of care. One of the objects in inviting Mr. Hale, as
a representative
of one of the big trading exchanges, was to show him the
conditions that
safeguard the report and to obtain the confidence of the interests
affected
n the Board's work."
It was stated that outsiders had been closeted with the Board
at previous
meetings. A representative of the Chinese Government
attended one.
while Carl Alsberg, of the National Research Council,
and a
of the National Institute of Economics were present upon representative
In some instances in the past invitations to outsiders had other occasions.
been extended by
the Secretary of Agriculture.

[VoL. 117.

"the exact nature and extent of such promises, pledges,
endorsements or
commitments" as this Government may have made in the matter.
I beg to inform you, in reply to your first question,
as to whether a concession has been granted, that, according to
the Department's reports, a
railway and mining concession, of which
the Department has received no
complete or authentic copy, is understoo
d to have been accorded by the
Government of the Great National Assembly of
Turkey to the Ottoman.
American Development Co. The Departmen
t's reports would not indicate
that this concession is a monopoly or that,
as your letter appears to suggest,
it contemplates "control of certain administr
ative functions in Asia Minor."
The reply to your second question, as to
whether the concessionaires had
been promised moral or political
endorsement or have received assurances
that in the event of any dispute this Governme
nt would be bound to defend
the validity of the concession, is in the
negative. It is not the Government's
practice to give such assurances, or "to
give implied future guarantees."
The third question, in which you have
inquired as to the form of the assurances, is not therefore pertinent.
For your further information it may be
added that neither the Department
nor its officers in the field took part in
the negotiations for the concession.
These were carried on directly by the
parties concerned. As the Department
has taken occasion to point out in communic
ating with other correspondents
on this subject, the Government's interest
in matters of this nature Is that of
securing recognition for the policy of the
of commercial opportunity and fair play. open door—in assuring equality
from your letter, the Department believes In other words, to quote again
that this Government should deal
with questions affecting its nationals as they
arise, as international courtesy,
equity and justice justify.
I am, sir, your obedient servant,
For the Secretary of State,
LELAND HARRISON, datistaat Secretary.

In making public the letter Mr. King said:

So far as I know, this is the most sweeping
and explicit denial yet made
by the Department of State that the Governme
nt is in any way tied up with
the Chester concessionaires. Since Chairman Ralston
of our Foreign Affairs
Committee is absent in California, and other members
are afield on vacations, its publication has been delayed until
mail consultation could be had.
It is the opinion of the committee that the
letter should be made public without comment, as it speaks for itself.

Eugene G. Grace Says Modification of Immigr
ation
Laws Would Help Speedy Adoption of Eight-Hour
Day in the Steel Industry.
Those who are eager to see the 12-hour day abolish
ed in
the iron and steel industry should use their influence
to urge
a change in the immigration laws making it possible
for
industries to obtain immigrants of the best type, selected
on
the other side, in quantities as they are needed, is the
opinion of Eugene G. Grace, President of the Bethlehem
Steel
Corporation. In a statement on July 18 Mr. Grace
explained
what his company is doing to bring about a change in
working hours in the industry and the difficulties with
which
such a change is fraught. Mr. Grace said that his
company
had obtained between 2,500 and 3,000 Mexicans
since the
first of the year with the aid of American Consuls
along the
border, that they had proved highly satisfactory as
laborers
and that more were being obtained as rapidly as they
could
be shipped north and broken in to work in the steel
mills.
The use of Mexican and negro labor and the new
supply of
European laborers made available through the July
Government Not Involved in Chester Concessions,
immigration overcame the labor shortage in the steel mills
to some
State Department Says.
extent, but a change of the immigration laws is
necessary, he
Denial that the Chester concessionaires have receive
d said, to furnish the 60,000 additional men who will
be needed
moral or political assurances that in the event of a dispute before the
change from the 12-hour day to the 8-hour
day is
the American Government would be bound to defend the made in full.
Mr. Grace in his statement also said:
validity of their concessions, was made by the State DepartWe are absolutely sincere in this and will proceed as
rapidly
ment in a reply to the request of the National Popular Gov- but the reorganization of a great industry takes much study and as we can,
no predictions can be safely made. There have been insinuati
ernment League for information as to any commitments this flage
ons
that this is (Amonand that we intend to put forward excuses
for
not
carrying out our
Government may have made in the matter. The Depart- pledge.
That kind of talk is unfair. This thing is going
ment's reply is signed by Leland Harrison, Assistant Secreforward as fast as it can
be done without shutting down mills. The change
from the 12-hour to the
tary "for the Secretary of State," under date of July 3, and 8-hour basis will be made unit by
unit.
We feel that those who are eager to see us abolish
deals with inquiries contained in a letter which the Committhe 12-hour day should
use their influence to urge a change in immigrati
on laws making it possible
tee on Foreign Affairs of the League addressed to President for industries
to obtain immigrants of the best type,
selected on the other
Harding on June 19. The League's letter of inquiry was side, in quantities as they are needed.
As to the Mexicans, we started to bring them
signed by Jackson H. Ralston, a Washington attorney,
in
only
about the first of
the year. One of our operating officials had said
that he believed we could
Chairman of the committee; ex-Representative William Kent get good workmen
by going after them in Mexico, to
which
the immigration
of California; Professor E. A. Ross of the University of quota laws do not apply. It has been possible for us
to obtain them in large
numbers. The law has been observed and
Wisconsin; Louis F. Post, former Assistant Secretary of from
we have recruited the men chiefly
the border towns. It is so much the
better if they understand a little
Labor; Dr. John A. Ryan of the Catholic University of English.
As laborers they have been a great deal
America; Charles E. Russell and President William H.
better than we have had any right
expect. That they are satisfied is
shown by the fact that 80% of them
Johnston of the International Association of Machinists. to
have stuck to their jobs. Of the 20%
who
The reply states that neither the Department of State nor into other work, and it is probable that only have left many have been hired
a small number have gone back
its officers in the field took part in the negotiations for the to Mexico.
Some companies have been using negroes
in large numbers. We have not
Chester mining and railway concessions in Turkey, that the done so, because our operating
officials like the Mexican laborer better.
State Department has not even a complete or authentic
copy of the concession, and is concerned only in maintaining
the open door policy of equality of commercial opportunity United States Shipping Board Rejects Charter and Sale
Plan Proposed by American Steamship Owners
and fair play. The following is the text of the State DeAssociation.
partment's letter:
Announcement was made on July 24 by Chairman
Department of State, July 3 1923.
Edward
Judson King, Bag., Secretary, Committee on Foreign Affairs of the National R. Farley that the
United States Shipping Board had rePopular Government League, Munsey Building, IVashington D. C.
jected the plans for charter and sale of the Government merSir: The Department has received, by reference from the White House,
chant marine on essential trade routes proposed
your letter of June 19 1923, making certain inquiries respecting
by the
the socalled Chester concession, and in particular requesting informati
on as to American Steamship Owners' Association, Mr. Farley made



AUG. 4 1923.]

THE CHRONICLE

it known at the same time that the Shipping Board would
proceed to direct Government operation of the vessels. At
the conclusion of a long session of the full Board, during
which the proposal of the steamship owners was gone into
exhaustively, Chairman Edward F. Farley announced that
the plan did not offer a solution of the shipping problem and
that the Board hoped to announce a definite plan for direct
operation shortly. Chairman Farley indicated that inasmuch as the Government is already committed to direct
operation, no favorable consideration can be given to any
plan which does not assure better results than are estimated
under the plan now being formulated by the Board.
The right of the Board to embark on a program of direct
Government operation is, however, questioned by Senator
Ransdell of Louisiana, who, as President of the National
Merchant Marine Association, contends that not only the
spirit but also the letter of the Merchant Marine Act of 1920
would be violated by such operation. "The mandatory provisions of this Act," said Senator Ransdell, "under which
the Shipping Board is functioning, are unmistakable in their
intent that direct Government operation is to be resorted to,
if at all, only as a final measure, after other means of keeping the ships on the seas have been tried without avail."
Chairman Farley's announcement of the rejection of the
charter-sale proposal and of the intention to resort to direct
operation was as follows:
The United States Shipping Board has received and has considered the
plan suggested by the American Steamship Owners' Association for the operation of the ships now being operated by the United States Shipping Board
on essential trade routes.
The plan submitted proposes, in effect, that the United States Shipping
Board deliver to the steamship operating companies the needed vessels to
maintain service on the present established routes for the absolute control of
the operating company without Board supervision; that the United States
Shipping Board pay the expenses of the operator and in addition pay all of
any losses that would be incurred in such operation; all profits to be set
aside in a special fund for the use of the ship operator to buy ships from the
Shipping Board, without obligation as to future service on the routes.
The plan proposed has all of the inherent defects of the present M. 0. 4
contract which, because of said defects, is to be abandoned, and adds
a number of other objections not embraced in the present system of operation. It
is obvious that it cannot be adopted by the Board. The Board hopes to be
able shortly to make a definite statement of the plan for direct operation
on
which it is working. In considering a plan, the Board hopes
to be able to
establish the highest efficiency, the maximum economy and the
preservation
of the good-will reflected in the establishment of various trade
routes on the
seas, which good-will is, under the present system, and the plan
proposed by
the American Steamship Owners' Association, an asset that would inure
to
a few, although paid for by the Government.

Elimination of Twelve-Hour Day in Steel Industry to
Begin at Once, Judge Gary Announces.
Total elimination of the twelve-hour day will be started
at once and will progress just as rapidly as the.supply of
labor becomes adequate to make the shift possible, Judge
Elbert Gary, Chairman of the United States Steel Corporation, announced on Aug. 2. Judge Gary's announcement
was made after a meeting of directors of the American
Iron &
Steel Institute held to discuss the subject. In
his formal
statement issued at the conclusion of the meeting,
the last of
a series held recently in this city, Judge Gary said:
Following the correspondence between President Harding and the Steel

Institute, and as a result of the most painstaking
investigation, manufacturers of iron and steel, representing substantially the
entire industry of this
country, will now begin the total elimination of the
twelve-hour day and will
progress as rapidly as the supply of labor will permit.
It is impossible to
say when the changes will be completed. It will
depend upon labor conditions at respective plants. There will be no
unnecessary delay on the
part of any one.
Where the hours of employees connected with continuous
process are reduced from twelve to eight hours, their wage rates will be
so adjusted as to
afford earnings equivalent to a 25% increase in hourly and
base rates.
All other workmen will be on ten hours or less, and their
present hourly
base rates will be continued; but whenever it is practicable, by
promotions
or changes In position, the daily earnings will be accordhigly adjusted.

Steel Workers in Sydney, N. S., Call Off Strike.
Steel workers of the British Empire Steel Corporation
, at
Sydney, N.S., who walked out June 27,precipitating a crisis
which resulted in a sympathetic strike of most of the coal
miners in the province, voted on Aug. 1 to return to work.
The coal miners already are back, having been directed to
return by International President John L. Lewis of the
United Mine Workers of America, who declared the strike
unwarranted and ousted district officials who sanctioned it.
The steel workers at their meeting adopted a resolution
complaining that "every man's hand" was against them,
and censuring the public, the courts, the police, the newspapers, and the Federal and Provincial Governments.
Officials of the British Empire plant said the strikers who
voted to return numbered but 1,000 of the plant's 3,500 men,
and that they were mostly radicals. About 2,500 had
previously drifted back to work, it was said.



517

Nova Scotia Miners Vote to Call Off Strike.
Despite the protestations of some of their leaders, the coal
miners of South Cape Breton, N. S., who went on strike recently in sympathy with striking steel workers, voted on
July 22 to return to work, in compliance with the request of
John L. Lewis, President of the United Mine Workers of
America. The strikers in North Cape Breton were expected
to follow their action, thus closing an issue which had
threatened alienation of that district from the miners' national organization. An order revoking their charter already
had been issued by Mr. Lewis.
The union of coal miners in Nova Scotia, District No. 26,
which, as stated in our issue of July 14 (page 165), ignored
orders to return to work issued by John L. Lewis, President
of the United Mine Workers of America, as a consequence
had its charter revoked by Mr. Lewis. In a telegram to
Daniel Livingston, District President of the Nova Scotia
miners, who as noted in these columns had quit work In sympathy with steel workers, Mr. Lewis declared the breach of
the existing contract,between the miners and the operators
was "indefensible and morally reprehensible." "Your assault on the laws and institutions of your provincial and
Dominion Government," he added, "cannot be countenanced." In his telegram to Livingston, President Lewis
said:
Not only did this strike interfere with the production of coal in mines
working under agreement with the United Mine Workers, but it resulted in
the withdrawal of enginemen, pumpmen and other maintenance men, with
resulting jeopardy to property interests.

On July 18 Daniel Livingston, President of District No. 26,
United Mine Workers of America, the charter of which was
revoked by John L. Lewis, International President, for refusal to call off the unauthorized strike in Nova Scotia, issued a statement at New Glasgow, N. S., defying the American leader. He said:
So far as I am concerned, Lewis will not be allowed to do in this district
what he did in Kansas.
Lewis has violated all the rules, customs and privileges of the U. M. W.;
this district has complete autonomy. The strike is a political question.
We will not allow any Americans to come into Nova Scotia and take away
the rights of the citizens of the province, nor will we be dictated to by
Americans.
The miners of Nova Scotia are free men, mostly native born, and are different in that respect from the Kansas miners. We are on strike to force the
Government to withdraw the troops and the provincial police.

Referring to the telegram received from Livingston, Lewis
said that the Nova Scotia President attempted "to justify
the unwarranted abrogation of contract provisions by specious argument." Continuing, President Lewis's telegram
said:
I am not unmindful that it is probably a fruitless task to attempt to
reason with you in the midst of your mad adventure, yet in your sane moments
you must recognize that the course you have been.and are now pursuing violates every tenet of your organization. It ruthlessly tramples upon
every
rule of conduct of our union and constitutes a departure from its every
tradition. Your deliberate breach of the existing contract between the operators
and miners of Nova Scotia is indefensible and morally reprehensible.
Your
assault upon the laws and institutions of your Provincial and Dominion
Governments cannot be countenanced by the United Mine Workers of
America.
The official statement of the District Executive Board that the
strike was
for political purposes is illuminating and gives additional proof,
if such was
needed, of your true intent. I have in mind that you are a self-proclaimed
revolutionist. I am familiar with the constant intrigue between yourself
and your evil genius McLachlan and your revolutionary
masters in Moscow.
I can recall the sentiments which you enunciated
at a comparatively recent
meeting of the International Executive Board at Indianapolis, when,
with
the cold ferocity of a five-year-old defying its mother, you announced you
were a believer in revolution by force.
No doubt the present strike in Nova Scotia corresponds with your idea of
a revolution against the British Government and in pursuance thereof.
In consideration of these strange facts, the international union feels warranted in intervening for the protection of its membership and to prevent
the discharge of its properly assumed obligations. You may as well know
now as at any time in the future that the United Mine Workers is not a
political institution and cannot be used to promote the fallacious whims of
any political fanatic who seeks to strike down the established institutions of
his Government. Neither can it be used to sustain officers of perverted
business'morals or individuals suffering from mental aberration such
as
yourself and the aggregation of papier-mache revolutionists who are associated with you.

Anthracite Coal Shipments to New England
Running Ahead of Previous Years.
Shipments of both bituminous and anthracite coal to New
England are running considerably ahead of previous
years,
according to reports just received by the Car Service
Division of the American Railway Association. From
January 1
to July 21, inclusive, this year, 108,762 carloads of
bituminous coal were delivered by rail to New England.
This is the
largest number of cars of bituminous coal ever
transported
to New England during any corresponding period
in the last
five years, which are as follows:
1923.
108,768

1922.
54,262

1921.
91,913

1920.
104,497

1919.
84,274

THE CHRONICLE

518

More bituminous coal was also dumped at tidewater for
shipment by boat to New England during the first six months
of this year than during the corresponding period in the last
six years. For the first six months this year bituminous coal
dumped at tidewater for New England totaled 6,295,511
gross tons. Duinnings, measured in gross tons for the corresponding period in the last six years, follows:
1923
6,295,511

1922.
5,512,456

1921.
3,280,307

1920.
4,300,635

1919.
3,538,146

1918:
6,129,098

From January 1 to July 21, inclusive, reports also showed
104,378 cars of anthracite transported by rail to New England. This was an increase of 55,135 cars over the corresponding period in 1922, and an increase of 15,524 cars over
the corresponding period in 1921. All rail shipments of anthracite coal for the corresponding periods prior to 1921 are
not available.
Hearings Ended on Request of Railway Clerks for
Wage Increases on Fifty-Six Railroads.
Presentation of evidence on request of the Brotherhood of
Railway Clerks for wage increases on fifty-six railroads was
recently concluded before the Railroad Labor Board and
public hearing adjourned with agreement that it would be
re-opened if either side wished to enter additional testimony.
During the hearing A. 0. Wharton, member of the Board,
asked the carriers' representatives whether if an increase
were granted, they would agree that part of the increase be
set aside to fix inequalities in rates, which are admitted to
exist. This would make no change to the roads other than
a general horizontal increase, and money so set aside could
be awarded by committees composed of representatives of
both sides. Reply was that this was an improvement over
the present method of awarding increases, but that it would
take good faith on both sides to work out the plan in a spirit
of fairness.
Wage Increase on Delaware & Hudson.
The Delaware & Hudson, it is stated, has granted voluntary wage increase of 2 cents an hour to.1,000 shopmen and
laborers in the motive power and car department at its Carbondale shops. The increase is retroactive to July 16.
Wage Increases on Missouri-Kansas-Texas Railroad
The Missouri-Kansas-Texas lines have notified the Railroad Labor Board that voluntary wage increases have been
granted ranging from 32 to 3 cents an hour and from 85 to
$6 84 a month to all maintenance of way employees, effective July 1.
Wage Increases on Three Railroads.
Three railroads on July 30 granted wage increases to certain classes of employees, according to an announcement by
the United States Railroad Labor Board. Mechanics,
helpers, apprentices and car cleaners of the New York Central Lines, including the Ohio Central RR., obtained a raise
of 3 cents an hour, a letter from John G. Walber, VicePresident in charge of personnel, stated. Effective June 1
1923, stationary engineers and firemen of the Long Island
RR. obtained an increase of $4 10 a month, and effective
July 1 1923,certain classes of clerks of the Buffalo Rochester
& Pittsburgh R.R. obtained a rise of from 1 to 3 cents an hour.
Inter-State Commerce Commission Authorizes Freight
Rate Reduction on the Southern Pacific on
Shipments via Water.
Washington July 30 stated that a qualifrom
Dispatches
fied permission to reduce freight rates from New York City
to the Southern Pacific Coast section by about 1'4% on
shipments routed via boat to Texas ports, and thence by
rail over the Sunset-Gulf Route, had been given the Southern
Pacific RR. system by the Inter-State Commerce Commission. Though the Commission held that new schedules
filed by the Southern Pacific in 1922, providing reductions
on 206 commodities were in part unlawful, the carrier was
authorized to revise the schedules and put the reductions
into effect on Sept. 1. The rates have been suspended since
November upon the protest of continental railroads and of
producers and shippers in the Middle West. Under the
new decision the Southern Pacific is authorized to make its
rail and water rates from New York to the Southwestern
territory and the Southern Pacific Coast equivalent to the
rates which are now in effect from Chicago to the same destinations.



[Vol,. 117.

The Southern Pacific sought the reductions in order to meet
the growing competition of the Panama Canal water route
in inter-coastal traffic. Shippers and producers from the
Middle West complained that the reductions would give
their competitors on the East Coast an advantage in trade
and the other transcontinental railroads protested that the
Southern Pacific reductions might force them to make
similar cuts, which would reduce earnings on transcontinental
business unjustifiably. The Commission held that while
the possibility of reductions in transcontinental rates of
other railroads was entailed, the Southern Pacific's situation
would allow it to earn a fair return on the combined ship
and railroad service. Railroads will draw, the Commission
said, "a certain amount of tonnage even in the face of Canal
competition." Likewise, it was said, the Southern Pacific's
reductions might serve to draw back to the rails a considerable
amount of traffic which hitherto has been moving by the
all-sea route.
Practically all of the commodities which normally move
from the Atlantic Coast to the Pacific Coast are affected,
it is stated, by the reductions authorized, which will average
30 cents per hundred pounds.
Western Railroads Refuse to Grant Grain Shippers
Rate Reduction on Export Wheat and Flour.
Request for an emergency reduction of 25% in the rates
of freight for wheat and flour consigned to Atlantic, Pacific
and Gulf ports for export, made by grain shippers of the West,
was refused by the heads of five leading Western railroads on
July 30 at a conference in Chicago. With reference to the
corferenee and other developments on the same date, bearing
on the wheat situation generally, a dvices from Chicago to
the New York "Times" had the following to say:
While Chicago Board of Trade officials were busy answering the Federal
Trade Commission's latest suggestions, and recommending various alternative measures, including the closing of the grain pit for ninety days, the
heads of five large Western railroads met here to-day and finally and flatly
refused the request of Western grain shippers for a temporary emergency
reduction in freight rates on export wheat and flour.
At the same time another attempt to solve the wheat problem was announced by a joint committee of the Wheat Council of the United States
and the United States Chamber of Commerce. Representing the Wheat
Council on the committee are W.I. Drummond, of Kansas City, Chairman
of the Board of Governors of the International Farm Congress; 0. E.
Bradfute, President of the American Farm Bureau Federation; S. J. Lowell.
of Fredonia, N. Y., Master of the National Grange; and George C. Jewett.
of Minneapolis, General Manager of the American Wheat Growers' Association.
Julius H. Barnes, President of the United States Chamber of Commerce,
announced that the Chamber's representatives will be appointed within the
next few days.
A group of Western shippers, represented by a committee of Omaha business men headed by John L. Kennedy,had asked the roads for an emergency
..eduction of 25% in the freight rates for wheat and flour consigned to
Atlantic. Pacific and Gulf ports. It was argued that lower rates would
stimulate foreign buying and relieve the farmers. The railroads turned
the request down last Friday, but announced that their final decision
would be made to-day, when five rail presidents met in an all-day session
behind closed doors. James E. Gorman, President of the Rock Island
Lines, acted as Chairman. The rail executives refused to give out the
text of their letter to Chairman Kennedy of the Omaha Committee, but
It is known to have been a lengthy one.
It was Joseph P. Griffin, former President of the Board of Trade, who
suggested closing the Board for a period of from sixty to ninety days.
"I shall personally do my utmost to bring this about," he said, "if such
a move receives the sanction of the Federal Trade Commission and the
Department of Agriculture. In addition, the plan should receive the
approval of Senators Capper, Brookhart and Magnus Johnson, and other
celebrities who, at the moment, are attempting to capitalize the discontent
and unhappiness among the farmers. It is only fair for me to issue warning
that such an object-lesson, in my opinion, would be disastrous, and farm
products, with exchange operations suspended, would only find a market
by making a door-to-door canvass in the manner followed by the vendor
of patent medicines or sewing machines. On the other hand, it probably
would for all time protect the producer against false leaders and demagogues."
Other traders placed the blame for low wheat prices on the failure of the
Capper-Tincher Bill to produce the expected results. John R.Mauff, Executive Vice-President of the Board, declared that the Federal Trade Commission, "instead of offering suggestions which would permit the exchanges
to return to normal conditions, recommends a new sot of restrictions."
James A. Patten placed the blame on the Government for driving buyers
from the market.

Railroad Labor Board Holds Private Contract Work
on Western Maryland RR. Violation of Law.
Contracts executed by the Western Maryland Railway Co.
for the performance of its shop work under the supervision
of private industrial organizations were declared in violation
of the Transportation Act on July 18 in decisions handed
down by the United States Railroad Labor Board. The
Board declared such agreements to be outside the law "insofar as they purport or are construed by the carrier to remove its shopmen from the application of the Act," and in
such measure as contractual provisions affecting the wages
and working rules of employees "are in violation of decisions
of the Railroad Labor Board." Complaints in these cases

AUG. 4 1923.]

THE CHRONICLE

519

had been filed against the carrier by the Maintenance of
Monthly Figures of Deposits of Member Banks of
Way Brotherhood and the International Association of RailFederal Reserve System.
road Supervisors of Mechanics. The industrial organizaThe
Federal
Reserve
Board, in its July "Bulletin," just
tions involved were: The Dickson Construction & Repair
issued,
announces
that
in
order to be able to follow more
Co.; George F. Fowble; Charles J. Wolfe, and William K.
closely the credit developments in the different Federal
Hossack.
Reserve districts it has arranged with the Reserve banks to
compile for one day near the end of each month figures of
time deposits and demand deposits of all member banks in
Railroad Labor Board Says Erie RR. Is Liable for
each district classified by the size of the cities in which they
Suits for Recovery of Reduced Pay.
The Erie Railroad Co. has made itself liable for a money are located. The Board in further indicating its plans says:
These monthly figures will supplement the information available on call
recovery to every employee who suffered loss of compensadates and will make it possible to compare every month the developments
tion when the carrier arbitrarily reduced the wages of the at banks
in leading cities reporting weekly with those at banks outside of
crossing watchmen, flagmen and trackmen in violation of these cities.
The following statement shows for May 23 1923 the number of banks
Decision No. 147 of the United States Railroad Labor Board,
and amount of time and demand deposits by size of city for the country
the Board announced on July 19 in a decision rendered in the as a whole:
'case of the American Federation of Railroad Workers
[Amounts in minions.]
-Banks in Cities Having Population of-against this carrier. The railroad, the Board's decision said,
Less
5,000
15,000 100,000
has also violated the Transportation Act and has persisted
Total.
than
to
to
or
in the violation of the Board's order relative to the "con5,000. 14,999. 99,999.
over.
banks
Number
9,836
of
6,486
1.506
1,100
744
tracting out" of railroad labor. The classes of labor, inTime deposits
88,334 $1,480
$918 $1.707 14.230
volved in the dispute were contracted out to the Lincoln En- Net demand deposits
$15,927 $1,600
$1,070 $2,060 $11.197
gineering Co. at an hourly wage of 5 to 10 cents lower than Percentage of total:
Number of banks
100
65.9
15.3
11.2 .
7.6
the present wage of similar classes of railroad workers on
Time deposits
100
17.8
11.0
20.5
50.7
other railroads, as established by Decision No. 147 of the
Net demand deposits_ _ -100
10.1
6.7
12.9
70.3
Board. The carrier at the hearing of the dispute admitted
It will be noted that nearly two-thirds of all member banks are located
that it had violated decision 147 and that it was not the in- In towns having a population of less than 5,000 and that these banks have
10% of net demand deposits and about 18% of time deposits. Memabout
tention of the carrier to comply with it and restore the wages
ber banks in cities of 100,000 population and over, on the other hand.
ordered by the decision. In its decision the Board says:
constitute only 7.6% of the total number, but hold about 70% of net deWhen the carrier reduced the compensation of its said employees who were
engaged in work customarily incidental and practically indispensable to the
operation of the road it not only violated the decision of the Labor Board,
but it annulled and established a decision equivalent to an agreement and
violated the Transportation Aot itself. In the present case the Erie Railroad
had put into effect the rates of pay fixed by the Board's decision, 147. Having done this, the carrier could not lawfully reduce these rates, except by the
collective consent of the employees or by the approval of the Railroad Labor
Board.
The carrier, under the law, might have declined to accept Decision 147,
but having put it into effect could only reduce its rates by complying with
the mandatory provisions of the statute, which requires, in case of disagreement, the submission of the question to the Labor Board. In other words,
while the final decision of the Board is advisory, the preliminary steps leading up to the decision are mandatory and enforceable. This is the very essence of the theory of the Transportation Act, to make it imperative on the
parties to submit their differences to the Labor Board, even though the
Board's decisions of these disputes are merely advisory.

mand deposits and 50% of time deposits. In large cities demand deposits
are nearly three times as large as time deposits, while in the small cities
the difference between the two classes of deposits is relatively small.
The ratio of net demand deposits to time deposits varies considerably
in the several Federal Reserve districts, the two classes of deposits being
approximately equal in the Minneapolis and San Francisco districts, while
In the New York and Dallas districts net demand deposits are more than
three times as large as time deposits. In the New York district the preponderance of net demand deposits is due chiefly to the banks located in cities
of 100.000 population and over, while in the Dallas district time deposits
are relatively small in each group of cities. In the Minneapolis district
800 banks out of 986 are located in towns of less than 5.000 inhabitants.
and it is the preponderance of time deposits over net demand deposits in
these small-town banks that accounts for the relationship between time and
demand deposits in the district as a whole.
The following table shows the totals of net demand deposits and time deposits on call dates beginning with June 30 1919, and on April 25 and
May 23 1923. This table presents a retrospective view of the growth of
the two classes of deposits since the middle of 1919:

DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS.
Net Demand
Time
President of Locomotive Firemen and Enginemen Says
Date.
Deposits.
Deposits.
1919-June 30
Government Has Aligned Itself with Railroads
114,700.393,000 14,343,382.000
Nov. 17
16,246,425,000
5,049,493.000
in Seeking "Open Shop."
Dec. 31
16.563,421,000
5,304,793,000
Commenting on the action of the United States District 1920-May 4
16,389,471,000
5,747.532,000
June 30
16,393.405.000
5,910,926,000
Court in making permanent the temporary injunction
Nov. 15
15,906,145.000
6,144,064,000
granted to the Government against the railroad shopmen,
Dec. 29
15.326,865,000
6,187.921,000
D. B. Robertson, President of the Brotherhood of Locomotive 1921-April 28
14,370.647,000
6.343,443,000
June 30
6,366,632.000
14,95,527,000
Firemen and Enginemen, issued a statement on July 16 takDec. 31
14,433,047,000
6.450,629,000
ing issue with the statement of Attorney-General Daugherty 1922-Mar.10
14,479,460.000
6.662.398.000
June 30
7.164.670.000
15,509.071,000
that the injunction would prevent "extensive strikes tying
Dec. 29
16,186.984,000
7,644.881.000
up Inter-State commerce."
1923-April 3
16,068,171,000
8,142.574.000
April 25
8.257,274,000
15.800,089,000
Mr. Robertson, in his statement, said:
May 23
15,924,897.000
8,334.471.000
There is no law prohibiting railroad employees from peacefully withdrawThe table brings out the fact that, while demand deposits increased by
ing from service and engaging in a legal strike.
$1,225,000,000, or about 8%, in the period of approximately four years.
Mr. Daugherty also says that no strike can be conducted with violence or time deposits increased
by $3,991,000,000. or about 92%, during the same
vandalism under the injunction. We have never conducted a strike with vio- period. A further difference is
that demand deposits increased rapidly
lence and vandalism, nor shall we.
during the latter half of 1919, then declined until the middle of 1921, inA statement made by the Attorney-General in filing application for the creased again
until the end of 1922, and declined during the first three
temporary injunction indicated beyond all doubt that, in addition to the mat- months of
1923:
ter of law enforcement, the Administration, or at least the Department of out the period, while time deposits show an uninterrupted growth throughthough the rate of increase is not uniform.
Justice, has aligned itself on the side of the railroads in an effort to assist
Following is a table showing net demand and time deposits for April 25
in establishing the "open shop."
and May 23 1923 by Federal Reserve districts and by size of cities:

A conference is to be held in New York late this month, Mr. TIME AND DEMAND DEPOSITS OF MEMBER BANKS IN EACH
FEDERAL RESERVE DISTRICT. BY SIZE OF CITIES.
Robertson said, to perfect a political organization in that
-Time Deposits- -Net Demand DepositsState. It was stated that Warren S. Stone, President of the
May 23
April 23
April 25 May 23
Brotherhood of Locomotive Engineers, will attend.
1923.
1923.
1923.
1923.

System:
Banks in cities having
population ofCanadian Railway Conductors to Ask Wage
Total
Less than 5,000
Increase.
5.000 to 14.999 '
Demands for a restoration of the old wage scale, effective
15,000 to 99,999
100,000 and over
-prior to August 1921, will be made upon the Canadian railBoston:
ways by the conductors and trainmen in the near future, acTotal
cording to an announcement made by H. E. Barker, General
Less than 5,000
5,000
to 14,999
Chairman of the Canadian National Railway Conductors in
15,000 to 99,999
the West. Based largely on the contention that the cost of
100.000 and over
living has not decreased to any appreciable extent since the New York:
Total
last reduction, the men will ask for an increase of 12% above
Less than 5,000
the present scale. The demand for the increase will be made
5,000 to 14.999
15.000 to 99.999
.through the Canadian Railway Association at Montreal.
100.000 and over




8,257,274
1,471,697
912.597
1.730,331
4,142.649

8,334,471 15,800.089 15.926.897
1,479,695
1,600,260
1.600,150
1,064.974
917.787
1,070,027
1,706.975 2,094.087
2.060.199
4.230,014 11,040.768 11.196,521

563.075
45,918
60.840
139.167
317.150

570.246
45,882
60.295
143.916
320.153

1,238.619
39.313
66.277
194.020
939.009

1,252,074
40,332
65.766
196.329
949.647

1,627,805
216.146
125,837
333.747
952.075

1.664.054
208.657
129,772
326,691
998,934

5,274,464
157,590
100.551
281,382
4.734.941

5,351.594
159.192
104,082
271.770
4.816.550

THE CHRONICLE

520

Philadelphia:
Total
Less than 5,000
5.000 to 14,999
15,000 to 99,999
100,000 and over
Cleveland:
Total
Less than 5,000
5,000 to 14,999
15.000 to 99,999
100,000 and over
Richmond:
Total
Less than 5.000
5,000 to 14,999
15,000 to 99,999
100.000 and over
Atlanta:
Total
Less than 5.000
5,000 to 14,999
15.000 to 99,999
100,000 and over
Chicago:
Total
Less than 5,000
5,000 to 14,999
15,000 to 99,999
100.000 and over
St. Louis:
Total
Less than 5,000
5.000 to 14,999
15.000 to 99.999
100,000 and over
Minneapolis:
Total
Less than 5,000
5.000 to 14,999
15,000 to 99.999
100,000 and over
Kansas City:
Total
Less than 5,000
5,000 to 14.999
15.000 to 99,999
100,000 and over
Dallas:
Total
Less than 5,000
5.000 to 14,999
15.000 to 99.999
100,000 and over
San Francisco:
Total
Less than 5,000
5,000 to 14.999
15,000 to 99,999
100,000 and over

-Time Deposits- -Net Demand DepositsMay 23
April 25
April 25 May 23
1923.
1923.
1923.
1923.
$
1,077,817
1,088,181
589,401
572,760
126.631
125.879
193,214
190,453
74.550
72.979
97.057
95,950
129,647
128,194
169.396
167,132
746,989
761,129
129,734
119.225
1.031,556 1.044,132
167,135
164.604
119,879
116,736
163,107
160.294
594,011
589,922

1,412.448
154.935
122,515
194.705
940,293

1,407,879
156,960
126,148
195,903
928,868

430.286
122,986
76,790
125,581
104,929

433,821
123,612
77.139
124,959
108.111

555,831
99.559
64,519
159,216
232,537

550,022
96,462
63.328
152.755
237.477

305.813
46,932
43.090
115,841
99,950

308,513
19,118
43,503
111.763
104,129

502,839
74,549
63,675
162,266
202.349

502,391
75,660
62.541
160,764
203,426

1,486,694 1,510,730
230,733
228.128
135,893
133,698
343,131
359,237
800,973
765,631

2,146,144
205,967
120.119
368.072
1.451,986

2,184.854
204,180
122,236
360,748
1,497,690

359.638
60,570
37,355
62,761
198.952

361,382
62,168
37,485
61,271
200,458

655,635
122,309
76.074
89,800
367,452

664.250
126,667
78,645
87,530
371,408

409,345
193,524
95.602
56.261
63.958

407,415
195,051
95.103
57,339
59.922

416,133
111,061
78.411
67.430
159,231

410,605
109,441
77.233
70,640
153,291

291,868
91.539
57.876
60.621
81.832

295.432
91,394
57,737
63,240
83.061

799.519
194,964
127.085
182.263
295,207

782,763
191,703
125,237
178,983
286,840

138.213
18,021
20,885
51,546
47,761

139.612
17.902
21,626
51,278
48,806

527.082
150.690
87,901
118.429
170,062

514,274
145,741
86.847
113.985
167,701

1,040,221
92.876
47,938
98,143
a801,264

1.009.733
94,829
42.298
90,884
6781,722

1.183.194
163,444
84,868
148,310
a786,572

1,228,374
167,181
83,414
141.145
6836,634

a Includes 5 banks with scattered branches having combined deposits as
follows: Net demand. $227,609,000, and time, $440,812,000.
b Includes 5 banks with scattered branches having combined deposits
as follows: Net demand, $265,211,000„ and time. $407,234,000.
Program of Annual Meeting of Trust Company
Division of A. B. A.
The following information outlining the program of the
annual meeting of the Trust Company Division of the
American Bankers' Association to be held at Atlantic City
the coming month, is supplied by Leroy A. Mershon, Secretary of the Convention Program Committee:.
At the request of President Smith, I am writing to advise you that
Monday. Sept. 24, has been designated for the meeting of the Trust Company Division at the Atlantic City convention. The progrma for the day is
as follows:
be announced).
9:30 a. m.-Meeting of Executive Committee (place to
s,
11:30 a. m.-Joint meeting of the Executive Committee,sub-committee
sidents.
Vice-Pre
retiring and income State
12:30 p. m.-Luncheon.
Haddon Hall.
2:00 to 5:00 p. m.-Meeting of the Division, Vernon Room,
in graphic form and discussion
The program will include the presentation
development
the
to
and
maintenance
pertaining
of a great variety of subjects
reports will be made.
of fiduciary business. No written
all phases of the active work of the
The subjects presented will cover
the
Division. In addition to publicity, fees, research, co-operation with
relations and safe deposit, the
bar, community trusts, legislation, staff
trusts
and
insurance
conferences
ter
mid-win
newly formed committees on
and
will have matters of interest to discuss. Specialists in these branches
will be
also in personal trusts, corporate trusts and methods, systems, &c.,
available for individual conferences.
Particular attention will be given to establishing points of contact
between those specializing in various branches of work and members desiring
information upon these subjects. An open forum will be conducted for
the discussion of additional topics than those listed on the program. The
conference method will be preserved throughout the meeting.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $85,000. The last preceding transaction was for $88,000.
Announcement was made this week of the appointment
of Arthur M. Aiken as Cashier of the Mechanics & Metals
National Bank of New York. Mr. Aiken was for a number



[VOL. 117.

of years Assistant Cashier and succeeds Josepn S. House,
who recently retired from banking to private life.
Z. B. Curtis, Vice-President and Cashier of the Union
Trust Co. of Little Rock, Ark., has been appointed a VicePresident of the Guaranty Trust Co. of New York, and will
assume his duties with the Guaranty on Sept. 1. Mr. Curtis
is well known throughout the Southwest. For many years
he was associated as an officer of the Union Trust Co. when
that institution was in charge of Samuel W. Reyburn, who
Is now President of the Associated Dry Goods Corporation of
New York, a director of the Guaranty Trust Co., and other
large corporations.
Sylvanus Bedell, former Cashier of the Mariner's Harbor
National Bank at Mariner's Harbor, Staten Island, N. Y.,
was on July 20 sentenced by Judge Sheppard and Judge
Garvan in the Federal Court in. Brooklyn to serve one year
and six months in the penitentiary at Atlanta, with credit to
be given for the ten months he has already spent in the Raymond Street jail, to which he was committed when he
pleaded guilty to embezzling more than $610,000 of the bank's
funds. At the same time Judge Sheppard and Judge Garvan
sentenced Robert Magruder, former President and General
Manager of the Johnson Shipyards Corporation, to two years
In prison and to pay a fine of $1,000. Magruder was convicted on July 14 of aiding and abetting Bedell (who became
Treasurer of the Johnson Shipyards Corporation while still
Cashier of the bank) in the misappropriation of the money,
and it was upon Bedell's testimony that he was convicted.
Following the imposition of sentence upon Magruder, a writ
of error was obtained by his counsel and be was admitted to
bail in $15,000. His son, Donald Magruder, who is under
indictment, it is understood, on similar charges, is to be tried
in the fall, it is said. Bedell testified at Magruder's trial,
It is said, that while he was Cashier of the bank he had juggled the ledgers to conceal the misapplication of more than
$610,000 over a period of three years. During that time, he
was reported as saying, the names of more than 400 of the
bank's depositors never appeared on the records of the, bank,
thus preventing his falsification of the records from detection by bank examiners who went over the books regularly
during that period. The Mariner's Harbor National Bank
was closed in August 1921 after the discovery of Bedell's
defalcations, but was reorganized and reopened in December
of the same year. We last referred to the affairs of the bank
in our issue of Jan. 7 1922, page 34.
The report of condition of the Trust Company of New Jersey as of June 30 1923 shows total assets of $48,364,907. The
company moved into its new banking office at Bergen and
Sip avenues, Jersey City, in January 1922 and since that
time assets have increased from $37,000,000 to $48,000,000.
The company has four branches located as follows: Bergen
and Lafayette branch, Monticello Avenue and Brinckerhoff
Street, Jersey City; Peoples Safe Deposit branch, Central
Avenue and Bowers Street, Jersey City; Town of Union
branch, Bergenline Avenue and Hackensack Plank Road,
town of Union; Hoboken branch, 12 Hudson Place, Hoboken,
N. J.
The West Englewood Trust Co. of West Englewood, N.
for which a charter was issued by the Comptroller of the
Currency on June 27, began business on June 30. It has a
capital and surplus of $62,500, of which $50,000 represents
capital; the selling price of the stock (par $100) was $125
per share. The officers are Andrew L. Nelden, President;
B. E. Sherman and Ritchie Brooks, Jr., Vice-Presidents;
Frederick Smith, Cashier, and Frank A. Weber, Assistant
Cashier.
Plans to increase the capit-al stock of the First National
Bank, of Montclair, N. J., from $100,000 to $300,000 will be
acted upon by the stockholders on August 20. The present
stock consists of 1,000 shares of a par value of $100 each. It
is planned to distribute $100,000 of the proposed increase as
a stock dividend. The remaining 1,000 shares will be offered
to the present stockholders in proportion to their present
holdings at $125 a share. The new capital will become effective Oct. 1 1923.
At the annual meeting of th- e Mechanics Savings Bank of
Hartford, Conn., held on July 12, Henry S. Robinson and
Arthur M. Collens were elected Vice-Presidents to fill vacancies caused by the death of J. H. Knight and the resignation
Mutual
of J. B. Moore. Mr. Robinson is President of the

AUG. 4 19231

THE CHRONICLE

Life Insurance Co. and Mr. Coliens is the Financial VicePresident of the Phoenix Mutual Life Insurance Co. At the
same meeting two new trustees were added to the board,
namely Maynard T. Hazen, Second Vice-President of the Security Trust Co. of Hartford, and Henry M. Sperry, VicePresident of the First National Bank of Hartford. The
statement of the Mechanics Savings Bank as of July 1
showed surplus and undivided profits of $1,113,757; deposits
of $11,848,604, and total assets of $12,966,324. The total
number of depositors July 1 was 24,535, an increase of 1,812
since January 1. J. M. Holcombe is President of the bank
and W. S. Buckley Treasurer.
The First National Bank
of Boston announces the opening
of a branch bank at Havana, Cuba. This branch, under the
management of John G. Carriker, is now doing a general
banking business. Inquiries with regard to transacting business between this country and Cuba are solicited and may
be addressed to the home office at Boston or to the branch.
The branch address is The First National Bank of Boston,
Havana Branch, Pedro Gomez Mena Building, Obispo and
Aguiar streets, Havana, Cuba.
Charles A. ViaIle, a director of the National Shawmut
Bank of Boston, died July 31, following an attack of illness
suffered in the bank the previous day. Mr. Vialle's 69 years
of active participation in the banking life of Boston, including 45 years as bank cashier and bank president, entitled him
to rank dean of Boston bankers. Mr. ViaIle saw the banking
business of Boston grow until Boston's yearly bank clearings
are three times as great as the clearings for the entire nation when he began his banking career. He had opportunity
to observe, as one in touch with every step, the enormous industrial and commercial development of the United States
since 1855. Mr. ViaIle was born in the North End district of
Boston May 8 1839. He began his career as a banker with
the old Suffolk bank a year after leaving school. In 1860
he went to the Bank of the Republic, as Teller. Three years
later, when he was but 24 years old, he was appointed Cashier. In 1882 he was elected President of the bank and directed its destinies until 1908. Following the merger of the
National Bank of the Republic with the National Shawmut
Bank, Mr. ViaIle became a member of the board of directors
of the National Shawmut, and continued to serve the banking community in that capacity.
At a special meeting of the stockholders of the Franklin
Trust Co. of Philadelphia on July 26 resolutions were
adopted providing for the increase of the capital stock of
the company from $1,000,000 to $2,000,000 and for the issue
at the present time of 5,000 shares of the new stOck. Stockholders of record on Aug. 1 1923 will have the right to subscribe thereto, ratably, in accordance with their holdings on
the said date at $200 per share. The right to subscribe to
this stock will terminate on Oct. 3 1923. The warrants are
transferrable in whole or in part, but not in fractional
shares, on the books of the company, in person or by duly
authorized attorney up to, and including, Oct. 3. With the
Increase and capitalization,the capital of the Franklin Trust
Co. will then be $2,000,000, surplus $1,000,000, deposits $18,157,299. At the call of the Banking Commissioner on June
30 1923 the Franklin Trust Co. showed total resources of
$22,267,007. In 1904 the Franklin Trust Co. commenced
business at the corner of Ninth and Columbia avenues, later
moving to the corner of 15th and Market streets and still
later to their present location, 20-22 South 15th Street. Its
growth necessitated larger quarters, and the financial world
of Philadelphia was recently surprised to learn that the company had purchased the southwest corner of 15th and Chestnut streets, and were erecting thereon a modern 20-story
banking building, which it is expected to occupy about the
first of the coming year. The banking floor of the new
building will, it is announced, be designed along lines never
before attempted by any banking institution in Philadelphia,
and will be unique in its arrangement and construction. The
Franklin Trust Co. now has five offices located in the outlying business centres of Philadelphia. The company, it is
stated, ranks in point of deposits as number seven in the list
of Philadelphia trust companies. The proposed capital increase was referred to in our issue of July 21, page 294.

521

•
the sale of $500,000 new stock at $100 a share. Under date
of July 20 the stockholders were advised that subscription
warrants would be issued on Aug. 1 1923 to stockholders
of record that date. The stockholders have also been
advised that the warrant will become null and void unless
the right to subscribe is availed of and paid in full on or
before Sept. 30 1923. Non-negotiable receipts will be issued
immediately upon the receipt of subscription payments, to
be held pending the issuance of the definitive stock certificates. Robert V. Fleming, Vice-President and Cashier,
in a letter to the stockholders Aug. 1, also says:
The increase In capital will not become valid until the whole amount
of the new stock is paid for in cash, certified to the Comptroller of the
Currency, and his certificate of approval issued. It is proposed to request
the Comptroller to issue his certificate of approval on Oct. 15 1923, and
stock certificates will be mailed to subscribers as promptly as possible
after that date.
For your further information, we beg to advise that it is proposed to
declare the usual semi-annual cash dividend of 13% and a stock dividend
of $1,000,000 on the present capital of $1,000,000, said cash and stock
dividends to be payable Oct. 15 to stockholders of record Sept. 30. You
will receive formal advice of the declaration of the cash and stock dividends
as soon as action has been taken by the board of directors.
It should be noted that the $500,000 new stock, subscription warrant
for your proportionate share of which is enclosed, does not participate
under the recapitalization plan in the Oct. 15 dividend.

Reference to the proposed increase was made in our issue
of June 30, page 2957.
Five hundred autos, bearing delegates to the American
Institute of Banking convention, drove through the partially
completed banking lobby of the new Union Trust building,
East 9th and Euclid, Cleveland, Ohio, July 19. The machines
entered the building by way of the east end of the building
and traversed almost 400 feet of the immense Union Trust
lobby before making their exist on the East 9th Street side.
It was possible for 40 machines, in single file, to be inside
this tremendous banking room at one time. In fact, it is
said the entire 500 machines could have been parked on the
main banking floor. This novel method of visiting a bank
building came as the conclusion of an automobile trip around
Cleveland arranged as part of the regular convention program of the American Institute of Banking. The new Union
Trust building was last on the list of places to be visited.
Its height, its size, the mighty vistas of stone and steel which
go to make up the great banking room, with its arched roof
rising five stories above the floor, were of much interest to
the visiting bankers. At the conclusion of the drive through
the Union Trust building, the delegates attended a buffet
supper in the building, given by the Union Trust Co. Over
1,800 people were served. The serving table, over 80 feet
long, was stretched along one side of the lobby. A jazz band
and moving pictures further entertained the visitors, the
pictures depicting the building of the bank from the foundation to flag staff.
According to newspaper re- ports from Springfield, Ohio,
John L. Bushnell on July 20 resigned as President and a
director of the First National Bank of Springfield, Ohio, to
take effect at once, following recent attempts to extort a
large sum of money from him by blackmail. Mr. Bushnell
also resigned, it is said, as a director of the American Trust
& Savings Bank of Springfield. In his letter of resignation
to the directors of the First National Bank, Mr. Bushnell
said:
•
Appreciating that recent circumstances may be a source of embarrassment
to the strong banking institution with which for many years I have been connected, I have considered it to be my duty to resign as President and director of the First National Bank effective immediately.
I wish to express to you my appreciation of the loyal friendship and confidence which you are according me.

The board of directors accepted Mr. Bushnell's resignation
In the following letter:
It is with the deepest regret that we have received your letter of resignation as President and director of the First National Bank. Your letter and
the disinterested
consideration.eresed
tmotive which have prompted you have received our most

J. B. Cartmell, heretofore Chairman of the board of directors of the First National Bank, has been elected in lieu of
Mr. Bushnell,

The Commercial National B-ank of Indianapolis, Ind. (capital $300,000) was placed in voluntary liquidation effective
at the close of business June 30. The business of the bank
has been absorbed by the National City Bank of Indianapolis. The merger became effective July 1 1923. On July 2
the National City Bank reported capital paid in of $1,000,000; undivided Profits of $85,087; deposits of $6,340,470, and
-meeting July 18 the plans were resources of
At the special stockholders'
$9.180,383.
approved to increase the capital of the Riggs National Bank
At
a meeting of the board of directors of the Central Truk
of Washington, D. C., from $1,000.000 to 82,500,000 by
the declaration of a stock dividend of $1,000,000 and by Co. of Illinois at Chicago, on July 24, the following elections




522

[VOL. 117.

THE CHRONICLE

converting sterling at the rate of $5 to the pound. The
statement as just received reports the value of the bank's
investments at $349,158,400.
Advances to customers
amounted to $670,587,287, discounted bills, $172,032,828,
money on call, $110,682,625, and cash in hand and with the
Bank of England, $190,872,617.

were made: George B. Cortelyou, Jr.. formerly Assistant
Vice-President, who has been with the bank four a half
years, and who is the son of former Secretary of the Treasury Cortelyou, was elected Secretary and Assistant Trust
Officer; Geary V. Stibgen was elected Trust Officer and
Assistant Secretary, and William M. Otis Assistant Trust
Officer and Assistant Secretary; William J. Kellough, for a
number of years Chief Clerk, having charge of the employees
of the bank, was elected Assistant Cashier. Mr. Kellough
Is a native of Macomb, Ill., and has been connected with the
Central Trust Co. since shortly after its organization in 1902.
Richard W. Grafton, manager of the bookkeeping department for a number of years, was also elected Assistant Cashier. Mr. Gratton has taken an active part in the American
Institute of Banking Activities, being Vice-President of the
Chicago Chapter at the present time. George D. Bushnell,
a native of Lincoln, Neb., and a brother of H. M. Bushnell,
Vice-President of the United States Trust Co., Omaha, Neb.,
was appointed Assistant Vice-President. The above promotions have enabled the Central Trust Co. to advance a number of men all along the line, including E. E. Graham and
Charles G. Clark, who are among the older employees of the
Central Trust, for many years Tellers of the bank. They
have been advanced to important positions in the credit
• department.

THE WEEK ON THE NEW YORK STOCK EXCHANGE.

As a mark of respect to the memory of President Harding
the New York Stock Exchange, by order off the Board of
Governors, remained closed yesterday. The Cotton, the
Produce and the other exchanges were also closed for the day.
The week as a whole on the New York Stook Exchange was
one of much depression. It was known on Monday that the
President was seriously ill and this hung as a pall over the
market on that and the succeeding day during which a whole
line of share properties established new low records for the
year in both the railroad and the industrial list. The weakness that characterized the market on Friday continued during the short session on Saturday. On Monday the
market further declined in the morning but rallied somewhat in the afternoon. On Tuesday the market broke

badly on unfavorable news from the President's bedside.
Declines of one to three points were numerous and many
new low levels were in evidence as already stated. Wednesday's market was almost a complete reversal of the previous
day, because of decidedly cheerful accounts regarding the
President. The recovery was also in part due to the favorable statement of earnings submitted by the United States
Steel Corporation after the close of business on Tuesday.
As a result many of the standard issues moved up from one
to three points. The upward trend continued on Thursday,
but with some reaction in the afternoon, though no one then
had any premonition that the President was to die that night.

to organize the Peoples National
Request for permissionBank of Ypsilanti, Mich., has been made to the Comptroller
of the Currency. The capital is to be $100,000. A surplus of
$25,000 will be created through the sale of the stock at $125
per share (par $100). It is expected that the new bank will
begin business about December 1.
On March 27 of the current year the Lewistown State
Bank and the Empire Bank & Trust Co., both of Lewistown,
Mont., consolidated and were known as the "Empire & Trust
Company" until May 25, at which time, by resolution of the
stockholders of the bank, the name of the consolidated bank
was changed to the "Empire & State Bank." The officers
are: Samuel Phillips, President; M. L. Woodman, H. L.
DeKalb and Charles Wiper, Vice-Presidents; F. A. Cunningham, Cashier. The par value of the stock IS $100. The capital stock is $150,000, with a surplus of $25,000.

COURSE OF BANK CLEARINGS.
Bank clearings for the country, because of the continued
loss at this centre, again run smaller than a year ago, though,
as heretofore, the ratio of decrease is not large. 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. 4) aggregate bank clearings
for all the cities in the United States from which it is possible
to obtain weekly returns, show a decrease of 1.5% as compared with the corresponding week last year. The total
stands at $7,364,450,606, against $7,473,518,908 for the
same week in 1922. At' this centre there is a falling off of
9.2%. Our comparative summary for the week is as follows:

Further referring to the Sta- nton Trust & Savings Bank of
Great Falls, Mont., whose voluntary closing on July 9 was
reported in our issue of July 21, page 295, a press dispatch
from Great Falls appearing in the New York "Times" on
July 21 stated that the institution had been permitted to go
into voluntary liquidation on that date after P. Q. Skelton,
State Superintendent of Banks, had completed a 10-day examination of its affairs. The dispatch further stated that
at the last bank call the assets of the institution were given
at about $1,000,000 and the liabilities, not including capital
stock and surplus, as $723,000, of which $650,000 were deposits. The bank had a capital of $200,000 with surplus and
undivided profits of $85,000.

Clearings—Returns by Telegraph.
Week ending Aug. 4.

The Comptroller of the Currency announces that the
Farmers National Bank of Ponca City, Okla., has changed its
name to the "First National Bank in Ponca City."
A dispatch from Long Beach, Cal., on July 10 to the Los
Angeles "Times" stated that the Bank of Italy (headquarters San Francisco) had on that day announced the purchase
of the Golden State Bank of that place—its second in Long
Beach within a week—the other bank institution being the
American Savings Bank. The dispatch also stated that it
was expected the two banks would be merged to form one
branch of the Bank of Italy (the 72d), and it was understood that an option had been obtained on the northwest corner of Third Street and American Avenue as a site for a
modern bank building for the new branch. The last report
of the Golden State Bank, it was said, showed resources of
$1,421,852 and deposits of $1,168,944.
Bank of Fresno, Cal., has changed
The Growers National Bank in Fresno. Capital
National
First
the
its name to
$200,000. The institution, which has been established since
October 1919, has undivided profits of $243,063. Its officers
are Lucius Powers, President; M. L. Wells, Cashier, and
E. L. R. Trimble and H. A. Thompson, Assistant Cashiers.

1923.

1922.

Per
Cent.

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

83,389,000,000
501,217,527
374,000,000
296,000,000
109,285,769
a
130,700,000
107,621,000
126,655,878
104,032,103
86,686,790
89,248,514
43,911,086

$3,722,574,606
457,144,359
366,000,000
269,000,000
110,398,307
a
*115,000,000
*78,000,000
125,000,000
94,347,617
75,293,019
72,000,000
39,394,216

—9.2
+9.6
+2.2
+10.0
—1.0
a
+13.7
+38.0
+1.3
+10.3
+17.8
+24.0
+11.5

Twelve cities, 5 days
Other cities, 5 days

$5,360,358,667
776,683,505

$5,534,152,124
093,780,300

—3.1
+11.9

Total all cities, 5 days
All cities, 1 day

86,137,042,172
$1,227,408,434

66,227,932,424
$1,245,586.484

—1.5
—1.5

$7,473,518,908 I

—1.5

Total all cities for week
•

$7,364,450,606
a Will not report clearings. •Estimated.

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 cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ending July 28. For
that week there is a decrease of 5.5%, the 1923 aggregate
of the clearings being $6,466,698,256 and the 1922 aggregate
$6,844,412,045. This decrease, however, is due entirely to
the falling off at New York, the decrease here having been
17.9%. Outside of this city there is an increase of 12%.
We group the cities now according to the Federal Reserve
districts in which they are located, and from this it appears

that in the Boston Reserve District there is 15.3% improveThe balance sheet of Barcl-ays Bank, Ltd., of London, at ment, in the Philadelphia Reserve District 8.0%, while the
the end of the half year, June 30, showed total resources of New York Reserve District (because of the decrease at this
$1,635,737,591 and deposits amounting to $1,479,528,651, centre) shows a falling off of 17.4%. In the Cleveland Re-




AUG. 4 1923.]

THE CHRONICLE

serve District there is an addition of 11.7%, in the Richmond Reserve District of 11.0% and in the Atlanta Reserve
District of 19.7%. The Chicago Reserve District reports
13.1% increase, the St. Louis Reserve District 18.6% and
the Minneapolis Reserve District 4.0%. While Kansas City
Reserve District and the Dallas Reserve District both show
gains, they are small, being only 0.1% for the former and
1.5% for the latter. The San Francisco Reserve District
enjoys an increase of 19.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS

Week ending July 28 1923. '

1923.

1922.

Federal Reserve Districts.
(18t) Boston
11 cities 361,059,783 313,031,494
(2nd) New York
10 " 3,361,991,460 4,068,843,504
(3rd) Philadelphia_ __ _10 "
478,961,633 443,556,249
376,556,798 336,999,339
(5th) Riehmond
150,400,117 135,466,562
(6th) Atlanta
.11 "
147,870,547 .123,535,791
(7th) Chicago
19 "
772.282,250 682,847.938
(8th) St. Louis
56,623,302 47,759,180
7 "
(9th) Minneapolis_ _ .._ 7 "
101,769,675 97,849,257
(10th) Kansas City_...11 "
215,718,602 215,566,339
(11th) Dallas
42,891,080 42,272,261
5 (12th) San Francisco....16 "
4130,567,009 336,664,131

Ine.ot
Dec.

1921.

1920.

+15.3 272,826,958 370,163,311
-17.4 3,350,687,597 1,185,835,742
+8.0 376,614,527 489,256,202
+11.7 301,508,574 413,454,864
+11.0 118,904,874 169,781,133
+19.7 111,896,525 167,191,571
+13.1 620,446,893 799,989,697
+18.6 42,954,103 56,799,494
+4.0 97,000,677 105,203,786
+0.1 241,427,994 339,061,391
+1.5 41,421,114 60,722,315
+19.0 282,370,409 348,322,190

Grand total
121 cit les 6,466,698,256 8,844,412,045 -5.5 5,858,093,864 7,505,811,685
Outside Ncw York City
3,172,660,2772,834,776,535 +12.0 2,556,431,732 3,382,048,700
Canada

29 cities 286,399,021 277,091,545 +3.4 319.599,534 354,256,815

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending July 28.
Clearings at
1923.

1922.

Inc. or
Dec.

1921.

1920.

S

$

,

$

$

First Federal Reserve Dist rice-Bost° nle.-Bangor____
657,026
791,539 -17.0
Portland
2,324,910
2,858,555 -18.7
0825.-Boston
320,000,000 275,000,000 +16.4
Fall River_ _
1,774,855
1,717,007 +3.4
Holyoke
a
a
2
Lowell
1,278,479
927,088 +37.9
Lynn
a
a
a
New Bedford._
1,148,203
1,521,272 -24.5
Springfield _ _.
4,501,089
3,907,521 +15.2
Worcester
2,843,000
2,864,762 -0.8
)onn.-liartford.
10,305,546
8,995,535 +14.6
New Haven...
6,125,875
5.483,815 +11.7
1.1.-ProvIdence
10,100,800
8,964,400 +12.7

1,027,119
2,190,346
239,248,193
1,144,573
a
858,460
a
972,270
3,229,990
2.743,107
8,800,321
4,341,379
8,271,200

870,336
2,900.000
321,320,012
1,670,697
a
1,157.304
a
1,728,303
4,746,849
4,368,016
12,236,088
7,027,406
12,138,300

Total(11 cities)

361,059,783 313,031,494 +15.3 272,826,958 370,163,311
Second Federa I Reserve Die trict-New York4. Y.-Albany
4,599,657
*4.000,000 +15.0
3,515,500
3,686,372
Binghamton...
916.032
926,512 -1.1
849,444
1,119,900
Buffalo
d45,992.732
39,945,544 +15.7
31,866,136
43,651,323
Elmira
688,334
503,798 +36.6
Jamestown_ _
c1,141,302
973.009 +17.3
977,712
New York
3,293,137,979 4,009,633,510 -17.9 3,301,662,132 4,123,765,965
Rochester
8,639,668
7,447,923 +16.0
6,203.610
9,114,301
Syracuse
3,754,599
3,047,896 +23.2
3,049,127
4,018,889
2onn.-Stamford
c2,820,714
2,304,496 +22.4
2,138,382
q. J.-Montclair
300,443
260,816 +15.2
425.554
528,972
Total(10 cities) 3,361,991,460 4,068,843,504 -17.4 3,350,687,597 4,185,885,742
Third Federal Reserve Dist rict-Philad elphia1'a.-Altoona..
1,550,602
979,122 +58.4
931,028
Bethlehem__
4,717.024
2,856,659 +65.1
2,850,809
Chester
1,459,517
925,704 +57.7
1318,514
Lancaster
2,389,135
2,364,726 +1.0
2,052,527
Philadelphia,
451,000,000 423,000,000 +6.6 357,000,000
Reading
3,002,247
2,430,000 +23.5
1,926,219
Scranton
5.085,328
3,863,055 +31.6
4,014,523
Wilkes-Barre. _
d3,434,410
2,053,597 +67.2
2,464,922
York
1,398,617
1,139,426 +22.7
1,241,063
8.J.-Trenton
4,924,753
3,943,960 +24.9
3,045,222
Del.-Wilming'n.
a
a
a
a
Total(10 cities)

478,961,633 443,556,249 +8.0 376,644.827
Fourth Feder al Reserve D Istrict-Cle veland )h10-Akron._ _ _ d10,801,000
6,862.000 +57.4
6,706,000
Canton
4,672,928
4,309,109 +8.4
3,381,698
Cincinnati_ _ _ _
62,468,620
53,848,717 +16.0
50,811,295
Cleveland
c106,374,809
97,212,668 +9.4
79,567,863
Columbus
14,020,700
14,565,400 -3.7
11,532,800
Dayton
a
a
a
a
a
Lima
a
a
a
Mansfield
e1,775,979
1,327,533 +33.8
1.169,100
Springfield_
a
a
a
a
Toledo
a
a
a
a
Youngstown... d5,516,008
4,833,405 +14.1
3,400,833
Pa. Erie
a
a
a
a
Pittsburgh _ _ - 166,673,840 149,750,000 +11.3 141,600,000
W.Va.-Wheeling
4,252,914
4,290,507 -0.9
3,338,985
Total(9 cities) _ 376,556,798 336,999,339 +19.7 301,508,574
Fifth Federal Reserve Dist rict-Richns ondW.Va.-Hunt'g'n
2,005,841
1,583.575 +26.7
Va.-Norfolk _ _. L16,365,607
6,141,517 +3.6
40,729,000
Richmond
41,012,760 -0.7
b
Charleston....
b
b
Md.-Baltimore _
82,391,263
70,717,931 +16.5
18,908.406
16.012,779 +18.1
D.C.-Wash'g'n.

1.157.808
3,915,020
1,427,978
2,467,476
464,912,664
2,559,991
4,626,330
2,686,317
1,222,074
4,280,544
a
489,256,202
10,139010
4,977,084
68,488,086
133,819,424
13,453,600
a
a
1,887,916
a
a
3,878,740
a
171,480,603
5,330,401
413,454,8.54

1,254,988
5,299,829
33,901,05.5
b
65,300,988
13,148,014

1,659,137
9,027,438
48,839,919
b
94,604,549
15,650,090

135,466,562 +11.0

118,904,874

169,781,133

Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga. d6,228,965
5,222,774 +19.3
2,861,069
Knoxville
2,267,364 +26.2
16,808,977
Nashville
15,252,724 +10.2
41,823,909
Ga.-Atlanta_._
32,657,321 +28.1
1,196,643
Augusta
1,433,056 -16.5
1,278,629
1,137,114 +12.4
Macon
Savannah
a
a
a
10,666,780
Fla.-Jackson'lle.
9.144,578 +16.6
Aia.-131rming'm. d21,936,000
18,105,996 +21.2
b
b
Mobile
b
668,314
Mi86.-Jack8on
564,183 +18.5
184,053
Vicksburg
216,339 -10.3
44,207,208
La.-New Orleans
37,534,342 +17.8

4,257,607
2,520,038
13,845,238
31,319,763
1,601,204
*1,100,000
a
7,400,741
14,143,535
b
518,824
180,891
35.008.689

6,358,441
2.396,069
18,640,825
49,286,241
3,105,736
2,200,000
a
10.405.300
16,463,348
b
464,697
278.289
57.592.625

111,896,525

167,191,571
_

Total(5 cities).

Total(11 citi56)

150,400,117

147.870,547




123,535,791 +19.7

123
Week ending July 28.

Clearings al1923.
Seventh Feder
Mich.-Adrian _
Ann Arbor___
Detroit
Grand Rapids
Lansing
Ind.-Ft. Wayne
Indianapolis-South Bend__
Terre Haute_
Wis.-Mllwaukee
Iowa-Cedar Rap
Des Moines__
Sioux City_ _ _
Waterloo
111.-Blooming'n
Chicago
Danville
Decatur
Peoria
Rockford
Springfield_ __
Total(19 cities

1922.

Inc.or
Dec.

1921.

$
$
%
$
al Reserve D 'strict-Chi cago134,335
158,375 -15.2
153,790
676,873
416.478
456.539 +48.3
131,787,071
99,959.561 +31.8
83,307.281
6,480,146
5,221,381
5,555,023 +16.7
2,027,632
2,033,000
1,761,000 +15.1
2,110,416
1,661,289
1,620,579 +30.2
18,466,000
15.873,000 +16.3
15,372,000
2,335,500
1,800,000
1,959,300 +19.2
5.481,012 Not included in total
31,634,644
23,523,401
26,046,050 +21.5
2,213,187
1,764,751
1,763,467 +25.5
10,374,585
7,076.957
8.173,891 +26.9
5,327,460
5,122,925 +4.0
4,869,297
1,240.560
1,097,947
1.017,538 +21.9
1,156,052
1,177,141 -1.8
1,194,415
546,223,052 503,280,855 +8.5 462,662,048
aa
a
a
1,286,837
1,167,007 +10.3
1,425,178
4,327,619
3,706,550 +16.8
2,964,780
1,971,560
1,704.571 +15.7
1,545,036
2,508,721
2,344,566 +7.0
2,357,864
772,282,250

1920.
$
212,882
546,287
109,309,638
6,438,942
1.843,628
1,930,220
19,513,000
1.875,079
30,166,755
2,213,778
9,109,071
7.551,781
1,641,162
1,486,095
593.435,084
1,704,241
5,368.793
2,288,756
3,354,505

682,847,938 +13.1

620,448,893

799,989,697

Eighth Fede I Reserve Die trict-St. Lo ulsInd.-Evansville
4,464.554
4,171,734 +7.0
Mo.-St. Louis_
a
a
a
Ky.-Louisville_
26,573,230
22,123,762 +20.1
Owensboro__ _
412,366
324,086 +27.2
Tenn.- Memphi
13,802.130
12,632,069 +9.3
Ark.-Little Roc
9,755,698
7,074,270 +37.9
RI.-Jacksonvill
362.403
385,790 -6.1
Quincy
1,258.921
1,047,469 +20.2

4,485.983
a
19,432,333
324,763
10,270,730
7,173,145
290,920
976,548

4.501.393
a
24,879,988
600,533
15.843.959
8,887,397
855,609
1,210,615

42.954,422

56.779,494

Ninth FederaI Reserve Dist rict-Minne avails-Minn.-Duluth_. d6,712,063
4.559,749 +47.2
5,346.006
Minneapolis...
58,768,064
56,796,705 +3.5
54,127,353
St. Paul
. 29,864,409
30,407,540 -1.8
31,373,753
N. D.-Fargo._..
1,819,545
1,751,873 +3.9
1,786,089
S. D.-Aberdeen
1,118,521
1,042,228 +7.3
975,671
Mont.-Billings
480.650 .
502,423 -4.3
470.250
Helena
3,006,423
2,788,739 +7.8
2.921,555

7.447,709
75,846,219
15,448,100
2,666,346
1,592,895
923,521
1,278,995

Total(7 cities).

56,529.302

47,759,180 +18.6

Total(7 cities). 101,769.675
97,849,257 +4.0
97,000,677
Tenth FederaI Reserve Dist rict- Kansa s City-Neb.-Fremont..
d346,506
371,237 -6.7
414.291
Hastings
411,432
526,479 -21.9
641,004
Lincoln
.
3,124,702
3.104,167 +0.7
2.923,001
Omaha
32,498,746
36,707,327 -11.5
35,691.683
Kan.-Topeka _ . d3,022,742
2,616,210 +15.5
2,595,708
Wichita
. d9,260,927
8,075,942 +14.7
11,938,541
Mo.-Kan. City. 127,139,709 124,225,814 +2.3 147,355,906
a
St. Joseph
a
a
a
Okia.-Muskogci
a
a
a
a
Oklahoma Cit r d20,043,477
19,866.465 +0.9
21,573,469
Tulsa
a
a
a
Colo.-Colo. Spr.
104,662
818,852 +22.7
750.000
18,119,092
Denver
18,669,738 -2.9
16,911,669
Pueblo
e746,607
584.108 +27.8
632,722

1,0

Total(11 cities) 215,718,002 215,566,339 +0.1 241,427,994
Eleventh Fed ral Reserve District-Da IlasTex.-Austin._ _.
1,069,751
1,013,522 +5.5
1,031,043
Dallas
d22,225,000
22.795,529 -2.5
20.738,111
Fort Worth-. d9,291,749
9,228,303 +0.7
9,897,875
Galveston_ _ _ _ _
6,809,470
5,805,700 +17.3
6,921,036
Houston
.
a
a
a
a
La.-:hreveport _
3,495,110
3,429.207 +1.9
2.836,049
Total(5 cities)42,891,080
42,272.261
Twelfth Fader al Reserve D Istrict-San
Wash.-Seattle_ 34,270,403
29,808,310
Spokane
9,710,000
8,783.000
Tacoma
a
a
Yakima
_
886,772
1,055,007
Ore.-Portland _ 27,551,945
32,899,167
Utah-S. L. Cit V
12,405,863
10,925,032
Nev.-Reno._ _ _
a
a
Ariz.-Phoenix _.
a
a
Calif.-Fresno_ _ _
d3.437,785
3,617,567
Long Beach.._
8,270,426
4,545,887
Los Angeles.._ 131,167,000
95,363,000
Oakland
14,195,766
12,153,271
Pasadena
3,940,957
3,467,082
Sacramento _ _ _
d6,422,637
5,627,769
San Diego
_
3,058.269
*2,500,000
San Francisco _ 134,600,000 126,200,000
San Jose
_
1,869,424
2,011.180
Santa Barbara _
909,140
745,581
Stockton
_
c2,523,400
2,329,500

+1.5
41,424,114
Franc'sco+15.0
25,823,808
+10.6
8.464,131
a
a
-15.9
814,140
+19.4
23,133,666
+13.5
9,605.416
a
a
a
a
-5.0
3,018,621
+81.9
3,037,285
+37.5
71.881,000
+16.8
9,676,644
+13.7
2,540,298
+14.1
4,669.014
+22.3
2.050,894
+6.7 111,300.000
-7.0
1,750,000
+21.9
640,292
+8.3
3.965,200

105,203,785
851,125
837.665
5.260.847
50,406,681
3,316,713
14.398,737
230,623,944
a
a
11.550,071
a
840.000
20,115,532
883,076
339,064,391
2,067,550
29,964,864
17,615,825
7,389,005
a
3,685,071
60,722.315
34,677,339
9,883.163
a
1,119.802
30,760,034
16,093.931
a
a
2,987,933
2.296.122
71,945,000
9,714,890
1,630,492
5,446.690
2,252,034
150.700.000
2.500.000
755,060
5.559,700

Total(16 cIties) 400,567,009 336,684,131 +19.0 282,370,409 348,322,190
Grand total (121
cities)
6,466,698,256 6,844,412,045 -5.5 5,858,093,864 7,505,814,684
Outside NewYork 3,173,560,277 2,834,778.535 +12.0 2.556.431.732 3.382.048.71X
IVeek ending July 26.

Clearings at1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _
New Westminster
Medicine Hat_ _ _
Peterborough__ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert __ _ _
Moncton
Kingston

$
95,484,506
94.069,361
30,720.987
14,389,155
5,387,255
5,974,157 •
2,773,847
5.934,197
3,925,759
2,567,319
2,647,065
2,567,292
3.176,794
3,308,032
534,414
472,688
1,287,677
938,963
962,604
961,960
540,085
257,261
670,694
770,407
922.340
3.267,644
275,015
941,975
669,571

1922.
$
83,987,288
89,576,773
36,806.401
13,917,003
5,577,281
5,092,443
2.697,911
5,132,353
3,970,987
3,017.767
2,948,527
2,541,300
3,741,679
2,910,594
551,457
449,898
1,619.336
944,854
1,062,059
800,981
558.114
262,345
618,547
743,892
941,076
4,314,128
299,345
1,403,466
603,840

Inc. or
Dec.
%
+13.7
+5.0
-16.5
+3.4
-3.4
+17.3
+2.8
+15.6
-1.1
-14.9
-10.2
+1.0
-15.1
+13.7
-3.1
+5.1
-20.5
-0.6
-9.4
+29.1
-3.2
-1.9
+8.4
+3.6
-2.0
-24.3
-8.1
-32.9
+10.9

1921.
$
119,352.959
95,839.837
36,674,021
13.870.587
5,602,596
5,634,284
3,045,005
4,967.089
5.196,798
2,969,936
2,644,489
2,342.209
4.062,899
3.394,462
693,814
527,444
1.600.000
1.175,713
920,713
783,540
526,354
338,314
681,085
992.987
826,384
3,317,241

1920.
$
143,467.269
90,091,603
40,065,807
15.608,895
7.071,090
7,047,780
4,422,472
7,279,492
7,265,152
3.610,058
2.442,271
3,308.991
4.281,533
3,374,742
820,353
.574,848
2,028,502
1.600,916
1,354,507
897,219
676,950
430,445
884,736
1,258,228
1.019.220
3,373.736

1.031,860
586,914

Total Canada. 286.390.024 277.091,645 +3.4 319.599.534 354.256.815
a No longer report clearings. b Do not respond to requests for figures. c Week
ending July 25. d Week ending July 26. e Week ending July 27. •Estimated.

[Vol.. 117.

7117 CHRONICLE

524

gems

THE ENGLISH GOLD AND SILVER MARKETS.
goininercial anttratsalbumins
We reprint the following from the weekly circular of
National Banks.-The following information regarding
Samuel Montagu & Co. of London, written under date of
national banks is from the office of the Comptroller of the
July 18 1923:
GOLD.
Currency, Treasury Department:
The Bank of England gold reserve against its note issue on the 11th inst.
was £125,798.400, as compared with £125,796,970 on the previous Wednesday.
The amount of gold available this week was rather larger than usual.
As Indian inquiry is small, the greater portion will be dispatched to New
York.
The following were the United Kingdom imports and exports of gold durfing the month of June 1923:
Exports.
Imports.
SAO
Sweden
£15,333
Netherlands
5,850
France
500,000
Egypt
West Africa
• 98,370
301,600
United States of America
2,164
Central America and West Indies
840
Various South American countries
532
Rhodesia
191.460
Transvaal
2,831,244
1.148,756
British India
500
Straits Settlements
157,018
5,490
Other countries
£3,130,140 £2,129,057
Total
The Transvaal gold output for June 1923 amounted to 755,309 fine
May 1923 and 675,697
ounces
for
ounces. as compared with 786,564 fine
fine ouncesfor June 1922.,
It is reported that several German banks are attracting large paper mark
deposits on toe new "gotd mark basis.- This system, as regulated by the
Prussian and Bavarian laws, is as follows: The "savings gold mark," whose
value is not that of the old gold mark, but ten American cents, is selected
as the unit. Paper mark deposits are valued in the "savings gold mark"
according to the day's Bourse quotations of new dollar Treasury bills, and
they are so booked. The savings bank undertakes to repay to depositor,
when he withdraws his deposit, in paper marks of the same gold value. The
bank presumably covers its own risk by investing the paper mark deposits
in dollar Treasury bills, or in some other stable security.
SILVER.
The market during the last seven days has been singularly inactive.
Although favorable news continues to be cabled regarding the monsoon,
the Indian Bazaars are reluctant to purchase silver outright, preferring to
ship and sell a similar amount for delivery In two months. China has sent
orders to buy, but at a considerable fraction under quotations. The Continent and America have not figured as sellers of any Importance. On the
whole the market has a languid appearance.
The "General Bulletin" of the American Mining Congress thus refers to
the approaching silver conference:
"The Senate Gold and Silver Commission will meet at Reno, Nevada,
Aug. 15, to which will be invited _silver producers of the United States,
Canada, Mexico and Central and gouth America. The Commission will
give producers the benefit of the data now being collected, and receive suggestions which producers may desire to present. It is expected the matter of
organizing a silver export association will be considered. Producers desiring to attend may notify the Commission or the American Mining Congress,
which will see that invitations are issued. The Department of Commerce
will publish in pampAlet form for the Reno meeting data it secured through
a questionnaire on the monetary use of silver. Further information on the
silver situation has been requested by the Commission from the Department of Commerce, which has been requested to investigate and report on
the influence of the price of silver upon trade in India and China. The
object of the Investigation is to prove that a low price for silver results in
the dumping of India's wheat on the United States, and that a high price
for silver results in the ability of India and China to absorb a larger volume
of cotton goods at a higher price, enabling American cotton producers to
sell more cotton at a higher price. Information is also sought as to the
mechanics of Oriental exchange and factors which influence fluctuations in
the price of silver arising from trade demands The Department has been
asked to report on the effect of a silver loan to China upon the financial condition of that country and American trade therewith."
INDIAN CURRENCY RETURNS.
June 22. June 30.
July 7.
(In Lacs of Rupees.)
17238
17361
17426
circulation
in
Notes
8471
8595
8658
Silver coin and bullion in India
Silver coin and bullion out of India
2432
2432
2432
Gold coin and bullion in India
Gold coin and bullion out of India
Government)
5750
5750
1781
(Indian
Securities
584
585
585
Securities (British Government)
inst.
7th
amounted
to
week
ending
the
The silver coinage during the
rupees.
one lac of
The stock in Shanghai on the 14th inst. consisted of about 26,700,000
ounces In sycee and 32,000,000 dollars, as compared with about 25,800,000
ounces wee,32,500,000 dollars and 420 silver bars on the 7th inst.
The Shanghai exchange is quoted at 3s. the tael.
Bar Gold
-Bar Silver per Or. Std.per Or. Fine.
Cash.
2 Mos.
Quotations89s.
10d.
30
9-16d.
3031d.
July 12
30 7-186.
89s. 9d.
30 11-16d.
July 13
301(1.
3031d. .
July 14
89s. 5d.
3010.
3034d.
July 16
309-186.
89s. 10d.
3031d.
July 17
89s. 8d.
309-16d.
3034d.
July 18
89s.8.4d.
30.823d.
30.541d.
Average
respecand
forward
delivery
are
cash
for
The silver quotations to-day
a week ago.
tively Kid. and 1-16d. above those fixed

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:
July 28. July 30. July 31. 4249.1. Aug.2. Aug. 3.
Thurs. Fri.
Mon. Tues. Wed.
Sat.
3015-16 3015-16
3034
3034
d 30 13-16 30X
3d. 90s. 2d.
90s.
ld.
90s.
2d.
908.
89s. 8d. 90s.
Gold, per fine ounce
5834
5854
583.4
5834
58fi
Console. 254 per cents
10041
10031
10051
10031
190.1
British,5 per cents
964
96,4
9631
9631
9(iyi
British,4% per cents. _ _ _
56.45
56.05
57.40
513.75
58
French Rental (in Paris),___
74.47
74.50 74.35
75.50
75.50
FrenchWarLoan(inParbi),ErLondon,
Week ending Aug. 3-

The price of silver in New York on the same day has been
Sliver in N.Y., per oz.(ets.):
6254
Foreign




621.i

6234

623.4

6234

6234

APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25,000
July 24-The First National Bank of Nuremburg, Pa
Correspondent, Frank Wharmby, Nuremburg, Pa.
50,000
July 25-The First National Bank of Fairview, New Jersey
Correspondent, Francis Bradley, Fairview, N. J.
APPLICATIONS TO CONVERT RECEIVED.
525,000
July 24-The Potwin National Bank, Potwin, Kan
Conversion of the Potwin State Bank, Potwin, Kan.
30,000
July 28-The American National Bank of Sallisaw, Okla
Conversion of the Security State Bank, Sallisaw, Okla.
APPLICATION TO CONVERT APPROVED,
325.000
July 48-The Commercial National Bank of Havelock. Nob
Conversion ofthe CommercialState Bank of Havelock,Neb.
CHARTERS ISSUED.
uly 24-12417-The State National Bank of Trumansburg,N.Y. $25,000
Conversion of the State Bank of Trumansburg, N.Y.
President, C. W. Bower: Cashier, G. M. Newell.
uly 28-12418-The Brotherhood's Co-Operative National Bank
000,000
of Spokane, Wash
President, G.0. Barnhaft: Cashier, Henry E. Cass.
VOLUNTARY LIQUIDATIONS.
July 25-7447-The Battery Park National Bank of New York,
51.500.000
N.Y
Effective July 24 1923. Liquidating committee, E. A.
deLima, Frederick E. Hasler and William H. Kemp,
New York. N. Y. To be absorbed by the Bank of
America, New York, N. Y.
July 28-545-The Boylston National Bank of Boston, Mass-- 700,000
Effective July 26 1923. Liquidating committee, Charles
W. Bailey and John E. Prouty, Quincy, Mass., and
Almon W.Blake, Somerville, Mass. Absorbed by the
Commonwealth-Atlantic National Bank of Boston,
No.643. Liquidating bank has no circulation.

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.
20 Great Neck Realty Co„ com!arto
500 Henry Lindenmeyer & Sons,
common
$55 per sh.
50 Irving Bank-Columbia Trust
Co
$212 per sh.
50 shares ctf. of int. In certain
assets formerly owned by
Columbia Trust Co_.12634 per sh.

Price.
Bonds.
$8.000 Hudson County Consumers
70%
Brewing Co.6%, 1930
87.000 Illinois Electric Power Co.
9114%
6s, 1943
69,000 Lockwood, Greene dr Co.,
Inc., 10-year coll. trust 78,1933-9335%
84,000 Southwestern Gas dr Elec.
774%
Co. 6s, 1957
$2,000 Union Traction (Ind.) 68,
6431%
1932

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price,
1 Fourth Atlantic National Bank.20134
97 Townsend National Bank
115
300 Rights Otis Co
9
2 Draper Corp
162
2 Asheville Pr. & Lt. Co., pref
90
3 American Bank Building, par
51,000
9ii% flat
21 Manchester Trac., Lt. dr Pr.Co_105%
1 Tremont Building Trust
623.4
35 American Glue Co., common_
41
5 Emerson Shoe Co., 1st met
78
10 Units Vitel 011 & Ref. Co., par
$10
231
15 Merrimac Hat Corp., met, par
$15
304
2 Cambridge Gas Light Co
203

Prize
Shares. Stocks.
22
3 Reed Prentice Co., pref
5 J. K. Hughes Developing Co.
631
(ctf.). par $10
484
2 Fisk.Rubber Co., 1st pref
53. L. Thompson Oil Corp., par
75e.
$10
10-100 State Theatre Co__ _750. per 1-100
9 Narraganset Electric Lighting
65
Co.. par $50
30-40 Fractional Sub. warrant
100.
Rockland Lt. & Pr. Co
Price.
Bonds.
$500 Boston-Montana Milling dr
$20 for note
Power Co. 88, 1923
14-100 State Theatre Co__ _76c. per 1-100

By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price,
2 Mattapan National Bank
97
40 Rights Otis Co
931
15 Nashua me. Co., pre
9931
5 American Glue Co., common_ _ _ _ 41
100 Textile Finishing Machinery
•
Co., common
5

Price.
Shares. Stocks.
1 Fitchburg Gas & Electric Co.,
803/
par 150
1 Fitchburg Gas dr Electric Co„... 8034
10 U. S. Metal Products Co., pf_$11ot
8034
28 American Mfg. Co., pref
3 Merrimac Chemical Co., par 150_ 9531
497 Loring B. Hall, Inc
$10,000 lot
10 Greenfield Tap dr Die Corp., Pf. 92

By Messrs. Barnes & Lofland, Philadelphia: •
Shares. Stocks.
Price.
25 Swan Creek Orchard, pref.---$10 lot
10 Philadelphia Bourse, corn
184
25 Westmoreland Coal,par $50_ _ ._ 66
25 Tellico Dumber. class "A"._$110 lot
50 Stanley Co. of America, no Par- 60
25 Rights Union National Bank, @
E180
45
1 Girard National Bank
475
11 Philadelphia National Bank_ _395
1 Corn Exchange National Bank_ _41531
10 Producers & Consumers Bank,
Par $10
10
1 Provident Trust
525
5 Guarantee Tr. dr Safe Deposit_ ..15134
1 Pennsylvania Co. for Insurances
on Lives & Granting Annuities_.5804
5 Peoples Trust, Dar $50
75
15 Metropolitan Trust,Par $EA
6231
4 Metropolitan Trust, par $50_
6214
10 Philadelphia Co. for Guaranteefrig Mortgages
1814
17 Reliance Insurance, par OIL._ _ 97
4 Victory Insurance
984
14 Fire Association of Philadelphia-333
10 Little Schuylkill Navigation RR.
dr Coal
40

Shares. Stocks.
Plied.
72 Philadelphia, Tonawanda Land,
86 lot
Dar 850
100 Bergner & Engel Brew., com.$101 lot
250 Little Mamma Mining,Par $10$5 lot
10 Golf Publishing, pref., par $100-86 lot
5 Golf Publishing, corn., no par...56 lot
132 Cumberland Nall & Iron,
85 lot
par 550
50 Pennsylvania Canal, Par M.-$6 lot
100 Manufactured Rubber, pref.,
$360 lot
par $10
100 Manufactured Rubber, corn.,
$45 lot
Par $50
8 Franklin Land iit Impt., par $15.88 lot
$g lot
25 Swan Creek Orchard, pref
price.
Bonds.
82,000 Columbus Newark & Zanesville Electric Sty. Es, 1924 (coup.
$6 lot
attached)
$100,000 Murray B. Coal 6s, 1931
320,865 lot
$500 Philadelphia Tonawanda Land
$24 lot
Co. Os, mtge. loan ctf
$400 55 Golf Publishing (certificate
$15 lot
of indebtedness)

CURRENT NOTICES.
-Richard J. Butler has assumed charge of the municipal bond department in the New York office of Paine, Webber & Co.
-Kimball, Russell & Co. of Boston are now located in their new quarters at 31 Milk Street.
-F. B. Keech & Co. announce that Charles Reed has been admitted to
partnership in their firm
-The Morgan H. Grace Co. has succeeded to the import and export
business of Busk & Daniels.
-Ware & Co. announce the opening of a branch office in the Majestic
Building, Detroit, with Carl M. Deakin as manager.
-Pask & Walbridge, 14 Wall Street. have issued a comparative table of
New York City bank and trust companies.

AUG. 4 1923.]

THE CHRONICLE

-The Metropolitan Trust Co. has been appointed trustee of an issue
Sinking Fund Mortgage Gold bonds, due
the
Park Place Corporation.
-Hawley & Stewart announce that Harold C. Hahn has been admitted
as a general partner in the firm. Mr. Hahn was previously with P. W•
Chapman & Co.

of $5E0,000 7%

1933, of

53

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:
Per
When
Cent. Payable.

Name of Compang.

Books Closed.
Days Inclusive.

