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The
allinurcatim
Bank & Quotation Section
Railway Earnings Section
VOL. 117.
fitiantiat
rontrie
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, DECEMBER 1 1923
.
v
Electric Railway Sectio,:c
State and City Sectir
NO. 3049
city and in violation of every principle of equity and
justice. On the other side stands a judge who, as
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controve
the
on this page now appear in a subsequent part the real merits of
one should be
every
almost
of the paper. They will be found to-day on pages without investigation
the judge
that
on
conclusi
the
to
prepared to jump
2403 and 2404.
the
official
g
offendin
the
and
wrong
the
must be in
Is
power?
of
abuse
and
on
oppressi
judicial
victim of
The Financial Situation.
y
judiciar
the
that
fact
the
to
due
attitude
The case of Comptroller Charles L. Craig of this not this
radof
group
a
by
assault
of
object
the
been
city, who over two years ago was sentenced to 60 days has long
subin jail by Judge Julius M. Mayer of the Federal ical agitators, in and out of Congress, who would
oft
es,
utteranc
their
that
and
tion,
Constitu
the
Court in this district for contempt, and who having vert
powjudicial
of
use
the
of
ation
condemn
in
,
repeated
failed in his effort to have the sentence set aside on
acts, has
appeal to the United States Supreme Court, is now ers in determining the validity of legislative
almost
faced with the prospect of having to serve the desig- had the intended effect of making us believe,
they
what
nated term of imprisonment, has the last two weeks against ourselves, that there is ground for
the
alleged,
as
attracted attention beyond its deserts and to the ex- say, and that the judiciary really is,
in
d
exercise
clusion of much more important matters. By rea- embodiment of arbitrary power, often
does
hand,
other
son of the unusual nature of the case and the fact most oppressive fashion? On the
group of noisy
that the liberty of an elected official occupying a not the haste with which this same
their old
proclaim
to
high position in the city Government is at stake, agitators has rushed forward
theory
the
on
ng
proceedi
in
popular feelings have been deeply aroused, and the nostrum,suggest caution
abused
have
must
course
of
public mind, it would seem, has become confused as that the judge as a matter
his powers and the discretion that rests ever with a
to the real issues involved.
section of
The matter is being presented in very specious judge? These agitators, aided by a small
to the
pander
to
business
a
it
makes
which
enlist
the sympathy of the press
form and in such a way as to
now
just
are
masses,
ignorant
the
of
s
of
instinct
end
the
lowest
land to the
the whole populace from one
a
that
urging
cries
their
by
ring
welkin
the
danger
making
grave
that
unless we
other. There is hence
punto
carefully take our bearings and observe whither we curb be put on the power of judges, not only
of
are drifting we may all be swept off our feet by the ish for contempt, but in determining the validity
are
who
and
popular tide and become inclined to lend our sup- statutes and in various other ways,
spreading
port to measures and methods which instead of be- availing of the occasion for insidiously
instead
elective
ing calculated to safeguard free institutions will their doctrines that judges should be
them
make
to
as
so
actually serve to threaten their integrity. Observe of holding office by appointment,
subject
be
should
and
the
will,
public
what is the picture that is being held up to our view. responsive to
of the electorate. Is it not plain
will
the
at
recall
to
in
ly
public
official,
high
a
apparent
side
one
the
On
n
that we should not take for
a
situatio
fearless discharge of his duties, criticising the acts of in such
to be proved and that we
remains
what
a judge who had been, as it seemed to this official, granted
for punishing for cona
judge
condemn
not
should
the
the
of
s
d
interest of
proceeding in utter disregar
The Thronicle.
2356
THE CHRONICLE
[Vol.. 117.
tempt unless it is made unmistakably appa
rent that desirous of getting the views of the City
officials in
he has really abused his discretion?
matters concerning the operation of the lines. As
It is unfortunate that the United States
Supreme one instance of the kind we recall that when
a strike
Court found it impossible to pass on the merit
s of was threatened a representative of the City (May
or
the case, but had to dismiss the appeal on a techn
ical- Hylan himself, if we are not mistaken) was prese
nt
ity. That is all the more reason, however,
why the in the negotiations with the men whic
h served to
merits should be established in some other way
for avert the tie-up of the lines.
the enlightenment and benefit of the public.
For
Whether the Comptroller should now actually be
ourselves, we have no hesitation in saying that,
con- obliged to serve the prescribed term in jail remai
ns'
trary to the general view, we are not convinced
that for President Coolidge to decide. Matters of polic
y
the Comptroller has been free from offense for whic
h and expediency may well be allowed to play a part in
he merited punishment, and we cannot get ourse
lves determining the President's action in the premises.
to believe that Judge Mayer went beyond proper limThe Comptroller certainly should not be given an opits in taking notice of the offense and visiting
con- portunity to make political capital out of his
offenddemnation upon it. We have kept in fairly
close ing, though he has already, it is to be feared, gaine
d
touch with the Brooklyn Rapid Transit receiversh
ip much advantage in that way. It would
not be a bad
proceedings out of which the case has arisen,
and we. idea for the President to ask the Bar Assoc
iation by
cannot see that freedom of criticism was at all
in- a committee of its members to make an inves
tigation
volved in the acts of the Comptroller. As
a news- into all phases of the case, but if that
is not deemed
paper, we naturally believe in the freest
and fullest wise or expedient, Judge Mayer
might ask for such
exercise of the right to criticise, within
proper an investigation for his own vindicatio
n and honor.
bounds, and we do not think that judges
and their
acts should be exempt from such criticism.
But in
Notwithstanding all of its other difficult problems,
our opinion the Comptroller's acts cann
ot by any the German Government has been
chiefly concerned
fair use of the word be termed criticism.
It was a over the fact that it was without
a Cabinet for a
bitter and vicious attack upon the receiversh
ip, and week and over the selection of a
man who could sucJudge Mayer's conduct of it. The City Admin
istra- ceed in forming one. President Eber
t asked Herr
tion, with which the Comptroller was in full
accord, von Kardorff, of the German Peopl
e's Party, Dr.
was at the time engaged in a campaign again
st the Hertz, Nationalist leader, Dr. Heinrich F.
Albert,
city transit companies, and by reason of the
preju- Minister of Reconstruction in the Cuno Cabin
et,
and
dice thereby excited recourse to the protection
of a Adam Stegerwald, Centrist leader and form
er PreFederal Court offered the surest certainty of
fair mier of Prussia, to undertake the task. They eithe
r
and equitable treatment by a concern in finan
cial declined the invitation promptly or soon gave up
afdifficulties.
ter realizing the strong opposition with which
they
It was at this juncture that the City Admin
istra- were confronted. Finally, on Thursday, Dr.
Wiltion, aided and abetted by the Comptroller, launc
hed helm Marx, Clerical leader, succeeded in getting a
its campaign against the city transit compa
nies. Its sort of coalition Cabinet together. Whether the
repobject was the maintenance of a five-cen
t fare in the resentatives of the various and rather strongly
oppossubways and on the elevated roads. The camp
aign ing political parties would work together for
any
was of the usual type. Charging
that the "interests," length of time seemed to be doubt
ed in Berlin, acmeaning the big financial powers,
wanted to abolish cording to cable dispatches from that
centre yesterthe five-cent fare, it was insidiousl
y made to appear day. The campaign preceding
the general election
that the Federal Courts were
somehow subservient in Great Britain has gone forw
ard with steadily into these "interests." It was
then the Comptroller creasing intensity.
wrote his letter to Lewis Nixon,
then Public Service Commissioner, which got
him into trouble. It
Following the fall of the Cabinet of which Chan
was not simple criticism in whic
h Mr. Craig in- cellor Stresemann was the
head, and which was andulged. It contained statements
and charges which nounced on Nov. 23, President
Ebert of Germany
Judge Mayer in his order punis
hing for contempt experienced not a little difficulty
in finding a man
characterized as without foundation
, and which who was willing to undertake the formation
of a new
everyone cognizant of the receiversh
ip proceedings Ministry. Although the names of several men
whom
knew to be so, and it was for these state
ments that he could ask to assume this difficult task were
menhe was called to account. He was
given a chance to tioned, Herr von Kardorff was the first
to
whom
a
recant, but refused, though he was unabl
e to substan- definite invitation was extended. He is a
member
tiate any of his charges. Judge Maye
r acted with of the German People's Party, to which form
er Chanthe utmost deliberation. The Nixo
n letter was writ- cellor Stresemann and Hugo Stinnes
also belong.
ten Oct. 6 1919, sentence not impo
sed until Feb. 24 According to a Washington dispatch to
"The Sun and
1921, and the case has been pending
ever since.
The Globe," Herr Kardorff was a memb
er of the
There is nothing in the argument
that the offense Monarchistic group in Germany up to
three years
was not committed in the prese
nce of the Court. ago, when he separated from it and joine
d the German
The City Administration had taken
pains to thrust People's Party." It was added that "at
the German
itself upon the attention of the Court
, and construc- Embassy, von Kardorff was descr
ibed as a 'very
tively the Comptroller was before
the Court all the sound and a very clever man.'"
time. Moreover, the offense was great
ly aggravated
The invitation was said to have been exten
ded a
by the fact that the Comptroller's statements
, which week ago. Apparently he decided the
same
day
not
were clearly derogatory to the dignity of the
Court, to accept. In a cablegram sent out that eveni
ng
the
found wide circulation in the daily newspapers.
Nor Berlin correspondent of the New York "Times"
said
is there any foundation for the charge that Judg in
part: "After Herr von Kardorff of the Germ
e
an
Mayer was not sufficiently considerate of the inter Peopl
e's Party declined to undertake the task of
ests of the City. On the contrary, he seemed alwa
ys forming a new Cabinet to take the place of the
DEc.11923.]
THE CHRONICLE
2357
and President Ebert is hoping that offers of loans
from abroad will be continued and that an agreement can immediately be signed. Toward France,
Dr. Albert's attitude will be that of Herr Stresemann—an agreement, if that is possible, without
recognizing the legality of the Ruhr occupation or
jeopardizing the interests of the other Allies. Toward Bavaria he will probably adopt the attitude of
conciliation in an effort to strengthen Premier von
Knilling's position and make further Monarchist
disturbances from that quarter ineffective." Dr.
Albert, however, did not meet with any greater degree of success than the others, according to Berlin
cable advices made public here Tuesday morning. In
a wireless dispatch filed the evening before, the representative of the New York "Times" asserted that
CabApparently Dr. Hertz did not get very far, inas- "all efforts of Dr. Albert to form a new Federal
strongest
His
far.
so
much as the cable dispatches filed in Berlin Sunday inet have remained fruitless
in
evening made it known that Dr. Heinrich F. Albert antagonists are to be sought at the extreme Right
t
Nationalis
and
German
Party
had been asked and urged by President Ebert to take the German People's
the
parties,
middle
two
the
while
Party,
the Chancellorship and that he had accepted. In a People's
a comspecial dispatch last Friday evening the Berlin cor- Centrists and Democrats, appear to desire
Reichthe
of
n
dissolutio
make
would
that
respondent of the New York "Herald" had said that promise
Al"Dr.
that
though,
He
added,
y."
unnecessar
"Dr. Heinrich Albert, Minister of Reconstruction in stag
Sothe
to
acceptable
more
became
candidacy
the Cuno Cabinet, and well known in the United bert's
abolish martial
States for his pre-war propaganda activities there, cialists this afternoon by an offer to
by General
held
now
powers
the
place
to
and
law
is mentioned as having been approached by PresiCommisHigh
civil
a
of
hands
the
in
Seeckt
von
dent Ebert to head a Government selected regardless
unpopular
him
made
of party lines." He further observed that "in this sioner. But this prospect has
and the German People's
combination Dr. Stresemann might be offered the with the Nationalists
send their members
Foreign Affairs portfolio. Whatever happens it Party. These parties cannot
d to widen
predestine
seemes
seems certain that General von Seeckt will continue into any Cabinet that
to come
later
or
sooner
and
Bavaria,
to exercise the power of supreme military dictator." the breach with
`Lokal-Anthe
as
Marxists,
of
influence
Through Berlin cable advices it became known that, within the
York "Herald" correfollowing a personal interview, the President sent zeiger' puts it." The New
situation in part as
the
described
Berlin
in
Dr. Albert a letter in which he said: "It having be- spondent
control of the
whose
ts,
Nationalis
"The
come obviously impossible at this time to form a Gov- follows:
are willbreak,
to
trying
is
Ebert
President
situation
ernment on the basis of a Parliamentary majority, I
Streseancellor
ex-Ch
Jarres,
Dr.
let
to
however,
ing,
must ask you to override the scruples and hesitaorganize
to
attempt
Interior,
the
of
Minister
mann's
tions which you previously expressed to me and to
form a Cabinet of tried and true men animated by a Cabinet. This initiative has been taken by a copatriotism, as this emergency imperatively demands ordination of all the reactionary elements, comprisParliamentary constitutional Government to come ing in addition to the Monarchistic group the Peointo being at the earliest posssible moment." The ple's Party, the Clericals and the Bavarian People's
withNew York "Times" correspondent added that "Dr. Party, who all regard Dr. Albert as an outsider
his
defeat
to
d
determine
are
Albert thereupon called on the President and prom- out party affiliation and
Ebert,
"President
that
stated
ised to do his best." Commenting upon Dr. Albert's efforts." He further
bourgeois bloc this
political status and the probability of his succeeding, however, defied this self-styled
their Parliamenwith
confer
to
,refused
and
the "Times" representative said: "The probable evening
he had given
that
grounds
the
on
tives
representa
make-up of the new Cabinet is not yet known, but it tary
comCabinet
a
that
him
telling
Albert
Dr.
to
letter
will
succeed in getting a
is thought that Dr. Albert
obtainlonger
enough acceptances to complete it. His chances are posed of a Reichstag coalition was no
"Dr. Jarres,
that
said
he
Jarres,
Dr.
to
As
able."
that
fact
he
bears no obconsidered good from the
by the
expelled
was
trusive partisan political sealmark. He is ranked who as Mayor of Duisburg
the
People's
of
support
as anywhere from Democrat to Left Wing of Ger- French, appears to have the
man People's Party without being definitely commit- and possibly the Catholic Centre Parties, as well as
all
ted to any faction." Going still further into the situ- the Nationalists. The leaders of the Reichstag,
solidly
are
the
Socialists,
and
ation as he understood it, the "Times" representa- save the Democrats
tive said: "It is understood that in the event that anti-Albert, owing to the alleged lack of sentiment
Chancellor Albert on his debut in the Reichstag fails in his favor throughout the country."
to find a majority for his Cabinet, President Ebert
It became known here definitely Tuesday, through
will give him a formal mandate to dissolve the Reichcable dispatches, that Dr. Albert had "abanBerlin
stag and hold new elections, thus definitely forcing
effort and returned his mandate to the
the
doned
is
anxious that at
a showdown. President Ebert
find sufficient
least an appearance of constitutional Government President because of his inability to
under his Chancelshall be kept up, cloaking the military dictatorship Reichstag support for a Cabinet
lorship." It was stated that "President Ebert thereof General von Seeckt."
the bourAccording to the information of the Chicago "Trib- upon began negotiating with the leaders of
bloc,
five-party
a
une" correspondent, "Dr. Albert is pledged to follow geois parties for the formation of
Press
Associated
The
Herr Stresemann's plans for financial restoration uninclusive of the Socialists."
Stresemann Ministry, President Ebert this afternoon called Dr. Hertz, the Nationalist leader. It is
reported to-night that Dr. Hertz has expressed his
willingness to attempt the task." He added that
"Herr von Kardorff had first been urged by the
President to accept the Chancellorship and showed
no personal reluctance, but at a caucus of the German People's Party a majority voted that no member
of the organization should take Dr. Stresemann's
place." Continuing, he said: "Whether Dr. Hertz
will be successful is a question. Behind scenes there
is talk of Dr. Jarres, former Burgomaster of Duisburg, as the ultimate compromise candidate, but only
to hold the Chancellorship as a screen to mask the
military dictatorship of General von Seeckt."
2358
THE CHRONICLE
[VoL. 117.
correspondent in the German capital added that
"up for reparations deliveries and back taxes, brief
mento early this afternoon none of the parties had protion of which was made in last week's issue of the
posed a candidate for the Chancellorship." Com"Chronicle." According to a special Duesseldorf
menting upon Dr. Albert's failure, the correspond
ent dispatch from the New York "Times" correspond
ent,
said: "The political turmoil from which Dr. Strese
- "Herr Vogler of the Deutsch-Luxemberg coal
mines
mann stepped proved a too burdensome legacy to
the signed an agreement with the French this eveni
ng
new Chancellor designate, Dr. Heinrich F. Alber
t. [Nov. 23] on behalf of Hugo Stinnes, Thyss
en,
On every hand Dr. Albert's attempts to organize
a Reusch of the Gutehoffnung Huette, Hubert of the
non-political Government were being thwarted by
the Bochumer Verein, Fickler of Harpener and himself."
party leaders, who looked upon him as an intrud
er." He asserted that "the agreement, of which the prinIt was also asserted in a special Berlin dispa
tch to cipal points are given below, gives the Frenc
h full
the New York "Times" the next morning that "Dr.
power of control over the Ruhr output and ensures
Albert, it is understood, was blocked by a flood
of reparations deliveries in kind." His messa conge
cablegrams of protest against his assumption
of the tained the following additional informatio
n of speChancellorship emanating from America and which
cial importance: "To-day's signature represents
poured in not only on President Ebert and into
the 80% of the whole Ruhr. The remaining 20%,
with
Wilhelmstrasse Foreign Office, but also
were re- the exception of a few small and unimp
ortant priceived by citizens of importance."
vate owned mines, already are included under the
Through the same message it was learned here
that agreements with the Brupps and Phoen
ix works.
"President Ebert to-night [Nov. 27] forma
lly asked Those few private mines will follo
w in a few days, so
Adam Stegerwald, the Centrist leader and
former that it may be said that the whole
Ruhr has come to
Premier of Prussia, to undertake the task,
and re- an agreement with the French."
He said also that
ceived his acceptance." It seems that Herr Steger
- the main points in the agreement are
as follows:
wald was born in 1874. He is "Chairman
of the
1. The mines represented by the German delegates
Executive Board of Christian Trade Unions and
will
was
Prussian Premier in 1920. He is attached to the pay as the tax due for the period of Jan. 1 to Nov. 1 the sum
of $15,000,000, or 279,000,000 French francs at to-day'
s rate
Right Wing of the Clerical Party, which sharply
op- of exchange.
posed Chancellor Wirth when he was in office.
2. In future they will pay a tax of 10 francs
per ton on
Stegerwald for many years has been actively identi- coal sold.
3. They will deliver free to the Powers of the Entent
fied with the organization of Christian trade unions
e,
in various European countries and is the author of 18% of their net production.
4. Stocks accumulated in the Ruhr on Oct. 1 becomes the
numerous works on the labor movement and eco- property of the Allied authori
ties.
nomic subjects." The very next day after he was
5. The system of export licenses remains in force. Accuasked to accept the Chancellorship Herr Stegerwald mulated stocks of steel and iron products can be released
notified President Ebert that he was unabl to ac- only against payment of taxes due and can be exported only
e
In quantities equivalent to the average exports of 1922.
cept.
6. Deliveries of by-products, sulphate of ammonia, benOn Thursday, at length, after a lapse of practically zol, tar, creosot
e, etc., will be subject to a special agreement.
a week, a Cabinet was formed. The
The agreement is for a period of six months,
feat was accomuntil April
plished by Dr: Wilhelm Marx,"the Cleric leader
." 15 1924.
al
In a cable dispatch yesterday morni
According to the "Times" representative, "an
ng the Berlin
ancorrespondent of the Associated Press
nex
of 47 pages to the agreement contains technical
said: "The
seven-day Parliamentary crisis termi
nated to-night details such as the quality of coal to be delivered, dein a three-party compromise, by
virtue of which a tails of export, transportation by rail and water,
minority coalition, comprising membe
rs of the Cler- etc."
ical, the German People's and the Democratic
parties will succeed the deposed Stresemann Gover
As might have been expected, the foreign cable adnment, which was constituted of the same compo
nent vices said that a controversy was almost certain to
parts. Dr. Wilhelm Marx, the Clerical leader will arise over the
,
division of whatever might be obtained
lead the new Cabinet as Chancellor, while
the other from Gerniany. The London correspondent of the
portfolios will be held by men who were in the last New York "Time
s" cabled that"the success of France
Government. As at present constituted, the Gover
n- in her negotiations with Stinnes at Duesseldorf bids
ment will be: Chancellor, Dr. Wilhelm Marx; Min- fair to open a new
and difficult stage of the reparaister of the Interior, Dr. Jarres; Minister of De- tions negotiations
in which the United States may
fense, Dr. Otto Gessler; Minister of Food, Dr. Hans find itself involv
ed." He added that "France and
Luther; Minister of Posts, Dr. Anton Hoefle; Min- Belgium propo
sed to reimburse themselves for the
ister without Portfolio, Rudolph Oeser
. Dr. Strese- costs of the occupation of the Ruhr out of
moneys
mann is reported to have accepted the
post of For- which the Germans will pay under the new
agreeeign Minister." He observed also that,
"aside from ment, but under the Treaty of Versailles all
paybeing a pronounced minority Cabinet, the prese
nt ments by Germany must be paid to the Reparation
s
revamped coalition is anything but a firml co-ord
i- Commission and distributed by it to the Allies. The
y
nated three-party bloc within its own ranks. And
it proportion to be granted to each of these has been setalso will be called upon to assimilate much of the tled by the
protocol drawn up at the Spa conference
animosity and partisan acerbities which it inherits in 1922,
under which France is to receive 52% and
from the seven-day crisis, both with respect to the an- Britain 22%.
" Continuing, he said: "It is evident
tagonism awaiting it from the German Nationalists, that if
France and Belgium now expect to be the
as well as the yet wholly problematical attitude of only benefi
ciaries under the Duesseldorf agreement,
the United Socialists."
this treaty arrangement will not stand. In the first
place costs of the Ruhr occupation do not come under
It is possible now to give further details of the the Treat
y at all and as Great Britain has declared
agreement signed on Nov. 23 by Ruhr mine owners her belief
that the French advance was illegal it does
DEC.1 1923.]
THE CHRONICLE
2359
The following day the same correspondent, in another message, said that "it is believed here that Prein
mier Poincare has distinctly the better position
and
France
n
betwee
debate
the highly important
toEngland which is expected to follow the filing
the
of
sion
Commis
tions
Repara
morrow with the
for
agreements made with the German Industrialists
e
provid
s
accord
These
Ruhr.
the
of
exploitation
stipuies
that the value of the coal and coke deliver
tions
lated in the agreements shall go to the Repara
the
of
al
approv
Commission and that, subject to the
shall
taxes
special
Commission,the receipts from the
He
go first to defray the cost of Ruhr occupation."
e
attitud
their
ining
further asserted that "if, mainta
reBritish
the
illegal,
that occupation of the Ruhr is
that
fuse to approve the agreements resulting from
this
hope
cannot
they
occupation, it is argued that
the
from
aw
withdr
will
re
will mean that M. Poinca
poa
from
both
is,
what
Ruhr, and therefore will do
to
eful
distast
view,
of
point
ic
litical and econom
in
hand
free
a
with
French
the
Dispatches from Paris and Brussels have indi- them, namely leave
share
to
refuse
s
perhap
rmore,
furthe
and,
cated that military control by the Allies might be the Ruhr,
only revenues from Germany in prosthe
are
what
near
the
in
d
reduce
lly
materia
least
at
ended, or
to come." The New York "Tribfuture. It became known in Paris that the British pect for some time
in Paris added that "a move to
had sent General Bingham to investigate the situa- une" representative
e on the Reparations Comtion in the Ruhr. The General was quoted by the bring the British delegat
Bradbury—into agreement with
Paris "Matin" "as saying the time has come to dis- mission—Sir John
s to the virtual recogniband the commission on control and turn over the his confreres, which amount
an occupation of the Ruhr as
military supervision of Germany to the League of tion of the Franco-Belgi
from the Foreign Office to-day
Nations. The 'Matin' concludes that after all what legal, was launched
duty of the Commission, beginthe British sought was to end military control of [Nov. 26]. It is the
discuss the question of Germany's
Germany. The French Nationalists conclude that ning Friday, to
there is a possibility that a speEngland follows such a program in order to enable capacity to pay, and
experts will be assigned to reach
Germany to rebuild at least enough military strength cial committee of
this point." According to
to question French hegemony on the Continent." an impartial verdict on
hes yesterday afternoon "the
According to an Associated Press dispatch from London cable dispatc
unanimously decided to
to
-day
sion
Brussels, the Belgian Government, it is learned in Allied Commis
to study Germany's cas
of
expert
official quarters, soon will raise in friendly conver- name a committee
l lines of Premier Poingenera
the
along
sations with France the question of partial with- pacity to pay
that"two bodies will
added
It
was
l."
proposa
drawal of the forces in the Ruhr. Now that active car'es
of which are to
duties
ive
the
respect
uted,
constit
and passive resistance is considered ended the Bel- be
proceedings were
gians hope to bring back 5,000 of their men from the be defined later. The Commission's
t harmony and cordialRuhr by Christmas." It was added that "the ques- characterized by the greates
representative,further
tion will be discussed with the Paris Government as ity." The Associated Press
e,
stated that "Sir John Bradbury,the British delegat
soon as the Ruhr situation is stabilized."
back
came
commenting upon the result, said:
London with an olive branch in my hand.' All
from
To the average observer, on this side of the Atlanemanating from official circles confirms
tice at least, political conditions in Europe have information
sion gained from London dispatches that
seemed more chaotic than ever. Judging from Paris the impres
cy of the British Government is towards
cable dispatches, the French are of the opinion that the tenden
Going still further, he said that "the
a change for the better has taken place. The repre- conciliation."
is that, if the committee does prohere
tion
sentative at that centre of the New York "Times" supposi
ctory
evidence of its usefulness, Secresatisfa
cabled under date of Nov. 25,"the vote of confidence duce
it possible to send an Amerimay
find
Hughes
in the Chamber of Deputies, the signature of the tary
e."
delegat
Franco-German accord in the Ruhr and the fall of can
According to a London dispatch to the Associated
Stresemann have produced what the French press
"various problems growing out of the recently
Press,
describes as 'a notable change in the European situaldorf agreement, insofar as it aftion.' It is a change which in French opinion must concluded Duesse
British interests, were considered to-day [Tuesnecessitate a clear and open debate between London fects
special conference of Foreign Office, Treasand Paris for a settlement which will be of the very day] at a
legal experts, at which Sir John Bradbury,
gravest importance." He further asserted that "one ury, and
delegate on the Reparations Commission,
of the first international obligations of the British British
present." It was added that "the principal disCabinet after the election will be the difficult one of was
related to the French and Belgian Governsettling on the attitude toward Franco-Belgian con- cussion
ls to deduct the cost of their separate
proposa
tracts with the Ruhr industrialists, Premier Poin- ments'
Ruhr from the payments they exthe
of
tion
occupa
care had a long interview to-day with Louis Barthou,
the agreement signed with the
under
receive
to
pect
President and French delegate on the Reparations
at Duesseldorf. It is held
ialists
industr
n
Germa
Commission, at which it is understood the probable
part of France and Belgium
on
the
move
any
that
here
attitude and legal position of the Reparations Comtheir own account would
ts
on
paymen
such
to
retain
ed."
mission toward these agreements was discuss
use of
not appear how she can now acquiesce in the
the
In
Duesseldorf payments to meet its expenses.
this
waive
second place,even if Great Britain were to
point she still has a clear right under the Spa protocol to share not much less than one-quarter of what
Germany is now to pay." Through a Duesseldorf
dispatch, dated Nov. 27, it became known that "there
acare already indications of a resumption of Ruhr
mines,
ntin
Consta
The
ons.
conditi
tivity under new
partly Krupp controlled, resumed work to-day.
Thirty coke ovens were lighted yesterday. Fritz
Thyssen, too, is losing no time. All shafts excepting
one resume work to-morrow with 75% of former
workers, while the great Thyssen steel and iron plant
at Hamborn will again be working before the end
of this week. Like Krupp, Thyssen has compromised
on the question of longer hours of work. The men
will work two extra hours, but will receive extra pay
in return."
2360
THE CHRONICLE
[VoL. 117.
seriously prejudice the claims of the other Powe
rs to standing against him. Most of his perso
nal figllt,
reparations and occupation costs." From Paris the
however, he is leaving to his wife, and even in
the
same day came a special dispatch to "The Sun
and last week he will make several big speec
hes in LonThe Globe," stating that "the spectre of the complete
don on the eve,of the polling. The trip will impos
e
reopening of the Franco-British controversy looms
as great a strain on his physical resources as his jourup with the sudden postponement of the Reparation
s neying through Canada and the United State
s, for
Commission session to-day. The reasons given out,
his managers are not content with scheduling
him
such as Sir John Bradbury's detention in Lond
on for big meetings in important towns. In
confe
ssed
seeking Government instructions and the plea that
imitation of American methods, they are arranging
the German documents submitted at the last meetfor crowds at the big stations and short speec
hes
ing are not yet translated, deceive nobody. It
is from the train windows. They will have the
Liberal
taken for granted that England cannot possibly see
clubs of each district out to cheer Mr. Lloyd Georg
e
eye to eye with France on the division of Ruhr profas he passes, and all the regular electioneering
propits and back taxes and it is feared therefore that
all erties of banners, bands and bunting.
Miss Megan
last week's tension will have to be lived over."
Lloyd George is accompanying him and he is likely
to need all her care if he is to get through the
strenuBelgium's determination to get from ,Germany
ous program mapped out for him." Commenti
ng
what she believes to be her due was clearly demon
- upon his first day out of London the
London corre-strated in a Brussels dispatch last Monday.
It spondent of the New York "Herald"
stated that
stated that "the Belgian Government to-day seized
"Lloyd George received an amazing reception
at
German rolling stock at Duisburg and Hamb
orn in Glasgow to-night [Nov. 23].
His trip north to-day
view of Germany's failure to reply to Belgium's
ulti- gave him an opportunity for plent
y of spellbinding
matum demanding an indemnity of 1,250,000
francs from the train and always there
were eager crowds
for the assassination of Lieutenant Graff, near
Dues- to hear him. He and Mr. Asquith
are to appear on
seldorf in March 1922." It was added that "the
time the same platform to-morrow eveni
ng at Paisley, Aslimit fixed by the Belgian Government in which Gerquith's constituency." The representa
tive in the
many must pay 1,250,000 francs as indemnity for
British capital of the New York "Trib
une" cabled
the assassination of Lieutenant Graff, in the neigh- that
"the election speeches of Lloyd George are
holdborhood of Duesseldorf, expired last night, and noth- ing
the attention of the people, and the forme
r Preing had been heard from Berlin beyond an offer
to mier is throwing himself into the campaign
with the
submit the question to The Hague tribunal for arbi- aband
on of a youth seeking his first office."
tration." According to the message also, "the Berlin
•Government was notified that the amount claimed
From the start it has been made clear in Lond
on
as indemnity would be confiscated in the occup
ied cable dispatches that Premier Baldwin was
not reregion should Germany fail to pay." It was recal
led ceiving much support from the British press
for his
that "the shooting of Lieutenant Graff occur
red tariff program. It was said soon after it was
an-while he was riding in a street car between Ruhro
rt nounced that only the "Morning Post"
and the
and Walsum."
"Times" had declared themselves in favor of it.
The
London correspondent of the New York "Tim
es"
The campaign preceding the gener electi
al
on in cabled a week ago this evening that "the
Government
Great Britain on Dec.6 appears to
be going forward in its appeal to the country has
lost the support of
in an unusually aggressive manner. In a wireless
London's popular Unionist press. Lord,
Rothermere
dispatch dated Nov. 23 the London corre
spondent and Lord Beaverbrook will publi
sh to-morrow in the
iof the New York "Times" said
that "ex-Premier Sunday Pictorial' and the Sund
ay 'Express' signed
Lloyd George started to-day for Scotl
and on his articles the effect of which can
only be to confuse
great electioneering tour. In British political
cir- still further the sufficiently muddled election
situacles it is compared to Gladstone's Midlothian
cam- tion. They are not merely throwing over Premi
er
paign of the eighties, when he broke Beaconsfie
ld's Baldwin and all his works explicitly, but they
are
power by the torrent of his eloquence; but it is really
doing something almost more damaging." He added
much more like the American 'swing around the cir- that
"each of them offers a political program of his
cle.'" He contrasted Lloyd George's departure with own,
consideration of which may well wean the averthat of Premier Baldwin in part as follo
ws: "Pre- age elector from the Premier's proposals. Such
promier Baldwin left Paddington station to-day to
go ceedings on the part of newspaper proprietors
have
down to Worcestershire. He was almost unrec
og- amazed old-fashioned politicians. Never before
, it
nized at the station, only a few officials receiving is
believed, has a British journalist considered it his
Cm and guiding him to his carriage, where
he set- duty to mark out a definite policy for statesmen
who
tled himself in his corner, with pipe in full
blast, have already expressed their own ideas." Comm
entwithout a single photographer to disturb him. Mr. ing
upon the position taken by these two men the
Lloyd George, on the other hand,found a numb
er of "Times" representative said: "United as
Lords
his supporters waiting to give him a cheer
as he left Rothermere and Beaverbrook are in disparagin
g the
Euston, and a contingent of reporters
to get his part- Government, they are completely opposed
in
the
platwords
ing
of confidence." Continuing to outline forms they
propose. Lord Beaverbrook's is simple.
Lloyd George's campaign, he said,"between now and The real
issue, he declares, is the development of the
election day he intends to travel to Glasgow, pay
a British Empire and nothing else." Lord Beaverflying visit to Edinburgh, spend a day in Northum- brook
was reported to have said also that "the Conberland and another in Yorkshire and then devote servatives
are only holding back from a cut-throat
two more to the traditionally free trade centres of food policy
because their leader is afraid. The LibLancashire. Then he will go to North Wales and erals, on
the other hand, are advancing slowly togive a short time to his own interests in his own con- ward the
conception of imperial preference." Lord
stituency, where an audacious Conservative is Rothermere
, it was said,"declares himself emphatic.
DEC.1 1923.]
THE CHRONICLE
2361
ally in favor of protection, but he is very angry be- bor 435, Free Traders 7. Fifty were elected by accause the Government has brought on an election. clamation to-day as follows: Tories 35, Liberals 11,.
Ignoring altogether the fact that Mr. Baldwin is Labor 3 and Independent 1. The Independents inswaiting for the report of his tariff committee to give elude three Nationalists, two Communists, one Prohis protectionist proposals in detail, he condemns hibitionist and one Shin Feiner. Fifty candidates
his program as meagre and quite unable to meet the have no opposition, 35 of them Tories, 11 Liberals,.
three Laborites and one Nationalist. There are more
unemployment difficulty."
Lonthan 30 women candidates and 270 constituencies
the
election,
As to the probable results of the
have three-cornered fights."
cabled
"Herald"
York
the
of
New
don correspondent
prognostitheir
making
are
"politicians
that
Nov.25
As the days passed it was asserted in London cable
cations with many reservations, but in Tory circles
there seems to be a general view that the Government advices that the Unionist'Party was feeling the atwill be returned by a majority of at least 40 or 50, tacks of Lords Rothermere and Beaverbrook. The
whereas the Liberals say that if the Conservatives New York "Times" correspondent, in a wireless disobtain only that number their tariff program is patch, said that "the defection of the Rothermere
doomed, as the free trade Tories must be reckoned and Beaverbrook newspapers has aroused the offiwith." He added that "the Tories argue that Lord cials of the Unionist Party to a sense of its dangerRothermere's plea for a further twelve months of ous weakness as far as the metropolitan press is confree trade while a tariff program is worked out in cerned. It is rumored that soon after the election a
detail and Lord Beaverbrook's unconcealed antipa- new Unionist afternoon newspaper will be started to
thy toward Prime Minister Baldwin and his policy replace the 'Pall Mall Gazette.' It is also likely that
of curtailed protection will start a reaction in favor the 'Morning Post' will change hands. The York-,
of Mr. Baldwin in the twelve days intervening before shire 'Post' will not purchase it, but it will probably
the polling. They contend that feeling will be be sold by Lady Bathurst to a syndicate in which
aroused in his favor by the attitude of the two great Colonel F. S. Jackson, Chairman of the National
newspaper owners and not against him." According Unionist Association, will have an important share.
to that correspondent,"any prospect of a Labor vic- Thiswill mean that the 'Morning Post' will change
from being ah independent Unionist newspaper with
tory seems to have vanished."
strong opinions of its own—some of which, such as
its sympathy for France, it has found difficult to
women
A feature of the campaign is the number of
harmonize with the views of the Cabinet—to becomThe
candidates for seats in the House of Commons.
a regular official organ of the Unionist Party."'
ing
cabled
Associated Press representative in London
Beaverbrook, in a signed article in the "Daily
are
Lord
candidates
Nov. 25 that "forty or more women
declared that "the 'Express' is 'an inde,
Express,"
elecgeneral
coming
expected to contest seats in the
tions. The nominations have not yet been made, but pendent newspaper with Conservative leanings,' and
eighteen women candidates have already been an- that 'its conduct in the general election now upon us
nounced." He said also that "the list is headed by has been meticulously consistent with the political
Lady Astor, the present Conservative candidate for outlook of the newspapei both before and since I
Plymouth, and Mrs. Wintringham, Liberal. It con- had anything to do with it." Continuing, he said that
tains many other prominent names, including that "I will inform my critics that if they imagine that I
of the Duchess of Atholl, who is expected to be Con- can be forced to abandon the Imperial cause by
servative candidate for Kinross. Lady Irene Curzon, threats from combination of turncoats and semidaughter of the Secretary for Foreign Affairs, and Communists they make a great mistake."
The whirlwind character of Lloyd George's part of'
Lady Barlow, wife of Sir Montague Barlow, the Minister of Health, both prominent in feminist activi- the campaign seemed to attract special attention as
ties, are expected to become candidates. Miss Mar- it advanced. Under date of Nov. 27 the London corgaret Bonfield, who was recently elected Chairman respondent of the New York "Herald" cabled that
of the Trades Union Congress, will again appear as a "David Lloyd George, showing extraordinary endurLabor candidate, and the Labor Party has definitely ance, continues his swing around the circuit in what
decided to place seven other women candidates in the is destined to be a record breaking oratorical effortfield. The Liberals have thus far chosen eight wo- Having learned the value of loud speakers and ammen, among whom is Miss Ursula Williams, who is plifiers while in America he makes use of such deonly 27 years of age and therefore not entitled to vices wherever he goes, not only to spare himself unvote in English elections. She will contest the seat necessary effort, but to make sure that his message is
formerly held by her father and will probably be the heard by all of his audiences." According to London
youngest candidate in the elections."
cable advices, "Herbert Asquith was persistently
Interesting developments in the campaign came in shouted down last evening in Paisley, a few miles
rapid succession. Cabling on Monday, the London from Glasgow. A body of men calling themselves
representative of the Associated Press said that 'The Anti-Parliament Communist Federation,'flour"another stage in the general election campaign was ished a red banner inscribed, 'Hail, Bolshevik Rusreached to-day with the nomination of more than sia,' and every time Mr. Asquith began to speak- a
1,400 candidates for the 615 Parliamentary seats to great outcry vas raised." At least a mild sensatiozi,
be polled for on Dec. 6. There was the nsual number from the Conservative point of view, was furnished
of last minute surprise candidates. These will make by a son of Premier Baldwin. The London calitethe total larger than expected." St•pplementing this grams on Wednesday stated that "the Premier elddispatch, the New York "Herald" corresp^.ndent est son, Oliver Baldwin, who professes Socialist
stated that "the nominations for the House of Com- views, made his first platform appearance in Buckmons, officially certified to-day, comprise 1.442 can- ingham last evening in support of the Labor candididates for 615 seats. The votirg takes place on Dec. date. Filial scruples did not prevent him from as6. The Tories nominated 529, the Liberals 456, La- serting that his father's Government had been in
2362
THE CHRONICLE
office a year and had done nothing but twiddle
its fingers, adding that there was nobody in the Cabinet to tell the members to get on with their job. In
conclusion, Mr. Baldwin said: 'Now the Government is talking about protection. The only protection I want is protection against a Government like
that.'"
No changes have been reported in official discount
rates at leading European centres from 90% in Berlin; 7% in Norway; 6% in Denmark; 51/
2% in Belgium and Sweden; 5% in France and Madrid and
4% in London, Switzerland and Holland. In London open market discount rates remained almost
stationary, with short bills and three months' bills
35-16@3%%, as against 3%% for short bills and
3%@37-16% for three months' bill last week. Call
money at the British centre, however, was a trifle
firmer for a while, touching 2%7
0, but closing unchanged at 21/
4%.At Paris and Switzerland the open
market discount rates continue to be quoted at 41/
2%
and 2%,respectively.
[VOL. 117.
422,632,000 francs and general deposits rose 128,765,000 francs. On the other hand, advances fell
off 73,968,000 francs, while Treasury deposits were
reduced 65,261,000 francs. An expansion of 170,633,000 francs occurred in note circulation, bringing
the total outstanding up to 37,409,312,000 francs,
contrasting with 36,114,050,565 francs on the
corresponding date last year and with 36,488,845,745
francs the year previous. In 1914, just prior to the
outbreak of war, 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
Changes
for Week.
Cold Holdings—
Francs.
In France
Inc.
127,050
Abroad_
No change
COMPARATIVE STATEMENT.
Status as of
Nos.29 1923. Nov. 301922.
Dec.1 1921.
Francs.
Francs.
Francs.
3,675,480.700 3,635,954,455 3,575,725,838
1.884,320,900 1,897,967,056 1,948,367,056
Total
Inc.
127,050 5,539,801,600 5,533.921.512 5,524,092,894
Silver
Inc.
25.000
279,298,227
296.113.000
288,539.344
Bills discounted_ Inc. 422,632,000 3,725.376.000 2,818,868,693 2,431,726.157
Advances
Dee. 73,968,000 2,283,437,000 2,158.857,218 2,263,394.517
Note circulation_ _Inc. 170,633,000 37,409,312.000 36,114,050.565 36,488,845,745
Treasury deposits_Dec. 65.261,000
30,165,205
68,142,100
20.247.000
General deposits_ _Inc. 128,765,000 2.173,365,000 2,116,041,818 2,625,225,040
The Bank of England reported a further small
Spectacular increases were again recorded by the
addition to its gold holdings (£2,401) in its statement
Imperial
Bank of Germany in its statement, issued
for the week ending Nov. 29. The total is now
as
of
Nov.
7, which showed that the weekly increase
£127,768,737, as against £127,440,455 last year and
in
note
circulation
amounted to more than 16
£128,442,340 in 1921. Reserve fell £1,144,000 as a
quintillions
of
marks.
The exact figure is 16,656,result of expansion in note circulation amounting to
264,559,868,087
,000
marks.
Discount and Treasury
£1,147,000, but the proportion of reserve to liabilities
bills
expanded
19,520,073,174,
224,987,000 marks,
was advanced to 18.62%,in comparison with 18.15%
and
deposits
12,962,418,789,9
82,932,000 marks.
last week. At this time a year ago the ratio stood at
There
were
also
huge
additions
to Treasury and
18.94 and in 1921 15.11%. Public deposits inAssociation
Loan
notes,
2,089,823,943,08
9,405,000
creased £3,895,000. "Other" deposits, however,
fell off £6,465,000. There was also a decline in loans marks; bills of exchange and checks, 6,999,148,810,on Government securities, which fell £65,000, while 383,830,000 marks; other assets, 4,013,972,941,842,loans on other securities showed a contraction of 980,000 marks, and other liabilities, 3,150,224,846,£1,347,000. Loans now stand at £72,796,000, 621,630,000 marks. Smaller increases included 13,against £67,935,487 in 1922 and £82,734,588 a year 761,015,044,000 marks in notes of other banks and
earlier. Reserve aggregates £22,503,000. A year 148,218,818,759,622,000 marks in advances. Inago it was £23,005,930 and in 1921 £21,779,380. vestments were reduced 2,349,248,476,949,000 marks
Note circulation amounts to £125,015,000, in com- and total coin and bullion (which now includes
parison with £122,884,525 and £125,112,960 one and aluminum, nickel and iron coins) 4,366,269,000
two years ago, respectively. Clearings through the marks. Gold holdings remained unchanged, at
London banks for the week totaled £686,464,000, 467,025,000 marks, of which 11,312,000 marks are
in contrast with £783,771,000 a week ago and £671,- deposited abroad. This total compares with 1,004,133,000 last year. The Bank's minimum discount 852,000 marks a year ago and 993,639,000 marks in
rate remains at 4%, the same as heretofore. We 1921. Outstanding note circulation has reached the
append herewith comparisons for a series of years incredibly huge sum of 19,153,086,897,000,000,000
of the different items of the Bank of England returns: marks, as against 517,036,000,000 marks in the
corresponding week of 1922 and 92,429,000,000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1922.
marks a year earlier.
1920.
1919.
1921.
Nov. 28.
Nov. 29.
Nov. 30.
Dee. 1.
125,015,000 122,884,525 125,112,960 130,482,150
Circulation
21,131.000 17.028.785 13,749.110 21,651.393
Public deposits
96,767,000 104,435,200 130,410,891 142,685,454
Other deposits
Govt. securities__ _ _ 43.373,000 48,305,366 57.437.921 93,896.073
Other securities
72,796,000 87,935,487 82,734,588 75.352.624
Reserve notes & coin 22,503,000 23,005.930 21,779,380 12.959.141
Coin and bullion__ _127,768,737 127,440.455 128,442.340 124,991,291
Proportion of reserve
to liabilities
18.60%
18.94%
7.88%
15.11%
Bank rate
4%
3%
5%
7%
Dec. 3.
88.133.900
29.793,878
146,537,547
84,300,830
78,808,515
22,106,469
91,790,369
13X%
6%
The Bank of France continues to report small
gains in its gold item, the increase this week being
127,050 francs. The Bank's gold holdings therefore
now aggregate 5,539,801,600 francs, comparing with
5,533,921,512 francs at this time last year and with
5,524,092,894 francs the year before; of these amounts
1,864,320,900 francs were held abroad in 19231,897,967,056 francs in 1922 and 1,948,367,056
francs in 1921. Silver, during the week, increased
25,000 francs, bills discounted were augmented by
The weekly statement of the Federal Reserve
Bank, issued at the close of business yesterday,
reflected preparations for the month-end settlements, in that rediscounts were all materially inccreased. For the System as a whole rediscounting
of Government secured paper expanded $41,000,000,
"all other" $7,000,000, and bill buying in the open
market $5,000,000, with the net result an expansion
in total bills on hand of $53,000,000. Earning assets
increased $63,000,000, while there was a small decline
in deposits, namely, $3,000,000. Locally, rediscounts of Government secured paper expanded $16,000,000, and open market purchases $3,000,000.
This, however, was partially offset by a decline in
"all other" of $10,000,000, so that total bill holdings
increased only $9,000,000. Other changes were along
the same lines as those in the combined statement;
DEC.1 1923.]
2363
THE CHRONTCLE
day a flat rate of 4%% prevailed all day, this being
the high, the low and ruling figure. Slightly larger
offerings brought about a decline on Wednesday to
43/2%, minimum; although the renewal basis was still
4%%,which was also the maximum. ,Thursday was
a holiday (Thanksgiving Day). Activities incidental
to end-of-the-month settlements were responsible on
Friday for an advance to 532%; renewals, however,
3 %,the low for the
continued to be negotiated at 44
apply to mixed colgiven
here
day. The figures
t differentiation.
withou
ials
industr
alllateral and
quoted rates
with
quiet
was
g
tradin
In time money
maturities
all
for
5%
and
days
sixty
%
for
4%@5
at
from ninety days to six months,the same as last week.
No important trades were reported in any maturi
Last Saturday's statement of New York Clearing ties.
Commercial paper is a trifle easier, so that practiHouse banks and trust companies was featured by a
ninety days' endorsed
loss in surplus reserve of more than $15,000,000 and cally all business in sixty and
' names of choice chara drawing down in deposits to the amount of about bills receivable and six months
1
against 5@,54%
$32,000,000, both of which were attributed to Gov- acter is now being done at 5%, as
require
still
known
well
ernment and private corporate financing operations. last week. Names less
put through for
Net demand deposits fell $31,368,000, to $3,727,781,- 53.,%. Some transactions are being
Trading was
49%.
at
paper
000. This total is exclusive of $10,318,000 in Govern New England mill
y institucountr
with
less,
feature
and
$448,rather narrow
ment deposits. Time deposits fell $985,000, to
.
$6,644,
buyers
of
al
ion
tions the princip
486,000. In loans there was a reduct
Banks' and bankers' acceptances showed a moder000. Cash in own vaults of members of the Federal
3,000
to
$48,26
000,
ate degree of activity, with the aggregate turnover
Reserve Bank increased $1,402,
local and
(not counted as reserve). Reserves of State banks somewhat larger than a week ago. Both
At the
s.
and trust companies in own vaults were reduced $35,- out-of-town banks figured in the dealing
call
the
in
ing
000, but there was an expansion of $468,000 in the close trading fell off with the stiffen
ions
quotat
but
reserves of these institutions kept in other deposito- market. The undertone was steady
against bankers'
ries. Member banks drew d( wn their reserves with still unchanged. For call loans
American Accep
the Federal Bank to the extent of $20,154,000, and acceptances the posted rate of the
4%.
d from 41
change
the result was that, notwithstanding the contraction tance Council has not been
on
rates
nt
discou
the
in deposits, surplus reserve was reduced $15,628,960, The Acceptance Council makes
by
se
purcha
for
e
eligibl
which brought excess reserves down to $10,108,530, prime bankers' acceptances
asked
4%
and
bid
4%
43
figthe Federal Reserve Bank
in comparison with $25,737,490 last week. The
bid and 43s%
ures here given for surplus are based on reserve re- for bills running for 30 days, 43j%
and 120 days,
90
and
60
l
g
for
quirements of 13% for member banks of the Federa asked for bills runnin
running six
bills
for
asked
43i%
vaults
and
and 43/2% bid
Reserve System, but not including cash in own
to the amount of $48,263,000 held by these banks on months. Open market quotations follow:
SPOT DELIVERY.
30 Days
Saturday last.
60 Days
90 Days.
that is, substantial expansion in earning assets and
only a slight change in deposits. The total of
Federal Reserve notes in circulation for the banks as
a group showed a gain of $23,000,000, but was
reduced $4,000,000 at New York. Heavy losses
were shown locally and nationally in gold reserves—
$23,000,000 for the System and $27,000,000 in the
New York Bank. Member bank reserve accounts
were lowered for the group banks, but showed a gain
in New York, although in.both cases the change was
relatively unimportant. As a result of the contraction in gold reserve ratios fell slightly; 0.7% to
76.4% for the whole System, and 1.4%, to 83.8%
at the local institution.
Prime eligible bills
43451434
41451434
434(4434
FOR DELIVERY WITHIN THIRTY DAYS.
The usual end-of-the-month flurry in call money
414 bid
banks
m
Eligible
414 bid
occurred yesterday afternoon, when a quotation of EligIbi
member banks
only
were
there
ise
ed.
Otherw
was
report
5%
slight variations in rates in the local money market.
here have been no changes this week in Federal
'While a lower level is looked for after the first few Reserve Bank rates. The following is the schedule
days of next week, a more active money market dur- of rates now in effect for the various classes of paper
ing the greater part of December naturally is expected. at the different Reserve banks:
E BANES
DISCOUNT RATES OF THE FEDERAL RESERV
The reasons are obvious. Preparation must be made
IN EFFECT NOV. 30 1923.
at
s
sement
for large interest and dividend disbur
Paper Maturing—
mid-month and particularly on Jan. 1. The GovernAfter 90 After 6
gooda
g
of
offerin
the
ce
but
Days, but
ment is expected to announ
Within 6 Within 9
Within 90 Data.
Months. Months.
sized block of short-term securities in the near future. FEDERAL RESERVE
BANK.
Agricul.* Agricui.
Corporation financing probably will go forward at a
Secur. by
and
and
Trade
Com'rcial U. S. Bankers' Acceyably
reason
ue
ions
contin
Livestock
Livestock
condit
if
rate
fair
Acceypretty
Agricul. Govt.
lances. Paper. Paper.
lances.
011156&Lineal
favorable. Bankers say, however, that viewed in
:ions.
Paper.
5
434
43.4
a broad way, one of the most conspicuous features of Boston
434
43.4
434
434
434
43.4
04
434
New York
5
434
434
04
434
434
the money market is the relatively light demand for Philadelph
ia
434
434
434
434
434
434
434
431
431
414
434
43.4
Wall Street purposes. Brokers' loans are still said Cleveland
Richmond
434
434
431
04
43.4
4134
Atlanta
434
434
434
below
434
44
434
Chicago
to be between $500,000,000 and $600,000,000
63,4
634
434
43.4
434
St. Louis
434
43.4
43.4
gen04
A
ry.
43.4
last
Februa
4
4g
Minneapolis
the $2,000,000,000 peak of
434
634
434
434
454
434
Kansas city
43.4
434
434
early
44
43.4
the
634
for
ted
is
Dallas
erally easy money market predic
431
434
414
43.4
454
434
San Francisco
year.
new
months of the
and
• Including bankers' acceptances drawn for an agricultural purpose
by warehouse receipts. dm
As to money rates in detail, loans on call this week
Sterling exchange relapsed into comparative quiet
covered a range of 432@53"2%, as against 43/2ig
week and trading was dull and featureless with
5% a week ago. Monday the high was 5% and this
movements still irregular, though the trend
WI% the low and the rate for renewals. On Tues- price
2364
THE CHRONICLE
[VOL. 117.
much of the time was upward. In a word,
the
Gold imports this week included a shipm
market was a waiting affair and the volume of busient of
39 boxes valued at $1,170,000 on the Celtic
and 136
ness passing was small. In the early part of the week
boxes on the Olympic, both from England.
sterling gave a good account of itself and after
an
opening quotation of 4 36 demand gradually
Continental exchange followed the course of sterli
moved
ng
up to 4 40 1-16, although all of the improvemen
t was and here also there was a decided falling off
in
subsequently lost. The advance was due in the
main trading activity. Speculative operators were largel
y
to general improvement in the European outlook,
also absent and dealings, locally at least, were routine in
lessened offerings of bills. Later on, advic
es from character and of limited proportions. Rates seeBerlin indicating continuation of the political deadl
ock sawed rather aimlessly, but within much narrower
over the formation of a new German Cabinet
exercised limits, of course, than in the week immediately
a depressing influence, while Cotton and other
com- preceding, and the disposition seemed to be to hold
mercial bills commenced to make their appea
rance aloof pending a decision in the present European
in larger volume; consequently, weakness
set in political wrangle. French francs opened at 5.40 for
and there was a recession to 4 323 in the
final checks, advanced to 5.54, then sagged off to 5.333/2,
transactions. Dealings were purely routine in
char- all on light trading. Lire showed considerable staacter, nearly all of the large operators having
with- bility and the extremes were 4.29%. and 4.38. Greek
drawn from the market to await the outco
me of exchange was firm and higher, quotations advancing
the British general election next week. It
is note- on better political news, while the minor Central
worthy, however, that less anxiety is being
dis- European exchanges were all well maintained explayed on that score, on the ground that
the re- cept Polish marks, which sold down to another
union of the Lloyd George-Asquith facti
ons has new low record, viz., 0.000040. Dispatches from
greatly reduced the chances for a decisive
victory of the Ruhr are more encouraging, but intimations of
the Labor Party at the polls next Thursday.
An inability to readjust Germany's political problems
added factor in the dulness was, of course,
inter- had a bad sentimental influence. Aside from deruption by the Thanksgiving holiday celebr
ation, velopments in the Ruhr, which are still much mixed
,
so that at times trading was absolutely at stands
till. European affairs, generally speaking, appear to be
a
Bankers seem unwilling to hazard any predictions clearing up.
Italy and Spain are engaged in negoas to the future of foreign exchange. It is
quite tiations likely to make for better trade relations;
generally conceded that sterling is somewhat lower prospects of
the granting of a substantial internathan conditions warrant, but there are few if any tional loan
to Hungary promise to improve the sitwho care to risk extensive commitments in the face uation in that
country. Cable advices from Berof existing uncertainties, and in the absence of any lin, stating that
the printing of the new German
buying demand to speak of and the offering of
a rentemarks had been stopped, excited some insteady volume of commercial bills, it was not
to be terest, but 6.d no effect on actual market levels.
wondered at that sterling values displayed little Russian chervonetz
in London continue to be quoted
resiliency. Should the British elections go off around 4.64.
In the final dealings the exchange
smoothly and further progress be made in the Ruhr market took
on a pre-holiday appearance and
settlements it is not improbable that higher prices trading dwind
led to almost nothing. Reichsmarks,
may be looked for.
which are no longer dealt in on this market, reReferring to the day-to-day rates, sterling excha
nge mained at the fantastic figure of 0.000000000015
on Saturday of last week was about stead
y but quiet up till Wednesday, when there was a declin
e to
and without important change; demand
bills ranged 0.000000000011, a wholly nominal figure..
It is
between 4 36@4 36%, cable transf
ers between claimed that the agreement reached betwe
en France
4 3614@4 373/i and sixty days betwe
en 4 33%@ and the industrial leaders in the Ruhr is
likely to
4 34%. On Monday there was a sharp
upturn on have far-reaching effects in lessening the
strain of
good buying and light offerings and quota
tions the whole reparation situation; although
for the '
advanced to 4 383'@4 40 1-16 for demand, 4
38%@ present it is somewhat doubtful if anything tangi
ble
4 40 5-16 for cable transfers and 4 35%@4
37 13-16 in the way of progress will accrue therefrom. Much
for sixty days. Renewed selling of cotto bills
n
and will depend upon the success of the new German
less favorable foreign news brought about a react
ion Dictator in bringing about harmony among Gerto lower levels on Tuesday and demand moved
down many's warring factions and the extent to which
to 4 37@4 383
4, cable transfers 4 373@4 39 and France can
actually enforce reparations deliveries.
sixty days to 4 34%@4 363/
2; trading was inactive.
The London check rate on Paris finished at
81.10,
Wednesday pre-holiday dulness prevailed and
busi- against 81.32 last week. In New York, sight
bills
ness was at a standstill; rates which were little
more on the French centre closed at 5.38, against
5.35;
than nominal, again sagged and the range
was cable transfers at 5.39, against 5.36; commercial
sight
4 35@4 363 for demand, 4 353j@4 3
for cable at 5.37, against 5.34, and commercial sixty
63days at
transfers and 4 32%@4 34 for sixty days.
Thursday 5.32, against 5.283
% a week ago. Antwerp francs
was a holiday (Thanksgiving Day). Incre
ased finished the week at 4.63 for checks and
4.64 for
activity marked Friday's dealings, but the
undertone cable transfers, comparing with 4.61
and 4.62 the
continued easy and demand declined
to 4 32%@ previous week. Final quotations for
Berlin marks
4 34%, cable transfers to 4 33@4 35,
1 and sixty were 0.00000000
0015 for both checks and cable
days to 4 30%@4 32%. Closing quotations were transf
ers, the same as last week. Austrian
kronen
4 30% for sixty days, 4 333/i for demand
3 remain at 0.00143.,
and 4 33%
regardless of the chaotic confor cable transfers. Commercial sight bills finished dition
s prevailing in the currencies of adjac
ent
at 4 33, sixty days at 4 303/
2, ninety days at 4 293, nationalities, with
the close at 0.00141/s. Lire
documents for payment (sixty days) at
4 30% and finished at 4.313 for bankers' sight
bills and at
seven-day grain bills at 4 323/
2. Cotton and grain 4.323 for cable
transf
ers,
in
compa
rison
with 4.303/2
for payment closed at 4 33.
and 4.313 a week earlier. Exchange on Czech
o-
DEc.1 1923.]
THE CHRONICLE
2765
slovakia closed at 2.91%, against 2.91%; on Bucha2, against 0.50; on Poland at 0.000030,
rest at 0.523/
against 0.000045, and on Finland at 2.561
/
2, against
2.55 on Friday of a week ago. Greek drachmae finished sharply up at 1.883 for checks and 1.89 for
cable remittances, comparing with L56 and 1.56%.
ago; this is said to be due to poor trade returns and
the recent issuance of a large Government internal
loan. Peru remains at 4 08, unchanged.
Far Eastern exchange is as follows: Hong Kong,
5134:@51 , against 50%©513/
8; Shanghai, 72%©
73, against 739©74; Yokohama, 483'I@483/2,
against 48%©48%; Manila, 493'©49% (unIn the former neutral exchanges-while trading was changed); Singapore, 513/
1
2©51%, against 514©
usually inactive in keeping with the other Continental 513/2; Bombay, 31%©313', against 31%©313', and
exchanges, substantial recoveries were noted, which Calcutta, 315
/
s©31%, against 31%©31%.
carried guilders up some 33 points, Copenhagen and
Norwegian currencies a like amount and Swiss,
The New York Clearing House banks in their
Swedish and Spanish exchange smaller amounts. operations with interior banking institutions have
No specific reason was assigned other than betterment gained $3,093,424 net in cash as a result of the curin the general outlook and the natural reaction from rency movements for the week ended Nov. 28.
a too violent decline. Yesterday weakness set in Their receipts from the interior have aggregated
again, and nearly all the gains were lost.
$4,141,624, while the shipments have reached $1,048,Bankers' sight on Amsterdam closed at 37.86, 200, as per the following table:
against 38.00; cable transfers at 37.90, against 38.04; CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
commercial sight at 37.80, against 37.94, and commercial sixty days at 37.44, against 37.58, a week
Into
Out of
Gain or Lou
Banks.
Week ending Noo. 28.
Banks.
to Banks.
ago. Swiss francs finished at 17.41 for bankers' sight
84.141,624
Banks'Interior movement
81,048,200 Gran 83,093.424
bills and 17.45 for cable transfers, as compared with
As the Sub-Treasury was taken over by the Fed17.47 and 17.48 last week. Copenhagen checks
Reserve Bank on Dec. 6 1920, it is no longer
eral
closed at 17.97 and cable transfers at 18.01, against
to show the effect of Government operapossible
17.50 and 17.54. Checks on Sweden finished at
26.20 and cable transfers at 26.24, which compares tions on the Clearing House institutions. The Fedwith 26.25 and 26.29, while checks on Norway closed eral Reserve Bank. of New York was creditor at the
at 14.94 and cable transfers at 14.98, against 14.76 Clearing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANK
and 14.80 in the week preceding. Spanish pesetas DAILY CREDIT BALANCES
AT CLEARING HOUSE.
finished at 13.00 for checks and 13.023, for cable
Monday. Tuesday, Wednesd'y. Thursday, Friday.
Aggregate
transfers. , A week ago the close was 12.94 and 12.96. Saurdaa,
Nov. 24. Nor. 26. Nov. 27. Nor. 28. Nov. 29. Nov. 30.
for Week.
FOREIGN =CHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV. 24 1923 TO NOV. 30 1923. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United Stales Mortal.
Country and Monetary
Unit
Nov. 24. Nov. 26. Nov. 27. Nov. 28. Nov. 29. Not,. 30.
3
EUROPE8
8
$
$
8
Austria, krone
000014 .000014 .000014 .000014
.000014
Belgium, franc
.0473
0469
.0462
.0461
.0460
Bulgaria. ler
009033 .009017 .008850 .009000
.008833
Czechoslovakia, krone .029109 .029198 .029177 .029056
.029080
Denmark, krone
.1754
.1783
.1778
.1778
.1799
England, pound sterl4.3933
ing
4,3685
4.3545
4.3721
4.3324
Finland, markka
.025700 .025739 .025600 .025578
.025531
France. franc
0644
.0539
.0549
.0535
.0535
a
a
a
Germany. reichemark
a
a
Greece, drachma
.015625 .015715 .016345 .016055
.018694
Holland, guilder
.3827
.3818
.3801
.3812
.3787
.000053 .000053 .000053 .000053
Hungary. krone
.000053
.0437
0434
Italy. lira
.0431
.0434
.0431
Norway, krone
.1481
.1459
.1495
.1491
.1497
b
b
b
b
Poland, mark
b
.0373
.0370
.0373
.0371
Portugal. escudo
.0368
.004964 .005028 .005128 .005158
Rumania,leu
.005089
.1302
.1307
.1299
.1299
Spain, peseta
.1300
.2627
.2632
2826
.2625
Sweden,krona
.2624
.1749
.1753
.1753
Switzerland, franc-- .1748
.1745
Yugoslavia, dinar.- .011463 .011488 .011465 .011459
.011410
ASIARollChinaday.
.7303
.7341
.7378
Chefoo tadl
7446
.7372
.7272
.7309
.7347
Hankow tadl
.7400
.7341
.7172
.7186
.7223
Shanghai tael
.7289
.7213
.7384
.7459 • .7422
Tientsin tadl
.7504
.7453
.5073
.5086
.5109
Hongkong dollar
.5102
.5061
.5106
.5111
.5142
Mexican dollar
.5150
.5105
.5103
Tientsin or Pelyang .5146
.5159
.5166
.5106
dollar
.5103
.5122
Yuan dollar
.5153
.5146
.5100
.3095
.3097
India, rupee
.3111
.3096
.3094
.4816
.4820
Japan. yen
.4829
.4833
.4803
.5094
.5163
Singapore(S.S.) dollar .5100
.5106
.5081
NORTH AMER.Canada, dollar
.978835 .979062 .978437 .978557
.978631
.999438 .999313 .999250 .999175
Cuba. Peso
.999113
.485833 .483906 .487500 .488281
Mexico, peso
.488588
Newfoundland, dollar .976250 .976641 .975859 .976016
.975938
SOUTH AMER..7078
.7111
.7108
Argentina, Peso (gold) .7068
.7085
.0877
.0880
.0877
.0871
Brazil, milreis
.0888
.1055
.1066
.1083
Chile. peso (paper).... .1083
.1062
.7381
.7351
.7305
.7251
72.10
tirusruitY. oeso
a German marks were quoted as follows: Nov. 24, .000000000000155; Nov. 28,
000000000000143; Nov.27,.000000000000138; Nov.28,.000000000000142; Nov.30,
Holiday; Nov. 30, .000000000000135.
b Polish marks were quoted as follows: Nov.24,.000000384; Nov.26,.000000410:
Nov.27,.000000360; Nov.28,.000000340; Nov.29,HoUday;Nov.30,.00000028.
As to South American currencies, a slight firmer
tone was noted and Argentine checks advanced to
313. and cable transfers to 31%, although closing
at 313/2 (unchanged), while Brazilian milreis closed
at 8.95 for checks and 9.00 for cable transfers, against
8.80 and 8.85 last week. Chilean exchange turned
weak and dropped to 10.95, against 12.70 a week
--e-
62,000.000 75.000.000 53,000,000 64.000.000 Holiday 91.000,000 Cr. 345.000.000
Note -The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all Darts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items payable in New York City are represented In the
daily balances. The large volume of checks on institutions located outside o
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Noy. 29 1923.
Nov. 30 1922.
Banks ofGold.
Silver.
.
I
Total.
Gold.
Silver.I
Total.
£
England _ 27,768,737
France a _ 147,018,267
Germany _ 28,390,850
Aus.-Hun. 10,944,000
Spain ___ 101.101,000
Italy
35,681.000
Netherl'ds 48,482,000
Nat. Belg_ 10,789,000
Switzer'
'd 21,497,000
Sweden_
15,124.000
Denmark _ 11,646,000
8,182,000
Norway
£
£
£
£
I
127,768,737 127,440,455 ---------127,440.455
11,840,000158,858,267145,438,178 11,520,000156.958,178
63,475,400 31,866,250 50,110,880 7,189,550; 57,300,450
2,369,000 13,313,000 10,944,000 2,369,000, 13,313.000
25,828,000126,929,000 100,943,000 25,703,000126,646.000
3,025,000 38,706,000 35,002,000 3,039,000 38,041,000
670,000, 49,152,000 48,482,000
745,000 49,227,000
2,515,000 13,304,000 10,664,000 2,067,000 12,731,000
3,561,0001 25,058,000 21,212,000 4,547,000 25,759,000
15.227,000
15,124,000 15,227,000
251,000 12,934,000
203,000, 11,849,000 12,683,000
8,183,000
8.182,000 8,183,000
Total week566,623,854 53,486,400620,110,254 586,329,513 57,430,550643,760,063
Prey. week 566,636,371 53.244,400619,880,771 585,564,964 53,032,100638,597,064
a Gold holdings of the Bank of France this year are exclusive of E74,573,797 held
abroad. b It Is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Relchsbank began including in Its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron C01111 as well. The
Bank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver, there
Is now no way of arriving at the Bank's stock of silver, and we therefore carry it
along at the figure computed March 7 1923.
Everybody the Real Taxpayer.
The recent annual dinner of the Chamber of Commerce, the 155th, was planned incidentally to help
bring about the lessening of sectional feeling and
the promoting of a more just understanding between
the East and the West. There ought to be no North,
no South, no East, and no West, in any but the geographical sense; politically and in all business relations we ought to be one country, without jealousies
and with no toleration for the thought that there
can be any conflict of interests. This is what the
Founders intended, and the blocs that tend to open
2366
THE CHRONICLE
[VoL. 117.
rifts within and against the common Union, are an that laws shall be passed to make them easier—these
naturally go together. All efforts to relieve the conunhappy feature.
The Chamber's gathering had a defense of the tax- sumer's trouble by raising wages only aggravate it,
reduction policy of Secretary Mellon in an address because the demand supposed to be put upon some
by Mr. W.P. G. Harding, who took as his chief theme other comes back upon himself in the costs of living.
the proposition that the farmers and other workers This reaction occurs also in the case of the surtaxes
(which, of course, means the common people) pay taken from large incomes. Those have the quite as
the taxes. The "Chronicle" has often called atten- injurious effect of flinging away through public
tion to the anomalous and menacing change of atti- spending funds which should, and normally would,
tude on the part of the politicians on the subject of enter into production. All of us want more of life's
taxation. Formerly, direct taxes were avoided to the comforts, but many have yet to realizingly learn that
utmost, the party in power for the time being fearing larger individual shares can be attained only by inthat any increase in the known and visible tax levies creasing the divisible total. Surtaxes, and all other
would be unpopular and would react against it; that taxes not absolutely necessary to a careful and ecois, there was a general belief that taxes are not liked. nomical governing, not only fall upon the mass of the
The eel has been slandered by saying that it does not people directly or indirectly, but do a not smaller
mind skinning, because accustomed to that process; harm by drying up the sources of increased abunand now, in recent years, the politicians seem to dance.
have decided that it enjoys the knife and the "peel"
These truths, which are embedded in the nature of
upon its cuticle.
things and unchangeable by any human effort,
But Mr. Harding correctly traced much of the should be kept prominent in the press and in the adtroubles of the agricultural producer back to exces- dresses of public speakers on all suitable occasions,
sive taxation. Although, said he, the intent of the and they should be explained by all large employers
framers of our present income taxes was to exempt to their employees. There are some encouraging
from them to the utpost possible persons of moderate signs that the people are at last beginning to undermeans, the farmer and the man who has only his own stand, so that taxes will pass out of the category of
labor to sell, although they may not pay much to the national blessings into that of necessary evils.
Government directly, are hit by higher rents and the
enhanced cost of all articles of necessary consumpThird Party Banking.
tion. Real estate, he said, never escapes, and this is
An Associated Press dispatch, dated Chicago, rebecause it can neither run nor conceal itself; "the cently announced preparations for the launching of
people of the same sections of the country whose rep- a Third Party and the holding of a convention in St.
resentatives have been most insistent upon.principles Paul or Minneapolis in the coming May. The name is
of taxation which superficially appear to exempt the to be Farmer-Labor, Progressive, or any other name
majority are really the chief sufferers.". Said he:
voters may establish in the States. Its design is the
"The large revenues derived from income taxes abolition of "special privilege," which is defined to
and from taxes on corporations have given great be "unjust economic advantage by possession of
masses of people the idea that great expenditures can which a small group controls our natural resources,
be met by levies on only a small class. They think
that they will not be personally affected by voting transportation, industry and credit, stifles competiaway great amounts of public money, and are readily tion, prevents opportunity of development for all and
got to favor it by thinking that somebody other than thus dictates the conditions under which we live."
themselves does the paying. They may imagine that Public control of natural resources and public ownthey themselves do not pay, because no tax collector ership of railroads are advocate 1, and equal rights,
comes directly to them; but they are nevertheless economic, legal and political, according to the resubject to a heavy and inescapable taxation in the port. A principal
measure to be stressed is stated
form of higher rents and a greater outlay for food by the
correspondent to be as follows: "Governand clothing and other necessaries of life."
mental banking, by which the Government would
This is nothing new, but it is truth, and truth too enter the banking
business, reserving the sole right
little proclaimed and understood. We must say to issue currency
and determine the amount to be
once more—and the time was never more opportune issued, and
establish a sufficient number of banks to
and imperative for saying it—that upon the head of meet the needs of the people, through which borrowevery person of adult years there ought to be beaten ing facilities with GovernMental regulation might
until it finds a permanent lodgment inside, this be available to all citizens requiring capital for 'protruth: "the consumer pays all expenses." The com- duction enterprises.'" A member of the conference
mon man who has his living to get and finds it hard in a public statement, emphasizing the need for a
does not recognize the tax part of the trouble, be- new party, said: "Every citizen possessed of ordicause it is hidden. The consumer must pay, because nary intelligence knows that it is a physical imposall expenses must be borne and there is nobody else sibility to nominate any candidate on either of the
to do it. The person who is inclined to favor in- old party
tickets, who, if elected, will unfalteringly
creased public spending because that seems like a declare war on the Wall Street clique."
kind of lottery with many prizes and some of them
Without commenting on the "movement" in its pomay come within his reach does not realize that taxes litical sense, with which we have
no concern save
diffuse themselves. They enter into the prices of from the standpoint of the general good fostered or
every consumable thing, because they are an insep- endangered by its principles, we are wondering just
arable part of cost and must be put into the consum- what shape this nebulous banking plank would take
er's price, or else the producer and seller will go to when crystallized into practice. Holding ourselves
the wall. High taxes, large public extravagance in aloof for a moment, and surveying the field of bankspending, inflated prices of commodities, a low pur- ing, it would seem that there is no need for any more
chasing power in the dollar, a consequent clamor for banks or any further extension of the system. We
more dollars, a plaint over hard times, and a demand believe the idea here embodied is called "co-operative
DEC.1 1923.]
THE CHRONICLE
2367
In one way it may be well enough for some fleeting.
banks" when particularized. We know that our present natural banking system and our banks are largely third party to bring these questions of money and
co-operative, but what further pooling of credit and credit to the fore. There is nothing to fear from dig- a
money is contemplated? Is the Government, being cussion upon the part of sound money and honest
in control, expected to issue credit to every citizen credit. It is a waste of time, to be sure, in the face
who needs it for a proposed "productive enterprise," of important questions like taxation and economy..
and shell out the money in any and all amounts de- But the sooner we come to understand that we work sired? And how many of these banks would be for what we get in life the sooner we will understand
needed in such a scheme? Is the farmer never to be that Government is no magician capable by its mere•
satisfied with new-fangled banks? He now has Fed- edict of filling empty pockets with gold—and that
eral Land banks, Joint Stock Land banks, Interme- banks are not allied instrumentalities capable of furdiate Credit banks, and entrance into our ordinary nishing credits for every want, whim and condition.
nationals. What more is desired? Is tie Government
Golden Rule Sunday.
to issue an unlimited letter of credit to the "farmer"
Though at first thought there seems an element of ,
that, like Monte Cristo, he may go forth and exclaim,
World
is
Mine"?
in
this
"The
We seem to see
scheme the fantastic in the proposed ceremony to take place
coupling
of
and
in December,let Us not be irreverent to a good intent
subtle
'unlimited
credit
inexhausta
ible fiat money. They go well together—and in their If we are informed correctly, the object is to stress
malefic twinship are sufficient for all the evils we the Golden Rule with reference to international rehave thus far escaped. It is a sweet dream. It lations. Certainly traditional diplomacy has not
would gently soothe our way if "every citizen" could heretofore exhibited much of the divine injunction.
borrow what he wants and the Government could And the benefits of a constructive good-will may well
make money out of nothing to satisfy every human find a place in internationalism. There is, however,
desire.
a wide difference between the relations between inAnd "labor," too, has now its own banks. These dividuals and peoples—still more between Governare announced to be co-operative—that is they pay ments. The Government is compelled, by its very ,
depositors all the earnings over 10% given to stock- representative nature, to defend to the uttermost the
holders. But these earnings, unfortunately, come rights, interests and privileges of a people. The peoout of the interest paid by borrowers who share in ple are compelled to consider the subject and citizen.
none of the profits. Not even labor offers a form of Thus, the element of sacrifice in a cause becomes
co-operative bank that pays back to the borrower all limited, and it is difficult to introduce the "do unto
the interest he pays in. Somehow somebody must others as you would have others do unto you into the ,
pay for what he gets and co-operation begins with formal intercourse between nations."
Putting this aside, any movement intended to bring
the distribution to others after he has paid. Of
course, we except a bank sponsored by a Government into closer harmony the peoples of the earth should
able to "issue" money out of ether and broadcast it receive a courteous and cordial sanction. True patriwith the rapidity and impartiality of the radio. We otism is not chauvinism. The democracy which we
do not disparage the legitimate interests of the all revere transcends the forms of government, and
farmer or the workingman. The farmer is suffering recognizes not only the unity of mankind but perthe brunt of the war in the loss of foreign markets ceives the desirability of the mutual welfare of all
for certain of his products; the latter enjoys in the races and peoples. Our national boundary lines are
case of trades workers a temporary and deceitful arbitrary, unfortunately too often founded upon milprosperity, through the receipt, in many instances, itary supremacy; and a natural freedom has long I
of unnatural and inequitable high wages. But co- been at work merging the races together. In doing
operative banking—a kind that attempts to link the this a natural selection has also been observed which
mutual interests of depositor and borrower in a divi- the same freedom protects to the good of all. The
sion of profits, and the interests of each with the high thought is that all attempts to force manners
power of Government to issue money is merely a de- and customs upon peoples, and to demand conformlusion. In banks as we have them to-day, borrower ity to preconceived ideas of government and laws;
and depositor both use the bank for a legitimate are contrary to the spirit of the GoldeL Rule. The
purpose—the borrower, under the rules, usually be- teachings of example, the amity of nations, and the
coming a depositor, and the depositor becoming a independence of peoples, proclaim the right of selfborrower.
government, and forbid the use of force and the emIt seems we shall never hear the last of these Gov- ployment of civic retaliation.
ernmental money-making schemes. Co-operation
At any given moment of history we must take the
cannot give something for nothing. Supposed banks world as we find it. One of the now demonstrated
that bring borrowers and depositors together in a form faults of.the recent attempt to weld the nations into.
of control are defenseless in logic and practice. We closer friendship is that in the exigency of discordhave now the best banking system in the world—a ant conditions a new map of a continent was connatural system of free and independent banks under structed and new States were formed out of arState or national supervision. These banks are all bitrary power. Racial ties were severed and politinterrelated, to some extent interdependent, and ical allegiances destroyed. The result is yet to be
thus truly co-operative. Their patrons are co-opera- measured. In our own land there has grown up a
tive in that they severally and collectively contribute demand for closer relationships with alien peoples,
economic and social. We are admonished
to their existence, continuance and helpful conduct.
present
more
at
the
nothing
time,
speaking, against what is termed "isolation." We are told that .
We need
behalf
of
broadly.
In
the
the
course,
farmer
it the world needs our "intervention," that we need the
of
extended
in
he
has
had
that
his
said
behalf
in
world's prosperity. But it does not necessarily folmay be
recent years, both in theory and practice, extraordi- low that a political compact is necessary to the end
sought—one that carries with it a surrender of a natnary credits.
2368
THE CHRONICLE
[VoL. 117.
nral nationalism. Here is where the Golden Rule re- paign is headed by Charles M.
Schwab, and among
lation may be invoked to accomplish the benefits the prominent New
Yorkers who will co-operate with
otherwise sought. For if in recognizing the rights him are Messrs. Gary,
Haley Fiske, A. S. Ochs,
of man we admit the right to swear allegiance Charles E. Mitchell, Otto
H. Kahn and Clarence H.
to a new rule, when free movement from one jurisdic- Mackay. Ex-Senator Frelingu
hysen of New Jersey,
tion to another is predicated; if we admit the inher- who heads the Harding
Memorial Association, outent mutual benefit of free trade between peoples and lined at the meeting the
purposes, which include
territories; we have put in operation natural forces erecting a suitable mausole
um at Marion for the
that make for the general welfare, forces that foster body, purchasing the old
homestead as a shrine for
the,civilization we now possess.
memorials, establishing a fund for proper up-keep
There are ways for commercial, economic and so- of these visible objects, and, further,
the endowment
cial contact that do not sacrifice a normal national- of a chair in some central university where intendism to a super internationalism. If we cultivate ing Government employees may fit themselv
es for
these in the spirit of the Golden Rule we can leave their work. A nation-wide organizat
ion, said Mr.
Governments to their restricted duties. That a mi- Frelinghuysen, has been started
through participanority of "high thinkers" inside a Government should tion by State Executives, and the
week beginning on
undertake to foist upon it a theory of international Dec. 9 has been set for subscript
ions, which may be
relations wholly political and thus undertake a "mis- received by a number of
designated depositories or
sion" to unite peoples into a sort of super-Govern- may be sent to the Association's
headquarters at
ment, a mission to cure the ills of the world by any 1414 F Street, N. W., in
Washington.
sort of intervention. is not doing unto others as you
Mr. Harding embodied within himself the best of
would others should do unto you. The forms which what we are wont to call
American characteristics,
this idea takes at the present time are many, and and which may be summed up
in a few words as a
while it is not a part, perhaps, of this contemplated controlling practical good
sense. He would have
observance to discuss them, we invoke the thought to been the last to claim
or allow that he was a superemphasize the fact that relations may be bettered in man; he was "ordinar
y," but that word really conways less dangerous and more in accordance with tains much meaning. It implies
a weighing of imthe sublime spirit of universal forbearance and good- pulses before yielding to them, and a
respect for the
will. We are not our "brother's keeper" in the sense past as having furnished foundati
ons to be built
that we must fasten upon him our political dom- upon rather than to be thoughtlessly
torn down.
inance, our philosophy, religion, or commerce. The The word "normalcy," which Mr. Harding
is creddrawing power of mutual interest springs from the ited with having coined, though it is not
a new word,
freedom of contact born of human desires and con- being found in all large dictionaries, but
designated
tinental resources. Migrations are no longer into "rare," grows naturally out of the familiar
adjective
undiscovered lands. New Governments are not now "normal," and quickly gained acceptan
ce in our
carved out of wildernesses by adventurous emigrants. speech. Yet we seem to be too soon forgettin
g it in
Yet recognition of the now vested rights of peoples, the rush to the front of eccentric and "upsetting"
perraces, and nations, will avoid the hates and animosi- sons and propositions. Observe that
"normalcy"
ties that lead to wars. And we do need the blessed does not mean deadness and immovabi
lity, but
injunction in making more tolerant, happy and bene- growth and progress; the rock is
normal in being
ficial the natural relations we now possess.
stationary, the tree is normal by developing, and it
Peoples are longing for peace. If peoples could is by steadily using and building upon the
achievefind some form of expression and action other than ments of the past that a natioh should grow.
through political Governments, some form freed
Mr. Harding's personal characteristics gave to the
from the nationalism that feels constrained to secure country an especial sense of loss by his sudden death,
advantage, the world would soon have it. But polit- directly hastened by overwork. He had a gift of
ical representatives seem to regard it as a political friendship, and he won men's affections even when
responsibility to guard, protect, foster, secure, in- he could not carry their judgment to agree with his
definable national rights and benefits. This ap- own. Dignity without affectation or any posing or
proach to helpful and healthful intercourse is always striking of attitudes, a politeness which answers the
tainted with selfishness. Old hatreds are fanned into definition of it as "real kindness kindly expressed,"
new life. Old animosities are quickened. Under and a manner of presenting what the late Lyman
the guise of protection, military powers are in- Abbott called (and himself illustrated by using it)
creased, and there is no peace. We do not know what a "sweet reasonableness"—these enabled Mr. Hardline of thought will be pursued on the coming occa- ing to deal with opposition without intensifying it,
sion. Any conference that will serve to make citizen in an exceedingly difficult time.
We should recall and remember now, with a minor subject think on peace is worthy. In the hearts of
men everywhere there is a large measure of tolerance, gled thankfulness for them and a determination not
good-will and love. We think it indisputable that to let them fail of lasting benefits,some things which
countless millions of individuals if given the sole he began or which were begun during his term, yet he
power would ordain peace at once. Held to an ex- did not live to carry along. To his credit stand the
pression of the Golden Rule this December Sunday establishment of the long-promised and long-awaited
budget, the conference which made at least a start
can only further the cause.
towards disarmament, the settlement of the British
debt, and a first step in cutting expenses and taxes.
A Proposed Harding Memorial.
Upon the last he began early in 1920, when he outA quiet movement for a campaign to raise funds lined three movements which
would have been great
for establishing a permanent memorial to the late strides: "take the restricti
ons off the American peoPresident took definite form in a meeting held at ple and the shackles
off business, then cut the exthe Bankers' Club in this city on Nov. 21. The cam- penses which maintaining
the restrictions and
DEC.1 1923].
THE CHRONICLE
shackles has cost; after that, hold the spenders in
check."
This country of ours lacks the memorial shafts
which in England serve for visiting by tourists and
as reminders of the illustrious dead; we hardly have
any counterpart of the Abbey and of St. Paul's, nor
have we the minor memorials that constantly offer
to youth an inspiration ready for being caught. We
are not yet old enough to have a very long "past,"
and although we have our "Days" (quite a number
of them), they go to merry-making rather than to
serious attempt to recall our departed leaders and
to consider their virtues. We take note of the birthdays of Washington and Lincoln, but do not profit
enough by them. We quote the Constitution a little,
and study it a little, but do not honor it properly.
So it will be well to establish some visible memorials to a man who deserves remembrance as an Executive that recognized the call of public duty and
obeyed it to a degree and to an extent that probably
has never been surpassed, as one who regarded party
as an instrument for public service and honestly
strove to use it as such, and as one who did his utmost towards restoration of the world after a rending strife. This last will stand ever to his credit. We
shall no more than render justice to his memory in
establishing such memorials, and we need them as a
silent yet speaking lesson for ourselves. For we can
best honor him and get the most advantage by maintaining firmly the lines on which he began. To avoid
all excesses, in speech or act; to improve Government—hitherto the least successful of all human undertakings—by making it attempt less, interfere less,
and cost less; to remember that in Government "that
which is best administered is best," since mere forms
are not the real substance of it, but that self-government according to the laws of God is the essence of
Christianity and the ideal accomplishment for the
human race—to do this will most truly honor Mr.
Harding and all his predecessors in the line of men
who served their country.
We need a new baptism of patriotism, of unselfishness, of justice, and of peace. We need to get together and stay together, and we need to keep pressing upon ourselves this need until we begin to become
united instead of separated. Visible memorials to
the dead who have deserved well are proper and are
potentially helpful; but the best memorials are invisible, established by recognizing their examples
and following on where they led.
2369
we are bound to remove causes of difference, to be
sure of our motives, and to make right use of our
privileges and our power.
This we cannot do unless we know our position,
and how it came to be what it is.
Two thousand years ago the most important event
occurred in human history. God, in the person of
Jesus Christ, gave to the world the Gospel of Redemption. It declared His love and desire to bless
all men everywhere. It was delivered as nearly as
possible at the centre from which the human race
originally dispersed on the various continents. It
was promptly borne by eager disciples in all directions. For whatever reason, or whatever impulse,
the men of the white race gave it freest acceptance.
In their hands it developed its form and began to be
applied in every human relation. Communities and
individuals accepted it in shaping their institutions,
writing their laws and molding their character.
Christian Civilization is the result and is the distinctive creation of the White Race.
It has never been held as belonging to them, or as
having attained with them a final or'universal form.
They have sought to extend it to all men, and have,
through the entire time, maintained organized missionary effort to that end. To-day it is an active
beneficent force in every direction and among all
peoples. This, then, is the situation. The White
Race is in a peculiar and special way the creator and
the responsible possessor and administrator of this
particular form of human development. Christian
Civilization is so far identified with the White Race
that they are now responsible for its right expansion
and development, and, also, for its communication to,
other races, and, as far as possible, convincing them
of its character and priceless value.
It may change its form in its various adaptations, but there is every reason to believe that in its
essential character and special message from God
to men it will never be superseded, and will eventually be world-embracing. It is closely identified .
with the welfare of the race.
Certainly in the present stage of its progress, and.
for the time being, the individual members of the
White Race by virtue of its history and their inheritance are its Trustees.
Other races of men have their special qualities and
are here to make their several contributions to humanity, and, in that, to the world's evolution, whatever may be the relation of our little world to the
universe. One of their common possessions is some
The White Man's Trust.
form of religion,for all men seem of necessity to have
"The White Man's Burden," whatever the original one. That, whatever may be its name or form, has
significance of the phrase, has become obnoxious to intimate relation with man's deepest needs, as well
many. It is interpreted by men other than white as as his hopes and fears, in his daily life; it influimplying not only a racial superiority, which is de- ences all his ways. Every religion, therefore, hownied, but also, what is more widely offensive, the ever crude and unintelligent, is the expression of
right to impose on others whatever the white man something that lies deep in the hearts of men, bringsees fit in his civilization; his manners and his ing that into one's consciousness, and presenting a
mores, no less than his tools and his trade, his garb means of communicating with it Even in its crudest
and his letters, even his schools and his religion.
form it keeps a man alive to the conception of anTo-day all interests, political, economic, social other life, and the existence of duties which he should
and humane, are emphasizing the importance of bet- perform. His intercourse with other men no less
ter understanding and more sympathetic knowledge than his own life is affected by it.
of other people with whom we have to deal. When
So far, then, as a race of whatever people has a rethe world is discovering how intimately all nations ligion they are responsible for it. For such of its
and races are involved in a common humanity, all qualities as are beneficial they are Trustees, bound
concerned in the general well-being, all in many to see that those qualities are developed and have
ways dependent upon each other, and all sooner or expression, that whatever is injurious or evil that
later to be affected by the ills or the injury of any, has overgrown or impaired them shall be removed,
2370
THE CHRONICLE
and that the benefits, as they may appear in art, in
literature, in individual or national life, be shared as
far as possible with others. The propaganda of
strong faiths, because the lives of men are so affected by them, shows that this task is recognized by
their adherents. They accept accountability for its
propagation, and that, in some instances, as for example, in Mohammedanism, is intense.
The obligation, therefore, of the White Race is
clear. Whatever may be the exclusiveness of a man's
business, or the particularity of his views, he cannot
disclaim the responsibility of his race, or when in
his Internationalism and his broad conception of
human brotherhood he is moved to say: "Why
should we disturb other people about their ways?
For aught we know they may be good enough for
them; in any case they are their own, even their religion; and we have more than we can do to live up
to our own"; we need to consider our position as
trustees of a most important inheritance. We cannot refuse it; we cannot transfer it to others. A
trustee's responsibility is in its ultimate relations
untransferable: It is transmitted as the achievement of the progenitors of the race and the nation.
Christian Civilization is thus an appurtenance of
the Race; and the United States,in common with the
leading nations of Europe,is by inheritance a Christian nation in its institutions and its structure. However justly it shares the shame of Europe for the
breakdown of its Civilization to-day, and the failure
of Christianity to prevent war or to arrest its ruthless conduct, it cannot be divorced from the Race or
[VOL. 117.
the Nations to which it has been committed and
united. To attempt to overthrow the Civilization, to
repudiate the responsibility for it, or to deny its history, whatever theory of society and of government,
or whatever form of faith or denial of all faith, a man
may individually adopt, is mistaken and unintelligent, and, so far as men of other races are concerned,
misleading and destructive. It tends to the undoing
of the trust which every race and State holds, and
which is one of the most sacred committed to man.
Accepting this trust with just appreciation cannot
but lead to recognition of other men's responsibility,
and, therefore, to something of generous appreciation of all that is good in their beliefs and ways.
We have learned that at our best to meet our trust
we need help from all who can render it; and,in turn
the more imperfect, the lower in the scale of advancement other peoples may appear, the greater their
need of our aid and of us.
If this view is taken, and this spirit prevails, race
antagonism will fade, and the enmity and distrust of
men of different speech will give place to the normal give and take of wholesome intercourse. The
more widely the good in any form is sought, the more
will a common conception of right and a common
standard of character prevail. Diverse men will
not seem so hopelessly apart, or the immigrant who
comes from afar so unintelligibly alien. We will
appreciate him, and what he bears as his peculiar
trust, in proportion as we feel responsibility for our
own—as something to be shared, no less than to be
preserved.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. crop in this country this year has partially failed for
the
Friday Night, Nov. 30 1923.
third year in succession and that East Indian supplies are
Two things, to go no further, conspire to keep trade of also low and nowhere are the world's
cotton crops quite
this country for the most part within moderate limits. The up to those of some recent years has
conspired to bring about
weather has not been favorable for one thing, and the time sensational advances
in the world's cotton markets. At
for making inventories is close at hand for another. Usually times the advance
here has been so rapid during the last
trade slackens at this time. There has latterly been a falling week or ten days as
to suggest something like a bear panic
off in car loadings, though they still make no bad showing. in New York. It would
appear also that many of the mills
The latest exhibit, that for Nov. 17, is no less than 991,745, have neglected to
supply their wants, both at home and
and this is the first week in more than two months in which abroad. Bombay merchants are now cancelling their recent
they have been less than 1,000,000. That certainly sounds offerings of cotton
to Europe, a fact which suggests that
like eloquent testimony to the fact that whatever drawback they find it impossible to secure the cotton. Meanwhile
there may have been, or whatever the spirit of conservatism Lancashire mills are now authorized to run on American
throughout the country, the aggregate weekly business has, cotton to the amount of 100%. Its mills are said to be operatafter all, reached a gratifying exhibit. As a rule it has sur- ing at 80%. In this country some of the New Hampshire
passed that of last year. And of late the failures have fallen mills are steadily increasing their working forces. Some in
off noticeably. Bank clearings are running ahead of those Vermont are running night and day. New Bedford mills will
of a year ago. The grain markets stand up very well, as a not curtail the output acting as a unit, as they at one time
rule, even though the export trade is not by any means all contemplated. Wool has been rather firmer, though not
that could be wished. There is an immense consumption of active. The silk trade has increased somewhat. Iron meets
corn in this country and also of other cereals, not to mention with a fair demand after recent transactions involving about
wheat, of which the consumption is also evidently increasing 1,000,000 tons. Steel is still rather quiet in
some branches,
in Europe. Russia is exporting on so large a scale as to though there is
a fair business with the automobile works
affect American markets somewhat, but on the other hand, and railroad companies. In some directions
general business
for the time being at any rate, East India and Argentina are is good. The South seems to be prosperous
beyond precedent,
not exporting on so large a scale as recently. It is significant with cotton up to nearly 38c. per pound
here, and so high at
that Europe is taking a very large quantity of wheat from the South as to greatly increase its
buying power. Business
exporting countries even though its own crops have notice- for the holidays already shows signs
indicating that it may
ably increased. The European potato crop is much smaller be very active, perhaps unprecedentedly
so. Certainly a high
than that of last year and this of itself may account for the record total would not be surprising with
labor so generally
larger consumption of wheat across the water. Judging by employed at excellent wages in this
country, and the West in
its increasing wheat exports, Russia is gradually returning much better shape than it was a year ago. The marketing of
to some semblance of its former agricultural life.
live stock is on a scale of unparalleled size. Up to the present
In this country cotton has advanced during the past week time the total at 20 leading points, it is stated, is larger than
some $4 to $650 per bale, owing b enormous buying by for the whole of last year. Reports in regard to the winter
American mills, and also by Europe, particularly England. wheat crop conditions are favorable over the West and
At the same time there has recently seen something like a Southwest, as a rule. Snows in the Southwest have latterly
bear panic in the cotton trade of Bombay and also a very favored the plant. The husking of the corn crop is largely
§harp rise at Alexandria, Egypt. The fact that the cotton finished in the Southwest and is far advanced elsewhere in
DEC.1 1923.]
THE CHRONICLE
2371
re- concerted curtailment. The mills rill do what they deem
the belt. The weather over much of the corn country has
advisable each for itself.
grade.
the
cently been better, to the manifest improvement in
their
seen
At Lawrence, Mass., the Pacific mills have notified
prices
lowest
the
at
selling
are
hogs
On the other hand,
n of a wage reduction in
expectatio
no
is
there
that
workers
the
below
well
remains
for nearly ten years. And wheat still
oats, the near future. Many Lawrence mills closed on Wednesday
price of a year ago, whatever may be said of corn and
said,
very not to reopen until Monday. Similar action, it was
with
markets,
big
the supplies of which are small in the
in New Engmills
other
by
taken
be,
would
or
been,
had
large consumption on the farm.
As regards general trade, it looks as though the November land.
At Thompsonville, Conn., the Bigelow-Hartford Carpet
total would fall somewhat below that of October. But conreported to have begun curtailment for the first
ditions of trade in this country are undoubtedly sound. And Co. was
the World War. Later it was denied that the
since
reserve
time
the
gold
with
whatever the talk about gold inflation
of the Bigelow-Hartford Carpet Co. would curup to over three billion dollars, there is on the whole re- Clinton mill
. The Superintendent added that so far as he
very
operations
evident
tail
no
are
there
And
n.
markably little speculatio
t is contemplated. At Biddeford. Me.,
curtailmen
It
of
knows no
prices.
signs of inflation discernible in the movement
received an order from the Ford
have
Mills
Pepperell
but
years
the
past,
some
for
than
higher
is
cotton
is true that
of drills and expect further
yards
900,000
for
Co.
at
Motor
home
demand
this is due to considerations of supply and
Queen City cotton plant is
the
Vt.,
,
and abroad, rather than to speculation pure and simple. orders. At Burlington
end of the year. Charthe
until
will
and
overtime
working
at
for
stocks
market
active
Merchants are cheered by an
Springs chain of cotthe
of
sale
the
that
higher prices, as it is predicated on sound conditions of lotte, N. C., reports
-Greene interests of
Lockwood
to
Carolina
South
in
mills
many
of
income
ton
operating
and
net
loadings
trade, large car
Mass., the Ludlow
Ludlow,
At
cancelled.
been
has
ing
period Boston
roads showing a large increase over the correspond
were on curwhich
products,
jute
last year. Merchants also observe with satisfaction a rising mills, manufacturers of
when mills Nos.
ago,
weeks
two
about
until
operations
is
prices.
tailed
That
firm
at
demand for investment securities
started up mills Nos. 1,
naturally interpreted as an increase in confidence in the 5 and 6 went on full time, have now
time.
full
on
3
is
conIt
and
States.
2
United
the
in
trade industrial outlook
At Lynn, Mass., favorable action was taken by the Lynn
firmed by further announcements of increases in dividends in
local toward inviting the Massachusetts Board of Conshoe
y
morel
hopes,
communit
The
commercia
various directions.
Arbitration to investigate the situation in Lynn,
over, that the coming Congress will carry out the program of ciliation and
which the local shoe factories have in a number
of
because
is
It
State
Mellon.
of
by
Secretary
outlined
reduction
tax
from the city and in other cases have
true that sterling and Continental exchange has declined of instances moved
y. The vote stood 1,790 to 728. The
bankruptc
sharply. But the drop in sterling was partly due to in- gone into
that they were chiefly concerned over
stated
rers
manufactu
has
weather
Mild
export.
for
creased buying of cotton
that the locals would abide
guarantee
some
of
caused a falling off in the coal trade and of course has mili- the question
the State Board even if it should
of
ation
recommend
the
by
easonal
in
some
business
against
tated to a certain extent
unsatisfactory. The Gregory & Read Shoe Co.,
goods. But of late the weather has become colder at the seem to them
companies in Lynn, in a circular letter to
West and heavy winter goods are said now to be selling one of the largest
"Unless we get an even break with
says:
employees
Its
satismore readily. To be sure, collections are not entirely
shall be obliged to discontinue all
we
cities
g
factory by any means. They are somewhat better than they neighborin
company has been operating at a
The
Lynn."
in
operations
were recently, but there is still plenty of room for improveto stand it. It proposes a
continue
to
refuse
will
and
ment, no doubt because the turnover is not so rapid in some loss
the employees. First, the company will
to
operation
of
plan
that
be
denied
to
not
It
is
directions as could be desired.
running its own business. Second, all shop rules
the country as a whole is buying goods only for immediate Insist upon
production must be either modified or abanhinder
which
lumber
The
future.
near
the
in
on
use or for consumpti
the company must forthwith reduce wages
Third,
doned.
trade, as a rule, is less active. But the mills have large
compete on a fair basis with other concerns.
to
order
orders on hand from old business; and on the Pacific Coast 15% in
shoe manufacturers are also faced with a
Mass.,
Haverhill,
the
same
at
the
time
East
while
there is a good export trade,
unions refuse to get together on the
The
situation.
is buying at the other end of the Continent on a considerable bad
been under consideration for some
has
which
plan
peace
of
the
throes
in
an
election
is
England
scale. Meanwhile
not
ask any wage increases and are in
do
cutters
The
time.
which undoubtedly interferes with British business. Rumors
with wages and conin some of the London papers that Germany is secretly favor of the consideration of a new pact
the stitchers,
including
locals,
.
Other
unchanged
ditions
arming are stigmatized by the more reliable element in the
who represent about 4,000 of the membership, insist upon
British press as sensational.
greatly
At Manchester, N. H., on Nov. 27 the Amoskeag Manufac- prices being fixed. The Haverhill manufacturers are
will
operatives
the
that
and
the
outlook
fear
over
turing Co. put into effect workers' participation in the man- disturbed
to keep the facof
orders
securing
the
sufficient
prevent
l
mechanica
and
worsted
ts,
these
the
of
departmen
agement
One large facdepartments having accepted the company's proposed plan tories in operation, or, if so, only at a loss.
of a million dollars
to
business
a
done
have
reported
is
company
tory
has
The
tion.
reprerepresenta
appointed
such
for
sentatives to meet the representatives elected by the wcrkers. last year at a loss of $65,000.
In northern New York rains last Saturday were followed
-The cotton department has not elected to come in under the
Sunday by deep snows over the upper Hudson and eastern
are
some
on
there
4,000
but
in
operatives
working of the plan,
caused railway delays.
the plant who are understood to be included in it. The com- Mohawk valleys. The snow drits
out from under six
shoveled
dy
and
Troy
Schenecta
on
more
Albany,
the
operatives
on
the
payroll
800
some
pany put
service had been
car
electric
of
snow
after
inches
600.
eight
The Amoskeag mills to
27th inst. instead of the expected
Up through the
suspended work from Wednesday to Monday next, including crippled and wire communication delayed.
and railmotoring
replaced
ks
sleighing
will
Adirondac
eastern
in
resume
They
more mills
the Thanksgiving holiday.
in places as
on Monday. More than 80% of operatives will then have road and highways were buried in drifts so deep
fall
2
1
/
returned out of a total of 16,000. New Bedford, Mass., cot- to prevent traffic. At Glens Falls, N. Y., a 10 -inch
south
ton mills, it was said early in the week, were increasing cur- was a new November record. Duanesburg, ten miles
tailment and the operation of 300,000 spindles now average of Schenectady, N. Y., had 18 inches of snow. Plattsburgh
down
only 30% of capacity. New England textile shares have was temporarily cut off from the world, with wires
the
been declining. At New Bedford, Mass., on Nov. 28 a meet- and traffic checked. Cities in the Southern Tier and
OgdensAt
.
snowstorm
the
escaped
ing of the New Bedford Cotton Manufacturers' Association lower Hudson Valley
was held for the "purpose of considering the matter of cur- burg, near the lakes, Sunday was warm and sunny; making
tailment" owing to the unfavorable market conditions as to overcoats unnecessary. Adjoining cities to the east and
At
both cloth and yarns. Up to very recently the New Bedford north spent the day shoveling snow in a chilly wind.
Pittsfield,
at
and
fell
snow
of
inches
to
90%
80
at
of
eight
,
Vt.,
operating
have
been
Burlington
mills
capacity, out
cloth
curtailment of production has been very drastic among the Mass., on Nov. 26, six inches fell, which is unusual for this
in the Southfine yarn mills and particularly among the mills serving the time of the year. There were good snowfalls
s in
snowstorm
were
there
night
two
Tuesday
or
Over
week
some of the cloth west to-day.
tire trade. During the past
vicinity and makmills have begun to curtail output, but a number are still various parts of Texas. At Montreal and
2 inches of snow fell between
1
running on full time, such as the Nashawena, Neild and ing a record for 50 years, 14/
of trees were
Bristol. The last named is operating overtime, with several last Friday night and Sunday. Branches
were snapped.
wires
telephone
and
light
electric
to
And
and
nights.
running
broken
looms
it
-day
anwas
its
hundred of
nounced that New Bedford, Mass., mills had decided against To-day it has rained heavily here.
2372
THE CHRONICLE
[Vol,. 117.
Federal Reserve Board's Summary
of Business Condi- autumn. Contracts awarded during October in this district represented
an unusual volume of building for this period of the year.
Reports for the
tions in the United States.
first three weeks of November are also favorable.
Money rates averaged slightly lower in November than in
Production of basic commodities and retail trade increased
October.
during October, and the volume of freight shipments and The general banking situation remains favorable.
wholesale trade continued large, says the summary of business conditions in the United States made public this week by Increase in Chain Store Sales
in Federal Reserve
the Federal Reserve Board, which adds that "the level of
District of New York.
wholesale prices and the volume of employment showed but
The Dec. 1 issue of the Monthly Review of Credit and
little change." Continuing, the Board says:
Business Conditions by the Federal Reserve Agent at New
Production.
York states that "October sales by all types of chain stores
The Federal Reserve Board's index of production in basic industries adwere larger than in either September or in October a year
vancea 3% in October, after having declined for four months. The increase
for the month, while due in part to the resumption of anthracite coal min- ago. The gain over October
year ago was due in part to
ing, also reflected increases in textiles, lumber and sugar, and most other the opeg of new stores, but the average sales per store of
industries included in the index. Employment at industrial establishments
ten-cent candy, grocery and apparel stores were larger this
showed practically no change between September and October.
Contract awards for new buildings increased throughout the country ye r than last." Detailed figures are shown below:
considerably
more than is usual at this season, and were 25% larger than in
September. Residential projects formed a larger proportion of the total
than in any earlier month of the year.
Crop estimates by the Department of Agriculture on Nov. 1 indicated
a substantial reduction from the September forecast in the yield of cotton,
but larger yields of corn, potatoes and apples.
Trade.
Heavy movement of miscellaneous merchandise and live stock resulted in
October in the largest railroad shipments of any month on record. Wholesale trade was 12% larger than a year ago and sales in all leading lines except shoes showed increases. Department store sales were 13% larger than
last October and sales of mail order houses were the largest of any month
since 1919.
Prices.
Wholesale prices declined less than 1% in October, according to the index
of the Bureau of Labor Statistics, and stood approximately at the level of a
year ago. The principal changes for the month were declines in the prices
offuel,clothing, metals and animal products, while wholesale prices of crops,
particularly cotton, increased. During the first half of November the prices
of wheat, hogs, pig iron and hides receded, and prices of cotton and cotton
goods, cement and copper advanced.
Bank Credit.
Since the middle of October there has been a slight decline in detnand for
credit for commercial and agricultural purposes at member banks in leading cities. Considerable decreases in borrowings for these purposes in the
New York and Chicago districts were partially offset by increases in other
districts. Loans secured by stocks and bonds increased somewhat, while
investments continued to decline and reached the low point for the year.
The total member bank accommodation at Federal Reserve banks decline! between Oct. 17 and Nov. 21, and on the latter date was the lowest
since the middle of the year. The total volume of Federal Reserve bank
credit outstanding, however, remained relatively constant because of increased purchases of bills in the open market. The volume of Federal Reserve note circulation declined by about $50,000,000 during the period.
while other forms of money in circulation increased.
Money rates showed an easier tendency and during the early part of November the open market rate on commercial paper in New York declined
from 5 ©5h to 5%.
P. C. Change
No. of Stores.
in Sales per
Oa. oa. -Dollar Sates in Oct.(Oct. 1913=100)Oct. 1922
Type ofStore- 1922. 1923. 1919. 1920. 1921. 1922. 1923. Store,
to
Oct. 1923.
Apparel
433
545
61
89
89
100
129
+2.6
Grocery
14,758 18,074
79
97
92
100
128
+4.1
Candy
104
120
73
100
94
100
123
+6.8
Ten-Cent
1,771 1,847
70
85
91
100
116
+11.3
Shoe
276
105
321
118
108
100 t 115
-1.4
Cigar
2,670 2,700
87
119
109
100
109
+7.7
Drug
280
313
88
101
100
100
108
-3.5
Total
20,292 23,920
96
77
93
100
122
+3.7
Increase in Department Store Sales in Federal Reserve
District of New York in October.
Department store sales in this district were 9.5% above
those of October a year ago, according to an item in department store business appearing in the December issue of the
Monthly Review of Credit and Business Conditions by the
F leral Re.qrve Agent at New York. This compares with
gains of 4% in September and 11% in August. Sales in
Newark and id New York City were relatively larger than in
any other city in th..1 district, but in no city were the sales
b2low those of last October. The Review continues:
With the exception of cotton and silk goods departments, sales in all
sections of the stores were considerably above those of last October, and
sales of clothing, both men's and women's, and of shoes, hosiery, woolen
goods, furniture and house furnishings showed particularly large increases.
The following table shows the changes in sales in 11 major .groups of
departments.
Per Cent Change in Sales, October 1922 to October 1923.
Woolen goods
+18.6
Men's and boys' wear
Shoes
13.2
Hosiery
115.03.
12
House furnishings
11.6
Women's and misses' ready to weer
+9.9
Furniture
+9.7
Women's and misses' ready to wear accessories
Cotton goods
Silk goods
-0.5
Miscellaneous
+16.9
Stocks held by department stores on Nov. 1 were 8% larger than on
Oct. 1, due to the receipt of Christmas and winter merchandise.
Compared with Nov. 1 last year there was an increase of 13.5%,
reflecting in
part higher prices. Higher prices were further indicated by
an advance
of 5% in the average sales check from $3 20 last October to
$3 36 this year.
Improvement in Business Situation in Boston Federal
Reserve District During November.
According to the Dec. 1 issue of the "Monthly Review of
Industrial and Financial Conditions in the New England
Federal Reserve District," a slight improvement in the business situation in New England and a more general feeling of
optimism were perceptible during November. Frederic H.
A diagram compares the sales and stocks of department
Curtiss, Chairman and Federal Reserve Agent of the Federal
stores in this district during the first ten months of the curReserve Bank of Boston, further says in the "Review":
Increasing optimism in the autumn is, however, a somewhat seasonal rent year with those of 1922. The Review continues: "Sales
occurrence, and whether it followed the improvement in trade or was by mail order
houses during October were 22% above those
partly the cause of It is hard to det rmine.
of last October, and the largest in dollar value of any month
Commodity prices continued to undergo readjustments between groups,
but the average level was fairly well established duel g November. There since Dec. 1919."
were some important exceptions to general stability among individual comDetailed figures of the sales and stocks of department
modities. Perhaps the one that touches New England more than any other
was the rapid rise in raw cotton prices. Peculiarly, too, this rise has not stores in this district are shown below:
necessarily made for a more optimistic feeling among mill operators. inasmuch has it has been so great that it has made manufacturers and jobbers
alike fearful that the ultimate consumer will not pay a price for cotton
goods based on 35-cent raw cotton. There were reports toward the latter
part of the month of increasing curtailment of cotton mills in several New
England centres on this account. Stocks of raw cotton in New England
mills are low in proportion to current consumption, considering the season
of the year, and raw cotton prices are usually high when this condition
prevails. The present situation in the cotton textile industry is an exaggerated instance of a situation which was true of business as a whole last
spring just before the business reaction. The cotton industry is usually
rather sensitive to price changes, because the housewife is apt to make an
Instinctive comparison of the general level of retail prices on the basis of
the price of cotton goods, especially insomuch as she buys so much of them.
Representative New England department stores report that their sales of
cotton yard goods so far this year have been approximately the same as
last year. when allowance is made for the Increase in prices. On the other
hand, these stores have constantly maintained smaller stocks of cotton
yard goods than in 1922, and have not had as much on order.
The volume of distribution of general merchandise, as represented by the
number of cars loaded with merchandise and miscellaneous freight on the
New England roads, has recently made a more favorable showing than
during preceding months. During the first week In November, New
England carloadings of merchandise were larger than in the corresponding
week last year for the first time since early in August. In fact, when the
usual seasonal trend is taken into consideration, October carloadings showed
a marked increase over those in September. Carloadings for the United
States as a whole, a well as for New England, have by now passed their
peak for the year, which usually comes in Octobr, so that decreases are
naturally expected until at least the turn of the year.
One of the most favorable aspects of the present situation is the large
volume of contracts tor new Censtruction which have been awarded this
Net Sales During October.
Stock on Hand Noe. 1.
-(Oeather 1922=100%)- -(Nov.11922=100%.
1919- 1920. 1921. 1922. 1923. 1919. 1920. 1921. 1922. 1923
Alidept.stores
89
94
96 100 110 100 120 103 100 114
New York
93
94
96 100 111 100 120 103 100 114
Buffalo
77
91
100 104 104 125 108 100 108
92
Newark
83
93
91 100 114 102 125 104 100 117
Rochester
82
97
94 100 108 122 141 103 100 118
Syracuse
98 103
96 100 108 129 153 102 100 111
Bridgeport
101 110
97 100 102 103 118 100 100 100
Elsewhere
91 105 111 100 107
91 110 108 100 112
Apparel stores
83
88
94 100 105
83 103
93 100 116
Mail order houses
143
80 100 122
93
Increasing
Activity in Wholesale Trade in
Reserve District of New York.
Federal
Wholesale trade in this district was more active in October than in September, according to the December issue of
the Monthly Review of Credit and Business Conditions by
the Federal Reserve Agent at New York. The Review says:
This bank's weighted index of sales of 162 dealers in
11 principal lines
advanced 12% over September and was 11% higher than in October lasts
year. This increase occurred notwithstanding the fact
that there is usually
a decline in September, and probably reflects delay by many retailers in
making their purchases until later than usual in the fall.
Sales of women's coats and suits Increased 25% over September and 20%
over October a year ago, and sales of men's clothing were nearly equal to
those of September, whereas last year September sales greatly exceeded
those of October. Other factors in larger trade in October were increased
sales of hardware, accompanying continued active building operations,
and gains In sales of cotton goods and groceries, due partly to,higher!prices.
DEc.1 1923.]
T.F1 Ili
CHRONICLE
A series of diagrams show the fluctuations in sal s in the
different commodities during the past several years. Detailed comparative figures of October sales are shown in the
following table:
CommodityDry goods
(A) Cotton goods
(B) Silk goods
Groceries
Shoes
Hardware
Machine tools
Diamonds
Jewelry
Drugs
Stationery
Clothing
(A) Men's
(B) Women's dresses
(C) Women's coats and suits
Total(weighted)
Dollar Sales During October. Per Cent.
Change.
(October 1922 = 100%.)
Sept. to
1919. 1920. 1921. 1922. 1923. Oct. 1923.
108
114
102
108
103
117
86
97
104
118
96
116
131
93
120
-6.0
+7.0
-18.9
+23.9
+8.8
+15.2
+26.2
+7.6
+22.5
+18.7
+22.6
+10.3
-0.9
+8.9
+25.4
86 100 111
+11.6
70 85 100
74 92 100
66 77 100
109 89 100
89 109 100
110 85 100
146 29 100
82 77 100
141 76 100
95 89 100
132 76 100
95 83 100
116 110 100
so 87 57 100
84 75 73 100
129
109
148
120
259
110
168
167
183
98
111
88
98
116
96
increases over the correspondinglweekVaslyear, and'all except:the:Eastern
and Allegheny reported increases over the corresponding week in 1921.
Loading of revenue freight this year compared with the two previous
years follows:
1921.
1922.
1923.
3,380.296 2,785,119 2.923.759
4 weeks of January
3,366,965 3,027,886 2.739,234
4 weeks of February
4,583.162 4.088,132 3,452,941
5 weeks of March
3,763,963 2,863,416 2.822.713
4 weeks of Aprll
3,941,386 3,102.124 3.039,234
4 weeks of May
4.977.053 4,153.590 3,808,040
5 weeks of June
3.944,386 3,252,107 2,998,785
4 weeks of July
5.204.532 4.335,327 4,069,765
5 weeks of August
4,147,148 3,699,397 3,280.576
4 weeks of September
4,310.994 3.913.046 3,726.405
of
October
4 weeks
837.576
979.851
1.035.776
Week ended Nov. 3
755.777
944,186
1,036,067
Week ended Nov. 10
790,363
957.564
991,745
Week ended Nov. 17
J. L. Johnston, of St. Louis, Says Business
Is Taking Middle Course.
"Neither banked fires nor forced draft may be expected
for business in 1924," says President J. L. Johnston of the
Liberty Central Trust Co., St. Louis, in his monthly review,
issued Nov. 24. "There should be sufficient steam, however,
to keep our economic machine in fairly efficient operation,"
he says, and he continues:
Business as a whole is taking a middle course, avoiding the extremes of
boom and depression. There seems little likelihood that any abnormally high
or low levels will be reached next year, although some further recession from
the peak activity of early 1923 is possible. The curve of business should show
little more than gentle undulations, and this is to be desired rather than the
violent changes with which we have become only too familiar in recent years.
The most conservative opinion leans toward the expectation of fair conditions
with somewhat less prosperity than was enjoyed during the major part of the
present season. In our estimation, this is all for the best; it will be as close
an approach to normalcy as we can reasonably look for, taking into consideration all phases of the business cycle.
There are still many inegalities to contend with, and these are not confined
to any one part of the economic structure. High and low spots appear in
agriculture, industry, and our mental attitude toward the future. The latter
remains a very influential factor; a feeling of uncertainty has bred caution,
which in itself is a good thing. The European situation and the approaching
session of Congress have been causes for apprehnesion. Fear of destructive
legislation, however, seems to be a little less than it was. The proposal for
tax reduction, with its reception so far, reveals the strength of the sentiment
against some of the radical measures with which the nation has been threatened.
An important fact to note to.day is the appreciable improvement In the
farmer's position. Agricultural conditions cannot be measured absolutely
by mere statistics, but it is encouraging to see that the available data do
point to a higher level of crop values, good production, and, generally speaking, an increased purchasing power for agricultural products. There are
.some exceptions, of course, and we do not deny that further Improvement is
in order. Developments, however, are in the right direction.
Record Loading for the Season of Railroad Freight
Trains Continues.
Record loading of revenue freight for this time of year
continues, the total for the week which ended Nov. 17 having
been 991,745 cars, according to the Car Service Division of
the American Railway Association, which also says:
This was an increase of 34,181 over the corresponding week last year
and an increase of 201.382 over the corresponding week in 1921. Compared
with the corresponding week in 1920 it was an increase of 102.607 cars.
Loading of all classes of revenue freight in the Eastern District showed
anlincrease of 2%% over the same week last year, while in the Southern
District there was an...increase of 4.9%, and in the Western District an
increase of 11.6% •
Due to the observance of Armistice Day,the total for the week of Nov. 17
was a decrease of 44,322 cars under the preceding week.
Loading of grain and grain products for the week of Nov. 17 totaled
48,027 cars, 1,061 less than the preceding week and 7.034 cars below the
same week one year_ago, but 10,186 in excess of the corresponding week
in 1921.
Live stock loading-amounted to 41.428 cars. While this was a decrease
of 2,100 underithe week before, it was an increase of 713 cars over the
same week last year and an increase of 7,136 over the same week two
years ago.
Coal loading totaled 170,875 cars, 19,407 below the preceding week and
29.916 cars loss than last year. Compared with the same week in 1921 it
was a decrease of 2,437 cars.
Loading of forest'products totaled 72,527 cars, 2,535 below the week
before, but 11,629 cars above the same week last year, and 22,052 cars
above the same week two years ago.
Loading of merchandise and less than carload lots totaled 247.711 cars.
Compared with the week before this was a decrease of 2,399 cars, but was
an increase of 19,701 cars over the same week last year and an increase
of 18,404 cars above the same week in 1921.
Loading of miscellaneous freight totaled 355,378 cars, 8,473 cars less
than the week before, but 28,865 cars above the same week last year.
Compared with the same week in 1921 it was an increase of 100,167 cars.
Coke loading for the week totaled 10,750 cars. While this was a decrease
of 584 cars under the week before and a decrease of 1,724 under the same
week last year, it was an increase of 4,286 cars over two years ago.
Ore loading amounted to 45.049 cars. 7,763 cars less than the preceding
week, but 11,947 above the corresponding week in 1922 and 36,714 cars
above the corresponding week in 1921.
Compared by districts decreases under week before in total loading of
all commodities were reported In all distriCts, but all districts reported
2373
Total for year to date
44.683,473 38.101.745 35,245.268
Crude Oil Production Continues to Show Slight
Decrease.
The daily average gross crude oil production in the United
States, as estimated by the American Petroleum Institute,
for the week ended Nov. 24, was 2,198,250 barrels, as compared with 2,224,300 barrels for the preceding week, a decrease of 26,050 barrels. Compared with the production
during the corresponding week of 1922, it was, however,
an increase of 560,850 barrels. The daily average production
east of the Rocky Mountains was 1,439,950 barrels, as compared with 1,458,300 barrels the preceding week, a decrease
of 18,350 barrels. California production was 758,300 barrels,
as compared with 766,000 barrels, a decrease of 7,700 barrels.
Santa Fe Springs is reported at 215,000 barrels, against 230,000 barrels; Long Beach 240,000 barrels, against 242,000
barrels; Huntington Beach 75,000 barrels, against 76,000
barrels, and Torrance 30,000 barrels, against 19,600 barrels.
The following are estimates of daily average gross production
for the weeks ended as indicated:
•
Daily Average Production.
Nov. 24 '23. Nov.17'23. Nov.10 '23. Nov.25'22.
(In Barrels)
415,100
387,200
387,800
390,100
Oklahoma
71,300
87.450
70.900
70,600
Kansas
58.500
66,350
66,600
66.300
North Texas
129.450
415,350
393.800
374.500
Central Texas
86,400
57,000
58,150
57,800
Louisiana
North
123.950
85,650
123.800
123,150
Arkansas
94,000
121.000
93.800
94.300
Gulf Coast
116.000
108,000
108.500
108,000
Eastern
152.200
82.850
154.950
155,200
Wyoming and Montana
455,000
763,400
766.000
758.300
California
2,198,250 2,224.300 2,238,750 1.637,400
Total
Crude Oil and Gasoline Markets Less Disturbed by
Price Changes.
made in the price of crude oil during
were
Fewer changes
the week ended Nov. 30 than for some time past. A
premium of 10c. per barrel for Pennsylvania crude oil was
offered at Oil City, Pa., on Nov. 24. The crude oil purchasing company issued an order for 1,000 barrels per day at
the premium price until further notice.
The Turman Oil Co., a subsidiary of Middle States Oil,
has arranged for marketing 100% of its production. Its
field superintendents have been instructed to resume production on the basis in effect before the curtailment made
owing to the prorating of oil runs some time ago.
Gulf Coast crude oil producers on Nov. 27 were being
offered a premium of 25c. per barrel above the posted price
by two large foreign buyers. However, little crude could
be obtained, it is stated, at the advanced price, the more
important producers preferring to hold it in storage for
higher prices.
On Nov. 28 additional orders for Pennsylvania crude at
the 10c. premium were reported fromlOil City, Pa., one of
which called for 10,000 barrels.
In contrast to the statement of:the":"Times" quoted last
week on page 2273 concerning the policy of the Governor
of South Dakota in the gasoline price war, an item in the
Minneapolis "Journal" of Nov. 20 stated that the price of
the fuel at the State supply:station at Mitchell, So. Dak.,
had been cut to 123' cents onithat date. The item mentioned reads as follows:
Indications in Mitchell to-day pointed to a likelihood of a prolonged
gasoline war between the State on one hand and the independent and
Standard Oil dealers on the other. After giving dealers 24 hours longer
than had been originally planned in which to lower their prices to 16 cents
per gallon as a basic price, the State Highway supply depot here, acting
on instructions from Governor W. H. McMaster, began selling gasoline
to-day for 12% cents per gallon.
More than 200 cars filled their tanks at the supply depot at 16 cents
Yesterday, and it is expected there will be a rush to-day when the announcement of a 3Si-cent additional cut is made.
Dealers here insist that to sell gasoline at 16centswould mean a financial
loss and declared there Is little chance to reduce their price from the present
18 cents basis.
The price of -Mid-ContinentTgasoline has been increased
cent per gallon by the refineries. The quotatinn for new
Navy gasoline is now from 63 to 7 cents per talon o.b.
2374
THE CHRONICLE
Tulsa. Several concerns are asking as high as 73/ cents.
Among the latter is the Roxana Petroleum Co., while the
Empire Refineries and Cosden companies are quoting
7 cents.
[VOL. 117.
150,000 tons, Pittsburgh 100,000 tons, and a large scattering amount additional in the country at large. On this basis, the contracting for iron has
been the heaviest since the early months of 1920. Prices have firmed up
50c. to $1 per ton and numerous sales have been made on the higher basis.
Purchases of the American Radiator Co. have reached 75,000 tons. The
United States Cast Iron Pipe & Foundry Co. is credited with buying
Heavy Pig Iron Buying Causes Price Advance-Steel against a requirement of 150,000 tons.
Automotive interests with promising conditions for 1924 are beginning to
Outlook More Favorable.
figure on heavy future requirements. Some buying has been done in strip
and cold drawn steel. Preliminray negotiations for large tonnages for fine
Well over a million tons of pig iron has been put on the finished
sheets for next year are under way. The builders want a reduction
producers' books by the widespread buying of the past two of $5 per ton from the present
price of 5.35c. which the mills are opposing.
weeks. The movement has now subsided, partly in view though some would be willing to grant $3. At Cleveland a motor accessory
manufacturer is inquiring for 15,000 to 20.000 tons of bar products for first
of the advance of $1 to $2 a ton in foundry iron prices, but half. The Ford Motor Co.
has been a recent buyer of 10,000 tons of bars.
more because most of the largest consumers are provided
Railroad buying is still a market feature. The Pennsylvania rail order
for
200.000
tons
for
1924
now released, gives 94,000 tons each to Steel Corwith iron for their first quarter's needs, observes "The Iron
poration and Bethlehem mills and 12.000 tons to the Inland Steel Co.
Age" in its weekly market review issued Nov. 29. Regard- The
Baltimore & Ohio bought 15,000 tons of tie plates. The New York
ing conditions affecting steel buying the "Age" states that Central is inquiring for 30,000 tons of tie plates and 105,000 kegs of spikes
on the whole the outlook is more favorable. The report is and track bolts. Car orders this week total 2,000.
Resumption of iron and steel operations in the Ruhr region is assured,
as follows:
following the signing of an agreement between the manufacturers and the
The effect on finished steel of this remarkable activity in the primary French authorities according to "Iron Trade Review" weekly
market cable
product is yet to be measured. Users of steel, as is well known, will go from Europe. Exports, however, are limited to the monthly average of
over into the new year without change in their policy of scant buying. 1922. Large structural projects are coming forward steadily. This
week
But the aggregate of current orders for early delivery is far from incon- bids are asked on 18,000 tons for a telephone building in
New York. Bridge
siderable, and on the whole sentiment has grown more favorable.
Jobs up for bids in New York total 16,000 tons with a large volume of railThe price situation in steel products is somewhat uneven. Over against road work now in the hands of engineering staffs. The
week awards itin
the firmer stand of some sheet makers are further reports of concessions on 23.139 tons, including 9,800 tons for a power house
at Kearny, N. J.
plates, Pittsburgh mills having encountered more 2.40c. business in competitive territory, as against a 2.50c. price. Generally speaking, the mills
will have shipped most of the low-priced orders on their books by the end
of December-that is, bars below 2.40c. and plates and shapes below 2.50c. Observance of Armistice Day Occasions Decrease in
Thus the real test on prices is looked for in the first month or two of the
Production of Coal.
new year.
The production of both bituminous coal and anthracite
It is expected that operations will fall off considerably in December. The
Steel Corporation is now running at slightly over 80% of capacity, while fell off during the week ended Nov. 17, owing to the general
the average for independent companies is less than 70. By the year end observance of Armistice
Day on Monday, Nov. 12. The
the rate for the entire industry is likely to be about two-thirds.
Chicago producers continue to count hopefully on railroad contracts, decrease amounted to about 1,042,000 tons, or 9.7% of the
though it is recognized that their volume depends on the still unsettled week's production of bituminous coal and to about 242,000
factor of price. The heavy rail bookings will mean large orders for track tons, or 12.3% of
the anthracite production, according to
supplies. The New York Central, for example, has inquired for 30,000
estimates made by the U. S. Geological Survey. The weekly
tons of tie plates and nearly 15,000 tons of spikes and bolts.
The week's developments in railroad freight car buying are chiefly the report of the Survey as regards production follows:
purchase of 1,400 by two Southern roads and the request for figures on
Observance of Armistice Day was largely responsible for a sharp
drop in
1.000 by the Reading.
the production of soft coal in the week ended Nov. 17. The total
output,
Activity in fabricated steel remains outstanding. Of upward of 27,000 including coal coked at the mines, mine
fuel, and local sales, is estimated at
tons booked, one-half was for public service stations. including 10,000 tons 9,684.000 net tons. This was a
decrease of 1,042,000, or 9.7%. Reports
at Kearny, N. J. In new work railroad bridges account for over one-half on car loadings show that
Armistice Day counted as but little more than
of the 23,000 tons.
one-half a normal Monday. Preliminary returns on car loadings, shown in
One factor in the firmer market for sheets in the Central West and at the table below, indicate that
the total output in the present week (Nov.
Chicago is fresh Japanese buying. For the Nippon Government there is 19-24) will be in the
neighborhood of 10,500,000 tons.
also an 18,000-ton sheet inquiry and a large rebuilding program calling for
S. Production of Bituminous Coal(Net Tons), Incl. Coal Coked,
plates, structural shapes and bars is coining forward.
Automobile,stove, radiator, heating furnace,sanitary ware and malleable
1923
1922
Week. Cal.Yr.toDate
foundries were the heaviest buyers of pig iron in the past fortnight. Thus
Week. Cal.Yr.toDate
Nov. 3
10,547,000 467,287,000
10,666,000 322.588,000
new construction was an important factor. Cleveland buying, put at Daily
average
1.758,000
1.795,000
1.778 000
1,237,000
350,000 to 375,000 tons, was the largest ever done there in equal time. Nov. 10_a
10.726,000 478.013,000
10,147,000 332,735.000
Pittsburgh is one centre in which the second week saw more buying than Daily average
1.788,000
1.795.000
1,845.000
1,249,000
Nov.
17b
9,684.000 487.697.000
the first.
11.215,000 343,950.000
average
1,761.000
1.795.000
1.889.0001,283,000
While the movement was largely over before the furnace companies made Daily
a Revised since last report. b Subject to revision.
their advances of 50c. on Bessemer, $1 on basic and
$1 to $2 on foundry
irons, moderate sales of foundry grades have been made
Production during the first 272 working days of 1923 was 487,697,000 •
at the new prices.
It is yet to be seen how far the new level can be maintained.
net tons. During the corresponding period of the six preceding
years It
was
The scrap market under the influence of the increased activity
as follows (in net tons):
in pig iron
shows a distinct upward tendency, with active buying
Years of Activity.
in some centres.
Years
Depression.
of
Advances in both foundry and basic grades have raised "The Iron Age" 1917
488.034,00(11919
420,861,000
1918
pig iron composite price to $21 86,from $20 77 last
519.8,000
00
1921
371,174,000
week-the first advance 1920
493,195,000 1922
since a minor one in August. One year ago the figure
343.950,000
was $26 77.
Another week at 2.775c. per pound extends the period of virtual stability
Production of Soft Coal in October.
of the finished steel composite price to thirty weeks. It was 2.439c. one
Final returns on coal loaded by the railroads in October indicate that the
year ago.
total output for the month was approximately 49,171,000 not tons. This
The "Age" composite price table follows:
estimate includes mine fuel, local sales, and coal coked at the mines. Comparison with production in September shows an increase of 2,955,000 tons.
Composite Price, Nov. 27 1923, Finished Steel. 2.775c. Per Lb.
which was due largely to the greater number of working days in October.
Based on prices of steel bars, beams,tank f
Nov.20 1923, 2.775c.
plates, plain wire, open-hearth raiLs,{
The table below shows October production in the last ten years and
Oct. 30 1923, 2.7750.
black pips and black sheets, constitut-I
Nov.28 1922, 2.439c. cumulative production during the first ten months of each year. It is seen
tog 88% of the United States output--110-year pre-war average, 1.689c.
that only three times during the nine years preceding was the October 1923
Composite Price, Nov. 27 1923, Pio Iron, $21 86 Per Gross Ton.
output exceeded in the corresponding month. Cumulative production to
Based on average of basic and foundry
Nov. 20 1923, $20 77 the end of October totaled 462,647,000 tons, a record nearly equal to that
irons, the basic being Valley quotation,
Oct. 30 1923, 22 27 of 1920, and exceeded
only by that of 1918.
the foundry an average of Chicago,
Nov.28 1922, 26 77
Philadelphia and Birmingham
10-year pre-war average, 15 72 Production of Soft
Coal in October and Cumulative Production in First Ten
Months of Last Ten Years (Net Tons).
Along the same general lines runs the comment of the
Total
Total.
"Iron Trade Review" of Cleveland, which in its issue of YearOctober. Jan.1-0d.31 YearOctober.
Jan.1-0c1.31
1914
37.685,000
57,200.000 409.619,000
353.450,000
1919
Nov. 29 described conditions in the markets as follows:
1915
44,198,000 352,075.000 1920
53,278,000 462.834,000
Confidence in the early appearance of active steel buying to meet the 191644,807,000 413.496,000 1921
44,678,000 374,467,000
48,337.000 460,064.000 1922
44,907.000 316.551,000
needs of a sound industrial and commercial situation is growing, but new 1917191b
52,300,000 495.307.000 1923
49,171,000 462,647,000
tonnage still is under restraint. Inventory and taxation considerations at
this season apparently are strong curbing factors. The question of price
ANTHRACITE.
also has its bearing, but this now seems less important than in other recent
Practically no anthracite was mined on Nov. 12, which was observed by
weeks. It is known that with many consumers stocks are down to the the anthracite miners as Armisice Day, and production
declined to 1,725,vanishing point and it is something of a struggle for them to piece out their 000 net tons, a decrease of 242,000 tons, or 12.3%. This
figure is based
way until they enter the market freely.
on the number of cars loaded by the principal anthracite carriers, and 'inIncoming business in steel in November has shown little if any change cludes allowances for mine fuel, local sales, and dredge and washery
coal.
from October, but with old bookings is enabling the mills to run at 70 to 80.% Loadings during the present week began at a high rate, and should there be
Such slight changes as are developing in steel prices seemingly are in the no unusual interruptions it seems probable that the total output will exceed
direction of greater firmness. With the absorption of numerous low-price 2,000,000 tons.
stock lists, the sheet schedule is better maintained. The larger makers of
Estimated United States Production of Anthracite (in Net Tons).
plates, shapes and bars are holding their prices but smaller mills are making
1923
1922
concessions of $2 per ton on plates and bars. A Mahoning Valley bar
Week. Cal.Yr.toDate
Week. Cal.Yr.toDate
producer booked 6,000 tons for first quarter at the full 2.40c. price. Bands Nov. 3
1,373,000
80,664.000
1,872.000 38,526 000
Nov.
10
1.967,000 82.631.000
are more uniform.
1,897.000 40,423,000
Nov. 17
1,725,000 84,356.000
2,230,000 42.653,000
Excepting for a slight change in September, "Iron Trade Review" composite of fourteen leading iron and steel products shows the first upward
BEEHIVE COKE.
turn in thirty weeks. Due to the strengthening pig iron market this week's
Theproduction of beehive coke continues to decline steadily. The total
composite is $42 80. Last week it was $42 63, and two weeks ago $42 74. output in the week ended Nov. 17 is estimated
at 246,000 net tons as against
Pig iron buying has continued to go ahead, though less actively this week 255,000 tons in the preceding week. 'The principal
factor in the decline
than last, and total bookings in November, it is believed, easily will exceed was a decrease of 8,000 tons in Pennsylvania and
Ohio. Production in the
1.000,000 tons. Latest estimates give Cleveland 300,000 tons, Chicago Connellsville region, accordingltolthe Connellsville "Courier," decreased
250,000 tons. Buffalo 250,000 tons, the South 200,000 tons, the East from 181,920 to 178,760 tons.;11
LA
.ks,La
THE CHRONICLE
Mile.1 1923.]
Estimated Production of Beehive Coke (Net Tons).
1922
1923
Week Endedto
to
Nov. 17 Nov. 10 Nov. 18
Date.
Date.
1923.a 1923.b 1922.
4,793,000
13,251,000
195,000 203,000 203,000
Pennsylvania & Ohio
419,000
950,000
14,000 13,000 21,000
West Virginia
444.000
979,000
Ala., Ky.. Tenn. & Ga.- 17.000 18.000 20.000
290,000
668,000
10.000 10,000
9,000
Virginia
192,000
336,000
0.000
6,000
Colorado and Netf Mexico 5,000
175,000
243,000
5,000
5,000
Utah_....
5,000
Washington and
United States total
246,000 255.000 264,000 16,427,000 6,313,000
Daily averagea Subject to revision.
44,000 43,000 44.000
60,000
23,000
b Revised from last report.
WEEKLY SHIPMENTS THROUGH HAMPTON ROADS.
Tidewater business at Hampton Roads increased sharply in the week
ended Nov. 17. The quantity of soft coal handled over the piers at that
port was 328,735 net tons, an increase of 107,378 tons, or 48.5%. Improvement occurred in dumpings for all destinations, with the principal
Increases in the tonnage for the foreign account and other coastwise trade.
Depression Continues in Coal Markets, Say the Trade
Journals.
Illustrative of the state of trade in the bituminous coal
markets, the "Coal Trade Journal" on Nov. 28 made the
observation that: "The complexion of the bituminous market
at the present time would serve as a good substitute for the
well-known leopard's skin. The market has this advantage
over the nocturnal beast-it is able to vary the location of
its spots." In the same general tone the report goes on as
follows:
Gloom is less murky in New York and Philadelphia, while in those markets
further West where bituminous coal is a greater factor in the domestic trade,
the losses due to high temperatures are somewhat compensated by a tightening up in spot quotations on screenings. Depression appears to be strongest in Buffalo-Columbus and Cincinnati-Louisville territories.
Lake cargo dumpings hold well above 850,000 tons per week. For the
week ended at 7 a. in. Nov. 19 the total was 890,874 tons. More important,
however, is the fact that cargo and fuel dumpings combined at the close of
business Nov. 18 were 65,499 tons ahead of the total for the entire season
of 1918-heretofore the record year in Lake traffic. With dumpings for
the rest of the season still to be heard from, the cargo figures alone will
probably pass the 30,000,000-ton mark. During the week ended last
Saturday 43 cargoes discharged approximately 395,000 tons at the head of
the Lakes.
Price movements as a whole last week had little effect upon the general
spot levels. Comparing quotations listed below with those for the week
ended Nov. 17, changes were shown in 30.3% of the figures. Of these
changes, 65% represented advances ranging from 5 to 40 cents and averaging 15.2 cents. The reductions ranged from 5 to 50 cents and averaged
15.7 cents. The straight average minimum for the week was $1 80, the
same as the week preceding. The straight average minimum rose 2 cents
to $2 20. A year ago the averages were $3 55 and $3 91, respectively.
