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sank Sr Quotation Section
Railway Earnings Section
VOL. 117.
•
financial
FY TO
rotitcle
Railway Sc Industrial Section
Bankers' Convention Section
SATURDAY, DECEMBER 15 1923
Electric Railway SectioT
State and City Sectiew
NO.3051
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of the paper. They will be found to-day on pages
2621 and 2622.
The final report of the Department of Agriculture
at Washington, issued on Wednesday, places this
The Financial Situation.
year's yield of cotton at 10,081,000 bales, based on
It would be hard to withhold from President Cool- statements of field correspondents and the actual
idge a meed of praise for the noble and beautiful ginning returns to Dec. 1, which amounted to 9,243,tribute he paid to the memory of President Harding 917 running bales. This is the lowest estimate of the
in his memorial address of last Monday. For ele- current season issued by the Department, the figures
gance of diction and simplicity of language it will a month ago being 10,248,000 bales, and on Aug. 1,
not be easy to match it among utterances of the kind. 11,516,000 bales, the latter the highest estimate of
During the war the whole world was often lost in the season.
admiration of the deliverances, on so many memorIt should be noted that the final forecast of the
able occasions, of President Woodrow Wilson. He 1923 crop at 10,081,000 bales is, after all, only 167,gave us beautiful thoughts clothed in wondrously 000 bales less than the forecast made at the beginbeautiful language. How we were thrilled and in- ning of November and is considerably larger than it
spired by what he said, and what pride and satisfac- had been supposed would be the case. Following the
tion we felt in possessing a leader who could present cut in the estimate of the size of the crop from 11,the cause for which we were fighting in such elo- 015,000 bales Oct.1 to 10,248,000 Nov. 1, weather conquent and such elegant and yet such simple lan- ditions became very unpropitious and traders on the
guage! We need not discuss now whether Mr. Wil- Cotton Exchange generally thought that the Departson by his later acts lived true to the cause he so men's final estimate would put the crop at about
nobly championed. But there can be no doubt that 9,750,000 bales. The actual estimate is better than
his appeals to his countrymen were doubly effective this by 331,000 bales. There is certainly comfort in
because of his masterful command of English, and that circumstance.
that in this way he drew to the support of the cause
The Census Bureau in March placed the yield for
many wavering minds and hands. President Cool- last year (1922) at 9,761,817 bales. In 1921 the crop,
idge's message of this week is not a bit inferior to the according to the same authority, was only 7,953,641
best of the Wilson masterpieces.
bales. During the preceding 20 years the yield of
But it is not alone the elegance and beauty of the cotton in any one year was under 10,000,000 bales
language employed, but his estimate of Mr. Hard- only once, and that was in 1903, in which year the
ing's character and his enumeration of the Harding crop was 9,851,129 bales, while it was up to 16,134,virtues that marks President Coolidge's tribute as a 930 bales in 1914. During the growing season of
production of the highest rank. We print the mes- 1921 the Aug. 1 estimate issued by the Department
sage in full on a subsequent page (page 2609) and re- of Agriculture was for 8,203,000 bales; by Oct. 1 it
produce here only the following paragraph to give was down to 6,537,000 bales; the December estimate
an idea of its charm and strength:
was 8,340,000 bales, based largely on the ginning re-
Nixe Cul:mixle.
2574
THE CHRONICLE
turns, and the census figure in the following March
7,953,641 bales. Private estimates of this year's crop,
issued during the past few days, have been several
hundred thousand bales below that just issued by the
Department at Washington.
For Texas this year the Agricultural Department
now places the yield at 4,290,000 bales. A month ago
the figures were practically the same-4,300,000
bales, while the actual crop for that State in 1922
was 3,221,891 bales. North Carolina, the only other
million-bale State this year,is put down for 1,020,000
bales—the final ginning returns for 1922 showed
851,640 bales ginned in that year. Reference might
be made to the fact that a half dozen other States
were formerly considered million-bale States. The
third highest for the current year is South Carolina
and the yield for that State is now placed at 795,000
bales. Georgia, Alabama, Mississippi, Arkansas and
Oklahoma are each included this year for about 600,000 bales, the former 590,000 and each of the two
latter 620,000 bales. These five States each show a
loss compared with 1922 and the total for the five
States for the current year is 1,121,000 bales less
than the yield of 1922. For Tennessee the yield this
year is but little more than one-half of that of the
preceding year.
The Department of Agriculture has prepared some
figures on the value of this year's cotton crop based
on the Dec. 1 price. The estimate is $1,494,613,000,
the fourth most valuable crop ever grown. The highest value is placed by the Department on the crop of
1919, $2,034,658,000, but the yield of that year was
more than 13% larger than is now estimated for
1923. The second most valuable crop was that of
1918, when the yield was nearly 20% larger than is
now given for the current year. No allowance is
made in these estimates of value for cotton seed and
other cotton products. The average weight per running bale for this year is estimated at 498.7 pounds
—for 1922 it was 501.7 pounds.
One point is always overlooked in a consideration
of these estimates of the size of the crop. The Department undertakes to give only th 3 probable yield
of lint cotton. It does not take zognizance of the
quantity of "linters" there is likely to come from the
crc in additin.i. Linters are the fibre that still adheres to the seed, before crushing when it is sent to
the cotton seed mills and which is saved. Linters for
many uses answer the same purpose as lint cotton.
They make up a no inconsiderable quantity, and are
just so much more to be added to the size of the crop.
In 1921 the product of linters was 400,371 bales and
in 1922 608,708 bales, and as the price of the staple
rises there is a tendency for the total to increase.
The De,artment says "the production of linters is
about 6.2% as much as the lint production (average
1917-1921)." This percentage applied to the 10,081,600 bales estimated as the size of the crop would give
an additioa of 625,000 bales. Roughly, therefore, the
1923 crop of lint and linters combined will be 103
4
million bales. Last year the actual production of
the two was 10,370,777 bales and the year before
8,354,012 bales.
[Vou 117. 1
those of the preceding month or with the corresponding month of last year. The value of exports in November was increased considerably by the movement
abroad of raw cotton at a considerable advance in
price over either October of this year or November
1922. Exports of cotton have been very heavy during the fall months, both this year and last and the
price was high in both years, but has been much the
highest this year. The detailed figures for November are not as yet available, but in October, when the
movement of cotton was also very large, there was a
decrease of 2% in quantity the present year, but
owing to the higher price this year an increase in
value of $23,041,000, or 24.5%. Undoubtedly the
November statement will show quite as great a variation and on the same side of the account.
Total merchandise exports for November at $404,000,000 contrast with $400,823,538 for the preceding month and with $380,056,542 in November last
year. The higher value of cotton this year undoubtedly accounts for more than the total increase shown
in both instances. It is a fact, however, that merchandise exports for November this year were larger
in value than for any month since February 1921—
more than two years and a half ago. Furthermore,
in the comparison between the latest two months
this year, consideration is also to be given to the fact
that allowing for Sundays and holidays, November
this year included two less business days than are
included in October.
As to the merchandise imports, these are somewhat smaller in value for November than for the preceding month, and are practically the same as for
November 1922. The figures contrast as follows:
Imports for November this year $292,000,000; October $308,366,493, and November 1922, $291,931,746.
Exports for November this year exceed in value the.
imports for that month by $112,000,000. For one
other month this year the excess of exports was
large, September for $127,066,165, and of the eleven
months, seven show an excess of exports, but for the
other four months there was an excess of imports.
For the eleven months of 1923 merchandise exports
amounted to $3,745,186,000 and imports $3,504,500,000, an excess of exports of $240,680,000. During
the corresponding eleven months of 1922 the exports ,
of merchandise were valued at $3,487,449,000 and
the imports $2,818,958,000, an excess of exports of
$668,491,000. Merchandise exports this year to date
show an increase of $267,737,000 over the corresponding period of 1922, while the imports of merchandise
for the eleven months this year exceed those of last
year by $685,500,000.
Imports of gold during November amounted to
$39,757,000, and were somewhat larger than for the
preceding months this year with the single exception
of May. Gold exports in November were only $746,000, the excess of imports hence being $39,011,000.
For the eleven months of 1923 gold imports are valued at $290,137,000 and exports at $27,931,000, an
excess of imports of $262,206,000. For the corresponding period of 1922 the gold imports were $248,730,000 and exports $34,165,300, an excess of imports for that period of $214,564,800. Silver imports
From the foreign trade statement for the month during November were $5,269,000 and exports $8,issued on Thursday, it appears that exports of mer- 775,000. These figures do not vary greatly from
chandise from the United States during November those for the earlier months this year.
were valued at $404,000,000, while the value of the
The results of the general election held in Great
imports was $292,000,000 for the same month. These
figures show little variation in comparison with Britain on Dec.6 must have been truly disappointing
DEC.15 1923.]
THE CHRONICLE
to Premier Stanley Baldwin. He persuaded King
George to dissolve Parliament and to allow the election to be held. The Prime Minister became possessed of the idea that Great Britain's troublesome
and extremely extensive unemployment problem
could best be solved by substituting a tariff for the
free trade policy that has been in effect so many
years. But now, with the election over, he has lost
his majority in the House of Commons over all other
parties taken together. In fact, at first he appeared
to be in the minority by approximately 100. By later
returns the minority was reduced to 74—and he has
not secured a tariff for his country. Worse than
this, he does not know what to do next politically.
He has thought of giving up the fight and resigning,
according to London cable advices. The Associated
Press correspondent in London cabled Monday afternoon that"a strong feeling exists in the Conservative Party that it should retain office, either under
Mr. Baldwin or with another Conservative Premier."
The Prime Minister had an audience with the King
at Buckingham Palace,following the former's return
from a week-end stay at Chequers Court. The Central News of London stated that it learned "from
well-informed sources that the purpose of Mr. Baldwin's visit was to give His Majesty his views and intentions regarding the political situation following
the general election. Mr. Baldwin did not tender his
resignation and it is understood he Will inform the
Cabinet to-morrow that he is prepared to retain the
reins of the Government until Parliament meets next
month."
Outlining the principal causes, as he saw them, of
the heavy losses sustained by Premier Baldwin and
the Conservative Party, of which he is the leader, the
Associated Press correspondent in London said in
part: "The moral of the general elections which
have resulted so disastrously for the Government of
Premier Baldwin is that the British people still are,
as they were in 1906, convinced supporters of free
trade. The fate which has come upon the Conservative Party so soon after it discarded the coalition
leadership of David Lloyd George is due primarily
to the free trade conviction of the people, but also
partly to a number of other attendant circumstances.
The first of these circumstances is that the party itself was divided on the wisdom of choosing the plank
of protection upon which to challenge the new mandate from the country. No other possible policy,
other than that of protection, could have been selected with a greater prospect of reuniting the Liberal Party and bringing to the Liberal side the surpassing talents of David Lloyd George in electioneering and in the political game generally, according
to astute political observers. The second circumstance was, say these observers, the fact that the
Baldwin Government during its year in office had no
single legislative achievement to its credit to recommend it to popular favor. The resentment felt by the
Labor Party at Premier Baldwin's tactics constitutes
the third circumstance. The fourth circumstance
was the women's vote, which is believed to have been
given with much greater unanimity than ever before
in a determination to prevent at any cost a possible
rise in the prices of commodities." The London representative of the New York "Times" cabled a week
ago to-day that while most of the prominent newspapers of that city were opposed to another Coalition
Cabinet, they regarded it as inevitable. According
2575
to a dispatch from a special correspondent of the
New York "Herald" in the British capital the same
day, "the prevalent view is that, when the crisis
reaches its height it will be necessary for the Tories
to make terms with Herbert Asquith. Such a coalition would mean Baldwin's consignment to political
oblivion. If the Government crashed and a ToryLiberal combination still was in the air, it would be
up to King George to send for someone to form a Government. It is his prerogative to send for whom he
pleases. It is thought certain he would send for Asquith, and, if that former Prime Minister was unable
to form a Government, Mr. Asquith would advise
sending for the other, David Lloyd George." The
Paris representative of the same paper cabled that
"glum faces followed the announcement in Paris of
Prime Minister Baldwin's political defeat. The
French Government hoped for the re-election of a
Conservative majority, following assurances from
London that Great Britain would be less intransigeant than if the Liberals were successful and probably
would permit.the working out of a real Franco-Be.tish entente."
Naturally, during the first few days following the
announcement of the results of the election there was
a great amount of guessing as to what would happen
next. Practically the final figures showed 185 seats
in the House of Commons for the Labor Party,
against 259 for the Conservatives. As the Liberals
were third, with 148 seats, the Labor Party was
shown to be the second strongest as to numbers.
Realizing this fact, and expecting that Premier Baldwin would resign, the New York "Tribune" cot ^espondent in London said that,"in the natural course
of events King George will call on Ramsay Macdonald, leader of the Labor Opposition, to form the Government. This will be an impossible task unless Mr.
Macdonald enlists the co-operation of the Liberals.
It is uncertain at this moment whether Lloyd George
and Herbert Asquith will be ready to form a Coalition with Labor, but the chances seem favorable." He
added that "if this cannot be effected the only alternative is the holding of another general election early
next year, and there is no certainty the result would
materially ease the situation. Britain finds itself in
a profoundly disturbing state of political chaos.
Discussing the reported attitude of the three leading parties in the House of Commons, the London
correspondent of the New York "Times" said in part
in a dispatch on the evening of Dec. 8 that "the reluctance with which all political parties regard the
idea of a new coalition has come out markedly to-day.
The first thought in the minds of all the politicians
as they realized the division of the House of Commons into three considerable parties was that some
working alliance between two of them would be necessary. But as soon as the methods of carrying this
out were examined, Conservatives, Liberals and Labor men simultaneously recoiled from taking steps
toward it." He said also that "J. Ramsay Macdonald, leader of the Labor Party, received a great demonstration at the railroad station as he returned to London from his Welsh constituency. When asked about the possibility of
the Labor Party's dropping either the capital levy or
nationalization he replied: 'That is not the policy of
the Labor Party.. We are not out to snatch seats and
win a premature victory; we are building not upon
2576
THE CHRONICLE
the sand but on sure foundations, and our present
task is to educate opinion.'"
According to the same correspondent only 24
hours later, "the realization of the immediate possibility of a Labor Government has wrought during
the week-end a considerable change in the views of
the leaders of the political parties. It is now regarded as by no means as certain as on the morning
after the election that Premier Baldwin will resign,
and there is a good deal of opinion in favor of his
meeting Parliament next month at the head of his
diminished party. It is unite true that Mr. Baldwin
himself is ready to acknowledge his terrible error
and to retire to the back benches, but many of his colleagues and most of the Unionist press are urging
him to hold on a little longer."
Premier Baldwin did not resign at the Cabinet
meeting on Tuesday, as it had been persistently rumored he would do. On the contrary, he decided to
stay, at least until the reassembling of Parliament on
Jan. 8. He was said to have reached this decision
after having "received assurances of Support from
the Cabinet and from members of the Conservative
Party generally." In commenting upon the decision,
the New York "Times" representative said that "the
Cabinet, after sitting about an hour and a half today, decided to meet Parliament and 'carry on' until
its inevitable defeat occurred." He added that it
announced its intentions in the following communique: "After careful consideration of the constitutional precedents and their bearing upon the situation which has arisen as a result of the general election, the Cabinet decided unanimously this morning
that it was their constitutional duty to meet Parliament at the earliest possible moment. Parliament
therefore will reassemble, as already provided for, on
Jan. 8." Outlining the situation as he saw it, which
appeared to be the logical view, the "Times" representative said: "This announcement has cleared the
air and by putting a stop to intrigues within the
Unionist ranks and to excited hopes of immediate
office among Labor men gives the country a breathing space of a month in which to consider the situation. Mr. Baldwin, as he read the election returns
and realized how completely the country had declined
to acept his demand for a free hand in working out a
protective tariff, was not unnaturally disposed to
resign immediately, and it took a good deal of hard
work on the part of Lord Younger and other experienced colleagues to convince him that he ought to
retain office. They realized that in spite of the shock
the Conservative Party had received it was still the
strongest party in the House of Commons and felt
that it had in consequence responsibilities it could
not shirk. Moreover, the division of the House into
three strong parties is a situation which has occurred
before and will probably occur again. Therefore, the
Conservative leaders regard it as important that a
constitutional practice shall be established which
will be a guide on future occasions."
The British political and Cabinet situations took
a new turn on Wednesday. Through a London cablegram sent out by the Associated Press it became
known that "the executive board of the Labor Party
issued a communique this afternoon saying it had decided, in the event of Labor being invited to form a
Government, that the Parliamentary Party should
immediately accept full responsibility of the Gov-
[VoL. 117.
ernment of the country without compromising itself
with any form of coalition." It was also stated that
"the announcement of Mr.Baldwin's decision to hold
on seems to have clinched Labor's resolve not only to
accept any offer to take up the Government but actively to seek that responsibility. It is stated that
the Labor leaders welcomed the Premier's position,
thinking that it assured them of the succession."
The London correspondent of the Associated Press
cabled Thursday afternoon that "the Baldwin Government was called upon by the Labor Party, in a
resolution passed during an executive session of the
party this morning, to make an immediate public
announcement of its plans for dealing with the unemployment problem. The party also passed a resolution expressing complete confidence in Ramsay
Macdonald, the Labor Party leader, and voicing belief that should he 'be called upon to assume high
office he will in all his actions consider the well-being
of the nation in seeking to apply the principles of
the Labor movement.'" In a cablegram yesterday
morning the London correspondent of the New York
"Herald" said that "there was a clear intimation in
Labor quarters to-day that if a Labor Government
holds office it will endeavor immediately to bring
about an international conference on disarmament.
It will direct its attention first to unemployment,
but, as emphasized to the New York 'Herald' correspondent, Labor regards unemployment as due primarily to the dislocation of trade through the unstable condition of Europe and it also considers the
development of armament as part and parcel of Europe's plight." He added that "therefore, to effect
any marked improvement in the condition of the
army of unemployed, now numbering almost 2,000,000, it would be essential to restore peace in Europe
and to restore peace armaments would have to be
limited."
• There were indications early in the week of steps
being taken soon toward an international investigation offinancial and economic conditions in Germany,
with a view to the drawing up of another reparations
plan. The Paris correspondent of the New York
"Times" told of a preliminary step in this direction,
in a cablegram under date of Dec. 9. In part he said:
"As soon as the Cabinet situation in England is settled Premier Poincare will, it is expected here, invite
Mr. Baldwin or his successor to exchange views on
the best method to be followed for re-establishing the
money situation in the Reich. Such an exchange of
views, which will be conducted through the Treasury
Departments of the two countries, and in accord
with Belgium and Italy, is considered an essential
preliminary to any sound work being done by expert
committees to be established by the Reparations
Commission." From Cologne came a dispatch the
next day to the same paper stating that "further information of the German Government's intention to
try and arrange the question of reparations again
shows the idea is to present the actual situation in
the Rhineland to the French in the form of a dilemma." It was added that "the points of the present
situation lie in the fact that the occupied territories
represent the major part of Germany's wealth. As
much as four-sevenths of the normal revenue of Germany as it stands to-day can be traced to the Rhineland and Ruhr. France has these territories now in
her grasp and is squeezing them for reparations.
The German Government, so to speak, has to supply
DEC.15 1923.]
THE CHRONICLE
the juice, for the treasury of the Reich has to undertake responsibility for compensating the industries
which France is forcing to deliver reparations in
kind and at the same time to pay the costs of the
military occupation. Germany is not in the position
to collect more than a tithe of the revenue which is
due from the occupied areas."
2577
until Great Britain's political trend was better defined, which would have delayed the appointments
until after the New Year." According to an Associated Press cablegram from the French capital
Wednesday afternoon, "it is expected the Reparations Commission will meet in Paris some time before Christmas, when Colonel James A. Logan, the
American representative with that body, will nominate the American members of the subordinate committees to investigate German finances." It was
added that "it is pointed out here that even if the
Baldwin Ministry in Britain is defeated in Parliament in January it is unlikely that Premier Poincare will change his attitude toward the reparations
question and toward Great Britain in general, and
this attitude is remarked upon as of late having been
quite conciliatory." The New York "Times" representative in the French capital cabled that "all the
members of the Reparations Commission gave an enthusiastic reception to the announcement to-day by
Colonel James A. Logan, the American observer,
that the Washington Government would approve the
appointment of American experts on the two committees which are to advise the Commission first on
to restore Gerr--iy's finances and second
lie
on the problem establishing how much German
wealth is held abroad and the possibility of getting
hold of it."
Through a special Paris cable dispatch to the New
York "Tribune" under date of Dec. 10 it was reported that the French expected the United States
to aid in the Reich survey. According to the dispatch, also, Paris had heard hints of a new invitation having been extended to the United States. The
dispatch further stated that "Washington and Paris,
as represented in the negotiations going on here between Colonel James A. Logan, American observer
on the Reparations Commission, and Louis Barthou,
chief French delegate, are not far from an agreement
whereby the United States may participate in the
expert committees to be created by the Reparations
Commission to consider means of balancing Germany's budget, stabilizing its currency and ascertaining the amount of exported German capital."
Word was received from Washington Tuesday afternoon through press dispatches that "the way has
been opened at least for American unofficial aid in
solving the reparations riddle of Europe. After
many months of discussion and many failures, the
European allies and Germany have hit upon a plan
According to the Washington correspondent of the
of inquiry which is looked upon favorably by Wash- New York "Herald" in Washington, "before approvington." It was added that "while the United States ing American participation in the new attempt to
Government cannot itself appoint official members solve the German financial and economic problem,
of the two investigating committees to be set up un- President Coolidge had assurance that the scope of
der the Reparations Commission, it was announced the inquiry would be free of the limitations which
to-day at the White House that President Coolidge thwarted the last move to reach an understanding."
and his advisers would 'view with favor' the accept- He added that "this Government understands that
ance of places on the committee by American ex- the new commissions proposed will function along
perts." The suggestion was made that "presumably the lines mapped out previously by the United States,
the result of this decision will be an immediate con- and that the experts appointed will have sufficient
summation of the Reparations Commission's plan by latitude to correlate all questions pertaining to repthe designation of Americans versed in the economic arations with the exigencies of German revenues and
troubles of the Old World to take their places on the expenses." From Berlin came a cablegram
committee along with representatives of other Pow- to the New York "Herald" yesterday morners.'? One correspondent asserted that "the deter- ing from its correspondent at that centre, in
mining factor in shaping the course of the American which he said in part that "Germany wants to take
Government was the unanimity attained at last .part in any adjustment of reparations. Foreign Minamong the Allies on a method of employing American ister Stresemann intends to ask the Allies to let Beraid. For months officials here have declared they lin enter into direct negotiations with them over the
were ready to help as soon as there was complete Ruhr and Rhineland problems in particular and repagreement on the method, and there is reason to be- arations in general. While he contemplates no fresh
lieve that President Coolidge views the method proposals to the Reparations Commission, Dr.
adopted and the prospect of American aid as making Stresemann desires to submit Germany's views on
a long forward stride in the promotion of better rela- the new inquiry which that body is initiating with
tionship with Europe." It became known here the the collaboration of American financial experts."
next morning that "shortly after this announcement Speaking more specifically, the New York "Tribune"
had been issued Senator Hiram Johnson of Califor- representative in Paris cabled that "the German
nia came out with a statement criticizing the Gov- Charge d'Affaires here received instructions from
ernment's decision in which he said there had been Berlin to-day [Dec. 13] to present to Premier Poinenough of secret diplomacy and demanding that 'all care sweeping proposals for direct negotiations bethe communications and all the facts' regarding the tween France and Germany on the Ruhr and Rhinenegotiations be made public."
land and all questions at issue between the two naThe Paris correspondent of the New York "Her- tions. The German representative is likely to solicit
ald" cabled that "the news of President Coolidge's an interview with M.Poincare early to-morrow. Ofdecision to participate "unofficially" in the Repara- ficial circles here were advised of the contents of the
tions Commission's inquiry by experts caused unal- Marx proposals from the French Embassy in Berlin
loyed elation in the most influential political and late this afternoon." In an Associated Press cablebanking circles to-night. The decision is all the more gram from Paris last evening it was stated that'Presatisfactory as it had been doubted whether the mier Poincare would see the German representative
United States Government would take any action to-morrow" (to-day). According to another Asso-
2578
THE CHRONICLE
ciated Press cablegram from the French capital last
evening,"the invitations to the experts who are to sit
on the two international committees that are to examine Germany's financial troubles will probably be
sent out early next week, after Sir John Bradbury,
British member of the Reparations Commission, has
returned from London." •The dispatch also stated
that "it is expected that the committees will be able
to begin their work about Jan. 10."
Chancellor Marx has been given virtually the powers of a dictator. The action was taken by the
Reichstag on Dec. 8. The Berlin correspondent of
the Associated Press reported that "Chancellor
Marx's authorization law, granting his Cabinet plenary powers to run the Government's affairs without
Parliamentary sanction for an indefinite period, was
adopted by a heavy majority in the Reichstag to-day.
The vote was 313 to 18." He also made it known that
"the bill had the undivided support of the four middle parties which constitute the present Coalition
and the full approval of the United Socialists, whose
ballots more than nullified the opposition of the Nationalists and Communists." The further explanation was offered that, "while the law primarily is intended to enable the Government to pronounce emergency legislation of an economic and social nature,
it is sufficiently elastic to permit an adjustment of
the problem confronting the Government in the
Rhineland and Ruhr while the Reichstag is enjoying
a holiday recess, which in all probability will extend
well into the new year."
In an Associated Press dispatch from Duesseldorf
under date of Dec.11 details of the proposed new currency issue were given. It was stated that "paper
currency in the occupied areas of Germany is to be
replaced shortly, probably before the Christmastide,
by a new currency backed by gold. The new bill will
be of 4 marks 20 pfennigs, or the value of the American dollar." The following explanations were made
also: "Instead of being financed by private concerns, it is planned that issue will be made by the
Landsbank of the Rhine Province, aided by the German Government. This arrangement came as a complete surprise, as it had been intended to establish a
Rhenish issue bank at Cologne,financed by German,
Belgian, French, Dutch and Swiss private capital.
In order to forestall posssible hoarding of the new
money the plans provide that from the time it first
makes its appearance all taxes and all money transactions with the public authorities must be made in
the new currency." Cabling from Cologne on Dec.
11, the New York "Times" correspondent at that centre said that "the first meeting of the Rhineland
Committee of Sixty was held in Cologne to-day. This
committee was appointed as an organ through which
the views of all sections of the Rhineland population
might be expressed and the situation created by the
French separation tactics explained." He added
that "the German Government has so far refused to
grant any political competence to it, so it will probably remain more or less of a debating society. It is
mainly political in its composition, all the political
parties from the German Nationalists to the Communists being represented. It also includes representatives of the Ruhr industries, such as Herren
Stinnes, Klockner, Vogler, and Krupp von Bohlen."
[VoL. 117.
patch under date of Dec. 12. What he said was
based largely on statements made by Chancellor
Marx in his first interview with foreign newspaper
correspondents. The "Times" representative said
that "Germany is officially prepared to appeal to
the League of Nations to help her in the way it has
aided Austria." He added that "this movement for
international assistance emanates from Centrist
quarters, close to Chancellor Marx. It synchronizes
with the hopes raised by unofficial participation by
America in the reparations investigation committees
and with the expectation of the $70,000,000 wheat
credit." The Associated Press correspondent, in his
account of the interview, said that "the German
Chancellor's first reception of the foreign press representatives to-day was an occasion of unrelieved gloom,
and the keynote of his address was that Germany was
absolutely at the end of her resources. In this, however, Dr. Marx did not differ materially from the
utterances of his predecessors in office on similar
occasions."
The political'situation in Italy has taken a new
turn. Announcement was made on Dec. 10 that, "exercising the prerogatives conferred upon him by the
Constitution, the King to-day signed a decree, at
Premier Mussolini's suggestion, closing the present
Parliamentary session." It was added that "this is
universally interpreted as being the prelude to the
dissolution of the Chamber and a general election.
The decision has caused considerable surprise
throughout Italy, especially as it was known that
the Cabinet had decided to ask Parliament to extend
its full powers for another year, and everything had
been prepared for the discussion of their extension,
which was to have begun in the Chamber to-morrow."
According to one cable dispatch,"everything seemed
to indicate that Mussolini would have no difficulty
in obtaining satisfaction of his demands for a fresh
lease of life with his present dictatorial powers.
Every group in the Chamber except the Extreme Left
had declared itself in 'favor of such an expansion.
Many observers, therefore, find it difficult to understand why the Premier, who has never been troubled
in any way by the present Chamber, which has docilely acceded to his slightest whim, should suddenly
have decided to get rid of the deputies now sitting
and appeal to the electors." It was reported also
that "his friends say that he does not want to ask for
an extension of the period of dictatorship at the
hands of a subservient Chamber that is open to the
charge that it does not represent the views of the electors. His enemies say that he is disturbed at the
thought of the criticisms which might be leveled at
him if the request for an extension came before this
Chamber. Probably neither of these opinions is correct, as Mussolini's motives are likely to be far more
complex than they give them credit for being." The
New York "Times" representative in Rome asserted
that "the present moment is obviously very favorable to Mussolini. He is personally as popular as
ever. The results obtained by his financial reforms
have made an excellent impreision in the country.
Peace reigns everywhere throughout Italy, and there
appears to be nothing likely to disturb it. It is therefore in his view a suitable moment to hold elections,
with every probability of overwhelming success."
The Associated Press representative outlined the
The attitude and plans of the German Government situation as follows: "To show the world that Italy
were outlined by a Berlin correspondent in a dis- is ruled by the will of the majority of the Italian
Dm.15 1923.]
THE CHRONICLE
people and to secure a Parliament which is in accord
with the wishes of the electorate, Premier Mussolini,
with the consent of the Cabinet, obtained to-day the
signature of the King to a decree closing the present
session of the Chamber—an act which inevitably
leads to dissolution and new elections." As to Italy's
financial position and outlook, "Alberto de Stefani,
Minister of Finance, speaking before the Senate today [Dec. 8], announced that in the first five months
of the present fiscal year, for two-thirds of which he
was responsible, he had reduced the deficit by about
one billion lire and that during the last fiscal year,
for two-thirds of which he was responsible, he had
reduced the deficit by about one billion lire." The
New York "Times" representative said "he predicts
that the deficit for 1924-25 will be 700,000,000 lire."
In a wireless dispatch under date of Dec. 11 the
Rome correspondent of the New York "Times" said
that "while most Italians consider the present Parliament virtually dead and buried, this view is not
shared by some high State officials, as shown by the
following utterance from Deputy Acerbo, who in tis
position as Under Secretary of Stat.?, for Internal
Affairs is in close touch with Premier Mussolini:
'To close the Parliamentary session does not necessarily imply the dissolution of Parliament. If dissolution becomes necessary in the future Signor Mussolini will announce it in due course.'" The dispatch also stated that "the probability of general
elections has been received with obvious pleasure by
all parties. The reasons for rejoicing are, however,
widely different. The Fascisti are pleased because
if they win the elections, as they appear to be certain
they will do, they will increase the number of their
representatives in the Chamber from 32 to 336, or
two-thirds of the total number of seats. The opposition parties, on the other hand, are pleased because
they believe that the Fascista following in the country is not nearly as large as is generally supposed
and that it may suffer defeat. It is, of course, far
too early to pass judgment on that point, but all present indications appear to point to the probability of
the Fascisti being more correct in their estimate of
the situation." It was explained that 'if elections
are held they must take place according to the present electoral law, not earlier than 70 days after the
dissolution of Parliament, and the new Parliament
must hold its first sitting not later than four months
after the dissolution of the old one. As according to
the Constitution Parliament must sit before June 30
to approve the budget, the present,
. Parliament will
probably be dissolved at the beginning of January
and the elections will be held some time In March or
April."
The British Board of Trade statement for November was unfavorable in nearly every respect. It disclosed an increase in imports of £1,665,269, in comparison with October of this year and of £5,984,000
over November of last year. Total exports, on the
other hand, decreased £6,539,892 from October,
though showing an increase of £309,000 as against
November 1922. The net result was an excess of
imports of £25,650,000 for November compared with
£17,444,000 in October and £19,970,000 in November
a year ago. The following table gives a summary of
the figures for November and the first 11 months of
this year compared with the corresponding periods
of last year:
2579
November--1923.
1922.
Eleven Month*
1923.
1922.
Exports, British products__ 65,760,000 66,490,784 703,205.312
Re-exports, foreign goods-__ 10,170,000 9,148,128 108,174,852
661,613,394
95,298,805
Total exports
Imports
75.930,000 75,638,912 811.380,164
101,580,000 95,600,143 989,039,651
756,912,199
909,031,435
25,650,000 19,961,231 177,659,487
152.119,236
Excess of imports
According to cable advices from Amstetlam under
date of Dec. 13, the Netherlands Bank has raised its
1
2%, the previous rate
discount rate from 4% to 4/
having been in effect since July 18 1922. Aside from
this change official discount rates at leading European centres remain at 90% in Berlin; 770 in Norway; 670 in Denmark; 5/
1
270 in Belgium and Sweden; 57
0 in France and Madrid, and 470 in London
ani Switzerland. In London the open market rates
were again lowered and short bills are now quoted
at 3 3-16%, against 3/
1
2@35-16% and three months
at 31/
470, in comparison with 3 5-16% a week earlier.
Call money at the British centre was also easier, finishing at 1/
1
2%,as compared with 1%7
0 the previous
week. At Paris the open market discount rate has
ranged from 3/
1
2 to 470, against 4/
1
27
0 last week,
while the Swiss rate ranged from 2 to 2/
1
270, compared with 270 last week.
A further addition to gold holdings was shown by
the Bank of England in its statement for the week
ending Dec.12, amounting to £146,030, although continued expansion in note circulation to the amount of
£159,000 brought about a decrease in reserve of £13,000, to £21,501,000, against £22,735,137 last year and
£22,152,821 in 1921. There was a moderate increase
in public deposits, namely £388,000, but "other" deposits were reduced £19,737,000. Loans on Government securities declined £19,126,000 and loans on
other securities £167,000. Owing to the contraction
in deposits and expansion in gold stocks, the proportion of reserve to liabilities advanced to 16.73%,from
14.55% a week ago. This compares with 181/
4% in
1922 and 14%70 the year before. The bank's stock of
gold aggregates £128,019,260. In the corresponding
week of 1922 the total was £127,446,447 and the year
preceding £128,437,271. Loans total £74,195,000,
against £66,123,250 last year and £80,682,795 in 1921.
Note circulation is £126,272,000. This compares
with £123,161,310 and £124,734,450 one and two years
ago, respectively. Clearings through the London
banks for the week totaled £629,960,000, in comparison with £822,078,000 a week ago and £592,289,000
last year. The Bank Govern rs at their regular
weekly meeting on Thursday did not make any
change in the minimum discount rate, which therefore continues at 470. We append herewith comparisons for a series of years of the Mini- of England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1921.
1920.
1919.
1922.
Dee. 12
Dec. 15
Dec. 14
Dec. 17
Dec. 13
126,272,0001123,161,310
Circulation
11.598,000 10,112,664
Public deposits
116,864,000
114,772,579
Other deposits
Governtn't securities 50.598,000 53,927.091
74,195,000166,123,250
Other securities
Reserve notes & on 21.501,000 22.735,137
Coln and bullion-128.019.260 127,446.447
Proportion of reserve
16.73%
183(%
to liabilities
4%
3%
Bank rate
124,734,450
13,858,179
140,869,430
69,799.630
80,682,795
22,152,821
128,437,271
1451%
5%
131,236.390
19,400,584
126,069,985
77,122,702
72,206,889
14,025,142
126,811,532
9"
7%
90,299,620
21,538,293
126,311,507
68.188,552
76,860,193
19,649,227
91,498,847
13%%
6%
The`Bank of France continues to report small gains
in its gold item, the increase this week being 171,350
francs. The'Bank's gold holdings therefore now
aggregate 5,540,046,975 francs, comparing with
5,534,530,823 franceat this time last year and with
THE CHRONICLE
2580
5,524,121,895 francs the year before; of these amounts
1,864,320,900 francs were held abroad in 1923, 1,864,367,056 francs in 1922 and 1,948,367,056 francs in
1921. During the week increases were registered in
the various items as follows: Silver, 158,000 francs;
bills discounted, 10,275,000 francs; advances, 21,537,000 francs, and Treasury deposits, 9,175,000
francs. General deposits, on the other hand, fell
off 92,060,000 francs. Note circulation took a favorable turn, a contraction of 391,840,000 francs being recorded. The total of notes in circulation is
now 37,547,493,000 francs, contrasting with 36,070,029,175 francs on the corresponding date last year
and with 36,407,132,475 francs the year previous.
In 1914, just prior to the outbreak of the 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 COMPARATIVE STATEMENT.
States as of
Changes
Dec. 13 1923. DEC. 141922. Dec. 15 1921.
for Week.
Francs.
Franca,
Francs.
Francs.
Gold Holdings—
171,350 3,675,726,075 3,740.163,767 3,575,754,838
Inc.
In France
No change 1,864,320,900 1,864,367,056 1,948,367,056
Abroad
171,350
Inc.
Total
158,000
Inc.
Silver
Bills discounted_ _ _Inc. 10,275,000
Inc. 21,537,000
Advances
Note clrculation Dec. 391,840,000
Treasury deposits_Inc. 9,175,000
General depwlts..-Dec. 92.060,000
5,540,046,975
296,352,000
3,183,863,000
2,448,116,000
37,547,493,000
28,939,000
1,995,611,000
5,534,530,823
288,837.305
2,267,599,289
2,178,064,982
36,070.029,175
17,354,919
2,124,288,128
5,524,121,895
279,448,665
2,347,515,427
2,289,237,780
36,407,132,475
42,347,826
2,446,282,737
The Federal Reserve Bank weekly statement issued after the close of business on Thursday, was
featured by a small reduction in gold reserves and an
expansion in bill .holdings. For the System as a
whole gold declined $2,500,000. Rediscounts of all
classes of paper were augmented approximately
$15,600,000 and bill buying in the open market increased $31,000,000, with the net result an increase
in total bills on hand of $46,600,000. Earning assets
• increased $51,000,000 and deposits $36,000,000.
Similar conditions were shown in the report of the
New York bank. Here gold holdings were reduced
$4,800,000, while rediscounting of Government secured paper expanded $6,500,000 and "all other"
$12,800,000. Open market purchases showed a gain
of $10,300,0007 all of which combined to bring about
an increase in total bill holdings of nearly $30,000,000. Earning assets increased $31,300,000 and deposits $28,700,000. Locally, the amount of Federal
Reserve notes in circulation fell off $4,800,000, but
expanded $14,000,000 for the banks as a group. Substantial additions were shown in member bank reserve accounts, $31,000,000 at New York and $39,000,000 nationally. In consequence of the loss in
gold and increase in deposits, reserve ratios again
fell 1.1%, to 75.3% in the combined statement, and
2.1%, to 80.4%, at New York.
Last Saturday's statement of the New York Clearing House banks and trust companies indicated a return to normal following the usual month-end strain,
and was featured by heavy contraction in loans and
discounts and a large decrease in deposits, with an
addition to surplus reserve. The loan item was reduced $42,414,000. Net demand deposits fell $57,142,000, to $3,759,070,000. This total is exclusive of
Government deposits to the amount of $6,314,000, a
drop in the latter item of $2,969,000. In timedeposits there was a gain of $2,921,000, to $458,795,000.
Cash in own vaults of members of the Federal Reserve Bank increased $1,353,000, to $51,067,000 (not
[Vo“17.
counted as reserve). Reserves of State banks and
trust companies in own vaults increased $64,000,
but reserves kept by these institutions in other depositories were drawn down $781,000. Member
banks added to their reserves at the Reserve Bank,
$5,789,000, and the result was an increase of $12,541,100 in excess reserve, carrying the total of excess
reserve up to $25,546,930, as against $13,005,830 last
week. The figures here given are on the basis of reserve requirements of 13% for member banks of the
Federal Reserve System, but do not include cash in
own vaults to the amount of $51,067,000 held by these
institutions on Saturday last.
The trend of call money during the early part of
the week was toward a little higher level. On Wednesday and Thursday afternoons, however, a larger
supply of loanable funds was reported and the quo4 and 41/
2%,respectively. These
tation dropped to 43
were the rates prevailing yesterday also. Time
4%. In view of the
money was unchanged at 5@51/
disbursements that will be made to-day by the corporations and the big Government turnover, involving receipts of $842,000,000 and disbursements of
$436,000,000, and the fact that preparation must be
made for unusually large dividend payments on or
about Jan. 1, a still higher range of quotations for
call money this week, and for the greater part of the
month, for that matter, would not be at all surprising. There was every indication from the start that,
as heretofore, the offering of $300,000,000 Treasury
certificates of indebtedness would be largely oversubscribed, just as actually happened. The subscription books.closed on Wednesday. Government
withdrawals from local depositories were not large,
but $5,000,000 will be taken to-day. The bond market has been devoid of special features. The tombable appointment at an early date of two committees,
under the direction of the Reparations Commission,
to inquire into Germany's financial position may
lead to rumors of a big international loan to that
country. Even if the committees make real progress
along definite lines, such a loan is still some distance
off. Business and monetary conditions in this country have not undergone special change.
As to money rates in detail, loans on call have
covered a range of 4/2@53% this week, as against
41A@,5% last .week. Monday the high was 532%,
the low 43
4% the rate for renewals.
4%, with 43
On Tuesday and Wednesday a single rate of 5% was
quoted, this being the high, the low and the ruling
figure on both days. A slightly easier tendency
developed on Wednesday, and there was a decline
to 4
minimum, 44% maximum and WI% the
renewal basis. Friday's range was not changed from
43'2@4%% and 43.% the basis on which renewals
were negotiated. The figures here given apply to
mixed collateral and all-industrial loans without
differentiation. In time money the situation remains quiet and q ioted rates have not been changed
from 4%@,5% for sixty days and 5% for all maturities from ninety days to six months. The market
has been exceptionally quiet, and so far as could be
ascertained no large individual loans were put
through. The former differential between regular
mixed collateral and all-industrial money is no longer
observed.
Commercial paper has been inactive and trading
featureless. Practically all transactions for sixty
DEC.15 1923.]
THE CHRONICLE
and ninety days' endorsed bills receivable and six
months' names of choice character continue at 5%,
with 43%% named for New England mill paper, the
same as last week. Names not so well known still
require 514%. Most of the limited demand came
from out of -town institutions.
Banks' and bankers' acceptances have been moderately active, although the- aggregate turnover has
not been large. Local and country banks have been
in the market as buyers. The undertone has been
steady at levels previously current. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council continues at 41
4%.
The Acceptance Council makes the discount rates
on prime bankers' acceptances eligible for purchase
by the Federal Reserve banks 41/% bid and 4%
asked for bills running for 30 days, 43.% bid and
4%% asked for bills running 60, 90 and 120 days,
and 41/2% bid and 43j% asked for bills running 150
and 180 days. Open market quotations follow:
SPOT DELIVERY.
90 Days.
4qc,4i
60 Days
45‘44%
30 Days
44M444
R DELIVERY WITHIN THIRTY DAYS.
banks
-member banks
444 bld
444 bid
Prime ellgibi
here have been no changes this week in Federal
eserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
.at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE RANKS
IN EFFECT DEC. 14 1023.
Paper Maturing—
After 90 After 6
but
Days, but
Within 6 Within 9
Months. Months
Within 90 Days.
FEDERAL RESERVE
BANK.
&CU?. by
Agricut.• A g;leaf
Com'rcial U. S. Bankers' Trade
and
and
Agricut. Govt.
Accep- Livestock Livestock
AccepetLivest'k Obliga- tances. tances.
Paper. Paper.
Paper.
tions.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louts
Minneapolis
Kansas City
Dallas
Ban Francisco
4%
444
4%
434
4%
43.4
444
4%
444
4)4
444
4%
444
444
444
4%
4;4
434
434
434
444
444
444
43.4
4%
434
444
4%
43.4
43.4
43.4
43.4
4%
434
444
444
434
444
444
444
444
444
43.4
4%
444
444
43.4
444
434
4%
434
4)4
434
444
434
•Including bankers acceptances drawn for an agricultural purpose a
warehouse
by
receipts. &o.
434
a
434
4%
434
434
434
444
4
2581
tions matters. The spurt of strength and activity,
however, proved short-liven and was soon followed
by a slump to 4 36, on intimations that the Laborites
in the Britisl- House of Commons were planning the
overthrow of the Baldwin Ministry at the first opportunity. In the final dealings a partial rally took
place on light offerings, which carried the rate to
4 37%.
Aside from the disconcerting possibilities contained
in Great Britain's political situation, the outlook concerning European affairs is regarded as showing improvement. In the Ruhr a gradual resumption of
normal activities is reported, while Franco-AngloGerman relations are believed to be less strained than
has been true for many months. British buying of
cotton has diminished perceptibly, while arrangements for the forthcoming installment payment on
Vie United States war debt have been, it is understood, virtually completed. For this reason, and
also because of demands incidental to the holiday
trade, sterling is expected to work higher for the time
being; that is, barring some untoward development
calculated to bring about a setback. In the absence,
however, of a definite decision in the problems now
confronting England, as well as France and Germany,
exchange houses look for very little increase in activity, and dealers generally are expected to adhere
to their policy of extreme caution in the matter of
making new commitments.
Referring to quotations in greater detail, sterling
exchange on Saturday last was dull and weak, with a
decline to 4 35 13-16@4 363/i for demand, 4 36 1-16
®4 36% for cable transfers and 4 33 946@4 333/i for
sixty days. Monday's market was quiet, but firm,
on light offerings of commercial bills and a better
inquiry, and the range was 4 35%@4 36 13-16 for
demand, 4 353@4 37 1-16 for cable transfers and
4 33@4 34 9-16 for sixty days. News that agreement had been reached by the Allies regarding reparatiers matters acted as a stimulus on Tuesday and
demand shot up 3 cents in the pound to 4 3932; the
as 4 36 9-16; while cable transfers ranged be3 and sixty days between
en 4 36 13-16@4 39%
34 5-16@4 36; trading was quiet. On Wednesday
some irregularity developed and the volume of transactions was small; quotations ranged within narrower
limits, namely 4 373-@4 38 7-16 for demand,
4 37@4 38 11-16 for cable transfers and 4 35®
4 36 3-16 for sixty days. Dulness characterized
Thursday's dealings and there was a further lowering
of rates, with demand quoted at 4 36 9-16@,
4 37 13,16, cable transfers at 4 36 13-16@4 38 1 16
and sixty days at 4 34 5-16@,4 35 9-16. On Friday
the undertone was weak, although quotations were
3i
not materially changed, ranging at - 4 36%@4 37/
for demand, 4 36%@4 37/5h for cable transfers and
4 34%@4 351/s for sixty days. Closing quotations
were 4 343% for sixty days, 4 37 for demand and
4 371. for cable transfers. Commercial sight bills
finished at 4 36%, sixty days at 4 34%, ninety days
at 4 333/s, documents for payment at (sixty days)
,4, and seven-day grain bills at 4 36%. Cotton
4 345
and grain bills for payment finished at 4 36%.
The week's gold movement was light, being confined to a single consignment of $2,700,000 on the
Majestic from England.
Sterling exchange values displayed some regularity during the week under review and actual quotations fluctuated quite widely, the extremes for
demand being 4 353 and 4 393', on a relatively
small volume of tragsactions. The British political
stalemate continues to monopolize a good deal of
attention and in the initial dealings an undercurrent
of uneasiness and hesitancy prevailed, due to the
downfall of the Conservative Party in England.
Large operators held aloof and trading was confined
• to strictly routine business and a few minor transactions on the part of the more venturesome speculative
.element. On Tuesday announcement of Premier
Baldwin's decision to retain his office at least until
Parliament meets early next year, exercised a favorable influence on sentiment. London cable rates
came higher and local prices, as usual, responded by
:an advance, this time to 4 39%. Several important
financial concerns of international repute entered the
market as buyers and for a brief period a fair degree
of activity was recorded. Still another favoring
factor proved to be the understanding that a basis
Continental exchange followed the lead of sterling,
for agreement had been reached between Germany and price fluctuations, after opening at about the
.and the Allies over the inquiry to be held on repara- levels prevailing at the close on Friday last, shot
2582
THE. CHRONICLE
[VOL. 117.
upward from 6 to as much as 28 points; then dropped to be used for keeping krone stable and eventually
back, losing all of the earlier gains. Uncertainty of bringing a return to higher levels. Measures are
regarding the upset in political affairs in Great being taken to remove causes of depreciation.
Britain, which it is feared may exercise an unfavorBankers' sight on Amsterdam closed at 38.14,
able effect throughout the entire Continent, was the against 38.00, cable transfers at 38.18, against 38.04;
chief influence of the week, and to a considerable commercial sight bills at 38.08, against 37.94, and
extent overshadowed what appeared to be distinct commercial sixty days at 37.72 against 37.58 in the
improvement in reparations conditions. French week preceding. Swiss francs finished the week at
francs hovered between 5 30 and 5 34, with a high 17.43 for bankers' sight bills and 17.44 for cable
quotation of 5 40% on Wednesday, and a closing remittances. Last week the close was 17.43 and
*range of 5.32@5.28%. Belgian currency, as usual, 17.44. Copenhagen checks closed at 17.80 and cable
moved in sympathy. The same is true of lire, which transfers at 17.84, against 17.79 and 17.83. Checks
ruled around 4.33@4.35. Greek exchange, on the on Sweden finished at 26.30 and cable transfers at
other hand, showed a declining tendency practically 26.34 (unchanged), while checks on Norway closed
throughout, but without specific cause being assigned at 15.00 and cable transfers at 15.04, against 14.94 •
therefor. As to the currencies of the minor Central and 14.98 last week. Spanish pesetas finished at
European countries, Czechoslovakian crowns and 13.033/2 for checks and at 13.043/2 for cable transfers.
Rumanian lei ruled firm and unchanged, but Fin- This compares with 13.03 and 13.05 a week earlier.
marks lost ground slightly, while Polish marks were FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANES TO TREASURY UNDER TARIFF ACT OF 1922.
heavy, declining to 0.000325, a new low record. IntiDEC. 8 1923 TO DEC. 14 1923, INCLUSIVE.
mations that the United States intended unofficially
Noon Buying Rate for Cable Transfers in New York.
to co-operate in the investigation of Germany's finanValue in United States Money.
Country and M
Unit
ces for the purpose of adjusting reparation payments
Dec.8. Dec. 10. Dec. 11. Dec. 12. Dec. 13. Dec. 14.
EUROPEwere well received, but had no influence on actual mar- Austria.
$
$
$
$
s
5
krone
.000014 .000014 .000014 .000014 .000014 .000014
franc
.0461
.0462
.0461
.0461
.0461
.0461
ket levels, there having been too many similar prom- Belgium,
Bulgaria, ley
008758 .008233 .008383 .008150 .008100 .008280
Czechoslovakia, krone .029239 .029198 .029255 .029275 .029270 .029284
ises in the past that yielded no tangible results for Denmark,
krone
.1780
.1776
.1780
.1787
.1782
.1783
England, pound sterldealers to set much store by them. Cable advices from ing
4.3611
4.3605
4.3793
4.3805
4.3769
4.3731
Finland, markka
.024781 .024706 .024713 .024750 .024722 .024713
Germany indicate rather more stable conditions, po- France, franc
.0534
.0534
.0535
.0533
.0532
.0532
reichsmark
aa
a
a
a
a
litically speaking, and the currency situation for the Germany,
Greece, drachma
.019310 .018910 .017928 .017150 .017450 .017422
Holland, guilder
.3802
.3802
.3816
.3824
.3822
.3819 .
moment has improved through the operations of the Hungary, krone
.000052 .000053 .000052 .000053 .000052 .000053
0433
.0434
.0435
.0436
.0435
.0435
lira
new rentenmark. The Reichsbank has loaned a Italy.
Norway, krone
.1494
.1494
.1499
.1504
.1502
.1502
Poland, mark
b
b
b
b
b
b
vast quantity of these to trade interests and the Portugal, escudo
0366
.0365
.0367
.0366
.0359
.0355
Rumania,leu
005092 .005107 .005138 .005142 .005131 .005128
peseta
.1307
.1302
.1302
.1306
.1305
.1306
Berlin Stock Exchange is said to be exchanging paper Spain,
Sweden,krona
.2630
.2831
.2633
.2629
.2632
.2633
franc
.1744
.1744
.1746
.1745
.1745
.1744
marks for rentenmarks during the Christmas holidays. Switzerland,
Yugoslavia, dinar
.011360 .011368 .011397 .011380 .011380 .011375
ASIATrading in practically all classes of foreign exchange China-.7416
.7409
.7409
.7409
tael
.7369
7359
was "spotty" and • the aggregate turnover compara- Chefoo
.7388
Hankow tee!
.7338
.7378
.7378
.7378
.7328
.7264
Shanghai tael
.7214
.7256
.7259
.7272
.7198
tively small.
Tientsin tael
.7431
.7472
.7472
.7472
.7478
.7416
Hongkong dollar
.5091
.5091
.5099
.5098
.5075
.5067
The London check rate on Paris finished at 82.20, Mexican
.5141
.5120
dollar
.5093
.5144
.5203
.5106
or Pelyang .5109
.5134
.5131
.5122
.5134
.5103
against 80.85 last week. In New York sight gills on Tientsin
dollar
Yuan dollar
.5109
.5106
.5109
.5109
.5097
.5097
the French centre closed at 5 303/2, against 5 32; India,
rupee
.3093
.3094
.3092
.3099
.3095
.3088
Japan, yen
.4702
.4704
.4683
.4733
.4888
.4746
cable transfers at 5 313/
2, against 5 33; commercial Singapore(B.S.)do .5075 .5075 .5075 .5088 .5088 .5091
NORTH AMER.sight bills at 5 293/2, against 5 31, and commercial Canada,
dollar
.977855 .975940 .974628 .973972 .973983 .974290
Cuba, peso
999331 .999666 .999750 .999719 .999719 .999625
sixty days at 5 2414, against 5 25 a week ago. Mexico, peso
.485208 .485208 .484792 .484375 .484219 .485625
Newfoundland, dollar .975078 .973125 .972031 .971484 .971328 .971250
Antwerp francs finished the week at 4 60 for checks SOUTH AMER.Argentina. Peso (gold) .7182
.7211
.7285
.7291
.7312
.7175
and 4 61 for cable transfers, which compares with Brazil, milrels
.0912
.0915
.0915
.0907
0923
.0920
Chile, peso (PaPer)-.... .1071
.1060
.1064
.1056
.1056
.1071
.7779
.7775
.7778
7659
.7667
.7729
460 and 461 the week before. Closing rates on Berlin Uruguay. moo
a Germany (reichsmarlui): Dec.8,.00000000000020 Dec. 10,000000000000217 .
marks were 0.000000000025, for both checks and Dec.
11,.000000000000215 Dec.12,.000000000000235 Dec. 13-000000000000230
Dec.14,.000000000000249.
remittances,
cable
against 0.000000000020 last week. Poland (mark): Dec. 8, .000000276 Dec. 10, .000000290 Dec. 11, .000000296
Austrian kronen remain at 0.0014 8, against 0.00143 Dec.12,.000000298 Dec. 13..000000290 Dec. 14,.000000276.
The South American exchanges ruled firm, Arlast week. Lire closed at 4 343/2 for bankers' sight
bills and 4 353/2 for cable transfers. Last week the gentine currency advancing nearly 2 cents, partly
close was 4 32 and 4 33. Exchange on Czechoslo- as a result of the higher levels in sterling and partly
vakia finished at 2 93, against 2 929; on Bucharest on the imposition of new tariff rates in that country.
at 0.513/2, against 0.51; on Poland at 0.00025, against To meet this importers have been stocking up heav0.00030, and on Finland at 2.48, against 2.50 a week ily and as a result there has of late been a sharp falling
ago. Grepli drachmae closed at 1.723/2 for checks and off in imports, while the opening of the wool season
1.73 for cable transfers,in comparison with 1.993/2 and has created a demand for pesos. The final rate for
Argentine checks was 323.c and for cable transfers
2.00 the preceding week.
32%, against 31% and 313
% last week. Brazil
In the former neutral exchanges rate variations exchange finished at 9.30 for checks and 9.35 for
were in line with those at the more important Con- cable transfers, comparing with 9.20 and 9.25 a
tinental centres, and here also trading was dull and week ago. Chilean exchange was easier and closed
irregular; although the trend, at least during the at 10.80, against 10.90, while Peru declined to 3 99,
latter part of the week, was decidedly upward and against 4 08.
Far Eastern exchange, particularly the Chinese
guilders registered a gain of more than 29 points.
Swiss francs and all of the Scandinavian exchanges currencies, firmed up on a rising silver market and
were firmer, but Spanish pesetas were a trifle higher debt settlement demands in anticipation of the
yesterday. Considerable interest is being shown in Chinese New Year Jan. 5. Hong Kong finished at
3 against 50%@51;Shanghai,733/2@739,
8@51/s,
the attempt by Denmark to stabilize the krone. It is 513/
/
4.@723/2; Yokohama, 4732@47%, against
reported that a syndicate has provided a large fund against 721
THE CI IRON,ULE
DEC.15 1923.]
4814.@48M; Manila, 49/@493
%(unchanged); SingaBombay, 31%@31
(unchanged);
pore, 513/2@51%
(unchanged), and Calcutta, 31 M ©31%, against
31%@32.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,523,871 net in cash as a result of the currency movements for the week ended Dec. 13.
Their receipts from the interior have aggregated
$5,268,871, while the shipments have reached $1,743,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Dec. 13.
Banks'interior movement
Into
Banks,
Ord of
Banks.
85,268,871
$1,745,000 Gen 83,523,871
Gaffs or DNS
to Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was'creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Eaurday, Monday,
Dec. 8.
Dec. 10.
Tuesday. Wednestrir, Thursday, Friday,
Dec. 11. Dec. 12. Dec. 13. Dec. 14.
Afirefate
for Week.
8
78,0.10.000 66,000,000 64,000,000 64.000.000 74,000,000 74,000,000 Cr.420,000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to tile New York Reserve Bank from all parts 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 of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Dec. 13 1923.
Banks of
Geld,
Bitty.
2
I
I
Dec. 14 1922.
Total.
Gold,
Meer.
Total.
2
2
England -.128,019,
1128.019,26 127,446,441
127,446,441
France a.- 147,028,08 11,840,000158,688,082146,806,551 11,520,1: 158,326,551
Germany _ 28,390,8
b3.475,400, 31,888,
50,110,780 7,050,
57,161,080
Aus.-flun. 10,944,
2 369 000' 13,313,000 10,944,000 2,369,15, 13,313,000
Spain ____ 101,105,
26,094,000
, ,
100,927,000 25,926,usu 126,853,000
Italy
35,690.
3,020,000 38,710,II 35.039.
3,024,000 38,063,000
NetifIan
48,482,
642,000 49,124,111 48,483,000
722,000 49,205,000
Nat. Bell/. 10,789,
2,589,000 13.378,000 10,757,000 2,094,000 12,851,000
Bwitzland 21,491,
3.524,000 25,015,
21,277,000 4.536,000 25.813,000
Sweden
15,117,
15,117,1 SI 15,225,000
15,225,000
Denmark _ 11,646,
203,000 11,849,000 12,682,
252,000 12,934,000
Norway
8,182,
8,182,000 8,183,
8,183,000
Total wee 566,884,192 53,756,400620,640,592 587,880,772 57.493,
645,374,072
Prey. week,566.727.308 53,671,400620,398,709586,398,1
57,407,9
43,806,059
a Gold holdings of the Bank of Franee this year are exclusive of £74,573,797 held
abroad. b It is no longer possible to tell the amount of sliver held by the Bank
of Germany. On March 15 1923 the Reichsbank began including in its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate item, but as under the new praCt ce
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.
Engrossment in Public Affairs—Vain
Panaceas.
E. W.Howe,of Kansas, writing in his quaint, droll
way, not without its savor of seriousness, has penned
the following, which we take pleasure in copying:
"I fear we are coming to that point where public
affairs control everything, whereas private interests
should be the first consideration. In the old days a
town meeting, held once a month, was sufficient to
dispose of affairs in the average community. There
were only a few officials, and these had neither amazing authority nor disturbing incomes. The main
business of the community was to produce and distribute food and the other necessities; the education
of the children; the security and well-being of the
citizens. Now,everything else is neglected for public
affairs. We talk of little else; the men of most prominence and anthority are officials. Taxation in one
2583
form and another has become exceedingly burdensome,and new regulations confront us on every hand.
In this radical departure from the faith of our fathers, have we not gone far beyond reason? I am
serious and patriotic, but it seems to me that lately
I have too many public duties to perform."
As this voice comes to us out of the Middle West,
where lately the Inter-State Commerce Commission
has been holding hearings to determine the proper
freight rates upon wheat and hay, we may be pardoned for attempting to apply this sound and wholesome philosophy to that region. The trend of some
of the testimony adduced is to the effect that there is
a discrimination against the farmer in freight rates
west of the Mississippi River. And to this, advocates
of lower rates attribute much of the "sorry plight of
the farmer," though there was counter testimony
to the effect that the farmer is, on the whole, in better condition than last year; and further, that much
of his trouble arises from overreaching himself in
buying high-priced lands—and investments in promoters' stocks, that were better left alone. However the demands made for lowered freights to the
Eastern seaboard look to a foreign market across the
Atlantic and tacitly assume that this is the main objective of our interior farming. The question thus
brought to popular attention broadens into politics
("public affairs"), and through the Congressional
bloc seeks to influence legislation by methods 'of
price-fixing, co-operative associations, higher tariffs,
and a possible "change in administration." We hear
it said that "the farmers are mad clear through"
and anything may happen in the next election.
Thus our "public affairs" find their goal in Europe. And suppose we had all these things hoped for,
what then? A market where there is no money is
not the most desirable place in which to sell surplus
wheat, even through the magic of co-operative marketing associations. There are insurmountable obstacles. We can hardly be expected to redeem the
quadrillions and quintillions of paper marks put
forth by Germany in order to place that ill-fated
country upon a gold, sound-money, basis. Surely,
we ought not to pay the reparations bills, in order
to get that pernicious matter out of the way, that
proper credits may flow freely. We cannot say to
France, you must disband seven or eight hundred
thousand troops that are maintained at an inordinate expense. Or, you must retire from the Ruhr,
that peace may come, since we are not at all concerned as a political entity with the occupation. Nor
can we say to England—forsake not free trade for
high protection, since that is a domestic question
with which the League of Nations, even, has nothing
to do. We cannot sell at a profit and at the same
time furnish the money and credit with which to buy.
Right or wrong, lowered freight rates will not solve
the problem.
And yet this vague thing of a foreign market and
a prosperous Europe is very much in the public eye.
We look longingly overseas for our deliverance. The
farmer is "mad clean through," some say it this way,
because Europe is not in condition to buy our surplus wheat. "Public affairs" become very public,
when the whole world comes into our view. And so
we are avid to try all sorts of experiments. We
would have the Government, by Congressional action,
help the farmer out of the slough of despond. And
he, is it too much to say, neglects his own farm
problem to "carry an election" that will revolution.
2584
THE CHRONICLE
[VOL. 117.
Ize foreign conditions, born of a terrible war, condiSectionalism—Setting th WestIAgainst
tions that it will take a generation to transform.
the East.
Verily, we have become the world's keeper. There
well
as
We find the following in a recent number of the
are other wheat-growing countries. Peoples
buy
can
they
Kansas City "Star":
as individuals are wont to buy where
cheapest. And to make the poor railroads the "goat"
THE MIDDLE WESTIDEMANDS ArSQUARE DEAL.
of all the earth's troubles—that seems somewhat The Chicago "Tribune"joins the Middle West in the following editorial:11
The Middle West has never had a square deal in the nation's councils,
cruel, seeing they have had a "devil of a time" them- nor one considerate of the contribution of this region to the prosperity
and strength of the United States. It is high time that it should have.
selves!
Literally billions of dollars of national funds, a large part of which
Democracy is not all good, there is some evil. It have been extracted from the Middle -West, have been expended to the
profit of the Atlantic Coast and the South. These include the millions
affords opportunity, often desired by the individual, for
the Panama Canal, which is now being operated by the Government
disadvantage of the Middle West, while the Middle West is being
for "running things." Many men have little business to theto
pay for it. It includes the hundreds of millions spent for contaxed
of their own, and enter with zest into "public af- struction of an American merchant marine in coastal shipyards and the
maintenance of profitable shipping bustv3A4 at coast points. It includes
fairs." They build schoolhouses and roads in tax. hundreds
of millions prodigally wasted in the South during the war. It
Includes
such expensive Government outlays as the Galveston breakwater
good."
They
"public
are the
burdened times for the
and the San Pedro breakwater and innumerable harbor improvements.
"whoopers-up" for all civic improvements. At heart, The Middle West has helped to pay for all these things, and has done
willingly for the general benefit of the country. But at the same time
some of these high apostles of Advance are tainted so
it has not only been exploited to advance other regions, but has been
rich"
how
"the
care
not
much
and depressed In its own development.
do
They
oppressed
Socialism.
with
The St. Lawrence seaway has been consistently fought by the Atlantic
have to pay in taxes—knowing that they pay little Coast Representatives and Senators in Congress. The Lakes to Gulf
has been held back for a century. The Inter-State Commerce
themselves. They do not stop, if they really know, canal
Commission has fixed rail rates in such manner as to take terrific toll
because some forms of present-day taxation are dis- from the Middle West, to the advantage of the coasts. Our forestry
needs are ignored or denied while the Government develops forestry in
guised confiscation. They have no hesitancy about Pennsylvania,
New Hampshire, and elsewhere near the Atlantic.
Our appeal from the "Pittsburgh Plus" discrimination against the
benefiting other citizens against their will by pre- Middle
West has been dragged along through the Federal Trade Comsenting them with collective benefits for which they mission hearings without decision to date.
an occasional sop has been thrown to us in the form of some bit
do not ask. These are the loud voices, often, in the ofOnly
pork for a rural constituency. The Middle West has been the goat.
community which hail with scorn the "tightwad" We are tired of it.
Now it appears that a battle is to be waged to correct that condition.
who has spent a lifetime of toil, thrift, and economy We're for it. All we want is a square deal, but we want that now.
Looking ahead, we must deprecate an insidious
to accumulate a fund for old age and a legacy for
heirs. Why worry about to-morrow, when to-day can growth of sectionalism in any part of our national
be made a bed of flowery ease?
territory. We have many class evils to combat.
Yes, the old times are "gone forever." Let us There is an undercurrent of unrest to be controlled
"live while we live, for we will be dead a long time." or nullified. In a country of such broad expanse it
A "good town" is one that has municipally owned is very difficult to construct laws and impose reguelectric lights, water works, consolidated high lations that bear equably on all. Blocs may assail
schools, paved streets, an auditorium, a civic centre— our equanimity; boards and commis4ions may exert
for which bonds have been issued taxing those who powers that suppress natural effort and weigh heavhave property and business heavily for interest, and ily on enterprise; institutions and industries, the
leaving to another generation a legacy of debt, and growth of decades, may seem to favor regions and
also the privilege of rebuilding the hastily con- occupations; taxes may be unjustly laid and politics
structed "improvements." There is satisfaction and make capital out of our most important possessions;
glory in being "progressive"—with other people's but we are one people, and sectionalism in affairs is
money. The town "must go forward or it will go contrary to the spirit that gives us a common desbackward." Keeping up with the procession is tire- tiny. The time to destroy an evil of this kind is at
some and costly, but shall we let others surpass us in its beginning. There is no more reason for the
the race for "better things"? That men are sacrific- "West" to make demands upon the Government than
ing a large percentage of their productive power to the "East." Politics that stoops to sectionalism bethe community (a modern form of Socialism) is not gets rivalry, hate, disunion.
If European trade is of any consequence to the
to be thought of—the hideous appellation of "mossback" is extinct. The intolerance of all progress is Middle West the Atlantic Coast cities and ports are
essential thereto. In the course of time a certain
now centred in the word "reactionary."
Now, this is true—the best of progress, the best of shifting of shipments to the Gulf Coast may come
collective benefits, arise from the efforts of individ- and bring altered conditions. But the first of Ameriuals in advancing their own fortunes—because these can pioneers "blazed out" this Eastern fringe of
competitive efforts merge into co-operation, and States; manufacture here first became our leading
most truly advance the mass. We are far from stan.I- industry; population congested into great cities;
ing still as communities when we heap up wealth for wealth accumulated as a natural consequence of inourselves. A mania for having everything and hav- dustrial effort; and, as the interior valley grew in
ing it now, through the medium of public affairs, is agriculture, the East furnished the West with the
not orderly and permanent advance. It is largely sinews of development. Becaus of this, certain conwaste. It is a cause for despond, which, entering ditions affecting railroads and farms, or transporpolitics, corrupts the vote. The general good is tation and production, ensue. These are the result
coined out of the particular good. Where men strive of a century and a half of growth, and should form
and save for themselves the natural return will be the basis of reciprocal egard and liberal union. By
certain, though slow, "public improvements." Well nature these two regions of a common country are
conducted private affairs will produce economical interdependent.
Few will doubt that in coming decades the proand stable public affairs. But public affairs conregion
ducted to gratify.desire, to please self-constituted ductive power of the so-called Middle West, a
of
centre
the
shift
fertility,
will
inexhaustible
"leaders," to enhance a false and vain-glorious civic of
Missisthe
of
banks
the
to
population
and
wealth
pride, will most certainly and not very slowly de
sippi. Manufacture, seeking the source of supply
stroy private affairs!
DEC.15 1923.]
, THE CHRONICLE
and centre of distribution, will follow. It is inevitable that there will come improvement of interior
waterways. But the "Last" lays no restraining
hand upon this natural advance—and will always remain a golden link between America and Europe—
a Europe revivified and become once more an enlightened and cultured part of a peaceful world. Or,
if this be not the will of fate, these much-desired foreign markets will be lost to the West as they will be
to the East. But what would have been the story of
the rapid development of this West had there been
no East to further its fortunes?
Political intolerance and the stirring of sectional
strife cannot alter the fundamental facts of history
nor cha'nge the natural course of progress. In a decade more of advance, this talk of a submerged
farmer and an oppressed section will be remembered
as one phase of emotionalism that for a time threatened to divide a country politically that cannot be
sundered economically. Yet such is the temper of
all peoples that we must look with apprehension upon
the creation of incipient enmities that might flame
into disunion. In our political autonomy the Middle
West is no more than the East, South, Northeast and
Far West. And they do no service to our united and
mutual welfare, who, confusing conditions of normal
growth and consequences of inevitable expansion,
with imaginary sinister intents, would set class
•against class or section against section.
In hearings by the Inter-State Commerce Commission, recently, it was sought to show that the plight
of the farmers was partly due to discrimination
against the Middle West in freight rates on hay and
wheat in particular and in rates in general as compared to east of the Mississippi. The testimony was
conflicting and we do not attempt to pass upon the
specific point in question. But it seems unwarranted
to us to say that these rates must be reduced simply
because the product, wheat,,is where it is—far from
the seaboard. Will it be as readily admitted that
rail rates on manufactures east of the Alleghanies
should be reduced because they are so far from the
Pacific Coast? Is the locale of a product with reference to its distance from market to be the only
guiding rule in establishing a rate? To be sure, it is
a natural factor, since the carrier cannot transport
at a loss, determined by the general scheme of
charges, and this tends to fix a rate that will admit
of production, else there is nothing to haul. And
that rate is not an arbitrary sum fixed by shipper!
The statement is made that this section, the Middle West, helped to pay for an American Merchant
Marine, for the Panama Canal, and for harbor improvements on the Eastern Coast. To be sure it did.
Does it receive no benefits, if indeed the present
fiasco of a merchant marine can be called a benefit?
Is the Panama Canal of no benefit to a section that
can floats its cargoes of grain to the Gulf under
proper conditions? And are internal waterway improvements under a definite comprehensive plan advocated nowhere save in the valley? We are very
sure that recently this paper argued in favor of the
project. And again, would the Middle West allow
our Eastern harbors to be destroyed? Here is where
"the East is East and the West is West, and never
the twain shall meet." We cannot reverse the order
of nature. Would the Middle West exchange a slice
of its highly arable lands for a few leagues of briny
ocean adjacent to the East? We, each, are as we
are; and we support each other.
2585
But why strife? Why not "the long pull, the
strong pull, the pull all together"? Why this incessant fling at "the interests"? Why this "bunk"
about a sinister "Wall Street"? Why the "farm
bloc" thundering at the gates of legislation, and
"boring from within" in political parties? Where's
the absolute proof aside from possibly believed and
certainly deceptive charge? If we are to go into open
hostilities in an election is there any doubt that falsehoods will be spread and rancors remain? Can it be
said too often that the natural interests of sections
in so great and wide a land as ours are fixed by a
higher power than votes and laws? Do we want to
harp on these alleged injustices until we sow the
seeds of future civil war? Have we not enough false,
socialistic and communistic theories to fight without stirring up sectional strife? Let us have unity.
Let us have peace. Let us strive, by considerate
counselling together, to correctinjustices without corrupting our politics. Certainly the East knows its dependence upon an agricultural West. Are we to have
no consideration as the older, the more populous and
therefore the possessor of greater accumulations of
wealth, whose beneficial influence extends from one
end of the land to the other?
Should Child Labor Be Regulated by the
State or the Nation?
The subject of child labor has already reappeared
in Congress, in the form of a proposed amendment
empowering Congress to forbid it by persons under
18 years of age. Agitation en this subject is very
old. As long ago as 1917, a law for suppressing child
labor by penalizing its product was pushed through
Congress, whereby any product of any industrial concern which had used child labor within 30 days last
previous was excluded from inter-State commerce;
the entire product, not merely that which offended,
was thus banned. This having fallen before the constitutional test, another attempt took the form of a
rider on a revenue bill, whereby an extra 10% tax
was to be laid on the profits of any concern employing child labor. Later (in April last) a majority of
the Supreme Court held against a law, applicable
only to the District of Columbia, relating to the
minimum wage to be paid to women. It undertook,
inter alia, to determine what wage was necessary to
meet the costs of living, and likewise as to minors;
in one case under it, a woman of 21 who was satisfied with her work and wage and wished to keep both,
as being the best open to her, was deprived of both by
an order of the regulating board established to deal
with the subject.
Justice Sutherland, delivering the majority opinion, saw no difference in principle between selling
goods and selling labor, and he thought that any statute attempting to fix the quantity of food necessary
for support and to require the dealer, if he sells at all
to a particular person, to furnish supplies at more
than a fixed maximum, would fail on the constitutional test. He pointed out that power to fix wages
in one direction leads directly towards power to fix
them in the other. This is clearly so; there is neither
logical nor practical distinction between fixing
wages, either minimum or maximum, and fixing all
prices. The majority of the Court stood for maintaining the irreducible minimum of interference with
individual contracting. Some past decisions to this
effect were cited. Justice Harlan once held that in
contracting for labor both parties have equal right
2586
THE CHRONICLE
"and any legislation that disturbs that equality is an
arbitrary interference with liberty of contract which
no Government can justify in a free land"; on another occasion, Justice Pitney said that the right of
contract "is as essential to the poor as to the rich,for
the vast majority of persons have no honest way to
begin to acquire property save by woilking fdr
money."
In dissent, Chief Justice Taft cited sundry cases
where the police power had been held valid for limiting the maximum hours of work. He did not see why
this should not extend to a minimum wage nor why
granting power to set such a minimum implied like
power over the maximum; he perceived the niceties
involved in discriminating and reconciling and
seemed to argue that police powers become legal by
being largely exercised. And Justice Holmes, also
in dissent from the majority, could not see how those
who admit a police power to set a maximum on hours
of work for women can deny a like power to fix their
minimum wage.
All this illustrates the difficulty of bending old
straight lines of principle to fit present assumed
emergencies,and it has its application to the renewed
attempts to forbid child labor. Of course, the social
state cannotexistexcept upon surrendering something
of the right of individual action. A State may establish public schools, upon the proposition that they
are economically profitable; the like reasoning applies to truancy laws, and it is undeniable that a
State may protect its chief asset, namely its children,
by limiting the extent to which they may be compelled, or even permitted, to labor. The argument in
this direction from humanitarian considerations and
that from economic expediency have equal and irresistible force; it is therefore natural for women to be
propagandists against child labor, and we must ex-
[Vol.. 117.
pect the agitation to continue until child labor is
less availed of because assumed to be cheap, whereas
it is in the end destructively costly.
It is, however, a question of means to an end. The
case above referred to related only to the District of
Columbia, over which Congress has constitutionally
power "to exercise exclusive jurisdiction in all cases
whatsoever"; but all powers not distinctly surrendered by the States are reserved to them. Among
such are clearly the police powers, by which the people of a State are to manage their own affairs and
guard and promote, as best they can, their general
welfare. To turn over to the central Government
any part of this duty and power not only involves the
almost perpetually difficult subject of the sovereignty of each constituent part as distinguished from
that of the common whole, but tends to enervate public opinion by passing along responsibility for domestic problems. "To sustain the individual freedom of action contemplated by the Constitution,"
said Justice Sutherland in the case above cited, "is
not to strike down the common good but to exalt it;
for surely the good of society as a whole cannot be
better served than by the preservation against arbitrary restraint of the liberties of its constituent
members." Are not these wise words? Those who
burn to defend the child from injury by being made
to labor when it should be developed into a healthy
human being are right in their feeling. But might
they not better bend themselves to enlightening public opinion in the States where that is most needed
than to add to the number of constitutional amendment propositions whereby the police powers of a
State, which should be supported and are effective
when backed by a determined public, are to be replaced by further attempts at governing from an already overloaded centralized authority.
Railroad Gross and Net Earnings for October
Collectively the railroads of the United States are
now showing only relatively moderate improvement
in both gross and net earnings as compared with the
corresponding period of 1922 and results for the separate roads and systems are decidedly irregular,
there being some very heavy losses as well assome very
striking gains. It is necessary, therefore, to examine
the returns of the different roads rather closely, especially with the view to seeing whether they deviate
in the wrong direction from the general totals,
growth in the latter being by no means conclusive as
to the showing of any particular company or system.
And obviously the need for caution in this respect
is emphasized by the dividend reductions and suspensions of the past two weeks. Last week the directors
of the Colorado & Southern Rwy. Co. found themselves obliged, because of a great shrinkage in the
income of that company, to omit the annual dividend
of 3% paid on the common shares in December 1922
and December 1921, while the present week the Chicago & North Western directors considered it incumbent to reduce the dividend on their common shares
and the Chic. Minn. St. Paul & Omaha Co. was forced
to omit any distribution at all on its common stock—
the action in all these instances being predicated on
the loss of income incurred.
The inference might have been natural that dividend decreases or omissions by the railroads were
decidedly unlikely because the railreads of the United
States as a whole have the present year been moving
the largest traffic in their history and as a consequence have been enjoying gains of large magnitude
both in gross and net earnings. As a matter of fact,
however, the expansion in traffic and earnings has
been in the main, as we have many times pointed out
in these monthly reviews, in the Eastern half of the
country—the Middle and Middle Western and the
Southern groups having been particularly favored
in that way—while on the other hand the roads and
systems in the Western half of the country have had
no great advantage of thatkind,the reason being that
there are no large manufacturing industries in those
parts of the United States (with a mass of workers
getting high wages, thus adding greatly to the consuming capacity of the population) and there being
the additional drawback that Western railroad systems serve mainly agricultural communities whose
buying power has been impaired because of the relatively low level of agricultural prices prevailing.
Our compilations this time cover the month of October, and taking the roads as a whole, there is an
increase of only $37,248,224, or 6.78%, in the gross
revenues, attended by an augmentation of $16,352,846, or 3.82%, in operating expenses, leaving an improvement in the net (before the deduction of taxes)
in amount of $20,895,378, or 17.26%. The fact that
the addition to expenses has been proportionately
lighter than the addition to gross earnings is the one
1
DEC.15 1923.]
PH b. CHRONICLE
2587
distinctively encouraging feature in the exhibit. The the expenses assumed added significance in view of
the huge rise in operating costs in preceding years.
comparative totals are as follows:
Thus in October 1919 our tables showed $18,942,496
(—)
Dec.
(+)
or
Inc.
1922.
1923.
Month of October (192 roads)—
—407 —0.17
236,015
235,608
Miles of road
in gross, accompanied by $21,136,161 inincrease
$586,328,886 $549.080,662 +$37,248,224 +6.78
Gross earnings
444,405,915 428,053,069 +16,352846 +3.82 crease in expenses, leaving actually $2,193,665 loss
Operating expenses
1141,922,971 8121,027,593 +$20,895.378+17.26 in net. In October 1918, owing to the first great adNetearnings
Possibly it will be supposed we are comparing vance in passenger and freight rates made by the
with totals last year greatly swollen by large gains Director-General of Railroads under Government
in gross and net earnings alike. Far from it. It is control, gross earnings registered a gain in the large
true that in October last year the coal miners' strike, sum of $106,956,817, or 28.30%, but expenses moved
which had so seriously diminished traffic and reve- up in amount of $122,450,404, or 47.97%—causing a
nues in the spring and summer, was a thing of the loss in net of $15,493,587, or 12.63%. In October
past. It is also true that the carriers had by that 1917 the situation was much the same. The gross at
s time pretty well succeeded in gaining mastery over that time increased $43,937,332, but expenses ran up
the strike of the railway shopmen, though they had in amount of $50,267,176, leaving net smaller by $6,by no ,means fully recovered from its effects. The 329,844. Even in 1916 and prior years rising operresult ought to have been to bring considerable im- ating expenses were a feature in railroad affairs.
provement in income, especially as trade and indus- For October 1916 the comparisons were fairly good,
try were assuming growing magnitude. Unfortun- our compilations then having recorded $35,050,786
ately, however, that was just what did not happen. gain in gross earnings, or 11.28%, and $11,798,124
Gross earnings increased only $13,074,292, following gain in net, or 9.91%. In October of the year prea tremendous loss in the previous year, when trade ceding (1915) we had a better exhibit than the averwas extremely depressed, and this was attended by age as regards both gross and net, the addition to the
an augmentation in expenses of $30,758,244, leaving, gross having been $37,087,941, or 13.57%, and the
therefore, an actual loss in the net for the month in addition to the net $30,079,562, or 33.70%. These
that year of $17,683,952. The present year's gain in gains, though, at that time represented in considernet therefore of $20,895,378 is only a little more than able part recovery of previous losses, the totals of
sufficient to make good the loss sustained in 1922. earnings having shown decreases in gross and net
It is proper, however, to say that in October of the alike in both the two preceding years. In the folyear before (1921) a prodigious saving in expenses lowing we furnish a summary of the October comhad been effected—dire need having forced the ut- parisons of gross and net for each year back to 1906.
most economy and compelled the elimination of every For 1910, 1909 and 1908 we use the Inter-State Comitem of outlay that could be spared or deferred for merce totals, but for the preceding years we give the
the time being. Owing to this great saving in ex- results just as registered by our own tables each year
penses there was a substantial addition to the net in —a portion of the railroad mileage of the country.
1921 in face of the enormous contraction in the gross having been unrepresented in the totals in those days
revenues. The really singular point was the circum- because of the refusal at that time of some of the
stance that so small a part of the great loss in the roads to report monthly figures for publication.
gross revenues in 1921 has been recovered in 1922
Gross Earnings,
Na'Earnings.
and 1923. In brief, the decrease in the gross in Oc- Year,
Increase or
Year
Year
•
Year
Increase
or
•
Year
tober 1921 reached the huge sum of $105,922,430, of
Preceding. Decrease.
Given.
Preceding. Decrease.
Given.
which only $13,074,292 was regained in 1922 and Oct.
$
$
$
$
1906 143,336,728 128,494,525 +14,842,203 51,685,226 46,826,357 +4,853,869
$37,248,924 has now been recovered in 1923. On the 1907
_ 154,309,199 141,032,238 +13,276,961 46,983,606 50,847,903 —3,864,297
1908 _ 232,230,451 250,426.583 —18,196,132 88,534,455 83,358,002 +5.176,453
other hand, this loss of $105,922,430 in gross operat- 1909
_ 261.117.144 232,556,223 +28,560,921 104,163,778 88,803,236 +15,360.538
_ 263,464,605 260,821,546 +2,643,059 93,612,224 104,101,228 —10,489,004
1921
was
ing revenues in
attended at the time by a 1910
1911 260.482.221 259,111,859 +1.370,362 93.836,492 91,725,725 +2,110,767
1912 _ 293,738,091 258,473,408 +35,264,683 108,046,804 93,224,776 +14,822,028
saving in expenses in amount of no less than $128,- 1913
299,195,006 300,476,017 —1,281.011 97,700,506 110,811,359 —13,110,853
1914 _ 269,325.262 298,066,118 —28,740,856 87,660,694 95,674,714 —8,014,20
453,510. Of course, a genuine basis for the great cut 1915 _ 311,179,375 274,091,434 +37,087,941 119,324,551 89,244,989 +30,709,562
1916 _ 345,790,899 310,740,113 +35,050,786 130,861,148 119,063,024 +11,798,124
389,017.309 345,079.977 +43.937,332 125,244,540 131,574,384 —6,329,844
in expenses in 1921 existed in the huge antecedent 1917._ 484,824,750
377,867,933 +106956817 107,088,318 122,581,905 —15,493,587
1918_
508,023,854 489,081,358 +18,942,496 104,003,198 106,196,863 —2,193,665
increases in expenses. In addition, also, the carriers 1919 633,852,568
+14,936.521
503,281,630 +130570938
1920 561 +22,531,030
3136
92
7;3
°3:
.2
2640
8 5 115
9
99
2
18
6:
1921 _ 534,332,833 640.255,263 —105922430 13
2
10
72
had the advantage of a 12% reduction in the wages 1922
—17,683,952
6 137,900,248
9
- 545,759,206 532,684,914 +13,074,292
of railroad employees made by the Railroad Labor 1923 - 586,328,886 549,080,662 +37,248,224 141,922,971 121,027,593 +20,895,378
Note.—In 1906 the number o roads included for the month of October was 91; in
Board effective July 1 1921. As indicating the ex- 1907,
88: in 1908 the returns were based 00 531,721 miles; 10 1999 on 238,955 miles;
1910 on 241,214 miles; in 1911 on 236.291 miles: in 1912 on 237.217 miles: In 1913
tent of this antecedent rise in operating costs, it is in
on 243,690 miles; In 1914 on 244,917 miles; In 1915 on 248.072 miles; in 1916 on
miles; In 1917 on 247,088 miles: 10 1918 on 230,184 miles; In 1919 on 233,192
only necessary to say that expenses had been rising 246,683
miles; in 1920 on 231,429 miles; 10 1921 00 235.228 mi,es: in 1922 on 233,872 miles,
on 235,608
1923
and
In
in very pronounced fashion for a number of successive years owing to repeated advantes in wages and
We have stated that some roads are doing poorly
the growing cost of operations generally. So much at a time when the roads as a whole are giving a
was this the case that even the big advances in rail- fairly good account of themselves. This appears very
road rates—passenger and freight—did not suffice plainly when the returns of the separate roads are
to absorb the constant additions to the expenses. The examined and it is found that quite a few roads are
experience in that respect of the carriers in October obliged to record a considerable falling off in earn1920 furnishes a capital illustration of the truth of ings, rather than the gains to which the general rethis remark. The roads had then just been favored sults point. The losses are not so numerous in the
with a new advance in rates, calculated to add $125,- case of the gross as they are in the case of the net
000,000 a month to their gross earnings, and accord- and yet they are not inconsiderable even here. Neiingly our tabulations then showed an increase in ther the Chicago & North Western, nor the St. Paul
gross earnings in amount of $130,570,938, or 25.94%; & Omaha belong in this group, being able instead,
but unfortunately,$115,634,417 of this was consumed for this month, to register small gains, but the Burby augmented expenses, leaving only $14,936,521 lington & Quincy suffered a decrease in its gross of
gain in the net earnings, or 14.49%. This growth in $1,479,622, besides $472,150 in the net; the Illinois
2588
TtiE CHRONICLE
Central $1,260,833 decrease in gross and $1,157,313
in net; the Milwaukee & St. Paul $523,736 decrease
in gross, which, however, was converted into a gain
of $391,231 in the net through a reduction in expenses; the "Soo" road $357,060 decrease in gross,
though with $173,241 increase in net; the Missouri
Kansas & Texas $350,481 decrease in gross and $680,186 decrease in the net; the Buffalo Rochester &
Pittsburgh $519,718 loss in gross and $156,580 loss
in net, and the Central of New Jersey -228,050 decrease in gross and $482,733 in net. Some other
roads which have suffered heavy losses in net, while
not conspicuous in that respect in the gross, are the
Philadelphia & Reading, $1,592,664, though this follows $984,539 gain in the same month of the previous year; the Southern Railway, $396,996, and
quite a number of others.
As far as the big East and West trunk lines are
concerned, the New York Central has lost $11,244 in
gross and $2,472,930 in the net. This is for the New
York Central itself. Including the various auxiliary
and controlled roads, there is a gain of $796,557 in
gross, but a loss of $2,380,992 in the net. In October
of the previous year there had been a gain of $8,631,766 in the gross and of $1,045,048 in the net. The
Pennsylvania Railroad system, including all roads.
owned and controlled, reports very moderate
changes, namely $304,516 improvement in gross and
$133,313 in net. Last year in October the Pennsylvania System showed $7,637,856 gain in gross, but
$444,337 loss in net. The Baltimore & Ohio, which
last year had $656,277 increase in gross, with $446,803 decrease in net, the present year is able to show
very striking improvement in both gross and net.$3,443,824 in the former and $1,219,376 in the latter.
The Erie, which last year fell $917,855 behind in
gross and $1,310,890 in the net, the present year
stands near the head for improvement in results, having added $1,419,709 to gross and $1,228,411 to net.
In the Southern group there are a number of roads
which have decreases in net aside from the Southern
Railway already mentioned. The list includes the
Central Railroad of Georgia, the Mobile & Ohio, the
Nashville Chattanooga & St. Louis and a few others.
In the following we show all changes for the separate
roads for amounts in excess of $100,000, whether increases or decreases, and in both gross and net:
PRINCIPAL CHANGES IN CROSS EARNINGS FOR OCTOBER
Increase.
Increase.
Baltimore & Ohio
$3.443,824 Chicago R I & Pac (2)-- $194,683
Chesapeake & Ohio
2,864.054 K
NO Southern
184,135
Great Northern
2,552,961 Dot Toledo & Ironton_ _
181.331
2,545,770 Long Island
Southern Pacific (8)
180,274
Lehigh Valley
2,067.738 Chic & East Illinois_ 178,428
Union Pacific (4)
2,1162,621 N 0 Texas & Meg (3)...
174.863
Missouri Pacific
1,872,324 N Y Chic & St Louis165,967
Louisville & Nashville_ _ _ 1.691,351 Central Now England158,875
Erie (3)
1,419,709 Maine Central
157,429
St Louis-San Fran (3)___ 1.315,314 Gulf Mobile & Northern
152,02Q
1,188,491 Internat Gt Northern_
Wabash
151.567
Norfolk & Western
1,149.545 Cincinnati Northern_
138.892
Duluth Missabe & North 1,048.935 Bangor & Aroostook _ 138.121
Southern Railway
924,350 San .Ant & Aransas Pass_
129,580
Northern Pacific
894,115 Norfolk Southern
127,421
Wheeling & Lake Erie__
855,136 Nashv Chatt & St Louis
124.828
Pere Marquette
817,141 Union RR
121,348
Atch Top & Santa Fe (3)
120,430
741.643 Pittsburgh & W Virginia
Del Lack & Western_ _ _ _
731,331 Elgin Joliet SZ Eastern
119,122
Chicago & Alton
673,809 Boston & Maine
118.850
Los Angeles & Salt Lake
651.196 Duluth & Iron Range_
116,648
Atlantic Coast Line
515,526 NYN H & Hartford _ -112,299
Denver & Rio Grande.386,564 Chic St P Minn & Omaha
110.370
C C 0 & St Louis
358,239 Vicksb Shreve & Pacific.
106,146
St Louis Southwestern (2)
351,925
Texas & Pacific
350,234
Representing 84 roads
Cin NO & Texas Pac__ _
in our compilation_ _$40,440,182
341,721
Seaboard Air Line
Decrease.
325.493
Pittsburgh & Erie
299,879 Chicago Burl & Quincy__ $1.479.622
Grand Trunk Western
1,260,833
293,353 Illinois Central
Western Pacific
523.736
249,714 Chic Milw & St Paul...
Trinity & Brazos Valley_
519,718
247,607 Buff Rochester & Pittsb_
Delaware & Hudson_ _ _ _
357,060
238,455 Minn St Paul & 58 Marie
Alabama Gt Southern
350.481
235.693 Mo Kansas & Texas(2)__
Florida East Coast
228,050
222,383 Central RR of N J
Spokane Port & Seattle_
219,221 W jersey & Sea Shore
140.369
Pennsylvania
a210,084 New York Central
Hocking Valley
208.789
virtnian206,436
Representing 9 roads
El aso & Southwest....
in our compilation__ $4.859.869
203,881
Note.-All the figures in the above are on the basis of the returns flied
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
[VoL. 117.
returns so as to make the results conform asinearlylas possible:to those:given
in the statements furnished by the companies themselves. Ott
a This is the result of the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $210,084 increase. For the entire Pennsylvania System, including all roads owned and
controlled, the result is an increase in gross of $304.516...!..it5ilt.10441100181.
b The New York Central proper shows $11,244 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four." &c. the whole going to form the New York Central System,
the result is a gain of $796.557.
et
PRINCIPAL CHANGES IN NET EARNINOS FORWOC-Taitir.
Increase.
Oil
...... • ..,.
.dasilIncrease...4
Great Northern
$3,358,601 Duluth & Irona Range._. $132,897
Union Pacific (4)
2,207,205 Trinity & Brazos Valley128.784
Lehigh Valley
1,951.328 Chicago & Nor West_ _ _
126
7
.9
50
.5
45
Northern Pacific
1,598.050 Boston & Maine
Chesapeake & Ohio
1,592.816 Cin N 0& Texas Pacific_
123
4:0
47
89
5
South
(ern
3) Pacific (8)._ _ _ 1.585.879 Seaboard Air Line
Norfolk & Western
1,526,001 Western Pacific
117,488
Erie
1,228.411 Pere Marquette
117,213
Baltimore & Ohio
1,219.376 Spokane Port & Seattle111,740
Del Lack & Western_ __ _
970,916 El Paso & South Western
109,500
Duluth Missabe & Nor.877.785 N 0 Texas & Meg (3)...
106,635
Wabash
787.716 Western Maryland
105,606
Texas & Pacific
658.113 Chic Ind & Louisville...
102,515
Chicago & Alton
638,304
-wan
Wheeling & Lake Erie
616.649
Representing 75 roads
Denver & Rio Grande
595.625
in our compilation_ _$30,223.114
Los Angeles & Salt Lake
563,309
St Louis-San Fran (3)
508,129
1351rItse.
Delaware & Hudson.._ 500.484 N Y Central
b$2,472,930
Chicago 0t Western_ _ 479.731 Philadelphia & Reading.. 1,592,664
Atcla Top & Santa Fe (3)
466.148 Illinois Central
1,157,313
Chicago-5411w St St Paul391.231 Missouri-Kan-Texas (2)680.186
Del Toledo & Ironton_ _
361.383 Central RR of N J
482.733
359.919 Chicago Burl & Quincy_
Colorado Southern (2)__
472.150
a343.765 Bessemer & Lake Erie__
Pennsylvania
406.525
Missouri Pacific
322,915 Southern Railway
396,996
St Louis Southwest (2)-.
312,419 N Y N H & Hartford...
305,668
Chicago RI & Pacific (2)
267.771 N Y Chic & St Louis_ _ _
287,156
Louisville & Nashville__
239,193 Pittsburgh & Lake Erie.264,463
Internat Gt Northern...
232,235 W Jersey & Seashore.--194.402
Atlantic Coast Line
224,536 Central of Georgia
190,752
C C C St St Louis
203.670 Lehigh & New England185.311
Virginian
196,858 Buffalo Roch & Pittab__
156,580
N Y Ontario & Western_
179,561 Nashville Chatt & St L__ '15
1353
3:224
Grand Trunk Western...
176.459 Mobile & Ohio
Hocking Valley
174,144 Minneapolis& St Louis
128,720
Minn St P & S S Marie.173,241 St L Merch Bridge Term
127,806
Central New England_ _ _
173,098 Atlantic & St Lawrence..
104.150
Bangor & Aroostook_ _ _ _
147,539
Yazoo & Miss Valley_ _ _ Representing 21 roads
143,070
San Ant & Aransas Pass_
in our compilation__ $9.955,050
135,139
a This is the result for the Pennsylvania RR. (including the former
Ee
rn
anylilia
atsCripnaduilal;1
.tt
treurifehnnyvan
Cincinnati
and
ia RTI;Fp_
gortnF
St$34
1r7ig5 Increase. For the entire Pennsylvania System, Including all roads owned
and controlled, the result is an increase of $133,313.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled toads,like the Michigan Central, the "Big Four," &c., the result is a decrease of $2,380.992.
When the roads are arranged in groups or geographical divisions, according to their location, the
distinction between the different groups is not the
same as it was in the earlier months. The Eastern
and Middle group, which for most of the year enjoyed exceptionally large gains, this time has only
very moderate improvement, namely 4.29% in the
gross And 4.30% in the net.. On the other hand, the
Southern group, the Middle Western and even the
Northwestern have quite substantial gains, at least
in the net, while the Southwestern group by reason
of heavy losses on a few of the large systems, to which
reference has already been made, shows only moderate improvement in gross and net alike. The New
England group is the only group that has suffered a
decrease in net, and this group has made an indifferent showing in most of the months immediately preceding and early in the year, under the influence of
unfavorable meteorological conditions, made a positively bad comparison. Our summary by groups is as
follows:
SUMMARY BY GROUPS.
Gross Earnings
1922.
Inc.(+)or Dee.(-)
$
%
23,331,085
+487,944 2.09
173,270,754 +7,439,436 4.29
46.167,466 +5,402,673 11.7
67.821,406 +9,754,320 14.4
123,312.368 +3,333,828 2.70
83,398,996 +6,503,104 7.80
31,978,587 +4,326,919 13.53
Seaton Or Group.
1923.
October$
Group 1(9 roads). New England
23,819,029
Group 2(34 roads).East & Middle...180,710,100
Group 3(26 roads), Middle West
51,570,139
Groups 4 & 5(34 roads),Southern
77,375,726
Groups6& 7(29 roads), Northwest_ _126,646,196
Groups 8& 0(48 roads),Southwest__ 89.902,100
Group 10(12 roads),Pacific Coast- 36,305,506
Total(192 roads)
--Efileaoe--October.
1923. 1922.
Group 1
7.472 7,468
Group 2
34,503 34,635
Group 3
15,777 15.720
Groups 4 and 5.... 39,061 39,052
Groups 6 and 7.... 66,966 68,845
Groups Sand 9
54,911 55,440
Group 10
16,918 16,946
Total
586,328,886 549,080,682 +37,248,224
1923.
4,394,783
29,943,70i
13,279,592
17,693,377
38.268,302
24,203.858
14,139,371
6.78
Na Earning
1922.
Inc.(+)or Dec.
4,571,655
28,708,345
11,209,534
14,150,819
30,673,543
20.623,479
11,091,218
-176,892
+1,235,863
+2,071,058
+3,542,558
+7,594,759
+3,580,379
+3,048,153
3.87
4.80
18.49
25.04
24.76
17.36
27.48
235,808 236,015 141,922,971 121,027,593 +20,895.378 17.26
NOTE.---Group I Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion welt
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
east of the Misaissippl River.
of Michigan, all of
Groups VI. and VII. combined include the northern peninsulaand
North Dakota
Minnesota, Wisconsin. Iowa and Illinois, all of South DakotaMontana.
Wyoming
of
all
also
City,
Kansas
and
Louis
St.
of
north
and Missouri
the State line
to
parallel
line
a
of
and Nebraska. together with Colorado north
passing through Denver.
Arkansas and
Groups VIII. and IX. combined include all of Kansas. Oklahoma.
Colorado south
Indian Territory, Missouri south of St. Louis and Kansas City.
portion of New
that
and
Louisiana,
of
bulk
the
and
Texas
of
whole
the
Denver
of
State through
Mexico north of a line running from the northwest corner of the
Paso.
Banta Fe and east of a line running from Santa Fe to El California,
Utah
Nevada,
Idaho,
Oregon,
of
all
Washington,
includes
Group X.
and Arizona, and the western part of New Mexico.
One reason why many Western roads during the
month the present year were able to show only moderate gains in gross revenues is that they had to contend with a greatly diminished grain traffic. For
the four weeks ending Oct. 27 receipts of wheat at
the Western primary markets aggregated only 34,281,000 bushels in 1923, as against 44,752,000 bushels
in the corresponding four weeks of 1922, while the
receipts of corn were no more than 14,141,000 bushels, against 29,292,000 bushels. The receipts of oats
and barley were somewhat larger the present year,
but the receipts of rye in turn were on a greatly
diminished scale. For the five cereals combined the
aggregate of the receipts for the four weeks this year
was 82,020,000 bushels, against 107,146,000 bushels
in the corresponding four weeks of last year. The
details of the Western grain movement in our usual
form are set out in the table we now present:
Four wks.
Corn.
Wheat.
Flour.
ended
(bush.)
(bush.)
(bits.)
Oct. 27.
Chicago1923 --- 838,000 2,618,000 6,221,000
1922 __ 1,309,000 3,969,000 16,400,000
Minneapolis333,000
13,193,000
1923 _
475,000
15,607,000
1922
Duluth3,000
4,839,000
1923 _
397,000
9,744,000
1922
Milwaukee383,000
228.000
1923 ___ 293,000
406,000 1.651,000
1922 ___ 272,000
Toledo97,000
1,380,000
1923 _
297,000
1,463,000
1922
Detroit159,000
214,000
1923 108,000
170.000
1922 Omaha dk Indianapolis2.631,000 1,814,000
1923
2,443,000 4,057,000
1922
St. Louis1923 ___ 429,000 2,750,000 1,768,000
1922 ___ 392.000 3,278.000 2,267,000
Peoria239,000 1,459.000
1923 - - 151,000
374.000 2.528,000
1922-- 163,000
Kansas -City656,000
5,089.000
1923
551,000
6,012,000
1022 _
St. Joseph484,000
868.000
1923 _
561.000
1,286,000
1922 _
Sioux City764,000
332,000
1923
1922 _
Total all1923 ___ 1,711,000
1922 -- 2.136,000
Jan. 1 to
Oct. 27.
Chicago1923 ___ 9,690,000
1922 _10.466.000
Minneapolis1923 1922 _
Duluth-1923
1922 ___
2589
THE CHRONICLE
DEC.15 1923.]
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
6,838,000
8.566.000
883.000
940,000
326,000
327.000
984,000
4,015,000 1,598.000
3,100.000 1,438,000 1,726,000
398,000
185,000
676,000 1,509,000
800,000 4,586,000
2,972,000 1.004,000
2.068,000 1,027,000
148,000
301.000
8,000
1,000
10.000
249,000
3,242.000
2,480,000
158,000
50,000
72,000
54,000
1,504.000
1,579,000
160,009
70.000
18,000
268,000
374,000
284,000
230,000
3,722.000
2,085,000
1.465,000
724,000
Flour.
(ibis.)
Milwaukee1923 .._ 1,485,000 2,562,000
1922 ___ 1,852,000 2,090,000
Toledo7,102,000
1923 _
5,474,000
1922 _
Detroit-14,000 1.513,000
1923._
1,477,000
1922_
Omaha & Indianapolis21,571,000
1923 23,166,000
1922_
St. Louis1923 ___ 3.983,000 31.615,000
1922 ___ 3,767,000 30,143,000
Peoria1923 ___ 1,518,000 1,961.000
1922 __ 1.986,000 3,758,000
Kansas City5,000 56,896.000
192353,000 67.699,000
1922 -_
St. Joseph6,562,000
1923 --9,451.000
1922 Siouz City332,000
1923 _
19,000
1922 --
live.
(bush.)
13,122,000 19,804,000 7,308.000 2,060.000
21.133.000 17,499,000 7,998,000 1,962,000
2.398,000
3,200,000
4.146,000
2,796,000
1,489,000
2.018,000
3,103,000
2,039,000
27,000
8,000
609,000
446,000
4,000
2.000
31,498,000 26,135,000
42,603,000 18,701,000
25,000
25,009.000 30,003,000
27,813,000 22,137,000
817,000
583.000
891.000
450.000
15.805,000 12,217,000
20,018,000 12,560,000
524,000
336,000
227.000
94.000
13,040,000
13,839,000
11,258,000
5,762.000
8,000
3,000
3,000
5,797.000
8,149,000
1,692,000
1,043,000
764,000
233.000
1,024,000
102,000
20.000
4,000
Western roads, on the other hand, had the advantage of a slightly larger live stock movement. At
Chicago the receipts of live stock comprised 28,892
car loads in October 1923 as against 25,411 car loads
in October 1922. At Kansas City the live stock receipts in October this year were 18,181 cars, against
17,883 cars in October last year, and at Omaha they
were 11,823 cars, against 11,937 cars.
Southern roads during the month were favored by
a somewhat larger cotton movement, though the advantage on that account was inconsequential alongside the stimulating influence exerted by the great
advance in the price of the staple. The high price
for cotton, along with the 'activity of the Southern
iron industry, furnishes the key to the wonderful
prosperity that Southern roads have been enjoying
during the last two or three years. The gross shipments of cotton overland in October 1923 were 157,971 bales, against 203,482 bales in 1922, and
254,574 bales in 1921, but the receipts at the
Southern outports for the month were 1,328,767 bales
in 1923, against 1,263,728 bales and 1,098,826 bales,
respectively, in the two years preceding, as will be
seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
JAN. 1 TO OCT. 3 1923, 1922 AND 1921.
20.000
Ports.
1923.
49,151,000 84,512,000 62,961,000 7,513,000 4,153,000
51,330,000 160.519.000 69,139,000 7.869,000 3,697,000
95,501,000 5,809,000 21,028,000 12,434,000 10,477,000
88,878,000 13,251,000 23,202,000 9,552,000 6,888,000
1,490,000 3.585,000 16,723,000
4,024,000 3,917,000 31,726,000
Since January 1.
October.
4.090
34,281,000 14,141,000 26.038,000 4,507,000 3,053,000
44,752,000 29,292,000 21,515,000 4,326,000 7,261,000
477,000
39,939,000
41,762,000 12,338,000
Barley.
(bush.)
Oats.
(bush.)
Corn.
(bush.)
Total of all32,261,000 35,151.000
1923 -16,675,000 314.705,000 199,720.000 194,861,000 30,266.000
45.265.000
1922 _18,123,000 325.247,000 325,114,000 179,004,000
303,000
124,000
1,024,000
Wheat.
(bush.)
Galveston
Texas City, ete
New Orleans
Mobile
Pensacola, &e
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News,&e_
Total
1922.
1921.
1923.
1922.
1921.
644.860 615,998 505.789 1,885,045 2,117,940 2,488,934
82,543 604,802 508,711 462.291
205,442 144,163
180,045 287,916 214,795 805,845 995,347 1,120.723
33,339 121,118 116,879
24,880
8,447
20,736
16.574
18.214
2,158
2,906
5,651
1,303
82,758
74,802 147,964 336,249 584,887 670,829
13,609
39,095
3,530
7,405
49
5.131
90,484
20,438
15,018 145.123 140.968
47,890
96,381
87,197
88,605
21,552
38,137
30.903
75,834 242,544 211,507 278.830
61.483
119.836
1412
140
1.328.767 1.263.728 1,098.826 4.150.7334,803.324 5,356,686
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Dec. 14 1923.
A promising feature of American business is colder
weather throughout the whole country, succeeding a prolonged period of abnormally warm weather which has undoubtedly militated seriously against trade in seasonable
goods. A cold wave with big snows has struck the West, and
there has been a light snowfall at New York. Beneficial
rains have fallen in California. Taking the country as a
whole business has been in fair shape. Heavy rains and
snows in some sections, notably the Southwest, have interfered with trade for the moment. But cold weather in the
corn belt is of benefit to the farmers who wish to market
their crops and also helps business in general. For the
most part jobbing and wholesale trade has shown less snap
during the past week. Yet, taking the country as a whole,
the holiday trade has been good, though it has varied in
different parts. The big holiday trade s a plain reflex of
the large buying power of most sections, favored as they
are by high wages. Up to within 24 hours, however, trade in
other directions than holiday goods has suffered so generally from prolonged mild weather that it was the subject
of general remark throughout the country. At the same
time it has had one good effect. It has warded off unemployment among outdoor workers, who in the very cold
weather are forced to remain idle. The mild weather, in
other words, has benefited building. The November plans
were vast. Of course, there is usually a slowing down of
most branches of trade at this time of the year. The December taking of inventories is a part of the annual routine.
Merchants begin casting up accounts and reviewing the results of the year. Meanwhile industries for the most part
are quiet, aside from building, which with the weather at
all favorable will be unusually active this winter. The steel
2590
THE CHRONICLE
[VOL. 117.
business is slightly better in some directions, but the rail- tailment of New England cotton mills is reported to be offset
roads are still the largest buyers. There is a rather more by increased operations in woolen mills.
cheerful tone in the petroleum trade, with some advances
At Lawrence, Mass., the cotton department of the Pacific
here and there. With better weather of late for curing and mills, employing about 6,000 hands, will close down for two
marketing the crop, corn prices have declined. But the weeks from Dec. 22 to Jan. 7, owing to lack of orders. Their
wheat markets have also fallen, though without showing print works will close for a week. On the other hand, at
very marked change. There is a big feeding consumption at Manchester, N. H., three rooms in differentials at the Amosthe West in corn, oats and rye on the farms.
keag mills resumed full time last Monday, bringing the total
The cotton markets have broken after a period of strenu- force at work up to 11,500 out of 16,000 normally. At Burous speculation. The Government crop estimate on the 12th lington, Vt., on Dec. 13 the Chace cotton mills were shut
Inst. was 10,081,000 bales, which, although about 400,000 down for an indefinite period owing to lack of business. For
bales larger than last year, is insufficient, and there will the past ten weeks they have been running on part time.
have to be a curtailment of consumption by the mills of this The mills employ 250 operatives. Philadelphia reports cloth
country sooner or later in order to tide over to another crop. mills running in one ease only eight out of 44 looms and
Speculation recently received a bad blow from a sudden de- some smaller mills are closed. Paterson, N. J., is discussing
cline of over $20 a bale, and although there was a subse- a closing of silk mills over the holidays for ten days from
quent recovery of most of this there has since been a salu- Dec. 22 to Jan. 2. At Woonsocket, R. I., the Alice mill of the
tary decrease in speculative excitement and prices are some Woonsocket Rubber Co. and the Millville, Mass., mill of the
$4 a bale lower than a week ago. Some of the New England same concern will be closed from Dec. 22 until Jan. 2 and on
mills are curtailing either by running shorter hours for a reopening will operate on a four-day-a-week schedule. The
definite period or else extending the usual holiday vaca- reason given is the "non-consuming weather." The shuttions. There can be no disguising the fact that the textile down of the plants, both of which are included in the foottrades of New England are backward. Yet it is a fact be- wear division of the U. S. Rubber Co., will affect more than
yond question, too, that the consumption in this country is at 3,500 employees.
The United States Department of Labor, through its emthe rate of over 6,000,000 bales for the season. The general
idea in the cotton trade is that sooner or later prices under ployment service, reports a reduction of 5% of the total numthe stress of scarcity will have to advance. But it is reason- ber employed in 1,428 firms in 65 industrial centres for the
ably certain that there will be a sharp increase in the acre- month ended Nov. 20. This was due largely to temporary
age next spring. Talk to this effect is already heard. One curtailment of employment in practically all Jorge railroad
great trouble is that the scarcity of cotton.is world-wide. centres during the month of November and the suspension
While the crop in this country for three years past has been for a short period of activities in the iron and steel and their
deficient there has been comparatively little increase else- finished products industry. But large numbers of railroad
where in the world. European spinners from present ap- shopmen have been returned to work and industrial empearances will be obliged to buy American cotton more ployment conditions in the iron and steel industry are eonfreely, if they can get it, because of the very evident deple- sidered on the whole excellent. The automobile output in
tion in the supply of foreign growths. The weather of late November in the United States was 325,125 ears and trucks,
has been in the main favorable for the wheat crop. Mail a new high record for November.
The weather in the United States has recently been aborder business since the first of the month has, according
to current reports, shown a noteworthy increase. And there normally warm, but within a few days has been much colder
has been so much complaint of the mild weather that it fol- at the West and South. In parts of the West the thermomlows that the cold weather which has latterly set in over the eter fell to 16 and 18 degrees. To-day more real winter
country cannot fail to promote general trade. Even as it is, weather came with snow as far south as Alabama and a cold
business in some directions has been good, not only with the wave predicted to penetrate even southern Florida. A blizmail order houses, but also with chain stores. Some of the zard caused the loss, it is said, of at least 12 lives by Ievezing
large department stores have also reported an excellent In New Mexico and western Texas. After over 24 hours of
trade. Smaller retail concerns, however, have suffered snow New Mexico early to-day was still trying to dig out.
from the lack of cold weather. Aside from filling out orders, Railroad and automobile traffic was blocked in many parts .
jclobing trade has been as a rule quiet. Sugar prices have of the State. Telephone reports from Socorro and San Maradvanced during the week, partly owing to the fact that the cial, N. M., last night said that 72 automobiles with more
grinding of the Cuban crop has begun somewhat later than than 300 passengers were snowbound in Nogal Canyon. on
usual and supplies are small. In Europe, too, stocks to all the highway to Hot Springs, N. M., and that 100 men memappearances are none too plentiful, and authorities on the bers of the party were trying to dig a passageway. Food
question have latterly reduced their estimates on the world's and fuel were taken to the canyon from San Marcial. Snow
sugar crop this year very noticeably. The low prices of began falling last night in Tennessee, Chattanooga reporting
animals at the West have hurt farmers, and it turns out a heavy fall there with an accompanying drop in temperathat in Argentina cattle prices have dropped to a point which ture; Knoxvile also reported snow falling this morning, with
has led to a movement to secure Government aid to over- an estimated depth of four inches. Bristol, Va., rop3rted a
extended cattlemen. It is the old story of war inflation and snowfall of several inches in the mountains of southwest
reckless buying, largely on credit, followed by a collapse in Virginia. A rainstorm turned to sleet at vickaborg, Miss.
In northern Alabama a light fall of snow followed a sudden
prices when peace came.
Meanwhile the stock market has been on the whole active drop in temperature. The cod weather of the last three
and rising. This fact has had a cheering effect on general days has benefited the Imperial Valley of California, enbusiness. And the business world of the United States has hancing the value of the export lettuce crop nearly a million
had time to consider and react very favorably to President dollars. Further rains on the Pacific Coast as far south as
Coolidge's recent message. It has received hearty commen- Fresno brought hope to agriculturists in northern and cendation all over the country, regardless of party affiliations, tral California, whose crops have suffered from a long
for its courage in meeting the bonus question, its outspoken drouth. Heavy gales were reported along the Washington
advocacy of tax reduction and its conservative yet enlight- and Oregon coast and high winds as far south as San Franened attitude towards the plight of Europe and the neces- cisco. A wind of 80 miles an hour was blowing to-day at
sity of doing something along economic, not political, lines North Head and 68 miles at Tatoosh, Wash. To-day it has
for its relief. During the past week, too, the Government been cold, raw and windy at New York after the first snowhas signified its approval of a plan for an unofficial par- fall of the season, a light one, last night and this morning.
ticipation of prominent financiers in the deliberations of the It followed the warmest Dec. 13 on record, 64 degrees. A
Commission of Allied Powers looking to the stabilization of temperature of 20 degrees is predicted here for to-night with
Germany's currency and other matters of supreme interest warmer weather for Saturday.
connected with its business life, all of which may pave the
way in due time for an equitable settlement of the whole Increase in Retail Food Prices Oct. 16 to Nov. 15.
question of reparations. It is gratifying to notice that
The U. S. Department of Labor, through the Bureau of
France has adopted a more conciliatory attitude towards Labor Statistics, in making known Dec. 10 the completion
Germany and has made concessions which make it possible of the compilations showing changes in the retail cost of
for the United States to take some part in the deliberations food in 28 of the 51 cities included in the Bureaus'report said:
looking to the settlement of the questions relating to GerDuring the month from Oct. 15 1923 to Nov. 15 1923, 22 of the 28 cities
many which have for two years had the effect of arresting showed increases as follows: Rochester, 3%; Chicago, Kansas City,
Manchester. New
Portland, Me., and Providence, 2%; Bridgeport,
business in Europe and other Darts of the world. Some cur- Cleveland. Dallas,York.
Louisville, Memphis, Milwaukee, New Haven, Rich-
DEC.15 1923.]
2591
THE CHRONICLE
mond, St. Paul. Salt Lake City, St. Louts, and Scranton, 1%;and Indianapolis, Jacksonville, and Peoria, less than five-tenths of 1%. Six cities
showed decreases as follows: Detroit, 2%; Atlanta, 1%; and Baltimore,
Charleston, S. C., Norfolk, and Savannah, less than five-tenths of 1%.
For the year period, Nov. 15 1922 to Nov. 15 1923, all 28 of the cities
showed increases as follows: Chicago, 8%; Bridgeport, Manchester,
Memphis, Milwaukee. and New Haven, 6%; Cleveland,Indianapolis,
St. Louis, Salt Lake City, and Scranton, 5%;Baltimore, Charleston. S. C.,
Detroit, Jacksonville, Kansas City, Louisville, New York,Providence, and
Rochester, 4%; Peoria, Portland, Me., St. Paul. and Savannah. 3%;
Atlanta, Dallas, Norfolk, and Richmond. 2%•
As compared with the average cost in the year 1913, the retail cost of
food on Nov. 15 1923 was 60% higher in New York and Providence: 59%
in Richmond, .58% in Scranton, 57% in Baltimore and Chicago, 55% in
Manchester and New Haven, 53% in Detroit, 52% in Milwaukee, 51% in
St. Louis, 50% in Cleveland, 49% in Charleston, S. C., 46% in Atlanta
and Dallas, 44% in Indianapolis and Jacks-nville, 43% in Kansas City,
41% in Louisville and Memphis, and 32% in Salt Lake City. Prices were
not obtained from Bridgeport, Norfolk, Peoria, Portland, Me., Rochester,
St. Paul, and Savannah, in 1913, hence no comparison for the 10-year
period can be given for these cities.
business in terms of gold, the least fluctuating of the various currency
mediums of exchange.
"A recent formal inquiry among representative bankers disclosed an
interesting change with regard to letters of credit used by travelers abroad
and commercial credits issued for foreign commerce. Ten years ago
practically all the travelers' letters of credit issued by these bankers were
payable in foreign currencies; now, practically all of them are payable in
dollars. Ten years ago their issues of commercial letters of credit were
payable in foreign currencies to the extent of 90%. but at the present time
they are payable in terms of American currency to the extent of 80%.
I believe it is fair to say that this change is due to the fact that the United
tates has the most stable international medium of exchange, a gold currency.