Public Utilities.
•
Bristol dr Plainville Elec.(quara
2% Aug. 1 Holders of tee. July 21a
Central Miss. Vail. Elec. Prorl.. Pt.(gu.) 154 Sept. 1 Holders of rec.
Aug. 15a
Charlestown Gas & Elec.(guar.)
$2
Aug. 1 Holders of rec. July 23
Extra
$1
Aug. 1 Holders of rec. July 23
Duquesne Light, 1st pref. Ser A (qu.)_ _
151 Sept. 15 *Holders of rec. Aug. 15
Fairmount Park & Hadd. Pass. Hy_ _ *31.50 Aug. 4 *July 26 to
Aug. 5
Lincoln Traction, preferred (guar.)
154 Aug. 1 July 22 to July 31
Northern Texas Elec. Co.,corn.(guar.). 2
Sept. 1 Holders of rec. Aug. 103
Preferred
3
Sept. 1 Holders of rec. Aug. 10a
Quebec Power Co.,corn.(pay.in pt.stk.) *m10 Aug. 1 *Holders of rec. July 25
Texas Electric Ry.,2d pref.(guar.).
1% Aug. 1 Holders of rec. July 150
Miscellaneous.
American Felt, preferred
$1.50 Sept. 1 Holders of rec. Aug. 15
Amer. Window Glass Co., preferred_
3% Sept. 1 Aug. 18 to Aug. 31
Auto-Knitter Hosiery (guar.)
*el
Oct. 15 *Holders of rec. Oct. 1
Automatic Refrigerating (guar.)
2
Sept. 1 Holders of rm. Aug. 20
Brown Shoe,common (guar.)
*1
Sept. 1 *Holders of rec. Aug. 20
Butler Mills (guar.)
2
Aug. 15 Holders of rec. Aug 4
Cabot Manufacturing (guar.)
1% Aug. 15 Holders of rec. Aug. 26
Campbell Soup, preferred (guar.)
1( Sept. 1 Holders of rec. Aug. 15
Colorado Fuel & Iron, preferred (guar.). 2
Aug. 25 Holders of rec. Aug. 106
Columbia Gmpboph. Factories, Pf.(eta.) *2
Aug. 1 *Holders of rec. July 25
Coeden & Co., preferred (guar.)
1% Sept. 1 Holders of rec. Aug. /5a
Cosgrave Export Brewery (guar.)
1% Aug. 15 Holders of rec. July 310
Deere & Co., preferred (guar.)
Mc.Sept. 1 *Holders of rec. Aug. 15
Hayes Wheel (guar.)
*75e. Sept.15 *Holders of rec. Aug. 31
Hoosac Cotton Mills, Pref. (guar.)
2
Aug. 15 Holders of rec. Aug 4
Household Products, Inc. (guar.)
M Sept. I Holders of rec. Aug. 15
Ingersoll-Rand Co., common (guar.)
*2
Sept. 1 *Holders of rec. Aug. 17
Inland Steel, common (Oust.)
'62%c Sept. 1 *Holders of rec. Aug. 15
Preferred (guar-)
•15i Oct. 1 *Holders of rec. Sept. 15
International Harvester, pref. (quar.)
1% Sept. 1 Holders of rec. Aug. 10
Lit Brothers
50c.* Aug. 20 *Holders of rec. Aug. 9
Loew's Boston Theatres Co., Common.. 1
Aug. 15 Holders of rec. Aug. 4
Monquitt Spinning (guar.)
154 Aug. 7 Holders of rec. July 316
Musgrove Mills(No. 1)
*3
Aug 1
Nashawena Mills (guar.)
2
Aug. 7 Holders of rec. July 31
Nat. Automatic Fire Alarm of0.(eU.)._
134 Aug. 1 Holders of rec. July 30a
Nonquitt Spinning (guar.)
154 Aug. 7 Holders of rec. July 31
Nyanza Mills (guar.)
1
Aug. 15 Holders of rec. Aug. 2a
Package Machinery,common ((Mara
*2
Sept. 1 *Holders of rec. Aug.
Phillipsborn's, Inc., pref.((Mara..
*15( Aug. 15 *Holders of rec. Aug. 20
4
Pure 011,common (guar.)
3734c. Sept. 1 Holders of rec. Aug. 15
Quissett Mills, common (guar.)
2
Aug. 15 Holders of rm. Aug. 4
Renfrew Mfg.,common (guar.)
154 Aug 1 Holders of rec. July 31
Reynolds Spring,com.(gu.)(No.
*50c. Nov. 1 *Holders of rec. Sept. 1
Preferred A & B (guar.)
*15(
Oct. I *Holders of rec. Sept. 17
Roxbury Carpet, preferred (guar-)
154 Aug. 1 Holders of rec. July 30
St. Louis Coke & Iron, preferred
*134 Aug. 25
Sharp Manufacturing (guar.) (guar.). *31
Shawmut Manufacturing, corn. (guar.). *134 Aug.
1 *Holders of rec. July 25
Preferred (guar.)
*134 Aug 1 *Holders of rec. July 25 .
Sherwin-Williams Co., corn,(guar.)50c. Aug. 15 Holders of rec. July 31
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 15
Smith (A.0.) Corp.(guar.)
250. Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
154 Aug. 15 Holders of rec. Aug. la
Southern Pipe Line (guar.)
2
Sept. 1 Holders of rec. Aug- 15
Standard 011 (Calif.)(guar.)
•50c. Sept. 15 *Holders of rm.
Standard 011 of New York (guar.)
20
350. Sept. 15 Holders of rec. Aug.
Aug.
Studebaker Corp., common (guar.).- *$2.50
Sept. 1 *Holders of rec. Aug. 24
10
Preferred (guar.)
'134
Sept.
1 *Holders of rm. Aug. 10
Sullivan Packing, preferred (guar.)
Aug. 1 Holders of rec. July
Troxel Manufacturing, pref.(gnat.).... 2
20
Aug.
1
154
Holders of rec. July 27a
Truscon Steel, common (guar.)
3
Sept.15 Holders of roe. Sept. 5a
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 21a
United States Steel Corp., corn.(quar.)_
1)4
Sept.29
Aug. 30 to Sept. 3
Preferred (guar.)
134 Aug. 30 Aug. 7 to Aug. 8
V. Vivadou, Inc.(guar.)
White (J. G.) & Co.,Inc., Prof.(gust.). *50c Sept.15 *Holders of rec. Sept. 1
White(J.G.) Engineering Co.,Pt(cm.). 1% Sept. 1 Holders of rm. Aug. 15
White(J.G.)Managem't Corp..pr.(gu.) 154 Sept. 1 Holders Of rec. Aug. 15
15( Sept. 1 Holders of rec. Aug. 15
Will & Baumer Candle, corn.(guar.).-*25e.
Aug. 15 *Holders of rec. Aug. 1
Below we give the dividends announced in
previous weeks
and not yet paid. This
does not include dividends announced this week, these being given
in the preceding table.

lisp

Per
;nen
Book* Closed
Name of Company.
Cent. Payable.
Days Inclusive
Railroads (Steam).
Alabama Great Southern, preferred__
Aug. 16 Holders Of rec. July 13
Atchison Topeka & S. Pe., corn. (guar.) 3%
134 Sept. 1 Holders of
rm. July
Baltimore & Ohio, preferred
2
Sept. 1 Holders of rec. July 270
Buffalo Rochester dr Pittsburgh,
2
Aug. 15 Holders of tee. Aug. 140
Preferred
86
3
Aug. 15 Holders of rec.
Central RR.of New Jersey (extra)
Aug. 80
2
Aug. 15 Holders of rec. Aug.
Chic. St. Paul Minn.& Omaha,corn_
10a
254 Aug. 20 Holders of ree. Aug.
Preferred
la
34 Aug. 20 Holders of rec. Aug.
Cleveland & Pittsburgh, guar. (quar.)_ _
134 Sept. 1 Holders of rec. Aug. la
Special guaranteed (guar.)
10a
1
Sept.
1
Holders
of rec. Aug. 100
Cuba Railroad. preferred
3
Febl'24 Holders of rm.Jan.19'24n
Delaware & Hudson Co.(guar.)
2M Sept.20 Holders of rec.
Aug. 286
Hudson & Manhattan, preferred
2% Aug. 15 Aug. 2 to
Aug. 15
Illinois Central, cons. (guar.)
15( Sept. 1 Holders of
rec.
Preferred
3
Sept. 1 Holders of rec. Aug. 2a
Aug. 20
Intermit. Rys. of Cent. Am.. pref.(qui m Aug. 15 Holders of
rec. July 31
Louisville & Nashville
234 Aug. 10 Holders ot rec. July
17a
Michigan Central
10
July 28 Holders of rec. June 296
Norfolk & Western, corn. (guar.)
154 Sept. 19 Holders of rec. Aug. 310
Adjustment preferred (guar.)
I
Aug.
18
Holders
of rec. July 3Ia
Oswego & Syracuse
4% Aug. 20 Holders of rec.
Aug.
Pennsylvania RR.(guar.)
750. Aug. 31 Holders of rec. Aug. 70
Pennsylvania RR.(guar.)
la
m Aug. 31 Holders of rec.
la
Pittsburgh & West Va., pref. (guar.)..
1m Aug. 31 Holders of rm. Aug.
Aug. la
Reading Company. corn.(guar.)
$1
Aug. 9 Holders of rm. July 170
First preferred (guar.)
E0e. Sept.13 Holders of rec.
Aug. 270
Sharon Railway (semi-annual)
1.37% Sept. 1 Aug. 22 to Aug. 31
Public Utilities.
American Electric Power, pref.(guar.).
- mlm Aug. 15 Aug. 1 to
Amer. Water Works Ai Elec..
let pl.(au) 134 Aug. 15 Holders of tea. Aug. 5
Six per cent participating pref
Aug. la
Aug. 15 Holders of rm. Aug. la
1
Brazilian 'Frac., Lt.& Pow., ord.
Sept. 1 Holders of ree. July 31
(guar.) 1
Brooklyn Edison Co.(guar.)
2
Sept. 1 Holders of rec. Aug. 17a
Cedar Rapids Mfg. & Power
(gnat.)...
14 Aug. 15 %olden of roe Juiss, al




Name of Company.

525
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
Cent. Arizona L.& P.,corn.& pref.(en.) *2
Aug. 15 *Holders of rec. July 31
Cleveland Elec. Mum.,8% pref.(guar.) 2
Sept. I Holders of rec. Aug 15a
Columbia Gas & Electric new stk.(qua - 650. Aug. 15 Holders of toe. July
Ela
Old stock
E1.9.5 Aug. 15 Holders of ree .July 316
Columbus Ry., Pow.& Lt.. corn.(gu.)- 134 Sept. 1 Holders of rec. Aug. 16a
Common (guar.)
Dec. 1 Holders of rec. Nov.150
1
Preferred, Series A (guar.)
134 Oct. 1 Holders of rec. Sept.15a
Preferred. Series A (guar.)
154 Jan2'24 Holders of rec. Dec. 15a
Preferred, Series B
234 Nov. 1 Holders of rec. Oct. 16a
Connecticut Ry.& Ltg.,com.&pf.(gu.) $1.1212 Aug. 15 Holders of rec. July 310
Consolidated Gas of N.Y.,com.(quar.)
$1.25 Sept.15 Holders of rec. Aug. 9a
Detroit United Ry. (guar.)
134 Sept. 1 Holders of rec. Aug. 1
Eastern Massachusetts Street Ry.Preferred B
Aug. 15 Holders of rec. July 31
3
Eastern Wisconsin Elec., pref. (guar.)_ _ *1
Sept. 1 *Holders of rec. Aug. 20
Illuminating dr Power Secur., corn.(qu.) 45c. Aug. 10 Holders of rec. July 31
Preferred (guar.)
15( Aug. 15 Holders of rec. July 31
Kaministiqua Power (gust.)
2
Aug. 15 Holders of rec. July 310
Montreal Lt., Ht.& Pr., Cons'd (guar.)_ 154 Aug. 15 Holders of rec. July 31
Montreal Lt., Ht. & Power (guar.).- 2
Aug. 15 Holders of rm. July 31
Newport News& Hampton ley.. Gas&
Electric. Pref. (guar.)
1% Oct 1 Holders of rec. Sept.150
North Shore Gas, preferred (guar.)._
134 Oct. 1 Holders of rec. Sept.20
pacific Gtur EL,1st pt.& orig. pt.(qu.) 154 Aug. 15 Holders of rec. July 310
Philadelphia Co.. preferred
$1.25 Sept. 1 Holders of rec. Aug. 100
Tampa Electric Co. (guar.)
254 Aug. 15 Holders of rec. July 250
Southern California Edison, corn.(On.). 2
Aug. 15 Holders of rec. July 31
United Gas Improvement, pref. (guar.)_ 87540. Sept. 15 Holders of rec. Aug. 310
United Light & Rys., particip pref.(ext.)
34 Oct. 2 Holders of rec. Sept. 156
Participating Preferred (extra)
34 Jan2'24 Holders of ree. Dee. 15
United Rys.& Elec.,(Halt.) corn.(en.) 50c. Aug. 15 Holders of me. May 20a
West Penn Co., pref. (guar.)
134 Aug. 15 Holders of ree. Aug. la
West Penn Rye.. pref.(guar.)
134 Sept.15 Holders of rec. Sept. 1
Wisconsin River Power, pref. (guar.).
114 Aug. 20 aolders of rec. July 310
Miscellaneous.
Allis-Chalmers Mfg., corn. (guar.)
American Art Works, corn. & pref. (on.)
American Bank Note, corn.(guar.)
American Bank Note, preferred (guar.).
American Can,common (guar.)
Am.La France Fire Eng..Inc.. com.(gu)
American Machine & Founder (oust.)
Quarterly
American Metal, common (guar.)
Preferred (guar.)
American Radiator, common (guar.)...
Preferred (gUara
American Rolling Mill, pref.(oust.)....
Amer. Shipbuilding, corn. (guar.)
Common (guar.)

$1
Aug. 15 Holders of rec. July 240
134 Oct. 15 Holders of rec. Sept.30a
$1.25 Aug. 15 Holders of tee. Aug. la
75c. Oct. 1 Holders of rec. Sept.140
134 Aug. 15 Holders of rec. July 310
25e. Aug. 15 Holders of rec. Aug. la
134 Oct. 1 Holders of tee. Sept. la
1% Jan1'2,4 Holders of rec. Dec. la
760. Sept. 1 Holden of rec. Aug.d18a
15( Sept. 1 Holders of rec. Aug.d20a
$1
Sept.29 Holders of rec. Sept.150
154 Aug. 15 Holders of rec. Aug. la
.134 Oct. 1 Holders of rec. Sept.1541
2
Nov. 1 Holders of rec. Oct. 150
2
Febl'24 Holders of rec. Jan.15'24a
2
Mayr24 Holders of rec. Apr.i5'244
C
Co
°nim
m mo
on
(gnat.)2 Ang1'24 Holder,of roe. July 15'24a
Amer. Smelt. & Ref., pref.(guar.)
154 Sept. 1 Holders of rec. Aug. 100
American Soda Fountain (guar.)
134 Aug. 15 Holders of rec. July 310
American Tobacco,corn.& corn. B (au.) 3
Sept. 1 Holders of rec. Aug. 100
Amparo Mining (guar.)
Aug. 10 Aug. 1 to Aug. 10
3
Associated Dry Goods. let pf. (gust)... 134 Sept. I Holders of rec. Aug. Ila
Second preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 110
Atlantic Terra Cotta, preferred (quar.)
1
Sept.15 Holders of rec. Sept. 5
Beacon 011, preferred (guar.)
$ 1.87M Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
$ 1.8754 Nov. 15 Holders of rec. Nov. la
Bethlehem Steel Corp.Seven per cent cum. pref.(guar.).Oct. 1 Holders of rec. Sept. 156
Seven per cent cum. pref.(gear)._ im Jan2'24 Holders of rec. Dec. 156
Seven per cent non-cum. pref. (guar.) 154 Oct. 1 Holders of rec. Sept. 150
Seven per cent non-cum. pref. (guar.) 134 Jan2'24 Holders of rec. Dec. 150
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 150
Eight per cent preferred (gust)
2
Jan 2'24 Holders of rec. Dec. 150
Bethlehem Steel, common (guar.)
134 Oct. 1 Holders of rec. Sept. la
Bond & Mortgage Guarantee (guar.)... 4
Aug. 15 Holders of rec. Aug. 8a
Borden Company,common
Aug. 15 Holders of rec. Aug. 10
4
Preferred (guar.)
154 Sept.15 Holders of nic. Sept. la
Preferred (guar.)
154 Dec. 15 Holders of rec. Dec. la
Bridgeport Machine Co. (guar.)
25e Oct. 1 Holders of rec. Sept.200
25e. Jan 1'24 Holders of rec. Dec. 200
c.corn.Quarterly
25c. Aprl'24 Holders of ree.Mar.20'240
Brill
Quarterlyil
)Co.,c .,
(guar.)
$1.25 Sept. 1 Aug. 25 to Aug. 31
Brompton Pulp & Paper, Pref.(gnarl
Aug. 30 *Holders of rm. July 31
*2
Preferred (account mourn. dividends). *4
1 *Holders of rec. July 31
Brunsvrick-Balke-Coll. Co., coca. (Q11.).. *154 Aug.
Aug. 15 *Holders of tee. Aug. 4
Buckeye Pipe Line (guar.)
$1.75
$$2.505 Sept.15 Holders of rec. Aug. 20
Burns Bros., corn., Class A (gum.)
Aug. 15 Holders of rec. Aug. la
Common, Class B (guar.)
500. Aug. 1 Holders of rec. Aug. la
Butler Brothers (guar.)
62340 Aug. 1 July 29 to Aug. 15
California Packing Corp. (guar.)
Sept. lii Holders of rec. Aug. 3I6
Canada Cement. preferred (guar.)
1
Aug. 16 Holders of rec. July 31a
Canadian Converters (guar.)
Aug. 1 Holders of rec. July 316
Casein Co. of Am.(Delaware). oref
Aug. 15 Holders of roe. Aug. 70
Casey Hedges Co., common (gust.)....2M Aug.
15 Holders of rec. Aug. la
Celluloid Company. pref. (guar.)
2
Aug. 15 Holders of tee. July 31a
Century Ribbon Mills,Inc..Prof.(guar.)
Sept.
1 Holders of rec. Aug. 20a
Checker Cab Mfg., class A (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15a
Class A (guar.)
$1.25 Febl'24 Holders of rec. Jan151144
Chicago Yellow Cab (monthly)
831-3 Sept. 1 Holders of rec. Aug.c/206
Monthly
33 1-3c Oct. 1 Holders of rec. Sept.20a
33 1-3c Nov. 1 Holders of rec. Oct. 200
Chili Copper(guar.)
6234e Sept.29 Holders of rec. Sept. 1
Cities ServiceCommon (monthly, payable in scrip)_ ag Sept.
I Holders of rec. Aug. 15
Common (payable In corn. stk. scrip).
34 Sept. 1 Holders of tee. Aug. 15
Preferred and preferred B (monthly)
34 Sept. 1 Holders of tee. Aug. 15
Cleveland Stone(guar.)
154 Sept. I Holders of tee. Aug. 15
Extra
M Sept. 1 Holders of rm. Aug. 15
Congoleum Company, common
32
Oct. 15 Holders of rec. Oct. 6
Consolidated Cigar Corp., pref.(gnat.). 13.4 Sept. 1 Holders of rec. Aug.
15a
Continental Can. common (guar.)
31
Aug. 15 Holders of rec. Aug. 46
Conting Paper & Bag Mills,corn.(guar.) 154 Aug.
15 Holders of rec. Aug. 8
Preferred (guar.)
154 Aug. 15 Holders of rec. Aug. 8
Davol Mills (guar.)
154 Oct. 1 Holders of rec. Sept.244
Diamond Match (guar.)
Sept.15 Holders of rec. Aug. 3Ia
2
Diem & Wing Paper, preferred (guar.).- 134 Aug. 15 Holders of tee. July 310
Dominion Bridge(guar.)
Aug. 15 Holders of rec. July 310
1
Dominion Storm, Ltd.. common
500. Oct. I Holders of ree. Sept. 1
Dow Chemical, common (guar.)
Aug. 15 Holders of rec. Aug. 40
$1
Preferred (guar.)
1% Aug. 15 Holders of rec. Aug. 4a
Eisenlohr (Otto)& Bros., eons.
14 Aug. 15 Holders of rec. Aug. la
Fair (The), preferred (guar.) (guar.)- *154
Aug. 9 *Holders of rec. July 20
Fifth Ave. Bus Sec. Corp.(guar.)
16c. Aug. 15 Holders of tee. Aug. la
Firestone Tire & Rubber,7% pref. (Mr.) 154 Aug. 15 Holders of rm. Aug. 1
Fleishmann Co.. coin. (gum.)
50o. Oct. 1 Holders of rm. Sept.150
Common (extra)
500. Oct. 1 Holders of tee. Sept. 15a
Common (guar.)
50c. fan 1'24 Holders of me. Dec. 15a
Preferred (guar.)
154 Sept. I Holders of rec. Aug. 24a
Foulds Milling. common (guar.)
Aug. 10 Holders of rec. Aug. la
51
General Asphalt, preferred (guar-)
134 Sept. 1 Holders of rec. Aug. 15a
General Cigar, pref. (guar.)
1% Sept. I Holders of rec. Aug. 240
Debenture preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 24a
General Development(guar.)
250. Aug. 20 Holders of rec. Aug. 100
Gillette Safety Razor (guar.)
Sept. 1 Holders of rec. Aug. 1
3
Stock dividend
Dec. 1 Holders of rec. Nov. 1
85
Goodrich (B.F.) Co., Prof.(guar.)
134 Oct. 1 Holders of rec. Sept.21
Goagtrd (II. W.) Co., corn. (monthly)..... 250. Sept. 1 Holders of
rec. Aug. 20
Great Lakes Dredge & Dock (guar.).Aug. 15 Holders of rec. Aug. 8
-- 2
Gulf States Steel Co.First and second preferred (guar)
13( Oct. 1 Holders of rec. Sept. lea
First and second preferred ((Mara154 Jan2'24 Holders
rec. Dec. 14a
Hart, Schaffner & Marx. corn. (gust.)... 114 Aug. 31 Holders of
of tee. Aug. 18*
Hercules Powder, pref. (guar.)
*154 Aug. 15 *Holders of rec. Aug. 4
Hollinger Consolidated Gold Mines
Aug dig Holders of rec. July 28
1
Indiana Pipe Line (guar.)
2
Aug. 15 Holders of rec. July 20

154

154

194

Name of Company.

[VOL. 117.

THE CHRONICLE

526
When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Weekly

Return

of

New

York

City

Clearing

House

Banks and Trust Companies.

The following shows the condition of the New York City
Miscellaneous (Concluded).
Nov. 15 Holders of rec. Nov. la
Intertype Corp., corn.(In corn. stock)__ 110
rec. July 316 Clearing House members for the week ending July 28. The
of
15
Holders
Aug.
25e.
Common (guar.)
Aug. 15 Holders of rec. Aug. la
2
of the daily
Iron Products Corp.. pref. Omar.)
Aug. 15 Holders of rec. Aug. 8a figures for the separate banks are the averages
Jefferson & Clearfield Coal de Iron, com. 1
15 Holders of rec. Aug. 8a results. In the case of the grand totals, we also show the
Aug.
2%
Preferred
Aug. 15 Holders of rec. Aug. la
2
Kelly-Springfield Tire, pref. ((uar.).Sept. 1 Holders of rec. Aug. 206 actual figures of condition at the end of the week.
Kinney (G. R.) Co.. Inc., pref.(quar.). 2
50c. Sept. 1 Holders of rec. Aug. 15a
Lee Tire & Rubber (guar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Aug. 31 Holders of rec. July 310
SI
Lehigh Coal& Navigation (guar.)
1 *Holders of rec. Aug. 22
(Stated in thousands of dollars-that is, three ciphers 1000] omitted.)
Libby-Owens Sheet Glass. corn.(guar.)- *50c. Sept. I
22
'154 Sept. *Holders of rec. Aug.
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 15a
Liggetts Internat.. corn. A & B (guar.) _
I New I
Sept. 1 Holders of rec. Aug. 15a
Liggett & Myers Tob.,corn. A & B (qu.) 3
Reserve'
Capital. Profits.' loans,
Sept. 1 Holders of rec. Aug. 156
$1
,com.(qu.)
Inc
Works,
Time Bank
Net
Lima Locomotive
with
Discount, Cash
ending
Week
Aug.
7a
of
rec.
10
Holders
Aug.
154
De- Oral
Lindsay Light, preferred (guar.)
in
Invest30
Legal Demand
June
Nat'l,
1923
28
50
July
154 Nov. 8 Holders of rec. Nov.
loPreferred (guar.)
posits.
Deposits.
!State, June 30 ments, Venal. Deposi14 Febli'24 Hold're of roe. Feb.7'2es
tion.
Preferred (quar.)
gkc.
tories.
301
j'Fr.Cos,June
omitted.)
((000
18
Aug.
rec.
of
1
Holders
Sept.
14
Lord & Taylor, 1st Pref. (guar.)
Aug. 15 Holders of rec. Aug. 100
3
Av'ge.
Madison Safe Deposit
Aug. 15 Holders of rec. Aug. 10a Members of Fed. Res. Bank. Average Average Average Average Average
1
Extra
$
$
Bank of N Y &
*$1.50 Sept. 1 'Holders of rec. Aug. 24
Mahoning Investment (guar.)
6,603
44,875
62,028
783 6.066
Trust Co____1 4,000 12,0171
*50c. Sept. 1 *Holders of rec. Aug. 24
Extra
102,819 18,831
2,351 14,493
75c. Sept. 1 Holders of rec. Aug. 150 Bk of Manhat'n, 10,000 13,140, 128,776
Martin-Parry Corp. (guar.)
4,471 18,684 142,144 4,280 996
Aug. 10 Holders of rec. July 19a Mech &Met Nat 10,000 16.8431 162,543
Massachusetts Cotton Mills (quar.)---- 3
67,892 2,734
4,583 68,034 1,603 9,120
5,500
America
Bank
of
150
Aug.
rec.
of
Holders
1
Sept.
114
May Department Stores. cont.(quar.).
53,213 *516,319 60,807 2:i5i
1H Oct. I Holders of roe. Sept. lea Nat City Bank_ 40,000 51,526 482,947 4,495
343
Preferred (guar
93,321 6,011
1,247
12,748
Sept. 1 Holders of rec. Aug. la Chem Nat Bank 4,500 16,467 112,605
5
22 298
3,334
McIntyre Porcupine Mines
483
5,168
141
59
500
Nat Butch & Dr
Aug. 15 Holders of rec. Aug. 1
3
4,946
6,503
Mercantile Stores Co., Inc
80,252
10,792
916
94,184
7,783
5,000
Nat
Exch
Amer
134 Sept. 1 Holders of rec. July 25
Merrimack Mfg., common (guar.)
941 31,807 241,284 13,404
Nat Bk of Corn. 25,000 38,374 308,570
24 Sept. 1 Holders of rec. July 25
22,636 1,357
Preferred
816 3,287
1.748 25,278
500. Aug. 15 Holders of rec. Aug. la Pacific Bank... 1,000 9,275
113,619 23,460 s;67ri
Miami Copper ((uar-)
4,768 16,110
134 Aug. 1 Holders of rec. July 203 Chat& Phen Nat 10,500 21,394 147,774
100
98,868
Missouri Portland Cement (guar.)
12,880
113,591
291
Bk
5,000
Nat
20a
Hanover
Sept.
of
Holders
1
rec.
Montgomery Ward & Co., pref.(guar.). 154 Oct. 1 *Holders of rec. Aug. 20
Corn Exchange_ 9,075 12,368 170,885 4,970 20,775 149,526 24,439
•75c. Sept.
Munsingwear,Inc.(No. 1)
832 15,978 121,597 6,127 7,886
10,000 23,444 158,786
Park__
National
296
Sept.
rec.
of
Holders
15
Oct.
75e.
so
11,420 2,777
National Biscuit, common (guar.)
15,514
348 1,622
803
14 Aug. 31 Holders of rec. Aug. 176 East River Nat. 1,000
174,107 23,195 7,448
Preferred (guard
579 23,353
14 Sept. 1 Holders of rec. Aug. 166 First National__ 10,000 55,319 266,576
256,459 15,934
Nat. Dept. Stores. 24 pf. (guar.)
10,675
4,120
34,293
257,753
17,500
114
Irving-Bk-ColTr
Aug.
rec.
of
31
Holders
Aug.
389
6,221
Nat. Enamel.& Stpg., common (guar.)- 154 Sept.29 Holders of fee. Sept. 100 Continental Bk. 1,000
954
7,615
172 1,049
134
292,221 32,246 1,094
Preferred (gam.)
14 Dec. 31 Holders of roe. Dec. Ila Chase National_ 20,000 22,991 324,714 4,313 39,619
20,991
Preferred (guar.)
2,732
23,108
2,439
662
500
Avenue...
146
Fifth
Sept.
Sept.29 Holders of rec.
2
819
National Lead,common (guar.)
8,825
979 10,033
548 1,162
600
134 Sept.15 Holders of rec. Aug. 240 Commonwealth_
14 399
13,505
Preferred (guar.)
470 1,825
14,265
1,000 1,627
154 Aug. 15 Holders of rec. dAug. la Garfield Nat246
828
National Refining, corn. (guar.)
15,663
2,114
20,655
1,097
166
1,200
Fifth National..
75e. Aug. 15 Holders of rec. Aug. 4
67
2,256
National Supply Co., corn. (guar.)
78,324
881 10,061
25c. Aug. 20 Holders of rec. Aug. 3a Seaboard Nat__ 4.000 7,174 '81,701
935 415
New CornelLa Copper Co.(guar.)
12,885
1,754
15,528
1,267
410
Na
1,500
Iron
&
310
Coal
July
rec.
2
Aug. 10 Holders of
New Jersey Zinc (guar.)
28,865
*234.446
Bankers Trust__ 20,000 23,155 273,336 1,067 29,865
$2
July 31 Holders of rec. July 20
New Mauer° Sugar
47,819 3,237
52,476
821 6,383
514 Aug. 28 Holders of rec. Aug. 186 U S Mtge & Tr_ 3.000 4,251
New River Co.pref.(acc.aocum. dlv.)
Guaranty Trust 25,000 18,290 357,846 1,482 38,641 358,027 47,771
100. Aug. 15 Holders of rec. July 31
Oil Lease Development(monthly)
18,377 1,559
2,000 1,884 22,573
371 2,4321
Trus
Fldel-Inter
15
•1
Aug.
common
Ontario Steel Products,
555 15,259 112,866 20,663
N Y Trust Co._ 10,000 17,764 147,786
111.4 Aug. 15
'
3,246
Preferred (guar.)
31,915
2,000 3,927 37,085
587 4,222
July 166 Metropolitan
Packard Motor Car. common (guar.)--- 200. July 31 Holders of rec. July
*86,777 24,379
5,00 15,940 124,328
531 12,059
160 Farm Loan &
200. July 31 Holders of rec.
2,542
Common (extra)
24,374
.
3,534
32,548
2,020
Bank_
610
Columbia
2,000
Sept.30 Holders of rec. Sept. 203
$I
Peerless Truck & Motor (guar.)
23,000 9,501 225,507 1,661 25,272 *224,648 24,969
SI
Dec. 31 Holders of rec. Dec. 206 Equitable
Quarterly
4
Aug.
roe.
2
Aug. 1 Holders of
Penmans, Ltd., common (guar.)
411,202 2,404
Aug. 1 Holders of rec. Aug. fla Total of averaa 290,375 31,1754,352,116 48.797483,687c3,580,888
$1
Pennsylvania Coal& Coke((uar.)
154 Sept. Holders of roe. Aug. 15a
404,24532,095
Pittsburgh Steel, preferred ((Mar.)
c3,563,235
July
ndition
284,343.782
to
actual
47,367503,833
Totals,
5
Aug. 1 July 15 to Aug. 15
Procter & Gamble,common
Totals, actual c edition July 214.368.889 47,448 503,153c3,608,022419,15832,198
Aug. 1 July 15 to Aug. 15
Common (payable in new coin.stock). f4
4 32,010
53424,71
144,429,133
513,099e3,648.1
July
actual
condition
48,270
Totals,
23a
July
rec.
Holders of
Producers & Refiners Corp., pref.(qu.)- 874c Aug.
State Banks Not Me mbers of Fed'I Ses've Bank.
Holders of rec. July 23a
1254c Aug.
Preferred (extra)
40
18,189
17,882 1,514 1,869
rec. July 31a Greenwich Bank 1,000 2,247
of
2
Holders
Aug.
1
Pullman Company (guar.)
2,628 2,111
340
5,485
327
900
250
133 AUg. 3 Holders of rec. Aug. la Bowery Bank__
28,569 54,477
Quaker Oats, preferred (guar.)
2,500 4,735 85,901 3,516 1,804
State Bank
July 29 to Aug. 6
Remington Typewriter, 1st pref. (guar.) 3% Aug.
6
Aug.
July 29 to
334 Aug.
First Preferred, Series S (quar.)
49,386 56,628
Holders of rec. Sept. 150 Total of averages 3,750 7,883 109,268 5,357 4,013
154 Oct.
Republic Iron & Steel, Preferred (quar.)- 52
Holders of rec. Sept. 15a
Oct.
Preferred (account accum.dividends)49,563 56,597
condition
July
actual
28
3,928
109,519
5,386
Totals,
$2.151 Aug. 1 Holders of rec. July 273
Royal Dutch Co
49,980 56,857
3
Holders of rec. July 256 Totals, actual condition July 21 109,747 5,401 4,168
Aug.
Sagamore Mfg.(quar.)_
50,952 56,849
14
July
actual
4,196
condition
Totals,
110,891
5.597
20
Sent.
250, Sent.2 Sept. 9 to
St.Joseph Lead (quar.)
Trust Compan les Not Members of Fed'I Ree ye Bank.
25c Sept.2 Sept. 9 to Sept.20
Extra
35,858 1,77
10.000 12,725 56.047 1,595 3.806
Title Guar &
20
Dec.
2
to
9
Dec.
Dec.
25e.
Quarterly
673
17,190
915 1,716
26,991
Lawyers Tit St
6,000 5,308
25e. Dec. 2 Dec. 9 to Dec. 20
Extra
1 Holders of rec. Aug. 15a
Schulte Retail Stores, corn.(In pref.stk.) m$2 Sept. 1
2,443
53,048
swag
83.038
18,034
16,000
5,522
of
Total
2,5101
150
of
Nov.
rec.
Holders
Dec.
Common (payable In preferred stock). m$2
Mr 1'24 Hold,of rec. Feb. 15'246
Common (payable In preferred stock)- en$2
53,563 2,256
Totals, actual co ndltlon July 28 82,920 2,3391 5,703
3
Aug. 13 Aug. 5 to Aug. 13
Scotten-Dillon Co. (guar.)
53,305 2,485
82,624 2,396 5,751
Totala, actual co ndition July 21
2
Aug. 13 Aug. 5 to Aug. 13
Extra
51,999 2,463
actual co ndition July 14 81,934 2,549 5,324
Totals,
15
1
rec.
1-3c
of
Aug.
3
Sept.
Holders
(monthly)
Gas
Seaboard Oh &
15
1
Sept.
Oct.
rec.
of
1-3c
Holders
3
Monthly
3 32,404
3,683,322470,27
14 Aug. 15 Holders of rec. Aug. 30 °ea aggr.. o'er.310,125457,093 4,544,422' 56,664493,222
Shell Union Oil, pref. A (guar.)
Aug. 31 Holders of rec. Aug. la Comparison wit h prey. week.. -49,945 -108-6,897 -48,700-11,58 +288
Sinclair Consol Oil Corp.,corn.(guar.)-- 500.
16
2
Aug. 15 Holders of rec. Aug.
Preferred (quar.)
Gr'd agar., acticond'n July 284,536,221 55,092 513,264 3,666,361 463.09832.005
Spalding (A G.) & Bros., 1st pref. ((11.) 14 Sept. 1 Holders of rec. Aug. 18a
Sept. 1 Holders of rec. Aug. I80 Comparison with prey. week_ -25,039 -1531 +192 -44,946-15,202 -103
2
Second preferred (guar.)
14 Aug. 31 Holders of rec. Aug. 216
Standard mining. common (quar.)
32,198
134 Aug. 31 Holders of rec. Aug. 21a Gr'd agar., actlcond'n July 21 4,561,260 55,245513,072 3,711,307 478,300 32,010
Preferred ((uar.)
Gr'd aggr., aa'lcond'n July 144.621,958 56.416522,619 3,751,104 484,026
154 Sept. I Holders of rec. July 27
Standard 011 (Ohio). pref. (guar.)
Gr'd agar.. aa'lcond'n July 74,679,045 61.945500,287 3,741,598 486,696 31,788
2
rec.
15
of
Aug.
$1.25
Aug.
Holders
(quar.)..
corn.
Mfg.,
Sanitary
Standard
Gr'd aggr., act'lcond'n June 304.740.150 58,550516.723 3,815,400480,41832,169
154 Aug. 15 Holders of rec. Aug. 2
Preferred (guar.)
cond'n June 234.626.080 55,002503,423 3,749,946 480,881 32,431
Gr'd agar.,
Oct. 1 *Holders of rec. July 20
•10
Standard Wholesale Phosphate. com_
aggr., eatcond'n June 184.620.516 54,889521,814 3,761,927 485,90532,633
Gr'd
150
Aug.
1
rec.
of
Holders
Sept.
2
(guar.)
Stern Bros., pref.
310
Aug. 15 Holders of me. July
Stewart-Warner Speedometer, com.(qu.) 24
Note.-U. S. deposits deducted from net demand deposits in the general total
2
Aug. 15 Holders of rec. Aug. la
Superior Steel, first preferred (quar.)July 28,
2
Aug. 15 Holders of rec. Aug. la above were as follows: Average total July 28, $32,867,000; actual tote's.
Second preferred (guar.)
July 21, $32,870,000; July 14, 539,207,000; July 7, 849,242.000
533,229,000;
90e Aug. 15 Holders of rec. July 153
Swift International
30, $56,247,000. Bills payable, rediscounts, acceptances and other liabilities
June
230
of
25c
Aug.
rec.
Holders
Sept.
/
corn.
(mthly.)
Co.,
R.)
Thompson (John
average for week July 28,$410,405,000; July 21,$415,611,000; July 14,5453,951.000
4
Oct. 1 Holders of rec. Sept.20
Thompson-Starrett Co., preferred
July 7, $470,897,000: June 30, $431,663,000. Actual totals July 28, 5450,006,000
•75c. Sept. 5 *Holders of rec. Aug. 20
Timken Roller Bearing (quar.)
July 21, $420,093,000; July 14, 5451,836,000: July 7, $488,248,900; June 30
of rec. Aug. 20
*25e.
*Holders
Sept.
5
Extra
14 Aug. 15 Holders of rec. July 276 $481,552,000.
Tobacco Products Corp.. class A (quar.) 750.
* Includes deposits in foreign branches not Included in total footings as follows:
Oct. 1 Holders of rec. Sept. la
Underwood Typewriter. corn.(guar.)
Bankers Trust Co., S127,674,000; Guaranty
134 Oct. 1 Holders of roe. Sept. la National City Bank, $123,264,000;
Preferred (guar.)
Trust Co.,
4 Sept. 1 Holders of rec. Aug. 76 Trust Co.. $78,119,000; Farmers'inLoan & Trust Co., 1125,000; Equitable
Union Tank Car,common (guar)
banks in foreign countries as reserve for such
Aug. 76 $33,286,000. Balances carried
rec.
of
Holders
1
14
Sept.
$677,000:
Co.,
City
Trust
Preferred (guar.)
were:
Bank,
Bankers
National
$25,630,000;
deposits
133 Sept. 1 Holders of rec. Aug. 150
United Drug.common
Farmers' Loan & Trust Co., 5125,000; Equitable
154 Oct. 1 Holders of roe. Sept. 150 Guaranty Trust Co., 57,649,000:
in
United Dyewood, preferred (quar.)_
Deposits
not
c
included.
branches
foreign
$3,094.000.
Co..
Trust
150
14 Jan2'24 Holders of rec. Dec.
Preferred ((uar.)
15c. July 28 Holders of rec. July 70
United Eastern Mining
The reserve position of the different groups of institutions
(qu.)- 134 Sept.15 Holders of rec. Sept. la
U.S.Cast Iron Pipe & Fdy.. Pref.
154 Dec. 15 Holders of roe. Dec. la
Preferred (Guar.)
the basis of both the averages for the week and the actual
on
54
Sept.
rec.
15
of
Holders
Sept.
2
(guar.).U.S. Realty & Impt.. corn.
( Nov. 1 Holders of rec. Oct. 200 condition at the end of the week is shown in the following two
11
Prrterred (guar.)
14 Sept. 1 Holders of rec. Aug. 186
Van Raalte Co.. Inc. (quar.)
50c. Sept. 1 Holders of rec. Aug. 24a tables:
Wahl Co.. common (monthly)
50c. Oct. 1 Holders of rec. Sept.22a STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANNS
Common (monthly)
14
Oct. 1 Holders of rec. Sept.22a
AND TRUST COMPANIES.
Preferred (quar.)
50c. Aug. 15 Holders of rec. July 310
Westfield Mfg.. corn.(quar.)
2
Aug. 15 Holders of rec. July 316
Preferred (quar.)
206
Sept.
rec.
30
of
Holders
Averages.
Sept.
$1
White Motor (quar.)
Aug. 4 Holders of rec. July -156
2
Wilcox(H F.) 011 & Gas((uar.)
a
Aug.dt0a
roc.
of
Holders
Cash
1
2
Sept.
Reserve
((uar.)..
corn.
Woolworth (F. Vi.) Co..
Surplus
Reserve
in
Total
Reserve
250. Aug. 31 Holders of rec. Aug. 15a
Wright Aeronautical Corp. Mara
Reserve.
Required.
31
to
Aug.
Reserve.
25
in
1
Vault.
Aug.
Sept.
50c.
(mthly.)
Depositaries
corn.
Co..
&
Jr.
(Wm.)
Wrigley
30
Sept.
to
28
1
Sept.
Oct.
50c.
Common (monthly)
$
$
Members Federal
50e. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
483.687,000 483,687,000 477,851,500 5,835,500
Reserve banks....
50e. Dec. 1 Nov.24 to Nov.30
Common (monthly)
480,520
5,357,000 4,013,000 0,370,000 8,889,480
50e. Tani '24 Dec. 25 to Jan. 1 1924
State banks*
Common (monthly)
74,800
Trust companies.... 2,510,000 5,522,000 8,032,000 7,957,200
500. Feb1.24 Jan.28'24 to Jan.31'24
Common (monthly)
200
Aug.
1
Sept.
_
rec.
_
of
50c.
Holders
6,390,820
Yellow Cab Mfg.. class B (monthly)._
494,698,180
Total July 28.... 7,867,000 493,222.000 501,089.000 501,385,230 6,651.770
50e. Oct. 1 Holders of rec. Sept. 200
Class B (monthly)
Total July 2L... 7,918,000 500,119.000 508,037,000
7.815,690
Total July 14... 8,185,000 503,678,000 511,863,000 504,047,310 16.328,850
York Stock Exchange has ruled that stook
New
The
t
sources.
unofficial
•From
8.115,000 520.339.000 528.454,000 512.127.350
July 7
Total
The
and not until further notice. j
date
this
on
-dividend
ex
quoted
be
not
will
has ruled that stock will not be quoted ex
'Not members of Federal Reserve Bank.
the case of State banks
New York Curb Market Aasoclation
notice.
a This is the reserve required on net demand deposits in Federal Reserve Bank
dividend on this date and not until further
of the
stock. and trust companies, but In the case of members
In
o
Payable
6
Correction.
which was as follows:
deposits,
dividend.
this
for
closed
time
not
Includes also amount In reserve required on net
a Transfer books
512,762,510; July 7,512,783,450.
g Payable in scrip. h On account of accimulateo
/ Payable In common stock.
July 28,512,336,060; July 21,312,670.470;July 14,
stock.
preferred
In
Payable
dividends. m




AUG. 4 1923.]

THE CHRONICLE
Actual Figures.

Cash
Reserve
&sant
in
in Vault. Depositaries
Members Federal
Reserve banks._ __
State'banks.
Trust companies_ __
kal
Total July 28....
Total July 21_ __ _
• Total July 14._._
13 Total July 7_

Total
Reserve.

Reserve
Required.

Surplus
Reserve.

8
503,633,000 503,633,000 475,347,900 28,285,100
5.386.000 3,928,000 9,314,000 8,921,340
392,660
2,339,000 5,703,000 8,012,000 8,034,450
7,550

7,725,000 513,264,000 520,989,000 i92,303,690 28,685,310
7.797.000 513,072.000 520.869,000 498.609,750 22.259,250
8,146,000 522,619,000 530,765,000 503.972,520 28,792,480
8,303,000 500,287,000 508,590,000 502,795,770 5,794,230
•INot members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease 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: July 28,
312.127.350; July 21, 312,574,740: July 14, 812,741,420: July 7, $12,813,330.

527

Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Aug. I
1923.

Changes from
previous week.

July 25
1923.

July 18
1923.

$
$
$
8
Capital
57,300,000 Unchanged
57,300,000 57,300,000
Surplus and profits
80,497,000 Dec.
40,000 80,537,000 80,599,000
Loans, disets & investments_ 868,644,000 Dec. 4,682,000 873,326,000 842,459,000
Individual deposits. Mel. U.S.613,238,000 Dec. 9.915,000 623,153,000 611,380,000
Due to banks
109,780,000 Dec. 964,000 110,744,000 118,169.000
Time deposits
127,427,000 Inc.
963,000 126,464,000 110,418,000
United States deposits
21,620,000 Dec.
3,000 21,623,000 22,931,000
Exchanges for Clearing House 22,400,000 Inc. 2,305,000 20,095.000 23,264,000
Due from other banks
61,840,000 Dec. 4,504,000 66.344,000 75,087.000
Reserve in Fed. Res. Bank
70,816,000 Dec. 405,000 71,221,000 69,323,000
Cash in bank and F. R. Bank 8,870,000 Dec.
32,000 8,902,000 8,955,000
Reserve excess in bank and
Federal Reserve Bank
2.085.000 Inc.
405.000 1.680.000 1.949.000

State Banks and Trust Companies Not in CleariAg
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
July 28, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeksending
preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished hy Slate Banking Department.)
Differences from vaults" is not a part of legal reserve. For trust companies
July 28.
previous week.
not members of the Federal Reserve System the reserve
Loans and Investments
$805,822,500 Dec.$4,571,000
Gold
73,358,000 Dec.
19.300 required is 10% on demand deposits and includes "Reserve
Currency and bank notes
18,689,400 Dec.
181,800 with legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
67,184,600 Dec. 3,493.800

Total deposits
829,853,800 Dec. 11,407,300
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comexchanges
and U.S. deposits 786,675.600 Dec. 8,383,900
panies in N. Y.City,
Reserve on deposits
117,814,100 Dec. 14,337,200
Percentage of reserve. 19.4%.
RESERVE.
State Banks
-Trust Companies*326,962,700 16.00%
Cash in vault
362,269,300 14.24%
Deposits in banks and trust cos.- 7,624,600 4.52%
20,957,500 4.79%
Total
334.587,300 20.52%
$83,226,800 19.03%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on July 28 was $67,184.600.

Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.

Demand
Deposits.

'Total Cash
in Vaults.

i
5,570,520,000
5,493.107,700
5,468,632,300
5,460,114.300
5,510.009,400
5,463,426,500
5,467,595,100
5%462,020,400
5,439,510,100
5,428,987,200
5,417,776.500
5,411.405,200
5,455,575,600
5,521,531,400
5,467,089.000
5,404,760,500
5.350,244.500

$
4,567,506.400
4,512,461,300
4,512.747,600
4,509.913,200
4,519.156,700
4,490,698.500
4,502,613,100
4,507,081.100
4,508,916,300
4.506,144,700
4,527,000,900
4,511.280.800
4,543,063,300
4,614,315,200
4,555,262,200
4.527,081,500
4.469.997.600

$
81,957.300
83.888,200
80,217,400
81.096,800
81,002,800
84,636.600
80.913,000
81.209,800
81,562,100
82,459.100
81,749,900
78.750.200
80,871,000
83,510,400
85,305,800
79,020,500
78.711.400

Reserve in
Depositaries

Two Ciphers (00)
omitted.

Weekending July 28 1923.
Memhersof1 Trust
F.R.SystemiCompanies

July 21
1923.
rota.

Capital
$39,125,0 $5,000.0 $44,125,0
Surplus and profits
106,021,0 15,108,0 121,129,0
Loans,d sc'ts & investm'ts 721,595,0 44,300.0 765,895,0
Exchanges for Clear.11ouse 25,800,0
358,0 26,158.0
Due from banks
92,583,0
43.0 92,626,0
Bank deposits
116,017,0
832,0 116,849.0
Indly dual depos ts
530,905,0 27,504,0 558,409.0
Time depos ts
55,645,0
930,0 56,575,0
Total depos ts
702,567,0 29,266,0 731.833,0
U.S. deposits(not Intl.)..
10.898,0
Reeve with legal deposit's
3,141,0
3,141.0
Reserve with F. R. Bank _ _ 56,164,0
56,164,0
Cash In vault.
9,306,0
3,449.0 10.755,0
Total reserve and cash held 65,470,0
4.590,0 70.060,0
Reserve required
56,544.0
4,236,0 60.780,0
Excess res..3 cash in vault
8.926,0
354,0
9.280,0
•Cash in vault not counted as reserve for Federal Reserve

844,125,0
121,129,0
768,846,0
28,601,0
100,093,0
119,982,0
565,835,0
55,995,0
741,812,0
10,964,0
2,845,0
56,508.0
10,467,0
69,820,0
81,139,0
8,681,0
members.

July 14
1923.
$44,125.0
121,129,0
770,123,0
30.711,0
99.750.0
121,538.0
564,133.0
58.111,0
743,782,0
12.462,0
2,787,0
55.698,0
11,163,0
69,648,0
61,042.0
8,606.0

Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug, 1 1923 in
comparison with the previous week and the corresponding
date last year:

Aug. 1 1923. July 25 1923. Aug. 2 1922.
ReSourCesGold and gold certificates
168,180,902 156,500,715 206,160,000
$
176,878.577 179,206,400
609,873.700 Gold settlement fund-F. R. Board
79,680,000
599,800,800
Total gold held by bank
345,059,479 335,707,1113 285,840,000
808,409,400
Gold
with Federal Reserve Agent
636,709.570 636,805,370 863,241,000
597,771.500
10,072,640
605,754,400 Gold redemption fund
11,258,290
4,497,000
601,740.600
Total gold reserves
991,841,690 983,770,777 1,153,578,000
604,685,100
Reserves
other
than
gold
25,479,048
598,958,900
27,427,821
35,581,000
601,438,200
Total reserves
1 017,320,738 1.011,198,598 1,189,159,000
597,472.300
'Non-reserve
cash
7,666,528
607,842,900
8,726,566
596,572,600 Bills discounted:
Secured by U. S. Govt. obligations.-- 148,391,023 126,417,287
606,940,200
22,036,000
All
other
61.014,582
633.640.100
41,151,890
16,845,000
608.094.400 Bills bought in open market
40,000,570
39,670,931
33,331,000
609,843.200
Total bills on hand
me aim ynn
249,408,177 207,240.109
72,212,000
U. S. bonds and notes
6,082,750
4,656,150
44,358,000
U. S. certificates of indebtednessOne-year certificates (Pittman Act).New York City Non-Member Banks and Trust Corn18,500,000
All other
6,091,500
94,671,000
7,579,000
panies.-The following are the returns to the Clearing House
Total earning assets
281,580,427 219,475,259 229,741,000
by clearing non-member institutions and which are not in- Bank premises
12,718,855
9,015,000
12,715,575
5% redemp.fund agst.F.R.bank notes_
cluded in the "Clearing House Returns" in the foregoing:
849,000
Uncollected items
131,175,087
140,457,000
126,906,413
All other resources
1,128,914
2.993.000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
1,310,844
CLEARING
Total resources
HOUSE.
1 431,588,551 1,380,333,258 1,572,214,000
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
DWG(lesCapital paid in
27,520,000
29,265.950
29,108,300
Surplus
Net 1Loans
60,197,000
59,799,523
59,799,523
CLEARING
Capital. Profits. DfsDepositsReserve Net 1 Net
Nat'l
NON-MEMBER
Government
counts,, Cash
with Demand Time Bank
2,145,000
9,227.171
9,709,442
Nat.131m .J'ne30 Invest-' in
Member banks-Reserve account_ - - 715,734,354 661.780,108 746,735,000
Legal
DeDe- CircaAll other
Week ending State bksJ'ne30, meats, Vault. eposi- posits. posits. tat
11,000,000
13,307.345
13,454.866
Ion.
July 28 1923. Tr.cos.June 301 &C.
tortes.
Total
738.898,663 684,314,625 759,880,000
Members of
Average Average Average Average Average Average F. R. notes in actual circulation
503,110,996 623,044,000
F.
R. bank notes In clrcu'n-net liablUty 497,761.747
$
Fed. Res. Bank.1 $
$ 1 $
S
14,725,000
I $
Deferred availability items
Battery Park Nat_ 1,500, 1,108, 9,364,
173 1,122
82,620,000
6,869
100,391,214
102,578,391
527
66
100, 1,566, 8,032,
All other liabilities
W.R.Grace dc Co _
23
442
1,844 4,683
4,228,000
3,450,949
3,441,926
Total liabilities
2,0001 2,675116
Total
196 1,564
8,713 5,210
1 431,588,551 1,380,333,258 1,572.214,000
66
Ratio of total reserves to deposit and
State Banks Not Members of Federal 1Reserv e BankE. R. note liabilities combined
3661 5,968
200,
Bank of Wash Rio.
310
649
5,179, 1,310
86,0%
85.2%
82.3%
Contingent liability on bills purchased
8001 2.0971 20,5501 2,420 1,315 20,122'
Colonial Bank....
for foreign correspondents
10,982.473
10,988,674
11,465,893
2,4631
1,001
26,5181
Total
3,069 1,625 25,3011 1,311
• Not shown separately prior to January 1923.
Trust Co. Not Members of Federal Rosen,e BankMech.Tr.,Bayonne
3751 9,6531
500'
337
266
3,799, 5,686
3751 9,6531
Total
5001
37 266 3,799 5,686
-Cleaver Thayer, security salesman for the Northern ,States Power Co.
3,501 5.515' 53,5671 3,602 3,455 a37,813 12.206:
Grand aggregate
66 of MinneapolLs for the past six years, and Dewey S. Beebe, previously with
Comparison with previousiweek- -978,
-4
+35
-47, -278 -130 Paine, Webber & Co. and the National City Co. in Minneapolis, have
formed the firm of Thayer, Beebe & Co. for the transaction of a general
Gr'd aggr., July 21 3,500; 5,516 54,545 3,606 3,420 837,880 12,484
196 investment business
with offices in the McKnight Bldg., Minneapolis.
Gr'd aggr., July 14 3,5001 5,5151 55,840 3,847 3,617 038,451 13,215
194
Gr'd aggr., July 7 3,500, 5,333 55,345 3,518 3,643 837,568 13,392
-George Nathan has been admitted as a pa •tner to the firm of J. A.
195
Gr'r agar June30 3,500 5,333 55,879 3,603 3,408 837,311 13,527
197 Sisto & Co., members of the New York Stock Exchange. Mr. Nathan,
It is stated. will give his attention particularly to the development
a United States deposits deducted, 3188,000,
of
Bills payable, rediscounts, acceptances and other liabilities, $537,000.
foreign business, and his admission to the firm, is said to foreshadow the
Excess reserve, $31,520 increase.
enlargement of the firm's activities in that direction.
Weeh endedApril 7
April 14
April 21
April 28
MaY 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28

I




I

CURRENT NOTICES.

1

[Vol,. 117.

THE CHRONICLE

528

Weekly Return of the Federal Reserve Board.

Board Thursday afternoon, Aug. 2, and showing the condition
The following is the return issued by the Federal Reserve
. In the first table we present the results for the system
Wednesday
on
business
of
close
of the twelve Reserve Banks at the
and with those of the corresponding week last year.
weeks
preceding
seven
the
for
figures
as a whole in comparison with the
the twelve banks. The Federal Reserve Agents'
of
each
for
separately
liabilities
and
The second table shows the resources
Reserve notes between the Comptroller and
in
s
Federal
transaction
regarding
details
Accounts (third table following) gives
Board's comment upon the returnsfor the latest
The
Reserve
banks.
Reserve
Federal
and
Reserve Agents and between the latter
and Discussions."
Events
of
"Current
department
our
in
item
week appears on page 496, being the first
CLOSE OF BUSINESS AUG. 1 1923.
THE
S OF THE FEDERAL RESERVE BANKS AT
COMBINED RESOURCES AND LIABILITIE

27 1923. June 20 1923. June 13 1923. Aug. 2 1922.
Aug. 11923. July 25 1923. July 18 1023. July 11 1923. July 3 1923 June
S
S
S
S
$
S
S
$
S
RESOURCES.
326,334,000 350.252.000 346,522,000 316,231,000
344.561,000 332,289,000 341,804,000 340,492,000 326,442,000 691.429,000
678,665,000 489,619,000
Gold and gold certificates
688,063,000
661,593.000
658,617,000
653,784,000
662,477,000
650,318,000
Gold settlement fund. F. R. Board
1,025,187,000 805,850,000
994,879,000 994,766,000 995,588,000 999,109,000 988,035,000 1,017,763,000 1.038.315,000 2,057.611,000 2,223,384,000
Total gold held by banks
2,033.359,000
2,048,062,000 2,058,246,000 2,052,131,000 2,047,787,000 2,040,992,000 2,035,011,000
42,190,000
56,459,000
Gold with Federal Reserve agents
57,341,000
57.970,000
58,676,000
53,483,000
52,001,000
60,539,000
66,725,000
Gold redemption fund
3,139,257,000 3,071,424,000
3,129,015,000
3,110,744,000
3,087,703,000
3,100,379,000
3,099,720,000
3,109,666,000 3,113,551,000
Tots gold reserves
87,357.000 131.260.000
85,966,000
91,735,000
79.200,000
76,769,000
83,702,000
86,454,000
84,058,000
Reserves other than gold
3,202,684,000
3,226,614,000
3,214,981,000
3,193,724,000 3,200,005,000 3,183,422,000 3,177,148,000 3,166,903,000 3.202,479,000
"
73,860,000
Total reserves
88,914,000
72,030.000
59,589,000
81,168,000
81,261,000
74,025,000
66,492,000
"Non-reserve cash
130,293,000
359,488,000
Bills discounted:
477,053,000 383,297,000 352,733,000
381,862.000 364,413,000 408,466,000 419,930,000 452,786,000 391,666,000 378,368.000 348,377,000 269,506,000
Secured by U. S. Govt. obligatIonS
424,575,000 396,126,000 397,363.000 426,439,000
150,497,000
Other bills discounted
176,864,000 183,121,000 183,284,000 198,912,000 204,225,000 205,716.000 218,618.000
182,630,000
market
open
Bills bought in
926,483,000 550,296,000
936,817.000
979,188,000
1,128,751,000
1,032.653,000
988,050,000
989,067.000 937,403,000
198,751,000
Total bills on hand
89,744,000 108,158,000 108,5133.000 125,287,000 298,598,000
94,211,000
92,015,000
85.016,000
83,802,000
32,813.000
U. S. bonds and notes
12,966,000
4,957,000
7,027,000
28,818,000
5,940,000
11,288,000
9,091,000
3,000
55,000
U. S. certificates of indebtedness
55,000
55,000
25,000
25,000
10,000
10,000
10,000
Municipal warrants
1,084,638.000 1,047,648,000
1,058,401,000
1,114,219,000
1,223,477,000
1,133.916.000
1,086,915,000
1,082.870,000 1,033.697,000
42,569,000
51,719,000
Total earning assets
52,215,000
52,270.000
52,330,000
52,657,000
93,203,000
53,309,000
53,380,000
6,769,000
191.000
Bank premises
191,000
193.000
193,000
193,000
193,000
193,000
193,000
542,711,000
889,539,000
5% redemp. fund agst. F. R. bank notes
885,812,000
849,037,000
583,917,000
674,936,000 655,976,000
578,566,000
578,520,000
16,750,000
14.170,000
items
Uncollected
12,932,000
12,299,000
12,857,060
12,394,000
13,031,000
12,967,000
12,982,000
All other resources
4,859,131,000
5,092,961,000 5,113,915,000 5,164,461,000 5,037,502,000 5,092,813,000 5,140.731,000
4,952,762,000
4,988,141,000
Total resources
'

LIABILITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
Total deposits
F. R. notes in actual circulation
F.R., bank notes in circulation-net liabDeferred availability items
All other liabilities
Total liabilities
Ratio of gold reserves to deposit and
F. R. note liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
DisTibution by Maturities-1-15 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 Dills bought in open market.
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market.
61-90 days bills discounted
81-90 days U. S. certif. of indebtedness_
61-90 days 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
Federa Reserve NotesOutstanding
Held by banks

109,381,000 105,589,000
109,497,000 109,620,000 109,714,000 109,621,000 109,584,000 109,427,000 109,422,000 218,369,000 215,398,000
16,926,000
218,369,000 218,369,000 218,369,000 218,369,000 218,369,000 218,369,000 218,369,000
14,323,000
20.764,000
43,952,000
14,657.000
15,778,000
34.432.000
34,784,000
41,584,000
1,913,874,000 1,837,840,000
30,257,000
1,879,504,000 1,839,262,000 1,883,644,000 1,909,006,000 1,931,762,000 1,867,650,000 1.874,220,000
28,121,000
26,330,000
24,997,000
27,832,000
24,938,000
24,445,000
22,521,000
23,463,000
1,956,318,000 1,885,023,000
1,944,551,000 1,896,567,000 1,942,521,000 1,949,722,000 1,974,251,000 1,938,599,000 1.921,314,000 2,235,755.000 2,140,121,000
62,046,000
2,187,729,000 2,194,871,000 2,216,094,000 2,265,149.000 2,282,054,000 2,228,954,000 2,222.352,000
1,410,000
1,489,000
1,548,006
1,471,000
1,518,000
1,296,000
1,608,000
429,712,000
1,556,000
362,198,000 525,165,000 601,028,000 801,040,000
21,242,000
508,543,000 513.767.000 586,567.000 552,512.000
18,458,000
18,839,000
19,440,000
17.071,000
16,487,000
17.500,000
17,951,000
17,896,000
0
,859.131,00
5.140,731,0004
4,988,141,000 4,952,762,000 5,092,961,000 5.113.915,000 5,164,461,000 5.037.502,000 5.092.813,000
76.31%
74.9%
74.6%
73.6%
75.5%
72.6%
74.5%
78.10%
75.25%
79.6%
77.0%
76.9%
75.4%
77.6%
74.4%
76.5%
78.2%
77.3%
29,860,000
33,485,000
33,500,000
33,539,000
33,618.000
33,613,000
35,848,000
34,944,000
33,133,000
$
69,756,000
573,106,000
2,040,000
15,000
32,907.000
58,745,000

5
76,892,000
853,563,000
310,000
15,000
39,764,000
81.230,000

$
77.785,000
524,588,000
21,529,000
40,000
47,013,000
56,282.000

$
79,163,000
489,821,000
10,088,000
40,000
33,611,000
55,058,000

$
83,411,000
484,315,000
2,695,000

$
55,841,000
200,044,000
2,749,000

33,387,000
51,647.000

23,794,000
36,069,000
2,400,000

33,624,000
90,400,000
2,400,000

44,257.000
88,778,000

46,705,000
90,413,000

15,000
36,906,000
83,480,000

15,000
41,260,000
85,413,000

40,000
44,419,000
80,784,000

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

54,868,000
85,548,000

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

31,429,000
79,730,004)
544,090

37,723,000
81.403,000
177,000

25,240,000
53,297,000
186,000

2,278,000
40,126,000
1.976,000
10,000

2,871,000
41,524,000
1,490,000
10,000

5,321,000
44,870.000
3,276,000
10,000

4,122,000
44,903,000
4,103.000
10,000

4,793,000
49,212.000
5,112,000

6,442,000
47,312,000
2,692,000

$
56,346,000
528,303,000
5.111,000

S
53,114,000
484,677,000
7,900,000

$
62,631.000
529,156,000
2,023.000

32.123,000
57,073,000

27.600,000
58.725,000

29,127,000
59,201,000
27,000

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

38,337,000
91,938,000
1,376,000

44,271,000
87.339,000
2,523,000
38,708,000
1,400,000
10,000

. 15,000
32,082,000
43,924,000

33,427,000
58,154,000
45,347,000
3,000
33,296,000
60,942,000
41,678,000

5,319,000
45,195,000
30,118,000

4,139,000
44,590,000
206,424,000

2,673,158,000 2,680,126,000 2,701,909,000 2,693.746.000 2,687,572.000 2,685,141,000 2.631,502,000 2,640.356,000
485,429,000 485,255,000 484,915,000 428,597,000 405,518,000 438,187.000 429,150,000 404.601,000

2,572,297,000
432,176,000

2,140,121,000
2,187,729,000 2,194,871,000 2,216,994,000 2,265,149,000 2,282,054.000 2,226,954,000 2,222.352,000 2,235,739,000
3,405,810,000 3,339,569,000
3,493,556,000
3.511.965,000
522.084.000
.
3
000
438,
3,546,
3.565,041.000
Amount chargeable to Fed. Res. Agent 3,528,787,000 3,549,198,000 863,132,000 852,692,000 834,512,006 846,824.000 842,054,000 855,454,000 767,272,000
855,629,000 869,072,000
In hands of Federal Reserve Agent
2,572,297,000
2.680,126,000 2,701,909,000 2,693,746,000 2.687,572,000 2,665.141,000 2,651,502.000 2,640,356,000
2,673,158,000
Banks
Reserve
__--Federal
to
Issued
In actual circulation

41.6,523,000
320,429,000 320,429,000 320,429,000 320,429,000 320,429,000 320,429,000 319,429,000 318,899,000 348,913,000
625,096,000 621,880,000 649,778,000 645.959,000 846,580.000 630,130,000 618,143,000 582,745,000
121,354,000
129.635,000
111,569,000
124,088,000
118,451.000
118,202,000
123,612,000
117,262,000 122,967,000
1,685,507,000
1,610,371,000 1,614,850,000 1,808,090.000 1,615,789.000 1,602,361.000 1,596,131.000 1,589.842,000 1,609.077,000
2.640.356,000 2,572,297,000
2,673,158,000 2.680.126,000 2,701,909.000 2,693,746,000 2,687,572,000 2,665,141.000 2,651,502,000
Total
893.246.000 533.600,000
889.453.000
938.477.000
096.047,000
1,079,950,000
948.998.000
,.,...,,,,, ..,......,... ,i1icercd to F. R. Agent- 048.304.000 890.427.000
Prior to Jan. 1923.
• Not shown separately
BUS NESS AUG. 1 1923
RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
OF
STATEMENT
WEEKLY
Total.
St. Louts. Minneap. Han. City Dallas. San Fran.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago.
Federal Reserre Bank of$
$
3
$
8
$
12,176,0 21,633,0 344,561,0
RESOURCES.
8,318,0
17,124,0 168,181.0 28,123,0 14,161,0 10,145,0 6,375,0 51.020.0 3,959,0 20,872,0 3,340,0 4,093,0 35,952,0 050,318.0
16,951,0 104,940,0 23,056,0
53,220,0
32.579,0
89,219,0
Gold and gold certificates
27,863,0
176.878,0
.rd 61,795,0
Gold settlement fund-F.R.B
29,015,0 29,190,0 56,560,0 17,169,0 57,585,0 994,879,0
78,919,0 345,059.0 55,986.0 103,380,0 42.724.0 23,326,0 155,966,0
06,0 51,467,0 35,242,0 38.130,0 12,807,0 196,423,02,048,062.0
Total gold held by banks
183,519.0 636,710.0 166,427,0 207,319,() 27,409,0 105,119,0382,4
66,725,0
4.349,0
Agents
R.
F.
Gold with
10,073,0 12,968,0 1,946,0 6,595,0 1,685,0 8,088,0 3.335,0 2,115,0 2,873,0 1,092,0
11,606,0
Gold redemption fund
3,109.666.0
258,357,0
31,158,0
97,563,0
66,547,0
54,0
83,817,0
130,130,0546,4
279,044,0 991,842,0 235,381,0 312,045,0 76,728,0
84,058,0
720.0 3.684,0 4.88.70 1,913,0
Total gold reserves
25,479,0 8,547,0 5,522,0 2,455,0 5,209,0 8.788,0 13,392,0
5,462,0
Reserves other than gold
3,193,724,0
260,270.0
36.045,0
97,209,0
555,242,0
135.339,0
101,247,0
67,267,0
79,183,0
60,492,0
284,506.0 1.017.321.0 241,928,0 318,167,0 1,577,0 5,853,0 8,333,0 6,105,0 3,096,0 3,458,0 3,491,0 7,470,0
Total reserves
7,666.0 1,902,0 3.705,0
13,836,0
Non-reserve cash
381,862.0
30.436.0
6.484,0
Bills discounted:
148,391,0 42,171,0 30,806,0 28,312,0 6,270,0 38.714,0 15,788,0 4,727,0 10,777,0 38,115,0 50,737,0 424,575,0
Secured by U.S.Govt.obliga'ns 18,986,0
61,019,0 23.857,0 23,997,0 36,643,0 35,725,0 42,776,0 30,482,0 22,859,0 31,006,0 1,270,0 19,688,0 182,030,0
27,363,0
Other bills discounted
40,000,0 19,274,0 31,287,0 1,786,0 8,938,0 47,346,0 2,227,0
14,814,0
Bills bought In open market
989,067,0
50,933,0 128,836,0 48,497,0 27,588,0 41,783,0 45,869,0 96,861,0
83,802,0
61,163,0 249,406,0 85,302,0 86,090,0 66,741,0
Total bills on hand
206,0 8,177,0 7,251,0 11,370,0 7.220.0 1,779,0 9,185,0
6.083,0 17.367,0 9,953,0 1,341,0
9,991,0
3.870,0
4,70
40,0
U. S. bonds and notes
1,0
3,076,0
248,0
14,0
6.091,0
10,0
474,0
U. S. certificates of indebtedness.
10,0
Municipal warrants
47.648.0 106.016.0 1.082.870.0
050.0
40
38.0181.0
A
74R
55
n
n59
1411
n
51.1511
n
053
08
n
901
AR
11
ARR
ins
9R11 ten 11
5n7 n
Total earning assets
Hots SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund Board
With Federal Reserve




s

s

$

$

s

$

$

RESOURCES (Concluded)Two ciphers (00) omitted.

Boston. New York. Phila.
$

Bank Premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources

529

THE CHRONICLE

AUG. 4 1923.]

65,057,0
151,0

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

$

$

$

$

$

$

3

$

$

retai.
$

2,748,0

53,360,0

100,0
28,0
65,0
131,175.0 51,299,0 60,531,0 49,490,0 21,574,0 77,789,0 29,677,0 12,940,0 33,153,0 18,874,0 36,961,0
811,0 2,671.0 3,877,0
279,0
624,0
148,0 1,845,0
1,127,0
557,0
562,0
330,0

193,0
578,520,0
12,982,0

4,434,0
against

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap.Kan.01:11 Dallas. Son Fran

$

$

.721,0

12,719,0

9,154,0

2,617,0

2,679,0

8,715,0

1,039,0

1,624,0

4,965,0

1.947,0

423,491.0 1,431,588,0 398,812,0 488,178,0 201,506,0 217,157,0 790,857,0 189,926,0 125,768,0 192,784,0 110,704,0 417,370.0 4,988,141,0
8,110,0
16,312,0
2,055,0
125,588,0
243,0

29,108.0 9,772,0 12,168,0 5,702,0 4.416,0 15,151.0 4,956,0 3,540,0 4,580,0 4,192.0 7,802,0 109,497.0
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
41,584,0
9,709,0 2,425,0 3,776,0 2,878,0 1,527,0 7,476,0 2,793,0 1,719,0 2,270,0 1,422.0 3,534,0
715,734,0 115,529,0 164,342,0 59,005,0 52,240.0 270,650,0 68,837,0 43.847,0 79,533,0 43,314,0 140,885,0 1.879,504,0
23,463,0
258,0 4.290,0
515,0 1,025,0
138,0 1,356,0
709,0
472,0
818,0
13,456,0
183.0

127,886,0
Total deposits
F.R.notes in actual circulation_ _ 219,631,0
F. R. bank notes in circulationnet liability
50,783.0
Deferred Availability items
769,0
AU other liabilities

738,899,0 118,469,0 169,143,0 62,066,0 53,905.0279,482,0 72,339,0 46,038,0 82,621,0 44,994,0 148,709,0 1,944,551.0
497,762,0 204,916,0 227,907,0 77,036,0 132,256,0 401,106,0 72,235,0 55,010,0 59,994,0 31,858,0 208,018,0 2,187,729,0
1,079,0
477,0
102.678,0 45,560,0 53,977,0 44,437,0 16,647,0 61,831.0 29,664,0 12,502,0 35,154,0 19,648,0 35,762,0
991.0 1,810.0 1,067,0 1,205,0
947,0 2.039.0 1,816.0
3,441,0 1,346,0 1,488,0
977,0

1,556,0
508,543,0
17.896,0

423,491,0 1,431,588,0 398,812,0 488,178,0 201,506,0 217,157,0 790.857,0 189,926,0 125,768,0 192,874,0 110,704,0417,370.0 4,988,141,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. It. note liabilities com81.6
67.2
66.6
71.0
77.3
72.7
46.9
73.0
81.9
82.3
74.8
80.1
56.9
bined, per cent
Contingent liability on bills Pur33.133.0
11.466.0 2.849.0 3.578.0 1.723.0 1.358,0 4.605,0 1,458,0 1,126,0 1,425.0 1,193.0 2.362,0
chased for foreign correspond'ts

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUG. 1 1923.
Boston New York Phila.

Federal Reserve Agent at-

(In Thousands of Dollars)
$
Resources
90,650
Federal Reserve notes on hand
240,556
outstanding
notes
Federal Reserve
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
16,219
Gold redemption fund
138,000
Gold Fund-Federal Reserve Board
required
52,037
paperlAmount
Eligible
9,126
Excess amount held

Cleve. Richm'd Atlanta Chicago. St. L. Minn. K.City. Dallas San Fr.

Total.

3
$
16
$
$
313,260 53,200 25.220 25,210 78,672
746,619 235,734 265,307 83,778 136,466

$
$
$
S
$
$
$
110,700 24,890 13,145 29,913 .19,469 71,300 855,629
459,757 90,062 59,388 69,473 35,191 250,827 2,673,158

235,531 7,000 8,805
2,400
30,179 12,038 13.514 2,614 5,719
371,000 147,389 185,000 24,795 97,000
109,909 69,307 57,988 56,369 31,347
118,335 5,931 22,345 8,182 19,549

320,429
11,800 13,052
__- 6,461
10,755 3.087 1,190 3,770 2,436 16,741 117,262
371,645 36,500 21,000 34,360 4,000 179,682 1,610.371
77,357 38,595 24,146 31,343 22,294 54.404 625,096
51,473 9,902 2,921 10,423 23,405 41,616 323,208

580,888 1,924,,833 630,599 578,179 200,948 371,153 1,081,687 214,916 134,842 179,282 113,256 614,570 6,525,153
Total
LiabilitiesNet amount of Federal Reserves notes received from
331,206 1,059,879 288,04 290,527 108,988 215,138 570,457 114,952 72.533 99,386 64,660 322,127 3,528,787
Comptroller of the Currency
188,519 636,710 166,427 207,319 27,409 105,119 382,400 51,467 35,242 38,130 12,897 197.4232,048.062
Collateral received from!Gold_
BanklEligible
Paper
Reserve
61,163 228,244 75,238 80,333 64,551 50,896 128,830 48,497 27,067 41,766 45,699 96,020 948,304
Federal
580,888 1,924,833 530,599 578,179 200,948 371,153 1,081,687 214,916 134,842 179,282 113,256 614,570 6,525,153

Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
'Federa1 Reserve notes in

actual cireulatien

240,556
20,925

746,619 235,734 265,307 83,778 136,466
248,857 30,818 37,400 6,742 4,210

459,757 90,062 59,388 69,473 35,191 250,827 2.673,158
58,651 17,827 4,378 9,479 3,333 42,809 485,429

910 521

407 752 9114 015 227.907

401.106 72.235 55.010 59.994 31.55R 2ng 0111 2 1117 729

77.036 132.258

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 772 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 496.
1. Data for all reporting member banks in each Federal Reserve District at close of business July 25 1923. Three ciphers (000) omitted.
Federal Reserve District.

Boston

New York

Phila.

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

$
. $
$
12.529
78,302
18,731
247,992 1,571,062 257,996
622,134 2,445,977 356.473

Total loans and discounts
U.S. pre-war bonds
U.5. Liberty bonds
Ll. S. Treasury bonds
U.S. Treasury notes
U. B. Certificates of indebtedness..
Other bonds, stocks and securities

Cleveland Richmond Atlanta
39

Chicago St. Louts Minneap. Kan. City

Dallas

82

77

$
29,766
396,721
695,837

$
9,053
120,382
324,949

S
3
7,629
36,194
62,294 585,652
330,099 1,127,488

11,267
136,384
307,870

4,435
42,611
186,395

7.036
79,723
359.840

3,922
50,831
196,132

882,655 4,095.341
12,541
48,180
79,559 475,680
29,202
5,057
28,952 502,602
24,175
3,058
169,210 745,588

633,199 1,122,324
11,003
48,152
43,995 116,641
3,698
5,536
54,696
56,086
6,638
7,662
184..933 299,718

454,384
30,335
32,321
3,931
11,949
2,307
52,430

400.022 1,749,334
14,331
24,463
14,346
95,582
2.103
11,862
5,683 127,560
7,107
21,267
39,683 354,777

455,521
15,335
22,799
9,491
22.155
6,389
86,899

233,441
8,821
12.054
1,215
28,900
2,696
29,349

446,599
12,007
47,945
4,400
22,519
5,491
59,587

250,886
20,614
14,226
2,194
13,372
4,443
10,443

Total loans & disets & investm'ts. 1,181,032 5.920,768
Reserve balance with F. R. bank..
83,880 591,474
79,522
Cash in vault
18,911
814,181 4,647,935
Net demand deposits
265,629 890,143
Time deposits
Government deposits
21,888
42,799
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
6,201 104,624

938.162 1,656,119
60,403 111,627
15,789
31,380
692,859 936,276
105,666 576,348
13,384
8,490

587,657
33,788
13,972
332,361
152,299
6,100

483,275 2,384,845
32,925 196,915
10,428
55,093
268.312 1,485,725
178,686 783,683
6,792
19,185

617,589
40,737
7,677
342,855
190,328
5,227

316,476
22.174
6,764
192,776
85,531
3,436

598,548
49,906
12.737
433,675
133,514
1,876

All other

43

211 053

111

34.0011

55

106

36

$

3

28

$

77

San Fran.

52

$

Total

66

$

772

$

12,543
231,407
189,910 3,741,557
789,568 7,742,762

992.021 11,716,726
31,991
277,773
99,549 1,054,697
13,148
91,837
37,583
912,057
15,624
106.857
153,468 2.185,085
316,177 1,343,384 16,344,032
21,038 102,035 1,355,902
9,001
21,671
282,945
208,505 731.410 11.077,870
74,783 527,822 3,964.432
3,919
12.824
145,920

22,041

23,322

20,529

3,789

18,612

9,317

5,460

11,321

3,724

26,509

255,449

13.518

109911

17 540

12.704

22.5113

15_550

4083

17 447

10 (144

97 2117

91 a Aso

2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City.

City of Chicago.

AU F. R. Bank Cities.F. R. Branch Cities.Other Selected Cities.

Three ciphers (000) omitted.
July 25

July 18

July 25

July 18

July 25

1

July 18

July 25

July 18

July 25

Total.

July 18 July 25 '23,July 18 '231July 26'22

66
49
258
258
49
206
206
308
66
308
771
Number of reporting banks
772
793
$
$
$
$
$
, $
$
$
$
$
$
Loans and discounts, Bross:
$
$
74,49 ' 27,888
28,883
151,963
158,762 41,759 41,843 37,685
38,033 231,40
238,638
Secured by U.S. Govt. obligations 69,538
260.769
1,393,171 1,412,683 437,250 432,045 2,672,003 *2,680,771 583,911 583,083 485,643 481,552 3,741,557'
Secured by stocks and bonds
'1 3,745,406 3,459,763
2,130,4582,151.772 659,44 659,200 4,761,090 *4,792,089 1,604,772 1,604,207 1,376,900 1,382,346 7,742,762.7,778.642 7.018,614
All other loans and discounts
3,593,167 3,638.8491.124,5821.120.128 7,585,056 *7,631,622 2,230,442 2,229,1331,900,228 1,901,93111,715.726 *11762686 10,739,146
Total loans and discounts
4,025
4,026
95,587
95.770 76.983
37,429 37.609
77,102 105,203 105,050
U. S. pro-war bonds
277,773 277,922
37,924
38,1
637,366 638.1 I 251,007 255,378 166.324 166,418 1,054,697 1,059,936 1,305,789
407,547 405.7H
U. S. Liberty bonds
4,737
4,847
48,067 23,763 24,104
20,239 20,273
47,839
U.B. Treasury bonds
20,235
21,069
91,837
93,240
467,064 472,227 69,501
70,635 673.918 682,567 145,125 161,052 93.014 94,603 912,057 928.222 a563,398
U.S. Treasury notes
U.S. Certificates of Indebtedness.. 21,227
22,607
6.344
6,646
50.132
52,483 36,689 35,713 20.036
19.884
106,857
108,080
256,910
640,124 541,883 177,649 178, I I 1.167.867 1,165,157 592,160 587,052 425,058 424,266 2,185,085 2,176,475 2,323,711
Other bonds, stocks and securities
Total loans & diseta & invest'ts.5,086,797 5,130,14: 1,424.7621,422.880 10,257,765'103138003,358,1693,359.5342,730.0982,733,22116,344,032 *16406 561 15,188,954
Reserve balance with F. R. Bank.- 643,181 578,543 137,563 146,721
959,00 1,002,329 234,226 232,354 162,668 164,301 1,355,902 1,398,984 1,386.457
64.642 65,3:1
29,419
29,547
141.3021 142.927 60,749 60,163 80,894 82,340 282,945 285,430
274,824
Net demand deposits
4,163,730 4.207,346 993,046 994,530 7,618,88 7,574,722 1,919,552 1,929,930 1,639,438 1,658,680 11.077,870 11,163,332 11,043.393
Time deposits
613,049 628,522 369,333 372,332 1,943,182 *1,957,263 1,168,3601,171,901 852,890 851.4031 3.964.4321*3,980.5671 3,516,379
Government deposits
39,634
42,82
8,018
8,:,-96,118 104,065 35.0121 36,923 14,790
16,123
145,92t
157,1111
99.287
Bills payable and rediscounts wi .
F. R. Bank:
Secured by U.S.Govt.obIIgatlou
79,046 100,941
4,401
6,960
147.476
186,5
64,91
43,05
304,286
35,685
75,78
41,966 255,44
All other
23,394
22,324
13,083
16,605
130,787
138,941
44,176
222,35
62,147
45,877 41,727 37,63
216,68
Ratio of bills payable & rediscoun
with F. R. Bank to total loans
and Investments, per cent
.1
, .8
3.
2.
2.7
3.2
3.1
3.3
.
.
- VIctory notes.
a incluiles

Cash In vault




530

[VOL. 117.

THE CHRONICLE

azette

'4.78anturs'

Wall Street, Friday Night, Aug. 3 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 522.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.

Week ending
A g. 3 1923.

Railroad,

Par Value.

Shares.

State, Mw,.
and Foreign
Bonds.

Bonds.

U. S.
Bonds.

571,992 $56,000,000 $2,511,000
$852,000 $1,013,850
800.281 79,000,000
3.760,000 1,407,500 2,188,500
772,012 76,000,000
4,036,500
962,500 2,484,850
567,713 55,000,000
3,865,000 1,042,000 1,147,400
606,465 59,000,000
3,970,000 1,239,000 1,501,450
Exch. dos ed, due to de ath of Presid ent Harding

Saturday
Monday
Tuesday
Wednesday
Thursday
FridaY
Total

3318,463 $325,000,000 $18,142,500 $5,503,000 $8,336,050

Sales at
New York Stock
Exchange.

Week ending Aug. 3.

1923.

Boston.

Philadelphia.

Baltimore.

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

6,685
$9,400
2,758
$12,500
353
$5,000
17,795
17,050
4.484
32,000
477
15,000
11,000
22,600
5,975
41,350
749
20,800
8,789
22,600
5,199
14,300
366
9,000
10,018
31,300
3.868
37.000
340
30,400
Stock Exchange closed, d ue to deal h of Pres. Harding.

Total
Prey, week revised

54,287

5102,950

22,284

$137,150

2,285

580,200

47.148

E155.500

22_611

5105000

2

712

552 2110

1.4tuy accord at U.0. Duna rxices.'nay zis Jaw so rimy 31 Aug.1 Aug.z Aug.3
Pint Liberty Loan
High 100,n 100.rs 100032 100,n 1001,s2
33 100
100
100
34% bonds of 1932-47..iLow_ 100333 100,
(First 334s)
Close 100,
s3 100233 100333 100133 100,
32
89
97
7
Total sales in $1,000 units__.
107
276
____
___.
____
____
98133
Converted 4% bonds of {High
-- - - - __
____
____
98133
1932-47 (First 4s).- _ - Low.
Total sales in $1,000 units__
Converted 434% bondrigh
of 1932-47 (First 43431) Low_
Close
Total sales to, $1,000 units....
Second Converted 4%% High
bondr 011932-47 (First( Low_
Second 434s)
Total sales in $1,000 units__ _
Second Liberty Loan
{High
4% bonds of 1927-42
Low_
(Second 4s)
Close
Total sales in $1,000 units__ _
Converted 434% bondsilligh
Low.
of 1927-42 (Second
'(Close
4345)
Total sales in $1.000 units._ _
Third Liberty Loan
High
611% bonds of 1928
Low_
(Third 434s)
Close
Total sales in $1,000 units__
Fourth Liberty Loan
{High
434% bonds of 1933-38._ Low.
(Fourth 431s)
Close
Total sales in $1.000 units__
{High
Treasury
Low_
4%s. 1947-52
Close
Mtn! enlits 49 51 nan ...a.

--__
98,
33
98,33
98733
20
____
- - __

____
98,
33
98133
98,33
87
-___
____

____
____
98,ss
982sz
98333
98,33
98,ss
982:2
2
2
98,
ss
989ss
98gss
98,s:
98,ss
Ws,
542
192
9827sz . 98"sz
98242 98nss
98,,ss L98.s:
190
237
98oss 98,
sz
98sz
98.ss
98,ss
98,sz
332 1120
99un 9923n
99333,9920n
9912,
9921,
29
KO

_______
98,33
98333
98,33
98333
98333
98,33
15
59
____
____
____
____
____
98133
98,,
981s2
1
98,as
98'sz
98'sz
490
98,4ss
98‘ssz
9522,
671
98.as
98,n
9842
845
992332
9915n
99242
222

5
981s3
98,33
98,33
24 Ex.
____ change
____ closed-

____
____
of
____
____ Presl----- dent
---____ Hard---- - -- lug
98,ss
98,sz
98,ss
98,
”
98,az
9842
169
117
9850as 98":2
9821sz 9820as
98"ss 98"as
285
588
988ss
987ss
98,ss
984ss
98,sz
987s2
544
280
992332 9922ss
992,32 992332
9923n 992382
54
129

Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
993133 to 100333142 3d 4345
98
to 98313 25 4th 4368
98,33 to 08333

113 1st 3158
6 1st 4s
52 2d 4345

981,33 to 981132
98131 to 98,33

Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.

Int.
Rate.

Bid.

Asked.

June 15 1924_
SePt.15 1924_
Mar.15 1925_
Mar. 15 1926_
Dec. 15 1925
Sept.15 1923-

5,1%
535%
414%
4%%
44%
34%

101,11
101,es
1004
100,
14
99%
99us

101,
18
101,is
10031
100ln
995'
100'11

Maturity.
Sept. 15
June 15
Dec. 15
Dec. 15
Sept.15
Mar.15
Mar.15

1926_ _ _
1925___
1927___
1923___
1923_ _ _
1924...
I927___

Int.
Rate.
431% 99133
414% 99%
434% 99%
4%
991,33
431% 100
44% 1001te
4%% 10014

Asked
99",
100
100
100
1004
10081.
1004

The Curb Market.-The review of the Curb Market is
given this week on page 542.
A complete record of Curb Market transactions for the
week will be found on page 542.
Foreign Exchange.-Sterling exchange was easier and
quotations declined to the low point of the year. The Continenal exchanges were irregular and lower with francs and
marks at new lows, all on dull trading.
To-day's (Friday's) actual rates for sterling exchange were 4 5436 ©
45434 for sixty days, 4 5651@4 5736 for cheques and 4 5704 5734 for
cables. Commercial on banks sight 4 5636 @4663-4. sixty days 4 533-I ©
4545%, ninety days 4 52% ©4 5336 and documents for payment (sixty
3
days) 45534 ©4 55%.
Cotton for payment 4 56.15 ©4 5674 and grain for
payment 4 5634@4 5634.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.7034 ©
5.7234 for long and 5.733-4 ©5.7554 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 3.893 for long and 39.18 for short.