Although anthracite production, barring holiday losses, still hovers in
the neighborhood of 2.000,000 tons per week, high dollar quotations on domestic sizes show little change, except on egg, which is weaker. However,
the willingness to pay extravagant premiums is lessening and the tonnage
moving at top figures is diminishing. On the whole, the steam stivation is
slightly improved-but only slightly. The head of the Lakes is taking
a more cheerful view of prospects, although only 48,000 tons were discharged
last week.
The buying of soft coal continues very quietly, weather
conditions having much to do with the volume according to
the "Coal Age" of New York, which in its issue of the 29th
inst. summed up conditions in the market as follows:
The soft coal market lacks the usual November snap. Buying of free
coals is being done very quietly and cooler weather is needed to bolster up
the trade. Current needs are taken care of only when the lowest prices
prevail. With the Lake season drawing to a close the mines shipping coal
to Lake Erie ports are affected and more closings are reported. This
situation has been reflected in the volume of screenings available for spot
buyers in the West and has resulted in a stiffening of prices. Smokeless
lump suffered a reduction of prices in practically all Western markets, while
the steam coal market showed more strength. The tidewater markets
have been strengthened by a practically cleaning up of distress coal.
However, soft coal prices advanced last week to the level attained on
Oct. 22,"Coal Age" Index allowing 186, an Increase of three points from
the previous week. The average price was $2 25. For the corresponding
week of 1922 the Index registered 330, with an average price of $3 99,
Increases were recorded in Springfield, Indiana, eastern and western
Kentucky, Hocking,Pocahontas,Pittsburgh, Clearfield and Kanawha coals.
Operators and shippers see a ray of hope in the increased number of
Inquiries, but now orders are scarce.
There was a marked depression in smokeless coals, in the Middle West,
but a strengthening in steam coals. Taken altogether the situation is not
favorable. Business is practically at a standstill in St. Louis. Similar
conditions regarding smokeless cowls exist in the Cincinnati market. There
Is a surplus of tonnage available, although many of the mines in southeastern Kentucky are closed. There is little demand and strength in the
Columbus market, while at Cleveland business is dull. Production in the
Pittsburgh district is being curtailed in keeping with the decrease in Lake
shipments, which also has resulted in a slight betterment in slack. There
Is no improvement reported from New England, but it is noted that distress
coal has been cleaned up. A slight encouragement is apparent in the
textile industries.
Demand for high priced anthracite is rapidly disappearing and most
shippers believe that it will practically be out of the market before the and
of December. Demand centres around stove and chestnut coals, with
egg and pea sizes much more in evidence. Steam sizes move slowly.
The export situation looks brighter. Reports from Great Britain indicate
that the effect of American competition in the Mediterranean is being
felt. Dumpings at Hampton Roads for all accounts during the week ended
Nov. 22 amounted to 264,302 net tons, as compared with 290,492 tons in
the previous week.
2375
John G. Lonsdale, of St. Louis, Says Federal Reserve
System Should Be Hailed as Savior from
Commercial Crises.
"The Federal Reserve Banking System jumped before the
`engine of inflation' in 1920-21 and saved the 'child of business,' and should be hailed by business as a savior from commercial crises rather than thoughtlessly criticised," said
John G. Lonsdale, President of the National Bank of Commerce in St. Louis, in a speech before the Louisville Credit
Men's Association on Nov. 26. Mr. Lonsdale paid his particular respects to individuals or *groups attempting to secure:
through the Reserve System political redress for economic
distress. He called upon the business men of the country to
take an active interest in order to achieve solidarity upon'
such matters as the preservation of the banking system frompolitical experimenting. "So minutely is business prosperity' •
and individual welfare dependent upon the unhampered application of this credit reservoir to the nation's commercial
needs," said Lonsdale, "that it should be as immune as the
Supreme Court from political influences." He pointed out
that the charter of the Federal Reserve expires in 1933, and
that if the campaigns against the system continue unchallenged doubt would naturally arise in the minds of the people as to the worth of the present efficient banking service,
unnecessarily making it political fodder for the Presidential
campaign of 1932, as the central bank issue has become in •
the past, all at the expense of the even flow of prosperity.
He said:
The Federal Reserve comes to us born of many trials and tribulations out
of the experiences, and sometimes overwhelming financial difficulties, of the
past. The first United States bank was founded in 1791; the charter WRS
not renewed by Congress in 1811. The second United States bank was chartered in 1816 and liquidated in 1841. Then, in 1863, came the National
Bank Act, serving with varying success until the panic of 1907 clearly demonstrated the ineffectiveness of such to cope with those recurring situations
of maximum business with minimum currency.
For fifty years there was no change in our banking law; business traveling
unaided and venturesome-like from one cycle to another with the expectancy
of as regularly encountering, without even a life saving station, financial
storms.
Then came the Federal Reserve Act in 1913. Hardly had it been formed
when the uncertainty of war hit it in 1914. It carried through. Its war
record, as well as the greater strain of both business and war in 1921-22 has
shown its real worth to business.
For this demonstrated worth, business, especially banking, should be strong
in its behalf, and less anxious to join the ranks of those who are ready to
write its obituary.
There are many offices with which its critics would burden it, for which
it was never intended. Its functions or function is clearly stated in the title
"reserve." Its purpose is to keep the nation-wide resources so marshaled
'as to be in a position to safeguard member banks, and through them the
business life of this great nation.
It is the bankers' bank; the custodian of the ultimate banking reserve of
the country. For that reason, it should always be free, as it now is, to shape
its policies for the proper administration of credit, seasonable and otherwise.
There is even some criticism of the failure to pay interest on reserve balances. No bank of issue pays interest on deposits. To do so, the Federal
Reserve would have to step out of its role of banking co-ordination and make
investments in competition with member banks.
Each regional bank is located geographically to serve the needs of a particular group, classed as such because of their inter-relationship. Men drawn
from the same district and familiar with its conditions direct its affairs.
The freedom of each member bank to serve its borrowers is not curtailed.
The Reserve Bank cannot say what loans a member bank shall make. On
the other hand, the rediscounting enables the member bank to better and
more extensively serve its customers at the period of stress when most needed.
In no wise does it tear down the principle of bank self-government. In fact,
the Reserve System has not taken away a single worth-while privilege from
the banks that they had before, but has added much.
Here is a concrete example: As a director of the Eighth Federal Reserve ,
District, I submit this as a sample of banking courage that would have been
impossible under the old system, or rather lack of system:
In May 1921 the condition of business in our district was so critical that
member banks' rediscounting reached the high mark of $158,826,000. Without the Reserve System, we would still be talking about the precipitation
that took place when we exhausted the resources of our district. As it was,
we went into Clevland, Philadelphia and New York Reserve banks and borrowed $46,922,000.
"Yes," some folk say, "but look how you raised the rate; the Federal Reserve Bank profits were at the peak when rates were boosted."
Federal Reserve discount rates-and correctly so-are not established in
relation to earnings. Rates were raised with growing inflation, not to make
money, but to discourage borrowing, and to safeguard all business. Greater
earning was only incidental to this major motive of business stabilization.
Federal Reserve rates are determined by the amount of credit-making power
in the reservoir-the reserve.
Borrowing unlimitedly from the Federal Reserve and reloaning would have
but fanned the fires of inflation in 1920 and 1921. Bankers, too, undoubtedly understand the soundness of using their own capital before rediscounting. This is a safe banking policy under which, with minimum danger-a
vital factor to the continuity of prosperity-every legitimate enterprise is
logically sustained.
Most of the $46,922,000 borrowed by the St. Louis district from other
regional banks was loaned to member banks at the same rate, and some of it
at actually lower rate than the Reserve Bank paid for it.
Supposa the average then-existing rate of 5.98 had been reduced to 2% or
3%%. It would have been suicidal, like opening the floodgates on an already inundated country. Our trade vehicle was going faster than was safe.
Was it better business to apply the brakes, or throw them away?
Mr. Lonsdale outlined the growth of the credit ideal from
its inception, giving an interesting genealogy of credit from
2376
THE CHRONICLE
the cave man days forward. As to present business conditions, he said:
There is nothing vitally out of kelter in the business machinery. The
long-anticipated lowering prices seem to still be a mirage on the horizon, and
may continue to be, for, besides all the other economic reasons that have
[VOL. 117.
been advanced, prices cannot be reduced in the face of heavy taxation because
the payee of taxes is invariably the ultimate consumer. In addition to this,
there cannot be lasting prosperity without profits; business is entitled to and
must receive a reasonable profit, and the passing of dividends is not a logical
or stable means to such an end.
Current Events and Discussions
The Week With the Federal Reserve Banks.
Increases in all classes of earning assets,including $48,200,000 in discounted bills, $4,500,000 in acceptances purchased
in open market and $11,100,000 in U. S. Government securities, together with an increase of $23,200,000 in Federal
Reserve note circulation and a decline of $15,600,000 in
cash reserves, are shown in the Federal Reserve Board's
weekly consolidated statement of condition of the Federal
Reserve Banks, as at close of business on Nov. 28 1923, and
which deals with the results for the twelve Federal Reserve
banks combined. The reserve ratio declined from 77.1%
to 76.4%, the latter ratio being identical with that reported
a year earlier. After noting these facts, the Federal Reserve
Board proceeds as follows:
The Federal Reserve Bank of Chicago reports the largest increase in holdings of discounted bills, 521,300.000. Boston reports an increase of $19,500.000. New York an Increase of $6,200,000, and Philadelphia, Atlanta
and San Francisco each an increase of 54.400,000. Declines of 53.700,000
are shown for Richmond, $3,600,000 for St. Louis. 23,500,000 for Minneapolis, and an aggregate decline of $1.200,000 for Cleveland. Kansas City
and Dallas. Holdings of paper secured by U. S. Government obligations
Increased by 241,000.000 and on Nov. 28 aggregated $382,600,000. Of
this amount, $248,900,000 was secured by Liberty and other U. S. bonds,
$118,500,000 by Treasury notes and $15.200.000 by certificates ofindebtedness.
The largest increase in Federal Reserve note circulation, viz., by $9,900,000, is reported by the Federal Reserve Bank of Philadelphia. Cleveland
reports an increase of 57.900.000. Boston an increase of 24,100,000 and
Cnicago as increase of $3,200.000. while St. Louis, Richmond and Kansas
City show smaller increases, totaling 54,600.000. Decreases of $3,300,000
and $1,800,000, respectively, are shown for New York and San Francisco.
and a total decrease of 51.300,000 for the three remaining banks.
Gold reserves declined by $23,000.000 during the week. Decreases of
$26,100,000. $16,200,000 and 511,300,000 are reported by New York, Chicago and Boston, respectively, while Cleveland shows an increase of $11,000,000. Richmond an increase of $10,500,000, and Philadelphia and St.
Louis each an increase of $9,200,000. Reserves other than gold increased
by $7,400,000. and non-reserve cash declined by $13,100,000.
creased 512,000,000, and all other, largely coramerc al loans and discounts,
$44,000,000. while loans secured by corporate stocks and bonds increased
$32,000,000. Investments of these banks declined $22,000,000, the larger
decrease of 228,000,000 in United States Government securities being
partly offset by an increase of $6,000,0000 in other bonds, stocks and
securities.
Demand deposits (net) show declines in most of the Fede Reserveral
districts. The New York District shows a decrease of$31,000,000, Chicago
$30,000,000, Boston 523,000,000. and San Francisco $14,000,000. Government deposits of all reporting members decreased $18,000,000, and time
deposits 26,000,000.
Reserve balances of all reporting member banks show a decline of $15,000,000 and cash in vault a decline of $9,000.000. Member banks in
New York City report an increase of $7,000,000 in reserve balances and a
decline of $2.000.000 in cash.
Borrowings from the Federal Reserve banks of all reporting institutions
show a reduction for the week from $504,000,000 to $467,000,000, or by
$37,000,000, as compared with a reduction of 232,000,000 in the borrowings
of member banks in New York City.
On a subsequent page—that is, on page 2412—we give
the figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a.summary of the changes in the principal items of
assets and liabilities as compared with a week and a year ago:
Increase (+) or Decrease (—
Since
Nov. 14 1923. Nov. 22 1922.
Loans and discounts—total
—$31,000,000 +$709,000,000
Secured by U. S. Government obligations_ —15,000,000 —77,000,000
Secured by stocks and bonds
+47.000,000
+76,000,000
All other
—63,000.000 +710,000,000
Investments. total
—14,000,000 —53.000,000
U. S. bonds
—17,000,000 —127,000,000
U. S. Treasury notes
—11,000.000 +155,000,000
U. S. certificates of indebtedness
—8,000,000 —28,000,000
Other bonds,stocks and securities
+22,000,000 —53,000,000
Reserve balances with Federal Reserve banks —15,000,000
+14,000.000
Cash in vault
—9,000,000
—4,000,000
Government deposits
—18,000,000 —117,000,000
Net demand deposits
—118,000,000 +119,000,000
Time deposits
—6,000,000 +363,000,000
Total accommodations at F. R. banks
—37,000,000 +107,000.000
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
Continued Improvement in Austrian Finances.
on subsequent pages, namely, pages 2411 and 2412. A summary of changes in the principal assets and liabilities of the
The first coupon of the Austrian Government guaranteed
Reserve banks, as compared with a week and a year ago, loan, falling due to-day, draws attention to the progress
follows:
which has been made in the reconstruction of Austrian
Increase (+) or Decrease (—) finances. From the monthly reports
of Dr. Zimmerman,
Since
who is serving as Commissioner-General for Austria and
Nov. 211923.
Nov. 29 1922.
Total reserves
—15,600,000
—5,500,000 under whose direction the financial and administrative reGold reserves
—23.000,000
+39.600.000 forms are being carried out, it is possible to
trace this progress
Total earning assets
+63.800.000
—45,800,000 in an
exceedingly definite manner. Unofficial advices reDiscounted bills, total
+48,200,000
+144,300000
Secured by U.S. Govt.obllgations__ _ _
+41.000,000
+67.400,000 garding his reports state:
Other bills discounted
Purchased bills
United States securities, total
Bonds and notes
U. S. certificates of indebtedness_ _ _
Total deposits
Members'reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
+7,200,000
+4,500,000
+11.100,000
+3,000,000
+8,100,000
—2,900.000
—10,000,000
+8,700,000
—1.600.000
+23.200.000
+76.900.000
+29,800,000
—220,000.000
—91,000,000
—129.000.000
+78,400,000
+73.400,000
+1,400.000
+3,600,000
+83,500,000
The, Week with the Member Banks of the Federal
Reserve System.
An aggregate reduction of $118,000,000 in demand deposits, accompanied with declines of $45,000,000 in loans
and investments and of $37,000,000 in accommodation at
the Federal Reserve banks, is shown in the Federal Reserve
board's weekly consolidated statement of condition on
Nov. 21, of 767 member banks in leading cities. It should
be noted that the figures for these member banks are always a
week behind those for the Reserve Banks themselves. Loans
and discounts decreased by $31,000,000; declines'of $15,000,000 in loans on United States Government securities
and of $63,000,000 in all other, largely commercial, loans
and discounts being offset in part by an increase of $47,000,000 in loans on corporate stocks and bonds. Investments
of all reporting banks show a reduction of $14,000,000, declines of $17,000,000 in United States bonds, $11,000,000
In Treasury notes and $8,000,000 certificates ofiindebtedness,
being partly offset by an increase of $22,000,000 in other
bonds, stocks and securities. Further comment regarding
the changes shown by these member banks is as follows:
Loans and discounts of member banks in New York City declined
$24.000.000: loans secured by United States Government obligations de-
The gross receipts of the customs and of the tobacco monopoly, which
form the primary security for the Guaranteed Loan, there being no charge
on these receipts ahead of the service of the loan, amounted during the first
ix months of 1923 to 78.600.000 gold crowns, or well over twice the requlrements for six months'for interest charges and sinking fund on the loan.
The monthly average of customs and tobacco receipts for the first half of
1923 was about 13,100,000 gold crowns, but since the end of the half-year
a considerable increase in the monthly collections has been shown. Collections in July amounted to 16,100,000 gold crowns, in August to 16,800,000 gold crowns, and in September to 17,300,000 gold crowns. In both
August and September collections were at the rate of more than three times
interest and sinking fund requirements on the Guaranteed Loan.
The reconstruction program, which contemplates that the Austrian Government shall be in a position to balance its budget by 1925, provided that
In the meantime the excess of the Government's expenditures over its
revenues should be met from the proceeds of the Guaranteed Loan. Under
this program a maximum deficit in the Government's accounts for the first
half of 1923 in the amount of 141,000,000 gold crowns, was contemplated.
With the stabilization in the value of the crown since October 1922, and with
the results of legislative measures providing for increased taxation becoming apparent, the Government's actual receipts for this period have far
surpassed expectations. Expenditures. on the other hand, have been successfully held within the limits set in the reform plan, with the result that
the deficit for the half-year amounted to about 85,000,000 gold crowns,
instead of 141,000,000 as contemplated, a saving of 56,000,000 gold crowns,
or about $11,200,000. For the last half of 1923 a maximum deficit of about
80,000.000 gold crowns is authorized. This is a monthly average of 13,200,000 gold crowns, and the deficit reported for July of about 6,000,000 gold
crowns shows that the Government is continuing to effect large savings over
the amounts contemplated in the reconstruction program.
As a result of the deficit in the Government's accounts during the first
half-year being smaller by over $11,000,000 than was contemplated, it was
not necessary for the Commissioner-General to make as large releases from
the proceeds of the loan as had been anticipated. Consequently Dr. Zimmerman states, in his eighth report, dated Sept. 21 1923: "I have at my
disposal a portion of the yield on the loans which will enable me to meet
certain expenditures not provided for in the scheme, or, should occasion
arise at a later stage, to make up any shortage of receipts as compared with
the program estimates.Monetary conditions have continued to improve as confidence grows
In the success of the reconstruction program and in the ability of Austria,
with the aid furnished by the internationa Guaranteed Lean, to work out
DEC.1 1923.]
THE CHRONICLE
its economic and financial salvation. The value of the Austrian paper
crown as measured by the dollar exchange rate has not been subject to
any appreciable fluctuation since October 1922. The stock of foreign
currencies at the command of the new independent bank of issue, the
Austrian National Bank, has grown steadily. At the end of October
1923 the total gold and foreign currency reserves of the bank stood at
266,000,000 gold crowns, as compared with 93,000,000 gold crowns at the
time the new bank was opened in January 1923. The note circulation
at the same date was equivalent to 515.000,000 gold crowns, and the
reserve ratio was, therefore, over 51%. Bank deposits placed abroad
during the years when the value of the paper crown was undergoing headlong depreciation have been brought home in increasing amounts as confidence in the new regime improves, and there has been a considerable
influx of foreign capital. At the end of August 1923 the combined deposits of commercial and savings banks were nearly 15 times as great as
they were in September 1922, before the adoption of the reconstruction
program.
Although there was considerable dislocation of trade and industry
during the first part of the new regime, owing to the effects of transition
from a period of constant inflation to one of stabilization and to the dismissal of large numbers of surplus Government employees, conditions
in recent months are apparently getting steadily better. This is perhaps
best indicated by the figures for unemployment. At the end of February
1923 the number of unemployed receiving aid from the Government had
risen to 169,147. Since that time, however, there has been a steady
diminution in the number, and according to the latest available figures,
only 77.000 were unemployed, the reduction since the high point at the
end of February having been well over 50%. The cost of living, according
to the index numbers, reached a high point at the end of June: since then
has decreased somewhat and during recent months appears to have become
fairly well stabilized.
Industrial production, according to Dr. Zimmerman, has been increasing, as shown by the figures for the output of the wood-working
and paper industry and by the figures for railroad ton-miles. Conditions
in the textile, chemical and other industries also show a notable improvement.
Finally, there has been some improvement in the trade balance. The
excess of imports during the first half of 1923 amounted to 278,000,000
gold crowns, as compared with 303.000,000 during the first half of 1922.
Furthermore, there is evidence, in Dr. Zimmerman's opinion. that Austria's
invisible exports now more than compensate for the deficit in the trade
balance.
Max Horwitz, of Hallgarten & Co., to Join
the Mercurbank (Vienna) Directorate.
Max Horwitz, a member of Hallgarten & Co., will be elected
a director of the Mercurbank of Vienna, Austria, representing
the American banking group which recently floated 100,000
shares of Mercurbank stock, according to an official statement. Directors of the Mercurbank include leading capitalists of Austria, representing various industries, including
iron, coal, paper, glass, chemical, textiles, oil and locomotives, machinery and railroad equipment building. In
addition to the Mercurbank managers, Ernst Schwarz,
Jacques Kahane, Berthold Reichenberger, Heinrich Steinbach and Dr. Alfred Stern, the directors are: Dr. Eugen
Brettauer, Max Chavanne, Dr. Julius Hochapfel, Dr. Paul
Pallester, Ing. Otto Pick, Ing. Josef Rosshaendler, Ing. Dr.
Alfred Mandl and Joseph Vinzl Jun, all of Vienna; Paul
Bernhard and S. Bodenheimer of Berlin; Dr. Naum B.
Glassberg of London; Mor. Berger, Budapest; Con Carols
Maristany Benito and Don Eduardo Recasens Mercade of
Barcelona, and Dr. Georg Hirschland of Essen. E. Schwarz,
general manager of the Mercurbank, who came to the
United States in connection with the recent Mercurbank
stock offering, says:
2377
of cotton. Total October imports amounted to 199,914,731,
an increase of 116,649,150 over September. The Bankers
Trust Co. of New York is advised by its English Information
Service that cotton imports accounted for about /8,000,000
of that increase. Imports of foodstuffs increased more than
16,000,000 and imports of non-ferrous metals and manufactures, silk and textile manufactures and manufactured oils
were also above those for September. The advices made
public by the Bankers Trust Co. Nov. 24 also state:
British exports (home products) in October amounting to £71,322,931
were £7,486,787 above the value of September exports. Important increases were as follows:
October
Increase over
1923.
September.
Coal
E9,109,867
£1,285.741
Cotton yarns and manufactures
15,960,721
1,408.232
Iron and steel and manufactures
7.354,207
1,194,271
Textile materials
2.305,442
327,489
Earthenware, glass, &c
1.392,446
350,552
Vehicles
1,831.337
200,069
British coal exports in October totaling 7,432,868 tons, were more than
1,000.000 tons greater than September exports. Considerable increases
were apparent in the coal shipments to Germany. France and Italy.
Movement in the Credit Operations of the Credit
Department of the Italian Postal Administration.
The following statement showing the movement in the
credit operations of the credit department of the Italian
Postal Administration during the third quarter of this year
(July-September 1923) has come to us from the Royal Italian Embassy at Washington:
Total deposit at the end of second quarter
Lire 56,503,879.58
No. of
TransAmount.
actions.
New Deposits—
Lire.
Cash
447,389 164,188,329.55
Checks
3,319
18.092.514.64
Letters of credit
472
52,215.06
Interest registered
17
262.31
Totals
451,197
182.333,321.56
182,333.321.56
Total
Withdrawals—
Sight drafts
3.377
152,089.976.79
Letters of credit
Checks
20.216
3,324
166.111,269.53
18,319,912.99
Totals
26,917
184,431,182.52 184.431,182.52
238,837.201.12
Credit of depositors on September 30 1923
54.406,018.60
VARIATIONS IN NUMBER OF ACCOUNTS.
New Accounts
Accounts Closed
Total.
Accounts on
Accounts on Opened during
During
June 30 1923. 3d Quarter.
3d Quarter.
Sept. 30 1923.
180
8,240
8,278
38
8.098
Italian Ship Subsidies—Reorganized System Restricts
State Aid Almost Entirely to the Mediterranean.
The reorganized Italian steamship subsidy system which
was put into operation early in 1923 by the Mussolini Administration, will be contined through 1924 and indefinitely from
year to year unless occasion arises to modify some of the
contracts signed in April, says E. T. Chamberlain of the
Transportation Division of the Department of Commerce in
the Nov. 26 issue of Commerce Reports. It is stated:
Under the war system by which the essential routes were operated for
The investment of American capital in Austria's banking
institutions the account of the State, the Government in 1921-22 spent 298,800,000 lire
and election of representative American bankers to the directorates
of for 3,800.000 miles traversed. The present subsidy system involves an
Austrian banks is of major importance to both countries. The
improved expenditure of 147.300,000 lire for 3,523,000 miles and is a consolidation
feeling regarding Austria is well indicated by the extensive investments in under 19 contracts of the pre-war Italian system and the former Austrostandard Austrian issues, for, in addition to the Austrian Government loan Hungarian system. Before the war those systems were in national as well
and Mercurbank financing, American capital has recently been invested as commercial competition and various routes were duplicated, involving
in the Austrian Discount Co. and the Boden-Credit-Anstalt.
increased expense and pecuniary loss to both nations. At that time the
The Mercurbank. established in Vienna in 1887, ranks to-day as one of Italian lines traversed 3,920,000 miles for an aggregate subsidy of approxithe large Austrian banks. It maintains a number of oMces in Vienna and mately 26,000.000 lire, the Austro-Hungarian lines 3,760,000 miles for an
numerous branches in other Austrian cities. Prior to the war it
had aggregate subsidy of 13,800,000 crowns, In all nearly 7,700.000 miles for
branches throughout what are now Hungary. Poland, Czechoslovakia
and total subsidies approximating $8,000,000. The cost under the 19 cona part of Rumania. These are now operated by independent
banks, in tracts at current exchange rates is about $6,625,000. and organized effort
which, however, the Mercurbank still holds a substantial and influential toward a single Italian aim has replaced the duplication of effort resulting
interest, with representation on the respective directorates.
from national rivalries.
In view of its geographical position and as a result of the
None of the lines now subsidized operates beyond the Straits of Gibraltar
existence of
long-established financial and industrial organizations, Austria
is and on the Atlantic and only one of the 88 routes covered by the 19 contracts
always will remain the commercial and industrial centre of Central
Europe. reaches the Pacific Ocean. Italy is subsidizing one voyage a month to
The events following the close of the late war,•aith the creation of
the vari- Shanghai, one a month to Calcutta,two a month to Bombay. and 19a year
ous "Succession States," formed in part from the old
Austro-Hungarian to Zanzibar, stopping at ports in the Italian colonies of Eritrea on the Red
Empire, have only served to emphasize this.
Sea and Italian Somaliland on the Indian Ocean. Outside of these voyages
Dividends on Mercurbank stock, it is stated, are declared and others to the colonies just named, the reorganized subsidy system is
confined within that Mediterranean world which Rome ruled once through
annually in the first half of the year, covering the preceding the Caesars.
calendar year, and dividend payments pertaining to the
shares represented by these American shares will be distrib- Subscriptions Opened to Irish Free State Loan—
Professor Smiddy on Financial Situation of
uted by Central Union Trust Co. to certificate holders in
Irish Free State.
dollars at the rate of exchange prevailing at the time payment
With the opening of subscriptions to the 110,000,000 Irish
is received in New York.
The offering in New York of stock of the Mercurbank of Free State loan on Nov. 24, Associated Press cablegrams from
Dublin announced that it was stated in Government quarters
Vienna was referred to in our issue of Nov. 10, page 2049.
that the new national loan had made an auspicious start.
The same account said:
Increased Values of British Imports Due to
The Irish banks are said to have guaranteed to subscribe ,C5,000,000, the
Heavier Cotton Purchases.
Church of Ireland will take 250,000 guineas, a Dublin brewery 800,000
Official detailed figures of the British Board of Trade dis- guineas and the Southeastern Railroad 25,000 guineas.
Arrangements have been made with an American company, it is said, to
close that the increased value of British imports in October
subscriptions in the United States.
compared to September was due largely to heavier purchases raise
The books open to-day and close Dec. 10.
-4
2378
THE CHRONICLE
« •A Dublin press cablegram Nov. 29 said:
• An interesting point in connection with the new national loan—whether
Its service would be.in Irish or English currency—was settled to-day by an
official announcement that interest and principal would be paid out in
sterling.
pnglish.
I, The. proposed loan was unanimously indorsed at a meeting. of the Dublin Chamber of Commerce, addressed by Erpest Blythe, the Minister of Finance of the Irish Free State.
As to his remarks we quote the following press accounts:
Mr. Blythe said the attempt to destroy the State by armed force had been
definitely defeated, and there was no fear of its renewal, as t he Government,
although it was accused of stubbornness, had refused all compromise which
• involved risk. The loan was not for the ordinary expenses of the Government,
which would be brought within its revenue, but for the damage caused in
conflict.
A. loan of £10,000,000 would suffice for the present needs, and within a
year Ireland's credit would be as good as that of South Africa, which had
floated a 5% loan at 99%. That republicans in Ireland had been returned
to .Parliament made no difference, for South Africa also had its republicans.
The loan, he hoped, would be scattered all over Ireland among a large
.nunsber of investors, who would keep a sharp eye on the administration. He
Anew the loan would succeed, and he asked for a good response, which would
enable future borrowing at a cheaper rate.
Minister Blythe was also reported on Nov. 25 as stating
that the response to the new loan had thus far exceeded his
most sanguine anticipations. The Associated Press cablegrams of that date continue:
The Bishops, the clergy and religious orders of all denominations, Mr.
Blythe asserted, were investing their funds in the loan.
this, the first loan of the Free State, which is being ofThe prospects of this
are regarded in Dublin financial circles as
fered in Ireland and
bright. The £10,000,000 asked for constitutes only a part of the money
which eventually will have to be borrowed by the Free State, but it is said
tb be sufficient to meet the needs which will arise before the next budget is
passed. What the amount eventually will be has not yet been announced, but
as the Finance Minister has informed the Dail Eireann that all future
budgets will have to provide £2,000,000 annually for interest and sinking
fund, the expectation is that the figure will be between £30,000,000 and
£40,000,000. The terms of the present loan are 5% at 95; the same as
those of the great British war loan.
, There is general approval of the Government's action in making its first
appeal to Irish citizens, without any outside obligations. The size of the
loan evidently was restricted in order to make its success within Ireland
absolutely sure and to use that success as a strong recommendation for future
issues.
Apart from the average investor, there is said to be plenty of money in
sight to take up the loan. The Free State Government will be helped by the
decision that after next March the British securities held by charitable institutions in the Free State will not continue to enjoy the benefit hitherto aceorded them of a remission of the income tax. The Free State Government,
however, will continue the exemption in Ireland on Free State securities.
The large funds of all the churches and many other bodies coming under
the definition of charities will thus gain substantially by transfer from British securities to the Free State loan. Already many such bodies have made
plans to transfer their securities. It is not merely in British official securities that much Irish charitable organization money is invested. Some of it
is in railways and industrial concerns, and some of it has gone as far as
Buenos Aires.
Even allowing for some drop in the prices of foreign securities due to
tales for transfer purposes, the saving of the income tax will more than repay.the Irish charitable investors for the change.
The loan is regarded as an act of faith in the Free State and as such is
I;eceiving the support of all the great Irish business interests. It is felt in
Some quarters that when the existing troubles have been overcome and past
troubles have been paid for, the country's resources will be more than ample
for all liabilities. Trade returns are healthy and exports from the Free State
Considerably exceed the imports in value.
Professor T. F. Smiddy, the Representative of the Irish
Free State in Washington, D. C., returned to this country on
Nov. 23 on the "Berengaria." With his return Professor
Smiddy, referring to the loan and the financial situation of
the Irish Free State,said:
. The Irish Free State will offer in Dublin to-day (Saturday, Nov. 24)
..£10,000,000 5% bonds due 1935-45, payable in pounds sterling, at 95%,
interest payable June 1 and Dec. 1, free from all Irish Free State taxes.
I. The Irish Free State, by treaty and by Constitution, is a member of the
pritish Commonwealth of nations, and at the recent Imperial Conference was
• accredited a position on a parity with Canada, South Africa, Australia and
• Vew Zealand. The Irish Free State has been admitted to the League of Nations on an equal footing with other free and autonomous nations of the
world.
The present financial situation of the Free State shows that the total tax
pevenues for the first six months of the year amounted to £12,235,000, as
compared with the budget estimate of £20,550,000 for the whole year. This
improvement in tax receipts is a reflection of the more stable conditions
within the country.
Professor Smiddy also stated that since the elections, in
which the Free State was overwhelmingly supported by the
people of Ireland, the conditions in every way had greatly
improved—the Free State had at last established law and
order and there has been practically no disturbance In Ireland for some months past. The Government has absolutely
succeeded in establishing security of property throughout
the Free State and is everywhere supported by the people in
the methods it has adopted to secure this end, as has been
proved by the recent bye-election, Consistent with the effective administration of the country, every economy possible will be carried out by the Minister of Finance. As a
result, looking to economy, some 15,000 men out of the standing army of 55,000 had been demobilized and this demobilization was continuing, and that it was the policy of the Irish
[Vol,. 117.
Government to reduce the army to at least 20,000 within the
next few months. Shortly before Professor Smiddy left,
Ernest Blythe, the new Minister of Finance, outlined in the
Parliament of the Irish Free State the financial policy for
the coming year, showing very great reductions in national
expenses. Among other things, the budget for the army,
which in the current year was, in round figures, £10,664,500,
would be reduced to at least £4,000,000 in the fiscal year
1924-1925; in addition to this, other economies would be
effected, resulting in further reductions of a million or more
pounds sterling. By these economies the Minister of Finance
had demonstrated that for the next year the Irish Free State
would be able to balance its ordinary budget. This policy, it
was stated, had received the most unanimous support of the
Irish press, bankers, business men and the people in general.
He expressed the belief, therefore, that there will be a very
liberal response in Ireland to the internal loan and indicated
his confidence that the internal issue will be a real success.
Professor Smiddy was at one time Professor of Economics
in the National University in Ireland, and for several years
has been intimately associated with the movement in Ireland
which led up to the treaty dated Dec. 6 1921 between England and Ireland. Professor Smiddy was attached to the
Plenipotentiaries which negotiated that treaty with Lloyd
George's Government. Since the establishment of the Free
State he has been Representative in Washington, but a few
months ago was recalled to Ireland to serve as Chairman of
the Fiscal Commission to recommend to the Irish Government the tariff policy.
Tax Exemption Provision of Agricultural Credits Act
as to Debentures of Federal Intermediate Credit
Banks Upheld by Attorney-General Daugherty.
The constitutionality of Section 210 of the Agricultural
Credits Act of 1923, extending to debentures issued by the
Federal Intermediate Credit banks the same tax exemptions
as are accorded to Federal Farm Loan bonds, has been
upheld in an opinion submitted to Secretary of the Treasury
Mellon by U. S. Attorney-General Daugherty. Referring
to a recent decision in which the constitutionality of the
Federal Farm Loan Act in respect to the creation of Federal
Land banks and Joint Stock Land banks was upheld, the
Attorney-General says:
The case turned on the question whether these banks were Government
agencies. It was held that they were because Congress had deemed it
necessary to create these agencies and had provided that they might be
designated as public depositaries and fiscal agents of the Government;
its power to do this was declared to be "no longer open to question." The
fact that the Federal Intermediate Credit banks are not authorized to
perform as many functions as Governmental agencies as are Federal Land
banks and Joint Stock Land banks is not material. If they may act in
any capacity as such, that is sufficient. Moreover, Sec. 205, providing
that the Government shall subscribe, hold and pay for the entire capital
stock of these banks, and Sec. 206, which provides for the disposition of
their earnings, furnish additional strong grounds for considering these
banks Governmental instrumentalities.
As it is clear that Congress acted within the scope of its authority in
creating these banks, the power to make tax exempt debentures issued by
them necessarily follows. . . . It follows that Sec. 210, extending
these tax exemptions to debentures issued by the Federal Intermediate
Credit banks is constitutional.
The full text of the Attorney-General's opinion follows:
DEPARTMENT OF JUSTICE.
Washington, Oct. 29 1923111
Sir:—Your letter of Oct. 6 1923 requests my opinion as to the constitutionality of Sec. 210 of the Agricultural Credits Act of 1923 (approved
March 4 1923, 42 Stat. 1454), extending to debentures issued by the
Federal Intermediate Credit banks the same tax exemptions as are accorded
Farm Loan bonds.
That Act authorized the Federal Farm Loan Board to grant charters to
twelve institutions to be known as Federal Intermediate Credit banks, to
be located in the same cities as the twelve Federal Land banks, the directors
of the several Land banks to be ex-officio officers and directors of the
Credit banks. These banks, when designated for that purpose by the
Secretary of the Treasury, are to act as fiscal agents of the United States
Government and perform such duties as shall be prescribed by him
(Sec. 201).
With certain limitations, and subject to regulation by the Federal Farm
Loan Board, the banks thus chartered are authorized to—
(1) Discount for, or purchase from, banks, agricultural or live stock
credit organizations. &c., paper given for advances used for agricultural
or stock raising purposes;
(2) Buy or sell debentures issued by any other Federal Intermediate
Credit bank;
(3) Make loans to co-operative associations of agricultural or live stock
producers or marketers, on papers secured by warehouse receipts, bills
of lading, or chattel mortgages (Sec. 202);
(4) Borrow money, and issue and sell debentures (Par. 203)•
Each bank is required to have a subscribed capital stock of $5.000,000.
divided into shares of $5 each, to be subscribed, held, and paid by the
Government of the United States (Sec. 205)•
The net earnings of each of the banks are to be divided into equal parts.
one-half to be paid to the United States, the balance into a surplus fund
until it amounts to 100 per centum of the subscribed capital stock, and
thereafter buy 10 per centum of the earnings to be paid into the surplus.
After these requirements have been met, the then net earnings are to be
paid to the United States as a franchise tax. The net earnings paid to
the United States shall. In the discretion of the Secretary of the Treasury.
DEC.1 1923.]
THE CHRONICLE
supplement the goldreserve or shall be applied to the reduction
be•used to
.
of the outstanding bonded indebtedness of the United States (Sec. 206b).
11/ Section 210 reads:
1.‘"ThatTthe fprivileges of tax exemptionvaccorded under Section 26 of
this Act shall apply also to each Federal Intermediate Credit bank,including
its capital, reserve, or surplus, and tne income derived therefrom, and the
debentures issued under this title shall be deemed and held to be instrumentalities of the Government and shall enjoy the same tax exemptions
as are accorded Farm Loan bonds in said section.
Section 26 referred to (Act of July 17 1916,39 Stat. 360, 380)is as follows:
"That every Federal Land bank and every national Farm Loan association, including the capital and reserve or surplus therein and the income
derived therefrom, shall be exempt from Federal, State, municipal and
local taxation, except taxes upon real estate held, purchased, or taken by
said bank or association under the provisions of Section 11 and Section 13
of this Act. First mortgages executed to Federal Land banks, or to Joint
Stock Land banks, and Farm Loan bonds issued under the provisions of
this Act,shall be deemed and held to be instrumentalities of the Government
of the United States, and as such they and the income derived therefrom
shall be exempt from Federal, State, municipal, and local taxation."
The recent decision in Smith vs. Kan.sss City Title Co., 255 U. S. 180
makes unnecessary any extended discussion of the question here presented
in that case the Court upheld the constitutionality of the Federal Farm
Loan Act in respect to the creation of Federal Land banks and Joint Stock
Land banks. The case turned on the question whether these banks were
Government agencies. It was held that they were because Congress had
deemed it necessary to create these agencies and had provided that they
might be designated as public depositaries and fiscal agents of the Government: its power to do this was declared to be "no longer open to question."
It was said (p. 211):
"We therefore conclude that the creation of these banks, and the grant
of authority to them to act for the Government as depositaries of public
moneys and purchasers of Government bonds, brings them within the
creative power of Congress although they may be intended in connection
with other privileges and duties, to facilitate the making of loans upon
farm security at low rates of interest. This does not destroy the validity
of these enactments any more than the general banking powers destroyed
the authority of Congress to create the United States Bank,or the authority
given to national banks to carry on additional activities, destroyed the
authority of Congress to create those institutions."
The fact that the Federal Intermediate Credit banks are not authorized
to perform as many functions as Governmental agencies as are Federal
Land banks and Joint Stock Land banks, is not material. If they may
act in any capacity as such, that is sufficient. Moreover Section 205,
providing that the Government shall subscribe, hold, and pay for the
entire capital stock of these banks, and Section 206, which provides for
the disposition of their earnings, furnish additional and strong grounds for
considering these banks Government instrumentalities.
As it is clear that Congress acted within the scope of its authority in
creating these banks, the power to make tax exempt debentures issued by
them, necessarily follows. For, as said in Smith vs. Kansas City Title
Co., supra, at p. 212, this principal was settled in McCulloch vs. Maryland. 4 Wheat 316, and Osborn vs. Bank, 9 Wheat. 738.
It followed that Section 210, extending these tax exemptions to debentures issued by the Federal Intermediate Credit banks, is constitutional.
Respectfully,
(Signed) H. M. DAUGHERTY, Attorney-General.
The Secretary of the Treasury.
2379
Old Colony Trust Co., Boston, First Natior .1 Co., St. Louis,
Hibernia Bank & Trust Co., New Orleans, the National Bank
of Commerce in St. Louis and the Philadel,hia National
Bank. The bonds were offered at 100 and interest, yielding
4%%. They will be dated Nov. 14 1923, and will mature
May 14 1924. Principal and interest are payable at .the
bank of issue or the Federal Reserve Bank of New York.
The notes are issued in denominations of $1,000, $5,000 and
$10,000. It is announced that no additional issues of notes
will be made by the Federal Intermediate Credit Banks
prior,to Feb. 1 1924. The announcement says:
These notes are issued under an Act of Congress known as the Agricultural Credits Act of 1923; by the twelve Federal Intermediate Credit banks,
each of which is primarily liable for the payment of interest and ultimately
for the payment of principal of any debenture issued by any other Intermediate Credit bank, and are under the direct supervision of the Federal
Farm Loan Board.
The Federal Intermediate Credit banks were created for the purpose of
providing additional credit facilities for the agricultural and livestock interests of the country. They may discount bills and make loans to individuals
through commercial banks and trust companies, or duly capitalized agricultural and livestock loaning corporations, and they may make advances
to co-operative marketing concerns upon properly warehoused staple agricultural products. Such loans not to exceed 75% of the market value of
the collateral products.
Each Intermediate Credit bank has a subscribed capital of $5,000,000.
and the total capital of $60,000.000 is to be held and owned by the United
States Government, which capital has already been subscribed by the
Secretary of the Treasury and is payable upon thirty days' call. Of the
subscribed capital $20,000,000 has been called and paid by the Treasury.
Including this issue of debentures, the total of the outstanding debentures of the twelve banks is $30,500,000, or three-quarters of the amount
for which the banks may. still call upon the Treasury.
The Act of Congress under which these notes are issued extends to them
the provisions of the Farm Loan Act, which have been upheld by the
Supreme Court of the United States, as to tax exemption and declares that
they and the income derived therefrom shall be exempt from all Federal
income, State, municipal and local taxation. These notes are not Government obligations and are not guaranteed by the Government, but they
are the secured obligations of banks operating under Federal charter with
Governmental supervision and of which the Government is, and will
continue to be, the sole stockholder.
Offering of $1,000,000 Bonds of Central Iowa Joint Stock
Land Bank.
The Equitable Trust Co. of New York, Hayden, Stone &
Co. and P. W. Chapman & Co., Inc., are offering $1,000,000
Central Iowa Joint Stock Land Bank of Des Moines 5%
We also give herewith the following regulations announced Farm Loan bonds at 101% and interest, to yield 4.80% to
by the Treasury Department on Sept. 11 bearing on the April 1 1933 and 5% thereafter. The week's offering is part
exemption from taxation of dividends and interest from of the issue brought out earlier the present year, and reFederal Intermediate Credit'banks.
ferred to in these columns June 30 1923, page 2940. The
(T. D. 3515)
bonds are dated April 1 1923, will mature April 1 1953 and
Income Tax.
redeemable on April 1 1933, or on any interest date
are
Gross income defined: Exclusions. Article 75, Regulations 62, amended.
thereafter at 100 and interest. The following is the stateTreasury Depart'cut,
Office of Commissioner of Internal Revenue,
ment of condition of the Central Iowa Joint Stock Land Bank
Washington, D. C.
as of Oct. 31 1923:
To Collectors of Internal Revenue and Others Concerned:
The Federal Farm Loan Act was amended by an Act (C. 252, 42 Stat.
1.454) approved March 4 1923, authorizing the creation of Federal Intermediate Credit banks, and prescribing the maaner in which such banks
should be conducted. Section 210, Title II, of the Act, as amended, makes
applicable to Intermediate Credit banks the privilege of tax exemption
accorded under Section 26 of the Act to Federal Land banks and National
Farm Loan associations.
Ac Nwdingly, Article 75 of Regulations 621s amended to read as follows:
Art. 75. Dividends and interest from Federal Land Banks, Federal Intermediate Credit Banks and National Farm Loan Associations. As Section 26
of the Federal Farm Loan Act of July 17 1916 (C. 245, 39 Stat. 360) as
amended by an Act apptoved March 4 1923 (C. 252, 42 Stat. 1454), provides that Federal Land beaks, Federal Intermediate Credit banks and
National Farm Loaa associations, including the capital and reserve ( r surplus therein and the income derived therefrom, shall be exempt from
taxation, except taxes upon rea: estate, and that first mortgages executed
to Federal Land banks. Federal Intermediate Credit banks, or to Joint Stock
Land banks and Farm Loan bonds„ and debentures issued by Intermediate
Credit banks, with the income therefrom, shall be exempt from taxation,
the income derived from dividends on stock of Federal Land banks, Federal
Intermediate Credit banks and National Farm Loan associations and from
interest on promissory notes secured by such first mortgages, or from such
Farm Loan bonds or debentures, is not subject to the income tax. See also
Section 231 (13) of the Statute.
C. R. NASH,
Acting Commissioner of Internal Revenue.
Approved Sept. 11 1923.
A. W. MELLON,
Secretary of the Treasury.
Assets.
Loans in force (net)
Farm Loan bonds unsold
Deposits with banks
Cash on hand
Accounts receivable
Furniture and fixtures
Real estate
Tax certificates
Accrued Interest on mortgage loans
Accrued interest on bonds on hand
Liabilities,
Farm Loan bonds outstanding
*Notes payable
Deferred loans, balance on loans due borrowers
Advance amortization installments
Reserved for unpaid coupons
Other liabilities
Accrued interest on Farm Loan bonds outstanding
Accrued interest on notes payable
Capital stock
Reserve from earnings
Undivided profits
$7.653,995 66
1.242,000 00
164.583 11
1.27769
15.510 08
478 58
6,055 08
1,66646
114,716 18
5,612 50
$9,205.895 34
87.270,000 00
1.190,81250
17.474 54
13,341 20
8,327 50
34 01
145.791 67
5.530 59
500,000 00
23,171 24
31,412 09
$9,205,895 34
* It is the custom of this bank to borrow funds as needed to complete
farm mortgages. When we have accumulated $1,000.000 or more of
mortgages, bonds are secured and sold, the borrowed money paid and the
same process repeated.
Offering of Kentucky Joint Stock Land Bank Bonds.
In announcing on Nov. 9 an offering of $750,000 5% bonds
of the Kentucky Joint Stock Land Bank (Lexington, Ky.) at
101 and interest to yield 4%%. J. J. B. Hilliard & Son of
Louisville and the Security Trust Co. of Lexington, made
public the following statistical report of acreage and appraised value of total loans (gross) of the bank completed
at the close of business Oct. 31 1923:
Public Offering of Notes of Federal Intermediate
Credit Banks.
Public offering was made on Monday last (Nov. 26) of the
.$10,000,000 4% Vo six months' notes of the Federal Intermediate Credit Banks, which we indicated in our issue of Saturday last (page 2279) Commissioner Cooper f the Federal Total amount loaned
$9.643,700 00
204.443 00
Farm Loan Board has sold to various banking institutions. Acreage real estate security
Appraised value of security
24,806,431 00
offering
notes
was
public
of
the
made by a syndicate Appraised value per acre
The
121 34
Amount loaned per acre
47 17
consisting of the Guaranty Co. of New York, the Bankers Percentage
loan to appraised value of security
37.87%
Bank
of
the
Manhattan
Co.,
Co.,
the
Trust
National City Co.,
The bonds offered are dated Nov. 1 1923, are optional
New Yort Trust Co., Fir t Trust & Savings Bank, Chicago, Nov. 1 1933 and will become due Nov. 1 1953. The bonds are
Continental & Commercial Trust & Savings Bank, Chicago, In coupon form in denomination of $1,000 and are fully regis-
2380
THE CHRONICLE
[VOL. 117.
terable and interchangeable. Principal and interest are
payable at the Kentucky Joint Stock Land Bank, Lexington,
or the fiscal agencies of said bank in Chicago and New York,
at the holder's option. They are acceptable as security for
Postal Savings and other deposits of Government funds.
As we indicated in these columns Nov. 10, page 2050, an issue
of bonds of the Kentucky Joint Stock Land Bank was among
the five issues of Joint Stock Land Bank bonds, totaling
$4.000,000, offered on Nov. 8 by Harris, Forbes & Co. of New
York, Halsey, Stuart & Co., Inc., New York, and William R.
Compton Co., New York.
additional income has been derived from the sale of its
securities at a premium. Future earnings should now
average, it is thought, nearly 15% per annum. For the
past eighteen months income has been materially in excess
of this rate. Of the 15%, 14.25% is applicable to dividends
as the required reserve is fully paid in. The present rate
of dividend is 10%, payable in quarterly installments
January 1, April 1, July 1 and October 1. The initial dividend was declared as of Jan. 1 1919 at 8%. On Jan. 1
1922 the rate was increased to 9%, and on Jan. 1 1923 it
was again increased to the present rate of 10%. Mr. Huston
has been and will continue to be the active head of the
Chicago Joint Stock Land Bank. His associates are like$4,000,000 in Loans to Tobacco Men—Co-operative
wise men of long experience in farm mortgage banking in the
Association Gets Aid from Baltimore
States of Illinois and Iowa. The Bank operates under the
Intermediate Credit Bank.
customary Government supervision and limitations.
"Sun"
of
Nov.
27:
Baltimore
The following is from the
The Tobacco Growers Co-operative Association, which is composed of
about 80,000 planters in what is known as the "Old Belt" surrounding
Danville. Va., the eastern part of North Carolina and northern sections of
South Carolina, has been doing a large part of its financing through the
Intermediate Credit Bank of Baltimore.
So far this year the association has received 84,000,000 in direct advances
from the Baltimore institution, and a line of credit aggregating another
million dollars is still available to the association from the Baltimore bank
as the need arises.
Purchased 290 Warehouses.
This co-operative organization, which maintains its central office in
Richmond, Va., is said to have purchased 290 warehouses, each of which is
licensed under the laws of the State in which it is located so that it can
issue receipts that will serve as collateral bank loans. Up to the present
80,000 growers in the three Southern States mentioned are said to have
contracted to deliver their entire crop to the association in the next five
years.
Oliver J. Sands of Richmond, President of the American National Bank,
of that city, is the founder and present head of the association, which has
done a great deal to increase the prosperity of farmers in the States which
it serves. When deflation reached the farmers of the South in 1920 they
were hit exceptionally hard and the banks were not in position to render
them all the help they required. In 1921 the farmers received even less for
their crop than in the preceding year and their tobacco output also was below normal. The Tobacco Growers' Co-operative Association was an outcome of this situation and has done much to alleviate conditions among the
tobacco growers in particular.
Farmers Draw 50%•
When the tobacco is delivered ti) the association it is officially weighed and
graded. The farmer is then given a draft on the central office in Richmond for not more than 50% of the fixed valuation. As a result of connections which the association has established with banks scattered over the
district which it serves the farmers are provided with facilities for cashing
the drafts without difficulty. The co-operative association maintains its
own selling organization and attends to the merchandising of the tobacco,
seeing to it that the planter receives a fair price for his product.
Offering of Lincoln Joint Stock Land Bank Bonds.
Halsey, Stuart & Co., Inc., Harris Trust & Savings Bank
and William R. Compton Co., offered yesterday (Nov. 30)
$500,000 Lincoln Joint Stock Land Bank 5% bonds. The
bonds are being offered at 1013/i and interest to yield over
4.80% to the optional date and 5% thereafter until redemption. The bonds are dated July 1 1923, become due July 1
1953, and are redeemable at par and accrued interest on
any interest date after ten years from the date of issue.
The bonds are in denomination of $1,000 and are in coupon
form, fully registerable and interchangeable Principal and
interest (January 1 and July 1) are payable at the Lincoln
Joint Stock Land Bank or its fiscal agency in Chicago. The
bonds are exempt from Federal, State, municipal and local
taxation, and are acceptable as security for postal savings
and other deposits of Government funds. The Lincoln
Joint Stock Land Bank operates in Iowa and Nebraska.
Forthcoming Offering of Stock of Chicago Joint Stock
Land Bank.
Howe, Snow & Bertles, Inc., New York, Chicago and
Grand Rapids, and Mitchell, Hutchins & Co., Inc., Chicago,
have contracted for and expect to offer shortly at a price
to net 6.90%, an additional block of the capital stock of the
Chicago Joint Stock Land Bank. The stock is exempt from
the normal Federal income tax. The Chicago Joint Stook
Land Bank was organized in July 1917 by Guy Huston and
his associates, with initial capital of $250,000, and to-day is
the largest in the Federal Farm Loan System. Its capital,
after giving effect to the sale of this present offering of stock,
will be $3,750,000, with a surplus amounting to over $952,
000. Its loans outstanding on Nov. 20 1923 were $51,916,775, on which amortization payments have been made to
the amount of $1,223,715 63. These loans are all secured by
first mortgages against black soil farms in the States of
Illinois and Iowa of a total appraised value exceeding
$131,000,000. From January 1919 to date the Bank has
earned at an average annual rate of 12% on its capital
stock outstanding from interest differential alone. Large
Offering of Bonds of the Burlington (Iowa) Joint
Stock Land Bank.
A block of Burlington (Iowa) Joint Stock Land Bank
5% bonds, issued under the Federal Farm Loan Act, is
being offered by Halsey, Stuart & Co., Inc., the Harris
Trust & Savings Bank and William R. Compton Co. at
102 and interest, yielding approximately 4% to the
optional date, Dec. 1 1933, and 5% thereafter to maturity,
Dec. 1 1953. The bonds are dated Dec. 1 1923. They
are in coupon form, in denomination of $1,000, and are
fully registerable and interchangeable. Principal and
interest (June 1 and December 1) are payable at the Burlington Joint Stock Land Bank or through the bank's fiscal
agent in Chicago.
Right of National Banks to Establish Branches.
The hearings before the United States Supreme Court in
the branch bank proceedings brought by the First National
Bank in St. Louis against the State of Missouri were referred
to by us in our issue of Saturday last (page 2283) and in
an earlier issue (Nov. 3, page 1959) we made mention of the
filing of the brief in the Supreme Court by Solicitor-General
James M. Beck, challenging the right of a State court to
pass judgment on the authority of national banks to establish
branches. As a copy of the brief itself has since come to
us, we take occasion here to quote from it at considerable
length. Solicitor-General Beck in disputing in his brief
the power of the State Court to pass on the question at issue,
declares that "if the State of Missouri may in this proceeding
call the First National Bank in St. Louis to account for transacting its business beyond the walls of its main office, then
the Attorney-General of every State has a like privilege."
"It would follow," he argues, "that the whole national
banking system could be thrown into confusion by the
divided counsels of Federal and State authorities." The
Government's brief continues:
That which the Comptroller of Currency might regard as reasonably
within the charter powers of a national bank might be regarded by the
Attorney-General of a State as in excess of such powers.
Our system of Government does not contemplate such a confusion of
authority. If the First National Bank in St. Louis, whose incorporation
by the Federal Government is undisputed, has exceeded its charter powers
by maintaining branch banks, the question then concerns the Federal
Government—the sovereign which created the bank. I rimarily. the
restriction of the bank to its charter powers is, as a question of administration, between the Comptroller of the Currency and the bank, and it the
question cannot thus be adjusted in the practical workings of the Government, then It becomes a question for the Federal Judiciary in a suit properly
brought by the Comptroller of the Currency to determine whether the bank
.
has acted in excess of the powers granted to it by the Federal Government
Further arguments in which it is held that it is not within
the power of the State to stay the operations of the Federal
Government were set out as follows in the Government's
brief, from which we also quote further below its stand
respecting the right of national banks to establish branch
banks or offices:
A State Court can not impede or suspend the operation of a Federal instrumentallty upon the ground that the Act of Congress under which the
Federal instrumentality is operating Is unconstitutional, nor does it confer
the power now sought to be exercised, for the reason that it is not within the
power of the State to stay the operations of the Federal Government. This
principle has been recognized and enforced in a long line of cases in which
States have undertaken to interfere with Federal officers and instrumentalities in the discharge of duties which were being exercised under Federal
statutes, or even under the color thereof.
One of the leading cases on this subject is Ableman vs. Booth (21 Ilow.
506). In that case the Supreme Court of Wisconsin held that the Fugitive
Slave Law was unconstitutional and discharged a prisoner held under a
warrant issued by a United States Commissioner for aiding and abetting the
escape of a fugitive slave, and also discharged the same person from confinement after indictment and conviction in the United States District Court.
This judgment of the Supreme Court of Wisconsin was reversed by this
Court.
The same question was presented in Tarble's Case (13 Wall. 397), where
a soldier in the United States Army was discharged on habeas corpus by • •
DEC.11923.]
THE CHRONICLE
Supreme Court Commissioner of the State of Wisconsin on the ground that
he had been unlawfully enlisted while a minor without the consent of his
guardian.
In both cases the Courts of the State were declared by the Supreme Court
of the United States to have been without jurisdiction.
It is uniformly recognized that the Courts of a State possess no jurisdiction to pass upon the constitutionality or construction of a United States
statute or treaty in such a way as to paralyze the performance of a duty
enjoined by such statute upon a Unite.] States official. The limit of power
Is reached the moment the hand of the State Is laid in restraint of a Fe leral
agency, because the judicial control of the agency is within the exclusive
jurisdiction of the Federal Government. This is fundamental in our dual
system of government, in which the Constitution and laws of the United
States and treaties made under its authority are the supreme law of the
land. The principle is clearly stated In Tennessee vs. Davis(100 U. EL 257).
as follows (pp. 262, 263):
. the
"'The general Government must cease to exist whenever It loses
power of protecting itself in the exercise of its constitutional powers. It
can act only through its officers and agents and they must act within the
States. If, when thus acting, and within the scope of their authority,
those officers can be arrested and brought to trial in a State Court. for an
alleged offense against the law of the State, yet warranted by the Federal
authority they possess, and if the general Government is powerless to interfere at once for their protection, if their protection must be left to the
action of the State Court, the operations of the general Government may at
anmsbeo
n eillelo
me
fnone of its members. . .
qeo n arrestedIncusateithaew
t of weakness is to he.foundin the ConetItutIon. The United States is a Government with authority extending
over the whole territory of the Union, acting upon the States and upon the
people of the States. While It is limited in a number of its powers, so far
as its sovereignty extends it is supreme. No State government can exclude
it from the exercise of any authority conferred upon it by the Constitution.
obstruct its authorized officers against its will, or withhold from it, for a
moment, the cognizance of any subject which that instrument has committed to It."
It follows from what has been said that a State Court can not hear and
determine the question whether the laws of the United States justify the
performance of an Act by a Feleral agency. If it could do so. It could in
this way exercise a paramount power and frustrate, at least temporarily,
the lawful activities of the Federal Government,
2381
National Bank vs. Dearing, supra. In that case, after quoting from .
McCune& vs. Maryland and Osborn vs. United States Bank, supra, and
after holding that national banks were instruments designed to be used to
aid the Government in the administration of an important branch of the
public service, the court said (91 U. S., 33, 34):
"They are a means appropriate to that end. * * * Being such
means, brought into existence for this purpose, and intended to be so employed, the States can exercise no control over them, nor In any wise affect
their operation, except in so far as Congress may see proper to permit.
Anything beyond this is 'an abuse, because it is the usurpation of power
which a single State cannot give'."
Decision of the Lower Court.
The decision of the lower court is predicated upon the assumption that
the State statute which prohibits banks from operating branches does not
impair the efficiency of national banks and does not conflict with any
Federal statute.
From the reasoning of the court it would seem that if the National Bank
Act In terms authorized national banks to operate branches. the State law
prohibiting the operation of branches would have no application. But
having first undertaken to construe the National Bank Act and to determine whether such law authorizes national banks to operate branches, the
court, concluding that no such authority exists, then holds that the State
law prohibiting branches is not in conflict with any Federal statute and
that the State has a right to apply this statute to national banks.
With deference I submit that this reasoning of the court Is not only unconvincing but "begs the question." If it has inherent jurisdiction to
determine what powers may be exercised by a national bank, or if it is
vested with this jurisdiction by Congress. and in the exercise of this right
the court finds that national banks have no power under the laws of their
creation to establish and operate branches, it is immaterial whether the
operation of such branches violates any State law. On the other hand,
If the State courts are without jurisdiction to determine what powers may
be exercised by national banks, the mere fact that the exercise of a given
power may be inconsistent with a State statute does not give the court
Jurisdiction to determine what powers they may legally exercise.
The present status of this case illustrates what seems to be the fallacy
of the position of the lower court on this point. The question now before
the court for reargument is not whether national banks are authorized by
Alleged Contravention of State Law.
law to establish branches, but whether the lower court had jurisdiction to
Court
of
Missouri calls attention to the fact that Missouri determine this question. If, however, the reasoning of the lower court is
The Supreme
banking business can be conducted only by a corporation: that thus organ- to be followed and its jurisdiction sustained on the ground that the estabized the extent of its power must be determined by the statute of its creation: lishment of a branch by a national bank contravenes a State statute, it will
be necessary for this court first to determine that a national bank is without
and, continuing, states that (R. 14-15):
"The State Banking Act gives express recognition to this rule in pro- power to establish such a branch, since otherwise the State statute contraviding that banks, whether incorporated under Federal or State law, vened will be in conflict with a Federal statute and hence of no effect.
can transact only such business as Is permitted by the laws of the United
In support of its position that the Missouri statutes here Involved may
States or of the State. (Sec. 11684. Mo. R. S. 1919.)"
be held to apply to national banks, the lower court relies primarily on the
Continuing, the Court says (R. 15):
decisions of this court in the case of Davis vs. Elmira Savings Bank, 161
Branch banks, not having been permitted by the State law either by U. S., 275. and McClellan vs. Chipman, 164 U. S., 347. An analysis of
express terms or necessary implication, the well-recognized canon of con- these cases shows that neither is applicable to the case under consideration.
struction will authorize the exclusion of this power from th se granted.
In Davis vs. Elmira Savings Bank the question involved was one of conReliance upon this rule Is. however, unnecessary in the presence of a
subsequent section (Section 11737, R. S. 19191 in which it is provided flict between the National Bank Act and a State statute. The National
'That no bank shall maintain in this State a branch hank or receive deposits Bank Act directed the Comptroller of the Currency in winding up the
or pay checks except In its own banking house.' The attempt, therefore, affairs of an insolvent national bank "from time to time after full provision
of the respondent to establish a branch bank is not only an act in excess has been made for the refunding to the United States of any deficiency in
of its corporate powers but in violation of an express statute."
redeeming the notes of such association * • *" to make a ratable
Considering first Section 11684, Missouri Revised Statutes, 1919, supra, dividend of the money paid over to him on all such claims as may have been
which provides that banks, whether incorporated under Federal or State proved. The New York statute directed the trustee, assignee or receiver
law, can transact only such business as is permitted by the laws of the
of "any bank or trust company which shall become solvent to apply the
United States or the State. it Is conceded that national banks can exercise
assets received by him In the first place to the payment In full of any sum
only such powers and transact only such business as permitted by the
or sums of money deposited therewith by any savings banks, but not to
laws of the United States. For this violation, however, as we have already
an amount exceeding that authorized" by law.
seen. Congress has prescribed specific penalties and has authorized the
Mr. Justice White, delivering the opinion of the Court, said (161 U. S.:
Comptroller of the Currency to bring suit In the United States courts to
determine whether a given bank is guilty of such violation. The deter- 283): question which the
record presents is. does the law of the State of
"The
mination of the fact of such violation and the appropriate remedy is for New York on which the savings bank relies conflict with the law of the
the Federal Government in a suit by the Comptroller.
UniSed States upon which the Comptroller of the Currency rests to sustain
This being true, this limitation of the State law, if it can be fairly con- his refusal? If there be no conflict, the two laws can coexist and be harbut if the conflict arises the law of New York is, from
strued as an applicable limitation, is of no practical effect. In other moniously enforced,
nature of things, inoperative and void as against the dominant authority
words, if the State law prescribes a penalty for the exercise of any power the
of the Federal statute."
by a national bank which is not authorized by the laws of the United
The Court held that there was a direct conflict and that the Federal
States. It is entirely clear under the decisions of the courts that the national
statute was supreme.
bank would not be subject to such penalty.
In McClellan vs. Chipman, a customer of a national bank, to secure a
Section 5107, Revised Statutes of the United States, limits the rate
pre-existing debt, had mortgaged real estate to the bank. A short time
of interest that may be charged by a national bank to that permitted
thereafter the debtor of the bank was adjudged to be insolvent under the
by the State in which it Is located but prescribes a specific penalty for the
Insolvency laws of the State of Massachusetts. A Massachusetts statute
violation of this provision. In the case of Farmers National Bank vs.
provided in effect that if a person Insolvent or in contemplation of inDearing, 91 U. S. 29, an attempt was made to subject a national bank
solvency made a conveyance of this sort for the purpose of preferring the
to the penalty prescribed by a State law for charging a rate of interest creditor such a conveyance should
be void.
In excess of that permitted under the State law. The State of New York
Section 5137. Revised Statutes, U. S. (part of the National Bank Act).
fixed as a penalty forfeiture of the entire debt, whereas Section 5197,
that—
part
provides
In
Revised Statutes of the United States, provides for the forfeiture of interest
"A national banking association may piitAase, hold,olivey real
only. The Court held that the penalty prescribed by the State law oculd
following purposes, and for no others: . . .
the
for
estate
not be applied, but the bank was subject only to the penalty prescribed
"Such as shall be conveyed to it in satisfaction of debts previously conby Section 5197, Revised Slatutos of the United States.
tracted in the course of its dealings."
The same principle is here Involved. A national bank, exercising a
The Court held that there was no conflict as between these two :statutes
power it is not authorized by the laws of the United States to exercise, and the law of Massachusetts was held to apply.
is guilty of a violation of the laws of the United States. If Section 11684,
There Is no analogy between this and the case under consideration. In
which in terms prohibits national banks from exercising any powers not the McClellan Case the State statute made void a conveyance in fraud of
authorized by any laws of the United States, can be said in any case to creditors. The corveyance was made not by a national bank but by a cusapply to national banks, the State courts are without power to enforce tomer of the national bank. In the instant case the statute in question
any penalties that may be provided by the State law under the decision purports to limit or restrict the operations of a Federal agency. It can not
In the case of Farmers National Bank vs. Dearing. supra. Furthermore,
be reasonably contended that the decision in either of these cases Is authorunder the principles laid down by this Court, in the absence of any Federal ity for the proposition that a State Court may determine to what extent a
statute authorizing the States to limit or control the operations of national
national bank may exercise powers claimed under a Federal statute.
banks, the Missouri statute under consideration is, as applied to national
It is significant that the lower Court, In discussing the question whether
banks, a legal nullity, since it has been consistently held that such statutes
a Federal agency may be interfered with, confines its discussion to the poshave no application to national banks without the aid of a Federal statute
sible effect on the national bank and holds that its decision does not impair
making them applicable. (Haseltine vs. Central Bank of Springfield, 183
the efficiency of a national bank. Does not this overlook the fact that in
U. S. 132: Schuyler National Bank vs. Gadsden. 101 U. S. 451.)
determining what powers may be exercised by a national bank the Missouri
From what has been said it necessarily follows that this statute cannot
Court assumed powers vested by Congress In the Comptroller of the Curbe construed as vesting in the State courts the right to determine whether
rency and in the Courts of the United States?
any business transacted by a national bank constitutes a violation of law.
As we have already suggested, a different situation results where an Act
Such a construction would bring it in direct conflict with Section 5239, of Congress expressly authorizes a national bank to exercise a particular
Revised Statutes of the United States, supra, which vests this power in the
power when the exercise of such power Is "not in contravention of &at( or
Comptroller of the Currency to be exercised by suit in a United States court.
local law." In such case the State Court by quo warranto proceedings may
Section 11737, Missouri Revised Statutes, 1919.
assume jurisdiction for the purpose of determining whether the exercise of
This section, which is likewise quoted by the lower court, provides the power In question contravenes any laws of the State. This question
was fully considered by this Court in the case of First National Bank vs.
in terms—
"That no bank shall maintain in this State a branch bank or receive Fellows. Attorney-General of Michigan, 244 U. S. 416. In that case the
deposits or pay checks, except In its own banking house."
constitutionality of a provision of the Federal Reserve Act was questioned
Under the decisions already referred to, this State law can have no which provided that—
"The Federal Reserve Board shall be authorized and empowered .
application to national banks in the absence of a Federal statute authorizing
to grant by special permit to national banks applying therefor, when'not
the state Legislature to exorcise this control over the operations of national in
contravention of State or local law, the right to Act as trustee, executor.
banks. This proposition was fully considered in the case of Farmers administrator or registrator of stocks and bonds."
'2382
THE CHRONICLE
A permit was granted to a national bank in Michigan and the AttorneyGeneral of the State instituted proceedings in the nature of quo warranto
to test the right of a national bank to exercise this power. The Michigan
Supreme Court held that the exercise of this power did not contravene the
laws of Michigan but that the Act was unconstitutional. On appeal to
this Court the jurisdictional question was considered, and on this point
the Court, speaking through Mr. Chief Justice White, said (p. 427):
"The question of the competency of the procedure and the right to administer the remedy sought, then remains. It involves a challenge of the
right of the State Attorney-General to resort in a State Court to proceedings in the nature of quo warranto to test the power of the corporation to
exert the particular functions given by the Act of Congress because they
were inherently Federal in character, enjoyed by a Federal corporation and
susceptible only of being directly tested in a Federal Court. . . . But
without inquiring into the merits of the doctrine upon which the proposition
rests, we think when the contention is tested by a consideration of the
subject matter of this particular controversy, it can not be sustained. In
other words, we are of the opinion that as the particular functions in question, by the express terms of the Act of Congress. were given only 'when
not in contravention of State or local law,'the State Court was,if not expressly,
at least impliedly, authorized by Congress to consider and pass upon the question whether the particular power was or was not in contravention of the State
law, and we place our conclusion on that ground."
In the instant case there is no statute which authorizes the establishment
of branches by national banks "when not in contravention of State or local
law." In the absence of any such provision, a State law prohibiting the
establishment of branch banks can have no application and the opinion of
the Court in Bank vs. Fellows is no authority for the proposition that the
Attorney-General of Missouri and the lower Court have power to perform
the functions specifically vested in the Comptroller of the Currency and in
the Courts of the United States.
The Right to Establish Branch Banks, or Offices.
As the Court has enlarged the scope of the argument to include the
question of the right of a national bank to establish branches, it is incumbent upon the Department of Justice to state its view with reference
to this much-vexed question, although I do not apprehend that the Court
will find it necessary to consider this branch of the case in this proceeding,
for the reasons heretofore given. In the practical operation of Government bridges should not be prematurely crossed, either by the Executive
or the Judiciary, and the right of a national bank to transact any of its
business beyond its usual banking office can, I respectfully submit, be
best determined, not as an abstraction or as a question of verbal definition,
but if and when a concrete controversy arises between the Comptroller
of the Currency, as the supervising director of the national bank system,
and a national bank.
Nevertheless, as the Court may possibly prefer to dispose of the controversy, the views of the Department of Justice will be hereinafter stated.
They are briefly summarized in a recent opinion of the Attorney-Geenral,
which is printed as an Appendix to this brief.
The questions here involved may be stated as follows:
(1) Has a national banking association the corporate power to establish
and maintain a branch bank for carrying on a general banking business
In conjunction with the parent bank?
(2) If a national banking association has no such corporate power but
nevertheless proceeds to establish and operate such a branch bank, what
action, if any, may the Comptroller of the Currency take in the premises?
(3) Assuming that a national banking association is without power to
establish and maintain a branch bank for carrying on a general banking
business, has it the corporate power to open and operate an office or offices
at a place or places other than its banking house for such routine services
as the collection of deposits and cashing of checks for its customers?
(4) If a national banking association has the corporate power to open
and operate such an office or offices, may the Comptroller of the Currency by regulation or otherwise restrict or control their location, their
number, or the functions to be performed thereat?
In this connection it is necessary to consider the following provisions
of the Federal Statutes:
Section 5133, Rev. Stat.:
"Associations for carrying on the business of banking under this title
may be formed by any number of natural persons, not less in any case
than five."
Section 5134, Rev. Stat.:
"The persons uniting to form such an association shall, under their
hands, make an organization certificate, which shall specifically state
. . . the place where its operations of discount and deposit are to be
carried on, designating the State, Territory, or district, and the particular
county and city, town, or village.
Section 5136. Rev. Stat.:
"Upon duly making and filing articles of association and an organization
certificate, the association shall become as from the date of the execution
of Its organization certificate, a body corporate, and as such, and in the
named designated in the organization certificate, it shall have power
. . . to exercise by its board of directors, or duly authorized officers
or agents, subject to law, all such incidental powers as shall be necessary
to carry on the business of banking: by discounting and negotiating promissory notes, drafts, bills of' exchange, and other evidences of debt: by
receiving deposits; by buying and selling exchange, coin, and bullion;
by loaning money on personal security; and by obtaining, issuing, and
circulating notes according to the provisions of this title."
Section 5138, Rev. Stat. (as amended by Act of March 14 1900, c. 45.
Sec. 10, 31 Stat. 48):
"No association shall be organized with a less capital than $100,000,
except that banks with a capital of not less than $50,000 may. with the
approval of the Secretary of the Treasury, be organized in any place the
population of which does not exceed 6,000 inhabitants, and except that
banks with a capital of not less than $25.000 may, with the sanction of
the Secretary of the Treasury, be organized in any place the population
of which does not exceed 3,000 inhabitants. No association shall be
organized in a city the population of which exceeds 50.000 persons with
a capital of less than $200,000."
Section 5155, Rev. Stat.:
"It shall be lawful for any bank or banking association organized under
State laws, and having branches, the capital being joint and assigned
to and used by the mother bank and branches in definite proportions,
to become a national banking association in conformity with existing
laws, and to retain and keep in operation Its branches, or such one or
more of them as it may elect to retain; the amount of the circulation redeemable at the mother bank, and each branch, to be regulated by the
amount of capital assigned to and used by each."
Section 5190, Rev. Stat.:
"The usual business of each national banking association shall be transacted at an office or banking house located in the place specified in its
organization certificate."
Section 5239, Rev. Stat.:
"If the directors of any national banking association shall knowingly
violate, or knowingly permit any of the officers, agents, or servants of
the association to violate any of the provisions of this Title, all the rights,
privileges, and franchises of the association shall be thereby forfeited.
Such violation shall, however, be determined and adjudged by a proper
circuit, district, or territorial court of the United States, in a suit brought
for that purpose by the Comptroller of the Currency, In his own name,
[VOL. 117.
before the association shall be declared dissolved. And in cases of such
violation, every director who participated in or assented to the same shall
be held liable in his personal and individual capacity for all damages which
the association, or its shareholders, or any other person, shall have sustained in consequence of such violation."
Were this a case of first impression, there might be fair ground for
argument whether, under Section 5134 of the Revised Statutes and Section
5190 of the Revised Statutes, it was intended to restrict a national bank
in "its usual business' to "one banking house in any one place," thereby
meaning the geographical locality, whether city, town, or village, in which
the national bank has been located.
But this question does not now seem to be open to question. For over
50 years the Executive Department of the Government has consistently
held, as a matter of administration, that the "usual business" of a banking
association must be transacted in a single and well-defined banking building:
and this administrative construction of the law has additional weight,
not only because Congress has, by supplemental legislation, acquiesced
in it by passing laws which, in exceptional instances, authorized branch
banks, but also because the agitation for the right to have branch banks
has been carried on for many years, and, notwithstanding the vigorous
attempt to secure legislation which would permit branch banks, Congress
has heretofore refused to authorize such branches.
The Attorney-General, in an opinion dated May 11 1911 (29 Op. Atty.
Gen. 81), summarizes these conclusions of both the Executive and Legislative branches of the Government as follows (p. 98):
"First. Independently of Section 5190. Revised Statutes, a national
bank is not, under its chzrter, authorized to establish a branch or coordinate office for the purpose of carrying on a general banking business
in the place designated in its certificate of organization; and
"Second. That Section 5190, Revised Statutes, properly construed,
restructs the carrying on of the general banking business by a national
bank to one office or banking house in the place designated in the association's certificate of organization."
One of the arguments which the Attorney-General made against the
authority of a national bank to establish a branch bank was the fact of
the enactment by Congress on March 3 1865 (Sec. 5155, Rev. Stat.),
subsequent to the enactment of the National Bank Act, of the provision
authorizing a State bank having branches to retain such branches after
having been converted into a national banking association. He contended that this legislation would have been unnecessary if a national
bank already had the power to establish a branch. This section as here
quoted below has a further bearing upon the definition of a branch bank.
Section 5155, Rev. Stat.:
"It shall be lawful for any bank or banking association organized under
State laws, and having branches, the capital being joint and assigned to
and used by the mother bank and branches in 'definite proportions, to
become a national banking association in conformity with existing laws.
and to retain and keep in operation its branches, or such one or more of
them as it may elect to retain; the amount of the circulation redeemable
at the mother bank, and each branch, to be regulated by the amount of
capital assigned to and used by each."
A branch bank, therefore, as the term is used in the National Bank
Act, by the Attorney-General, and by the office of the Comptroller of
the Currency, is an institution partaking of the nature of a primary organization. To it may be allocated a proportionate share of the capital
stock and the extent of its business is governed by the amount of such
allocation. It has an organized personnel. In the officers at the branch
there is vested the same character of authority, responsibility, and discretion as is vested in the officers of the parent bank. In so far as its
practical operations are concerned, it is a complete substitute for a local
bank in the locality winch it serves. It engages in a general banking
business in conjunction with and subordination to, the parent bank.
I ractically a branch bank is in many respects a partly autonomous unit
separately housed in its own banking house. It is to many intents and
purposes an additional bank under the same board of directors, closely
associated with the parent bank, but operating in most matters independently.
Considering Section 5190, Revised Statutes, in the light of the above
definition, the "banking house" is the legal domicile of the bank from
which its discretionary powers are exercised and in which its policies
are formulated and approved. If a national banking association established a branch bank or banks it would be transacting its banking business
at more than one banking house. It would in effect be operating more
than one bank. This power to multiply banking offices the law as interpreted for many years has consistently denied, and the refusal of Congress
to authorize branch banking, as generally allowed in England and France,
leaves no doubt as to the policy of the law.
If ,therefore, a national bank should attempt to establish and operate
a branch bank, such action could be treated by the Comptroller as a
violation of Section 5190. Revised Statutes. His remedy would be to
invoke Section 5239, Revised Statutes, by bringing suit in his own name
for forfeiture of charter of the bank.
But the question still remains, can a national bank transact in this age
of the telephone and telegraph no business whatever beyond the four walls
of its office building? Is it "cribbed, cabined and confined" to one small
place? May it not have "service stations" foe minor and routine purposes?
If the answer is "No," how can it clear its checks in the Clearing House?
The answer is to apply the rule of reason, which governs all legislation expressed with the limitations of language.
The words "the usual business" as used in this section can not be given
a strictly literal interpretation. It was never intended by the National
Bank Act that all of the business of a national banking association should
be conducted within the four walls of a single building. Much of the routine
business of every bank must be transacted away from the banking house.
This has always been the case, although the character of business BO conducted has changed from time to time to meet the changing economic and
social conditions and the consequent development of banking practice.
The business of banking,like every other established human enterprise, is
continually in process ofgrowth and adjustment.
This portion of Section 5190, Revised Statutes, must, therefore, be construed in connection with that portion of Section 5136, Revised Statutes,
which provides that the board of directors of a national banking association may exercise all such incidental powers as shall be necessary to carry on
the business of banking. It has been found necessary for the banks to
transact some of their business on the outside of their banking houses.
Must they do so on the open highway or on the curb? May they not have
an office or building? For the purpose of illustration, a few examples may
be mentioned.
National banking associations in the larger cities are members of clearing house associations, an organization through which considerable routine
banking business is transacted. The representatives or agents of the national banks go to these clearing houses each day for the purpose of clearing checks which they hold upon other banks. National banks also have
correspondent banks in various cities to whom and from whom exchanges,
remittances and collections are sent and received; the national banks thus
receive and pay out money at places other than their banking houses. National banks participate in syndicate loans made at a place other than their
DEC.1 19231
THE CHRONICLE
2383
On the other hand, the actual receipts of deposits, payment or certification of checks, the actual payment of money on loans authorized by the
board, and other purely ministerial acts of necessity must be performed
by officers or agents.
Thee acts, while usually performed by officers or agents at the banking
house, are sometimes necessarily performed by correspondents or agents
elsewhere. Money deposited at the banking house is received by the
receiving teller, an agent or employee of the bank. Money received
In payment of checks, drafts, or other items collected by the bank is
received by correspondents or agents of the bank elsewhere than at the
banking house. The receiving teller and the correspondent bank are
both agents of the bank. In an age, which has defied space, all business
can not be restricted to one place.
It reasonably follows that if a national bank has the incidental power
to perform these administrative functions through its agents or servants,
acting when necessary outside of its banking house, the bank may also,
if necessary, maintain an office or offices—as distinguished from a branch—
at a place other than its banking house. Such offices are service stations.
or minor facilities, necessitated by the conditions of our highly complex
civilization.
When does the exercise of an incidental power by a national bank become
reasonably necessary? The answer to this question involves a consideration of the conduct of the banking business at any given time and place.
It is quite clear that a national bank receives deposits and cashes checks
through the exercise of its incidental powers under the National Bank Act.
banking service. It involves
"The provision of the Act of Congress as to the place of business of the banks It is perhaps the simplest and oldest form of
created under it must be construed reasonably. The business of every bank little discretion. It is almost wholly clerical. In the past national banks
away from its office—frequently large and important—is unavoidably done have been able to render for their customers in the city in which they were
at the proper place by the cashier in person, or by correspondents or other located this service almost exclusively within the four walls of the banking
agents. In the case before us, the gold must necessarily have been bought,
growth
if at all, at the buying or the selling bank, or at some third locality. The house. But they now face new conditions. For example, the rapid
power to pay was vital to the power to buy and inesparable from it. There of modern city population in recent years has resulted in congestion of traffic
sections
at
residential
Is no force in this objection."
in the downtown districts and in the development of
remote distances from the banks. The extensive use of the automobile as
This construction of Section 5190, Revised Statutes, by this Court has
a means of transportation by individuals has been a large factor in creating
an added significance in view of the fact that the transactions involved in these conditions. To accommodate distant customers the need is strongly
this suit took place in 1867, only three years after the approval of the Na- felt in many localities for the banks to maintain an office or offices at some
tional Bank Act.
distance from their banking houses for the purpose of receiving deposits and
The exercise of powers like those above mentioned are clearly incidental
cashing checks.
powers of a national bank. In his opinion of 1911, the Attoreny-General
This situation has been met in about one-half of the Statesf hrough
drew a sharp distinction between the powers of a branch bank and the exlegislation or rules and regulations by means of which the State banks are
ercise of such incidental powers by a national bank. After citing Bank of
thus to extend their services beyond the four walls of their bankAugusta vs. Earle (13 Pet. 519), Tombigbee Railroad Co. vs. Kneeland permitted
ing houses. A new development in banking practice has thus been insti(4 How. 16), City Bank of Columbus vs. Beach (Fed. Case No. 2736), the
number of cities by the State banks, and it is not unreasonably
in
a
tuted
Attorney-General said (29 OP. 86):
claimed by many national banks, especially in the large cities, that a similar
"Many cases might also be cited wherein it has been held that banking privilege should be given them to permit competition. The necessity is in
corporations have the power to establish clearing house agencies.
practical necessity is due
'These authorities are conclusive of the proposition that a bank may the economic situation, while the immediate and
maintain an agency, the power of which is restricted to dealing in bills of to the new banking practice by the State banks. The national banks must
exchange, or possibly to some other particular class of business incident to be allowed to compete or suffer a serious loss in business and prestige.
the banking business."
Did Congress contemplate a policy of unreasonable restriction, which might
undermine the national banking system in the large centres of population?
And further (Op. 87, 88).
The, Authority of the Comptroller.
"These cases clearly indicate that the courts recognize a vital distinction
between a mere agency for the transaction of a particular business and
I come now to the question of the authority of the Comptroller, by regua branch bank wherein is carried on a general banking business.
lation or otherwise, to supervise within reasonable limits the location of, the
"That such a distinction does exist in fact is obvious.
"An agency requires no division of the capital stock, and the details number of, or the functions to be performed at such office or offices.
of the business are few and are easily supervised by the officers of the
In Studebaker vs.Perry (184 U.S. 258) where his authority to make more
bank, while a branch bank requires, in effect, a division of the capital,
the working force is organized, and the business conducted as if it were than one assessment upon the shareholders of a national banking associaa separate organization, and it competes in all branches of the banking tion was brought into question, the Court said (p. 262):
business with other banks in that locality the same as if it were an inde"The logic of the plaintiff in error requires him to convince us that his
pendent institution."
voluntary payment of one assessment, made when the Comptroller was imperfectly acquainted with the amount of the bank's indebtedness, amounts
And again (Op. 91,92).
to a satisfaction in toto of his obligation. Such may be the true construc"As said in First National Bank vs. National Exchange Bank. 92 U. S. tion of the statute; but, defeating, as it would in the case supposed, the
122, 127, in referring to Section 5136, Revised Statutes.
main and obvious purpose of the enactment, suth a construction will only
"'Authority is thus given to transact such a banking business as is be made by a Court when compelled by the necessary meaning of the lanspecified, and all incidental powers necessary to carry it on are granted. guage. The inconveniences that would be occasioned by the meaning proThese powers are such as are required to meet all the legitimate demands posed are so great and obvious as to lead us to expect to find that a reasonof the authorized business, and to enable a bank to conduct its affairs. able construction of the law does not require us to adopt it."
within the general scope of its charter, safely and prudently.' Yet the.
power to establish a branch bank is certainly in no respect essential to the
Let me briefly summarize the principal powers and duties given to the
discounting and negotiating of promissory notes, drafts, bills of exchange, Comptroller of the Currency by the National Bank Act as amended. The
and other evidences of debt, or of exercising either or any of the incidental. Comptroller is charged by
the Act with the execution of all laws relating to
powers named in the statute, or of any power which is incident to the
the issue and regulation of the national currency; he must approve the name
carrying on of a general banking business.'
of each association, and no association can commence the business of bankThe operations of a national banking association may be divided into
ing without authorization from him; he may make rules and regulatiors
two general classes:
under which certain national banks may act as fire or life insurance agents:
(a) Those which must be performed by the board of directors, and
national banks operating foreign branches are required to furnish him,
(b) Those which must be delegated to and performed by the officers, upon demand, information as to the
condition of such branches; he is reagents, or servants of the bank.
quired to approve the change of the name of a national bank or the change
These powers may be again divided into those which require discretion, of its location to another place in
the same State; he approves increases and
judgment,and banking experience, and those which are ministerial, clerical, decreases of capital stock; in
case of a deficiency of 20% or more in the surand of routine character.
national
bank, he may compel the bank to cloes its doors; he applus of a
The powers performed by the board of directors may be described as proves the conversion of State into naitonal banks; he notifies national
discretionary powers, while those performed by officers, agents, or servants banks of the impairment of capital stock; regular (and special, if required)
may be referred to as ministerial powers.
reports of condition must be made to him by all national banks, also reThe revenues of a bank are derived primarily from (1) the investment ports of dividends; reports of voluntary liquidation must be made to him;
of its funds, which consist of its capital stock subscriptions, surplus or he is required to approve the consolidation of national banks; when he beaccumulated profits, and its deposits; (2) loan of its credit in the form comes satisfied of the insolvency of a national bank he may forthwirt
of acceptances; and (3) fees and commissions received in the exercise appoint a receiver who shall under his supervision wind up the affairs of t'
of fiduciary powers.
bank; he appoints examiners who are required to examine each natio:il
In the exercise of these powers full responsibility rests upon the board
bank at least twice each year and to report their findings to him; he may in
of directors of the association to see that the restrictions and limitations his discretion require special examinations.
of the National Bank Act are fully complied with. The responsibility
It will readily be seen from the above that the specific supervisory conof supervising all such transactions is vested in the board and this re- trol of the Comptroller over the
national banking system CovETS a wide field,
sponsibility can not be evaded by delegation of those powers.
and requires for its effective exercise a very broad discretion.
To illustrate: If a national bank makes a loan in excess of the amount
On this point the Supreme Court in Cook County Nat. Bank vs. United
permitted by Section 5200, Revised Statutes, or in any other respect States (107 U.8.445.
448) said:
violates the provisions of the National Bank Act, under Section 5239.
"We consider that Act [the National Bank Act] as constituting by itself
Revised Statutes, "every director who participated in or assented to the a complete
system for the establishment and government of national banks,
same shall be held liable in his personal and individual capacity for all prescribing the manner in which they may be formed, the amount of circudamages which the association, its shareholders, or any other person lating notes they may issue, tne security to be furnished for the redemption
their obligations as depositaries of public moneys,.
shall have sustained in consequence of such violation." This section of those in circulation:
and as such to furnish security for tie deposits, and designating the consespecifically provides that—
quences of their failure to redeem their notes, their liability to be placed in
"If the directors of any national banking association shall knowingly the hands of a receiver, and the manner, in such event, in which their afviolate or knowingly permit any of the officers, agents, or servants of the fairs shall be wound up, their circulating notes redeemed, and other debts
association to violate any of the provisions of this Title. all of the rights, paid or their property applied towards such payment. Everything essential to the formation of the banks, the issue, security, and redemption of
privileges, and franchises of the association shall be thereby forfeited."
their notes, the winding up of the institutions, and the distribution of their
It will be observed that under the terms of the National Bank Act effects, are fully provided for, as in a separate code by itself, neither limited
all of the powers of the national bank are vested in its board of directors, nor enlarged by other statutory provisions with respect to the settlement
and the board is authorized, inter alia, to appoint officers and agents, of demands against insolvents or their estates."
to remove them at will, to fix their compensation, and to adopt by-laws
While the Comptroller may no doubt, as an incident to some of the
for the general conduct of the banking business. The responsibility above-enumerated powers, exercise a measure of control over the estabmanagement
and
control
the
affairs
of
of the bank is, therefore, lishment of such offices or agencies, his authority in this respect rests
for the
definitely vested in the board of directors, and the services performed upon a much broader basis. He is authorized by Section 5239, Revised
by officers or agents must be performed under the direction of and by Statutes, to bring suit for the forfeiture of the charter of any national
delegation of authority from the board of directors. This being true banking association whenever, in his judgment, it has violated any of the
the discretionary powers of the board can not be delegated and must, Provisions of the National Bank Act. This provision of itself establishes
therefore, be exercised only at the banking house.
the position of the Comptroller of the Currency as the practical adnitnia-
banking houses. They also have agents to travel to represent the bank in
an advertising capacity or in soliciting business. National banks may also
have efficiency experts whose duties take them to various places in order
that they may obtain first-hand information as to the management and appraisal of the business of various manufacturing plants or of other corporations who have, or are applicants for, loans. National banks, upon occasion, send agents out to inspect farms as a basis for real estate loans, and to
collect rents in towns and cities. National banks also send agents to public
sales in which they are interested; they sometimes send agents to county
seats to bid in property being sold at auction which they hold as security.
They frequently send out their notary public to take acknowledgments, to
write deeds, mortgages, Stc., where the makers are unable to visit the bank.
National banks employ attorneys to represent them in legal transactions
and proceedings outside of their banking houses. National banks redeem
their circulating notes in the Treasury at Washington. The messengers of
national banks are sent out from the banking houses no errands as business
may require.
It has never been contended that national banks in conducting business
of the character above enumerated violate Section M90, Revised Statutes,
because the business was carried on at places other than their banking
houses. In the light of modern banking practice a narrowand literal construction of this section is unworkable. The construction must be made with
the practical situation in mind.
In this connection it is pertinent to quote from the opinion of the Supreme
Court in Merchants Bank vs. State Bank (10 Wall.. 604. 651):
2384
THE CHRONICLE
[VOL. 117.
trator of the National Bank Act. It is the intent of this provision, construed in connection with the other provisions of the Act, that the Comptroller should at all times maintain a watchful supervision over the national
banks for the purpose of seeing that they conduct their business within
the requirements of the law. This power is emphasized by the further
fact that a national bank has no powers except those derived from the
national banking laws.
For the past 59 years, in the practical administration of the national
banks, the Comptroller has attained a position in which his authority of
general supervision over the national banks is well recognized. Tnis
power may not In all respects be specifically given by the express language
of statutory enactment, but has as a logical consequence and as an inevitable implication grown out of the exorcise of various statutory responsibilities and duties imposed upen him and especially from his general
authority to bring suit for forfeiture of charter against any national bank
Which, In his Judgment, may be in violation of the National Bank Act.
In the Agricultural Credits Act of 1923 (c. 252. sec. 209 (a), 42 Stat.
1467) Congress clearly recognized and affirmed this status of the Comptroller by the following language:
"The Comptroller of the Currency shall exercise the same general power
of supervision over such corporations as he now exercises over national banks
organized under the laws of the United States."
Maximum Limits.
At the present time the maximum amount that may be credited to any
person in a Postal Savings depository, exclusive of accumulated interest.
Is $2,500. This sum Is generally considered too low by Postal officials.
although their opinion varies as to whether the limit should be raised to
$5.000 or $10,000.
On the whole. Congressional opinion Is not unfavorably disposed toward
doubling the existing maximum, but It is learned on high authority that
Secretary Mellon recommends that the limit be raised not to exceed $3,000.
interest rates to remain at the present figure. The fact that the Steenerson
bill failed to reach the House at the last session is laid to the latter's proposed amendment of Section 7.
As the House Committee on the Post Office and Post Roads will be
headed by a new Chairman at the sixty-eighth session of Congress, new
bills will be submitted and an attempt will be made between now and the
opening of Congress to draft a bill that will be free of objections and at the
same time calculated to increase the postal savings deposits in the near
future. It is said that postal officials are ready to compromise to the extent
of retaining the interest at the present time if the $5,000 maximum shall
be granted, on the assumption that this arrangement will be favored by
the savings banks as non-competitive commercially.
While it Is not contended that the Comptroller could cite this new
language as authority for unlimited, much less arbitrary, supervision over
the national banks, nevertheless it clearly indicates that the general supervision which he has heretofore exercised and now exercises over the national
banks, as a practical outgrowth of the administration of the National
Bank Act, has been a legal exercise of his discretionary authority.
This case does not require the Department of Justice to express any
opinion as to whether the establishment of branch offices rests wholly In
a given case in the discretion of the Comptroller of the Currency. He
unquestionably has a supervisory power to see that the bank does not
exceed its pwers In transacting its -usual business" beyond the walls
of Its main office. Presumptively all its "usual business- must be transacteJ in such main office. No bank can transact any business beyond
Its main office unless in the conditions of the banking business there Is
plainly a justification therefor, and, a fortiori, it can not maintain a branch
office unless there is the same clear warrant. The Comptroller of the
Currnecy, in the exercise of his supervisory power to keep the operations
of national banks within their charter powers, clearly has the right to
determine, from investigation and otherwise, whether a national bank
is maintaining a "branch bank" as distinguished from a "branch office."
and. If satisfied that the outside business office is essetnially a "branch
bank," he Is authorized to proceed in the courts of law to require such
bank to abandon its branch under the penalty of a forfeiture of its charter.
This administrative power, however, does not necessarily imply a discretionary power on the part of the Comptroller to permit one bank to
have a branch office and to deny it to another, or to permit one locality
to have branch banks and to dey them to another.
If, as I have argued,
a national bank may conduct its minor and routine operations, whea
necessary, beyond the walls of its place of business. It may be a right which
the bank has as a part of its charter and not dependent upon any discretionary permission of the Comptroller. It is not necessary In this case
or In this brief to discuss this grave question of power. The reference is
only made to exclude any implication that it is the opinion of the Department of Justice that the Comptroller of the Currency may finally decide
In the cage of each bank whether he will or will not permit it to have a
branch office. In this connection it is significant that the question of
excess of corporate power is to be determined in a judicial proceeding
instituted by the Comptroller.
In any event the Comptroller of the Currency, in his duty of compelling national banks to act within their corporate powers, has supervisory discretion: and this important duty emphasizes again the first
point of our brief, upon which the Government mainly relies, that a State
may not, in a quo warrant° proceeding. interfere with the exercise of
such discretion.
Drawing in Funds.
As all postal savings system deposits are deposited In turn in about
3.700 banks, the Post Office Department hopes, by increasing deposits
through a more liberal law, to uncover more money from the old stove.
the darned sock, the worn mattress and bring it into active circulation.
The files of the department contain innumerable official reports from
Postmasters recommending the change, because the present limit not only
brings forth little “real money," but repeated instances occur where applicants refuse to make partial deposits of $2.500 when they are ready to deposit much more. One foreign-born depositor took away a sum of more
than $20,000 which he was ready to entrust to the postal savings system.
So far as can be ascertained, advocates of the $5,000 limit with no change
in interest rates at the present time are about two to one compared with
those who would raise the limit to the stated figure and the interest rate, too.
It is said here that the Congressional committees in charge of this legislation
failed to report the proposed bills at the last session because of a general
disinclination against the raising of Interest rates, at least at this time.
Opposition to a higher maximum limit is relatively unimportant and it is
believed that a bill amending Section 6 to read "$3,000— would surely
pass, while a $5,000 amendment would stand a very fair chance of so doing.
Plans to Increase Limit of Postal Savings Deposits.
The possibility that the enactment of legislation will be
sought at the coming session of Congress to Increase the
limit of individual deposits in the postal savings system so
as to make it $5,000 or $10,000, instead of $2,500 as now, was
Indicated in Washington advices to the New York "Journal
of Commerce" Nov. 21. The same authority in further advices Nov. 23 stated that if an attempt is made by interested
Washington Administration officials to change the present
Postal Savings System Act banking interests, particularly
those related to savings banks, will oppose it. In its Nov. 21
account of the proposed change the paper had the following
to say:
Although it is no longer the fashion of Postal Savings enthusiasts in We
country to speak of concealed hoards of money by the billion or half billion
as was the case in the days when the system was young, officials of the
Post Office Department are convinced that not all the secreted funds
estimated to exist in the Urited States, and which somehow failed to find
lodgment In the savings banks, have actually been deposited with the
Government.
For that reason Postmaster-General Harry S. New and Director of
Postal Saviors William E. Buffington are hopeful that Congress at the
next session will modify the existing law so as to raise the maximum individual amount on deposit. In addition, there Is growing sentiment here
that if nothing is done about increasing the interest rate, as was proposed
In recent bills, no harm will ensue.
Effect of Interest Rates.
Novel and interesting is the opinion that the bulk of Postal Savings
depositors are little concerned with interest rates. If at all, and that while
It would be in their direct advantage If the rat es were Increased, from the
standpoint of legislation It would have little effect in influencing new or
bigger deposits by that thrifty but primitive class which does not regard
interest as an important item.
Although Postal authorities have found It obviously impossible tc make
official estima•es of this elusive hoard of cash, they assume the possibility,
judging by the reports of postmasters, that the total gross amount of
Postal Savings on deposit on Oct. 31 1923, amounting to 5132,007.20e.
should and could be very nearly doubled under more liberal provisions of
the Postal Savings Act of 1910. As this Act has been twice amended
since then.and is considered yet Inadequate to current needs,Postal officials
look forward to another change.
Views of Treasury.
That Secretary Mellon is disposed to approve the $3,000 proposal as
included in the Steenerson bill is something, according to Congressional
spokesmen and postal officials, even though that approval has been Informally indicated, but those who regard the postal savings system strictly
from its financial aspects doubt that any Increase in the maximum limit will
have a material effect in increasing deposits as a whole.
This belief is predicated upon annual statistics, which reveal that the
highest average principal per depositor officially registered to date has
been $327 76, or slightly less than a ninth of the limit proposed in the
Steenerson bill.
Postal officials contend, however, that the matter is not one that can be
measured by statistical averages, and that their aim is solely that of bringing
forth from their hiding place the multiplicity of sums which now constitute
deposits in primitive banks,such as tin cans, shoes and oven refrigerators.
But more important Is the argument adduced that Postal officials do
not believe that they have yet enrolled on their books every potential
depositor not apparently available to the national or State banking institutions. It is to induce this elusive class to come forth that they hope for
more liberal legislation, they say. They believe that not only the peak
figure of 674,728 depositors, reached the fiscal year 1917, should be reached
anew, but that it should be surpassed. They wish to check the retrograding
movement, and think that the best way to do so is by means of new inducements. which Congress alone can grant.
Loss Might be Greater.
It appears, moreover, that a greater loss might have been registered
during the last year or two had not the Postal Savings System Inaugurated
Its increasingly popular plan for the transferring of accounts from one post
office to another. As a great percentage of Postal depositors consists of
itinerant workingmen and migratory families of the pioneering or homesteading classes, their ability to transfer accounts without loss of interest
or danger of loss through accident or theft has now become one of the
best advertisements for the Postal Savings System. So popular this
service has become that transfers now average more than $160,000 monthly.
Savings banks authorities never have conceded the cerrectness of the
various estimates mado as to how much currency remains secreted away
from circulation, nor that a simple change of numbers in the law will be
followed by a relative increase of Postal Savings deposits, although they
have frankly admitted that the Postal Ravings System has disgorged the
hidden moneys of those residents, chiefly foreign born, whose only knowledge
of banking is Postal Savings thrift.
Post Office officials are encouraged, nevertheless, by the growing cooperation between themselves and the private savings institutions of the
nation. In fact, one or two intrepid officials declared that since interest
is a secondary matter to Postal Savings depositors, it could be oven reduced
without perceptibly decreasing the number of depositors or amounts of
deposits.
Evidence of Co-operation.
The best evidence of this they see in a more attentive conduct on the
part of certain legislative authorities who heretofore have not been classed
as friendly. Thus the Post Office authorities are reaching the conclusion
that if they meet any obstacles in the way of proposed new legislation of
this kind the cause will not be difficult to remove.
They hope that Secretary Mellon will, as soon as he has disposed of the
tax reduction program, devote his attention to the Postal Savings program
of amended legislation.
Pending the outcome of this every effort will be made to obtain better
results by means of such legislative action as will encounter the minimum
of friction. and this, they believe, they have found in the plan of indefinite
sidestepping the question of interest rate increases.
Regarding the opposition which the same paper Indicated
as likely to develop, we quote further Its Washington advices of Nov. 23
The nature of the opposition will depend, according to information available in financial circles yesterday, upon the kind of bill to be introduced
and its specific recommendations.
• Savings bank authorities of New York, some of whom have been official
spokesmen of the savings banks at one time or another, are opposed to any
of the contemplated changes in the Act, as in their opinion the system has
DEC.1 1923.]
THE CHRONICLE
now reached its own level, as it;were, and no amount of legislation can or
will benefit it.
Inquiry revealed that opposition would be especially positive against any
plan to increase the Federal rates of interest on postal savings deposits, and
while the proposed raising of the limit of each account from $2,500 to $3,000
or even more is regarded as less serious, the change would be opposed on
principle.
Argument Against Change.
The chief argument advanced by the postal savings system adherents
that a more liberal law would release more concealed hoards of money, is.
and will be, countered by savings banks experts with the statement that
the country is not in need of this additional currency."becadse it is worthless to the public as a basis of credit or more circulation, there being no
shortage of actual circulating money, and so long as the Federal Reserve
banks continue to be handled as well as they have been so far."
Savings banks experts now take the stand that the postal savings system
long since reached its maximum practicableness, and no artificial means
originating in Washington can or will successfully boost the postal savings.
deposits except by means of unilateral legislation unjust or antagonistic to
the private savings institutions.
It was pointed out yesterday that during the last five Years the Postal
savings system experienced a slump, whereas the privately controlled banks
have shown an upward trend in savings deposits. The number of postal
savings offices has hovered around 6,000, failing to reach again the total of
7,000 of 1917, after the high peak of 12,000 offices in 1913. The number of
privately controlled banks, Federal and State, big and little, which now accept savings deposits, is approximately 30,000, and still increasing. Banking authoritiesrefer to these conflicting tides as a proof that as an economic
entity the postal savings system long since reached its heyday and has now
relapsed to an era of sluggish averages.
Bankers make it plain, however, that they dislike the implication attachkw to all new or proposed legislation in favor of the postal savings system,
that private banks in general are not safe because the "Government is safe."
2385
as against $40 in 1912. Other per capita averages in 1923
were $270 In the Middle Atlantic States, $147 in the East
Central States and $199 in the Pacific States, the corresponding figures for 1912 being $151, $80 and $101, respectively."
Christmas Club Deposits Reach $211,606,800.
Herbert F. Rawl', President of the Christmas Club (a
corporation) of 51 Chambers Street, this city, announced on
Nov. 20 that during the next two weeks about 15.000 clerks
in 5,500 banking institutions in the country will prepare for
distribution about 5,468,000 Christmas Club checks aggregating a total of $211,606,800. President Rawll continues:
Doubt As to Volume.
Financial authorities, even those friendly to the Postal Savings System,
who have questioned the various governmental estimates of the bidden
wealth of the foreign-born population, stress official statistics in proof that
most of those estimates have been exaggerated, and they believe that but
little actual currency remains available from these primitive sources. Statistics of savings deposits by nativity have not been prepared, but representatives of the Savings Bank Section of the American Bankers Association
declared yesterday that not all patrons at the Postal Savings windows of
American post offices are foreigners.
In case hearing will be held by the Congressional committees bankers will
be present ready to adduce proof that, contrary to what had been promised,
the Postal Savings Systen has not protected the humble thrifty classes
from exploitation by fraudulent promoters or the "garlic banks" which
profit at the expense of ignorant depositors as of yore.
This huge Christmas Club fund will be distributed between Dec. 1 and
year ago
Dec. 10 to a vast army of moro than 5,000,000 savers that a
joined the Christmas Club at their favorite banking institution offering this
service, with the determination of depositing a certain amount each week,
not to be withdrawn until two weeks before Christmas. The amounts of
the individual checks vary from $12 50 to $1,000.
The increase in total deposits over last year for the entire country is over
$30,000,000.
amounts
The total Christmas Club deposits in banks in New York State
to $36,824.430, or about one-sixth of the total for the entire country, and
New
this amount is about equally divided between Greater New York and
York State outside of New York City.
The total for the Metropolitan district, including the adjoining counties
In New Jersey, New York, Connecticut and Long Island, amounts to approximately $30,000,000. The largest fund in a single institution in this
district exceeds $1,000,000, in the Union Trust & Hudson County National
Bank of Jersey City.
In Manhattan, the Maiden Lane Savings Bank, of 170 Broadway, will
distribute about $450,000.
The Mount Vernon Trust Co. of Mount Vernon, N.Y.,the first bank in
New York State to install the plan, is distributing about s4so,00o. or
about $10 per capita for Mount Vernon's population.
The largest Christmas Club deposit on a per capita basis is in Lockport.
N. Y.,at the Niagara County National Bank, one-quarter of a million dollars in a city of 20,000 epople, or $12 50 per capita.
The first banking institution in New Jersey to install the plan, the Peoples Bank & Trust Co. of Westfield, N. .1., will distribute about $90,000
In their thirteenth annual club. .
As the name Christmas Club implies, a large part of the fund is used to
meet the demand of the holiday season, and while it has been impossible to
folmake an analysis of its many uses throughout the entire country, the
lowing percentages represent averages of a limited number of selected banks
in various localities operating the plan for ten consecutive years:
28%
Redeposited in permanent savings
11%
Taxes
7%
Insurance premiums
4%
Mortgage interest
2%
Fixed charges maturing December
48%
Santa Claus
need
the
to
entirely
The rapid growth of the Christmas Club idea is due
It fills and to its adaptability to accounts of all kinds. It accommodates
those that can only save a few cents each week as well as those that can
save dollars. No one is too poor to come within its scope, the plan is the
same whether the fifty-week accumulation is $12 50 or $1,000,000.
Over 5 million members are now completing their payments in this year's
Views of Mr. Mellon.
The mere fact that Secretary of the Treasury Mellon did not disprove the
Staenerson plan of raising the maximum legal limit to $3,000 is considered in
banking circles a good recommendation, one which the average banker
would hesitate to oppose outright, but the concensus of opinion is not
against the mere increase of $500 but against the probability that Congress
will not limit itself to one change in the law once it starts tinkering with it,
but will try Ls hand at as many changes as possible.
Opposition would be sure to follow against the $5,000 proposed limit but it
would be present in Washingtin in force in any attempt to augment the
Interest rates.
Meanwhi!e, private bankers are happy to see that some of the most
exclusive banking institutions of the nat on have added savings departments
with a view to being of greatest service to the communities where they are club.
located, and it is believed by them that much of the money recently lost to
Starting about the middle of December and before the middle of January.
the Postal Savings System has found its way in the vaults of these banks.
over six million members will have joined the 1924 Christmas Clubs. An
all
at
desirous
not
A careful inquiry among bankers reveals that they are
account is opened at a bank, trust company or financial institution and the
of re-opening the ancient arguments about the Postal Savings System, being member must first select the class desired and continue the depcsits for fifty
content of letting it enjoy life RO long as the status quo is contmut d, since weeks in payments specified for that Class. There are no fines, no dues,
its total deposits represent about 1% of the savings deposits held by the and all the money is returned in one lump sum by the bank at the maturity
privately controlled financial institutions of the country of about $15.- date.
000,000,000.
During the various Liberty Loan campaigns the Christmas Club idea was
adapted to the purchase of Liberty bonds on the partial payment plan, and
through the medium of these plans devised and furnished by the Christmas
Bank Savings Increase Billion in a Year.
Club, a corporation, over $700,000,000 of Liberty bonds were sold.
More than a billion dollars were added by Americans to
their total savings in banking institutions of all kinds during
the year ending June 30 1923, the annual report of the Savings Bank Division, American Bankers Association, declares.
"Savings deposits in savings banks, State banks, national
banks and trust companies on June 30 1923 are officially re:
ported to the extent of $18,373,062,000," says the Division's
report, made public Nov. 30. "The increase during the year
was $1,041,583,000, or 6% of the total on June 30 1922. This
huge total of savings deposits amounts to 52% of all bank
deposits in the United States, as compared with 47% in
1922." The distribution of savings deposits among different
types of banks on June 30 1923 Is given as follows:
13anks—
Mutual savings banks
State banks and trust companies
National banks
Sarings Deposits.
$6,273,151,000
8,608,4(35,000
3,491,446,000
Total.....
$18.373,062,000
The distribution of savings among State groups is presented by the
report in the following table:
Savings Deposits.
Slates—
$3.121,654.010
New England
6,904,268,000
Middle Atlantic
1.358,084,000
Southern
4,651,692,000
East Central
wig.1 nn Ann
West Central
1.491.175.000
Pacific
United States
$18,373,062,000
"These regional totals represent an average savings deposit per capita of population in New England of $405 in
1923 as against $245 in 1912," says the report. "For the
Southern States it indicates a similar per capita average of
$45 in 1923, as against only $18 in 1912. Similarly the West
Central States have an indicated per capita average.of $94
Change in Rules of New York Stock Exchange
Governing Bond Transactions.
Amendments to the regulations of the New York Stock
Exchange governing bond transactions became effective on
Nov. 22. They were adopted by the Governing Committee
of the Exchange on Nov. 14, and in accordance with the usual
procedure, it was provided that they would become law if
not disapproved within a week by a majority vote of the
entire membership of the Exchange. Under the amended
rules bond sellers instead of being required to make delivery on the day after the sale, are allowed seven days in
which to deliver the securities. This removes the advantage
which a New York seller has heretofore had over one in San
Francisco. At the time of the adoption of the amendments
by the Governing Committee on Nov. 14, a statement issued
by the Stock Exchange said:
The amendments provide that bonds may be sold by out-of-town customers and delivery may be deferred up to a period of seven days.
Explaining the amendments, it was said by an official of
the Exchange on Nov. 26, according to the New York "Journal of Commerce" of Nov. 27, that the change was due to
numerous complaints received by the authorities that out-oftown sellers were unable to get their bonds to New York in
time for next day delivery. The "Journal of Commerce"
also stated:
Under the rule in trading "regular way," where failure to deliver continued
for more than two days, the bonds were often "bought in" at a loss and real
injury was done to investors, it was stated.
2386
THE CHRONICLE
While, of course, it Would be possible for such sellers to have taken advantage of the privilege of a-seller's option, three days or ten days or twenty
days in those cases being special contracts, the market was never as favorable and the seller had to take a lower price in most cases.
As a result a special sub-committee"0"of the special committee on ways
and means was appointed on April 4 1923, consisting of Richard Whitney,
Chairman; Samuel F. Streit. President of the Stock Clearing Corporation,
and S. S. Prince. This committee was directed to consider the question
and report recommendations. The committee found from reports from
member firms and from the statistics of the Stock Clearing Corporation,
after it had begun the settlement of bonds through its day branch, that
about 34% of all the deliveries of bonds due on the next day failed to be
delivered, and, of course, in the next two or three days this was reduced,
so that only about 10% remained, and these were cleared up within a week.
After further consideration of the subject a plan for a market in delayed
delivery bonds wasrecommended to and approved by the Ways and Means
Committee of the Exchange. Amendments to the constitution were presented and adopted by the Governing Committee, which subsequently received the approval of the members of the Exchange.
The operation of the new amendments permitted a buyer who wants his
bonds for next-day delivery to bid accordingly. When bonds are sent in
to sell "regular way" and are so offered, they will be delivered to the buyer
the next day unless the seller at the time of closing the transaction states
that they are for "delayed delivery." In that case the buyer may not reneive them until the seventh day after the transaction, but nevertheless
will be obliged to take them on any date after one day's notice is given in
writing by the seller, except that such notice cannot be given on the day of
the transaction. So that in purchasing bonds, delayed delivery, the buyer
will never receive them before the second business day after the transaction is consummated. In this way, where the seller has bonds for delivery,
he can always secure the acceptance of his offer the next day if he so desires,
but has the privilege of delaying as above described. Interest on the bonds
ceases as at present.
These transactions in delayed deliveries may extend up to seven days.
Special form of contract exchange tickets are provided by the constitution
of the Stock Exchange and the rules of the Stock Clearing Corporation, so
that they have the full effect of a written contract as provided for under the
constitution of the Stock Exchange and are not mere comparisons.
We also quote the following notice issued in the matter on
Nov. 21 by Kean, Taylor & Co. of this city:
[VOL. 117.
In accordance with the provisions of Article XXXIX of the constitution
and will become law if not disapproved within one week by a majority
vote of the entire omebership:
"Sec. 3. Bids and offers may be made only as follows, and may be made
simultaneously, as being essentially different propositions, and may be
accepted without precedence of one over another, but when made without
stated conditions shall be considered to be in the'regular way';
"A. In stocks, securities of the United Statels, Porto Rico and the
Philippine Islands, and of States. Territories and municipalities therein,
and convertible bonds and notes:
"(a) 'Cash,'i.e., for delivery upon the day of contract;
"(b) 'Regular way,'i. e.,for delivery upon the full business day following
the day of contract;
"(c) 'At thrbe days,' i. e., for delivery upon the third day following the
day of contract;
"(d) 'Buyer's' or 'seller's' options for not less than four nor more than
sixty days;
"(e) 'When issued,' I. e., for delivery 'when issued' as directed by the
Committee on securities.
'B. In bonds (other than those mentioned in paragraph (A):
"(a) 'Cash,' I. e_ for delivery upon the day of contract;
(b) 'Next day,' I. e., for delivery upon the full business day following
the day of contract;
"(c) 'Regular way,'I. e.,for delivery upon the full business day following
the day of contract, except that when the seller states at the time
closing
the transaction on the floor of the Exchange that the bonds areofsold for
delayed delivery, said delivery shall be knade on the seventh day following
the clay of contract (unless such day is a holiday or half-holiday, when
Section 4 hereof shall apply), and may be made on any full business day
prior thereto upon one day's written notice being given by the seller before
4 p. m.on a full business day of 1 p. n. on a half-holiday, of intention so to
do. Said written notice may not be given on the day of contract;
"(d) 'Buyer's option,' I. e., for not less than two days nor more than
sixty days;
"(e) 'Seller's option,' I. e., for not less than eight days nor more than
'
A 'When
.; issued,' I. e., for delivery 'when issued' as directed by the
(Committee on Securities.
"C. On transactions for more than three days, but not including transactions in bonds for delivery 'regular way' as described in paragraph B. subparagraph (c), written contracts shall be exchanged on the day following
the transaction, and shall not carry interest, unless
otherwise agreed
on such contracts one day's notice shall be given, at or before 2:15 p. m,
before the securities shall be delivered prior to the maturity of the contract.
"D. On transactions in bonds, 'regular way delayed delivery' special
contract exchange tickets shall be exchanged on the day of the transaction
as provided for in the rules of the Stock Clearing Corporation.
E. On offers to buy 'seller's option' or to sell 'buyer's option' the longest
option shall have precedence. On offers to buy
'buyer's option' or to sell
'seller's option' the shortest option shall have precedence."
Amend Article XXIII by striking out the present Section 4 and inserting
in lieu thereof a new Section 4, to read as follows:
"Sec. 4. All contracts 'at three days' and 'buyer's' and 'seller's' option
falling due on holidays or half-holidays observed
by the
shall be
settled on the preceding business day, except that whenExchange,
two or more consecutive days are holidays or half-holidays, contracts falling
due
on
than the first of such days shall be settled on the next business day. other
"All contracts'regular way' including those made for
delivery,
falling due on holidays and half-holidays observed by thedelayed
Exchange, shall
mature on the succeeding business day, unless otherwise specified.
"Loans of money or securities made;on the day preceding a holiday or
half-holiday observed by the Exchange, shall mature on the succeeding
business day, unless otherwise specified."
Amend Article XXV by striking out the present Section 4, and inserting
In lieu thereof the following:
"Sec. 4. The unit of tender for delivery shall be in stocks 100 shares or
any multiple thereof and in bonds of all classes $1,000 par value or any
multiple thereof, except that on bonds sold 'delayed delivery,' the full lot
must be tendered, unless otherwise mutually agreed; and the buyer must,
not later than 2:15 o'clock p. m. on any full business day, accept and pay
for stocks or bonds which have isaen contracted for, when delivery thereof
Is tendered in accordance with the terms of the contract and the rules of
the Exchange and the Stock Clearing Corporation."
Amend Section 8 of Article XXIV by adding thereto the words "except
that special contract exchange tickets exchanged pursuant to Article XXIII,
Section 3, paragraph D, shall constitute contracts," said Section as so
amended to read as follows:
"Sec. 8. No comparison or failure to compare, and no notification or
acceptance of notification, shall have the effect of creating or of canceling
a contract, or of changing the terms thereof, or of releasing the original
parties from liability, except that special contract exchange tickets exchanged pursuant to Article XXIII, Section 3, paragraph D, shall constitute contracts."
Amend Article XXIII by striking out the present Section 5, and inserting
n lieu thereof, a new Section 5, to read as follows:
j "Sec. 5. Bids or offers shall not be made at a loss variation than
of
one dollar in stocks, and % of 1% of the par value of bonds, pro ed,
however,that the Committee of Arrangements may from time to time, in Its
discretion, determine that transactions may be made at less variations
than the above and may fix said variations on transactions in foreign and
domestic Government bonds and notes, State, county and municiapl
securities, short time bonds and notes of corporations, and on rights, or
stocks selling at a price of one-eighth or loss, which said variations shal
thereafter be in effect and be reported to the Governing Committee.
E. V. D. COX, Secretary.
To facilitate the sale of bonds on the New York Stock Exchange by those
at a distance from New York or those whose securities cannot be readily
Obtained for delivery on the day following that on which a sale is made,
there has been placed in operation a new set of regulations governing
transactions in bonds. They embody an arrangement whereby it is hoped
that a delay in delivery will be permitted without sacrifice in market value.
All bonds have been divided into two divisions. Those in Class "A"
include securities of the United States, Porto Rico, the Philippine Islands,
all the States and Territories, municipalities therein, convertible bonds
(both corporation and government issues on which there is a conversion
privilege even though it may not be of value at the time the transaction is
made)and notes. Class"B"includes all other bonds listed on the Exchange.
All transactions in Class "A" bonds will be the same as heretofore.
Bonds in Class "B," in addition to the contracts now in use, may be
traded in for delayed delivery during a period not to exceed seven actual
elapsed days counting from the day the transaction is made. Under this
arrangement the broker who is selling, on closing the transaction on the
Exchange, notifies the buyer that he elects to sell the bonds under the
delayed delivery option. This gives him or his principal the right to
deliver the bonds any time within seven days after the transaction is made,
at which time the contract will mature and can be bought in if bonds have
not been delivered. Should the contract mature on a holiday or halfholiday, it will become due on the next succeeding settlement day. Accrued interest will stop on the next settlement day after the trade is made.
In the event that the seller wishes to make delivery
before the seventh
day, one day's notice of such intention to deliver must be given by the
selling broker to the buying broker at not later than 4 p. m. on full business
days and 1 p. m. on Saturdays. Kean, Taylor &
Co. will require notice
from their customers not later than 3 p. m. on
full business days and
11:30 a. m. on Saturdays.
Should our clients fail to give us this advance notice, delivery must be
held up for two days in order that we can give the required one day's
notice to the buyer. Payment of proceeds cannot be made before delivery
of the bonds except in emergency cases, In which event we are required by
Stock Exchange regulation to charge interest pending delivery. Only
the entire lot sold can be delivered against an optional contract.
Class "B- bonds will be actively traded in under both for next day and
delayed delivery. On all buying orders given us for these bonds it will be
our assumption that the client will take either immediate or delayed delivery
unless specified to the contrary at the time of entering the order, which
On Nov. 21 Secretary Cox made public the following ancannot be changed after execution. In connection with selling orders it
will be necessary to require that our clients specify either next day or de- nouncement in behalf of
the Committee of Arrangements:
layed delivery, as otherwise we will be unable to offer the bonds on the
To the Members of the Exchange:
floor of the Exchange.
The Committee of Arrangements determines that transactions in bonds
Those entering orders for bonds in Class "B" will have the best chance
made for "Next Day" delivery and "Regular Way Delayed Delivery"
of execut.on if buying orders are for either contract and if selling orders
shall be printed on the tape and sheets with a special mark designating them
are for delivery on the next settlement day.
There will be no differentiation in the printing of transactions on the as such, when requested by a member; but shall otherwise be printed without
any special mark.
tape between next day and optional delivery contracts unless such differenThe abbreviation N D will be used for "Next Day" delivery and the abtiation is specifically requested. This, we do not anticipate will be often.
breviation D D will be used for "Regular Way Delayed Delivery."
Consequently, there may arise at times a situation where, apparently, an
For example:
order should have been executed, but it was impossible to do so. An
Missouri Pacific 4% Bonds at 52% "Delayed Delivery"
example of this would be where we have been restricted on a buying order
will be printed
MP.DD
to bonds for next day delivery and those wh'ch were offered and traded
411.52%
were for delayed delivery and which, by reason of this, sold at or below
and
limit.
On a selling order we may be offering bonds for delayed delivery
our
Missouri
Pacific 4% Bonds at 52% "Next Day" delivery
and the buyer bidding only for bonds to be delivered the next day, paying
will be printed
MP•ND
in consideration of this the same or a greater price than that on our selling
4s.52%•
order.
E. V. D. COX, Secretary.
We anticipate that the Stock Exchange regulation covering the buying'in
of bonds after failure to deliver, will be enforced much more rigidly than in
the pest. We especially request our clients to be cautious not to give
George W. Perkins and Associates Loaned Knauth,
selling orders for next day delivery unless there is no doubt that the securiNachod & Kuhne Over $3,000,000.
ties will be in our office not later than 130 p. m.on the next settlement day.
Stocks traded on the Stock Exchange are not affected by the new regulaTestimony to the effect that George W. Perkins, William
them
will
in
Trading
tions.
continue as heretofore.
C. Peyton and their associates advanced more than $3,Announcement of the adoption of' the amendments was 000,000 to the
firm of Knauth, Nachod & Kuhne prior to
made as follows by the Stock Exchange:
its failure in June last was given at a hearing on Nov. 16
New York Stock Exchange,
before Robert P. Stephenson, the referee in bankruptcy,
Nov. 15 1923.
The following amendments to the constitution were adopted by the at 32 Broadway. The hearing was the first of a series of
Governing Committee on Nov. 14 1923, and are submitted to the Exchange hearings to establish whether Mr. Perkins, Mr. Peyton and
DEc.1 1923.]
THE CHRONICLE
certain others were partners in the banking house, and thus
responsible for its debts. Mr. Peyton took the stand and
was examined by James N. Rosenberg, attorney for Middleton N. Borland, the receiver for the failed firm. In its
account of the hearing the New York "Times" of Nov. 17
said:
the firm received
In November 1922 it was brought out at the hearing,
requesting the financial
a questionnaire from the New York Stock Exchange
the requirements
meet
position of the firm and other information, and to
additional $1,000.000,
of the Exchange the firm was obliged to raise an
his counsel, F. P.
which Perkins and Peyton provided. Mr. Perkins had
4 1922 and Mr.
Delafield, pass upon the agreement drawn up on June
Perkins and his
Mr.
Peyton admitted that Mr. Delafield advised that
under the clause
associates would be held liable as partners in the firm
profit. As a result
which gave the Perkins group a percentage of the
cancelled, and a new
of this, Mr. Peyton said, the original agreement was
entire $3,000,000.
contract, issued on a strictly loan basis, covering the
annually. Mr.
was drawn up, the interest upon which was to be 6%
compensation as
Peyton. however, admitted that he received a small
trustee for the loan.
Mr. Rosenberg,
Mr. Peyton answered almost every question asked by
bankrupt firm.
except those which associated him as a partner of the
about to go into bankPeyton admitted that he knew that the firm was
the eve of the
ruptcy, having been called to the office on June 15 1923
failure.
left the office
firm
the
He said he was there when several partners of
Mr. Peyton denied
to arrange for the filing of a petition in bankruptcy.
Hall, and he denied
that he kept any private papers in the office of Mr.
firm that evening,
taking any papers from the offices of the brokerage
who had no conhis
except a note for a loan he advanced to a friend of
nection with the firm.
Mr. Perkins, Mr. Hall
Mr. Peyton said that at the conference with
evening he was reand a Mr. Clark, at the offices of the firm on that
failure, but that he had
quested to extend further assistance to avert a
Rosenberg asked Peyton
refused to extend further financial aid. Mr.
balance sheet and profit
if he did not receive monthly statements of the
admitted that he reand loss account of the firm each month. Peyton
and loss account,
ceived copies of the balance sheet but not of the profit
office.
the
which, however, he said, that he saw occasionally at
$2,000,000 was
It developed at the hearing that the original loan of
relatives, Mr. Peyton
subscribed to by Mr. Perkins, his wife and close
Evidence was preand his wife, and Mr. Bartnett and Mr. Freeman.
were paid by
sented which showed that checks totaling about $100,000
explained
the firm to Perkins, Peyton and Freeman, which Mr. Peyton
were for interest on the loans.
2387
was more than
"Do you remember that the amount that they threw out
the total capital of the firm?" he was asked.
"Yes."
would have been
"And that if these assets had been thrown out the firm
insolvent?"
0 in stocks and securities
"My idea was that, 'Here you have $2,000,09
proper assets and thereof one thing and another that we don't think are
enough to give you
fore you must dispose of them and realize from them
capital to work on.'"
on had been
associati
stock
joint
Mr. Peyton testified that a plan for a
by which the Perkins
drawn up by F.P. Delafield, counsel for Mr.Perkins,
capital by loans to inPeyton group were to furnish $3,400,000 additional
agreed, said Mr. Peyton,
dividual members of the firm. It had been
B. Smithers remained
that this plan would not be carried through if Herbert
to take the respona member of the firm. Mr. Peyton said he was willing
else had urged that Mr.
sibility for this suggestion and denied that any one
the formation of this
Smithers be forced out. Mr. Peyton declared that
threatened suspension from
association was for the purpose of avoiding the
the Exchange.
was submitted to the
"Is it not a fact," he was asked, "that this plan
Stock Exchange?"
Mr.Peyton.
answered
"I don't know. I've been curious to know that,"
Exchange did not suspend
"Have you knowledge as to why the Stock
Knauth, Nachod & Kuhne?"
and had con"I believe that Mr. Delafield had made various visits
That is my belief."
es.
authoriti
Exchange
the
Stock
s
with
versation
the suspension of the
"Did you bring any influence to bear to prevent
firm?"
on
At a meeting held before the referee in bankruptcy
that
Wednesday of last week (Nov. 21), it was brought out
aware of
the New York Stock Exchange authorities were
ed. It is
the firm's weakness eight months before it collaps
suspension
alleged that when the firm was threatened with
d before
appeare
Peyton
Mr.
at that time, Mr. Perkins and
Conduct and,
s
Busines
on
tee
Commit
ge
Exchan
Stock
the
necessary aid.
it is understood, promised to extend the
from the
taken
is
hearing
The following account of this
22:
Nov.
ay,
Thursd
"Times" of
Rosenberg, counsel for receiver
Mr. Peyton was questioned by James N.
Borland.
S.
n
Middleto
closed out its foreign exchange
Mr. Peyton testified that if the firm had
$500,000. His advice was not
position in June 1921 it would have made
lost several hundred thousand dollars.
taken, he said, and the firm finally
1921 were not measures taken to
"After this disastrous summer of
speculating In foreign exchange?" Mr.
prevent a recurrence of losses in
as to whetner
"What position if any did Mr. Cromwell or Mr. Burr take
the firm was going to be suspended or not?"
the assertion
"My recollection is that when the interview was ended
the Stock Exwas made that unless the firm rectified its position that
change would suspend it."
looking to a
"Did you participate in any conversations with anyone
rectification of the affairs of Knauth, Nacho," & Kuhne?"
members
Mr. Peyton replied that he had several conversations with
which he and
of the Perkins group as well as with partners of the firm at
the firm's
his associates had decided to lend the partners $3,400,000 on
slow assets.
position?"
"Do you think you were making a sacrifice or improving your
Mr. Rosenberg asked.
"I think I was making a distinct sacrifice," Mr. Peyton replied.
"Why were you doing that?"
"Simply trying to help the situation." '
"To save the firm from being suspended?"
suspended in
"Did you ever learn from any one why the firm was not
the face of Mr. Cromwell's statements?"
"I never knew why, but I have certain suspicions and beliefs."
Exchange
"Weren't you informed by Mr. Delafield that the Stock
it?"
examined the plan and were willing not to suspend because of
was in
"I don't know. I know I heard from Mr. Delafield that he
have shown
consultation with the Stock Exchange and I suspect he must
Mr. Delafield
them this plan. I imagine it was on the representations of
at the time that the firm was not suspended."
the
Mr. Freeman, the only other witness during the day, described Mr.
Perkins,
various conferences that had taken place before he, Mr.
Peyton and others had loaned the firm the money. Mr. Hall, a good
the mom'',
friend, had asked him to interest the Perkins family in lending
the firm
Mr. Freeman testified. Mr. Hall had told him, he said, that
had insufficient working capital.
over the
gone
"He told me that prior to speaking to me, he had carefully
capital of
assets and liabilities and he was satisfied that the firm had a
the firm
about $700,000. He told me that in the year just preceding year, I
had made a substantial profit in underwriting stocks. In one
0."
believe he said a recent one,he told me the firm had made over $2,000,00 of
firm
Mr. Freeman, who said that he was employed by the banking
help the
G. Amsinck & Co.. Inc., told Mr. Perkins and both agreed to
and Mrs.
firm but first sought the advice of Mrs. George W. Perkins Sr.
d
"expresse
Freeman, daughter of Mrs. Perkins. The women, he said,
anything
the desire to be of assistance but urged us to be very careful In
there were
we did; that they didn't feel that they or we should help out if
going to be a great risk attached."
Rosenberg asked.
were taken," Mr. Peyton replied.
"I don't remember what measures exchange could not be carried on
foreign
"I know that I stated that if
business they should engage in."
Without speculation it wasn't a
that the firm suffered another loss
Despite his advice, Mr. Peyton said
or early this year, through foreign
of about $150,000 at the end of 1922,
We last referred to the affairs of Knauth, Nachod &
exchange sales.
the
d
before
summone
been
have
Kuhne in the "Chronicle" of Nov. 10, pages 2050 and 2051.
Without explaining why he should
rather than partners of the firm, Mr.
At thecontinuation of the hearing before Mr.Stephenson on
officials of the Stock Exchange.
answers to the Exchange's questionnaire
brother-in-law, Mr.
Peyton said that after the filing of
brother-in-law of George W. Perkins, were Friday, Nov. 23, Mr. Perkins and his
he and E. W. Freeman, a
L. Cromwell, President of the Stock Freeman, were examined. Their testimony was described
Seymour
before
appear
to
requested
of the Business Conduct ComExchange; Winthrop Burr, Chairman
in the "Times" of Nov. 24:
Exchange. This conference, said Mr. as follows
and an associate
mittee, and other officers of the
Edward W. Freeman, a brother-in-law of Mr. Perkins,
1922.
floated itsell' along from
firm
Peyton, was in October
the
on
the
how
stand
described
loan,
the
in
that he thought Knauth,Nachod
bills of exchange. He said
"I remember that Mr. Cromwell stated
Mr. Peyton. "I remember day to day by selling and buying continental
short position on
& Kuhne were in a very bad condition," said
that the solvency of the firm was threatened by its
also
no
solvent
was
opinion
business
his
in
that
once the firm did not take
also that Mr. Cromwell stated
day German marks, which were then strong, and that
any
at
sold
3
o'clock
be
could
which
to make
exchange
assets
German
unless it had sufficient
I said I did not. He advantage of a chance afforded by a shift in
to pay all its debts. lie asked me if I agreed, and
marks.
on
$500,000
($3,in
loan
the
of
calling
number of conferences
asked me if Mr. Perkins had any intention
Mr. Perkins said that while he took part in a
played no active part
000,000). and I said,'No'."
between partners of the firm and his associates, he
Mr.
asked
to
going
was
do?"
Exchange
Stock
"Did he say what the
of its policies. His
in its management and knew practically nothing
g.
inasmuch as the PeytonRosenber
financial
was
the
house,
he
said,
with
on
associati
firm.
"I think the intimation was that they were going to suspend the
Kuhne $2,000,000 at one time.
that was the intimation." Perkins group had lent Knauth, Nachod &
I can't remember the exact words, but I recollect
$1,000,000 later.
about
and
word?
a
on'
is
weak
rather
'intimati
that
"Don't you think, Mr.Peyton,
that he had made
Mr. Perkins, who lives at Riverdale-on-Hudson, said
others, without
"It was the substance of Mr. Cromwell's remarks," he declared.
the first large loan of securities, with Mr. Peyton and
without the
"That they would be suspended?"
making any examination of the banking firm's books and
"Yes."
attorney.
his
of
advice
firm
to
the
that
them
persuade
try
you
Wednesday was
"And did you argue at all? Did
Mr. Freeman, whose examination at the last hearing on
should not be suspended?"
rumors about the
continued yesterday morning, said that disquieting
"I have a recollection that we argued about the question of solvency."
had come from
firm's condition had not only been heard in the Street but
"
ce took
"Did you maintain that the firm was solvent?
t the year before the failure. A luncheon-conferen
Continen
the
closing out
"I don't recall."
summer of 1921. he said, in connection with the
the
in
place
"
solvent?
was
firm
the
that
short principally
"Did you believe
of the firm's foreign exchange short position. They were
"I thought so."
In marks, which, he said, were strong at that time.
on marks or
Consulting the figures before him, Mr. Peyton said that the total liabilishort
"I think the discussion was whether they should stay
049 81. He admitted that the firm
get
ties, as of Aug. 311922. were $13,700,
The decision was that they should
cover
them.
should
they
whether
s
its
of
.
two-third
meet
to
liabilities
enough
I entertained
could realize on only
the short position, and, being conservative. I guess
of
out
out
a
threw
assets
lot
of
whole
Exchange
Stock
the
that
fact
"Is it not a
that same view.
into account as assets?" the lawyer asked.
We sold them here and
as not being proper to be taken
"In order to get cash we sold bills of exchange.
officials had cut $2,000,000 from the
Ho answered that the Exchange
due in the other countries. As I
before
became
cable
they
by
them
covered
intiThe
be
of
for
they
disposed
cash.
firm's list of assets and asked that
cash was to cover that short
the firm would be suspended if this recall it, the principal reason for getting the
mation was, said Mr. Peyton. that
which it was felt could not be kept up indefinitely."
position,
were not done.
2388
THE CHRONTCLE
For. 117.
At another conference about that time,
said Mr. Freeman, the situation
of the Regina Company, in which Knauth,
Nachod & Kuhne had a large
Interest, was under discussion.
"The Regina Company was in a rather shaky position, although
it wasn't
until some time later that it was placed in the hands
of a receiver," Mr.
Freeman testified. "Some of the members of the firm felt the
Regina Company would go under at almost any time. Their feeling
was if that were
done and the news became public, that would have bad effect
a
on K. N.&
K., because it was feared depositors would withdraw their deposits,
knowing
that K. N. & K. were a large creditor of the Regina Company
."
In November 1922, Mr. Freeman said, there were rumors of the
banking
firm "going to the wall." In May or June the previous
year Mr. Freeman
declared Mr. Hall had told him that "one of the things which worried
him
about continuing the method they were then using of financing
was that
he had been told that one or two banks in New York said
they would not
buy K. N. & K. bills.
In January of this year a Dutch bank cabled there were "disquiet
ing
rumors in Europe" about the firm's position, and wanted informati
on
about it. Mr. Freeman gave additional details of the conferenc
e between
Mr. Peyton and himself with Seymour L. Cromwell, President of the
New York Stock Exchange: Winthrop Burr, Chairman of the Business
Conduct Committee, and others in October 1922.
"I believe Mr. Cromwell expressed himself at that time that Knauth,
Nachod & Kuhne was insolvent," Mr. Freeman declared.
Mr. Freeman then described the reorganization plan which the PeytonPerkins interest had laid before the partners of the firm. The members
of the firm, he said, had opposed any plan of reorganization at
that time.
because of the effect its news would have upon its customer and
s
the
public in general.