"Where currencies become completely demoralized in any country, as
in Germany and Russia during recent years, the effect is to hamper the
movement of goods within the country as well as in foreign trade. Violent
fluctuations in exchange, even without the complete demoralization ultimately resulting from unsound currency practices, handicap trade only to
a lesser degree. The pound sterling is more stable than most other currencies, and yet it declined from $4.75 in March, 1919. to $3.22 in February,
1920. It rose to $4.01 in April, 1920. and declined to $3.34 in November
of the same year. In this year of relatively minor fluctuations the pound
sterling has sold for 35 cents per pound more than it is now worth, a fluctuation of 8%. In England though, to a lesser extent than in many other
countries, importers and exporters are hampered in their foreign trade
financing, not only by the amount of the current fluctuations but also by
the risk involved in the possibility of still greater fluctuations."
Automobile Price and Model Changes.
In addition to the new prices and models noted in our
column last week, page 2480, we find that during the week
just closed an announced by the Hudson Motor Car Co.
shows increased prices for a number of its cars. The new Postal Receipts at Fifty Selected Cities in November.
list as it appeared in the "Wall St. Journal" of Dec. 11,
An increase of $1,718,418 99, or 6.93%, was recorded in
follows:
Postal receipts in fifty selected cities for November compared
Hudson Motor Car Co. has increased prices of Hudson cars from $55 to
$100. New prices are: Four-passenger speedster, $1,350; seven-passenger with Nov. 1922, which in turn was an increase of 13.79%
phaeton,$1,425 and coach $1,475. There is no change in pride of the sedan over Nov. 1921, making a gain of more than 20% for the
selling for $1,895. The old prices on the models which have been raised two years, according to figures received by Postmasterwere: Speedster $1,295,seven-passenger phaeton $1,350, and coach $1,375,
General New on Dec. 6. The largest gain was made by
The George W. Davis Motor Co. of Detroit on Dec. 10 Los Angeles, Calif., where the increase was 22.75%. Dallas,
announced a new Berline sedan (model 78) priced at $1,895 Texas, was second with 17.23% and Dayton, Ohio, third
of which shipments will begin shortly.
with 16.97%. Other cities making comparatively large
The Pierce-Arrow Motor Car Co. which formerly manu- gains were:
factured only high-priced cars will soon introduce a new line Richmond, Va
15.52%r.Illwaukee, Wis
13.79%
13.09%
15.31% Newark,N.J
Nashville, Tenn
of medium priced passenger cars. The touring model it is Indianapolis,
Ind
14.09%
expected will sell for about $3,000, whereas the factory price
Tabulated figures follow:
of the present touring model is $5,250. Pierce-Arrow also
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
manufactures trucks and the combined turnout of trucks
FOR THE MONTH OF NOVEMBER 1923.
and cars averages about 3,500 vehicles a year. The addition
P. C. P. C. P. C.
of the medium priced line, it is thought, will substantially
1923 1922 1921
November
November
Over Over Over
Increase.
1922.
1923.
Offices.
expand the production.
1922. 1921. 1920.
The changes in the prices of Ford of Canada, Ltd., noted
New York, N. Y___ $5,645,273 81 $5,119,220 38 $526,653 43 10.28 8.30 1.7
on page 2480 last week were on Dec. 12, revised as follows aurae°.
4,467,604 26 4,301,621 40 165,982 86 3.86 15.88 *3.9
Ill
p25,82887 *1.77 13.58 *4.5
Philadelphia, Pa.__ 1,429,804 84 1.455.633 71
by the "Wall St. Journal":
39,767 48 3.36 13.31 2.7
1,220,009 16 1,180,331 68
Boston, Mass
Prices of Canadian Ford cars f. o. b. Ford, Ontario, are as follows: Runabout $490, touring $530, coupe $665, four-door sedan $895. These are
factory list prices, to which taxes and freight are to be added. Touring
and runabout, without starter are $445 and $405, respectively. Prices
given in "The Wall Street Journal" Dec. 4 were delivered prices, which the
company asserts do not constitute a reduction of $40 on touring and $37 on
roadster. The two-door sedan is discontinued and the new four-door sedan
at $895 f. o. b. Ford, Ontario, replaces it.
Eugene Meyer Jr. Says Stable Currency is Most Important Contribution to Foreign Trade Financing. •
While stating that the maintenance of a sound, stable currency is the most important contribution of the Government
to foreign trade financing during and since the war, Eugene
Meyer, Jr., Managing Director of the War Finance Corporation, pointed out recently that there are, however, many
other noteworthy contributions and expressions of policy.
His observations were made in a discourse on international
finance given under the auspices of the Graduate School of
Business Administration of New York University, at the
New York Stock Exchange, and he was quoted to the following effect in the New York "Times" of Nov. 29:
The outstanding contributions, he said, "have been (1) the authority
granted to the War Finance Corporation in March, 1919. to aid in the
transition from the conditions of war to the conditions of peace by extending
credit to exporters, and to bankers financing exporters, to the extent of
$1,000,000; (2) the passage of the Edge law authorizing the formation of
special aport financing institutions at a time when long-time export credits
seemed to be promising and helpful, and (3) the favorable treatment that
has been accorded to import and export bills of exchange and acceptances
in the Federal Reserve system."
Mr. Meyer said: "Never before in the history of this country has its
foreign trade been as large as during the last few years. Never before in
the history of the country.has so large a part of this trade been financed
from American sources. While the London money market is still the great
free discount market of the world,it no longer dominates the field of finance
In connection with foreign trade as it formerly did. The American gold
dollar has become the international medium of exchange all over the world
to a degree that would have appeared impossible ten Years ago. Not only
Is the United States lending abroad on an unprecedented scale, but at the
same time capital from all over the world is flowing into the American market for investment because of confidence in our stable currency."
Attention was called to the fact that international trade seeks financing
in terms of currency promising the least risk. "There is an inevitable risk
in buying raw materials for a considerable period in advance of the need and
selling finished goods deliverable at a later date," Mr. Meyer continued.
"There is the risk in price fluctuations of the merchandise itself which the
importer, exporter and manufacturer necessarily must assume. It is
essential, therefore, to reduce to the minimum the risk involved in fluctuating currencies. This naturally leads to the transaction of international
1,054,099 68
51. Louis, Mo
789,356 74
Kansas City, Mo..
Cleveland, Ohio__ _
616,857 00
579,316 40
San Francisco, Calif
Brooklyn, N.Y
610.093 87
Detroit, Mich
630.335 89
Los Angeles,Calif_ _
616,738 17
Pittsburgh, Pa_ _ _ _
552,275 32
553,545 30
Minneapolis, Minn_
Cincinnati, Ohio
506,648 94
Baltimore, Md..,
445,807 05
390,402 84
Washington, D. C.
382,351 06
Buffalo, N. Y
Milwaukee, Wis___
386.425 99
St. Paul, Minn____
342,834 95
326,782 64
Indianapolis, Ind__
273.922 31
Atlanta, Ga
248,476 18
Denver,Colo
239,331 53
Omaha. Neb
Newark, N. J
273.978 96
276.106 37
Dallas, Texas
232,760 25
Seattle, Wash
Des Moines,Iowa
229,122 06
219,373 94
Portland, Ore
215,415 29
New Orleans, La.__
Rochester, N. Y
215,177 17
208,204 72
Louisville, KY
193,627 55
Columbus, Ohio
168,134 98
Toledo, Ohio
Richmond, Va
160,899 75
157,321 48
Providence. R.I
Memphis, Tenn.__
138,756 82
139,272 95
Hartford,Conn
Nashville, Tenn_
133,409 63
Dayton, Ohio
136,168 16
Fort Worth,Texas_
98,372 48
130.554 63
Syracuse, N. Y
Houston,Texas
113,876 12
New Haven, Conn_
121.071 47
106,528 60
Grand Rapids,Mich
Jersey City, N. J
113,441 65
Ak on,Ohio
88,692 83
Salt Lake City.Utah
93,028 99
Springfield, Mass
99,787 88
Worcester. Mass.__
87,374 81
Jacksonville,Fla
72,069 91
Tn...
990,812 46
756,496 46
562,664 21
573,383 13
561,662 37
569,150 65
502,452 73
511,119 59
527,19434
463,426 45
416,944 61
348,368 01
344,346 25
340,789 73
307,359 32
286.433 76
248,585 49
236,470 21
244,328 15
242,274 13
235,532 27
224,347 11
225,062 19
197,388 74
202,432 31
203,245 00
187,371 30
183,017 25
149,733 68
139,282 78
146,164 29
134.844 00
123,818 26
115,695 78
116,414 34
162,280 79
116,917 18
109,213 20
117,836 94
100,216 91
100,604 49
87,849 05
*9398857
97,384 98
83.232 87
67,460 87
63,19722 6.37 15.87 15.6
32,860 28 4.34 27.79 0.16
54,19279 9.63 11.57 *0.93
.5,93327 1.03 14.17 8.77
48,431 50 8.62 12.97 3.97
61,185 24 10.75 18.69 0.85
114,285 44 22.7521.53 15.65
41,155 73 8.0511.41 6.45
26,350 96 4.99 23.01 11.48
43,222 49 9.33 11.20 9.36
28.862 44 6.92 5.07 12.67
42,034 83 12.07 7.25 9.41
38,004 8111.04 10.69 6.19
45,636 26 13.39 11.68 10.01
35,475 63 11.5422.88 13.05
40.348 88 14.09 20.18 6.18
25,336 82 10.19 11.33 3.09
12,005 97 5.08 10.17 9.41
*4,99662 *2.04 18.81 11.53
31,704 83 13.09 16.39 10.06
40,574 10 17.23 27.54 *3.55
8,413 14 3.75 20.26 *181
4,059 87 1.80 26.88 *4.94
21,985 20 11.14 15.56 10.97
1298298 6.41 5.90 9.22
11,932 17 5.87 7.21 10.84
20,833 42 11.12 10.37 13.62
10,610 30 5.80 15.00 8.93
18,401 28 12.29 11.01 2.61
21.616 97 15.52 15.84 8.07
11,157 19 7.6318.30 6.77
3,91282 2.90 14.22 3.26
15,454 69 12.41 7.45 *1.57
17,713 85 15.31 7.57 3.75
19,75382 16.97 25.84 2.88
*63.90831 *3938 20.98
13,637 45 11.66 12.13 9.02
4,662 92 4.27 4.70 1.29
3,23453 2.74 25.77 6.15
6,31169 6.30 8.49 17.04
12,837 16 12.76 15.90 *2.52
843 78 0.97 17.13 *9.43
*95958 *1.02 19.66 1.94
2,40290 2.47 20.12 9.80
4,141 94 4.98 15.61 2.45
4,609046.8324.42 *2.25
*OR SQA 00o op en., oto AnA .1, el ,110 AID 00
A0,10 ,O
97A
* Decrease.
Percent of increase: August 1923 over August 1922, 5.86% Sep ember 1923
over September 1922, 2.23%' October 1923 over October 1922, 9.92%•
Postal Receipts at Fifty Industrial Cities in November.
Postal receipts at the fifty industrial cities for the month
of November showed an increase of 8.09% as compared
with receipts for Nov. 1922, according to figures received
by Postmaster-General New to-day. The Nov. 1922
increase over Nov. 1921 was 7.78%, making a gain for the
two years of nearly 16%. Boise, Idaho, with 41.16 reported
the largest percentage of gain. Harrisburg, Pa., was second
with 30.39%; Scranton, Pa., third with 27.96; Birmingham,
Ala., fourth with 20.09; Sioux Falls, S. D., fifth with 19.89;
2592
THE CHRONTCLE
[VoL. 117.
Savannah, Ga., sixth with 18.20; Fort Wayne, Ind., seventh "General Investment News", on a subsequent page of
with 17.63; Schenectady, N. Y., eighth with 17.09; Shreve- this issue.
port, La., ninth with 15.92, and Jackson, Miss., tenth with
A dispatch in the Brooklyn "Daily Eagle" of Dec. 14 says:
15.30%. Tabulated figures follow:
Southern Texas crude advanced Dec. 14. A dispatch from El Paso.
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF NOVEMBER 1923.
Offices.
Springfield, Ohio
Oklahoma, Okla
Albany, N. Y
Scranton, Pa
Harrisburg, Pa
San Antonio, Texas
Spokane. Wash
Oakland,Calif
Birmingham, Ala
Topeka, Kan
Peoria, Ill
Norfolk, Va
Tampa, Fla
Fort Wayne,Ind
Lincoln, Neb
Duluth, Minn
Little Rock. Ark
Sioux City,Iowa
Bridgeport, Conn
Portland, Me
St. Joseph, Mo
Springfield, Ill
Trenton, N. J
Wilmington, Del
Madison, Wig
South Bend,Ind
Charlotte, N.C
Savannah, Ga
Cedar Rapids,Iowa
Charleston, W. Va
Chattanooga, Tenn
Schenectady, N.Y
Lynn, Mass
Shreveport. La
Columbia, S. C
Fargo, No. Dak
Sioux Falls.So. Dak
Waterbury. Conn
Pueblo, Colo
Manchester, N. H
Lexington,Ky
Phoenix, Ariz
Butte, Mont
Jackson, Miss
Boise, Idaho
Burlington, Vt
Cumberland, Md
Reno, Nev
Albuquerque, N. Mex
Cheyenne, Wyo
November
1923.
November
1922.
Per Cf. Per Cf.
1923 1922
Increase. Over Over
1922. 1921.
Texas, says oil in Reagan County in southwest Kansas has been advanced
10c, a barrel.
In the gasoline trade conditions apparently have not yet
changed for the better. In Norfolk, Va., the Standard and
Texas companies are reported as carrying on a price war.
The "Baltimore Sun" of the 7th inst. made the following
observations on the situation:
.37 16.8
5498 35
5135,679 60 3135,181 25
114,19508
100,525 88 13,669 20 13.60 17.60
3,721 71 4.07 17.21
91,411 25
95,132 96
The Standard company maintains a number of filling stations erected In
76,854 96 21,485 33 27.96 4.52
98,340 29
92,636 93
71,048 16 21,588 77 30.39 10.19 competition with the Texas company stations throughout the city, and
.21 to-day was selling gasoline at 19 cents a gallon, or 1 cent above the whole5,260 57 7.40
71,034 51
76,295 08
7,33100 9.68 15.53
75,722 00
83,053 00
6,90704 7.59 21.12 sale price. The Texas company met the competitive figure.
90,970 44
97.877 48
Announcement of the reduction was coincident with a rumor that the
98,919 61
82.373 07 16,546 54 20.09 16.71
90,580 31 '3.21001 *3.54 17.63 Pan-American Petroleum & Transport Co. was preparing to enter Tide87,350 30
62.55490
5.52974 8.84 13.10 water Virginia, and independent oil and gasoline dealers to-day were wel68,084 64
62,880 14
1.42727 2.27 5.02
64,307 41
71,282 17 .4,901 77 *6.88 *11.08 coming the announcement.
66,380 40
The Mexican Petroleum Co., subsidiary to the Pan-American concern.
69,781 88 12,302 48 17.63 10.12
82,084 36
63.289 58
66,340 31 *3,050 73 *4.60 15.29 now has a station on the southern branch of the Elizabeth River, where it
60,982 18
6,14304 10.07 9.85 has competed for several years with the other companies in fueling ships In
67,125 22
65,490 87
61,230 39
4,260 48 6.96 16.94
56,35705
62.426 97
6,069 92 10.77 5.93 Hampton Roads. Reports to-day were this storage station would be
66,722 61
61,809 03
4,91358 7.95 .1.31 brought into operation to forward the competitive efforts of Pan-American
55,154 55
53,376 53
1,77802 3.33 15.52 Petroleum in this territory.
51.610 10
51,966 58
.356 48 •.69 8.61
Filling station men to-day were open in their declarations that the Stand38,598 36
39,122 16
'52380 *1.34 •.57
49,210 57
47,302 89
1,90768 4.03 5.44 ard company was about to drive all of them out of business.
In territories where the independent men formerly did good business they
46,218 14
46,00952
.26 1.51
118 62
44,342 13
39.641 78
4.70035 11.86 *.68 said the Standard recently set up stations of its own and began to cut the
49.723 73
44,351 14
5.37259 12.11 .1.89 retail price to
such an extent the independents could not meet the competi48,100 47
44,810 56
3,289 91 7.34 16.41
46,40456
39,257 91
7,14665 18.20 2.27 tion and live.
40,460 17
36,959 75
3,500 42 9.47 •.17
Approximately 10,000,000 gallons of gasoline represents the annual con42,685 32
40,951 18
1,734 16 4.23 6.67 sumption under normal conditions in Norfolk, and the price-cutting war Is
63,191 75
56,21868
8.97307 12.40 --- regarded as a
serious menace to the operations of small stations.
37.631 66
32,138 44
5,493 22 17.09 3.35
35,418 89
33,058 16
2,38073 7.14 9.57
Reports from Pittsburgh on Dec. 10 stated that the
36,431 50
31,429 20
5,002 30 15.92 1.89
29,170 78
27,282 88
1,888 10 6.92 8.12 Atlantic Refining Co. had
announced a reduction of 10.
23,379 61
26,826 13 *3,446 52 .12.85 3.84
28,441 87
23,722 60
4,71927 19.89 4.45 per gallon effective Dec. 10 in Pennsylvania and Delaware.
33,820 52
30,642 44
3.17808 10.27 35.15
27,04420
24,805 28
2,23892 9.02 33.47 The new price is 170. per gallon plus 2 cent-a-gallon State
24,186 89
23,435 04
751 85 3.20 1.79 tax. A similar cut was
made by the company on Nov. 20.
25.4784S
23.06845
2.41000 10.45 5.73
21.288 10
23,486 09 '2,19999 .9.36 28.12 The Gulf Refining and Transcontinental Oil Companies have
24.27
19,738 51
19,277 07
461 44 2.39
21,765 98
18,876 56
2,889 40 15.30 10.40 followed the reduction just announced by the Atlantic
20.45900
14,493 14
5,965 86 41.18 11.40
18,437 17
.38 Refining Co.
17,665 75
771 42 4.36
12,888 37
11,479 10
1,409 27 12.27 *3.42
In the City of New York, Acting Mayor Murray Hulbert
9,97700
11,54920 *1,572 20 *13.61 *8.01
12,154 97
11,695 55
459 42 3.17 6.28 announced his intention of following up his recent demand for
32.94
10,047 47
4.18
9.64372
75
403
.
.
.
•
•Decrease Aug. 1923 over Aug. 1922,8.24%; Sept. 1923 over Sept. 1922.8.05%:
Oct. 1923 over Oct. 1922, 12.03%.
lower gasoline prices. A report in "The New York Times"
of Dec. 11 quotes the Acting Mayor as follows:
Pursuant to the Governor's direction the Attorney General made an
investigation. He submits a report of the findings of a State-wide survey
In which he says that it is a matter entirely for Federal action, and indicates
that he is willing to co-operate with the Federal authorities. But, such
An Advance Announced in Crude Oil Price-Gasoline co-operation apparently has not been sought. The Attorney General may
be, and probably is, right. But these facts should be borne in mind.
Cuts Continue.
There are about 13,000,000 barrels of gaeoline brought into this State
Rumors of an approaching advance in the price of crude during the course of a year for sale to local consumers. By far the larger
oil were substantiated on Dec. 13 when increases ranging part of this supply is marketed by the Standard Oil Co. of New Jersey.
which fixes the price. Here plainly is a matter of interstate commerce.
from 10 to 25 cents a barrel were announced by the Texas, The
necessity for invoking the action of the Federal Government is, of
Magnolia Petroleum and Humble Oil & Refining companies course, apparent. It will not do merely to invoke Federal action and then
for crude, coming from the north and north central parts lie supinely awaiting developments. The Imo must be forced. Some
one ought to do it.
of Texas. The advance was not general throughout the
Contemporaneously with my letter to Governor Smith, I wrote to United
State. The new schedules as they appeared in the "Journal States Senator Copeland upon this subject. As yet r do not know. What
action the Attorney General of the United States has taken at Senator
of Commerce" (New ..York) Dec. 14 follow:
Copeland's request. But I propose to find out.
The Texas Co. took the initiative to-day in advancing crude oil prices
Viewed from the standpoint of the public welfare. I can see no reason why
for north and central Texas, announcing the following new schedule: the Standard 011 Co. of New
Jersey should sell in other jurisdictions more
Below 33 gravity, 75c., unchanged; 33 to 35.9 gravity, $1, no change: cheaply than its offspring can
purchase and retail in New York, where
36 to 38.9 gravity,$115, 15c. advance;39 and above,$1 30,increase of 30c. more gasoline is used than in many Western States combined. This matter
Mesta, Currie or Powell are not included in the advance.
affects so directly a very large percentage of the people in New 'York City
The Humble Oil & Refining Co. immediately announced its new prices: that I feel it is not only deserving of but will have further attention. In
Under 33 gravity, 75c.; a cut of 5c. for below 30 gravity and a 15c. cut for the course of a few days I shall present a proposal for consideration which
30 to 32.9 gravity; 33 to 35.9 gravity, $1, unchanged; 36 to 38.9 gravity, I do not believe can or will be ignored.
$1 15; 30 gravity and above. $1 30.
According to opinion in oil trade circles the advance is a
result of the sudden decrease in the production of the Powell
field and the continued decline in the California fields,
as shown by the production statistics appearing in another
item to-day.
Press reports state that the price of Pennsylvania crude
oil has been advanced 25 cents per barrel. The new prices
quoted by the Joseph Seep Purchasing Agency, as published
in "Daily Financial America," Dec. 15 are given herewith:
Joseph Seep Purchasing Agency will pay the following prices: Pennsylvania grade oil in New York Transit Co lines, $2 85, up 25c.; Bradford.
district oil in National Transit Co. lines, $2 85, up 25e.; Pennsylvania grade
oil in National Transit Co. lines, $2 60. up 25c.; Pennsylvania grade ell in
Southwest Penn Pipe Lines, $2 60, up 25c.; Pennsylvania grade oil in
Eureka Pipe Line Co. lines, $2 60, up 25c.; Pennsylvania grade oil in
Buckeye Pipe Line Co. lines. $2 60, up 25c.
Reports late on Friday night stated that independent
crude oil buying agencies at Oil City, Pa., are continuing
to pay a premium of 10c. above the new posted price for
Pennsylvania oil. Despite the increase in price, they are
taking all the oil they can get at this premium.
Another decrease in the dividend of a crude oil company
took place
. when on Dec. 13 the Salt Creek Consolidated
Oil Co. declared a quarterly dividend of 15 cents per share.
The company had previously been paying 20 cents per share'
quarterly. For further details see that company under
Crude Oil Production Continues to Decrease.
The weekly statistics issued by the American Petroleum
Institute show that the production of crude oil is continuing
to decline, although it is still above the level reached in 1922.
The Institute estimates that the daily average gross crude
oil production in the United States for the week.ended
Dec. 8 was 2,006,150 barrels, as compared with 2,083,000
barrels for the preceding week, a decrease of 76,850 barrels,
but an increase of 348,400 barrels as compared with the
production during the corresponding week of 1922. A
decrease of 53,950 barrels in the daily average production of
the Powell field in Texas accounts for substantially all of
the decrease of 76,850 barrels. The daily average production
east of the Rocky Mountains was 1,277,800 barrels, as
compared with 1,336,650 barrels, a decrease of 58,850 barrels.
California production was 728,350 barrels, as compared with
746,350 barrels, a decrease of 18,000 barrels; Santa Fe
Springs is reported at 195,000 barrels, against 208,000
barrels; Long Beach, 235,000 barrels, no change; Huntington
Beach, 71,000 barrels, against 72,000 barrels, and Torrance,
29,000 barrels, against 33,000 barrels. The following are
estimates of daily average gross production for the weeks
indicated.
THE CHRONICLE
DEC.15 1923.]
DAILY AVERAGE PRODUCTION.
Noe.24'23.
Dec.1'23.
Dec.8'23.
(/n Barrels)390,100
389,200
385.750
Oklahoma
70,600
70,950
71,150
Kansas
66,300
67,100
63,600
North Texas
374,600
276,450
222.500
Central Texas
57,800
56,150
56,450
North Louisiana
123,150
124,000
119,500
Arkansas_
94,300
94,700
92,900
Gulf Coast
108,000
109,500
110,000
Eastern
155,200
148,600
155,950
Wyoming and Montana
768,300
746,350
728,350
California
Dec.9'22.
412,300
87.600
59,150
125,100
80,950
97,550
120,550
115,000
89,550
470,000
2,198,250
1,657,750
2,006,150
Total
2,083,000
October Truck Exports Double September's.
Exports of trucks from the United States in October were
almost double the exports for September, according to Department of Commerce figures, contrasting strikingly with
the figures for passenger cars, which showed only slight increase in value and a fractional decrease in number. The
total value of all automotive products exported in October
was $15,825,569. The month of October did not change materially the ratio of exports to production. The combined output of cars and trucks in the United States and Canada, together with the production of American manufacutres in
foreign assembling plants was $373,997. The total exports
of cars and trucks were 27,922, or 7.5% of the total production. For the first nine months of this year the ratio of exports to production is 8%. The following table shows shipments of complete cars and trucks during September and the
sales from the foreign assembly plants of one American
manufacturer:
EXPORTS AND PRODUCTION OF COMPLETE AMERICAN PASSENGER
CARS AND TRUCKS, BY NUMBER, FIRST NINE MONTHS OF 1923.
First 9 Months 1923.
Cars
Exports:
United States
Canada
American car assemblies
Total
Production
Per cent exports to production
Trucks Combined
95,642 17,554
42,943 8,111
138,585 25,665
October 1923.
Cars
Trucks Combined
113,196 10,464
51,054 5,028
84,197
2,311
1,229
248,447 15,492
3,540
3,115,728
8%
12,775
6,257
8,890
27,922
373,997
7.5%
Japan Takes Huge Truck Shipments.
One of the salient features of export statistics for October was the enormous increase in exports of motor trucks to
Japan. In September 64 were shipped to that country, but
in October the number increased to 1,098, topping the list of
principal countries receiving American trucks. This sudden
increase was due to the unusual demand for American machines following the earthquake disaster. The United Kingdom also moved upward in the table, taking 94 trucks in
September and 328 in October.
Shoe Workers' Union Agrees to Wage Reduction of 15%
in Lynn.
A step which is expected to help to some extent the shoe
manufacturers of Lynn, Mass., harrassed for many months
by almost insurmountable labor difficulties, to maintain the
prestige of that city as a shoe manufacturing center was taken
on Dec. 10, when, following an all-day conference at the
State House in Boston, an agreement was reached between
the Amalgamated Shoe Workers of America and the Shoe
Manufacturers' Association of Lynn providing for a 15%
reduction in wages. The reduction took effect on Dee, 11
and will remain in force until the wage and other questions
are decided by the State Board to which both the union and
manufacturers' association have recently have agreed as an
arbiter. With regard to the conference at which the wage
reduction was decided upon, the Boston "Herald" had the
following to say:
Participating in the long drawn out conference were a committee of the
joint council of the shoe workers, delegates from the employers' association
and five manufacturer non-association members.
Delegations of the manufacturers and shoe workers will meet the State
board to-morrow to outline the questions to be settled by arbitration.
The agreement affects about 8,000 and it is expected the present adjustment will result in many shoe factories in Lynn reopening.
The session opened at 10 o'clock yesterday morning, a recess being taken
for lunch and then all parties returned to the State House and remained
in session until 9 o'clock ,no recess being taken for the evening meal.
In addition to the members of the Lynn Shoe Manufacturers' Association
signing the agreement, the firms of A. M.Creighton, J. I. Melanson, J. J.
Grover, Welch and Son and Merrill Porter, also agreed to the temporary
reduction in wages until finally adjusted by the State board.
2593
Such action on the part of the firm is regarded as an automatic withdrawal from the Lynn Shoe Manufacturers' Association, of which Harry
M. Read of the Gregory-Read Co. was at one time President.
Announcement of the firm's intention was made known in a long statement signed by Mr. Read, in which he declared that contrary to assertions
by union leaders that the firm had no orders on hand, cutting of 700 or
800 cases a day would be their program during February and March.open
Mr. Read also said that he believed the firm's employees favor an
shop plan, although they did not declare themselves to that extent because
of labor affiliations.
Two weeks ago the firm gave a questionnaire to its employees in which
It was stated that the firm must dictate the policy of its conduct of business;
shop rules which hindered production must be done away with, and a
reduction of 15% in wages must be granted.
"We have been told by a great many of our employees who did not
return their questionnaires that they had been instructed by their union
officials not to do so," said Mr. Read. "But those same employees said
they were heartily in favor of our proposition."
Announcement was made yesterday that the referendum vote, taken
on Friday by members of the Amalgamated Shoe Workers of America,
resulted in 1,413 in favor of seeking the aid of the State Board of Conciliation and Arbitration to 312 against.
Haverhill Shoe Workers Vote to Accept New
Agreement.
Shoe Workers of Haverhill, Mass., at a mass meeting on
Dec. 14 voted overwhelmingly in favor of adopting a new
wage and working agreement drawn by the tripartite conference of manufacturers, union representatives and citizens.
An industrial holiday was declared for the voting.
With regard to the action of the workers on the new agreement, advices to the Boston "Herald" said:
The proposition was accepted by the crafts with a single reservation. The
clause providing that the agreement should remain in force until Dec. 28
1928 was amended in each instance to provide that the agreement should be
subject to discard at the end of two years on 90 days' notice by either party
to the agreement.
With the first indication of the result of the voting the manufacturers
hastened to get in touch with their buyers and to inform them of the situation. Early this afternoon wires were dispatched to all sections of the
country in the hopes of retaining business and squelching earlier rumors
of a threatened break in the local industry.
The voting began at 9 a. m. to-day, the machine operators holding the
first mass meeting in City Hall. The proposition was placed before the
operators by the general officials, including General Agent Austin E. Gill
and General Secretary William J. Ryan. The new document was discussed
from every angle. The vote was taken after an hour's discussion,the official
cont being 518 in favor and 31 in opposition.
Turn workmen met at 10.30. also at City Hall. Atthis meeting Joseph C.
Kimball, President of the Haverhill Shoe Manufacturers Association;
Edward M. Rickard of the Rickard & Claremont companies and Everett
Bradley of the Bradley Shoe Co. were invited to be present. All three
were called upon for remarks. The voting resulted as follows: 901 in
favor, 66 in opposition.
Cutters' Local No. 7 met at noon in City Hall, with nearly 800 present.
The craft voted, after 90 minutes' discussion, 647 in favor and 19 in
opposition.
Never has action on any industrial subject here caused the interest and
excitement that were apparent to-day. The crafts assembled for voting
long before the appointed hours and the result of each meeting was waited
with intense interest by hundreds outside the meeting halls. The interest
was not restricted to the ranks of the workers, but the various business
agencies of the city eagerly followed to-day's proceedings.
The points of contention in to-day's meetings were fundamentally the
same as in the earlier mass meetings, but. the issues were disposed of as the
details and provisions were explained. The hour issue,shop rule issue, and
other major issues appear to have found their solution in the new offer.
Much credit is given Mayor William D. McFee for the work he has done
to bring both parties together. The Mayor and six citizens, with seven
union officials and the same number of manufacturers were in session for
morning
20 hours, from 10 o'clock Monday morning till 6 o'clock Tuesday
to bring the contending interests into agreement. The result of their
labors was the new peace pact which was put before the workers to-day.
The total vote of the 10 locals was about 6 to 1 in favor of the pact.
Shoe Manufacturers to Leave Haverhill, Mass.-Say
They Cannot Continue Under Existing Conditions.
The Rickard and Claremont shoe companies, ranking
among the leaders of Haverhill, Mass., on Dec. 8 dismissed
their organizations. Members of the firms appeared before
their shop crews and announced that they were unable to
continue production in Haverhill under existing conditions
and that they will go elsewhere.
Approximately 700 employees are affected. Both firms
are under the Rickard management. The Rickard Shoe
Co. came to Haverhill from Lynn about seven years ago.
The Claremont company was opened for the production of
turn footwear a few years later.
Production and Stocks of Leather in October-Stocks
of Hides and Skins.
The Department of Commerce at Washington on Dec. 10
gave out the following Information with regard to stocks of
hides and skins, and stcoks and production of leather for the
month of October, based on reports received from 4,688 Manu-
Pertinent to the labor situation in Lynn is the following
which appeared in the Boston "Herald" on Dec. 9:
facturers
Asserting that they have lost faith in any agreement made between
their firm and representatives of the shoe labor unions in Lynn, the
Gregory-Read Co. announced yesterday that it will open its factory on
Washington St. Monday morning under "open shop" conditions.
Stocks of Hides and Skins.
The total number of cattle hides held in stock on Oct. 31 1923 by packers
and butchers, tanners, dealers, and importers (or in transit to them)
amounted to 5,277,865, as compared with 5,486302 on Sept. 30 1923 and
and dealers:
2594
[Vol,. 117.
THE CHRONICLE
with 5,838.412 on Oct. 31 1922. The stocks of calf and kip skins amounted
to 3,118,845 on Oct. 31 1923, as compared with 3,429,172 on Sept. 30 1923 Production of Boots and Shoes for October 1923.
and 4,552,009 on Oct. 31 of last year. Goat and kid skins numbered
The Department of Commerce, from returns based on re10,889,491 on Oct. 311923; 10,999,361 on Sept. 30 1923, and 8,680.967 on
Oct.311922. The stocks ofsheep and lamb skins on Oct.31 1923 amounted ports received from 1,147 manufacturers, representing 1,263
to 8.898,601: on Sept. 30 1923 to 9,202.831, and on Oct. 31 of last year factories, finds that the total production or. boots and shoes
to 9,561.364.
during the month of October 1923 amounted to 30,555,284
Stocks and Production of Leather.
pairs, as compared with 27,554,838 pairs produced in SepThe total stocks of stile leather (cattle) reported by tanners, dealers and
manufacturers using the leather as a material amounted to 10.100,267 tember, 30,028,391 pairs in August, 25,256,106 pairs in July
backs,- bends and sides on Oct. 31 1923, the corresponding figures for and 30,365,648 pairs in October, 1922. Comparative figure§
Sept. 30 1923 being 9,957,507 and for Oct. 31 1922. 9.855,096. The pro- for January-October
show 301,342,069 pairs produced in 1923
duction of sole leather during October 1923 amounted to 1,511.287 pieces
(backs, bends and sides) and the stocks in process at the end of the month and 265,947,062 pairs produced for the same period in 1922.
to 5,729,537 pieces.
The October production included 8,896,282 pairs of men's
The harness leather in stock on Oct. 31 1923 amounted to 425,602 sides,
shoes '(high and low cut, leather), 1,968,927 pairs of boys'
as compared with 384,135 sides on the corresponding date in 1922: the total
stocks of upholstery leather on Oct. 31 1923 comprised 322,271 hides. as shoes, 9,566,924 pairs of women's shoes,. 3,179,575 pairs of
against 312,693 hides one year earlier: upper leather (cattle) in stock on misses' and children's shoes, 2,229.152 pairs of infants'
Oct. 31 1923 amounted to 6.757,980 sides, as compared with 7,459,485
shoes, 360,336 pairs of athletic and sporting shoes (leather),
sides on Oct. 31 1922.
The stocks of horse leather on Oct. 31 1923 amounted to 329,292 fronts 534,082 pairs of shoes made of canvas, satin and other fabric,
and 401,967 butts, as against 370,926 fronts and 449,403 butts in stock one and 3,820,006 pairs of miscellaneous
footwear.
year earlier. Calf and kip skins (finished) In stock on Oct .31 1923 numbered 7,741,157: goat and kid skins, 21,572,208, and sheep and lamb skins, PRODUCTION OF BOOTS AND SHOES.00TOBER AND SEPTEMBER 1923,
11.239,755: while on Oct. 31 1922 there were in stock 8,403,639 finished
OCTOBER 1922 AND COMPARATIVE FIGURES FOR JANUARYcalf and kip skins. 22,693.429 goat and kid skins and 11,474,823 sheep and
OCTOBER 1923 AND 1922.
lamb skins.
Detailed Statement.
Number of Pairs.
Kind.
Detailed figures relative to stocks of hides and skins, and stocks and
October
Sept.*
October
Jan.-Oct.
Jan.-Oct
production of leather, are given in the accompanying tables as follows:
1923.
1923.
1922.
1922.
1923.
COMPARATIVE SUMMARY-STOCKS OF PRINCIPAL KINDS OF RAW Boots and shoes, total_ _ 30,555,284 27,554,838 30,365,648
301,342,069 265,947,062
HIDES AND SKINS AT THE END OF OCTOBER AND SEPHigh & low cut (leather)
TEMBER 1923 AND OCTOBER 1922. AND STOCKS
total
25,840,860 23,439,720 25,810,984 256,996,983 231,114,590
DISPOSED OF DURING OCTOBER 1923.
Men's
8,896,282 7,906,527 8,556,846 85,446,137 73,048,640
Boys'and youths'.._
1,968,927 1,805,334 2,117,670 19,196,741 17,907,344
Women's
9,566.924 8,847,898 9,530,755 94,788,124 88,050,735
Stocks on Hand and in Transit.
Stocks
Misses' and children's 3,179,575 2,842,569 3,368,804 34,298,960 32,705,347
Disposed
Infants'
2,229,152 2,035,392 2,230,909 23,267,021 10,402,524
October September October of During
Kind.
Athletic and sporting
1923.
Oct. 1923.
1922.
1923.
(leather)
360,336
366,981
698,244 5,687,810 6,836,846
Canvas, satin and other
Cattle, total
hides 5,277,865 5,486,802 5,838,412 1,840,674
fabric _a
534,082
453,445
632,211 7,582,627 5,351,009
Domestic-packer
hides 3,150,794 3,180,479 3,110.426 1,168.278 All other (slip ere and
Domestic-other than packer_hicles 1,257,077 1.171,444 1,322,899
552,844
miscell. footweir)
3,820,006 3,294,892 3,224,209 31,074,849 22,644,617
Foreign (not Including foreign•Figures revised to include data received after puull-ation of September report.
869,994 1,134,879 1,405,087
tanned)
119,552
hides
a Excludes ruboer-soled footwear with canvas and other textile fabric uppers.
Buffalo
109,778
2,891
122,367
hides
117,477
S Includes slippers for house wear, barefoot sandals and play shoes, moccasins,
Cattle and kip, foreign-tamed- 22,756
45,910
23,340
hides and skins
1,487 and all other not specified above.
Calf and kip
skins 3,118,845 3,429,172 4,552,009 1,127,703
Horse, colt, ass and mule95,779
bides
Hides
38,843
105,138
99,715
85,388
Fronts
97,284
1,929
80,867
whole fronts
Production, Orders, and Stocks of Hosiery
Butts
153,742
434,128
185,668
whole butts
73.479
for October 1923.
21,862
Shanks
shanks
23,062
40,148
132,699
Goat and kid
skins 10,889,491 10,999,361 8,680,967 1,135,522
The Department of Commerce on Dec. 6 made public the
Gabretta
683,213
142,752
skins
914,188
840,855
Sheep and lamb
skins 8,898,601 9,202,831 9,561,364 3,649,013
Skivers and timbers
132,163
49,327 following statistics on hosiery production, orders and stocks,
165,263
dozens ,137,504
Kangaroo and wallaby
409,160
39 received from 303 establishments representing 388 mills, for
161.121
skins
357,895
Deer and elk
319,317
119,732
skins
274,212
189,287
Fig and hog
57,860
skins
14,745 the month of October 1923, with a comparative summary for
81,566
65,010
Fig and hog strips
ounds 1,009,381
97,637
329.085
644,868
Stocks on Hand and in Transit.
Oct3ber
1923.
September
1923.
Sole and belting leatherCattle-sole
backs, bends and sides 10,100,267 9,957.507 9,855.096
Horse-sole
whole butts
41,998
34,855
36,270
Belting butts
butts and butt bends
938.320 5940.278
717,647
Offal-sole and belting
pounds 65,939,398 66,062,849 38.377,443
Cut stockBlocks
dozens
941,229 1,218,881
941,813
Cut soles
dozen pairs 6,318,804 6,487,027 7,440,934
Tans
dozen pairs
559,553
537.976
496,147
Harness leather
sides
425,333
425,602
384,135
Bag, case and strap leather
sides
302,441
359,303
324,013
Skirting and collar leather
sides
144,364
197,486
214,881
Lace and latigo leather
sides
49,396
30.409
43,847
Welting leather-Cattle
sides
52,016
34,998
31,776
Pigskin strips
Pounds 1,271,728 1,206,135
978,084
Upholstery leather, total
hides
312,693
322,271
325,063
Whole-hide grains
hides
83,236
69,855
59,049
Buffings (russet)
hides
a
21,434
22,156
Machine buffed
hides
85.892
99,156
96,230
hides
Whole-hide splits
143.565
137,544
141,910
tipper leather-cattle, otal
sides 8.757,980 6,661.291 7,459,485
sides 8.039,554 5,973,600 6,670.573
Other than patent
Patent
rides
788,912
687.691
718,426
Glove leather-cattle grains
sides
26,070
30,929
32.173
Cowhide (fancy and bookbinders')
sides
93.455
86,618
80,686
Buffings (fancy and bookbinders')
hides
154,832
93,923
98.260
Horseequivalent fronts
Fronts and halt fronts_b
370,928
329,292
368,574
Butta_c
whole butts
449.403
411,330
401,967
Splits, other than upholstery
pieces 4,157,462 4,230,027 5.399,785
skins 7,741,157 7,749,870 8.403,639
Calf and klp_d
Goat and kid _d
skins 1,572,208 21,355.605 22,693.429
Cabretta_e
skins 2,274,055 2,293,951 3,077,195
Sheep and Iambi
skins 1,239.755 11 228,005 11,474,823
Skivers, total
dozens
83,387
582,125
89,204
Hat sweats
dozens
11.009
12,147
511,491
Other skivers
72,378
dozens
70,634
77,057
.Fleshers, total
64,269
dozens
55,421
59,003
44,744
Chamois
dozens
45,296
47,265
Other timbers
19.525
dozens
10.125
11,738
753,108
Kangaroo and wallaby (upper leather)
573,368
597.502
skins
Deer and elk_c
483,696
428,994
438,494
skins
61,525
Pig and hog g
35,283
32,843
skins
44.781
Seal (fancy and bookbinders')
52,442
46,344
skins
16,258
Rough leather
16,502
equivalent sides
18,409
239,799
323,469
Rough splits (including grains).._equivalent sides
996
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a Included in "buffIngs (fancy and bookbinders')."
b Includes; upper, patent and glove leather.
c Includes upper and glove leather.
d Includes upper, patent, glove and fancy or bookbinders' leather.
e includes upper, glove and fancy or bookbinders' leather.
f Includes upper, patent, glove and fancy or bookbinders' leather, shearlings,
Oiler leather, and miscellaneous sheepskins.
0 Includes glove and fancy or pookoinders' leather.
S Revised after publication o September report.
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1922.
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577,858 1,113,215 475,002 355,054
718,340 2,085,059 614,727 1,272,405
528,8371,159,677 565,034 462,136
21.928: 54,237
21,326
17,069
795,16 .2,054,8081.290.5461.211,363
Kind of Leather.
22,148
45,487
26,648
2,272
32,353
294 identical ekablishments, representing 379 mills, for
September and October. The 303 establishments included
in this statement represent 68% of the total value of hosiery
reported at the census of manufactures, 1921:
1,720,602
2.024.858
1,705,781
73.354
3,244.902
OF
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Orders and Stocks:
Shipments during the month
Finished product on hand,end of month_
Orders booked during the month
Cancellations received during month_ _ _
Unfilled orders on hand, end of month
COMPARATIVE SUMMARY-STOCKS OF PRINCIPAL KINDS
LEATHER AT THE END OF OCTOBER AND SEPTEMBER
1823 AND OCTOBER 1922.
DEC.15 1923.]
TI-IE CHRONICLE
The following is a comparative summary of hosiery production, orders and stocks for September and October 1923
for 294 identical establishments, representing 379 mills, for
both months. Figures for September have been revised to
Include data received after publication of September reports:
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Steel Buying Resumed-Pig Iron Market Dull.
First quarter buying in ,steel has appeared, declares the
"Iron Age" in its weekly review of conditions in the market
under date of Dec. 13. It comes largely from the automobile
trade, but not from all motor car makers. Some still show
doubts of price stability, and low prices evidently were obtained in transactions covering automobile parts, continues
the report, which is added below:
Sheets, ordinary and alloy steel bars, and forgings were placed in Detroit
in liberal quantities that add to the expectations of large automobile production in the early months of 1924. In Cleveland the forward sales of
bars totaled between 4,000 and 5,000 tons with 15,000 tons likely to be
settled by the end of the week.
Bookings of steel in general are up to the volume of the corresponding
period of November, though still below shipments. Mill operations, if
anything, have increased. The Steel Corporation's schedule appears to
call for somewhat over 84% of ingot capacity, against 81 or 82 a week ago,
but indications are that the industry as a whole is not over 70%.
Some of the sheet sales are for less than three months, but few deliveries
are wanted until after inventory taking. The result is that there are mills
asking 2.85c: on orders for next year which will enter immediate business
at 2.75c. Prices of automobile body sheets are holding firm after efforts to
depress them 85 a ton. Inquiries for sheet bars are considerable and with
the Steel Corporation regarded as a likely buyer on the large scale it was in
1922,the sheet bar price of $42 50 is considered fully asfirm as finished steel.
Pressure for output notably marks the tin plate situation, with some
mills now having eight months' work in sight.
With the order of 2.000 cars for the Wabash and other car purchases
amounting to 500,following the placing of 5,000 in the preceding two weeks,
the basis of satisfactory negotiations appears to be definitely broadening for
the settlement of the large amount of railroad equipment still pending.
New York's unusual winter building activity accounts for most of the
week's structural steel awards, 15,600 tons out of a total for the country
of about 24,000 tons. Likewise more than half of the new projects reported,
totaling 23,000 tons, are from New York. A decided gain in inquiry is
reported from the Central West.
Price stabilization in cold-finished steel bars has been interfered with
somewhat by a Chicago producer's adopting a Chicago instead of a Pittsburgh base. One immediate result has been a $6 reduction in Chicago
warehouse prices for shafting.
November steel ingots statistics show,at 3,113,804 tons, or 119,762 tonsa
day, a decline in production of 9% from the October daily rate, which was
down I% from that of September. In pig iron the corresponding reductions
in output were 5 and 2J.6%,respectively.
The pig iron market has lapsed into profound dulness and neither buyers
nor sellers are disposed to enter into contracts for delivery after April 1.
The uncertainty as to the price of coke for the second quarter of the new
year and the threat of a strike of bituminous miners April 1 will probably
continue to retard the buying of pig iron except for immediate requirements.
Bessemer iron is stronger in the Pittsburgh district.
Further purchases of heavy melting scrap have been made by the Steel
Corporation and the old material market is stronger in nearly all centres,
with numerous price advances.
Contracts for 50% ferrosilicon for 1924 are being taken at $75 per ton,
delivered, $1 to $1 50 being added or subtracted as the case may be for each
per cent variation. Last year the contract price was $82 50 to $87 50,
delivered, with no differential.
A cast iron pipe shop in France has again taken business in competition
with American compan:es, the city of Pasadena, Cal., having awarded
1,000 tons to the French company.
Japanese demand for thin galvanized sheets has dwindled both in the
United States and Great Britain.
For 21 successive weeks the "Iron Age"finished steel composite price has
stood unchanged at 2.775c. per lb., following 11 weeks at 2.789c. One
year ago it was 2.439c.; two years ago, 2.135c.
No change having occurred, the "Iron Age" pig iron composite price
remains at $21 88. One year ago it was $25 71; two years ago, $19 46.
0
3,914,7271 4,475,9701 58,5951 78,25711,547,52111,744,606
.o
E
m. Copm
0 Co Co
00mv. Co
mmv Co
83
10-0
.0
•(S211Vd Al1ZOW A.LIZNV120
58
;
2595
Composite Price, Dec. 11 1923, Finished Steel. 2.775c. Per Lb.
Based on prices of steel bars, beams, tank plates. Dec. 4 1923, 2.775c.
plain wire, open-hearth rails, black pipe and Nov. 13 1923. 2.775c.
black sheets, constituting 88% of the U. S. Dec. 12 1922, 2.439c.
10-year
output
e, 1.689c.
verpargePer Gross Ton.
88
Composite Price, Dec. 11 1923, Pig Iron, $21
Dec. 4 1923, 521 88
20 94
Based on average of basic and foundry irons, the Nov. 13 1923,
Dec. 12 1922,
avan
25 71
foundry
the
quotation,
Valley
being
basic
erage of Chicago, Philadelphia and Birmingham 10-year prewar average,
15 72
A similar view of market conditions is expressed by the
"Iron Trade Review" of Cleveland in its resume for this
week, issued Dec. 13. The "Review" makes the following
comments:
Forward buying of steel is opening up gradually. This week has witnessed the closing of a number of contracts for first quarter delivery on
steel bars, sheets, strips, pipe and in certain other lines, and negotiations
covering next year's requirements in practically all products are showing
a tendency to spread. At the same time, new tonnage while heavier generally still is below shipments and the operating position of the mills is
less favorable. This has an important bearing on the test of prices being
waged between producers and consumers which more and more is approaching the critical point. There are signs this week that numerous buyers are
leas confident of their ability to break down the present market, although
In some cases placing of tonnage for future delivery is guaranteed against
decline.
Action of a Chicago producer of cold-rolled steel in adopting a Chicago
base of 3.00c. Instead of Pittsburgh has caused comment this week because
of its relation to the agitation to abolish the Pittsburgh base on steel products. Eastern producers have adopted the same practice for Chicago
territory. The steel price situation has displayed no changes of note this
week.
"Iron Trade Review" composite offourteen leading iron and steel products
practically is stationary this week. The index, 543 05. is slightly above
$43 02 last week.
Buying by automobile builders against a heavy scheduled production
for first quarter is taking form. The Ford Motor Co. the past week placed
upwards of 30,000 tons of steel products with the mills and now is negotiating for 30,000 tons of sheets. The closing of the latter and of other
break
similar business apparently hangs upon the ability of the buyers to
the price of 5.35c., Pittsburgh, on fine finished sheets. The automobile
builders are bringing pressure for a $5 per ton concession. The indications
are they will be suocaasful in securing some concession. At Cleveland an
automotive parts manufacturer is expected to close this week on needs of
15,000.to 20,000 tons of spring steel. New structural steel business is
keeping up its good showing. Awards of the week totaled 34,500 tons, of
which 25.000 tons was from New York and Eastern territory. Three Jobs
placed at New York call for 15,000 tons. The 6,100 tons for the Ford
assembling plant at St. Paul is practically closed.
Prospective car orders are placed at approximately 100,000, representing
some increase over previous estimates. The award of 2,000 cars by the
Wabash has been the principal equipment order this week. Locomotive
inquiries after a lapse of some weeks are reviving.
An interesting point to the recent buying of pig iron is that some consumers are asking shipments to be anticipated against first quarter contracts. Small lot buying characterizes the market at present, though a
number of buyers did not cover in the recent movement. St. Louis reports
5.000 to 10.000 tons of basic sold. Considerable buying of this grade has
been done in the East and a 6.000-ton inquiry is out at Pittsburgh.
Defeat of the Government proposal for a protective tariff in Britain has
had no disturbing effect on the iron and steel business. British iron and
steel production is on the rise. November being the best since midsummer:
British consumers have purchased 100,000 tons of billets in Belgium.
Steel ingot production in November turned down more sharply than in
anYmgrAll r.Moo.Auguat, 1922.declining 8.8%.Or 434.16? tonsfrom October;
2596
THE CHRONICLE
November was the seventh consecutive month to show a loss and stood
24.1% under the high mark in April. Production in November was at
the annual rate of 37.126.000 tons, against a similar rate of 40,735,000 tons
last month. Eleven months production of steel ingots for the country
totaled approximately 40,383,191 tons, which indicates the full year will be
Close to but will not quite reach the high record year of 1917.
Unfilled Orders of Steel Corporation Register Further
Decline.
The United States Steel Corporation on Monday, Dec. 10
1923, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of Nov.
30 1923 to the amount of $4,368,584 tons. This is a decrease
of 304,241 tons from the unfilled tonnage Oct. 31, a decrease
of 667,166 tons from Sept. 30 and of 1,046,079 tons from Aug.
31. On the corresponding date last year (Nov. 30 1922) unfilled orders aggregated 6,840,242 tons, while on Nov. 30 1921
they stood at only 4,250,542 tons. In the following we give
comparisons at the close of previous months back to the beginning of 1919. Figures for earlier dates may be found in
the issue of the "Chronicle" for April 14 1923, page 1617:
January
February
March
April
May
June
July.
August
September
October
November
December
1923.
6.910,776
7,283.989
7,403,332
7.288,509
6,981,351
6.386,261
5,910,763
5,414,663
5,035,750
4,672,825
4,368,584
7.573,164
1922..
4,241,678
6,933.867
4,141,069
4,494,148
6,284,765
5,845,224
5.096,917
5,482,487
5,254,228
5,117,868
5,635,531
4,830,324
5,776,161
4.531,926
5,950,105
4,560,670
6.691,607
4,286,829
6,902,287
6,840,242
4,250,542
4,268,414
6,745,703
9,285,441
9,502,081
9,892,075
10,359,747
10,940,466
10,978,817
11,118,468
10,805,038
10,374,804
9,836,852
9.021,481
8,148,122
1919.
6,684,268
6,010,787
5,430,572
4,800,685
4,282,310
4,892,855
5,578,661
6,109,103
6,284,636
6,472.668
7,128.330
8,265,366
Steel Production Smaller in November-Revised Report
on New Basis for 1923.
The American Iron & Steel Institute has prepared a statement from which it appears thut the production of steel in
November 1923 by companies, which in 1922 made 95.35%
of the steel ingot output in that year, amounted to 2,969,012
tons, consisting of 2,343,368 tons open-hearth, 616,335 tons
Bessemer, and 9,309 tons all other grades. This indicates a
total production for the month of 3,113,804' tons, on which
basis comparison is with an indicated production of 3,430,309
tons in November last year. With reference to the change
Inaugurated in June 1923 in the method of compiling these
figures, we refer the reader to the "Chronicle" of Aug. 11
1923, pages 607 and 608.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1922 TO
DL:CEMBER 1922.
fRePorted by companies whiCh made 84.15% of the Steel Ingot production in 1922.
010
Erg c.%
it
Calculated
Monthly Monthly No. of
AA
production production working
Other. CompaNies
all
daps.
Mortise. companies
[VOL. 117.
LOCOMOTIVES.
Eleven Months Total
November October November January to November.
1923.
1923.
1922.
1022.
1923.
ShipmentsDomestic
Foreign
270
29
295
15
Total
299
Unfilled orders (end of month)Domestic
656
Foreign
35
977
1.819
Total
691
144
15
2,680
180
862
202
310
159
2,860
1,064
915
62
1,501
118
_-
-----
Holiday Season Is Reflected by Slowing Down in Industry, Report the Coal Journals.
Practically all branches of the industry are reflecting the
influence of the approaching holiday season and the close
of the year, states the "Coal Trade Journal" of New York
on. Dec. 12. Production is slowing up and distribution is
far from satisfactory. The industries are marking time with
their present stocks, taking only enough additional supplies
to 'dodge the danger mark. Controlled by continued mild
weather conditions, householders throughout the country
are making small inroads on their ample supplies, while
dealers hopelessly wait for refill orders, the report goes on to
say, giving further details appearing herewith:
In nearly every section of the country the bituminous market is either
dull or lifeless. The only encouraging sign of improvement is to be found
in central Pennsylvania.
A sharp decline in the Lake shipments marked the week ended at 7 a. m.
Dec. 3, when 573,132 tons of cargo coal were dumped. In comparison with
the previous week this was a decrease of 203,761 tons, or approximately
26%. Cumulative dumpings for 1923 stand at 29,568,841 tons, which is
41% ahead of the average for the three preceding years and 5% over 1918.
the peak year. During the week ended last Saturday 11 cargoes discharged
approximately 101.000 tons at the Head of the Lakes.
Price changes last week vary little from those in effect for several weeks
past. Comparing quotations with those for the week ended Dec. I. changes
were shown in 49% of the figures. Of these changes 58.4% represented
advances ranging from 5 to 65 cents and averaged 21.4 cents. The reductions ranged from 5 to 50 cents and averaged 22.2 cents. The straight
average minimum for the week was $1 87, a decrease of 12 cents as compared with the preceding week. The straight average maximum was $2 21,
an increase of 1 cent over the preceding week. A year ago the averages
were $3 28 and $3 86, respectively.
There Is a ready market for domestic sizes of company anthracite. Independent prices continue to decline and in the absence of stimulation are
expected to recede further. Egg and pea are still draggy, while the steam
sizes are flat. One cargo of 8,000 tons was discharged at the Head of the
Lakes last week.
The weekly review of conditions in the market as given
by the "Coal Age" of New York on Dec. 13 shows that
weather conditions as well as the usual holiday spirit dominates the soft coal market. The summary follows in brief:
Production is in keeping with the general downward tendency toward the
end of each year; in both hard and soft coal fields there is a letting down in
demand. The Geological Survey summarized conditions last week by
noting that 21 districts out of 32 record a gain in time lost because of lack
of demand; and 24 districts are operating with losses of 40% or more of full
1,260.809 331.851
822 1,593,482 1,891,857
72.764
Jan
28
time capacity due to poor market.
88.324
Feb
1.395.835 348,571
616 1,745,022 2,071.772
24
The downward tendency of the market is reflected in "Coal Age" index
104,247
795 2.370.751 2,814.667
27
hi arch._ 1,918,570 451,386
as of Dec. 10. which stands at 180 as compared with 181 for the previous
116.090
A rd._ 1.997.465 445,939 1,109 2,444,513 2.902,240
25
119,215
week, with an average price of $2 18, a drop of 1 cent and a new low mark
2.214.774 494.893 1,474 2,711,141 3,218,794
27
May
120.299
June.._ _ 2.143.708 487,851 2,918 2,634.477 3,127.775
26
for the present year. Increases in Standard, eastern and western Ken118.112
25
July ____ 2,020.572 464.047 2,485 2.487.104 2,952,806
tucky,
Hocking and Kanawha districts were overcome by decreases In
97.380
27
Aug -- 1.807.310 404.379 2,893 2,214,582 2,629.256
southern Illinois. Mt. Olive, Springfield, Clinton, Pocahontas. Cambria
Beet __. 1.911.147 460.127 2,505 2,373,779 2,818,261
26
108.395
131,164
2.352.207 518,010 2,198 2.872,415 3,410,265
28
and Somerset coals.
Oct
131,935
26
Nov ____ 2.360,9113 525,945 2,449 2.889,297 3.430,309
There was a drop in demand in all domestic sizes of southern Illinois coal
132,017
2.241,104 536.214 2,572 2,779.890 3.300.416
25
Dee
and with the exception of screenings the market in the central and western
parts of the country was lifeless. In most parts of Ohio the smokeless mar..',....0
ot aos ins A 459 211 22 MR 29 115 453 24 555 £15 210
111.511
ket was draggy and dull, the greatest activity begin noted in slack. Retail
1923,
JANUARY,
PRODUCTION
OF
STEEL
INGOTS,
MONTHLY
dealers are stocked up and householders do not want to add to their winter
TO NOVEMBER. 1923.
supply. Steam coals move slowly and with Lake shipments almost ended
Reported for 1923 b7 00MDaMee which made 95.35% of the Steel Ingot production it is expected that demand for everything except slack will show a more
in 1922.1
pronounced falling off. Pittsburgh is in poor shape as far as demand goes.
while operators in central Pennsylvania assert that they see a slight betterApPrortCalculated
ment. There is no improvement noted along the Atlantic seaboard.
Monthly Monthly No. el mats daily
In the East there is moderate interest in the market after Jan. 1. Conproduction production working production
Open- BesSerner. AU
Months
all
sumers are inquiring for contract prices covering the first quarter of 1924.
days.
Other. companies
all
hearth.
1923.
companies,
reporting. companies
but some operators are inclined to hold back for the open market. It is
arose tons, reported that
bunker prices covering the entire 12 months had been quoted
at
$6 25 to $6 50.
141,569
27
2,906,892 728,270 9.467 3,644.629 3,822,369
Jan
143.946
Easier
24
3.294.264
3,454,918
conditions
are evident in the anthracite market. There is less
10,797
669,903
2.613,564
Feb
149,883
27
March__ 3,046,309 799,525 12.841 3,858.675 4,0441,854
urgency and with less hard coal going Westward for Lake shipment, quota157.776
25
2,974,579 772.485 13.933 3,760.997 3,944.412
April
tions for Independent product are slightly lower than they were a week ago.
155,400
27
3,136.558 847.418 16.719 4.000.695 4,195,800
May
France again led all other countries as buyer of coal from Baltimore
144.188
26
2,821.239 737,845 15.483 3,574.567 3,748,890
June
140,570
3,350,829
25
3.514,241
during
November. recovering the lead attained during August and Septem2,658,449 680.8414 11,496
Ally
136,214
27
Aug
2,796,370 701,059 9,326 3,506.755 3.677.771
ber. During November thirteen vessels leaving Baltimore carried 62,389
132.647
25
3.161,964
3,316,166
8,602
613.709
Bent_._ 2,539.653
tons of bunker and cargo coals, and one ship took 4,050 tons of coke. In
131.406
27
2.724.371 649,452 9.163 3.382.986 3,547,966
Oct
October of this year ten ships took 51,753 tons of cargo and bunker coals!.
119,762
26
Nov.__ 2.343.368 616,335 9.309 2.969.012 3,113.804
and two ships carried 5.375 tons of coke. Dumpings at Hampton Roads
141,200
Ilrnnnthot 20 AM q112 7 518 RAE 131.135 38.506.373 40.383.191 286
for all accounts during the week ended Dec. 6 were 308.306 net tons, an
increase of 19,737 tons over the previous week.
Months
1922.
Openhealth.
Bessemer.
Locomotive Shipments Decreasing.
The Department of Commerce announces November shipments of railroad locomotives from the principal manufacturing plants, based on reports received from the individual
establishments. The following table compares the November 1923 figures with the previous month and with the corresponding month last year, as well as totals for the year to
date, compared with a year ago in number of locomotives:
Production of Coal Falls Because of Holiday
During the week ended Dec. 1 the production of bituminous coal declined to 8,923,000 net tons and of anthracite
to 1,748,000 net tons, both decreases being due to the
observance of Thanksgiving Day, according to the United
States Geological Survey. The report of the Survey dated
Dec.8 is appended:
2597
THE CHRONICLE
DEC.15 1923.]
Linters consumed during November 1923 amounted to 48.069 bales, comthe proAs a result of the general observance of Thanksgiving Day,
with 5.5.128 bales in November of last year; there were 95.851 bales on
pared
1.
Dec.
ended
week
the
In
tons
net
8,923,000
duction of soft coal dropped to
In consuming establishments on Nov. 30 1923. against 96.244 bales
hand
ago.
year
a
week
corresponding
the
In
output
the
than
leas
This was 14%
Nov. 30 1922; the number of bales in public storage and at compresses
Thanksgiving Day is not universally observed as a holiday, and ordi- on
however. on Nov. 30 amounted to 22.782. contrasted with 22,068 hales ou Nov. 30
narily counts as about a fourth of a normal day. This year,
the 1922. Linters consumed during the four months ended Nov. 30 last
it appears to have counted only as 6% of a day. On this assumption
amounted to 43,669 bales, compared with 242.078 bales in the same period
tons.
1.763.000
was
day
per
working
production
average
Production recovered during the first three days of the present week of 1922.
(Dec. 3-8) but did not reach the level of the most recent full-time week.
It seems probable therefore that the total for the week will not exceed Anthracite Coal Shipments to Tidewater Smaller in
10,000,000 tons.
November.
Estimated United States Production of Bituminous Coal(in Net Tons) Including
Coal Coked.
of anthracite coal for the month of Nov.
shipments
The
1922
1923
Week. Cal. Yr. to Date. 1923, as reported to the Anthracite Bureau of Information
Week. Cal. Yr. to Date.
343.950.000
11,215.000
487.730.000
9.717,000
tons. This
Nov. 17
1,263.000 at Philadelphia, Pa., amounted to 5,828,754
1,869.000
1.795,000
1,767,000
Daily average
355,050,000
11.100.000
497.890,000
10,160,000
24_a
the Movement of the preceding month
from
Nov.
decrease
large
a
is
.
1.850.000.
1,792,000
1,69. .000
Daily average
10,387,000 365,437,000 although the average daily shipment for the time the collieries
8.923,000 506.813.000
Dec.1b
1,289,000
1,982,000
1,792,000
1,763,000
Daily average
were in operation during the month of November exceeded
a Revised since last report. b Subject to revision.
that for the month of October. The decrease in the total
506,813,000
was
1923
of
days
working
283
first
the
during
Production
net tons. During the corresponding period of the six preceding years it shipments following from the holidays observed during
was as follows (in not tons):
November. In Nov. 1922 6,420,102 tons were shipped; in
Years of Depression.
Years of Activity.
431,705.000 the same month in 1921 5,314,014 tons and in 1920 5,765,509.786.000 1919
1917
•
385.692.000
540,196,000 1921
1918
365,437,000 347 tons. The shipments by originating carriers were as
516,907.000 1922
1920
It will be seen that the production of soft coal in 1923 is far ahead of the follows:
1920.
1921.
1922.
1923.
Novemberyears of depression and In round numbers is 3,000.000 tons behind 1917.
1.238.994
1,017.409
1.224.990
10,000,000 tons behind 1920, and 33,000,000 tons behind the record year, Philadelphia & Reading_ 1,038.340
1,002.329
913.737
1,109,449
1,006,983
Lehigh Valley
453.139
1918. Compared with the average for the six preceding years, 1923 Is Central RR.of N.J
512.613
583.835
493,915
792,157
814.131
896,182
937.222
48,000,000 tons anead.
Del Lackawanna & W_
814.167
756.598
876.861
820.301
Delaware & Hudson
ANTHRACITE.
424.745
429.638
546,214
509.457
Pennsylvania
603.766
Production of anthracite during the week ended Dec. 1 declined to Erie
503.488
706.747
623.101
175.074
136,945
161.660
153,075
1,748.000 net tons. This decrease was due principally to the observance N.Y.Ontario & Western
260,976
229,455
314,164
England..
246,360
was
Dec.
also
1
on
New
payday
of
&
Lehigh
of Thanksgiving Day, but the occurrence
responsible for losses in productioh. Shipments on th'e four normal days
5.765.347
5.314.014
6.420.102
5.828,754
Total
were at the rate of 2,150,000 tons per week. Production during the corresponding week of 1922 totaled 1,852.000 tons. .
Loadings on the first throe days of the present week were not as heavy
Flour Production Increasing-Statistics Showing
as in recent weeks and it is anticipated that the total output for the week
Wheat Ground and Wheat-Milling Prodwill not reach the 2-million ton mark.
ucts in October 1923.
Estimated United States Production of Anthracite in Net Tons.
1922
1923
in all recent months has been steadily
production
Flour,
Date.
to
Yr.
Cal.
Week.
Yr.
to
Cal.
Date.
Week.
42,653.000
2,230,000
84.356,000
1,725,000
Nov. 17
The Department f f Commerce gave out the Oc44,866,000 Increasing.
2,213,000
86.456,000
2,100,000
Nov. 24
1,852,000 46,718,000 tober statement on Dec. 10. The figures for September are
88,204,000
1,748,000
Dec. 1
BEEHIVE COKE.
The occurrence of Thanksgiving Day was reflected by a decline in the
production of beehive coke. The total output in the week ended Dec. 1
is estimated at 244.000 net tons, a decrease of 13,000 tons from the revised
figure for the preceding week. In the corresponding week of 1922 tne output was 298,000 tons. Production in the Connellsville region, according
to the Connellsville "Courier," decreased from 184,050 to 174.170 tons.
Estimated Production of Beehive Coke (Net Tons)
1922
1923
Week Ended-to
to
Dec. 2
Dec. 1 Nor. 24
Dote.
Date.
1922
1923.6
1923.a
5.248.000
13.658.000
232.000
204.000
Pennsylvania and Ohlo1913,000
470,000
978.000
26.000
15,000
12,000
West Virginia
1,015.000
485.000
21,000
19.000
Ala.Ky.,Tenn.and Ga. 16.000
310,000
687.000
10.000
9.000
10,000
Virginia,,
204.000
347.000
6,000 6,000 6,000
Colo. and New Mex
183,000
251,000
3,000
4.000
Washington and Utah- 4,000
United States total__244,000
257.000 298,000
16.936,000 6.900,000
59,000
50.000
24.000
43,000
41,000
Daily average
a Subject to revision. b Revised from last report.
The cumulative production of beehive coke during 1923 to Dec. 2 stood
at 16.936.000 not tons. Figures for similar periods in earlier years are as
follows:
5,049.000
18.279.000 1921
1919
6,900,000
19.567.000 1922
1920
of
beehive
coke
production, 1923
Thus it is seen that from the viewpoint
Is 145% ahead of 1922, 235% ahead of 1921, 14% behind 1920, and 7%
behind 1919.
revised to include reports received since the preliminary
bulletin for that month was issued. These returns include
only mills which are now manufacturing at the rate of 5,000
or more barrels of flour annually. For October 946 companies reported 1,056 mills and these same mills produced
83.4% of the total wheat flour reported at the biennial census of manufactures, 1921. The 1,069 mills reporting for
September produced 84.8% of the flour reported In 1921.
The wheat ground averaged 277.6 pounds per barrel of flour
in October, 276.4 pounds in September. 274.9 pounds in August, 275.8 pounds in July, 275.6 pounds In June and 274.6
pounds in May. The offal reportel i mounted to 17.9 pounds
per bushel of wheat in October, 17.7 pounds in September,
July and June and 17.5 pounds In August and May.
WHEAT GROUND AND WHEAT-MILLING PRODUCTS, BY MONTHS.
Daily
(24 Hr.)
Capacity
in Wheat
Wheal
Flour
Grain Offa'
(Poundal. (Barrels..
Production.
Month.
May
June
July
August _
Seotem.mr
October
Whea
Mills
Ground
Reporting
(Bushels).
(No.).
1,081
1,080
1,054
1,068
1.069
1.056
Wheat
Flour
(Barrels).
36,210.276 7,911,852
30,942.592 6.735.493
35,871.115 7,805.106
44.178.688 9,641.745
44,969.038 9.759.968
50.715,701 10,963,576
635.329.571
549.483.608
633.324,409
772.774.477
796.325,380
90a.324.504
683.649
661.396
650.248
653.047
655.362
653,656
Per Cent
of Total
CapacUy
Operated.
44.5
89.2
48.0
64.7
62.1
62.1
Census Report on Cotton Consamed and on Hand, also
Active Spindles, and Exports and Imports.
Under date of Dec. 14 1923 the Census Board issued its COMPARATIVE STATEMENT FOR 1,017 IDENTICAL MILLS WHICH
REPORTED EACH MONTH.'
regular preliminary report showing cotton consumed, cotton
and
and
spindles
imports
of
exports
cotton
active
on hand,
Daily
P. C.
Average Average
Production.
P finds Pounds (24- Hr.) of Total
cotton for the month of November 1922 and 1923 and the
Wheat of Wheal 01 0110.1 Capacity cupeday
Wheat
Wheat
in Wheat Oyerper
four months ending with November. Cotton consumed
Grain
Per
Flour
Ground
Month.
ataL
Flour
Biltirel
Barrel
Offal
(Bushels). (Barre(*)
amounted to 531,631 bales of lint and 48,069 of linters,
(Ms.). (Pounds). of Flour. of Wheat. (Bills.).
compared with 579,190 bales of lint and 55,128 of linters in
645.541
48.2
17.6
35.784.141 7,786.731 631,510.811 275.7
54.9
17.5
645.651
November last year, and 541,825 of lint and 57,128 of linters July
43.883.324 9,567,684 767.393.894 275.1
August
62.2
17.7
645.296
276.5
787,062.557
9.637,111
44.403,928
September
In October this year, the Bureau announced. The statistics
• These mills produced 84.3% of the total wheat tha r reputed is 1921.
of cotton in this report are given in running bales, counting
foreign
except
bales, which are in
round as half bales,
Annual Meeting of Group VI of the New York State
equivalent 500-lb. bales.
Bankers Association.
The amount of cotton consumed In cotton-growing States was 358,718
bales in November, compared with 357.181 bales in October and 304.331
of Group VI of the New York
meeting
annual
the
At
bales in November 1922.
The amount of cotton on hand in consuming establishments on Nov. 30 State Bankers Association held at the Hotel Commodore
was 1,431.813 bales, compared with 1,102,583 bales on Oct.31 and 1.724.488
this city on Dec. 7, a resolution was adopted commending
bales on Nov.30 1922.
Mellon's tax reduction proposals and upholding
public
in
Secretary
hand
storage
and
at compresses
The quantity of cotton on
OD Nov. 30 1923 was 3,770,542 bales, contrasted with 3.485,839 bales on President Coolidge in his opposition to the soldier bonus.
Oct. 31 last and 4,197.955 on Nov. 30 1922.
B. Vincent, Vice-President and Treasurer of the County
The number of active spindles on Nov. 30 last was 34.101,458. con- H.
Trust Co. of White Plains, was elected President of the
trasted with 34.378.662 on Oct. 31 and 34,658,096 on Nov. 30 1922.
The exports of domestic cotton in November. Including linters, amounted Association for the coming year. Other officers, elected
to 770.002 bales, compared with 781,722 bales in October last and 858;337 were George S.. Edie, Vice-President of the Westchester
bales In October a year ago.
Exports of cotton to Germany in November were 111,124 running bales. Trust Co. of Yonkers, Vice-President,. and J.M. Bromley,
against 152,529 bales in October 1023 and 129.974 bales in November 1922, Seeretary and Treasurer of the Mount Vernon Trust Co., of
The imports of toreign cotton in November were 16.564 bales, compared
Mount Vernon, Secretary-Treasurer.
with 7.615 bales In October lest and 49,554 bales in November 1922.
2598
THE CHRONICLE
[VOL. 117.
Current Events and Discussions
The Week with the Federal Reserve Banks.
Demand deposits (net) snow a reduction of $34,000.000 for the New
York
district and $9,000,000 for the San Francisco district, while increases
Increases in all classes of earning assets, amounting to $13,000,000
of
for the St. Louis district, $12,000,000 for the Phildaelphia dis$15,700,000 in discounted bills, $31,000,000 in acceptances trict and $11,000.000 for the Chicago district are shown. Government
purchased in open market and $5,000,000 in United States deposits and time deposits of all reporting banks show reductions of $7,000.and $4,000,000. respectively.
Government securities, together with increases of $14,200,000 000
Reserve balances of all reporting members decreased $2,000,000 and cash
in Federal Reserve note circulation and of $36,200,000 in in vault increased $9,000,000. Member banks in New York City
snow a
deposit liabilities, are shown in the Federal Reserve Board's reduction of $16,000,000 in reserve balances and of $2.000.000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
weekly consolidated statement of condition of the Federal declined
from $508,000,000 to $473,000,000. The New York City memReserve banks at close of business on Dec. 12 1923, and bers report but a nominal reduction in borrowings from
the local Reserve
which deals with the results for the twelve Federal Reserve bank.
On
a
subsequent
page—that is, on page 2631—we give
banks combined. Cash reserves show a reduction of $4,000,000, and the reserve ratio declined from 76.4 to 75.3%. the figures in full contained in this latest weekly return of the
After noting these facts, the Federal Reserve Board pro- member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items of
ceeds as follows:
The three Eastern and the Cleveland and Richmond banks report larger assets and liabilities as compared with a week and a year ago:
holdings of bills discounted, New York showing an increase of $19,400,000.
Boston an increase of $12,400.000 and Cleveland and Philadelphia increases
of $9,900,000 and $6.600,000. respectively. The Federal Reserve Bank
of Chicago reports net liquidation of $10,900,000 in bills discounted, Atlanta
reports a reduction of $9.400.000, Kansas City a reduction of $5,100,000,
St. Louis a reduction of $4,700,000, while the three remaining banks show
a total reduction of $3,700.000. Paper secured by United States Government obligations increased by $4,200,000. aggregating $363.300,000 at
the end of tne week. Of this amount $246.000,000 was secured by Liberty
and other United States bonds. $101,400,000 by Treasury notes and $15.800,000 by certificates of indebtedness.
Increases in Federal Reserve note circulation, amounting to $11,900,000,
$5,100,000 and $3.300,000, respectively, are reported by the Cleveland.
Philadelphia and San Francisco banks, and a combined increase of $2,500,000 by Richmond, Atlanta, Minneapolis and Kansas City. A decline of
$4,900,000 is shown for tne New York Bank and of $3,700,000 for the four
remaining banks.
Gold reserves decreased by $2,500,000 during the week. The Federal
Reserve Bank of Cleveland reports a decline of $11,200,000. Boston a decline of $9,200.000 and San Francisco a decline of $6,700,000, while Chicago
shows an increase of $14,400,000. Atlanta an increase of $9,700,000 and
St. Louis an increase of $4,500,000. Reserves other than gold declined
by $1,500,000 during the week and non-reserve cash by $1,800,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely, pages 2630 and 2631. A summary of changes in the principal assets and liabilities of the
Reserve Banks, as compared with a week and a year ago,
follows:
Increase (-I-) or Decrease (—)
Since
Dec. 5 1923. Dec. 13 1922.
Total reserves
—$4,000,000 +$8,800,000
Gold reserves
—2,500,000 +54,400,000
Total earning assets
+51,600.000 —41.900,000
Discounted bills, total
+15,700,000 +102,200.000
Secured by U. S. Government obligations_ +4,200.000 +18,500.000
Other bills discounted
+11,500,000 +83.700.000
Purchased bills
+31,000,000 +66,800,000
United States securities, total
+5.000,000 —210,900,000
Bonds and notes
+6,800,000 —92,800,000
U.S. certificates ofindebtedness
—1.800,000 —118,100,000
Total deposits
+36,200.000 +110,600,000
Members' reserve deposits
+39,500.000 +105,800,000
Government deposits
+3.500,000
—3,400,000
Other deposits
+1,300,000
+100,000
Federal Reserve notes in circulation
+14,200,000 —112,400,000
The Week with the Member Banks of the Federal
Reserve System.
An aggregate increase of $23,000,000 in loans and discounts, as against a reduction of $35,000,000 in accommodation at the Federal Reserve banks, is shown in the Federal
Reserve Board's weekly consolidated statement of condition
on Dec. 5 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 secured by corporate stocks and bonds increased
$29,000,000, while loans secured by United States Government obligations declined by $1,000,000, and all other,
largely commercial, loans and discounts declined by $5,000,000.
Loans and discounts of the New York City members
increased $17,000,000, loans on corporate securities increased
increased
,000,000, and all other, largely commercial,
loans and discounts by $10,000,000, while loans against
Government securities show a nominal reduction. Further
comment regarding the changes shown by these member
banks is as follows:
Investments of all reporting banks in United States Government securities
show a reduction of $1,000,000 and investments in other bonds, stocks and
securities a reduction of $5,000,000. The above net changes in investment
holdings correspond with those snown for member banks in New York
City, increases and decreases reported by banks outside of New York practically offsetting each other.
Increase (±) or Decrease(—)
Since
Nov. 28 1923. Dec. 6 1922.
Loans and discounts, total
+$23.000.000 +$680,000.000
Secured by U. S. Government obligations_ —1,000,000 —83,000,000
Secured by stocks and bonds
—29.000,000
+57,000.000
All other
—5,000,000 +706,000.000
Investments. total
—6,000,000 —81.000.000
U. S. bond.
+2.000.000 —133.000.000
U. S. Treasury rptes
—3,000,000 +150,000,000
U. S. certificates of indebtedness
—26,000,000
Other bonds, stocks and securities
—5.000.000 —72,000,000
Reserve balances with F. R. banks
—2.000,000
—8,000,000
Cash in vault
+9.000.000
—3,000,000
Government deposits
—7.000,000 —121,000,000
Net demand deposits
+5.000.000
+96,000,000
Time deposits
—4,000,000 +350,000,000
Total accommodation at F. R. banks
—35,000,000
+23,000,000
Creation of Economic Foundation.
At a meeting held at the Bankers Club, at 120 Brodaway,
this city, on Dec. 12, the Economic Foundation was established, the purpose of which, it is announced, is "to meet a
growing demand for impartial determinations of those facts
which bear upon economic, social and industrial problems."
At the meeting the following were elected: trustees of the
Economic Foundation:
Thomas W. Lamont, of J. P. Morgan & Co.
John P. Frey, of the American Federation of Labor.
Owen D. Young, Chairman of the Board of the General Electric Co.
James Byrne, former President of the New York City Bar Association.
Professor E. R. A. Seligman. of Columbia University.
Professor George Frederick Warren, of Cornell University.
Nicholas Kelly. of Larkin, Rathbone & Perry.
An announcement regarding the newly organized Economic
Foundation says:
It is the direct outgrowth of the work which the National Bureau
of
Economic Research has been doing so successfully during the last
three
years in its studies of the national income, and of business
cycles and
unemployment, and provides for the first time a properly organized
agency
through which funds may be applied in permanent trust to such
purposes.
It is not expected that the Foundation will itself undertake specific
tigations, although it is empowered to do so. It will operated invesby supporting the National Bureau of Economic Research.
The most significant features of the deed of trust under which the Foundation will operate are the provisions which maintain a balanced representation of economic viewpoints on the Board of Trustees and guard against
the dangers which arise in self-perpetuating bodies. The latter result is
secured through arrangements under which vacancies on the Board of Trustees are filled by nominations made by the more important American
universities.
Wednesday's meeting was followed by a luncheon at which
the guests were the trustees of the Economic Foundation
and Dr. F. H. Keppel, President of the Carnegie Corporation, and Dr. Beardsley Ruml, director of the Laura Spellman Rockefeller Memorial. The hosts were the following
members of the Executive Committee of the National
Bureau of Economic Research: M. C. Rorty, President of
the Bureau; Edwin F. Gay, President of the New York
"Evening Post"; Walter R. Ingalls, President of the Metal
Statistics Association; H. W. Laidler, director of the League
for Industrial Democracy, and J. E. Sterrett of Price,
Waterhouse & Co. Mr. Rorty in explaining the purpose
of the Economic Foundation, is reported in the New York
"Tribune" as saying:
I wish to emphasize that the purpose of the Economic Foundation
is
not to provide economic curealls, nor to Indulge In propaganda,
not to
attempt to make the world over in a day, but simply and
solely to bring
together a group of impartial and scientific minded men
who shall be
charged with the duty of seeing that the funds of the Foundation
are applied
year after year through the National Bureau or otherwise if circumstances
require, in bringing the searchlight of scientifically
determined facts to
bear upon our social, economic and industrial problems.
I have in the last few months seen a war in the making. I have talked
with the statesmen, the journalists and the bankers and industrial leaders
of the two countries involved, and on both sides they have said: "We have
nothing to quarrel about. We have not the slightest real cause for con-
THE CHRONICLE
DEc.15 1923.]
2599
e This total includes $19,979,454 of notes in process of redemption. $155,949,940
threats of war
deposited
troversy. Why, then, should there be rumors of war and
of gold deposited for redemption of Federal Reserve notes. $13.990,954
possible
only
the
out
searched
are
facts
the
for redemption of national bank notes, $14,410 deposited for retirement of addiand talk of war?" And when
companies, tional circulation (Act of May 30 1908),and $6,602,936 deposited as a reserve against
armament
two
of
activities
the
in
lie
to
appears
conflict
cause for
aroused war-like feel- postal savings deposits.
of
who very successfully, for their own purposes, have
/ Includes money held by the Cuban agencies of the Federal Reserve banks
Boston and Atlanta.
ing in the two countries.
Stressed.
Facts
Need for
it is the funcI am not, of course, suggesting, in citing this incident, that
to pro- Secretary of Treasury Mellon Advises Senator Borah on
tion either of the National Bureau or of the Economic Foundation
simply quoting it to
•
mote world peace through their investigations. I am
Status of French Debt to United States.
Indicate the need for real facts everywhere.
for
Idaho
of
Borah
Senator
from
to
secure
request
been
has
a
to
In response
In the organization of the Foundation the great aim
Provision is made for
the present status of the debt of
concerning
n
a continuing impartiality in the board of trustees.
informatio
economic
expanding the membership of the board of trustees to include other
nt, Secretary Mellon
expansion, the France to the United States Governme
interests than those now represented, but, regardless of such
view- under date of Dec.8 states that the total adiPances to France
economic
of
on
requirement for a balanced and impartial representati
points is a permanent one.
were $2,997,477,800, of which $64,212,568 was repaid,
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and Agents. The figures this time
are for Dec. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults) was $4,923,157,751, as against $4,616,508,059 at the
corresponding date of the previous year, but comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European war, that is, on July 1 1914, the total was
only $3,402,115,427. The following is the statement:
Ynn t ,11 ;
• :'• • 4 z
x!4!4 5R
g
?4 P)gargaga.
IRW.E
......
..,-... ,i, .
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-
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-...
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•;... .1 1.4 Co3 ,
t T.7:;:t.'w -colo -o -m:f.
17; 2.1:1 8 218 1;
88-r.;
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350
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itng«
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"
g
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4ow5550,
!:,.
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2 . ? t4 NI
GI
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ii
itil..°1
tsUEF1
-
8Z.18g24 gi.18.2
i
t
MONEY OUTSIDE OF THE TREASURY.
g.
•-•.-4 -.-0.
7.
!,:chn
• 4 11
I
..."
gxg,sk,
1
3
-co
SZEZWA.
MONEY HELD IN THE TREASURY.
0
^.
'F,!TgVil
.0
b 0a
g g
03
0
*-4
0
.
:,:,
00
!a..
r48V6
a .
t4In tl
4
'
.
- 14n-4.. .
01-1. .14..
-4 t
t2252-1 '''2 '
r4.
.
4,
Amt. Held in
Trust Against
Gold and Siker
Certificates (0t
T`reas'y Notes
011890).
Ann
Eltgg't
10
g.
fl
I.:
.
0a
e0 ,0 08
...,...
Taal.
A0,0 AOA
itIn't
8,836,908,196
4o,,
8,794,881,012,d3,940,598,470
8,482,254,5511d3,677,365,574
8,326,338,2671 d2,406,801,772
5,312,109,272!d2.942,998,527
3,738,288.S7lidl,843,452,323
.. ..
- 14
-.o, b 00
2
K
CJ
I
111111
awl
leaving obligations now held $2,933,265,232. Total interest
on the obligations was $779,621,605, of which $129,570,376
was paid, leaving $650,051,229 unpaid Nov. 15 1923. Interest, as it came due, has been paid by France on sales to her
of surplus war materials, in the amount of $407,341,146.
Secretary Mellon gives an account of the negotiations with
Jean V. Parmentier last year looking to the refunding of the
debt, and to M. Parraentier's return to France "for a full
discussion with his Government of the situation as it had
developed." Secretary Mellon indicates that no proposals
or representations have been received since M. Parmentier's
departure, and he says that "the Commission has at the
present time no program or plan pending other than the
above." Senator Borah's request for information was
made in the following letter:
Dec. 1 1923.
Commission,
Hon. Andrew W. Mellon, Chairman World War Foreign Debt
Washington, D. C.
Chairman of the World
My Dear Mr. Mellon -I am addressing you as
soliciting information
War Foreign Debt Commission with a view of
touching the present status of the French debt.
of the present status
convenient
as
soon
as
I should like to be advised
due, including principal
of the French debt, giving the total amount now
the French debt since
and interest; the amount which has been paid upon
toward the adjustment
Nov. 18 1918; what stops have been taken looking
French Govermnent
the
proposal
if
or settlement of the debt; what, any,
whether or not the debt
has made relative to the settlement of this debt;
conditions upon
commission is advised at this time as to the terms and
the debt or how it
which the French Government is Willing to adjust
payof
adjustment,
way
in
the
proposes to ultimately deal with it, either
the Commission has anyment or non-payment. And, finally, whether
of a program or plan pending
thing in view at the present time in the way
of the debt. What
with the French Government for the settlement
of the French Government
assurance has the Commission of the intention
to adjust same?
like to know as fully as practicable and as soon
ID other words. I should
to this debt.
as convenient, the exact situation with reference
Very respectfully,
WM. E. BORAH.
Secretary Mellon's reply follows:
WORLD WAR FOREIGN DEBT COMMISSION.
Washington, Dec.8 1923.
which
My Dear Senator Borah -1 received your letter of the let inst., in
of the Governyou make inquiry concerning the present status of the debt
to
ment of France to the Government of the United States, and am glad
comply with your request.
GovernThe amount of the debt due by the Government of France to the
as follows:
ment of the United States, under two different categories, is
under
1-Total advances to the Government of France
$2,997,477,800 CO
authority of the Liberty Loan Acta
64,212.568 04
Less amounts repaid (see statement below)
2,933,265,231 96
Principal amount of obligations now held
604 80
779,621
advances
Total interest on obligations evidencing above
129.570,376 13
Payments made on account of interest
650,051,228 67
Accrued and unpaid interest as of Nov. 15 1923
their
2-Obligations of tho Government of France, by
Secretary
terms payable in 1929-1930, received from the
oi War on account of sales of surplus was materials
407341.145 01
under the Act of July. 1918
Interest has been paid as it came due upon these obligations.
05 64
$3,990.657,6
Total
No. 1, above,
Upon the obligations evidencing advances under category
04, were made
the payments on account of principal, viz., $64,212,568
as follows:
$3,384,000 00
Item 1, Jan. 8 1919
3,598.00000
Item 2, Mar.14 1919
588,00000
Item 3, Mar.31 1919
4,577,000 00
Item 4, Aug. 11 1919
17,246,490 00
Item 5, June 21 1920
6.002.08228
Item 6, Aug. 19 1920
13,300 275,29
Item 7, Aug. 26 1920
26
15,265.504
Item 8. Mar.30 1921
111.37804
Item 9. Sept.14 1922
139.8.38 19
Item 10, Feb. 23 1923
$64.212,568 04
Total
Items 1 to 8 in the above schedule of payments constitute in reality the
more fully, in
this
P .O
result of final adjustments of accounts. To explain
certain instances where a credit had been established or an advance had
and the total
9°
' ftWAR
4.PrP.
:
been made to the Government of France for some purpose,
of the credit
amount of the credit advance was not required, the balance
§
H§§§§
was withdrawn or the unused portion of the advance was repaid and credited
a Includes United States paper currency in circulation in foreign countries and the in part as a payment on account of principal.
amount held by the Cuban agencies of the Federal Reserve banks.
Items 6 and 7 are commented upon in the report of the Secretary of the
b Does not Include gold bullion or foreign coin outside of vaults of the TreasurY. Treasury for the fiscal year 1920. Item 8 is commented upon in the report
Federal Reserve banks, and Federal Reserve agents.
of the Secretary of the Treasury for the fiscal year 1921, pages 37 and 38.
c These amounts are not included In the total, Ednce the money held In trust against
Items 9 and 10 represent the claims of the French Government against
gold and silver certificates and Treasury notes of 1890 Is included under gold coin
the United States Railroad Administration. The checks for these amounts
and bullion and standard silver dollars. respectively.
time the claims were liquidated were
d The amount of money held in trust against gold and silver certificates and Treas- due to the French Government at the
should be deducted from this total before combining it with total endorsed over to the Treasury and credited as a payment on account of
ury notes of 1890
at
to
the
Treasury
arrive
stock
of
money in the United States
money outside of the
principal of the obligations of the French Government.
ki38:12..
gq
•
17. .
g
s
a .
.
2600
THE CHRONICLE
At a meeting ot the World War Foreign Debt Commission on April 19
1922 the following resolution was passed:
"Resolved. That the Secretary of State be requested to inform each of the
Governments whose obligations, arising out of the World War, are held
by the United States, including obligations held by the United States Grain
Corporation, the War Department, the Navy Department or the American
Relief Administration, of the organization of the World War Foreign Debt
Commission pursuant to the Act of Congress approved Feb. 9 1922, and
that the Commission desires to receive any proposals or representation
which the said Government may wish to make for the settlement or refunding
of its obligations under the provisions of the Act."
[VoL. 117.
Great Britain to Pay United States $92,000,000 on
War Debt To-day—Payment by Finland.
The following appeared in the "Wall Street Journal"
of yesterday (Dec. 14):
A payment of $92,000,000 on her $4,600,000,000 war debt to the United
States will be made by Great Britain on Dec. 15, the Treasury Department
announced. Of this amount $23,000,000 is principal and $69,000,000
interest. This is Great Britain's second semi-annual payment of interest
In accordance with this resolution the Secretary of State instructed the and her first on principal. It is understood
that this payment will be
diplomatic representatives of this Government at the Capital of France to made in United States bonds.
communicate to the French Government the text of the resolution and of
Finland's first installment on her $9,000,000 debt falls due on that
the Act creating the World War Foreign Debt Commission.
date also. She will pay into the Treasury $180,000, of which $135,000
"The French Government in July 1922 sent a special mission to the is interest and $45,000 is principal. On Feb.. 1 next, France will pay
United States. Regarding the negotiations with this mission I quote the this Government $10,000,000 account her debt of $400,000.000 owed
following from the report of the World War Foreign Debt Commission for surplus war material purchased.
for 1922 as follows:
"In July 1922 the French Government sent a special mission, headed by
M. Jean V. Parmentier. Director of the Movement of Funds of the French
Treasury, to the United States to discuss with the Commission the French Bank Moratorium Decreed by State of Chihuahua,
debt to this Government. M.Parmentier. upon his arrival, placed in the
Mexico.
hands of the Commission certain data relating to the financial and economic
situation of France. He explained to the Commission the position of his
According
to
the
"Wall
Street Journal" of yesterday
Government in respect to the funding of its debt to the United States,
stating that he had been designated by the French Government to afford (Dec. 14) the State of Chihuahua, Mexico, has decreed
the Commission complete information as to the financial condition of his
Government, but that the latter did not consider it possible at the present a bank moratorium to Feb. 13 1924.
time to enter into any definite arrangements for a funding or settlement
of its debt. He further stated that it was his Government's desire to postpone for an indefinite period consideration of this matter, until the financial
Japanese Budget.
situation of France should become more clear, particularly as to reparation
receipts from Germany. The Commission's position on the subject was
The Japanese Financial Commission in this city announced
explained to M.Parmentier, and especially its desire that a funding of the
French debt should take place in the near future. On Aug. 17 1922, M. on Dec. 11 that according to the cable message from the
Parmentier informed the Chairman of the Commission that he had been
keeping his Government informed of the progress made in the negotiations Japanese Minister of Finance, Junnoske Inouye, the budget
and that he had received a cable instructing him to return for a full discussion
With his Government of the situation as it had developed. The Chairman for restoration purposes which is to be submitted to the
replied that in his view it could only be beneficial if M.Parmentier should extraordinary session of the Diet
(Dec. 10-Dee. 20) is as
in person discuss with his Government the negotiations which had taken
place between him and the Commission. M.Parmentier returned to France follows:
shortly after this conference."
Yen.
22,931.000
I also quote the following from the report ot the World War Foreign Debt Restoration Board
Restoration Works
448,570,000
Commission for 1923 (see page 27, report of the Secretary of the Treasury, Loan to Restoration Works of municipalities
15,325,402
Subsidy to the same
1923).
89,225.917
"An account of certain preliminary discussions held in July 1922 with Subsidy to interest payment by municipalities of their restoration loans
M. Jean Parmentier, Director of the Movement of Funds of the French
21,694,730
Treasury and representative appointed by the Government of France to
Total
597,747,049
negotiate with the Commission, appears in the previous report of the Commission on page 26 of the annual report of the Secretary of the Treasury for
The total expenditure will be met by loan flotation, and
the fiscal year ended June 30 1922. M.Parmentier returned to France in
August 1922 for a full discussion with his Government of the situation as it is to be spent within six fiscal years, including the
present
had developed here. No proposals or representations have been received
one, as shown by the following figures:
since his departure."
Fiscal Year—
Amount.
Fiscal Year—
Amount.
The World War Foreign Debt Commission has no further information 1923
14,695,395 1927
98,153,800
than that set forth in the above quotations.
1924
148,786,079 1928
70,951.810
148,769,357
You further ask whether the Commission has an3thing in view at the 1925
116,394,608
Total
597,747,049
present time in the way of a program or plan pending with the French 1926
The financial condition of the Government shows still a
Government for the settlement of the debt.
In reply I would say that the Commission has at the present time no considerable
surplus after the heavy expenditure for relief
program or plan pending other than as above indicated. It is. however,
the intention of the Commission to continue its efforts in every practicable work, &c.
Fiscal
Year—
Surplus.
manner to procure the funding of the debt.
1922 (ending March 311923)
657,655,813
Answering your inquiry as to what assurance the Commission has of the 1923 ending March 31 1924)
349,802,405 estimate
intention of the French Government to adjust the debt, I have to say that 1924 ending March 31 1925)
120,688,174
"
such assurance is furnished by the conditions and stipulations upon the part
of the French Government contained in the obligations evidencing the
Russia Exporting Wheat to Great Britain.
debt and the statements of M. Parmentier quoted above.
I trust that I have covered the information which you desire.
The New York "Journal of Commerce" reported on Dec.
Sincerely yours.
lithe following special cablegram from its London bureau:
A. W. MELLON. Chairman ofthe Commission.
A cargo of 7,500 tons of grain has been received at Hull from a Russian
port, constituting the first shipment of this commodity received there
since prior to the war.
It is understood that other shipments are to follow, the Russians having
Return From Europe of J. P. Morgan—Comments of asked
that future shipments be paid for in credits for locomotives and agriG. F. Baker Following His Return From Abroad.
cultural implements, which are urgently needed in the grain-growing territories of Russia.
J. P. Morgan, who went abroad on July 28 last, returned
on the White Star Line steamer Majestic, which arrived on
German Miners Agree to Longer Day.
Dec. 10. At the time Mr. Morgan left for Europe, George
A Dortmund (Germany) cablegram to the daily papers
F. Baker of the First National Bank of New York sailed on Dec. 11 said:
the same steamer. Mr. Baker returned on Nov. 21 on the
The German miners have agreed to work eight hours underground or
steamer Majestic. In indicating that Mr. Morgan declined nine hours on the surface beginning Saturday next. An extra hour's wages
to be interviewed with his return, the "Wall Street Journal" will be paid.
of Dec. 11 said:
German Exchanges to Reopen in January.
Told that George F. Baker had made an optimistic statement when he
A special radio to the New York "Journal of Commerce"
returned from Europe, Mr. Morgan replied: "Mr. Baker said enough for
both of us. No one can question his opinion, and since you have his you from Frankfort-on-the-Main Dec. 11 said:
don't need mine.
"Mr. Stettinius did not return with me because he has not finished his
work abroad. But he will return shortly."
It is announced that beginning with the new year the German stock
and commodity exchanges will be open daily for business except on Saturdays.
We also quote from the same paper, of Nov. 21, the followNew Currency No Help to Workers—Payment of
ing regarding Mr. Baker's observations:
German Salaries in Rentenmarks Has Not
"I think we will have continued prosperity well into the summer of the
Improved Their Position.
corning year," said George F. Baker, chairman of the First National Bank.
returning on the White Star liner Majestic from a pleasure trip of several
cablegram
as follows (copyright) from Berlin Dec. 9
A
months abroad.
"I didn't pay much attention to European affairs but times seem to be appeared in the New York "Times":
getting better over there. and I think they will work themselves out all right.
"I am strongly in favor of Secretary Mellon's plan of a tax revision. A
reduction of taxes would give the people an incentive to make more money
and the government would collect more. If you give 58% of what you
make to the government, there will be very little left for you, but with the
revision there will be more incentive to work. Better business will also
result from this revision of taxes. I haven't studied the question of tax
revision carefully, but I certainly think that high surtaxes should be discontinued. I think everyone, both rich and poor alike, should share taxes
and help pay government expenses, because the government needs the
money.
"I am not in favor of the bonus, and I don't believe that thinking soldiers
are either."
Asked regarding the recent activity in Congress about foreign debt
collections, Mr. Baker said:
"We can't collect any debts out of Europe until she has recovered and
we must give her time to recover. It would be like trying to get blood out
of a turnip and it is ridiculous to think ofsuch a thing."
The position of German officials has not been improved by payment of
their salaries in the new rentenmarks, because the Government bases these
salaries on the theory that the rentenmark is a full gold mark. But as a
matter of fact its actual buying power is not more than that of a pre-war
pfennig.
Industrial "real wages," or wages measured in gold values, also are still
falling. In October the real wage in the iron industry was only 48% of
the pre-war rate, as against 80.28%,in August.
Half of Rhine Bank Goes to Germans—Allies and
Neutrals to Subscribe the Other 50% of Capital.
The New York "Evening Post" printed the following
from Brussels, Dec. 6:
The negotiations for the creation of a Rhineland Bank have reached the
point of completion according to a report to the Government by the banker
Ph lippson, delegate for the Belgian group.
DEC.15 1923.]
THE CHRONICLE
The Germans will subscribe 50% of the capital: the Franco-Belgians and
later the British, if they decide to adhere, 40%, and the Dutch and Swiss
the remainder.
The French and Belgian Governments will not participate in the operation
of the bank, which will be purely private.
2601
Experts in finance said that while it might be useful for France to know
how much German capital was actually being hoarded abroad and to discuss with the German Government at a later date feasible methods of preventing such escapes in the future, there was no practicable way that they
could see of compelling private individuals to bring back to Germany any
capital they may have invested in other countries.
No announcement was made with respect to the American experts. The
expectation is that there will be one such expert invited by the Reparations
Commission to serve on each committee. It was intimated in a thoroughly
trustworthy official quarter to-night that one of the American experts may
be General Charles G. Dawes, the first Director of the Budget of the
United States.
General Dawes was a visitor at the White House to-day and saw the President. He also called on Secretary of War Weeks.
An official stated that General Dawes was certainly not without qualifications, and pointed out that, while he had the reputation of being strongly
pro-French, he is at the present time directing a movement for obtaining
contributions for German relief. General Dawes served on the administrative staff of the A. E. F. in 1917, was Chairman of the General Purchasing Board and General Purchasing Agent of the A. E. F. Later be
was a member of the Allied Purchasing Board as well as a member of the
Allied Liquidation Commission.
When the American Government started its budget system, General
Dawes was appointed Director of the Budget. putting that important departure in American Government finance into effective operation at a time
when it was an untried experiment. General Dawes's achievements as
Director of the American Budget, it was suggested, would fully qualify
him for service on the proposed reparations expert committee to balance
the German budget.
J. P. Morgan Also Mentioned.
The name of J. P. Morgan was most prominently mentioned to-day as
the selection for one of the expert committees. No intimation, however.
that Mr. Morgan may receive such an invitation was given by high officials.
It is learned officially that this Government does not regard the President's decision as marking a departure in any sense from the essentials of
the original Hughes proposal for an expert inquiry into German capacity
to pay and for the formulation of a plan of settlement. Officials explained
that the expert committee which was to consider means of "balancing the
budget of Germany and the measures to be taken to stabilize her currency"
could not possibly undertake that task without going into the whole question of Germany's financial capacity and without considering every aspect
of the situation, including the question of a moratorium and an outside loan
to Germany as part of the plan of settlement.
Therefore at both the White House and the State Department the most
optimistic views are entertained as to the probability of something constructive being accomplished under this plan.
United States Willing to Co-operate in Allies' Inquiry
Into Germany's Financial Situation.
Important among the developments of the week has been
the announcement that the United States has signified its
willingness to participate in the double inquiry proposed by
the Allied Reparations Commission into Germany's financial
situation. A statement issued at the White House on Dec. 11
says "this Government believes that the proposed inquiry
will be of great value and in view of its direct interest as a
creditor, and of the importance of the economic recuperation of Europe, it would view with favor the acceptance by
American experts of such an invitation." President Coolidge in his statement indicated that th proposal that the
United States participate in the inquiry had been presented
before the Reparations Commission by the French delegate
and President of the Commission, and that both the British
and German Governments had made known their desire
that co-operation on the part of the United States be given
through American experts. The present week's developments are an outgrowth of the decision on Nov. 30 of the
Reparations Commission to name a committee of experts to
study Germany's capacity to pay. In referring to this, in
our issue of Dec. 1, page 2391, we gave a detailed account of
previous proposals for an economic conference to be participated in by all the European allies chiefly concerned in
German reparations, in which the United States had been
asked to take part, but which had failed of realization
through the inability of France and the United States to
reconcile their views on the suggested conference. In reOn Dec. 13 the correspondence between Colonel Logan
porting the conclusions of the Reparations Commission on
Louis Barthou, head of the Reparations Commission,
and
Nov. 30 the New York "Tribune" in a copyright cablegram
which resulted in the decision of the United States to lend its
from Paris said:
With an almost startling show of friendship France and England agreed assistance in the proposed inquiry, was made public. The
to-day, in an important sitting of the Reparations Commission,to appoint following is President Barthou's letter to Col. Logan:
two expert committees to consider balancing Germany's budget and staParis, Dec. 5 1923.
bilizing its currency and to investigate the amount of exported Reich capital My Dear Mr. Logan:—
Monsieur de la Croix
and map ways of bringing it back to Germany.
colleague,
with
conversation
our
a
had
just
I have
Italy and Belgium joined in the decision, making the vote unanimous.
[Belgian member], upon the observations which you have exchanged.
expert
an
with
Despite Washington's decision to have nothing to do
In order to give you more definite information and to clear up the points
survey into Germany's capacity to pay, Colonel Logan, American observer which might leave doubts in your mind, we desire to furnish you with
to the Commission, was asked to communicate immediately with the State more precise details.
Department in the hope that the United States would appoint a represenThe First Committee of Experts will endeavor to find: (a) the means
tative on both committees.
of balancing the budget; (b) the measures to be taken to stabilize the
to-night
Commission
headquarters
Reparations
at
out
that
pointed
It was
currency. Concerning the stabilization of the currency the experts would
one of the main objections of Secretary Hughes to participation in the sur- be invited first of all to determine the conditions to be realized in order
vey had been ruled out, since England, France and their colleagues were that a currency could be stabilized and then the measures to be progressively
now in complete accord.
taken so as to realize all of these conditions.
As the stabilization of the currency necessitates budget equilibrium.
The White House statement of the 11th inst., making
expert would similarly be invited to study in detail the receipts and
known the fact that the United States favored co-operation the
the expenditures of the Reich as well as of the different States.
by this country in the proposed inquiry said:
The Reparations Commission would ask the experts to give it in al)
This Government has been informed that the Reparations Commission is sincerity their professional opinion on the questions submitted to them.
considering the establishment of two export committees, one to consider
M. do la Croix and I hope that it may lead your Government to acthe means of balancing the budget of Germany and the measures to be taken quiesce in the acceptance of invitations by American experts to particito stabilize her currency, the other to take up the question of the capital pate in the labors of the committees. Furthermore, if you accept this
which has been removed from Germany.
suggestion I am quite prepared to submit it to the Reparations Commission.
The inquiry of the first committee would comprehend all the conditions
Accept, &c.,
be
to
measures
to
taken
accomplish
the
the results desired.
LOUIS BARTHOU.
to be realized and
Governments'
the
of
members
representatives
of
the
the
All
commission
The reply of Col. Logan follows:
have expressed the desire to have American experts on the two committees.
Paris, Dec. 12 1923.
It is understood that the Government of the United States is not in a
My Dear M. Barthou —I have not failed to inform my Government et
position to be represented on these committees and that the invitation to
in the OCODOMie
interested
by
5.
Dec.
directly
extended
be
My
the
will
deeply
is
experts
of
letter
Government
Reparations Commis- your
the American
recuperation of Europe and is gratified to learn of the proposal for the estabsion.
This Government believes that the proposed inquiry will be of great value lishment by the Reparation Commission of two committees of experts
and in view of its direct interest as a creditor, and of the importance of the for the purpose stated. My Government notes the statement in your letter
economic recuperation of Europe, it would view with favor the acceptance that the First Committee of Experts will endeavor to find (a) the means or
balancing the budget of Germany and (b) the measures to be taken to staby American experts of such an invitation.
The immediate proposal before the Reparations Commission has been bilize its currency, and that to this end the experts will be invited to determade by the French delegate and the President of the Commission and has mine the conditions to be realized in order that a currency can be stabilised
the support, it is understood, of all the allied Governments. The British and the measures to be progressively taken so as to realize all of these conGovernment has informed this Government of its desire that American ditions and also that they will be invited to study in detail the receipts and
experts should participate in the inquiry.
expenditures of the Reich, as well as of the different States.
The German Government has also brought the matter to the attention
It has been made clear in our interviews that the Government of the
of this Government, stating that it would be much appreciated if an Ameri- United States is not in a position to be represented on these committees,.
of
work
the
in
the
participate
to
were
expert
first
can
committee as above but my Government believes that the proposed inquiries will be of great
proposed, as it is believed that in this way important progress could be made value and it views with favor the acceptance by American experts of intoward the solution of the problems underlying economic recovery.
vitations to participate in the work of the committees.
is hoped that through these committees practicable and just solutions
Referring to the Government's announcement, the New ofIt
the pending problems may be found.
York "Times" in a Washington dispatch, Dec. 11, said in
Accept, &c..
(Signed) JAMES A. LOGAN.
part:
See Constructive Start Made.
the same time the following letter to Secretary of
At
The fact that the American experts will act in a wholly unofficial capacity
State Hughes from the German Ambassador at Washington,
is not expected in any way to lessen the value of their service, nor to detract
from the outstanding fact, in the opinion of high officials of the Adminis- Dr. Wiedfeldt, was made public:
tration, that a constructive start has at last been made toward settlement of
German Embassy, Washington, D. C.. Dec. 7. 1923.
the reparations question, which has so direct a bearing on the whole Euro- The Honorable, The Secretary of State, Washington, D. C.:—
and
important
so
and
situation
financial
indirect
an
influence on the
Mr. Secretary of State:—Under instructions received from my Government
pean
economic and financial interests of this Government.
I have the honor to inform your Excellency as follows:
The work of the second committee, which will examine the question of the
The Reparations Commission having decided to appoint two comescape of German capital into foreign countries, is regarded as of much less missions, of which one is to examine German capital abroad and the other
pointed
is
It
first.
out,
the
of
that
however, that this the financial situation and currency conditions of Germany, the German
importance than
question has been one of the utmost interest to the French people, and this Government is of the opinion that through the proceedings of the latter
Government is perfectly willing that it should be investigated.
commission important progress could be made towards the solution cif
2602
THE CHRONICLE
[VOL. 117.
the problems underlying economic recovery. My Government holds the Commission, of the willingness of this Government that priority should
the view that this aim can only be achieved if the United States co-operates be extended for such a loan.
In said commission.
Assent of the United States to the food loan project is necessary since this
It would therefore be much appreciated by my Government, if the Government has rights of priority in connection with reimbursement for
Government of the United States were to agree to the participation of army and occupations costs.
an American expert in said commission.
German representatives are expected to ask the Reparations Commission
Accept, Mr. Secretary of State, the renewed assurances of my highest for authority to float a loan of approximately $70,000,000 and it is believed
consideration.
that about half of that amount will be offered to American investors.
(Signed) DR. OTTO WIEDPELDT.
Information here which has had Cabinet consideration during the last few
In a Paris cablegram (copyright) Dec. 13 the New York weeks, is that fats are particularly needed in Germany, although there also
Is great demand for grain. It has been assumed that means would be found
"Times" said:
by the German authorities to seek relief through importation of American
The Reparation Commission will in all probability ask Charles G. Dawes pork and grain supplies.
and Owen D. Young, Chairman of the board of directors of the General
The letter of Secretary Hoover to Representative Fish,
Electric Company,to serve as the American experts on the committee which
are to investigate Germany's fiscal troubles and the flight of German cap- dealing with the German food
situation, follows:
ital. Since the work of the first committee is divided into two parts,
DEPARTMENT OF COMMERCE.
namely, budget and currency, there may be a third American expert,
whose name Is not yet divulged. There is mention of Mortimer Schiff,
Office of the Secretary, Washington, Dec. 8 1923.
Hon. Hamilton Fish, Jr. Member Committee of Foreign Affairs, House of
the New York banker,and Willis H.Booth.
The Reparation Commission decided at a meeting to-day that the comRepresentatives, Washington, D. C.
mittees should begin work about Jan. 10. The French will have three
My dear Mr. Congressman: In accordance with your request of Dec. 1,
delegates—M. Parmentier, formerly of the Ministry of Finance; Laurent I send you herewith a report on the German food situation, made by our
Atthalin. Director of the Banque de Paris et des Pays-Bas, and M. Lan- staff in Germany. This report is necessarily objective as any discussion of
dowski, Director of the Comptoir National d'Escompte. M. Sergent was causes lies, of course, outside of this Department. In short, the situation is
asked to serve, but refused on the ground that he was unduly hampered this:
when a member of the Morgan committee of last year.
Germany is confronted with three major difficulties in her food supply.
A rather hopeful light Is cast upon the prospects of the fiscal tutelage of First, the breakdown in currency has caused a breakdown in the distribution
Germany hoped for' by the British through the declarations yesterday by of the last harvest, inasmuch as the farmers will not accept the practically
the German Chancellor in Berlin that he planned to turn to the League of worthless paper money. Second, German merchants are unable to finance
Nations. It is presumed here that the foreign help will be analogous to the full annual margin of imports necessary to make the usual deficit in dothat given to Austria and now being worked out for Hungary.
mestic production because diminished exports reduce the available supply of
The following is from Associated Press advices from Paris foreign exchange, which is also to some extent being hoarded abroad because
of economic chaos at home. Third, the widespread unemployment, as a result
yesterday (Dec. 14):
of which millions of the workers in the urban and thickly manufacturing
Premier Poincare interrupted the usual Friday interpellations in the areas are unable to purchase sufficient food
even if it were in the markets.
Chamber of Deputies this afternoon, again upheld the Interallied ReparaThe normal processes of distribution from farm to town are breaking down
tion Commission as alone empowered to determine Germany's ability to and shops are gradually closing.
The agricultural population is amply suppay and what terms she should have.
plied with food, and to a less extent the smaller town in agricultural disIn reaffirming his Ruhr-Rhineland and reparation policies, M. Poincare tricts, which are able to barter with
the farmers. The better to do people of
said he could not agree to the British proposal for an intrnational investi- the large cities and the more
expensive hotels and restaurants are also supgating committee for this reason, and that he favored the expert committees plied. Thus the whole burden
of economic failure lies upon the working
being formed now because they were Reparation Commission bodies.
population, the old and disabled and the professional groups in the larger
The Socialist leader, Blum, during an interpellation, termed Poincare, cities and manufacturing districts, comprising
about 20,000,000 people.
"a greater overthrower of Cabinets than Clemenceau." "But," he said to
Germany must at all times import a certain amount of food. The margin
the Premier, "you operate outside. You caused the overthrow of Bonar of imports needed during the current harvest
year based upon last year's
Law, Lloyd George and Baldwin in England and Wirth.(Juno and Strese experience (assuming that domestic distribution
can be re-established) is
mann in Germany."
apparently about 60,000,000 bushels of bread grains, 700,000 tons of pork
M.Blum said President Coolidge's approval of private American partici- fats, dairy produce and vegetable oils and oil seeds.
pation in the expert committees to examine Germany's financial status
Unemployment has long been almost complete in the Ruhr and will be
"has been rather badly received in the United States, and even in the only gradually restored at best. Outside the Ruhr an
actual majority of the
President's own party." "I beg of you." turning to the Premier, "not to town workers are either unemployed or are employed part time
and unemdo for Mr. Coolidge what you have done for Mr.Baldwin and the others."
ployment is increasing. Suffering is already considerable and failure of ade• The invitations to the experts who are to sit on the two international quate measures will make a very grave situation indeed.
As is universal in
committees that are to examine Germany's financial troubles will probably food shortages, the burden falls most upon children, because
their essential
be sent out early next week. After Sir John Bradbury, British member food is dairy produce and fats is always the most largely
diminished.
of the Reparation Commission, has returned from London.
This situation is one of acute economic breakdown. Some imports will no
In reporting that an invitation to the United States doubt take place in the return for the diminishing exports, but further
Government to appoint members to the proposed committees measures will be necessary.
The most constructive solution
the creation of a foreign commercial
had been forwarded to Washington by Col. Logan an credit for food supplies, permissionisfor
which is now being sought by the
Associated Press cablegram from Paris, Dec. 1, added:
German Government. Such a credit operation would not only provide inThe fundamental reason for the anxiety to have American assistance, it creased imports, but through the domestic sale of these imports by the GovIs pointed out, is that any plan to restore the finances of the German Re- ernment it would give more substantial background to the new experimental
public must include the advance of a large sum, certainly *500,000,000 at currency and from such imports the unemployment doles and charitable pubthe minimum. This amount would be raised in the various money markets lic feeding could be conducted. Such a measure would, of course, be temof the world by public subscription and not be provided by the Allied Gov- porary, for the ultimate solution lies only in settlement of political relations,
ernments. The idea expressed is that if American finance were not repre- the re-establishment of currency and the rehabilitation of productive indussented on the committees the American investing public would not have try. This would require time in any event.
the same confidence in the conclusions reached.
Yours faithfully,
HERBERT HOOVER.
Acute German Food Situation—Secretary Hoover in
Letter to Representative Fish Says Food Credit
is Only Solution—$70,000,000 Sought.
In a letter to Representative Fish on the German food situation, in which the situation is describ-1 as "one of acute
economic breakdown," Herbert Hoover, Secretary of Commerce, states that "the normal processes of distribution
from farm to town are breaking down and shops are gradually closing." Secretary Hoover's letter to Representative
King Is based on a report from Commercial Attache Herring
at Berlin; it is pointed out that Germany is confronted
with three major difficulties in her food supply—the breakdown in currency has caused a breakdown in the distribution of the last harvest, German merchants are unable to
finance the full margin of imports and the existence of widespread unemployment. Imports of about 50,000,000 bushels
of bread grains, 700,000 tons of pork fats, dairy produce and
, vegetable oils, Secretary Hoover estimates are needed to
relieve the situation, and he says "the most c nstructive solution is the creation of a foreign commercial credit for food
supplies, which Is now being soughi y the German Government." The fact that the German Government was planning
to seek permission from the Allied Reparations Commissibn
to float a loan of approximately $70,000,000 for the purchase
of foodstuffs was made known in Washing'
- '- n press dispatches on Dec. 5. The Associated Press dvi_ .s from Washington on that day said:
German proposals that the Reparations Commission authorize the floating
of a loan by Germany to cover foodstuff purchases are assured of the moral
support of the United States.
The only connection of the Washington Government with the matter will
be, however, an expression through James A. Logan, American observer on
The report which Secretary Hoover transmitted with his
letter follows:
REPORT ON GERMAN FOOD SITUATION.
By C. E. Herring, U. S. Commercial Attache, Berlin, and Staff of the
Department of Commerce.
The difficulties in German food supply are threefold:
1. Inability of merchants or Government to finance the usual margin of
imports.
2. Breakdown of currency and consequently of distribution of domestic
supplies from the farms to the cities.
3. Widespread unemployment both in occupied and unoccupied Germany
and consequent inability of large masses of people to buy, even if supplies
existed.
Imports Required.