Saks
for
Week

Par.

Range for Week.
Lowest.
$ per share.

Highest.

Range since Jan. 1.
Lowest.

Highest.

$ per share. $ per share.S per share.

Railroads.
1 July 30 21 July 31 1634 July 23 !June
13klyn R T 2c1 warr paid_
19.4
Warrants full paid...,.
3034 July 31 3111 Aug 2 3034 July 3151 Aug
Buff Ro dr Pitts pret..100
Aug
Mar 90
90 Aug 1 90 Aug 1 87
Buff dc Susq ply t c_ _100
51
Aug 2 51 Aug 2 50 June 52 June
Canada Southern_ _ _ _100
50% Aug 2 5034 Aug 2 50
Ap 521.4 Mar
Central RR of NJ._ _100
182 July 31 182 July 31 175
Jul 231 !Feb
Duluth S8at Atl pref 100
334 July.28 334 July 2: 334 July 531 I Feb
Illinois Central pret _100
11234 July 31 11234 July 31 III
July 118% I Mar
RR Sec Series A__ _100
Jul 70 (Mar
6636 July 31 6631 July 31 65
Int & Gt No Ry(w 1)_100
1634 July 28 1634 July28 1634 July 2534 Feb
Iowa Central
2 July 28 2 July 28 2
100
July 611 Feb
Man Elev Mod Gtd_ _100
33 Aug 2 3434 July 2: 3031 June 4534 Apr
Morris & Essex
50
7334 July 30 7334 July 30 7334 Jul 78 Pan
NYCh&StLlstpf_100
89 July 31 89 July 31 7934 Jan 97 Pan
When issued
100
72 Aug72 Aug 1 72
Aug 7634 July
Preferred w 1
100
90 July 30 90 July 30 90
July 9534 July
Pitts Ft W & Chi pret 100
138 JulY 30 138 July 30 128 Jun 138 PJuly
Rapid Transit Corp_ _ •
1136 July 2€ 1236 Aug 2 Pg June 18% Apr
Ho
Preferred
35 Aug 2 36 July 31 3134 July 49 „i Apr
rJan
Tol St L &NV Ser B_ A00
Apr 66
56 Aug 1 66 Aug 1 52
Virginia Ry & Power _100
32 July 30 32 July 30 32
July 34 'June
100
West Penn
4034 July 31 41 July 28 3834 Apr 5234IMaY
100
Preferred
86 JulY 28 86 July 28 7534 Ap 88 t.June
Industrial Sr Miscall.
2034 July 31 2034 July 28 2034 Jun 2534'Mar
American Chain Cl A_25
Amer-La France Fire Eng
91 July 31 91 July 31 91
100
7% cum pre(
July 9836 Mar
6634 July 30 72 Aug 2 6434 July 72
Amer Locomotive new_•
Aug
Amer Roll Mill pref_ _100
9634 July 31 9634 July 30 9634 July 10036 Jan
Amer Teleg & Cable_100
5034 Aug 2 5134 July 31 46
July 5834 Feb
•
13 Aug 2 14 July 30 12
Arnold Constable
May 1834 Apr
p
8234 Aug 1 83 July 31 3234 Aug 90% June
Atlas Powder 6% cum .
Atlas Powder new
5131 Aug 1 5134 Aug 1 51
July 5734 June
1% July 31 134 July 31
ALI Fr Col T Co ctf of dep
134 July 234 Feb
1234 July 31 1234 July 30 11
50
Auto Sales pref
July 1434 Feb
87 July 31 37 July 31 87
Barnet Leather pret_100
Mar
July 97
30 Aug 2 30 Aug 2 30
Booth Fisher 1st pref_100
Jan 3534 Jan
Calif Petroleum now._25
183-4 July 31 1934 Aug 2 1834 July 2934 May
25
4236 Aug 1 4336 July 30 42
Calumet & Hecla
July
July 44
•
3034 Aug 2 3134 Aug 2 28 June 3634 May
Century Rib Mills
•
433g Aug 1 4534 July 23 4334 Aug 493-4 May
Columbia Carbon
32 July 31 34 July 28 3034 June 3751 Apr
Colum Gas & Elec w 1_ _•
32 Aug 2 32 Aug 2 253-4 July 4934 may
Commercial Solvents A.•
26 Aug 2 26 Aug 2 15
B
July
Apr 28
100
Crex Carpet
2534 July 28 2534 July 28 2434 Feb 3034 May
4% July 31 5% July 30 3
Cuban Domin Sugar_ •
July 1234 Mar
RIO
5734 July 31 5934 July 28 5436 July 7034 June
Cuyamel Fruit
8
1234 July 31 1334 Aug 1 1234 June 1434 June
Douglas Pectin
11034 July 31 11034 July 31 11031 July 11434 Apr
Eastman Kodak, pret100
24 Aug 2 243-4 July 28 24
Eaton Axle & Spring_ _ _•
Aug 27
July
531 July 31 534 July 31 534 July 13
Fairbanks Co (The)_ _25
Feb
10751 July 30 108% July 28 10234 Jan 138
Fidel Phen F I ot N Y_25
Feb
•
4136 July3lj 4251 July 28 3734 Jan 4734 May
Fleischman Co
6834 July 311 7234 Aug 2 66
•
Foundation Co
May 7334 July
•
714 Aug 21 834 Aug 2 73.4 Aug 141
Gardner Motor
, Apr
75 Aug 1 7834 Aug 2 72
General Baking Co__ *
July 9634 May
9634 July 311 97 July 31 9634 Jan 10234 Feb
Gimbel Bros, Pret__ _100
1636 July 30 1636 July 301 1334 June 223-4 June
Goldwyn Pictures, new_•
4334 July 28J 45 July 301 4334 July 6134 Apr
Goodyear Tire, pref 100
Prior preferred..._ _100
9234 Aug 21 9234 Aug 2 9234 July 99
Feb
Hanna, 1st Pref
943-4 Aug ii 9434 Aug 1 943.4 Aug 9434 Aug
1001
Hartman Co
8034 July 281 8234 Aug 2 8034 July 9534 Jan
100
Househ'd Prod tem ate.*
30 July 31! 3134 July 28 2836 July 3934 May
•
5 JulY28 5 July 28 5
Indep Oil & Gas
July 1134 Mar
128 July 30128 July 30 119
Ingersoll Rand
100
Apr 12836 July
3236 July 3th 3234 July 30 3136 July 4634 Apr
•
Inland Steel, w 1
98 July 311 99 Aug .2 9634 June 108
Preferred, w 1
100
Apr
931 july311 934 July 31
Invincible 011 certifs___*
pg July 14% May
•
34 July 301 3434 July 30 34
Iron Products ctfs
july 4436 May
65 July 31 65 July 31 6436 June 7334 Jun
International Shoe__ •
653-4 July3lI 6634 Aug 2 6434 July 7134 Apr
lot Tel & Tel
I80
28 July 28 28 July 28 2634 July 4134 Mar
IntertYpe Corp
•
9514 July 311
K C Pow dc Lt 1st Lord-•
Aug
Aug 2 91
June 97
114 JulY 31 114 July 31 112
Lorillard, pref
100
Apr 119
Jan
11234 July 2811236 July 28 11134 Ju1y115
Mary (R H). Pref.._.100
Feb
2834 July 28 3031 Aug 2 22
Magma Copper
•
May 3634 Apr
20 July28213-4 July 30 20
Maracaibo Oil Explor_ _•
July 2234 JulY
287 July 31289 July 31 287
Nat Bk of Commerce.100
Mar
July 309
30 July 31 3634 July 28 3451 June 4234 Apr
•
Nat Dept Stores
92 July 31 92 July 31 903
100
Preferred
% July 9751 May
8934 Aug 2 893.4 Aug 2 8934 Aug 9434 May'
NY Canners, 1st p1.100
*
N Y Shipbuilding
836 July 28 834 July 28 834 July 1534 Feb
North American
10
203-4 July 31 22 Aug 2 183-4 July 2434 Apr
3134 July 31 3134 July 31 31
Mar
25
Ohio Fuel Supply
June 67
•
35 July 1 35 July 30 35
Mar
July 50
Onyx Hosiery
Apr
8834 Aug 2 8834 Aug 2 8834 Aug 98
Preferred
100
83 July 34 83 july30 67
Pacific Tel 66 Tel_ _ _ _100
JulY
Jan 83
Feb
9334 J1113,2: 94 Aug 1 9034 Jun 99
Packard Motor, pref _100
36 Aug 1 3634 Aug 1 3534 July 4334 Apr
Penn Coal & Coke_ _ __ 50
13 July 31 1334 July 31 1134 July 1934 Mar
Philip Morris
10
Aug 5631 Mar
29 Aug 1 31 July 31 29
Phoenix Hosiery
5
91 July 31 91 July 31! 88 Jun 100
Preferred
100
Mar
100 July 31 wog July 30 100
July 108% July
PSCorpotNJp18%100
5136 Apr
44 July 2: 4534 July 3111 43
J
New common
•
11434 Aug 211434 Aug 21i1143-4 Aug 121 31 Mar
RailwaysteelSpg,pflOOj
•10
AUg 1034 Mar
10% July 31 10
ReLs(Robt)& Co
ug
Ma 9934 July
88
04 July28 9731 July
Schulte Retail Stores.._•
Jah
16
July
634
july2811
636
July
Petroleum
734
31
Simms
..104
July 3434 Mar
23 July 31 27 July 3031 23
Simmons Co
•J
tmg Aug 1 92 Aug I 90 Jun 9836 Apr
Shell Union 011 Co, pfl
904 July 30 9034 July 301 8831 July 993-4 Feb
Sinclair Oil, pref__ ..100I
Feb
1004 July 2810936 July 28111045' Feb 114
Tobacco Prod, pref.,100I
Apr
3134 Aug 1 3134 Aug 1 30 June 40
Transue & Wms Steel_ .*I
3534 Aug 1 3834 Ju1y2811 3534 Aug 4151 June
Underwood Typ, new_25
Mar 5034 Feb
47 July 28 47 July 2811 40
Unit Dyew'd Corp_..100I
Feb
Mar 96
Preferred
954 July 28 9534 July 2811 92
1001
98 Aug 1 99 July28II 9734 JttlY1084 Feb
USReaity&Impfullpdi
Feb
434 Aug 2 434 July 28 334 June 17
Va-Caro Chem B
•
Jan
35 July 28 35 July 2811 3314 July 64
Van Ruske
100
July
Jan 10
Vulcan Detinning_.100110 July 31 10 July 3111 5
June
115
111%
Mar
July
11234
111334
cum
Aug
West Elec 7%
pt 1001
May
1734 July 31 mi Ju1y2811 1434 June 20
Waldorf System. new.,'
June 7134 Mar
Worthington. pref B_100
63 July 28 63 Ju1y281 61
• No par value.

boo
882888888888°488828888§8
8 .t-MOCIN
888888§§8888§8888828§8888888888888888§888§88888888
......888888888§8888888§88§88§88888888
N
C“0...N..
0.Mo00,
N.
N.0..C.M
WN=C/NM.000
.
ONO
a.
a a.6.6

531,981,550 $70,690,450 $1.717,708,335 $2.766,411,605

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.

Week ending
A• g. 3 1923.

STOCKS.
Week ending Aug. 3.

1922.

Stocks-No. shares_ _ _
153,571,004
3,318,463
3,358.116
150,972,413
Par value
$325,000,000 $289,129,500 $13,145,000.000 $13,603,074,389
Bonds.
Government bonds__ _
$478,428,935 $1,110,905,755
$8,336,050 $23,501,450
State,mun.,&c.,bonds
282,388,200
375,462,500
5,503,000 10,024,000
RR.and plsc. bonds_ _
956,891.200 1.280,043,350
18,142,500 37.165,000
Total bonds

The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:

Jan.1 to Aug. 3.

1922.

1923.

Exchanges at Paris on London, 79.30 francs; week's range, 78.23 francs
high and 79.60 francs low.
r•1
The range for foreign exchange for the week follows:
Cables.
Sterling, ActualCheques.
Sixty Days.
High for the week
458 9-16
4.55 11-16
4.58 516
4.567-16
Low for the week
4.56 3-16
4.639-16
Paris Bankers' FrancsHigh for the week
5.8934
5.8854
5.8354
Low for the week
5.71
5.70
5.67
Germany Bankers' Marks0.00010
High for the week
0.00010
0.000082
Low for the week
0.000082
Amsterdam Bankers' Guilders
1111
39.453
High for the week
39.36
39.01
Low for the week
39.30
38.91
39.21
Domestic Exchange.-Chicago, par. St. Louis, 15(4)25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, 324.6875 per
$1,000 premium. Cincinnati, par.

New York Stock Exchange-Stock Record Daily Weekly and Yearly

531

OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Tuesday, Wednesday. Thursday,
Monday,
Saturday,
Friday,
July 31.
Aug. 1.
Aug. 2.
Aug. 3.
July 28.
July 30•
5 per share 3 per share S per share
22
24
2612 2612 •__ _ 26
9414 9534
9518 96
96
96
*88 8812 8814 8814 8812 .8812
112 112
112 112
1% 138
11078 11178 11018 11012 10978 11018
453 4714 4514 478 4514 4714
5634 5634 5618 5612
*5634 57
14
14
14
38
14
,
8
*__
12 5_
12 *_ - __
74
144 14478 14314 14512 14414 14512
5812 6712 5812 574 58
58
961 6612
97
97
977 98
•24 212 .238 212 *214 212
*34 412 *378 4
4
4
23
23 *23 2318 2212 23
48 4914 *4814 49
48 48
*44 414
4
418
4
418
93 10
914 934
988 10
17
171s 16
1734 1734 17
2912 2714 2914
29
2914 30
6312 62 63
6412 65% 62
110 110
111 111 *110 112
224 2314 2134 2212 2013 23
*79 84 *7934 85
76
79
71
7134 6814 7012 637s 68
*58 61
*55 63 *58 62
25
*25
26
*2312 25 *21
10212 103
10212 10514 10314 10514
•112 113
112% 113 112 113
1114
1118 1112 1118 1112 11
1712 1734 1734 18
1718 177
1212 1212 1214 1214 12% 1234
5014 5788 5538 5634 5514 57
26
2617
2634 2634 2614 27
10
10% *912 97e *912 934
49
.45
50 *46 4934 *46
106 106
107 107 10614 10718

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

3 per share $ per share Shares
Railroads
Par
*2212 25
800 Ann Arbor preferred
100
95% 964
12,400 Atch Topeka & Santa Fe 100
88
88%
Do pref
700
100
•112 14'
900 Atlanta Blrm & Atlantic_ 100
11114 1124
3,200 Atlantic Coast Line RR_ _ _100
46% 4834
38,700 Baltimore & 01710
100
*5634 5634
Do pref
400
100
38
4,100 Brooklyn Rapid Transit __ _100
28
CW0123708 of deposit
14
14
1.600
14412 14534
8,900 Canadian Pacific
100
5734 5814
6,100 Cheeapeake & Ohio
100
*9614 97
100
Do pref
700
*214 212 *214 211
Chicago & Alton
100
378 378 *334 4
300
100
Do pref
22
2234 21
211*
800 Chic dr East III RR (new)
47 48 .47
48
Do pref
800
4
4
414 418
1,300 Chicago Great Western_100
91
978 *912 10
100
1.700
Co pref
1614 17
16'4 174
12,400 Chicago Mllw dr St Paul_ _100
2734 2934 2712 2911
Do prat
100
22,200
62 64
6278 8412
10,300 Chicago & North Wentern_100
109 109 *100 110
Do pref
100
300
2034 2218 20
21,200 Chicago Rock Isl &PacifIc_100
2212
77
77
7534 7812
100
1,500
7% preferred
6514 6678 64
68
4,600 6% preferred
100
358
58 *55
65
100 Chic St P Minn Sr Omalva_100
*23
28 *22 25
Colorado & Southern
100
10412 10412 104 10512
100
3,500 Delaware le Hudson
113 11314 11314 114
1,200 Delaware Lack & Western- 50
11% 1138 1112 1134
7,400 Erie
100
1878
1734 1834 18
Do 1st preferred
100
9,000
1212 1212 1234 1278
1,000
Do 211 preferred
100
56
5734 54
32,550 Great Northern pref
5712
100
253 2614
2534 26
Iron Ore Propertles_No par
9,100
*912 1114 *9
1,000 Gulf Mob & Nor tr ctfs_ _ _100
1112
*45. 50 *45
50
Do pref
100
106 106 x105 10534
1,900 Illinois Central
100
Interboro Cons Corp__No par
Do pre(
100
12
*11
-13
.- Ii" ;ii- -fi" .11
------1,000 Interboro Rap Tran w L_..100
1614 1718 1612 174 1515 1612 1634 1634 17
7,000 Kansas City Southern_ _ _ _100
1712
4834 4834 49 49
4934 4934 497 497
•48 51
Do pref
100
600
34 *2734 34
*2734 34
*2774 33
3234 *27
*30
Lake Erie & Western
100
1412 *65 74 *65
7412 4535
7412 *65
•
*70
Do pref
7417
100
5878 5912 5834 5978 59
5917 *5934 6014 5914 6012
50
3,000 Lehigh Valley
8714 8734 88
8612 88% 8712 88
8838 8712 884
1,800 Louisville & Nashville___ _100
*41
45
41
41
*40
47
*41
45 *40
45
100 Manhattan Ry guar
100
Eq Tr Co of N Y ctt dep_100
*814 10
84
*814 10
.912 1012
100
400 Market Street RY
45 *32 40 *32
45 *32
*32
37
*32
36
Do
pref
100
*65
66
65
6515 *62
65
65 65 •64
66
Do prior pref
100
500
*2012 26
*2012 28
*2012 26
*2012 24
*2012 24
Stock
Do 2d prat
100
118 112
118 112
118 114
13
112 134
112
4,200 MinneaP & St L (new)_ __ _100
59
59 *55
*55
---- --- - *55
59
*55
59 Exchange
Minn St P & S S Marle___ _100
Missouri Kansas & Texas_ _100
-104
- -- -1-014 -i.13- -1-0-14 -los -164 "i"0 ---1018 -i-0 -1--0
closed
13,300 Mo Kan di Texas (new)
1e
2614 261e 28
2612 26
2612 26
2612 2612 26%
Do pref (new)
5,000
9
1114 1018 11
11
1012
9% 10
973 10I3 owing to 10,000 Missouri Pacific trust ctfs_100
2918 2934 2878 2912 2514 2878 254 2678 26
Do pref trust ctfs
100
12,200
2834
212 234 *212 234
2118 234
214 212 death of
212 21
2,000 Nat Rys ot Mex 2d pret_ _ _100
87 87 *8412 87 *83
84
83
8434 85
85
900 New Orl Tex & Mex v t c_ _100
96 974 9614 9714 96
9714 9834 9734 97
9814 President 18.700 New York Central
100
7118 *--_- 71
*70
72 •68
72
72 .._ -__ 72
N Y Chicago & St Louis__ _100
90 90 *.--- 95 *- -- - 95 *- -__ 95 *____ 95
100
Harding
Do 2d preferred
100
1134 1134 11% 1118 1088 1114 1034 1112 1114 1134
100
9,800 NY N H & Hartford
16
16 *1512 16
16
16
15
1538 1434 154
1,800. N Y Ontario dr Western_ _ _100
*914 1378 *914 10
*912 12
914 914 *9
11
100
300 Norfolk Southern
10014 101
10014 10114 10018 10078 10034 10114
100 101
5,400 Norfolk .S4 Western
100
7712 •76
*751 7712 *75Ir 7714 *76
7712 *764 7712
Do pref
100
56
38
58 58g 56
58
5634 59
5618 5918
34,800 Northern Pacific
100
4312 4318 431, 4378 4334 4318 34234 43
42% 4318
5.200 Pennsylvania
50
*812 10
*8
912
*8% 10
9
9
*9
10
Peoria & Eastern
100
40% 4134 40
4118 3934 41
40
41
4034 4134
21,700 Pere Marquette
100
*6812 70
6934 6934 *69
*6812 70
70
69
69
Do prior pref
200
100
61
61
61
60
61
61
*58 63 *6012 63
Do pref
600
100
42
4212 *42
4078 4218 4078 4134 4034 42
43
4,500 Pittsburgh dr West Va_ _ _100
88
89 *8534 89 *86% 89 *8538 89 •8518 89
Do prat
219
100
7212 7438 7234 7434 7218 7414 7334 747g 7334 7535
21,300 Reading
50
5512 *5212 53
5314 5312 .53
53
53
53
5314
Do 1st preferred
900
50
53 *5212 53
5212 5212 5234 5234
5314 5338 53
1,200
Do 2d preferred
50
*25
30 *24
33 *28
34 *28
34 *28
34
Rutland RR pref
100
17% 1734 1712 18
17
18
17
1712 173
, l8lg
6,900 St Louls-San Fran tr Ws_ _100
3714 3714 37 37 I 38
*38
3934 38 38
38
500
Do pref A trust ctts
100
2734 2818 2714 2834 *28 2834 2778 28%; 2814 2834
4,300 St Louis Southwestern_..100
5512 57
55
5512 5512 5512 5512 5517' 5517 551
Do pref
1,000
100
5
614
514 54
5
5
5
5 I
5
8
3,100 Seaboard Air Line
100
818 8%
9
81
9
812
84 Vs *8,2 912
Do pref
1,300
100
8,5
8512 85
86
8434 86
45 8534 8478 8818
14,900 Southern Pacific Co
100
3112 3178 3118 321
3034 3218 3114 3214 3118 3234
31,600 Southern Railway
100
66
65% 65's 66
6634 66 66
66
6618 6634
Do pref
2,100
100
1718 174 15
1714 1438 1634 1513 1512 1534 16
9,100 Texas & Pacific
100
*934 !0%. *10
10
l0'z 10
*1018 1012 *10
101
100 Third Avenue
100
70 167 69 *68
70
70 *68
70 .65
70
100 Twin City Rapid Transit_ _100
126 12634 12514 127
12812 127
12614 1277 126 12734
19,400 'Union Pacific
100
.72
73 *7214 73 *72
73
72
72
72'8 721
Do prat
400
100
9tg
9
912
9
9
9
878 9
8% 9's
1,400 United Railways Invest
100
30
2918 29% 2912 297
29
30
30
30
30
100
1,000
Do pref
8
812
8
8%
8
Ps
778 8
8
8'4
5,900 Wabash
100
24
2578 2434 2514 2412 2514
2538 2614 2514 26
Do pref A
22,800
100
*18
21
*1612 21
*17 21
*16
21 •16
21
Do prat B
100
97
978 978
912
912 912
912 934 10 , 10
3,800 Western Maryland (new)._100
171 *1612 17's 17
1718 1734 17
1814 177 177
Do 2d preferred
2,500
100
171 *16
1634 163s 1618 1614 1578 181 *16
2,800 Western Pacific
1712
100
55
5514
5418 55
5514 56
5514 5514 *5514 59
Do pref
1,000
100
*638 6%
612 61
634 7
6% 612
612 7
Wheeling
.3r Lake Erie Ry_100
1,000
13
12
12
*1218 1214 13
1112 1212 12
1,500
1234
Do pref
100
24% 2413 24
*241 25
24
25 25
24
24
1,400 Wisconsin Central
100

$ per share
22 July 31
9414 July31
86 July 5
112 Jan 3
110 July 5
4018 Jan 17
5.534May 7
14July 26
14July 25
14014 Jan 17
57 June 27
96 June 29
2 May 21
388 Jan 12
21 Aug 2
47 July 5
4 Jan 18
812 Jan 18
16 July 31
2418July 5
62 July 30
10812June 20
20 Aug 2
75% Aug 2
6378July 31
58 Aug 1
25 July 27
93' July7
11012June 20
10183,Iay 22
15 Jan 17
I034May 21
54 Aug 2
23 July 2
10 June 28
4478 Jan 2
105 May 22
18 Jan 17
14 Mar 2
912June 30
1518July 31
4838Ju1y 30
2878May 22
65 June 7
54 June 30
8512May 7
38141une 28
3518 Jan 25
814 Jan 23
33 June 21
62 June 21
2118June 21
118July 28
5712July 6
814 Apr 26
10 July 5
25 July 5
9 June 31
2414July 31
23 Jan 17
83 July 5
9012May 4
68 May 22
7612 Jan 2
918July 5
1414June 28
914 Aug 1
100 July 30
75 July 6
55 July 30
4112June 30
9 July 16
36 Jan 11
6814July 19
60 July 31
337 Jan 17
8512June 29
6812June 29
44 June 28
45 June 28
25 May 2
17 July 31
32% Jan 3
2612May 22
5438June 28
5 June 28
814 Aug 1
8412June 30
243 Jan 6
63 July 2
1438July 31
912June 30
5814 Jan 19
12114July 31
7078July 6
812June 26
26% Jan 17
7 Mar 10
234 Jan 17
1612 Jan 18
912July 30
17 July 30
15 May 1
53 May 7
612June 29
1112July 3
24 Aug 1

i per share 2 per share $ per share
45 Feb 23
277 Jan 52 Aug
9184 Jan 10812 Sept
10518 Mar 3
9038 Mar 6 84% Jan 9512 Aug
512 Apr
314 Feb 21
14 Jan
83 Jan 12478 Sept
127 Feb 28
5618 Mar 21
3312 Jan 6014 Aug
5212 Jan 6644 Aug
6078 Mar 21
6 Jan 29 June
1614 Jan 2
13 Jan 12
534 Jan 247 June
160 Apr 18 11918 Jan 15118 Aug
54 Jan 79 Aug
763s Jan 30
10478 Feb 23 10088 Dee 10518 Oct
334 Feb 13
134 Jan 1234 May
Ws Feb 8
318 Jan 207s May
3814 Feb 13
1214 Jan 4334 Aug
6214 Mar 26 , 3118 Jan 6412 Aug
7 Feb 7
334 Dec 104 May
17 Feb 6
7 Dec 2482 May
2618 Mar 5
1714 Jan 36/8 Aug
4512Mar 5
29 Jan 5514 Sept
88 Mar 5 59 Jan 9512 Sept
11818 Mar 21 100 Jan 125 Aug
3778 Mar 21
3012 Dec 50 Sept
95 Feb 9
8314 Jan 103 Sept
85 Mar 5
7014 Jan 96 Sept
78 Mar 5
51 Jan 90 Sept
4512 Feb 13
38 Jan 531 Apr
1241 Feb 13 10634 Jan 1411 Sept
13012 Feb 8 108 Feb 143 Oct
7 Jan 1834 May
1312 Feb 13
2118June 11
1118 Jan 2812 Aug
1612June 11
718 Jan 2014 May
7014 Jan 9578 Oct
80 Mar 5
36 Mar 19
2818 Nov 4518 Apr
20 Mar 5
5 Jan 19 May
6214 Feb 21
16 Jan 47 Oct
971 Jan 11534 Sept
11712 Feb 21
38 Jan 4
5 Apr
18 Dec
78 Jan 5
38 Dec 1214 Apr
1734 Dec 3214 Aug
227s Mar 14
2478 Mar 21
17 Nov 3014 Apr
5718 Mar 5
5214 Nov 5912 Apr
34 Jan 2
10 Feb 3978 June
75 June 28
2618 Feb 77 Sept
7134 Feb 7
5638 Jan 72 Sept
155 Feb 26 108 Jan 14478 Oct
60 Apr 17
35 Jan 58 Aug
44 Feb 13
4412 Aug 5612 Aug
22 Mar 12
318 Jan 11 Mal
6812 Mar 12
17 Jan 6014 Api
87 Mar 12
35 Jan 76 Nov
3614 Mar 12
518 Jan 32 Apt
912 Feb 13
5 Jan 1412 Apt
7312 Mar 5 55 June 7534 Oct
12 Feb 6
18 Jan 1514 Dec
17 Feb 15
712 Jan 1934 Aug
4512 Feb 14
2412 Jan 4834 Aug
1938 Feb 14
1512 Nov 2514 Apt
49 Feb 10
40 Nov 6314 Sept
414 Feb 15
23 Nov
714 May
105 Mar 26
5478 Jan 8738 Dec
10418June 13
7234 Jan 101% Oct
84 Jan 29
5118 Jan 9112 Oct
95 July 3
6134 Jan 93 Sept
2212 Jan 30
1212 Jan 38 Aug
2134 Feb 13
1812 Dec 301 Apt
183 Feb 9
814 Jan 2212 June
117% Feb 9
964 Jan 125% Sept
78 Jan 29
72 Jan 82 Ocl
8112Mar 5
73 Dec 9038 Aug
477 Apr 4
3314 Jan 4984 Oct
17 Mar 21
1034 Jan 2638 Aug
47141une 11
19 Jan 4034 Aug
7634 Mar 5
63 Jan 82 Aug
50% Jan 7434 Aug
7012 Jan 9
5018May 10
23 Jan 4118 Aul
93 Jan 9
76 Jan 95 Nov
8118 Feb 7
711 Jan 87% OW
5612 Feb 7
43 Mar 57 Ma,
5634 Jan 30
45 Jan 592 Mai
3734 Jan 10
1712 Feb 6314 Jun,
27 Mar 21 .2014 Dec 3234 Aug
50 Mar r
3434 Nov 56 Aug
3638 Feb 10
2018 Jan 367s Nov
6378 Mar 21
323 Jan 597 Nov
712 Feb 10
2% Jan 10 Api
1314 Mar 23
418 Jan 1414 Ap
9514 Feb 21
7818 Jan 9614 OW
3714June 13
1714 Jan 2834 Aug
7078 Mar 22
46 Jan 71 Ow
2912 Mar 21
184 Nov 36 Api
1914 Feb 10
1312 Nov 251% Mar
7712June 11
34 Jan 6212 Sept
14478 Feb 2
125 Jan 15434 Sept
76% Jan
7114 Jan 80 Aui
71 Jan 1978 Api
217 Mar
20% Jan 36% Apt
62 Mar
1112Mar 2
6 Jan 143s Mal
3418 Mar 2
19 Jan 2512 Aug
2212Mar 2
1214 Jan 2478 Aug
814 Jan 1714 Aug
15 Feb
13 Jan 2812 Del
2634 Mar 2
1334 Jan 24% Ap
2014 Mar
3112 Mar 6478 Sep
6314 Mar
1012 Feb 1
6 Feb 1612Jun4
914 Jan 29% Rini
19 Feb 1
35 Jan 3314 Ma.
35Ir Feb 2

Industrial & Miscellaneous
*13912 70
6934 693 .6912 72
*6912 73 *6912 72
200 Adams Express
100
10
934
914
10
10
11
10
.934 11
*1018
306 Advance RumelY
100
•33 38
3612 *34
3638 3618 *34
3612
3612 *34
100
Do prat
100
63 63 *62
64
*63
63 6312 *6034 64
637
400 Al!' Reduction, Inc.__ _No par
878 6%
678 678
7
7
814 7
634 634
1,800 Ala: Rubber, Inc
50
*14
18
*14
as
114
38
18
38
1,200 Alaska Gold Mines
14
38
10
% 1
1%
*1
*78 1
1
1
1
1
10,200 Alaska Juneau Gold Min_ 10
6438 65
65
637 65
647 65%
8414 84% 64
7,300 Allied Chemical & Dye_No par
107 107
*10714 108 *10714 10712 10634 10714 *10612 107
Do pref
810
100
3914 391
38% 3812 3818 3978 3918 397
3914 40
2,500 Allis-Chalmers Mfg
100
90
90
*8912 91
*go
*88
92
9114 *90 02
Do pref
100
100
111
1112
1138
12
1112
12
12
12
1114 12
1,800 Amer Agricultural Chem 100
30
3034 2912 31
30
3014 29 2918 294 30
Do pref
2,300
100
8112 *7734 81
*79
81
*7734 81
8188 8118 81
200 American Bank Note
50
54
*53
5312
54
5314
55 *53
*52
Do prat
50
100
*511 52
2912 29
29
28
1,700 American Beet Sugar
2878
100
3014 304 2914 3018 28
31
31
32
31
3112
3134 33
3114 3138 31
4,500 Amer Bosch Magneto_No par
72
70
72 *70
70
*70
*70
72
71
300 Am Brake Shoe & F__-No Par
70
'102lOOl Do pref
*10234 103 10212 10212 *10234 106 *101
100
864 8888 84314 8914 38618 8712 8738 887g8834 -862
19,800 American Can
100
1087 109
109 109
109 109
109 109
Do pref
100
1,000
*107 110
156
1534
155
151312
157
155
157
2,000 American Car dr Foundry-100
15414 15512 154
*12212 123 122 12212 122 122 *11912 122 *119% 122
300
Do pref
100
1112 511
1184 *11
It, 19
*11
114 *12
1214
300 American allele
Na OM'
•Bid and asked prices. s Ex-dividend.

68 Jan 2
912July 6
33 July 6
56 July 2
612July 2
14 Jan 4
78July 31
621May 18
10612July 16
3734June 28
8978July 19
1018July 3
29 July 30
77 Jan 6
5012June 26
28 July 31
2912Ju1y 2
70 Jan 3
102 July 3
7312 Jan 2
10634 Apr 28
14814Ju1y 12
11914 Mar 22
MA Jan 30

82 Mar 3
1912 Mar 6
5438 Jan 14
7218 Mar 19
1478 Mar 14
55 Mar 9
134 Mar 9
80 Jan 2
112 Mar 2
5114 Feb 16
97% Jan 27
3678 Feb 21
6878 Feb 21
9112 Mar 7
55 Feb 7
4912 Feb 13
8314 Feb 16
83 Mar 21
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7,
1257 Jan 18
13 July 13




$ per share
22
22
9514 957
8838 8838
*112 118
111 11114
4612 4712
5634 5634
14
38
14
14
14434 14512
5712 5834
*9612 97

48 Jan
1078 Jan
3138 Jan
45% Jan
912 July
% Dec
38 Jan
5518 Jan
Jan
101
374 Jan
881 Jan
2714 Nov
58 Jan
58 Jan
51 July
31% Jan
3114 Jan
51 Jan
9814 Jan
3214 Jan
934 Jan
141 Jan
11512 Jan
6 Nov

83 Oe
23 Aul
3012 Au'
66 Oe'
1834 Apt
78 Mal
2 Ma)
911 Sep
11512 Seta
59/4 Sept
104 Sept
4278 June
7214 Sept
91 Dec
5512 Dec
49 June
49 Apt
88% Sept
113
Oct
7812 Nov
1137 Dec
201 Oct
1261.11 Nov
14 Ma,

New York Stock Record-Continued-Page 2

532

For sales during the week of stocks usually inactive, see second page preceding

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday,
July 31.

$ per share $ per share $ per share
634 634
Ws 612
5% 638
1612 1712 *1114 1712
1634 17
439 439
458 458 4458 5
91
91
918 93
*94
97
812
812 *7
•7
8
*7
3539 3539 3518 3539
36
36
8312
88
8734 89
89
89
7912 7934
80
8014 8014 80
1812 177 1812 1712 1858
18
1112 1112 *1114 1132 Ws 1132
1778 1778
18
18
20
•18
40
*35
41
42. *38
*36

Wednesday. Thursday,
Aug. 2.
Aug. 1.

Friday,
Aug. 3.

$ per share $ per share $ per share Shares
1,500
5,8 512
513 513
1,600
1614 1614 1612 16,2
500
412 412
413 412
300
99
*91
99
.91
100
734
739
8,2
*7
1,700
37
35
3534 36
1,400
8913 8913 8839 89
600
80
80
*7934 80
4,600
1713 1814 18
1834
700
1112 1034 1078
*11
500
177.5 1778
*1734 18
40
40
*25
*35

1 •119 12114
119 1721-- •116- 126;
129 120
*Ho" 121
4234 4239
4214 4212 4312 4239 *4214 4312 *4214 44
78
7814
7814
79,2
7814
7712
7913
7814
7914
79
533 539 *539 58
5,2 539
538 512
514 514
1212
1178 117 *12
12
12
1212 1212 13
•12
5412 55
558
5413 55
5339 5412 5334 5412 54
97
9539 9578 954 9534 *96
96
*95
96
*95
•129 135 *130 13314 *130 13313 *131 13312 13313 133131
81
3318 3313 34
3339 3438
3318 33
3312 3312 33
9
98 .95
98
9814 *95
*98 100 .98 100
18
59
58
5812
57
4
3
58
5714
6012
8
587
5914 6018
•101 103 •100 10214 10034 10034 101 101 *10012 101,2
1713 17
17
1738 1739 18
1814
1753 1734 17
*404 49
*4014 46
*4014 46
*4014 48
*41314 49
12134 1217 12158 12218 122 12239
12134 12218 12134 122
1434 1444
14214
14184
14118
141
4
1423
14078
142 14234
10212 10212 10213 10212 10212 10234
*102 103 *102 103
14012 141 *14014 14112 14034 14112 1414 14214
•14014 141
38
3512 36
35
36
*34
34
344 3418 34
878 8778
908 *8812 89
9112 *8912 907 *90
*89
5912
*5512
57
z5512
60
80
*5712
*5712
5678 57
98
*85
98
*88
*9114 93
98
.90
*9014 88
86
8178 8312 84
8312 8138 83
81% 8318 82
102
10118 10118 10118 10133 10118 10118 *101 10112 *101 8 84
8,
814 10
117s
1212 1234 *9
• _ _ 14
9
9
94
918
918
9
912
918
912 912
37
*32
37
*34
37
*31
37
*33
32
32
3934 398 4078
3958 3839 3914 39
3914 40
39
8034
82
78
7618 7734 *78
7614 78
7514 78
86
*83
88
*84
86
*83
86
•83
•834 86
91
*88
91
*88
91
.88
91
90 •88
•88
104
*10114
104
104
10414
10414
105
105
•1O412 106
112 113 *112 175 •112 2
•112 2
*112 2
1234 1334
1112 127
1114
1178 11
104 11% 11
•12
13 1 12,4 1212
12
1012 *11
1014 1014 10
997 101 *100 107
100 100
100 101
100 100
116 .114 116
•113 116 *113 116 *113 116 •114
•114 12
*1114 12
11% 11% *11,4 1134 *1114 12
2014
*1812 1912 1912 2012 20
1814 19
19
19
*8015 85,4
85141
*8018
*8018 8514 *8018 854
85
*80
11212 11534 112 11512 1114 114% 11218 11438 11212 11539
•111 11513 *111 11512 *111 11512 *111 11512 *112 11412
40
40 1 *30
*30
4(3
*30
40
*30
40
*30
1212 1112 118
*12
1312 12
12
12
12
12
914
9
8121
84
94
9
.918 11
11
*9
18
18,
*18
t4
14
418
14
418
14
412
5339
*51
81
555
*al%
56
8
*517
56
*51
*5112 55
6512
6134 6218 6339 64
6012 61
5812 6014 60
48,8
4734I 47
4534 46% 4512 473,4 4512 4612 46
-

100
600
1,500
1,400
800
5,100
400
100
3,000
100
4,200
200
2,100
5,700
2,200
700
1,100
600
100
400

Stock
Exchange
closed
owing to
death of
President

-ia-

72
4312
*7013
20
*65
*18
-64
6%

2018 193s 1958 1913
5034
5114 51% .52
3818 36% 3814 37
38% *26
3878 *26
4818 49% 47%
50
7973 7934 7934 79%
2612 2618 2638 2618
1818 1713
18% 18
•6284
63
63
64
7512
76
7512 75
25
4
253
2512 2.54
78
'8
4334
334 334
4%
70
7012
7014
71
2114 21
20
20
*65
75
*65
75
14
-5913
-6:i4 -5933 -617
64
634 7
6%

1912 1934
5138
52
3734 3712
38% *26
48
49
8018 80
2618 2618
17% 1713
63
63
7512 754
2512 2534

174 19%
20
49
5214
52
334 39
38
383 .3412
8
47 19.749
81
8012 81
2612
2614 26
1734 17,4 1778
64
6512
63
768 764 7734
2612
26
28

-578
-78
4
*334 414 *334 414
70
711" 71,2 705 71
21
20
1913 20
21
75
*65
75
*65
75
18
12 4_ _ _ _
6074 -664 6134
6% 633
634

6134
61
614 67

Ws 164 4,5l 4734
46
45
93
*91
93
*90
93
•90
73
73
72
73
714 738
117 118% 11734 11912 11812 12034
120
*11812
120
•118
8
1193
119
3314
3014 33% 30% 321z 32
5912 62
5912 61
5813 61
89
4
*854
87
.8512
8614 8614
8,2 934
914 934
10,4
9
3613 3812 36
38
3612 38
24% 2334 2439
2313 2412 23
96
*92
96
•
*92
95
9,5
2738 284 30%
26
2612 30
*2214 2234
*22% 2312 224 2218 10214
10214
10212
•10214
10214 10234
3412 3434 3413 3412
3414 35
8 10678
1067
106
10518
106
104
11534 1,1712
112 113% 11439 117
83
83
83
83
82
82
5512 5512
55
8412
54% 55%
1312 1418
1339 1334 .139
•1312 15
214
*214 212 *214 212 66
6614
6614
66
66
86
*11312 115
118
11312
116
113,2
day. z Ex-dividend.
•Bid and asked peccs; no sales on this

-4.44

4612
4,38 1692
92
91
91
7
7
7
7
11712 11812 11614 11912
.117 120 *118 120
33% 34% 32% 3312
6114 57% 60,4
59
*8614 90
.8614 90
1014 1038 1014 1012
3918 40% 3858 3934
'2434 2518 2418 2533
95
*91
9.5
*90
2734 2912
28% 30
22% 22%
*23% 24
10212 10213
•10212 103
3512
35
3514 35
*106 10612 106 10612
112 113% 11014 11538
82
8312 .80
*81
5412
54% 5518 54
*1312 15
•1312 16
*214 212 .214 212
854 66
65
115
•11314 116 411312 116




PER SHARE
Range since Jan. 11923.
On lasts of 100-share lots
Lowest

Indus. & MIscell.(Con.) Par
100
American Cotton 011
Do pref
100
Amer Druggists Syndicate_ _10
100
Amer can Express
American Hide & Leather.100
Do pref
100
100
American Ice
Do pre(
100
Amer International Corp_ _100
10
American La France F E
100
American Linseed
100
Do pref
100
American Locomotive
100
Do pref
Amer Metal temp ctfs_ _No par
25
American Radiator
American Safety Razor_ _ _ 25
Amer Ship & Comm_ _No par
Amer Smelting & Refining.100
100
Do pref
100
American Snuff
Am Steel Fdry tern ctfs_33 1-3
100
Do pref temp ars
American Sugar Refining_ _100
100
Do pref
Amer Sumatra Tobacco,,.100
100
Do pref
100
Amer Telep & Teleg
100
American Tobacco
100
Do pref (new)
Do common Class B__ _100
Arn Wat Wks & El v t c_._100
Do 1st pref (7%) v t 0_100
Do panic p3(6%) v t c 100
100
Amer Wholesale, pref
100
American Woolen
100
Do pref
Amer Writing Paper pref 100
Amer Z nc, Lead & Smelt_ _ _25
25
Do pref
Anaconda Copper Mining. 50
l00
Associated Dry Goods_

17,300
900
2,500
1,000
200
11,700
1,900
!

162-12 Harding
folti
10134 102 *ioii, 1-62- 102 102
90
39 .89
89
89
89
*8738 90
8713 89
5
5
54
5
.5
5
5
5
6
*5
839
*712
88
*712
812
*713
839
.734 812 *712
64
*61
64
*61
68
*61
*6112 63
*6112 68
20
1912 *17
*18
*1812 20 .1734 20
20
*19
10878 10978
10778 108
108 108
10734 108
10818 109
*105 112
*109 115 *108 112 *105 110 •106 110
50
*45
51)
*47
4612
4614
46
46
"
481
*4612
*72
1
14
478
112
114
*72 112
112
472
11734 11814
118% 120 z117 119
*120 12012 *120 121
4
263
*2514
4
263
42434
7
2512
2513
26
2539
258 25
534 6,8 *578 64
*534 6
534 6
6
6
1513
15
1414 1534 1434 1434 •1434 15
16
*15
19% 1834 1914
1812 18% 19
1912 1839 19
19
2
134 2
2
214 214
218
2
.24 278
4 *78
7914
783
784
1
7
*78
4
783
79
*78 4
7878 78
*95
96
IOC
.1.4 9512
Vg513 -195
97
96
512 534
553 558
5% 5%
6
6
64
6
4813 *4714 48%
*47
47
4813 4812 *46
49
*45
*512
4512
*514 612
812
612
.51.
61z
*514 612
114
1,4 *1
1,4 *I
*I
114
112 •114
1,2
70
*68
70
*63
71
*67
71
69 .67
69
1914
5114
3712
.26
48%
79%
2614
1814
.6234
75
2518

STOCKS
NEW YORK STOCK
EXCHANGE

Sales
for
the
Week.

100
Do 1st preferred
100
Do 2d preferred
100
700 Associated Oil
No par
100 Atlantic Fruit
3,100 Atl Gulf & W I SS Llne___100
100
Do pref
500
100
1,300 Atlantic Refining
100
Do prof
I
No par
100, Atlas Tack
2,200 Austin, Nichols & Co. No par
100
Do Prof
197,200 Baldwin Locomotive Wks.100
100
Do pre!
No par
Barnet Leather
700 Barnsdall Corp, Class A__. 25
25
Do Class B
600
20
100 Batopilas Mining
No par
Bayuk Bros
20
2,800 Beech Nut Packing
100
37,000 Bethlehem Steel Corp
Do Class B common__ _100
100
Do pref
Do turn cony 8% pref_ 100
100
new
Preferred
100
500
No par
1,100 Booth Fisheries
100
British Empire Steel
100
Do 1st preferred
100
Do 2d preferred
100
1,600 Brooklyn Edison, Inc
Brooklyn Union Oas
100
100
500 Brown Shoe Inc
100 Brunswick Term & Ry Sec_100
100
1,900 Burns Brothers
Do new Class B corn
SOO
2,200 Butte Copper & Zinc v t c_. 5
100
900 Butterick
2,500 Butte & Superior Mining._ 10
2,800 Caddo Cent 011 & Ref.No par
200 California Packing_ _ __No par
California Petroleum
100
Do pre(
100
900
10
3,100 Callahan Zinc-Lead
100 Calumet Arizona Mining_ 10
Carson Hill Gold
1
No par
100 Case (J I) Plow
100 Case (J I) Thresh NI pf 01_100
100
5,900 Central Leather
100
Do pref
2,575
7,600 Cerro de Pasco Copper_No par
Certain-Teed Prod_ _ _,No par
12,900 Chandler Motor Car._ ,No par
800 Chicago Pneumatic Tool__100
25
10,600 Chile Copper
5
4,500 Chino Copper
1,000 Cluett, Peabody & Co._._100
No par
6,800 Coca Cola
100
2,300 Colorado Fuel & Iron
Columbia Gas & Electric_.100
9,800 Columbla Graphophone No par
100
Do pref
100
1,000 Computing-Tab-RecordNo par
Cigar_.
,,No par
Consolidated
1,500
100
Do pref
Consol Distributors,Ine No par
Consolidated Gas(N Y)_ .,100
No par
When issued
16,900
7,700 Consolidated Textile_ No par
Continental Can, Inc
100
No par
When issued
26,600
200 Continental Insurance__ _. 25
1,800 Continental Motors_ No par
22,100 Corn Products Refining_ _-100
100
Do pref
200
No par
104,500 Cosden & Co
Steel
of
_100
Crucible
America_
31,300
100
Do pref
100
No par
12,700 Cuba Cane Sugar
100
Do pre(
15,200
19,500 Cuban-American Sugar,,_ 10
100
Do pref
100
12,200 Davison Chemical v t c_No par
200 De Beers Cons Nlines_No par
100
300 Detroit Edison
10
2,400 Dome Minos, Ltd
1,700 Eastman Kodak Co_ _ _No par
13,100 E I du Pont de Nem & Co_100
6% cumul preferred,_ _ -100
400
3,500 Elec Storage Battery, No par
50
500 Elk Horn Coal Corp
Emerson-Brantingham____100
50
2,600 Endicott-Johnson
100
Do pref

$ per share
4July 11
,
3
14 May 18
412June 29
91 July 31
64June 28
35 Aug 2
874 July 30
78 June 27
174July 3
1018July 6
17 June 21
33 June 28
12018 Jan 17
115 May 4
4014June 30
76 'an 2
473.une 27
1038July 2
53 Jan 17
93 June 27
130 June 30
3138July 2
93 June 27
57 Aug 1
10018June 27
16 July 2
3212July 11
11918June 29
14014 July 3
101 Mar 16
140 May 20
2712 Jan 29
8514 July 3
4813 Jan 3
9314 Jan 2
8012June 27
9818June 21
815 Aug 2
814June 28
31 July 5
38 July 5
624 Jan 5
824 Jan 18
88 Juno 26
104 May 7
112June 21
914 July 5
634 July 3
99% Aug 1
115 May 2
1034June 27
17 July 6
7834June 21
11114July 31
III Apr 2
46 Apr 27
10 June 20
812 Aug 1
18July 2
50 June 21
51 Jan 2
4134June 29
6014 Jan 16
9314 Feb 1
10014June 21
87 July 2
414June 21
6 July 18
63 June 29
16 July 5
1044May 22
10312338y 11
4212July 5
114June 20
i6i2July 11
2212July 10
5% July 2
1314June 21
1712June 20
134 Aug 2
7734July 2
6614 Jan 3
9434 Jan 2
5 July 2
44 June 28
538May 22
12July 11
69 July 28
1712 Aug 2
49 Aug 2
34158July 30
23 July 18
4612June 30
7512June 20
2418June 20
17 June 20
60 July 2
73 May 4
25 June 28
9118July 2
34June 19
2 June 19
6712June 18
18 June 19
66 June 20
'atm° 6
120 Jan 2
5834July 2
618July 31
115 Jan 2
4278May 7
91 July 28
658M8Y 28
114%July 5
11614May 8
3014July 31
5778July 30
8614July 31
812 Aug 2
36 Aug 2
23 Aug 1
92 July 12
2038May 21
2218 Aug 1
10014J00e 26
3034May 22
8934 Jan 2
1064 Jan 17
8112 Apr 12
52 July 5
1312July 11
2 June 19
13212June 27
III May 2

Highest

PER SHARE
Range for Previous
Year 1922.
Lowest

Highest

$ per share $ Per share $ Per share
1514 Nov 3013 May
2034 Jan 4
3312 Nov 61 May
3834 Jan 4
74 Aug
412 Jan
7% Feb 23
Oct
14312 Mar 2 126 June 162
1018 Dec 1738 Apr
1334 Mar 7
Sept
4
743
Jan
58
7434 Mar 7
Jan 122 Sept
78
11113 Apr 2
Jan 9514 Aug
72
89 Feb 21
24% Dec 5058 June
3312 Mar 28
14 July
94 Jan
13 Mar 1
28 Nov 4213 Oct
38 Mar 5
48 Nov 6412 Oct
59 Feb 15
Jan 13834 Oct
14638,111ne 7 102
Jan 12214 Dec
122 Feb 9 112
44 Sept 5314 Dec
5572 Mar 5
Oct
Jan 129
82
8813 Apr 19
878 Oct
334 Jan
918 Feb 19
512 Jan 2414 May
21% Jan 5
43% Jan 6712 May
6912 Mar 2
864 Jan 10412 Oct
10238 Mar 6
1524 Feb 14 10913 Jan 159 Sept
3034 Jan 4618 Sept
4078 Mar 21
91
Feb 10814 Oct
10514 Feb 9
544 Jan 85% Aug
85 Feb 13
Jan 112 Aug
84
10334 Jan 3
2314 Feb 47 May
3638 Feb 14
Jan
5214 Feb 71
6534 Feb 13
12512Mar 5 11412 Jan 12814 Aug
16134 Feb 13 12918 Jan 16912 Sept
9612 Jan 10338 Oct
105% Mar 3
Jan 16534 Sept
15934 Feb 9 126
Jan 3314 Nov
6
4434 Apr 26
Jan 93% Sept
67
93 Jan 16
1714 Jan 5514 Oct
634 Apr 26
Jan
Oct 95
86
984 Jan 31
Oct
7814 Jan 105
10958 Mar 21
Jan 11114 Dec
11134 Jan 3 102
2212 Jan 5414 Sept
34 Mar 7
124 Jan 21 Sept
194 Feb 16
Jan 57 Sept
38
5814 Feb 27
45 Nov 57 May
5313 Mar 6
Jan 70% Dec
43
19
Mar
89
Oct
Jan 86
75
89 Feb 13
Jan 9112 Oct
76
9313 Feb 26
Jan 13513 May
99
133 Jan 12
512 Apr
112 Dec
312 Feb 14
1958 Dec 4314 May
34 Mar 19
May
3114
Dec
15
19
Mar
27
Oct
15313 Jan 10 117 Dec 1575
Jan 11912 Dec
120 Jan 18 113
2213 May
1312 Feb
2012 Feb 14
4038 Sept
3513 Jan 12
814 Jan
Jan 91 Sept
63
8912 Jan 23
0313 Jan 14234 Oct
14414 Mar 19
Oct
Jan 118
11634 Jan 4 104
40
Jan 67% Sept
55 Feb 18
1958 Jan 5614 Apr
35 Mar 23
Apr
17 Nov 39
22 Jan 2
14 Dec
158 Mar
13 Jan 2
Apr 65 Sept
33
624 Apr 4
30 July 53% Dec
8114 Mar 26
Jan 79 May
51
70 Mar 3
5512 Jan 8214 May
7178 Mar 3
9073 Mar 106 Nov
9612 Jan 2
Jan 11632 June
11114 Mar 12 104
Oct
94 Nov 101
9712 Mar 9
Nov
1013 Aug
4
74 Jan 18
812 Jan
15 Sept
978 Mar 2
58 Mar 76% Apr
8912 Mar 13
194 Mar 39 Sept
2613 Feb 20
Jan 12458 Aug
12113 Jan 9 100
Jan 1244 Nov
70
123 Feb 7
Jan 6478 Sept
42
6578 Apr 2
5% June
14 June
258 Jan 25
14434 Mar 23 11312 Jan 147 Dec
28% Jan 53
Oct
43 Jan 2
1134 Feb 14
514 Mar 1018 Dec
15 Nov 34
Feb
2134 Jan 4
2033 Jan 354 Oct
3778 Mar 1
634 Dec 154 Apr
94 Feb 16
Jan 8612 Sept
68
87 Feb 9
434 Jan 7172 Jan
11738May 31
Jan 9812 Apr
83
11012May 23
1138 May
514 Feb
12% Feb 20
504 Nov 6612 June
66 Mar 1
1638 Mar
614 Dec
9% Feb 19
912 June
3 Mar
434 Feb 21
68 Feb 0314 Aug
85 Apr 9
29% Jan 444 Sept
4013 Mar 7
6338 Jan 8234 Sept
79% Mar 7
32% Jan 4638 Dec
5012 Mar 28
34 Feb 534 June
45 Mar 14
4734 Jan 7914 Apr
76 Mar 14
Jan 89% Sept
60
90% Mar 21
1513 Jan 2914 Nov
3038 Mar 1
3338 June
2214 Nov
3173 Mar 2
Jan 7014 Dec
43
784 Mar 28
Jan 8234 Oct
41
8338June 8
Jan 37 May
24
3538NIay 31
6334 Jan 1143e Sept
114 Feb 14
534 June
114 Jan
2% Feb 6
5 Feb 21 June
1213 Jan 15
5514 Jan 7934 Apr
8313 Apr 9
18% Feb 4234 Oct
3938 Jan 3
47 Feb 87i4 Nov
83 Feb 17
214 Mar
14 Feb
38 Jan 30
8512 Jan 14534 Sept
137 Jan 26
.5778 Dec 6234 Dec
6953 Feb 7
15% Apr
9 July
1413 Feb 9
4534 Jan 11514 Dee
13134 Jan 31
_
5018 Feb 19
Jan 9334 Aug
66
104 Jan 31
1839 Dec
11 14 Dec
1214 Jan 19
9114 Jan 13434 Oct
1394 Feb 6
4 No
1223
n
an
.
.I
%
1
11
13
24
Feb
8
1223
Jan 54 Dell
6314 Feb 17
234 Feb 9838 Sept
50
8
8413 Mar 21
Jan 100 Sept
9412 Mar 2
1934 Mar
818 Jan
20 Feb 13
1514 Jan 411 July
6414 Mar 15
1412 Jan 23 Aug
37% Feb 13
Apr
6212 Dec
7813 Jan 10558
106 Apr 5
2318 Nov
3812 Mar 6
2538 Sept
1513 Jan
28 Mar 1
111 Mar 2 10038 Jan 11813 Aug
181 Jan 4612 Nov
444 Jan 4
70 July 9012 Deo
11534 Apr 3
Dec 16934 Nov
105
28
Apr
14812
80 June 9012 Sept
8914 Apr 10
4013 June 5334 Dec
6718 Mar 21
2412 Dec
1414 Jan
2034 Jan 2
1118 June
258 Jan
712 Feb 20
7614 Jan 9473 Dec
9414 Jan 2
Jan 119 Dec
118 Jan 3 104

New York Stock Record-Continued-Page 3

533

For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday,
July 31.

itrednesday, Thursday,
Aug. 2.
Aug. 1.

Friday,
Aug. 3.

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 shore $ per share $ per share
$ per share $ Per sharel g per share $ per share S per share $ per share Shares Indus. Sc Miscell.(Con.) Par $ per share
2612 Dec 3112 Oct
Exchange Buffet
No par 22 June 21 31 Jan 10
*22
25
*22
25
*2112 25
*2112 26
*2112 24
7518 Jan 107 Sept
18.100 FamousPlayers-Lasky_No par 6734June 29 93 Jan 2
71
7234 704 73
704 6958 7214 7014 71
70
9112
Jan 10738 Sept
Feb
14
993
4
28
Do
pre/erred
(8
8718June
%)
_
..
_
_100
400
8914
*89
903
8
894
8912 *8914 9012
*89
9034 8914
1612 May
9
Jan
Federal Mining & SmelPg_100
5 June 5 1234 Feb 16
9
*6
9
*6
*6
8
*6
9
9
*6
374 Mar 6284 Sept
Do pref
100 3414June 4 6012 Feb 13
400
36
*3614 39
38
38
3614 3614 36
38
*36
834 Dec 1053 Dee
738 Jan 17 1038 Jan 2
No Par
1,200 Fifth Avenue Bus
712 712
712 712 /738 738
758 74
712 Vs
Jan 218 Des
75
No par 140 July 3 2124 Jan 11
400 Fisher Body Corp
157 15912 *155 15912 *155 15912 *157 15912 *157 15912
764 Jan 10314 Juno
9918
_ .98
300 Fisher Body Ohio pref_ _ _ _100 94 July 3 10238June 14
97,78 974 9812 9812 9812 9812 *90
1058 Nov 194 Apr
738 Aug 2 1612 Feb 13
No par
3,600 Fisk Rubber
74 778
734 734
77s 778
74 74
778 8
124 Jan 274 Oct
No par
912July 2 22 Jan 13
7,900 Freeport Texas Co
10
1012 1014 1012 1018 1012 1014 1034 1078 1138
Oct
454 Jan SO
4278 4312
43
2,300 Gen Amer Tank Car__ No par 4012July 30 7178 Feb 20
*41
4312 401* 4278 4278 4278 *42
374 Nov 7334 July
100 2434July 11 54 Mar 7
26
6,000 General Asphalt
2612 2634 2778
2558 2538 2614 2512 26
26
100 61 June 21 83 Mar 7
69 Nov 111 JULY
Do pref
*6538 6758 *6458 6738 6758 6758
6438 65
400
*6438 69
100 8018June 28 9438Mar 14
65 Mar 8334 Dec
81
1,300 General Cigar,Inc
82
82
8034 82
8114 8114 81
*81
8.5
Oct
Jan 109
94
Debenture preferred_ _ _ _100 10412 Jan 2 110 Apr 2
*10314 107 *10314 107 *10314 107 *106 107 *104 107
138
Jan 190 Dec
170I2May
21
Electric
100
19018
Feb
2
General
17218
174
172
17514
172
3,900
1715
8
173
17212 173
1754
10 1012June 6 12 Jan 2
Special
104 Oct 12 Sept
11
700
104 104
11
10
1114 11
1078 11
•11
1514 July
84 Jan
1234June 28 1712 Apr 18
30,200 General Motors Corp_.No par
1378 14
134 134 1358 1378 1334 1378 134 14
69
Jan 86 Sept
100 79 July 10 89 Apr 17
Do pref
8114 8114 80
*8012 81
320
*794 80
*77
80
80
674 Mar 964 Oct
Do Deb stock (6%)._ _100 7834July 17 90 Apr 7
600
7912 7912 7934 80
80
*8012 8034 8014 804 80
7914 Mar 100 Sept
Do Deb stock (7%)_ _ _100 96 June 28 105 Apr 10
9712
98
98
98 *97
300
97
97 .96
98
98
384 Oct 4518 Oct
No par 3912June 27 514 Apr 24
42
*41
200 Gimbel Bros
*41
43
44
4212 4212 *41
*4212 44
•712
94 Nov 1814 June
1238 Feb 9
7 June 21
Glidden Co
No Par
8
*712 /3
*74 8
*712 814 *712 8
434 Dec
773 Mar 9
312June 28
No par
812 Oct
Goldwyn Pictures
2812 Nov 4478 May
No Par 2212J0ne 28 4118 Mar 22
1,700 Goodrich Co (B F)
-25- --- -59 2359 21'3 24 2P* 23
24* 25
7912 Nov 91
Apr
100 8014June 29 9212 Mar 6
Do pref
85
*7978 84
*794 85
*80
84
*7934 55
.80
22 Nov 35 May
1712 177
17
600 Granby Cons M,Sm & Pow 100 16 July 5 33 Mar 23
•17
19
174 1734
•1712 19
8 Nov 1978 May
712June 27 1558 Mar 7
;7
615,2
3 1g58 syi2 9
100 Gray & Davis, Inc_ _ _ _NO Par
*712 9
712 712 *712 9
1
4 May
22 Nov 34/
17
1,200 Greene Cananea Copper_.100 15 June 20 3418 Mar 6
1618 17
18
184 1718 1758 17
1458 Mar
7 Feb
578July 2 1412 Feb 14
1,000 Guantanamo Sugar__ __No par
578 578
6
618
*618 7
64 618 *614 7
4478 Jan 9478 Oct
6978 70
25,500 Gulf States Steel tr ctfs„ _100 66 June 28 10458 Mar 21
72
6678 6858 68
6718 6914 6514 68
ad Jan
34 Mar
212 Jan 12
%June 27
34
34
700 HabIrshaw Elec Cable_No par
12
12
12
12
*12
58
*1:3
54
100 31 July 5 44 Apr 19
900 Hayes Wheel
3314 3334 3414
3314 33
*3314 3334 3314 3314 *33
-4 Sept
Jan
15
-213
15
2334
Feb
16
Manufacturing.
*13
12
July
2
100
Hendee
15
13
*1318
600
13
13
13
1314 1314
Jan 82 Nov
55
100 60 May 23 7978 Jan 2
62
62
100 Homestake Mining
*6112 64
62
62
64
64
*62
*62
6114 Nov 9134 Oct
4478 43
100 42 July 30 78 Feb 16
11,600 Houston Oil of Texas
45
46
45
4512 42
42
4314 47
194 Aug 2638 Dec
23
6,800 Hudson Motor Car__ __No par 20 June 28 3234 Mar 8
2258 2178 2218 22
224 22
22
22
223
1078 Jan 2618 Dec
1758 1834 *18
1812 1812 1812 19
900 Hum:, Motor Car Corp.... 10 1678 July 3 3012 Apr 2
19
•1712 19
612
114
Jan
Steel
par
8
July
Hydraulic
No
13
1,400
•112
13
4
34 Feb 144 June
152
184
13
4
*134 17
14
134 134
1534 Dec
314 Jan
4 June 21 19 Mar 19
5
4
4
1,100 Indlahoma Refining
4
4
4
4
4
4
5
*4
Jan
1158 June
10
5
812 Apr 6
514July 5
100 Indian Refining
*514 612 *514 634
512 512
"514 612 *514 0
31
45 June
31
Nov
433
4
Mar
1
27
July
Inspiration
Cons
copper
20
27
28
5,200
2818 2878
2778 28
2878
28
2812 283
1134 May
558
Dec
11
Feb
20
214
July
11
Internet
Agricul
Corp
100
500
•2
212 "2
2
2
212 212
212
*212 23
614 Aug 1 3978 Feb 23
100
2812 Nov 4318 Mar
Do pref
200
614 634 *614 8
*678 712 *878 712
*678 8
Jan
44
31
International
Cement_
_No
par
383
4 May
26
Mar
19
June
28
1,300
*33
34
3414
3412
3434
35
33
33
3312 331
2018 June 3012 Sept
2,400 Inter Combos Engine_ _No par 1958June 28 2718 Apr 6
204 2114 *2012 2114 214 2114 2034 2138
*2012 21
7938 Jan 11578 Aug
15,200 Internal Harvester (new)_100 71 Aug 1 9812 Feb 7
7114 7358 71
74 1 72
7214 74
7438
724 751
100 10814 July2 11614 Jan 4 1012 Feb 119 Sept
Do pref (new)
I
112 *10834 10934 *10834 109
*10834 110 •___ _ 112
*614 62
834 Dec 2718 May
518July 2 1158 Feb 14
1,500 Int Mercantile Marine _._100
514 614
534 578 *54 6
614 61
4158 Dec 8738 May
100 2134July 10 47 Jan 5
pref
Do
22
2212
23
3,400
23
231
2314
23
1
221
4
2314
23
1934 Apr
1114 Jan
6,900 International Nickel (The) 25 1118July 5 1614 Feb 16
1214 12
1214 1258 12
1218 1214 1258
1212 123
Jan
Jan 85
100 6934 Jan 4 82 June 12
60
Do pref
1001
*78
80
*7814 7934 *784 7914 *7814 7914 7914 7914
100 3158July 31 5858 Mar 6
4312 Mar 6378 Oct
4,300: International Paper
3314 3312 3158 35
34
Stock
3234 34121 33
3358 34
&us
Sept
59 Mar
6412 6434 6414 6438' *64
1:2001 Do stamped preferred_ 100 63 July 12 754 Jan 5
66
65
6638 *64
65
1218 July 2014 Apr
9 July 31 1914 Mar 7
934 10
959
9
918 *918 914 Exchange 13,500 Invincible Oil Corp_ _ __No par
9
912 94
Jan 534 Oct
24
800' Iron Products Corp_ _.No par 34 July 31 584 Mar 8
34
34
3418 344 34
34
35
*33
36
35
3
Jan
58 Feb 24
10
14 Nov
14 Jan 2
1,300, Island 011 8, Transp v t c
closed
*14
14
54
4
14
*14
38
*54
38
2211 May
15
10
Jan
24
Mar
100
1712June
29
Inc
Tea,
Jewel
18
18
700,
18
18
18
19
18
•18
1812 183
384 Jan 7633 Dec
100 62 June 20 82 Feb 26
Do pref
I
*64
70
owing to
*64
*64
70
*64
67
70
70
*65
344 Feb 5778 Sept
100 .50 Jan 17 6334 Mar 16
3,0001 Jones Bros Tea, Inc
5612 57 "5634 5714 5758 5734 574 581
5614 561
109 109 *108 109 *108 109
100: Jones & Laughlin St, pref 100 104 Mar 19 1094 Mar 22 10718 Dec 10938 Dec
death of
•108 110 *108 109
112 Dec
713 Jan
312 Jan 12
10
12
12
*12
58
•12
58
*4
58
12June 6
*12
88
100' Kansas & Gulf
34 May 4858 Aug
1,800 Kayser (J) Co (new)_ _ _No par 28 July 2 4578 Feb 23
31
32 President
3078 32
3034 3118 '3012 3112 2912 30
94 May 10612 June
Do 1st pref (new)_ _No par 96 July 2 104 Mar 23
*96 100
*97 100
*97 100
*94 100
*94 100
3414 Jan 5334 May
25 29 Aug 1 6218 Mar 22
15,700 Kelly-Springfield Tire
3114 304 3112 Harding
31
3214 3078 3212 3034 3254 29
9012 Jan 1074 May
100' Temporary 8% prat_ _ _ _1001 95 July 30 108 Jan 18
•92
*94
98
*92
98
98
95
95
*95
98
11512 Dec
Fe
61
100, 8434 July 2 11714 Mar 6
200' Kelsey Wheel, Inc
*85
90
*85
87
87
87
87
87
*85
88
2512 Jan 3958 May
No par, 32 June 20 45 Mar 1
16,000 Kennecott Copper
3214 3312 3258 33's 33
3358 3312 3414
3212 33
1118
Mar
24
2438 May
43
4
No
June
21
4
Keystone
Tire
&
Rubber__
10
5,2001
412 478
412 47
438 5
434 478
412 434
Jan 18912 Nov
100 177 Mar 2 24812 Apr 26 110
1,200 Kresge (SS) Co
214 214
214 21414 212 212
214 22012
211 211
Aug
Jan
87
Feb
9412
43
21
July
5
Gas
(St
75
Laclede
_100,
Louis)._
_
78'2 77
*77
7812 .77
7812 *77
*75
80
7812
2414 No
354 Mar
18
181z 18
19
1,100 Lee Rubber & Tire_ _ _ _No part 1712June 27 3134 Mar 22
18
1912 1912
1818 1812 •18
Oct
Liggett & Myers Tobacco_ _100 19034May 21 22234 Feb 9 15314 Fe
235
•195 208 *195 208 *195 208 *190 208 *195 208
Jan 12312 Nov
Do pref
1001 11134 Apr 4 11818 Jan 8 108
200
11334 11334 114 114 *111 114 *111 114
*112 114
52 Nov 11778 May •
61
8,600 Lima Loc Wks temp ctf.No par' 5814June 28 7478 Mar 20
6158 5912 61
59
60
6012 6178
60
61
1058 Jan 2334 Sept
15
15
2,200 Loew's Incorporated_ _.No par 14 June 21 2114 Feb 14
15
15
1458 15
1478 15
1478 15
1414 May
9
Jan
618June 30 1134 Jan 5
No par
1,200 Loft Incorporated
64 634
638 638
614 64
614 614
614 64
42
36
Jan 6778 Sept
*4012 45
300 Loose-Wiles Biscuit
"4012 45
4312 4312 4234 4234 42
1001 3634 July 3 6314 Mar 2
151 151 *15114 153 "151 153
100 146 June 21 17858 Feb 9 1474 Jan 180 Sept
300 Lorillard(P)
155 15514 •153 155
72
Mackay Companies
100 103 May 23 121 Feb 6
Jan 117 Dec
•108 112 *10612 112 *10618 112 "10618 112 *1064 110
Do pref
100 6412July 30 7012 Feb 16
57
Jan 70 Nov
100
*6412 87
*6412 6512 6412 6412 *6412 6612 *6412 67
9312 Apr 6
69
7178 704 72
72
2512 Jan 6178 Sept
No par 584 ,Jan
26,300 Mack Trucks, Inc
68
6858 71
7034 7334
92
9212 *9212 93
Do 1st preferred
100 87 July 3 9914 Mar 12
93
68 Feb 9412 Dee
400
93
*9212 93
*92
93
Jan 8734 Sept
Do 2d preferred
82
82
100 72 June 29 92 Mar 5
400
85
82
82
54
*80
84
8212 8212 *80
5858 58
No par 57 July 2 7112 Jan 20
5812 5812 58
59 Nov 62 Dec
1,400 Macy
58
*5812 60
5812
2312 2414 2212 23
40
21
June
27
Mallinson
(H
R)
St
Co.No
par
23
25
1512
Jan 40 Aug
Jan
2
5,000
24
25
24
2412
*4212 5112 43
51
43
100 43 July 31 7514 Mar 14
44
3014 Jan 52 Mar
200 Manati Sugar
*40
45
44
"46
*7012 80
*70
80
Do prof
100 75 June 20 90 Feb 26
*85
75 .70
7314 Apr 8414 Sept
80
*7012 80
3812 4114 3958 40
42
41 Mar 6934 Apr
1,600 Manhattan Elec SupPlyNo par 3812July 31 66 Mar 21
41
42
4258
42
42
4414 *4314 44
4414 *43
43
4318 *43
25 42 June 27 4778 Jan 5
44
5834 Oct
32 Ma
300 Manhattan Shirt
*43
90,400' Marland 011
2238 Jan 4638 June
No par 2714 Jan 6 5958 Apr 2
284 294 2878 3014
29
314 2912 3112 2734 31
512 ma
712 712
*7
10
*7
*7
10
2638 Mar
7 July 5 16 Feb 26
No par
300 Marlin-Rockwell.
8
814
10
27
26
1,700 Martin-Parry Corp__ _.No par 26 July 31 3734 Apr 17
2714 27
2014 Jan 3614 June
2714
*2634 2812 2612 2712 26
37
3878 3814 39
22
Jan 54 Nov
2,000 Mathieson Alkali Works_ _ _ 50 36 June 28 6412 Mar 14
3812 3812 4012 41
40
40
37
37
39
4114 Nov 7424 May
3,900 Maxwell Motor Class A_ _ _100 3634July 2 6314 Mar 8
39
38
4012
374 3714 39
:38
11 Feb 2578 June
1134 1134 1134 1134 1134 1134 *1134 1314 •1214 1312
1,700 Maxwell Motor Class B No par 1012June 29 21 Apr 5
6512 Dec 17434 Dec
73
7412 7114 74
15,000 May Department Stores_..100 6758 Jan 5 86 June 7
747
7234 7378 73
7434 75
16 July 28 20I2May 4
2,100 McIntyre Porcupine Mines___
163s 1618 1612 1618 1614 z16
104 Jan 2138 Mar
1618 *16
16
164
Mexican Petroleum
100 210 July 26 293 Jan 2 10634 Jan 322 Dec
*190 250 *190 250 *190 250 •190 230 *200 230
7914 Jan 108 Dec
Do pref
100 1004 Feb 28 10514 Mar 16
"95 110
"95 110 .95 110
*95 110
*95 110
Oct 3412 July
934July 5 2334May 28
1134 12
1112 12
15
5,1001 Mexican Seaboard 011_ _No par
124 1112 12
12
12
12
Oct 3218 July
Voting
trust
12
83
4July
5
10
1012
11
2314May
28
certificates__
9,000'
103
4
107
8
113
8
1112
1034 103
1118
25 Nov 3138 May
5 2212June 21 304 Feb 23
1,300 Miami Copper
*23
25
234 2418 2312 2312 23311 2338 2234 23
16
Apr
11 Nov
614 Aug 1 124 Jan 12
638 678
50,300 Middle States Oil Corp.... 10
614 634
612 7
84 7
634 714
2312 2384 24
24
2618 Dec 454 May
1,100' Midvale Steel & Ordnance- 50 2112June 29 3338 Apr 18
24
2438 24
24
25
*24
Jan 7638 Sept
63
100 5412June 28 75 Mar 8
*59
60
57
*58
60
57
200 Montana Power
"6012 617
58
58
12 Feb 2534 Aug
6,1001 Mont Ward & Co III Corp_ 10 1814May 22 26 Feb 13
1934 *19
20
191s 194 1858 1918 1834 1958 19
194 Dec
13 Aug
2112 21
1734 Jan 17 294 Mar 22
No par
22
4,6001 Moon Motors
2112 22
2012 2134 2038 2134 20
938 Nov 1214 Dec
Mother
Lode
14
Feb
20
718June
Coalition_No
par
83
4
4
9
20
918
83
7,200
9
94
914
914
9
87s
1714 Dec 34 Mar
1112 1152 12
No par 1138July 30 2978 Mar 15
1,500, Mullins Body
1178 12
12
1112 1112 1138 12
70 Dec 525 J1.113,
No par 754 Jan 2 11412 Jan 12
*9312 99
200. Nash Motors Co
9412 9412 934 931
*9312 99
*93'2 94
.
97,1 99
*0712 9812 *974 981 "9712 98
*9712 98
108 104 •1012 1112 *1012 111 *1012 1112 1012 1012
4113 4112 4134 4112 417k
4118
4112
415
8
414
411
/
4
123 123 *122 124 *122 124
12378 124 *123 124
54
*5012 5312 50
50
5038 5012 *50
50
50
*54
12
12
*14
12
*38
*54
12
4•14
12
.58
58
58
57
5734 5634 5678 58
5612 57
11012 11012 11058 112 112
11234 113
11112 11112 11012
11212
11312
*11012
*11012
*11012
11312
'iii 11312 4'110 112
1134 1218 1158 1178 1112 1158 1112 1138 1138 1158
31
3112
3114 3012 3012 304 3034 3018 31
31
46
47
*45
46
*46
47
47
*46
46
46
*1512 18
*1512
18
*1512
1734
1814
*16
1734
*16
*3934 45
4218 4218 4014 4058 *3934 46
48
•42
-4 13-34
i8 445 ;48*184 22
*19
22
19
*1912 20313 19
*1913 22
8
9
812
84
8
8
*734 9
812 84
412
54 54
412 *4
412 *4
412 *4
*4
14
134
112 112 *158 134 *14 134
*112 134
*312
4121 *312 412
34 333
412
412 *4
*4
17 1 174 174
1678 1678 1612 164 1612 1634 17 11512
11478 115
11412
11412 11712 115 115
118 118
a Eralvidead.
•Sid and asked prices: no sales this day.




100
Do preferred A
50
300 National Acme
25
5,000 National Biscuit
100
Do pref
300
800 National Cloak & Suit_ _ _ _100
Nat Conduit & Cable_.No par
1,300 Nat Enam'g & Stamping_ _100
100
600 National Lead
100
Do pref
5
5,300 Nevada Consol Copper_ _
1,300 NY Air Brake (new)__No par
No par
Class A
400
100
New York Dock
100
Do pref
300
50
North American Co
50
Do pref
500
300 Nova Scotia Steel & Coal._100
400 Nunnally Co (The)__ _No par
200 Ohio Body & Blower_ _ _No par
500 Okla Prod & Ref of Amer_ 5
200 Ontario Silver Mining_ _ _ _100
1
2,700 Orpheum Circuit, Inc
100
1,900 Otis Elevator

9812 Apr 23
1012 July 5
38 Jan
11812July
4218June 2
may 3
554July
108 July
10712June 2
1118June 2
2658 Jan
46 Jan
1514June 3
3978July
10012 Jan 1
4212July
19 July 31
8 June 28
37 July 1
112July 3
3 July 21
16I4June 2
11412July 3

10134 Jan 17
1818 Feb 19
4334 Mar 19
125 Feb 2
6714 Feb 21
112 Feb 24
73 Mar 14
13634 Mar 20
114 Jan 4
1838 Mar 5
41 Apr 25
5112 Feb 13
27 Apr 2
5112 Mar 15
11912 Feb 24
4812 Feb 14
2978 Mar 3
1018 Feb 9
1018 Jan 29
34 Feb 8
74May 7
2138 Apr 26
153 Feb 16

10112 Aug
912 No
3678 Dec
11312 Jan
Jan
26
1 Dec
3034 Jan
Jan
85
108
Jan
134 Nov
2412 Nov
4.54 Nov
20 Nov
46 Nov
4418 Jan
38
Jan
204 Feb
8 July
5 Nov
1/
1
4 Dec
412 Jan
1
4 Jan
12/
116
Jan

108 Dec
2114 App
270 Dec
126
Oct
667s Sept
44 Apr
684 Oct
1294 Dee
117
Oct
1918 June
414 Sept
5114 Oct
48 June
684 June
1064 Dec
471s Aug
40 Bent
1234 May
1414 Apr
438 June
Ws May
28
Oct
16824 Oct

534

New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday,
July 31.

Wednesday, Thursday,
Aug. 1.
Aug. 2.
$ Per share
*Ps 812
4138 42
58
58
7614 77
*7
9
3234
32
1212 12%
5714 59
55% 5634
el% 2
4918 10
234 2%
88
88
43
4312
*56
57
2112 2258
734 812
18
18
212 212

Friday,
Aug. 3.