Coffee & Sugar Clearing Association, Inc., deny the Govern
ment's contentions that the by-laws and rules of the
Exchange are designed to prevent deliveries of sugar through
the Exchange and that the Exchange "was establi
shed
solely for the purpose of trading or speculating in futures
,
with no expectation or intention that the contracts entered
into on the Exchange should be consummated by a bona
fide compliance with their terms." The brief of the Exchange and Clearing House, filed in the Supreme Court on
Nov. 5, states in answer to the Government's charges just
noted, that "it is sufficient to say that the exact contrary
is the fact. Every future contract on the Exchange contemplates and provides for actual delivery, and actual
delivery occurs unless the contract is offset against another
contract. This Court has held that 'set-off has all the
effects of delivery'." The Government's proceedings against
the Exchange and Clearing House had their incepti on
on
April 19 of this year (see "Chronicle" April 21, page 1719
and May 5, page 1967) when the United States Department
of Justice filed a petition in the U. S. District Court
for an
injunction against the two bodies; on May 9 the Court denied
the
motion for an injunction without opinion. A stipulation
As part of the bankruptcy hearing Frederick P. Delafield,
counsel for Mr. Perkins, testified on Monday of this week was made between the parties that the cause proceed to
regarding the Perkins-Peyton $3,000,000 loan to the banking final hearing upon the merits on the pleadings and affidavits
firm. Mr. Delafield was questioned in his own office by filed upon the application for preliminary injunction, and
Mr. Rosenberg, the attorney for the receiver. After Mr. the Court on May 15 entered its final decree dismissing the
Delafield had recounted the various conferences on the firm's petition. No opinion was handed down. The appeal to the
reorganization (according to the "Times" of Nov. 27) after U. S. Supreme Court was entered on May 19 1923. With
the intimation by the President of the New York Stock the filing on Oct. 19 in the Supreme Court by AttorneyExchange, that the firm faced suspension, Mr. Delafield General Daugherty of the Government's brief, Nov. 12 was
said there had been no agreement with Mr. Cromwell on set as the date for the argument of the case in the Supreme
this question. The "Times" quoted Mr. Delafield as Court. Associated Press dispatches from Washington on
Novcmber 16 stated the Government during the
follows:
hearing
of arguments charged that the Exchange "is the
"The principal reason for going to the Stock
Exchange was to put them in
tool of
possession of the facts of what negotiations were
going on between the conspirators," and that its maintenance and operati
ons to
Perkins and Peyton interests and Knauth,
Nachod & Kuhne, that they fix the price of sugar "is
a conspiracy." The dispatches of
might be in possession of the facts and act
as they might see fit."
Nrv.
16
added:
When the reorganization plan had been worked
out Mr. Delafleld said
there had been a conference at his office at which
it was decided that he
and George B. Case, representing one of
the partners, see Thomas Cochran,
partner in J. P. Morgan & Co.
"Mr. Case was to tell Mr. Cochran that an agreemen
t to make a loan,
evidenced by the papers, had been agreed
to. I was to go to the Stock
Exchange and tell them that these loans
were to be made. I went over
to the Stock Exchange, I think, after
leaving J. P. Morgan's office, and
showed the committee the plan of Nov.
15."
"Did the time ever come when the Stock
Exchange told you that the
situation was satisfactory and they would
not suspend Knauth, Nachod &
Kuhne?" Mr. Rosenberg asked.
"No, they never told me that." Mr.
Delafleld replied. "They simply
told me they were waiting before acting."
The hearing will be resumed on Dec. 5.
H. T. B. Jacquelin Resigns from Govern
ing Committee
of New York Stock Exchange.
Herbert T. B. Jacquelin has resigned from the Governi
ng
Committee of the New York Stock Exchange. Mr.
Jaequelin has been a member of the Exchange
since May 1894,
and has been a Governor since May 1912.
He still retains
his membership in the Exchange. Mr. Jacquel is head
in
of
the firm of Jacquelin & De Coppet. He has served as
a
member of several importat committees on the Exchan
ge
for a number of years, being at times a member of
the
Committee of Arrangements and the Committee on Securities.
J. S. Oliver & Co. and Turner & Co., Cotton Broker
s,
in Receivership.
The .cotton brokerage firms of J. S. Oliver & Co. and
Turner & Co., occupying offices together at 8 and 10 Moore
Street, this city, and both members of the National Cotton
& Grain Exchange, were placed in the hands of receivers on
Wednesday, Nov. 28.
F. J. Domo & Co., Cotton Brokers, New York,
in
Bankruptcy.
An involuntary petition in bankruptcy has been filed in
the Federal District Court against Frank J. Domo and
Michael Domo, doing business under the name of Frank
J.
Domo & Co. at 109 Broad Street, this city, with liabilities
given as $50,000 and assets $20,000. The petitioning creditors are A. M. Garcia, Howard Van Buskirk and M. P.
Bassco & Co. The partners of the firm would make no
explanation of the failure, it is said.
New York Coffee & Sugar Exchange in Reply to
Government's Conspiracy Charges, &c.
Answering the Government's bill of complaint, the New
York Coffee & Sugar Exchange., Inc., and the New York
While conceding that natural causes to some
extent affect the price of
sugar, it was insisted that the operations of the
Exchange contribute to
price fixing. The Government further asserted that
the Exchange was not
a necessary instrumentality in the marketing of sugar,
and that it should
be brought under strict governmental supervision, should
be Court be
unwilling to go as far as to restrain it from all dealings
in futures.
Counsel for the Exchange and for the New York Coffee
and Sugar
Clearance Association insisted that the Government had
failed to prove a
conspiracy or combination in restraint of commerce, and that
grave results
would follow in the sugar trade should the Exchange
be forcibly closed.
The brief of the Exchange and Clearing House filed in the
Supreme Court on Nov. 5 says:
The charge in the bill is in effect (I) that between
Feb. 1 1923 and the
date of the filing of the bW, April 19 1923, there
existed "no economic
justification for a sudden or appreciable increase
in the price of raw or
refined sugar, or for any Increase" (Ft., p. 19),
but that nevertheless there
was a "rapid increase in the price of raw
and refined sugar beginning on
Feb. 7 1923 and in effect on the date
of the filing of this bill," and (2)
that such rapid increase in price was "the
direct result of a combination
and conspiracy" between the defendan
ts and their members who "by
means of purported purchases and
sales of sugar have sought to establish
•and have established arbitrary and
unwarranted prices not governed by
the law of supply and demand but based
wholly on speculativedealings
not involving the delivery of the quantitie
s of sugar represented thereby,
but altogether carried on for the
purpose and with the effect of unduly
enhancing the price of sugar to the enrichme
nt of said defendants and
their principals, and to the detriment
of the public" (R., p. 21). This
is the whole charge.
That there has been any contract, combinat
ion or conspiracy to raise
prices, the defendants deny, and the evidence
supports them in this denial.
The Government, however, reverses
the reasoning, and, having established
a rise in prices, asks the Court
to Infer a conspiracy. To this, the answer
Is obvious.
Mere enhancement of price is not in and of itself restraint
a
of
frequently follows as a result of some restraint and is therefore trade. It
to be condemned, but a restraint of trade would be equally vicious
if its effect was
artificially to reduce rather than raise the price
of an article. So far as
the Anti-Trust statute is concerned, the law is perfectly
impartial between
the producer and the consumer. It is true that one
desires a high and the
other wishes to pay a low price, but so long as they arc
left free to contract.
it is a matter of no consequence to the law which point
of view shall prevail.
It is the constant effort of all producers to get the
best price obtainable
for the things they produce. They may even Indulge
In concerted effort
to this end, as, for instance, by financing a common
advertising campaign
to popularize their articles and increase the public
demand. What the
law denounces is that they should attempt by agreemen
t between themselves
to limit the supply or restrict the output. or monopoli
ze the market, or
agree upon the prices to be charged. In a free
market, all prices depend
upon the relative needs of the buyer and seller and
upon their opinion of
the action which other men in similar circumstances
would be willing to
take. Giving to the averments of the bill their
most liberal interpretation, all that the defendants have done
is to create the impression in
other men's minds that they can if they choose
buy or sell sugar for future
delivery at certain figures.
Whether the operation of such Exchanges,
or the contracts made on
them, do or do not have any ultimate effect on
inter-State commerce is also
beside the mark. The Grain Futures Act
(Board of Trade vs. Olsen.
April 10 1923) is predicated on the Congressi
onal declaration that sudden
or unreasonable fluctuations in prices on
Exchanges "are an obstruction
to and a burden upon inter-State commerce
in grain products and byproducts thereof and render regulation imperativ
e for the protection of
such commerce and the protection of the national
public interest therein."
Many things, however,are obstructions or burdens
to Inter-State commerce
which do not constitute contracts, combinat
ions or conspiracies in restraint
Due.1 19231
THE CFIRONTCLE
2389
"There would have been no agitation if there had been no Exchange, or
of trade under the Sherman Law. Thus, excessive freight rates are a If it had beenresulted..
properly and legally organized; and no abnormal rise in prices
"
burden on commerce and as such may be regulated, but in the absence would have
The Government might have said more accurately that there would have
of any agreement among the railroads to make and support them, no one
had been no sugar. or if there had been no Departthere
if
been
agitation
no
injunction
an
would imagine that excessive freight rates could be cured by
ment of Commerce, or if it had been properly conducted. Obviously, the
under the Sharman Law, certainly not by enjoining entirely the further "spot" market would have been agitated by what happened, even if there
had been no Exchange. The Government's announcement, at a time when
operation of the railroads.
The action of Congress in passing the Grain Futures Act is itself evidence refiners and distributors had low stocks on hand, led to a scramble to
•
supplies, and caused a near panic.
accumulate
both of the Congressional conviction that Exchanges which permit dealings
The bill (R., p. 17) alleges:
in "futures" perform a useful function, and also that their regulation had
"The United States Department of Commerce estimates the 1922-23
not already been committed to the Courts by the Sherman Act, as the
world production of sugar at 19,511.000 tons, an increase of 1,800.000 tons
Government now asserts.
over
1921-22."
•
The bill alleged, and the proof estaolished:
This statement is only 1.203,000 tons out of the way. The United States
"(a) the existence of an Exchange bearing the same relation to sugar
that the Chicago Board of Trade bears to grain, except that there are Department of Commerce. in its publication of Feb. 12 1923. as shown by
practically no spot' contracts (contracts for immediate delivery) dealt the copy annexed to the affidavit of Mr. Diercks (R.. p. 80). estimated the
in on the Sugar Exchange;
and not 19.511.000.
"(b) an ennancement in the price of sugar, both for future delivery and world's production of sugar for 1922-23 at 18.308.000.
for immediate delivery, during the months of February, March and April The bill's conclusions are, we believe, as inaccurate as its statement
1923; and
of facts.
"(c) an nationally large number of contracts for future delivery made on
The bill itself shows that the margin of safety of available supplies over
the floor of the Exchange during such period."
the world's demand is relatively small on the basis of an estimated Cuban
The bill also alleged, but this allegation was disproved:
crop of 4,000.000 tons. Two of the four leading statisticians have reduced
"(d) That there existed 'no economic justification' for a rise in prices."
by over one-quarter of a million tons, so that on their figures
The Government, nevertheless, still insists that the advance in prices this estimate
statistical estimated surplus is less than four day's world supply
was due to the unusual number of future contracts made on the Exchange. the true
Proof that this was the cause of the advance is wholly lacking. The report (Answer, It., p. 57).
The economic reasons for advancing prices are, we submit, conclusively
of the Tariff Commission assigns other reasons (R., p. 78. fol. 94). The
defendants proved sufficient economic causes for the advance in prices. established.
(See Point III post.) The defendants maintain that the unusual number
Pointing out that grave results would follow a forced
of contracts on the Exchange was due to such economic causes. In other
of the Exchange and the Government's purpose
closing
words. the Government confuses cause with effect, or puts the cart before
be defeated thereby, the Exchange says:
undoubtedly
would
the horse.
Assuming for the moment, although the proof points to the contrary "Instead of lower prices the probability is that any such
conclusion, that the advance in prices was due to the unusual number of
would tend to raise prices, and by removing the
contracts made on the Exchange, and even that it was the wish of the de- drastic Act
fendants that prices should advance, the defendants nevertheless contend barometer which tells the trade at largo of the conditions in
that an advance in prices, even if due to speculation in futures on the the trade and the trend of future prices, lead to violent and
Exchange, is not a restraint of trade-in the total absence of any charge
fluctuations of price with all the evil effects ator proof of an agreement to fix the prices, to curtail production, to limit disastrous
sales, to corner the market, to control the supply, to prevent or suspend tendant thereon." The brief filed by the Exchange concompetition among other buyers or sellers, or interfere with the importation, tinues: "The Government asks, as an alternative, that by
exportation or transportation of sugar.
on the Sugar Exchange reguIn brief, the Sherman Anti-Trust Law does not make mere speculation decree this Court shall impose
an offense. It is not an anti-gambling statute. Congress may have power lations similar to those imposed by Congress on the Chicago
to regulate the Exchange, as it has regulated the Chicago Board of Trade
Board of Trade. It is enough to say in answer that that is a
by passing the Grain Futures Act, but this Court is not required to do so
by any provision in the Sherman or Wilson Acts invoked by the Government. legislative and not a judicial function."
All of the acts charged to the defendants in the bill, apart from the
In the brief of Attorney-General Daugherty on Oct. 19,
pleader's characterization of them, have been expressly approved by this
Government, alleging that the Exchange and tho Clearthe
Court in numerous cases:
constitute a conspiracy in restraint of interAssociation
Co..
ing
Stock
Board of Trade of the City of Chicago vs. Christie Grain &
198 U. S., 236; Clews vs. Jamieson, 182 U. S., 461; Bond vs. Hume, 243 State and foreign commerce in raw and refined sugar, in
U. S., 15.
violation of the Sherman Anti-Trust Law and the Tariff
And by the Court of Appeals of the State of New York:
upon
Springs vs. James, 137 App. Div.. 110. affirmed, 202 N. Y., 603; Hurd Act of 1913, asked the Court to enjoin all transactions
vs. Taylor, 181 N. Y., 231. 233.
Exchange, which, the brief set forth, would have the
the
The bill characterizes such acts as "fictitious" or "paper" transactions.
closing it. The Government suggested that no,
but this characterization is a mere conclusion of the pleader at variance effect of
with the conclusions of this Court. The bill, having so characterized the material inconvenience would result, because another exlawful acts of the defendants, thereupon charges that they constitute an change would be immediately organized which would comply
illegal "conspiracy" or "combination."
with the law. Should the Court refuse to close the ExIn effect the bill says:
"These defendants have maintained an Exchange for future trading change, the Government maintained that both the Exchange
where future trading has occurred in considerable volume. Prices have
advanced. There is no economic cause for such advance that the pleader and the Clearing Association should be required to bring
knows of, therefore the advance must be due to the Exchange's trading."
their practices within the Federal laws. To do that,,the
Or, to put it more briefly:
of
"Prices are advancing. Trading occurs on the Exchange. Ergo, the brief insisted, the Exchange must permit the delivery
Exchange is responsible for advancing prices."
sugar and modify its rules and regulations so as to prohibit
That is all that there is in the bill in its last analysis.
except by the owner or grower of sugar, or one
There Is no charge of a corner, or of "wash" selling, or of manipulation, transactions,
or of any act forbidden, or not distinctly approved, by law.
owning or renting land upon which it is produced, or by
The bill alleges (R., p. 19):
representatives of such persons.
"There existed during this period no economic justification for a sudden
or appreciable increase in the price of raw or refined sugar, or for any
increase."
Redemption and Exchange of Unregistered 1919 War
The answer of the defendants, the affidavit of Mr. Gilmour (R.. p. 95),
Savings Certificates (Stamps.)
and the affidavit of Mr. Diercks (R., pp. 67. 74) show beyond any quesReserve Bank of New York has issued the
economic
reasons
substantial
Federal
for
most
The
were
price
there
increases.
that
tion
These reasons; are:
following circular (578) (dated Nov. 24) indicating the
1. Development in trade conditions showing that the estimated excess
the redemption and
was
approaching
the 'vanishing point. method of procedure by banks governing
of production over consumption
Certificates
Savings
War
1919
unregistered
exchange of
Emphasized by
a. The U. S. Department of Commerce's announcement on or about (stamps) on and after Dec. 1 1923:
137-138).10 ten that there would be a shortage of production (R., pp. 54. 74.
Feb.
Banking institutions may accept unregistered 1919 War Savings certifib. The similar announcement by the British Chancellor of the Ex- cates (stamps) and act in the capacity of forwarding agents for the holders.
chequer on April 18 1923 (R.. p. 75)•
certificates are to be presented to us
C. The reduction in the estimates of various recognized statistical authori- The Treasury has provided that the
ties of the Cuban Crop (R., p. 53, fols. 62. 236)•
at the risk and expense of the forwarding bank. Only the 1919 series of
d. A drought In Cuba (R.. p. 96. fol. 147)•
War Savings stamps, blue in color and bearing the portrait of Benjamin
2. The fact that the existing estimates of production and consumption Franklin. mature Jan. 11924. War Savings stamps of other series, Treasshowed a margin for the world's supply of production over consumption of ury Savings certificates (except the new issue offered in exchange), 25-cent
only 226,000 tons-less than the world's consumption needs for four days- Thrift stamps and $1 Treasury Savings stamps do not pertain to this operaa margin which might be readily wiped out by weather conditions, and so tion.
Following the procedure established last year in the redemption and exslight as to justify grave apprehension of the sufficiency of the world's
available supply for the world's needs (R., p. 57, fol. 73),
change0(1918 War Savings certificates* (reference to Federal Reserve Bank
We know of no more satisfactory reasons for advancing prices.
of New York, Circular 502). holders have been offered four options In
The Government in its brief(p. 85) refers to "the leap of SI per hundred connection with the maturity of their 1919 stamps, and banks may aopounds in the price of all futures, and of 99c. per hundred on spot sugar" cordingly accept them for four separate purposes:
occasioned by the advance publication on Feb. 10 of the Government's
Class 1. Maximum exchange, where applicant takes the largest possible
covered by
sugar crop estimate made by the Department of Commerce. The Gov- amount of new Treasury Savings certificates dated Jan. 11924,of
the cash
of his maturing stamps, and receives payment
ernment's brief shows, by quotations from testimony taken before the the face value
in no case will exceed $15.
which
due
difference
Massachusetts Commission, exactly how such sudden advance came about
Class 2. Excess exchange, where the applicant takes Treasury Savings
certificates to an aggregate cost price exceeding the value of his stamps,
(appellant's brief. pp. 107. 109. 110).
and pays the difference in cash.
"On Feb. 9 the Department of Commerce released for use not earlier
Class 3. Partial exchange, where applicant takes less than the maximum
than Feb. 12 a summary of an article on 'Sugar Production and Consump- amount of Treasury Savings certificates in exchange and the balance (which
Reports'
'Commerce
issued Feb. 12 1923. will always be more than $15) in cash on Jan. 11924.
tion,' to be published in the
• • * This story was featured in the press in sensational headlines as
Class 4. Cash redemption as of Jan. 11924.
early as the morning of Feb. 10. • • * The public had the opportunity
Exchanges.
over the week end of Feb. 10 and the holiday of Feb. 12 to digest both of
The advance is directly atthese alarming reports (p. 109). • * • by
Banks may forward War Savings certificates with the accompanying
the United States Departtributable to the misleading statement issued
decided scarcity of sugar throughout the applications on form PD 830 to the Federal Reserve Bank of New York.
ment of Commerce indicating athis
morning by a reduction of the Cuban which will issue and at once forward new Treasury Savings certificates as
world and which was followed
crop estimates by Messrs. Guma-Mejer of Ilavana • • •" (p. 110).
directed in the application. All such Treasury Savings certificates will be
The Government. in effect conceding that the immediate cause of the dated Jan. 11924.
sudden rise in prices was this misleading report of the Department of Com
*Leference to Federal Reserve Bank of New York. circular 502.
merce. says (p. 112): .
2390
THE CHRONICLE
[Vol,. 117.
Checks for balance due holders will be drawn, unless otherwise reqursted,
to the order of the holder. Checks in payment of the balance due holders
requesting maximum exchange (Class 1) will bear the current date and be
forwarded to them at once. Checks in payment of the balance due holders
requesting only partial exchange (Class 3) will be dated Jan. 1 1924 and will
be forwarded to holders so as to reach them about that time.
Cash Redemptions.
Commencing Dec. 1 1923 banks may forward War Savings certificates
from day to day, for cash redemption as of Jan. 1 1924, indicating as provided in the letter of transmittal, whether they wish the Federal Reserve
bank to make payment to them on Jan. 1 1924,by (a) credit to their reserve
account, or (b) check drawn to their order. Please note that on cash redemption transactions the Federal Reserve bank will make payment to the
sending bank unless otherwise directed.
Prince to remain in Germany." Another note addressed by
the Allied Council of Ambassadors to Germany at the same
time, dealing with the resumption of Allied military control
in Germany, is referred to elsewhere in this issue. The former Crown Prince who since 1918 had been domiciled on the
Island of Wieringen, Holland, reached Frankfort, Germany,
on Nov. 10, and from there went to his estate at Oels, Silesia. The first intimation of his proposed return to Germany
was contained in press dispatches from Doom, Holland, on
Ot. 31, which stated that he had asked the Dutch Government that permission be granted him to return to Germany.
Holland, it was then stated, offered no objection, but indicated that it would not allow the Prince to return to Holland. On Nov. 8 it was made known in Paris Associated
Press advices that the Allied Council of Ambassadors had
decided to ask Holland not to let the former Crown Prince
leave Dutch territory and also to ask Berlin not to permit
him to enter Germany, as he is on the list of persons charged
with war crime, whose arrest is sought by the Allies. At the
same time it was stated that the Dutch were understood to
have made known to the Allies that their responsibility was
unsought, that the former Crown Prince was in their country as a refugee entitled to hospitality and that the question
of his return to Germany was one for the German Government rather than Holland. It was added in the press advices that while they would exercise every precaution, they
would not shoulder the responsibility if their troublesome
guest should be spirited out of the ountry in circumstances
which they were unable to control.
On Nov. 10 it was announced in Paris cablegrams that a
note signed by Premier Poincare as President of the Allied
Council of Ambassadors had been delivered to the German
Charge d'Affaires on Nov. 9 protesting against the return
of ex-Crown Prince Frederick William to Germany. The note
read:
General Provisions.
For purposes of identification, it is essential that each War Savings certificate and each application should bear the bank stamp of the forwarding bank.
Separate letters of transmittal (the forms are furnished by us) should be
used in forwarding certificates for redemption or exchange.
Application Forms PD 830 should accompany War Savings certificates
and will be used as the basis of issuing checks and Treasury Savings certificates.
Banks are urged to print or type the name and address on the application
when it is illegible as, in issuing Treasury Savings certificates, it is manifestly essential that the Federal Reserve bank has the correct spelling of
the name and the present address of the registrant.
Any one holder may file a single application to cover several War Savings
certificates in the same name providing the transaction is confined to one
class and does not exceed $5,000.
Receipt.
Unregistered certificates presented for either redemption or exchange
must be duly receipted in the name inscribed thereon.
Registered Certificates.
Banks should not accept certificates or stamps
which have been registered, as such certificates and stamps can be redeemed
only at the Post
Office where registered. Numbers appearing on the face
of the stamps
and certificates may be taken as evidence of registration.
Holders presenting registered certificates should
be referred to the Post
Office of registration. Certificate cards containing both registered
and
unregistered stamps are regarded as registered, and must accordingly
be
presented at the Post Office of registration.
Treasury Savings Certificates Checks.
All certificates issued in exchange on or before Jan.
15 1924 will be
dated Jan. 11924. All issued after that date will
bear the current date.
Checks issued before Jan. 1 1924 against either partial exchanges
In the name of the Allied Governments represented In the Council
(Class 3)
of
or cash redemptions will be dated Jan. 11924;
checks issued against maxi- Ambassadors I have the honor to request you to transmit urgently to
your
mum exchanges (Class 1) will bear the current
date. All checks issued Government the following note:
after Jan. 1 1924 will bear the current date.
Press dispatches have announced that the German Government had authorized the ex-Crown Prince to return to Germany. Although the exactCollateral Agents.
ness of the information has been officially confirmed in Berlin, the Allied
Collateral agents receiving unregistered War Savings certificates
for Governments refused to believe the German
exchange may themselves issue Treasury Savings certificates
Government could have taken
dated Jan. 1 a decision of such gravity,
whatever may be the motives advanced to
1924 and make payment of any balance due
the holder at once in connection justify it.
.with maximum exchange transactions (Class
1), and on Jan. 1 1924 in conThe German Government can be under no misapprehension regarding
nection with partial exchanges (Class 3).
Pyaments due from holders in the
deplorable impression such a return would produce In all the Allied
connection with excess exchanges (Class 2) will
be received immediately countries,
whether it were officially authorized or merely tolerated.
as in the case of ordinary sales.
Under these conditions it is the duty of the Allied Governments,to draw
Irregular Cases.
this situation to the German Government's most serious attention and
Special forms are provided by the Treasury
Department to cover cases of request it to inform them with the briefest delay if the information they
certificates held by a minor, a deceased owner
with or without administra- have received Is true.
tion or an absentee holder, as well as cases
where payment is to be made to
According to The Hague advices (Associated Press) Nov.
some person other than the owner whose
name is inscribed on the certificate.
10, it was officially stated that both the Dutch and German
Generally speaking, where certificates are
inscribed in the name of a Governments had granted ex-Crown Prince Frederick Wildeceased owner and the estate is being
administered in a court of compe- liam permission to
return to Germany. The Dutch Minister
tent Jurisdiction, the certificates should be
receipted by the legal representative of the estate and accompanied by a
certificate of his appointment of Foreign Affairs issued the following communique that
or by duly certified copies of the letters
testamentary or letters of adminis- day:
tration. as the case may be. Certificates
inscribed in the names of minors
The Ministers of France, Belgium, Great Britain, Italy, and Japan
should be receipted by the legal guardian, or,if
there is no guardian, by the have
presented at the request of their Governments, a note to Jonkheer
minor himself if of sufficient competency and
understandi
to
ng
sign
the
Van
Karnebeek, the Dutch Minister of Foreign Affairs, stating that the
receipt and comprehend the nature thereof,
or, if not of sufficient above
-mentioned Governments were confident that the Dutch Governcompetency and understanding, receipted for
the minor by the parent ment was
or natural guardian with whom the minor
conscious of the responsibility assumed by it in designating a
resides.
On application domicile for the
we will furnish the necessary forms, which should
former Crown Prince of Germany and declaring at the
be properly executed and same time,
in view of the rumors which were current that the ex-Crown
attached to the certificates and forwarded with a
separate letter of trans- Prince was on
the
mittal.
point of leaving Holland to return to Germany, their
conviction that the Dutch Government would not hesitate to take immeMutilated certificates and stamps may be
accepted provided the space diately all
special measures which appeared necessary in the present
intended for entry of the name and address of
the owner Is present, and circumstances.
provided that manifestly more than one-half of each
stamp is present. If
Foreign Minister Van Karnebeek, In reply, explained the point of view
that portion of the certificate intended for entry of
the holder's name and of the Dutch
Government. After the arrival of the ex-Crown Prince
address is missing, or if in any case less than one-half of
any stamp is affixed. a fixed domicile
was allotted to him during his stay in the country, but
the certificate should be forwarded with separate letter
of transmittal, as it the Dutch Government
was not competent to restrain him from leaving
will be necessary for the Treasury Department to authorize
acceptance.
the
country.
The position of the ex-Crown Prince is subject to the proCertificates evidencing erasures in the date or amount
will be accepted visions of the Dutch
If officially certified to by the forwarding bank.
law, and, moreover, in this particular case there is
no question of obligation under international law.
FEDERAL RESERVE BANK OF NEW YORK,
The "Nieuwe Rotterdamsche Courant," commenting upon
Fiscal Agent of the United States.
Reference to the new issue of Treasury Savings Certifi- the departure of Frederick William, was reported in Rottercates to be placed on sale to-day (Dec. 1) was made in these dam press advices Nov. 10 as saying:
columns Nov. 17, page 2172.
He lived here as an alien who was considered a danger to
the public
safety, wherefore a special habitation was assigned to him
which he was
free to leave on condition that ho left the country at the same time.
Neither
international law nor special treaties imposed upon Holland
the duty of
preventing his departure. The surveillance occurred only
in Dutch
interest and, regarding its efficaciousness, the Government is
only responsible to Parliament.
If the Entente Powers desire to prevent the former Crown
Prince from
residing in Germany they must make their representations to Berlin.
Holland does not like such aliens, and once departed she
will not easily
allow them admission a second time.
Allied Council of Ambassadors in Note to Germany
on Return of Crown Prince Says German Government Is Responsible for Consequences—
Reports of Return of Kaiser—Views of
United States.
The recent return to Germany of the former Crown Prince,
The note of the Allied Council of Ambassadors dispatched
Friedrich Wilhelm of Prussia, was the subject of a note addressed to the German Government on Nov. 21 by the Allied on Nov. 21 to the German Charge d'Affaires, Herr von
Council of Ambassadors in conference at Paris, in which it is Hoesch, was signed by M. Poincare, as President, and read
declared that the Allied Powers will hold the German Gov- as follows:
By the note from Herr von Hoesch, dated 10th of November, 1923, the
ernment "entirely responsible for the consequences which
may result from the fact that it allows the former Crown German Government informed the Council, in reply to a question put to
it on Nov. 9 that it had authorized
the representative of Germany In
DEC.i a' 723.]
THE CHRONICLE
Prince to re-enter GerHolland to deliver a passport to the former Crown
this declaration.
of
note
take
nts
Governme
Allied
The
many.
received a letter, adThe Allied Governments, on the other hand, have
Germany in Paris to the
dressed Nov. 18 1923, by the Charge d'Affaires of
Affairs for comDirector of Political Affairs of the Ministry of ForeignMinisters, a copy
of
munication to the President of the French Council
of which is annexed to the present letter.
declarations contained in this
The Allied Governments take note of the
former Crown Prince of
document, both concerning the renunciation by the
crown and concerning the
his rights to the crown of Prussia and the Imperial
not to authorize the
formal engagement taken by the German Government
take cognizance that
former Emperor's return to Germany. They formally
the French Government the
the German Government in communicating to
by the Crown Prince, has
text of the renunciation, signed Dec. 1 1918,
renunciation valid and does
the
it
considers
that
thereby
record
on
gone
not admit of its possible cancellation.
that the German GovernAt the same time the Allied Governments note
the treaty concerning
ment, which, in order to escape its obligations under
internal situation of Gerthe
of
es
the
difficulti
invokes
control,
military
authorized, in full conmany and the troubled state reigning there, has
Prince, well aware that
sciousness of its act, the return of the former Crown
nature to provoke serious
his presence in the territory of the Reich is of a
external viewpoints.
complications for Germany,from both internal and
themselves constrained to
Under these conditions the Allied Powers find
It entirely responsible
declare to the German Government that they hold
it allows the former
for the consequences which may resultfrom the fact that
must draw the full
Crown Prince to remain in Germany. They feel they
which such a situation
attention of the German Government to the danger
compel the Allied Powers
may involve, and which, in case it arises, may
jointly to devise measures suitable to meet it.
2391
the Treaty of Versailles,
Guarantees to make this sure were placed in
to that Treaty twill
and the expectation here is that the nations party
guarantees. In the work
endeavor to enforce provisions containing such
Governments should have
of enforcement the President believes the Allied
the sympathy of the American people.
tee to
Allied Reparations Commission to Name Commit
Inquire Into Germany's Capacity to Pay Repara
States
United
and
France
of
ity
tions—Inabil
to Reconcile Views on Reparations Conference.
to an economic conference on
looking
efforts
the
While
in by the United States have
ated
reparations to be particip
of Gerbeen unfruitful of results, Chancellor Stresemann
did not
tly
apparen
office,
from
retired
now
many, who has
ned,
abando
ly
definite
been
consider that the suggestion had
States •
United
the
and
France
that
fact
g
the
standin
notwith
suggested
were unable to reconcile their views respecting the
hes from
conference. Last night's (Nov. 30) press dispatc
ions
Reparat
Allied
the
that
tion
Paris brought the informa
name a
Commission had yesterday decided unanimously to
to pay
committee of experts to study Germany's capacity
Two
e.
Poincar
Premier
along the general lines proposed by
ve duties
respecti
the
uted,
constit
be
will
is
added,
it
bodies,
Herr von Hoesch's letter to M. De Perretti, French DirecPress
of which are to be defined later. The Associated
tor of Political Affairs, referred to above, follows:
add:
ay
yesterd
of
s
account
the return o
ng
As a sequel to my last conversation with you concerni
draw up a scale
of the former Emperor
According to M. Poincare's plan, the experts will first
re capital
the former Crown Prince and rumors of the return
to you, for of Germany's internal and external resources, seek everywhe
intention
my
expressed
I
as
nt,
Governme
my
it should
I requested
I have Just which should not have been exported and find means by which
ely
supplementary information on the questions you asked me.
immediat
ted
appropria
be
might
resources
what
indicate
,
recovered
be
you:
received a reply from Berlin and hasten to inform
might be used, and finally to point
resources
such
1918,
how
r
and
ns
of
Decembe
reparatio
first
to
signed
deed
by
a
Prince
Firstly. the Crown
sound basis.
crown. The out in what manner German finances might be restored to a
renounced his rights to the crown of Prussia and the imperial
n, nor its economic
The committee would not deal with the Ruhr occupatio
text of this document reads:
of the Powers
committee would include the assistant delegates
definitely all rights result. The
on and a financial expert apCommissi
"By the present document I renounce expressly and which
ons
Reparati
the
on
ed
represent
might belong
to Berlin. The
to the crown of Prussia and the crown of the emperor, Emperor
and Bing pointed by each country. The committee might proceed
to me either through renunciation by His Majesty the
committee's findings and take
Reparations Commission will consider the
of the Throne, or through any other title.
however, be empowered to
Given under our hand at Wieringen, first December 1918.
decisions, but will not cancel debts. It will,
"WILHELM."
1930.
beyond
not
of
grace
period
a
grant
the Governin Paris
Secondly, the former Emperor has not made any request to
return to
It is further stated that it is the supposition
ment of the Reich, nor expressed a desire, for autheirzation to
Germany.
more to me
Thirdly, the German Government formally confirms once
the effect that
the declaration I made to you the day before yesterday, to
. I beg you
It will not permit the former Emperor's return to Germany
foregoing.
to inform the President the Council of Ministers of the
On Nov. 18, Chancellor Stresemann of Germany (who has
since resigned) stated at a meeting of the German People's
Party that Germany would reject any demand for the surrender of the ex-Crown Prince. With his departure from the
Island of Wieringen, on Nov. 10, the former Crown Prince
Issued a message, saying:
I can only say good-by
To my best offriends in Wieringen:jam sorry that
ary trouble my return
by letter. In order that there shall be no unnecess
secrecy.
to Germany must take place in all
came to Wieringen in
In desperate plight—slandered and roofless—I
rest and human sympathy, and
November 1918, but here I quickly found
became months and months
soon I became myself again. Yet weeks
years, until I have spent five years in your midst.
and you enabled me to particiYou offered me hospitality in your homes
to understand and respect each
pate in your love and charm. We learned
for me to say goodby to Wieringen.
other. Now the moment has arrived
and thank you for all you have
I should like to shake hands with you all
done for me.
been for me, far from my native
Terrible and difficult years they have
agreeable and bearable,
country and family, but they have been rendered
y of you people of Wieringen.
thanks to the cordiality and human sympath
of
luck from the bottom
best
the
island
by
So I say farewell, wishing
of my heart. Thank you and au revoir.
Incidental to the return of the former Crown Prince to
Germany, there have also been reports that his father, the
former German Emperor, was likewise preparing to return
to Germany, but the German Government denied that it had
given him permission to return or contemplated such a step.
In indicating the Washington view respecting the reported
likelihood of the ex-Kaiser's return to Germany, Washington
advices, Nov. 16, published in the New York "Journal of
Commerce," said:
•
President Coolidge believes that the American people will sympathize
with any move to be taken by the Allied Governments to prevent restoration
of the Hohenzollerns to power in Germany, although the American Government cannot, in accordance with long-established policy, take definite
action in the matter which has been brought up by the return ot Germany
of the Crown Prince Frederick William.
The President's views were made known to-day in some detail in order
to correct an impression gained in some quarters from a recent White
House statement to the effect that the United States would afford no
moral support to the Milos in steps which they might undertake to prevent
the return of the Hohenzollern family to power.
ed
The long-expressed policy of the American Government is interpret
in every way the establishment and mainby Mr. Coolidge as favoring
nt. Mr. Coolidge, however,
tenance of republican forms of Governme
that the United States always can or
does not interpret this as meaning
in
other countries.
changes
ntal
should interfere in governme
Crown Prince to Germany
With respect to the return of the German
of the former Emperor, it was said
and reports of a prospective return
one of the things for which the United
that Mr. Cooliedge considers that
Hohenzollerns from the throne and
States wont to war was to drive the
been established in Germany.
had
as
prevent such autocratic rule
tory evidence
that if the expert committee produces satisfac
Washington
of its usefulness Secretary of State Hughes at
e.
delegat
an
Americ
an
send
to
may find it possible
in these
The question of an economic conference, as noted
corresponof
subject
the
was
1839)
(page
27
Oct.
s
Column
British Secredence during October between Lord Curzon,
ry of State
tary of State for Foreign Affairs, and Secreta
s letter,
Curzon'
Lord
to
e
in
respons
Hughes; the latter,
"to take
indicating the willingness of the United States
European
part in an economic conference in which all the
ate,
particip
ions
reparat
Allies chiefly concerned in German
y
for the purpose of considering the questions of the capacit
fact
The
t."
paymen
ions
of Germany to make reparat
come
that France and the United States had definitely
this
have
to
l
proposa
the
on
ways
of
the
to the parting
was
country aid in the solution of the reparations question
Press
ted
Associa
to
ng
accordi
9,
when,
on
Nov.
known
made
dispatches from Washington, Premier Poincare of France
ador
was advised by Secretary Hughes, through Ambass
would
France
by
upon
insisted
ions
that
restrict
Jusserand,
serve to "frustrate" the object of the Washington Govern
reparaexpert
an
in
ation
an
co-oper
Americ
offering
in
ment
tions inquiry plan. The same dispatches said:
point in disclosing the
The State Department refused to go beyond this
Ambassador, in which
purport and result of recent conversations with the
No formal invitadetailed explanations of the French attitude were made.
Washington Governtion to participate in an expert inquiry is before the
In the circumstances.
ment and a declination is, therefore, not in order.
no invitation from the Allied Powers now is expected.
under the French
There is no doubt that such an invitation, if presented
feels that the French
restrictions, would be declined. President Coolidge
He believes the
futile.
limitations render the inquiry plan useless and
audit of German
French restrictions would reduce the inquiry into a mere
by sanctionaccounts, that the United States could serve no useful purpose
could not produce
ing American participation in an investigation that
Germany,
of
ation
broad and comprehensive plans for economic rehabilit
and adequate payments by Germany on reparations accounts.
Chancellor Stresemann's comments on the suggestion were
made on Nov. 22, when in the course of a defense of his administration before the Reichstag he stated that he welcomed
the renewed American interest in the reparation problem
and said he hoped an international conference would be convoked. The Associated Press cablegrams from Berlin continued:
ent
He denied the report published in the German press that the Governm
added that he
had been approached officially by American financiers, and
action.
had not been informed of any impending international financial
On Nov. 111London Associated Press cablegrams indicated
that the members of the British Imperial Conference (composed of representatives of the British Empire), then in session, were in favor of a conference on the question of Germany's capacity to pay reparations, if plans for the proposea
2392
THE CHRONICLE
conference with France should break down. The cablegrams added:
This was brought out in the official summary of the Imperial Conference
peblished to-day. Under the heading of "Foreign Affairs"
appears the following:
"It was while the conference was sitting that the
President of the United
States renewed the offer of the United States Governmen
t to take part in
an international conference or inquiry to investigate
the European reparations problem and to report upon the capacity of Germany to make
payments
to which she is pledged.
"The conference cordially welcomed and decided to take immediate
advantage of this overture, and communications were at once entered
into
with the Allied Powers to obtain their co-operation.
"The conference, after careful consideration of the policies which
had
been pursued, was of the opinion that the European situation could
only be
lifted on to a plane of possible settlement by the co-operation of the
United
States, and that if the scheme of a common inquiry to be followed
by
common action were to break down, the results would be Inimical both to
peace and to the economic recovery of the world."
This significant passage followed: "It is felt that in such an event
it
• would be desirable for the British Government to consider very carefully
the
alternative of summoning a conference itself. in order to examine the financial and economic problem in its widest aspect."
On the following day (Nov. 13) it was stated that Premier
Poincare had decided to propose the creation of a committee
of experts for the purpose of investigating the question of
German reparations. The Paris Associated Press cablegrams of that date said further:
The committee, as suggested, would be composed of delegates from the
Powers represented on the Reparations Commission; its duties would
be to
establish Germany's external and internal resources: where the
exported
German capital lies and how it can be brought back: how and in
what
amount the resources of the Reich can at the present moment be utilized
for
reparations, and how Germany can re-establish her financial position.
It is further proposed that a technical expert be added to the
committee
for each country. The investigation would last two months at least.
In taking up on his own account a plan for a committee
of experts.
M.Poincare was moved by a desire to furnish fresh proof of his resolution
to
leave no method likely to lead to a solution of the reparations problem
untried. The Premier, it is announced, would by no means refuse
to enter
into negotiations with Germany, now that passive resistance has ceased
and
wllfull defaults in deliveries in kind have stopped,thanks to the direct agreement with the German industrial leaders.
Accordingly M. Poincare has Instructed M. Barthou. President of the
Reparations Commission, to ask that body at to-morrow's sitting
to designate this committee of experts. At the same time the Commission
will
have to pass on the German demand to be heard on the Reich's financial
situation, action on which was postponed on the motion
of Sir John Bradbury until the outcome of the negotiations with the United States became
known.
[VOL. 117.
replying to M. Barthou, Sir John Bradbury said
he was tempted not to
vote for the motion and to wash his hands of it,
but added that if it were
the only condition under which France would
permit the Germans to be
heard he would vote for it because "I cannot be
a party to any refusal to
hear such arguments without apparent denial of
justice, however small
may be the hope I entertain In the
present circumstances of practical
advantage resulting from the hearing."
Wants Investigation Thorough.
In regard to the expert committee proposal he
said: "I hold that the Commission, if it is to attempt to discharge its duties
under the Treaty, must
investigate without fear or favor the whole cause
which led to the present
desperate condition of Germany and must fearlessly
apply, or recommend to
those who have power to apply them, whatever remedies
it may, after such
investigation, deem to be necessary."
It is probable that the French do not expect
great things from the expert
committee, but being perfectly sure they have a good collar on are bringit
ing it into being to answer the charge that
they did not really want the expert committee which was accepted in principle
when the British proposed
It. The proposed committee will indeed
bear very slight resemblance to
what Mr.Hughes and Lord Curzon intended.
This time M. Poincare cuts
In half the period Mr. Hughes last week
judged so short as to make an inquiry futile.
To refer again to the efforts toward bringing about an
economic conference on reparations with the United States
as a participant, while there was ready acceptance of the
British proposal to this end by Italy and Belgium, the acceptance by France was conditional; as to these conditions we
quote the following from a Paris cablegram (copyright)
published in the New York "Times" of Oct. 27:
Premier
Poincare made two important announcements to-day affecting
the reparations situation. In the first he
agreed to the naming by the
Reparation Commission of a committee of experts,
including an American,
to advise it on questions relating to Germany's
capacity to pay. In the
second he agreed to the appearance before
the Reparation Commission
next week of a German delegate to explain
why the Reich cannot finance
payment in kind.
The French Premier took both these
decisions more out of regard for
American and British opinion than from
any belief that they would work
wonders. He may be right, he may be
wrong, but that is how he feels
about it.
The Premier's acceptance of a committee of
experts was contained in a
note sent last night to London, of which the
British Prime Minister had no
knowledge when he made his speech last evening.
It is made quite clear here that the proposed committee
would in no way
arrogate to itself any of the powers of the Reparation
Commission. This
means that then the Reparation Commission would be
free to accept or
reject Its recommendations.
It is also made quite apparent that the French do not desire
nor intend
that this committee shall even recommend a reparation total,
but shall
rather give expert advice on how Germany should make payments
toward
meeting the total otherwise fixed.
In form the French acceptance appears on its face to meet the Hughes
proposal of last December, and Lord Curzon's proposals. But it is quite
clear that in the minds of both Secretary Hughes and Lord Curzon there
was the basic idea there should be an international fixation of
the total
that Germany can pay the Allies. That is not the basic French
idea.
It is understood that M.Poincare has given London to understand that
he cannot accept a conference of Governments on reparations the
decision
of which would be final and not subject to review so long as America
maintains her position that the inter-Allied debts could not be discussed
at such
meeting, for the French Premier sticks to the position that
the two are
corelated.
At the same time it was learned through Associated Press
advices from London that "in consequence of the failure of
the Franco-American negotiations at Washington over the
scope of the proposed expert committee of inquiry, Great
Britain had abandoned all thought of an immediate reparations inquiry, either with or without the participation of
France. "The British Government," these advioes said,
"will henceforth devote itself to pressing domestic problems,
awaiting a more propitious moment to reopen the reparations
question."
On Oct. 28 an official communique written by Premier
In deferring on Nov. 13 Premier Poinoare's suggestion for
the appointment of an expert committee to conduct an in- Poincare and issued at the French Foreign Office at Paris
quiry into the reparations question, the Allied Reparations reiterated the French Government's determination to refuse
Commission granted without opposition and without re- to agree to any reductions of the German debt as fixed by
striction the'request by Germany for a hearing on the ques- the London conference in May 1921. The communique
tion of its capacity to pay reparations. This hearing was declared that such a reduction must be decided by the
undertaken on Nov. 23. As to the conclusions of the unanimous vote of the nations interested. After quoting
Reparations Commission on Nov. 13 we quote the following from the text of the Treaty of Versailles, the communique
from a cabelgram (copyright) to the New York "Times" set forth that
Although the Reparations Commission may determine the methods
from Paris Nov. 13:
of
payment of German debts,
The Reparation Commission sent to Berlin to-night a note stating that
representatives of the German Government would be heard at their convenience by the Commission. This notification is the result of a unanimous
vote by the Commission this afternoon on the proposal by M.Barthou, the
French delegate.
At thesame time M.Barthou proposed that after hearing the Germans,an
expert committee should be named by the Commission to consider Germany's present capacity for payment. This committee would proceed
under the same restrictions as those proposed by M.Poincaro to Secretary
Hughes, with the exception that the inquiry would deal with German payments up to 1927. instead of 1930. Under the French proposal a place
would be left on the committee for the United States should Washington
change its mind.
The chief tasks the French propose to turn over to this committee is a
search for German wealth held abroad and the working out of a plan for new
German Money. It will have no power to consider the total of reparations.
Bradbury Reserves Decision.
Sir John Bradbury, the British delegate, reserved his decision to await
instructionsfrom London,bin ventured the personal opinion that the French
were prescribing a pill to cure an earthquake. In view, however, of their
previous acceptance of M.Poincare's terms and the desirability from their
point of view of Allied unity toward Germany on the issues of military control and the Hohenzollerns, it Is believed the British will accept the committee.
On Oct. 24 the Germans asked for a hearing by the Reparation Commission under Annex 2, Part 8. of the Treaty, which requires the Commission
to hear Germany on any question relating to payment of reparations that
would furnish a field for wide debate affecting total reparations. M. Barthou proposed, however, in the motion, that a hearing be given under Article 234 of the treaty, which provides hearings at German request, on postponement of payments and specifies that these hearings shall not consider
cancellation of any part of Germany's debt. ,
Sir John Bradbury found fault with this move,for obviously it blocks reconsideration of the reparations total, sought by England and America. In
extend the periods and modify the meth-ds of
such payments, it cannot make any reduction whatsoever, such
reduction
only being granted by the unanimity of the creditor nations.
Thus France will not accept that a committee of experts make
any
changes in the amount of the debt as fixed May 1 1921, and will
give its
consent to no reduction whatsoever in the amount of the
obligations of
Germany as determined by the Reparations Commission in
May 1921.
According to Paris Associated Press cablegrams, the
communique was written entirely by M. Poincare in his
own hand and was intended as a definite and final statement
concerning the French Government's position with regard
to the forthcoming meeting of the committee of experts.
On Nov. 1 it was stated in a Washington dispatch to the
New York "Journal of Commerce" that it was indicated at
the State Department that American participation in the
proposed international conference of economic experts to
determine Germany's capacity to pay reparations
would be
blocked if Franco limited the inquiry to the ability of Germany to make immediate reparations payments. It was
added in the dispatch:
The United States will maintain its stand for a
full and comprehensive
Inquiry to establish what Germany can pay,
although Secretary Hughes
understands fully that the conference, with purely
advisory powers, will be
unable to bind France to a reduction in the total
amount of reparations.
The speech made by Premier Potwar() at Nevors,
as interpreted by the
French Foreign Office, caused great concern in
official circles hero. It was
stated authoritatively that Secretary Hughes regarded full inquiry
a
and a
faithful examination of the whole question as being necessary
to the 811CCOB.9
of the projected parley.
The Administration's spokesman indicated clearly that American
participation would be threatened if the French Government restricted
the con-
lhac.1 1923.]
THE CHRONICLE
ferenco to the four points laid down by M. Poincare: 1. Girmany's present
capacity to pay: 2. New methods of payment; 3. The renovation of Germany's finances; 4. A new monetary system.
On Nov. 2 it was indicated that restriction on the scope
of the proposed expert committee inquiry into Germany's
capacity to pay reparations might render it useless to proceed with the plan in the view of President Coolidge as made
known at the White House that day. The New York
"Journal of Commerce," which stated this in Washington
advices, added:
The original American proposal, it was declared,"was for a complete and
inclusive" examination of the question, and official advices thus far received
from abroad have indicated acquiescence in that plan. Press reports of
speeches mado by Premier Poincare of France have indicated a desire to
restrict the inquiry, however, and it was pointed out that the Washington
Government was as yet uncertain as to what its attitude would be toward
an invitation to participate unofficially in a restricted inquiry.
It was indicated that in the event restrictions were placed on the scope
of the experts' inquiry which, in the opinion of officials here, would render
its studies not hopeful of good results, American participation probably
would be agreed upon only with the distinct understanding that the Washington Government believed from the outset that the effort to settle the
reparations questions in that way would be futile.
This statement came coincident with the following Associated Press cablegrams from Paris Nov. 2:
France accepts with cordiality the contemplated collaboration of the
United States in a conference of experts to study Germany's capacity to
pay reparations. She demands that it should be clearly understood that
the proposed inquiry should bear solely on the "present" capacity of
Germany and that it should respect all the rights held by the Reparation
Commission under the Treaty of Versailles.
This is the substance, it was learned to-day, of the reply which France
has made to the British note of October 31 asking her to join Italy. Belgium,
and Great Britain in a collective invitation to the United States to be
represented at the proposed conference.
The reply was handed to the British Embassy yesterday. Its text was
not made public.
The French Foreign Office regards the limitations Premier Poincare, in
his various authorized utterances, has put upon the scope of the reparation
inquiry by the proposed international committee of experts as strictly
conformable to the Treaty of Versailles. The Premier's acceptance of the
idea of such an investigation was at the outset, it is recalled, conditional
upon a strict observance of the provisions of the Treaty and upon control
of the inquiry by the Reparation Commission.
The Premier made the conditions specified in his acceptance, it is explained. because France was unable to consent to any decrease in her claims
that was not compensated for by a decrease in her liabilities.
Examination of the future capacity of Germany for payment is held in
official circles to be equivalent to an examination into a reduction of
France's claim, and the Premier does not consider that the time has yet
come to talk about that.
2393
Jusserand at Washington a long cablegram which Would
enable him to amplify the outline of the French viewpoint
already given to Secretary Hughes on the reparations problem. This, it was stated, was for the purpose of meeting the
wishes of Secretary Hughes, who, in the course of his talk
with M. Jusserand, asked for further information as to the
limits France desired to place on the work of the proposed
experts' commission.
While the cablegram was the subject of further conference
with Secretary Hughes and Ambassador Jusserand on the
7th, the latter also conferring on that day with President
Coolidge, no agreement was reached on the disputed points
and the termination of the conversations was witnessed on
the 9th. Regarding the concluding conference we quote
the following from an Associated Press dispatch in the New
York "Journal of Commerce":
Conversations Ended.
The conversations at the State Department ended to-day when Ambassador Jusserand called with advices from his Government which reached him
while Mr. Coolidge and his Cabinet were discussing the situation on the
basis of previous explanations from Paris. To-day's message showed no
modification of the French attitude and added nothing new to the situation.
Secretary Hughes, before receiving the Ambassador, made a second visit
to the White House for a brief conference with the President in preparation
for presenting the American decision.
The exchanges between Secretary Hughes and Ambassador Jusserand
served to bring out a detailed statement of the limitations on the expert
inquiry desired by the French Government.
With respect to the stipulation made in Paris that the experts should not
discuss the occupation of the Ruhr, the Ambassador explained that this
would mean in the French view that the experts could examine all questions
as to the resources of the Ruhr, the value of industrial establishments
and the productive power of the region. France could not, however, discuss the legality of the French occupation, the system of collection of taxes
in the Ruhr region imposed by the French occupying forces, the guarantees
seized by French troops or the agreement recently,reached between the
French authorities and the German industrialists of the Ruhr.
On the question of the exact meaning of the French stipulation "present
capacity," to which the experts would have been limited in studying German resources which might yield the means of payment of reparations, the
Ambassador explained that this could be interpreted as meaning the survey
of the situation up to and including the year 1930.
Consider 1930 Deadline.
Both the 1930 deadline and the restrictions that would have been imposed by the Ruhr stipulation were given general consideration by Secretary Hughes in formulating his answer. The 1930 proposal in itself, however, was regarded by the American Government as foreclosing,the possibility of approaching a comprehensive study of the situation and the formueconomic disaster in Europe.
Several conferences at Washington between the French lation of far-reaching financial plans to avoid
prevent such a disaster was the only object sought in proffering the help
Ambassador Jules Jusserand and Secretary of State Hughes To
of competent American experts in an effort to solve the reparations tangle.
in which the latter undertook to explain the attitude of
It was explained to the French diplomat that the period up to 1930 would
of any plan sufficiently
France on the reparations issue were held during the week have to be largely devoted to the very beginnings restoration
in Germany
broad to give reasonable promise of an economic
were
9
on
concluded
Nov.
conferences
these
but
5,
Nov.
of
at some future date. There was no reasonable hope from the American
with the decision on the part of the United States that viewpoint, the Ambassador was advised, that any substantial payments
could accrue
further parleys would be futile inasmuch as the reconciling toward settlement of the reparation obligation of Germany
any increase of German productivity that possibly could be brought'
of the views of the two countries seemed impossible. The from
limit.
seven-year
about within the
representations by Ambassador Jusserand to Secretary
It was reiterated that the Washington Government had made its original
the
Hughes were based on a communication which the former suggestions for an expert inquiry a year ago, and had renewed them in the
Hughes-Curzon correspondence, in a spirit of friendship to all of
received from Premier Poincare. As to the conference recent
make
to
means
some
finding
of
purpose
Allied countries and for the sole
between Messrs. Jusserand and Hughes on the 5th inst. available American helpfulness in the European crisis. The fact that
has found it impossible to accept the proffer of American aid, alFrance
from
special
the
following
Washington advices to
we quote
though her Allies, Great Britain, Italy and Belgium, have indicated their
the New York "Times":
desire to take steps to that end, has not changed the desire of the GovernThe situation is one in which this Government, desirous of being helpful, ment here to be helpful whenever an appropriate time for extending that
his
will
amend
Poincare
position and in which there
still hopes that M.
helpfulness presents itself.
is every prospect that America will drop the plan for an inquiry unless
&tient on Future Plans.
the French Government yields in favor of freedom of action for the proFor that reason officials refused to-night to do more than explain in detail
posed committee of inquiry. No announcement concerning the attitude
of this Government was issued to-day, but it can be affirmed on authori- what had transpired in the conversations between the Secretary and the
Ambassador and make clear the views of the United States in the circumtative information that this statement of the situation is accurate.
Advices to the State Department indicate that Great Britain. Belgium stances.
and Italy are all in agreement with regard to the proposed inquiry, and
that it should be adequate and comprehensive. As understood by officials
Germany That Military
hero this means that the British, Belgian and Italian Governments agere Allied Ambassadors Warn
with tho United States that the proposal of France to limit the inquiry of
Control by Inter-Allie d Commission Must Be
Germany's present capacity to pay is unsatisfactory, in that it would
Resumed.
render the investigation futile for all practical purposes.
In reply to the request of the German Government that
Envoy and Hughes Have Long Talk.
Ambassador Jussorand spent an hour and forty minutes at the State the Allies postpone the resumption and extension of military
Department this afternoon in conversation with Secretary Hughes in which 'control by the Inter-Allied Commission of Military Control,
every phase of the reparations problem was discussed from the American
has been notified that the Allied
and French viewpoints, together with the limitations which France insists the German Government
must be placed on the work of any committee of inquriy. After this Governments "have decided that the operations of military
conference neither of its participants consented to make a statement as
control and aeronautics supervision must be resumed withto just what had occurred, but it soon became known that Ambassador
visit
President Coolidge at the out delay"; further, the German Government is informed
Jusserand had made arrangements to
White House to-morrow morning.
that it is its duty under the Treaty of Versailles "to give the
Secretary Hughes has fully acquainted President Coolidge concerning
Inter-Allied missions of control and their members every
what took place in his conference with M. Jusserand.
-night sending a long confidential cable facility necessary for their task." The noto, which was
Ambassador Jusserand is to
report to his Government on the result so far of his presentation of the addressed to the German Charge d'Affairs, Herr von Hoesch,
position of M. Poincaro as set forth in the instructions contained in the
was forwarded Nov. 21 by M. Poincare, President of the
Saturday night communication from the French Premier.
That report will not be encouraging to the Grench Government,inasmuch Allied Council of Ambassadors, whose decision in the matter
as it is definitely understood that no hope was held out to M. Jusserand was reached at Paris that day. The note reads as follows:
that the position taken by the French Government in favor of a limited
In the name of the Allied Governments, represented at the Conference
inquiry is one to which this Government feels that it can at all accede.
of Ambassadors. I beg you to transmit the following note to the German
Indeed the situation, as it stands to-night, is understood to be one in Government:
which the next move is up to the French Premier, and to be acceptable
The Allied Governments take note of the declaration made by the German
to the American Government must involve concession on the part of the Government that it in no way intends to contest its obligations under the
latter.
Treaty of Versailles. They must, however,put on record that this GovernIt was announced in Paris cablegrams on Nov.6th, that ment, nevertheless,in reality persists In Invoking reasons for continuing
the French Foreign Office had dispatched to Ambassador. to esaqie from the exercise of military control In practice.
2394
THE CHRONICLE
The German Government, it Is true, does not put'forward this time the
participation of French and Belgian officers in the operations of control as
grounds for evading control, but maintains that resumption of the operations would be of a nature to aggravate its internal difficulties, and inevitably provoke incidents. The Council must first observe to the German
Government that the operations of control have been interrupted many
months, and there is no need to insist on the gravity of such a situation.
The Council can the less admit prolongation of the situation, as it might
with reason ask itself whether the obstacles thus brought to the accomplishment of the task of the Commission of Military Control have not favored
the development of elements of trouble, and consequently contributed to
increase the difficulties of which the German Government complains. The
Allied Governments, moreover, cannot admit that the resumption of the
operations of control should of itself be a fresh source of difficulties, or
cause incidents.
Not only are a great part of these operations carried out, owing to their
very nature, under conditions which should not furnish a pretext for incidents, but the Control Commission, as the German Government is aware,
has always operated in the interests of proper accomplishment of its task in
a manner to facilitate the work of the German authorities, and confidence in
its tact in this respect can be continued.
Under such conditions the Allied Governments find themselves obliged
to maintain the right which belongs to the Military Control Commission
and also to the Committee of Aeronautic Guarantee to exercise fully operations of control,the Commission of Control and the Committee of Guarantee
Preserving, moreover, full latitude of appreciation as to what constitute
operations the execution of which seems to them really capable ofrealization,
and necessary.
The Allied Governments recall to the German Government that every
time these organirations of control and supervision shal notify it, according
to the regulations already established by agreement with the German
authorities, that they intend to proceed on an inspection visit. The
German Government has the peremptory duty, in conformity with Article
206 of the Treaty of Versailles, to give the Inter-Allied missions of control
and their members every facility necessary for their task.
Consequently, the Allied Governments have decided that the operations
of military control and aeronautic supervision must be resumed without
delay under conditions which will be notified to the German Government
by the presidents of the Commission of Military Control and the Committee of Aeronautic Guarantee.
Should these operations meet with obstruction from the German authorities or German nationals, the Allied Governments intend to take measures
which may seem to them proper to assure execution of the Treaty.
[VOL. 117.
Premier Poincare's demand for immediate punitive penalties against
Germany, which was reiterated only yesterday in his speech at Neuilly,
with a warning that France was preparing to act alone, was overwhelmingly
voted down by the Allied Council of Ambassadors, which at the same time
realized that the Paris Government was on the brink of political isolation,
with the certain destruction of the Entente in the offing. These considerations forced M. Poincare to yield.
There will be no inunediate penalties laid against Germany for Chancellor
Staesemann's failure to expel the Crown Prince, or for his so-called insolent
attitude on the re-installation of inter-Allied military supervision over the
Reich.
The French Cabinet voted this afternoon, a short while after the verdict
of the Council was known, against isolated action by France in defiance of
its allies. As a result, M. Poincare's internal political prestige had been
greatly weakened in view of his strong declarations yesterday.
When the ambassadors assembled at the Foreign Office, Jules Cambon,
President of the Council and chief French representative, had instructions
to present French opinions as to the steps that should be taken as follows:
First, that the Crown Prince must leave German territory.
Second, that the Reich Government must restore inter-Allied military
control immediately.
Third, that punitive measures must be taken against Germany if there
existed evidence of bad faith toward compliance with the treaty demands.
Germany's Liability for American Claims Account of
Sinking of Lusitania Upheld by Mixed Claims
Commission—Other Claims Totaling
$345,000,000 Dismissed.
The question of German liability for American claims resulting from the war, including those growing out of the torpedoing of the Lusitania in 1915, was determined in four
decisions announced on Nov. 5 by the Mixed Claims Commission at Washington. While upholding, broadly, the Lusitania claims, numbering 278 and aggregating approximately
$22,600,000, the Commission dismissed 3,190 claims, totaling
about $345,000,000, for the recovery of insurance premiums
paid by Americans for protection against war hazards. Further details of the Commission's conclusions were reported
The request that the Allies postpone the resumption and as follows in Associated Press dispatches:
extension of military control
contained
the following
was
in
note, transmitted to Dr. von Hoesch,in Paris, to be delivered
to the Ambassadors' Council on Nov. 10:
By order of my Government I have the honor to reply as follows to the
note of Nov. 3 of the Council of Ambassadors:
The Council of Ambassadors has demanded the resumption of the operations of control as quickly as possible, calling attention to the grave consequences that could result from the German Government's maintaining the
point of view hitherto taken by it. The German Government has given
profound and minute consideration to the question.
The German Government has no intention oi contesting the obligation
devolving upon it under the Treaty of Versailles. Itfinds itself constrained,
however, to declare that in the present circumstances it is not in a position to execute these obligations in all points. Germany finds herself now in
a state of grave disturbance of internal politics. The German Government
believes it can dispense with setting forth here in detail to the Council of
Ambassadors the causes and dangers of this crisis.
Because of the course events have taken in Germany. the resumption of
the control operations at this moment might create a fresh subject of conflict that would considerably aggravate the internal political sitution. The
situation would be all the more grave because, according to reports from all
the domestic services concerned with the matter,the appearance of the interAllied control officials would inevitably bring about incidents, so that
difficulties of foreign politics would be added to the internal difficulties.
The Government takes it for granted that the Council of Ambassadors
also will consider the maintenance of internal order and Germany's future
capacity to pay. The Council of Ambassadors ought to recognize that the
present moment is not a propitious one in which to demand of the German
Government the strict execution of the exactions contained in the note of
Nov. 3. The German Government consequently requests the Council of
Ambassadors to postpone its exactions through force of circumstances.
In its account of the decision reached by the Ambassadors
on Nov. 21 the Associated Press accounts from Paris said:
General principles governing the assessment of the American claims were
laid down by the Commission. Three of the decisions, includ'ng that on
the Lusitania claims, were unanimous, but in the other, interpreting treaty
obligations, Edwin B. Parker, umpire, concurred with Chandler P. Anderson, American Commissioner, over the dissent of the German Commissioner, Dr. Wilhelm Keisselbach.
An important feature of the Lusitania decision was the refusal of the Commission to assess exemplary or punitive damages. It held that such damages were penal in their nature, not compensation, and,therefore, unauthorized by the Treaty of Berlin.
"There is no place in it (the Treaty of Berlin) for any vindictive or punitive provisions," said the decision. "Germany must make compensation
and reparation for all losses falling within its terms sustained by American
nationals. That compensation must be full, adequate and complete. To
this extent, Germany will be held accountable. But this Commission is
without power to impose penalties for the use and benefit of private claimants when the United States has exacted none."
No specific awards in the Lusitania cases were made by the Commission,
its decision merely announcing the principles to be applied in determining
each claim. In this connection it held that actual damages for mental
anguish and suffering of relatives of Americans lost on the Lusitania would
be compensated for, but that "sentimental and vague" mental suffering
would not be considered. In dismissing claims for war risk premiums paid
the Commission held that they are not a class for which Germany was financially liable.
"In this group of claims." said the Commission, "there is no complaint
of injury to, or destruction or seizure of property by the acts of Germany
or her agents. The sole complaint is that the hazards of the war required
the claimants as a matter of business prudence to protect by insurance
risks which never matured into damage. Under the terms of the treaty
Germany cannot be held liable for all losses incident to the very existence of
a state of war. To this class belong claims by American nationals for refund of premiums paid by them for insurance against the risks of possible
losses which never occurred, risks in their very nature uncertain, indefinite,
Indeterminable and too remote to furnish a solid basis on which to rest a
claim."
Liability against Germany,generally, another decision of the Commission
declared, must be for proximate and not remote acts of her agents or allies.
The Commission also emphasized that its function was to assess damages
and not provide for payment of American claims.
"The Commission is not concerned with the payment by Germany of its
financial obligations under the treaty." it was stated. "Its task is confined
solely to fixing the amount of such financial obligations."
An administrative decision, made by Umpire Parker and concurred in by
American Commissioner Anderson, in the face of opposition by German
Commissioner Kiesselbach, defined broadly German liabilities as a measure
to be applied in future detailed consideration of claims. This ruling, excepting United States Government claims and some others ,held that Germany should be responsible for:
"(A) All losses, damages or injuries to property (of Americans) caused by
acts of Germany or her agents in the prosecution of the war, provided that
during the period of belligerency damages with respect to injuries to and
death of persons, other than prisoners of war, shall be limited to injuries
and deaths of civilians.
"(B) All damages suffered by American nationals during the period of
belligerency caused by Germany through any kind of maltreatment of prisoners of war, damage wherever arising to civilian victims of cruelty, violance or maltreatment, exposure, internment or evacuation; damage in
Germany or occupied territory to civilian victims of all
injurious to
health or capacity to work or to honor or by being forced acts
to labor without
just remuneration; damage in the form of levies, fines and
other similar
exactions; damage in respect of all property carried off, seized, injured or
destroyed."
The accord reached in the Ambassadors' conference to-night marks the
first time the Allies have agreed upon a question relating to the execution
by Germany of the Treaty ot Versailles since the partition of Upper Silesia
was referred to the League of Nations two years ago.
The unusual sensation of leaving a meeting in full accord appeared
particularly agreeable to the members of the Council, who came out of
the cloak-room of the Foreign Office radiant. Marshal Foch. who usually
passes the line of reporters with military dignity, stopped to say the cheery
word, "Everything Is all right."
Even Lord Crewe, the British Ambassador, lost his accustomed gravity
and chatted gaily with Jules Cambon of France. while Viscount Ishii of
Japan, Baron d'Hestroy of Belgium and Baron Avezzano of Italy assured
those outside that everything was for the best. Laurance H. Norton,
Secretary of the American Embassy, who represented Ambassador Herrick,
the latter being ill with the grip, was particularly happy that the first
occasion when he was called upon to represent the United States should be
the occasion of patching up the Entente.
The spirit of give and take which resulted in saving the Entente is
regarded as the best augury for settlement of the other questions on which
France and Britain are divided, although there appears to be some apprehension in French circles as to how Parliament will receive the Ambassador's
conclusions.
In this connection significance was attached to to-days debate in the
Foreign Affairs Committee of the Chamber of Deputies, where Premier
Poincare's policy toward Germany was censured as too mild, with General
Viscount de Castelnau. former Chief of Staff, among the chief critics of
the Government.
The salvation of the Entente caused no little joy in official circles, howOther details of liability also were prescribed in conformance with the
ever, and Jules Cambon, to whom a great share of the credit for the result
is attributed, was the object of warm congratulations from his former Treaty of Berlin. In this connection the Commission, in a second administrative
decision and a unanimous finding, said it was "not concerned
colleagues of the Foreign Office and from the other members of the Amwith the Treaty of Versailles as such, but only with those of its provisions
bassadors' conference.
have been incorporated by reference into the Treaty of Berlin."
Stating in a Paris cablegram (copyright) Nov. 19 that which
Rejecting the contention of American representatives that Germany
France had that day yielded to save the Entente, the New should
be held liable for indirect results of the war, the Commission deYork "Tribune" said:
clared that only "proximate- causes of damage would be considered.
Dile.1 1923.]
THE CHRONICLE
2395
all of the awards made were for property
Germany liable for stated authoritatively that
ons of property. damage to or sequestration
The American argument, it was said, would make
requisiti
of
out
growing
losses,
taxes, increased
prison"all increased living costs. increased income and profit
Germany and loss of personal property by
in
property
American
n
of
revolutio
Russian
the
laid down in formal
railroad fares and freights, losses suffered through
The principles governing these cases were
War.
of
ers
remote."
or
direct
war,
the
weeks ago.
—in a word, all costs and consequences of
decisions by the umpire rendered about three
.
and were in favor of well-known
This construction the Commission unanimously overruled
Six of the awards ranged above $90,000
on
Commissi
the
case,
Lusitania
the
from
resulting
In fixing claims
consider earning American companies.
Co. was awarded $175,000, while
held, against arguments of German counsel, that it would
The International Mercantile Marine
services, and "reasonof $195,000.
capacity of decedents, the pecuniary value of their
Steel Products Co. gained a Judgment . the surStates
United
the
may
claimant
as
shock
and
awarded $327,957
was
Co.
Chemical
able compensation for such mental suffering
-Carolina
,
value. Other factors The Virginia
Ullman $237,000, the Pfaudler Co. $125.000
have actually sustained," all reduced to present cash
earning power, health viving partners of JosephCo. $98.056. and Steinway & Sons $90,000.
to be considered include prospective longevity,
Case
Watch
Keystone
the
deceased.
and station in life, but not physical pain suffered by the
Lusitania, the
To Be Held
Interest of 5% from the date of the torpedoing of the
be fixed in terms
National Conference on Immigration
Commission decided, should be included in awards to
December 13-14.
of exchange.
rate
past
or
York
present
New
at
in
currency
Germany
in
not
of dollars and
contention against
industrialists,
The Commission in this connection overruled a German
Upwards of 2,000 of the nation's leading
victims.
a set-off of insurance held by any of the Lusitania
organizations,
trade
treaty
and
the
s
nations—
busines
in
sovereign
two
leaders
is
between
one
public officials,
"The Treaty of Berlin
reparation for all
service are expected to meet in a
of peace. Germany must make compensation and
nationals. That and authorities on social
losses falling within its terms sustained by American To this extent
nce at the Hotel Astor, New
Confere
.
tion
complete
Immigra
National
compensation must be full, adequate and
without
on
is
session of its kind ever
Commissi
this
first
But
the
Germany will be held accountable.
on Dec. 13 and 14,
of private claimants York,
was mailed on Nov. 19
power to impose penalties for the use and benefits
nce
confere
the
for
call
The
held.
when the Government of the United States has exacted none." the Coml Industrial Conference
Nationa
to
the
presented
of
from the headquarters
Voluminous briefs in the Lusitania case had been
claimAmerican
the
For
agents.
Street. Magnus W. Alexander, Manmission by both American and German
additional Board at 10 East 39th
ants, the American agency sought to collect actual damages,'s sinking,
which for two years has been
Board,
the
of
Lusitania
aging Director
damages for the shock and grief, incidental to the
Europe of the
and
the
act,
of
making special studies in this country and
exemplary or punitive damages because of the character
sought to
and purposes
scope
the
d
outline
also interest from the date of awards. The German agents
,
problem
tion
immigra
actual losses whole
restrict recoveries to "suitable indemnities covering the
a statement
in
nce
Confere
of the National Immigration
sustained"
of the opinion
19. The announcement says.:
Nov.
on
"The German Government," said the German brief. "is
issued
will at a time
n by leaders in industhat, having already promised compensation of its own free
The conference comes as the result of long realizatio enacting a substitute
and being
affairs that Congress, in
when no peace treaty prescribed its duties and obligations,
public
and
service
social
try,
developments
resolved to adhere to this promise in spite of all political
so-called Per Centum Limit Act, which is shortly to expire,
to light, it appears for the present
to
which have since then ensued and facts which have come
d with the determination of a policy that will be vital .
confronte
be
will
bitter
the
revive
to
national well-being
unnecessary to re-open the discussion and undesirable
social life and institutions of the country, and to the
the
between
the
of
relations
the
desire
poisoned
has
and it is the
controversy 'which for so many years
All sessions of the conference will be public,
."
fullest possible discussion
the two countries as a result of the sinking of the Lusitania
National Industrial Conference Board to afford the
best qualified to present
those
by
problem
ion
of all phases of the immigrat
various divergent views on immigration.
the
an
Americ
to
e
committing any participant in
Germany to Pay $3,122,935 for Damag
In order to insure free discussion, without
on any of the questions discussed
Property in Belgium.
the conference, no motion or formal vote
will be reported and arrangewill be entertained. All discussions, however,
Germany agreed on Nov. 12 to pay for damage done to ments made for an early issuance of the printed proceedings of the conferAmerican property in Belgium, and formal awards were en- ence.
10 a. m. Dec. 13, and
first session of the conference will convene at
foltered in three cases for an aggregate of $3,122,935, said a it The
continued during the afternoon and evening, and during the
be
will
Comwhich have attended the disWashington dispatch to the New York "Journal of
lowing day. In view of the controversial views States by various leaders in
United
cussion of an immigration policy for the
merce," from which we also take the following:
elements of the immigration
public activities, the fullest consideration of all
9
$1,916,51
of
claim
a
. Discussion will be limThe Pittsburgh Plate Glass Co., which presented
question is desired, the outlined program announces
the
y,
subsidiar
Belgian
its
question, so that the fullest
by
single
any
for the destruction of the glass plant owned
minutes by each speaker on
ten
to
ited
was awarded
immigration laws may be
Societe Anonyme dos Claws de Courcelles at Courcelles,
symposium on what the country needs in its new
$990,000, with interest at the rate of 5% from Jan. 1 1920. for damage afforded.
10
03
The Western Electric Co., which sought $2,145,6
by
uring Co. at AntSome of the major questions for discussion as issued
done to the plant and properties of the Bell Manufact
to
:
1919
1
follows
July
as
from
5%
ized
at
summar
interest
are
with
board
9,
werp, was awarded $1,585,08
the conference
by limitation June 30
the date of payment.
1. Shall the Per Centum Limit Act which expires
?
Texas Company Award.
be retained by extending the period of its operation
1924
the
with amendments in reThe Texas Company was awarded $547,845, with 5% interest, for
2. Shall the Per Centum Limit Act be retained
the
and
in
Belgium
places
to administrative features?
seizure of its properties at Antwerp and other
Belgian spect
amendments in rerequisition of quantities of oil and other petroleum productsfrom its
S. Shall the Per Centum Limit Act be retained with
claim
Company
Texas
The
m
Co.
Petroleu
tal
Continen
the
y,
subsidiar
spect to percentage restriction?
was for $901,130.
4. Shall the Per Centum Limit Act be superseded by new legislation and,
Claims of seven American prisoners of war for loss of personal property if so, by what kind?
$25
in
from
ranging
distribuamounts
,
approved
were
while held by the Germans
5. Shall special legislation be enacted to assure better selection,
to $431.
on of alien immigrants?
assimilati
and
tion
under
There is a large number of claims of American companies for losses sus6. Shall an Investigatory Commission be appointed by the President
tained and damage done by Germany to their properties in Belgium and the Congressional resolution to inquire into and report within a limited time?
Judgment
be
to
able
a
will
obtain
they
that
awards made to-day mean
All these questions, which embody such proposals as conof liability. The principle was laid down in the requisition of property
races that the measure of value shall be the reasonable market value of the trol of the quotas abroad, reduction or increase of quotas,
products at the time of requisition. The Germans sought to have the
the adoption of the so-called Canadian system, the adminis
values fixed by the German military courts taken as the standard.
the
of
aspects
other
many
tration of the literacy test, and
Adjudication Reached.
proponents and opponents
A vast number of items of damages was included in the three test cases problem, will be discussed by the
the
of
by
in
group
the
first
decisions
down
laid
s
principle
the
by various industrial and
but
ed
advanc
settled,
of all the various plans
Commission last week were applied to the facts in the case and an adjudi- business groups and social factors.
cation reached.
In the Pittsburgh Plate Glass Co.case the Americans alleged that sabotage
Amerihad entered into the destruction of their properties, contending that
M. W. Alexander Demands Inquiry to Let Light in
can properties had been destroyed while Belgian plants were spared because
y
tion.
of
compensa
the
possibilit
future
on Immigration Muddle.
the Germans wanted to eliminate
This was not proved, however, and did not enter into the final awards.
Asserting that the nation has been groping in the dark in
All of the awards were made up on the joint recommendation of the
problem, and that citizenAmerican and Berman agents and agreed to last summer during negotiations its effort to solve the immigration
In Berlin.
Germany Admits Liability for Loss—To Pay for Sequestration of American Properties.
The liability of Germany for pecuniary losses sustained
by American firms through the sequestration of their security and properties by the German Alien Property Custodian
has been admitted by the German agent in the case of the
Virginia-Carolina Chemical Co., in which an award of $327,957 was made by the Mixed Claims Commission on Nov. 22,
say advices from Washington to the New York "Journal of
Commerce," which continues:
ship should be put first of all in considering the solution,
Magnus W. Alexander, Managing Director of the National
Industrial Conference Board, told the Academy of Political
y
Science at the Hotel Astor on Nov. 20 that American industr
will welcome an immigration program based on broad humanitarian grounds. The session of the Academy was des
voted to a discussion of immigration, and other speaker
Washof
g
Hennin
J.
E.
Labor
were Assistant Secretary of
ington and Prof. Julius Drachsler of the City College soof
ciology department. A paper prepared by Secretary
of the
Labor Davis was read and discussed at the conclusion
chair of
addresses. Prof. Edwin R. A. Seligman of the
er,
political economy at Columbia, presided. Mr. Alexand
who has just concluded a survey in Europe of the immigration situation from the viewpoint of European countries,
said:
The chemical company claims a sum in excess of $500.000. it was stated.
when the adjudication was made by the
but this was reduced to $327,957
Commission.
The admission of liability for losses growing out of sequestered property
there are a large number of similar or
isvregarded as important, because
laws should be apcomparable claims pending before the Commission and millions are involved.
There is a reason for laws, but there is no reason why
Inasmuch as no opinions were handed down by the Commissioners in plied in an inhuman way. We have been trying to muddle through the in, there was no official comment accommaking the 52 awards yesterday
problem, but it has not gotten us anywhere. We have a good deal
principles were established. It was -migration
panying each award, and no new
2396
THE CHRONTCLE
FOL.117.
of information in regard to immigra
tion but we have much more misinformation. And at the most vital points there
are great gaps in our knowledge.
The United States cannot, for the present
, close its doors to immigration,
since its very existence is dependent
on the operation and steady development
of its various industries, and the crux
of industrial operation is an adequate
labor supply. Can the required supply
be drawn from the resident population alone?
duction costs in competing countries and
in the United
States. The investigation abroad, however,
it was added,
would be confined largely to Canada because
of the considerable shipments of wheat come from the Domin
ion, resulting
in complaints by producers in the United States
who feel the
He quoted vital statistics showing that there
duty
to be inadequate. Announcement of the Commi
should be
ssion's
available for all gainful occupations sixteen years
hence less investigation was made as follows:
than 448,000 native-born workers from the natura
The
United
States
Tariff Commission has announced that it has
l accretion
ordered
an investigation for the purposes of Section
of 1,120,000 excess of births over deaths, and conti
315 of the Tariff Act of 1922 of
nued:
the differences in costs of production
The needs
of normally functioning industry for immigrant workers
, above
the available native labor supply, have
not been ascertained, Looking
broadly at the problem, we must bear in mind that
we shall in time approach
the saturation point in the need for and the assimila
bility of immigration.
The statement would seem warranted, therefore, that
the United States for
her justifiable protection must progressively restrict
immigration as this saturation point is approached, and the available supply
of the country's resources per capita of population diminishes. The time
will come when, as
a matter of self-preservation, the United States must
be reserved for the
benefit of her own residents—America for Americ
ans—and may even have
to direct a surplus population into other countries.
Mr. Alexander suggested a program that might
meet the
present exigency, while admitting that the presen
t law has
not created a serious handicap for industry, as
follows:
Extension of the present Per
of wheat and wheat products dutiabl
e
under paragraphs 729 and 730 of that
Art.
This investigation was requested in the first
instance by lion. Sydney
Anderson, President of the Wheat Council
of the United States. The investigation will be conducted under the provisi
ons of the flexible tariff
clauses of the law which provide that Investi
gations to assist the I resident
in determining the differences in costs
of production in the United States
and In the principal competing countries
shall be conducted by the Tariff
Commission and that no proclamation
shall be Issued by him until such
investigation shall have been completed. In
the case of wheat Canada is
now the principal competing country. The
Commission's field investigations will be conducted in the Northwe
stern States which produce the
hard spring wheat, and in Canada
whose wheat comes into competition
with the United States product.
The Commission has announced also that a
preliminary hearing will be
held at its offices in Washington on
Monday. Nov. 26 1923, at 10 o'clock
a. m.. at which time the CommLssion
will be glad to receive any information
which may be helpful in the further
development of the investigation toward
effective results.
Centum Limit Act expiring next June
for a
few years, with certain administrative changes to
remove obvious injustices
and facilitate its operation.
Appointment of an investigatory committee
by the President under a resoA supplementary statement was issued by the
lution of Congress to report within a year on
certain phases of the Act.
Commission
Determination of the nation's immigra
tion needs through broader and as follows:
better knowledge of the primary and
collateral factors in the immigration
On Nov. 11923 the Tariff Commis
problem so that any later structural
sion received from the lion. Sydney
changes in the law may be predicated Anderson, President of the
Wheat Council of the United States, an applica
on a knowledge of the facts and on justifia
tion for the institution of an
ble assumption.
investigation of the costs of production of
"Industrial leadership," Mr. Alexander
wheat and wheat products under
the provisions of Section 315 of the
concluded, "would Tariff
Act of 1922. Following its procedu
subscribe to such a program, for indust
re, the Tariff Commission on
rial leaders realize Nov. 14 ordered an investigation
pursuant to the provisions of Section
fully that an employer is also, and first
of all, a citizen and 315 on the following products:
therefore anxious to protect and develo
Wheat .wheat flour, semolina, crushed
p the country's social wheat
products not specially provided for, or cracked wheat and similar
life and institutions no less than to
bran, shorts, and by-products
strengthen its economic feeds obtained in milling wheat.
fabric."
At the same time, the Commission
ordered a preliminary hearing to be
held at the offices of the Tariff
Commission in Washington, D. C., on
Nov. 26 1923 at 10 o'clock a. m., at
which all parties interested will be
Investigation by United States Tariff Commi
an opportunity to be present, to
produce evidence and to he heard
ssion of given
with respect to:
Wheat Duties and Production Costs.
The industrial effects of the duties
on
the articles above specified, the
relation between raw
A preliminary hearing by the IL S. Tariff Commi
ls subject to said duties and the
finished or
ssion partly finished productmateria
s derived therefrom, the differe
nces In conditi
into import duties and production costs
of production in the United States and in
the principal competing countrions
of wheat and wheat Includi
es.
ng
wages,
cost
of
materia
ls,
products was had before the Commission
other items in cost of production.
nces in the wholesale sellingand
in Washington differe
prices of the domestic and foreign
articles in the principal markets of the
on Monday and Tuesday of the presen
United
States and any other adt week (Nov. 26 vantages or disadvantages in competition in respect
of said articles.
and 27). The inquiry, announceme
nt of which was made
The Commission feels that it is desirable,
in order to obviate as far
by the Commission on Nov. 14, result
as
possible groundless anticipations concerning
ed from an application
what is or what is not
feasible under the existing law, to issue
for the investigation by Representati
this statement of the conditions
ve Sydney Anderson and require
ments
of
an
investi
gation pursuant to the provisions of Sec. 315.
of Minnesota, President of the Wheat
The Commission has a well-defined course
Council of the United
of procedure. Section 315
States, with a view to an increase
(under the flexible pro- prescribes formal notice of the Commission's hearings and "reasonable
"
opportunity to parties interested to be
visions of the Tariff Act) of 50% in the
present
, to produce evidence and
present wheat duty to be heard." Except in the case
of 30 cents a bushel. The present
of preliminary hearings, such as has
week's hearing is to be been ordered in this case, such public notice runs for 30 days. This
period
followed by a conference in St. Paul on
Is established by the Commission's
Monday next (Dec. 3) of
rules for all cases after consideration
the exigencies involved in a nation-wide
of experts of the Commission to determine
investi
gation. The statute
finally the schedule itself further provides that changes In
rates proclaimed by the President
to be used in its investigation on the
farms, which will begin shall become effective "thirty days after the date
of
such
proclamation."
immediately thereafter, in an effort
It is obvious, therefore, that even
to
if the
gation in this case were
purposes. Vice-Chairman Culbertson obtain data for tariff to consume no time at all, at least sixty daysinvesti
must elapse before any change
is to preside at the of rate could become effective. In
fact, however, considerable time must
conference. On Nov. 27 the Commi
ssion denied the request be consumed in actual investigation. The lapse of
time resulting from the
of fdrmer Senator McCumber that
, rules and regulations does not
the investigation be statute
quirement of the law. By the terms constitute the most important relimited to the American spring wheat
of the statute the required investiStates and the corre- gation of the differences of costs of product
ion must be made
sponding area in Canada, but stated
only of
that if evidence re- the articles grown or produced in the United States, but alsonot
of similar
articles grown or produced in the
specting competitive conditions tended
principal competing country.
to show that the
Sub-section (c) provides that "in
scope should be limited it would furthe
ining the differences in costs
r consider that of production, under the provisions ofascerta
subdivisions (a) and (b). the Presicourse. The Associated Press advices
dent"
therefore, in assisting him, the Commis
from Washington ticable,(and,
sion), so far as prac"shall take into consideration" the
Nov. 27 said:
four classes of conditions there
specified. These matters, namely, wages
Indications are that the field investigation
and other cost items, wholesale
in this country and Canada selling prices and advantages or disadva
may occupy from two to six weeks, after
ntages in competition, are in no
which a formal public hearing sense a substitute for the inquiry Into the differe
will be held here. The Commission's report
nces in foreign and domestic
with recommendations then costs of production required by the Act. They
will be made to the President, but it is
are merely supplementary.
believed it can not be prepared The statutory issue remains the same, namely
, the differences between
until January or later.
foreign and domestic production-costs. And
any changes in the rates of I
Quotations of Chairman Marvin of the
Commission, indicated its report duty under Section 315, whether increas
es or decreases, must be such
wont include data on transportation costs
In the United States and as are found "necessary to equalize" the
differences in such costs of proCanada, and the Wheat Council's represe
ntatives were asked to present
ljnder
any information possible on any subsidi
ary or equivalent granted by duction.the statute the result of a
costs
-of-production investigation is
Canada through freight rates.
determined solely by the effect of the evidenc
Testimony showed the average cost of
e. It cannot be known in
wheat transportation in Canada advance.
at present rates was one cent a bushel
for 66 milesoshile the American
rates averaged one cent for 37 miles.
According to the New York "Commercia
Canadian growers, it was stated,
l," Edward B.
enjoyed an advantage of about eight cents
a bushel on all wheat shipped Reid, of the Washington office of the
through the lower rates. In additio
American Farm
n to the lower freight rates,
the Bureau Federation, issued a statement on
Canadian growers were able to produc
Nov. 14 inst.
e wheat this year, according to
estimates presented, at 46 cents a
upon the Tariff Commissions' action in which
bushel less than the American farmer.
he said:
At the time of the announcement two
Canadian wheat is now constantly flowing
over the 30-cents-per-bushel
weeks ago of the tariff
wall and is being sold in the East at a lower
proposed investigation, it was stated that
cost than Minneapolis
the Commission wheat. There is no
room for doubt as to effectiveness of
would undertake to determine wheth
the present tariff
er the 30-cent duty In elevating the price of wheat in the United States
above the Canadian
carried by imported wheat offsets the differ
price. The question, however, is still further
ence in production Commission
protection, and the Tariff
undoubtedly
costs here and in Canada. It has been genera
find a wide difference in the cost of produci
ng
lly conceded, wheat here and In Canadawill
.
it was pointed out in Washington press dispat
In the two fundamentals, land and labor,
ches,
that
there
Is
a
differe
wide
nce
the Canadian farmers can put their wheat on
The average price of farm land in Alberta Is $28,
the market at toba
Saskatchewan $29, Mani$35, in Minnesota $126, Kansas 580,
a lower cost, but the exact differential must
South Dakota 5106, North
determined Dakota $50. Thus the virgin
be
lands
of
Canada
give
her a groat handicap
by the Commission.
and its wheat is also of superior quality for
some purposes and brings a
In its formal order for an investigation
premium on the market. Wages in all lines,
including farm labor, are
the Commission higher
here than across the border. In fact,
said its inquiry would take in data having a bearin
agricultural labor Is about
g on pro- the only kind to be deflated in the United
States since the war.
DEc.1 1923.]
THE CHRONTOLE
Elbert H. Gary on "Generosity"—The Propo
sition to
Waive Foreign Indebtedness to the United State
s.
In an address at the Town Hall, this city, yeste
rday (Nov.
80) on "Generosity," Elbert H. Gary, Chairman
of the Board
of the United States Steel Corporatinn, reminding
his hearers that "this is the annual Thanksgiving season
," added:
2397
course, be cared for. If members of Congre
ss. under present conditions,
vote for large appropriations to pay solders
a bonus with the expectation
of being considered generous, they are likely
to be disappointed.
However, If at a later date, when the conditi
on of the national Treasury
will permit, a majority of the soldiers should
in any formal way make
request for payment of a bonus, it is certain the
national vote would favor
it. In the interest of the soldiers themselves,
and on account of their
own pride, it is hoped they will favor at least
a delay in the consideration
and determination of this question. Certain
ly if a bonus were to be paid
The citizens of the United States have reason
for being especially grateful at this time, then the money should be supplie
d by some special fund to
this year. To quote from an editorial
writer who ranks with the very be created, such as a sales tax or similar
provision. If advocates of the
highest in the world:
bonus are sincere and genuine in their deman
d,
they cannot object to a
"We have one hundred and ten millions of
people living at peace in forty- sales tax which would permit them with all others to
eight diftvent States, all trading freely,
contribute toward
back
and
forth,
the
from
necessa
ocean
funds.
ry
to
ocean. While other nations lack food
raw materials, our problem is
to get rid of our surplus on a profitableand
There
is
at
present
strenu
a
ous
agitati
on in favor of cancelling or reducing
basis. We haven't even begun to
scratch the wealth of this country. Wages
the debts of foreign countries to the United
States. From the viewpoint
before; prosperity is greater: there is more are higher than they ever were of
the United States and also many foreign countri
money to be spent."
es who borrowed money
at a time when it was very much needed, with uncondi
We have no wars, no revolutions, no uncontr
ollable plagues, no impending
tional promises to
earthquakes, floods or other physical
pay,
the
proposi
tion
would
appear to be irrational and preposterous. To
disasters, no political, social or religious upheavals, no threatening financi
the ordinary American mind, it is unthinkable.
al, commercial or industrial
The debtors should have
cyclones, no enormous disturbances,
an abundance of time to pay their obligat
natural or unnatural.
ions and a reasonable rate of
It is meet and becoming for all of
us to acknowledge with feelings of Interest. but that they should desire to repudiate an honest national debt
deepest gratitude the many knidnesses
bestowed by an ail-wise and merciful is beyond the comprehension of Americans, to say the least. When the
Providence, largely undeserved. It
is natural and easy to give expression Government which precipitated the terrible World War announced that it
to these thoughts at least once during the
year: but there must be more considered a solemn international agreement, which it had previously
than mere verbal declarations if our
entered Into, as only a "scrap of
acknowledgme
paper." the whole world was startled.
the "Giver of all Good." There must be exhibit nt is intended to reach It was believed at first the one
who made the statement did not accurately
ed throughout the year,
and so long as we are permitted to live, a spirit
represe
nt
the
attitud
e
of
his country, and when it was found he did,
of liberality towards others.
most
to be measured by our capabilities
and duties, depending upon all our nations, including those who are now indebted to the United States
for
obligations and responsibilities combin
borrowed money, denounced the statem
ed.
ent
as
an outrage and placed the
The observations made lead us to
a brief discussion of questions per- nation who stood for the repudiation of an honest agreement as in disgrac
e
taining to generosity—a liberality on
our part contributing to the welfare and without the pale of civilization.
of others. Real, true generosity towards
With much greater reason, when a nation,
others should go hand in hand
relying upon the friendship
with gratitude for what we have receive
of another nation, borrows money for immedi
d.
ate needs for a definite time
upon an absolute, unconditional promise to
Questions of the moment, high living
pay, there is reason to question
costs, tax burdens, the bona fides or even the sanity of those
who propose repudiation. Most
agitation for a soldier bonus and the
cancellation of war of us remember clearly what took place and what was said during the war
by those
debts, were spoken of in Judge Gary'
borrowed money; how urgent they were, how
s address, and during ises, how who
profuse in promgrateful for accommodations; and it is difficul
the course of his remarks he said:
t to believe there is
a change in sentiment. It Is insiste
d repudiation is not proposed nor
In pleading for the exercise of real
desired by a large majority of the people
of any one of the debtor nations;
objecting to an attempt by any one, genersoity we are at the same time that these debts, or any part
of them, should be canceled. The recent
in official or private life, to
substit
false generosity, especially by the
ute address of the Hon. Gaston Liebert
contribution of funds which
confirms this view. There are many
rightfully in this room who have
belong to another. There has been
listened to declarations by individuals of debtor
too much of this. If the foreign
to this country were cancele
debts countries conforming to what
d or reduced except by consen
is
now
being said.
t of at least a
majority of the Americans, it
likewise it Is desired to emphasize that every
would be outrageous, for it'would
one here entertains for the
be a mere people of the debtor countri
transfer of the burden from one
es
nation to another whose people
referred to feelings of sincere and deep
are already friendship and esteem
carrying a very heavy load.
, and would not say or do anything intentionally to
We in this country desire the
interfere with or decrease these sentiments. Therefo
friendship of every; other country
re, everything that
and may has been or will be said
be depended upon to do everyt
on this occasion is said as much for and in behalf
hing just and reasonable do mainta
in the of the foreigners as the
cordial and friendly relationship
Americans.
with all of them; but when it comes
the point of being generous beyond
to
According to the published reports, it has lately
the limit of obligations we must reserve
been said by one of the
to ourselves the decision as to what
foreign leaders in governmental matter referri
is appropriate; and in the conside
s,
ng to war debts, that the
ration war was fought by and for
of all such matters we should
all the countries participating, for their joint
not forget that charity begins at home
and benefit and safety. Even
that the necessities and comfor
though this may be a complete,fair and accurate
ts of our own people are not to be
over- statement, which is not admitt
looked nor neglected. True generos
ed, it may be urged in answer that as far as
ity regards always of highest importance actual obligations to our own
we were concerned we paid all our
own expenses and furnished our own
dependents. This is good doctrin
for all of us an individuals and for
e men and that they served efficien
our lawmakers as official adminis
tly and with great credit to themselves.
trators
as well.
It has been asserted by certain foreign nations
that they are willing
.to
pay their debts when their debtors pay them,
We also take the following from his
and not before. Did any one
address:
ever before hear such a condition insiste
Of great magnitude is the burden
d upon by any self-respecting,
of national taxation, so frequen
solvent individual or nation? Does
tly
referred to during the last few years.
any one of these foreign nations,
During the world war it
seemed through its courts, allow individual debtors to other individuals to postpone
necessary to raise large sums and the
income and inheritance taxes
appeared payment until those debtors have collected their claims against third
to be proper. There was reckless
extravagance and money
wasted, per- parties? What would a foreign court say to such a defense to a suit brought
haps by tho billions, but there was
little complaint. Excuses
were made upon a note given for borrowed money?
and accepted. But after the armisti
ce was signed, it was
The pride and sense of honor and
realized that
taxation must be readjusted if we
regard for established reputation for
were to promptly regain our
equilibrium and momentum in busines
natural integrity and fair dealing, will not permit our foreign friends to repudiate
s. As usual, the short
or
attemp
t
to
cancel
their
financial obligations to this country. They will
cut
easy road were taken. Extortionate
rates of surtaxes and other and reject the suggestions by any
wero imposed. Still business has
of their officials that solemn promises, made
taxes
more or less remained upon
its feet, for consideration paid in good money, shall be canceled or reduced.
though its back has been considerably
bent. It has been, it is in
If
our
United
States Congress should
danger
of breaking. Prosperity has been threate
ned, though many have
the principal of the foreign debts, whethevote in favor of any reduction in
sufficiently courageous and loyal to contrib
been
r as an intended act of generosity
ute from their capital
or otherwise, it would receive no
to
income taxes and inheritances taxes on the
pay
genuine response of gratitude from the
properties of decedents,
something to make extensions in their busines
and debtor and, on the contrary, it would be charged by a majority, at least.
s, which the natural
growth of the people of this country with attempting to contribute the moneys of
of resources and demands required. The largo
snd extortionate assess- others for motives that are not
commendable. We do not ask Congressmen
ments which have been made do not, as a rule,
show any generosity
to be economical with their own
on the
money, but with ours it is different, notpart of those who voted for them. Most of them
paid only a small part withstanding we do not believe in false
of these taxes. They were voting the paymen
economy, nor object to true and
t of money belongi
ng to real generosity.
others. The promised remedy of the political
party now In power,
that
is the reduction of taxes, has not yet been wholly
fulfilled, not by reason
of desire on the part of those who made the
promises, but on
account President Coolidge Endorses International "Golden
of political and parliamentary obstructions.
Now, what is going
happen?
to
Rule" Sunday.
First of all, we have a wise, fair-minded,
courag
The observance throughout the Unite State
eous,
unprejudiced
President, whose disposition is to serve
s to-morrow
d
and promote the best
interests (Dec. 2) of an "International
of every part of this groat country and of all
Golden Rule Sunday" proposed
the people. This is a
deal, but not all that is essential to secure
great by the Near
East Relief is endorsed by President Cooli
and maintain the prosper
which is needed and to which this nation
ity
dge in
entitled, regardless of con- a -letter to Charles
ditions elsewhere. His efforts will tend to is
C. Vickrey, General Secretary of the orreduce the cost of
living and ganization, made public
to restore the equilibrium of business, which is now
Nov. 5. It is proposed that the day
more or lees disjointed,
disrupted and in many respects disprop
ortioned.
(to-morrow) be observed by the foregoing
But secondly, there is need of legislation to recast
of the usual Sunor
amend
the existing day dinner and serving instea
tax laws. Any attempt, however meritorious. will
the
d
fruga
l
ration
provided for
provok
e
discussions and parentless refug
this may mean, to judge the future by the past,
ee children of Greece, Armenia,
a struggle merely
Syria and
political or other unworthy advantage,
for
notwit
Palestine, giving the difference in
proposed by the President or others are intende hstanding the measures
cost to the relief of these•
d to be of benefit to
all boys and girls. President Coolidge
tho people and of injury to none. . . .
in his letter to the Near
A very large contemplated appropriation just now is
East Relief Said
the proposed soldier
bonus. It is difficult to discuss this questio withou
s'
n
t being charged
It is with a good deal of satisfaction that I
with
Indifference to the merits of the fine men who
commend your proposal to
devoted their service
s to observe an International Golden Rule Sunday, on the 2d of Decemb
the protection of civilization. Their bravery, loyalty
er 1923.
and
I
feel sure that this suggestion will
competency
excited the pride and gratitude of all the American
meet
with
very widespread approval and
people
will bring more closely to mind the
those of other countries. For their services there never and,let us hope,
charita
ble
require
ments of those who
will nor over could are prosperous to those who are
in adveraity. It suggests not only
be adequate monetary compensations. This is the
a pine.
true-hearted American. It includes large numbers, sentiment of every tical method for help, but the highest expression of sympathy, by sharing
and it is believed a for a time the privations of others.
substantial majority of the soldiers themselves. For
this reason, because
they feel that the payment of dollars as a reward for
Fourteen European nations, accor
ding to the Near East
to be considered, they themselves are opposed to the patriotism is never Relief
organization's announcement,
payment of a bonus,
certainly at this time. In the long run, the added
will
"Join Mr. Coolidge
prosperity which would in backing the
golden rule.- Representatives
ramie as the result of the strictest appropriate economy
would be far greater
of all these
than any benefits which might follow payment of
countr
ies met in Geneva last month to
the proposed bonus.
organize the moveSo far as the permanently injured soldiers are
concerned they must, of ment.
2398
THE CHRONICLE
Right
Taxation by a State of a Foreign Corporation's
gia
al—Geor
itution
Unconst
to Do Business
Supreme Court So Decides.
decision
The Georgia State Supreme Court in a recent
onal
occupati
an
levy
to
right
no
had
State
.held that the
Georof
State
the
outside
tax against corporations located
representgia, but doing business in Georgia through a sales
ManufacSpecialty
American
the
ative. The contention of
this manner
turers' Association that business carried on in
was not taxconstituted inter-State commerce and therefore
Constitution, was
able under the terms of the United States
of the litigation
upheld by the Court. The following account
e" of Nov.
Commerc
of
"Journal
was given in the New York
24:
Governor Pinchot's Conference on Anthracite
Coal Prices.
recently by Governor Pinchot of
called
The conference
together
Pennsylvania, having for its purpose the bringing
in Harrisburg of the Governors of all the anthracite-consuming States to discuss and determine plans for co-operation
on
and concerted action to keep coal prices down, was held
parto
invited
States
of
the
number
Nov. 26. Less than half
ticipate in the conference were represented, and of these
regonly two were representd by their Governors. Plans for
on
ulation of the anthracite industry through a joint commissi
by
forth
put
were
States,
of
a
compact
under
be
formed
to
the Pennsylvania Executive, and the other participants in
the conference, In turn, called upon the State of Pennsylvania to take the first steps by repeal of its coal tax and the
passage of other remedial legislation. The meeting adjourned without action to meet later at the call of Gov. Pinchot after Gov. Silver of New Jersey had denounced the Pennsylvania Executive's plan and had submitted a series of resolutions calling upon Pennsylvania to take action. Gov. Preus
of Minnesota, the only other Executive present, also
opposed the Pinchot plan and proposed that a special session
of the Pennsylvania Legislature be called to pass an Act declaring the anthracite industry a public business. Eleven
States were represented. Besides Minnesota and New Jersey, whose Governors were present, those in attendance included delegates from Vermont, Ohio, Connecticut, Massachusetts, Maryland, Rhode Island, Virginia, Michigan and
New York. Governor Pinchot's plan centred in the formation of a union of the anthracite-consuming States and an
agreement upon the form of regulation "which will best work
to the advantage of their people," together with the establishing of a joint commission to enforce any regulations adopted.
Such a commission, he said, by pooling the police powers of
the States and co-operating with Federal authority over
Inter-State commerce, could completely regulate the industry. He proposed that the Governors use all the powers at
their disposal and urged further action by the Federal Government. Governor Pinchot in his address said in part:
Supreme Court of Georgia deIn a decree handed down last week the
ns for the right to do business
clared the State law taxing foreign corporatio
In that State is unconstitutional.
from paying the tax in future,
It not only relieved foreign corporations
Comptroller-General, William A.
but went so far as to find that the State
the past, personally rather than
Wright, must refund taxes so collected in
officially, if necessary.
by a special committee of the
This is the outcome of an action brought
, headed by William L.
American Specialty Manufacturers' Association
by the association's
Sweet of the Rumford Chemical Works, and conducted
the victory to the
counsel, Charles Wesley Dunn. In a letter announcing
victory as follows:
committee and to members. Mr. Dunn sums up the
and every legal con"The Court unanimously and wholly sustains each
that:
tention advanced by us and holds, in substance,
one State for goods
in
orders
"(a) The business of soliciting and taking
commonly known as the
to be thereafter shipped from another State,
the State cannot
hence
and
commerce,
'drummer business. is inter-State
for the privilege of doing
exact a tax from a foreign corporation or its agent
violation of the
in
is
law
tax
n
corporatio
foreign
Georgia
it, wherefore the
United States and therefore
commerce clause of the Constitution of the
against a foreign corenforced
and
to
is
it
applied
that
extent
the
to
void
business;
poration and its Georgia agent with respect to such commerce
character of
'(b) It in no way derogates from the inter-State
through the use of a
Georgia
in
pursued
is
it
that
business'
such 'drummer
records
sold,
not
but
displayed,
local office in which samples are kept and are solicited and taken;
are made and filed, and whence such orders
illegal exaction
and
y
compulsor
r-General's
"(c) The State Comptrolle
him Individually
of a tax under this law with respect to such business renders
the result of an action
liable to refund the amount thus paid in and asstatement
of the opinion
complete
against him to recover it. I append a
of the Court.
decision are
this
of
effect
g
far-reachin
and
e
"The fundamental significanc
from exacting a tax
manifest. The State of Georgia is finally estopped
such 'drummer
pursuing
of
privilege
the
for
ns
corporatio
foreign
from
repeatedly attempted
business' within its territory, which exaction has been
from attemptand frequently satisfied, and other States will be restrained
enacted by them,
laws
n
corporatio
foreign
the
enforce
ing thus to apply and
an increasimposing
and
respectively. which laws are rapidly multiplying
ingiy large tax.
tax officer
State
the
that
principle
saving
the
'Moreover,it clearly affirms
exacted by him
is individually liable to repay the amount of a tax illegally
definitely driven
and
published
is
widely
this
principle
If
law.
a
such
under
these laws the result
home to the officials charged with the enforcement of t.
It is difficult to
will be their prudent and duly restricted enforcemen in Georgia
and elsetaxation
n
in
corporatio
foreign
saving
estimate the large
wliere that will flow from this decision.
in taxation
"Its amount is illustrated by the fact that in excess of $3,000
test cases
was involved and saved in and as the result of the several Georgia
instituted by us."
In an explanatory statement of the case, Mr. Dunn says:
license or occu"The General Revenue Act of Georgia of 1918 imposed acorporatio
n who
pation tax upon every agent or representative of a foreign measured by the
is
tax
which
in
or
office
Georgia,
business
of
place
a
nas
a tax
nominally
amount of the capital stock of the corporation. While
n.
upon the agent, it is in effect a tax upon the foreign corporatio
Christie,
from
tax
this
demanded
of
r-General
Georgia
"The Comptrolle
from the
the Georgia agent of the Dennison Manufacturing Co.. and also
the Shredded
local agent of the Welch Grape Juice Co., Colgate & Co. and
or
misdemean
a
for
Wheat Company, respectively, subject to prosecution
for failure to pay it.
acting
,
Association
ers'
the
Manufactur
for
American Specialty
"Counsel
in the
in behalf of said agents and corporations, forthwith filed petitions
the enforced
Superior Court of Fulton County, at Atlanta, to restrain
ns are
corporatio
and
exaction of this tax upon the ground that said agents and, hence, the Act
exclusively engaged in inter-State business in Georgia against them with
enforced
as
and
to
and
void
applied
ional
is unconstitut
respect to such business.
founded in law
"The State subsequently conceded that the petitions were
were withand withdrew its demand for the tax, whereupon the petitions
drawn.
Dennison
the
and
Christie
,
in
of
acting
behalf
association
the
"Counsel for
against William
Manufacturing Co., then instituted a suit lathe same court
from them
exacted
tax
to
r-General,
$600
recover
Comptrolle
A. Wright,
interest thereon
under this Act in 1919 and paid under protest.'which with which plaintiffs
from July 25 1919 at the legal rate constitutes the damages
'
the
from
defendant.
are entitled to recover
the petition upon the
"The Superior Court sustained a demurrer to The
Supreme Court of
ground that it does not state a cause of action.
legal-sized pages,
fourteen
Georgia, in a unanimous opinion incorporated in
the
lower
of
court."
judgment
the
reverses
now
knockout blow to
One of the Atlanta papers, all of which regard it as a
says in part:
the State's policy of making money out of foreign corporations,
hundreds of
are
There
in
g
its
effect.
far-reachin
be
"The decision will
have State or
corporations engaged solely in inter-State commerce which
cities, and, while
Southern sales offices located in Atlanta and other Georgia of
collected
no estimate could be made, it was conceded that the total thetaxes
Comptrollerunder this clause of the General Tax Act, and for whichrun up to a figure
will
,
responsible
personally
is
decision
this
General under
of thousands.
at least in the tens of thousands and probably in the hundreds
cites numerous
Not a dissenting opinion was given in the decision, which
by Justice
written
was
opinion
The
decisions in support of the opinion.
Hines.
to the
respect
in
at
the
Capitol
seen
was
y
contingenc
interesting
"An
which will
General Tax Act which was passed by the House last Friday.and
amendment was added
An
on
Monday.
for
action
Senate
the
before
go
tax was paid,
to the clause under which the Dennison company's disputed foreign, doing
raising the occupation tax on all corporations, domestic and
for an
provides
,
amendment
its
The
with
new
law,
State.
the
business in
above the first two.
additional $100 tax for each million of capitalization
"Representative Stewart of Atkinson. author of the amendment, stated
to raise $2,000,000
after it had been passed by the House that he expected
but this new decision by the Court
In additional revenue for the State,
corporations
foreign
affects
it
far
in
as
so
ional
unconstitut
rendering the law
will reduce the amount collectible
engaged solely in inter-State commercethe
.
amendment
nullifies
practically
and
sums
by large
that the American
'Record in the Comptroller-General's office show
$699.347,400, and would
Telephone & Telegraph Co. has a capitalization ofto
State of Georgia;
the
taxes
ely
in
$70,000
approximat
therefore pay
340.000: the General Electric Co.. $18,000: the
Armour & Co. would pay the
Swift & Co., $15,000;
$13,000:
Co.,
Pullman
310.000:
Co..
Ford Motor
and so on. There are 127 corporations doing
the Texas Co. $16.000. capitals
of more than $2.000.000."
business in GeZrgia with
[VOL. 117.
The anthracite-using people of America are justly entitled to three
things. The first is coal. The second is honest coal. The third is honest
coal at a decent price. This, in a nutshell, is what I have asked you to
come and consider: how to get clean anthracite to the consumer at a reasonable price.
in
The settlement of the recent anthracite strike provided coal. But
n of
the nature of things it could not assure relief from the adulteratio
anthracite with rock and dirt. Neither could it assure freedom from
extortionate prices. Such adulteration and such prices existed long before
the strike and they exist in worse form to-day.
The people are angry, and rightly so, over the long continued and
steadily increasing exactions of the anthracite monopoly, whose representatives have definitely declined to recommend that the industry shall
clean its own house.
The settlement of the strike put the wages of the miners on an equality,
risks considered, with those of other similar trades. The total average
increase in labor costs which it involved was 60 cents a ton. But the
operators restricted themselves to no such increase. The smallest advance
they made was 70 cents a ton. Some added 90 cents and a few more than
a dollar.
a fair
Although the margins the operators took before the war gave them
than
profit, to say the least, they have increased these margins far more
produce
their costs have increased. The ten great railroad companies, who
1921—the
in
three-fourths of the coal, exacted a margin of 85 cents a ton
these
year of depression. In the first three months of the present year
same companies exacted a margin of $1 18, and to-day the same companies
are taking margins higher still. These figures, when compared with their
margin of 35 cents per ton for the three pre-war years, supply clear proof
of extortion.
Points to "Exorbitant" Profits.
The production and distribution of anthracite is essentially a monopoly.
In 1921, 93% of all the commercial tonnage was produced by 48 companies
and 99% by 74 companies. Common financial arrangements are generally
,
believed to exist between producing companies, railroads, wholesalers
and in many cases retailers as well. I reiterate my opinion that the whole
public
combination is a hard boiled monopoly whose prime Interest in the
is that it shall consume their coal at their price.
in
Thus,
le.
The profits of the operators are often utterly unreasonab
the years 1920, 1921 and 1922 one company paid successive dividends of
59%. 137% and 168%, while another paid dividends of 70. 205 and 190%.
Such dividends are obviously unfair to the people from whose pockets they
come. The margins and dividends of the anthracite industry of recent
years have been far and away larger than those of any other major industry
known to me in America.
Three kinds of regulation are proposed.
Under
The first is for State executives to use the power they have now.
fraudulent
it they can do much to assure clean coal by publicity as to
are
practices. They can ascertain and tell the people what extortions fuel
being practiced and by whom. They can give information as to
the
appeal to
economy and as to substitutes. They can act Jointly, by
consideration
Inter-State Commerce Commission, in securing adequate
of anthracite freight rates.
she should
As a past of what Pennsylvania can do, it has been urged that
which only
repeal her tax on anthracite, repeal the certification law, under
the sale
qualified men can mine anthracite, abolish royalties and prevent
of unclean coal.
problem of rock and
Pennsylvania has already vigorously attacked the
operators who are
dirt in anthracite and is making public the names of
guilty. The effect has already been strongly felt.
DEC.1 1923.]
THE CHRONICLE
Defends Pennsylvania Tax.
The Pennsylvania anthracite tax amounts to 13.5% on the cost of the
coal at the mine, or on domestic sizes between 11 and 12 cents per ton.
The domestic consumer pays more dollars for his coal than the State takes
cents for its tax.
The next way of securing honest coal at decent prices to the consumer
is by Federal action.
There are certain things the Federal Government can do. Among these
are to establish and enforce in inter-State commerce standards for clean
coal and for sizes; to license all who are engaged in inter-State trade in
anthracite; to authorize the Inter-State Commerce Commission to deny
cars to profiteers and to investigate and publish the facts.
The best legal opinion does not establish beyond controversy the right of
the United States to fix prices, establish uniform accounts, examine books or
require reports in the anthracite industry. But there is no doubt whatever
that each State, through its police power, can do all of these things if it
chooses. Whether the coming Congress can or cannot, does or does not.
give the consumer clean anthracite at reasonable prices, there is another
necessaxy remedy. I refer to the treaty of compact between the States
authorized by the Federal Constitution.
If the anthracite-using States will, under this constitutional provision,
agree among themselves upon the form of regulation which will best work to
the advantage of their people, a compact to establish a joint commission to
enforce it will be both lawful and effective when approved by the Congress
of the United States. Such a commission, pooling the police powers of the
States concerned, could, in co-operation with Federal authority over interState commerce, completely regulate the whole industry from the mine to
the consumer's bin. We have here a powerful weapon,altogether capable of
securing justice for the consumer in all the anthracite-using States.
In addition to what each State may do individually and at once for the
relief of the present situation, I desire to lay the following specific recommendations before you:
First, that a committee be appointed at this meeting to prepare for the
approval of the Governors of all the States in which anthracite forms an
important part of the people's fuel, and subsequently lay before Congress, a
draft of the Federal legislation I have here suggested, or such modification
of it or substitute for it as the Governors may agree upon.
Second, that a committee be appginted at this meeting to prepare for the
Governors of the anthracite-using States a suggested form of compact, as
authorized by the Federal Constitution. together with a statement of its
legal basis, economic purpose, and the method of procedure under it, with
a view to immediate action.
•
2399
During the session the Massachusetts delegate presented a memorandum
supported by the representatives of Governors Templeton of Connecticut
and Flynn of Rhode Island, in which he declared jurisdiction over the
industry rests with Pennsylvania and outside consumers "have no recognized right," except to pay prices demanded, together with what he termed
"discriminatory taxes" levied by State authorities.
Settlements with Individual Carriers.
The United States Railroad Administration reports that
up to Nov. 14 1923 it had concluded final settlement with
a total of 403 railroads, including 63 short lines. The
payment of these claims on final settlement was largely
made up of balance of compensation due, but includes all
other disputed items as between the railroad companies and
the Administration during the 26 months of Federal control.
The list of railroads with which settlements have been
concluded is as follows. Bold-faced figures indicate payments by the carrier to the Government.
Complete List of Railroads with Which Settlements Have Been Concluded
up to Nov. 141923.
Abilene & Southern RR Co- $150,000 Durham & Southern By
875,000
Akron & Barberton Belt RR
70,000
Akron Union POS8 Depot Co_
14,000
Alabama Great Southern RR.. 1,530.000
Alabama & Vicksburg Ry_-__ 275,000
Passenger
Albany
Terminal Co
5,679
Allen k Southern RR
385,000
Amer Refrigerator Transit Co_ 210,000
Ann Arbor RR
600,000
Arkansas & Memphis RY
Bridge & Terminal Co
90.000
Asheville Se Craggy Mtn RY
5.500
Ashland Coal & Iron Ry
65,000
Atheison Topeka & Santa Fe
21,500,000
Ry & subsidiaries
Atchison Union Depot& RR _
7,500
Atlanta,Birm & Atlantic Ry
1
Atlantic Coast Line RR
5,500,000
Atlantic dz Yadkin Ry
120,000
Augusta Union Station Co
400
9,000,001
Baltimore & Ohio RR
Baltimore Steam Packet Co
820,000
575,000
Bangor & Aroostook Ry
With regard to the discussions at the conference, Asso- Bath
19,500
&. Hammondsport RR_
19,986
Beaumont Wharf & Term Cociated Press dispatches had the following to say:
495
Belington & Northern RFt
140,000
Governor Sllzer led the opposition to Pinchot's plan. Questioning the Belt Ry Co of Chicago
Cheraw
RyBennettsville
dr
29,500
powers of the proposed joint commission and its rights to come into PennBessemer & Lake Erie RR-3,050,000
sylvania and interfere with the industry, he declared "something has to be Birmingham & Northwestern_
10,000
1,825
done" and asserted it could be done by the States and the Federal Govern- Birmingham Terminal Co
5,500
Blue Ridge By
ment without the formation of a compact.
2.470.000
Boston & Maine RR
"At present." he asserted, "we are at the mercy of the neglect of the Boston Terminal Co
95.364
United States and the failure of the State of Pennsylvania to do its part. Bklyn, East. Dist, Term. Co_ 125,000
Buffalo & Susquehanna RR
465,000
This seems to me to be a buck-passing program.
Creek RR (Erie RR
'If the anthracite industry is a monopoly, subject to regulation by the Buffalo
and Lehigh Valley RR, as
United States,I cannot see why it is not the same thing in Pennsylvania."
185,000
Joint lessees)
He declared the proposed compact of thirty-one anthracite-using States Buffalo Roch & Pittsburgh By 1,000,000
Chic
Term
Sou
RR
47,500
Burlington
would take thirty-one years to complete and then would require approval
7,378
Calumet Western Ry
of Congress.
220.000
Camas Prairie RR
Cambria & Indiana RR
70,000
Attacks Pinchot's Program.
Carolina Clinchfield & Ohio Ry 550,000
15,000
Taking up Governor Pinchot's proposals in detail, he criticized his Carolina & Northeastern RR._
Northwestern Ry.
-95,000
defense of the anthracite tax and the Miners' Certification law, and de- Carolina & Tenn
Southern By.
Carolina &
5,000
clared action should be started toward reduction of royalties. He said Central of Georgia Ry
1,000,000
he had been told that the anthracite tax, which Mr. Rinchot said added CentralIndiana Ry
45,000
90,000
only from 113,5 to 12 cents a ton to the cost of coal at the mines, had re- Central New England Ry
central N Y Southern RR_ 42,500
suited in an increase of 50 cents a ton.
Central Vermont RY
700,000
Governor Pinchot declared he had been unable to find any truth in the Central Union Depot ,it By
assertion.
25,000
Co of Cincinnati
90,000
"Unless you are willing to do more than has been indicated to-day," Charleston Terminal Co
Charleston & W Carolina By. 1,450,000
Governor Silzer said, "we're not going to accomplish much."
Charlotte Monroe & Columbia
He submitted two sets of resolutions, one calling for action by the
RR15,000
State
and the other for Congressional action. The former called on Pennsyl- Chattanooga Station Co
19,624
62,303
vania to repeal the anthracite tax; to repeal "laws now upon its statute Chesapeake Steamship Co._
Chesterfield &Lancaster RR
12,000
books which limit the production of coal"; that it enact laws
fixing a Chicago Burl & Quincy RR - 8,000,000
standard of quality and size for all coal produced and shipped out of the
Chicago k Eastern Illinois RR 3,000.000
State, creating a commission to regulate the industry in the State and Chicago Great Western RR_.- 1,600,000
Heights Terminal
Chicago
declaring the anthracite industry a public business, and asking Governor
Transfer RR Co
500
Pinchot to call a special session of the Legislature and lay these proposed Chic Ind & Louisville Ry
150,000
measures before it.
Chicago Junction RY
380,000
200,000
The second set, which contained more than 20 separate resolutions, Chicago Milw & Gary BE..
Milwaukee & St P it' 6,250,000
called upon Congress to enact laws dealing with all phases of the industry Chicago
Chic NY Sr Boston Refrig Co-- 375,000
and particularly to grant the Inter-State Commerce Commission further Chicago & North Western By 6,500.000
powers to regulate transportation, eliminate inequalities in distribution Chicago Peoria & St Louis RR
1
45,000
and excess charges for transportation "and any and all other existing Chicago River 5, Indiana RRChicago Rock Isl & Pacific By 2,500,000
evils in the trade in which the transportation companies are in any way Chic
Minn
&
St P
Omaha By 1,200,000
connected or to blame." Another section proposed that Congress pass Chic Terre Haute & So E Ry
35,000
an Act prohibiting all contributions for political purposes from corporations Chic & Western Indiana RR- 450.000
Cincin Findlay & Ft Wayne Ry
18,000
engaged in mining coal or coal transportation.
Mein Ind & Western Ry
400.000
Governor Pinchot expressed criticism of the New Jersey Executive's Cinch'
New Orl & Toots Pacific 525.000
attitude, which he said was one of "pass the buck to Pennsylvania."
Cincinnati Northern RR
100.000
C.C.C.& St. Louis RR
5,000,000
76,000
Clinton & Oklahoma West Ry
Proposes to Go Ahead.
Clyde& Mallory Steamship Co 162,224
"Pennsylvania." he added, "doesn't propose to arrogate any of its Colorado Midland RR
319,000
Colorado & Southern By
power. We could perfectly well say this is our business; you've
got to Columbia Union Station Co 1,775,000
1
have coal and we'll soak you what we please. That is not what we
propose Columbus & Greenville RR
30,000
to do. Pennsylvania is going ahead, anyhow. If you don't want
your Copper Range RR
130,000
State to take part, that's up to you. We're going ahead to do
Cumberland & Penns RR
550,000
what we Cumberland
Railroad
can, and all we can."
12,000
Danville & Western Ry
260,000
Action on the Silzer resolution was put aside in a rush of motions
and Davenport R.I.& N.W.By..
75,000
suggestions, during which Governor Pinchot declared that "as
1,000
long as Dayton & Union RR
Now Jersey takes the position it does in these resolutions, it won't
11,500
get Dayton Union Ry
1,500.000
very far with Pennsylvania." Finally, on the motion of E. C. Hultman, Delaware & Hudson Co
Delaware Lack & West RR_ 5,000.000
Massachusetts Fuel Administrator and delegate for Governor
Cox, it Delta Southern Ry
60,000
was voted to adjourn subject to Governor Pinchot's call, the Governor
in the meantime to have a complete record of the proposals forwarded
to all the Executives. Governor Pinchot indicated his intention of
calling
the next meeting about Dec. 13.
The proposal of Governor Preus of Minnesota received little consideration by the conference, although it will be embodied in the record for
consideration by the other Governors. He proposed that the anthracite
industry be made a public business in the manner that the grain elevator
business was treated in Illinois, New York, and North Dakota. Such
action, he declared, would permit regulation of the industry and control
of prices.
Denison & Pacific Sub Ry---Denver & Rio Grande RR
13,000
800,000
Denver Union Terminal By...
12,500
Des Moines Terminal Co_ _
15,500
Des Moines Union Ry
330,000
Detroit & Mackinac By
105,000
Detroit Terminal RR
375,000
Detroit Toledo & Ironton
1,250,000
Detroit Oz Toledo Shore L RR65,000
Direct Navigation Co
40.000
Duluth ec Iron Range RR--... 4.886,000
Duluth Mambo & Nor Ry
8,525,000
Duluth South Shore & AU_ -- _
80,000
Duluth Union Dep & Trend_.
21.000
Durham Union Station Co
2,191
East az West Coast Ry
51,000
Eastern Steamship Lines
250.000
Elgin Joliet & Eastern Ry
3,700,000
El-Paso & Southwestern
400.000
El Paso Union Pass Depot
5,666
Erie Terminals RR
3,300
Escanaba & Lake Sup ER.... 140,000
Evansville & Indianapolis RR 235,000
Fairchild & Northeastern By.
10,000
Farmers Grain & Shipping Ce
25,000
Florida Central & Gulf Ry
31.000
Florida East Coast By
750,000
Ft Dodge Des M de Sou RR.. 300,000
Fort Street Union Depot Co
19.000
Ft Worth Belt Ry
75,000
Ft Worth & Denver City By. 725,000
Ft Worth Union Pass Sta Co_
4.529
Gainesville Midland Ry
1
Galena-Signal Oil Co
150,000
Galv Houston At Hend RR_ _ _ _
34,000
Galveston Wharf Co
85.000
Georgia Florida & Ala Ry
120,000
Georgia Southern & Fla Ry_.50.000
Goldsboro Union Station Co_
167
Grand Trunk By of Canada
250,000
Great Northern Ry
6.500,000
Gt Northern Ry(exception 5)_
Green Bay & Western RR-40400
Gulf Coast Lines (New Orleans Texas & Mexico Ry). 800,000
Gulf Mobile Sr Nor RR
)
Meridian & Memphis RR__1 100,000
Gulf & Ship Island RR
575,000
Gulf Terminal Co, The
9,426
Gulf Texas & Western Ry
40,000
Hamilton Belt RR
20.000
Hannibal Union Depot Co_ __
. 10.000
Harlem Transfer Co
20,000
Hartwell Ry
24,500
High Pt Randleman Ashboro
& Southern RR
25,000
Houston Belt & Terminal By.
11,500
Houston & Brazos Valley By. 130,000
Hudson & Manhattan RR
750.000
Huntington & Broad Top Mtn.
RR & Coal Co
50,000
Illinois Central RR
7,750,000
Illinois Terminal RR
50,000
Indiana Harbor Belt RR - 495,000
Indianapolis Union By
765,000
International & Grt Nor By... 100,000
Interstate Ry
60,000
Iowa Transfer By
7,200
Ithaca Traction Corp
8,000
Jacksonville Terminal Co
1
Jay Street Termpaal
290,000
Joliet Union Depot Co
2.307
Joplin Union Depot Co
18,000
Kankakee & Seneca RR
8.000
Kansas City Mex &(Jr BE... 250,000
Kan. City Northw.RR.Prop- 434,716
Kansas City Southern By..... 1,500,000
Kansas Oklahoma & Gulf AY_ 1,410,000
Ky.& Indiana Term. RR
50,000
Keokuk Union Depot Co
6,300
Lackawanna & Montrose RR..
4.000
Lake Erie & Eastern RR
110,000
Lake Sup & Ishpeming By.- 140,000
Lake Sup Term & Transfer By
27.600
Leavenworth Depot & RR
10,500
Leavenworth Terminal By &
Bridge Co
2,500
Lehigh & Hudson River By.
225,000
Lehigh & New England RR- 675,000
Lehigh Valley RR
4.600,000
Lexington Union Station Co_
17,000
Little Kanawha RR
1,100
Lorain & West Virginia By...
25.000
Los Angeles & Salt Lake RR- 800.000
Louisiana & Arkansas RY
200,000
La & Miss RR Transfer Co....
33.231
Louisiana Southern By
90.000
Louisville Rend & St L By
660.000
Loulsv & Jeffersonville Bridge
& RR Ro
3.100
Louisville & Nashville RR_
7,000,000
Louisville & Wadley RR
3,175
Macon Dublin &Savannah RR 183,000
Macon Terminal Co
71,363
Maine Central RR
850,000
Manistique Sr Lake Sup RR
50,000
Marion & Southern RR
17.000
Marquette & Bess Dock & Nay
60,000
Marsh Refrigerator Service...
21,000
Mather Humane Stock Trans-
portation Co
175,000
Maxton Alma & Southb'd RR
13,500
Memphis Union Station
10,000
Merchants & Miners Trans
600,000
Meridian Terminal
702
Michigan Central Ry
10,500,000
Midland Valley RR
550,000
Mineral Range RR
140,000
Minneapolis Eastern By
55,000
Minnesota & Internal Ry
340.000
Minneapolis & St Louis RR
1,250.000
525,000
M St P & El Ste Marie Ry
Mississippi Central RR
220.000
Missouri & Illinois B & B RR
13.559
Mo & No Arkansas RR
292,000
Mo Kansas & Texas By
5,000,000
Mo.Kan. & Tex. By. of Tex_ 3,600,000
2400
THE CHTIONTOLE
$2,000.000 Union Pacific RR and subsid.58,000.000
Missouri Pacific RR
Mobile & Ohio R R___ ...... 700.000 Union Passenger Depot Co of
35.000
Galveston
75,000
Morgantown &Kingwood RR_
45,000
Munsing Marquette & 8 E By . 90,000 Union Term. Co., Dallas. Tex.
250.000
RyPac
&
Shrevep
Vicksburg
7.500
Narragansett Pier RR
2,100.000
700.000 Virginian Railroad
Nashville Chan & fit L Ry
1.500,090
100,000 Wabash Railway
New England Steamship
New Orleans Great North RR 100.000 Washington Southern RR.
(See R F & P RR).
New Orleans& Northeast. RR. 1,400.000
1
1.300,000 Washington Terminal Co-._ New Orleans Terminal Co_ _
6,383
3,000.000 Waupaca Green Bay Ry
N Y Chicago dt St Louis
1,395,000 Weatherford Mineral Wells &
Y Connecting RR
36.1100
Northwestern Ry
54.901
N Y Dock By
800,000
N. Y. N. H.& Hartford RR_ 3,316,500 Western Maryland By
4.200.000
RR_
Pantie
Western
500.000
Western
&
N Y Ontario
35.275
Western Pac RR (exception 4)
Norfolk & Portsmouth Belt
87,000 Western Heater Despatch Co- 550.000
Line RR
1,080,000
RR
Belt
Side
West
200,000
Norfolk Southern RR
4.57 Wheeling & Lake Erie By.._ 440.000
Norfolk Terminal By
3.500
7.285.000 Wichita Falls & Northw By...
Norfolk & Western By
6,000
20,021 Wichita Union Terminal By
North Charleston erminal
145,000
125.000 Wiggins Ferry Co
Northern Alabama R v
27,500
RR_
Connecting
Wilkes-Barre
1.599,914
4)
(exception
Nor Pacific RY
9,000.000 Wilmington By Bridge__No cash paym't
Northern Pacific By
47,000
20.500 Winona Bridge By
Northern Pac Term of Oregon
72,000
850,000 Winston-Salem Southbound Ry
Northwestern Pacific Ry
1
Ocean Steamship of Savannah 2.275.000 Wood River Branch RRRy_
19,000
Blocton
&
Woodstolk
15.000
&
Ogden Union Ry
22.500
RR_
Tenille
&
Wrightsville
Old Dominion Steamship (Vir115,000
900.004' Yadkin Railroad
ginian Nay Co included).—
81001 Valley RR 5,075.000
11.93; Yazoo & MI8.31,
Ontonagon RR
50.000
00,000 York Harbor & Beach RR
Oregon Electric By
100.000
Oregon Trunk By
881,626,672
(345
railroads)
Total
25,00'.
Pacific Coast RR
40.000
Shore Ulm Railroads
Pacific Coast By
$3,500
Adirondack & St. Lavrr. RR.r
Pacific Frolt 8 sprees
500
90.000.000 A tl. WaycrOss &Northern RR
Pennsylvania System
$12,040
Itla
Goltifield
Bullfrog
135,000
Ry
Union
Pekin
&
Peoria
1.000
Harmar
&
Cheswick
750,000
Pere Marquette RR
2,000
2.931 Cimarron dr Northw. By
Philadelphia Belt !Jim RR
2,200
8,000.000 Colfax Northern By
Philadelphia ez Reading Ry
1
100,000 COI. & Nehalen River RR
Piedmont & Northern Ry
1.250
Pittsburgh & West Va Ry...... 720.000 Combs Cam & Eastern RR
20.000
By
Chicago
&
YouToado
&
Dayton
Pittsburgh Chanters
90(01
328.000 Deering Southwestern Ry _ _
ghiogheny RY
4,500
Pittsburgh & Lake Erie RR.... 250,000 Fordyce & Princeton RR
35.0 0 Fourche River Valley & Indian
Port Bolivar trot, ore fly..
20.600
4.800
Territory By
Port St Joe Dock & Term RI—
Eiatz Frankfort & Cincinnati BY......
Portland Terminal
3.500
7,700 Garden City Western RY
Pueblo Union Depot & RR
15.000
0 Great Western RY
7,250,00
Pullman Co
29.10o
50,000 Gulf Florida & Alabama
Raleigh & Charleston RR.-1,000
4.000 Gulf Ports Terminal Ry
Rapid City Black H & W RR
2,500
94,000 Hardwick & Woodbury RR...Richmond Fred dz Potom RR
80.000
Illinois Southern By
Richmond Fred & Potom RR
7.800
Indian Creek Valley RR
(as successor of Washington
17,0ts1
187,500 Kentwood Greensb & 8 W RR
Southern Ry)
2.000
17,157 Knoxv Sevierville & East 12y_
Richmond Terminal By
800
105.000 Lawndale Ry & Industrial Co
Rio Grande Southern RR_
4.600
21.800 Leetonta Railway
Rock Island-Frisco Terminal.
9,000
RR
350.000
Liberty-White
Rutland RR
3,500
Lime Rock RR
St Johnsbury & Lake Cham8,000
80.000 Little Rock Maumelle & W RR
plain RR
2.2,0
Railroad
18.000
Loratna
St. Johns River Term. Co_ _
8.700
95.008 I ufkin Hemphill & Gulf BY
St Joseph Belt fly
1,000
Corp.
Marion
By.
1,000,000
By
Grand
Island
&
St Joseph
2,200
3.000 Massezut Terminal RR
St Joseph Terminal RR
8.000
7,300 NI Iddle Tennessee Ry _
St Joseph Union Depot Co.....
45.000
205.000 Middletown & Unionville BR
St Louis hierch Mtge '1 er Ry_
6.000
St Louts National Stock Yards 100.008 MillersCreek RR
800
Monson Railroad
St Louis-San Francisco By
4,000
550,200 Montana Western Ry
and subsidiaries
3,000
2.852 Nacogdoches &Southeast RRSte Marie Union Depot
3,000
34.000 New Castle &Ohlo River Ry-St Paul Bridge & Terminal By
3,500 New Nit:Oro Central
Salina Northern RR
8.000
1,358 Neznerce & Idaho 'RR_ Salt Lake City Union Dep&RR
20,000
San Antonio& Aransas PassRy 1.000,000 Northampton & Bath RR-- 4,210
San Antonio Uvalde& Gulf RR 210.000 Ocilla Southern RR
Ry
54.000
Northern
Okmulgoe
SS
Portland
&
San Fran
6.000
6.377 Owasco River By
Savannah River Terminal Co100.747
Paris & Mt Pleasant RR
Savannah Untou Station
4.000
14,403 Raquette Lake By
Sharpsyllle RR
ii 7nn
93,547 Roanoke River Ry
Sioux City Bridge
25,000
60,000 Roscoe Snyder & Pacific Ry.Sioux City Terminal By
2.000
40.240 Rowlesburg & Southern RR.Southern ill & Mo Bridge
10,000
Southern Pacific Co & subalds- 9,250,000 San Joaquin & Eastern RR
5.500
By..
Belt
412.000
___
Francisco
SouthSan
Southern Pacific Terminal_
1,193
6.000.000 Southwestern By
Southern Railway
7,500
207,800 Spokane & ilrit Columbia fly
Southern Steamship
3.750
Spokane Pori & Seattle By... 1.600.000 Sterling Mountain Ry600
700,000 Talbotton RR
St. Louis Southwestern By_
8.500
66,794 Tavares & Gulf RR
Si. Paul Union Depot Co_
100.000 Traverse City Leelanau & ManSunset Ry
3,200
fatigue By
42,000
Susquehanna & N Y RR
1,000
26.000 Tuscarora Valley RR
Sussex RR
3.000
3.000 %vatervhie Railway
Tallulah Falls By
36,000 Waukegan Rockford & Elgin
Tampa de Gulf Coast RR _ _
2.000
126,500
Traction Co
Tampa Northern RR
2,300
11.500 Waynesburg & Wash RR_
Tampa Union Station
8.500
RR
Huntersv
55,000 White Sulphur &
Tennessee Central RR. .
35,000
60,000 Wisconsin & Michigan RR Terminal RR of St
4,800
100.000 Wisconsin & Northern RR._ TOM Midland RR
1.700
90,000 Wyandotte Southern RR
Tidewater Southern RR
9,000
325.000
Zwolle&
Eastern
Ry
By.
Western
&
Peoria
Toledo
100,000
Toledo Terminal RR
Total (63 short line rail55.000
Trans-Mississippi Term RR-8305,397
roads)
42.000
Troy Union RR
390,000
Ulster & Delaware RR
rail(408
Grand
total
20.000
O_
Columbus,
Union Depot of
881,932,069
roads)
8,750
UnionFreight RR
Wage Increases to Telegraphers and Station Agents
Awarded by United States Railroad Labor Board.
Increases in wages affecting approximately 5,500 railroad
telegraphers and station agents and aggregating approximately $364,432, were awarded in a decision announced on
Nov. 25 by the United States Railroad Labor Board. The
Board explained that it had attempted to correct existing
inequalities without attempting standardization and without granting a general increase. The payment of a punitive
rate of time and one-half for overtime to telegraphers and
station agents also was awarded, and a few other changes
in rules were authorized. The parties to the case in which
the decision was rendered are the Brotherhood of Railroad
Station Employees, the Order of Railroad Telegraphers and
26 railroad companies. With regard to the award, press
dispatches said:
The plan pursued by the Board was to deny increases on roads where it
found the existing rates equal to the average paid on comparable roads in
the same territory and to award increases on other roads that would bring
their rates up to the average paid in their territory by comparable roads. b
[VOL. 117.
some cases the increases affect one group of employees and not another.
They range from 2 to 5 cents an hour.
"It is but just to say that some members of the Board favored a general
increase and that some opposed any increase at all," the decision reads.
In dealing with rules, the Board, in the majority of instances, reaffirmed
previous decisions. It is expteted that the payment of time and a, half for
overtime will result in a material reduction in the amount of overtime work
required. It is estimated by H. W. Hart, Chief Statistician, however, that if
overtime work were required to the present extent under the new rule it
would cost the companies $449,023 a year. The Board held that overtime
work is largely in the employers' control.'
On the other hand, the Board denied a request for punitive rates for work
on Sundays and holidays. It cited a ruling issued by William 0. McAdoo,
as Director-General of Railroads during Federal control, to the effect that
such work was expected by the public, could not be avoided and should not
be paid for on a punitive basis. The Board added that "the Director.General took steps" to reduce Sunday work to a minimum, that railroad managements, "as a rule, pursue the same course," and that "this Board has
expressed a like desire."
Baltimore & Ohio Shops Doing Heavy Repair Work
Closed Down-13,000 Men Laid Off Temporarily.