This summer's harvest gave a yield o fapproximately nine and one-half
million tons of bread grains, 30,000,000 tons of potatoes and 1,200,000 tons
of sugar. The harvest a year ago gave about 7,000,000 tons of bread grains,
41,000,000 tons of potatoes and 1,450,000 tons of sugar. The total food
values are therefore not far different in the two harvests as the increase of
bread grains is largely absorbed in the decrease of potatoes and sugar, although even this phase of the matter Is further complicated by the considerable use of potatoes for industrial purposes.
The supplies of meats, fats and dairy products in Germany are always less
than her national needs, and have been particularly so since the war, owing
to the constant shortage of imports of animal feed. During the year ending
Aug. 1 1922 imports of fats were approximately 700,000 tons, including pork
products, dairy products, vegetable oils, oil seeds, etc.
Taking last year as a basis, a rough approximation of the imports necessary (provided normal distribution could be re-established) would indicate
a minimum of at least 50,000,000 bushels of bread grains and the same quantity of fats and vegetable oils and seeds as last year, that is about 700,000
tons. The volume of necessary imports is likely, however, to be increased
by the factors arising out of the breakdown of internal distribution referred
to later.
Imports are still in progress by the exchange of diminishing exports, but
supplies from this source are further limited by the tendency of exporters to
hold their balances in stable currencies abroad, or to devote them to purchase of raw materials which can upon manufacture be re-exported. This
latter difficulty irises because to convert foreign currencies into German
currency is tc see them disappear in depreciation. Food merchants are unable to find foreign credits and the Government cannot, without the consent
DEC.15 1923.]
THE CHRONICLE
its own behalf of a
of the various Powers, establish commercial credits on
volume required to meet the situation.
Breakdown in Internal Distribution.
failure of
Normal distribution has practically broken down because of the of solvimmediate promise
the old currency. The new rentenmark gives no
his
production
deliver
ing the situation. It is difficult to induce a farmer to
be paid in stable
of grain, potatoes, milk, meat, etc., so long as he cannot
and other food
bakers
compel
to
currency. It is, of course, quite impossible
of its value
distributers to receive paper currency which may have lost much
from the wholebefore they can repurchase flour from the millers, potatoes
are comdealers
food
saler, and so on. One effect of currency collapse is that
themselves from the
pelled to demand very wide margins in order to protect
foodstuffs have
fluctuation in currency and in consequence retail prices of
difficulties are furgreatly risen and often exceed world price levels. These
of food shops, and
ther complicated by food riots in the cities, the plundering
the seizure of food in shipment.
down
Thus far Government intervention has prevented the general closing
Government has
of bakeries and other food shops and until very recently the
but as
also been able to compel food distributers to accept paper currency,
of shops
the currency confusion and general dislocation increases the number
Is decreasing.
The breakdown results in such regulations as those in the cities which prosugar, onevide for the maximum purchase at any one time of one pound of
even for
half pound of butter or margarin and two pounds of flour—and
in line behours
several
these small amounts it is often ecessary to stand
has
been
recently
Berlin
of
fore police guarded food shops. The population
receiving but 12% of the fresh milk supply of 1913; the proportion of
portion of
butter is not much greater and within the last two weeks a large
meat
the meat shops have been closed for lack of supplies. The per capita
month in
per
pounds
10
consumption in the cities had declined from about
1912 to a rate of 30 pounds per month before the recent final breakdown.
of the city
A further difficulty also arises from the fact that a large portion
but
populations usually purchase their potato supply before cold weather,
the curof
this year most of them have been unable to do so, partly because
salary
and
wage
the
of
rency breakdown and partly because a vast majority
year there
earners had no reserves and credit has long ceased to exist. Last
condiwas an orderly marketing of the potato crop and currency and credit
freezing
tions permitted adequate provisioning of the city population before
three
was
weather made further transport impossible. This year the harvest
food riots
or four weeks delayed on account of unfavorable weather, although
and threatened political disturbances caused premature digging of potatoes
has
In some localities. The lack of adequate credits and the currency chaos
thus far prevented the prompt shipment of normal potato supplies to the
normal
the
cities, while the inability to move more than a third or less of
supplies to occupied Germany, on account of transport paralysis and general
political and economic confusion, is the crux of the famine prospects in the
Ruhr. It is difficult to distribute potatoes in very cold weather owing to
the
the lack of insulated cars, and there is now little possibility of supplying
winter
Ruhr and Rhineland population with the two-thirds or more of the
Germany;
northern
and
potato supply they normally receive from middle
or other
hence this food deficit must be compensated by imported grain
foodstuffs.
has been to
The effect of the breakdown upon the agricultural classes
to increase the
stimulate farm consumption of human food by the tendency
etc., to animals
feeding of bread grains, potatoes, sugar beets, skim milk, contributed to
In spote of Government efforts to prevent it. This is partly
by the inability to import foreign cattle feed.
is to make necesThe ultimate effect of all the factors mentioned above
is rehabilitated
sary an increase in the volume of imports unless currency
and normal distribution re-established.
of the children of devastated France . For that food Germany paid 1,000,000,000 gold marks, a larger sum than she ever found it convenient to Pay
France for reparations.
There is another thing Frenchmen remember. Only recently the New
York "Times" revealed that Germany was purchasing cotton and copper in
the United States to an extent utterly irreconcilable with any outcry of poverty.
Thirdly, Germany this year is enjoying the best harvest she has had in
35 years. It is true that hundreds of thousands of men, women and children
are underfed, even starving; but just now and probably for many months to
come the problem to be faced, the French say, is not one of getting food, but
of getting stable money which will induce the farmers to part with food, or
of getting legislation such as Dr. von Bahr has tried to do in Bavaria, to
compel the farmers to release their stocks.
been
It is learned authoritatively to-night that no instructions so far have
the Reparations
sent from Washington to the American unofficial observer on
Commission to ask priority for an American food loan. Neither has Colonel
The GerLogan approached the Reparations Commission with such request.
at a
mans, however, have prepared a memorandum which they will present
suitable moment asking that such priority be given.
the GerIn this connection it is recalled that just one year ago this month
to make
man Government solemnly announced that it could not undertake
at least
needed
and
kind
or
many further reparations payments either in cash
has found
a three years' moratorium. Since then the German Government
to finance the
any times the amount of the proposed American food loan
useless ten months' resistance in the Ruhr.
which
The French, therefore, look with suspicion at the present request,
to them has the appearance of being designed only with the object of placing
What the
them in the position of appearing to be inhuman and indifferent.
on the un.
proposal amounts to seems to the French mind to be this: That
reparations
justified plea of humanity money which otherwise might go to
They argue
will go into the pockets of American food vendors and bankers.
the cost
over
times
many
that German citizens have holdings enough to pay
large
of all the food the German children may need. These holdings are in
part exploited German capital, which the Reparations Commission is appointing a committee to trace and bring back to Germany.
Senator Lenroot's Bill Appropriating $20,000,000 for
Relief of Germany.
of
$20,000,000 for the relief work in Gertion
appropria
An
many was proposed in a bill introduced by Senator Lenroot
(Republican), of Wisconsin, on Dec. 6. It is proposed that
the money be expended under the direction of the President
be
and through such agencies as he might direct. He would
relief
required to report to the Senate on distribution of the
before Dec. 31 1924.
Reduced Purchasing Power.
has been so
The purchasing power of millions of the industrial population
provide a miniaffected by the great unemployment that they can no longer
that on Nov.
mum ration for themselves and their families. It is estimated
unemployed in unoccupied
1 between two and three millions were totally
million were
three
whom
of
work,
Germany and seven million on part time
2 to 2 million in unoccupied ter/
on half time or less. This leaves about 11
ritory on full time. In the occupied area from 80 to 90% of organized labor
Is still totally or partly unemployed.
inThe Government doles for total or partial unemployment are entirely
adequate and the financial exhaustion of the German Government is so great
be continued.
that it is questionable how long even the present amounts can
in Berlin, a totally
Thus on Oct. 18, when serious bread riots were occurring
a maximum of
unemployed worker with a wife and two children received
in
1,800,000,000 marks per week. These millions of paper marks meant
of
bread, or two
2
/
pounds
101
of
equivalent
actual purchasing power the
A Berlin metal worker on
pounds of margarine, or 36 pounds of potatoes.
week as wages
half time, also with a wife and two children, received that
2
/
or the equivalent of 21
and Governmental allowance 4,800,000,000 marks,
for
each
daily
member of
margarine
2 of a pound of
1
pounds of bread and /
the family.
Groups Affected.
The result of all these forces is bringing acute privation to about 20,000,densely popu000 of the workers and professional groups in the cities and
lated manufacturing areas. The agricultural population, those in smaller
towns in the agricultural regions who can barter directly with the farmers,
the well-to-do and the more expensive restaurants in the cities are supplied
from domestic produce. The casual tourist is often misled as to the true
situation by the fact that meals can easily be secured at prices reasonable,
according to American standards, ignoring the fact that the cost of two
dinners on the tourist hotel circuit may easily represent more than the
weekly wage of a skilled workman.
The children in the poorer quarters are showing grave signs of distinct
under-nourishment and generally the situation is one of rapid degeneration
unless remedied.
A copyright cablegram to the New York "Times" from
Paris, Dec. 6, had the following ,to say regarding the proposed food credit:
Considerable opposition is to be expected from France and from other
Allied countries to any proposal that priority over reparations be given to
American or any other bankers for the
any loan granted to Germany now by
purchase cf foodstuffs.
if she does refuse, this request, which
refusing,
in
The position of France
by the German
may be made to-morrow to the Reparations Commission
delegation, is very delicate. The French feel that from all the friends of
Germany throughout the world and from sympathetic people an outcry will
starving German children to be fed.
come that France is refusing to allow
French attitude. Once before
But there is another angle to the probable
permission was granted to Germany to buy food in America and pay for it
of a single roof over the heads
before she began to pay for the construction
2603
German Gold in United States—Over $42,000,000,000
1923.
of It Received in Five Months, May-September
over.
from
declined
nk
Reichsba
the
of
holdings
gold
The
1,004,829,000 marks on March 1 of this year to 469,727,000
marks on Sept. 22, according to advices received by the Finance Division of the Department of Commerce. The latter,.
in announcing this under date of Dec. 8, adding:
either to meet
The decrease mainly represents amounts sold or pledged
At least 143,000,000
foreign obligations or to purchase foreign currency.
from Bermarks are reported to have been sold to New York and withdrawn
may have been
lin. This sum is equivalent to nearly $35,000,000. There
additional amounts sold to New York, but withdrawn from foreign deposits
The reflecof the Reichabank or else reported under some other heading.
imports of gold
tion of these transactions is doubtless visible in the reported
were
into the United States from Germany. Up to May 1 of this year there
no receipts reported, the amounts since then by months were as follows:
$4,711,873
August
$14,188,578
May
3,500,000
September
12,699,999
June
7,181,967
October
7,332,000
July
the Reich*.
During the five months, May to September, inclusive, in which
a total of
bank lost $35,000,000, the United States received from Germany
$42,432,450.
d Joint
Offering of Bonds of Pennsylvania-Marylan
Stock Land Bank Bonds.
An offering of $1,000,000 5% bonds of the PennsylvaniaanMaryland Joint Stock Land Bank of Harrisburg was
Philadel-:
and
York
New
of
Co.
&
Battles
by
7
Dec.
nounced
Tyson'
phia ; J. H. Holmes & Co., Pittsburgh, and Warren A.
and
& Co., Philadelphia. The bonds were offered at low4
.
thereafter
5%
and
1933
to
interest, to yield over 4.80%
They are dated July 1 1923, will mature July 1 1943, and are
redeemable at par and accrued interest on any interest date
on and after July 1 1933. The bonds are in coupon form in
denominations of $1,000. Principal and semi-annual interest
are payable Jan. 1 and July 1 at the office of the bank at
Harrisburg, Pa., or the Fourth Street National Bank, of
Philadelphia, Pa. The bonds are issued under the Federal
Farm Loan Act and are acceptable as security for postal
savings and other deposits of Government funds. They are
exempt from Federal, State, municipal and local taxation to
2% bonds. The bonds,
1
the same extent as the First Liberty 3/
are the direct obligations of the Pennsylvania-Maryland
Joint Stock Land Bank of Harrisburg, with a paid-in capital
and surplus of $300,000 and are secured by first mortgages
on farm property in the States of Pennsylvania and Maryland (or by United States Government bonds deposited temporarily). It is stated that while these first mortgages are
limited by law to 50% of the appraised value of the land and
2604
THE CHRONICLE
20% of improvements, the mortgages securing this issue of
bonds average but 31% of the appraised valuation made by
Government appraisers appointed by the Federal Farm Loan
Board. The organization of the Pennsylvania-Maryland
joint Stock Land Bank was referred to in these columns
Jan.20 1923, page 248.
[VoL. 117.
national banks is compulsory. The Comptroller believes
that the Federal Reserve System would be in a precarious
condition if it were dependent for its support largely upon
voluntary members, a large part of whom might withdraw
from the System at any time. So long as the national
banks are able to contribute over $21,000,000,000 of assets
to the support of the System as against $12,000,000,000 by
Offering of $2,000,000 Bonds of Sun-Maid Raisin State banks, the System is safe, but is it reasonable to assume
that this condition will always exist?
Growers' Association.
The Comptroller makes it clear that he does not advocate
New financing ,,f the Sun-Maid Raisin Growers' Association was announced Dec. :i by the First Securities CO., Los the development of one system of banks in the United
Angeles, and Angio-London-Paris Co., San Francisco, in of- States as opposed to the present dual system of State and
fering an issue of $2,500,000 first mortgage 7 serial gold national banks. He believes that it would be impossible
bonds of the association. The offering price of the bonds, to make a sound national banking law which would be
which mature serially from 1925 to 1935, is 99 and interest. adapted to the peculiar necessities of every individual community without making concessions to safety. He, thereThe announcement says:
fore, recognizes the desirability of the continued operation
The Sun-Maid Raisin Growers' Association is a Delaware corporation
all ot the common stock of which is owned by the Sun-Maid Raisin Growers of the State and national banks in the Federal Reserve
of California, a co-operative association. The Delaware corporation System but states that it is impossible for this to
continue
handles all of the purely commercial functions in connection with the
where there is inequality of privileges as between the two
handling of the raisin crop. It holds title to all of the real estate, plants
and equipment, prepares the raisins for market, and advertises and sells classes of banks. If one class has more privileges within the
the crop under policies determined by the co-operative association.
system than the other, the less favored class will eventually
The Delaware corporation deducts from the proceeds of the raisin crop
be absorbed by the other. He contends that the national
the entire costs of its operations, including the interest on its funded debt
and dividends on its preferred stock, and returns the net proceeds to the banks, at the present time, are operating at a disadvantage,
California co-operative association for distribution to its members. Thus and states that
if they are to continue to operate as the
It will be noted that the principal and interest of the bonds being offered
backbone of the Federal Reserve System, as they have in
to-day are a first charge upon the entire raisin
crop of the asociation
members and are paid before the growers receive the final returns from the past, it is inevitable that one of two things must be done;
their production.
either the privileges of the State banks within the System
The magnitude of this operation may be noted from the tact that the
must be curtailed, or the status of the national banks must
membership of the association includes approximately
16,500 growers
whose annual crop comprises approximately 85%
to 90% of the raisin be brought up to an equality with that of their associates in
production In the United States and about 65% of the crop of the entire the
system. In this effort he contends that legislation
world. Based on the estimate for the 1923 crop of 200,000 tons of raisins,
ene season's crop, figured at even the low rate of 5 cents per pound, shows protecting the national banks should be advocated by the
a valuation of $20,000.600.
following interests: First, by the national banks themselves;
The properties of the Sun-Maid Raisin Growers Association securing Second,
by the State banks, who for the good of the Federal
the new issue of bonds consist of real estate, buildings and equipment,
used in the preparation and marketing of the raisin crop, and having Reserve System and in order to prevent a curtailment of their
a now replacement value appraised at $6,476,985 and a depreciated value own privileges, should work for the
parity between the two
of 35,920.285.
classes; Third, by those primarily concerned with the
The new financing of the Sun-Maid Raisin Growers interests of the small communi les and
agricultural sections
Association follows closely another piece of financing of a to which the services of the Federal Reserve System
are now
cooperative fruit association, just completed under the carried almost exclusively by the national banks.
syndicate management of the First Securities Company.
The Comptroller is firmly of the opinion that there is no
This financing was for the "Sun-Kist" orange organization, divergence of interests
as between the national and State
being an issue of $4,000,000 first mortgage 634% bonds of banks, except in certain communitie
s on the general principle
the Fruit Growers Supply Company, which is owned and of branch banking.
He believes that the national banks
operated by the 23,000 members of the California Fruit are operating under extremely
heavy burdens due to inconGrowers Exchange.
sistencies between various amendments to the national
Bank Act, which have, from time to time, been incorporated
The Annual Report of the Comptroller of the Currency into it, and to inconsistencies with the Federal Reserve Act,
—Mr. Dawes Reiterates His View Regarding Branch
and that a general clarification and revision eliminating these
complications would be of infinite help to the national
Banking.
The annual report of Comptroller of the Currency Henry banks without in any way affecting the fundamental prinM. Dawes, for the year ended October 31 1923, was sub- ciples upon which the act is founded. The national banks,
mitted to the Congress yesterday. The Comptroller refers at the present time, are engaged in commercial banking,
to the appointment of a joint Congressional Committee to savings banking, and the exercise of trust powers, and these
consider the effects of the limited membership of State banks functions have not been scientifically coordinated under the
and trust companies in the Federal Reserve System in agri- present laws. To do this and to produce consistency becultural sections of the United States. He states that this tween various provisions of the act would offer radical relief
indicates a desire on the part of Congress to strengthen and without any radical departures from established principles.
The Comptroller believes that the principle of branch
increase the scope of the usefulness of the Federal Reserve
System by the acquisition of new members, and that the banking is fundamentally unsound under any conditions and
desire which prompted the appointment of this committee, is particularly opposed to the principles of American instituwould indicate that Congress would be interested in the pos- tions, and that if it is not curbed it will result in a fundasibility of increasing the membership in the System, by en- mental change in American banking and finance. He
couraging the organization of new national banks. Any states that the unlimited extension of branch banking will
movement which would have the effect of securing a number mean the eventual destruction of the Federal Reserve
of new State banks in the System at the expense of the dis- System. He calls attention to the gradual extension of
solution of national banks, would be contrary to the spirit branch banking in various forms in 17 States. He develops,
which was responsible for the appointment of this investi- at considerable length, the arguments against branch bankgating committee. He develops the fact that although there ing systems as applied to American institutions, stressing
are five times as many national banks in the System as there the following points:
are State banks, the assets of the national banks are approxBranch Banking Essentially Monopolistic.
He states that independent unit banking systems have
imately only $21,700,000,000 as compared with $12,000,not lasted for any
considerable period in countries where branch banking
is generally prac.000,000 for the State banks. The small banks in the ticed,
citing the instances of Canada, which, In 1845, had
41 independent
System are the national banks, and it is through them that banks, and has, at the present time, only about 14
banks,
about
the agricultural sections, which at the time of the appoint- 5.000 branches; and England, which, in 1842, had 429operating
banks, and in
1922 only 20 banks, with about 7,900 branches, and
of these 20 banks 5
ment of this committee, were particularly interesting Con- controlled practically all
of the banking of the nation. He states that
gress, are being served and have.been served.
branch banking is, in its essence, monopolistic,
and means centralized
The Comptroller expresses the hope that in the present private control as opposed to govermentally regulated coordination.
campaign for membership, the interests of the existing
Service of the Unit Banks.
The Comptroller dwells upon the record of the
members will not be sacrificed, nor the greater desirability
American system of unit
banks, and stresses the service rendered by them
for fortifying the system by protecting and encouraging the country.
in tho development of the
The distinctive accomplishment of the banking system
of the
national banks be lost sight of. The membership of the United States is its contribution to enterprise and its stimulation growth;
of
State banks is a voluntary membership, and one from which Its criterion is service. It is inconceivable that the representative of a nonresident board of directors should be granted the
authority and the disthey can at pleasure withdraw. The membership of the cretion
to make a type of loan which is based on character, knowledge
of
DEC.15 1923.]
f
THE CHRONICLE
2605
of dividends paid. $179.000.000. was the
realized by the community and $203,500,000. and the amount
the history of the national banklocal conditions, and ultimate benefits to be
banking institution maximum amount ever paid in any year in
branch
a
of'
agent
an
which
service
The
by the banks.
the amount paid in 1922.
that rendered by the local ing system, exceeding by $13.000,000
to
s
analogou
is
ty
communi
a
to
and surplus was
render
could
The percentage of net addition to profits, to capital
n are rigidly circums
railroad station agent, whose authority and discretio
with 7.79 June 30 1922, and the percentage of dividend
account
compared
no
8.48.
take
case,
the
of
nature
the
in
ago.
scribed by inflexible rules which,
to capital and surplus was 7.47, compared with 7.04 a year
tions.
considera
personal
of moral and
coercive measures have
Loans and Investments.
The Comptroller further develops the fact that
in the year
the unit banks in the
The loans and discounts of national banks show an increase
been practiced by branch banking systems against
of over 5%,or about $600,000.000, and investments in
1923
30
June
extension of branch banking.
ended
examination of a large
.000. The greater
He explains the difficulties of supervision and
bonds, Stc., an increase of over 11%. or nearly $507,000
in a measure to the
system of branch banks.
Percentage of increase in investments over loans is due
g
curtailin
Board
Reserve
also to the desire to
The resolution recently adopted by the Federal
greater increase in time than in demand deposits, and
Federal Reserve System is
investable resources not required to meet the current
of
use
the
by
further extension of branch banking within the
profit
, and is to the general
and other
quoted. This resolution has already been published
for loans. The banks' investments in Government
Reserve Board to refuse demand
ately 30%
effect that it shall be the policy of the Federal
bonds in September last exceeded $5,000.000,000. or approxim
estabbe
may
which
admission to the System of banks with any branches
their loans and discounts and investments combined.
establishment of additional of
lished after Feb. 1 1923, and not to permit the
The
Capital and Other Liabilities.
date.
that
after
System
the
of
branches 131 banks now members
the establishhas been no material change in the number of
however,
,
there
provision
tanding
this
from
Notwiths
excepts
Board
the
of
n
resolutio
the city in which banks, there was an increase of over 25;1 millions of dollars in paid-in
ment of branches or tellers' windows within the limits of
boundry lines touch capital and 26 millions in their surplus. Paid-in capital at the end of the
the parent bank is located or of municipalities whose
$1,068,000,000.
report year amounted to 51.332,000.000. and surplus
the boundry of such city at some point.
.000. was greater
accompanied it, the
The amount of circulating notes outstanding, $731.000
Referring to this resolution and the report which
year of over $4.the
in
increase
than in any year since 1915, and shows an
Comptroller says:
resolutions clearly 500.000.
"The report of the committee and the tenor of the
of national banks
ofthe importance
Compared with September. 1922, the total deposits
Indicate the full appreciation by the Federal Reserve Board
unit the 1st of Feb-- show an increase of over $441,000.000, and the increase in total assets,
of this action, and the provision delaying its operation
liabilities,
aggregate
in
subject.
the
legislation on
accompanied necessarily by a corresponding increase
ruary, 1924, affords an opportunity for definite
might be construed was 5786.000,000.
While failure on the part of Congress to act in the matter
national banks, the
the status of the
In connection with amounts written off by active
as a practical indorsement of the action of the Board,
of the board or of Comptroller calls attention to losses incident to failures, due not only to
resolution will be such that any change in the personnel
the
in
disturbed economic
in a change
injudicious banking, but to criminal violations oflaw and
the opinions of the present membership might result
nty is particularly dis- conditions, which, though very severe, have fortunately been confined to
basic policy outlined in the resolutions. Uncertai
in the interest comparatively narrow territorial limits, and states that although the
turbing in banking matters, and the Comptroller, speaking
as well, urgently number of national bank failures, receivers being in charge, was 52, the
of the national banks and of the Federal Reserve System
dispose finally of this aggregate capital of these associations was only $3.205,000. and approxihopes that Congress will exercise its authority to
be accorded the mate assets at date of failure $30,000,000. and the liabilities for which
question by definite action. Complete equity will not
Board were claims will be proved will be materially reduced by offsets and the liquidanational banks, however, if the resolutions only of the Reserve
greatly mitigated. tion of secured obligations. On the assumption that the ultimate loss is
to be enacted into law. Their handicaps would be very
passed, not to not greater than the average loss sustained by creditors of insolvent banks
but it would scarcely by logical, if such legislation were
status in the trans- the affairs of which have been settled, the Comptroller is of the opinion
confer by law upon the national banks the same legal
year should approxireserve
Federal
the
that the recovery from failures during the current
action of intra-city business that is permitted under
have the
mate at least 80% of the claims.
act to State member banks. If the State member banks are to
confines of the
privilege of maintaining and operating branches within the
Co-operation of the Department of Justice.
ities whose
municipality in which the parent bank is located and municipal
with directors and ofshould,in all
That the Department of Justice is co-operating
boundry lines coincide at some point, then the national banks
efforts to place national
in
rs,
superviso
official
with
and
banks,
ficers of
justice, be accorded the same privileges."
of those guilty of crimibanks on the highest possible plane by prosecution
the banks, is evidenced
Intro-City Banking a Local Question.
violations of the law governing the operation of
nal
Department during
intra-city
"In giving consideration to the question of branch banking,
the number of convictions-109—secured by that
by
is not logically
past year.
banking practices should be regarded as a local issue. It
the
offices
l
a part of the branch bank movement. The operation of additiona
Savings Depositors and Deposits in National Banks.
no elements of
by a bank within the limits of the city of the bank contains
banks June 30 1923 was
properly
banking,
Branch
The number of savings depositors in national
danger to the banking system of the country.
1,026,689. and the amount
a
operate
of
year
may
the
in
bank
increase
an
single
showing
a
.
which
9,901,777
speaking, is Statewide banking under
parent bank. In of savings deposits reported by 6,083 banks was $3,645,648,000. showing
number of branches anywhere outside of the city of the
banking facilities of a an increase in the year of $599,001.000. The average per cent rate of inthis alone is the danger of monopolistic control of
extinction of the unit banks terest, 3.73, compares with 3.71 June 30 1922.
community, anti it will ultimately result in the
Circulation.
in rural districts."
Redemption of National and Federal Reserve Bank
Branch Banking Legislation Necessary.
by the issues
with which bank circulation moves is indicated
rapidity
The
United
the
in
banking
of national bank circula"The question whether the extension of branch
e and redemptions. During the last year the issues
legislativ
the
of
hands
the
in
now
60, and
is
$29,766,9
stopped
of bonds, aggregated
States should be continued or
has gone as far as it tion on account of current deposits
or otherwise unfit for circulation.
branch of the Government. The executive branch
worn
of
notes
on
redempti
of
account
Neither
on
ent in banking.
legally can to control and regulate this now developm
5569.856.070. In this period there was
Reserve Board has the $540.089,110, hence total issues of
on Agency of the
the Comptroller of the Currency nor the Federal
for redemption to the National Bank Redempti
State
delivered
of
ment
encroach
the
from
banks
of $560,947.940.
power fully to protect the national
Department, national bank notes to the amount
States
Treasury
United
the
of
people
the
protect
to
nor
branch'banking systems,
ons exceeded 98% of the amount
financial resources It would therefore appear that the redempti
from the possibilities of monopolistic control over their
and over 75% of the average
more independent of notes issued to the banks during the year,
l statements of their
which at the present time are handled through 30,000 or
amount reported in circulation at date of the periodica
unit banks.
made by the national banks.
banking
condition
branch
full
the
accorded
ho
should
banks
"Either the national
be permitted
Banks Other Than National.
privileges of the State banks and extensive branch banking
banking should not
national, inin the Federal Reserve System or Statewide branch
resources of all reporting banks other than
combined
The
question
a
is
It
ground.
savings banks, loan
be permitted in the System. There is no middle
cluding State (commercial) banks, mutual and stock
all
or,
for
practical
banking
branch
14 .000
of
career
$32,523.
a
d
of either embarking upon
and trust companies and private banks, aggregate
purposes, curbing it.
of all banks,exclusive of Federal
resources
the
total
of
60%
or
1923,
30
June
e
and
reasonabl
that a fair
"The Comptroller of the Currency suggests
in total resources in the year was $2.803,the United States can be made Reserve banks. The increase
by 203.
solution of the question of branch banking in
although the number of reporting banks was reduced
788.000,
e
of
the
resosubstanc
the
of
law
into
t
by Congress through the enactmen
time
at
the
same
Board,
Reserve
Banks.
Federal
Reporting
the
All
by
and
National
lutions recently adopted
with the approval and under the
States, Alaska and
granting to national banks the power,
The resources of all reporting banks in the United
to establish and operate branch
exceeding by
general supervision of the Comptroller,
ns
30 1923 aggregated $54,034,911,000.
June
Possessio
Insular
but
ns,
definitely
l
restrictio
territoria
1922.
30
banks or branch offices under similar
June
the
amount
4,000
facilities by national banks in those locali- 53,609,54
forbidding the establishment of such
and trust companies."
Individual Deposits in All Banks.
ties where such privileges are forbidden to State banks
postal savings deIndividual deposits consisting of demand, time and
for the good of the Federal
Necessary
Banks
National
for
y
Increased Flexibilit
of $2,839,877,000. and amounted
1922
30
June
since
increase
an
show
Posits,
Reserve System.
Individual deposits subject to check
the Currency to make June 30 1923 to $40,034,195,000.
"Although it is incumbent upon the Comptroller of
in the year of 585.752.000; demand certificates an increase
reduction
a
show
ler
the
Comptrol
suggestions to Congress for legislation, and although
reported as savings to the amount of 815.is desirable in the in- of 551,188.000, while deposits
believes that modification of the natonal bank Act
129,288,000. show an increase of $1.891,881,000.
large,
the
and
at
country
System,
Reserve
Federal
the
terests of the banks,
on major
Cash in all Banks.
he has not at this time submitted any specific recommendations
He has
including the twelve
questions except in connection with the subject of branch banking.
On June 30 1923 the cash holdings of the banks,
of
the
until
issue
branch
that
belief
were $93.352.000
refrained from doing this because of the
Federal Reserve banks, amounted to $4,071,610,000, and
ly
nothing
effective
n
thorough
legislatio
by
cash held. $3,110.of
total
banking is finally disposed
the amount June 30 1922. Of the
of
excess
in
this
es held by the
can be accomplished by other legislation. If Congress should act upon
744,000, or 77.78%, represented gold and gold certificat
issue and should then desire the Comptroller of the Currency to submit Federal Reserve Board, in the gold settlement fund, and by Federal
then
he
bank
Act,
could
national
other than
recommendations for amendment of the
Reserve banks and agents, exclusive of $91,735,000 reserves
do so with a full knowledge of conditions. and could submitrecommendations gold, and $72,030,000 non-reserve cash also held by Federal Reserve
es."
and
authoriti
financial
banking
ntal,
governme
with
after consultation
banks.
Money in the United States.
On the subject of the abolition of the office of the Compof money in the United States June 30 1923. amountstock
total
nts
the
argume
the
Of
repeats
Dawes
Mr.
y,
Currenb
troller of the
and bullion:
ing to $8,603.703.000. approximately 50% was in gold coin
bank
so forcibly and convincingly put by him in the statement about 30% represented Federal Reserve notes and Federal Reserve
remainder, the largest items were national bank notes.
he presented to the Joint Congressional Committee early notes, and of the
4.46%
was
held
stock.
000. and silver. 5761,072.000. Of the
in October and which we reproduced in full in our issue of 5747.440.
in the Treasury, national and other reporting banks held 9.03%. Federal
in Treasury for account
Oct. 27, pages 1836 and 1837.
Reserve banks and agents, including amounts held
r was in general
of these banks and agents, 40.57%, and the remainde
Earnings of National Banks.
the fact that notwithstanding the circulation.
from
increased
The Comptroller calls attention to
has
$3.738,300.000
Since June 30 1914 the monetary stock
and depreciations during the past
writing off of some $160,000,000 losses
from 97,927.516 to 111.268,000: and the
national banks exceeded by about to $8,603,700,900; population.
year, the net addition to the profits of
o
52.
83
f
$35
n
circulatio
in
ir.ortey
year 1922, and amounted to per capita
$20,000,000 the addition to profits in the
2606
THE CHRONICLE
Banking Power of the United States.
The banking power of the United States June 30 1923 amounted to
$53,282,800.000, and shows an Increase over the amount a year ago of
$3,107,500,000. Of the total banking power, represented by the capital,
surplus and profits, deposits and circelation of all reporting banks.
including the twelve Federal Reserve banks, national banks contributed
818,084,500,000, banks other than national, including estimated figures
for non-reporting private banks, $30,180,200,000 and Federal
Reserve
banks, $5,018,100.000. The banking power of the United States
was
more than five times greater than the aggregate assets, converted at
the
rate of exchange June 30 1923, of 22 principal banks of issue
in foreign
countries.
[Vol.,. 117.
that much of this money would be invested in high-grade American securities or in bankers' acceptances.
In a further reference to the fact that foreign investors
were buying extensively of American securities, the New ,
York "Times" of the 6th inst. said in part:
The purchase of American securities by foreign investors has been
extensive tor eight months, according to bankers yesterday, who said that
the
amount might total a quarter of a billion dollars. The greater part of
this
buying has come from Holland, with buying through Switzerland ranking
probably second. This was accepted as indicating that most of the buying
was for the account of German interests, which, it was stated month
a
ago,
wore shifting a portion of their credit balances from Holland and EngSecretary of Commerce Hoover on Gold Flow to United
land to the United States.
States and Purchase of American Securities
One important foreign banking concern alone has placed since March of
last year, roundly $50,000,000 in orders for American securities. This
Abroad.
firm was probably the largest individual buyer or agent for foreign buyers
Heavy shipments of gold from Europe to the United States and in banking circles these orders
were described as "for the German
In recent weeks are attributed by Secretary of Commerce account."
In this connection, the point was made that Germany before the war had
Hoover to increased purchases of American securities by been
an important holder of American securities; since the war there has
foreigners. The Washington "Post" of Dec. 5, referring to been a gradual return to the American investment
field, a movement that
the views thus expressed by the Department of Commerce, was accelerated when the mark began its final toboggan. In addition,
there has been buying by investors of other European countries, notably
said:
the neutrals, including Holland, Scandinavia and Spain. British buying
has been relatively slight, the recent decline in sterling having, in fact,
As much as $24,000,000 a week now is coming into the United States
in
gold, and the movement is somewhat contrary to expectation of economists brought out a certain amount of selling for the British account—this
account,it was explained, being entirely independent of the British Governand bankers as expressed earlier in the year. American stocks of
gold ment
operations which have been extensive in United States Liberty bonds.
already are higher than any accumulation of the past.
In stating that Secretary Hoover had indicated that his
Selection of Securities.
An interesting fact In the so-called German buying has been the selection
Department was in possession of reports showing heavy abAmerican securities. Only the highest grade railroad bonds, a smaller
sorption of American securities in Europe, the New York of
proportion of high-grade public utility bonds and a smattering of Govern"Times" in a dispatch from Washington added:
ment and industrial bonds have been taken up. 'The railroad bonds, it
was said, included some of the low interest-bearing securities of the Union
These reports have come to the department from bankers and others in Pacific,
the Atchison Topeka & Santa Fe, the Southern Pacific and the
connection with an investigation the department has
been making into the Norfolk & Western. For these bonds there
is a ready market, making
increasing independence of invisible items in international trade, and which
their liquidation easy. These roads are known to foreign Investors from
show that the purchase of foreign securities in this country
on foreign order the pre-war days, another factor
that has contributed to their selection.
for companies, as well as individuals, has assumed large proportions.
The German and Dutch buying has also included, among other issues.
Secretary Hoover said that imports of gold into this country, which the
Department of Seine (France) bonds, United Kingdom of Great Britain
amounted to $220,521,965 for the nine months ended Oct. 1, bad been and
Belgian Government bonds—all bonds that have been listed on the
very heavy during the past few days. Another payment on the British
New York Stock Exchange and which are known as
dollar bonds, interest
war debt Is due on Dec. 15 and the Treasury
has been notified that it will being payable in dollars.
be made in Liberty bonds. The total amount duo from the British GovernBuying from other countries, notably Britain, has been of a somewhat
ment on Dec. 15 is $92,000,000, of which $69,000,000 is interest at the rate wider
variety, it is stated. The British investors have included in their
of 3%. and $23,000,000 will represent the first annual instalment of prinbuying lists a number of semi-speculative issues. This, it was
explained,
cipal on the funded war debt of $4,600,000,000.
was in keeping with the character of British investment
in the pre-war
While it is admitted that considerable gold has been sent here by the period when,
fifty years ago. British money contributed freely to the then •
British Government to buy Government bonds to meet the payment of
speculative ventures in railroading which later developed into systems like
interest and principal due eleven days hence on the war debt the statistical the Union
Pacific, Atchison and Pennsylvania.
data and reports in possession of the Secretary
of Commerce, it was stated
Bankers emphasized, however, that British buying has been in small
tonight in a responsible quarter, do not account for the fact that gold proportions
except for Government operations. One reason, it was sugImports continue to come to this country when
other factors indicate that gested, lay in a home Government tax. In Great Britain every share or
gold should be flowing from this country abroad,
heavy
if not held back by
bond purchased is subject to tax, the Government requiring a Government
Investments in American dollar securities by European customers.
stamp on such securities before they can be taken up by the purchaser.
This
tax ranges as high as 2%, or equivalent to $20 on a bond of $1,000.
Investors Trying Here.
There is every indication that foreign investors are trying
to get much of
Steadier Prices Here.
their money invested on an America gold basis,
where it would be safe
One result of foreign buying, which last month appeared to have reached
from exchange fluctuations. While there has
accumulabeen a considerable
the highest point for the year, with but little more than a nominal slackention of securities to take.care of the British
debt payments in this country, ing since, has been to steady security prices here. Bond houses and stock
notably the purchase of American Liberty
bonds, reports indicate that houses reported yesterday a noticeable firmness for
all high-grade securities
foreign buyers have been purchasing private
industrial securities as well as once they reached "bargain levels." When
these securities have at times
Government issues. It is also indicated by
the reports that payment of advanced in prices, the strength of this buying has
waned and sometimes
private American obligations is involved to
a considerable extent in the disappeared almost entirely until again
the price was right.
movement. Secretary Hoover said he was
unable to estimate with any
"The
conclusion reached by most dealers has been simply this: Europe
degree of accuracy the volume of foreign
buying of American securities, is ready to buy, but at bargain prices,"
one authority stated.
but that inquiries had been made of bankers
and other gold consignees and
Another
important result ofstrong foreign buying has been to strengthen
these had indicated rather extensive foreign
operations in American se- the market for new American securities.
In recent months there have been
curities.
brought out several large foreign Government issues paying interest in
Secretary Hoover explained that merchandise
shipments were almost terms of dollars. Many of these
issues have proved popular with foreign
balanced between exports and imports and that
the operation of the invisible Investors. As examples, It was
suggested that a large percentage of Dutch
items in international trade would naturally call
for the movement of gold East Indies, Swiss, Norwegian and
other bonds of that character found
from this country abroad were it not for the
apparent heavy purchase of their way back to Europe. There
has also been good foreign demand for
American dollar securities. Secretary Hoover
has been forced by Govern- Austrian Government bonds,
particularly with recent reports in circulation
ment reports and investigation to recognize
the increasing importance of as to Austria's economic recovery.
such invisible items in our international trade. The invisible balance is
The reason for this buying, bankers said, was obvious; foreign investors
made up partly of interest, remittances of immigrants
and tourist expendi- want securities paying interest in
a stable currency. As a consequence,
tures, and reports indicate that considerable sums
of mono, spent by dollar interest payments to persons living
in countries whose money standAmerican tourists abroad, for example, is being reinvested
by foreigners in ards are.crashing possess double value and the interest yield is only a secAmerican securities.
ondary
consideration
.
Even
at low yields on American bonds, dollar payTaking into consideration the invisible items there is an apparent current
ments in Germany, for example, would represent tremendous gain In terms
invisible debit against us of early $700,000,000, compared
with which the of paper marks. A s1,000 bond paying 840 a year, one banker said
by way
British gold shipments to the United States for purchases
of bonds in con- of illustration, could have been purchased a short time ago at
100,000
nection with the debt payment is regarded by officials as small. The debit
marks for the dollar, or 1,0430.000.000 marks; and today the quarterly
of about $700,000,000 against this country would naturally accelerate the
interest payment of $10 would be equivalent to roughly 40,000,000,00
0,000
movement of gold from this country abroad, Secretary Hoover explained,
marks.
but as a matter of fact the flow of gold is toward the United States, and
'Of course the purchasing power of the mark has collapsed rapidly since
can only be mainly explained by a large volume of orders from abroad then,
but the more it collapses the larger looms the value of forty American
for purchases of American securities.
dollars," one banker said.
The same paper said:
In connection with the present increase In gold shipments, it was
sugThe British Government, it was learned here on good authority yester- gested that this movement was primarily for British Government operations,
laying the foupdation for 1924 requirements and not for the 892,000,day, while a consistently heavy shipper, is not itself sending
over gold in the 000 payment on its
war debt due on Dec. 15. It was also indicated that the
volume generally credited to it. Figures made available yesterday
showed
that the British Government had shipped gold as follows: During 1917, settlement of private American accounts likewise played an important
part and that the continued shifting of gold reserves was
$1,600,000,000; in 1918, none; from 1919 to 1922 inclusive, $198,000,000
only a minor
, movement in the
influx of foreign Investment buying of American securities.
and so far in 1923,$20,750,000.
Contrary also to the general impression prevailing in the financial district,
It was asserted by an authority in a position to know the facts. the British
Government is this year shipping less gold than it did in 1922, despite the Death of Colonel King, formerly President New York
Inauguration of the debt funding agreement which this year will entail
Cotton Exchange.
the payment by Great Britain of more than $150,000,000 In gold or its
William Vinton King, formerly President of the New York
Liberty bond equivalent. In 1922 the British Government shipped $56,500,000 or roughly two and a half times the amount shipped so far this year. Cotton Exchange and Lieutenant-Colonel of the 22d New
Efforts to learn the.consignees for the latest weekly shipment of $24,000,- York Regiment in the
Spanish-American War, died on Dec.
000 of gold which left England the last week of November brought forth
the suggestion that this money, in conjunction with heavy shipments for 2 at his home in this city. Colonel King was 75 years old.
the two preceding weeks, was neither for governmental nor commercial Colonel King became a member of the
New York Cotton
requirements, but mainly for investment purposes. Particular interest Exchange in
1874; he was a member of the board of manattached to that explanation in view of the recent decline of sterling and
other European exchanges. At that time it was stated German financiers agers for 14 years and for seven years was Secretary of the
were shifting their balances from Holland and London to New York.
and Exchange. In June 1898 he was elected President and the
DEC.15 1923.]
THE CHRONICLE
following November he was elected Superintendent to fill
the post made vacant through the death of Edward R. Powers.
Mr. King continued as Superintendent until his resignation
In June 1915. A son, Willard V. King, is Chairman of the
advisory committee of the Irving Bank-Columbus Trust Co.
of this city. Colonel King was not a member of the Exchange at the time of his death.
Governor of Indiana Indicted by Grand Jury.
Warren T. McCray, Governor of the State of Indiana, was
on Nov. 30 indicted by the Marion County Grand Jury on
eight separate indictments, charging alleged embezzlement,
embezzlement and larceny, forgery, issuing a fraudulent
check, false pretence by the use of a promissory note and
making a false statement in regard to his financial condition and using the same to obtain credit, according to the
Indianapolis "News" of that date. The indictments charged,
in all, it is said, alleged embezzlements totaling $225,000,
and, it is understood, were the result of a special investigation by the Grand Jury begun on Oct. 5 last into the financial
transactions of Governor McCray, following admission to
his creditors last August that he was unable to meet immediately his obligations to them. With regard to the indictments, the "News" said in part:
2607
On Monday, Dec. 3, Governor McCray gave a bond for
$25,000, binding himself to appear in the Marion County
Criminal Court either on Jan. 2 or Jan. 7 for arraignment
on the charges contained in the indictments. The bond was
executed in the office of James W. Noel, one of the Governor's attorneys, following the service of warrants upon the
Governor by the County Sheriff, George Snider, and Claude
M. Worley, special investigator for the Prosecuting Attorney's office. The following local men signed the bond, according to the "News":
Eben II. Wolcott, State Banking Commissioner, appointed by Governor
McCray.
Fred B. Robinson, Secretary of the Joint Purchasing Committee of
the State. also an appointee of McCray. He was one of the Governor's
campaign managers.
Arthur R. Robinson, former Judge of the Superior Court, Room 4,
appointed to that office by McCray.
A. M. Glossbrenner, President and Treasurer of the Levey Printing
Co., and active in Republican campaigns.
L. G. Rothschild of the Mrechants Heat & Light Co.
Bernard E. Griffey, a brother-In-law of Miss Adah Bush, Secretary to
Governor McCray.
Robert L. Moorhead of the Bobbs-Merrill Co., publishers, a State
Senator and active in Republican campaigns.
George N. Montgomery, a member of the County Council.
A. P. Conklin, wholesale lumber dealer.
• Henry F. Campbell, Indianapolis financier.
Mr. Noel and George M. Barnard of Newcastle, formerly a member
of the Public Service Commission, and one of McCray's attorneys.
The indictments presented by the Grand Jury were massive documents, one, the forgery charge, containing 97 separate counts and 75 Resignation of R. T. H. Halsey from New York Stock
typewritten pages. This Indictment charged McCray with passing forged
Exchange—Resolution of Governing Committee.
promissory notes on various banks and charged the forging of notes which
were passed on certain banks.
A resolution in which is expressed the regret of,the GovernAn echo of the discussion which surrounded the transactions that in- ing Committee of the New York Stock Exchange in the
volved the Governor, the Discount & Deposit State Bank, of Kentland.
of the Exchange
of which ho formerly was President, and the Indiana Board of Agriculture, retirement of R. T. H. Halsey as a member
of which he is an ex-officio member, was seen in one charge which accused was adopted by the committee on the 12th inst. Mr.
the Governor of embezzlement and larceny of $155,000 from the Indiana
Halsey—a member of the firm of Tefft, Halsey & Co.—sold
Board of Agriculture.
seat being
The indictment was in 13 counts. The first count alleged the em- his membership in the Exchange on Nov. 28, his
bezzlement of $155,000 of the Board and the sccond count alleged the transferred Dec. 12. He withdraws from business activity
embezzlement of $25,000 June 2 1923. In the third count the Grand
the advice of his physician, it is announced. The folJury charged that the Governor embezzled $25,000 June 8. The next on
count said he embezzled $43,625 June 11 and the fifth count accused lowing is the resolution adopted by the Governing Committee:
him of the embezzeloment of $43,625 June 27. The seventh count alleged
A member of the New York Stock Exchange for thirty-two years and of
that July 13 he embezzled 530.000.
the Governing Committee for twenty-four years, Mr. R. T. H. Halsey
It was alleged in each of these counts that McCray. by virtue of his has become so deeply identified with the activities and management of the
office as Governor of Indiana, was ex-officio member of the Indiana Board Exchange as to seem a necessary and vital part of it. During his long
of Agricultaire and came into the possession of this money by virtue of period of service covering years of great prosperity as well as years of violent
untiring
that office.
crises and disturbance he has shown an unselfish devotion,
One indictment, which was in two counts, alleged that he embezzled energy and an intelligent and constructive foresight, which have played a
a $25,000 check from the Kentland Bank June 2. which was drawn to great part in piloting the Exchange through the troubled waters with which
the order of the Kentland Bank, and that on June 8 he embezzled $25,000 every great business institution is surrounded.
of the funds of the same bank. Both counts in this indictment were
As an expression of appreciation of these years of devotion and useful
based on the fact that he came into possession of these funds as Presi- service and of the keen sense of obligation felt by his fellow members,
dent of the Discount & Deposit State Bank of Kentland.
Be it resolved. That the Governing Committee of the New York Stock
Another indictment charged McCray with the larceny of a $10.000 Exchange do hereby record their profound feeling of regret of Mr. R. T. H.
propthe
was
and
check Feb. 13 which was drawn by the State Treasurer
Halsey's retirement, and their conviction that this event not only entails an
erty of the State of Indiana. The second count in the same indictment Irreparable loss in the withdrawal of his wise counsel and long experience
charged that he stole the same check as the property of the State.
from the task of meeting the ever increasing problems of the Exchange,
Another indictment which contained two counts charged in the first but that it will leave a sense of an unfilled void among his old companions,
count that while acting as President of the Discount & Deposit Bank, who for so many years have learned to cherish an enduring regard and deep
Feb. 13 1923, he embezzled $10,000 of the funds of the bank. This count affection for him.
was based on the fact that the check of the State Treasurer for $10,000
Be it further resolved, That a copy of these resolutions be engrossed and
came into his hands as President of the bank, and became the property presented to Mr. R. T. H. Halsey.
of the bank and was appropriated to his own use, and thereby embezzled.
The second count alleged the larceny of the same check from the Discount
& Deposit State Bank.
Another charge containing 24 counts, charged the making of a false Amendment to Constitution of New York Stock Exstatement and using it to obtain credit. It charged he obtained loans
change Governing Bond Transactions, Allowfrom various banks, among others the Meyer-Kiser Bank, Indianapolis;
ing Delivery at 4:30 and 1:30 Instead
the Marion National Bank, Marion; the Peoples State Bank, Indianapolis:
the National City Bank, the Delaware County Bank, Muncie; the Old
of 4 and 1 o'Clock.
National Dank of Ft. Wayne; the Merchants National Bank, South Bend:
the Bank of Marshfield and Washington Bank & Trust Co.. Indianapolis,
The recently adopted amendment to the constitution
based on the statement of his financial condition Jan. 1 1923, in which of the New York Stock Exchange allowing sellers of bonds
It is alleged the total amount of liabilities was 5896,879 40, instead of
the privilege of seven days' "delayed delivery," has been
5386,674 10, as shown by the statement.
Other counts in the same indictment are based on a financia lstatement further amended so-as to permit delivery, on a day's notice,
made March 1 1923. in which the balance in banks was shown as $11.021 31,
at 4:30 p. m., instead of 4 p. m. on a full business day,
while the indictment alleges he had no money in banks on that date, and
a half-holiday. The
also that the total liabilities were $896,879 40, instead of $537.684 18, or 1:30 p. m., instead of 1 p .m., on
as set out in the statement. It is alleged that this statementwas used recently adopted changes in the constitution affecting
to procure credit and loans from I. Newt Brown, Secretary-Treasurer
bond transactions were given in these columns Dec. 1, page
of the Indiana Board of Agriculture.
IfA three-count indictment charged the issuance by him of three fraudu- 2385 and Dec. 8, page 2489. The following is the further
lent checks. The first count charged issuance of a check to the Marion change approved by the Governing Committee on the
National Bank for $165 33, for the payment of interest on a loan Aug. 3.
inst.:
The second count charged the issuance of a fraudulent check for $5,000 12th
NEW YORK STOCK EXCHANGE.
in payment of a loan Aug. 13 1923. The third count charges the issuance
Dec. 6 1923.
of a fraudulent check to L. P. Cox, Cashier of the Wadesville State Bank,
of Wadesville, Ind., for $1,500, in payment of a loan. It is alleged that To the Governing Committee:—
Constitution
on
Gentlemen:—In the matter referred, the Committee
he had no money on deposit, and knew that fact when the checks were
respectfully reports back the following proposed amendment to the Conissued.
Governing Committee on Dec. 12 1923:
lk One indictment contained 97 counts, 63 counts of which alleged the stitution for consideration y the
Amend subdivision (c) of paragraph B of *action 3 of Article XXIII
passing of forged promissory notes on various banks. The remainder
substituting in lieu of the words "4 p. m." in the twelfth line and
of the indictment alleged the forgery of certain notes passed on various by
and "1:30 p. m."
-1 p. m." in the thirteenth line, the words "4:30 p. m."follows:
banks.
11The last indictment, in 49 counts, alleged the use of certain forged respectively; said subdivision, as so amended, to read as
day following
and counterfeit notes for obtaining by false pretenses credit and loans.
(c) "Regular Way," I. e.,for delivery upon the full business
that when the seller states at the time of closing
&The eighth count in the indictment, which charged the embezzlement the day of contract, except
transaction on the floor of the Exchange that the bonds are sold for
the
Board
of
Indiana
the
from
$155,000
of
one
was
larceny
Agriculture,
and
delayed delivery, said delivery shall be made on the seventh day following
making the bare charge of statutory larceny. The ninth, tenth, eleventh. the day of contract. (unless such day is a holiday or half-holiday. when
on any full business day
twelfth and thirteenth counts'of this indictment alleged the larceny of Section 4 hereof shall apply). and may be made
upon one day's written notice being given by the seller before
checks of the Indiana Board of Agriculture that were payable to the prior thereto
on a half-holiday, of inm.
p.
day
1:30
business
or
p. m. on a full
Discount & Deposit State Bank of Kentland, which were issued on the 4:30
tention so to do. Said written notice may not be given on the day of
this
of
indictment
counts
charging
the
the
embezzlein
mentioned
dates
contract;
E. V. D. COX. Secretary.
ments.
2608
THE CHRONICLE
lution by Senator King Proposing Inquiry into
tock and Commodity Exchanges, Bucket
Shops, &c.
esolution calling for an investigation of stock exchanges
other similar organizations in the United States, as
so bucket shops, was introduced in the United States
Senate on the 11th inst. by Senator King of Utah and
referred to the Committee on Finance. The following is
the text of the resolution:
Whereas, It has been publicly charged that the stock exchanges, com-
modity exchanges and brokerage houses in New York City and in other cities
of the United States are being so conducted as to facilitate the manipulation of prices of securities, of grain and of other commodities on such exchanges and to cause grave injury and loss to the general body of investors,
producers and consumers of this country; and
Whereas, It has been publicly charged that banks, including member
banks of the Federal Reserve System. insurance companies, and other
financial interests in New York City and in other cities, have improvidently loaned large sums of money to brokers and to individuals connected
with brokerage houses, banks, insurance companies, or other financial interests, which sums of money are used by brokers and other individuals for
speculative or marginal dealings and in the manipulation of prices of securities and commodities on stock exchanges and commodity exchanges; and
Whereas, It is advisable to gather the facts relative to the aforesaid
charges as the basis for remedial and other legislative purposes; therefore
belt
Resolved, That a committee of five Senators be appointed by the President of the Senate. The committee is hereby authorized and directed1. To conduct an investigation of stock exchanges,commodity exchanges,
and brokerage houses and of the means and methods employed by speculators in the manipulation of such exchanges of prices of securities and commodities, particularly grain, sugar and other food products; and
2. To inquire into and investigate the charges that banks, including
member banks of the Federal Reserve System, insurance companies and
other financial interests in New York City and in other cities have improvidently loaned large sums of money to brokers and to individuals connected
with brokerage houses, banks, insurance companies, and other financial
interests, which loans.are used for speculative or marginal dealings and for
the manipulation of prices of securities and commodities on the stock
exchanges and produce exchanges.
Such committee as a whole or by a sub-committee is authorized to hold
hearings, to sit during the sessions or recesses of the Sixty-eighth Congress,
at such times and places, to employ such counsel, experts and accountants,
and clerical and other stenographic assistants as it may deem advisable.
The committee is further authorized to send for persons or papers; to
require by subpoena or otherwise the attendance of witnesses, the production of books, papers and documents; to administer oaths, and to take
testimony as it may deem advisable. The cost of stenographic service
shall not be in excess of 25 cents per 100 words. Subpoenas for witnesses
shall be issued under the signature of the chairman of the committee or any
sub-committee thereof. Every person who, having been summoned as a
witness by authority of said committee or any sub-committee thereof,
wilfully makes default, or who having appeared refuses to answer any
question pertinent to the investigation heretofore authorized, shall be liable
to the penalties provided by Section 102 of the Revised Statutes of the
United States. The expenses of the committee shall be paid from the
contingent fund of the Senate.
[VOL. 117.
E. W. Clark, President First National Bank in Detroit, Detroit, Mich.
Thomas Cochran, J. P. Morgan & Co., New York.
Frederic H. Curtiss, Chairman Federal Reserve Bank of Boston.
E. W.Decker, President Northwestern National Bank, Minneapolis, Minn.
Alexander Dunbar, Vice-President Bank of Pittsburgh, N. A., Pittsburgh,
Pa.
John H. Fulton, President National Park Bank, New York.
H. K. Hallett, Chairman Commonwealth Atlantic National Bank, Boston,
Mass.
B. C. Hardenbrook, Vice-President, First Trust & Savings Bank.
Chicago, Ill.
R. S. Hecht, President Hibernia Bank & Trust Co., New Orleans, La.
Kenneth R. Hooker, Putnam-Hooker Co., New York.
F. J. Leary, Vice-President Central Union Trust Co., New York.
F. L. Lipman, President Wells Fargo Nevada National Bank, San
Francisco.
John G. Lonsdale, President National Bank of Commerce in St. Louis, Mo.
D. H. G.Penny, Vice-President National Bank of Commerce in New York.
James II. Perkins, President Farmers Loan & Trust Co.. New York.
Evan Randolph, Vice-President Girard National Bank, Philadelphia, Pa.
H. M. Robinson, President First National Bank, Los Angeles, Calif.
Arthur Sachs, Goldman, Sachs & Co., New York.
Arthur Salomon, Salomon Brothers & Hutzler, New York.
E. W. Shepard, General Credit Manager Western Electric Co., New York.
Alfred H. Swayne, Vice-President General Motors Acceptance Corp.,
New York.
Lynn P. Talley, Chairman Federal Reserve Bank of Dallas, Texas.
Robert H. Treman, President Tompkins County National Bank, Ithaca,
N.Y.
E. C. Wagner,President Discount Corp. of New York, N. Y.
Herman Waldeck, Vice-President Continental & Commercial National
Bank, Chicago, Ill.
Charles S. Wall, Secretary National City Co., New York,
Harry E. Ward, President Irving Bank-Columbia Trust Co., New York.
Paul M. Warburg, Chairman International Acceptance Bank, Inc..
New York.
Daniel Cl. Wing, President First National Bank, Boston, Mass.
F. J. Zurlinden, Deputy-Governor Federal Reserve Bank of Cleveland, 0.
Meeting of Stockholders of Federal Reserve Bank of
Boston.
On Dec. 5 what is said to have been the first stockholders'
meeting ever held by any of the Federal Reserve Banks took
place in Boston, and according to the Boston "Transcript,"
85% of the 423 member banks which are stockholders of the
Federal Reserve Bank of Boston were represented at the
meeting. Evidence of the interest which the meeting awakened is contained in the fact that the Federal Reserve Board
was represented by George R. James, one of its members,
and W.L. Eddy, its Secretary. D. C. Wills, Chairman of the
Board of the Federal Reserve Bank of Cleveland; J. B. McDougal, Governor of the Federal Reserve Bank of Chicago,
and J. H. Case, Deputy Governor of the Federal Reserve
Bank of New York, were present as guests. The Boston
The following regarding the proposed inquiry is taken "Transcript" says:
from the New York "Journal of Commerce" of Dec. 12:
To-day's meeting came about through the action of several
Announcement from Washington of Senator King's proposal for an
investigation of stock and commodity exchanges and brokerage houses to
determine the truth of allegations that price manipulation is facilitated
by these concerns to the detriment of both investors and consumers will
be welcomed, it was stated yesterday, provided the inquiry is thorough
and free of political bias.
Newly Elected Officers of American Acceptance
Council.
As we reported last week (page 2508) Fred I. Kent, VicePresident of the Bankers Trust Co. of New York, was elected
President of the American Acceptance Council at the fifth
annual meeting of the Council, held on the 6th inst., in the
assembly room of the Merchants' Association, in the Woolworth Building. President Paul M. Warburg retired as head
of the Council after being President for three years, following two years as Chairman of the executive committee. Mr.
Warburg was elected to the executive committee on Thursday for a two-year term. Reference to Mr. Warburg's address was made by us a week ago, page 2489. The usual
reports were submitted at the meeting. The following officers were elected for the ensuing year:
President, Fred I. Kent, Vice-President Bankers Trust Co., New York.
Vice-President, Albert Strauss, J. & W.Seligman & Co., New York.
Treasurer, Percy II. Johnston, President Chemical National Bank, New
• York.
Secretary, Robert H. Bean, New York.
Officers of Executive Committee.
Chairman, E. C. Wagner, President Discount Corp. of New York.
First Vice-Chairman, Herman Waldeck, Vice-President Continental &
Commercial National Bank, Chicago, Ill.
Second Vice-Chairman, John G. Lonsdale, President National Bank of
Commerce in St. Louis.
Executive Secretary, Robert H. Bean, New York.
Executive Committee.
Alfred L. Aiken, Chairman National Shawmut Bank, Boston, Mass.
Thomas P. Alder, Treasurer U. S. Steel Products Co., New York.
Chellis A. Austin, President Seaboard National Bank, New York.
Charles P. Blinn Jr., Vice-President Philadelphia National Bank, Philadelphia, Pa.
Willis H. Booth, Vice-President Guaranty Trust Co., New York.
J. P. Butler Jr., President Canal Commercial Trust & Savings Bank,
New Orleans, La.
New England
bankers' associations in appointing representatives on a special joint
committee, which went to Washington recently, presented a brief and
gave testimony in behalf of a carefully thought out plan for enlarging
the membership of the Federal Reserve System by making it more attractive
to the non-member banks, especially those of the country districts. This
committee plan worked out so harmoniously that It was suggested that
member banks—stockholders—ought to meet like the shareholders in a
commercial bank and take steps to keep in touch with affairs more closely.
Governor W.P. G. Harding, of the Boston Federal Reserve
Bank, called the meeting to order. It was voted at the meeting to elect a stockholders' advisory committee of seven
members, empowered to confer with the directors of the Federal Reserve Bank of Boston, and to appear before Congressional committees as the representatives of New England
member banks, Massachusetts to have two members and the
other States one each. It was likewise voted that elections
to this committee shall be held annually by member banks
represented at the annual meeting of the bankers' associatons. The meeting also endorsed the action of the temporary
committee which went to Washington.
Federal Reserve Bank of New York on Supply of Gold
Coin to Meet the Holiday Demand.
The following circular was issued under date of Dec. 7 by
Benj. Strong, Governor of the Federal Reserve Bank of
New York:
$2.50 GOLD COINS.
Limited Supply Now Available for Distribution.
To all Banks, Trust Companies and Savings Banks
in the Second Federal Reserve District:
We have just received from the Treasury Department a limited amount
of circulated $2 50 gold pieces (quarter eagles) to meet the approaching
holiday demand for gold coin of this denomination. In order that each
bank may receive an equitable share of these coins we have made an allotment of them. and the amount set aside for your institution is stated below.
We shall be glad to forward this amount to you provided you so instruct
us on or before Dec. 18.
Other Cold Coins Available.
Although we have on hand no new gold coins of any denomination, we
have a supply of circulated gold coins in the denominations of $5, $10 and
$20. which are available for distribution upon request.
Very truly yours,
BENJ. STRONG, &WM?*
DEC.151923.]
THE CHRONTCLE
2609
both dated and bearing interest from Dee. 15 1923, the first series at 4%
Newly Elected Directors of the Federal Reserve Bank interest being for six months, maturing June 16 1924, and the second series
at 414% interest being for one year, maturing Dec. 15 1924. The combined
of Chicago.
W. A. Heath, Chairman of the board of directors of the
Federal Reserve Bank of Chicago, makes the following announcement under date of Dec. 8:
The recent balloting for directors of ths bank resulted in the re-election
of Mr. E. L. Johnson of Waterloo, Iowa, by banks in Group 3 to serve as
a Class A director,and Mr. Robert Mueller of Decatur, Illinois, by banks in
Group 2 to serve as a Class B director. Each of these directors will serve
for a term of three years, beginning Jan. 1 1924.
New Offering of United States Treasury Certificates
of Indebtedness—Subscription Books Closed.
An offering of two series of United States Treasury certificates of indebtedness was announced by Secretary of the
Treasury Mellon on Dec. 9, the amount offered being about,
$300,000,000 or thereabouts. Secretary Mellon in his announcement stated that about $350,000,000 of certificates of
indebtedness would become due Dec. 15, together with interest on the public debt of approximately $75,000,000; he also
stated that about $60,000,000 of War Savings certificates
would mature on Jan. 1 1924, a part of which, it is expected,
will be exchanged for the new Treasury Savings certificates.
He further indicated that the Treasury expects to receive
$330,000,000 in income tax payments the current month. No
additional financing is looked for before March 15 next.
Subscriptions to the new Treasury certificates of indebtedness were opened on Dec. 10. The subscription books were
closed on Dec. 12, the certificates, it is understood, having
been heavily over-subscribed. Both series are dated and
bear interest from Dec. 15 1923; series TJ-1924 bearing 4%
interest, will become due June 16 1924, while Series TD-1924,
bearing 4% Vo interest, will run for one year, or until Dec. 15
1924. Both series will be accepted in payment of income and
profit taxes payable at the maturity of the certificates. The
Treasury Department also announced that certificates of indebtedness maturing Dec. 15 1923 will be accepted at par,
with an adjustment of accrued interest, in payment for certificates of the present series. The following is the announcement of the offering:
The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended, offers for subscription, at par and accrued interest, through the Federal Reserve banks, Treasury certificates of indebtedness, in two series, both dated and bearing interest from Dec. 15 1923, the
certificates of Series TJ-1924 being payable on June 16 1924, with interest
at the rate of 4% per annum, and the certificates of Series TD-1924 being
payable on Dec. 15 1924, with interest at the rate of 454% per annum, payable semi-annually.
Applications will be received at the Federal Reserve banks.
Bearer certificates will be issued in denominations of $500, $1,000, $5,000,
• $10,000 and $100,000. The certificates of Series TJ-1924 will have one interest
coupon attached, payable June 16 1924, and the certificates of Series TO.
1924 two interest coupons attached, payable June 15 1924 and Dec. 15 1924.
The certificates of said series shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess profits and
war profits taxes, now or hereafter imposed by the United States, upon the
income or profits of individuals, partnerships, associations or corporations.
The interest on an amount of bonds and certificates authorized by said Act
approved Sept. 24 1917, and amendments thereto, the principal of which
does not exceed in the aggregate $5,000, owned by any individual, partnership, association or corporation, shall be exempt from the taxes provided for
in clause (b) above.
The certificates of these series will be accepted at par, with an adjustment
of accrued interest, during such time and under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury, in payment
of income and profits taxes payable at the maturity of the certificates. The
certificates of these series will be acceptable to secure deposits of public
moneys, but do not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of certificates of either or both series applied for and to close the
subscriptions as to either or both series at any time without notice. The
Secretary of the Treasury also reserves the right to make allotment in full
upon applications for smaller amounts, and to make reduced allotments upon,
or to reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these respects
will be final. Allotment notices will be sent out promptly upon allotment,
and the basis of allotment will be publicly announced.
Payment at par and accrued interest for certificates allotted must be made
on or before Dec. 15 1923, or on later allotment. After allotment and upon
payment Federal Reserve banks may issue interim receipts pending delivery
of the definitive certificates. Any qualified depositary will be permitted to
make payment by credit for certificates allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of Series TD-1923 and TD2-1923, both maturing Dec. 15 1923, will be accepted at par, with an adjustment of accrued
interest, in payment for any certificates of the Series TJ-1924 or TD-1924
now offered which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions and to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts.
Secretary Mellon's statement regarding the offering follows:
The Treasury is to-day announcing its December financing which takes the
form of an offering of Treasury certificates of indebtedness in two series,
offering of certificates is for $300,000,000, or thereabouts. The Treasury
will accept in exchange for the new certificates at par with adjustment of
accrued interest any Treasury certificates maturing Dec. 15 1923.
About $350,000,000 of certificates of indebtedness will become payable oo
Dec. 15 1923, together with interest on the public debt of approximately
$75,000,000, but there are no heavy interest payments to be met next January and February. On Jan. 1 1924 about $60,000,000 of War Savings certificates of the Series of 1919 mature, a part of which will undoubtedly be
exchanged for the new Treasury Savings certificates. The Treasury expects
to receive $330,000,000 in income tax payments during the December period.
The present offering of certificates is intended with the balances already
on hand to provide for the payments coming due in December over and above
tax receipts and to cover the Treasury's further cash requirements. It is expected that no additional financing will be necessary before March 15 1924.
Eulogy of the Late President Harding by President
Coolidge During Harding Memorial Week.
A memorial message, in which fitting tribute was paid to
the late President Warren S. Harding, was delivered by
President Coolidge on .Dec. 10—the message both in the
choice of its language and its eulogy of the late President
being a masterpiece of its kind. "We mourn him to-day,"
said President Coolidge, "and we shall mourn him as long
as remembrance holds before us the picture of his patience,.
forbearance, faith and Christian tolerance. These are rare.
virtues, too seldom found among the men who have thestrength to rise to high places. They are the virtues that.
men need to seek and cultivate in these years of stress in theworld. They point the way to salvation for men, for
nations, for humanity itself. We may well hope that his
example to his own countrymen and to the world may help
greatly to bring a spirit of charity, accord and true fraternity,
whereby shall be lighted the lamp of understanding to show
our feet into the paths of peace on earth, good will to men.'
President Coolidge spoke thus of the late President during the
nationwide observance of Harding Memorial Week, which
opened on Sunday last, Dec. 9. The President spoke in his
study at the White House, and his message was broadcasted.
to various parts of the country. The message follows:
One of the brief poems that have touched the hearts of men is that
wherein Leigh Hunt tells of the visit of an angel to earth, recording the
names of "those who love the Lord."
"And is my name there?"
"Nay, not so," replied the angel.
"Then write me down," he was told,"as one who loves his fellow-men."
The angel came again to show his list of those who love the Lord,"And
lo," the name of him who loved his fellow-men "led all the rest."
It will be hard to find a better picture than this of President Harding,
the man we loved and mourn. He loved his fellow-men, and because
they felt it and knew it, they loved and trusted trim, His whole life
from the knee of that cherished mother who had an inspired faith in him,
down to the day when a s.rrowing world laid its tributes at his bier, was a
continuing testimony to his devotion to them and to their faith in him.
Some will say that such a sweet and gentle nature could only have
found its setting and its opportunity for service in a strange and peculiar
time. Perhaps they are right. Yet he came to the world's stage in an
hour when it seemed set for other characters. The captains and the
kings, the armies and the navies, the men who would have war, and the
men who would not have peace, had long dominated the scene. Where
among them could place be made, could ear be found, for this kindly.
gentle, gracious soul?
Yet he found his place. He caught the ear of a war-tired world. Ho
called our country back to paths of peace, and gladly it came. Be beckoned the nations to come and sit in council. He pointed them the way
to peace. He set example of readiness to cast away the sword from the
arm of might. He sought for men and nations a peace—the only tree
and lasting peace—based on justice and right. He stood first and firm
for his own country, then for mankind. His sincerity and frankness won
to his side those who sensed the great truth of human brotherhood. So
he led the way to the monumental accomplishments of the Washington
Conference on Limitation of Armament.
The same simplicity and directness marked his program in domestic
affairs. His was the steady, strong, inspiring hand of guidance and
helpfulness. It was never the mailed fist of compulsion. He knew that
tho greatest need of the world was peace with industry and production.
He asked for these, and with them for thrift and the will to make good
the losses that had been inflicted in the years of strife. He called his.
countryment to set an example of those homely virtues, and they did.
He gave without remorse of his own strength, down to the tragic end.
He rose above misunderstandings and misrepresentations, but he was
curiously incapable of hard feeling toward those who were unfair with
him. In a time when the minds of many men were prom to seize uponhurried conclusions, he held back and dared to take his time and thought
before deciding. He was free from the pride ef opinion, but strong in thedetermination of conviction. He had that calm courage which could,
not be overpressed, but that was firm and final when decision had been.
reached.
' He was criticized because his own country, under his leadership, did
not move forward so fast as some wished. But when, worn out by the
struggle he had so bravely borne, he laid down the burden, his critics
saw clearly what his leadership had accomplished. They saw that it
had been a leadership forward and upward, in an era when most other
countries were moving backward and downward. They saw that prosperity smiled once more on a favored land. They saw that prosperity
and material well-being were somehow strangely rare in other lands. So
they came to realize what his modest, unassuming leadership had wrought
for his country.
It was natural that such a character, passing from the stage of life,should
leave the multitudes a sense of personal loss. Seldom indeed has any man's
death left that feeling among so many. He was mourned abroad and at
home. The conviction was felt everywhere that he was one of the men
best fitted to serve a distracted world in a difficult period of its history.
2610
THE CHRONICLE
[VOL. 117.
But he was not permitted to finish his task. He broke and went down
under its load. In the hour of sorrow for his loss, men and women were
moved to a broader charity, a relaxation of partisan excesses, a determination to be fair and moderate and reasonable. His life became,in the tragic
sorrow of its end, a lesson in the value of simple and modest ways.
PA We mourn him today, and we shall mourn him so long as remembrance
holds before us the picture of his patience, forbearance, faith and Christian
tolerance. Those are rare virtues, too seldom found among the men who
have the strength to rise to high places. They are the virtues that men need
to seek and cultivate in these years of stress in the world. They point the
way to salvation for men,for nations,for humanity itself.
We may well hope that his example to his own countrymen and to the
world may help greatly to bring a spirit of charity, accord and true fraternity, whereby shall be lighted the lamp of understanding to show our feet
Into the paths of peace on earth, good will toward men. We may well
consider by what means we can show our appreciation and by what method
we can best enshrine his memory.
over expenditures of $329,639,624. The expenditures during
the fiscal year 1923 were $3,697,478,020, compared with
$3,795,302,499 for 1922, a reduction of more than $97,000,000.
At the close of business June 30 1923 the actual receipts for
the year were $4,007,135,480, and the actual expenditures
$3,697,478,020, an excess of receipts over expenditures of
$309,657,460." Pointing out that the fiscal year 1923 was
closed with a surplus of more than $300,000,000, that for
1924 the forecast is that the ordinary receipts will exceed the
expeditures chargeable thereto, including our fixed debt
charges by $329,000,000, the message adds that the surplus
for the next fiscal year, 1925, under present revenue laws, is
estimated at $395,000,000.
During the next five years,
President Coolidge states, "there mature $4,000,000,000 of
British Heard President Coolidge's Eulogy of
Treasury notes and about $3,400,000,000 of Third Liberty
President Harding.
bonds, a total of $7,400,000,000. The ordinary sinking fund
The following from London, Dee. 11, is taken from the will take care
of about $1,600,000,000 in the five years, leavNew York "Times":
Few of the hundreds of radio enthusiasts in London, who combed the ing between $5,000,000,000 and $6,000,000,000 of Government
wireless waves from across the Atlantic at 1:30 o'clock this morning (8:30 securities to be refunded." The message transmitting
the
Monday evening, Eastern Standard Time) were rewarded by hearing budget,
although resented to Congress on Monday of this
President Coolidge's New England accent as broadcast from the American
week, the 10th inst., be.-rs date Dec. 3. In full the message
stations.
The President's speech was heard at irregular intervals in the outlying follows:
districts of London. but the congestion in the metropolitan area, due to the
big station here, prevented a clear reception in the city. Amateurs in the
London suburbs of Shepherd's Bush and Barnes picked up fragments of the
speech.
Message of President Coolidge to Congress Transmitting Budget—Bonus Opposition—Reduced
Taxation.
In a special message sent to Congress on Dec. 10, transmitting the budget of the United States for the fiscal year 19241925, President Coolidge enlarges upon the statement in his
annual message of last week voicing his opposition to a
bonus. In his budget message President Coolidge also further refers to the tax reductions proposed by Secretary of
the Treasury Mellon, as to which the President indicated his
"unqualified approval" in his message of a week ago, which
we printed last week, page 2491. "We have now," says the
President in his message of this week,"reached a point in our
financial program where we can lighten the tax burden of
the people, which is an added reason for taking a firm stand
against any and all programs of spending that woald tend to
absorb the expected margin bl'ween receipts and expenditures." "The proposed revision of tax laws," the President
states,"would reduce taxes by more than $300,000;000, which
Is safely within the probable surplus." He points out, however, "that it would not take much to exhaust this margin,
and any program of new expenditure bn a large scale would
make tax reduction impossible for years to come." He likewise says:
In stating that a reduction in taxation carries with it an obligation not
to embark upon an extraordinary expenditure program,I am not unmindful
of the demand for adjusted compensation for soldiers of the World War,
which would Include among its beneficiaries the able -bodied of our veterans
as well as the disabled. I question if there is any sound reason for such a
measure. The country is prosperous, and remunerative employment is
available for the able-bodied veterans as well as for other citizens.
For the disabled veterans of the war and the dependents of those who fell
the country cannot do too much. It has already spent nearly two billions
of dollars and is now spending nearly half a billion dollars yearly in their
behalf. That obligation it must and will continue to fulfill in fullest measure.
The Government has no money to distribute to any class of its citizens
that it does not take from the pockets of the people, and the payment of
a bonus to millions of our former soldiers could only be accomplished at a
cost to the whole community, including the veterans themselves, far outweighing the benefits intended to be conferred. If I felt that a soldiers'
bonus represented a great need and a proper obligation which should be
fulfilled by this nation, I certainly would not make a recommendation
which would be adverse thereto.
In reviewing the public debt the President states that at
the beginning of the war it amounted to about a billion dollars; at the close of August 1919 it leached its highest point,
approximately $26,500,000,000. From that point it has since
been reduced until it now totals abnut $22,000,000,000. President Coolidge states that for "the fiscal year 1925 it is estimated that the total ordinary receipts from all sources, excluding the postal service, will be $3,693,762,078. This is
$313,373,402 less than the actual receipts for 1923 and $200,915,634 less than the estimated receipts for 1924. . . . The
estimate of expenditures for 1925," he says, "is $3,298,080,444, which is $266,957,644 less than the estimated expenditures for 1924. By expenditures for 1925 is meant the
amount it is estimated will be withdrawn from the Treasury
during the year ending June 30 1925. This is to be distinguished from the estimate of appropriations for the same
_year." According to the budget message of President Coolidge, "the revised estimates recently made indicate that the
receipts for th current year [1924] will be $3,894,677,712 and
. the expenditures $3,565,038,088, making an excess of receipts
To the Congress of the United States:
I transmit herewith the Budget of the United States
for the fiscal year
ending June 30 1925. In making this submission it is
felt that the present
is a peculiarly appropriate time briefly to review the
fiscal experience of
the country since the beginning of the World War.
The beginning of the war marked also the beginning of a period of
unprecedented and unexampled public expenditure not only by our own but
by well-nigh all the nations of the world. The
great weight of the fiscal
burden that our own country has borne since our entrance Into the
war
is suggested by the statement that our part
in the great conflict cost the
nation roundly forty billions of dollars. While
the war was in progress,
by dint of the patriotic willingness of the
people to pay heavy taxes,it was
possible to meet from current revenues about 25% of
the war costs. This
in itself was a remarkable accomplishment—
I believe without parallel in
any of the other warring countries.
The public debt at the beginning of the war
amounted to about a billion
dollars. At the close of August 1919 it reached its
highest point. approximately $26,500,000,000. From that point it has since
been reduced until
it now totals about $22,000,000,000.
The American people have given a truly magnifclent demonstration
of
patience and patriotism during the years in which they have borne this
burden. In less than seven years, to put the matter very briefly. we have
spent $40,000,000,000 and we have paid off from current revenues $18,000,000.000, or nearly half the amount. Certainly the nation, which has thus
patiently persisted In meeting the enormous burden of governmental costs.
Is entitled at the earliest possible moment to the largest measure of relief
from these burdens that can possibly be accorded. I am convinced that
the time has now come to extend this relief through a substantial reduction
of taxation, and the fiscal program which is crystallized in the budget
estimates which are herewith transmitted to Congress is based on this
purpose.
We are all familiar with the fact that the largest part of the ta.c burden
arises not from the exactions of the Federal Government, but from the
government costs of the States and municipalities. President Harding.
in his address on taxation and government costs at Salt Lake City last
June, pointed out that for the year 1922 approximately 60% of all taxes
collected throughout the nation were for the States, cities and other local
taxing bodes. It .s therefore highly desirable that an example of determined and insistent economy be set by the Federal Gcvernment for the
sake of Its influence upon every body winch possesses the author ty to
levy
taxes.
I am f rmly persuaded that if the National Government will reduce its
expenditures and its levies under the program which is presented to you
herewith, it will have a highly salutary effect in inducing greater economies
in all other departments of public taxation. A definite recommendation
for tax reduction Is made later in this message.
The budget transmitted herewith Is summarized in the following statement:
BUDGET SUMMARY.
Exclusive of postal revenues and postal expenditures paid from postal
revenues.]
EstimatedEstimated
Estimated
23ted
1925.
Total receipts
ec
$3,693,762,078 $3,89149,2647.7,712 $4.007,135,480
Total expenditures(including
reduction of the public
debt required by law to be
made from ordinary recelpts)
3.298,C80.444 3.565,038,088 3,697,478,020
Excess ofreceipts
395,681,634
329.639,624
309,657,460
In the budget for the fiscal year ending June 30 1924, transmitted
to
Congress Dec. 4 1922, the estimated receipts for the fiscal year of
1923
were $3.429,862,959. and the estimated expenditures $3,703.801,671, thus
forecasting an apparent excess of expenditures over receipts of $273,938,712.
President Harding, in referring to this estimated deficiency, said:
I am hopeful, however, that the condition on which this estimate Is
predicated will change for the better in the ensuing months
of the fiscal
year and that the close of the year will show a balanced budget.
This hope was justified. At the close of business June 30 1923 the actual
receipts for the year were $4,007,135,480 and the actual expenditures
$3,697.478,020, an excess of receipts over expenditures of $309,657.460.
This fortunate transition from an apparent deficit to a large surplus, while
greatly aided by an unexpected increase in receipts, was due in no small
measure to the efforts of the individual departments and establishments of
the Government and to the spirit of co-operation shown by them in carrying
out the economy policies of the President.
The estimates made at the time of the presentation of the budget in
December 1922 indicated that for 1924 the receipts would be $3,361,812.359
and the expenditures $3,180,843,234. making an excess of receipts over
expenditures of $180,969,125. The revised estimates recently made indicate that the receipts for the current year will be $3,894,677,712 and the
expenditures $3,565,038.088, making an excess of receipts over expenditures
of $329,639,624.
DEc.151923.]
THE CHRONICLE
2611
The estimate for the Department of Commerce includes $3,500.000
for the decennial Census of Agriculture, required by Act of Congrese
approved March 3 1919.
Prohibition Enforcement.
For prohibition enforcement the Congress has appropriated for the
current fiscal year ending June 30 1924 an amount which provides an
executive unit of 700 directorates for the several States, and an enlarged
field force of 1,522. A considerably enlarged field should be provided for
prohibition enforcement, and to meet this requirement the estimates of
appropriations for the prohibition unit for the fiscal year 1925 are something more than $1,000,000 in excess of appropriations for the current
fiscal year. In my annual message I am presenting to Congress the need
for a material increase in the personnel and equipment of the United
States Coast Guard for the purpose of combating more thorouglhy rum
running and unlawful importations. I mention this here for the reason
that I will shortly present to Congress a supplemental estimate of appropriations for the Coast Guard of approximately 820,000,000. mainly
for additional vessels and boats, for the current fiscal year, which. If
granted, will be followed by a request for a further appropriation of approximately $6,000,000 for the coming fiscal year.
The estimates of appropriations contained in the budget include amounts
to cover the classification of civilian positions within the District of Columbia
as required by the Act of Congress approved March 4 1923. The amounts
Involved in the classification are also reflected in the estimates of expenditures contained in the budget. The budget contains a statement
Postal Revenues—Estimated Deficiencies.
giving a detailed summary and comparison of the budget estimates of
The foregoing does not include expenditures for the Postal Service and appropriations with the expenditures for 1924 as regards the personnel
the Post Office Department payable from postal revenues. Such expendi- of the departments and establishments in the District of Columbia.
tures for the fiscal year 1923 were $570.823,232. A deficiency of $32.526.Gross Public Debt.
915, payable from ordinary receipts, is included in the ordinary expenditures
The gross public debt which on June 30 1922 was $22.963,381,708 31.
hereinbefore mentioned. The estimated expenditures from postal revenues
during 1924 are $593,309.673. An estimated deficiency of $24,679,673 on June 30 1923 was 522,349,707,365 36, a reduction of $613,674,342 95
Is included in the estimated ordinary expenditures for 1924. The estimated during 1923. The total of this reduction was made up first, in the amount
expenditures from Postal revenues for 1925 are $613,295,184. It is of $402,850,491 10, through the cumulative sinking fund and other public
estimated that the postal expenditures for that year will exceed postal debt expenditures payable from certain specific receipts, and second, in
the amount of $210,823,851 85, from the surplus of 3309,657.460 30 of'
revenues by $2.085,184.
This brings us to the estimates of appropriations contained in this budget. ordinary receipts over expenditures for the year. The balance of this
The Executive instructions governing the preparation of these estimates surplus, 898,833.608 45, was added to the net balance in the general fund
called for a substantial reduction as compared with the appropriations for of the Treasury, which was thus increased from 3272,105.512 63 at the
1924. This was essential to a continuation of the policy of strict and drastic commencement of the year to $370,939,121 08 at the end of the year.
economy. That is the Administration's undebatable policy. It has been
British Debt Agreement.
adhered to unswervingly in the past and we shall hew to theline in the future
During the next five years there mature $4.000.000.000 of Treasury
The estimates of appropriations appearing in this budget for 1925, ex:
notes and about $3.400,000,000 of Third Liberty bonds, a total of 87,400,elusive of the estimate for t' e Post Office Department, amount to $3,018._
000,000. The ordinary sinking fund will take care of about $1,600,000,000
069.946 06, which is $260,365.022 56 less than the appropriations for 1924.
in the five years, leaving between $5,000,000,000 and $6.000.000,000 of'
• Comparison of Estimates of Appropriation for 1924 and 1925.
Government securities to be refunded.
The debt agreement with the British Government, concluded on June 10
I give below a comparative statement of the estimates of appropriations
1923, involves a payment of approximately $160,000,000. principal and
for 1925 and the appropriations for 1924:
Interest, each year, arm in accordance with the terms of the agreement,
COMPARATIVE STATEMENT OF ESTIMATES OF APPROPRIA- these payments may be made in bonds of the United States issued since
TIONS FOR 1925 AND APPROPRIATIONS FOR 1924.
April 6 1917. Such bonds, when so used in payment, are cancelled and
retired, but this is not likely to affect the earlier maturing debt referred to
Est. of Appropr. Appropriations.
abo re, beckuse the bonds tendered in payment by the British Government
1924.
1925.
$14,416,911 60 will probably be those of longer term which are now lower in price. If
Legislative establishment
813.783,836 25
445.770 00 future adjustments are made with other foreign governments the United
397.847 50
Executive office
Independent Offices—
may be affected, but for some years to come the principal
949,116 00
990.895 00 States debt
Civil Service Commission
2.656,26000
2.450,50000 reliance on debt reductions must be the sinking fund, and the specific
Employees'Compensation Commission
6,380,000 00
6,427.000 00 receipts referred to above.
Fed. Bd. for Vocational Education_
950,000 00
1,010,000 00
Federal Trade Commission
8395,000.000 Surplus Estimated for 1925.
3,724,612 00
3,870,801 00
General Accounting Office
808.100 00
920.45000
Housing Corporation
The fiscal year of 1923 was closed with a surplus of more than three
4.262,284 00
Inter-State Commerce Commision__
5.203,860 00
30.344.000 00
Shipping Bd. & Emergency Fleet Corp
50,411.500 00 hundred million dollars. For 1924 the forecast is that the ordinary receipts
2,306.215 00
State. War & Navy Dept. Buildings
2,412.194 00 will exceed the expenditures chargeable thereto, including our fixed-debt
Commission
00
681.980
Tariff
742,000 00 charges, by $329.000,000. The surplus for the next fiscal year, 1925.
349,065.000 00
United States Veterans' Bureau
431,514.053 00
executive
2.656,01845
Other independent offices
1.931.350 7i under present revenue laws, is estimated at 8395.000,000. Joint
Department of Agriculture
69,590 575 00
85,061,453 00 and legislative action has demonstrated what united effort can do toward
Department of Commerce
24.048.025 00
21.145.957 00 reducing expenditures, and the results certainly justify the view that we
Department of the Interior
299,312,600 00
325.872.078 00 can stand a reduction in our ordinary receipts and still achieve a balanced
Department of Justice
21,378,456 00
19,253.506 00
Department of Labor
6,702,576 51
7.476.896 00 budget. This, of course, will be possible only if the present pressure and coNavy Department
278,499,064 00
797.097 250 00 ordinated effort for economy in our public expenditures be continued withPost Office Department, payable from
out relaxation and there be no embarkation upon any extraordinary expendithe Treasury
11.520 00
stockholders
14,988.446 29
State Department
15,306.665 50 ture program. I have in mind that the taxpayers are the
148.986.065 00
Treasury Department
157.214,89578 of the business corporation of the United States, and that if this business
Canal_
Panama
including
War Dept.,
336,411,092 00
349,192.582 00 Is showing a surplus of receipts, the taxpayers should share therein in some
26,879,812 00
District of Columbia
26.086,825 00 material way that will be of immediate benefit.
•
Ordinary
$1.645.791,971 06 $1,826,466,843 62
Tax Reduction.
Reduction in principal of the public
Having in mind that the Budget and A.
ccounting act. 1921. contemplates
debt—
$10,000,000 00 $297.144,300 00 that the Chief Executive, under the fortunate situation in which we now find
Sinking fund
ourselves, shall make such recommendations as in his opinion the public
Purchase of Liberty bondsfrom foreign
repayments
37,854,500 00 Interests may require, I recommend a revision of tax laws along lines which
Redemption of bonds and notes from
will effect a reduction of income taxes by taxing earned income more
6.000.000 00
estate taxes
10.000,000 00
lightly than income from business or from investments; by reducing the
Redemption of securities from Federal
6,000.000 00
Reserve bank franchise tax receipts6.000,000 00 percentages of the normal tax, and by reducing the surtax rates, with comRedemption of bonds, &c., received as
mencement of their application at 310.000 instead of $6.000. I also recomrepayments of principal and as inmend repeal of the tax on telegrams, telephones and leased wires, and of the
terest payments on obligations of
160.277,975 00
foreign Governments
160,969,325 00 tax on admissions, and revision of the miscellaneous taxes which are a
source of inconvenience to taxpayers and difficult to collect. On the other
$482,277,975 00 $511,968.125 00 hand, amendments which would cause some increase of revenue should also
Principal of the public debt
Interest on the public debt
890.000,000 00
940,000,000 00
be made to existing income tax laws relative to deductions of capital lessen
Total payable from the Treasury_ _$3.018.069,946 06 $3,278,434,968 62 deductions from gross income for interest paiel and non-business losses susPost Office Department and postal sertained, where income from tax-exempt securities is involved: and the
vice, payable from postal revenues.. _
613.092,18350
585,210.23950 manner of taxing community incomes. These changes would reduce
taxes by more than $300,000.000, which is safely within the probable
Total, including Post Office Department and postal service
$3.631.163,129 56 $3,863,645,208 12 surplus.
It would not take much, however, to exhaust this margin, and any proThe estimates of appropriations for the Department of Justice show
gram of new expenditures on a large scale would make tax reduction imposan increase of something more than $2,000,000 above the estimates confor years to come.
tained in the budget for 1924. Probably to a much greater extent than sible
I know of nothing which will give the people of this nation greater assurany other executive department the Department of Justice involves
that we are unalterably committed to a campaign of economy in
activities which are not subject to administrative control as regards ex- ance
expenditure than a reduction or our present taxation. It will take
penditures. Duo to this condition the practice for a great many years public
from the realm of debate plans which contemplate extravagant expendihas been to present estimates of appropriations for the Department of
tures or expansions of the business of Government beyond those necessary
Justice which were known to be less than the amount which would evento keep pace with a growing nation and fix as the measure of our requiretually be required for the service of the fiscal year to which they pertained
ments an amount which will represent what is actually necessary to carry
and to follow these annual estimates with supplemental estimates when
on efficiently the proper business and functions of Government and meet
the fiscal year was well under way and the needs could be more accurately our fixed debt charges payable out of current revenue. It would certainly
determined. This practice was known to and sanctioned by Congress.
tend to align the whole people in support of economical administration of
The estimates for the fiscal year 1925 are in an amount which it is believed Government, and I frankly state that such an alignment is becoming every
will cover the full requirements of the Department of Justice for that day more and more necessary because of the influence which it will have
fiscal year. This change in practice operates to increase the budget
upon the States and the other lesser subdivisions of our body politic.
something more than $2,000,000 over what the total of the budget estiOpposition to Bonus.
mates would be if the old practice had been continued, but it presents
a truer picture of the estimated requirements of this Department, which
In stating that a reduction in taxation carries with it an obligation not
to embark upon an extraordinary expenditure program, I am not unmindful
is In accord with the principles of proper budgeting.
Estimates for 1925.
For the fiscal year 1925 it is estimated that the total ordinary receipts
from all sources, excluding the Postal Service, will be $3,693,762,078.
This is $313,373,402 less than the actual receipts for 1923 and $200,915.634
less than the estimated receipts for 1924.
The expenditures during the fiscal year 1923 were $3,697,478,020, compared with $3,795,302.499 for 1922. a reduction of more than $97.000,000.
Included in the 1923 expenditures, however,'Were certain items appearing
also among the receipts for the purposes of clearness in accounting. To
get an accurate comparison between the expenditures for the two years it
is necessary to deduct the sum of these items from the gross expenditures
of 1923, which are reduced to $3,532,269.266 32. This shows a reduction
of approximately $263,000,000 below the expenditures for 1922.
It is estimated that the expenditures for 1924 will be $3,565,038,088.
which is $132,439.932 less than the expenditures for 1923.
The estimate of expenditures for 1925 is $3.298,080,444, which is $266.957,644 less than the estimated expenditures for 1924. By expenditures
for 1925 is meant the amount it is estimated will be withdrawn from the
Treasury during the year ending June 30 1925. This is to be distinguished
from the estimate of appropriations for the same year. Withdrawals
during the fiscal year will be from funds heretofore appropriated as well as
from appropriations recommended in the budget. Furthermore, a portion
of the money to be appropriated for 1925 will not be withdrawn from the
Treasury until after the close of that fiscal year.
2612
THE CHRONICLE
[VOL. 117.
of the demand for adjusted compensation for soldiers of the World War,
cost of collecting customs revenues is placed at
312,821,845. Operations
which would include among its beneficiaries the able-bodied of our veterans
of the Coast Guard will account for another
$10,000,000.
as well as the disabled. I question if there is any sound reason for such a
For good roads an expenditure of $90,000,000 is
proposed, an increase of
measure. The country is prosperous, and remunerative employment
$5,000,000 over the outlay estimated for this year. rhis accounts
Is available for the able-bodied veterans as well as for other citizens. For
for more
than two-thirds of the 3144,000,000 estimate for
the Department of Agrithe disabled veterans of the war and the dependents of those who fell the
culture.
country cannot do too much. It has already spent nearly two billions of
A reduction of more than $22,000,000 lathe estimated
deficit of 824,679,dollars and is now spending nearly half a billion dollars yearly in their
673 in postal revenues is forecast for next year. Postal
service expenditures
behalf. That obligation it must and will continue to fulfill in fullest
payable from postal revenues are calculated at
$611,210,000, as compared
measure, and it is one of the most important of the duties and privileges
with $568.630,000 this year.
of the Chief Executive to minister to the wants and needs of these wards
Costs of the more important civil functions of the Government
and creditors of the nation. But the fit and able-bodied veterans are
for next
year are summarized in the budget as follows:
offered the opportunities open to Cl cry other citizen. The Government
General law enforcement, 321,325,950: foreign relations and protection
has no money to distribute to any class of its citizens that it does not take
of American interests abroad,$14.720.619; administration
of Indian affairs.
from the pockets of the people and the payment of a bonus to millions of
our former soldiers could only be accomplished at a cost to the whole com- $12,046,898: promotion and regulation of commerce and industry,$14,470,582; promotion and operation of marine
transportation, 348.885,318;
munity, including the veterans themselves, far outweighing the benefits
promotion and regulation of agriculture, $25,934,842;
promotion of public
Intended to be conferred. If I felt that a soldiers' bonus represented
health, $15.827,432; promotion of public education,
$10,432,627; science
great need and a proper obligation which should be fulfilled by this nation and
research, $13,255,287; promotion ot labor interests, $4,773,992;
I certainly would not make a recommendation which would be adverse
immigration and naturalization. V,748.977; administration
of public domain,
thereto.
310,5.5,919.
We have now reached a point in our financial program where we can
lighten the tax burden of the people, which is an added reason for taking a
firm stand against any and all programs of spending that would tend to Nomination of F. B. Kellogg as Ambassador to Great
absorb the expected margin between receipts and expenditures.
Britain Confirmed by United States Senate.
I also recommend the enactment of legislation which will authorize a
The nomination of ex-Senator Frank B. Kellogg of Minne'reasonable progressive building program to meet the needs ot the executive
.departments and establishments of the Government in the District of sota to be Ambassador to Great Britain was
confirmed by the
Columbia. All of the permanent and semi-permanent buildings are more
United States Senate on Dec. 11 by a vote of 75 to 9. Those
or less crowded, with an overflow which of necessity is he used in temporary
buildings erected during the period of the late emergency. A program voting against Mr. Kellogg were: Senators Wheeler (Demoauthorizing an expenditure of not exceeding $5,000,000 annually fct a crat), Montana; Dill (Democrat), Washington;
Ferris (Demperiod of years would operate to gradually relieve the existing unfortunate
ocrat), Michigan; Copeland (Democrat), New York; Johnson
situation, and in the course of time give adequate accommodations to the
(Farmer-Labor), Minnesota; Shipstead (Farmer-Labor),
departments and establishments.
Minnesota; Norris (Republican), Nebraska; Frazier (RepubCALVIN COOLIDGE.
The White House. Dec. 3 1923.
lican),
North Dakota, and Brookhart (Republican), Iowa.
The following are the Budget Bureau's estimates on Gov- The nomination had been sent to the Senate by
President
ernment receipts and expenditures for the fiscal year 1925, Coolidge on Dec. 10, and while meeting opposition
by some
as compared with the present fiscal year of 1924:
factions, was ordered favorably reported on the 11th inst.
Receipts—
by the Senate Committee on Foreign Relations. From the
1924.
1925.
Internal Revenue
$2,727,585,000 $2,783,585,000 New York "Herald"
we take the following:
Customs
570,000,000
493,000.000
Miscellaneous
While Senator Walsh (Montana) protested against the
541.092.712
473.177,078
nomination in the
meeting of the Foreign Relations Committee he gave his
approval ori the
Totals
.677,712
$3.69d,762.078 33,394
roll call of the Senate in secret session.
Expenditures—
Senator Shipstead led the fight against Mr. Kellogg's confirmation in
Legislative establishment
both
$13,961,666
$13,595,448
Executive office
416,894 the Foreign Relations Committee and on the floor of the Senate. He said
415,667
War Department, including Panama Canal 314,190,650
314,184.390 Mr. Kellogg had been repuolated at the polls and that it was an affront to
'Navy Department
341.873.550 public sentiment to promote him. That view was entertained
311,020.050
Department of Agriculture
by Senator
143,687,700 Copeland and explained
144.784,200
his vote.
Department of Commerce
21.699,000
23,710.000
Interior Department
Senator Magnus Johnson used the Kellogg nomination as the subject for
321.283.333
310,507.699
Department of .Justice
19,322,200 his maiden speech in the Senate. He said: "Progressivism is sweeping
21,451,960
Department of Labor
7.747,744 throughout the country and we Progressives
6,107,076
want a man at the Court of
State Department
16.054,063
14,988,446
'Treasury Department
262,012,366 St. James who speaks and understands our language. Frank Kellogg
228,811,690
District of Columbia
26.105.308 does not."
26,896,798
Post Office Department (deficit)
24.679.673
2,085,184
Reference to the fact that ex-Senator Kellogg had been
'Veterans' Bureau
451.053.424
403,369,450
Emergency Fleet Corporation
54.635.167 chosen by President Coolidge to succeed
25.852,817
'Other independent offices
Col. George Harvey,
48,204.325
18,825,238
retired, as Ambassador to Great Britain, was made in our
Total ordinary expenditures
32.071,914,093
31.876,611,773
Public debt'
issue of Nov. 24, page 2285. It was announced on the 12th
Reduction of principal
$511,968,125 inst. that
$482,277,975
Mr. Kellogg will sail for Europe on Dec. 22.
Investment of trust funds
41.155.870
49,190,696
Interest on public debt
940,000,000
890,600.000
Grand total expenditures
33,298,080,444 33,565,038,088 Export
Excess ofordinary receipts over expenditures
Corporation Plan Suggested in Annual Report
$329,639,624
$395,681.F34
Balance at beginning of year
370,939,121
270,939,145
of Secretary of Agriculture Wallace.
Total balance
700,578,745
Deduct amount available for redemption of 666,620,779
The
establishmen
public debt
t of a Government agency with broad
429,630,600
395,681,600
Balance in Treasury at end of fiscal year
3270,939,145 powers to buy and export not only wheat but
3270,939,179
Budget summary (exclusive of Postal revenues
pork and other
expenditures
Postal
and
paid from Postal revenues).
farm products of which this country has a surplus and the
Estimated
Estimated
Estimated
prices of which are out of line with the prices of other goods
1925.
1923.
1924.
Total receipts
33,693.762,078 $3.894,677,712 34.007,135,480 is suggested by
Secretary of Agriculture Wallace in his annual
Total expenditures(including
reduction of the public
report to the President, on the ground that the plan seems
debt required by law to be
made
from
ordinary
practicable and is equitable in view of the fact that Governreceipts)_
3,298,080,444 3,565,038,088 3,697,478,020
Excess ofreceipts
395,681,634
309,657.460 ment action during the war is in part responsible for the
329,639,624
The following regarding details of the budget is taken from present troubles of agriculture. On the assumption that it
is the national purpose to keep ourselves on a self-sustaining
the Associated Press dispatches from Washington, Dec. 10:
basis agriculturally, wisdom would seem to justify going to
The cost of national defense next year is placed at $548.531,238, a reducsome trouble to help farmers bridge over a period of deprestion of $35.000,000 as compared with this year. Military pensions, retirement pay. World war allowances and the like will take $656,300,606 out of sion caused by an economic cataclysm, says the Secretary.
the Treasury, as against 3703,111,578 this year.
Precisely that, he says, has been done in the case of labor.
Fixed charges on account of the public debt are placed at 81,372,277,975,
which includes $890,000,000 of interest and 3482,277,975 for retirement of and of some industries. Those who urged that economic
securities. The interest payment shows a reduction of $50,000,000 as laws should now be permitted to have free play with agriculcompared with that for the current year.
ture do not give full consideration, he declares, to what
Of the total of $311,000,000 of expenditures by the Navy Department,
$33.000.000 is proposed for ship construction, $15,000,000 for the air ser- happened during the war and for two years afterwards.
vice, and $1.000,000 for the scrapping of naval vessels. The largest single
Numerous Proposals Offered.
Item Is the pay of the navy, 3116,000.000.
Secretary Wallace enumerates the principal measures proOut of the War Department total of 3314,000,000,$12,795,000 is proposed
for the air service: $28.000,000 for the National Guard, and 33,800,000 for posed for agricultural relief as follows:
fortifications.
Expenditures for rivers and harbors are estimated at $45.786,000, as
against 342,793.225 this year.
An additional $1,600.000 for prohibition enforcement is asked of Congress, l'resident Coolidge stating that a considerably enlarged field force
should be provided. He added that he would persent to Congress soon a
supplemental estimate of $20.000,000 mainly for additional vessels for the
Coast Guard because of the need for a material increase in the personnel and
'equipment of that service "for the purpose of combatting more thoroughly
rum-running and unlawful importations." If this appropriation is granted
the President said ho would ask for an additional $6,000,000 later for a
similar purpose. The total appropriation proposed for prohibition and
narcotic enforcement is $10,531,321. as against $8,825,602 for the present
year.
The largest single item in the 3228,000,000 of expenditures by the Treasury Department is $91,530,000 for the refunding of taxes erroneously
collected. The cost of tax collection is estimated at 335,576,000. while the
Reduction of acreage
Development of co-operative marDiversification of crops.
keting.
Government price fixing.
Letting down the bars against immiAn increase in the tariff,
gration to cheapen labor.
Purchasing and storing of surplus farm Sale of 50 to 100 million bushels of
products by the Government.
wheat to European Governments
Purchase of surpluses by a Government whose people cannot afford to buy
agency and selling it at a lower price but who are in urgent need offood.
In the world market.
Reduction of acreage, the Secretary points out, is in progress and has already gone far. Diversification of crops is
likewise a partial means of relief, but is not practicable in
all sections and in any case takes time and money. Price
fixing the Secretary opposes on the ground that it would restimulate production and cause greater trouble in the end.
DEC.151923.]
THE CHRONICLE
2613
which has caused the farmer to get into his present difficulties. It is probHe says bringing in foreign farm laborers as a means of re- ably
true that mistaken public policies of the war and early post-war period
the
since
impracticable,
seems
costs
production
farm
ducing
are, in part at least, responsible for many of the troubles of our farmers.
them
on
effectively
as
operate
but after all a hair of the dog that bit is a poor remedy for any sort of
pull of industrial wages would
trouble.
as on our own people. Purchase and holding of surpluses
The question that the Secretary does not attempt to answer and for
by the Government might prove of temporary help, he says, which no adequate answer has ever been offered is why should the Governadvance
an
by
ment feel so much more responsible for the welfare of the farmer than it
provided an advance in price were protected
does for other groups in the business community? There are a good many
would
surplus
a
of
existence
the
that
he
adds
but
tariff;
in the
others suffering from the effects of unsound policies of the Government,
press down the price of the next crop.
yet seldom do we hear the politicians suggest public relief for them. This
the consumers of the nation. But what concern is
The proposal to sell a considerable part of our surplus to is particularly true ofunless
indeed these eaters of bread and meat are organthat of the politician
in
is
which
but
cash
for
buy
cannot
which
country
some
ized and prepared to deliver votes?
Secretary
the
urgent need of food is worthy of consideration,
believes. He also declares the development of co-operative Marked Improvement in Farm Situation but Condition
marketing should produce good results, although it would
Still Unsatisfactory,According to Secretary Wallace.
take many years and therefore does not meet the present
Higher prices for many farm products and some reduction
emergency. In regard to the proposal that Government
the prices of the things farmers have to buy have brought
in
farm
products,the
agencies should buy and export surplus
a marked improvement in the condition of agriculture
about
Secretary makes the following statement:
year, although the situation is not yet satisfactory
The objective to be attained is to secure for wheat and other agricultural in the last
products an exchange value approximately equal to what it was before the viewed either from the standpoint of the farmer or from the
war. As has been said often, one of the chief causes of the agricultural standpoint of the national welfare, says Secretary of Agridepression is that farm commodities are relatively far cheaper than before
in his annual report to the Presithe war. The price of wheat in dollars at terminal markets is not far from culture Henry C. Wallace
pre-war prices in dollars, but a bushel of wheat on the farm will buy much dent, which was made public Dec. 10. After citing the
less of the things farmers need or desire than before the war. The end favorable aspects of the farmer's position, Secretary Wallace
sought, therefore, is to put farm products on a price plane comparable with
reviews some of the adverse conditions with which the farmers
the price plane of other commodities.
are faced, with the thought, he says, that a bad condition
Farmers Would Finance Plan'.
agriculThe proposal in question contemplates the setting up of a Government can not be corrected unless it is understood. The
export commission charged with the duty of disposing of the surplus in the tural situation today, says the report, is very much better
form of wheat or flour in such a manner that the domestic price may rise
it was a year ago, and the advance made from the state
behind an adequate tariff barrier to the point of restoring the pre-war than
purchasing power of wheat in the domestic market. Such an agency would of depression which was precipitated by the fall of prices in
need money with which to operate, and it is proposed to start it with a 1920 and which reached its climax in 1921 is nothing short
working capital of. say. $50,000,000. that being the approximate sum which
remarkable. Secretary Wallace attributes a considerable
the Government made in the way of profit by its war-time handling of wheat of
and flour when the price of wheat was arbitrarily controlled and hela below part of the improvement to wise legislation and helpful
the price at which it would have sold without such control. In cases losses administration. Agriculture and the needs of the farmer,
should be incurred because of the character of its operations, it is proposed
received more thoughtful and sympathetic
to recover the losses through the levy of an excise tax on the crop of wheat he d, clares, have
itself. in the end the cost would be paid not out of the public Treasury consideration by legislative and administrative agencies
but from assessment on the growers benefited and should not be large.
during the last two and a half years than at any previous
That in its briefest form is the essence of the plan suggested. .t is not a
period in our history.
debe
might
proposal for price fixing as that is generally understood. _t
scribed as a plan to give the wheat grower the measure of protection which
Total Farm Income Greater.
is given to so many other groups by making fully effective the principle
Total general farm income, says the Secretary, will be
of the protective tariff on a commodity of which we produce a surplus and
which is suffering from destructive competition in a depressed foreign mar- considerably greater this year than it was in 1922. He
ket. Or it may be described as a plan by which the Government. without notes that in 1923 farmers planted 341,000,000 acres of the
material loss to itself, undertakes to do for the wheat growers what they
an increase of 4,000,000 acres over the area
cannot now do for themselves—bring them into a general wheat pool principal crops,
in 1922 and of 3,000,000 acres over that of 1921.
through the operation of which they may secure a fair price.
planted
The proponents of this plan suggest that it avoids the stimulus to over- Yield of these crops is estimated to aggregate 265,000,000
production which is a serious objection to arbitrary price fixing, and that
1922 and 11,000,000 tons
the mechanism of marketing wheat now existent need not be seriously inter- tons, which is about the same as in
fered with, assuming that exporters evidenced a willingness to co-operate more than the yearly average in the last ten years. The
with the export corporation. This is important, because the reason for
of 11 of these crops—corn, wheat, oats, barley, rye,
the corporation should gradually disappear as the re-establishment of value
normal economic conditions will through natural economic forces restore buckwheat, flaxseed, potatoes, sweet potatoes, hay, and
normal price ratios.
cotton—as of October 1 (except in the case of corn, which
While the plan proposed could be applied more easily to wheat than to
calculated at the December future prices recorded in the
it
is
considered
favorably
if
should
obviously
products,
some other agricultural
not be confined to dealing in wheat alone. It should include all agricul- first 15 days of October) is $6,947,000,000, compared with
tural products of which we have a considerable exportable surplus and the $5,711,000,000 last year and 65,289,000,000 in 1921. These
prices of which are substantially out of line. Especially should provision
crops grown.
be made for handling pork products of which we export largo quantities, figures do not indicate the total value of farm
and which also were brought under Government control during the war.
mentioned, says the Secretary's report, simply to
are
They
Many objections, some of real merit, can be urged against the scheme
the substantial increases in money received by the
proposed. It is.conceivable that there are some obstacles which it may not show
1922 and
be easy to overcome. However, there seems to be so much of merit in farmers this year compared with their receipts in
the proposals that it is worthy of the most painstaking analysis and the most 1921.
critical scrutiny. The principles involved are such as have been successSecretary Wallace also points out that the farmers are
fully applied in times past by private initiative by industries which have
relatively, as well as absolutely, better off, because the pursuccessfully disposed abroad of an embarassing surplus.
If farmers could control their production as does organized industry, or chasing power of their products has advanced in the last
if they could exact a price for their labor as does organized labor, unusual
Their improved position, he says, has helped indusaction by Government might not be demanded so urgently. It is just as year.
well to keep in mind that both industry and labor are beneficiaries of Gov- try and business, and he adds that further benefits in this
ermnent action and that such action during the war and the two years direction may be expected as farm income increases, because
following has added not a little to the farmer's difficulties.
depleted in the last
It is well to remember also that our population is growing rapidly and the agricultural plant has been seriously
that before many years there will be a home demand for even more of farm six years and must be restored. Farmers will buy more and
products than we are now producing. If during this periofd of agricultural
freely of the things they need as their position improves,
distress we permit production to be shrunk to present needs by driving more
farmers from the land and into the cities, we shall be under the neee.sity of the Secretary declares.
reclaiming at large expense the productive land which is now being abanSome Commodity Prices Higher.
doned. And if we should experience one or two years of short crops while
this process is going on, the consuming population will find Itself compelled
of farm production, the report says, prices
some
lines
In
to pay prices for farm products which will impose upon it a burden comparahave been satisfactory, while in other lines low prices have
ble to that under which the farmer has been groaning.
difficulties of the farmers. The farm
The "Journal of Commerce" of this city in its issue of added to the financial
by a protective tariff, is more than
stimulated
wool,
of
price
Dec. 11 commented as follows on the Secretary's proposal:
twice the pre-war price. Cotton at the farm is worth two
Poor Advice on Agriculture.
and a quarter times its pre-war value, and the purchasing
In his annual report recently appearing Secretary Wallace proceeds to power of cotton per acre is above the prewa average, demeans
of
only
rendering
the
to
sound
aid
the
declare infeasible some of
Butter, cheese and
distressed farmer and to propound stops which no unbiased and thoughtful spite the ravages of the boll weevil.
citizen could accept for one moment. Modification of our sharply restric- milk, says the Secretary, have brought remunerative prices,
tive immigration laws in order that labor costs might be reduced the Secreand poultry and eggs have been profitable. Other farm
tary summarily dismisses on the ground that industry would absorb the
domestic
the
supply
of
Apdone
commodities that have ranged higher than the general price
farm
help.
has
I:
as
just
workmen
alien
parently It has not occurred to him that the tariff situation has anything
level ape beans, apples, broomcorn, cabbage, onions, cottonwhatever to do with the predicament in which he says the farmer finds
seed and lambs.
himself.
Farm commodities that are still below the general price
About the only method he appears to consider helpful would be a program
calling upon the taxpayer to buy and "export" any surplus agricultural level include horses, rye, barley, timothy seed, oats, hogs,
products that happen to exist at the moment. This, he thinks, would not
wheat, hay, veal calves, beef cattle, much cows, corn .
cost the Government very much, and in any case it is the Government
2614
THE CHRONICLE
[VOL. 117.
clover seed, buckwheat, sweet potatoes, flaxseed and po- if some
other crop promised success. In many sections good
tatoes. Many of these products, however, have risen in progress
has been made in diversification, but diversification
price in the last year, notably corn and flax. But the price in a
large way requires time and money.
of corn, Secretary Wallace notes, must be taken in conjuncSecretary Wallace therefore concludes that diversification,
tion with the price of hogs, since not more than 20% of the while
advisable where possible, does not afford a means of
corn crop will be sold as corn but will be fed to hogs and other quick
relief for agriculture. In considering the demand for
livestock, and therefore enters into the cost of producing Government
action to help agriculture, it is well to bear in
meat. Hog production received a great impetus from the mind,
he says,
existence two years ago of a large surplus of corn, and mar- beneficiaries that both industry and labor have been the
of Government action in recent years, and he
keting of hogs in the year ended June 30 1923 exceeded that also points
out that industry, commerce, and labor have
for the preceding year by more than 9,000,000 head, with the prosper
ed of late at the expense of agriculture. He declares
result that hog prices have fallen and corn-fed to hogs is that the
longer this continues the more hurtful to the Nation
fetching lower prices than corn sold on the market.
will be the ultimate result, and adds that the truth of the
Turning to the dark side of the picture, Secretary Wal- statement
that in the United States national prosperity must
lace says the ratio between the prices of most farm products rest on a sound
and prosperous basis remains unchallenged.
and the prices of other commodities is still far out of line.
Industrial wages, he says, continue at war-time levels and Comptroller Craig of New
York City to Accept Remishelp to maintain high prices for what the farmer has to buy.
sion of Contempt Sentence—Proposed Legislation
High freight rates still rule, and unfavorable exchange rates
to Curb Judges Power in Contempt Cases.
with European countries have narrowed the export trade in
The intention of Charles L. Craig, Comptroller of the City
farm commodities. Costs of retail distribution of farm com- of New York, to acept the remissio
n of his 60-day jail senmodities are unreasonably high, the Secretary asserts. tence for contempt of
court was made known by the CompMoreover, the fall in prices generally since the war period troller on Dec. 10.
The remission of the sentence by Presihas made it impossible for debts to be paid with the same dent Coolidge was
referred to in our issue of a week ago,
quantities of commodities that would have paid them when page 2501. In announc
ing his decision this week Comptroller
they were incurred. While the price level can not be ad- Craig said:
justed with that nicety which would do equal justice to everyAttorney-General Daugherty handed to Senator Copeland the pardon
one, it would seem to be in the public interest, says Secre- granted by President Coolidge for the sentence imposed by Federal
Judge
tary Wallace, that while the country is working out of war Julius M. Mayer with a request that Senator Copeland deliver it to me. Attorney-General Daugherty seems unable to resist his very strong though undifficulties the price level should be maintained at from founded desire to misbrand the act of the President
by calling it a "warrant."
The document, sign by President Coolidge with the exercise of pardoning
60 to 70% over the pre-war level.
power, is free from any conditions, limitations or restrictions of any
kind
Farms Lost Through Foreclosures.
whatsoever. It effectively denies the demand of Federal Judge
Mayer for a
An inquiry made by the Department of Agriculture into retraction and an apology and amounts to a complete repudiation of his conThe action taken by President Coolidge was entirely unsolicite
d on my
the financial difficulties of the farmers reveals, says the duct.
part or by any one authorized to act in my behalf. No
better
Secretary's report, that about 4% of owner farmers in 15 corn than Senator Copeland that I would not compromise a matteroneof knows
principle.
I would certainly be compelled to reject any Executive action
and wheat States lost their farms through foreclosure or
that carried
implication of misconduct, or that might in any wise embarrass
or
bankruptcy, while nearly 4.5% surrendered their farms to any
hamper the movements to put an end to judicial abuses and curb
the unrecreditors without legal process and another 15% were strained exercise of assumed judicial power and prevent the interferen
ce by
actually bankrupt but were holding on through the leniency Federal courts with municipal authorities by "friendly" receiverships of
public utility corporations performing functions of a purely local and
muof their creditors. Records of the Department of Justice nicipal character.
indicate that in the pre-war years 5% of all bankruptcy
I shall furnish whatever assistance is within my power to Congress and
cases were farmers, but that in 1922 the proportion had its committees in the passage of such legislation, and, from the action of
Coolidge in the present case, I incline to the hope that such legisgrown to 14%. Secretary Wallace points out, too, that there President
lation, when passed, will receive his approval.
has been a drift of population from the farms to the cities
In view of all of the circumstances, it seems to me that the public interest
which tends to restore a balance between agriculture and will be best served by the acceptance of the action of President Coolidge at
urban occupations, but which is nevertheless to be deplored its face value, and I have so advised Senator Copeland.
In our reference last week to the remission of the sentence
because of the conditions which make it necessary and
because it is draining from the country a large number of by President Coolidge we indicated that the United States
Supreme Court had upheld the findings of the United States
intelligent and ambitious young farmers.