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 Shares Indus. & Miscell.(Con.) Par $ per share
$ per share $ per share $ Per share
2,400 Otis Steel
7 June 30 1434 Mar 21
1612 Apr
No par
*71s 812
67s Nov
3,000 Owens Bottle
42,4 43
Jan 4233 Sept
25 3658 Jan 2 5234 Apr 2
24
12 Dec 1418 Apr
1,100 Pacific Development
58
214 Mar 5
12
12 Jan 2
700 Pacific Gas & Electric
*77
78
Jan 9118 Sept
80
100 7434May 4 85 Jan 5
Pacific Mali Steamship
*7
9
7 July 2 1234 Mar 14
Jan
19 June
5
11
32
3238
18.700 Pacific 011
3112July 5 4878 Jan 4
42% Nov 6938 may
1234 1278
2,800 Packard Motor Car
10 1018 Jan 8 1512 Mar 22
10 Dec 21 Nov
67,300 Pan-Amer Petr & Trans
5812 61
50 5178July 30 9312 Feb 7
4878 Jan 1007g Dec
Do Class B
142,700
5814 59
58 51 July 2 88 Feb 7
1012 Feb 9534 Dec
Panhandle Prod & Ref.Aro par
2 June 21
Japnr
*134 2
c 17
212 A
614 Apr 5
3
713 N
Doev
No par
500 Parish & Bingham
*918 10
9 May 23 1512 Mar 13
4,000 Penn-Seaboard St'l v t cNo par
21 Jan 2
234 278
6 Apr 4
233 Dec 1338 May
88
1,800 People's G L & C (Chic)___100 88 Apr 27 9412 Jan 30
88
5934 Jan 99 Sept
44
2,300 Philadelphia Co (Pittsb) _ 50 41 July 2 5014 Mar 19
44
3112 Jan 453 Sept
No par 53 Aug 2 80 Apr 4
300 Phillips-Jones Corp
56
56
7314 Oct 10518 Jan
39,100 Phillips Petroleum __.No par 2112July 31 69% Apr 5
22
2278
2814 Jan 5914 June
1,700 Pierce-Arrow Mot Car_No par 1(
3
3112
4j
Jo
813 858
uil y 2 3
16
4
8 July 2458 Apr
55
14
3 Jan 10
Do pref
1,000
Apr
100
1814 1812
1878 July 49
112July 5
37 Dec 12
1,800 Pierce Oil Corporation
Jan
25
212 258
6 Feb 13
Do pref
25
25
25
300
25
712i
Jan
25
Jul y 19
100 9
1
45 Jan 4
32 Sept 71
Pigg Wigg Stor Inc "A" No par 5514 Jan 17 124 Mar 20
39 Nov 5918 Dec
-fir =.
100 Pittsburgh Coal of Pa
5.8" -161-2
,-,&i- §.- i- ;.5'8- -fir ;573-4 -8-8 100 58 Jan 16 8778 Mar 7
55 Nov 7234 Sept
100
*9914 100
9912 9912 *9914 100
Do pref
*9914 100
*9914 100
100
5
9018 Feb 10012 Sept
10
4078
7 F
Aepbr 16
Pond Creek Coal
914 Mar 1
10
1414 Feb 41 Dec
;49i2 ..56
1,500 Postum Cereal
r 47 July 5 134 Feb 6
- - -46- -4; -4738 -411-4 48's 4834 ;i6- 53 I
a0
No 1p0
Oct
6534 Apr 120
Do 8% preferred
•10918 110 *108 110 *108 114 *105 114 *105 112
10812June 30 11414 Jan 25 10512 Apr 11212 Oct
5212 53
1,400 Pressed Steel Car
50
50
5012 5012
50
51
51
51
100 50 July Si 8112 Jan 2
63 Jan 95% Sept
4,90
9012 90
Do pref
9012
200
901 *90
100 86 Jan 22 9934 Jan 5
91
*90
9012 1190
90
Feb 106 Sept
29
1 m
69,800 Producers & Refiners Corp_ 50 2
2934 3138
31
2912 3114 29
3012 32
2938 31
July 311 10
24% Jan 51 Sept
58
418 Ma
m ar 2
20
1
Public Service Corp of N J.100
66
Jan 100 Nov
5,500 Pullman Company
11212 11414 iii- ill- 211012 111
190 11012July 2 134 Mar 8 10512 Jan 13934 Sept
(
4 112 11312 113 11-S1-2
4412
4212 4312 43
4178 45
18,200 Punta Alegre Sugar
31
Jan 5314 June
4512 4714 4434 46
50 4178July 31 6914 Apr 19
11,800 Pure Oil (The)
1714 1718 1734 1734 18
1714 17% 17
1712 18
25 1678June 18 32 Feb 13
2812 Nov 3858 Jan
*85
92
Do 8% preferred
*85
92
91
94 July 10234 Apr
*85
91
*85
*85
91
100 88 July 27 100 Mar 9
10214 10214
900 Railway Steel Spring
94
Jan 12614 Sept
10014 10014 100 10012, 100 101
10014 102
100 100 June 30 123 Mar 17
Rand Mines, Ltd
3014
1912 Jan 3812 Sept
*29
2014July 16 345* Feb 19
3014 *2878 30,4 *2812 301,31 *2938 3014 *29
2,800 Ray Consolidated Copper
1018 10% 1058
10 June 28 1714 Mar 1
1218 Nov
19 May
1018 10% 1018 1018 10
10% 11
No_ll
pa
3018 2934 2934' 2938 30
700 Remington Typewriter v 10100 21 June 27 4818 Mar 6
24
Jan 42 Mar
30
no 31 *30 31
1st preferred v t e
*85 100
*85 100
*85 100
*85 100
Jan 105 Dec
*85 100
100 100 Mar 5 104 Feb 13
55
•8582 9314 *87
100
2d preferred
93% 8714 8714
9314 *8512 9314, *87
100 80 Jan 3 9114 Apr 24
5012 Feb 803 Dec
1112 10% 1138 1078 1118 1112 1158
6,000 Replogle Steel
1034 1112 11
par
1014July 27 3134 Feb 16
3812 May
No 100
21 Nov
42
42% 41% 1214 4114 42,4 42
13,500 Republic Iron & Steel
44%
43% 43
4018June 30 6634 Mar 21
4812 Nov 7812 Mar
9212 9212 9212 92
Do pref
*88
92
200
*91
92
*88
92
100 88 June 21 9678 Mar 21
74 Feb 9534 May
1812 1938 1834 20
7,800 Reynolds Spring
1934 2058 1934 20
1914 2012
17
4 Jj
Bo par 4
ua
1214 Nov 5034 June
nn
e3
10
0 2
69
73
74m
8 Aapyr 2
18
7
8214 62
8238 6212 6234
4,100 Reynolds(RJ)Tob ClassN
62
6212 6238 63% 62
43 Mar 63% Nov
•114 116 .115 116
11578 11578 *115 116
116 116
200
Do 7% Preferred
100 114 July 9 118 Feb 9 11118 Apr 11834 Oct
431, 4334 4212 43
8,300 Royal Dutch Co(N Y shares)- 4012 Aug 1
4134 '4214 402 4134 4112 4134
5518 Feb 19
4738 Jan 87 June
18
18
18
1,400 St Joseph Lead
18
1838 18
18
18
18
18
10 17 June 29 2258 Mar 9
1255 Jan 2014 Sept
San Cecilia Sugar v t c_Aro par 18
134 2
*134 214 *178 2
*178 2
158
13 Jj
614 Mar
*17
2
uala
y 13
112 Jan
1 30
5 F
Aepb
r 16
4
500 Savage Arms Corporation_ 100
22
2014 2014 *2014 21
21
21
22
*2114 22
10 14ug 247 Apr
9.300 Sears, Roebuck & Co
8714 6914 6614 6814 8814 70
7014 7234 72
100 6812June 29 9238 Feb 13
5938 Feb 9478 Aug
73%
Do prof
1
•101 108
100 10834 *100 10834 *100 108 *101 108
100 10612June 4 11312June 12
Jan 112 Aug
91
71
1,900 Seneca Copper
778 8
Stock
712 734
734 734
6 June 20 1212 Mar 3
8
814
8
Oct 2314 Jan
6
Shattuck Arizona coppeN
r_o_ plaOr 51* July 6 1078 Mar 2
12 June
*6
7
*6
712 *6
712. *6
7,2 *6
612 Nov
812
200 Shell Transp & Trading__ E2 29 2July 28 4114 Mar 7
2912 29% 29% 2912 *284 2938 *2778 2834 *2814 2912 Exchange
3412 Dec 4818 May
12,100 Shell Union 011
1512 1538 15
155* 1478 1514 15
1514 153 1534
No par
1238 Jan 8 1914May 23
1218 Dec 1314 Dec
46,700 Sinclair Cons 011 Corp_No par 21 Aug 1 3938 Mar 19
22
closed
2138 2234
2218 227
2218 2314 217 2234 z21
183 Jan 3834 June
11,100 Skelly 011 Co
16
153* 1534 1514 158
10
938 Jan 2 35 Mar 31
Oacyt
14
17
1 m
1514 1512 1512 1814 15
Marv 6
34
84
5 /si
600 Sloss-Sheffield Steel & Iron.100 3914 July 11 60 Apr 28
431 44
*4212 447 owing to
42
42
42
43
*42
47
Do
*76
82
*76
82
.76
82
100 68 Jan 13 90 Mar 16
*78
84
*75
84
66 Mar 80 Aug
Rico Sugar_ _100 39 July 6 64% Apr 19
500 South
40 I death of
41
41
3912 3912 40
42
42
43
43
33 Nov 5714 Mar
1,500 Spicer Mfg Co
14
141 15
1114 14
No Par 1134June 30 273 Feb 16
24 June
1412 1412 11
•1412 16
15 Nov
100
Do pref
100 90 Jan 3 977 Feb 2
*86
91
*88
91
9014 9014 President
92
*88
91
*86
Apr 96 Sept
84
Standard Milling
75
100 70 July 5 9012 Jan 23
75
*65
75 "65
65
*65
75
--__ 75
84% Dec 141 Sept
20.400 Standard 011 of California_ 25 4718July 30 12312 Jan 2
4712 48% Harding
4738 48
Oct
4738 48
4718 4834 4718 48
918 Jan 135
3118 3178 3134 32
18,9001, Standard Oil of New Jersey 251 3078July 31
3112 3134 3112 3212 308 32
4414 Mar 3
3812 Dec 25012 Oct
9001
Do pref non-voting _ I00 115 June 2 118 Feb 21 1133 Jan 11612 Nov
11734 118
11714 11714 *117 11712 11714 11714 117 11714
600 Steel & Tube of Am, pref_ _100 85 Jan 2 10834June 30
105 1051 *105 1051 *105 10514 10514 105% 105 105
88 Mar 90 may
1,000 Sterling Products
5312 *5314 55
No par 51 June 29 8734 Mar 2
11334 Dec
jjaa
ann
y 16
473
5314 5412 5214 5324 53
4
3
79.5
5,
;
1 M
*5412 55
1 Stern Bros. pref (8%)
100: 10912 Jan 2 115 Jan 5
.108 116 *108 116 *113 116 *113 116 *113 118
Jan 109 Dec
81
88
40,100 Stewart-Warn Sp Corp_No par' 74 July 5 12412 Apr 17
8414 8634 85
8234 85
87
8534 89
84
24% Jan 79 Dec
9,700 Stromberg Carburetor_No part 6912July 2 9414 Mar 6
6113 64
B
Doc
ee
6112 8434 8218 63% 6312 6512 6514 8712
10178 104
186,900 Studebaker Corp (The)...100 9814July 2 12614 Mar 21
99% 10118 1,914 10314 9934 10212 10112 103
1
Do pref
100 112 Jan 4 116 June 27 100 Feb 11814 Nov
*115 11614 *115 11614.
115 11614 *115 11614 *115 116%
5,600 Submarine Boat
7% 814
7% 8
No par
7 Jan 3 15 AP1' 6
8
818
77
814
818 818
312 Jan
87 Nov
1,800 Superior 011
3
318
3
3
*3
31
*3
318
3 .3
No par
238June 18
4 Nov
1014 June
634 Feb 15
*24
29
•24
29
400 Superior Steel
24
*23
29
24
2418 24
100 24 June 29 34 Mar 22
26
Jan 391 Apr
114
2,200' Sweets Cool America
114 51114
1
118 *1
1% 1%
1
114
10
1 June 4
5 Mar
278 Jan 12
158 Nov
878 878
8% 8%
3.500 Tenn Copp & C tr ctts_No par
8 June 21
8% 8%
9
914
812 9
838 Nov
1234 Feb 21
124 May
4012 41
34,300 Texas Company (The)
40
407
40
4012 4018 40% 4018 4118
25 40 July 30 5278 Mar 20
42 Mar 5214 Oct
5812 57%
3,000 Texas Gulf Sulphur
10 53l4 July 2 85 Jan 15
5614 5612 553* 5718 56 - 5612 5612 57
3812 Jan 6718 Nov
838 9
11,300 Texas Pacific Coal & 011
8,4 8%
712 812
10
734 834
814 9%
712JuIY 31 2414 Feb 2
1812 Nov 3234 June
200 Tidewater Oil
*9522 9912 *9512 100
97
97
100 94 July 2 144 Mar 2 10934 May 154 Oct
9934 9934 .97 100
Timken
Roller
37%
38
7,400
37
38
Bearing_No par 3318 Jan 2 45 Mar 8
3638 3534 3834 3618 388 37
Oct
4818 49
2,100 Tobacco Products Corp_ _ _100 4718June 30 6112 Apr 27
48
48
4714 4734 47,2 48
4778 49
ua
ny
e
J1
4
28
9
72114: S
4
5:8
45
N
meOa
pVrt 8
3
20
7938 8014
*7912 8012 7834 7938 7818 78% 79% 80
2,400
Do CIA (since July 15) 100 7612July 2 85 Mar 2
767 Aug 8212 seat
57
55
512 5%
51
10,100 Transcontinental OIL..No par
513 534
578
512
512
5 June 21
1412 Jan 5
62
64
400 Union Bag & Paper Corp._100 62 Aug 2 7712Mar 28
62
6512 *62
65 "62
65
65 .82
55 Mar 78 seat
314
14
14
*18
Union Oil
14
*Is
14
No par
*18
*18
14
18 Jan 4
14 Jan 3
Is Dec 25 June
200 Union Tank Car
"82
86
84
86
86
86 .82
100 81 Feb 1 9934 Mar 19
*83
84
*82
85 Dec 1315 Dec
100
Do pref
100 10622 July 19 112 Jan 19 102 Feb 113 Sept
•10612 10812 *10612 10812 106 10812 "106 10812 10778 10778
*30
29
1,500 United Alloy steel
30
30
3012
30
39
No par 29 July 31 3912 Mar 21
30
30
30
25
Jan 4124 May
80,2
800 United Drug
76
77
•76
76
78
76
*76
100 7534July 2 8534 Feb 26
Oct
76
76
6072 Mar 85
Do lot preferred
4734 *47
4734
4812 *47
50 4614 Feb 14 48 Mar I
4734 *4612 4818 *46
*46
41 18 Feb 5178 Oct
Fruit
United
1,200
167 18712
168 168
16812 167
100 15212 Jan 17 183 Mar 2 11934 Jan 162
166 167
Oct
*167 170
"69
1,100 United Retail Stores_ _ _No par 643 Feb 1
71
7012 717
72
6914 8914 72
8418 Apr 17
69% 70
4312 Feb 872 Oct
25
700 U S Cast Iron Pine & Fdy_100 20 July 3 3412Mar 2
23 •2334 2518 24
2312 2412 23
24
16% Jan 39 Aug
*23
200
Do pre
71
*85
70
*67
*65
70
100 64 June 21 725 Jan 3
68
68
72
4937
50
Jan 78 Aug
1,200 U S Food Products Corp_ _100
258 3
43
318
234 24
234 24
218June 28
234 3
Jan
101:
67 1y
12
834
12 Feb
v 2
612 Mar 19
Hoff'n
par
Mach Corp_No
1,100 US
1518 15% 151 1518 153 1534
15 June 30 25 Jan 27
1558 153s 1512 L
518
.
12,600 U S Industrial Alcohol....100 40 June 29 73% Mar 16
453 4612 4418 ItP4 4412 4534 4478 4634 4534 4722
37
Jan 7272 Oct
Do pref
*98 100 ; *96 100
*96 100
100 9514June 29 101 Mar 28
s96 100
*96 100
Oct
7212 Dec 102
9238 93 I 93% 9334
1,400 US Realty & Improvementtoo 881s July 2 106 Mar 5
9834 0212 93
56
Jan 927 Oct
9314 9314 9834
United
States
4112
40%
21,600
Rubber
3818
4014
3812
40
100 3818 Aug 1 8478 Mar 22
41
4018
46 Nov 6712 Apr
4028 41
lot
preferred
Do
95
96 ; *95
97
600
*94
97
100 9414June 29 105 Jan 13
97
9512 96
496
91 Sept 107 July
2218 2312 2312
1,700 US Smelting. Ref & Min
22% 2278 22
50 20 June 28 4338 Mar 2
t
Aoce
21% 22
FebFe b 40
834 0
2218 24
Do pref
*4218 43
*4218 43
50 4012June 28 4818 Jan 3
*4218 43
*4218 43
33
4214
*4218 43
86
210,100 United States Steel Corp..100 S512 July 31 109% Mar 21
8734 8634 8812
ct
ep
Jan 17
11112 510
5
89
2
8634 88% 85% 8712 8512 87% 11778 118
118 118
Do pref
2,000
100 immune 20 12312 Jan 15 11334 Feb 123 Sept
11734 11S. 117% 117%
118 118
"58
59
"58
59,2
1,500 Utah Copper
10 56 July 5 7612 Mar 5
Nov
5818 5712 58.8 5734 5734
58
1,400 Utah Securities v t
16 14
100 1418June 27 243* Feb 16
97, Jan 2318 Sept
1512 1512 1512 1572 1614 '16
1512 1512 15
Corp
Vanadium
par
2734
26
,
2
No
27
20
12,800
243
2618
2714
4July
5
445
8
Mar
3014 Jan 5334 Aug
20
274
2634 26
26
Van Raalte, 1st pref
100 8912May 31 98 Jan 25
Oct
*8634 90, *90% _
90
Jan 100
92
*86
*8,63, 91
90
*86
12 834
9 1
1,300 Virginia-Carolina Chem...100
8
614June
*812
27
Nov 387 Mar
812
812
27
2324
Feb
20
8% 85* "833 834
Do vet
23
Oct
400
100 17 June 27 69 Mar 15
July 83
2412 23,2 24 I 23
2412 *24
*24
24
24
200, Virginia Iron. C & C _..1o0 52 July 2 68 Mar 5
52 1 .52
59
52
5
48
3 Mar 9412 Jan
55
55
57
*55
57
*55
1
Do pref
Oct
100 7712June 28 85 Apr 23
*7612
66 Mar 86
*7612 -- "76,2
4.7612 _
*7612
17 1 1714 1712
3,100 VIvatidou (V)
No par
16 Dec
1514 Jan 17 23 Mar 22
618 Jan
1734 -1-i72 1712 1734 1718 1712 17
Weber & Helibroner_No par
100
Aar
1414
133
4
133
4
•1312
1214
17
8
Oct
107
14
Jan
*1312
27
Mar
8
1518
1414 "1312 1414
*14
200 Wells Fargo Express
100 3412July 11 105 Mar 2
66'
534,2 3812 *3412 3612
3614 3614 *3412 38
35
35
1,300 Western Union Telegraph-100 101 18July 5 11912 Feb 20
Feb 12
98
1 3,4
89
4 A
OIle1It
105% 106 *10512 106
10514 106
10514 10512 10612 107
Westinghouse
Air
900
Brake.
_
80
80
_
50
80
1
Mar 114 Dec
80
7624
120
Feb
17
78
July
5
80
*80
8232 80,8 81's 80
10,300 Westinghouse Elec & Mfg- 50 5212June 30 6718 Feb 16
55
5612
4918 Jan 65% Aug
5412 5512 54% 553
5412 5514 5114 55
3,000 White Eagle Oil
No par 2314July 31
25 May 333* Nov
301 Mar 20
2314 23% 2334 2334
2314 24
2358 24
2312 24
Sept
1,300 White Motor
48 I 4813 4838
54
12 m
50 45 June 28 6074 Mar 19
3518 Jan
47% 47% 48
4775 48
4734 48
2,500 White 011 Corporation_No par
112 1%
2% Dec
134
133July 5
19
57
8
Feb
15
8
15s
15
8
13*
*15o
13
4
13*
Wickwire
Spencer
2,500
Steel
812
Nov
217
8
May
714;
7
7
5
514July
28
14
Feb
13
612
7
7
534 6
534 7
19,300 Willys-Overland (The)
412 Feb 10 May
714 738
25
5 June 21
7,8
73*
814 Jan 5
718 7%
7
7%
7
714
July
12,400
Do Prof (new)
24 Feb
6872 66
100 4212 Jan 2 6978 Apr 6
6858
6934 68
67
6534 70
65,2 66
Wilson
&
Co.
Inc,
v
t
2714
Jan 5:
40
9:Sept
1,100
c_No
par
Mar
7
2114
2112
19
June
27
23
423
4
I
*2114
2112 23
2112 22
22
22
I
Do pref
66
Jan 91 Sept
100 64 July 13 89 Feb 8
*6612 -Jan 223 Nov
1,300 Woolworth Co (F W)
100 19018 Jan 24 23912May 11 137
22912 2303* 230 23013 22918 230 *231 234 ,*230 234
288 Nov
557 Juno
26
500 Worthington P & M v t c.100 2318July 3 4018 Feb 15
26 I 26
*21
25
25
26
*2512 28
26
53, n%
6
Jan
,sos, 10
11 Aug
1.009 Wright Aeronautical__.No oar
814 Jan 17 11 May 17
ns,, o
15
15
Me 10
pries; 00 sales 00 thIS day, z Ex-dividend.
•Bid a sci
$ per share $ per share
8
814
4214 43
4112 42,4
12
12
12
12
77
7612 7612 77
*7
9
*7
9
3214 3158 3212
32
1212 1212 1212 1212
5514 58% 54% 59
5634
52
5512 52
3
*2
.2
3
918 918
*918 10
234 278
2% 2%
8612 8612 86% 87,4
4314 43% 4214 43
57
57
57
57
2258 22
2314
22
712 712
734 8%
18
18
1814 18
212 234
258 2%
*25
30
.26
35




$ per share
712 758
4178 4212
12
12
*76
75%
*7
9
31% 3234
1212 1212
5818 57%
5353 55%
*1% 212
9% 9%
234 2%
88
87
4212 43
*56
59
2112 22
812 812
18
18
212 2%
2514 2514

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

535

income and defaulted bonds
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-exceptfor
BONDS.
N. Y. STOCK EXCHANGE
Week ending Aug. 2.

E3

Price
Thursday
Aug. 2

Week's
Range or
Last Sale

,
.
FL. Z.
rlir

Range
since
Jan. 1

BONDS.
N. Y. STOCK EXCHANGE
Week ending Aug. 2.

1.17,
.
'E

Price
Thursday
Aug.2

Week's
Range or
Last Sale

Range
Since
Jan. 1

High
High No. Low
Ask Low
Bid
High
6812
65
6712 68 684 July'23
All & Birm 30-yr 181 g 4s_e_ _1933 M
8034 8612
8312
100 101.00 Atl Knoxv & Cin Div 45_ _ _1955 MN 82 8312 8212
9834 9912
- 9834 May'23
97,
12 98.90 Atl Knox & Nor 1st g 58____1946 J O 99
9134
88
96"n99.10 All & Charl A L 1st A 4345_1944 J J 9134 93 904 June'23
96 100
97.0000.00
9612 9814 July'23
1941 J J 95
1st 30-year 58 Ser B
5 82% 89
87
All Coast Line lst gold 45.11944 MS 8514 86 86
3 106 108
1930 MN 10612 108 1074 10718
10-year secured 78
9614298.70
82 8958
5
4
85,
1964 3D 85% Sale 85
06,44498.88
General unified 434s
7612 83
8118 26
al952 MS 8118 Sale 80
L & N coil gold 4s
7378 78
10
7414
7414
81
1948 J J 7212
9714299.18 AU & Danv late 48
68%
6118
1948 J J 6214 66 65 July'23
2d 48
7712
77
07432 99.04 AU & Yad 1st g guar 48
1949 AG 7618 80 774 Feb'23
95%
8
3
93
9418 June'23
99148,100.04 A & N W 1st gu g 58
1941 J J
1024 1044
034 9714
48
96
1925 J J 9558 Sale 9512
102
103 Bait & Ohio prior 334s
9311 9414
1
9414
944
31925 Q J 95
Registered
1034 104
7438 80
46
78
7718
Sale
77%
A0
53948
gold
410
-year
1034 1034
1st 50
7412 78%
7712
7414
July'23
7454
53948 Q J
Registered
_8212
77
807g 00
944 95
1933 MS 80% Sale 8018
10-year cony 41413
7938 85
8378 34
9314 963, Refund dr gen 58 Ser A._ _1995 J D 83 Sale 83
99 10172
1929 J J 101 Sale 10012 10138 67
10-year 65
95
91
10
94
P Jet & M Div 1st g 3145_1925 MN 934 9418 94
State and City Securities.
79%
73
753s 51
100
100
10014 .9 9934 101
PLE&W Va Sys ref 48_1941 MN 744 75 744
0112 94%
N Y City-41d8 Corp stock-1960 MS 100 10014
0412 33
944
Sale
944
J
•
July'23
3348.1925
10018
gold
1st
1007
Div
8
Southw
M
1964
10278
10018
stock
41is Corporate
65
6112
6412
3a
67
8412
644
A.1959
,
B
4s
100
100%
ref
100%
1st
100%
Tol& Cin Div
10038 10212
1966 AO
4145 Corporate stock
571s 60
5718 Apr'23
1971 J D 10412 10538 108 Jan'23
10714 108 Battle Cr & Stur 1st gu 35_1998 J O
4148 Corporate stock
86% 8912
Apr'23
8912
9114
---J
J
10412
10414
July'23
4s....1936
g
gu
1st
105
J
Creek
J
Beech
10412
10712
86
86
43.48 Corporate stock_Juli1967
86 Feb'23'
1936 J J
Registered
1965 J D 10412 Sale 10412 10412 10 10412 10718
43.48 Corporate stock
134 May'16
1936 J J
2d guar gold 55
1963 MS 10412 Sale 10412 10412 10 10411 10738
4325 Corporate stock
July'22
60
6878
971
9658
_01951
July'23
A0
9614
3148_
g
1st
Ext
9614 10014 Beech Cr
1959 MN
4% Corporate stock
iais Ws;
1944'ID 80 -84 8014 July'23
9658 9978 Big Sandy 1st 48
1958 MN 9658 971 9678 July'23
4% Corporate stock
754
65
9638 10014 B & N Y Air Line 1st 45.._ _1955 FA 8212 77 65 July'23
1957 MN 964 971 9638 June'23
4% Corporate stock
89 89
Feb'23
89
873
8912
13
July'23
9512 961 95
95
991: Bruns & W 1st gu gold 45_ _.1938 J J
4% Corporate stock reg_ _1956 MN 104 10414
100 10138
- 10114 10114
1
101
1041/
MS
10412
_1937
55_
gold
gen
P
MN
&
R
Buffalo
1957
18412
105
stock
4148 Corporate
87 9214
N 89 16 89 July'23
1957
MN 104 10458 10458 July'23
Consol 4145
10712
43.4% Corporate stock...1957
9912
95
1 1044
98 9518 July'23
87
87
1934 * 0 95
87 91 Burl C R & Nor 1st 5s
334% Corporate stock....1954 MN 8634 _
June'23
10214
MS
1961
1014
10312
New York State-4s
94
975
10012
4
4
975
98
974
June'23
10212
1.0238 10212 Canada Sou cons gu A 55.__1962 * 0
Canal Improvement 45-1961 ▪ J
13 112 115
11214 July'23
11214 11214 Canadian North deb s 1 711_1940 J O 11218 Sale 1124 113
Highway Improv't 4148...1963 MS - -- -_-_ 10412 Apr'22
8 11028 1134
1946 J J 11214 Sale 11214 113
25-year a f deb 6145
Highway Improv't 43 8_1965 MS
7612 8012
55
8
797
71% Oct'20
1991 J J
Canadian Par fly deb 45 stock.. J J 795s Sale 7918
Virginia 2-38
Carb & Shaw 1st gold 4a..1932 MS 8218 90 9212 Sept'22
- 71
-68
June'23
6834
j
723
▪
85
4
1949
Caro Cent 1st con g 45
Foreign Government.
8814 94
9314 32
10238 35 10014 10318 Car Clinch &0 1st 3-yr 58.1935'ID 9314 Sale 9218
1927 FA 10238 Sale 102
Argentine(Govt) 75
89
98%
47
29
81
Sale
Sale
4
97
81
843
98
O
J
964
1952
MS
_
Os
774 8414
Argentine Treasury 5s of 1909_ 'ID 89 Sale 88
904 475
83 81% Dee'22
1981 J O 80
88 0334 Cart & Ad 1st gu g 4s
1943
Austrian (Govt) 78 w 1
lea
78
6878
994
101
May'23
7212
8
67
Sate
997
1948
'ID
4s
g
D
lst
J
P
U
Br
g_1945
Cent
9114
7148
10314
Belgium 25-yr ext 51
58
48
48
16
9614 71
53 48
1961 J J 49
93 9838 Cent New Eng 1st gu 4s
Jan 1925 J J 96 Sale 9512
5-year 6% notes
-- 9354 Dee'22
1930 MS 9012
1941 FA 1004 Sale 994 10112 52 93 10314 Central Ohio 4345 1930
20-year s f 8s
102
100
10014
10114
6
7
100
109
102
10814
1083.8
Sale
FA
gold
1st
55_1)1945
Ga
of
MN
1945
10712 10934 Central
Bergen (Norway)5 f 95
9238 9812 .
1
4 10812
9512 9512
954
1946 MN 95
1945 MN 11012 lip 10834 110
Consol gold 58
Berne (City of) 5 f 85
9938 10114
10114 /7
83 86 113%
87
97
88
June 1929'ID 10114 10212 101
94
10-yr secur 633
Bolivia (Republic off 8s._ _.1947 MN 76 Sale
81
744
May'23
44
7412
79
Sale
76
45.1951
'ID
-g
4
733
money
Chatt Div pur
5912 8312
Bordeaux (City of) 15-yr 69_1934 MN 9614 Sale 9578
96M Sept'22
9612 129
1941 'ID
Mac 33 Nor Div 1st g 5:3_ -1946 J J 9318
9134 99
U S external 8a
94
94
July'23
94
8234 35 80
J
Sale 81
J
1947
M
Div
4
813
All
'ID
1952
&
Ga
8614
Mid
78
97
9712
9918 June'23
6
1948'Ii 9712 _
100,2
1952 * 0 10014 Sale 100
Mobile Division 55
9634 104
7148
9038 9734
91%
7
90% Sale 9058
9912 Sale 994 10018 40
MN
513-1937
g
coil
Ga
of
55-1926
AO
B
&
RR
g
Cent
of)
10134
994
(Dominion
Canada
108
10312
2
10412
10412
104
106
32
9912
9954
100
Sale
J
J
55-1987
AG
55._1931
do
99 102 Central of N J gen geld
do
do
103 105
49
53987 Q J 10312 10412 10312 July'23
1929 FA 10158 Sale 10112 102
Registered
9938 10212
10-year 5145
7108 8734
8838 32
9912 211
FA 86% Sale 8534
1952 MN 9918 Sale 9914
9778 102 Cent Par 1st ref gu g
58
8934 9112
7
8934
9014
Sale
59
10212
10258
10312
D
Sale
J
9014
Mort guar gold 314s- -k1929
Chile (Republic) ext s f 88.1941 FA 10254 Sale 10218 10358 105 100 1044
7938 84
4
8012
80
Sale
8012
A0
45-1954
gu
lst
1928
L
AO
St
Through
10358
100
8s
f
s
5-year
External
11412 11412
11412 June'23
9412 25
1942 MN 94 Sale 94
9312 9634 Charleston dc Savannah 75_1936 J J 11514
75
944 9678
97 95 July'23
10378 72 10012 105 Ches& Ohio fund & impt 58_1929• J 95
1948 MN 10378 Sale 103
-years f 85
25
9734 10314
14
9912 13
44 Sale 4212
44
1939 MN 9958 10012 99,2
lot consol gold 55
4212 5234
Chinese(Hukuang fly) fai of 1911'ID 10914
9714 9812
15 10734 11212
110 10912 110
1939 MN 9614 9912 954 May'23
1945 AO
Registered
Christiania (City) a f 8s
8078 8641
83% 19
9118
901
7
Bale 83
8
835
91
911
MS
1992
434s
AO
gold
_1927
General
8812
95
63.4'.(Republic)
Colombia
8012
8.02
Apr'23
80%
804
91
88
8834
90
Sale
M
1992
ii
Registered
88 9212
Copenhagen 25-years f 5145.1944
8912
85
86% 19
4
9834
1944 MS 9854 Sale 974
20-year convertible 4148..1930 FA 8612 Sale 86%
9014 9834
Cuba 55
964
86
89
83
88
91
Sale
July'23
8858
92
9084
A0
55..1946
secured
FA
cony
A.1949
-year
Ser
'14
30
8712 9314
Ester debt of 55
95
904
July'23
91%
92
17
834
9312
Sale
3
8212
83
,
B
4
1940
1949 FA
Craig Valley 1st g 55
8118 89
External loan 414s
784 784
99% 45 99 9934
1953 J J 9914 Sale 9914
Potts Creek Branch 1st 40_1946 J J 74s 797 78% May'23
5Ms
7638 8012
9312 85
9611
R & A Div 1st con g 4s.._1989 J J 775 80 80 July'23
77
Czechoslovak (Repub of) 8s_1951 AO 924 Sale 92
7414 76
78 75 May'23
10714 108 1074 10734 21 10612 10912
1989 J J 73
20 consol gold 45
Danish Con Municip 88"A"..1946 FA 10714
904
90%
July'23
1074
10712
53
9054
9054
1071
9212
MS
_1941
5s_
g
FA
1st
V
Springs
1946
Warm
10634
10912
Series 13
53t2
504
53
10
52%
110
Sale
5254
10978
Sale
58
11014
107% 11034 Chic dr Alton RR ref g 3s_ _ _1949 * 0
Denmark externals f 88.._ -1945 AO 9654
4814 53
494
Sale 9534
53 July'23
9634 43 95 99
1942 J J
New York Tr Co ctfs
20-year Os
51
494
July'23
50
994
10012
_102
5178
23
Sale
50
int
FA
'22
Oct
Stamped
9514 102
Dominican Rep Con Adm sf 58'58
8 4628
46,
88
13 84 90
- - - - 55 46% Apr'23
1942 MS 88 Sale 87
Stamped Apr '23 Int
53.48
2518
27
28
97
97
3312
183
Sale
9612
85
Sale
27
1950
J
J
334a
lien
tat
_1947
Railway
(is_
ext
Indies
East
924 9814
Dutch
81% 15
9654 342
7812 85
1962 MS 9654 Sale 9658
9214 9712 Chic Burl & Q-III Div 3345-1949 B , 7912 Sale 7912
40-year 6/3
92 Sale 9134
924 109
8
34
875
98
2
854
874
Sale
8758
J
J
1949
48
1953 M
Division
Illinois
33431 trust rcts
9414
9512 97
9712 250 87%
Sale 9534
9618
964
5
Nebraska Extension 45.._ _1927 MN 9614
90 101
French Repub 25-yr ext 85_ _1945 MS 9654
9534 9618
9314 Sale 93
9438 312
9618 July'23
6
1-4
1927 MN _
Registered
84 97
20-yr external loan 7145._1941 'ID 10154
101
83 8912
102
8614
129 101 10434
Sale 844
1958 MS
General 4s
Gt Brit 48 Ire (UK of) 5145_1937 FA 11178 Sale
96% 101%
Sale 11134 11212 200 111 116
9912 25
1929 FA
1971 FA 99% Sale 99
1st & ref 58
I0-year cony 5145
86
47
76
55 54 July'23
152
1942 MN 7508 Sale 7412
85 8212 Chic City dc Conn Rys 58.-1927 * 0
Greater Prague 7145
10612
92
9212
93
Sale
104
June'23
11
10418
10612
A0
AO
1044
1952
..1934
6s_
1s1
92 98 Chicago & East III
Haiti (Republic) 85
7612 8112
9658 Sale 964
9612 52
78
61
78 Sale 7812
924 9714 C & E Ill RR(new co) gen 55_1951 MN
Italy (Kingd of) Ser A 630.1925 FA 93%
93
87% 97,2
91%
9178
934 38
1982 M
92 9412 Chic & Erie 1st gold 55
Japanese Govt-£ loan 4340_1925 FA 9214 Sale
56
47
9234 35
927 9214
47
48% 30
% 4
112
97%
8 47
1925 J J
914 9328 Chicago Great West 1st 48_.1959 MS 9
Second series 434s
81
48
4214 46
4318 4312 4338
4312 11
1931• J 804 80 8014
With Sept'24 coupon on......
8278
Sterling loan 48
4
3
79
9114
92
Sale
34
92
107
104%
July'23
27
10612
MS
10734
171
10634
63.1953
6s...1947
Oriental Development
91,4 9312 Chic Ind & Louisv-Ref
79
9718
94
58 894 834
812 June'23
90
.2_ 9334 8
_9
1947 J
Refunding gold 55
Lyons (City of) 15-year f3s_ _1934 MN 7678 Sale 76
78
79
Sale
7612
7912
86%
so
MN
J
80.1934
nil
J
6912
15-yr
A947
Series
of)
45
C___
(City
Refunding
Marseilles
34 July'23
2 804 84
8012
8012
81
1966 M N 80
General 55 A
3212 42
Mexican Irrigation *is__ _1943 MN
521., 120
94% 98
9512
9614 11
mi. General 6s B
49
c1966 J J 954 96
Mexico-Extern loan £ 53 of 1899 Q J 52 Sale 51
3112
78
Sale
8
3012
305
78
28
Jan'23
D
78
J
1954
J
74
J
---1st
1904
48-1956
gu
3012 4134
Ind dr Louisville
Gold debt 43 of
81
87
8412
11
1952'ID 87 Sale 8678
'I 8214 8312 8214 July'23
'
85
91% Chic Ind & Sou 50-year 48_ _1956
Montevideo 78
8634 90
8
82
812 June'23
1969'ID 2114
97 102% Chic LB & East 1st 4148
Netherlands(15 (jlat prices) 1972 MS 10178 Sale 10154 10214 78
57 684
32
1 109 11234 C M & Puget Fid 1st gu 4s.._1949 J J
1940 AO 109 110 10954 10934
Sale
Norway external 5 f 88
704 74%
98
41
15
72
1052 AO 97 Sale 97
97 100 Ch M & SIP gen g 45 Ser A.e1989 B , 7112 72 714
68
62
96
6.514
Sale
96
2
ii)
974
July'23
J
6458
rects-1953
Tr
6312
J
62
Ser
13...e1989
General gold 3345
96 97%
Panama(Rep) Mis
7812 in%
95
94
98 94
1
804 21
8018 79M
93 9912
General 414a Series C.--.el989 J J 79
Porto Alegre (City of) Ss__ _ _1981 J o 107
62%
51
Sale 1064 107
17 10534 10912
125
56
Gen & ref Series A 434s__a2014 * 0 5412 Sale 51
Queensland (State) ext 8170_1941 * 0
70
58
6254 65
1947 FA 10114 Sale 10012 10112 11 100 102%
Gen ref cony Ser B 5s...52014 FA 60 Sale 58
25-year 68
57% 68
9412
5
614 185
1946 * 0 94 Sale 94
917 9914
1932'ID .-.9 Sale 5758
Convertible 4145
Rio Grande do Sul 85
84
76
9118
9138
92
Sale
31
AO
116
7814
88.1946
f
76
Sale
-years
25
'ID
1925
45
77
90 97
Rio de Janeiro
54 6312
91
21
5814 18
1947 * 0 9014 Sale 90
90 9712
25-year debenture 43
1934 J J 5512 5758 5612
88
98
96
97
5
4
1952 MS 97 Sale 9678
9712
Chic & Mo fly Div 58_ _1926 ii 967s 97 974
9534 9934
San Paulo (City) a f 8s
9458 96
9912
Sale
9834
4
983
July'23
15
J
9512
9512 100 Chic & N'west Ext 4s_ _1886-1926 FA 9514 96
Ban Paulo (State) ext a f 88_1936 J
93% 9512
86
8
62
1942 J J 8334 Sale 83,
9512 June'23
78 90
Reirstered
1886-1926 FA
Seine (France) ext 78
70% 77
Sale 6312
0712 154
1
2
1212
7.
2 Dec
118
23
73 7
1-3-4
7-2
95148 2
General gold 334s
1987 MN _703
5312 7812
Serbs, Croats & Slovenes 85_1962 MN 64
83
33 6612 85
1936 MN 81 Sale 81
&woos(City)65
p1987 Q F
Registered
87
"iors
Sale
10434
10512
10512
July'23
37
'ID
1939
8378
45
10312
8318
68
106
MN
General
77i2
-year
1987
20
Sweden
79
8714
J 11512 Sale 11512 11812 33 114 11914
79 July'23
_
Stamped 45
1987 MN
Swiss Confereen 20-yr a 180.1940 J S
10034 10512
7514 Sale 7518
7514 18
M
10114 July'23
4
General 5s stamped
71% 7734
1987 MN 10014 1-011Tokyo City 58 loan of 1912
10814
10112
Sale
10212
10211
103
July'23
3
FA
-1946
108
9914
Sinking
fund
88_.
6s
107
1879-1929 AO 10054 105
Uruguay Republic ext
4 109 11378
1945 * 0 III Sale 1104 111
___ 10178 Apr'22
Registered
1879-1929 * 0
Zurich (City of) 5 f 8s
2
97 16-61
99 97 July'23
Sinking fund 55
97
1879-1929 A0 994-E
IS5=9732 (1732
Railroad.
--_ 97% Mar'23
Registered
1879-1929 AO
941
97 10118
9212 94
July'23
D
J
July'23
96
9212
55-.1943
100
Sinking
fund
deb
100
9655
A
N
97
1933
cons
1st
Sou
Ala Gt
9978 July'23
9934
99% 9914
9958 10138
1933 MN 97 100 9912 May'23
Ala Mid 1st guar gold is.....1928 MN
10534 110
8112
1946 AO 7834 7934 7854 July'23
78
10-year secured 75 g
1930'ID 107 Sale 10812 10724
Alb & Susi] cony 3145
111
84 82 June'23
82
106
10
0
*
107%
82
_1998
83
15
107
108
_
-year
secured
gu.
10614
333.6s
_
MS
g_
45
g
lot
_1936
Alleg & West
88
7634 82
11
7884 18
82 90 Chic R I 33 P-Ratiway gen 413 '88 J J 781 Sale 7818
1042 MS 88 Sale 88
Alleg Val gen guar g 4s
5612
.57
75% 8034
14
July'23
J 56% 57
7558
Q
____
53995
5611
65%
73%
'I
Registered
'
45
1st
g
Arbor
Ann
8312
75
8912 98 8414 901s
* 0 8914 Sale 89
7578 209
Refunding gold 4s
1934 AG 75 Sale 75
Ateh Top dr S Fe-Gen g 46_1995 AO 7838 Sale 73%
9734 10112
4
7918
7838 33832 Chic St L & N 0 gold 5s___ _1951 'ID 100 10314 10012 July'23
1995
Registered
95% 9558
7612
1
7612
June'23
Nov
955s
8212
53995
7513
'ID
Registered
48
Adjustment gold
7858 7912
24
80
7614 8278
53995 Nov 7934 Sale 79%
Gold 334s
1951'ID 76 ____ 7858 May'23
Stamped
91M 9712
4
94
82
2 76
82% 82
8212
Joint lot ref 53 Settee A _ _ _1963 J D 94 Sale 931
1955'ID 82
Cony gold 45 1909
80
83%
June'23
8212
80
814
8212
81%
7912
1
in
9
6
7
9
76
D
82%
J
Memph
Div
1st
433
g
1951
Cony 48 1005 -----------1955
99% 10034
10034 June'23
99 May'23
97 18414 C St L & P 1st cons g 5s_ _ _1932 A 0
___1960 in
Cony 48 issue f
10414 10712
July'23
10512
9412
July'23
94
10538
943
4
100
MS
'ID
M
Chic
P
St
0
&
9613
6s
45-.1928
cons
4
3
93
1930
East Okla Div 1st g
9212 9212
8012 794 July'23
7712 83
Cons 69 reduced to 3145._1930'ID 901___ 9212 Mar'23
Rocky Mtn Div 1st 48_ _ _ _1965 J J 78
92% 9634
2
94
8
08
94
12 8
1.
85
114 -9
8234
2 8114 8654
94
J 8234 8314 8234
1930 MS 8
Debenture 55
Trans-Con Short L lot 45.1058 J S
76% 8278
8
915s
Juiv'23
y
inn
So
Ar
('ht.'
671.
H
M
Fast
5&.1o60
1st
"A"1002
Cal-Aria 1st & ref 4)48
asked, a Due Jan. 4 Due Apra. Due May. g Due June. is Due July. k Due Aug. 0 Due Oct. p Due NOV. Due Dec. 1 Option sale.
and
bid
latest
Friday;
*NO Pries

High No.
Ask Low
Bid
U. S. Government.
First Liberty Loan100,14 566
J D 100214 Sale 100
33.4% of 1932-1947
5
J D 98142 Sale 9842 98,4
Cony 4% of 1932-1947
n 98141 205
98,
in 98082 Sale
Cony 4M% of 1932-1947
94031July'23 --__
D
981%
J
9710n
1932-1947
of
43%
2d cony
Second Liberty Lean-5
42 984 98,32 98,4
MN 98,
4% of 1927-1942
4 1510
42 98,
MN 98,42 Sale 98,
Cony 41(% of 1927-1942
Third Liberty LoanMS 982544 Sale 981,14 9824 1971
43% of 1928
Fourth Liberty Loan98,43 98"., 3121
AO 9842 Sale
43.(% of 1933-1938
AO 992k,: Sale 9915n 9914 683
Treasury Ode 1947-1952
July'23 ____
10414
J
Q
dI930
25 consol registered
y:223
Jualy
3 m
---- 104
d1930 @ J
25 consol coupon
F
Q
--1925
---48 registered
10312
May'23
F
Q
---1925
48 coupon
- --- 100 July'21 Panama Canal 10-30-Yr 28-k1936 Q F 9312
_ _ 9412 Apr'23
1961 M
Panama Canal 3s gold
9314 June'23
1961 QM
Registered




Low

536
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2.

New York Bond Record-Continued-Page 2
Price
Thursday
Aug 2

Week's
Range or
Last Sale

„
gi713

Range
Since
Jan, 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2.

0

Price
Thursday
Aug. 2

Week's
Range or
Last Sale

1'6'3

1212
)

Range
Since
Jan. 1

Lgio
High Illinois Central (Concluded)
High No. Low
High
Bid
Ask Low
Purchased lines 3348
1952 J J 7534 7812 76 June'23
76
79
8728 9238
7734 83
Collateral trust gold 45._ _1953 M N 7934 Sale 79%
97 10012
794 18
Registered
1953 M
764 7814
11278 11514
7638 July'23
35
98 10038
Ref Is interim ars
1955 M N 9978 Sale 9934 100
10412 105
7578
15-year secured 5345
1934 J J 10134 Sale 10112 10238 45 100 10278
70
2 1071g 111
1036 J J 10818 110 10814
110
15-year secured 06e g
10112 10314
8238 87
1950 J D 7814
Cairo Bridge gold 48
954 97
8312 June'23
6938 73
Litchfield Div 1st gold 35_1951 J J
71 June'23
7212 7978
Loulsv Div & Term g 334s 1953 5 J
13
724 July'23
8612 -893-4
6734 6014
Omaha Div 1st gold 38,._1951 F A
864 88
6734 June'23
68
71
St Louis Div & Term g 38_1951 S J
70 June'23
75
80
1951 J J :766:2!
May'23
-8512 854
Gold 334s
75
7i-46-718
J
97
99
Springf Div 1st g 3348_ -1951
7812 July'22
80
83
Western Lines 1st g 4s---1981 F A 80 :8
-312 83 May'23
8
1951 F A 7814
-ia- 821Registered
92 Nov'10
83 W1-2
904 9312 Ind B & W 1st pref 48
1940 A 0
83 June'23
8318 8578
9558 100 Ind Ill & Iowa 1st g
1950
J 82
33
148 -81- 8312 June'23
95 100
100 102 Ind Union Ry Is A
1965 J J 95
97 July'23
08
3418 4914
10012 10212 Int & Great Nor adjust 6s 1952 J J 3458 Sale 3418
3678 188
87
974
8018 88
1952 J J 8834 Sale 8834
1st mtge 65 ctN
994 15
57
734
6014 11
7514 7812 Iowa Central 1st gold Is.. .A938 J 13 57
6414 57
73
1912 40
21
7478 8134
Refunding gold 45
1951 M S 1912 Sale 1912
8212 84
1
8234 87
84
8058 8214 James Frank & Clear 1st 4s.1959 J D 8312 84
84
10318 1064
944 98 Ka A A; G R 1st gu g 58
1938 J J 8712 _ _ _
797k
7.5
1990 A 0 7718 Sale
/7-1-8
9212 95 Kan & M 1st gu g 45
954 97
1927 J J 9578 994 96 July'23
---2d 20-year 55
10112 22 10012 10234
K C Ft S & M cons g 6s_1928 M N 100 10114 10114
7358 794
K C Ft S & M Ry ref g 4s__ _1936 A 0 7518 Sale 7434
7534 26
9258 93
KC&MR&B1st gu Is.....1929 A 0 02
9312 934 June'23
6334 6878
6634 47
Kansas City Sou 1st gold 35_1950 A 0 6634 Sale 6618
83 8933
Apr 1950 J J 8512 Sale 8458
Ref & inapt be
8512 17
18
7614 83
82
90
,
4
98 Kansas City Term 1st 4s____1960 J J 8134 Sale 8134
81
8378
101 106 Kentucky Central gold 4e___1987 J J
82 June'23
92
9434 9512 Keok & Dee Moines 1st 5e-1923 A 0 71
65
71 July'23
72
10034 1017e
8018 85 Knoxv & Ohio 1st g Cs
1925 J J 10034 ---- 10034 July'23
9034 9312
9118 97
5
8718 La2kde E
9614
81
gorlid
e&
34West 1st g 5s-1
10
94
31
7s
J .J1 94
95
95
8114 86
78
78
8212 8434 83 June'23
7238 7812
76
8034 Lake Shore gold 3565
1997 .1 D 744 7512 7534 July'23
7312 75
80
87
1997 J D 7214 75
Registered
74 July'23
96
92
10
102 10512
1928 M S 9333 95
9414
Debenture gold 4s
9414
9028 9312
91
9234
1931 PA N 9112 Sale 9114
25-year gold 48
914 38
834 90
1931 M N 9014
Registered
8512 July'20
-514 97
90
98 Leh Val N y Ist gli g 068__ _1
,
1940
s
J
-9-3-14 9312 July'23
9234
90
98 10212
Registered
9234 June'23
2
764 8152
105 11134 Lehigh Val (Pa) cons g 4e._ _2003 M N 78
77
77
84
921s
12
2003 M N 85 Sale 84
85
General cons 065
75l Leh V Term Ry 1st gu g 55._1941 A 0 10212
10078 10214
72
10112 July'23
767s 80
1941 A 0
Registered
113 Mar'21
82
88 Leh Val RR 10-yr coil 68_ _n1928 Id
14 i664 105
1017s
15
0
96
0
1:4
5 S-5
;11e12 10018
42
804 8512
58 Leh & NY let guar gold 4s...1945 DA S
8018 July'23
Lax & East 1st 50-yr Is gu...1065A 0 9712 9914 0834 July'23
971s 9928
81
81
:18- 5412 Little Miami 48
1962 NI N 8018 ____ 82 May'23
4238 5314 Long Dock consol g Os
1935 A 0 10534 _
Nov'22
10812
464 50 Long Isld 1st cons gold 58_5
98
110
931 Q s
J 964
9712 July'23
46
50
1st consol gold 45
go% 9214
8618
9218 May'23
5512
46
46
General gold 4s
1938 J D 83 -881s 81 July'23
81
1932 J D 8024
Gold 45
8112 8112
8112 July'23
3514 45
81
Unified gold 45
1949 M
75
7518 83
75 July'23
94
9312
Debenture gold Is
1934 J D 92
91
8
93
"512
20-year p m deb Is
1937 M N 33 -8-9-12 8318
824 8512
5
84
s
gold
4s
1949
M
83
65
Guar
refunding
60
75
75
7878 7734 July'23
93
85
9034
Nor Sh B 1st con g gu 513_211932 Q
92
93 June'23
944
9814 9912 Louisiana & Ark 1st g 5a
1927 M
93
94 July'23
83
983s 10034 Lou &Jeff Bdge Co gu g 4s1945 M 8
77
7858
7858
954 9812 Louisville & Nashville 58_1
19
94
30
7j
MN
j ,
9758 103
_
10
7980
2
9393
:4
2 ii
85-6
24-.7
514
4; 102 July'23
74
80
Unified gold 4s
8714 92
0014 27
90
Registered
1940 5 J 87
__
9014 9014
9014 May'23
844 90
Collateral trust gold Is .1931 MM 0818 -ills 9814 July'23
8412 July'23
1948 AO
973s 10112
E Minn Nor Div 1st g 4s
9112 9312
10-year secured 7s
1930 M N 10638 10712 10658 10634
9312 June'23
1938 MS 9012 95
E Tenn reorg lien g 55
7 106 109
97 100
1st ref 534s
2003 A 0 10378 10438 104
974 July'23
9818
1930 .1
10412 49 10114 10514
E T Va & Ga Div g 5s
9612 9912
N 0& M 1st gold 6s
1956 M N 974,9812 98 July'23
_ 1014 103
Cons 1st gold 55
10218 105 10212 July'23
9728 10014
2d gold 6s
193
930
994 July'23
1
N 9734 99
5
.1
9712 10112
Elgin Joliet & East 1st g 5a.._1941
-- 10112 Feb'23 _
Paducah de Mem Div 4s_ _1946 F A 8
9 10212 10434
103
8338 844
_
July'23
3
Erie 1st consol gold 7s ext_ 1930 MS 103 Sale 103
99
6
112 -6
82
15
12 8338
5412 587/3
St Louis Div 2d gold 3s._ _1980 M S
1996
'
S 57 Sale 5612
5734 39
1st cons g 45 prior
584 63
59
1
59
brs,m
ist g 0691945 NI S 7
57 Mar'22
1996 is
Registered
9218 96
97
24 _7_5__
,5 9218 July'23 - _
L & N South joint 1).1 4s_51195
052 Q
4638 113 -45T2 191-2
8034
J
75
1st consol gen lien g 4a 1906• J 4534 Sale 4538
7658
2
7638
4714 June'23
43
Registered
4714
1996 J J
Registered
731z 7312
Apr'23
7312
82
8614 Loulev Cin & Lex gold 065_1931 M N 9414 - 8614
97,
4
Penn coil trust gold 48._1951 FA 85 Sale 85
95
05
2
95
49
4112 52
35
50-year cony 45 Ser A 1953 AO 4814 4918 48
98 100
984 July'23 -___
20
49
4214 52 Mahon C'I RR 1st Is
9812 9812
1934 J 5
1953 AO 49 Sale 48
do Series B
4334 1412 Manila RR (Southern Lines) 19391M N
66
52
1953 AO 52 Sale 5012
Can cony 48 Series D
63
71
64
10
84
2
85
84
8978 Manitoba Colonization 55_19341.1 D 96
8534
1955 S i 8512 88
Erie &Jersey lets 165
954 9714
1
96
9712 96
8334 85 Man GB&NW let 3366_19411J J
85 July'23
1940 S i 8212 84
82
82
Erie & Pitts gu g 3,J6s B
82 May'23
Apr'23
Max
Internat'l
1st
cons
82
82
8314
g 423_1977 M S
1940 S i 8212
Series C
77 Mar'10
Michigan Central Is
1931
88 Apr'21
Evans & T H 1st gen g 5s_1942 AO
100
"654
1-64100
100
Registered
6912 Apr'21
9712 1004
1931 Q
M PA
8 9812 ____ 10012 May'23
Sul Co Branch 1st g 5a_1930 AO
1 -5512 10-12
45
1940.1 J 8658 88
9912
1924 ii 9912 Sale 9912
Fargo & Sou 6f4
86
8812
86 July'23
944 9412
Registered
1940 J J 85
86
9412
_ _ 9412 June'23
Fla Cent & Pen let ext g 58_1930 J
86
8712 86 May'23
01
0458
J L & S 1st gold 3;69
9438
2
9438
1951 1
5 N
S 7612 79
1943 is 9314 96
80
Coned gold Is
80
Feb'23
80
1st gold 336e
1952
1
8534
1959 in 8458 87
8512 89
8534
Florida E Coast 1st 06e
7714 84
7712 79
79 July'23
68 July'23
65
72
20-year debenture 4s
10
94
20
9 A 0 9114 9218 9114
1952 MN 6734 68
Fonda J & Cloy 06e
8938 93
9114
81
Mid of N J lst ext 5s
81 June'23
79
Fort St U D Co 1st g 068._1941 is
87
87
Apr'23
--__ 8814 87
9934 103 Milw L S & West Imp g 53_1020 F
1961 S D 100 10034 100 July'23
Ft W & Den C 1st g 556e
984 100
9938 100
994 May'23
Ashland
Div
June'23
8
let
g
Os
1925
86
1928
85
875
82
86
Si
1st
4s
M S 10012 ---- 10112 Mar'22
g
Ft Worth dr Rio Gr
Mich Div 1st gold fis
2 107 109
107
Fins 1-0-6-17;
1924 J .1 10034 - From Elk & Mo V 1st Os__ 1933 AO 10612 108 107
10078 Mar'23
9512 994 Milw & Nor 1st ext 434s
8g4 9212
1934
9 4j
.1 D 8712 _ - - 89 June'23
GH&SAM dz P let 58_1931 MN 9518 9812 9714 June'23 _
9312 98
Cons extended 06s
1931 S i
9912 98 July'23
89
91
89
2d exten Is guar
9112 91 June'23
2
8514 8934 Mil Spar & N W 1st gu 45_1947 M S
8912
89
8612 8612 July'23
84
Galv Hone & Bend 1st 58.__1933 AO 884 89'2 8912
83
884 Milw & S L 1st gu 334s
83
86
1957 J J 83
82
1941 J J 7718 86
Genesee River 1st s f 6s_
6618 Aug'21
8218 July'23
162
19
93
27
4l
mD
N 10012 102 10214 July'23
7912 8218 Minn & St Louis 1st 78
i6452
(
4
Ga & Ala Ry 1st con 5s_ ___01945 55 ____ 84
1st consul gold 5s
9038 May'23
90
9112
1929 Si
58
76
58 Sale 58
18
Ga Car & No lat gu g bs
1st & refunding gold 48._
A..16
_10
942
1946 AO 6114 6212 62 July'23
40
9 MS
Q F 2118 Sale 2118
20
6034 6472
24
53
Ga Midland 1st 35
Ref & ext 50-yr Is Ser
9938 July'23
1924 MN 994 _
9914 994
1518 3934
1538 Sale 1518
65
16
Gila V G & N 1st gu g bs
MStP&SSNIcong4sintgu'
1038
5s
1942 in 94
8458 9012
J 111 8712 Sale 8712
874 13
Gou & Oswegatch Is
lst cons 58
92 July'23
98 10018
0934 July'23
Gr R dz I ex 1st gu g 068_1941 ii 8728 93
1112
1 1-fl
10-year coil trust 068.... _1931 M S 10238 Sale 10212
20 10014 106
103
Grand Trunk of Can deb 75_1940 AO 11238 Sale 11238 11314 18 88 A
1946 J J 9812 100
34 10234 105
1936 MS 104 Sale 10334 104
984 1054
9838
9812 10
15
-years f 6a
1st
Chicago
Term
a
f
4s__
_1941
10112
Apr'07
83
894
MN
S
D
1947
8878
_
_
Dec'22
55
9212
Ter
Point
Grays
10734 286 ioiTs 1111 isASSM&A lst g 4s let 5u..1926 J J 9634 98
5 -96;
9678
9678
Great Nor gen 75 Series A 1936 Si 10612 Sale 10638 July'23
884 100
4
87
9212 Mississippi Central 1st Is... _1949 J .1 8814 ---- 100 July'23
let & ref 065 Series A1961 is 8734 894 893 May'23
90
8634 90 M K & Okla 1st guar 5s___.1942 M N ---_
9134 94
1961 J J
9134 May'23
Registered
7312 804
9814 132
964 10238 Mo Kan & Tex-let gold 43_1990 J D 7438 Sale 7338
1952 is 9778 Sale 974
7412 74
536
RR-Pr
June'23
64
Mo-K-T
15s
Ser
603
8
4s1962
60
75
J
J
Feb
"A"___
_
7434 834
54
60
7612
Ws
7618
Sale
767s
deb
Green Bay & W
614 674
134
40-year 45 Series B
1962 J J 6312 Sale 6338
7
714 23
714 Sale
7
Feb
6334 64
Debenture Ws"B"
10-year 6s Series ç
69 Apr'21
1632 J J 9414 Sale 9338
9234 9654
9434 58
Greenbrier Ry 1st gu g 4s___1940 MN
Cum adjust Is Series A_ 1967 J J 50 Sale 4914
8212 July'23
82
.• 1 81
485s 63
-;//3- 811-2
5014 630
Gulf & S I Ist ref & t g 5a__b1952
7212 7812 Missouri Pacific (reorg Co)
N 6858 7338 74 July'23
Harlem R & Pt Ches 1st 4s_1954
79
8678
1st & refunding Is Ser A1965 F A 80 Sale 80
84
4
8312 84
86
2
80
80
Hocking Val let cons g 068.1999• J 83
1st & refunding be Ser C..1926 F A 9512 96
9514 9634
1
8112
96
81
96
1999 S i 764 ____ 8112 July'23
Registered
9012 99
1st & refunding fis Ser D_ _ 10
105
949
75 m
F A
N 9238 Sale 92
93
- - 9712 July'23
9534 9734
1937 5' 9712
H & T C lat g 5s int gu
General 4s
5118 6314
9012 90 July'23
5312 222
8934 93
5258 Sale 514
Houston Belt & Term 1st 50_1937 5' 90
93
93
98 Missouri Pacific---- 93
Hone E & W T 1st g 543
1933 MN
794 8134
9318
75
3xtended
at
SIN
July'23
July'23
931s
98
3d
4%..1938
_
--_81
80
80
MN
1933
1st guar 55 red
9178 914
87 May'23
87 Mob & Bir prior lien g 5s_1945 J J 8218 ___ 9178 July'23
87
1937 MN 7012 85
Housatonic Ry cons g 58
7334
Mortgage gold 45
8238 215
70
7114 July'23
1945 J J 0918
7678 8478
Hud & Manhat Is Series A 1957 FA 82 Sale 8114
8 1044
Mobile
&
Ohio
new
1005
102
gold
65_1927
J
D
583
4
Sae
2
10112
8
150
6012
____
643
5912
101
55
AO
1957
Adjust Income be
1st ext gold 138
10034 1034
81927 Q J
10158 June'23
8812 9218
'
S 8712 - - -- 8812 June'23
Illinois Central 1st gold 48...1951
General gold 4s
8318 Sept'21
7258 784
3258 June'23
1938 M S
88
1951 • J 84
Registered
77I 83
Montgomery Div let g 56.1947 F A 9038 98
90
9434
03 July'23
804 78 July'23 --1st gold 3365
1951 is 78
9512
94
1927 J D 94
80
Oct'22 ---9512 95 July 23
St 1.ouls Div 55
80
76
1951 ji
Registered
7812
Jaly'23
75
75
Mob
&
Ohio
coll
tr
g
48
1938
M
83
7612
13"
S
Feb'22
774
8012
75
82
1951 AO
Extended 1st gold 334s
8238 8314
Moh & Mal 1st gu g 4s
1991 MS 8114 - 824 May'23
79
1951 AO 76
Registered
10918 111
_ Mont C let gu g 6/1
1937 5 J 10812 110 10918 July'23
Mar'22
72
lat gold 35 sterling
1951 MS 52
13614 biay'16
Registered
1937 5 .1
_
iv;
83
Collateral trust gold 4s_ 1952 MS 8134 8234 8234
9914 WE;
0314 June 23
1937 .1 .1 -0812 i 00
let guar gold Is
Registered
1952 AO 7814 -- 9538 Sept'19
853
4
853
4
July'23
8612
82
883
4
N
1st refunding 4s
1955
•No price Friday: latest bid and asked this week. a Due Jan. b Duo Feb. e Due June. a Due July. is Due Sept. o Due Oct. ,Option sale.
Ask Low
Bid
High No.
9
89
Chic Un Sta'n 1st gu 06e A_1963 is 89 Sale 8834
2
99
1963 ii 9814 9938 99
543 B
6
1963 S i 114 Sale 11334 114
1st Series C 668
Chic & West Ind gen g 6s._e1932 QM 10458 ____ 105 Apr'23
1952 J J 7138 Sale 704
714 37
Consol .50-year 4s
1935 MS 10212 Sale 10112 10212 13
15-year s f 73.8
N 9438 9678 9638 July'23
Choc Okla & Gulf cons be__ -1952
I923 MN
88 Mar'17
C Find & Ft W 1st gu 4a g
1937 S i 873s 88
87 July'23
Cm H & D 2d gold 06e
1c1936 Q F 8634 ____ 88 June'23
C st L c 1st 48
k1936 Q F 8414 ____ 9012 Oct'22
Registered
1942 MN 8418
8414 June'23
Leb & Nor gu 413 g
'
5 9714 99
1928
98
98
1
Cin S dr CI cons 1st g bs
9012 Jan'23
Clearf & Mali 1st gu g 5s___ A943 S i
Cleve Cin Ch dc St L gen 4s_1993 S D 7738 Sale 7758
79
1931 is
9178 9112
9112
5
10-year deb 06e
1993 J D
10012 9558 June'23
General Is Series B
S i 10158 Sale 10112 10134 27
1929
Series
A
impt
6s
Ref &
1941 .1 J 10218
_ 10212 July'23 65 C
1939 is 85
84 July'23 88
Cairo Div 1st gold 45
Cin W & M Div let g 48-1991 5' 7552 79'2 7812 July'23 ---St L Div lstcoll tr g g 49-1990 MN 77 79 7718 7718 16
1940 MS 7912 ____ 84 Apr'23 - - _ _
Spr & Col Div lst g 4s
W W Val Div 1st g 4s_1940 S i 8138 9212 8138 June'23 -1934 is 10212 10612 10412 June'23
CC Cdc I gen cones 6s
9412 July'23 98
Cloy Lor & W con 1st g 5s 1933 AO 96
9212 June'23 _
1936 MN 9214 96
CI & Mar 1st gu g 06s
93 Mar'22
1938 is
Cloy <lc Mahon Vail g 5s
__
9614 91 Nov'21
CI & P gen gu 06e Ser A_1942 is 94
1942 AO 94
9612 104 Dec'15
Series B
1942 AO 7714 ____ 9612 Feb'12
Int reduced to 336s
7938 ____ 9018 Dec'12
1948 MN
Series C 06s
Jan'21
67
1950 P A 7914
Series D 3I6s
9018
Cleve Shor Line 1st gu 068_1961 AO 9018 Sale 9018
1972 AO 102 10212 10214
Cleve Union Term 53is
1g12
34 111954
1973 AO
Sale 95
Ss (w 1)
8018 June'23 - _
1945 J D 78
81
Coal River Ry 1st gu 4s
914
5
Colorado & South 1st g 4s__ _1929 FA 9178 9212 9178
82
19
Refunding & exten 00_1935 MN 82 Sale 8112
78 July'23 -1948 AO 7714
Col & H V 1st ext g 4s
76 July'23 1955 FA 77323
Col & Tol 1st ext 45
8614 25
Cuba RR 1st 50-Year 508-1952 S i 8614 Sale 8534
1
102
1936• D 10214 10212 102
1st ref 7;68
_
9118 June'23
Day & Mich 1st cons065_ _1931 is 91
8515 39
Del& Hudson 1st & ref 4s.....1943 MN 8518 Sale 844
4
93
•
1935 AO 92
9134
93
30-year cony be
10012 28
1937 MN 10012 Sale 10038
06s
2
108
1930 J D 1071s 109 108
10-year secured 75
D RR dc Bdge 1st gu 4s g_1936 FA 8872 ____ 87 May'22 74
37
Den & R Gr--lst cons g 48..1936 J J 7318 Sale 7318
7778 10
1936 is 7714 7778 7712
Consol gold 06e
Improvement gold Ss_..1928 J D 83
8614 8434
854 23
443s 78
1955 FA 42
4312 42
1st & refunding 513
4912 Aug'20
_
do Registered
40 154 474 June'23
Bke Tr stmp Ws Feb '22 int.
49
4212 July'23
41
Farmers L&Tr rcts Aug '55_
41
____ 4612 July'23 ---_
Bankers Tr ells of dep
40
46 June'23 do Stamped
41
51
46 June'23
Am Ex Nat Bk Feb '22 etre_
do Aug 1922 etfe
3514
3514
42
Des M & Ft D lst, gu 4s_ ___1935'S 26
____ 9314 Sept'22
Des Plaines Val 1st gu 068_1947•S 88
7518 Feb'23
Det & Mack-let lien g 48_ _1995 J D 60
1995 J D 55 -7-0- 60 July'23
Gold 45
87
1961 MN
7 Sale
8 87
Det Riv Tun 06e
_ _ 9912 July'23
Dui Missabe & Nor gen 58..1941 is 9912
99
1937 AO 99 10038 99
Dul & Iron Range 1st 5s
954 July'23
1937 AO 9414 _ _
Registered
7612 20
Dul Sou Shore & Atl g 58-1937 is 7518 Sale 7518




72

537

New York Bond Record—Continued--Page 3
11,
BONDS
N. Y.STOCK EXCHANGE
Week ending Aug. 2.

Price
Thursday
Aug. 2

Week's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2.

t

Price
Thursday
Aug. 2

Week's
Range or
Last Sale

44'

Range
Since
Jan. 1

High
High No. Low
Ask Low
Bid
High
High No Low
Ask Low
Bid
7014 78
7038 7014 July'23
7458 78 Peoria & East 1st cons 4s__ _194 A 0
7538 14
2000 S D 7478 Sale 744
30
21
21
M & E lat gu 3%s
21
Apr.
2112
21
199
4s
Income
1
9858 101
9912
9234 974
9412 19
Neatly Chatt & St L 1st 55_1928 AO 9912 Sale 9912
9414
80
98
98 Pere Marquette 1st Ser A 55 1956 S i
98 June'23
1937 FA
SO
77
79
3
N Fla & S lst gu g 5s
79
i
S
9412
9414
105
45
6
13
Series
let
Sept'22
31
8814 9214
Nat Ry of Mex pr lien 4%8_1957 J J
194a MN 8618 9134 8912 July'23
2618 23 "fi- 3234 Philo. Salt & W let g 48
25l 263s 2512
4978
4113
14
4312
July coupon on
4312 Sale 4318
35 Philippine Ry let 30-yr a f 4s 1937 J
28
2778 28 May'23
9714
94
2
94
do off
94
95
194 AC 94
2618 2618 PCC&StLgu0,0A
1977 AO
2614 Jan'23
94
951s
General 43(Oct on)
July'23
9412
AO
8
945
1942
9414
Series B 00 guar
9414
94
April coupon on
9414 Apr'23
1942 MN 9314
Series C 00 guar
2712 161-2
2912 May'23
- 30
off
91313
4
893
do
5
8
913
MN
9138
194
5
9114
Series D 45 guar
3814 June'23
8412
8912
Nat RR Nfex prior lien 438_1926 J J
Apr'23
8412
Series E 3%s guar gold.... _1949 FA 911g
44
38
3934 4234 June'23
9134
89
July coupon on
9112 June'23
1953 J O 913g
Series F guar 45 gold
4438 4438
444 May'23
50
off
911a
do
895s
_
June'23
MN
9118
911g
1957
Series G 48 guar
27
28
28 Apr'23
lot consol 48 (Oct on)____1951 AO
9212 9458
FA 9218
9212 May'23
3
cons
I
guar
Series
2613
2412
June'23
2613
94
April coupon on
9214
MN
July'23
94
4
196
92Is
00
J
Series
2212 2812
2318
224
23
off
9912
do
197 J D
-663-4 9612 9634 18 9355 ---General 58 Series A
1954 MN 68
681s 6818
684May'23
Naugatuck RR lot 48
AO
Noy'22
99
96E8
al92
8
5s
g
2d
Erie
L
&
Pitts
89
9013
1945 S i
9012 Mar'23
90
____
New England cons 55
i
S
Dec'22
105
2
_193
103
7438 7514 Pitts NIcK & Y let gu(A.__
1945 J
70
_ 7514 June'23
Consol 45
9514 June 20 _
1934 S i 9913
2d guaranteed 63
82
82
Jan'23
82
NJ June RR guar 1st 4s _ _ _ _1986 FA
-9714 166"
9918 June'23
194 A0 975s 100
5
A'52 j
77
8112 Pitts Sh & L E 1st g 58
4
.2 -8.64 7934 793
-751
NO&NE 1st ref & imp
100 100
100 Feb•23
1943 is
consol gold 5s
let
744
3
7934
_1953
734
i
S
74
4s__
74
1st
Sale
Term
Orleans
New
June'23
98
7
_192
_
5s_
99
cons
1st
Ash
&
Y
Pitts
10112
1
101
100
NO Texas & Mexico let Os, l925 S D 101 10114 101
35
3838
MN
June'23
35
7
31
...195
4s_
34
76
724 84 Providence Secur deb
1935 AO 73 Sale 7358
Non-cum income 5a
8854 Feb'18
1956 MS
8914 9012 Providence Term 1st 48
9012 May'23
92
-827s 88.N & C Rdge gen gu 00__1945 S i 90
is
95
8714
8614
7
199
48
gold
gen
Co
Reading
93
94
93 June'23
NYB&M It lot con g 5E1_1935 AO 9178
8012 86
6
84
1997 is
- - 84
Registered
10418 389 101 10614
88
N Y Cent RR cony deb 6s 1935 MN 10334 Sale 10314
79
8858 14
- 8658
8638 8712
83Certificates of deposit
8212 15
7638 83
1998 FA 8114 Sale 8114
Consol 48 Series A
88
80
1
A0
83
81
82
8
815
1
4s_
g
__195
coil
Jersey Central
86
8414 884
0"A"._ _2013 AO 8514 Sale 8518
Ref & impt 43,
9278 984 Renss & Saratoga 20-yr 6s_ _ _1941 MN 10812
2013 AO 9512 Sale 9518
954 151
Ref & impt 5s
9738 984
AO
984June'23
7
192
'9814
4
973
59
Dan
&
Rich
72
72
N Y Central & Hudson River—
N 6712 6812 72 Mar'23
1948
13
72
1907 J J
741g
7734 Rich & Meek let g 5s
724 7414 73
Mortgage 3%s
9612 100
9712 9612 June'23
1952 .1
7112 7112 Rich Ter 55
1997 J J
7113 May'23
85
Registered
83
D
S
July'23
83
90
83
1939
55
1934 MN 89 Sale 884
89
8612 9158 Rio Gr June 1st gu
Debenture gold 45
34 11
31s July'23
312 9
1940 S i
Rio Gr Sou 1st gold 4s
1934 MN 864
8913 Mar'22
9
9
Registered
'Ii
June'23
9
12
194
Guaranteed
4
1942• J 85
10
86
8412 V0187
86
7113 78
30-year debenture 48
7772 14
1939 S i 7712 7774 7714
6818 76 Rio Gr West 1st gold 48
7218 July'23
72
Lake Shore coil gold 3%e-1998 FA 70
601s 68
AG 6058 6114 6054
6178 56
9
A.
_194
_
_
48
trust
coil
&
Mtge
6914
73
July'23
1998
FA
6718 79 6914
724 81
Registered
30
751
7438
1934 MS 7412 75
714 73 R 1 Ark & Louis let00
70
70
Mich Cent coil gold 3%31-1993 FA 724 7414 7212 July'23
70 June'23
74
1949 is 65
1998 FA
70
75 Rut-Canada let gu g 48
70 Apr'23
8012
80
Registered
Apr'23
i
S
80
941
_
1
00
g
7812
con
1st
Rutland
3
8713
8378 9014
7534
6914
N Y Chic & St L let g 4s_ _ 1937 A 0 8712 Sale 8634
J
J
June'23
6914
1947
69 -7-41937 AO 8434 _
8812 8812 St Jos & Grand Is' g 4s
8612 June'23
9212
91
Registered
Apr'23
1996 S i 8814 9312 91
1931 MN 8534 8634 88
12
8358 854 St Lawr & Adir lat g 5a
86
98,z
8
Debenture 48
953
AC
July'23
9813
1
996
971s
994
26 gold 6s
1931 MN 100 Sale 9978
98 101
26
100
90
2d8sABC
87
90 June'23
1 31 ▪ J 8912 90
2
87
8418 8878 St L & Cairo guar g 48
87
87
9458 9912
NY Connect 1st gu 44s A1953 FA 86
AG
33
95
9434
58_1
931
4
g
_943
con
gen
9512
S
&
M
Ir
L
St
1947 MN 75
____ 87 July'22
N Y & Erie 1st ext g 48
AO
July'14
102
_1
_
931
_
9913
Gen con stamp gu g 5s.._
1923 M S
95
95 Nlay'13
8234 897s
3d ext gold 00
8418 42
1929 S i 8338 Sale 8358
Unified & ref gold 45
1930 A 0
934 94
9318 July'23
7412 77
4th ext gold 58
7512 10
1933 MN 7.5
7558 75
Riv & G Div 1st g 48
1928
D 91
9434 Nov•15
93
99
96
5th ext gold 48
AC
9714 July'23
99
1948
72 St L M Bridge Ter gu g Siii._ _1930
N
72
72 July'23
65
704
N Y & Green gu g 58
i
S
83
_'50
40
6714
664
Co)
67
(reorg
6612
Fran
San
&
L
St
8
MN
773
2000
7312
-8114 16 7312 Mar'23
S578
SO
N Y & Harlem g 3%8
i
S
40
8
817
81
1
950
8
814
813
Prior lien Ser 13 55
9934 100
NY Lack & Western 58_ _ _1023 F A 9934 ____ 9934 June'23
97 10018
31
100
928 S i 9114 100
1
901g
68
C
Ser
lien
Prior
1930
103
10312
S
June'23
M
_
103
ext
103
8734 93
.▪ f 8934 Sale 8934
NY LE&W 1st 78
15
942
8
1
905
5%s
1943 S i 99
9812
04
9813 June'23
Dock & Imp tis
7012 80
741s 109
Cum adjust Ser A Gs__ _ _hl955 AG 73 Sale 7258
1932 FA 96
97
9613 July'23
9434 9813
58
N Y & Jersey 1st 55
687e
hl960 Oct
6512 452
64 Sale 63
Income Series A 68
_1941 01 S 83
____ 91 July'23
10353
10212
N Y & Long Br gen g 48_ _ _
i
S
5
8
8
1023
1025
65.1
931
8
gen
1025
Sale
Fran
St Louis & San
954 9934
N Y N & Hartford—
1931 S i 9712 9812 9713 July'23
55
gold
1954
General
AO
36
36
47
3%s
21
40
36
deben
Non-cony
8312 8212
2
8312
8212
St L& SF RR cons g 4s___1996 S i
1947 MS
4734 49
48 June'23
91
91
Non-cony deben 45
1947 MS
Southw Div 1st g Is._.1947 A0 8512 _ _ _ _ 91 June'23
4312 48
44 June'23
42
9914 103
Non-cony deben 3%a
..1
10034
July'23
__1948
5s_
gu
1st
W
N
peo
L
St
1955
J
40
J
3812
40
45
40
514
38
8612
Non-cony deben
8612
MS
July'23
87
1931
8612
45
g
gu
1st
1956 MN 39
41 St Louis Sou
40
38
1
404 394
7234 7834
Non-cony deben 48
MN
7638 10
1956 is 36
34
4612 St L S NV let g 48 bond ctfs_ _1989 J S 7612 7638 75
3612 24
3612 3612
6638 7012
Cony debenture 3%13
8
67
ctfs_p1989
4
,
6767
67
68
bond
income
48
g
5412
2d
1948
is 5312 Sale 52
34
52
7314
7312 7833
Cony debenture (35
14
76
1932 J D 75
7512 7458
Consol gold 45
1957 MN 30
32
30
8
4234
3138 304
7314 8212
4% debentures
S 74
'
7478 23
7478 74
1st terminal & unifying 531_1952
1925 AO .5813 Sale 5712
.59
47
544 8134
7418 8112
7s European Loan
4
FA
75
75
4%8_1941
8
7514
757
List
Sh
1925 AO 58 Sale 5714
58
204
53
7112 St Paul & K C
93
}rams
9114
i
1933 S
9154 9314 9184 July'23
Apr'23
44
404 4612 St Paul 01 & Man 4s
107 10914
Cons Ry non-cony 46.___ _1930 FA
10734 July'23
1933 S i
1954 S i
1st consol g 88
5012 Dec'22
12 35
Non-cony 45
i
S
Sept'20
99
110
1933
Registered
43
43 July'23
44
Non-cony deben 4s_ _ 1955 is 3412
-555s -66(2
1933 S i
9614 9534 July'23
Reduced to gold 00
1956• .1 3412 -3.8 49 Dec'22
Non-cony deben 4s
_ 97 Aug'23
1933 S i 9118
Registered
__ 9938 June'23 _
-654 997
N Y & Northern 1st g 5a__ _ _1927 AO
91
1 -661.8 93
91
1937 J D
Mont ext let gold 48
62
6112 7078
62
6112 6212
NYO& W ref let g 48_ _ _ _g1992 M S 9580 Mar'21
1937 J D
Registered
59 Nov•20
Registered 15.000 only g1992 M S
85
84
i
S
July'23
_ 85
1940
Pacific ext guar 45
1955 J D 58 Sale 58
58
52 -7-55-14
General 48
7058 7534
7112 40
- - 7058
1943 J J 837012 71
S A A; A Pass 1st gu g
1942 AO
_ _ 73 Aug'23
99
N Y Prov & Boston 48
97
S
01
May'23
97
_
1942
_
58
Ph
- 8212 July'23
-6612 823-4 Santa Fe Pros & 181
8034 8218
N Y & Pu 1st cons gu g 48-1998 AO 6578,2 83,4
6
8112
1950 AG 807
48
- 8078
8 8112
965s1927 M S 94
95
95 Apr'23
98
95 San Fran Terml
N Y & R 1st gold 5a
107 107
A0
July'23
107
1934
1
10814
88
W
&
Fla
Say
1937
is 5113 5514 54
12
51
60
55 4
9934 9934
N Y SUEKI & W let ref 5e
1934 A0 9931
- 9934 July'23
58
1937 FA 4214 4478 45 June'23
42
4458
2d gold 00
8433 8714
4
86
1989 MN 84 -id. 86
41
1940 P A
41
41
49 Selo V & NE 1st gu g
42
General gold Os
58
53
AG
_
_
_
July'23
1
5358
535
1950
48
1943 MN
84
84 June'23
9358 Seaboard Air Line g
Terminal 1st gold 58
58
52
23
55
5234
1950 AG 5234 -54
stamped
5314
48
324
Gold
35
100.'46
8
Si
37
335
3412
Ser
3512
lat
B
W•ches&
NY
324
4
223
FA
108
28
2613
1949
Sale
28
58
Adjustment
58._1961
FA 6318 64
6234
3
6114 71
624
Norfolk Sou let & ref A
46
39
A0
1959
42 Sale
4 39
Refunding 45
884 9314
Norfolk de Sou 1st gold 5s_1941 MN 8734 8978 90 July'23
5834 68
01 S 63 Sale 6212
71
A_
1945
Series
4
cons
Os
1931
&
633
1st
MN
_
July'23
68_
____
106
10612
gold
10658
gen
10812
West
Nonf &
9334 9734
2
9718
1934 FA 108 ____ 110 Mar'23
110 110 Seaboard & Roan 1st 58__ _ _1926 S i 974 974 971g
Improvement & extg
3612 3712
3612 June'23
1943 J O
1932 AO 107
107
_ 107
10834 107 Sher Sh & SO 1st gu g .5s
New River let gold
98 10114
FA
9974
May'23
1936
gu
5s
g
cons
Ala
97_
A0
N
&
40.„19913
S
g
8958
8514 9314
9
8958 Sale 8958
N & W lty 1st cons
AC
on
96,2 997s
9834 June'23
1996 A0
Gen cons guar 50-yr 5s_..l963
90
_ 85 July'23
85
Registered
7713 85
8012 56
88
88
824 87 So Pac Col 4s (Cent Pac col) _V49 S D 804 Sale 80
Div'l 1st lien & gen g 48_1944 S i 88 -8-9
9014 9255
MS
35
92
9112
91929
92 Sale
1938 MS 98
102
%
20-year cony 45
1 102 108
____ 102
10-25 year cony 4s
9814 10212
1934 J D 9813 100
13
100
9834
1929 MS 107 10812 10714
108
20-year cony 58
90 107 1174
10-year cony 65
101 10112
_ 10114 July'23
1937 M N 9018
844 8912 So Pac of Cal—Gu g 5s
Pocah C & C joint 48._1941 S D 8514 8613 8534 July'23
891s
88
1
88
79 July'23
85
83 So Pac Coast lot gu 45 g_._ _ _1937 S i 88 -8914 88
79
North Ohio let guar g 5s_ 1945 AC 79
83
8812
J
J
1955
a
310
45
ref
8512
86
-1997
Sale
1st
84
RR
48_
49
Par
834
lien
So
8514
84
prior
8312
8134
87
Nor Pacific
9814
924
J
J
9412
_1994
1997 Q
9412 95
955s 157
8114 July'23
81
Registered
8312 Southern—Ist cons g 5s__ _
904 9334
1994 J J 9313 93 May'23
a2047 Q F 594 Sale 591
Registered
. 60,s 31
59
6214
General lien gold 33
6614 6912
1956 AG 6654 Sale 664
6752 61
a2047 Q F
60 June'23
Develop & gen 45 Ser A
584 60
Registered
1958 AG 10112 Sale 1014
10158 76 100 102
(1%s
% ser A_ _ 2047 J J $414 8614 85 July'23
8334 90
Ref & kept 4a
97
90
J
J
_1996
2047
g
i
1
1st
00-513._
S
Div
9112
95
10614
Sale
Nlem
10614
78
1074
4
4
1094
933
933
106
B
6s ser
7514 81
1951 J J
4
2047 S i 9233 94
77
7812
7812 774
9234
924
St Louis div 1st g 48
•
9212 100
5s C
9934
97
_1929 MN 9814 99
2047 S i 9258 Sale 9212
9338 93
98,4 July'23
9212 9914 So Car & Ga 1st ext
5s D
814 8312
Feb'23
89
89 Spokane Internet 1st a Egi__ _1955 S i 8234 _ _ _ _ 8154 July'23
89
St Paul-Duluth Div g 48- -1996 SD
1943 J D
80
Oce20
9978 ____ 9878 Jan'23
9812 9878 Staten Island Ry 4s
St Paul dc Duluth 1st 5s....1931
Si
8718
1968
0913
D
92
J
48
1936
July'23
Lew
48
May'22
&
Sunbury
gold
consol
8414
844
1st
_1933 is
95 May'18
108 110 Superior Short L 181 5s g_ _ _41930 MS 98
Nor Pac Term Co 1st g 6a__ 1938 AO 10814 110 110 July'23
-56- 95"
9814 ____ 100 June'23
100 102 Term Assn of St L lat g 00_1939 A0 9034 -94-14 9212 July'23
No or Cal guar g 5s
9514 99
1930
is
100
1944 FA 954 9712 9538 July'23
June'22
__
68
let cons gold 55
North Wisconsin let
82
77
68
68
g__ _1948 iJ 102381953• J 7812 7934 79
8
79
6334 68
66
Vi" Gen refund at g 45
Og & L Chem 1st gu 4s
904
90
J
1943
S
J
4
883
1
8614
8614
Apr'23
_
gold
1943
N
5s
9058
&
con
May'23
_
0
Tex
_
48
_
2
893
Ry
Ohio Conn
1938 JD 89- - 9638Mar'23
97
95
1943• S
3318 Dec'22
9512 9818 Texas & Okla 1st gu g 58
Ohio River RR 1st g Sa
"9013 96
1937 AO
_ 9512 Feb•23
2000 J D 9212 93
934 II
93
9513 9512 Texas & Pac 1st gold 58
General gold 58
4012 84
9958 12
1927 Si 949914
-51
55
9918 9938
q2000 Mac .51 Sale Si
2d gold income 5s
9838 100
Ore & Cal 1st guar g
92
86
1946 iD 8614 87
8614
86
1931 is 86 Sale 86
3
8614
La Div B L 1st g 58
844 88
Ore RR & Nay con g 48 g 58.'48 Si 101
964 9834
i
10212
S
102
July'23
_
cons
let
May'23
5s_
_1935
gu
Cent
&
99
96
Tol
Ohio
Line--lst
10412
9812 97,2
Ore Short
96
9214
1948
is 10113 Sale 1014 1024 23
9312 Apr'23
9978 105
1935 A0
Western Div 1st g 5s
Guar con 58
874 9134
1929 SD 9134 Sale 9134
92
12
1935 S D
__ 893s July'23
9038 9278
General gold 55
Guar refund 48
32
30
_1961
JJ
8013
45._
80
i
S
8014
30 June'23
33
7914
1917
27
2812
8875,3 82 Tol Peo & West 4s
Oregon-Wtugh let & ref
9318 9614
77
__ _1948 iD 75
75 July'23
9 681s
75
7958 Tol St L & W or lien g 33.8_1925 S i 9412 96l8 961s
96,4
Pacific Coast Co 1st g 58_
75
FA
48_1938
_
844
July'23
4
8538
AG
70
g
6878
8
ext
883
70
84
4s
1950
-year
gold
50
69
Pac RR of Nlo 1st
4
9514 95,
1938 Si 94 -fig
95 July'23
9514 June'23
95
1931 S i
97 Tol W V & 0 gu 4%13 A
9514 984
2d extended gold 5s
i
S
00-1955
8812
91
i
90
S
June'23
June'23
9514
90
4%21
13
91
1933
sf
Series
lat
Paducah & Ills
1958
FA
71
7114
Sale
73
64
Nov•22
5
M
8674
_
1942
Series C 48
6614 7812
Paria-Lyons-Nled RR (3s_
"iiis 82
9614
1942 MS 95
9612 964
1
95
- - 8014 July'23
8558-8314
974 Tor Ham & Buff let g 4a___k1946 S D 80
9512
94
Paulista Ity 78
MN
8812 11
88,3
8812 9314 Ulster & Del 1st cons g 5s_ _1928 J D 944 904 9418 May'23
70
Pennsylvania RR—cons g 481943
66
8 883
1948 MN 873
70 Mar'23
- --4 88
88128812 13
67
1952 AO 56
1st refunding g 4s
874 9112
8814 9334
Conseil gold 46
9234 116
S i 9214 9234 92
1908 NI N 8358 8873 88 July'23 _
1
1947
let
48
g
85
Pacific
May
Union
90
8812 92
4s stamped
July'23
_
9058
A
95
F
98
J
96
I
1960
90
July'23
1947
Registered
9234 9853
9414 984
Consol 4 s
9512 36
1965 i D 8934 Sale 8912
90
1
1927 S i 9538 Sale 95
20-year cony 4s
8578 0278
801g 88
General 4 s
8334 40
10014 93
1968 J D 100 Sale 100
1st & refunding 4s
92008 01 S 83 Sale 83
98 10134
100 10534
General 5s
16
104
10313
i
4
103 1033
25 1064 11034
108
1930 A 0 10738 Sale 10714
10-year pertn secured 6s._1928 S
9314
90
10-year secured 7s
9112 June'23
10838 51 1063g 111% U NJ RR & Can gen 48_ _ _ _1944 MS
1936 F A 108 Sale 10734
9912 9978
15-year secured 6%s
1926 Si 9834 - - - - 9978 June'23
Utah & Nor gold 5a
91
9114
Pennsylvania Co—
Apr'23
9113
8413 Nov•22
1st extended 49
1933 Si
A.1037 M S
GUar 31-0 roll trust reg 13_1941 A A 8218
Apr'22
88
_ 8278 July'23
8134 83's Vandalla cons g 4a Ser A___ _1955 FA
85
87
0coil trust Ser
May'23
Guar 31,
85
N
8318
01
-}i3-5s
1957
June'23
Consol 45 Series B
A942 J D 81
8318
80
374
34
36 June'23
Guar 350 trust ctfs C___
_ _ 8134 June'23
J D
8114 8134 Vera Cruz & P 1st gu 4%13_ _1934 Si
45
34
0 trust Ws D_1944 A 0 88
Guar 35,
2614 -3912 38 Apr'23
8038-91- 9018 July'23
July coupon on
8914 93
4s__1931
Guar 15-25-year gold
8412 June'23
87
July coupon off
N 84
8412 9038
1952
Guar 4a Ser
3 Option sale.
asked this week. a Due Jan. 8 Due Feb. g Due June, 8 Due July. k Due Aug. 0 Due Oct. p Due Nov. q Due Dec.
*No price Friday; latest bid and




538
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2.

New York Bond Record-Continued-Page 4
44'

Price
Thursday
Aug. 2

Week's
Range or
Last Sale

53
4,

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2.