Shops of the Baltimore & Ohio Railroad system where
heavy repair work is done were closed down on Nov. 24 for
one week, as a measure of economy. About 13,000 men are
affected. It was explained that the action was in line with
the budget scheme of the company, which permits cutting
down or adding to forces in accordance with the demands of
current business. There had been a seasonal falling off in
business recently, which up to that time had been extraordinarily heavy. The situation was thoroughly understood
by the labor organizations affected, it was added, the spokesman for the shopmen waiving the usual four days' notice of
a proposed shutdown. Baltimore, Cumberland, Md.; Glenwood, Pa., and Zanesville, Ohio, are the principal points involved.
Rate Problem, Says Committee of United States
Chamber of Commerce, Is One of Better
Adjustment, and Not General Reduction
of Rates.
The possibility of a reduction in rates on important basic
commodities, through a readjustment of freight rate schedules, is held out by the Committee on the Readjustment of
Relative Freight Rate Schedules, designated by the Chamber of Commerce of the United States, in a report submitted
on Nov. 26 to the President, Julius H. Barnes. The committee finds that a readjustment of class rates should result in
a measurable increase in total, revenue of railroads, which
may be augmented by advances in certain commodity rates
now manifestly too low in relation to other rates. "Such
proceeds," it suggests, "should be applied to the reduction of
commodity rates where needful. Any measure of relief afforded by these reductions, even if small in magnitude, will
be a step in the right direction." The reduction of rates on
important basic commodities is regarded by the committee
as only one phase of the larger problem of the readjustment
of relative freight rate schedules. "The rate problem of the
hour," it says in its report, "Is one of better adjustment of
relative rates, not of a general reduction of all :rites."
"There is no need nor justification," the report continues,
"for a general reduction of freight rates at the present time,
whether viewed from the standpoint of relative levels of
freight rates and commodity prices now and before the war,
or rates in this country as compared with foreign rates, or
of the net return which the railroads hav3 been earning on
the value of their property devoted to the public service."
The report adds:
That freight rates as a whole are not an undue burden or stifling influence
on commerce is evidenced by the heavy carloadings on our railways this
year. For several months each week has produced loadings in excess of those
reported for any corresponding period in past years, and the record for all
time has been broken time and again.
This, however, is not taken to preclude rate changes. The committee, on
the contrary, holds that certain readjustments are necessary.
Since the World War, and particularly since early 1920, there have again
been wide changes in the relative price levels of commodities. Some products have changed comparatively little in price, while other articles have
fallen until they have reached prices at or near pre-war levels. For the most
part, manufactured goods, because of high labor coats and because of the possibility of adjusting output to market demand, command high prices, while
many farm products, especially hides, and hogs, and grains (except corn).
because of the continued large output and the reduced demand abroad, have
gone practically to pre-war price levels or even below. The changes in price
relationships do not appear to have been .caused, to any considerable extent,
by transportation charges nor by increases or decreases in those charges—
the changes have been due to economic forces, national and international in
scope; and freight rates that may formerly have been satisfactory to shippers
and carriers alike may by reason of the changed price levels have been
thrown out of equitable adjustment.
The desirability of adjusting freight rate schedules so that different classes
of business shall stand on their own feet is sufficiently evident; the difficulty of doing so is not, perhaps, so obvious. As already indicated, our rates
are the result of an evolution influenced by many factors, some economic,
901TIC geographic and others political. So many carriers and so many corn-
Dze.1 1923.]
THE • CHRONICLE
2401
missions, so many practices and so many forces other than those based on
The solution Is to be found in the restoration of sound
sound principles have affected them, that to-day they are almost inextricably
money, sound
finances, open markets, and a liberal international trade
Involved.
policy, and
then in letting private enterprise alone to straighten things
Yet in spite of attendant difficulties, it is evident for the reasons stated
out. A radically
and for others that will be presented that the time has arrived for greater different course, however, is natural when men take only a partial view
simplification in our rate systems, both as they have developed and as they of things. Disturbed by unsatisfactory markets, due to derangements
In world conditions, men in particular industries and in particular
have been applied. The studies that have been made by and for this comcountries
mittee show that adjustments in relative freight rate schedules, particularly demand the erection of new barriers to international trade, which may
help them temporarily, but which still further demoralize
the general
those applying to less-than-carload shipments and to class traffic generally,
situation. They ask for Government credits to support particular
marare not only possible but eminently desirable.
kets, which help the markets for a time, but lead to worse reactions
Without attempting to pass upon the local, sectional or class issues that
later
and
meanwile
weaken
the
public
treasury.
They
ask
for
within
artificially
the jurisdiction of the Inter-State Commerce Commiscome properly
low
interest rates as a means of encouraging speculative buying. They
sion, the committee lays down the principles which, it believes, should govask
for progressive currency depreciation as a means of raising nominal
prices.
ern the readjustment of freight rates in the following conclusions:
they
Or
ask
for
artifical
control
of markets which temporarily masks
1. Viewed as a whole, railroad rates in the United States are not unreasonthe underlying difficulties, but leaves still more riddles to solve in the
end.
ably high, either as compared with pre-war rates in relation to general price
levels or as compared with foreign rates. They have afforded the railroads We must take a largo view, and trust the free play of private enterprise.
an average rate of return considerably below that which the Inter-State ComSpeaking on "The Tariff in an Unbalanced World," Dr.
merce Commission, acting in accordance with the law, has determined as
fair. They do not as a whole hinder the processes of production or distribu- Anderson also said:
tion. The present problem is one of a better adjustment of relative rates—
The day by day work of the banker has made him especially sensitive
not a general reduction of all rates.
and alert in detecting the changed economic conditions which
make a
2. It cannot be claimed that the railroad freight rate structure of the moderate tariff policy vitally important to-day. The
banker's experience
United States has ever been organized on a scientific basis, or that
at
the
clearing
house
enables him to see readily that ebb must be matched
it has
ever been systematically revised with the purpose of eliminating disparities
. by flow, that debits must be offset by credits, that purchases must be
The great economic changes incident to and resulting from the war have
offset by sales, and it is easy for him to bring into this general scheme
creof
ated additional disparities resulting from horizontal rate changes, from
the thought the proposition that exports must be paid for by imports.
dislocation of relative price levels and from increases in labor
Bankers in the financial centres, who have watched for a period of nine
costs and terminal expenses which have borne with greater weight on some
classes of years, an excess of exports going out unmatched even by "invisible"
traffic than on others. The situation renders a readjustment of
relative items like immigrants' remittances, shipping services, and the like, have
freight rates of great immediate importance.
been concerned over the ever-growing debt of Europe to the United
States
3. A survey of class rates shows a great lack of uniformity, either
as be- —not primarily due to bankers, but rather to investors, exporters, foreign
tween classes, between products, or between regions, except in certain
exchange
speculator
s,
&c.
They have labored with the problem of getting
limited areas. Unreasonable disparities exist between the rates in
different this debt into the most acceptable form, namely, funded in the form of
States. Revisions of class rates in three important sections of
the country long-time foreign securities. They saw clearly the connection between
are now ir prongess and early completion of these revisions is extremely
de- the vast unfunded debt of Europe to private creditors in the United States
sirable.
and the credit congestion and disorder of 1920. It has become increasing
ly
4. In the readjustment of freight rates, consideration should
clear to them that Europe can pay her debts to us only if she is
be
given
to
allowed
basic Principles of rate making and to particular conditions affecting
to send goods here, sell the goods in our markets, and turn over
the proeach
type of business, notably less-than-carload and light-and
-bulky traffic as ceeds in dollars to her creditors here. The present excessive tariff rates
contrasted with heavy loading articles. Careful
consideration shows that hamper Europe so greatly in this that she would have the gravest difficulty
the revenue derived from the former types of business is
unduly low as com- In making large payments here, even if she were otherwise in a position
pared with that obtained from the latter type. This
to undertake it.
goods moving under both class and commodity rates. statement applies to
The bankers are concerned over Europe's effort to pay this debt with
6. A readjustment of class rates (including
less-than-carload rates) should Bold. The approximately two billion dollars of gold, which Europe has
result in g measurable increase is total revenue,
sent
us during the past nine years, have injured Europe and have done
limited chiefly by reason of
the relatively small volume of business concerned.
us little good. The United States would be much better off to-day if we
This
increase
in
revenue
will, however, be augmented by advances in
certain commodity rates, which had a billion and a half dollars less of gold in the country, and instead
are often founded on class rates and will be
realigned in accordance with had a billion and a half dollars more of housing facilities in our congested
class rate revision. Such proceeds should be
applied to the reduction of com- cities. The excess gold masks an underlying shortage of real capital, and
modity rates where needful. Any measure of
relief afforded by these reduc- tempts us to use money market funds for capital purposes.
tions, even if small in magnitude, will be a
The banker does not deal with a single industry. Be deals with all
step in the right direction. Care
should be exercised, however, that such reductions
be not made a hardship the interests in the community. Feverish prosperity on the part of one
Interest, with depression on the part of others, is not a satisfactory situation
to any particular railway system.
6. A serious railway rate problem has arisen
from the recent rapid growth from the banker's standpoint. He prefers a situation of balance. Ile
of inter-coastal traffic through the Panama Canal
cannot rejoice with Customer A, who receives a higher price for a basic
resulting from the prevailing low ocean tonnage rates. The transcontin
ental railroads are seriously raw material as a consequence of the tariff, if Customer B, having to
feeling the inroads of canal competition for the first
time since the canal was pay that higher price, finds his costs increased and so must surrender
built. It is the view of the committee that the public
his foreign market to foreign competitors not thus handicapped. The
is
fit of low rates due to the canal, and that the railroads entitled to the bene- banker is concerned when the inability of foreigners to market goods
should
be
allowed
to
readjust their rates to meet that competition, but
makes it impossible for them to buy American produced export goods.
without unjust discrimina- hero
Finally, the banker, studying the inter-relations of businesses with
tion against the intermediate sections of the country.
The committee is furone another, of different sections of the country with one another,
ther of the opinion that the railway carriers are entitled
and
to know what competition they have to meet in this coastwise trade,
of different countries with one another, is enabled to see the fallacy
of
American bottoms, and that the vessel lines concerned which is restricted to the argument which looks upon markets as fixed
and limited in absorbing
should be required to
power. He knows that if one country increases its production and expands
file their specific rates with the Inter-State Commerce
Commission.
It markets, it also increases its buying power for the products
of other
The committee which submitted the report is
one of five countries.
Fears have been expressed, based on certain experiences in connection
designated by the President of the National
Chamber to con- with the rapid depreciati
on of the German mark, that a restored Europe
sider different aspects of the transportation
problem in ad- would bring commercial disaster to the United States. These fears
are
vance of a general transportation conference to
needless. The ability of German producers of certain specialties
to underbe called sell foreign
competitors has been due, primarily, to the fact that external
later. It includes in its membership traffic officials
of a depreciation of the mark has moved more rapidly than internal depreciation.
number of railroads, representatives of agricultural
and labor a temporary phenomenon which apparently ceased a few weeks ago when
organizations, traffic managers of large
German workmen began to demand wages on a gold basis, which appears
commercial and to
have led to a sudden rise in gold costs In Germany and to a concomita
manufacturing concerns and spokesmen for the investin
nt
g pub- great increase in unemployment. During
the whole of this period, morelic. The Chairman of the committee is F. A. Delano, former over, our exports to Germany were steadily
far In excess of our imports
from that country. British Government figures of trade relations between
member of the Federal Reserve Board. The members are:
the United Kingdom and Germany show a similar story. British exports
H. M. Adams, Vice-President, Union Pacific System, Omaha;
Sydney An- to Germany exceeding British imports
derson, member of Congress, Washington, D. C.; Dr. Frank
from Germany substantially in 1922
App,
sey Federation of County Boards of Agriculture, Trenton; Joseph New Jer- and 1923. whereas In 1913 German exports to Britain were more than double
M. Belle- British exports to Germany. Rapidly depreciati
vine, General Traffic Manager, Pittsburgh Plate Glass Co.,
ng currency is so dePittsburgh; B. moralizing to production
in general that its net effect upon a country's
Campbell, Vice-President, New York New Haven & Hartford
Railroad Co., export trade Is distinctly bad.
New Raven; Edward Chambers, Vice-President, Atchison,
Topeka & Santa
A sudden strong restoration of Europe to full productive activity
Fe Railway System, Chicago; Archibald Fries, Vice-President,
would
Baltimore & lead to a sharp shock in the United States, with the necessity
Ohio Railroad Co., Baltimore; E. J. Frost, Vice-President,
of a good
William
Filene's, of readjustment. Even this would be better for us than a continuan deal
Sons Co., Boston; P. L. Gerhardt, Vice-President, Bush
ce of
Terminal Co., New the progressive maladjustment
York; Dwight B. Heard, President, Dwight B. Heard
which comes from having Europe on the
Investment Co., Phoe- down grade. Europe's actual
nix, Ariz,; Frank F. Henry, Washburn-Crosby Co., Buffalo;
revival, however. Is likely to be too slow
Vice-President, New York Central Lines, New York; Chas. G. H. Ingalls, rather than too rapid, and our own readjustment to it should be comparaPresident, American Tobacco Co., New York; Alexander S. Keene, Vice- tively painless.
We should have a readjustment of prices and industry.
International Harvester Co., Chicago; A. J. Lovell, Vice Legge, President,
With full world
hood of Locomotive Firemen and Enginemen, Washington,-President, Brother- production the general average of prices of goods in terms of gold should go
D. C,; W. C. Max- lower, but this may even be accompani
well, Vice-President, Wabash Railway Co., St. Louis; E.
ed by higher prices of many farm
M. Poston, Presi- products and certain raw materials.
dent, New York Coal Co., Columbus, Ohio; C. E.
Spens, Vice.President,
An Industrial readjustment would mean
Chicago Burlington & Quincy Railroad Co., Chicago;
a shifting from those manuA.
President, Louisville & Nashville Railroad Co., Louisville;R. Smith, Vice- facturing lines, which use a great deal of labor in comparison with the
capital
P.
they employ, to those lines of production
C.
Sprague,
Traffic Manager, M. A. Hanna Co., Cleveland; Theodore
where labor is economized
F. Whitmarsh, and land and capital used more lavishly. We should reduce some manuPresident, Francis H. Leggett Co., New York; J.
G. Woodworth, Vice- facturing lines, should shift back to
agriculture and the building trades,
President, Northern Pacific Railway Co., St. Paul.
to copper mining and to other lines which would
stimulated by the
restoration of Europe and by a lower level of costs. be revival
In copper.
The
zinc, the packing industry, the hide and leather
industry, the
Benjamin M. Anderson Jr. on Solution of
industry, the farm implement industry and the growing of grain fertilizer
World's stock should much
and live
Problems—The Tariff in an Unbalanced
more than offset any pressure in special manufacturing
World.
lines. The change would be, moreover, in the direction of the
restoratio
Declaring that "we shall solve the world's
n
problems only of a stable equilibrium.
Protective tariffs on agricultural products, of which we
by taking a very comprehensive view of them," Benjamin M.
produce more
than we consume, as wheat, corn. cotton, hogs and most other
Anderson, Jr., Ph.D., Economist of the Chase National
agricultural
Bank, products, are worse than futile. Minneapol
is and other milling interests
New York, in an address delivered before the Academy
of have had losses since Canadian grain has been diverted from them, while
dairying Interests in Minnesota. Wisconsin and other places
Science, this city, Nov. 19, said:
were injured
by the loss of the cheap by-products of wheat. Canadian
cattle do not
2402
THE CHRONICLE
[VOL. 117.
The annual capacity of Japan's cement mills was, before the earthquake,
in the neighborhood of 14,000,000 barrels and plans are under way which
will, within six months' time, bring this up to 17,000,000 barrels, notwithstanding the losses suffered by the earthquake. Until such time as this increased output is brought about, it Is expected that the domestic supply will
be inadequate and that considerable cement will have to be imported. In
anticipation of this need, the Government has placed cement on the free list
effective until Mar. 31 1924.
Federal Reserve Board Decides That Bankers' AccepConservative bankers in Tokio aze advocating a program of reconstruction
Docks,
on
Coal
of
tances, Based on Storage
spread over a period of 20 years hod financed in most part through the flotation of domestic loans. In order to keep the yen on an even keel, however,
Are Eligible.
they favor the flotation of foreign loans sufficient to cover all purchases
for
The Federal Reserve Board, in response to a request
made abroad.
—since Canada raises little corn—compete with American corn-fed cattle;
rather, they constitute raw material for American cattle feeders. Their
exclusion has hampered American cattle feeders. The tariff has prevented
unused range on the American side of the line and unfed cattle on the
Canadian side from getting together, as the natural course of trade would
dictate.
a ruling as to the validity of financing the storage of coal on
docks through the use of bankers' acceptances secured by
warehouse receipts, expressed it as its opinion that "bankers'
acceptances secured by such receipts are eligible for acceptance by member banks and for rediscount by Federal Reserve Banks, provided they comply as to maturity and in all
other respects with all other provisions of the Federal Reserve Act and the Board's regulations." The Board's ruling
appears as follows in its Bulletin for November:
The Federal Reserve Board has been asked for a ruling as to the validity
of financing the storage of coal on docks through the use of bankers' acceptances secured by warehouse receipts.
It appears that the coal in question is now stored on the docks of a dock
company, which wishes to pledge it as collateral, and that the dock company
proposes to lease a portion of each dock to an independent storage company
which is financially and morally responsible, has been in the business of
storing goods and merchandise of others for profit over a period of 40 or 50
years, and is qualified to do a storage business in the States in which the
docks are located. Such storage company is to be allowed the privilege of
using the portion of the dock leased as a public warehouse; the lease of such
premises is to be duly executed and recorded in accordance with all legal
requirements; and the leased premises are to be definitely described in the
lease and as far as practicable separated from the remainder of the dock company's premises by partitions or fences. On each side, at each corner, and at
each entrance to such premises, the storage company will place, and at all
times maintain, large signs stating that the premises are leased to it and
that the premises and all of the goods therein are in the exclusive possession
and control of the storage company. Upon the delivery of the lease the
lessor and a representative of the storage company will go upon the premises,
and the lessor will thereon state that he delivers the premises and all the
goods therein into the exclusive possession and control of the storage company, and thereafter the storage company will direct its representative to
take and hold such possession and control for it. It will also employ an
agent or custodian to represent it who shall be entirely independent of the
dock company, and it is to be distinctly understood between all parties concerned that the storage company's agent or custodian shall act exclusively
upon its instructions and shall have the exclusive possession and control of
the leased premises and of all goods therein, and that no goods shall be
moved into or removed from such premises except under his express direction
and control. The dock company will have no access to the premises except
with the permission of the storage company and will have no control over the
premises or the goods stored therein. The storage company's custodian shall
make regular reports to the storage company from time to time, and the
storage company shall give him instructions with regard to the receipt and
delivery of goods. Upon taking possession of the coal on the premises, and
subsequently upon delivery of additional coal upon the premises, the storage
company will issue warehouse receipts for such coal, and such receipts are
to be pledged as security for bankers' acceptances which are to be drawn
under regular bankers' acceptance agreements.
The Federal Reserve Board is of the opinion that such warehouse receipts
will comply with the requirements of the Federal Reserve Act and the Board's
regulations relating to the character of warehouse receipts required as security for bankers' acceptances used to finance the domestic storage of readily
marketable staples, provided they are in proper form to convey and secure
title to the holder.
The Board has frequently had occasion to rule that coal is a "readily
marketable staple" within the meaning of Section 13 of the Federal Reserve
Act, so that there is no question with reference to that particular requirement
of the law.
The Board is of the opinion, therefore, that bankers' acceptances secured
by such receipts are eligible for acceptance by member banks and for rediscount by Federal Reserve banks, provided they comply as to maturity and in
all other respects with all other provisions of the Federal Reserve Act and
the Board's regulations.
Tokyo Organizes Huge Building Company.
A huge building construction company is being organized
in Tokio for the purpose of undertaking the construction of
commercial and industrial buildings on the unit basis, says a
report received by the Far Eastern Division of the Department of Commerce from its representative at Tokio. In
making this known on Nov. 12 the Department says:
This company plans to specialize in four-story reinforced concrete buildings designed to withstand earthquake shocks. Such material as cannot be
obtained locally, or which cannot be supplied in standard specifications, will
be obtained abroad, it is announced.
Funds for the promotion of this new company will, according to present
plans, be obtained in large part from the Government at a low interest rate.
At present the company is marking time awaiting the announcement of the
plans of the Capital Restoration Board as to the areas set aside for industrial
and business purposes, etc.
The announcement of the general plans for reconstructino as worked out
by the Reconstruction Board are expected any day. Meanwhile, temporary
construction is in progress in a big way in Tokio and Yokohama, but permanent building, is, of course, being delayed until after promulgation of regulations designating industrial and commercial zones, height of buildings,
materials to be used, etc.
It appears at present that in addition to securing abroad a large part of
the iron and steel and lumber that goes into the permanent reconstruction,
considerable quantities of cement will have to be imported as well. Ordinarily Japan exports considerable cement, but the enormous demand that is
bound to come with the commencement of permanent building activities,
coupled with the destruction of about 8% of Japan's cement production, will
be greater than the industry can meet.
Executive Committee of New York Group of Investment
Bankers Association of America.
At the annual meeting of the New York Group of the
Investment Bankers Association of America, the following
were elected to the Executive Committee for the ensuing
year: Clarkson Potter, of W. R. Compton Co.; Ray Morris,
of Brown Bros. & Co.; Frank L. Scheffey, of Callaway,
Fish & Co.; Geo. W. Bovenizer, of Kuhn, Loeb & Co.;
Marshall Field, of Marshall Field, Glore, Ward & Co.;
Reginald H. Fullerton, of Bankers Trust Co.; Jerome D.
Greene, of Lee, Higginson & Co.; William P. Phillips, of
J. & W. Seligman & Co., and Arthur C. Sherwood, of
Hayden, Stone & Co. Mr. Potter was elected Chairman,
Mr. Morris Vice-Chairman and Mr. Scheffey SecretaryTreasurer.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of R. T. Halsey was reported sold this week to Leo J. Filer, and that of
T. Suffern Taller to J. Robinson-Duff, the consideration in
each case being stated as $82,000. Last previous sale was
also at this figure.
At a meeting of the board of directors of the National
City Bank of New York on Nov. 27 William W. Hoffman,
Trust Officer of the bank and in charge of its trust department, was elected a Vice-President. Mr. Hoffman's title
is now Vice-President and Trust Officer. Mr. Hoffman
was an attorney practicing in New York prior to the war.
He served throughout that conflict and at the close of the
war joined the National City Bank, being made an Assistant
Trust Officer June 1 1920 and Trust Officer June 7 1921.
C. D. Ritch has been appointed Cashier of the Fifth
National Bank of this city to take the place of L. P. Hosmer,
who resigned. Mr. Ritch assumed his new duties Nov. 15.
At the monthly meeting of the board of directors of the
Plainfield Trust Co., Plainfield, N. J., Miss Marjorie E.
Schoeffel was appointed Assistant Secretary of the company
to succeed Miss Adele H. Kirby who, until her resignation
in May, so capably filled the position of Assistant Secretary
and Assistant Treasurer. At the same meeting Frederick
H. Stryker was appointed Auditor of the company. Prior
to his connection with the Plainfield Trust Co., Mr. Stryker
was Assistant Secretary of the Bound Brook Trust Co.,
Bound Brook, N. J. Miss Schoeffel was formerly Assistant
Trust Officer of the Union Trust Co. of Rochester, N. Y.
The Plainfield Trust Co. is the largest financial institution
in Plainfield and one of the strongest banks in the State of
New Jersey. The officers of the Plainfield Trust Co. are:
C. W. McCutcheon, Chairman of the Board; Harry H.
Pond, President; Augustus V. Heely, Vice-President; De
Witt Hubbell, Vice-President, Secretary-Treasurer; F.
Irving Walsh, Assistant Secretary and Assistant Treasurer;
H. Douglas Davis, Assistant Secretary and Trust Officer;
Russell C. Doeringer, Assistant Treasurer, and Marjorie E.
Schoeffel, Assistant Secretary.
On Monday of this week the business of the Westminster
Bank of Providence, R. I., was taken over by the Rhode
Island Hospital Trust Co. The step was taken at the request
of the directors of the former after they had decided that
the affairs of the institution should be liquidated. Arrangements were then entered into with the executive committee
of the Rhode Island Trust Co. whereby the latter assumes all
the liabilities of the Westminster Bank and will either pay
its depositors or accept transfer of their accounts. A statement issued on the night of Nov. 25 by Edward G. Chace, the
President of the Westminster Bank, printed in the Providence "Journal" of Nov. 26, said in part:
DEC.1 1923.]
THE CHRONICLE
The directors of the Westminster Bank have felt for some time that the
place of the small commercial bank in the community was'an indefinite one.
The high cost of operation that the small bank has to face and the small
amount of service it can render in comparison to that rendered by the big
banks are two almost insurmountable objects to the successful continuation
of the small bank, and for this reason the directors of the Westminster Bank
have arranged with the Rhode Island Hospital Trust Co. to liquidate the
bank.
For the present the Rhode Island Hospital Trust Co. will operate the business of the Westminster Bank and the present quarters of the Westminster
Bank at 73 Westminster Street will be used as a temporary branch of the
Rhode Island Hospital Trust Co. Ralph W. Bowen, who is one of the Assistant Secretaries of the Rhode Island Hospital Trust Co., will be in charge of
the temporary branch while the details of the transfer are being carried out.
As many of the officers and employees of the Westminster Bank win be
retained as is possible. The transaction involved more than $3,000,000.
The Westminster Bank was incorporated under a State
charter in May 1854. According to a statement of its condition as of June 30 1923, it had a capital of $300,000, with surplus and undivided profits of $142,620; deposits in excess of
$2,600,000 and total resources of $3,680,676.
Clinton G. Morgan, who had been associated with the National Exchange Bank of Baltimore for twenty years, and
had been its Vice-President for the past five years, was elected
a Vice-President of the Citizens' Natiorial Bank on Nov. 24.
Mr. Morgan takes up his new duties to-day (Dec. 1).
2403
the cause of the bank's embarrassment. Many Canadian
farmers, Canadian Pacific RT.employees and Government officials were depositors in the institution, it is said, owing to
the lack of banking facilities in North Portal.
A news item of importance to banking and financial interests throughout the Union is the change in the title of the
largest banking corporation in the world. Hitherto known
as the London Joint City & Midland Bank, Limited, it will
in the future carry on its business as the Midland Bank,
Limited. The Rt. Hon. R. McKenna, the Chairman of the
bank and an ex-Chancellor of the Exchequer, is well known
in banking circles in the United States and was the principal
speaker at the American Bankers Convention held a year ago.
The Midland Bank., with its affiliations, the Clydesdale
Bank, Ltd., and the Belfast Banking Co., Ltd., has over
2,000 branches. Unlike the other great British banks, it
has, however, abstained from opening branches or establishing subsidiaries in foreign countries, preferring to conduct
its overseas business through local banking organizations.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Nov. 24. Nov. 26. Nov. 27. Nov. 28. Nov. 29. Nov. 30.
With further reference to the closed National Bank of
Sat.
Week ending Nov. 30.
Mon.
Thurs. Fri.
Tues.
Wed.
Barnesville, Ohio, newspaper advices from that place on Silver,
per oz
d 333-16 33%
337-16
32 13-1633 1-16 333
Nov. 15 stated that the bank examiners who had been inves- Gold,per fine ounce
94s. 5d. 945.4d. 945. ld. 948. 7d. 94s. 8d. 948. Ild.
__
57%
57%
57%
57%
57%
tigating the institution's affairs announced on that day that Consols,2% per cents
British,5 per cents
100%
100%
10014
1004
1003
a shortage which probably would exceed $500,000 had been British,
4% per cents ________ _ _
97%
9714
8734
9734
9714
discovered. They stated, it is said, that a former employee French Rentes (In Paris)_fr_ 55
54.55
54.65
54
54.85
55.10
"had used the bank's money to speculate on the stock market, French War Loan (in
Paris)
71
70.80
71.50
fr_ 71.25
71.25
71
placing in the bank's vaults forged notes on prominent citiThe price of silver in New York on the same day has been:
zens and manufacturing concerns that did not exist." The Silver In N.
Y.,per oz.(eta.):
peculations, they are reported as saying, covered a period of
Foreign
6414
6434
6434
64
6434
6434
many years. Officials of the bank stated that it was unlikely the institution would reopen. Among the losers are a
COURSE OF BANK CLEARINGS.
great number of small depositors who were members of the
Bank clearings the present week again show an increase
Christmas Savings Club of the institution.
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
R. K. Ferry, the Cashier of the Hope State Bank, Hive, of the country, indicate that for the week ending to-day
Ind., who, as reported in these columns in the issue of Oct. (Saturday, Dec. 1) aggregate bank clearings for all the
27, was dismissed from the institution upon the discovery of cities of the United States from which it is possible to obtain
a shortage in the bank's funds, was placed under arrest on weekly returns will show an increase of 2.5% as compared
Nov. 17 for alleged conspiracy and forgery, according to a with the corresponding week last year. The total stands
special dispatch from Columbus on that day to the Indian- at $7,110,056,240, against $6,937,719,431 for the same
apolis "News." His bond was fixed at $10,000. The dispatch week in 1922. At this centre there is a falling off of 3.0%.
further stated that James M. Sims, also referred to in our Our comparative summary for the week is as follows:
previous item, and several others were named in the same
Clearings-Returns by Telegraph.
Per
affidavit with the accused Cashier. Mr. Sims's bond was
Week ending Dec. 1.
Cent.
1922.
1923.
also placed at $10,000, it is said.
New York
-3.0
$2.862,000,000 52,949,000.000
On Dec. 8 a meeting of the stockholders of the National
City Bank of Memphis will be held for the purpose of ratifying the proposed merger of the institution with the Guaranty
Bank & Trust Co. of Memphis, to which reference was made
in our issue of Nov. 3, page 1963.
Frank M. Fisher, until his resignation on Nov. 3 President
of the Ohio Valley Bank & Trust Co. of Paducah, Ky., and
long prominent in financial circles of that city, committed
suicide by shooting, at his home in Paducah on Nov. 13.
Financial worries and the recent death of his son and business associate, Robert C. Fisher, were thought to be responsible for the act. According to an Associated Press dispatch
from Paducah on Nov. 5, which appeared in the Louisville
"Courier-Journal" of the following day, the Ohio
Valley
Bank & Trust Co. was closed on that day by order of
the
Board of Directors and its affairs voluntarily placed in
the
hands of the State Banking Department at Frankfort.
The
dispatch further reported that in a brief statement
issued by
the officers of the bank it was stated that the action was
taken following street rumors of insolvency and in order
that the exact condition of the institution might be ascertained. Mr. Fisher was President at the time of his death
of
the Ohio Valley Fire & Marine Insurance Co. This company
on the afternoon of Nov. 13 executed a deed of assignment
to J. C. Utterback, President of the City National Bank of
Paducah, it is said.
Press dispatches from North Portal, Sask. (Canada) on
Nov. 17 reported the voluntary closing on Nov. 16 of the
First National Bank of Portal, N. D. Inability to realize on
loans on farm property of long standing is supposed to be
Chicago
476,500,000
Philadelphia
334,000,000
Boston
240,000,000
Kansas City
*90,000,000
Bt.Louisa
Ban Francisco
109,800,000
Los Angeles
99,259,000
Pittsburgh
109,148,499
Detroit
84,866,953
Cleveland
67,734,465
Baltimore
62,159,599
New Orleans
56,300,864
404,361,443
316,000,000
223,030,000
95,102,775
a
106,700.000
77,841,000
*125,000,000
80,338,539
46,800.908
64.425,421
45,165,039
+17.8
+5.7
+7.6
-5.4
a
+2.9
+27.5
-12.7
+5.6
+44.7
-3.5
+24.7
Total 12 cities,4 days
Other cities, 4 days
$4,591,769,380
936,275,612
54,533.735.125
856,440,420
+1.3
+9.3
Total all cities, 4 days
All cities, 1 day
55,528,044,992
1,582,011,248
55,390,175,545
1,547,543,886
+2.6
+2.2
t7 110 085 910
SR 057
719.431
+2.5
TM al All nifl,a fnr tort*
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 Nov. 24.
For that week there is an increase of 8.7%,the 1923 aggregate
of the clearings being $7,984,782,168 and the 1922 aggregate
$7,344,835,350. Outside of this city there is an increase
of 9.0%, the bank exchanges at this centre having recorded
a gain of 8.4%. We group the cities now according to the
Federal Reserve districts in which they are located, and the
noteworthy feature of the return is that every one of these
Federal Reserve districts records an increase as compared
with the corresponding week last year. In the Boston
District there is a gain of 17.9%, in the New York Reserve
District (including this city) of 8.5% and in the Philadelphia
Reserve District of 1.8%. The Cleveland Reserve District
records an improvement of 2.1%, the Richmond Reserve
District of 8.8% and the Atlanta Reserve District of 18.8%.
The Chicago Reserve District has enlarged its total by
6.7%, the St. Louis Reserve District by 8.2% and the
Minneapolis Reserve District by 5.0%. In the Kansas
City Reserve District the.increase is small, being only 0.7%.
The Dallas Reserve District and the San Francisco Reserve
District both enjoy large gains, the former 33.8% and the
latter 18.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Noe. 24.
1923.
1922.
Throe
Dec.
1921.
1920.
Federal Reserve Districts.
11 ides 451,155,322 382,568,232 ,+17.9 289,675,597 313,891,998
(let) Hoehn
.10 " 4,378,822,964 4,036,588,625 +8.5 3,395,173,967 4,061,687,476
(2nd) New York
517,865,760 508,581,724 +1.8 359,889,901 421,328.178
(3rd) Philadelphia_ _ _ _10
363,131.881 355,518,872 +2.1 281,589,747 376,553,740
s
(4th) Cleveland
191,510,125 175,965,836 +8.8 123,389,737 182,241,053
6
(50) Richmond
281,342,532 166,268,810 +18.8 129,287,337 164,369,4E1
.11
(ilth) Atlanta
820,518,230 776,529,489 +6.7 587,578,099 699,632,699
(7th) Chicago_ .._.. --.19
85,756.466 79,264,185 +8.2 50,913,924 56,870,410
7
(8th) St. Louts
132,902,781 126,569,607 +5.0 94,587,558 136,811,342
7
(9th) Minneapolis_
244,793,889 243,209,290 +0.7 196,161,235 274,672,474
I1
(10th) Kansas City_
83,270.717 62,244,199 +23.8 42,333,555 55.038.653
5
(11th) Dallas
485.711,501 411,528,481 +18.0 307,218,150 333,084,887
(12th) Ban Francisca_ 16
.121 cities 7,984,782,168 7,344,835,350 +8.7 5,860,798,809 7,076,182,391
Grand total
3,684,357,938 3,378,952,193 +9.0 2,513,975,131 3,070.360,181
Outside New York City
Week Ending November 24.
Clearings as1923.
Week ending November 24.
Clearings at
1923.
1922.
Inc.or
Dec.
1921.
1920.
First Federal Reserve Dist rict-Bosto 0906,698
782,866 +15.8
Maine-Bangor..
3,014,998
*3.000,000 +0.5
.Portland
402.000,000 339,000,000 +18.6
Mass.-Boston
2.919.511 -5.9
2,746.126
Fail River__ - _
a
a
a
Holyoke
1,406,040
1.269,785 +10.7
Lowell
a
a
a
Lynn
+8.5
1.378.726
1.495,975
New Bedford
4.213.883 +22.8
5.175.530
Springfield
3,374,000 -12.5
2.951,000
Worcester
8.758,119 +25.3
10.978.081
Conn.-Hartford
5,603.942 +13.8
6.376.874
New Haven__ _
12.267.400 +15.0
14,104,000
R.I.-Providence
688.042
2.100,000
254,000,000
1,719,166
a
900,000
a
1,335.575
2.952,622
2,981.530
9,373,589
4,119.473
9.505.600
745,412
2,300.000
270,032.441
1,371,742
a
956.187
a
1,248.252
4.113.451
3,662.630
7.850.469
5,137.714
10.473,700
382.568.232 +17.9
289,875,597
313,891.998
451,155,322
Second Feder al Reserve D Istrict-New York3,500,000
3,957.970 + 15.5
3,201,099
4.571.602
N. Y.-Albany__
840.700
703,319
910,060 +10.8
Binghamton_ __
1.008.400
35.142,139
47,666,674 +102
30,533,393
Buffalo
d52,541.827
549,430 +32.7
729,183
Elmira
958.575
Jamestown_ _ _ _
c1,282,022
1.730.607 -25.9
970,534
New York_ _ _ 4.300.424.230 3,965,883357 +8.4 3,346,823,678 4,005.322.210
8.527.204
9,208,983 4-16.5
Rochester
10.725,680
7,277,244
4.123,149
3,900,244
3.617.553 +14.0
Syracuse
2.848,939
c2.952,443
Conn.-Stamford
3,131.546
2.521.313 +17.1
2,348,721
N. If-Montclair
464.428
364,858
542,878 -14.5
469,040
Total(10 cities) 4,378,822,964 4,036.588,625
+8.53.395,170.907 4,061,687,476
Third Federal Reserve Dist rict-Philad elphia Pa.-Altoona__ _
1.387,279
1.257,265 +8.7
878,407
Bethlehem _ _
4,555,342
3.777.642 +20.6
2,084,489
Chester
1,643.877
1,073,182 +43.9
853.930
2.799.394
Lancaster
2,687,489 +4.2
2,531,391
Philadelphia_ 488.000.000 483,000,000 +1.0 341 000.000
Reading
3.066,0 0
1,909,059
2,862,257 +7.1
5.615.793
Scranton
5,524.709 +1.8
4,074,707
Wilkes-Barre_ d4.522.592
3 353,413 +34.9
2,378,823
1,412,072
1.304.144 +8.3
1,080,410
York
4,983,411
N J.-Trenton._
3,741,623 +33.2
3,089,687
a
Del.-WilmIngt'n
a
a
a
Total(10 cities)
517,865,760
1,028.525
3,126.589
1.193.493
2,323,130
400,231,964
1,949,017
4,362.528
2,163.568
1.234,801
3.714,565
a
359,889,903
421,328,178
Fourth Feder al Reserve D istrIct-Clev elandd6,950,000
4,238,000
Ohio-Akron6,486,000 +7.2
4.281,446
4,772 288 -10.3
2,573.596
Canton
65,536,305
45,938,889
83,345,783 +3.5
Cincinnati__ - 101.547,613
69.714,071
97.286,308 +4.4
Cleveland
11.625,000
9,136,300
Columbus
13,931.000 -16.6
a
a
a
a
Dayton
a
a
a
a
Lima
018,194
d2,016.678
1.724.869 +18.9
Mansfield
a
a
a
a
Springfield_ _ -a
a
a
Toledo
a
2.972,656 +11.4
2,070,747
Youngstown- _
d3,312.954
a
Pa.-Erie
a
a
a
Pittsburgh_ _ - 187,861.885 •185,000,000 +1.7 .150,000,00
W. Va.-Wheeling
7,193.000
3,829,563
58.726.887
108,229.102
12,145.900
a
a
1,259,118
a
a
3,289,950
a
181,880.220
Total(8 cities) _
508,581,724
+1.8
+2.1
284,589.747
378,553.740
Fifth Federal Reserve Dist rict-Richm ondW. Va.-Hunt'n_
1.944.233 -7.4
1.800.755
Va.-Norfolk
8,281.652 +31.7
d10.904,774
Richmond _ _
55.901.814
+6.6
59.613.000
S. C.-Chartest'n
2,235.807 +64.2
3,67 .823
Md.-Baltimore
87.270.138 +6.9
93.279,773
D. C.-Wash'ton d22,241.000
20.332,192 +9.4
1,401.251
6,256.878
41,729.237
2,125.743
58,522.309
15,354.319
1.875,782
7,36).890
49.553.268
3.000.000
106,079.593
14.371.522
123,389.737
182.241.053
Total(3 cities) _
363,131.881
191.510,125
355,518.872
175,965,836
+8.8
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga
8.018.873
7.261,676 +10.4
Knoxville
2.771,658
2,697.519 +2.7
Nashville
d23.083.000
20,052,996 +15.1
65,940,550
Ga.-Atlanta
51,662,285 +27.8
Augusta
2,196,616
2396.818 +10.0
Augusta
1,570,987
1,280,395 +22.7
Macon
a
a
a
Savannah
1'1.975.-40
10,937.284 +27.8
Fla.-Jacks'nville
29,192.353
29.624 910 -1.5
Ala.- Birm'gham
2.052.925
1.889,653 +8.6
Mobile
1.076.923 -0.4
1,07 .297
Miss.-Jackson-358,732 +35.8
487,277
Vicksburg
73,176,874
59,424,137 +23.1
La.-New Orl'na.
5,831.530
2.333.717
14.038,071
36,499,387
7,427.145
2,700.000
18,469,799
46.032.879
1.659.523
1.018.159
a
8,074.848
17,780,715
1,600.000
720.851
326,785
41,063,274
2.268.569
.1,000.000
a
11,755,754
18.839.421
1,892.265
702.424
455.587
55,194,207
186,286.810 +18.8
129,287,337
164.369.481
Total(11 dtiee)
Inc.or
Dec.
1921.
1920.
185,829
400,544
82,030.000
4,669.099
1.540,332
1,605,293
14,058.000
1310.780
22.392,664
1,648.350
8.230.523
3.623,518
966,744
942,587
437,578,753
a
822,697
2.558.006
1,395.909
1.848,471
162,471
473.473
100,000,000
5,227,371
1,700,000
1,774,178
13,509,000
1,450,000
26,440,514
1,761,042
7,997,172
5.876,418
1.397,397
1,107,629
521,886,599
a
1,068,555
3,743,264
1,869,745
2,187,871
587,578,099
699,632,699
Eighth Federa Reserve Die trIct-St. Lo uis4,534,851 +10.9
3,722.487
5,029.568
Ind.-Evansville.
aa
a
Mo.-St. Louis_
28,328,564
-11'2.5
19,491,639
29,049,012
604.967 -39.1
475,026
368,505
Owensboro__ -31.427.548 +6.3
18.245,449
33,401.137
Tenn .-Memphis
12.824,962 +27.3
7.840,378
16,325.021
Ark-Little Rock
366,567 -14.9
221.615
311.933
Ill.-Jacksonville
917,350
+8.0
1,176,726
1.271,290
Quincy-
4,131,390
a
22.224.128
326.637
18.653,303
9,660,584
630.738
1,243,630
Total(19 cities)
828.618,230
85,756,466
776,529,489
+6.7
+8.2
79,269,185
50.913,924
58,870.410
neavol Is6.648,041
+11.2
+7.5
55.360.741
+1.3
25,785,386
+3.2
1,899,254
1,096.741
+15.7
-8.9
568,152
-17.1
3.249,244
12,425,893
79,853,752
37.477,318
2.800,000
1,465,793
1,416,922
1,571,664
29 cities 410,342,853 369,499,093 +11.1 387,828,977 448,690,100
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Total(11 cities)
1922.
5;
Seventh Feder al Reserve D lstrict-C h I ca go161.670
136.933 + 18.1
Mich.-Adrian _ 442,764
565.033 -21.6
Ann Arbor__ -151.107.854 120.956.906 +24.9
Detroit
5.908.182
5.313.606 +12.3
Grand Rapids_
1,890,540 +27.2
2.404,881
Lansing
2.192,421
2,109,769 +3.9
Ind.-Ft. Wayne
19,817,000
18.743.000 +5.7
Indianapolis2,430,235 -6.6
2,270.000
South Bend _ _
30,401.217 +12.0
34,055.383
Wls.-M ilwaukee
2,308.943
1.910.600 +20.8
la.-Ced. Rapids
8.443360 +28.9
10.881,344
Des Moines_ _
5,949,181
6,034.937 -1.4
Sioux City _ _ _ _
1.247.977 +12.4
1,403.267
Waterloo
1,143,489 +6.3
1,215,512
III.-Bloomlngt'n
578,376.343 586,278,563 +2.1
Chicago
a
a
a
Danville
1.075.724
1,135,267
+5.5
Decatur
4.084.002 +7.6
4,394.487
Peoria
1.772,107 +24.5
2.207.016
Rockford
1,991.691 +11.8
2,226,615
%minefield_ ..
Total(7 cities).
Canada
[VoL. 117.
THE CHRONICLE
2404
221,342,632
Ninth Federal Reserve Die tact - Min
8,856,567
d9,850,363
Minn.-Duluth._
72,903,069
78,346.775
Minneapolis_ __
36,077.251
36.528.084
St. Paul
2.126.392
2,194.709
15. D.-Fargo....
1,371.567
1,587,583
S. D.-Aberdeen
678,361
618,080
Mont.-Billings _
4,456,400
3.777,187
Helena
94,587.558
Total(7 cities). 132,902.781 126.569.607 +5.0
Tenth Federal Reserve Die trict- Kan sas Cit y313,151
313.024 +26.9
d397,250
Neb.-Fremont _
423,993
454.604 +09
458,827
Hastings
3,388,195 +17.3
2,399,340
3,975.279
Lincoln
29.363.979
39,080.408 -2.8
37,988,171
Omaha
1.812.357
2,915,403 +0.7
e2,935.861
Kan.-Topeka .._
9.562.438
10.108,828 -22.1
d7,874,887
Wichita
Mo-Kansas City 134.798,175 136,553.507 -1.3 104.262.518
a
a
a
a
St. Joseph__
a
a
a
a
Okla.-Muskogee
26,702.804
26,517,711 +11.9
Oklahoma City d29,664,990
a
a
a
a
Tulsa
761,629
1,014,429 -1.0
1,004.080
Colo-Colo. Spgs
19,900.514
21,938,619 +13.2
24,824.048
Denver
658.514
924.562 -5.7
e872,321
Pueblo
136,811,342
Total (11 cities) 244,793.889 243,209.290 +0.7 196,161,235
Eleventh Fede ral Reserve District-D alias1,377,854
1,473,828 +17.7
1.734.151
Tex.-Austin_ ___
22.625,502
33,044,871 +5334
61,335,784
Dallas
9.186,772
13,340.928 +9.3
d14.577,643
Fort Worth_
5.907,857
8,879.219 +13.0
10,034.902
Galveston
a
a
a
a
Houston
3.235.570
5,505.353 +1.5
5,588,237
La.-Sbreveport-
274.672,474
42,333,555
62,244.199 +33.8
83,270,717
Total(5 cities)Twelfth Feder al Reserve D Istrict-San Franci boo27.271,124
35.022,245 +15.2
40,361,648
Wash.-Seattle.9,999,000
11,875.000 +6.2
12,401,000
Spokane
a
a
Tacoma
1.140.873
1.553.078 -r7.4
1,867.818
Yakima
23,543.524
+26.6
32.535,451
41,198,642
Ore -Portland.
13,007,074
16,406.308 +14.5
18,778,643
Utah-S. L. City
a
a
a
a
Nev.-Reno
a
a
a
a
Arlo.-Phoenix
6987,472
7,007.946 -17.4
5.786,890
Calif.-Fresno_
3,349.348
+40.0
6.865,029
0.331,844
Long Beach...
76,167,000
Los A ngeles_ _ _ 153,696,000 114.922.000 +33.7
9,993,250
15,415,523 +3.7
15.995,180
Oakland
2,730 524
4.058.892 +39.7
5.669,852
Pasadena
5,991,661
7,315,855 +27.2
d9.303,961
Sacramento __ _
2,107,847
*3.000.000 +10.9
3.325.512
San Diego _ _ _
San Francisco_ 161.100,000 149,600,000 +7.7 120,600.000
1.742,280
-1.0
2,392,572
2,367.767
San Jose
733,373
1,091.282 +32.5
1,445,444
Santa Barbara_
1,854,000
2.867,300 +14.4
c3.281,300
Stockton
55,038,653
351,838
475,776
3,685,171
43.295.493
2.302,448
9,458.064
161,013.934
a
a
28,291,904
a
2,749,768
24,158,568
889,512
1.500,000
26,008,659
14,202,852
9,521,207
a
3,806,135
29,903,213
10,987.305
a
1,551.988
29.723,668
18,500,000
a
a
6,353.278
3,230,133
74,725,000
8,728.804
2.837,566
5.742,952
2.800,000
133,300.000
1,781.280
737,812
4,221,900
Total(16 cities) 485.711,501 411.528,481 +18.0 307,218.150 333,084,887
Grand total (121
7.984.782.1687.344,835.350 +8.7 5.800.798.809,7,076,182,391
cities)
3.884,357.9383,378,952,193 +9.0 2.513,975,131'3,070,880,181
Outside N. Y
Week ending November 22.
Clearings at1923.
$
Canada122,451,649
Montreal
116,281.861
Toronto
83,759.008
Winnipeg
16.949,228
Vancouver
8,619,983
Ottawa
6,731.698
Quebec
3,641,247
Halifax
6.483.689
Hamilton
8,178.856
Calgary
3.135.197
St John
2.215.714
'Victoria
2.966,308
London
4,617.632
Edmonton
5,460,615
Regina
Brandon
793.035
878,058
Lethbridge
Saskatoon
.2.300,000
Moose Jaw
1,877.806
Brantford
1.153.111
1,531.385
Fort
617,652
New Westm ester
Medicine Hat...
554.950
743.750
Peterborough._
941,698
Sherbrooke
1.267,078
Kitchener
Windsor
4,167.088
Prince Albert
457.916
Moncton
891,845
Kingston
674.796
Total(29 cities)
410,342,853
1922.
$
108,568,724
99.338.412
85.224.569
13,569,807
7,194.760
6,242.569
2,988.861
6,687,208
6.063,355
2.852.100
1.850.180
2,998.864
4,619.727
5,103.183
789,317
856.897
2383,157
1,816.75
987.404
1,144,81
581.61
488.71
767.226
838.47
1,090,00
3,379.96
396,47
1,102,67
702,674
Inc. or
Dec.
1921.
1920.
+12.8 120,748,598 137,068,361
+17.1 117.101,936 121,899,842
-1.7
71,744,502
90,472,939
+24.9
13,988,560
16,834,656+19.8
8,270.869
14,282,693
+7.8
6,067.555
7,875,656
+22.6
3,246,415
4,194.884
+14 0
5,622.700
8.994.285
+34.9
6.495.267
10.283.692
+9.9
3.075.714
2,666.028
+10.8
2.618,292
2,058.189
-1.1
3,078.530
3,471.559
-0.0
5,455,276
5,965.994
+7.0
4,550,623
5.501,288
+0.5
853.040
925,156
+2.5
592,655
1,045.322
+54
2.232.000
2,647,999
+34
1.681,583
2,335,479
+16.8
1.155.484
1,275,001
+33.8
1.048,890
1.148,886
+6.2
516.742
578.152
+13.6
400,842
728,555
744,423
-3.1
999,069
842,698
+12.3
1,324,424
945.320
+16 2
1.308,789
3,833.477
+23.3
3,540,578
+15.5
1,093.115
-25.2
803,597
783.151
-4.0
869,409,093 +11.1
887.828,977
448,690,100
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Nov.21. d Week ending Nov.22. e Week ending Nov.23. • Estimated:
DEC.1 1923.]
THE CHRONTCLE.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 14 1923:
2405
land Pipe line, after an advance of 4 points to 117, broke
to 1013/2. Galena-Signal Oil corn. sold up from 64 to 73
and down finally to 70. Illinois Pipe Line moved up 5
points to 145 and reacted to 143. Indiana Pipe Line,
after early improvement from 86 to 87, sank to 82. New
York Transit rose from 92 to 94, then fell to 80. Prairie
Oil & Gas continued active and advanced from 201 to 223,
the close to-day being at 2223/2. South Penn Oil was up
7 points to 131 but to-day dropped back to 123. Standard
Oil (Indiana) improved from 583/2 to 60%,then declined to
58%, the close to-day being at 593/2. Standard Oil (Kentucky) lost over 4 points to 96 and ends the week at 9634.
Standard Oil of New York moved up from 42 to 43%,then
down to 41%, resting finally at 42%. Gulf Oil of Pennsylvania after an advance of 13/2 points to 583/2 declined to 56.
Industrials were without feature, prices moving about in
aimless fashion. Centrifugal Cast Iron Pipe rose from 263%
to 333/i and closed to-day at 33. Checker Cab Mfg., class
"A," advanced from 383 to 433%. Chicago Nipple, class
"A" stock,sold up from 413% to 43 and reacted finally to 42.
Durant Motors weakened from 253% to 23 and ended the
week at 23%. Kresge Dept. Stores sold up some 834 points
to 433/2. Park & Tilford lost 2 points to 30.
A complete record of Curb. Market transactions for the
week will be found on page 2425.
GOLD.
The Bank of England gold reserve against its note ISSUI3 on the 7th inst.
was £125.847,730. as compared with £125.846.345 on the previous Wednesday. There are moderate supplies of gold in the market this week. for
which Indian demand is negligible, nor are the Indian Bazaars likely
to
be good buyers for some time, as we are informed to-day that the Indian
Government proposes to sell gold out of the Indian Currency Gold Reserves
In India against payment in London. The proposed amount Is £2.000.000:
It will be noted from the Indian Currency details set out at the end of this
letter that the total gold reserves are over £24.000,000. Gold valued
at
$3.325,000 has arrived in New York from London. The United Kingdom
imports and exports of gold during the month of October 1923 were
as
follows:
Imports.
Exports.
Sweden
£56,687
Netherlands
£1,000
230.018
Belgium
9.550
France
1,800
Switzerland
450
_Egret
250.000
West Africa
133,108
1.792
Java and other Dutch Possessions In the Indian
Seas
12,384
United States of America
947 5,122.209
Central America and West 'Indies
3.130
Various South American countries
1.207
Gibraltar
250
Rhodesia
211.934
Transvaal
3,034,708
British India
341.58.5
Straits Settlements
37.425
Other countries
32.767
87.737
Total
£3,419.051 £6.151.627
The Transvaal gold output for October 1923 amounted to
793.942
fine ounces, as compared with 739.504 fine ounces for
September 1923. THE WEEK ON
THE NEW YORK STOCK EXCHANGE.
and 778,159 fine ounces for October 1922.
With trading interrupted by the Thanksgiving holiday
SILVER.
The market has shown unusual strength this week.
It is rather difficult the stock market has displayed much less activity during the
to account for this, for factors whlzh in this market
may be regarded light
and transitory have possibly had considerable
past week. Stocks have been unsettled and price moveweight In the Far East.
Such a factor has been the dollar exchange,
which, though discomfiting, ments irregular, though with a continued manifestation of
has been known here to be owing
to causes which may be but passing. strength. In the half-day session on Saturday prices held
Though its recent movement has been only about
1%. without doubt the
suggestion of an apparent falling off In
the future demand for sterling has generally firm. A notable feature of the day was the reInfluenced Indian prices to a much
larger percentage. The locking up covery of Davison Chemical, which went up about ten
of so large a proportion of the
world's visible stock in Bombay has also points during the closing hour. The market showed
strong
been a factor. The degree of firmness
with which this is being held Is
possibly better known there than here.
recuperative powers, advances in the general list ranging from
The liquidation of such a stock
In a reasonable time is rather
doubted In this market, as rising rates for one to seven points. Davison Chemical was again promimoney in India might make carrying
difficult. Indeed the following nent in the day's activities, going up seven points,
which
extract from the "Times of India" under date
of Oct. 27 foreshadows this:
"A special demand for money is expected in Bombay at the end of the brought it very close to last week's high level. New York
month to finance the huge accumulation of silver which has been drawn Central was also a feature in
the day's trading, advancing
to Bombay from London and New York to meet the speculative activity
two points to a new high for the year. United States Steel
here. A surplus of 15.000 bars of sliver of the value of Rs. 4 crores is
expected in Bombay at the end of the month, and though the resources of the common participated in the forward movement, touching
market are ample to meet this demand, yet there may be some disinclinain the afternoon session. The market was somewhat
tion temporarily to lock up money in this metal on the eve of a large cotton 963/2
confused and unsettled as trading opened on Tuesday.
season."
Another factor just now Is the approaching Chinese New Year. Stocks The main interest of the day centred in Studebaker and
Maxhave been running down at Shanghai, but very large reinforcements
are well Motors A, due to the reports regarding the proposed
on the way to China from different quarters, amounting to over
5.000,000
ounces. There are also 3,000.000 ounces on the way to India. In fact, absorption of Maxwell Motors by Studebaker. Davison
nearly all the world's supplies are going Eastward, and that for a very good Chemical moved up to 7932,
a new high for the year, but
reason-there is nowhere else where the surplus over trade requirements
reacted downward in- the last hour. Somewhat less interest
can go. Yesterday's prices-33 5-16d.for cash and 32 13-16d.for 2
months
delivery-were pe ‘Ir prices, the former since Nov. 9 1922 and the latter was manifested in the trading on Wednesday. Indeed, in
since April 30 1923. To-day a natural reaction took place to 32
15-16d. the afternoon session, there was scarcely enough trading to
and 32 WI., respectively. The level of prices for the present may be rather
keep the tickers in motion. Price movements varied, but
higher than earlier in the year, so long as China stocks decrease.
The "General Bulletin of the American Mining Congress," dated
3d inst., with a tendency toward lower levels. All of the exchanges
states that U. S. Silver Commission has appointed Dr. John Parke
Young in New York and other cities were closed on Thursday in
of California as economist to investigate foreign currencies and
exchange observance
of Thanksgiving Day. The market continued
rates. He will study the movement of exchanges and currency
conditions
of leading countries, with particular reference to the adverse
effects of de- quiet on Friday. In the late afternoon the tone improved.
preciating and fluctuating exchange upon the United States, foreign trade
and general economic conditions. Among the subjects to be
studied will
be largo issues of Inconvertible paper money in different countries
supported
by meagre metallic reserves: Government debts, revenues and
expenditures.
and foreign trade balances: and the effect of political
conditions upon exchange rates.
National Banks.-The following information regarding
INDIAN CURRENCY RETURNS.
(in Lacs of Rupees.)
Oct. 22. Oct. 31. Nov. 7. national banks is from the office of the Comptroller of the
Notes in circulation
17948
18082
17996 Currency, Treasury Department:
Silver coin and °union in India
9768
942
9816
Silver coin and buleon out of India
APPLICATIONS TO ORGANIZE RECEIVED.
Gold coin and bullion in India
2432
NH
NH Nov.22-The Seaboard National Bank of Los Angeles, Calif-U Capital.
Gold coin and bullion out of India
.000.000
Securities (Indian Government)
Correspondent, Geo. L. Browning,416 Security Bldg.,
5748
Willg5748
Securities (British Government)
Los Angeles, Calif.
------- Nov.22-The National City Bank of Santa Monica, Calif__ 100.000
No silver coinage was reported during the week ending
7th inst.
Correspondent, James D. Hyman, 317 Alta Ave.,
The stock in Shanghai on the 10th inst. consisted
of about 22300,000
Santa Monica, Calif.
ounces in sycoo. 33.000.000 dollars and 1.100 silver
Nov.
22
-The
Co-operative National Bank of Tacoma, Wash__
bars, as compared with
200,000
about 26,100.000 ounces In sycee and 35.000.000
Correspondent, F. C. Thornburg. 7229 So."A" St..
dollars on the 3d inst.
Tacoma, Wash.
(no advioe was received on the latter date as to the
number of bars)
Nov.24-The Morsemere National Bank. Morsemere. N.J___
25.000
-Bar Silver per Oz. Std.Correspondent. Edward H. Gobbet*, 286 Washington
Bar Gold
QuotationsCash.
2 Mos.
St., New York. N. Y.
per Oz. Std.
November 8
32Sid. '
Nov.
31
24
-The Central National Bank of Newark, N.J
13-16d.
928. 10d.
500.000
November 9
32 5-16d.
31d.
Correspondent. Joseph Kraemer, 164 Market St..
93s. 4d.
November 10
32 9-16d.
32 3-16d.
Newark, N. 2.
November 12
33 I-16d.
325“1.
94s. 6d.
'
November 13
APPLICATIONS TO ORGANIZE APPROVED.
33 5-16d.
32 13-16d,
94s. Id. Nov.24-Kings Park
November 14
3, I.
,
National Bank, Kings Park, N. Y
• ''
$25,000
94s.
74.
Average
32.718d.
Correspondent, W. Ward Smith, Kings Park, N. Y.
3.
2.322d.
93s.
8.4d
Nov.24-The Cheltenham National Bank. Cheltenham, Pa
The quotations to-day for cash and forward delivery are
50.000
respectively
Corresponden
13-164.
t,
above
Francis R. Taylor, 525 Ryers Ave..
15-16d. and
those fixed a week ago.
Cheltenham. Pa.
Nov. 24-The Main Line National Bank of Wayne,Pa
50.000
Correspondent, George E. Stone, Wayne. Pa.
THE CURB MARKET.
APPLICATION TO CONVERT APPROVED.
Reed City National Bank. Reed City, Mich.. $25.000
After a firm opening and fair activity in Curb Market Nov.24-The
Conversion of the Commercial Savings Bank, Reed
City, Mich.
trading this week business became generally dull, due to
•
CHARTERS ISSUED.
the holiday. Prices also suffered a reaction on profit-taking Nov.20-12464-The First National Bank
of Whitman, N. D
conversion of the Lamb's Bank of Whitman, N. D. $25,000
sales and movements at the close were irregular. As usual
President G. P. Lamb: Cashier, C. P. McErlane.
Nov.
22
-12465
-The
First National Bank of Fairview. N. J
the oil shares furnished the bulk of the business. Cumber100.000
President, Fred Geiger: Cashier. W. M. Laws.
Uotuntercial andratscellaneonsgem
VOLUNTARY LIQUIDATIONS.
$100,000
Nov.23-10415-The First National Bank of Farrell, Pa
Effective Nov. 20 1923.
Pa.
Farrell,
McGill,
C.
Fred
Agent,
Liquidating
Absorbed by the Colonial Trust Co. of Farrell.
500.000
NOV.24-93-The Fourth National Bank of Cincinnati. O..
Effective close of business Nov. 17 1923.
Liquidating Agent, G. W. Williams, Cincinnati, 0.
Absorbed by the Central Trust Co. of Cincinnati, 0.
Auction Sales.-Among other securities, the following,
not actually 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:
Price.
Price. Shares. Stocks.
Shares. Stocks.
Mining Co.,
1,500 United Equities Corp.,pfd-1$9,000 15,000 Hilltop-Nevada
lot
$350
each
$1
common.
f lot
do common
750
Co., Inc., pref____1 $60
13,879 Internat.Prod.Co.,com.1$46.250 200 Pung Chow
lot
f
par
no
common,
do
100
lot
do preferred
13,464
Investment
2,916 Atlantic Lobos Oil, pref_E8 per sh. 82 Seaboard Finance &
lot
$4
Par
no
Co.,
tern.
pref.
Co.,
&
200 Julius Kayser
$9834 per sh. 65 General Syndicate, Inc., temP'y
v. t. c., no par
30c. per sh.
ctf., no par
200 Cif% Petrolera Maritima S. A.
$100 lot 1,075 Federal Export,no par_ 100. per sh.
(fully paid)
8 Carlisle Tire Corp.,corn., no Par_1 $1
401,488 Kirby Petroleum Co., no
f lot
do preferred,$25 each_
$100,000 lot 20
Par
274 D.G.Dery Corp., preferred-$410 lot
f
4 Mechanical Calculator
$200 lot
do preferred
109
1,000 Ray Broken Hill Mining1
$120101
I $2 25 Ivers Lee Co., pref
Co., $1 each
$125 lot
do common
400 San Javier Sonora Mines Co.,1 lot 703
13,333 Shasta Zinc & Copper- _8100 lot
$1 each
lot
Invest...$10
&
Finance
Seaboard
18%
lot
$11
1,000 Seaboard Petroleum
$2 let 700 Bordentown Steel es Tube Corp.
100 Seaboard Petroleum
$8251ot
common
lot
$5
Petroleum
600 Seaboard
2,800 Standard Parts, common_ _3100 lot
11,787 Buck Creek 011, $1 each,
15e. per sh. 1,500 Merritt Annex 011,$10 each..87 lot
428,571 Integrity 011, $1 each_ _ _ _$10 lot
2,046 Black Tail Wyoming Oil Co.,
$2 lot 1,000 C.0.D.Consolidated Mining
$1 each
$4 lot
Co., $1 each
Columbia
Graphophone
80-100
137
$7 lot 1,000 Rawhide Coalition Mines
Co., no par
El lot
Co., $1 each
1,250 Tom Bell Royalty, $1 each_$15 lot
1,000 Montgomery Shoshone Cons.
4 American Live Stock & Loan
$12 lot
Mining,$5 each
$26 perch.
Co
100 South Utah Mines AZ Smelters,
500 Nat. Motor Car & Vehicle Co.,
$51ot
$5each
$550 lot
no par
$12434 per sh. 3,000 North Butte Extension De70 Singer Mfg. Co
$11101
each
$1
velopment,
sh.
per
$12434
70
do
315101
417 Shasta Zinc & Copper
9,176 L. W. F. Engineering Co.,
$22 lot
7c. per sh. 567 Shasta Zinc & Copper
$10each
Petroleum,
an
45,000 Boston-Mexic
1,000San Geronlmo Mines & Metals
$650 lot
no Dar
$50 lot
Corp.,common,$10 each
35 Cushing Ranch Drilling Assn.,
4,201 Interborough Consolidated
I $5
no par
8100 lot
Corp., preferred
Cushing Ranch Drilling Assn.1 lot
$300
Consolidated
3,322 Interborough
8% notes, 1924
$160 lot
Corp., common
$1 lot
60 Burk-Pope Oil. $10 each
1,600 Ban Geronlmo Mines & Metals
$50 lot 1,000 El Salvador Silver, $1 each-$10 lot
Corp.,common,$10 each
500 Ohio Ranger 011, temp. ctfs.,
500 San Geronimo Mines & Metals
$7 lot
$1 each
$251ot
Corp.,preferred,$10 each
20,000 Virkytex Oiler Gas,$1 each$10 lot 20 Rolls-Royce of Am., Inc., com- lot
$110
mon v. t. c
5,000 Beaumont Gold Mines, Ltd.,
$6 lot
$20 lot 675 Banco Central de Mexico
$1 each
10 Bklyn. Real Estate Exch-$48Si per sh. 150 Lord Elec. Co.,pref. v.t. c..$20 lot
$not 150 Exhibitors Trade Review, no
800 Halmack 011 Co. no par
$150 lot
par
150 Thurber Earthen Products Co.,
181,000
$275 lot 125 Upland Citrus Fruit Co
no par
f lot
notes.6%
Fruit
Citrus
$15,000
each.
lot
_$30
1.013 Empire Zinc Co..$10
21,544 Amer.Tin Mining,$1 each.$20 lot 100 Amer. Foreign Trade Corp., lot
$20
common,$100 each
600 Inspiration Needles Copper, $1
$10 lot 800 Dominion Foundries & Steel,
each
$210 lot
ordinary
2,000 El Salvador Silver Mines Co.,
$3lot 100 LaFayette Motors,2d pref. _$100 lot
Inc
315 Great State Petroleum of Texas.
100 Denver & Rio Grande RR.Co.,
$1 lot
common,$10 each
$4lot
preferred
Price.
BondsMining
400 Silver King of Arizona
$8 lot $12,500 Central New York Sou.
Co., $1. each
RR.Corp. deposit receipt, Oct.2
100 Interborough Consol. Corp.,
$100 lot
1913
$2 lot
common,no par
$5,000 West Caddo 011 6s, 1922, all
200 Interborough Consol. Corp..
$4 lot
$141ot
coupons
attached
preferred
$1 lot $8,000 Louisiana & Northwest RR.
25 Continental Candy, no Par
60%
El lot
55, 1935
25 Overman Tire
$1 lot $5,000 Raritan Refining Co. 7%
25 Overman Tire, preferred
bond,certificate of deposit..._5105 lot
2,700 Tuxpam Star Oil, $1 each_.-$2 lot
$18,800 Seaboard Finance &
900 Perfection Tire & Rubber Co.,
4%
851ot
Co. 734s
El each
25 Hudson River Bridge, Common.$6 lot $70,100 Valier-Montana Land &
lot
$80
Water fis, 1928
1,000 Canada Copper, $5 each_ _ _52 lot
50 Amer. Foreign Trade, pref _ _ _ _Ell lot $50.000 Shasta Zinc & Copper Co.
lot
$500
8%
lot
par
-year
3
bonds
$1
no
Oil,
Caddo
50 West
$16,100 Seaboard Finance & Inv.
1,000 New York Zinc & Lead Co.,
5%
Co. 7% notes, Sept. 1 1923
{ $25
$10 each
$5,000 Standard Rope es Twine' lot $11,100 World Film Corp. 65, 19221
1
(In default)
eons. mtge.58,1946
240 Carbon Steel Co.,common._$125 lot $13,875 World Film Corp. 65 "D," $65
I lot
1923(in default)
100 Carbon Steel Co.,common...8751ot
$13,875 World Film Corp.6s."E."I
350 Deep Sea Fisheries, Inc., comns}
coupons
1923
July
&
Jan.
lot
1924,
$35
mon V. t. c., no par
attached
75-100 Deep Sea Fisheries, Inc.,
$1 lot $11,400 Island Refining Corp. 7%
common v. t. c., no par
22%%
bonds,elf. of deposit
350 Burk-York 011 Co., $10 each._$2 lot
8151ot $10,000 Whitmer-Parsons PUB) &
41 Ferris & Co
lot
dep___$125
of
lot
Mts.
_$11
7s,
pref
Co.
Lumber
100 Columbia Graphopbone,
$20,000 Island 011 es Transport
5 Mexican Petroleum Co., Ltd.,
Corp.8% notes,etre. of deposit_ _ 5%
$16314 perch.
316,100 Island Refining Corp. 7%
200 Island Oil & Transport Corp.,
2214%
$12 lot
bonds,ctfs. of deposit
v.t. c.,$10 each
$10,000 Whitmer-Parsons Pulp &
100 National Drug Stores Corp.,
Lumber Co. joint & refdg. 7%
prof.,with 250shs.of corn,bonus,
$125 lot
bonds,Mts. of deposit
$625 lot
200 Puna Chow Co.,Inc., pref._ _ _1 $50 $20,000 Island 011 & Transport lot
f lot
Corp.8% notes, ctfs. of dep. ..$5
100
do common, no par
5
1
I
1
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
100 Fidelity Trust Co., Boston._ _ _$1 lot
2 Saco Lowell Shops, let pref _102-101 X
5 Naumkeag Steam Cotton Co-.--1653
9714
1 Wamsutta Mills
32
2 U.S. Worsted Corp., 1st pref
18
4(Rights) Hill Mfg.Co
135
10 Pepperell Mfg. Co
103
24 Tremont & Suffolk Mills
52
10 Hamilton Manufacturing Co
103 Saco Lowell Shops, common._ 80
60
5 Sharp Mfg. Co., common
79
25 Lawrence mfg. Co
2314
90 Maine Central RR.,corn
1063i
8 Plymouth Cordage Co
5 Converse Rubber Shoe Co., pref.,
8234-83
ex-dividend
500 Chaparral Hill Mining Co.__ _$21 lot
2.850 Murray & Tregurther, pref._ Sc.
$1 lot
300 Industrial Motors Corp
9034
25 George E.Keith Co., 1st pref
5
coin_
Co.,
Apparatus
20 Emerson
20 Emerson Apparatus Co.. pref.__ 10
19734
bLowell Electric Light Corp
100 American Glue Co., common._ 3714
500 TODOPah Fdry.& Mach. Wks.$1 lot
15 Worcester Gas Light Co..com 150
$1 lot
400 G.F.H.Corp..1st pref •
[VOL. 117.
THE CHRONICLE
2406
Price.
Shares. Stocks.
16-100 State Theatre Co., pref____ 71c.
Co.,
Baking
Madison
Dolly
34134
pref.(250 common as bonus)._ __ 35
40 (Rights) Haverhill Electric Co-- 39t.
18 Charlestown Gas & Electric
150
Co., $50 each
$10 lot
650 Century 011 Co,$10 each
1,000 American Oil Co.,$1 each_..812-lot
I Puget Sound Power & Light,6%
7834
pre:
10 American Glue Co., common.-- 3634
each.
734
$1
Mining,
Dyke
2,500 Silver
18 Carr Fastener Co.,cowl,$25 each 4834
Co.,
mg Dolly Madison Baking
pref.(250 common as bonus)._ _ 35
72 Thompson Electric Welding Co_ 45
104
25 Detroit Edison Co
2,000 Tri-State 011 & Ref., 1 mill)
1 $io
700 Syndicate Finance Co
3,500 Texas & Gulf Coast Oil rids) lot
300 Int.&cur.& Dev.Corp.,corn.)
100 Int. Secur.& Dev.Corp.,pref.j
By Messrs. R. L. Day & Co., Boston:
Price.
Shares. Stock.
22 Merchants Nat. Bank,Boston__293
30 American Trust Co., Boston.._345
5 Old Colony Trust Co., Boston__ _239
25134
10 Beacon Trust Co., Boston
1 Bigelow Hartford Carpet Co.,com156
11434
preferred
70 'do
6-10 West Point Manufacturing Co- 14
18
22 (rights) Hill Mfg. Co
167
1 Naumkeag Steam Cotton
Wks.
Dye
&
Bleachery
41 Waltham
125-127g
50 Old Colony Woolen Mills, corn..
50
Par $10
214-3
preferred, par $10
do
50
100 U.S. Worsted Corp., 1st pref 32
130
5 Exeter Mfg. Co., common
13934
11 West Point Mfg,Co
30 Bigelow Hartford Carpet Co.,
15534-15534
common
3734
25 Peterborough Rd
6134
4 Northern Rd., N. H
3531
2 Peterborough Rd
Ill
10 Nashua & Lowell Rd
5 Pittsfield & North Adams Rd.. 8634
20134
2 Lowell Gas Light Co
19-100 State Theatre Co., pref.__ 69e.
65 Bay State 'Danl. Wire & Cable
$20 lot
Co., prof
50 Crowell & Thurlow SS. Co., par
$214 lot
$10
50 Peerless Knitting Mill., pref._$325 lot
2
4 Federal Bearings Co., corn
2434-64 Schooner Aleseus Hooper of
$250 lot
Boston
337 50-100 United Chemical & In$25 lot
dustrial Corp., corn
Price.
Shares. Stocks.
10 Peerless Knitting Mills, com_ _$10 lot
20 Federal Bearings Co., pref._$1,100 lot
13334
30 Walter Baker & Co., Ltd
875 Coin Sorting & Counting Co.,
$5 lot
par $10
15 Gardner Gas Fuel & Light Co)- 234
$5101
5 units Midway Syndicate
$5 lot
10 units Geary Syndicate
76 Walter M.Lowney Co., Par $10 7
20 LaFayette Motors Co., 26 prof. 500.
1,000 Cascade Silver Mi _es& Mills
$10 lot
Par $1
5 Walter M. Lowney Co., par $10. 534
80(rights) Haverhill Elec.Lt. Co._3 9-16
6 Montpelier & Barre Light & Pow.
4511
Co., Prof
$10 lot
10 Campbell Mfg. Co
10 Massachusetts Chocolate Co.,p1. 4
24
26 Reed Prentice Co.,pref
50
68 F.H. Roberts Co.,7% pref
Trust,
100 Juniper Point Realty
$10 lot
Par $10
7 1-5 Gorton Pew Fish.,com.(new). 12
2,000 Boston Montana Milling &
$25 lot
Power Co. 8s, 1922
750 Melloyd Co., Inc., par $10---1
Demand note, $1,000, May 21 '23,185
1 lot
order of John K.Fitch,6%
1,792 Melloyd Co., Inc
Demand note,$4,712.82.July 2'23,1810
5 lot
order of W.R.Collins,6%
90,000 Asbestos Corp. of America
810.000lot
fis, 1941
$14,250 note of Anderson Phosphate
$1 lot
St Oil Co., due Jan. 2 1923
By Messrs. Barnes & Lofland, Philadelphia:
Price
Price. Shares. Stock.
Shares. Stock.
30 Lawnside Cemetery, Par 825___ 1234 700 Monitor BI-Loop Radiator 1st
X
3 Boyertown Electric
preferred
100
31
common
do
14 W.Jersey Scutt. RR.,Par $50 4134 700
Si
4 Philadelphia Bourse com.par $50- 19% 300 Gasoline Corp. 1st pref
X
common
do
do
pref. par $25
3
25% 300
1 Philadelphia Motor Speedway
36 Glenside National Bank
150
6
36 Glenside Title & Trust
Ass'n Ctf. of membership
110
Si
8Philadelphia Bourse corn,Par $50- 1934 100 Klazay Film pref
Si
common
1 Wall St. Exchange Bldg. Amen,
do
50
X
no par (tem. ctfs.)
1,000 Union Ice & Cold Stor. pref.20
Si
1 Nor. Amer. Liquidation, par $15- 3
common
do
260
10 Penn National Bank
420
50 Darco Corp. pref. Cl."B"(with
lot $21
11 National Bank of Commerce_ _133
25 shares Common bonus)
50
do
15
20 Boone County Coal pref
132
lot $80
corn
Prod.
&
Economy
10
Cons. Bank, par $1Q.. 1034 156 Gasoline
4 Northern Central Trust, Dar 550_ 7234 4,000 Penna.Colleries Inc., par $25 714
Price.
100 Phoenix Trust, par $50
Bonds.
38
5 Jenkintown Bank & Trust
201
$2,100 Middlesex Banking Co. ett.
96
7 J. B.Stetson Co.com., no par
of dep. of Middletown Tr. Co.
lot $151
4.1. B.Stetson Co. corn., no par.__ 9534
($508 of principal paid)
250 General Asbestos Co. (full Paid
$3,500 Realty Inv. 63, 1920 (8875
lot $10
and non-assessable)
1
of principal paid)
2 Pratt Food
176
$5,000 Allegheny Tk. Car 85,'31-lot $25
5 Philadelphia Suburban Co. pref._ 9734 81.500 Pine Ridge Coal 6s, '40_10t $30
30 Victory Insurance, par $50
9734 $500 Santa Lucia Mining & Milling $1
lot
154 Dayton Springfield Xenia &
6s, debenture
Southern Ry., pre:
$50 lot 50,000 rubles Russian Government,
$75
lot
4Philadelphia Bourse corn. par 350_ 1934
536s
10 Hydraulic Steel. pref
2
85,000 U.S. Dairy Prod.6s,'33.. 9234
500 Kan.sas Utah Cons 011,Par El _ _El lot 85.000 Gulf Florida & Alabama IY.
lot $15
. of deposit)
20 Washington Min. pref., par $10-1 lot
5s, 1961 (ctf.
60
do
com., par $10
f $1 $1,250 Gulf Florida & Alabama Ry.lot $1
receipt)
14 Tenero Mln.& Milling, par $50.lot $1
(Participation
246 Ute Mountain Ranch & Invest.
$3,450 Sweetwater Min. 8s, '52.1ot $110
preferred
lot $150 $39.59 Sweetwater Min. non-lot.
lot $1
75 Pennsylvania Glass Sand
bearing scrip
125
47 G.B. Newton Coal, let pref._
7034 $2,000 Island Refining 78, 1929 .lot $60
$10
1925.1ot
8s,
Corp.
85
do
common
834 $3,000 Choate 011
50 American Cities cumul. pref. _ _lot $8 $300 Olean Bradford & Salamanca
$110
lot
500 Union Ice & Cold Storage prof.,I
1951
7s,
Ry.
lot $350
75, 1951
par $10
do
lot $1,300
100
do
corn., Par $10
(8100 83.500 Wildwood Anglesea & Holly
$2,600
lot
5 Steel Pier Co
Beach 5s, 1935
201
12 Merchants Warehouse Co
$45,500 Penna. Collieries 68, 1936_ 60
126
57
1936
6s,
150 Ajax Motors Corn
do
812.500
$50
lot
5736
65, 1936
20 International Glass
do
lot $2 $12,500
10 Little Schuylkill Nay. RR. &
$5,000 Choate 011 78, 1922 (ctf.
$1
lot
Coal
of deposit)
40
100 Sweetwater Mining let met.36 $5,000 East. Petroleum Os, '27-lot $500
I
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Dec. 31 Dee. 23 to Dec. 31
3
Atlanta & West Point
134 Dec. 31 Dec. 16 to Jan. 1
Buffalo & Susquehanna. corn.(quar.)234 Dec. 31 Dec. 16 to Jan. 1
Common (extra)
Dec. 31 Deo. 16 to Jan. 1
2
Preferred
Dec. 27 *Holders of rec. Dec. 10
Great Northern Iron Ore Properties.--- 412
Jan. 2 Holders of rec. Dec. Se
1
Lackawanna RR.of N.J.(quar.)
82.1212 Jan. 2 Holders of rec. Dec. 8a
Morris & Essex
134 Jan. 2 Holders of rec. Dec. 14a
N.Y.Lackawanna & Western (quar.)
St. Louis Southwestern, pref. (guar.) - - 134 Deo. 31 Holders of roe. Dec. 15
214 Jan. 2 Holders of rec. Dec. 15a
Valley RR.(N. Y.)
Dec. 31 Dec. 23 to Dec. 31
3
Western Ry.of Alabama
Public Utilities.
15
Associated Gas & Electric, pref. (quar.). •8736c Jan. 1 *Holders of Teo. Dec. 31
36 Jan. 15 Holders of rec. Dec.
Colorado Power. coin. (guar.)
30
Nov.
rec.
• 1 g Dec. 15 Holders of
Preferred (quar.)
Jan. 15 *Holders of rec. Dec. 20
*2
Detroit Edison (quar.)
5 Holders of rec. Dec. 15
12
p
Jan.
1
Duluth-Superior Tr. corn. & pref.(qu.). 3
Holders of rec. Dec. 8
Equitable Ilium, Gas Light, Phila., prof.
15
50c. Jan. 2 *Holders of rec. Dec. 27
.
Erie Lighting Co., pref.(quar.)
of reo. Nov.
Holders
134 Dec. 1
Freeport Gas Co., pref.(guar.)
Holders of rce. Dec. 15
Jan. 2 Holde
General Gas & Elec., prof.. Class A (qu.) $2
19
2
Dec. I Holders of rec. Nov.
Grafton Co.Elec. L.& Pow.,pref.(qu.)
:31 *Holders of rec. Nov.29
D::
1.75 J
'2
Illinois Bell Telephone ((Man)
Holders of rec. Dec. 15
Kansas City P.& Lt., lst pf Ser. A(qu.) $
Holders of rec. Dec. 1
'234
Louisville Ry., preferred
10
Market St. Ry.,San Fran.,pr. pref.(qu.) 136 Jan. 2 Holders of rec. Dec.
of rec. Dec. 20
*Holders
15
Jan.
New York Telephone, prof.(guar.)
*134
4
Dec.
rec.
of
Dec. 15 Holders
2
Niagara Falls Power, corn. (quar.)
4
Dee. 15 Holders of rec. Dec. 31
I
Common (special)
Dec.
rec.
of
Holders
15
134 Jan.
Preferred (quar.)
Price.
Bonds.
*500. Jan. 1 *Holders of rec. Dec. 15
corn..
Niagara
Power,
Lockport
Ont.
&
$50 Boston City Club 55, 1924-- 90
'134 Jan. 1 *Holders of rec. Dec. 15
- Preferred (quar.)
$10,000 Rubles Russian Govt.5348.89 lot
DEC.1 1923.]
Name of Company
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Northern Ohio Tr. dr Lt.,6% pf.(qu.)_ _ 1% Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
134 Jan, 2 Holders of rec. Dec. 15
Ohio Bell Telephone, preferred (quar.) _ •151 Jan. 1 *Holders of rec. Dec. 20
Oklahoma Gas de Electric, pref.(guar.)-- 111 Dec. 15 Holders of rec. Nov.30
Southern Colorado Power, pref. (quar.)_ 151 Dec. 15 Holders of rec. Nov.30
Twin City R.T.(Minnealo.), Pt. (qu.). 1% Dec. 31 Holders of rec. Dec. 10
Banks.
Commerce, National Bank of (guar.)
Extra
Montauk (Brooklyn) (quar.)
3
Jan. 2 Holders of rec. Dec. 14a
4
Jan. 2 Holders of rec. Dec. 14a
1% Dec. 1 Nov.28 to Dec. 2
Miscellaneous.
Advance-RUMely Co., pref. (quar.)____
Bi Jan. 2 Holders of rec. Dec. 150
Allied Chemical & Dye Corp.,pref.(qu.) 134 Jan. 2 Holders of rec. Dec. 14
American Bank Note, corn.(extra)
Dec. 31 *Holders of rec. Dec. 17
*35
Preferred (quar.)
•75c. Jan. 2 *Holders of rec. Dec. 17
American Bakery, common (guar.)
Dec. 15 Holders of rec. Dec. 3
1
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov.23
American Can, pref.(quar.)
IN Jan. 2 Holders of rec. Dec. 13a
American Felt, pref.(quar.)
134 Dec. 1 Holders of rec. Nov.24
American Fork ds Hoe,corn.(guar.) _ _ •134 Dec. 15 *Holders of rec. Dec. 5
Preferred (guar.)
•2
Dec. 15'Holders of rec. Dec. 5
Amer. Locomotive,corn.(guar.)
$1.50 Dec. 31 Holders of rec. Dec. 13a
Preferred (guar.)
4.134 Dec. 31 Holders of rec. Dec. 130
American Sales Book,corn.(guar.)
$1
Jan. 2 Holders of rec. Dec. 15
American Tobacco, pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 10
Anaconda Copper Mining (guar.)
750. Jan. 21 Holders of rec. Dec. 15
Belding Corticelli, Ltd., pref.(guar.). _
134 Dec. 15 Holders of rec. Dec. la
Blaw-Knox Co., corn.(extra)
•2
Dec. 2 *Holders of rec. Dec. 14
Boott Mills (quar.)
134 Dec. 1 Holders of rec. Nov.17a
Boston Woven Hose az Rub., coin.(qu.) $1.50 Dec. 15 Holders of rec. Dec. la
Preferred
3
Dec. 15 Holders of rec. Dee, la
Bower Roller Bearing
•5
Dec. 1 *Holders of rec. Dec 1
Bristol Mfg. Corp.(quar.)
2
Dec. 1 Holders of rec. Nov.12a
Burt(F. N.) Co.,corn.(guar.)
234 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Bush Terminal,common
•234 Jan. 15 *Holders of rec. Jan. 2
Preferred
Jan. 15 *Holders of rec. Jan. 2
"3
Bush Terminal Bides., pref. (quer.)__ *151 Jan. 2 *Holders of rec. Dec. 18
Chicago Mill & Lumber, pref.(quar.)_ •151 Jan. 1 'Holders of rec. Dec. 22
Chicago Nipple Mfg., Cl. A (quar.)...... •750. Jan. 2 *Holders of rec. Dec. 15
Class A (extra)
•250. Jan. 2 *Holders of rec. Dec. 15
Cincinnati Finance (guar.)
2
Jan. 2 Dec. 16 to Jan. 1
Cities ServiceCommon(monthly Day.In cash scrip). 0% Jan. 1 Holders of rec. Dec. 15
Common (Pay. In corn, stock scrip)
013.1 Jan. 1 Holders of rec. Dec. 15
Preferred and preferred B(monthly)-3.4 Jan. 1 Holders of rec. Dec. 15
Coca-Cola Co.,corn.(quar.)
*$1.75 Jan. 1 *Holders of rec. Dec. 16
Preferred
*314 Jan. 1 *Holders of rec. Dec. 16
Computing-Tabulating-Record. (quar.)_ *81.50 Jan. 10 *Holders of rec. Dec. 21
Cooper Corporation, Class A (quar.)_ _ 1% Dec. 15 Dee. 1 to Dec. 15
Corona Typewriter,cons.(guar.)
*50c. Jan 1 'Dee. 16 to Jan, 2
First preferred (guar.)
*2
Jan. 1 *Dec. 16 to Jan. 2
Second preferred (guar.)
'1% Jan. 1 *Dec. 16 to Jan. 2
CramIl(Wm.)&SonsShip&Eng.BIg.(qu.) 411
Dec. 31 *Dec. 16 to Jan. 1
DIctograph Products Corp., pref. (qu.). 2
Dec. 15 Holders of rec. Nov.300
Eastern Steamship Lines, 1st pref.(qu.)_
Jan. 2 *Holders of rec. Dec. 27
Electric Auto-Lite (guar.)
Jan. 2 *Holders of rec. Dec. 15
iii$1
Federal Acceptance Corp., pref.(guar.)_ 2
Jan. 15 Holders of rec. Dec. 31a
Federal Motor Truck (guar.)
"30c. Jan. 2 *Holders of rec. Dec. 22
Fulton Iron Works, pref.(guar.)
Dec. 1 Holders of rec. Nov.23
2
Gen'l Motors Acceptance Corp.(No. 1) •8
Dec. 15
GiantPortland Cement, pref
•h$1.75 Dec. 15'Dec. 1 to Dec. 15
Great Western Sugar,corn.(gum.)
Jan. 2 'Holders of rec. Dec. 15
.$1.
Preferred (guar.)
'134 Jan. 2 *Holders of rec. Dec. 15
Grinnell Mfg.(atlas.)
*1% Dec.
Extra
*1% Dec.
Guffey-Gillespie Gas Prod., pref.(quar,) 2
Dec. 1 Holders of rec. Nov.24
Gulf States Steel, corn.(quar.)
Jan. 2'Holders of rec. Dec. 14
•1
Heywood-Wakefield, common
41% Dec. 1 *Holders of rec. Nov.19
Hood Rubber, corn. (guar.)
Dec. 31 *Dec. 21 to Jan. 1
411
Hydraulic Press Brick, pref
Dec. 1 Holders of rec. Nov.20
1
Preferred (quar.)
114 Jan. 2 Holders of rec. Dec. 20
*15„i Jan. 15 *Holders of rec. Dec. 15
Internat. Harvester, corn.(guar.)
Internat. Silver, pref.(quar.)
134 Jan. 1 Dec. 16 to Jan. 1
5% Jan. 1 Dec. 16 to Jan. 1
Pref. (acct. accum. dividends)
Jones & Laughlin Steel, pref.(guar.)---- •1U Jan. 1 *Holders of rec. Dec. 15
Kaufmann Dept. Stores, pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 20
Kresge (S. S.) Co.. corn.(guar.)
Dec. 31 *Holders of rec. Dec. 15
*2
Preferred (guar.)
•151 Dec. 31 *Holders of rec. Dec. 15
Laclede Steel (quar.)
2
Dec. 4 Holders of rec. Nov.30
Liggett & Myers Tob., pref.(quar.)._
'134 Jan. 1 *Holders of rec. Dec. 17
Mayer (Oscar) & Co., Inc., 1st pt.(qu.). 1% Dec. 1 Holders of rec. Nov.22
Dec. 1 Holders of rec. Nov. 22
2
Second preferred (quits.)
Missouri Portland Cement(extra)
1% Dec. 10 Holders of rec. Dec. 5
Mutual Oil (quar.)
1214c Dec. 15 Holders of rec. Dec. 1
•z331, Dec. 20 *Holders of rec. Nov.20
Nashawena Mills (stock dividend)
•50c. Dec. 15 *Holders of rec. Nov.30
National Transit
Niplasing Mines Co.(guar.)
15e Jan. 21 Jan. 1 to Jan. 17
15o. Jan. 21 Jan. 1 to Jan. 17
Extra
Paige-Detroit Motor Car,corn.(guar.)-- *30c. Jan. 2 *Holders of rec. Dec. 15
Preferred (quar.)
*1% Jan. 2 *Holders of rec. Dec. 15
Pettibone-Mulliken Co. 1st & 2d pf.(qu.) •131 Jan. 1 'Holders of rec. Dec. 24
Pierce-Arrow Motorcar,Prior Pf.
Jan. 2 *Holders of rec. Dec. 15
.(aU.)- *2
Railway Steel-Spring,common (quar.)-. *2
Dec. 31 *Holders of rec. Dec. 17
Preferred (guar.)
*131 Dec. 20 *Holders of rec. Dec. 7
Realty Associates,common
82.50 Apr. 15 Holders of rec. Apr. 5
First preferred
Jan. 15 Holders of rec. Jan. 5
3
Second preferred
2% Apr. 15 Holders of rec. Apr. 5
Rogers(Wm. A.) Co., pref.(quar.)
134 Jan. 2 Holders of rec. Dec. 15
Sears, Roebuck & Co., Pref. (guar.).- •1% Jan. 1 *Holders of rec. Dec. 15
Sherwin-Williams (Canada),corn.(au)
1% Dec. 31 Holders of rec. Dec. 15
Preferred (quar.)
154 Dec. 31 Holders of rec. Dec. 15
Southern States 011 (monthly)
10c. Dec. 20 Holders of rec. Dec. 1
Sterling Coal
Jan. 2 Holders of rec. Dec. 20
1
Stromberg Carburetor (guar.)
Jan. 2 *Holders of rec. Dec. 11
•$2
Extra
111.50 Jan. 2 *Holders of rec. Dec. 11
Swift & Co.(guar.)
Jan. 1 Dec. 11 to Jae. 10
2
Tuckett Tobacco, Ltd., corn. (quar.)...- 1
Jan. 1 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 31
Tide Water 011 (guar.)
Dec. 31 *Holders of rec. Dec. 15
*$1
Todd Shipyards Corporation(guar.)
- - '$1.50 Dec. 20 *Holders of rec. Dec. 1
United Dyewood Corp.,corn.(guar.).-411.50 Jan. 2 *Holders of rec. Dec. 15
Vulcan DetinnIng, Pr. & pf.
. A (qu.) - •131 Jan. 20 *Holders of rec. Jan. 9
Walworth Mfg.,corn.(guar.)
•350. Dec. 1 *Holders of rec. Dec. 5
Preferred (guar.)
'13.4 Dec. 31 *Holders of rec. Dec. 21
West Point Mfg
Jan. 2 *Holders of rec. Dec. 20
•4
Worthington Pump & Mach., pt. A (qu.) '131 Jan. 2 *Holders of rec. Dec.
20
Preferred B (quar.)
*1% Jan. 2 *Holders of rec. Dec. 20
'Yale & Towne Manufacturing (guar.)-- - $1
Jan. 2 Holders of rec. Dec. 5
Youngstown Sheet & Tube,corn,(guar.) •$1.25 Dee. 31 *Holders of rec. Dec.
15
Preferred (quar.)
.131 Dec. 31 *Holders of rec. Dec. 15
•134
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern ordinal"'
Preferred
Atch. Top.& Santa Fe. corn.(guar.)._
Atlantic Coast Line RR., common
Baltimore & Ohio, corn.(guar.)
Preferred (guar.)
Per
When
Cent. Payable.
3%
33.4
1%
334
134
Dec. 27
Feb. 15
Dec. 1
Jan. 10
Dec. 1
Dec. 1
Books Closed.
Days Inclusive.
Holders of rec. Nov. 28
Holders of rec. Jan. 18
Holders of rec. Oct. 260
Holders of rec. Dec. 14a
Oct. 14 to Oct. 15
Oct. 14 to Oct. If
Name of Company.
Railroads (Steam) (Concluded).
Boston & Albany (guar.)
Boston & Providence (guar.)
Canadian Pacific, common (guar.)
Chesapeake dc Ohio, common
Preferred
Chestnut Hill RR.(guar.)
Chicago Rock Island dr Pacific6% pref.._
Seven per cent preferred
Chic. New On. & Tex. Pac., common....
Common (extra)
Preferred (quar.)
Preferred (quar.)
Preferred (guar.)
Preferred (quar.)
Cleveland & Pittsburgh, guar.((Man)
Special guaranteed (guar.)
Cripple Creek Central, pref. (quits.)
Cuba Railroad. preferred
Delaware & Hudson Co.(guar.)
Erie dr Pittsburgh (guar.)
Greene Railroad
Hocking Valley
Illinois Central, common (quits.)
Leased lines
Midland Valley RR., pref
Minn.St. Paul as Sault Ste. Marie,corn..
Preferred
Mobile & Birmingham. preferred
New Orleans Texas & Mexico (quar.)
N.Y.Chicago & St. L.,corn.& pf
Norfolk & Western,common (quar.).___
Common (extra)
Philo Germantown & Norristown (cm.).
Pittsb.Bessemer & L. E., pref
Pittsburgh & West Virginia, pref.(qu.)_
PIttab Youngst.& Asht., pref.(quar.)....
Reading Company.first preferred(quar.)
Southern Pacific Co..(guar.)
Union Pacific, common (quar.)
2407
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
231 Dec. 31 Holders of rec. Nov.30a
2% Jan. 1 Holders of nsc. Dec. 20
2% Dec. 30 Holders of rec Nov.30a
Jan. 1 *Holders of rec. Dec. 7a
'334 Jan. 1 'Holders of rec. Dec. 7a
75c. Dec. 4 Nov.21 to Dec. 3
3
Dec. 31 Holders of rec. Dec. 7a
3% Dec. 31 Holders of rec. Dec. 7a
Dec. 24 Holders of rec. Dec. 3a
3
1 Holders of rec. Dec. 3a
Dec.
e 24
334 D
Holders of rec. Nov.24a
134
1% Mar. 1 Holders of rec. Feb. 15a
pi June 2 Holders of rec. May 17a
1% Sept. 2 Holders of rec. Aug. 16a
873.4c Dec. 1 Holders of roe. Nov. 10a
50e. Dec. 1 Holders of rec. Nov.100
Dec. 1 Holders of rec. Nov. 15
1
20 Holders of recJan.19'24a
3
2% Dec.
Holders of rec. Nov.26a
.
1% Dec. 10 Holders of rec. Nov.30a
3
Dec. 19 Holders of rec. Dec. 14
2
dDec.31 Holders of rec. Dec. 7a
1% Dec. 1 Holders of rec. Nov. 20
Jan. 1 Dec. 12 to Jan. 4
2
Dec. 1 Holders of rec. Nov.240
$1.25
4
Holders of rec. Nov.30a
4
D
Dec
ec:17
7 Holders of rec. Nov.30a
2
Jan. 2 Dec. 2 to Jan. 1
I% Dec. 1 Holders of rec. Nov. 200
1% Jan. 2 Holders of rec. Nov.15a
1% Dec. 19 Holders of rec. Nov.30a
1
Dec. 19 Holders of rec. Nov.300
$1.60 Dec. 4 Nov. 21 to Dec. 3
81.50 Dec. 1 Holders of rec. Nov.15
134 F eb 29'24 Holders of rec. Feb.1.24a
1% Dec. 1 Holders of rec. Nov.20
50c. Dec. 13 Holders of rec. Nov.270
1% Jan. 2 Holders of rec. Nov.300
2% Jan. 2 Holders of rec. Dec. 1
Public Utilities.
Amer. Power & Light. corn.(quar.). 23.4 Dec. 1 Holders of rec. Nov.20
Common (Payable in common stock). 2
Dec. 1 Holders of rec. Nov.20
American Telegraph dr Cable (guar.).- 134 Dec. 1 Holders of rec. Nov.300
Amer. Telephone & Telegraph (quar.)... 2;‘ Jan. 15 Holders of rec. Dec. 20a
Baton Rouge Electric Co., common__ 5
Dec. 1 Holders of rec. Nov.20a
3
Preferred
Dec. 1 Holders of rec. Nov.20a
Blackstone Valley Gas& Elec.,com.(qu.) $1.25 Dec. 1 Holders of rec. Nov.190
3
Preferred
Dec. 1 Holders of rec. Nov.19a
134 Jan. 2 Holders of rec. Dec. 15a
Boston Elevated Ry..coin.(qu.)
3% Jan. 2 Holders of rec. Dec. 15a
Preferred
4
First preferred
Jan. 2 Holders of rec. Dec. 15a
Dec. 1 Holders of rec. Oct. 31
Brazilian Tr.,Lt.dz Pow.,ord.(guar.)-- 1
25c. Dec. 1 Holders of rec. Nov. 150
Brooklyn City RR.(guar.)
Brooklyn Edison Co.(guar.)
2
Dec. 1 Holders of rec. Nov.200
2
Brooklyn Union Gas(guar.)
Jan. 2 Holders of rec. Dec. 146
Central Ark. Ry.dr Light, Pref.(guar.). 131 Dec. 1 Holders of rec. Nov.15
Cent. Miss. Val. Elec. Properties1% Dec. 1 Holders of rec. Nov. 156
Preferred (guar.)
2% Jan, 2 Holders of rec. Dec. 140
Columbus Elec.Ss Power,corn.(qu _
151 Jan. 2 Holders of rec. Dec. 14a
First pref. Series A (quits.)
1% Jan. 2 Holders of rec. Dec. 14a
Second preferred (guar.)
Dec. 1 Holders of rec. Nov. 150
Columbus Ry.,Pow.& Lt., corn.(qu.). 1
1% Jan2'24 Holders of rec. Dec. 15a
Preferred, Series A (guar.)
$1.25 Dec. 15 Holders of rec. Nov. 86
Consolidated Gas.common (guar.)
Consol.Gas,E.L.& P.,Balt.. cons.(qu.) 2
Jan. 2 Holders of rec. Dec. 15a
2
Preferred, Series A (guar.)
Jan.
Holders of rec. Dec. 15a
Preferred, Series B (guar.)
151 Jan. 2 Holders of rec. Dec. 154
1% Dec.
Detroit United Railway (quar.)
Holders of rec. Nov. 16
Duquesne Light, 1st pref., Series A (qu.) 1% Dec. 1 Holders of rec. Nov.15a
Eastern Mass. St. Ry.adj. stock
234 Dec. 1 Holders of rec. Nov.15a
Eastern Shore Gas dz Electric, pref.(au.)
Dec. !Holders of rec. Nov.I5a
Eastern Wisconsin Elec. Co..Pref.(qu.)
1% Dec.
_Holders of rec. Nov.20a
El Paso Electric Co., common (quar.)_ _ 2% Dec. 1 Holders of rec. Dec. la
Federal Light dc Traction, pref.(quar.)._
134 Dec.
Holders of rec. Nov. 15
Frankf & Southwk Pass Ry Philo (qu.) $4.50 Jan.
Dec. 2 to Jan. 1
Georgia Railway & Power,corn.(guar.). 1
Doe 1 Nov.21 to Nov.30
Second preferred (guar.)
1
Dec. 1 Nov. 21 to Nov 30
Gold lc Stock Telegraph (guar.)
•1% Jan. 1 *Holders of ree. Dec. 31
Hackensack Water, common
750. Dec. 1 Holders of rec. Nov.ma
Preferred
87Bie Dec. 1 Holders of rec. Nov.266
Keystone Telephone, pref.(qu.)(NO.1). $1
Dec. 1 Holders of rec. Nov.20
Laclede Gas Light, corn (extra)
33.4 Dec. 1 Holders of rec. Nov. 17a
Common (quar.)
194 Dec. 15 Holders of rec. Dec. its
Preferred
234 Dec. 15 Holders of rec. Dec. 16
Mackay Companies,common(guar.).... _ 1)i Jan. 2 Holders of rec. Dec. 5a
Preferred (guar.)
1
Jan. 2 Holders of rec. Dec. 50
Mascoma Light & Pow.,common(quar.) 154 Dec. 1 Holders of rec. Nov.19
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov.19
Massachusetts Gas Companies. pref.._ -- $2
Dec. 1 Holders of rec. Nov.154
Middle West Utilities, prior lien (guar.). 151 Dec. 15 Holders of rec. Nov.30a
Montana Power,common (quar.)
1
Jan. 2 Holders of rec. Dec. 13a
Preferred (quar.)
151 Jan. 2 Holders of rec. Dec. 156
National Power & Light, pref. (quer.)
$1.75 Jan. 2 Holders of rec. Dec. 10
Nebraska Power, preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 15
New England TeleP. dr Teleg.(quits.)....- 2
Dec. 31 Holders of rec. Dec. 10a
Norfolk Railway az Light
750. Dec. 1 Holders fo rec. Nov.15a
Northern Texas Elec. Co.,corn.(quar.)_ 2
Dec. 1 Holders of rec. Nov.10
Ottawa & Hull Power,pref.(guar.)
1% Dec. 15 Holders of rec. Nov.30
Pennsylvania Water & Power (guar.) _ _ 1% Jan. 2 Holders of rec. Dec. 146
Philadelphia Electric,corn.& pref.(an.).. 50c. Dec. 15 Holders of rec. Nov. 156
Portland Ry.,Light & Power,2d pref
1% Dec. 1 Holders of rec. Nov.17
Rochester Gas & Electric,5% pref.(qu.) •111 Dec. 1 'Holders of rec. Nov. 16
Six per cent preferred (guar.)
*1% Dec. 1 'Holders of rec. Nov. 16
Seven per cent preferred (quite.)
•151 Dec. 1 'Holders of rec. Nov. 16
San Joaquin Light & Pow.. pref.(quar.). 134 Dec. 15 Holders of rec. Nov.30
Prior preferred (guar.)
131 Dec. 15 Holders of rec. Nov.30
Second & 3d Sts Pass Ry Philo (guar.)_ $3
Jan. 1 Dec. 2 to Jan. 1
Southwestern Power & Light, pref.(qu.) 1% Dec. 1 Holders of rec. Nov. 16
Standard Gas & Electric, pref. (quite.) _ 2
Dec. 15 Holders of rec. Nov.30
Texas Electric Securities. corn.(guar.)
1
Dec. 1 Holders of rec. Nov. 150
Twin City Rap.Tran., Minneap.,cons_ _ 3
Dec. 31 Holders of rec. Dec. 10
United Gas Improvement, pref.(guar.). 87Bic Dec. 15 Holders of rec. Nov.306
United Light & Rye.
Participating preferred (extra)
Jan 2'24 Holders of recs. Dec. 15
West Penn Company,common (quar.)_ _ 50c. Dec. 31 Holders of rec. Dec. lba
West Penn Railways, preferred (guar.)_ _ 13.4 Dec. 15 Holder of rec. Dec. 1
Banks.
American Colonial Bank of Porto Rico.._
Extra
United States, Bank of the, (guar.)._ _ _
Dec. 1 Holders of rec. Nov.160
Dec. 1 Holders of rec. Nov.16a
2
2% Jan. 2 Holders of rec. Dec. 200
Trust Companies.
Equitable Trust Co.(guar.)
3
Dec. 31 Holders of rec. Dec. 21a
Miscellaneous.
Adams Express (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 15a
Amer. Art Works.corn.& pref.(quar.) _ 13.4 Jan. 15 Holders of rec. Dec. 31
American Beet Sugar, pref.(guar.)
J
Dec.
a . 31 Holders of rec. Dec. 86
American Chain,common(No. 1)
$1.50
1 Dec. 22 to Jan. 1
Class A stock (guar.)
50c. Dec. 31 Dec. 22 to Jan. 1
Amer. Laundry Machinery ,com.(guar.) 33c. Dec.
Nov.22 to Dec. 1
American Machine & Foundry (guar.) _
13.4 Jan 124 Holders of rec. Dec. la
American Metals, common (guar.)
750. Dec. 1 Nov.18 to Nov.30
Preferred (guar.)
191 Dec. 1 Nov.20 to Nov.30
American NIultigraph, common (quar.). 40c. Dec. 1 Holders of rec. Nov. 15
Amer. Pneumatic Service, pref.
.50c. Dec. 31 *Holders of MC. Dec. 8
American Radiator. common (quar.) _ _ $1
Dec. 31 Holders of rel. Dec. 15a
Amer.Smelt. & Refg.. Pref. (quar.)
194 Dec. 11 Holders of rec. Nov. 96
-
ame of Company.
.44
et,
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
elI aneous (Cuntlimed).
Febl'24 Holders of rec. Jan. 15'240
2
Pbuilding. com• (quar.)
2
May1'24 Holders of rec. A pr.15'24a
On (quar.)
2
Aug114 Holders of rec. July 1323a
on (guar.)
25o Jan. 2 Dec. 22 to Jan. 1
can Stores (guar.)
134 Jan. 2 Holders of rec. Dec. la
er. Sugar Refining, pref. (guar.)._
*1234c Jan. 1 *Holders of rec. Dec. 15
American Thread. preferred
Dec. 1 Holders of rec. Nov. 100
American Tobacco,corn.& com. B (BL) 3
Dec.15
50c. Dec. 15 Dec. 6 to
Amer.Vitrified Products. common
Armour & Co.(Ill.), pref. (guar.)
134 Jan. 2 Dec. 16 to Jan. 1
134 Jan. 2 Dec. 16 to Jan. 1
Armour & Co. of Del., pref. (guar.)
Associated Dry Goods, let pref.(Qua?.). 1)4 Dec. 1 Holders of rec. Nov. 10a
Second preferred (guar.)
131 Dec. 1 Holders of rec. Nov. lea
Dec. 15 Holders of rec. Nov. 210
1
Atlantic Refining, common (guar.)
Dec. 15 Holders of rec. Dec. 5a
2
Atlantic Terra Cotta, pre!. (quar.)
Dec. 10 Holders of rec. Nov. 30.
$I
common
Atlas Powder,
(guar.)
Dec. 1 Holders of rec. Nov.200
2
Automatic Refrigerating (qua?.)
25c Dec. 1 Holders of rec. Nov.20a
Balaban & Katz,common
25c. Jan. 1 Holders of rec. Dec. 200
Common
134 Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
_
pf_
&
3)4 Jan. 1 Holders of rec. Dec. la
corn.
Works,
Locomotive
Baldwin
Beech-Nut Packing. common (extra)- - 60c. Dec. 10 Holders of rec. Dec. la
r50 Dec. 10 Holders of rec. Dec. t 10
Common (In common stuck)
Bethlehem Steel Corporation1 )4 Jan 2'24 Holders of rec. Doe. la
Common (guar.)
l4.4 Jan 2'24 Holders of rec. Dec. 150
Seven per cent cum. pref. (guar.)
Seven per cent non-cum. pref.(quar.) 134 Jan 2'24 Holders of rec. Dec. 15a
Jan 2'24 Holders of rec. Dec. 1.5a
2
Eight per cent preferred (quar.)
Blumenthal(Sidney/ ar Co.. pref.(guar.) 154 Jan. 2 Holders of rec. Dec. 140
Boone(Daniel) Vl crolon Mills,corn.(nu.) 760. Jan. 2 Dec 1 to Dec 4
Borden Company, 6,eierred (guar.).- 154 Dec. 15 Holders of rec. Dec. I
250. Jan114 Holders of rec. Dec 20a
Bridgeport Machine Co. (guar.)
250. Apr2'24 Holders of rec.Mar.20'24a
Quarterly
134 Dec. 1 Nov. 25 to Nov. 30
Brill (J. G.) Co., common (quar.)
Dec. 1 Holders of rec. Nov. 20a
1
Brown Shoe,common (guar.)
Marl'24 Holders of rec. Feb.:0'24a
I
Common (guar)
154 Febl'24 Holders of rec. Jan.2114a
Preferred (guar.)
$1.50 Dec. 15 Holders of rec. Nev.20
Buckeye Pipe Line (guar.)
Bucyrus Company, preferred (guar.)... 154 Jan. 2 Holders of rec. Dec. 200
Jan. 2 Holders of rec. Dec. 200
Preferred (aect. accumulated dive.).- 7
134 Dec. 1 Nov.21 to Dee. 1
Buda Company, preferred (guar.)
$2 Dec. 31 Holders of rec. Dec. 20
Burroughs Adding Mach (guar.)
51.50 Dec. 15 Holders of rec. Nov. 300
California Packing Corp.(guar.)
California Petroleum, common (guar.).. 4334c Dec. 1 Holders of rec. Nov. 200
154 Jan. 2 Holders of rec. Dec. 200
Preferred (guar.)
Calumet, & Arizona Mining (quar.)
60e. Dec. 24 Holders of rec. Dec. 7a
50c. Dec. 17 Holders ol rec. Dec. la
Calumet & Ilecia Consolidated Mining
134 Dec. 1 Holders of rec. Nov. 15
Campbell Soup. pref.(quar.)
Dec. 15 Holders of rec. Nov.30
Canada Iron Foundries. preferred
2
Canadian Car & Foundry Co.
Preferred (account accum. dividends) 5334 Jan1014 Holders of rec. Dec. 29
Jan. 2 Holders of rec. Dec. 15
Canadian Connecticut Cot.Mills,pl.(gu.) 2
Carter (William) Co., preferred (guar.). 134 Dec. 15
134 Dec. 1 Holders of rec. Nov. 1.56
Century Ribbon Mills, Inc.(guar.)
$1.26 Feb114 Holders of roc Jan15.24
Checker Cab Mfg., claw A (guar.)
334 Dec. 28 Holders of rec. Dec. 10a
Chesebrough Mfg., corn. (guar.)
334 Dec. 28 Holders of rec. Dec. 100
Common (special)
154 Dec. 28 Holders of rec. Dec. 100
Preferred (guar.)
Chicago Motor Coach, preferred(guar.)- *154 Jan. 2 *Holders of rec. Dec. 20
32.85 Dec. 10 Holders of rec. Nov.26a
Childs Company, common (guar.)
144 Dec. 10 Holders of roe. Nov.260
Preferred (guar.)
6234c Dec. 29 Holders of roe. Dec. la
Chili Copper(qua?.)
Cities ServiceCommon (monthly pay.in cash ecrlp)
034 Dec. 3 Holders of rec. Nov. 15
Common (payable In corn, stock scrip) al Si Dee. 1 Holders of rec. Nov. 15
/4 Dec. 1 Holders of rec. Nov. 15
Preferred and preferred II (monthly).
Dec. 1 Holders of rec. Nov. 20
2
City Ice & Fuel (Cleveland) (guar.)...
134 Dec. 1 Holders of rec. Nov. 15
Cleveland Stone(guar.)
Dec.
1
1 Holders of rec. Nov. 15
Extra
Conaoleum Co.,common an corn.stocko 1300 De 22 Holders of rec. Dec 4170
Connor(John T.) Co.,COMMOn (gust.). 50e Jan. 2 Holders of rec. Dec. 20o
33.50 Jan. 2 Holders of res. Dee. 20a
Preferred
I Holders of rec. Dec. 20a
Continental Can. preferred ((lulu.)
154 Jan
134 Dec. 1 Holders of rec. Nov. 15.
Pref.
Continental Cigar.
(guar.)
60e. Dec. 15 Nov ,24 to Dee. 16
Continental Oil (guar.)
354 Dec. 1 Holders of rec. Nov. 15
Converse Ruisber Shoe. pref
134 Dec. 1 Holder/1 of rec. Nov. 15a
Cosden dr Co., preferred (guar.)
Crane Company,common (guar.)
1
Dec. 15 Holders of rec. Dec. la
134 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
Crows Nest Pass Coal(guar.)
134 Dec. 1 Holders of rec. Nov. 13
Crucible Steel, preferred (guar.)
144 Dec. 31 Holders of rec. Dec. 150
Cobb Company. common (guar.)
$1 Dec. I Holders of reo Nov 15a
Cuban-American Sugar.common
75o. Jan 2'24 Holders of rec. Dec. 844
134 Jan. 2 Holders of rec. Nov.28a
Preferred (quar ).
10
Dec. 15 Holders of rec. Nov.30
Cumberland Pipe Line
Cushman's Sons, Inc., common (guar.). 75o. Dec. 1 Holders of rec. Nov. 15
(guar.)
pref.
Seven per cent
1 54 Dec. 1 Holders of ice. Nov. 15
2
Eight per cent pref.(qua?.)
Dec. 1 Holders of rec. Nov. 16
Dec. 1 Holders of rec. Nov. 120
Dartmouth Manufacturing, corn. (qu.). 2
134 Dec. I Holders of rec. Nov. 12s
Preferred (guar.)
334 Dec. 22 Holders of rec. Dec. fia
Davis Mills(qua?.)
15•4 Dec. 41 Holders of rec. Nov. 20a
Decker (Alfred) & Cohen, pref. (quar.)_
75e. Doe. 1 Holders of rec. Nov. 150
Deere & Co., pref. (guar.)
Detroit Brass az Malleable Wks.(mthly.)
34 Dec. I Holders of rec. Nov. 26a
2
Dec. 15 Holders of rec. Nov. 304;
Diamond Match (quar)
60c. Jan.421 Holders of rec. Doe. 310
Dome Mines, Ltd (guar.)
(qu.)_
pf.
&
corn.
1
Jan.
2 Holders of rec. Dec. 15
Ltd.,
Dominion Glade,
34
1 34 Jan. 1 Holders of ree.dDee. 15
Dominion Iron & Steel, pref.(quar.)
25e. Dec. 31 Holders of rec. Dec. la
Douglas-Pectin Corp.(guar.)
Dec. 15 Holders of rec. Doe. 6a
du Pont(E.I.) de Nem.as Co..corn.(on.) 2
134 Jan. 25 Holders of rec. Jan. loa
Debenture stock (guar.)
(au.)
com.
Powd.,
134
Nem.
Feb. 1 Holders of rec. Jan. 194
du Pont(E.1.)de
154 Feb. 1 Holders of rec. Jan. 19a
Preferred (guar.)
(guar.)
2 Holders of rec. Nov. 30a
$1.25
Jan.
common
Kodak,
Eastman
51.25 Jan. 2 Holders of rec. Nov. 300
Common (extra)
134 Jan, 2 Holders of rec. Nov. 300
Preferred (guar.)
660. Jan. 2 Holders of rec. Dec. 16a
Eaton Axle & Spring (guar.)
134 Jan. I Holders of rec. Dec. 200
Eisenlehr (Otto) & Bro. Pref.(guar3
5
Dec. 20 Holders of rec. Dee. :10
Elgin National Watch (extra)
$3
Dec. 1 Holders of rec. Nov. 12
Essex Company
$2
Dec. 1 Holders of rec. Nov. 12
Extra
Dec. 1 Holders of rec. Nov. 12
$7
Extra (from sale of land)
134 Doe. 1 Nov. 22 to Nov.30
Fairbanks, Morse & Co., pref.(guar.). _
,
Jan. 2 Holders of rec. Dec. 15,
Famous Players Lasky Corp., corn.(qu.) $2
Dec. 1 Holders of rec. Nov. 150
Federal Acceptance Corp.,COMMOD (qu.) $1
Federal Mining dr Smelting. pref.(guar.) 144 Dec. 15 Holders of rec. Nov. 26a
500. Jan 1'24 Holders of rec lice 154)
Flelshmann Co.. common (guar.)
750. Apr, 1 Holders of rec.Mar1514
COMMOD (guar.)
750. July 1 Holders of rec. June 15
Common (guar.)
750. Oct. 1 Holders of rec. Sept 15
Common (guar.)
75c. Jan 1'25 Holders of rec.Dec.15•24
Common (guar.)
Foundation Co., common (qua?.)..... $1.50 Dec. 15 Holders of rec. Dec. la
$1.75 Doe. 15 Holders of rec. Dec. I
Preferred (guar.)
*4
Jan. 1
Gainesville Cotton Mills. common
Jan. 1
*3
Preferred
Dee. 31 Holders of rec. Nov. 300
I
Galena-Signal Oil. common (guar.)
Dec. 31 Holders of rec. Nov. 30a
2
Old and new preferred (guar.)
131 Dec. 1 Holders of rec. Nov. Ito
General Asphalt. pref.(guar.)
(guar.)
common
31 Holders of rec. Dec. lta
Dec.
$1.50
Baking.
General
Dec. 31 Holders of rec. Dec. 160
32
Preferred (guar.)
164 Dec. 1 Holders of rec. Nov. 240
General Cigar, referred(guar.)
134 Jan. 2 Holders of rm. Dec. 240
Debenture preferred (guar.)
Jan. 15 Holders of roe. Dec. 50
General Electric. corn.(guar.)
15e.
Jan. 15 Holders of rec. Dec. 5a
Special stock (guar.)
300. Dec. 12 Holders of rec. Nov.19a
General Motors. corn. (guar.)
Feb. I Holders of rec. Jan. 70
134
(guar.)
Preferred
134 Feb. 1 Holders of reo. Jan. 7a
6% debenture stock (guar.)
154 Feb. 1 Holders of roe. Jan. 7a
7% debenture stock (guar.)
50c Dec. 15 Holders of rec. Nov 30
General Petroleum Corp..com •
8334c. Dec. 1 Holders of rec. Nov. 160
(quar.)Pefd
(guar.)
*CM Dec. 20 *Holders of see. Dec. 1
Olen Alden Coal
Co
liaRtA c°
[VOL. 117.
THE CHRONICLE
8
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nual).
Deo. 1 Holders of rec. Nov. 1
$3
Gillette Safety Razor (quar.)
Dec. 1 Holders of rec. Nov. 1
s5
(Stock dividend)
Dec. 15 *Holders of rec. Dec. 1
*1
Globe Soap, corn. (quar.)
First,second and special pref.(guar.). *134 Dec. 16 *Holders of rec. Doe. 1
154 Jan, 2 Holders of rec. Dec. 221
Goodrich (B. F.) Co., preferred (guar.)Gossard (H. W.) at Co., corn.(monthly) 250. Dec. 1 Nov. 21 to Nov.30
Great Ati. & Pacific Tea,common (qu.) 76c. rec. 15 Holders of rec. Dec. 104
154 Dec. 1 Holders of rec. Nov. 190
Preferred (guar.)
Greenfield Tap & Die Corp.6% pf.(qu.) 134 Jan. 2 Holders of rec. Doe. 15
an. 2 Holders'of rec. Doe. 15
2
Eight per cent preferred (guar.)
Jan. 2 Holders of rec. Dec. 156
2
Guantanamo Sugar. Pref.(Van)
Gulf States Steel Co.
134 Jan 2'24 Holders of rec. Dec. 140
First and second preferred (guar.)
25c. Dec. 1 Nov.25 to Nov.30
Hamilton-Brown Shoe (monthly)
1% Dec. 20 Holders of roe. Dec. 50
Hanna(M.A.)& Co., 1st pref.(guar.)
1/4 Dec. 1 Holders of rec. Nov.204
Harbison-Walker Refrac., corn. (quar.)_
131 Jan. 19 Holders of rec. Jan. 96
Preferred (guar.)
Doe. 1 Holders of rec. Nov. 16
$2
Hartman Corporation (guar.)
75o, Dec. 15 Holders of rec. Nov.300
Hayes Wheel (guar.)
1
Dec. 3 Holders of rec. Nov. 15
Hollinger Consolidated Gold Mines
Hood Rubber Products, pref.(qua?.)... 14( Dec. 1 Nov 21 to Doe. 2
76e. Dec. 1 Holders of rec. Nov.154
Household Products, Inc. (guar.)
75c. Jan. 2 Holders of rec. Dec. 200
Hudson Motor Car (guar.)
154 Dec. 1 Holders of rec. Nov. 206
Hydrox Corporation, preferred (guar.)
Dec. 1
Icy-Hot Bottle, preferred (guar.)
3
Dec. 31 Dec. 1 to Dec. 27
Illinois Pipe Line
Imperial 011. Ltd.(Canada) (guar.).- n 75c. Doe. 1 Nov. 16 to Nov.30
Dec. 1 Holders of rec. Nov.240
2
Ingersoll-Rand Co., corn. (guar.)
Dec. 1 Holders of rec. Nov. 246
20
Common (extra)
to Jan. 94
Jan. 10 Dec. 15
10
Common (payable in noel)
2 Holders of rec. Dec. 140
Jan.
3
Preferred
6234e Dec. 1 Holders of roe. Nov. 154
Wand Steel,COM.(guar.)
15( Jan. 1 Holders of rec. Dec. 154
Preferred (guar.)
Inspiration Consolidated Copper (guar.) 50c. Jan. 7 Holders of rec. Dec. 20a
Dec. 31 Holders of rec. Dec. 15a
international Cement Corp.. corn.(au.). $1
134 Dec. 81 Holders of reo. Dec. 150
Preferred (guar.)
internat. Cotton Mills, pref.(quar.).... 134 Dec. 1 Holders of rec. Nov. 264
International Harvester, pref.(guar.).- 154 Dec. 1 Holders of rec. Nov.10a
134 Jan. 2 Holders of rec. Doe. 15a
International Salt (guar.)
Jan. 2 Holders of roe. Doe. 150
1
'
Extra
Dee. 1 Holders of rec. Nov. 154
50e.
International Shoe, corn (monthly).$1.50 Jan. 15 *Holders of rec. Jan. 2
Iron Products, corn.(No. 1)
75c. Jan. 2 Holders of rec. Dec. 70
Kennecott Cooper Corp.(guar.)
Dec. 1 Holders of rec. Nov.200
2
Kinney (G. R.) Co. pref.(guar.)
Kroger Grocery & Baking,common (qu.) 260. dlleo. 1 Nov. 16 to Nov.30
Dec.
1 Holders of roe. Nov.230
Co..
&
16(
pref.
(B.)
Kuppenheimer
(guar.).
3
Dec. 1 Holders of rec. Nov.24
Lake of the Woods Milling, corn.(qu.)
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.24
Lancaster Mills, common (guar.)
234 Dec. 1 Holders of rec. Nov.23
82
Jan. 2 Holders of rec. Dec. 136
Lehigh Valley Coal Sales (quar.)
Llbbey-Owens Sheet Glass, corn. (guar.)
500. 3eri. 1 Holders of rec. Nov.216
Common (extra)
Doe. 1 Holders of rec. Nov.216
$1
134 Dec. I Holders of rec. Nov.214
Preferred (guar.)
Liggett az Myers Tob.,corn. A & B (qu.) 3
Doe. I Holders of roe. Nov.154
Dec. 1 Holders of reo. NOV.154
Lima Locomotive Works,Inc.,com.(qu.) SI
154 Feb1114 Holders of rec.Feb.7146
Lindsay Light, preferred (guar)
60e. Dec.31 Holdens of reo. Dee. 156
Loew's, Incorporated
1)4 Dec. 1 Holders of rec. NOv.176
Lord & Taylor, 1st pref.(guar.)
3156
Dec. 20 Holders of rec. Dec. 10
2d of.(acct. serum.thy.)
Ludlow Manufacturing Associates(gu.)- $2 Dec. 1 Holders of rec. Nov. 7
$1.50 Doe. 1 Holders of roe. Nov. 24
Mahoning Investment (guar.)
60c. Dec. 1 Holders of rec. Nov.24
Extra
75e. Doe. 1 Holders of rec. Nov.160
Manhattan Shirt, common (guar.)
Dec.760
1 Holders of roe. Nov.154
Martin-Parry Corp. (quar.)
$1 .25 Deo. 1 Holders of reo. Nov. 150
Manati Sugar (guar.)
$1.26 Mar 1'24 Holders of rec. Feb.15'24a
Quarterly
$1.25 June2'24 Holders of roe. May15'244
Quarterly
$1.25 Sep 114 Holders of rec. Aug.I5'24a
Quarterly
14( Dec. 1 Holders of roe. Nov. 156
(guar.).
Cord.
May Department Stored,
14( Jan. 1 Holders of rec. Deo. 150
Preferred (guar.)
McCahan (W.J.) Sugar Eef..3 Molasses
Dec. 1 Holders of rec. Nov. 21.1
Preferred (guar.)
McCord Radiator & Mfg., Cl. A (qu.). *750. Jan. 2 *Holders of rec. Dec. 20
McCrory StoresDec. 1 Holders of roe. NOV.20.5
Corn. A &B(guar.)(pay.In com.Stk.) 11
Dec. 1 Holders of rec. Nov.200
Com.A & B (extra)(Pay.In com.stk.) 15
25c. Jan. 2 Holders of rec. Doe. 10
McIntyre Porcupine Mines. Ltd
144 Doe. 1 Holders of rec. Nov.300
Mengel Company. pref.(guar.)
234 Dee. 31 Holders of rec. Dee. 5.1
Mergenthaler Linotype (guar.)
154 Dec. 1 Holders of roe. Oct. 24
Merrimac Manufacturing (guar.)
Dec. 1 Holders of rec. Nov.15
Metrop.Paving Brick, corn.(guar.).- 2
2
Common (extra)
Dec. 15 Holders of rec. Dec. 5
154 Jan. I Holders of rec. Dec. 15
Preferred (guar.)
Michigan Drop Forge, com. (monthly). *250. Dec. 1 *Holders of rec. Nov.25
134 Jan. 1 Holders of rec. Doe. 250
Preferred (guar.)
Michigan Sugar, pref.(guar.)
134 Dec. 1 Holders of rec. Nov.154
Miller Rubber, preferred (guar.)
2
Dec. 1 Nov. 11 to De0. 1
Preferred (account aecum,dividends). h I
Dec. I Nov. 11 to Dee. 1
Monarch Mills. common and preferred-- 334 Dec. 31 Dec. 25 to Dec. 31
Montgomery Ward & Co.. pref. (quar.)134 Jan, 1 Holders of rec. Dec. 206
Montreal Cottons. Ltd.,common (quar.) 1)4 Dec. 15 Holders of rec. Nov.30
Preferred (guar.)
pec 31 Holders of rec. Nov.30
154 Dec.5
Holders of roe. Dec. 140
Mother Lode Coalition Mines
50c.
Dec. 1 Holders of rec. Nov.200
750. Jan1524
Munsingwear. Inc
ec Doe. 310
1 Holders of r.
'stational Biscuit,common (guar.)
75c.
Holders of rec. Nov.260
National Cloak & Suit. preferred (guar) 134 Dec.
Nov.15a
roe.
of
National Dept Stores. 2,1 pref. (qua?.).
131 Dec. 1 Holders
National Enameling az Stpg., pref.(gu.)- 134 Dec. 31 Holders of rec. Dec. I la
Feb. 114
rec.
of
Holders
Feb16'24
National Fireproofing, preferred
1
My 16'24 Holders of ceo. May 114
1
Preferred
•3
Jan. 1 *Holders of rec. Dec. 21
National Grocer, preferred
Dec. 31 Holders of rec. Dec. 146
2
National Lead,common (quar,)
13‘ Dec. 15 Holders of roe. Nov.230
Preferred (guar.)
2 Holders of rec. Dec. 10
Jan.
National Sugar (corn.)
154
2 Holders of rec. Dec. 210
4214 Jan
National Surety (guar.)
341
New York Alt Brake. Clan A (guar.)
$t Jan. 2 Holders of rec. Dec. d50
50c. Dec. 15 Holders of rec. Dec.
New York Canners, Inc. (guar.)
334 Feb. 1 Holders of rec. Jan. 20
First preferred
Feb. I Holders of rec. Jan. 20
4
Second preferred
13( Jan. 2 Holders of roe. Doe. 156
New York Steam Corp., pref.(guar.).
(s) Jan. 2 Holders of rec. Doe. 5a
North American Co., corn,(guar.)
134 Jan. 42 Holders of rec. Doe. 56
Preferred (guar.)
North Arrlerican Provision, pref.(qua?.). 134 Jan. 2 Dec. 16 to Jan. 1
Jan, 1 Holders of rec. Dec. 7
5
Pipe
Northern
Line
Ogilvie Flour Mills, pref.(guar.)
134 Dec. 1 Holders of rec. Nov.22
25e. Dec. 31 Nov. 29 to Dee. 23
Ohio 011 (guar.)
100. Dec. 15 Holders of rec. Nov.30
011 Lease Development (monthly)
154 Dec. 1 Nov. 21 to Nov. 30
Onyx Hosiery Co., pref.(guar.)
750. Jan. 1 Holders of rec. Dec. 160
Owen,Bottle,corn.(guar.)
13.4 Jan. I Holders of rec. Dec. 160
Preferred (guar.)
Jan. 21 Holders of rec. Dec. 144
$1
Pacific Oil
o. 11
1 Holders of rec. Nov.300
114 Daaenn..
5
Packard Motor Car (guar.)
Peeolet Manufacturing, common
s3yi
Preferred
Dec. 1 Holders of roe. Nov. 196
Patchogue-Plym'th Mills Corp., pf.(go.) 2
w.rleos Truck & Motor (guar.)
$1
Dec. 31 Holders of rec. Doe. 200
20c. Dec. 22 Holders of rec. Dec. 150
Pennok,011 (guar.)
20c. Dec. 22 Holders of rec. Doe. 150
Extra
*50o. Jan. 2 *Holders of roe. Dec. 14
Phillips Petroleum (guar.)
14( Doe. 1 Holders of rec. Nov.17.5
Phoenix Hosiery, pref.(guar.)
5
Dec. 1 Holders of reo. Nov. 154
Pittsburgh Plate Glees,common (extra)
Pittsburgh Steel, coin.(in tom. stock)
. (t)
14( D. 1 Holders of rec. Nov.154
Preferred (guar.)
1
Dec. 18 Holders of roe. Nov.27a
Preezecl Steel Car, corn.(guar.)
14( Dec. 11 Holders of rec. Nov. 200
Preferred (quar,).
Procter & Gamble Co.,6% pref.(guar.) 13( Dec. 15 Holders of res. Nov.241
Pure 011 Corporation. corn.(guar.)
3754c Dec. 1 Holders of rec. Nov.164
534% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15a
Six per cent preferred (guar.)
1)4 Jan. 1 Holders of roe. Dec. 154
Jan. 1 Holders of reo. Dec. 154
Eight per cent preferred (guar.) - 2
DEC.1 1923.]
THE CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
•3
Quaker Oats, common (quar.)
Jan. 15 "Holders of rec. Dec. 31
•13,6 Feb. 29 'Holders of rec. Feb. I
Preferred (guar.)
Remington Typewriter, 2d pref.(quar.) _
Dec. 20
2
Dec. 20 Dec. 9 to
First pref. and 1st pref. Series A(,01.)Jan. 1 Dec. 23 to Jan. 1
Republic.lron & Steel, pref. (quar.)_ _ _
Jan. 2 Holders of rec. Dec. 15s
Preferred,(acct. accumulated di vs.)._
h2
Jan. 2 Holders of rec. Dec. 15a
25e. Dec. 20 Dec. 9 to Dec. 20
St. Joseph Lead (quar.)
Extra
25c. Dec. 21 Dec. 9 to Dec. 20
St. Mary's Mineral Land
Dec. 11 Holders of rec. Nov. 9
$1
Behulte Retail Stores, corn. (In pref. stk.) m$2
Dec. 1 Holders of rec. Nov. 15a
Common (payable in preferred stock). m$2
Mr 124 Hold of rec. Feb. 15"24a
Preferred (quar.)
2
Jan. 1 Holders of rec. Dec. I5a
13)aboard Oil & Gas(monthly)
14c Dec. 1 Holders of rec. Nov. I5a
Monthly
Jan. 1 Holders of rec. Dec. 15a
Shawmut Mills. common (quar.)
Jan. 2 Holders of rec. Dec. 20o
Preferred (quar.).
I
Dec. 31 Holders of rec. Dec. 2110
Sherwin-Williams Co.. Pref. (quar.)- - Ui Dec. 1 Holders of rec. Nov. I3a
Sloss-Sheffield Steel & Iron. pref.(guar.)
UI Jan. 2 Holders of rec. Dec. 20a
Solar Refining
Dee. 20 Dec. I
Dec. 10
to
South Porto Rico Sugar, pref. (guar.)- 2
Dec 3 Holders of rec. Dec. 10a
Southern Pipe Line (a uar.)
Holders of rec. Nov. 15
2
Dec.
Spalding (A. G.) & Bros., let pref. (qu.)
Holders of rec. Nov. I70
Dec.
Second preferred (quar.)
Holders of rec. Nov. 17
2
Dec.
Spartan Mills
Jan.
4
Standard 011 (California)(quar.)
Holders of rec. Nov.20a
50c. Dec. 1
Standard Oil (Indiana)(quar.)
62 tic Dec. 15 Nov. 17 to
Dee. 15
Standard 011 (Kansas) (guar.)
50c. Dec. 15 Holders of rec. Nov. 3,,o
Standard Oil (Nebraska)
Dec. 20
5
Dec. 20 Nov. 21 to
Standard 011 (New Jersey)Common ($100 par value) (guar.)
Dec. 15 Holders of rec. Nov. 26a
1
Common ($25 par value) (quar.)
250. Dec. 15 Holders of rec. Nov. 26a
Preferred (guar.)
I 4 Dec. 15 Holders of rec. Nov. 21:a
Standard 011of New York (quar.)
35c. Dec. 15 Holders of rec. Nov.'230
Standard Oil (Ohio),com.(queer)
Jan. I Holders of rec. Nov 23a
Preferred (quar.)
Dee.. 1 Holders of rec Oct. 26
1
Sterling Products. Inc. (extra)
Dec. 10 Holders of rec. Nov.20a
SI
Stern Bros., common (No. I)
•I
Jun. 2 'Holders of rec. Dec 15
Preferred (guar.)
Dec. 1 Holders of rec. Nov. I5a
2
Studebaker Corporation, corn. (quar.)... 2% Dec. 1 Holders of rec. Nov. 10a
Preferred (quar.)
1)4 Dec. I Holders of rec. Nov. 100
Superheater Co.(payable In stock)
lb o ders of rec. Dee. 1
Dec.
c60
Texas Company (quar.)
75c Dec. 31 Holders of rec. Dec. 70
Texas Gulf Sulphur (Oulu.)
$1.5 Dec. 15 Holders of rec. Dec. la
Extra
50e. Dec. 15 Holders of rec. Dec. la
Thompson (John R.) Co., corn (mthly.) 250. Dee. I llolders of rec. Nov.'23a
Tidal Osage 011, preferred (quar.)
•15.( 1)ec. 1 •Holders of rec. Nov. 24
Timken-Detroit Axle, pref. (quar.)
I
Dec. 1 Nov. 21 to
Dec. 1
Timken Roller Bearing (qua!'.)
75e. Dec. 5 Holders of rec. Nov. 200
Extra
Holders of rec. Nov. 200
25c. Dec.
Tobacco Products Corp.. common (qii.) _
Jun. 15 Holders of rec. Jan. 20
Preferred (guar.)
Jan.
Holders of rec. Dec. I40
Tonopal) Extension Mining (queer.)
5c. Jan. 1 Holders of rec. Dee. II
Truscon Steel, common (quar.)
Dec. 1
3
Holders of rec. Dec. 5a
Preferred (guar.)
Dec.
Holders of rec. Nov. 2110
Underwood Typewriter, corn. (quar.)_ _ - 75c. Jan.
Holders of rec Dec. la
Preferred (qaar.)
14 Jan.
Holders of rec. Dec la
Union Buffalo Mills, first preferred
3% My151 Hoidera of ree May 140
Second preferred
MY152 Holders of rec. May 8a
Union Carbide & Carbon (qaar.)
Jan.
Holders of rec. Dec. 60
$1
Union Copper Land & Mining
50c. Dec. 1 Holders of rec. Get. 25
Union Mills, Inc., common (queer.)
Dec. 1 Holders of rec. Nov. 21u
Preferred (quar.)
Dec. 1 Holders of rec. Nov. 21a
Union Storage (Pittsburgh) (extra)
2
Dec. 15 Holders to rec. cIN v30a
Union Tank Car, common (quar.)
134 Dee . I Holders of rec. Nov. ba
Preferred (quar.)
14
1
Dec. I Holders of rec. Nov. 50
United Cigar Stores of Amer., pref.(qu.)
Dec. 15 Holders of rec. Nov. 300
United Drug, coin. (guar.)
Dec. I Holders of rec. Nov. 150
2d pre.(quar.)
$1.50 Dec. 1 Holders of rec. Nov. 15
United Dyewood, pref. (guar.)
% lan2'24 Holders id rec Dec lb,.
United Profit Sharing Corp., common_ 150. Jun. 2 Holders of rec. Dec. llo
Common.(payable in preferred stock). m25e. Jan. 2 Holders of rec. Dec. 110
U.S.Cast Iron Pipe & Fdy.,corn.(011.)Dec. 20 Hoidens of rec. Dec. 5
Preferred (extra)
Dec. 20 Holders of rec. Dec. 5
Preferred (quar J
Dee. 15 Holders of rec. Dee. la
Preferred (extra)
2
Dec. 15 Holders of rec. Dee. la
U. S. Gypsum, common (quar.)
$1
Dec. 31 Dec. 6 to
Dec. 20
Common (payable in common stock) _ _ 520
Dec. 31 Dec. 6 to Dec. 20
Preferred (q liar.)