It is therefore evident, the Secretary declares, that not- Circuit Court of Appeals, sustaining the jurisdiction of Judge
withstanding the progress made toward better times, and Mayer and reversing an order of M. T. Manton, United States
Circuit Court Judge, for the discharge of the Comptroller on
notwithstanding all that has been so well done
by legislative
and administrative agencies, there is still room for much a writ of habeas corpus. Associate Justice Holmes of the
improvement in the condition of agriculture. Producers Supreme Court dissented from the conclusions of the maof those crops which are in the main consumed at home, he jority, his views being concurred in by Justice Brandeis.
Justice Holmes's opinion follows:
says, are in the main finding themselves able
to make such
that the petitioner's resort to habeas corpus in this case was right
readjustments as are necessary to meet changing conditions. andI think
was the only proper course.
possibly some of the cases confuse the
It is otherwise, however, with the producers of those crops principles that govern jurisdictionVery
with those that govern merits. See Founwhich must be exported in part, and which are therefore tlefoy v. Lum, 210 U. S. 230, 235. But I think that this should be treated as
a question
jurisdiction. The statute puts it as a matter of power, "the
influenced as to prices by foreign competition and markets. said courts of
shall have power
. . to punish . . . contempts of their
The position of the wheat grower who has been producing authority, provided that such .power
to punish contempts sholl not be construed
to
extend
to
any
cases
except
the misbehavior of any person in their
practically at war costs and is meeting conditions which force presence
or so near thereto as to obstruct the administration of justice,"
etc.
him to sell at prices well below the actual cost of production, Jud. Code, Sec. 268.
I think that these words should be taken literally,
illustrates the difficulty, says Secretary Wallace. As 'we
and that we do not need
a better illustration of the need to treat them as
indicate in another item Secretary Wallace mentions various fine
jurisdictional, and to conthe jurisdictio very narrowly, than the present case.
For we must not
proposals which have been made for dealing with the plight confound the powern to
punish this kind of contempt with the power to overof the wheat growers and offers a suggestion for an export come and punish disobedience to or defiance of the orders of a court,
alunfortunately both are called by the same name.
agency to buy and export wheat and other farm products. though
That, of course, a court may and should
use as fully as needed; but this,
especially if it is to be extended by decisions to which
Adjustment of Acreage Under Way.
I cannot agree, makes
a man judge in matters in which he is likely
That the farmers themselves are taking energetic action and
to have keen personal interest
feeling, although neither self-protection nor
the
duty
of going on with
to overcome their troubles is indicated by figures given in the work requires him to take
such a part.
It seems, to me that the statute on its face
the report regarding the reduction of wheat acreage. It
plainly limits the jurisdiction
of the judge in this class of cases to
those where his personal action is necessays the process has been going on faster than is realized sary
in a strict sense in order to enable
.
him
to
From a high point of 75,000,000 acres in 1919, to which war- wherever the line may be drawn it is jurisdictiogo on with his work. But
a
nal line.
"The jurisdiction attaches only
time demands carried the wheat area from a pre-war total
when the suit presents a substantial claim
under an Act of Congress." Biumensto
ck Bros. Advertising Agency vs. Curtis
of 47,000,000 acres, there has been a shrinkage to 58,000,000 Publishing Co.,
252 U. S. 436, 441: Ex Parte Hudgings,
249 U. S., 371.
acres this year, affected by substitution of other crops and
I think that the sentence from which
the petitioner seeks relief was more
letting land remain idle. Reduction of wheat acreage is still than an abuse of power. I think it should be held wholly
void. I think, in
the first place, that there was no
matter pending before the court in the
going on.
sense that it must be to make
this kind of contempt possible. It is not
It must be kept in mind, however, says Secretary Wallace enough that somebody may hereafter
move to have something done. There
, was nothing then
that in large areas of the West and Northwest soil
awaiting decision when the petitioner's letter was puband climate lished. The English cases show that the
law of England at least is in accord'
are better adapted to the production of wheat than any with my view, Metzler
vs. Gounod, 30 Law Times, It. N. S. 164. But there
other crop. Farmers in those sections are fixed for growing had been, and giving the most
unfavorable interpretation to all, that the letwheat and can not immediately change to another crop, even ter says I do not see how to misstate past matters of fact of the sort charged;
here could be said to obstruct the
administra
tion of justice.
DEC.15 1923.]
THE CHRONICLE
Suppose the petitioner falsely and unjustly charged the judge with having
excluded him from knowledge of the facts, how can it be pretended that the
charge obstructed the administration of justice when the judge seemingly
was willing to condone it if the petitioner would retract?
Unless a judge while sitting can lay hold of any one who ventures to publish anything that tends to make him unpopular, or to belittle him, I cannot
see what power Judge Mayer had to touch Mr. Craig. Even if feeling was
tense there is no such thing as what Keating, J., in Metzler v. Gounod, calls
contingent contempt. A man cannot be summarily laid by the heels because
his words may make public feeling more unfavorable in case the judge should
be asked to act at some later date, any more than he can for exciting public
feeling against a judge for what he already has done.Mr. Justice Brandeis concurs in this opinion.
Before the announcement of President Cool:dge's. remission of the sentence of the Comptroller, the latter received
from Samuel Gompers a telegram urging him to serve the
sentence imposd on him. The telegram, addressed to the
Comptroller Nov. 24, said:
Circumstances have made you the national outstanding figure for a principle for. which the people for generations have contended. If you maintain
your position without flinching you will perform a greater public service
• than has been given any man in many a year. Why not appeal to your real
friends and repudiate your pretended friends and step their efforts to secure
a pardon for you? With others I met a similar situation and followed that
course, resulting in some relief.
2615
(d) The coal division should serve with the Inter-State Commerce
Commission when coal transportation rates, distribution of coal cars or regulations of carriers affecting the coal industry are under consideration,
but
otherwise have no jurisdiction over carriers' rates.
(e) The Inter-State Commerce Commission should have no jurisdiction
to review an order or recommendation of the coal division.
2. The Act should declare it unlawful for those engaged in the production
and distribution cf anthracite coal in inter-state commerce to use unfair
practices, to charge unreasonable prices, to create monopolies in or restrain
inter-state commerce in coal, or to engage in any practice, not in inter-state
commerce, which causes any unreasonable discrimination against inter-state
commerce in coal.
3. The Act should give the coal division the broadest possible powers:
(a) To investigate and publish the facts in relation to anthracite cold
affecting intr-state commerce.
(b) To make recommendations on any subject connected with the
anthracite coal industry.
4 (a). The Act should authorize the coal division to issue mandatory
crders ter compliance with its recommendations when the public interest
requires.
(b) Such orders should be issued only after opportunity for a hearing.
(c) Mandatory orders as to wages or conditions of employment should
be prohibited.
(d) In order to meet constitutional objections the right to fight the price
cf coal. Ac.. by mandatory order should be limited to cases where, in the
absence ot regulation, there exist, or is danger of, exorbitant charges and
arbitrary control.
5 (a). Provision should be made for appeals from orders of the coal
division to the United States Circuit Courts of Appeals, as in the case of
appeals from the Federal Trade Commission.
(b) Orders unappealed from or affirmed on appeal should be final. They
should be enforceable by injunction and through the imposition of penalties.
6. Penalties should be provided similar to those in the Packers and
Stockyards Act of 1921.
The intention of the New York State Federation of Labor
to formulate through its Legislative Committee legislation
to be introduced at the forthcoming session of the Legislature to deprive judges of the power of issuing injunctions
without previous trial of the merits of the case, was made
known on the 9th inst., when it was announced that Secretdry Edward A. Bates had issued a letter to unions affiliated with the State Federation urging them to get in touch Gov. Pinchot Holds Another Conference With Anthracite Consuming States—To Support Prowith their members of Congress with a view to bringing
posed Federal Legislation.
about a curtailment of the power of Federal Judges to imRepresentatives of six anthracite consuming States, inpose sentences for contempt of court in cases similar to that
of Comptroller Craig. According to an Albany dispatch to cluding Pennsylvania, agreed at Harrisburg, Pa., on Dec. 13
to support a proposed Federal anthracite coal control Act,
the New York "Times," the letter says in part:
The newspaper dispatches say that President Coolidge has remitted
the
sentence inflicted by Judge Mayer en Comptroller Craig. The sentence
was
remitted instead of complete pardon given on advice of Attorney-General
Daugherty, who rendered the decision which guided the President. The Attorney-General in a labored statement, seemingly endeavored to "save the
face" of Judge Mayer. The Attorney-General, it will be remembered, is the
man who got the sweeping injunction against the railroad shop craftsmen,
and his sympathies are all with the injuncticn and contempt of court judges.
It makes this small difference, however, whether this unjust verdict rendered by Judge Mayer is remitted or complete pardon granted. There is a
great principal involved and which is extremely important to every liberty
loving citizen. The question involved is whether we are to hark back to
tyrranical action of rulers in the fifteenth century, or whether we are to have
justice and fair play by depriving judges of the power of issuing injunctions
without previous trial of the merits of the case, or whether we are longer
to permit judges to exercise their spite and spleen on defenseless citizens in
contempt of court proceedings.
The officers of the New York State Federaticn of Labor are of the opinion
that this matter should be put up to the Congress of the United States with
the request that by proper legislation they draw out the poisonous fangs
from the power vested in Federal judges.
outlined by Governor Pinchot, and without binding themselves to accept it, consented to consider his proposal for a
compact of States to regulate the hard coal business.
The meeting was the second conference of representatives
of anthracito.using States called by the Pennsylvania Governor to consider methods of regulating the industry and
bringing about lower coal prices. At the first meetings
Nov.26, the Governor suggested his plan for a State compact,
but action was postponed to permit him to outline it in greater
detail. Since then details of both the compact and a pro-.
posed Federal Act have been sent the thirty other States
in which hard coal is consumed and these plans were before
the meeting on the 13th inst.
Eleven States besides Pennsylvania were represented at
the first meeting. On Dec. 13 five States were represented,
Minnesota, whose Governor again was in attendance, Ohio,
Michigan, New York and New Jersey, the last represented
by F. M. Pearse, Secretary to Governor Silzer, who did not
come.
With respect to the discussions at the conference this week;
On Dec. 5 Representative Zililman (Republican), of Maryland, introduced a bill in Congress providing for trial by jury
in United States courts for contempt. Mr. Zililman, it is
stated, attacked the attitude of the Attorney-General, saying
that after criticizing Mr. Craig in scathing terms, the " De- press dispatches from Harrisburg said:
partment turns a complete somersault" ill recommending the
Governor Pinchot's proposed Federal coal control Act met with little
prison sentence be remitted. On the same day Representa- opposition to-day and after a discussion of its provisions the meeting, upon
the New
motion
representative, authorized the Pennsylvania
tive La Guardia of New York introduced a resolution calling Governorofto have the Jersey
bill drafted along the lines outlined by him and sent
upon Attorney-General Daugherty to supply the House of to the Governors of all anthracite using States with the request that they
Representatives with information relative to the receiver- get behind it. Governor Pinchot also was authorized to see that the
proposed Act was introduced in Congress.
ship of the Brooklyn Rapid Transit Co., out of which the
His proposed State compact, which met with vigorous opposition from
contempt charges developed. Representative La Guardia Governors Preus and Silzer at the first meeting, failed to receive the Unalso indicated that he would introduce a bill to provide for qualified approval of the Minnesota and New Jersey representatives to-day.
It was upon a motion of Governor Preus, however, that Governor Pinchot
jury trial in contempt cases.
was authorized to have the compact drawn up and sent to the other Governors for their consideration. The motion provided also that the Pennsylsylvan a executive may call for such assistance as he desired from the other
Governors in preparing it. It was agreed, however, that the action of the
conference did not bind any of the State to accept the plan.
Governor Pinchot Outlines Bill Proposed to Regulate
Anthracite Coal Industry.
Control An Outlined.
In line with his recent efforts to keep the price of anthracite
The Federal Control Act, as outlined to-day, would create a coal division of
coal down to last year's levels, Governor Pinchot of Penn- three members in the Inter-State Commerce Commission with broad
to investigate and regulate the anthracite industry and to issue
sylvania went to Washington on Dec. 7 with the outline of a powers
mandatory orders carrying out its recommendations. The measure in
bill to regulate the anthracite coal industry, which he framed general is based on the Federal
Stockyards Act, the Inter-State Commerce
as the result of his study of the problems involved in the Commission Act and the Federal Trade Commission law.
Pinchot
Governor
urged
that
action on the Federal bill be taken as
production, transportation and sale of anthracite. In effect, quickly possible
in order that it may be introduced
as
Congress with little
it proposes regulation not unlike that established in the delay. The Governor, in response to a question byinGovernor
Preus, expressed his expectation that Pennsylvania coal companies would oppose
Interstate Commerce Commission.
the bill vigorously.
Governor Pinchot issued a statement at Washington in
The compact, as outlined to the various executives, would require
which he suggested that the bill to regulate the anthracite approval by the Legislatures of the States joining in. It would
create a
commission to control the industry, and this control, Governor
joint
coal industry should contain the following general proPinchot said, would be delegated by the States to the joint commission,
visions:
from "the mouth of mines only.
(a) It should provide for the broadest possible control of anthracite coal
in Inter-State commerce by a Federal commission.
(to) Such a commission should probably be constituted a coal division of
the Inter-State Commerce Commission, composed of three members.
(c) The coal division should act not as an administrative court but as a
board proceeding upon its own initiative to investigate and regulate the
Industry.
Deputy Attorney-General Phillip H. Wells, author of the
compact
a complete system
of regulation from the mine to the consumer. He declared it
would result
in repeal of the State anthracite tax, previously urged by
executives of
other States as the first step to be taken by Pennsylvania,
although, he
said, repeal of the tax would subject anthracite to other State
levies which
were not imposed now.
plan, declared the proposal offered "the only way" for
2616
THE CHRONICLE
Lord Shaughnessy, Chairman of the Board of the
Canadian Pacific Railway, Dies Suddenly.
Lord Shaughnessy, Chairman of the Board of Directors
s
of the Canadian Pacific Railway and one of the Dominion'
Monin
residence
his
at
died
citizens,
most distinguished
due to
treal on Dec. 11 after a brief illness. Death was
sy, or
Shaughnes
Lord
ons.
complicati
and
disease
heart
was
year,
71st
his
in
was
who
sy,
Shaughnes
Thomas George
of his
born in Milwaukee. He attended the public schools
e
native city and entered the employ of the Chicago Milwauke
ranks
the
in
rapidly
rose
He
16.
& St. Paul Ry at the age of
r of the
of railway officials and was General Storekeepe
was aphe
when
1882,
in
Paul
St.
&
e
Chicago Milwauke
a staff for
proached by William Van Horne, then collecting
as Genthe infant Canadian Pacific Railway, and engaged
Two
rapid.
was
promotion
His
eral Purchasing Agent.
g Agent he
years after his appointment as General Purchasin
was made Assistant General Manager. In 1891 he became
he held
Vice-President and in 1899 President, an office
became
and
y
Presidenc
the
from
retired
he
when
until 1918,
at
Chairman of the Board of Directors, the position he held
Shaughthe time of his death. During the regime of Lord
the
nessy as President of the Canadian Pacific, it grew to be
in
largest single transportation system by land and water
the world. It poured out hundreds of millions on the
development of the Canadian West and its shipping feeders
the
to the railway." One of the outstanding figures in
frewas
said,
is
it
advice,
sy's
Shaughnes
World War, Lord
quently asked and followed by the Canadian and Imperial
Lord
Governments. In addition to his railroad activities
in a
trustee
or
director
a
Shaughnessy was associzted as
Bank
wide range of enterprises. Among these were the
, Comof Montreal, Royal Trust Co., Mackay Companies
the
mercial Cable Company, &c. In reporting his death
said:
"Gazette"
Montreal
and courage.
He had a unique career, filled with initiative, enterprise
with a record
Having run the three-score years and ten he has departed
and sucthat few Canadians have over made, and all his accomplishments
a suggestion
cesses were clean. Never in his official or his personal lifShas
his actions.
been made against the complete integrity that characterized all
most loyal
In Lord Shaughnessy Canada loses its most distinguished,
and most efficient citizen.
Death of Sir William Mackenzie.
and
Sir William Mackenzie, prominent Canadian financier
Toronto,
o,"
"Benvenut
home,
his
railroad builder, died at
after an illness of three weeks' duration. Death was due to
heart disease. Sir William, who was in his 75th year, was
born at Kirkfield, Ont., of Scotch parentage and received his
education in the public schools of the district and at the
military academy at Toronto. He began his career as a
teacher in the public schools but soon abandoned the profession for a commercial career where he could find wider
scope for his energies. He then engaged in the lumber business. At that time the Toronto and Nipissing divisions of
the Grand Trunk Railway were being bu:lt and Sir William,
then Mr. Mackenzie, obtained a contract for the construction
of sections of these lines. Later he undertook for the Canathrough
dian Pacific Railway the extension of the system
the Rocky Mountains.
It was about this time that he met Sir Donald Mann, who
was
was then in the lumber business. Their partnership
William
formed in 1886 and it was never dissolved. Next Sir
career,
entered upon one of the most important works of his
conthe building of the Canadian Northern Railway. The
for
won
railroad
nental
transconti
second
struction of this
Canadian
himself the title of "Emperor of the North." The
1915.
Northern, from Quebec to Vancouver, was completed in
the
It took years to build the road, but the builders pushed
The
s.
difficultie
of
great
face
the
in
ahead
lines of rails
was
work of construction and obtaining necessary finances
Mann
Donald
Sir
William,
Sir
by
hed
accomplis
ly
successful
The war,
and Roderick J. Mackenzie, a son of the former.
difficulhowever, hampered the work and led to financial
NorthCanadian
the
of
purchase
ties which resulted in the
largest
ern by the Dominion Government. Some of Canada's
enterprise.
industries owe their inception to Sir William's
Co.,
He was one of the promoters of the Columbia Lumber
VentilatCar
Hughes
Co.,
t
Investmen
&
Land
the Canadian
served as
ing Co. and the Canadian Mining Trust Co. He
Ontario,
Northern
Northern,
Canad:an
the
of
President
& Coal
Railway
Inverness
Halifax & Southwestern Railway,
ToCo., Winnipeg Street Railway, Toronto Street Railway,
Co.,
Land
Northern
Canada
Railway,
ronto & York Radial
Canada Southern Steamships, Ltd., Sao Paulo Tramway,
FoL. 117.
Light & Power Co., Monterey Water Works & Power Co.,
Port of Para Docks Co., Rio Janeiro Tramway, Light &
Power Co., Ontario Electric Development Co., and as a director in the Shawinigan Water & Power Co., National Trust
Co., British Empire Trust Co., Commercial General Electric
Co., Central Canada Loan & Savings Co., Columbia River
Lumber Co., Imperial Life Assurance Co. and the Metropolitan Life Insurance Co. of New York. Sir William was
knighted by King George in 1911.
Inter-State Commerce Commission Denies American
Railway Express Co. Rate Increases—Rates on
Foodstuffs Ordered Reduced.
In a decision denying the American Railway Exxpress Co.
the right to make general increases in inter-State express
rates which it asked, the Inter-State Commerce Commission
on Dec. 3 laid down new bases for the application of such
rates. The Commission held that present inter-State express
rates applied to food articles of nearly all kinds, are too high
and should be reduced by amounts ranging from 10 to 11%.
The companies were required to make the reductions by installing tariffs which will equal those in effect on Oct. 12
1920, when increases to the present levels were made. The
establishment of new schedules, incorporating the changes,
on or before Feb. 21 next, were ordered. The Associated
Press accounts from Washington, Dec. 3, further state:
In outlining the principles to govern the general revision, the Commission
pointed out that rates are now built up on the basis of five zones, one for
the Northeastern section of the country, one for the Southeast, one for Mississippi-Missouri territory, one for the Rocky Mountain area and one for the
Pacific Coast. There are differences in the factors of rates between tach
zone, and the Commission decided that these result in too great a discrepancy.
Accordingly a three-zone system was ordered into effect, one zone to take
in generally the Northeastern section of the United States, the second the
Southeast and the third to include all of the territory west of the Misissippi
River.
In the reconstructions to be made on the basis of the zones, the Commission held that the express carriers might include a haulage factor charge of
25 cents per 100 pounds for the first 50 miles in the Northeastern section;
a factor of 27.5 cents for the first 50 miles in the Southeastern or second
zone, and 30 cents for the same distance in the third zone.
The general arrangement now followed of blocking out the country in
50-mile squares for the purpose of fixing express charges was said to be
satisfactory with the amended zone arrangement and the express companies
were ordered to work out rate schedules for later submission to the Commission.
In dealing with two minor points raised during the general rate study the
Commission ruled that hereafter rates on fibre or reed furniture should be
reduced to an equality with like rates on wooden furniture. Racing or homing
pigeons, it was also said, should hereafter be hauled at the second class rate
over distances not exceeding 400 miles instead of the first class rates now
charged.
The question of express rates was brought under investigation by the Commission in 1922, following a reduction in general railroad freight rates.
"Taken as a whole, the evidence of record leads to the conclusion that in
the absence of a general industrial depression the express business should
steadily Increase," the Commission said. "There is no evidence that utilization in present express facilities generally is approaching the point of saturation."
The opinion was expressed that with a good volume of business the American Railway Express Co. could make proper earnings and at the same time
give the rail lines which handle its traffic a fair return.
The Southeastern Express Co., which operates separately, was said to
have begun business two years ago, but to have encountered "a healthy
growth" under present charges.
Inter-State Commerce Commission Denies Petition of
Senator La Follette's National Conference for
Recommittal of Valuation Proceedings.
A petition presented by the National Conference on Valuation of American Railroads, of which Senator La Follette
is head, to have the proceedings of the Inter-State Commerce
Commission in the physical valuation of the railroads of the
country recommitted to the Bureau of Valuation, was denied
by the Commission on Dec. 3. The Conference, whose organization was perfected last May at a meeting in Chicago
attended by Western Congressional leaders and others (referred to in our issue of June 2, page 2479), sought to have
the Commission establish the original cost of property investment and labor in railroads, as well as other data. All
the existing valuation work of the Commission was attacked
as unsound. In denying the petition to recommit its findings the Commission directed that notices of all proceedings
in arriving at valuation should hereafter be served upon
Senator La Follette for his information as Chairman of the
Conference. From the New York "Commercial" of Dec. 4
we take the following regarding the decision of the Commission:
orThe decision will force the issue raised by the Conference, which was
It.
ganized by Senator La Follette and others, into the courts if Donald
do
Richberg, counsel for the Conference, does what he indicated he would
Cornif an adverse ruling were made—seek an order of court to compel the
mission to make an estimate of original cost to date.
1
DEC.151923.]
THE CIRRONTO-LT.1
Chairman Meyer and Commissioners Hall, Lewis and McChord approved
the report. Commissioner Potter "concurring with modification," and
joined therein by Commissioner Cox, declared the Commission should make
the findings asked by the La Follette Conference and expressed the belief
that the final valuations of the Commission would be invalid unless such
findings were made.
Commissioner Eastman dissented, in part, reiterating his conviction that
the Commission should find a value for rate-making purposes "based on the
amount invested honestly and with a reasonable degree of providence in the
property," and that to determine such investment it was necessary to know
as nearly as may be what the property should have cost.
Want Oroginal Cost to Date.
Commissioner McManamy, dissenting in part, said the Commission should
make a finding as to original cost to date.
Commissioner Aitchison, Each and Campbell did not participate in the
decision.
On the subject of original cost to date the Commission reaffirmed its
findings in the Texas Midland valuation case. These were in effect that
where original cost to date could be ascertained as a fact, it would be reported in whole or in part, but that an estimate of total original cost to
date was not required by the law in the absence of facts.
It further held that the procedure of the Commission in ascertaining
information with respect to aids, gifts, grants or donations, was in substantial
compliance with the valuation Act, and that analysis of method of
arriving
at final value was not required by the law.
The Commission granted the part of the petition asking that Senator
La
Follette be notified of all developments in connection with valuation
of the
railroads.
"I agree with the majority that we should not grant the motion to
remit
proceedings to our bureau with instructions, Commissioner Potter said.
"The task of valuation Is for the Commission, and we may perform
it ourselves or in our own way if we proceed regularly and make
the findings
which the law requires. I do not concur in the reason of
the majority for
its action. I think that in all of our valuations we should
make the findings which the petitioner desires, and I apprehend that our
final valuations
are invalid when we do not do so. There is, in my
judgment, no serious
difficult in making the findings which petitioner suggests.
The majority
assumes that there is difficulty and takes far too seriously
the burden of
finding original cost. Like most impossible tasks, it can
be done. We are
not directed to report book entries.
2617
The policy of control of rates is fixed by national and State legislation.
This policy has superseded the theory that reasonable rates are to be obtained
through competitive action. The idea of protection against excessive rates
through the maintenance of competition is now dead. We should therefore
secure the largest possible benefits from consolidation into larger systems by
securing consolidation in such fashion as will protect and advance public
interest.
The urgent importance of the early consummation of consolidation warrants consideration of methods to expedite it. Under the present provisions
for wholly voluntary action subject to the Inter-State Commerce Commission,
many consolidations are likely to be long delayed. The difficulties of negotiation between the members of the groups that will be established by the
Inter-State Commerce Commission; the complications arising from varying
priorities of securities affecting the determination of terms of purchase by
one railway line of the property of another; the unwillingness of some lines
to acquire or to sell others; the questions of individuality; the difficulties
of establishing by negotiation the relative value of one property to another;
the necessity of holding capitalization within the limits of the actual property values; the complexities and conflicts of State regulation and laws—all
these problems would find a great measure of solution if the consolidated
systems were allowed Federal incorporation and if after a lapse of some
appropriate period for voluntary action the Inter-State Commerce Commission were given authority to create definite organization committees for each
system, including representation from the public and from the component
roads. It should be the duty of such committees to develop and perfect a
plan of consolidation either through the exchange of securities of the consolidated systems directly with the security holders of the component roads
or by some other method. I believe that under such auspices the security
holders would be willing voluntarily to make such an exchange. If a minority should refuse, it would be entirely feasible to invoke condemnation
and purchase of their securities for the consolidated systems at an established fair value. Such a method would permit the determination of the
relative value of the different railways, considering both the physical properties and the often lower total of their securities, and due account could be
taken of future as well as present conditions.
The ownership of some roads or terminals jointly by two or more consolidated systems could be provided for, as there are cases where such a solution
would be most advisable in creating more efficient transportation. The public interest could be safeguarded by limiting the total capitalization of consolidated systems to an amount not exceeding the physical value of the railways as determined by the Inter-State Commerce Commission under the
Transportation Act as of June 30 1914, plus actual capital expenditures and
deducting abandonments and depreciation since that date. The total capitalization of many of the consolidated railways would probably be less than
the Inter-State Commerce Commission physical valuation and certainly less
than their present nominal capital. An approach to the problem through
such organization committees is in accord with common business practice,
and if it were made possible it should result in greatly expediting consolidations and in their perfection on terms soundly protective of public interest
and with an equitable adjustment of relative values between the component
roads.
Must Report a Conclusion.
"We are to investigate and report a conclusion,
and we are not relieved
from that task if some one has made it more difficult
by destroying records.
We arrive at our conclusion the same way we arrive at
other conclusions—by
using the best competent evidence that is
available. Where cost is the question and records are not available, evidence as to
what the cost should have
been is always competent. An estimate may,
in face, be much more reliable
than a book entry of actual payment.
"Of course, the task is dfificult. Perhaps, as has been
suggested in one
of our cases, it is made more difficult by the
fact that it is required to be
the work of eleven men. I do not think this is true,
for I think it would be
made relatively simple if we were to announce principles and
methods. If it
First Regional Trust Company Conference.
be true that we are incapacitated because we are eleven, that
may be a reason for recommending to the Congress that the work be
taken away from us
First Regional Trust Company Conference held at
the
At
.
and given to fewer men. But it is no reason why the work
should not be
San Francisco Nov. 22 and 23, under the auspices of the
done. It is because the task is a difficult one that Congress,
after we have
expended many millions, continues to make appropriations
for the work. Trust Company Division of the American Bankers' Assohe work should be done so that our results are entitled
to weight, or it ciation, a resolution calling for a similar conference next
should not be done at all. If we cannot do it in a manner
to give credence
to what we do, we should inform Congress of this fact
was unanimously adopted, as follows:
and recommend that year
appropriations for the work be discontinued.
Wher.as, the First Regional Trust Company Conference now in session
"The final and tentative valuations that we have
strate conclusively that we have applied to the extent made to date demon- In San Francisco has brought together representatives of trust companies
of domination the in- from eleven Western states for the purpose of discussing the responsibilities
elastic rule of reproduction cost wtihout due
regard to whether resulting and problems of the business to the end that the opportunity to serve the
values are fair, excessive, or too low."
public may be widened and extended,and
Whereas, the reports and eiscussions have inspired us to continue to
strive for the attainment of the highest Peals of service.
Wage Agreement with Locomotive Engineers
Reported
Now therefore. Be it resolved, that this.Regional Trust Company ConRenewed on Rock Island RR. for a Year.
ference be continued and that the Trust Company Section. American
Association, arrange a similar conference at such time and place
Bankers
Hope that railways of the country will effect
amicable as may be deemed advisable for the year 1924.
adjustments of the wage question involving train
(Resolution unanimously adopted.)
service
employees
gained support on Dec. 11 when it was unofficially
reported that the Chicago Rock Island & Pacific had
renewed
for one year its contract with the Brotherhood of
Locomotive Engineers. While details were not announced,
it is
said that the rate of pay will remain unchanged.
One hundred and fifty delegates from the eleven Pacific
Coast and Rocky Mountain States were present at the
opening session of the Conference, which was presided over
by A. L. Lathrop, Secretary & Trust Officer, of the Union
Bank & Trust Company of Los Angeles; Leroy A. Mershon,
Secretary Trust Company Division, American Bankers'
Secretary Hoover on Importance of Early Consolidati
on Association, Now York, was Secretary of the Conference.
of Railroads to Effect Simplification of Rate
Recognition of the services rendered by Messrs. Lathrop
Structure.
and Mershon in bringing about the success of the Conference
According to Secretary of Commerce Hoover, the
past was recorded in the following resolution unamously adopted.
year's experience of the Department in its relations to
Whereas, the Program Committee has devoted much earnest effort to the
transportation has shown even more emphatically than
purposes of this conference, namely, producing discussion
ever be- fundamental
and interchage of helpful suggestions and ic'eas in connection with our
fore the necessity for the consolidation of the railways
into mutual problems, and has been so successful in this
regard that all delelarger systems under private ownership, the
principles of gates feel our objects have been well accomplished and the Convention
which were established In the Transportation Act
decieedly work while.
of 1920.
Now, therefore, Be it resolved that the Program Committee be congratuThis observation by Secretary Hoover is contained
in his lated upon and thanked for the interesting and instructive program.
annual report to Congress, and in his further comments
Be
it further resolved that the Chairman of the Conference, Mr. Lathrop,
on
the subject, Secretary Hoover says:
and Secretary Mershon be sincerely congratulated upon the manner in
The difficulties of reorganizing the rate structure so as
to
cation and to give relief in primary products—agricultural, secure simplificoal, etc—by a
fairer burden upon finished and L. C. L. goods are almost
insuperable until
the different systems are possessed of more diversified traffic
weaker roads have been absorbed. The necessity to establish and until the
railway credit
and finance on a broader foundation than sole reliance upon
the issue of
mortgage securities; the necessity of provision for common
terminal and other facilities; the impossibility of providing utilization of
adequate rolling stock and particularly specialized cars, so long as the burdens falls solely
upon the strong roads; the difficulties of more definite control of car service to meet seasonal demands and routing; the insuperable problems of
equalization in car interchange; the slow progress in standardization
and
maintenance of equipment—all point to the imminent desirability of early
progress with consolidations, if we are to have a transportation system adequate to the necessities of the country and containing in itself the strength
for annual increase.
which the conference has been handled.
A further resolution adopted extended to the San Francisco and Oakland Trust Compinies and the Committee,
"a sincere vote of thanks and appreciation for the hospitality, reception and entertainment tendered the visiting
delegates." In indicating the purpose of the Conference
L. H. Roseberry, Vice President of the Security Trust
and Savings Bank, Los Angeles, a member of the Executive
Committee and Committee on Mid-Winter Conferences of
Trust Company Division American Bankers' Association,
said in part:
We have a pleasing program ahead of us, and I am not going to
take any
of your valuable time by an address of my own. I simply
want to say
2618
THE CHRONICLE
briefly that this meeting is one of great importance. It is the first of its
kind and we may well hope that it will be a successful meeting and that
others will follow in due course. The enlarging scope of trust business, the
wider fields into which the trust business is finding its way, makes it exceedingly desirable that meetings of this kind should be held; the trust
men should get closer to each other, should learn to know each other, and a
full and free interchange of ideas, experiences, and problems might result,
to the benefit of trust service, generally. Trust service in this present day
Is exercising a wide influence upon the life of people generally. It is felt,
of course, particularly in financial circles, in economic, and even in social
circles. In th West. the trust business is comparatively new; we are
blazing new trials in a new financial field. In a way, the trust companies
are to an extent groping, feeling their way. The business of the West is
different in character from that of the trust companies of the East. Our
business, necessarily, is smaller, we have a greater number of small trusts.
There is greater detail, greater variety of business, In a smaller way. In the
East they have big corporation trusts which we don't get to such a great
extent out here. And therefore, our problems are different, we have to
meet them in a different way,and we are in a new field, so to speak.
These meetings will be open to the public, there is nothing secret about
them, no secret session in any sense of the word. Particularly are representatives of the press invited to be present.
These meetings are not confined to representatives of trust departments.
We invite the officers of banking departments to be present, and particularly would like to have them come to the meetings if they feel so inclined.
It is desirable and essential for the future growth of the trust departments
and success of the trust business that the trust business should be thoroughly
well understood by the executives in the banking department. It seems to
me it is the general experience and general situation that in most every
institution the trust department is a thing apart, little understood by even
the officers of our own institutions, which is not said in any sense as a reflection on the banking department, but is the natural condition which is
to be expected, but which it would be extremely beneficial to the trust
business and those conducting it if it could be eliminated.
As to the character of the discussions, I may say there will be no set
speeches. The topics which have been announced will be introduced by
able trust officers who have been selected to lead the discussion. In each
case, after the introductory discussion of the topic or paper has been delivered, it is desired that the members present enter into the discussions
freely and fully, without any hesitancy. We want, in order to get the best
out of this meeting, every man here who has any ideas to advance on any
subject to do so, and out of the fulness of those discussions we will get the
benefit we expect to derive from the meeting.
The discussions included the following:
1. Policies to be pursued in acceptance of new business:
(a) Standing of Trustor.
(b) Merits of enterprise.
(c) Indebtedness on trusted property.
(d) Use of Bank's name in promoting enterprise, &c.
Led by W. J. Garthwaite, Trust Officer, the Oakland Bank, OaWand,
California, assisted by Stewart Smith, Vice-President, Bank of California,
San Francisco.
2. Value to Bank of officers and directors naming it Executor and Trustee
under their wills.
Led by Donald Myrick, Vice-President, First National Bank, Santa
Barbara, assisted by R. R. Bixby, Assistant Trust Office, Mercantile
Trust Company, San Francisco.
3. Fundamentals of correct trust charges:
(a) Statutory.
(b) By agreement (acceptance, annual, closing fees).
Led by R. M. Sims, Trust Officer, Mercantile Trust Company of California, San Francisco, assisted by Percy Wood. Assistant Trust Officer
Union Trust Company of California, San Francisco.
4. Creating a proper understanding of status of trust company service,
educational publicity campaigns; lectures before colleges; public speaking,
newspaper and magazine articles; meetings with Bank employes and
oificers. &c.
Led by Leo S. Chandler, Vice-President, California Bank, Los Angeles,
assisted by R. D. Brigham, Vice-President, Anglo Calitornia Trust Co.,
San Francisco.
5. Developing trust business through the Bar.
Led by W. B. Shoemaker, Vice-President, Seattle Title Trust Company,
Seattle, assisted by Louis Ferarri, Attorney, Bank of Italy, San Francisco.
6. Investing trust funds: joint authority with others; legal investments,
trustee buying securities from itself, use of mortgage participation certificates Interest yield.
Led by William V. Rockerfeller, Trust Officer, Tracy Loan & Trust Co.,
Salt Lake City, Utah, assisted by Paul Sinsheimer, Vice-President Mercantile Trust Co., San Francisco.
7. Auditing practice in connection with trusts.
Led by Roy W. Blair, Trust Officer, California Trust & Savings Bank.
Sacramento, California, assisted by A. Denton, 235 Montgomery Street,
San Francisco.
8. Cooperation between Trust Companies for standardization of practice
and exchange of business.
Led by W. J. Kieferdorf, Trust Officer, Bank ot Italy, San Francisco,
assisted by L. A. McCrystal, Trust Officer. First Federal Trust Co.. San
Francisco.
9. Trust problems arising from Community property law.
Led by A. E. Nelson, Trust Officer. Spokane & Eastern Trust Company,
Spokane, Wash., assisted by Alexander Keyes, President, Humboldt Bank,
San Francisco.
10. Life insurance trusts.
Led by Lane D. Webber, Trust Officer, First Trust & Savings Bank,
San Diego. California, assisted by C. C. Legerton, Assistant Trust Officer,
Anglo California Trust Co., San Francisco.
will.
11. Demonstration of securing executorship or trusteeship under a
Trust
Led by William Rhodes Hervey, Vice-President Pacific Southwest
& Savings Bank, Los Angeles, assisted by Bruse Grigsby, Vice-President,
Pacific Southwest Trust & Savings Bank, Los Angeles.
12. Demonstration of securing trusteeship under voluntary trust.
Bank.
Led by L. II. Roseberry. Vice-President, Security Trust & Savings
Trust
Los Angeles, assisted by J. C. MacFarland, Trust Counsel, Security
& Savings Bank, Los Angeles.
A reference to the proposed conference appeared in our
issue of Oct. 27, page 1838.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were reported posted for transfer, each for a consideration stated
as of $82,000. That of Roger M. Poor, deceased, to Ben-
[vol.. 117.
jamin Jacobsen, and Henry L. Wardwell, deceased, to.
Edwin D. Hubbard. The memberships of Leo M. Price
was reported posted for transfer to Edward P. Goldman,
and that of Jesse Hirshmann to De Witt Millhauser, the
last being for a nominal consideration.
The Fifth National Bank, 23d Street and Lexington Avenue, recently increased its surplus funds to the extent or
$100,000, making the amount now $1,100,000. This is
the third time during the present year the surplus fund
has been increased by this amount. During the past ten.
years the bank's deposits have grown from $3,839,500 to$18,874,500, while its resources have increased from $5,000,000 to over $23,000,000.
The National Bank of Commerce in New York announces
the establishment of a trust department under the management of Second 'Nice-President C. Alison Scully, and is prepared to act as trustee of bond and note issues, depositary
in reorganizations, registrar, transfer agent and couponpaying agent for corporations, as executor, administrator,
trustee and guardian for individuals and in other trust
capacities.
The usual appeal is being made by the "Bankers' and
Brokers' Committee" of the United Hospital Fund of New
York for contributions from bankers and brokers of Greater
New York, to the 45th annual collection for the 58 nonmunicipal hospitals which are members of the Fund. The
letter of appeal states that, "as usual, the amount collected
will be distributed without regard to creed, color or nationality," by a committee composed of the Mayor and Irving T.
Bush, President of the Chamber of Commerce; Lewis E.
Pierson, President of the Merchants' Association; Otto T.
Bannard, Edwin P. Maynard and James Speyer. On the
committee are 130 well-known bankers and brokers, who are
also trustees or directors of one or more of the 58 hospitals,
with James Speyer, Chairman, and Albert H. Wiggin, Treasurer. The personnel of the committee not only shows the
extent to which representative bankers and brokers find
time to devote to the management and welfare of these institutions, but is certain to assure the success of the collection.
A drive for additional members from among the banks is
being conducted by the Bank Clerks' Co-operative Building
& Loan Association, located in the Cotton Exchange Building, GO Beaver Street. This association was incorporated in
1890 under the banking law of the State of New York to furnish a means of savings by small monthly payments and to
assist bank clerks to build .homes on the easy payment plan.
It now has approximately 5,000 members and assets of over
$2,000,000. Savings or "dues" are made in moderate monthly
payments through over 100 sub-treasurers located in the
various banks. It is stated that the profits credited to members in the past have exceeded 5% compounded annually.
F. 0. Foxcroft, Cashier of the National Park Bank, is President of the association and the other directors are:
J. F. Flaacke, Chemical National Bank; W. IL Judson, Judson Co.; W. E.
Jarvis, Bank of America; C. Harry Minners, Financial Secretary of the Association; W. S. Beckley, Vice-President, Fifth National Bank; A. Taylor,
Fifth Avenue Bank; Richard Hone, Equitable Trust Co. ; J. C. Klinck,
Trust Officer, Metropolitan Trust Co.; F. B. Baile, Laidlaw & Co., bankers;
J. L. Miller, Assistant Vice-President, Chase National Bank; William R.
Scrimgeour, Mechanics Bank of Brooklyn; L. DeGraw Quackenbush, Treasurer, Greenwich Savings Bank; Thomas B. Nichols, Manager Produce Exchange Branch, the Mechanics & Metals National Bank.
Henry Parish and L. F. Kiesewetter, Vice-Presidents of
the Bank of New York & Trust Company, were elected
trustees of the institution on Dec. 11 to fill vacancies on the
board. They were formerly members of the boards of the
New York Life Insurance & Trust Co. and the Bank of New
York, respectively. When these two institutions were
conselidated, however, they resigned as trustees and directors in order to facilitate the merger.
Special banking services designed primarily to reduce the
risk of pay-roll hold-ups through the elimination of the necessity of large transfers of cash were announced on Dec. 3
by the Corn Exchange Bank of New York. The bank is seeking
to encourage the use of checks for pay-roll purposes in place
of cash by cashing pay checks for employees at any of its
54 offices from 9 a. m. to 5.30 p. m. daily except Saturdays,
Sundays and holidays and on Saturdays from 9 a. m. to 3.30
p. m. Arrangements have been made by the bank whereby
deposits can be made at the head office or any of the
branches to be credited to the depositor's account at the
DEC.15 1923.]
THE CHRONICLE
head office or branch where the account is carried. Provision is also made whereby depositors can have depositors'
checks payable at any or all of the 54 different locations in
New York City. Furthermore, the bank has arranged so
that deposits of cash can be made and cash forwarded by
express to depositors located within 75 miles of New York
City without expense.
Control of the National Bank of Bay Ridge, Brooklyn,
N. Y., passed to Jacob Schaefer Jr., President of the bank,
on Dec. 5 through the sale to Mr. Schaefer of stock owned by
six officers and directors of the institution, who automatioally relinquished their connections with the bank. The
Brooklyn "Eagle" of Dec. 5 stated:
By obtaining control of the bank Mr. Schaefer put an end to efforts of a
large Manhattan bank to get control of the Bay Ridge institution for the
purpose of making it a branch, it was learned to-day. In a statement Mr.
Schaefer said that the National Bank of Bay Ridge will maintain its complete independence and furthermore would itself establish a branch office
In the Borough Park section. Permission for the branch was received late
yesterday from the Comptroller of the Currency at Washington.
The officers and directors who sold their stock to Mr.
Schaefer are: Albert Heilbronn, Vice-President and director; Edwin W. Harlow, Vice-President and director; William
J. Allgaier, John H.Bahrenburg,John L. Curley and William
J. Hefferman. The National Bank of Bay Ridge had deposits
of more than $2,000,000, with more than 4,000 accounts,
on Dec. 3 1923, although it has been in existence only since
April 2 this year. It has a capital stock of $300,000 and on
Dec. 3 had resources of $2,528,067 14. The bank is located
at Fourth Avenue and Fiftieth Street.
Erastus Walbridge Bulkley of Plainfield, N. J., died this
week at the Tranton Hospital after a long illness, in his
fifty-first year. He was long a member of the banking firm
of Spencer Trask & Co., until broken health compelled his
retirement at the close of 1922. His last service was as resident partner of his firm in Chicago. Mr. Bulkley was graduated from the New York University and was one of the organizers and first trustees of its School of Finance. He was
an occasional lecturer before business schools of other universities. Recognized as an authority in the laws and methods of investment banking, he served upon different committees of the nalkers' Association. Research work led
him into other important fields, including that of philanthropic inquiry.
The following have been ele- cted Assistant Cashiers of the
Broad Street National Bank of Philadelphia: J. R. Tricebock, Miles B. Munn and S. B. Boerner. The elections
were made in anticipation of the opening of two additional
offices of the bank. Mr. Boerner will have charge of the
Twenty-second Street and Hunting Park Avenue office,
and L. W. Leonard will have charge of the Twenty-fifth
Street and Lehigh Avenue office. Messrs. Tricebock and
Munn will be at the main office.
At a recent meeting of the d- irectors of the Third National
Bank of Philadelphia, Pa., William B. Vrooman, formerly
Secretary and Treasurer of the Peoples Trust Co., was
elected Vice-President of the bank.
William R. Nicholson, President of the Land Title & Trust
Co. of Philadelphia, celebrated the 32d anniversary of his
election to that post on Nov. 10, according to the Philadelphia
"Ledger," which added:
At the close of business Sept. 30 1891 the Land Title & Trust Co., with
capital of $1,000,000, showed a surplus and undivided profit account of
$128,632, and total assets of $2,596,882, with deposits of $1,468,250. On
the same date this year it had a surplus and undivided profit account of
*11,750,274, capital of $3,000,000 and deposits of $24,193,299. Total trust
values held by the company amount to $59,781,874.
In addition to being head of the Land Title Co., he is President of Philadelphia Company for Guaranteeing Mortgages, director of West Philadelphia
Title & Trust Co., Fourth Street National Bank, Girard Fire Insurance Co.,
trustee of the American Surety Co., of New York; director of Wheeling &
Lake Erie Railroad Co., director of Omaha Water Co., President of Philadelphia Stock Exchange Building Co., and member of Arbitration Committee,
Philadelphia Clearing Rollie Association.
E. Raymond Scott, Vice-President of the West Philadelphia Bank of Philadelphia, has been elected a director of
the institution. He is also President of the Philadelphia
Chapter, American Institution of Banking.
2619
tion from $50,000 to $100,000. The present stockholders will
have the right to purchase at $125 per share, within 60 days
from the date of the meeting one share of the new stock for
each share held. The par value of the stock is $100. Stockholders may allot to other subscribers their right to purchase
the new stock.
The Mechanicsburg Nationa- l Bank, of Mechanicsburg, Pa.,
with a capital of $50,000, has been placed in voluntary liquidation, effective Nov. 5 1923. The Mechanicsburg Trust Co.
purchased the assets and assumed the liabilities of the bank.
The stockholders, we are advised, paid $15330 per share for
stock owned.
The stockholders of the Unio- n Safe Deposit Bank, of Pottsville, Pa., on Nov.22 approved a proposal to change the name
to the Union Bank & Trust Co. The new name will be
adopted about Jan. 1 1924.
R. C. Jennings was recently elected President of the Columbia National Bank of Pittsburgh. He succeeds his
father, the late Edward H. Jennings, whose death occurred
a short time ago. Mr. Jennings had been associated with
his father in oil enterprises for many years. During the last
few years he has been closely identified with the affairs of
the bank. He is Vice-President of the E. H. Jennings Brothers Co.; Vice-President of the Jennings Oil Co.; Vice-President of the Kanawha Oil Co.; President of the Pannhoma Oil
Co.; Vice-President of the Manatee County Land Improvement Co., and a director of the Citizens Savings Bank of
Pittsburgh and the Pittsburgh Oil & Gas Co.
The Comptroller of the Cur- rency has approved an application to organize the Old First National Bank of Mt. Vernon, Ind., with a capital of $100,000 and surplus of $25,000.
It began business Dec. 1 as successor to the First National
Bank of Mt. Vernon, Ind. The officers are Edward E. Highman, President; Hudis F. Clements, Vice
-President; Eugene
E. Highman, Cashier; Ambrose W. Herbert, Assistant Cashier.
At a joint meeting of the d- irectors of the National City
Bank of Chicago and the National Bank of the Republic of
that city held on Tuesday of this week it was voted to consolidate the institutions under the title of the latter. The
new organization will have deposits of approximately $70,000,000 and total assets of about $85,000,000. Both the
consolidating banks have capital and surplus of $2,000,000
and $1,000,000 respectively. The merger is expected to be
on a share for share basis after some equalization of assets.
An appraisal will be made, it is said, and any excess over the
amount necessary for each bank to contribute to the capital,
surplus, undivided profits and the various usual reserve
funds will be paid as a special cash dividend to the stockholders of each bank. John A. Lynch, President of the
National Bank of the Republic, will become Chairman of
the Board of the new bank while David R. Forgan, President
of the National City Bank of Chicago, and George Woodruff, Vice-President and Manager of the Republic, will
become Vice-Chairmen of the new board. Hugo E. Otte,
Vice-President and Manager of the National City Bank,
will be President. It is proposed to house the new institution in the present home of the Corn Exchange National
Bank and the merger will therefore not be consummated
until possession can be obtained of that building, which will
probably be about July 1, next. A meeting of the stockholders of the consolidating banks will be held in the near
future to ratify the proposed merger. Mr. Otte, the man
chosen to head the new institution, is 50 years old and has
been connected with the National City Bank of Chicago since
its organization in 1907. He started his banking career at
the age of 15 as an office boy and by successive stages became
messenger, discount clerk, teller, assistant cashier, vicepresident and now president. He organized two Chicago
banks—the Union Stock Yards State and the Lake View
Trust & Savings and was President of the latter when David
R.Forgan organized the National City Bank. Mr.Otte joined
the institution as Cashier and in 1909 was appointed senior
Vice-President.
The Comptroller of the Currency announces that the name
Ratification of the proposed consolidation of the Kaspar
of the National Bank of Sayre, Pa., was changed Dec. 6
to the Merchants & Mechanics National Bank of Sayre.
State Bank and the American State Bank, Chicago, to form
the Kaspar-American State Bank, was given at a special
The stockholders of the Seventh Street Savings Bank of meeting of the stockholders of the former institution on
Washington, D. C., at their annual meeting Jan. 8 1924 will Dec. 12. The stockholders of the American State
Bank
act on a proposal to increase the capital stock of the corpora- ratified the merger on Dec. 7. Mention was made of the
2620
THE CHRONTCLE
[vol.. 117.
proposed consolidation of the banks in these columns in our capital, $28,000; deposits, $101,000, and the American Exchange Bank of Watford City, capital, $20,000; deposits,
issue of Nov. 24.
$43,000.
At a meeting of the Board of Directors of the Central
The Liberty National Bank, Columbia, S. C., has been
Manufacturing District Bank of Chicago last week, the
and an extra dividend of merged with the National Loan & Exchange Bank. The conregular quarterly dividend of 2
2% were declared, both payable January 1, to stockholders solidation has been effected under the name of the National
of record December 31. The Capital stock of this bank now Loan & Exchange Bank. The latter has a capital of $500,000.
is $500,000 and Surplus $500,000. The stock of the bank Its officers are E. W. Robertson, President; T. B. Stockhouse, Vice-President; T. J. Robertson, Cashier; L. D. Robinrecently sold at $350 a share.
son, J. E. Mathews, G. P. Millers and Burnell Sloan, AssistA press dispatch from Madison, Wis., appearing in the ant Cashiers.
"Wall Street Journal" of Dec. 6 stated that the Bayfield
Charles St. Raymond, a Vice-President of the Citizens'
County Bank and the Northern States Bank, both of Washburn, Wis., were taken over by the State Banking Depart- Bank & Trust Co. of Louisiana, New Orleans, was found
ment. Frozen assets were given as the reason. Both banks dead on the morning of Nov. 27 with a bullet wound in his
were capitalized for $25,000 and had a surplus of $5,000, head in a garage adjacent to his home on Canal Street, that
city. Later the Coroner pronounced it a case of suicide. The
with deposits of $270,972 and $228,772, respectively.
next day, following a thorough examination of the books
On Dec. 1 the Minneapolis Trust Co. of Minneapolis, Minn., and securities of the Citizens' Bank & Trust Co., Charles J.
celebrated the fifth anniversary of its banking department. Theard, the President of the bank, announced that a shortage
Established in 1918, this department has enjoyed a steady of $94,150 in the securities owned by the institution, and of
and gratifying growth. Deposits at present are well over which the late Vice-President had been custodian, had been
$4,000,000. Outstanding features of the banking department discovered. In making the announcement, the New Orleans
are its policy of paying interest in checking deposits and on "Times-Picayune" of Nov. 29 quoted Mr. Theard as saying:
My painful but very clear duty is to make this known at once and in the
savings accounts from the first of every month. It also
exact figures. There being a surety bond of $50,000 to secure the bank, and
maintains a Bureau of Budgets for the purpose of assisting something
to be recovered from the estate of the deceased, the loss will be
depositors in the distribution and recording of their living comparatively small, and will be charged off against the bank's undivided
expenses. Hugh W. Martin, who came to the Minneapolis profits.
The "Times-Picayune" in the same Issue also printed the
Trust Co. Nov. 16 as Cashier and Assistant Treasurer, is at
following statement given out on the preceding day, Nov. 28,
present in charge of this department.
by 0. H. Pittman, Chief Examiner for the Louisiana State
Many small Minnesota banks have failed of late. The Banking Department:
The regular periodical examination of the Citizens' Bank & Trust Co. of
Minneapolis "Journal," for instance, reported the closing of
Louisiana by the State Banking Department was in progress at the time of
four Minnesota banks on Nov. 26. The item read:
the deplorable death of its Vice-President, Charles St.
Four State banks in Stearns County, located at Meire Grove, New Munich,
Melrose and St. Martin, were closed to-day by the State Banking Department. Action was precipitated, according to A. J. Veigel, State Superintendent of Banks by the failure last week of the State Bank of Ryegate,
Mont., which had guaranteed a large amount of farm mortgage paper in
each of the suspended banks.
Some of the banks may be able to reopen when assets have been realized
on, Mr. Veigel said.
The Ryegate Bank was owned by the late Dr. P. A. Hilbert of Melrose,
who also owned large interests in the four Stearns County banks. The estate
of Dr. Hilbert, who was a member of the State Board of Control at the time
of his death last year, is being probated. Banks closed today are:
Security State Bank, Melrose; capital stock, $50,000; deposits, $589,000;
J. H. Spieker, President.
Farmers State Bank, Meire Grove; capital stock, $12,000; deposits, $206,000; J. II. Spieker, President.
New Munich State Bank; capital stock, $20,000; deposits, $309,000;
H. J. Terhaar, State Cashier.
St. Martin State Bank of St. Martin; capital stock, $10,000 deposits, $178,000; R. A. Kuhl, Cashier.
"Several years ago," Mr. Viegel said, "a considerable number of Montana
mortgages was placed in these four banks and these mortgages have turned
out to be of doubtful value. Some of these mortgages were guaranteed by
the State Bank of Ryegate, Mont., which closed last week, thus removing the
liability of this bank and further reducing the value of the paper.
"It was therefore decided that the loss on this Montana paper would be
so large that the banks would be unable to work out of their difficulties
without assistance, and they were therefore ordered closed."
On Nov. 28 the First State Bank of Moorhead was closed,
as reported in the following press dispatch from St. Paul on
that date appearing in New York daily papers:
First State Bank of Moorhead was closed to-day by the State Banking Department. The bank had deposits of $400,000 and capital stock of
$60,000. Frozen assets and depleted reserves were the causes.
Later newspaper advices from St. Paul, Dec. 6, add the
Alexandria State Bank, Alexandria, and the Farmers' State
Bank of Sebeka to the list of closed Minnesota banks. The
last two named institutions had capital of $30,000 and $10,000, respectively, and deposits of $200,000 and $130,000. The
bulletin of the Federal Reserve Board for the week ending
Nov. 30 reports the closing of the Farmers' State Bank of
Spring Valley, Mimi., with a capital of $10,000.
Still later newspaper advices (Dec. 7) report the closing
on that day of the State Deposit Bank and the Market State
Bank, both of Minneapolis and affiliated institutions, the
former with a capital of $100,000 and deposits of approximately $500,000, and the latter with a capital of $25,000 and
deposits of about $400,000. Slow North Dakota paper was
given as the reason for the closing in both instances. Adam
Hannah, the President of both the institutions, controlled, it
Is said, three banks in North Dakota which were closed recently.
Three North Dakota State banks having aggregate deposits of $264,000, were closed on Nov. 28, acording to information received by the State Banking Commission at Bismarck
on that day. The banks are: State Bank of Rolla, capital,
$10,000; deposits, $120,000; Farmers' Bank of Crary,
Raymond, by Examiners N. Finnegan and W. E. Wood. A check of the securities in the keeping
of Mr. St. Raymond reveals a shortage in these securities of $94,150. All
other acocunts and departments of the bank have been checked and examined, and found correct.
This unfortunate situation, however, does not in the slightest degree affect
the solvency of the bank. The bank is protected by a surety bond of $50,000,
and may recover the balance entirely through the deceased's interests in his
late father's estate.
The bank has a capital of $1,000,000, a surplus of $250,000, and undivided
profits of $113,000. The bank's condition, therefore, will not be affected.
Mr. St. Raymond is believed to have speculated during the
last six month, resulting in the shortage. He was 48 years
old and had been connected with the bank since 1891.
The election of W. E. Blauer of San Jose, to membership
In the board of directors of the Bank of Italy has been
announced by that institution. Mr. Blauer has served as
Vice-President and Manager of the San Jose branch since
1911. The election of Mr. Blauer followed the creation of
two vacancies on the board, through the death of M. T.
Freitas of San Rafael and John Lagomarsino of Ventura.
The New York office of the Standard Bank of South
Africa, Ltd., announced on Dec. 3 the receipt of a cablegram
from the head office in London to the effect that "the directors have declared interim dividend of 14% per annum for
the half year ended Sept. 30. Bank investments stand in
the books at less than market value at Sept. 30 last."
The 106th annual report of the Bank of Montreal was
presented to the shareholders at their annual general meeting
on Dec. 3, and we print an account of the proceedings elsewhere in our columns to-day. The statement, which covers
the 12 months ended Oct. 31 1923, shows net profits, after
deducting charges of management and making full provision
for all bad and doubtful debts, of $4,496,417, which when
added to $558,815, the balance to credit of profit and loss
brought forward from the preceding year, made tho amount
available for distribution $5,055,232. This was appropriated as follows: $3,815,000 to pay four quarterly dividends at the rate of 12% per annum ($3,270,000), together
with a bonus of 2% ($545,000); $530,650 to pay Dominion
Government taxes and $50,000 reserved for bank premises
account, leaving a balance of $659,582 to be carried forward
to next year's profit and loss account. During the year
deposits have shown substantial gains and now stand at
$579,056,783, as compared with $548,572,174 last year.
The notes of the bank in circulation are $41,602,735 as
against $39,236,021. Total assets are shown as $692,382,109
of which $391,221,837 are liquid assets, or equal to 62.55%
of the bank's liabilities to the public. Since the last annual
meeting offices were opened at four points and closed at
62 points throughout the Dominion and Newfoundland,
and a branch office opened in Mexico for the convenience
DEC.15 1923.]
2621
THE CHRONICLE
of the bank's Mexico customers and American correspondents.
The shareholders of the London Joint City & Midland
Bank, Ltd., of London, have confirmed the resolution
changing the name of the company to Midland Bank, Ltd.
The new title became effective Nov. 27. The proposal
to change the name of the institution was referred to in these
columns Nov. 10, page 2077.
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. 28 1923:
GOLD.
The Bank of England gold reserve against its note issue on the 21st inst.
was £125,940,915. as compared with £125.858.740 on the previous Wednesday. Indian and Continental demand still continues on a small scale, and
it is probable that most of the fair amount of gold on offer this week will
go to the United States of America. Gold valued at $7,330,000 has arrived
in New York from London. The Southern Rhodesian gold output for
October 1923 amounted to 52,019 ounces, as compared with 57,144 ounces
for Sept. 1923 and 54,670 ounces for Oct. 1922 We give below figures
relating to Indian trade (private account) for the month of October last:
Net
Net
/n Lacs of RupeesExports.
Imports. Exports.
Imports.
Merchandise
2555
2060
495
Gold
944
34
Si]ver
31
254
223
Total net exports
2854
The Russian Soviet Government is engaged in reminting the whole of
the gold reserve against the chervonetz issue (which amounted on the
1st inst. to Ch. 8,693,707.7) into a chervonetz gold coin nominally equal
to 10 rubles,and containing 119.4826 grains of pure gold-equal to.E1-1-1 fold
or $5 1454, as compared with the mintage rate of the sovereign and the
dollar. The "Obverse" has a vigorous figure of a man sowing grain, on
his left is the rising sun behind a plough and on the right factories with
smoking chimneys. The "Reverse" has in the centre the sun's rays behind
a wreath of wheat-ears encircling a sickle and hammer. The rim is lettered,
not milled, and, altogether, the coin is of a pleasing appearance.
SILVER.
China has been the dominating factor during the week, and considerable
purchases have been made for early shipment. These consignments will
reinforce the very large shipments from San Francisco and elsewhere.
The steady tone of the market, arising from these purchases, has been
accentuated by the firmness of the value of the U. S. dollar. China sales
have been made of silver for forward delivery. The Indian Bazaars have
both bought and sold and there has been some bear covering. The amounts
of silver on the way to China are so large that it would not be unreasonable
to expect a measure of redundancy when the settlements usual at the
Chinese New Year are completed. In that event, it will be interesting to
watch what is going to become of the speculative stock now accumulateY
in Bombay-whether the up-country demand will absorb it without and
setback of prices, or whether difficulty will be experienced in the process
of unloading. The Austrian Minister of Finance has announced that
subject to the approval of the National Assembly, the Government will
shortly put into circulation a silver "shilling" of the value of 10.000 kronen.
Other coin will be struck of 20,000 and of 5,000 kronen. He stated that
the object was to encourage frugality and saving, and that the name of
the new coin was prompted by a desire to revive an old German word universally applied to a piece of money, and to avoid any term which might
be considered to possess political meaning.
INDIAN CURRENCY RETURNS.
Nov. 15.
Nov. 7.
/n Lacs of RupeesNov 22.
1791/6
17954
Notes in circulation
17878
9816
9774
Silver coin and bullion in India
9698
Silver coin and bullion out of India
2432
2232
Gold coin and bullion in India
2232
Gold coin and bullion out of India
- 5748
5748
Securities (Indian Government)
5748
200
Securities (British Government)
200
No silver coinage was reported during the week ending 22d inst.
The stock in Shanghai on the 24th inst. consisted of about 20,250,000
ounces in sycee, 32,000,000 dollars, and 130 silver bars, as compared with
about 20,200,000 ounces in sycee, 32.500,000 dollars and 80 silver bars on
the 17th inst.
-Bar Silver per or. Std.- Bar Gold
Cash.
Two Mos. per or. Fine.
Quotations3215-16d. 3234d.
Nov.22
935. Ild.
33d.
321l-16d. 94s. 5d.
Nov.23
333-16d.
3274d.
Nov.24
32 1316d. 948. 4d.
Nov.26
335.4d.
32l3-16d. 334d.
Nov.27
94s. Id.
323gd.
Nov.28
33 1-16d.
94s. 7d.
Average
33.020d.
32.687d.
94s. 3.2d.
cash
and
forward
The silver quotations to-day for
delivery are respectively
%d. and 5-16d. below those fixed a week ago.
THE CURB MARKET.
Curb market trading this week, with the exception of a
slight easing up on Tuesday, was on a heavy scale and
prices showed decided strength. Advances in prices of
Texas and Pennsylvania crude oil served to stimulate
dealing in the oil stocks and resulted in substantial improvement in prices. South Penn Oil sold up from 124 to 138.
Standard Oil (Kentucky) was specially active and rose
from 9834 to 105, reacting finally to 1033/2. Standard Oil
(Indiana) after early loss of about a point to 59, moved up
to 613 and closed to-day at 60%. Standard Oil of New
/g, and
York eased off from 42313 to 41%, recovered to 425
ends the week at 42%. Continental Oil was off a point to
3 to 96 and
423/2. Eureka Pipe Line sold down from 99%
at 97 finally. Indiana Pipe Line gained four points to 90
but reacted to 84, while New York Transit improved two
points to 78. Gulf Oil of Pa declined from 58% to 573i,
recovered to 593 and finished to-day at 59. Industrials
were more than ordinarily active, but later trading slackened
somewhat. Centrifugal Cast Iron Pipe common, after
early decline from 30 to 283/g, moved up to 32 and closed
to-day at 31%. Cleveland Automobile common improved
from 233/i to 253 and sold finally at 25. Durant Motors
was up at one time five points to 31, then fell back to 27,
the close today being at 27%. Dunhill Industrial was active
and erratic, gaining over two points to 32313, reacting to
%, and moving upward again, the final figure to-day
283
being 303/2. National Dairy Products was traded in for
the first time up from 333 to 34 and back finally to 333.
Park & Tilford dropped from 3234 to 30.
A complete record of Curb Market transactions for the
week will be found on page 2646.
COURSE OF BANK CLEARINGS.
Bank clearings the present week again show a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Dec. 15) aggregate bank clearings for all
the cites of the United States from which it is possible to
obtain weekly returns will show an increase of 8.7% as compared with the corresponding week last year. The total
stands at $8,271,438,473, against $7,611,349,753 for the same
week in 1922. At this centre there is an increase of 10.5%.
Our comparative summary for the week is as follows:
clearings-Returns hy Telegraph.
Week of Dec. 15.
Per
Cent.
1923.
1922.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
83,675,000,000
524,823,958
410,000,000
309,000,000
107,632,597
a
135,000,000
131,058,000
129,596,812
108,750,124
89,961,835
82,553,495
72,575,205
$3,325,18.5,614
485,165,988
396,000,000
307,000,000
124,020,610
a
131,800,000
104,559,000
120,166.923
94,488.577
90,312,794
76,062,075
55,192,640
+10.5
+8.2
+3.5
+0.7
-13.2
Twelve cities, 5 days
Other cities, 5 days
35,775,952,026
1,116,930,035
85,309,954,221
1,032,837,240
+8.8
+8.1
Total all cities,5 days
All cities, 1 day
86,892,882,061
1,378,556,412
$6,342,791,461
1,268,558.292
+8.7
+8.7
58.271.438.473
57,611.349,753
+8.7
Total all cities for week
a Will not report clearings.
-4!2.4
+25.3
+7.8
+15.1
-0.4
+8.5
+31.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
ENGLISH FINANCIAL MARKETS-PER CABLE.
furnish them to-day, inasmuch as the week ends to-day
The daily closing quotations for securities, &c., at London, (Saturday), and the Saturday figures will not be available
as reported by cable, have been as follows the past week:
London.
Dec. 8. Dec. 10. Dec. 11. Dec. 12. Dec. 13. Dec. 14. until noon to-day. Accordingly, in the above the last day
Week ending Dec. 14Sat.
Mon. Tues. Wed.
Thurs. Fri.
of the week has in all cases had to be estimated.
Silver, per oz
d 333-16 33 1-16 337-16 335(
33 7-16 3334
Gold, per tine ounce
94s. 9d. 945.713. 945. 5d. 948. 113. 94s. 6d. 945. 513.
In the elaborate detailed statement, however, which we
Consols, 214 per cents
____
5634
5614
5654
56%
56
British. 5 per cents
10054
iclosi 100
No
10034
present
further below, we are able to give final and complete
British, 434 per cents _______
97
9734
9754
97
97
French Rentes (in Paris), fr. 54.95
55.30
55.45
54.90
54.80
54.60
for
the week previous-the week ending Dec. 8. For
results
" War Loan(inParis),tr. 70.65 70.20
70.40
70.10
69.70
68,70
The price of silver in New York on the same day has been: that week there is an increase of 13.5%, the 1923 aggregate
Silver in N. Y., per oz.(eta.):
of the clearings being $8,244,905,109 and the 1922 aggregate
6534
6434
6454
6534
Foreign
6534
6554
$7,267,019,121. Outside of this city, however, the increase
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. is only 10.1%, the bank exchanges at this centre showing a
It,.:,
Rate. Bid. Asked.
Maturity.
Matteity.
Rate. Bid. Asked. gain of 16.4%. We group the cities now according to the
Federal Reserve districts in which they are located and from
June 15 1925.._ 454% 100
June 16 1924.... 654% 100% 101
100%
554% 100111. 101,111 Dec. 151927... 454% 100
Sept. 15 1924
100%
this
it appears that in the Boston Reserve District there is a
991.1s 1001
Mar. 15 1925... 45(% 100% 100% Dec. 151923... 4%
454% 10046 100,ts gain of 15.5%, in the
Mar. 16 1926... 434% 100% 10034 Mar. 15 1924
New York Reserve District (including
Mar. 15 1927
434% 10034 100%
Dec. 15 1925... 45,4% 99% 100
Sept. 15 19213-99tni ggui, Mar. 151924... 454% 100
10034
this city) of 16.4% and in the Philadelphia Reserve District
THE CHRONICLE
8.5%. The Cleveland Reserve District records an improvement of 7.2%, the Richmond Reserve District of 20.6%
and the Atlanta Reserve District of 17.5%. In the Chicago
Reserve District the totals are larger by 9%,in the St. Louis
Reserve District by 12.4% and in the Dallas Reserve District by 23.5%. In the Minneapolis Reserve District there
is a loss of 5.9% and in the Kansas City Reserve District
of 4.8%. The San Francisco Reserve District has a gain
(Vol,. 117.
Week ending Dec. 8.
of
of 16.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Dec.8.
1922.
1923.
Federal Reserve Districts.
11 cities 447,692.673 387,573,41
(1st) Boston
10 " 4,561,346,695 3,926,291,345
(2nd) New York
542,192,151 499,646,220
(3rd) Philadelphia _ _ _10 ••
361,815,334 337,368,99
8 ••
(4th) Cleveland
218,765,780 181,444,133
8 '•
(5th) Richmond
219,052,404 186,432,023
12 ••
(6th) Atlanta
835,801,114 767,128,613
18 ••
(7th) Chicago__
91,874,588 81,740,796
7 (3th) St. Louis
132,756,140 141,099,26
7 '•
(9th) Minneapolis
245,115,621 257,567,532
11 (10th) Kansas City
78,832,166 63,810,54
5 (11th) Dallas
609,660,443 436,916,14
(12th)San Francisco.._.16 ••
Inc.or
Dec.
1921.
1920.
+155 323,004,680 351,634,789
+16.2 4,085,654,053 4,215,571,477
+8.5 428,714,517 465,052,137
+7.2 239,545,181 377,054,214
+20.6 157,750,839 179,722,710
+17.5 139,548,587 178,151,023
+9.0 668,710;65 741,740,662
+12.4 63,319,905 62,433,637
-5.9 116,617,813 149,112,782
-4.8 218,744,700 276,485,664
+23.5 53,204,737 63,851,308
+16.7 358,932,307 360,902,542
121 cities 8,244,905,109 7,267,019,121 +13.56,863,747,734 7,421,722,945
Grand total
3760,919,667.3,414,428,675 +10.1 2,377,110,510 3,272,047,549
Outside New ork City
C7stiada
_ 29 cities 429,123,502 444,087,200 -3.4 397,513,989 457,340,141
We now add our detailed statement showing the figures
for each city separately for the four years:
Week ending Dec. S.
Clearings al
1923.
1922.
Inc. or
Dec.
1921.
1920.
Clearings al
1923.
1922.
Inc. or
Dec.
1921.
$
s
$
%
Seventh Feder al Reserve D !strict-Ch !cage237,592
231,030
Mich.-Adrian _
230,870 +0.1
525,000
818,025
705,058 +18.0
Ann Arbor_ _ _ _
80,888,444
128,490,487 103,481,988 +22.2
Detroit
5.704,111
Grand Rapids _
6,636,468
8,201,388 +7.0
1,625.000
2,359,632
.
2,311,536 +2.1
Lansing
1,889,887
2,228,651
Ind.-Ft. Wayne
2,219,215 +0.3
18,039,000
Indianapolis_ _ _
21,531,000
20,030,000 +7.5
1,708,112
South Bend _ _ _
2,399,000
2,854,318 -9.8
27,607,835
41,880,318
Wis.-Milwauk e
33,585,879 +24.0
2,007,442
2.898.802
Ia-Cedar Rapt a
2,338,053 +15.4
9,817,975
Des Moines_ _ _
12,130,909
10,698,893 +13.4
4,607,308
Sioux City_ _ _ _
d5,882,000
4,869,810 +21.3
1,659,710
1,411,838
1,839,290 +1.3
Waterloo _ - _
b
b
b
b
o- _
111.-Bloom•gi
Chicago
- 597,731,091 585,778,388 +5.13 503,806,657
a
a
a
.
a
Danville
1,117,492
Decatur
1,307,822
_
1,276,248 +2.5
3,664,286
Peoria
5,066,317
4,991,144 +1.5
1,900,000
Rockford _ _ _ _ _
2.638,811
2,154,012 +22.5
2,454,388
Springfield _ 2,552,383
2,162,678 +18.0
1920.
$
211,288
617,880
91,734,848
5,725.884
1,800,000
2,056,074
17,461,000
1,750,000
29,810,137
2,312,100
9.829,810
8,411,338
1,557,940
b
559,985,182
a
1,312,383
4,571,566
2,200,000
2,613,178
038,710,385
741,740,862
4,120,283
a
26,869,976
979,085
20,263,261
9,600,617
308,257
1.178.426
4,183,506
a
28,512,330
459,249
18,992.889
10,102,588
472,080
1,681,018
83,319,905
82,433,637
Ninth Feder :I Reserve Dls trict-Minn eapolisMinn.-Duluth_ _
0,398,114
10,013,445 -25.7
d7.457,924
Minneanolls_ _ 78,960,970
68,473.200
83,521.772 -5.5
St. Paul
32,819,488
37,888.527
37,638,898 +0.0
No. Dak.-Fargo
2,235,346
2,318,394
2,445,080 -5.3
S. D.-Aberdee3
1,124,575
1.484.972
1,445,392 +1.4
Mont.-Billings 609,125
785,514
730,329 -18.8
Helena
4,080,228
4,801,576
5,274,548 -22.6
10,986,431
88,458.397
43,252,321
2,888,578
1,788.952
1,488.300
2,281,745
Total(18 citi ) 835,801,114
737,128,613
+9.0
Eighth Feder aI Reserve Ohs trict-St. to ulsInd.-Evansville
5,059,743
4,974,933 +1.7
Mo.-St. Louis a
a
a
Ky.-Louisville 31,352,340
30,553.148 +2.6
_762,072
729,955 +4.4
Owensboro_- s
Tenn.-Mernph
36,810,234
29,082,318 +28.8,
Ark.-Little Rock
16,028,801
14.374,172 +11.5
347,317
111.-JacksonvIll
364.895 -4.8
Quincy
_
1,518,031
1,861,577 -8.8
Total(7 cities)-
91,874,588
81,740,798 +12.1
Total(7 cities)- 132.756,140 141,099.262 -5.9 118,017,813 149,112,782
Tenth Feder ii Reserve DI. trict-Kens as City518,000
Neb.-Fremont.d428,439
452,108
585,045 -27.1
645,579
Hastings
618,755
525,000
801,556 +2.5
1,118,387
+4.0
931,357
Lincoln
4,254,803
4,883,879
3,802,488
4,764,900 +2.1
2,750,000
2,790,445
+5.8
Omaha
41.480.183
38,108,778
34,988,988
43,701,552 -12.8
+16.2 284,000,000 306,990,947 Kan.-Topeka... e3,342,231
2,862,315
3,049,951
3,593,253 -7.0
1,753.033
1,763,707
+25.1
Wichita
11,420,349
d8,343,000
10,783,954
10,884,678 -23.2
a
Mo.-Ran. City . 130,748,063 143,998,458 -5.0 122,036,661 164,480,192
1,234,716
1,074,223
:3.5
St. Joseph...
a
a
a
a
a
a
a
3
a
a
a
a
a
1,518,279 Okla.-Muskog
-1.4
1,427,705
27,213,720
Oklahoma Ott P 428.680,824
22,421.375
28,021,801 +10.2
4,632,450
3,758,239
+4.9
wl
a
a
Tulsa
a
a
a
3,854.214'
+15.3
3.194,000
982,474
909,317
-Col.SPgs
1,218,836
1,058,089 +15.2
10,571,779 Colo.
9,387,944
+17.8
1.712,693
•
19,256,484
Denver
21,892,013
21,525,317 +1.7
5,460,383
4,914.710
+9.7
919,558
758.396
•
e875.003
Pueblo
852,907 +2.6
11,850,800
9,782,300
+8.8
245,115,821 257,587,532 -4.8 218,744,700 270,485,684
Total(11 cities
387,573,412
351,834,789
+15.5
323,004,630
Total(11 cities) 447,692,873
a"
Eleventh Fed ral Reserve District-Da Has1,1371,585
1,828,630
1,837,604
Texas-Austin._
1,451,282 +26.6
Second Feder al Reserve D IstrIct-New York
32,492,903
28,528,608
34,272,592 +29.4
Dallas
44,362,083
5,297.404 +3.2
4,875,589
5.486,489
4,205,229
N. Y.-Albany _
18,188,493
13,399,529
Worth_
+10.3
Fort
14,323,061
d15.798,383
1,034,100
1,300,600 -14.9
1,108,600
Binghamton__ _
984.900
0,711,182
7,901,106
Galveston
11,348,479
9,225,834 +23.0
41,132,753
45,890,877 +3.1
37,356,894
d47,311,219
Buffalo
a
a
a
a
Houston
a
873,781
584,082 +49.8
Elmira
3,807,165
3,750.880
+20.9
5,485,817
4,537.893
1.261,217 -12.2
1.143,880 La.-Shreveport
c1,107,808
Jamestown
1,075,087
New York_ --- 4,483,985,452 3,852,590,446 +16.4 4,006,637,224 4,149,875,396
83,851,308
53,204,737
83,810,842 +23.5
Total(5 cities).
78.832,168
10,741,007
12,837,585
10,898,103 +18.0
9,441,359
Rochester
Twelfth Feder al Reserve D Istrict - Sa n Fran clsco3,842,565 Wash
5.129,910
4,757,055 +7.8
3,244.512
Syracuse
32,233,990
29,945,218
+25.8
33,377,154
-Seattle..
41,925,758
2,511,938
c2.881,964
2.597,953 +3.2
Conn.-Stamford
2,094,892
11,130,672
10,955,443
11,606,000 +11.8
Spokane
12,977,000
814,289
1,045,909
1,107,608 -5.8
N. J.-Montclair
813.947
011
a
a
a
a •
a
Tacoma
1,545,702
--0.3
1,780,887
1,079,448
Yakima
1,674,107
0,Total(10 cities) 4,581,348,695 3,928,291,345 +18.2 4,065,854,053 4,215,571,477 Ore -Portland..
32,547,070
29,291,371
31,948,639 +21.3
38,748,785
17,078,300
14,879,005
19,224,414 +25.5
Utah-S.L.City.
24,129,770
Third Federal Reserve Dist rict-Philad elphia
M
a
.
a
a
a
a
__
1,288,310
Pa.-Altoona
1,163,303 +10.7
1,122,270 Nevada-Reno
902,910
a
a
.
x
i
n
e
o
h
P
Ariz
a
a
4,454,137 Calif
Bethlehem
2,882,030
3,406,555 -15.4
2,552,319
6.837,231
8,339,359 -11.3
7,393.125
8,995.204
_
_
.-Fresno_
Chester
1,788,296
1,182.205 +51.3
1,166,331
908,868
3,787,475
4,384,564
6,851,706 +38.5
Long Beach_ _ _
9.4.6,416
2,249.814
Lancaster
2,891,145
2,687,851 +7.6
2,380,595
80,247,000
^8,432,000
Los Angeles... 153.583,000 122.406,000 +25.5
Philadelphia_ 513,000,000 473,000,000 +8.5 407,000,000 440,453,448
110
11,638
13,335,907
18,131,678
+C.8
Oakland
18,270,362
2,589,278
3,782,777
3,194,601 +18.4
Reading
2.534,891
3,520,318
4,715.708 +48.7
3,489.255
7,014,152
Pasadena
5,524,281
Scranton
5,955,008
5,254,486 +13.3
4,888,033
7,987,030
8
+23.5
737,335
8,317.758
d10,791,084
_
Sacramento
3,894,832
2,489,023
Wilkes-Barre
2,780,054
3,700,047 +5.3
3,306,872
3,045,7470
*4 000,000 +8.4
San Diego__ - 4,257,213
1,310,195
York
1,254,899
+24.2
,
San Francisco_ 172,800,000 159,300.000 +8.5 138,800,000 139,500,000
3,893,560
4,970,748
4,657,341 +8.7
N.J.-Trenton_
3,514,048
2,279.292
2,155,818
2,707,263
-7.9
San Jose
2,493,208
a
a
a
a
a
1,119,880
1,030,979
1.183,543 +30.0
Santa Barbara.
1,538,483
6,165,200
2,292,400
2,707,900 -4.1
Stockton
c2,598,000
Total(10 cities) 542,192,151 499,048,220 +8.5 428,714,617 465.052,137
Total(16 cities) 509,680.443 436,918,145 +18.7 358,932.307 300,902,542
Fourth Feder al Reserve D istrict-Clev eland8,978,000 Grand total (121
d8,047,000
5,721,000
6,247,000 +29.0
Ohio-Akron
cities)
8,244,905,109 7.287,019,121 +13.5 8,883,747,734 7,421,722.945
4,238,992
4,774,602
2,817,172
4,623,275 +3.3
Canton
2.877.110.5103.272,047.549
02,253,298 Outside N.Y.... 3.760.919.057 3.414.428,875 +10.1
62,954,740 +3.5
65,177,017
50,885,410
Cincinnati_ __ 113,957,838
97.978.161
d108,965,000
74,210,647
+11.2
Cleveland
13,978,100
14,445,000 +3.6
14,960,700
12,637,000
Columbus
Week ending Dec. 6.
a
a
a
a
a
Dayton
Clearings at
a
a
a
a
a
Lima
Inc. or
1,371,270
1,581,862 +42.8
1,149,621
e2,229,341
Mansfield
1920.
1921.
Dec.
1922.
1923.
a
a
a
a
a
Springfield_
a
a
a
a
a
Toledo
$
i
$
Canada%
$
4,020,917 Montreal
4,899,378 -7.3
3,124,331
Youngstown__. d4.543,512
128,830.834 130.166,193 -1.2 128,391,651 136,972,026
a
a
a
a
a
Pa -Erie
108,930,543
113,708,333
-15.9
Toronto
133,983,910
112.682,757
153,118,162 144,859,782 +5.8 139,000,000 188,287,799 Winnipeg
Pittsburgh_
72,346,135 108,828,003
86.327,583 +12.9
97,483,181
b
b
W. Va.-Wheel'e
20,209,320
13,924,845
Vancouver
16,264,489 -0.3
16,222,439
12.570.145
11.217,119
Is
-25.0
Ottawa
11,440,868
8,577,214
k. Total(8 cities). 361,815,334 337,368,998 +7.2 289,545,181 377,084.214 Quebec
7,439,815
5,519,973
+1.4
7,655,001
7.705.284
5,044,717
3,787,727
Elie
Halifax
4,453,297 -24.7
3,353,794
' Fifth Federal Reserve Dist rict-Richm ond7,289,386
5,942.772
Hamilton
8,717,707 -2.2
8,570,538
2,103,088
2,231,864
+14.5
2.554,294
W.Va.-Ilunt•n_
1,868,878
10,339,849
0,795,483
+24.7
Calgary
7,398,821
9,228,058
9,541,835 St. John
11,074,817 +37.5
9,858.528
Ya.-Norfolk
d16,057,884
3,288,059
2,771,793
-14.2
3,199,893
2.747.044
55,378.923 Victoria
55,065,047 +12.1
53,288.514
81,710,00(1
1 Richmond
3,048.755
2,448.850
2,600,297 -15.4
2.198,953
3,000,000 London
2,418,102 +53.7
2,358,629
d3,714,054
8.0 -Charleston
3.745,759
3,601,662
-2.7
3,484,812
3,391,282
91,188,484 Edmonton
70.354.915
88,188.298 +22.7
Md.-Baltimore_ 108.235.748
6,463,420
0.001,608
5,449.949 +3.8
5,858,302
18,530.380
20,243,575
21,888.207 +21.2
D.C.-Washing'n d28,494,000
5,336,541
5,019,727
Regina •
5,928,874 --9.9
5,341,056
1,042,958
921,254
Brandon
855,908 -9.0
1910
I.• .
778,720
1,047,457
Total(0 eities)'_ 218,785,780 181,444,133 +20.6 157,750,830 179,722,710 Lethbridge
840,149
1,038,684 +8.8
1,109,608
2,058,470
Saskatoon
2,301,200
2,129,805 +30.5
2,778,085
2,1301,395
Sixth Federal Reserve Dist net-Atlan taMoose Jaw
1,124,388
1,958,331 -1.3
1,930,432
6,717,725
5,127,775
6,729,017 -10.5
1,682.992
d6,019,558
Tenn-Chattan'a
Brantford
1,171.892
1,278.420 +8.5
1.384,523
2,981,917 Fort
2,952,752
1,244,084
3,859,322
3.143,896 +22.8
Knoxville
William__ - _
1,174.070
1,250,855 +33.3
1,687,178
20,901.213 New Westminster
18,408,945
935,239
d21,213,000
21,008,759 +1.0
Nashville
577,348
+20.4
605.810
729,171
52,310,884 Medicine Hat...
728,918
40,156,384
51,614,179 +18.5
61,160,538
Ga.-Atlanta
453,742
+0.5
,138
501,
503,703
2,288,405
1.811,039
1,052,771
+80.0
2,256,146
3,809,140
Augusta
,
Peterborough....
880,873
000.205
910,840 -1.2
*2,000,000 Sherbrooke
1,074,992
1,843,081
1,461,299 +12.4
k Macon
1.175,954
800,588
+0.5
913,814
909,318
a
1,441,651
a
a
•
a
Savannah
1,172,704
1,098,817
1,255,018 -12.4
11,411,932 Kitchener
9,383.649
3,550,337
13,945,610
11,752.350 +18.7
Fla-Jacksonville
Windsor
2,818,457
2,959,154
3,018,649 -24.5
18,948,307 Prince Albert....
19,435,051
28,473,058 -1.1
28,153,909
Ala-Birrningh•m
479,922
+8.2
509,785
2,337,185 Moncton
Ili/ill
1,700.000
2,143,266 +15.8
2,482,385
Mobile
1,117.270
1,033,853
1,141,093 -9.5
781,003 Kingston
923,441
1,174,810 +16.7
1,371,042
Miss.-Jackson
948,748
809,235 +23.2
997,380
388,938
428.782
445,128 +44.5
843,358
. Vicksburg
57,125,484
n A OW. GAO non 467 240_141
AAA non nnn
AOA Inn cnn
40,387,777
rntc.1
,
58,232,317 +33.3
74,951,481
La-New Orleans
(e Total(12 cities) 219,052,494 186,432,023 +17.5 139,548,587 178,151,023
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Dec. 5. d Week ending Dee. O. e Week ending Dec. 7. •EstIrnated.
lIs.
First Federal Reserve Dist(let-Boston
873,382
908,858
Me.-Bangor_ _ _
3,596,281
3,804.945
Portland
Maas.-Boston - - 393,000.000 340,000,000
2,370,465
2,905,970
Fall River---a
a
Holyoke
1,188,707
1,230.870
Lowell
a
a
Lynn
1,694,358
1,670,831
New Bedford._
5,331,378
5,592,559
Springfield. _
3,411,000
3,932,000
Worcester
10,108,559
11.884,935
Conn.-Hartford
5,999,304
8.578,899
I New Haven--R.I.-Providence d14,123.000 *13.000,000
DEC. 15 1923.]
THE CHRONTCLE
2623
CHANGE OF TITLE.
THE WEEK ON THE NEW YORK STOCK EXCHANGE. Dec. 6-5684-The National
Bank of Sayre, Pa., to "Merchants
& Mechanics National Bank of Sayre."
The stock market has continued to move towards higher
VOLUNTARY LIQUIDATION.
levels, but price fluctuations at times have been confused Dec. 8-11572-The Growers National Bank of Campbell. Calif__ $50.000
Effective Sept.291923. Liquidating Agents: Ft. C.Archiand conflicting, due to special disturbing causes. The most
bald and John F. Duncan. Absorbed by The Mercantile
Trust Co. of California, San Francisco. Calif.
noteworthy event of the week was the dividend cut of the
Chicago & North Western RR. This resulted in a sudden • Auction Sales.-Among other
securities, the following,
sharp decline in that issue and for a brief period had a not actually dealt in at the Stock Exchange, were recently sold
depressing effect on the general list. The market ruled at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
strong during the early part of the brief Saturday session,
Shares. Stocks.
Price. Shares. Stocks.
but in the last hour a brisk downward reaction developed 10
Stuyvesant Insurance Co_$60 Per sh. 8 Sioux City Cattle Loan, pref___ 35 lot.
corn.
17 Sioux City Cattle Loan, com___$51ot
that carried many of the more active issues below the high 86J. F. Schmadeke, Inc., $50
Per sh. 24 St. Paul Cattle Loan, pref
$15 lot
100 Nat.Drug Stores Corp.,of-5915 lot
levels of the day. On Monday trading dropped off somewhat. 100 Commercial Solvent Class A
Stock
$403.4 Per sh 250 Nat. Drug Stores Corp.,com.
The oil shares manifested considerable strength in the early 100 Broadway Prop., Corp., no par
$1 Per sh.
$28,000 lot 125 Teko Tea Co., Inc
$5 lot
transactions. Marland Oil was the leader of the group, 2,500 Insurance Each. Bldg. Corp.,
553,437 Thump Gold Min.,25c.ea.
COM
$25 per sh.
$106 lot
opening two points above Saturday's close, and touching a 12,603
Kenlatex Oil Co.,Class"B,"
5500 Ready to Wear Pub.8s, 1936)
$60 lot $1,000 N.Y.Rye.5s,Inc. ctf.dep.
v. t. c.,$1 each
new high level in the day's trading. New -York Central
525 lot 31,000 N.Y.Rys.4s, 1942, ctf. del)
450 Chronical Co., Ltd
was also conspicuous in the morning transactions, going 500 Multiclex Mfg. Co
$20 per sh. 31 New York Railways
$325
Scottish-Amer. Oil & TransP.
50 First National Stores, com
lot
above 106. The market again moved irregularly in the 1,050
$40 lot 10 First National Stores, pref.__ Co., Ltd., Soltraco v. t c
1,600 Grant Motor Car,$10 each _52 lot 50 Louis Feniger Stores, pref
forenoon on Tuesday. Some fractional advances were regis- 400
Todd Shipyards Corp_ _ _ _$44 per sh. 10 Louis
Stores, com.,nO
tered in the general list during the early trading, but with the 200 Tenn.Elec.Power,26 of _547 per sh. par Fenigcr
100 Lockstich Embroidery, pref_ _350
marks Check Deutsche
announcement of the reduction in dividends by the Chicago 350 Lockstich Embroidery, corn_ -5 lot 30.000
Bank,Berlin
25 Hudson Tr.Co.of N.Y.._5231 per sh. 14,885 marks Darmstadter Nat'l $1 lot
& North Western RR., as noted above, and the passing of 70
$12486 per sh.
Singer Mfg. Co
Bank,Berlin Check
.
eh
per
$1243.4,
the dividend on Chicago St. Paul Minneapolis & Omaha 35 Singer Mfg.Co
100,000 marks Anligh des DeutchBank, cum. rts.
en Reich.s
common, prices fell off and the session closed with advances 70 Corn Exchange $45186-455 per sh. 27,000
Marks Deutsche Bank Stock
50 New Gauley Coal Corp.,com_5$1,000
$450108
and declines in the general list about evenly divided. The 50
lot 1,151 Atmo Signal Corp.,corn_ _ _1510
New Gauley Coal Corp.. pref.)
517 Atmo Signal Corp., pref
noteworthy feature of the day's trading on Wednesday was 1,000 Shale Products Co. of Colo5 lot
$1 per sh. 77 Strong Textile Co., Inc
rado, no par
$10 let
the advance of New York Central to 107, the highest level 15,300 Canadian 011 Lease Sundt100 Vegetable Oil Corp., pref.. --340
$10101 50 Vegetable011,com.,no par_ _ _ _1 lot
Ltd.,51 each
reached this year, on announcement of the offering of two 10cate,
Intersection Mtn.& Mill. Co_ _ _51 lot 714 Vegetable Oil,com.,no par_
510
Golden Glow Sign Corp.,corn.)
15 Vegetable 011 Corp.,pref
5 lot
kinds of rights on the shares. A moderate rally in the gen- 600
$1 lot 30 Vegetable 011Corp.,pref
$10 each
5820
prof.
lot
eral list developed in the late afternoon and a number of the 50 Golden Glow sign Corp.,
15 Vegetable 011,com.,no par
each
17,532 Alta Mont. Min.,$5 ear-12_32lot
more active issues that had been under considerable pressure 22$10
Collene Laboratories, pre!., 145
$1 lot
400 Washington Utilities Co
lot
$5
common as bonus
75G. B. Newton Coal, ctf. of del).
ended the day at higher levels. Renewed activity was again 350
Vulcan 011 Co.,Inc.,$5 each_ _55 lot
$7 per sh:
Gasoline Co_ -$1 per sh. 131 Consumers Brewing Co.,ctf _5132 lot
apparent in the market on Thursday. The tone was strong 150 Northland
$1101 1,500 Edison Portl. Cement com.,
403 Ideal Royalty Co
' $1 lot
with little variation from the closing prices of the previous 50 Electrille Co
$1501ot
$50 each
$1 lot 500 Edisin Porn. Cem., pi., 850 ea.
100 Guardian 011
day. The feature of the day was the brisk advance in 100
Central 011 Development Co_ 32 lot
$210 lot
Saddle Mtn.Min.,SI ea ch._ 8101ot 2,000 Silver Glance Mining.$1 Ea-33lot
United States Cast Iron Pipe & Foundry, which moved up 4,050
1,000 Amer.Silver Corp.,$1 each _ 510 lot 12 Norfolk Port-I. Cern.,corn
$2 lot
$1 lot 129 Comml. Nat. Bank of Penna.,
Chemical Co
Cleroline
10
53
4 points in the day's trading. Numerous advances of
515 lot
1,250 People's Coll. Fledge Soc _ _.35 lot
550 each
from 1 to 3 points were recorded in other leading stocks. 40 Simms Magneto, pref. tern. ctf. sh. 100 Tidewater Steel Co., corn. CU.
$2 per
$2 lot
of dep
The market continued strong on Friday.
25 Ritz-Carlton Restaurant dr1
1,000 Stearns Automobile Co., ctf.
1$525
Hotel Co., pref
ofdeP
$3 lot
6.25 Ritz-Carlton Restaurant &I lot 900 Consol. Wireless Teleg. & Tel.
$1 lot
Hotel Co., corn., no par
$1 each
100 Stand. Supp.& Equip.,"A"_ )51.200 50 Goldfield Belmont Min.,$I ea_ _51 lot
lot 5,158 Railways Co. General, corn..
50 Stan.Sup.&E(l.,"B," no par_ _ I
$1 lot
7,200 Gem Mining,51 each
1.4 Per sh.
$10 each
sh.
per
511
com
35 Hog Grain & Feed,
New York City Banks and Trust Companies.
10 Southern Oil & Chem. Co., $50
Elkins & Alleg RR.,pr f__ _ _$105 lot
Si lot
310
each
AU prices dollars per share.
$100101 6 Korozone. Inc
1,000 D ry Corp., corn
$2 lot
Banks-A,..r DUI ASS ,
50 Sugola Co., N.J., pref., 25 com.
'faults
110 Acorn Petrol. Corp.. El each...81 lot
MO
As* I Trust LAU.• 810 45.
$1 per sh. 2,500 Franklin Baker Co_ _525 Per sh.
America•-. 213 218 Harriman__ __ 325 330
as bonus
New York
pre1-5486
sh.
Per
Amer Exch.-. 286 291 Manhattan •- 153 156 American _. ..
300 Atlantic Lobos 011,
_- Brake
271 Automatic Straight Air
440
200 Atlantic Lobos Oil, corn_ _ 32 per sh.
$10 lot
Mech & Met- 384 388 Bank of N Y.
Bowery*
Co.,2d pref
-- Mutual*
160
Broadway C
100 Atlantic Lobos Oil, pref..54 Si Per sh. 33 Star Rubber Co., prof
'420
$50 lot
I & Trust Co 470 480
525 lot 93 Star Rubber Co., corn
Bronx Bores_ 140
Nat American 120
773 Shasta Zinc & Copper Co
55101.
185 Banters Trust 350 355
Bronx Nat_ 100 125 National City 346 349 Central Union 495 505
1,072 N.Y.Sanitsu-y Utiliz'n Co.5100 lot 151 Dillon Mills
$300lot
5534 Per all. 40 Sliver King of Arizona Min.
Bryant Parke 160
170 New Naha_ , 145
26 Ansco Co., corn
Commercial__ 110 120
Butch & Drov 135 150 Pacific •
50 Kenworthy Bros.of Can.,Ltd.,}
300
Co.'$1 lot
Empire
$5 each
305 311
520
Cent Mercan- 215 230 Park
common
420 430 Equitable Tr_ 196
100 Accounting & Tabulating Corp.
198
lot
345 348 Port Morris. 167
Chase
100 do pref
$2108
Farm L. & Tr. 538 543
prof
Chat & Phen_ 249 254. Public
325 350 Fidelity Inter 198
600 Service Station Equip. Corp,
-2,000 Bowie County 011CorP.,com•
$4 lot
Chelsea Exch• 50
__ Seaboard __- 375 385 Fulton
corn., no Par
51 lot
$5 each
250 265
Chemical -___ 538 543 Seventh Ave- 80
50 Service Station Equip. Corp.,
90 Guaranty Tr. 245 250
1,000 Bowie Co.Oil, pref.,55each_S1 lot
55 lot 500 Welby Oil& Gas,$10 each_
Coal & iron_ 207
_ _ Standard •___ 185 200 Hudson
cons'. 2d pref
SI lot
225 230
_ _ State.
Colonial •____ 375
1,500 Island Oil & Transport Corp..
350 355 Irving Bank50 Pau Irandie Prod. & Ref., Prof.
Commerce .... 305 308 Tradesmen's• 200
corn.,v.t.c.,certif.of deposit _$30 lot
__
527 versa.
ColumblaTr 224 229
pref.
53
lot
Com'nwealth• 220 225 23d Ward.._ 273
3,790 Dempsey Oil Corp.
Law Tit& Tr_ 192 197
6,000 Alliance Oil & Ref. Co. (of
Continental__ 150
United States* 165 173 Metropolitan- 315 320
130 Lewiston Reorg. Co.;$1 eacii...$1 lot
WO lot
Wyoming),$5 each
Corn Etch_._ 420 436 Wash'n Mao. 200
720 General Oil Gas Corp., com_5100 lot 200 Blograph Co
$1 Per sh.
Mutual (West
125 Yorkville •_ __ 800
Cosmop'tan•_ 115
200 Interboro.Consol.,corn.moDarn lot 550 Champion Stove Co
8110108
cheater) __. 120
134
• $10 lot 50 Huriburt Motor Truck,coin_ _.154
East River_ 205
10 Hotel America
N Y Trust... 355 360
Fifth Avenue* 1250 1865
1,000 United Gulf States 011, Inc..
Title CM & To 387 894
160 Hulburt Mot.'Trk., 2d Pf."WI lot
$2 lot 12,500 Glen Lake Cobalt Mines,
235
Fifth
$1 each
U S Mtg & Tr 305 810
Brooklyn
1400 1425
Finn
5 Corporation & Taxpayers Co--31 lot
$2 lot
United Stat 1220 12511
Ltd., $1 each
532
275 285 Coney Island• 160
Garfield
10 Benzine Cream Mfg..Prof
170 Wenches Tr. 210
50 Kendall Prod. Corp., pref., $10
lot
Gotham
10 Benzine Cream Mfg., nom_ _
385 400
150 160 First
$20 lot
Brooklyn
each
Co.,
Greenwich •__ 290 310 Mechanche •- 130 135 Brooklyn Tr 475 *5
200 Scratch Gravel Gold Min.
50 Kendall Prod.Corp.,no par.-54lot
Montauk •
Hanover
$2 lot 5,000 Foster Cobalt Mining Co.,
170
710
$1 each
Kings County 850
20 H.L.Day Co.,Inc.,8% pref-.j$500
250
Nassau
$26 lot
Manufacturer 278
Ltd., $1 each
1 lot 100 Yorkville Ind. Hygeta lee__.845olot
People's
60 H.L. Day Co.,Inc.. corn
250 276 People's
386 41-lo
100 Interboro Consol. Corp., pref_ 37 lot 100 Blograph Co
$80lot
•Banks marked with 0)are State banks. (5) Ex-diAdand.
100 Ray Hercules Cop.,temp.ctf 83
10,000 Int. Oil & Gas, $1 each_ _ _)
100 Ray Hercules Copper,$5 par.) lot 130 Ocean Leather Co., pr f
New York City Realty and Surety Companies.
3105
10 Long Island Bankers, prof
18300 650 Ocean Leather,corn.,no Par.-) lot
All prices dollars per share.
5 Long Island Bankers.com
I
lot 100 National Resources Corp
5,000 Royal Amer.Petrol.,$1 each.$1 lot 150 Interb. Consld corn., no par...
Bid
Ask
Bid
Ask
Bid Ask
5,000 Southw.Oil & Ref..$1 each.515 lot 200 Nat. Motor Bus Corp.,$10 ea_
Alliance Why 100 106 Mtge Bond_ 107
Realty Assoc
30 Long Island Phonograph,corn_ 151,500 200 Jumbo Ext. Mining, $1 each..
Amer Surety_ 96
99 Nat Surety__ 158 162
(Bklyn)com 130 I
_
30 Long Island Phonograph,pref.).
lot 200 Jumbo Cop. Mtn. Min.,$1 ea_
Bond & 81 G. 280 285 NY Title &
let pref
82
I
87
30 Illinois Phonog., Corp.,corn_ _551,475 123.4 Hover Incubator Mfg. Co.,
Mortgage__ 185 195
City Investing 78
2d prof
68 I 73
30 Illinois Phonog.Corp., pref_ -1
lot
Preferred .. 98
-. U 8 Casualty- 160 175 Westchester
corn.,$25 each
579 Int.Cotton Mills,Pre
350
Lawyers Mtge 165 180 US Title Guar 123
25 Int.Incubator, pref.,$5 each_
Title & Tr - 220 I 230
500 Int.Cot. Mills,corn.,550 ea- I Per sh. 25 Int.Incubator,corn.,$25 each_ _ $18
5,000 El Paso Cons. Gold Min., $5
6 Federal Feature Films Corp. of lot
each
525 lot
National Banks.-The following information regarding
N. Y., pref $10 each
1,770 McNab & Harlin Mfg.,com$100 lot 3 Federal Features Films Corp. of
national banks is from the office of the Comptroller of the 586
Motleys Adirondack Hotels Co.,
N. Y.,corn., $10 each
pre;
$1 lot 10 Interboro.Consol.,Pref
Currency, Treasury Department:
36 Morleys Adir. Hotel Co., corn.31 lot 300 Micmac Gold Mining,$5 each.
APPLICATION TO ORGANIZE RECEIVED.
8 Morley Hotel, Inc.,corn
$1 lot 100 Cobalt Central Mines,51 each
160 Sanseal Corp.,corn., no par...1$1
10 La Sal Copper-Silver Min.,8.5 ea.
Dec. 6-The Sedro-Weolley National Bank,Sedro-Woolley, Wash. Capital. 10 Sanseal Corp., prof
I lot 400 Lucky Jim Mining,Ltd.,$1 ea_
$50,000
Correspondent, W. M. Kirby, Sedro-Woolley, Wash.
189 Madison Tire & Rubber,con:1_526 lot 10 Shaw Motor Car Co., pref
70
Holt
Power
Light
Co.,
pret
_ _ _1575
1,500 Butte &"London Copper Co.,
APPLICATION TO ORGANIZE APPROVED.
350 HoltPower Light Co.,com _ _ _1 lot
corn., $5 each
$10
Dec. 6-The First National Bank of Macedon, N. Y
$25,000 295 U.S.Radium Corp.."A,"corn.
600 Butte & London Copper Devel. lot
Correspondent, George J. Porter, Macedon. N. Y.
V. t. c., no par
$1 per sh.
Co.,corn.,$6 each
150 Northland Gasoline Co_ _ _325 per sh. 900 Kelley Ticket Mash.,$10 each-35 lot
CHARTERS ISSUED.
100 Common A Mills Far. $2086_
per sh. 110 Kleskun Ranch, Ltd
$10 per sh.
-The Citizens National Bank of New Brunswick,
Dec. 5-12468
400 Northland Gasoline Co_ _820 per sh. 4 Amer. Live Stock & Loan_ 311 per sh;
N. J
414
Northboro
Woolen
Co
$250,000
525
lot 2 Lusk Development Co
$2 lot
President, J. F. Mitchell; Cashier. W. E. Woodruff.
21 Obey Woolen Mills
560 lot 500 Blaugas Co.of America
$6 lot
-The Washington County National Bank of JohnDec. 7-12469
100 Metropol.Sec.,$75 paid
$1 lot 568 Hurlbert Motor Truck,corn _ -351ot
son City, Tenn
3,600
Fairview
$100,000
Mascot
Min.,
$1
ea..$1
lot
23 S.& S. Window Cora
Conversion of The City Savings & Trust Co.. having a
$1 lot
4)0 Mercer Motor, no par
$30 lot 8,000 W.Va. COTIS01. Oil,El ea_ _2100
main office and branch located within the limits of Johnlot
111 St.Joseph Cattle Loan,com_ _.55 lot 2,188 Montana Cons.
Cop.,$10 ea-331ot
son City, Tenn. President, W. F. Carter; Cashier, F. L.
43 St. Paul Cattle Loan Co
$5 lot me Idaho 'nig., Ltd.,6% pref...
Wallace.
_51 lot
122 National Cattle Loan Co..COM.35 lot 20 Den. & Rio Grande
RR., nret....81 lot
gounitercia1 antITOisceilantonsDm_
Co..
Price.
Shares. Stocks.
6,666 2-3 Fulton Group of 011 Com32 lot
panies.$1 each
4,500 Commonwealth Min.,$1 each$6 lot
600 Boston Creek Mining Co..Ltd.,
$11 lot
$I each
200 Standard FilmsIndustries,Inc.,
31 lot
v.t. c.,$5each
$5101
1,000 Ertel 011 Co.,$5 each
lot
-35
corn_
Graphophone,
75 Columbia
350 Automatic Tomato Peeler,Pretl$10
470 Automat.Tomato Peeler,coin' lot
175 Erie RR.let pref.,4% non-cum
$29 Per sh.
150 Erie RR.Co.,2d pref ,4% non.
$25 Per eh.
turn
$10 lot
148 Montclair Dairy Co
Corp..
600 Imports Advancement
$75101
corn
6 Liberty 011Corp.capital stock -31 lot
$5101
700 Allied Oil Corp.,corn
1,800 U. S. Radium Corp., no par
$1,300 lot
5,000 Peruvian Copper, $1 each. _351ot
25 Troy Foundry & Mach., pref.-1330
25 Troy Fdy.& Mach.,com.,$25 ea! lot
20 Standard Supp.& Equip.,Co.A13225
lot
10 Stand.Sup.dr Equip., B,310 ea_
8,400 Silver King Mines,trust com$2 lot
pany receipt
20 Amer. Teleg. Typewr.,310 each
1 Cinc.Ham.& Day.Ry.,pref
2,000 Coalinga Crude 011,81 each..
50 Continental Coal Co. of Ohio,
Pref., $10 each
50 Continental Coal Co. of Ohio,
coin., no par value
__
500 Ferber Copper Co.,$1 each....
100 Kentucky Producers dr Refiners
Corp., $1 each
75 Auto Motive Tractor Corp. of
2.31
America. p-ef.,310 ea qi
75 Auto Motive Tra tor Corp. of lot
Ameni a, om.,$10 ea h
720 Mallin krodt Brake Co.,no par
1,500 Miller Mine Devel.,100.en..
100 National Royalties Co.,$1 each
185 Rock Tunneling Mach.Co.,Inc.
$10 each
30 Arcadia Trailer Corp., p1,810 ea
30 Arcadia Trailer, corn,, no par...
3,500 Holey Mining Co., 10e. eachLife Membership Certificate of
Tabard Inn Library
570 Union Refining Co.,$1 each. _
3375 Mid-Continent Prod & Refin.
Corp
$ 4 lot
25 BlograPh Co of America
500 Ray BrokenHill Min.,$1 each.$1 lot
12% Chenango Oil & Gas, Inc_ _ _46 lot
I
Price.
Shares. Stocks.
130 Holt Power-Light Co., pref._ _235 lot
650 Holt Power-Light Co., corn.,
35 lot
$10 each
333 1-3 Amer. & Brit. mfg. Corp.,
lot
$5
no par
25 Wickwire-Mitchell Royalty Tr_ _33 lot
$1 lot
200 Columbus SS. Co., Inc
$50 lot
3,350 Royal Tiger Mines Co
Price.
•
Bonds.
Ref.
Bat.
&
B.
E.
32,900 D. D
Mtge. Bonds, "C," due Jan. 1
$155 lot
1960, and $55 scrip
8,000 ire. French Govt. 4% Loan
3236 lot
of 1918
9,500 fre. French Govt.5% Loan of
$3320 lot
1915-16
$44,081.20 Southern Secur. Pattie.
$10 lot
Ctfe., Series"D"
221,776.25 United Copper Co. Syn$800 lot
dicate 80% rebate
$30,000 Colima Lumber Co.83,1924
May I 1911 coupon and subse335 lot
quent coupons attached
$15,000 Meridian Petroleum 8%
bonds,dated April 1 1921, certifs.
$1,590 lot
of deposit
15,000 American Real Estate 68,
15%
paid..
dividend
dletrib.
1919,5%
$5,000 American Real Estate Co.6e,
1922, distrib. My. of 5% paid_ _ _ 15%
$12,000 Raritan Refining 7% gold
$280 lot
. of deposit
bonds certif.
$55,000 Boise & Interurban Ry. 1st
WM lot
5e
$18.800 Seaboard Finance & Invest3%
ment Co.7% Notes
$500 I. S. C. Corp.6% Deb. Bond
82101
due Oct. 11931. registered
$11,400 Denver & Salt Lake RR.
let Mtge. Bonds ctf, of deposit-10%%
$198,118.48 Upper Columbia Co.
5%
8% note, 1923
$41,100 Seaboard Finance & Invest.
10%
78. 1923
$755.20 Note of the Foundation Co.
Port Huron Shipyard,Inc.,dated
8100101
July 27 1919, int. 6%
$1,000 Particepe Realty Co.6s,1921 lot
$50
$22,000 Chicago Peoria & St. Louie
etfe.
Mtge.
Lien
Ry. 4%s, Prior
15%
of deposit
$30.000 Idaho Irrig., Ltd.,6e, 1928330 lot
8e.
Corp.
$91.000 Hercules Paper
$10 lot
1926
lot
$2,000 Liberty Oil Corp. 7e, "C"....84
$1,300 Island Refining Corp.75,
year bonds, Ws. of deposit-lot
$2,000 National 011 Co. 1st Lien 78310
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Price, Shares. Stocks.
Shares. Stocks.
6,000 Reorganized Victory Divide
18 First Nat.Bank of Chester,Pa_.195
Mining Co.,Par 10e.(first assess-$8101
90%
5 Chester Street Ry
97
ment paid)
4 John B.Stetson,corn., no par_
200 Rolls-Royce of Amer.,Inc., pf- 32%
34 Odd Fellows Hall Assn. of the
800. 10 N. Y. Harbor Dry Dock Corp,$7 lot
Northern Liberties
corn
100 Guarantee Finance Trust Co.,
lot
$14 lot 50 Bergougnan Rubber Corp., 0_310
corn
$25 lot 37% Bergougnan Rubber Corp., lot
100 Guar. Flu. Tr. Co., pref
$3
corn., no par
20 Ford Tractor Co.(Del.),Par $10$4 lot
$8 lot
$1
20 Marconi Wireless Teleg.,Par $5817 lot 1,500 De Luxe Brush, parpar,
v.t. c.
10 Nevada Cons.Copper,Par $5-3100 lot 120 Planet SS. Corp.,no
$700 lot
$4 lot
30 U.S.Steamship, par $10
27 60 Birm.Eneley & Bess. RR.,corn-25 lot
10 Chile Copper, par $25
515
40 Birm. Ensley & Bess. RR.,pref_ 86 lot
3 Northern Trust Co
100 Notaseme Hosiery, Pref., v.t.c.32 lot
511
Co
1 Northern Trust
$I lot
500 Atlantic City Co
510
10 Northern Trust Co
50 Geuda Springs Townsite & Min3 Guar. Trust & Safe Deposit Co..151
lot
$2
Co
%
eral
Water
_490
25 Northwestern National Bank470
50 Giant Portl. Cem.,corn., Par $50
5 Girard National Bank
Tr.
&
Title
uitable
7 Continental-Eq
19
175% 4 Philadelphia Bourse, corn
Co., par $50
55 lot
$.
2 Metropolitan Trust Co.. Par $50_ 83% 6 Frishmuth Bros.& Co.,pref.-com
lot
$12
83
350
10 Metropolitan Trust Co., par
40 Cranberry Iron & Coal
18 Guar.Trust & Safe Dep.Co_ _ _ _151
2 Bank of North Amer.&Trust Co_288% 98 Times Pub. Co. of Norristown, 22
Pa., par $25
25 Logan Bank Sr Trust Co.,par $50 60
300 U. S. Reduc. & Refin., pref._ _35 lot
100 Bromo-Lithia Co., pref., with
$15 lot 100 Baldt Anchor Sr Chain Co_ _..$40 lot
100 shares common bonus
_ _ _$1 lot
10 Shuster Eng. Corp., 1st pref._ _El lot 200 Bethlehem Motors, no par100 Standard Supply & Equip. CO, 4
1 G. B. Newton Coal Co., coin_ _ _ 7
corn.,"A"
25 Boone County Coal Corp., pref. 57%
10 Notaseme Hoe., let pf., v. t. c _ _S1 lot
10 Rolls-Royce of Amer,Inc., pref- 35
Price.
Bonds.
100 Indep. Amer.Jewish Pub.Co-340 lot
$12 lot $2,500 Fountain H111 Borough,Pa.,
200 Pine Ridge Coal Co
94%
$5
lot
45,
1935
Corp
90 Premier Radio
$510 lot $6,000 Middle States Coal & Iron
25 Noiseless Typewriter Co
Mines 58, 1937 (Jan. 1 1910 con1 Unit Midway Syndicate, no par_ 10
coupons and all subsequent cou- lot
420 Amer. Manganese Mfg. Co.,
$6
Pons attached)
815
pref., par $50
No. Springf. Water 58, 1928
Co.,
$200
Mfg.
Manganese
325 Amer.
1932.
56,
$6 lot $1,000 Altoona Gas Co.
corn., par $50
3%
certificate of deposit
50 Ray Punt.Proof Tire, par $10_ _34 lot
45
5s,1936_ _
50 Bird's Run Coal Co., par 810._ _35 lot $2,000 Cape May Ill. Co.& Zaneev.
$4.000 Coium. Newark
100 National Sales Mach.Co., pref.
ot
192638980 l0
31
5s,
lot
Elec.
1928
Ry.
Par 810
6s,
4,000 Genewee Val, Cop,Par $1-.31 lot $1,000 Republic Oil& Gas
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
6 Bigelow-Hartford Carpet Co_ _ _149
210-209H-209
Co
Alpaca
20 Farr
200 Canadian Conn. Cotton Mills,
4-3
corn., Class"A" par 810
130
4 Exeter Mfg., Co., par 350
95%
10 Wameutta Mills
lot
$1
pref
Grande,
Rio
&
300 Denver
813 Boston & Maine RR.,corn... 10
55%
12 Pemigewaeset Valley RR
44
750 Dunlap Realty Co., pref
50 New England Oil& Ref., pref.- 13%
3%
_
comRef.,
Oil&
50 New England
12 Springfield Gas Lt.Co.,par $25- 46%
$10 lot
80 Atlantic Coast Co
98%
10 Griffin Wheel Co., prof
50 Herschell-SpIllman Mot., corn.,
$5 lot
Par $50
38%
8 American Glue Co.,corn
15 Haverhill Gas Light Co.,par $50 80%
I%
825 Int. Prod.Co.,pref.tem.etfe
400 Int. Prod.,com.tem.etfe
710.
4-100 State Theatre Co., pref
1%
200 Bay State Fishing Co.,com
6 Greenfield Tap Sr Die Corp.,pref. 90
$4101
10 Needham Tire Co
120 D.Goff & Soria, Inc.,com_ __.310 lot
103%
30 Brockton Gas Light Co
1%
1 Unit Midway Syndicate
$150 lot
5 Westland 011 Corp
75 Lafayette Motors, 2d Pf--311.2510t
5 State Theatre Co.,com ., par 310_ 5%
20 Nicholas Publishing Co.,pref..1340
lot
20 Nicholas Pub.,corn. as bonus_
[VOL. 117.
THE CHRONICLE
2624
4
.5
Price.
Shares. Stocks.
99,225 Copp. Canyon Min.,par $11
25 Leslie Mfg. Co., par $10
5 Amer. Ramie Mfg.Co.,corn- - I
10 Amer. Ramie Mfg. Co.,pref.- - I
6 Automatic Shaft Coupling Coin.)320lot
3 Automatic Shaft Coupling, pref.
1 Battleship Baseball, pref
250 Producers Devel. Co., Par 81
250 Sierra Azul Oil,"A," par a10750 Sierra Azul 011,"B," par $10-4 93%
12 W.L.Douglas Shoe Co.,pref.25 Malden & Melrose Gas Lt. Co.. 25
Par $25
1,82
8 Anderson Phosphate & 011,corn_
pref.; lot
7 Anderson Phosphate le 011,We
lot
$100
trust
370 Gilliland 011, corn.
pref.132
8 Anderson Phosphate & Oil,coinlot
S
Oil,
&
Phosphate
7 Anderson
etfe
875 Gilliland 011Co.,prof. trustet(e) 15
(carrying 875 she. cora, trustpref1,810
2d
50 Package Confectionery,
3 Package ConfectIonerY.corn--1 19lot
6 Bausch Machine Tool Co.,com
6%
190 Eastern States Agr.& Ind. Exii. 10
60 Springfield Investment Co
Price.
Bonds.
1934
$1,000 Atlanta dr Birm. 1st 5e, 41% flat
(certificate of deposit)
$90,000R. H.Long Motors6s, 1938 lot
$15,000
$400 Herschel'Spillman Motors8%
815 lot
notes, 1924
I
-1
By Messrs. R. L. Day & Co., Boston:
Stocks,
Price.
Shares. Stocks.