41e,

Price
Thursday
Aug. 2

Week's
Range or
Last Sale

IN

Range
Since
Jan,1

Ask Low
High
kWh No Low
High No Low
High
Rid
Ask Low
9814 Denver Cons Tramw 5s.___1933 A 0
98 Mar'23
98
9818 9834 Den Gas& E L lst&ref 8 fg 5s'51 MN -85- Sale 8484
9818 Mar'23
85
7
8384 IC
93
9778 Dery Corp(D G)78
1942 M 3 72 73 72
96 July'23
55 99
74
8
92 9314 Detroit Edison 1st coil tr 58_1933 1 J 9912 100 9912
92
92
9474 10012
2
9934 16
7538 81
1st & ref 55 Series A
7714
k1940 M S 9414 Sale 9414
7714
90
98
4
9478 23
9012 98
94
1st & ref 65 Series B
k1940 M S 10378 Sale 10312 1044 19 101 10418
95
18
94
99 Det United 1st eons g 4348_ _1932 .1 J 8512 Sale 85
9518
9534 15
8512 32 82 8555
83
9214 Diamond Match s f deb This 1936 M N 10558 10534 10558 10578
8414
85
5
7 10578 10812
67
71 Distill Sec Corp cony Ist g bs 1927 A 0 5012 56 51
71 June'23
4714 64
51
1
94
93% 10018 94 Mar'23
9612
Trust certificates of deposit....... 51
4718 84
7
52 51
5118
7314 7378 Dominion Iron & Steel 58_ _ _1943
6814 79 73% Jan'23
4
771z 8512
7938
7712 86 79
63 6614 Donner Steel 75
6138 6612 6312 July'23
1942 .1 J 8612 8718 8612
87
8 84 87
7234 7278 du Pont(E I) Powder 4s _1936 J D 88 ____ 88 May'23
7112 74% 7234 Apr'23
8774 90
duPont de Nemours& Co 73is'31 MN 10814 Sale 108
7418 Nov'22
10878 44 10558 10914
"ii; 16" Duquesne Lt 1st & coil 68._1949
7412 79 79 June'23
J 10312 Sale 1034 10374 35 101 10412
9758 9812
Debenture 7.366
1936 J J
9838 June'23 _ _ _
9814 10614 1084
10678 June'23
7814 July'23 _ - _ _
7618 _
2 7912 East Cuba Sug 15-yr Fr f g 7368'37 M 3 9734 Sale 96
94 11314
9812 "iii
8512 8512 Ed El III Bkn 1st con g 4s_ _1939 I J 88 89 8714 July'23 -- 8112 - -- 8512 June'23
86 91
8314 89 Ed Elec III 1st cons g 58..._..1995
_1995
J 96
7612 90 8712 Mar'23 _ _ _ _
9912 103
712 19
03
718 96
99112 j
Jui
ttly
y.'2
23
59 74 6534 Elk Horn Coal cony 65
1925 J D
60 Sale 5934
60
36
9612 9912
9012 100 Empire Gas & Fuel 7365_ _ _1937 M N 90 Sale 90
9612 9814 9012
9012
1
8812 9812
9174 144
7314 78 Equit Gas Light Is
1932 M S 9218 95 95 July'23 -- -75
77 78 July'23 _ _ _
93 95
78 85 Fisk Rubber 1st s f 85_ _ _ -1941 M 3 10374 Sale 10312 10518 11 10312 10812
79 Sale 7812
8014 26
91
95 Ft Smith Lt & Tr 1st g 58_ _ _1936 M S 77 83 7018 Mar'23 -9012 94 9112 July'23
7012 701s
77 834 Frameric Ind & Dev 20-yr 7365'42 I J 8834 Sale 8814
79% Sale 79
7912
4
8314 9334
8918 14
75
82 Francisco Sugar 7345
1942 M N 100 .101 100
78
77
4
7812 77
9914 103
10012
2
97
99 Gas& El of Berg Co cons g 581949 I D 9218_
97
99 9834 June'23
9114 9313
9114 July'23 - 9312
9838 99 General Baking 1st 25-yr 6s-1936 I D 100 1' 100loo
99 Feb'23
9912 101
1
95
9558 Gen Electric deb g 3348-.1942 F A 7858 80 7828
8912 95 95 June'23
7832 8012
7828
1
4514 62
1952 M S 10038 Sale 10014 10078 37
48
Debenture Is
10
4612 49% 4638
9912 103
57
6518
_1952
F
A
62
Gen Refr 1st s f g (is Ser A_
1
6134 63 62
5 97 101
984
9712 98 98
50
60 Goodrich Co()Ms
1947 J J 9912 Sale 9712 100
50
53
6
53% 51
9712 101%
40
98 101 Goodyear Tire & Rub 1st s f 8.8'41 M N 116
99 9912 98 July'23
41 11355 11778
Sale 11512 116
76
51931 F A 102 Sale 10114 10214 79
8112
78
79 79 July'23 __ -10-year s f deb g 85
9978 106
74 82 Granby Cons MS & Peon 65 A'28 M N
8812 9212
7618
5
7614 7712 76l
94 8812 July'23 761
7312 7612 7612
75 805/3
1928 M N 8812
Stamped
5
92
92
8812 ____ 92 June'23 --.65 May'22
1925 M N 94 Sale 9318
Cony deben 88
5 92 100
94
Gray & Davis 78
1932 F A 90 92 91
90 101
1
91
INDUSTRIALS
Great Falls Power lst s f 58-1940 M N 9838 100 9834 July'23 -97 100
80 8058 Hackensack Water 45
Adams Express coil tr g 4s__1948 M /80
8014 80
80
10
8012 82
3
8014
_ 82 May'23 -1936
9318 9912 Havana E Rv L & P gen 58 A 19
Ajax Rubber 88
95
54
2 .1
M S
I - • 1614 ,3821142
8134 8514
943
12
9428 Sale 9312
5
Alaska Gold M deb 65 A__ _1925
8 Havana Elec consol g 5s._ 1952 F A
5
7
87 94
5 July'23
July'23
1926
5
Cony deb 6s series B
611 Hershey Choc 1st s f g 6s_ _1942 M N 9812
98 100
5
5
9828 52
984
1928 A
95 10012 Holland-Amer Line 65(flat)A947 MN 7974 Sale
Am Agric Chem 1st 5s
95
512 1)(3
611. 9512
5
9512
7874 92
6
1
8012
7874
Sale
1941
9628 10434 Hudson co G85 1st g 5s_ _ _ _1949 M N 9312 ____ 9313
lst ref 81 This g
97 Sale 97
9278
95
2
9734 74
9312
American Chain 6s
1933 A
9213 9778 Humble Oil & Refining 5345-1932 J J 97 Sale 97
94
9412 94
97 99
95
16
9774 31
N 634 6434 62 July'23
59 8012Illinois Bell Telephone 55w 1 199
Am Cot Oil debenture 58._ _1931
9378 9532
119340
56 1
pd
A
738
933
2
Sale
934
93
7
4
1936 J J 10334 ___ 1057g Dee'22
Am Dock & Impt go 6s
88
9812
Illinois Steel deb 4365
91 Sale 91
9112 14
8614 24
Amer Republics 68
1937 A 0 8614 89 89
8012
79
Ind Nat G &058
7512 ___ 79 July'23
Am Sm & R 1st 30-yr Is ser A1947 A 0 9034 Sale 90
8418 9234 Indiana Steel 1st 55
1952 M N 1004 Sale 1004 10038
99 10112
904 84
7
9958 102 Ingersoll Rand 1st 56
B
1947 A 0 10112 Sale 10078 10134 78
91935 1 J 9612 100 96 Nov'22
J 10134 Sale 10134 102
Amer Sugar Refining 6s__ _ _1937
75 10012 104 Interboro Metrop coil 430.._1956 A 0
ars "li9078 9274
Am Telep & Teleg coil tr 45_1929
J 92 Sale 914
Certificates of deposit
b
912
9214 56
5
93
14 1
119
1Yr:223
3
88
1936 M S 7978 9214 88 July'23 - -90
Convertible 48
Guar Tr Co ctfs 16% stamped----4(1
12 Os
loo 10212 Interboro Rap Tran 1st 5s...1966 i""d -6
20-year cony 430
1933 M S ____ 10212 10014 10014
1 100
7272
5812
8
3
12
137
16
3
O2
1i34 8
18
Sale
8
-j 16
5
36
8
134
101
1946
30-year colt tr be
166
Stamped
D 9738 Sale
5712 7212
6212 52
7-year convertible Os.... _..1925 F A 11412 11512 11418 115
10-year 65
11 11312 11712
5212 7812
48
5678 Sale 56
59
82 8612
Am Wat Wks & flee 55_ _ _1934 A 0 8434 8514 8412
75
193
5
32
2 21 9
8514
85 9484
S 85 8512 85
1
85
1939
65
Am Writ Paper s f 7-65
8512 Int Agric Corp 1st 20-yr 58.._1932 M N 6218 67 6012
18
J 6678 Sale 6678
bb
8112
69
1
6012
1953 F A 9718 Sale 9658
Anaconda Copper 68
9534 9878 Inter Mercan Marines f Os...1941A 0 7612 77 76
7512 9034
9712 312
18
78
9812 10474 International Paper bs
1938 F A 9978 Sale 9934 10012 241
7s
81
19
94
47 j
i J 8212 84 8114
884
8312 28
82
90
Armour & Co 1st real est 43581939 D 8378 Sale 83
1st & ref 58 B
5412 32
8154 8834
8334 Sale 8258
8374 18
1947 D 9372
Atlanta Gas Light 55
Jeff Clear C & I 5s
10312 _ ___ 95 June'17
7413 541k
29
Atlantic Fruit cony deb 75 A_I934 J D 29
4012 Jurgens Wks 68 (flat price) _ _18.17
34 3018 July'23
58
75 Sale 7412
7612
26
3912 Kansas City Pow & Lt 55-1
AI 5 9012 Sale 9018
Trust certificates of deposit___
91
29 .30 30 July'23
19
95
52 M
87
38
91
25
44
26
do stamped
Kan
Gas
&
26
267826
934 9612
El 68
9538 25
9412 Sale 94
1937 J J 9734 Sale 9734
53
Atlantic Refs deb 58
9612 9934 Kayser & Co 75
942
10218 107
988
July'23
10313
104
104
1940
N 10034 Sale 10074 10112
3 100 103 Kelly-Springfield Tire 8s__ AM
Baldw Loco Works 1st 5s
A
.10678 10774 15 105 10974
94 103 Keystone Telep Co 1st bs_ _ _1935 J J 10754 El_a_1!
20
Barnsdall Corps f cony8% A1931 J J 95 Sale 94
95
9412 July'21
9514 9918 Kings Co El L & P g 55__ _ _ 1992
70
MA
A0
8 9812 ____ 9712 July'23
Bell Telephone of Pa 5s__ -.1948 Ii 9774 Sale 9712
9931
-564 16'9778 110
9612 100
1928 J J 99 994 98
3
Beth Steel 1st ext s f 55
10812 11312
Purchase money 6s
9914
11012 ____ 110 July'23
91
9718
1st & ref Is guar A
1942 MN 9314 94 9258
9312 11
Convertible deb 68
10432 1044
__ 10478 June'23
20-yr p m& imp s f 5s
1936• J 87
9312 Kings County El 1st g 48_ _ -1949 F A 103388814 13 87
74
8734 8734
70
64
7014
7032 June'23 -98 100
6s A
1948 ✓ A 9734 Sale 97
46
98
Stamped guar 45
68
76
1
68
64
6912 68
894 9378 Kings County Lighting 5s1953 FA 90
7614 801s
9014 90
534s
=
905s 80
June'23
71
7534
7514
7038 80
Booth Fisheries deb s f 6s_ _ _1926 AO
80 July'23
635/3
1954J 1 9413 9612 954 July'23 -9512 101
Braden Cop M coil trs f 6s _ _1931 FA 99 Sale 99
9774 10014 Kinney Co 7348
9912 41
9914 10212
10014 101 10014 10058
7
Brier Hill Steel 1st 5348_ _ 1942 A0 94
9178 9838 Lackawanna Steel 58 A
8 87 Sale 87
9414 94
1311
1
9414 20
9212
8814
8 87
B'way & 7th Av 1st c g 58 1943 J O 6212 Sale 6212
7 6112 69 Lae Gas L of St L ref & ext 551934 A 0 8612 93 91
63
884 90
11
92
Brooklyn City RR 68
1941 J J 84
83 88 Lehigh C & Nav s f 430 A _ _ 19
85 8312 July'23
93
9214
53
41 I
J 9118
8812
July'23
9214
Bklyn Edison Inc gen bs A_ _1949 J J 96
9432 99 Lehigh Valley Coal 58
9734 14
9712 96
98 10034
98
6
97 -987
- -4 98
General 65 Series B
1930 J J 10314 Sale 10214 10314 12 10012 1044
48
1933 1 .1 88
__ 834 Oet'21 -General 75 Series C
1930 J J 106 107 106
107
2 106 10814 Lex Av & P F lat gu g 5s--1993 MS 42 16 4714 July'23
42 4728
106
General 713 Series D
1940 ID 108 10834 10812 109
0
10938
A
18
Liggett & Myers Tobac 78-1944
118 Sale 118
11874 43 112 11834
Bklyn Qu Co & Sub con gtd 58'41 MN
58 66
1951F A 97
65 July'23
5s
93 9814
9714
2
9714 9714
1941 J J
1st 58
55
79 Lors
Iillard Co (P) 7s
7912 Nov'22
11658 118 117
11712
16 11178 118
Brooklyn Rapid Tran g 58_1945 AO 7114 -77 72 July'23
131
1
t 2 9512 96 95%
9312 9712
96
12
Trust certificates
54
79 Magma Cop 10-yr cony g 76_1932 J D 109 Sale 108
725s July'23
109
7 108 120
A 0 98 Sale 98
1st refund cony gold 4s__ _2002 J J"ill -66" 60 July'23
54 68 Manati Sugar
6612 102
9812 14
3-yr 7% secured notes.__ _1921
734s9
cons g 45_1199402
8474 96 Manhat Ry(NY)
87 Sale 87
8712 45
5678 6478
58 Sale 58
6012
10
Certificates of deposit
84
8758 35
9512
2d 413
87% Sale 87
46 61
5014 88
5012
July'23
_
_
Cas of deposit stamped_ _ _
78
9518 Manila Elec 75
?S•2 31`; 98 Sale 9712
10
83
82 84 83
9812 9834
98
2
Bklyn 17n El 1st g 4-55
1950 -A 794 82 82 July'23
79 85 Manila Elec Ry & Lt s f Is 1953 M S 825s 85 8212 June'23
8134 8412
_
1950 F A 794 8112 8112
Stamped guar 4-5s
82
8434 Market St Ry 1st cons bs_ -1924 M S 9314 9312 9314
2 81
91
9834
9312 25
Bklyn Un Gas 1st cons g 59_1945 M N 9412 95 95
3
9312 100
5-year 6% notes
9532
9424 99
1932 M N 10878 10938 lOSIs 10912 19 10713 11678 Marland Oils f 88 with war'ngit 2
75
9628____ 12
96
9413
4 9
28
0% 19
20
854 42
1 109 16134
A
0
A_
_1947
M N 10312 Sale 10312 10474
.
1st lien & ref 6s Series
Without warrant a
7 1004 10512
10112 103 10112 105
43 10112 10712
1929 M N 10814 10938 10812 July'23
1074 117
11414bed1O3"i F A 112 Sale 112
7365 Series B
78
115
9 102 159
1932 J D 91
9113 9112
Buff & Susq Iron s f 58
do without warrants
9112 June'23
9134 10172
9813 Sale 9812
9812
2
1952 A 0 8214 8334 82 July'23
80 87 Merchants & Mfrs Exch 78-1942 J D 105 Sale 104I
Bush Terminal 1st 48
95 105
105
.
162
1955
8258 8912 Metr Ed 181.1cref g 6s Ser B_1932 F A 9828 Sale 98
4
84
Consol 55
J 8314 84 834
96 9978
9878 11
A
ex_
-1960
0 8912 90 8912
Building 55 guar tax
4 85
90
9374 Metr Power 65
9438 Sale 944
9418 9612
9478
3
N 108 Sale 108
MD
1937 MN 95
31
195
36
9412 984 Mexican Petroleum s f 88___1
1
96 96
96
Cal G & E Corp bs
10834 26 10634 1094
1924 F A 9974 Sale 9934 100
Camaguey Sug lst s f g 7s__ -1942 A 0 9712 Sale 9714
94
99 Mich State Telep 1st 5s
9938 10014
9814 16
19
9114 9712 Midvale Steel &0cony s f bs 1936 M S
9312
3
Canada SS Lines lsteoll 5 f 7s'42 M N 934 94 934
8434 9112
1942 F A 10012 10114 101
_ _1936
Certificates of
Canada Gen Elec Co 6s
10114 11 100 10312
8412 90
8
9
8
8938
8
4
Z
1
A
"
8
9
8
89
9
5
514
1926
:
8 8
deposit_cons g58
9
889
8
44%
:
3
12 .fuI8
8
97 19
00
914 Milw Elec Ry & Lt
9818 99 9834 July'23
Cent Dist Tel 1st 30-year 58-1943
98
9914
y
889
'
55238
1%
3
4 _3
_;
8
193I FA 86
Refunding & exten 4348_1931 1 I
8814 88
88
1
Cent Foundry 1st s f 6s
8858 914
921.
Gen be A
9712 10018
9838 66
8958 9014 9014
Cent Leather 20-year g 5s 1925 A 0 9778 98 9712
91
6
8877
1931 I J 120 Sale 11634 12018 65
1st 55 B
16
212 19
56
034
9
1 8312 Sale 8212
8312
g
81
Cerro de Pasco Cop 88
8912
1927 M N 94 Sale 94
Milwaukee Gas L 1st 48
12
94
9212
94
34
Ch G L & Coke 1st gu g 58.-1937 Ii 9328..--- 94
9434
6
1927 F A 7712 Sale 7612
7614 8378 Montana Power 1st 5s A__ 1943 J J 9514 Sale 95
7712 41
98
9834
Chicago Rys 1st 58
9514 21
1923 J D 9978 10018 9978 July'23
9912 1004 Montreal Tram 1st & ref 58_1941 J 1 8874 Sale 884
88 91
8874 12
Chicago Tel be
1932 A 0 9934 Sale 9914 100
75 7374
98 10314 Morris & Co 1st 8 f 434s__ _ _1939 J J 74
102
7312 8734
7812 33
Chile Copper 68 Ser A
1966 A 0
512 98
9% Mortgage98
24gage Bond 48
9614 30 96
83 Apr'14
Cincin Gas & Elec 1st & ref 58'56 A 0 9512 9634 95
A
0
1961
9634
9112 Ii1977
2
_
_
9312
8
Jan
1
9212 July'23
9
964
due
977
8
5s Ser B
D
N
M
A
7
2
Cu
9
3
4
1st
g
5s
__1
19
8974 95
87
3•58 9312 92 July'23
8512 8912 Mu Fuel Gas
1
Colo F & I Co gen s f 58_- _1943 F). 85 87 87
1934 ✓ A 73
7412 74
___ 10112 Sept'17 74
7912 Mut Un gtd bds ext 5% __._1941 M N
75
6
Col Indus 1st Jr coil 55 gu
i814 0714
1927 J J 9658 Sale 9614
9732 Nassau Elec guar gold 48-1951 1 J 5714
9378*59 58 July'23 ._
95
6
9678
Columbia G & E 1st Is
9
19
2 84 9
20
7 Nat onal Acme 7355
93 9534
1927 II 96
962896
9412 95 94
9658 11
95
19
Stamped
I
i
i
Stampg
1st
5s1929
.7
1
97
&
M
S
Enam
10
1412
_1993
974
Nat
1214
July'23
__
9
3
5
38
34
_
9
.
5
_
9
5
7
12
J
s
u
en
v
e
t
:
2
2
3
58_
Col & 9th Av 1st go g
9278 June'23
92 93 Nat Starch 20-year deb 5s_ _1930
Columbus Gas 1st gold 58_1932 J J
Tube
1st
ba
National
Q
i
"ii"
1611
2
Sale
69
7512
69
69
_2397
69
9958
100
2
9913
9912
8
4s_
1st
g
Cable
Commercial
i lg 9712 Sale 964
9513 100
85
8914 New England Tel & Tel 55Igg3 r
3
9714 32
84
Commonwealth Power 6s_ _ _1947 M N 8474 8534 8412
9
,
111: New Orl Ry & Lt gen 4%8..1935 1 J 61 ____ 50 Feb'21
J 1004 16012 100
95
34 10
6
10014
1937
Comp Azu Bara 730
N Y Air Brake 1st cony 66-1928 M N 102 Sale 102
J 96
98 98
98
102
6 ioo" fa'
1
Computing-Tab-Rec 5 f 6s 1941
7612 June'23
702 7912
7612 8772 N Y Dock 50-yr 1st g 48..,,J951 F A 79 80 79
79
11
Conn Ry & List& ref g4s1951
1st
&
ref
630A.1941
A
0
Edison
Y
81
8314
N
J
80
81
July'23
76
110
Sale
10958
110
lops 11212
55
1951
Stamped guar 436s
534 NYGEL&Pg 58
87
8
89
4 % 90
9512 100
864 864
98
7
13
D 86
9778 9812 9713
Cons Coal of Md 1st & ref Is 1950
A 82
F D
949
81
Purchase money g 4s194
J 9334 9512 8914 July'23
823s 82
82
15
794 8314
Con G Co of Ch lst gu g 58-1936
82 June'23
8412 9212 NY Munic Ry 1st s f 58 A_1900 1 J
_
76 82
8912 13
1952 M N 8914 Sale 89
Consumers Power
A
F
9812 100, N Y Q El L & P 1st g O.__ _1930
3
'
0
213
8 - _2
96
9
2
79789
63
14
2 -3
97
112 9
30
612 July
_
99
1931 M N 8914 10014 99 July'23
Corn Prod Refg s f g 58
gips
98 101 N Y Rya lst R E It ref 4s_ _ _1942 J I
2912 3814
2
1934 MN 9914 ____ 99
1st 25-yr s 158
Certificates of deposit
2974 3718
2
8912 894
29
3138 2974
2974 11
8912
9914 95
1943 F A 89
Crown Cork & Seal 65
.
a1942 A- -0
30-year arli Inc ba
212 278 212
87
212 9
,
414
212 8
212
4
8714 36
Cuba Cane Sugar cony 75_ 1930 J J 8514 88 85
Certificates of deposit
93
101
174 74
2 Sale
134
24 13
Cony deben stamped 8%1930• J 9112 Sale 9014
4 5934 60 5912
10512 10812 NY State Rys 1st cons 434s 1962 ii-/5912 89
6074 20
Cuban Am Sugar 1st coil 88_1931 M 13 107 10712 10714 1071.
1962
92
July'23
M
N
July'23
88
9112
9112
•
J
9138
9212
91
9414
9712
6358
90
Cumb T & T 1st & gen 58-1937
NY Steam 1st 25-yr 65 Ser A 1947 M N 9214 94 9214
93
b
92
98
•No price Friday;latest bid and asked. a Due Jan 4 Due April 5 Due March. e Due May. g Due June. 8 Due July 2 Due Aug. 0 Due Oct. 9Due Dec. 'Option sale
Rid

1926 M
Verdi V I & W 1st g 58
1926 MS
Virginia Mid Ser E 53
1936 MN
General 53
2003 J J
Va & Sown 1st go 58
1958 AO
1st cons 50-year Is
Virginian 1st 58 Series A__ 1962 MN
1939 MN
Wabash 1st gold 58
1939 FA
2d gold Is
1954 J J
1st Ilen 50-yr g term 48
1941 J J
Det & Ch ext 1st g bs
Des Moines Div 1st g 4s1939 J J
1941 AO
Om Div 1st g 3368
1941 MS
Tol & Ch Div g 45
Warren 1st ref go g 334s._2000 FA
1948 QM
Wash Cent 1st gold 45
1924 FA
WO&Wlstcygu 4s
Wash Term 1st go 3s__.1945 FA
1945 FA
1st 40-year guar 48
W Mtn W & NW 1st go 5s_ _1930 ✓ A
• West Maryland 1st g 48_
I952 AO
West N Y & Pa 1st g 5s_ _ 1937 J J
Gen gold 48
1943 AO
Western Pac 1st Ser A 5s_ _ _1946 MS
B 6s
1946 MS
2361 J J
West Shore 1st 48 guar
2361 J J
Registered
Wheeling & L E 1st g 5s_
1926 AO
Wheeling Div 1st gold 58.1928 J J
Eaten & impt gold Is. _ _1930 FA
Refunding 434s Series A_ _1966 M S
1949 MS
RR 1st consol 45
Wilk & East 1st go g 5s
1942 J D
1938 J D
Will & S F 1st gold 58
Winston-Salem S B 1st 4s_ A960 J J
WO Cent 50-Vr 1st gen 48- - A249 J
Sup & DUI dlv dr term 1st 48'36 MN
1943 J J
W & Con East 1st 436s




9818 9878
96
92
9413
7612 7914
94
95
95% Sale
8414 Sale

_iiii, _a_ois

_

:
0

__ 1 '.3

riF

.1. 1
iti

A

8

MI13
i

AUG. 4 1923.]

New York Bond Record-Concluded-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week ending Aug. 2.

539

THE CHRONICLE

..$1
it
,-, c.

Price
Thursday
Aug. 2

Week'sRange
na
Since
1-,
Range or
Last Sale
Jan. 1
tot4

Quotations of Sundry Securities

All bond prices are "and interest" except where marked 'f
Railroad Equipments Per Cl. Baste
Standard Oil Stocks Par Bid Ask
5.70 5.35
1412 Atlantic Coast Line 65
Anglo-American Oil new_ El *14
5.45 5.25
Atlantic Refining
100 100 107
Equipment65is
5.85 5.40
100 114 116 Baltimore & Ohio 8s
Preferred
5.55 5.30
Equipment 45413 & 58
100 130 135
Borne Scrymser Co
Buckeye Pipe Line Co__50 4,88
87 Buff Roch & Pitts equip Os. 5.50 5.20
Chesebrough Mfg new.
220 230 CanadianPacific 454s dr 13s_ 5.50 5.25
5.6.5 5.35
Preferred new
100 108 113 Central RR of N J 65
5.85 5.45
25 *3312 3412 Chesapeake dr Ohio 65
Continental 011 new
5.55 5.30
50 *17
Equipment654s
Crescent Pipe Line Co
1734
5.65 5.30
Equipment 55
Cumberland Pipe Line_ _100 102 107
Eureka Pipe Line Co_.A00 100 101 Chicago Burl & Quinsy Os.. 5.60 5.30
55is_ 8.15 5.50
Galena Signal 011 corn....100 58 60 Chicago& Eastern
100 112 115 Chicago & North West 4545 5.45 5.20
Preferred old
5.70 5.40
100 104 106
Preferred new
Equipment 85
5.50 5.25
Humble 011 & Ref new.. 25 •3012 31
Equipment 6348
100 157 159 Chic R I & Pac 454s & 5s5.65 5.40
Illinois Pipe Line
25 *9712 98
5.85 5.45
Equipment65
Imperial 011
50 *96 97 Colorado & Southern 6s._. 5.80 5.40
Indiana Pipe Line Co
5.6.5 5.35
International Petroleum_(I) *15 1514 Delaware & Hudson 65
6.25 5.75
Magnolia Petroleum....100 133 138 Erie 450 & 55
6.2.5 5.90
Equipment65
National Transit Co__12.50 .2312 2412
5.65 5.35
New York Transit Co_ _ _100 95 99 Great Northern 68
5.75 5.45
Northern Pipe Line Co 100 103 107 Hocking Valley 68
25 '450 52 Illinois Central 43is & 58- _ 5.45 5.25
Ohio Oil new
14
25 *12
5.70 5.35
Equipment613
Penn Mex Fuel Co
Equipment 78 & 6345...- 5.50 5.25
Prairie Oil & Gas new.._100 173 174
Prairie Pipe Line new_ _.100 9914 8934 Kanawha dr Michigan 65... 5.85 5.40
5.60 5.25
100 177 180
Equipment4%5
Solar Refining
Southern Pipe Line Co_ _100 96 98 Louisville & Nashville Os__ _ 5.65 5.35
5.50 5.25
100 106 108
Equipment 655s
South Penn 011
Southwest Pa Pipe Lines.100 78 82 Michigan Central 5 & fis__ _ 5.50 5.25
Standard Oil(California) 25 *4712 48 Minn St P&SSM 4545 & 58 5.80 5.40
Equipment 13545 & 75.... 5.80 5.50
Standard Oil (Indiana).. 25 *5014 50%
25 *4012 41 Missouri Kansas & Texas ths 5.90 5.50
Standard 011(Kan)
Standard 011 (Kentucky) 25 4,88 90 Missouri Pacific 6s & 8545._ 5.85 5.50
5.75 5.30
Standard Oil (Nebraska) 100 225 25.5 Mobile & Ohio 45is & 55
Standard Oil of New Jer_ 25 *3112 31% New York Central 450& 58 5.45 5.25
5.70 5.40
• 100 11618 1174
Equipment68
Preferred
5.60 5.35
Equipment 78
Standard Oil of New York 25 *3718 37%
100 275 285 Norfolk dr Western 4345_ __ - 5.35 5.00
Standard Oil(Ohio)
100 115 118 Northern Pacific 75
5.45 5.25
•
Preferred
100 32 35 Pacific Fruit Express 78
5.50 5.30
Swan & Finch
Union Tank Car Co_ _ _ _100 83 8? Pennsylvania RR eq 55 & (is 5.65 5.20
100 108 10812 Pitts & Lake Erie 65,5s
5.50 5.25
Preferred
25 *40 4012
5.80 5.40
Vacuum Oil new
Equipment es
10 *23 25 Reading Co 4345 & 5s
5.35 5.10
Washington 011
Other 011 Stocks
St Louis & San Francisco 55_ 5.8.5 5.50
3 Seaboard Air Line 4545 & be 6.30 5.75
(I)
Atlantic Lobos 011
50 4,6 12 Southern Pacific Co 4545._ 5.40 5.20
Preferred
25 4,5014 5012
5.45 5.25
Equipment75
Gulf Ott new
5 .3
512 Southern Ry 450
Mexican Eagle 011
, 42 53
5.65 5.30
Mutual Oil...
834 Ws
5.85 5.50
Equipment Eis
74 79 Toledo de Ohio Central 6s.. 5.85 5.45
National Fuel Gas
5.40 5.20
Salt Creek Producers... 10 *1558 1578 Union Pacific 78
5
214 2%
Sapulpa Refining
Tobacco Stocks
Public Utilities
79
Amer Gas & Elec new...(t) .3412 3512 American Cigar common 100 76
50 *4012 42
100 82
Preferred
Preferred
NI&N 92 93 Amer Machine & Fdry_ _100 140
Deb (is 2014
*22
23
Amer Light&'Erse com _100 113 115 British-Amer Tobac ord. El
El 4,22
100 89 93
Bearer
Preferred
Amer Power & Lt com_ _100 165 168 Helme (Gee W) Co, new 25 4.48 52
83
100 81
100 112 115
Preferred
Preferred
M&S 9134 9234 Imperial Tob of B & Irel'd *15 17
Deb 88 2016
100
60
Int Cigar Mschinery
Amer Public ULU corn..100 35
100 66 68 Johnson Tin Foil & Met_100
90
7% prior Pref
100 40 43 MacAndrews & Forbes_ _100 127 137
4% pectic pret
100 94 98
100 50 55
Preferred
6% preferred
100 28 31
Blackstone Val G &E coin 50 •70 72 Mengel Co
65 68 Porto Rican-Amer Tob 100 70 76
Carolina Pow & Lt corn.
Scrip
75
Cities Service Co com__ _100 131 133
100 6414 65 Universal Leaf Tob oom_100 90 Is
Preferred
14
CitiesServiceBankers'Shares •13
100 90 93
Preferred
100 100 106
Colorado Power nom_ _100 1812 194 Young (J S) Co
100 89 93
100 100 106
Preferred
Preferred
Com'w'th Pow.Ry & Lt_100 26 28
(Cleveland)
Com'w'th Pow Corp Dret 100 67 6812 Rubber St
Consumers Power pref _ _100 85 87 Firestone Tire & Rub corn 10 4,83 65
Elec Bond dc Share pref _100 96 9712 6% preferred
100
93
100 78 82
7% preferred
Federal Light & Traction(t) +.57 59
100 68 70 General Tire dr Rub corn 50
Preferred
159
Lehigh Power Securities_(t) *1912 20%
100
Preferred
98
Mississippi Ely Pow corn 100 19 21 Goodyear Tire dr R corn_100 16- 1038
100 79 82 Goody'r T&R of Can pt_100 e841
Preferred
First mtge 5s, 1951 J&J 92 9314 Mason Tire & Rub corn_(t) •21a 4
F g deb 711 1935__M&N 100 103
100 25 30
Preferred
Nat Power & Lt corn_ At) *48 50 Miller Rubber
100
70
Preferred
(2) *82 85
Preferred
100 99 100
J&J 86 88 Mohawk Rubber
Income 75 1972
100
1012
12
Northern Ohio Electric..() *10
Preferred
50 60
100 2412 2812 Seiberling Tire & Rubber(t) *6
Preferred
7
North States Pow com_100 •92 94
100 4$ 55
Preferred
100 92 95 Swinehart Tire & com_100
Preferred
21
Nor Texas Elec Co com_100 65
70
100 -40
Preferred
Preferred
74
100 71
Pacific Gas & El 1st pref 100 89 91
Sugar Stocks
•3
Power Securities corn. -(I)
5 Caracas Sugar
50 •10 13
Second preferred
(I) •15 19 Cent Aguirre Sugar corn. 20 4,82 85
Coll trust Os 1949_ _J&D 76 82 Fajardo Sugar
100 97 100
Incomes June 1949__F&A /55
65
Federal Sugar Ref corn...l00
Puget Sound Pow & Lt_ _100 46 49
105
100
Preferred
13
100 79 82 Godchaux Sugar, Inc_ -(t) •12
6% preferred
7% preferred
100 78 82
100 al00 103
Preferred
&N 104 10512 Great Western Sugar new 25 *72 77
Gen mtge 7553 1941
•23
27
Republic Ry dr Light_ _100 14
16 Holly Sugar Corp corn_(2)
Preferred
100 70 76
100 40 44
Preferred
South Calif Edison com_100 10312 10512 Juncos Central Sugar_ _ _100 110 125
Preferred
100 113 116 National Sugar Refining-100 90 92
95 100
Standard Gas dr El (Del) 50 *2512 2612 New Nlquero Sugar
9 13
50 *4714 484 Santa Cecilia Sue Corp pf 100
Preferred
Tennessee Elec Power._ _(t) *1112 1212 Savannah Sugar corn...(I) 4,58 62
100 78 82
Second preferred
(t) •4212 44
Preferred
United Lt & Rys com- _ -100 138 145 Sugar Estates Oriente pref _ _ 85 94
0
00
10
1st preferred (6%)._.100 78 80 Wes
ia Sag Fin com_1
prterIenrdred
25- 35
Western Power Corp_ _ -100 25 27
Preferred
100 76
79
IndustrIal&Miscell
Short Term Securities
Am Cot 011 08 1924_ _M&S2 91
92 American Hardware_ _100 5412 56
0 7112 7312
00
Amer Tel&Tel 65 1924_F&A 100% 10012 Amer Typefounders corn 10
98 100
ed)
AnacondaCop Min 65'29 J&J 10118 10112 plPr
Errw
(e
iseef
Co new_ _-(t) *1912 21
Angle
-Amer Oil 7565'25 A&0 10235 10278
50 •59 63
Federal Bug Ref(is'24..M&N 10118 10114
Preferred
100 116 118
651933
M&N 9712 97% Borden Company com-1
100 102
Hocking Valley 65 1924 M&S 10014 100%
Preferred
100 83 87
Celluloid Company
Interboro R T 8s 1922 _M&S
108 112
Preferred
K C Term Ry 6s'23 M&N15 1-0618 I-6631-3
100 134 137
..tdra 10314 104 Childs Company com
65is July 1931
107 109
Lehigh Pow Sec 138 '27_F&A 92 9234
Preferred
100 98 103
Sloss-Sheff S&I
'29_F&A 96% 9735 Hercules Powder
100 101 103
Preferred
US Rubber 75is 1930- FdrA 10688 10678
100 77
International Salt
Joint Stk Land Bk Bonds
Chic Jt Stk Land Bk 58_1951 10012 102 International Silver pret 100 103 107
78
55 1952 opt 1932
10012 102 Lehigh Valley Coal Sales 50 .76
100 155 165
550 1951 opt 1931
103 105 Phelps Dodge Corp
9912 101 Royal Baking Pow com-100 122 130
454( 1952 opt 1932
100 98 101
Preferred
454s 1952 opt 1932
98 9912
43Es 1963 opt 1933
9912 101 Singer Manufacturing._100 110 113

High No. Low
Ask Low
High
Bid
948k 44
9088 9438
N Y Telep 1st & gen at 4545_1939 MN 94 Sale 9314
10638 39 10314 1085g
30-year deben s f Os__ _Feb 1949 F A 106 Sale 106
20-year refunding gold 68_1941 A 0 105 Sale 10412 10534 35 10214 1074
1
9514 101
Niagara Falls Power 1st 55-1932 1 1 10018 Sale 1004 10014
Ref & gen 65
a1932 A 0 10418 Sale 10418 10418 11 10112 105
994
2
96 9912
Nlag Lock &0 Pow lot 58_ -1954 M N 9918 ____ 994
19
93
91
98
No Amer Edison Ott
1952 M S 93 Sale 924
5
9312
90 95
Nor Ohio Trac & Light 8s---1947 61 8 9312 Sale 9212
9012 30
8715 93
Nor States Power 25-yr 5s A-1941 A 0 9015 Sale 90
9815102
1st & ret 25-year 6s bier B-1941 A 0 10014 Sale 100
10015 16
Northwest'n Bell 1' 1st 78 A_1941 F A 107% Sale 10712 10778 12 107 108
9115 9138
North W T 1st hi g 454s gtd-1934 1 J 8958 ____ 103 July'23 --__
2 101 108
Ohio Public Service 75,68
1946 A 0 10312 Sale 10312 104
3
9934 10514
78
1947 F A 10018 10134 1004 10014
5
9518
9234 9838
Ontario Power N F 18t 58.-1943 F A 9415 Sale 9418
Ontario Transmission 5s_ _ 1945 111 N 9212 9418 924 July'23 ___9214 96
9612 10112
9714 IP
9678 9612
1941 F A 96
Otis Steel 88
9012 947
5
9114
9012
1st 25-years f g 734s Ser B 1947 F A
9034 18
1 3 9034 Sale 90%
8812 9314
Pacific G & El gen & ref 58_ _1942.
6 8978 94
9134
Pac Pow&Lt lat&ref 20-yr 55 '30 F A 9134 9212 9134
9434 994
9612 '7
1937 1 .1 9634 Sale 9618
Pacific Tel dr Tel 1st 58
9212
88
9112 47
1952 151N 9112 Sale 9034
55
10312 30 102 10515
Pan-Amer P & T 181 10-YT 78 1930 F A 10314 Sale 103
94 94
Pat& Passaic G & El cons 5s 1949 M S 9212 944 94 Jan'23 ____
108 108% July'23 ____ 105 108
Peol3 Gas & C 1st cons g 6s- _1943 A 0
3 87 94
8912
1947 M g 8912 897 89
Refunding gold 55
9888 10112
A
F
10014 10015 26
1944
Sale
10012
Philadelphia Co 68 A
6518 8234
21
71
73 69
1943 51 S 70
Pierce-Arrow 85
8414 98
1931 3 D 8812 884 8834 July'23 ____
Pierce Oils f 8s
89 90
Pleasant Val Coal 1st g s f 5s 1928 1 J 93 ____ 9018 July'23 . ___
90
5
9112
9418
Pocah Con Colliers lat s f 58_1957 3 1 0112 Sale 9112
9112 9512
____
J
J
_1935
July'23
9112
55___
9312
9234
Portland Gen Elec let
8712 874 July'23 __8414 88
Portland Ry 1st & ref 55-1930 M N 87
82 867
ii
84
Portland Ry,Lt &P 1st ref 58'42 F A 8314 837 83
1947 M N 9412 Sale 94
9412
9 94 9612
65 B
3 10378 1074
1946 51 N 10414 105 10434 105
1st dr refund 734s Ser A
2 1017 10512
Porto Rican AM Tob 88.- _1931 M N 10312 ___ l03l2 10312
8715 9014
1933 J J 894 ____ 9014 July'23 __
Pressed Steel ar 5s
4 118 13312
120
Prod & Ref s f 8s(with waents)'31 i D 118 Sale 118
5 104 Ng%
10434
Without warrants attached- __ 1 D 104 Sale 104
814 86
8378 34
Pub Serv Corp of N J gen 58_1959 A 0 8212 Sale 824
1937 J i 10612 Sale 10514 108
182 104 124
Punta Alegre Sugar 75
1968 r.- _r
. 6714 Sale 6612
6514 7415
68 294
Rapid Transit Sec 68
1937 ril -N 9412 Sale 94
94% 29
99.78 96
Remington Arms 65
9212
6
9212 92
89 9618
Repub I & S 10-30-yr 58 s f_ -1940 A 0 92
1953 1 1
9 87 9415
89
89 88
5548
1952 1 D 9612 9714 9612
9812 99
2
9812
Robbins & Myers a f 78
91
Jan'23 __
91
91
Roch dr Pitts Coal & Iron 58-1946 M N 90
86 93
Rogers-Brown Iron Co 7s_ _ -1942 M N 80 -8412 85 July'23 ____
77 7814
1937 M CI 78 8012 784 July'23.
St Jos Ry, L, H & P58
St Joseph Stk Yds 1st g 4545 1930.3 J 8384 _ .: 8578 Dec'22 _-_
---- - 6 $018 -84-12
8014
St L Rock Mt & P 58 stmpd_1955 J 1 8018 Sale 8018
1924 A 0 5718 694 60 June'23 __
60 62
St Louis Transit bs
1937.3 1 92
9318 92 June'23 _ _92 9334
St Paul City Cable 55
1942 NI 8 103 Sale 10214 1034 20 103 10314
Saks Co 75
9434
90
93 9214 July'23
San Antonio Pub See 65-- _1952 1 -1 92
97 104
Sharon Steel Hoop 1st& ser A '41 61 B 98 99 984
9812
i
1942 A I/ 10012 10138 10l3
Sheffield Farms 8548
10138
9912 103
1
8212 8712
8612 11
Sierra dr San Fran Power 58-1949 F A 8612 Sale 8614
95 10112
61
Sinclair Cons Oil 15-year 78-1937 M B 9612 Sale 9614
97
1938 1 D 94 Sale 94
650 B (w 1)
9418 182
94
974
1925 A 0 97 Sale 97
9512 10034
Sinclair Crude 011 5548
9734 21
1926 F A 9712 Sale 97
68
9534 997
9718 41
1942 A 0 8412 Sale 8334
Sinclair Pipe Line 55
844 41
83 894
South Porto Rico Sugar 75_1941 3 D 100 Sale 9934 100
11
9812 10212
9084 99
4
South Bell Tel & T 18t 8 f 58_1941 7 J 954 Sale 95
9512
Southern Colo Power 68---1947 1 J 8815 91
9012
4 8712 92
9012
98
3
9675 997
Stand Gas & El cony 8 1 6s l926J 17 9734 98 9712
1930 M N 9558 9612 9818 July'23 ____
Standard Milling 1st 58
96
994
a1931 F A
Standard Oil of Cal 75
0375 104
5
07
stew 8,Tube gen 8 / 78484 C-1951 J J 103 Sale 1025g 103
18 100 10712
9612
9718 17
9914
96
Sugar Estates (Orienti) 75_-1942 M S 9812 97
9114 July'23
904 9112
_
Syracuse Lighting 1st g 58_1951 1 D 91
J 8354 -8514 8618 July'23
Light &Power Co col tr 8155'54
84% 86%
1 99 100 97
Tenn Coal, Iron dr RR gen 58,51
92
2
9818 101
Tennessee Cop 1st cony 6s__1925 M N 9934 101 100 June'23 _ _ _ 100 10112
Tennessee Elec Power 6s---1947 1 13 9412 Sale 94
92
95
9415 42
1960.3 1 5412 Sale 5412
Third Ave 1st ref 48
5212 62
5515 44
Adjustment income 55.._ .a1960 A 0 4778 Sale 4612
48
74
45 6234
1937
J 90
Third Ave Ry 1st e 58
94 90
90
90
10
9514
1931 F A 10234 Sale 10212 10278 33 102 105
Tide Water 011854s
Tobacco Products s f 75._ -1931 J 0 105 106 10412 105
11 10284 105
1941 M g 10715 Sale 10718 10712
Toledo Edison 78
8 10518 1075
1925 F A 98
Toledo Trac. L & P6s
9834 9818
9818 10
974 9912
Trenton G & El let g 55._1949 M S 91 ____ 9214 July'23 _ _ ..
9214 95
_1933
1 85 . ___ 9215 May'23
Undergr of London 4548.907 9314
1948
J 8714
Income tht
86a8 May'23 _ 86% 8814
1942 M N 98 Sale 98
-ii
Union Bag & Paper 68
99
95 99
Union Elec Lt & P 1st it 55-1932 M g 9612 ___ 92 July'23
92 9734
1933 M N 917 Sale 9178
tot
92
-2 8814 92
_
--0
A
1945
Union Elex (Chicago) 5e
734 70 June'23 _
70
70
1 95
1931
9774 96
Union Oil 55
96
8
-.
90 96
c1942 F A 1004 Sale 1004 10014
68
9978 10288
3
Union Tank Car equip 78-1930 F A 10312 Sale 10312 10312
1 10214 105
1941 J D 111 Sale 111
United Drug cony 85
11112
o 110 11334
1936 1 1 _
94 9334
United Fuel Gas 1st a 1 6s
95
15
9334 98
;;;
United Rys Inv 58 Pitts issue 1926 M N .
oa.2 Sale 924
1
924
8714 974
J 58 60 60 July'23 _ _
United Rys St L lot g 48._ _1934
5812 6318
88 8788
United SS Co lot rots 68_ _ _ _1937 M N 87
2
8612 93
5
984
98
1942 A 0 98 99
United Stores 68
98 10114
1932
1 10234 Sale 10234 10234
U 5 Hoffman Mach 88
9 10018 10312
US Realty & I cony deb g 5819243.1 10012 102 10012 10012
1
99 10034
85 89%
8734 so
US Rubber 1st & ref 58 ser A 1947 1 1 874 Sale 86
1930 F A 10812 Sale 10815 107
10-year 7545
27 10513 10915
4
US Smelt Ref & M cony 65-1928 F A 9834 9912 9912
9915
9912 102
U 13 Steel Corp froupon ....41983 MN 10134 Sale 10174 10214 66 10034 104
5110-80-yr 581registered _d1983 M N_
...
July'23
_
_
no
10412
;,.1.; .:1
Utah Light & Traction 59._.1944 A 0 ....2
male 8134
8212 67 804 9134
1944 F A 884 Bale 88
Utah Power & Lt 1st bs
8812 36
8584 92
95% June'23 __ _
Utica Elea L & Pow 1st s 1 5s 1950 1 1 95% _
95 9515
1957
/ 8914 -911
4 8912 July'23 _ --- _
89 924
Utica Gas & Elec ref 55
D 100 Sale 10014 10014 11
Va-Caro Chem 1st 15-yr 58_ -1923
91334 1004
1947
D 794 Sale 7912
75
81
27
7s
8212
1937 3 .1 6014 6278 8112
12-years f 7355
674
27
4 9412
545
J_ _
_ _ _ 6658 July'23 ___
Without warrants attached_
58
9012
58
g
1949 M s i•Z 6ale 92
9312 -2
92 9512
Va Iron Coal & Coke 1st
1934
1 83
8515 8434
Va Ry Pow 1st & ref 58
8434
87
84
4
3
1942
13
975
78
Sale
9734
97
Vertientes Sugar
98
35
99
1941 3 0 10212 Sale 10212 1025s
8 101% 106
Warner Sugar 78
19393
9912 Sale 994
994
2 984 9912
Wash Wat Power s f Ed
D 9518 9712 95 July'23 ____
Weatches Ltg g 5s stmpd gtcl 1950
9312 9714
91
92
88 95
6
West Penn Power Ser A 513-1948 M S 91 Sale
8 100 10212
1st 40-year 65 Series C_..l958 _ D 10012 Sale 10012 10034
c1946 r A 105 Sale 105
1058
6 10218 10712
1st series D 75
1963 M S. 8734 Sale 8784
8812 11
58 E
8734 8834
__.3 98 Sale 98
99
Western Union coil tr cur 55-1938
19
96
9984
4
927k
89 92%
Fund &real estate g 450_1950 51 N 9238 Sale 9234
A
F
1088
1936
109 10834 109
9 10512 1117
15-year 654s g
Westinghouse E dr M 75_ _ A931 M N 10712 Sale 10718 10712 52 1054 10812
94
11
91
98
Wickwire SPen Steel 1st 75..1935.1 03 94 93
u_ 9514 Sale 95
49
96
95 102
Wilson & Co 1st 25-yr St 65_1941
1928 3
_ u 81312 Sale 8615
8712 10
83 98
10-year cony a 1 Os
1931 r A 9612 Sale 9615
9712 54
93 105
7545
1941 A 0 1035 Sale 10312 10388 14 10012 108
Winchester Arms'7548
•Per share INoparvalue. b Basle. d Purchaser also pays accrued dividend.
Due
a
asked,
d
Jan.
Due
Apr.
and
c
e Due e New stock. I Flat price. k Last sale. n Nominal. z Ex-dividend.
Mar.
bid
Due
Ex-rights.
latest
•No price Friday;
May. p Due June. 8 Due July. k Due Aug. o Due Oct. p Due Dec. s Option sale t Ex stock dividend. a Sale trice. o Canadian quotation.

.234

86
aa

40

50
so

50

eo

1o1

5.




so
oo

540

BOSTON STOCK EXCHANGE-Stock RecordseeTIDgage

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July30.

Tuesday,
July 31.

Wednesday, Thursday,
Aug. 1.
Aug. 2.

Friday,
Aug. 3.

146 146
146 146
1474 148 *146 148
146 147
7712 7812 79
7912 80
80
7714 78
77
79
*9112
-9212 9212 •9112 _ _ _ _ *9112 _ _
114 114
114 114
11118 1-1-2
114 114
114 114
9912 100
100 10012 99 100
100 101
9912 100
12
12
1212 12
12
12
121
. •12
1218 *12
15
*12
1212 15
14
*15
20
15
•1512
_
20
20
*20
__
*2014
*2014
27
28
28
28
28
27 28
27
28
28
*24
25
25
25
25
25
25
*34
_
_._ 13
3934
4
3_34
351
/
4 3514 *34 -35 *13514 13934 13934 13934 •13514
*1354
25
*25
25
26
26 5 _ _ _ _ 26
25
*26812 6712 65
6512 *z_ _ _ 85 5-_ _ 65 *---- 65
__ 54 *z____ 54
57 5
54
*_-__ 57
_
39
39
39
*38
_ _ *3812 ___
39
37
38
38
37
37
*37
38
37
37
37
30
30
29
2934 2934 5_ _ __ 29
28
29
28
114 1112 1118 113g 10/
1
4 1112 11
115s *1138 115s
565
7034 *65
7034 *65
7034 *65
7034 *65 7034
*85
585
90
*85
90
585
90
90
*85
90
6712 6712
67
88
*66
67
*27
32
528
32
ns 32 np 32
80
80

Sates
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Shares
Railroads
115 Boston & Albany
100
181 Boston Elevated
100
2 Do prat
100
88
Do 1st pref
100
121
Do 26 prat
100
167 Boston & Maine
100
26
Do pref
'100
25
Do Series A 1st pref _ _ _100
80
Do Series B 1st pref_ 100
78
Do Series C let pref_ _ _100
16
Do Series D 1st pre__ _100
10 Boston & Providence
100
518 East M8.4.9 Street Ry Co 100
13
Do 1st prat
100
Do pref B
100
62
Do adjustment
100
270 East Mass St ItY (tr etts)._100
42 Maine Central
100
885 NYNH4k Hartford
100
Northern New Hampshire_100
Norwich & Worcester prat _100
43 Old Colony
100
Rutland pref
100
15 Vermont & Massachusetts_100

Range sinus Jan. I 1923.
Lowest '
143 Apr 3
75 June 29
92 July 3
11112 Aug 2
99 July 5
1014July 30
14 July 28
19 July 17
26 July 10
25 July 3
34 July18
135 July 21
18 Feb 15
65 July30
53 Feb 24
3412 Feb 13
3412 Feb 15
28 July 27
934 July 5
69 June 28
80 June 12
67 July 23
25 May 14
78 July 12

PER SHARE
Range for Previous
Year 1922.

Highest

Lowest

Highest

151 June 14
84 Jan 5
100 Mar 6
125 June 12
106 Mar 5
2012 Mar 2
27 Feb 13
3212 Mar 1
48 Feb 6
42 Mar 22
59 Feb 7
16012 Jan 25
35 Mar 22
72 Jan 16
65 Mar 19
46 Mar 22
45 Mar 21
43 Jan 2
2212 Jan 30
84 Feb 3
100 Jan 3
81 Feb 14
3818 Feb 20
98 Jan 11

13014 Jan
7312 Feb
9414 Mar
116 June
10112 Nov
Jan
14
Jan
20
Jan
22
Jan
36
Jan
30
40
Jan
Jan
125
18 July
613 Aug
51 July
28 July
29 July
27/
1
4 Jan
1214 Jan
69
Jan
58
Jan
Jan
57
Jan
15
78
Jan

152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3112 May
37 Apr
4412 Apr
62 May
54 May
7712 May
163 July
26/
1
4 July
77 July
60 Nov
47 Aug
47 Aug
Oct
55
3478 May
96 July
10334 Dec
9814 May
52/
1
4 June
100 Aug

. Miscellaneous
150 Amer Pneumatic Service__ 25
414 Jan
213 Dec
312 Jan 9
114MaY 4
Do prat
210
Feb 2014 Aug
50 1312July 2 20 Jan 10 13
1,594 Amer Telephone & Teleg_100 119 June 29 12534Mar 14 11458 Jan 12814 Aug
Dec
45 Amoskeag Mfg
Jan 121
No par 76 July30 112 Jan 5 104
1 Do pref
80 Nov 91 Aug
No par 377 July 10 88 Jan 5
'Art Metal Construe,Inc.__ 10 15 Mar 1
14 Nov 2012 May
1612 Mar 14
'Atlas Tack Corp
Jan 22 May
13
10 July 2 2018 Feb 14
No par
165 Boston Cons Gas Co, pref _100 105 Jan 22 10812 Feb 24 10454 Aug 107 Dec
Boston Mex Pet Trus_.No par .10 Jan 18 .30 Jan 25 .10 Sept .50 May
846 Connor (John T)
1
4 Dec
1534 Jan 30/
10 19 July 5 27 Mar 19
6 nor
225 East Boston Land
3 June 25
10
3 Jan
4 Jan 2
608 Eastern Manufacturing
7 June 28 1418 Mar 5
7 Dec 1414 Feb
5
2,832 Eastern SS Lines,Inc
384 Jan 894 Oct
25 6834July 30 12712 Mar 22
431 Edison Electric Ilium
100 160 June 28 172 Jan 3 156 Mar 185 Sept
. Elder Corporation
No par
3 Mar 13 May
.312June 30 107s Jan 2
40 Galveston-Houston Elec__100
28 Dec 39 Aug
5 July 9 2912 Feb 5
1614 Apr
, Gardner Motor
9 July 2 1558 Mar 3
No par
9 Nov
50 Greenfield Tap & Die
25 1512June 12 24 Feb 10
17 Dec 274 Feb
110 Hood Rubber
No par 54 Jan 8 634 Mar 13
43 Mar 5438 Dec
Jan 3838 May
Internal Cement Corp-NO Par 32 July 2 44 Mar 19
26
Jan
'Intemat Cotton Mills
50 13 June 19 22 Feb 19
20 Nov 32
38
Do pref
100 50 May 31 7912 Jan 10
60 Aug 85 Dec
64 Mar
linternational Products-No par
118 Dec
112June 5
3 Mar 20
Apr
I Do pre!
100
512 Dec 17
412June 20
8 Mar 15
1112 June
236 Libby. McNeill & Libby__ - 10
158 Apr
5 June 22
8 Apr 6
Jan
20 Loew's Theatres
814June 27 11 Apr 25
25
8 July 13
281, Massachusetts Gas Cos_ _100 7812May 22 8712 Jan 2
Jan 9018 Nos
63
Oct
921 Do pref
100 65 July 7 73 Jan 25
Jan 74
02
Oct
66 Mergenthaler Linotype.. _100 147 June 19 179 Jan 6 130
Jan 181
612July 28 1434 Feb 19
40 Mexican Investment,Inc_ 10
11 Dec 2738 June
139 Mississippi River Power_ _ _100 1834July 8 2814 Jan 31
13
Jan 34 Aug
Do stamped pref
5
100 80 Jan 16 84 Feb 14
7212 Jan 8512 Oct
389 National Leather
314June 27
111
/
4 Jan
10
634 Dec
8/
1
4 Feb 13
5
Jan
55 New England 011 Corp
.25 Feb 3 .97 Apr 18 .22 Dec
70 New England Telephone _100 113 July 4 122 Jan 3 109
Jan 125 scot
Oct
610 Orpheum Circuit, Inc
1634July 12 211
1
Jan 28
13
/
4 Apr 25
493 Pacific Mills
88 July 10 190 Jan 2 11534 Oct 192 Dec
5 Reece Button Hole
10 15 June 26 18 Mar 14
1212 Apr 16 Jail?
Reece Folding Machine__ 10
2 Jan 11
3 Mar
158 Dee
34 Mar 15
25 Simms Magneto
5 .75 June 14
718 Apr
2 Feb 20 .50 Nov
390 Swift & Co
100 9812 Junc26 10912 Jan 8
10134 102
101 1014 101 10113 10012 101
10014 100/
1
4
9214 Jan 1104 Sept
241 Torrington
43
44
44
25 42 July31 50 Mar 9
*434 44
4338 44
42
4212 43
39 July 802 June
Union Twist Drill
5
712 Jan19 11 Mar 7
812 5712 8/
1
4 *712 812
8 Mar 1414 Feb
812734 812 __
3,629 United Shoe Mach Corp
25 33312 June15 5534Mar 8
Jan 45 Mar
-3i8 3512 35
37
353* 3414 35 3413 35 3412 3514
Do pref
94
25 2458 June14 2814 Jan 11
2512 2512 2512 2512
Jan 274 July
25/
1
4 25/
1
4 2512 2512 *2512 26
25
7,904 Ventura Consol Oil Fields_ 5 23 July30 30 Jan 2
2314 24/
1
4 241
/
4 2434
2358 24/
1
4 23
2334 2314 24
2172 Jan 3312 June
1712
2,497 Waldorf Sys,Inc.new shNo par 1534 June21 2221
1714 17
1714 17
1712 1712 1714 1712 17
/
4 Mar 19 41314 Jan el912 Dec
912 *9
10
9
10
58 Walth Watch Cl B com.No par
*9
10
912 912 *9
5 Feb15 13 Mar 17
214 Nov 1434 Apr
Apr
20
•18
20
*18
20 1 *18
20
*18
20
•18
I Preferred trust ells
100 1512 Mar 6 2912 Mar 19
11 Nov 49
Oct
•1412 15
*1412 15
1412 1412 14
1414 14
13
710 Walworth Manufacturing_ 20 1114 Jan 5 174 Feb 17
1414
74 Feb
2814 2834 2714 2812 2714 28
2712 28 1 28
1
4 Sept
2812535Warren Bros
50 2512 Jan31 3412 Mar 14
1712 Jan 35/
32 .31
32
*3112 32
35/
1
4 35/
1
4
25 Do 1st prat
50 31 July12 3912 Mar 14
3112 3112 *30
3012 Jan 3814 Oct
Do 26 pref
•35
38
535
38
534
36
534
36
•34
36
50 33 July10 42 Mar 15
31
Feb 4414 July
Wickwire Spencer Steel__ .5
*814 7
*514 74
8 July 9 1212 Feb 21
'612 7
*513 612 *612 7
21 May
834 Nov
Mining
Apr
•.30 .75 5.30 .75 5.30 .75 5.30 .75
.35 .35
100 Adventure Consolidated.- 25 .25 Feb15
1
Jan
1 Feb 28 .50
39
60
59
5912 591
/
4
*59
60 .58
60
8025
653 Ahmeek
54 July 5 87 Mar 1
58 Nov 66 May
I Aigomah Mining
•.10 .25 5.15 .25 5.15 .25 5.15 .25 5.15 .25
25 .10 July 5 .50 Mar 2 .03 Sept .50 Apr
•18
19
174 1714
1714 1714
•20
21
*19
20
90 Allouez
25 17 July 5 34 Mar 1
19 Dec 3212 Jan
5(114 2
14 11
/
4 *a134 2 I M1114 2
•a134 2
150 Arcadian Consolidated
25 .70 July 3
458 May
2 Mar
414 Mar 5
10
1018 10
10
10
1014 *934 .1018 10
635 Arizona Commercial
10
1012 June
7/
1
4 Jan 6 1412 Mar 2
5
6 Nov
, Bingham Mines
*1614 17
516
17
515 ; 17
•1614 17
51614 17
10 16 July27 19 Feb 19
1834 Sent
13 Jan
4312 4214 43
4212 43
4234 4314
750 Calumet & Hecht
25 40 June28 49 June 15 248 Nov 301 Aug
4314 43,2 43
512 512
1534 Mar
390 Carson Hill Gold
1
518June 12
*512 614
514 534 --- 938 Feb 13
5/
1
4 Nov
*81. 9
*81/ - II134 Feb
*8
9
35 Centennial
25
7 Jan 18 15 Mar 1
:3142 r344 *812 9
8 Nov
2812 29
/
4 2813 31
2812 294 2834 29
542 Copper Range Co
25 27 July 5 4634Mar 1
311
al
3518 Dec 461g Mel
1
4 2/
212 212 *2/
914 Jan
*234 2/
1
4
234 234
1
4 *212 214
15 Davis-Daly Copper
10
Vane 28
218 Nov
5 Feb 23
710 East Butte Conner Mining- 10
56
6/
1
4
6
8
5/
1
4 534 *558 8
8
6
5 July 5 1112Mar 1
1214 Jan
712 Nov
118 114
112
114 114
Hraannekol
25 .30 May 22
373 Apr
118
114 114 *114
114965i F
1
Apr
258 Mar 5
cin
k Consolldatecl____ 25
34 Mar
52
3
*2
3
*2
3
*2
3
*2
3
11
/
4July 12
4 Mar 5
113 Aug
1 244 Mar 28 3358June 7
2912 2912 294 2934 2914 294 2914 2934 2934 30,2
1 185 Hardy Coal Co
.
.15 .16
25 .15 July 30
Apr
.15 .25
.15 .
1,015 Helvetia
•25 .35
114 Feb 20 .50 Dec 2
100 10.
014 9914 100
1 97 July 2 11512 Apr 7 8112 Jan 11858 June
991
/
4 100
100 10112
827;Island Creek Coal
100 101
98
96
96
594
98
*94
20' Do prof
1 934 Feb 15 1004 Mar 28
96
96
*94
88 Feb 9712 Nov
20
20
522
23
21
2112 521
22
1
4 May
190 Isle Royale Copper
25 19 June 21 3314 Mar 3
23
18 Nov 28/
*22
I Kerr Lake
*214 3
*24 3
*214 3
5
2 July 17
4/
1
4 Apr
*214 234 *24 3
3 Feb
3/
1
4 Jan 2
4.50 112 4.90 112 5.80 112
34 Apr
.80 .80 5.80 112
151 Keweenaw Conner
25 .80 July 13
1 Feb
214 Mar 5
834 May
2
2
134 2
71ILake Copper Co
25
134 134
134June 27
234 5134 212
52
514 Mar 1
214 Feb
11
/
4 112 *114 2
5112 2
25
*112 2
15; La Salle Copper
118 Jan 29
214 Apr
1 Nov
314 Mar 1
•112 2
'Mason Valley Mine
11
*114 2
.114 2
/
4June 15
/
4 2
511
*114 2
234 May
Ise Jan
258 Mar 27
•114 2
138 11
/
4 •138
10IMass Consolidated
25
118July 20
434 Apr
134
14 Dec
414 Mar 3
•I1
/
4 134 5133 134 5138 134
tits Apr
258 3
5234 3
25
2/
1
4 2/
310, Mayflower-Old Colony
234 3
212May 15
1
4
214 Dec
7 Feb 10
3
3
7 Apr
287Michigan
2
2
17s 17s •178 225
.90 July 3
2
2
4 Mar 17 .75 July
214
*2
43
414 42
42
542
44
25 39 July 2 71 Mar 2
4212 2212 542
43
"
200
3
52 Nov 88 June
N
M:w
hat:3
'7okt'ne1Ia Copper
5 16 June 28 244 Mar 2
171a 1734 1734 1734 1738 1738
151
/
4 Dec 20'z June
1812 1814 1732 18
New Idea Quicksilver-- 5 .05 Mar 23 .05 Mar 23 .05 Dec
24 Mar
River
Company
"37New
100
35
Jan 40 Feb
537
Apr18 40 Apr 27
37
*37
*37
Oot
575 -80
80
575 8050 Do prof
Jan 83
100 77 Mar 5 84 Mar 16
*75
5
73
80
80
575
7 Jan
183 NIPlesIng Mined
5
414 July 5
*54 532
512 5/
1
4
5/
1
4 5/
1
4
5,4 5/
1
4
5 July
634 Feb 20
5/
1
4 5/
1
4
214 212
84 Oct 15 May
212 24
15
212 212
1,410 North Butte
2 July30 1234 Misr 1
2
212
2/
1
4 2/
1
4
41a Apr
25 .70 July 2
17 Ojibway Mining
114 Dec
.75 .75
238 Mar 5
•.90 114 5.90 114 5.90 114 5.75 114
Jan
27
20
518
25 18 July 3 324 Mar 1
20
40 Old Dominion Co
519
18
18
16 Nov
20
20
20
*19
529
29
200 Osceola
25 2434 July18 46 Mar 1
3112 2812 29
30
25 Nov 384 Aug
/
4 529
3112 311
5
smelt_
Mining
&
Noy
4
City
3
3
Park
218
June
5278
3
3
8
27
8
2
/
1
4
78
24
*2
/
1
4
33
5
2
/
1
4
21/4
June
2
4
Mar
5
*278
14
14
*1354 15
14
*1434 15
205 Pd Crk Pocahontas Co_No par 1234 May22 1614 Mar 23
•14 14-1-2 14
*25
30 Nov so May
2612 27
26
25 22 July 5 50 Mar 2
27
26 27230 Quincy
30
27
.29
3612
38
534
37 Nov 4812 May
34
*33
45 St Mary's Mineral Land.- 25 31 July 2 5312Mar 1
33
33
34
35
35
134 May
10 40
.55 .55
.55 .55
.55 .55420 Shannon
Jan 9
112 Mar 5 .25 Mar
.55 .55
.60 .60
114 may
•.15 ____
South Lake
25 .10 June 4 .75 Feb 20 .25 Dec
•.15 .75 5.15 ____ 5.15 ____ •.15
434 July
112 Dee
up
25
514 2
5153 2
725 sSupeerrii,o;
114 July18
514 2
314 Mar 3
5113 2
*112 2
234 Oct
& Boston Copper- 10 .90 July30
.96 .96
.98 .98
334 Feb 23 .90 Mar
.98 .98
.90 .90
.97 1
34 Apr
14
1 Dec
5 50 May15
02 Feb 15
1,050 Trinity Copper Corp
1.52 .57 5.52 .55
.55 .55 '
.52 .52
.60 .60
10
1 Julys
100 Tuolumne Copper
114 July 31 .40 Nov .92 May
5114 2
*112 2
11
/
4 114
•114 2
*114 2
4 Mar
11
4
Oct
Mining
6
Apr
13
Utah-Apex
5
Jan
9
590
23
4
*334
33
8
34 34
314
34 314
*3
314 53
312 June
Feb
1
14 June28
1
1,255 Utah Consolidated
3 Mar 5
112 •1
11z
112 112 *I
112 134
*134 2
212 Apr
.80
Dec
Tunnel
27
Metal
&
Feb
Utah
1
.40
11
/
4
850
July20
.56
.56
.60
.55
.60
.70
.60 .60 •
24 Jan
Nov
.75
28
Victoria
3
Feb
25
July
'164
.75
258
30
.75 .75 5.75
5.75 14 5.75 .85
234 Apr
Jan
25 .30 June29
134 Mar 5 .25
70 Wisoms
.85 .65 5.65 .75
•.50 .75 5.50 .75 5.50 .75
May
16
Nov
1
3
Mar
25
July
714
Wolverine
13
7
118
5
*6
7
7
6/
1
4 6/
1
4 5612 7
•6/
1
4 7
Assessment
Paid.
•Bid and asked prices, no sales on this day. s Ex-rights. b Ex-dividend and rights. z Ex-dividend. q Ex-stock dividend. a
stock of $10
Beginning with Thursday, May 24, trading has been in new shares, o which two new shares of no Par value were given in exchange for one share of old
Dar value. In order to make possible comparisons with previous quotations, we have divided all these previous quotations by two.
*112 2
/
4 2
*112 2
*134 214
11
/
4 134 *11
1312 1334 *1334 14
•1313 15
1334 14
14
14
12134 12214 12158 12218 12112 122
1211
/
4 1224 12134 12214
76
77
*77
78
77
78
77
78
78 *z77
•278
80 *378
*78
80
78
80 M78
80 5377
5.314
*14
16
•14
16
16 I *14
16
16 5314
•11
*1012 12
*1012 12
*104 12
12
*1013 12
*2106 10712 10512 106 5.3106 10712 10514 10514 *105 10712
.10 .15 5.10 .15 ".10 .15
5.10 .15
.10 .15
20
2012 2058
20
2014 1912 19781 1912 191
/
4 20
43
314 *3
314
3141
3
3
*3
314 *3
8*
8
758 8
"714 812
7,4 7,4
74 8
7212 74
72
8834 7134 70
7018 70
72
75
16434 165
164 16512 16412 165
16512 166
16412 165
*312 5
*312 5
*34 5
*312 5
*312 5
*5 714 712 712 5 5 *514 612 *5,4 512
9
*8
*8 • 9
*8
9 ' *8
9
*8
9
516
•16
11
6
3
18 I 17
18
516
17
18
54
55
54
54
54
54
54
554
54
3512 *33
*34
34 1 .33
34
*34
*34
35
35
14 *___ 14
•___ _ 14
14
14
57
57
*55
56
56
56
.54
55
*55
56
214
134
•134 214 *134 214 *134 214 *134 214
.
*312 7
*312 7
*34 7
*313 7
*34 7
sal
6t2
534 6
1
4
614 64
*614 0/
1
4 *578 6/
10
10
10
*912 10
9
10 , *9
10
9
iz8034 81
1
4 8032 81
804 8034 8012 804 8058 80/
Stock
8712 66
671
66
67
6712 67
*6712 6814 67
151 151
149 152 *14812 ---- -149 153
150 151
1
4
7 Exchange
612 612 *612 738 *612 732 4612 7/
7
191
/
4 1914 194 19,2 191
/
4 1918 191
*1918 20
/
4 20
closed
*801
/
4 83
81
81
*80
83
*80
81
*81
83
312 3i2
312 3/
1
4
3/
1
4 3/
1
4
312 3/
1
4
3/
1
4 3/
1
4
owing to
*114 1-1112 11512 111- 114 114*2
2 114 111., 11312 1141*17
•1634 17 .1614 1634 *1612 17
17/
1712 17
1
4 death of
8812 89
1
4 8812 8812 88
89
89
89
8812 88/
51512 1612 •1512 1012 *1512 161. 1512 1512 *1512 1612 President
1
4 *234
*234 - -*212 27s *212 2/
-Harding
1
1
1
•.75
1




.:12

Outside Stock Exchanges

Bonds (Concluded)

Boston Bond Record.-Tranactions in bonds at Boston.
Stock Exchanges July 28 to Aug 2, both inclusive. On account of the death of President Harding Thursday night; the
Boston Stock Exchange was closed yesterday-Friday,
Aug. 3.
Bonds-

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

Range since Jan 1.
Low.

High.

Low.

....-,0A....,..,...44.4,
....,
...44,.1
,,..q.4,
.tt!,....A
Nrititntg44gr,gggg4g4g;4424gra.4g,

High.

4nggggIgEggggitg

r=

.....,

Bonds9534 9555 $1,000 954 Jan
Ilan Elea stamped 58_ _1047
8614 864 3,000 86 May
Consol Gas gen 448_1954
914 9134 3,000 874 Feb
Cons Gas,E L & P 415s'35
103 103
Series A 68
14,000 10044 Apr
1949
1931 10634 10634 10634 7,000 108
Series C 78
Jan
Elkhorn Coal Corn 68_1925
97
97
5,000 97
July
Fairmont Coal 5s
1931
95
95
1,000 94
Apr
52
52
3,000 494 Apr
Macon Dub & Say 58_1947
United Ry & Elea 4s__1949 7234 7234 2234 11,000 7134 May
Income 48
1949 51
51
5115 8,000 51
July
Funding 5s
7314 74
1036
2.000 7314 May
9614 964 3,000 964 July
68
1927
68
1949 9941 994 9944 8,000 9934 May
wash Balt & Annan 58 1941
7014 7014 9.000 7034 Jute

x

•
...
.... .1..
,
.
.
wa>o
w.c..50-aw.wwmwomw.p.a.ocbo.
o
ovow
..v..4.ocovtomo.oz-so.o.w.ocoomoo4.-aoov,o
X
XX
XX
XA
X

934 July
40
Jan
1734 Jan
.20Jtme
1084 June
344 June
48
Jan
25
Jan
26
Mar
5814 Jan
10634 July
103
July
115 June
8214 May
80
Jan
7834 July
384£ Jan
1634 July
8144 July
50
July
23
July
83
Jan
110
July
18
Feb
10 May
3534 Jan
72 July
10034 July
16
July
147
Jan
814 July
2634 June

.a
qt4m..aa4.....Tocowb000m
XXXXXXX
gX
tc.c.....4.4eA,...44....,
IN

5
63
10
100
14
50
131,
96
82
20
176
38
74
38
7
111
30
10
62
10
75
119
30
7
75
66
120
10
200
58
95
25

..
v00.4N.4.9.0000000

9314 9314
Amer Wholesale, Pref.. _100
43
4434
Arundel Sand & Grave1.100
214 214
100
Baltimore Tube
.20
1
.20
Celestine Oil
109 10934
Chas & Po Tel of Balt_ _100
35
25
35
Colonial Trust
25 6834 6834 70
Commercial Credit
25
2.5
2534
Preferred
26
26
25
Preferred B
so
59
59
Commerce Trust
10614 108
Consol Gas,E L & Pow.100
100 10434 10314 10434
7% Preferred
1154 116
100
8% Preferred
83
83
Consolidation Coal_ _100 83
87
87
Eastern Roll Mill,8'751100
82
50 82
8215
Fidelity & Deposit
Finance Cool America_ _25 4234 424 4234
164 164
Finance & Guar, prof__ -25
Houston 011 pref tr ctfs_100
8134 8134
51
Manufacturers Finance-25
51
25
23
234
20 Preferred
83
8434
Maryland Casualty Co_ _25 83
110 111
Merch & Min Trail Co_100
Monon Val Trac, pret _25
194 194
10
11
Mt V-Woodb Mills v t r 100
3731 3754
New Amsterd'm Gas Co100
50
7214 7234
Northern Central
Penna. Water & Power..100
101 101
16
United RY 4: Electric_ 50
1634
15434 155
50
U S Fidelity & Guar_
50
Wash Bait & Annap_
84 854
27
Preferred
50
27

Range since Jan. 1.

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange July 28 to Aug. 2, both
inclusive, compiled from official sales lists. The Exchange
was closed on Friday, Aug. 3, owing to the death of
President Harding.
Stocks-

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

•No par value.




90
gni
74
63

High.

$3,000
90
9734 2,000
2,000
75
64 • 8,500

82
9634
74
60

July
June
July
July

9534
99
8234
7114

Apr
Jan
Jan
Jan

Amer Pub Ser, pref__ _100
American Shipbuilding-100
122
Amer Tel & Tel Co
Armour & Co (Del), pf_ 100 86
Armour & Co, pref_ __ _100 74
15
Armour Leather
Bassick-Alemite Corn
Beaver Board certificates__
Borg & Beck
• 2544
Bridgeport Mach Co
* 13
Bucyrus Co, pref
100
*
Case (J I)
Central Pub Ser, Pret _100 8554
Chic City & Con RyPart share common__ *
Preferred
*
Chic Elev RY, Pref__100
;i
Chic Int Coach co mmon_ _5
Preferred
Chic Rye part ctf Ser 1
Part ctf Series 2
Commonwealth Edison 100 128
Consumers Co,pref _ _ _100
Continental Motors__ _ _ 10
Crane Co, preferred
109
Cudahy Packing,com_ _100 55
Daniel Boone Wool Mills 25 _ _ 26
100 62
Deere & Co, pref
Diamond Match
100 11034
Earl Motors Co
•
/4
Eddy Paper Corn (The)
._* 344
Fair Corp (The)
100
• 1834
Gill Mfg Co
•
Godchaux Sugar,com
Gossard, H W,pref_ _ _ _ 100 26
Great Lakes D & D_ _ _100 80
Hart,Schaff&Marx,com100
• 34
Hayes Wheel Co
Hibbard, Spen,Bart&Co.25 6515
Holland-Amer Sugar_ AO
10 19
Hupp Motor
* 44
Hurley Machine Co
100 21
Hydrox Corp,pref
100 75
Illinois Brick
Illinois Nor Ut11, Pref_ _ 100
25
Inland Steel
Internat Lamp Corp ..._.25
944
Kellogg Switchb & Supp.25
64
Libby, McNeill& Libby_10
10
315
Lindsay Light
Lyon & HealY,Inc. pref.. _
McCord Red Mfg "A".._ _• 30
*
MeQuay-Norris Mfg
Middle West UM,com_100 44
Preferred
100 82
3714
Prior lien preferred
National Leather
10
334
Pick (Albert) & Co
10 18
Pub Ser of Nor Ill corn_ _ _• 10034
Common
100 1004
Preferred
100 9236
Quaker Oats Co pref_ _ _100 9734
Hen Motor
10 1654
Standard Gas & Elec_ _50
Preferred
50 4815
Stew Warner corn
100 86
Swift & Co
100 101
Swift Internationak____15 1734
Thompson (J It) corn-25 464
Urdon Carb & Carbon_ _ _10 5354
United Iron Wks v t c_ _ _50
454
United Lt & Rys com_ _100 139
1st preferred
100 77
Partic preferred
100 894
United Paper Bd com_ _100
U 8 GyPsum
20
U El Stores pref
Wahl Co
•
Wanner Mall Cast C&.*
Ward M & Co pref._ _ _100 10914
When issued
20 194
Clam "A"
• 98
Western Knitting Mills_ _*
3
Wilson & Co corn
•
Wolff Nog Corp
• 1636
Wrigley Jr corn
25
Yellow Cab Mfg CI "S"_10 24054
Yellow Taxi Co
9134
BondsChicago City Ry 5s_ _1927
Chic C & Con Rys 58._ _ 1927
Chicago Rys 58
1927
Co mmonw Edison 58_ _1943
* No Par value.

844 8536
66
65
12115 122
854 8734
7314 7434
714 734
3115 32
17
17
2554 26
13
1345
105 105
Si
Si
85
8615
Si
SG
436 415
%
%
134 136
87
8714
10
10
Si 1
1274 128
63
63
754 734
109 109
54
55
23
2615
62
624
110 1104
34
14
33
344
10115 10144
1815 19
1234 13
26
274
79
80
115 115
33
34
6515 653.4
434 44
18
19
42
44
184 21
7514
75
8454 86
33
33
94 1034
43
43
515 61£
33
4
96
9634
28
30
18
1934
44
4434
82
83
96
9734
334 334
18
19
9934 10034
9914 10054
914 924
9734 99
1614 1631
254 264
48
4836
824 8814
100 1014
1754 1814
4534 464
5436
53
444 544
137 1397
%
76
79
88
90
14
14
54
54
9734 973.4
44
4436
20
20
10954 10944
1815 20
98
98
3
334
224 234
1644 1636
103 10314
240 245
8934 9131
7631
53%
7654
98

7754
5335
774
98

§§§§

BondsAmer Gas & Elea 58.-2007
1948
Bell TeleP 1st &a
J 1st 5s._1932
Cons Trac N,,
offp A. 1048 __63

Low.

60 2734 Jan 32 May
1,284 15
Apr
Feb 30
30 63
Feb 78
Apr
100
8
Mar
9 June
10 114 July 2014 Feb
3,761 20 June 25 May
45 49
Jan 91
Mar
550 143
Feb 240 May
15 50
Jan 59
Apr
305 5234 July 6634 Mar
1,435 4234 Feb 5934 Mar
197 424 Jan 50 ' Apr
5 June 1034 Feb
360
135 65 June 75
Jan
30 5734 July 71
Feb
400 14 June 15
July
10 4834 July 53
Feb
50 72
July 77
Jan
174 9434 Apr 62
Aug
45 79 June 937% Apr
1,991 414 June 4744 Jan
60 32
Feb
Feb 36
100 41 June 4534 Feb
2,484 274 May 3334 Jan
239 2934 May 3354 Jan
1,235 30
Jan 3314 June
256 5934 June 67
Jan
30 7034 June 80
Feb
3,250
4 June
144 Jan
45
244 Jan
134 June
275 35 June 4034 Jan
1,161 474 May 56
Apr
160 x5434 May 564 Feb
225 33
Mar
Jan 43
154 654 May 8634 Mar
15 34 May 364 Jan

Stocks-

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

00000000

30
Alliance Insurance
10 _30
31
1934 204
American Elea Pow Co...50 _20
Preferred
69
100
69
9
American Milling
10
9
114 114
American Ship
•
* _224 22
2234
American Stores
100 .. _6834 68
68
Brill(JO)Co
*
204 213
Congoleum Co,Inc
56
55
Cramp(Wm)& Sons._ _100
54
Eiee storage Battery _ _100
55
* 50
4934 50
General Refractories
47
48
Insurance Co of N A_ _ _ _10 .47
514 514
Lake Superior Corp_ _ _100
rt36
67
50.67
Lehigh Navigation
60
59
594
Lehigh Valley
15
15
Midvale Steel & Ord,new50
49
Mlnehill & SchuY1 Hay._5049
so
73
73
Northern Central
5934 62
Penn Cent Light & Pow.*
80
82
PennsYlvania Salt Mfg_ _ 50 _ _ 80
50 423.
x4234 44
Pennsylvania RR
....33
33
33
-50
(5%)
(Pitts)
Pf
Co
Dills
43
43
Preferred (cumul6%).50
25 _ _ 2915 294 2934
phna Electric of Pa
30
25
3034
Preferred
3234
mull Rapid Transit _ _ _ 50 _.32Si 32
62
6234
Philadelphia Traction_ 50
7334 7336
50
Reading Company
11-16 11-16
Tono-Belmont Devel_ _1
114 14
1
Tonopah Mining
30 37
37
3734
Union Traction
504
4934
50
Impt
Gas
United
ss% 5514
so
Preferred
34
3434
West Jersey & Sea Shore.50
66
66
50
Coal
Westmoreland
34
34
50
York Railways, pref_

Range since Jan. 1.

High.

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange July 28 to Aug. 2, both inclusive,
compiled from official sales lists. The Exchange was closed
Friday, Aug. 3, owing to the death of President Harding.

gQ.
P9'
.....
,0,00004Nt
...0.0NOO .
W100
2QQ00400006pN04§QQ020M00000000.2000,
0002.
00..
.0
.
,0VMM04..0C.M,
^.47"-.0Mb.Nt-0N0 N..00.
0=W
N00.
elep
eot
.0 Lpel
..er 0
N
2.m
00

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

Low.

Apr 80 pan
74
1,000 70
Keystone Tel 1st 58_ _ _1935
74
Aug
11,000 83 June 85
Market St Elev let 48_1955
85
83
Apr 103 W Jan
Phila Electric 1st 5s._1966 9815 98% 1004 17,300 96
1st 48 registered_ _ _ _1966
8014 8014 4,000 80% July 80% July
Feb
Apr 103
1947 -100% 1004 10015 10,000 99
5158
Os
1941 _104
104 10444 8,000 10215 May 106% Jan
Welsbach Co 58
1930
9844 984 3,000 984 June 99)4 Jan
Mat 81 11 Jan
3,000 77
West N Y& Pa gen 48-1943
78
78

M.S.

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange.July 28 to Aug. 2, both inclusive,
compiled from official lists. The Exchange was closed
Friday, Aug. 3, owing to the death of President Harding.

Range stows Jan. I.

0C00N00Q0000Q

July 62
Mar
Feb
May 84
May 95 ' Mar
June 7734 Jan
July 10214 Jan
Apr 8814 Jan
Apr 964 Mar
AD
92
Jan
AP
Jan
95
Mar 99% Jan
Apr 99% Jan
Jul 116
Mar
Mar 98
Feb

Th'clag
Last Week's Range Sales
of Prices.
Sale.
for
Price. Low. High Week.

5120wMNMN.
0200.
w0

4815 50 529,000 43
At1G&W I SS L 5s__1950 49
7914 80
4,000 7835
Chic Jet & U El Y 4s_.1940 80
1940
93% 93% 7,000 8834
is
72
72
2,000 704
E Mass St RR Ser B 581948 72
1936 100% 10014 100% 15,000 100
Hood Rubber 78
IL C Mem & B Inc 5s.1934 854 854 854 3,000 85
94% 9415 2,000 92
1929
Mass Gas 4448
1931
91% 91% 1,000 89
415s
92
934 5,500 89
Miss River Power 5s_ _1957
1932 98
9714 98
5,000 9634
New Eng Tel 5s
1944
95% 9644 5,000 91
Swift & Co 58
Warren Bros 2348..._.1937 10341 1034 104% 10,000 10214
95
96
Western Tel 58
1932
3,500 94

Stocks-

541

THE CHRONICLE

AUG. 41923.]

Range since Jan. 1.
Low.

High.

Feb
Jan
June
Feb
Jan
Jan
Mar
May
Mar
May
July
Feb
Mar
, Int
134 Feb
% July
Mar
415 July 10
841 July
yi July
118 May 13934 June
85 May 90 June
10
Jan 2414 Mar
314 Mar
34 July
1264 June 131 I Jan
Feb
61
May 70
654 June 12 I Jan
Feb
107
July 115
40 June 644 Jan
1934 May , 6234 Jan
4815 June 7414 Jan
Jan
1094 July 121
4 July
Feb
2234 Apr 40
July
Jan 106
Jan
100
1034 June 2834 Apr
July 2634 Apr
11
2434 Feb 3534 Apr
75 June 944 Feb
July
98
Jan 115
32 July 4331 Apr
Feb 66
Jan
64
614 Feb
444 June
1636 July 2534 Mar
4114 July 45 June
1844 July 3254 Apr
60
Apr 984 Jan
83 June 864£ Mar
32
July 5015 June
Apr
8 May 32
3944 July 43 June
5 July
834 i Apr
244 May
444 Jan
96
July 10136 Mar
Apr
26 June 39
Apr
1034 May 26
Feb
3634 May 53
8034 July 864 Jan
Jan
96 June 104
334 June
844 Feb
3614 Mar
1734 Jul
9934 May 1034 Apr
9936 June 1034£ Apr
Apr
9134 May 99
Jan
85 June 100
1131 Jan 20 May
174 Jan 3214 Mar
4634 June 5134 Apr
744 July 1244 Apr
984 June 10954 Jan
16 June 2154 Jan
4334 June 52 June
5151 July 6734 Jan
44 Aug 1334 Feb
Jan 164 May
71
AP:
6934 July 94
8035 July 9934 Mal
14
July 1844 Aln
51
July 7534 Mar
9214 May 9844 may
43
July 5834 J1113
Alo
20 June 31
9554 Feb 112 JUD!
1834 May 2534 Feb
API
Jan 104
93
24£ July 104 Max
224 July 27 June
12 June 3534 Mar
Apr
Jan 114
100
Ape
222 June 296
TO% Jan 9834 Apr

844
59
120
8434
71
734
2734
15
2215
13
105
44
8454

July
June
July
June
June
Apr
Feb
Feb
May
July
July
July
July

197
74
12434
108
96
10
3944
25
3214
164
105
444
90

114

7654
47
7614
204

Aug 8336
Jan 6534
Aug 8214
May 10554

Mat
Mal
Mat
Ma)

Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange July 28 to Aug. 2, both inclusive,
compiled from official sales-lists. The Exchange was closed
Friday, Aug. 3, owing to the death of President Harding.
Stocks-

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

Am Wind Glass Mach. _100 84% 8415
Preferred
100 90
90
Arkansas Nat Gas, com-10
534
5%
Columbia Gas & Elm _ _ _ ..* 33% 3344
Commonwealth Trust See Note below
Jones-Laughlin, Pref _ -100
109
24)4
Lone Star Gas
25
Mfrs Light & Heat
5115
50
Nat Fireproofing. corn_ _50
61£
1534
Preferred
50 16
12
Ohio Fuel on
1
Ohio Fuel SuPPIY
25 31% 31
Oklahoma Natural Gas_ _25 19% 19

8414
90
615
3345
109%
25
52
645
16
12si
31%
20

195
270
1.577
100

Range since Jan. 1.
Low.
78
90
514
33%

High.

Mar
July 95
June 107% Mar
Jan
July 10
Aug 11214 Feb

40 1064 Mar 10915 July
Feb
390 23 May 27
May 60
Feb
90 51
6
July
150
815 Feb
150 1414 July 1815 Feb
45 12 May 1815 Feb
July 3654 Mar
300 30
1,160 18% Mar 36% Mar

Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Lew. High. Shares.
Pittsburgh Brew,com_ _50
50
Preferred
Plttsb & Mt Shasta Cop__1
Salt Creek Consol OIL _10
Union Natural Gas
25
Weerhouse Air Brake__ 50
%Mouse El & Mfg,com_50

554

56

254
5%
110
7%
27
80
56

25.4
854
11c
8
27
8134
56

484
35
1,000
475
285
582
10

Range since Jan. 1.
Low.
1%
531
10c
751
2356
76
50

High.

2%
May
8
May
June 28c
Aug 17%
Feb 27%
July 120
July 69%

Jan
Mar
Jan
Apr
July
Feb
Mar

BondsJuly
84,000 88% Mar 80
75
75
1955
IndeP Brewing 68
•No par value.
Note.-Sales of Commercial Trust Co. stock, reported here last week and also in
previous weeks, should have been Commonwealth Trust Co.

THE CURB MARKET.
Curb securities at the beginning of the week were under
pressure and the trend of prices was downward. Wednesday's and Thursday's markets, however, showed a turn for
the better, the improvement holding through to the close.
The Exchange was closed on Friday owing to the death of
President Harding Thursday night. Oil stocks were the
feature both in the downward movement and the succeeding
rally. Standard Oil (Indiana) was heavily traded in, down
5 and up to 51%,the final transaction
at first from 51% to 49%
being at 503'. Continental Oil lost over two points to 333/i
and sold finally at 34. Cumberland dropped from 109 to 103.
% and recovered to 51.
Ohio Oil moved down from 55% to 493
Prairie Oil & Gas was off at first from 175% to 170, advanced
to 177 and rested finally at 174. Standard Oil (Kentucky)
after early loss of three points to 87 rose to 89, the final
transaction being at 88. Vacuum Oil declined from 42 to 40
but recotrered to 423g. Magnolia Petroleum after loss of a
point to 1293 sold up to 135. Industrials were very quiet.
Cleveland Automobile, common, advanced from 263' to 28.
Durant Motors weakened from 443/i to 42. Gillette Safety
4,sank to 2423' and sold
Razor advanced from 245 to 2463
finally at 244. Glen Alden Coal declined from 703'I to 66
and finished at 66%.
Below is a record of the transactions from July 28 to Aug. 2,
both inclusive, as compiled from the official lists. The Exchange was closed Friday, Aug. 3, owing to the death of
President Harding. As noted in our issue of July 2 1921, the
New York Curb Market Association on June 27 1921 transferred its activities from the Broad Street curb to its new
building on Trinity Place, and the Association is now issuing
an official sheet which forms the basis of the compilations
below.
Sales
!Thurs.
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.

Week ending Aug. B.
Stocks-

Indus. & Miscellaneous.
351
Acme Coal Mining, new.10
Alumna Mfrs, pref
100
Amalgam Leather, com__• 15
Amer Cotton Fabric,Pf.100
Amer Gas Jr Elec, com_ •
30
Preferred
2151
Amer Multlgraph w I
• 2234
Amer Stores, new
331
American Thread, pref_ 5
Archer-Daniels Mid Co_ •
Armour & Co ot Del. pf.100
•
Atlantic Fruit Co
Bridgeport Machine Co_•
Brit-Amer Tob ord bear.£1 2234
31 224
Ordinary
British Int Corp. class A •
•
Class B
10
Brooklyn City RR
•
14
Buddy-Buds. too
Campbell Soul), pref-_100
Sugar,
com_10
Teresa
Cent
10
Preferred
Centrifugal Cant Iron Pipes 154
Checker Cab Mfg, class A *
Chic Nipple Mfg Class A.10
10
35/1
Class B
100 107
Childs Co,pref
133
-100
cum-Service,
Cities
100 8434
Preferred
10
Preferred B
83
scrip__
Cities Service,stock
77
Cash scrip
1351
_•
eh_
bankers'
Serv,
Cities
Cleve Automobile. com__• 28
Colombian Emerald Synd_
Colorado Power, com _ _100
203
Congoleum Co. corn_.100
•
2c
Cuba Co
Curtiss Aerord & M.0-100
Del Lack & West Coal_ _ 50 87
834
Dubiller Condenser & Rad•
. 42
Durant Motors, Inc
___10
Durant Motors of Ind
Eaton Axle & Spring 00-- 8
100 97
Fajardo Sugar
5
Federal Tel & Tel
Mllette Safety Razor ____• 244
• 8834
Men Alden Coal
Ioodyear Tire & R,com100 104
•
Ieyden Chemical
audson dr Man Rli.com 100
3%
'atercontinental Rubb_100
10
24
Keystone Solether
Kup'h'mer(B)& Co,com.5
Lehigh Power Securities_ _•
Lehigh Valley Coal Sales 50
50
Lucey Mtg. Clans A
Lupton(FM)Pub,cl A..'
16cCrory St, new com w 1_•
•
6
desabi Iron Co
• 15
11Idvale Co
__
*
OnnWnenwanv inn




[Vol.. 117.