14 Dec. 31 Dec. 6 to Dec. 20
U. S. Playing Card (quar.)
I
Janl'24 Holders of rec. Dec. 2Ia
Extra
50c. Jan 1'24 Holders of rec. Dec. 2Ia
U.S. Realty & Impt., corn. (quar.)
2
Dec. 15 Holders of rec. Dec. 5a
Preferred (guar.)
14 Feb. I Holders of rec. Jan. 210
U.S. Steel Corporation, corn.(queer.). _ _
14 Dec. 29 Nov.29 to Dec. 2
Common (extra)
34 Dee. 29 Nov. 29 to Dee. 2
United States Stores Corp., prior of.(it u.)
Dec. I Nov.27 to Nov. 30
United States Title Guaranty (quar.)_ _ _
2
Dec. 15 Holders of rec. Nov. lea
Extra
2
Dec. 15 Holders of rec. Nov. 3ea
V. Vivatidou, Inc.(queer.)
50c. Dec. I
Holders of rec. Dec. la
Vacuum 011 (quar.)
"lic. Dec. 2 Holders of rec. Nov. 30
Extra
50c. Dec. '21 Holders of rec. Nov. 30
Valvoline Oil, common (quar.)
3
Dec. 15 Holders of rec. 1)ec. 7
Van Raalte Co., ist preferred (quar.).
1
Dec. 1 Holders of rec. Nov.17
Vesta Battery Corp., pref. (quar.)
I 44 Dec. 1 Holders of rec. Nov. 200
Vletor-Monaghan Mills, common (Ott.) .2
Dec. I
•I
Preferred (quar.)
Dee. 1
Virginia iron, Coal & Coke,common_
Jan. 2 holders of rec. Dec. 15a
Preferred
2% Jan. 2 Holders of rec. Dec. 15a
Wahf Co., corn. (monthly)
50c
1)ee. 1 liolders of rec. Nov. 23,/
Common (monthly)
50c. J an I '24 Holders of rec. Dec. 24.
Preferred (quar.)
144.1 an I '24 Holders of rec. Dec. 24a
Waldorf System.common
314c Jan. ' Holders of rec. Dec. 20
First Pret and preferred (queer.).- 200. Jan.
Holders of rec. Dec. 20
NVainstitta Mills (quar.)
I
Dec. 1
Holders of rec. Nov. 13
Wells Fargo & Co
$1.25 Dec. 2 Holders of rec. Nov.200
Western,Exploration (No. 1)
5c. Dec. 2 Dec. IS to
Dec. 20
White (J. G.) & Co.. Inc., pref. (guar.). 14 Dec.
If
of rec. Nov. 15
White (J. G.) Engineering, pref. (queer.) 11( Dec.
[folders
of
rec.
Nov. 15
White(J. G.) Management, pref.((Mar.) 14 Dec.
Holders of rec. Nov. 15
White Motor (quar.)
$1
Dec. 3 Holders of rec. Dec. 200
Whitney Mills
•35i Jan.
Williams Tool (queer.)
2
Jan.
Holders of rec. Dec. 20
Extra (acct. accumulated dividend)_ _
)4 Jan.
Holders of rec. Dee. 20
Woolworth (F. W.) Co.(quar.)
Dec.
holders of rec. Nov. 90
2
Wrigley (Wm.)Jr. & Co., corn.(mthiy ) 50c. Dec.
Nov 24
to Nov 30
Common (extra)
250. Dec. 1 Holders of rec. Nov.24
Common (monthly)
50e. Janl '24 Dec. 25 to Jan. I 1924
Common (extra)
25c. Jan I'2
Holders of rev. Dec. 24
Common (tnonthlY)
51k.. Feb 1 2 Jan. 26'24 to Jan. 31 '24
Common (extra)
25e. Feb I'24 Hold. of rec. Jan '2524
Common (extra)
25e. 51 arl'24 Hold. of rec. Feb 25'24
Common (extra)
250. Aprl'24 Hold,of rec. Mar 2524
Wurlitzer (Rudolph) Co., R% pr. (mt.)- 2
1)ec, I Nov. 21
1)ec. 2
Yellow Cab Mfg., class B (monthly).....* 4l2-3c Jon. 2 *Holders of to
rec. Dec. 20
Clas.1 13 (monthly)
• 412-3e Feb. 1 'Holders of rec. Jan. 21
Class B (monthly)
•41 2-3c Mar. I 'holders of rec. Feb. 20
York Manufacturing
4
Dee. 1 Holders of rec. Nov. 2
unofficial
sources.
The
New York Stock Excliange has ruled
t
•From
that stock
will not be quoted ex-dividend on this date and not tit til further notice.
I The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
not
books
closed
for
this
dividend. et Correction. e Payable in stock
a Transfer
6, Payable In scrip. la On account of
1 Payable in common stock
accumulated
Payable in preferred stock. n Payable In Canadian
dividends.
funds.
a New York Curb Market rules BrItIsh Amer. 011 be quoted ex-div. on Oct 1.
p All transfers received in London on or before Sept. 3 will be In time for paymeLt
of dividend to transferees
beet to approval by stockholders
8 Dividend is 50 etc In cash or 2 % In common stock ,as the stockholder elects.
,One-quarter share of new common stock for each share of counnou uuw aeld.
I4
14
I Sic
14
14
1
14
14
$1
14
14
14
Si
4
134
14
14
4
2409
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Nov. 24. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show,the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thonsanets of dollars-that is, three closers 1)1001 omitted.)
New I
Capital. Profits. Loans,
Dis-oa I. Cash
Week °toeing
tra
Nov. 24 1923. Nat'l, Sept. 14 InvestState, Sept. le ments,
Sc.
(000 omitted.) Tr.coa .Sept 10
Members of Fe ,t. Res.
1 ank ,f
Y &
$
Trust Co____ 4.000
Bk of Manhat'n 10.000
Mech & Met Nat 10.000
Bank of America 6.500
Nat City Bank_ 40,000
Chem Nat Bank 4,500
Nut Butch & Dr
500
Amer Rich Nat 5.000
Nat Bk of Corn. 25.000
Pacific Bank_ _. 1,000
Chat & Phen Nat 10.500
Hanover Nat Bk 5.000
Corn Exchange_ 9.070
National Park. _ 10.000
East Rlver Nat_ 1.000
First National _ 10.000
Irving-8k ColTr 17.• I
Continental Bk. 1.000
Chase National_ 20,000
Fifth Avenue. __
500
Commonwealth_
600
Garfield Nat.__ 1.000
Fifth National._ 1.200
Seaboard Nat__ 4.000
Coal & Iron Nat 1.500
Bankers Trust._ 20.000
S Mtge & To. 3.009
Guaranty Trust 25,000
Fidel-Inter Trust 2,000
N Y Trost Co__ 10.000
Metropolitan To 2.000
Farm Loan & Ti' 5.000
Equitable True) 23.000
Bank.
3
12.108
13.81c
16,84,
1
5,648
52.2 I
16.550
152
8.128
39,449
1.723
9.791
21.904
12.876
24,050
832
55.943
11,407
956
23.250
2.525
1,011
1.642
1.190
7,358
1.283
24.224
4,429
18,330
1.945
18.342
4,01 ,
18.171
11,22.
Reusielrkre
Net
I Time
Legal Demand I DeDepost Deposits. I posits
torfes.
Average. Averag Average
$
$
62,81.
6.491
79
132.363 2.16 14.314
151.888 4,14 18.937
79.774 1.45 10.461
502,437 4.75 56,809
56,509
113,941 1,12 12,764
6
4,727
599
94.190
90 10.562
302,82
1,00 33,015
26,614
82
3.756
5.302 17.105
148.99
112,959
481 13.241
182,954 5,352 23.136
159,443
95 16.811
15,52
401 1.719
267,911
49, 24.361
247.290 3.73 32.609
7.921
14
1.123
330,044 4,45 38.294
23.19'
62
2.815
10,754
473 1.274
15,112
40
2.268
17,030
230 2.278
84,242
884. 10,48
15.822
28
.
245,454 1.12 27.384
49,279
93, 6,036
362.932 1,60 39.331
21,931
357 2.493
140.602
463 15.591
39,464
61
4,808
120,683
599 12,656
216.138 1.685 25.607
Bank
Circuta/ton.
Average Areragt Ae ve.
$
3
$
5.633
47,85
104,150 20,441
E,
143.620 4.141
550
78.325 2.799
•534.66 72.315 2,147
94.714 5,879
314
3.760
37
298
79.652 6.431 4,959
252,24 15.763
'24.972 2.177
8_,..5
1:16
, 6,023
116.720 24
16
94
9.3
768
3
100
127,057 6.825 7-.84
12,125,
.50
183,027 18.724 7.489
246.210 14.410
6.387
373
289.116 22,385 1-.05;
21,240
9,360 1,203
_
14.599
33
398
16.414 1,060
, 4
24
19
1
79.300 1,85S
64
.130
'213.663 25,054
45.574 2,534
"365.800 40,903
18.733 1,861
114,935 18,423
35.994 2.31
"92.614 20,60
"226,000 16.9031
Total of arerae 289.375 441).179 4,307.265 48,854 490.903c3.646,696 387,673 32.024
1 4.305,336 48,263 491.809 c3,621,959 337,864 32,113
N.„ 24
Totals. actual co Won No
4,312,985 46,861 511.91,3'c3.653.324 389.059 32.015
Totals. actual co'ndltion
4,315,196 51,259504.4134 c3,607,725397,333 32,106
Totals. arena condition
State Banks Not Me mbers of Fed. Res ve Bank.
1
19.348 1,835 1.973
Greenwtch Bank 1.000 2.337
20 1251,
4
'
879
5,491
250
361
332
Bowery Bank_.
2.884,
2.041
90.922 3.741 2.007
2.500 5.009
State Bank
3E3171 56.372
Total of averaget
3,750
8.226
115,764
5.937
Totals, actual condition Nov.24 116,163
115.75
Totals. actual co talition Nov.h
Totals, actual co miltIon Nov.10 114,24
Trust Corn pan lea Not Membe rs of Fed.
53,857
Title Guar & Tr 10,000 13,618
Lawyers Tit & T 6,000 5.480
28,337
4,312
54,326, 58,417
8,084 4,455
6,038 4.050
5.996 4,011
Reeve Bank
1,416 3.665
830 1,901
54.952 58,486
54.229 58,298
52,710 58.008
33.781! 1,4211
18,026
6971
Total of averages 16,1)00 19,0
82,194
2,246
5.566
51,807
2.118
Totals. actual co(Mitten Nov.24
Totals. (taunt co ailtion Nov.I7
Totals. actual co ndltion Nov.10
81,91t,
81.31,
80,24
2,16
2.24
2.478
5,605
5,54.5,234
50.871
51.596
50.617
2,136
2,114
2.125
_-_-
Gral aggr., aver. 309.125467.502 4.505,22 57,037 500.781 3,752,829448.208 32.024
Comparison with prey. week.. -18.659-1.350-3.724
+071-2.113 +61
Gr'd aggr., art'l cond'u Nov.24 4,503.41' 56.515 501.861 3,727.781 448.486 32,113
Comparison with prev. week.. -6.644 +1.367 -19.681 -31,368 -985 +98
Gr'd
crd
Gr'd
(iril
Gr'il
Gr'd
aggr., act' conda)
aggr., ac) micro
agar., act I vend n
agar., act')condo
aggr., are'contrn
aggr.. act'lcond'n
No:.17 4,510.05
Nov.10 4,509.684
Nov. 34.552.459
Oct. 27 4,542.002
Oct. 204.532,734
Oct. 134,522,144
55.14:. 521,557
59.733 113.814
55.504 I80.29i
57.033 111,777
50.29:4)21.95;
59.334 197.945
3.759.149 449.471 32,015
3.711.058457,466 32,106
3.742.266 452.168 32.051
3,707,826 466.553 32,310
3.710.027 467.761 32,306
3.561 912 456,721 32.286
Note.-U. S. deposits deducted from net dent, ad deco its in the general tota.
above were as follows: Average total Nov. 21, $10,313.0. 0: act lid totals Nov. 24'
$10.318,000: Nov. 17, $10,423,000: Nov. 10, 515.723.030: Nov. 3, $18,503,000.
Oct. 27, $18,503,000. Bills payable. rediscounts. acceptances and other liabilities.
average for week Nov.24. $123.693.000; Nov. 17, $131,078.000; Nov. 10, $432,465.000: Nov.3. $436,020,000, Oct.27.$11768000
Actual totals Nov. 24. $443,931,000; Nov. 17. $441,310,000; Nov. 10. $453,939,000; Nov. 3, $401,012,000: Oct. 27.
3445.066.000.
• Includes deposits In foreign branches not included in total footings as follows:
National City Bank. $116.672.000: Bankers Trust Co., $11,622,000: Guaranty
Trust Co.. $70,646.000: Farmers' Loan & Trust Co.. $281.000: Equitable Trust
Co., 530.172.000. Balances carried In banks In foreign countries as reserve for
such deposits were: National City Bank, $19,376.000: Bankers Trust Co., $2,320.000: Guaranty Trust Co.. $11,338,000; Farmers' Loan dt Trust Co., $284,000;
Equitable Trust Co., $2,512.000. c Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks....
State banks"
Trust companies
Total
Total
Total
Total
Nov. 24
Nov. 17....
Nov. 10._
Nov. 3....
Total
Reserre.
a
Reserve
Reluired.
Surplus
Reserre.
490.903.000 490,903.000 485,700,670
4,312,000 10,249,000 o,778.680
5,566,000 7.812.000 7,771.050
5,202,330
470,320
40,950
8.183.000 500.781.000,508.964.000,503,250,400
8.319,000 504.505.000 512.824,000 503.155,600
8.485.000 500.167,0001508,652.000 499.698.1460
8.178.000 504,068.000,512.2411.000 5112,912.530
5.713.600
9.638.400
8.953.140
9.333,470
5,937.000
2,246,000
• Not members of Federal Reserve Bank,
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 in reserve re -mired on net time deposits, which was as follows:
Nov.24,$11,630,190; Nov. 17, $11,702,610: Nov. 10, $11,890,920; Nov. 3,$12,022,290.
[VOL. 117.
THE CHRONICLE
2410
Actual Figures.
Cash
Reserve
in
Reserve.
in Vault. Depositaries
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
$
491.809,000 491,809,000 482,490,460
6,084,000 4,455,000 10,539,000 9,891,360
2,168,000 5.605.000 7,773,000 7,630,650
$
Members Federal
Reserve banks_
State banks*
Trust companies_ _ _
BOSTON CLEARING HOUSE MEMBERS.
9,318,540
647,640
142,350
8,252,000 501,869,000 510,121,000 500,012,470 10,108,530
8.287,000 521,555.000 529,842,000 504,104,510 25,737,490
8,474,000 513.880,000 522,354,000 498,005,670 24,348,330
8,261.000 480,290,000 488,551,000 501,900,670 x13,349.670
Total Nov. 24_ _ _
Total Nov. 17.._
Total Nov. 10_ _
Total Nov. 3
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:
• Not members of Federal Reserve banks.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Nov.24,511,635,920; Nov. 17, 811,671,770; Nov.10,511,919,990; Nov.3,511,760,x Deficit.
930.
Nov. 21
1923.
Changes from
previous week.
Nov. 28
1923.
Nov. 14
1923.
$
Unchanged 57,300,000 57,300,000
Capital
57,300,000
Unchanged 83,401,000 83,304,000
83,401,000
Surplus and profits
Loans, disets & investments.. 859,258,000 Dec. 52,741,000 861,999.000 865,767,000
Individualdeposits,incl.0.5.809,587.000 Dec. 15,076,000 624,663,000 625,373,000
108,794,000 Dec. 5,356,000 114,150,000 116,004,000
Due to banks
311,000 128,455,000 128,462,000,
128,766.000 Inc.
Time deposits
9,194,000 Dec. 276,000 9,470.000 13,767.000
United States deposits
27,966.000 23,918.000
House
22,099.000
Dec.
5.867,000
Exchanges for Clearing
64,378,000 Dec. 9,958,000 74,336,000 68,962.000
Due from other banks
69,378,000 Dec. 977,000 70,355,000 71,586,000
Reserve in Fed. Res. Bank
132,000 9,167,000 9,308,000
Cash in bank and F. R. Bank 9,035,000 Dec.
Reserve excess In bank and
2,016,000 1,984,000
1,475,000
Dec.
541,000
Bank
Federal Reserve
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.-The Philadelphia Clearing House
House.-The State Banking Department reports weekly
ending Nev. 24, with comparative figures
figures showing the condition of State banks and trust com- return for the week
weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House as follows: for the two for
members of the Federal Reserve System
requirements
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
STATEMENT.
HOUSE
CLEARING
NEW YORK, NOT INCLUDED IN
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differencesfrom is not a part of legl reserve. For trust companies not memprevious week.
Nov. 24.
bers of the Federal Reserve System the reserve required is
8808,101,400 Dec.$4,662,200 10%
Loans and investments
on demand deposits and includes "Reserve with legal
3,204,000 Dec. 566,000
Gold
21,246,500 Dec. 2,106,400 depositaries" and "Cash in vaults."
Currency and bank notes
74,535,200 Dec. 896,900
Deposits with Federal Reserve Bank of New York
843,537,800 Dec. 12,360,200
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 800,529,100 Dec. 8,420.200
131,855,300 Dec. 7,434,800
Reserve on deposits
Percentage of reserve, 21.3%.
RESERVE.
- -Trust Companies-Slats Banks
869,021,300 15.89%
*$29.964,400 16.29%
Cash in vault
23,553,600 5.42%
Deposits In banks and trust cos--__ 9,316,000 5.06%
$92,574,900 21.31%
$39,280,400 21.35%
Total
* Include deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Nov. 24 was $74,535,200.
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.
Week ended-Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Nov. 17
$
5,335,175,500
5.287,688.600
5,288,638,700
5,229,446,600
5,257,620.900
5,299,993,700
5,305,103,700
5,343,149,700
5.351,110,900
5.389.173,500
5,353,284,200
5,355,546.100
5,350,666,100
5,373,050,300
5,337,904,700
5.336,645,600
$
4,452,081,300
4.372,278,000
4,350,022,600
4,336,761.700
4.354,662,100
4,380,653,300
4,404,072,200
4,456,769.600
4,422,478,500
4.488,842,200
4,461,182,100
4,503,826,700
4,495,610,900
4,533,531,000
4,522,471,900
4,561,107,300
May. 24
5.313.524_400
4 QAQ "ArQ MA
n
78,046,100
80,142,000
79.734,800
78,651,400
79,233,800
79.476,700
82,333,900
79,777.500
79,056,100
80,036,500
82,900.900
83,304,800
81,105,600
80,947,800
84,949,200
85,487,900
51 557 cm
BOSOM in
Depositaries
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers (0OO) Milted.)
I
Net Loans
Nat'l
Net
Reserve Net
Capital.Profits. DieCLEARING
counts, Cash
with Demand Time Bank
gON-MEMBERS
De- CircuDeLegal
Nat.bks. Sep.14 Invest- in
Week Ending Statebks.Sep.10 menu. Vault. Deposi posit,. Mils. ialion•
t07168.
Nov. 24 1923. Tr. cos. Sep. 10 &a.
Total
State Banks
Not Members of
Reeve Bank
'
Fed.
lank of Wash.H
3olonlal Bank__ Total
Crust Company
Not Member of
?ed'I Res've Bank
s1ecb.Tr.,Bayonne
Total
$ I
500
Average Average Average Average Average Average
$
$
3
$
$
$
$
---1,117 4,415
20
33
1,567 7,193
1,567
7,193
20
337
1,117
4,415
-.-
,
200,
3:: 6,541
800 2,21 22,:1 i
1,000
2,60
29,341
Trust
Membersof
F.R.System Companies
676
2,65
344
1,406
5,735
22,088
1,433
----
-- --
3,331
1,75
27,823
1,433
---
----
407
9,633
30
251
3,592
5,689
40
9,633
308
251
3.592
5,68'
2.0O
4,5:1 48,167 3.659 2,33 a32,532 11,53
)rand aggregate
3omparLson with previous week - - -81 -111 -1491-658 +
led agar., Nov.17 2,000 4,580 46,248
led aggr.,Nov.10, 2,000 4.580 45,258
Ir'd agar., Nov. 31 2,000 4,580 43.618
led surar net 27i 2.000 4.580 43.357
3,770
3,715
3,576
3_1105
2.487 833,191 11,503
2,644 832,400 11,254
2.1231 230,845 10,273
2 255 .20 752 10.349
a United States deposits deducted. $81 000.
Bills payable. rediscounts, acceptances and other liabilities, $121,000
Excess reserve. $145,650 decrease.
Nov 1()
1923.
$44,875,0 844,875,0
123,787,0 123,787,0
740,263.0 749,115,0
33,453,0 32,960,0
111,056,0 98,838.0
123,278,0 120,770,0
563,574.0 559,568,0
59,734,0 59,524,0
748,586,0 739,862,0
4.263,0
5,926,0
3,282,0
3.176,0
2,974,0
56,142,0 55,965,0
54,776,0
11,052,0 10,969.0
1,286,0
9,763,0
70,476,0 70,110,0
4,260,0
64,539,0
60.291,0 60,325,0
4,026,0
55,932,0
10,185,0
9,785,0
234,0
8,607.0
• Cash in vault not counted as reserve for Federal Reserve members.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Dank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.)
Res've with legal deposit's
Reserve with F.R.Bank
Cash In vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault
$5,13100,0
15,513,0
43,367,0
369,0
13,0
876,0
26,024,0
981,0
27,881,0
$39,875.0
108,274,0
694,548,0
28,156,0
99,778,0
116,087,0
530,705,0
58,470,0
705,262,0
$44,875,0
123,787,0
737,915,0
28,525,0
99,791,0
116,963,0
556,729,0
59,451,0
733,143,0
3,980,0
2,974,0
54,776,0
11,049,0
68,799,0
59,958,0
8,841,0
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 Nov. 28 1923 in
comparison with the previous week and the corresponding
date last year:
291922.
Total earning assets
Bank premises
5% redemp. fund agst.F.R.bank notes
Uncollected Items
All other resources
Total resources
--------
--__
235,440.055
15.152,707
216,163,244
14,151,741
128,010,736
1,160,311
138,700,551
1,077,466
720,318,774
Total
429,997,203
F. R. notes In actual circulation
F. R. bank notes In eircu'n-net liability
105,674.346
items
availability
Deferred
5,080,632
All other liabilities
Total liabilities
252,339,000
10,325,000
274,000
124,7/0,000
1,769,000
1.350,283,029 1,361,129,144 1,487,050,000
Liabilities29,412,550
Capital paid In
59,799,523
Surplus
Deposits6,304.920
Government
Member banks-Reserve amount-- 701,180,582
12,833,271
other
All
29.409,250
59,799,523
28,673,000
60,197,000
3,829.136
699,802,659
14,276,696
7,273,000
679,289,000
10,935,000
717,908,692
433,314,874
697,497,000
594,003,000
4,837,000
96,173,000
5,670,000
115,786.715
4,910,090
1,350,283,029 1,361,129,144 1,487,050,000
Ratio of total reserves to deposit and
83.8%
F. R. note liabilities combined
Contingent liability on bills purchased
8,456,766
for foreign correspondents
• Not shown separately prior to January 1923.
CURRENT
500
Nov. 17
1923.
1923.
Total.
Nov. 28 1923. Nov. 21 1923. Nov.
$
$
$
Resources171,971,878 188,266 169 168,961,000
$
Gold and gold eertificates
591,712,400 Gold settlement fund-F. R. Board
125,847,345 134,048,337 224,522,000
578,776,900
581,500,000
297,819,224 322,314,506 393,483,000
Total gold held by bank
573,572,600 Gold with Federal Reserve Agent
633,977,540 634.052,640 659,850,000
12,257,000
7,668,697
6,170.074
577.416,800 Gold redemption fund
584,092,300
591,433,500
937,986,839 964.035.845 1,065,590,000
Total gold reserves
31,983,000
601,935,000 Reserves other than gold
17.202,617
26,180,688
587,766,500
602,701,800
Total reserves
964,147,527 981.238,462 1,097,573,000
598,292.700 'Non-reserve cash
9.797,678
7,371,690
600,034,000 Bills discounted:
599,275,700
86,574,600 108,933,000
102,844,600
Secured by U.S-Govt. obligations
608,669,300
28,088,000
39,070,252
All other
29,198,863
612,693,900 Bills bought In open market
56,375,000
84,419,641
87,992,841
616,672.200
e05.185.800
J
219,836,305 210.064,494 193,396,090
Total bills on hand
28,853,000
3,348,750
U. S. bonds and notes
6,309,750
U. S. certificates of indebtedness5,500,000
One-year
Act)....
certificates
(Pittman
Trust Com24,590,000
2 750 000
9,294.000
AUother
New York City Non-Member Banks and
panies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are net included in the "Clearing House Returns" in the foregoing:
Members of
Sed'I Res've Bank
IV. R.Grace & Co_
Week ending Nov. 24 1923.
Two Ciphers (00)
omitted.
85.2%
85.0%
8,040,912
11,732,873
NOTICES.
-Dwight P. Robinson & Co., Inc., of New York, have opened an Atlanta
Mr.
office in the Healey Building, with W. Rawson Collier in charge.
Joined
Collier was for many years with the Georgia Ry. & Power Co. He
from
them
the Dwight P. Robinson forces several months ago, coming to
the Massathe Poughkeepsie Gas & Electric Co. He is a graduate of
identified with
chusetts Institute of Technology, and has been prominently
American Institute
the work of the National Electric Light Association, the
the Illuminating
of Electrical Engineers, the American Gas Association and
the company
Engineering Society. The opening of the Atlanta office gives
Pittsburgh,
Chicago,
a total of eight branches. Other branches are at
Rio de Janeirp
Youngstown, Philadelphia, Montreal, Los Angeles and
DEC.1 1923.]
THE CHRONICLE
2411
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Nov.29,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 2376, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS Nov. 28 1923.
Nov. 28 1923 Nov. 21 1923. Nov. 14 1923. Nov. 71923. Oct. 31 1923. Oct. 24 1923. Oct. 171923. Oct. 10 1923 Nov. 291922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
3
359,568,000
587,079,000
$
376,216.000
600,741,000
s
388,047,000
584,046,000
a
373,643,000
573.514,000
$
354,739.000
609,186,000
$
375.456,000
618,424,000
$
367.835,000
607,734,000
$
364,693,000
623,054,000
S
303,219,000
644,959,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
946,647,000 976,957,060 972,093,000 947,157,000 963,925,000 993,880,000 975,569,000 987,747,000 948,178,000
2,104,845,000 2,098,784,000 2,107.168,000 2,107,970,000 2,085.682,000 2,089,358,000 2,087,371,000 2,074,372,000 2,048,084,000
59.715,000
76,596,000
60,275,000
62,229,000
60,944,000
54,748,000
53,174,000
67,789,000
61,471,000
Tots gold reserves
Reserves other than gold
3,112,436,000 3,135,456,000 3,134,009,000 3.122,916,000 3.111,078,000 3,136,412,000 3,125,169,000 3,122,394,000 3,072,858,000
77,425.000
84,846,000
71,529,000 129,952,000
75,370.000
72,854,000
72,325,000
80,067,000 • 72,710.000
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. B Govt. obligations
Other bills discounted
Me bought in open market
3,197,282,000 3,212,881,00 3,209,379,0003,195,241,000 3,191,145,000 3.209,122,000 3.198,023,000 3,193,923,000 3,202,810,000
71,881,000
58,754,000
68,932,000
72,860,000
74,877,000
68,172,000
39,152,000
76.872,000
406,269.000
462,748.000
182.407,000
315,280,000
334,816,000
259,226,000
Total bills on hand
U.S. bonds and notes
G. B. certificates of indebtedness
Municipal warrants
1,083,385,000 1,030,742 000 1,059,562,000 1,065,480,000 1.088,498,000 1,015,985,000 1,045,039,000 1,051,424,000
68,332,000
71.341,000
86,808,000
78,657,000
75,440.000
77,574,000
86,251,000
79,907,000
5,031,000
13,119,000
5,075,000
11,663,000
14,852,000
14,263,000
8,286,000
7,790,000
51,000
154,000
317,000
317,000
317,000
317,000
317,000
317,000
909,322,000
162,336.000
142,125,000
24,000
382,643,000
411,738,000
289,004,000
341.635,i0
404,553 000
284,554,000
373,536,000
417.576,000
268,450,000
377,705,000
439,747,000
248,028,000
425,650,000
458,150,000
204,698,000
384,346,000
451,892,000
179.747,000
386,175.000
468,346,000
190,518,000
1,167,999,000 1,104,156,000 1,150,199,000 1,156,089,000 1,180,652,000 1,104,495.000 1,139,397,000 1,143,624,000 1,213,807,000
Total earning assets
56,559,000
46,282,000
56,649,000
Bank premises
55,954,000
56.162,000
65,202,000
55,895,000
55,943,000
55,640,000
28,00
3,130,000
5% redemp.fund ant.F. H. bank notes
28,000
28,000
28,000
28,000
28,000
28,000
28,000
603,579,000 680,640,000 787,899,000 588,520,000 611,271,000 660,460,000 840,286,000 646,278,000 599,826,000
Uncollected items
13,828,000
13,987,000
15,050,000
All other resources
13,945,000
13,470,000
14,019,000
13,076,000
13,690,000
13,470,000
5,098,278,000 5,139,973.000 5,290.472,000 5,078,023,000 5,091,267,000 5,120,342,000 5,321,941.000 5.121.457,000 5,080,905,000
Total resources
LIABILITIES.
Capital Paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
110,095,000 110,103,000 110,023,000 109,835,000 109,726,000 109,709.000 109,688,000 109,676,000 107,207,000
218,369,000 218,369,000 218,369,000 218,369,000 218,369.000 218,369,000 218,369,000 218,369.000 215,398,000
33,449,000
26,072.000
34,803,000
20,151,000
36,575,000
40.334,000
44,911,000
28,823.000
18,485,000
1,381,025,000 1.891,027.000 1,913,355,000 1,864,808,000 1,895,265,000 1,872,179.000 1,915,740,000 1,863,850,000 1,807,631,000
19,143,000
21,754,000
22.765,000
24,380.000
23,007,000
22,536,000
23,061,000
26,090,000
24,165,000
Total deposits
1,938,593,000 1,941,479,000 1,982,431,000 1,909,383,000 1,958,660.000 1.923,538,000 1,975,322,000 1,905,755,000 1,860,223,000
F. R. notes in actual circulation
2,246,300,000 2,223,074,000 2,263.048,000 2,265,556,000 2,224,365,000 2,255,354,000 2,272,391,000 2,288,580,000 2,329,814,000
20,868,000
F,R,bank notes in circulation-netliab_
480,000
502,000
473,000
498,000
517,000
529,000
507,000
523,000
Deferred availability items
559,044,000 621,692,000 691,589,000 550,334,000 555,914,000 589.636,000 723,251,000 576,277.000 520,497,000
26,898,000
22,320,000
All other liabilities
24,754,000
22,447,000
24,505,000
25,379,000
24.029,000
23,207,000
23,210,000
Total liabilities
5,098,278,000 5,139.973,000 5,290,472.000 5,078,023,000 5,091,267,000 5,120,342,000 5,321,941,000 5,121,457,000 5,080,905,000
Ratio of gold reserves to deposit and
73,3%
75.3%
74.4%
F. R. note liabilities combined
73.6%
74.4%
73.8%
74.4%
75.1%
74.8%
Ratio of total reserves to deposit and
76.4%
77.1%
76.1%
F. R. note liabilities combined
75.3%
75.6%
76.5%
76.4%
76.8%
76.3%
Contingent liability on bills purchased
31,512,000
36.015,000
25,045.000
for foreign correspondents
40,528,000
24.655,000
35,709,000
38,946.000
42,331.000
44.102,000
Distribution by Maturities1-15 days bills bought in open market1-15 days bills discounted
1-15 days U. B. certif. of indebtedness1-15 days municipal warrants
16-30 days Mlle bought In open market_
16-30 days bills discounted
16-30 days U. 8. certif. of indebtedness16-30 days municipal warrants
31-60 days bills bought in open market31-60 days Mlle discounted
81-60 days U. S. certif, of indebtedness31-60 days municipal warrants
61-90 days bills bought in open market01-90 days bills discounted
51-90 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 indebtednessOver 90 days municipal warrants
$
88,265,000
542,731,000
9,881,000
$
90,994,000
489.878,000
2.818,000
45,431,000
73,512,000
2,553,000
113,000
85,172,000
104,881,000
1,000
31.000
63,376,000
48,287,000
41,031,000
73,420,000
1,466.000
10.000
80.488.000
108,193,000
1,000
31.000
64.186,000
50,977,000
10,000
6,760,000
24,970,000
679,000
10,000
7,855,000
23,720,000
746,000
$
84,356,000
520,155.000
9,289,000
266,000
43,170,000
84.621,000
$
90,763,000
539,629,000
0,800,000
266,000
38.667,000
77,064,000
61,380,000
110,911,000
1,375,000
10,000
69,118,000
54,847,000
1,000
31,000
10,426,000
20,578,000
998,000
10,000
54,936.000
118,469,000
4,348,000
10,000
57,701,000
63.135,000
1,000
31,000
5,961,000
19,251,000
3,703,000
10,000
a
$
64.180,000
594,529,000
6,274,000
54,198,000
487,038,000
3,200,000
$
68,283,000
558,679,000
4,595,000
3
63,939,000
578,169,000
1,923.000
$
60,451,000
445,401,000
3,484,000
30,101,000
74,667,000
25,647,000
129,496,000
21,767,000
78.705,000
27,447,000
80,062.000
44,747,000
56,419,000
1,007,000
266.000
53,832,000
121,853,000
4,214,000
10,000
52,217.000
75,104,000
25.000
31,000
4,368.000
17.647,000
3.750,000
10.000
266,000
51,320,000
125.902,000
1,601,000
44,871,000
126,020,000
163,000
266,000
51,484,000
76,515,000
42,953,000
121,813,000
88,869,000
73,103,000
1,720,000
24,000
47,121,000
45,218,000
76,000
44,851.000
76,596,000
1,000
41,000
3,735,000
17,206.000
3,484,000
10,000
41,000
4,113,000
14,602,000
3,032,000
10.000
266.000
43,728,000
75,599.000
261,000
41,000
4,340.000
13,374.000
2,891,000
10,000
16,038,000
29,955,000
135,835,000
Federal Reserve NotesOutstanding
Held by banks
2,719,721,000 2,721,504,000 2,730,668,000 2.725,392.000 2,720,586,000 2.736,852,000 2.743,726,000 2,739,884.000 2,718,471,000
473,421,000 498,430,000 467,620,000 459,836,000 495,721,000 481,498,000 471,335.000 451,304,000 388,657,000
In actual circulation
2.246,300,000 2,223,074,000 2,263,048,000 2,265,556,000 2,224,865,000 2,255,354,000 2,272,391,000 2,285,580,000 2,329,814,000
Amount chargeable to Fed. Roe. Agent 3,602.150,000 3,614,813,000 3,595,957.000 3.576,956,000 3,590,810,000 3,614,101.000 3,617,660,000 3,600.728.000 3,609,182,000
882,429,000 893,309,000 865,239,000 851,564,000 870.224,000 877,249,000 873,934,000 860,844,000 890,711,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
By eligible Paper
Gold redemption fund
With Federal Reserve Board
Total
2,719,721.000 2,721,504.000 2,730,668.000 2,725,392.000 2,720,586,000 2,736.852.000 2,743,726,000 2,739,884,000 2,718,471,000
320,531,000 320,534.000 320,534,000 320,534,000 320,534.000 320,534,000 320,534,000 320.534,000 346,317,000
614,876,000 622,720.000 623,500,000 617,422,000 634.904.000 647,494,000 656.355.000 665,512.000 670,387,000
106,648,000 115,375,000 119,972,000 107,548.000 116,669,000 113,435,000 122,860,000 112,074,000 131,560,000
1,677,663,000 1.662,875,000 1,666,662,000 1,679,888,000 1,648,479,000 1,655,389,000 1,643,977,000 1.641,764.000 1,570,207,000
2,719,721,000 2.721.504.000 2,730,668,000 2,725,392.000 2,720,586,000 2,736,852,000 2,743,726,00o 2,739.884,000 2,718,471,000
Eligible Paper delivered to F. R. Amy 1,036,304,000
989,636,000 1,008,342,000 1,011.460,000 1,047,588,000
965,676,000 1,005,838.000 1,007.544,000
867,683,000
•Not shown separately prior to Jan. 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 28 1913
Two ciphers(00) omitted.
Federal Reserve Bank of-
Boston. New York.
Phila.
'
Cleveland, Richmond Atlanta. Chicago. St. Louis. lifinneap. Kan. Mg Dallas. San Fran.
Total.
RESOURCES.
$
Gold and gold certificates
21,213,0
Gold settlement fund-F.R.B.rd 50,345,0
1
1
$
$
1
$
$
$
$
$
$
171,972,0 39.632,0 13,439,0 5,235,0 6,595,0 51,678.0 4,709.0 8,795,0 3,170,0 11,935,0 21,195,0
125,847,0 32,686,0 83,012,0 43,166,0 14,071,0 79,627,0 38,254,0 27,745,0 38,540,0 15,311,0 38,475,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
71,558.0
168,430,0
7.252,0
297.819,0 72,318,0 96,451,0 48,401,0 20,666,0 131,305,0 42.963,0 36,540,0 41,710,0 27.246,0 59,670,0 946,647.0
633.978,0 175,701,0 219,403,0 63,405,0 64,598,0 400.493,0 36,892,0 46,714,0 31,869,0 27,354,0 236,008.0 2,104,845.0
6,170.0 13,562,0 1,750,0 4,410,0 5,938,0 4,387.0 4.046,0 1,992,0 5,709,0 1.930,0 3,798,0
30,944.0
Total gold swerves
Reserves other than gold
247,240,0
5,521,0
937,967,0 261,581,0 317,604,0 116,216,0 91,202,0 536,185,0 83,901,0 85,246,0 79,288,0 56,530.0 299,476.0 3,112,436,0
26,180,0 8,127,0 5,663,0 3,360,0 6,600,0 6,789,0 9,009,0 1,010,0 3,861,0 6,262,0 2,464,0
84,846,0
Total reserves
252,761,0
12.009,0
Non-reserve cash
Bills discounted:
Secured by II.B.Govt.obligalis 25,895,0
44,340,0
Other bills dieoounted
31,910,0
Bills bought In open market
964,147,0 269,708,0 323,267,0 119,576,0 97,802,0542.974,0 92,910,0 86,256,0 83,149,0 62,792.0 301,940,0 3,197,282,0
7,372,0 2,259,0 2,940,0 1,336,0 7,953,0 5,425,0 5,460,0 1,316,0 3,449,0 2.218,0 7,017,0
58,754,0
102,644,0 39,869.0 34,645,0 21,914,0 24,931,0 62,968,0 20,885,0 '2,613,0 23,593,0 3,030,0 19.656.0 382,643,0
29,199.0 15.817,0 25,622,0 32,925,0 62,136,0 51,057,0 45,539,0 18.632,0 35.899,0 11,989,0 38.583,0 411,738.0
87,993,0 23,119,0 29,944,0 2,625,0 11,006.0 39,107,0
522,0
51,0
710,0 43,982,0 18,032,0 289,004.0
102,145,0
Total bills on hand
4,028,0
U. S. bonds and notes
587,0
U.8. certificates of indebtedness.
Municipalwarrants
219,836.0 78,505,0 90,211,0 57,467,0 98,073,0 153,132,0 66,946,0 21,296,0 60,202,0 59,001,0 76,271,0 1,083,385,0
6,310.0 12,565.0 9,953,0 1,341,0
226,0 6,913,0
7,565,0 6,675.0 6,230,0 9,185,0
71,341,0
9,294,0
38,0
2,0 2,102,0
810,0
50,0
236,0
13,119,0
103,0
51.0
'
154,0
106,760,0
235,440.0 91.511.0 1000740 50.800.0 98.352.0 162.147.0 66.946.0 29.2110 07112 ft 05001 n RA asn 0 1 107 coo n
Total earning emote
$
359,568.0
587,079,0
[VoL. 117.
THE CHRONICLE
2412
RESOURCES (Concluded)Two cones (00) omitted.
Bank premises
3% redemption fund
F. R. bank notes
Uncollected items
All other resources
Boston. New York.
$
14,153,0
$
4,434.0
Cleceland. Richmond Atlanta. Chicago. St. LOUIS. MinnatIP. Ran. City
Phila
S
745.0
$
9,853,0
$
2,617.0
$
2.923,0
s
$
$
$
1,935,0
1,269,0
Dallas, San Fran
Total.
s
$
$
3,082,0
56,649,0
28.0
128,011,0, 53,151,0 58.551,0 60,852.0 26,076,0 72,720.0 34,136.0 14.978,0 37,043.0 28.721,0 36,723,0
38,0 2.716.0
435.0i
760.0 3,299.0 3,636,0
511.0
375.0
660,0
257.0
1.160.01
28,0
605.579.0
13,987,0
8,715,0
4,970.0
1,9.53,0
against
52.615,0
140.0
Total resources
LiABILITIRS.
Capital paid In
Surplus
Deposits: Government
Member bank-reserve awl
Other deposits
428,719.0 1.350.283.01417.631.0 495.960,0 243,624,0233,760.0 792,492,0 200,759.0 136.412,0 196,484,0 164,292,0 437.856,0 5,098,278,0
7,890,0
16.312,0
2,548.0
125.791.0
169.0
29,413.0, 9.936,0 12,348,0 5.756.0; 4.426.0 15.224.0 5,008.0 3,498.0 4.548,0 4,196.0 7,852.0 110,095,0
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 7,490,0 , 15263,0 218,369,0
34,803,0
6,305.0 1.955.0 2,480.0 3.595.0 1,989.0 3,624.0 2,247.0 1,129.0 2.701.0 2.486.0 3.654,0
701,181.0 113.791.0 156,430,0 63.277.0' 54,278.0 269,285,0 68,076.0 46.707.0 72,911.1.0 59.716.0 149.497.0 1.881.025,0
377,0
425.0
1.403,0
170.0
518.13 4.374.0
166.0,
22.765,0
738,0
394,0 1.198.0
12.833.01
128,508,0
Total deposits
224,526,0
F.R. notes in actual el rculatio n
F. R. bank notes in circulationnet liability
50,272,0
Deferred Availability items
1.221.0
All other liabilities
720.319,0 116.140.0 160,108.0' 67.038.0 56.437,0 274.312.0 70.748.0 48.213.0 76.525.0 62.720,0 157,525.0 1.938.593,0
429,997.0 222.613.0 244.680,01102.809.0 142,693,0 405.089,0 77.140,0 60,973,0 64.336,0 56.596.0 214,853,0 2,246.300.0
498.0
559,014,0
25,379,0
498.0
105,674,0 48,180,0 53.100.0! 55.203.0 19 468,0 64.956.0 36.687.0 14.787.0 40.277.0 30,305.0 40,135,0
1.310.0 2.481,0, 2,228.0
1.530.0 1,795.0 2.513.0 1,511.0 1.468,0
5,080.0 2,013.0 2.229,0
428,719,0 1,350,233,0 417,631,0 495,960,0 243,624,0 233,766,0 792,492.0 200,759,0 136,412.0 196,484,0 164,292.0 437.856,0 5,098,278.0
Total liabilities
Memoranda.
deposit
to
Ratio of total reserves
and F. R. note liabilities com79.0
59.0
62.8
70.4
79.9
49.1
52.6
79.9
79.6
76.4
81.1
83.8
71.6
bined, per cent
Contingent liability on bills pur0A arm n
7MQn
1.
R09 n
812.0 1.09911
1 0000
/ AA/ n
1 nIc n
1 2AR n
9 A7A n
9 190 (1
A 4A7 n
Oilseed for foreign oorrespondls
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS NOV. 28 1923.
Boston. New Yorki PAUL
Federal Reserse Agent at-
Cleve. I Richned Atlanta Chicago.
I
Bt. L. I Mien. I/CCUe.1 Daltas.18aa 1r.
Total.
SIS1
$
S
$
$
$
On Thousands of Dollars)
$
Resources
I
128.440 24,390 9.925 31.753 21,644 62,700 882,429
91,750 313,260 38,380 49,820 31,010
Federal Reserve notes on hand
64,539 76.853 60,604 262,832 2.719.721
91,2671
448,232
240,809
154.681
112,334
265.5961
702,607
239.367
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
11,080
13.052
7.3911
320,534
2,400
7.0001
235,531
8,7801
35,300
certificates
gold
Gold and
8.849 1,812 1.01,2 2.509 3.463 16-033 106.648
27,447 12.312 13,623, 3.610 5.198
10,130
Gold redemption fund
123,000 371,000 156.389 197,000 59,795 57.000 391.644 24.000 32.000 29.300, 19,500219,975 1,677.663
Gold Fund-Federal Reserve Board
47,739 54,375 17.825 44.984 33,250 26.824 614.876
68,629 65.108 46.193 48.929 90.083
70.937
Eligible paperi Amount required
1.495 11.704 24,482 49.006 421,518
1.495 42,434 7.549 7,784 105,184' 12.551
31 208 123.566
(Excess amount held
---I--1-200.223 170,334'637,370 6.743.389
140.538
219,475
1,130.088
393.483
263.227
521,4731623.446
601.692 1,842.040
Total
Lfot41916.1-1
1
Net amount of Federal Reserves notes received from
331,117 1.015,867 279.169 315.416,143,344 231.018 576.672 115,657 74,501 108.606 85,2481 325,532 3,602,150
Comptroller of the Currency
36.892 46.714 31.869, 27,354 236,008 2.104.845
400,493
64,598,
63.4(15
219.4031
175,701
633,978
168.430
Gold
from'
Collateral received
102.145 192.195 66.603 88.6271 56.478 97,867 152,923, 66,920 19.320 50.7481 57.732 75,830 1,036,394
Federal Reserve BankiEllgIble Paper
--601,692 1.842,040 521.473 623.448 263,227 393.483 1.130.088219,475 141).538 200.223 170,334 637,370 6,743.389
Total
239,367 702.607 240.809 265,596 112.334 154.681 448,232 91,2671 64.539, 76.8531 60,604 202.832 2.719,721
outstanding
notes
Federal Reserve
43.143 14,127, 3.506 12.5171 4.008 47.979 473,421
11.983
9,525
20,916
18,196
272,610
11.851
Federal Reserve notes held by banks
.
1
' 77.140 60.973' 64.331P 56,598 214,853 2,246,300
405,089
142.698
'
102,809
244,680
222.613
429.997
224.516
Federal Reserve notes in actual circulation
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
of the resources
it01114
and liabilities of the 767 member banks, from which weekly returns are obtained. Those figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement wore given in the statement
of Out. 18 1917, published in the "Chronicle" Deo. 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 2376.
1. Data for all reporting member banks in each Federal Reserre District at close of business Nov. 21 1923. Three ciphers (00e) omitted.
Federal Redefle ['Istria.
BOs1011
New York
Phila,
Cleveland'Richmond! Atlanta I Chicago !SI. LOt448 Aftnneap Ran. City
106
35
28
74
Dallas
52
San Fran.
Taal
65
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
113
55
81
76
$
$
13,234
78,806
227.603 1.544.298
637.773 2,510,292
$
14,817
259.721
351.072
8
81,516
405.314
698.876
8
8.559
122.029
334.621
$
$
8.783
35.269
65.254 595,156
375.305 1,130,183
$
12.849
141,912
315,855
$
4.042
38,547
206,801
$
6.011
80,487
347,990
Total loans and discounts
U. B pre-war bonds
13. S. Liberty bonds
U. S. Treasury bonds
C. S. Treasury notes_
U. B. Certificates of Indebtedness_ _
Other bonds, stocks and encurities
878.610 4,133.398 625.610 1.131,708
47.848
48.73310.694
12.660
78.403 448,947
42,952 115.891
4.483
4.797
3.275
26.010
56.701
29.147 470.454
47.991
4,768
2.341
2.943
12.784
175.486 754,325 183.658 298.502
465.209
29.528
26.387
3.077
14.794
2.027
50.903
449.342 1,766,606
14.499
24.770
14.3.15
96.318
1.710
11,849
5.990 108.498
4,195
15,864
43.043 343,944
470.016
15,193
22.060
7.009
17.172
5.309
85,815
249,450
9.1111
12.141
955
27.635
2.101
26,686
434.491
11.440
46.886
4.087
17.287
3,132
57.864
767
$
$
12,111
225,143
187.801 3,734,004
801,784 7.939.440
291.853 1,001.696 11.898,587
30,645
20.711
275,888
13,471
95,466 1.013.290
12.111
1.912
81,305
36.155
13.455
845.279
3,526
9.005
68.115
13.388 157,857 2,192,069
916.521 1.859.899
70.948 105.807
32,502
16.596
688.619 898,225
110.316 604.504
6,577
4.060
510.925
35.405
14.380
338,140
152,383
2.014
533.742 2.367.851
32,700 202,737
10.538
55.401
267.117 1,468,734
180.308 797.427
2,869
5,527
823,234
37.622
7,980
329.605
193.795
2,361
328.129
22.998
6,017
2(14.830
83.329
886
575,187
46,381
12.210
397.276
133,948
684
358.319 1,342.995
27.087
97,010
10.001
21,681
257,288 749,955
77.881 537,864
2.110
4,781
20.198
16,078
10.074
32,639
10,138
4,940
19,700
2.109
12,699
16
RA Ali
A AIR
2/ 390
2905
99 Aq7
43
Total loans & disete dE Invest mle. 1,182.052 5.894.649
82,920 628,447
Reserve balance with F. R. bank__ _
19,813
83,059
Cash In vault
809.433 4,748.854
Net demand deposits
269,041 881.254
'lime deposits
9,639
13.340
Government deposits
Bills payable and rediscounts with
Federal Reserve Bank:
8.555
62.835
Secured by U.S. Govt. obligations
10 111
9A lir
All other
15.015
a 'I'll
10 A90
39
16.801
35.889
IRS
$
3.143
65.882
222,828
16,374,533
1,390.092
290,247
11,158.076
4,022,110
51,848
221,710
qAcn,n
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers(000) onswea•
City of Chicago.
Nov. 21.1 Nov. 14. Nor, 21.: Nov. 14.
I
AU P. R. Bank Cities. P. R. Branch Claes Other Selected Cities
Total.
Nov. 21. Nov. 14. Nov. 21. Nor. 14. Nov 21. Nor. 14.1.Vos.21.23,Nor 1423 NOV 2222
258
304'
304
258
205
205,
49
767
67
49'
67
767
784
Number of reporting banks
$
$
I
$
1
$
I
$
$
$
$
$
3
1
$
$
Loans and discounts, gross:
166,323
149.947
35.833
35.593
39,563
38,665
28,233
225.143
26.421
82.843
240,581
300,349
71.128
Secured by U 111 Govt. obligation
2.573.893
2.605,617
507.804
511.795
616,592
605.628
445,500
3,734.001 3.1187,325 3,658,497
1.350.049 1.318.312 443.309
Secured by stock, and bonds
2.198.418 2.242.407 666.8801 676.294 4,871.214 4.941.055 1.674,5011,666,2021.393.7251.394,606, 7,939.410 8,001,823 7,229,148
All other loans and discounts
Total loans and discounts
3.619.5953.643,560 1,130.816'l,150,027 7,626,778 7,681.2712.330,656 2.310,495 1.941.153 1.038.003 11,898,587 11,929.769 11,179,994
93.252
03,627
76.864
77.020 105.397 105.370
4,181
4,182
275.8881 275.8421
U. S. pre-war bonds
37.8781 37,628
613.911
630.588 231.800 231.190 167.579 1117,592; 1,013,290 1,029,370 11,498,899
38,510
39.140
389.600 404.711
. B. Liberty bonds
43.386
43.518
18,067
19.8121
18,820
5.103
18,803
5.089
81,3051
18,416
82,001 )
18.404
U. 81. Treasury bonds
640.229 139.984 139.308
628.109
77,186
77.129, 845.279, 858.666
65.358
691,235
62,824
438.4113 447.544
U. B. Treasury notes
35.022
29.974
. '
13.989
25.825
24.159
4.024
96,053
4,154
68.1151
75,7311
13,281
9.476
U. S. Certificates of Indebtedness_
539,080 532,1128 169,024 168.005 1.162.072 1.152.227 594,455; 584.150 435,542 433.776' 2,192.069 2.170,153 2,245.504
Other bonds, stocks and securities
Total loans & dleete & invest'ts_ 5,052.4965.098.0701,421.0291.435.20810,197.98010,276.8753.417,738 3,386.7912.758.800 2.755.671 16,391.53316,419,337 15.718,685
991.711 1,004.773 233.380 232,458 165.001 167,589 1.390.092 1,404,820 1,375,572
Reserve balance with F. R. Bank__ 582,797 570.115 141.287 151.591
145,615
150.347
294,250
81,551
64.402
84.813
63.031
30.623
311.241
290.2471 299,592
69,174
67,591
Cash In vault
4,265.2234.287.202 986.1281,010.382 7.597.976 7.695.0151.910,781 1.904.5981,619.3191.676.57511,158,076 11,276.218 11,038,867
Net demand deposits
1,961.446
1,957,484
1,201,6341,205.319 862.992 861.758 4,022.110 4,028.523 3,671,559
371.164
593.804 600.509 372,207
Time deposits
47,406
35.676
171,551
14,534
3,477
19,384
73,00:
4,638
6,218
2,640
54,848
Government deposits
11,724
15,637
,..
Bills payable and redlecoints with
F. R Bank:
1
210,484
73,779, 84.338
9.221
253,331
41,702
43.429
221,710
17.087
35.280 62.460
106,2291 125,572
Secured by U.S. Govt.obligation
114,7521 118.017
149,860
76.865 81,208
7.280
251,006
54,055
245,072
51,781
8,285
20,892 .25,739
All other
•
latio of bills payable & tediscoun
loanS
total
to
Bank
1
with F. R.
31
34
44
15
4')
2.4
9.9!
1.1
15
17
1i
and Investments, per oent
Dec.1 1923.]
THE CHRONICLE
/Gaither? Gazette
Wall Street, Friday Night, Nov. 30 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 0000.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Shares.
Week Ending Nov. 30.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad
itc.
Bonds.
537,562
1,233,150
1,122,715
883,070
$2,941,000
$569,000
6,068,000
854,000
6,343,000
1,024,000
5,272.000
978,000
HOLI DAY
4,959,000
939,000
694,300
PntnI
44711707
Saks at
New York Stock
Exchange.
Ion MIII nnn
Week endtng Nov. 30.
1923.
United
States
Bonds.
State.
Municipal &
Foreign Bds.
2,424,000
512501 Ann
Jan. 1 to Nov. 30.
1922.
Stocks-No. shares__ _
4,470,797
4,306,708
Bonds.
Government bonds_ _ _ $12,351,000 $12,884,700
State & foreign bonds_
4,364,000
7,713,000
RR.& miscell. bonds_ 25,583,000 27,065,000
14 204 OM
2591,000
2,846,000
3,439,000
3,053,000
1923.
1922.
210,578,829
237,844,790
$735,559,700 $1,776,278,400
412,778,000
552,720,000
1,408,535,000 .1,907,579,000
Total bonds
42,298,000 47,662,700 $2,556,872,700 $4,236,577,400
•Corrected total.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS(No. Shares).
Week Ending Nov. 30.
./nd.dbMis..,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
011.
Mining.
BONDS (Par Value).
Domestic, For'n Govt.
30,885
139,850
184,020 $146,000
59,185
120.800
354,175
253,000
49,975
137,770
312,600
271,000
41,515
134,450
305,800
293,000
'Holiday-Thanksgiv big Day
35,7001
98,225
319,000
409,000
Total
217,260
631,095 1,475,595 21,372.000
$71,000
71,000
45,000
51,000
210,000
$448,000
DAILY TRANSACTIONS AT THE sosToN,
PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
Nov. 30 1923,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
ffosion.
111$401elpiata.
Baltimore.
Shares. Bond Sales. Shares, Bond Sales, Shares. Bond
Sales.
*8,150
6,750
4,614
$57,800
1141 320,000
*14,230
17,700
11,971
273,000
1,150
13,500
*31,536
264,800
8,688
395,100
1,416
52,000
*17,481
20,550
4,689
361,700
905
22,300
Thankagiv log Day- Stock Ex change cl osed
12,325
10,000
5,587
32,900
489
9,000
83,722 $319,800
35,549 $1,120,500
4,074 2116,800
Prey, week revised
73,824 $469,950
53,474 21,114,200
4,757 5128,800
'In addition, sa es of rights were: Saturday, 1,460; Monday,
3,568; Tuesday,
6,168; Wednesday, 4,790.
Daily Record of U. S. Bond Prices. Nov. 24 Nov. 26 Nov. 27 Nov. 28
Nov. 29 Nov. 30
First Mort Loan
lEigh 992182 99'688 992788 99"82
992188
34% bonds of 1932-47__ Low_ 9921.9 99"3, 991482 992588
9927n
(First 11445)
Close 99o88 992132 902222 992731
992222
Total sates in 31.000 units__
55
208
108
472
552
4% bonds of (High
1932-47 (First 48)____ Low_
____
____
____
____
---Close
-Total sales in $1,000 units_ -____
__
__
__
-Converted 434% bonds {High 98232
9821.2
_9843:
-98
--,11
982s2
of 1932-47 (First 4go) Low. 98,32
982:1
98,32
98,32
98,22
Close 98,32
98232
98,12
98'n
98,22
Total sale. in $1,000 units._
9
130
35
39
49
Second Converted 4k% 1111gb
-------- -__ _ ---bonds of 1932-47 (First( Low----- ----- - -- - -Second 4%s)
Close
Total sales in 81.000 units___
____
_ __ _
Second Liberty Loan
{High 98,s,
------------98.00
4% bonds of 1927-42
Low. 98,
I,
------------98.00
(Second 4s)
Close 913211
------------98.00
Total sales in $1,000 units_ _ _
2
Converted sg% bonds illIgh 98,n
9-8-,,, 91.,,
-.8-'31
98,
,,
of 1927-42 (Second
Low. 97no, 98.00 97.1,1 9
981s,
98,s,
41(s)
Close 9828, 98%
98.., 98.12
98.,,
Total sales in $1,000 units__
130
370
430
411
341
Third Liberty Loan
{High 99,
,, 99,
,,
99.1, 991.2
994n
4k% bonds of 1928
Low_ 99
991,, 99.00 99.00
992:2
(Third 4%s)
Close 99,3,
9918t
99s
99232
99,32
Total sales in $1.000 units_
68
825
1864
1350
607
Fourth Liberty Loan
HIg
982.1
9823t
98222
982n
982,2
4k% bonds of 1933-88._ Low
98,31
981,1
98.00 98'88
98•81
(Fourth 4k,)
Close , 98242
98'n
982,3
98232
98,
12
Total sales in 81.000 units__ ' 319
883
596
678
595
Treasury
{High 9917, 99,23
991232 991,8
991188
4k.. 1947-52
Low_ 99,23
99,21
99'232 99,23
99,231
Close 991.,
991,, 991..1 9911,
9917,1
Total *ales iri 81.000 unite...
4
411
290
84
142
Note.-The above table includes only sales
bonds. Transactions in registered bonds were: of coupon
136 let 3)4,
1 1st 4)4s
1 2d 4s
99,212 to 9921 26 2d 444s
97,232 to 972032 14 3c1 448
97,212 to 97,2,3114 4th 448
972182 to 9811,
98‘082 to 9948t
98.00 to 98%
Quotations for U. S. Treas. Ctfs. of Indebtedness,
&c.
Maturity
June 16
Sept.15
Mar. 15
Mar.15
Dec. 15
1924___
1924._
1925___
1926.
1926._
Int.
Rate.
Bid.
Asked,
Maturity.
Int.
Rate.
Dirt,
54(%
5)4%
4%%
4%%
4%%
100%
100,21,
10034
100%
99%
101
1011181
100%
100%
100
Sept.15 1926-..
June 15 1926-__
Dec. 15 1927_
Dec. 15 1923Mar. 15 1924_
Mar.15 1927._
Mar 15 1924-._
434%
44%
434's
4%
434%
%
434%
99.1,
100
100
9911,1
1004,
100%
100
Asked
11911,,
100%
100%
100
100,1,
100%
100%
Foreign Exchange.-Ster ing.exchalige
within
comparatively narrow limits on quiet trading, moved
with
trend
fractionally up until the close, when weakness set the
in. The
Continental exchanges were also lifeless, but irregular.
Few important price changes were recorded.
To-day's (Friday's) actual rates for sterling exchange were
432k for sixty days, 4 3234 @4 34% for cheques and 4 33 ® 4 4 3034(43
cables. Commercial on banks. sight 4 3234 .64 34%. sixty days 3534 for
4 30340
4 3234 ninety days 4 28%P4 31, and documents for payment (sLxty
days)
4 3Ct CII4.22,14,gotton for payment 4 32k 04 3434, and grain for
payment
4 32 ©4 34 M•
2413
To-day's (Friday's) actual rates for Paris bankers' francs
weren5.36@
5.3334 for long and 5.3305.3834 for short. Germany bankers' marks are
not yet quoted for long and shorebills. Amsterdam bankers' guilders
were
37.36037.52 for long and 37.72P37.88 for short.
Exchange at Paris on London 81.10 francs; week's range 79.75 francs high
and 81.25 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheques.
Cables.
High for the week.._.. 437 13-16
440 1-16
440 5-16
Low for the week_ _ _ _ 430k
432k
433
Paris Bankers' Francs
High for the week__ _ 5.4734
5.54
5.55
Low for the week_ _ _ _ 5.2734
5.3334
5.3434
Germany Bankers' Marks
High for the week._
0.000000000015 0.000000000015
Low for the week_
0.000000000011 0.000000000013
Amsterdam Bankers' GuildersHigh for the week__ 37.91
38.33
38.37
Low for the week _ _ _ _ 37.36
37.78
37.82
Domestic Exchange.-Chicago, par. St. Louis. 15@25c. per 31.000
discount. Boston. par. San Francisco, par. Montreal, $20 3125 per
$1.000 discount. Cincinnati, par.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Nov. 30
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. I.
Lowest. I Highest.
Par. Shares $ per share. $ per share. $ per share.2 per share.
Railroads.
al
Brunswick Terminal_100 2
% Nov 27 154 Nov 24
% Novi 2% rJan
Bklyn Rap Tran full paid
300 32 Nov 24 32% Nov 26 30
Oct 34 Sept
CentraLRR of N J__ _1
400 210 Nov 30 215 Nov 24 175
July 231
Feb
Chic & Alton ctfs dep 100 1,000 254 Nov 284 234 Nov 28 254 Nov 254 Nov
C C C84 St Louis.-100 100 111 Nov 28,115 Nov 26 76
Jan 115
Nov
Chi StP Minn & Om_100 1,100 48% Nov 241 51% Nov 26 48% Nov 78
Mar
Central,RR of N J__ -100 400210 Nov 30215 Nov 24 175 July 231
Feb
CSLPM&Opref___100 300 75 Nov 27 7734 Nov 27 75
Nov 100 June
Detroit & Mackinac_10
100 20 Nov 2: 20 Nov 28 20
Nov
20
Nov
Illinois Cent pref w 1_100 2,600 104 Nov 26 104% Nov 30 102
Oct104% Nov
25,926
Rights
34 Nov 2
31 Nov 28 3-16
Oct
Nov
30 64% Nov 2: 64% Nov 28, 64% Nov 7-16
RR Sec stock ctfs__100
70
Mar
Int & Gt No Ry w 1_ _100
100 19% Nov 26 19% Nov 261 15
Aug 25% Feb
MStP&SEtm
100 900 46 Nov3050% Nov 28 46
Nov 7334 Mar
Morris & Essex
150 76 Nov 27 76 Nov 27 7334 July 78
Jan
Nat Rys Men 1st pf_100
200 5 Nov 27 5 Nov 27 434 Nov
934 Mar '
N Y Lack & Western_100 3,800 96% Nov 27 96% Nov 27 96
Jan
Ju1y10034
100 300 16% Nov 26 20 Nov 30 43-4 Sept 21
Pacific Coast
Nov
Industrial & Miscell.
100 8% Nov 30 834 Nov 30 8% Novi, 8% Nov
Amer Cotton 011 ctfs. _ _ _
100 200 136 Nov 27 138 Nov 30 130 June 152% Feb
American Snuff
100 16 Nov 27 16 Nov 27 15 Sept 18
Art Metal Construc'n_10
Mar
100 5331 Nov 2 5334 Nov 24 51
100
Atlas Powder new
July 5714 June
Amer Rolling Mill pf _100
300 9854 Nov 24 99 Nov 27 96
Aug 10034 Jan
Realization__
1,200
__10
%
Assets
Nov 27
% Nov 3
% Nov, 1
Jan
300 1 Nov 2
AU Fruit Col T Co ctf der
1 Nov Ti
34 Nov, 234 Feb
• 300 11 Nov 28 1131 Nov 2( 1034 June 20% Feb
Atlas Tack
Bayuk Bros let pref _100 400 98 Nov 2 9834 Nov 24 95
Oct 12434 Apr
Brown Shoe Inc pref.100 20 90 Nov 3 90 Nov 30 85
Oct 99
Jan
100 9634 Nov 3 9634 Nov 30 94 Sept 109% June
100
Burns Bros pref
Calumet & Hecla
25 500 20% Nov 2 20% Nov 2( 1734 Oct 20% Oct
Case (J I) Tbr Mach_ __• 700 18 Nov 28 2034 Nov 27 18
Nov' 42
Mar
Cluett,Peab & Co0(.100 300 102 Nov 26 102 Nov 2( 9934 Oct 110
Feb
Coca-Cola pref
106
100 9531 Nov 30 9551 Nov 30 9231 June 99
• 500 93-4 Nov 28 10 Nov IC 93.4 Nov} 22% June
Conley Tin Foil
Jan
Consolidated Gas rights_ 51,200 134 Nov 28 154 Nov 2( 1% Nov, 134 Nov
Comm'l Solvents, A....' 100 34 Nov 27 34 Nov 27 25
Apr 46
Feb
100 104 Nov 27 104 Nov 27 10234 June 110% Feb
Cant Can Inc pref _ _ _100
Cosden & Co pref... _ _100
100 88% Nov 2 90 Nov 26 8334 Oct 109% Feb
Deere & Co prei
650 6134 Nov 2: 62 Nov 26 60% Aug 73)4 Jan
106
•10,900 18% Nov 24 203-4 Nov 30 1734 Nov 20% Nov
Dome Mines new
• 100 11% Nov 21 11% Nov 24 11
Douglas Pectin
Oct' 14% June
Du Pont deb 6%
200 87 Nov 30 88 Nov 30 8134 Apr 89% Apr
Emerson-Brant pref _100 600 1054 Nov 2. 11 Nov 23 1034 Nov1 3034 Feb
r7% p
• 100 6% Nov 26 6% Nov 2€ 6
GAinT
Gardner Motor
Nov 1434 Apr
1_100 600 94 Nov 3 95 Nov 30 91
Oct103% Mar
▪ 1,000 91 Nov 2 95% Nov 3 72
Gen Baking
July103%
elB
proet____100
akirnogs C
100 9834 Nov 27 9834 Nov 27 9634 Jan 102% Nov
Glm
n bB
Feb
Gt Western Sug pref _100
10010534 Nov 27105% Nov 27 10234 Aug 108% Mar
100 1004 Nov 2 100% Nov 24 98% Octi05% Feb
_100
Henna
et p8rteltitIPAL1
nal
States
100 90 Nov 28 90 Nov 26 88
Aug
97
Hartman Corp new--• 4,000 4034 Nov 2 4134 Nov 26 3934 No
Nov 4234 Nov
2
Helm°(G W)
200 5734 Nov 26 58 Nov 24 49% Sept58
Nov
1 ;
Ingersoll Rand
70 157 Nov 2 157 Nov 24 119
Apr
Nov
Inland Steel w I
33,400 36 Nov 2 3931 Nov 22 3154 July 185
4034 Apr
Preferred
500 101 Nov 30 10154 Nov 25 96%
June10534 Apr
International
t
• 100 73 Nov 2,
alw Shoe
38 73 Nov 30 64% June 75
Aug
lot Telep & Teleg-1; I
6634 Nov
67% Nov 26 64
Oct 7134 Apr
* 700 29 Nov 26 30 Nov 27 2434 Nov
Intertype Corp
Mar
Products
2,200 464 Nov 2 484 Nov 26 3134 Aug 4134
'Iron
t etti
i, auucg
nnesPlod
49
Nov
ip
sref.100 200 108% Nov 26 108% Nov 26 107
Mar11034 Sept
10 800
3-5 Nov 26
51 Nov 26 , % Aug 3% Jan
itire6% 100 100 75 Nov 2 75 Nov 241 70
GuT
sas
Spling
Ka
Kelnly
Nov
Aug
• 300 52 Nov 2 52)1 Nov 26 3534 Apr 96 June
Kinney Co
6434
Loose-W Bis 1st pref-100 1 106 Nov 28 106 Nov 28 106
106
Apr
Apr
Macy (R LI) pref____100 10011334 Nov 30 113% Nov 30 11154
Feb
Ju1y1115
Manila Electric
100 88 Nov 28 88 Nov 2 87
1
Julyl 9454 Nov
McCrory Stores pref _1
300 9754 Nov 26 98 Nov 26 9534 NOvI 98
Nov
Met Edison pref
1
9054 Nov 3 9054 Nov 3 87
AugI 9934 Mar
Nat Ilk of Commerce 100
7307 Nov 24307 Nov 24 287
Jul 309
Mar
• 1,100 37% Nov 2 3854 Nov 27 334 Junel 4234 Apr
Nat Dept Stores
100 500 92 Nov 27 93 Nov 27 9054 Jul91 9731
Preferred
Apr
National Supply
50 11,600 6034 Nov 24 65 Nov 26 5431 Oct4 85
Nov
National Surety
l.00j 200 161 Nov 2 161 Nov 2 161
Nov165%
NY&HRy,G&EP100I 200 8331 Nov 28 9334 Nov 28 7254 O 90 May
Mar
New York Canners__-200 28 Nov 28 28 Nov 28 2751 Aug' 3234 June
N Y Shipbuilding
'I 600 1054 Nov 28 1034 Nov 28 831 July; 1554 Apr
Ohio Fuel Supply
251 600 31% Nov 27 3134 Nov 30 31 June, 67
Mar
Onyx Hosiery, pref_lOOl 100 8634 Nov 2 8631 Nov 28 8634 Novj 98
Orph'mCirclnc.Pf..lOOI 2 1 92 Nov 24 93 Nov 28 8434 .lanl 9554 Apr
Apr
Otis Steel, pref
1001 1,300 53 Nov 24 58 Nov 26 45
OctI 7254 Mar
Pacific Tel & Tel--100
100 90 Nov 27 90 Nov 27 67
95
Nov
JanI
Penn Coal & Coke.- __50 1,500 29 N
3034 Nov 27 27
No 4334 Apr
Phoenix Hoiden'
100 29 Nov 30 29 Nov 30 27
Oct47
Mar
Pierce-Arrow prior preL• 100 65 Nov 26 65 Nov 26 60
Ju
72% July
Pittsburgh Utii.pref.100I 100 1034 Nov 26 1034 Nov 26 10
July 1151 Sept
Prod & Ref Core,Pref-50 ' 0 46 Nov 26 47 Nov 30 36
Sent
Mar
Certificates
5018,000 20% Nov 24 2254 Nov 30 1754 Nov 4934
2234 Nov
P 8 Corp N J of,8% _100
100101 Nov 24 101 Nov 24 98
Oct108% Mar
PS0fNJ,7%
100 240 9731 Nov 2: 99 Nov 28 90 Sept.10434
Apr
So Porto Rico Sus,pf 100 200 98 Nov 26 100% Nov 26 9234 Jan 100% Nov
Stern Bros, pref
100 200 111 Nov 27 III Nov 27
Jan
Ja 115
Transue & Wms Steel--• 200 33 Nov 2: 3354 Nov 24 10934
Apr
30 Junel 40
United Cigar Stores_ -100 500182 Nov 24 192 Nov 26 169
Oct 20
Feb
U S Tobacco
• 1,300 5231 Nov 26 5354 Nov 26 48
69
Feb
Preferred
100 20010634 Nov 24 10654 Nov 24 93 SuM
July 112
Feb
U 8 Realty & Inir,full pd
70010034 Nov 27 100% Nov 30 9751 Au 109% Mar
Van Raalte
100 200 3154 Nov 30 3134 Nov 30 28
NovI 64
Jan
West Elec 7% cum 9:100 55011234 Nov 30 113
Nov 27 1115-1 M 117
Aug
West Penn Pow,pf 100 400 8931 Nov 26 8931 Nov 26 653-4 Apcl 90
Nov
White Oil Ms
• 800
31 Nov 26
31 Nov 26
% OctI
% Nov
Wilson, pref
100 100 63 Nov 26 63 Nov 26 63
No 89
Feb
Worthington, pref B.100
100 82 Nov 2S 62 Nov 28 6031 SeptI 7131 Mar
• No par value.
The Curb Market.-The review of the Curb Market is
given this week on page 2405.
A complete record of Curb Market transactions for the
week will be found on page 2425.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2414
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Nov. 24.
Monday, , Tuesday, 1Wednesday. Thursday
Noy. 29.
Nov. 28.
Nov. 26.
Nov. 27.
Friday.
Noe. 30.
Sales
for
the
Week.
$ per share
35
*31
9712
97
87
87
134
134
11412 11534
3838 5878
5878 5878
1134 1134
3818 3818
144 14414
7118 7214
10014 10014
312 418
10
1114
*2834 30
55
*52
414 438
1012 1012
1338 1312
2412 2538
621
/
4 83
1067 10678
2338 2358
8312 8312
*7112 72
22
*21
*108 109
*114 117
1834 193
2814 2834
2338 2358
59
5934
3212 33%
14
*13
*47
49
10318 10312
*13
1318
1812 1812
*5214 54
6212 6312
8912
*89
3178 32
1138 127
39
39
68
66
2918 31
*114
112
12
12
3038 3114
*978 10
2738 2738
75
*73
75
75
7434 7478 7512 76
8% 818
912
912 *S
75* 73* *8
3012 3034
2912 304 31
28
28
29
6712 6712 6712
67
*6734 6814 68
68
7
714
71
/
4 714
7
.712
68 7
18
18
18
18
14
*18
14
*13
78
78
1
78 1
1
78 1
6738 6812 6718 6712
6612 87
67
683
109 109
10834 10834 109 109 *108 109
4312 4312 42
4212 4312 4112 4218
43
92
92
91
9112 9112 92
91
91
1258 1338 1314 1334 1318 1314 1214 13
*36
3634
*36
37
3712 38'2 3734 38
*98 100
98
100 100
98
98
98
*5314 5514 .5314 5412 *5314 5412 *5314 5412
41
4134 4238 4112 4312 4112 4134 39
*3212 34
34
3234 3234 3234 3438
*33
75
*74
75
*73
73
75
75
*73
10312 10312
*103 104 *103 104 *10312 104
1
4 10012 10218 10018 10158
10178 10234 10114 103/
109 109 *109 10914 10918 109%
•10812 109
161 161
1603 161,4 162 162
•157 160
*12118 12634 *12118 1264 *121 125 *1211g 125
2314 2314 .2314
2212 2212 2218 2258 23
141g 1418 14
15
143 147
15
15
878 9
88 87
812 914
9
914
263 2712
*27
28
2714 2814 2734 29
5/
1
4 512 *514 534
512 512
512 534
89/
1
4 9034
9034 9034 *8958 91
91
.88
1
•712 8
8
*7
8
*712
*712 8
44
4412 4334 45
4318 433 44
43
7034 7034 1,600
700
814 9
1,700
32
31
600
6612 6634
678 718 2,900
18
18
2,600
78 1
10,100
10.300
6678 67
400
10914 110
4158 4158 1,500
500
93
*91
1278 3,900
12
1,200
36
*35
800
98
9934
*5314 5412
3912 3912 4,400
3314 1,000
33
7412
*73
100
*103 107
10012 10314 107,300
/
4 1,200
1091
/
4 1091
600
*160 16134
•12114 125
2318 1.200
23
*1478 1412 2,100
878 918 6,400
2712 2712 2.600
•512 6
700
1,100
•891
/
4 91
*712 8
44
4434 2,500
931. 903. 99 con
• Bid and asked prices. z Ex-dividend.
218
214
978
1037o
774
86
14,
8
16
1212
10412
77
548
4118
11
42
72
61
41
89
79
5334
5234
3414
197
427o
338
60
614
14
88%
3638
6714
19
912
70
13114
7112
1112
38
1038
3458
23
912
167e
1358
57
734
1212
32
*65
130%
7112
634
3278
1018
3414
*2212
912
1678
1312
5612
78
1212
*3114
PER SHARE
Range since Jan. 1 1023.
On basis of 100-share lots
Lowest
Par
Railroads
100
Ann Arbor preferred
Atch Topeka & Santa Fe_ _100
100
Do pref
Atlanta Birm & Atlantic 100
Atlantic Coast Line RR_ _ _100
100
Baltimore & Ohio
100
Do pref
Bklyn-Manh Tr ctfs___No par
Certificates, pref___ _No par
100
Canadian Pacific
100
Chesapeake & Ohio
100
Do pref
100
Chicago & Alton
100
Do pref
100
Chic & East III RR
Do pref
100
100
500 Chicago Great Western
100
3,900
Co pref
100
5,500 Chicago Milw & St Paul
100
12,200
Do pref
7,4001 Chicago & North Western_100
Do pref
100
400
13,600 Chicago Rock Isl & Pacific_100
100
1,100
7% preferred
100
1,200
8% Preferred
200 Colorado & Southern
100
200 Delaware & Hudson
100
600 Delaware Lack & Western_ 50
100
67,500 Erie
100
22.600
Do let preferred
5,900
Do 2d preferred
100
22,300 Great Northern pref
100
32,000
Iron Ore Properties_No par
100 Gulf Mob & Nor tr ctfs__ _100
Do pref
300
100
900 Illinois Central
100
3,500 Interboro Rap Tran
100
2,500 Kansas City Southern
100
Do pref
100
6,900 Lehigh Valley
50
1,200 Louisville & Nashville
100
4,800 Manh Elevated, mod guar_100
3,900 Market Street By
100
300
Do pref
100
2,300
Do prior pref
100
Do 213 pref
1,200
100
3,900 Minneap & St L (neu)
100
18,500 Mo-Kan-Texas
Do prat
9,800
4,500 Missouri Pacific trust ctfs_100
Do pref trust Ws
5,300
100
1,600 Nat Rys of Mex 2d pref
100
12,600 New On Tex & Mex v t o 100
80,800 New York Central
100
5,000 NYC & St L new cow 1.100
1,300
Preferred w I
100
11,600 N I' N H & Hartford
100
100
1,300 N Y Ontario & weetern
800 Norfolk Southern
100
5,400 Norfolk & Western
100
Do pref
100
16,700 Northern Pacific
100
11,700 Pennsylvania
50
400 Peoria & Eastern
100
5,100 Pere Marquette
100
100
Do prior pre
100
Do pref
200
100
1,000 Pittsburgh & West Va
100
Do prat
100
100
37,100 Reading
50
200
Do let preferred
50
Do 2d preferred
600
50
2,200 Rutland RR pref
100
2,900 St Louis-San Fran tr etfs 100
Do pref A trust etfs
1.500
100
15,000 St Louis Southwestern___ _100
Do pref
7,000
100
13,000 Seaboard Air Line
100
11,000
Do pref
100
39,200 Southern Pacific Co
100
26,500 Southern Railway
100
Do prat
1,900
100
3,900 Texas & Pacific
100
800 Third Avenue
100
300 Twin City Rapid Transit 100
12,200 Union Pacific
100
900
Do pref
100
2,600 United Railways Invest
100
6,100
Do pref
100
10,800 Wabash
100
29,500
Do pref A
100
100
Do pref Li
100
2,100 Western Maryland
100
1,300
Do 241 preferred
100
800 Western Pacific
100
700
Do pref
100
800 Wheeling & Lake Erie Ry_100
300
Do pref
100
1,300 Wisconsin Central
100
Shares.
100
7,800
2,300
500
4,800
25,400
700
9,200
4,500
8,400
34,200
900
18,100
40,500
1,000
$ per share $ per share $ per share I $ per share $ per share
3412 3112 3112
*31
*31
35
*31
35
9714 97% 9712 9734 9714 9838 9712 98
87
87
8714 8712 87
8714 8634 87
134 134
134 134 *134 2
134 134
115 11734 115 11678
.113/
1
4 11412 114 116
5812 5338 5814 5828
5812 59
5812 59
59
5812 5812 5812 5834 59
*5812 59
1178 1258 123 12% 1218 128 1134 1214
3714 3978 38
*3734 3814 3818 3814
39
.145 14612 146 14678 14534 14838 14612 14758
7214
7018 7214 71
6958 7012 6912 71
*9914 99% 9938 9938 9958 9934 9934 10014
338 338
32 37
314 312
314 314
1018 1038
812 1014 1018 11
*818 812
2812 2812
29
29
30
30
30
*29
55
*53
5512 *5212 5514 *53
.53
56
414 414 *414 43
414
414 *4
*37
1012 1012 1034 1018 1034
10
1014 10
1312 1334
1312 14
1334 1414 1334 14
2514 26
2518 2538
2534 2534 2538 26
6258 6314
63
6212 6312 6214 6338 62
106 10678 *105 107
*104 107 *104 107
2312 2414
24
247
2414 2434 2414 25
8312 8334 8334 8334
81
*8212 8312 83
72
72
7114 7112 72
*7012 7112 71
2134 2134 2134 2134
*2112 22
*2112 22
1
4
•110 1101s 10812 10912 *108 11012 10812 108/
1181
/
4 11812 11812 11812 11713 11712
118 118
1818 1014 1873 1912
1814 18% 1814 19
2812 27% 2812 2814 2834
2758 2734 28
227 2312 2314 2312 2312 2334
23
23
5818 5838 5834 5912 5712 5878 5838 59
32
32
33
3112 327* 3234 33
3338
*13
14
*13
14
13
.13
1312 13
49
5038 49
*49
5012 50
*48
50
10234 1023 103 10312 103 103
410218 103
1212 1234 1318 1338
13
13
1314 13
1812 1914
188 1834 18% 18% 1834 19
*5212 53
*5212 54
*5212 53
*52
54
62% 6112 6214 6134 6212
62
6214 62
883 89
•88
88
89
8914
898 89
3034 3134 3014 3012 3118 3214
32
32
934 1138 1078 1138
912 912 *93s 10
3014 3212 *30
35
35
*28
'27
*27
30
65 I 65
65
63
63% 64
63
63
29
*21
2434 2634 2634 2634 2712 *25
13
114
138
112
114 114
118
11.1
1218 1212
1234 1278 1234 1314 1214 13
3234 3114 3218 3012 3138
3134 3212 32
97 10
1014
984
9%
98 98 10
2834 2914 2878 2912 2838 2912 2812 29
2
2
a
21
218
218,
le
178
*92
9214. 9238 9238 9238 9414 94
9514
Stock
102 10212 10218 10414 10312 10478 10334 10412
7712
77
77
78 1 7712 78
7678 77
86 Exchange
8618 86
86
86
86
86
86
1
4 1518 1412 1473
147 1518 1434 1514 14/
Closed
1614 1678
1834' 1612 17
16
.16
17
11
11
12
11
11 I *11
.1012 11
-.10638 107/
1
4 1073* 10712 10738 10834 10714 10778 Thanks47312 77
*70
77 1 *7312 77
*70
77
giving
537 543*
5312 53% 5338 543* 5312 543
4118
4114 41
4138 4112 4114 4138 41
Day
*10
11
11
1012 1012 1034 1114 *10
1
4112 4218, 4178 4238 4124 42
4110 42
71
7134 *70
03704-4 7134 7038 7038 .70
6112
611 *57
*57
61
61
.61
62
4114 4012 41
4118 4112 41
*4012 41
087
87
*87
89
89
8714 8714 *87
80% 7834 80
79
7814 79,8
7938 79
5434 5434 *5414 5434 *5312 5334 *5312 5334
5314
5334 53/
1
4 *5312 5334 5312 5312 053
,.30 32 *30 32 3018 31 3018 3412
2012 1912 197,3
20
2014 2018 2012 20
43
43
43
4334 44
43/
1
4 43
43
3114 3134 3118 327
31
31
3212 3314
5838 59
5812 5912 5912 60%
*571
/
4 58
6/
1
4 612
6/
1
4 6/
1
4 *614 612
614 614
13
1212 1258 1234 13
1338 13
1334
8918 8934 8834 90
88/
1
4 887
8938 9018
3612 36% 3634 37% 3658 3714 3638 3634
6634 6714
*6838 6812 6S18 6838 6778 68
/
4 1834 2038
1
4 2038 201
2012 2038 20/
*19
934 93
983
934
912
91, 9
95*
6912 *69
*68
707 *67
6934
6934 70
13278 134
13212 134
133 13324
13214 133
7218 721
72
72
717 7178
•7134 72
10
1018 *934 1018
10
10
*912 10
33
3312 33
3318
*3012 3212 3238 33
078 1018 1018 1038 1014 1038
1018 1014
3438 3378 3412
34% 3438 34
3312 345
*2112 23
22
22
*2214 23
23
'*22
93* 92
9,2 93*
938 934
938 958
1734 1712 1712 1634 1634
,•1812 1712 17
1312 1312 *1312 1334 1378 1378 1312 1358
5612 5614 5614
...306
5612 5612 5612 56
734 734 *712 784
714 712
712
*7
13/
1
4 *12
1312
13
1312
*12
13
-•12
32
32
32
*31
32
32
32
32
9534
10338
77
*8334
1412
16
12
10334
*73
5334
4118
*10
4134
•70
*87
407g
*87
7814
5334
5234
3312
1938
427
3234
60
614
1338
8818
3618
*67
1834
912
STOCKS
NEW YORK STOCK
EXCHANGE
Industrial & Miscellaneous
Adams Express
100
Advance Homely
100
Do pref
100
Air Reduction, Inc____No par
Max Rubber, Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dyo_No par
Do pref
100
Allis-Chalmers Mfg
100
Do pref
100
Amer Agricultural Chem 100
Do prat
100
American Bank Note
50
50
Do pref
American Beet Sugar
100
Amer Bosch Magneto__No par
Am Brake Shoe & F_ __No par
Do prof
100
American Can
100
Do prof
100
American Car & Foundry-100
Do pref
100
American Chain, cl A.....25
American Chicle
No par
100
American Cotton Oil
DO pre!
100
Amur Druggists Syndicate10
American Express
100
American Hide & Leather-100
Do pref
100
Amer IntornAtinnr11 Pnrn Ion
$ per share
22 July 31
94 Oct 27
8634 Nov 27
114 Aug 14
10978July 31
4018 Jan 17
5534May 7
914 Oct 29
3412 Oct 29
13934Sept 21
57 June 27
96 June 29
2 May 21
32 Jan 12
19 Aug 6
4612 Aug 15
24 Oct 26
6% Oct 26
1114 Oct 25
21 Oct 25
5812 Oct 17
10314 Nov 16
1918 Oct 25
72 Aug 4
6078 Aug 4
17 Oct 29
9314 July7
10978 Oct 26
1018May 22
15 Jan 17
1034May 21
5058 Oct 25
25 July 2
912 Aug 22
447 Jan 2
101 Nov 8
912June 30
1558July 31
48,
8July 30
54 June 30
844 Oct 30
30 Oct 30
712 Oct 26
23 Oct 29
5612 Oct 29
145* Oct 29
78 Aug 15
934 Oct 31
24% Oct 30
814 Oct 24
2214 Oct 25
114 Nov 20
8212 Aug 14
9012May 4
8712 Aug 9
86 Nov 15
958 July 5
1414June 28
9 Sept 1
100 July 30
72 Sept 7
4934 Oct 5
41 Nov 3
8 Oct 1
36 Jan 1
6712 Oct 15
5712 Oct 25
3378 Jan 27
8512June 19
6812June 29
44 June 28
45 June 28
2212 Oct 21
1634 Oct 27
32/
1
4 Jan 3
25/
1
4 Aug 4
5438June 28
434 Aug 15
814 Aug 1
8414 Aug 14
24% Jan 6
83 July 2
14 Aug 4
8,
8 Oct 25
5814 Jan 19
12114July 31
7012 Oct 30
778 Oct 29
26 Oct 29
7 Mar 10
23,4 Jan 17
1612 Jan 18
8 Sept 27
14 Sept 27
12 Sept 28
53 May 7
6 Oct 25
10 Oct 30
23 Aug 4
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share $ per share $ per share
2778 Jan 52 Aug
45 Feb 23
9134 Jan 10812 Sept
10518 Mar 3
8458 Jan 9512 Aug
9058 Mar 6
512 Apr
84 Jan
314 Feb 21
Jan 12478 Sept
83
127 Feb 28
3312 Jan 8014 Aug
5934 Oct 8
5212 Jan 8614 Aug
6078Mar 21
1278 Nov 26 ---------------397 Nov 24 ____ ____ -----160 Apr 18 11918 Jan 15158 -Aug
Jan 79 Aug
54
7638 Jan 30
104% Feb 23 10038 Dec 10538 Oct
12% MaY
134 Jan
4% Nov 13
318 Jan 20% May
1114 Nov 39
1214 Jan 43% Aug
381 Feb 13
3118 Jan 6412 Aug
6214 Mar 26
354 Dec 10,
4 May
7 Feb 7
7 Dec 2412 May
17 Feb 6
1714 Jan 3638 Aug
26s8Mar 5
Jan 5514 Sept
29
4512 Mar 5
/
4 Sept
Jan 951
59
88 Mar 5
Jan 125 Aug
11818Mar 21 100
3012 Dec 50 Sept
3778 Mar 21
8314 Jan 105 Sept
95 Feb 9
7014 Jan 95 Sent
85 Mar 5
Jan 5312 Apr
38
4512 Feb 13
12412 Feb 13 10634 Jan 14112 Sept
Oct
13011 Feb 8 108 Feb 143
1834 May
Jan
7
1958 Nov 14
1118 Jan 2812 Aug
2938 Nov 14
7% Jan 2014 Mal
234 Nov 21
7014 Jan 957 Oct
80 Mar 5
2818 Nov 4538 Apr
36 Mar 19
Jan 19 May
5
20 Mar 5
Oct
Jan 47
141
625 Feb 21
4 Sept
9712 Jan 115,
11712 Feb 21
17/
1
4 Dec 3214 Aug
2278 Mar 14
17 Nov 304 Apr
2478 Mar 21
52/
1
4 Nov 5911 Apt
5784Mar 5
56% Jan 72 Bar%
7188 Feb 7
Jan 14478 Oct
155 Feb 26 108
4512 Apr 17
22 Mar 12
6812 Mar 12
87 Mar 12
5614 Mar 12
912 Feb 13
17 Feb 15
4512 Feb 14
1938 Feb 14
49 Feb 10
414 Feb 15
105 Mar 26
10478 Nov 27
7934 Oct 8
9512July 3
2212 Jan 30
2138 Feb 13
188s Feb 9
117/
1
4 Feb 9
7812 Aug 15
3112Mar 5
477 Apr 4
17 Mar 21
4714June 11
7624Mar 5
70% Jan 9
50%May 10
93 Jan 9
8118 Feb 7
5612 Feb 7
5634 Jan 30
3724 Jan 10
27 Mar 21
50 Mar 5
3638 Feb 10
63% Mar 21
712 Feb 10
14 Nov 30
9514 Feb 21
3778 Nov 21
7078 Mar 22
2912 Mar 21
1914 Feb 10
7712June 11
1447 Feb 28
76% Jan 6
2178 Mar 8
82 Mar 5
1112Mar 22
3514 Nov 13
2212Mar 22
15 Feb 9
2624Mar 22
2014 Mar 5
8338 Mar 5
1012 Feb 13
10 Feb 13
3512 Feb 23
---- ---- --11 --Mar
318 Jan
Jan 5014 Apr
17
713 Nov
Jan
35
538 Jan 32 Apr
Jan 1412 Apr
5
191
/
4 Aug
712 Jan
2412 Jan 4884 Aug
/
4 Apr
1512 Nov 251
40 Nov 8334 Sept
714 May
2% Nov
54% Jan 8738 DUO
7214 Jan 10118 Oct
---------------____ ____
313 -Aug
12% Jan ____Ws Dec 3012 Apt
884 Jan 2212 June
9614 Jan 12512 Sept
Oct
Jan 82
72
1
4 Aug
73 Dec 90/
3314 Jan 4914 Oct
1024 Jan 2688 Aug
Jan
19
403* Aug
Jan 82 Aug
63
1
4 Aug
5018 Jan 74/
Jan 4138 Aug
23
Jan 95 Nov
76
7118 Jan 8712 Oct
43 Mar 57 May
Jan 5912 May
45
1712 Feb 5314 June
2014 Dec 3238 Aug
34/
1
4 Nov 56 Aug
2038 Jan 3678 Nov
3238 Jan 5978 Nov
Apr
10
23* Jan
14/
1
4 Apr
418 Jan
/
4 Oar
7818 Jan 961
1714 Jan 2838 Aug
Oct
Jan 71
46
Apr
36
1834 Nov
2538 May
1312 Nov
Jan 62% Sept
34
1
4 Sept
Jan 154/
125
711
/
4 Jan 80 Aug
19% Apr
712 Jan
3812 Apr
201
/
4 Jan
1438 May
Jan
0
Jan 3518 Aug
19
247
Aug
Jan
1214
1714 Aug
814 Jan
Jan 2812 Dee
13
1314 Jan 2478 Apr
511* Mar 6478 Sept
6 Feb 16% June
2958 June
914 Jan
35
Jan 331
/
4 Mar
Oct
48
Jan 83
67 Sept 28 •82 Mar 3
10% Jan 23 Aug
812 Oct 29 1912Mar 6
Aug
3012
Jan
14
311
/
4
Jan
543
8
9
24 Nov
008
4512 Jan 66
56 July 2 721s Mar 19
1844 Apr
912 July
414 Oct 16 147s Mar 14
78 May
68 Mar 9
% Dec
lii Aug 18
2 Mai
17 Oct 19
38 Jan
% 01.1 9
/
4 Sent
5538 Jan 911
5914 Aug 9 80 Jan 2
Jan 11512 Bent
10514 Aug 16 112 Mar 2 101
3714 Jan 5934 Sept
3734June 28 5114 Feb 16
8612 Jan 104 Sept
/
4 Jan 27
89 Nov 20 971
2714 Nov 4278 June
1018July 3 3678 Feb 21
Jan 7214 Sept
56
2814 Oct 31 8871. Feb 21
Dee
Jan 91
58
77 Jan 6 103 Nov 26
51312June 29 5514 Aug 14
51 July 551s Da°
3134 Jan 49 June
25 Aug 4 4912 Feb 13
Apt
3114 Jail 49
2234 Oct 30 60 Mar 6
Jan 8812 Sept
51
70 Jan 3 8314 Feb 16
1716311
a
n
J
9814
102 July 3 110 Jan 14
Nov
3214
8918 Sept 13 108 Mar 0
93% Jan 1133* Dec
106 Sept 6 115 Feb 20
Oct
Jan 201
14814July 12 189 Mar 7 141
117 Sept 17 12578 Jan 18 11512 Jan 12658 Nov
-------------2038June 28 2512 Mar 29
14 Mai
ov
5
5,
4 Jan 30 17% Nov 7
3012 May
1514 Nov
344 July 11 20/
1
4 Jan 4
3312 Nov 61 May
/
4 Jan 4
14 May 18 381
74 Aug
1
4 Jan
72 Feb 23
4/
418Sept 10
Oct
87 Nov 19 143% Mar 2 126 June 162
1018 Dee 1738 Apr
618 Aug 9 1334 Mar 7
Jan 7434 Sept
58
/
4 Mar 7
2934 Aug 9 741
1505. inns
245* 1100
10 Vent 23 331. Mar 3R
New York Stock Record-Continued-Page 2
2415
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Nov. 24.
Monday, i Tuesday, i Wednesday
Nov. 26.
Nov. 27.
Nov. 28.
Thursday, , Friday,
Nov. 30.
Nov. 29.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
•.$ per Share $ per share $ per share $ per share $ per share Spec share Shares. Indus. & Miscell.(Con.) Par
100
8612 8612 88
8512 8512
800 American Ice
*8514 87
86
85
8512
100
81
*79
200
Do pre!
*70
80
80
*79
81
80
*79
80
10
11% 113
1112 1112 1112 1112 1112 1112 1138 11%
700 American La France F E
100
1914 17
1512 16
1912 1934 18
4,000 American Linseed
16%
17% 16
100
*32
*3112 3514 *32
3412
100
Do pref
*34
36
37
33
33
735* 7312 14,200 American Locom, new _No par
7312 74
73% 75
7334 7412 7314 7334
100
*11678 11714
Do pref
.11674 11714 *116 11714 *117 117,4 117 117
100
*4412 45
4414 44% 4414 4414
*44
*4412 45
45
700 Amer Metal temp etre_ _No par
25
8418 8418
200 American Radiator
*8412 8512 *8512 86% 8518 8518 *8412 85
6% 7
678 678
1,200 American Safety Razor_ _ _ _ 25
738 7% *714 7,2
714 738
11% 1238 4,409 Amer Ship & Comm_ No par
*1112 1134 1134 1218 1134 1134 1034 1214
59% 58% 59
585* 58% 7,600 Amor Smelting & Refining.100
5814 58,4 5834 5958 59
*9512 96
100
.9512 06
9512 9534 *9512 96
9578 957
300
Do pref
38% 3812 .5,650 Am Steel Fdry tern ct1s_33 1-3
3812 3834 3814 3812
38% 38% 3812 39
10158 10158 *10112 10134
*10134 102
400
100
10112 10112 *10112 102
Do pref temp ctfs
5838 59,
5538 57
56% 58
4 5812 5934 5718 5734
8,050 American Sugar Refining_100
98% *98
98
9812 98
9618 9618
Do pref
100
98
603
*95,2 96
1912 1912 *19
*1914 20
1934 18
1814 193* 1,810 Amer Su m_.tra Tobacco_ 100
19
40
40 *3714 43
*3714 43
' 4012, 4312
Do pre!
100
*3714 43
300
12412 12458 12412 12434 12434 12514 12434 125
12434 12478 9,200 Amer Telep & Teleg
100
148 148
148 150
148% 14838 147% 147%
14618 147
2,500 American Tobacco
100
*101 10118 101 101
10018 10012 10038 10034
*100 101
700
Do pref
100
14514 14514 148 14812 147 14713 147 147
14634 147
2,403
Do common Class /3_100
*3812 39
*3812 39
*3812 40
3812 3812
*3712 40
100 Am Wet Wks & El v t c_ _ _100
8714 8714 88
88
8712 8712 *87
*87
88
88
300
Do 1st pre/ (7%) v t 0.100
*60% 62 *6038 62
6018 6018 *5912 60,2
.5958 595*
203
Do panic p2(6%) v t c.100
7214 73
7234 74
72% 7378 72
73
723 73
14,300 American Woolen
100
*10014 101
10034 10034 10034 10034 *100 10024
10014 10014
Do pref
300
100
*2
214
2
2
218 218
2
2
2
2
700 Amer Writing Paper pref _ _100
*812 8,4 *812 834 *812 834 *712 812
*712 814
Amer Zinc, Lead & Smelt_ _ _25
*29
30
30
30
*29
30
*29
*29
30
3018
100
Do pre!
25
3712 3778 378 38
38
3878 3818 3812
38
.3812 13.500 Anaconda Copper Mining_ 50
9112 9112 92
9214 92
92
92
92
92
92
1,200 Armour, pref
100
14
*13
1314 1314 1312 1312 13
13
135s 1334
700 Arnold Constable
No pa
80
82
81
80,4 81
81
81
82
82
83
5,300 Associated Dry Goods_ _ _ _100
85
82
82
*84
*83
86
*85
86
*8234 83
100
Do lot preferred
100
*85
88
*8612 88
*86
88
86
86
*87
88
100
Do 26 preferred
100
2512 257s 2572 2718 2614 2714 26
2612 263* 8,900 Associated Oil, new
2612
2
118 118
*1
114
1
1
1
1
600 Atlantic Fruit
No par
15
1514 1514 1514 15
15% *11
3 8 1Al2
15
15
1,200 Atl Gulf & WI SS Line_ _ _100
1312
*12
13
13
13
1312 *12
*12
*12
1312
400
Do pref100
115 117
111 111
118 11834 118 11812
*114 118
3,200 Atlant c Refining
100
.
11612 118 *11612 118 *11612 118 *11612 118
*11612 118
Do pref
100
2634 2634 2614 2634 2614 2614 2578 20
2514 2578 3,803 Austin, Nichols & Co_No par
86
87
86
86
*85
87
85
85
*83
90
200
Do pre(
100
924 10% 1058 1138 11
83
1118
914
1034 11
10,3100 Auto Knit
No pa
12712 12778 127 12934 128% 12978 127% 12938
12414 1255* 81,500 Baldwin Locomotive Wks_100
•112 11512 *112 11518 *112 114 *111 114
*106% 114
Do pref
10
*25
32
*27
32
-5
3
*25
32
*27
32
Barnet Leather
No par
1312 1334 1378 144 1334 1438 1338 1478
1334 1412 14,700 Barnsdall Corp, Class A__ 25
91
9
9
9
914
918
918 978
2,700
Do Class B
25
934 10
14
*%
*18
14
*18
14
*18
14
Batophas Mining
*18
1.1
20
6012 6012 6018 6018 5012 6012 *5034 603.1
400 Bayuk Bros
*5938 6052
No pa
*72,
8 73% 73
7212 7378
7312 7212 73
715e 713* 2,800 Beech Nut Packing
20
541 5434 5412 553* 54% 551g 533* 5412
Stock
52
53% 39,700 Bethlehem Steel Corp
100
*105 ____ 310512
*10534 __-- *10534
Do Nun conv 8% pref _100
-*10512 --H _ _ ..
93
9312 9312 9312 93
93
9212 93 Exchange
- 1.109
93
93
Preterred new
100
*5
514
5
5
478 5
*412 5
*412 5
400 Booth Fisheries
No par
*4
412 *4
41
41., Closed
*414 412 *414
41: 4141
100 British Empire Steel
100
*55
____ *55
____ *54%
*0418
_1
Do 1st preferred
__
100
;12- -1-3.14 1314 1314 1312 14
13% 13% Thanks*1314 1412
600
Do 26 preferred
100
*10812 109 *109 10914 10912 1098 10912 10912
10912 110 I
600 Brooklyn Edison. Inc
100
11334 11334 113 11414 114% 11514 115% 11512
giving
11438 115 I 1,600 Brooklyn Union Gas
100
*46
48
4S
48
48
48
48
*48
49
4412
600 Brown Shoe Inc
100
*105 108
106 106
Day
106 106
10512 10512' 1,200 Burns Brothers
105 10512
100
*233* 24
24% 24% *2314 25
23% 238
200
Do new Class B com
*2334 25
512 838 2,300 Butte Copper & Zinc v t c__ 51
534 534
512 512
512 53
534 534
*1612 1918
...181, 1914 1912 1912 *1918 1912 1834 1834
200 Itutterick
100
16
16
16
16
16
1634 161 1618
15% 1538 1,600 Butte & Superior Mining
10
2
2
2
2%
2
2% *178 214
*178 2 1 2,500 Caddo Cent 011 & Ret..No par
8112 8112 8134 82
*82
8212 82
82
400 California PackIng____No par
*7912 8114
23% 24
2314 2418 2212 2312 2212 2312
2314 2334' 43,000 California Petroleum, new 25
9612
9512 9612 97
*95
*95
96
*95
9612
300
Do prof
97
100
*44
2% 44
3% 2,900 Callahan Zinc-Lead
5
5%
518 514
5
5,8
4% 5
10
*43
44
4314 44
43
43
4212 4314
600 Calumet Arizona Mining
10
412
*____ 41
Carson 1111'Gold
334
58
*12 35'8 *
4%
No par
*12
34
*12
Case (J I) Plow
*12
%
*66
6812 *67
6812 *67
6812
8812
*66
69
*67
Case (J I) Tbresh M pf ett.100
1012
1078 10% 11
0% 1138 10
1014 1112 16,700 Central Leather
10
100
2934 3212 17,200
32% 29
3114 2814 3012
31
Do pref
3012 317
100
4214 4234 14,900 Cerro de Pasco Copper_No par
42% 43
4212 4318 424 4312 4214 43
5234 53% 53
5358 5234 53% 5234 53%
5212 521
5,000 Chandler Motor Car.. _ _No Par
8512 8434 853
837s 8412
*8312 84
8312 8312 84
3.200 Chicago Pneumatic Tool
27
2714 2738 27% 2712 2714 27% 27% 275*
2714 10,000 Chile Copper
12005
163g 1718 16% 1634
1634 17
1612 16% 5,800 Chino Copper
1634 17
5
.69
71
7012 71
69
69
*68
6912'
100
par100
600 Cluett, Peaoody dr Co
*68
6924
7434 73% 74381
7534 74
7414 7414 74
733* 7514
8,900 Coca Cola
2412 2412
25141 *2418 25
23
2418 1,500 Colorado Fuel & Iron
2434 2514 23
100
46
4514 4612 453* 4714 46
45
4512 4,200 Columbia Carbon
44% 441
No par
3252
32
31% 32
33
3312 3212 3338 3212 327
10,200 Col Gas & Elec, new_ _ _No par
Columbia GraphoDhone No par
Do pref
100
-7"0-3-4
8014 82
-784 W612
-io- 161-2 _5,700 Computing-Tab-RecordNo par
80
80
28134 18134 18134 184% 179 183% 179% 181
18034 18112 8,500 Congoleum
No par
1812 18
18
1734 1734
1812 18% *17
1734 1734
500 Consolidated CIgar _ _No par
6612
6612 *60
•*(10
6612 *60
*60
6612 *60
6612
Do pref
100
5934 60
5934 6014 59% GO% 59% 60
59% 60
17,600 Consolidated Gas(N Y)._ _100
614 612
6,8 6%
618 61s
618 638
6% 6,4 3,900 Consolidated Textile_ __No par
51
507s
5134 51
52
50
50% 51% 50
51
100
9,800 Continental Can. Inc
614 612
612 612 1,300 Continental Motors_ __No par
6,4 014
0,4 6,2 *614
612
113078 13318 133 13434 13234 134
13134 132%
132 13312 15,900 Corn Products Refining__ _100
122
*11912
12012 12012 *11912 122 *11912 122
*11912 122
Do pref
100
100
29% 31
3078 3134 2912 3114 2918 30%
30
No par
3114 69,900 Cosden & Co
66
665s 68
6434 6534 10,500 Crucible Steel of America __100
6712 6534 6612 6518 66,3
.90
9112 •90
9034
9034 *9058 91% *00
9034 9034
Do pref
100
100
14
13% 1314 11,300 Cuba Cane Sugar
14% 1438 1458 1378 1414 1318 13%
No par
5234 55
5434 56,4 5312 5514 5134 54
Do pref
5134 53% 36,900
100
3112 3214 3134 3234 3112 32% 30% 3134
31
3112 26,700 Cuban-American Sugar__ - 10
0812 98% 9812 9734 97% *93
•97
93
*93
Do pref
98
200
100
618 614
5% 6
6
6
6
614
614 10,868 Cuban Dominion Sugar No par
40
40
40
40
*39
43
39
39
*38
Preferred
40
300
100
5012 601s 5912 60,2 *59
5858 5912
*59
Vs par
60
60
1,700 Cuyamel Fruit
6414 6778 69
761
7234
6514 7912 68
6934 7418 195,300 Davison Chemical v t O_No par
*2034 2112 •2078 2112 *2052 2112 2012 2013
*2012 2118
100 De Beers Cons Mines_ _No par
*10412 106
10412 10412 104 104 •104 10412
10414 10414
100
300 Detroit Edison
Dome Mines, Ltd
10
11018 1167e 11014 1-1-65; 10918 110 1.09T8 1-667-8
107 108
1,500 Eastman Kodak Co__ No par
24
2314 2512 2434 25% 24
2434 2334
*2312 2334 3,400 Eaton Axle & Spring _ _ No par
12812 12912 12934 13012 127 12912 12612 12812
12612 128
10,500 E I du Pont de Nem & Co_ _100
6414 64% 6418 6412 6414 6438 64% 6633
6512 66% 14,900 Elec Storage BatterY_No par
1314 13,4
1312 13,2 *1314 1334 •1314 13%
50
•I314 1334
600 Elk Horn Coal Corp
•118
114 •118
118
118
112 *118
114
700 Emerson-Brantinglaam _ _100
I%
118
ao
66
6534 68,2 67
63% 65
6712 65
8312 6478
3,600 Endicott-Johnson
113 113
11314 11314
•112
•11218 113 *112
Do pref
100
200
22
*20
21
22
*2014 22
21
*20
No par
020
22
200 Exchange Buffet
63% 65
64
6678 14,900 Famous Players-Lasky_No par
6414 64% 6418 65
6412 65
87
*85
*85
87
87
87
*85
87
Do preferred (8 %)_ _ _ _100
*85
100
87
12
12
*10
12 .10
12
•10
*10
12
Federal Mining dr Smelt'g-100
*10
4312
*40
*40
44
43
43
100
*42
.40
Do pref
*43
44
912 912
9
914
9% 912
9,4 91z
No Par
912 978 11,700 Fifth Avenue Bus
•160 163
*162 170 *161 167 •180 163 *160 163
Fisher Body Corn
No par
4
•9738 98% •9712 9834 •9734 9834 •9758 98,
Fisher Body Ohio pref._ _ _100
•97% 9834
7% 8
7% 8
7% 734
734 8
No par
7% 7% 2,800 Fisk Rubber
45
45
451 i
45% 45
4518 4518 45
45
45
2.700 Fleischman Co
No Par
•I/141 and salted Deceit no Wel 00 tide day, a Ex-dividend.
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Prerioss
Year 1922.
Lowest
Highest
$ per share
78 Oct 29
7734 Oct 30
1018July 6
13 Oct 30
2812 Oct 30
6434July 5
11412Se1st 15
4014June 30
78 'an 2
478.one 27
1038July 2
5114 Oct 27
93 June 27
3158July 2
97% Aug 14
48 Oct 27
94 Oct 27
16 July 2
3213 July 11
$ per share $ per share $ Per share
78
Jan 122 Sept
11112 Apr 2
72
89 Feb 21
Jan 9514 Aug
91 Jan 14 July
13 Mar 1
28 Nov
38 Mar 5
4211 Oct
48 Nov 6412 Oct
59 Feb 15
7514 Aug 22
Jan 12214 De
122 Feb 9 112
44 Sept 5314 Deo
55% Mar 5
8812 Apr 19
82 • Jan 129
Oct
918 Feb 19
87* Oct
334 Jan
812 Jan
2414 May
21% Jan 5
4338 Jan 671 May
(3912Mar 2
8618 Jan 1041 Oct
10238 Mar 6
407g Mar 21
304 Jan 4618 Sept
91 Feb 10814 Oct
10514 Feb 9
5418 Jan 85% Aug
85 Feb 13
84
Jan 112 Aug
10834 Jan 3
3538 Feb 14
2314 Feb
47 May
Jan
8534 Feb 13
5214 Feb 71
11918June 29 12512 Mar 5 11412 Jan 12814 Aug
16912
Sept
Jan
12918
16134
Feb
13
140'4 July 3
9612 Jan 10832 Oct
10018 Nov 27 10578 Mar 3
Jan 16534 Sept
140 May 20 15934 Feb 9 126
Jan 3314 Nov
2712 Jan 29 4434 Apr 26
Jan 937 Sept
67
85'4 July3 93 Jan 16
1714
Jan 5514 Oct
Oct
0
4812 Jan 3 6312
Oct
7814 Jan 105
65 Oct 27 109% Mar 21
Jan 11114 Dec
96% Oct 27 11134 Jan 3 102
2221 Jan 5514 Sent
2 Oct 26 34 Mar 7
21 Sept
12% Jan
618 Oct 30 1914 Feb 16
Jan 57 Sept
36
28 Oct 1 5814 Feb 27
45 Nov 57 May
3238 0.3/ 29 5312 Mar 6
---8834 Oct 19 9214 Nov 26 -_-1012 Nov 7 1812 Apr 13
43
Jan 7072 -15-e;
6214 Jan 5 89 Mar 19
Oot
Jan 86
82 .Nov 26 89 Feb 13
75
Jan 9112 Oct
76
84 Oct 26 9312 Feb 20
-24% Oct 31 2714 Nov 27
12 Nov 15
512 Apr
113 Dec
312 Feb 14
914 July 5 34 Mar 19
193* Dec 4314 May
15 Dect 3114 May
6 Oct 31 27 Mar 19
Oct
9938Sept 18 15312 Jan 10 117 Dec 1575
Jan 11912 De
115 May 2 120 Jan 18 113
Sept
Jan
403
8
12
914
17 July 6 3512 Jan
Jan 91 Sept
68
7834June 21 8912 Jan 23
714 Oct 24 2814 Apr 18
9312 Jan -1424 Oct
11012 Aug 4 14414 Mar 19
Oct
Jan 118
111 Apr 2 11634 Jan 4 104
Jan 67% Sept
40
30 Sept 13 55 Feb 16
19% Jan 56,4 Apr
978 Aug 2:3 35 Mar 23
17 Nov 39
Apr
6 Oct 31 22 Jan 2
1% Mar
14 Dec
18,july 2
58 Aug 31
33 Apr 65 Bent
50 June 21 6214 Apr 4
30 July 5338 Dec
51 Jan 2 8414 Mar 26
Jan
79 May
51
4134June 29 70 Mar 3
Jan 116% June
10014June 21 11114 Mar 12 104
Oct
94 Nov 101
87 July 2 9712 Mar 9
1012 Aug
4 Nov
718 Jan 18
334 Oct 25
812
Jan
15
Mar
2
97
8
Bent
Nov
16
418
68 Mar 76% Apr
55 Nov 10 6912Mar 13
1914 Mar 39 Sept
1212 Nov 17 261 Feb 20
Jan 124% Aug
10414May 22 12112 Jan 9 100
Jan 12412 Nov
70
10312May 11. 128 Feb 7
Jan 64% Sept
42
Apr
2
657
8
Oct
29'
41%
100 Sept 29 14434 Mar 23 11312 Jan 147 Dec
Oct
2838 Jan 53
2112Sept 29 43 Jan 2
1014 Dec
514 Mar
414 Oct 27 1134 Feb 14
15 Nov 34 Feb
1314June 21 22 Aug 18
20% Jan 3514 Oct
1278 Oct 1 3778Mar 1
9% Feb 16
6114 Dec 1518 Apr
114 Nov 3
Jan 86% Sept
68
77 Aug 4 87 Feb 9
l71 Sept 19 2938May 31
Jan 9812 Apr
83
9012Sept 27 11012May 23
514 Feb 11% May
334 Oct 29 12% Feb 20
6012 Nov 6613 June
42 Oct 26 66 Mar 1
614 Dec 1638 Mar
414 Nov 23
9% Feb 19
912 June
434 Feb 21
3 Mar
4 Oct 22
65 Oct 17 85 Apr 9
68 Feb 934 Aug
932 Nov 23 40% Mar 7
2938 Jan 4418 Sept
2818 Nov 25 7934 Mar 7
63% Jan 8234 Sept
3612 Oct 24 5012 Mar 28
3234 Jan 46% Dec
43 Oct 13 76 Mar 14
47% Jan 794 Apr
Jan 89% Sept
9034 Mar 21
60
2
74
5118
23u
u:
n 2
1518 Jan 2914 Nov
20
0 30% Mar 1
1434 Aug 30 31% Mar 2
2214 Nov 33% June
6
85
013 July
Jan 7014 Dec
o 22
43
7 7614 Mar 28
Jan 8234 Oct
41
8338June 8
Jan 37 May
20 Oct 30 35%May 31
24
41 Oct 19
3014June 28
18 Oct 16
14 Oct 22
87 June 30
135 Oct 23
15 Oct 26
62 Oct 11
5024 July 2
6 Oct 30
4278May 7
5 Oct 24
11438July 5
11512 Nov 1
2234 Sept 19
5712Sept 27
8534 Aug 6
812 Aug 2
3312 Aug 4
23 Aug 1
92 July 12
3 July 2
30 Aug 28
5413 July 6
201sMay 21
2038 Nov 9
10014June 26
3034N1ay 22
89% Jan 2
20 Oct 31
10614 Jan 17
52 July 5
1314 Nov 14
1 Oct 15
58% Oct 29
109 Oct 30
20 Sept 4
52 Oct 27
82 Oct 29
.5 June 5
34I4June 4
714Sept 21
140 July 3
94 July 3
578 Oct 19
37% Feb 17
4978May 26
-_
3734 Apr 19
114 Jan
8
,
4 JULIO
278 Feb 6
5 Feb 21 June
12% Jan 15
5514 Jan 7934 Apr
8312 Apr 9
-184% Nov 26
1838 Feb -4234 Oct
39% Jan 3
47 Feb 8714 Nov
83 Feb 17
8812 Jail 14534 Sept
6958 Feb 2
9 July 15% Apr
1412 Feb 2
4534 Jan 11514 Dec
5512Sept 11
1114 Dec 18% Dec
1214 Jan 19
914 Jan 13434 Oct
13914 Feb 6
Jan 122% Nov
122% Feb 24 111
6314 Feb 17
31% Jan 54 Dot
5234 Feb 98% Sept
8412 Mar 21
80
Jan 100 Sera
9412Mar 2
818 Jan
20 Feb 13
1934 Mar
1514 Jan 4172 July
6414 Mar 15
3738 Feb 13
1412 Jan 28 Aug
106 Apr 5
78144 Jan 10212 Dec
1214 Mar 15
5812 Mar 20 - 68% Apr 27
7912 Nov 27
2318 Nov 655 Apr
28 Mar 1
1512 Jan 255
,Sept
111 Mar 2 10038 Jan 11812 Aug
4418 Jan 4
1812 Jan 4612 Nov
11534 Apr 3
70 July 9012 Dec
27 July 24
14812 Apr 28 105 Dec,-i.8-934 Nov
4012 June' 58% Dec
6718 Mar 21
2412 Dec
2034 Jan 2
1414 Jan
1118 June
712 Feb 20
238 Jan
944 Jan 2
7814 Jan 94% Dec
118 Jan 3 104
Jan 119 Dec
2612 Dee 3112 Oct
31 Jan 10
93 Jan 2
7518 Jan 107 Sept
9112 Jan 107% Sept
99% Feb 14
9
Jan
1812 May
13 Nov 9
3712 Mar 8234 Sept
6012 Feb 13
834 Dec 1018 Dec
10% Jan 2
75
Jan 218 Dec
2124 Jan 11
76% Jan 1034 June
10238June 14
1612 Feb 13
1038 Nov
1913 Aor
4714May 4
New York Stock Record-Continued-Page 3
2416
For sales during the Week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
Nov. 24.
Monday,
Nov. 26.
Tuesday,
Nov. 27.
Wednesday. Thursday,
Nov. 28.
Nov. 29.
$ per share $ per share $ per share S per share 5 per share
.6838 70
6914 6914 70
721 1 71
7112
1112 12
1418 1378 1412 1378 14
12
45
45
47
47
47
*46
47
*46
3318 3312 3318 3434 3278 33
3212 3314
*64
67
6612 67
*60
*6512 67
61
85
8612 86
8712 8212 85
8238 83
•104 106 *104 105 "104 105 *104 105
18112 18212 18134 18214 181 18214 181 182
1038 1012 1038 1012 1012 1038 1012 1012
14
14
14
1414 14
1418 1378 1414
.81
82
*8012 8212 *8012 8212 '81
8212
08012 8178 *8012 8134 8112 8112 8134 8134
*98
99 '96
98
96
98
*96
96
4738 474 .4734 4814 4734 4778 •4738 48
*813 9
10
87s 87s
*9
934 '9
978 10
94 934 *9'8 934
9,2 9,2
22
2212 2234 2338 2234 2338 21
2234
76
*7614 7634' 7634 7634 7614 7614 71
*40
42
4112 4212 4118 4138 4014 41
9012 *90
91
91 '90
9012 9012 •90
1412 1412 1438 1412 1412 15 '1412 1512
8
818 *712 8
"814 813 •838 812
1512
1612 '15
1512 '15
•1434 1514 •15
614 614
612 612
614 634'
634 634i
8412
8334 8414 83,
8 8514 8234 8434 81
5
*33
34
3
4
34
34
34
Friday,
Nov. 30.
$ per share
70
7014
1378 14
'46
4718
3312
"33
"66
67
84
83
*104 105
18112 18112
1038 1012
1378 14
8212
*81
8178 8178
*9512 98
*4734 48
812 838
94 918
22
23
73
73
*40
4012
91
•90
*1412 1512
*713 8
"15
1512
614 612
8118 8214
*58
3
Sales
for
the
Week.
Shares.
3,900
37,100
206
8.800
200
6,400
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Preston*
Year 1922.
Lowest
Highest
Indus. & Miscall.(Con.) Par $ per share
$ per share 15 per share $ per :bars
Foundation Co
No par 5812 Oct 29 7838July 20____
_
Freeport Texas Co. _No Par
912July 2 22 Jan 13
124 Jan --2i14 -45Oi
Gen Amer Tank Car_ _No Par 3812 Oct 29 717s Feb 20
4534 Jan 80 005
General Asphalt
100 23 Aug 9 54 Mar 7
3714 Nov 734 July
Do pref
100 60 Sept 27 83 Mar 7
69 Nov 111 July
General Cigar, Inc
100 8018June 28 944 Mar 14
65 Mar 8334 Dec
Debenture preferred_ _ _ _100 10414 Nov 14 110 Apr 2
Jan 109
Oct
94
3,100 General Electric
100 168 Sept 20 19018 Feb 2 136
Jan 190 Dec
6,900
Special
10 1014 Oct 19 12 Jan 2
1012 Oct 12 Sept
19,800 General Motors Corp_No par 1234June 28 1712 Apr 18
1514 July
84 Jan
Do pref
100 79 July 10 89 Apr 17
Jan 80 Sept
69
600
Do Deb stock (6%)
100 7854 July 17 90 Apr 7
874 Mar 9614 Oct
100
Do Deb stock (7%)_ _ _100 9334 Oct 30 105 Apr 10
7914 Mar 100 Sept
400 Gimbel Bros
No par 3912June 27 5112 Apr 24
3818 Oct 4518 Oct
300 Glidden Co
No par
Sept 22 1238 Feb 9
934 Nov
1814 June
900 Goldwyn Pictures, new_No par
8 Nov 5 2218June 5_ _6,700 Goodrich Co (B F)_ _ _ _No par 1738 Oct 23 4118 Mar 22
2812 Nov --i478 /dB)
2,200
Do pref
100 6734 Oct 20 9212Mar 6
7912 Nov 91
Apr
1,100 Goodyear Tire, prof
100 35 Oct 26 6212 Apr 25
100
Prior preferred
100 88 Oct 30 99 Feb 19
1,500 Gran uy Cons M ,Sm & Pow 100 12 Oct 24 33 Mar 23
22 Nov "-35 May
300 Gray & Davis, Inc_ _ _ No par
7 0,.t 10
1538 Mar 7
8 Nov
194 May
Greene Cananea Copper_ _ _100 1334 Oct 31 3418 Mar 8
22 Nov 3438 May
4,600 Guantanamo Sugar..
5 Sept 19 1412 Feb 14
.
.No par
7 Feb
1438 Mar
30.500 Gulf States Steel tr ctfs
100 06 June 28 10438 Mar 21
444 Jan 9478 Oct
300 Ilablrshaw Elea Cable.No par
14 Aug 8
24 Jan 12
54 Jan
378 Mar
Hartman Corp
793
4
Nov
100
1 944 Feb 6
*3734 38
-57E8 381s 3734 3818 3714 3734
37
373s 3,400 Hayes Wheel
100 31 July 5 44 Apr 19
1918
1,600 Hendee Manufacturing_ _ _100 12 July 2 2334 Feb 16
1812 19
1912 1934 1938 1934 1912 1912 19
15
2814 Sept
Jan
6012 6012 *6018 6012 60
61
6018
.60
60
400 Homestake Mining
60
100 80 May 23 794 Jan 2
55
Jan 82 Nov
3312 3314 3378 3312 34
33
*3234 33
3314 3312 4,200 Household Pro
No par 2838July 2 394 Mar 15
55
55
55
5614 5212 5414 53
5438
54
5414 4,700 Houston 011 of Texas
Aug
4 78 Feb 16 --814 Nov 9184 Oct
100 4034
2578 2578 2538 26
26
26
2512 2534
2534 2534 2,500 Hudson Motor Car_ _ _ _No par 20 June 28 3234 Mar 8
1912 Aug 2638 Deo
23
22
2212 *2112 2234
23
23
23
1,200 Hupp Motor Car Corp_ _ _ 10 1534 Oct 29 304 Apr 2
*2112 22
1078 Jan
264 Dec
*12
38
*12
38
12
12
12
12
*12
71
700 Hydraulic Steel
04 Jan 8
312 Fob
No par
12 Oct 27
1418 Juno
534
614
512
512
5
*438
478 534
658 634 4,600 Independent 011 & Gas_No Dar
338 Sept 21
1114May 3
278
2
2
2
33g
3
3
314
4,000 Indiahoma Refining
3
3
1 Oct 19 19 Mar 19
5
1514 Dec
314 Jan
*434 5
538 512
433 434
5
538 558
5
1,200 Indian Refining
4 Sept 19
10
84 Apr 6
5
Jan
1138 June
2638 2638 2614 2678 2612 27
26
2612
2512 2612 3,800 Inspiration Cons Copper
20 2314 Oct 24 4334Mar 1
31
Nov
June
45
34
034 118
*34
*88
*34 118
114
118
100 Internat Agricul Corp
3
12 Oct 28 11 Feb 20
100
558 Dec 11% May
61.,
*6
514 534 2,000
578 54
Do pref
578 6
538 534
418 Oct 30 3972 Feb 23
100
284 Nov 4318 Mar
4012 41
411. 4138 4138 4112 4234
41
42
4214 8,900 International Cement_ No par 31 June 28 44 Mar 19
26
Jan 3834 May
25
2538 2414 2514 2378 2478 24
2414
2414 11,300 Inter Combus Engine_No par
24
1938June 28 274 Apr
2018 June 3012 Sept
.77
*7712 79
7778 7778 7714 7714 77
7712
400 Internat Harvester
77
100 6834 Oct 29 984 Feb 7
7958 Jan 1154 Aug
110 '10534 10814 "106 10814 *10534 10814
I
Do pref
.10534 10814
100 106 Oct 27 11614 Jan 4 1054 Feb 119 Sept
714 714 *714 712
718 712
634 7
1,900 Int Mercantile Marine .....100
718 712
478 Aug 9 114 Feb 14
84 Dec 271s May
3338 3414 3338 344 33
8,800, Do pref
3338 3138 3438
3234 34
100 184 Aug 8 47 Jan
414 Dec 8733 May
1114 1134 1112 12
1134 1218 1134 12
1114 102 8,000 International Nickel (The) 25 1038 Oct 28 1614 Feb 16
1114 Jan 194 Apr
*8012 8234 8014 8014 80
8018 *78
5001 Do pref
SO
.79
80
100 6954 Jan 4 83 June 12
60
Jan 85
Jan
3578 3614 36
3638 3438 35
1,200 International Paper
3434 3514
35
35
100 2778 Oct 26 584 Mar 6
434 Mar 634 Oct
"6278 63
63
3001 Do stamped preferred.100 60 Oct 24 7518 Jan 5
63
*63
63
63
64
6278 6278
69 Mar 8012 Sept
10
1012 1012 1118 1034 1078 1014 1012
1014 1012 15,7001 Invincible 011 Corp__..No par
718 Nov
1914 Mar 7
1218 July 2014 Apr
5238 4978 5112 4914 5134 5078 5078
51
10,000 Iron Products Corp_ ___ No Dar 3212 Aug 6 684 Mar 8
5012 53
24
Jan 5318 Oct
.04 .04
.03 .06
• .04 .06 35,300 Island Oil & Transp
.03 .05
.03 .06
38 Feb 24
.03 Nov 2f
14 Nov
Jan
3
1814 1814 1818 1812 *18
1814 1812 19
194 2,500 Jewel Tea, Inc
19
Stock
100 1538 Oct 11 24 Mar 15
10
Jan 224 May
*73
•74
75
75
Do pref
73
700
76
73
73
76
76
100 62 June 20 82 Feb 26
3813 Jan 7838 Dec
2814 2812 2612 28
2718 28,900 Jones Bros Tea, Inc
2412 2678 2514 284 Exchange
25
100 2412 Nov 37 6338 Mar 16
3412 Feb 67, Sept
1,200 Kayser (J) Co, v t c _ _.No par 28 July 2 4578 Feb 23
*3614 3712 3678 3712 36
3614 3538 3512
36
*35
34 May 4838 Aug
'98
9978 •97 100 '97 100 '96 100
Do 181 prat
Closed
"97 100
No Par 90 July 2 104 Mar 23
94 May 10612 June
2938 3078 31
3038 3132 2912 3058
32
3014 3012 22,500 Kelly-Springfield Tire
25 2012 Oct 17 6218 Mar 22
3414 Jan 534 Me y
80
400
80
8334 8412 8434 8434 '83
86
8% pre/
86
Thanks- '83
100 78 Nov 3 108 Jan 10
9012 Jan 1074 May
•87
91
"87
200 Kelsey Wheel, Inc
92
90 '87
88
87
87
*88
100 75 Oct 18 11714 Mar 6
Feb 11512 Dec
61
343a 3434 3412 3478 3434 3532 3478 3512
13,600 Kennecott Copper
giving
3478 35
No Par 2933 Oct 26 45 Mar 1
2512 Jan 3938 May
13
3'8 314
312
3
318
314 338
3'8 34, 2,900 Keystone Tire & Rubber.. 10
138 Oct 19 1118 Mar 24
414 Nov
2488 May
2:280 292 *285 290 *285 292
200 Kresge (S 5) CO
29214 29214
Day
2924 292121
100 177 Mar 2 29212 Nov 30 110
Jan 1894 No•
78 •78
78
78
80
78
800 Laclede Gas (St Louis)._ _ _100 75 July 5 8938June 9
7914 80
*76
80
43 Jan 9412 AL g
1412 1412 1478 15
1412 1,100 Leo Rubber & Tire
•14
14
15
14
*14
No par
1138 Oct 19 3134 Mar 22
2414 Nov 3518 Mar
*22212 225
22234 22234 *222 223
222 222
300 Liggett & Myers Tobacco_.100 19034May 21 225 Oct 16 15314 Feb 235
22214 22214
Oct
•11614 11634 11634 11634 "11614 11612 '11614 11612
Do pref
100
•11614 11612
100 1114 Apr 4 11818 Jan 8 108
Jan 12312 Nov
44
5,,
/
1
6538 66
647
13034 67
8
4,800 Lima Loc Wka temp ctf.No par 5814June 28 7478 Mar 20
6512 6634
65
65
52
Nov
1177
8
May
1712 1712 1738 1712 1714 1712 1714 1712
174 171z 4,800 Loew's Incorporated._ _No par 14 June 21 2114 Feb 14
104 Jan 2334 Sept
814 878
814
812 878
812 812 5,000 Loft Incorporated
812 838
No Par
6 Sept 8 1134 Jan 5
Jan
9
1414 May
*5838 5912 5818 6134 60
6234 6012 6238
6438 12,700 Loose-Wiles Biscuit
62
100 3614July 7 6438 Nov 30
36
Jan 6778 Sept
172 17212 173 17312 17212 173 *171 17212
1,000 Lorillard (P)
•173 174
100 140 June 21 17838 Feb 9 14714 Jan 180 Sept
•10814 110 '10812 110 "10834 110 •10812 110
Mackay Companies
•108 110
100 103 May 23 121 Feb 6
72
Jan 117 Dec
8134 8234 8238 8434 8338 85
8334 8538
8434 57,100 Mack Trucks, Inc
84
No par 5818 Jan 2 9312 Apr 6
254 Jan 6178 Sept
•9312 94
*9312 94
94
94
94
94
Do tat preferred
600
9414 9414
100 87 July 3 9914 Mar 12
Feb
08
944 Dec
88
*86
"86
88 '86
88
*87
88
Do 2d preferred
200
88
88
100 72 June 29 92 Mar 5
Jan 8734 Sept
54
*6512 6634 6512 6534 6534 6534 6514 6514
600 Macy
65
65
No par 57 July 2 7112 Jan 20
59 Nov 62 De0
3014 3012 3034 31
2912 30
•2912 3012
800 Magma Copper
2978 30
No par 2714 Oct 29 3814 Mar 3
2718 Nov 3534 Sep%
2934 3034 2914 30
*3034 31
29
6,400 Mania:mon (H R)& Co-No par 21 June 27 40 Jan 2
2934
2812 29
154 Jan 40 Aug
6138 62
61
61
6112 6112 "59
900 Manati SUM
62
62
•60
100 43 July 31 7514 Mar 14
Jan 52 Mar
3014
82
*80
82 '80
82
*80
*80
Do pref
100
82
SO
80
100 72 Oct 22 90 Feb 26
7314 Apr 8414 Sept
*40
4114 4014 41
40
4138 .4014 41
4014 403s 2,400 Manhattan Eleo SupplyNo par 35 Oct 18 80 Mar 21
41 Mar 6914 Apr
*42
43 •42
43
*42
43
•42
100 Manhattan Shirt
43
4278 4278
25 40 Oct 30 4778 Jan 5
32 Mar 5834 Oot
2312 2218 2234 2238 2412
23
23
23
2414 2534 18,600 Maracaibo 011 ExpL - No Dal' 16 Sept 17 2534 Nov 30
2612 2778 2738 2834 2618 2814 2538 2714
274 65,900 Marland Oil
27
No pat 1712 Oct 31 594 Apr 2
221
4 Jan 4638 June
•3
414 414
*314 5
4
5
4
200 Marlin-Rockwell
*3
5
No par
54 Mar 264 Mar
314 Nov 7 16 Feb 26
3138 3134 3118 3114
32 '3038 32
*30
500 Martin-Parry Corp_ _..No Par 26 July 31 3734 Apr 17
31
31
Jan 364 June
2014
4214 4012 41
41
41
40
42
3,700 Mathieson Alkali Works... 50 3114 Oct 23 6412 Mar 14
4034
4034 41
22
Jan 54 Nov
5912 617s 5434 6034 4934 5912 4714 5138
4612 49 203,000 Maxwell Motor Class A_ -100 36 Oct 13 634 Mar 8
414 Nov 7434 May
16
181s 1414 1714 1278 1418
1712 18
1238 1334 90,400 Maxwell Motor Class B No par
1014 Oct 2 21 Apr 5
11
Feb 254 June
84
8314 8438 •83
8414
•8234 8314 84
8378 84
2,800 May Department Stores -100 674 Jan 5 8678 Oct 24
0512 Dec 17434 Dec
1614 1614 1612 167g 1634 1634 *1638 1634
1634 104 2,600 McIntyre Porcupine Mines__
15 Sept 18 2012May 4
1038 Jan
2138 May
1418 1514 1314 1414
1478 1534 1518 16
1334 1334 10,700, Mexican Seaboard 011_ _No par
534 Aug 15 2334May 28
15
Oct 3412 July
1412 1412 1438 1434 1314 1334 1214 1214
Voting trust certificates._ _ _
6 Aug 15 2314May 28
*1234 1312 2,0001
12
Oct 3218 July
2138 2178 2112 2112
*2134 2218 '2134 22
1 ,200 Miami Copper
2114 2114
.5 204 Oct 29 3012 Feb 23
25 Nov 3138 May
478 5:8
5
512
514 512
312 Nov 16 1214 Jan 12
5
51z
518 54 48,300 Middle States 011 Corp__ _ _ 10
11 Nov
16
Apr
2812 2834
2878 2914 2812 29
"2834 29
2814 2812 2,700 Midvale Steel & Ordnance. 50 2112June 29 3338 Apr 18
2618 Dec 4514 May
4.8112 6212
6113 6112
6112 6112 *614 6134 *6112 62
300 Montana Power
100 5412June 28 75 Mar 8
03
Jan
7638 Sept
2438 25
2438 2538
2438 2478 2438 25
244 2514 12,300 Mont Ward & Co III Corp- 10 1814May 22 2614 Nov 15
12 Feb
2534 Aug
2378 2418 2418 2438 2338 2438 2334 2434
No Par 174 Jan 17 2938 Mar 22
2438 2478 9,700 Moon Motors
13 Aug
1938 Dee
878 9
878 9
9
9
9
9
7i8June 20 14 Feb 20
94 918 9,600 Mother Lode CoalitIon_No par
94 Nov 1214 Dec
*14
•14
•1312 15
1512 •1312 15
15
Mullins Body
No par
1018 Aug 21 2978 Mar 15
15
*14
1714 Dec 34 Mar
34
35
35
34
35
No par 314 Oct 26 364 Nov 7
•3338 35
35
400 Munsingwear
34
34
-9412 "90
9412 *90
9412 '90
93
•90
Nash Motors Co
No par 7518 Jan 2 11412 Jan 12
*90
9412
70 Dec aii July
99
•98
*9712 98
*9712 99
Do preferred A
•9712 98
.9712 99
100 964 Apr 23 10134 Jan 17 10112 Aug 108 Dec
Acme
934 10
National
10
10
10
10,4 10
1,500
10
50
7 Nov 12 1818 Feb 19
•934 10
94 Nov 214 Apr
50
514 5278
5014 5038 5012 5012 52
25 38 Jan 5 5278 Nov 28
5212 5234 11,300 National Biscuit
3878 Dec 270 Dec
•121 123 •121 123
Do prof
121 123 .121 123
100 11812July 5 125 Feb 2 1134 Jan 126
121 123
Oct
*6212 64
64
•60
62
62
•60
100 National Cloak & Suit_ _ _ _ 100 40 June 18 6714 Feb 21
6234
•60
6234
20
Jan 0678 Sept
Nat Conduit & Cable. NO Par
112 Feb 24
14May 31
1 De(
415 Apr
-411.4 111
"ii- 111-4 -4114 42
8 40 "4"04
-3972 397 - -3-,6615 Nat Enam'g & Stamping. 100 35 Oct 18 73 Mar 14
3034 Jar. 6812 Oct
12512 12512 12612 12714 12614 12614 "125 12612
1,000 National Lead
12314 125
100 108 July 5 13634 Mar 20
85
Jai 12914 Deo
Do prof
•110 113 *11012 11312 *11012 11312 •11012 11212
10712June
114
28
"11012 11312
100
Jan 4 108
Jai 117
Oct
•1134 12
•1134 1218 1134 1178 1178 12
94 Oct 27 1838 Mar 5
1134 1134 3,100 Nevada Consol Copper_ _ _
134 No,
194 June
4178 41
4118
4114 4114 3,000 NY Air Brake temp etre No par 2632 Jan 2 4278 Nov 23
4214 4214 4134 4238 41
244 No.
4138 Sept
50
A
Class
•49
50
500
50
4934 4934 494 50
50
No par 4514 Aug 23 514 Feb 13
.49
454 No.
5114 Oct
•11312 19 "1612 1834
New York Dock
19 '1712 19
•18
100 1514June 30 27 Apr 2
*1612 184
20 No,
46 June
44
44
*37
Do pref
44 '37
44
•37
44
*38
*37
100 3734 Aug 14 5112 Mar 15
40 No
684
June
17123.11ty 21 2418 Apr 13 - 2218 2212 12,100 North American Co, new.. 10
2214 2238 2214 2212 2114 2112 2214 2238
Do pref
4414 4414 *4414 4434 *4414 4412 4414 4414
300
4414 4414
ao 4212July 2 4812 Feb 14 38 J n 4.