37
2-3 Nashawena Mills
134%
20 Pepperell Mfg. Co
17%
1 Hill Mfg. Co. right
33%
50 Great Falls Mfg. Co
38
3 Ipswich Mills..
7011-71
15 Ipswich Mills preferred
$I lot
100 A. L. Bayles dc Sons Co
$1 lot
100 Bay State Ref. Co. pref
10 Lamson & Hubbard Canadian
Co., Ltd., pref. 10 common_ _32 lot
$5 lot
12,500 Loon Lake Copper Co
$1 lot
500 Royalty Syndicate
40 Watertown Pr. Sti. Co. pref. 31 lot
5,883 Chaparral Hill G. M.Co.__ _31 lot
300 Lafayette M. Co. 2d pref_ _ _331 lot
19,334 Chaparral H. G. M.Co...826 lot
"OH
4 Boston Belting Co., prof
3-64 Schooner James E. Coburn,
$200 per 1-64
39 B. B.& R. Knight Corp. pref._.25%
16 lot
1,450 Cascade S. M.& Mills
$3 lot
150 Crowell dr Thurlow S. Co
$9 lot
25 Atlantic Coast Co
2%
100 American Brick Co
3,000 Crowell dr Thurlow S.Co..8100 lot
$10 lot
150 Evans Lead Co.
5
150
do preferred
1,280 Crowell & Thurlow S. Co_...$25 lot
100
44-5 New Eng. Porcelain Co
150 Manhassett Mfg. Co., pref.....310 lot
350 Crowell & Thurlow S. Co_..$7 lot
47
10 Springfield Gas Light Co
25 C. H. Wills & Co. 50 do pref..32 lot
$1. lot
25 Manhassett Mfg. Co. pref
73-128 Schooner Ellen Little__ _3100 lot
42-64 Schooner S. W.Hathaway-3125Iot
63-128 Schooner H. A. Stone-...$104) lot
1,300 Crowell & Thurlow SS.Co_S100 lot
32 75-100 North. Amer.Fruit Exch. 5
Price.
Shares.
118
3 Eastern Texas Elec. Co
37%
25 Thomson Elec. Welding Co_
5011
25 Winchester Co. let prof
25c.
16 LaFayette Motors Co.2d pi_ _
2
5 Am.Road Mach. Co., pref
38
Co
Glue
Amer.
26
103
10 Beacon Oil Co., pref
218 Parker Braid Co., Plainville,
$13.1 lot
Mass
4 Mutual Film, pref. 200 Arizona
Copperfielde, Inc. 100 InspireLion Needles Copper Co. 200
81101
Monster Chief Mining Co
5,000 Pacific Coast Mines Corp_ _ _ 325 lot
$25 lot
5,000 Pacific Tungsten Co
41%
400 Fisk Rubber Co. 1st pref
$2 lot
1,787 Lyman Oil Syndicate
Price.
Bonds31,500 Greenfield Deerfield &
Northampton St. Ry. 55, 1923_270 lot
25,000 Hoosac Lumb.Co.8e,'22_31% lot
37,500 Loon Lake Copper Co. 85,
1921, coupon May 1920 and sub810 lot
sequent on
$5,500 Gulf Florida & Alabama Ry.
receipt
mgrs.
Co. reorg. synd.
1%
dated Jan. 15 1918
26,000 The Lustron Syndicate par15%
ticipating ctfs
$8,000 Riordon Co., Ltd.,8s, 1940,
78% lot
etfe. of deposit
$2,000 Atl. Birm. & Atl. RR. 1st
5s, Jan. 1909, Old Colony Trust
3211 lot
Co. etf.
. of deP
$4,250 Balance of note T.E. LibbeY
Lane
she.
LibbeY
150
by
secured
Fisheries pref. ti interest in
330 lot
L. R. Smith & Co
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.
Railroads (Steam).
Albany & Susquehanna (special)
Canada Southern
Chicago Indianapolis& Loulevine, coin_ _
Preferred
Chicago & North Western, common_ _ _
Preferred
_
Chicago St. Paul Minn.& Om.,pref
Cleve. Cinc.Chic.& St. L., corn.(qu.)-Preferred (guar.)
Detroit River Tunnel
El Paso & Southwestern Co.(quar.)....
Great Northern, preferred
Little Schuylkill Nay. RR.& Coal
Mahoning Coal RR., common
Preferred
Michigan Central
Mabi.e& Ohio
New York Central (guar.)
N. Y. State Realty & Terminal
Northern Central
Northern Securities Co
Extra
Old Colony (quar.)
Pittsburgh & Lake Central
Virginian Ry., common(No. 1)
Western Pacific RR.Corp., prof.(gu
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Jan, 5 Holders of rec. Dec. 22a
Feb. 1 Holders of rec. Dec. 28a
Jan. 10 Holders of rec. Dec. 29
Jan. 10 Holders of rec. Dec. 29
Jan. 15 Holders of rec. Dec. 21s
Jan. 15 Holders of rec. Dec. 21a
Feb. 20 Holders of rec. Feb. la
Jan. 19 Holders of rec. Dec. 28a
Jan. 19 Holders of rec. Dec. 28a
Jan. 15 Holders of rec. Jan. 8a
Jan. 2 Holders of rec. Dec. 200
Feb. 1 *Holders of rec. Dec. 27
Jan. 15 Dec. 18 to Jan. 15
Dec. 28 Holders of rec. Dec. 21a
Jan. 2 Holders of rec. Dec. 21a
Jan. 29 Holders of rec. Dec. 28a
Dec. 20 Holders of rec. Dec. 17a
Feb. 1 Jan. 3 to Jan. 23
Jan. 2 Holders of rec. Dec. 28a
Jan. 15 Holders of rec. Dec. 31a
Jan. 10 Dec. 25 to Jan. 10
Jan. 10 Dec. 25 to Jan. 10
i% Jan. 1 *Holders of rec. Dec. 15
32.50 Feb. 1 Holders of rec. Jan. ha
4
Dec. 31 Holders of rec. Dec. 200
1% Jan. 3 Holders of rec. Dec. 21a
2
1%
1%
2
I%
3%
3%
1
1%
3
131
*2%
81
$10
21.25
10
3%
131
6
32
4
2
Public Utilities.
1% Jan. 1 Dec. 21 to Jan. 1
Alabama Power, prof. (guar.)
25e. Jan. 2 Holders of rec. Dec. 15
Amer. Gas& Elec., common (quar.).
Common (extra pay. In corn. stock).. (w) Jan. 2 Holders of roe. Dec. 15
75o. Feb. 1 Holders of rec. Jan. 12
Preferred (guar.)
American Power & Light, pref.(guar.)-- 1% Jan. 2 Holders of rec. Dec. 18
Amer. Public Utilities, prior pref (qu.)_ 131 Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
1
Participating preferred (guar.)
1% Jan. 2 Holders of rec. Doe. 20
Six per cent preferred (quar.)
Jan. 2 Holders of rec. Dec. 15
(quer)._
pr,f.
131
Light,
&
Asheville Power
Jan. 15 Holders of rec. Dec. 22
2
Bell Telephone of Canada (guar.)
10
Capital Traction (Wash., D. C.)(guar.) 131 Jan. 1 Holders of rec. Dec.
% Feb. 1 Holders of rec. Jan. 15
Carolina Power & Light, corn. (guar.)._
131 Jan. 2 Holders of rec. Dec. 15
Preferred (guar)
2
Chicago Nor.Sh.& Milw., pref.(quer.). *1% Dec. 17 *Holders of rec. Dec.
'131 Dec. 17 *Holders of rec. Dec. 2
Prior lien preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 12a
Cleveland Ry. (guar.)
Consumers El. Lt.& Pow.(New On.)1% Dee. 31 Dee. 11 to Jan. 1
Preferred (guar.)
033 Dec. 30 Holders of rec. Nov.300
Continental Pass. HY.. Philadelphia._ _
Dec. 21 Holders of rec. Dec. 20
2
Dayton Power & Light,common
134 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
14 Holders of rec. Dec. 22a
Jan.
3
El Paso Electric Co.. preferred
Kansas City Power Sec. Corp., pt.(au). $1.25 Jan. 1 Holders of rec. Dec. 20
Jan. 2 *Holders of rec. Dec 21
•1
Kentucky Securities, common (guar.)
*1% Jan. 15 *Holders of rec. Dec. 21
Preferred (guar.)
Dec. 31 Holders of rec. Dee 21..
2
Manila Electric Corp. ((uar.)
_
$1 Jan. 15 Holders of rec. Dec. 31.
(qUar.)__
Heat
at
Light
Manufacturers'
4.40c Dec. 24 *Holders of rec. Dec. 13
Massachusetts Lighting Cos., corn
131 Jan. 2 Holders of rec. Dec. 20a
Metropolitan Edison, pref. (guar.)
Minnesota Pow.& Light,6% pref.(qu.) 1% Jan. 2 Holders of rec. Dec. 21
131 Jan. 2 Holden' of rec. Dec. 21
Seven per cent preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 21a
Mohawk Valley Co.(guar.)
Jan. 2 Holders of rec. Dec. 154
$1
Narragansett Lighting (guar.)
*2
Jan. 15 *Holders of rec. Dec. 31
corn.
(quar.)..
AZ
Gas
Electric.
Pacific
•31.25 Jan. 15 *Holders of rec. Dec. 31
National Fuel Gas(quar.)
*1
Jan. 15 *Holders of rec. Dec. 31
Extra
1% Jan. 2 Holders of rec. Dec. 21
New York State Rye., pref.(quar.)
Feb. 1 Holders of rec. Dec. 31a
Northern States Power, corn.(quar.).. 2
131 Jan. 19 Holders of rec. Dec. 31
Preferred (guar.)
31.50 Jan. 2 Holders of rec. Dec. 15
Northwestern Telegraph
3714c Jan. 19 Holders of rec. Dec. 213.2
Oklahoma Natural Gas (quar.)
Ottawa Light. Heat dr Power (guar.). _ _ 1% Dec. 31 Holders of rec. Dec. 20
I
Jan. 2 Holders of rec. Dec. 15
Ottawa Traction (guar.)
2
Jan. 2 Holders of rec. Dec. 15
Extra
'1% Jan, 2 *Holders of rec. Dee. 20
Panama Power dc Light, pref.(guar.).
*31 Jan. 1 *Holders of rec. Dec. 15
Penn Central Lt. & Pr., pref (quat)
*10c Jan. 1 *Holders of rec. Dec. 15
Preferred (extra)
32 Jan. 2 Holders of rec. Dec. 20a
Pennsylvania Edison, pref.(qax.)
Jan. 2 Holders of rec. Dec. 15
_
pref
$1.75
&
.(qu.)
Light,
Power
Pennsylvania
Jan, 1 Holders of rec. Dec. 15
$1
Providence Gas 03100
I
Jan. 15 Holders of rec. Dee. 20a
Puget Sound Pow.& Lt., corn.(guar.)
1% Jan. 15 Holders of rec. Dec. 20a
Prior preference (quar.)
I% Jan. 15 Holders of rec. Dec. 20a
Preferred (guar.)
75e.
Jan. 1 Dee. 11 to Jan. 1
Reading Traction
•134 Jan. 15 *Holders of rec. Dec. 31
Southern Canada Power (quar.)
Jan. 15 *Holders of rec. Dec. 31
Southern Wisconsin Elec., corn.(quar.). *2
Dec. 20a
Southwestern Bell Teter.., pref. (quar.). 131 Jan. 2 Holders of rec. Dec.
31
Standard Gas & Elec., corn. (guar.). _ _ 6234e Jan. 25 Holders of rec.
Dec. 15
rec.
of
Holders
2
2
Jan.
Toledo-Edison Co.. pref.(guru%)
DEC.15 1923.]
Name of Company.
THE CHRONT CLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive,
Public Utilities (Concluded).
United Gas Impt., common (quar.)---- 87340 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
•8734c Mar. 15 *Holders of rec. Feb. 29
Utah Power & Light, pref.(quar.)
141 Jan. 2 Holders of rec. Dec. 12
Washington Water Pow.(Spokane)(qu.) 2
Jan. 15 Holders of rec. Dec. 24
Western Union Telegraph (quar.)
141 Jan. 15 Holders of rec. Dec. 24a
Winnipeg Elec. Ry., pref.(quar.)
ly, Jan. 1 Holders of rec. Dec. 18
Yadkin River Power, pref. (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Youngs. az Ohio Riv. RR.,corn.(guar.)- 1
Dec. 20 Holders of rec. Dec. 10a
Preferred (quar-)
134 Dec. 20 Holders of rec. Dec. 10a
Banks.
America, Bank of (quasi*3
Jan. 2 *Holders of rec. Dec. 20
Amer.Exch. Securities Corp.,cl.A (qu.) 2
Jan. 1 Holders of rec. Dec. 15
Coal az Iron National (guar.)
*3
Ja a. 2 "Holders of rec. Dec. 15
Colonial (quar.)
*3
Jan. 2 *Holders of rec. Dec. 20
Extra
*3
Jan. 2 *Holders of rec. Dec. 20
East River National
12
Dec. 31 Des. 27 to Jan. 1
Europe (Bank of) (quar.)
*3
Jan. 2 *Holders of rec. Dec. 24
Extra
*4
Jan 2 *Holders of rec. Dec. 24
Fifth Avenue (quar.)
6
Jan. 2 Holders of rec. Dec. 31a
First National (quar.)
5
Jan. 2 Holders of rec. Dec. 31a
Extra
20
Jan. 2 Holders of rec. Dec. 3Ia
First Security Co
Jan. 2 Holders of rec. Dec. 31a
5
Greenwich (quar.)
3
Jan. 2 Holders of rec. Dec. 20
Extra
2
Jan. 2 Holders of rec. Dec. 20
Manhattan Co.,Bank of the (quar.)
3
Jan. 2 Holders of rec. Dec. 21a
Extra
1
Jan. 2 Holders of rec. Dec. 21a
Mutual (quar.)
3
Jan. 2 Holders of rec. Dec. 26
Extra
3
Jan. 2 Holders -if rec. Dec. 26
New Netherland (quar.)
2
Jan. 2 Holders of rec. Dec. 26a
Standard Bank (quar.)
*134 Jan. 2 *Holders of rec. Dec. 26
Standard National Corp.(guar.)
*14/ Jan. 2 *Holders of rec. Dec. 26
Trust Companies.
American (quar.)
134 Dec. 31 Holders of rec. Dec. 20a
Bank of New York & Tr. Co.(quar.) _ 5
Jan. 2 Holders of rec. Dec. 21a
Extra
1
Jan. 2 Holders of rec. Dec. 21a
Lawyers Title az Trust (quar.)
2
Jan. 2 Holders of rec. Dec. 22
Extra
1
Jan. 2 Holders of rec. Dec. 22
Manufacturers (quar.)
4
Jan 2 Holders 01 rec. Dec. 20a
Miscellaneous.
Abitibi Power & Paper, pref. (quar.)- - 134 Jan. 2 Holders of rec.
Aeolian Weber Piano & Plan la, pf.(qu.) 134 Dee. 31 Holders of rec. Dec. 20a
Dec. 20
Air Reduction (quar.)
Jan. 15 Holders of rec. Dec. 31
•$1
Amer. Brake Shoe & FdY corn.(quar.) 51.25 Dec. 31 Holders of rec. Dec.
21a
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 21a
Am. La France Fire Eng.,Inc.,com.(qu.) 25e. Feb. 15 Holders of rec. Feb.
I
Preferred (queer.)
134 Jan. 2 Holders of rec. Des. 26
of*
American Milling(stock dividend)
*Holders of rec. Dec. 20
Amer. Multigraph, pref. (quar.)
131 Jan. 2 Holders of rec. Dec. 15
American Railway Express (quar.)
*51.50 Dec. 14 *Holders of rec. Dec. 13
Amer. Rolling Mill, corn. (quar.)
50c. Jan. 15 Holders of rec. Dec. 31a
Preferred (quar.)
•141 Jan. 1 *Holders
Dec. 15a
Amer. Type Founders, corn.(Quar.)---- •141 Jan. 15 *Holders of rec.
of rec. Jan. 10
Preferred (quar.)
•141 Jan.
*Holders of rec. Jan. 10
Amer. Wholesale Corp., pref. (quar.).. 141 Jan. 15
1 Holders of rec. Dec. 20a
Amer. Window Glass Mach., corn. (qu.) *144 Jan. 2 *Holders
of rec. Dec. 20
Common (extra)
*1
Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
"IN Jan. 2 *Holders of rec. Dee. 20
Armstrong Cork, corn. (quar.)
*134 Jan. 2 *Holders of rec. Dec. 20
Common (extra)
•1
Jan. 2 *Holders of rec. Dec. 20
Common (Payable In common stock)- "f50 Jan. 9 "Holders of rec. Dec. 20
Babcock az Wilcox Co.(extra)
"2
Dec. 20 *Holders of rec. Dee. 13
Barnhart Bros. & SpindlerFirst and second preferred (quar.)_._ _ •134 Feb. 1 *Holders of rec. Jan. 26
Belgo-Canadian Paper, pref.(quar.)-141 Jan. 2 Holders of rec. Dee. 14a
Blyn Shoes, Inc.(quar.)(No. 1)
*25c Jan. 31 'Holders of rec. Jan. 15
Borg & Beck (quar.)
75e. Jan. 2 *Holders of rec. Dec. 20
Boston Wharf
Dec. 31 Holders of rec. Dec. 13
*53
British-Amer. 011, Ltd. (guar.)
2
Jan. 2 Holders of rec. Dec. 22
Extra
2
Jan. 2 Holders of rec. Dec. 22
Brunswicke-Balke-Collender, pf. (qu.)
*IA Jan. 1 Holders of rec. Dee. 31
Burns Bros., pref. (quar.)
154 Jan. 2 Holders of rec. Dec. 24a
Prior preferred (Othar.)
131 Feb. 1 Holders of rec.
18a
Canadian Consol. Rubber, pref.(quar.). 134 Dec. 31 "Holders of rec. Jan.
Dec. 17
Canadian Locomotive, come(quar.)---- 1
Dec. 31 Holders of rec. Dec. 20
Preferred (quar.)
134 Dec. 31 Holders of
Dec. 20
Canadian Westinghouse (quar.)
*2 Jan. 2 *Holders of rec.
rec. Dec. 20
Extra
"2
Jan. 2 *Holders of rec. Dec. 20
Canfield OH,corn.(quar.)
134 Dec. 31 Dec. 21 to Jan. 4
Preferred (guar.)
144 Dec. 31 Dee. 21 to Jan. 4
Carter (William) Co.(stock dividend). *e50
Casein Co. of America (extra)
1
Dec. 2 H Men; of rec. Dec. 13
Central Aguirre Sugar(quar.)
41.50 Jan.
*Holders of rec. Dee. 22
Central Steel, corn.(quar.)
51
Jan. 1 Holders of rec. Dee. 20a
Preferred (quar.)
2
Jan.
Holders of rec. Dec. 20a
Chicago Ry. Equip., corn. (quar.)
50e. Jan.
Holders of ree. Dec. 31a
Preferred (quar.)
134 Jan.
Holders of rec. Dec. 20a
Ice
& Fuel, Cleve. (quar.).....s_
City
2
Mar.
Holders of rec. Feb. 20a
Quarterly
2
June
Holders of rec. May 20a
Quarterly
2
Sept.
Holders of rec. Aug. 20a
Quarterly
2
Dec.
Holders of rec. Nov.20a
City & Suburban Homes
234 Dec.
Holders of rec. Dec. la
Cleveland az Buffalo Transit
3
Dec.
Holders of rec. Nov.30a
Cleveland Worsted Mills (quar.)
1
Dec. 3 Holders of rec. Dec. 15a
Cohn-Hall-Marx Co., pref. (quar.)
154 Jan.
Holders of rec. Dec. 22
Dominion Canners, preferred (quar.) _
134 Jan.
Holders of rec. Dec. 18
Devoe dr RaYnolds,Inc., lst pref.(quar.) *134 Jan.
'Holders of rec. Dec. 22
Eagle Warehouse az Storage
3
Jan.
Dec. 25 to Jan. 2
Extra
1
Jan.
Dec. 25 to Jan. 2
Eastern Rolling Mill, pref. (quar.)
2
Jan.
Dec. 16 to Jan. 1
Preferred (acct. accumulated (Hers).- 86
Jan.
Deo. 16 to Jan. 1
Edmunds az Jones Corp., corn.(quar.) *50c. Jan.
*Holders of rec. Dee. 20
Common (extra)
*50c. Jan.
*Holders of rec. Dec. 20
Preferred (quar.)
•141 Jan.
*Holders of rec. Dec.
Empire Safe Deposit (quar.)
134 Dec. 2 Holders of rec. Dec. 20
22a
Famous Players-Lasky Corp., pt.(qu.). 2
Feb.
Holders of rec. Jan. 15
Firestone Ansley Rubber, preferred
334 Jan.
.Holders of res. Dec. 28
Garfield Safe Deposit
4
Dee. 2 Dec. 13 to Dec. 27
Extra
2
Dec. 2 Dec. 13 to Dec. 27
General Aluminum & Brass Mfg.,corn.. *2
Jan.
*Holders of rec. Dec. 20
Preferred (quar.)
*2
Jan.
*Holders of roc. Dec. 20
General Amer. Tank Car, corn
$1.50 Jan.
Holders of rec. Dec. 20a
Preferred (quar.)
I% Jan.
Holders of rec. Dec. 20a
General Cigar, deb. pref. (quar.)
134 Jan.
Holders of rec. Dec. 24
General Railway Signal, pref. (quar.)_
134 Jan.
Holders of rec. Dec. 21
General Tire az Rubber, corn. (extral_ _ *ti3
Jan. 1 *Holders of rec. Dec. 31
General Tire az Rubber, pref. (quar.)13-4 Jan.
Holders of rec. Dec. 20a
Gill Mfg. (quar.)
*50c. Jan.
*Holders of rec. Dec. 20
Goodyear Tire & Rub. of Can., pt.(qu.) 154 Jan.
Holders of rec. Dec. 20
Goodyear Tire az Rubb., prior pref.(qu.) 2
Jan.
Holders of rec. Dec. 20
Gossard (H. W.) Co., corn.(monthly).. *25c. Jan.
*Holders of rec. Dec. 20
Common (monthly)
*25e. Fob.
'Holders of rec. Jan.
Common (monthly)
525c. Mar. *Holders of rec. Feb. 20
18
Goulds Mfg.,common (War.)
134 Jan.
Holders of rec. Dec. 20
Preferred (guar.)
141 Jan.
Holders of rec. Dec. 20
Grasselli Chemical,common (quar.).. _ *2
Jan.
*Holders of rec. Dec. 15
Preferred (quar.)
*134 Jan.
*Holders of rec.
Great Lakes Towing, common (quar.)-. 141 Dec. 3 Dec. 16 to Dec. 15
Jan. 1
Preferred (quar.)
144 Jan,
Dec. 16 to Jan. 1
Gulf Oil Corp.(quar.)
3734c. Jan.
Dec. 21 to Dec. 23
Harmony Creamery, 7% pref. (quar.)_
ly, Doc. 2 Holders of rec. Dee. 15
Hawaiian Pineapple (extra)
ell Dec. 3 'Holders of rec. Dec. 20
Micros Collieries, common (quar.)_ _ _ _
134 Jan 1 Holders of rec. Dec. 31
Preferred (quar.)
134 Jan. 1 Holders of r,c. Dec. 31
Hollinger Consol. Gold Mines
1
Dec. 3 Holders of rec. Dec. 13
5c. Jan. 1 Holders of rec. Jan. 2a
Howe Sound Co.(quar.)
Humble 011 dr Refg. (quar.)
'30e. Jan.
*Holders of rec. Dec. 17
*25c. Feb.
Hupp Motor Car,common (quar.)
*Holders of rec. Jan. 18
Hydrox corp.,common (quar.)
•25c. Jan.
*Holders of rec. Dec. 21
Independent Pneumatic Tool(quer.). _ •51.75 Jan.
*Holders of rec. Dec. 22
India Tire de Rubber. common (quar.).. *1
Jan.
*Hold,rs of rec. Dec. 20
Preferred (quar.)
•14/ Jan
*Holders of rec. Dec. 20
Name of Company.
2625
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Indian Head Mills of Alabama
5
Dec. 15 Holders of rec. Dec. 12
Indian Motocycle, pref.(quar.)
141 Jan. 2 Holders of rec. Dec. 20a
Internat. Concrete Industries,corn.(qu.) .25c. Dec. 20 *Holders of rec. Dec. 15
Interprovincial Brick (quar.)
134 Dec. 31 Holders of rec. Doc. 21
Island Creek Coal, common (queen)._ _
$2 Jan. 1 Holders of rec. Dec. 21a
Common (extra)
51 Jan. 1 Holders of rec. Dec. 210
Preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 21a
Johns-Manville, Inc. (quar.)
a 75c. Jan. 2 *Holders of rec. Dec. 20
Kanawha & Hocking Coal & Coke, pref. 334 Jan. 1 Holders of rec. Dee. 15a
Kaynee Co., pref.(guar.)
141 Dec. 31 Holders of rec. Dec. 20a
Kirshbaum (A. B.) Co., pref. (quar.)_ _ _ *154 Jan. 1 'Holders of rec. Dec. 20
Kress(S. H.)& Co., pref.(quar.)
-131 Jan. 2 Holders of rec. Dee. 200
Libby-Owens Sheet Glass (in stock)... _
*850 Jan. 10 *Holders of rec. Dec. 31
Library Bureau, common (quar.)
134 Jan. 1 Holders of rec. Dec. 21
Common (extra)
Jan. 1 Holders of rec. Dec. 21
2
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 21
2
Macy(R. H.) & Co., Inc., pref.(qu.)__ _ *1)1 Feb. 1 *Holders of rec. Jan. 12
Manati Sugar, pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 18
Merchants & Miners Transporta. (qu.)_ 2
Dec. 31 Holders of rec. Dec. 20a
Merck & Co., pref. (quar.)
2
Jan. 2 Holders of rec. Dec. 17
Merrimac Chemical (quar.)
$1.25 Dec. 31 Holders of rec. Dec. 15a
Mortgage-Bond Co. (quar.)
2
Dec. 31 Holders of rec. Dec. 20
Murray (J. W.) Mfg.(quar.)
Jan. 2 *Holders of rec. Dec. 20
*2
Stock dividend
"e20 Jan. 2 *Holders of rec. Dec. 20
Murray-Ohio Mfg., pref.(quar.)
Jan. 2 Holders of rec. Dec. 20a
2
National Licorice, common (quar.)
2% Jan. 8 Holders of rec. Dec. 24
Common (extra)
234 Jan. 8 Holders of rec. Dec. 24
Preferred (queer.)
1% Dec. 3 Holders of rec. Dec. 24
National Refining, preferred (quar.)
*2
Jan. 2 'Holders of rec. Dee. 15
National Supply of Delaware, prof.(qu.) 141 Dec. 3 Holders of rec. Dec. 21
National Tea,Inc.. common (quar.)-*2
"Holders of rec. Dec. 15
Jan.
New England Fuel Oil (quar.)
25c Jan.
Holders of rec. Dec. 15
New England Guaranty Corp., pt.(qu.)_ 131 Jan.
Holders of rec. Dec. 15
Newton Steel, common (quar.)
*60c. Dee. 3 *Holders of n c. Doe. 20
Preferred (guar.)
Dec. 3 *Holders of rec. Dec. 20
N.Y.& Honduran Rosario Min.(quar.). 25c. Dec. 22 Holders of rec. Dec. 12
N.Y.Transportation (quar.)
*50c. Jan. 15 *Holders of rec. Jan. 2
o3
Northwestern Yeast (quar.)
Dec. 15 *Holders of rec. Dec. 12
Ogilvie Flour Mills (quar.)
3
Jan. 2 Holders of rec. Dec. 19
Ottawa Car mfg.(quar.)
1
Jan. 2 Holders of rec. Dec. 15
Bonus
1
Jan. 2 Holders of rec. Dec. 15
Page-Hershey Tubes, Ltd., corn.(quar.) $1.75 Jan. 1 Dec. 23 to Dec. 31
Preferred (quar.)
141 Jan. 1 Dec. 23 to Dec. 31
Pan-Amer. Petrol.& TransportCommon and common "B"(mien)--- *52 Jan. 21 *Holders of rec. Dec. 31
Phelps, Dodge Corporation (quar.)
'$1
Jan. 2 *Holders of rec. Dec. 20
Mexican Petroleum, common (guar.)._ *4
Jan. 21 *Holders of rec. Dec. 31
Preferred (queer.)
Jan. 21 *Holders of rec. Dec. 31
*2
s3ei Jan. 15
Pacific State Securities, preferred
Paul Rubber Co., corn.(in stock)
*110 Jan. 10 *Holders of rec. Dec. 31
Pioneer Mill Co., Ltd. (extra)
•30c. Dec. 20 *Holders of rec. Dec. 10
Plymouth Cordage (guar.)
*144 Jan. 19'Holders of rec. Jan. 1
Prairie Oil & Gas(queer.)
Jan. 31 *Holders of rec. Dec. 31
*2
Provincial Paper Mills, corn.(quar.)_ _ 1% Jan. 2 Holders of rec. Dee. 15
Preferred (guar.)
141 Jan. 2 Holders of rec. Dec. 15
Regal Shoe,Prof.(quar.)
1)4 Jan. 2 Holders of rec. Dec. 20
Remington Arms, 1st pt., ser. A (q11.).- •1% Jan. 2 *Holders of rec. Dec. 20
Second preferred (quar.)
*2
Jan. 2 *Holders of rec. Dec. 20
Reynolds(R.J.) Tobacco, pref.(guar.). 1% Jan. 1 Holders of rec. Dec. 18a
Rice-Stix Dry Goods, bet prof. (quar.)..
1% Jan. 2 Holders Of CEC, Dec. 200
Royal Baking Powder, corn.(quar.). _
2
Dec. 31 Holders of rec. Dec. 15a
Common (extra)
2
Dec. 31 Holders of reo. Dec. 15a
1% Dec. 31 Holders of rec. Dec. 15a
Preferred (gnarl
Safety Car Heating & Ltg. (quar.)
"1% Dec. 24 *Holders of rec. Dec. 13
St.Louis Rocky Mt.& Pac.Co., pf.(M) 134 Dec. 31 Hold -re of r C. Deo. 20a
1)1 Dec. 24 Holders of rec. Dee. 19
St. Maurice Paper (quar.)
5
Bonus
Dec. 24 Holders of rec. Dec. 19
Salt Creek Consol. Oil (queer.)
*15c. Jan. 1 *Holders of rec. Dec. 20
Spicer Mfg., pref. (queer.)
2
Jan. 2 Holders of rec. D,c. 210
4
Standard Coupler, pref
Jan. 2 De-. 23 to Jan. 0
Preferred (acct. accum. dive.)
h4
Jan. 2 Dec. 23 to Jan. 9
Stand. Textile Prod., pt.. A & B (qu.).. 1% Jan. 1 Holders of rec. Dec. 15a
Sullivan Machinery
Jan. 15 Jan. 1 to Jan. 13
$1
Tecumseh Mills (quar.)
*1% Jan. 2 "Holders of rec. Dec. 10
Thompson(John R.) Co., corn.(mthly.) *25e. Jan, 2 *Holders of rec. Dec. 23
Common (monthly)
*25c. Feb. 2 *Holders of rec. Jan. 23
Common (monthly)
*25c. Mar. 2 *Holders of rec. Feb. 23
Preferred (guar.)
*144 Jar!. 2 *Holders of rec. Dec. 23
Torrington Co., corn.(queer.)
2j4e.
'
,Udders of rye. Dee. 19s
Turman Oil (quar.)
30e. Jan. 2 Holders of rec Dec. 31
ss8
Ulen & Co., preferred
Dec. 2 *Holders of rec. Dec. 10
Union Bag & Paper Corp.(queer.)
134 Jan. 1 Holders of rec. Jan. 5
United Bakeries, pref. (quar.)
2
Jan.
Dec. 16 to Jan. 1
United Fruit(quar.)
2
Jan. 1 Holders of rec. Dec. 20
Extra
2
Jan. 15 Holders of rec. Dec. 20
Quarterly
2% Apr. 1 Holders of rec. Mar. 6
Quarterly
2% July 1 Holders of rec. June 6
Quarterly
2)4 Oct. 1 Holders of rec. Sept. 6
Quarterly
2% Jan2'25 Holders of rec. Dec. 6
United Shoe Machinery, corn. (quar.).. 50c. Jan. 5 Holders of rec. Dec. 18
Preferred (quar.)
37%c Jan. 5 Holders of rec. Dec. 18
U. S. Bobbin & Shuttle, corn.(quar.) _ 1
Dec. 31 Holders of rec. Dec. 12
Common (extra)
2
Dec. 31 Holders of rec. Dec. 12
Preferred (quar.)
1% Dec. 31 Holders of rec. Dec. 12
Upson Co.,corn.(quar.)
141 Dec. 15 Dec. 2 to Dec. 14
Common (extra)
1% Dec. 15 Dec. 2 to Dec. 14
Preferred (guar.)
2
Dec. 15 Dec. 2 to Dec. 14
Victor Talking Machine, corn. (quar.)- - s2
Jan. 15 *Holders of rec. Dec. 31
Common (extra)
"244 Dec. 17 'Holders of rec. Dec. 12
Preferred (guar.)
'154 Jan. 15 *Holders of rec. Dec. 31
Wanner Malleable Casting, COM. (qu.)_ *62)4e Jan. 1 *Holders of roe. Dec. 15
Weber Piano, Preferred (quar.)
141 Des.'31 Holders of rec. Dec. 20
Westinghouse Elec.& Mtg.,corn.(queer.) $1
Jan. 31 Holders of rec. Dec. 310
First preferred (quar.)
Jan. 15 Holders of rec. Dee. 31a
$1
White Eagle Oil & Refining (quar.)
*50c. Jan. 20 'Holders of rec. Dec. 31
Wilson & Co., Inc., pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 22
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.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Alabama Great Southern ordinary
3% Dec. 27 Holders of rec. Nov.28
Preferred
3)4 Feb. 15 Holders of rec. Jan. 18
Albany & Susquehanna
4% Jan. • 1 Holders of rec. Dec. 15a
Atch.Topeka & Santa Fe, prof
2)4 Feb. 1 Holders of rec. Dec. 28a
Atlanta & West Point
3
Dec. 31 Dec. 23 to Dec. 31
Atlantic Coast Line RR.. common
334 Jan. 10 Holders of rec. Dec. 140
Bangor & Aroostook, pref.(quar.)
141 Jan, 1 Holders of rec. Dee. 15a
Beech Creek (quar.)
50c. Jan. 2 Holders of rec. Dec. 14a
Boston & Albany (queer.)
2)1 Dec. 81 Holders of rec. Nov.304
Boston & Providence (quar.)
24s Jan, 1 Holders of rec. Dec. 20
Buffalo & Susquehanna. corn.(quar.)_
141 Dec. 31 Dec. 16 to Jan. 1
Common (extra)
234 Dec. 31 Dec. 16 to Jan. 1
Preferred
Dec. 31 Dec. 16 to Jan. I
Canadian Pacific, common (quar.)
214 Dec. 30 Holders of rec Nov.80a
Chesapeake az Ohio,common
2
Jan. 1 Holders of rec. Dec. 7a
Preferred
331 Jan, 1 Holders of rec. Dec. 7a
Chicago Burlington & Quincy
5
Dec. 26 Holders of rec. Dec.d23a
Chicago Rock Island & Pacific 6% pref._ 3
Dec. 31 Holders of rec. Dec. Ta
Seven per cent preferred
3)4 Dec. 31 Holders of rec. Dec. 7a
Mc.New Orl, Ji Tex. Pac., common
3
Dec. 24 Holders of rec. Dec. 3a
Common (extra)
3)4 Dec. 24 Holders of roe. Dec. 3a
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 15a
Preferred (guar.)
134 June 2 Holders of rec. May 17a
Preferred (quar.)
134 Sept. 2 Holders of rec. Aug. 160
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam) (Concluded).
Dec. 31
Colorado & Southern,first preferred__ _ _ 2
4
Dec. 31
Second preferred (annual)
Febl 24
3
Cuba Railroad. preferred
24 Dec. 20
Delaware & Hudson Co.(qear.)
Fonda Johnstown & Glov., pref.(guar.). 131 Dec. 15
Dec. 27
82
Great Northern Iron Ore Properties
Dec. 19
3
Greene Railroad
Dec. 31
2
Hocking Valley
Jan. 1
2
Illinois Central. Leased lines
14 Jan. 2
Jollet & Chicago (guar.)
1
Jan. 2
Lackawanna Ril. of N.J.(guar.)
874e Jan. 2
Lehigh Valley. corn. (guar.)
81.25 Jan. 2
Preferred (guar.)
1% Jan. 2
Louisiana & Northwest (guar.)
Dec. 17
Minn. St. Paul dt Sault Ste. Marie,corn_ 4
Dec. 17
4
Preferred
2
Jan. 2
Mobile & Birmingham. preferred
52.1212 Jan. 2
Morris & Essex
N.Y.Chicago & St. L.,cos.& Pl.(gu.). 134 Jan. 2
52.50 Jan. 2
New York & Harlem,corn. & pref
131 Jan. 2
N.Y.Lackawanna & Western (quar.)-1)4 Dec. Ill
Norfolk & N4 estern, common (quar.)
1
Dee. 19
Common (extra)
Jan. 2
1
Pere Marquette,corn.(guar.)
131 Feb. 1
Prior preference (guar.)
14 Feb. 1
Five per cent preferred (guar.)
Plttsb. Ft. Wayne & Chic., corn. (guar.) 131 Jan. 2
I% Jan. 8
Preferred (guar.)
$1.50 Jan. 2
P1ttsb.Mckeesp.& Youghiogheny
Pittsburgh & West Virginia, pref.(qu.). 134 1 eb 29'24
Feb. 14
Reading Company,common (guar.)- __ 81
500. Jan. 10
Second preferred (guar.)
4
Jan. 1
Rensselaer & Saratoga
131 Dec. 31
St. Louis Southwestern. pref.(guar.)._
134 Jan. 2
Southern Pacific Co.,(guar.)
2
2% Jan
Union Pacific. common (guar.)
2% Jan. 10
United N.J.RR.& Canal Cos.(guar.) _
24 IJan. 2
Valley RR.(N. Y.)
3
Dec. 31
Western Hy.of Alabama
Books Closed.
Days inaustre.
Dec. 18 to Jan. 1
Dec. 18 to Jan. 1
Holders of roc.J au.19242
Holders of rec. Nov. 26a
Holders of rec. Dec. 10a
Holders of rec. Dec. 104
Holders of roe. Dec. 14
Holders of reo. Dec. 7a
Dec. 12 to Jan. 4
Holders of rec. Dec. 20a
Holders of rec. Dee. 6a
Holders of rec. Dec. 15a
Holders of rec. Dec. 152
Holders of rec. Dee. 10
Holders of rec. Nov.302
Holders or rec. Nov.302
Dee. 2 to Jan. 1
Holders of rec. Dec. 8a
Holders of roe. Nov. 160
Holders of rec. Dec. 14a
Holders of rec. Dee. 14a
Holders of rec. Nov.304
Holders of recs. Nov. 30a
Holders of rec. Dec. 14a
Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Holders of rec. Dec. 10a
Holders of rec. Dee. 10a
Holders of rec. Dec. 140
Holders of rec. Feb.1'24a
Holders of rec. Jan. 220
Holders of rec. Dee. 17a
Holders of rec. Dec. 15a
Holders of rec. Dee. 15a
Holders of roe. Nov. 300
Holders of rec. Dec. 1
Dec. 21 to Dec. 31
Holders of rec. Dec. 150
Dec. 23 to Dee. 31
Public Utilities. •
14 Jan. 2 Holders of rec. Doe. 15
Amer.Public service, pref.(guar.)
Amer. Telephone & Telegraph (guar.).- 231 Jan 15 Holders of rec. Dec. 20a
Associated Gas & Electric. pref.(guar )- d88c Jan. 1 Holders of rec. Dee. 16
1)4 Jan. 1 Holders of roe. Dec. 10
Bangor By.& Elec., pref. (guar.)
Boston Elevated By..corn.(qu.)
I% Jan. 2 Holders of rec. Deo. 150
334 Jan. 2 Holders of rec. Dec. 150
Preferred
Jan. 2 Holders of rec. Dec. 15a
4
First preferred
131 Jan. 1 Holders of rec. Dec. 15
Brazilian Tract., Lt. ,k Pow.. pt. (qu.)_
2
Jan. 2 Holders of reo. Dec. 140
Gas
(guar.)
Brooklyn Union
Central Ills. Public Serv., pref.(guar.)._ '1)4 Jan. 15 *Holders of rec. Doe. 31
1
Dee. 31 Holders of rec. Dee. 10
Central States Elec.Corp.,pref.(guar.)
Jan. 2 *Holders of rec. Dec. 20
Cincinnati & Sub. Bell Telepli.(guar.) *El
Citizens Pass. By.. Philadelphia (guar.) 53.50 Jan.'1 Holders of rec. Doe. 20a
2
Jan 2 Holders of reo. Doc. 15
of
Gas
Norfolk,
pref.
City
(guar.)
April 1 Holders of rec. Mar. 15
2
Preferred (guar.)
July 1 Holders of rec. June 15
2
Preferred (qLlar.)
1 Holders of rec. Sept. 15
Oct.
2
Preferred (guar.)
Jan2'25 Holders of rec. Dec.15'24
2
Preferred (guar.)
Colorado Power, coca.(guar.)
35 Jan. 15 Holders of rec. Dec. 31
131 Dec. 15 Holders of rec. Noe.30
Preferred (guar.)
Columbus Elec.&Power,corn.(qu.)
254 Jan. 2 Holders of rec. 1)95. 140
lis Jau. 2 Holders of roe. 1)90. 140
First pref. Series A (auar.)
2 Holders of roe. Dec. 140
131 Jan
Second preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 15a
Columbus By., Pr. dr Lt., pref. A (qu.)
$1.25 Dec. 15 Holders of rec. Nov. ou
Consolidated Gas,common (guar.)
Jan. 2 Holders of roe. Deo. 154
Consol.Gas,E.L.& P.,Balt.. cons.(6E) 2
2
Jan. 2 Holders of rec. Dec. I50
Preferred, Series A (guar.)
Preferred, Series B (guar.)
131 Jan. 2 Holders of rec. Dec. 154
2% Jan. 2 Holders of rec. Dec. 15
Consumers Gas,Toronto(guar.)
Consumers Power,6% Pref. (guar.).
1% Jan. 2 Holders of rec. Dec. 15
131 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
2
Jan. 15 Holders of rue. Doe. 20,2
Detroit Edison (guar.)
Duluth-Superior Tr. corn. & pref. (qu.)_
Jan. 2 Holders of reo. Dec. 154
1
Duquesne Light. 1st pref., Series A (au.) 1ii Dec. 15 Holders of roe. Nov. 154
la
El Paso Electric Co., common (guar.)
- 2% Dec.lb Holders of rec. Dec. 8
.
Equitable ilium. Gas Light, Phila., pref_ 3
Dec. 15 Holders of rec. Dee.
50e. Jan. 2 Holders of rec .Dee. 150
Erie Lighting Co.. pref.(guar.)
Frankt & Southwk Pd88 By Plana (qu.) $4.50 Jan. 1 Dec. 2 to Jan. 1
Federal Light & Tree., corn.(guar.).- 750. Jan. 2 Holders of rec. Doe, 15a
m75c. Jan. 2 Holders of rec. Dec. 150
Common (payable in pref. stock)
General Gas & Elec., pref.. Class A (qu.) 32
Jan. 2 Holders of rue. Dec. 15
Germantown Pass. By., Phila., (qu.)
$1.31 Jan. 8 Dec. 19 to Jan. 7
1% Jan. 1 Holders of roe. Dec. 3I4
Gold & Stock Telegraph (guar.)
2
Illinois Bell Telephone (guar.)
Doe. 31 Holders of rec. Dec. 290
Illinois Power dr Light,7% pref.(guar.). 1)4 Jan. 2 Holders of rec. Dec. 15
134 Jan. 2 Holders of rec. Dec. 15
Six per cent Preferred (guar.)
50c. Jan. 2 Holders of rec. Dee. 20
Illinois Traction,common (guar.)
1% Jan. 2 Holders of rec. Deo. 20
Six per cent Preferred (guar.)
Holders of rec. Dec. 154
Kansas CI'y P.& Lt., 1st pf .Ser. A(gu.) 51.7S Jan.
131 Dec. 15 Holders oh rec. Doe. la
Laclede GasLight, com (guar.)
24 Dec. 15 Holders of rec. Dee. la
Preferred
2% Dec. 15 Dec. 1 to Dee. 5
Louisville Railway, pref
134 Jan. 2 Holders of rec. Dec. 54
Mackay Companies,common (guar.)._
1
Jan. 2 Holders of roe. Dee. 50
Preferred (guar.)
100
Market St. By.,San Fran.,pr. pref.(qu.) 154 Jan. 2 Holders of rec. Doe.
1)4 Dec. 15 Holders of roe. Nov. 30a
Middle West Utilities, prior lien (qual.).
31
Dec.
rec.
of
13S
Holders
16
Jan.
Preferred (guar 3_
*331 Jan. 2 *Holders of rec. Doe. 24
Mineral Point Public Service, prof
rec. Dee. 12
Mississippi River Power. Pref.(guar.).- 14 Jan. 2 Holders of
Monongahela West Penn Pub. Serv. Co
4340. Jan. 2 Holders of rec. Doc. 17a
Seven per cent pref. (guar.)
3734e Jan. 2 Holders of rec. Dec. 17a
Six per cent pref.(guar.)
1
Jan. 2 Holders of rec. Doe. 130
Montana Power,common (guar.)
131 Jan. .2 Holders of rec. Dec. 130
Preferred (guar.)
rec. Dec. 10
National Power & Light, pref. (guru'.).. 111.75 Jan. 2 Holders of
2
Dee, 31 Holders of roe. Deo. 100
New England Telep.& Teleg.(quar.)
Newport News & Hampton Ry.
131 Jan. 2 Holders of rec. Dec. 154
Gas & Mec. Co., pref. (guar.)
1% Jan. 15 Holders of rec. Dec. 200
New York Telephone. pref.(qtlar.)
2
Dec. 15 Holders of rec. Dec. 4
Niagara Falls Power. corn. (guar.)
Dec. 15 Holders of rec. Dec. 4
1
Common (special)
Jan.
1%
15 Holders of rec. Dec. 31a
Preferred (guar.)
Deo. 15
Niagara Lockport & Ont.Power, corn- - 50e. Jan. d2 Holders of rec. Dee. 15a
Holders of rec.
Jan.
1%
d2
Preferred (guar.)
Dec. 20
rec.
of
North Amer. Light & Power,7% pf.(qu) 131 Jan. 2 Holders
13S Jan. 2 Holders of rec. Dee. 15
Northern Ohio Tr.& Lt.,6% pt.(qu.)Deo. 15
rec.
of
Holders
Jan.
2
131
Sevek, per cent preferred (guar.)
14 Jan. 1 Holders of rec. Dee. 20
Ohio Bell Telephone, preferred (guar.)._
Nov.30
rec.
of
Holders
15
Dec.
131
_
(guar.).
pref.
Oklahoma Cesar Electric,
131 Dec. 15 Holders of rec. Nov.30
Ottawa & Hull Power,Pref.(guar.)
rec. Dec. 31a
of
Holders
15
Jan.
134
_
(guar.)._
pref.
Teleg..
&
Telep.
Pacific
131 Jan. 2 Holders of roe. Dec. 140
Pennsylvania Water dr Power (guar.)
rec. Nov. 15a
Philadelphia Electric. corn.& pref.(au.). 50c. Dec. 15 Holders of
Jan. 1 Holders of rec. Dec. 17
1%
Pt.
(qu.)Portland Ry., Lt. & Pow., 1st
1)4 Jan. 1 Holders of rec. Dec. 17
Prior preferred (guar.)
131 Jan. 2 Holders of rec. Deo. 15
Porto Rico Rye_ Ltd., pref.(quar.)_.Doe. 31 Holders of roe. Doe. 14
Public Serv. Corp. of N.J.. corn.(quar.) El
2
Dec. 31 Holders of rec. Dee. 14
Eight per cent preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 14
Seven per cent preferred (guar.)
of rec. Nov. 30
Ban Joaquin Light & Pow.. pref.(guar.). 1)4 Dec. 15 Holders of rec. Nov. 30
1)4 Dec. 15 Holders
Prior preferred ((Suar.)
of rec. Dec. 10
Holders
Jan. 2
Savannah Elec. & Pow., deb. stk.(qu.) _
Jan. 1 Dec. 2 to Jan. 1
Second & 3d Ste Pass By hula (quar.)_ $3
rec. Nov.30
of
Holders
15
Dec.
131
Southern Colorado Power, pref. (qual.).
Dee. 15a
Springfield (Ill.) By.& Light, pref.(cm) 131 Jan. 2 Holders of rec. Nov. 30
reo.
of
Holders
15
2
Dec.
(guar.)
pref.
&
Gas
Standard
Electric.
Dee. 12
rec.
of
Holders
Tennessee Elec. Power. 7% 1st pt. (qu.) 1% Jan. 1
1)4 Jan. 1 Holders of rec. Dec. 12
Six per cent 1st preferred (guar.)
Dec. 20
rec.
of
Holders
21
131
Jan.
Tr -City By.& Light. pref.(guar)
[VOL. 117.
THE CHRONICLE
2626
Name of Company
Public Utilities (Concluded).
Twin City Rap.Tran., Minneap.,corn._
Prefe re 1 (guar.)
Union Passenger Hy., Philadelphia
Union Traction,Philadelphia
United Gas Improvement, pref.(guar.).
United Light & Rys.Common (quar.)
Common (extra)
First preferred (guar.)
Participating preferred (guar.)
Participating preferred (extra)
West Penn Company,common (guar.)_ _
west Penn Railways, preferred (quar.)_
West Phila. Passenger By
Wisconsin Pow.. Lt. dr Ilt., 7% pf.(qu.)
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Dec. 31
3
131 Dec. 31
r54.75 Jan. 1
$1.50 Jan. 1
87)60. Dec. 15
Holders of rec. Dec. 10a
Holders of reo. Dec. 100
Holders of rec. Dec. 15a
Holders of reo. Dee. 10a
Holders of rec. Nov.304
14 Feb. 1 Holders of rec. Jan. 64
Feb. 1 Holders of rec. Jan. 5a
14 Jan. 2 Holders of rec. Dec. 15a
14 Jan. 2 Holders of rec. Dec. 154
Jan. 2 Holders of rec. Dec. 154
50c. Dec. 31 Holders of reo. Doe. 15a
134 Dec. 15 Holder of rec. Dec. 1
Jan. 1 Holders of rec. Dec. 15a
r$5
*131 Jan. 20 *Holders of rec. Dec. 31
Banks.
Chase National (guar.)
Chase Securities Corporation (guar.).Chatham & Phenix National(guar.).Commerce, National Bank of (Qual.)...
Extra
Mechanics (Broo.dyn) (guar.)
National City (guar.)
National City Co.(guar.)
Extra
Public National (guar.)
Seaboard National (guar.)
Extra
United States, Bank of the, (guar.).-
4
$I
4
3
4
3
4
2
2
4
3
2
24
Trust Companies.
Bankers (guar.)
Equitable Trust Co.(qtutr.)
Guaranty (guar.)
Hudson (guar.)
United States Trust (guar.)
2 Holders of rec. Dec.150
Jan
5
Dec. 31 Holders of reo. Dec. 210
Dec. 31 Holders of rec. Dec.144
3
2% Dec. 31 Holders of rec. Dec. 15
12% Jan. 2 Holders of rec. Dec. 210
Fire Insurance.
Rossia (guar.)
$1.50 an. 2 Holders of rec. Dec. 15a
Jan, 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec. 31
Jan 2
Jan. 2
Jan. 2
Holders of rec. Dec. 170
Holders of rec. Doe. 174
Dee. 16 to Jan. 1
Holders of rec. Dec. 140
Holders of rec. Doe. 140
Holders of rec. Dec. 150
Holders of rec. Dec. 150
Holders of reo. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 24
Holders of rec. Dec. 240
Holders of rec. Dec. 240
Holders of rec. Dec. 200
3
Miscellaneous.
Adams Express (guar.)
$1.50 Dee. 31 Holders of rec. Deo. 150
31 Jan. 2 Holders of reo. Dec. 15a
Advance-Rumely Co., pref. (guar.).-Allied Chemical & Dye Corp., Prof.(qu.) 131 Jan. 2 Holders of rec. Dec. 140
Allis-Chalmers, preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 240
Amer. Art Works.cora.& Prof.(guar.)._
131 Jan. 15 Holders of rec. Doe. 31
American Bank Note,corn.(extra)
Dec. 31 Holders of rec. Deo. 17a
$5
75e, Jan. 2 Holders of rec. Dec. 174
Preferred (guar.)
American Bakery, common (guar.)
Dec. 15 Holders of roe. Dec. 3
1
1% Dee. 31 Holders of roe. Ilea. 80
American Beet Sugar, Prof.(guar.)
14 Jan, 2 Holders of rec. Doe. 130
American Can. Prof.(guar.)
Jan. 1 Holders of rec. Dee. 170
American Car & Foundry, corn.(guar.). 3
131 Jan, 1 Holders of reo. Dee. 17a
Preferred (quer.)
51.50 Jan. 2 Dee. 22 ts Jan. 1
American Chain,common(No. 1)
Class A stock (guar.)
600. Dec. 31 Dec. 22 to Jan. 1
American Cigar, preferred (guar.)
134 Jan. 2 Holders oh roe. Dee.15a
Jan, 2 Holders of rec. Dec. 150
1
American Cyanamid, corn. (guar.)
34 Jan. 2 Holders of roe. Dee. 150
Common (extra)
Jan. 2 Holders of rec. Doe. 150
134
(guar.)
Preferred
$1.50 Jan. 2 Holders of rec. Dec. 130
American Express (guar.)
American Fork & Hoe,coin.((Mar.).- 134 Deo. 15 Holders of rec. Dec. 5
*2
Dec. 15 *Holders of rec. Dee. 5
Preferred (guar.)
$1.50 Dec. 31 Holders of reo. Dec. 130
Amer. Locomotive,corn.(guar.)
134 Dec. 31 Holders of rec. Deo. 130
Preferred (guar.)
14 Jan 1'24 Holders of rec. Dec. la
American Machine & Foundry (guar.)._
134 Jan. I Dec. 27 to Jan. 1
American Piano, common (guar.)
1)4 Jan. 1 Dec. 27 to Jan. 1
Preferred ((1um%)
50c. Doe. 31 Holders of rec. Deo. 80
Amer. Pneumatic Service, prof.
Dee. 31 Holders of roe. Dee. 15a
Ill
(guar.).common
Radiator,
American
Jan. 2 Holders of rec. Dec. 15
El
American Sales Book,oom.(guar.)
Febl'24 Holders of rec. Jan. 15'240
2
Amer. Shipbuilding. Coln. (guar.)
2 May1'24 Holders of rec. Apr.15 240
Common (guar.)
Augl'24 Holders of reo. July 15'240
2
Common (guar.)
Jan. '2 Holders of rec. Dec. I40
3
(guar.)
common
Snuff,
American
Jan, 2 Holders of rec. Dec. 140
2
Common (extra)
131 Jan. 2 Holders of rec. Doe. 140
Preferred (guar.)
Amer.Steel Foundries,common (guar.). 750. Jan. 15 Holders of rec. Jan. 2a
14 Doc. 31 Holders of roe. Deo. 150
Preferred (guar.)
25e. Jan, 2 Dec. 22 to Jan. 1
American Stores (guar.)
Amer. Sugar Refining. Pref. (guar.)
134 Jan, 2 Holders of rec. Dec. la
.11124e Jan. 1 *Holders of roe. Deo. 15
American Thread, preferred
14 Jan. 2 Holders of reo. Dec. 100
American Tobacco, pref.(guar.)
Dea.15
Amer. Vitrified Products.common...._ _ 50o. Dec. 15 Dee. 6 to
American Woolen,corn, and pref.(guar.) 13i Jan. 15 Dec. 15 to Dec. 26
750. Jan. 21 Holders of rec. Doe. 154
Anaconda Copper Mining (guar.)
22c. Dee. 17 Holders of coup. No.26
Anglo-American Oil, Ltd.(interim)
Armour & Co.(M.), pref.(guar.)
151 Jan. 2 Dec. 16 to Jan. 1
14 Jan. 2 Doe. 16 to Jan. 1
Armour & Co. of Del., pref.(guar.)____
Jan. 25 Holders of rec. Dec. 31a
3734e
011
Associated
(guar.)
Doe. 15 Holders of rec. Nov. 2I0
1
Atlantic Refining, COMMOD (guar.)
Dec. 15 Holders of rec. Dec. 50
2
Atlantic Terra Cotta, pref.(guar.)
Dec. 15 *Holders of rec. Dec. 6
*2
Autocar Co., preferred (guar.)
25e. Jan. 1 Holders of rec. Dec. 200
Balaban & Katz,common
134 Jan. 1 Holders of rec. Dec. 204
Preferred (guar.)
Baldwin Locomotive Works.coin.& pt... 334 Jan. 1 Holders of rec. Dec. la
*50c. Jan. 1 *Holders of rec. Dec. 20
Bassick, Alemite Corp. (guar.)
.25c. Jan. 1 *Holders of rec. Dec. 20
Extra
Belding CorticeIII, Ltd., pref.(quar.)_._ 14 Dec. 15 Holders of res. Dec. la
Bethlehem Steel Corporation13( Jan. 2 Holders of reo. Dee. la
Common (guar.)
Seven per cent cum. pref. (guar.) ..- 134 Jan. 2 Holders of reo. Dee. 150
Seven per cent non-cum. pref.(guar.) 131 Jan. 2 Holders of reo. Dec. 15a
Jan. 2 Holders of reo. Dee. 15a
2
Eight per cent preferred (guar.)
Dec. 24 *Holders Of rec. Dec. 14
*2
Blaw-Knox Co.,corn.(extra)
Blumenthal(Sidney)& Co., prof.(guar.) 154 Jan. 2 Holders of reo. Dec. 14
Boone(Daniel) Woolen Mills,corn.(qu.) 75e. Jan. 2 Dec 1 to Dec 40
Borden Company. Preferred Mara
114 Dec. 13 Holders Of roe. Dec. 1
Boston Woven Hose & Rub., corn.(qu.) $1.50 Dee. 15 Holders of rec. Dec. la
3 Deo. 15 Holders of rec. Dec. la
Preferred
Holders of roe. Dec. 20a
250. Jan:1
Bridgeport Machine CO. (guar.)
25e. Apr2'24 Holders of ree.Mar.20'24a
Quarterly
Marl'24 Holders of reo. Feb.20'24o
I
Brown Shoe,common (guar.)
131 Febl'24 Holders of rec. Jan.21'24a
Preferred (guar.)
$1.50 Dec. 15 Holders of rec. Nov.20
Buckeye Pipe Line (guar.)
Bucyrus Company, preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20a
Jan. 2 Holders of rec. Dec. 204
Preferred (acct. accumulated diva.).- 7
52 Dec. 31 Holders of rec. Dee, 20
Burroughs Adding Mach. (guar.)
234 Jan. 2 Holders of rec. Dec. 15
Burt(F. N.) Co.,com.(guar.)
Jan. 2 Holders of roe. Doe, 15
Preferred (guar.)
231 Jan. 15 Holders of roe. Jan. 23
Bush Terminal,common
3
Jan. 15 Holders of rec. Jan. 23
Preferred
Bush Terminal Bides., prof.(guar.)._ _ _
131 Jan. 2 Holders of rec. Dec. 180
$2.25 Jan. 1 Holders of rec. Dec. 220
By-Products Coke Corp., pre(
51.50 Dec. 15 Holders of rec. Nov.304
California Packing Corp.(guar.)
California Petroleum, preferred (guar.)
1% Jan. 2 Holders of rec. Deo. 200
Calumet, es Arizona Mining (guar.)..._ 50e. Dee. 24 fielders of rec. Dee. 70
Calumet & Elecla Consolidated Mining._ 60e. Deo, 17 Holders of rec. Doe. 10
Dee. 15 Holders of reo. Nov.30
Canada Iron Foundries, preferred
2
Canadian Can & Foundry Co.
Preferred (account aecum. dividends). 5354 Jan. 10 Holders of reo. Doe. 25
Jan. 2 Holders of reo. Dec. 15
CanadlanConnecticutCot.Mills,pf.(gu.) 2
131 Jan. I Holders of roe. Dec. 15
Canadian General Electric (guar.)
1% Doe. 15 Holders of rec. Dec. 10
Carter (William) Co.. pref. (quar.)
I7a
Case (J. I.) Thresh. Mach., pref.(guar.) 13.4 Jan. 2 Holders of rec. Dec.
Certain-teed Products Corp.First and second preferred (guar.)...- 14 Jan. 2d Holders of roe. Dec. 18a
*S1.50 Jan. 2 *Holders of rec. Dee. 20
Chandler Motor Car (guar.)
34 Dec. 28 Holders of rec. Dec. 104
Chesebrough Mtg., COM.(guar.)
331 Deo. 28 Holders of rec. Dec. 100
Common (special)
14 Dec. 28 Holders of rec. Dec. 10a
Preferred (guar.)
154
Mc.15 1923.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company.
2627
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
$1.25 Feb114 Holders of rec. Jan1514a Indiana Pipe Line (guar.)
Checker Cab Mfg.. class A (guar.)
2
Feb. 15 Holders of rec. Jan. 18
Chicago Mill & Lumber, pref.(guar.)--- 134 Jan. 1 Holders of rec. Dec. 22a Inland Steel, pref.(guar.)
154 Jan. 1 Holders of rec. Dec. 156
Chicago Motor Coach, preferred (guar.). *15( Jan. 2 *Holders of rec. Dec. 20
Inspiration Consolidated Copper (guar.) 50e. Jan. 7 Holders of rec. Dec. 20a
(guar.)._
750. Jan. 2 Holders of rec. Dec. 150 Int. Buttonhole Sew. Mach.(quar.).... 10c. Jan. 2 Holders of rec. Dec. 15
Chicago Nipple Mfg., Cl. A
Class A (account accumulated dive.) - 25c. Jan. 2 Holders of rec. Dec. lba International Cement Corp.,com.(qu.) 81
Dee. 31 Holders of rec. Dec. lbo
Chicago Yellow Cab,Inc.(monthly)-_* 331-3c Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
134 D.31 Holders of rec. Dec. 15o
Monthly
•33 1-3c Feb. 1 *Holders of rec. Jan 21
Internat. Harvester, com.(guar.)
134 Jan. 15 Holders of rec. Dec.424a
Monthly
• 33 1-3c Mar. 1 *Holders of rec. Feb. 20
134 Jan. 2 Holders of rec. Dec. 15a
International Salt (guar.)
Stock dividend
5e100 Dec. 17 *Holders of rec. Dec.:11
Extra
1
Jan. 2 Holders of rec. Dec. 15a
Chill Copper(guar.)
6255c Dec. 29 Holders of rec. Dec. la International Shoe, common (guar.)
$1
Jan. 2 Holders of rec. Dec. 15a
Cincinnati Finance (guar.)
Jan. 2 Dec. 16 to Jan. 1
2
1
Jan. 2 Holders of rec. Dec. lba
Preferred (monthly)
Cities ServiceInternat. Silver, pref.(guar.)
134 Jan. 1 Dec. 16 to Jan. 1
Common(monthly pay,in cash scrip). oti Jan. 1 Holders of rec. Dee. 15
Pref. (acct. accum. dividends)
lig Jan. 1 Dec. 18 to Jan. 1
Common (pay. in corn, stock scrip)
al g Jan. 1 Holders of rec. Dec. 15
Iron Products, corn.(No. 1)
$1.50 Jan. 15 Holders of rec. Jan. 2a
Preferred and preferred B (monthly)
15( Jan, 1 Holders of rec. Dec. 15a
34 Jan. 1 Holders of rec. Dec. 15
Jones & Laughlin Steel. pref.(guar.)
Cluett, Peabody & Co., Inc., pt.(qu.)
13( Jan. 1 Holders of rec. Dec. 21a Jordan Motor Car, common
Dec. 31 Holders of rec. Dec. 15
5
51.75 Jan. 1 Holders of rec. Dec. 15a
Cosa-Cola Co..corn.(quar.).
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15
Preferred
334 Jan. 1 Holders of rec. Dec. Ma Kaufmann Dept. Stores, prof. (guar.).- 134
Holders of rec. Dec. 20
Computing-Tabulating-Record.(guar.)- $1.50 Jan. 10 Holders of rec. Dec. 21a Kelly-Springfleld Tire, pref. (guar.)
Jan. 2 Holders of rec. Dec. 17
Congoleum Co.,common (in corn. stock) 1300 De 22 Holders of rec. Dec I7a Kelsey Wheel, common (guar.)
75
1055 Jan. 2 Holders of rec. Dec. 21a
Connor(John T.) Co.,common (guar.). 50e. Jan. 2 Holders of rec. Dec. 200 Kennecott Conner Corp.(quar.)
Jan.
Holders of rec. Dec. 7a
Preferred
$3.50 Jan. 2 Holders of rec. Dec. 20a King Philip Mills (guar.)
155 Jan. 2 Holders of rec. Dec. 20a
Continental Can, preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20a Kresge (S. S.) Co., com.(guar.)
Dee. 31 Holders of rec. Dec. 154
2
50c. Dec. 15 Nov.24 to Dec. 16
Continental 011 (guar.)
Preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 15a
Cooper Corporation,Class A (guar.) --- 1H Dec. 15 Dec. 1 to Dec. 15
Laurentide Co., Ltd. (guar.)
lb5 Jan. 2 Holders of rec. Dec. 14
50c. Jan 1 Dec. 16 to Jan. 1
Corona Typewriter.coin.(quar.)
Lehigh Valley Coal Sales (guar.)
12
15,1 Jan. 2 Holders of rec. Dec. 13a
First preferred (guar.)
Jan. 1 Dec. 16 to Jan. 1
2
Jan. 1 Holders of rec. Dec. 17a
Liggett & Myers Tob.. pref.(guar).Second preferred (guar.)
1
134 Jan. 1 Dec. 16 to Jan
Lindsay Light. preferred (ouar.)
134 Feb11'24 Holders of ree.Feb.7'24a
Cramp(Wm.)&SonsShip&Eng.Big.(qu.) 51
Dec. 31 Dec. 16 to Jan. 1
Loew's. Incorporated
60c. Dee. 31 Holders of rec. Dec. 156
Crane Company,common (guar.)
Dec. 15 Holders of rec. Dec. lo Loose-Wiles Biscuit, first pref. (quar.)
1
154 Jan. 2 Holders of rec. Dec. 18a
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. lo Lord & Taylor,2d of.(acct.swum.dly.) 516
Dee. 20 Holders of rec. Dee. 10
Crows Nest Pass Coal(guar.)
134 Jan. 1 Holders of rec. Dec. 11
Lorillard (P.) Co., common (guar.)
Jan. 2 Holders of rec. Dee. 15a
3
Crucible Steel, preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 151)
Cuban-American Sugar.common
750. Jan. 2 Holders of rec. Dec. 86 Mack Trucks, Inc., com.(guar.)
$1.50 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Nov.28o
First and second preferred (guar.).
15( Jan. 2 Holders of rec. Dec. 200
Cumberland Pipe Line
Dec. 15 Holders of rec. Nov.30
10
Mallinson(H.II.) & Co., pref.(quar.)
134 Jan. 2 Holders of rec. Dec. 20a
Cuyamel Fruit (Oar.)
61 Dec. 28 Holders of rec. Dec. 15a Menai Sugar (quar.)
$1.25 Mar 114 Holders of rec. Feb.1514a
Davis Mills(guar.)
334 Dec. 22 Holders of rec. Dee. 8o
Quarterly
$1.25 Juner24 Holders of rec. May1514a
Detroit & Cleveland Navigation (guar.). $1
Jan. 2 Holders of rec. Dec. Ma
Quarterly
$1.25 Sep 124 Holders of rec. Aug.1514a
Diamond Match (guar.)
Dec. 15 Holders of rec. Nov.300 Manhattan Electrical Supply (guar.)._ _ $1
2
Jan. 2 Holders of rec. Dec. 20a
Dictograph Products Corp., pref.(cm). 2
Dec. 15 Holders of rec. Nov.300 Manhattan Shirt. pref. (guar.)
154 Jan. 2 Holders of rec. Dec. 170
Dome Mines, Ltd. (guar.)
Holders
Jan.
21
of rec. Dec. 310 Mathieson Alkali Works, pref. (guar.)
50e.
134 Jan. 2 Holders of rec. Dec. 20a
Dominion Glass, Ltd., com.& Pl.(qu.)
134 Jan. 2 Holders of rec. Dec. 15
Preferred (account accum. dividends). 1 u
g .JTa
an.
. 2
1 Holders of rec. Dec. 20a
134 Jan. 1 Holders of rec. Dec. 15
Dominion Iron & Steel, pref.(quar.)
May Department Stores, pref.(guar.).Holders of rec. Dee. 15a
Dominion Oil (guar.)
20c. Jan. 2 Holders of rec. Dec. 10
McCord Radiator & Mfg., Cl. A (qu.) 750. Jan. 2 Dec. 21 to
Jan. 1
Domlnlon Textile, common (guar.)
Jan. 2 Holders of rec. Dec. 15
$1
McIntyre Porcupine Mines. Ltd
25c. Jan. 2 Holders of rec. Dec. lo
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Afergenthaler Linotype (guar.)
255 Dec. 31 Holders of rec. Dec. 54
Douglas-Pectin Corp.(guar.)
25e. Dec. 31 Holders of rec. Dec. is Metrop. Paving Brick, corn.(extra)
_ 2
Dec. lb Holders of inc. Dec. 5
Draper Corporation (guar.)
3 ' Jan. 1 Holders of rec. Dec. 8
Proferred (guar.)
i54 Jan, 1 Holders of rec. Dec. 15
Dunham (James H.)& Co., coin.(guar.) *155 Jan. 2 *Holders of rec. Dec. 20
Michigan Drop Forge, pref. (quar.)._
134 Jan. 1 Holders of rec. Dec. 256
First preferred (guar.)
136 Jan. 2 *Holders of rec. Dec. 20
Monarch Mills, common and preferred _ 354 Dec. 31 Dec. 25 to Dec. 31
Second preferred (guar.)
Jan. 2 *Holders of rec. Dec. 20
Montgomery Ward & Co.. pref.(guar.)- 15( Jan. 1 Holders of rec. Dec. 200
du Pont(E.I.) de Nem.&
corn.(qu.) 2
Dec. 15 Holders of rec. Dec. 50 Montreal Cottons. Ltd.,common (guar.) 155 Dec. 15 Holders of rec. Nov.30
Debenture stock (guar.)
134 Jan. 25 Holders of rec. Jan. 10a
154 Dec. 15 Holders of rec. Nov.30
Preferred (guar.)
du Pont(E.I.)de Nem.Powd.,corn.(qu.) 155 Feb. 1 Holders of rec. Jan. 190 Mother Lode Coalition Mines
50c. Dec. 31 Holders of rec. Dec. 140
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 190 Motor Wheel Corp., corn.(guar.)
*2
Dec. 30 *Holders of rec. Dec. 10
Eastern Steamship Lines, 1st pref.(qu.)_ 151 Jan. 2 Holders of rec. Dec. 270 Mountain Producers (guar.)
20e, Jan. 2 Holders of rec. Dec. 15a
Eastman Kodak,common (guar.)
$1.25 Jan. 2 Holders of rec. Nov 30a
10c. Jan. 2 Holders of rec. Dec. 15a
Extra
Common (extra)
51.25 Jan. 2 Holders of rec. Nov. 300 Mutual Oil (guar.)
1255c Dec. 15 Dec. 1 to Dee. 15
Preferred (guar.)
e3318 Dec. 20 Holders of rec. Nov.20
134 Jan. 2 Holders of rec. Nov. 30s Nashawena Mills (stock dividend)
Eaton Axle & Spring (guar.)
65c. Jan. 2 Holders of rec. Dec. 15a
75e. Jan. 15 Holders of rec. Dee. 31a
National Biscuit, common (guar.)
Eisenlohr (Otto) & Bro., pref. (guar.)
15( Jan. 1 Holders of rec. Dec. 20a National Breweries,common (quar.)_ _ 51
Jan. 2 Holders of rec. Dec. 15
Electric Auto-Lite(guar.)
$1
151 Jan. 2 Holders of rec. Dec. 15
Jan. 2 Dec. 15 to Dec. 31
Preferred (guar.)
Electric Controller & Mfg., com.(guar.) $1
Jan 2 Holders of rec. Dec. 21
National Enameling & Stpg., prof.(cm). 154 Dec. 31 Holders of rec. Dec. 1la
Common (extra)
Jan. 2 Holders of rec. Dec. 21
1
Feb15'24 Holders of rec. Feb. 114
$1
National Fireproofing, preferred
Preferred (guar.)
1
My 15'24 Holders of rec. May VIII
134 Jan. 2 Holders of rec. Dec. 21
Preferred
Electric Storage Batt., corn.& pref.(qu.) $1
Jan. 2 Holders of rec. Dec 15a National Grocer, preferred
Holders of roe. Dec. 21
Common and preferred (extra)
Jan. 2 Holders of rec. Dec. 15a National Lead,common (guar.)
8
2
j
Dasici.
$1
n. 31
1 Holders of rec. Dec. 145
Dec. 20 Holders of rm. Dec. 8r)
Elgin National Watch (extra)
6
Preferred (guar.)
154 Dec. 15 Holders of rec. Nov.230
Elliott-Fisher Co., corn, and com. B. _ 51
Jan. 2 Dec. 16 to Jan. 17
National Sugar (com.)
134 Jan, 2 Holders of rec. Dec. 10
Common and common B (extra)
$1.50 Jan. 2 Dec. 16 to Jan. 17
National Surety (quar.)
214 Jan 2 Holders of rec. Dec. 21a
134 Jan. 2 Dec. 16 to Jan. 17
Preferred (guar.)
Natlonal Transit
50c. Dec. 15 Holders of rec. Nov.30a
Emerson Electric. preferred (guar.).- - 134 Jan. 2 Holders of rec. Dec. 20
21 Jan. 2 Holders of rec. Dec. 36
New York Air Brake. Class A (quar.)
Endicott-Johnson Corp., corn. (guar.) _ 31.25 Jan. 2 Holders of rec. Dec. 14a New York Canners, Inc. (guar.)
50c. Dec. 15 Holders of rec. Dec. ba
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 14a
First preferred
355 Feb. 1 Holders of rec. Jan. 2a
Famous Players Lasky Corp.,coin.(qu.) $2
Jan. 2 Holders of rec. Dec. 15o
Second preferred
4
Feb. 1 Holders of rec. Jan. 20
Federal Acceptance Corp., pref.(guar.)_ 2
Jan. 15 Holders of rec. Dec. 31a New York Steam Corp.. prof.(quar.)
134 Jan. 2 Holders of rec. Dec. 156
Federal Mining & Smelting. pref.(guar.) 15( Dec. 15 Holders of rec. Nov. 264 New York Transit (guar.)
50c. Jan. 15 Holders of rec. Dec. 20
Federal Motor Truck (guar.)
30e. Jan. 2 Dec. 23 to Jan. 2
NIPISSing Mines Co.(guar.)
150. Jan. 21 Jan. 1 to Jan. 17
Fisher Body Ohio Corp., pref. (guar.). _ 2
Jan. 1 Holders of rec. Dec.417a
Extra
15c. Jan. 21 Jan. 1 to Jan. 17
Fleishmann Co.. common (guar.)
500. Jan. 1 Holders of roe. Dec. 15o North American Co., com.(guar.)
(a) Jan. 2 Holders of rec. Dec. ba
Common (extra)
*25e. Jan. 1 *Holders of rec. Dec. 15
155 Jan. 2 Holders of rec. Dec. 50
Preferred (guar.)
Common (guar.)
75e. Apr. 1 Holders of rec.Mar15'24a North American Provision, pref.(quar.)_
134 Jan. 2 Dec. 16 to Jan. 1
Common(quar.)
750. July 1 Holders et reo. June lba Northern Pipe Line
5
Jan, 1 Holders of rec. Dec. 7
Common (guar.)
75e. Oct. 1 Holders of rec. Sept lba Nunnally Company
50c.
Dec. 31 Holders of rec. Dec. 156
Common(guar.)
75e. Jan 1'25 Holders of ree.Dec.15'245 Ohio Oil (guar.)
25c.
Dee, 31 Nov. 29 to Dec. 23
Foundation Co., common (guar.).- .- $1.50 Dec. 15 Holders of rec. Dec. la Oil Lease Development (monthly)
10c. Dec. 15 Holders of rec. Nov.30
Preferred (guar.)
31.75 Dec. 15 Holders of rec. Dec. 1
Orpheum Circuit, Inc., pref.(guar.)_ _ _ 2
Jan.
2 Holders of rec. Dec. 15
•g
Gainesville Cotton Mills, common
Jan. 1
Owens Bottle,coin.(guar.)
750. Jan, 1 Holders of rec. Dec. 1134
•3
Preferred
Jan. 1
(quar.)
Preferred
Jan,
1 Holders of rec. Dec. 1841
i3(
Galena-Signal 011, common (guar.)
Dec. 31 Holders of rec. Nov.300 Pacific 011
1
81
Jan, 21 Holders of rec. Dee. 1441
2
Old and new preferred (guar.)
Dec. 31 Holders of rec. Nov.30o Packard Motor Car, common (guar.).
30c. Jan. 31 Holders of rec Jan. lba
General Baking, common (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 15a
Pre'erred (guar.)
1 g Dec. 15 Holders of rec. Nov.30a
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 15a Pacolet Manufacturing,
$2
common
*5
Jan. 1
15( Jan. 2 Holders of rec. Dec. 24e
General Cigar, t referred(quar.)
Preferred
*354
Jan. I
•2
General Electric, com.(guar.)
Jan. 15 Holders of rec. Dec. 5a Palge-Detrolt Motor Car.corn.(guar.)_ 530c. Jan. 2 *Holders of roe. Dec. 15
15c. Jan. 15 Holders of rec. Dec. 50
Special stock (guar.)
*134 Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
155 Feb. 1 Holders of rec. Jan. 7a Palge-Detroit
General Motors, preferred (guar.)
Motor Car (In com. stock) */
5c. Jan. __ *Holders of rec. Dec. 22
150
155 Feb. 1 Holders of rec. Jan. 7a
8% debenture stock (guar.)
City Mining & Smelting (auar.)
Jan. 2 Holders of rec. Dec. 8
154 Feb. 1 Holders of rec. Jan. 7e Park
7% debenture stock (guar.)
Trunk & Motor (guar 1
rwrIets
Dec. 31 Holders or rec. Dec. 200
11
(No.
1)_
8
Deo. 15 Holders of rec. Dec. 12o Penney (J. C.) Co., preferred (guar.)
Gen'l Motors Acceptance Corp.
154
Dec. 31 Holders of rec. Dec. 200
500. Dec. 15 Holders of rec. Nov.30
General Petroleum Corp..corn.(guar.)
Pennok.011 (guar.)
20c. Dec. 22 Holders of rec. Dec. 15a
581.75 Dec. 15 Dec. 1 to Dec.416
Giant Portland Cement, pref
Extra
200. Dec. 22 Holders of rec. Dec. 15a
Gimbel Brothers, pref.(guar.)
134 Feb. 41 Holders of rec. Jan. lba Pettibone-Mulllken Co. lst dr 2d
pf.(q11.) 134 Jan. 1 Holders of rec. Dec. 24a
Glen Alden Coal
•$2.50 Dec. 20 *Holders of rec. Dee. I
Phillips Petroleum (guar.)
Soc. Jan. 2 Holders of rec. Dec. 14a
Globe Soap,com.(quar.)
Dec. 15 Dee. 2 to Dee. 15
1
Pierce Arrow Motor Car, prior pt.(qu.). $2
Jan. 2 Holders of rec. Dec. 15a
First.second and special pref.(guar.)- 155 Dec. 15 Dec. 2 to Dee. 15
Plate Glass,common (guar.) _
Dec. 31 Holders of rec. Dec. 15a
2
Goodrich (B. F.) Co., preferred (guar.). 15( Jan. 2 Holders of rec. Dee. 22. Pittsburgh
Common
Feb.15
1 Holders of rec. Jan. 31a
(extra)
A
2
5
Great Atl.& Pacific Tea,common (qu.)- 750. Dec. 15 Holders of rec. Dec. 100
Common (guar.)
Holders of rec. Mar. 17a
Great Western Sugar,com.(guar.)
Jan. 2 Holders of rec. Dec. 15a
$1
Common (guar.)
July 1 Holders of rec. June 16a
2
Preferred (guar.)
15( Jan. 2 Holders of rec. Dec. 150 Pressed
Car,
Steel
coin.
18
Dec.
Holders
of rec. Nov.27a
1
(quar.)
Greenfield Tap 6:: Die Corp.6% pf.(cm) 155 Jan. 2 Holders of tee. Dec. 15
Price Brothers eic Co., Ltd.(quar.)
55 Jan. 2 Holders of rec. Dee. 20
Eight per cent preferred (guar.)
Jan. 2 Holders of lee. Dec. 15
2
&
Gamble
Procter
Co.,
6%
155
Dec.
15
pref.
Holders
of
rec. Nov.24o
(guar.)
Guantanamo Sugar, pref. (quar.)
2
Jan. 2 Holders of rec. Dec. 156
011 Corporation. 5g% pref.(guar.) 15( Jan. 1 Holders of rec. Dec. 15a
Gulf States Steel, corn.(guar.)
1
Jan. 2 Holders of rec. Dec. 14a Pure
155 Jan. 1 Holders of rec. Dec. lba
Six per cent preferred (guar.)
First and second preferred (guar.).Jan. 2 Holders of rec. Dec. 14.
Eight per cent preferred (guar.) ....- 2
Jan. 1 Holders of rec. Dec. 15a
Hammermill Paper, preferred (guar.) _
114 Jan. 1 Holders of rec. Dec. 20a
Quaker Oars, common (guar.)
3
Jan. 15 Holders of rec. Dec. 31a
Hanes (P.11.) Knitting Co., pref.(qu.)_
15( Jan. 1 Holders of rec. Dec. 20
Preferred
155
(guar.)
Feb. 29 Holders of rec. Feb. 1 a
Hanna Furnace. Preferred (guar.)
2
Dec. 15 Holders of rec. Dec. 5
2
Dee. 31 Holders of rec. Dec. 17a
Hanna(M.A.)8c Co., 1st pref.(guar.)
15( Dec. 20 Holders of rec. Dec. 50 Railway Steel-Spring,common (guar.)
Preferred (guar.)
154 Dee. 20 Holders of rec. Dec. 7a
Harbison-Walker Refrac., pref. (guar.), 114 Jan. 19 Holders of rec. Jan. 90
Ranger Texas 011(guar.)
2c. Jan. 2 *Holders of rec. Dec: 10
Hart. Schaffner dr Marx, pref. (guar.)- - *134 Dec. 31 *Holders of rec. Dee. 18
Associates,common
52.50 Apr. 16 Holders of rec. Apr. 5
Hayes Wheel (quar.)
75e. Dec. 15 Holders of rec. Nov.30o Realty
preferred
First
Jan
Holders of rec. Jan. b
Heath (D. C.) & Co., pref.(guar.)
14
1 dDen.31 Dee. 27 t) Jan. 1
Second preferred
ur 15
8 Holders of rec. Apr. 5
234
Helm° (Geo. NV.) Co., corn. (guar.)
_ 750 Jan. 2 Holders of rec. Dec. 17a
Buttonhole Machine (guar.)
Reece
30c.
Jan.
2
Holders of rec. Dec. 15
Common (extra)
51.75 Jan. 2 Holders of rec. Dec. 17a Reece Folding
10c. Jan. 2 Holders of rec. Dec. 15
Machine (guar.)
Preferred (quar.)
13( Jan. 2 Holders of rec. Dec. 17
Remington Typewriter, 2d pref.(quar.)- 2
Dec. 20 Dec. 9 to Dec. 20
Hercules Powder, common (guar.)
155 Dec. 24 Dec. 16 to Dec. 24
First pref. and let pref. Series A (gu.)- 134 Jan. 1 Dec. 23 to Jan. 1
Common (extra)
2
Dec. 24 Dec. 16 to Dec. 24
dr Steel, pref. (guar.)_ _
15( Jan. 2 Holders of rec. Dec. 15a
Homestake Mining (monthly)
50c. Dec. 26 Holders of rec. Dec. 20a Republic,Iron
erred,(acet.accumulated divs.)
52
Prof
Jan. 2 Holders of rec. Dec. lba
Hood Rubber, corn.(guar.)
$1
Dec. 31 Dec. 21 to Jan. 1
(quar.)
Car
Motor
*15c.
Jan. 15 *Holders of rec. Jan. 2
Reo
Hudson Motor Car (guar.)
75c. Jan. 2 Holders of rec. Doe. 250
5I0c. Jan. 15 *Holders of rec. Jan. 2
Extra
Hupp Motor Car, preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
(qu.)
Reynolds(R.J.)Tobacco,com.A&B
750.
Jan.
1 Holders of rec. Dec. 18a
Hydraulic Press Brick, Prof. (guar.)._
134 Jan. 2 Holders of rec. Dec. 20
Rogers(Wm.A.) Co.,Prof.(guar.)
154 Jan. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15a It.
Ide(Geo.P.) & Co., Inc.,Pref• (quar.)- - 2
Lead (guar.)
25e. Dec. 20 Dec. 9 to Dee. 20
Joseph
3
Illinois Pipe tine
Dee. 31 Dec. 1 to Dec. 27
Extra
25e. Dee. 20 Dec. 9 te Dee. 20
Imperial 011,common (guar.)
234 Jan. 2 Holders of rec. Dec. 10
ectoilte Retail Stores,Corn.(in pref.stk.) m$2
Mr 1'24 Hold,of rec. Feb.15'24a
2
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 10
(guar.)
Preferred
2
Jan. 1 Holders of rec. Dec. 15a
Ingersoll-Rand Co.,com.(pay.In stock)! 10
Jan. 10 Dec. lb
to Jan. 90
011 & Gas(monthly)
1 go. Jan. 1 Holders of rec. Dee. lba
Preferred
Jan. 2 Holders Of tee. Dec. 140 Seaboard
3
Sears, Roebuck & Co., pref.(quar.).,
15( Jan. 1 Holders of rec. Dec. 15a
2628
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Elhawmut Mills. common (guar.)
134 Jan. 2 Holders of rec. Dec. 206
Preferred (guar.)
131 Dec. 31 Holders of rec. Dec. 206
Shell Union 011 Corp.. corn. (guar.).- 25c. Dec. 31 Holders of rec. Dec. 140
Sherwin-Williams(Canada). corn.(q11.)- 134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 15
Simmons Co., common (guar.)
25e. Jan. 2 Holders of rec. Dec. 130
Common (payable In common stock)
Jan. 2 Holders of rec. Dec. 130
Sloss-Sheffleid Steel & Iron. pref.(guar.) 131 Jan. 2 Holders of rec. Dec. 200
Solar Refining
Dec. 20 Dec 1 to Dec. 10
South Porto Rico Sugar, pref. (guar.)
2
Dec 31 Holders of rec. Dec. 100
Southern States 011 (monthly)
10c. Dec. 20 Holders of rec. Dec. 1
South West Pa. Pipe Lines (guar.)
2
Dec. 31 Holders of rec. Dec. 15
Spartan Mills
4
Jan. 1
Standard Oil (California)(guar.)
50e. Dec. 15 Holders of rec. Nov.200
Standard 011(Indiana)(guar.)
62Sic. Dec. 15 Nov. 17 to Dec. 15
Standard 011 (Kansas) (guar.)
50e. Dec. 15 Holders of rec. Nov.306
Standard 011 (Kentucky)(guar.)
Dec. 31 *Holders of rec. Dec. 15
*$1
5
Standard 011(Nebraska)
Dec. 20 Nov.21 to Dec. 20
Standard 011 (New Jersey)Dec. 15 Holders of rec. Nov. 260
Common ($100 par value) (qua:.)
1
Common ($25 par value) (guar.)
25e. Dec. 15 Holders of rec. Nov.260
134 Dec. 15 Holders of rec. Nov. 266
Preferred (qua:.)
Standard Oil of New York (guar.)
350. Dec. 15 Holders of rec. Nov.230
2% Jan. I Holders of rec. Nov.230
Standard Oil(Ohio),core.((PAO
1
Sterling Coal
Jan. 2 Holders of rec. Dec. 20
Stern Bros., common (No. I)
Jan. 2 Holders of rec. Dec. 150
1
Jan. 2 Holders of rec. Dec. 110
$2
Stromberg Carburetor (guar.)
Extra
51.50 Jan. 2 Holders of rec. Dec. ha
2
Jan. 1 Dec. 11 to Jan. 10
Swift& Co.(guars)
Tennessee Copper & Chemical (guar.).- 25c. Jan. 15 Holders of rec. Dec. 310
Texas Chief Oil (guar.)
20c. Jan. 2 Holders of rec. Dee. 10
Texas Company (guar.)
75e. Dec. 31 Holders of rec. Dec. 70
Texas Gulf Sulphur (guar.)
$1.50 Dec. 15 Holders of rec. Dec. la
Extra
50c. Dec. 15 Holders of rec. Dec. la
Tide Water 011 (guar.)
$1
Dec. 31 Holders of rec. Dec. 150
Tobacco Products Corp.,common (qu.)
134 Jan. 15 Holders of rec. Jan. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 140
Todd Shipyards Corporation (guar.).- _ _ $1.50 Dec. 20 Holders of rec. Dec. la
Tonopah Extension Mining (guar.)
5c. Jan. I Holders of rec. Dec. 11
Truscon Steel, common (guar.)
Dec. 16 Holders of rec. Dec. fa
3
'Puckett Tobacco, Ltd., corn.(luar.)--- 1
Jan. 15 Holders of rec. Dec. 31
Preferred (qua:.)
131 Jan. 15 Holders of rec. Dec. 31
Underwood Typewriter,corn.(quar.)
75c. Jan. 1 Holders of rec. Dec. la
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. la
Union Buffalo Mills. first preferred
334 My15 24 Holders of rec. May 80
Second preferred
234 My15,24 Holders of rec. May 80
Union Carbide & Carbon ((Par.)
Jan. 1 Holders of rec. Dec. 60
Si
Union Storage (Pittsburgh) (extra)
2
Dec. 15 Holders of rec. N w.300
United Drug, first preferred (guar.)
- 8734c Feb. 1 Holders of rec. Jan. 150
.
United Cigar Stores of Amer., pref.(qu.) 1% Dec. 15 Holders of rec. Nov. 300
United Dyewood Corp.. corn.(guar.)51.50 Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
1% Jan. 2 Holders of rec. Doc. 15a
United Profit Sharing Corp., common
15c. Jan. 2 Holders of rec. Dec. ha
Common,(payable in preferred stock)_ m25c. Jan. 2 Holders of rec. Deo.ylla
U.S. Cast Iron Pipe & Fdy.,cora.(qu.)
34 Dee. 20 Holders of rec. Dec. t5
S Proferred(extra)
34 Dec. 20 Holders of rec. Dec. 15
(Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la
Dec. 15 Holders of recs. Dec. la
Preferred (extra)
2
U. S. Gypsum, common (guar.)
Dec. 31 Dec. 6 to Dec. 20
$1
Common (payable in common stock) 520
Dec. 31 Dec. 6 to Dec. 20
1% Dec. 31 Dec. 6 to Dec. 20
Preferred (guar.)
(1.8. Playing Card (guar.)
Jan. 1 Holders of rec. Doe. 210
1
Extra
500. Jan. 1 Holders of roe. Doe. 21a
U.S. Realty & Impt., corn. (quar.)....... 2
Dec. 15 Holders of rec. Dec. 5a
United States Rubber. 1st pref.(guar.). 2
Jan. 31 Holders of rec. Jan. 150
U.S.Steel Corporation,corn.(guar.)
134 Dec. 29 Nov.29 to Dec. 2
2
Common (extra)
)4 Dec. 29 Nov.29 to Dec. 300
United States Title Guaranty((PAO
2
Dec. 15 Holders of rec. Nov.
Dec. 15 Holders of rec. Nov.306
Extra
2
United States Tobacco, corn. (guar.)-- 750. Jan. 2 Holders of rec. Dec. 170
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 170
Utah Copper Co.(guar.)
Si
Dec. 31 Holders of rec. Dec. 15a
V. Vlvaudou,Inc.(guar.)
50e. Dec. 15 Holders of rec. Dec. la
Vacuum 011 (guar.)
50e. Dec. 20 Holders of rec. Nov.30
Extra
50c. Dec. 20 Holders of rec. Nov.30
Valvoline Oil, common (guar.)
3
Dec. 15 Holders of rec. Dec. 7
Van Dorn Iron Works,common
50c. Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec.d22
Virginia Iron. Coal & Coke,common.... 135 Jan. 2 Holders of rec. Dec. 150
Preferred
234 Jan. 2 Holders of rec. Dec. 15a
Vulcan Detinning, Of. & pf. A (gu.)_ _ 131 Jan. 20 Holders of rec. Jan. 90
Wabasso Cotton Co.. Ltd. (guar.)
Si
Jan. 2 Holders of rec. Dec. 14
Wahl Co.„ corn.(monthly)
50e. Jan. 1 Holders of rec. Dec. 24a
Preferred ((PAO
1% Jan. 1 Holders of rec. Deo. 246
Waldorf System,common
3134c Jan. 2 Holders of rec. Dee. 20a
First pref and preferred (guar.)._ 200. Jan. 2 Holders of rec. Dec. 20
Walworth Mfg.,com.(qua:.)
350. Dec. 15 Holders of rec. Dec. 50
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 210
Wamsutta Mills (guar.)
131 Dec. 15 Holders of rec. Nov. 13
Ward's(Edgar T.) Sons Co., pref.(qu.)_ 1% Dec. 31 Holders of rec. Dec. 1
50c. Dec. 31 Holders of rec. Dec. 200
Weber & Heilbroner, corn
1% Mar. 1 Holders of rec. Feb. 200
Preferred (guar.)
$1.25 Dec. 20 Holders of rec. Nov.200
Wells Fargo dr Co
2
Dec. 15 Dec. 7 to Dec. 14
Western Canada Flour Mills (guar.)._ _
$2.50 Dec. 31 Holders of rec. Dec. 28
Western Electric, common (guar.)
1% Dec. 31 Holders of rec. Dec. 140
Preferred (guar.)
50. Dec. 20 Dec. 16 to Dee. 20
Western.Exploration (No. 1)
4
Jan. 2 Holders of rec. Dec. 20
West Point Mfg
$1 Dec. 31 Holders of roe. Dec. 200
White Motor (guar.)
o3y1
Jan.
1
Whitney Mills
2
Jan. 2 Holders of rec. Dec. 20
Williams Tool (guar.)
Extra (acct. accumulated dividend).- AM Jan. 2 Holders of rec. Deo. 20
200
Worthington Pump es Mach..Pf. A (qu.) 131 Jan. 2 Holders of rec. Dec.
134 Jan. 2 Holders of rec. Dec. 200
Preferred B(guar.)
Co.
U Wrigley (William) Jr. &
25e. Jan. 2 Holders of rec. Dec. 20a
New no Dar value stock (monthly).250. Feb. 1 Holders of rec. Jan- 20a
New no par value stock (monthly)_
250. Mar. 1 Holders of rec. Feb. 20a
New no par value stock (monthly).260. April I Holders of rec. Mar.20a
New nova:value stock (monthly).
1%
Jan., 1 Dec. 21 to rec.Jan. 1
Wurlitzer (Rudolph) Co., 7% pref.(q.).
Jan. 2 Holders of rec. Doe. 5
$1
Yale dc Towne Manufacturing(guar.).
412-30
Jan. 2 Holders of roe. Deo. 206
Yellow Cab Mfg.,class B (monthly).
412-3c Feb. 1 Holders of rec. Jan. 210
Class B (monthly)
412-3c Mar. 1 Holders of rec. Feb. 200
Class B (monthly)
156
Youngstown Sheet & Tube,corn.(guar.) $1.25 Dec. 31 Holders of rec. Dec.
139 Dec. 31 Holders of rec. Dee. 15a
Preferred (guar.)
that stock
•From unofficial sources. t The New York Stock Exchange has ruled
9 The
will not be quoted ex-dividend on this date and not until further notice.
quoted exNew York Curb Market Association has ruled that stock will not be
notice.
further
dividend on this date and not until
Payable In stock.
a Transfer books not closed for this dividend. d Correction. e
accumulated
!Payable In common stock. Q Payable In scrip. h On account of
dividends. m Payable in preferred stock. a Payable In Canadian funds.
time for payment
V All transfers received In London on or before Sept. 3 will be in
of dividend to transferees
r Subject to approval by stockholders.
elects.
S Dividend 15 50 cts.in cash or 234% In common stock,as the stockholder
on Dec. 20 of
Temporary injunction has been obtained restraining the Payment
the U.S. Cast Iron Pipe & Foundry Common and Preferred dividends.
$25 par stock,
u New no par value stock to be issued In Dec.1923 In place of the old
old stock
the monthly dividends of 50 cents a share and 25 cents a share extra on the
rescinded.
declared for payment In 1924 being all
for Contio Less for third and fourth quarterly installment of 1922 income tax
West Philadelnental Pass. Ry., 38c. a share for Union Pass. Ry., 59e. a share for
phia Pass. Ry., 63e. a share.
share of common
w Dividend Is one-fiftieth of a share of common stock on each
stock held.
ex-stock diviquoted
be
stock
y New York Curb Market rules U.S.Profit-Sharing
dend on Jan. 4.
[VoL. 117.
THE CHRONICLE
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 Dec. 8. 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 thousands of donors-that is, three ciphers 1000; emittst1.)
New I
Capilaf. Profits Loans,
Reserve'
Week ending
Macau 5, Cash
with 1
Net
Time Rank
in
Dec. 8 1923. Nat'l. Sept. 14 InvestLegal Demand
De- CircaState, Nov. 15 ments, Vault. Deport Deposits. posits. ;anon.
tosses.
(000 omitted.) Tr.Cos.,Nov.15
d:c.
Members of Fe d. Res.
Bank of N Y &
$
Trust Co__ 4,000
Bk of Manhat'n 10,000
Mech & Met Na 10,000
Bank of America 6,500
Nat City Bank_ 40,000
Chem Nat Bank 4,500
Nat Butch et Dr
500
Amer Each Na
5,000
Nat Bk of Corn.. 25,000
PacificBank__ 1,000
Chat&Phen Na 10,500
Hanover Nat Bk 5,000
Corn Exchange.. 9,07
NationalPark__ 10,100
East River Nat_ 1,000
First National__ 10,000
Irving-Bk-ColTr 17,500
Continental Bk
1.000
Chase National- 20,000
Fifth Avenue_ -5001
Commonwealth..
600
Garfield Nat.._ _ 1,000
Fifth National__ 1,200
Seaboard Nat
4. 00
Coal & Iron Na
1.500
Bankers Trust_ 20,000
U 8 Mtge & Tr.. 3,000
Guaranty Trust 25,000
Fidel-Inter
5.004:
2,000
N Y Trust Co__ 10,000
Metropolitan
2,000
Farm Loan &
Equitable Trust 23.0001
Bank. Average. Average Aeeragel
S
$
$
$
732 6,246
61,667
12,271
13,676 130,623 2,298 14,205
16,849 151,521 4,548 18,8511
41 10,822
5,604 80,361 1,489
52,241 506,459 4,69 .55,162,
16,550 114,728
963 12,836'
70
4.659
3571
152
8,128 91,331
886 10,699,
39,449 304,582
911 33,44
,
92
1,713 25.175
1 17,175I
9,791 148,842 5,604
448 13,639,
21,904 115,861
12,924 180,471 5,98 23,4411
952 16,8971
24,050 160,940
1,686
39
832 15,558
576 25,351
55,943 263,859
11,419 255,597 4,088 33,3761
146 1,009
7,920
980
23,250 334,611 4,566 39,5161
661 2,773,
2,549 23,241
383 1,235'
1,050 11,020
415 1.881
14,797
1,642
1,190 16,471
2581 2,191
83 10,3671
7.358 84,751
1.283 16,296
331 1,920,
24,019 248,772 1,140 27,6341
5,6231
91
48,894
4,431
18,406 369,617 1.48 38.935,
1,943 21,566
332 2,438
18,342 143,963
531 15,58
,
4,032 39,471
589
16,354 121,78
599 12,602
9,988 220,486 1.793 26,43
Total Of averages 289.371(440.3284,333.89
Average Averag nets.
S
45.362 6,100
103.357 20,55
143,685 3,71
886"
80,976 2,986
*518,418 75,294 2.135344
95,099 5,802
3,558
298
37
76,882 6,309 4,953
253,313 20,444 ____
23,836 2,203 -117,376 27,846 5,970
102,595
100
161,376 24:465
127,928 6,49 7,827
12,112 2,943
50
191,409 19,686 7,466
252,506 15,586
6,355
373
296,055 24,017 1,094
20.95
9.304 1,271
398
31
13,973
16,400 1,283 249.
62
78,848 1,823
982 413
13 834
*217,264 24,705
43,131 2,347
*377.143 41,190
18,398 1,889
116,048 18,596
,
35.444
_
*91,775 21,508
*231,850 16,481
50.547492.604 c3,659.4981399,60931,909
Totals, actual co ndition Dee 84,324,353 51,067 612,195c3,656,820'398,118 31,881
Totals, actual c0 dition Dec. 1 4,363.593 49,714 506,406 e3,709,566 395,297 31,924
Totals, actual co ndit on Nov.24 4,305,336 48.263491,809 c3,621,958 387,86 32,118
State Banks Not Members at Fed'I Res've Bank.
19,736
19,081 1,835 1,84
Greenwich Bank 1,000 20.386
2,771 2,031
3
353
5,389
864
250
Bowery Bank__
30,806 56,448
2,500( 5,048 90,456 3,843 1,977
State Bank
Total of averages
3,750
8,299
53.313 58,481
4,210
114,926
6,100 4,017
Totals, actual tas ntiltion Dec. 81 115,11
Totals, actual co ndition Dec. II 116,066 6,063 4,192
Totals, actual co ndltIon Nov.24J 116,163 6,084 4,455
Trust Compan les Not Membe vs of Fed 'I Res'ye Bank.
Title Guar & Tr 10,000 13,964 53,681 1,534 3,476
876 1,794
26.712
Lawyers TIt &
6,000 5,715
53,381 58,50
54,626 58,430
54,952 58,486
33,341
16,718
1,43
716
Total of averages 16,000 19.680
80,393
2,410
5,270
50,059
2,152
Totals, actual eo ndition Dec. 8
Totals, actual 00 ndition Dec. 1
Totals, actual co ndition Nov.24
79,303
81,526
81,916
2,408
2,381
2,168
5,036
5,702
5,605
48,869
52,020
50,871
2,173
2,147
2,138
Gr'd aggr., aver.309.1251468,3074,520,214 58,988502,084 3,762,870460,242 31,900
Comparison wit h prey.!week _ +1,159 +853 2,232 -1,434+8,276 -98
Gr'd aggr., act' cond'n Dec. 84,518,771 59,575521,30:3,759,070458.79 31,881
Comparison with prey. week.... -42,414 +1.417+5.008 -57,142 +2,921 -48
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Or'd
aggr., oatcond'n IDec. 14,561,185
aggr.. act'.cond'n Nov.24 4,51)3,415
aggr., aelcond'n 'Nov.174 510„05
aggr., act':cond'n Nov.104.509,684
agar., acglcond'n Nov. 34,552,459
aggr., act reond's Oct.1
274,542,002
58.158516, ii
56.516501,869
55.148521,55
59,733613.880
55,509480.290
57,033611,777
3,816,212 455.874 31,924
3,727,781 448,486 32,113
3,759,149449,471 32,015.
3.711,058457,466 32,106
3,742.266 452,168 32,051
3,707.826 466.553 32.310
Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Dec. 8, $7,959,000 actual totals, Dee. 8,
$6,314,000; Dee. 1, $9,283,000; Nov. 24, $10,318,000; Nov. 17, $10,423000:
Nov. 10, 815,728000. Bills payable, redlscounts, acceptances and other liabilities,
average for week Dec.8,8432,558,050; Dec. 1,5442,326,0)0; Nov.24.$423,693,000;
Nov. 17,5436,678,0(30; Nov.10.$432,465,000. Actual totals, Dec.8,$448,044,000:
Dec. 1, $436,364,000; Nov. 24, $443,931,000; Nov. 17, $441,310,000; Nov. 10,
$453,939,000.
'Include, deposits in foreign branches not included In tbtal footings as follows:
National City Bank, 5116,052,000; Bankers Trust Co., $12,206,000; Guaranty
Trust Co., $76,513 000; Farmers' Loan di Trust Co.. 5280,000; Equitable Trust
Co., $32,016,000. Balances carried in banks in foreign countries as reserve forsuch deposits were: National City Bank, 518,925,000: Bankers Trust Co.. $1.389,000; Guaranty Trust Co., $11,493,000; Farmers' Loan & Trust Co., 8280,000;
Equitable Trust Co.,$3,326,000. 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.
Reserve
Cash
in
Reserve
fn Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies...._
Total Dec. 8._ _
Total Dec. 1......_
Total Nov. 24___ _
Total Nov. 17____
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
492,604;000 492,604,000 487,723,010
4,210,000 10,241,000 9,596,340
5,270,000 7,680,000 7.508,850
4,880,000
644,660
171.150
8,441,000 502,084,000 510.525,000 504,828,200
8,214,000 504,316,000 512,530.000 504,878,240
8,183,000 500,781,000 508.964,000 503,250,400
8,319.000 504,505,000 512,824,000 503,185,600
5,696.80%
7,651.760
6,913,600
9,638.400
6,031,000
2,410,000
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
Bank
and trust companies, but in the case of members of the Federal Reserve
includes also amount in reserve required on net time deposits, which was as follows:
$11,17,
Nov.
Dec. 8, $11,988,270; Dec. 1, $11,740,470; Nov. 24, $11,630,190;
702,610.
DEC.15 1923.]
'TUE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Deposimries
Members Federal
Reserve banks_
State banks.
Trust companies_ _ _ _
Total Dec. 8_
Total Dec. 1.___
Total Nov. 24.......
Total Nov. 17..___
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
2629
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
512,195,000 512,195,000 487,330,140 24,864,860
6,100,000 4,017.000 10,117,000 9,608,580
508,420
2,408,000 5,096,000 7,504,000 7,330,350
173,650
8,508,000 521,308,000 529,816,000 504,269,070
8,444,000 516,300,000 524,744,000 511,738,170
8,252.000 501,869,000 510.121,000 500.012.470
8,287,000 521.555.000 529.842,000 504.104.510
25,546,930
13,005,830
10.108,530
25,737.490
• 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 ease of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Dec. 8. $11,943,540; Dec. 1, $11,858,910; Nov. 24. $11,635,920; Nov. 17, 511,671,770.
Dec. 12
1923.
Changes from
previous week.
Dec.5
1923.
Nov. 28
1923.
Capital
57,300,000
Unchanged 57,300,000 57,300.000
Surplus and profits
58,000 83.463,000 83,401,000
83,521,000 Inc.
Loans, disc'ts & investments_ 851,506.000 Dec. 3,479,000 854,985,000 859,258,000
Individual dePosits.incl.U.S. 603,138,000 Dec. 5,215,000 608.353,000 609.587.000
Due to banks
112,703,000 Dec. 2,452,000 115,155.000 108,794,000
Time deposits
127,868,000 Inc.
27.000 127.841.000 128.766.000
United States deposits
5,875,000 Dec 2,318,000 8,193,000 9.194.000
Exchanges for Clearing House 23,998,000 Dec. 5,305,000 29,303,000 22.099,000
65,892,000 Dec. 5,724,000 71,616,000 64.378,000
Due from other banks
Reserve in Fed. Rev. Bank
68,989,000 Dec.
176,000 69,165.000 69,378,000
Cash in bank and F. R. Bank 10,085,000 Inc.
605,000 9,480,000 9.035,000
Reserve excess in bank and
407.000 Dec. 1,763,000 2,170,000 1,475.000
Federal Reserve Bank_
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.-The Philadelphia Clearing House
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust com- return for the week ending Dec.8, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by Stale Banking Department.)
Differences from is not a part of legl reserve. For trust companies not memprevious week.
Dec. 8.
bers of the Federal Reserve System the reserve required is
Loans and investments
$806,556,100 Dec.$7,941,100
Gold
3,520,400 Inc.
210,000 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
23,256,100 Inc. 1,521,400 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
70,424,800
Dec. 3.312,300
Total deposits
846,347,500 Inc. 2,818,700
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S. deposits 795,221,100 Dec. 3,017,300
Reserve on deposits
134,096,300 Inc. 1,120,300
Percentage of reserve, 21.6%.
RESERVE.
State Banks
- -Trust CompaniesCash in vault
.$31,279,100 16.98%
$65,922,200 15.12%
Deposits in banks and trust cos_ __ 9,383,600
5.09%
27,511,400 6.31%
Total
$40,662,700 22.07%
$93,433,600 21.43%
* Include deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 8 was $70,424,800.
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.
WeekendedAug. 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
Nov. 24
Dec. 1
Iler
g
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
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
5.313,324.400
5,342,550.200
5.335.770.100
$
4,350.022,600
4,336,761,700
4,354,862,100
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
4.553,358,100
4,562.572.400
4.53)1.091100
$
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
81,487,500
83.180,100
g5'ma non
$
581,500,000
573,572.600
577,416,800
584.092.300
591.433,500
601.935,000
587,766,500
602,701,800
598,292,700
600,034,000
599,275,700
608,669,300
612,693,900
616.672,200
608,185,800
612,246.900
Ana In, onn
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
I
Two Ciphers (00)
entitled.
Week ending Dec. 8 1923.
'Membersof
Trost
F.R.System Companies
1923.
Total.
$39.875,0 55,000,0 $44.875,0
Capital
108,274,0 15,513.0 123,787,0
Surplus and profits
Loans, disets & investm'ts 697,829,0 42,542.0 740,371,0
Exchanges for Cle.ar.House 31,105,0
473,0 31,578,0
99,127,0
Due from banks
21,0 99,148,0
120,446,0
Bank deposits
861,0 121,307,0
Individual deposits
530,263,0 25,358,0 555,621,0
60,030,0
1,013,0 61,043,0
Time deposits
710,739,0 27,232,0 737,971.0
Total deposits
2,836,0
U. S. deposits (not incl.)._
Res've with legal deposit's
3,192,0
3,192,0
56,074,0
Reserve with F.It. Bank__
56,074,0
10,629,0
1,220,0 11,849,0
Cash in vault
4,412,0 71,115,0
Total reserve and cash held 66,703,0
56,277,0
Reserve required
3,908,0 60,185,0
10,426,0
504.0 10.930,0
Excess res. & cash in vault
•Cash in vault not counted as reserve for Federal Reserve
Dec.1
1923.
Nov. 24
1923.
544,875,0
123.787,0
737,717,0
36.103.0
104,318.0
119,822,0
561.267,0
61,955.0
743,044,0
3.677,0
3,015,0
55.598,0
11,412.0
70,025,0
60,058,0
9,967.0
members.
$44,875.0
123,787,0
737,915.0
28,525.0
99,791,0
116,963,0
558,729.0
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 a-e. 12 1923 in
comparison with the previous week and the corresponding
date last year:
Dec. 12 1923. Dec. 5 1923. Dec. 131922.
RellOttreaGold and gold certificates
Gold settlement fund-F. R. Board
177,626,486
82,863,837
172,216,878
96,219,253
145,468,000
190,228,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
260,490,324
633,824,440
7,894,457
268,436,132
633,914,940
4,731,944
335,696,000
659,409,000
9,156,000
Total gold reserves
Reserves other than gold
902,209,222
24,997,005
907,083,017 1,004,261,000
25,033,103
29,742,000
Total reserves
927,206,227
•Non-reserve cash
8,842,340
Bills discounted:
Secured by U. S. Govt. obligations... 98,610,000
AU other
44,983,738
Bills bought In open market
102,300,318
932,116,120 1,034,003,000
9,040,892
92,040,600
32,107,965
91,980,367
160,670,000
23,213,000
51,224,600
Total bills on hand
U. S. bonds and notes
U. S. certificates of IndebtednessOne-year certificates (Pittman Act).
All other
245,894,057
10,363,750
216,128,932
4,558,750
235,107,050
36,173,000
13,861,000
18,101,000
4,000,050
23,143,000
Total earning assets
Bank premises
5% redemp.fund agst.F.R.bank notes
Uncollected Items
All other resources
270,118,807
14,164,051
238,788,682
14.163,377
146,484,249
1,258,547
134,949,243
1,088,061
Total resources
LiabilitiesCapital paid In
Surplus
Deposita-
298,423,000
10,325,000
199,000
157,056,000
'2,036,000
1,368,074,223 1,330,146,376 1,502,042,000
29,442,550
28,681,000
29,435,450
60,197,000
59,799,523
59,799,523
Loans
Net
Disapital.ProliU.
CLEARING
Reserve Net
Net
Nail
2,476,000
5,978,911
4,048,121
counts, Cash
with Demand Time Bank
NON-MEMBERS
Goerent
Member banks-Reserveaccount.... 716,648,160 685,629,841 680,828,000
Nat.bks. Sep.14 Invest- in I Legal I DeDe- CircaAU other
11,437,000
11,652,367
11,298,837
Week Ending elitatebks.Nv.15 menu, Vault. Deposi posits. posits. lotion.
Dec. 8 1923., Tr.cos. Nov.15 &c.
tortes.
Total
731,995,119 703,261,119 694,741,000
-- F. R. notes In actual circulation
421,945,451 426,836,999 591,809,000
Members of
Average'Average Average Average'Average
Average F. R. bank notes in eircu'n-net liability
3,559,000
Fedi Res've Bank
5 I
$
I
$
S
$
$
Deferred availability Items
119,632,392 105,715,161 116,995,000
W.It. Grace & Co_
24
500 1,626 8,5741
577
2,894 4,215i
All other liabilities
6,060,000
5,091,022
5,266,286
Total
24
500 1,626 8,5741
577
2,894 4,2151
Total liabilities
1 368,074,223 1.330,146,376 1,502,042,000 ,
State Banks
Not Members of
Ratio of total reserves to deposit and
Fed',Res've Bank
F. R. note liabilities combined
80.4%
82.5%
80.4%
Bank of Wash.Ins
734
200
389 6,523
346
5,780 1,435
Contingent liability on bills purchased
Colonial Bank_ _
800 2,302 21,700 2,772 1,613 21,392
for foreign correspondents
11,673,377
6,367,527
6,361,049
Total
1.000 2,691 28,223 3,506 1,959 27,172 1,435
•Not shown separately prior to January 1923.
Trust Company
Not Member of
CURRENT NOTICES.
Fed,Res've Bank
Mech.Tr..Bayonn
5001
407 9,707
299
259
3,706, 5,678
-Charles A. Dochez, Managing News Editor of the New York News
Bureau Association, and John J. Walsh. Treasurer of the Stock Quotation
Total
299
407 9,707
5001
259
3,706, 5,678
Telegraph Co.. have been elected directors of the New York News Bureau
Grand aggregate- 2,000! 4,724 46,504 3,829 2,795 a33.7721 11,328
Association. Mr. Dochez has been associated with financial newspaper
Comparison with previous lweek... +663 +211 +419 +1,6011 -242
work for a number of years, having served as City Editor for the "Wan
Journal" for over four years, prior to which he was employed in a
Street
NoV.24
4,580
45,841
Gr'd mgr..
3,618 2,376 532.1711 11,570
Or'd aggr., Nov.171 2,000 4,580 46,167 3,059 2,338 a32,532 11,537
similar capacity by the News Bureau. He returned to the News Bureau
Gr'd agar.. Nov.10 2.000 4.580 45,258 3,715 2,644 a32,400 11,254
as Managing News Editor on March 1 last. Mr. Dochez also was conGr'd aggr., Nov. 3 2.000 4,580 43,618 3.576 2,123 a30,845 10,273
nected with the New York "Herald" before becoming identified with
States
deposits
United
deducted.
newspaper work.
$51,000.
financial
•
Bills payable, rediscounts, acceptances and other liabilities $133.030.
-Bankers Trust Co. has been appointed registrar of the common stock
Excess reserve, $437,860 increase.
of General Refractories Co.
1
1
12,7)-07)
THE CHRONICLE
2630
^-,
[VOL. 117.
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Dec. 13,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table wo 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 2598, 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 DEC
12 1923.
131922.
Dec. 12 1923. Dec. 5 1923. Nor. 28 1923. Nov. 211923. Nov. 14 1923. Nov. 7 1923. Oct. 31 1923. Oct. 24 1923.113ec.
3
367,153,000
584,501,000
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
3
358,847,000
647,658,000
3
359,588.000
587,079,000
•
376.216,000
600.741,000
388,047,000
584,046,0011
$
373,643,000
573,514,000
354.739.000
609.186,000
375,456,000
618,424,000
3
304.810,000
596,851,000
951,659,000 1,006,505.000 946,647,000 976 957.00 972.093,000 947,157.000 963,925,000 993,880.000 901,661,000
',100,895,000 2,055,625,000 2,104.815,000 2,098,784,000 2,107,168.000 2,107,970,000 2.085,682,000 2,089.358.000 2,103,069,000
56,493,000
53,174,000
61,471,000
67,789.000
60,944,000
56,009,000
59.715,000
54,748,000
63,035,000
3,115,639,000 3,118,139.000 3,112,436,000 3,135,456,00013,134,009,000 3,122,916,000 3,111,078,000 3,136,412,000 3,061,223,000
72.710.000 123,665,000
80.067.000
72.325,000
84,846,000
77.425.000
79,516,000
75.370,000
78,010,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
'rota gold reserves
Reserves other than gold
Total reserves
°Non-reserve cash
Bills discounted:
Secured by U. 5 Govt. obligatioro
Other bills discounted
Bills bought in open market
Total bills on hand
U. B. bonds and notes.
U. 5. certificates of indebtedness
Municipal warrants
3,193,649.000 3,197,655,000 3.197,282.000 3,212.881., 00 3,209,379,000 3,195.241,000 3.191.145,000 3.209,122,000 3,184,888,000
76,872,000
39,152,000
08,172.000
58,754.000
71,881,000
68,460,000
72.860,000
67,612,000
384,346,000
451,892,000
179,747.000
344,793,000
314,965,000
262,572,000
1,091,311,000 1,044,633,000 1,083.385,000 1,030,742 000 1,059,562,000 1,065,480.000 1,088.498,000 1,015,985,000
79,007.000
77,574.000
71,341.000
118,332.000
75.440.000
70,384,000
78,657,000
77,182,000
8,286,000
14,263.000
13,119.000
5,031,000
14,852.000
20,911,000
11,603,000
19,112,000
317,000
51,000
317,000
154,000
317.000
154,000
317.000
51,000
922,330,000
170,020,000
137,218,000
34,000
363,293,000
398,635,000
329,383,000
359,078,000
387,185,000
098,370,000
382,643,000
411,738,000
289,004,000
341.635,t0
404,553 000
284,554,000
377,705,004)
439,747,000
248,028.000
373,536,000
417,576,000
268.450,000
425,650,000
458,150.000
201,698,000
1,187,656,000 1.136,032,000 1,167,099.000 1,104,156.000 1,150,199,0001 1,156.089.000 1.180,652,000 1,104,495,000 1,229,602,000
Total earning assets
46,455,000
55,895,000
56,559.000
55,943,000
58,715,000
56,649,000
55,954,000
56,162,000
53,456,000
Bank premises
28.00
28,000
28,000
28,000
28,000
28,000
redemp. fund agst. F. R. bank notes,
28,000
709,289,000
660,460,000
680.640.000
611.271,000
603,579,000
588,520.000
643,289,000
787,899,000
683,938,000
Uncollected Items
15,729,000
13,470,000
13,828,0410
13,987.000
13.076,000
14,609,000
13,945,000
14.019,000
14,860,000
MI otter resources
5,204,229,00015,116,831,000 5,098.278,000 5,139,973.000 5,290,472,000 5.078,023,000 3.091,267,000 5,120,342.000 5,188,643,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
110,142,000 110,114,000 110,095,000 110.103,000 110,023,000 109.830.000 109,726,000 109,709,000 107,214,000
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
23,136,000
26.072.000
28,823.000
44,911,000
18,485,000
40,334,000
34,803,000
30,065,000
23,612,000
1,923,505,000 1,884,010,000 1,881,025,000 1.891.027.000 1,913,355,000,1.864,808.000 1.895.265.000 1,872.179,000 1,817,744,000
20,230,000
24.380.000
22,538,000
24.165,000,
26.090.000
23.061,000
22,765,000
21,429,000
21,556,000
1
1,971,673,000 1.935,504,000 1.938,593,000 1,941.479,600 1.932,431,000 1,909,383,000 1,958,660.000 1,923.538,000 1,861,110,000
Total deposits
2,266,831,000 2,252,598.000 2,246,300.000 2,223.074.000 2 263 048,000 2,265,556,000 2.224,865.000 2.255,354,000 2,379,185,000
F.It. notes in actual circulation
520.000
16,497,000
502,000
517,000
523,000
507.000
498.000
489,000
483,000
P.Et. bank notes in circulation-netflab.