TITE CHRONICLE

542

300
334 354
100
103 103
100
15
15
100
101 101
800
3434 3551
42
100
42
400
2151 2134
2254
500
22
331 331 1,400
25
100
25
500
854 8654
14 14
100
13
1334
600
2254 2234 3,700
224 2254
200
1534 1854 1,100
13
300
1334
800
831 934
lliz 14 1,300
300
10534 10834
1300 880
300
251 234
200
900
1334 1534
35
35
100
434 451
200
334 1,000
3
107 107
35
130 13454 . 80
8434 85
1,800
100
574 5%
90 $573734
83
77
77
83,492
1354 1356 1,500
400
2836 28
2c
2c
2,000
18
19
45
50
202 205
3456 3494
500
200
30
30
100
87
87
6
894 1,800
44
1,800
42
400
104 11
2534 2751 2,200
10
97
97
831 851
200
440
24234 24834
8834 1,800
66
104 3.900
10
100
194 194
300
9% 10
3% 4
1,700
100
234 254
100
25
25
200
1931 1994
200
7554 76
200
4
3
200
144 15
100
44
44
6
654 1,100
1,300
1531
15
1,300
3144 34

Range since Jan. 1.
Low.

High.

351 June
100
Feb
14
July
994 Mar
31 June
40
July
2151 Aug
2051 June
334 Feb
25
J1 I,.
8434 July
151 June
13
July
1951 Jan
1934 June
12
July
1154 Apr
734 Jan
ilis June
10534 July
50e July
234 Feb
10
Jan
34 June
231 Jan
251 May
107
Aug
131) June
84 June
5% June
72 June
74
July
134 June
2434 July
2c Aug
18 June
114
Jan
3434 June
21
Jan
82
Jan
434 Jan
3754 May
851 July
2334 July
97
Aug
351 Apr
238 June
58
Jan
94 Mar
151 July
8
July
334 July
I
July
25 May
1751 July
7554 Aug
3
July
13
Jan
4054 May
6 A g.
1154 June
3154 July

8 May
10334 Mar
1934 Apr
102
Mar
4894 Mar
484 Feb
23
July
25 May
4
Apr
4051 May
9954 Feb
234 Feb
1856 May
2334 June
2334 June
1734 Feb
1854 May
1034 Mar
134 Feb
10934 Feb
234 Mar
5
Feb
1'34 July
8854 Feb
834 June
3% duly
107
Aug
Feb
195
70
Mar
1334 Mar
102
Jan
77
July
1934 Feb
3454 Apr
450 Jan
2534 Mar
232 June
3834 June
Mar
37
9134 June
1334 Apr
84
Jan
2534 Jan
3054 May
121
May
7
Jan
Apr
292
7551 Apr
18% May
236 Feb
1254 Feb
1334 Jan
34 July
30
Mar
25
Mar
90
Jan
Jan
20
22
Jan
45 June
124 Jan
2151 Apr
4254 May

Thurs.
Sales
for
Last Week's Ran
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Nat Surly Co(of Del)mm 50
New Mex &Arizona Land 1
N Y Tel 854% pref... 100
Paige-Detroit Motor Car 10
Patterson Bros Tab,Cl A-•
Peerless Truck & Motor.50
Pyrene Manufacturing_ _10
Radio Corp of Amer,corn •
Preferred
5
Reading Coal Cowl
tteo Motor Car
10
Repetti, Inc
Roamer Motor Car
Rosenb*m Or Corp. pf__50
Shelton Looms, com
•
Southern Coal & Iron___ _5
Stolz Motor Car
•
Swift dr CO
100
Swift International
15
Tenn Elec Power,corn- _•
Timken-Detroit Axle, pref.
Tob Prod Exports Corp...*
Todd Shipyards Corp....•
United Profit Sher, new._1
Ur. Retail Stores Candy__•
Founders shares
•
Unit.d Shoe Mech. com_25
U S DIstrib Corp, com_50
S Light & Heat. corn...10
Universal Pipe & Rad,w1_*
100
Preferred
W tyne Coal
5
Western Pr Corp, com_100
Rights.
Reading Coal w 1
Former Standard Oil
Subsidiaries
Anglo-American Oil..._ LI
Borne, Scrymser & Co_100
Buckeye Pipe Line
50
Chesebrough Mfg
100
Continental 011
100
Crescent Pipe Line
25
Cumberland Pipe Line_100
}clunks Pipe Line
100
Galena-Signal 011, com-100
Humble On de Refining-25
Illinois Pipe Line
100
Imperial 011(Can) coup_25
Indiana Pipe Line
50
Magnolia Petroleum__ 100
National Transit_...12.50
New York Transit
100
Northern Me Line_
100
Ohio 011
25
Penn Mex Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
southern Pipe Line100
South West Pa Pipe L_ _100
Standard Oil (Indiana)...25
Standard 011 (Kansas)..25
Standard Oil (Ky)
25
Standard Oil of N Y
25
Swan & Finch
100
Vacuum Oil
25
Other 011 Stocks
Ark Natural Gas, com_10
Atlantic Lobos Oil, com__*
Barrington 011 Co class A10
Boston-Wyoming 011_ ___1
Carib Syndicate
Creole Syndicate
5
Derby Oil& Ref Corp corn'
Preferred
Engineers Petroleum Co 1
Equity Petrol Corp. pref..
Esmeralda 011& Gas
1
Federal 011
5
Gilliland Oil, common_ _ _ _•
Glenrock 011
10
Grenada 011 Corp, Cl A-10
Gulf Oil Corp of Pa
25
Hudson Oil
1
Humphreys 011
35
International Petroleum..'
Interstate Royalties Corp_l
Keystone Ranger Dove_ _1
Kirby Petroleum
•
Lafayette 011 Corp
Lyons Petroleum
1
Margay Oil Corp
•
Marland 011 of Mex
1
Mexican Eagle 011
5
Mexican Panuco 011____10
Mexico 011 Corp
10
Midwest Texas 011
1
Mountain & Gulf 011
1
Mountain Producers...-10
Mutual 011 vat trust ctts„
New Bradford 011 w
Noble(Chas F) Oil dc Gas-1
Omar Oil& Gas
10
Peer 011 Corporation
•
Pennsylvania-Beaver 011_1
Fennok 011
10
Royal Can 011 Syndicate..
Ryan Consol Petrol Corp_•
Salt Creek Consol Oil__ _10
Salt Creek Producers...10
Santa Fe Oil& Refining__5
Sapulpa Refining
5
Seaboard Oil& Gas
South Petrol dt RefIning..5
Southern States Oil
10
Texas Ranger
Tidal-Osage 011
10
Turman Oil
1
Ventura Consol Oil Fields 5
Wilcox Oil & Gas
1
"Y" 011 dc Gas
Mining Stocks.
Alaska-Brit Col Metals...1
Alvarado Min & Mill_ _20
1
Arizona Globe Copper
Belcher Divide
10c
Belcher Extension
10c
Butte & New York
1
Butte & Went Min Co_
1
Calaveras Copper
5
Caledonia Mining
1
Canario Copper
1
Candelaria Sliver
1
Onnaol Copper Mines _ -5
Consol Nevada-Utah Corp.

4
110
31
3
351
18%
1

1454
100%

49%
551

134
1%

2134

1456
88
34
18
10051
58%
158
97
97
135

51
174
995.1
107
5034
414
88
3751
33
4274

4
3
8
28
8c
13%
51c

78e
50%
8c
39%
15
98c
7c
2
151

451

151
1356
851
354
10c
58c
154
11%
34
351
15%
5
231
2
1431
780
2354
554

1%

8c
700
1%
2.

5134 52
2% 4
109% 11031
19% 20
856 834
31
3234
956 9%
2% 354
354 3%
4554 4651
18% 18%
1
1
10
1054
48
48
19
19
15c 20c
1454 1454
100 101%
18
18
12
12
83
83
3% 3%
49
5054
551 554
54 556
44 43.4
33% 36%
20
20
13/1 151
124 1254
57
57
1% 1%
28
20
2054 2134

Range since Jan. 1.
Low.

8,200

14% July

14
1451 2,800 14
131 131
10 108
8554 88
100 80
223 225
40 207
3355 3534 1,700 3354
80 1531
1756 18
103 109
40 tii5
10034 10054
35 95
315 55
8051
58
1.100 2954
2951 31
158 159
135 15554
9314 9734 1,185 92
97
9754
50 93
12954 135
450 125%
23% 2334
100 224
98
98
25 97
104 104
10 97
4834 554 4,900 4854
14
14
100 14
170 178
855 170
9951 100
1,595 19 454
180 180
10 170
100 113
405 100
20 93
96
98
10 8854
80
80
4954 5154 85,500 49%
3954 4134
800 39
87
8951 2,800 u80
3854 3754 11,200 354
32
33
25 21
40
4231 21,200 40

3
1054
80c
3%
251
8
28
Sc
1351
lc
51c
3%
70c
1
5051
8c
3554
14%
90c
8c
1%
154
1330
80c
1%
4%
80o
1330
12o
134
12%
854
354
10c
58o
151
154
11%
2%
354
754
15%
2%
1%
3c
12%
lc
7%
88c
23%
5%
10c

84
354
1054
850
451
3
8%
34
13c
14%
lc
54c
334
78c
14
51%
8c
3951
1534
970
90
2
131
83c
60e
2
454
70c
70c
13o
14
1354
9%
351
10c
820
2
154
12
331
351
8
15%
554
254
234
3c
14;4
lc
754
800
2354
5,4
100

I

High.

700 504 May 70% Mar
474 Mar
2% Mar
3,600
112 Jan
400 108 June
Apr
Feb 24
400 14
100
83.4 July 15% Apr
Jan
80
June
400 31)
Jan
Mar 11
9
100
431 Mar
251 June
8,700
31"up Apr
2119 Jan
3,900
July 50% May
200 39
2,000 134 Feb 2054 May
Jan
2
85o June
600
July
951 July 11
900
100 4754 July 5451 Mar
300 1854 June 2731 Mar
7,000 Ho July 500 May
June 24% Jan
300 14
Feb
30 98 June 109
June 21 Feb
200 17
Mar
19
July
100 12
Mar
July 91
10 83
8% Mar
251 June
200
May
July 80
450 47
Apr
7
4% Jan
100
8
Mar
Jan
2,900
5
Mar
9
3% Jan
200
Mar
300 n3356 May 68
100 20 June 30% Jan
I
234 July
Jan
200
700 12% July 20% Apr
Apr
July 72
200 57
234 Jan
134 June
1,400
July 42% Jan
10 28

600
1,000
800
1,500
3,800
2,300
800
1,100
8,000
300
2,000
700
300
5,800
1,400
5,000
12,100
2,700
7,300
1,100
19,150
200
3,200
500
300
1,900
100
300
3,200
5,000
100
8.000
37,400
3,400
18,000
2,900
200
8.000
3,700
2,800
1,300
300
5,200
4,700
400
5,300
1,000
7,500
4,000
100
5,800
400
11,000
7,000

1% 154
700
354 354
200
12c 15c
4,000
lc
it
2,000
4c
60 290,000
2c
2c
1.000
70c
15‘ 5,300
2
2
1,000
8c
8c
2,000
154 134 3,800
8c
70 10,000
1111s 2% 5,900
7c
1,000
70

June
Jan
May
Jan
Aug
June
Jan
Jan
July
July
June
July
June
Apr
July
July
June
July
July
July
July
June
July
July
Jan
Aug
July
Jan
Jan
Jan
Jab,

July
5
2% May
1034 July
713c June
354 June
254 Jan
Aug
8
28
Aug
3c June
1351 Aug
lo May
500 June
3
Jan
50o June
1
Aug
50
July
7e May
27 June
14
July
900 Aug
60 July
1% Apr
75c June
(30c June
80c July
1% Jan
4% July
50c June
550 July
50 Jan
134 June
1254 July
854 Aug
354 July
100 Jab'
180 June
1% Jab,
90‘) June
94 Jan
2% Aug
331 Aug
754 Aug
1551 July
451 May
2% July
15( Aug
lc May
124 May
lc
Jan
754 Jab'
130o June
23% July
5% Aug
7c June

1% June
254 Jan
100 Feb
lo July
2o Mar
2o July
70o Aug
2 Jun
13c Ma
131 Jun
5c Jun
1111s July
7c Jul

2331 July

1951
150
94
235
60
2854
188
117
79%
41%
171
123
103
188
29
138
110
854
25
224
333
212;4
198
118
885(
8954
57
133
49%
39
5551

May
Mar
Jan
Mar
Feb
Feb
Jan
Apr
Mar
Mar
Feb
Feb
Mar
Jan
?eh
Apr
Feb
Feb
Feb

Apr
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Feb

Mar

094 Mar
17
Jan
11;1 May
A
1vab
rr
%
1
54 Fe
18% Apr
4954 Mar
50 Jan
21
175:
Apr

3698
3
180

May
Jan
Feb
ary
a31
Jan

Feb
3JJanaDan
:
400
1
4
24
14 June
24 Apr
456 June
$3
n
Feb
jan
:
10
3
10
0
2"i. Mar
M
Fear
20'
11b
154 Mar
551 May
300 Jan
MAAppar
:
ar
:
11453
1'ii M

734 Mar
6% Mar
Feb
Feb
2594
2154
b
13% Mar
414 Mar
Apr
4
130 Jan
Mar
2
10 Jan
b
26%
1334
Apr
1051Jan
j
30
200 Mar
251 Mar
855 Mar
abr
Fe
5a
ce NI
865
5
$0c
43

Jan
Mar
a
p
r.
M
A
Is

jjanan
3
1820
0om Feb
434 Mar
15o Jan

THE CHRONICLE

AUG. 4 1923.1

Mining Stocks

Sales
Theirs.
Last Week's Range for
Week.
Sale. ,of Prices.
Par Price. Low. High Shares.

Range since Jan. 1.
Low.

High.

4% 5
414 Jan
5% June
200
Continental Mines. Ltd-- -----50 July 15c
90
90
Jan
100
9c
Cork Province Mines__
660 68c
1% Mar
12,100 82e Apr
1 68e
Oirtez Silver
2
Apr
3
314 2,300
34
3% Apr
Cresson Con Gold M & 56.1
100 32e Feb 720 Apr
54e 54e
1 54c
Crown Reserve
40 June 13c
40
Jan
50
2,000
50
1
Divide Extension
Ilis iii 1,400 Sill, June
2% Jan
Dolores Esperanza
80
70 July 370
00
Sc
Jan
4,000
1
Eureka Croesus
15c 20c 13,000 15c July 740
19e
Jan
Fortuna Cons Mining
8c
100 18,000
70 Apr 24e
Jan
Goldfield Deep Mines._.5c 100
70
7c
4e
Jan 34c
8,000
12c
Jan
Goldfield Development_ _ _
47e 50e 10,100 290
Jan 760 Feb
1
Goldfield Florence
430 440
Jan 57c Mar
3,000 350
1 43c
Goldfield Jackpot
lc
Jan
20
lc
Jan
8,000
6c
Goldfield Oro Mining
230 270
10,00 23e Aug 30c July
Gold Road Annex M
20
20
2c June lie Feb
9,000
Gold Zone Divide
30
3c
Jan
3c
130
6,000
Jan
Hard Shell Mining
4c
40
20 June 10e Mar
100
1,000
Harmill Divide
7
74 2,300
514 July
Mining
25c
9% Apr
Hada
110 25c 28,000 Ile !July
18e
llhs Feb
Hilltop-Nevada Mining_ _ _
11% 11% 1,300 11% June
Hollinger Con Gold Mines 5 11X
83c 830
400 58c Feb
Homeatake Ext MM Co_ _1 83c
88e July
3
334
3%3
1,300
1
294 Jan
Howe Sound Co
4% Mar
350 42e
38c
17,000 16c June 48e Mar
Independence Lead Min_ _1
230 230
23e
1,000 230 July 380
Jan
Iron Blossom Cons Min_ _1
2
23,g
Apr
1,200 95c
3% Feb
Jerome Verde nevelop't_ _1
July
214 2%
2
200
5
354 Jan
Kerr Lake
30
30
20 Mar
9,000
Kewanaa
1
8e
Jan
2c
20
Sc May
8,000
Knox Divide
10c
70 Apr
30
40 17,000
2c June 10c
Jan
Lone Star Consolidated_ _1
lc
20
lc
IC Mar
3,000
Jan
MacNamara Crescent Devi
6e
20
20
lc June
3,000
MacNamara Mining
1
7e
Jan
70
Jan 15c
70
6c
1,000
Marsh Mining
1
Jan
14 14
June
100
234 Mar
Mason Valley Mine
5
10e
lie
11c
14,000 10c June 32c
National Tin Corp
Jan
50c
140 14e
60 June 20c Mar
1,000
1
Nevada °pi*
17% 18
200 16% June 2414 Mar
New Cornelia
24 3
24 Jan
2,100
4% Mar
New Dominion Copper__ _5
150 150%
80 148 June 1804• Mar
New Jersey ZInc
100
500 51c
Jan 75e June
1,000 300
N Y Porcupine Mining_ _
634 5%
414 July
900
Nipissing Minos
5
634 Mar
60c 69e
Jan
14.600 370
1 660
Ohio Copper
1.16 Mar
2% 214
100
234 July 3% Apr
Premier Gold
80c
1
4,300
80e Aug
2% Mar
5
Ray Hercules, Inc
20
20
2c
lc May
2,000
8e Mar
Red Hills Florence
300 30e
300
1,000 25e July 68c
Apr
Red Warrior
2c
20
lc July
1,000
Sc
Feb
Rex Consolidated Mining _1
1
1
1
300 80c May
1;4 May
St Croix Mince Corp
30
4c
3c Aug 25e
11,000
Apr
Silver King Divide (reorg).
15c 17c
16c
6,300 10c May 400 Feb
Silver Mines of Amerlea_ _
258 35c
9,000 250 July 50c Feb
Silver Queen Mining Corp. 350
26e 26e
2.000 210 Feb 50c
1
Simon Silver Lead
Apr
314 34
3%
400
2% July
South Amer Gold & Plat _1
414 Mar
90 140 140.000
14c
40 Mar 31e June
Spearhead
3c
3c
20 July
3,000
1
Stewart Mining
Jan
80
35e 35e
2,000 32e July 88e
1
SIMMS Mining
Jan
30
3c
1,000
Superstition Consol
1
30
Jan
160 Feb
30
30
30
1,000
3c June
Tarbox Mining
Apr
8c
Pie
Pis
5,100 81c
1
Teak-Hughes
Jan
14 May
88e 70e
1,300 71c July
Tonopah Belmont Divide 1 680
law Jan
50c 52e
1 50c
48e July 89c Mar
4,200
Tonopah Divide
111i4
15
Tonopah Extension
2,200 1% June
Mar
4
law
1
1,200
law Jan
Tonopah Mining
2% Jan
lc
it
1,000
lc Aug
Tonopah North Star
Apr
60
12c
12c
1
4,000
Tuolumne Copper
8c June 07e
Feb
1111
. 17,400
111, Aug
United Eastern Mining.._1
2an Feb
96c 98c
4,000 600 Mar 98c
United Imperial Mines _ _ _1 98c
Aug
900 264 Jan 38% Apr
Milted Verde Extension_50 29% 294 3014
220 28e 23,000 13e
280
Apr 280 July
LIS Cont Mines
314 3
34
3
500
Unity Gold Mines
5
July
514 Mar
55e 58e
580
500 28c June 57c July
Wenden Copper Mining _
79e 830
5,600
West End Consolidated...5 83c
76e July
14 Jan
lc
1,000
lc
End
West
Extension Min _
lc May
Jan
6c
150
15c
15c
6,000 150 July 550 Feb
Western Utah Copper.._ _1
2714 27,4 274
100 19% Mar 35
Yukon-Alaska trust ctfs_ _
Apr
1
114
5
700 75c
Yukon Gold Co
Jan
VII Apr

114

---

Bones
Allied Pack 68, Ser B._1939
Cony deb Its
1939
Aluminum Cool Am7s1925
1933
78
Amer Cotton 0116s._ _1924
Amer G & E deb 68_ _2014
Amer Rolling Mill(ls_ _1938
Amer Tel & Tel 65_ _1924
Amer Thread Os
1928
Anaconda Cop Min 6s.1929
Anglo-Amer Oil 74s 1925
Armour & Co of Del 5940'43
Assoc Hardware 6948_1933
Atl Gulf& W I SS L 59.1959
Beaver Board 8s
1933
Beth Steel equip 7,3_1935
Canadian Nat Rye 78_1935
1941
Central Steel ge
Charcoal Iron of Am 881931
Cities Service 7s,ser B 1966
1966
7s, series C
1966
78, series D
Columbia Graphoph 8s '25
Cons GEL &P Bait 6s '49
1952
5%5
1931
is
1941
Cons. Textile 81
Cuban TeleP 748.. _ _ _1941
1931
Deere & Co 7%s
Detroit City Gas 6s...1947
Detroit Edison 68_ ..1932
Dunlop T& Rot Am 78_1942
Federal Land Bk 445_1953
1933
Federal Sugar Os
Fisher Body Corp 6s...1925
1926
65
1927
es
1928
6s
75_1937
Co
(Robert)
Gair
Galena-Signal 011 7s 1930
General Asphalt 841_ -1930
General Petroleum 60_1928
Grand Trunk Sty 6145_1936
1937
Gulf 011 of Pa Es
K80888 Gas & Flee 68_2022
Kennecott Copper 78_1930
Lehigh Power Sec 6s_ _1927
Libby Mc Neill& Libby 78'31
Liggett-Winchester 75 1942
Louisv Gas& Eleo 5s. _1952
1941
Manitoba Power 7s
With warrants
1930
Morris & Co 7%s
National Leather 841..1925
New Orl Pub Serv 5s _ _1952
1952
Ohio Power 58
_1952
Penns P & L 5s B
Philadelphia Elec 514s 1947
Phillips Petrol 7;4s-1931
Without warrants
Public Sexy Corp 78_ _1941
Pub Serv Eleo Pow 69_1948

52 _
10394
10614
9294
1009-i
101%
102%
87%
94
10234
10794
106
88

107
100
9934

97%
989-4
9734
9514
104
96
105%
9494

1099311
88
9934
984
9794
824
869-1
8714

58
6194 $10,000
52
53
16,000
103% 1034 18,000
106
106%
5,000
924 9214
2,00
9214 92% 14,00
98
9814 10,00
20.00
100% ioo
unu 102% 3,00
10114 10114 23,00
10214 10214 7,00
8714 8894 125,000
94
9534 40,000
49% 50
29.000
78
78% 14,000
1024 10294 22,000
10714 10734
1,00
107;4 1074 6,00
9214 9234 2,000
106 106
2,00
8934 90
8,00
88
88% 13,00
16
1,000
16
103% 103%
1,000
98
98
3,00
106% 107
12,000
94% 94% 5,00
105% 106% 14,00
100 1004 10,00
994 9914 46,00
10194 102
11,00
944 95% 12,00
1,00
9914 99%
974 9714 52,000
100% 100%
1,00
97
98% 25,00
97.14 97% 11,000
97
97% 25,000
9514 9514 22,00
104 104
6,00
9914 10034 9,000
95% 96
12,00
105% 10514
5.000
944 9414 15,00
84
84
1,00
103% 103% 27,000
6,00
91% 92
99% 100% 11,00
103 103% 9,000
87% 88
14,000
2,000
99% 9914
100 100
1,00
98
98;4 16,000
97
974 22,000
30,000
824 83
86% 874 23,000
87% 8714 18,000
1,000
10014 10034

58
July
514 July
10214 Apr
105% July
85
Feb
914 July
97
July
100% Aug
101% May
1004 July
101% July
84% July
94
Aug
43% July
65% Feb
1024 Jan
1064 May
106
Feb
90
July
106
Aug
89
Jun
87
July
15
July
100% Apr
97
Apr
105
Apr
94
June
105
Jan
9814 Mar
9914 June
100
June
94% July
98% July
9634 June
9894 Mar
97
July
96
May
9434 Mar
94
July
103
June
99
June
95 June
1034 Apr
93% Mar
84
July
10114 July
91% July
97
July
101;4 Mar
86
Mar
95
Jan
97
Jan
98
Apr
954 July
81% July
8494 Apr
86
Apr
9814 Apr

8414 Jan
76% Jan
104
Jan
1064 Feb
9694 Jan
9794 Jan
10014 Jan
10194 Jan
103% Mar
103% Feb
10394 Jan
9694 Jan
984 June
Mar
62
82% June
103
Feb
110% Jan
10834 Apr
Mar
97
Mar
130
96% Apr
934 Jan
Jan
30
103X Jan
Jan
100
10834 Feb
Feb
106
Jan
107
103% Feb
101% Jan
Jan
104
9714
100% Apr
98% May
1004 June
Feb
100
9911 Feb
9814 Feb
994 Jan
10514 Mar
Jan
105
98
Apr
Jan
107
974 Jan
86;4 Feb
10554 Jan
July
92
1024 Jan
104
May
91% J80
102% Feb
1034 Feb
106% Jan
J80
102
89% Mar
Jan
92
90% Jan
1024 Jan

2,000 97
98
98
98
July 10314 Feb
101% 102% 25,000 1014 May 104% Feb
101
97% 9634 97% 54,000 96% July 98% May




543
Thurs,
Last Week's Range Hales
for
Sale.
of Prices.
Price. Low. High. Week.

Bonds (Concluded)Resuilni
,Co 414s w 1
5s w 1
Sears, Roebuck & Co 75'23
Shavzsbeen Mills 7s_ _ _1931
Sloss-Sheffield S& I 631929
Solvay & Cie 89
1924
South Calif Edison 53_1944
Stand Oil of NY 6148_1933
7% serial gold deb 1925
7% serial gold deb_ _1926
7% serial gold deb_ 1927
7% serial gold deb1928
7% serial gold deb _ _1929
7% serial gold deb__1930
7% serial gold deb...1931
1931
Sun Co 7s
6s
1929
Swift & Co 5s_ _Oct 15 1932
Union 0116s,ser B_ __ _1924
1925
Serial Os
United Oil Produc 8s_1931
United Rys of Hay 74s'36
1936
Vacuum 011 6s

100
104
10494
903-1
10714
1033-4
1054
107
106

91
90
105X,
106

5614
9014
100
104
97
104
9014
10614
10234
104
10434
1063-4
1059-6
1059-1
1073-i
100
9714
9094
100%
100
91
10594
1053-4

873-1
90X
100
10434
97
10414
9034
1074
10334
105
1054
107

107%

107
1079-4
101
974
91
10034
100
94
10614
106

Ranye since Jan. 1.
Low.

15,000
9,000
1,000
4,000
3,000
13,000
7,000
34,000
7,000
9,000
3,000
3,000
8,000
29,000
4,000
7,000
2,000
36,000
7,000
12,000
34,000
28,000
10,000

Foreign Government
and municipalities
100 1004 $11.000
Argentine Nation 78_1923 100
364 364 4,000
Italian Coll 5s
31,000
Mexico 45
1945 3314 3334 36
119-1
119-1 119-1 5,000
55
5314 5594 30,000
539-1
13s 10-year Series A
56,000
Netherlands(Kingd)6sB'72 1013-1 10114 102
984 9814
2.000
Peru (Republic) 89_1932
114 1194
1,000
Russian Govt 645_1919
5,000
Certificates
10
1034
Russian Govt 54s - _ _1921
Certificates
1014 1014
1,000
Switzerland Govt 54s.1929 99
984 994 39,000
Eve, 50Z, e notea _ 1028 9744 97% 07%, 13.000

8 1 34
87
100
10354
96
104
87
1044
102
103
103
1044
104
10114
10514
100
97
8994
wog
9914
894
1044
10534

High.

July
July
Aug
May
Feb
Mar
Mar
Apr
June
Anr
Apr
Apr
Apr
Feb
July
June
Mar
May
July
June
June
Apr
June

884
91
10194
1054
9814
10534
9744
10714
1069-4
106
10734
10734
1104
1093-4
110
103
984
94
10014
1004
10614
107
10794

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

9934 June
364 July
3394 Aug
113-i Aug
534 Aug
9734 Mar
97
Feb
93-4 Jan
Jan
9
94 Jan
9% Jan
984 Aug
9794 Ault

10014
3914
4434
1914
633-4
102
10094
1634
1694
15
16
104
9714

Jan
Feb
May
May
May
June
Apr
Feb
Feb
Feb
Feb
Jan
Aug

•No Par value. k Correction. m Dollars per 1,000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. u Ex 66 2-3% stock dividend. r Ex 100% stock dividend. s Option sale.
I Ex 200% stock dividend. w When issued. SEX dividend. y Ex rights. SEX
stock dividend. fl Ex stock dividend of 40%

New York City Banks and Trust Companies.
All plus dollars per snare.

N.Y.
aainka-*N1
::
B 22141
7
sxch__ 288
o
m
,
e
ve
rryE
14
80
0
attery Park_ 4
roadwayCen
ronx Boboronx Nat...
ryant Parks
utch & Drov
ant Mercan_

Ask
232
295
188

115
20
5
17

140

160
130
5
3
20
40

170
138
215
345
260
80
535
222

Chase
Chat & Phen.

140

255
Chelsea Each, 60
Chemical.... 525
Coal & Iron__ 214
Colonial s____ 375
Columbia.... 290 566
Commerce... 289 291
Com'nwealth• 235 245
Continental__ 135
Corn Each- 428 434
Coamop'tan,
_ 110 120
Mast River- 204
Flit!) Avenue'1200
Fifth
235
12
20
Finn
25 1215
Garfield
250 265
Gotham
184 190
Greenwichs
290
675 085
Hanover

Banks
ma
Harriman___. 325
Manhattan'. 145
Mech Ac Met_ 389
Mutual*
320
Nat American 135
National City 345
New Neths
130
Pacific •
300
Park
415
Port Morris
160
292
Public
Seaboard _
360
Seventh Ave_ 88
Standard •___ 175
335
State*
Tradesmen's• 200
3d Ward'... 270
United States* 160
Waah'n Inas_ 200
Yorkville•
850

Brooklyn
Coney Islands
First
Mechanics' •_
Montauk *Nassau
People's

155
320
130
170
225
160

Ask
335
148
393
___
145
350
140
___
420
___
298
___
98
190
350
___

Ask
Trust Co.'. BM
New York
American_ ___
_
Bank of N. Y
& Trust Co 463 469
Bankers Trust 352 355
Central lJnlo 464 468
Commercial__ 105 115
305 315
Empire
Equitable Tr_ 190 192
Farm L & Tr_ 527 535
195 205
Fidelity Int
Fulton
255 265
Guaranty Tr_ 249 253
205 215
Hudson
Irving Bank
ColumblaTr 216 219
Law Tit &'Pr_ 177
185
170 Metropolitan_ 290 300
___ Mutual (West
cheater) __ 340 344
-__
N Y Trust__ 338 344
Title On &
363 370
13 8 Mtg &
305 315
' United States 1200 1220
165 Weetches. Tr. 180
355
Brooklyn
1_3_6
BrooklynKingCouTr
nty
.8
45
70
5
240 Manufacturer 275
___ People's
395 415

*Banks marked w th (*I are State banks. I New
rights,

stoat. s Ex-dividend.

V Ex.

New York City Realty and Surety Companies.
AU prices dollars per Mare.

mance R'ItY
Amer Surety_
Bond & M G_
City Investing
Preferred _ _
Lawyers Mtge

B14
98
94
270
65
92
155 I

Ask
105
96
277
68
98
160

Mtge Bond__
Nat Surety..
N Y Title &
Mortgage-.
U S Casualty.
US Title Guar

Bed
108
158

Ask
114
162

187
140
130

192

iSa

884
Realty Assoc
(Bklyn)COM 78
it pref_ _ _ _ 80
2d pret____ ss
Westchester
Title & Tr.- 200

85
220

CURRENT NOTICE-A handbook on "Industrial Preferred Stocks," containing a concise
analysis of the preferred issues of 35 leading industrial corporations, has
just been issued by Dominick & Dominick, members of the New York
Stock Exchange. This is the fifth annual edition of the booklet, which is
highly regarded as a source of information on these securities. The data
given include earnings for a period of years, dividend records, assets, capitalizations and a brief summary of the companies' business. The information, in every case, has been submitted to the corporations described
for verification purposes.
-The Lloyd-Thomas Co., engineers and specialists in appraisals and
physical valuations, announce the association of Henry W. Sites as director of the Company's financial service department for investment bankers.
The firm has offices in all of the leading cities, including New York and
Chicago.
-A. A. Housman & Co. announce that M.Eyer Pinckard and Frank C.
Shaughnessy, formerly of the San Francisco firm of Pinckard, Shaughnessy & Anderson, and Simon J. Shlenker, member of the New York Cotton Exchange, have been admitted to partnership in the firm.
-Edward G. Pyle, formerly sales manager for Ferris & Hardgrove of
Spokane. Wash., has resigned and will open a local office for S. W. Straus
& Co. In his new connection Mr. Pyle will handle first mortgage real
estate bonds issued under the Straus plan exclusively.
-Arthur Loeb and Emanuel Zweigel announce that they have formed
the co-partnership of Loeb & Zweigel with offices at 33 Whitehall St. for
the transaction of foreign and domestic bonds, also money orders and
drafts on all parts of the world.
-Guaranty Trust Co. of New York has been appointed transfer agent
for 250,000 shares of common stock of the American Multigraph Co..
without nominal or par value.

butestuutxt mut failtoatt intellagnce.

544

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.

Latest Gross Earnings.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

250,005 198.848 1,337,586 1,071,614
Akron Canton & Y_ June
269.935 281,411 1,671,790 1.575,417
Alabama & Vicksb_ June
13253959 13128426 38,585.722 38.791.889
Amer Ry Express__ March
3d wk July 106,549
Ann Arbor
98,685 2,804,398 2.694.595
cAtch Top & S Fe.... June
16260907 15524584 96.550,970 83,402.328
1.783.129 1,892.718 10,890,455 9.994,276
Gulf Colo & S Fe_ June
Panhandle S Fe_ _ June
548.180 574,661 3,630.622 3,471.006
Atlanta Binn & Atl_ June
334.280 312,517 2.286,876 1,842,846
Atlanta & West Pt_ June
244,505 207,363 1.451.151 1.147,232
Atlantic City
June
491.298 467,594 1,904.927 1.874,969
Atlantic Coast Line _ June
6,369,570 5.571,036 43.525.787 7,095,580
Baltimore & Ohio_ - June
22515545 17580515 129797389 98,679,159
B & 0 Ch Term.... June
325.753 290,213 1,869,306 1.477.424
Bangor & Aroostook June
475,669 562.672 3,490,433 4,488,387
37,794
57.664
Bellefonte Central May
8,841
9.471
Belt Ry of Chicago.. June
580,823 501,780 3.599,811 2,890,726
Bessemer & L Erie_ _ June
2,330,188 1,388.601 8,910,170 4,661.582
82,380
221.551
23.625
39.520
Bingham & Garfield June
Boston & Maine.. June
7,703,567 6,531,344 42,885,730 7.912,544
797,420
839,057
111.213 127,723
Bklyn E D Term.._ _ June
Buff Roth & Plttsb_ 3d wk July 473,066 219,667 11,886,720 7,055.371
731.747
68,622 1.419.634
228,111
June
Buffalo & Susq
Canadian Nat Rys_ 3d wk July 4,680.422 4,340,128 130817385 15803302
Canadian Pacific...... 3d wk July 3.254.000 2,991,00.1 88,155,000 3.433.000
813,156 699.220 4,720.435 3,863,255
Cam Clinch & Ohio_ June
2.082,494 1,993,095 3.187,511 0,747.997
Central of Georgia_ _ June
5,100,892 3,443,405 28.539,556 3,199,980
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_ _ _
322.792 271.725 2.030.804 1.724.476
Charleston & W Car June
8,650,025 8.870,114 8.264,859 44,172.859
Ches& Ohio Lines June
2.725.222 2.306,082 6.367.514 14,132,672
Chicago & Alton_ _ _ June
13554376 3084755 84,779.771 74,635.952
Chic Burl& Quincy_ June
2.226,104 2.010.422 4.245,495 11,903.154
Chicago & East 111_ _ June
2.233.782 .038.290 2,787.866 11.323,144
Chicago Great West June
1.423.095 .358.651 8,993,224 7,757,916
Chic Ind & Loulsv_ _ June
14089084 3513554 83.677.152 71,156.775
Chic Milw & St Paul June
14099061 3665322 7,940,643 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
10202006 0733758 59,599,477 56.053,682
June
Chic R I & Pac
486,370 516,269 2,577,376 2,716,060
Chic R I & Gulf_ _ June
2,273,195 466,833 13.781.030 13.056,451
Chic St PM & Om_ June
354.950 376,757 2,312,794 2.043.584
Cinc Ind & Western June
,030,044 .156.706 6.132.392 6,059,965
Colo & Southern.._ _ June
719.522 784,649 4,265,246 4,362,143
Ft WA Den City_ June
135,197 139.785
772.842 1,580.058
Trin & Brazos Val June
106.686
627,698
89,779
571.445
Wichita Valley__ _ June
4,454,139 .297,070 22.961,570 18,866,476
Delaware & Hudson June
8,005,941 ,501,267 43,200,096 35,882,808
Del Lack & Western June
,725.111 2.737.227 15,299.225 14,456,211
Deny & Rio Grande June
311.397
41,963 1,086,899
555.823
Denver & Salt Lake June
172.558 185,535
815.311
898.217
Detroit & Mackinac June
874.559 904.632 5,031,436 4.477,923
Detroit Tol & Iront_ June
349,808 310,025 2.187.371 1.809.131
Dot & Tol Shore L_ _ June
1.177.1051,317.150 2,993.380 2,176,549
Dul & Iron Range_ _ June
,188,263 2.679.074 6,375,246 3.844,734
Dul Missabe & Nor_ June
93.305 3.138,052 2,216,887
Dul Sou Shore & Atl 3d wk July 118,212
195.821 151.357 1,134,612
777,755
Duluth Winn & Pac May
172,519 173.377 1,173,855 1,011.166
East St Louis Conn_ June
2,483,235 1.731.845 14.377,518 10.507.235
Elgin Joliet & East_ June
1.174.912 1.066,799 6,442,382 5,211,774
El Paso & Sou West June
,854.901 6,911,867 60,043,281 44.435,306
June
Erie Railroad
.179.823 903,500 6,903,598 5,492,774
Chicago & Erie_ _ June ..
133.819 123.401
770,322
728.748
New Jersey & NY June
138,707
50.546
802.945
521,478
Evans Ind & Tarr H June
.154.523 813,138 9.420,093 8,065.238
Florida East Coast_ June
115.953
781,741
Fonda Johns & Glov June
684,008
111,166 142,072
730.608
Ft Smith & Western June
89,550
98,602
651.006
Galveston Wharf..... June
706,854
505,172 421,356 3.014,150 2,367.734
Georgia Railroad__ _ June
29,800
23,550
952,308
Georgia & Florida_ _ 3d wk July
744,004
Grand Trunk Szt—
312.611 155.446' 1,748,292 1,124,376
Ch Dot C0T Jct June
642.516 553,815 3,299,238 2,536,005
June
Dot G H &
1.711.931 1.683.523 9.844.192 7.343.633
Grand Trk West_ Junof
Great North System 3d wk July 2,198.965 2.056,408 59.238.319 7.333,351
115,014 125.040
647,622
686.695
Green Bay & West_ June
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 6.350.410
Hocking Valley_ _ _ _ June
15072360 -3780721 95.148,281 8,501,740
bIll 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 Ry Co of Me June
1,119,085 1.090.186 6.828,034 6,741,669
Internet & Grt Nor.. June
125,476 123.182
665,313
785,794
K C Mex & Orient. _ June
144,916 135.325
740,236
793,406
K0M & Orient ofT June
1.617,441 1.518.100 9.744.263 8,732,517
eKansas City South_ June
977,860
230.500 183,464 1,304,209
Texark & Ft Sm_ _ June
1,847,941 1.701,564 11,048,472 9,701,377
June
Total system_
169.804
69.701
209,062
58.230
Lake Sup & Ishpem_ May
114,922
June
84,266
551.559
570,825
Lake Term By
273,096 160,126 1.457,955 1.200.236
"Lehigh & Bud River June
587,924 240.118 3.030,621 1,987,365
Lehigh & New Eng.. June
7.052,888 4.694.664 6.280,628 31,017,207
June
Lehigh Valley
2.231.757 1,844,979 11,512,048 9,450,004
Los Ang & Salt Lake June
241.827 320.341 1,938.963 1,633.284
Louisiana & Arkan_ June
304.945 281,851 1,973,335 1.607.991
Louisiana Ry & Nay June
89,355
May
160.746
Tex
of
Nav
La Ry &
11220169 1882969 36,622,895 62.050,125
Louisville & Nashv_ June
273,418
1.531.388
297,736
1,701,815
June
L
St
&
Bend
Louisv
1,879,980 1.699.621 10.404,530 10.126,725
June
Maine Central
349,593 434.597 2,224.158 2.281.899
June
Midland Valley
8.249
144.638
6,059
268,873
3d wk July
Mineral Range
298.478 301.739 8.972,090 8,352.749
Minneap & St Louis 3d wk July .497.957
2.434,461
10
949.678
13.433.265
June
M_
SS
&
Minn St P

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

S

$

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

S
M StP & SSM Syst_ June
4,315,127 4,204,331 23,652,491 19.254,928
Wisconsin Central June
1,817.170 1,769.870 10,219,226 8,305,254
739,741
916,664
Mississippi Central_ June
148,268 129.211
Mo K T By ofTex.._ May
1.501,337 1.737.838 7.804,729 8.191.958
10,008,850
June
T..
&
Kan
9.288,977
aNiissouri
1,484,248 1.816,892
Missouri-Kan-Texas June
2,699,884 2.852.50116.755,533 15.382.647
Total System_ _ _ _ June
4.184.1334,669,393 26.044,511 25.391,497
115.262
June
698,665
Mo & Nor Ark •
76.963
110.672
Missouri Pacific_ _ _ June
9,195,092 8.662.534 53,698,273 48,551,033
3d wk July 353,358 296.906 11.393,163 9,414.429
Mobile & Ohio
714,658
739,030
Colum & Greene.. June
121,971 126,183
832,985
Monongahela Conn_ June
240,758 155,429 1.353,266
348.006
June
Montour
21,802 1,186,792
269,704
Nashv Chatt & St L June
2,009,347 1,751.912 12.258.770 10,143.436
141.745
156,693
Nevada-Cal-Oregon 3d wk July
7.641
8,460
186,150
443,121
46.078
Nevada Northern June
100,014
997,496
Newburgh & Sou Sh June
171,588 178.888 1,061,090
New Orl Great Nor.. June
247,927 213.954 1.412,000 1,267.449
N 0 Texas & Mex June
231,238 197,823 1,511,132 1,319,005
Beaum S L & W June
179,960 148.020 1.101.464 1.015,176
St L Browns & M June
394.449 316.856 2.571,063 2,602,675
New York Central.._ June
38145470 29921333 213676256 164498339
Ind Harbor Belt.. June
960.497 822,389 5,806,988 4,638,822
Michigan Central June
8,166,682 7,224.128 48,336,062 37,437,749
Cloy C & St L June
7,966,671 7,613,870 47,859,673 40,829,638
Cincinnati North_ June
412,159 317,754 2,665,794 1,750.311
Pitts & Lake Erie June
4,339.900 2,061.173 22,885,939 11,800,206
N Y Chic & St Louis June
3,813,741 3,463,784 22,456.750 18,811,491
N Y Connecting_ June
310.186 209.726 1.788,791 1,391.125
NYNH& Hartf June
11949570 10249837 65.983,463 57,847,727
N Y Ont & Western June
1,248,667 888,365 6,393,439 5,591,268
N Y Snag & West June
409,169 324,241 2,523.411 1,975,049
Norfolk Southern June
780,987 752,968 4,642,461 4.200,225
Norfolk & Western_ June
7.881.0489,473,091 44,938,946 46,011,351
Northern Pacific_ _ _ June
8.302,287 8,300.557 46,647,127 41,922,104
Northwestern Pac June ;
720,812 719,158 3,576,525 3,557,385
Penn RR System_
June
69339897 13972138 380428291 319078077
Peimsylv RR & Co. June
64387849 50879806 356130371 297047643
667,302
652,883
Bait Chas & ALI Junej
133,240 148,510
June
Long Island
3.229,094 2,917.091 15,631,133 13,964,429
483,500
468,290
Mary Del & Va June
95,008 107,654
Monongahela.._ _ _ June
549.516 129,932 2.850,203 1,730,964
791,224
900,273
Tol Peor & West_ June/
143,085 145.712
W Jersey & Seash June
1,230,752 1,090,194 6,232,507 5,725,940
891,054
877,166
Peoria & Pekin Un_ June
131,897 129,845
Pere Marquette__ _ _ June
3,895,209 3,304.993 22,264,618 18,207,976
585,458
June
540.654
Perktomen
107.240 122,108
Phila & Reading...... June
8,969,203 5,673.491 55.077,844 38,260.119
510.067
Pittsb & Shawmut June
711.908
100,190
55,345
Pittsb & West Va.... June
310.230 228,343 1,816.941 1,391,143
998,840
June
Port Reading
92,507 1,513.211
203,178
May
Pullman Co
5.984,480 5.212,242 2,727,199 2,594.790
530,687
Quincy Om & K C June
651,493
98.873
88.906
Rich Fred & Potom_ June
1,092,468 960,332 6,464,790 5,407,635
June
Rutland
575,777 469.047 3,326,339 2.740,961
St L-San Fran Syst_ 3d wk July 1,674.207 1,621,465 48.625.112 5.763,514
595,052
FtWorth & Rio Gr June
675,735
137,832 104,424
St L San Fran Co_ June
6,764,804 7,566,589 41,720,727 9,426.419
780,826
St L-S F of Texas_ June
130,980 141,489
733,009
St L Southwest Co_ JUne
1,468,197 1449.634 10,446.172 8,351.238
St L 8 W of Texas June
637,195 634,760 3,735,734 3.438,201
Total system _ 3d wk July 496,676 469.935 14,727,113 2,418,150
370,574
417.484
St Louis Transfer June
62.455
59.793
San Ant & Aran Pass June
445,015 416,187 2,451.816 2,483.789
514,482
110,167
597,070
San Ant Uvalde & G June
69,044
4,076.170.600199 6,915.345 22.426,507
Seaboard Air Line June
24811 625 22897'098 13023160 120127220
Sou Pacific System.. June
Southern Pacific Co J11110
18178291 16740374 93.803,696 83.205,310
Atlantic SS Lines_ June
1,126,537 883,427 6.818,920 5,635,528
Arizona Eastern_ June
301,899 281,019 1,846,706 1,494,068
1,863,224 1,860,437 10,939,915 10,506,166
Galv Harris & s A June
Rotas & Tex Cent_ June
1,039.363 1,094,774 6,426,020 6.904,226
lions E & W Tex_ June
227,896 281.942 1,405.099 1.413,013
363.489 310,701 1 2,295,902 2.108,193
LouisianaWestern June
663,799 627.443 4.377,288 3.850,216
More La & Texas June
719.849 686,184 4,334,389 4,346.660
Texas & New 011.. June
Southern By System 3d wk July 3,608,627 2,666.317 109809259 90.367,167
12585968 11385784 74,448,070 61.995,454
Southern Ry Co.... June
4,711,467
896.388
Ala Great South- June
1,971,729 1,821,510 11.863,271 9,119.251
Cin N 0& Tex P_ June
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
96,547
541,334
86,032
582.661
Spokane Internet June
653,319 646,532 3,814..23 3,390,108
Spok Portl & Seattle June
238,187 202,266 1,196,1“ 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 RR Assn ofStL June
348.238 278,309 2,473,195 1,781,546
St L Mer Bridge T June
Texas & Pacific_ .. _ _ 3d wk July 527,737 504,413 16,520,960 15,922.196
1.047.983 917,607 6,563,956 4,90(1,257
Toledo St LA West_ June
168,216 154,500
717.040
792,132
Ulster & Delawaro.._ June
8.877,619 8.401.925 50.958,437 45402,183
Union Pacific Co _ _ _ June
16389949 15394264 93.267,028 83,931,504
June
Total System
2,847,282 2,804,310 17,417,087 16,380,589
Oregon Short L _ June
2,333.292 2,343,050 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 lift (Penn) June
760,531
139,929 159,033
June
737.505
Utah
331,673 350,811 2,100,366 1,885,273
Vicks Shrev & Pac June
June
1.791,452 2,069,254 11,072,336 10,485,198
Virginian RR
June
5.558,770 5,362.371 31,784,135 28,630.584
Wabash RR
Western Maryland_ 3d wk July 480.178 297,535 13.080,363 9.094,620
1,263.893 1,064,742 5,881,812 5.090,241
Western Pacific_ _ _ _ June
236,993 213,381 1.441,442 1.194,732
Western By of Ala June
Wheel & Lake Erie_ June
1,910,179 1,346.652 8,667,135 6,822,930

AGGREGATE OF GROSS EARNI•4 S—Weekly and Monthly.
Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

•tonthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

. Prev.Yr.
Curr.Yr.
Mileage.
August
235.294 235,090 472.242.5611504.164.075 —31,911,054 8.85
September _235.280 235,205 498,702,275 496.978.503 +1,723.772 0.83
October
233.872 232.882 545,759,206 532.684.914 —13.074,292 2.45
November —235,748 235,679 523.748,483 466.130.328 —57.618,155 12.85
December,..._235.290 236.121 512,433.733 434.698.143 —87.735,590 20.88
January
235.678 235,827 500.816,521,395,000,157 —70.803,472 21.00
February.... _235.399 235,528 444.891,8721400.146.341 —44,745,531 11.18
March
235.424 235,470 533.553,199 473,747.009 —59.806,190 12.83
April
234,970 235,839 521,387.412 415.808.970 +105578442 25.39
235,186 235,472 545.503.898 447.993.844 +97,510.054 21.77
May
included In New York Central.
•Grand Rapids & Indiana and Pitts. Oln Ohio &Mt. Louis Included in Pennsylvania /111 a Lake Erie Ss Western
Northwestern.
V Includes Grand Trunk System. t Inc udes Wichita Palls SsMissourl-Kansas-Texas
a receiver.
of
hands
the
In
Lin
Is
and
ee
and
of
Independent
from
separate
a This road Is now operated
b Revised figures. c Figures in last week's "Chronicle" were for entire system.

3d week May (16 roads)---4th week May (16 roads)_ _.._
1st week June (17 roads)....—
2d week June (16 roads)___..
3d week June (16 roads)____
4th week June (16 roads).— 1st week July 16 roads)_ - _ 2d week July 16 roads)........
3d week July 16 roads)........




$
19,002,326
26,363,118
19,827,932
18.675.125
18.562,257
22,945.214
18,434,668
18.846.646
18,316.984

$
$
16.118,003 +2,884,323 17.90
23.207.333 +3,155.785 13.60
18.058,748 +1,769,184 9.79
17.215.757 +1,459.368 8.48
17.376.6534-1,18.604 6.82
20,536,529 +2,408.685 11.73
16.476.170 +1,958,498 11.89
18.692.351 +2,154.295 12.9
15,994.753 +2,322.231 14.52

AUG. 4 1923.1

THE CHRONICLE

the table which
follows we complete our summary of earnings for the third
week of July. The table covers 16 roads and shows 14.52%
increase over the same week last year.
Latest Gross Earnings by Weeks.-In

545

-Grossfrom Railway- -Na from Railway- -Net after Tares
1922.
1922.
1923.
1923.
1923.
1922.

Chicago Rock Island & Pacific10,202,006 10,733,758 1,579,395 2.569,774 1,131,948 2,024,764
June
From Jan 1_59,599,477 56,053,682 8,598.351 9.809.090 5,662,127 6,416,478
Chicago R I & Gulf118,279
Increase. Decrease.
76,229
1922.
1923.
129,439
88,506
486,370
516,269
June
Third week of July.
346,465
74,921
416,527
148,998
From Jan 1_ 2,577,376 2,716,060
$
$
8
Western
&
Ind
Cincinnati
47,760
31,988
Previously reported (8 roads)- _ _ 16,739.321 14,661.826 2.077,495
64,296
52,506
354.950
376.757
June
7,864
98,685
100,549
128,758
250,298
214,498
Ann Arbor
368,477
From Jan 1_ 2,312,794 2,043,584
24,907
93.305
118,212
Duluth South Shore & Atlantic_
Colorado & Southern6,250
23.550
29.800
Georgia & Florida Ry
165,203
35,283
233,364
103.521
1,030,044 1,156,706
June
6.059
2.190
8,249
Mineral Range
839,691
178.599
567,659 1,239.491
Prom Jan 1_ 6,132,392 6,059,965
3,261
301.739
298.478
Minneapolis & St Louis RR Co..
819
7,641
City
-Oregon
8,460
Denver
&
Worth
Ft
Nevada-California
275,906
147,613
316,722
23,324
504,413
719,522
185,131
527,737
784,649
June
'Texas & Pacific Ry Co
738,705 1,173,344
297.535 182.643
984,040 1,410.534
480,178
From Jan 1_ 4,285,246 4.362.143
Western Maryland
Trinity & Brazos Valley3.261
18.316.984 15.994.7532.325,492
-4.733
2,278 -10,694
Total (16 roads)
135.197
139,785
-7.166
June
2.322.231
144,359
186,494 -81,142
Net increase (14.52%)
From Jan 1_ 772.842 1,580,058 -39,640
Wichita ValleyNet Earnings Monthly to Latest Dates.-The table
17,963
36,968
42,607
23,483
89,779
106.686
June
107,055
141,622
162,093
571,445
197,601
following shows the gross and net earnings of STEAM
From Jan 1- 627.698
Denver & Rio Grande Westernrailroads reported this week:
455,853
127,111
619,603
294.935
2,725,111 2,737,227
June
_Gross from Railway- -Net from Rattay- -Na after Taxes
514,624 2.427,149
From Jan 1_15,299,225 14.456,211 1,524,924 3,366.837
1922.
1923.
1922.
1922.
1923.
1923.
Denver & Salt Lake73.070 -55,599
82.106 -46,599
41,963
311,397
June
Alabama & Vicksburg33,822
39,199
555,823 -65,386 -64,870 -119,523 -118,880
53.306
281.411
76,601
From Jan E 1,086,899
269,935
June
209,909
163,646 Detroit de Mackinac288.108
389,309
From Jan I_ 1,671,790 1.575,417
23,506
-558
33,741
8,961
185,535
172,558
June
*Ann Arbor14,693 -38,848 -29.214 -100,422
70.656
815,311
86,354
93,456
435,366
108,788
From Jan 1_ 898,217
470,545
June
387.186
144,135
513,311
278,868
From Jan 1_ 2,503,920 2.413,356
Detroit Toledo & Ironton253,539
363,276
255,895
376,850
904,632
874,559
June
Atch Topeka & Santa Fe CoFrom Jan 1- 5,031,436 4,477.923 1,710.837 1.325,405 1,634,317 1.249.921
16,260.907 15,524,584 3.358,388 3,644,067 2,263,145 2,595.290
June
From Jan L96450,970 83,402,328 25,990.203 16,962,334 18,720.533 10,756.490 Detroit & Toledo Shore Line166.672
152,531
180,691
170.831
310.025
349,808
June
Gulf Colorado & Santa Fe884,308
968,368 1,021,433
340,354
415,243 -120,810
From Jan 1_ 2,187,371 1,809,131 1,131,233
1,783,129 1,892.718 -39,324
June
360,810 Duluth di Iron Range498,527
757.892
986,031
From Jan 1-10,890,455 9,994,276
709.706
508,859
797,478
595,626
1,177,105 1,317,150
June
Panhandle di Santa Fe92,692
181,439
254,372
395,794
2,541
25,449 -50,754
574.661 -27,642
From Jan 1- 2.993,380 2,176,549
548.180
June
-78,414
254,082
59,014
3,471.006
409.671
3.630,622
Duluth MIssabe & Northern
From Jan 1_
3,188,263 2.679,074 2,245,020 1.853,704 1.988,399 1,652.902
June
Atlanta firm & Atlantic201,446
801.471 1,445,158
312,517 -35,271 -40,881 -47.738 -55,460
From Jan 1- 6.375,246 3,844,734 2,446.116
334,280
June
From Jan 1. 2,286,878 1,842.846 -58.667 -211,559 -137,822 -300,703 Duluth South Shore & Atl42,105
67,093
75,105
95.136
524,442
441,665
June
Atlantic Coast Line248,979 -239,402
423,045 -53,132
897,925 1.027.798
From Jan 1_ 2,810,687 1,964,781
6,369.570 5,571,036 1,273.934 1,304,406
June
9,564,834
10,960,399
37,095,580
11.178.063
13,165.868
Elgin Joliet & EasternFrom Jan 1.43,525,787
468,155
870,741
983.939
560.642
2,483,235 1,731,845
June
Baltimore & OhioFrom Jan 1-14,377,518 10,507,235 5,081,124 4,130,339 4.648.594 3.607.179
Bait & Ohio Ch Terminal-1,234 • El Paso & Southwestern19,255
50,163
290,213
59,732
32.5.753
June
28,002 -125.093
247,609
278.479
157,513
205.318
311,177
343.588
1,174,912 1,066,799
From Jan 1_ 1,869.306 1.477,424
June
947,105
From Jan E 6.442,382 5,211.774 1,703,736 1,523,535 1,125,474
Bangor & Aroostook44,415
14,440
47,998
582,672
79.945
475,669
June
Evans Ind & Terre Haute39,968 -30,336
517,920 1,336,242
780,466 1,672,675
44,201 -26.097
50,546
138,707
From Jan!. 3,490,433 4,488,387
June
134,916 -61.995
521,478
160,316 -36,297
From Jan 1- 802,945
Belt Ry of Chicago124,886 Florida East Coast184,553
501.780
224,458
158,259
580,823
June
66,866
248,283
751.577
963,860
2,890,726
1,248,874
1,009,343
129,613
3,599,811
363,713
813.138
From Jan 1_
1,154.523
June
From Jan 1- 9,420,093 8,065,238 4,178,063 3,226,607 3,606,604 2,860.698
Bessemer & Lake Erie458,886 1,093,184
426,177 Ft Smith & Western2,330,188 1,388,601 1.204,906
June
32,820
-3,540
173,933
370,373 2.610,628
38,668
2,276
142,072
From Jan 1- 8,910,170 4.661.582 3,010,940
111.166
June
52.604
87.653
67.340
102.528
730,608
From Jan I_ 765,057
Bingham & Garfield4,874 -10,554 *Georgia
23,625
-6,310
39,520
12,485
June
Railroad-64.467
121.311
82.380
71,569
69,342 -101.935
24,751 -133.002
129.097
Prom Jan 1. 221,551
421,536
505,172
June
557.752
285.400
328,676
597,982
From Jan 1- 3,014,150 2,367,734
•Boston & Maine7,703.587 6.531,344 1,539,746 1,244,255 1,298,948 1,016,874 Georgia & FloridaJune
31,073
25,325
37,374
31.551
138,050
From Jan E42,885,730 37.912,544 3,836.210 5,619,567 2,406,019 4,462,410
142,729
June
63.407
101.267
147.704
186,165
665,104
Brooklyn E 13 TerminalFrom Jan 1_ 851,237
45,541 Grand Trunk System52,118
127,723
42,439
36,084
111.213
June
283.732
797,420
391,831
322,303
335,856
From Jan E 839,057
Chic Bet Can Grand Trk Jet33,684
161,087
47.007
172,411
155,446
312,611
June
•Buffalo Rochester & Pittsburgh476,875
916,074
526,421
969,152
945.708
154,902 -194.137
119,800 -229,187
1,887,850
From Jan 1_ 1,748,292 1,124,376
June
237,152
451,454
947,374
From Jan 1_11,803,633 6.942,958 1.157.774
Detroit Cird Hay & Mllw
183,618
211,323
187,323
208,668
553,815
642,516
Buffalo & SusquehannaJune
598,129
796,873
559.004
68,622
769.486
3.888 -38.128
13.338 -34.878
228.111
From Jan 1_ 3,299,238 2,536,005
June
731.747
203.743 -22.365
126,942 -41,902
From Jan 1 - 1,419,634
Grand Trunk Western473,058
454,408
546,239
512,314
1,711,931 1,683,523
Canadian Pacific-June
885,957
2,422,001 2.362,313
14,943,918 13,810,448
June
From Jan!. 9,844,192 7.343,633 2,842,985 1,273,561 2.427,475
9,814,071.
76,295,358
Jan
66.360
1-80.845,493
From
9.5
*Great Northern System10,193,006 9,242,241 2.386,592 2,434,661 1,704,180 1,731,326
Canadian Pac Ry Co of MaineJune
30,552
201,647
57,161
156,811
From Jan 1 52,543,705 42,730,195 7,279,769 6,949.516 3,143,223 3,279.703
June
164,638 Green Bay & Western145,195
From .5an 1_ 1,591,271 1,508,504
28,221
7,539
38,221
15,551
125,040
Carolina Clinchfield & Ohio115,014
June
116,464
235,622
42,804
699.220
232,154
275,652
164,464
91.180
688,695
813,156
182,006
June
From Jan I- 847.822
4,720,435 3,863,255 1.361.175 1,311,694 1,060,329 1,071,206 Gulf Mobile dz NorthernFrom Jan
113,577
67,424
131,271
95,364
Central of Georgia435,559
454,922
June
583,017
587,143
506,921
668,561
331,658
245,403
395,207
2,082,494 1.993,095
743,520
June
From Jan 1 2,922,733 2,375.446
From Jan 1_13,187,511 10,747,997 2,748,691 2.188.296 2,132,424 1,651,310 Gulf di Ship Island65,599
85,937
68.246
43,134
268.092
259,108
June
•Central RR of New Jersey294,174
912,436
185,081
401.388
310,101
638,665 -75.761
5,100,892 3.443,405
456,574
June
From Jan 1_ 1,640,403 1,437,784
From Jan 1.28,539,556 23,199,980 4,707,566 3,462,145 2,927,613 1,901,239 Hocking Valley337,629
533.415
429,807
615.183
1,788,789 1,178,018
June
•Central New England4.962
458,678. 238,366
27,218
748,555
214,267
June
From Jan 1 8,632.724 6,350,410 2,041,924 2,053,365 1,551,453 1,507,772
896,171 *Illinois Central System695,361 1,032,120
552,892
Prom Jan 1- 3,670,252 3,511,250
15,072,360 13.780.721 2,287,079 2,952,692 1,507,105 1.808.908
June
•Central Vermont27,523
56,974
45,201
35.860
741,350
596,727
June
From Jan 1_95.148,281 78.501,740 19,030,289 17,795.541 13,502,617 11,164.993
189,759 Illinois Central Co296,091
361,600
237,319
From Jan 1_ 4,355.650 3.391,348
Charleston & West Carolina13,440,564 12,355,745 2325.910 2,864,513 1,456,828 1,839,762
June
61,640
72,548
74,725
58.539
322.792
271,725
June
From Jan 1_85,231,508 69,773,121 18,037,375 16,930,373 13,176,082 11.011.775
457,128
390,505
560,287
483,923
From Jan 1- 2,030.804 1,724,476
Yazoo .5z Mississippi Valley50,277 -30.864
88,179
Chesapeake dz Ohio Lines1,631,796 1,424,976
161,169
June
153.218
326,535
865,168
992.914
8,650,025 8,870,114 2,152,472 2,678.371 1,846,577 2,410,053
June
From Jan 1_ 9,916.773 8,728,619
From Jan 1_48,264,859 44,172.859 11.045,508 10,899.467 9,204.692 9,288,282 Internet & Great Northern160,471
120.027
194,451
152,529
1,119,085 1,090.186
June
Chicago & Alton873.685
755,434
216.576
732,658
291,874
648,702
2,725,222 2,306,082
950,741 1,076,971
From Jan 1 6,828,034 6,741,669
June
prom Jan 1_16.367,514 14,132,672 3.575.433 2.448,735 3,065,935 1,996.603 Internat Ry in Maine30,552
--57,161
46.552
156,811
201,647 ---42,161
June
Chicago Burlington & Quincy-164.638
145.195
260,638
881,936 1,961.381
235,195
From Jan 1 1591.271 1,508,504
13,554,376 13,084.755 1,656,902 2.878,884
June
From Jan 1.84.779,771 74,635,952 17,370,326 17,912,058 11,931,347 12,386,073 Kansas City Mel & Orient-8,047
273 -19,874
123,182 -12,591
Chicago & Eastern IllinoisJune125.476
115,756
185,417
201,562
Jan 1
2.226,104 2,010.422
785,794
665,313 --50,993 --91,873 --94.750 --141,819
June
From Jan E14,245,495 11,903,154 1.888.361 1,804,200 1,213,080 1.290,880 Kan City Mex Or of Tex-5,722
803
278
7,038
144.916
June
135,325
Chicago Great Western129,275
TYoniJan 1 &21,89 793.406
207.966
291,215
740,236 --97a99 --188,514 --135,107 --224.825
2,233,782 2,038.290
June
628.067
1,440,637
From Jan E12,787.877 11,323,144 1,917,540 1,117,807
Kansas City Southern280,614
253.979
349,440
348,808
1,617,441 1,518,100
June
Chicago Indianapolis dr Lou244,725
270.677
From Jan 1- 9,744,263 8,732,517 2,332,774 2,101.807 1.806,274 1.515,777
311,404
350,612
1,423,095 1,358,651
June
From Jan 1_ 8,993.224 7.757,916 2,332,371 1,859,647 1,867.381 1.479.989
Texarkana & Ft Smith86,547
113,655
97,501
125,044
230,500
183,464
June
Chicago Milw & St Paul567,308
285.003
346,601
636,112
977,860
From Jan 1_ 1,304.209
14,089,084 13,513,554 2,564,376 2,337,886 1.770,838 1,533,726
Juno
3.790,425
From Jan E83,677,152 71,156,775 14,279,242 8,611,901 9,529,322
Lehigh & Hudson River-3,488
130.817
12,790
143,317
160,126
273,096
June
Chicago & North Western419.545
180.869
260,237
489,047
From Jan 1_ 1,457.955 1,200,236
June
14.099,061 13,665,322 2.191,043 3,158,775 1,435,205 2.426.609
From Jan 1_77,940,643 67,660,629 10,940,898 10.953.160 6,419,199 6,566,428 *Lehigh az New England-37.545
201.289
233,741 -30.900
240,118
587,924
June
Chicago Peoria & St Louis61,186
124,057
718,462
847.925
-1.096 -31.150 -10,596 -40.674
168,093
98,442
From Jan 1- 3,030,621 1,987.365
June
From Jan 1_ 676,688 1,133,185 -36,309 -56,790 -93.393 -113,887
Lake
Salt
Los Angeles &
544,617
469.998
359.070
Chicago River & Ind657.532
2,231,757 1,844,979
June
234.803
204.782
190,359
240.030
699.292
594.994
June
598,874
From Jan E11,512,048 9,450.004 2,377,026 1,360,776 1,697,426
1,204,774
1,429,557
From Jan 1_ 3,727,940
&
Arkansas
Louisiana
Chicago St P Minn & Omaha29.028
123,576
46,503
104.185
320,341
241,827
June
563,965
144,759
430,644
275,584
June
2,273,195 2,466.833
441,060
538.498
702,481
324,762
From Jan 1 1,938,963 1,633.284
From Jan 1_13,781,030 13,056.451 1.919,7'21 2.017,091 1,114,200 1.225,072




546

THE CHRONICLE

[VOL. 117.

-Grossfrom Railway--Net from Railway- -Net after Taxes
-0rossfrom Railway- -Net from Railway- -Net after Taxes
1922.
1923.
1922.
1923.
1922.
1923.
1923.1922.
1922.
1923.
1922.
1923.
$
$
$
$
8
8
$
$
$
Louisiana Ry & NavigationPee MarquetteJune
22,477
304,945
281,851
27,827
5,127
11,477
June
3,895,209 3,304,993 1,062,135
921,253
959,452
805,719
From Jan 1- 1,973,335 1,607,991
263,194
143,747
45,494
158,558
From Jan 1_22,264.618 18,207,976 5,493,417 4,292,964 4,679,580 3,411,258
Louisville Henderson & St LPittsburgh & ShawmutJune
273,418
297,736
67,913
68,028
63,125
59,266
June
100,190
55,345 -14,129 -63,420 -14,241 -63,546
479,499
From Jan 1- 1,701,815 1,531,388
371,774
418,017
319,231
From Jan 1_ 711,908
510,067 -16,718 -98.785 -17,552 -99,532
Louisville Jr NashvillePittsb Shawmut & NorJune
' 11,220,169 11,882.969 2,000,122 3,276,076 1,498,974 2,681,539
June
103,722
72,413 -28,483 -25,716 -30.784 -27,916
From Jan 1 66,622.895 62,050,125 13,250,052 12,194,657 10,371,018 9.811,924
From Jan I_ 764,967
523,890 -28,194 -123,919 -42,752 -137,253
*Maine CentralPittsburgh
jme
& West VirginiaJune
1,879,980 1,699,621 1,413,847
241,343
340,792
315,111
310,230
228,343
44,770
22,270
61,213
73,426
From Jan 1 10,404,530 10,126,725 1,286,527 1,605,177
695,878 1,009,307
From Jan I_ 1,816,941 1,391,143
172,112
180,898
425,469
328,023
Minneapolis & St LouisQuincy Omaha & Kan CityJune
1,267,440 1,232,841
137,072
184,344
115,916
73,204
June
88,906
98.873 -24,550
5.787
9,745 -28,655
From Jan 1 8,150,427 7,472,583 1,061,886
989,584
606,205
657,943
From Jan L. 651,493
82
131
7
530.687 -82,274 -17.525 -110,057 -41,
Minn St P & S 13 Marie SystemRichmond, Fred & PotomacJune
4,315,127 4,204,331 1,228,336 1,150.886
891,135
963,673
June
1,092,468
960,332
270,890
432,350
362,662
324,246
From Jan 1_23,652,491 19,254,928 4,526,192 2,218,326 2,956,946
691,952
From Jan 1_ 6,464,790 5,407,635 2,376,980 1,822,404 2,014,497 1,527,521
Minn St Paul & S S Marie CoRutlandJune
2,497,957 2,434,461
640,526
535,354
357,193
474,784
June
575,777
469,047
20,248
96,589
43,898
70,835
From Jan 1_13,433,265 10,949,675 2,174,617
745,985 1,179,394 --290,168
From Jan E 3,326,339 2,740,961
105,562
493,467
231,402
352.860
Wisconsin CentralSt Louis-San Francisco SystemJune
1,817.170 1,769,870
587,810
533,942
615,532
488,889
June
7,052,830 7,836,325 1,810,245 2,277,670
From Jan 1_10,219,226 8,305,254 2,351,575 1,472,342 1,777,552
982,120
From Jan 1_43,248,390 40,926,213 11,496,195 10,290,841
Mississippi CentralSt Louis-San Francisco Co,
June
148,268
129,211
16,071
18,990
11.069
12,687
June
6,764,804 7,566,589 1,769,269 2,299.299 1,415,143 1,924,644
From Jan 1
916,664
739,741
202,001
100,542
169,911
62,870
From Jan 1_41,720,727 39,426,419 11,497,440 10,437,556 9,497,301 8,413,501
Missouri-Kansas-Texas-Fort Worth & Rio GrandeJune
2,699,884 2,852,501
747,024
990,365
568,531
779,974
June
137,832
104,424
19.520 -33,382
24,537 -29,776
From Jan 1 16,755,533 15,382,647 3,943,476 5,180,780 2.997,180 4,075.898
From Jan 1_ 675.735
595,052 -25,056 -161,798 -49,057 -184,825
j Missouri Kansas & TexasSt Louis-San Fran of TexJune
259,386
1,484,248 1,816,892
417,403
212,769
364,762
June
130,980
141,489
6,174
15,146
17,218
From Jan 1 9,288,977 10,008,850 1,250,142 2,384,453
937,772 2,072,846
From Jan 1_ 733,009
24
4,
26
9
77
2
780,826
36,704
25,712
38,650
Missouri-Kansas-Texas SystemSt Louis Southwestern CoJune
4,184.133 4,669,392 1,006,410 1,407,768
781,966 1,146,191
June
1,468,197 1,449,634
492,692
576,457
456,044
544,041
From Jan E26,044,511 25,391,497 5,193,618 7,565,232 3,952,087 6,159,070
From Jan 1_10,446,172 8,351,238 3,930,793 3,010,805 3,404,235 2,635,403
Missouri & North ArkansasSt Louis So Western Ry Co. of TexasJune
110,672
76,963
10,777
15,245
6,572
11,045
June
637,195
634,760 -60,254 -51.208 -87.664 -75,495
From Jan 1_ 698,665
97,464
115,262
13,670
72,410
6.218
From Jan E 3,735,734 3,438,201 -887,888 -774,246-1.050,235 -918,714
Missouri PacificSan Antonio & Aransas PassJune
9,195,092 8,662,534
955,624 1,560,371
568,778 1,209.098
June
445,015
-1,986 -29,423
416,187
13,948 -15,206
From Jan 1 53,698,273 48,551,033 7,082,411 7.458,709 4,827,871 5,201,486
From Jan 1. 2,451,816 2,483,789 -194,462 -191,792 -288,407 -276,383
*Mobile & OhioSan Antonio Uvalde & GJune
1,560,303 1,480,222
338,017
345,642
260,571
291,517
June
-701
3,785
110.167
69,044
,2470
7,009
From Jan 1 10,362,099 8,522,874 2,445,273 1,930,946 1,905,233 1,584,429
From Jan E 597,070
79,074
68,002
514,482
96,999
88,278
Columbus & GreensvIlleSeaboard Air LineJune
121,971
126,183
13,031
23.569
18,089
11,091
June
4,076,170 3,600,199
829.729
894,041
718
From Jan 1.. 739,030
82.975
714,658
116,591
88,621
86.509
From Jan 1_26,915,345 22,426,507 5,888,937 4,697683 4,8331D:
3,:a:::
Nashv Chattanooga & St LSouthern PacificJune
2,009,347 1,751,912
233,117
211,580
172,976
176.239
Atlantic Steamship LinesFrom Jan 1 12,258,770 10,143,436 2,040,628
997,341 1,677,293
774,639
June
110224,472
1,126,537
883,427
194,554
136,893
205,951
From Jan I_ 6,818,920 5,635,528 1,305,125 1,099330 I,23
Nevada Northern1,024,077
June
100,014
63,683
46,078
18,389
24.506
57,073
Arizona EasternFrom Jan 1_ 443,121
186,150
14,243
231,766
192,156
50,937
June
301,899
281,019
107,662
126,436
119,048
From Jan I_ 1,846,706 1,494,068
St Louis Brownsville & Mex4M,r0
586074
732,117
594836
June
394,449
316,856
52,244
98,197
65,691
79,463
Galveston Harris])& S AFrom Jan 1- 2,571,063 2,602,675
751,191
769,079
842,258
658,272
June
1,863,224 1,860.437
314,254
181,678
365,829
238,483
From Jan 1_10,939,915 10,506,166 1,241,741 1,540,345
Indiana Harbor Belt879,462 1,231,349
315,043
280,430
June
960,497
822,389
256,368
295,387
Houston & Texas CentralFrom Jan 1_ 5,806,988 4,638,822 1,670,296 1.663,466 1,502,164 1,436,365
June
1,039,363 1,094,774
1.081453:832302
185,431
71.125
From Jan E 6,426.020 6,904,226
Newburgh & South Shore31
53,4
23
19
7
602,138 1,329,017
37,642
June
171,588
178,888
6.800
50,306
-5,986
Houston E & W Texas261,694
164.855
336,118
91,152
From Jan 1 1,061,090
997,496
June
227,896
281,942
60,472
12,238
From Jan 1- 1,405,099 1,413,013
1313
986
93
New Orleans Texas & Mex166.707
28
1,8
44
91
3
82,330
29,751
June
231,238
197,823
75,801
50.625
49,547
Louisiana Western296,196
From Jan 1 1,511,132 1,319,005
543,588
399,850
382,295
June
363,489
310,701
95,438
62,783
65,373
62,716
From Jan 1_ 2,295,902 2,108,193
367.813
Beaumont Sour Lake & W441.325
624,048
502,125
37,252
72,018
42.331
67,397
June
179,960
148,020
rg
Moan's
Louisiana & TexasFrom Jan 1 1,101,464 1,015.176
392,977
278,970
255,211
364,996
June
1,198
663,799
627,443
22,399
47,713 -24.667
From Jan E 4,377,288 3,850,216
St Louis Brovrnsv & Mex418,431
229,292
140,776 -51,977
52,244
394,449
98,197
June
316,856
65,691
Texas & New Orleans79,463
From Jan 1- 2,571,063 2,602,675
769,079
842.258
751,191
658,272
June
719,849
686,184
40,220 -29,874
68,967
-7,603
From Jan E 4,334,389 4,346,660
New York Central355,114
493,658
140,381
312,662
Indiana Harbor BeltSouthern Pacific CoJune
960,497
822,389
315,043
295,387
280,430
256,368
June
18,178,291 16,740.374 6,390,510 5,914,182 5,081,636 4,555,017
From Jan 1- 5,806,988 4,638,822 1,670,296 1,663,466 1,502,164 1,436,365
From Jan 1_93.803,696 83.205,310 27,138,300 21,974,776 19,494,440 13.84808
Michigan Central*Southern Railway CoJune
8,166,682 7,224,128 2,850,580 2,826,456 2,324,166 2,283,903
June
12,585,968 11,385.785 3,167,912 3,273,977 2,581,552 2,777,481
From Jan 1 48,336.062 37,437,749 15,924,731 10,440,886 13,011,805 8,313,096
From Jan E74,448,970 61,995,456 18,441,608 13,716,364 15,152,468 10,912,759
*Cleve On Chic & St Louis*Alabama Great SouthernJune
7,966,671 7.613,870 2,286,591 2,467,950 1,821,274 1,969,156
June
185,619
896,388
861,027
242,026
239,157
188,760
From Jan 1 47,859,673 -40,829,638 12.436,348 11,798,409 9,809,697 9,233,841
From Jan 1_ 5,392,914 4,711,467 1,684,220 1,235,956 1.359,469
977,227
Cincinnati NorthernOne New Orl & Tex Pac412,159
317,754
June
118,063
78,718
99,694
63,848
June
396,394
1,971,729 1,821.510
514,086
475.847
414,086
From Jan 1 2,665,794 1,750,311
839,952
452,988
707,023
349,942
From Jan 1_11,863,271 9,119,251 3,640,250 2,150,653 3,022,658 1,720,292
Pittsburgh & Lake Erie*Georgia Southern & Fla4,339,900 2,061,173 1,873,385
June
255,679 1,583,968
173,554
June
74,481
460,834
406,801
107,030
94,558
87.678
From Jan 1 22,865,939 11,800,206 8,122.659 -52,826 6,677,607 -534,464
From Jan 1_ 2,621,498 2,371,004
314,876
577,111 1,418,298
457,433
NY Chicago & St LouisNew Orleans & Northeastern3,813,741 3,463,784
June
995,997
839,888
806,398
673,234
June
69,344
554,771
558,572
111,044
60,969
106,050
From Jan 122,456.750 18,811,491 5,546,811 4,838,984 4,407,420 3,840,844
From Jan E 3,504,981 3,120,824
265,060
896,683
498,476
587,493
N Y ConnectingNorthern Alabama310,188
209,726
228,065
138,399
96.621
June
178,308
June
36,392
135,907
122,001
53,494
45,516
40,460
941,570 1,046,048
705,330
From Jan 1 1,788,791 1,391,125 1,297,460
From Jan E 839,434
201,297
628,932
339,677
225.659
298,651
*N Y N H & HartfordSpokane International11,949,570 10.249,837 2,709,470 1,673,428 2,271,375 1,291,163
June
June
86,032
96,547
15,559
32.732
From Jan 1 65,983,463 57,847,727 11,847,394 11,776,411 9,326,770 9,457.009
From Jan 1- 582,661
541,334
151,564
13
110
27,2
36
5a
143,336
116
9;96
69
Spokane Portland & Seattle*N Y Ontario & Western1,248.667
888,365
238,739
76,205
38,073
196,203
June
June
185,124
653,319
646,532
201,100
269,296
126,080
5,591,268
433.966
508,443
737,436
178,399
From Jan 1 6,393,439
From Jan 1_ 3,814,523 3,390.108 1,269,018 1,168,141
662,835
818,518
Northern PacificTennessee Central8,302.287 8,300,557 1,045,860 1,643,318
340,751 1,049,293
June
June
247,664
36,138
215,942'
45,571
53,252
40,157
853,252
969.170
From Jan 1_ 1,547,459 1,172,185
From Jan 146.847,127 41,922,104 5,157,162 5,213,206
189,449
366,835
213.479
333.180
Northwestern PacificTexas & Pacific261,379
719,158
253,523
207,992
720.812
211,988
476,566
June
2,365,017 2,566,841
June
278,728
381,647
576,913
758.054
845,701
565,201
463,103
From Jan 1_14,963,007 14,370,805 2,074,685 2,281,121 1,460,326 1.604,230
From Jan 1- 3,576,525 3.557.385
Toledo St Louis & WesternPennsylvania RR Co64,387,849 50,879,806 12,452,998 9,651,249 9,257,360 6,803,226
282,269
June
1,047,983
917,607
June
338,266
405,625
330,269
From Jan 1- 6,563,956 4,906,257 2,679,559 1,612,062 2,243,579 1.328,991
FromJanl 356,130,371 297,047,643 63,194,482 58,571,280 49,123,198 46,031,117
*Ulster & DelawareBaltimore Chez & Ati25,327 -28,013
148,510 -23,141
20,657
133,240
11,244
June
168,216
21,158
154,500
June
17,247
27,160
667.302 -188,971 -83,224 -200,657 -94,072
7,457
652,883
From Jan I_ 792,132
56.768
From Jan 1
717,040
43,505
92,795
Union Pacific*Long Island1,050,076
1,004,743
783.624
2,917,091
822,588
1,915,307
3,229,094
June
1,586,820
8,877,619
8,401,925 2,150,189 2,507.041
June
From Jan 1_50,958,437 45,502,183 14,353,933 13.136.931 10,966.939 9
From Jan 1.15,831.133 13,964,429 2,988,139 2,987,114 2,345,690 2,340,413
'
706
'
966
Oregon Short LineMaryaind Del & Virginia--9,0I3 -31,901 -11.049
415.171
258,04
107,654 --29,719
June
2,947,282 2,804,310
95,008
537,132
667,109
June
483,500 --150,706 --101,311 -155,908 -106,365
From Jan 1_17,417,087 16,380,589 3,986,843 3.927.699 2,473.489 2,272,91
From Jan 1_ 468,290
Oregon-Was RR & NayMonongahela,
206,734
3,943
-4,057
129,932
196,744
58,706 -168,170
549,516
June
2,333.292 2,343,050
13,095
June
237,217
964,987
717,156
669.156
905,247
383.504 -132.393 -704,064
From Jan 1_13,379,455 12,698,727
From Jan 1_ 2,850,203 1,730,964
880,095
St Josep & Grand IslandToledo Peoria & Western494 -28.609 -10,536
145,712 --17,609
-8,528 -19,778 -28,146
143,085
June
235,888
234,919
-6,611
June
791,224 --84,812 --29,532 --150,946 --95,932
120,044
92,237
From Jan 1.. 1,570,857 1,505,620
200,682
900,273
From Jan I_
199,306
Union RR (Penn)West Jersey & Seashore166,810
140,517
35,151
458,093
57.094
471,923
327.618
1,230,752. 1,090,194
June
1,237.322 1,192,118
408,618
June
529,786
502,812
283,964
302,083
From Jan 1_ 5,983,517 5,071.267 1,451,680 1,425,542 1,181,555 1,345,052
From Jan E 6,232,507- 5,725,940
UtahPennsylvania System55,241
26,395
50,083
139,929
159,033
32,339
69,339,897 55,367,759 13,643,115 10,875,195 10,061,514 7,651.956
June
June
233,731
114,133
194,876
760.531
154,507
From Jan I_ 737,505
FromJan 1380,428,291 319078,077 66,297,530 62,091,410 51,154,663 48,483,158




THE CHRONICLE

AUG. 41923.]

-Grossfrom Raiittajl--Net from Ratluay- -Na after Taxes1922.
1923.
1922.
1923.
1922.
1923.
Vicksb Breyer)& Pacille350,811
331,673
June
From Jan 1_ 2,100,366 1,885,273
*Virginian RR1,791,452 2,089,254
June
From Jan 1_11,072,336 10,485,198
Wabash RR5,558,770 5,362,371
June
From Jan 1.31,784,135 28,630,584
Maryland
•Western
2,084,417 1,271,871
June
From Jan 1.11,730,940 8,180,244
Western Pacific1,263,893 1,064,742
June
From Jan 1_ 5,881,812 5,090,241
Wheeling & Lake Erie1,910,179 1,346.652
June
From Jan 1_ 8,687,135 6,822,930

83,296
587,777

88,504
386,011

49,281
403,149

63,581
247.229

594,194
998,750
873,466
693,554
4,444,009 4,410,789 3,830,411 3,758,883
1,200,212 1,250,495 1,011,389 1,056.565
6,790,189 5,161,476 5,642,951 4,016.546
281,43.5
377,360
301,435
467,380
2,554,020 1,953,101 2,089,020 1,683,101
325,005
1.116,874

251,788
634,950

244,079
650,703

185,188
116,223

409,344
390,832
271,303
518,529
1,853,141 1,723,994 1,208,625 1,036,892

• Revised figures.
t This road is now operated separate and distinct from Missouri-Kansas-Texas
lines and is in hands of a receiver.

ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.

547

-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
07,002
06.006
41.698
48,601
Northw Ohio Ry & Pow_June
083,866
088,105
462,714
12 mos end June 30.. _ .. _ 546.849
055,388
070.293
196,877
Penn Edison Co and sub_June 235,732
12 mos end June 30____ 2.923,653 2,470.543 0929.184 0809.731
023.318
e34.596
239.659
ReactingTmn&Lt&sub_June 263,424
12 mos end June 30.- - 3,061,505 2,953,803 0288,079 a392,728
010,923
08.539
45.947
40.989
Rutland Ry, Lt & Pow_June
563.489 0120,667 0141,381
12 mos end June 30.___ 570.874
015,043
013,788
58.290
62.869
Sandusky Gas & Elec__June
727,282 0194.597 0171,870
June
end
___
30_
mos
847,289
12
02.598 -01,501
June
10.032
15.100
Sayre Electric Co
039,217
042,421
182,563
12 mos end June 30_ - __ 199,688
015.727
(116,234
39.715
56,193
Vermont Hydro-El Corp June
527.149 0311,529 0160.826
12 mos end June 30_ _ _ _ 685.054
039,407
028,106
74,090
Pow
&
Wat
June
76,280
York Haven
782,286 0122.083 0355,452
12 mos end June 30_- 830,468
c Given in pesetas.
b Given in mikes.
a Net after taxes.
Note.-Above net earnings are after the deduction of taxes.
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
Companies.