/14 Aug
"1412
16
"1412
Scotia
16
Steel & Coal_ _100 1414 Nov 9 294 Mar 3
1412 14,2
*1412 16
100 Nova
•1434 17
2034 1.
40 Sept
8
8
812 834
•812 912
*812 912
500 Nunnally Co (The)_ .No par
*8
812
778 Oct 20 1018 Feb 9
1234 Mar
8 J.
*178 212 *178 212
2
2
500 Ohio Body & Blower__ No par
178
178
178 178
1018 Jan 29
14 Nov 1
1414 Apr
5 N
.114
138
133 138
*138 138 •138 134
5
318 Feb 8
78 Nov 2
1,4
458 June
114 1,200 Okla Prod & Ref of Amer
112 D
•4
6
•4
•4
6
Ontario Silver Mining__..100
6
6
'4
3 July 21
938 Mar
778May 7
412 J
1834 1878 7,100 Orpheum Circuit, Inc
1834 1878 1912 1878 1912
18
1614June 21 2138 Apr 26
1712 18
1
Oct
28
1238 .1
134 13478 *133 13434
132 134
300 Otis Elevator
135 135
•132 134
100 1144 July 30 153 Feb 16 116
18844 Ook
J
934 10,2
912 938 13,400 Otis Steel
878 934
914 10
978 1012
8.4 N. y
7 June 30 1434Mar 21
1612 Apr
No Par
4314 4378 4312 4312
4334 44
*4314 4334 2,000 Owens Bottle
4312 44
25 304 Jan 2 524 Apr 2
4238 Sept
J
24
*32
12
•38
12
38
38
600 Pacific Development
311 Nov 20
12 I
1418 Apr
12
214 Mar 5
*38
5:2
*12
8112 8112
8114 82
82
8212 8314 1,400 Pacific Gas & Electric
82
•8212 83
9118 Sept
60 .
100 73 July 2 8518 Aug 20
103s 1058 1012 1012
912 912
11
11
12
•11
5
700 Pacific Mail Steamship
19 Jun
11 .1
7 July 2 1234 Mar 14
9 Bld and asked prices; o sales this day. s Ex-dIvICIend
New York Stock Record-Concluded--Page 4
2417
For sales during the week of Stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SIIARFC, NOT PER CENT.
Saturday,
Nov. 24.
Monday,
Noe. 26.
Tuesday. !Wednesday. Thursday,
Nor. 27. I Nov. 28.
Nor. 29.
Friday,
Noy. 30.
Sales
for
the
igeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1922.
Lowest
Highest
$ Per share S Per share $ per share
per share $ per share S per share Shares. Indus. & MIscell.(Con.) Par $ per share
$ per share $ per share I per share
4058 4158 4134 4318 41% 4234 415e 4212
42
4212 42,200 Pacific 011
3114 Sept 19 4878 Jan 4
4212 Nov 139% May
1134 12
1218 12
1178 1218 12
12
1218
1218 8,600 Packard Motor Car
154 Mar 22
10
9%
Oct
10 Dee 21 Nov
23
9514 9514 9512 9512 .95
96
*94
*9112 951.2
9512
200
Preferred
5
100
Feb
9018June
7
9114 Dec 92 Dec
99
6234 6334 6258 6414 6012 6238 6018 6212
61
6218 45,500 Pan-Amer Petr & Trans_. 50 53 Sept 28 934 Feb 7
487s Jan 10078 Dec
5934 6034 5958 6118 58
GO
57% 5934
5834 5934 79,600
Do Class B
4012 Feb 9534 Dec
50 5012 Oct 19 86 Feb 7
•134 214 *2
214
134 134
*112 2
300 Panhandle Prod & Ref_No par
184 134
3 Dec 1212 Jan
614 Apr 5
114 Oct 26
1113 12
12
12
12
12
12
•11
12
1214
2,000 Parish & Bingham
74 Nov
17
9 May 23 154Mar 13
No Par
Apr
278 318
278 313
278 314
278
278 314
3
77,900 Penn-Seaboard St'l v t cNo par
112 Oct 8
238 Dec 1333 May
6 Apr 4
9458 95
9414 9434 9434 9614 96
9534 9658 4,800 People's 0 L& C (Ctilc)_ _ _100 88 Apr 27 96% Nov 30
9612
5934 Jan 99 Sept
4318 4258 434 4234 4278 4238 4278
43
4212 43
2,700 Philadelphia Co (P1ttsb)
3112 Jan 4538 Sept
50 41 July 2 5014 Mar 19
55
55
*55
591g *55
5918 *55
*55
5918
5918
100 Phillips-Jones Corp
No par 55 Aug 9 80 Apr 4
7314 Oct 10518 Jan
1912 2038 1914 1914 1918 1914
1912 20
1934 20
4,000 Phillip Morris
10 1112July 2 2218 Oct 22
2834 303
3034 3112 3018 3114 2934 3058
3012 3113 80,500 Phillips Petroleum _ _.No par 1934 Sept 18 6958 Apr 5
5914 June
2814 Jan
.812 9
534 938
918 918
87
918 8,500 Pierce-Arrow Mot Car_No par
814 812
8 July 2458 Apr
614July 2 1514 Jan 14
22
82
2212 2518 23
24
23
23
2318
26
9,200
9
Do met
8 July 49
Jan
1312July
Apr
187
3558
2
100
212 234
238 278
212 234
258 258
212 258 3,000 Pierce Oil Corporation
34 Dee 12
Jan
112July 5
6 Feb 13
25
.26
27
26
27
2614 2614 25
2514 2512
25
900
Do pref.
Jan
32 Sept 71
16 Oct 11 45 Jan 4
100
59
5934 5912 5912 5914 5914 59
59
59
5914
2,700 Pittsburgh Coal of Pa
7238 Sept
55 Nov
16 6778 Mar 7
58
Jan
100
*98
0812 *98
9812 •98
9812 .98
9812 9812
9812
200
Do pref
904 Feb 10012 Sept
100 96 Oct 26 100 Apr 5
5314 5314 53
5314 5214 53
*5112 52
51
5118
1,100 Postum Cereal
Oct
6558 Apr 120
No Dar 47 July 5 134 Feb 6
*110 11134 .110 11134 .110 111 *110 11214
•110 11212
Do 8% preferred
100 10812June 30 11414 Jan 25 10512 Apr 1124 Oct
*54
55
5514 56
55
.53
55
55
*54
55
1,500 Pressed Steel Car
Jan 9514 Sent
63
100 4212 Oct 23 8112 Jan 2
.83
85
8314 8314 8112 8412 •84
.84
85
85
200
Do pref
Feb 106 Sept
91
100 80 Oct 23 9934 Jan 5
2038 2258 2314 25
2418 2213 2414
23
234 2512 42,500 Producers & Refiners Corp. 50 17 Nov 15 5818 Mar 20
2418 Jan 51 Sept
4534 4534 4' 46
45
4412 3,600 PubServCorp of NJ,new No par 42 Sept 18 5112 Apr 16
4414 45
46
43
12314 124
12414 12514 12212 12334 12214 123
12212 12212 5,800 Pullman Company
100 110I2July 2 134 Mar 8 1051k Jan 131.139 Sept
5358 5412 543 558 54
55
53
5312 12,900 Punta Alegre Sugar
5314 5312
Jan 014 June
50 4178July 31
31
6914 Apr 19
19
1938 1912 2058 20
1913 20
2118 1934 2018
30,000 Pure 011 (The)
25 1614 Sept 21
2612 Nov 3858 Jan
32 Feb 13
88
8812 89
89
•88I4 8914
*8814 8914 *8814 8914
400
Do 8% Preferred
100 8212 Aug 28 100 Mar 9
94 July 10234 Apr
110 110
11112 112
*10938 110
110 110
10912 10912
1,000 Railway Steel Spring
Jan 12614 Sept
100 9912 Oct 29 123 Mar 17
94
.3314 35 .3358 35 .3338 35
*33
35
*33
35
Rand Mines, Ltd
No par 2914July 16 3438 Feb 19
3612 Sept
1912 Jan
12
1214 1184 1178 1134 12
1218 1212
12
1213 5,100 Ray Consolidated Copper_ 10
9711Sept 21 1714 Mar 1
19 May
121s Nov
3513 3513 3412 35
*334 35
*3314 351 .3318 35
400 Remington Typewriter v t c100 24 June 27 4818 Mar 6
Jan 42 Mar
24
.88
92 .88
92 .8312 92 .8812 92
.8312 92
100 90 Nov 23 104 Feb 13
1st preferred v t c
Jan 105 Dec
55
99
99
99
99 .
•9712 99
200
5012 Feb 8014 Dee
9612 99
2d preferred
100 80 Jan 3 99 Nov 23
*9713 99
1134 1238 13
1212 131
14
1214 1312
1218 124 21,500 Replogle Steel
No par
8 ON 25 3114 Feb 16
3813 May
21 Nov
4873 49
49
504 49
49
4812 49
503
4934
16,900 Reptiblio Iron & Steel
100 404June 30 6634 Mar 21
4812 Nov 784 Mat
*92
93 .9212 9312 93
*92
93
9278 93
100 8134 Oct 1
600
Do pref
9234
9678 Mar 21
74 Feb 953s May
2414 25
2458 2512 2312 2438 2312 24
2313 24
20,600 Reynolds Spring
No Par 14 June 30 2978 Apr 17
1214 Nov 5014 June
7012 7039 7018 71
7014 7014 7018 7014
7014 7013 6,500 Reynolds(RJ)Tob Class B 25 47 Jan 10 7313 Oct 22
43 Mar 6314 Nov
•116 117 *116 117 *116 117 •116 117
11678 1164
100 114 July 9 118 Feb 9 111 18 Apr 1184 Oct
100
Do 7% Preferred
49
4938 4934 5014 4914 494 4978 .5012
5034 5134 11,700 Royal Dutch Co(N Y shares)- 4013 Aug 1 554 Feb 19
4738 Jan 67 JUDE
02034 21
2034 21
21
21
2114 22
2034 21
10 17 June 29 2258Mar 9
1,200 St Joseph Lena
1258 Jan 2014 Sept
.112 214 .134 214 •158 21
158 1%
113
114 Oct 4
112
30' San Cecilia Sugar v t e_No Par
14 Jan
614 Mar
5 Feb 14
33
3314 3318 3434 3314 331
33
33
33,4
33
2478 Apr
3,60 Savage Arm, Corporation_100 1812 Jan 3 3434 Nov 26
10 14ug
10434 10614 1014 1C1678 10314 1057 10078 10318
10078 10512, 25,400 Schulte Retail Stores_ _No par 83 May 3 10178 Nov 26
*8412 8514 843 85
8512 851
84% 85%
8434 85 I 2,100 Sears, Roebuck & Co
100 6534June 30 9238 Feb 13
5938 Feb 94 s Aug
•10912 118 *10912 115 *10912 115
115 115
Jan 112 Aug
100 10612June 4 115 Nov 28
•110 118
91
Do pref
10
6
6
478 Oct 26 1212 Mar 3
No par
534 6
Oct 234 Jan
.538 6
6
2,00 Seneca copper
534 6
512 5%
•612 654
612 612
614 61
5 Oct 15 1078 Mar 2
6
614
613 Nov
12 June
40 Shattuck Arizona Copper__ 10
*614 6%
33
33
*33% 34
3314 3312
3413 Dec 4818 May
3314 331 *3314 34
60 Shell Transp & Trading__ £2 294 Oct 3 414 mar 7
1538 158 1538 1558 15
15181 18,50 Shell Union 011
1434 15
No par 1238 Jan 8 1914May 23
1218 Dec 1314 Dec
151
15
•911.2 9134 9112 92
9112 92
10
8912 Nov 2 95 May 23
9112 9112
Preferred
70
9112 9112
934 10
10
1078 10
10
612July 31
16 Feb 28
10
104
101
1014 1014 6,80 Simms Petroleum
277
27
2712 2818 27
271
No par 23 July 31 3458 Mar 23
2634 27
Stock
263 2678 7,90 Simmons Co
2112 2239 2254 2354 2238 2314 22
16 Sept 18 3938 Mar 19
1834 Jan
23
38'g June
2254 2253 70.80 Sinclair Cons 011 Corp_No par
•86
87
87
87
100 8014 Aug 23 9918 Feb 14
Preferred
87
87 .85
87 Exchange .85
30
87
20
2012 2012 2118 2012 2112 20
10
958 Jan 2 35 Mar 31
858 Nov
117 Oct
2078 2114 13,20 Skelly Oil Co
2078
5312 51
5312 5413 5212 5378 Closed
5312 55
344 Mar 5112 May
.52
54
2,200 Sloss-Sheffield Steel & Iron.100 3914July 11 60 Apr 28
.80
82 .80
82
100 68 Jan 13 90 Mar 16
66 Mar 80 Aug
.80
81
100
8034 8034 .79
81
Do pref
58
60
604 6112 GO
Thanks61
58% 59
33 Nov 5714 Mar
53
58
4,500 South Porto Rico Sugar _100 384 Aug 4 6414 Mar 19
15
15
15
1518 15
14
15
1412 2,700 Spicer Mfg Co
15
1134June 30 2714 Feb 16
.14
15 Nov
No Par
24 June
.83
90 .135
giving
90 .85
90 .85
100 88 Oct 19 9778 Feb 2
90
.85
84
Do pref
Apr 96 Sent
8913
.6134 64 .6134 64 .62
63
62
•6134 6212
62
100 62 Nov 28 9013 Jan 23
8434 Dec 141 Sept
100 Standard Milling
5618 5714 561 2 5712 5512 567
Day
5534 5618 23,900 Standard 011 of California. 2' 474 July 30 12313 Jan 2
5539 56%
9134 Jan 135
Oct
355 36
3578 3638 3434 3614 3178 354
35% 35% 20,700 Standard 0 lot New Jersey 25 3078July 31
44t4 Mar3
3812 Dec 25013 Oct
11712 11712 11522 11513 11534 116
11614 11614
11512 1153
_
_
_100
11434 Aug 24 11814July 27 11338 Jan 11612 Nov
1,300
Do pref non-voting_
.58
59
58
53
5714 5714 5634 574
•5818 5838
No par 51 June 29 8758 Mar 2
800 Sterling Products
454 May 634 Dec
8914 90,4 89
90
8712 8978 8612 88
87
88
22,300 Stewart-Warn so Corp.No par 74 July 5 12412 Apr 17
2413 Jan 79 Dec
84% 85% 8410 8584 8314 8518 8012 88
8514 8634 36,800 Stromberg Carburetor_No par 591sJuly 2 9414 Mar 6
354 Jan 71 Dec
10334 10458 10312 10434 10212 10414 10212 10358
10234 10334 47,000 Studebaker Corp (The)___100 9334 Oct 1 12614 Mar 21
7918 Jan 14134 Dee
.115 117 *115 117 .115 117 •115 11634
.115 117
100 112 Jan 4 117 Nov 7 100 Feb 11814 Nov
Do pref
•1214 1258 1254 13
1159 1212 1158 12
No par
Boat
Submarine
1112
312 Jan
1214
7
7.000
Jan
3
15
Apr
6
878 Nov
21
214
212 234
212 258
212 212
214
634 Feb 15
238 2,500 Superior Oil
No par
2 Sept 18
4 Nov
1014 June
3018 3018 .30
.30
3018
30,2 3012 31
3112 3112
100 2312 Oct 27 34 Mar 22
700 Superior Steel
Apr
Jan
26
394
3
3
234 3
234 3
234 3
3
I()
318 8,800 Sweets Co of America
I June 4
4 Oct 30
153 Nov
5 Mar
878 878
9
9
9
9
918
953
8,
4 878 1,600 Tenn Copp & C tr ctis_No Par
8 June 21 1234 Feb 21
1214 May
818 No
4034 4118 4118 4112 4078 4154 41
413s
4118 424 29,965 Texas Company (The)._ _ _ 25 34% Nov
5278 Mar 20
42 Ma
5214 Oct
007g 6114 61
6134 61 18 6158 61Is 6118
10 534 July 2 65 Jan 15
5914 5934 6.000 Texas Gulf Sulphur
3812 Jan 6718 Nov
814 878
812 878
838 938
87s 912
834 9
12,200 Texas Pacific Coal & Oil_ _ - 10
512 Nov
2414
Feb
2
1812
No
3234 June
115 11578 117 120
114 11612 11378 115
11512 11512 2,500 Tidewater Oil
100 94 July
144 Mar 2 10934 May 154
Oct
379 378 3778 3858 374 3814 3714 374
3718 3713 9,400 Timken Roller Bearing_No par 334 Jan 2 45 Mar 8
Oct
2811 Sep
35
6178 6278 6234 6414 63
6334 6234 6414
6414 66
33,900 Tobacco Products Corp_ _.100 4634 Aug
June
No
66
Nov
8414
30
4914
9014 9012 9038 9034 90
904 8934 91
9014 9078 12,200
Do CIA (since July 15) 100 7612July
8912 Sept
7678 Au
9114 Nov 21
•11414 11434 .11412 11434 .11412 11478 11412 114%
11412 11412
100 10134 Feb
Preferred
600
11512 Oct 25
83 Ma 115 Sept
312 334
234 358
312 438
338 373
24 358 40,600 'Transcontinental 011_.
.No par
114 Oct 25 144 Jan 5
713 Mar 204 May
*38
39
394 •38
39
3875 3938 •38
•3713 39
500 Underwood Typewriter _..25 3578 Aug
4134June 29
•6112 62
6212 •61
61
62 .60
61%
'61
62
700 Union Bag & Paper Corp_ _100 50 Oct 27 774 Mar 28
55 Mar 78 Sept
04
*90
95 .90
95
95
•DO
*90
•90
94
Union Tank Car
100 81 Feb 1 9914 Mar 19
85 Dec 1344 Dee
•108 10834 *108 10834 •108 10334 *108 10812
•108 108t2
100 106 Sept 6 112 Jan 19 102 Feb 113 Sent
Do pref
31
31
31
3112 3112 3112 3112 31
.30
31
500 United Alloy Steel.....No Par 29 July 31 3912 Mar 21
Jan 4114 May
25
7612 80
79
7912 9018 79
8018 81
100 7414 Oct 31 8514 Feb 26
5,600 United Drug
Oct
6078 Mar 85
*4634 4818
47
.4638 4714 *4613 4714 47
'
4634 484
Do 1st preferred
50 4614 Feb 14 49 July I
4118 Feb 5178 Oct
17634 17634
•176 17734 178 179 •176 177
176 176
100 1524 Jan 17 183 Mar 2 1193/ Jan 162
400 United Fruit
Oct
.3
412
*3
5
.3
5
3
3
200 United Retail Stores_ _ No par a3 Nov 30 844 Apr 17
4311 Feb 874 Oct
4814 51
4912 5413 5278 5738 5278 5634
5334 5812 91,800 U S Cast Iron Pipe & Fdy_100 20 July 3 584 Nov 30
164 Jan 39 Aug
8478 8478 8414 8434 85
86
86
87
84
84
Jan 78 Aug
3.000
Do pref
100 64 June 21 87 Nov 28
50
418 44
434 438
378 4
378 4
1018 Jan
2% Feb
34 3,
4 1,500 U S Food Products Corp 100
64 Mar 19
18
June
28
16
16
11314 1738 17 1784'
17
17
1812 Nov 254 May
1758
17
2,400 U S Floff'n Mach Corp_No par 1334 Oct 26 25 Jan 27
6318 6438 6313 6478 6214 6378 6138 6234
6138 6258 26.600 U S Industrial Alcohol___ _100 40 June 29 7314 Mar16
37
Jan 724 Oct
•96
98 •84
98 .95
98
98 .95
.95
98
100 9514June 29 101 Mar 28
Do pref
Oct
7213 Dec 102
9434 9434 *93
9412 .9334 9434 •94
9478 9514
9434
900 US Realty & Improvement100 884July 2 106 Mar 5
Jan 924 Oct
58
3812 3718 3814
3714 39
3914 38
38
38
38
8,000 United States Rubber
100 3038 Oct 26 644 Mar 22
46 Nov 674 Apr
8812 8812 8812 9078 91
91
8912 8912
8912 9018 3,200
Do 1s1 preferred
100 764 Oct 26 105 Jan 13
91 Sept 107 July
22
.201% 22
22
22
2218 2212 22
22
22
600 US Smelting, Ref & MID._ 50 184 Oct 29 4338 Mar 2
33 Feb 4834 Oct
.4014 4412 4012 4012 40
.40
41
4058
4012 4012
4818 Jan 3
309
Do pref
50
4214 Feb 49 Aug
39
Oct
31
953s 9578 95% 9612 0534 9612 9433 9538'
9414 95
63,600 United States Steel Corp_ _ 100 8511July 31 10958 Mar 21
82
Jan 1114 Oct
119 119
119 119
11878 11878 11834 11878'
11878 119
Do pref
1,500
100 11613 Aug 6 12312 Jan 15 11338 Feb 123 Sept
634 6378 .64
65
64 1
6334 6414 64
64
6414
900 Utah Copper
7112 Sept
Nov
764
10
Mar
5
59
5512
Oct
25
1614 16
•16
16
1578 16
1514 154'
15,2 1578 1,200 Utah Securities v t c
100 14 Oct 31 243s Feb 16
94 Jan 234 Sept
3034 3114 314 3234 31
32
3012 3059
31,4 3114 9,900 Vanadium Corp
No par 2434July 5 4418 Mar 20
3014 Jan 5314 Aug
•8614 69
8514 8514 .90
9812'
9813 .80
•80
9822
100 Van Raalte, 1st Prey
Oct
92
Jan 100
100 85 Oct 51 98 Jan 25
912 1018
014 9% 10
1034
918 934
94 914 4,100 Virginia-Carolina Chem_ _ _100
2314 Nov
364 Mar
614June 271 27 Feb 20
32
3234 32% 3334 3118 3238 2878 2938!
3013 3012 5,200
Do
pref
July
83
Oct
89
100
Mar
15
June
58
27
17
54
*50
54
52
52
*50 0 I
*30
•50
56
100 Virginia Iron, C & C -_ _100 52 July 2 68 Mar 5
43 Mar 9412 Jan
86
•83
86 .83
86
•83
•73
86 I
83
83
200
Do Pref
Oct
100 77I2June 28 85 Apr 23
68 Mar 86
*1514 1534 1434 1512 1514 1538 15
15
14
1412 4,900 Vivaudou(V)
par
16 Dee
23
No
23
Mar
12
22
Oct
818 Jan
1578 1578 •1534 154 1578 1578,
16
16
1618 1618
600 Waldorf System
Vo par 1458June 20 20 May 24
•1312 14
.1312 1412 1413 1414i
*1378 14
14
14
300 Weber & Ileilbroner
1078 Oct
No par
1214 Jan 27 1538 Mar 8
39 .36
40 .33
3913 .36
.36
3812
.36
38
Wells Fargo Express
6614 Jan 984 Oct
100 347 July 11 105 Mar 2
109 10912 109 109 .108 110 I
•109 110
•109 110
500 Western Union Telegraph.100 10118July 5 11912 Feb 20
89 Feb 1214 Aug
823
4
83
.823
4 83
8212
824 8234
*82
8278 83
700 Westinghouse Air Brake_ _ _ 50 76 July 5 120 Feb 17
80 Mar 114 Dee
50
5978 5834 59,41
5933 5911 591s 60
5834 5914 7,600 Westinghouse Ellie & Mfg_ 50 52I2June 30 6718 Feb 16
4918 Jan 654 Aug
2312 2254 2359 2212 2258'
2212 234 23
2234 2234 2.600 White Eagle 011
No par 20 Oct 31
25
May 3338 Nov
305
8
Mar
20
5253
5114 514 51
52
5213 5134 52141
5134 6134 3,900 White Motor
354 Jan
50 45 June 28 6078 Mar 19
54 Sept
*12
158
I,
12
38
38'
33
•12
38
12 2,700 White 011 Corporation_No par
12 May
14 Oct 19
213 Dec
578 Feb 19
3
314 3
3
3
34
312 17,300 Wickwire Spencer Steel__ _ 5
314 34'
3% 334
812 Nov
3 Nov 27 14 Feb 13
2178 May
738 73
738 734
738 73.I'
712 7511
74 734 21.709 Willys-Overland (The)
25
5 June 21
814 Jan 5 , 44 Feb
10 May
7112
7018
7314
703
7314
7112
713
s
7078
Do pref
7112 7112 7,400
100 4212 Jan 2 74 Nov 12
24 Feb 494 July
2012 20's 2038 2012 .2038 21
•21
.2058 2120
22
500 Wilson dr Co. Inc. v t c_No par
19 June 27 4234 Mar 7
2714 Jan 504 Sept
282 282 .281 283 I
283 283
.281 284
•285 286
300 Woolworth Co(F W)
100 1994 Jan 24 28712 Nov 21 137
Jan 223 Nov
27
2714
2614
26
27
2538
2578 2713
26
26
1,600 Worthington P & M v t a_ _100 1978 Oct 30 4018 Feb 15
2678 Nov
5573 June
1 233
1234 1234, 1214 1234 12
•1212 13
*1218 1212
809 Wright Aeronautical_...No par
814 Jan 17 134 Nov 8
6
Jan
11 Aug
69
67
69 I .66
67
69
68
*65
*68
69
200 Youngstown Sheet Ar T_ No pa
62 Oct 24 80 Jan 26
•2.414 all
mines:
1.1411.41 113 till 631,
• eir•dIvidead
dividend
in
of
distribution
shares of VOA Cigar Store at the rate of 33.8 shares for 100 shares of United Retail Stores.
a After
-
2418
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
,
i‘thod of quoting bond, was changed and prices are now "and interesi"—ezceytfor income and defaulted bonds
Jan.1 1909 the Richwine,
BONDS.
N. Y. STOCK EXCHANGE
Week ending Nov. 30.
a3
it
Price
Friday
Nov. 30.
Bid
Ask
mint.
U. S. G
tint Liberty Loanin
993344
Sale
1932-1947
of
04%
ID 98
Cony 4% of 1932-1947
in 98132 Sale
Cony
% of 1932-1947
in 9730,, 98
l932-1947.__
4;4%
of
2d cony
Second Liberty LoanMN 98 Sale
4% of 1927-1942
MN 984 Sale
Cony 434% of 1927-1942
Third Liberty LoanMS
9934: Sale
1928
4% of
Fourth Liberty Loan—
AO 980,i Sale
% of 1933-1938
AO 9914, Sale
Treasury 4313 1947-1952
41930 Q J
ga consol registered
d1930 Q J
ga consol coupon
1925 Q F
de registered
1925 Q F
4e coupon
Q
2s—k1936
Canal10-30-yr
Panama
1961 QM
Panama Canal 35 gold
Week's
Range 07
Last Sale
Low
1-0
c8
Range
Since
Jan. 1
98.00 98,44
9731n 985n 1682
99.00 99344 4714
98.00 98,42 3071
991542 991132 931
10412 July'23
103 July'23
104 May'23
10314 Aug'23
100 July'21
9412 Apr'23
State and City Securities.
N Y City-43s Corp stock_1960 M S
1964M 8
Ois Corporate stock
1966 A 0
4%s Corporate stock
1971 J D
Ois Corporate stock
43's, Corporate stock_July 1967 J J
1965 1 D
43.s Corporate stozk
1963 M 13
4MB Corporate stock
1959 M N
4% Corporate stock
1958 MN
4% Corporate stock
1957 M N
4% Corporate stock
4% Corporate stock reg 1956 M N
1957 MN
43.s Corporate stock
1957 MN
4 % Corporate stock
33% Corporate stock_. 1954 MN
1981 M Ei
New York State-4s
1961 I I
Canal Improvement 4s
Highway Improv't 4%s_ _1963 M S
Highway Improv't 44,_ _1965 M S
1991 J J
Virginia 2-38
100 10014 10014 10014 12
100 ____ 10018 Nov'23 ---100 10012 10014 Nov'23 ____
10418 1045s 10312 Oct'23 --__
104 10412 10414 Nov'23 ____
104 ____ 1031s Oct'23 ---104
10212 Oct'23 - 97 Nov'23 -9634
9634 9712 97 Nov'23 --__
2
10334 10414 97
97
9534 9638 95 July'23 ---10334 10414 104 Nov'23 -___
10334 10414 104 Nov'23 -- -8613 874 80 Nov'23 _-_ 10212 June'23 __ __ _ __ _ 10212 June'23 ____
--------11214 July'23 ____
____ ____ 10412 Apr'22 --7114 lOct'20 -
mint.
Foreign G
1927 F A
Argentine(Govt)78
Argentine Treasury 58 of 1909__.M El
1943 .1 D
Austrian (Govt) 78 w 1
Belgium 25-yr ext s f *ill g_1945 J D
Jan 1925 J J
5-year 6% notes
1941 F A
20-years I 85
1945 M N
Bergen (Norway)s f 85
1945 M N
Berne (City of) s f 88
Bolivia (Republic of) 8s__ _1947 MN
Bordeaux (City of) 15-yr 6a_1934 MN
1041 ./ D
Brazil, U 8 external 73:3
19521 D
711 (Central Ry)
1952 A 0
7)46 (Coffee Security)
Canada (Dominion of) g 58_1926 A 0
do
do
do
50_1931 A 0
1929 F A
10-year 058
1952 MN
58
Chile (Republic) ext s f 88....1941 F A
1926 A 0
External5
-years f 74
78
1942 M N
25
-years f 88
1946 M N
Chinese(Hukuang Ry)58 _..1951 J D
Chrlsttania (City) 5 f 8s
1945 A 0
Colombia(Republic)6%s 1927 A 0
Copenhagen 25-year 8 f 5%8_1944 J J
Cuba 68
1944 M S
Eater debt of 5s'14 Ser A_1949 F A
External loan 43s
1949 F A
5340
1063.3 1
Czechoslovak (Repub of) 88-1951 A 0
Danish Con Munidp 8s"A"..1946 F A
Series B
1946 F A
Denmark external s 1 8s
1945 A 0
1942.7 J
20-year 68
Dominican Rep Con Adm a f 56'58 F A
19421W S
5%5
Dutch East Indies ext 6s__ _1947 J J
40-year 68
1962 m S
19531W S
54s trust rots
French Repub 25-yr ext 88 1945 M S
20-yr external loan 7345.194141 J D
Ot Brit dr Ire(UK of) 5348-1937 F A
1929 F A
10-year cony 53411
1952 M N
Greater Prague 7345
1952 A 0
Haiti (Republic) (is
Italy (Kingd of) Ser A 6%6_1925 F A
Japanese Govt-8loan 4348_1925 F A
19251 J
Second series 4348
19311 .7
Sterling loan 48
Oriental Development 65_1953 M S
Lyons (City of) 15-year 6s_ _1934 MN
Marseilles(City of) 15-yr 68_1934 MN
Mexican Irrigation 4348.-1943 MN
1945 Q J
Mexico-58 of 1899
19541 D
Gold debt 4s of 1904
19523 D
Montevideo 7s
Netherlands 6s Wag yr4tes)-1972 M 3
1940 A 0
Norway externals f 8s
1952 A 0
tla
Os (Interim certifIcates)_1943 F A
Panama(Rep)5%s Tr rects-1953 J D
1961 .7 D
Porto Alegre(City of)8s
Queensland(State)ext sf 78_1941 A 0
25-year 613
1947 F A
Rio Grande do Sul 8s
1948 A 0
Rio de Janeiro 25
-year.f 88_1946 A 0
85
1947 A 0
San Paulo (City) s f 85
1952 IN S
San Paulo (State) ext,f 88_1930 .1 J
Seine (France) ext 7s
1942
J
Serbs, Croats & Slovenes 813_1962 MN
Soissons(City)68
1938 M N
Sweden 20-year 613
1939 J D
Swiss Contereen 20-yr a f 88_1940
.1
Tokyo City 5s loan of 1912
M S
Uruguay Republic ext 8s____1946 F A
1945 A 0
Zurich (City of) s f 85
102% 89
10218 Sale 102
28
84 Sale 8412
85
8712 96
87 Sale 8718
81
98
9712 Sale 9758
9614 Sale 9534
9614 77
9914 33
9614 Sale 9834
108 10812 10712 10712
3
10812 Sale 10838 10812 19
84
85
8414 Sale 8334
69
76
7514 Sale 7512
9534 129
9418 Sale 95
7914 61
7812 Sale 7812
9614 12
96 Sale 9534
9978 48
9934 Sale 9912
9978 36
9912 Sale 9914
71
10034 Sale 10034 101
9912 110
9938 Sale 9914
58
105
10412 Sale 104
10278 Sale 10234 10318 47
24
95
94 Sale 9412
10412 14
104 10414 104
4618 19
4618 Sale 4618
6
10619
10612 10712 106
9512 Sale 9586
48
87% Sale 88
5
94
94 Sale 94
91
94 9234 Nov'23 ____
1
83
82
9014 390
90 Sale 89
7
93 Sale 92
107 10812 107
1(
8
412 1061
2
10718 Sale 10612 10714
28
10713 Sale 10713 108
9419 25
9334 Sale 9312
2
9958 100 9978
9978
87 Sale 8658
20
87
89
9532 Sale 9514
96
9478 Sale 948
95 245
90 Sale 8912
9018 133
9712 197
9638 Sale 967
92 Sale 92
9314 216
335
101
1003* Sale 10038
114
10714 Sale 10714 108
77 Sale 7634
77% 24
25
90 Sale 90
9812 Sale 9814
g112 14
9314 134
93 Sale 9212
71
92 Sale 9118
92
5
80
80 Sale 7934
8712 Sale 8718
8812 1F
6
754 Sale 7512
77
17
7514 Sale 751
76
3414 19
3414 Sale 3112
51 Sale 4914
51
33
28 Sale 28
2912 24
80
87 86
8642 14
943* Sale 945*
9578 104
11014 111 11014 11014 25
93 Sale 93
9312 28
9338 102
9278 Sale 9212
9614 Sale 964
9813
6
9694
2
94
9434 94
10513 Sale 105
10534 31
10034 Sale 10012 10078 18
94 Sale 9378
9418 19
89 Sale 88
8912 34
43
88 Sale 88
90
9614 13
96
9634 96
98 Sale 98
9834 10
57
83
8212 Sale 824
6614 82
6512 Sale 65
8012 8178 81
10314 Sale 10212 111138 1?
11212 23
11214 Sale 112
17
6212 65 05
65
5
101 Sale 101
10334
8
10912 110 109
11014
g2
Railroad.
9478 Oct'23 _ --Ala Gt Sou 1st cons A 5s._ 1943 J D 9412
1928 M N 98 102 100 Oct'23 ____
Ala Mid 1st guar gold 58
1946 A 0 78
Alb & Swig cony 3.%11
7878 78
1998 A 0 81
8 ._ _9
Alleg & West 1st g 4s gu
8234 81 Nov'23
19421W El 8818 ____ 8912 Nov'23 --Mies Val gen guar g 48
k1995 @ .7 56
57 57
Ann Arbor 1st g 4,3
7 20t
89
Atch Top & S Fe—Gen g 48_1995 A 0 88 Sale 8734
1995 A 08714 Nov'23 ___ Register&
k1995 Nov -75E3 -863.8 7814 Nov'23
Adjustment gold 45
k1995 Nov 8014 Sale 7938
7
8012
Stamped
19551 D 8518 ____ 84%
8
8438
Cony gold 4s 1909
1955 J 13 86 Sale 85
86
7
Cony 4,1905_ ___
Cony 4 ,sue of 1910_._ _1960 J D 7812 83 8214 Oct'23 ____
95%
3
Div 1st g 4s_ _ 1928 M El 9538 Sale 9538
East0
Rocky Mtn Div 15t 48._ _ _1965 J J 8112 82 7938 Sept'23 ____
Trans-Con Short L 1st 48_1958 J J 84 Sale 84
9014 NoP23 _ _1?
Cal-Ariz 1st& ref 4%s"A"1962 IN 13 8954 91
44'
Price
Friday
Nov. 30,•
Week's
Range or
Last Sale
co4
Bid
Ask Low
High No.
High
Ati& Bina 30-yr let g 45_e_ _1933 MS 6712 80 68 Nov'23
8212 26
-1955 N 8258 84 8218
99%101.90 Atl Knoxv & Cin Div 48
_ 9912 Nov'23
974 98.90 Atl Knox & Nor 1st g 55_ —1946 3D 9918
963%99.10 Atl & Charl A L 1st A 00 1944.3.3 9178 93 9178 Sept'23
1941 J J 9818 99 9858 Nov'23
lit 30-year 5s Ser B
97.0099.00
8714 22
Atl Coast Line 1st con 48 -h1952 MS 8658 Sale 8614
10712 Nov'23
963498.70
1930 MN 10712
10-year secured 7s
21
87
1964 J D 8634 Sale 8634
96%198.88
General unified 4%8
824 10
L & N coil gold 4s
01952 MS 8034 Sale 8034
1948 13 7258 76 7518 Sept'23
971519 99131, Atl & Danv 1st g 45
6434 65 Aug'23
1948 J J 64
2d 472
970,, 99.04 Atl & Yad 1st g guar 48
6
1949 AO 7712 7812 7712
77%
9814,1100.04 A & N W 1st gu g 5s
9418 Nov'23
1941 13
1021, 1044
102
1925 Ii 96 Sale 96
103 Bait & Ohio prior 3345
9638 73
103
k1925 Q J
104
Registered
9412 Oct'23 ____
93
1034 1031, 1st 50-year gold 48
81
k1948 A0 8034 Sale 8058
10
79
k1948 Q J 79 Sale 79
Registered
8238 Sale 8238
-91" 10-year cony 4345
1933 M
8312 72
Refund & gen 58 Ser A
1995 J O 8334 Sale 8334
8414 64
73
1929• j 101 Sale 10012 100
10-year (is
10
9814 101
95
Plot & M Div 1st g 3%21_1925 MN 9412 9512 95
998* 10278
7712 13
PLE&W Va Sys ref 4s 1941 MN 7733 7712 7714
100 10212 Southw Div 1st gold 3%8-1925 J J 988 Sale 9538
9618 22
3
10312 108
6614
Tol & Cm Div 1st ref 48 A_1959 J J 6614 Sale 6614
10134 10712 Battle Cr & Stur let gu 3s 1989 S D 5314 63 5118 Apr'23
10134 10718 Beech Creek 1st gu g 4s___ _1936 Ii 8812 9114 8812 Oct'23
1024 10738
86 Feb'23 ---1936 31
Registered
104 May'13 ---95 10014
1936 J
2d guar gold Is
95
9978 Berfch Cr Ext 1st g 3345—b1951 AO 7514
_ 60 July'22 -__98 10018 Big Sandy 1st 4s
1944 3D 8012 If 8014 July'23 _ -_95 9912 B & N Y Air Line 1st 4s. —1955 FA 5734 61 61 Nov'23 _-_10182107's Bruns & W 1st gu gold 4s
1938 .1 J 874 8912 82 Feb'23 _-_10112 10712 Buffalo R dr P gen gold 58_1937 MS 9933 _
101 Nov'23 ____
8512 91
1957 MN 8712 Sale 8612
8712 13
Consol 434s
10112 10312 Burl C R & Nor 1st 5s
5
1934 * 0 945s 9612 9612
9612
10238 10212
11214 11214 Canada Sou cons gu A 55- _1962 * 0 9834 Sale 9838
9834 20
--- -- Canadian North deb s f 771_1940 SD 111 Sale 11078 11178 53
11158 Sale 11112 1123* 15
25-year s f deb 6%,
1946
7812 82
Canadian Pac Ry deb 45 stock_ _ JJ 7814 Sale 7818
1932
85
90 9212 OcV22
Carb & Shaw 1st gold 4s
1949 II 71
72 6958 Nov'23
1004 1034 Cam Cent 1st con g 45
774 854 Car Clinch &0 1st 3-yr 5s 1938 ID 9158 92 9158
10
92
1952
96 Sale 96
9614 22
8334 9334 (Is
1981 ID 7912
9114 10312 Cart & Ad 1st gu g 4s
_ 7738 Oct'23
1948 ID 63 -70 6518 Oct'23
93 9858 Cent Br II P lat g 413
93 10314 Cent New Eng 1st gu 48-1961 JJ 5212 5512 5512
555e 16
1930 MS
_
9334 Dec'22 107 10912 Central Ohio 4%5 1930
10712 11384 Central of Ga 1st gold 58-471945 P A 100
101- 10038 Nov'23 -92781945 MN 9518 9512 9535
8334 94
Consol gold 55
9532
1
June 1929 in 10014 Sale 10018 10014
5
10-yr secur 65
8913 8312
9134 99
74 Oct'23
Chatt Div pun money g 48-1951 3D 7578
9538 ____ 9638 Sept'23 --7712 8814
Mao & Nor Div 1st g 511-1946 J
1947 ii 923s ___ 94 July'23 -9414 104
Mid Oa & Atl Div 55
1946 31 9712
_ 9712 Oct'23 --99 10134
Mobile Division 55
1
9014
9014
99 102 CentRR&B0lgaC011gSS..lO3l MN
998* 10212
Central of N J gen gold 58.1987 J J 10512 Sale 10312 10312 23
10214 10238 13
k1987 Q J
Registered
9775 102
8714 67
100 10514 Cent Pac let ref gu g 48 _ -1949• A 8634 Sale 8638
....1c1929 J D 9058 92 91 Nov'23
100 10418
Mort guar gold 3
Through St L let gu 45-1954 AO 8112 8314 82 Nov'23 9312 9654
11412 June'23
10012 10512 Charleston & Savannah 75 _ -1936 J J 115
41 5234 Ches & Ohio fund & unpt 513.1929 J J 9558 -96 9612 Nov'23 -N 9934 Sale 9912
9934
8
1939
106 11212
1st consol gold 58
9812 May'23
1939 MN
Registered
881a 9612
.._
22
_
MS
85
Bale
1992
4345
844
8418
General gold
874 9212
8212 Nov'23
1992
Registered
9014 997s
8734 85
8712 96
20-year convertible 434,_1930 FA 87 Sale 87
8914 119
8113 89
30-year cony secured 58.-1946 AO 89 Sale 8813
1940 J J 7238 ____ 915s Sept'23
Craig Valley 1st g 58
89 9954
-_May'23
7814
77 9813 Potts Creek Branch 1st 43-1946.33
__
10612 10912
7914 Nov'23
7934 8012
R & A Div 1st con g 4s -A989 II 737/1'
I 76 78
105 10934
1989
7434 Aug'23 ---2d coneol gold 4s
10712 1108*
9034 July'23 ---Warm Springs V 1st g 55-1941 MS
9312 99 Chic & Alton RR ref g 35„-1949 AC -.5458
5414 545* 25
9514 102
53 July'23
New York Tr Co etre
84 90
Stamped Oct'22 int- --5034 5312 52 Oct'23
Stamped Apr '23 int__
9214 9814
5012 5012 52 Sept'23 -Railway 1st lien 334.
1950 Ii 3314 Sale 3134
92 97%
334 510
794 11
8758 944 Chic Burl & Q—III Div 3348-1949 Ii 794 sale 7918
90 101
2
8778
Illinois Division 4s
1949 Ii 8778 Sale 87
84 97
1
96
Nebraska Extension 48_1927 MN 96
9614 96
9912 10434
Registered
1927 MN 954 961 96 Nov'23 - -10614 116
General 4s
8534 45
1958 MS 8514 Sale 8518
26
65 8234
1st Jr ref Is
99
1971 FA 9878 Sale 981/1
894 98 Chic City & Conn Rys 5s_1927 * 0 511 52 52 Nov'23 ---9212 9812 Chicago & East Ill 1st 63._ _1934 A0 103 ____ 103 Nov'23 -N 7714 Sale 7714
904 937 C & E Ill RR (new eo) gen 55-1951
7734 51
9018 9358 Chic di Erie 1st gold 54
1982 MN 9034 9112 92 Nov'23 -4934 109
76
'
13, 8273 Chicago Great West 1st 48_1959 MS 4934 Sale 4838
48s37
With Sept'24 coupon on......
4838 Sale 45
,
42
:
81
Chic Ind & Loulav—Ref138._1947 1.3 10412 10578 10414 Nov'23---955 94 Nov'23 —.694 8312
Refunding gold 55
1947Ii 04
30 42
Refunding 4s Series C
1947
80 8212 80 Nov'23
4218 5818
8012 10
General 58 A
81 80
1966 MN
2
9434
.73
25 4134
General 613 B
9434 Sale 9434
21966
Ind Os Louisville 1st gu 48.1956 J J '72
85
91%
74 684 Oct'23
948* 10212 Chic Ind & Sou 50-year 48_1958 .1 J 8214 8314 8314 Nov'23
Chic L S & East 1st 434s__1969 3D 8714 __-_ 8812 June'23
1238
.014 CM & Puget Sd 1st gu 4s__1949 J J 52
5158 18
53 51
„„, 101
__
21
72
71 Sale 71
V1:4 VOL
8 Ch M & St P gen g 45 Ser A-e1989 .7.3
9424
6214 62 Nov'23 .General gold 3345 Ser B e1989 Ii 61
97-5
7778 17
General 4348 Series C__ e1989 J J 7734 7978 7778
10
95
3 10
9911
5034 50
Gen & ref Series A 4%a _a2014 AO 50 Sale 4934
5578 116
100 10214
Gen ref cony Ser B 58...a2014 P A 5518 Sale 55
5414
5578 109
.ID
Sale
Convertible 45'i8
9173 9914
554
1932
88
97
7078 216
48
1925 ID 68 Sale 6734
5138 17
88 9712
25-year debenture 48
1934 J J 51 Sale 50
1
97
9312 9934
Chic & Mo Rh,Div 55._ _1926 J J 9538 9714 97
9512 100 Chic& N'weat Ext 4s1886-1926 FA 9614 9638 96 Nov'23 -90
76
Registered
1886-1926 FA 9512 __ 95 Nov'23 -5313 7812
7014
4
General gold 334*
1987 MN 7018 Sale 701(4
7034 6814 Oct'23
Registered
69
91987 Q
1013* 106lit
8133 10
General 4s
1987 MN 73033 8114 8138
Stamped 48
1987 MN 8033 8233 8012 Nov'23 _
1
6412 77
9978
6
General 55 stamped
1987 MN 9914 Sale 9934
9914 107
1
102
Sinking fund (is
1879-1929 * 0 102 103 102
10814 11373
199
087
11174
8
1 Nm
A0
p
avrr 2
223
2
Registered
9_6
9_ 12
7_
1879-1929 A0 _ 9
Sinking fund Is
1879-1929 * 0
Registered
1879-1929 AO
Sinking fund deb 55
9912
6
1933 MN 99 Sale 99
9213 96
991 97 Aug'23 _ _ _
Registered
99% 10133
1933 MN 96
10-year secured 7s g
1930 J D 10514 10534 10534 10618 16
16-year secured 634s g___ _1936 MS 10618 Sale 106
81
78 83
81'
4
107
3
78
11
"
87 90
it
Cras rt I & 9—Railway gen 43'88 II 78 Sale 78
II 7634
_ 74 Sept'23 Registered
8414 9112
Refunding gold 48
744 46
1934 AO 7312 Sale 734
89 Chic St L & N 0 gold 5s___ _1951 3D 9512 102 102 Nov'23 —
81
7513 8212
ID
Registered
9553 May'23 — 7014 824
7753 May'23 - —
Gold 3345
1951 ID
11
843*
94
Joint 1st ref 5s Series A-- _1963ID 9338 Sale 9338
76
84 78 Sept'23
Memph Div 1st g 48
1951 3D 78
76
86
_
774 10414 C St L & P 1st cons g 5s
1932 A0 9912 ____ 9912 Sept'23
9334 9612 Chic St PM &O cons 613_1930 3D 10414 105 10414 Nov'23
9212 Mar'23
7712 83
Cons Os reduced to 3%5_1930 ID
9
944
865*
Debenture 56
1930 MS 9338 9412 944
8032 15
5:
3
8 93 Chic T H & So East let 5s_ 1960 ID 7958 793* 7952
High No. Low
9911,, 990132 1395
98,32Nov'23
98112 98,n 282
972342Nov'23
BONDS.
N. Y. STOCK EXCHANGE
Week ending Nov. 30.
2
Range
Since
Jon. 1
High
Low
65
694.
80% 884,
9834 993*,
88
914
96 100
82% 89
10C 108
82 895a
761a 83
737a 7954.
611, 687a
7612 784
934 9714
9314 9711
931y 941y
74% 82
7413 794
77 844
79% 85
99 10170
9114 9514 .
73 7912
9111 9615,
6113 68
5718 60
8812 8912t
86 86
8014 WI;
61
751y
89 89
995s 1015y
8614 9214
95
994
94 10012r
11073 115
1105a 11347428 805e
-a8814
89
7614
6515
48
If
94
981s775n
667o
58
100 102
9262 981,
9955 1013*.
5212r
74
TA— 9-40438 974
9014 974
10255 108
10214 10514
7918 88112
8934 924
7988 84
11412 11413
9488 97
9734 10314
9714 981y.
8078 8634
8014 824
8213 894
84
964
9014 95
7814 784
7638 81
744 76
9034 904
5013 5614
4814 53
4913 52
4638 501y
2518 331y
7812 85
8i% 904
9512 97
953.4 963,
83 891a
96% 1011a
66
47
10212 10612
8112
70
8678 9714
56
44
4132 4835
10335 10734
92
9712
794 86%
7918 84
941g 98
684 78
841a
81
8654 90
50
6814
6954 7456
607a 6514
7712 8374
48
6254
5254 70
5111 68
6734 84
4654 634.
98
96
945a 96
9333 9551
6934 77
6814 681a
8058 87
79 8714 •
9814 1054
101 1084
'or fa:
ovs 97Iy
97 103
97 9914
105 110
106 111
82
76
8034
74
7213 8312
95 102
9555 9518.
7852 7912,
9135 9715,
78
83%
9912 10034
104 1071,
9212 9212
9238 9634
83
7655
*No price Friday; latest bid and asked. a Due Jan. 4Duo AiI. /Due May. Due June, 8 Due July, 1 Due Aug. o Due Oct. y Due Nov. e Due Dee.•Option sale
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 30.
-
X:
.41
Price
Friday
Noe. 30.
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
High No. Low
Ask Low
High
J 9072 Sale 9038
Chic lin Sta'n let gu 4;ie A-1963
9114 20
8778 9258
5s B
1
4 Sale 9834
1963 33 98/
95 10012
9834
1
let Series C 812s
19633' 11459 Sale 11378 11438 24 11212 11512
Chic dc West Ind gen g 89-31932 QM 105 ____ 105 Nov'23 ---- 10412 105
Consol 50-year 45
1952 3' 71/
1
4 72 714
71/
1
4 15 8812 7578
7 10112 10314
103
15-year a f 7129
1935 MS 102 Sale 102
Choc Okla & Gulf cons 59-1952 ▪ N 95
97/
1
4 9434 Nov'23 -94 97
°Find & Ft W lst gu 49g-1923 MN
88 Mar'17 ---8712 -31i3-4 87/
CM H & D 26 gold 4148
1937 J
1
4 Oct'23 ---- Os 8984
gale 5574
80
Q
F
90 8912 Nov'23 ---CIStL&CIstg49
11936
1
1
4 87 87
87
Registered
11936 Q F 85/
87 87
Cln Leb & Nor gu 49 g
841g June'23 -- 8312 8534
1942 MN 85
'
3 9758 ____ 9738 Aug'23 ---1928
Cln 8& CI cons let g 58
97
99
Ojearfaz mah let gu g 5s
19433' 941
/
4 ____ 93 Mar'23 -- 93 94
7912
2 76
Cleve Cin Ch & St L gen 49_1993 3D 7834 80 79
8218
1
4 64
'
3 9218 93 9214
1931
92/
20-year deb 412.1
90 9312
1993 3D 98
9812 9838 Nov'23
General 55 Series B
9518 100
Ref az kept 65 Series A--1929• J 10112 Sale 101
10112 58 100 10278
I 10012 103
10114 10212 10134. 10134
1941 J
69 C
1939
'
3 8514 92 86 Nov'23 ---Cairo Div 1st gold 49
8018 88
1
CioW&MDivlstg4s..1991• ./ 7612 78 77
77
7514 78/
1
4
80
2
St L Div let coil tree 49 1990 MN 80 Sale 80
7478 8312
Spr & Col Div let g 4s
1940 MS 8312 ____ 8312 Nov'23 -- 8218 84
_ __. 805s 8259
W W Val Div Mt g 49
1940 J J 8212 ____ 8258 Sept'23 ---OCC&I gen cons g 6s
'
3 103 105 1034 Sept'23
1934
10318 106/
1
4
Clay Lor & W con 1st g 59-1933 AO 9634 9834 9612 Oct'23 -9412 98
1935 MN 9414
CI & Mar 1st gu g 412s
8412 95
8412 Nov'23 ---_
Mahon
Vail
g
95
5
59
Clay &
1938 J J 95 Sale 95
95 95
1942 J J 9418 96
91 Mar'21
CI& P gen gu 4129Ser A
10412 Dec'15 ---.
Series B
1942 AO
1
4
lot reduced to 3129_..1942 AO 79/
7612 Feb'12
9018 Dec'12
Series C 3129
1948 MN 8014
Series D 3129
1950 FA 8014 __-_ 67 Jan'2I -9034
2 Tois 98
9034
Cleve shor Line lst gu 4128_1961 AO 8914 91
1024
9 101 106
1972 AO 10212 103 102
Cleve Union Term 512.3
94/
1
4 17
1973 AO 94 Sale 94
59 (tr I)
94 9614
8012
1
1945 3D 80
82 8012
Coal River Ry let gu 4s
Mks 85
1
4
Colorado& South let g 49_ _ _1929 FA 9214 9234 92/
9234
3 9034931
1
4 Sale 80/
Refunding & exton 4%13_1935 MN 80/
1
4
8134 49
8012 8718
1
4 ____ 8034 Nov'23 --__
1948 AO 80/
Col & H V Mt ext g 45
78
8054
1955 FA 7934 _
79/
1
4 Nov'23
COI& Tol 1st ext 4.8
76
8034
8312 23 80 87
Cuba RR let 50-year beg-1952.3.3 8312 Sale 824
100
101
1936
100
J
D
10012 15 100 10512
let ref 7125
92 9118 June'23 -'
3 91
Day &Mich 1st mm14%9-1931
Del& Hudson lst & ref 48_ _ -1943 N 8312 Sale 83
8334 25
20-year cony 56
1935 AO 9178 Sale 911
/
4
924 19
15-year 5345
1937
N 9834 Sale 9812
9834
6
10-year secured 78
1930 3D 10618 106/
1
4 10678 Nov'23
D RR & Bdge lst gu 48 g__ _1936 FA 8934 ---- 89 May'22 ---R
Den &
cons g 45-.1936 J J 66/
1
4 Sale 6618
67
67
Control gold 43,45
1936 33 70
74 Nov'23 --74
Improvement gold 55
1928 3D 79
8034 80 Nov'23
lit & refunding 59
1955 FA 40 Sale 3812
103
40
do Registered
494 Oct'20
Farmers L&Tr rcts Aug '55.
40 Sale 39
65
40
Bankers Tr etle of dep
3734 --- 4012 Nov'23 do Stamped
3434 3734 46 June'23
Am Ex Nat 13k Feb '22 etre_
40/
1
4 42 Oct'23
_ 35
do Aug 1922 etfs
30
42
Dee M & Ft D 1st gu 49-1935 .1 J 3718 39 374 Nov'23 -- Dee Plaines Val let gu 412s__1947 MS - 9314 Sept'22 -- Det & Mack-let lien g 45_ _1995 J D
65 Aug'23 -- Gold 49
7314 Aug'23 -62
1995 3D 55
Det Riv Tun 4325
1961 ▪ N 87
8814
88 8814
3
Dul Mambo & Nor gen 59_1941
99
Oct'23 -- -'
3
Dill & Iron Range 1st 59_ _1937 A0 98
9812 99 Nov'23 --Registered
1937 A0
_ 9518 July'23 -Dui Sou Shore & Atl g 59- _1937
1
77
'
3 77 Sale 77
91
9234
8234 90
90 98
97/
1
4 10212
103 11134
0512
724
7914
37
-/B.18
80
88
58
"ai. 161-4
40
46
42
50
50
46
35
85 -
-68- -fifs
7314
60
85
9034
9814 9912
98 10014
9518 9812
74
80
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 30.
Illinois Central (Concluded)
1952
Purchased lines 334s
Collateral trust gold 48_ _1953
1953
Registered
Ref 5s
1955
15-year secured 5/413
1934
15-year secured 6129 g_1936
Cairo Bridge gold 49
1950
Litchfield Div 1st gold 39_1951
Loulsv Div & Term g 33481953
Omaha Div 1st gold 38_ _ _1951
St Louis Div & Term g 39_1951
Gold 3129
1951
Springf Div 1st g 3129___ _1951
Western Lines late 49___ -1951
Registered
1951
Ind B & W 1st pref 45
1940
Ind Ill & Iowa let g 48
1950
Ind Union Ry 58 A
1965
jot & Great Nor adjust 6s 1952
1st mtge 6s ctfa
1952
Iowa Central let gold 5s
1938
Refunding gold 45
1951
James Frank & Clear lst 48-1959
KaA&GRIstguebe
1938
Kan & M lat gu g 49
1990
2d 20-year 52
1927
K OFtS &M cense 65
1928
KC Ft S& M Ry ref g 45....-1936
KC&MR&B lst gu 59_1929
Kansas City Sou 1st gold 35_1950
Apr 1950
Ref & impt 58
Kansas City Term let 49__ -1960
Kentucky Central gold 4.5__1987
Keok dr Des Moines let 59-1923
1925
Knoxv & Ohio let g 69
-1937
Lake Erie & West 1st g
1941
26 gold bs
Lake Shore gold 3149
1997
1997
Registered
1928
Debenture gold 41
1931
25-year gold 49
1931
Registered
Leh Val NY let gu g 430-1940
1940
Registered
Lehigh Val(Pa) cons e 45-2003
2003
General cons 43413
Leh V Term Ry let gu g 55-.1941
1941
Registered
Leh Val RR 10-yr coil 68-n1928
Leh & N Y let guar gold 48.-1945
Lex & East let 50-yr 55 gu--1965
1962
Little Miami 413
1935
Long Dock console 65
Long Isld let cons gold 55-81931
h1931
let consol gold 45
1938
General gold 441
1932
Gold 413
1949
Unified gold 45
1934
Debenture gold 58
1937
20-year p m deb 59
1949
Guar refundiug gold 4s
Nor su B lot eon g gu 58_01932
Louisiana & Ark let g 5s__..1927
Lou or Jeff Bdge CO Pig 4&.l945
Louisville & Nashville 513-1937
1940
Unified gold 4s
1940
Registered
Collateral trust gold &L.-1931
1030
10-year secured 7s
2003
let ref 5558
2003
58 B (w
1930
N 0& M 1st gold 68
193
2d gold 613
Paducah & Mem Div 45._1946
St Louis Div 2d gold 35-1980
L&N&M&M late 41291945
L & N South joint M 48-1952
81952
Registered
Louisv Cin & Lox gold 43,49-1931
2419
Price
Friday
Nog. 30.
Week's
Range or
Last Sale
Raflre
Macs
Jos.1
Bid
High No. Low
Ask Low
Mob
7514 7712 7512 Sept'23
7512 801a.
7918 Sale 7gis
7958 23
7741 83
77
77 Sept'23
7622 7814.
1
10038 10038
10012
9918 1005a.
10012 Sale 10014 10012 23 100 1027e
10814 109 10834 Nov'23
10718 111
8414 86 8312 June'23
8238 87
6912 Oct'23
6838 73
6839
7412 IR; 7412 Nov'23
724 7978
6812 Oct'23
6812
6734 695s
2
70
70
6734
71
68
7612 78 7612 Nov'23
75 80
7812 May'22
7258
1
84
8314 FiZe" 8314
92 Mar'16
7814
86 Mar'23
857
8958
8412 Nov'23
84
8212 857t9512 982 9534 Nov'23
9412 100
4014 190
33 4914_
39/
1
4 Sale 39
28
1
4
884.
88 Sale 87/
8812 975e.
6912 24
57 731a
6812 70 68
3 le so
15
15
1514 15
8212 84
84
Nov'23
924 994
777 Nov'23
73
78
96
9634 97 Nov'23
100/
1
4 102 10158 Nov'23
73/
1
4 7414 7358
7334
92/
1
4 94 93/
1
4 Nov'23
7114
69/
1
4 Sale 69/
1
4
85%
85 Sale 84%
8018 8114 8154
82
8112 83 8212 Nov'23
6512 6212
61
6312
1004 Sale 1004 10012
82
20
87
76 791k
We 98
79
21g .
10
70
31 10
27
36
7
022. 95
6342 721,
8933
93
14e.
83 83
7655
17
1
6
82
112 8
93278
100 1017s,
9312 94/
1
4
8618 8712
75
7538
7314 74
9414 Sale
92/
1
4 Sale
9312 Nov'23 ---86
8712
5
11
75
75
7212 Sept'23 -9414
9434 20
9212 29
9213
8512 July'23 --624 -661-2 9312 Nov'23 -_ 9012 Oct'23 -7778
4
7778 Sale 7712
8714 27
87 8534
88
102 10138 Oct'23 -100 Sept'23
97
10134
101
10134 25
82
1
4 Oct'23
85 89/
98/
1
4 9914 9812 Nov'23
80
811
/
4 Nov'23
106/
1
4 106/
1
4 16
106/
1
4
97 9712 97 Nov'23 -89
9212 May'23 -90
4
8478
8434
84/
1
4 88
8212 8112 July'23 -- 75 July'23 -78
91
9114 Nov'23
,
114 834 Nov'23
8312 1
4
7858 7912 7858
78/
1
4
9338 9412 93/
1
4 Nov'23
9512 96/
3
9612
1
4 9612
1
80
80/
1
4 8034
8034
10218
10212 Nov'23
89/
1
4 25
8934 Sale 8958
9014 May'23
97
98 974 Nov'23
10634 107 10634 10718 20
14
1
4 105
10414 Sale 104/
9614 96/
1
4 9638
9619 43
1
10354 105 103/
1
4 10358
101 104 1014 Feb'23
85
88 87 Nov'23
61 Sale 61
61
2
9452
9334 Sept'23 1
78% Sale 7838
7838
72%
7312 Apr'23
95
9578 Nov'23
9112
8114
7212
7212
9072
905a
97
8712
78
,
1
75
96
931r
If
90
9244.
761a 8113
84
9212
10072 102
,
1
100 100
10012 106
8014 8955
97 100
811a
81
10652 107
9552 98
9018 9214
8618
81
8112 1311*
75 81
91
94
8215 851&
75 83
92 96
93 98
77 83
9752 103
8714 92
9014 904
971e 101
106 109
10114 10512r
95
97
10118 1035a
9712 10115
8214 87
5812 63
9211 96
72 8034.
7312 731s
9452 9754
12 Minn Nor Div let g 49-__1948 AO 844 ____ 844 July'23 -- -8412 90
C Tenn reorg lien g 58
1938 M
9112 93 93 Nov'23
9112 9312
ETVa&GaDlvgbs
_
1930.3' 9814 99 9838 Oct'23
97 100
Cons let gold be
1956 MN 984 _
9812 Nov'23 -9612 9912
Elgin Joliet & East 1st g 59-1941
99 99 Oct'23 -.N 98
9758 10014
Erie let consol gold 78 ext_1930 MS 10434 105 10412 105
10 10212 105
1st cons g 45 prior
1998 33 6112 Sale 61
62
89 6412 62
Registered
1996
'
3 --__ 57 Mar'22 let consol gen lien g 45-1996 .2
534 Sale 5314
5434 422
-a54
Registered
1096 33
48
Oct'23 -- _ _
43 48
Penn coil trust gold 45-1951 FA 8678 8912 88
20 82 90
88
50-year cony 4s Ser A 1953 AO 534 Sale 52/
1
4
5314 94
4112 5512
do Series B
1953 AO 53 Sale 53
54
50
4214 5538
Gen cony 49 Series D-1953 AO 56/
1
4 Sale 5634
57/
1
4 146
2 9812 100
100 Sale 100
1934
4314 68 Mahon C'l RR 1st bs
100
Erie & Jersey lsts f 65
1955 3' 90
904 8934
8934
3 84 90 Manila RR (Southern Lines) 1939
-_- - 631 60
Oct'23
61
71
Erie & Pitts gu g 312e B---1940 J J 8118 ____ 84
Oct'23 --fa%
8354 85 Manitoba Colonization 59-1934
98
Nov'23
oss 981,
Series C
1940 J , 814 ____ 82 July'23 ---82 5314 Man GB&NW lat3129-1941
8054 83 82 Sept'23
82 88
Evane&TH lst gen g bs__ _1942 AO 102 ____ 88 Apr'21 --. 1st cons g 49-1977
77 Mar'13
Mex Internat'
Sul Co Branch lst g 56-1930 AO
694 Apr'21
1931
101 Nov'23
Michigan Central 59
9754
iftis 101
Fargo & Sou 69
1924 33 9955 ____ 991
/
4 Oct'23 --*ii
1931
97 116 10012 May'23
Registered
9734 1001*
Fla Cent & Pen let ext g 56_1930 J J 954 98 944 June'23 --86
1940
9412 9412
86
Nov'23
8812
49
8534 ss
'
3 9318 944 9414
1943
9412
Consol gold 55
2 91
1940
85
96
Registered
88 85 Oct'23
85 ss
1959 J D 8713 8812 8712
Florida E Coast let 4149
8812 12 8512 89
75
1951
78 80 Feb'23
L& B 1st gold 3345
80 so
Fonda J & Glov 4125
1952 MN 6412 65 65
65
1. 65 72
1952
79f2
_ 80 Nov'23
let gold 3125
7818 84
'
3 814 834 8134 Oct'23 -Fort St U D Co let g 4145..1941
1929
79 8134
93 Sale 93
8938 031$
20-year debenture 49
93
99 9934 Oct'23 -Ft W & Den C let g 6129.„1961 J D 98
80
1940
9934. 103 Mid of N J 1st ext 5e
87 87
87
Apr'23
8312 8434 834 Nov'23 -Ft Worth & Rio Cr let g 49_ -1928
9812 997 9712 Nov'23
82 88 Milw L S & West imp g 5.3-1929
9712 100
Pram Elk & Mo V let 69___ _1933 A 0 10658 10734 107 Nov'23
106 109
101 10112 May'23
1925
Ashland Div 1st g 68
1
4
GH&S A M &P 1st 59
9758 55
1931 MN 9758 9812 97/
ioo"
9512 993s
1924
Mich Div 1st gold 65
ifoSis
100.
10038
Nov'23
9912 98 July'23
2d exten 55 guar
1931 J J 95
4
91
9312 98 Milw & Nor 1st ext 434e
87/
1
4 924
91
91
92
1934
Galv Hone & Rend 1st 5s
1
4 88/
1
4 Nov'23 1933 A 0 8712 88/
8814 5974
5 89 91
5618 91
1934
8914
8914
Cons
extended
43211
Genesee River 1st e f 69_ __ _1957 .1
87
8712 87
87
1
82 90 Mil Spar dc N W let gu
8312 89
85
85/
1
4 8518 Nov'23
8312
Ga & Ala Ry let co 159____01945 J J 8312 ____ 834
1
7918 85 Mew & S L 1st gu 310
1941
- 664 Aug'21
Ga Car & No 1st gt: g 59._ _ _1929 J J 9012 ____ 91 Nov'23
1927
"OF
Nov'23
-155E8
Minn
&
St
Louis
let
79
9
0
9214
99
/
1
4
Rill;
Gs Midland 1st 35_
09
238 j
Nuoiv;2
9938
4 0
6212 6
1948 A 0 61
23
6034 64%
55
1934
76
1st consol gold 58
67 -70 69 Nov'23
011a V G & N
gu 58--1024 M N
9914 9912
18
1st & refunding gold 45-1949
1612 40
18
18
18
Sale
Gnu & Oswegatch 15.3
1942 J D 9512 9834
21
1512
1512
A1962
14
1512
50-yr
5s
Ser
3914
Ref
&
ext
161
Or R & Sex lst gu g 4%9-1941 J J 9058 9112 91 Nov'23
89 92 M StP&SSM eon g49lot gu'38
8612
86% 87 8614
8452 9012
Grand Trunk of Can deb 78_1940 A 0 110/
1
4 Sale 110/
1
4 112
20 11033 115
2
1938
101
9834
983
9854
let
cons
58
98
4
99
16
1
4 Sale 1031
/
4 1037s 17 10234 106
-years f 69
1936 M S 103/
10112 Sale 10114 10112 31 10014 106
10-year coil trust 634IL-1931
Grays Point Ter 55
10112 Apr'07
1947 J D
4 9814 10512
1946
9814
6.3 A
9814 9814
Great Nor gen 75 Series A 1038 J
107 Sale 10614 107
171
1111
2
45__
_1041
9212 Dec'22
1st
Chicago
Terms
f
92
let & ref 4149 Series A
1061 J J 8512 8638 86
5 8514 9212 MSSM&A lst g 48 int gu_1926
86
9634 Nov'23
If
904 97
955
4
Registered
1991 J J
90 June'23
8614 90 Mississippi Central let 58_ 1949
8814
8814
88%
8712 100
9512 42
5145 Swim B
1952.3 J 95 Sale 9412
9134'May'23
945810233 M K & Okla let guar 5s..i942
9114 94
Green Bay & W deb ears "A"____ Feb 50
65 6018 June'23 - 60 75 Mo Kan de Tex-ist gold 4s _1990
731g 8014
7414
75% 61
7534
Debenture ctfe "B"
1
712 Sale
Feb
74
712
7
1314 Mo-K-T RR-Pr 159 Ser A.1062
7812 55
7414 8252
78% Sale 7778
Greenbrier Ry let Cu g 49_1940 M N
844 Oct'23
8412
28
1962
8412
64 Sale 64
40-year 49 Series B
64
6112
5714
Gulf & El I let ref & t g bs_ _61952 J .1 80/
1
4 8112 80 Nov'23 - 78
1932
8412
9438 Sale 94
10-year 13.3 Series C
9434 55
9214 9624
Harlem it & Pt Chas 1st 4s.1954 M N 7314 Sale 7314
1
7314
67
7512
Cum adjust 58 Series A_ _ _1967
5418 1419
5314 Sale 5234
685s 63
Hocking Val let cons g 4125-1999 J J 8334 84
8378
83/
1
4 30 80 56 Missouri Pacific(reorg Co)
Registered1999 J .1
8112 July'23
81
8112
7412 7434 75 Nov'23
1st d refunding 55 Sec A 1065
7312 367a
19373 J
1134 9758 Oct'23
H & T C 19t g 59 Int gu
9514 9538 9512 Nov'23
Ms 9734
let & refunding 59 Ser C 1926
9452 964
Houston Belt & Term 1st 58_1937 J J 8712 89 90 Oct'23
57
89 Sale 89
D1949
86
93
refunding
65
Ser
1st
&
85 99
8912
1933 M N 9412 97 954 Nov'23
nous E & W T lst g 58
511
/
4 Sale 50
93 98
1975
General 48
4714 8214
5134 147
1933 M N 9514 97 9318 July'23
let guar be red
9312 98 Missouri Pacific87 85 Oct'23
Housatonic Ry cone g 58--- -1937 MN 80
85 57
8058 ____ 81 Nov'23
1938
3d 79 Extended at 4%
7912 88
103
Bud & Manhat 5.1 Series A 1957 F A 81 Sale 8014
81
9214-___ 93 Oct'23
7678 8478 Mob & Sir prior lien g 5s_.1945
917e 93
1957 A 0 58/
1
4 Sale 5814
59
Adjust income 59
153
6912 7410
1945
55 6428
7052 75
Mortgage
gold
4s
7438
Oct'23
J
88 Nov'23
Illinois Central 1st gold 45-1951
10238_ 10214 Nov'23
88
921e Mobile & Ohio new gold 139_ _1927
100 10412
1951
J
8318 Sept'22
Registered
10012 101-14 1001* Nov'23
h1927
9912 10372
1st ext gold 65
1951 J J 79
8612 7412 Oct'23
let gold 312s
74r2 83
73% 7434 7514 Nov'23
1938
General
gold
45
7252 7812
1951 3 J
80
Oct'22
Registered
8952 9112 9212 Nov'23
Montgomery Div 1st g 55_1947
90 9414
A
0
3128-1951
83
gold
Feb'23
Extended let
83
ga
1927
St
Louis
Div
Oct'23
55
94
9512
9454
9312
954
1951 A 0 - 79
Registered
7634 Sept'23
7614 7614 Mob dr Ohio coil tr g 45
1938
7412 781
7558 11
,
75% 7.512 7514
1951 M S 5934 72 8312 Mar'22
let gold 39 sterling
Moh & mal let go if 48
81
8114
Oct'23
_
81
825
,
1991
8514 Sale 85
Collateral trust gold 45-1952 M
8514
4 -Fifa les Mont C let gu g le
1937
10812 110
- - 109 Oct'23
107 111
1952 A 0
9532 Sept'19
Registered
1937
10612 10912
Registered
1955 M N 85 Sale 8434
let refunding 45
8514 42 82 8858
0032 9938 9938 Nov'23
let guar gold 59
1937
Wei;1019,
No price Friday:latest bid and asked this tenet. aDue Jan 8 Due Feb. e Due June. bDue July. a Due Sept. o Due Oct. a Option gale.
S.--
2420
BONDS
N. Y.STOCK EXCHANGE
Week ending Nov. 30.
New York Bond Record-Continued--Page 3
Price
Friday
Nor. 30.
Week's
Range or
Last Sale
4'4
Bid
Ask Low
High No,
E 1st gu 330
2000.3 D
7458 761
7618
/
4 7618
1
Nash,Chatt & St List 5s 1928 A 0 100 10014 10012 Nov'23
1037 F A 97
N Fla & let log 58
99
9814 Oct'23
Nat Ry of Mex pr Ilea 430_1957 J .1 2634
30 Sept'22
_
July coupon on
2718 -217-8 2712 Nov'23
So off
24
271
/
4 26 Nov'23
General 45 (Oct on)
1977 AG 2514 2834 2818 July'23
April coupon on
18
2338 22 Sept'23 -_-_-_-_
do off
17
23
22
22
Nat RR Nf ex prior lien 43is..1928
3634
3814 June'22
July coupon on
40 Sale 38
40
do
off
3414 40
34
Oct'23
1st consol 48 (Oct on)____1951 AO 2158
28 Apr'23
April coupon on
23 Bale 23
23
do
off
2212 Sale 2212 •
2212
5
1954 MN
Naugatuck RR 1st 45
6818 May'23
1945 ,j
New England cons 55
7734
75 Aug'23
1945'Ii 6812 76
Consol 4s
64
Oct'23
1988 FA 80
NJ June RR guar let 45
82 June'23
NO&NE lstref &Imp 430A'52 .1 .1 8014 -8-0/
1
4 80 Mar'23
1953 J J
76
New Orleans Term 1st 4s
77
77
77 - 3
N()Texas & Mexico 1st 85_1025 J D 10012 Sale 10018 10012 30
1936 AG 84 Sale 8212
Non-cum Income 55
84
196
_1945 S i 90
N & C Bdge gen gu
9278 9038 Sept'23
B lst COO g 5s_ _1935 AG 9212
N Y B&
93 June'23
NY Cent RR cony deb 6s1935 MN 10538 Sale 10434 1051
/
4 7
123
1998 FA 80
Consol 4s Series A
8034 81
8118 11
2013 AG 8534 Sale 8534
Ref & impt 430 "A”
88
16
2013 AO 94/
Ref 62 impt 55
1
4 Sale 941
9518 159
/
4
NY Central & Hudson River1997 S i 7412 Sale 74
Mortgage 336s
7434 29
1997 .1
Registered
73
1034 MN 8834 Sale 8834 Nov'23
Debenture gold 48
89
/
1
4 23
1942 J J 8538 8612 85/
30-year debenture 45
1
4
85/
1
4 11
Lake Shore coll gold 330.1998 FA 7114 72
72 Nov'23
Registered
1998 FA 70/
1
4 7112 7012
7012
Mich Cent roll gold 330_1998 FA 7214 7334 7234
7234 12
Registered
1998 FA 7012 7214 7034 Nov'23
N Y Chic 6c St L lat g 4s__1937 AG 8934 Sale 8934
90/
1
4 23
Registered
1937 AG 8834
88
Oct'23
1931 MN 8734 88
Debenture 4s
8734
873
- 23
1931 MN 10014 Sale 10014 10054
2d68ABC
8 15
N Y Connect 1st gu 430 A_ _1953 FA 8818 87
8878
87
2
1947 MN 8318 ---- 81 Sept'23
lg & Erie 1st ext g 48
1933 MS
ad ext gold 430
-_ 95 May'23
4th ext gold 59
1930 AO 95
05 Nov'23
1928 J D 9218 Sale 924
5th ext gold 48
0218
2
1946 MN 83 ---- 84 Nov'23
N Y & Green L gu g 55
2000 MN 7418
N Y & Harlem g 3s
- 74 Sept'23
NY Lack & Western 5s___ _1923 FA
---- 9934 June'23
1973 MN 9478
let & ref 5s
1973 MN 941
let & ref 430
/
4 If - 97
97
2
NYLE&W 1st 7s ext
1930 M
103 June'23
1043
Dock & Imp 5s
.• 7 99
0914
9914
1932 FA 96 Sole 96
N Y &Jersey 1st is
96
N Y & Long Br gen g 45___A941 MS 841
/
4
91 July'23
N Y N 11 & HartfordNon-cony deben 3368
1934 AO 37
4034 38 Nov'23 _ _
Non-conv deben 48
1947 MS 4014 48
48 June'23
Non-cony deben 3s..
1947 M
3718 3934 44 June'23
Non-cony deben 45
1955 J J 42 Sale 411
/
4
4214
Non-cony deben 48
1956 MN 4214 43
42
4212
8
Cony debenture 33i a
1956'.3 38
3872 371
/
4
371
/
4
1
Cony debenture 86
1948'.3 5714 Sale 5714
59
37
6% debentures
1957 MN 3512 Sale 3412
3512 26
75 European Loan
1925 AO 8834 Sale 6834
6912 23
Francs
1925 AO 6514 66/
1
4 8814
67,4 166
Cons Ry non-cony 4s_ __ _1930 FA 3514
_
1954 J J 4112 55
Non-cony 45
45-Non-cony deben 4s
1955
.) 4112
38/
1
4 Oct'23 - - Non-cony deben 45_
1958 ii 4112 -50
40 Sept'23
NY & Northern 1st g 58_
1927 AG 081
/
4 _ _ _ _ 99
Oct'23
NY O& W ref ling 4s
01992 M
6214 Sale 8113
6214 --ii
General 4s
1955 .1
56
5712 59 Nov'23
__
NY Prov & Boston 45
1042 AO
73 Aug'22 _ _ _
Ff Y dr Pu lat cons gu g 4s
1998 AG 8014 -8i12 8014 Sept'23 _
_
_
_
NY&RB 1st gold 58
1927 M S 9618
_ 95 Apr'23
__
NY Busq & W 1st ref 55_ _1937 .1.3 51 -541
_-/
4 5512
6512
2d gold 430
1937 FA 4534 4878
4614
4814
2
General gold 55
1940 FA 43 Sale 42
43
5
Terminal 1st gold is
1943 MN 8434
Nov'23
8412
N Y W'ehes& B lst Seri 4;is_'46 .1
39 Sale
-38/
1
4
30
20
Norfolk Sou 1st & ref A 55_ _1961 FA 6212 63
83
63
3
Norfolk & Sou 1st gold 55
1941 MN
88
4
8934
Norf & West gen gold 68._ _1931 MN 18
06
5114
8 18
09
8% 10812 Sept'23
Improvement & extg
1934 FA
110 Mar'23
1932 AO
New River 1st gold
Nov'23
NA W Ry let cons g 0_1998 AO 8884 89 10718
89
8958 48
Registered
1998 AO
8534 Oct'23
Dly'l 1st lien & gen g 45_1944 J
8712 8739 871
8712 21
/
4
10-25 year cony 430-..1938 MS
105
1929 M S i5W2 Sale 10734 Aug'23
10-year cony 8s
109
74
Pocah C & C joint 45_ 1941 J O 86
8634 8818 Nov'23
1945 AO 82
North Ohba 1st guar g 5s
85
82
88
7
Nor Pacific prior lien 48....._1997 Q J 8138 811
/
4 811
/
4
821
/
4 50
Registered
1997 Q J
80
5
92047 Q F 5834 Sale 80
General lien gold 35
581
/
4
5918 _ 58
a2047 Q F
Registered
1
4 60 June'23
- -- 58/
Ref & Impt 430 ser A__2047 .1 J 8118 Sale 811
/
4
8112 12
2047 .1 .1 10212 Sale 102/
13s set B
1
4 1021
/
4 _81
2047 ,1
68 C
91
92
92 Nov'23
2047 ii 91
5a D
92
9114
92 - 1.7
St Paul-Duluth Div g 4a_ A996 J O 7812 _
89 Feb'23
St Paul & Duluth 1st 5E1_1931 Q F 9914 _ _ 9878 Jan'23
1968
1st consol gold 48
D 7814
8414 Jan'23
Nor Pac Term Co 1st g 65_1933 .1 J 10914 16678 10914 Nov'23
Roof Cal guar g 5s
1938 A 0 99 100 100 Sept'23
North Wisconsin 1st 68
1930 .1 J 10178
100 June'23
Og & L Cham 1st gu 4s g _1948 .1 J 6734 Sale 6734
6734
2
Ohio Conn Ry 4s
1943 M S 8914
891
/
4 Oct'23 _ _
Ohio River RR 1st g 55
1936 J D 97
98
9812 Oct'23
General gold is
1937 A 0 9414
9418 Oct'23
Oro & Cal 1st guar g 55
1927 J .1 9918 9912
- -- 991
9912 /
4
Ore RR & Nav con g 4s
1946J D 8612 8712 881
/
4
8712
3
Ore Short Line-lst cons g 5s_'46 J
10034 10112 102 Nov'23
Guar con 58
1946.1 J 102 Sale 101
102
20
Guar refund 48
1929 .1 D 9212 93
9212
92/
1
4 32
Oregon-Wash let & ref 4s._1961 .1 .1 79 Sale 79
80
13(1
Pacific Coast Co lei g is....1946 .1 D 75
7614 7412
75
5
Par KR of Mo 1st eat g 45_1938 F A 8812 8712 8812
8612
2d extended gold 55
1938
.1 9334 9814 0858 Nov'23
Paducah dr Ills 1st s f 430_1955 J .1 8934
-- 89/
1
4 Nov'23
Paris-Lyons-Med RR 6s_ _ _ _1958 F A 69/
1
4 Sale 691
/
4
71 - 152
Paulfsta Ry 78
1942 M 8 94
9612 95 Nov'23
Pennsylvania RR-cons g 4131943 MN 8812
_ 88/
1
4 Oct'23
Como!gold 45
1948 MN 88 61le 8714
88
l2
May 1 1908 M N 88
gs stamped
88
8614
8714
5
Consol 4368
1960F A 9334 Sale 9334
9414 24
General 430
1965 .1 D 91 Sale 9078
9138
1968 J D 100 Sale 9978 1001
General 55
/
4 73
1930 A 0 10738 Sale 10634 10733 48
10-year secured 78
1936 F A 10778 Sale 10734 10814 68
15-year secured 630
Pennsylvania Co8312 867s 8412 Nov'22
Guar 330 coil trust reg A.1937 M
Guar 330 col] trust Ser B.1941 A A 8212 8212 82/
1
4 Nov'23
Guar 330 trust ctfs C_ _1942 J D
8138 Oct'23
Guar 330 trust ctfs D._ _1944 J D
8138 Oct'23
to
Guar 15-25-year gold 01931 A 0
871
/
4
8714
1922 M N 8314
Guar 45 Ser E
8538 87 Oct'23
-
Range
Since
Jan, 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Nov. 30.
Price
Friday
Nov. 30,
Week's
Range or
Last Sale
High
Bid
Ask Low
High No.
74
78 Peoria & East 1st cons 48___1940 AG 8812 70
691
/
4 Nov'23
9858 101
Income 45
1990 Apr. 24
25
24 Nov'23
9614 98 Pere Marquette let Ser A is 1956 J J 911
/
4 Sale 9118
9134 400
J J 7634 771
1st Series B 4s
78
30
/
4 77
-21 -32-4 Piffle halt & W let g 4s
M N 8914 90
88
Oct'23
25
35 Philippine Ry let 30-yr a 14s 1119
9
994
3
450
6
:73'.3 4018 4034 4012
15
41
2818 2818 P C C & St I. gu 430 A
AG 0312 94
9312 Nov'23
2134 2434
1942 AO 9312 94
Series B 430 guar
9312 Nov'23
20
9318 _ _ _ 9314 Nov'23
2912
1942 MN
Series C 430 guar
MN 8658 90
Series D 48 guar
911
/
4 Oct'23
7112 44
946 FA 84
Series E
s guar gold. 1949
8712 9038 Oct'23
34
44/
1
4
1953 J O 87
Series F guar 4s gold
8712 9112 June'23
27
28
1937 MN 86
9212 93 Sept'23
Series
4s guar
2114 2812
Series Icons guar 435s__ _1983 FA 91
92
9014 Oct'23
1812 281s
MN 9058
Series J 430
9112 Oct'23
8818 8818
19
97
64
0 J D 96
General 55 Series A
971 97
1
97
75
9012 Pitte & L Erie 2d g 55
01928 AO 981
/
4
_ 99 Noy'22
84
7514 Pitts McK & Y lot gu 65-1932 J J
105 Dec'22
82 82
J J
2d guaranteed 65
9514 June'23
77
8112 PItta Sh L E let g 5s
193
40
4 AG oiT4 164 9838 Nov'23
73/
1
4 7934
1043 J J 96/
1
4 98 100 Feb'23
1st consol gold 55
100 10112 Pitts Y & Ash let cons 58_1927 MN
991
/
4
98 June'23
72/
1
4 84 Providence Scour deb 4s
1957 MN
3178 40
38 June'23
1956 MS 7138
8914 9012 Providence Term 1st 4s
88/
1
4 Feb'18
91/
1
4 94 Reading Co gen gold 4s
1997'.3 8714 Sale 87
871i 43
101 108/
1
4
861
/
4 Sale 8634
Certificates of deposit
86/
1
4 15
7838 83
Jersey Central coil g 4s.__1951 AG 8158 Sale 811
/
4
5
8178
84
88/
1
4 Renss & Saratoga 20-yr 8s___1941 MN 10812 -1927 AG
92/
1
4 9839 Rich & Dan 5s
98
98
12
1948
N 69
Rich & Meek 1st g 55
73
72 Mar'23 _ _ _ _
7734 Rich Ter is
1952 J J 9412 07
72
9634 Nov'23
_
6914 7312 Rio Or June 1st gu 58
1939 J O 8212 83 8312
83/
1
4
2
8812 9134 Rio Or Sou let gold 0
1940 J J
618 8
8
Oct'23
8434 9014
1940 J
'
Guaranteed
5
8818 76 Rio Gr West let gold 45
1939
751
/
4 Sale 75
718
77
512 28
69
73
j 62 Sale 8134
49
,j
A O
,
194
Mtge & coil trust 4s A
6238 29
71
7614 It I Ark & Louis 1st 430._ 1934 M S 75,4 Sale 7414
7514 44
69/
1
4 75 Rut-Canada 1st gu g 4s
85
70
70 June'23
1941.3 .1 80
1
4 9014 Rutland 1st con g 43i a
83/
81
79 Oct' 23
88
1947.1 J 6934 72 69 June'23
8818
St Jos & Grand Isl g 45
1996.3 .1 8914 98
83/
1
4 89 St Lawr & Adir 1st g 55
971
/
4 Nov'23 _
1998 A 0 9014 ---- 98 Nov'23
98 101
2d gold 88
1931.1 J 8818 881
8418 887s St L & Cairo guar g 45
2
881
/
4
/
4 8814
81
81 St L Ir M & S gen con g 5s___1931 A 0 951
9518
/
4 95,2 9518
1
1929 .1 J 83 Sale 83
95
9912
Unified & ref gold 48
8312 11
1933 MN
93/
1
4 94
7212 Sale 7213
Illy &13 Div 1st g 45
7334
9
9154 92/
1
4 St L M Bridge Ter gu g 58_ _ _1930,A 0
Nov'27,3
82
84 St LA San Fran (reorg Co)49_7)0 J .1 6613 Solo
72
116
1950.3 .1 8O3 Sale
7312 7738
Prior lien Ser 1355
30
1928
9934 100
J i
Prior lien Ber C6s
Sale
1942 .1 .1 8
65,58
9814 Sale 8
97
8'4
34
8
98'2 2
12
1
9512 97
Cum adjust Ser A 6s ____h1955 A 0 7338 Sale 7318
74
166
51960, Oct
103 103
Income Series A 85
591
/
4 Sale 5814
59/
1
4 228
9914 St Louis & San Fran gen 65__1931'J J 1031
04
/
4 __-- 10312 Nov'23
19311.1 .1 98 100
94/
1
4 987s
General gold is
981
/
4
9818
St L& B F RR cons g 48-1998 J .1 8412 ___ 8212 July'23
Southw Div 1st g 58.- 1947 A 0 8934 __-- 91 June'23
34/
1
4 47 St L Poo & N W 1st gu 5s
1948 J .1 98,1 987s 9812
9812
6
4734 49 St Louis Sou let gu g 4s
1931 M 5 88/
1
4 _
88/
1
4 Oct'23
4312 48 St LS W let g 4s bond ctfa_ _1989M N 741
/
4 76
7458
75
28
374 5138
1
4 7012 8858 Nov'23
2d g 4s income bond ctfa_p1989,J J 68/
37
50
1932'.1 D 7614 Sale 7512
7614 61
34
4612
let terminal & unifying 58_1952 J
52
7314 St Paul & K C Sh List 430_1941 F A 74
314 16
234 7
735'8 7
6
72
41'8
8
73
2714 4234 St Paul E Or Trunk 430.-1947
J 89
92
75 Nov'23
541a 81 St Paul M & Man 49
1933.3,
19
0
0
8
4
2
N
o
v
:2
2
3
53
7112
1933.3' iOti- 16ilet consol g Os
Reduced to gold 430 1933 J J 9534 081
/
4 96 Nov'23
-40" 1618 65
1037 3D 8812 8978 8912 Nov'23 _ _ _ _
Mont ext let gold 48
38/
1
4 44
1940 J J
Pacific ext guar 48
85 July'23
_
40 S A & A Pass lat gu g 4s
40
1943 J J 71
7134 71
71
4
99/
1
4 Santa Fe Pres & PI355
99
1942 MS 061
/
4 ____ 97 May'23
6014 70/
1
4 San Fran Terml 1st 4s
1950 AO 80
8118 80
80/
1
4
4
57
70/
1
4 Say Fla & W Os
1934 AO 1(1618 ____ 108
Oct'23
1934 AO 991
55
/
4 10014 9934 Oct'23 _ _
I2-3-4 Selo V & N E 1st gu g 48 1989 SIN 8512 9338 86/
1
4 Nov'23 _
95
95 Seaboard Air Line g 4e
1950 AO
50
60
1950 AO 6
Gold 48 stamped
58
9% 8
Sale 6
58%
18
5
69
8%
8
1
1
4
42
49/
e1949 F A 42/
Adjustment 55
1
4 Bale 4218
43,2 204
3712 49
1959 AG 47 Sale 461
Refunding 4s
/
4
95
473
4
84
9358
1st & cons 65 Series A_ _ _1945 M
6778 Sale 6712
68,2 170
3212 5014 Seaboard & Roan 1st 5a
1928.3' 97/
1
4 9812 9714 Oct'23
71 Sher Sh & So let go g 55
61
1943 JO
3612 June'23
87
93,2 S & N Ala cons gu g 551
1936 FA 9918
9878 Aug'23
106 10812
Gen cons guar 50-yr 5s. _ _1963 A0
110 110 So Pac Col4s (Cent Vac col).149 JD 9
84
8;' Sale
- - -- 89383344 Nov'238414 46
108/
1
4 1071
01929
cony
48
8
/
4
20-year
51
9234 Sale 92/
1
4
93
83
85/
1
4 9314
1934• 121 9834 99/
20-year cony 55
9912
1
4 9834
7
85
90 So Pac of Cal-Gu g 55
1937 SIN 921
Oct'23
/
4 10312 103
823s 89 So Pao Coast let gu 48 g_ __ _1937 J J 8912 9112 9112 Nov'23
101 108 So Pao RR let ref 48
1955 J J 8858 Sale 86/
1
4
8678 159
10812 11734 clouthern-lat cons g is _ .._ _1994 J J 9514 Sale 95
9514 47
84/
1
4 88381
Develop & gen 4s Ser A...1950 AO 68 Sale 68
6858 174
79
88
65 (w 1) 1956
AO 9812 Sale 9612
961
/
4 1115
8112 87
GAIL._
1956 AO 10014 Sale 10012 10178 87
80
8312
Nlem Div let g 430-55_ _1996'.3 931
4
931
/
4
/
4 9513 9314
5814 8214
St Louis div 1st g 48
1
1951 J J 80
81
81
81
5812 80 So Car & Ga let ext 53(0.__1929 MN 9834 9934 9811
/
4
98/
1
4 20
81 18 90,2 Spokane Internet hat g is.._1955 J J
8258 Oct'23
10214 10934 Staten Island Ry 450
Oct'20
80
1943 J D
92 100 Sunbury & Lew 4s
Oct'23
91
19:16 J ,
9414 Superior Short L 1st 58 g _ _ _41930 MS
91
95 May'18
89 Term Assn 01St L 1st g 430_1939 AG 9258 ____ 9212
89
9234 11
981
/
4 98/
1
4
1944 FA 9512
1st cons gold 58
__ 9734 Nov'23
8414 8414
Gen refund s f g 45
1933• J 78/
1
4
7858
1
4 Sale 78/
2
108 110 Tex & N 0con gold 55
1943 J J 9112 ____ 9038 May'23
100 102 Texas & Okla 1st gu g is._ _1943 MS
3318 Dec'22
9134 Nov'23
Texas & Pee let gold 5s
2000 .1 D 9214 100
70
66
85
g2000 Mar 51
51 Aug'23
2d gold Income 54
8814 88/
1
4
La Div B L 1st g 5s
9234
1981 J J 8818 9234 9234
051
/
4 981
/
4 Yolk Ohio Cent let gu 513_1935 J J 97
99
9812 Nov'23
_
941
/
4 9512
Western Div let g 5s
1935 A0 95 Sale 95
95
1
9838 100
1
4 90 Nov'23
1935 JO 9112 92/
General gold 58
8408 88 Tol Peo & West 4s
30
30
27
1917 J J
Oct'23
99 10412 Tol St T.& W pr Hen e 330_1925 J J 9
113
7(4318 5;4
99/
1
4 105
50-year gold 4s
24
1950 AO
90/
1
4 93 Tol W V & 0 gu 430 A
9
7946
511'482 Jun79
0.4621
1
1931 J J
7512 82
8,7118 _8
9_5
1_178
_2 9
8,6
4
17114
Series B 430
88 NN
000c,vt 2
1933 J J 95
223
32
7418 79/
1
4
Series C 48
1942 MS
84
861
/
4 For Ham & Buff 1st g 4s..11946 J O
9431 97 Ulster & Del 1st:ons g 58_ _1928 JD 88
94
94 Nov'23
89/
1
4 91
let refunding g 44.
1952 AO 60
685s 70 Mar'23
13518 7812 Union Pacific let g 4s
9112 212
9112 Sale 90/
1
4
1947 J
95
971
/
4
1
4
96
96 Sale 95/
20-year cony 43
1927 J J
55
88/
1
4 9314
NI
9912 Sale 991
1st & ref temo is
/
4
99/
1
4 110
871
/
4 911
/
4
82/
1
4 Sale 8214
1st & refunding 4s
922
8M
8234 28
84
90
i '.- v- sr perm secured 68..1928 J j 10234 Sale 102/
1
4 10338 21
92/
1
4 93
.. J RR.& Can gen 46„....1944 MS
921 9212 Nov'23
zln Utah & Nor gold 58
1928 J J 0812 9934 9914 Nov'23
98 10134
1st extended 48
1933 J J
1061
/
4 11034 Vandal's)cons g 4s Sec A...1955 FA
2
10814 11118
Consol 45 Series B
8
894
5
142 NA
IP
ay
8'
r 4'2
884
213
478
32 _
2
1957 MN 8
76 June'23
Vera Cruz & Plat gu 430_1934 J J
15
July coupon on
31 Sale 30
31
9713 9814 Mar'23 ____
Verdi V I & W lat g 5s
1926 MS 95
1
4 ____ 9818 Sept'23 ____
8
gil344 -8if31-,,4 V1rginla Mid Ser E 5s
1926 M 13 98/
1
8138 93
General 5s
1936 M N 9712 971 9712
9718
8714 93 Va & Sown 1st gu 5a
2008 1 J 90 g 941 9112 Sept'23 ___
8412 9033
let cons 50-year 58
1958 A 0 7558 761, 7612 Nov'23 ____
LOW
'No price Friday: latest bid and asked Ms week. a Due Jan. 5 Due Feb. c Due June. 5 Due July
1153
906
866:1444
Range
Since
Jan. 1
Low
6834
2038
9034
71318
8734
4012
93
98
9134
8934
841±
89
8958
9014
9112
9338
Higl
78
30
98
821s
9214
1
4
49/
9714
9775
94,4
93
9314
9134
93
9458
94
07
_---
827s 88
88
79
80
86
9734 09
72
72
95 100
87
83
318 9
7
12
72
78
6012 88
7134 81
70
70
8012
79
8914 754
91
971
/
4
9538 9812
90
87
9318 99,1
8238 897k
7112 86
99
96
70s
65
7914 8572
97 100113
8738 9239
67/
1
4 90
5314 87
10212 104
9538 100
8212 8212
91
91
981g 103
8612 8911
7234 7834
8838 7012
7312 78
7314 8212
7218 8112
6012 9034
9012 93
106 101114
9538 99,2
8814 93
85
84
70/
1
4 754
99
97
ygli 83)4
14
107 10814
99/
1
4 9934
84/
1
4 871a
62
53
52
5934
22/
1
4 4478
4838
39
5834 691
/
4
1
4
9334 97/
3612 37,1
98 10114
1
4
9612 99/
771/ 85
9011 934
9712 10211
101 10372
88
3111
83
884
924 984
6644 6912
9614 9614
100 102
97
90
75/
1
4 81
9914
97
8134 8311
"91
91
-669535 99
82
77
9014
90
89's
40)2
84
08
9214
873g
2812
9318
681
/
4
9514
9414
96
54
9234
98/
1
4
96
92
32
9614
76
954
964
78lj 52
96)4
14
94
70
66
8814 94%
944 9818
9914 100,2
88
80
1021
/
4 10514
931s
00
9914 991/4
9114
91
8112 8512
87
85
34
3712
25
46
984 984
9814 9844
91
9774
914 934
7512 81
8 Due Aug. oDue Oct. 9Due Nov. g Due Da. sOptlon sale.
New York Bond Record-continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 30.
13'v,
Price
Friday
Nov. 30.
Week's
Range or
Last Sale
Range
Since
Jan.1
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 30.
2421
Price
Friday
Nov. 30.
Week's
Range or
Last Sate
Range
Since
Jan, 1
Bid
Ask Low
High No. Low
Bid
Ask Low
High No. Low
High
Virginian lot 55 Series A___1962 MN 9434 Sale 9334
9 904 High
9434
98 Det United lot cons g 4%s__1932'3 85 Sale 85
45
88
82
8634
Wabash let gold 5s .
1939 M
9612 Sale 9614
9678 24
9334 99 Diamond Match s f deb 75is 1936 MN
10478 Oct'23
_
10478 1084
2d gold 55
1939 FA
14
8734 Sale 8712
9214
8734
83
Distill Sec Corp cony lot g 561927 AO 48
61
2
4812
4812
47
64
lot lien 50-yr g term 4s__ _1954 J J 6718 71,
8 6714 Nov'23
6714 71
Trust certificates of deposit_ _ _
45
49 4814
8
64
4812
48
Del & Ch ext let g 58_
1941 J J 9512 9812 9512 Nov'23
94
9612 Dominion Iron & Steel 55_ _ _1943 Ji 78
79
9
7738
79
76
8512
Des Moines Div let g 45..1939 ▪ J
Oct'23
7178 75
71
71
7338 Donner Steel 75
1942 .5 3 8612 Sale 8612
6
87
93
84
Om Div lot g 33s
1941 AO 6814 Sale 67
6934 54
6214 6934 du Pont(E I) Powder ,flis _1936
1
9112
8918- 9112
8734 9112
Tol & Ch Div g 45
1941 MS 7358 80
7234 Oct'23
714 7278 duPont de Nemours & Co 7S45'31 M
108 1-6814 108
10814 59 10558 10914
Warren lot ref gu g 314EL-2000 FA
70
_
7418 Mar'22
Duquesne Lt lot & coil Os...1949.7 .1 10312 Sale 103
48 101 10412
104
Wash Cent 1st gold 4e
1948 QM
79
7878 Oct'23
1939J
7458 11:1
Debenture 7As
10618 June'23
1084 10812
1924 FA
W 0 & W 1st cy gu 4s
99
9958 99 Nov'23
9778 99 East Cuba Sug I5-yr of g nis'37 M
165
Sale
94 11314
102
10114
1033
4
Wash Term 1st gu 350
, _ _1945 FA
794
794 Nov'23
7612 80 Ed El III 13kn lot con g 45.1939 J
8918 Sale 89
3
86
91
8918
lot 40-year guar 412
1945 FA 844
8512 June'23
8512 8512 Ed Elec III lot cons g 513-1995 J
1
99 103
100
9738 100 100
W Mln W & N W 1st gu 50_ _1930 FA 7658 90
80 Aug'23
80
8712 Elk Horn Coal cony 65
1925 J
____ 9612 9512
3
9513
9914
9512
West Maryland lot g 45_ _ _ A952 AO 5714 Sale 5714
584 48
5612 8534 Empire Gas & Fuel 7As___ _1937 M
8812 93
904 Sale 8934
9018 108
West N Y & Pa lot g 55. _ _ _1937• J 9834 Sale 9834
1
984
9012 100 Fault Gas Light 5s
1932 M
93
95
9312 9378 94 Nov'23
1943 AO 7614 85
Gen gold 48
77 Nov'23
7314 81
1942 M
Federal
6s
Trac
Light
9038 964
&
16
92
92
9213^
9112
1946 MS 7914 Sale 7914
Western Poe lot Ser A 5e
7934 28
78
97
994
8312
1953 M
79
2
984
9818
98
-13 Os
1946 MS 8958 91
894 10
894
86
95 Fisk Rubber lot s 1 85
1941 M
99 1084
10158 Sale 10158 10214 25
2361 J J
West Shore 181 48 guar
37
7858 Sale 7814
79
77
8378 Ft Smith Lt & Tr 1st g 55._ _1936 M
704 80
78
7914 80 Sept'23
Registered
2361 J J
8
7718 7938 7738
7712
75
82 FramerIc Ind & Dee 20-yr 73's'42 J
8314 9334
8
89
89
8878
88
Wheeling & L E lot g 55._ 1926 AO 9812 99
9812 Nov'23
97
99
1942
Francisco
M
9914
10334
100
Sugar
3
4
745s
8
1003
1017
8
4
4
1003
Wheeling Div lot gold 55_1928 .1 3 94
99
Oct'23
96
96
99 Gas & El of Berg Co cons g 561949 .1
9114 9312
9114 July'23
9278 94
Exten & Impt gold 5s____1930 FA
9212 9738 9112 Oct'23
9113 9518 General Baking 1st 25-yr 68_1936 .1
9912
10112
2
100
100
101
100
Refunding 4s Series A. 1966 NI S 53 Sale 52
3
53
454 62 Gen Electric deb g 330
1942 FA 814 82
7938 8214
2
8118
8118
RR let consol Is
1949 M S 60 Sale 60
8 57 6518
6012
Debenture 55
1952 NI
9913 10334
25
101
101 Sale 10014
Wilk & East 1st gu g 55
1942 3D 51
5212 51
4
5158
49
60 Gen Refr 1st 5 1 g 6s Ser A 1952 FA 9714 9814 9718
97
101
9712
Will & S F 1st gold 58
1938 3D 99 100
994 Oct'23
98 101 Goodrich Co 6,46s
961s 10134
1947 J
34
9634
974
963
4
Sale
Winston-Salem 9 13 1st 4s_.1960 J J
83
81
Oct'23
7914
76
11358 11772
lots
8112
f
8841
M
&
Rub
Tire
Goodyear
59
1144
11414
Sale
11412
Wis Cent 50-yr lot gen 4s_ _ _1949 J J
77
7714 77
8
7718
7414 82
81931 F A 10018 Sale 10018
99 106
10-years f deb g Sls
51
101
Sup & Dui div & term lot Is '36 MN 7513 77
77 Nov'23
75
8058 Granby Cons NI SAP con fls A'28 M
8812 93
89 Nov'23
8914
W & Con East lot 41.6s
1943 .1 J
59'4 -- -- 65 May'22
1928
Stamped
M
92
92
June'23
92
8914 r.INDUSTRIALS
1925 M
89 100
Cony deben 85
10
sale 89
8914
89
Adams Express coil tr g 48_1948 N1 S 80
8014 50
12
80
80
8058 Gray & Davis 78
1932
85
F
101
A
92
Nov'23
88
Ajax Rubber 85
1936 J D 874 8938 88
8838
6
8778 9914 Great Falls Power lots f 58_1940 MN
97 100
9918 100 100 Nov'23
Alaska Gold M deb Os A_ _ _1925 M S
Nov'23
6
712
6
8 Hackensack Virbter 4s
1952 .1 3 7878 80
7712 82
78118 Oct'23
Cony deb Ss series B
1926 M S
__
518 578 538 Nov'23
5
612
NI
Havana
80
8614
F
E
gen
Rv
53
L
&
A
1954
8232
4
8218
82
8214
Am Agric Chem lot be
1928 A 0 9712 9812 97
52
98
95 10012 Havana Elec consol g 58_ __ _1952 FA 9314 94
94
87
2
9314
9338
lst ref s f 7451313
1941 F A
9734 Sale 97
97341 67
96 10434 Hershey Ch" lot 8 1
N
St
10012
96
10014
993
4
Sale
93
10012
g
65
Amerl,an Chain
8-- ,
1933 A 0 93 Sale 9258
93
9
6
99
178 8
(31
2.
.
aB
97
.:11
134 Holland-Amer
19
944
855
409
7 SIN 73 Sale 73
Line 6
s
71
d-G eraL
92
14
74
Am Cot 011 debenture 55_ _1931 M w
7812 Sale 7738
79
32
MN 9414 9458 94 Nov'23
Co
9273 95
Am Dock & Impt go 65_1936 J .., 10614 ____ 1054 Dec'22
2.1' 9514 Sale 9534
Humble Oil& Refilling 5Yis_ 1936
9413 99
9678 30
Amer Republics Os
1937 A 0 8612 874 87
87
4 -;8" 167. Illinois Bell Telephone 55w 11956 J
931g 9553
9334 105
931:Sale 9314
Am Bm & R let 30-yr 5s ser A1947 A 0 92 Sale 9134
9214 85
8418 93 Illinois Steel deb 44s
A0 9038 Sale 9038
924
88
9012 24
1947,A 0 10234 Sale 10212 10314 67
Os B
9958 10314 Ind Nat G &0 58
MN 75 _ _
79
8012
79 July'23
Amer Sugar Refining (312
19373 .1 10012 Sale 100
10012 75 994 104 Indiana Steel lot 5s
1952 MN 10012 Sale 10012 10078 66
99 10112
Am Telep & Teleg coil tr 45_19292 J
9218 Sale 924
9234 187
231935 .7.7 9672
9078 934 Ingersoll Rand lot 5s
96 Nov'22
Convertible 49
1936 M '3 8738 8834 89
89
2
88
904 Interboro Metrop coll 44i5._1956 A0 1012 -loll
1012 Nov'23
I1.20-year cony 4448
1933 M S 10278
103
103
3 100 10314
deposit
4
of
912
Certificates
3
4
4
4
18
30-year coil tr 5s
I946'J 0 9658 Sale 96
9678 142
95 101
12 158
Guar Tr Co ctfs 16% stamped_
138
158 128 Nov'23
7-year convertible Bs__ 1925 F A 117 118 11534 11712 85
58_
1
lot
9,2
66 l
1134 11712 Interboro Rap Trap
A 0
.1 59
110
6611 724
5912 58
59
Am Wat Wits & Elec 5s___ _1934 A 0 8414 Sale 8418
8458
8
82
86
574 7212
Stamped
5918 121
5018 Sale 5778
Am Writ Paper s 1 7-68
1939 J J
4314 Sale 4314
46
22
4212 8614
5278 734
10-year 65
5738 Sale 57
5718 78
Anaconda Copper 6s
1953 F A
9614 Sale 9534
9614 202
1932 M S 8412 Sale 8412
6215 9834
8334 9414
75
146
83
3
4
78
1938 F A
9812 133
9814 Sale 98
20-yr 5s_ _ 194
37
2
j
M
N
j
1st
bb
814
4
9511
Corp
Int
Agile
1043
1
633
4
Sale
633
4
6334
Armour & Co 1st real rot 44681939 3 D 844 Sale 84
,
94
47
8458 67
74
1j
Si) Inter Mercan Marine s f 68._ 1
82
A 0
.7 79 Sale 79
9034
7934 64
Associated Oil temp 68
1935 M 5 944 Sale 9412
95
231 9418 9534 International Paper 55
81
8812
Sale
3
82
82
82
Atlantic Fruit cony deb 7sA_1934 .1 D 20
20 Nov'23 - - 25
20
4012
8118 8838
lot & ref 58 B
8112 Sale 8112
8214 18
Trust certificates of deposit._
1812 1978 1812
19
95
18
42,A
7J s
5
J
3912 Jurgens Wks 80 (fat nrice)_ _ 19
7314 8412
75 Sale 7434
7512 15
do stamped
1812 20
195
1858 Nov'23
1778 44 Kansas City Pow & Lt 55_ ,
42 N
_
FI A
S 8914 Sale 891 4
91
87
8958 52
Atlantic Refg deb 55
1937 J .1 9714 Sale 974
9734 17
944 9934 Kan Gas & El 6s
9158 964
9238 Sale 924
9234 18
Baldw Loco Works lot 5s_ .1940 M N 10012 Sale 10012 10012
3 100 103 Kayser & Co 78
1024 107
Sale
16
105
104
104
Barnsdall Corp s f cony 8%-A193113 J 9413 Sale 9412
9534 10
94 103 Kelly-Springfield Tire 8s_ 1931 NI N 10114 Sale 101
984 10934
107
102
Bell Telephone of Pa 55......1948 J J 9714 Sale 9718
9712 33
7212 7212
9512 9918 Keystone Telep Cc 1st 5e__ _1935 J J
7134 -- 7212 Oct'23
Beth Steel 1st ext 51 55
1926i3 J 9834 0S7 9878
9878
4
m
7A
9612 100 Kings Co El L & P g 5s--- -11E5
9614 994
98
Nov'23
973
4
1st es ref 58 guar A
1942 121 N 95 Sale 9414
95
12
904 9718
money 65
10812 11312
Purchase
11078 Sale 11078 11078
20-yr p m & imp s f 5s_1936 J J 8834 89
8778
8834 22
8634 9312
977s 1044
Convertible deb (is
9778 Sept'23
10118 107
(is A
1948 F A 97 Sale 97
9738 11
9534 100 Kings County El 1st g 4s-1
1949 F A 6912 72
6912 74
71 Nov'23
E458
1953 F A 8814 Sale 884
89
48
8718 9378
C`4
Stamped guar 45
76
71 Nov'23
6912
71
Booth Fisheries deb 5 16s_ _ _1926 A 0 7818 Sale 7818
7813
4
7038 80 Kings County Lighting 5s-1954 J 1 75
7514 8018
7514 June'23
76
Braden Cop M coll tr s f 6s_ _1931 F A 9958 Sale 9958
9934 25
94 101
9512 9338 9513 Nov'23
Brier Hill Steel lot 5468....-1942 A 0 93 Sale 93
94
4 '
1936
J D 10158 Sale 10158 10212
9913 1024
18543%
Co ni3
B'way & 7th Av let c g 58_1943 J D 63
634
5
6112 69 Lackawanna Steel 50 A___ _1950 M £3 8814 89
634 62
87
9212
5
89
8814
Brooklyn City RR 55
1941 J J 86
8712
8712
1
87
19
83
93
33
4j
A 0
88 Lac Gas L of St I. ref & ext 531
8934 98
.7 924 93
5
923
9214
8
Bklyn Edison Inc gen 5s A_ _ la34
39
03
2 .2
.1 9678 9714 9612
994 11
9438 99 Lehigh C & Nnv s f 44s A 19,
953
4
j
J
j
J
884
924
9112
91
91 Nov'23
General Os Serie8 B
09
512 110
103 Sale 10258 10314
9 10
0:7128 Lehigh Valley Coal 55
974 1034
9818 99
99
Oct'23
General is Series C
1930 .1 .1 106 Sale 106
106
3
4s
89_ 8313 Oct'21
General 78 Series D
1940 J D 108 10812 10812 10834
6 106 10934 Lex Av 3, p p lot gu g 5s
3534 47i
1993
M
5
10
37 -3i 36
Bklyn Man R Tr See(tern)6s_ '68 J J 6714 Sale 6678
36
6734 1190
6518 7438 Liggett & Myers Tobac 75_ 1
19
95
44
1 F
A O
A 117 Sale 117
11718 34 112 11914
Bkiyn Qu Co & Sub con gtd 55'41 NI N 65
65 July'23
58
68
so
93
963
8
9814
Sale 0638
lot 5s
9714 12
1941 J J 88
701.Nov'22 _
__
. 1944 A 0 117 Sale 117
Lorillard Co (P) 713
Brooklyn Rapid Tran g 58..1945 A 0 7314 _ _
11713 23 11178 11813
55
7314 Nov'23 _ _
79
1951F A 9534 Sale 9534
5s
931g 971i
Trust certificates
5
96
7414
7414
5
7334
1952 NI N 8712 Sale 8034
&
Louisvillea8ma
8813 8812
8
21
4,
lot refund cony gold 4s__.2002 .1 3 6114 _ __ _ _ 7312 Nov'23
8712 21
A D
o 111 11178 11114
32 j
1,
c5onv g 713-1
94
-ylr6
10E
11138 14 107 120
3-Yr 7% secured notes ,___1921 J J
91
91
4
102
9615
9812
Certificates of deposit
Sale 9814
28
99
8978
___ _
90
90
6
84
(NY):OBS 043.1090 A 0 57 Sale 5614
9512
5518 8478
Ctrs of deposit stamped
25
57
o 0.. _ii, 8512
8518 10
8518
78
9518
20133 D 4738 49
45
2c14s
66
Bklyn Un El lot g 4-5a
5
46
48
7712 85 Manila Elec 70
2
7914
7912 -1;614 7914
1942 M N 96
984
98
Stamped guar 4-5s
964 96 Nov'23
19511 F A 7912 81
794
7912 23
18
16
47
38
4 Manila Elec fly & Lt s f 5s...119
92
54
3
8114 8478
1
Bklyn tin Gas 1st cons g 58_1945 M N 06
8214
Sale
8214
8214
95
3' 9312 100 Market St By lot cons 513_1924 M S
9638 05
8814
964
54
92 Sale 91
75
92
1932 M N 11414 Sale 113
1144 22 10
7
00
6
7:
:14
"
A 0
8 9412
6%
8 274
9334 99
.
-Jaenadr (3
3 m5
1st Hen & ref Os Series A 1947 M N 103 10334 10314 10334
19
14
518
9412 49
9
1051
with waents'31 A 0 115 Sale
s
e
s
109
1614
2
11613
119
119
78
1929 M N 11334 Sale 11278
11334 19 1
,
0
97
0
1181 199
127
734
97 10712
7
p
urtiew
attached._ _ _ A 0 10414 Sale 104
sarrant
WItotis
oe
10
Buff & Susq Iron s 1 58
15
814 81
1932 1 D
9112 Nov'23
97 159
1931 F A 11518 Sale
25
Bush Terminal 1st 45
1052 A 0 81 Sale 8018
81
7
tath&oul%tiw222arEraxneta5
9134 10412
3_
6
_
102 103 10314
10412 232
Consol 55
1955 J J 8334 Sale 83
84
13
8258 894 Me
75.-1942
drochawni
95 108
_
1044 105 1044 Nov'23
Building 5s guar tax ex__ _1960 A 0 9218 9214 92
9278 20
Os Ser Bi/
njt
F
95
994
5
Cal(1 & E Corp 5s
9734
98
9814
1937 MN 964 9718 9638
9814
9638
3
3;:trc'sttef
9418 9618
5
Cal Petroleum 6125 (w I) _ _1933 A 0 9534 Sale 95
9412 983 94t
9634 75
95
4 969958 Mexican Petroleum s f 88..._112
.
63 8; 3
1,
. 10.512 Sale4 1051; 19
101 10914
71
Camaguey Sug lots f g
0
41
7
3
_1942 A 0 9513 Sale 9512
9512
5
Mich State Telep let 5s
9932 10018
3
Canada SS Lines Istcoll78_5 175 '42 M N
9258 10
9258 Sale 9212
914 9712 Midvale Steel &0 cony a f 581936 M S 100 Sale 994 100
8112 914
70
Canada Gen Elec Co 68._ _1942 F A 10234 Sale 10224
86
8512 Sale
3
103
99 10312
Certificates of deposit. _ _ .1936 -- 86
84
90
8
S
:5514
Nov'23
Cent Dist Tel 1st 30-year 55_1943 J D 97
8512
873
4
9712
9814 9712
3
97 100 5111w Elec Ry & Lt cons g 58 1926 FA
98
9912
_78,
8
914
84 Nov'23
Cent Foundry 1st a f fls_ _ _ _1931 F A 93 Sale 9012
9834 9914 9
4
93
3
Refunding & exten 4i68 INI
8858 9112
I :11 i3
I 90 Sale
Cent Leather 20-year g 58_1925 A 0 9014 Sale 8712
8
90
8
16
5
7112
9112 425 18
2 19
5
00
94
18
884 9311
Gen 5s A
5
Cerro de Pasco Cop 8s
9312
93 Sale 93
1931 J J 12612 12912 128
130
117
7918 8918
st 58 13
1
28
Ch G L AC Coke 1st gu g 53_1937 J J
80 Sale
0312
9312 Sale 9318
5
92
9634 Milwaukee Gas L lot 4s
924 9434
1M
5
Chicago Rya 1st 55
9432 - - 1927 F A
47414 20
7314
837
8
50
A..
_
1st
Power
Montana
93
.
984
_1943 J J 9638 Sale 94
Chicago Tel 55
97
964
738
79
37
3,1 7_4_1_4 10
1923 J D 9
70 Nov'23
9912 10018 Montreal Tram lot & ref 68-1941 J J 8658
86
91
5
Chile Copper Os Ser A
79
652
6
Sale
8658
1932 A 0 99 9
.ale 9834
99
59
96
434 109
93314
4 Morris & Co 1st 0 1
7311 R74
Cincin Gas & Elec lot & ref 58'56 A 0 9513 Sale 9538
14
79 Sale 78l
9534
6
85
85
2
641',.
6412
Mortgage Bond 411 44i8.--INg 'IA 1 .
5s Ber B due Jan 1
2
6412
6412
Sale
.
6412
1961 A 0 9512 96
0513
9534 9
58
Colo F es I Co gen s f 581943 F A
9112 9312
5
9212
9212
87
8714 87 Nov'23 _ _ _ _
8512 8912 Mu Fuel Gas lot cu g 50... _19
2 .3:
t47
894 95
1
Col Indus lot & cull 58 gu. 1934 F A
9158 Sept'23
53i8
75
76
75
754
9
75
4
4
0
7
9
762
12 Mut U n gtd bds ext 5% --1941 MN
9518 951a
Columbia 0& 14 lot 50
9518 Feb'23
8 r1927 J J 0612 9678 9614
967l 25
9532 9732 Nassau Elec guar gold 4s_.1951 .1 J 925
51
6724
5378 sale 5212
Stamped
5378 39
1927 3 J 0612 97
9638
97
27
National Acme 75i s
90
1931 .1 D 914 Sale 91
9118
Col & 9th Av lot gu g 5s_ __ _1993 NI S
954
3
8
10 Sept'23
12
_
10
20 Nat E
&S
20y
.
ta
em
a
2
9
,
r1
:
e
l
l
t:
5
.
5
..
g
3
0
9
Columbus Gas lot gold 58..1932 J J 93
97
9712
June'23
9712
9534 99
9412 9278 Nov'23
_
92
9278 Nat Starch
95 95
Commercial Cable lot g 4o..2397 Q J
Oct'23
95
95
2
7012
7013 7138 7012
69
7
339
5:: ,
13fe
asy
tiar
on:ICLub
(12.3
18L5s
1952 M N 994 -61/5-8 9938
Commonwealth Power 6s__ _1947 MN
97 10112
7
994
8614 861* 8613
8634 31
84
9214 95
Comp Azu flora 74is
9334 9434 934 Oct'23
1937.3 J 10014 Sale 100
10014 23
9811
10112
New
England
Tel A Tel .58_ _92
19 :.13
:
Computing-Tab-Rec 5 f 65_1941 J .1
9512 100
37
97
9918 Sale 99
994
8
9513 10112 New On fly & Lt gen 44i5i_ _1935 .1 J 97 Sale 9658
82
62
Conn fly & L lat & ref g 45is 1051 J J
62 Aug'23
_
7812
_ 7714 Sept'23 _ _ _ _
704 8758 N Y Air Brake 151 cony 65..1928 M N
Stamped guar 446s
gi;le
- 10214
1951 J J
7 100 104
10214
81 Sale 81
81
1
78
834 14 Y Dock 50-yr 18t g 45_ _1951 F A
80
7412
77
2
Cons Coal of Md lot & ref 50 1950 J D 864 Sale 8614
764
764
8604 62
8412 90 NY Edison 1st & ref Ois A_1941 A 0 11014 Sale 110
Con a Co of Ch 1st gu g 5s_ _1936 J J 9318 _
11012 71 10653 11212
93
93
3
90
9534 NYGE1.&Pg55
9512 100
8
Consumers Power
9738 9758 9714
1952 NI N
975s
8614 Sale 8614
8714
13
8412 924
Purchase
194
19
4
8
9
45
money
3
F
D
A
g
82
7918 8314
Sale
815
12
8
1931 M N
8214
Corn Prod Refg 5 f g be
100
Oct'23
9812 100 NY Munlc Ry lot s f 55 A 1966 J .1 7958
76
82
_ _ 82 June'23
1934 M N 100
1st 25-yr a f 55
__
994 Nov'23
__
98
101
N Y Q El L & P. lot g 55_ _ 1930 F A
98
_ _ _ 9814 Nov'23
99
1943 F A
Crown Cork & Seal 02
8312 86
84
8434 12
84
95 N Y Rye 1st R E & ref 48_1942 1 3 9842S14 3814
3112 33
5
3158
3153
Cuba Cane Sugar cone 7a_ .1930 J J 8912 Sale 8914
9038 96
82
94
deposit
Certificates
of
27
31 Sale 31
3118 41
37%
Cone deben stamped 8%.1930 J .1 954 Sale 9538
96
106 105
8712 10
9814
30
al942 A 0
2
-year ad1 Inc 55
114 Sale
114
81 8
112 31
Cuban Am Sugar 1st coil 88.1931 M S 10614 Sale 106
10614 30
Certificates of deposit
178 114
14 45
81 74
1937 J J
Cumb T & T lst & gen 6s
924 Sale 9258
9234 11
91
944
N Y State Rya lot cons 43s 1962 NI N
59 Sale 59
59
8
69
6034
Den Gas & EL Ist&ref s f g 5061 NI N
8614
8512
8614
13
8314 DO
6s
1962 NI N
86
87
89
97%
87 Nov'23
1942 NI S 6612 Sale 6612
Dery Corp(D G)78
7212 38
65
99 NY Steam lot 25-yr 65Ser A 194751 N
93
3
0318
92
9334 9318
98
Detroit Edison Int coil tr 58_1933
9912 Sale 09
100
21
9414 10012 NY Telep lot & gen of 4.Si s _1939 NI N
9312 Sale 9312
9334 56
9034 9514
11940M /3 9558 Sale 9558
lst & ref 58 &Hes A
964 21
9034 98
30-year deben s f Os__ _Feb 1949 F A 10538 Sale 10514
17 10312 10833
106
11940M S 10314 Sale 0318
lst & ref fis Series B
10312 22 101 10415
20-year refunding gold 60_1941 A 0 104 Sale 10378 105
10.5 10214 10714
Me Mee Friday: West bla Ana asked. °Due Jan. I Due ADM. 43.13ne baareb. *Due
May. Due Jane. bDuejuiy, k Due Aug. o Due Oat. 1113 ue Deo. 'Option sale
3s
Z Kinney
'Na
67964E
Cop
,
,1',1:.°?ita't Sugari')'
8tN
, 1: Iir Power
4 ND
4
1 i:,:.
2422
THE CHRONICLE
New York Bond Record-Concluded--Page 5
[VOL. 117.
Quotations of Sundry Securities
All bond prices are "and interest** except where marked "1"
Railroad Equipments Per Ci. Basis
.7
Range
Week's
Standard 011 Stocks Par Bid Ask
BONDS
Price
''''
t
5.05 5.35
Since
n
zI
g a'
Friday
Range or
Anglo-American Oil new LI •1538 1538 Atlantic Coast Line Gs
N.Y.STOCK EXCHANGE
5.50 5.30
Equipment 63's
100 114 118
Jan. 1
co0
Last Sale
Week ending Nov. 30.
Atlantic Refining
-*a. Nov. 30.
5.80 5.40
100 11612 118 Baltimore & Ohio 135
Preferred
5.50 5.35
Equipment 446s & 5s _ _
High Borne Scrymser Co
100 140 145
High No. Low
Ask Low
Bid
74
Buff Roch & Pitta equip 68. 5.50 5.30
9514 101
5
9934
Niagara Falls Power let 58-1932 J J 9912 9934 9934
Buckeye Pipe Line Co.- 50 *73
5.50 5.30
Os_
&
446s
234
Pacific
230
Canadian
1
A
a1932
100
1044
10112
new.0 1044 10412 10458
105
Ref & gen 65
Chesebrough Mfg
5.60 5.35
9712 101
6
100 110 115 Central RR of NJ 135
Niag Lock &0Pow 1st 58_1954 MN 100 Sale 9814 100
Preferred new
5.75 5.45
3912 Chesapeake & Ohio 68
90
96
1952 M S 914 Sale 90
9112 14
No Amer Edison 68
Continental Oil new.._ 25 *38
5.60 5.35
17
Equipment6466
8912 95
50 *15
9038 9012 Nov'23 ____
Crescent Pipe Line Co
Nor Ohio Trac & Light68_ _1947 M S
5.55 5.30
Equipment58
30
90
-100 101 105
8758 93
Cumberland Pipe Line.
Nor States Power25-yr 58 A_1941 A 0 8934 Sale 8938
5.65 5.30
9912
_
es_
Quincy
9712
&
Burl
Chicago
B_1941
0
40
A
102
100
4
100
983
Ser
Co__
994
Sale
8
993
Eureka Pipe Line
let dr ref 25-year fis
70 Chicago & Eastern Ill 5468_ 0.25 5.50
Northwest'n Bell T lst 78 A_1941 F A 10712 Sale 10712 10734 33 107 1084 Galena Signal 011 tom_ _ _100 68
9138 9212
9112 May'23 ____
100 108 114 Chicago & North West 4468 5.45 5.25
North W T Ist fd g 446s gtd_1934 J J 9138 92
Preferred old
5.65 5.35
9 101 108
Equipment68
100 105 107
Preferred new
Ohio Public Service 7468---1946 A 0 104 10454 10412 10412
5.55 5.35
6
1947 F A 10012 102 100
1003s
9934 10514 Humble Oil & Ref new
Equipment6468
25 *3458 35
78
5.75 5.35
140
944
27
58
137
&
446s
Pal
&
A
9334
F
RI
Sale
A943
944
923
Chic
100
4
58._
9612
let
Illinois
F
Pipe Line
Ontario Power N
5.87 5.50
934 11
25 •10112 103
Equipment Os
9214 984 Imperial 011
Ontario Transmission 58._ _ _1945 MN 9338 Sale 934
84 Colorado & Southern 6s_ _ 5.75 5.40
96 10112 Indiana Pipe Line Co
9812 21
1941 F A 9838 Sale 9734
50 .81
Otis Steel 85
5.65 5.35
16
8
9212
*157
68
9312
9012
Hudson
&
32
9478 International Petroleum-(I)
Delaware
1st25-year 0 f g 7468 Ser B 1947 F A 9312 Sale
6.20 5.75
9034 66
Erie 446s & 55
8812 9314 Magnolia Petroleum.- _ _ A00 135 136
Pacific G & El gen & ref 58 _ _1942 J J 9038 Sale 9014
6.25
5.75
23
F
*22
'30
8
A
917
9314
94
923
8
541
8
es
917
897
2
4
Equipment
_12.50
20-yr
Co
ladtref
National Transit
Pac Pow&Lt
5.70 5.40
80 Great Northern es
9658 29
9434 9912 New York Transit Co_ _100 78
1937 J J 9658 Sale 9612
Pacific Tel & Tel 1st 511
924 Northern Pipe Line Co 100 99
5.45 5.25
994
88
9012 17
1952 M N 9012 Sale 90
Equipment 55
158
5.75 5.45
25 *64 65 Hocking Valley 68
Pan-Amer P & T 1st 10-yr 781930 F A 103 Sale 10212 10312 96 102 10558 Ohio Oil new
5.60 5.35
30
96 100
5
1953 J J 90 Sale 96
9812
25 *25
Equipment 53
Penn Met Fuel Co
Park-Lex (ctfs) 646s
9258 94
_ 98 Nov'23 ____
Prairie Oil& Gas new _100 222 223 Illinois Central 446s & Ss.-.-.-- 5.45 5.20
Pat& Pesetas G & El cons 581949 M S 9318
5.65 5.35
98
105
4 1044 108
Equipment Os
Prairie Pipe Line new. ..100 97
Peop Gas & C lot cons g 60_ _1943 A 0 105 1-0-5-18 105
8718 94
1947 M S 8814 Sale 8814
884 14
Equipment 75 A 6468_ _ _ 5.50 5.30
100 170 177
Solar Refining
Refunding gold 58
10112
5.45
5.85
_
68._
92
Michigan
984
A
F
91
Sale
1944
9912
36
9978
994
Kanawha &
Southern Pipe Line Co_ _100
Philadelphia Ca 88 A
5.65 5.25
8712 9112 South Penn 011
1938 11 8 8912 Sale 8812
8912 22
100 123 125
Equipment 446s
5468
654 8234 Southwest Pa Pipe Lines_100 73
76
16
74
1943 M S 7314 Sale 734
Kansas City Southern 546s.. 5.65 5.35
Pierce-Arrow 80
1931.1 D 7818 7834 78
20
98
80
70
Standard Oil (California) 25 *5512 5834 Louisville & Nashville 68-.... 5.65 5.40
Pierce 011 s I Ss
5.50 5.30
9038 Standard Oil(Indiana) 25 *5938 594
89
Equipment6468
Pleasant Val Coal 1st g 51 55 1928.1 J 94_ _ 9038 Sept'23 ____
9458
904
58_1957
J
13
J
25 *4012 41
9212
91
f
a
4
- 903
-9212
Michigan Central 55 & (Ss_ _ 5.50 5.25
Standard 011 (Kan)
Pocald Con Colliers lst
9112 9512 Standard 011 (Kentucky) 25 *9812 9712 Minn St P & SSM 4468& 58 5.75 5.40
9318 Nov'23 ____
Portland Gen Elec lat 5s _ _ _1935 J J 924 94
5.80 5.45
8
87
844 887s Standard 011 (Nebraska) 100 210 220
87
Portland Ry 1st & ref 58.- _ _ _1930 M N 8658 87
Equipment 5468 &
8012 8878 Standard 011 of New Jet'. 25 *3514 3512 Missouri Kansas & Texas 611 6.00 5.50
1
81
Portland Ry,Lt & P 1st ref 58'42 F A 81 Sale 81
9114 9614
6.15 5.60
1947 M N
9114 15
100 11512 116
9138 9114
Missouri Pacific 65 & 6468
Preferred
es D
- 5.55 5.30
10458 13 1034 1074 Standard Oil of New York 25 *4214 4212 Mobile & Ohio 4468 A58.,...
1st & refund 746s Ber A...._1940 M N 10334 10412 104
2 10178 106
100 275 280
105
___ 105
Standard Oil(Ohio)
Porto Rican Am Tob 88- _1931 M N 103
New York Central 4468 & 58 5.40 5.25
5.65 5.40
874 9334
4
1933 J .1 8912 Sale 8912
8934
100 110 115
Equipment 68
Preferred
Pressed Steel Car 58
5.55 5.30
34
100 29
Equipment 78
Prod & Ref8188(with witents)'31 J D 10958 Sale 10912 10934 13 10634 1.3312 Swan & Finch
5.35 5.15
9312 Norfolk & Western 4468
Without warrants attached__ .1 D 107 Sale 1064 10738 42 100 10812 Union Tank Car Co_ _ 100 90
5.35
5.55
108
88
7612
10812
17
78
80
100
Pacific
A
Preferred
0 80
8034 7912
Northern
Pub Serv Corp of N J gen 58_1959
25 *5334 54
1937 J .1 10812 Sale 10814
Vacuum 011 new
Pacific Fruit Express 78_ - _ 5.55 5.35
10978 68 105 124
Punta Alegre Sugar 78
10 *2234 24 Pennsylvania RR eq 55 & 68 5.60 5.20
94
9078 90
10
Washington 011
1937 M N 94 Sale 93
Remington Arms Os
5.55 5.30
961z
89
3
Other 011 Stocks
93
9218
94
Pitts & Lake Erie 64611
Repub I & S 10-30-yr 588 1_ _1940 A 0 92
5.80 5.40
867e 9458 Atlantic Lobos 011
(5) *212 3
Equipment 68
8812 28
1953 J .1 8812 Sale 88
546s
*9% 10
'212
99
5.35 5.15
50
53
&
_
9314
Nov'23
Preferred
9312
4468
Reading Co
1952 D
Robbins & Myers s 1 75
91
91
25 *5612 5714 St Louis & San Francisco Se.-- 5.75 5.50
Jan'23 ____
Gulf 011 new
Roch & Pitts Coal & Iron 55_1946 MN 9018 ____ 91
*412
88
512
6.10
80
58
&
5.75
5
011
4468
Eagle
Line
Mexidan
Air
11
4
Seaboard
843
_1942
Th._
8414
MN
Sale
8434
Co
Rogers-Brown Iron
5 •11 1118 Southern Pacific Co 4465„ 5.50 5.25
Mutual Oil__
100 90 92
5.50 5.30
7958 National Fuel Gas
77
6
Equl pment7s
7834
1937 M N 784 Sale 7814
St Jos Ry,L,H & P55
1814 Southern Ry 4465 dr 5s
10 •18
5.60 5.30
= Salt Creek Producers8518 Dec'22 ___ -..,.,- -92
St Joseph Stk Yds 1st g 446s 1930 J J 86
5 •85c. 95c.
5.85 5.50
Equipment6s
8412 Sapulpa Refining
75
7612 Nov'23 ____
81
J 77
Fit L Rock Mt & P 5s stmpd_1955
_
5.85 5.50
6s__
62
Central
5714
Ohio
____
&
Toledo
Nov'23
1924
0
564
A
5314
5714
Bt Louis Transit 58
5.45 5.25
Public Utilities
9012 9
Union Pacific 78
3
9012
1937
.1 9012 Sale 9012
Bt Paul City Cable 58
-.-.-(51 *4534 4612
Tobacco Stocks
9 100 104
Amer Gas & Elec new.
1942 M 5 104 Sale 1034 104
Saks Co 78
*4112 4212 American Cigar common 100 77
5912
50
90
9
4
43
Preferred
1
9114
9134 9114
Ban Antonio Pub Ser 68_ -1952 3 J 91
9334
100 83
MAN 93
87
97 104
Preferred
Deb 6s 2014
9912 10
9912
Sharon Steel Hoop 1st 80 ser A '41 M 5 9914 100
Fdry_ _100 135
-100 121 123
corn.
&
Machine
Trac
103
&
Light
994
Amer
Amer
4
101
8
1007
1942
A
Sale
101
0
Sheffield Farms 6468
94 British-Amer Tobac ord.- .51 •2212 2312
100 92
8212 8712
Preferred
3
84
Sierra & San Fran Power 58_1940 F A 8314 Sale 8314
£1 *2212 2312
9012 10112 Amer Power & Lt corn_ _100 170 17112
Bearer
9312 104
Sinclair Cons Oil 15-year 73_1937 M S 9312 Sale 9212
84 Heime (Geo W) Co, new 25 •58
82
60
100
9714
85
Preferred
143
8818
1938 3 D 8712 Sale 8612
846s B (w 1)
92
110 113
100
91
M&S
4
1003
94
Preferred
9612 55
Deb es 2016
1925 A 0 9614 Sale 95,2
Sinclair Crude Oil 546e
35 Imperial Tob of GB & Irel'd *1514 16
30
cora_100
Util
Public
4
93
Amer
21
8
997
1926
9614
A
F
9514
953
Sale
4
es
7412 lot Cigar Machinery_ -100 55
60
100 72
8018 8912
7% prior pref
67
1942 A 0 8014 Sale 8014
81
Sinclair Pipe Line 58
49 Johnson Tin Foil & Met_100 80
90
100 46
9812 102
7
4% panic pref
D 10034 Sale 10012 101
South Porto Rico Sugar 78 _ _1941
Forbe5_100
135
137
9578
100
4
&
MacAndrews
903
preferred
14
6%
9518
sr
56_1941 J J 9478 Sale 9478
South Bell Tel & T lst
100 97 100
8812 92
Preferred
Blackstone Val GA E corn 50 •7112
J 8714 8712 8612 Nov'23 ____
Southern Colo Power 85_ _ _ _1947
79
100 22
25
Mengel Co
964 10012 Carolina Pow & Lt com_100 75
5
99
Stand Gas & El cony 8 f 68_ A926 J D 9834 9938 9834
75
944 9914 Cities Service Co corn.- _.-100 13712 13912 Porto Rican-Amer Tob_ _100 70
13
96
1930 M N 9434 9634 9534
Standard Milling 1st 58
70
100 67 6712
Scrip
Preferred
36 100 10712
Steel & Tube gen s 17s ser 0_1951 3 .1 10212 Sale 10212 103
8
9614
94
9934 CitiesServiceBankers'Shares 134 1414 Universal Leaf Tob corn 100 50 -56i
9512
Sugar Estates (Orienti) 78_1942 M 5 9512 96
91
100 88
9018 92
Colorado Power corn_ _100 2034 2112
Preferred
Oct'23 ____
D 92
Syracuse Lighting 1st g 55_ _1951
93 92
100 107 110
83
86
100 z90 03 Young (J 5) Co
Preferred
J 8318 8312 83 Nov'23 _ - -Light &Power Co col tr s f 58'54
100
36
103
107
100
Lt.