610,980,0001 574,347,000 559,044,000 621.692,000 691,589.000 550,334,000 555.914.000 580,638,000 580,883,000
Deferred availability Items
28,326,000
23,207.000
24.754.000
23,210.000
'24,505,000
24,029,000
25,379,000
25,751,000, 25,410.000
All other liabilities
15,204,229,000 5,116,831,000 5,098.278,000 5,139.973,000 5,290,472,000 5.078,023,000 5,091.267.000 5,120,342,000 5,188,643,000
Total liabilities
Ratio of gold reserves to deposit and
75.1%
72.0%
74.4%
74.8%
75.3%
73.8%
74.5%
74.4%
73.5%
F. R. note liabilities combined
Ratio of total reserves to deposit and
76.8%
76.3%
75.1%
77.1%
76.5%
76.4%
75.6%
76.4%
75.3%
F. R. note liabilities combined
Contingent liability on bills purchased
31,366,000
42,331.000
44.102.000
38,946.000
25.045,000
35,709,000
24,655,000
18,373,000
18,366,000
for foreign correspondents
DOA/ration by Maturities1-15 days bills bought In open market..
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days pills bought in open market_
16-30 days bills discounted
certlf. of indebtedness_
16-30 days
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
certif. of indebtedlle88_
111-60 days
31-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
U. B.
U. B.
103,719,000
528,800,000
17.259,000
10,000
65,164,000
70,082,000
1,000
31,000
103,904.000
84,867,000
$
92,000,000
506,804,000
20,186.000
113.000
51,144,000
72,584,000
1.000
31,000
93,073,000
92,131,000
10,000
48,641,000
50,519,000
7,955.000
27,660.000
1,852,000
88.265.000
542.731.000
0,881,000
90,991,000
489.878,000
2,818,000
10,000
52.588,000
48,237,000
45,431,000
73,512.000
2,558,000
113,000
85,172,000
101,881,000
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
5,665,000
23.487,000
724,003
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
9,289,0(10
266,000
43.170,000
84,621.000
90,783.000
539.629,000
6.800.000
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
4,318.600
10.000
57.701.000
63,135,000
1.000
31.000
5,961,000
19.251,000
3,703,000
10,000
64,180.000
594,529.000
6,274.000
54,198,000
487.038.000
3,200.000
30,101.000
74,667,000
25,647,000
129.496.000
206.000
53.832.000
121.853.000
4,214,000
10,000
52.217.000
75,101,000
25.000
31.00
4,308.000
17.647.000
3,750,000
10.000
266,000
51,320,000
125.902.000
1.601,000
44,851,000
76,596,000
1,000
41,000
3.735.000
17.208,000
3,484.000
10.000
73,985,000
462,861,000
225,080
8,000
56,344,000
54,663,000
1,720,000
26,000
78,029,000
65,992,000
45,649,000
45,942,000
76,000
8,246,000
30,619,000
135,197,000
Federal Reserve NotesOutstanding
Held by banks
2.753.949.0002,732,743,000 2,719,721,000 2,721,504.000 2,730,608,000 2,725.392,000 2,720,586.000
480,118,000 480,145,000 473,421.000 498.430,000 467,620,000 459.836,000 495.721,000
2,736,852,000 2,775,320,009
481,498.000 396,135,000
In actual circulation
2,266,831,000 2.252,598,0002.246.300,000 2.223,074,000 2,263,048,000 2.265,536.000 2,224,365.000
2,255.354.000 2,379,135,000
Amount chargeable to Fed. Res. Agent 3,607,858,000 3,601,797,000 3,602,150,000 3,614.813,000 3,595,957.000 3,576.956,000
851,909.000 869,054,000 832,429,000 893.309,000 865,289,000 851,564.000
ID hands of Federal Reserve Agent
Issued to Federal Reserve Banks
3,590.810.000 3,614.10i.0003,640.536.000
870,224,000 877.249.000 865,216,000
2,755,949,000 2,732,743,000 2.719.721.0002,721.41)1,000 3.730,668,000 2,725.392.000 2,720.536.000
2,736,852,000 2,775,320,000
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
320,534,000 346,292,000
320,084.000 320,534,000 320,534,000 320,534,000 320,534,000 320.534,000 320,534,000
655,054,000 677,118,000 014,876,000 622,720.000 623,500,000 617,122,000 634.904,000 647,494,000 672,231,000
119,439,000 117,197,000 106.648,000 115,375,000 119,972.000 107,548,000 118.669,000 113,435,000 131,365,000
1,625,412,000
1.661.372,000 1,617.894,000 1,677,663,000 1.662.875.000 1,606,662.000 1.679.888,000 1,648.479,000 1,655,389,000
2.720,586,000 2.736,852.000 2,775,320,000
2,725,392,000
2,719.721.01)02,721.501,006
2.730,668.000
2,732,743.000
2,755.919,000
Total
- 887,347,000
Elliibte paper delivered to F. R. Agent 1,035,364,000 995,510,000 1,036.394,000 959,036,000 1,008,342,000 1,011,460,000 1,(147.588,000 965,676.000
•Not shown separately prior to Jan. 1923.
OP BUS NESS DEC. 12 192
WEEKLY STATEMENT OF RESOURCES ANT) LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
Two slithers (00) omitted.
Federal ReSCTOn Bank of-
Total gold held by banks
(301d with F. R. Agents
Gold redemption fund
69,806,0
161,895.0
11,954,0
Total gold reserves
Reserves other than gold
243,655,0
4,780,0
248,441,0
Total reserves
15,307,0
Non-reserve cash
discounted:
Bills
Secured by U.S.Govt.obliga'ns 25.586,0
45,002,0
Other bills discounted
32,078,0
Bills bought in open market
Total bills on hand
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Ran. City Dallas. San Fran.
S
3
$
$
$
$
$
$
S
$
$
5,238,0 6,721.0 54,1350 4,837,0 8,824,0 3,213,0 12,045,0 20,959,0
13,014,0
177,627,0 40.099,0
32,804,0 33,757,0 67,582,0 38,553,0 17,484,0 135,179,0 34,485,0 23,446.0 42,672,0 12,521,0 42,993,0
Boston. New York.
RESOURCTS.
$
Gold and gold certificates
20,140,0
Gold settlement fund-F.R.Bird 49,660,0
102 1160 0
Tokli.
$
367,158,0
584,501,0
951,659,0
260,491,0 73.853,0 80,596,0 43,798,0 24,205,0 189,914,0 39,322.0 35.270.0 45,883,0 21,586,0 63,952,0
633,824,0 177.800,0222,316,0 73,573,0 74,018,0 365,209,0 50,732,0 52,191.0 30.692,0 27,351.0 231,294,0 2,100,895,0
63,085,0
1,878,0
2,199,0
5,906,0
,
1,833,0
2,067,0
5,336,0
7,033,0
3,595,0
3,847,0
9,543,0
7,894,0
3,115,639,0
902.209.02(11,199.0 303,759,0 119,436,0 103,559,0 562,156,0 93,640,0 89,201,0 82.483,0 54,110,0 297,124.0
78,010.0
996,0 3,300,0 5,995,0 2,059,0
24,997,0 9,291,0 3,459,0 2,725,0 5,212,0 6,827,0 8,357,0
.
927,206.0 270,490,0 310,218,0 122,161,0 108,771,0 568,983,0 102,006,0 90,290,0 85,789,0 60,111.0 299.183,0 3,193,649,0
67,612,0
8,842,0 2,140,0 3,242,0 1,585,0 8,695.0 5,601,0 8,093.0 1,287.0 3,427,0 2.625,0 6,765,0
93,610,0 42,875,0 42,290,0 24,826,0 20,030,0 47,708,0 16.928,0 3,290,0 22.238,0 2,352,0 15,960,0
44,984,0 13,486,0 29,089,0 28,926,0 55,507,0 45,871,0 37,676,0 16,307,0 34,992,0 11,192,0 35,603,0
740,0 43.869.0 33.506,0
41.0
72,0
102,300,0 24.808,0 37,985,0 2.195,0 11,869,0 39.940.0
363,293,0
398,635,0
329,383,0
245 1204 0 Cl 10410 100 341.0 55 047 ti OA 0111111.120 510 11 54 1175 n 10 ARA n 57 0711 0! 57 413 0 05.00.0 1.091.311.0
DEC.15 1923.]
THE CHRONICLE
RESOURCES(Concluded)Two ciphers (00) omitted.
Boston. Now York. Phila.
$
3,929,0
1,264,0
U. B. bonds and notes
U. B. oertificates of indebtedness.
Municipal warrants
loon earning assets
Bank premises
AR redemption fund
F. R. bank noun
Uncollected Items
All other resources
107,859,0
4,434,0
against
$
$
10,364,0 12,565,0
13,861,0
38,0
2631
Cleveland Richmond Atlanta. Chicago. St. Louis Arinnear. Ran.Cue Dallas. Sas Fran.
s
9,943,0
812,0
s
1,341,0
s
:
206,0
1,0
51,0
7,511,0
2,387,0
s
$
8,378,0
$
7,481,0
749,0
$
8,279,0
$
9,185,0
28.0
146,484.0 60,848.0 63,919,0 64,135,0 29,800,0 78,632,0 38,370,0 18,235,0 40,507,0 31,182,0 47,994,0
1,259,0
284,0
384,0
439,0
672,0
43,0 2,775,0
503,0
755,0 3,252,0 4,327,0
140,070,0 1,368,074,0 428,288,0 507,420,0 248,225,0 239,128,0 805,854,0 204,457.0 142,634,0 201,665,0 162,843,0
455,571,0
Total deposits
128,770,0
✓ R.notch in actual eiroulation_.. 226.417,0
✓.R. bank notes In circulationnet liability...
Deferred Availability Items
59,368,0
All other liabilities
1,313.0
Total liabilities
Memoranda.
Ratio of total reserves to depoelt
and F. it. note liabilities combined, per cent
Contingent liability on bills purchased for foreign corresPondls
3
77,182,0
19,112,0
51,0
270,119,0 93,772.0 120,099.0 57,288.0 83,264,0 143,417.0 54,676,0 28,016,0 66,200,0 63.692,0 94.254,0
14,164,0
754,0 9,558,0 2,617,0 2,926,0 8,715,0 1,269,0 2,031,0 4.987,0 1,953,0 3,048,0 1,187,656,0
56,456.0
63,882,0
187,0
Total resources
LIABILITIES.
Capital paid In
7,890,0
Surplus
16,312,0
Deposits: Government
1,281,0
Member bank-reserve seal_ 127,318,0
Other deposits
191,0
Total.
28.0
683,968,0
14,860,0
5,204,229,0
29,435,0 9,940,0 12,350,0 5,758,0 4,430,0 15,227,0 5,012,0 3,497,0 4,547,0 4,194,0 7,864,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942.0 30,398,0 9,885,0 7,473,0 9,488,0 7,496.0 15,263,0 110,142,0
4,048,0 2,280.0 1,856,0 1,337,0 1,684,0 2,288,0 2,254,0 2,022,0 2,561,0 1,714,0 3.327,0 218,389,0
26,812,0
716,848,0 114,974,0 160,529.0 63,519,0 56,080,0 281.008,0 70,276,0 47,619,0 75,393,0 58,465,0 151.676,0
1,923,505,0
11,299,0
439,0 1,187,0
142.0
135,0 1,099,0
451,0
455,0
734,0
510,0 4,914,0
21,556,0
731,995,0 117.693,0 163,572,0 64,998,0 57,879.0 284,395.0 72,981,0 50,0913,0 78,688,0
159,917,0 1,971,673,0
421.946,0 225,915,0 250,908,0 105,205,0 143,502.0405,855,0 77,676.0 63,538,0 65,690,0 60,689,0
55,274,0 224,905,0 2,266,831,0
483,0
483,0
119,632,0 53,806,0 55,015,0 59,425,0 22,536,0 67,492.0 37.632,0 16,712,0 41,907,0 32,187,0 45,268,0
5.266,0 2,185.0 2,080,0 1,553,0 1,839,0 2,487,0 1,491,0 1,318,0 1,345,0 2,520,0 2,354,0 610,980,0
25,751,0
440,070.0 1.368.074,0 428,288,0 507.420,0 248,225,0 239,128,0 805,854,0 204,457,0 142,634.0 201,665,0 162,843,0
455,571,0 5,204,229.0
69.9
80.4
78.7
74.8
71.8
54.0
82.4
67.7
79.5
59.4
51.8
77.7
75.3
0 0111 n
1 570 n
1 029 11
one.0
qx% ll
0 050 fl
sme ft
091 11
'720 11
001 0
1 am n
12 am n
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE
OF BUSINESS DEC. 12 1923.
Federal Reserve Agent atBoston, New York Phila. Cleve, Richni'd Atlanta Chicago. St. L. Minn.
K.Citg. Dallas. San Fr. T003E
Resources
(In Thousands of Dollars)
$
$
$
$
$
3
$
3
$
Federal Reserve notes on band
$
$
$
$
80,250 305.910 42.600 45.120 27,710 74.072 127,840 23,990 9,580
Federal Reserve notes outstanding
249,532 700,559 240,167 272,508 115.782 157,868 453,383 92,517 88,862 30,753 23.954 59,100 851,909
77,715 60.290 268,778 2,755,949
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300 235,531 7,000 8,780
2,400
10.630 13,052
7,391
Gold redemption fund
320,084
13,595
27,293 13,911 14,538 4,278 6,618
8.565 3,102 1,139 3.332 3,460 19,610 119,439
Gold Fund-Federal Reserve Board
113.000 371,000 158.889 199,000 69,295 65.000 356,644 37.000 38.000 27,360
16,500
211.884 1,681.372
Eligible paper(Amount required
87,637
66.745 82,367 50,192 42,189 83,848
88,174
41,785
14,671
47,023
32,939 37,484 855,054
lExotes amount held
15,029 150,550 8,164 48,689 12,882 3,884
45,158 12,879 3,002 10,502 22,480 47,091 380,310
Total
594,343
1,858,628
531,098
638,825
393,688
272,118
1,079.784
221,903 146,306 196,685 167,014 843,747 6,744,117
LiabilitiesNet amount of Federal Reserves notes received from
Comptroller of the Currency
329,782
1,007,509
282.767 317.828 143,472 231,938 581,223 116,507 76,442 108,488 84,244 327,878 3.607,858
Collateral received from(Gold
161,895 633,824 177,800 222,316 73,573 74,018 385,209 50,732 52,191 30,692 27,351 231,294 2,100,895
Federal Reserve BanklEligible Paper
102,666 217.295 70,531 98,881 55.071 87,732 133,332 54,664 17,673 57.525 55.419 84,575 1,035,364
Total
594,343 1,858,628 531.098 638,825 272,116 393.688 1,079.784 221,903 145,306 198,685 167,014 643,747 6,744,117
Federal Reserve notes outstanding
249,532 700,569240,167 272,508 115.762 157,866 453,383 92,517 66,862 77,715 60,290 268,778 2,755,949
Federal Reserve notes held by banks
23,115 278,623 14,252 21,600 10,557 14,364
47,528 14,841 3,324 12,025 5,016 43,873 489.118
Federal Reserve notes in actual circulation
920 4171 421 0411 995 015 250 mg 105 905 143.502 405.855 77.678 83.538 65.690 55.274 224.905 2.266.831
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the
resources
and liabilities of the 767 member banks, from which weekly returns are obtained. These figures are always
a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement
were given In the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of
the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions,"
on page 2598.
1. Data for all reporting member banks in each Federal Reserve District at close of business
Dec. 5 1923. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loans and amounts, gross:
Secured by U.S. Govt. obligations
Secured by stooks and bonds
All other loans and discounts
•
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. B. Certificates of Indebtedness
Daher bonds, stooks and securities.-
Bostos
New York
Phila.
Cleveland Richmond Atlanta
Chicago St. Dods lifinneap. Kan.Citg
Dallas
San/rrais.
Total
767
$
$
11.934
226,051
187,137 3,761,420
802,708 7,939,795
43
113
$
$
12,875
77,818
222,469 1,555,753
640.5732,524,419
55
81
$
$
15.692
27,687
288,356 413,398
349,109 688,353
78
39
108
$
$
$
8.445
8.631
37,214
124,3043.
.
330,391 376,598 1,136.435
35
28
3
12,201
1,550
43
316,809
74
52
$
3,854
39,580
203,335
$
6,687
80.790
346,611
$
3.003
68,413
224,454
875,917 4,157,990
12,856
48.931
78,565 451.732
4,730
25,836
29,405 486,689
2,439
12,328
169,835 747,682
633,157 1,129,438
10,694
47,647
43,441 113,100
3,388
4,518
45.343
55,908
2,420
4,922
181,480 299,717
463,140
29,838
28,431
3,113
14.855
1,975
50,894
450,387 1,788,181
14,483
24,769
14,820
93.748
1,711
12,012
5,903 109.913
5,140
15,896
42,999 338,277
472,560
15,193
22,129
8,981
17,088
5,724
90,986
246,759
9,181
12.307
955
27.583
2,897
26,163
434,088
11.439
48.571
3,991
15,751
3,189
58,011
293,870 1,001.779 11,927.266
20,711
275,964
30.844
13,715
96,243 1,012,802
1,962
12,647
81.842
13,936
38,397
838.751
3,371
8.579
88.880
14,014 159.230 2.179,288
Total loans &(Beets & Investmls- 1,173,547 5,911,188
Reserve balance with F. R. bank_
83,787 614,099
Cash In vault
22,688
87,611
Net demand deposits
802,307 4,707,830
Time deposits
267,529 890,915
Government deposits
7,376
10,203
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.8. Govt. obligations
11,479
89,340
All other
25,885
23,409
919,901 1,655,250
69,316 109,144
17,469
33,715
691,536 904,045
112,190 600,994
3,103
5,042
590,044
37,084
15,485
342,170
150,679
1,478
535.443 2,362,596
34,409 203,587
11,152
57.397
269.365 1,446,799
181,470 803,128
4,245
2,203
630,641
39,509
9.168
346,955
190,485
1.805
325,825
21,470
6,278
205,388
83,782
677
573,040
44,794
12.394
397,381
132,917
391
361,579 1,345,519 16,384,573
97,257 1,383.560
29,104
10,105
22,058
305,498
259,075 733,547 11,106,358
81,649 547,676 4,044,394
1,615
3,658
41,796
42,488
18.194
8,631
31.504
3,090
4.002
23,905
21 052
14,787
4,933
18,851
21.773
14,428
17.352
17,763
20 471
2,518
443S
85
12.110
2L888
239,191
234.50
3. Data of reporting member banks in Federal Reserve
Bank and branch cities and all other reporting banks.
Three ciphers (000) omitted.
New kWh CRP.
Cite of Chicago. 4.11 1. R. Bank Cities. 7.5. Branch Cities Other
Selected Cities.
Dec. 5. Nor. 28. Dec. 5. Nor. 28.
Dec. 5. I Nor. 28.
Total.
Dec. 5. i Nov. 28. Dec. 5. !Nov. 28. Dec. 5 '23.INov.28'23,De,c. 6'22.
Number of reporting banks
67
67 .
49
49
258
205
Loans and discounts, gross:
258
205
304
304
767
767
$
784
$
$
$
$
I
1
$
$
Secured bY U.B. Govt. obligations 70,592 71,862 28,3721
$
$
$
$
II
$
28,105
150.7161
40,035;
152,090
Secured by stocks and bonds
39,582
35,300
35.267 226.051
226.939 309,271
1,360,918 1,352.869 446,642 439,41
2,630,268
819,2031
2,605.979
819,681 511,949 506,355 3,761,420
All other loans and dleoounts
2,212,2972.202,710 685,418 668.951 4,887
3.704.074
267, 4 881 8841 883 670,1 670 995 1 388 85' 1 392 354 7,339.795 3,732.015
7,945,033 7,233,451
Total loans and discounts
3,843,8073.627,241 1,140,432 1,136,472
7,668,251 7,639,7532,322,9082,330,25 1,93610711.933,976 11,927,266
U.O. pre-war bonds
38,076
11,903,987,11,246.796
37,878
4,1
4,179
93,714
,83
93,828
76,414 1O5:41
17.5. Liberty bonds
105,41, 275,9641275,655;1
392.789 391,261
37,2531 37,511
615,033 613,971 231,680 230,259 166,109 165,2:1 1.012,802j 1.009,510
U.13. Treasury bonds
11,503,677
18,230
18,203
5,18
5,091
43,599
17,5, Treasury notes
43,427 18,925
18,84
19,31
21,061
81,842
83,337 J
435,727 438,128 64,59
63,244 824,248 627,37' 139,915 139,237 74,590 75,32:
U.S. Certificates of Indebtedness...
838.751
841,944 .688,729
9,580
9,480
3
.
4,083
9961
30,016
30,01: 25.018
other bonds, stooks and securities... 531,285 536,071
25,7061 13,6481 12,944
95,132
68,688
68.688
162.49131 166,786 1,141,777 1,158.50: 596,182 589.899I 441.309j
438,08 2,179,2681 2,184,472 2,251,450
Total loans & dise'te & I nehet*(8.5.069.494 5.058,262 1,418,143
1,417,348
Reserve balance with F. o. Bata
565,219 581,6121 1405921 137,286 10,216,636 10,204.8823,411,441 3.410,62212,756.4962,752,069 16,384.57316,367.57315.785.784
990,54! 239.0441 230.2791 167,455 164.474j 1,383,560 1,385,302 1,392,010
Cash in vault
70,857 72,5881 30,4291 30,002 977,0811
151,634
65,927J 62,7121 87,037 81,0091 305,498 296,516
Net demand deposits
308.777
4,219.8754.263,4471 978,8581 970,116 7.552.7211 152,79 1,898,1691,888,04
7,578,564
7 1,855,41561,635,0 11,1(16,35811,101,667 11,010,180
Time deposits
604,622 601,102 377.08
372.891 1,982,87 1,973,632 1,199,196 1,211,48 862,32 863,0281 4,044.394 4,048,142
Government deposits
3,695.727
8,964
10,545
2,003
2,400
27,14
11,08
32,03:
13,062
3,560
4,196
41,796
Bills payable and rediscounts with
49,296
162,592
F. R. Bank:
Bemired by U.B. Govt.obligations 40,205 464
16.52
22.833
111,263
82,038 84.62
122,29
45,890 49,25
239,191
256,178
All other
273,596
14,440 10,027
6,23
8,740
99,600
79,707 80.528 55,198 58.323 234.505 252,086
115,21
Ratio of bills payable & rediscounts
176,847
With F. R. Bank to total loans
•
and inveinmente,. per cent.
1.1
1.1
1.6
2.2
2.1
4.7
4.81
2.3
3.7
.
2.9
3.1
2.9
•Includes VictorF Notes.
THE CHRONICLE
2632
Vaulting and financial.
BANK OF MONTREAL
ONE HUNDRED AND SIXTH ANNUAL MEETING.
AT ANNUAL MEETING OF BANK OF MONTREAL SIR
VINCENT MEREDITH. BART., THE PRESIDENT,
REVIEWS BUSINESS AND AGRICULTURAL
CONDITIONS IN CANADA AND DEALS
WITH PRINCIPAL FEATURES OF
REVISION OF BANK ACT.
SIR FREDERICK WILLIAMS-TAYLOR, GENERAL MANAGER, EMPHASIZES NECESSITY IN CANADA FOR
REDUCTION OF COST OF LIVING AND TAXATION.
The 106th Annual General Meeting of the Shareholders of the Bank of
Montreal was held in the Board Room at the Bank's Headquarters.
On motion of Lord Shaughnessy, Sir Vincent Meredith, Bart., was requested to take the chair.
Mr. George Caverhill moved, seconded by Mr. G. B. Fraser, that Mr. W.
R. Miller and Mr. Hartland B. MacDougall be appointed to act as Scrutineers,
and that Mr. C. H. Cronyn be the Secretary of this meeting.
This was carried unanimously.
THE PRESIDENT'S ADDRESS.
Sir Vincent Meredith, Bart., President, in addressing the shareholders, said:
Our banking year has been one of many perplexities. Our profits, in coramon with banks at home and abroad, are not so large as during war and succeeding years, but I feel sure it has been a gratification for you to know we
have been able to pay our usual dividend as well as a 2% bonus.
The lessened profits are due partly to the fact that our customers have
leaned less heavily upon us, but chiefly because we felt that in view of the
possibility of untoward developments in the banking world, our cash reserves
should bg kept exceptionally strong to enable us to lend aid if and when
called upon to do so.
There is also the incidence of much heavier taxation to be considered in
connection with the balance sheet. Our resources, however, are so large and
our earning power so constant that I have no misgivings as to the maintenance
of substantial profits.
THE BANK ACT REVISION.
The revised Bank Act embodies no novel principles. The powers and privileges of the banks remain very much as before, neither enlarged nor contracted; but provision has been made in the way of wider authority of
auditors and heavier responsibility of directors, by which means it is hoped
to strengthen the safeguards for depositors and shareholders. It is trite to
say that however rigid the law, the solvency of banks—as, for that matter,
of all business—depends upon the integrity, diligence and perspicacity of
the management.
The amended Act continues to the banks scope for wide and helpful operation in finance and commerce, restrained by considerations of safety, but not
so hampered as to prevent fair profits under prudent direction. In this connection it may be observed that, despite the notion held in some quarters
respecting the profitable nature of banking, capital has not greatly sought
this source of investment. In the quarter century from 1876 to 1901, the
capital of Canadian banks remained stationary, and in the subsequent twenty
years of rapid commercial development, less than 260,000,000 was added.
Banking resources, apart from deposits, have been derived for many years
past more from accumulated reserve of profits than from the investment of
new capital, a condition which it may become desirable to correct when
trade expands, in order to maintain an adequate note circulation.
BUSINESS IN CANADA.
I regard the state of trade in Canada as having improved during the year.
this conclusion. Bank clearings, railway .resupports
evidence
Statistical
ceipts, foreign commerce have all increased. Stability of commodity prices
has been a favorable factor, encouraging confidence and including freer buying. The substantial decrease in unemproyment—which has virtually reached
the zero mark—is an unerring sign of better business. There has been more
building activity, lumbering operations have increased and the important
pulp and paper industry is working close to capacity. Textile manufacturing
has been brisk throughout the year, and I regret that as much cannot be said
of the woolen industry. The mineral output is well maintained, with prospects of undiminished production of precious metals. When the European
field is surveyed, there is indeed cause for congratulation that business in
Canada has held up so well.
AGRICULTURAL CONDITIONS.
To crown all, a bountiful harvest has been reaped, the wheat crop greatly
exceeding any former yield. In a country so vast as Canada, variation in
production is inevitable, both in quantity and quality, and it occasions no
misgiving that southern Manitoba and portions of southern Saskatchewan
have suffered a partial crop failure from insect pests and unfavorable
weather: but taking the harvest as a whole, it has been both abundant in
yield and excellent in quality.
It is true that prices of cereals continue low, giving scant profit to grain
growers, but even at prevailing quotations, the enormous store of wheat gathered represents an amount of money the circulation of which should stimulate
business, not alone in the West, but throughout the Dominion and permit
much liquidation of debts in agricultural areas. The crop has been moved
expeditiously by our railways, and despite the diminished buying power of
Europe, is in fair way to be fully marketed before another is reaped.
may
With the relatively low price prevailing for wheat, a condition that
should
persist for some time It seems imperative that our western farmershog
and
dairying,
at once proceed to diversify their crops and enter upon
poultry raising, if only for their own needs, a course now followed in many
increased
entail
of the Western States with marked success. While this may
labor, we should without question have a more contented and prosperous
people. The disgruntled feeling among the farmers of the West, which has
been in evidence in late years and which has been given much publicity, is
neither in the interests of the western farmers nor of Canada as a whole. An
investigation into the causes of farm failures in the United States has brought
to light the information that in the vast majority of cases they were due to
lack of experience, a shortage of capital, and unwise credit extension on the
part of the banks. The same explanation is applicable to similar conditions
in Western Canada.
IMMIGRATION.
There has come since we last met a little hope that the problem of immigration is in the way of successful solution. This is generally acknowledged
Federal
to be the most important question confronting the country. The through
Government is pursuing the quest for people with greater earnestness
PaCanadian
the
long-maintained
of
the
and
activities
Its various agencies,
large
cific Railway in a like direction are unabated. This year a relatively
figures
the
though
has
of
and,
newcomers
occurred,
Increase in the number
a
are still small. I am not without hope that the coming year will witness
material enlargement.
THE BURDEN OF TAXATION.
one might even
I make no apology for stressing again the desirability,
public taxation, Federal, Provincial
say the imperativeness, of moderating
and debusiness
upon
the
load
lighten
to
pressing
order
and municipal, in
in all business is
terring development of resources. The margin of profit
that
retards
condition
a
of
accumulation
taxation,
the
by
seriously curtailed
not
enterprise and discourages thrift In making this remark, I am of unmindDothe
revenue
rising
.
The
of
Improvement
signs
ful of some recent
the close of the fiscal
minion Government promises a balanced budget atexpend:tum,
some
comes
art
in
her
f
re,luct;..n
with
;t ,sit or
[VoL. 117.
remission of direct taxation upon trade, it will undoubtedly operate to the
general advantage.
THE NATIONAL RAILWAY.
It is a satisfaction to learn from the published reports that under the new
management the National Railway's earnings show a surplus over working
expenses in the operations of the first nine months, which may be appreciably increased by the close of the year.
It must not be overlooked, however, that the Company has issued Bonds
during the year, guaranteed by the Dominion Government, amounting to
many millions, which constitute an obligation of Canada for interest as well
as principal, so that a material portion of surplus operating revenue will be
absorbed by new capital charges.
THE QUESTION OF INFLATION.
in the
The relative prosperity of business in the United States and Canada prices.
last year or two is both a cause and effect of the greater stability of
proextensively
not
will
s
A falling market is fatal to trade. Manufacturer
fact
duce, nor merchants freely purchase when prices are declining, of whichcom1921
Since
the
late
deflation.
there was abundant evidence during
modity prices have held, upon the whole, fairly steady, not excepting products of the soil, and as a consequence business has been conducted with
greater confidence. Criticism is sometimes made that restriction of bank
credits produced the sharp reaction from the post-war boom and the opinion
to
has been expressed that an extension of these credits would give impetusand
business. I may point out that the recurring cycles of commercial ebb
flow are not regulated by credits or currency, but by a higher economic law.
of
It is as impossible to obviate trade depression by persistsent emission
currency as to quench a conflagration with oil, of which truth Germany
compulsion
under
credits
restrict
affords an illuminating example. Bankers
customof circumstances, not less in their own interests than in that of their markets
ers. When, however, prices have become stabilized in the world's
no
and there is reasonable assurance of the continuance of that condition,
undue restriction is placed upon credits, nor dependable borrowers turned
empty-handed away.
In nay opinion, further deflation would incur the risk of depressing industry
ultiand would not be in the interests of the country at this juncture. The
mate goal to which our financial policy must be directed should be the gold
parity, but under existing conditions we must make haste slowly.
CONDITIONS IN EUROPE.
The unsettled state of European countries gives serious concern and grave
the
anxiety to those engaged in finance and commerce. Instead of realizing
to the
improvement hoped for a year ago, the situation has become worse,
of
value
the
in
detriment of international trade and a further declension
consecontinental currencies. We in Canada do not escape the perniciousexports
quences of an impoverished Europe, these appearing in contracted of emand diminished markets. While large populations remain destitute
ployment and the means of purchase, there will be restraint of trade, with
its reaction in both production and prices. Canada has been fairly fortunate
thus far in finding foreign markets for her products.
There is apparently no lack of money available for investment, and were
it not for the exchange factor, Canadian Dominion and Provincial hums
would be well received in London.
THE BUSINESS OUTLOOK IN CANADA.
The outlook in Canada, as I see it, is for a continuance of reasonably satisfactory conditions with possibly some further revival in trade, but we
cannot hope for substantial and permanent betterment until world-wide conditions show a marked improvement, and this is likely to take time.
THE GENERAL MANAGER'S ADDRESS.
then
Sir Frederick Williams-Taylor, the General Manager of the Bank,
made his annual address as follows:
Mr. Chairman and Gentlemen:
the Bank is now before
The one hundred and sixth annual balance sheet ofcustom,
I shall comment
with
you for your consideration, and, in accordance
the conditions under
upon
also
year,
the
during
therein
upon the changes
our affairs and
on
bearing
which we have operated, and which have had a
affected our welfare.
trying as any
as
probably
It has been a trying year for Canadian bankers,
as elsewhere, as a consequence
year since Confederation in 1867. In Canada,
business and
of
on
of the loss and distress resulting from the disorganizati
groups of individuals, inclinindustry a spirit of unrest has developed among
promising quick relief
ing them to listen to the vain pretensions of agitatorsbusiness
principles can
from ills which only time and adherence to sound
is the case with
cure. Nevertheless, we are better off in this respect than
more.
nothing
phase,
passing
a
is
it
others in many countries;
confusion abroad
Also, at this particular juncture, economic and political
extent, while it seems
necessarily reacts upon this country to an important
welfare must be
more than ever apparent that for all time our economic
States of America.
under the special influence of conditions in the United
if I repeat the
It is so important to bear this in mind that I may he excusedcannot
progress
remark contained in my address to you a year ago' Canada less than across
as she should until our coat of living and our taxation are
the line.
in
Canada's economic position will not he satisfactory until we succeed
balancing our public revenue and expenditure. Including railways.
of
two
For the time being we are handicapped in three distinct respects,
the beginning
which are common to all countries engaged in the war from
living
of
viz.. high cost
and at present endeavoring to balance their budgets,
adequate popuand high taxation. Futher. Canada is suffering from lack of
lation.
a greater
attract
doubtless
shall
we
As the first two handicaps diminish,
important, we shall retain
volume of immigration, and, what is still more
economic
lies
Therein
increase.
natural
the people who come, as well as our
our own hands and is pracsalvation for the Dominion. The remedy is in and
ecomore
affairs
public
personal
ticable. We have only to conduct our
and free-spending of
nomically than do our neighbors in that most wealthy
all countries, the United States.
of the last two years
Adversity is a severe teacher, but out of our trials
surely good will come.
CANADA'S PRICELESS ADVANTAGES.
any occasion for
Meanwhile we must not lower our Flag, nor is there
a place to live in, to work in
doing so. Canada has priceless advantagestoasall—as
they are to our
indeed
and to play in. These should be obvious
$850,000,000 or more commerfriends in the United States, who now have
to us in
attract
question
cially invested in Canada—and they will without
the fullness of time the people we need.however, return to this country until
Prosperity in full measure cannot,
more profitable. The lot of
agriculture, our chief industry, becomes again
owing to low prices for prodthe farmer in the last few years has been hard,
state of affairs still
unfortunate
This
requirements.
ucts and high cost of
local, conditions, and is by no
persists. It is the result of world-wide, not
be permanently
cannot
however,
Agriculture,
means confined to Canada.
is bound to ensue, but the
depressed. In the nature of things an improvement
For your
vital
this
upon
heavily
bears
burden in the meantime
of $38,000,000
industry.
upwards
information, of this Bank's current loans in Canada
are to the agricultural community.
the President's coinAs regards the Bank Act Revision, I might add to under
the inspiration
meats that the Act was revised, not at the instance or
assisted by a Parof the bankers of Canada, but by the Federal Government
an eye to satwith
not
Commerce;
and
Banking
liamentary Committee on
but in what appeared to the
isfy and please banks and bank shareholders. House
to
of Commons at largeAct
Honorable the Minister of Finance and to the
The result is an
be the best interests of the community as a whole. to bear upon this subwhich embodies the wisdom and experience brought during the past fiftyject by the leading statesmen and financiers of Canada
last ten years have sugfive years, with such amendments as the events ofofthe
public welfare.
gested for its improvement from the standpoint thethe
functions and the duties
It is opportune to point out that the powers,be completely misunderstood
to
of the Canadian Bankers Association seem sought
to impose on the Associaby a large section of the public, who have
liable and which it cannot
tion responsibilities for which it is in no way
accept.
DEC.15 1923.]
THE CHRONICLE
For the information of the public in general, the objects of the Association, as expressed in the act of incorporation, are to promote generally the
Interests and efficiency of banks and bank officers, to educate and train those
contemplating employment in banks, to arrange for lectures, discussions,
competitive papers on commercial law and banking, and to publish and carry
on the journal of the Association.
The only duties since imposed upon the Association by the Government are
with regard to circulation and the appointment of a Curator, etc., in the
event of a bank not meeting its liabilities.
As a result of lessened business activity our own current loans in Canada
are less by $8,000,000 than a year ago. This means a lower earning power,
because the funds so released have to be invested in gilt-edged securities or
employed in call loans in New York and London upon which we receive a
lower rats of interest.
I may say that the loaning department of our business is scrutinized with
unremitting care by the Bank's executive and by our Board, and, so far as
can be judged, specific and full provision has been made for all revealed and
possible losses.
Our total deposits show a net decrease for the year of $26,000,000. This
is accounted for by the withdrawal of certain large Government and corporation balances, which were required during the year for special purposes. I
am pleased to report a steady and satisfactory growth in our savings deposits,
which have increased by some $22,000,000 since our last annual meeting.
INCREASED INVESTMENT.
Our investments now stand at $103,000,000, an increase of $45,000,000
during the year. This increase is in the form of gilt-edged securities readily
realizable, so that we shall be in a position to meet the borrowing requirements of our customers when the country enjoys a return of industrial activity.
As an indication of the expenses your Bank is under in the matter of taxation, I may say that our Dominion, Provincial and. Municipal taxes in Canada
during the bank year amounted to no less than $1,800,000, in addition to
which we paid full income taxes on our earnings in New York and London
and elsewhere abroad.
As has been the case for a number of years past, exchange rates have prevented the issue of Canadian public loans in London, which, in pre-war times,
constituted a very important feature of our business in that centre. The
London market, however, is ready to absorb sound securities at rates favorable
to the borrower, and we have not abandoned the hope that, before long, an
Improvement in exchange will take place which will allow of a resumption
of Canadian borrowing in London.
No opportunity is lost, either by our London or our Canadian offices, in
affording every assistance our facilities will allow towards developing trade
relations between the two countries.
British manufacturers are taking a greater interest in the Canadian market.
There will no doubt be a great influx of visitors to London next year in
connection with the British Empire Exhibition, and I trust our customers
from Canada and elsewhere will make full use of the services of our offices
In that centre. Our Waterloo Place Branch will be of particular usefulness.
situated, as it is, in the West End, and within easy reach of the hotels and
shops.
•
While our Paris Office continues to be a great convenience to Canadians
and others visiting France, it is also making steady progress in extending the
business on general lines, and its facilities are being made use of to an increasing extent.
We have repeatedly received from travelers abroad the heartiest testimony
to the helpful service of our establishments overseas.
In New York, where we have had an agency for 64 years and where we occupy a position of first importance among the foreign banks, our business
continues to show steady growth
In order to provide better facilities for a number of influential customers,
and at their earnest request, we opened a branch at Puebla, the capital of the
State of Puebla and the centre of a rich agricultural district and headquarters for a number of important industries.
The growth of our business in Mexico City has necessitated the moving of
our branch to larger and more commodious quarters in the centre of the
financial district. The staff now numbers 122.
In September last the Mexican Government was accorded formal recognition by the Governments of both the United States and France.
THANKS TO OFFICERS.
Mr. Zephirin Hebert then moved, seconded by Mr. John Patterson, that the
thanks of the Meeting are hereby tendered to the President, the Vice-President and Directors for their attention to the interests of the Bank.
In speaking to this resolution Mr. Hebert said:
"Nothing could give me more honor or pleasure than to move this vote of
thanks to the President, the Vice-President and the Directors of this Bank for
the splendid results they have attained during the past fiscal year. It has
been customary for the Shareholders of this Bank to receive satisfactory reports from year to year, but for us to receive such a report as this. in times
such as the present, emphasizes the fact that the gentlemen at the head of
this institution are inspired by the fundamental principles arid tradition,
which during so many years have earned for the Bank of Montreal the high
standing it to-day enjoys.
"The Directorate of the Bank of Montreal has always been composed of
men whose character, dignity and impressive knowledge of affairs has been
a sure guarantee that the Bank of Montreal will at all times live up to its
proud claims, and command the entire confidence of the whole community.
pleasure that I express our thanks to the Officers arid
It is with very great'
Directors in this way.' (Applause.)
Mr. John Patterson briefly seconded the resolution.
The motion was unanimously adopted.
The Chairman—On behalf of my colleagues and myself, I am deeply indebted to you for this proof of your continued confidence in us and the administration of the Bank over which we have the honor to preside.
His Honor Henry Cockshutt, Lieutenant-Governor of Ontario, then moved,
seconded by Lieutenant-Colonel Molson, that the thanks of the meeting be
tendered to the General Manager, the Assistant General Managers, the Superintendents, the Managers and other officers of the Bank, for their services
during the past year.
Speaking to this motion, His Honor Henry Cockshutt briefly referred to
the eminent ability that had been shown by the officers of the Bank during
the past years of disturbed financial conditions, expressing his conviction
that it was due to such able management that the Bank had preserved its
stability and the confidence of the whole public, not only of Canada but
throughout the world.
The motion was carried, with applause.
In replying to this the General Manager, Sir Frederick Williams-Taylor,
said:
"Gentlemen, I have to thank you for your very thoughtful resolution, which,
I assure you, is deeply appreciated. I also have to convey to you on behalf
of the Assistant General Managers, Superintendents, Inspectors, Managers
and general staff of the Bank their grateful thanks for your kindly reference
to their services during the past year.
"I am sure you will not consider it out of place for me to remark that I
have an abiding fellow feeling for the officials of the Bank, and to this I
will only add that in point of zeal, efficiency and organization our staff situation is highly satisfactory." (Applause)
The ballot for the appointment of Auditors and the election of Directors
for the ensuing year was then proceeded with.
The Scrutineers appointed for the purpose reported that Messrs. Janes
Hutchison, C.A., and Charles Hodgson, C.A., were duly appointed Auditors
and the following gentlemen duly elected Directors: D. Forbes Angus, J. H.
Ashdown, E. W. Beatty, K.C. H. W. Beauclerk, His Honor Henry
cicshutt,
General Sir Arthur Currie, (1.0.51.0., K.C.B., H. R. Drummond, G. B. Fraser, Sir Charles Gordon, G.B.E., Sir Lomer Gouln, K.C.M.G., C. R. Roamer,
Harold Kennedy, William McMaster, Sir Vincent Meredith, Bart., F. E. MereLieutenant-Colonel Herbert Molson, 0.51.0., M.O., the Right
dish
Honorable
K.C.'Lord Shaughnessy, K.C.V.O., James Stewart.
The meeting then terminated.
At a subsequent meeting of Directors Sir Vincent• Meredith, Bart., was
re-elected President, and Sir Charles Gordon, G.B.B., was re-elected VicePresident.
2633
Public Debt of United States—Completed Return
Showing Net Debt as of Sept. 30 1923.
The statement of the public Debt and Treasury cash
holdings of the United States as officially issued Sept. 30
1923, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1922.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Sept. 30 1923. Sept. 30 1922.
Balance end month by daily statement, &c
$422,747,512 $256.839,729
Lad or Deduct—Excess or deficiency of receipts over
—4.525,202
or under disbursements on belated items
+989,741
$418,222,310
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
52.286,200
64,476.134
80,604,614
40.215,083
$257,829,470
$3,361,007
68.942,533 •
74.395,402
136,335,640
$193,582,031
$283,034,582
+$224,640.279
Balance, deficit(—)or surplus 1-1-)
INTEREST-BEARING DEBT OUTSTANDING.
Interest &Pt.301923.
$
Tale of Loan,—
Payable.
Q.-J. 599,724.050
25, Consols of 1930
Q.-F. 118,489,900
Is, Loan of 1925
Q.-F. 48,954.180
28 of 1916-36
25,947,400
Q.-F.
2s of 1918-38
35 of 1961
Q.-M. 49,800,000
28.894.500
38, Conversion bonds of 1946-47
Q.-3.
941,013,500
Certificates of indebtedness
Certificates of indebtedness under Pittman Act.J.-J.
J.-J. 1,409,999,050
3s,First Liberty Loan, 1932-47
8,680.900
J.-D.
is, First Liberty Loan, converted '
.1.-D. 529.502.300
ois, First Liberty Loan. converted
3,492,150
tgs, First Liberty Loan, second converted J.-D.
38.229.600
M.-N.
as. Second Liberty Loan. 1927-42
3,160,208.200
Igo, Second Liberty Loan, converted
M.-8. 3,361,538,750
431s, Third Liberty Loan of 1928
A.-0. 6,327.133,450
t Xs, Fourth Liberty Loan of 1933-38
763.954.300
Cis, Treasury bonds of 1947-52
Ms,Victory Liberty Loan of 1922-23
Mat. 351,211,460
4.8„ War Savings and Thrift Stamps
11,877,900
J.-J.
114s, Postal Savings bonds
.1.-D 4.055.148.3u0
634s to 5k(s. Treasury notes
—525,205,112
Total
1,806,000,200
713,142,195
11.851,000
2,743,319,200
21,833.799.890 22,564,416,175
240.706.561
235.895.498
50,826,230
818.113,140
Aggregate of interest-bearing debt
Bearing no interest
Matured,interest ceased
Total debt
Treasury surplus or add Treasury deficit
()Mita
Sept.30 1922.
$
599,724,050
118.489,900
48,954,180
25,947,400
50.000,000
28,894,500
1,298,797,000
48.000.000
1,410.001,050
11,776,300
526,570,850
3,492,150
50.806.050
3,250,915.200
3,472.527,400
6.345,207,550
a22,125,332,681 22.818,424,813
+224,640,279 —25,205,112
821,900.692.402 22,843,629,925
Net debt
rifle total gross debt Sept.30 1923 on the basis of daily Treasury statements was
$22.125,614,247, and the net amount of public debt redemption and receipts in
transit, &O., was 8281,565.950.
b No deduction is made on account of obligations of foreign Governments or
other investments.
Includes $5,858.950 Victory 3% notes.
CURRENT
NOTICES.
—Guaranty Trust Co. of New York has been appointed trustee and copaying agent and co-registrar with Harris Trust & Savings Bank, Chicago,
under the Northern States Power Co. trust agreement, dated Nov. 11923,
securing an authorized issue of $10,000,000 par value convertible 6 H%
gold notes, due Nov. 1 1933.
—Herbert C. Heller & Co.. Inc., have opened offices at 60 Wall Street,
New York, to transact a general business in investment securities, specializing in municipal bonds. They have also an office in the Union Trust
Building, Cincinnati. The firm members are Lewis S. Rosenstiel, Herbert
C. Heller and Henry C. Peck Jr.
—Frazier & Co.,Inc.,of New York.Philadelphia and Washington,I). C.,
have opened a retail bond department at 100 Broadway, New York. under
the management of William Appold Wood and William F. Haynes. Associated with them in the sales department are Alpheus M.Geer. D. W.Banta
and William P. Joseph.
—Guy C. Lamson, formerly manager of the bond department of F. P.
Ristine & Co., announces the opening of an office in the Land Title Building, Philadelphia, where he will conduct a general investment business
operating under his own name.
—Gerald Clokey and Wisner Miller. having resigned their positions with
the firm of Gilbert Elliott & Co., announce their intention of forming a new
firm to specialize in bank and trust company stocks under the name of
Clokey & Miller.
—A. E. Lewis has reopened his office in the American Bank Building,
San Francisco, and will specialize in listed and unlisted Pacific Coast securities through an active trading department with especial attention to the
latter.
—The Bank of America, New York, has been appointed transfer agent
for the common and preferred stock of the Curtiss Aeroplane & Motor Co.,
Inc., and certificates of beneficial interest of the Curtiss Assets Corporation.
—The Metropolitan Trust Co. has been appointed by the Orange
County Public Service Co., Inc., as trustee of an issue of let refunding
mortgage 6% gold bonds, Series "A," due 1948.
—Farr & Co., members of New York Stock Exchange. specializing in
sugar securities, are distributing an analysis of the American Beet Sugar
Co. Copies will be sent free on request.
—Outwater & Wells. 15 Exchange Place. Jersey City, have issued their
December bulletin containing a list of high-grade public utility, industial„
bank and trust company securities.
—D. C. Rhodes,formerly of P. F. Cusick & Co.. has become associated
with B. J. Van Ingen & Co. in their trading department.
—The Equitable Trust Co. of New York has been appointed registrar
of the common stock of the Electric Truck Transportation Corporation.
—D.C. Rhodes, formerly with P. F. Cusick & Co.. has become associated with B. J. Van Ingen & Co., 46 Cedar St.. New York.
—Rowe Tyson.formerly of Callaway, Fish & Co.. is now associated With
Lege & Co. in their wholesale department.
—A.M.Lamport & Co.announce that Albert Linder Store and Kenneth
Macbeth have joined their sales organization.
2634
THE CHRONICLE
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
vtianiter5/ Gazdtt
Wall Street, Friday Night, Dec. 14 1923.
Railroad and Miscellaneous Stocks.-The review of the'
Stock Market is given this week on page 2623.
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 Dec.14.
Sales.
for
Week.
Range for Week.
I Range since Jan. 1.
Week Ending Dec. 14.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Lowest.
Highest.
Lowest.
[VOL. 117.
Stocks,
Shares.
Railroad,
&c.
Bonds.
Stale,
Municipal &
Foreign Bds.
United
Stales
Bonds.
734,900
1,004,156
1,181,405
996,627
1,297,621
1,254,000
$3,924,000
5,687,000
7,329,000
7,443 000
6,401,000
6,653,000
$566,000
1,014,000
1,317,000
1,221,000
1,140,000
954,000
$795,000
3,300,000
1,304.000
3,124,000
1,782,000
1,910,000
6.497.809
837.437.000
16.212.000
512.215.000
Highest.
Sales at
New York Stock
Exchange.
Week ending Dec. 14.
Jan. Ito Dec. 14.
Par. Shares' S per share. Spar share. S per share 9.per share.
Railroads.
Oct 34 Sept
33 Nov 8 30
Bklyn Rap Tr full paid__
100 33 Nov
1923.
1922.
1923.
1922.
31 Nov 2% Jan
3/ Dec 10
Brunswick Terminal_100 700
34 Dec 1
Nov 68
Jan Stocks-No. shares__ _
Buffalo Roch &Pitts_100 40 51 Dec 10 52 Dec 12 51
4,509,060
6,497,809
246,772,051
223,059,512
July 231
Feb
Central RR of N J__ _100 900 214 Dec 8225 Dec 10 175
Bonds.
Nov Government bonds_ _ $12,215,000 $31,572,000
Jan 115
C C C & St Louis_ _100 300 110 Dee 10 110 Dec 10 76
$763,582,000 $1,826,433,000
Apr State & foreign bonds_
Cleveland & Pitts_ _ _50 100 6734 Dec 1 67% Dec 10 67% Dec 70
6,212,000 10,685,000
.574,206,000
425,325,000
2%
2%
Nov
Nov
234
Dec
10
Chi & Alton et( deli_ _100 200 2% Dec 10
RR.& miscell. bonds__ 37,437,000 34,659,000 1,481,481,000 *1,969,820,000
Dec 9
Dec
9 Dec 10 9
90 9 Dec 1
Prior ens of dep_ _ _100
Dee 78
Mar
100 2,301) 34 Dec 13 4834 Dec 8 34
C StPM & Om
Total bonds
855,864,000 $76,916,000 62,670,388,000 $4,370,459.000
Nov 100 June
100 500 75 Dec 11 78 Dec 13 75
Preferred
'2 Corrected total.
Feb
Oc 60
Colo & South 1st 91_100 100 4934 Des 14 49% Dec 14 47
10434
03%
Dec
104%
Dec
8
DAILY
Dec
Dec
12
full
pd
2,700
103%
TRANSACTIONS AT THE NEW YORK CURB MARKET.
Illinois Central pf
Aug 2534 Feb
Int & Gt No Ry(w 1)100 2,500 2034 Dec 10 24% Dec 10 15
100 1,100 1% Dec 10 1% Dec 14 1% Dec 3% Mar
Keokuk &Des M
STOCKS (No. Shares).
BONDS(Par Value)•
Nov 6334 Mar
100 900 47 Dec 12 49. Dec 10 46
MStP&SSM
Week Ending
54 De
% Dec 14
19,800
% Dec
% Dec 14
N Y Central rights
December 14.
Alining. Domestic. For'n Govt.
Ivul.&Mis.
Oil.
33,1
Dec
3%
Dec
3%
Dec
14
3%
Dec
14
6,108
R rights
Nov Saturday
100 100 18 Dec 14 18 Dec 14 4% Sep 21
Pacific Coast
98,660
16,472 8112,000 $115,000
64,095
Industrial & Misc.Monday
270,200
215,315
73,125
183,000
400,000
Oct 106
Jan Tuesday
All America Caoles 100 1001 96 Dec 11 96 Dec 11 95
130,570
61,010
192,000
461,000
201,700
Nov Wednesday
Feb 65
Amer Chicle pref- _100 1001 49 Dec 12 49 Dec 12 22
109,095
167,000
328,000
195,710
148,130
2,300 934 Dec 11 9% Dec 8 8% Dec au Dec Thursday
Am Cotton Oil °Hz
151,495
105,000
182,245
176,390
419,000
2,200 27 Dec 12 29% Dec 11 2634 Dec 2934 Dec Friday
Preferred ctfs
95,235
54,885
498,000
247,800
77,000
100 1,800 142 Dec 8144 Dec 13 130 Jun 152% Feb
American Snuff
Cable_100
200
43
Dec
10
Dec
58%
Feb
Am Teieg &
43 Dec 10 40
Total
513,705
864,300 1,114,117 2,223,000 $839.000
Atlas Powder new
* 200 5334 Dec 8 5334 Dec 11 51
Jul 5734 June
Amer Rolling Mill 91_100 800 9934 Dec 8 9934 Dec 13 96
A 10034 Jan
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
% Dec 121
34 Nov 1
Jan
Assets Realization__ -10 200
3,4 Dec 12
BALTIMORE EXCHANGES.
Atl Fruit Col T Co ctf dp 1,811 1 Dec Id 134 Dec 14,
34 Nov 234. Feb
Atlas Tack
* 30 1034 Dec 10 11 Dec 10 10
Dec 2034 Feb
Boston.
Baltimore.
Philadelphia.
Ja • 434 Feb
Auto Sales
50 201 234 Dec 13 234 Dee 13 2
Week ending
Bayuk Bros let pref_100 100 98 Dec 10 98 Dec 10 95
Oc 124% Apr
Dec.14
1923.
Shares.
BondSales,
Shares.
BondSales.
Shares,
BondSales.
Oct 99
Jan
Brown Shoe Inc pref_100 200 90 Dec 13 9034 Dec 10 85
Feb Saturday
Burns Bros prior pf_ _100
1 120 Dec 13 120 Dec 13 11834 Jul 120
*13,965
22,000
14,200
5,289
19,600
820
Oct
500
19
Dec
Oc
Calumet & Heels
25
14 20 Dec 10 1734
2034
*18,413
25,500
8,304
128,400
1,029
22,000
Mar Monday
No 42
Case(J I) Thr Mach___*
100 1934 Dec 12 1934 Dee 12 18
Tuesday.
*30,708
56,100
12,113
84,600
1,985
20,300
Conley Tin Foil
* 5,400 9% Dec 10 1234 Dee 14 934 Nov 22% Jan Wednesday
*20,800
56,600
7,676
36,600
2,268
9,300
Ap 46
Feb Thursday
Comm'l Solvents, A
* 1,100 41 Dec 12: 4434 Dec 13 25
*27,721
327,050
11,451
386,600
4,045
21,000
Dec Friday
* 2,200 3134 Dec 10, 40 Dec 12 15
Apr 40
B
18,905
40.000
4,353
15,000
6,332
37,000
Dec
rights_
75,650
I%
Dec
No
1%
Consolidated Gas
12! I% Dec 8 134
Cent Can Inc pref_ _100 10010434 Dec 1210434 Dec 12 10254 Jun 110% Feb
Total
130,512 $527,250
49,186 .$670,800
16.479 $123,800
Jan
Au 104
Continental Insurance 25 200 93 Dec 10 93 Dec 10 90
Cosden & Co pref___100 300 8934 Dec 14: 90 Dec 14 833.4 Oc 109% Feb Prey, week revised 102,833 $625,350
48,441 91,403,700
7,304 $102,400
100 200 61 Dec 131 62 Dec 8 603/ Au 7334 Jan
Deere& Co pref
In addition sales of rights were: Saturday, 57; Monday, 400; Tuesday, 1,661;
* 2,100 19% Dec 12i 19% Dec 8 17% No 20% Nov
Dome Mines
Wednesday,
2,506; Thursday, 940.
* 1,000 1234 Dec 10 1234 Dec 8 11
Oc 14% June
Douglas Pectin
Du Pont deb 6%
_100 200 86% Dec 141 86% Dec 14 81% Apr 8934 Apr
Jan
Durham Hoe Mills"B"50
30 834 Dec 14 8% Dec 14' 83/ Dec 18
Apr Daily Record 0/U. S. Bond Prices. Dec. 8, Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14
Dec 80
100 155 5.5 Dec 10 55 Dec 10 55
Preferred
Sep 103% Dec
Duquesne Lt 1st pf_100 200 103 Dec 12103% Dec 12 101
(13199 993032 992932 993032 993132 100.00 993,32
Feb First Liberty Loan
Fairbanks Co (The)_25 500 3% Dec 12 3% Dec 111 334 Dec 13
334% bonds of 1932-47-;Low_ 997821 992,22 992832 992233 9922o 992533
Gardner Motor
* 700 534 Dec 12 6 Dec 111 534 Dec 14% Apr
(First
334s)
(Close 9928,2 991233 99933 9980, 99223, 992232
General Baking Co_ * 400 95 Dec 11 95% Dec 8 72 July 103% Nov
314
145
352
Total sales in $1,000 units...
116
218
76
Gen Refractors
1,500 54% Dec 14 5.5% Dec 14 5434 Dec 55% Dec
Converted 4% bonds of (High
Gimbel Bros pref____100 100 98% Dec 8 98% Dec 8 96% Jan 102% Feb
1932-47 (First 4s)_ _ _ _(Low____
____
-- - ------___Great Western Bug pf 100 30010554 Dec 14107% Dec 13 10234 Au 108% Mar
Gulf States St let pf_100 200100% Dec 11100% Dec 12 98% Oct 105% Feb
Total sales in $1,000 units__
-Hartman Corp
* 9,300 40 Dec 11 42 Dec 14 3934 No 42% Nov
Converted 434% bonds (High 9-81in 981i33 98-lio 98-1i33 98-1i33 98i233
Aug
Hanna 1st pref
Nov 97
100 200 89 Dec 10 89% Dec 13 88
of
1932-47(First 4318) i Low- 981022 981112 08,,ss 9810,2 981132 98143
Nov
Ingersoll Rand
100
11 170 Dec 13173% Dec 11 119
AP 185
(Close 98nn 9814,2 985533 985033 981782 081132
Inland Steel w 1
•15,00I36% Dec 14 38% Dec 8 31% Jul '4054 Apr
Total sales in $1,000 units__
13
a
39
6
92
80
Preferred w I
100 200101% Dec 10101% Dec 13 96% June 105% Apr
Second Converted 434% (High
------------980,,
-----International Shoe 100 100 76% Dec 13 76% Dec 13 64% Jun 76% Dec
bonds of 1932-47 (Firsti Low_
.-- - --100 100 116% Dec 10 116% Dec 10114% Sep 120% Mar
---- 98
Preferred
----Second 4310)
____ 98122
(Close
____
____
--- ---Int Telep & Teleg
100 1,700 68% Dec 10 69 Dec 10 64
Oct 71% Apr
Total sales in $1,000 units__
* 1,600 29% Dec 12 31 Dec 13 24% No 41% Mar
Intertype Corp
------(High
Iron Products etre
1,100 48 Dec 14 4934 Dec 8 31% Aug 4934 Dec Second Liberty Loan
----------------4% bonds of 1927-42
(Low_
___
------Kansas & Gulf
10 1,100
34 Dec 11
-- -34 Dec 14 14
Au
---- -:334 Jan
(Second 4s)
Kelly Springf 6% pf_100 100 75 Dec 1 75 Dec 10 70
Aug
No 96
Total sales in $1,000 units_
Kelsey Wheel Inc pref100 100 103 Dec 14 103 Dec 14 98 Ma 104 34 Apr
Converted
434% bonds (Mil; .9-8-‘0,, iiiiin 1)-(3-1in ifilin 9-8-622 9-81732
Kinney Co
* 7,000 55 Dec 8 62% Dec 12 3534 Apr 64% June
01 1927-42 (Second (Low_ 9882, 98822
981233
98722
98,32
Kresge(S 8) Co pref _100 100 111 34 Dec 14111% Dec 14109% Oct 11231 Dec
982,3
4345)
(Close 98533
981233 981033 98'31
98031 981532
Loose-Wiles Biscuit- I
Total
sales fn $1,000 ends__
254
211
162
252
238
136
Apr
100 500 106 Dec 12 106 Dec 12 106
lot preferred
Apr 106
Third Liberty Loan
(High 9992, "99932
99931
99933
99,,at
99932
.Mallinson (II R)& CoI
414% bonds of 1928._ i Low_ 99533
99,g3
99533
005;2
09,3e
99533
100 100 86 Dec 10 86 Dec 1.(4 82 May 9031 Feb
Preferred
(Third 4348)
99738
991ss
990,,
99,s,
(Close 99533
99232
Dec
McCrory Stores pfd_100 200 99 Dec 8 99 Dec 8 9534 Nov 99
Total sales in $1,000 units__
267
897
124 1,793
714
176
* 1,500 92% Dec 10 94 Dec ill 87
Met Edison pref
Aug 9934 Mar
(High 08.03I 0814s: 98l3a, 981,33 9814,1 98,142
Apr Fourth Liberty Loan
Montana Power pref_100 300 104 Dee 14 104% Dec 12 103
Oct 112
4Pi% bonds of 1933-38-- i Low_ 981022 989.2
981022 08"a2 981132 98511
Feb
Nat Cloak & Suit pf_100 200 94 Dec 12 95
Lun
ne 104
(Fourth 43.0)
(Close 98",, 98"3: 981533 981722 98923: 9800,1
* 500 37% Dec 14 38% De
42% Apr
Nat Dept Stores
ec 11
606
Total sales in $1,000 units__
348
457
411
245 1,769
100 1'I 94 Dec 8 94 Dec 8 90% July 97% Apr
Preferred
Treasury
9915o 995233 995532 995582 995533 995532
(High
90
9,
'II
66%
Dec
Dec
12 68% Dec 8 5434 Oct 68%
Nat Supply
43,18, 1947-52
09,,,, 991en 901,31
(Low_ 991.T: 09I 431 99168
• 300.25% Dec 10 26 Dec 10 2534 Dec 3234 June
N Y Canners
(Close 9917.2 9912.2 990 12 9927; 991,22 9928,0
Mar
NH &HRyG &E pf100. 100 84 Dec 13 84 Dec 13 72% Oct90
.1.11
10.1
1.2
251
2112
152
Totrt1 mike 0,151 non ...o•
Orpheum Circuit pre:100 500 91 Dec 14 93 Dec 12 84% Jan)9555 Apr
mar
100 1 I I 98% Dec 12 98% Dec 12 9834 Au 100% June
pref
Otis
Note.
-The
sales
above
table
includes
only
of
coupon
'I
57 Dec
100 4
5734 Dec 13 45
Oct7254
ElevatorOis
pref
Steel
Jan)Nov
bonds. Transactions in registered bonds were:
95
Pacific Tel & Tel
100 200 90 Dec I 90 Dec 10 6'7
100104% Dec 13104% Dec 13 02
Apr 104% Dec 30 1st 334s
Penney(J C)Co pref_100
997822 to 997821 10 2d 431.2
988.2 to 98231
No 4334 Apr
Penn Coal& Coke__ --50 400 28% Dec 10 29 Dee 11 27
4 1st 43(8
98233 to 98513 26 3d 4348
94',, to 98°,3
Mar
28 Dec 12 28% Dec 12 27
Oc 47
5 4
Phoenix Hosiery
1 2d 48
98531 to 98533 209 4th 43/8
987
.2 (0 98",,
Mar
Dec
12
93% Dec 14 89 June 100
100 300 93
Preferred
Phila Co6% pref
50 300 41% Dec 12 42 Dec 12 4134 Ma 4534 Feb
Quotations
for
U.
S.
Treas.
Ctfs.
of
July
Dec
10
69%
66
Indebtedness,
&c.
My
7234
1,7
Dec
12
60
Pierce-Arrow pr mei-.
Apr
Pittsourgh Steel pref_100 200 93 Dec 11 93 Dec 11 90% Dec 96
-See pay 2621.
July 1134 Sept
Plash Utilities pref_ _ _10 30 1034 Dec 1 10% Dec 11 10
21% Dec 11 22% Dec 1 1734 Nov 2234 Dec
Prod &RerCorpctfs_50 9,6
Foreign Exchange.4734 Dec 13 47% Dec 1 36 Sept 4934 Mar
50
.Preferred
Oct 108% Mar
98
P S Corp N J 8% pref 100
100 102 Dec 8Dec
To-day's (Friday's) actual rates for sterling exchange were 4 34340
Ry Steel Spring pref_100 2 I 113% Dec 11113% Dec 11 1034 Oct 12136 Mar 43534 for sixty days. 4 36 i5(414 3734 for checks and 4 30%04 37% for
100 112 Dec 13 112 Dee 13 12 Sep 115 May cables. Commercial on banks, sight. 4 36%@4 3734; sixty days, 4 34©
Schulte Ret St pref_ _100
Nov 101% Mar 43434; ninety days, 43234(g(4 3355, and documents for payment (sixty
Simmons Co pref____100 4 I I 96 Dec 101 96 Dec 1 96
Jan days). 4 3434@4 35. Cotton for payment, 4 36%©4 3734, and grain
Stern Bros pref
100 211 113 Dec 11 115 Dec 12 0934 Jan 115
Dec 324 June for payment, 4 3655 @4 373.4.
11
300
274
Dec
Dec
12
Tex Pac Land Trust_100
42 280
Apr
To-day's (Friday's) actual rates for Paris bankers' francs were 52234 sig)
Transue& WilliamaStl_. 500 3354 Dec 11 35 Dec 14 30 'Me 40
34 Jan 5 26 for long and 52734 @53134 for short. Germany bankers' marks are
% Dec 81
kg Dec 8
Union Oil
* 4,50
34 Jan
Feb not yet quoted for long and short bills. Amsterdam
Oct220
3,100 185 Dec 1 205 Dec 14 169
United Cigar Stores_ _1
bankers' guilders
US Express
100
500 3% Dec 11 3% Dec 11 334 Dec 8% Mar were 37.71@37.82 for long and 38.07@38.18 for short.
Feb
Ally 63
IT 5 Tobacco
100 5334 Dec 1 5334 Dec 14 48
Exchanges at Paris on London, 82.20 fr.; week's range, 81.80 fr. high
*
035 Realty & Imp full pd
200 100 Dec 1 101 Dec 8 9734 Aug 108% Mar and 82.25 fr. low.
Feb
4%'Dec 12 3% Jun 17
The range for foreign exchange for the week follows:
300 4% Dec 1
Va-Carolina Chem B-__
Jan
Nov 64
32 Dec 1 28
Van Raalte
Sterling Actual100 2,500 28 Dec
Sixty Days.
Checks.
Cables.
Aug High for the week
West Elec 7% cum pf 100 300 112% Dec 1 112% Dec 10 111% Mar 117
4 3934
4 3734
4 3934
West Penn Power
300 45 Dec 1 45 Dec 13 3834 Apr 5234 May Low for the week
433
4353.4
435%
Nov
Paris Bankers' Francs1
50089% Dec 11 89% Dec 11 65% Ap 90
Preferred
Mar High tor the week
Aug 78
W'houseEdcM 1st pf_50 500 72 Dec 8 73 Dec 13 70
540'%
541
534%
% Nov Low for the week
2
1I I
34 Dec 14
White Oil ctfa
34 Dec 12
34 oe
52236
5 283.4
5 2934
Feb
Nov 89
Wilson pref
Germany Bankers' Marks100 200 65 Dec 13 65 Dec 13 63
Dec
4034
De
High for the week
Wrigley(Wm)Jr
2,60 3934 Dec 13 40% Dec 13 39%
0.000000000025 0.000000000020
Low for the week
0.000000000022 0.000000000022
* No par value.
Amsterdam Bankers' GuildersThe Curb Market.-The review of the Curb Market is High
for the week
37.87
38.29
38.33
Low for the week
37.96
38.00
37.54
given this week on page 2621.
Domestic Exchange.--Chicago, par. St. Louis, 15(g)25c. per $1,000
the
for
transactions
Curb
Market
record
of
A complete
discount. Boston, par. San Francisco, par. .Montreal,$25 00 per $1,000
discount. Cincinnati, par.
week will be found on page 2646.
Ing
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2635
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHAM NOT PER CENT.
Saturday.
Dec. 8.
Monday,
Dec. 10.
Tuesday.
Dec. 11.
Wednesday. Thursday
Dec. 13.
Dec. 12.
Friday.
Dec. 14.
Sales
for
the
Wee.k.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range alma Jan. 1 1923.
On basis of 100-share lots
Lowell
'
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share $ per share ye? share
Par $ per share
Railroads
$ per share $ per share $ per share $ ver share $ per share $ per share Shares.
27a Jan 52 Aug
100 21 Sept 28 45 Feb 23
3312 *31
200 Ann Arbor Preferred
*32 364 .31
38
*31
3212 3212 3212 *3114 32
915g Jan 10883 Sept
9714 97% 9712 97% 9678 9734 6,700 Atcb Topeka & Banta Fe..100 94 Oct 27 10512 Mar 3
9714 9734 9734 9814 9713 98
845* Jan 9512 Aug
100 8634 Nov 27 9058 Mar 6
Do pref
8712 87% 8758 87% 8712 8712 8714 8712 1,400
8778 8778 874 88
314 Feb 21
34 Jan
114 Aug 14
512 Apr
*134 2
2,800 Atlanta Birm & Atlantht_100
2
2
1% • 134 *134 2
1% 134
2
212
83 Jan 12472 Sept
100 10972Ju1y 31 127 Feb 26
11612 117
11212 11314 2,800 Atlantic Coast Line RR
116 117
11678 117
116 1164 11614 117
3312 Jun 6014 Aug
100 4012 Jan 17 6034 Dec 8
59
604 6034 5912 60
5934 5914 59% 5838 5938 40,400 Baltimore & Ohio
5958 59
523* Jan 6614 Aug
100 5534May 7 6078 Mar 21
Do pref
5812 5812.5814 5814 1,400
59
*5812 5914 584 584 5878 58% 59
914 Oct 29 1438 Dec 13 ___1318 14% 1314 13% 1334 14% 1334 1414 34,700 Bklyn-Manh Tr etts__No Per
127 1278 1234 133
4
Dec
13
344
Oct
29
453
pref___No
par
Certificates,
43
4412
22,500
4212
4012
4234
45
3
4
41%
42
4038
3914 4033 3912
100 13934Sept 21 160 Apr 18 lie% -lin ill% -Anil
14458 145
3,300 Canadian Pacific
14412 14558 1454 146
*14414 146 14412 14412 144 145
54 Jan 79 Aug
100 57 June 27 76% Jan 30
7112 72
704 718 6912 7034 6954 70% 70
7012 69% 7014 13,700 Chesapeake & Ohio
100 96 June 29 10472 Feb 23 100% Dec 10542 Oct
Do pref
*9712 9758 9714 9714 9714 97% *9714 9734 9734 9812 *9812 9834 1,000
43 Dec 3
1114 Jan 12/4 May
2 May 21
100
3% 37
358 334
318 314
314 312
312 312
34 384 2,000 Chicago & Alton
312 Jan 2072 May
Vs Jan 12 1238 Dec 1
100
Do pref
1078 10
108 1012 1012 1078 10
1012 1012 1118 104 1058 5,600
1214 Jan 4338 Aug
100 19 Aug 6 388g Feb 13
2812 2712 2734 2713 2734
*2812 2912 *2812 2912 2812 2812 28
200 Chic & East Ill RR
3118 Jan 6412 Aug
100 4612 Aug 15 6214 Mar 26
54
352 54 *51
Do pref
200
5034 5034 *5(314 52 *52
53 *5034 53
334 Dec 108g May
7 Feb 7
434 434
100
412 412
412 438
24 Oct 26
4% 418 *4
412 1,300 Chicago Great Western
4% 412
7 Dec 2412 May
674 Oct 26 17 Feb 6
100
12
1238 117
1012 1034 1014 1014 4,700
238 *1012 1112 1058 11
Co pref
174 Jan 363 Aug
14% 1438 13% 1414 12% 13% 1234 13
13
1373 1212 1334 21,100 Chicago Milw & St Paul___100 11% Oct 25 2638 Mar
29 Jan 554 Sept
25 • 26
100 21 Oct 25 4512 Mar
2432 24% 2212 2412 22% 23% 2314 2378 23
2334 22,600
Do pref
Jan 954 Sept
59
60 6212 5812 614 4834 6012 4914 52
51% 5214 5012 5134 106,400 Chicago & North Western-100 484 Dec 11 88 Mar
Jan 125 Aug
100
100 10112 Dec 11 I1812 Mar 2
103 103 *103 105
1,800
Do pref
10214 10314 104 104
10112 10312 102 102
jan
ec 10505 Sept
8
304 D
24 24% 23118 24
2238 227g 11,303 Chicago Rock Isl & Pacific_100 1912 Oct 25 3772 Mar 2
2234 23% 2214 2314 2232 23
4.7012 81
Sept
Aug 4 95 Feb
10072
*78
7% preferred
7938 1,320
803s 814 7812 8018 7812 7812 78% 80
704 Jan 95 Sept
7012 7012 6934 70
700
6% preferred
100 6072 Aug 4 85 Mar
69 6938 *6834 69 *6812 69 *6812 69
Jan 5312 Apr
38
100 17 Oct 29 4512 Feb 1
1.500 Colorado & Southern
19% 19% 1912 1978 1912 197
1978 20
2012 2012 1934 20
10634 Jan 1411 Sent
1064 10734 1,200 Delaware & Hudson
100 9314July 7 1244 Feb 1
10914 10938 109 109
10812 109 107% 108 *10614 108
108 Feb 143 Oct
116 117
1,900 Delaware Lack & Western- 50 109% Oct 26 1304 Feb
11518 11512 *115 116
11514 11514 11512 117 116 116
21% 2214 2114 2134 2078 2112 20% 2114 20% 21
7 Jan 18% May
20
100 1018May 22 2234 Dec
2034 61,300 Erie
11% Jan 2812 Aug
100 15 Jan 17 3114 Dec
29% 3014 2914 2934 2878 2938 28% 2934 28% 29
2853 2338 23,900
Do 1st preferred
718, Jan 2014 May
100 1034May 21 2778 Dec
26% 26% 254 26
3,890
Do 2d preferred
2514 2858 25
25
2514 2514 254 25
7014 Jan 9572 Oct
100 5053 Oct 25 80 Mar
58% 59
5612 587% 5414 5714 5514 5634 5612 57% 564 5838 33,300 Great Northern pref
32
28% Nov 4511 Apr
3214 2912 304 2918 29% 2812 29% 2812 2938 2834 2312 7,800
Iron Ore Properties-No Par 25 July 2 36 Mar 1
16
5 Jan 19 May
15
15
1714 1534 1614 1512 1512 15
913 Aug 22 20 Mar
3,000 Gulf Mob & Nor tr cUs__ _100
15
1514 15
16
Jan 47 Oct
100 447g Jan 2 6238 Feb 2
52
5112 5334 53
51
513s 1.400
*51
5212 52
53
5312 *51
Do pref
9712 Jan 11511 Sept
100 101 Nov 8 1171: Feb 2
103 103 102% 103 102 10212 10112 10213 10212 10278 10214 10212 4,200 Illinois Central
inbfnue 30 2272 Mar 1
100
1714 Dec 3214 Aug
134 13% 1334 13% 1338 1378 13
1334 1312 1414 13
1334 10,900 Interboro RAP Tran
100 1558July 31 2478 Mar 2
17 Nov 3014 Apr
1958 201s 1932 19% 194 194 19
1912 19
1934 20
19
8.301 Kansas City Southern
100 4812July 30 5714 Mar
5214 Nov 5912 Apt
52% 5278 •52 52% 52% 52% 5234 53 *5212 5234
Do pref
*5212 53
400
50 54 June 30 7112 Feb
5638 Jan 72 Sept
0314 63% 6214 6314 *6212 63
*6314 64
6212 6234 6054 6134 3,900 Lehigh Valley
100 8414 Oct 30 155 Feb 28 108 Jan 1447g Oct
1,900 Louisville & Nashville
91
9034 91
90% 90% *8934 90% 90
90% 90% 904 91
33 3314 33 33 *3238 33
3318 33
2,600' Manh Elevated, mod guar_100 50 Oct 30 454 Apr 17
3213 33
324 327
134 1438 *1314 14 *10
31e Jan --ii jai;
74 Oct 26 22 Mar 12
13
100
13
14
13
1218 1253 •12
600 Market Street RY
17 Jan 5014 Apr
100 23 Oct 29 6812 Mar 12
.40 43 *41) 45 *36
42
*36
45 *35
Do pref
45 *38
40
35 Jan 76 Nov
100 5612 Oct 29 87 Mar 12
71
71
69
70
6812 6812 68 6812 *67 634 *67
Do prior pref
6812
800
542 Jan 82 Apr
100 1442 Oct 29 5614 Mar 12
*30 36 I 31
33
30
30 *28
100
Do 2d pref
32
*28
30
*26
30
913 Feb 13
13
5 Jan 141g Apr
72 Aug 15
11%
112 134
• 112 112 *138 134
112 14
900 ?Cancan & St L (nsto)._ 100
138 138
712 Jan UN Aug
127 13 I 1234 1312 1253 1238 12% 1232 1214 128 1138 12% 8,200 Mo-Kan-Texas
914 Oct 31 17 Feb 15
24% Jan 4844 Aug
2472 Oct 30 4512 Feb 14
33 33131 3214 33 I 31. 3214 3114 3113 3134 313
31
3173 4,800, Do prof
1512 Nov 2514 Apr
1114 11
814 Oct 24 1938 Feb 14
11
11 1 1012 1034 1014 1038 10
5,100' Missouri Pacific trust °Us-100
101
934 10
40 Nov 6344 Sept
100 2214 Oct 25 49 Feb 10
2934 30 I 29 297
2818 2912 2734 2813 2812 283
28
2834 10,9001 Do pref trust °Us
714 May
238 Nov
1% Nov 20
434 Feb 15
2
24
214 214
24 24
700 Nat Rye of Mex 2d pref-_-100
2
2
*134 2
5472 Jan 875g Dec
98 9834 9734 9812 96 97 I 954 9814 98
987 -9512 -951-2 3,100' New On Tex & Max v t 0_100 8212 Aug 14 105 Mar 26
Jan
1011g
Oct
12
9012May
4
10714
Dec
7238
100
Central
10553 10634 10438 106 , 104% 10514 10514 10714 10574 107
1047 106% 89,200 New York
7814 79 i 78
78 ' 7712 774 7658 771 *7612 • 771
7612 77
4,100 NY C & St L new co w 1-100 6712 Aug 9 8012 Dec 3 ____
86
Nov
15
9512Ju1Y
3
100
1212
w
1
Preferred
86
8618 86 86 1 86
4,0001
86
86
8638 86
861
86
86
958July 5 22% Jan 30
Jan -al Aug
100
1434 15 I 1413 15
7,500 N Y N El & Hartford
1412 1438 1418 1432 14
1334 14
141
1812 Dec 3012 Ape
1712 1712 1732 1712 *1612 1634 1658 165
16
168 1,100 N Y Ontario & Western..-100 1414June 28 215* Feb 13
1612 161
844 Jan 2212 June
9 Sept 1 188s Feb 9
100
100 Norfolk Southern
*14
16 I *11
143 •11
15
15 *11
15 1 1412 141 *11
9614 Jan 12512 Sept
100 100 July 30 1175* Feb 9
10412 10434 104 104
10312 104
10312 10312 10333 1031 10314 10353 2,800' Norfolk & Western
72 Jan 82 Oct
100 72 Sept 7 7818 Aug 15
Do pref
*731.2 75 1 *7312 75
*7312 75 *7312 75
*7312 75
*7312 75
73 Dec 9038 Aug
100 4944 Oct 5 8113 Mar 5
5158 5412 58,4001 Northern Pacific
54
5234 5238 54
5112 5434 52
558 5334 55
so 4072 Nov 2 4772 Apr 4 3314 Jan 49% Oct
4232 427
4214 16,600 Pennsylvania
4233 42
4238 4278 4218 4278 4214 4238 42
Mar
21
1038 Jan 202 Aug
100
Oct
1
17
Eastern
8
*1018 1114
117 1178 *11
200 Peoria &
1138 1034 1034 *1013 111 *1012 12
19 Jan 4012 Aug
100 36 Jan 1 4714June 11
4212 4218 4238 4214 423* 4112 4134 6,500 Pere Marquette
4238 43
4213 4238 42
63 Jan 82 Aug
100 6712 Oct 15 7614 Mar 5
*71
7112 *71
72
71
71
Do prior pref
71
500
7112 714 *71
714 71
50% Jan 748g Aug
100 5712 Oct 25 702 Jan 9
100
*60 6012 •60 6012 *60
6012 *60
6012 60
60 *60 6012
Do pref
23 Jan 4133 Aug
405 41
100 3372 Jan 27 5018May 10
39
40
4078 3714 4018 38
398 39% 39
3934 4,900 Pittsburgh & West Ya
76
Jan 95 Nov
100 8512June 19 93 Jan 9
*87
90
88 88 *87 90
8753 873* *85
87 •87
90
Do pref
200
796 803* 7918 7934 781 7934 785* 794 784 7914 7718 7834 33,900 Reading
so 6812June 29 8112 Feb 7 71% Jan 8718 Oct
43 Mar 57 May
56
5534 5653 554 5534 5,513 5512 6,500
50 44 June 28 51312 Feb 7
5512 56
5512 5612 56
Do 1st preferred
545 55
547 5514 55 55
45 Jan 5912 May
55
50 45 June 28 568g Jan 30
55 558
5553 544 55
Do 2d preferred
5,500
354 3514
1712 Feb 53% June
35
37
100 221 Oct 21 39 Dec 4
37% 37% *35
35
35 *34
3834 *33
400 Rutland alt pref
1978 201s 1912 1978 1912 1912 1914 1914 194 194 *194 1912 2,700 St Louis-San Fran tr ctfe 100 1614 Oct 27 27 Mar 21
2014 Dec 323 Aug
43
4414 4234 4234 4214 4234 4213 4238 *4112 4212 4114 4153 1,600
100 32% Jan 3 50 Mar 5
3434 Nov 56 Aug
Do pref A trust etta
3412 3438 3312 347
33
100 254 Aug 4 36% Feb 10
2033 Jan 3672 Nev
3353 3318 3358 334 3334 3212 33
7,400 St Louis Southwestern
5914 5934 59% 5984 59 59
328 Jan 5978 Nov
5878 5878 587 59 *5714 5853 1,800
100 5418June 28 6378 Mar 21
Do pref
714 .
7
67
712 Feb 10
678
414 Aug 15
6% 644 •'612 68
100
2% Jan 10 Apr
8
612 67g 2,500 Seaboard Air Line
1512 1412 1518 1334 14
14
1414 14
•15
144 134 1414 4,300
8% Aug 1 1514 Dec 7
44 Jan 1434 Apr
100
Do Prof
8853 8738 88
8812 8953 88
874 88
8634 8734 864 8712 18,600 Southern Pacific Co
7812 Jan 9614 Oor
100 8414 Aug 14 9514 Feb 21
3734 3814 3738 38
37
3714 373g 3734 3713 377k 3714 3712 41,900 Southern Railway
1714 Jan 285s Aug
100 2414 Jan 6 3812 Dec 6
*67 6712 67 67 *67 6753 *67 6718 674 671s 671s 674
46 Jan 71 Oct
100 63 July 2 7072 Mar 22
500
Do pref
1914 2014 1958 1938 1912 1934 1912 1912 3,000 Texas & Pacif10
21
2114 2034 21
1814 Nov 24 Ayr
100 14 Aug 4 2912 Mar 21
98
912 10
*10
1012 *94 10
938 *10
*912 10
100
101
858 Oct 25 1914 Feb 10 134 Nov 255* May
900 Third Avenue
657 6573 *_-__ 654 *--__ 654 *6234 648 •__
1 Sept
*67 69
84 Jan 62,
6512
500 Twin City Rapid Tranidt....100 5814 Jan 19 7712June 11
100 12412 Aug 4 14472 Feb 26 125 Jan 15414 Sept
12938 13034 129 1297 12614 1294 12714 1284 12818 12938 12732 12912 19,000 Union Pacific
80
Aug
Jan
*71
714 7118 7114 71
71%
72
*70
71
7034 71
100
7114 7114 1,500
7018
Jan
6
Oct 30 761*
Do pref
11% 11
Jan
Ape
11
11
11
11
11
1118 1118 11
104 1018 1,500 United Railway,InVest-__100
772 Oct 29 2172 Mar
0
71:
a
n 3
16
97
18
2 AprAp
37% 3918 3712 38
3912 3934 39 3912 374 3812 3658 39
Do pref
100 26 Oct 29 62 Mar
3,800
11% 1134 111 1112 11% 1138 11
1158 117
6 Jan 1412 May
11% 12
1114 12,800 Wabash
100
7 Mar 10 12 Dec
19 Jan 351k Aug
3534 3614 3818 364 3412 3534 3434 3512 3478 3514 344 3514 41,100
Do pref A
100 2314 Jan 17 3612 Dec
*2212 24 •23 25 *2212 35
18
214 Jan 21741742
23% 2334 2318 23% *23 24
Do pref B
100 1612 Jan 18 2334 Dec
800
01
9% 934
912 10
94
934 1018
1014 1014
4,100 Western Maryland
Sept 27 15 Feb
100
84 912
Aug8
Dec
178 1714 174 17
1814 177 1778 17
1832 18% 18
1738 2,100
Do 25 preferred
100 14 Sept 27 2634 Mar 2
1674 1718 1638 168s 157 1614 1618 164 15 • 1512 15
an 224871: Ap
1314 Jan
15
Sept 28 2014 Mar
10012r
3,400 Western Pacific
5913
Sept
59
59
5912
59 59
59
59
60
59% 5918 1,000
60
511k Mar 6472
Do pref
100 53 May 7 63112 Mar
78
7
714 3.500 Wheeling & Lake Erie Ity-100
6 Feb 16% June
8
8
88
734 734
74 713
8,
4 834
6 Oct 25 1012 Feb 1
1414 154 15
15
15
1612 174 1558 155
914 Jan 298 June
1514 1412 142
1,700
100 10 Oct 30 19 Feb 1
Do pref
34% 38
3314 3412 3334 3414 38
384 *37
3712 37
35 Jan 3314 Mar
38
100 23 Aug 4 3872 Dec 1
6,000 Wisconsin Central
7412 7412 *7334 75 •7412 75
75
7512 76
7612 *7412 75
500
493i2 9
9
9
*84 9
918 934
812 812 *812 9
700
334 *31
*32
33
33
38 *31
3312 *31
33 *31
200
33
*6612 6712 67% 6718 6714 6712 674 6718 6634 66% 67 68
1,700
7
67s 7
7
7
7
7
714
612 71s
6% 714 4,900
4
14
15
13
14
14
4 3,100
*18
14
*18
1
1
.1
118
118 118
1
118
1
114
14 118 4,000
6814 69
68 634 6712 68% 6712 67% 6714 6918 68 6912 10,300
10934 111 •110 111
11034 11034 *10958 11012 10934 11012 109 109
1,000
4472 4513 4412 45
4414 45% 4512 4618 4514 457
4412 4514 13,000
94 *90
9214 *90
94 *90
9214 *91
92 *90
•91
94
1114 1053 11
1178 11% 114 1178 1114 1114 11
104 11
5,200
3534 37
3518 36
3514 3514 33
3518 35% 36% 5,000
373s 38
4.9528 9912 99 99
9912 9912 *99 100
9912 9912 994 0912
400
54 *52
54 *52
54 .52
54 *52
54 *52
.52
54
*304 40
39
33
394 4012 40
4012 40
4334 4234 43% 12,600
37
3612 3738 37
3734 377 3834 3734 3838 13,200
3434 3712 36
7612 7612 765 *744 76
76 *74
76
7714 7614 7514 76
1,300
.4103 10712 *103 10712 *103 10712 *103 10712 *103 10712 *103 10712
10312 104% 102% 10378 10338 10518 10312 105 I 104 1054 10414 10614 147,900
10134
10934
110
110
11014 1103* 109 10914 *10812 10912
800
109% IN%
16712 16812 1674 168
168 169
168% 169
16612 16812 167 163
5,300
*121 12634 •121 12614 *121 12634 *121 124 *121 124 *121 124
23 2314 23
23
23
2318 23
23
23
24
4,000
23 23
1312 1312 1314 1412 1412 1412 157 1714 1634 1634 2,500
14
14
912 918
*812 94 *88
912 *834 912 1,300
974 10
2914 2)14
- - *261 2738 *2634 23 *2634 274
30
900
29
58
5
512
514 514
512 *5
*5
512 •5
54 512 1,000
90
91
91
9012 9012 9074 9034 1,400
8878 88% 8434 8334 90
638 678
634 6%
600
678 658 *my 712 *612 713 *612 713
427
414 43
3,600
4334 4334 4134 4234 414 4134 415 4233 42
23 24
224 2312 227 2314 22% 2438 16,400
24
2412 234 24
• Bid and asked prices
s Er-dividend.
Industrial & Miscellaneous
100
Adams Express
Advance Rumely
100
100
Do pref
Air Reduction, Inc____No par
50
Ajax Rubber, Inc
Alaska Gold Minas
10
10
Alaska Juneau Gold Min
Allied Chemical & Dye-No par
100
Do pref
100
AIM-Chalmers Mfg
Do prat
100
Amer Agricultural Chem .100
Do pref
100
American Bank Note
so
50
Do pref
100
American Beet Sugar
Amer Bosch Magneto No par
Am Brake Shoe lc F-No Dar
Do pref
100
American Can
100
Do prat
100
American Car & Foundry,100
Do prof
100
American Chain. al A____25
No par
American Chicle
100
American Cotton Oil
100
Do pref
Amer Druggists Syndicate... 10
100
Amer can Express
American Hide & Leather-100
100
Do pref
Amer International Cori:L.100
87 Sept 28
613 Oct 29
24 Nov 9
56 July 2
414 Oct 16
la Aug 16
84 Oct 9
592g Aug 9
10514 Aug 16
3714June 28
89 Nov 20
10l July 3
2814 Oct 31
77 Jan 6
50I5June 29
25 Aug 4
22114 Oct 30
6918Sept 13
102 July 3
7312 Jan 2
106 Sept 6
1484 July 12
117 Sept 17
2038June 28
534 Jan 30
314July 11
14 May 18
418Sept 19
87 Nov 19
615 Aug 9
2934 Aug 9
16 Sent 25
Oct
82 Mar 3 48 Jan 83
1072 Jan 23 Aug
1912 Mar 6
3153 Jan 3012 Aug
545* Jan 14
Oct
4512 Jan 66
723* Mar 19
912 July 18% Apr
1472 Mar 14
811 Mar 9
14 Dec
78 Me,
38 Jan
2 May
172 Oct 19
5512 Jan 9114 Sept
80 Jan 2
Jan 11512 Sent
112 Mar 2 101
3714 Jan 5934 Sept
5114 Feb 16
978k Jan 27
8812 Jan 104 Sept
3672 Feb 21
27% Nov4272 June
56 Jan 7214 sent
6872 Feb 21
68 Jan 91 Deo
100 Nov 26
51 July 5518 Dec
5514 Aug 14
3114 Jan 49 June
4912 Feb 13
3114 Jan 49 Apr
60 Mar 6
Jan 8812 Sept
8314 Feb 16
51
9814 Jan 113 Oct
110 Jan 14
3214 Jan 7612 Nov
10614 Dec 14
9314 Jan 11372 Deo
115 Feb 20
Oct
189 Mar 7 141 Jan 201
12572 Jan 18 11512 Jan 12614 Nov
254 Mar 29 -- - 14 May
5 Nov
17% Nov 7
1514 Nov 3012 May
204 Jan 4
3313 Nov 61 May
3814 Jan 4
412 Jan
714 Aug
7% Feb 23
Oct
14312Mar 2 126 June 162
104 Dec 1738 Apr
1338 Mar 7
745g Mar 7
58 Jan 741g Sept
247s Dec 505* June
334 Mar 28
New York Stock Record-Continued-Page 2
2636
For sales during the week of stocks usually inactive, see second page preceding
111011 AND LOW SALE PRICE-PER .31i 435. 1107' PER CENT.
Saturday,
Dec. S.
Monday,
Dec. 10.
Tuesday,
Dec. 11.
Wednesday
Dec. 12.
Thursday,
Dec. 13.
Friday.
Dec. 14.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On lasts of 100-share lots
Lowest
Highest
PER SHARE
Range for Previows
Year 1922.
Lowest
Highest
$ per share $ per share S per share 5 per share 3 per share
Per share Shares • Indus. & !Miscall.(Con.) Par I per share
Per share $ per share
$ per share
8913 8434 834 8334 91
8534 8314 88
89
90
8913 9014 4,400 American Ice
101) 78 Oct 29 1114 Apr 2
Jan 122 Sept
78
•80
81
"80
81
'80
'80
81
Do prof
81
*80
•80
81
81
100 774 Oct 30 89 Feb 21
Jan 9.54 Aug
72
•1138 1112 1138 1113 1138 1138 1118 1138 11
11
1118 11
1.700 American La France F E_ 10 1018July 6 13 Mar I
94 Jan
14 July
•1613 1712 *16
17
1538 16
17
1578 16
1734 2,100 American Linseed
*1614 17
100 13 Oct 30 38 Mar 5
4212 Oot
28 Nov
.33
35
*32
33
1,100
3213 3212 3234 34
Do • pref
100 2312 Oct 30 59 Feb 15
48 Nov 6413 0.31.
7358 7434 7234 7334 3
4 g3344 7214 724 7234 734 19,490 American Locom, new _No par 6434July 5 7514 Aug 22
723
73
E
113
2 3
•11712 118 '11713 118 *11713118
11778 118 '116 118 '11712118
203
Do pref
100 11412Sept 15 122 Feb 9 112
Jan Nil.; We;
*43
44
*4312 44
4358 4338 43
434 434 4313 4314 444 2,700 Amer Metal temp etre_ No par 4014June 30 554 Mar 5
44 Sent 5314 Deo
9414 95
94
94
95
2.200 American Radiator
*9113 93 '9013 93
9313 9418 91
25 76 'an 2 95 Dee 8
oot
Jan 129
82
1
7
74
*634 7
7
7
64 634 '634 7
64 7
25
478 une 27
878 oat
1,100 American Safety Razor__
918 Feb 19
34 Jan
1078 1114 1013 1034 1013 1013 1038 1114 1038 1012 1012 12
16.203 Amer Ship & Comm.__No par
1038July 2 2138 Jan 5
Jan 2414 May
512
5312 5834 10,000 Amer Smelting & R,eiln1ng_100 51 14 Oct 27 1394 Mar 2
5818 59
584 594 574 5312 5778 58,8 5734 58
4350 Jan 674 May
*9512 96
"9512 98
9534 9534 9538 9358 9614 964 *9512 96
Do prat
700
100 93 June 27 10238 Mar 6
8618 Jan 1044 001
3313 33
3814 3813 38
3818 3734 33
3518 . 38
3814 33
6.800 Am Steel Fdry tem ctfs_33 1-3 3141211y 2 404 Mar 21
304 Jan 464 Sent
*1014 102
102 102 *10112 10214 .10138 10214 *102 10214 101 101
300
Do pre( temp ctf8
100 9778 Aug 14 10514 Feb 9
01
Feb 10814 Oct
56
5612 5512 5614 5558 564 5534 5678 5613 5378 5318 5978 17,900 American Sugar Refining_ 100 48 Oct 27 85 Feb 13
5418 Jan 8672 Aug
9614 9614 9638 9538 9618 9612 *96
97
9512 9614 9512 9512 1,200
Do pref
100
91 Oct 27 10934 Jan 3
94
Jan 112 Aug
2013 2012 2014 2012 3,600 Amer Surn..tra Tobacco_ 100 16 July 2 364 Feb 14
214 2178 204 2173 2038 2078 2038 21
2314 Feb 47 May
•46
*42
46
50
46
*42
46
47
50
*43
50 '40
100
Do prof
100 3212July 11 6534 Feb 13
Jan
524 Feb 71
1254 12578 12578 126
126 126
12578 12614 12618 12634 12678 12334 9,900! Amer Telep & Teleg
100 11918June 29 12834 Dec 11 1144 Jan 12814 Aug
14934 152
150 15012 3,800, American Tobacco
14934 15134 '14713 14912 14934 15112 15078 151
100 140I July 3 16184 Feb 13 12918 Jan 16912- Sept
•101 103 *100 10134 '100 10112 '100 10112 10112 102
102 102
200; Do pref
100 10018 Nov 27 1054 Mar 3
9612 Jan 10838 Oct
14838 14914 14878 14978 148 14313 14814 149
14812 14978 14812 149
6,4001 Do common Class B
100 140 May 20 1594 Feb 9 126
Jan 1654 Sept
1
•38
40
*38
*3813 40 '3814 39
40 , 3812 39
3934 4012
800, Am Wat Wks & El v t c__ A00 2712 Jan 29 4434 Apr 28
Jan 3314 Nov
6
*87
88
834 884 *87
88
88
*87
89
88
88 .
200! Do 1st pref (7%) v t c_100 854 July 3 93 Jan 16
*87
Jan 9378 Sept
67
*60
62 '6014 62 "60
6178
62141
"61
6178 *6014 61
6001 Do partic pf(6%) v t .3.100 4.313 Jan 3 61 Oct 3
6178
174 Jan 554 Oct
7538 7634 7338 7578 74,:i 7478 744 75 I 7138 7534 7224 734 25,300 American Woolen
001
100 65 Oct 27 10958 Mar 21
7814 Jan 105
'101 102 *10118 102 •101 10113 101 18 10118 10114 10114 994 9938'
200; Do pref
100 964 Oct 27 11134 Jan 3 102
Jan 11114 Des
24 218
8
113 214
24 218
214 214
118
113' 3.000 Amer Writing Paper pref 100
118 Dec 14 34 Mar 7
2212 Jan 551, Sept
812! 1,000 Amer Zinc, Lead & Smelt___25
678 678
634 64 *712 8i2 *7
7
718
74 7,2
618 Oct 30 194 Feb 16
1218 Jan
21 Sept
.29
29
29 .28
29
30
2712 2712' 2778 2778 27
400
27 1
Do pre'
25 28 Oct 1
Jan
5814 Feb 27
34
57 Sept
38
3334 38
3853 3778 3814 38
3812 38
3858 3714 3778 26,600 Anaconda Conner Mlning_ 50 3238 0129 534 Mar 6
45 Nov 57 May
9334 94,4 91
94
9334 94
94
94
9334 9-1
924 9214! 4.100 Armour, prat'
100 8834 Oct 19 9414 Dec 8
_
1518 1513 15
1512 1412 1538 1412 1434 1430 1413 14
1412 11,000 Arnold Constable
1012 Nov 7 1834 Oct 3
No par
"8413 8514 84
84
8378 8378 83
5,900 Associated 1)ry 000ds____100 6214 Jan 5 89 Mar 19
8378 80
7818 80
83
Jan
707g Dee
43
.84
86
*84
86
*8312 85 '81
86
85 '81
84 '84
Do 1st preferred
100 82 Nov 26 89 Feb 13
oot
Jan 86
75
90
90 '894 01
*89
90 '89
89
90
300
Do 2(1 preferred
*89
90
89
100 81 Oct 26 934 Fab 26
Jan 0113 oat
76
26
2638 264 2634 2638 2612 2614 2614 264 2812 2814 29
15,300 Associated 011, new
25 21172
18
1
23
9 IF
);b
c1
8 NO:vt 3
1
1
1
14 "1
118 1,9011 Atlantic Frnit
14
1
I
"1
118
1
Apr
No par
5
112 Dec
1512 1513 1514 1538 1412 15
15
1518 1412 144 1438 1514 4,100, All Gulf & W I 138 Line___100
914July 5 34 Mar 19
1950 Dee 434 May
14
14
144 144 144 144 134 14 '13
1412 1313 1312
601)
Do pref
100
64July 3 27 Mar 19
15 Deo 3114 MAY
120 124
121 123
120 120
121 121
123 12312 4,100 Atlant c Refining
121 122
100 99383ept 18 15312 Jan 10 117 Dec 1575 0o1
•116 117 •116 117 •116 117 '116 117 *116 117 '116 117
Do prof
100 115 May 2 120 Jan 18 113
Jan 11p12 Dee
25
2514 244 2512 25
4,800, Austin, Nichols & Co_No par
2512 23
2512 2478 25
2478 25
17 July 6 3512 Jan 12
94 Jan 403t1 Sent
"83
85
*83
2001
85
85
8314 8314 "83
Do Wei
86 1 83
*83
100 7834June 21 8913 Jan 23
83
68
Jan 91 soot
1018 1014
934 10
No par
972 978
913 938
934 934 2,900- Auto Knit
912 934
714 Oct 24 2814 Apr 18
12534 1274 12434 12534 12414 12534 12412 12512 12514 12678 126 12778 79,4001 Baldwin Locomotive Wks_100 11012 Aug 4 1444 Mar 19
934 Jan "Nis,-Zia
100
•110 114 *110 112 .110 112 *100 111 I 11118 11118 "110 112
Do prat
1001 111 Apr 2 1164 Jan 4 104
001
Jan 118
200 Barnet Leather
.25
29
"20
22
25
29
No par 22 Dec 11 55 Feb 16
*2013 30
*2012 30 I *2013 30
40
Jan 6738 Sept
1518 1512 1518 1578 1514 1513 1414 1412 14
7,500' Barnsdall Corp, Class A_ 25
04 Aug 23 35 NIar 23
1518 1512 17
1958 Jan 564 Apr
10
Do Class B
1012 *10
1012 1014 1014 "9
25
6 Oct 31 22 Jan 2
1014 *914 934 1018 101 2 1,200
17 Nov 39
Apr
Batophas Mining
20
'July 2
•4
58 Aug 31
tt
*Is
138 Mar
14
*18
*18
14
14
'4
4 Dec
*18
14
14'
900 Bayuk Bros
*5813 5914 5812 5812 5812 5812 53
No par 60 June 21 6214 Apr 4
33
Apr 65 Sept
5814 '5712 5814 5634 5712
7414 734 74
7434 73
73
20 4818 Dec 13 844 Mar 26
30 July 534 Dee
249
5014 4318 4912 4334 494 6,901) Beech Nut Packing
53
100 4134.1une 29 70 Mar 3
5338 5218 5278 5214 53
Jan 79 May
5338 5318 5334 36.700 Bethlehem Steel Corp
51
5258 53141 53
100
•10578 ____ *106 109 •106 109 *10518 109 *105 109 "106 109
Do cum cony 8% pref_100 10014June 21 11114 Mar 12 104
Jan 11650 June
9212 9212 "9134 92
800
100 87 July 2 9712Mar 9
Preferred new
94 Nov 101
001
92
9258 "9214 9212 924 9234 9034 91
478 44
412 412 '458 5
334 Oct 25
4 Nov
718 Jan 18
200 Booth Fisheries
No par
104 Aug
"438 5 1 *434 5
*458 5
84 Jan
100
3 Dec 11
978 Mar 2
300 British Empire Steel
15 Sept
3
3
*318 4141
334 334
313 312
100
Do 1st preferred
58 Mar 764 Apt
•---- 5514 *___ _ 55
100 5214 Dec 11 6912 Mar 13
•___ 54
5214 5214
•1214 1312 1218 124 *11
194 Mar 39 Sept
2612 Feb 20
100
100 1218 Dec 11
Do 2(1 preferred
13
*1018 1213 *11
1212 "1212 134
11058 111
1,900
Brooklyn
Edison. Inc
Jan 12482 Aug
100 10414May 22 12112 Jan 9 100
11034 111
110 11078 110 11034 10934 110
110
10912
•115 117 '115 117 "11412 11612 116 116 "115 11612 *113 115
100 Brooklyn Union Gas
Jan 12412 NOV
100 10312May 11 128 Feb 7
70
•52
42
Jan 6472 Sept
800 Brown Shoe Inc
5313 5212 53
5184 "
WO 414 Oct 29; 6578 Apr 2
53
53 "52
_ _I 5212 521
010412 105 '104 105
500 Burns Brothers
104 104
100 100 Sept 291 1444 Mar 23 11313 Jan 147 Dee
10412 104121
105 103
105 10512
2358 2358 2358 233.3 2312 2338 "234 2412 2312 24
Do new Class B corn
53
Jan
Oct
2112Sept 29
2812 Jan
*2312 2412 1,100
538 513
1 11, Feb 14
1018 Dec
538 512 •514 523
2
414 Oct 27 43
54 Mar
5,4 54
518 538 1,7110 Butte Conner de Zino v t c__ 5
538 5$s
•1918 1914 1918 1918 1924 1914 •1812 194 19
400 Butterick
34 Feb
15 Nov
213 Au 18
100 1314June 21 28
19
•1812 19
2,400 Butte & Superior Mining
1512 1513 1514 1514 15
3514 Oct
10 1278 Oct 1 3778 Mar 1
15
2038 Jan
15
1518 1512 1618 15,2 16
212 212
900 Caddo Cent Oil & Ref_No par
24 3
64 Dec
24 238
1518 Apr
234 234
114 Nov 3
234 234
234 234
•8038 8114 804 804 *80,4 8038 8048 8038 8038 8038 '8014 8034
400 California Packing_ ___No par 77 Aug 4 87 Feb 9
Jan 8612 Sept
68
2258 23
2234 234 2312 25
2414 2478 244 2434 2458 2512 147,300 California Petroleum, new 25 1718Sept 19 2938May 31
9612 98
•96
Do pref
97
96
1,200
100 90128ept 27 11012May 23
Jan 9134 API
83
9812 9712 9712 •9612 98
9712 99
438 412
4
414
418 414
4i8 414
418 438
10
418 413 4,000 Callahan Zinc-Lead
514 Feb 114 May
334 Oct 29 1258 Feb 20
•4312 4613 *4312 44
•43
Calumet Arizona Mining
45
*43
10 42 Oct 26
45
45
eol, Nov 6612 JUnd
*4312 46
*43
•2
3
400 Carson 4111 1 Gold
'24 3
•214 3
1
2 Dec 13 88
64 Dec 164 Mal
'214 3
958 1N'F
leabr 19
1
2
214 *214 3
•1
34
138 •1
14
12
34
800 Case (J I) Plow
No par
94 June
434 Feb 21
1
14 Oct 22
3 Mar
1
4
34
*67
69
68
68 '67
200 Case (J 1) Thresh M pf ctf_100 65 Oct 17 85 Apr 9
69
69
"67
139
68
Feb 934 Aug
"6712 70
63
1118 1114 1014 1112 104 1058 1014 1034 1012 11
100
938 Nov 23 44,513 Mar 7
2932 Jan 4418 Sept
1058 1078 6,200 Central Leather
29 4 2934 30
304 3058 294 31
Do pref
100 2818 Nov 23 7904 Mar 7
304 3014 314 3018 3138 6,300
634 Jan 8244 Sept
434 4358 4318 434 4313 4378 4313 434 4378 4614 4558 4612 29,100 Cerro de Pasco Conner-No Par 3613 Oct 24 504 Mar 23
3214 Jan 4638 Dec
6458 6412 69
6238 6312 62
67
6812 40,200 Chandler Motor car_ -No Par 43 Oct 13 78 Mar 14
474 Jan
684 67
7914 Apr
6838 66
•8313 84
•8312 84
200 Chicago Pneumatic Tool 100 7512June 20 904 Mar 21
•8314 8334 8312 8312 •8314 84
Jan 8938 Sept
60
834 8314
2718 274 27
27344 2718 274 274 273.3 2734 2314 2778 2818 27,700 Chile Copper
25 2418June 20 304 Mar 1
1518 Jan 294 Nov
1658 1678 1658 1678 1658 17
5 144 Aug 30 3178 Mar 2
1658 1718 1634 17
2214 Nov 3338 June
1634 1718 13,400 Chino Copper
69
1,700 Cluett. Peaoody & Co._ 100 60 July 2 8
69
70
70
78
70
7014 634 704 '69
Jan
7014 Dec
76
328
14i
laer 28
8
43
70
69
7378 7,500 Coen Cola
7412 7578 7458 7538 7514 7578 75
7513 76
No par 6514 Oct 27
Jan 824 001
41
7538 73
2438 "2318 24 '2314 24
1,800 Colorado Fuel & Iron
Jan 37 May
2312 2312 '24
100 20 Oct 30 35385.1ay 31
2434 2413 25
24
24
46
4512 4614 *4514 4612 4513 4534 4512 46
No par 41 Oct 19 4M ay
'45
aopyer 0
26
8
4514 4514 1,700 Columbia Carbon
No par 3014June 28
8,600 Col Gas & Elec, new
34
3414 334 3414 3313 34
3313 3372 3312 3378 3358 34
Columbia Graphophone No Par
634 June
14 Jan
278 Feb 6
4 Oct 16
Do pre
Feb 21 JUDO
14 Oct 22 1212 Jan 15
100
5
554 Jan 7934 Apt
8814
8723 lila -871-2 89
86' 88 873* 8918! 87 88 -11;866 Computing-Tab-RecordNo par 87 June 30
2,300 Congoleum
No par 135 Oct 23 18138 Nov 26
'18134 18212 182 18213 181 18213 181 181
181 18134' 179 181
1858 Feb - 42I Oct
No par
"1612 17
15 Oct 26 3938 Jan 3
17
17
1712 174 •16
17
16
17 I 1612 1612 3,400 Consolidated Cigar
Feb 8714 Nov
Do prat
47
100 62 (let 11 83 Feb 17
661*
6612 •60
6612 *60
6612 *60
6612 '60
•60
6612' *60
100 5(334July 2 6958 Feb 2
8512 Jan 1454 Sent
5914 5838 5918 574 .584 5714 5734 5758 5818: 574 584 37,700 Consolidated Gas(N Y)
59
9 July
6
618
6
6
1552 API
6 Oct 30 1412 Feb 2
6
618
6
6
6
638! 614 6541 18,310 Consolidated Textile___No par
Sapn
ja t 19
1
4534 Jan 1154 Dee
22,900 Continental Can, One
100 4278May 7
4912 5018 60
51
4938 50
5014 504 4913 50
5012 50
114 Dee
125::
3,600 Continental Motor*
Nopar
5 Oct 21 5
1838 Dec
7
7,4 714
718
678 7
718 718
7
7 I
65* 7
9114 Jan 1344 Oct
13638 13778 1364 140
13912 14134 14012 14530 14414 146 I 14412 14858 43,400 Corn Products Refining...100 11438July 5 1484 Dec 14
100 11512 Nov 1 12238 Feb 24 111
Do pref
700
Jan 1224 Nov
12112 12113 12114 1214 121 12158 *11912 122
•11912 122 *11912 122
No par 2234Sept 19
Mar
314 Jan 54 De4
314 3234 3113 3414 3318 3438 3212 3322 3238 3333 34
35,8 101,500 Cosden & Co
9
6234 Feb 9838 Sept
654 6712 6613 6758 664 6712 17,400 Crucible Steel of America_100 5712Sept 27 89421'42 Mar 21
6634 68
6558 6612 654 66
100 8534-Aug 6 9412 Mar 2
Do prof
411
80
Jan 100 Sent
*90
90
90
9034 90
9034 9058 9058 '90
9034
90 I '90
No par
812 Aug 2 20 Feb 13
84 Jan 194 Mao
134 1313 1318 1312 1312 14,4 1414 1413 1412 1513' 15
154 26,000 Cuba Cane Sugar
100 334 Aug 4 6414 Mar 15
Do pref
1614 Jan 4178 July
5314 534 5234 534 5312 5514 5478 5538 56
59 I 5778 5978 61,600
3178 3138 32,8 3218 3352' 3312 3438 38,900 Cuban-American Sugar._ 10 23 Aug 1 3738 Feb 13
1412 Jan 28 Aug
3113 3134 304 3113 31
100 92 July 12 106 Apr 5
Do prof
800
784 Jan 10212 Dec
9578 954 964 9614 *93
97
97
9634 9678 *95
97 •93
3 July 2 1214 Mar 15
6,300 Cuban Dominion Sugar No par
714 74
7
6% 7
7
7
714
634 7
7
718
Preferred
100 30 Aug 28 5812 Mar 20 _
1,000
4534 4713 48
*46
4513 47
48
48
47
48
*45
47
No par 5412July 6 6818 Apr 27
634 64
6313 6478 6514 6514 6518 6541 65
6314 61,2 16,100 Cuyamel Fruit
65
234 Nov 8558 API
73
75
75
78
7614 7838 724 7734 7712 8114 7612 7912 180,100 Davison Chemical v t c_No par 204May 21 81 14 Dec 131
100 De Beers Cons Mines No par 20 Dec 11 28 Mar 1
1512 Jan 2558 Sept
•1938 2014 '194 20
*1913 20 '1912 20
20
20 '1978 21
100 10014June 26 111 Mar 2 10038 Jan 11812 Aug
1,000 Detroit Edison
•10458 106 '10434 10538 105 105
10412 105
10458 105 *10414 103
Dome Mines, Ltd
10 3014May 22 4418 'Jan 4
MI Jan 4612 Nov
fOilsj07's 10738 6,900 Eastman Kodak Co___No par 8934 Jan 2 1154 Apr 3 70 July 90,2 Dee
iniis foil;
10-9-31-8
2514 2614 2512 2558 25 2558 244 25 1 2434 2512 *2414 2438 4,030 Eaton Axle & Spring. _ No par 20 Oct 31 27 July 24
40,400 El du Pont de Nem & Co 100 1064 Jan 17 14812 Apr 28 105 Dell -1604 Nov
130 13218 130 13158 12938 13378 13212 13373 13213 13.513 129 133
6,700 Elec Storage Battery _No par 52 July 5 67
718
3 Nab2
F
le r 28
1
64
4012 June 6834 Dec
6112 6313 63
64
6112 62
6312 64
63
6312 64
50 13 Dec 3 2034 Jan 2
13
13
1318 13
144 Jan 2412 Des
13
13 •13
13,2 2,100 Elk Horn Coal Corp
13
13
1318 13
34 Dec 3
600 Emerson-Brantingham
I00
258 Jan
114 June
*78
112
34
578
34
34
50
34' .
ki
58
78 .
6414 6512 6434 65
50 5878 Oct 29, 9414 Jan 2
•6512 86
7614 Jan 9412 Dee
6514 6414 6514 2,100 Endlcott-Johnson
6434 65 I 65
Do oref__
100 110 Oct 29 118 Jan 3 104
200
•11218 115
113 113 "11218 115
Jan 119 Dec
113 113 1.11214 114
Exchange Buffet
No par
1978 Dec 4 31 Jan 10
*20
23 '20
021
22
23
264 Dec 314 Oct
23 "20
•20
*20
23
23
704 7112 6914 704 70
7034 6934 7038 694 7138 664 6314 19,700 Famous Players-Lasky_No par 52 Oct 27 93 Jan 2
7518 Jan 107 Beni
Do preferred (8%)_ _ _100 82 Oct 29 994 Feb 14
600
83
8712 8712 '84
914 Jan 10782 Sept
87
87
86
86,4
86
87
87
86
300 Federal Mining dt Smeit'ic..100
1112 .10
5 June 5
Jan
1112 *10
164 May
Nov
•10
1112
9
914 10
1112
.812 11
*10
Do pref
3712 Mar 6224 Ben/
42 .40
100
*42
100 3414June 4 610312
424 42
13
9
421 2
4313 *40
4313 •4218 4312 *40
1058 Dee
834 Dee
No par
912 934
934 94
714Sept 21
9'2 934
91
: 934
912 934
922 9513 13,900 Fifth Avenue Bus
No par 140 July 3
1,500 Fisher Body Corp
Jan 218 Dee
174 176
17138 175 '171 175
75
175 175 '16013 17412'166 175
1,000 Fisher Body Ohio pref__ _ _100 94 July 3 2
03
99
10
;
1(
8
22
4Jj
F
Jana
iie
nn
b
e 13
98$4 99
2
4
1
9918 9918 99
991 *9914 9912 9912 100
764 Jan 10314 June
1912 Apr
104 Nov
54 Oct 19
No par
758 77e
8
758 814
734 74
858 9,400 Fink Rubber
814 84
758 74
5,100 Fleischman Co
No par 3738 Feb 17 47145.1ay 4
• 4558 4534 4518 457.8 45
4512 4.5
4514i 4518 4512 4434 45
•810 no asked pr1ere. no ewes on this day . •Ks dividend
New York Stock Record-Continued-Page 3
2637
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Dec. 8.