407,509
826,851
Am Water Works June'23 2,846,880 *1,234,360
203,597
513,488
22 1,638,302 '817,085
& Bloc Co & subs
12 mos ending June 30 '23 31,385.055*13,750,581 9,251,305 4.499,276
6,067.743
*8,932,102
2.864,359
19.911,688
22
'
Name of Road
33,522
63,562
97,084
259,945
Previous
Associated Gas & June'23
Current Previous Current
or Company.
19,157
36.121
55,278
154,169
'22
Year.
Electric Co
Year.
Year.
Year.
Month.
650,391
308,704
959.095
12 mos ending June 30 '23 2,848,012
368,840
267,371
636.211
'22 1,955,072
$
$
$
$
528,606 433,734 3,388.566 2.650.178 Bangor Ry &
33.515
23.510
57.025
Adirondack Pow & Lt June
119,274
June'23
625,695 445,707 3,539,520 2.527,311
32,282
23,464
55.746
Alabama Power Co__ June
115.958
'22
Elec Co
490.195
1707.934 1533,799 10.667,002 9,386.736
284,262
774.457
Amer Elec Power Co_ June
12 mos ending June 30 '23 1,532.202
2443,481 2204.996 12,976,935 11.803,863
399,805
284.804
684.610
Am Pr & Lt Co Subsid May
'22 1,457.502
6050.498 5462.967 29,942,764 26.025.049
American Tel & Tel.. May
244.475
51.447
295.922
1,056,839
2846,880 1638.302 17,074,076 10,040,202 Bklyn City RR Co June'23
mAm Wat Wks & Sub June
199.359
50,375
249,734
'22 1.044,852
277,720 246,089 *3.177.894 *2,722.900
Appalachian Pow Co_ June
625.191 2.256,025
2,881.216
ending
mos
12,196,450
June
'23
30
12
*727,894
April
63.540
Arizona Power Co__
1,812.581
638,032
2,450,613
11,848,702
'22
138,544 133,046 *1.398.096 *1,164.763
cArkansas Lt & Power June
164,459
746,708
911.167
78,252 74,211 *927,182 *869.236 Commonwealth Pr June'23 2,918.984
Asheville Pow & Light May
802,650
35,238
837,888
Ry & Lt System
'22 2,586,681
771,857
259,945 154,169 1,261.464
Associated Gas & Rim June
12 mos ending June 30 '23 35.497,733 11,761.413 9,064,998 2,696,415
97,571 88.476 *1,215,135 *1,064,292
Aug-Aiken Ry & Elm June
8,814,022
2,000.715
10,814,737
32,123,663
'22
717.817
119,274
761,083
June
115,958
Electric
Bangor ity &
814,359
305.763
508.596
3711,837 3617,712 25,758.987 22,515.219 Commonw'th Pow June'23 2,292,941
kBarcelona Tr, L & P June
185,749
509,904
318,346
695,653
290.690
51,407 50,983
'22 2,009.828
Corp and subs
Baton Rouge Electric June
312.369
356,341
56,276 49.566
1.2 mos end June 30 '23 28.170,356 10.658.166 6,145,130 4.513,036
Beaver Valley Trac__ June
571,872
490.453
87.444 84,947
'22 25,285,601 9,699,034 5.910,783 3.788,251
Binghamton L H & P June
363,317 307,811 2,271.527 1,948.970 Consumers Power June'23 1.301,991
Blackstone Val G & E June
387.041
180.418
567.459
2760,077 2630.924 17,448.488 16,535.329
Boston "L" Railway., June
'22 1,121.118
487,929
285,025
202.904
Co
7.577
28,248
7,300
28.533
Bklyn Heights (Rec)_ April
12 mos end June 30 '23 15,544,939 7,306.090 2,379,166 4,926,924
April
854,864
221,339
835,141
(Roc)
221,105
Bklyn Q C &Sub
'22 13,362,239 6,151,188 2,455.560 3,695,628
840,167
231.941 225,481
865,827
Coney I & likln (Roc) April
66,624
June'23
127,529
Co
304,798
60.905
23,999
7,383
6,366
20,379 Cumberland
Coney Island tz Grave April
58,400
'22
122,801
64,401
280,611
Pr & Lt Co
461,152 419,900 1,740,029 1,586,371
Nassau Electric (Roc) April
813.365
745.153
12 mos ending June 30 23 3,676,614 1,558,518
April
94,084 85,872
382.402
319.171
South Brooklyn
'22 3,377.098 1,323,915
817.783
706,132
20870000 16266000 117463000 92,515,000
(Brazilian Tr, Lt & Pr June
12,559
12,559
June '23
81,653
3411.218 3147.921 033589020031526837 HAnolulu Rapid
Ilklyn Rapid Transit_ May
25,844
25.797
47
'22
82,222
Transit Co, Ltd
1056,839 1044.8,52 *12196450 *11848702
Bklyn City RR (Roc) June
82,639
5.110
87,749
June
end
477.819
'23
30
My
mos
_
6
2309,787 2074,299
N Y Consol (Roc)
116.659
1,585
118,244
478.296
'22
CapeBretonEiCo,Ltd June
338.050
287,623
56,851 46,053
9,669
176,139 154,683 *2.111,241 *1,766.854 Huntington Dev
20.522
Carolina Power & Lt_ May
30,191
97,514
June'23
12,570
19,964
32,534
265,892
46,863 43,123
283,939
82.927
'22
Cent Miss Val El Co_ June
& Gas Co
263.939
240,718 282.315 *3,095.150 *3.238,434
242,352
506,291
Central Pow & Light.. March
12 mos end June 30 '23 1,292,693
228,758
1589.994 1435.323 8.107,385 6.608,137
229,451
458.209
'22 1.102,260
Cities Service Co____ May
75,964 63,945 *895,995 *758.337 Milwaukee Elec
CitizensTrac Co&Sub May
176.582
263,965.
June '23 1,736,043 *440,547
266,350
87,324 85,251
255.340
City Gas Co. Norfolk March
192,049
252.102
*444,151
1,488,028
'22
Co
Light
&
By
59,251 60.148
278,932
271.930
Cleve Painesv & East May
*5,924,348 2,343,989 3.580,359
21,228,929
'23
30
June
end
mos
12
96,914 81,927 *1.080.845 *963,589
Colorado Power Co__ June
'22 18.640,964 *5,766.218 2.445.785 3,320,433
Columbia Gas & Elec June
1485.120 1299,155 11.010,509 9.485.184
66,401
135,636
69,235
400,500
Columbus Elec & Pow June
180,826 158,350 1.120,495
948.143 Municipal Service May'23
36.371
37.902
74,273
214,418
'22
Co and subs
oem'w'lth Pow Corp_ June
2292,941 2009,828 14.633.279 12,848.953
898,2.51
1,758.166
859.915
4,716,107
'23
31
May
end
mos
12
Com'w'lth Pr,Ry& Lt June
2918.984 2586,681 18,520.698 16,203,632
447,182
467.162
914.344
'22 2.533.985
June
154,693 138.774
Conn Power Co
991,826
832,500
196,146.
81,868
617,403 *278,014
Consumers Power Co June
1301,991 1121.118 8,182,663 6.838,926 Nevada-California June'23
77,953
167,771
473.806 *245.724
Electric Corp
Cumberland Co P tz L June
304,798 280,611 1,860,920 1,651,869
'22
972,902 1,145,190
June
Detroit Edison Co
2306,046 1959.841 15.907.959 12,848.546
12 mos end June 30 '23 3,840,561 *2.118,092
908,634
912.964
Duquesne Lt Co Subs June
1519,950 1275,753 9,785,437 8,164,850
'22 3,310,141 *1,821.598
890,558 867,422 5.560.932 5,252,802 Northern Ohio
Eastern Mass St Ry June
176,184
154,434
21,750
830,633
June'23
Eastern Penn Elec Co April
218.148 173,337 *2.365.048 2.35*9.795
175,274
8.509
766,618
166,765
Electric Corp
'22
377,548 270,999
East St Louis & Sub._ April
569,435
12 mos end June 30 '23 10,195,073 2,520,965 1,951.530
43,629 37,748
EastShG&ECo&Sub May
218,095
197,014
460,092
'22 8.765.851 2,393,096 1.933,004
175,620 156,024
East Texas Elec Co__ June
872.614
997.016
349,983
176.263
173,720
Ry
901,069
June'23
Edis El 111 of Boston_ March
1553.224 1304.770 4,919.124 4,393,689 Portland
125,713
178,624
304,337
836,856
Light & Pr Co
'22
115,760 99,711
EdIs El 111 of Brock'n_ June'
808,226
670,944
1,951,427
4,052.774
2.101,347
end
mos
12
10,505.691
'23
30
June
195,878 185.464 1,211,381 1,141,352
El Paso Electric Co__ June
'22 9.908.387 3,672,668 2,140,664 1.532,004
Elec Lt & Pow Co of
59,237
266,961
807,361
207.724
June'23
33,279 25,913
Abington & Rockl'd June
212.080
172,906 Republic Ry &
25,973
200,539
664.190
174,566
Light Co
'22
118,216 87.774
Erie Ltg Co & Subs__ April
517.999
388.066
453,061
6 mos end June 30 '23 4.877,716 1,608,574 1,155.513
88,425 83.978
Fall River Gas Works June
498,169
477,306
396.796
'22 3,958.854 1.431.942 1,035,146
Federal Lt & Trac Co MaYl
429,594 396,624 2,358,257 •
2,163,872
n• n • no
990 gnu leo 029 1 000 401
.r, Wnwth Ants•T f 1VIsmr
212,518
366,071
733.917
Tennessee Electric June'23
153.553
275,744
637,215
Power Co and subs
'22
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
2,146.629
12
3,867.276
end
mos
8.631.900
1.720,647
'23
30
June
System, the receiver of the Brooklyn Heights RR. Co. having, with the
'22 7,625,266 3,582.027
approval of the Court, declined to continue payment of the rental: therefore
43,753
36,962
80,715
219.336
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners. Texas Electric Ry June '23
34,645
38,832
'22
73,477
208.436
S The Eighth Avenue and Ninth Avenue RR. co-ipanles were formerly
633,692
12 mos end June 30 '23 2.747,575 1,085,383
451.691
*es were terminated
leased to the Nei* York Railways Co., but these
594.280
468,669
2,738,436 1.062.949
on July 111919. since which date these roads have been operated separately.
89.897
222,446
June'23 1,280,107 *312.343
c Includes Pine Bluff Co. d Subsidiary of American Power dc Light Co. Third Ave Ry
&
Water
Haven
York
Power
Includes
62.658
Co.
.f
System
Earnings given in milreis.
222,661
'22 1,241,121 *285,319
e
310.202
Subsidiary companies only. h Includes Nashville Ry. & Lt. Co. I In12 mos end June 30 '23 14,406,756 *3.004,977 2.694,775
ocludes
207.475
both subway and elevated lines. j Of Abington & Rockland (Mass.).
'22 14,141,413 *2,882.954 2,675,479
k Given in pesetas. 1 These were the earnings from operation of the proper- United Lt & Ry June '23
129,886
178,294
978.489
308,180
105,222
ties of subsidiary companies. m Includes West Penn Co. n Includes Pal159.362
Co and sub co
'22
264,584
908.818
metto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
1.978.178 2,098,512
mos
end
12
4.076.690
June
'23
30
12.400,250
1,540,807
* Earnings for 12 mos. t Three mos. ending Dec. 31. x Earnings for 10
1,938,253
'22
11.243,413 3.479,060
p Earnings for 11 mos. z Five mos. ending Nov. 30. a Four West Penn Co &
175.192
470.298
June'23 1,873.333 *645,490
mos.
52,630
303,142
Subs
'22 1.132,730 *355,772
2.521,323
5.285,965
end
mos
12
June
*7,807.288
30
'23
21,671,513
Electric Railway and Other Public Utility Net
'22 14,194,377 *4,877,819 3,367,631 1,510,188
Earnings.-The following table gives the returns of
* After allowing for other income.
ELECTRIC railway and other public utility gross and net
---Gross--- -Net after Taxes- -Surp. after Charges.
1922.
1923.
1922.
.
1923.
1922.
earnings with charges and surplus reported this week:
Companies8
$
-Gross Earnings- -Net Earnings
Baton Rouge Electric CoCurrent
Previous
Current
Previous
16,009
14,846
19,884
June
51,407
Year.
Year.
17,326
Companies.
50,983
Year.
Year.
164,305
180,149
214,011
12 months. 612,761
215,393
570,281
$
$
Pr
&
Lt
Trac
Blackstone
Valley
Barcelona
Gas
& Elec CoC
June 3,711,837 3,617,712 2,510,159 2,088,174
79,647
99,820
107.304
June
128,541
383,317
307,811
Co Ltd
12 months. 4,328,001 3,889,726 1,590,897 1,432,473 1,250,894 1,097,972
Six mos ending June 30_25,758.987 22,515,219 14,402,939 13,687,012
Carle Breton Elec Co,LtdBinghamton Light, Heat &
June
87.444
-2,407
84,947
-1,905
021,433
027.674
June
3,133
56,851
3,720
46,053
Power Co
980,522 0298,794 0235,401
32,074
7,006
12 months. 678,668
74,621
99,732
868,487
12 mos end June 30---- 1,101,075
&
Light
Traction,
Central
Mississippi
Valley Elec Cob Brazilian
Juno 20,870,000 16,266.000 12.809,000 10,447,000
June
6,559
10,041
10,221
48,883
13,299
43.123
Power Co.Ltd
12 months_ 565,983
101,508
117,765
145,326
159,921
534,492
6 mos end June 30-- _117,463,000 92,515,000 70,621,000 56.655.000
Columbus Electric & Power CoGeneral Gas & Electric Corp.
1.248,075
1.036,349
companies_June
51,447
0333,420
0294,561
71,394
June
74,413
180,826
subsidiary
93,999
158,350
12 months. 2,147,778 1,896,555 1.098,805
03,923,170
825.381
998,134
12 mos end June 30-15,089,200
25,509
22,395
sub_June
010,839
08,301 Connecticut Power CoHanover Pow Co &
264.273 0133,874 0105,147
42.944
15.949
June
60,834
33,411
154,693
138,774
12 mos end June 30---- 326.213
401,930
386.783
12 months_ 1,918,652 1,617,512
627.880
593,821
508,350 0215,406 0173,062
609,688
Metrop Edison Co &sub_June 7,312,754
6,278,893
Texas
02,284,911
Eastern
02.269,149
Electric
Co
June
end
12 mos
61,531
66,240
60,038
64,734
June
175,820
156,024
46,941
75.012
014,532
012,389
J Pow & Lt Co & sub_June 864,719
371,552
509,986
578,565
709,729
12 months- 1.914,087 1,683,682
589,288 0247,490 0175.481
12 mos end June 30---Latest Gross Earnings.




Jan. 1 to Latest Date.

548

THE CHRONICLE

--Surp. after Charges---0708,1---• -Net after Taxes
1922.
1922.
1923.
1922.
1923.
1923.
$
CompaniesEdison Elec Ilium Co of Brockton28,460
37,998
29,389
June
115,760
99,711
38,840
448,025
460,237
551,584
561,843
12 months- 1,519,321 1,312,945
ElPaso Electric Co50,547
67,465
50,114
67,183
185,484
June
195.878
534,085
734,406
887,419
683,071
12 months_ 2,380.870 2,289,586
dr
Rockland
Co
of
Abington
Elec Light & Power
1,143
1,778
1,915
25.913
2,608
33,279
June
5.5,105
62,868
71,197
63,307
12 months_ 421,450
358,178
Fall River Gas Works Co16,672
16,886
23,069
83,978
23,113
88,425
June
263,249
250,899
265,360
250,630
12 months_ 1,027,549 1,003,610
Galveston-Houston Elec Co23,004
287,348
54,589
61.661
13,771
273,960
June
354,078
654,268
794,896
172,958
12 months_ 3,287,016 3,453,652
Haverhill Gas Light Co17,748
49,091
47,571
16,931
17.759
16,925
June
140,417
539.685
129,114
146,467
128,729
12 months- 565,236
Houghton County Elec Light Co3,383
37,469
7.714
June
41,056
1,817
5.786
87,713
12 months_ 541,077
87,158
550,350
138,664
147.864
Keokuk Electric Co3,788
5,972
June
34,688
30,933
7,443
9,231
55,258
12 months_ 405,537
98,997
68,875
381,173
110,983
Key West Electric Co3.293
5,928
June
20,870
19,438
7,774
5,256
46,391
12 months_ 253,996
73,348
74,176
249,514
105,521
Lowell Electric Light Corp25,681
25.662
40,369
June
127,547
100,116
40,382
397,607
566.199
373,896
12 months_ 1,603,239 1,228,264
567,709
Mississippi River Power Co201.301
102,899
98,345
259,423
203.808
June
264.348
889,374
986,470
12 months_ 2,964,367 2,836,657 2,203.058 2,125,617
Northern Texas Electric Co45,196
70,254
43,523
70,684
232,207
240,156
June
823,026
704,758
12 months_ 2,977,217 3,207,311 1,009,613 1,124,482
Paducah Electric Co15,232
43,874
15,679
7,099
June
48,538
6.801
165,773
107,489
208.845
63,752
12 months_ 594,484
540,816
Light
Co
Puget Sound Power &
173,616
785,175
357,879
316,706
June
948,671
204.606
12 months_11,380,623 10,138,086 4.570,187 4,370,358 2,800,594 2,610,685
Savannah Electric & Power Co26,218
June
131.179
133,551
42,297
49,466
18,327
12 months_ 1,596,562
575.132
286,531
Sierra Pacific Electric Co23,345
June
86,385
73,304
43,833
28,935
38,591
326,876
12 months_ 968,809
887,505
468,819
399,886
410,704
Tampa Electric CoJune
170,003
138,608
45,585
72,986
50,006
66,859
12 months_ 1.989,318 1,755,007
857,068
723,180
670,431
794,257

[VoL. 117.

order to complete the accounting record and have the profit and loss
statement reflect this change. surplus to the amount of $7.497,661 was
appropriated. At the present time there are no unfunded additions and
betterments to the property except those made by the U. S. RR. Administration during the period Jan. 1 1918 to Feb. 29 1920, for which final
settlement and accounting has not been made. After other charges to
profit and loss, affecting the business of prior years, there remained a
free profit and loss balance of $2,298.999.
Dividends.-Durink 1922 the directors declared a 2%% dividend on the
Preferred stock, payable on Dec. 30 1912 to holders of record Dec. 15 1922.
This distribution was made from the stylus of previous years. On
March 16 1923 a quarterly dividend of 1
o was declared, payable April
2 1923 to holders of record March 24 192
If present traffic and rate
conditions continue, it is expected that the quarterly distribution of 1 %
will be continued.
Funded Debt.-There was a decrease in funded debt during the year of
9345,330. which WWI brought about by retiring matured Equipment Trust
notes through income of 1921 held in reserve for this purpose.
Balance Sheet -Inasmuch as the statements in the annual report for
1922 embrace the St. Louis Southwestern Railway system as a whole, the
item in former reports covering advances on open accounts by the companies comprising the system do not appear in the consolidated general
balance sheet.

Pres. Daniel Upthegrove, St. Louis, May 15, wrote in
substance:

Results -Financial results for 1922 are considered satisfactory in view
of the depressed industrial conditions prevailing during a part of the year
and the miners' and shopmen's strikes.
Railway operating revenues amounted to $26.159.914, compared with
$25,153.461 for the previous year. an increase of 91,006,452. or 4%•
With the exception of the year 1920 the gross revenue produced during
1922 was the largest in the history of the company.
There was an increase of 198.956 tons handled compared with 1921.
due to increase in tonnage of forest products, manufactured products
and products of animals. There was a decrease in the tonnage from
products of agriculture, of mines, and merchandise.
Operating expenses for 1922 were $20,007,425, compared with $19.112,552 in the previous year, an increase of $894,872. or 4.88%. This
increase was caused principally by floods in Arkansas, Louisiana and
Texas during the early spring and summer, and by the strikes of coal
miners and railway shorten. Although the company had stored a large
quantity of coal in ant cipation of the miners' strike, at regular contract
price, this supply was exhausted before the strike was terminated and it
was necessary to buy coal in the open market at inflated prices. The
strike of the shopmen caused a large increase as it was necessary to furnish
board and lodging to the men entering our service during the strike, and
to employ a great many guards and watchmen to protect the company's
property.
The net revenue from railway operations increased from $6,040,908
in 1921 to 96,152,488 in 1922, notwithstanding the abnormal expensse
mentioned above.
Railway tax accruals for 1922 increased $105.969. of which $40,698
was State and local taxes and $65.270 was Federal income taxes. Increase
in the latter item was due to an advance in rate of taxation on incomes of
corporations from the rate of 10% effective throughout 1921. to a rate
of 1234% effective throughout 1922: therefore, with a decrease in net
income there was an increase in Federal income tax amounting to 25.43%.
Other railway operating income received during the year amounted
New York Street Railways.
to $376,308, compared with $610,745 in 1921. a decrease of $234,436.
-Gross Earnings- -Net Earnings
- due principally to increased number of foreign cars on the line during the
Current
Previous
Current
Previous
latter months of the year.
Year.
There was an increase of $100.244 in amount of deduction from railway
Companies.
Year.
Year.
Year.
operating income due to rental charges account increased use of joint
$
$
$
$
facilities.
Apr 1,012.466
Brooklyn City RR
254,150
Non-operating Income of $286,617 was regived during the current
3,896,217
915,239
Jan 1 to Apr 30
compared with $214.824 in the previous year.
7,300
928 year
Brooklyn Heights (Rec)_Apr
7,577
1,327
Gross income for the year amounted to 94,742,275. compared with
__413
28,533
28,248
-1,228
Jan 1 to Apr 30
$5.000,909 in 1921, a decrease of $258,634. or 5.17%
221,339
70,659
78,687
Bklyn Q Co & Sub (Rec)_Apr 221,105
Deductions from gross income amounted to $2.485.596 during the
854,864
835,141
146,278
202,941 current year. compared with $2,523.224 in the previous year. There was
Jan 1 to Apr 30
225.481
65,824
72,451 a decrease of $24,504 in interest paid on funded debt due to retirement
Coney Isl & Bklyn (Rec)-Apr 231.941
840,167
209,702
231,062 of Equipment Trust notes through income during the year.
865.827
Jan 1 to Apr 30
Net income for the year was $2,256,678, compared with $2.477,685.
6.386
7,383
-702
500
Coney Isl & Gravesend_ _ Apr
23,999
20,379
--3.940
--6,583 a decrease of 9221,006. or 8.92%. Of this net income $257,323 was
•
Jan 1 to Apr 30
applied to sinking fund reserve and the remainder of 21,999.355 was
419,900
124,962
131.043
Nassau Electric (Rec)___Apr 461,152
ilrgroined
wafsorunie
nxvestzegt in physicalfirpeerl. Of taidltIntter
388,503
1.740.029 1.586,371
395,711
Jan 1 to Apr 30
sumreserve
648,779
567,507 for future requirements, 2e30A
NY Consol(Rec)(B R T)Apr 2,153.157 1.976,689
'
,330 ofC w
oheicl:'1 hsetyalrde for the retirement
Jan 1 to Apr 30
8,230.795 7,658,723 2,213,215 2,066,647 of Equipment Trust notes maturing in 19233, and $812.696 for additions
Apr
94.084
85,872
South Brooklyn
35,408
24,182 and betterments.
Jan 1 to Apr 30
382,402
319,171
100,169
110,450 Major Items of Maintenance and Betterment Aggregating $4,582,287, in 1922.
N Y Railways (Rec)____Apr 745.615
759,099
24,351
23.178 711.151 cross ties applied. $761,468: 410 sets of switch ties
2,912,256 2,948,918 -15,619
Jan 1 to Apr 30
21,016
applied. $63,070: 13.785 bridge ties applied, $28.585; labor
105.282
--6,470
9,694
Eighth Avenue RR
Apr 101,025
applying above ties, $325.046
395,462 --95,021 --47.506 Renewing 16,408 linear feet trestle and constructing 126 linear$1 378'172
Jan 1 to Apr 30
384,895
feet of new, and abandoning 4,554 linear feet trestle in con43,261
2,123
Ninth Avenue RR
Apr
43,969
--8,480
nection therewith. $380,642: replacing 7,098 linear feet trestles
174,850 --37,728 --54,394
Jan 1 to Apr 30
166,787
with concrete pipes and boxes. $161,795; replacing 1,146 linear
Interborough R T Systemfeet
trestle with 435 feet of steel oridge structure, $133,166;
3,029,148
Division
Apr
3,220,184
1,317,619 1,262.042
Subway
743,218
replacing 200-ft. steel span over Trinity River, 967,614
Jan 1 to Apr 30
12,878,635 19.984,544 5,911,759 5,063,788 Laying
97.69 track-miles new 85-lb. rail in main track, releasing
448,637
Elevated Division_ ___Apr 1,632,685 1,601.194
493,144
754b. rail. $537.020: Applying 146,176 Cu. yds. ballast.
Jan 1 to Apr 30
6.396,462 6,168,070 2,119,494 1,564,489
$241.493: extending passing tracks aggregating 6.63 miles,
$91,064; applying 350,630 tie plates and 110.689 rail anchors,
25,064
3.783
24.221
2,738
Manhattan Edge 3c Line_Apr
92,226
$97,051: river bank protection. Dukedale, La., Garland Cty,
92.235
7.696
4,987
Jan 1 to Apr 30
Ark., and Rob Roy. Ark.. $49.140; paving streets-Sherman
82.003
85,315
6,448
-2,220
Second Avenue (Rec)___Apr
and Waco, Texas, $98,503
1,857,489
304,001
-5,452 -35,392
Jan 1 to Apr 30
316,663
Important work on structures
115,213
52,809
1.834
-1,083 Rehabilitation of freight
N Y & Queens Co (Rec)_Apr
car
equipment
212,839
430,998 -14.344 -39,235
Jan 1 to Apr 30
Rate Situation.-The continued readjustment in freight rates to remove
29,120
31,194
-2,295
4,186 inequalities
Long Island Electric_.,_Apr
created by the percentage method of advance under the I.-S.
105,522
109,136 -38,005
2,586 C. Commission's order
Jan 1 to Apr 30
in Ex Parte 74, also the various orders of the Federal
Apr
20,566
756 and State Commissions, principally the 10% reduction on farm products
18.955
3,783 '
Ocean Electric
64,732
-5,270 effective Jan. 1 1922: reduction in rates on forest products effective April
69,459
8,088
Jan 1 to Apr 30
31,717
7,265 13 1922 and the reduction of 10% in the freight rates which had not been
33,190
9,912
Manh & Queens(Rec)_Apr
111.793
28,120
13,343 previously reduced to that extent, effective July 1 1922, has reduced
125,417
Jan 1 to Apr 30
general level of freight rates. There were no material changes in the
139.787
16,444 the
Apr 133,231
14,297
N Y & Harlem
passenger fares during 1922. On account of dependable service the com535,531
25,244
61,494 pany
513.874
Jan 1 to Apr 30
obtained a liberal share of the freight traffic moving to and from
40,475
-6,149 the territory which it serves.
Apr
48,765 -12,845
N Y & Long Island
industrial conditions throughout
170,509 -69,105 -49,157 the country were also a factor Improved
147.857
Jan 1 to Apr 30
in producing a substantial increase in the
volume
of
64,922
60,052
-2.005
traffic
Apr
8,151
handled.
RR
Richmond Lt &
Memphis Freight Traffic.-The arrangement made in 1921 for the
234,281
253,855
24,664 -43,003
Jan 1 to Apr 30
handling of freight traffic in our own trains into Memphis, using the
tracks and facilities of the Chicago Rock Island & Pacific Ry. and the
Illinois Central RR., has proven satisfactory. Traffic through this gateway increased approximately 50% over last year.
Oil Developments.-Early in 1922 the HaynesvMe oil field in northern
Louisiana
reached production stage and a very heavy volume of crude
Financial Reports.-An index to annual reports of steam oil moved from
that field via our line, coming to our rails at McNeil, Ark.
Late in 1922 the Smackover on field near Camden, Ark., reached a stage
railroads, street railway.and miscellaneous companies which of
large
development,
and during the entire year the Mexia field in Texas
have been published during the precedmg month will be given continued to contribute a large
volume of traffic. At this writing several
month.
This
each
index
will
not
of
have
been
wells
Saturday
brought
in at Powell, Texas, eight miles north of Corsicana.
last
on the
Texas,
on
our
and the prospects for developing an extensive field
include reports in the issue of the "Chronicle" in which it is in this territoryline,
seem promising.
be
will
found
of
index
in
issue
the
latest
Conversion
of
Coal
-Burning
The
Loccmtotives to Oil.-The principal coal supply
publiShed.
for the St. Louis Southwestern Railway Co. of Texas has heretofore been
July 28. The next will appear in that of Aug. 31.
obtained from mines located in Oklahoma. In addition to the price of
we have had to pay a substantial freight charge to foreign lines.
St. Louis Southwestern Railway ("Cotton Belt Route"). coal
When the oil field at Smackover, Ark., had developed to a point which
it would produce a large quantity of oil suitable for locomotive
ending
1922.)
showed
-Year
Dec.
31
(32d Annual Report
fuel, a favorable contract was made for the purchase of a three years'
Chairman Edwin Gould, New York, June 1, wrote in brief: supply of fuel oil to be delivered f.o.b, the company's cars at Camden.
for additions and Ark., and necessary steps have been taken to provide suitable storage
Investment in Road & Equipment.-Expenditures
Southwestern By. and subsidiary facilities and convert 119 locomotives for use on the lines of the St. Louis
betterments to the property of St. Louis
all
of
which was financed Southwestern Railway Co. of Texas. It is expected this change will
lines during the year amounted to 91.707,523,
make a substantial saving in transportation expenses.
through income and surplus.
New Equipment.-Orders have been placed for 200 self-clearing, conand
betterments
to the property
additions
Prior to Federal control many
funds, being placed on the com- vertible steel ballast cars, 500 80.000 pounds capacity steel underfame
were made and paid for with currentmethod
cars. 500 80.000 pounds capacity steel underframe automobile cars
box
of
financing
open
for
future
the
leaving
pany's books as unfunded,
15 consolidation type oil-burning freight locomotives. Deliver of
determination. Decision was reached by the directors to appropriate and
his
new equipment is expected to be completed by July 1 1923.
ahe amount of these additions and betterments from surplus; therefore ,in this

w

FINANCIAL REPORTS




•

AUG. 41923.1

THE CHRONICLE

equipment is necessary to meet the requirements of the company's increasing traffic. The ballast cars will be used in carrying out program to
ballast the main line from Imo to Texarkana with gravel and, when not
required for this service, will be used in hauling revenue freight.
New Ballast Pit on the Ouachita River -The company has concluded
an agreement with the State of Arkansas which has been ratified by the
State Legislature, whereby the company is given the right, for a period
of ten years. to remove sand and gravel from the bed of the Onarhita
River near Camden. Ark. This is first-class ballast and can be applied
at less cost than any other ballast obtainable. The supply is unlimited.
A ballasting program has been outlined extending over a period of years,
with a view of completely reballasting the main line where ballast has
heretofore been applied, or in ballasting where no ballasting has been done.
Agricultural ct Industrial.-The condition of the agricultural industry
throughout the territory traversed by our lines shows a substantial improvement over the previous year. The farmers in eastern Texas produced
the best cotton crop in several years and the price they received was
exceptionally igioodi.
3erTnlp tomato crop
Texas nstunusually
and the
cars
dl from
terrIteoxr was
since the industry started. The Arkansas production of rice adjacent
railway
the
company's
lines was satisfactory and furnished a large
to
volume of tonnage.
The Agricultural Department has been actively engaged n aiding the
farmers. Their work is conducted in co-operation with the State agricultural colleges and other agencies organized for the betterment of the
agricultural industry.
The marketing feature of the farmers' problem has been the subject of
careful study and much improvement has been made in the packing and
shipping methods of the tomato and fruit growers, result ng in a better
price for the product and a decrease in the claims for damage.
Experimental work was conducted at the company's farm at Brunswick,
Texas,and a large quantity of tomato and other plants furnished to farmers.
Our Industrial Department has kept in close touch with industrial conditions and a number of new industries have been located on our rails
throup the efforts of this department.
Claim Against the U. S. Government.-We have had several conferences
with the Director-General of Railroads with the view of affecting settlement of our claim; however, at this writing no satisfactory basis of settlement has been reached.
Federal Valuation.-The company's protest of the tentative valuation
filed by the I.-S. C. Commission was set for hearing in September 1922.
An application was made to the Commission for permission to inspect
the evidence upon which the tentative valuation was based, and also for a
subpoena duces tecum compelling certain officers and employees of the
Bureau of Valuation who gathered the data and evidence underlying the
tentative valuation to appear at the hearing and be cross-examined with
respect to their work. Upon the filing of this motion, the Commission
indefinitely postponed the hearing upon the protest, and later overruled
both motions. The railway company thereupon filed a petition for writ
of mandamus in Supreme Court of the District of Columbia. seeking to
comepl the Commission to permit an examination of the evidence, and
also to issue the subpoena. The petition was heard by the Supreme Court
of the District of Columbia in December 1922, and denied. It is now
Pending on appeal in the Court of Appeals of the District. It is expected
the U. S. Supreme Court will be required to finally pass upon the question.
and the valuation of the railway company's property, therefore, cannot
be finally determined until the points at issue have been settled.
CHARACTER OF STEEL RAIL IN MAIN TRACK.
Miles85-lb. 75-1b. 70-lb. 60-lb. 56-16.
Total.
Dec. 31 1922
299.36 777.61 30.67 47.12 376.67 1,544.34
Dec. 31 1921
200.95 888.72 30.67 47.12 384.97 1.544.34
Dec. 31 1920
182.46 881.10 30.67 47.10 386.33 1,539.57
Dec. 31 1919
106.70 950.02 30.67 44.15 395.27 1,538.72
Dec. 31 1918
75.41 981.33 30.67 44.15 407.07 1,538.63
BALLAST AND BRIDGES IN MAIN TRACK.
Rock. Gravel. Cinders. Burn Clay. Soil, Tres.dec.
MilesTotal.
Dec. 31 1922_*212.19 549.10 117.07
205.65
*1,559.32
Dec. 31 1921-1'210.31 544.97 108.20
205.65
*1,554.55
Dec. 31 1920_*210.31 544.97 108.20
205.65
*1,554.55
Dec. 31 1919_*222.54 584.58 100.66
212.18
*1,552.40
Dec. 31 1918-*221.98 583.65 102.05
211.58
434.39
*1,553.65
* Includes 14.44 miles in second main track.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1921.
1920.
1919.
Average miles operated.
1,776
1,776
1,776
1,754
Operationspassengers carried
2.097,603 2,592,292 3,939,032 3,731,930
passengers carried 1 mile 77,734,942 89.876,499 137,513,447 140,477,148
Rate per pass. per mile_ - 3.46 cts.
3.44 cts.
2.93 ets.
2.72 cts.
Tons freight moved__
5,353,997 a5.147,912 a6.356,708 4,762,210
do 1 mile__ _ -1535404954 1296385810 1815775668 1140459526
do
Hate per ton per mite_ _ _
1.45 cts.
1.61 cts.
1.39 cts.
1.39 cts.
Earns per pass. train m_
11,5817
$1.5958
52.149
51.921
Earns per fgt. train m
7.3506
$7.4770
57.2756
$6.4219
Gross earnings per mile_
14.730
814,146
$17.467
811,776
a Not including company's freight.
CLASSIFICATION OF REVENUE TONNAGE FOR CALENDAR YEARS.
1922.
1921.
1920.
1919.
Cottonsd.& prod.ex.ol
172,765
189,433
239,125
60,765
Other agric. products....771,067
784,479
793,305
898,321
Products of animals._ _ _
63,766
49,497
66,450
107,341
Bituminous coal
299,752
232,299
344,969
221,092
ciay,gravel,sand & stone
443,706
994,191
535,442
292,416
Crude petroleum. &c
403,415
331.559
408,592
142.645
Other mineral products152,602
58.536
46,600
8,883
Products of forests
1,423,045
1,210,017
1.821,727
1.624,958
petroleum,
&c_ _
Refined
485.165
409,137
496.668
224,362
Other mfd. products_ _
1,138.714
888,764
1,603,830
1,179,427
Total

5.353.997 5,147.912 6.356,708 4.760,210
INCOME ACCOUNT FOR CALENDAR YEARS.
Corporate
Combined
1922.
1921.
1920.
1919.
Freight revenues
522,297,231 820,837,819'525,280,354 815,821,318
passenger
2,686.794 3,089.890 4,026,709 3,819,762
946,331
Mail, express, &c
932,409 1,312.712
755,751
Incidental, &d
229.557
293,343
401,183
264,331
. revenue_ _$26.159,914 825,153,462 $31,020,958 520,661.163
Total oper.
Maint. of way & struc
34.299,438 $3,962,520
$4,127,516
Maintenance ofequip__ _ 4,831,412 4,415,772 $6,326,553
6,717,152 5,220,162
740,968
800,443
Traffic expenses
755,704
314,114
Transportation
9,091,609 8,764,729 10,898,597 7,880.833
1,043,999
General, &c
1.169,089
1,188,051
789.959
.expenses_ _520,007,425 819,112,553 825,886,056 818,332.583
Total oper.
56.152,488 56,040,909 65,134,902 82.328,579
Net earnings
1,261,882
1„1
Tax accrue
, .
853,182
5.066
Uncollectibles
3,708
1,777
4,182
Operating Income_ _ _ .. $4,885.541 $4,881,289 53,885,448 31.471,215
109,980
cars
329,679
Hire of freight
$921,840
8158.474
239,373
236,396
Joint facility rents
236,909
260.711
169,074
138.936
Interest income
367.162
300,400
144,499
120,559
MIscel. other income_ _ _
311.041
940,099
$5,548,467 $5,706,858 $5,722,400 83.130,899
Gross Income
Deductions$787.116
$674,453
Joint facility rents
$602,952
$546,967
Rent for leased roads_
318,618
283,600
20,259
32,056
Miscellaneous rents.. _
32,238
41,580
2,449,192
2,473,697
Interest on funded debt_
2,236,887 2,250.490
2,874
1,567
Other Interest
15,924
103,932
32,346
47,457
Miscellaneous
92,041
833,923
82,256,679 82,477,685 82.423,743 def$929,593
Net income
def536,093 def2,275,501
Federal net income
Corporate net income_ $2,256,679 $2.477,685 $2,959,836 $1,345,909
1




549

CONDENSED BALANCE SHEET (ENTIRE SYSTEM) DEC. 31.
1922.
1921.
1922.
1921.
AssetsLiabilities$
Road At equip...113,541,723 111,835,994 Common stock_ 16,356,100 16,356,100
Inv.in still.cos_ 2,564,971 2,590,061 Pref. stock
19,893,650 19,893,650
0th.investm'ts_ 1.015,247
419,252 Bonds (see "Ry.
Misc. investm'ts
88,757
49,214 &Ind." Sec.)- 57,403,580 58.078,910
Cash
3,370.667 1,930,262 Accts. & wages_ 2,485,075 2,310,019
Special deposits_
792,452
487,038 Traffic, ate., bale
588,863
528,965
Agts. cond.bal
326,899
203,175 Int.& divs. due_ 1,633,578 1,017,438
Traffic,&c.,bal _
556,733
563,946 Miscell. accts._
324,006
317,308
Loans & bills rec
9,986
25,712 int., arc., accr__
240,711
305,344
Mlscel. accts.__
765,687
997,980 Taxes accrued__
769,261
695,101
Int. & diva. rec..
905,550
666,960 Accrued deprec_ 5,566.204 5,160.026
Mat'l & supplies 3,832,910 5,031,527 U. S. Govt.
0th. curr. assets
109,288
125,439 unadj. cred__ 3,511,599 3,422,993
Work. fd. adv
31,197
24,190 Oth.unadj.accts.
430,272
421,599
Ins., &c.,funds_
86,387
70,513 U.S.Govt.dfliab 11,164,332 10,837,109
U. S. Govt. def.
Other def. liab__
22,832
22,170
meta
5,936,635 6.000,997 Add'ns to prop.
Other def. assets
12
12 thru income__ 15,169,502 5,427,773
U.S. Governm't
Sin, fund res_ __
670,183
412,860
unadj. debits_ 5,689,732 5,835,406 Oth. appro.surp 1,121,026 1,350,955
0th.unadj.deb_
24,930
43,013 Profit and loss_ _ 2,298,999 10,322,373
Total
139.649,776'136,880,695 Total
139,649,776 136,880,695
Note 1.-The general balance sheet represents a consolidation of the
general balance sheets of the St. Louis Southwestern Ry. and subsidiary
companies, incl. St. Louis Southwestern Ry. of Texas, Valley Terminal
Ry., Gray's Point Terminal Ry., Paragould Southeastern Ry., Central
Arkansas & Eastern RR., Pine Bluff Arkansas River Ry., Shreveport
Bridge & Terminal Co., Dallas Terminal Ry.& Union Depot Co., Stephenville North & South Texas Ry. and Eastern Texas RR. Co. In stating
the assets and liabilities of the companies, the holdings of the St. L. 5.-WRy. Co. in the bonds and capital stock of the subsidiary companies,
together with the loans and advances made as between the several companies, have been eliminated from the liabilities, and a like reduction
made in the assets pertaining thereto. The figures shown, therefore,
represent the assets and liabilities of the companies without duplication.
In making the eliminations there has been omitted from asset accounts,
"road and equipment," 5510,578; "Investment in affiliated companies,"
$150.166 and liability account. "capital stock." 5660.745. representing
difference between par value rof capital stock as carried on books
sidiary companies and as carried on books of St. L. S.-W. Ry. Co.of subNote 2.-Bonds Guaranteed The St. L. S.-W. Ry. Co. is guarantor of
the payment of the principal and interest, as the same matures (if default
in payment be made by the issuing companies) of the following
securities:
Gray's Point Terminal Ry. Mtge bonds
$1,343:000
Paragould Southeastern y. Co. 1st & Ref. Mtge. bonds
Central Arkansas & Eastern RR. 1st Mtge bonds
1.085,000
.
ine Bluff Arkansas River Ry. 1st Mtge.'bonds
P
126,000
Shreveport Bridge & Terminal Co. 1st Mtge. bonds
Stephenville North & South Texas Ry. 1st Mtge. bon
2,607,000
g erminal RR. Assn. of St. Louis 6en. Mtge. bonds,
, 1-15.of
$
e21p7h9i, ,000
,
Memphis Union
ion Station Co. 1st Mtge. bonds. 1-5 of $2.500,000_ 1.452,666
Ark. & Memphis Ry. B. & T. Co. 1st Mtge. bonds, 1-3 of 500,000
Union Term.
.Co.(Dallas, Tex.) 1st M.bonds. 1-8 of 85,000,000_ 1,201,000
625,000
Of the amounts shown above; $843,000 of the Gray's
Point Term. Ry.
Co.'s Mtge. bonds and $184,000 of the Stephenville North
&
South
Texas
Ry. Co.'s 1st Mtge. bonds are owned by the St. L. S.
Ry. Co. and
pledged under its 1st Term. & Unifying Mortgage and-W.
5511.000 of the
Paragould Southeastern Ry. Co.'s 1st & Ref. Mtge. bonds
the St. L. £3.-W. Ry. Co. and held in its treasury unpledged.are owned by
x Proportional interest on bonds and sinking fund guaranteed.-V.
116. p.2516.

General Motors Corporation.
(Semi-Annual Report-Six Months ending June .30 1923.)
The income and profit and loss account for the six months
ending June 30 1923, together with the comparative balance
sheet as of June 30 1923 and Dec. 31 1922 will be found
under "Reports and Documents" on a subsequent page.
INCOME ACCOUNT FOR SIX MONTHS ENDING JUNE 30.
1923.
1922.
1921.
1920.
aNet earnings
6858,332,510 843,261,813
Depreciation
7,226,371
6,539,4181318.259,461)
Employ,housing devel_
Provision for employees
)$47,759,357
bonus
2.630,000
2,200
Provision for employees'
say. & invest. fund_ _ _
940,770
509.985
1.091.060
Int.on note-s&acc'ts pay_
310.500
1,401.171
2,927.325J
Prov. for Fed, taxes and
,
contingencies
5,483,000 4.100,000
29,473 12,250.000
Price reductions
4.549.871
Balance '
6841.741.869 830.711,238 89,659.532 835,509,357
General Motors propertion thereof..
641.585,601 30.559.347 9,605,675 35.151.114
Deb. diva.(7% p. a.)1,097,004
896,750
d899,009
686,119
Deb. diva.(6% p. a.)_ _ _ 1,823,930
1,773,666 d1.752.614
1.475,221
Pref. divs.(6% p. a.)
485,163
485.502
485.502
485,112
Com.Alva.. cash
12,272,077
10.230,975 8.617.887
Amount or per cent_
(60c.)
(50c.)
(5'l%)
Common diva., stock__
---- (2%)3.896,087
Surplus
Previous surplus
Addition to surplus

325.907,427 $27,403.428 df83.762,425 $19,990.689
89,936.863 55,814,160 121,273.217 78,641.897
c354.308

Total surplus
$116,198.598 883,217,5898117.510,792 $98.632.586
a Net earnings before interest but after all expenses of manufacturing
(including maintenance), selling and administration, as well as ordinary
taxes and insurance of plant and equipment.
b General Motors Corp.'s earnings reflect earnings of Fisher Body Corp.
only to the extent of diva, received.
Oen. Motors Corp.'s proportion
(60%) of undivided profits of Fisher Body Corp.
$5.889.808.
amount
so that the amount earned on the Common stock of Generalto
Motors Corp.
for the first six months of 1923, including amount accrued within Fisher
Body Corp.. is 544,069,312.
c Addition arising from excess of $10 per share of no par value Common
stock issued for employees' bonus. d Approximate.-V. 117. p. 331. 212.

United States Steel Corporation.
(Results for Quarter and H&J Year ending June 30 1923.) ,
The results shown below for the quarter ended June 30
1923 were given out on Tuesday following the regular
meeting of the board. The direetorq declansd the regular
quarterly dividend of 1%% on the Common stock, pay...ble
Sept. 29 to holders of record Aug. 29. Judge Elbe•::- H.
Gary. Chairman of the Board, following the me:ging, raid:
If the business people of the United State= will study and fully realize
the exact situation of our affairs, and will maintain their composure and
their courage and stand together, this country has a wonderful pasition
and a fine chance to carry on its affairs to the ultimate benefit and protoction of our people and all their interests.

When asked for an opinion on the outlook for the steel
industry, Judge Gary said:
No one can prognosticate definitely what the progress of business will
be, even for the next few months. If one makes a preduction which
subsequent events prove was not justified, there is apt to be adverse

550

THE CHRONICLE

criticism. Consequently we always try to be very careful with regard
to what we say of the future.
There has been some diminution in new business during the last 30 or
40 days. That is seasonable-natural for the Summer months, and
therefore not at all surprising. At the present time our new orders are
not quite as large as our shipments, and of course, if that should continue
for a long period, our shipments would necessarily decrease, but if your
orders continued to be as large as they are now, with the large tonnage
on the books unfilled and unshipped, there should be enough business to
keep us going practically'full for a long period.
Of course, rwould not make any statement that would have a tendency
to hurt business of any kind, and I would not intentionally say anything
that would make any one more hopeful of the future that the facts justify.
I think I am justified in saying, however, that from the standpoint of the
manufacturer we should feel very well satisfied with the present situation.
Newspapers will have a good deal to do with the situation. Their
responsibility is greater by far than the responsibility of the business
men, and that is because the newspapers influence sentiment, and the
people generally are impulsive and act in accordance with what seems to
them to be the trend of public thought. People become frightened when
there is no real reason for it. Agitations are started, sometimes, I am
sorry to say, for the purpose of creating distrust and doubt and bringing
on financial trouble; in some cases for the single purpose of influencing the
stock market, which is almost the worst thing you can conceive.
The.steel industry, as I see it, can be depended upon to do its part;
to do the reasonable and the fair thing toward all concerned. Those connected with the steel industry are probably like other business men-no
better, no worse-but I venture the assertion that we are doing, in respect
to everything with which we are connected, the best we can in accordance
with our understanding.

When asked to explain the item of $10,000,000 set aside
for additions, &c., Judge Gary said:
That is for the purpose of accurately informing the public of the fact
that our surplus does not necessarily mean that we have an amount in
cash equal to that. We are expending regularly about *5,000,000 monthly
for account of new properties, extensions to our plants, improvements of
our own, and while a large portion of that is always properly credited to
capital, yet, as it has been expended, It is not capital or surplus which is
available for the payment of dividends. We want to get our accounts
in such shape that it will not be necessary to explain this to stockholders.
RESULTS FOR QUARTERS ENDING JUNE 30.
1923.
1922.
1921.
1920.
Unfilled orders (V. 117,
5,635.531
5.117,868 10,978,817
p.143) June 30_ _ _tons 6,386.261
Net earnings (see note)_x$47,858,181 427,286.945 $21,892,016 $43.155.705
DeductSink, funds on bonds of
sub. cos. deprec. dr extraor. replace't funds_ 10,625,664 8.743.120 6,458,890 9.369,635
Interest on U. S. Steel
Corporation bonds_ __ 4,706,772 4,823.158 4,934,477 5,040,671
Prem.on bds.redeemed_
212,100
257.500
200,000
205,000
Sink,funds on U.S.Steel
Corporation bonds,__ 2,404,133 2,324,312 2,206,617 2.097,766
Total deductions
917,994,069 $16,090,590 $13,804,984 $16,720,172
Balance
529,864,112 $11.196,355 98,087.032 26.435,533
Div.on pref.stk.(1 %) 6,304,919 6,304,919 6,304.919 6,304,919
Div. on corn. stock
6,353.781
6,353,781
6,353,781
6,353,781
do
rate
(1 %)
(1g%)
(1)' %)
(13i%)
Sums appr. & exp., or to
be exp. acct. of add'ns,
impts. & betterm'ts to
plants & properties_ _ _ 10,000,000
Surplus for quarter__

$7,205,412 41.462.345 44,571.668 $13,776,833

x Balance provided from undivided surplus.
Note.-The net earnings, as shown above, are stated after deducting (1)
bond interest of the sub. cos. (the interest on bonds outstanding), this
interest amounting for the late quarter to $2,081.849; (2) all expenses
incident to operations, comprising those for ordinary repairs and maintenance of plants; (3) also in 1920 allowances for estimated proportion of
extraordinary cost, resulting from war requirements and conditions, of
facilities installed; (4) in all years, estimated taxes (including Federal
Income taxes); and (5) in 1920. the excess profits tax.
NET EARNS. FROM OPERATIONS FOR HALF-YEAR END. JUNE 30.
*Net Earnings-1920.
1922.
1923.
1921.
January
$10.561,241 44,654,134 $14,387,474 $13,503,209
6.180.685 10,157,896 12,880.910
9,527.181
February
March
14.691.647 8.505,166 7,741,352 15,704,900

[vol.. 117.

New Financing.-The company issued and sold during the year 825.000,000 1st Mtge. 7% bonds. maturing June 1 1947, and $12.500.000 754Y0
Conv. Gold bonds, maturing July 1 1937 (see offerings in V.114, p. 2251;
V. 115, p.554), from the proceeds of which the $11,100,000 of 1st Mtge.
5% bonds, due Dec. 1 1923, the $2,551,000 6% Cony. Deb., due May 15
1924 and the $11,750,0007% debentures, due Nov 11932. as outstanding June 1 1922, were either called and paid or funds deposited with the
trustee for payment at nazturity of principal and intereest as in the case of
the $11,100,000 1st Mtge. 5% bonds), and all liens and encujmbrances
incident to said obligations, or any of them, cancelled and satisfied.
Capital Readjustment.-The stockholders on June 21 1922, among other
things, authorized a change in the charter of the company, creating a class
"A" and class "B" non-par Common stock, in lieu of the $100 par value
Common stock then and theretofore issued and outstanding, with the result
that the Common capital stock account of the company at present stands:
279.844 shares of class "A" no par voting Common stock snd 69,961 shares
of class "B" no par non voting Common stock (V. 115. p. 84).
Readjustment of Surplus.-One of the conditions incident to the $12,500.000 734% Cony. Gold bonds is that such bonds may be converted by the
holder into class "A" non par voting Common stock on a basis of $35 per
share. Taking into consideration the conversion privilege, and that the
old $100 par value Common stock no longer exists, the board has thought
It proper to carry the Common capital stock upon its books at the conversion price, to wit,$35 per share. The effect of so doing is to bring about
a readjustment of the company's surplus. Against such surplus there has
been charged all discounts, commissions and costs incident to the issuance.
calling and retirement of the 511.100,000 1st Mtge.5% bonds, the $2,551,0006% debentures and $11,750,000 734% debentures, totaling $2,124,310,
plus the adjustment of the capital account of certain affiliated interests
amounting to $226,035. aggregating 52,350,351. The discounts, commissions and expenses incurred in connection with the issuance of the present
outstanding $25,000,000 25-year 7% 1st Mtge. bonds and the $12,500,000
15-year 734% Cony. Gold bonds aggregate $2,935,293. There are two
approved methods of dealing with such Items. One is to amortize them
ratably over the life of the securities issued. The other is to charge the
total sum in the first instance to surplus account. In order that the future
operations of the company may rest upon their own foundations, the board
believing that the latter method is the preferable one to adopt, have acted
accordingly and authorized such sum to be charged to surplus account.
Fertilizer End of Business.-The fertilizer end of the company's business
showed a substantial betterment over that of the previous year, although
there was a rather spirited and improvident competition. Basically,conditions with the farmers in the fertilizer consuming territory of the country
are believed to be matierally improved compared with those obtaining a
year ago. It is true that some farm products are still selling at disappointing
prices, but others are commanding profitable figures, with the situation
as a whole presenting a generally more hopeful order. The farmers of the
cotton belt thave set themselves resolutely to the task of increasing their
cotton production and are displaying a fine spirit of industry and economy.
There is. moreover, a marked progress in the diversification of crops and
the planting of those that heretofore commanded small attention-all of
which call for an increased use of higher grade plant food and as well improved methods of cultivation.
The operations of the Southern Cotton Oil Co. were unsatisfactory, following the profitable showing of the year before. The quantity of exports
of edible oils within the fiscal year was small. The volume of domestic
business transacted by the company was quite satisfactory. The demand
for the proprietary products of the company, such as "Snowdrift" and
"Wesson" oil, is steadily upon the increase.
Financial Position Good.-The current financial position of the company
is good. The company's total current liabilities on May 31 were slightly
more than $17,500,000, with current assets, consisting of inventories,
receivables and cash, exceeding $43.000,000, or a ratio of current assets
over current liabilities of 2.46 for 1.
CONSOLIDATED RESULTS FOR YEARS ENDING MAY 31.
[Including Southern Cotton Oil Co. and other directly operated sub. cos.'
1919-20.
1920-21.
1922-23.
1921-22,
$3.698,594 $4,909,790los47719198 916,259,322
Total net profits
Repairs & maintenance_ 1,439,560 1,237,598 2,787,609 3,461,038
Reevefor doubtful debts
411,307
Cash discount's on un1.434,569
settled accounts, &c_.. 1,244,2521 1.987,411
2,446,089
Federal taxes
k 2,111,969
200,000
Reserve for depreciation
200,0001
200,000

Balance, net profit__ _ $403,474 $1,484,781los413152876 $9,251,746
Less Interest, Dividends,
5779,954
42,499,565 $1,602,565 51.116,954
Bond interest
1.119,746
771,110
Interest and discount_..
1,501,661
1,364.525
1,682,043
1,721,747
Preferred dividend (8%)
Common dividend
(5)1,399,220(6)1,679,064
Consumers' Chem. Corp.27,125
Pref. dividend (7%)28,000
28,875
Surplus
Cr.115,176
Total (first quarter)--$34.780.069 $19.339,985 $32,286,722 $42,089,019 Prem.on cony,of deben.
-------Cr.10,182
April
$14,399,988 97,750,054 $7.336,655 $12,190.446 Comm.on revolving cred.
333,122
May
7,731.649 15,205,518
17,698,675 8,824.887
June
15.759.518 10,712,004 6,823,712 15,759,741
$3,497,800 53,465,348 55,505,963 $5.260,807
Total deductions
$2.894.327 $1,980,567 $18,658,839 sr$3,990,939
Balance, deficit
Total (second quartex)$47,858,181 $27,286,945 $21.892,016 $43.155,705
STATEMENT OF CAPITAL SURPLUS MAY 31 1923.
Total half-year
$82.638,250 $46,626.930 $54,178,738 $85,244,724
46,295,449
Surplus as at June 1 1922
*After deducting Interest on subsidiary cos.' bonds outstanding, viz.:
Surplus arising from reduction of valuation of Common capital
1922.
1921.'
1923.
1920.
15,741.225
action
with
accordance
of
in
stock
of
board
directors
$707,938
January
$698,547
$656,248
$685,593
February
707,065
698.070
656,958
684,135
822,036,674
Total
697.989
March
707,998
650.441
685.556
$2,894,327
for year as above
706,005 Deduct-Loss
649.506
674,320
697.049
April
Special provision for doubtful accounts prior to May 31 1922_ 2,400,000
672,873
693.395
May
704,048
688,051
5,059,609
bonds
old
of
retirement
and
of
Cost
of
cost
issues
new
June
702,793
705,753
672.712
691.405
226.035
Miscellaneous adjustments
INCOME ACCOUNT FOR HALF-YEAR ENDING JUNE 30.
911,456,704
at
Balance
1923
31
May
1922.
1921.
1923.
1920.
Total net earnings for
CONSOLIDATED BALANCE SHEET MAY 31,INCLUDING SUB. COS.
half year
582.638,250 $46,626,930 $54,178,738 $85,244,724
1920.
1923.
1922.
1921.
DeductAssets$
For sinking fund, depre48,481.314
&c__
plants,
estate.
Real
51,953,902
51,710,738
51,285,093
ciation & reserve fund 22,878.408 19,431,721 20,295,890 22.232.719 Invest.in sub.cos.,&e__ 7,142,628 7,340,543 7,198,678 7.484,912
9,458,548 9,689.622 9,910,211 10,120.487 Cash
Interest
8.467.583
424,200 Mfd.prod.,mat.& supp 6,894.219 8,162,096 7.407,814 21,189,109
515,000
400,000
410.000
Prem.on bds.redeemed_
:11,694,471 10.195,660 15,534,370
Accts.& bills receivable_ a24,331.671 29,656,635 32,692,116 33,873,892
$32,777,406
$32.851,954
529.521,343
deductions
*30.616.101
Total
1356,274
paid in adv.
798,562 1,733,389 2,393,759
$49.776,296 $17,105,587 523,562,637 552,467,318 Int.,ins.,&c.,
Balance
274,264
Miscellaneous investm'ts
447,113
289,133
281,912
Dividend on Stocks364,247
bonds
Liberty
$12.609,838 $12,609,838 912,658,700 $12,609,838
Preferred (3g %)
238,748
M.
purch'd5s
15-yr.
lat
12,707,562 12,707.562 12.707.582 12,707,562
Common
(2g %)
(23i%)
(23i %)
(2g %)
Rate of per cent
Total
103,262.566 109,088,193 116,743,743 121,240,343
Sums approp. & exp. or
Liabilitiesof
acct.
to be exp.
stock,
Capital
preferred_
21468,536 21,568,536 21,568,573 21,466,791
add'ns, impts. or betCapital stock. common-b12,243.175 27,984,400 27,984,400 27.984,400
terments to plants &
Consumers'Chem.Corp.
10.000,000
properties
preferred stock
c375.000
400,000
387,500
Funded debt
37,375,000 25,401,000 26,267,000 14,499,137
514,458,896 48.211,813 41,754.763 527.149.918 Bills
Balance, surplus
payable
16,283,346 23.661,650 27,421,703 22,507,473
1,611,349 5,021.950
Accounts payable
1,285,796
1.001.481
x Balance provided from undivided surplus.-V. 117, D. 218.
606,660
Contingent accounts_ _ _
547,431
602,879
1,569,448
reserve,
1,755,988
Deprec'n
_
&a._
1,902,609
1,953,838
Virginia-Carolina Chemical Co.
517,539
•
352,053
Insurance, &c., reserves.
231,460
224,969
acct.
Liabil.
1st
of
5s
M.
ended
1923.)
May
31
Report-Year
(28th Annual
238.748
purchased in advance
& L.surplus
6,295,449 8.776,016 27,434,456
President G. G. Wilson, Richmond, Va., July 26 1923, P.
Capital surplus
d11.456.704
wrote inIsubstance:
operations, apart from previous
Total
103,262,567 109.088,193 116,743,743 121,240,343
Results.-The net loss from currentof
all interest and operating charges
a Includes accounts receivable,$11.549.096; bills receivable. $17,123,443
year's adjustments, and after payment
during the year for repairs and mainte- less
and including 91,439,560 expended $2,894,327.
reserves for doubtful debts, $3,089.258, and price adjustments allownance of properties, amounted to turnover from sales by the company able on accounts receivable, $1.251,610.
b Representing 279,844 shares voting and 69,961 shares non-voting Mass
The consolidated dollar and cent
573,577,475 the previous year.
amounted to $76,964,892, compared with
B at $35 per share, the valuation placed thereon in accordance with action
the
or
in
reserves,
absorbed
directly
existing
against
There was charged
sum of $914,986 of doubtful ofcdirectors.
profit and loss account during the year, the
Dividends and principal guaranteed by Virginia-Carolina Chemical Co.
reserve of $2,400.000 has been
notes and accounts, in addition to which aabundantly
d See statement of capital surplus above.
sufficient to meet
believes
set up, which the management
-The above balance sheets include the Southern Cotton Oil Co.and
Note.
every contingency of the future in the matter of bad and doubtful re- other directly operated subsidiary companies.-V. 116, p. 3008.
ceivables.




551

THE CHRONICLE

AUG. 41923.]

The Goodyear Tire & Rubber Co., Akron, 0.
(Semi-Annual Report-6 Months Ending June 30 1923.)
President G. M. Stadelman writes in brief:

Studebaker Corporation, South Bend, Ind.
(Financial Statement for Quarter ending June 30 1923.)
President A. R. Erskine, July 1923, says in brief:

The plants of the corporation operated at capacity in the second quarterr
Production and sales the first half were substantially greater than those
of the same period last year, but general trade recession and lower volume 43,680 cars were sold, against 37,252 last year. The net profits afte2
taxes
were $7,200,203 (9.4% on Common stock), against $7,086.55
quarter.
second
the
was felt in
July sales have improved and indicate a better volume for this quarter. last year. The higher prices which prevailed up to the time reductions
With recent price reductions and diminishing margins of profit, earnings were made Aug. 1 1922, explain the relatively smaller net profits of thit
the rest of the year will depend to a considerable extent on effective econ- year. 81,891 cars were sold in the first six months of this year. agains
60,053 last year, with net profits of $13,371,174 against $11,156,401.
omics of operation.
Manufacturing operations of all plants are at capacity. with 41,000
Inventories of raw materials have been reduced to the physical requirements of our business, and it is the expectation that persistent attention cars scheduled for production in the third quarter. The remarkable
interest and sales demand resulting from the nation-wide announcement
to costs will produce results entirely satisfactory for the year as a whole.
on July 22 of the 1924 model Studebaker cars insures the absorption of
capacity output indefinitely.
INCOME ACCOUNT FOR SIX MONTHS ENDING JUNE 30.
Payments under the plant expansion torogram and current betterments
1922.
1923.
of the corporation to the extent of $3,022,968 were made out of profits
Net sales (less returns, disc'ts & freights),incl.shipduring
the six months ending June 30, and $650,000 of Preferred stock
and
$55.439,631
subsid.
cos.
foreign
branches
$51,410,240
ments to
48,372,573 48,118,803 was also retired. The cash position of the corporation was Increased,
Deduct manufacturing cost and general expenses
and inventories decreased, despite the increased volume of operations.
$7,067,057 $3,291,437 PROFIT & LOSS ACCOUNT-QUARTER 8v, SIX MOS.ENDED JUNE 30.
1,900,021
2,210,356
Add other income
1923-2d Quarter-1922 1923-6 Mos.-1922
No. of cars produced_ _ _
43,346
58,027
31,362
80,855
$8,967,079 $5,501,793 No. of cars
Totalincome
sold
43,680
37,252
81,891
60,053
Deduct-Oper. profits of Calif.co.applied in reducsales
Net
$49,370,691
$73,422,862
$45,(
06,044
$92,648,545
620,392
tion of Calif deficit
8,110,926 15,259,783 12,686.763
1,302,801 Net profits before taxes_ 8,174,329
1,243,130
Interest on bonds (including premium)
974,127
1,024,374
1.530.362
1,888,609
1.090,959 Res.for income taxes1,008,767
Interest on debentures
6,683
6,345
Other interest
Net profits, all sources $7,200,203 $7,086,552 $13,371,174 $11,156,401
Proportion of bond and debenture discount,reor1,185,799
394,179
ganization and other expenses written off_ _
CONSOL. BALANCE SHEET.JUNE 30 1923 AND DEC. 31 1922.
Cr620,392
Operating profits of California company
June 30'23 Dec.31'22
June 30'23 Dec.31'22
2,129,652
Dividends on Prior Preferred stock
Liabilities$
Assets$
IS
& property_45,990,441 43,426,182 Preferred stock_ _ _ 8,800,000 9,450,000.
$4.184.666 $1,915,890 Plants
Balance,surplus
Housing devel_ _ _ _ 1,539,107 1,559,928 Common stock__ _75,000.000 75.000,000
Accounts payable_ 6,393,477 6,756,635
Trade name and
COMPARATIVE BALANCE SHEET JUNE 30.
good-will
19,807,277 19,807,277 Reserves for taxes_ 4,440,067 3,418,696
1922.
1923.
Cash
18,426,295 15,174,396 Reserves, dealers'
Assets4,867,265 3,509,865 discounts and de50,655,066 52.431.516 Sight drafts
Properties and plants (less depreciation)
posits
2,489,799 1.923,451
3,327,201 4,017,991
x33,990,631 31.933.054 Investments
Investments
Net
rec.
1,748,713 3,389,818
(less
res.)
7,213,365
4,859,579 Other pay. res
Inventories (at cost or market, whichever is lower)_ 37,003,779 32,756,663 Inventories
21,514,249 Special surplus
4.455,000 4,455,000
11,825.572 14,603,402 Deferred charges 20,956,192
Accounts and notes receivable
Surplus
19,165,685
10,237,189
365,599
761,323
2,193,719 8,590.956
Treasury certificates, &c
9,560,137
8,699,715
Cash
Total
Total
122,492,742
122,492,742
114630,789
114630,789
acci.
--pec".
.
Other asset;(incl.s12,500,000 12,501).000 -V. 117, p. 448. 336.
good-will, patents. &c)
6,435,999
4,804,731
Deferred charges, &c
Total
LiabilitiesPrior Preferred stock,8% Cumulative
Management stock,6% cumulative
Preferred stock,7% cumulative
Common stock (no par value)
Funded debt
Accounts payable
Accrued interest and premium on bonds
Rubber accept. pay
Accrued dividends on Prior Preferred stock
Reserves
Surplus

161,673,213 168.811.727
20,000,000 29,902,500
10,000
10,000
65,079,600 65,079,600
y1.000,000
1,000,000
52,000,000 56,000,000
4,930,697 4,878,221
1,243,252
1,345,334
1,299,709
400,000
3,516,746 5,060,139
12,193,209 5,535,933

Total
161,673.213 168,811,727
Note.-Contingent liability in respect of indorsements, $604,288; in
respect of dividends of $5.000,000 on Prior Pref. stock under contract to
purchase 8800,000; total, $1,404,288.
x Investments include $2,281,000 in company's debenture bends and
Prior Preference stock in anticipation of sinking fund requirements.
y Common stock authorized, 1,500.000 shares of no par value; Issued.
approximately 886,000 shares; carried in balance at $1.000,000.-V. 116,
p. 2889.

American Locomotive Co.
(Semi-annual Statement of Operations Jan. 1 to June 30 1923.)
President Andrew Fletcher, July 26, wrote in substance:
Results.-The gross earnings for the 6 months amounted to $45,226,526
and,after deducting $36.571,855 ter the cost of manufacturing, maintenance
and administrative expenses, $694,508 for depreciation on plants and
equipment and $43,038 for interest on bonds of constituent companies,
there remained a net profit of 57,917,125, from which has been deducted
an allowance of $945,000 for estimated U. S. and Canadian Federal income
taxes, the remaining balance of $6,972.125 being the net available profit
for the 6 month period.
During the 6 months two quarterly dividends, each of $1 75 per share
were paid on the Preferred stock and one quarterly dividend of $1 50 per
share and one of $2 50 per share were paid on the Common stock (par $100).
making a total of $1,875,000 in dividend payments, of which $875,000
was paid on the Preferred stock and 31,000.000 paid on the Common stock.
After the payments of the Preferred and Common dividends, there remained of the available profit $5,097,125,from which a reserve of$1,500,000
was created for additions and betterments to the plants of the company;
the remaining sum of $3,597,125 was added to surplus account.
Change in Capital Stock.-The stockholders on June 11 approved resolutions amending the certificate of incorporation so as to permit the issue
of 500.000 shares of Common stock without par value and changing the
then outstanding 250,000 shares of Common stock, par 16100 each, into
shares without par value, the terms of the exchange being 2 shares of new
Common stock without par value for each one share of Common stock,
par $100.
Inventory.-The inventory account of materials and supplies, contract
work in process and stock locomotives and spare parts on hand June 30
1923. amounted to $16,169,730. as compared with $15,337,873 on Dec.
311922.
Addidons & 13etterments.-During the 6 months ended June 30 1923 there
was expended for additions and betterments to the plants $1,121,512, which
has been charged to the reserves created for such purposes.
Assets.-The excess of current assets over current liabilities June 30
1923 was $44,097,848 in comparison with $39,692,245 on Dec. 31 1922, an
increase of $4,405,603. These amounts were obtained after including in
current liabilities, reserves for U. S. and Canadian income and profits
taxes and reserves for current shrinkage in value of notes listed in current
assets.
Cash.-Company on June 30 1923 had no loans payable and had in its
treasury on that date in cash and marketable securities $15,279,205, as
compared with $15,078,202 on Dec. 21 1922.
Unfilled Orders.-Total unfilled orders on June 30 1923 amounted to
354,688,031, as compared with $49,349,140 on Dec. 31 1922. Domestic
business at both periods represented about 99% of the unfilled orders.
business on hand June 30 is sufficient to keep the
The amount of unfilled capacity
for the remainder of the year.
plants operating at full
INCOME ACCOUNT OF COMPANY AND SUBSIDIARIES FOR HALF
YEAR ENDED.
Six Months ending- June 30'23. Dec. 31 '22. June 30'22. June 30'21.
$45,226,526
$21,722.179 $7,399,934 $25,989,781
Gross earnings
Mfg., maint. and admin.
37,266,363
19,412.136 8,323,500 21,390,554
depreciationexp. and
$7,960,163 $2,310,043 def$923.566 $4,599,227
Gross profit
Int. on bonds of constit43,038
42,784
43,214
43.184
uent companies, &c-U. S. and Canadian inc.
945.000
200,000
655,000
and profits taxes
875,000
875.000*(34)875000
875,000
Divs. on Pref. stock. - 750,000*(3%)750000
750,000
Divs. on Common stk._ 1,000,000
Res.for add'ns & bett'ts 1,500,000
Surplus

$3,597,125

$442.259df$2,591,780 $2,276,043

* Paid from previously accumulated profits.-V. 116. p. A769.




General Cigar Co., Inc.
(Report for Half-Year Ending June 30 1923.)

INCOME ACCOUNT FOR HALF-YEARS 1922 AND 1923 AND CALENDAR YEARS 1920 AND 1921.
-Six Months June 50- -Calendar YearsPeriod1923.
1922.
1921.
1920.
Gross earnings
$4,270,823 $3,861,478 $7,724,610 $9.879,798
Selling, adm. & gen. exp.
(Ind. Federal taxes)_-- 3.138,952 2,876,777
5,956,260 6,539,363
Operating income
Other income

$1,131,871
78,885

$984,701
89,061

$1.768,350 $3,340,435
678.791
366,638

Gross income
$1,210,756 $1,073,762 $2,447.142 $3,707,073
Interest on loans
129,045
57,686
333.256
306,653
Preferred dividends-.(3Si %)175,000(330175.000 (7)350.000 (7)350,000
Deben. pref. divs_ _ -(33i 70)142,450(3).5)147.350 (7)300.474 (7)311,731
Common dividends--(3%)543,120 (3)543,120(6)1,086,240(6)1,086,240
Balance, surplus
$221,141
$150,606
$377,172 $1,652,449
Profit and loss,surplus..-48,304.671 $8,083,530 $7,932,924 $7,704,375
Note.-In addition to the dividends paid or declared as stated above.
additional dividends had been declared in advance at June 30 1923 as
follows: Common,114%. Payable Aug. 1: preferred, 13(%,payable Sept. 1:
and debenture preferred, 1%%, payable Oct. 1.
BALANCE SHEET JUNE 30.
1922.
1923.
1923.
1822.
AssetsLiabaftfte$
$
Land, buildings,
7% Cum Pref.stk- 5,000,000 5,000,000
machinery,&c__ 2,292,600 2,094,935 Debenture Pref ___ 4,200.000 4,420.000
Goodwill, patents,
Common stock_ _ _18,104,000 18,104,000
trade marks,&c_15,000,000 19,326,003 special capital reInv in other cos__ 277,204 1,022,914
serve
1,000,000 1,000,000
Co.'s deb.Pref.stk.
Bills payable
7,500,000 2,500,000
(at cost)
180,142
198,828 Acc'ts paY'le. PayCo.'s com, stock
rolls, &c.,& 1922
purch,or subscr.
Federal taxes__ 1,983,702 1.338,725
for by employees 108,100
78,435 Deb. pref. div. pay
70,525
73,500
Raw materiaLe,supFederal tax proviPlies, dm
18,027,977 12,767,326
sion (1923)
160,000
145,000
Bills receivable_
457,857
306,717 Insurance reserve_ 426,558
336,342
Acc'ts receivable 5,367,203 3,917,852 Burp.aPPr.for red.
Cash
1,441,786 1,202,578
of deb. prei.stk_ 375,000
175,000
Deferred charges
298,467
260,508 Surplus
4,651,554 y8,083,530
Total
43,451,338 41.176.097
Total
43,451,338 41,176,097
-V.117. p. 445.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the• railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Public Service Railway Strike in New Jersey.-6,300 motormen, conductors
and shopmen on the P. S. By. struck at midnight July 31 for 30% wage
increase. See further details under Public Service By. (N. J.) below.
Two Vehicular Tunnels Under Hudson River Agreed Upon by Governors of
New Jersey and New York.-Will probably be constructed as an additional
feature of the Port Authority plan. Will greatly aid traffic congestion and
result in quicker and cheaper supplies of food for Greater New York.
"Sun-Globe" July 31. p. 3.
Trackless Trolley Experiment Costs N. Y. City 10.27 Cents per Passenger
Carried, While 5-Cent Fare Continues to Be Charged.-Each passenger on
Staten Island, where trackless transit is being tried out, rides for less than
half the cost of carrying. New York "Herald" Aug. 3.
I.-S. C. C. Grants Southern Pacific RR. Permission to Cut Rates Because of
Canal Competition.-Ivreight rates to be cut about 14% on shipments via
boat to Texas and then by rail to coast because of serious competition of
the Panama Canal. "Sun-Globe" July 30, p. 11.
Western Roads Refuse Grain Shippers' Pleas for 4_werRates.-Emergency
rate reduction of 25% on export grain and flour
not be considered by
the railroads. "Times" July 31, p. 18.
Wage Increases.-Delaware & Hudson Co. granted voluntary wage increase of 2c. an hour to 1,000 shopmen and laborers. "Wall St. Journal"
July 30, p. 8.
American Railway and Southeastern Express companies are
wage increases averaging 3 cents per hour. Boston "Financial granted
News"
July 27, p. 1.
N. Y. Central Lines, including Ohio Central RR., granted 3 cents
an
hour increase to mechanics, helpers, car cleaners and
apprentices•

552

[VoL. 117.

THE CHRONICLE

Buffalo Rochester & Pittsburgh granted increase of from 1 to 3 cents
per hour for certain classes of clerks.
Long Island RR. gives stationary engineers and firemen an increase of
$4 10, effective June 1. N. Y."Times" July 31, p. 17.
Wage Cuts Granted by U. S. RR. Labor Board.-Ransas City Mexico &
Orient RR. and Kansas City Mexico & Orient By. of Texas get decision
by Board cutting wages to rate in effect before March 1 1920. Philadelphia "News Bureau" July 31. p.3.
Further Developments in Transit Situation in New York City.-See item
below entitled "Rapid Transit in New York City."
Freight Car Repair.-The following is authorized by the Car Service
Division of the American Railway Association:
Fewer freight cars were in need of repair on July 15 than at any time
since December 1920. The number in need of repair on July 15 was
188,621, or 8.3% of the number on line. This was a decrease of 1,790
compared with the number in need of repair on July 1 this year, at which
time there were 190,411, or 8.4%.
Under the program unanimously adopted by the carriers of the United
States in New York last April, the number of freight cars awaiting repair
is to be reduced to 5% by Oct. 1 this year.
Of the total number on line, 143,281, or 6.3%. were in need of heavy
repair on July 15, which was a decrease of 3,018 compared with the number
in need of such repair on July 1. Freight cars in need of light repair
totaled 45,340. or 2%, which was an increase, however, of 1,228 over the
number in need of such repair on July 1.
Car Surplus.-The following is authorized by the Car Service Division
of the American Railway Association:
Despite the fact that the loading of revenue freight for the week which
ended on July 21 totaled 1,028,927 cars, the largest number for any one
week in the history of the railroads, the carriers had on July 22. 79,710
surplus freight cars in good repair and available for service if transportation conditions warranted. The number of surplus freight cars
on July 22 was a decrease of 4,500 cars compared with the number on
July 14.
Surplus box cars totaled 61,219, which was a decrease of 3.473 within
a week, while the number of surplus coal cars increased 302 within the
same period, which brought the total for that class of equipment to 5,167.
Surplus stock cars numbered 4,283, a decrease since July 14 of 1,419,
while surplus refrigerator cars totaled 8,263, an increase of 189 within
the same period.
Car Shortage -The reported car shortage on July 22 amounted to 7,891
cars, an increase of 2,317 cars over that reported on July 14. Of the
7.891 reported car shortage, 1,991 were box cars, which was an increase
of 944 cars since July 14. The reported coal car shortage totaled 3,676,
or an increase of 967 within the same period. An increase of 255 was
reported in the shortage of stock cars, which brought the total to 533.
Matters Covered in "Chronicle" July 28.-(a) Rehearing Asked in Assigned
Coal Car Case-Order Forbidding Railroads to Allot Extra Cars to Bituminous Mines Where Product Is Intended for Railroad Use, Postponed,
p. 402. (b) Wage Increases Totaling $24,000,000 Asked by Brotherhood
of Steamship and Railway Clerks, Freight Handlers, Station and Express
Employees, p. 402. (c) Workers on Chicago's Surface Lines Get Pay
Increase, p. 403. (d) Shop Crafts Workers on Southern Railway Get Pay
Increase, p. 403. (e) Wage Increases on Lehigh Valley RR.. p. 403.
(f) Express Clerks Get Wage Increase, p. 403. (g) Telegraphers Ask
Wage Increase. p. 403. (II) Railroad Labor Board Orders D. L. & W. to
Reimburse Freight Handlers for Pay Lost After Cut, p. 403.
(0 Decision of Inter-State Commerce Commission on Opening of New
Coal Mines by Railroads to Be Tested,p.403. (j) Charles Hansel on Valuation of Railroads-"Original Cost to Date," p. 403.

American Electric Power Co.-Gives Option on Properties.
It is reported that the company has given an option on a number of small
gas companies and two or three gas and electric companies in the Middle
West to Stone & Webster, Inc. The properties are understood to embrace
gas and electric plants at Quincy, Ill., and Rome, N. Y. and gas plants at
Portsmouth. 0., Joplin, Mo., Carbondale, Pa.. and at
'Goshen, Warsaw
and Niles, Mich.-V. 117, p. 322.

Asheville (No. Caro.) Power & Light Co.-New Officer.
C. S. Walters has been elected V.-Pres. & Gen. Mgr., succeeding *Harry
W.Plummer, whose resignation became effective on July 1.-V. 111, p. 989.

Beaver Valley Traction Co.-Operates Bus Line.The company Is now operating a bus line between Beaver and Vanport,
Pa., a distance of about 2 miles.-V. 116. p. 2992.

Berkshire Street Ry.-Wages Increased, &c.
An agreement has been signed between the management and its employees,
to run until June 1 1924, which provides for a 7.2% increase in wages,
retroactive to June 1. Working conditions will remain unchanged.
It is stated that the company will shortly abandon that part of its line
from Great Barrington, Mass.. to Sheffield and Canaan. Conn.-V.117, p.
207.

British Columbia Electric Ry.-New Officers.George Kidd, Gen. Mgr., has been elected President. W. G. Murrin,
formerly Asst. Gen. Mgr., and A. T. Coward have been elected Vice-Presidents.-V. 115. p. 2793.

Bryan (Tex.) & College Interurban Ry.-Sale.-The property of the company was recently sold at auction for $40,000 to
the estate of S. S. Hunter, Shreveport, La., the largest bondholder in the
original company. It is understood that the property will be junked.
The line has not been operated for some time.-V. 115, p. 1099.

Buffalo & Lake Erie Traction Co.-Abandonment.The New York P. S. Commission has granted the petition of the receiver
for permission to abandon the so-called Point Gratiot line and portions of the
local lines in the city of Dunkin:, N. Y. The lines to be abandoned were
operated by the receiver of the Buffalo & Lake Erie Traction Co. as part
of the system of the Dunkirk Street Ry. The decision permits the abandonment of all the franchises for tracks in the city of Dunkirk except those
used by the interurban lines. The company had contended that the
Dunkirk local lines and the so-called Point Gratiot line were not profitable
and should be abandoned. "Elec. Railway Journal."-V. 116, p. 2388.

Chicago & Western Indiana RR.----Bonds Called.Certain 15-Year 7%% Collat. Trust S. F.gold bonds, dated Sept. 11920.
aggregating $102,000, have been called for payment Sept. 1 at 102% and
int. at the Bankers Trust Co., New York.-V.116, p. 2766.

Cincinnati Northern RR.-Annual Report.-

Calendar YearsMiles operated
Railway operating revenues
Railway operating expenses

1921.
1922.
244.71
244.71
$3,505,287 $3,757,713
2,642,291
2,697,736

Net revenue from railway operations
Railway tax accruaLs
Uncollectible railway revenues

$807,551 $1,115,422
274,948
183,851
26
616

Railway operating income
Equipment rents, net debit
Joint facility rents, net debit

$623,084
$82,336
192,191

$840,448
$17.15$
121,036

$348.557
26,020

$702,254
Dr.8.223

$374,577
329
80,456
1,559
5,078
21.902

$694,030
295
56.882
61,198
1,739'
11,429

Net railway operating income
on-operating income
Gross income
Deductions-Miscellaneous rents and taA accruals_
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
Net income
Dividends declared
Surplus carried to profit and loss
-V. 116, p. 2766.

$265,252$562,488
(3%)90.000
(5)150,000
$175,252

$412,488

Community Traction CO.-New President.-

Benjamin Cullen Adams has been elected Pres. & Gen. Mgr., succeeding
Frank R. Coates.-V. 116, p. 2881.

Coney Island & Brooklyn RR.-Would Foreclose.-

The Equitable Life Assurance Society, New York, as holder of about
$1,500,000 Consol. Mtge.4% bonds, has asked the court to permit an action
to foreclose the mortgage, the bond interest having been in default. The
reorganization committee of the Brooklyn Rapid Transit Co. made a tender
of the interest on the bonds,and the company asked the court for permission
to "accelerate" the principal, have ic adjudged due and payable, and to
bring a foreclosure action. The railroad and the receiver argued that the
property was in the hands of the court and that the trustee under the mortgage had no right to accelerate the principal. in view of the receivership
and of the tender of all the back interest. The accumulated interest due
up to July 1 amounted to $270,000.-V.116, p.1648.

Cumberland County Power & Light Co.-Acquisition.

The Maine P. U. Commission has authorized the company to acquire
the properties of the York County Power Co. and the Westbrook Electric
Co., effective July 1 1923. The latter-named companies were both controlled by the Cummberland Co. through stock ownership.-V.117, p. 207.

Dallas (Texas) Ry.-Acquisition.--

The Dallas (Texas) City Commission has approved the purchase by
the company of the property and franchise of the Dallas Standard Traction
Co. for, ills said, $25,000.-V. 117. p. 85.

Denver & Rio Grande Western RR.-New Receiver.-

Thomas H. Beacon has been appointed receiver of the road, succeeding
Joseph II. Young.-V. 117, p. 439, 321.

Dunkirk (N. Y.) Street Ry.-Abandonment.--

See Buffalo & Lake Erie Traction Co. above.-V. 107, p. 2476.

Eastern Massachusetts Street Ry.-Earnings, etc.-

sir Months ended June 30Railway operating revenues
Railway operating expenses
Taxes
Non-operating income
Interest, &c., charges
Dividends

$5,533,.499 $5,179,082
3,921,397
4,355,957
177,513
183,007
Cr.189,074 Cr.209,941 .
709,484
783,922
526,136
528,733

Balance, deficit

*52,012
322,542
Balance Sheet.
J'ne 3023. Dec. 3122.
J'ne 3023. Dec. 31'22Arse/ $
/4AM/ides$
$
Road & eouipm't_38,841,976 41,198.612 Capital
24,329,854 24,329,351
stock
Rehabilitation_ _ _
538,949
539,044 Capital adjustm't,
DIM bet. Par val.
965,745
965,745
leased lines
of sec. issued for
Long'term debt.._ _26,423,547 27,521,197
Prep. & val. at
L'ns & notes pay
32,788
43,717
which Prop. is
399,790
Acc'ts&wages pay_ 535,346
carried
6,565,357 6,565,357 Int., dive. & rents
.
Deposits in lieu of
650,487
694,504
payable
mtgd, prop. sold 516,962
524,817 Funded debt mat'd
13,000
207,000
Stocks
303,666
351,544 Other curr. liabirs
1,211
6,462
Bonds
2,889,392 2,990,794 Deferred liabilities 834,400
876,680
Advances
1,422
1,422 Unadjust. credits_ 3,021,502 2,209,657
Cash
336,479
510,215 Corporate surplus. 1,050,287
986,795
Special deposits_ _
564,550
784,963
L'I18 & notes recle 342,824
238,356
Misc. acc'ts recle_ 180.407
196,532
Material & supers 1,366,821 1,241,701
Int.,d1vs.,&c.rec _
94,909
102,259
Deterred assets__ _ 802,020
797,145
Unadjust. debits 4,517,684 2,197,886
Total(each side) 57,863,418 58,235,647

Brings Bill in Equity to Compel Trustees to Pay Common
Canadian National Ry.-Equip. Trusts Offered.-A. E.
Dividends and Dividends in Arrears on Adjustment Stock.Ames & Co., Wood, Gundy & Co. and Dominion Securities
A bill in equity and a petition for a writ of mandamus were filed in the
Co. are offering at prices ranging from 99 and int. to 993/ Massachusetts Supreme Court at Boston
Aug. 1 by L. Sherman Adams,
against the company and its trustees, seeking to compel them to pay a
and int., to yield from 5.10% to 5.20%, according to ma- further
dividend of 2%% on Adjustment stock accruing in Feb. 1923 and
turity, $22,500,000 5% Serial Equipment bonds (non-ealla- a dividend of6% on the Common
shares.
Mr. Adams is sending to the other stockholders of the road a copy of a
We) guaranteed by the Dominion of Canada.

legal opinion prepared by Boyd B. Jones of Hurlburt, Jones & Hall. Mr.
Jones in letter dated June 19 last says in part:
In Feb. 1923 there accrued as dividends on the Adjustment stock $435.560, of which only $217.780 has been declared and paid; and there then
accrued as dividends on the Common stock $509.280. no part of which
has been declared or paid. There is thus due for dividends $721.060, and
there will be in the following August on the Adjustment stock a further
dividend of $217.780.
The company is in a better financial condition than it was on Dec. 31
1922. On Dec. 31 1922 the current assets of the company exceeded its
current liabilities by more than $6,646,094, and these current liabilities
include all the liabilities of the company excepting capital stock and unmatured funded notes and bonds representing capital, and further include
$207.00 of bonds representing capital which matured Jan. 1 1923.
While the accumulated earnings applicable to dividends or surplus stood
the books of the company at $986.795, I am satisfied that those figures
Capital Traction Co. of Washington.-Acquisition.- on
are an understatement, due to an undervaluation of the road and equiparrangements
to
propermade
lease
the
has
company
the
stated
that
It is
and to excessive charges for depreciation of road and equipment.
ment
of
ten
years.
period
-V.
1892,
118. p.
ties of the Kensington (Md.) By.for a
and I am convinced that the true surplus was then considerably in excess
1759.
of $5,000,000.
I am of the opinion that there is no warrant or justification for the action
Central N. Y. Southern RR.-Would Buy Line.It is stated that up to July 25 a total of $70,000 has been subscribed for of the trustees in withholding dividends from the stockholders and this
towns
along
is strengthened by the fact that on May 1 1923 the company held
opinion
of
the
the
right
of
residents
way.
by
the
road
the purchase of
and that efforts to make up the purchase price of $150,000 asked by the in its treasury 32.074.885 of its own funded unmatured notes and obligations representing capital investment, which it had purchased in the open
owners will be pushed forward.-V. 116, p. 615.
market, to say nothing of its other investments in marketable securities„
amounting to over 83,200.000, carried under the item "Other investments.
Chesapeake & Ohio Ry.-Rumors of Consolidation.Under the circumstances stated, it seems to me that any claim that the
It is rumored that the Van Sweringen interests will shortly apply to the
I.-s. C. Commission for authority to consolidate the Nickel Plate and company is unable to meet the payment of its dividends is absolutely unChesapeake & Ohio. The Van Sweringen interests recently obtained con- tenable and that the stockholders of the company who wish to have dividends paid to them in accordance with the provisions of the statute by which
trol of the Chesapeake & Ohio.-V. 117. Ii• 85.

Other ba,/kers making the offering are: McLeod, Young, Weir 3c Co..
Mi., A etnilius Jarvis 3c Co., Ltd., Kerr, Flemming Se Co.. Osier & Hammend. Gairdner, Clarke & Co.. R. A. Daly & Co., Matthev.s & Co., Ltd,
and Rene T. Lerl erc. Inc.
Dated Aug. 11923. Due serially $750.000 each half-year Feb. 1 1924 to
Aug. 1 1938. incl. Principal and int. (F. & A.) payable at office of the
Minister of Finance and Receiver-General, Ottawa, or at the office of the
Assistant Receiver-General at Montreal or Toronto, at the holder's option.
Denom. $500 and $1,000 c*.
The Dominion of Canada guarantees unconditionally the payment of the
'principal and interest of the bonds of this issue, the guarantee being endorsed on each bond. These bonds are secured by the full credit and taxing
power of the Dominion of Canada equally with its Victory bonds and other
direct obligations.-V. 117, p. 438.