101
984
3714
&
Ry
Pow,
Com'w'th
Preferred
J
Tenn Coal, Iron & RR gen 58'51
_ _ 9912 Nov'23 ____
71
994 10112 Com'w'th Pow Corp pref 100 70
Rubber Stocks(Cleoeland) prices)
Tennessee Cop 1st cony 6s..1925 I N 993
- 100 Nov'23 ___
4 10012
995874
89 Firestone Tiro & Rub corn 10 *70
9218 95
Consumers Power pref _100 87
10
93
D 924 9212 9214
Tennessee Elec Power 8s__ _ _1947
62
9712
100 91
9312
5012
Elec Bond & Share pref _100 *97
1960 3 J 5214 5212 524
6% preferred
5238 18
Third Ave 1st ref 4s
92
100 90
39
50
6234 Federal Light & Traction(5) *67 6812
7% preferred
45
AdjustmentIncome 5s___01960 A 0 4418 Sale 444
71
90
100 *69
6
9514
Preferred
9112
General Tire & Rub corn 50 .150 160
Third Ave Ry 1st g 58
1937J J 9138 9112 9112
100 94
98
Lehigh Power Securities_(5) *244 2534
1931 F A 10218 10214 10214
Preferred
Tide Water 011646s
1024 16 10112 105
25
94
9
10234
Pow
2312
Riv
100
COIn
Mississippi
10812
73
f
21
1931
Goodyear Tire & R com_100
D
s
Products
1074
1074 108 10778
Tobacco
83 Goody'r TAR of Can p1.
-b00
79
21 10518 10758
100 81
Preferred
1941 M 5 10634 1064 1064 107
Toledo Edison 78
9712 9912
-(I) *112 134
1925 F A
First mtge 55, 1951_ _J&J 9112 924 Mason Tire & Rub corn.
Toledo Trac,L & P 68
9712 9778 9734 Nov'23 ___
17
100 15
SF g deb 75 1935...MAN 101 102
Preferred
i
9234
9215 95
Trenton G & El 1st g 58.._ _ _1949 M S 9234 ____ 9234
65
100 61
65 Miller Rubber
85
9314 Nat Power & Lt com_ _(5) •83
Oct'23 ____
.1 75 ____ 85
Undergr of London 4468_ _....1033
100
89
87
86
865
*85
8
8914
Preferred
1948
(I)
J
3
Preferred
Oct'23
70
8914
Income 68
5
100
99
92 Mohawk Rubber
95
J&J 89
1942 M N 9514 9534 95
Income 78 1972
9534 56
Union Bag & Paper 65
35
8
95
1
9734 Northern Ohio Electric-(5) *5
Preferred
9612
Union Elec Lt & P 1st g 5s_ A932 M S 9638 9714 9612
.44
514
Rubber(5)
20
9212
&
8814
Tire
17
1933
100
M
Selberling
Preferred
N 9212 Sale 9112
9212 27
58
45
100 35
70
70
North States Pow com_100 98 101
Preferred
1945 A 0 __
70 June'23 __
70
Union Elev (Chicago) 58..
21
com_100
90
9412
R
98
&
Tire
1931
100
95i
Preferred
J
9212
Sw1nehart
Nov'23
4
943
Union 011 58
100 40 50
62
c1942 F A 9832-100 58
Preferred
9712 10258 Nor Texas Elec Co corn.
7
0838
8 9878 9838
6s
Sugar Stocks
73
2 10212 105
1930 F A 104
100 68
Preferred
104
104
Union Tank Car equip 78
12
50 •10
8812
pref
sugar
1st
El
de
1941
100
Gas
Pacific
J
8712
4
3
113
Caracas
D 11014 gale 10938 11014 30 109'4
United Drug cony 88
85
98
92
5 Cent Aguirre Sugar corn- 20 *83
Power Securities cora -(5) *2
4
1936 J J
94
94 Sale 94
United Fuel Gas 1st s f 63
100 104 10e
17
Sugar
8714
Fajardo
(5)
Second
39
•13
preferred
1926
issue
MN
974
Pitts
8
923
9138
9112
9112
5s
United Rye Inv
66
82 Federal Sugar Ref cora...100 63
564 8378
Coll trust 63 1949_ _ _J&D 78
6134 17
United Rye St L let g 45-1934 J J 6112 Sale 6112
100 90 100
93
Preferred
86
Incomes June 1949...F&A 158 63
-1937 M N 86
8712 8612 Nov'23 __
United SS Co tot rcts 68.-.-.._1937
10
*8
Sugar,
(I)
Inc.47
00dChAUX
45
1014
l00
08
Lt.&
Pow
1942
Sound
7
Puget
A
0 99
99
9938 9812
United Stores 68
100 58
1004 103
65
83
Preferred
100 80
6% preferred
1932 J J 10214 10278 10258 Nov'23
175 Hoffman Mach 88
25
new
90
Sugar
.85
Western
105
7%
4102
10212
Great
99
100
preferred
J
____
1924
58
.1
Nov'23
g
____
deb
99
10012
US Realty & I cony
30
Gen mtge 746s 1941 MAN 104 10512 Holly Sugar Corp corn...(I) 825
8378 8912
8434 52
U S Rubber lat & ref 5sser A 19473 .1 8414 Sale 8378
78
100 75
Preferred
1930 F A 10338 Sale 103
10338 16 1024 1094 Republic Ry & Light__ _100 1312 15
10-year 738
110
_100
Sugar__
90
Central
38
102
Juncos
8
987
35
100
Preferred
17
9938 100
9958 100
US Smelt Ref & M cony 68_1926 F A
50
-100 10012 10112 National Sugar Reel:11112_100 88
South Calif Edison corn.
__d1963 MN 10238 Sale 10214
10234 258 10034 104
US Steel
95 100
New Niquero Sugar
100 114 117
8% preferred
_ _ 100 Sept'23 ____ 100 10412
5sIregistered _41963 MN 10178
CorpicouponIf 10-60-yr
13
28 Santa Cecilia Sug Corp pi 100
5
78
9134 Standard Gas & El (Del) 50 *27
7934 12
Utah Light & Traction 58-.1944 A 0 77 -i812 78
61
4812 Savannah Sugar corn.-.-(0) *59
92
*2471
50
4
853
Preferred
24
A
F
1944
8814
8814
4
873
Sale
55
1st
Lt
&
Power
Utah
82
80
100
Preferred
15
*14
Power.
4
Elec
953
95
Tennessee
-.-.-(I)
9514 Sept'23 ____
Utica Elec L & Pow lets 158 1950 J J 9514
90
85
40 Sugar Estates Oriente pref
Second preferred
1
9114
5575 924
9114
(I) *44
1957 J .1 9112 -92
Utica Gas & Elec ref 55
20 West ladle Sag Fin cam-100
Western Power Corp.-.-.- _100 24
100 15 26
Preferred
Preferred
100 8212 85
OA 10012
1
9834
Va.-Caro Chem 1st 15-yr 5s 1923 J D 9834 Sale 9834
Short Term Securities
5534 121 75 98
1947 J D 8472 Sale 8318
78
55
9412 Am Cot 011 Cs 1924_ _M&S2 9914 100 Industrial&MIscel
73
7014
1937.1 J 6618 Sale 684
12-years f 746e
82
9012 Amer Tel&Tel 68 1924..F&A 1004 10014 American Hardware.-.- _ _100 60
58
20
68
Without warrants attached_ .1 .1 --------66
85
954 Anaconda Cop Mines'29 J&J 100% 10118 Amer Typefounders corn 100 83
92
9212 Nov'23 ____
92
Va Iron Coal& Coke 1st g 56 1949 M 5 90
100
98
100
Preferred
1017
5
88
84
Ang/o-Amer 0117468'25 A&O 1014
4
88
874
1934 J J 8718 88
Va Ry Pow 1st & ref 58
(5) *1712 1812
Bliss (E W) Co new
9312 99
Federal Sug Ref 85'24 _MAN
4
94
1942 J D 9312 Sale 9312
gertlentes Sugar 78
59
50 *56
Preferred
MAN 9712 98
881933
10358 20 10158 106
1941 J D 10312 Sale 103
Warner Sugar 78
Hocking Valley 65 1924 MAS 100",54 10014 Borden Company com 100 121 123
984 100
2
1939.1 J 9938 100
9934
9934
Wash Wat Powers f 5s
104
100
100
Preferred
974
_MAS
9312
R
1922
Interboro
88
T
1
9618
gtd
1950 J D 9618 9714 964
WestchesLtS g 58 strand
82
100 78
Celluloid Company
95
88
K 0Term Ry 68'23 MAN15
7
9058
West Penn Power Ser A 58_1946 M S 9058 Sale 9012
100 108 111
Preferred
J&J 10222 163-4
13468 July 1931
9 100 1024
10112
1st 40-year 13s Series C _ _ _ _1958 .1 D 101 103 101
184
181
.100
corn.-.Company
Childs
10014
5123
1926
100
10218
1074
c1946 F A 10414 Sale 10354 10414 13
let series D 75
100 111 113
Preferred
-FAA 9312 9412
8912 Lehigh Pow Sec es'27.
87
1963 M S 88 Sale 88
8818 25
58 E
100 105 110
-FAA 9634 9714 Hercules Powder
96 100
Sloss-Sheff S&I (ls '29.
11
97
Western Union coil tr cur 58_1938 J J 9638 Sale 9638
100 104 108
Preferred
94
-FAA 103 10314
U S Rubber 746s 1930.
89
11
9034
Fund & real estate g 4468_1950 MN 9034 9138 9058
85
100 80
International Salt
Stk
Bonds
Bk
Joint
Land
106
21
5
1117
1938
10912
10914
F
A
10914
10812
15-year 0.55 8
100 104 108
pref
Silver
International
10114
10014
Stk
Jt
58_1951
Bk
Chic
Land
Westinghouse E & M 78.. _ _ _1931 M N 10718 Sale 10718 10712 49 1054 10812
80
77
50
Sales
10012 10112 Lehigh Valley Coal
58 1952 opt 1932
98
85
24
88
Wickwire Spen Steel 1st 78.- _1935 J J 8712 Sale 8712
100 130 145
102 104 Phelps Dodge Corp
9414 102
546e 1951 opt 1931
9514 31
Wilson & Co let 25-yr 8 1 68_1941 A 0 9514 Sale 9412
135
125
-100
corn.
Pow
Baking
Royal
99 100
88
s 1952 opt 1932
83
1928.1 D 8414 Sale 844
844 10
10-year cony s f 88
100 9714 9814
Preferred
9712 9812
93 105
4468 1952 opt 1932
944 14
1931 F A 9434 Sale 9414
7468
99 100 Singer Manufacturing_ _100 123 125
435s 1963 opt 1933
2 10012 108
1941 A 0 10112 102 10112 10112
Winchester Arms 7468
9314 9912
54
94
an.** a. rr Re(w l3...-1943 J J 9354 Sale 931*
•Per share. 5 No par value. S Basis. 4 Purchaser also Pays accrued dividend.
y Ec-rlghts.
Due Mar. e Due (New stock. .1 Flat price. k Last sale. n Nominal. z Ex-dividend.
•No price Friday:latest bid and asked. a Due Jan, 4 Due Apr. C
etock dividend. s Sale price. 8 Canadian quotation.
Ex
e
Slay. g Due June. Due July. k Due Aug. o Due Oct. 2/ Due Deo. s Option sale.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday. I Monday.
Nov.24.
Nor. 26.
149
79
*117
96/8
•10
*1112
14
21
•1812
42514
»ii-
*6112
54
*23212
15
1;2i42912
71
Tuesday,
Nov. 27.
Wednesday. Thursday.
Nov. 28.
Nov. 29.
149 149
149 149
7812 79
7814 7812
*95 -_ •118
*117
*117
97
98
97 98
98
9612 -9-7
10
934 10
1012
1013 10
10
•12
*12
_
1412 1414 15
1434 14
14
2012
21
2014 2034 *20
1912 2014
18
*1812 21
21
18
1712 1712
2514 2514 *25
26
26
23
24
149 150 •142 150 *143 145
21
21
22
2014 21 *zsai.
2
62 62 *62
!_.5312 5312 53
147 +53
55
53
*23412
_ 1'23412
32
32
32
33 *232
34 *232
34
25 •____ 25
25
1472 15
15
1434 1434 1412 1434
65 • - __ 65
65
85 •_ _ _ _ 85
85
74
74
75
74
74
71
72
3112 *2912 3112 '30
35
32
32
71
72
70
72
72
150
79
149 149
7812 79
-1-4
Friday.
Nov. 30.
Sales
for
the
Week.
flaws Sete Jae.11928,
STOCKS
BOSTON STOCK
EXCHANGE
Loftiest
Shares.
Railroads
214712 14712
65 Boston & Albany
100
78
7812
205 Boston Elevated
100
Do prof
100
HS- 118
Do 1st pre/
100
9612 9612 102 Do 241 prat
100
356 Boston & Maine
100
934 10
Do Prof
100
-----720 Do Series A lot pref
100
423 Do Series B let pref
100
22 Do Series C 1st pref100
137 Do Series D 1st Pref-100
7 Boston & Providence
100
-1E44 -2-61-2 180 East Maas
Street RI Co...100
6 Do 1st prof
100
90 Do pref B
100
-55- 33
76 Do adjustment
100
20 East Mass St RI Rr ot14 102
25 15 10 Maine Central
100
1438 14/2
622 N Y N H & Hartford
100
Northern New Hampshire_100
_ ____0
_01N
ol odrwdo
ch
lony
& Worcester prat_100
3
70
3
3
74
235
2423
SeeBarXage
143 Apr 8
75 June 29
9115 Aug 9
1114 Aug 2
95 Nov 21
9 Oct 27
9 Oct 17
1213 Oct 29
1912 Oct 30
16 Nov 10
21 Oct 25
135 July 21
18 Feb 15
594 Nov 2
52 Oct 18
232 Nov 15
31 Nov 19
25 Oct 30
914 July 5
65 Sept 8
80 June 12
6412 Oct 25
441 Rutland prof
2112 Aug 25
10r
Vermont & Massachusetts.100 70 Nov 26
PER SHARE
tame for Preston
Year 1922.
Highest
Lowest
Highest
151 June 14
84 Jan 6
100 Mar 8
125 June L2
106 Mar 5
2012 Mar 2
27 Feb 13
3212Mar 1
48 Feb 6
42 Mar 22
59 Feb 7
16012 Jan 25
85 Mar 22
72 Jan 16
65 Mar 19
46 Mar 22
45 Mar 21
43 Jan 2
2212 Jan 30
84 Feb 8
100 Jan 3
81 Feb 14
3812 Feb 20
98 Jan 11
18014 Jan
734 Feb
9414 Mar
116 June
10112 Nov
14 Jan
20 Jan
22 Jan
36 Jan
30 Jan
40 Jan
125 Jan
18 July
66 Anil
51 July
28 July
29 July
2712 Jan
1214 Jan
69 Jan
58 Jan
67 Jan
15 Jan
78 Jan
152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3112 May
37 Apr
4412 Apr
62 May
54 May
7712 Mal
163 July
264 July
77 July
60 Nov
47 Aug
47 Aug
55 Oct
8415 May
96 July
10384 Dec
9814 May
5272 June
100 Aug
*72 __
97
Miscellaneous
*112 2
*1°4 2
2
2
111 128 2
414 Jan
211 Dec
105 Amer Pneumatic Service__ 25
312 Jan 9
1 Sept 19
*13
1312 1212 13 1113
14 *13
14
::-_-_
Feb 2014 Aug
Do
20 Jan 10 13
Prof
12414 12434 12432 12434 12412 12512 12434 135
1247 1-25
1,782 Amer Telephone & Tales 104
0 111112Jun
°1it 12534Mar 14 1144 Jan 12814 Aug
*72
7212 72
7212 72
7212 7212
72
72
7212
Amoskeag Mfg
No par 6712 Oct 9 112 Jan 5 104 Jan 121 Dec
• *75
78
76
77 •76
77
7534 7534
75 Do pref
80 Nov 91 Aug
No par 72 Oct 9 88 Jan 5
*1434 17
111434 17 *1434 17 *1434 17
-_ii- yi__ ______ Art Metal Construe,Inc___ 10 1434 Nov 15 1 J12 Mar 14
14 Nov 204 May
.110
12 310
12 •10
12 *10
12
25 Atlas Tack Corp
13 Jan 22 May
July
2
2012
Feb
14
No
par
10
*105 106 106 106
10514 10514 1'105 106
44 Boston Cons Gas Co. prof100 104 Oct 17 10812 Feb 24 10434 Aug 107 Des
*.10 .15 *AO .15
.10 .10 '
1.05 .15
--.1
.
0 .10
621 Boston Mel Pet Trus No pox .10 Jan 18 .30 Jan 25 .10 Sept .50 May
*224 2314 2212 2212 2214 2214 221s 2214
155 Connor (John T)
---1534 Jan 30h Dec
10 19 July 5 27 Mar 19
*212 3
213 2h *212 3
4.2h 3
100 East Boston Land
6 Apr
3 Jan
10
214 Nov 21
4 Jan 2
46
7
613 658
6
;a614
6
6
400 Eastern Manufacturing
6 Nov 10 1412 Mar 5
5
7 Dec 1414 Feb
38 38 "35
37
35
35 •35
37
115 Eastern SS Lines,Ins
3812 Jan 894 Oct
25 31 Nov 1 12712Mar 22
255 15512 15414 155 154 15472 154 15414
iii- fif1-4 1,396 Edison Electric Mum
100 15238 Nov 8 172 Jan 3 156 Mar 185 Sent
314
*314 ---- v312 ---314 314
45 Elder Corporation
314 Nov 15 1072 Jan 2
3 Mar 13 May
No par
•11 ____ +11
____ 11
11
11
-ii44 Galveston-Houston Elec__100
5 July 9 2912 Feb 5
28 Dec 39 Aug
"612 8
*612 8
*612 8
*612 8
--------------Gardner Motor
9 Nov 1614 Apr
6 Oct 25 1535 Mar 3
No par
•15 16
15
1532 1434 143 *1412
15
1518
260 Greenfield Tap & Die
17 Dec 2714 Feb
25 1434 Nov 27 24 Feb 10
.51
5212 52
52
53
54
1153 -bi43 Mar 5438 Dec
60 Hood Rubber
No par 52 Nov 26 6312 Mar 13
.
40
41
*41
42
1141
42
4253 4282
5 Internat Cement Corp-No par 32 July 32
26 Jan 383s May
1 7
49411
•11
14 *1014 14 *1014 14 *1014 14
20
Nov 32 Jan
M
F
J
s
e
a
n
b
r
i
:9
Internat
14
22
Cotton Mills
10
53
*58 60 259
59 *257
61 "257
61
-22i2 -5-7-12 ____55 Do prof
60 Aug 85 Dec
.50 .50 11.50 .75 *1.50 .75
642 Mar
.50 .50
112
Dec
650
---3
Mar
20
-Int
D
er
c
:2at
p
ir
o
o
nal
Oct
20
Products-No
par
.40
• 4212 312 *212 312 *212 31
*212 312
512 Dec 17 Apr
8 Mar 15
100
2 Nov 2
*518 542 *518 538
5
51
+5
538
Ps Apr 1112 June
LI
L0
12
Aug
20
.
12
w
y
812
.
,M
8
T
h
ceat
5
Nov
20
Netil
rea
&
Libby.10
*10
1012 10
10h 10
101 *10
8 July 13 Jan
1018
10
10 2
90
814June 27 11 Apr 26
25
78
78
7734 78
7734 78
78
78
-7
-'71-2 781;
i
1i
38
9 Massachusetts Gas Cos-100 7712 Nov 30 8712 Jan 2 63 Jan 9012 Not
*26512 681
6612 6612 65h 6513 6412 65
*________ fii_
62 Jan 74 Oct
166
Do pref
6412 Nov 28 73 Jan 25
100
158 •____ 158 •____ 158 *____ 158
Oet
Mergenthaler Linotype-100 147 June 19 179 Jan 8 130 Jan 181
5
512
6
614 *534 6
6
6
Stock
11 Dec 274 June
290 Mexican Investment,Inc__ 10
312 Nov 19 1434 Feb 19
2312 2334 2312 24
2414 25
34
Aug
Jan
24
Jan
31
13
-24; -2-4-12
2478,
2814
546 Misebssippi River Power__
Nov
7
18
48138 8234 8234 8234 *81/2 8234 *8158 8234' Exchange --- 724 Jan 854 Oct
b 14
3
15 Do stamped prof
43, F
Fels
;
l
80
212 214 *2
214
134 2h
2
232'
232 --2-34 1,323 National Leather
634 Dec 1132 Jan
*3
312
3
37s
374 378
378 378' Closed
5 Jan
22 Dec
314 314
412Sept 13
475 New England Oil Corp tr cti
234
s.
g 8(
11412 114 11412 11334 114 11412 11412'
11412 11412
127 New England Telephone 100 11112 Oct 24 122 Jan 3 109 Jan 125 Sept
1728 18
1734 18/8 1878 2012 19
1938 Thanks13 Jan 28 Oct
2g
Orpheum Circuit, Inc
'
186
8612
8614 86
86 I
11534 Oct 192 Dee
2 86
-56- -1 - 111: Pacific Mills
111013 Jan
1
•*15
1534 1514 1514 *15
1534 •15
15/8
giving
124 Apr 16 July
1 Reece Button Hole
10 15 June 26 18 Mar 14
---32
3
*2
3
*2
3
*2
3 Mar
1112 Dec
3 I
-_-_ -_-_ _
Reece Folding Machine
314 Mar 15
10
2 Jan 11
------- ---- --- - ____
.50 .50
.50 .50
Day
712 Apr
2 Feb 20 .50 Nov
5 .50 Oct 25
---- _ _ _ _ 5-,i56 Simms Magneto
102 102 101/8 102 10134 102
10134 10214
9214 Jan 11012 Sept
102 10214'
392 Swift & Co
100 9812June 26 10912 Jan 6
*44
4412 44
44
44 4534 4334 4334
39 July 8112 June
97 Torrington
25 42 July 31 50 Mar 9
8 Mar 1414 Feb
Union
Drill
712 Jan 19 11 Mar 7
2334 34
3352 34
3312 34 I 3312 34
-5ii4 -3-i-i._ iiiii UnitedTv"
37 Jan 45 Mar
Shoe Mach Com.- 255 3212Nov 2 5534Mar 8
•26
2612 2512 2634 251 2513 *2528 26
*2558 26 1
111
25 Jan 2713 July
Do Prof
2814 .Tan 11
243sJune
14
25
25/8 2634 2612 27
2614 2678 2614 2638
214 Jan 3312 June
2638 2612 6,055 Ventura Consol Oil Fields_ 5 1934 Aug 23 30 Jan 2
16
1618 1612 1612 16
16 I 1578 16
16
16 i
686 Waldorf Sys,Inc,new ehNo par 153sSept 17 e2218 Mar 19 41314 Jan .1912 Dee
8
8
*8
'813 *8
812 *8
812
Watch
Cl
B
214 Nov 1434 Ape
---_-.
-_-1
_
5
Walth
13
Mar
17
com.No
par
5
Feb
15
•*17
19 *17
19 *17
19 , *17 19-Preferred trust els
100 1512 Mar 6 2912 Mar 19
11 Nov 49 Apr
-- -17
17
17
17 •17
pi Feb 13 Oct
1712 17
1714
-1
296 Walworth Manufacturing- 20 1114 Jan 5 1778 Oct 22
3028 30h 30
30
30
30 I *29
31
1712 Jan 3534 Sept
-_ -_ -_ -_ _ _ _ _ I
90 Warren Bros
60 2512 Jan 31 3412 Mar 14
•*3113 32 "3112 32 *3112 32 *3112 32
1st
prof
Do
'
_
50 3034 Oct 30 3912 Mar 14
3012 Jan 3814 Oat
"135
36 "35
36 '
135
36 +35
36
__
rd
Do 2d prof
50 33 July 10 42 Mar 15
- -31 Feb 4484 July
_--- __-- .---312 - -3-1-2'
20 Wickwire Spencer Steel_.- 5
844 Nov 21 MPS
312 Nov 30 1212 Feb 21
Mining
I
• •.20 .30 '
1.20 .30 '
1.10 .20
.10 .15
1 Apr
+.10 .20
SOO Adventure Consolidateditzv
ly 28
I Feb 28 .50 Jan
I
54
Ahmeek
5 87 Mar 1
56 Nov 06 May
•
-.-1-2 755 -‘19 --.ii -;.-f2 --.ii -;.12 755
25 .10 July 5 .50 Mar 2 .03 Sept .50 Apr
25
:
: t ___ __ Alfoti
ez Mining
25 15 Aug 9 34 Mar 1
Al cmab
19 Dec 324 Jan
2
2 --2- -i1,(
-4 --2- 2-1 -;2- -11435 May
-;2- - -2-14
4
223 Arcadian Consolidated.-- 25 .70 July 3
2 Mar
414Mar 5
8
8
*8
834 *814 834
818 818
Arizona
Commercial
8
5
732
Jan
6
1412
6 Nov 104June
Mar
2
•17
18 •17
18 , •17
18 I +17
18
13 Jan 1834 Sept
10 1412 Oct 30 19 Feb 19
Bingham Mines
•17
20 203s 2038 207s 2012 207
12 I 2,045
"Calumet & Hecla
203s 2014
25 17 Oct 25 t19 June 15 248 Nov 801 Aug
21914 20
*312 372 *314 3721
234 312' 234 8Oct
23
572 Nov 1634 MaY
1
258
4
234 234 1,880 Carson Hill Gold
982 Feb 13
25
Centennial
8 Nov no, Feb
7 Jan 18 15 Mar 1
___
-2 3 -2112 -5812 -iii-4 -55T2 -2-9-3-4' -55- -213518 Dec 4684 MO
2112
-5ii2
22i Copper Range Co
25 2212 Oct 31 4634 Mar 1
312 3'4
34 34
94 Jan
34 334 •313 334
10
212 Nov
312 312
700 Davis-Daly Copper
214June 28
5 Feb 23
gill 514
514 514
513 5e *5
514
712 Nov 1214 Jan
*5
514
295 East Butte Copper Mining1112 Mar 1
114 114 "114 112
*is, 112
.99 114 '
375 Apr
'1 1
112
1 Apr
67 Franklin
*112 2
114 112 "114 2
84 Mar
1'114 112
•114 2
14 Aug
100 Hancock Consolidated
21 2134I
a
r 11
2 0L
8M
Mar
e 5
*2712 2814 *2712 2812 26
26
2814 2812
2814 2814
129 Hardy Coal Co
*.40 .65 *A0 .65
.50 .50
.40 .50
Apr
25 .10 Sept 17
850 14,900 Helvetia
9t0 9.
114 Feb 20 :66" Dec 2
9634 9634 *97 98
97
9712 98 98
1 9312Nov 7 11512 Ape 7 8112 Jan 11838 une
208 Island Creek Coal
'
191
93
92 92
91
91
Feb 9712 Nov
9014 91
88
mei
1
28
87
Do
9014
Mar
9112
913
4
Nov
10012
28
.
119
2012 .19
2012 2012 2012 *1912 21
18 Nov 2634 May
204 2012
21 11 3
85 Isle Royale Copper
0
0fy
t/4 3314 Mar 8
*214 212 '214 212 '214 212 *214 212
415 Apr
3 Feb
:2
919
4 213212
Kerr Lake
•.09 112 •.75 112
.75 .75 *.75 114
34 Apr
1 Feb
Keweenaw
Copper
15
7
2
3
14
58M
jsn
ar
5
2
•112 2
1% 1 %I
112 1%
132 14
534 May
8112 112
24 Feb
217 Lake Copper Co
tg .6(1), Septi.
514 Mar 1
•1
114 '1
112' *1
114
1
1
214 Apr
1 Nov
'1
11
20 La Salle Copper
25
1 Oct 30
814 Mu 1
•12.8 17s •138 178 41132 172 *112 17/1
.15
185
Jan
1
174
234
Mason
Valley
Mine
Ma,
5
Mar
27
112
235
Nov
16
•1
112 *1
112
1
1
*1
112
434 Apr
115 Dec
*1
112
25
Mar 3
70 Mars Consolidated
1
414
Oct
16
*2
214 *2
11 . 14.7%
214
2
218
2
119
2
7 Feb 10
64
*2
Apr
24
Dec
214
Mayflower-Old
350
Colony-112 112 *112 2
112 112 *112 2
7 Apr
29 Michigan
4 Mar 17 .75 July
90
3
*33
3414 33
3414 35
35 *3312 35
-52f4
Mohawk
June
52
28
Mar
2
68
Nov
3
1
14
178
27
71
Oct
31
16
16
1512 16
1534 16
_1
.
!
5_3 1534
1534 16
894 New Cornelia Copper
1514 Dec 2012 June
5 1414 Oct 29 2412Mar 2
'214 3
*214 3
*214 3
"214 3
___ _____ I New Dom. Copper
414 Apr 4
----212 Aug 20
*37 44 *37
44 *37
44
+37
44
*37
44
i New River Company -----100 35 Apr 18 40 Apr 27
87 Jan 40 Feb
•7334 76
*7334 75
*7334 76
*7334 75
*7334 75
85 Oen
100 72 Nov 8 84 Mar 16
Jan
73
534 534 •514 573 •534 57a
534 578
*578 6
484 July 5
7 Jan
460 Nipissing Mines
5
834 Feb 20
5 July
234 234
213 3
234 3
234 234
234 234 1,542, North Butte
15 May
84
Oct
•.50 1
'
1.50 1
3.50 1
*.50 1
'1.90 1
44 Apr
I Ojibway Mining
114 Dee
21 .50 Nov I 72Idar 1
*17
174 *1612 1712 17
17
17
17
1712 1734
16 Nov 27 Jan
200, Old Dominion Co
25 134 Oct 30 3212Mar 1
_ 1 Osceola
25 2434Ju1y 18
25 Nov 3815 Aug
-iiii
- -2 --iiii --3-78
-"iit -84 Nov
680 Park City Mining & Smelt_ 5
212 June
4121%
Nioavr 21
7
-iif2 -1-2-1-2
214 Aug 13 "
1314 1338 1334 14
13
14 •1312 14
*13 2 14
835 Pd Crk Pocahontas Co_No par 1212 Nov 14 1614 Mar 23
-2213 2212 2234 2234 23
24 "2212 24
2212 2212
1621QUiney
25 18 Oct 31 50 Mar 2
30 Nov -116- May
33
34 *231
0232
33
3314 33
33
*33
25 27 Oct 31 5312 Mar 1
34
130 St Mary's Mineral Land
37 Nev 4815 May
•.43 .60 •.43 .60
.45 .45
.41 .41
.40 .40
14 May
185 Shannon
10 .35 Sept 6
112 Mar 5 .25 Mar
'.25 .90 '1.25 .90 '1.25 1
•.25 .90
114 May
•.25 .90
South Lake
25 .10 June 4
1 Aug 8 .25 Dec
• *lie 134 *118 134 *11g 134 *118 134
•118 134
112 Dec
25
Superior
44 July
114July
18
314
Mar
3
• •lle 112
114 114 "118 114
Da 11s
•118 114
234 Oat
175 Superior & Boston Col/Der- 10 .90 July 30
834 Feb 23 .90 Mar
.38 .40
.30 .40
.30 .30
.30 .30
.30 .50 1,935 TrinitY Conner Corr)
1%, Dec
6 .20 Oct 24
314 Apr
112 Feb 15
.40 .50
.40 .45
.42 .42
.45 .55
•.40 .50
10 .40 Nov 21
732'Tuolumne Copper
138 Aug 18 .40 Nov .92 May
234 234 "23g 24234 234
234 272
"234 27s
5
1%1 Oct
300 Utah-Apex Mining
24 Oc
Oct 25
4 Mar
6 Apr 13
.75
.10 .35
.04 .11
.03 .10,
.02 .04 11,342' Utah Consolidated
1 Feb
1 .02 Nov 28
34 June
3 Mar 5
.35 .40 •.20 .30
.30 .50
'.30 .40
'1.20 .25
1 .30 Nov 28
500 Utah Metal & Tunnel
Dis Feb 27 .80 Dec
24 Apr
*.75 1
*.75 114
•.75 114 *.60 1
'
1.75 1
25 .60 Aug 30
24 Jan
__I Victoria
2/8 Feb 28 .75 Nov
.25 .35
.12 .12 ".25 .50
•.25 .50
.12 .12 2,760 Winona
25 .12 Nov 27
Isamu a .25 Jan
234 Apr
4,512 612 *512 612 •5h 012 *512 612
•512 612
I Wolverine
25
412Nov 5 13 Mar 1
714 Nov 16 May
*Bid and asked Prices: no sales on this day. r Ex-rights. b Ex-dividend and rights.
Ex-dividend. .1 Ex-stock dividend. a Assam:tient paid.
51341gInning with Thursday. May 24. trading has been In new shares, of which two new shares of no par value were given in exchange for one share of old stook
of sic
Oar Vane. In order to make possible comparisons with previous quotations, we have divided all these previous Quotations by two.
a 1,Eg4 yt
.11312
48-icvtl
1211'1711
u .10
L.20 .33%10;21
A
2424
Outside Stock Exchanges
Bonds (Concluded)-
Boston Bond Record.-Trarisactions in bonds at Boston
Stock Exchange Nov. 24 to Nov. 30, both inclusive:
Bonds-
Friday
Sales
Lase Week's Range for
Sale.
ofPrices.
Week.
Par Price. Low. High. Shares.
Range since Jan. 1.
Low.
46
58,500 404,
44
1,000 784
80
80
5734 5731 1,000 57
65
1,750 63
63
100 73
73
73
1004 1014 10,000 100
8434 84% 5,000 76
88% 86% 1,000 84
91
9134 4,000 89
3,500 89
91% 914 92
96
964 9,000 95
96
96
9831 5.000 91
954 95% 14,000 94 '
Atl Gulf & W I SS L is '50
Chic Jet YJ 5 Yds 4s_ _ _1940
E Mass St Ry ser A 4345'48
Series B 55
1948
Series D 84
1948
Hood Rubber 75
1936
K C Min & Spr 5s_ _ __1925
K C Mem & B Inc 5s_ _1934
1931
Mass Gas 4315
Miss River Power 5s.1957
New England Tel 5s_ _1932
1944
Swift de Co 55
1932
Western Tel 58
44
High.
Mar
Nov 62
Feb
May 84
Jan
Nov 72
Nov 77% Jan
Jan
Nov 85
July 10234 Jan
Feb 84% Nov
Apr 8831 Jan
Apr 924 Oct
Apr 95
Jan
Nov 99)1 Jan
Apr 99% June
Mar 98
Feb
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Nov. 24 to Nov. 30, both inclusive, compiled from official lists:
Twos
0..4
'
,
Last Week's Range for
Week.
ofPrices.
Sate
Par, Price. Low. High. Shares.
`
Stocks-
97
95
834
504
90
883-4
97
864
9634
95
8331
9234
94
724
5031
734
994
7034
58,000
5,000
3,000
1,000
17,000
1,000
1.000
1.000
10,000
3.000
24,000
4.000
6,000
12 win
Low.
High.
Jan
40
9434 Jan
11131 Oct
11034 Oct
Apr
41
1534 Nov
Nov
43
254 Oct
.12 Aug
231 July
1084 June
Nov
55
Jan
48
244 Oct
10634 July
July
103
114 Sept
Nov
80
Jan
25
Jan
80
7834 July
1634 July
Aug
15
Aug
80
July
50
2431 Oct
2134 Oct
82 Sept
Feb
18
10 May
Aug
50
Jan
35
9834 Sept
1594 Aug
Jan
147
2631 June
4734 Oct
1044 Nov
127 Mar
Nov
114
424 Mar
Feb
25
Apr
65
2634 Jan
Jan
.50
44 Feb
1104 Mar
Feb
64
804 Nov
2531 Apr
Mar
118
Mar
108
Jan
120
Jan
98
Nov
69
Mar
100
1444 Apr
Jan
30
17
Jan
Jan
95
5731 Jan
264 Feb
2634 July
Jan
90
Aug
22
1934 Mar
7331 Mar
3931 Oct
10834 Mar
2034 Jan
Jan
164
3134 Feb
8931
86
964
854
95
94
804
9234
94
714
5034
7234
99
mu
Jan 93
May 194
Nov 100
May 90
Oct 974
Apr 974
May 8334
Nov 94
Aug 954
Sept 7431
Aug 55
Oct 7734
Sept 10231
isInv 7734
May
Nov
Jan
Jan
Apr
Mar
Nov
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Nov. 24 to Nov. 30, both
inclusive, compiled from official sales lists:
00
40
Low.
High.
35 15
125 63
15 714
1,974 20
858 49
110 39
120 104
151 96
1,120 5234
192 234
2,733 424
122 424
12,165
234
108 64
140 573-4
1,775 29
60 5431
12 77
2,907 41
50 41
22 32
30 41
2,878 2794
362 294
410 30
140 58
300
8
122 7094
25 94
%
1,500
1,400
14
745 35
2,494 4754
160 x549-4
6
195
20 33
103 6534
5 34
Apr
Feb 30
Oct
Feb 79
Nov
Aug 85
Oct
June 32
Jan 91
Mar
Jan
Nov 45
Aug 240 MAY
Jan
Nov 100
July 664 Mar
Feb
July 27
Feb 5934 Mar
Apr
Jan 50
Oct 104 Feb
Jan
Aug 75
Feb
July 71
Feb 2234 Jan
Aug
Apr 62
June 8134 Jan
Nov 4734 Jan
Jan 4934 Mar,
Feb
Feb 36
Jan 4534 Feb
May 3334 Jan
May 3331 Jan
Jan 354 Sept
Jan
Nov 67
Jan 1234 Apr
Feb
June 80
Aug 99 May
Nov 1 5-16 Jan
Oct
294 Jan
June 404 Nov
Nov
May 59
May 5631 Feb
Feb
9
Oct
Jan 4431 Oct
Nov 8635 Mar
May 3634 Jan
56.000
9,000
6,000
27,600
10,000
12,000
3.000
July
July
Nov
July
Sept
Oct
June
tt alAn
82
84
6394
60
44
10
65
CO
1,44
9534
87
8254
7131
49
31
73
Apr
Apr
Jan
Jan
Jan
Feb
Jan
44 I, 1,1.4.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Nov. 24 to Nov. 30, both inclusive, compiled from official sales lists:
Stocks-
r naay
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com_ 50
84 831
125
Am Wind Glass Mach_100 9436 9131 95
331
100 944 934 9431
Preferred
510
Arkansas Nat Gas, com_10
5
44 531 4,905
231
24 334 1,380
Carnegie Lead de Zinc_ _ _ _5
Indep Brewing corn _50
3
3
50
Jones Laughlin Stl, pf-100 1084 10834 10834
35
Lone Star Gas
25 2431 24
2431
400
Mfrs Light & Heat
50 5331 5234 5331
527
Nat Fireproofing, corn_ 50
7
791
315
20
855
50 194 19
Preferred
Ohio Fuel 011
14
280
1 134 12
3134
Ohio Fuel Supply
25 31
31
965
975
Oklahoma Natural Gas_ _25 2254 2234 23
20
275 275
Peoples Say dr Trust_ _ _100
400
Pittsburgh Brew, corn_ _ 50
134 14
50
44 54
805
Preferred
Pittsburgh Coal, pref._100
99
99
30
Pittsb & Mt Shasta Cop...1
9c
9,500
Sc
80
Pittsburgh Plate Glass.100
82
207 207
Salt Creek Consol 011_ _ _10
7
734 1,310
734
Stand San Mfg, coin_ _ _100 94
95
70
93
Tidal Osage 011
831
250
8
10
Union Natural Gas
220
25 2834 28
2854
LT S Glass
24
200
25 24
24
West-house Air Brake_ 50
8231 83
200
W-house El & Mfg,com_50
5931 594
210
West Penn Rys, pref__ -100
10
87
87
BondsFralrlonknmn PI MAI.A I.‘a
'inn inn
so nnn
Range since Jan. 1.
Low.
631
78
8934
44
1
3
1064
23
51
6
1431
11
30
1854
240
131
454
97
So
165
574
73
731
2331
2334
67
50
77
July
July
Aug
Nov
Nov
Sept
Mar
May
May
July
July
Sept
July
Mar
Jan
Nov
Aug
Jan
Nov
Jan
Nov
Mar
Oct
Feb
Oct
Apr
July
Apr
High.
934
95
10734
10
434
434
110
27
60
834
20
1834
364
3634
275
294
8
100
280
210
1734
993-1
1334
29
2931
86
6931
8834
.
Oct
Mar
Mar
Jan
Oct
Aug
Aug
July
Feb
Feb
July
Feb.
Mar
Mar
Nov
Jan
MarMar
JanNov
Sept
Nov
Feb.
Sept
Oct
May
Mar
Oct
(10 Le (let 10044 Amp
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Nov. 24 to Nov. 30, both inclusive, compiled from official sales lists:
Stocks-
'
,may
Sales
Last Week's Range for
Sale
ofPrices
Week.
Par. Price. Low. High. Shares.
Boatmen's Bank
First National Bank
Merchants-Laclede Nat'l
Nat'l Bank of Commerce
United Rys, pref elf deP--Best Clymer Co
Brown Shoe,com
Preferred
Cert-Teed Prod, let pref
Second preferred
Emerson Electric, pref._
Ely & Walker Dry G,cornFirst preferred
Second preferred
Fulton Iron Works, pref.
Hamilton Brown Shoe_
Hydraulic, Press Brick, coin
Preferred
International Shoe,com
Preferred
Laclede Steel Co
Missouri Portland Cement_
National Candy, corn
Second Preferred
Rice-Stlx Dry Goods, 1st pf
Scruggs-V.-B,D.0,1st pfd
Second preferred
Southwest Bell Tel,Pref.
Wagner Electric, corn
Preferred
BondsAlton Gran dr St L Trac 5s.
East St Louis & Sub Co 5sUnited Railways 45
45 certifs of deposit
260
______
-----48
______
______
44
61
73
10134
108
10334
33
81
614
140 140
198 199
260 285
14231 1424
9
9
20
20
48
48
91
91
75
75
65
65
95,li 9536
224 2231
105 105
84
84
96
96
489-4 4831
44
4
57
62
7231 73
115 115
115 115
100 10131
8931 92
101 101
108 108
8731 8731
89
89
10334 104%
3254 33
80
81
60
78
6131
6034
Range since Jan. 1.
Low.
5
106
15
8
46
17
20
30
57
72
7
404
5
25
5
20
295
168
211
6
10
95
567
20
5
1
5
21
331
92
140
19734
251
140
9
14
4634
8834
70
65
9131
2054
1014
83
96
47
334
4734
6431
114
101
7934
7354
96
10036
85
85
101
21
71
Nov
Oct
Mar
July
Nov
Aug
Oct
Oct
Aug
Nov
July
Aug
Sept
Aug
Nov
June
Aug
July
July
Oct
Jan
Jan
Aug
Mar
Apr
Jan
Jan
July
Aug
July
$1,000
60
2,000
78
62
9,000
6034 10.000
584
78
5731
57
Jan
Nov
Nov
Oct
High.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Nov. 24 to Nov. 30, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Prices.
of
Sale
Par. price. Low. High. Shares.
884 8734
110
Amer Pub Sem, pref..-100
Amer Tel dr Tel Co
78
12454 12454
Armour & Co(Del)pref _100
200
92
9234
1,405
Armour & Co, pref ___ _100 7831 7894 79
Armour Leather
1,555
7
15
7
7
Preferred
125
78
78
100 78
Balaban & Katz.com vto 25 52
2,325
5134 53
Preferred
200
90
89
Bassick-Alemite Corp
3531 364 1,155
•
Beaver Board
250
14 131
•
131
Certificates
15
100
15
15
Booth Fisheries, pref _100 35
35
25
35
Borg & 13eck
1,026
• 264 2634 27
Bridgeport Machine Co_ *
15
1034 104
Bunte Bros
25
10
834 9
Case (J I)
60
4
4
Si
•
%
36 1,200
2d preferred
100
Central Ill Pub Serv, pfd _•
86
202
86
Ch City&ConRyptahem•
787
34
Si
Preferred
•
334
331 434
955
Chic Elev Ry, prof. IN
4
31
515
Chic Motor Coach, pref.__ 90
135
9034 904
Chic Nipple Mfg el A_ _ _50 4231 413( 43
3,165
Chic Rys Part Ctf Series 1_
10
11
3,059
Part Ctf Series 2
526
34
34 1
Part Ctf Series 3
50
31
Si
Commonwealth Edison 100 12774 12634 12734
470
Consumers Co, com---100
34 3%
100
Preferred
100 62
62
260
6234
Continental Motors---10
64 84 1,590
64
Cudahy Pack Co, com.100 59
59
5931
285
Daniel Boone Wool Mills 25 3034 204 34
6,540
Rights
34
3
34 18,845
Decker (Alf) dc Cohn Inc_•
18
18
20
• No par value.
Ranee since Jan. 1.
Low.
142nniltthrilbttgttnt2.?"tttwtlint
..zzzi.
,z0-g2ctgoz zzzo'..gzzwrg'ogzz
Ir
r
r
rr r rrrrrr
rrrrxr r
coo.ooc-..cococl000
". to CV.
.0.
CONOOt• t,
.000N
. V. .
American Elec Pow Co_50 224 2234 2234
100 77
75
77
Preferred
844 8434
American Gas of N J-- _100
• 294 29
2954
American Stores
100 88
80
8931
Brill(JO)Co
50 39
39
39
Cambria,Iron
•
18134 183
Congoleum Co Inc
96
100
96
Eisenlohr (Otto)
64
66
Electric Storage Batt'y.100
•244 2431 2434
Erie Lighting Co
• 55
5334 56
General,Refractortes
4934
Insurance Co of N A _ _ _10 4931 49
234 394
Lake Superior Corp- --100
3
Lehigh Navigation
50 66
66
6631
6134 625-4
Lehigh Valley
50
Lit Brothers
10 2034 2034 2034
60
Penn,Cent Light & Pow_ •
' 60
North Pennsylvania__ _50
784 7831
50
Pennsylvania RR
4134 4134
43
Philadelphia,Co (Pitts)_ _50
43
32
Preferred (5%)
50
32
Preferred (cumul 6%)_ 50
42
424
25 314 304 314
Phlia Electric of Pa
25 3094 3034 3131
Preferred
50 34
334 34
Phlia Jlapid Transit
Philadelphia Traction_ _.50 58
58
5834
50
84 894
Phila. dr Western
50
Reading Company
794 794
96
96
Scott Paper Co pref.---100
Tono-Belmont Devel_ __ _1
7-16 4
1
Tonopah Mining
134
so
40
Union Traction
4034
50 5834 5731 59
United Gas Impt
50
5534 56
Preferred
8
84
Warwick Iron & Steel_ - _10
Westaersey & Sea Shore_ 50 4131 4134 4131
50 6534 6094 66
Westmoreland Coal
50
3434 3454
York Railways pref
Bonds_2007
85
5s..
_
8534
Elm
Amer,Gas dr
84
2007
85
5s small
a% 0354
Consol Trac of N J 1st 55'32
624 6334
Elec,de Peoples tr ctfs 4s'45 63
44
44
Inter-State Rys coil 451943 44
14
1431
1924
55
Corp
Lake Superior
6854 69
Peoples Pass tr etre 45_1943
Range since Jan. 1.
High.
MMVN
WCOCC,
Sates
'
Last Week's Range for I
Sale
ofPrices.
Week:
Par. Price. Low. High. Shares.
Low.
Phila Elec 1st 4s s I__-1966
Mar81
81
500 79 May 82
1st 55
1966 9654 96
Jan
Apr 103
964 34.100 96
5315
1947
98
Feb,
98
Nov 103
1,000 98
534s
1953 9831 9834 99
56,400 954 Nov 9931 Oct
• 65
1941 1034 10354 10334 2,000 10231 May 106% Jan.
Reading gen 45
1997
87
87
1,000 834 Apr 88% July
Spanish Amer Iron 6s_1927
10031 10034 1,000 99)4 May 10034 Jan
United Rya Invest 5s.1926
92
Jan 98)f Mar
92
1.000 88
==x
9934
90
8834
9631
8634
96
95
834
9231
94
7234
5031
7234
9934
701i
20
10
107
5
6
240
6
40
500
100
43
10
52
64
106
12
68
60
617
213
18
10
53
5
106
30
29
42
50
60
82
70
135
365
5
45
Range since Jan 1.
tgigtalugtgWitatgiitutgt.t.ttral , tigg,
4534 4534 4534
10431 1044 1044
117 118
114 114
4134 4134 4134
1634 1634 174
45
45
45
254 254
.14 .14
34
331 34
110
110 1104
59
59
80
804
25
25
25
11034 1104 1104
105
105 10534
116
11531 116
8034 8034 804
69
6434 69
95
97
804 804
174 1734 1735
1634 1634
84
84
53
524 53
244 244 244
233.4 2331 234
8434 8441 85
2034 2034
11
11
11
594 59
5931
39
39
994
99
1631 1634
15531 156
274 274
Range since Jan. 1.
Friday
Last Week's Range Sales
ofPrices.
Bale.
for
Price. Low. High. Week.
WO4M.C.0.1000t0.0.0WM000.00.0...001...OV.CM
V.C.O.NCOWCOWONOW0.0
(0t
,
o..0000.0WOM00
.C901.
Arundel Sand & Gravel_ 100
100
Preferred
Atlan Coast L(Conn) 100
100
Allan Coast L RR
25
Bait Amer Fire ins
100
Baltimore Tube
100
Preferred
25
Beneath preferred
1
Celestine Oil
Cent Teresa Sugar pref.. _ 10
Ches & Po Tel ofBalt_100
Commerce Trust Co_ _50
25
Commercial Credit
25
Preferred
Consol Gas E L de Pow-100
100
7% preferred
100
8% preferred
Consolidation Coal_ _ _ _100
Eastern Rolling Mill_ •
i€10
8% preferred
50
Fidelity dr Deposit
Finance de Guar
. ...25
Finance Service ClassA.10
prefHouston 011 pref tr etts.100
Manufacturers Finance-25
25
First preferred
Second preferred
25
Maryland Casualty Co 25
Monon Vali Tree pref__ _25
tvItV-Woodb Mills v t r_100
Preferred.v t r
100
New Amsterd'm Gas Co100
Penne Water de Power_ 100
United Ry & Electric_ _ _50
U S Fidelity & Guar _50
Preferred
50
BondsMabama,Co gen 6s_ _ _1933
Coasol Gas gen 44s_ _ 1954
ConsGEL&PserE 545'52
Consol Coal ref 5s_ _1950
Davison Suiph de Phos 6s'27
Fairmont Coal 5s
1931
Da & Ala cons 5s
1945
Norfolk de Atl Term 55 1929
United EL & P 434s_1929
United Ry & E 45_ _ _1949
Income 45
1949
1936
Funding 5s
1949
65
Wash Bait & Ann 55 .1941
Stocks-
[VoL. 117.
THE CHRONICLE
High.
197
12454
108
96
10
8734
5634
92
42
434
25
3634
3674
184
11
83.4
54
96
134
10
84
99
4434
2434
334
54
131
654
70
12
644
6234
5
2031
Feb
Sept
Feb
Jan
Jan
May
Oct
Nov
Oct
Jan
May
Jan
Oct
May
Mar
Mar
Feb
Oct
Feb
Mar
Mar
Oct
Nov
Mar
Mar
Aug
Jan
Jan
Feb
Jan
Jan
Jan
Feb
June
DEC.1 19231
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
100
Deere & Co, pref
Com Chemical Co of Tenn•
100
Diamond Match
Eddy Paper Corp (The)_ _•
Fair Corp (The), pref _ _100
Gill Mfg Co
•
Godchaux Sugar, com
*
Coward,11W, pref_ _ _ _100
Great Lakes D & D_ -100
liart,Schaff&Marx.com 100
*
Hayes Wheel Co
10
Hupp Motor
•
Hurley Machine Co
Hydrox Corp, com___ -100
100
Illinois Brick
Illinois Nor UHL pref
Indep Pneumatic Tool Co.•
25
Inland Steel
Internet Lamp Corp_ _ _ _25
Kellogg Switchboard_ _25
Kuppenheimer, pref _ _ _100
Libby, 51cNeill& LibbY -10
Lindsay Light
10
Lyon & Healy, Inc, pref__
McCord had 51fg Co_ _ -•
Middle West Util. com _100
100
Preferred
Prior lien preferred
Murray Mfg Co
10
Nat'l Carbon, pref(new)100
National Leather
10
Northern States Power Co.
People's Gas Lt & Coke.100
Phillpsborn's Inc, vot etfs_
10
I•:ck (Albert) & Co
Prov Says of No 111, corm.*
Pub Serv of No III, corn 100
Preferred
100
100
Quaker Oats Co
100
Preferred
10
Reo Motor
Reynolds Spring Co, corn.*
Sears-Roebuck, com _ _ _ 100
Standard Gas & Electric_ 50
Preferred
50
Stewart Warner Sp.com100
100
Swift & Co
Swift International
15
Thompson,J R,com _._ _25
Union Carbide & Carbon _•
United Iron Works v t e.50
United Lt & Rys, 1st p1100
Participating pref _ _ _100
US Gypsum
20
US Steel, corn
100
Wahl Co
•
Warner Malleable Cast_ _•
Ward, Montgomery, w 1_20
Class "A"
•
Western Knitting Mills..'
•
Wolff Mfg Corp
Wrigley, Jr, com
25
Common w 1 a
•
Yellow Cab Mfg, cl "B"_10
Yellow Taxi Co
BondsChic City & Con Rys 55'27
Comtnonw Edison 5s.1943
Swift & Co 1st s f g 52.1944
Range since Jan. 1.
Low,
6114
15%
155 48%
81% 63
15
15% 2,800 15
119 119
25 nog
34
33% 36%
4,370 22%
102
101% 101%
165 100
18% 18% 19%
710 163.j
9
95
7%
9
9%
27
27
27%
200 24%
81% 81%
15 75
119% 119% 119%
150 98
38%
25 32
2234
22
23% 2,240 15%
53% 53
1,220 41%
55%
19% 17% 19% 2.0S0 15%
80% 78% 79
495 60
84% 84%
10 83
81
43 80
81
39
36% 3934 8,450 32
944
9% 9%
8
120
44% 44%
65 39%
92% 92%
30 87
5
5
515 4,600
5
311 4
2%
270
97
97
10 94%
33
33
34
139 26
44
4414
510 36%
82% 83%
290 81%
96% 97
212 96
20%
18
21
610 18
116 116
20 115
2%
2
214
296
2
98% 98% 98%
20 98%
95% 00
180 87
2
2
2%
295
2
22% 23
705 17%
97% 97
0715
145 97
97% 97%
25 974
90
90 ' 90
20 894
245
240 245
75 210
oosi oos,
200 85
1716
17% 17%
780 11%
25
25
70 22%
84% 84%
140 67%
27
27
28
600 1714
48% 49
415 46%
87% 8831 90% 21,050 64%
10214 102 102%
1.830 98%
17% 17% 17% 4,665 16
4914 49% 4934
220 43%
5515 5414 55% 2,820 51%
4% 4%
200
4%
78% 78% 79%
50 69%
89
89
40 87
87
86
8811
500 51
' 96% 9615
200 86%
44
4434
325 42%
26
20
28
795 1835
2515 24% 2534 6,345 1815
107% 107 107%
175 93
%
14
%
650
11
0
8
10
1,845
4%
116% 115 117%
510 100
38% 38% 39
3,418 38%
93% 93
96
3.195 87%
120
119% 12034
1,930 70%
51
9536
98
51
51
$5,000
05% 95% 5,000
96
964 3,000
High.
June
Nov
July
Apr
Jan
June
Aug
Feb
June
Jan
July
Oct
July
Sept
Apr
June
Oct
July
may
July
Sept
July
May
Oct
June
May
July
June
July
June
Nov
Nov
July
Oct
Aug
Nov
Nov
Oct
Mar
June
Jan
June
July
Jan
June
July
June
June
June
July
Nov
July
Nov
July
Oct
Nov
May
may
Jan
Nov
Sept
Jan
Nov
Nov
Jan
74% Jan
15% Nov
Jan
121
40
July
106
Jan
281% Apr
2615 Apr
35% Apr
9415 Feb
120
Nov
43% Apr
25% Mar
55% Nov
32% Apr
984 Jan
87
Sept
8315 Oct
50% June
Apr
32
Sept
47
95
Jan
8% Apr
4% Nov
101% Mar
Apr
39
53
Feb
86% Jan
104
Jan
Sept
21
123
Apr
8% Feb
98% Nov
96
Nov
231 Nov
36% Mar
03% Apr
103% Apr
99
Apr
Nov
245
Jan
100
20
MaY
26% Apr
Feb
93
32% Mar
51% Apr
124% Apr
109% Jan
21% Jan
54% Oct
67% Jan
13% Feb
94
Apr
9934 Mar
Oct
104
96% Nov
5834 Jan
Nov
26
26% Nov
Nov
108
1031 Mar
3534 Mar
126% Nov
41
Nov
114
Oct
190% Sept
47
Jan 65% Mar
95% Nov 105% May
92% Apr 974 Jan
New York Curb Market.-Official transactions in the
New York Curb Market from Nov. 24 to Nov. 30, inclusive:
•-•
40
woo..aww
ez.
WW:ex .
W .,a>.-WWwW ,-,%-s7tobb :4;4 .2
mo.ma>
W
Indus. & Miscellaneous.
Acme Coal Mining
10
1%
1%
1%
Allied l'ack, new
•
1
1
Aluminum MHz, corn....•
25% 25%
Amalgam Leather, com_ _•
1115 11%
Amer Cotton Fabric 01.100
96% 97
Amer Gas & Elec. com„.
•
48
46
American-llawallan SS_ _10
14% 15%
Am Light & 'Frac, com _100
121
121%
Amer Nlultlgraph
21% 21% 2135
Amer Thread, pre(
5
4
4
Archer-Daniels-Mid Co_ _• 24
2234 24
Armour & Co (111) pref _100
78% 78%
Armour Leather, corn. _ _15
6% 616
100
76% 77
Preferred
•
1% 1%
114
Atlantic Fruit Co
Ellyn Shoes, Inc
10 11% 11% 12
121% 123%
Borden Co common_ __100
Bridgeport Machine Co_ _• 103-4
1034 10%
22% 23%
Brit-Amer Tob,ord bear CI
Ilklyn Union Gas, new, w I*
58% 81345
Candy Products Corp
1%
146
1 36
Car Ltg & Power, corn..25
215
2
2%
Cent Teresa Sugar, pref _10
314
314
331
Centrifugal Cast Iron Pipe* 33
2034 33%
Chalmers Motor ctfs
1
1
Checker Cab Mfg Class A • 43% 38% 4334
Ghl Nipple Mfg.new,CI A50 42
41% 43
New Class B
50 22% 21% 22%
Childs Co. common_._100
181 187
New stock
3715
37
• 37
Cities Service, corn_ _ _ _100 138
136% 138%
Preferred
66% 67
100 67
Preferred B
6
10
6%
Stock scrip
77
75
Cash scrip
70
70
70
Bankers' sharee__ ___ _ _• 14
13% 14
Colorado Power corn_ 100
21
21
Cons Gas(NY)com W1.' 58% 58% 59
Curtiss Aeropl & M.corn..
Certificate of denosit.„_
12% 1215
Davies(William) Co. Inc_•
21
21
Del Lack & West Coal..50
93
03
Dort Motor Car, com __ •
2
234
Dubilier Condenser & Rad* 11% 11% 12s5
Dunhill Internet
28
27% 30
•
DuPont Motors, Inc
415
33-4 4%
Durant Motors, Inc ._ _._• 23% 23
254
Durant Motors of Ind_ _10
7%
731 7%
Share
pref_100
97
Elec Bond &
97%
Fain Knit'g Mills Inc com • 23% 22
23%
100
100 104
Fajardo Sugar
5
Federal Tel & Tel
64 6%
392 395
Ford Motor of Canada.100 395
•
Foundation Co, pref
88
88
254% 257
Dinette Safety Razor-._• 256
Dleasonite Products Co_10 1134
11% 12
•
Wen Alden Coal
7835 80%
• 273-4 2835 28%
3old Dust Corp w 1
9
3oodyear Tire & R.com100
9
94
davana Tobacco, pref_100
1%
115
• No par value.
82
,888E2S8tgn8g888M8 Et-t82,"88888t88888gge>88g888t8V88888888888
Friday
Sales
Week ending Nov. 30.
Last Week's Range for
Sale.
ofPrices.
Week.
StocksPar. Price. Low. High Shares.
Range since Jan. 1.
Low.
I%
1
21%
11
95
31
11%
109
20
3%
19%
73
6
7635
"Nov
Nov
Feb
Oct
Nov
June
Oct
July
Aug
Feb
Nov
July
Nov
Nov
Sept
10
Oct
110
hlar
10
Oct
19% Jan
58% Nov
1% Nov
750 Mar
215 Jan
10
Jan
1
Nov
28% Oct
38% Sept
17
Sept
159% Aug
37
Nov
128
Oct
64% June
5% Oct
72 June
70
Sept
1215 Oct
16
June
56% Nov
115
7
Aug
21
Nov
82
Jan
1% Nov
4st Jan
2735 Nov
2% June
2035 Nov
7% Oct
08
July
1916 Nov
96
Sept
334 Apr
392
Nov
88
Nov
238
June
10
Oct
88
Jan
18
Oct
83.4 Oct
50c May
High.
6
3
25%
19%
102
47%
25%
140
23
2425
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
IIeyden Cbemical
134
•
Hudson Cos, Pref
100 22N
Heal & Manh RR.corn .100 12%
Preferred
100 48
Intercontinental Rubb .100
Internet Concrete Indus_10 12
Kelsey Motor Co
•
Kresge Dept Stores, corn.. 43%
Leader,Production
3%
Lehigh Power Securities •
Lehigh Valley Coal Sales 50
Libby,McNeill & Libby 10
Lucey Mfg, class A
50 27c
Lupton (F Si) Pub, cl A.. 11%
MacAndrews & Forbes.100
McCrory Stores, new corn•
•
5%
Mesabi Iron Co.
Midvale Co
• 18
Motor Products Corp new •
New preferred
* 4434
National Leather
10
New Mex & Arlz Land...1
N y Togo 615% pref_ _100 108
North Amer Pulp & Paper' 50c
Park & Tilford, Inc
• 30
Peerless Truck & Motor_ 50 29
Pyrene Manufacturing_ _10
Radio Corp of Amer,corn.'
311
Preferred.
331
5
Reading Coal
Reo Motor Car
10 17%
Repettl, Inc
5
Roamer Motor Car
Rosenb'm Grain Corp.Pf50 48%
Singer Manufacturing. _100
Southern Coal & Iron...5 150
Studebaker.Wolf Rubber_•
*
g
Stutz Motor Car
100
Swift & Co
Tenn Elec Power, com___. 14%
Tob Prod Exports Corp..'
Todd Shipyards Corp....'z4534
United Profit Sher. new- -1
615
5%
Unit Retail Stores Candy..
4%
•
Founders' shares
United Shoe Mach corn...25
US Distrio Corp 70M - -50 3214
US Light & Heat, corn. 10 74c
10
Preferred
US Metal Cap & seal_ _10
Universal Pipe & Red__ • 18
i4o
Preferred
Victor Talking Mach _100
Wanner Malleable Cast •
We ing Hat Mfg
80c
Wayne Coal
WIllys Corp,1st pref_ _100
Wrigley(Wm)Jr Co..._25
• 39
New stock
Rights.
Reading Coal w I
22
Low.
I
High.
1
1% 1%
200
Sept
215 Feb
1,600 1215 Aug 22% Nov
21
22%
700
12%
8
12
July
1215 Feb
200 43
48
48
Jan 50
Sept
3
200
Oct
3% 3%
83-4 Jan
9% Sept 12
11% 12% 2,500
Nov
1% Nov
1% 2
600
334 Nov
3416 43% 9,000 33/4 Sent 4346 Nov
I
2% 4
2,200
June
4% May
24% 25
400 17% July 25% Nov
250 7515 Aug 90
77% 78
Jan
5
200
5% 515
Nov
8% Apr
27c
100 27e Nov 20
27c
Jan
1116 1115
100 11
Oct 22
Jan
220 134
134 135
Nov 135
Nov
200 4015 May 88% Oct
7215 73
4% Sept 1215 Jan
5
5% 2,000
2,300 11% June 2134 Apr
19
18
300 1934 Oct 3934 Nov
39
38
100 41
Oct 47
44% 44%
Nov
400
134 Nov
2
2%
834 Feb
214 Oct
600
435 414
5% Apr
558 10715 Nov 112
108 108
Jan
50c
131 Apr
500 5oc June
50c
Sept 34 Vs Oct
18,700 25
32
30
800 25
Nov 3034 Nov
30%
29
9
Mar 1134 Nov
700
11%
11
311 3% 5,300
234 June
454 Mar
13,200
231, Jan
4,1, Nov
31,1,
100 39
4835 4816
July 505-4 May
17% 1715 1,000 1315 Feb
2034 May
99c
900 75c Sent
90c
2
Jan
5
5
100
Nov 11
5
July
4715 50
2,000 4615 Oct 5434 Mar
5. 11334 Sept 127
123 126
Nov
1.,c 21,000
13c
Oct 500 May
Sc
47% 4734
200 44% Nov 52% Oct
931
9
5,800
9
Nov
2435 Jan
102 102
40 98
June 109
Feb
1431 14%
100 12
July 19
Mar
435 445
600
234 June
815 Mar
z4546 47
50 z4515 Nov 80
May
6% 6%
1.300
4% Jan
715 Nov
Mar
5
Jan
5% 4.400
5
8
415 434
600
334 Jan
9
Mar
33% 3336
100 n3314 May 56
Mar
2834 33% 1.800 20
June 3335 Nov
95c 3,800 70c Nov
70c
234 July
116
115
400 One
Jan
314 Apr
50c
50c
100 50c Feb
135 Feb
17% 19
2,700 1134 Sept 203-4 Apr
200 55
Oct 72
Apr
150 150
Aug 150
50 145
Nov
24
24
100 20
Aug 3134 Apr
1115 12
200 11
Oct2234 Apr
234 Jan
91c 2,200 80e NOV
80c
515 5%
300
334 Oct 1135 Jan
118 118
100 120% Nov 123
Nov
38% 39
3,700 383.4 Nov
4015 Nov
2134 22%
Former Standard 011
Subsidiaries
Anglo-American 011_ _ _El
1534 14% 1515
13orne-Scrymser & Co._100
140 140
5
73% 73
Buckeye Pipe Line
73%
25
Continental 011
38% 40
Cumberland Pipe Line_25 10134 10116 117
100
Eureka Pipe Line
9715 9715
Galena-Signal 011, corn .100 70
64
73
Humble Oil & Refining_ _25 34% 34% 36%
100
Illinois Pipe Line
140 145
Imperial 011 (Can) coup.25 z102 1101
106
Indiana Pipe Line
50 82
82
87
Magnolia Petroleum__ .100 136
134 138
50
0 80
National Transit_ _ _ _121.0
22% 23
New York Transit
80
94
Northern Pipe Line._ _ _100 90
99 103%
25 65
Ohio Oil
64
66
103
25 228
2% 27
Penn Mex Fuel
28
Prairie Oil& Gas
202 223
100 9734 9614 9834
Prairie Pipe Line
100 123
Solar Refining
178 179
South Penn 011
123 131
Southern Pipe Line_..10O
91
9115
Lines
_100 75
So West Pa Pipe
75
75
Standard 011 (Indiana)-25 59% 584 601
Standard Oil (Kansas).25 0
40
1% 4015 4235
Standard 011 (KY)
98 100
Standard 011 01 N Y__ _ _25 42% 4111 4335
Stand 011 (Ohio) com_10
20
5 25
80
3% 278 282%
Vacuum Oil
5316 55%
Washington 011
10 2234 22% 24
111sy
Apr
Nov
Apr
Mar
Nov
Mar
Jan
July
4% Nov
40% Apr
94
Feb
19
Feb
78
Nov
2% Feb
12
Nov
124% Nov
Other 011 Stocks
18% May Arkansas Nat Gas com_ _10
4%
25
Sept Atlantic Lobos Olt com_ _ _•
2%
58% Nov
Preferred
9%
115 Oct Boston-Wyoming Oil_ 50
_1
3
Aug Carib Syndicate
5
Feb Creole Syndicate
215
5
33% Nov
Derby
by Oil & Reno. corn_ .5*
1
Nov
66% Feb Federal OilPetroleum Co_ _1 40c
7
4434 Nov Gen Petrol
Corp com.„2
15
0 00c
22% Nov
Glenrock 011
187
Nov
Granada Oil Corp cl A..10
134
38
Nov Gulf 011 Corp of Pa
_25
195
Feb Gulf States 011 & Ref-- _ _5
V%
70
Mar
hletropol Tr recta w I__ _
6% Mar
Hudson Oil
1
Sc
102
June Humphreys Oil 2d pref
78
Aug
certificates
1934 Feb International of deposit_ _
Petroleum_ _• -25% Mar Keystone Ranger
Devel_ _1
59
Nov Lance Creek Royalties.. _1
Latin Amer Oil
82c
15
Oct Livingston 011
Corp
1
17c
35% Jan L
Livingston
e starGm
Petroleum
•
94
Oct
25
6
Jan Lyons Petroleum
1
13% Apr Marland
011 of Mexico....1
4
30
Nov Mexican Eagle
Oil, coon_.5
734 Apr Mexico 011 Corporation.10 33c
84
Jan Mountain Producers. _10
143-4
2531 Jan Mutual Oil vol trust certlfs
21134
99
Mar National Fuel Supply
2334 Nov New Bradford 011
5
121
May New York Oil
25
7% Sept Noble
(Chas
Sc
Gcoml
F)
0
&
460
Mar Northwest 011
1
95
Apr Ohio-Ranger
1
292
Apt Omar 011 & Gas
10 65c
12
Nov Peer 011 Corporation
80% Nov Pennok Oil
10
* 1211
1
28g Nov Red Bank 011 new
25
16% May Royal Can Oil Syndicate_•
4%
1“ Nov Ryan Consol
Petrol Corp.•
Self
,
on oil
Range since Jan. 1.
2,90
14% July
233,4 JI117
1934 Jan
150
Mar
9415 Jan
Feb
50
Nov
117
Apr
117
1,80
1
105
70
21
1
37
2,10
9
1,03
19
1,3s0
700
270
70
2,900
700
11,920
2,140
40
740
50
10
81,700
4.000
4,800
12,100
170
15.500
220
13%
108
6914
32%
85
87
55
28
115
92
78
123
1915
80
97
4834
1034
152
91
161
100
87
85%
49%
31315
80
3515
270
40
19
Sept
Jan
Nov
Aug
Jan
Nov
July
Sept
Nov
July
Nov
Sept
Nov
Nov
June
July
Aug
Sept
Sept
Sept
July
Nov
Jan
Aug
Sept
Jan
May
July
July
Oct
41%
171
123
183
168
29
138
110
85%
283.4
275
11815
212%
198
116
96
89%
57
110
4945
317
55%
28
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Oct
Feb
Feb
Feb
Feb
Feb
Aug
Mar
Feb
Feb
Jan
Apr
Mar
Jan
4%
2%
9%
90c
3%
2%
7
30
400
33%
60c
75c
56
815
115
Sc
516
2,000
315
1,500
9%
200
200
90c
3% 3,400
2% 9,300
1,000
7%
4,000
3c
1,000
40c
800
36
900
65c
115 3.000
1.800
5815
20,500
9
1,700
1%
Sc 24,000
4%
215
9%
65c
3%
114
5
30
10c
33
500
40c
4334
514
1
3c
Nov
May
Nov
Sent
Sept
Sept
Oct
June
Nov
Nov
June
Nov
Sent
Nov
Oct
Nov
10
7%
2415
13.4
745
735
18%
250
1
38%
2.‘,
3
68%
9
135
18o
Mar
Jan
Feb
Feb
Apr
Apr
Apr
Jan
Jan
Apr
Jan
Feb
Mar
Nov
Nov
Jan
2315
15%
lc
le
55c
17c
75e
25
45c
3%
5
30c
14
10%
89
3%
83,5
Sc
20
2c
80c
95e
1245
24
4%
3
7
2315
1615
2c
2c
82c
19c
75c
25
45e
5%
5%
30c
14%
11%
90
4
81,4
7c
2c
2c
65c
1%
13%
2%
5
3%
7
23% Nov
13% June
lc Nov
Oct
lc
53e Nov
Apr
Sc
50c Aug
2215 May
43c Nov
115 Aug
434 July
28e Nov
12% June
8% Sept
Oct
83
39,4 Nov
5 June
60 Aug
lc Sept
lc Sept
450 Aug
75c Sept
9% Jan
1% Oct
2% Aug
215 Nov
6% Nov
100
18,800
28,000
2,003
2,300
5.000
100
100
1.000
45.700
600
2,000
7,500
32,600
20
600
400
22.000
1,000
2,000
2.200
900
3,300
1,200
8.000
400
100
704 max
2315 Nov
24% Feb
40c Feb
2c Nov
62c Nov
20c Mar
234 Mar
Mar
26
1% Feb
535 Nov
1015 Feb
2,1, Mar
20% Feb
15% Mar
92
Nov
534 may
2134 Feb
Mc
Jan
22c
Jan
7c
Feb
1111, Mar
13
Mar
14% Apr
8 June
7% Mar
835 Mar
14
Mar
Sales ,
Friday
Other Oil Stocks.
Last Week's Range for i
Week. .
ofPrices.
Sale
(Concluded)
Par. price. Low. High. Shares.
Salt Creek Producers_ --10 18
Sapulpa Refining
5
Savoy 011
5
134
Seaboard Olt de Gas
5 95c
10 z2236
Southern States 011
Tidal Osage 011
10
8
Turman Oil, new
10
634
Wilcox 0115z Gas
1
534
1
"Y" Oil& Gas
60
17% 18% 3,300
1,800
500 92c
1
134 4,250
8.500
00c
1
22% 194,200
20
500
8
8
400
6
631
5% 5% 17,900
4,000
Sc
7c
Mining Stocks
SOO
Alaska-Brit Col Metals_ __1
65c 80e
500
Alvarado Min & Mill_ _ _20
1%
1%
134
1,800
136
1%
Amer Exploration
1,000
Anglo-Am Corp of S A_ _ £1
29
293.1
100 36,000
Arizona Globe Conner-- -1
8c
Pc
100
Belcher Extension
lc 37,000
le
lc
Boston-Montana Corp--10 18c
18x 220 17.000
1% 2% 11,900
10
2%
Canario Copper
1
2c
4c 52,000
Candalaria Silver
2c
6,000
1
50
Sc
Cash Boy Consol
194 4,200
1
1 56
Central Amer Mines,Ino_l
is
lit, 1% 10,400
Consol Copper Mines__ _5
1,000
70
7c
Cons Nevada-Utah Corp_
1,000
70
7c
70
Corn Prov Mines, Ltd__ _1
1 520
49c 52c 19,900
Cortez Silver
1,400
316
316
334
Cresson Con Gold 51 & N.1
400
114
1
Crown King Cons M,lac..1
1,000
1
64c 65c
Crown Reserve
10
356
3% 3%
700
Davis-Daly Mining
90
60
9c 169,000
Diamond BI Butte (reorg)3.000
lc
Sc
it
Diamondf Daisy G 3,1_ __ _1
500
2 85c
Dolores Esperanza
85c 850
100
5
East Butte
5
1
20
20
2c 20,000
Emma Silver
1 15c 14c 18c 21.100
Eureka Croesus
Oe 172,000
Fortuna Cons Mining.-___
7c
Sc
1
Forty-nine Mining
2,000
180 200
100
Golden Cycle Min & Red__ ______
1
1
lc
5,000
Goldfield Corn Fraction__ ___ _ __
it
Goldfield Deep Mines.--50
Sc 30,000
50
70
Goldfield Development__ ______
Se
80 10,000
1
Goldfield Florence
45e 46c
5,000
1
Goldfield Jackpot
41c 42c 14.000
Gold Zone Divide
Sc
7c
70 36,000
1,000
Grandma :Mining
3c
3c
1
3c
8,000
Hard Shell Mining
2c
3c
10e
Hamill Divide
it
50 11,000
Hawthorne Mines Inc
62c
52e 620 16,100
250
816
Efecla Mining
8% 8%
500
Hilltop-Nevada Mining
3c
3c 14.000
Homestake Ext Min Co--1 50e
5,000
50c 63c
1
2%
2% 2%
400
Howe Sound Co
Independence Lead Min--1 23c
20c 23e 24,000
Jerome Verde Developm't 1
1% 17. 1,600
6,000
,,c
3c
Jim Butler Tonopah
1
900
Kerr Lake
216
5
2
2
6,000
1
Kewanus
3o
It
Knox Divide
10
1.000
10c
lc
Lone Star Consolidated_l
40
Sc
80 142,000
3,000
MacNamara Min & Mill_ _1
30
3c
1,000
1
Marsh Mining
10c 10c
300
5
Mason Valley Mines
1%
1%
McKinley-Dar-Say Min_ _1
12e 12c
1,000
1
Mohican Copper
33c
260 33e 58,200
National Tin Corp
500 13c
12e 14c 61,000
1
Nevada Ophir
15c
12e 150 13,000
Nevada Silver Horn_ _ _50e
le
10
2,000
1,500
New Commits,
15% 16
New Dominion Copper __.5
2%
2% 256 4,000
_ _100
95
New Jersey Zinc.
149% 151%
1.000
New Ray Mines
38c 35c
NI
New York Porcupine Min. 85e
720 85e 37.200
Nipissing Mines
3,000
5
616
5% 636
Nixon Nevada Mining_ __ _
5,000
lc
lc
le
1 850
Ohio Copper
83e 870 14,600
Premier Gold
400
2% 2%
234
Ray Hercules, Inc
5 33c
25c 400 21.000
40
4c 15,000
Red Hills Florence
30
1
2c
Rex Consol Mining
lc
9,000
2c
St Croix Mines Corp
52c
72c 82c 132,700
1,000
Sandstorm Kendall
lc
lc
Silver Dale Mining
80
4c
80 28,000
Silver Horn M & D
90
7c 10c 32,000
Silver King Divide (reorg)1,000
3c
3c
3c
1
Silver Pick Consol
5c
5c
1,000
1
2c
3c 38,000
Simon Silver-Lead
316
3% 3%
1.000
South Amer Gold & P188.1
80
Sc
Sc 23,000
Spearhead
1
lc
30 12,300
Stewart Mining
1 50c
50c 50c
1.800
Success Mining
120
12c 46e 12,000
Sutherland Divide
I
Teck-Hughes
1 ie 2,300
I%
34c 34c
2,000
Temiskaming Mining
1 42e
42o 47c
Tonopah Divide
8.000
11515 1,518
1
300
Tonopah Extension
1
lips
1% 1,100
Tonopah Mining
134
lc
it 11,000
Tonopah North Star
Sc
Sc
1
1,100
Tuolumne Copper
1
I% 23,500
1
United Eastern Mining --1
000
2534 27
United Verde Extension500
17c 19c 12,000
18c
U S Cont Mines
254
800
5
234
234
Unity Gold Mines
1
134
134 18,300
Wenden cooper Mining...
1,300
630 680
West End Consolidated_ _5 63c
2c
30 20,000
West End Extension Min_
350 35c
1,000
Western Utah Copper_ _1
2,000
13c 130
Wettlaufer-Lorrain Silv M1
50
1,000
50
White Caps Min Co____10c
200
75c 75c
White Knob Copper prof__
1,000
20
2c
1
Wilbert Mining
700
51e 650
5
Yukon Gold Co
BondsAllied Pack 5s. Ser B-1939
1939
Cony deb 6s
Aluminum Co of Am 751933
1925
7s
Amer Cotton 011 68...1924
Amer G & E deb 65._ _2014
Amer Lt & Trac 6s... _1925
Without warrants
Amer Rolling Mill 68_1938
Amer Sumatra Tob 6553'25
Amer Tel & Te165_ __1924
Anaconda Cop Nlin 55.1929
Anglo-Amer Oil 7%5_ _1925
Assoc Simmons Hardly1933
6158
All Gulf & WI SS L 58 1959
Beaver Board Cos 8s _ _1933
Belgo-Can Paper 6s_ _ _1943
Beth Steel equip 75-1935
Canadian Nat Rys. 75.1935
1925
55
Charcoal Iron of Am 8s '31
Chic dc NW Ry 55 w L'2037
Chic RI & Pac 5348.1926
Cities Service 7s, Ser C1966
1966
75. Series D
[VOL. 117.
THE CHRONICLE
2426
66
5816
106
102% 10234
98%
93% 92%
70
59%
10634
10216
9554
93%
101
97%
96% 96%
100% 10016
101
101
101% 101%
101
97%
97
10036
10134
101%
69%
59%
9014 91%
44
45
70% 70
70%
91
9034 91
103
102% 103
10716 107% 107%
99% 9914
87% 87% 87%
9334 9316 9334
9716 9716 98
88% 8834 89
8834 88%
Low.
High.
June
Oct
Nov
Oct
Sept
July
Nov
Sept
Nov
2514
4%
3%
4
2634
1334
6%
1034
200
Feb
Mar
Jan
Apr
Mar
Feb
Nov
Jan
Mar
Oct
57c
1% Sept
50e Feb
Mar
22
60 Aug
lc Aug
90 Feb
134 Oct
Oct
20
.50 Aug
Oct
1
Nov
1
50 Aug
50 July
400 Sept
Apr
2
Nov
1
320 Feb
2% July
lc Nov
lc Nov
700 Aug
Nov
5
Apr
lc
50 Aug
So Sept
Oct
5c
Jan
800
it Nov
7e Apr
Jan
40
Jan
29e
Jan
35e
le Aug
3c Nov
lc Sept
Jan
20
45c Nov
5% July
Oct
2c
50c Nov
256 Oct
16e June
950 Apr
le June
July
2
2c Mar
le May
2e June
it June
Jan
6e
134 June
Oct
110
Oct
50
100 June
6c June
Jan
lc
1434 Oct
234 Jan
Nov
135
38e Nov
Jan
300
4% July
lc'Sept
Jan
37c
1% Aug
20c Nov
le May
lc July
450 Nov
10 may
3o Nov
Oct
40
it Aug
30 June
2c Nov
234 July
40 Mar
Oct
it
320 July
Jan
lc
810 Jau
Oct
26c
390 Sept
134 June
116 Aug
10 Aug
Sc Nov
Nov
1
25% Nov
130 Ain
2% Nov
28e June
670 July
lc May
15c July
4c Mar
Jan
2e
50c May
2c Nov
510 Nov
2%
6%
1%
2916
850
60
35e
214
380
13e
1%
4%
15c
15e
1%
3%
Mar
Mar
Nov
Nov
Feb
Jan
Oct
Jan
Jan
Jan
Nov
mar
Jan
Jan
Mar
Oct
15%
800
1
650
1134
734
6
4
60
Apr
72e
4% Mar
90 Nov
lc Nov
23.4 Jan
9% Feb
Jan
40
370
Jan
Jan
740
50c Mar
1
Nov
Sc Nov
240
Jan
Jan
340
760 Feb
570 Mar
110 Feb
10c Mar
Jan
130
10c Mar
62c Nov
9% AM
1 13-16Feb
Me Oct
4% Mar
48c Mar
334 Feb
Jan
6c
3% Jan
80
Jan
Apr
70
Jan
10e
Jan
7c
16c May
254 Mar
250 May
93e Apr
Jan
320
20c May
Jan
2c
24% May
4% May
18034 May
380 Nov
850 Nov
616 Mar
100 Slay
lits Mar
334 Apr
234 Mar
So Mar
50 Feb
136 May
Jan
Sc
Oct
90
160 Oct
25c
Apr
Jan
(le
500 Apr
4% Mar
310 June
Jan
So
Jan
68e
56c Nov
116 May
470 Slay
89e Mar
4
Mar
256 Jan
60 Apr
67c Feb
2iii Feb
38% Apr
28c July
534 Mar
134 Nov
1% Jan
Jan
Sc
55c Feb
280 Apr
120 Mar
750 Feb
Oct
100
2118 Apr
Aug 8434
$34,000 51
10,000 5134 July 76%
14,000 10534 July 106%
11,000 101% Sept 104
Feb 100
20.000 85
13,000 9134 July 9716
Jan
Jan
Aug
Jan
Nov
Jan
10116
100%
10014
101%
10334
10334
Feb
Jan
May
Jan
Feb
Jan
10,000
5,000
12,000
17,000
12,000
10,000
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
Range since Jan. 1.
100%
97
9516
10016
10034
101%
Nov
July
Jan
Sept
July
Sept
Bonds (Concluded)-Columbia Graph Ss._ _1925
Ctfs of deposit
Cons GEL & P Balt 68'49
75
1931
534s
1952
Consol Textile 8s
1941
Deere & Co 7365
1931
Detroit City Gas 65_1947
Detroit Edison 68
1932
Dunlop T &Rot Am 75.1942
Empire Gas & Fuel 65_1926
1933
Federal Sugar Ss
Fisher Body 6s
1926
65
1927
65
1928
Galr (Robert) Co 7s_ _1939
Galena-Signal 011 75_ _1930
General Asphalt 8s..._1930
General Petroleum 65.1928
Grand Trunk Ry 6%8_1936
Gulf 011of Pa 5s
1937
Hood Rubber 78
1936
Internet Match 6168_ _1943
Kan City Term Ry 516s'26
Kansas Gas & El 68_ _2022
Kennecott Copper 75 1930
Lehigh Power Sec 65 1927
Libby,McNeill&LIbby75'31
Liggett Winchester 75_1942
Manitoba Power is _ .. _1941
Without warrants
Maracaibo 011 78
1925
Morris & Co 7%s
1930
Motor Products 6s w 1_1943
National Leather 85_1925
New ON Pub Sony 58.1952
1952
Ohio Power Os
Pan Am Pet & Transp't
Cal Dev 6165
1935
Penn Power & Lt 55 B_1952
Plana Elm 516s w 1_ _1953
536s
1947
Phillips Petrol 734s,,1931
without warrants
Public Sem, Corp 78__1941
Pub Serv Elec Pow 6s_1945
Reading Coal 5s, w 1 - _1951
434s w 1
Shawsheen Mills 7s __ _1931
Sloss-Sheffleld 9& I (is 1929
Solvay dr Cie 8s
1924
South Calif Edison 55.1944
Stand 011 of NY 6165_1933
7% serial gold deb_ _1925
7% serial gold deb _ _1926
7% serial gold deb _•_1928
7% serial gold deb_ _1929
7% serial gold deb_ _1930
7% serial gold deb_ _1931
Sun Co 75
1931
Sun 011 Ils
1929
Swift & Co 58_ _Oct 15 1932
Tidal-Osage Oil 78._ _1931
Union 011 Series B_ _ _ _1925
United 011 Produc 88_ _1936
United Rys of Hay 7168'36
Vacuum 01173
1936
Valvoline ()II 6s
1937
WebsterMills616%notes'33
Foreign Government
and Municipalities
Argentine Nation 6s _ _1924
Mexico 45
1945
68 10 year Series A
Netherlands(Kingd)65 B.72
Peru (Republic) 8s....1932
Russian Govt 6%s1919
Certificates
516s
1921
Certificates
Switzerland Govt 516s 1929
Ext 5% g notes_ __ _1926
2034
10034
102
101
9834
9934
9516
97%
9534
10916
93%
105%
9434
94%
100%
18
21
101 101
105% 10654
99% 9934
91
92
100% 10034
9916 9934
101% 102%
92
92%
101 101
98%
98
99% 9916
98% 9834
9756 9734
9534 9536
10216 102%
(104% 104%
93% 93%
104% 105%
9416 94%
101 101
9434 0434
100 100%
84
84
103% 103%
94% 9434
99
99
103 103
9736 9716 9736
255
225% 255
9554 9936
93
93
93
94% 95%
95
82% 82
83
84 , 84
96%
98%
96%
86%
9734
98
51,000
3,000
9,000
1,000
10,000
4,000
36,000
48,000
10,000
1,000
27,000
15,000
26,000
23,000
1,000
1.000
2,000
5,000
20.000
1,000
15,000
20,000
47,000
2,000
8.000
8,000
4,000
1,000
97
85,000
87
8,000
98% 25,000
95% 10,000
9956
3616
58%
95
9956
34
5434
95
9716
99% 565,000
3616 128,000
59 135,000
9534 16,000
9734
2,000
9
8%
SU
8%
41.000
10,000
14,000
8,000
35,000
9534
97
936
834
8%
9834 9534
9634 97
sm
Low.
High.
July 35
Apr 10354
Sept 10834
Apr 100
Nov 106
Jan 10334
Sept 10134
June 104
Oct 9716
Nov 102%
June osg
July 100
May 9934
Mar 98%
July 09%
Nov 105%
June 105
Oct98
Apr 107
Mar 97%
June 102
Nov 9434
Oct 100%
July 8634
July 105%
July 94%
July 102%
Mar 104
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Apr
Sept
May
Feb
Feb
Feb
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Nov
Nov
Feb
Jan
Nov
Jan
May
103%
255
106%
94
102
8954
92
Feb
Nov
Jan
Nov
Jan
Mar
Jan
96% Nov 97
55% Oct 90%
9734 Nov 9916
Nov 102%
98
Nov
10
10034
10216
97
91
9816
99
100
92
101
9634
97
96
9434
94
102
99
9336
10316
9316
100
94
9934
84
101%
91%
97
101%
2.000 97
15,000 105
9,000 97
1,000 90%
16,000 94%
66,000 81%
22.000 8316
102 102
4,000
100% 100 100% 15,000
9516 95% 9536 32,000
92% 92% 92% 8,000
84% 85% 9,000
102% 101% 103
21,000
96% 9656 9734 6,000
104
103% 104% 23,000
89% 59% 5.000
106% 105% 10634 0,000
101% 101%
1,000
103% 104
10,000
10534 105% 2,000
105% 106% 8,000
106% 106%
1,000
106% 106% 3,000
101 10136 2,000
9834 98
9531 9,000
9134 9134 9134 49,000
101% 101% 5,000
9936 99% 9916 4,000
74
6,000
74
74
105% 106
6,000
106
106 10634 18,000
102% 102% 10216
7,000
9934 99% 100 117.000
sg
Range since Jan. 1.
9534
9934
94%
87
84%
101%
96
103%
87
104%
10134
103
104
104
105
105%
100
97
89%
100
99
70
103%
10516
102
9916
Jan
Mar
Aug
Oct
Nov
July
July
Aug
Sept
Oct
July
Nov
Oct
Feb
Sept
Mar
Apr
Oct
Apr
Sept
Apr
Apr
May
June
Apr
Mar
Aug
Nov
Nov
Apr
Juno
July
Nov
103%
104%
08%
94%
58%
105%
9856
105%
93
107%
106%
106
107%
108%
109%
110
103
9934
04
104
10036
106%
107
10754
103%
100
Jan
Oct
Jan
Jan
Feb
Jan
Nov
July
Apr
Feb
May
Jan
Jan
Feb
July
Jan
Feb
Jan
Feb
Mar
Aug
Feb
May
Apr
Mar
Jan
Jan
Mar
Nov
9934
2934
4934
9034
96
Sept 99% Sept
Nov 4434 May
Nov 6314 May
Nov 10214 Aug
Sept 100% Apr
814
8
8%
97
9634
Oct 16%
16
Nov
16
Nov
Nov 104
9734
Nov
Feb
Feb
May
Jan
Aura
• 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 Now
stock. s Option sale. to When issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend. is Ex-stock dividend of 40%.
--
New York City Banks and Trust Companies.
All prices dollars per sham.
Banks-N.Y. Bid
America •____ 215
Amer Exch._ 286
Bowery*
440
Broadway Cen 160
Bronx Boro•_ 140
Bronx Nat__ _
__
Bryant Park* 160
Butch & Drov 128
Cent Mercan_ 215
Chase
337
Chat di Phen- 250
Chelsea Exch• 60
Chemical_._. 538
Coal dc Iron_ 200
Colonial •_ _-- 375
Commerce... 305
Com'nwealth• 235
Continental.. 140
Corn Each... 455
Cosmop'tan*- 115
East River__205
Fifth Avenue'1250
Fifth
230
First
1360
Garfield
270
Gotham
150
Greenwich'.. 290
Hanover
705
Ask
Banks
Bid
220 Harriman_ _ .
_ 325
291 Manhattan •_ 149
__ Slech & Met- 370
820
Mutual•
__ Nat American -_
125 National City 343
170 New Neth•__ 145
300
135 Pacific•
420
230 Park
344 Port Morris__ 167
320
255 Public
375
80 Seaboard _
543 Seventh Ave- 80
185
212 Standard •
347
State*
307 'Tradesmen's• 200
245 238 Ward.- 275
__ United States,165
466 Wash'n lIts•.. 200
125 Yorkville'... 800
430
_
-_
385
90
200
354
-173
---
355
240
_
Brooklyn
285 Coney Island* 160
1 385
160 First
310 Mechancis' •-; 130
__ Montauk •_ _1 170
1 250
Nassau
' 250
People's
170
400
135
-275
Ask
330
159
375
_135
346
_
Trust Co.'s Bid Ask.
New York
_
__ - American_of N Y_
Bank
& Trust Co 465 475
Bankers Trust 352 356
Central Union 505 515
Commercial__ 110 120
Empire
305 315
Equitable Tr. 193 196
Farm I. & Tr_ 537 543
Fidelity Inter 195 205
Fulton
250 265
Guaranty Tr_ 245 249
Hudson
208
-Irving Bank225
Columbia'Fr 221
Law TR & Tr_ 192 197
Metropolitan_ 315 320
Mutual (West
chester) ___ 120 130
N Y Trust__ 347 352
Title Cu & Tr 385 391
U S Mtg & Tr 305 31()
United States 1220 1250
Weetches Tr.. 210
-Brooklyn
Brooklyn Tr_ 470 480
-Kings County 550
Manufacturer 275
385 400
People's
•Banks marked w th (s) are State bank& (x) EX-dividend •
16,000 9031 Nov 98% June
New York
Mar
3,000 4034 Oct 62
12,000 6516 Feb 8216 June
Nov 97
Aug
6,000 90
SeptBO
45,000 101% Sept 10334
21,000 10616 May 11036 Jan Alliance R'Ity 100
July 99% Feb Amer Surety_ 95
1,000 97
Nov 07
Mar Bond & M 0- 283
5,000 85
10,000 9316 Nov 9314 Nov City Investing 78
Preferred.. 98
25,000 96
July 98% June
Nov 96 16 Apr Lawyers Mtge 155
21,000 87
Ex.right3.
July 9334 Jan
16,000 87
y
City Realty and Surety Companies.
All prices dollars per share.
Bid
Ask li
106 Mtge Bond__ 105
_ 158
97 Nat Surety_ .
288 N Y Title &
Mortgage__ y175
__
__ US Casualty_ 160
160 1U S Title Guar
Ask
115
162
180
175
__
MO
Realty Assoc
(11klyn)cora 125
1st prof.... 83
2d pref.. 68
Westchester
Title & Tr_ 220
Ask.
130
88
73
230
butestuunt ana
gailroad gtxtelligna.
2427
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
aan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns 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.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
Akron Canton & Y.. October
245,368 196,796 2,261.369 1,821,853
October
Ala & Vicksburg
343,521 270.802 2,893.222 2,470,525
Amer Ry Express-- July
13184420 12670521 91,708.126 90,568,695
3d wk Nov 120.384 102,738 4.898,592 4.491,518
Ann Arbor
Atch Topeka & S Fe September 17047540 17827530 148109866 133794999
Gulf Colo & S Fe.. September 2,300,646 2,292,687 17,714,943 16.587,083
Panhandle S Fe September 875,632 770.674 6,084.012 5.567.051
Atlanta Blrm & Atl- September 379.848 363,719 3,424,657 2.859.061
Atlanta & West Pt_ September 233,186 242,266 2,166,346 1.827,096
Atlantic City
October
315,656 307.113 4.314,372 4,106,416
Atlantic Coast Line_ October
6,634.481 6,118.955 66,024,840 57.583,462
Baltimore & Ohio October
23146053 19702229 218462026 160049024
B &0Chic Term_ September 314,511 243,351 2,787,725 2,241,513
Bangor & Aroostook September 546,162 445,375 4.855,343 5,717.373
Bellefonte Central Octooer
9.693
107,096
12,190
88,695
Belt Ry of Chicago- September 611,988 529,693 5,403,783 4,367,086
Bessemer & L Erie October
2,151,033 2,176,595 17,831,227 11,732,576
Bingham & Garfield September
28.072
36,581
340,524
154,234
Boston & Maine.-- September 7,023,799 7,072,244 65,083,203 58,474,927
Bklyn E D Terminal October
120,108 123,582 1,266.234 1.309,776
Buff Roch & Pitts 3d wk Nov 386,601 541.230 19,473,385 13,881,852
Buffalo & Susqueh_ October
229.107 175,348 2.321,842 1,213,120
Canadian Nat Rys_ 3d wk Nov 5.809,120 5,391,025 225047052 206048470
Atl & St Lawrence September 216,492 219.906 2,348,112 2,017,544
October
Ch Det Can G T J
258,618 208,583 2,850,049 1,837,427
Det0 H & Milw_ October
674,875 576,737 5.781,775 4.427,924
Canadian Pacific-- - 3d wk Nov 4,911,000 4,747,000 165283000 159141 000
Caro Clinch & Ohio.. September 752.932 578,914 7,028,904 5,660,343
Central of Georgia.- September 2,053,567 2,088,289 19.710,609 16,719,217
Central RR of N J October • 4,924,647 5,152,697 48,256,251 40,105,672
Cent New England_ September 635.454 503,726 5,796,592 4,869.980
Central Vermont.._ _ October
801,824 791,590 7,342,943 6,006,912
Charles & W Caro October
336.6491 267,945 3,269,852 2,688,061
Ches & Ohio Lines ._ October
9.557,79716.693,743 85,392,903 69,198,700
Chicago & Alton.__ October
3.113.51612.439,707 28,245.005 22,136.817
Chic Burl & Quincy- September 15060340 15398172 128108379 117145301
Chicago & East Ill's September 2,512.172 2,062,688 21,322,499 17,565.066
Chic Great Western October
2,430,552 2.345.274 21,697.969 19,925,452
Chic Ind & Loulsv September 1,197.131 4347.675 13,460,129 11,587,330
Chic Milw & St Paul October
1536521 15888955 142648113 128434131
Chic & North West.. October
14924884 14884079 135246521 121255715
Chic Peoria & St L.. October
134,519 178,033 1,167,588 1,7476,42
Chic River & Ind_ _ _ October
684.116 632.695 6,239,397 5,588.807
Chic R I & Pac
September 10744253 10689360 92,221,471 87.592.818
Chic ill & Gulf October
531.479 605.847 4,714.710 4.813,605
Chic St Paul M & 0 October
2,648.3352,537.96523,704,186 23,146,827
Chic Ind & West- September 411,807 348.541 3,475,490 3,078,002
Colo & Southern
September 1,093,958 1,198,658 9,262,001 9,618,461
Ft W & Den City- September 828,337 865.463 6,790,610 6.895.510
Trin & Brazos Val September 460,694 224,239 2,006,232 2.114,817
Wichita Valley
September
125,059 121,542
979.177
882,182
Delaware & Hudson October
4.211,118 3,972,663 39,502,561 30,432,304
Del Lack & Western October
8.206,353 7,475.022 73,083,044 61,245.545
Deny & Rio Grande September 3,483.501 3.328.741 24,718,567 23.820.965
Denver & Salt Lake September 280,740 179.737 1.916.699
945.214
Detroit & Mackinac October
218,022 190,387 1.619,122 1.580,725
Detroit Tol & Trent- September 941,252 666.139 7.860,952 6,687,749
Det & Tol Sh Line.... October
359,757 338,999 3,560,586
Dul & Iron Range-- September 952,404 811,117 6,293,941 2,929,832
5,584.337
Dul Missabe & Nor -September 3.514,011 2,160,036 17,401,855 11.912,194
Dul So Shore & Atl_ 3d wk Nov 113,929
83,704 5,283.028 3,915,039
Duluth Winn & Pac September
156,027 162,576 1.817,990 1.471,710
East St Louis Conn_ September
215,835 153,704 1,798,199 1,505,446
Elgin Joliet & East_ September 2,102,710 1,707,341 21,321.308 15,044,516
El Paso & Sou West September 941,349 964,245 9.402,935 8,352,070
Erie Railroad
September 8,629,373 7,380,297 89,369,516 66.083,455
Chicago & Erie.... October
1,416,987 1,146,951 11.937,446 9,265,339
NJ&NY RR _ _ _ October
132,894 130,555 1.333,772 1,249,242
Evans Ind & T H..- September
169,738 134,998 1.285,182
808,489
Florida East Coast_ September 889,638 758,584 11.972.399
10,213,238
Fonda Johns & Glov October
110,489 129,950 1.23J,402 1.159,353
Ft Smith & Western October
156,326 173,722 1,299,424 1,348,706
Galveston Wharf.. October
180,222 223.403 1.209,113 1.295,385
, Georgia RR
October
603,017 541,319 5.160,286 4,226.160
Georgia & Florida 3d wk Nov
39,800
28,100 1,582,440 1,200,533
Grand Trunk West.. October
1,693,394 1.400,041
13,505,456
Great North Sys...... 3d wk Nov 2,787,537 2,312,994 16,775.903
10834082991.955,280
Green Bay & West- October
121,771 124,989 1,094,955 1,136,245
Gulf Mobile & Nor.. October
575.128 423,108 4,976,586 3,856,167
Gulf & Ship Island- September 266,105 267,416 2,450,612 2,216,245
Hocking Valley_ _ _ _ October
1,712,609 1.503.820 15.110,797 11.174,715
Illinois Central Co- September 13674874 14710349 125547734 110428008
Yazoo & Miss Val September 1,824,050 1,840,197 15,019,750 13,588,643
Internat Gt North.... October
1,805,860 1,654,293 12,681,598 12,016,867
Int Ry Co of Me_ _ _ September
136.651 152,504 2,021,453
Kan City Mex & Or September
160.940 116.186 1,386.788 1,952,722
1.007,013
K0 Mex & 0 of Tex September
139.009 112.652 1.270,040 1,080,449
Kansas City South_ October
1,815,382 1,631,247
14.842.173
Texark & Ft Sm.... September 297,090 191,231 16,609,744
2,077,594 1,514,939
Total System...._ _ October
2,113.900 1,852,872 18.985,855 16,578,737
Kan Okla & Gulf...... September
177,124 264.567 1.858,985 2,087,195
Lake Sup & Ishpem. September
129.032 161,739 1,004,189
897,465
Lake Terminal ity October
93,792 100,498
968,288
879,486
Lehigh & Bud River September
242,522 185,703 2,268.506 1,689,635
Lehigh & New Eng.. September 365,699 387,946 4.488,109
2,881,670
Lehigh Valley
October
7,556,650 5.488,912 62,898,112 51.322,044
Los Aug & Salt Lake October
2,545,523 1,894.527
16,147.335
Louisiana & Arkan_ September 304,423 237,253 20,259,922
2,815,365 2.443,655
Louisiana Ry 8z Nay September 327,695 323.197 2,882,206
2,491,775
La Ry & Nay of T September
140.845
596,695
Louisv & Nashville_ October
12313661 10622310 113700355 100757149
Loulsv Rend & St L September 295,630 311,723
2,600.926 2,424,134
Maine Central
October
1,855,284 1.697.855 17.822,600 16.967,159
Midland Valley.
October
405,937 442,836 3,763,867 3,845,482
Mineral Range
3d wk Nov
6,382
9.142
416,684
275,482
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
Minneap & St Louis 2d wk Nov 371,722 351,062 14,6847.217 13,613,652
Minn St P & S S M_ October
4,668,291 5,025.351 41.766,502 38.322,298
Wisconsin Central October
1.772,787 1.777,369 17,326,914 15.459,427
Mississippi Central. October
1:5
231:2
25
158.049 135,462 1,497,694 17
4,1 3
Missouri-ICan-Texas October
2,300,300 2,392,821 17,123,145
Mo K&T By of T September 2,114,808 1,915,971 14.822,843 15.138,428
Total system__ _ _ October
5,432,513 5,782,994 46,087.742 44.749.706
362.978 Mo & North Arkan_ September
143.409 102,498 1.104,025
MissouriPacific........October
11059537 9,187,213 94,738.751 82310143
Mobile & Ohio
3d wk Nov 405,599 405,074 17,997,255 15.710.819
Colum & Greenv_ September
124:8
44 4L
O
141,122. 140,774 1,134.993 I:3
Monongahela Conn_ October
2
22
230
9:4
176
9 162,707 2,313,938
1
Montour
:3624
213,355 2,118.407
October
Nashv Chart & St L October
289
6
2,284,432 2,159.604 20,774,187 18,80
Nevada-Calif-Ore.. 3d wk Nov
293,417
345,003
9.133
11,283
Nevada Northern September
387.235
717.024
74.343
95,501
Newburgh & So Sh. October
5
187
1:7
065
04
1:1
184,270 171,051 1,766,127 2
New Orb Gt North October
542
10 227,741 2,397,983
2
22
52
1:3
N 0 Texas & Mex September
96
81
9:4
33
22
7,
1:4
284.098 2.165,977 1
Beaum S L & W.._ September
224,119 127,396 7.738.428
St L Browns & M September 668,255 441,020 4,485,409 3,959.361
New York Central_ _
35633038
991,817 35644282 35623551 29224792/
Ind Harbor Belt_ September
7:3
303:536
8
998.465 8.709,82 595454
Michigan Central September 7.582,595 7,578,188 71,777.09
C CC & St Louis_ October
8,174.133 7.815,894 80.300,23 69:195,581
Cincinnati North_ September 425,836 235,554 3,963.575 2,442.257
Pitts & Lake Erie October
3,638,593 3,338,714 38.464.505 22,258.238
N Y Chic & St Louis October
5.152.899 4,986,932 48,454,227 41,569,431
N Y Connecting...... September
307.335
NYNH & Hartf'd_ October
1165g012 11542713 11217f283.10i48i178
NY Ontario & Wes ,October
1,096,755 1.106,625 11,812.90010.300,579
NY Susq & Western October
4.053.300 3,364.808
Norfolk Southern__ October
898,135 770,714 7,673,493 6,893,007
Norfolk & Western_ September 8,435.184 7.857,559 70,665,181 69.335,378
Northern Pacific...... October
10899249 1000513484.131,16678.299.890
Northwestern Pac-- September 795.442 800,169 6.139.873 6.026,369
Pennsylvania Syst _ - October
67480969 67176453 656703107 572210674
Penn RR & Co_ _- October
63160989 62950905 610514114 529497176
Bait Ches & Ati__ October
153,278 130,886 1,353,351 1,354.628
October
Long Island
2,788,401 2,608,127 28.974,42026,195,602
Mary Del & Va.... October
102,821 101.979
952.182
996.696
Monongahela _ _ _ October
470.587 382.016 4,865,644 2.900.122
Tol Peer & West_ September 161.209 141,067 1.386,922 1.210,502
1.028,323 1,168,692 12,448.014 12.058,932
W Jersey & Seash October
Peoria & Pekin Un_ October
172.235 180,995 1.474.8871.500,624
Pere Marquette_ _ _ _ September 4,052.996 3.370,584 34,039,594 27.984.584
October
Perkiomen
97,102 117,465
937,886 1,074,782
Phila & Reading_ _ _ October
8,785,967 8,862,550 89.217,77664.554.342
76.649
Pitts & Shawmut__ _ October
69,836 1.099,921
835,478
93,062 153.646 1,077.549
Pitts Shaw & North September
830.764
Pittsb & West Va.... September
340,812 251.616 2.814,349 2.047,543
October
Port Reading
211,634 169.059 2.277.536 1,462,264
September 6.941,959 5.912.209 55,261.188 48.759.024
Pullman Co
Quincy Om & K C- September
102,499 128,715
822.241
944.048
Rich Fred & Potom_ October
909.417 965,594 10.120,028 9,050,343
October
Rutland
561,164 509,138 5.689.207 4,789,973
3d
wk
Fran
Nov 1,770.947 1,731,791 79,574,821 72.990,289
St Louis San
St L-8 F of Texas- September
171,312 145,094 1,222,033 1.248.854
Ft W & Rio Grand September
140,305 146,292 1,102,196
974.513
St Louis Southwest_ October
1,956.335 1,842,404 17,256,421 14.714,201
St L Sou of Texas September 859,238 711,383 6.043.064 5,359,194
system_
_
_
_
2d
wk
Total
Nov 628.601 639,537 25,508,389 22,125,594
St Louis Transfer... September
79,628
57.590
654,314
546.396
San Ant & AranPass September 807,072 681,127 4.475,024 4,146,667
San Ant Uvalde & G September 111.198
86.620
933,779
800,648
Seaboard Air Line... October
4,529,107 4.203.614 42.820,612 36.938.134 ,
Southern Pacific Sys October
28988394 26232894 238350 289 214983 175
October
Southern Pac Co
20611577 18593941 169918421 151278291
Atlantic S 8 Lines October
1.373,263 1.199.461 11.519,714 9,758.518
Arizona Eastern.. October
349.712 286,117 3.069,216 2,592,584
Galv Harris 14 8 A September 2.225,733 1.985,158 17,066,660 15,968,577
Cent..
Tex
September 1,434.072 1.425,588 10,308.182 10.639,066
Hens &
bus E & W Tex.. September 291,915 282.318 2,231,452 2.288,013
Louisiana Western September 376.883 355,070 3,367,824 3,064,744
Morg La & Texas September 743,660 748,665 6,461,859 5,781.891
Texas & New On.. September 751,352 746,756 6,570,984 6,398.765
Southern By System 3d wk Nov 3,943,416 3,743,774 176879007 144923
806
Southern By Co.... October
13477484 12553134 125305115 104088939
Ala Great South_ October
954.236 718,544 9,054.512 6.806,975 ,
C,New Orl & T P.. October
1,879,671 1.537,950 19,296,363 13,365.977
Georgia Sou & Fla October
461,506 371,733 4,376,362 3,730,676
New On & No E_ October
575,043 483,270 5.777,373 4,361,453
September
Northern Ala148,043 128,231 1,285,706
989,973
Spokane Internat- September
95,115 122,804
884,253
877.604
Spok Portl & Seattle September 773,720 659.625 5,946,497 5.323.461
Staten Island R T... October
213,298 193,720 2.154,184 2.044,135
Tennessee Central September
258,936 254.317 2,317,538 1.781,093
Term RR Assn ofStL September 467,220 315,926 3,836,513 3,324.892
St L Mer Bdge T- September 417,825 418,650 3.676,254 2,785,261
Texas & Pacific_ _ _ _ 3d wk Nov 732,195 717,152 28.303,315 27.228,899
Ulster & Delaware September
142.301 155,086 1.408.454 1.287.370
October
Union Pacific
13815637 12688907 97.622.661 87.701.096
Total System
October
24304916 21633102 174509257 157088757
Oregon Short Line October
4.462,256 4,146.858 31,857,186 29,837,593
Ore-Wash RR &N September 3,077,944 2.767,38521.377,988 20,499,723
St Jos & Grand Isl October
347,306 305,303 2.717,139 2.594.241
Union RR (Penn) October
1.158,514 1,037.166 10,763,692 9.357,987'
Utah
October
212,117 160.688 1.347,229 1.404,635
Vicks Shrev & Pax_ _ October
433,060 326,914 3,682,838 2,998,652
Virginian Railroad. September 1,805,964 1,297.386 16.495.964 14.542,992
Wabash RR
October
6.189.382 5.000.892 55,416,027 47,741,878'
Western Maryland.. 3d wk No
420,658 456,137 20.795,083 16,283,939
Western Pacific
- September 1,580,989 1,411,951 10,061,412 8,729.245
Western By of Ala September
261,864 249,671 2.190.353 1.892,328.
Wheel & Lake Erie_ October
1.929,480 1,074,344 16,188.028 11.004,773
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Year.
1 Previous
Increase or
Year.
Decrease.
%
$
t
Prev.Yr.
Cur.Yr.
Mileage.
.
$
I
2d week Sept 15 roads)-__ 19.412,178 18,379.315 +1.102,863
S
6.00 December-235.290 236.121 512.433,733 434,618.143 87.735.590 20.86
3d week Sept 14 roads........ 17,576,049 18,741,845
, 4 4.98 January-235.678 235.827 500.816.521 395.000,157 70.803,472 21.00
4th week Sept 15 roads)- - - - 27.636,687 26,460,653 +1.176.034
let week Oct 15 1'oads)- __- 21,869,478 20,768.243 +1.101,235 4.44 February_ _ _235.399 235.528 444.891,872 400,146,341 +44.745,53111.18
235,424 235,470 533.553.199 473,747,009 59,806.190 12.63
5.30 March
2d week Oct 13 roads)---- 19.218,468 18.650,173
1568,295 3.04 A rll
,
521.387.412 415,808,970 +105578442
3d week Oct 14 roads)____ 22.532.470 21,968,811
583.559 2.57
235,186 235,472 545.503,898 447,993.844 +97.510.054 25.89
a3
21.77
4th week Oct (12 roads)____ 33,151.847 28.920.884 + .230,963
14.69 June
236,739 236,683 540.054.165 473,150,664 +66.903,501 14.14
1st week Nov (16 roads)____ 22,798.500 22,391,225
+407,275 1.82 July
235.477 235.813 534,634.552 442,955,873 +91,678,679 20.70
2d week Nov (16 roads)____ 23,329,297 22,225,106 +1,104,191
235.357 235,896 563.292,105 473.110,138 ÷90,181,967
3d v,eek Nov (14 ronds)_ ___ 21.461,611 20,276.234 +1.185.377 4.97 August
5.84 September.. _235.611 236.525 544,270,233 499.720.575 +44.549,658 19.00
8.91
Not.- ran
a e & Iflelana and Pith. Cm.Chic & St. Louis
included in Pennsylvania RR. Lake Erie & Western included in New York Central,
Toledo Si. Louis & Western included In New York Chicago &
St. Louis.
Weekly Summaries,
%
Monthly Summaries.
2428
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of November. The table covers 14 roads and shows
5.84% increase over the same week last year:
[VOL. 117.
-Gross
19 .from Railway-- -Na from Railway.-Net Vier razes-1922.
193.
1922.
1922.
1923.
Lehigh ValleyOctober_.
October__ 7.556,650 5,488,912 1,563,339 -387.989 1,318,856 -480,063
789,200
From Jan 1_62.898.112 51,322,044 6,378,468 2,549,925 4,247,586
I ouls ille & Na hville-Increase. Decrease.
Third Week of November.
1923.
1922.
1,709,051
October_ _ _12,313,861 10,622.310 2,452,889 2,213,696 1,951,323
From Jan E113700355 100757,149 22,070.032 18,114,176 17,384.216 14,213,474
Maine Central17.646
Ann Arbor
120.384
102,738
192,340
236,516
279,956
366,011
October-- - 1,855,284 1,697,855
154,629
Buffalo Rochester & Pittsburgh
386,601
541.230
From Jan 1.17,822.600 16,967,159 2,720,509 2,987,055 1,732,222 2,040,575
Canadian National
5,809,120 5.331.025 418.095
Valley
Midland
164,000
Canadian Pacific
4,747.000
4,911.000
103,309
118,968
October..... 405.937
442.836
30.225
134,227
120,049
Duluth South Shore & Atlantic_
113,929
83,704
From Jan 1_ 3,763,867 3.845,482 1,203,795 1,415,398 1.050,110 1,266,549
11,700
Georgia tg Florida
39.800
28.100
2,787,537 2,312,994 474,543
Great Northern
Minn St Paul & Sault Ste Marie6,382
2,760
9.142
Mineral Range
Wisconsin Central254,974
525
405,599
405,074
Mobile & Ohio
280,191
372.522
October_ _ - 1,772.787 1,777,369
336,278
9,133
2,150
11,283
Nevada-California-Oregon
From Jan 1_17,326,914 15,459,427 3,959,395 3,756,682 3,015,922 2,941,582
39.156
1,770,947 1,731,791
St Louis-San Francisco
Missouri Kansas & Texas3,943,416 3.743,774 198.642
Southern Railway
Mo-Kan-Texas System15,043
717.152
732,195
Texas & Pacific
721,221 1,248,679
October.,.. 5,432,513 5.782.994
35,479
456,137
420.658
Western Maryland
From Jan 1.46.087,742 44,749.706 8,427,696 9,083,386
21,461,611 20.276,234 1.375.485 190,108 Mobile & OhioTotal (14 roads)
338,417
216,289
October._ _ 1,754.683 1,676,523
1.185.377
Netincrease(5.84%)
From Jan 1_16,891.943 14,494,080
2,841,376 2,643,073
Net Earnings Monthly to Latest Dates.-The table Monongahela Connecting8,582
36,714
10.685
39.314
162.707
October. _ _ 229,176
following shows the gross and net earnings for STEAM
176,265
407,313
431,847
197,700
From Jan L 2,313,938 1.344.688
railroads reported this week:
- Montour-Gross from Railway- -Na from Railway- -Na after Taxes
95,622
42,051
107,956
213,355
52.795
October_ _ _ 223.409
1922.
1923.
1922.
1923.
1923.
1923.
60,351
564,138
92,086
809,624
692,960
From Jan 1- 2,118,407
8
$
Newburgh
Shore
South
&
Akron Canton dc Young-9,852
32.453
2,567
45,552
171,051
October...... 184,270
61.215
94,489
108,846
72,244
196,796
245.368
October.,
277,249
173,332
402.637
301,985
From Jan 1_ 1,766,127 1.587.065
868,427
645,189
726,637
745,817
From Jan 1- 2.261.369 1,821,853
New Orleans Great NorthernAlabama & Vicksburg73,555
60.350
88.699
77.752
227.741
.._
_
October_
252,542
270,802
92,474
28,762
65,721
46,831
October- -_- 343,521
525,472
608,107
678,722
776,992
From Jan 1_ 2,397.983 2,111,704
720,418
170,675
425,966
362,533
From Jan 1- 2,893,222 2,470.525
New York CentralAtlantic City307,113 -59,576 --72,519 --79,579 --92,583
October.... _ 315,658
October____35,633.038 35,644,282 4.816.850 7.289.780 3,509,664 5,269,063
480,469
818,700
From Jan 1.356235514 292247,921 85,546,846 56,150,089 65,601,171 38,850,625
From Jan 1_ 4.314,372 4,106,416
618,236
679,878
Atlantic Coast LineCleve CM Chic dr St LouisOctober..... 8.174,133 7.815.894 1,783.238 1.579,568 1,327,221 1.278,491
October...... 6,634.481 6,118,955 1,778.614 1,554,078 1,277,735 1,103,121
From Jan 1_80,300.232 69,195,581 20,173,381 16.692,838 15,784,064 12,839,079
From Jan 1_66,024,840 57,583,462 16,584,983 15,278,044 12,600,948 12,235,029
Pittsburgh & Lake ErieBaltimore & Ohio724,236 1,042.876
933,530 1,197,993
October.. _ 3,638,593 3,338,714
October.- -23,146,053 19,702.229 5,130,277 3,910,901 4,290.323 3,792.723
From Jan 1 _38,464.5h5 22,258.238 12,902,501 2,270,324 10,504,600 1,371,985
From Jan 1-218462026 160049,024 50,888,470 26,090,508 42,691,212 19,645,065
N Y Chicago & St LouisBellefonte Central970,941
692,649
932,001 1,249.157
3,728
12,190
October...... 5,152,899 4,986,932
--120
--240
9,593
3.848
October_ _ _ _
88,695
16,807
From Jan 1_48,454,227 41,569,431 18,555,448 10.822,979 9,903,701 8,463,793
4,245
5,445
107,096
18,007
From Jan 1_
N Y New Haven & HartfordBessemer & Lake Erie662,155 1,128.680
October._ _11,655,012 11,542,713 2.104.214 2.409.882 1,696,767 1,993,949
601,299 1,091,771
October...._ 2,151,033 2,176,595
From Jan 1_112171283 101487,178 21.396,498 19,820,943 17,165,241 15,951,132
From Jan L17,831,227 11,732,576 6,330,780 3,463,534 5,408,927 3,146.031
N Y Ontario & WesternBrooklyn E D Terminal87,657 -114.974
104.596 -74.065
43.777
123,582
October..... 1,1,96.755 1.108.625
36,752
30,350
49,989
October_ __ 120,108
467,988
From Jan 1_11,812,900 10.300,579 1,492.000 1,453,250 1,115,900 1,095,971
442,695
524,509
532,162
From Jan 1_ 1,266,234 1,309,776
N Y Susquehanna & WesternBuffalo Rochester & Pittsburgh15,437
1,762
36,456
38.322
222,993
431,782
October....410,512
46,451
81,451
238,031
October_ _ 1,634.784 2,154,502
32,486 --158,049
02,914
352,234
From Jan 1_ 4.053,300 3,364,808
From Jan 1_19,139,265 12,401,803 1,558,114 -171,142 1,207,584 -506,200
Norfolk SouthernBuffalo & Suaquehanna160,391
207,577
192,705
246,431
770.714
175,348 -27.489 -11.811 -34,189 -21,515
898,135
October_ _ _
October_ ..- _ 229.107
From Jan 1 - 7,673.493 6,893,007 1,803,887 1,403,599 1,419,062 1,093,433
74,238 -115,635
182.639 -73,309
From Jan 1_ 2,321.842 1,213,120
Northern
RysPacific
National
,Canadian
October..._10,899,249 10,005,134 4,019.493 2,421,442 3.271.904 1,694,823
CD & C GT Jet95,832
208.583
From Jan L84,131,166 78,299,890 15,533,329 14,733,525 8,408,288 7,470,748
111,885
120.103
109,145
October_ _ _ 258,618
739,811
842,662 1,446,776
From Jan 1- 2,850.049 1,837,427 1,538,872
Pennsylvania SystemDet Or H & MilwaukeePennsylvania RR & Co-576,737
170,060
153.450
674,875
150,785
October..
173.780
October___83,160,989 62,950,905 9.058,132 8,714.367 5,743.032 5,787,613
From Jan L 5,781,775 4,427,924 1,396,454 1,059.752 1.358,255 1,005,752
From Jan 1.610514114 529497.176 108602,293 93,983,846 80.327,983 69,043,088
,Canadian PacificBaltimore Chas & AtiOctober.. _ _23,769,733 23.061.547 8,160.988 7.802,745
-8,263
14,772
-8,263
14,772
October_ _ 153,278
130,886
From Jan 1_154456096 147888.319 27,412,412 120777,225
24,464 -95,689 -23,344
nnld_1,353,351 1,354,628 -47,743
IJsata
Jersey,Central,RR of New
Long
909.487
797,570 1,280,303
October.....4,924.647 5,152,697
513,211
287,483
287,858
438,369
October_ ___ 2,788,401 2,608,127
433,159
From Jan 1-48,256,251 40,105,672 7,928,312 6,381,149 5,007,558 3,681,630
From Jan 1_28.974.420 26,195,002 7,501,460 6,946,034 5,952,057 5,307,169
,Central VermontMaryland Del & Virginia192,410
791.590
134,619
October_ _ _ 801.824
115,086
209,980
-1.602 -16,744
October_ _ __ 102,821
-1.602 -16,744
101,979
675,517
826,864
620,017
752,162
From Jan 1_ 7,342,943 6,006,912
From Jan 1_ 952,182
996.696 -80,371 -52,811 -100,628 -73,185
.Charieston & West Carolina- •
Monongahela
41,179
267,945
79,670
95,676
October__ 338,649
52,179
120,651
62,621
October.... 470,587
128.651
72,812
382,016
607,036
825,935
685,437
From Jan 1_ 3,269,852 2,688,061
617,958
960,068
From Jan 1- 4.865,644 2,900,122 1,568,587 1,040.232 1,469,021
.Chesapeake & Ohio LinesWest
Jersey
&
Seashore
210,003
october____ 9,557,797 6,693,743 2,070.812
477,996 1,541,633
117,068
October_ _ _ 1,028,323 1,168,692 -62,320
132,082 -76,711
From Jan 1-85,392,903 69,198,700 19,976,303 14,597,281 16,462,985 11,912,846
From Jan 1.12,448,014 12,058,932 2,165,823 2,291,418 1.303,617 1,390.373
'Chicago Great Western71.047 Peoria & Pekin Union555.778
629,410
149,679
October- 2.430.552 2,345,274
27,912
21,161
October..... 172,235
47,912
38,161
180,995
From Jan 1_21,697,969 19,925,452 3,320,667 2,209.370 2,549,733 1,400,889
223,884
186,105
From Jan 1_ 1,474,887 1,500,624
375,384
306,105
Paul
Chicago Milw & St
PerklomenOctober.._ _15,385.219 15,888.955 3,859,908 3,468,677 3,200,972 2,745,346
61,436
27,980
66,248
October_ ___
32,780
117,465
97,102
463,101
From Jan 1_142648113 128434,131 27,780,905 22,155,166 20,392,163 14,075,179
307,528
514,059
From Jan 1- 937.886 1,074.782
362,011
Chicago,Rock Isl & PacifloPhiladelphia & ReadingChicago RI & GulfOctober......8,785,967 8,862.560 1,869,893 3,462,557 1,399,377 3,292.573
53,617
505,847
135,103
147,450
66,758
October_ ___ 531,479
From Jan 1_89,217,776 64,554,342 26,900,110 13,918,774 23,633,468 11,982,867
775,337
4,813,605
639,543
762,950
4,714.710
896,569
From Jan L.
& ShawmutPittsburgh
Chicago River & 2ndOctober--__
69,836 -45,028 -28,744 -53,157 -28,909
76,649
194,397
632,595
220,058
259,758
241,042
October...,. 684.116
From
Jan
835,478 -100,783 -138,562 -117,783 -147,533
1-1,099,921
From Jan 1_ 6,239,397 5,588.807 2,377,017 2,029,268 2,013,304 1,458,366
Port Reading,Delaware & Hudson62,472
78.042
77,182
October_
93,468
211,834
169,059
151.979
643.586
738,186
237,702
463,444
October_ _ _ 4.211,118 3,972,663
878,039
609.850
ed2&
.
,27;70
1,482,264 1,052,144
36 act0m
.5
835,787
30,432,304
5,973,173
6,845,366
1,701,049
From Jan 1_39,502,581
RiFrchlmonidanFri
'Delaware Lackawanna & Western272,298
196,719
326,020
243,621
October.... 909,417
965,594
712.350
October. _ _ _ 8.206.353 7.475.022 2,120.343 1,149,427 1,454,874
From Jan 1-10,120,028 9,050,343 3,532,391 3,050,293 2,959,537 2,549,608
From Jan 1.73,083,044 61,245,545 14,643,287 9.388,202 10,066,657 5,257,851
RutlandDetroit & Toledo Shore Line43,463
67,542
68.894
83,131
October_ _ - 561,164
509.138
132,825
166,378
138,078
159,826
338,999
October_ __ 359,757
355,446
710,490
570,976
947,367
From Jan 1_ 5,689,207 4,789,973
From Jan
3,560,586 2,929.832 1,747,472 1,492,465 1,544,472 1,326,405
St Louis Southwestern,Erie Railroad621,146
588,864
711,523
744,974
October- - 1,956,335 1,842,404
Chicago & ErieFrom Jan 1_17,256,421 14,714,201 6,565,768 5,547,355 5,537,915 4,810,018
270,068
469,373
521,984
305,085
October......1,416,987 1,146,951
Southern
Pacific
From Jan 1-11,937,446 9,265,339 3,748,668 1,950,766 3,227,992 1,432,355
Atiantel Steamship LinesNew Jersey & New York RR163,145
20,093
174,792
31,995
October.... 1,373,263 1,199,461
9,547 -12,433
12,877 -10,031
132,894
130.555
October. _
From Jan 1_11,519,714 9,758,518 1,953,557 1,550,296 1,834,645 1,427,280
79,913
180,783
214,751
109,537
From Jan L. 1,333,772 1,249,242
Arizona EasternFonda Johnstown & Gloversv84,133
82,284
108,505
131,196
286.117
October..... 349,712
46,100
35,123
51,875
40,898
110,489
129,950
October_ _ _ _
729,353
884,159
972,216
From Jan 1- 3,089,216 2,592,584 1.152,144
413,146
402,024
470,896
478,359
Fro m Jan 1_ 1,239,402 1,159,353
Southern Pacific CoFt Smith & WesternOctober_ _ _20,611,577 18,593,941 8,690,868 7,273,665 7,390,259 6,206,413
46,249
14.001
156,326
51.131
173,722
October_ _ _ _
20.701
From Jan 1_189918421 151278,291 55,043.269 45,469,409 42,010,236 33,100,705
192,662
116,354
1,299,424
252,264
1.348.706
175.759
From Jan 1_
Southern Railway.Galveston WharfOctober. _ _13,477,484 12.553,134 3,450,757 3,847,753 2,783,191 3,342,484
95,751
56,974
180.222
111,581
223,403
76.974
October...._ _
From Jan 1_125305115 104088,939 30,987,857 24,439,824 25,084,946 19,637,462
94,389
161,126
264,365
343,214
From Jan 1.. 1,209,113 1,295,385
Alabama Great Southern177,846
189,903
.Georgia Railroad718,544
tober___ 954,236
October......
131,990
151,530
064,470
541.319
139,248
157,863
2,150,343
October..... 603,017
From Jan 1 _ 9,054,512 6,806,975
595,745
1,037,108
671,397
From Jan 1_ 5,160,286 4,226,160 1,103,180
New On & Texas Pacific321,526
433,239
-Grand Trunk WesternOctober-- 1,879,671 1,537,950
137,507
327,495
391,184
214,725
October...... 1,693,394 1,400.041
4,583.193 1,787,660
From Jan 1_19,296,363 13,365,977
From Jan 1_16,775,903 13,505.456 4,923,590 2.901,134 4,324,896 2,208.515
Georgia Southern & Florida40.522
82,865
Hocking Valley371,733
October.... 461,508
86.296
244.953
411,816
345,653
171.509
737,722
October.. __ 1,712,609 1,503,820
Jan 1_ 4,376,362 3,730,676
From
From Jan 1_15,110,797 11,174,715 3,380.187 2,733,457 2.488,349 1,844,605
New Orleans & Northeastern.,Lake Terminal RY19,389
33,452
483,270
October- - - 575,043
27,977
32.145 -17.035
100,498 -11,100
93,792
October.
_ ___
853,607 --126,089
From Jan I- 5,777,373 4,381,453
178,030
232,735 -12,042
50,484
879,486
I•Yom Jan 1_ 968,288
1.
Dm.1 1923.]
THE CHRONICLE
2429
—Gross from Rai2way- —Net from Railway- —Net
after Taxes1923.
1922.
1923.
1922.
1923.
Latest Gross Earnings.
1922.
Jan. 1 to Latest Date_
$
Name of Road
$
Staten Island Rapid Transit—
$
or Company.
Current Previous Current
October._
213,298
193,720
Previous
—14.98
7
—42,48
—29,51
0
Month.
1 —63,575
Year.
From Jan 1_ 2,154,184 2,044,135
Year.
Year.
Year.
97,415 —164,112 —46,943 —340,918
Union Pacific—
'
$
$
October...._13,815,637 12,688,907 5,939,0
$
$
1
Nebras
ka
Power
Co September
22 4.564,122 5,354,217 3,970,269
4 293.770 2,780.077 2.522,
FromJan L97,622,661 87,701,096 31,293,022
712
Nevada-Calif Electric September 311.01
27,114,543 25.598,126 21,305.775 New
3 281.392 3.209.841 2.635,033
Bed 0 & Ed Lt_ September 236,06
Oregon Short Line--278,976 277.773 2.709.915
New Eng Tower Syst_ September 604,86
October. _ 4,462,250 4,146,853 1,670,8
3
477,73
*7.278
2
70
1,546,7
.599
*5,596.282
16 1.340,212 1,288,510 New Jersey
From Jan L31,857,186 29,837,593 8.103,2
& Lt September
86,206 63,558 *929.829 *640,3
00 7,560,496 5,472,044 4,830,118 Newpt. NewsPow
05
Sz Ilanip
St Joseph di Grand Island—
Ry. Gas & Wee('o_ September 182,826 184,421 *2.128
October _ _ _ _ 347,305
.627 *2,089,494
305,303
110,654
New
29,370
York
96,179
Dock
Co__
17.775
Octobe
From Jan _1 2,717,139 2,591,241
r
266.759 295,136 2.756.693 3,269,
386,273
303,162
253,139
139,237 New York Railways_ July
763,124 792,663 5,253.698 5,391,293.
• Union RR (Penn)—
272
Eighth Avenue_ ___ July
95.432 98,216
October_ _ _ _ 1,158,514 1,037,166
687,979
709.915
Ninth
250,18
Avenu
317,263
July
250,185
40,183 39,252
323,263 N Y & Queen e
From Jan 1_10,763,692 9,357,937 2,747,0195
294,488
300,257
s (flee).. July
2,893,8
16
2,252,8
59.358
2,793,0
99
71
72,163
390.798
653.841
Utah—
N Y & Harlem (Ilec)_ July
106.261 108,648
873,148
911.708,
October._.: 212,117
N Y & Long Island July
160.68
68,222
46,347 55.040
35,522
60,923
287,564
29,378 Niagara Lockpo
330,498
From Jan 1 _ 1,347,229 1,404,6358
rt
&
276,500
389,355
208,630
325,926
Ont Pow Co & Subs October
Yicksb ShreveP & Pacifie—
3 445,075 4,540.829 3.244,
Nor Caro Public Son,September 490.44
October__ _ - 433,060
326.914
117,236 102.444 1,375,263 1,204.310
125,953
62,072
573
97,467
44,737 Northern N Y Util
From Jan 1_ 3,682,833 2,998,652 1,066,2
July
145,893 131,00.1 1.107,420
17
920.026
498,376
Nor
760.05
310,41
8
Ohio
5
Elec Corp September 777.58-1 804,060 7.651.891
*Wabash RR—
6.892.379
Nor'west Ohio R y & P September
October.. _ 6,189,382 5,000,891 1,470,0
55,643
48,423 .568.861 *467,135
81
682,368 1,278.120
491,476 North Texas Elm Co_ September 232.116 250.907 2.133.468
From Jan 1-55,416,027 47,741,876 12,226.270
2.264.956
8,016,673 10,317,094 6,108,461 Ocean Electric
.
56,301 61,966
185,93
196.580
d Pacific Pow & Light July
• Revised figures.
september 288.106 281,284 2.278,5865 2.219.
176
Paduc
ah
Electri
c_ . September
— Deficit.
49,021 49,529
448,335
406.285
Penn Central Light
_-&
Power Co & Subs September 304,680 236,43
9 2,484,315 1,745.382
Penne Coal Coke June
ELECTRIC RAILWAY AND PUBLIC UTIL
718.41 698.806 4.549.640 3.245.066
ITY CO'S. Pennsylvania&Edison
_ September 279,2913 219,39
0 *3.096,595 *2,526,302
Nola Co. & Subsidy
Natural Gas Cos September 891.82
Latest Gross Earnings.
1 956.971 10,847.958 10.111.226
Jan. 1 to Latest Date. Philadelphia Oil Co Septem
•
Name of Road
22,114 60,547
324,105
697.574
Philadelphia & West_ Octoberber
or Company.
Current Previous Current
74,087 73.691
721,505
681,932
'
,bile Rapid Transit October
Previo
us
Month.
Year.
3952.311 3,715029 37.068,782 34,953,172
Year.
Year.
Phil,, Rapid Transit August
Year.
3488.191 3315,457 29.548.111 27.790.059
Pine Bluff Co
October
79.183
73,165 *866,596 *824.999
dPortland Gas & Coke September 265,24
Adirondack Pow & Lt October
618.227 512,333 5,611 ,090 4.562,301 Portla
9 263,523 3.137,999 3.083.518
nd By. Lt & Pr Septem
Alabama Power Co__ October
800.719 833.651 *10718602 *9.989
833.396 564,877 *7,564,431 *5.366
Pub Ben,Corp of N J June ber 6740.8
Amer Elec Power Co.. October
.981
,144
1649,9
34 6269,518 42,049.797 38,458,591
96 1657,671 17.324.720 15,812.095 Puget Sound Gas Co_
Am Pr & Lt Co bubsid September
January
171.329 168.816
,412 2400,783'30844891 *24148
171.329
American Tel & Tel__ September 5796.4
168.816
113 Puget Sound Pr & Lt,_ September 987.16
62
6
5645.6
808.12
6 *11901 638 *4.466,290
mAm Wat Wks & Sub September 2964.348 2417.1 69 53.341.075 47.861.878 Reading Transit & Lt September 252,012
246,057 *3,085,635 *2.940.911
68 25.808.687 16.312.926 Republic Ry & Lt Co. Septem
Appalachian Pow Co_ October
307,812 247.366 *3.379,938 *2.863
7 693.325 7.325.257 6.028.
Richm Lt & RR (Rea) July ber 806,92
Arizona Power Co-- August
.963
590
78.357
78,359
86,636
60.960
801,168
471,89
459,689
cArkansas Lt & Power October
559.705 Rutland Ity. Lt & Pr. September
49,102 64,741 *550,3142 *572.5
5 101,630 '1.447,691 *1,264
Asheville Pow & Light September 132.76
37
.670 San Diego Cons 0&El January
3756.6
88.676
653886
79.921
,578
.451.3.37 *335.731 Sandusky Os & Elec September
3.756,666 3.866.576
Associated Gas & Elec September 297,299
58.524 51.062 *855.9
171.627 *3.082,143 *1,872.438
89 *760,636
Savannah Elec & Pow September 160,81
Aug-Aiken Ry & Elec June
97,571
0
129,82
88.476
5
1.269.
*1.215
773
.135
Bangor Ry & Electric Septem
*1.064.292 Sa yre 143ectrie Co._ _ _ September
568
128.10? 139.041 *I .540.86 *1
16.479 15,733 *202.853 1.194,
*184,304
kBarcelona Tr, L & P September
.469,366 Schenectady Ry Co. May
ber
74,836 142.534
72 3810.785 37.091.354 33.633.681
686 407
740 516
Second Avenue (Rec) July
Baton Rouge Electric September 3984.3
89.142
50.425
89,476
48.488
587,20
467.208
1
573.691
Beaver Valley Trac__ September
433.471 17th St Incl Plane Co September
3.199
53.616 53.294
3,543
28,418
Binghamton I. It & P Septem
526.834
29.258
470,592 Sierra Pacific Klee Co september
86,042 77,490 1,154,929 1.040.
99.754 83.2(17 *1.141.057
Blackstone Val 0 & E September
874
*989.361 South Colo Power Co February
ber
156.41
361.22
6
151,63
3
1
320.712
329.805 *4.433.436 *3.918.955 Southern Calif Edison September
316.72
Boston "L" Railway. June
1
1940,297 1547,001 '19485868'18713281
Brazilian Tr. Lt & Pc September 2760.077 2630.924 17,448.488 16.535.329 80 °emelt l'r Co. Ltd August
78.577
71,323
211680
00
9854.5
175720
85
00
181880(100 143910000 South NY Pr k Ry June
9770.891
Bklyn Heights(Rec). July
46,894
7,014
41,585 *555.922 *535,607
7,347
50,175
Bldn Q C & Sub (Rec) July
51.263 Southern Utilities Co_ June
192.970 182.423 *2,423.559
203.405 207,988 1.497,195 1.492,
*2.431.18£
°Southwestern Pr& Lt September 963,78
Coney I & BkIn (Rec) July
9 854,399 *10766484 *9.673,664
289.448 308,635 1,711,323 1.689,061
Tacoma iflas & Fuel January
Coney Island & Grave July
987
455.053 577.227
25.685 37,568
455.05
3
577.227
78,074
Tampa
Nassau Electric
Electri
85.530
Co August
July
165.125 135.420'2.045,629 *1.752
478,066 456,784 3,209,448 2,960.250 Tennessee EleccPr
,085
South Brooklyn
Co september 758,033 678,989
July
122.742 126.516
6.700.578 5.793,422
722,539
Texas Electric By.... October
Bklyn-Man Transit— May
656,02
8
74 3017.255 *36899294 *34544092 oTexas Power & Ligt September 333,330 280,481 *2,894.022 *2.702,306
Bklyn City RR (Rec) September '3310.2
519,33
7
438.67
1011,4
6
3.944.