Monday.
Dec. 10.
Tuesday,
Dec. 11.
Wednesday. Thursday,
Dec. 13.
Dec. 12.
Friday,
Dec. 14.
Sales
for
the
TWeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
gauge for Previous
Year 1922.
Lowest
Highest
per slate
$ per share $ per share
S per share Shares. Indus. & Miscell. (Con.) Par $ per share
_
No Par 5812 Oct 29 783 July 20
6713 673
1,200 Foundation Co
271 Oct
1214 Jan
912July 2 22 Jan 13
No par
1218 1213 4,700 Freeport Texas Co
Oct
4634 Jan 80
4458 445* 2,900 Gen Amer Tank Car_No par 3813 Oct 29 7178 Feb 20
7334 July
3714 Nov
100 23 Aug 9 54 Mar 7
3513 3738 17,400 General Asphalt
69 Nov 111 July
100 60 Sept 27 83 Mar 7
Do pref
68
69
900
65 Mar 8334 Dec
100 80I8June 28 94% Mar 14
4,100 General Cigar. Inc
8514 86
Oct
Jan 109
94
Debenture preferred__ _ _100 10414 Nov 14 110 Apr 2
10513 10513
400
Jan 190 Dec
136
Dec
11
20214
8Sept
21
1675
100
19513 20014 59,900 General Electric
1012 Oct 12 Sept
10 1014 Oct 19 12. Jan 2
Special
101* 1012 6.300
1514 July
814 Jan
15
1512 255,100 General Motors Corp_ _No Par 1234June 28 174 Apr 18
Jan 86 Sept
69
100 79 July 10 89 Apr 17
100
Do pref
.813 84
6734 Mar 9614 Oct
Do Deb stock (6%) 100 7834July 17 90 Apr 7
81
8118 1.600
7914 Mar 100 Sept
100
Do Deb stock (7%)_ J00 9334 Oct 30 105 Apr 10
98
98
3818 Oct 454 Oct
No par 3912June 27 5113 Apr 24
*474 4812 1.300 Gimbel Bros
1814 June
94 NOV
6 Sept 22 1238 Feb 9
No par
9
9
2,003 Glidden Co
2218June
5
Nov
5
8
87
_No par
8% 5,350 Goldwyn Pictures, new..No
2811 Nov 447g May
1738 Oct 23 4118 Mar 22
23
23
3,200 Goodrich Co(B F) ...NO par
Apr
7912 Nov 91
100 6734 Oct 20 9213 Mar 6
Do pref
*75
7612
100
100 35 Oct 26 6212 Apr 25
4078 407
1,700 Goodyear Tire, pref
100 88 Oct 30 99 Feb 19
400
Prior preferred
*90
9114
35 May
22 Nov
1313 15
8,100 Granby Cons M,Sm & Pow 100 12 Oct 24 33 Mar 23
1978 May
8 Nov
7 0r110 15% Mar 7
*713 77s 1,800 Gray & Davis. Inc_ __No par
34% May
22 Nov
15
15%
700 Greene Cananea Copper_ _ _100 1334 Oct 31 3418 Mar 6
7 Feb 14% Mar
678
5 Sept 19 144 Feb 14
712 2,900 Guantanamo Sugar_ _ _ _No par
44% Jan 94% Oct
82
8334 21.500 Gulf States Steel tr ctfs_ _100 66 June 28 10458 Mar 21
37s Mar
24 Jan
4 Aug 8
213 Jan 12
800 Flabirshaw Elec Cable_No par
58
%
100 7934 Nov 1 94% Feb 6
---- ---- 1,300 Hartman Corp
100 31 July 5 44 Apr 19
4112 4318 41,400 Hayes Wheel
4 15-e-pi
Jan -211315
100 12 July 2 2334 Feb 113
2012 2012 6,300 Hendee Manufacturing
55
Jan 82 Nov
100 55 Dec 13 7978 Jan 2
55
55
1,000 Hoinestake Mining
No par 2858July 2 3938 Mar 15
3334 3334 1,500 Household Pro
6114 Nov 91l Oct
100 40% Aug 4 78 Feb 16
65
67
18,600 Houston Oil of Texas
2(338 Dee
194 Aug
2813 29
22,400 Hudson Motor Car_ _ _ _No par 20 June 28 3234 Mar 8
1072 Jan 2618 Dee
2
3013
Apr
Oct
29
211
0
,--o
•m
.
Corp_
_
10
15%
Car
19
4 .. , -11PD Motor
1412 June
313 Feb
6% Jan 8
No par
12 Oct 27
12
12 3,000 Hydraulic Steel
1114May 3
338 Sept 21
6
614 2,100 Independent Oil& Gas_No par
314 Jan
1 Oct IS
5
19 Mar 19
218 213 3,600 Indlahoma Refining
1158 June
Jan
5
813 Apr 6
10
312 Dec I
334 4
6,400 Indian Refining
Nov 45 June
31
43%
Mar
1
Oct
2
20
2314
CoPper_
26
2613 8,400 Inspiration Cons
5% Dec 1134 May
11 Feb 20
100 • 12 Oct 2
52
52
900 Internal Agrlcul Corp
2812 Nov 4312 Mar
418 Oct 30 3972 Feb 23
100
514 513 2,200
Do pref
Jan 38% May
26
4212 43
9.800 International Cement No par 31 June 28 44 Mar 19
2018 June 304 Sept
1958June 28 2718 Apr 6
2518 2534 2413 25
2338 248 2418 2413 24
2438 24
15,700 Inter Combus Engine_No par
25
798 Jan 11572 Aug
100 6634 Oct 29 9813 Feb 7
7814 7814 7734 7734 77
77
7678 77
7614 7658 765* 77
1,300 Internat. Harvester
100 106 Oct 27 11614 Jan 4 10512 Feb 119 Sept
10714 10714 *10612 10814 010612
*10613 108
200
Do pref
10712 10713 *10612
8% Dec 2718 May
613 614
4 sAug 9 1158 Feb 14
658 65s
613 7
64 613
658 738 4,900 Int Mercantile Marine _100
6 8 634
4132 Dec 8738 May
100 1812 Aug 8 47 Jan 5
28
2934 311
291 4 2814 2914 2834 30
2918 2878 307 34,400
29
Do pref
1924 AM'
1114 Jan
1112 1238 1214 1278 1214 1234 1278 1412 1418 145
1334 1414 68,700 International Nickel (The) 25 1058 Oct 26 1614 Feb 16
Jan
80
Jan 85
100 6924 Jan 4 83 June 12
•7913 81
8012 8012 80
8012 81
81
Do pref
8013 8012 *80
81700
4312
Mar
637
2 Oct
585
8
Mar
0
100
277
Oct
26
3414 348 3418 34% 334 3418 3414 353
3512 3612 3613 3714 9,100 International Paper
59 Mar 8013 Sept
*6112 6212 6113 62
6178 6212 *6213 631 *6214 63
Do stamped Dreferred_100 60 Oct 24 75% Jan 5
700
562,3 6314
1218 July 2014 Apr
74 Nov " 1914 Mar 7
1034 1114 1034 1114 1034 II
1034 107s 1034 11
107* 118 18,800 Invincible Oil Corp__ __No par
Jan 5312 Oct
24
5334 547
53
5312 513 533
5134 5413 5213 5334 523 5338 16.700 Iron Products Corp.... No par 3212 Aug 6 5814 Mar 8
3 Jan
14 Nov
.03 Nov 26
58 Feb 24
Island 011 & Transp v t e__ 1
Jan
224 May
10
15
24
Mar
8
Oct
11
100
153
i61
- 2 161; -1913 1912 19 -161-2 i1§34 191-2 *19 1918 *1834 19
200 Jewel Tea, Inc
3812 Jan 7638 Dec
100 62 June 20 82 Feb 26
'78
81
p ef Tea.
*79
81
"79
jeeeeo
D
81
*78
80
*78
80
*78
80
3413 Feb 5773 Sept
100 21 Dec 14 631* Mar 16
Inc
Bros
2512 2512 2513 2578 24
2514 2418 25
2518 15,2001
2413 2514 21
34 May 4858 Aug
28 July 2 4578 Feb 23
36
36
3,709 Kayser (I) Co, v IC ....No Pa
3618 3618 34
3514 3413 35
353 3612
94 May 10612 June
No par 98 July 2 104 Mar 23
•96 102
Do 1st pref
*98 102
36213
*98 102
*98 102
*3
90
8 10
*98 102
3414 Jan 5314 Me y
25 2012 Oct 17 6218Mar 22
32
324 3114 3112 3114 31% 313 3312 3258 3338 3255 3314 26,400 Kelly Springfield Tire
9012 Jan 1074 May
100 78 Nov 3 108 Jan 18
300
•84
89
*85
8812 *85
8713 86
86
8% Mei
89
*85
864 88
Feb 1154 Dee
61
1174
Mar
6
100
75
Oct
18
Inc
Wheel,
96
96
96
96
*96
99
97
98
9712 9713
800 Kelsey
*96
99
2512 Jan 3952 May
Vo par 2938 Oct 26 45 Mar 1
3455 337 344 3418 35
24,800 Kennecott Copper
3412 35
3412 3424 337 3413 34
424 Nov 2438 May
I% Oct 19 114 Mar 24
4,000 Keystone Tire & Rubber__ 10
34 313
318 338
318 34
318 314
318 31*
3
Jan 1894 Nov
100 177 Mar 2 300 Dec 8 110
296 300
299 299 *290 300 *280 290 •290 300 *290 300
38
600 Kresge (8 S) Co
Jan 9412 AUg
43
8938June 9
7814 7814
100' Laclede Gas (St Louls)_ _ _100 75 July
*78
80
*7713 80 .78
*7812 80
80
*79
80
2414 Nov 354 Mat
1132 Oct 19 3158 Mar 7
_ _ _No par
1413 1412 2,600 Lee Rubber & Tire_
1414 01314 14
1438 144 1514
•14
1414 14
14
1534 Feb 235
Oat
235 240 .238 210 *235 240 .235 240
238 240 *235 240
600 Liggett & Myers Tobacco_ _100 1908*May 21 240 Dec 8
Jan 1234 Nov
100 11134 Apr 4 11818 Jan 8 108
•116 117 *116 117 *116 117
117 117
1177* 11778 *116 117
Do pref
200
11778 May
52 No
6434 6512 6514 6618 6513 6614 10,500 Lima Loc Wks temp ctf.No par 68i*June28 747s Mar 20
6612 674 6614 67
6514 66
1032 Jan 234 Sept
1812 18% 1734 1814 5,900 Loew's Incorporated__ _No par 14 June 21 2114 Feb 14
1834 188 1858 1914 1834 188 1813 183
1414 May
9
Jan
6 Sept 8 1134 Jan 6
77
No par
8
*838 812
838 812
84 84
814
778
712 734 1,600 Loft Incorporated
Jan 67% Sept
36
Dec
12
i
1
14
6614
Biscuit
1f0%.0
Ici
36
July
66
64
63
7312 64
6312 6312 6358
6614 6414 6412
654 5,400 Loose-Wiles
100 146 June 21 14234 Dec 11 14714 Jan 180 Sept
174 1763 17534 186
17913 18234 16934 180
179 18012 176 17834 5,500 Lorillard (P)
Jan 117 Dee
72
8N
il
iutt
al K
y 2i 121 Feb 6
*106 10814 108 103 .107 108 *107 108
107 107 *107 108
1,000 Mackay Companies
2513 Jan 6178 Sept
No
9312 Apr 6
8813 8912 87
8938 8714 8914 8814 8938 8838 9058 8914 90% 52,500 Mack Trucks, Inc
68 Feb 9412 Dee
994 Mar 12
9412 9412 *9434 95
95
95
*9434 95
9.,
9512 *9434 95
Do let preferred
Jan
8734 Sept
54
100 72 June 29 92 Mar 5
*8812 90
*8812 90
*8812 90
*8812 90
90
90
2d preferred
89
89
1,220005
65
65
59 Nov 02 Dee
6612 66
66
No Par 57 July 2 7112 Jan 20
66
66
*65
6413 55
*6412 6512
Mary
2718 Nov
3534 Sept
No Par 2714 Oct 29 3814 Mar 3
3014 3014 "30
3058 293 30
30
30
3014 3038 3013 31
2,100 Magma Copper
40 Aug
154 Jan
3034 31 18 3014 31
29
30
283 2918 2834 2914 2858 2914 7,600 Mallinson (LI 11) & Co_No par 21 June 27 40 Jan 2
3014 Jan 52 Mar
6212 *5813 62
100 43 July 31 7514 Mar 14
•5812 6212 058
6212 .58
63
6413 1,403 Manati Sugar
6212 633
734 Apr 8414 Sept
.75
85
100 72 Oct 22 90 Feb 26
*75
85
*75
85 "75
85
*75
80
*75
pref
41 Mar 6914 Apt
4238 *4034 4112 404 4018 4058 85D
4112 4214 407 4078 41
4258 2,600 Manhattan Elec SupplyNo par 35 Oct 18 66 Mar 21
32 Mar 6834 Oct
4414 43
4458 43
25 40 Oct 30 477 Jan 5
4484 4518 4418 4458 44
45
4412 453
8,700 Manhattan Shirt
26
2612
26
2613
2578
26
25
25% 2614
2538 *25
2513 3,900 Maracaibo Oil Expl.....No Par 16 Sept 17 2738 Dec 1
3734 343 351
4638 June
344 35
No Par 1712 Oct 31 5958 Apr 21 -ii58 JaIl
32
35
3434 3438 3678 141,000 Marland 011
3218 34
2622 Mai
511 Mar
6
*513 6
*512 6
.513 5
No Par
34 Nov 7 16 Feb 251
6
6
6
*513 6 '
200, Marlin-Rockwell
1
Jung
3614
2014
Jan
3312 341: 33
26
July
31
3738
3331 333 3438 3378 3434 34
Corp_
Apr
171
No Par
3455 31
3538 11,900 Martin-Parry
Jan 54 Nov
22
44
4434 4314 44
3912 43
45
40
43
4112 6,800 Mathleson Alkali Works__ 50 3114 Oct 23 6334 Mar 13
43
43
4114 Nov 7434 May
48
4614 493
4813 5014 4712 48% 29,9011 Maxwell Motor Class A....100 35 41,,t, 13 6314 Mar 8
4612 4834 465* 4734 47
Feb 2578 June
11
1338 1312 1338 131: 1314 1312 1313 144 133 1438 1312 133 11,400 Maxwell Motor Class B No par 1014 Oct 2 21 Apr 5
6513 Dec, 174% Dee
8412 8514 84
85
85
81
848 844 85
847
85% 86
3,700 May Department Stores__ _100 6738 Jan 5 8678 Oct 24
Jan
2132 Mar
1811,
10%
1813
2012May
4
1813
183
18
181:
15 Sept 18
1812 18
1838 3,600 McIntyre Porcupine Mines__
1818 1818 1813
Oct 344 July
58 Aug 15 2334May 28
15
1313 1378 1318 1314 1234 1312 1258 1334 1338 1312 1312 1414 11,600 Mexican Seaboard Oil_ No par
July
3218
Oct
12
1213 12
28
121: 12
1238 1238 13 1 10,000
certificates._.._
6
Aug
l''
2314May
1234 13
trust
128 1278 12
Voting
3132 May
25 Nov
2218 2214 228 1,500 Miami Copper
5 2012 Oct 29 3013 Feb 23
22
22
2158 2134 2134 2134 2178 2178 22
18
Apr
538
518 512
5i4 512
54 578
54 6% 104,300 Middle States 011 Corp_ _ _ 10
11 Nov
54 555
5
313 Nov 16 1214 Jan 12
2618 Dec 4514 May
*29
2912 .2814 2834 *2812 29 .2812 2918 2834 2834 283 2834
700 Midvale Steel & Ordnance_ 50 2112June 29 333 Apr 18
Jan
7628 Sept
63
61
100 5412June 28 75 Mar 8
•6114 6134 .6114 6134 6114 6114 .6114 6134 61
61
P wet*
6114
8
12 Feb 2534 Aug
2413 25
25
25,4 2453 2514 2434 2513 2418 25
241 25
14,600 Mont Ward & Co III Corp.. 10 1814May 22 2614 Nov 1.5
193* Dec
13 Aug
26% 2718 2712 27
No Par 174 Jan 17 2938 Mar 22
2513 25% 2518 2558 253 2638 26
2712 19,300 Moon Motors
91 Nov
1214 Dec
Si'
9
9
878 9
9
87
834 9
718June 20 14 Feb 20
834 914
84 10,600 Mother Lode Coalition_No par
Mar
34
Dec
1714
Mar
15
15
*13
29%
*14
1458 "12
15
No
Par
1018
Aug
21
*12
15
14%'13
*12
15
I Mullins Body
3433 3138
No par 3111 Oct 26 34313 Nov 7
3434 31
343
*34
3434 *34
3434 *33
600 Munsingwear
70 Dec 525 July
*95
97
9734 98
97
97
06
90
95
07
*9713
No par 75% Jan 2 11412 Jan 12
____-081
3 2,300 Nan Motors Co
9712 9712 .9512 99 .9713 99
*93
09
'9712 101
*98 09100
9612 Apr 23 10134 Jan 17 1014 Aug 108 Dee
100
Do preferred A
94 Nov 2114 Apt
•9
10
*9
10
50
7 Nov 12 1813 Feb 19
•9
10
8% 8% •812 9
8% 8%
200 National Acme
3578 Dec 270 Dec
5112 5113 51
5114 503 503
5058 5114 5034 51
25
38 Jan 5 52% Nov 28
5058 5214 5,500 National Biscuit
Oct
11312 Jan 126
•122 124 *122 124 *12212 12313 "12213 1231 *12212 12313 *12212 12234
Jan' 8872 Sept
26
*56
64
*56
64 .58
64
*55
64
64
.57
*56
54
National Cloak & Suit____100 40 June 18 6714 Feb 21
1
Dec
412
AP)
112
Feb 24
14May 31
Nat Conduit & Cable_ No par
Oct
121.2 43
"413- -4-214 4214 42l 10,900 Nat Enamig & Stamping.,.100 35 Oct 18 73 Mar 14 303 Jan 8812 Dee
-.11514 101-3 3934 4012 4012 4334 7
Jan 12914
85
12714 12734 12513 12613 12634 12934 1277 1303 129 13018 126 12814 13,200 National Lead
100 108 July 5 136% Mar 20
Oct
Jan 117
100 10712June 28 114 Jan 4 108
1103 11034 .11012 111
1103, 110% 511012 1111 .11013 11112 *11012 11112
Do pref
130
194 June
1312 Nov
12
12
12
12
1178 12
1218 117 12
12
5
918 Oct 27 1838 Mar 5
12
1218 5,600 Nevada Congo'Copper_
244 Nov 4158 Sept
O4012 4112 4038 4133 4014 4078 40
401
404 4173 41% 42
5,100 NY Air Brake temp ctfs No par 2658 Jan 2 4278 Nov 23
5114 Oct
4878 4373 .4818 437 *4813 49
*4812 49
No par 4514 Aug 23 5112 Feb 13 _47_ Nov_
•4818 49 .4818 49
Class A
100
20 Nov 48 June
1813 •1714 181 *174 1814 *17,4 1813
100 1514June 30 27 Apr 2
•1712 1812 *1713 1812 "17
New York Dock
46 Nov 684 June
*33
43 .38
43
*38
43
*38
43
*38
43 '38
100 3734 Aug 14 5112 Mar 15
43
Do pref
224 2234 2255 2234 2213 2234 2213 2234 2238 2258 32,600 North American Co, new.. 10 1712MaY 21 2414 Apr 13
2214 225
Jan -4714 it-li
38
4434 425 4312 4234 4313 43
*44
433* 4314 4314 043
50 42I2July 2 4813 Feb 14
Do pref
4314 1,000
2034 Feb 40 Sept
*1413 16
*1413 1514 *1434 16
*1413 1534 15
1612
•1438 16
500 Nova Scotia Steel & Coal..100 1414 Nov 9 2978 Mar 3
8
July
1224 Mar
par
Feb
9
914 938 '9
Oct
20
1018
*813
912
7%
912 .
812 912 *812 912 *812 012
400 Nunnally Co (Me)_ ___No
14 Apr
tme
6
1% N
Do
ev
, 14
4.38
•112 214 .112 214 .134 212 .134 213 "2
213 .2
1% Dec 4 104 Jan 29
212
Ohio Body & Blower__.No par
114
114
113 113
2
318
Feb
8
1 14
114 114
5
Nov
•14 18
•113
Amer
of
%
Ref
&
2,700
114
114
Okla Prod
412 Jan
94 Mar
7
7
7
7
7
8
3 July 21
9 Dec 14
514 6
672 7
8
9
8,100 Ontario Silver Mining_ _ _100
1232 Jan 28
Oct
1834 1834 1812 187g 1873 19
1614June 21 2158 Apr 26
1878 19
1
19
19
5,000 Orpheum Circuit, Inc
188 19
Jan 6834 Oct
142 144
141 141 12 14012 142
100 1144 July 30 153 Feb 16 116
140 140
139 14073 14012 144
5,000 Otis Elevator
671 Nov 1612 Apr
858 9
914 10
7 June 30 1434Mar 21
812 834
No par
9
875 9
9% 1018 8,500 Otis Steel
85
4
12
434 Sept
2412
4414 444 4412 4413 4534 45
4512 4334 44,4 6,400 Owen, Bottle
4458 44
25 36% Jan 2 5234 Apr 2
•44
Dee
214 Mar 5
38 Nov 20
32
33
32
88
38
.33
1, 532
12
%
32 1,700 Pacific Development
60
Jan 9112 Sept
8118 85
88
9138 914 92% 19,900 Pacific Gas & Electric
8514 8512 8514 8512 8412 85
100 73 July 2 9238 Dec 14
11
.9
11
•9
Jan 19 June
11
*9% 11
.914 10
7 July 2 1234 Mar 14
10% 1034
5
11
•10
100 Pacific Mail Steamship
_
per share $ per share $ per share S per share $ per share
6714 67%
68
6713 .712 6734 6734 6713 68
68
12%
12
127 1278 1258 127
1258 13
13
13
464 4412 46
4613 46
.454 4534 4512 478 *44
3638 34
3534 3414 3413 34% 3512
35
3534 367
671
67
67
•65
67
.68
6912 67
6714 67
84,8 8418 84141 8413 8514 854 8512
8414 8414 84
•103 10513 *103 10512 10.513 10512 *104 10534 *104 10584
1924 20034 19734 20214 19613 20034 197 199
19112 197
1013 1012 1012 1013 104 1013 1038 1013 1013 1013
147 15131 1514 1513 1538 155*
14
15
148 15
82
*8134 84 1 80
8113 *81
•8178 8313 .8134 84
81
81
83 .8113 8234 8234 8234 8114 82
82
9712 *96
97 1 *96
97
*9612 97
9713 *96
96
48
48
48
*4712 4813 *48
4813
4734 4814 48
8
8
818 814
•85s 9
814 858 *834 9
•9
912
9
914
9
94
878 9
9
9
*2212 2234 2134 2314 2238 23,4
2214 2113 22
22
*74
75
*75
7012 7412 7412 *7412 774 *7514 7612
4()
4012 41
.
401g 41
3934 40 • 40
397 40
911 *90
9114
9114 90
*90
914 *90
9034 91
1314 1313 1278 1338 1213 13
1218 124 1258 1338
7
74
714 73
718 714
74 758
738 778
•15
16
*15
16
157 15% *15
1514 1514 1538
•614 613 • 64 61
612 63
612 613
613 612
8313
82
313 8234 8034 82
81 18 82
8112 83
55
*12
58
4
*13
58
12
*12
14
*12
-_- -- --371-3 -3-81
8 -WC 39v1-3 -ioi8 if- -i(5 8 413-4 41% 4238
1934 2034 2014 2134 208 2034 2012 21
2058 20%
58
57
57 .56
5634 55
55
58
574 57
3313 3312 3312 3334 3358 3358 3334 34
334 34
6313 617 6278 6014 6178 6012 6134 6312 6572
62
277 28
2734 28
2778 2878 28% 2918
275* 28
22
22
2213 2218 22% 2134 2214 1912 2112
22
13
12
13
38
12
58
58
58
58
58
53
618
64 618
*534 6,4
534 534
55* 6
2
214
218 24
214 214
24 24
218 214
4
4
313 48
4
4
*334 414
414 414
2518 2518 254 25% 243 2538 2412 2434 243 26
13
34
12
12
24
*24 1
34 1
34
513 513
5
514
434 5
58 55
'58 534
43
434 4214 4314 42
4234 4213 4238 4258 433
•Bid and aided prices; so sake this day. U Hz-dlyldend
-
2638
New York Stock Record-Concluded-Page 4
For sales during the week of stocks uvuaiiy inactive. see fourth page preceding.
HIGH AND LOW SALM PRICE-PER SHARE, NOT PER CENT.
Saturday.
Dec. 8.
Monday.
Dec. 10.
Taesdaz.
De:. 11.
Wednesday. Thursday. I Friday.
Dec. 13. ' Dec. 14.
Dec. 12.
Sala
for
the
Week.
STOCKS
NEW 'YORK STOOK
EXCHANGE
PER BIZARR
Range since Jan. 11923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for PrOd011111
Year 1922.
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share
Per share $ per share $ per Share
4278 4333 4258 434 434 434 4278 4312 4314 4478 44
4578 64,400 Pacific Oil.
3114Sep 19 487s Jan 4
42lp Nov 694 May
1238 1212 124 1212 1212 124 124 1318 13
1338 134 1314 24,907 Packard Motor Car
10 978 Oct.1 23 1513 Mar 22
10 Dec 21 Nov
*9212 9512 9212 9212 *9212 93
Preferred.
303
*9212 93 '
9212 924
39212 93
100 9018June 5 99 Feb 7
9114 Dec 92 Dec
6014 6138 60
6118 6114 624 6118 614 6012 6218 6134 634 30,109 Pan-Amer Petr & Trans- 50 53 Sept 28 9312 Feb 7
4878 Jan 10078 Dec
5712 59
5712 5838 5312 5912 5334 5914 58
6014 61,700
5938 59
Do Class B
ao 5012 Oct 19 86 Feb 7 404 Feb 9534 Dec
.112 2
2
2
*114 2
200 Panhandle Prod & Ref_No par
*114 2
*114 2
*114 2
114 Oct 26
64 Apr 5
3 Dec 1212 Jan
1212 124 1214 1318 13
No par
1312 *124 1312 1312 1414 1212 13
3,801 Parish & Bingham
9 May 23 1512 Mar 13
74 Nov
17
Apr
3
24 314 112,000 Penn-Seaboard St'l v t oNo par
312
3
338
34 312
24 312
14 Oct 8
33, 334
6 Apr 4
238 Dec 1338 May
98
3,509 People's0 L & C(Chle)-100 86 Apr 27 9713 Dec 11
97
9534 9814 96
964 9614 9812 9812 9812 9712 98
594 Jan 139 Sept
4278 4278 4234 4934 4212 4314 4238 4238 4234 4278 43
4318 1,900 Philadelphia Co (Pltteb) _ 50 41 July 2 5014 Mar 19
3112 Jan 4538 Sept
*55
55
55
58
*55
55
207 Phillips-Jones Corp
53
58
*55
55
53 "55
No par 55 Aug 9 80 Apr 4
7314 Oct 10518 Jan
2218 2334 214 2378 22
2334 2258 2312 2214 2458 234 2458 65,003 Phillip Morris
10 1112July 2 2458 Dec 13,
3278 3338 3212 31
32
3314 3234 3312 69,700 Phillips Petroleum -No Par 1934Sept 18 6958 Apr 5
3278 3338 3238 33
JUi;
2814 Jan
958 10
934 1018
934 1014 21,800 Pierce-Arrow Mot Car-No par
1034
94 104 10
978 1034
634 July 2 154 Jan 14
8 July 2458 Apr
2638 254 2512 2738 2612 2714 27
Do pref
2934 2312 2934 274 234 11,803
100 13's July 2 354 Jan 9
Apr
1878 July 49
214 238
218 238
2
214 212 13,000 Pierce 011 Corporation
212 234
214 212
238
23
112July 5
6 Feb 13
Jan
37s Dec 12
*2512 27
*2234 24
*26
27
28 I 2,400
2334 25121 2512 2714 27
Do pref
100 16 Oct 11 45 Jan 4
Jan
32 Sent 71
62
*60 6114 '36018 62 I *6018 6114 *6018 6112 *61
61
61 I
100 Pittsburgh Coal of Pa
100 58 Jan 16 6778 Mar 7
55 Nov 724 Sept
93 .97
9334
9334 93
9334 *97
100
*97 9314
7
9314 *97
Do pref
100 96 Oct 26 100 Apr 5
904 Feb 1004 Sept
5578 55
55
14,503 Postum Cereal
5378 553e 5514 5514 5534 55141 5512 554 55
No Dar 47 July 5 134 Feb 6
85/
1
4 Apr 120 0o!
*110 11214 *110 11214'
Do 8% preferred
3110 11214*110 11134 *110 11134 *110 11134
100 10812June 30 11414 Jan 25 105/
1
4 Apr 112/
1
4 Oe•
5412 55 i *54
*5413 55
55 55
5412 5112 5414 5478 1,500 Pressed Steel Car
55
100 4212 Oct 23 8112 Jan 2
63 Jan 95/
1
4 Sent
*82
84 1 *82
84
84
*82
*82
84
84
*82 84 .81
Do pref
100 80 Oct 23 0954 Jan 5
91 Feb 106 Sept
274 2714 2958 38,600 Producers & Refiners Corp_ 50 17 Nov 15 5818 Mar 20
2578 2538 2558 25381 2514 2818 26
2638 27
24/
1
4 Jan 51 Sept
4334 4412 4378 44 I 4314 4314 4312 41 1 4358 44
43
43
3,100 PubServCorp of NJ.new No par 42 Sept 18 5112 Apr 16
12313 12538 123 12434 12234 12114 12234 121 I 12314 12414 1224 12412 14,703 Pullman Company
100 11012July 2 134 Mar 8 105l Jan
Sept
5313 5334 53
8
5112
543
4
23,700
5612
5334 534 54 I 6314
Punta Alegre Sugar
584 573
ao 4178July 31 694 Apr 19 31 Jan 5314 June
1914 1938 1814 1941 1814 18341 1814 1834 1838 1914 1918 2018 32,400 Pure 011 (The)
25 1614Sept 21 32 Feb 13
264 Nov 3358 Jan
89
8912 *90 103 ; 90
93 I .90
*90
95 ; *90
95
95
500
Do 8% preferred
8212 Aug 28 100 Mar 9
94 July 10234 Apr
•10912 11034 •10312 10912'10312 111 *100 11012 10312 10912 10912 10912
200 Railway Steel Spring
100 9912 Oct 29 123 Mar 17
94
Jan 12814 Sept
4,3314 314 *3234 344 *3234 3134 *334 34341 *3213 34
3238 3238
100 Rand Mines, Ltd
No par 291
/
4 July le 3438 Feb 19
194 Jan 364 Sept
1178 1178 1158 11781 1112 1134 1112 1158, 114 1218 1134 1178 16,100 Ray Consolidated Copper_ 10
978Sept 21 1714 Mar 1
19 May
124 Nov
3218 33 I 3213 3213 *3212 33
34
33
324 3213 3212 3213 1,800 Remington Typewriter v t01® 24 June 27 4818 Mar 6
24
Jan 42 Mar
•85 ____ *88
90 .33
93 1 *83
90 .85
90
100
89
let preferred v to
89
100 89 Dec 14 104 Feb 13
Jan 105 Dec
55
9814 *94
*94 9314 *94
9314 •31
100
9314 *94
24 preferred
934 9814 9814
100 80 Jan 3 99 Nov 23
504 Feb 804 Dec
124 1214 1234 1314 1238 13 I 1278 134 1213 1338 1258 134 9.400 Replogle Steel
8 0,1 25 314 Feb 18
No Par
3812 May
21 Nov
4858 494 474 4334 4758 4314 4734 4878 4834 4958 4334 5034 22,900 Republic Iron & Steel
100 4018June 30 6634 Mar 21
4812 Nov 7812 Mar
92 92
9278 9278' *9134 93 41 9213 93
1,000
*8312 90
Do prig
9258 03
100 8434 Oct 1 96/
1
4 Mar 21
74 Feb 9534 May
2378 244 24
24141 24
244 6,009 Reynolds Spring.
243
21
2434 24
2412 24
No par 14 June 30 2978 Apr 17
1214 Nov 5034 June
nkt 7238 7212 73341 72
73
7112 7234 7218 7234 7238 7278 18,509 Reynolds(R J)'Fob Clam IS 25 47 Jan 10 7334 Dec 10
43 Mar 6314 Nov
•11512 118 *11512 118 1'311512 118 *11512 118 *11512 118 *11513 118
Do 7% Preferred
MO 114 July 9 118 F
Feb
b 19
9 1114 Apr 11834 Oct
49
4314' 4938 59
4978 504 50
6,700 Royal Dutch Co(N Y !shares)- 401
8 50
50
4834 50
/
4 Aug 1 551/4
4738 Jan 67 June
*2218 2234 *2212 2278 *2212 2278 2278 224 23
3,000 St Joseph Lead
234 2212 23
10 17 June 29 2312 Dec 13
1258 Jan
2014 scot
*134 2
2
2
"178 2
2
2 1
2
3
212 278 4,503 San Cecilia Sugar v t o_No par
14 Jan
114 Oct 4
5 Feb 14
814 Mar
11,600 Savage Arms Corporation-100 184 Jan 3 354 Dec 11
33 334 33
3538. 3458 3512 3312 3414 34
3412 3334 34
10 14ug 244 Apr
11014 11634 11012 113 I 107 111
1074 10914 10812 10934 10712 11012 51,809 Schulte Retail Stores__No par 88 May 3 11634 Dec 8
8534 8534 83
8434 8412 8538 7,400 Sears. Roebuck & Co
85
8314 8334 8358 8358 84
100 6534June 30 9238 Feb 13
5938 Feb 944.
.,;
3 ui
Do pref
*11014 117 *11012 117 *11014 116 *11014 117 311014 116 *11014 117
100 10612.hme 4 115 Nov 28
91
Jan 112 Aug
514 534
512 534,
No par
57e 57s
614 2.900 Seneca Copper
478 Oct 28 12,2 Mar 3
514 534
534 612
6
Oct 2314 Jan
6
67
, 578
1,000 Shattuck Arizona Copper._ 10
634 6341 *834 673 •634 678
7
678 64
5 Oct 15 1078 Mar 2
7
64 Nov
12 Juno
200 Shell Transp & Trading__ $2 294 Oct 3 4114 Mar 7
*33
3414 *324 33121 *3238 3334 3312 3312 3334 3334 *33
344
3412 Dec 484 May
34,703 Shell Union Oil
1538 1558 1538 1558' 154 154 1514 154 1514 1578 1512 16
No pat 1238 Jan 8 1914May 23
1218 Dec 134 Dec
9212 9178 9178 •91
400
•91
Preferred
9218 91
100
92
9178 *91
8912Nov 2 95 May 23
97 '391
_
1118 1158 11
10
1112 11
12
612July 31
1112 1134 104 1112 1114 114 17,503 Simms Petroleum
16 Feb 28
2638 2638 2614 264. 2614 2612 26
No per 23 July 31 3458 Mar 23
2638 25
25
2518 254 1,200 Simmons Co
2312 2312 23
234 234 2334 23
254 137,403 Sinclair Cons Oil Corp-No per 16 Sept 18 3938 Mar 19
2312 23
2434 25
1834 Jan -3834 -SOO;
*85
Preferred
8712 *8518 87 I *8518 8713 *8518 8712 8513 86
300
100 891
/
4 Aug 23 9918 Feb 14
86
86
2214 224 22
958 Jan 2 35 Mar 31
22341 2288 23,2 2278 2278 2213 27
10
858 Nov
117, Oct
2314 244 20,100 Skelly 011 Co
54
544 54
5713 5712 5318 5313 5914 58
604 12,003 Elioss-t3beffield Steel &Iron.100 3914July 11 60 Apr 26
344 Mar 5412 May
5834 58
303
*7914 82 •8114 82 I 82
Do pref
100 68 Jan 13 90 Mar 16
66 Mar 80 Aug
87
82
87 •84
81
84
*84
*5912 60
64
5812 59
4,200 South Porto Rico Sugar_.100 384 Aug 4 6434 Dec 13
33 Nov 5714 Mar
62
*53
624 6434 63
5944 53
1378 1438 14 '1418 1412 1514 1514 1634 174 175s 17
1738 12,800 Spicer Mfg Co
15 Nov
No par 1184June 30 2714 Feb 16
24 June
485
600
8912 •85
894' 8914 92
92
Do pref
100 88 Oct 19 9778 Feb 2
Apr 96 Sept
84
9218 *85
90
03
90
*624 64 "6212 67 I 64
200 Standard Milling
64
100 62 Nov 28 904 Jan 23
624 6212 *6134 67
8434 Dec 141 Sept
*6134 67
5634 574 5612 5738 5512 57
5613 5634 5614 574 5753 5814 30,700 Standard 011 of California_ 25 4714July 30 1234 Jan 2
914 Jan 135
Oct
3558 36
3534 36 I 3512 3534 3512 3534 354 3578 3534 3612 25,600 Standard 0 lof New Jersey 25 3078Ju1y 31 4414 Mar 3
384 Dec 25012 Oct
•11613 11634 11658 11658 11634 11678 11678 117
2,000
Do pref non-voting_ _100 11434 Aug 24 1184 July 27 11338 Jan 1164 Nov
117 117
117 117
•584 59
59
59 I '5832 5834 5812 5812 5858 59 I 5834 59
1,200 Sterling Products
No par 51 June 29 6758 Mar 2
454 May 6334 Dee
8912 9112 8918 901" 8914 904 89
30,700, Stewart-Warn Sp Corp_No par 74 July 5 12412 Apr 17
9034 9058 9134 90
2412 Jan 79 Dec.
91
8534 8612 8512 8612 8134 83
82
8214 8112 8234 8112 8214 9,500 Stromberg Carburetor_No par 597 July 2 9414 Mar 6
3514 Jan 71 Dec
10512 10658 10412 105781 10458 108
10412 10634 10678 1084 10658 10778 109,000 Studebaker Corp (111e)___100 9334 Oct 1 12614 Mar 21
794 Jan 14184 Dee
115 115 1'3115 117 *115 117 *115 117 *115 117 *115 117
300
Do pref
100 112 Jan 4 117 Nov 7 100 Feb 11814 Nov
1113 1112 1114 11581 11
1112 11
1118 1078 1118 1058 114 8,500 Submarine Boat
No Dar
7 Jan 3 15 Apr 6
312 Jan
878 Nov
218 214
24 233
238 238
214 238
2
No par
2 Sept 18
214
214 214 6,000 Superior 011
4 Nov
104 June
634 Feb 15
*30
32 1 31
31 I 31
31
400 Superior Steel
*301s 3112 *3018 314 *3018 31i2
100 2312 Oct 27 34 Mar 22
Jan 394 Apr
26
3
318
3
318'
314 338
10
1 June 4
318 314
158 Nov
4 Oct 30
5 Mar
3,8 334 8,400 Sweets Co of America
34 314
9
9 1
84 9 I
878 878
9
9
94 4,600 Tenn Copts & C tr etfe_No par
9
8 June 21 1234 Feb 21
9
1234 May
838 Nov
4158 4178 4118 415a 4C711 4114 4034 4114 41
4212 34,600 Texas Company (The)
4178 42
25
345
8 Nov 2 5278 Mar 20
42 Mar 5214 Oct
59
60
.59
595 1 584 59
594
4,400
58
Teas,
5812 59
Gulf Sulphur
3812 Jan 8718 Nov
10 53l4 July 2 65 Jan 15
59 . 5878
.
93,
914 914
94 94
9
9
94 934 15,300 Texas Pacific Coal & OIL
9
918
10
512 Nov 2 2414 Feb 2
914
1812 Nov 3234 June
•11313 114
113 113
11258 11378 11313 114
1,200 Tidewater 011
11258 11258 *114 118
100 94 July 2 144 Mar 2 10934 May 164
Oct
3812 3818 3813 3813 3938 391 3978 39
3814 3878 38
3934 23,500 Timken Roller Bearing.No par 331e Jan 2 45 Mar 8
Oct
2812 Sept 35
75
7838 74
7634 72
7434 7338 75
7313 7478 7358 7538 207,900 Tobacco Products Corp_ 100 464 Aug 4 7834 Dec 8
494 Nov 8414 June
9212 9158 9214 9112 9234 92
92
9238 92
15,000
Do
CIA
(since July 15) 100 7612July 2 0278 Dee 14
9134 9278
92
7678 Aug 8912 Sept
11434 115 j 1144 11412+11412 11512 *1144 115
500
Preferred
11412 115 *113 114141
100 10434 Feb 9 11512 Oct 25
88 Mar 115 Sept
24 278
258 3
212 278
28,500 Tranecontlnental Oil_ _ _No par
212 3
278 278
234 3
74 Mar 2018 May
114 Oct 25 144 Jan 5
8
39 1 38
3834 *38
384 38
600 Underwood Typewriter____25 3578 Aug I 4134June 29
39
39
*38
•38
39
_
*61
•60
62
62 . 6134 6184 61
6012 62
800 Union Bag & Paper Corp_ _100 50 Oct 27 774 Mar 28
6134 614
61
55 Mar 78 Sept
v90
93121 *90
93121 92
92 *92
100 Union Tank Car
95
95
*92
*92
95
85 Dec 134% Dec
100 81 Feb 1 09% mar 19
•107 10812 •107 10812 .10612 108 *10612 108 *10612 108
100
Do pref
108 108
100 106 Sept 6 112 Jan 19 102 Feb 113 Sella
31 I 31
3138 3138
31
700 United Alloy Steel
30
31
3034 311 •30
41I May
No par 29 July 31 3912 Mar 21
Jan
31
31
25
7834 78341 *7714 79
2,000
79
79
1
*77 14 79 •7738 79
United Drug
78
Oct
6078 Mar 85
77
100 7414 Oct 31 8584 Feb 26
*4678 4818 4678 46781 "46
4818 *46
Do 1st preferred
100
484 .46
4818
4118 Feb 5178 Oct
4818 *46
10
5g 111,
14
2 FebF; n 1.1 49 July 1
185 18712 18413 18518' 180 18
18712 Dec 8 1194 Jan 162
.
5
Oct
178 1784' 15,500 United Fruit
176 17934 17514 178
2l2 24 *2
*2
4
4
3400 United Retail Stores_ _ No par ,/212 Dec 10 8418 Apr 17
34 312 *3
4313 Feb 874 Oct
4
5512 5434 5618 5534 6134, 6034 65
56181 55
56
5734 55
t ItrotsP1618 Jan 39 Aug
& Fdy100 20 July 3 65 Dec 14
3 I 76,900 US Cast
82
82
82
8218 8218 82
82
2;11
4
82 I 8112 8214, 83
Jan 78 Aug
278 83
100 64 June 21 87 Nov 28
50
S oFoo°d"Prf oducts Corp_ _100
3
1:8
3 °
00
° UD
312 34
312 334
338 312
312 312
24 Feb
613 Mar 19
312 4
1018 Jan
218June 28
184 184 2,900 US Iroff'n Mach Corp_No par
194 1878 19 1 19
18
18
18
1978 19
19
1812 Nov 254 May
1334 Oct 26 25 Jan 27
6214 6334 6118 63
6112 6238 62
6438 64
6734 75,700 U S Industrial Alcohol__ _100 40 June 29 7314 Mar 16
37
66
Jan 7278 Oct
66
I
*95
96
.95
Do pref
97 I *95
95
96 .95
9
97
97
*95
7212 Dec 102
100 9514June 29 101 Mar 28
Oct
93% 9312 1,200 US Realty & I mprovement100 8818July 2 106 Mar 5
95
95
944 9312 9312 *9312 94
94
94 .94
66
Jan 9278 Oct
374 3814 3712 38
3738 374 374 3878 3812
3814 3878 13,100 United States Rubber
100 3058 Oct 26 6478 Mar 22
46 Nov 674 Apr
Do 1st preferred
600
*884 8912 *8312 8912 8934 8934 894 8934 8812 8912
91 Sept 107 July
100 7634 Oct 26 105 Jan 13
2,100 US Smelting, Ref & Min
2212 2212 2112 22
2158 *20
21 1 2034 21
21
21
21
50 1838 Oct 29 4338 Mar 2
33 Feb 4834 Oct
100
.4018 4112 *4018 4112 *404 4112 *4038 4078 *4038 4012 4012 4012
Do pref
50 39 Oct 31 4818 Jan 3
424 Feb 49 Aug
9458 9538 94
914 9438 9518 9478 96 1 9584 9612 9512 9613 144,600 United States Steel Corp_ _100 8512July 31 10058 Mar 21
82
Jan 11113 Oct
•119 11914 11914 11914 119 11914 11913 11912 11912 11934 11934 120
1,500
Do pref
100 1164 Aug 6 1234 Jan 15 11338 Feb 123 Sept
6378 64
6334 64 I 6334 64
6334 64
644 6412 6312 644 3,200 Utah Copper.
10 5512 Oct 25 7613 Mar 5
59 Nov
7112 Sept
1,700
Utah
164
17
1714 1714 '1612 17 1 1834 1734 164 17
Securities
1612 174
v t0
100 14 Oct 31 2438 Feb 16
978 Jan 231e Sept
3012 3012 2958 3012 3018 3018 2934 3012 304 3234 32
3258 20,600 Vanadium Corp
No par 2434 July 5 4458 Mar 20
304 Jan 5334 Aug
I van Raalte, 1st Pre
•80
8614 '80
8614
8614' '80
86141 '80
861 41 'SO
8614 .80
92
100 85 Oct 5 98 Jan 25
Jan 100
Oct
814June 27 27 Feb 20
814 814 2,100 Virglnla-Carolina Chem_ _ -100
234 Nov
838 84
84 838
818 814
814 8121
84 818
364 Mar
Do pref
2918 3034 2914 294' 2818 294 2878 294 2834 2918 29
2918 3,300
100 17 June 27 69 Mar 15
58 July 83
Oor
100 Virginia Iron, C & C
56
*50
56
*50
*50
52
56 1 *50
58 , *50
52 July 2 68 Mar 5
56
43 Mar 9413 Jan
52
•824 86
Do pref
100
*8212 84 I •8212 84
80
*8213 84
80
*8212 86
100 7712.1une 28 85 Apr 23
Oct
68 Mar 86
3,800 Vivaudou (V)
1338 1334 134 1334 1312 1312 1314 1334 1338 1334 1378 14
No par 12 Oct 23 23 Mar 22
618 Jan
16 Dec
700 Waldorf System
•1614 1634 1618 1618 1618 16141 16
16 1 *154 1633 1578 1578
No par
1458June 20 20 May 24
2,600 Weber & Heilbroner
1414 144 *14
14
144 *1418 14381 .1414 1413 1418 1434 14
Apr
1078 Oct 17
No Par 1214 Jan 27 1534 Sept 18
Wells Fargo ExPress
40
*34
40
100 33 Dec 6 105 Mar 2
*34
40
14
0
*34
37 I *3334 37 1 *33
37 ;3
664 Jan 98h Oct
11012 1,700 Western Union Telegraph_100 10118July 5 11912 Feb 20
110 11038 10978 10978 103 11034 •10814 10334 110 11012
Feb 12114 Aug
89
900 Westinghouse Air Brake_
85
Si) 78 July 5 120 Feb 17
85
85
85 •8314 85
85
84
8518 854 85,z 85
80 Mar 114 Dec
61
62
6178 6034 6112 61
604 6218 61
494 Jan 6518 Aug
6138 6012 614 28,400 Westinghouse Elee & Mfg_ 50 5212June 30 674 Feb 16
2478 2378 2418 24
2338 2378 24
24 , 24
No par 20 Oct 31
2418 2434 254 3,900 White Eagle Oil
3038 Mar 20
25 May 334 Nov
117111te Motor
55
5738 5612 5712 5612 57 I 5634 584 5834 5734 17,400 ‘
5612 58
54 Sept
50 45 June 28 6078 Mar 19
3518 Jan
1
58
38
1
58
13
58
13
I.,
12
38
578 Feb 19
34 3,900 White 011 Corporation_No Dar
14 Oct 19
24 Dec 12 May
2l 254 258 278 3 338 20,800 Wickwire Spencer Steel__ 5 2 Dec 2 14 Feb 13 812 Nov 2178 May
212 258
212 3 212 234
812 9
1078 224,400 WIllys-Overland (The)
25
10 May
5 June 21
858 913
1114 Dec 13
934 104 1012 1114 10
914 934
44 Feb
Do pref
7378 7638 7538 7834 784 8112 784 7978 64,500
100 4212 Jan 2 8112 Des 13
24 Feb 4913 July
7313 7438 7218 74
2012 204 21
21
2114 214 2312 234 2334 2314 2312 2,900 Wilson & Co. Inc. v t c_No Par
19 June 27 4234Mar 7
21
2714 Jan 504 Sept
•28.0 28:3
1,700 Woolworth Co(F W)
Jan 223 Nov
100 19918 Jan 24 288 Dec 5 137
27914 234
278 27914 275 27712 27114 272
2334 234
26
2613 20
5578 June
2518 2518 2612 2612 2534 2634 1,700 Worthington P&Mv t 13...100 1978 Oct 30 4018 Feb 15
26
2512 27
2678 Nov
84 Jan 17 1318 Nov 8
1,100 Wright Aeronautical_ _ _No par
13
13
1318
11 Aug
1258 1238 1212 1212 13
13
Jan
13
1318 13
6
300 Youngstown Sheet & T_ No par 62 Oct 24 80 Jan 26
'68
69
63
_
70
68 '67
8912 '69
6912 .67
691
: 6912
•BM and oelovi
4. nivalend
no MUM on cats dav
a After distribution of dividend in shares of United Cigar Stpre at the rate 01 35.8 shares for 100 shares of United Retail Stores.
8934 8934
s98,
2639
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. I 909 the Exchange tnellind ol swain° bonds was OwnJed and MU,. are 4t,tt "and tenewt"--exceln for Income and defaulted bonds
' ET.,
Week's
BONDS.
Price
i
ka
Friday
R
Range or
,.,..5-5
N. Y STOCK EXCHANGE u h
:--. 6: Dec. 14.
stl,
Z
Week ending Dee. 14.
Last Said
High No.
Bid
Ask Low
U. S. Gomm/Hint.
First Liberty LoanJ D 992812 Sale 99718 100.00 1270
33% of 1932-1947
J D 9878 ____ 98'32 NOV23 -- - Conv 4% of 1932-1947
1 D 98118 Sale 98118 98118 223
Cony •IX % of 1932-1947
2d cony 43i% of 19324947._ _ J 13 972242 96.00 08.00 98132 50
Second Liberty LoanMN 986.4
Dec'23
_ 98
4% of 1927-1942
MN 98158 Sale 9818 9817,41 253
Cony 4},
3% of 1927-1942
Third Liberty LoanM
5 9978 Sale
9918
9918 3941
AM% of 1928
Fourth Liberty LoanA 0 98144 Sale 981,8 98118 3836
01% of 1933-1938
A 0 9910,4 Sale 99134, 99,842 1364
Treasury 4348 1947-1952
dI930 Q ..1
28 consol registered
10412 July'23 ____
d1930 @ J
-_ 103 July'23
la consol coupon
1925 Q F
as registered
.104 May'23
1925 @ F
is coupon
10314 Aug'23
Panama Gana'10-30-yr 2s_ -k1936 Q P
100 July'21
Panama Gana]38 gold
1961 QM9312 9412 Apr 23
State and City Securities.
2
N Y City-4368 Corp stock.1960M B 9934 10018 100
100
6
6346 Corporate stook
1964 M S
_ 10038 10038
4568 Corporate stock
1966 A 0 997
9978- - 10014 Nov'23 ____
8 10014
068 Corporate stock
1971 .1 D 10334- - 10312 0e0'23 ---a
te Corpor te stock_July 1967.9 3 10334 1-414 10414 Nov'23 ____
J D 10334 10414 10334 Oct'23 ____
4
4468 Corporate stock
1963 M S 10334104 Dec'23____
1959 MN 9612 -9738 97 Nov'23
6% Corporate stock
4% Corporate stock
1958 MN 9612 9738 97 Dec'23
4% Corporate stock
1957 M N 9612 9738 97 Nov'23 ____
4% Corporate stock reg_1956 MN 9514
95 July'23
43.4,Corporate stock
1957 MN 10358 10418 10334 Dec'23 ____
2
4 % Corpora
Corporate stock_ _ _1957 MN 10314 10418 104
104
3% Corporate stock
1954 MN 86
8714 8678 Nov'23 --__
New York State-48
1961 M 23 --------10212 June'23
Canal Improvement 481961 J J --------10212 June'23 ____
Highway Improv't 434s_ _1963 M S --------11284 July'23 -___
Highway Improv't 038_ _1965 M S ____ ____ 10412 Apr'22 --__
1991 .1 J --------7114 0e1
Virginia 2-38
'
20 ---Foreign Government.
1927 F A
Argentine(Govt)78
Argentine Treasury 55 of 1909... M 23
1943 J D
Austrian (Govt) 78 w 1
Belgium 25-yr ext a f 734e 6.1945 1 D
Jan 1925 .11 J
5-year 6% notes
20-year 51 80
1941 F A
Bergen (Norway) s f 138
1945 M N
Berne (City of) a f ita
1945 MN
Bolivia (Republic of) 8s
1947 M N
Bordeaux (City of) 15-yr 68_1934 MN
Brasil, US external gs
1941 J 13
78 (Central Ry)
1952 1 D
7345 (Coffee Becurity)_ _ _1952 A 0
Canada (Dominion of) g 58-1926 A 0
• do
do
do
58_1931 A 0
10-year 5342;
1929 F A
Si
1952 MN
Chile (Republic) ext 8 f 88_1941 F A
External5-vent s 1St
1926 A 0
25
1942 MN
26-years f 8e
1946 M N
Chinese(Hukuang Ry)58 -1961 1 D
Christiania (City) a f 138._ 1946 A 0
Colombia(Republic)634s..1927 A 0
Copenhagen 25
-years f 530.1944 J .1
Cuba 58
1944 111 El
Exter debt of 55'14 Ber A-1942 F A
19441 F A
External loan Ogg
534e
1952, 1 J
Clleehoelovak (Repub of) 88_1951 A 0
Danlah Con Municip 88"A"_194t F A
Series El
194: F A
Denmark external a f 238
1942 a 0
20-year 6,
1941 1 J
Dominican Rep Con Admit f 58'52 F A
5348
1941 M S
Dutch East Indies ext 65_1947 1 J
60-year 68
196: al Et
5348 trust rota
195Y lat S
French Repub 25-yr ext 8s_1941 M S
20-yr external loan 7345.194! J D
Cit Brit & Ire(UK of) 51
45_1937 F A
10-year cony 5348
192! F A
Greater Prague 7348
195. 111 N
Haiti (Republic) Os
1951 % 0
Italy (Kingd of) Ser A 00_192f F A
iapaneae Govt-3loan 4345.1921 F A
Second aeries 434s
192: 1 J
1931 1 J
Sterling loan 48
Oriental Development 60.195:. %I Ill
Lyons (City of) 15-year 6s. _1933 at N
Marseilles(City of) 15-yr 66_1933 al N
1943 VI N
Mexican Irrigation 4348
1945 Q J
Me:Hoo-511 of 1899
1954.9 D
Gold debt 4s of 1904
1952 J D
Montevideo 78
Netherlands& (Jlat 9rIce1)._1972 1111 S
1940 A 0
Norway external 52 85
68
1952 A 0
es (interim certificates). _.1943 F A
Panama(Rep)534.Tr rect8.1953 J D
Porto Alegre(City of)fis_ _ .. _1961 .1 D
Queensland(State)ext of 78_1941 A 0
25-year 60
1947 F A
Rio Grande do Sul 88
1946 A 0
MO de Janeiro 25-year m188 1946 A 0
88
1047 A 0
El Salvador (itel)) temp 8s...1948 J - J
Ban Paulo (City) a f8,
1952 M 8
Ban Paulo (State) ext 5!80_1936 1 3
1942.9 J
Seine(France) ext 78
Serbs. Croats & Slovenes 88-1962 MN
Boingons(City)68
1936 MN
Sweden 20-year 68
1939 J D
811188 Contereen 20-yr 816s-1940 3 .1
Tokyo City 59 loan of 1912
M 5
Uruguay Republic ext 8s.___1948 P A
Zurich (City of) a f 88
1945 A 0
tS5=3
Railroad.
1943 .J D
Ala(St Sou let cons A 5s
Ma Mid let guar gold 5s
1928 M N
Alb & Win cony 330
1946 A 0
Alin & West let 545 gu
1998 A 0
1942 M 23
Alleg Yal gen guar g 48
.
*1995 Q J
Ann Arbor 1st g 48.
Ateh Top & til Fe-Gen g 43_1995 A 0
Register&
1995 A 0
Adjustment sold ga
/1995 Nov
/1995 Nov
Stamped
1955.2 D
Cony gold 45 1909
1955 J D
Cony 44 1905
Cony 4 tsue of 1910--_1960 3 13
Div 1st g 4a_ _ _1928 M 23
East0
Rocky Mtn Div let 4ii___ _1965 J J
Trana-Con Short L 181 48.1958 J .1
Gal-Arbi 1st &ref 4ige"A"19132M S
102 Sale 102
10238 71
8334
8324 84
8334
4
8812 122
8812 Sale 8718
9712 Sale 9738
9734 120
9634 Sale 9612
9712 115
98 Sale 98
9834 66
10812 Sale 10812
7
10812
109 Sale 108
30
109
8614 Sale 85
8612 228
77 Sale 7514
172
77
95 Sale 05
9514 180
7812 Sale 7812
7834 27
06
9612 9618
9612 15
9912 Sale 9912
9958 31
9954 Sale 9958
9934 51
10034 Sale 10034 101
90
991
/
4 Sale 9878
9914 149
10458 Sale 10458
10514 48
10318 30
10234 Sale 10224
9518 60
9412 9518 9434
104 Sale 104
10412 30
281
45
4212 Sale 4212
6
10614 10712 10612 10634
62
9412 9512 9412
05
8734 Sale 8612
871
/
4 26
2
9414
9312 96
9414
9012 Sale 9012
3
9012
81
8412 82 Nov'23 --__
9012 441
9012 Sale 8934
128
94
9334 Sale 934
10712 22
10714 108 107
10712 Sale 1074
10734 19
32
109
109 Sale 10778
63
94
93 Sale 93
993 100
9958
2
9934
8612 25
8612 Sale 86
9618 153
9578 Sale 9558
9578 203
9458 Sale 9458
00
8934
9012 107
9634 187
9612 Sale 964
9234 228
9258 Sale 9238
10112 212
10058 Sale 10028
10918 Sale 10812 10912 151
7612 7714 7678
7714 49
8812 Sale 8812
9012 77
9834 12
9812 9834 9812
198
94
9334 Sale 9328
9212 ____ 9238
7
9278
1
22
80
80 Sale 7978
89
8834 __- 88
26
7714 Sale 7538
774 159
7714 Sale 7538
774 78
31 _ _ - 304
32
16
4612 Sale 4612
8012
2912 86
34
2714 Sale 2714
8634 17
8612 Sale 8614
9618 64
9618 Sale 9512
11112 sale 11028 11112 46
43
94
93 Sale 93
9358 111
0314 Sale 93
91358 96% 96%
7
MN
93
9412 9614 Nov'23 --- 10412 Sale 10412 1054 30
10012 24
100 Sale 100
15
9312
95
95
93
8914 47
8858 Sale 8858
8914 33
8812 Sale 88
1004 37
10018 Sale 100
9
.,
9712 Sale 9624
971
" 24
9812
97 Sale 97
8314 38
8212 Sale 8214
66
108
6514 Sale 65
8214 82
8212
81
8
66
104 Sale 10358 104
11134 Sale 11158 112
28
6312
6434 18
6312 6512
103 Sale 103
10313 11
10912 11012 110
11014
9
9412 ____
__
08
78,8 -i9
81
8234
8858 Sale
56
57
8678 Sale
82
75
80 Sale
80 Sale
837s ____
83/
1
4 Sale
7858 81
955s 96
7912 81
8438
84
8958 9112
9478 Oct2'3 --__
100
Oct'23 ____
784
79
99
8118
8118 71
88/
1
4
6
88/
1
4
551
/
4
57
9
8658
8712 231
8714 Nov'23 ---r
80
8012 27
80
8008 17
8458 Nov'23 ---,
8334
84
a
1
7912
7912
95/
1
4 Dec'23 --__
7938 Sept'23 ---841
/
4 Dec'23 ---91
Dec'23 ____
03/o prise Friday: latest bid and asked a Due Jan,
DU April.
Range
Since
Jan. 1
.
I'
I'1
BONDS.
N. Y. STOCK EXCHANGE i t
... a,
Week ending Dec. 14.
Price
Friday
Dec. 14.
Week's
Range or
Last Said
,I
65,0
w
Roe
Since
Jan. 1
Low
High
High No. Low
Bid
Ask Low
High
Atl & Birm 30-yr lot g 45..0_1933 M S 68/
65
2
6812
6812
1
4 75
6978
80/
1
4 8612
1
4
8334 12
1
4 Sale 83/
9918101.90 At! Kuoxv & Cin Div 48_ _ _ A955 MN 83/
1946 J D 9838 ____ 9912 Nov'23 ____
97.11 98.90 All Knox & Nor 1st g 5s
9834 994
88
9212
5
9214
9611899.10 All & Char! A L lot A 43.s_1944 J J 924 Sale 9214
96 100
1944.9 J
98/
1
4 24
9812 Sale 9814
97.0099.00
lot 30-year 5s Ser B
8255 89
8712 17
At! Coast Line lot con 40 -h1952 M S 87 Sale 8618
10712 22 10!.. 108
9614.198.70
1930 MN 107 10734 10712
10-year secured 713
96,1898.88
8712
8734
1984.9 D 8712 89
17
General unified 434s
82
8923
761s 83
8238 82
8238 103
01952 M S 82
L & N coil gold 48
7374 7934
2
75
9716,2 99iss, Atl & Danv 1st g 48
19483 J 7478 Sale 7478
614 6828
65 Aug'23 --__
1948.9 J 613.1
2j48
9718 99.04 Atl & Yad let g guar 48
7614 784
1
7814
1949 A 0 7758 -7814 7814
931s 9714
9458 ____ 9418 Nov'23 ____
98144,100.04 A & N W lot gu g 53
1941.9 .1
102,1 10414
9678 129
102
1925.9 J 9678 Sale 9614
931a 9711
103 Balt dc Ohio prior 3340
9318 944
103
104
11925 Q J 9012 9614 9412 Oct'23 ___
Registered
7428 8258
8258 225
1034 1031
/
4
/1948 A 0 8158 Sale 81
1st 50-year gold 48
7418 80
3
80
80
/1948 Q J 7912
Registered
8412
77
834 287
944 95
10-year cony 424s
1933 M S 8218 Sale 82
8418 97
7938 85
1995 J D 8318 Sale 834
Refund & gen 58 Bar A
99 1017s
97
984 101
1929 3 .1 10034 Sale 10012 101
10-year 6s
9958 10278
9114 9558
12
95
9518 9514 95
P Jet & M Div 151 g 3348_1925 M N
7914 52
73
7912
100 10212
P L E & W Ya Sys ref 4s 1941 MN 79 Sale 78
964 162
914 96,4
1034 108
Bouthw Div 1st gold 3348.1925 3 J 9614 Sale 9514
1011
/
4 10712
9
6714
6111 68
Tol & Cin Div 1st ref 4s A-1959 J J 67 Sale 6638
5718 60
5818 Apr'23 _
10134 1074 Battle Cr & Stur 1st gu 38_1989 J D 5314 63
10218 10738 Beech creek 1st gu g 4s
88/
1
4 89/
1
4
19363 .1 8914 9114 8812 Oct'23 ---95 10014
86
86
1938.9 .1 --------86 Feb'23 ____
Registered
104 May'13 ____ ____ ____
1936.9 J 96
95
9973
2d guar gold 58
90 10018 Besch Cr Ext 1st g 334a__..81951 A 0 751
___ 60 July'22 ____ ___
8014 July'23 _ ___
10114 Ws;
4-82
1944.9 D 8012
95
9912 Big Sandy let 4a
1014 107/
61
61 Nov'23 ____
7511
1
4 B & N Y Air Line 1st 48. _ _ _1955 F A 5834 62
10112 10711 Bruns & W 1st gu gold 4s
89
89
1938 J J 8514 8912 82 Feb'22
101
9923 10188
1
85/
1
4 91
Buffalo R & P gen gold 513_1937 M 5 9912 101 101
10112 1034
87/
1
4 16
1957 M N 8712 Sale 8712
8614 9214
Consol 4348
10228 10212 Burl C R & Nor 1st 58
95
1934 A 0 9434 9612 9612 Dec'23 ____
9912
11214 11214
9814 23
____ ____ Canada sou cons gu A 58_1962 A 0 9818 Sale 98
94 10012
11258 32 1107a 115
---- ---- Canadian North deb a f 78_1940 J D 11178 Sale 111
11214 37 110114 HA
19463 J 11114 Sale 111
25-year s f deb 634s
7858 203
747s 80/4
Canadian pat Ry deb 45 stock__ J J 7858 Sale 7814
___
9212 Oct'22 ____ ___
10014 10318 cern & Shaw 1st gold 4s
1932 M 23 8512 06
88 -71
6958 Nov'23 ____
72
7712 854 carp cent Bit con g 4s
1949 J J 71
6
92
8814 94
8354 9314 Car Clinch &0 1st 3-Yr 58-1938 31 13 92 Sale 92
1952.9 D 9618 Sale 9512
96/
1
4 50
9114 1034
89
9858
6s
93
1981 .1 D 79,3- 7952
98/
1
4 Cart & Ad 1st gu g 48
791
/
4
1
7684 7923
1948 J D 6614 67-12 6578
1
6072
93 10314 cent Br u p 1st g 48
8618 6978
54
54
6412
5212
3
.I
_1961
48
1
68
107 10912 Cent New Eng 1st gu 48
____ ___.
107/
1
4 11314 Central Ohio 4345 1930
1930 M 5 9278 _ _ 9334 Dec'22
100 102
8334 94 Central of Ga 1st gold 5s--V1945 F A 100 Cof 10038 Nov'23
925s 9811
95,5 21
9518 95
1945 MN 95
694 8313
Consol gold 55
101
56
9952 10112
June 1929.9 D 10014 10012 10038
9124 99
10-yr secur 68
Oct'23
____ 74
74
8211
7711 8614
Chatt Div pur money g 49_1951 J D 77
____ ____
Mao A, Nor Div 1st g 5s__1946 1 J 9458 ____ 9638 Sept'23 ____
944 104
94
July'23
____
94
94
9214
1947.9
.1
Div
55
99 10134
Atl
Mid Ga &
9812
1
941$ 974
1946 J 3 9812 Sale 9812
99 102
Mobile Division 55
9014 974
9114 9014 Nov'23 ____
9938 10212 cent,B B a, B oi ga coll g 5s...1937 MN 91
4
104
15 10258 108
1033
104
Sale
..1
J
58.1987
Central of 143 gen gold
971
/
4 102
10212 Dec'23 ____ 10214 1054
k1987 Q J
100 10524
Regiitered•
7_- 8612
79/
1
4 9812
804 22
8612 Sale
100 10418 cent Pat lot, ref gu g 45 __--1949 F A 98;
9138 Dec'23 ____
8934 9214
9311 9624
Mort guar gold 3Ms. _k1929 3 13 9138
83
2
7916 8634
10011 10512
Through St L lot gu -4s_ -1954 A 0 8212 -83 83
41
5234 Charleston & savannah 7s _ _1936 J J 11478 ____ 11412 June'23 ---_ 11412 11411
9618
3
9483 97
106 11211Chops & Ohio fund & impt 53.1929.2 J 954 9618 96
9788 1031.8
67
101
1939 M N 101 Sale 9978
8812 96/
1
4
1st consol gold 55
9714 9812
1939 M N --------9812 MaY'23 ---8612 921
Registered
:
8538 29
807s 8654
1992 M S 85 Sale 8458
904 991
/
4
General gold 4348
8212 Nov'23 __,_
8014 8212
1992 M B ____
8714 96
Registered
8118 89
8218 891f
8718 59
20-year convertible 048_1930 F A 8634 ii-42 8712
8978 43
84
9618
89
9934
30-year cony secured 58_1946 A 0 8934 Sale 8912
9312
2
9014 95
1940 3 JI 9312 Sale 9312
77
9612
Craig Valley 1st g 55
7814 7814
7814 MaY'23 ---1064 10912
_
Potts Creek Branch 1st 4s_1946 .1 .1 733
8018
5
105 10934
763s 81
4 864 sots
1989 J J 7834R.& A Div 1st con g 4s
7414 76
107 11058
7424 Aug'23 ---78
1989.9 J 76
gd oonsol gold 48
93
93
66
9024 93
7
Warm springs V 1s1 g 58-1941 M B 93 Sale 93
5018 5814
9514 102 Chic & Alton RR ref g 38
554 19
1949 A 0 5518 Sale 5518
84
53 July'23 ---90
484 53
New York Tr Co cgs
9214 984
Oct'23 ---5012 5312 52
____
4912 52
Stamped Oct'22 Int._ _ _
92
9754
&Vs 5112
Stamped Apr '23 int_ _ ___ .-----5013 ____ 5112 Dec'23 ---,
8728 944
3314
3314
Sale
.1
334e
1950.9
347
8
lien
2518 3518
115
let
Railway
90 101
7811 87
7914
5
Chic Burl & Q-111 Div 3348_1949 J J 7938 Sale 7933
84
8512 9084
8712 87 Dec'23 ____
19493 J 87
97
Illinois Division 49
9912 10434
9512 97
9614 27
Nebraska M[101181011 48.--1927 MN 9614 Sale 96
1064 116
1927 MN --------96 Nov'23 ---9584 95,
1
Registered
8612 12
1958 M 23 8614 8678 8534
83 8911
General 45
8284
91
99
881298
9918 Sale 9812
1971 F A
66½ mpg
ref
58
1st
&
10142
4914
47
66
14
9011 -."-"4 Chic City & Conn Rye 58-1927 A 0 494 Sale 4914
9011 9412
,1061g
4 --- - 103 Nov'23 ---- 1021
„., Chicago & East Ill let Os. 1934 A 0
814
76
7712 17
E III RR(new co) gen 58-1951 MN 77" Sale 7714
C
&
'Al
99%
7524 sr,
867a 974
9312 9112 Dec'23 ---,
1982 al N 03
Chic & Erie 1st gold 5s
87
021 Chico
44
54
5138
5214 73
Chicago Great West 1st 4a-1959 M S 5112 52
-2
ivy 51
22
6914 8318
51
50 Sale 4934
With Sept'24 coupon on
691: 8312 Chic Ind & Loulav-Ref6a...1947 J J 10412 10578 10412 10412
2 10311 10754
1
80
42
92
971
04
Refunding gold 55
1947 3 J 94 Sale 94
7914 Wm
80 Nov'23 ---85
1947 J J 84
Refunding 48 Series C
42'3 554
7916 86
25
6
8118
8018
1966 M N 8018 81
4154
General 58 A
9312 98
17
85
95
31966 J J 9438 Sale 9312
908
General fis B
6813 8220
ind & Louisville ist gu 415_1956 J J 7118 74
9412 1024
8238 Dec'23 ---109 11224 Chic Ind & Sou 50-year 413_1956 J J 8212 85
81
85
2
85
85
9258 100 Chic L S & East let 4%8_1969 J 13 8714
8654 90
__ 8814 June'23 ---9214 965s C M & Puget fici 1st gu 4s _1949 J J 4978 Sale 4978
120
497g 6818
52
9434 9758 Ch m & st p gen g 48Ber A_e1989 J J 6912 Sale 6912
7078 15
6912 7454
93
9912
607s 6514
6224 15
6314 6214
General gold 334s Ber B e1969 J J 62
10378 10912
7812 21
7712 8373
General 434s Series C._ e1989 J .1 7634 7812 7714
100 10234
48
6214
5013 121
Gen & ref Sella, A 4%8„a2014 A 0 48 Sale 48
9178 9918
55
52
131
70
a2014 F A 53 Sale 53
Gen ref cony Ber B 58
88
5113 68
270
55
97
1932.9 13 524 Sale 5214
Convertible 4348
88 97468
12 250
67
84
1925 J 13 6758 Sale 67
4,3
100 10012
5012 32
4634 5314
1934.9 J 49 Sale 49
25-year debenture 48
oll
9623 98
9634 Dec'23 ---97
9934
Chic & MO Riv Div 5a_._1926 .1 J 96
..."2
--na
GA1 I
9458 9631
N'weet Ext 48_1888-1926 F A 9612 9658 9638 Dec'23 ---Chic
&
.""
2
go
78
931s 955s
1836-1926 F A --------95 Nov'23 -- -Registered
7114
5313 784
13
6954 77
7212 7012
1987 MN
70
General gold 3345
6613 85
6814 6811
91987 Q F ____ 7034 684 Oct'23 ---Registered
10178 106
8134 51
8012
801s 87
1987 M N 8014 81
General 48
11112 11914
79
5714
1987 M N ____ 8138 8012 Nov'23 ---Stamped 40
6312 77
25
9814 10612
100
stamped
1987 M N 9912 Sale 9912
SinkingGeneral f5usnsdta8nas
994 107
/
4 105 102 Nov 23 ---- 101 1084
1879-1929 A 0 1011
10814 1137s
_. 1017 Apr'22 -1879-1929 A 0 ___
Registered
97
97
li -iii- 17/6;
00
1
1879-11129 A 0 97
Sinking fund 511
9714 974
1879-1029 A 0 --------9714 lalar'23 ---Registered
Pm on
9714 14
9912 9714
97 103
1933 M N 97
ind deb 5a
inigste
ftred
SinRkeg
9
-9
-5: lass
97 Aug'23 -21933 M N ____ 100
97
9914
78
8112
1930 .1 D 105 Sale 10434 10614 77 105 110
10-year secured 736
81
106
Sale
8314
10634 18 106 111
106
M
El
g__
_
_1936
secured
834'
15
year
67
no
23
7812
76
82
7822 78
!•,.• Chic ItI & P-Railway gen 48'88 J J 78
-•
5412 652s
74
J J 7614 ____ 74 Sept'23 ---801i
Registered
gal, 9112
73/
1
4 252
7212 8311
1934 A 0 734 Sale 7318
Refunding gold 43
81
89 Chic St li.„ & N 0 gold 6e
1
95 102
1951 .1 D 9534 102 10112 10112
751s 8211
1 D --------9514 May'23 ---95/
1
4 9511
Registered
7614 824
77/
1
4 MaY'23 ---;
1951 J D 77
78/
1
4 7911
Gold 3348
gigs gysi
9432 21
78
845/1
1963 J D 9318 -9412 9372
Joint let ref 50[knee A
76
86
78 Sept'23 ---84
1951 J D 78
78
Memph Div 1st g 48
8372
_ 9912 Sept'23---. 9912 10034
7778 044 C St L & P let cons g 58____1932 A 0 9934
9334 964 Chic St PM & 0 eons 63_1930 J D 102 103-12 10414
10438 1210 104 10711
7712 83
89/
1
4 grj
1
1
4
89/
1
4
Cowl 13e reduced to 334s_ _1930 .1 D 8958 9112 89/
9214 go,
41
96
1930 M S 9214 Sale 9214
811
/
4 8654
Debenture 58
803, 287
7115e Stq
871, 93 Chin i• rr A, an r.scs 1st Ra 1980 1 D 78 Sale 78
Due May,
Due June. A Due July. 1 Due Aug. o Due Oct. v DUe Nov. t Due Dee. a Option
is,
2640
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 14.
Oltiolln Sta'n lst gu 4;is A_1963 .1 3
54 B
19633 J
lit Series C 6348
19633 J
Ohio & West Ind gen g 6s.._21932 Q M
Consol 50-year 4s
1952 J J
15-years I 7As
1935M S
Choc Okla & Gulf cons 56.._ -1952 MN
°Find & Ft W lst gu 48 g
1923 M N
Oln H & D 2d gold 4;ie___14367
OIStL&Clstg 48
Registered
k1936 Q F
Cin Leb & Nor gu 48 g
1942 M N
Oin S & Cl eons lst g 5s
19283 J
1943 J .1
Clearf& Mah lst gu g 58
Cleve On Ch & St L gen 48.19933 D
1931 J J
20-year deb 4s
1993 J D
General be Series B
1929 J J
Ref & imptes Series A
19413
660
1939 .1 J
Cairo Div 1st gold 48
CInW&MDlvlstg4s_19913 J
St L Div 1st colltr g g 4s 1990 MN
Spr & Col Div lst g 48
1940 M
W W Val Div 1st g 48__ -1940 J J
19343 J
OCC&Igenconsg68
Oley Lor & W eon 1st g 5s 1933 A 0
1936 M N
CI & Mar lat gu g 4;48
Oley & Mahon Vail g 5s___ -1938 J J
1942 J
Cl&PgenguOieller A
1942 A 0
Series B
Jot reduced to 33s.„_1942 A 0
1948 MN
Series C 310
1950 F A
Series D 314s
Cleve Shor Line 1st gu 4348_1961 A 0
1972 A 0
Cleve Union Term 5;58
1973 A 0
531 (w I)
1945 I D
Coal River Ry 1st gu 4s
1929 F A
Colorado & South lst g 48
Refunding & exten 4Ms.. _1935 M N
1948 A 0
Col& H lst ext g 48
1955 F A
Col & Tol lst ext 48
Cuba RR 1st 50-year be g__ _1952 S J
1936 3 D
lit ref 7348
Day & Mich bit cons 4348_ _ _1931 J J
1943 MN
Del& Hudson lst& ref 48
1935 A 0
20-year cony 55
15-year 5s
1937 M N
1930 1 D
10-year secured 75
1936 F A
D RR & Bdge 1st gu 48 g
Den & R Gr-lst eons g 4s.19381 J
1936 3 J
Consol gold 4;is
Improvement gold 58__ 1928 I D
1955 F A
lit & refunding 58
do Registered
Farmers L&Tr rots Aug '55_ - -Bankers Tr etts of deP
do Stamped
Am Ex Nat Bk Feb '22 ctfs_
_
do Aug 1922 ctfs
Dee M & Ft D 1st gu 4s____1935 J I
Dee Plaines Val 1st gu
s_ _1947 M
Dot & Mack-let lien g 48_ A995
D
Gold 4s
1995 J D
Dot Riv Tun 434/1
1961 MN
Did Malabo & Nor gen 55.,.,1941j J
Dui & Iron Range 1st 5e
1037 A 0
Registered
1937 A 0
Vol Sou Shore & All g 5s1937 .1 J
Minn Nor Div tat g 4s.... 1948 A 0
C Tenn reorg lien g 5s
1938 M
ETVa&GaDivgbs
1930J I
1956 M N
Cons 1st gold 55
ElginJoliet & East lst g 58 1941 MN
Erie 1st consol gold 78 ext 1930 M S
lit cons g 4s prior
1996 J J
Registered
1996 J .1
1st consol gen lien g 48.-1996 J J
Registered
1996 J J
Penn coil trust gold 4s 1951 F A
50-year cony 4s Ser A 1953 A 0
do Series B
1953 A 0
Gen cony 4s Series D---1953 A 0
Erie & Jersey lets 16i
19551 J
Erie & Pitts gu g 3;is B-A940 J .1
Series C
1940 3 J
Evans & T H Ist gen g be_ -1942 A 0
Sul Co Branch let g 6e_1930 A 0
1924 1 J
Vargo & Sou 68
Fla Cent & Pen let ext g 54_1930 J 3
1943 J J
Consol gold Si
1959 J D
Florida E Coast 1st 4Ms
1952 MN
Fonda J & Glov 4As
Fortin u D co 1st g 066_1941 J J
1961 J D
Ft W & Den C lst g 5A8
Ft Worth & Rio Gr 1st g 48-1928 3
1933 A 0
Vrem Elk & Mo V 1st 6s_
1931 MN
0H&SAM&P1et55
1931 J .1
2d eaten 58 guar
Daly Holm & Bend let 58__ _1933 A 0
Geneuee River lst s f 68.-1957 J
Ga & Ala Ry let co 2 bs__ _01945 J .7
-1929 J J
g
Ga Car & No lst
1946 A 0
Ga Midland 1st 35_
Glia V G & N 1st gu 5s___ _1924 M N
1942 J D
Gou & Oswegatcb 68
-1941 J J
Or & I ex lat gu g 4
Grand Trunk of Can deb 76_1940 A 0
1936 M S
I
Si
15
-years
1947 J D
Grays Point Ter 58
Great Nor gen 78 Series A 1936 J J
let & ref 43is Series A_ 1961 J J
1961 J J
Registered
19521 J
6%8 Series B
Green Bay & W deb ctfs"A"_ Feb
Feb
Debenture ctls"B"
Greenbrier Ry let gu g 4s___1940 M N
Gulf & 33 I lst ref & t g 58...51952 J
Harlem R & Pt Ches lit 48_1954 MN
Hocking Val 1st cons g 4a_1999 .1 .1
1999 3 J
Registered
19373 J
E1 & T C lst g be int gu
Houston Belt & Term 1st 521_1937 J J
1933 MN
HousE&WTIstg5s
1933 M N
let guar 55 red
1937 MN
HountonicRy cons g 5s_
Hod & Manbat 58 Series A.._1957 F A
1957 A 0
Adjust income be
Illinois Central let gold 48_1951 J J
1951 J
Registered
1951 J J
let gold 330
1951 J
Registered
Extended let gold 3A5
1.851 A 0
1951 A 0
Registered
1951 M E3
let gold 35eterling
Collateral trust gold 40-1952 M 5
1952 A 0
Registered
1955 M N
1st refunding 4s
New York Bond Record-Continued-Page 2
Price
Friday
Dec. 14.
re t2
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 14.
Price
Friday
Dec. 14.
Week's
Range or
Last Sale
Bid
Ask Low
High No. Low
Bid
High Illinois Central (Concluded)
Ask Low
High No.
1
91
877s 9258
92
9134 9158
Purchased lines 3s
19523 J 77 Sale 77
1
77
9812 Sale 9812
9812 22
1955
3 M N 8014 Bale 80
95 10012
Collateral trust gold 48__ _1
8014 10
115 11514 115
11514 18 11212 11512
Registered
1953 M N
77 Sept'23
105
105 Nov'23
10412 105
10014 Sale 10018
Ref bs
10012 20
6812 7578
7212 Sale 7212
lb-year secured 5,54s
1934 J J 10034 Sale 10018
7314 46
10034 49
1 1011y 10314
10214 10234 10238 10238
15-year secured 6;is g_1936 J J 109 Sale 109
10918 10
95
9778 9434 Nov'23
1950 J D 8414 86
94
97
Cairo Bridge gold 48
3
8438
8438
88 Mar'17
Litchfield Div 1st gold 39_1951 I J 6814 70
1
70
70
875 -g3161:1
Loulsv Div & Term g 3e 1953.3 J 7412 75
4 87% Oct'23
3
7412
75
8812
8818 8914 8812
8618 9078
8
Omaha Div 1st gold 35.. 1951 F A 6878 ____ 6812 Oct'23
97 87
87 Dec'23
St Louis Div & Term g 38_1951 J J 6734
70 Nov'23
8572
8418 June'23
1951 J J 7612 78
Gold 33is
8312 8534
7618 Nov'23
9734 ___ 9758 Dec'23
97
99
Springf Div 1st g 3%s
1951 1 J 7512
_ 7512
3
7512
9434 _
93
94
93 Mar'23
Western Lines 1st g 4s
1951 1' A 8334 Sale 8334
1
8334
8012 16
8012 Sale 8018
76
1951 F A
8218
Reglstered
92 Mar'16
9214 9212 9214
90
9212 18
9312 Ind B & W 1st pref 48
1940 A 0 -6586 Mar'23
1
9818 9812 98
95% 100 Ind III & Iowa 1st g 45
98
1950 J J 8418 Sale 844
8418
2
10114 Sale 10114
10178 21 100 1027s Ind Union Ry 55 A
1965 J J 95
6
99
9512
95%
10114 10212 10134 Nov'23
10012 103 Int & Great Nor adjust 6s 1952 J J 42 Sale 42
4234 262
86 Nov'23
80% 88
1952 J J 9012 Sale 8912
let mtge is Ws
9012 144
77
7812 7712
7514 7838 Iowa Central 1st gold 5s
7778 12
1938 .1 D 6712 Sale 6712
7
70
7938 8338 79%
7478 8312
7912
1951 M S 1714 Sale 16
Refunding gold 45
1714 71
8538
8512 Dec'23
8218 8512
8258 Sept'23
8058 8258 James Frank & Clear let 49_1959 J D 8258 8434 8258
8258 10
10414 105 10414
2 1034 10638
10414
9634
_ _ 9612 Oct'23
9412 98 Ka A & R 1st gu g 5s
1938J J 9614 9912
8412 95 Kan & m 1st gu g 4s
9414 ____ 8412 Nov'23
A
0
1990
7613
7612 78
95
95 Nov'23
95
1927 J J 9412 9634 97 Nov'23
20 20-year 55
91 Mar'21
9414 _ _
KC Ft S& M cons g 6s-1928 M N 10034 102 10034 10034
1
9434 9534 10412 Dec'15
---- K C Ft S & M Ry ret g 4s
1936 A 0 74 Sale 74
7412 40
8014 ____ 7612 Feb'12
---KC&MR&B1stgu58-1929 A 0 9318 94
9358 Nov'23
8058 _ _
9018 Dec'12
A
0
gold
38_1950
Kansas City Sou 1st
6938 69% 6912
6934 40
8038
67
Jan'21
Apr 1950 J J 8512 Sale 8434
Ref & !mot 5s
8634 50
904
9012
90
91
8918 98 Kansas City Term let 4s__1960 J J 8238 Sale 8134
4
8238 70
10258 Sale 10258 103
10 101 106 Kentucky Central gold 418-1987 J .3 8214 83 8218 Nov'23
94
9512 Sale 95
9614 Keok & Des Moines 1st 58-1923 A 0
9512 40
64
6534 58
7934 85 Knoxv & Ohio 1st g 6s
80
81
8012 Nov'23
19251 J 10012 10034 10012 10012
9214 9258 9212
9034 9312
9212 11
80% gm, Lake Erie & West 1st g 58-1937 3 J 9334 Sale
8112 22
81 Sale 81
9334
9
9358
8018 8414 8034 Nov'23
78
8034
1941 J J 8712 Sale 86
2d gold 5s
8712 14
76
8034 Lake Shore gold 33is
7958 Nov'23
1997 J D 7512 77
7934
75
7514 110
8312 36
87
8212 Sale 82
80
.1
D
Registered
1997
---- 7434 7211 Sept'23
100 Sale 100
2 100 10512
100
Debenture gold 48
1928 M
94% Sale 9418
9412 31
1931 M N 9212 Sale 9214
25-year gold 49
9212 74
91
9314
92
4
ee gu
9334 92
istv
ereid
1931 M N
Rze
ogN
9314
Leb v
8512 July'23
8214 90
8312 84
g 4%8_ - _1940 J J
117
8334
84
9312 Nov'23
90
98
9214 Sale 9218
1940 J J
Registered
9238 14
9012 Oct'23
99 Sale 9714
9714 102% Lehigh Val(Pa) cons g 48
14
2003 M N
99
7712 7784 7734
4
7814
4 103 11134
10634 Sale 10614
General cons 45,5s
2003 M N 8614 Sale 86
10734
8614 14
8934 _ _ _ _ 89 May'22 Leh V Term Ry let gu g 58_1041 A 0 99 10138 10138 Oct'23
1941 A 0
38 -6512 -fics
69
Registered
70
6934 6914
100 Sept'23 _
72
80 Leh Val RR 10-yr coil 68__n1928 M S 10212 Sale 10218
14
73
74
75
75
10212 16
7914 88 Leh & N Y 1st guar gold 48-1945 M S 8034 8214 8958 Oct'23
2
80
8178
8178 8078
37
58 Lex az East let 50-yr 55 gu 1965 A 0 9834 Sale 9834
43
4438 43
4534 25
9834
2
M
N
4s
1962
Miami
Little
4912 Oct'20
80
8138 Nov'23
1935 A 0 10658 _ _
37
5314 Long Dock consol g 68
43 Sale 43
19
43
10658 Nov'23
40
50 LongIsld 1st cons gold 511--gal
4234 43
97 100
4418 Dec'23
9712 Dec'23
4218 50
1st consol gold 4s
4012 48
90 Dec'23
4218 Dec'23
1938 .1 D 8434 86
3834 48
General gold 4s
4112 51
48 Dec'23
8434
8434
1932 J D 8212 _
4112 4318
Gold 48
4112 Dec'23
4012 _
8112 July'23
1949 M
35
45
78
784
Unified gold 48
78
384 42
7
3812
4178
1934 J D 91
9212 91 Dec'23
Debenture gold 58
9314 Sept'22
1937 M N 84 Sale 84
-68- Wig 20
84
Gu
65 Dec'23
8
din
dgebgo514d 4s _A949 M
7314
7858 7938 78% Nov'23
unm
60
-a
yrearrefS
55
70
7314 Aug'23
9034
Nor Sh B 1st con g gu 55_a1932 Q J 9318 9338 9378 Nov'23
85
8712
7
8734 8814 8712
9814 9912 Louisiana & Ark 1st g 5s__ -1927 M S 9514 9678 97 Dec'23
99 100
99
Oct'23
8078 8078
98 100% Lou & Jeff Bdge Co gu g 4s_ _1945 M S 80
9812
8078
9712 9812 9812
8
10212 Dec'23
9515 9812 Louisville & Nashville 58-1937 M N
9518 July'23
19403 J 8934 Sale 8034
80
74
8978
Unified gold 45
77 Sale 77
7
7734 16
1940 J J
9014 May'23
Registered
97
8412 90
Collateral trust gold 58-1931 MM 97 Sale 97
8412 ____ 8412 July'23 _ _
4
M N 10712 Sale 10634 10712 13
75
91% 9312
93
.
10tyrea
efr
2
9218
9712 9218
10512
2003 A 0 104 10434 19418
97 100
98
9
5)'s
9878 9878 Dec'23 -9612 9912
2003 A 0 9714 Sale 96
9714 175
9812 99
bei B (w 1)-.
4
9812
9812
J
19303
1035
9738
10014
8
gold
68
1035,
1st
Nov'23
&
M
9734 99
N
0
-99 Dec'23
__
1930 J .1 10114 104 10112 Feb'23
10414 Sate 10414
20 gold 6s
1 10212 105
10414
5412 6412
87 Nov'23
Paducah & Mem Div 4s 1946 F A
6118 Sale 6018
6314 203
61
6112 61 Dec'23
St Louis Div 2d gold 3s_ 1980 M
57 Mar'22 - _
557
3 9518
M 5
81
194
955
2o
_ _ 9334 Sept'23
L&N &m & M lstg 4A8
5418 Sale 5418
5558 173 -i5i,
78 Sale 78
43 . 48
79
L & N South joint M 48....1952 J J
48
27
Oct'23 -90
7214 ___
82
7312 Apr'23
Registered
88
89
8712 Dec'23 -4118 5512 Loulsv Cin & Lax gold 4%8_1931 MN 9538 _ _ _ _ 9514 Dec'23
5412 Sale 5412
5514 141
4214
56
5412 Sale 5458
5514 111
1934 J/ J 9934 ---- 9934 Dec'23
5812 gale 5814
4334 59 Mahon C'I RR let 55
59
276
84
90 Manila RR (Southern Lines) 1939 M N
60
90 Sale 8912
Oct'23
90
6
8334 55 Manitoba Colonization 5s_ _1934 .1 D 9734 09
8214 ____ 84
9734
9734
Oct'23 -- 1941 .1 J 8058
_ 82 Sept'23
82
8314 ManGB&N W 1st3,Si5
8214 ____ 82 July'23
_77 Mar'13
102
Mex Internat'l 1st cons g 48_1077 M 5
88 Apr'21
9734 _ _ 101 Nov'23
Michigan Central 5s
86
6912 Apr'21 -1931 Q
MM
S 97 100 10012 May'23
651-4
9938 ____ 9914 Oct'23 -Registered
1940 1 J 8658 88% 85 Nov'23
9318 9412
9512 98
48
9318
9318
1
1940 1 J 85
96
91
88
85
Regletered
934 Sale 9318
Oct'23
9314
2
1951 M S 7558 78
80 Feb'23
8512 89
.3 L & 8 1st gold 3Yis
8712 8834 8758 Dec'23 _1952 M N
6414 72
7714 8014 80
80
let gold 33e
6514 6612 6414 Dec'23 -2
1929 A 0 9238 ____ 92
79
8134
9238 12
8138 8312 8134 Oct'23 _20-year debenture 45
1940 A 0
9812 103 Mid of N J let ext 58
9912 101
87 Apr'23
9812 Dec'23
82
88 Mllw L 8 & West imp g 58_1929 F A 9812 9934 9914
84 ____ 8478
3
9014
8478
1
1925 M
9958 101 100 Dec'23 ....„
10512 Sale 10512 10512
Ashland Div 1st g 65
8 10512 109
19243 J 10018 Sale 10018
97
9978 9718
9512 99%
5
10018
Mich Div let gold 68
28
98
1934 J D 89 Sale 89
93% 98 MIlw & Nor let ext 4j.512
95
2
89
9758 98 July'23
8914 Nov'23
8618 91
8514 8978
8812 Sale 8812
Cons extended 43is
8878 10
M8
D 82
1947
34 j
90 Mil Spar & N W istgu 48.-1
82
8538 8518 Nov'23
8738 88 88
2
88
7912 85 milw & L let gu 35is
19413 J
6618 Aug'21
8312 ____ 8312 Dec'23
9214 Minn & St Louie 1st 78
99 Dec'23
1927 J D 99 100
90
9014 ____ 91 Nov'23
61
6658 18
6658 Sale 66
6034 6478
1st consol gold 58
62 Nov'23 -M N
134
9 MS
18 Sale 18
9914 99%
9938 ____ 9958
let & refunding gold 4s_,1940
1812 51
9938
5
16
9512 9834 -23
Ref & ext 50-yr 5s Ser A._1962 Q F 1538 1638 1538
89
92 MStP&EI132.1cong 48intgu'38 J J 8634 8758 87 Dec'23
9038 9214 91 No-v-'33
11038 115
11134 Sale 11138
99
9918
_ _ 99
1st cons 5s
1
25
11178
3 102 Sale 10134 102
M 6
38 3
10338 Sale 103
10-year coll trust6s _193i
7
10312 41 10234 105
85
_ 10112 Apr'07 _ _ _
Els A
2
9914
9914
I
10638 Sale 10618
9463
41 M N
9212 Dec'22
1st Chicago Term if 4s_ 10
10718 190 10518 11112
8514 9212 M 88 M & A lat g 4s int gu_1926 J J 9534 98
8512 Sale 8512
9634 Nov'23
56
48
86% 90 Mississippi Central 1st 58
1949 J J 8814 ---- 88 Dec'23
90 June'23
9412 102% M K & Okla let guar 58„...1942 M N ____
9134 May'23
9514 Sale 95
78
9634 --75 Mo Kan & Tex-let gold 40_1990 J D 7612 Sale 76
51
60
63 6018 June'23
7612 55
13% Mo-K-T RR-Pr I 5e ger A_1962 J J 7934 Sale 78%
7978 155
7
734 9
734
734 -- -8
8412 8412
83 ____ 8412 Oct'23
1962 1 J 6513 Sale 6412
40-year 45 Series B
6512 116
8034 8314 824
9514 59
78
8412
9514 Sale 9412
10-year Os Series C
8212 11
67
7812
74 Bale 74
5314 392
Cum adjust 3s Series A
19
913
37
21
J 3 5278 Sale 5278
74
4
86 Missouri Pacific(reorg Co)
8334 Sale 8338
80
8378 11
81
8112
let d refunding be Ser A 1965 F A 7414 Sale 74
7413 45
---- 8312 8112 July'23
9712 9734 9712
1st 3 refunding 58 Ser C 1926 F A 94
95% 9714
954 9538 Dec'23
1
9712
A 89 Sale 89
F
D1649
86
93
8812 __-- 9914
refunding
68
1st
&
57
8912
Sec
9014
5
93
98
9514 97 9512 Nov'23
General 45
1976 M S 5114 Bale 5114
53
931s 98 Missouri Pacific97 934 July'23
8712
85
3d 78 Extended at 4%
1938 M N
83
8034 73
8034 Sale 8034
87 83 Dec'23
81 Sale 81
76% 8478 Mob de 13Ir prior lien g 58_1945 J
93
9238
Oct'23 _ 8112 106
64%
5812 Bale 6812
55
Mortgage gold 46
70% 7414 7438 Oct'23
59
114
8714
3 a 10218
8712
92
45
7 3l
8712 92% Mobile & Ohio new gold 6s.._1
_ 1024
19
8712
10214
2
8318 Sept'22
1st ext gold (3s
81927 Q I 100% 10234 1004 Nov'23
7412 83
7912 83
General gold 41
7334 Dec'23
73% 75
741z Oct'23
F A
S 9034 9212 91 Dec'23 -80
938 M
Montgomery Div let(58,1947
Oct'22
7782
-65- 83
83 Feb'23
St Louts Div be
9434 Oct'23 -9338 95
7614 7614 Mob & Ohio coil tr g 45
7634 Sept'23
7
7534
19
MD
S 7534 7614 75
93
28
73
5912 72 8312 Mar'22
Oct'23
Mob & Mal lst gt,g 4s
1991 MS 8114 ---- 81
Oct'23
J
J
85% Sale 854
109
108
110
Mont
C
lst
1937
7718
85%
gu
g
8512
1
_
9338 Bept'19
Regletered
1937 3 J 106 10912
8538 Sale 85
1937 3 J 9914 9934 66482
let guar gold Si
88%
8558 14
•No pries Friday:latest bid and asked this week.
Week's
Range or
Last Sale
j
a Due Jan, 8 Due Feb. e Due June.
8Due Jill). •Due Sept.
o Due Oct. a Option gale.
ROJO
Bina
Jas. 1
Low
111108
7512 804
7784 83
76% 7814
99% 100%
100 10278
1074 111
8238 87
68% 73
7212 79%
6734 69%
71
68
80
75
7512 7512
84
80
-85s 871,
8212 8578
94% 100
33
4914
Ws 9751
57
7315
40
14
82
87
7958
75
95% 98
10012 102%
7912
73
92% 95
6382 7215
89%
83
7658 8334
8372
81
61
92
100 101%
9118
8114
7238
7212
9078
90%
97
8712
781s
78
96
93%
-ilia
97
92%
90
7618 8112
92%
84
10078 1021i
100 100
10015 105
8014 89%
97 100
81
81%
10658 107
95% 98
90
9214
86%
81
81% 81%
81
75
94
91
821a 85%
75
83
98
92
98
93
77
83
9758 103
8714 92
9014 9014
97 101
106 109
10114 10512
95
9714
101% 103%
9711 10112
82% 87
58% 63
9212 96
72
8034
734 7312
9438 pry
98% 100
61
71
95% 9812
83
82
-iiis 101
9754 ion
8534 88
85
85
80
80
76111 84
89% 9318
87
87
9712 100
100 100
10018 10078
87% 9212
89
91
83/
1
4 89
-97 10214
55
78
15/
1
4 40
14
3944
84/
1
4 9012
98 101
10014 106
9814 105/
1
4
-654 97
87'z no
9134
73%
74%
611
/
4
92/
1
4
48/
1
4
94
8014
8354
67/
1
4
96/
1
4
68
7315
94%
85
4714
8678
9614
99
6314
79/
1
4 83
9178 93
go% 7415
100 10412
9918 10378
7255 7812
94%
90
95%
94
7412 7812
81 82%
107 111
99i, 10158
2641
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week ending Dec. 14.
a.
Price
Friday
Dec. 14.
Week's
Range or
Last Sale
in
42%
Range
Sines
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week ending Dec. 14.
Price
Friday
Dec. 14.
Week's
Range or
Last Sale
Range
Naas
Jas. 1
High Aro. Low
High
Bid
Ask Low
Higl
High No. Low
Bid
Ask Low
3 6812 78
2000 3 0 747 7534 747 Dec'23
6912
74
78 Peoria & East lit cons 44-__1940 A 0 6615 sale 6812
Ad & E let gu 331e
2434 11
1990 Apr, 23
2012 ao
Income 40
25 2434
10014 11
984 101
Nash,Chatt & St L let 511_1928 A 0 100 Sale 100
91% 157
9034 98
9814 98 Pere Marquette let Ser A be 1956 3 J 9112 Sale 91%
1937 F A 96% ____ 9614 Oct'23
X Fla & S let gu g 5a
7618 8212
1956 J J 7638 Sale Me
7714 16
lat Series B 45
30 Sept.22
Nat Ry of Mex pr lien 4)is-1957 J J
1943 MN 88%
8734 9214
1
8812
8812
- 2 PlIlla Bait & W let g 4s
July coupon on
-2o- Sale 26
384 15 -ii- 0
40
49/
1
4
18
40
5
35
28
18
a
f
45
1937
J
J
4012
2
8
1s
Philippine
Ry
lst
30-yr
40
Sale
Nov'23
do off
26
25
26%
93 9714
9534 25
1940 A 0 94
9514 94
PC C & St L gu 43422 A
1977 A 0 24
General 45(Oct on)
26 2618 July'23
93 977s
94
10
21% 2434
1942 A 0 9334 -- 94
Series 13 434e guar
April coupon on
21
24 22 Sept'23 _
91/
1
4 9414
1942 M N
9314 Nov'23
20
2912
Series C 4;is guar
do off
2014 24 24 Dec'23 _
1945 M N 8635 90 914 Oct'23
8934 93
Nat RR Mu prior lien 434s-1926 J J
Series D 45 guar
3814 June'23
8414
9304
F
A
Oct'23
1949
903
gold
___
guar
-Nil
4
4
-Series
E
330
38
13
July coupon on
38
3618 712
89
9134
1953 J D 8484 44/
8912 9112 June'23
1
4 Series F guar 48 gold
87
do off
35 34 Oct'23 _
34
89% 93
1957 M N 8512 89 93 Sept'23
27
28
Series G 4e guar
let cowl 45 (Oct on)____1951 A 0 --------28 Apr'23 ____
904 94%
1963 F A 91
9412 9014 Oct'23
2114 2612
April coupon on
Series I cons MU 4345
__ 23 Nov'23 ____
21
9112 94
1964 M N 905e 9412 9112 Oct'23
184 284
do oft
Series J 4345
21 /2 2314 Dec'23 _
93% 97
Naugatuck RR lit 45
1954 MN 65
6815 6818
Me
General Si Series A
964 9612 9612
6818 May'23 _
28
9 -I
A D
O 9612 ____ 99 Noy'22
-75
al
197
1945 .1 J 7734 8778 75 Aug'23 _
9012 Pitts & L Erie 2d g ba
New England cons 55
64 75/
1
4 Pitts McK & Y lot gu 6s____1932 J .1
105 Dec'22
Consol 45
1945 J J 8812 76 64 Oct'23 ____
19343 1
983595 Junge'
8
288
3
80 82
N 3June RR guar let de__ _ _1986 F A 81 __. _ 80
80 ____
2d guaranteed 13s
974 100
1940 A 0 -554 Sale
8214 Pitts Sh & L E lst g 50
NO& NE 1st ref & IMO 434s A'52 1 J 8214 Sale 81
77
8214
5
100 100
1943 J J 9
un
eb
e:2
23
3
73% 7934
New Orleans Term lit 45_ _1953 J J 76 • 7612 7612
7612
8
98 .7F
let eonsol gold 55
99
63
14
8 98_ 100
NO Texas dc Mexico lot 621-1925 .1 D 10012 10034 10012 101
12 100 1014 Pitts Y & Ash lit cons 5s-1927 MN
315 /Ski
728, 861 Providence Secur deb 45___ _1957 M N 3314 Sale 3314
Non-cum income 5e
1935 A 0 8514 Sale 854
86't 268
3314
7134 7134
1
8914 9012 Providence Term lot 45
1956 M S 7134 ---- 7134
N & C Bdge gen gu 434s__ 1945 J J 90
90 Dec'23 ____
91
7134
82% 88
917e 94 Reading Co gen gold 45
8718 47
19973 J 8612 Sale 8612
N Y B 42 MB let con g 5E2_1935 A 0 9212 -- - -- -79 88
31
101 10638
N Y Cent RR cony deb 6a-1935 M N 10334 Sale
187ii
Certificates of deposit
----- 106
- 10334
80 87
Consol 4s Series A
1998 F A 82 Sale 8178
79
2
87
788, 83
Jersey Central coil g 48_1951 A 0 18
82
18
96
1.4
49
:
88
27 88
ale_ 8
19
927
41 MN
A o
Ref & impt 4345 "A"
2013 A 0 8538 Sale 8538
8878 Runes dr Saratoga 20-yr65-1
86
39 84
W2013 A 0 95/
Ref &!mot be
92% 9838 Rich & Dan 55
9514 424
-1418 1551
4 Sale 95
72 72
1948 M N 6718 73 72 Mar'23
N Y Central & Hudson RiverRich & Meek 1st g be
95 100
1952 J J 9434 97 9634 Nov'23
72 7734 Rich Ter 58
Mortgage 33421
1997 J J 74 Sale 74
7414 23
87
19393 D 834 84 8314
6914 7312 Rio GrJunc let gu be
Registered
19973 J 71
1
73 728,
728,
5 83
834
31e 9
19403 J
Debenture gold 4s____,_ A934 M N 8914 Sale 88%
7
8914 15 864 91% Rio Or Sou let gold 45
7
7 12
1940 J J 12 ____ 7 Nov'23
1942 J J 8538 8612 8538 Nov'23 _ __
8434 9014
30-year debenture 45
Guaranteed
72
78
19393 3 774
Lake Shore coil gold 3342..1998 F A 71
17
7112
3 6818 76 Rio Or West let gold 45
7218 7112
771
717s
Registered
1998 F A 7012 7112 7038 Dec'23 __
69 73
22 6012 68
62
Mtge & coll trust 4s A---1949 A 0 6114 Sale 6114
7134 81
Mich Cent coil gold 3X5-1998 F A 7234 7334 723k
7238
5 71
48
75
764 R I Ark & Louie let 434a„..-1934 M 8 75le Sale 7434
70
70
It?
...1
.
1
Registered
6935 75 Rut-Canada 1st gu g 48
1998 F A 7012 7214 7034 Nov'23 __
70 70 June'23
65
79 801)
83% 9014 Rutland 1st con g 434s
8934
x
80
Or Y Mk & St List g 441-A937 A 0 893 Sale 8934
8012 82 80
1947 J J 7018 Sale 70
Registered
1937 A 0 ----- ---- 88 Oct'23 ____
864 88 St Jos & Grand Iii g 4s
701
53 694 75%
974
91
Debenture 45
_
1931 MN 881e 8812 8834
884
8 838, 89 St Lawr & Adir iota 58
1996 3
A 0
3 89599972:3518822: Sales_978
2d6sABC
9535 984
1931 MN 10012 Sale 10018 10012 34
9
a_s38
3
1_eia81_28 9
9858
8;
4
2N
D°
_
o88
12
v
0:
6,213
3
4
26 gold 60
98 101
1931J J
87
90
X Y Connect 1st gu 4;55 A 1953 F A 8634 87 8634
8634
5 841a 88% St L & Cairo guar g 45
9315 0813
81 81 St L Jr M & 13 gen con g 5s-1931 A 0
1947 MN 831
NY & Erie let ext a 45
80 Sept'23 __
11
39293 J
Ed ext gold 4340
1933 M 8
unified 42 ref gold 40
95
9912
-_
95 May'23 _
69 823s 8971
7112 86
1933 M N
4th ext gold 5s
1930 A 0 96__
934 94
17
_ _ 95 Mar'23
Riv & G Div iota 45
96 99
5th ext
t. gold 48
J D 92 ____ 9234
8
9
76
3314 Nov
8732'8'3
2
91/
1
4 9234 St L M Bridge Ter gu g be._ _1930 A 0
9234
3
65
DA
72 85 St L & San Fran (reorg Co)481-9
3 3
4 6612 Sale 6612
85
1
10 .1
PI Y & Green L gu g be
1946 M N 85 sale 85
67
31
7914 857s
1%
14 38
8
98
NY & Harlem g 334e
2000 MN 7338
8
,
942
7312 7735
74 Sept'23 __
Prior lien Ser B 55
9
8
,
0% fiale 9
1001s
19283
J
X Y Lack & Western 5s_ _ _1923 F A -------- 9934 June'23 __
9 97
Sale
99% 100
Prior lien Ser C611
1942 J J 8814 8812 8814
87% 92%
1,t& ref 5s
1973 MN
8835 12
5)is'
67% 90
50
5A
080
4, 7238 Sale 7112
98
let & ref 43,5s
1973 MN - --- ---- -67-- N-o-v-ii :-_-- -K512 iii73 288
Cum adjust Ser A 622.--17419
5314 67
NY L E & W let 7s ext_ _ _1930 M S __
58 Sale 5735
59 222
103 June'23 __-_-_ 103 103
10212 104
,
.1 1031
Dock & Imp be
19433 J 9612 .. 9914 Nov'23 __
___ 10312 Nov'23
94 994 StILo999u1sme&SeSarine9FrAanOsgen 65 Itgl ..1 .
95% 100
X Y re Jersey let As
9818 Nov'23
1932 F A 9615 -9i 9615
96%
9435 98%
General gold be
98 8-99
4
8212 8212
NY & Long Br gen g 48_ .._ _1941 M S 8512 ___ _ 91 July'23 _
St L& SF RR cons g 413-.1996 J J 8412 ____ 8212 July'23
---- ---91
91
NY
Y N H & Hartford91 June'23
9014
981s 103
997
5; :111,
18
7'
S
34% 47 St LEI
Non-conv deben 3345__1954 A 0 3812 39 39
10
98 -99 9918
PToIrNW lest:u59
3934 16
8612 894
1931 M S 8835 8935 8835 Dec'23
48
9 St Lo
Non-cony deben 4s
Louis sou let gu g 45
1947 M S 43 46 42 Dec'23 ____
72114 7834
4
8
38
7 508 St L S W let g 4a bond ctfa 1989 M N 75 Sale 747
54
76
Non-cony deben 3%a
1947 M S 38
_ 38
38
10 :
66% 701,
4 ri 6912 703 70 Dec'23
Non-cony deben 4s
195,J J 4218 1432d g 45 Income bond ctfe-PBC .1
4 434
4312
2
7312
78/
1
4
62
87
50
Sale
78
7834
45
5
78
gold
Non-cony deben 4s
Consol
1956 MN 4418 45 4414
4414
7314 83/
1
4
24
76
Cony debenture 334s
19663
let terminal & unifying 58.1952 J J 76 Sale 7512
34
401/4
3934 Sale 3918
3934
6
721s 8112
43
13
F A
j 7314 Sale 7214
2
57
214 73
424
84 St Paul 62K C Sh L lst 4)0_ 193
Cony debenture (te
19483
151
7314 10
62
59 Sale 587s
90/
1
4 9024
19
93
47
3 .31 .1
J 88
12 4)4s.-1
6j
rann
u 48
9212 9012 Nov'23
T
l
i r954
II% debentures
Stip
P
ea
tau
u
c10167,
Esio
635418 871114 8
1957 MN 3412 35 34%
35
17
9012 93
9212 9934 Dec'23
74 European Loan
1925 A 0 --------70
91
72
40
106 10914
10612 Nov'23
1925 A 0 69 _
Francs
671 2
89 707
95/
1
4 9912
9614
Reduced to gold 4)0 1933 J J 9512 Sale 9512
Cons By non-cony 4s_1930 F A 3514
es
3 88
NU
)I 3.
884 98
11V.158orifitieexexttlegtu:ro1284s
Non-cony 4s
1954 J 1
55 40 Oct'23 __ -id- lai
84
85
914 July'23
8 213 - _
38% 44
:
!
7 85
_8_2
Non-cony deben 48----1955 J .1
38% Oct'23 __
70% 75%
72
21
Non-cony deben 4a----1958 .1 J ---- - -- - 40 Sept'23 ____
40 40 S A & A Pass let gu g 48-_1943 .11 3 72 Sale 7134
99
97
1942
M
S
Ph
55
&
NY & Northern let g 5s___1927 A 0 ---- ----99 Oct'23 ___
May'23
Free
9734
99
97
S314 91
78 Santa Fe
7812 8314
1950 A 0
NY 0& W ref let a 45-.41992 M S 6335 Sale 63%
Sale 80':
6312
2
7058' San Fran Terml let 4s
57 ,
107 1084
1934 A 0 1096952
1955 .3 D 5612 5714 5712
General 45
1088912
8135tOc '23
58
4
Say Fla & W (Is
99% 9924
1934 A 0 99 1-0014 994 Dec'23
1942 A 0
X Y Prov & Boston 4a
_
73 Aug'22 ____
55
1989 M N
N Y & P11 1st cons au g 45-1998 A 0 813i4 85 80% Sept.23 ____
589531/
4 Dec'23..-_! 84% 874
80 14 8234 Selo V & N E let gu g 4s
1950
53 62
48
A
0
NY & R B let gold 58
1927 M S 9618 Sale 964
4
Air
Line
g
Ms
2 95
9613 Seaboard
5934
52
A 0 59 Bale 59
52% 19 50 601950
M Y Stem & W lat ref be __._1937 J J 5112 Sale 5112
5912 68
Gold 4s stamPed
01949 F A 4312 Sale 4318
42
491/4
96 gold 4345
1937 F A 40
22% 447s
ReAditmustdminesn4t858
4618 4534 Dec'23_
457e 631
39
48%
1959 A 0 47 Sale 4678
1940 F A 4112 Sale 4112
37% 49
General gold 55
8
42
52
473
M 11 6
8:::_ai 53
Terminal lit gold 55
1943 M N 854 ____ 8412 Nov'23 __
5834 69%
84 9338
5
4
,
98734
6
98
714
let & cons 68 Seuriges4
let
93%
970
4
X Y %Welles& B 1st Ser I 4)48246 J J 3812 Sale 38
384 6014
388, 37
0c9
t9
3
2
58
Norfolk Sou let & ref A 55..1961 F A 6378 6434 64
3612 3711
6412 17
3612 June'23 134
112te8ollsot98896
71 ZVI*9
61
1941 M N 88
3 87 93% 5& DTcons
g
1936 F A 99 ___ 9878 Aug'2
Norfolk & Sou lit gold Be
8912
98 10114
8912 8918
Ala
Non & West gen gold 623._ _1931 M N ____ 108 10612 Sept'23 ___ 106 108%
1
4
96/
1
4 99/
1
9834
Gen cone guar 50-yr 5s-1963 A 0 9834 ___ 9834
1934 F A
tlii 8338 Sale '83312
Improvement & extg
-C1if
__ 110 Mar'23 ____ 110 110 So Poe Col4a (Cent Pac cone:
77/
1
4 85
84
46
1932 A 0 ---: 1-07 - 10635 10638
9012
934
New River let gold
1 106% 1074
45
cony
9278 Sale 9212
93
69
20-year
N & W Ry let cons 6 4s _1996 A 0 88 Sale 88
8834 35 8514 9314
9912
2 *9712 10212
99
9938 9914
20-year cony 55
1996 A 0
MN
3 97 1031 103
Registered
85 90 So Pac of Cal-G11 g 5e
957
53
193
85% Oct'23 ___
Oct'23 -- 101 10378
9112
82%
89
9
Div'l Ist lien 42 gen g 48_1944 J J 88
88
4a
g
1937
J
J
8814
gu
8812 88
8
9
,
0112
4 Fif:1.
9_ 8
98
142 Nov
887
8
.23
So Pac Coast let
83 884
10-25 year cony 4301_._1938 M S
- -- 82 Dec'23 __ _ 101
58
11738 So Pao RR let ref 4e
10832 108
9235
1929 M S i0812 Sale 10814 10812 20
9814
199
11
9558
9
6
4
5s
J
A
A
00
J
10-year cony 65
96%
cons
g
129
9512
Sale
95
8438 8838 Southern-let
664 6912
1941 J D 8634 87 86% Dec'23 __
Pocah C & C joint 4s
69
135
Develop & gen 4s See A__ _ 1956 A 0 6835 6914 6838
Norte Oblo lot guar g 511-1945 A 0 844 Sale 82%
8434 10
96% 41 9614 9634
79 88
9658 Sale 9612
6%(8w I)
8
814 87
Nor Pacific prior lien 4,1-.1997 Q J 8134 Sale 8112
8214 126
10118 Sale 10078 10112 89 100 102
1997 Q
90 97
19
95
96
1 .31 5
3 93% 95
Registered
80 8312
8134 --- - 80 Nov'23 ____
Mem Div iota 4%e-5e
7514 81
0204743 F 5734 Sale 5735
624
4
5
%
General lien gold 35
5834 88 .68
txg
t
lel
t
s
a
"
s
lv
80
uls
od
7812 8012 9
79
4
r 54
taLo
75098813 69004
97
9924
a2047 Q F _i5i.