AUG. 41923.]

THE CHRONICLE

they were induced to subscribe and pay for the shares they hold have a just
ground for complaint.

Award Street &dim.; Men a Raise.-

An increase of 314 cents an hour. or approximately 6%, over the basic
wages now in effect has been awarded to the employees of the company.
The award was made by Henry C. Attwill, Chairman of the State Department of Public Utilities, as the neutral member and Chairman of an arbitration board. Fred A. Cummings, representing the Public Trustees of
the road, concurred in the report. and James H. Valley, representing the
employees, dissented. About 3,000 men are affected. The award is retroactive to May 2 and will be in effect until May 1 1924.-V. 117, p. 324.

553

Earnings 12 Months Ended April 30.
1922.
1922.
$4,503,298 $5,123,982
Gross revenue (incl. non-operating income)
3,221,472
3,709.923
Operating expenses, maintenance & taxes

$1.281.825 21,414,059
Net. income
Annual Mt, on total mtge. debt to be outstanding in the hands
of the public, upon completion ofthe present financing requires $648.665
Over 73% of the net income for the 12 months ended April 30 1923 was
derived from electric, gas, and miscellaneous sources other than transportation.
Franchises.-Company operates under an indeterminate permit pursuant
to the laws of the State of Indiana.
Eastern Wisconsin Electric Co.-Bus Service.Management.-Outstanding Common stock owned or controlled by
The company on July 3 started a bus service in Fond du Lac, Oshkosh, Middle West Utilities Co.
Van Dyne, North Fond du Lac and Neenah. Wis. This service is de[The company has been authorized to issue $950,000 additional stock,
signed to supplement the interurban rail service of the company.-V. 116, a portion of the proceeds to be used for extensions, Sic.J-V. 116, p. 2637.
p. 2516.

El Paso & Southwestern Co.-Bond Issue Planned.The company intends to apply to the I.-S. C.Commission for authority to
Issue $50,000,000 50-Year 5% bonds in connection with its plan to merge
the four operating companies held by it into one unit to be known as the
El Paso & Southwestern RR. The bonds will be dated 1915. mature in
1965, and, if the proposed plan is adopted by security holders of the companies concerned, will be exchanged on the basis of dollar for dollar for the
face amount of bonds outstanding of the four railroad companies now
controlled. As a first step, it is believed that approximately $20,000,000
bonds may be issued in order to give effect to the transfer of bonds as now
contemplated and additional issues would be made to provide for future
needs and expansion.-V. 117. p. 439.

Erie RR.-Resignation.President Frederick D. Underwood announces that Charles S. Goldsborough, Assistant to the President. has resigned, effective Aug. 1. to
engage in other busines.s. He resigns from the following roads in addition
to the Erie: Chicago & Erie. New York Susquehanna & Western, New Jersey & New York and Bath & Hammonsport railroads -V. 117, p. 85.

Fonda Johnstown & Gloversville RR.-Fares.-

The New York' S. Commission has authorized the company to continue the 8-cent fare in Amsterdam, N. Y., for an indefinite period. The
city had sought to have a 5-cent fare re-established in June. when a prior
fare restriction waiver expired.-V. 116. p. 928.

Goldsboro (No. Caro.) Electric Ry.-Election Cancelled.

The election which was to take place in Goldsboro, No. Caro.. on July 9
to determine whether the city should take over and operate the street
cars was rescinded. The city of Goldsboro has been without car service
for several years. It was announced early in the year that the city had
about $35,000 which could he used for the rehabilitation of the property
from the sale of the old power plant and that the money was being held
as a sort of trust fund. Later it was announced that the amount of money
to be used for rehabilitation purposes had been increased to $40.000.
"Electric Railway Journal."-V. 116. p. 934.

Interborough Consolidated Corp.-Cash Distribution.

The bondholders' conunittee for the Interborough-Metropolltan 4%%
bonds in a notice dated Aug. 1 says;
Holders of certificates of deposit for the above bonds, stamped with notation of election to purchase new 6% notes and with notation of payment
therefor and receipt of the securities heretofore deliverable, may receive
$13 for each $1,000 of boncLs represented by their certificates of deposit.
upon presentation and surrender thereof together with a letter ofinstructions
In the form prescribed by the committee,to Guaranty Trust Co., 140 Broadway, N. Y. City, the depositary of the committee,on or after Aug. 15 1923.
Holders of certificates of deposit stamped with notation of election to surrender 60% of their bonds may in like manner receive $5 20 for each such
$1,000 of bonds.
There will remain in the hands of the trustee in bankruptcy after this
payment 150,610 shares of New York Railways stock, $390,000 Liberty
bonds and approximately $100,000 cash. Out of these remaining assets.
In addition to paying bankruptcy fees and expenses, there must be paid State
and Federal taxes amounting to approximately $250,000.
In view of the small amount of assets remaining after this distribution and
these payments, checks covering the proportionate shares for the bondholders remaining will be railed in the event of further distribution.-V. 116.
p. 2993.
•

Interborough Rapid Transit Co.-Loses Suit.-

The estate of John M.Bowers and other plaintiffs on Aug. 1 succeeded in
defeating a motion of the company to have thrown out of court the plaintiffs' suit to enforce payment of interest due them under the 999-year
lease of the Manhattan (Elevated) Ry. lines. The Interborough, through
Attorney J. L. Quackenbush, demanded judgment on the pleading against
all of the plaintiffs and set forth that the complaint in which it was alleged
that the plaintiffs and other stockholders of the Manhattan company are
entitled to 7% a year did not set forth sufficient cause of action. Supreme
Court Justice Edward J. Gavegan, before whom the motion was made,
said in his opinion that it was evidently the intent of the makers of the lease
to protect Manhattan stockholders by assuring to them a certain payment
of interest on the amounts of their investment. Unless Justice Gavegan's
decision is upset on appeal, the shit to enforce payments will come to trial
with the prospect of a favorable decision compelling payment of 7% on the
Manhattan lines regardless of what profit or loss there may be returned to
the Interborough therefrom.-V. 117, p. 439. 325.

Interstate Public Service Co.-Bonds Offered.-Halsey,
Stuart & Co., Inc., A. B. Leach & Co., Inc., and E. H.
Rollins & Sons are offering at 913/i and int., to yield about
6.70%, $7,192,000 1st Mtge. & Ref. 6% Gold Bonds, Series
A (see advertising pages).
Dated Feb. 11923, due Feb. 11948. Int. payable F. & A. at Bank of
America, New York, without deduction for the normal Federal income
tax not in excess of 2%. Company agrees to reimburse holders for Penn.
4 mills and Maryland 414 mills taxes and for Conn.and District of Columbia
personal property taxes not exceeding 4 mills per 21 per annum, and for
the Mass, income tax on int, not exceeding 6% of such int. per annum.
Demur'. $1,000, $500 and $100 c*. Red. all or part at any time after
Jan. 31 1928 on 30 days notice at the following prices and accrued int.:
On and from Feb. i 028 to Feb. t 1933 at 105; on and from Feb. 1 1933 to
Feb. 1 1938 at 104; on and from Feb. 1 1938 to Feb. 1 1943 at 103; on and
from Feb. 1 1943 to Feb. 1 1945 at 102; on and from Feb. 1 1945 to Feb. 1
1947 at 101; on and after Feb. 1 1947 at par.
Issuance.-Authorized by the Indiana P. S. Commission.
Data from Letter of Pres. Harry Reed, Indianapolis, July 26.
Company.-Incorporated in Indiana Sept. 4 1912. Now furnishes
directly or indirectly electricity to 103 Indiana cities and villages, 10 with
gas service. 8 with water. 3 with street railway service and 2 with heating
service. The communities served have a combined population of over
220,000.
In Hands
CapitalizationAuthorized. of Public.
25,000,000 63,387,700
7 Prior Lien Pref. stock
7.500,000
4.872,000
6% Cumulative Preferred stock
7.500,000
5.875.300
Common stock
(Closed)
y4,342,900
Underlying Divisional bonds
x
7,192,000
First Mtge.& Ref. Gold bonds. Series A (this issue)
x Issuance of additional bonds limited by the restrictions of the mortgage.
referred to below.
y Funds for the retirement of the bonds in excess of the $245,300 to be
deposited under the mortgage and the $4,342,900 to remain outstanding,
secured on a portion of the company's property by mortgages superior in
lien to the 1st Mtge. and Ref. Mtge. will be deposited with the trustees
of the respective mortgages.
Nole.-Company has jointly and severally with the Central Illinois Public
and sinking fund of
Service Co. guaranteed payment of principal, interest
Gold Bonds, Series A,
the $1,250,000 1st Mtge. 7% 20-Year Sinking Fund
Power Co.
due Dec. 11951. of the Indiana Hydro-Electric
Purpose.-Proceeds will be used for refunding purposes and for other
corporate uses.




Ithaca (N. Y.) Traction Co.-Wages Increased.-

The employees have accepted a compromise wage of 46 cents an hour.
an Increase of 4 cents over the former rate. When an increase of 8 cents
an hour was refused by the company,the men went out on strike on June 26.
This strike lasted less than a week.-V.116, p. 2993.

Kansas City Terminal Ry.-Note Issue.The company has applied to the 1-9. C. Commission for permission to
Issue not less than 29.850,000, or more than $10,500,000 of notes, to be
sold through Lee, Higginson & Co. and proceeds used to retire $9,850,000
6% notes due Nov. 15 1923. The carrier will pledge as security $13,783,000
of 1st Mtge. gold bonds maturing Jan. 1 1960.-V. 114. p. 854.

Lake Erie Franklin & Clarion RR.-Notes.The I.-S. C. Commission July 24 authorized the company to issue promissory notes aggregating not more than 220,000 for the purpose of paying
certain operatingexpenses. The company represents that it did not have
sufficient funds n its treasury to pay the interest coupons on its 1st Mtge.
Gold bonds which became due on June 1 1923, and in order to avoid default
on the interest payment it was necessary to borrow money in the sum of
$20.000 on May 24 1923.
It now proposes to issue, as of May 24 1923. four 6% promissory notes
of $5,000 each, to Charles Miller, who in turn will discount them at the
Franklin (Pa.) Trust Co., and who will pledge as security therefor personal
collateral in which the applicant has no interest. In addition to the interest at the rate of6% per annum,the applicant will pay a discount or bonus
of $200. or 1%, on the entire amount borrowed. The notes will mature
respectively in 3. 6. 9 and 12 months from date.-V. 114, p. 2717.

Lehigh Valley RR.-Bonds Authorized.The I.-S. C. Commission on July 26 authorized the company to procure
authentication and delivery to its treasurer of not to exceed $6,000,000
of Gen. Consol. Mtge. bonds, to reimburse its treasury for expenditures
heretofore made in retiring and redeeming a like aggregate amount of
Easton & Amboy RR. bonds which matured May 1 1923.-V. 116, p.
2767. 2388.
Louisville & Nashville RR.
The company has issued a booklet on the road from which the following
facts and figures are taken:
Improvements.-The L.& N.has, through the past 12 months, authorized
and expended a total of more than 252,000,000. equivalent to an average
of 210.400 per mile. The more important items are as follows:
$27,974,750 Terminal & mechanical
Cars
facilities
Locomotives
5.011,600
21,973,400
New and heavier rails__ _ 2,095,000
Double tracks, additional
8,768.400 Miscellaneous improvelines. &c
ments
4,404,500
2,448.300
Bridges, trestles, &cMore than 243,000,000 of this represents improvements which are now
In active process of construction and will be completed at the earliest practicable moment. In addition, other projects involving large expenditures
are now under contemplation.
Number of Employees. ea.-The approximate number of employees,
annual pay-rolls and annual taxes (paid in States, counties and cities) in
the States in which the company operates follows:
No. Employees. Payrolls. Annual Tax.
State$1,244.000
22,216
$38,600,452
Kentucky
Ohio$750,000
321,000
68,700
224
1
Virginia
9,263
15,461,415
770.500
Alabama
481
744,030
154.000
Mississippi
553
925,554
75,400
Georgia
1,340
2,123.166
177.500
Florida
540
1.000,000
Missouri
134,000
819
1,394.747
Louisiana
6,200
40
45,810
North Carolina
196.200
909
1,559.167
Illinois
16,100
1,623
2.823,864
Indiana
11,625,039
623.000
6,818
Tennessee
-V. 116, p. 2884.

Manhattan (Elevated) Ry.-Dividend Suit.See Interborough Rapid Transit Co. above.-V. 116, p. 2767.

Memphis Street Ry.-Tenders.The Central Union Trust Co. of N. Y., trustee, will until Aug. 15 receive
bids for the sale to it of Consol. Mtge. 5% Gold bonds dated July 1 1905,
at prices not exceeding par and int.-V. 116, p. 2637.

Michigan United Railways.-Amendments to Reorg. Plan.
The reorganization committee in a letter July 28 to the depositors under
the plan dated Dec. 1 1922 (V. 115, p. 2684) states in substance:
Immediately following the adoption by the reorganization committee
of the plan of reorganization, dated Dec. 1 1922, the reorganization committee caused to be instituted in the U. S. District Court at Detroit the
legal proceedings necessary to carry out the reorganization plan. These
proceedings would have been completed several months ago except for the
fact that certain holders of debentures and of Preferred stock interposed
objections to the reorganization plan, based upon the ground that the plan
did not yield to holders of debentures and of Preferred stock of the present
company securities having a preference over the securities yielded by the
plan to the holders of Common stock of the present company.
The interposition of these objections made necessary the holding of protracted hearings in the District Court, the taking of a large amount of testimony,and resulted in extended delay and created a prospect of still further
delay and expense. After negotiating with the objecting parties, for some
time, the committee found that if the plan of reorganization should be
modified in the manner represented by the amendments (below), the objections would be withdrawn. The committee considered that the amendments demanded were not of sufficient importance in connection with the
reorganization to warrant the expense and delay of further contest, and
promptly adopted the amendments. As a result, all objections to the plan
have been withdrawn and the final steps in the reorganization can now be
taken.
The amendments which have been adopted by the committee may be
summarized as follows:
(1) The Preferred stock to be distributed to bondholders will be called
"Class A Preferred stock," but will remain unchanged in preference position, dividend rate and all other respects.
(2) Subordinate to the Class A Preferred stock, a Class B 5% Non-cumulative Preferred stock of an aggregate face value of $400,000 will be created. This stock will be sold to provide funds for paying reorganization
expenses.
(3) Subordinate to the Class A Preferred stock, and also to the Class B
Preferred stock, a Class C 5% Non-cumulative Preferred stock will be
created and distributed among depositors of debentures and of Preferred
stock of the present company; the debenture holders to receive one share of
Class C Preferred stock for each $100 of debentures deposited; and the Preferred stockholders to receive one share of Class C Preferred stock for each
two shares of the old Preferred stock deposited.
(4) The bonds to be issued and sold provide funds with which to retire
the Sackson & Battle Creek Traction Co. underlyings, or for the purpose of
exchange for Jackson & Battle Creek underlyings have been increased from
$1,200,000 face amount to 21.400,000 face amount.
(5) All rights of subscription to the securities of the new company have
been eliminated. Inasmuch as none of the rights provided by the original
plan were exercised, the committee deemed it unnecessary to carry such
rights into the amendments.

554

THE CHRONICLE

(6) No Common stock is offered to depositors ofdebentures or of Preferred
stock of the present company and no Common stock is offered for sale to
provide funds for reorganization expenses. All of the new Common stock
is given to the holders of the Common stock of the present gompany.
The property of the present company was sold at public auction on June
30 1923 and was purchased at the sale for account of the reorganization committee by the Irving Bank-Columbia Trust Co.,New York,acting as trustee
under the present 1st & Ref. Mtge. The sale has been confirmed by the
U. S. District Court. It is the purpose of the committee to complete the
reorganization and to issue the securities of the new company in accordance
with the amended plan as soon as the necessary authority can be obtained
from the Michigan Utilities Commission. Proceedings in the Commission
have been instituted. The committee hopes that within approxbnately
60 days it will be in position to distribute the new securities.-V.117, p.86.

[VOL. 117.

(2) To pay for the construction of the new tracks over the extension of
McMillan St.from Ravine St. to McMicken Ave.,or other requirements.
While the authority of the Ohio P. U. Commission and the Director of
Street Railroads of Cincinnati authorized that the Gen.& Ref.6% Cony.
Gold bonds could be sold at 95, I am pleased to advise you that they were
issued in exchange for 7% notes, par for par.-V.117, p.440.

Ottawa Electric Ry.-Wage Scale Extended.-

The employees recently voted to accept the company's proposal or an
extension for one year of the present wage scale. The agreement will expire May 1 1924.-V. 116, p. 411.

Pacific Electric Ry.-San Bernardino Bonds.-

The Pacific-Southwest Trust & Savings Bank, trustee, will until Aug. 23
receive bids for the sale to it of San Bernardino Valley Traction Co. 1st &
The road will be sold at auction at the Court House, Savannah, Ga., Ref. Mtge. 5% Gold bonds dated Sept. 1 1903, to an amount sufficient to
on Oct. 2, by order of Judge Meldrim. The road is 90 miles long, from absorb $25,000.-V. 116, p. 2884.
Savannah to Midville, Ga., via Leefield, Statesboro and Stevens Crossing.
Pennsylvania RR.-Automatic Train-Control Success.George M. Brinson of Savannah is receiver.-V. 115. p. 645.
Tests of an automatic train-control system, under practical operating conditions,
have been conducted for several weeks on the Lewistown Branch
Electric
R.
8E
Milwaukee
Light Co.-Wages Increased.
An increase of 5 cents an hour,effective June 1 1923,has been granted the of the Pennsylvania RR., and it has just been announced that the results
thus
far
obtained have been extremely encouraging and Justify hopes that
This
is
the
second
been
employees.
increase this year. the wages having
the system may provide a successful solution of the problem of preventing
advanced Scents an hour on Jan. 1.-V. 116, p. 2388.
train collisions automatically, regardless of human failures.
Nearly a year was occupied in designing and trying out the necessary
Minneapolis & St. Louis RR.-Receiver Confirmed.- apparatus
before the actual tests could begin. The system has been in
The Federal Court at Minneapolis on Aug. 2 confirmed operation throughout the
entire Lewistown Branch since July 11, and the
movements of all trains, both freight and passenger, have been subject to
the appointment of W. H. Bremmer as receiver. Silas its
control. The entire trackage of the branch, which is approximately
Strann, Chicago, and former Senator F. B. Kellogg of 50 miles in length, together with 12 locomotives, the entire number operated on the branch, have been equipped with the necessary electrical and
Minnesota, representing Guaranty Trust Co., are to reserve other
devices.
the right to name a co-receiver, should later circumstances
The purpose of the automatic train-control system is to make impossible
accidents caused by train collision, whether resulting from the imperfect
make this desirable and the Court granted it without preju- reading
of signals, from disregard of signals, or other forms of human faildice to other interests.
ure, or from failure of the signals themselves. This object is accomplished
by a combination of electrical, pneumatic and mechanical devices applied
Stockholders' Protective Committees.both to the track and to the locomotives. These devices automatically
The following, representing a large amount of the Common stock, and slow down, or
required bring to a complete stop any train which
believing the present situation in respect of the company makes desirable approaches too when
closely to another on the same track, whether going in the
the formation of a committee to act for the interest of its stockholders, same or opposite
directions, or when switches are improperly left open.
have consented to act as such committee: Pierpont W. Davis, Chairman; Protective track sections
any length, suited to local operating conditions.
W. P. Hawley, W. B. Davide, S. B. November, with James McLean, may be established. Inof
the case of the Lewistown Branch the sections
Sec., 55 Wall St., New York, and Marcus L. Bell, Counsel, 25 Broad St., average
about one mile in length.
New York. The National City Bank of New York, Depositary, 55
The outstanding advantages of automatic train-control system are:
Wall St., New York.
It keeps the engineer in continuous touch with conditions ahead, as he
In order that the committee may be in a position to take protective (1)
carries
signals with him in the engine cab. With visual signals on the
action in behalf of depositing stockholders, the committee urges the imme- right ofthe
way, the engineer is in touch with conditions ahead only when passdiate deposit by the stockholders of their certificates of stock with its ing the signals,
which may be one to five miles apart. (2) It "plays safe"
Depositary, National City Bank, New York, 55 Wall St., New York.
in the event of man-failure and brings the train safely to a stop, even should
Walter E. Godfrey. attorney, issued a statement July 29, which says the
engineer completely fail to do his part. In the event of sickness, inin part: "A committee has been organized by some of the stockholders jury
or death of the engineer, it brings the train safely to a stop.-V.117.
of the company,for the purpose of protecting the interests of the members
thereof and of effecting a reorganization along such lines as will be to their p. 440. 208.
bext interests. This committee is headed by substantially the same
Philadelphia Co.-Bonds Reduced.interests as those who organized the stockholders protective committee
The Philadelphia Stock Exchange on July 23 struck off the regular list
of the New York Chicago & St. Louis RR.(Nickel Plate). A very nominal
Consol. Mtge. & Coll. Trust 5% bonds due 1951, reported purfee will again be charged for membership in this committee. The attorney $307,000
chased
canceled under the sinking fund and redemption contract dated
who has been retained by this committee acted in the same capacity as July 10and
1917, leaving the amount of bonds listed $12,133.000.-V. 117. 1P•
attorney for the dissenting stockholders of the New York Chicago & St. 326,
208.
Louis RR. In accordance with the policy established and successfully
carried out in that case, the names of all members of this stockholders'
Pittsburgh Terminal RR.& Coal Co.-New Officers,&c.
protective committee will be treated confidentially. All stockholders
Clarence E. Tuttle has been elected President, sue eeding A. W. Callowho are desirous of protecting their interests or obtaining full information way,
who succeeded W. H. Coverdale as Chairman of the board.
about this committee, should immediately communicate with Walter E.
Hyatt of Cleveland, J. M. Sanford of Pittsburgh, Pa., and John
Godfrey, attorney for stockholders' protective committee. Room 506, L.Rodger
Steinbugler of N. Y. City have been elected directors.-V.115, p. 2379
198 Broadway, New York.

Midland Ry.-Sale.-

Addition to Bondholders' Committee-Interest Defaulted.-

Pittsburgh & West Virginia Ry.-New Director.-

William C. Atwater has been elected a director, succeeding Clarence E.
De Witt Milihauser of Speyer & Co. has become a member of the bondholders' committee (J. S. Bache, Chairman) representing the 1st & Ref. Tuttle, resigned. See also Pittsburgh Terminal RR. & Coal Co. above.
Mtge. 4% bonds of the Minneapolis & St. Louis RR. and Iowa Central -V. 117, p. 208. 88.
Ry. Co.
Public Service Corp. of New Jersey.-Public Service
Interest due Aug. 1 1923 on the Ref. & Ext. Mtge. 50-Year 5% Gold
bonds, Series A, 1962. was not paid on that date. The committee on By. Strike-Little Effect on Earnings of Company.
securities of the New York Stock Exchange rules that beginning Aug. 1
In connection with the strike of employees of the Public Service By.
1923, said bonds must be dealt in "flat" and until further notice they must (see below)
it
is
stated
that of the total net earnings of the Public Service
carry the Aug. 1 1923 and subsequent coupons to be a delivery.-V. 117.
, only about n
Ji/eareciectrgeadmirom t
sh
utszirgilaw
rgi.company,.
p. 439.
thertalo
afnce
N.being
gas
116.
p.2635.

Monongahela-West Penn Public Service Co.-Capital
Iscreased-Conversion of Stock-New Financing.-

Public Service Ry.(N. J.).-Strike for Higher Wages.-

Effective midgnight, July 31, approximately 6,300 trolley men employed
The stockholders on July 31 increased the authorized capital stock from
$20,000.000. par $25 (consisting of $12,000,000 Common and $8,000,000 on the lines of the company, which serves 145 municipalities, went out
6% Preferred stock) to $30.000.000, to be divided into $15,000.000 Com- on strike when the then existing wage agreement expired.
The employees had demanded wage increases averaging about 30%.
mon,$10,696,925 7% Cumul. Prof. and $4,303,075 6% Cumul. Pref. stock,
one day off out of seven:, extra pay for overtime and minor advantages.
par $25.
Holders of the 6% Preferred stock are given the right to exchange their This demand was refused by the company, who in turn offered to renew
the present agreement for five years. The new wage scale as proposed
stock for the new 7% Pref. stock.
It is understood that no Common stock will be sold for the time being, by the conductors, motormen. switchmen, trackmen, linemen, shopmen
but that the directors will meet in the near future to decide on an offering and cleaners follows: First 3 months, 61 cents an hour (against 46
of 7% Preferred, reported to be in the neighborhood of 911,000,000.-V. cents paid prior to Aug. 1); next 9 months, 63 cents an hour (against 48
cents); thereafter, 65 cents an hour (against 50 cents). Operators of
117. p. 440, 87.
one-man cars demand 70 cents an hour as against 55 cents previously paid.
The company has made no effort thus far to run any cars.
Montgomery (Ala.) Light & Traction Co.-Capital.
Trust Certificates Authorized.Stockholders have filed in the Probate Court at Montgomery, Ala. a
certificate decreasing the capital stock from $2,000,000 to $2,000. The
The New Jersey P. U. Commission has authorized the company,to issue
company was recently acquired through purchase by the Alabama Power 3400.000 of 6% Equip. Trust certificates dated May 1 1923.-V. 117, P•
Co.-V. 116, p. 935, 176.
326, 88.

New York & Long Island Traction Co.-Wages.Trainmen have received an increase in wages effective July 1 1923. The
new scale in cents per hour is from 49 cents for the first year to 57 cents
inclusive for five-year men. The former scale was 41 to 53 cents an hour
for employees who had been in the company's service 10 years or more.
V. 116, p. 616.

Ohio Traction Co.-Explains Financial Plan.

President W. Kesley Schoepf in a letter to Street Railroad Director
Kuertz of Cincinnati explains the recent report that the company had issued
% bonds. Pres. Scheepf says in substance:
$4.400,000
Under authority of the Ohio P. U. Commission and the Director of Street
railroads, company issued and sold Jan. 1 1920 $2,250,000 7% Coll. Trust
3-Year Gold notes, and subsequent to that date an additional $711,000 were
sold, making a total of 32.961.000 out of an authorized issue of $3,750.000.
These notes matured Jan. 1 1923 but were extended for nine months to
Oct. 1 1923. At the time the 7% notes were authorized, the company
also obtained authority to issue $4,400.000 Gen. & Ref. 25-Year Convertible Gold bonds for the 7% Coll. Trust 3-Year Gold notes dated Jan. 1 1920.
On July 1 1923 the sinking fund of $80,000 per annum authorized in connection with the 7% notes had purchased for retirement $313.000 of the
notes, leaving $2,648,000 outstanding, of which amount $1,931,000 had
were held by the trustee, the rebeen purchased with company funds andcorporations
and individuals.
held by banks,
nialaWF $717.000 being expenditures
was needed which could only be obAs money for capital
company,
the
negotiations were
of
credit
the
of
pledge
from
the
tained
entered into with the banks for a loan of $900,000 to provide the amount
required for capital expenditures and also to provide for the refunding of
the 7% notes. These negotiations resulted in a loan of $845,000 to the
company, which was all a the 3900.000 required at this time.
Part of the money borrowed was used to obtain the $717,000 7% notes
held by the banks, corporations and individuals, which, together with the
$1.931,000 notes held by the trustee, were refunded and the total of $2,648,000 exchanged for a like amount of Gen.and Refunding 63 % Sinking Fund
25-Year Cony. Gold bonds, which were deposited with the trustee as col•
lateral for the above mentioned loan.
The refunding of the 7% notes has not increased the outstanding capitalization or funded obligations of the compnaies, but has resulted in a saving
of approximately $61,630 per annum.
That part of the loan not needed in obtaining the $717,000 7% notes was
for the following purposes:
(1) For the payment of the Judgment held by the City of Cincinnati
against the Cincinnati Traction Co.,for that part of the cost of the elimination of the Rookwood grade crossing assessed against it in the sum of$75,124.




Quebec Power Co.-Offer to Common Stockholders and
Income Bondholders of Quebec By., Lt., Ht. & Pr. Co.-The
company has made the following offers to the Common
stockholders and income bondholders of the Quebec Ry.,
Light, Heat & Power Co. (see also advertising pages).
(1) Offer to Holders of the Common Shares.-Quebec Power Co. will

purchase and acquire the whole or any part of the $10,000,000 Common
shares of Quebec Ry., Light. Heat & Power Co., Ltd., by giving in exchange
therefor Conunon shares a Quebec Power Co. (par $100 each) on the
basis of $25 par value of such Common shares for each $100 par value of
Common shares of Quebec Railway. The Common shares so offered
in exchange form part of an authorized issue of $6,000,000, of which
$1,600,000 have been issued and are presently outstanding.
This offer of exchange is open for acceptance until Sept. 28. Holders
of the Common shares of Quebec Railway desiring to accept the offer for
exchange of securities must deposit their certificates with NationalTrust
Co., Ltd., 153 St. James St., Montreal.
(2) Offer to Holders of 5% 30-Year Income Bonds Due 1951.-(a) Quebec
Power Co. will purchase and acquire the whole or any part of the $3,307,200
Income bonds of Quebec Ry., Light, Heat & Power Co., Ltd., by giving
in exchange therefor 7% Preference shares (par $100) of Quebec Power
Co. on the basis of $o) par value of such Preference shares for each $100
par value of such Income bonds. The Preference shares so offered in
exchange form part of an authorized issue of $4,000,000, of which $1.410.000 have been issued and are presently outstanding; or
(b) At the option of the holder, Quebec Power Co. will pay $27 in cash
for each $100 par value of such Income bonds.
This offer of exchange or purchase is open for acceptance until Sept. 28.
By a trust deed dated Aug. 11 1921, Income bonds are secured by a
hypothec. mortgage and pledge on all a the properties of the company,
real and personal, &c.. subject to the priorities, hypothecs, mortgages and
charges securing all the bonds of the company outstanding or authorized
at the date of trust deed and all bonds of its subsidiaries outstanding or
authorized and all bonds that may be issued by the company or its subsidiaries to retire or replace bonds then outstanding or authorized, and
subject further to the hypothec, mortgage and charge which may be
created for the purpose of securing further bonds of the company which
may be authorized and issued to a total additional amount of $7,500,000.
Consolidated 5% Gold bonds have already been authorized to the
extent of $10,000,000. Of the bonds so authorized. $9,089,000 have
been issued and are outstanding and $911,000 are held in escrow to retire
outstanding bonds of subsidiary Companies.

Atm. 41923.1

555

THE CHRONICLE

Interest on the Income bonds is payable only as net earnings for each
half year shall be sufficient to pay the same after provision has been made
for the payment of interest and sinking fund requirements upon all of
the outstanding bonds of the company or its subsidiaries and upon such
further bends as may be created by the company and issued up to a total
amount of $7,500,000.
No interest has been paid by the company on any of the Income bonds'
since the data of their issue.
Consolidated Gold bonds amounting to $2,500,000 have been recently
issued and sold to provide the funds necessary for the payment of $2,500,000
bonds of Quebec Montmorency & Charlevois Ry., which fell due June 1
1923. Additional liability was also incurred to provide the funds necessary to complete such payment and to meet necessary expenditures in
connection with the general operations ofthe company and for improvements
The offer presently made by Quebec Power Co. has been decided upon
after a careful examination of the properties of the Quebec Ry., Light,
Heat & Power Co., Ltd.. and after consideration of its business, Present
and prospective. Holders of more than 80% of the Incoma bonds have
already signified their desire to exchange their holdingsfor the 7% Preference
shares of the Quebec Power Co. on the basis of the offer made.
It is anticipated that dividends on the Preference shares of Quebec
Power Co. will be earned and regularly paid.
Holders of Income bonds desiring to accept the offer mentioned above,
for exchange of securities, must deposit their bonds with National Trust
Co.. Ltd., 153 St. James St., Montreal. When the option exercised
Is for payment in cash the Income bonds must be similarly deposited with
National Trust Co., Ltd., against receipt to be issued therefor, and payment of the appropriate amount will be made within a period of 30 days
from the issue of such deposit receipt.
[Further details regarding the properties, &c., will be given another
week.]

Tennessee Electric Power Co.-Earns. (Incl. Sub. Cos.)
12 Months ending June 301923.
Gross earnings, $8,631,900; operating expenses, taxes and
$3,867,276
maintenance, $4,764,624; gross income
1,720,647
x Fixed charges (see note)
672,816
Dividend First Preferred stock
815,602
Depreciation
$658,21/
Balance
x Includes interest, &c. and dividends on Nashville Ry. & Light Co.
Preferred stock not owned
'by Tennessee Electric Power Co.
The figures for June 1923, round out the first full year's operating results
since the formation of the company. The company generated during the
first six months of 1923 a total of 229,181,000 k. w. h., as compared with
164,797,000 k. w. h. during the period of 1922, or an increase of about
39%. Total number of customers on June 30 was 54,447, a gain of 4.157
since the beginning of the year.
In order to provide for the increasing demands for power, the company is
making various additions to its generating and transmission facilities. The
more important of these additions include the erection of a second 120.000volt high-tension transmission line from Ocoee hydro-electric plant No. 1
to Knoxville, a distance of 96 miles; the installation of a 17,000 h. p. unit
at the Nashville reserve steam station; the building of a 27,000 h. p. steam
station at Hales Bar,on the Tennessee River,and the development of 20,000
h. p. additional capacity at the Great Falls hydro-electric plant.-V.116.
p. 29$4.

Texas Electric Ry., Dallas, Tex.-Earnings.Calendar YearsGross earnings
Op. exp., tax. & maint

Quebec Railway, Light, Heat & Power Co., Ltd.Offer to Securityholders by Quebec Power Co.A circular letter dated July 26 to shareholders says: "Following various
discussions a joint meeting of the boards of directors of the Quebec Railway, Light, Heat & Power Co., Ltd., and Quebec Power Co. was held on
July 18. At such meeting the proposal of Quebec Power Co. to the shareholders of the company offering an exchange of shares was submitted.
"The main problem confronting the directors of the company is one involving the immediate provision of a very considerable sum of money to
meet current liabilities and the further amounts which will be necessary
to maintain, extend and develop the various properties. If the proposed
plan is accepted and the two companies are brought together upon the basis
outlined below, this problem will be solved and the necessary financing will
be arranged on advantageous terms. The alternative would be to arrange
for independent financing which at best could only be carried out on very
onerous terms.
"A careful study of the company's present situation makes it clear that
Its position would be improved if its operations were carried on under a
system of co-ordinated direction allied to the Quebec Power Co., provided
such alliance were effected on a satisfactory basis. It is, moreover, clearly
evident that only through such co-ordination of interests and the grouping
together of the power resources of the two companies, can the necessary
economies of operation be brought about: provision made for the financial
requirements of the company, and proper returns secured from the carrying
on and the development of tis business.
"After due consideration of these facts, the directors unanimously dedded to advise the shareholders that, in their opinion, the best interests of
the shareholders would be served by their acceptance of the offer of the
Quebec Power Co." (which see above).-V. 116, p. 2389.

1919.
1921.
1922
1920.
12,951,511 $3,454,615 $2,879,359 $2,706,995
1,738.278
2.013,072
1,726,191
1.651,527

$1,213,233 11,441.543 11,153,167 11.055,467
Net earnings
10,478
2,397
5,568
1,171
Add int. on deposits, &c_
Total net earnings_ --- $1,214,404 $1,447,112 $1,163,646 $1,057,865
337,600
337,903
339,827
342,296
Deduct-Int.on 5% bds_
117,866
129,600
129,600
129,600
Int. on 6% debentures
5,389
6,233
4,750
7.053
Sundry int. charges__ _ _
49,000
62,689
49,000
Divs. on 7% 1st Pf. stk_
49,000
210,000
210,000
210,000
210,000
Divs. on 7% 2d Pt. stk..
Balance
-V. 114, p. 1767.

$476,454

1713.934

1430,908

$324,319

Tr -City Ry. & Light Co.-Wages Increased-Buses.An agreement has been reached between the company and its employees
at Davenport. Ia., by which the latter are given an increase of 3% cents an
hour. The new scale, retroactive to June 1 and expiring May 31 1924, is
as follows: 1st 6 months, 5434c. an hour; 2d 6 months. 56Mc.: thereafter
58c. an hour.
The car men in Illinois had asked for a maximum wage of 75c. an hour
at first, but later cut this to 60c. This increase also is effective from June 1.
The Illinois Commerce Commission has authorized the company to discontinue service on the Third Ave. line from 43d St., Rock Island, Ill., to
23d St., Moline, Ill. A certificate of convenience has been granted allowing the company to operate a bus line on 3d Ave., Moline, from 16th
to 34th Sts.-V. 116, p. 1761.

United Railways Co. of St. Louis.-Valuation-Bonds.

The Missouri P. S. Commission has overruled the motion of the city of
St. Louis and the company for a rehearing in the matter of the valuation
Reading Co.-Rights--Equipment Trusts.of the company's property for rate-making purposes. The valuation was
A meeting of the stockholders has been called to convene at Philadelphia fixed by the Commission at $52,838,1.0.
Oct. 15 next to take action on the various matters connected with the carrySpecial Master Henry Lamm has filed a recommendation with the U. S.
ing out of the final decree of the U. S. District Court filed June 28 1923. District Court approving the application of Receiver Rolla Wells for
At this meeting necessary action will be taken covering the issuance later authority to issue $8,300,000 additional receivers' certificates to refund
of the warrants or "rights" covering the disposition of shares of the new coal certificates and bonds maturing Oct. 1 or to extend their maturity.
company which it is proposed to organize.
V. 1.7, p. 327, 89.
The I.-S. C. Commission on July 17 authorized the company to assume
obligation and liability in respect of $6,000,000 5% Equip. Trust CertifiWashington Ry.& Electric Co.-114% Dividend.cates, Series I, issued by the Pennsylvania Co. for Insurances on Lives &
The directors have declared a dividend of 11 25 per share on the outGranting Annuities under an agreement dated May 1 1922 and sold at not standing
Common stock, par $100, payable Sept. 1 to holders of record
less than par in connection with the procurement of equipment below.
Aug. 18. This is the second dividend declared on the Common stock since
To provide for the traffic requirements of the Philadelphia & Reading March
a dividend of 1% having been paid June 1 last.-V. 116,
1919,
Railway arrangements were made to procure for leasing to the railway
p. 2390.
company the following equipment:
Approx. Unit Approx.
Wisconsin Gas & Electric Co.-Note Application.DescriptionUnit.
Price.
Cost.
company has applied to the Wisconsin ER.Commission for authority
500
70-ton steel hopper coal cars
12,072 $1,036,224 to The
of serial notes to pay in part the purchase price of the elecissue
500
1,067,682 tric and$400,000
70-ton steel hopper coal cars
2.135
gas plants of the Waukesha Gas & Electric Co.-V.117, p. 209.
steel
coal
cars
-ton
hopper
500
2,067
1,033,908
79
500
2,075
1,037,790
70-ton steel hopper coal cars
Youngstown & Ohio River RR.-Wages.Steel passenger coaches
15
18,710
280,659
As a result of an award fixed by a board of arbitration, wages of trainmen
Steel passenger coaches
30
18,723
561,695 have
increased 6 cents an hour. The new scale, retroactive to May 1
Steel passenger coaches, suburban type
45
17,189
773,548 1923,been
will terminate May 1 1924. This award increases the maximum
Steel combination passenger and baggage
hourly
wage
from 50 to 56 cents.-V. 116, p. 2132.
cars
5
17,550
87,754
Steel combination passenger and baggage
cars, suburban type
5
16,702
83,510
Steel baggage cars
INDUSTRIAL AND MISCELLANEOUS.
5
17,241
86,208
Consolidation locomotives
25
38,192
954,800

The following brief items touch the most important developments in the industrial world during the past week, toRichmond (N. Y.) Light & RR.-Receiver Discharged &c. gether with a summary of similar news published in full
Judge Edward L. Garvan of the U.S. District Court on July 31 dischirged detail in last week's 'Chronicle."

Total
-V. 117, P. 326, 208.

17.003,783

Col. John J. Kuhn as receiver. Under the reorganization plan announced
In V. 117, p. 326, the lighting and railroad properties are to be separated.
The lighting and other properties not exclusively devoted to railroad and
ferry operations will be transferred to the Staten Island Edison Corp., which
has been authorized by the Transit Commission to acquire the 28,717 shares
of stock of the Richmond Light dr RR. and to issue bonds secured by the
stock of the Richmond Light & RR. to provide funds for the rehabilitation
of the properties taken over.
The street railway and ferry properties will remain in the possession of
Richmond Light & RR., as the subsidiary of Staten Island Edison Corp.,
or vested in a new strictly railroad corporation already organized under the
name of Richmond Railways, Inc., which would then become a subsidiary
of the Staten Island Edison Corp.
J. 11. Pardee, Pres. of the J. G. White Management Corp.. which has
taken over the administration of the lighting, power and railway properties,
stated that the properties had been in operation for a number of years,
serving the whole or a large part of Staten Island, but had been owned by
an estate unwilling to properly finance the extensions and developments of
service necessary for the very rapid growth in population and industrial
activities. Mr. Pardee further said:
"The earnings of the properties which had been increasing were not
sufficient to furnish all the funds necessary for development purposes and
The properties are perfectly solvent and
to meet the current obligations.
have never failed to earn and pay interest on outstanding bonds. Now
be adequately financed by the Staten Island
that these properties are to
Edison Corp., the outlook for the future is very bright. The development
has been very great and it is expected that the company
of light and power
will be able to furnish adequate service for all demands. Compare V. 117.
p. 326.

St. Louis-San Francisco Ry.-New Directors, &c.-

on Aug. 1 resigned as a director and member
J. W. Kendrick of Chicago
and in his place Colonel Robert M. Thompson
of the executive committee,
director
and Frank C. Wright (already a direca
elected
was
York
New
of
executive committee. Grant R. McCullough
tor) was appointed to the elected
a director, succeeding A. L. Shapleigh
of Tulsa. Okla., has been
of St. Louls.-V. 116, p. 2389.

Saginaw-Bay City Ry.-Sale.-

The property of the company will be sold at foreclosure on Aug. 18.
Compare reorganization plan in V. 117, p. 326.

Springfield Terminal Ry. & Power Co.-Dismantled.-

0., is being dismantled. This marks
The power plant at Springfield.
j(of the road by the Schoenthal Iron Co., Columthe final step in the
purchasedtheproperties
at receivers' sale. The tracks,
bus, 0., which
&c., have already been scrapped, except for 2 miles of the right of way.
-V. 116, P. 516.




Steel and Iron Production, Prices, &c,

The review of market conditions by the "Iron Age,"
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
Coal Production, Prices, &c.

The United States Geological Survey's report on coal
production, together with the detailed statement by the
"Coal Trade Journal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
preceding page under the heading "Indications of Business
Activity."
Oil Production, Prices, &c.

The statistics regarding gross crude oil production in the
United States, compiled by the American Petroleum Institute and formerly appearing under the above heading, will
be found to-day on a preceding page under "Indications of
Business Activity."
Prices, Wages and Other Trade Matters.
Sugar Prices Fall.-Refined sugar prices were reduced as follows throughout the week: On July 30, Arbuckle and Federal reduced price to 8.25c.
per lb., while American National Warner, Pennsylvania and Revere
reduced to 8.35c. per lb.;on
' July 31'these latter further reduced the price
to 8.25c. a lb.: on Aug. 1 Federal reduced price to 7.90c. a lb., while all
other refiners reduced the price to 8c. per lb.
Lead Price Advanced.-American Smelting & Refining Co. on July 27
advanced lead 25 pts.. to 6.50c. per lb. "Times" July 28, P. 13.
Automobile Prices.-Hupp Motor Car Co. advances price $50 on all open
models. Closed car prices remain unchanged. The company has announced its 1924 models with the above changes in price. "Financial America" Aug. 3, p 1.
Buick Motor Car Co. announces 1924 models with increases in price
varying from $80 to $130 per model. "Philadelphia News Bureau" Aug. 1,
P. 4.
Columbia Motor Co. announced new 1924 models with increased prices
varying from $66 to $95 on the closed types. "Boston Financial News"
Aug. 1, p. 1.
Reduction In Automobile Price.-Reo Motor Car Co. announced $100
reduction in price of 5-passenger phaetons effective at once. "Financial
America" Aug. 4.

556

THE CHRONICLE

Price of Milk Unchanged.-Agreement fixing price of milk bi-monthly
allows variations according to prices charged by farmer. Dairymen's
price Increased almost t( cent per qt.. but Borden official says price to
consumer for first 2 weeks in August will remain the same as during July.
"Times" July 31. p.9.
Wage Increases.-United Hosiery Mills increases wages of boxmen to
$6 per day. "Wall Street Journal" July 30.
The United Hosiery Mill suspended operations when not enough employees to operate the plan reported for work following a strike in the
boarding department.-"Wall Street Journal" July 31, p. 10.
Bonusfor Carpet Firm's Employees.-6.000 employees of A. Smith dc Sons
Carpet Co. will share in $400,000 bonus. "Times" July 30, p. 15.
Wage Increases Demanded.-Workers for Peoples Gas Light & Coke Co.
voted to strike Sept. 1 if 25% wage increase is not granted. "Philadelphia
News Bureau" July 27. p.3.
Cigarmakers Strike.-Four largest factories around Boston close as result
of strike for restoration of wage scale in effect previous to May 1922. Le.,
$24 per 1,000 for hand made and $15 per 1.000 for mold made cigars.
Present rate is $3 and 31 75 less, respectively. "Times" July 29, Sec. 1.
Part 2. p. 5.
Matters Covered in "Chronicle" July 28.-(a) New capital flotations in
June and the half year to June 30, p. 370 to 376. inclusive. (b) Price advances shown in spring lines of American Woolen Co.. p. 377. (e) Cotton
mills curtailing operations in the South. p. 378. (d) New York warehouses
filled to capacity, owing to slack buying, p. 378. (e) June automobile
production smaller than in April or May but far ahead of 1922. p. 378.
f) Developments during the week in the R. L. Dollings Co.failure,
p. 387
Barrett dc Co., Augusta, Ga.. well-known cotton brokers, fail, p.
387.
h) Situation in the wheat market, p. 389 and 390. (i) United States Steel
Corporation and American Iron and Steel Institute confer on eight-hour
day,p.402. (j) Dilworth-Porter Steel Co.of Pittsburgh to start eight-hour
day Aug. 1, p. 402. (k) Telephone operators lose strike in New England, p. 403.

e

[VOL. 117.

American Republic Corp.-Guaranty.
See Union Power Co. below.-V. 116, p. 1414.
American Smelting & Refining Co.-Operations.
It is stated that the company has decided to keep its Eusa, Okla.,
smelter in operation. Upon Use announcement that the company intended
to shut down the plant, the employees offered to take a reduction of 10%
In wages, while the gas company offered to make a substantial reduction
In the charge for gas.-V. 117. p. 442.
American Steel Foundries Co.-Earnings.
6 Mos.end. June 30-1923.
1920.
1921.
1922.
Net earnings
44.107.094 y$2,098,139 y$777.547 y$4,002,645
Depreciation
685.973
287.209
406.031
267,373
Balance
33,511.121 31.692,108
$510,174 $3,715,436
Other income
112,535
219,831
193,126
183,210
Total income
33.623,656 $1,885,234
$3,935,087
$693.384
Other charges
164,332
223,253
191,305
277.109
Federal tax reserve
See x
1,025.500
241,070
81,500
Balance, surplus
$3,459,324 $1.452,859
3334,775 32,686,314
x After Federal taxes. y Before Federal
taxes.
The company recently acquired the Damascus
Brake Beam Co. by the
exchange of lm Pref. shares of American Steel Foundries for one share of
Damascus Brake, See V. 117. v. 422.
American Woolen Co.-Price Advances in Spring Lines.
See under "Current Events," page 377, in last week's "Chronicle."
-V. 118, p. 2391.

Anglo-American Oil Co. Ltd.-Notes Called.Certain 5-year 7% Sinking Fund gold notes, dated April 1 1920.
aggregating 31,245,000, have been called for payment Oct. 1 at 102 and int.
at J. P. Morgan & Co., sinking fund trustees, 23 Wall St., N. Y. City.
Certain of the above notes, aggregating $237,000. previously drawn for
Air Reduction Co., Inc.-Bonds Called.Certain 10-year Cony. Sinking Fund Gold Debenture bonds, series A. payment, are still unredeemed.-V.
,p. 2391.
due 1930, aggregating $544,900 (numbers ranging from M4 to M1932 and
Armour Leather Co.
-Earnings.from Cl to C926), have been called for redemption Oct 1 at 105 and int.
Periodat the Mechanics & Metals National Bank, trustee, N. Y. City. Holders
--3Mos. Ended
6 Mos. End.
may convert bonds into capital stock on or before Aug. 30 1923 at the rate
June 30'23. Mar. 31 '23. June 30 '23.
Net earnings (approximate)
of 16 shares of stock for each $1,000 bond.-V. 117, p. 441, 328.
$426.000
3284,000
3710,000
-V. 116, p. 825.
e
Alabama Power Co.-Acquisition, &c.
Auto-Knitter Hosiery Co.-Dividend No. 2-Changes
It is reported that an agreement has been reached whereby the company
will take over the properties of the Greenville (Ala.) Electric Mfg. Corp., Dividend Dates.
subject to the approval of the Alabama P. S. Commission.
The company has declared a dividend of $1 per share on the outstanding
'The company has let the contract for the construction of a railroad capital
stock,
no
par
value, payable Oct. 15 to holders of record Oct. 1.
from Asberry, Ala., to Cherokee Bluffs, about seven miles, where the
On June 15 last an initial dividend of 75
cents was declared. This is not an
company will expend $10.000,000 in the construction of a hydro-electric increase
in
the
annual
rate, but is due to the fact that the dividend dates
power dam.-V. 117. p. 442.
have been changed from Sept. 15 to Oct. 15,
and this dividend, therefore.
covers a 4-month period. The dividend remains at the rate of $3 per year
Allis-Chalmers Mfg. Co. Inc.-Earnings, &c.
and the dividend dates hereafter will be Jan., April, July and Oct. 15.Net Profit after Pros. for V. 116, p.2887.
BiledSas
Federal Taxes
Month of1923.
1922.
1922.
1923.
Automatic Refrigerating Co., Inc., Hartford-Rights.
January
31.616,955 $1,531,016
$123,479
374.393
The stockholders ofrecord
1 have the right to subscribe at par($100)
February
1,727,415
103,504 on or before Aug. 20 for oneAug.
1,579,391
156,711
share of new stock for each 7 shares held.
March
1,877.322
100,836
1,501.196
188,499
In order to provide for this allotment of 1,250
shares, books for subscription have been opened at the office
HartTotal first quarter... _ $5,221,692 $4,671,603
$468,689
$278,733 ford, Conn., and all subscriptions of Putnam & Co.,6 Central Row,before
April
$1,905.417 $1,497,495
$190,437
385.547 Aug. 20 1923 and payment in full must be filed at their office on or
therefor made on or before Sept. 1 1923.
May
9,031,269
87,757 --V,116,p.2640.
1,565,844
203.044
wass
merh
June
2,145,384
1.715,525
120,492
234,937
Baldwin Locomotive Works.-Operations.
'
4•Nr h•••".101
Total second quarter_ 36.082.070 $4.778,863
President S. M. Vauclain says that the company has 20.500 men employed
$628.418
$299,796
Total six months
$11,303,762 39,450,466 31,097,107
3578,529 and enough work on hand to last throughout the year at full capacity. It
-V. 117, p. 210. 91.
reached the 100% capacity last month. The orders on the books keep up
to the same amount as in June and
July, over $51,000,000.-V. 117. P.
Allouez Mining Co.-Consolidation Plan.
210, 92.
See Calumet & Recta Mining Co. below.-V.115, p. 2688.
Baragua Sugar Co.
-Redemption of Bonds.
American Brake Shoe & Foundry Co.-Earnings.
It is announced that the company called for redemption on July 15
A published statement understood by the "Chronicle" to be substantially 1923 at 110 and int., $225,000 of 1st Mtge. 15-Year 7 % Sinking Fund
Gold bonds, numbers ranging from 46 to 4317.-V.
correct, says in substance:
115, P. 991.
Earnings for the first half of 1923 were about $1,500,000, compared with
Bayuk Cigars, Inc. (formerly Bayuk Bros., Inc.).
slightly under $1.000.000 in the same period of 1922. Working capital,
which stood at $8,089,934 on Dec. 31 1922. has been increased to over Earnings.38.500.000. Cash and security holdings, show little change. Slightly
larger inventories have been made necessary by increased business. The
-3 Mos. end. June 30- -6 Mos. end June 30Periodoutlook for the balance of 1923 is excellent.-V. 117, p. 442.
1923.
1922.
1922.
1923.
aNet earnings
$293,806
$572,768
3318,343
3545.018
Other income
American Cyanamid Co.-Shipments, Sales, &c.
9,851
23,258
5,747
18.773
Net value of the shipments of the various products for May 1923 totaled
Total income
3781,196. Sales of the various products for May represent a value of
$303.657
$596.026
$322,090
$563,791
Depreciation
$22,143
apyrcedmately 31.490,000.
$40,090
$20,288
$44,921
The company has in hand as of May 31 1923 contracts for various prod- Preferred dividends_ _ _ _
60,610
87.980
43,790
86,220
ucts for delivery prior to June 30 1923 of a sales value of approximately Res.for 1st Pref.stock_
52,290
28,600
3773,000.-V. 116. p. 2996.
Balance, surplus
$415,668
3220.904
1229,412
3432.650
x After deducting charges
American-La France Fire Engine Co., Inc.-Earnings.
for maintenance and repairs of plants and
estimated Federal tax.&c. Compare
Six Months ending June 30and
also
statement
1923.
months
for
six
1922.
1921.
balance sheet as of June 30 1923. in V.
Operating profit
$429,717
117. p.442.
$4456,970
$452,653
Less interest
32,676
6,071
96.475
Bell Telephone Co. of Canada.-Status.-President L. B. McFarlane, July 12, says in substance: "When the
Net income before income & excess
budget for 1923 was prepared provision
profit taxes
was made for a net increase of
3397,041
$450,899
3356,178 17,700
telephones for the first six months of the year.
-V.116, v. 2010.
To meet the continued and growing demand for service
we
have actually installed at new
locations 67,000 telephones, making a net gain
American Light & Traction Co.-Earnings.
accounting
ot
30,
June
for instruments removed, of 24,000. The net gain for after
the same period
12 Mos. ended June 301923.
1922.
1921.
1920.
of 1922 was 10,800. If the present demand
expect
continues,
Earnings on stocks of submay
we
$
$
$
a net increase of telephones in service for the year of
$
approximately 50.000.
sidiary owned companies_ _ x3,516.571 3,978,245 1.881,242 3,215,996 Long-distance
revenue shows an increase over the corresponding period
Miscellaneousearnings
1.096.479 1.258.593 1,295,764
946.520 of 1922."-V. 116, p 2997
Gross earnings
4,613.050 5,236,839 3,177,005 4,182,515
Bernheimer-Leader
Inc.-Bonds Sold.-Frank
Expenses
428.591
510,960
365,721
254,082 B. Cahn &
Co., Alex Brown
Interest on b% notes
Stores,
8c Son and the Fidelity Trust
240,000
380,000
350,838
14.200
Ahmeek Mining Co.-Consolidation Plan.
See Calumet & Heels Mining Co. below.-V.116, p.2009.

Bal. 12 M09. end. June 30_ 3,944,459 4,359,879 2,460,447 3,894.234
Surplus & res've prev.June 30 9,961,291 8.731.188 9,509,775 11,150.690
Total surplus & reserve_ _ _13.905,750 13.091,067 11,970,222 15,044,930
Less-Cash divs. on pref.stk. 854,172
854.172
854,172
854,172
Cash diva. on corn.stock-- 1,184.243 1,137,802 1,092,108 2,340,492
Stock diva, on corn. stock_ 1,184,243 1,137,802 1,292,754 2,340,492
Surplus & reserve June 30-10,683,092 9,961,291 8,731,188 9.509.775
x After deductions of $1.144.420 for depreciation and replacement reserves in the 12 months ended June 30 1923.
Balance Sheet June 30.
1922.
1923.
1923.
1922.
Liabilities$
Assets$
$
Investm't account.35,379,501 35,472,678 Preferred stock___14,236,200 14,236,200
Temporary invest. 1,427,985 1,032.001 Common stock___30,040,400 28,868,300
Earnings sub. cos.11,463,788 10,560.988 5-year 6% gold
notes
3,000,000 6,000,000
Bills receivable__ 6,209,992 8,723,992
275,107 Warrants
122,365
177,534
181,635
Accts. receivable_
10.593 Miscellaneous
10,992
15,324
44,133
Miscellaneous ____
341,732 Accrued taxes__ _ 325,767
545,398
Note discount_ _ _ _ 221,121
38,200 Interest accrued
30,000
60,000
34,523
Int.& dirs. receiv_
Acts. Pay
2,157
Cash and U. S.
719,688
Treasury certifs. 4,372,557 4,161,510 Dividends accrued 743,170
Surplus & reserve_10,883,092 9,901,291

Co., Baltimore, have sold $1,200,000 Mortgage 7% Sinking
Fund Gold bonds, Series A.

Boston Consolidated Gas Co.-Gas Output.
Months ofJuly 1923. June 1923. May 1923. April 1923.
Gas output (cubic feet)_815,312.000 655,823,000
741,064,000 742,258,000
V. 117, v. 92.
Burns Bros.
-Injunction against Plan.
The New Jersey Court of Chancery has granted F. J. Faulks, counsel for
C. R. Runyon. a preferred stockholder, a preliminary
injunction restraining
the company from merging with the National Coal Co. Representatives
of the company state that the order is unnecessary since the common stock
have already withdrawn the plans for such a merger.-V. 117. y. 329.
Butte-New York Copper Co.-Foreclosure Suit.
The Equitable Trust Co., New York,trustee under the 10-year first mtge.
bonds, has filed a foreclosure suit against the company In the U. S. District
Court at Helena, Mont.-Appointment of a receiver is asked.-V. 117. p.
443.
Callahan Zinc-Lead Co.
-Shipments.
Month ofJuly 1923. June 1923. May 1923. Apri11923.
Zinc concentrates (lbs.)
6,220,000 5,240,000 5,040,000 3,650,000
Lead concentrates (lbs.)_
1,330,000 1,506,000 2,050,000 1,756,000
Silver (ism.)
16.682
19.475
12,635
14.307
-V.117, p. 92.

Total
59,247,155 00,016,802
59,247,155 60,616,802
Total
Calumet & Arizona Mining Co.-Production.
-V. 117, p. 91.
Month ofJuly 1923. June 1923. May 1923. Apiil 1923.
production (lbs.) 3,492.000 3,548,000
Copper
2.888.000 3,520.000
American Multigraph Co.-Registrar.
-V.117, p. 92.
The Central Union Trust Co. of N. Y. has been appointed registrar in
New York for 250,000 shares Common stock, no par value. The Guaranty
Calumet & Hecla Mining Co.-Consolidation PlanTrust Co. of N. Y. has been appointed transfer agent for the Common
New Company With 2,500,000 Shares to Absorb Calumet &
stock.-V. 117. p. 210.




THE CIIRO-vTCLE

AUG. 41923.]

Hecla, Ahmeek, Osceola, Allouez and Centennial Cos. in
Interest of Economy-Independent Committee Recommends
Acceptance of Plan.-In the interest of economy of operation,
a plan of consolidation has been devised by engineers and
approved by the directors of the Calumet & Hecla, Ahmeek,
Osceola, Allouez and Centennial mining companies.

557

Citizens Gas Co. of Indianapolis.-Valuation.
Earl Carter, Chief Engineer of the Indiana P. S. Commission. has placed
a valuation on the company's property, owned and leased and used and
useful in making gas, of $10,691,842 for rate-making purposes.-V. 117,
p. 329.

Chemical Paper Mfg. Co.-Exchange of Stock.-

See Crocker. McElwain Co. below.-V. 116. D. 2519.
The basis of the plan has been worked out by a committee consisting of
Cleveland & Sandusky Brewing Co.-Tenders.
Charles Hayden of-Hayden, Stone & Co.; R. L. Agassiz, Pres. Calumet &
The Guaranty Trust
of N. Y. will until Sept. 1 receive bids for the
Hecla and affiliated cos.; Wm. C. Potter, Pres. Guaranty Trust Co.; J. H. sale to it of First Mtge.Co.
sufficient
to
absorb
amount
an
6%
gold
bonds
to
Rice, Pres. Houghton (Mich.) National Bank, and Dr. Samuel W. $50,000 now in the sinking fund. All bids must be accompanied by a
Stratton. Pres. Massachusetts Institute of Technology.
certified check or New York draft payable to Guaranty Trust Co. of N.Y.
for an amount equal to 3% of the face value of the bonds offered, such
A digest of the consolidation plan follows:
Capitalization.-The authorized capitalization of the new company is amount to be refunded to the successful bidders when bonds are received
to be 2,500,000 shares, par $25, of which the new company will issue a by the trust co. and to others, when offers are declined.-V. 113, p. 853.
total of 2.005,502 shares to the stockholders of the constituent companies;
Cling Cutlery Corporation.-Receiver.the remaining 494,498 shares are to be reserved for general corporate
Judge Edwin L. Garvin has appointed Edward Ward McMahon asrepurposes.
ceiver.-V.
117, p. 211.
Allotment.-The shares of the new company are allotted as follows:
Total Shares
New
Commonwealth Power Corp.-Earns. (incl. Sub. Cos.)
Outstanding. Shares.
12 Months ending June 301922.
1923.
Ahmeek Co
200,000
536,000
$28,170.356 $25,285.601
Allouez Co
100,000
80,000 Gross earnings
15,586,567
17,512,190
Calumet & /Tech Co
800.000
1,205,308 Operating expenses, taxes and maintenance
5,910,783
Centennial Copper Co
6,145.130
90,000
34,200 x Fixed charges
1,440,000
Osceola Consolidated Co
96,150
149,994 Annual dividend requirements on Preferred stock 1,440,000
Provision for replacements and depreciation
1,827,225
1,715.593
Total
2,005,502
Balance
$1,245,811
$632,659
The foregoing allotment to Calumet & Hecla does not include the new
shares to which its stockholders are entitled on account of the shares of
x
Includes
interest
and
amortization
of
debt
discount
and
dividends
on
stock which it owns in the other four companies. The allotment to the
other four companies represents the value of all their assets and includes outstanding Pref. stock of sub. companies.-V. 116. p. 2012. 2004
the new shares (numbering 378,692) issuable on account of the shares of
Computing-Tabulating-Recording Co.-Earns. etc.the stock of the four companies which Calumet & Hecla owns. Thus the
-3 Months ended--6 Months endedtotal number of shares of the new company to be issued to Calumet &
PeriodJune 30'23. Mar.31 '23. June 30'23. June 30'22.
Hecla is 1,584.000 shares.
$814,687
*Net earnings
3596,483
8558.063 31,154,546
Rate of Exchange.--The following is the rate of exchange:
Deduct
-Estimated
Federal
taxes
144,318
101,837
For Each Share of Stock ofShares of New Co.
Ahmeek Co
2 and 68-100ths shares
Net earnings, after estimated Federal taxes_ __ $1.010,228
$712,857
Allouez Co
80-100ths of a share
•Includes net earnings ofsubsidiaries and is after deducting bond interest,
Calumet & Heels Co
1 and 98-100ths shares
reserves, depreciation, &c., but before providing for Federal taxes.
Centennial Copper Co
38-100ths of a share
The above earnings statement does not include $513,818 received from
Osceola Consolidated Co
1 and 56-100ths shares
settlement oflawsuit for infringement of patents.
As part of the plan and in addition to the shares of the new company,
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Aug. 13
the committee has determined that there should be paid to stockholders receive bids for the sale to it of 6% 30-year sinking fund gold bonds, due
of Ahmeek $5 per share of stock of Ahmeek; to stockholders of Calumet & July 1 1941, to an amount sufficient to exhaust $100,462 at a price not
Hecla $1 25 per share of stock of that company, and to stockholders of exceeding 105 and interest.-V. 116, p. 2998.
Osceola $1 per share of stock of that company; such payments to be made
from the assets of said companies respectively and conditioned upon conConsolidated Gas Electric Light & Power Co. of
summation of the consolidation. The payment to stockholders of Calumet
& Hecla includes above mentioned payments which it would receive on Baltimore.-Earnings.-3 Months Ending June 30.
the
other
Electric
Operations-.
in
two
by
it
companies mentioned.
1922.
shares owned
1923.
Gross income
$3.343,685
82,730,103
The directors of the above mentioned companies in notice Operating expenses
1,646,365
1.232,418
Taxes
281,106
240,503
to stockholders say:
240.745
196.567
The instability of the copper market and the substantial increase in the Depreciation (renewals)
cost of labor, transportation, fuel and supplies have made it of the utmost
Net earnings
$1.175.467 $1,060,613
importance that the Lake companies effect every possible saving in operatGas Operationsing costs.
_,
Gross income
82.221,165 $1,953,216
The properties of the five companies, which are contiguous, are operated Operating
expenses
$955,348
$895,218
units.
independent
This
as
necessitates the maintenance of separate Taxes
216,359
181,860
operating organizations, separate shafts, underground workings and Depreciation (renewals)
128,303
113.032
equipment, separate surface plants and facilities such as shops, mills and
other reduction equipment, and also necessitates the maintenance of
Net earnings
$921,153
$763,104
boundary harriers which upon consolidation can be mined at a substantial
Gas 80 Electric Operationsprofit.
$5,564,850 $4,683,319
In the event of consolidation much of the above duplication can be Gross income
3,468,229
2,859,601
eliminated. Certain shafts necessary only to separate operation can be Total operating expenses
abandoned without lessening production, and underground mining operaNet earnings
82,096,621 $1.823,718
tions can be so arranged as to obtain a concentration of hoisting with a mini- Fixed
charges
$808,075
$833,013
mum of underground haul. Likewise many other operations, both on
474.756
392,204
surface and underground, such as pumping, shop work, handling of fuel. Dividends
rock transportation, milling, smelting and refting can be centradzed
$598,500
Surplus
$813,788
the
through
joint use of all facilities and equipment.
Because of a chronic labor shortage in the Michigan copper district, -V.117, p. 92.
sufficient men are not available to supply all of the mines with full operating
Continental Bag & Paper Mills.-Sale.-crews. As a result these mines will be compelled to operate with curtailed
The B. A. Eckhart Milling Co. has acquired from the above company
production and consequent high costs or attempt to compete against each
other for labor. In neither case can profitable operations be carried on. the vacant property on the southwest corner of Armour Pl. and North
With unified operations, the increased elasticity of the available labor and Sheldon St., Chic,ago, with a frontage of 219 feet and a depth varying from
the opportunity of placing and utilizing it to the best advantage will result 84 to 100 feet, for approximately 355,000.-V. 117, p. 93.
in a larger, more stable and more profitable production than can be obtained
Craddock-Terry Co. Lynchburg, Va.-Stock Offered.under present conditions.
The company is offering to
If consolidation is effected, it is planned to construct a new railroad
'
stockholders at par ($100) 8500.000 Class C
connecting the Ahmeek, Allouez and North Kearsarge mines with the 7% Cumulative Preferred stock. The stock is part of an authorized issue
stamp mills by a direct route which will avoid the adverse grades of the of $2.500,000, of which $200,900 has been sold. The issue is to provide
Mineral Range RR. over which the rock is now carried, and will result in capital for growing demands ofcompany's business. Rights expire Aug.15.
-V. 116, p. 1175.
a substantial reduction of transportation costs.
The policy of taking steps to acquire facilities for the manufacture of
Crocker, McElwain Co., Holyoke, Mass.-Increase.copper and brass products is under consideration,but this action will be
The company has filed a certificate with the Massachusetts Commission
advisable only in case consolidation is effected resulting in a company
with an annual production which will be large enough to warrant the of Corporations increasing the authorized Common stock from $1,000,000
acquisition of such facilities on an adequate scale to permit of economical to 81.500.000. par $100. The company also has an authorized issue of
$250,000 Preferred stock, par $100.
and profitable operation.
The 5,000 new shares ofCommon stock are to be issued to the COmmon
The proposed plan was arrived at after a consideration of separate valuations ,placed upon the properties of the respective companies by Messrs. stockholders of the Chemical Paper Mfg. Co. of Holyoke, Mass. (V. 116.
Pope Yeatman. James It. Finlay and James F. Kemp. eminent independent P.2519). in exchange for their holdings in the ratio of two shares of Chemical
engineers retained for that purpose by the boards of directors of the several Paper Common stock for one share of Crocker-McElwain Common stock.
companies in Oct. 1922, and after consideration also of a valuation of these -V.83, p. 892.
properties made by the engineers of the respective companies working
Damascus Brake Beam Co.-New Directors.jointly, and the report of Messrs. Arthur Young & Co., Certified Public
Accountants, as to the net current assets and earnings of your respective
R. P. Lamont. President of the American Steel Foundries, has been
companies. There were also considered the economies and other ad- elected Chairman. S. Livingston Mather. John J. Stanley and H. C.
vantages to be attained through consolidation.
Robinson have been elected directors. Other officers and directors will
It is proposed that the directors of the new consolidated company be be: It. H. Ripley, Pres.; F. E. Patterson. V.-Pres., and A. E. Adamson,
as follows: Rodolphe L.Agassiz, John T.Burnett, Thomas L.Chadbourne, The American Steel Foundries recently acquired control of the company.
Ernest B. Dane, Dudley S. Dean, Harry F. Fay, Robert Herrick, Francis See V. 117, p. 444 and V. 116, p. 2998.
L. Higginson, William A. Hodgson, James MacNaughton, Thomas N.
Perkins.-V. 116. p. 2997.
Depew & Lancaster Light, Power 8c Conduit Co.
The company has applied for a franchise to supply electricity for light
Carthage Sulphite Pulp & Paper Co.-Tenders.-and power service in Orchard Park, N. Y.-V. 116, p. 2642.
The united States Mortgage & Trust Co., trustee, 55 Cedar St., N. Y.
Detroit Edison Co.-Acquisition.City, will until Aug. 17 receive bids for the sale to it of 1st Mtge. bonds.
The company, it is reported, has acquired the plant of the Dundee •
dated Aug. 1 1921. to an amount sufficient to exhaust S18.093.-V.116.p.619
(Mich.) Power Co.-V,117, P. 330.

Centennial Copper Mining Co.-Consolidation Plan.-

See Calumet & Hecla Mining Co. above.-V. 115. p. 2680.

Cleveland Electric Illuminating Co.-Report.Earnings for 12 Months ending June 30.
1922.
1923.
1923.

1922.

Gross earnings_ _16,720,347 13,722,917 Deduct-Interest._ 1,287,520 1,586,834
operating exp-. 9,456,598 8,090,123 Taxes
1,784,500 1,704,000
Amort.of debt disc 505,400
159,272
7,263,748
Sink.
Id.
5,632,794
require'ts
__
rev_
205,000
oper.
265,417
Net
228,762 Dividends
1,718,925 1,251,431
Non-oper. rev_ _ __ 239,021
Balance, surplus 2,001,425
Gross income-. 7,502,769 5.881,556
Condensed Balance Sheet June 30,
1922.
1923.
1923.
Liabilities$
$
$
Assets19,805,900
Plant investment.40,784,870 43,396,058 Capital stock
459,500 Funded debt
23,500,000
Other Investments 459,500
102,628
Current
liabilities_ 1,629,599
103,149
Sinking fund
Current assets.... 9,859,547 13,989,733 Accrued liabilities_ 1,668,916
6,794,148
Debt disct. elc exp_ 1,231,832 1,775,989 Reserves
34,725 Surplus
339,782
5,380,118
Deferred charges
58,778.681 59.758,630
Total
-v.117, p. 210.




Total

894,603

Eastern Car Co., Ltd.-Tenders.-

The Eastern Trust Co., trustee, Halifax, N.
Canada, will until
Sept. 1 receive bids for the sale to it of 1st Mtge. 6%
S., gold bonds of 1912,
to an amount sufficient to absorb $16.180, now in the sinking fund.-V.
112, p. 1403.

Eastern Massachusetts Electric Co.-To Issue Bonds.

The Mass. Dept. of Public Utilities has authorized the company to Issue
at par and interest $75,000 of 6% 1st Mtge. bonds, maturing July!1933.
The proceeds will apply to the cost of permanent additions to property, &C.
-V. 116. p. 2262.

Eastern Steamship Lines, Inc.-Earnings.-

Results for Month and Six Months ending June 30.
1923-6 Mos.-1922.
1923-June-1922.
1922.
Total operating revenue
8721,091 $641.650 82,841.850 82,226,845
8
Total income
196,833
233,818
190,466
189,569
19,805.900 Total deductions
146,760
201,356
23,274
33,688
28,353,000
1,240.719
Balance, surplus
$50,073
$32,462
$155,880 $167,191
1,093,002 -V. 116, p. 2999.
1111
5,899,619
Eaton Axle & Spring Co.-Acquisition.-11
• .1.1
3,366,389
acquiredirthe
President J. 0. Eaton announces that the company has
58,778,681 59,758,630 inventory, machinery, patents and good-will of the Cox Bros. Mfg. Co.,
Inc. The Cox company manufactures automobile bumpers at Cleveland.

THE CHRONICLE

558

0., and Albany, N. Y., and has service stations at New York and Chicago.
Additional service stations are planned for Philadelphia, Boston, Albany
and Cleveland -V. 117, p. 330. 211.

Electric Auto-Lite Corp.-Earnings.-

The financial statement for June 30 1923 shows a surplus of $2,493,246.
from which is deducted Pref. dividends of $499,975, leaving a final surplus
of $1-993,271, as ner balance sheet.
Consolidated Balance Sheet.
rne 30 '23. Dec.31'22.
Assets•
J'ne 30'23. Dec.31'22. LiabilitiesCapitalstock (250,Land,
bides.,
mach., Ac____x$2,422,085 $2,457,223 000 shs. no Dar)42,618,894 $2,223,894
51,517 1st Mtge.7)4s _ _ _ _ 1,669,000 1,998,000
Invest'ts,at cost__
467,570
165,062 Accts. payable_ __ 659,150
Inv.in Mill.cos__ _ 280,000
57,881
83,4661
2,158,227 2,258,345 Accrued Day rolls_
Inventories
93,4621
11,353 Accrued taxes, etc_
Notes receivable_ _11,981,409f
82,832
Prov.
for
Fed.
tax_
1 440,840
Accts. rec., less sett(
70,952
46,942
181,089
175,666 Reserves
Cash
680,151
1,993,271
Surplus
Marketable secur's 127.517
21,271
13,857
Deferred charges
$7,164,185 $5,581,278
Total
Total
$7,164,185 $5,581,278
x After deducting $751,294 reserve for depreciation -V. 116, P. 2999.
2642.

(The) Fair (Department Store), Chicago.-Sale.See Schulte Retail Stores Corp. below.-V.116. p. 182.
53 Park Place Corp.-Bond Issue.The Metropolitan Trust Co. has been appointed trustee of an issue of
$550.000 7% Sinking Fund Mortgage gold bonds. due 1933.

Fleischmann Co.-Earnings.-

The company reports sales of $9,984,744 for the quarter ended June
30 1923, and surplus after dividends of 5350,771.-V. 116, p. 2394.

Ford Motor Co. of Canada.-Output.

The output in the fiscal year ended July 31 1923 was 70,328 units, of
which 39,923 were for domestic use and 30.405 exported compared with
32.888 for domestic use and 12,112 for export the previous year.-V. 116,
p. 2642.

Franklin (Pa.) Manufacturing Co.-Suit.-

• General Charles Miller has lost his suit against the directors and trustees
of the company to restrain them from foreclosing a mortgage of the plant.
whose capitalization is 51,500.000. He had petitioned for the appointment
of a receiver, and that he be named to that position. This the Court also
refused. General Miller owns $550,000 stock in the concern, whose plant
is operating on part time. (Phila. News Bureau.)-V.109, p. 480.

Frost-Johnson Lumber Co., Shreveport, La.-Guar.
See Union Power Co. below.

(Robert) Gair Co.-Earnings.PeriodNet profits
Depreciation
Bond interest
Federal taxes, &c
Preferred dividends_

Calendar Years
6 Mos.
1920.
1921.
1923.
1922.
$788,991loss1,577,207 $3,150,585
$1..200.498
1,060,956
871,028
284,355
269,498
138,250
277,151
131,606
134.078
41,397 not shown
399,525
536,378

Balance, surplus
$736,498
$242,341 df$3,118,691 $1,558,498
A statement issued by the bankers interested in the company says:
"The improvement in earning power which was so significantly demonstrated in the operations of the company in its fiscal year to Dec. 311922.
has continued at a sharply increased pace so far during 1923. Interest
requirements of $138,250 on the 1st Mtge. bonds during the six months
just ended were earned 6 times.
The strong earnings of the past six months quite naturally resulted in
a further substantial addition to an already satisfactory working capital
position. As of Dec. 31 1922, net quick assets amounted to $3.346.919
and had increased during the six months by $504,160 to a June 30 total
of 33,851,079. The ratio of current assets to current liabilities as of
Dec. 31 was approximately 4 to 1 and on June 30 last had increased still
further to better than 5 to 1. The corporation continues entirely free
from any bank loans.
The volume of business has been most satisfactory and it is understood
has been running at an annual rate of approximately $18,000.000.V. 116. p. 1766.

General Electric Co., Schenectady, N. Y.-Additional

[VoL. 117.

This institution confines its activities exclusively to lending temporary
credit assistance to dealers in General Motors products here and abroad
to carry theist over the peaks of their stocking seasons, and also provides
through the dealers a retail time purchase plan for the benefit of approved
purchasers of General Motors products in the U. S., Canada & British isles.
Additional capital, introduced in April 1923, enabled the Acceptance
Corporation to meet the increased requirements during this active period
and still keep comfortably within the limit of its resources.
Total Business Since Inception Is Classified as Follows*
Total.
Retail Plan. Wholesale Plan. ForeignDept.
53,256,192 520,880,988
1919
$9,989,019
$7.635,777
19,830,994
104,102,634
37,578,470
1920
46,693,170
3,361,881
77,457,028
34,370,140
1921
39,725,007
135,256,702
7,593,509
1922
73,608,353
54,054,840
9,508,236
124,088,629
1923(6 months)_ _ 54,221,340
60,359,053
Totals
$224,236,889 5193.998.280 543,550,812 $461,785,981
Whereas the Acceptance Corporation did over $124,000.000 of financing
of all classes in the first 6 months of 1923, outstanding receivables as of
June 30 increased but $15,000,000 over Dec. 31.
Results the 6 Months Ended June 30, 1923.
Total.
Foreign.
Wholesale.
Retail.
4t6
a8
1.,736
Outstanding Dec.31'22 58,254,357 $36,528,602 $2,685,777 $47,468,736,o
9,508,236 124.088,629
Ptuchlan.ltoJune30'23 60,359,053 54,221,340
Total
$68,613.410 $90,749,942 $12,194,013 $171,557.365
4,892,206
62,666,737
Outstanding June 30'23 7,400,700 50,373,831
Liquidated in period_561,212.710 $40,376,111 57,301.807 5108,890,628
The Acceptance Corporation reports its collection experience as best in
its
Of total domestic receivables outstanding June 30, amounting
to 557,774.530,
$58,000, or 1-10 of 1%, were 90 days or more past due.
history.
The corporation has acquired a national marketfor its short term collateral obligations, which it has sold at discount to more than 1,900 banks.
including most of the important institutions of the country and in every
State in the Union. The balance sheet as of June 30 1923 was given in
V..117, p. 445.

General Refractories Co.-Stock Offered.-Edward B.
Smith & Co. and M. F. Middleton, Jr., & Co., are offering
at $50 per share the subscribed balance of 45,000 shares
Capital stock of no par value.
Listing.-Application will ho made to list this additional 45,000 shares
on the Philadelphia Stock Exchange.
Capitalization Outstanding-First Mortgage 6s. due 1952_ ------- _ - _ ------------ _ $3,975,000
225,000 shs
Capital stock, no par value (iiresent div. rate----P• a
Data from Letter of Pres. William C.Sproul, July 27 1923.
Company.-Incorp. in Pennsylvania in 1922. Consolidation of the
General Refractories Co. of West Virginia; the Pennsylvania Fire Brick
Co.. the Hayes Run Fire Brick Co., and the Standard Refractories Co.
Refractory brick constitute the chief material of which furnaces, stacks
and retaining vessels used in the manufacture of iron and steel, and the
refining of copper are made. Principal customers constitute all the best
known steel and copper companies in the United States and Canada.
Pottery, lime, cement manufacturing and glass industries are large users
of refractory brick. Company has at the present time 15 plants, with a
capacity of 320,000,000 refractory brick per annum. Value of real estate,
buildings, equipment, mineral lands, &c., exceeds $27,500.000 according
to conservative appraisal made in 1922, including estimated value of
property acquired by present financing.
Current Earnings.-For 6 months ending June 30 1923, including only
2 months from the American Refractories Co. properties, net earnings
available for dividends after Federal taxes, amoun:.ed to 5744,922. Orders
on hand are sufficient to keep the plants of the company running at capacity
for the balance of the year.
Purpose.-The company has acquired the American plants of the American Refractories Co., which are located at Joliet, Ill.; Danville, Ill., and
Baltimore. Md. The purchase price was approximately 52,500,000_, a
large portion of which was raised by the present issue of stock. The
balance, including inventories of over 11,000,000, has been paid from
the surplus.
Condensed Balance Sheet June 30 1923 (After New Financing).
AssetsLiabilitiesCash
$823,116 Bills pay. (incl. A. R. C.
Bills & accounts rec
1.543,428
purch. notes of $793,Inventories
$2,018,890
3.085,914 890)
U. S. Lib. bonds &
248,
Accounts payable
accrued interest
3.682 Accr. accts. (incl. accr.
Loans & advances
268,409
192,246
int. on bds. $99,375)Investments
561.075 Dividend payable
Deferred accounts
80,314
0
640,221 R.for Federal taxes__ _
194
Real estate, bldgs., &c_. 15,163,947 Rental, due Forge Run
Deposit for red, of bonds
24,800
37.893
RR. Co. (subsidiary),.
3,985,000'
1st Mtge. serial 6s
r2,051,523 Canpoltaplasr)
tk.(225,000 shs. .
Total (each side)
-V. 117, p. 212.

Securities for Employees-16282000,000 Already Taken.An additional issue of $2,500.000 of bonds by the G. E. Employees
&cu.;ties Corp.. hich pay 8% so long as the original holder remains an
employee of the'company, has been announced by Pres. Gerard Swope.
The first issue of $5,000,000 of bonds was announced Feb. 8 1923 and
the demand by employees so far exceeded the amount available that this
second issue has been arranged. Any employee who has been in the
service of the General Electric Co. for six months or more and who did
not subscribe for the maximum amount when the first offering was made,
is eligible to purchase from this second issue.
The bonds are 6%. 50-Year securities. They are issued in multiples
Habirshaw Electric Cable Co.-Tentative Reorganization
15,23105
of $10 and will be registered in the name of the purchaser. They may
be paid for as the worker pleases with deduction from wages as low as Plan.
-J. G. White & Co. have made a tentative proposal
holder
$1 per week. The General- Electric Co. agrees with the original
of these bonds to pay an additional 2% per annum so long as he remains to creditors of Habirshaw Electric Cable Co. and its subin the employ of the company.
sidiaries to reorganize the company. The bankers state that
According to a recent report of the comptroller, employees of the General
Electric Co. have to date numbered to nearly $28,000,000 G. E.securities. having made a preliminary study of the physical, operating
and financial condition of the company, they desire to subTheir subscriptions have been divided as follows:
10,000 employees recently invested money in G-E stock now
mit a proposal for the readjustment of the affairs of that
$8,500,000
worth (June 1923)
corporation and to propose an underwriting on their part with
1.100 employees, in purchases on their own account, have in
worth
8,670,000
years past accumulated 51,000 more shares of stock now
respect thereto. A statement issued by the bankers says:
15.000 G-E employees have put money into the company's inThe tentative plan is based upon the following general assumptions:
5,620,000 (1) That the company has an established
vestment bonds, which are now worth
position in an essential industry
25,000 employees have subscribed to the entire issue of the
and, adequately financed, should show ability to earn substantial profits.
5,000,000 (2) That the present prosperity being enjoyed by the industry cannot be
bonds of the G-E Securities Corp. to the amount of
regarded as permanent, but offers an opportunity to place the enterprise
$27,790,000 on a permanent footing. (3)
Total
That the creditors of the company and its
Adding up the above, it shows that there ..re almost 528.000,000 worth affiliated companies have claims far in excess of the liquidation equities
of G-E securities owned or subscribed for by the employees, of which the in the enterprise at the present time, and are entitled, without being compelled to advance new money, to preserve their position as to the assets of
company has a record.-V. 117. p. 445, 330.
the enterprise to the full extent that the situation permits. (4) That the
General Gas & Electric Corp.-Earnings (Incl. Sub. stock of the stockholders of the company is represented by no equity in the
property at present, and is not reasonably entitled to continue as an interest
Cos.) Year Ended June 30 1923.
in tlae company except through the contribution of new money. (5) That
(Adjusted to give effect to aQuisition of securities by General Gas & Electric the financial structure of the reorganized company should not be expected
Fund
Sinking
Gold
Bonds.
Series
A.]
to carry a mortgage load in excess of the forced sale value of tho property.
Corp. and Issuance of 7%
$15,089,200 (6) That the present working capital should not be impaired as the basis of
Operating revenue
future banking and commercial credit by the inclusion in the plan of
Operating exp. Ss taxes. 58,086,746; maint. & dorm., $2,680,11.166.030 any form of funded debt other than minimum amount of mortgage bonds.
366; rentals, $398,318
clearly covered by property values. (7) That the lifting of the receivership
Operating income-------------------------------------- 53.923,170 at this time is desirable in order that the company may take advantage
$295.953
the opportunities afforded by the recent reversal of conditions in the inOther income-------------------------------------------dustry. (8) That the future success of the company depends largely upon
establishment of an efficient, independent management, capable of
the
$4,219,123
--------------------------Total income
developing its business along sound financial and industrial lines and of
Deductions from income Ofsub. cos., incl.---- on iutelea- aebi
2,716,569 maintaining the good-will and satisfaction of its clientele.
and dividends on stocks held by public
Should what seems to be a sufficient proportion of all parties at interest
Expenses and taxes of Gen. Gas. & Elec. Corp. and General
40,492 concur in our belief that the above conclusions are actually matters of fact,
Finance Corp
354,626 and agree in substance to the following plan, with such modifications as we
Interest on funde:d-aelii cdo-en.-------------------may approve, we are prepared, subject to satisfactory confirmation of the
$1,107,436 facts upon which this plan is based, to underwrite what new money is necesBalance. surplus
Note.-Earnings of properties acquired by Metropolitan Edison Co. In sary and to undertake to put this plan as a whole into effect.
In carrying out this plan we will act as reorganization managers, under
1922 and 1923 are included in all sections of the above statement.-V.117.
the direction of a committee to be organized from representatives of the
p. 93.
banking creditors, merchandise creditors, bondholders and members of our
to guarantee
General Motors Acceptance Corp.-Results for First Six organization, and we will also form an underwriting syndicate
the new company whatever money is required by the terms of the proMonths of 1923.-The statement as of June 30 1923 reflects to
by us.
determined
be
plan.
The
will
posed
constitution of this syndicate

a considerable increase in the volume of business transacted
in the first half of the year, which period represented the
greatest automobile market the industry has ever known.




Digest of Proposed Tentative Reorganization Plan.
New Company.-A new company or companies will be formed and will
acquire all the assets of the present company and its subsidiaries, free and

AT7G. 41923.1

THE CHRONICLE

559

Hudson Motor Car Co.-Shipments.
clear of all liens and encumbrances, with the exception of current liabilities
of the receivership operations and possibly the existing claims of U.S. Govt.
The company in July last shipped 4,600 Hudson and 5.000 Essex cars, a
New Securities.-'rho new company will have an authorized capital total 019.600. Production schedule for August,it is stated,calls for 10,000
structure as follows:
cars. Compare V. 117, p. 94.
(1) $1,000,000 1st Mtge. 20-year 8% S. F. gold bonds. Should it appear
Illinois Bell Telephone Co.-New Plants.that the situation requires and the value of the physical properties justifies
to
exceed
may
not
$500,000
the issue of a larger amount, additional bonds
The company has appropriated $424,491 for a new plant in Chicago and
be authorized and the mortgage will be closed at the amount finally deter- $158,075 for one outside of Chicago, making total appropriated thus far
mined upon. The bonds will be dated Oct. 1 1923. due Oct. 1 1943. Int. in 1923 $9,220,301.-V. 116, p. 2772.
payable A.& 0. Callable at 110 and int, on any int, date, all or put, on
Independent Sugar Co.
30 days' notice. Sinking fund for this issue in amount equal to not less than
and Pref. stock divs.
20% of the net surplus earnings after interest charges,
At receivers' sale on July 26 no bids were recei