10
457 3.496.807
1017.207 s3,011.331 s2.948.496 Third At mote Ry Co. September 1182,3
N Y Consol (Rec)
July
11
05 s3,590,600 53,633,998
CapeBretott EiCo,Ltn September 2191.307 2021,328 14,924.568 13.710.020 United Electric Rys September 627.685 1199.8
721.756 6,060.406 6,072.811
61.966 52.299
510.768
Carolina Power & Lt. September
442.274 United Gas & El Corp October
1179.1
31
1059,6
63 *13807442 *12270291
202.390 166,635 *2.200.589 *1.871.553 United Lt.x.Hys&subs septem
Cent Miss Vail El Co. Septem
47,254 47.175 *568.128 *538.623 Un Rya & El of Bolt. March ber 985.875 956,394 9,070,640 8.408,991
Central Pow & Light. March ber
1436,169 1345.418 4.045.237 3.804.
118
Cities Service Co. _ September 240.718 282.315 *3.095.150 *3.238.439 Utah Power & Light_ September 725.15
0 612.819 *8,168,918 *6,894,256
Citizens Tr Co & Sub_ SepteMber 1025.587 1006.673 13.077,166 11.073.344 °Utah Securities Corp October
916.925 783,062 *9,933,574 *8.670
75.809 64,151 *949.123 *775.195 l'ermon t II ydro-Elen_ Septem
City Gas Co. Norfolk March
,837
ber
68,552
58.673
*717.652 *563.60C
255.340
Cleve Painew &East_ Sent ember 87,324 85.251
266.350 Virginia Ry & Pow Co October
880,062 872,343 8,657,758 7,703.
59,794 64,259
531.129
Colorado Power Co October
169
551.155 Wash Water Pr Co_ October
469.902 429,715 4,412,169
129.769 88,061 *1.185,503 *1.010
West. i•enn Co & Sub.. September 1911,6
4,042,101
Columbia Gas k Elec August
.562
35 1665.413 *22736723 *15454181
Columbus Elm & Pow September 1471.166 1311,347 13.911.727 12.067.760 Western Pow System.. May
562,48
3
636,51
183.57
7
165.85
6
1,657.
2.988,
1
843
113
Com'with Pow Corp_ September
3.043.171
1.425.346 Western Union Tel Co May
9021.169 8091.17036,318.142 31,789
2491,842 2193,993 21.556
Com'w*Ith Pr. By & I, Septem
18.787 886 Winnipeg Electric Ry August
.301
ber 3086.465 2748.248 *36538.374
350 *32415275 nYatlkin River Pr Co September 400,388 409,752 *5,528,759 *5,485.736
Connecticut Pow Co_ Septem
154,61
ber
5
169.01
100.05
2
154.52
*1.708
7
3 1.475.383 1.265.546 York Hay Wt& l'ow July
,102 *1,198.591
Consumers Power Co_ September
67.475 68,496
517.704
Cumberland Co P & L September 1417.434 1194,303 12,159.353 10.224.044 York Utilities Co...._ October
488.021
13,773 17.358 *195,590
397.003 292.733 *3.724.501 *3.411
,......... nu.- !Mr I)I/ annixtrethan
Detroit Edison Co
794.505
KCI 4,0
Al 004
October
1E11 041
2790,637 2376,852 25,638,840 21,128.881
15 011
Duquesne Lt Co Subs Septem
.412
a The Brooklyn City RR.1 no longer part
Eastern Mass St Ity Augustber 1522.153 1356,497 14.236.225 12.117.051
of the Brooklyn Rapid Transit
889.799 917.399 7.350.691 7.118.368 System, the receive
Eastern Penn Elec Co June
of
WI
r
•
rookly
n
Height
228.936 166.929 *2.658.637 *2.457.947 approval of the Court,
s RR. Co. having, with the
EastSh0&E Co& Sub
dceined to continue payme
ber
49.484 43,980 *543.453 *491.480 since Oct. 18 1919 the Prookl
nt of the rental; therefore
East St Louis & Sub.- Septem
yn City RR. has been operat
April
377,548 270.990
ed by its owners
East Texas Bice Co.. Septem
The
Eighth
Avenu
and
e
Ninth
ber 175.856 145.379 '1,528,574 1.320,
e RR, companies were formerly.
Edis El Ill of Brock'n. September
leased to the New York RailwaysAvenu
002
Co., but these leases were termin
El Paso Electric Co... September 122.505 112,822 *1.556,098 *1.338.822 on July 11 1919.since which date these
ated
roads
197.815 191.092 1,792.574 1.699.231 on July 11 1919,since
been operated separately.
Elec Lt & Pow Co of
which date these roads have
have been operaten separa
c Includes Pine Bluff Co. d Subsid
Abington & Rockl'd September
tely.
iary
of
40.429
33,453
Americ
327,161
an Power & Light Co.
;
Erie Ltg Co & Subs— April
270,553 e Includes York Haven Water & Power Co.
118.216 87.774
f Earnings given .murals.
517.999
Fall River Gas Works Septem
388.066 o Subsidiary companies only.
Includes Nashville R.& Lt. In
ber
93,831 88.044
759.297
Co. I InFederal Lt & Trac Co Septem
732.649 cludes both subway and elevatedh lines.
ber
j
Of
432.40
015.64
404.33
7 3.726,845 k Given in pesetas
5 4
Anington & Rockland (Mass.).
o Ft Worth Pow & I.t September 263,265
. I These were the earnings from operat
ion of the properGalv-Hous Elec Co__ September 279.870 223.327 2.193.01f 1.838.09.5 ties of subsidiary companies.
m
Includ
257,66
es
0
*3.311
West
2
,166
Penn Co. n Incluees PalGen 0 & L & Sub Cos Septem
metto Power & Light Co. o Subsidiary of
41 1140.830 *15551655 *3,322.816 •
Southwestern Power & Light Co.
Georgia Lt. Pr & Rys May ber 1306,7
Earnings for 12
t Earnings for 11 MOS ending Aug.
165.131 141.828
816.457
710.490 for 3 mos. endingmos
31. s EarningsGeorgia Ry & Power_ October
Sept.
30.
z
earnin
1352,4
gs
1229,5
for
44
09 13.130.457
4 mos. ending Oct. 31.
Great West Pow Syst June
,527
584.682 617.327 3.572,795 11,712
Hanover Pr Co & Sub July
3.660,507
Elect
26.792
22,411
ric
*
Rail
330.59
way and Other Public Utility Net
5 • 268.296
Havana El Ry, L & P September
1111,305 1028,804 9.929.698 9.623.
Haverhill Gas Light__ Septem
228 Earnings.— The following table gives
52.105 47,582
423,043
the returns of'
Helena Lt & Rye Co. March ber
400,881 ELECTRIC
33,597
34.845
railway and other public utility gross and net
*413.962 *390.987
Honolulu Rapid Tran October
85,728 83.512
810,946
earni
Houghton Co Electric Septem
ngs
with
804,44
charges and surplus reported this week:
4
ber
41,3641 41,631
385.460
Hudson & Manhattan
397.1318
—GrossEarnings— —Net Earnings-Huntinten DM,& Gas September 944,658 888,187 8.521,611 8.133.674
mber 102.984 01.480 *1.313 396 *1.156
Current
Previous
Interb Rapid Transit_ Septil
Current
.847
Previous
October
Companies.
5122,772
z1795710.5
Year.
Subway Division__ July
Year.
Year.
Year.
2716,961 2559,933 21,761,277 28,3
Elevated Division- July
S
2,207
$
Amer Elec Power Co_ ___Oct 1,649,
1525,0
1515,7
07
11,225
98
,177
Idaho Power Co
996 1.657.671
103,21
4
83.777
September 290,712 270.389 *2,502,593 10,881,473
10
mos
ending
Oct 31-.17,324.720 15,812,095 1,28.5,438
Kans City Pow & Lt_ Octobe
*2.403
738,969.
728,225 670,263 6.907,863 5,960.,953
a Ry & Pow Co---Oct 1,352,444 1,229,
d Kan 0.is & Elec Co_ Septemrber 402.03
389 Georgi
509
r338,4
95
x336.4
365,06
7
77
10
8
*5.475
mos
ending Oct 31...13,130,457 11,712,527 z3,709
.222 *4,979.055
Keokuk Electric Co Septem
,919 z3,587.18834,780 34.249
305.166
Kentucky Trac Term June ber
284,075
158,66
145,83
x
9
Earnin
4
*1.669
gs
are
,763
after
Keystone Telep Co October
the deduction of taxes.
.128
152,138 142,063 1,485.636 *1.578
Key West Electric
1.391,814
September
19.581 2l.:356
Gross
184,726
Net after
Fixed
Lake Shore Electric oeptember 237,85
182.606
Balance,
230,85
4
Earnings.
6
2.084,
Taxes.
953 1.866.401
Luzington UM Co &
Charges. Surrs.
Lax Ice Co °ousel. April
Arkansas Light 3z
84,463
80.257
*1,121
Oct
,044
'23
0
132,765
Long Island Electric- July
1.083.855
56.591
26,106
30,485.
Power Co
43.365 43,356
220,693
'22
101,630
Los Angeles Gas Co April
225,961
40,174
19,161
20,013.
989.904 1040.632 4.914.648 4.987.
12 mos ending Oct 31 '23 1.447,
691
Loulsv Gas & El Co January
605.232
097
273.59
8
331.63
5654.1
4
4931.7
05
95
5,654.
'22
105
1,264.670
Lowell El & Lt Corp- September 115.995 111.91
492,754
795
222,723
270,031
2 1,210.706 4,931.
Manhat Bdge 3c Line July
Oct'23
930.272 Honolulu R T
85,728
27.464
z12.64
21,845
1
23,352
14.823
161,96
:
Co
Ltd
2
'22
Manh & Queens(Rec)July
165,323
83,512
22.851
34,108 35,164
z10,96
11,889.
229,740
10 mos ending Oct 31'23
Manila Electric0 rp. October
217,495
810.946 •247.870 z115,1882
309,303 313,943 *3.579,617
132.68
2
'22
*3,579
Market Street By...._ October
,057
804.444 *285.321
874,685 847.067 8,139,027
z93,202
192.119
Interboro R T Co
Mass Lighting (to.-- June
Oct'23 5,122,772 1.751,270 1,087,
260,711 238,783 1,620.650 1.393,
816
663.454,
4 mos ending Oct 31 '23 17.957,105 5,103,
Metropolitan Edison September 642,82
341
573,44
6
282
1
*7.641
4,311.
,876
965
791.31
7
Milw Elec Ry & Light September 1745.974
*6.429.100 New York Dock Co Oct'23
1550.945 *21811 272 *16898130
266.759
145,781
Miss Power & Lt Co_ May
2108,378
37.403
93,733 90,462 *1.202.729 •1.133
'22
295,136
156.607
Miss River Power Co_ September 252,70
z117.507
39.100 •
.995
10 mos ending Oct 31 '23 2.756.693 1.528,
4
232.64
1
2.275,
856
518
2.197.536
Mobile Electric Co... February
,064
445.454
75.132 72.640
'22 3,269.293 1,770.544 z1,083
154,898
z1.190.171
Mountain StatesPrCo Jarman'
146,982
580,373'
1152.9
998.044 1.152.932
Oct'23
79.183
Munic Ser Co & Subs_ September 356,5332
998.044 Pine Bluff Co
34,248
9,505
24,743
7
350,98
3
*4,854
'22
.911
73,165
Nashv Pow & Lt Co June
32,128
9.285
22,843
79.924 74.765 *932.341 *3.035.793
12 mos ending Oct 31 '23
866,596
*871.360
370,503
109.131
261,37
2
'22
824,999
331.950
114,827
217,123-
THE CHRONTCLE
2430
[VOL. 117.
as funds are available, to keep
Further improvements should be made,
tion
Balance,
requirements, to meet the strong competi
the property abreast of traffic
Surplus
economies in maintenance and
further
•
offered by other lines and to effect
000
$6,000,
3
mately
purpose, an expenditure of approxi
218,085 operation. For this years.
149,031
which is expected to effect an annual saving in
Oct '23 1,179,131 *367,116
next two
the
during
United Gas & El
211,973
143,074
made.
'22 1,059,663 *355,047 1,740.672 3.042.258 operations of about $750,000. should be the outlook for the immediate
Corp
930
business,
Outlook.-Based upon present ement
12 mos ending Oct 31 '23 13,807,442 *4,782,
2,589,760
of the property suggested, net in'22 12,270.293 *4,336,186 1,746,426
future and the continued improvbe
expected as follows: 1924. $5,600.000:
for interest may
le
availab
come
taxes.
s
000.
Include
z
.
$6,700,
income
* After allowing for other
1925, $6,300,000: 1926. is $6,200,000.sufficient to meet all fixed charges
The average of the above
Preferred stock, an dleave a surplus
New York Street Railways.
under the plan, full dividends upon
1130.
ngs- equal to more than 6X% on the Common stock.-V.117. p. 2214.
Earni
-Net
ngsEarni
ss
-Gro
Previous
Current
Previous
Current
are).
Delaw
•
Year.
(of
Year.
Year.
Year.
International Milling Company
Companies.
$
3
$
$
187,897
230.687
2
al Report-Fiscal Year Ended Aug. 31 1923.)
985,16
(Annu
5
986,84
July
49
Brooklyn City RR
D AUGUST 31.
6,988.250 6,880,1001,703.977 1,547,6
Jan 1 to July 31
INCOME ACCOUNT FOR YEARS ENDE
1,671
1,576
1919-20.
7.347
1920-21.
7,014
1921-22.
.
1922-23
--205
Brooklyn Heights(Rec)_July
1,788
$613.454
51,263
$397,403
50.175
$560,012
$405,255
Jan 1 to July 31
g profits
37,561
Tradin
x
16,899
66.336
36,398
8
34,874
207,98
33,426
203,405
bonds
on
t
74,838
Interes
Bklyn Qu Co&Sub(Hoc)_July 1,497,1
275,244
77,357
352.996
77,357
95 1,492.061
37,235
Jan 1 to July 31
Preferred dividends (7%)
83,694
60,494
308,635
289,448
$501,055
$283.648
Coney Isl & Bklyn (Rec)July 1,711.3
475,548
$447,781
429,848
$334,594
23 1,689,987
Balance, surplus
766,642
566,197
Jan 1 to July 31
849,845
22.416 Previous surplus
y1,911,929
16.022
37,568
25,685
ly
end-Ju
Graves
&
Isl
26,275
Coney
20.742
697
85,530
$1,267,
78,074
45
$849,8
Jan 1 to July 31
$2,246,523 $1,297,626
120.741
Total
138,573
456.784
July 478,066
3 Organ'n exp. & comm. on
774.31
Nassau Electric
745,865
50
2.960,2
48
3,209.4
99,601
Jan 1 to July 31
Preferred stock sold__..
(16)244,000
494,676
617,624
(10)210,000
2.191,307 2,021.328
457.500
Common div.(cash)
N Y Rapid Trans Corp _ _July14,924,
568 13,710,020 4,153,965 3,672.005
in new stock_
Pay.
do
Jan 1 to July 31
63.979
58,830
126,516
$566,197
July 122,742
5
$849,84
626
South Brooklyn
262,684
$1,087.
924
239,506
$2,146,
8
656,02
Total surplus
722,539
Jan 1 to July 31
38.838
Adjus20.711
792.663
763.124
for Federal and Canadian taxes. y Co.
NY Railways(Rec)_ _ _ _July 5,253,6
178,488
of
x After making full provision
77,818
72
Milling
5,391,2
98
31
July
to
1
taken over from the International
Jan
assets
Co.
to
include
ted
ota
1.686
Minnes
1
of
t
-14.43
accoun
98,216
95,432
July
, less dividends paid for
311922
Aug.
ota
14
Eighth Avenue RR
Minnes
--28.9
119,079
709,915
687,979
as per agreement.
Jan 1 to July 31
-3.947 to June 1 1923
-5,645
39,252
40,183
July
Ninth Avenue RR
BALANCE SHEET AUGUST 31.
54,765
57,389
7
8
1922.
300,25
294,48
1923.
Jan 1 to July 31
Liabilities1922.
1923.
Assets000 $1,105,100
System
T
R
rough
$4,058,532 Preferred capital_ _52,200,
Interbo
,001,123
821,785
&
plant.$5
00
8
y
2,200,0
900,85
Propert
33
00
2.559,9
2,500.0
61
July
2,716,9
265,800 Common stock___
Subway Division
49 Cash
556,734
,169 , 127.111
21.781,277 28,372.207 9,229.328 8,154,2
Jan 1 to July 31
535,451 Notes payable__.24
s receivle. x534,452
509,647
Account
347.077
9
488,347
364.68
98
payable
s
1,515,7
82,221 Account
205,989
assets
19,339
Elevated Division_ _ _ _July 1,525,007 10,881,
38,500
473 3,456.255 2,812,487 Sundry ies
11,225,177
6 1,747,260 Prof. div. accruedJan 1 to July 31
1.429 Inventor accounts_ 2,031,89
95,194 Taxes,Int., comm., 125,478
23,352-872
80.631
21.845
151,632
Prepaid
Manhattan Bd e 3c Line July
_
_
12.615
317
&c., accrued_
165,323
161,962
560,500
Jan 1 to July 31
First mtge. bonds- 538,500
6.255
13,499
1,464
89.476
89.142
70
Second Avenue (Rec)_ _ _July
Insurance fund_
--28,2
28,804
573,691
587,201
Jan 1 to July 31
Reserve for maint.
7.426
847,432
3,035
198,907
72,163
tion
59.358
deprecia
July
and
Co
(Rec)_
NY & Queens
36,171
150,000
-533
653,841
390.798
Contingent reserve y150,000
Jan 1 to July 31
24,607
13.660
7.512
Other reserves. _ 43,356
43,365
1,087,627
Long Island Electric_--July
35,951
24
8
2,146,9
-29,20
225.961
$6.784,458 Surplus
220.693
410,825
(each
rdde)58.
Total
Jan 1 to July 31
$4.37,428
33,945
drafts on customers,
61.966
56,301
July
Note.-Contingent liabilities: (a) In respect of
54,990
Ocean Electric
of business. (6) In
66.978
196.586
ted at bank in the ordinary course comple
185,935
discoun
885,660
31
Aug.
at
Jan 1 to July 31
ted
8.781
8,473
of contracts for permanent improvements not
35.164
34.108
Mauls & Queens (Rec)_ _July
40,783 respect
57,078
imately).
(approx
$50,000
5
1923,
217,49
0
assess229,74
nal
additio
31
e
July
Jan 1 to
7,348
x Accounts receivable, less reserves. y For possibl
1.095
108,648
July 106,261
102.464 ments for Federal taxes for prior years.-V. 116, p. 1902.
N Y & Harlem
58.084
911,708
873,148
Jan 1 to July 31
3.021
-9,521
55.040
46.347
July
58,366
N Y & Long Island
Brown Shoe Company, Inc.
330,498 -106,171
278,564
Jan 1 to July 31
19.715
4,623
86.636
78.357
July
(Report for Year ended Oct. 31 1923.)
Richmond Lt& RR(Rec)
-4,709
37,842
459,689
471,892
Jan 1 to July 31
STATEMENT OF
ED PROFIT AND LOSS-SURPLUS
LIDAT
CONSO
31.
.
on of taxes. -Deficit
SUBSIDIARIES FOR YEARS ENDED OCT.
COMPANY
Note.-Above net earnings are after the deducti
1920-21.
.
1921-22
1922-23.
$27,191.698 $22,382.716
Net sales offinished product to dust...829,437,759
Deduct-Cost of mat I, labor & sell.,
&
deprec.
incl.
exp.,
gen.
&
.
'admin
383 25,801,898 23,141,144
FINANCIAL REPORTS
interest charges. bad debts. Ac____ 28,034,
100,000
176.000
Estimated Federal taxes
di $758,439
steam
of
s
799
report
$1,289,
l
376
annua
$1,227,
Net profit
Financial Reports.-An index to
1,785,452
459,698
1,382,522
which Add-Prev
ious surplus
s companies
106.683
railroads, street railway and miscellaneoumonth
Sundry surplus credits
will be given
have been published during the preceding
023
will not
$2.716,581 $1,749.497 $1,027,
Total surplus
$367,325
$366,975
on the last Saturday of each month. This "index
$342,650
dividends(7%)
red
is
it
Prefer
which
Deduct0
in
200,00
nicle
include reports in the issue of the "Chro
Add'l reserve provided for accts. rec
167.126
in the issue of
Common dividends
published. The latest index will be found
$459,698
$2,206,806 $1,382,522
Nov. 24. The next will appear in that of Dec. 29.
Profit and loss, surplus
31.
OCT.
SHEET
CE
BALAN
1922.
1923.
Texas & Pacific Railway.
1922.
1923.
$
Liabilities00
5,262,5
)
1923.
500
Preferred stock__ _c4,812,
(Statement by Receivers, Dated Nov. 26
,bequip-g
stl:
1d s.,
es yi
tew
lsesenct
Ren
La
:
00
Common stock__ 8,400,000 8,400,0
00
in
3,500,0
ce,
Walla
00
L.
4,150,0
s
_
*1,604,408 1,425,981 Notes payable_
The receivers, J. L. Lancaster and Charle
1,490,010
1 Accounts payable_ 1,065.141
nt managers
bl
28.000
39,122
_
a statement to Kuhn, Loeb & Co., readjustme
accounts
65 4,966,365 Accrued
statements Trade names,Am_ 4,966,3
336,675 Reserve for taxes (1601,500
241,490
under plan of readjustment, offer the following(in the case Securities, Ste
710.000
7 & contingencies_ 2,206.806 1,382,522
10
9;27 6
6
680,933
based upon their experience with the propertyproperty since Cash
Surplus
61
7,56
69
_
7.228,4
celvable
Acete.re
19,774
13,094
of J. L. Lancaster from active charge of the Wallace as re- IPnve
to pies
repn
aldr
urch.,&c.
6,630,308 5,838.258
20,773.033
March 1916, and in the case of Charles L.
Tot.(each side)_21,365.069
1
1
,
&cexp.,
Prepaid
ceiver since Dec. 11919).
deducting
-After
b
n
locatio
ation.
hical
depreci
geograp
nt
a After deducting $1,088,304 for
Geographical Location.-The line is one of excelle
500 Prof. stock
operating revenues have compared favorably with $961,347 for depreciation. c After deducting $1,187,
and for many years itsstern
taxes provided in this
railways.
ad. d The reserve for Federal
cancell
and
retired
nation by the
rship
determi
the best of the Southwe
receive
final
the
adjustment upon
-From the beginning of
Additions and Betterments.
ed for balance sheet is subject to
threefor.
of Sept. 1923. 221,209.684 has been expend
ment of the company's liability19
Govern
to plant and
es
upon
"Charg
(Oct. 27 1916) to the end
was
.384
wrote:
$11.103
to the property (of which
The chartered accountants Nov. ting $281,046. have,in our opinion,
additions and betterments
rendering more
toward
aggrega
d
year,
directe
ent),
the
upon
for
equipm
,300
s
ent
810,106
account
road and
on of the equipm
charges for the year aggregated
e and to raise the physical conditi
been iaroperly capitalized. Depreciation
direct to
economical operations possibl
d by competing lines.ed 3
d uring the year were charged
.
113
ed
provide
2
6h.as
as
that
7
good
service
.
2
as
u
p
2
p
irts
give
vu
a
dn
.
,
n
8
7O2
s
pe
,8
1
x
e
to
as
so
y
propert
tures, net tons per freight train mile increas
Fuel
Resulting from these expendi
58%.
or
1923,
541.9 in the first nine months of
g large
from 343 in 1916 toton
one mile decreased 51.5%. Notwithstandin
to operrequired to move a
Pittsburgh (Pa.) Brewing Company.
the ratio of transportation expense
to
increase in wages since 1916.
1916
of
nine months
first
in
the
from
39.44
ed
1923.)
decreas
s
revenue
ating
(Annual Report-Fiscal Year ended Oct. 31
1923.
36.82 for similar period of
will have been
s in brief:
company's freight train cars
report
14,
Nov.
By the end of 1923 all of the
to
urgh,
made
Pittsb
Pres. C. H. Ridall,
arms, modern draft gear and
rebuilt, equipped with steel draft
of $270,000
Shops have
wooden car construction. cally.
outstanding amount to $2,898,000. A total
now
The
bonds
conform to the best standardtoofmaintai
economi
ent
n
equipm
d
year.
equippe
the
and
during
d
were
retired
the Tech
enlarge
been
ago, the operations of
d light wooden cars ind,main
Since beginning business 214 years
surrounding
Modern steel passenger train cars have replace
the
been up to expectations, considering
l passenger locomotives acquire
have
Co.
Food
ts
Produc
year.
line trains and with the powerfu
.
the
country
the
conducted at a profit during
favorably with the best inthe
line's passenger equipment comparescash
company circumstances. Business was
will be available to
ENDING OCT. 31.
As above stated, $3,000,000 in
l (the
INCOME ACCOUNT FOR YEARS
to the Director-Generaof
through the issue of the $4,400,000 of notesble
the
2. x1920-21. y1919-20.
dness
x1921-2
3.
indebte
x1922-2
the
to
being
applica
31
Oct.
Yearsnotes
le
remaining $1.400,000 of
s, all
),so that the cash availab
earning
and
Sales
$1,763,888 $1,858,288
receivers to the Director-General of like amount
termi507
of
• $2,323,274 $1,929,
g capital and for expenses
sources
1,839.074
1,720,227
for additions and betterments, for workin
1.624,068
than $4,500,000.
Operating, dm., expenses 1,953,192
nating the receivership. &c., will not be less
le
availab
y
propert
of the
$19,214
0
$43,66
Revenues.-Operating revenues and net income
8305,440
8370,082
and 1922 (1918 and 1919, when
$296,300
Net earnings
$248.692
for interest for the years 1916, 1917. 1921
$222,134
$185,309
25,000
. and 1920, which included the guar- Deduct-Interest
28,000
the railroad was under Federal control
25,278
15,063
State & Fed. taxes.-(7)426.999
anty period, being omitted), were as follows:
Net Inc.
(2)119.245
Oper. Revs.
Preferred dividends_ _
Net Inc.
Oper. Revs.
293,231
Common dividends_ -.
235,600,474 $4,771,610
272.627
$20.858.657 $5.211,46611921
273,254
288,291
1916
31,381,795 3,766,987
Depreciation,&c
65.693
109,040
22,714.007 6,032.282 1922
10,683
1917
Loss on sale of assets
$2.695.
95,811
was
1923
of
months
nine
90,513
first
le for the
84,528
Closed plant expense_
The net income so availab
notwithstanding
14,177
it will be $1,500,000 for the year, than
Explosion loss
$1.000,000
183 and it is expectedequipm
ent expenses will be more
this
for
But
that maintenance of
8667,164 $1,141,561
strike.
n's
$428,954
92
, duo to effects of the shopme
$213,7
,
deficit
Balance
greater than normal
for the year would be $5,500,000.
y
abnormal expense. the net
include Tech Food
countr
the
hout
not
throug
Does
ons
y
conditi
s
Co.
ts
x Includes Tech Food Produc
It will be recalled that general busines s were curtailed by the shopmen's
Products Co.
were poor in 1922 and railway earning
strike.
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
DEc.11923.]
THE CHRONICLE
CONSOLIDATED BAL., SHEET OCT. 31 (Incl. Tech Food Products Co.).
1923.
1922.
1923.
1922.
Assets$
Liabilities-.
$
*Plant equipment,
Preferred stock.-- 6,100,100 6,100,100
franchise, &c_.12.891,864 13,214,208 Common stock- 5,962.250 5,962,250
Cash
471.613
228,377 Bonds
2,898,000 3,169,500
U.S.obligations.. 519,661
562,844 Sundry accounts
40,647
18,816
Other investments 361,638
465,833 Res. for discounts2,145
Notes receivable.- 207,637
240,152 Reserve for State
Accts.receivable._ 135.320
190,997
17,705
taxes
47,860
Interest accrued__
2,083
1,838 Accrued bond Int57,960
63,360
Inventories
525,900
660,152 Surplus
64,086
277,877
Sinking fund
27,180
75,363
Total
2431
The company's manufacturing plants and distribution system have been
maintained up to the highest point of operating efficiency throughout the
year, there having been spent on repairs and renewals a sum of $602,038 54.
In April last the directors offered for sale $2.000,000 capital stock, all of
which was disposed of, the total number of purchasers being
1.900.
nearlysca
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30. m=
Sept. 30 Years1922-23.
1921-22.
1920-21.
1919-20.
Meters, number
137,182
132.141
127,555
122.793
Recetptsfrom gas sales_ _ $5.392.860 $5.408,830 $5,827,282 $5.030.146
Residuals. coke, tar, &c_ 1,116.664
1,029,857
1,033,977
889,982
Merchandise sold, piping)
& burner, rentals, &c_j 373.829 ( 375,253
353,623
506.768
15,142,893 15,639,764
Total
15,142,893 15,639,764
* Includes land, building, machinery,equipment and franchise,less depr.
Unsold stocks in treasury are 7,998 shares Preferred stock and 10.755
share Common stock.
TECH FOOD PRODUCTS COMPANY, PITTSBURGH. PA.
Balance Sheet at Oct. 31.
Assets1923.
1922.
LiabilUies1923.
1922.
Bldg.alter.,equip.
Common stock__ $700,000 $700,000
less depreciation $761,146 $777,321 Accts. Payable-30,983
11,193
Cash
145,259
77,338 Res.for discount._
2,146
Notes & accts. ref. 148,689
142,699 Pittsb. Brew. Co.
Inventories
85.031
80,712
advances
109,231
250,362
Mtges. receivable_
5,000
5,000 Surplus
302,760
121,516
Total
$1,145,126 $1,083,071
Total
$1,145,126 $1,083,071
Statement of Income and Expenses.
-Years ended Oct. 31- 7 Mos. end.
Period1923.
1922.
31 '21.
Ice cream sales, stor. & misc.Income_ $1,493,137 $1,132,197 Oct.
$807,151
Operating. admin. & selling expenses 1,213,528
1.017,044
670.929
Depreciation
90,456
98.358
39.404
Net income
$181,250
$24,698
$96.818
-V.115, P. 2475.
Total income
86.883,354 $6.813,940 $7.214.882 $6,426,896
Oper. expenses and taxes 5.498,649
5,335.666
5,673,949
5,186.622
Net earnings
$1,384.704 $1,478.274 $1,540.933 $1,240.274
DeductInterest
$8,586
$51,516
$63.022
$60,592
Dividends (10%)
689,253
600,000
581,337
536,070
Renewal fund
565,539
543.584
591,002
513,902
Reserve fund
140.906
352,989
129.708
Balance,sur.or def_ _ _ sur$95,863 sur$261,218
None
None
-V.116, p. 2642.
BALANCE SHEET SEPT. 30.
1923.
1922.
1923.
1922.
Assets
-$
LiabilitiesPlant, &c
12,168,835 11,703,967 Stock
8,000,000 6.000,000
Other investments 1,124,933
201,647 Reserve fund
1,000.000 1,000,000
Materials, &c____ 947,858
1,486,272 1.497.308
839,616 Renewal fund
Cash
100,638
157,550 Spec.sur. acct. _ _ _ 216,175
120,312
Unpaid capital stk.
Sundry accounts__ 374,962
484,861
sucscription_
111,166
Res.for dividends- 197,501
150,000
Accts.receivable_ _ 537.577
469,189 Bank advances_
1,098,887
Miscellaneous_ _ _ _
16,340
2,062 Stock prem.(1904) 3,676,507 2,960,560
Prov. for Domin.
Tot.(each side)_15,007,347 13,374,029
Govt. taxation_
55,930
62,101
-V.116. p. 2642.
Pan American Petroleum & Transport Co.
GENERAL INVESTMENT NEWS
(Consolidated Balance Sheet June 30 1923.)
RAILROADS, INCLUDING ELECTRIC ROADS.
The balance sheet as of June 30 1923 was issued in connection with the offering of $12,000,000 1st Mtg. 12-Year
The following news in brief form touches the high points
Convertible 63% Sinking Fund gold bonds(see "Investment in the railroad and electric railway world during the
week
News" below). The balance sheet does not give effect to just past, together with a summary of the items of greatest
the present new financing.
interest which were published in full detail in last week's
CONSOLIDATED BALANCE SHEET(OWNED & CONTROLLED
COS.). "Chronicle" either under "Editorial Comment" or "Current
June 30'23. Dec. 31 '22. Events and Discussions."
AssetsOil lands, leases & develop., steamships, refineries.
marketing stations and facilities, &c
165,807,598 155,603,276
Less: Reserve for depreciation and depletion
49,236,471 45,199.020
116,571,127 110,404,255
Investments (at cost)British Mexican Petroleum Co.. Ltd. (affiliated
company) (par value £1,500,000)
5,847.741
Bankers& Shippers Insur.Co.(par val.$100,000) 5.847.741
250,000
250,000
Miscellaneous
170.002
170.002
Crude and fuel oil and refined products
6,810.386
5,836,119
Materials and supplies
4,975.083 4,877,826
Accounts receivable
12,220.704 11,338,876
Dep. with Mex. Govt. to protect minority int. in
certain land under developm't (3.000,000 pesos)_ 1,500.000
1,500,000
U. S. Treasury notes
4.113.750
24,181.523 30.393.294
Prepaid insurance, taxes and rentals
1.203,453
1,381.460
Unamortized bond discount
1,191,969
1.296,821
Other deferred charges
532,506
417,299
Total
179,568.244 173,713.693
LiabilitiesPan-American Petroleum & Transport Co.
Common stock (par $50 per share)
50,077,800 50,077,700
Common Class "B" stock (par $50 per share)
77.803,731 56.089,778
Controlled companiesMex. Petrol. Co., Ltd. (of Del.) 8% Preferred
Non-Cumulative stock (par $100 per share)
621.600
679.900
Common stock (par $100 per share)
1,724,680
Caloric Co.8% Pref. Cum.stk. (par $100 p.sh.) 1,485.880
59,514
61,514
Common stock (par $100 per share)
188.086
206.372
Mex.Petrol. Co.(Calif.) stk.(par $1 per share)_
55,569
65,381
1st Lien Marine Equip.7% Cony. gold bonds_ _ _ _ 7,117.000
7.330,500
Mex.Petr. Co.. Ltd.(of Del.) 15-Year 8% Sinking
Fund Convertible bonds
6,929,900
7,423,900
Huasteca Petr. Co. and Alex. Petr. Co., Ltd. (of
Del.) Joint 6s
262.000
262,000
Huasteca Petr. Co. Coast Pipe Line 1st M.6s_ --604.800
608,800
Mexican Petroleum Co. (Calif.) Sink. Fd. Gs
77,500
77,500
Purchase money obllg. secured by ohl lands
412,250
412.250
Accounts payable
4,716,393 4,149,966
Dividends accrued, payable
5,189,855 4.329.364
Provision for taxes and contingencies
8,665,642 7,663.350
Surplus applicable to Pan Am.Petr.& Transp.Co_ 13,633,785 30.830,122
Surplus applicable to minority stockholders
1.666.948
1,720,616
Total
-V. 117. P. 1836,
1356
'
179.568,244 173,713,693
Consumers' Gas Co. of Toronto.
(75th Annual Report-Year Ending Sept. 30 1923.)
President A. W. Austin reports in substance:
There has been an increase during the year of 5,041 in the
number of
consumers. It is gratifying to be able to report an increase
8.68% in
the output of gas during the year as compared with the outputof
last year.
The present schedule of rates has been in effect for the full year,
and, as
compared with the price for gas reached in 1921. represents
saving to the consumers of the company of more than $1,102,000 an actual
for the year.
The prices of commodities entering into the cost of gas, still
remain at
very high levels. From the following table, showing the
in the unit
costs of some of the major items of expense for the pactincrease
year, as compared
unit
costs of the same items in 1915, it will be seen
with the
a very
large proportion of the company's operating expenses are, eventhat
yet, more
than double the pre-war costs.
Gas Coal-Increase per net ton
$39.2 %111
.15.i
Gas oll-Increase per gallon
Anthracite-Increase per net ton
Cast iron pipe-Increase per net ton
$37.00
113.1
Labor-Average increase per hour
28.8c.
101.1
Taxes
91.8
The sales of gas appliances, both domestic and industrial, have been very
satisfactory.
census
year
a
was
taken
the
of
During
all
gas-consuming appliances in
R3
use in Toronto. A similar census was taken in the year 1910, and a comparison of the number of some of the more important units in use in that
year. with the number in use to-day, will serve to illustrate the tremendous
expansion that has taken place in the use of gas in the intervening period.
Pli
Gas cooking ranges
12,626
109.033
Gas rings
20,434 35,354
Gas fireplace appliances
4,531
7,508
Gas water-heaters, ordinary
3,217 34,122
Gas water-heaters, automatic
None
2,735
4%IRA
Baltimore & Ohio RR. Shuts Shops for a Week.-About 13,000 men laid
off Nov. 24 for a week. Shops at Baltimore and Cumberland, Md., Glenwood,Pa.,and Zanesville, Ohio,are affected. "New York Times" Nov.26,
p. 14.
United States Railroad Labor Board Grants Increases of from 2 to 5 Cents
Per Hour to Certain Telegraphers and Station Agents to Correct Inequalities.Not a general increase in wages. "New York Times" Nov. 26. p. 7.
New York New Haven & Hartford to Lay Off About 1,000 Workers on Box
Cars.-"New York Times" Nov. 26, p. 7.
Canadian Rail Shopmen Get Wage Increase.-35.000 men get increases
ranging from 2c. to 12c. per hour, according to class of work performed.
New York "Times" Nov. 28, p. 19.
Car Shortage and Surplus.-The following is authorized by the Car Service
Division of the American Railway Association:
The railroads on Nov. 14 had 71,119 surplus freight cars in good repair
and immediately available for service, while the reported car shortage on
that date was only 3,901.
The number of surplus freight cars was an increase of 39.164 over the
number reported on Nov. 7, while there was a decrease of 3.198 in the car
shortage during the same period.
Of the total surplus, box cars numbered 34,449, an increase within a week
of 17,578, while the number of surplus coal cars totaled 31.850, an increase
of 19.283 within the same period.
Surplus stock cars totaled 2,803, an increase since Nov. 7 of 1,431, while
surplus refrigerator cars showed an increase of 43, which brought the total
number to 204.
Of the total shortage, box cars totaled 831, a decrease of 1.639 since
Nov.7, while the shortage in coal cars amounted to 1,169, or an increase of
49 over that on Nov.7. Shortage in stock cars amounted to 327, a decrease
of 792 within a week, while there also was a decrease of 785 in the reported
shortage in refrierator cars, which brought it to 1,008.
Matters Covered in "Chronicle" Nov. 24.-(a) Railroads will need $7,870.000 in next ten years to provide for increase in traffic, says committee of
U. S. Chamber of Commerce, p. 2289.
(b) Pennsylvania RR. closes shops doing repair and new work-70,000
laid off. p. 2290.
(c) New York Central RR. to retain piece work system-shopmen
reverse former posItion and accept plan. p. 2290.
(d) United States Railroad Labor Board blames unions and carriers in
decision on Virginian Ry. dispute. p. 2291.
(e) Dispatchers on Atchison Topeka & Santa Fe name Vice-President
Wells of company as spokesman-authority of union revoked, p. 2291.
(f) Cleveland Cincinnati Chicago & St. Louts Ry. European 4% loan of
1910, payable in francs in curerncy ofcountry in which demanded,p.2291.
Arcade & Attica RR.-Promissory Notes.-
The I.-S. C. Commission has authorized the company to issue two
promissory notes in the aggregate face amount of $10,000, and to pledge
as collateral security therefor a like amount of bonds.-V. 117. p. 1128.
Baltimore & Ohio RR.-Equip. Trusts Sold.-Kuhn,
Loeb & Co., Speyer & Co. and the National City Co. have
sold at prices ranging from 95.92 and div. to 99X and
div., to yield 5.40%, $7,000,000 5% Equip. Trust Certificates, Series "A."
Dated Dec. 1 1923. due $500,000 annually Dec. 1 1925 to 1938, both
inclusive. Divs. J. & D. Girard Trust Co., Philadelphia, trustee.
Prin. and diva. payable at agency of the trustee, New York, in U. S. gold
coin of or equal to the present standard of weight and fineness and without
deduction for any tax or taxes (other than Federal income taxes) which
company or trustee may be required to pay or to retain therefrom under
any present or future law of the U. S. or of any State, county, municipality
or other taxing authority therein. Denom. $1,000 c*.
Security.-There will be vested in the trustee title to new equipment
costing not less than $10,000,000, including the following: 75 freight
locomotives, class 5-1, 500 55-ton steel hopper cars, 500 40-ton steel underframe box cars, 1,000 70-ton steel gondola cars.
Guaranty.-Principal and dividends unconditionally guaranteed by
Baltimore & Ohio RR.
Earnings.-Total net income for the 10 months to Oct. 31 1923 applicable
to interest, rental and miscellaneous charges amounted to 144.949.332,
while the total of such charges for the period amounted to $20,954,172.
leaving surplus of $23,995,160 applicable to income taxes, dividends and
other corporate purposes.
Issuance.-Subject to the approval of all public authorities that may
be necessary for the Issuance thereof.-V. 117, p. 2322, 2211.
Barcelona Trac., Light & Power Co., Ltd.-Coupons.--
The holders of the 7% Prior Lien "A" bonds are notified that interest
coupon No. 17, due and payable Dec. 1 1923. will be paid on or after that
date at the Bank of Scotland, 30 Bishopsgate, London, England, and at
the Canadian Bank of Commerce, 23 King St. West, Toronto. Payment
will be made in Toronto in Canadian currency at the current rate of exchange. (See also V. 117, p. 2323.)
The holders of the 6% First Mtge. bonds are notified that in respect or
the interest due and payable, 1;i% will be paid at the Bank of Scotland
•
THE CHRONICLE
2432
[VoL. 117.
Illinois Power & Light Corp.-Acquisition.--
on or after
England, and at the Canadian Bank of Commerce, Toronto,
that date,
Dec. 1 1923. in full discharge of the half-year's interest due on
of 10s.
value
face
the
of
against surrender of Coupon No. 24. Coupons
face value
will accordingly entitle holders to receive 68. and coupons of thebe
in
made
will
Payments
10s.
Ll.
receive
to
of .£2 10s. will entitle holders
Toronto in Canadian currency at the current rate of exchange.-V. 117.
p. 2323.
The Monmouth (Ill.) Public Service Co. (V. 104, p. 1149) has been
purchased by this corporation. The purchase has been approved by the
Illinois Commerce Commission. The purchase price of the properties was
not given out.
The Monmouth Public Service Co. was organized on Oct. 1 1909 and
took over the Monmouth Gas & Electric Co., the Searles Power Co. of
Monmouth and the Kirkwood Electric Co. of Kirkwood, Ill. The plant
Extra Dividend.- manufacture
s electric power, gas, heat and ice. The purchase is a part
Buffalo & Susquehanna RR.-23/2%
Common
$3,000.000
the
on
of
the development plan of the ilhnois Power & Light Corp. n the section
declared
been
has
%
An extra dividend of 2%
of
154%,
dividend
also Missouri Power & 1,ight Co. under
stock, par $100, in addition to the regular quarterly Like amounts were in and around Galesburg, Ill. (See
both payable Dec. 30 to holders of record Dec. 15.Common stock. The "Industrials" below.)-V. 117, p. 2323. 2109.
the
on
last
paid March 30, June 30 and Sept. 28
on the Common
Indiana Service Corp.-Bonds Offered.-Arthur Perry
gany on Dec. 30 1922 paid a special dividend of 10%
in addition to the regular quarterly of 1%%.-V. 117, p. 892.
& Co. and Paine, Webber & Co., Boston are offering at
tiret
& Ref. Mtge.
Southern RR.-Suspends Operation. 86% and int. to yield over 6%,$500,000
5% Gold Bonds, Series "A" of 1920. Due Jan. 1 1950 and
fully described in V. 116, p. 935. A circular shows:
Company.-Organized in Indiana. Furnishes electric light and power
in the city of Fort Wayne, Ind. and in 27 other communities and their
Cleveland (Electric) Ry.-Fares Increased.
Central New York
and Auburn,
Effective Oct. 31, this road, operating between Ithaca
funds to keep the
N. Y. suspended operation. A recent campaign for
552.
p.
117,
-V'.
line going failed.
Ohio, were advanced from
Effective to-day (Dec. 1) fares in Cleveland.
to six cents cash, or nine tickets
five cents cash, or five tickets for 25 cents,
enjoying a 5-cent fare to
suburb
only
the
be
will
Lakewood
for 50 cents.
inflexible 5-cent franchise with
Public Square after Dec. 1 because of theHeights
have 6-cent agreements.
that city. East Cleveland and Cleveland
-V. 117. p. 1016.
Traction Co.-Tenders.
Community
Y. City, will until Dec. 21
The Bankers Trust Co.. 16 Wall St., N.
6% Gold bonds, dated Jan. 31
receive bids for the sale to it of 1st Mtge.
at a price not exceeding
$129.447
exhaust
to
sufficient
1921, to an amount
104 and interest.-V. 117, p. 1774.
-Superior Traction Co.-Resumes Dividends.-
Duluth
of 1% on the outstanding $3,500.The directors have declared a dividend
Jan. 2 to holders of record Dec. 15.
000 Common stock, par $100. payable
on Oct. 1 1918; none since.stock
common
A like amount was paid on the
V. 117, p. 1992, 1128.
Mere Ry.-Securities Authorized.-
Eagles
to issue
The I.-S. C. Commission on Nov. 17 authorized the company
Non-cumul. Prof. stock and $5.000 1st
$10,000 Common stock. $50,000
of the properties formerly
Mtge. bonds in connection with the purchase
the Commission says:
owned by the Eagles Mere RR. The reporteof
miles, extending
"The Eagles Mere RR. was a narrow-gaug line of 9.58 Branch
RR., to
from Sonestown, a point on the Williamsport & North
of interest on
payment
the
in
to
default
Owing
Pa.
Raffles More Park,
the properties was appointed
$7,000 1st Mtge. bonds, a receiver for
27 1921 and the
Dec. 14 1920. A decree of foreclosure was entered April
representing holders
property sold on Oct. 3 1921 for $5,000 to a committeeFeb.
25 1922.
was confirmed on
of the 1st Mtge. bonds, which saleto
sell to the applicant the properties
"This committee has arranged
of its 1st Mtge.
acquired at the foreclosure sale for $100 cash, $5,005stock.
The bonds
bonds, $50,000 of Prof. stock, and $10,000 of Common
committee to the syndicate
and Common stock are to be distributed by the
and which was also
which advanced the money to purchase the property
is to be distributed
formed to organize the applicant. The Prof. stock
Eagles Mere RR. Co.
to the 1st Mtge. bondholders of the
consisting of
The authorized capital stock of the applicant is $100,000,
stock, of $50 par value
1,000 shares of Prof. and 1,000 shares of Common
divs.
-cumulative
a share. The Pref. stock will be entitled to receive non
time, and will
at the rate of 6% per annum,is redeemable at par at any
have no voting power.
made
"The $5,000 of 1st Mtge. bonds will be issued under mortgage for an
July 1 1922 to the Belmont Trust Co., Philadelphia, Pa., providing
interest
1942,
July 1
issue of $25,000 of bonds. Dated July 1 1922, due
as a whole
at rate of 6% per annum. Denom.$500 or $250. Redeemable 1099.
or in part on any interest date at par and Interest."-V.115, p.
Georgia Ry. & Power Co.-Stock Offered.-Harrison &
Co., Philadelphia; Curtis & Sanger, New York, and Janney
& Co., Philadelphia, are offering at 104 and divs. to yield
7.69%, $1,400,000 1st Pref. (a. & d.) 8% Cumul. Stock,
Series of 1924, par $100. The bankers state:
vicinities. Also owns and operates the street railway lines in Fort Wayne,
Logansport, Wabash and Peru, and in addition, interurban lines from Fort
Wayne to La Fayette, and from Fort Wayne to Bluffton. Total population
of the territory served is in excess of 200.000. Corporation owns and operstes a 31,000 k.w. steam power plant located in Fort Wayne at the junction
of the St. Joe and Maumee rivers. It owns 150 :miles of 33,000 volt hightension transmission lines and 1.237 miles of distribution lines radiating
from them. The railway property includes about 60 miles of city lines and
140 mlles of high speed interurban electric road, which is almost entirely
on private right-of-way. Operates 115 cars on its city lines, 78 of which
are the new one-man safety type.
Authorized. sOutstand'g.
Capitalization$3,740,200 $1,831,900
Common stock
2,149.700
2,159,800
Preferred stock (7% Non-Cumulative)
None
1,500,000
Prior Preference stock
1st & Ref. Mtge,5s, 1950,ser."A"(incl. thisissue)6,109.000
6,060,000 4,784,500
Income Mortgage bonds, due 2020
337,000
Closed
Divisional 5% bonds, due 1935
242,000
Car and Equipment Trust6% certificates
x In addition to the above securities in the hands of the public,corporation
owns $362,500 of its own securities as follows: $327,900 Common stock.
$10,100 Preferred stock, $13,000 Income bonds and $11.500 1st 8c Ref.
Mtge. bonds. Corporation also owns an unimproved power site against
which there are $14,000 unassumed first mortgage bonds outstanding with
the public and $43,700 owned by the corporation.
y Additional bonds are issuable only under the restrictive provisions of'
the Indenture of Trust.
Purpose.-Proceods will be used entirely to pay for new construction
during the coming year.
Valuation.-The Indiana P. S. Commission in a recent capitalization
case stated that a rate-making value of about $12,000,000 could be placed
upon the property as of Jan. 1 1920;to which should be added approximately
$2,500.000 expended for new property since that date, making its present
value about $14,500,000, exclusive of the proceeds from the sale of these
bonds.
Earnings 12 Months Ended Sept. 30.
1923.
1922.
$2,952,891 $3,511,783
Gross earnings
2,054,357
1,846,142
Operating expenses, maintenance & all taxes
Net earnings
Annual fixed charges
$1.106,749 $1,457,426
347,630
$1,109,796
Balance after annual fixed charges
424.484
405.603
Depreciation (not included in operating expenses)ly 47%
Of the net earnings, after deducting depreciation, approximate
was derived from light and power business, and 53% from railway business.
-V. 116. p. 934.
Interborough Rapid Transit Co.-Earnings.-
Net Earnings of the Interborough System Under the Plan.
4Mos.endect
Oct. 1923. Oel.31 1923.
$5,122,773 $17,957,105
Total revenue
Operating expenses, taxes and rentals paid city for
3,371,503 12,853,823
the old subway
red.
Dividends payable Q.-J. Not redeemable before Jan. 1 1938;
stock may be
thereafter at 115 and diva. No further issuance of Pref.
$1,751,270 $5.103,282
Income available for all purposes
twice
equal
shall
dividends
to
applicable
earnings
net
annual
made unless
Ctunul. stock then Fixed chargesthe annual dividend requirements of the 1st Pref. for
672,138 2,688,251
5s
Mtge.
Int. I. R. T. 1st
cash at not less
outstanding and to be issued, and may be sold only
602,747'
150.687
Int. on Manhattan By. bonds
than par value. Dividends on this stock exempt from present normal
747,099
186,921
notes
Secured
Int.
7%
on
R.
T.
I.
66.188
Federal income tax.
19,794
Int. on I. R. T.6% 10-Year notes
19.320
Capitalization Outstanding Nov.1 1923.
6,711
Int. on Equipment Trust certificates
.000
188,359
51,565
1948-$3,000
6s,
5-Yr.
Gen.
M.
$1,238.00012
Miscellaneous income deductions
Underlying bonds
11,711,00018% Cum. 1st Prof. (incl.
1st & Ref. Mtge. 5s
3,900,000 Earnings without deducting the sinking fund on the
20-Yr. Gen. M.7s, 194L_ 4,000,0001 this issue)
10,000,000
I. R. T. 1st M.54, which, under the plan, does
25-Yr. Gen. M.6s, 1947-- 3.500.00012d Preferred stock
15,000.000
Common stock
not become operative until July 1 1926. but which
plants,
must be deducted from earnings of the system
Company.-Owns and operates extensive hydro-electric generating
power
and
before arriving at the sum available for dividends
light
electric
which
lines,
supply
distribution
and
transmission
$791,318
$663,455
of
city
the
on
Manhattan stock
including
Gerogia,
800,000
to the northern portion of the States of
200,000
Population Dividend on $60.000,000 Manhattan stock
vicinities.
and
their
municipalitie
other
51
and
Atlanta,
Electric
&
Railway
Georgia
the
to
power
def.$8,652
over 750,000. Company supplies
$463,455
company
Balance,surplus
to 1977. Through this contract the
Co. under a contract running
in Georgia. Company also
Reconciliation with Report to Transit Commission.
has obtained the largest 'lower customer
4 Months.
October.
Co. for 999 years. Through this lease
leases the Georgia Ry. & Electric
Atlanta and Net corporate income as reported to Transit Comm. $282,667 del.$731,629
of
city
of
the
utilities
public
the
all
operates
the company
722,945
180,788
paid)
not
but
Deferred sinking fund (accrued
Fulton County. Ga.
modern hydro-electric power plants
The company owns and operates twoand,
def.$8.682
three
$463,455
therewith,
in
conjunction
capacity,
above
Equals
installed
balance
with 122,0,10 k. w.
operations
of 7,374,000,000 Cu. ft. of
An official announcement says: "From the commencement ofit
storage reservoirs with a combined capacity
has been
. w. h. at the power plants. Com- under Contract
No. 3 and the related certificates, respectively,
water, or the equivalent of 87.500,000k
plants
power
the gross
c
of
14%
hydro-electri
expenses
modern
other
the practice to include in all reports of operating
pany also owns and operates
the company's operating
on the Subway
making
17%
and
w.,
of
17.200k.
Division
capacity
Manhattan
installed
upon
the
aggregate
revenue
an
with
w. Transmission and distribution lines Division. to cover maintenance and depreciation. These are the percenttotal present capacity 139.200 k. owned
by the company. In addition, ages fixed for the first year of operation in each case. Negotiations have
aggregating over 800 miles are
rights for a number of undeveloped been pending between the company and the Commission ever since the end
water
and
lands
company owns the
it
serves, having an ultimate capacity of the first year to determine what, if any, changes in those percentages
water powers located in the territory this
amount, 130,000 k. w. will be should be made for subsequent years. Prior to the commencement of the
of approximately 202.000 k. w. Of present
storage reservoirs.
company's
current fiscal year the amount expended in excess of 14% upon the Manserved successively by the
at $40,571,174 by Parsons, hattan was approximately offset by the amount under 17% expended upon
Valualton.-Value of property has been placed
Additions
1922.
1
of
as
Jan.
Engineers,
Dourlas,
&
the Subway Division. But during the current year there have been and will
Klapp, Brinckerhoff
of
continue to be expenditures upon both divisions considerably in excess
to Sept. 30 1923, of $5,454,543, make a total of $46,025,717.
excess expendiended
30.
Months
Sept.
the
tentative percentages provided for the first year. Such
12
Earnings for
the
years,
recent
in
maintenance
deferred
1923.
tures are largely the result of
1922.
uneconomical methods of doing
$14,748,803 $16,244,289 changes in the value of the dollar and the the
Gross revenue
city to furnish shops, yards
13,321,889 the work caused by delays on the part of
Operating expenses, taxes, maintenance & rentals_ 11,942,823
the city.
and other facilities required by the agreements with the
amounts therefor,
of
excess
in
maintenance
$2,922,400
for
"The
expenditures
$2.805,980
Net income
paid
city for the old subrental
and
1,077,739 . 1,012,013 included in 'operating expenses, taxes
31
Annual interest on funded debt
way,' are as follows: October 1923. $219.343; four months ended Oct.
$1,728,241 $1,910,387 1923. $1.065,086."-V. 117, p. 1992. 1775.
x Balance
Interstate Railways Co.-Coll. Trust Certificates Reduced.
Sept. 30 1923, over
list
x Balance available for dividends for the year ended
The Philadelphia Stock Exchange on Nov. 22 struck off the regular
stock.-V. 117.
Pref.
1st
the
on
s
acquired by the
requirement
dividend
annual
six times
$105,000 Coll. Trust certificates 4s. due 1943, reportedcertificates
listed
company and cancelled, leaving the amount of Trust
p. 893. 781.
Authorized.$10,090.000.-V. 117, p. 1992.
Goldsboro Union Station Co.-Bondsthe
issue
to
company
The I.-S. C. Commission on Nov. 17 authorized
International Railway, Buffalo.- Wages increased.
the
to 60 cents
Gold bonds to be sold at 89 and interest,
Wages of street car employees have been increased 2 yi cents
$12,000 1st Mtge. 43&%
The company represents
proceeds to be used for corporate purposes. the
hour.-V. 117. p. 2109.
an
Atlantic
Southern Ry.,
companies,
proprietary
its
to
indebted
that it is
RR., in the total amount of
International Rys. of Central America.-Listing.
Coast Line RR., and the Norfolk Southern
to $1,131.from them and expended for constructing
The London Stock Exchange has granted an official quotation
$8,328 for advances received
October
between
$2,139,900.
thereto
9
Nov.
at
and
betterments
additions
listed
total
making
Its property and for
carried on the books 600 6% Dividend Notes of 1936,
1911, and March 1015. These advances have been
as open accounts and it -V.117, p. 1884.
of the proprietary companies and of the company
same.
Jefferson City Bridge & Transit Co.-Merger.
Is nowdesired to repay the owes the city of Goldsboro, No. Caro., for
below.-V.117,1)In addition the company
See Missouri Power & Light Co. under "Industrials"
upon payment will be
which
and
paid
be
must
which
paving. $3,936.
2109.
charged to its road and equipment account.
?
Dille.1 19231
THE CHRONTCLE
Michigan Electric Ry.-Securities, &c.See Michigan United Rys. below.-V. 117,
p. 2323, 1462.
Michigan United Rys.-Reorganization Plan.The reorganization committe
2433
Quebec Ry., Light, Heat & Power Co., Ltd.
e. G. R. Cottrelle. Chairman, has sent a
circular letter dated Nov. 27, to all owners
of bonds, debentures, and (or)
stock of the company and to all holders of certificat
es of deposit therefor,
advising them that pursuant to decree made
the U. S. District Court
for the Eastern District of Michigan. Southernby
Division,
on Nov. 14 1923,
the reorganization of the company is
to be consummated by the
transfer to the now company, known about
as Michigan Electric Ry., of the
properties of Michigan United Rys. in exchange for securities
of the new
company as provided in the plan of reorganization
(V. 115. p. 2684) as
amended (V. 117. p. 553). The circular further
states:
"Holders of bonds, debentures, and (or) stock of Michigan United
Rys.
and of certificates of deposit therefor are entitled
to receive securities of
the new company as follows:
"(a) Holders of bonds or of certificates of deposit representing bonds
at the rate of $500 of 1st & Ref. Mtge. Gold bonds, Series "A"(5%, due
1948) of the Michigan Electric Ry., dated as of Jan. 1 1923, and
bearing
coupons due July 11923. and semi-annually
thereafter, and $600 of Class
"A' 5% Prof. stock of Michigan Electric Ry.,
cumulative with respect
to dividends from July 11923,for each $1,000 of bonds
"(b) Holders of certificates of deposit representingheld or deposited.
debentures at the
rate of one share of Class "C"
Pref. stock of Michigan Electric By. for
each $100 of debentures deposited.
"(c) Holders of certificates of deposit representing
Pref. stock at the
rate of one share of Class "0" Pref. stock of Michigan
Electric By. for
each two shares of Pref. stock deposited
"(d) Holders of certificates of deposit .
representing Common stock at the
rate of 1 2-3 shares of Common stock of
.Michigan Electric By. for each
share of Common stock deposited.
"(e) Holders of undeposited debentures (accompanied by
the coupon
due June 11921,and all subsequent coupons)
stock. and (or) Common
stock, at the rates above specified tin (b), (c)Pref.
and (d)] provided the debentures, Pref, stock and (or) Common stock are
surrendered to Michigan
Electric By. on or before Nov. 14 1924.
of undeposited debentures. Pref. stock, and (or) Common stockHolders
who do not so surrender their
holdings to Michigan Electric By. within
time above limited, will
forfeit all right to participate in the reorganizthe
ation and to receive securities
of the new company."-V.117. p. 1663. 1129.
Milwaukee Electric Ry.& Lt. Co.-Balance Sheet.i0'23. Dec.31'22.
Sept. 30'23. Dec.31 '22.
AssetsProperty & plant_72,518.194 68,712,953 Preferred
stock-10,685,000 8,504,800
Cash on deposit
Common stock---11,250.000 11.250,00
with trustees.-- 5,401,211 1,290,185 Payls
0
on subser's
Treasury securities 180,292
to Pref.stock.-- 365,344
Sundry invest'ts- 1,056,410 1,063,431 Funded
307,904
debt
50,101,69
Due from affil. cos. 3,747,021
920,930 Due to affil. cos.- 146.0475 41.669.000
Cash
1,839,112
207,032
438,695 Notes & bills pay- 1,100.000
Notes & bills rec
900,000
21,181
19,629
Acc'ts
payable.-- 1,046.361
Acifts receivable... 1,484,694 1,558,027
646,987
Sundry cur. Bab-- 370,399
Material & supplies
488,900
Int.,
diva.,
&a,
(at cost)
3,278,945 2,882,787
accrued
781,491
Prepaid accounts.
549,874
15,220
12,571 Taxes accrued
1,269.769
Open accounts_ _
275.388
1,887,727 1,350,295 Open accounts_
720,629
Bond & note disc_ 3,547,352 2,919,495
584,021
Deprec'n reserve_x11,378.753,10,575,535
Other
reserves__
__
1,750,203 1,416,705
Total(each side) 93,345,279 81,168,998 Surplus
2,379,588 2,260,772
x Appropriations are made from earnings
monthly to insure replacement
of physical property, and credited
depreciation reserve, in accordance
with the best principles of managemto
ent and engineering practice. When
property is replaced or abandoned, original
cost of such property is charged
against said reserve. These appropria
to depreciation reserve are
additional to full maintenance and repair tions
expenditures, which are included in
monthly operating expenses, and servo to
maintain all parts of the properties In good repair and In first class operating
condition.-V. 117, p. 2212.
1556.
-Interest.
The coupons representing interest on the Quebec-Jacques Cartier
Electric
Co. 1st Ref. Mtge.5% 30-Year Gold bonds for the half year
ending Dec. 1
1923 (at the rate of 5% per annum) will be paid upon presentat
Bank of the Manhattan Co., 40 Wall St., N. Y. City.-V.117. ion to the
p. 1347.
Reading Co.-Assumption of Bonds.-
See Williams Valley RR. below.-V.117, p. 2213, 1778.
Seaboard Air Line Ry.-Equip. Trusts Offered.-Lade
burg, Thalmann & Co., Redmond & Co., Kissel, Kinnicuntt
& Co. and Freeman & Co. are offering at a price to yield
6.10% for all maturities $1,620,000 6% Equip. Trust gold
certificates, Series "W" (see advertising pages).
Issued under the Philadelphia Plan. Principal and dims,
onally
guaranteed by the company. Chase National Bank, Newunconditi
York,
Dated Dec. 15 1923. Payable $60,000 semi-annually, June 15 trustee.
1924 to
June 15 1937 both inclusive. Denom. $1,000c5. Red. on any div.
date
at 105. Dividends payable J. & D. at the office of the trustee,
without
deduction of normal Federal income tax not in excess of 2% per annum.
Data from Letter of S. Davies Warfield, President of Company.
Security.-4 all-steel mail and baggage cars (new); 2 all-steel dining
cars
(new); 1 all-steel business car (new); 25 steel underfra
caboose cars
(new); 932 steel underframe flat cars, 80,000 lbs. capacityme
(new except for
rebuilt trucks); 299 all-steel phosphate cars, 100,000 lbs. capacity
(rebuilt),
289 flat cars. 60,000 lbs. capacity (rebuilt).
Earnings.-The policy of the management in acquiring additional equipment for its growing business and in rehabilitating existing equipmen
been justified in the results of operations for the current year, which t has
show,
for the 10 months ending Oct. 31, operating revenues
of $42,820,611,
net railway operating income of $6,218,118, and net income,
after fixed
charges and other deductions and exclusive of interest
on Adjustment bonds
Of S1,495.388.
Although the road has been receiving the benefit
the additional equipment in service for only a part of the current year of
and primarily in recent
months, the decrease in the cost of equipment hire
the year to date.
for
compared with the corresponding period of the previous year,
and the comparison for Oct. 1923 and Oct. 1922 indicates a is 81.063,650.
decrease of hire
of equipment at an annual rate of $1,800,0
The average per diem
freight car loadings continue to be the greatest00.
in the road's history.
In comparison with the corresponding period of 1922.
the Agross earnings
for the 10 months ending Oct. 31 have increased $5.882,47
7, and the net
for the same period shows an increase of $2,591.1
43.
Issuance.-Subject to the approval of the I.-S. C. Commissi
on.-V.117,
p. 1993, 1348.
Southern Colorado Power Co.-Balance Sheet.-
Aug.31'23.Dec.31'22.
Ass.31 '23. Dec. 31'22.
Assets$
$
Liabilities$
Prop. & franchises 14,385,000 14,144,883 7% Pref. stock_ __ 2,242,500
2.120,700
securities in non2d Prof.8% stock- 840,000
840,000
affiliated cos.__
3,602
4,052 Funded debt
9,800,000 9.000.000
Sinking fund
826 Notes & acc'ts pay. 196.338
601,665
Cash
67,332
118.473 Accrued accounts_ 347,895
570,082
Acets receivable
180.2851 180,995 Pay.& sewer ass'ts 124,837
Notes receivable..
3.2581
Cons'rs' dep., &c79,234
82,505
Due fr. MM. cos
105,272
104,152 Reserves
44,836
83,172
Mat'ls & supplies
Capital reserve
1,242,665 1,308.069
190,915
(at cost)
153,838 Surplus
31,368
107,180
Deferred assets.14,110
6,154
Total(each side) 14,949,674 14,713,373
Note.-Common stock (shares without par value) authorized,
60.000
shares; unissued, 25.000 shares; issued and outstanding, 35.000 shares.V. 117.p. 2213, 1463.
Texas & Pacific Ry.-Readjustment Plan.-A plan for
the readjustment of the finances of the road has been announced by Kuhn, Loeb & Co.,
Minneapolis St. Paul & Sault Ste. Marie
Ry.-New managers. The plan, already who will act as readjustment
President.approved by the directors
0. T. Jaffrey has been elected
, to succeed the late George R. and on which the stockholders will vote Dec. 21, will not
Huntington. Mr.Jaffrey will notPresident
devote
disturb
the
present
his
entire
capital stock and will place no assessment
time to the business of
the company until Jan. 1 1924.-V. 117.
p. 2323.
on it, but offers holders of the 2d Mtge. Income
bonds
Mississippi Power & Light Co.-Bonds
non-cumulativ
5%
e Pref. stock on a par-for-par exchange
Ready.The American Exchange National Bank
is prepared to deliver the
basis. The plan has also been approved by a commit
Ref. S. F. 6%% Gold bonds.
1st
&
Series
tee of
"A," maturing 1943, in exchange
their interim certificates. See offering
for Common stockholders (see below).
in V. 117. p. 2212.
In order to carry out the plan, stockholders will be asked
Mississippian Railway.-Construction.to authorize
and approve the corporate action necessary or expedien
The 1.-S.C. Commission on Nov.22 authorize
t to consummate
d the
to construct the plan, including the creation of the new General & Ref. Mtge., the issue
a line of railroad commenc
ing at a point of connectiocompany
from time to time of bonds
n
with the
thereunder in accordance with the provision
San Francisco Ry. at Amory, Monroe County,
Louis- thereof, the creation of the Pref,
and extending in aSt.
stock, the issue thereof as contemplateds
direction to Fulton, Itawamba County,
northerly by
a distance of about 25
the
and
the
plan
issue
of
the new notes as contemplated
in the State of Mississippi.
miles, all No assessment imposed
by the plan.
is
on
the
present Common stock.
It is proposed to finance the construction
and equipment costs by the
The consummation of the plan by voluntary readju.st
sale of $200,000 1st Mtge. 25-Year 7% Gold
ment is of special
importan
bonds,
the
to
ce
stockhold
to
ers
be
in
order
sold, as funds
to preserve their rights under the
sre needed, at a price to net the applicant not
less than 75. Applicati
present Federal charter with the recent amendme
for authority to issue such securities has been
nts authorized by Conwith the Commtnion.on gress, inasmuch as a forced reorganization based upon
It is proposed to finance the construction filed
a judicial sale
the
and
property
involve
would
the
equipmen
loss
of that charter. Missouri Pacific of
t costs by the
sale of $200,000 1st Mtge. 25-Year 7% Gold bonds,
RR.,
owner of over 95% of the outstanding 2d Mtge. Income bonds
needed at a price to net the applicant not less than to be sold as funds are the
and the
holder
judgment
of
has
s,
assented
75%.
to
the plan and has agreed to become a
Application
authority to issue such securities has been filed with
the Commission. for party thereto and to accept the new securities provided for thereby.
Missouri-Kansas-Texas RR.-Earnings.Results for October and 10 Months Ended Oct.
31 1923.
Period-October-1922.
1923-10 Mos.-1922.
Aver. miles operated-. 1923
x3,203
3,737
3,391
Operating revenues
3.737
$5,432,5
13 $5,782,994 $46,087,742 $44,749,
Operating expenses
706
'4,429,918 4,100,214 36,050,4
96 32,163.642
Available for interest_ _
721.221
1,248,679
8,427.696
Interest charges, includ9,063,386
ing Adjustment bonds
633,775
564.121
6.299,848
5.583,722
Net income
587,446
8684.558 $2,127,848
$3,479,664
x Decrease in mileage, 534.79 miles.
Note.-Interest for 1923 is on securities of
reorganized
those for 1922 represent interest
, while
on old company securities. company
period Jan. to March 1923 includes
Year
and
revenues
of
lines relinquished1922
ganization.
in reorInterest duo Dec. 1 1923 on the Missouri
& Texas Ry, Co. 1st
Mtge. 4% gold bonds, due June 1 1990, will Kansas
be paid upon presentation
coupon at office of company,61 Broadway, N.
of
Y. City.-V.117. p.
894.
Mohawk Valley Co.-Acquisitions.-
The company has acquired the Mount Morris Water
Power Co. and the
Mount Morris Illuminating Co. The two companie
s will retain their
names, and Robert M. Searle,
old
President of the Mohawk Valley
Co., will
act as President of both.-V. 116,
p. 616.
Pennsylvania-Ohio Power & Light Co.
-Tenders.-The Guaranty Trust Co., trustee, 140 Broadway,
Y. City, Will until
Dec. 10 receive bids for the sale to it of 1st & Ref.N.
Mtge.
Sinking Fund
Series A and B 7%% gold bonds due Nov. 11940, to an
amount sufficient
to exhaust $75,818. at a price not exceeding 110 and int.-V.
117, p. 2119.
1963.
Public Service Ry., N. J.-Deficit for October.The report for the month of October shows a
of$382,753. as against
a profit of $59,235 in Oct. 1922. Since Oct. 1deficit
1923 the company has
been
running its trolley lines with an experimental 5-cent faro
without transfers.
Prior to Oct. 1 the company operated its cars with an 8
-cent fare and a
1-cent transfer. The 5-cont "base faro" plan was put into
effect
on the
advice of the P. U. Commission. It applied only to the larger
cities in the
Newark vicinity. Other areas are charged 8
as they were before the
strike in which the platform men won a 20% cents,
increase in wages.
The passenger figures for October last are 33,508.564, and
for October
1922 27.187,790.-V. 117, p. 1557, 1463.
An introductory statement to the plan of readjustment
says in substance:
The company owns a property having a mileage of about 1,850
miles.
It enjoys an exceptionally favorable geographical position
and serves a rich
and growing territory. That for years the Company
been in poor credit
and since 1916 has been in the hands of receivers, ishas
due to radical defects
in its financial structure. That structure is such that
it has been unable
to create any marketable security with which
to raise the money for improvements, betterments and additions imperativ
required
ely
to enable it
to keep abreast of the times and develop its full earning capacity.
For 15
years, therefore, the company has applied to betterments
practically Its
entire income over and above interest upon obligations ranking
prior to its
2d Mtge. Income bonds.
During the receivership $15,290,129 has been so applied, in
addition to
$4,519.555 funded through equipment trust notes. Substanti
al further
expenditures, however, are necessary to develop the
property to its full
earning capacity. The receivers estimate that approxim
ately
$6,000,0
00
should be expended in improvements in the next two
years.
The mortgages resting upon the main lines of the company
are practically
chased. Its aggregate mortgage debt (includin
g its 2d Mtge. Income bonds
and equipment obligations) is approximately $59,300,000.
Company also
has outstanding certain notes upon which
s aggregating, with
interest, approximately $4,440,000 have beenjudgment
entered
The U. S. Circuit Court of Appeals for the Fifth Circuit
has sustained
the contention of the Texas & Pacific that interest is not
required to be paid
on the 2d Mtge. Income bonds if, in the discretio
n of the directors, it is
expedient to apply to capital expenditures the earnings
otherwise available for such interest, and has held that noof the company
payable on those bonds. No dividends, however, can be back interest is
paid upon the
Common stock for any year until full Interest for that
year has been paid
upon the 2d Mtge. Income bonds.
By Act of Congress, approved Feb. 9 1923, the charter of
Pacific was amended in several respects and in particular tothe Texas &
permit the
creation of additional bonded debt and Prof. stock.
The proposed plan of readjustment offers the following provision
s for
meeting the difficulties stated above:
(a) Provision for improvements, additions and betterments is
to
be
made
by the creation of an issue of new General & Ref. Mtge. bonds
secured by
a new mortgage subordinate only to prior mortgage
s under which there will
be outstanding, upon the completion of the readjust
ment, bonds aggregating less than $31,000,000, or at the rate of less than
$17,000 per mile,
and subordinate, as to equipment, to outstanding equipmen
t trust obligations aggregating approximately $4,600,000.
(b) The holders of the 2d Mtge. Income bonds are to
participate in the
plan on the basis of an exchange of their bonds for
5% Non-Cum. Pref,
stock, par for par.
2434
THE CHRONICLE
[VOL. 117.
$24.998,000
1 2000
& Pacific are 1st Mtge.5% bonds, due June
due Jan. 1 1931 4,970,000
(c) The judgments recovered upon the notes of the Texas
Louisiana Div. Branch Lines 1st M.5% bonds,
due
bonds),
Mtge.
&
Ref.
General
by
to be funded into new unsecured notes.
(secured
notes
6%
New
the
26 1923.
March 1 1930, to be issued to fund debt of receivers to
Digest of Plan of Readjustment, Dated Nov,
4,400,000
$102,428,094.
Director-General
4,588,401
Present Capitalization (as of Dec. 31 1923)-Total
1937
to
up
in
ents
g
installm
maturin
ons
nt obligati
3
4,440,58
(1) Securities to Remain Undisturbed- due June 1 2000---$24,998,000 Equipme
e
Unsecured 6% notes maturing 1930-1939 inclusiv
Texas & Pacific By. 1st Mtge.5%0 bonds,
Jan. 1 '31 4,970.000
684
343,366.
Tex.& Pac. By.La. Div. Branch Lines 1st M.5s,due
1
4,588.40
1937_
Totalfunded debt
Equipment obligations maturing in installments up to
ents After
38,755,110
Annual Fixed Charges and Preferred Stock Dividend Requirem
Capital stock
made in PlanReadjustment (Total $3,502,310).
(2) Obligations for which Provision is bonds,
$1,738,075
,676,000
2000-$24
1
Dec.
bed
due
ng
undistur
ons
remaini
on
obligati
5%
Interest
M.
Income
2d
Ey.
Texas & Pacific
264,000
4.440,583
Interest on $4,400,000 notes to Director-General(6%)
Judgrnens on notes with interest to Dec. 31 1923
266,435
Texas & Pacific each own one-half
on $4A40.583 unsecured coupon notes(6%)
ote.-Missouri Pacific nu, and theTermina
1.233.800
and Missouri Pacific Interest
RR.,
l
d
stock
on
ippi
ds
Preferre
-Mississ
Dividen
of the capital stock of Trans
s
the Texas & Pacific have
and Dividend Requirements.-Result
RR., the Texas & Pacific and the receivers of
Trans-Mississippi Terminal Income Available for Fixed Charges
1921 and 1922
jointly and severally guaranteed 33,653.0l00RR. Co.), which mature (as from operation of property for calendar years 1916, 1917,
y
guarant
included
Termina
, % notes (assumed by the
Co. 636
ed $660,000 (1918 and 1919 under Federal control and 1920, which
& Pacific has also guarante
would, after giving effect to the
extended) Nov. 1 1924. The Texas
due Aug. 1 1930, period, being omitted) show Income which
charges
bonds,
By.
fixed
stern
for
Northwe
ents
requirem
the
to
&
le
Weatnerford Mineral Wells
1930 proposed readjustment, be applicab
n Ry. bonds, due Marc hlTexas
and $100,000 Denison & Pacific Suburba
and Pref. stock dividends above stated, as follows:
es being owned by the
Average for Period.
1922.
(practically all the stock of these two compani
bonds, due
1921.
1917.
Dallas
1916.
of
Co.
l
Termina
Union
00
$4,953,086
0
$132,00
& Pacific): and also $5,000,0
and
es),
35.241,466 36.032,282 34,771.610 33,766,987
ary compani
for the 9
April 1 1942 (jointly with 7 other propriet
propriewith 5 other
The corresponding amount available for such requiremsents
El Paso Union Passenger Depot Co. bonds (jointly
estimate, howreceiver
The
83.
32.695.1
was
30
1923
ended
Sept.
months
year 1923
the
tary companies).
for
00.
charges
$5.900.0
nt
Out Plan-Total
ever, that although maintenance of equipme
Estimated Cash Requirements to Carry
of the shopwill be approximately $1.000,000 in excess of normal by reason
receivers to the Director-General
$4,500,be
(1) To provide for debt of theFederal
will
00
1923
$1,400,0
year
full
for
the
amount
nding
control
men's strike, the correspo
of Railroads arising out of
$997,690 after Pref.
s of the receivers, to
000, which would leave a surplus, based on the plan, of
ial Re(2) To pay claims against, and liabilitie
"Financ
under
s
ment.
of
receiver
nt
readjust
e
of
stateme
(Compar
expenses
s.
pay
stock dividend
provide working capital and to
tment managers, fees of
p. 2214. 1130.
-V.
117.
above.
ports"
including compensation of readjus
0
1.500,00
ents (estimated)
counsel, taxes and miscellaneous requiremprior to Jan. 1 1925 3,600,000
Tuscaloosa R.& Utilities Co.-Sale.
(3) To provide for necessary capital expend,
y to the Perry Creamery
will be provided
above)
(as
plan
the
of
purposes
The company is reported to have sold its creamerrecently
the
for
required
cash
The
sold to the Alareceivers, Co.
the
were
of
hands
systems
the
in
e
electric
and
be
availabl
to
railway
d
street
The
25as follows:(a) Cash estimate
ng Marhc 1 1930) to be issued to
p. 2112). All of the outstanding 1st Mtge.
117,
(V.
Co.
bama
Power
$1,500,000: (b) proceeds of notes (maturi
&
Jan. 1 1924
pledge of General
year 6% bonds. due July 1 1940. have been called for payment
the Director-General of Railroads, to be secured by
phia, Pa.
Philadel
trustee,
Co.,
Trust
c
at 102 and int. at the Republi
Ref. Mtge. bonds, $4,400,000.
Method of Participation in Plan. ments for the ex- See also V. 117, p. 2214.
arrange
s Fare Increase.
Missouri Pacific RR. is to make the necessary it,
for
000
United Electric Rye., Providence.-SeekIsland
being $23,703,
P. U. Comchange of the 2d Mtge. Income bonds owned by
er, upon notice by
The company, in a new tariff filed with the Rhode
n from ten to
new Prof. stock, as provided in the plan, and thereaft
rqductio
a
e
through
corporat
in
fares
the
increase
taken
mission. seeks a slight
There is no
the readjustment managers that the stockholders have
cents.
50
s to carry out nine in the number of metal tokens to be sold for
privileges
proceedings necessary to enable the readjustment manager
the readjustment change, under the new schedule, in the six-cent cash fare, transfer
new rate
the
the plan, is to cause the bonds to be deposited with
that
asks
y
compan
direct
managers may
tickets. The
on
school
rate
or
special
tment
readjus
as
the
with
e
dealt
otherwis
s
or
manager
become effective Dec. 24.
company
the
for the purpose of such exchange.
yield
will
increase
with
bonds
the
s
that
their
estimate
President A. E. Potter
barely offsets
Other holders of 2d Mtge. Income bonds may deposit
ate certificates or re- an additional annual net income of $422,500. "which amount
-V. 117.
the readjustment managers and will receive approprion
the terms provided the estimated deficit of $412.495 in 1924 under present rates."
ceipts therefor, entitling them to new Preferred stock
1993.
p.
in the plan.
new unsecured notes. as
. unding.-Ref
Missouri Pacific RR. will also agree to accept
Washington Railway & Electric Co.
judgments have been recov00 of 10-Year 6% bonds.
provided in the plan, for the notes upon which
The company,it is reported, has issued 32.646,0
to $4,440,584.
1923.
31
Dec.
to
last by the Washinterest
Sept.
in
e,
with
granted
ered amounting in the aggregat
dated Nov. 1 1923, under the authority
Plan.
About one-half of this amount has
New Securities to Be Issued undernot
ington (D. C.) P. U. Commission.
times
1
ons elsewhere as
exceed
Ii
to
instituti
and
issue
banks
ton
rized
Washing
ated with
(1) General & Ref. Mtge. Bonds.-Autho
00
issued. The mortgage been hypothec
made in connection with the retirement of the $1,000,0
the par amount ofthe capital stock from time to timesuch
the existing liens collateral on loans
of
1463.
p.
to
117,
only
1.-V.
Dec.
subject
duo
lien,
a
bonds
be
General 6%
securing these bonds shall
$17,000
mately
approxi
be
will
as are not displaced (the aggregate of which
ceivership-Sale.es, and, subject to
Washington 8c Virginia Ry.-Re
per mile) upon all the railroads, property and franchis
Court of Fairfax County. Va.. on.
now owned, with such exJudge Samuel C. Brent in the Circuit
receiver
existing equipment trusts, upon all equipment,manager
wise.
deem
may
s
s, Manager of the company,
23 named Arthur L.d Reynold
ceptions and additions as the readjustment
five trust companies of Philto prior liens) to all Nov.receiver
was appointe on the petition a
The lien of the mortgage shall also extend (subjectGeneral
The
Mtge.
Ref.
.
&
company
the
new
of
of bondholders
gold
properties hereafter acquired by the use of the
of a direct mortgage, adelphia in the interest
By. 1st Lien & Ref. Mtge.
bonds or their proceeds. Such lien shall be in the formof
The $3,000.000 Washington-Virginia
securities of a corto Edward P. Hopidnson Jr..
but it may take the form of the pledge or assignment the
at public auction Nov. 28The
sold
were
matured
bonds
which
is
notes,
intended
lien
6%
poration or corporations owning property to which
representing the note holders, for 32.000.
2214.
to extend.
secured by these bonds.-V. 117. p.
separate series, maturing Jan. 1 1922, were
General & Ref. Mtge. bonds may be issued in same
of
rates
t
Finished.differen
ion
or
Substat
e
-Larg
Co.
on the same or different dates, and bearing the
Penn
West
and
whole or in part, at
of the largest substations
interest, and any series may be made redeemable, in conversi
The company has placed in service one
represents a great
on privileges
at Charleroi. Pa.. whichof capacity at one
times, on notice and at premiums, and may have such
country
in
the
yards
switch
and concentration
and other provisions as determined by the directors.
or be reserved advance in type of construction at the centre of the load of the system,
The new General & Ref. Mtge. bonds may only be issued
represent in part point. This installation, located
substantially built high-voltage
through
for issue as follows: (a) Not exceeding $8,000.000, toreceiver
in
ties
gh,
Pittsbur
of
ship: (b) to just south
of the system, at present
additions and betterments made out of earnings during
with the large power stationsaddition
lines
sion
Mtge.
transmis
Ref.
&
exceeding 95,000
General
the
of
lien
, with
capacity
refund bonds secured by lien prior to the
p.
h.
275,000
switch
over
ing
ng
guaranaggregat
nt substation andsystem.
upon the properties subject thereto, or some part thereof(includi
p. now under construction. This importa
h.
an
amount
to
of this
),
$760,000
stations
ing
power
es
aggregat
teed bonds of subsidiary compani
only of the
not
use,
the
;
control
with
also
will
yard
refunded
ons
be
connecti
to
not exceeding 105% of the principal amount of the bonds so
available through
additional but in addition large reserve capacities
other neigh(0 under suitable restrictions, to provide for the acquisition of
American Gas & Electric Co. and
Co.,
e
Light
&c.,
the
Duquesn
ments,
improve
property and equipment, for further extensions.
obligations boring utilities.-V. 117, p. 2324.
chargeable to capital account.,for the refunding of bonds or
mortgage, for
secured by lien on after acquired properties subject to the
West Penn Power Co.-Consol. Balance Sheet.
terminals
owning
31'22
the acquisition of stocks or obligations of corporations
30'23.Dec.8
Sept.$
in the
30'23. Dec.31 '22.
Sept.
and other facilities and for such other purposes as may be provided
Liabilitiesannual sinking
'
Assets6,002,000
7,932,100
mortgage with the approval of the readjustment managers,bonds
__
stock__
pref.
7%
in
7
issued
000 10,900,000
fund payments equal to 5% of the principal amount of all after the issue Property Sr plant_52,950,490 44,477,69
132,398 Common stock_ _11,100,
Special deposits_ _ _ 429,637
respect of equipment to be required for a period of 20 years
481,792 Instailm'ts paid on 188,888
462,930
502,400
payments to be used only for purposes for Cash
of such bonds, such sinking fund
stockpreferred
1,601} 829,520
24,938,000
Notes receivable
•which bonds might be issued.
es & adeeelatte may.,31,183,200
ntded
are to bear interest Acc'ts receivable
968,753
(2) Notes to Director-General of Railroads -Such notesindebted
the
of
ness
NO
316,418
1,788,601
at the rate of6% per annum and are to be issued to fund March 1 1930 and Subs,to pref.stock 378,012
Incl. acer. wages 2,717,694
199,667
1,116,150
iviDus(aoctlfsrc.o&astf)fissi.
receivers to the Director-General. They will maturebonds.
tebdtint.on fund. 429,520
a'
Md
Amount to
68,231
supplies
will be secured by pledge of General & Ref. Mtge.
1,654,375 1,614,179
be issued, $4.400.000.
pay.on pref.
Divs.
bearnotes
105.035
serial
coupon
on
bonds
2
5
red
1
2
Discount
138,8
(3) Unsecured Coupon Serial Notes.-Unsecu
stock
amount of the
5 1,985,464
72
18
2,72
3:6
96
and notes
in/Frest at rate of 6% per annum are to be issued to the
Bal. due on constr.
and int. thereon Unexpired insuece
ents on the unsecured notes of the Texas & Pacific
ju
contracts
equa
in
mature
will
378,012
to an. 1 1924. Such notes will be dated Jan. 11924, g Jan. 1 1930, and Royalties paid In
8 Cap.stk subsced_
17
25
63
1:9
37
263,449
24
32
2
beginnin
2
717
86
848
1.:60
advance
es__ 6
annual installments over a period of 10 years,
Due to Mill. cos83.
419,339
310.914
Miscellaneous
will bear int. from Jan. 1 11)24. Amount to be issued, $4,440,5
accrued
Int.
outfor
e
478,176
par, in exchang
Deferred clutrg
587,372
accrued_
(4) New Preferred Stock.-To be issued. par for 000.
Taxes
1,07201
total,
$24,676,
bonds:
1,116,486
standing 2d Mtge. Income
Deferred liabilities
out of the surplus
credits
The holders of Pref. stock will be entitled to receive
ed
Unclassifi
s
s, dividend
3,689,865
or net profits of the company, when and as declared by director s shall be
Depree'n reserve- 4,149,293
at rate of but not exceeding 5% per annum before any dividend
Itt for damages, 367,115
at such dates as
73,733
'
set apart for or paid upon the Common stock, payable
cumulative. The
directors may determine. Such dividends shall not be
Surplus invest. In
s or to prefPref. stock shall not be entitled to any other or further dividend
Dividends on the
217,287
2
783
56
746
28,
erential rights to subscrioe for additional stock issued.
iiscapitalflziele
r all dividends
Total(each side) 61,375.675 50,526,600 Surp
Prof. stock shall accrue from the date of Issue. Wheneve
was published
paid, or the inV.ll
9 months ended Sept. 30 1923
the
n
for
7
m
p
2
o
ce
e
e
2
,
nt
c
4
c
1
.
a
u
accrued on the Pref. stock for the current year shall have been
sufficient
Company shall hav.t set aside nom its surplus or net profits a sum Common
for the payment thereof, the directors may declare dividends on the
or net profsurplus
ng
any
of
remaini
out
er,
Williams Valley RR.-Bonds Extended.
or
thereaft
then
stock, payable
ed the company to extend
ion otherwise
to
The I.-S. C. Commission on Nov. 20 authoriz
its. In the event of the dissolution, winding up or liquidat
from Dec. 1 1923
the
of
bonds
out
5%
date of maturity of $120,000 1st Mtge.The
also been
of the company, holders of Prof. stock shall be entitled to receive
Reading Co. has
any distribution the
payment of
Dec. 1 1938. with int. at 4% per annum.
assets of the company the par value of their shares before
the
of
respect
entitled
be
in
not
iability
n and
tionl
tbgaeo
terestoblier
assume
e bo ed
shall be made to the holders of the Common stock, but shallcompany there- authoriz
s and
nd interest
bonds
W
to agree
as holders of such Pref. stock to share in any assets of the
are unwilling bonds
notice at pardedivs.
at
holders of any of the bonds
the
the
In
that
event
upon remaining. Prof.stock red., all or part.on 30 days'equal
their
power
voting
Co. has agreed to purchase the terms of
Reading
the
such
n,
to
extensio
The Pref. stock and the Common stock are to have
mortgage to secure addi- 90 and int. Holders of 8109.000 of the bonds have accepted
to
and in addition provision is to be made that noGeneral
agreed
have
or
no
trustee
Mtge.),
the
Ref.
with
&
bonds
no expenses
tional indebtedness shall be created (except the their date (except the notes the extension and deposited their at
90 and int. There will be
,
obligations maturing more than two years after and equipment trust obli- sell the bonds to the Reading Co.
OM.
13•
84.
-V.
n.
extensio
the
of
ment
in connection with the arrange
provided for, the General & Ref. Mtge. bonds
or having a priority,
gations) shall be issued, and no stock on a parity with,
without,
issued
be
shall
stock
the
Pref.
OUS.
either as to dividends or assets, over
of the outstanding
INDUSTRIAL AND MISCELLANE
in each such case, the consent of the holders of a majority
important develmost
Pref. stock.
the
of
touch
holders
the
items
of
brief
request
The
ng
followi
week, toCommon Stockholders' Proxy Committee.-At the
the Missouri Pacific RR.), opments in the industrial world during the past
a large amount of Common stock (other than Osborn,
Dunlevy Milbank,
published in full
news
who have approved the plan, William Church
similar
of
proxy
as
a
act
ry
a
summa
gether with
consented to
Alvin W. IQ•ech and Albert A. Jackson have
•
detail in last week's "Chronicle."
committee.
& Co. (readjustment manPrices, &c.
Readjustment Managers. &c.-Euhn.0Loeb
plan
the
Steel and Iron Production,
ation unless
formerly given
compens
as
of
3200.00
sum
the
receive
agers) shall
the trade journals
by
ns
without
conditio
serve
ions
to
market
agreed
of
The
have
review
they
event
g page under "Indicat
shall be abandoned, in which
under this heading appears to-day on a precedin
compensation.
."
of
on
Activity
of
Business
Completi
and
ment
Readjust
e After
Fixed Charges and Income Availablment
Program.
Coal Production, Prices, &c.
Improve
coal production, toDebt.-The fixed interest-bearing funded
Geological Survey's report on Trade
States
United
The
Journal" and
Fixed Interest-Bearing Funded
31
of
(as
Dec.
tment
the "Coal
of the readjus
debt outstanding upon the completion
gether with the detailed statements by
1923) will be as follows:
DEC.1 1923.]
THE CHRONICLE
the "Coal Age," regarding market conditions, heretofore appearing tn 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.
Refined Sugar Prices.-On Nov. 24 American Sugar Refining Co. temporarily withdrew from the market; Federal advanced price 5 pts. to 9.05c.
On Nov. 26 American re-entered the market, quoting 9.25c., an advance
of 10 pts. Arbuckle, National, Pennsylvania, Revere and Warner
advanced 10 pts. to 9.25c., while Federal advanced 10 pts. to 9.15c. also
Nov. 27 Federal advanced city delivery price to 9.20c., while 9.15c, On
remaned price for outside delivery.
Automobile Prices Reduced.-Hudson Motor Car Co. announces a line
of 6-cylinder Essex cars priced at $850 for the touring and $1,000 for the
coach. effective Dec. 1. The corresponding 4-cy4inder models sold
at
$1,045 and $1,145, respectively. The 4-cylinder line will be discontinued
after Dec. 1. Boston 'Tinancial News" Nov. 24, p. 3.
Lynn (Mass.) Shoe Trade.-Employees of Gregory & Read Shoe Co. in
Lynn, Mass., one of the largest in the city, received a questionnaire Saturday giving them an opportunity to accept or refuse employment
under the
following three rules: (1) The firm must have
the right to dictate the policy
of operation, and not union leaders; (2) all shop rules which hinder
production or make for inefficiency must be eliminated; (3) a wage
reduction
of 15% must be put into operation to enable the firm to compete with
other
centres. Letter said firm has been operating at a loss and "unless
we get
an even break with the neighboring cities, we will be obliged to discontinue
all operations in Lynn." Boston "News Bureau" Nov. 27, p. 3.
Tile Manufacturers Restrained from Exchanging Information
to Sales,
Prices and Orders.-A final decree ordering the dissolution the as
Tile Manufacturers' Credit Association restrained by its terms theofmembers
of the
Association from hereafter organizing any similar association,
"in any way making or exchanging reports as to prices, sales andand from
orders.",
New York "Times" Nov. 27, p.32.
Matters Covered in "Chronicle" Nov. 24.-(a) New
flotations in
October and 10 mouths since Jan. 1, p. 2263-2267. capital
Tin plate wage
adjustments; tonnage rates for workers advanced 134 (b)
to 48% above base
for this month and next, p. 2274. (c) Period of guaranteed
and unemployment allowance reduced in Cleveland women's employment
wear industry, p.227. (d)48-hour week for women and children
in industry rejected
at referendum in Maine, n. 2276. (e) Wage dispute ended
paper mills; wages advanced, p. 2277. (f) Apprentice systemin Holyoke
revived in
building industries, p. 2277. (g) Brockton shoe wages
increased 11%,
p. 2277. (h) Lynn shoe workers alarmed over industry,
p. 2277. (i) $150
a week for metal workers. p. 2277. (j) Larchmont
scoff at fine for Sunday work, p. 2277. (k) Kelly (N. Y.) bricklayers
adopts 8-hour day, p. 2278. (I) Longshoremen at -Springfield Tire Co.
Norfolk and Newport
News get wage increase; no agraement
union. p. 2278. (m) Longshoremen at Boston get wage increases,with
p. 2278. (n) Failure of Scott,
Norris & Co.,7 Wall St., New York City, cotton
ure of Sheridan & Bromberg, 44 Broad tit.. New brokers, p. 2284.(o) FailYork City, stock brokers.
p. 2284. (p) Governor rinchot
ia) calls conference of Governors of 29 States to deal with (Pennsylvan
anthracite coal price situation, p. 2291.
(q) Remedy for injustice in anthracite
of Pennsylvania, says Governor Fox ofcoal industry wholly within control
Massachusetts. p. 2292. (r) Governor Smith (New York) appoints Fair
(s) Fair prices fixed in New York by FairPrice Coal Commission, p. 2292.
Price Coal Commission, p. 2292.
(t) Governor Bryan of Nebraska declines
invitation to conference;
says strike settlement costs coal consumersPinchot
$1,000,000 per week. p.2292.
Abbot Kinney Co., Venice, Calif.-Bonds Offered.
Banks, Huntle3r & Co., and Stevens, Page & Sterling, Los
Angeles, are offering at 100 and int., $600,000 First (Closed)
Mortgage 7% Serial Gold Bonds.
Dated
Dec. 1 1923. Due serially
to 1938,Inclusive. Denom.$500
and $1.000. Callable, all or part, on1925
any interest date, at 105 and interest.
Interest payable J. & D. at Security Trust & Savings
Bank, Los Angeles,
Calif., trustee. Normal Federal income tax not to exceed
2% will be paid
by company.
The issue is a first closed mortgage upon all premises,
properties,
franchises, rights In properties, both real and personal (with the
exception of
certain stocks) conservatively appraised as having
a value in excess of
$3,000,000. or over five times the amount of this
issue. The major portion
of the security is business property in the
of the city of Venice. The
other property consists of more than 500heart
located approximately 3%
miles east of the city of Pasadena, knownacres
ICinneloa Ranch.
The earnings of the company are derived as the
diversified sources,insuring
stability of revenue, and include rentals offrom
business
and residence property,
leases to various amusement concessions, the Venice
average net income available for bond interest chargesplunge, &c. The
for the past four
years, and for eight months of the current year, has
amounted to $146.410
per annum, or approximately five times the
on these bonds presently to be outstanding.average annual interest charges
Money derived through the sale of these bonds will be
used to retire
outstanding 8% bonds called for payment Dec. 1 1923:
also to purchase
not less than $200.000 worth of bonds, same to be certified
savings banks in the State of California. These latter bonds as legal for
to be placed
with the trustee for the protection of the bondholders.
Amalgamated
Consolidation.-
Motors
Corp.,
Plainfield,
N. J.-
This company has been incorporated in Delaware with an
authorized
capital of $1.000,000 8% Pref, stock and 250,000 shares
of Common stock
of no par value to take over and consolidate the American
Plainfield, N. J.; Bessemer Motor Truck Co., Grove City, Motors Corp.,
Motors Corp., Natick. Mass.; and the Winther Motor Co.. Pa.; Northway
The first two companies were merged early in 1923 as the Kenosha, Wis.
Bessemer-American Motors Corp., with headquarters at Philadelphia
. Proctor W.
Bawd,President of the latter consolidation, will head the now
organization,
which purposes to expand the different operating units.
Irad
M. Lewis,
formerly I resident Bessemer Co., and Ralph D. Mock,
previously V .-1 res.
Hydraulic Pressed Steel Co.,will be prominent in the
Amalgamate
d
The Bessemer-American Motors Corp. in Oct. concentrated company,
at its local plant at Plainfield for the manufacture of motor production
trucks and
American automobiles and parts. The Philadelphia works
were sold recently to Barrymore Seamless Wiltons Ltd.,of the company
and operations
previously conducted there were transferred to Plainfield.
The stockholders of the Northway Motors Corp. on Oct. 29
accepted the
proposal of the Amalgamated Motors Corp.. which
proposed to merge
the IsTorthway company. Under the agreement, the New
Jersey corporation is to pay off the $200.000 debts of the Northway company
and assume
the entire physical control of the plant. In return, the
latter's shareholders are to purchase stock in the Amalgamated
its subsidiary companies. A committee of 5 was appointed by the or
stockholders to carry
out the plan.
The Windier Motor Co., Kenosha, Wis., was incorporated in
Wisconsin
in Oct. last with $500.000 capital stock by the stockholders
' protective
committee, which recently bid in the assets of the
bankrupt Winther
Motors. Inc., for $130.000. The new company will be
one of the units
in the Amalgamated Motors Corp.
2435
viding for the payment of dividends to become due on the outstanding
of Class "A"stock for the quarters ending March 31, June 30 and shares
Sept. 30
1924.
Net earnings for the nine months ended Sept. 30 1923, after depreciation
and interest charges, are reported at $2,738,669. After
dividends
of $512,707 there remained $2,225,962, at the rate of $11paying
per share on
the Common stock, which increased surplus account from87$6.390,827
as
of Dec. 31 1922 to $8,643,474. As of Sept. 30 the company showed net
quick assets of $14,645.538, and current liabilities of $2,511.810;
a
ratio
of nearly 6 to 1.
October earnings were approximately $393.000, or an annual rate of
$4.736.000. For the first 16 days of November billings showed a substantial gain over the corresponding period of the previous month. It is estimated that in 1923 the gross sales should total over $28,000,000. Although
earnings have been available for dividends on the Common stock, none has
been paid and these earnings year after year have been plowed back into
the property.
The company or its subsidiaries now have plants at Bridgeport. Waterbuty and Hartford. Conn.; Reading, Monessen and Braddock, Pa.; Columbus. 0.; Adrian, Mich.; Terre Haute, Ind.; West Pullman, Ill.; and Niagara
Falls, Can,
Consolidated Statement of Earnings (Including Sub. Companies in America).
3Mos.to
9 Mos to
June 3023 Sept. 30'23 Sept. 30'23
Income from operations (net)
$2,392,218 $1,412,645 $3,804,863
Less-Deprec.of plants, mach'y,equip.
and amortization of patents
486.450
242,536
728,987
Interest on bonds and other interest_
187,366
337,206
149,841
Dividends paid
337.707
175,000
512.707
Balance, surplus
Additions to surplus
$1,380,695
22,075
Net surplus (not incl. English companies & reserve for Federal taxes) $1,402,770
Surplus at Dec. 31 1922
The Company has declared an initial dividend of $1 50 per share
on its
250,000 shares of no par value common stock, covering the last nine
months
of 1923. payable Jan. 2 to holders of record Dec. 21. This is at
the
rate
of
50c. quarterly. The regular quarterly dividend of 50c. per share
been declared on the company's cumul. partic. Class "A" stock, also has
par $25.
The senior issue shares equally in all dividends paid on the
common stock in
excess of $2 a share per annum.
The directors have ordered that there be set apart out of the surplus
arising from the business of the company $525,000 for the purpose profits
of pro-
$843,777 $2,246,547
6.396.828
Total surplus at Sept. 30 1923
-V.117, p. 2325.
$8,643,375
American Cotton Oil Co.-Exch.for Gold Dust Corp. Stk.
The stockholders' committee, Wm. Fahnestock, Cnairman,
that
over 75% of the entire outstanding stock of the company hasstates
now been
deposited under toe plan for excaange of stock. The committee accordingly proposes to proceed at once with the consummation of the plan. In
order to afford a public market for certificates of deposit pending tire issue
of stock" of Gold Dust Corp.. appllcadon has been
to the New York
Stock Exchange for the listing of the committee'smade
certificates of deposit.
Pursuant to the requirements of the Exchange in connection with this listing,
the committee has agreed to accept additional stock tendered for deposit
on or before the close of business Dec. 10 1923.
The New York Stock Exchange has authorized the listing of certificates
of deposit for the Preferred and Common Stock of the American Cotton
Oil Co. issued by First National Bank, New York, upon official notice of
issuance,in exchange for Preferred and Common Stock of American Cotton
Oil Co.up to an aggregate total of such certificates representing $10,198.600
of Preferred Stock and $20.237,100 of Common Stock.-V. 117. p. 2325.
2112, 1994, 1990, 1888.
American Cyanamid Co.-Shipments, Sales, &c.-
Net value of shipments of various products for August last totaled
$798.685. Sales of the various products for August represent a value of
approximately $1,170,000.
The company has in hand as of Aug. 31 1923 contracts for various products for delivery prior to June 30 1924 of a sales value of approximately
$5,530.000.-V. 117. p. 2325. 1558.
American Linen Co.-Balance Sheet.AssetsSept.29'23. Sept.3012.
Construction
51.297,198 51,272,175
Cash dr accts. rec.. 180,875
172.410
Govt.securities_ _ _
93.100
132,567
Inventory
135,920
152,607
Total
$1,707,093 $1.729,759
-V. 113. p. 2082.
LiabilitiesSept.29'23. Sept.30'22.
Capital stock
$800,000 5800,000
Bills payable
300,000
436,291
Reserve for taxes_
65.000
Depreciation
365,951
325,951
Profit & loss
176,142
167,517
Total
$1.707,093 51,729,759
American Public Utilities Co.-Decision on Original
Preferred Claims.Chancellor Wolcott in the Chancery Court at Wilmington, Del., has
handed down an opinion ruling that an amendment to
certificate of
incorporation of the company, which was adopted by thethe
stockholders
February (V. 116, p. 518), is null and void and without legal effect in solast
far
as it relates to the cancellation of accumulated dividends on the old Preferred stock.
Under the ruling the company will not be permitted to pay any
whatever on its 200.000 shares of Common stock until it paysdividends
off 24%
accumulated cash dividends on the old Preferred stock.
In his opinion, the Chancellor refused the plea of a group of the company's stockholders for an injunction to restrain the company from paying
any dividends on its new Preferred or Common stock out of its funds now
on hand or any future profits until it paid off the accumulated dividends.
But, however, the company must pay off the accumulated dividends
before any dividends on the Common stock are paid.
The Chancellor's opinion is the result of litigation started against the
company by a group of stockholders, who had refused to vote for the
amendment cancelling the accumulated dividends and converting the old
Preferred stock into one of the three new classes of Preferred stock, namely
Prior Preferred, Participating Preferred and 6% Preferred. Before the
amendment was adopted there was but one class of Preferred stock.
President Joseph H. Brewer says: "The Delaware Chancery Court has
handed down a decision refusing to enjoin payment of dividends on
and participating preferred stock until all accumulated dividends onprior
old
6% stock not exchanged under our recent offer are paid. This clearly
establishes the preference of the prior and pirticipating preferred stocks
and is a victory for the company.'-V. 117, p. 1464.
•
American Rolling Mill Co.-Listing-Earnings.-
The New York Stock Exchange has authorized the listing of $12,103.600
7% Preferred Stock. par $100 (authorized, $30,000.000). with
to list $146.300 additional 7% Preferred Stock, on official notice ofauthority
issuance
in exchange for 7% Debenture Preferred Stock or 6% Preferred Stock
outstanding, or on official notice of payment in full.
-Three Months Ended- 6 Mos.end.
Sept. 30'23. June 30'23. Sept.30'23.
Net sales
$6,418,850 $6,992,159 $13,411,009
Cost of sales
5,143,228
5,417,669 10,560,897
Operating income
Other operating income
$1.275.622
12,789
Gross income
$1,288,410
General admin. & selling expense.._ _
460,202
Net profit
American Bank Note Co.-Extra Dividend.$828,208
Other income
194,293
The directors have declared an extra dividend of $5 a share on the
Common stock, par $50, payable Dec. 31 to holders of record Dec.
Net earns. appllc. to int., tax.& div $1,022.501
17.
An
cash
extra dividend of 20% in
and of 10% in Common stock were
-V.
117,
2325.
p.
1131.
paid
on
the Common stock Dec. 29 1922.-V 117, p. 671.
American Chain Co., Inc.-Initial Dividend on Common
Stock-Reserve Fund Set Asidefor Class"A" 1924 Dividend
s,
$845,267 $2,225,963
20,584
1,490
$1,574,490 $2,850,112
7,953
20.742
$1.582,443 $2,870,853
482.437
942,639
$1,100,006 $1,928,214
305.099
110.806
$1.210,812 $2,233,313
American Tobacco Co.-New Director.James M. Dixon, formerly
President of the Tobacco Products Corp.,
has been elected a director.-V.117,p. 2215.
American Writing Paper Co.-Time for Deposits Extended-Only $4,000,000 Bonds So Far Deposited-Earnings.
The bondholders' protective committee, George C. Chairman, in a letter to the holders of the First Mtge,Lee,
Year 6% Sinking Fund Gold Bonds, says in substance20:
Deposits, &c.-The
extended period for the deposit of bonds has expired,
and only about $4.000.000 of the $9,293,000
outstanding in the hands of the
THE CHRONICLE
2436
public have been deposited. This slow response indicates that most of the
bondholders have failed to realize the seriousness of the present situation.
No plan for the permanent reorganization of the company can be formulated
until a thorough investigation has been made, involving an expense which
the committee is unwilling to incur until a substantial majority of the bonds
have been deposited, as otherwise the burden would fall unjustifiably upon
a minority of the bondholders. The committee has, therefore, decided to
extend the time for depositing bonds until Jan. 10 1924. and if at that time
an amount of bonds satisfactory to the committee has not been deposited
the committee will make no further efforts to obtain deposits, and will take
such action as it deems for the best interests of the bondholders who have
deposited.
The bondholders should realize that the committee do not expect that the
receiver will be authorized to pay, when due, the bond interest maturing
interest payJan. 1 1924. But it should be understood that, as regards
ments, bondholders who deposit their bonds will be upon the same footing
whenever
their
interest
receive
will
they
as those who do not deposit; that is,
npaiodhlarsthstocuordpreyinoTorthme reeigvaerraingTIttecoruateen.,
any
reced
bondisthe
submits the following report giving a brief summary of the Information
thus far obtained.
Physical Condition.-Some of the properties are not in good physical
will be
Condition and large expenditures for deferred repairs anda renewals
high quality of
necessary in order to insure economical operation and
product. It is of the utmost importance to the bondholders that funds for
this purpose should be provided as soon as possible.
The company has charged against current income sufficient amounts to
but the depreciation
take care of depreciation as well as maintenance.
restore
reserves have been used either for additions to the properties or toactually
amount
working capital depleted by losses in operation. The the
properties in
•expended for maintenance has been insufficient to keep
good condition.
Value of the Properties Securing These Bonds.-The mortgaged properties,
including 26 mills, water rights, &c., have a book value (less depreciation)
of about $14,400,000. while the amount of bonds outstanding, including
notes secured by pledge of Treasury bonds, is about $10,200,000. This
valuation of $14.400,000 is based upon an appraisal by American Appraisal
'Co. But it should be understood that unless the plants can be made to
earn a reasonable return upon the plant investment the properties could
not be sold, as real estate, for anything like their book value, and that in
the event of a forced sale the bondholders would undoubtedly suffer a heavy
loss.
Earnings.-Since 1920 (when prices were high, sales the largest in the
company's history and profits satisfactory), the company has shown large
losses from operation. Following is the record since Jan. 1 1918:
xNet Int.&Disc. Int. on Surplus or
Net SalesIncome. onCurr.Obl. Bds.(net) Deficit.
Year- Paper (lbs.) Amount.
1918__187,595.707 $20,292,840 $1,923,457 $116,468 3554,360 $1,252,629
435.095
1919 --121.030,557 16,397,036 1,291,994 181,852 675,047 1.687.673
1920....208.6l5.653 32.951,727 2.617.862 279.619 650,570
y1,944,775
650.760
191,700
12.069,346
y1.102,315
-103,772.803
1921
1922 -146,215.077 14,338,532 y651,024 122,811 55,7580 y1,331,415
z1923 _114.815.049 11.704,642 y843.479 134,695 425,929 y1.404,103
z After taxes and depreciation but before interest charges. y Deficit.
z9 1-6 months to Oct. 5.
Financial Condition.-Company's working capital has been seriously
reduced, chiefly by reason of losses incurred during the last three years.
This is shown by the following statement:
Dec. 31 '19. Dec. 31 '22. Oct. 5'23.
Current Assets$118,662
$917.821
$1,254,214
Cash
1,368.113
1,172,615
reserves
less
2,765,358
Receivables,
3.962,609 3,520,628
5,569.692
Inventories
Total
Current LiabilitiesNotes payable
Trade acceptances
Accounts payable
Accrued wages, taxes. &c
39.589,264
36,053,045 $5,007,402
$840,000 $1.340,000 $1,163,667
314.097
275,813
880.539
1,036,943
1,802,703
249,785
87,077
111,886
33.030,432 $2,464,020 $2.608,087
Total
$6,558,832 $3,589,025 $2,399,315
Net working capital
Bond purchase account (secured by
900,000
1.080,000
2.186,913
pledge of treasury bonds)
[VOL. 117.
Purpose.-Proceeds will partially reimburse the company for moneys
spent in extensions and additions to the properties.
Sinking Fund.-Trust deed provides for annual sinking fund payments on
Sept. 1 of each year, commencing Sept. 1 1916, of cash equivalent to the
following percentages of the total amount of bonds outstanding at the time
of. payment: 1916 to 1920, both inclusive. 1%; 1921 to 1925, both inclusive.
15i%; 1926 to 1930. both inclusive, 2%: 1931 to 1940, both inclusive.
2)i%. Moneys in this fund are to be used for the retirement and cancellation of bonds, either by purchase or call at not exceeding 105 and interest.
A total of $1,013,000 of these bonds have been retired through the operation
.
of this fund as of Nov. 24 1923.
K.W.
K.W.H.
Net
K.W.Pwr.
Cross
Output & Maximum
Plant
Earnings.
Earnings.
Install Cap Purchased. Peak Load.
Year12,500
47,667,100
$315,839
41,650
$624,865
1915
21,500
80.354,430
423,213
41,650
959,090
1917
32.400
124,095,511
41,650
792.810
1,616.452
1919
35,600
154,479,969
47,900
1,119.710
2,501,606
1921
44,600
205,447,360
61,650
1,407.474
2,963.602
1922
47,500
244.362,420
1,583,435
y63,750
1923x
3,401.886
x Year ended Oct. 31. y This is now being increased to 83,750 k. w.
Earnings for Twelve Months Ended October 31.
1923.
1922.
1921.
$2,493,513 $2,888.467 33,401.886
Gross earnings
1,818.451
1,490,764
Oper. expenses, incl. maint. and taxes.. 1,426,367
31,067.146 31,397,703 31,583,435
Net earnings
594.500
Annual int. charges on 311,890,000 1st M.5s, incl. this issue_ _
Balance
-V. 117, p. 1131.
$988,935
-Anglo-Persian Oil Co.-10% Div. Recommended.-
The directors recommend a 10% dividend on the Common stock against
payments of 20% in each of the previous three years. The statement for
the fiscal year ended March 31 1923 shows £1,777,788 carried forward,
against E1,739.173 at the end of the previous year.-V. 116, 1:I• 1054•
Arizona Power Co.-Bonds Offered.-Stephens & Co.,
San Francisco, are offering at 92 and interest, to yield about
6.70%, $400,000 First Lien & Unifying Mortgage 6% Gold
Bonds, Series "A."
Dated Nov. 11922. Due Nov. 1 1947. Interest payable M. & N. at
Union Trust Co. of San Francisco, trustee. or National Bank of Commerce,
New York. without deduction for normal Federal income tax not exceeding
2%. Penn. and Conn. personal property taxes refunded. Denom. 3500
and $1,000 c*. Non-callable before Nov. 1 1932; redeemable thereafter.
all or part, on any interest date, upon 30 days' notice, at 105 and interest to
and including May 1 1937; thereafter at 104 and interest to and including
May 1 1942: thereafter at 104 and interest, loss 1% for each year. to and
including May 1 1944; thereafter at 101 and interest to and including
May 1 1940; thereafter to maturity at par and interest.
Issuance-Authorized by the Arizona Corporation Commission.
Data from Letter of President F. S. Viele, Prescott, Ariz., Nov. 15.
Company.-Owns and operates two modern hydro-electric power plants
with an installed capacity of 11,500 h. p., located on Fossil Creek. about
65 miles east of Prescott, Ariz. and supplies electricity, without competition, to the City of Prescott, and to Jerome, Humboldt, Mayer, Clarkdale
and Cottonwood. Ariz.; also supplies electricity for power purposes to the
copper mining district of Yavapai County. the largest consumers being the
United Verde Copper Co. and the Consolidated Arizona Smelting Co.
Company also supplies power under a long term and favorable contract to
the Central Arizona Light & Power Co., which serves the City of Phoenix
and surrounding territory. including the Salt River Valley. In addition,
company has recently purchased the entire properties and assets of the
Prescott Gas & Electric Co.,consisting of the electric light and gas generating systems serving the City of Prescott and vicinity, and all of the properties of the Arizona Steam Generating Co., which operates a modern steam
electric plant with a capacity of 9,000 h. p., located at Clarkdale. Prescott
Gas & Electric Co. and the Arizona Steam Generating Co. were formerly
controlled as subsidiaries.
Security.-Secured by a mortgage, subject only to existing liens, on the
entire physical properties, rights, privileges and franchises of the consolidated companies now owned, or that may be hereafter acquired. Further
secured by deposit with the trustee of more than 54% of the first closed
mortgage bonds of the three individual companies, and to the extent of such
bonds held are a first lien on the property.
Authorized. Outstanding.
CapitalizationArizonp, Power Co. First Lien & Unifying Os, Series
$4,000,000 $2,117,500
"A,' 1947 (including this issue)
699,000
(Closed)
Arizona Power Co. First Mortgage 6s, 1933
174,000
(Closed)
Prescott Gas & Electric Co. First Mtge.6s, 1940_
226,500
(Closed)
_
1933_
68,
Arizona Steam Generating Co. 1st Mtge.
1,000,000
1,000,000
Preferred stock
3,000,000
3,000.000
Common stock
Note.-Underlying First Mtge. Bonds of Arizona Power Co. Prescott
Gas & Electric Co. and Arizona Steam Generating Co., amounting to
31,317.500. are deposited with the Union Trust Co., San Francisco. trustee.
as collateral security,to the above issue of Arizona Power Co. First Lien &
Unifying Series "A' 6s.
Purpose.-Proceeds will be used to retire on or before Jan. 1 1924.
for
,$310.400 of 7% Notes now outstanding, and to reimburse company
expenditures heretofore made for additions and improvements to the
properties.
12Mo.end
Calendar Years
1922. Oct.31.'23.
1921.
1920.
$687,620 $587,552 $025,845 $837,624
Gross revenue
406,873
300,541
279,051
Operating expense and taxes__ _ _ 399,077
$4,371,919 32,509.025 $1,499,315
Net current assets
Present Business and Outlook.-Sidney L.'Willson, President and receiver.
regarding the company's present condition and outlook for the future, in
a letter to the committee, refers to a certified audit, showing the conditions
as of April 30 1923(V. 117, p.783). This audit made it necessary to charge
to surplus $1,148,000, largely because of over-valued Inventory and bad
accounts.
The physical examination of the plants was made by two men having
experience with other companies of approximately 20 years, and showed
that over half the plants were so out of condition that it would require a
minimum expenditure of $800,000 to put them in a condition in which the
necessary quality of paper to compete successfully with other companies
could be 'produced. For really efficient production a substantially larger
amount should be expended in rehabilitating the plants. Continuing,
Mr. Wilson says:
19231
"It was found necessary upon assuming the management tin April
It is mx
to make a complete change in the personnel of the organization.
secured
be
will
costs
lower
present
the
managers
production
with
that
belief
by Increased production, even with the present equipment, and if that
equipment is rehabilitated greater production and better qualities will
result.
"In the purchasing department we believe a great saving will be effected
and
by reason of the more friendly feeling in the trade toward the company,
by the greater use of its potential buying powers.
in part to
"The falling off in sales in the past three years has been due
and in
market conditions, in part to lack of sales organization andofefforts,
the condition
part to the inability to produce the best qualities because
sales
the
to
added
been
months
there
few
have
past
the
In
plants.
•of the
$287,643 3308,537 3325,304 $430,751
Net earnings
paper, with a
'organization a number of men experienced in the sale of
uses. The -V. 117, p. 91.
knowledge of the paper trade and of paper problems and
results.
show
to
begun
has
sales
already
policy
Inauguration of a new
put into
Armstrong Packing Co., Dallas Tex.-Bonds Offered."In the administration of the business there have been economies
'effect that will result in large savings.
Trust Co., St. Louis, Mo., are offering at 100
Mercantile
improvement
noticeable*
"While these changes have already produced a
power of these and int. $500,000 1st Mtge. 63/2% Serial Gold bonds.
which substantiates my confidence in the future earning
in order
Dated Nov. 1 1923. Due serially Nov. 1 1925 to 1933. Int. payable
properties, the security holders must realize that it is essential,
income upon M.
& N. at Mercantile Trust Co.. St. LOUIS, trustee, without deduction for
to put the company on a basis where it will earn an adequate
distinct
a
Is
(which
present
receivership
the
that
Federal income tax not in excess of 2%. Denom. $500 c*. Red. on any
a proper capitalization,
a reor- int.
handicap in building up sales) should be promptly terminated and
upon 30 days notice (or part in their inverse numerical order) at
to rehabili- 102 date
ganization effected along lines which will furnish adequate fundscompany
and interest.
to
the
enable
will
which
tate the plants and for working capital,
Csmpany.-Organized in Texas. Has been In continuous operation since
sales
take advantage of spot purchases in buying and to carry out its new
1891. Plants, located in the city of Dallas, Tex., are modern in construc1889.
tion and equipment. Land covers an area of about 50 acres with excellent
policies."-V. 117. p. 2215.
switching facilities.
its
&
ght
Offered.-Bonbri
-Bonds
Co.
Earnings-Company has made a profit in each and every year since
Appalachian Power
that period operInc., inception with the exception of 1920 and 1921. During
profits
Co., Inc., Harris, Forbes & Co., and Coffin &
ating loss (before interest charges of $222,684) was $95,689. Net ending
Burr,$826,- during years 1916. 1917, 1918. 1919. 1922 and for the 6 months
are offering at 90M and interest, to yield over 5.85%,
June 30 1923, after deducting Federal taxes and depreciation, applicable
000 First Mortgage 5% Sinking Fund Gold Bonds of 1911, to
interest charges on this issue, averaged $141,457 annually, or over 4K
times the maximum annual interest charges on this bond issue.
due June 1 1941.
1923.
24
Nov.
York,
New
Mason,
Capitalization upon Completion of the Present Financing.
Data from Letter of V.-Pres. C. N.
$500,000
electric light 1st Mtge. 61.i 7. Serial Gold bonds (this issue)
Company.-Incorp. In Virginia in May 1911. Furnishes
150,000
growing
rapidly
a
in
Preferred stock 6% cumulative
and power directly or indirectly, to 43 communities
850.000
Virginia. Popula- Common stock
Industrial and coal mining district in Virginia and West
wellthe
liabilities.
them
among
fields,
current
Purpose.-Proceeds will be used to reduce
tion estimated at over 400.000. Five coal
power by the
known Pocahontas and Clinchileld districts, are supplied with
Balance Sheet June 30 1923 (After Present Financing).
manufacturing
company, which 8120 numbers among its customers diverse
Liabilities.
including
Assets.
companies,
5500.000
enterprises, several municipalities, and other utlity
3270,587 1st Mortgage 6348
Cash on hand
150,000
that serving the city of Roanoke.
6% Cum. Pref. stock
receivable,
&
Accounts
Outstanding.
notes
Authorized.
Capitalization850,000
stook
Common
222,511
leas
reserve
311.890,000
794,500
1st M.Sink. Fund Gold 58, 1941 (incl, this issue)-$25,000.000
13,904 Notes payable
x2,500.000 Claims, deposit accts., d,c
41,589
15-Year 7% Secured Gold Bonds,due Aug. 1 1936- 5,000,000
994,367 Accounts payable
2.273,400 Inventories
7,500,000
12,588
First Preferred Stock,7% Cumulative
78,255 Salaries, brokerage, dco
3,706.000 Prepaid exp., discts., invest.
4,000.000
666,398
Preferred Stock, 7% Cumulative
Surplus
150,000
Land
shs.
60,000
shs.
60,000
49,819
Common Stock, no par value
Bldgs., equip., &c., less deprec.1,335,208 Undivided profits
Secured by $6,000.000 Gen. Mtge. 7s, due 1936. issued for Collateral
$3,064,892
Total
$3,064,892
Total
purposes only.
Dm.1 1923.]
THE CHRONICLE
Atlas Steel Corporation.-Capital Increase, &c.The stockholders on Nov. 8
2437
Boston Woven Hose & Rubber Co.-Div.
Increased.authorized an increase in the capital stock
The directors have declared a quarterly dividend of 11 50 per share on
by the creation of $3,000.000 Participating Preferred 8%
Stock. The stock the Common stock, no par value,
payable
Is being offered to all stockholders at par $(100) and
Dec.
15
to
holders of record
subscriptions should Dec. 1. This compares with $1 per share paid
be in the hands of the corporation not later than Dec.
quarterly from Dec. 15 1922
10.
to Sept. 15 1923 incl.-V. 117. p. 1559.
This Participating Preferred Stock is entitled to receive
out
of
the
net
profits or surplus of the corporation cumulative dividends at the rate
of8%
Bower Roller Bearing Co.-5% Dividend.per annum, payable quarterly Jan., &c., in each year,
any dividends
A dividend of.5% has been declared on the outstanding 1800,000 capital
shall be declared or paid on any other class of stock. before
In addition the Par- stock, payable Dec. 12 to holders
of record Dec. 1. On Dec. 28 1922 the
ticipating Preferred Stock is entitled to further dividends
as follows: As and company paid a dividend of 33 1-3%
when dividends are declared and paid upon any other class
in stock and 5% in cash; none since.
of stock there -V.115, p. 2796.
shall be declared and paid upon the Participating Preferred
a dividend equal to the amount of dividends so declared and paidStock,
the
on
other
Bradford Corp., N. Y. City.-Acquisition.classes of stock, that is, for every dollar paid as dividends on any other
class or classes of stock one dollar in dividends must be paid to
The company has acquired all the Capital stock and assets, and will
the holders assume
of said Participating Preferred Stock, such additional
all the obligations of the Bradford Draft Gear Co., the Republic
dividends
to
be
divided among the holders of the Participating Preferred Stock pro
Railway Equipment Co., Inc. and the Joliet Railway Supply Co.
These
rata properties
in accordance with their respective shares.
will be operated as one unit after Dec. 311923. The company
will sell and manufacture Bradford draft gears, Bradford draft
A letter signed by the board of directors, Nov. 27,says:
Chambers throttle valves, Huntoon truck bolsters and Huntoon and arms.
Joliet
The Atlas Crucible Steel Co. for the year ended Oct. 1 1922
beams.
showed a brake
net operating loss, before any deductions for capital
The authorized and outstanding capital stock consists of 150.000 shares
account, of 1657,191,
and the Atlas Steel Corp.,for the succeeding 12
of
capital
stock of no pier value and 541)0,0006% Preferred stock, par $100.
months
ending Oct. 1
1923 showed a net profit applicable to capital accountperiod
of 1328.961, or al- Redeemable on 60 days' notice.
most exactly a million dollars better earnings for the period.
The company will maintain executive offices at 25 West 43d
N. Y.
The corpora- City,
tion had gross profits for said period of $928,307.
and Railway Exchange Bldg.. Chicago. and sales offices inSt..
Washingand could have very
materially increased both its gross and net earnings
if it had not been ton, D. C.• St. Louis, Mo.•, San Francisco and Mexico City. Company
hampered by lack of working capital.
will be represented in Canada by the Holden Co., Ltd. of Montreal.
The plan proposed by the directors and ratified by the stockholde
Officers will be Horace Parker, Pres., New York; Bartim Mudge, Execurs is for
the purpose of securing approximately 11.500.000
W. W. Rosser, V.-Pres., Chicago; Floyd K. Mays, V.-Pres.;
in cash, of which approxi- tive
mately $400,000 is to be used in necessary plant improveme
A. F. Stuebine. Chief Eng.; E. 11. Barnes, See., New York: James H.
nts
and
equipment which will materially increase the plant capacity,
Slawson,
Gen.
Mgr.;
Chas. A. Carcadin, Gen. Sales Mgr., Chicago; Wm,F.
ely
1660.000 in liquidation of past-due indebtedness which mustapproximat
be paid if the Hoffman, Treas., New York; Arthur L. Pearson, Asst. V.-Pres., Chicago.
corporation is to continuo operations, and the balance
The executive committee will be Fred A. Poor, Chairman, Horace Parker
for
working
capital.
Contingent upon the financing plan being successful, an
arrangenmet and Burton Mudge.
has been made with the banks holding
of approximately 12.525,000. for the extension of the maturityobligations
Bristol,Mfg. Co., New Bedford, Mass.-Balance Sheet.of
$1.918,000
Dec. 31 1930 and
$607,000 to Nov. 15 1928. With such obligations toextended,
Sept.29'23. Sept.'30'22,
so
Sept. 29'23. Sept.30'22.
and upon
receipt of not less than $1,500,000 as the proceeds
Assetsof
sale
of
the
Participati
$
ng Real estate and
Preferred Stock, the balance sheet of the corporatio
Capital stock
n as of Nov. 1 19230
1,000.000 1,000,000
would be approximately as below.
machinery
1,351,763 1,321,358 Accts. payable__ _
39.562
43,993
Based upon a careful examination of the corporation
438,845
452.770 Depreciation
's manufacturing Merchandise
471,970
428,970
capacity after installation of the new plant equipment
• 24,562
16,462 Reserve for taxes_
and a like survey of Insurance
91,939
71.018
market conditions, it is the opinion of the directors
65,000
65,000 Profit and loss _ _ 561,194
with a fair degree Investments, &c_ _
514,786
of general prosperity, the corporation can work outthat
Accts. receivable- - 105,245
108.767
and be successful, making useful and profitable notof its present position Cash
181.250
92.388
Total (each side) 2,164,C65 2,056,768
only its large capital
investment in tangible assets, but also its very
valuable good will and -V. 117. 1/•• 784'
established reputation in the trade.
The matter of the preservation of the corporation
Brooklyn Edison Co.-To Purchase Electric Distribution
squarely up to favorable action by everyone interesteds' property is now
in the stock of the System of Flatbush Gas Co.
corporation. Several of the directors have pledged
themselves
to
subscribe
See Brooklyn Union Gas Co. below.-V.116, p. 940, 2252.
more than the amounts allotted to thorn for subscriptio
n. The time has
arrived when all stockholders must come forward
and support the officers
and operating staff, who have been successful
Brooklyn Union Gas Co.-7'o Change Par Value of Stock.
in turning oprrating losses
into profits, and make effective a plan of
The stockholders will vote Dec. 18 on changing the present authorized
readjustment of the corporation's
capital which recognizes the interests
capital stock, consisting of 300,000 shares, par $100, to 600.000
of
all
classes
shares
of
stockholder
s.
The confidence of the directors in the future
of the business and the without par value.
success of the corporation is most forcibly
If the change is authorized, 360.000 shares
stock without par value
creditor banks holding obligations in excessconfirmed by the action of the will be Issued so that the holders of outstandinof
g shares of par value shall
of $2,525.000 in extending the
maturity of such obligations as above shown.
receive two shares of stock without par value in exchange for each share
That all p?rsons interested in the stock
of stock of $100 par.
of
the
corporatio
n
recognize
may
their responsibilities, they are
There will be reserved 40,000 shares of stock without par value. for
notified that no underwriting of the
Participating Preferred Stock hereby
been secured or attempted. The direc- the purpose of converting and retiring the outstanding $2,000,000 7%
tors and the officers will do allhas
Convertible Debenture bonds dated Nov. 1 1919. so that the holders of
in
their
power
to
save
corporatio
the
n, but these debentures shall receive two shares of stock without
they cannot and will not do it without
par value for
the participation and support of the each
stockholders. If this attempt fails, the
$100 of debentures surrendered.
officers and directors will have
performed their full duty toward all stockholder
There will be reserved 111,580 shares of stock without par value for
s. and there will be no the purpose of converting and retiring
escape from a liquidation of the corporation
the 85.579,000 7% Convertible
which event the present outstanding stocks 's affairs by its creditors. in Debenture bonds dated May 11922. so that the holders of these debentures
will have no liquidation value. shall receive two shares of stock without
Every stockholder is urged to subscribe
value for each 1100 of debenpar
for at least his pro rata share. No tures surrendered.
subscriptions will be effective or binding
until after the directors have by
The directors shall be authorized to issue and sell, from time to time,
resolutions concluded all matters
in
their
opinion
essential in making the the remainder of the authorized unissued
plan effective.
shares, consisting of 88,420
shares, for such consideration and upon such condiCons as they may
Balance Sheet Nov. 1 1923 (After Present Financing).
determine.
AssetsLiabilitiesCash
1477,894 8% Particip. Pref. Stock,
Pres. James H. Jourdan, in a letter to stockholders, says:
Accounts and bills receiv15.000shares
Shares with a fixed par value, say of $100 per share, give no indication
$1.500,000
able
433,4607% Prior Pref. Stock. 5,000
of the actual value of the stock, each share of stock being only worth
Inventories
2.850.267 shares
500,000 its aliquot portion of the assets of the company, which portion may be
Investments
786.8807% Prof. Stock. 49.353 abs 4,935.300 more or may be less than the par value
as shown on the certificate; the
Deferred charges
286,394 Corn, stock (94.336 shs.) _
445.183 issuance of stock without nominal or par value gives the stockholder the
Property assets
4.732,101 Mortgage bonds
2,000.000 same proportionate interest in the assets of the corporation. The issuance
Good will, &c
3.470,6237% Gold Notes
of stock without par value is especially significant in the case of public
Deficit
90,957 Mtge.& Real Est. Contr'ts 647,050
52.845 utility corporations. The courts of the United States have held that such
Bank Loans Unsecured_ __ 1.918,631
corporations are entitled to a fair return on the reproduction value
of the
Bank Loans Secured
property used and useful in their business. The value of this company's
Long Term Trade Notes_ - 607,126
127,214 property over and above its bonded indebtedness, and without taking
Accounts and bills payable 287,118
into consideration its equity in the ownership of its subsidiary companies
Total (each side)
$13,128,566 Reserves
,
-V. 117, p. 2113, 1995.
108,099 is largely in excess of the present par value of its capital stock, and it is
therefore evident that it is entitled to earn in excess of the present return
upon the par value of Its capital stock now outstanding. Did the public
Baldwin Locomotive Works.-Dividends.-understand these facts and were not misled
The directors have declared the regular semi-annua
believing that a company
l dividend of 314% on has no right to pay a dividend in excess of into
the 120.000.000 of Preferred stock and a dividend
the legal rate of interest upon
of
314%
on
par value of its capital stock, much of the misunderst
the
the
$20,000,000 of Common stock, payable on Jan. 1 1924 to holders
anding in regard
of record Dec. 1. to public utility rates would cease.
-V. 117. p.2325.
Beech-Nut Packing Co.-Listing-Earnin
gs.The New York Stock Exchange has authorized
listing on or after
Dec. 10 of 12,500,000 additional Common stock, parthe
$20, upon official notice of issuance as a 50% stock dividend, payable
Dec. 10 to holders of
record Dec. 1, making the total amount applied for
$7.500,000 shares
(total authorized issue).
Income Statement for the Nine Months Ended Sept.
30 1923.
Sales. $12.760,375; less: Allowances. 130.788; freight
outward,
$541.760: not sales
$12,187,827
Cost of sales, $7,645,989; selling expenses, $2,155,453;
administrative expenses. $181,385
9,982,827
Trading profit
Other income
$2.204,999
149,488
Gross income
Interest and cash discount, 1221,869; idle plant
12,354,488
absorbed overhead). 1104,959; miscell. charges,expense (un$59.809......
446,644
Net profit for 9 months ended Sept. 30 1923, before
Federal
tax of 121.5%
Note.-Interest on investment charged on the
11,907,843
books into selling
ministrative expenses and into deductions
and adfrom income, has been
eliminated
by us and accordingly omitted from other income.
-V.117. p. 2325,
2216.
Berkshire Cotton Mfg. Co.-Bal. Sheet Sept.
30.-
Sale of Flatbush Gas Co. to Brooklyn Edison Co.-
Negotiations are under way whereby the Brooklyn Edison Co. will
take over the business, electric distribution system and franchises
the
Flatbush Gas Co. and application will soon be made to the P. S.of
mission for authority for the transfer. The Flatbush Gas Co. isComnow
owned by the Brooklyn Union Gas Co., and the sale price is 14.500.000
according to an announcement by William A. Prendergast. Chairman.
of the P. S. Commission.
The Flatbush company serves consumers in the Flatbush section of
Brooklyn and, according to Mr. Prendergast, the
transfer of the electric
service to the Brooklyn Edison Co. will result in a saving of approximat
ely
1250.000 a year to electric consumers in that section. If approved, this
sale will mean that all the electric lighting business in Brooklyn will be
done by the Brooklyn Edison Co., which will avoid duplication of
plant.
equipment, facilities. &c.
The change, if made, will also have the great advantage of reducing the
base price for electricity now paid by 35,000 users in Flatbush
nine
cents per k. w, h. to eight cents. The Brooklyn Edison Co. from
file a
new schedule to this effect. At the present time the Flatbushwill
Gas
Co.
is purchasing 70% of the electric energy it distributes from the Brooklyn
Edison Co.-V. 116. p. 2997. 2640.
Bush Terminal Buildings Co.-Tenders.--
The Irving Bank-Columbia Trust Co.,trustee,60
N. Y.City.
will until Dec. 10 receive bids for the sale to it of Broadway,
1st Mtge. 5% 50-Year
Sinking Fund Gold bonds. due April 11960. to an amount
sufficient to exhaust 1134.515.-V. 115, p. 2271.
[As filed with the Massachusetts Commissioner of
Corporations.]
AssetsCanada Iron Foundries, Ltd.-Annual Report.1923.
1922.
1921.
Real estate
Years ended Sept. 30- 1022-23.
1921-22.
$764,405
1920-21.
1919-20.
1723672
Machinery and equipment
Net
$664,447
earnings
$348,518
$115,350
$300,824
1603,562
1,840.729
Mdse., material and stock in process_ 2,104.036
1,711.960 Int., disc't and exchange
54,120
57.622
1.951,872
43,628
49.385
1,758.315
Cash and debts receivable
1.495,167
706,463
922,345
Investments
1,320
Total
651
1402,638
$172,972
1,241,141
1314,452
$652.947
1,266,562
Depreciation
1,214,23
9
$195,050
$195.059
$195,059
$195.059
Denenture int. & sk .fd.
Total
67,731
69,717
16,767,917 16,511.623
71.523
72,837
Liabilities$6,406.464 Maint. non-oper. p ant10.532
12.04
12,090
12,479
Reserve fund
Capital stock
10,000
Cr.50,00050,000
$5,000,000 $2,500,000
Expenditur
$2,500,000
e
Surplus
plants.
on
1,767.917
4,011.623 3,906,464
charged agst. revenue_
188,961
Preferred dividends- -- _(2%)i 7.556
Total
(1%)155,112(4%)155,112
$6,767,917 $6,511,623
16,406,464
--A% 116.13. 81.
Bal.,sur, or deficit_ .._ sur11.760 def$54.438 def$89,332 def$21,501
-V. 117, p. 2216.
Blaw-Knox Co.-Extra Dividend.The company has declared an extra dividend of 2% on
it $3.750 000
Common stock, par 125, payable Dec. 24 to holders
Carter, Macy Co., Inc.-Stock Offered.-Kidder,Peabody
This will make a total dividend disbursement of 10% of record Dec 14. &
for the year 1923, as
Co. recently offered 3,000 shares 7% Cum. Pref. stock
Compared with 8% in 1922 and 5% In 1921.-V.
110, p. 2078.
(par $100) and 1,500 shares
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