8 _i678_ 60 June'23 ____
a._ _1929 M N 99
993 9934
Registered
9934
1
So
81/
1
4 8312
iiii i i
79%
Ref & impt.04a ser A....2047 J J
7934 10
... 8235 Oct'23
Spokane Internal iota be
2047 3 1 10214 Sale 102
10934
eager B
10334 257 108
Oct'20
80
9414 Staten Island By 43is
91
"oi 91
2047 .1 J 9112 9212 9134
5a C
18
3
9134 40 9114 100 Sunbury & Lew 40
Oacyt:2
: 95
1 m
8235
9124 95
20473 J 9114 sale 91
5a D
e1930 M 13
_ Supertot Short L lot Ss g
95
t
i,
89
St Paul-Duluth Div g 443._1996 J D 82 8234 89 Feb'23 __
3 -TA
9235
927 ____ 9278
98
% Term Assn of St L 1st g 4%8_14
0811 6
95s 99
St Paul & Duluth let 55_1931 Q F ____ ____ 98% Jan'23 __
9615
--9734 Nov'23 ---let CODS gold 55
8414
77
82
1968.3 D
let consol gold 45
841
/
4 Jan'23 _
1953.3
.1 78% -4
794 19
i91 7834
102Gen refund a f g 40
90
90%
5 D
J 92 ____ 9038 May'23
20001943 3
Nor Pac Term Co let g 6s_ 1933 J J 10914 10978 10914 Nov'23 ____ 108 110 TexasTex 42&
885858
con
18tgold
N0
p88
891s 96
Roof Cal guar g 5s
1938 A 0 99 100 99
99
1
99
9214 Sale 9135
93
35
4012 54
1930 1 J 10214 10414 100 June'23 _
North Wisconsin let(la
42000 Mar 60
51 Aug'23 ---2d gold income 5s
84
92%
1948 J J 68 69 68 Dec'23 __
851412 7
980
8
,841j
Og & L Cham let gu 45 g
-98
F16
1931 .1 J 91 -9258 9034
9234 21
La Div B L 1st g se
96
98%
1943 M S 8914 ____ 89% Oct'23 ____
Ohio Conn By 45
9718 99 9812 Nov'23
Tot & Ohio Cent let
924 96
1936 J D 97
Ohio River RR let g 55
9612 Oct'23 _
19
93
35
S3
A O
j 9412 97 95 Nov'23
5a
Western Div let g99U-1
9418 95%
1937 A 0 9412
9412 33
87%
92
5
General gold 5s
9412
1935
J
D
911s
5s
___
911e
gold
General
2812 32
1927 J J 99% - - - 99%
983s 100 Tol Pee & West 42f
Ore & Cal 1st guar g As
9338 29
Oct'23 - -1917 J J 9130 30
25
1946 J D 8612 Sale 8612
9 93% , 6
1
4 88 ToiSt L & W pr lien g 3)411-11199931
8612
2 84/
Ore RR & Nay con g 45
96
96
30
102
6814 77
1
77
Ore Short Line-let cons g 52246 J 1 102 10214 102
99 1044
j 7678 Sale 7514
3
A O
50-year gold 48
1946.3 J 10234 Sale 10234 10234
9614 95/
Guar eon fa
1
4
997a 105 Tol W V &0 gu 4;is A
1
J .1
- - 954 June'23 ---Guar refund 45
1929 .1 D 924 Sale 9214
904 98/
903s 93
1
4
9234 80
1933
J
J
9414
Oct'23
-9595
957s
Series B 4%0
797
7512 82
Oregon-Wash let 42 ref 45-.1961 J 3 793 Sale 7912
70
1942 M S
Nov'23 ---4s
Series
C
3
75%
77 7515
72 82
1 -i1
Pacific Cot
Coast Co let e 58_ .._.i946 1 D 75
7812
8 - 7812
79 --1.
Tor Ham & Buff let a 43 R1946 J D 8:%
547414
91's 9614
1
4 8712 8712
Pao RA of Mo let eat g 4s--1938 F A 86/
8712
2
911
1
Ulster & Del 1st 3one g 55._ _1928 J 13 9014 9218 9135
631s 70
1938 .1 J 944 954 9635 Nov'23 _
90s 97
26 extended gold 5a
1952 A 0 6078 6712 6
93
94
12 Dec
9.1213
4
let refunding g 45
95
9578
9588
904
9578
108
Paducah & Ills let 514%s__ -1955 J J 8934
8814
89%
-- 893 Nov'23 ____
%
1
2
911947
J
J
iota
412
Sale8678
7 re 487348 Onion Pacific
95
95
14
1958 F A 6978 Bale 69%
Paris-Lyons-Med RR 6s
70% 133
9414 984
1927 J J
20-year cony 424
260
1942 M 8
9914 1004
Paulista By 7s
02008 M 8 100 Sale 99% 100
let & ref mho 55
20
Pennsylvania RR-oons a 45 1943 MN 89 __ 89
80
884 934
89
1
88
83 Sale 32%
83
lot & refunding 45
1948 M N 884 Sale 8835
Consol gold 421
8812 15 874 9135
9 .1
1.1 S
J 103 Sale 10234 10314 36 1024 10534
•:.-4,...sr perm secured 63_9918
84 90
May 1 1908 MN 84
90
934
88 86 Dec'23 ____
4a_
1944
M
8
de stamped
Nov'23
gen
87
921 9212
.4 RR & Can
7
1980 F A 9414 Sale 9414
9234 98,
Consol 434o
94
63
9914 9974
1926 J J
9914 Nov'23 ---& Nor gold 50
^;,.. .418 Utaht a
2
1965 J 13 9014 Sale 9014
9014
General 41Ali
91%
9014
9112
9213
72
1
9
5
3
5
3
A
5
8
887
n
8
d
8
e
8
d
8
4
4
etx
tr
e
vs 10134 valnad
37
1968 j D 9913 sale 0914 100
8412 854
General be
3
F A
3 8412 ____ 8
4 -92 Dec 99213
1930 A 0 10714 Sale 107
10753 71 10612 110% VeDra999Cru9154
85
87
1957 M N 8412 ____ 85 May'23
B
10-year secured 7e
pe t gu
s4s Series
1936 F A 108 Sale 10714 10812 91 10614 111%
1934 J J
34
874
43is
_ 76 June'23 ---15-year secured Inis
25
46
Pennsylvania Co26
29
5
29
29
July coupon on
8414 844 Verdi VI & W let a ba
1926 M S 95
Guar 334e colt trust rug A_1937 M S 8312 867 8414 Dec'23 ____
984 984
9735 9814 Mar'23 -8135 831s
8214 Nov'23 ____
98/
1
4 9014
1926 M 8 9835 ___ 981e Sept'23 ---831sVirginia Mid Ser E Si
Guar 335s coil trust Ser B.1941 A A 82's1942 J D 80 85 8138 Oct'23 ____
8135 8134
OA
977.
1936 M N 974 -97% 9712
9712
Guar 3.)X s trust ctfa C
1
General 5s
8114 13
8118 98 Va & So'w'n 1st gu 55
91/
1
4 934
941 9112 Sept'23
2003 J J 92
Guar 3301 trust ctfe D._1944 J D 8118__ 8118
8714 93
1958 A 0 751k 77
7612 Nov'23 --__
Guar 15-25-year gold 48_1931 A 0 9012 -903-4 91 Dec'23 ___
7511
/
4 81
let cons 50-year 55
1952 M N 834 85 84
84
2 8312 9035
Guar 4s Ser E
1
82 !!
2
84,
87'*
--
---
Me price Friday: lateet bla and asked this week a Due Jan. bDu.Peb. o Due lune. hDueJuly
Due Aug. oDue Oot. PDUe NOV. ODIN Deo. *014108 We.
2642
New York Bond Record -Continu ed -Fage 4
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 14.
Price
Friday
Dec. 14.
Week's
Range or
Last Sate
Range
Since
Jan. 1
ga
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 14.
Price
Friday
Dec. 14.
Week's
Range or
Last Sale
11
Rano
SSG
Jas.1
Bid
Ask Low
High
Bid
High No. Low
High No. Low Illoa
Ask Low
Virginian let 56 Series A __ __1962 M N 93/
1
4 Sale 9313
9012 98 Det United let cones 4458-1932'.7 8334 8514 8414
94:4 329
844
3 82 8814
Wabash let gold 58
1939 M N 97 Sale 9614
9334 99 Diamond Match 8 f deb nit;1938 MN - 41
Oct'23
10472 10812
10478
9
7
2d gold Is
1939 F A 8714 8818 88
2 83 9214 Distill Sec Corp cony 1st g 50 1927 AO 4618 55 4838
88
47 66
4838
1
let lien 50-yr g term 4e__ _1954 J J 8718 7138 71 Dec'23
Trust certificates of deposit._ _
6714 71
4628 4814 4814
45 66
8
484
Det & Cl, est let g 56._ _ _1941 J .1 954 9812 9512 Nov'23
9612 Dominion Iron & Steel 5s.._-1943 33 79 Sale 7814
94
2 76 8512
79
Des Moines Div 1st g 4e_.1939J J 72/
1942
Donner
71
75
33
Steel
1
4
717
Oct'23
733s
71
86
8712 88
9 84 99
864
Om Div latg33e
1941 A 0 8812 Sale 8813
2 6214 6934 du Pont(E I) Powder 4%8 _1936 3D 89k!-- - 911s Nov'23 69
8734 9112
Tol & Ch Div g 48
1941M
'3
7112 727s duPont de Nemours& Co 7441
36
1 MN 1084 10814 107
39
7533 - _ _ 7284 Oct'23
10814 51 10614 10914
Warren 1st ref gu g 3e_ _200O F A
Duquesne Lt
7418 Mar'22
t 16A8
.7 6: coil 6s_ _1949 J J 10334 Sale 103
10334 41 101 1001
Wash Cent let gold 46
1948 Q M
79 7878 Oct'23
.73
-Nis Id10612 10131
l0818 June'23
.
W 0 W let cy gu 43
1924 F A 9928 100
tore 9958 East Cuba Bug 15-yr ef g 7e'37 M
9938 Dec'23 __
105¼ Sale 101:4 108 299 94 11314
Wash Term let gu
F A 79/
7
1
4 Sale 79
7813 8018 Ed El III Bkn let con g 45..1939• j 89
804
91
86
8912 89 Dec'23
let 40-year guar 48
8612 &vs Ed Elea III 1st cons g 58....1995 .1
1945 F A 84/
8512 June'23
1
4
99 108
98
99 100 Nov'23
W Min W & N W 1st gu 5s-1930 F A 76/
1925 3D 9512 9738 98 Dec'23
80 8712 Elk Horn Coal cony 6s
1
4 90 80 Aug'23
9512 9914
West Maryland let g 43
1952 A 0 584 Sale 5812
51
664 6534 Empire Gas & Fuel 7445.__ _1937 MN 90 Sale 8978
59
87 8812 93
90
West N Y & Pa let g 53_ _1937 J J 98/
5
1
4 99 9834
1932 M
9018 100 Equit Gas Light 55
9834
9378 9414 9372
95
8 93 95
Gen gold 45
1943 A 0 7614 7878 77 Nov'23 ---7314 81 Federal Light & Tree 68......1942 M
93 Sale 92
907a 9614
93
7
Western Pae 1st Ser A 56.-1948 M S 8114 Sale 7934
1953 M
78 8312
8114 75
75
97 994
9812 Dec'23
1948 M 13 9138 Sale 91
B 65
19
1941 MS 10138 gale 10118 10212 59
88
92
95 Fisk Rubber let s f 86
99 10815
West Shore let 45 guar
2361 J J 7878 79 79
1
79
77 8378 Ft Smith Lt & Tr let g Si...1936 MS 7734 79 78
7018 80
7814
6
2381 .1 J 7714 7933 764
Registered
75 82 Frameric Ind & Dev 20-yr 7548'42
7738 14
' 8718 Sale 8718
88
13 9334 9354
Wheeling & L E let g 58.. 1926 A 0 9812 99 9812 Dec'23
97 99 Francisco Sugar 78
1942 MN 101 10114 101
101/
1
4
8 9914 10314
Wheeling Div let gold 5a1928.7 J 94
99 98 Oct'23
98 99 Gas & El of Berg Co cons g 581949 313 92/
1
4 ---- 9114 July'23 ---9114 9312
Estee & impt gold 58._ 1930 F A 91
94 9112 Oct'23
911: 9555 General Baking let 25-Y3 68-1936 3D 101 Sale 101
101
1
9912 1014
Refunding 43e Series A 1986 M S 544 55 55
2
5512
4614 82 Gen Electric deb g 3445-.195
42 FA 8118 8138 814
8118
5
7828 8214
1949 M S 8012 6178 6178
RR 1st consol 46
62
9 67 13518
MS 10118 102 1004 102
Debenture 55
9913 10324
16
WUk&Eastletgug5a
1942 3 D 4978 5233 5034
49 60 Gen Refr late f g68 Bar A 195
5314 26
47
2 P A 98
3 97 101
9812
99 9812
Will & SF 1st gold 58
1938.7 D 99 100 9918 Oct'23
98 101 Goodrich Co(flit'
3 .1 97/
1
4 Bale 97
98
64 9818 10134
Winston-Salem S B let 46-1960 .7 J 81
83 7614 Oct'23 ---- 76 8112 Goodyear
9341 MN 11434 Sale 11458 11434 38 113112 1177s
e1
8'
Tire de Rub 1stf 8
42
Who Cent 50-yr lst gen _ -1949 J J 7878 774 7634
7414 82
771s 11
FA 101 Sale 1001: 101
10-year s f deb g 88
99 106
41
Sup & Dul dly & term 1st 4836 M N 7534 77 77
5
77
1'
199268
75 8032 Granby Cons MS& P con 88 A
228 MN 89 Sale 89
5 8812 93
89
1943
J
W & Con East lat 444s
65 May'22
MN
Stamped
June'23
___
92
92
92
INDUSTRIALS
MN 89Cony deben 88
89 88
8914
87
9 88 100
Adams Express coil tr g 46-1948 M S 80 80/
1
4 80
4
80 8028 Gray & Davla 7s
1932 P A 90
8014
85 101
92 88 Nov'23
1936.7 D 88 Sale 88
Alas Rubber 35
8 8778 9914 Great Falls Power lets 1 58-1940 MN 99 Sale 99
8812
97 100
2
994
Alaska Gold M deb 68 A_.--1925 M
6 Sale
8 Hackensack Wbter 45
3
5
1952 3, 794 80 7838 Oct'23
6
6
771s 82
Cony deb Be series B
1928 M
518
5
614 Havana E Ry L.& P gee 58 A 1954 MS 82
5
6
80 8614
8214 8212
8313 14
1928 A 0 98/
Am Agric Chem let 58
1
4 Sale 9818
32
95 10012 Havana Elec consol g 55.-1952 FA 934 Sale 9312
99
94
87
9312
1
1941 F A 9718 Sale 9713
let ref s f 7445 g
96 10434 Hershey Choc let if g 88-1942 MN 101 Sale 1004 10118 31
98
85
96 1011s
American Chain 68
1933 A 0 9214 93 92
911
/
44 9724 Holland-Amer Line 65(f140-1947 MN 75
934 20
71
92
77
75
75
13
7814 7912 7812
Am Cot Oil debenture 56.-1931 81
69 81 Hudson Co Gas lot 65s-1
79
43
1940
9 MN 9418 9438 9414
9272 95
2
9414
Am Dock & Impt gu 8a_ _ _ _1936 j
10614
1054 Dec'22
Humble Oil & Refining 5345-1932 J
9412 99
9723
Sale
97
/
1
4
963
46
4
Amer Republics 138
1937 A 0 86
8512
13 18"
88
193
56
6 3D 94 Sale 9328
Illinois Bell Telephone Si
1
4
9316 95/
94
77
Am Elm & R 1st 30-yr fai tier A1947 A 0 92 Sale 92
we 93 Illinois Steel deb 40
9212 65
3
92:s
AO 90/
91
911
/
4 13 88
1
4 91
1947 A 0 10278 Sale 10212 103
86 B
997s 10314 Ind Nat° &06.5
74
MN 764 ___ 79 July'23
8012
79
Amer Sugar Refining 66-1937 J J 10034 Sale 10014 101
61 9912 104 Indiana Steel let 55
1952
N 10024 10114
99 1014
10
100/
1
4 101
Am Telep & Teleg colt tr 45_1929
1
4 Sale 924
J 92/
91935 33 9678_ 96 Nov'23-_
907a 9313 Ingersoll Rand let 511
9212 131
1936 M 33 8718 88 874 Dec'23
Convertible 41)
86 9014 Interboro Metrop coil 4%8-1956 * 0 1012 1712 11 Dec'23
if, li1933 M S 10478 Sale 10418 10478 12 100 10476
20-year cony 4Mo
Certificates f deposit
d, 912
4
1812 4 Nov'23
_
9712 Sale 9678
9712 86
30-year cell tr 56
1946.7
95 101
Guar Tr Co ctfs 16% stamDed- _ _
32 Pa
133
112
138
105
138
7-year convertible 68-.1925 F A 120 Sale 11712 12018 31 11311 12018 Interboro Rap 'Fran let 56_1988 J J 8012 Sale 804
5612 7214
6218
84
Am Wat Wks & Elec 5s
1934 A 0 8328 Sale 8312
82 86
14
11993322
Stamped
84
80 Sale 80
571a 7212
62 311
Am Writ Paper 6 f
4214 4314 4114
4114 884
4214 31
10-year 85
57 Sale 5624
5272 731a
5812 135
Anaconda Copper 88
7-891°t
9812 Sale 9618
524 9824
9812 285
MS 8512 Sale 8518
75
8612 66 8374 9434
7s
1938F A 9814 Sale 98
9512 10424 let Agile Corp let 20-yr 58-1932 MN 68 Sale 834
981
: 188
55 8112
68
3
Armour & Co lat realest 4401939 J D 844 Sale 8318
94 A0 78 Sale 7715
82 90 Inter Mercan Marines I 6s.._ 1941
85
80
74 9014
79 300
Associated Oil temp 6a....1935 114
1947'.7 81
Paper 55
9514 234 9412 9534 Inrnational
te
954 Sale 9434
82 81 Dec'23
81 8812
30
Atlantic Fruit cony deb 76 A _1934 j D 19 Sale 184
1812 404
19
3.7 81
let & ref 54) B
8214 81
811
/
4 19 81
8814
18
Trust certificates of deposit_ __
394 Jurgens Wks 68 (3157 price)...1947
20 Sale 18
20
79 Sale 77
79
27
3 7334 8412
5s-10
9
do stamped
17
5
3
2
7
s
Lt
JC
MS
44 Kansas City Pow
20
25
20% 11
1814
8934 Sale 89
91
894 60 87
Atlantic Refg deb 58
1937 .7 .1 9834 Sale 9634
9414 9934 Kan Gas & El 65
MS 92 9224 9214
9878
8912 9614
9212 18
7
Baldw Loco Works let 5a-1940 MN 10128 10312 10034 Dec'23
1942 FA 104 Sale 104/
1
4 1047s
3 102% 107
- 100 103 Kayser & Co 7s
Barnsdall Corp f cony 8% A1931 j J 9538 Sale 0538
94 103 Kelly-Springfield Tire 88-1931 MN 1024 Sale 10112 10212 67
9934 10914
954 10
Bell Telephone of Pa 5a___A.948 J J 98 Sale 9714
199
35
2 .7 .1 7134 ___ 724 Oct'23
9513 994 Keystone Telep Co lot 55-1
98
7213 7212
99
9612 100 Kings Co El L & Pa 55-1937 A0 981s
064 9914
Beth Steel lst est a f 5a
EU 1
4.
4
7 9834 9916 9834
9824 10
99
- 99
1
let & ref 56 guar A
AO 1l0l 111 iims Nov'23
9412 Sale 944
Purchase money 68
10812 11312
9014 9718
21
96
20-yr p m & imp f 56_ _ _1936 J J 8818 Sale 8818
1925 MS
8834 9312
Convertible deb 65
9772 10432
8878 35
_
9778 Sept'23
lis A
1948 F A 9714 Sale 9718
9534 100 Kings County El 1st g 45-1949 FA 6912 -7314
9712 22
4 6912 74
70
- 8912
1953 F A 8853 Sale 8,84
1949 FA 8912 71
874 9378
8918 48
Stamped guar 45
70
70
3 611 75
Booth Fisheries deb 5 f 8s
1926 A 0 78 Sale 78
7038 90 Kings County Lighting 58-1954.7, 75
78
7514 8012
78 75 Dec'23
1
Braden Cop M coil Cr a f 89..1931 F A 100 101 100/
1954
9734 101
1
4 101
8
9512 Sale 9512
9512
2 94 101
Brier Hill Steel let 5yie_ _ _ _1942 A 0 93 9336 9278
1936 J D 101 102 101
/
4 9838 Kinney Co 7e
911
9314 31
99151081.
10112
4
B'way & 7th Av let c g 56._1943 .1 D 63 8612 63
8412 12 6113 69 Lackawanna Steel 36 A- _ _ -1930 M
87. 9212
13
88 Sale 88
89
Brooklyn City RR 58
1941.7
87
8612
87
8914 96
2 83 88 Lac Gas L of St L ref & ext 681934 A0 9238 9224 924
9272
1
Bklyn Edison Inc gee as A mg
1
4 99 Lehigh C & Nay is f 4,4s A-11199
I 974 977 9734 9758 18 94/
4 JJ 9012 9112 91 Nov'23
933
533
8812 9214
(is Series B
Genral 10312 Sale 10212 10312 20 10012 1047e Lehigh Valley Coal 56
'
3 99 Sale 98
99
2 9714100¼
1930 .1 J 10858
General 78 Series C
3 105 10815
1084 108/
1
4
48
3.3 89_ 834 Oct'21 _
General 76 Series D
1940
3512 701D 10818 Sale 107/
1
4 10814 14 108 10924 Lex Av & P F lat VII 51-1993 MS 3378 -3512 3512
4
3812
18
Bklyn Man R Tr Sec(tem)68- '68.7 .1 7018 Sale 6714
704 2805
943
854 7438 Liggett & Myers Tobao 75-11199
44
4
1 AO 117 Sale 117
11718 22 112 11914
Bklyn Qu Co & Sub con gtd 66'41 MN
65 July'23
58 66
58
FA 984 Bale 9614
93 9814
96
/
1
4
20
1941.7
1st be
•
89
7912 Nov'23
Lorillard Co (P) 78
_
AO 11812 11714 11812 11612
7 11172 11812
Brooklyn Rapid Trim g Si..1945A 0 7528
7314 Nov'23
_
65
79
Nis 9718
1951 1, A 9512 Sale 9512
be
9813 16
Treat certificates
754
54
79 Louisville G & El 55
74 Dec'23
1962 MN 8812 Sale 8724
8612
8812
14
let refund cony gold 46_2002
j 6228
54 68 Magma Cop 10-yr cony g 7e-1
734 Nov'23
19
93
42 J
A D
o 11028 11212 112/
107
120
1
4
1127
s 47
3-Yr 7% secured notes.__1921 J J 9312 Sale 9112
8414 96 Manatt Sugar 7458
9312 15
9812 18 9632 102
984 Sale 984
Certificates of deposit
9512 Manhat Ry(NY)cons45-1
9012
9253
91
664 6474
84
11
1990
942 M
A N
O 5628 Sale 5625
5712
31
Ctfa of deposit stamped........ 8728
20133 D 45
244s
78 954
8812
8612 12
50 49/
1
4
4972
2 46 66
Bklyn Un El 1st g 4-5a
1950
7712 85 Manila Elec 75
80 61;1;- 7924
804
9512 9814
9515
954 9534 9512
1
1950 F A 7924 8012 7958
Stamped guar 4-5a
764 8424 manna Elee
8012 18
& LL s t be-1
1963
924
8114 847s
8278
Sale
8114
19
82
7
8
Bklyn Un Gas let cons g 68-11a/3
:
1 1 9312 Sale 934
8 934 100 Market St Ry let cons 55-1924 M S 93/
95:s
8854 9634
1
4 Sale 9234
9338 51
10712 1167. 6-year 6% notes
76 11314 11412 115 Dec'23
9334 99
MI
A O
S 9812 Sale 98
981: 27
lit lien & ref 68 Series A_ _1947 M N 10328 1034 10278 103
26 10014 10512 Marland Oils f 86 with watente
19
'
31 F
A O
A 122/
12238
2 109 16114
1
4 Sale 122
1929 M PI 113 Sale 113
75
10718 117
113
Without warrant attached__.,_A 0 102 10212 101
97 10712
10238
13
864
Buff & Sung Iron a f 53
19323 D
91
91 Dec'23
9234 7s Series 11
121 Sale 121
121
8 97 '159
1952 A 0 8018 -8112 81
3 80 87
Bash Terminal 1st 46
8112
do without warrants
914 1041:
99
62
98
9814 98
1955 J J 3334 85 8324
Consol 5a
8412
7 8212 8973 Merchants & Mfrs Exch 71-1942
95 108
10478 105 104/
1
4 Nov'23
Building 55 guar tax ex-1980 A 0 9318 Sale 921:
9518 26
95
9518 Metr Ed lstdcref g 138 Bar 13_1952 F A 974 Sale 98/
9978
85
23
1
4
9712
1937 81 N 9838 9812 9824
Cal G Jr E Corp be
9712 11
9412 9814 Metr Power 68
944 964
19633 D 9412 9428 941:
941
: 1
95 9628 Mexican Petroleum 5 f Bs_ -1938 M N 10312 Sale 1031z 10412 16 101 10914
Cal Petroleum 6126 (w 1) -1933 A 0 9514 Sale 9518
9812 67
8 94 99 Mich State Telep let 55
95
Camaguey Bug lat f g 7s__ _1942 A 0 95 Sale 95
1924 F A 9978 100 99/
9918100¼
10
1
4 100
92
9114 9712 Midvale Steel&0cony f 55 1936 M
8
Canada SS Lines lstcoll•f 76'42 M N
9714 9412
844 914
8824 46
881: Sale 8578
13
99 10313
Canada Gen Elec Co Os_ 1942 F A 103 Sale 10212 103
84
90
Certificates of depoalt--1936 _ _
8814
8814
1
Sale
8614
9818 98 Dec'23 ____
97 100 Milw Elec Ry & Lt cons g 55 1926 F A 9834 99 9828
Cent Dist Tel let 30-year 66_1943 .7 D 97
98 994
99
7
8512 9914
Cent Foundry lets f 68.._.1931 F A 9012 93 91 Dec'23
Refunding & °sten 440-1931 J .7 92 9212 91
8872 93
31
9
3
9178 29
Cent Leather 20-year g 55...1926 A 0 9134 Sale 914
8712 10018
Gen 66 A
1951
D 921: Sale 924
934
5
Wa
s 131:5
1931 .7 J 13834 Sale 1304 140
121 115 150
Cerro de Pasco Cop 86
2
letSoB
19613 I) 8034 Sale 8014
807s 33
92
9634 Milwaukee Gas L let 46
9312 Nov'23
Ch G L & Coke lst gu g 5a 1937 J J 9358
1927 MN 9414 95 9433 Dee'23
7312 47
1927 F A 73 Bale 73
Chicago Rye let Si
1
4 Montana Power let Si A.,.....19433 J 95 Sale 95
73 83/
" 9814
9534 26
100 Nov'23
9918 10018 Montreal Tram let & ref 55-1941 3 .1 884 884 884
1923.7 D
Chicago Tel 58
86
91
864 12
96 10314 Morris & Co let e f
Chile Copper 6s Ser A
1932 A 0 9818 16i12 9878
9912 09
7312 5714
781: 79 784
79
26
9812 96
9434 9924 Mortgage Bond 45
1
96
Cincin Gas & Elec let & ref 55'56 A 0 96
8-1
19
98
6412 6412
8412
38
97
A O
j
6412
1
1961 A 0 96 Sale 951z
95
98
9812
15
Ser 13 due Jan 1
56
1932A 0 9212 9312 9212 Nov'23
9112 934
8513 8912 Mu Fuel Gas let cu g 58.. .1947 M N 9314 9312 93 Dec'23
89
Colo F & Co gen I 5a___ _1943 F A 8812 934 87
5
8924 96
5
74
794 Mut Un gtd bds est 5% _ _1941 MN 9273 ____ 9518 Feb'23 _ _
Col Indus let & coil 65 gu
754
7812 75
95l
1934 F A 76
Ms
Columbia & B lat 56
96 9756 Nassau Elec guar gold 48.-1951
19273 .1 9814 9838 9814
9812 11
J 5234 55 534
65
54
714
8 51
Stamped
964 9733 National Acme 7s
1927
9634 36
J 9812 Sale 9518
19313 D 92 Sale 91
90 9634
92
18
10 Sale 10
20 Nat Enam & Stampg let 58.19293 D
Col dr 9th Ay 1st gu g 5a_ _ _1993 M
10
20
10
97
9712
99 9713 June'23 _ _
96
1
4 9314 93 Dec'23
93
Columbus Gas let gold 66_1932 J J 92/
92
Starch
20-year deb 5s...1930 .7 J
Nat
95 Oct'23 _ _
95 95
704 Sale 701z
Commercial Cable let g 46_ _2397 Q
7613 National Tube let 55
69
7014 17
1952 M N 994 9934 9938
9978 14
Commonwealth Power 6s
8723 19
1
4 Sale 8878
8914 Newark Con Gas be
84
1947 MN 86/
1948.7 D 93/
1
4 95 9334
:2
714 1:1"
94
2
100
100
10012
2
Comp A zu Bare 7e
9812 10112 New England Tel & Tel 517..1952 J D 9712 Side 9712
100
1937.7 J
9776 42 9512 100
Computing-Tab-Rec s f Be..1941.7 .1 100 Sale 9912 100
9512 10112 New Ori Ry & Lt gee 44is_ _1935 J J
1
82 Oct'23
_ 62 62
Conn Ry & L ist & ref g 4%61951 .1 J 79
7714 Sept'23 --784 874 N Y Air Brake let cony 83..1928 11 N 102 1-0224 102
102
3 100 104
Stamped guar 4e
8314 N Y Dock 50-yr 1st g 45._ _1951 F A 764 774 77 Dec'23 _ _
1951 .1 J 804 8214 81 Dec'23 ---76
7412 80
73
Cons Coal of Md let & ref 56 1950 J D 8778 Sale 871s
8412 90 N Y Edison 1st & ref640 A_1941 A 0 11014 Sale 11018 11012 30 1064 11212
8
Con Co of Ch 1st gu g 5s_ _1938 J .1 9314
90
9534 NYGEL&Pg 58
9512 120
- 93 Nov'23
19483
97 Sale 97
9718
12
Consumers Power
1
4 Sale
8412 921: Purchase money g 45_ _1949 F A 8212 Sale 811
- 8634
1952 Si N 87/
88/
794 8314
1
4 45
/
4
8212 15
Corn Prod Refg s g 56
9818 100 N Y Munic Ry 1st s 58 A_ _1088 J J 7923 ____ 82 June'23 _ _
1931 Al N 984 -- - - 100
Oct'23 - 82
76
lat 25-yr 6 f 56
1934 11 N 984 -- 9924 Nov'23 98 101 N Y Q El L & P lat g 56_ _ _ _1930 F A 9834 99
66
9812
9812
2
Crown Cork & Seal 85
13 84
84
1943 F A 8412 -Sa
2814 3814
95 N Y Rys let R E & ref 4s__ _1942 J .1 311
84
/
4 32 31
3118 10
Cuba Cane Sugar cony 7s_ _ .1930.7 .3 8934 Sale 894
Certificates of delimit
82 94
8712
8934 51
3118 32
27
31 Sale 31
Cony deben stamped 8%_1930 J J 9512 Sale 954
874 984
98
44 8
32-year ad)Inc 55
96
a1942 A0
112 Sate
112 35
lle
Cuban Am Sugar let coll 88.1931 M S 10858 _- 106
24 77s
Certificates of deposit______
10612 17 105 1084
414 33
118
Sale
114
Cumb T & T 1st & gen 55._ _1937 J J 9234 Sale 9234
9414 NY State Rye 1st cons 440 1982 MN 5814 Sale 5818
91
93
8
5818 69
5834 1
Den Gas & E lst&ref f g 56'81 MN 85
8512
8512 8514
6
6e
8354 90
9712
37
MN 88
871_ 87 Nov'23 -Dery Corp(D 0)73
7
1942M S 75 Sale 74
55 99 N Y Steam let 25-yr 8s Ser A 1942
75
92 98
967 MN 9212 Sale 924
6
9254
Detroit Edison 1st coil tr 513_1933 J .1 99/
1
4 9934 9938
9484 10012 N Y Telep let & gene f 4445.1939 MN 9338 Sale 9314
9034 9514
9934 18
83
9324
8514 9514 95
let & ref 55 Series A
*1940 M
904 98
32-year deben f(is_ _ _Feb 1949 FA 10528 Sale 10512 106
9512 17
49 10312 10812
103 Sale 103
let & ref 68 Series B
81940 M
10312 19 101 10413
20-year refunding gold 8a_1941 A0 104 Sale 10324 104'i 88 10214 10714
*No Dries FrldsT:letest 011 and 4•104. a Doe Jan 413,15 ADM. 5 Due March. 5Due May. g Due June 8 Due July. 8 Due Aug. 0 Due Oct. 9130e Dee. 2006I00 sale.
53
hi;
I
DEC.15 1923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
2613
Quotations of Sundry Securities
MI bond prices are "and interest" except where marked -f*
Railroad Equipments Perth. Basis
Standard 011 Stocks Par Bid Ark
4_ 1 Range
Week's
Price
-d1
SONIM1I
5.65 5.35
1
Since
KXCHANGE
Friday
ga',1N
Anglo-American 011 new_ .£1. .15 1 1514 Atlantic Coad Line Os
Range or
.Y.STOCK
5.50 5.30
Equipment834e
100 122 112213
Lao Sale
Jae:. 1
so0 i
I ...s. Dec. 14.
Atlantic Refining
Week ending Dec. 14.
5.80 5.40
100 11612 117 Baltimore & Ohio
Preferred
High No.1 Logo
100 145 150
High Borne Scrymser Co
Ask Low
SW
Equipment 4348 & 5*- - 5.60 5.35
993
5
9514 101
Buckeye Pipe Line Co__50 *69 71 Buff Roch di Pitts equip 65_ 5.50 5.30
Niagara Falle Power let 55-1932 J .1 904 sale Og
9 10112 105
21932 A 0 10412 Sale 10373 10412
Ref & gen 60
Chesebrough Mfg new 100 225 235 Canadian Pacific 434e & 61. 5.50 5.30
5.60 5.35
6
9712 101
100
100 109 115 Central RR of N J 6s
Preferred new
Niag Look & 0 Pow let 58_1954 MN 10014 ____ 981
5.75 5.45
15
91
1952 RI 8 004 Sale 908
25 .41 4234 Chesapeake & Ohio 65
8912 96
Continental Oil new
No Amer Ecilzion 6:
5.60 5.35
894 95
8914 9012 Nov'23 - - - Equipment64e
Crescent Pipe Line Co 50 *14 17
Nor Ohio Tras dz Light60--1947 M 8
5.55 5.30
00
Equipment 55
59
87% 93
Cumberland Pipe Line_ 100 103 107
Nor Statee Power25-yr 50 A_1941 A 0 90 Sale 8912
9834 102
Eureka Pipe Line Co_ -100 95 98 Chicago Burl & Quincy 60._ 5.65 5.30
let & ref 25-year Os Ber 8_1941 A 0 1003 Sale 9958 100% 49
100 6712 6812 Chicago & Eastern Ill 534s_ 6.25 5.50
Northweid'n Bell T 1st 7s A-1941 F A 10775 Sale 10712 10734 68 107 1084 Galena Signal Oil com
gm 924
2
918
100 107 114 Chicago & North West 4345 5.50 5.25
North W T 1st fd g 434a gtd-1934 J J 91% 93 9138
Preferred old
5.70 5.40
104
1946 A 0 10312 104 104
Equipment Os
5 101 108
100 104 106
Preferred new
Ohio Public Service 734e
2
5.60 5.40
F
101
1947
10014
Equipment6340
A
Sale
9934 10514 Humble Oil & Ref new
10014
2 *36 3614
78
9434
678,4 964 Illinois Plpe Line
4
1943 F A 94es Sale 937
100 133 136 Chic RI & Pac 434s & Se..,. 5.70 5.35
Ontario Power N F let 5s
938 9312
9312
5.87 5.50
1945 MN 93
9 9214 98% Imperial 011
25 *107 108
Equipment613
Ontario Transmission 5s
9914 37
5.75 5.40
1941 F A 904 Sale 9812
50 83 84 Colorado & Southern 61
96 10112 Indiana Pipe Line Co
Otis Steel 88
904 6474 International Petroleum-(I) *1633 1612 Delaware & Hudson&
13
94
5.65 5.35
let25-year 0 f g 7340 Ser B 1947 F A 94 Sale 9318
5.75
6.20
5s
100
&
4348
Erie
Petroleum__
143
140
Pacific G & El gas & ref 50._1942 J J 9073 Sale 9014
911
53 884 9314 Magnolia
6.25 5.75
4
92'i
93 92
Equipment65
8975 94
Pee Pow&Lt Istiref 20-yr Si '30 F A 92
National Transit Co__12.50 *2112 22
1937 J J 96% 97 96%
5.70 5.40
Pacific Tel& Tel let 58
31
97
2434 9812 New York Transit Co._..100 7714 78 Great Northern as
913e 51
1952 MN 907 Sale 9058
88 9/4 Northern Pipe Line Co 100 90 95
5.45 5.25
Equipment 58
Si
5.75 5.45
25 *6812 69 Hocking Valley 615
Pan-Amer P & T let 10-yr 701930 F A 10212 Sale 10214 10212 24 102 105% Ohio 011 new
97 233
1935 MN 9612 Sale 9613
5.60 5.40
50
25
*27
Equipment
29
6348(w1)
Penn Mex Fuel Co
20
96 100
973
1953 J J 97 Sale 96
Park-Lex (otis) 6348
Prairie Olt& Gas new -100 222 223 Illinois Central 4340 & 58... 5.45 5.20
92% 94
5.65 5.35
Pat& Passaic0& El cons Si 1949 M 8 0384 ____ 98 Nov'23 --- _
Equipment65
Prairie Pipe Line new..,_100 99 991
105
5.50 5.30
1 10414 108
Poop Gas & C let cons g 68-1943 A 0 1044 105 105
100 165 169
Equipment 7s & 634e.
Solar Refining
5 8713 94
1947 M S 873, 8814 8758
5.85 5.45
88'a
Refunding gold 3a
Southern Pipe Line Co 100 9012 914 Kanawha & Michigan 65
1944 F A 100 Sale 9934 100
29 9855 10112 South Penn 011
5.65 5.25
Philadelphia Co 6s A
100 135 138
Equipment434s
1938 M B 9014 Sale 8912
90'4 33 8712 9112 SoutnwestPa Pipe Lines_100 70
75 Kansas City Southern 530- 5.65 5.35
5340
1943 M 8 7618 Sale 7334
7653 77
6514 8214 Standard 011 (California) 25 *5711 5714 Louisville & Nashville 6s
Pierce-Arrow Si
5.65 5.40
83
5
1931 J D 78
8212 81
70 98
Pierce 011 s f Si
5.50 5.30
Standard Oil(Indiana)- 25 *6053 6034
Equipment6345
15
95
5
PilLsbury Fl Mills 68 (rct8)_1943 A 0 95 9514 95
25 *4033 4034 Michigan Central 5s & 6s.._ 5
7 510
5:50
Standard Oil(Kan)
Pleasant Val Coal let gel Si 1928 J J 94 ____ 9035 Sept'2 ---89 903 Standard 011 (Kentucky) 25 *103 104 Minn StP& S S M 4345& 55
93 9212 Nov'23 ---Pocah Con Colliers 1st e t 5s-1957 J J 91
904 9418 Standard 011(Nebraska)100 215 225
5.80 5.45
Equipment 634s & 7e......
_1935 J J 9374 95 94 Dec'23---Portland Gen Elec lat5s
914 9512 Standard 01101 New Jer- 25 •361/ 3614 MissouriKansas & Texas 13s 5.90 5.60
__ 8712 87 Dec'23 ---Portland By let & ref 5s__1930 MN
100 1161; 117 Missouri Pacific (is & 6345_ _ 6.15 5.60
8435 887s
Preferred
874
1
Portland By,Lt& P let ref Si'42 F A 8015 8112 8714
8012 874 Standard 011of New York 25 *423: 422* Mobile & Ohio etis & 5s- _ 5.55 5.30
1947 M N 9218 Sale 9114
3 9114 9614 Standard 011(Ohio)
9238
6s B
100 275 280 New York Central 434/i & 5s 5.45 5.25
5 103% 10714
let & refund 734s Ber A_ 1948 MN 104 Sale 1034 104
100 116 119
5.65 5.40
Equipment68
Preferred
1931 M N 1044 Sale 10418 10418 10 1017 106
Porto Rican Am Tob Ss
100 35 37
5.55 5.30
Equipment 78
Swan & Finch
19333 J 8812 90 89 Dec'23 ---87% 9334 Union Tank Car Co
Premed Steel( ar 58
100 92 95 Norfolk & Western 4%0
5.35 5.15
111
Prod & Ref s f 8s(with waents)'31 J D 111 1117s Ill
100 10611 108 Northern Pacific 70
1 10614 13312
5.50 5.35
Preferred
14 100 1084 Vacuum 011 new
Without warrants attached- J D 10634 Sale 10655 107
25 *534 5312 Pacific Fruit Express 7s.._ _ _ 5.55 5.35
gen
A
511_1959
J
N
of
0 80 Sale 7913
8112 11
Pub fiery Corp
7612 86
10 *23 25 Pennsylvania RR eq Si & fls 5.60 5.20
Washington 011
1937 .1 J 1011: Sale 10713 1097: 91 105 124
Punta Alegre Sugar 75
5.55 5.30
Other 011 Stocks
Pitts & Lake Erie 634s
944 30
9074 96
1937 M N 9412 Sale 923,
Remington Arms 6/3
212
(8) *2
5.80 5.40
Equipment65
Atlantic Lobos 011
Nig
gg
12
93
Repub I &8 10-30-yr 5118 f _1940 A 0 924 93 9214
6 Reading Co 434s & Si
50 *3
5.35 5.15
Preferred
1953 J J 8812 Sale 8812
8834 18 86% 941 Gulf 011 new
25 855% 5878 St Louis & San Francisco Si. 5.75 5.50
5348
1952
70
1
s
Myers
D
J
Robbins &
1
9112 Sale 9112
9112
5 *414 514 Seaboard Air Line 4345 & fie 6.10 5.75
9112 99
Mexican Eagle 011
/loch & Pitts Coal & Iron 5s_1946 M N 904 ___ 91
Jan'23 ---5 *11
91
91
1115 Southern Pacific Co 4345__ 5.45 5.20
Mutual 011
11
841
Rogers-Brown Iron Co 71_..1942 M N 83% Sale 837
80 86
100 89 91
National Fuel Gas
Equipment75
1937 M N 7814 80 7834 Nov'23
St Joe By, L, H & P 50
77 79% Salt Creek Producers
10 19 1914 Southern By 434s & 41
30
6 5..3
5.50
5
filt Joseph Stk Yds let g 43451930 J 3 873, 92 8518 Dec'22 ---- ____ ___ Sapulpa Refining
5 590c 96c
5.85 5.50
Equipment6s
L
Bt Rock Mt & P 5s stmpd_1955 J J 77
92 7612 Nov'23 ---75 8411
5.85 5.50
Toledo & Ohio Central
1924 A 0 60% 637e 543, Dec'23 ---Sit Louie! Transit 5s
5434 62
Public Utilities
5.45 5.25
Union Paritien
1937 J 3 907 _ 9055
6 904 93
Ell Paul City Cable Si
Tobacco Stocks
Amer Gas & Elec new---(f) *z4212 4313
10414 18 100 1041:
1942 M B 103 104 104
50 .
Bake Co 75
4114 4214 American Cigar common 100 77 80
Preferred
90 9414
1
MAN 93 94
91
Ban Antonio Pub Ser 6s_ _ _ _1952 J 3 91 Sale 91
100 84 87
Deb 6s 2014
Preferred
993, 13 97 10411 Amer Light & Trac com_100 114 116 Amer Machine & Fdry-100 137
Sharon Steel Hoop let 8a ser A '41 131 8 992* Sale 99
5 99t2 103
1942 A 0 10078 101 10034 10034
100 92 94 British-Amer Tobac ord_ /1 *221
Sheffield Farms 630
Preferred
82% 8711 Amer Power & Lt com_ _100 173 175
1
El 82212 2311
83%
Sierra & San Fran Power 55_1949 F A 83% Sale 8334
Bearer
100 85 86 Helme (Gee W) Co, new 26 .591 6112
75
9012 10111
94
Sinclair Cow 011 15-year 78-1937 M El 93% Sale 9314
Preferred
IVIA8 9112 9212
126 85 9711
88
19383 D 88 Sale 87
100 110 113
634s B (w I)
Deb 612016
Preferred
9784 139 94 10011,1 Amer Public Util com __100 35
1925 A 0 9734 Bale 9613
Sinclair Crude 011 5340
16
Imperial Tob of G B & Irel'd •15
9318 9971
974 35
1926 F A 9714 Sale 96%
100 7212
7% prior Pre/
64
let Cigar Machine:7---100 57 60
80 8911
8114 156
1942 A 0 81 Sale 8012
100 4612 4812 Johnson Tin Foil & Met_100 so 00
Sinclair Pipe Line 56
4% 0161110 Pre1
12
9812 102
100
South Porto Rico Sugar 75_1941 J 0 1004 101 10012 101
MacAndrews & Forbes-100 137 140
6% preferred
gust 95
9
95'z
100 97 100
South Bell Tel& T 1st s t 5s-1941 J J 9512 Sale 9518
Blackstone Val G &Ecom 60 *73 75
Preferred
2 8614 92
88
100 21
Southern Colo Power 65_1947 J J 8614 Sale 8614
76 Mengel Co
23
Carolina Pow & Lt com-100 74
967: 10011 Cities Service Co com
9814 12
10O 139 141 Porto Rican-Amer Tob _ _100 67 73
Stand Gas & El cony 5 t 66-1926 J D 984 Sale 9812
gal
1
9455 991/
1930 MN 96 Bale 9534
Standard Milling lit 511
100 6634 6714
Preferred
_
Scrip
9 100 1071i CitiesService Bankers'Shares 1334 1414 Universal Leaf Tob eom_100 70Steel & Tube gen 517a ser C-1951 J J 10234 104 10312 104
52- 48
ggs, Colorado Power com ._100 2012 2114
94
962 32
Sugar Rotates (Orientl) 75..1942 M 8 9612 Sale 951
100 88 91
Preferred
90% in
2
93
Syracuse Lighting let g 58.-1951 J D 917 Sale 917
100 108 112
100 90 94 Young (J fill Co
Preferred
834
go
83
1
Light &Power Co col tr 5 15a'54 J J 828s 834 831s
100 100 107
Com'w'th Pow,By & Lt_100 3614 3714
Preferred_
Tenn Coal, Iron ai RR gas Si '51 J J 10033 Sale 10034 10038 10
984 101
Com'w'th Pow Corp pref 100 70
71
Rubber Stocks(Clsealmir0 pricer)
65._1925
cony
-MN
100
Nov'23 - 10014 1001:
Tennessee Cop let
994 10111 Consumers Power pref _ _100 86 88 Firestone Tire & Rub corn 10 •70
80
53
94
Tennessee Eleo Power 13e_ _1947 J D 94 Sale 9214
924 95
100 9212 9612
Elee Bond & Share pref _100 97 0713 6% preferred
19803 J 5312 Sale 5234
54
56
Third Ave 1st ref 45
504 62
100 90
___
Federal Light & Tractional •72
preferred
7%
49
45
Adjustmentincome to---01960 A 0 44% Sale 44
39 624
100 .75
Preferred
General Tire & Rub corn 50 *150
19373 J 91
96 91
1
91
Third Ave Ry 1st g be
90
954 Lehigh Power Securities_(I) •2414 2512
100 95 98
Preferzed
10218
A
F
1931
Sale
1024
15
10212
Water
Tide
10112 105
Oil 63.4.'
Mississippi Riv Pow corn 100 221: 2312 Goodyear Tire & 11 com_100
884 9
Tobacco Products s f 70--1931 J IS 10773 10814 1065 Dec'23 ---- 10234 10811
100 so 83 Goody'r TAR of Can cd_100 rol
___
Preferred
1941 M 1 10614 Sale 1063s 107
11 1054 10751
Toledo Edison 72
mtge Si, 1951J&J 9112 924 Mason Tire & Rub oom_(:) *112 2
First
977
9712 Dec'23 ---1925 F A 9712
Toledo Trae, L & P 65
974 9911
100 14
15
F g deb 7s 1935M&N 101 102
Preferred
8
Trenton 0& El let g 5s..---1949 M El 9318 ____ 923, Nov'23 ---9214 95
100
_
Nat Power & Lt com (I) •6414 66 Miller Rubber
85
931,
2 85
Undergr of London 430---1933 J 3 8112 __ 85
100 68*x83 85
- 93 95
Preferred
Preferred
1948 3 J 8014 8812 894 Oct'23 ---Income 6s
865, 891/
Jba 88 8912 Mohawk Rubber
100
8
5
Income 7s 1972
1942 PA N 954 Sale 9512
98
.6
7
Union Bag & Paper fle
95
99
35 45
Northern Ohio Electric-(I)
Preferred
95 974
1
963,
Linton Elea Lt & P 10t g 50-1932 M 1 963, Sale 963,
100 1912 21 Selberling Tire & Rubber(I) .4
5
Preferred
1933 MN 9153 Sale 9118
6
913,
8814 9211 North States Pow com-100 97 100
5a
100 ao
38
Preferred
70
_
_
_
.
0
70
A
1945
5l._
_
June'23
70
(Chicago)
Union Elev
70
100 92 94 Swinehart Tire & R com-100 10 20
Preferred
1931 J J 9473 96 943, Nov'23 - - _ _
go
90
Union Oil 5e
100 35 50
Nor Texas Elec Co com-100 58 62
Preferred
991
c1942 F A 994 Sale 98%
19
9712 10251
61
100 68 73
Preferred
Sugar Stook.
10 1021: 105
Union Tank Car equip 75-1930 F A 10358 Sale 1034 104
50 .13
15
Pacific Gas & El let pref 100 88 89 Caracas Sugar
111
19413 D 11078 Sale 110
8 10914 1134 Power Securities corn....(1) *2
United DrUgoonv ila
5 Cent Aguirre Buinif COM- 20 •82 84
9314 11
92 98
United Fuel Gas 151516s-1936 3 J 9312 Sale 93
100 105 107
preferred
(8) •13 16 Fajardo Sugar
Second
8714 971.
2
911
United Rys Inv 52Pitts Issue 1926 MN 9112 Sale 9118
Coll trust Si 1949___J&D 78 83 Federal Sugar Ref corn_ _100 60 65
31
641
561: /341
United Rye St L let g 48-1934 J J 631s Sale 631s
100 90 100
Incomes June 1949....F&A /58 64
Preferred
867
86 93
1
United 88 Co int rots 65--- -1937 PA N 867* Sale 867*
10
Sound Pow & Lt.-100 45 47 Godchaux Burn'''. Inc-(I) •8
Puget
987e
1942 A 0 9812 9875 984
2 98 1011,
United Stores 65
100 55 62
preferred
100 79 83
Preferred
6%
7 10014 1031'
1932 J J 1031: Sale 10214 1031
U 8 Hoffman Maa12135
preferred
100 d103 105 Great Western Sugar new 25 •S7 90
7%
2
90 1021/
997e
US Realty & I oonv deb g 55 1924 J J 995, 99% 9978
Gen ratae 7345 1941 - eil&N 104 10512 Holly Sugar Corp corn (2) •25 30
119
86
837 891 Republic By & Light
U B Rubber lst& ref 55ser A 1947 J J 843, Bale 8434
100 80 83
100 15
Preferred
16
lO3lz 31 10214 1091
1930 F A 103 Sale 103
10-year 7345
100 37 40 Juncos Central Sugar. .100 90 110
Preferred
US Smelt Ref & M cony 68_1926 F A 100 100% 99 Dec'23 --- 9872 102
Calif Edison com-100 1001 10112 National Sugar nettning_100 86 89
South
1021
74 10034 104
CT 8 Steel CorpJeoupon __ .41963 MN 102 Sale 102
100 114 117 New Niquero Sugar
95 100
8% preferrea
2 100 1041 Standard Gas & El (Del) 50 *27 28 Santa Cecilia Bug Corp p1100
5110-60-yr balregistered _61963 MN 10112 10178 10112 10152
4
8
797
26
78
Utah Light & Traction 5..._ _1944 A 0 7915 Sale 7914
50 *471 4812 Savannah Sugar corn--(3) *59 61
914
Preferred
8734
A
F
1944
92
Sale
8534
17
883,
8712
Utah Power & Lt let Si
Power (5) *161 17
Elec
100
Tennessee
80
78
Preferred
92 922
Utica Else L & Pow let a f 50 1950 3 J --------9514 SepV2 ____
Second preferred
(3) *461 48 Sugar Estates Oriente pref _ _ 85 90
19573 .1 8855 92 91% Nov'23 ---_
Utica Gas & Elea ref 53
887 int Western Power Corp- A00 24 26 West India Sur Fin oom_100
9814 10011
Va-Caro Chem let 15-yr 55_1923 .1 D --------985 Nov'2 --100 8212 84
Preferred
100 18
28
Preferred
837
19473 D 821s Sale 82
93
75
76 98
Short Term Securities
681
19373 3 664 Sale 66
38 55 94t Am Cot 011 fle 192C _M&S2 9952 100% Industrial&MIscel
12-years f 730
Sg
901: Amer Tel&Tel 65 1924-F&A 100 10046 American Hardware_ _ _100 60 62
Without warrants attached_ 3 .1 ____ 6714 66 Nov'23 _-__
90
Va Iron Coal & Coke let g Si 1949 M S 9012 92 90
90
1
951; Anaconda Cop Min 65'29 J&J 10114 1.0134 Amer Typefounders com 100 88 92
19343 J 89 Sale 8712
89
gg
ge
7
Va By Pow let & ref 55
Anglo-Amer0117340'25 A&O 102 102%
Preferred
100 97 100
9313 10 934 99
1942 .1 D 9312 954 9312
Verttentee Sugar 7s
Federal Bug Ref 6s'24..M&N
Bliss (E W) Co new-- -(I) •1713 1812
10313 56 1011e 106
1941 J D 103 104 103
Warner Sugar 70
MAN 9734 9814
1933
59
68
Preferred
50 .56
19393 J 993, ____ 9912 Dec'23 --__
Wash Wat Power 0 f 54
9814 100
Hocking Valley 65 1924 SIMS 100 10014 Borden Company com_100 12112 12213
9312 97; Interboro R 'T Si 1922_M&5
Westchee Ltg g 5sstmpd gtd 19503 I) 961s _ - - - 9653 Dec'23 _-__
105
102
Preferred
100
98
gg
9012 35
West Penn Power Her A 50._1946 M 8 894 Sale 893
C Term Ry '23 M&N15
100 78 83
Celluloid Company
10113
7 100 10211
let 40-year 65 Bailee C_ _._1958 J D 10118 Sale 101
Jar) 102 103
6345.1aly 1931
Preferred
100 108 111
51946 F A 1043, Sale 10418 10474 24 1024 10711
let series Die
1926 10012 10088 Childs Company corn'sen(S) .3714 37%
51:5
1963 IN 8 872* Bale 8712
8778
4 87 8911 Lehigh Pow Sec 6s'27-F&A 9434 0512
Si E
Preferred
100 112 114
974
8
96 100
Western Union colt tr cur 55_1938 J J 964 97 97
Sloes-Shell B&I 6s '29_F&A 9634 117% Hercules Powder
100 105 110
Fund & real estate g 4340_1950 MN 9018 Bale 904
9114
5 89 94
Rubber 7145 1930_F&A 10234 103%
US
Preferred
100 104 106
1936 F A 1093, Sale 10812 1093, 15 106 1111 Joint 5th Land 8k Bonds
16-year 048 g
International Salt
100 77 891s
10678
Sale
10678
MN
1931
78
10712
M
&
E
70
Westingtionse
10512 10811 Chic Jt Stk Land Bk 50_1951 9934 10114 International BIleer prof 100 103 108
82
42
98
72
Wickwire Spen Steel let 7s _ _1935 J J 82 Sale 76
9934 101,4 Lehigh Valley Coal Sales 50 78 80
5s 1952 opt 1932
Sale
94
0
A
•
60_1941
9313
9680
f
s
25-yr
48
1st
9414
Co
102
&
1931
Wilma
10214 103,4 Phelps Dodge Corti
534s 1951 opt
100 140 150
19283 D 8314 Sale 83
837s 44
83 88
9812 9912 Royal Baking Pow com_100 131) 140
10-year cony s 1 60
43(5 1952 opt 1932
1931 F A 95 Sale 947
9512 17
93 105
Preferred
434s 1952 opt 1932
7345
9712 9812
100 9712 984
101
Sale
101
0
A
101
1941
12
7 10012 106
Winchester Arms 7345
Ws 1963 opt 1933
9812 9912 Singer Manufacturing_100 125 127
9434 92
9314 9911
Young'n Sheet & T 65(w 1)_ _1943 3 .1 9412 Sale 944
•Per share. S No par value. b Basis. el Purchaser also pays accrued dividend.
*pro price Friday:latest bid and turned. a Due Jan d Due Apr. c Due Mar. e Due INew esoek. IFlat price. 1 Last sale. a Nominal. x Ex-dividend. v Ex-r ghee.
May. g Due June. Due July. k Due Aug. i Due Oct. p Due Dec. a Option sale. eRe stock dividend. a Sale price. o Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record ...13,2,',Ifigeg.
2644
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
Dec. 8.
Monday.
Dec. 10.
Tuesday,
Dec. 11.
Wednesday. Thursday. i Friday,
Dec. 12.
Dec. 13.
Dec. 14.
149
79
149 *z145 14812 *31451214512 14.512 14512 14512 148
79
79
79
79
80
7913 80
79
7934
95
95
9514 9512 *9514 98
*9514 96
11714 11714 .118 120
118 118 .118
•118
97
98
97
97
96
97
97
97
97
97
10
10
934 10
*934 10
934 934
934 634
•12
15 •12
15 .12
12
_
5.10
1534 1534 1513 1513 1412 1515
11 14-4 14
14
22
22
22
22
22
22
2112 2112 20
2013
1813 184 •____ 19 •____ 19
17
1712 17
1712
26
26
26
2853 *2613 27
2612 2812 *26
284
147 14712 •____ 147 .14613 147
14612 14653 •____ 146
21
21
.21
22
20
21 •__.- 21
2013 21
•63
65
63
65
63
65
+61
63 •__ 63
*53
52
*53
52
58
5212 53
52
52
*324 34 *33 -- *34
*34 ____ *34
•32
34
*3214 34
34
34
334 3313 3334 -3-4 • - 25
_ _ _ 24 +___ _ 24 .5 _ _ - 25 . 4.22
25
1414 1414 1443
15
1513 1453 1434 1433 1434 14
•____ 65 •-- 65
65
8213 83
•_
85 *_-- 85 •____ 85
*72
85
74
*72
.72
74
74
7313 72
72
73
72
3.14 3514
36
35
3614 37
37
3512 3512 *35
75
*72
75
75
*75 ---- *75 __-- +75 -
14512 146
37714 78
Hi" 114
97
97
214 234
.
8
-541
2212
1342
624
35
-311-13
2212
1418
6212
35
Saks
for
the
Week.
Banos since Jan. 1 1923.
STOCKS
BOSTON STOCK
EXCHANGE
Shares.
Railroads
96 Boston & Albany
100
993 Boston Elevated
100
11
Do pre!
100
57 Do 1st pre!
100
148
Do 2d pref
100
620 Boston & Maine
100
35
Do pre!
100
477 Do Series A let pref
100
216
Do Series B let pref-100
480 Do Borten 0 1st pref_ _100
165
Do Serial D 1st pref._ _100
65 Boston & Providence
100
126 East Mass Street RI Co_100
14
Do ist pre/
100
140
Do pre! B
100
100
----: Do adjustment
43.4 East Mame St Ry (tr oriel _100
2 Maine Central
100
1,393 NY NE & IIartford
100
100 Northern New Hampshire_100
211 Norwich & Worcester Prof-100
82, Old Colony.
100
283 Rutland pre!
100
72 Vermont & Massachw8ett8_100
I
PER SHARE
Range for Preview
Year 1922.
Loon*
HfgTsesl
Lowest
Molest
143 Ape 3
75 June 29
9113 Aug 9
1111.9 Aug 2
95 Nov 21
9 Oct 27
9 Oa 17
1213 0(.129
1812 Dec 5
18 Noy 10
21 Oct 25
135 July 21
18 Feb 15
524 Nov 2
52 Oct 18
232 Nov 15
31 Nov 10
2212 Dec 14
934 July' 6
62 DecJ 4
80 June 12
8412 Oct 25
2112 Aug 25
70 Nov 26
151 June 14
84 Jan 5
100 Mar 8
125 June 12
108 Mar 6
204 Mar 2
27 Feb 13
3213 Mar I
48 Feb 6
42 Mar 22
59 Feb 7
16013 Jan 25
35 Mar 22
72 Jan 16
66 Mar 19
46 Mar 22
45 Mar 21
43 Jan 2
2213 Jan 30
84 Feb 3
100 Jan 3
81 Feb 14
387s Dec 4
98 Jan 11
13014 Jan
734 Feb
944 Mar
116 June
10112 Nov
14
Jan
Jan
20
Jan
22
Jan
36
Jan
30
Jan
40
Jan
125
18 July
66 Aug
51 July
28 July
29 July
2713 Jan
.1214 Jan
Jan
69
152 Ma,
894 Sent
105 Sent
126 SCA
109 Sept
3113 Mal
Apr
37
4412 Apr
62 May
54 May
77'3 May
163 July
284 July
77 July
60 Nov
47 Aug
47 Aug
55
Oat
3472 May
00 J1117
10351 Des
984 MO
5212 June
100 Aug
58
67
15
78
Jan
Jun
Jan
Jan
Miscellaneous
.
50' Amer Pneumatic Service
1 Sept 19
312 Jan 9
25
614 Jan
24 Dec
51J Do pre!
50 124 Oct 23 20 Jan 10 13' Feb 2012 Aug
3,064 Amer Telephone & Teleg-100 119 June 29 12812 Dec 14 11433 Jan 12814 Ant
3,490lAmoskeag Mfg
6713 Oct 9 112 Jan 5 104
Jan 121 Dec
100
Do Ore!
No Dar 72 Oct 9 88 Jan 5
80 Nov 91 Aug
------ Art Metal Construe,Inc7o-p1a0
.12 Mew 14
r 144 Nov 15
14 Nov 2013 May
35 Atlas Tack Corp
do ear
10 July 2 204 Feb 14
13
Jan 22 May
67 Boston Cons Gas Co. pref _100 101 Oct 17 10813 Feb 24 10442 Aug 107 Dee
500 Boston Mex Pet Trus-No Par .09 Dec 5 .30 Jan 25 .10 Sept .50 May
1,260 Connor (John T)
10 19 July 5 27 Mar 19
1534 Jan 3012 Dee
East Boston Land
10
214 Nov 21
4 Jan 2
6 MU
3
Jan
770, Eastern Manufacturing
5
5 Dec 10 1413 Mar 5
7 Dec 1414 Feb
22I) Eastern SS Lines, Inc
25 31 Nov 1 12713 Mar 22
3813 Jan 894 OM
2,447 Edison Electric Ilium
100 15238 Nov 8 172 Jan 3 158 Mar 185 Seel
315j Elder Corporation
No per
112 Dec 4 1013 Jan 2
3 Mar 13 May
151 Galveston-Houston /Cleo_ _100
July 9 2912 Feb 5
28 Dec 89 Aug
1Gardner Motor
No par
6 Oct 25 1533 Mar 3
9 Nov 164 Apt
1,332 Greenfield Tap & Die
25 1434 Nov 27 24 Feb 10
17 Dec 2714 Feb
455 Hood Rubber
No par 50 Dec 6 634 Mar 13
43 Mar 544 Dee
57 Internet Cement Corp_No par 32 July 2 44 Mar 19
Jan 384 May
26
22,Internat Cotton Mills
10 Sept 14 22 Fe 19
Jan
20 Nov 82
3' Do pre!
100 50 May 31 7913 Jan 10
60 Aug 85 Dec
150 International Product...No par .25 Dec 4
64 Mar
3 Mar 20
113 Dec
656
Do pre!
54 Dec 17 Aln.
100
1 Dec 11
8 Mar 15
712' Libby,McNeill & Libby_ 10
1113 June
44 Dec 13
84 Aug 20
153 Apr
28 Loew's Theatres
Jan
25
814June 27 11 Apr 26
8 July 13
381j Massachusetts Gas Cos......100 75 Dec 14 874 Jan 2
Jan 904 Not
63
1461 Do Ore!
Oct
Jan 74
100 64 Dec 11 73 Jan 25
62
1041 Mergenthaler Linotype
100 147 June 19 179 Jan 6 130
Oct
Jan 181
55 Mexican Investment, Inc.. 10
11
Dec 2733 June
313 NOV 19 1434 Feb 19
134' MlailasipPi River Power-100 18 Nov 7 2814 Jan 31
Jan 34 Aug
13
451 Do stamped pre!
7212 Jan 8512 001
100 80 Jan 18 84 Fels 14
2,523, National Leather
1133 Jan
634 Dec
834 Feb 13
10
134 Nov 19
930 New England Oil Corp tr Ms_
Jan
5
22 Dee
412Sept 13
2 Oct 9
307 New England TeleDhone_100 111 Dec 13 122 Jan 3 109
Jan 125 Sep:
950 Orpheum Circuit, Ins
Oct
Jan 28
13
1 1634July 12 2113 Apr 26
752 Pacific Mills
8412 Oct 27 190 Jan 2 11534 Oct 192 Dec
110 Reece Button Hole
16 July
1212 Apr
10 /1434 Dec 14 18 Mar 14
100 Reece Folding Machine_ 10
3 Mar
133 Dec
314 Mar 15
2 Jan 11
450 Simms Magneto
713 Apr
2 Feb 20 .50 Nov
5 .12 Dec 13
686. Swift & Co
924 Jan 11012 Sepi
100 9812June 26 10912 Jan 6
162:Torrington
June
8113
July
9
39
Mar
42 July 31 50
2
150' Union Twist Drill
8 Mar 144 Feb
5
6 Dec 3 11 Mar 7
4,843 United Shoe Mach Corp- 2
37 Jan 45 Mar
3212 Nov 2 5534Mar 8
399 Do pref
Jan 274 July
25
25 2453June 14 2814 Jan 11
3,815 Ventura Consol 011 Fields_ 5 1934 Aug 23 30 Jan 2
2112 Jan 334 June
1,520 Waldorf Sys,Inc.new shNo Par 1533Sept 17 e2213 Mar 19 01314 Jan 23312 Dee
356 Walth Watch Cl B com.No par
214 Nov 144 Apr
5 Feb 15 13 Mar 17
192
Preferred trust cris
Apr
11 Nov 49
100 1512Mar 8 2913 Mar 19
230 Walworth Manufacturing_ 20 1114 Jan 5 18 Dec 4
13 001
712 Feb
4,581 Warren Bros
1713 Jan 3534 Sept
50 2.514 Jan 31 3412Mar 14
Do
3012 Dec 10 3013 Mar 14
3013 Jan 3814 Oct
3'25
88
1
Do 2
1(1
831)
13;e;
Feb 4434 July
s
31
50 33 .July 10 42 Mar 15
Wickwire Spencer Steel- 5
34 Nov 30 1213 Feb 21
21 May
834 Nov
Mining
•
•.15 .30 •.15 .35 +.12 ;
35 •.12 .35 •.12 .35 0.12 .35
Ad
hymeee
ntkure Consolidated__ 25 .10 Nov 28
1
Apr
Jan
1 Feb 28 .50
-_
25 54 July 5 87 Mar 1
56 Nov 66 Ma7
.25
.25
Algomah Mining
Apr
25 .10 July 5 .50 Mar 2 .03 Sept .50
19 Dec 3218 Jan
25 15 Aug 9 34 Mar 1
11 -158
•134 2
_ 1;430 Arcadian
134
153
Alloues Consolidated.... 25 .70 July 3
43s May
2 Mar
414 Mar 5
*8
812
812, 74 8
595 Arizona Commercial
712 734
712 8
1012 June
8 Nov
Mar
2
1413
74
Jan
6
16
•15
*15
17
*15
17 I •15
17 .515
18
17 .15
Bingham Mines
1834 Sept
Jan
13
10 1413 Oct 30 19 Feb 19
1934 197s 1912 1978 1938 19
,
3 1958 1953 1878 1948 19
4,645
1914
Calumet &Hecla
25 17 Oct 25 49 June 15 248 Nov 301 AUB
238 212
212 212
23s 23
214 24
214 212 8,783 Carson Hill Gold
178
214
1014 May
Vs Nov
943 Feb 13
113 Dec 13
1
134 Feb
Centennial
8 Nov
25
7 Jan 18 15 Mar 1
2334 2334
24
2412 231s 24I
2434 2412
794 Copper Range Co
2
. 41-2 251.
VA May
354 Dec
4
25 2213 Oct 31 4614 Mar 1
3
3
34 312
314 338
914 Jan
312
312 312 2,135 Davis-Daly Copper
312 338
Vs Nov
5 Feb 23
10
214June 28
434 5
438 434
438 434'
*434 5
434 434
74
881 East Butte Copper Miniag. 10
438 438
1214
Jan
Nov
Mar
1
1113
433 Nov 1
.90 .90
.90 .90
•.90
114 •.90 114
141 Franklin '
.90 .90 *1
34 Apr
1
Apr
114
233 Mar 5
25 230 May 22
1.141 •114 2
114
'
5.90
114
*112 17s •114 2
*134 2
130 Hancock Consolidated
34 Mar
112 Aug
4 Mar 5
25
1 Oct 30
•2712 2812 •2712 28
2712 2712 27
27 I 28
850 Hardy Coal Co
2814 2814 2858
1 2434 Mar 28 335sJune 7
•.25 .50 5..25 .50 •_ .50
.50 •.25 .50 '
3.25 .50
Helvetia
2
Apr
114 Feb 20 .50 Deo
25 .10 Sept 17
984 104
10212 103
9912 100
103 104
9812 100
9812 994 1,771 Island Creek Coal
g3i2 Nov 7 11513 Apr 7
1
314 Jan 11653 June
*92
93
93
9312 9312 93
93
93
*92
93
31
93
93
Do pre!
88 Feb 9713 Nov
1 9014 Nov 28 1004 Mar 28
18
17
17
18
1712 1712 17
17
750 Isle Royale Copper
17
18
18 Nov
*1712 19
2634 May
25 16 Oct 24 8314 Mar 3
.2
99 .9
24 24 *178 21g
•178 24
-9 .514 213 •118 213
125 Kerr Lake
41s Apr
3 Feb
358 Jan 2
2 July 17
5
•.99
112 *.99
112
.99 .99
72.5 Keweenaw Copper
.99 .99 .5.99
Feb
112
34 Apr
214 Mar 5
1
25 .60 Sept 4
•112 2
14
•112 2
112
776 Lake Copper Co
114
114
118 118
114
Feb
114
534
514
214
Mar
May
1
25
Oct
25
1
•1
114 *1
114 *1
114 *1
62 La Salle Copper
114
.75 Ps
114 •1
1 Nov
214 Apr
84 Mar 1
25 .75 Dec 14
.132 134 •112 112 .112 17s *112 17s *112 178
100 Mason Valley Mine
13s 13s
1113 Jan
234 May
253 Mar 27
113 Nov 16
.99 .99
1
1
1
.75 .75
1
310 Masi Consolidated
1
.90 .90
1
44 Apr
14 Dec
414 Mar 3
25 .75 ; Dec 11
21s
112 134
17s 2
2
*2
214 .
800 Mayflower-Old Colony
112 134 .134 2
24 Dec
7 Feb 10
64 Apr
25
14 Oct 19
112 112
*112 2
112 112
*112 2
122 Michigan
.75
July
17
7
Mar
1,4
Apr
4
3
July
25 .90
32
3218 3213 3218 32
33
33
33
34
34
219 Mohawk
3312 35
52 Nov 68 June
25 27 Oct 31 71 Mar 2
1534 1573 16
16 •15711 1614 1614 1611 16
857 New Cornelia Copper
1634 1834 1634
1514 Dec 204 June
1414 Oct 29 2412 Mar 2
.214 3
•214 3
•238 3
*214
'
3214 3
New Dom. Copper
414 Apr 4
213 Aug 20
-- -44
*37
44
39
*37
44
44
39 •37
*37
10 New River Company
44 •37
Jan 40 Feb
87
100 36 Apr 18 .10 Apr 27
*733475
*7334 75
*7334 7434 *7334 7434 7412 7412
25 Do pre!
*7334 75
Oct
Jan 85
73
100 72 Nov 8 84 Mar 16
633 612
534 Feb 20
485 NBA/ming Mines
5 July
•6,4 612
6,4 611
7
618 614
Jan
414July 5
618 6,4
5
24 233
212 2714
238 212 .214 234
214 2531
23s 1,662 North Butte
813 Oct 15 May
2
144 Nov 1 124 Mar 1
15
'
.50
1
1
'.50
.55 .55
173 Oilbway Mining
.50 .50
.52 .52 •.50 1
253 Mar 5
114 Dec
413 Apr
25 .50 Nov 3
•1612 1712 .1612 17
*1612 17
45 Old Dominion Co
1612 1612 1612 BB
16 Nov
1634 1634
Jan
27
25 1312 Oct 30 324 Mar 1
- ------ Osceola
25 Nov 384 Aug
25 2434Ju17 18 48 Mar 1
414
-411-8 -11-4 *x37
295 Park City Mining er Smelt_ 5
412 Nov 27
213 June
334 373
334 334
334 -3-34 *378 - -41-4
334 Nov
214 Aug 13
*1312 14
*1312 14
*1312 14
*1312 14
1212 1312
1312 1312 .
20 Pd Crk Pocahontas Co_No par 1212 Nov 14 1614 Mar 23
_•22
22
2134 2214 2114 2153 22
22
23
240 Quincy
2112 2178
223
30 Nov 50 May
25 18 Oct 31 50 Mar 2
3212 3212 32
32
32 •z31
32
244 St Mary's Mineral Land
33
3214 33 .3134 33
484 May
37 Nov
25 27 Oct 31 53411,181' 1
124 May
.48 .48 '3.42 .80
•.40 .60
112 Mar 5 .25 Mar
505 Shannon
.30 .40
.50 .50 •.40 .60
10 30 Dec 12
•.25 .75 *.25 .75 •.25 .75 '
0.25 .75 '3.25 .75 •.25 .75
South Lake
114 May
1 Aug 8 .25 Dec
25 .10 June 4
414 July
133 14 *1,4
43 Superior
113 Dee
2!,i's 2
13
134
134 *114
114
114 .114
25
114July 18
314 Mar 3
1
1
725 Superior dr Balton Copper_ 10 .90 July 30
.99
•1
1
234 Oct
114
1
.99 .99
1
.98 .98
34 Feb 23 .90 Mar
34 Apr
..46 .50
.50 .50
.50 .70
.65 .75
.83 .85 5,290 Trinity Copper Corp
112 Feb 15
.70 .85
Dec
5 .20 Oct 24
.42 .42
.45 .50
945 Tuolumne Copper
.40 .50 •.41) .50
.40 .45
.30 .50
153 Aug 18 .40 Nov .92 May
10 .30 Dec 13
212 212
4 Mar
234 234
1
,4
1
248 24
248 253
Oct
550 Utah-Apex kilning
258 253 *24 234
Apr
13
212
6
Oct 25
5
34 June
.03 .05
Feb
.02 .04
.02 .05
.02 .05
.02 .02 7,007 Utah Consolidated
.02 .02
1
1 .02 Nos 28
3 Mar 5
212 Ape
.30 .30
.26 .30 •.26 .30
825 Utah Metal dr Tunnel
.25 .25
.26 .30 .3.27 .30
158 Feb 27 .80 Dec
1 .25 Dec 3
211 Jan
•.70 .85 '.70
1
•.70
1
50 Victoria
.60 .60 •.68 .85 •.75 .85
233 Feb 28 .75 Nov
25 .60 Aug 30
•.15 .35 •.15 .30
234 Apr
.17 .17 *.18 .35
Jan
.20 .20 •.18 .35 1,070 Winona
134 Mar 5 .25
25 .12 Nov 27
61,
515
at*
•51,
65*
24
16
May
Nov
al,
3511
8
Wolverine
612
.51x
611
13
44
Nov
Mar
25
5
1
454
4B10 and asked prices; no sales on ride day. a Er-rights. S Ex-dividend and rights. s Ex-dividend. I Ex-stock dividend. a Assessment paid.
.1141rinnIng with TIRIveday. May 24, trading has been in new 8118Xee. 01 W16011 two new shares of no par value were given in exchange for one share of old stook of 310
ps. value. In order to make possible comparisons with previous Quotations, we have divided all these previous quotations by two.
2134 2
134 134 •z112 134
+3134 2 .
•1213 131
*1212 13 •1212 13
14
14
13 -11"
1254 12614 12518 12614 12618 12634 12634 12312
12512 126
72
72
72
7112 72
72
71
71
7112 7112
74
75
75
7414 •74
7412 75
75
75
*1434 17
•1434 17
*1434 17
*1434 17
12
•10
•10
11
•10
11
10
10
106 107 *106 107
10514 1051 10512 10512 107 107
•.10 .15 5..08 .11 +.08 .11
.10 .10
2414 2413 24
241
2414 2414 2412 2412 24 WI;
+212 3
*213 3
*211 234 *212 3
*614 613 464 61
614 612
6
638
*35
36
*35
36
35
35
36
35
35
36
15434 15511 15534 15813 157 15712 157 1574 157 15733
24 238
214 211 •213 233 *218 212
11
11
11
11
*11
•11
11
1312
•5
63
.5
634 .5.5
64 *5
634 *5
834
3
4
15
1434 14
1538 1512 1534 1512 1572 154 16
16
16
5034 51
•50
54
5034 5034 *5153 54
+514 54
44
4214 4214 4213 4213 .42
*43
43
43
43
43 343
•1014 133 *1014 1334 *1014 1234 1014 1014 1014 1014
60
•57
60 .57
60
60
*57
60
.557
60
•.25 .75 •.25 .50 •.25 .50
•.25
.30 .30
.30 .30
21
•1
213
1
•1
213
14 118
112 113
434 5
434 434 *433 5
453
453 434
41
418 413
+10
104 • __ 1033 10
10 .10
1033 10
10
10
10
761 .
76
76
77
754 78
*754 _ _
7552
7512
75
7512
6512 6513 8513 8513 65
65 .6513 6812 65
6412
64
65
152 153
151 151
15212 153 *2152 153 I 153 153
15212 153
514 514 *414 5141 *414 54
5
54 544 534
24
2314 2314 24
*2313 24
23
23 I 23
23 "ii" 23"
8213 013 8213 8213 *8112 8212 *28012 8212 *38012 8214
-2
2
2
2
2
2
2
2 I
.2
2
2
218
234 234
334 334
318 313
333 373' *312 4
33s
Vs
113 11418 11218 11218 11134 112
11113 112 I 111 112
112 112
187s 19
1834 187s 1812 1834 18)2 1838 •1878
8614 8614 86
8614 86
86
8534 86 I 854 86
8534 8658
*1512 1533 1553 1533 •1512 1538 1538 15321512 1538 /1434 144
•214 24
212 212
212 3
.212 3
.212
---- -- --,
.12
103 1C312 101 woo 11:3312 101131 9934 10013 100 1004 10014 10013
O43
44 .42
43
43
43 I 43
43
42
4252 4212 4213
4,6
10
10
*6
11
*6
11 1 +6
___
11
0
3313 3412 3334 3412 3334 34181 3334 34
3312 3414 3334 3412
24
2612 26
26
2512 2614/ 26
26
28
26
26
26
2312 2534 2534 2614 2578 2614 2512 26
2534 28
254 2612
164 164 1658 1653 1614 1612 164 1814 18
1614 1518 18
.8
812
8
8
.8
84 *9
8
____
812
17
17 •17
18
17
17
*1634 17
17
17
17
1718 1718 1718 .11634 17 *11634 17
1634 1634 1634 111
4
30
30
304 32
314 32
314 3238 3114 32
32
31
032
33
3012 34
35
374 37
38
535
36
35
36
37
39
39
38
7. 3
40
37934 39
712 38
9
•134 2
*31213 1313
12512 126
7112 72
75
75
•1434 17
12
•10
106 106
•.10 .15
2412 2453
*213 3
6,4 61
*3512 37
15414 1544
*2
3
"ii
ao
ao
toil .8
ni
a
a
613 61;
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Dee. 8 to Dee. 14, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bonds-
Range since Jan. 1.
High.
Low.
Amer Agr Chem Is__ _1928 98% 98% 98% 3,000 98% Dec 99%. Dec
Apr 96
Dec
96
96
1.000 91
Amer Tel & Tel 4s_ .... _1920
Mar
44
4434 63,000 4034 Nov 62
ALI G & WI SS L 5s_ _1950 44
Feb
1,000 78% May 84
80
80
Chic Jet & US Yds 4s_1940
Mar
1940 93
93
Is
9334 10,000 8834 May 95
Nov 77% Jan
65
500 63
65
E Mass St RR ser B Is'48
July 102% Jan
1936
2,000 100
Hood Rubber 75
10034 101
Feb 84% Nov
84% 18,000 76
84
K C Clin & Spgfld Is.._1925
Apr 88% Jan
86% 7,000 84
KC Mem & Blue 58_1931 86% 84
Apr 96% Mar
9434 11.000 92
1929 94
94
Mass Gas 414e
Apr 92% Oct
1931
91% 92
5,000 89
4345
Jan
Miss River Power Is_ _1957
Atn• 95
9134 92
5,000 89
97
Nov 99% Jan
New England Tel 5s_ _1932 97
9734 15,000 95
Apr 99;4 June
1944 96% 96
Swift & Co 55
96% 14,000 91
Mar
Warren Bros 7358- -1937 107
105 110
75,000 102% July 115
95% 96% 24,000 95
Mar 98
Feb
Western Tel Is
1932
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Dee. 8 to Dee. 14, both inclusive, compiled from official lists:
rrumy
owls
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares
Stocks-
Alabama Co 1st pre__.100
Arundel Sand & Gravel_100
I.Preferred
100
Baltimore Brick
100
Bait Gas APPI & Mfg_100
Baltimore Tube
100
Preferred
100
•
Beneech (I)corn
25
• Preferred
10
Central Fire
Cent Teresa Rug pref-_10
Chee Sr Po Tel of Balt_ _100
Commerce Trust
50
Commercial Credit
25
25
Preferred
Preferred B
25
Como!Gas E L & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _100
Continental Trust
100
•
Eastern Rolling Mill
8% preferred
100
Fidelity &DePosit
50
Finance & Guar pref_ -.25
Finance Service CI A_ _10
Houston Olipref tr etfe_100
Hurst John E 1st pref._100
Manufacturers Finance.25
let preferred
25
2d preferred
25
Maryland casualty Co.
.25
Maryland Motor Insur_.50
Merch ,k Min Tr Co_ _100
Monon Val Tree pref.. _25
Mt V-Woodo M pry t r 100
New Ainsterd'm Gas_ _100
Northern Central
50
Penna Water & Power.100
10
Pittsburgh 011 pref
United Ry & Electric--50
U S Fidelity & Guar_ _ _ _ 50
Wash Bait & Annap--50
50
Preferred
West Md Dairy Inc pref _50
Bonds1929
Balt Tree let Sa
Consolidated Gas 6s._1939
Cons G E L&P 414s-1925
1952
hi Series E 5346
1949
Series A 6r,
1931
Series C 7s
Consol Coal ref 4348_1934
Davisonfilil& Phos6s 1927
1925
Elkhorn Coal65
Macon Dub & Sav 5s_ _1947
Md Els.:Ry 1st 5s_ _ _ _ 1931
Norfolk es Atl Ter 5s-1929
1944
Norfolk St Ry 5e
United Ry & E 413_ _ _1949
1949
Income 4s
1936
Funding 58
1949
Os
.r...s......., s-
F.
58
58
80% 82%
25
25%
26
26
26
109% z109% 111%
100
106 106
116 116
7914 79
7934
180 180
68% 70
89
s89
98
80% 80% 82
19
19
17
17
87
8934
'89
89
53
53
5354
24% 24%
23
23
82
82
83%
60
60
105
105 105
20
20
20
57
57
3934 38% 3934
7434 7434
99
99 100
134
1% 114
16%
16% 16
157% 157% 158
6
7
6
27% 27%
51% 51%
8
2,016
29
79
4
5
200
30
22
25
250
58
25
256
167
222
193
30
43
847
30
473
461
124
100
19
32
10
215
25
190
145
10
246
85
1
56
50
261
4,854
1,810
61
350
140
10
9714 9714
98% 98%
91%
91
97
97
101% 101%
106% 106%
88%,89%
97
97
9534 9534
55
5534
93
93
9334 9314
9534 9534
71% 72
5034
50
73
74
99% 99%
70
•rn tz
31,000
1,000
16,000
1,000
3,000
2,000
6,000
6,000
5,000
4,000
1,000
1,000
1,000
8,000
24,000
6,400
11,000
10 000
48
4
110%
85
85
4734 48%
104% 105
4
4%
94
94
20
20
49
50
35
35
25% 26
27% 27%
4
4
no no%
82%
91
89%
9534
9534
71%
5034
99%
1011
Range since Jan. 1.
Low.
High.
82
Jan 90
Apr
40
Jan 48% Dec
9434 Jan 105
Dec
4
Jan
534 Mar
71
Feb 94
Dec
15% Nov 25
Feb
43
Nov 65
Apr
32% Aug 36 June
25% Oct 26% Jan
23% Oct 27% Dec
434 Feb
234 July
108% June 110% Mar
55
Nov 64
Feb
48
Jan 82% Dec
24% Oct 25% Apr
25% Aug 27% Jan
106% July 118
Mar
Mar
103
July 108
114 Sept 120
Jan
79
Dec 98
Jan
170
Jan 190
Apr
Dec
25
Jan 70
Mar
80
Jan 100
78% July 144% Apr
1654 July 30
Jan
Aug 17
Jan
15
Jan
80
Aug 95
85
Feb 90% Oct
50 July 5714 Jan
2434 Oct26% Feb
21% Oct26% July
Jan
82 Sept90
55
Feb60 Sept
104% Aug121
Apr
Aug
18
Fe
22
50
Aug7314 Mat
Jan 3934 Oct
35
72
July 77
Jar
98% Sept108% Mar
154 Jan
2
Jar
15% Aug20% Jar
147
Jan 164
Jar
6
Dec 17
Oci
26% June 31% Fet
51% Sept 52
Noi
96% May
98 Sept
87% Feb
96% Nov
100% Apr
10534 Oct
88% July
95
Oet
9434 Nov
4934 Apr
92% May
92% Nov
9434 Dec
7134 /3en
50
Dec
7234 Oct
99 flept
IA
t..-
98
101
92%
100
103%
10834
92
9734
99%
56%
9634
94
97
7414
55
77%
10234
,,,z
Philadelphia Traction_ _50
Phila. & Western
50
Preferred
50
Railways Co General- AO
Reading Co, let pith _50
2d preferred
50
Scott Paper Co, pfd._ _100
Tono-Belmont Devel__ _1
1
Tonopah Mining
50
Union Traction
United Gas Improvt_.60
50
Preferred
United Rys Investl._ _100
100
Preferred
Warwick Iron & Steel_ _10
100
Weisbach Co •
West Jersey & Sea Shore_50
York Railways. pref. -50
BondsAmer Gas& Elec 5a _ _ _2007
2007
Small 58
1948
Bell Telep 1st 58
Cons Trac NJ 1st 5a 1932
Elec & Peon tr ctf 4s.. _1945
Kentucky Trac & Ter 5851
Keystone Tel let 5s_ _ _1935
Lake Superior Corp 58 1924
Lehigh Val Coal 1st Is 1933
Phil's Co 1st & ref 68..1944
1966
Phila Elec 1st Is
1966
1st 5s ref
1947
514e
1953
5148
1941
Gs
Reading general 4s_1997
Spanish-Amer Iron 68_1927
West N Y & Pa eon 48.1943
Sales
Friday
Last Week's Range for
Week
Sale
ofPrices.
Par. Price. Low. High. Shares.
Alliance Insurance
10
Amer Eleo Power Co_ _ -50 2534
Preferred
100 83
American Gas of N J...100 7834
American Milling
10
American Stores
• 3034
Brill(J G)Co
100 8934
Preferred
100
Cambria Iron
50
East Shore G & E8% pfd25
Eisenlohr (Otto)
100 59
Preferred
100
Electric Storage Batt'y-100
•
Erie Lighting Co
General Asphalt
100
General Refractories
• 55
Insurance Co of N A _ _ _ _10 4954
Keystone Telephone__ -.50
634
Preferred
50 2734
254
Lake Superior Corp....100
50 65
Lehigh Navigation
50
Lehigh Valley
10 21
Lit Brothers
50
North Pennsylvania
Penn Cent Light & Pow_ 5•
0 87
Pennsylv Salt Mfg
50
Pennsylvania RR
Phila Co, pref(cum 6%).50
25 3054
Phil& Electric,of Pa
25 30%
Preferred
•
Phila Insulated Wire
Phila Rapid Transit._ _50 3434
31
2334
80
78%
12
3034
85
92
3834
24
59
9534
62%
24
3531
54
49
636
2734
234
65
8334
2034
80
60
85
4234
4134
30%
3034
4534
34
31
2534
83
8434
12
3034
8934
92
39
24
59
9554
6414
24
3534
5534
4934
634
2734
2%
6634
6334
21
80
60
8734
43
42
3134
3134
4534
3434
92
3,058
311
164
20
3,035
558
5
120
20
40
25
110
100
10
5,587
208
10
20
1,580
405
150
980
100
6
395
3,729
190
3,259
739
10
448
Low.
8%
58%
42%
35
85%
85
85%
84
97% 97%
6114 61%
6354 64%
71% 7134
75% 75%
13
13
99
99
10034 100%
97% 96% 98
95
9634
98% 9834
98% 9814 98%
103% 103%
87
8754
100% 100%
77
78
85%
Low.
High.
Nov 67
300 58
Jan
8
Jan 1234 Apr
540
Dec 86% Jan
300 33
6
334 Jan
10
Mar
Feb 56% Dee
500 55
Feb
100 50 May 55
Aug 99 May
10 94
7,020 5-16 Dec 1 5-16 Jan
2% Jan
1% Oct
680
442 35 June 4154 Dec
3,084 47% May 5934 Dec
189 s54% May 56% Feb
Oct 21% Mar
8
100
100 32% July 55
Mar
Oct
9
6
250
Feb
50 58;4 Dec 58% Dec
Jan 44% Oct
885 33
35 34 May 3634 Jan
July 95%
$2,000 82
July 87
1,700 84
5,000 9654 June 99
5,000 61% Dec 8234
July 7134
54,400 60
10,000 7134 Dec 71%
Apr 80
40,000 70
Oct 31
7,500 10
Nov 10234
1,000 98
5,000 100% Dec 10034
Apr 103
23,600 96
Dec 9614
600 95
Nov 103
10,50
98
95% Nov 99%
68,00
4,000 10214 May 106%
2,000 8314 Apr 8834
1,000 9914 May 100%
77
Mar 81
2,00
Apr
Apr
Jan
Jan
Jan
Dec
Jan
Feb
Jan
Dec
Jan
Dec
Feb
Oct
Jan
July
Dec
Jan
Stocks-
rrtaay
sates
Last Week's Range for
Range since Jan. 1.
Sale
ofPrices.
Week
Par. Price. Low. High .Shares . Low.
High.
5
Am Vitrified Prod, com-50
Am Wind Glass Mach_ _100 96
100
Preferred
Arkansas Nat Gas, com.10
Carnegie Lead es Zinc__ _5
Harb-Walk Refrac,com100
100 103
Preferred
50
Indep Brewing, pref_
Jones-Laughlin Steel, p1100 109
25 2534
Lone Star Gas
50 5454
Mfrs Light & Heat
Nat Fire roof ng, corn -50
50 1934
Preferred
1 1354
Ohio Fuel 011
25 3134
Ohio Fuel SuPPIY
Oklahoma Natural Gas_ _25 2334
Pittsburgh Brew, com- _50
50
Preferred
Pittsb ,fi Mt Shasta CoP--1
854
Pittsburgh Oil & Gas_ _ _5
Pittsburgh Plate Glaes_100
8
Salt Creek Consol Oil__ _10
Brand San mfg,com_ _ _100 98
714
10
Tidal Osage 011
25 2814
Union Natural Gas
25
Glass
US
West'house Air Brake_ _ _ 50 8514
W'house El & Mfg,com.50
Mal
Jar
Jar
Jar
Jaz
Fel
Fel
Ap
Jar
No'
Ma
Feb
Fel
Jan
Jan
Jan
Jan
•,_
Range since Jan. 1.
2734
15
63
7134
8
20
49
8834
3834
23
59
9534
52%
2334
2534
4234
4234
534
25
234
64
5734
20
77
5434
79
41
41
2734
2934
42
30
58
55%
5814 59
8% 834
33
33
5
5
55% 56%
55
55
95
95
5-16 %
114 15-16
40
40
57% 59
55
55%
11% 1114
3814 38%
854 8%
58% 58%
42% 44
35
35
Range sines Jon. 1.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Dec. 8 to Dec. 14, both inclusive, compiled from official sales lists:
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Dee. 8 to Dec. 14, both
inclusive, compiled from official sales lists:
Stocks-
2645
THE CHRONICLE
DEC.15 1923.]
High.
Jan 32 May
Feb 30
Apr
Feb 83
Dec
Aug 85
Nov
Mar 12
Dec
June 32
Oct
Jan 91
Mar
Feb 98 May
Dec 45
Jan
Sept 26
Jan
Dec 86
Jan
Dec 100
Jan
July 6634 Mar
July 27
Fe ,
Aug 5334 Mar
Feb 5934 Mar
Jan 50
Apr
Sept
834 Feb
Aug 3434 Mar
Oct 1054 Feb
Aug 75
Jan
July 71
Feb
Feb 2234 Jan
June 8134 Jan
Apr 62
Aug
June 9334 Apr
Nov 4736 Jan
Jan 4514 Feb
May 3334 Jan
May 3334 Jan
Aug 5034 Jan
Jan 3514 Sent
834 9
95
97
9436 9434
4% 5
2
2%
115 115
103 103
631 634
10834 109
2454 2514
54
5454
734 734
1934 20
1234 1314
3154 3134
2334 24
13.4 1%
5
5%
10e
lie
7
934
217 219
714 8
98
9836
736 8
28
2834
2334 2334
8414 86
6034 62
150
433
10
7,145
600
10
10
20
90
1.208
804
64
245
190
820
1,295
225
230
9,000
1,755
314
850
115
218
570
10
1,209
210
614 July
78
July
8954 Aug
43.4 Nov
1
Nov
102
Mar
102
Mar
6
Jan
10634 Mar
23 May
51 May
6
July
1434 July
11
Sept
30
July
1834 Mar
13.4 Dec
4% Aug
Sc Nov
514 Sept
165
Jan
5% Nov
73
Mar
754 Oct
2334 Feb
233.6 Oct
67
Apr
50
July
934 Oct
97
Dec
10734 Mar
10
Jan
414 Oct
122 May
122 May
10
July
110
Ray
27
July
60 IFeb
834 Feb
20
July
1834 Feb
3634 Mar
3654 Mar
234 Jan
8
Mar
254 Jan
1034 Feb
219% Dec
17% Sept
9994 Nov
1334 Feb
29 Sept
2934 Oct
86 May
6934 Mai
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Dec.8 to Dec. 14, both inclusive,
compiled from official sa es lists:
Stacks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Lozo. High. Shares.
6434 85
American Shipbuilding_100
50
100
86
86
Preferred
20
37% 3734
50
Am Steel Fdr's,com_33 1-3
126% 1265.4
American Tel& Tel Co_
50
p1.100
I.),
9234 92
Armour & Co(D
495
9434
Armour & Co, pref.._ _ _100 8114 8114 8434 1,855
7
15
7
7
340
Armour Leather
100 78
75
78
Preferred
250
5134 5234 1,490
Balaban & Knta,com vtc.25 52
Corp
_
_
.
_
•
Bassick-Alemite
3534 35
3614 1,745
• 2714 27
29
2,785
Borg & Beck
11
11
10
Bridg.port Machine Co.-• 11
10
9
g
10
Bunte Brothers
350
34
•
35 1
Case GI 1)
100
34
• 100
34
2d preferred
85
60
85
Central Ill Pub Serv,Pfd.• 85
100
4
4
Chic C1ty&ConRy ptsh Pf• ......
q
Hi
1,225
54
Chicago Elev Ry. pref_100
185 185
75
Chicago Mot Coach,com.5 185
89
89
90
360
Preferred
2,045
Chic Nipple Mfg, CI"A"50 4134 4034 43
2454 2334 2554 7,100
Class "B''
5,
1
34
34210
Chicago Rys,Part Ctf Ser 2
x
31
/50
Part Ctf Series 3........_ _ __ _
600
Com Chem Co of Tenn_ _ _• 1534 15
1554
Preferred6234 6234
10
Commonwealth Edison.100 -i27% 12654 128
1,091
4
4
100
Consumers Co, com__ _100
100
6254 6236
10
Pr,fcrred
_10
6%
63.4 73.4 1,235
Continental Motors
10914 110
643
Crane CO.Pref
495
60
61
Cudahy Pack Co,com_100 61
16,275
Daniel Boone WoolM ills 25 3334 3134 34
3
334 12.445
Rights
84
84
98
Decker(Alf)& Cohn,pf _100
6134 62
100
250
D ere & Co,Pre
100
158
11834 120
Diamond Match
3351 3434 1,065
Eddy Paper Corp (The)_ _•
10134 102
275
Fair Corp(The).Pfd_ -100 102
• 1934 18
1934 2.335
Gill Mfg Co
4%
4
8
seos
Godchaux Sugar,corn__ .._*
27% 2714
25
Goesard, 11 W,pfd_ _ _100
80
Si
120
Great Lakes D & D- - _100
•
43
38
4775
43
Wheel
Co
Bar's
95
Bibb,Spen, Bart & Co_ _25 6554 6554 6514
10 19
1834 2234 18,335
Hupp 1otor
* 53
5234 5414 1,120
Hurley Machine Co
Hydros Corp, com_ _ _ _(*) 1034 1854 1934 3.410
82
82
50
100
Illinois Brick
8434 8454
10
Illinois North'n Util, pfd.
435
8234
Indep Pneumatic Tool Co.* 8114 81
7-,rcs, ear value. z Lx-dIvidend.
Range since Jan. 1.
Low.
High.
59 June 74
Jan
75 June '' 14 Nov
3434 Oct ,34 Dec
120
July 12654 Dec
8434 June 108
Feb
71 June 96
Jan
7
Nov 10
Jan
Dec 8754 May
75
5034 Nov 5634 Oct
27% Feb 42
Oct
2234 May 3634 Oct
10 Sent 1634 May
8 July 11
Mar
34 Oct
834 Mar
34 Dec
534 Feb
85
Dec 86
Oct
334 Nov 10
Nov
8% Mar
54 Nov
118 May 212
Oct
Oct
85 May 99
4034 Oct 4434 Nov
2354 Dec 2534 Dec
% Dec
33.4 Mar
M Nov
% Aug
15
Nov 1554 Nov
6234 Dec 6234 Dee
11654 Nov 131
Jan
3% Nov
654 Jan
5834 Aug 70
Feb
% Oct 12
Jan
10634 Oct 115
Feb
40 June 6431 Jan
1914 May 6234 Jan
3
Nov
5
Feb
70
Jan 92 May
48% June 7434 Jan
10914 July 121
Jan
2234 Apr 40
July
100
Jan 106
Jan
1634 June 2854 Apr
4
Dec 2634 Apr
2436 Feb 3554 Apr
75 June 9454 Feb
32
July 4334 Apr
Feb 66
64
Jan
1514 Oct2534 Mar
4134 July 555.4 Nov
1534 Sept32% Apr
60
Apr 3654 Jar
83 June 87
Sept
80
Oct 8334 Oel
2646
I
THE CHRON (
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
Inland Steel
25 3635
Internationl Lamp Corp25
735
Kellogg Switchboard _ _ _ _25 45
Libby. bicNelll & Libby_ 10
44
Lindsay Light
10
334
Lyon & Healy,Inc, pref _ _ _ ______
McCord Had Mfg Co.. •
McQuay-Norris Mfg Co_ *
Middle West Util, com_100 4455
Preferred
100 84
Prior Lien preferred__ - - 9534
Murray Mfg Co
10
National Leather
10
2
People's Gas Lt dr Coke.100
Philipsborn's,Inc, vot ctfs_
2
Pick (Albert) & Co
10 2135
Pub Serv of N Ill, com_ __* 994
Pub Serv of N III, com_100 9935
100 924
Preferred
Quaker Oats Co
100 270
Preferred
100 991.4
Real Silk Hosiery Mills_ _10 2934
Reo Motor
10 1634
Standard Gas de Elec _ _ _ _50 27
50
Preferred
Stew Warn Speed,corn _100 904
Swift & Co
100 10015
Swift International
15 1734
Thompson,J R,corn _ _25 494
Union Carbide& Carbon 10 5634
United Iron Works v t 0_50
United Lt& Rys,corn _ _100 13535
100 79
1st preferred
Unit Pap Board, com_ _100
20 79
U S Gypsum
U 8 Steel, common _ _ _ _100 96
Vesta Battery Corp, corn..
Wahl Co
• 3834
Wanner Mall Castings__ _• 264
Ward, Monte & Co, w 1_20 25
Class "A"
• 109
Western Knitting Mills_ _•
.3.4
*
9
Wolff Mfg Corp
Wrigley,Jr, corn, WI "A".• 394
Yellow Cab Mfg,CI "B".10 9635
Yellow Taxi Co
127
9
475 Sept 3535
934
1,090
3975 41
14,000 384 Nov 41
95
9635 3,005 '8734 Nov 114
12515 128
6,620 704 Jan 19031
Bonds
Armour & Co of Del20-year gold 534s_..1943
Thicago City Ry 5s_ _ _1927
Thic City&Con Rys 58 1927
:Mileage Railways 5s.. _ 1927
Thmmonw Edison 68_1943
First mtge 68
1943
7a-Immnnsie3h Flan An 10.1f2
8834
7354
50
7335
9534
10454
onat
3654 3835 3,185
1,080
714 9
4435 45
265
5,930
44 5
335 34 1,985
98
30
98
1,465
35, 36
1,350
22
20
4435 1,765
44
8234 84
600
186
9544
95
30
2035 2034
234 2,125
2
158
954 964
185
2
2
990
2115 224
290
9934
98
145
9935
98
130
90
924
97
270 275
170
9935
99
3,240
2934 30
740
1634 174
1,175
2735
27
510
4735 48
8914 9134 35,330
100 10334 2,030
1714 184 5.910
775
4935 50
5414 5754 17,590
370
435 434
135 1354
100
970
7834 80
15
1535
327
910
78
80
300
9534 96
255
27
30
384 4114 3,999
26
2734 3,925
244 25
2,510
450
1084 109
x
%
575
July
32
735 Dec
394 July
435 Dec
24 May
9434 Oct
June
26
1034 May
364 May
8135 July
Dec
95
July
18
Nov
2
JulY
87
Oct
2
1734 Aug
Nov
97
Dec
97
894 Oct
Mar
210
85 June
284 Dec
1134 Jan
1734 Jan
4634 June
6434 July
9834 June
June
16
4314 June
514 July
435 Nov
Jan
71
694 July
July
14
July
51
8645 Oct
164 Aug
3834 Dec
1835 May
1834 MaY
Jan
93
,),‘ Nov
5034
32
47
84
431
10134
39
26
63
864
104
21
815
9615
234
3635
10334
10334
99
285
100
30
20
3234
5135
1244
10934
2134
5434
6714
1334
164
94
184
104
9615
374
5834
2734
2634
110
Ion
June
Apr
Sept
Apr
Nov
Mar
Apr
Apr
Feb
Jan
Jan
Sept
Fen
Dec
Nov
Mar
Apr
Apr
Apr
Dec
Jan
Dec
May
Mar
Apr
Apr
Jan
Jan
Oct
Jan
Feb
May
Apr
Apr
Oct
Nov
Sept
Jan
Dec
Nov
Dec
Mar
Mar
Nov
Oct
Sept
Feb
884 $1,000 8534 July 96
7335 4,000 734 Dec 8355 Mar
Jan 654 Mar
504 18,000 47
Feb
Sept 82
7335 5,000 73
96
6,000 9535 Nov 10534 May
Aug
10434 3,000 10434 Nov 106
ante
loon 9531 Dec 984 Jan
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Dec. 8 to am. 14, both inclusive, compiled from official sales lists:
Stocks-
rrICLUV
mugs
Last Week's Range for
Sale
Week.
ofPrices.
Per. Price. Low. High. Shares.
First National Bank
Nat Bank of Commerce_ _
State National Bank
St Louis Union Trust
United Rya, pref C D_
American Bakery,corn._..
Best Clymer Co
Brown Shoe, pref
Certain-teed Prod, 15$ Did_
2d preferred
Common
Ely&Walker Dry Goods,cm
2d preferred
Fulton Iron Works.corn
Hamilton-Brown She.....
Hydraulic Press Brick, corn
Preferred
International Shee,corn
Preferred
Laclede Gas Light, pref
Laclede Steel Co
McQuay-Norris
Mo Portland Cement
Nat Candy, corn
lUce-Stix Dry Goods, lat pf
50 preferred
Southwestern Bell Tel, pfd_
Wagner Electric, corn
BondsSt L & Sub Ry gen M Is.
United Railways 48
4s C D
KInloch Long Distance 55.
.s,1,.......1 n Fda
203
146
38
22
7734
2334
5
633%
754
______
115
10234
10434
3335
199 203
146 146
16535 16535
230 230
10
10
35
38
22
22
9135 92
773,4 7755
70
70
37
37
23
2335
85
85
36
38
48
48
5
535
6334 6534
7535 7934
117 1173%
70
70
115 115
194 1935
100 100
93
93
108 108
10234 1024
10454 10635
33
3331
60
6334
6334
9555
98
118
17
50
3
30
40
20
135
6
20
35
298
15
100
280
370
475
196
42
1
20
50
2
65
45
10
30
254
60
$1,000
644 3,000
6331 7,000
9535 1,000
on
loon
Range since Jan. 1.
Low.
High.
2034
83
34
47
36
474
6435
114
70
104
18
7935
7344
10655
10135
101
21
Nov
Nov
Dec
July
Nov
June
Aug
Nov
Aug
Nov
July
Aug
Aug
Nov
June
Aug
July
July
Oct
Dr c
July
Aug
Jan
Aug
Apr
Jan
July
Aug
210
15335
166
245
15
38
25
9934
90
80
45
254
86
5434
50
634
653%
80
119
78
116
20
102
93
10835
104
10635
3534
Jan
Mar
July
Feb
June
Dec
Mar
Jan
Feb
Jan
Feb
Mar
Apr
Mar
July
Feb
Dec
Dec
Mar
Mar
Mar
July
Dec
Dec
July
Mar
Dec
Apr
55
673,4
57
94
071‘
Sept
Nov
Oct
Feb
AOr
60
6454
6331
9635
9831
Dec
Dec
Dec
May
Mar
197
140
16535
221
9
30
14
88
70
65
2354
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Dee. 8 to
Dec. 14, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Sates
Fridalt
Last Week's Range for
Sale. • ofPrices.
Week.
Par Price. Low. High. Shares.
Week ending Dec. 14.
Stocks-
Indus. & Miscellaneous.
115
135
10
Acme Coal Mining
11c
11c
10
Acme PaCkIng
27
2515
Aluminum Mfrs., corn__ -• 2534
134 13%
13%
1334
Amalgam Leather, corn-55
51
160
Preferred
97
97
Amer Cotton Fabric, pf_ 100
44
42
Amer Gas dt Elec. com___•
4135 4115
_50
Preferred
1334
12
American-Hawaiian EIS_ _10 12
Am Light & Trac, cam _100 12054 116 12035
214 2135
Amer. Multigraph
2235
Archer-Daniels Mid Co_ _• 2235 20
84
z80
Armonr & Co (Ill) pref _100 380
14 135
•
134
Atlantic Fruit Co
5035 504
Beech-Not Pack, new w 120
955 11
Blyn Shoes Inc. com____10 104
• No Par value. z Ex-d1 •Idend.
Range since Jan. 1.
Low.
1
400
2.000
5c
200 214
100 11
300 43%
100 95
700 31
100 40
800 11
60 109
200 20
1.400 1975
75 73
1,400
13%
100 4535
4,300
935
High.
6
Dec
June 35c
Feb 27
Oct 194
Dec 65
Nov 102
June 4735
June 464
Oct 2534
July 140
Aug 23
Nov 4034
July 94
255
Sept
Oct 5035
Dee 12
May
Jan
Dec
Apr
Apr
Mar
Nov
Feb
Mar
Jan
July
Apr
Feb
Feb
Dec
Nov
[VOL. Iii.
Friday
Sales
Last Week's Range Jot'
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Bridgeport Machine Co • 1014
10
Oct 1635 May
10% 4,700 10
Brit-Amer Tob,ord bear.21 2235 224 23% 2,100 1935 Jan 25
Sept
Brooklyn City RR
11
10 11
11
735 Jan 1134 Oct
500
Campbell Soup, pref._ _100
1074 1074
100 10514 July 10935 Feb
Candy Products Corp
135 Oct
lIrs Dec
1 lis 135 4,800
Car Ltg & Power, corn._25
2
2
3
255
Aug
900 75c Mar
Preferred
25
835 835
84 Dee
100
54 Jan
Cent Teresa Sugar, corn.10
14 1%
2% Mar
13,4
300 50e July
Centrifugal Cast Iron Pipe• 3135 2814 32
Jan 364 Dec
6,700 10
Checker Cab Mfg Class A •
40
42
2,100 284 Oct 664 Feb
Chi Nipple Mfg,new,C1 A50 x4131 41% 4345 1,300 3635 Sept 444 Nov
New Class B
2334 2534 3.000 17
50 24
Sept 2535 Dec
Childs Co., new stock. _ _ _• 37
37
Nov
37% 1,600 37
Nov 38
Cities Service, corn... 100 x143
Feb
136 143
Oct 195
4,520 128
Preferred
Mar
100 674 6735 6734 3,600 644 June 70
Preferred B
10
635 6%
615 Mar
535 Oct
900
Stock scrip
75
June
77
7534 8,000 72 June 102
Cash scrip
70
70
Aug
Sept 78
1,000 70
Bankers' shares
1334 15
• x15
6,400 124 Oct 1935 Feb
Cleveland Automobile corn*
234 2514
1,000 1974 Oct 344 Apr
Preferred
100
86
86
10 794 Apr 95 June
Columbian Emerald Synd_
lc
lc
lc
lc Sept 450
Jan
1,000
Columbian Syndicate
10c
be
10c
14 Jan
1,000 10c Dec
Cons Gas(N Y) corn w 1.•
5734 58%
1,700 5614 Nov 5934 Dec
Cuba Company
35% 3434 3535 4,300 30
Nov 3875 June
Curtiss Aeropl dr MotorCorn ctts of deposit
123% 1235
Oct
Aug 15
100
7
Delatour Beverage Corp_ •
250 284
500 250 Dec 55c Nov
Del Lack & West Coal_ _50 92
93
Oat
92
Jan 94
175 82
D1ctophone Corp, corn_ •
9
100
9
9
Dec 1234 Oct
DubIller Condenser & Rad* 124 114 1234 12,500
454 Jan
134 Apr
Dunhill Internat
3035 2834 3214 29.100 2715 Dec 3235 Dec
DuPont Motors, Inc
3
775 Apr
314
400
234 June
Durant Motors. Inc
31
Jan
• 2735 26
13,600 2055 Nov 84
Durant Motors of Ind_ AO
734 8
8
300
735 Oct 2514 Jan
Eastern St'l CasVg corn_ •
16
16
300 16
Nov 20% Mar
Film Inspection Machine •
534 6
634 Jan
5
200
Nov
Ford Motor of Canada_100 395
Mar
395 395
100 392
Nov 460
Generality Signal, pf_ _100
75
75
Dec
10 75
Dec 75
Gillette Safety Razor.._• 26455 260 266
Apr
2,300 238 June 292
Gleasonite Products Co_10 12% 124 1235 2,000 10
1235 Dec
Oct
Glen Alden Coal
74
• 74
7514
Jan 804 Nov
1,600 56
• 28
Gold Dust Corp w I
Dee
2634 30
5,900 18
Oct 30
Goodyear Tire & R,com100
834
875 9
3,500
834 Oct 1634 mai
Griffith(D W),Inc,"A"_•
gm May
1i, llis Dis
200 87c Nov
Heyden Chemical
14 134
235 Feb
•
13-4
1
Sept
200
Hudson Cos, pref
224 2234
100
300 1214 Aug 2415 Dec
Hud & Mani] RR,corn.100 12% 12
Dec
1235
600
8
Jule 13
Hydrox Corp, corn
•
Mar
194 193,4
300 1634 Sept 25
Intercontinental Rubb _100
335
354 414 3,400
634 Jan
3
Oct
Internat Concrete Indus_10 12%
1174 1245 2,500
915 Sept 1245 Dec
International Products_ _ _ _
75c 75e
300 75c Dec 75e Dec
Kelsey Motor Co
-34
•
1
335 Nov
135 1,700
Dec
1
Kresge Dept Stores, coin.* 46
46
4734 2.700 333( Sept 4735 Dec
Leader Production
3
34 1,400
44 May
June
1
Lehigh Power Securities_ •
2534 254
100 12,4 July 254 Nov
4%
Libby,McNeill &LIbby_10
44 434
434 Dec
1,100
835 Apr
Lueey Mfg, class A
235 3
50
200
2
Apr
Sept 20
Lupton(FM)Pub, el A •
835 10
300
8,4 Dec 22 Jan
14
14
Mercurb' k(Vienna)Am sh
1434
700 14
1535 Nov
Dec
73,4
Mesabi Iron Co
635 735 2,800
•
4% Sept 1235 Jan
17% 18
Midvale Co
• 1734
500 114 June 214 Apr
22
22
50 18 June 27
Feb
MississiPP1 Rh,Pr corn.100
Motor Products Corp. new. 3715 36
39
2,100 191‘ Oct 3935 Nov
Nat Dairy Products Cor p_• 334 3314 34
17,100 3334 Dec 34
Dec
134 2
National Leather
500
854 Feb
10
14 Nov
434
454 44 3,100
New Max & Aria Land._ _1
535 Apr
24 Oct
10935 110
Jan
Y Telep 635% pref100 110
275 1074 Nov 112
Palge-Detrolt Mot Car_ _10 2135 2155 2214
600 14
24
Apr
Feb
Park & Tliford, Ina
30
3215 8,400 25
Sept 3434 Oat
• 30
28
2834
Peerless Truck & Motor_50 28
200 25
Nov 304 Nov
Pyrene Manufacturing_ _10 11% 114 1175 3,300
Mar 1135 Dee
9
434 56,000
434
314
44 Mar
Radio Corp oJ Amer,corn..
24 June
Preferred
3‘311 4
4lis Nov
15,700
5 3,314
2111 Jan
Reading Coal
5315 7,300 39
4815 48
July 5355 Dec
Reo Motor Car
17
1734 1,100 13% Feb 2034 Mar
10
Repettl, Inc
1
5
14 5,400 750 Sept
Jan
1%
2
50
Resenb'm Grain COrp.pf50
49
600 4634 Oct I3444 Mar
Shelton Looms common_ •
20
20
Aug 2734 Mar
300 18
12435 12734
Singer Manufacturing_.100
85 11334 Sept 127% Dec
Southern Coal & Iron_ .6 14c
12c
150 28,000
8a Oct 500 MILT
Southwest Bell Tel, pf _100
105 105
100 101% July 105
Dec
•
Stutz Motor Car
94
9
10
1,800
84 Dec 24,4 Jan
Swift & Co
101 1024
100
Feb
30 98 June 109
Swift International
1775 184
15
200 1614 Nov
Feb
21
Tenn Elec Power,tom--•
15
1635
800 12
Mar
July 19
Timken-Detroit Axle.. _10
74 74
100
614 Nov 1334 Apr
434
Tob Prod Exports Corp..'
4
435
1,900
64 Mar
23,4 June
4434 45
Todd Shipyards Corp.._ _• 45
460 44
Ma)'
Dec 60
Union Carbide & Carbon_•
56
57
400 52
Oct 6535 Mar
United Gas & Elec. com_10
1334 134
200 1334 Dec 1334 Dec
Unit Bakeries Corp, corn.• 6135 6135 6235
400 24
May 6235 Dec
7
United Profit Sher, new._1
7
735 Nov
734 4,700
474 Jan
534
Mar
Unit Retail Stores Candy.'
535 535 5,800
8
Jan
5
434
Founders' shares
431 434
Is
Mar
•
100
334 Jan
United Shoe Mach corn_ _25
34
34
Mar
Dec 56
100 533
39
4035
1,500 20 June 4034 Dec
S DistrIn Corp cora_ _ _50 39
US Light & Heat.com..10 70e
1,300 700 Nov
70c 80o
234 July
Universal Pipe sic Rad__ _ _•
18
200 114 Sept 2054 Apr
18
614 2,800 55
Preferred
100 6134 61
Apr
Oct 72
Aug 3135 Apr
Wanner Malleable Cast A •
26
26
100 20
11
11
Waring Hat Mfg
200 10% Dec 2254 Apr
•
300 Ole Dec
61c 75c
5
Wayne Coal
274 Jan
700 104 Dec 11
1035 1034
White It'k min sin new.-•
Dec
84
2,200
7
9
Willy% Corp,1st pref__ _100
34 Nov
117.5 Jan
let pref Ws of deo
200
7
8
3 June 10% Jan
3954 4036 36,100 38% Nov 404 Nov
Wrigley(Wm)Jr Co,new •
Rights.
Y Cent RR (stk purch).
NY Cent (Read rights)........
Reading Coal WI
Former Standard Oil
Subsidiaries
Anglo-American Oil_ _ £1
Buckeye Pipe Line
50
25
Continental 011
Cumberland Pipe Line.100
Eureka Pipe Line
100
Galena-Signal 011, corn .100
Humble 011 & Refining_25
100
Illinois Pipe Line
Imperial 011 (Can) coup.25
Indiana Pipe Line
50
Magnolia Petroleum.. 100
National Transit _ _ _12.50
100
New York Transit
Northern Pipe Line._ _100
Ohio 011
25
Penn Mex Fuel
25
Prairie 011 et Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Mire_ - _ _100
Standard Oil (Indiana)..25
Standard 011 (Kansas)..25
Standard 011 (Ky)
25
Standard 011(Neb)_ _100
Standard 011 of N Y____25
154
70
424
105
97
68
36
105
107
84
1424
22
78
95
6935
2831
223
9935
169
138
6034
4034
10335
4234
40e 60e 86,800
34 374 11,700
2134 2435 44,600
40c Dec
335 Dec
1414 July
1474 1514 3,600 1335
73
70
200 6935
42% 4315
1,200 3235
105 107
55 85
97
994
80 87
6154 69
470 55
'534 635 6.200 28
135 139
125 115
1.6 11035 2,295 92
90
84
205 78
138 14334 1,515 123
2234
22
200 1955
78
76
190 70
95
97%
270 95
6935 5,200 484
66
2834 2.000 1035
22
219 22735 6.645 152
9715 100
3.505 91
165 169
55 161
123 138
1,036 100
92
91
60 87
6154 63.300 494
59
41
40
4.409 364
9815 105
9,500 80
220 220
10 186
41
42% 8.800 35$4
Sept
Nov
Aug
Jan
Nov
July
Sept
Nov
July
Nov
Sept
Nov
Dec
Dec
July
Aug
Sept
Sept
Sept
Jule
Nov
Aug
Sept
Jan
Jan
Mao,
60c Dee
3% Dee
244 Des
1944
944
50
117
117
7944
414
171
123
163
168
'29
138
110
8514
2834
275
Jan
Jan
Feb
Nov
Apr
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Dee
Feb
118)4 Feb
21235 Feb
Feb
196
Feb
116
6974 Mar
Feb
57
Feb
110
Feb
285
4934 Jan
THE CHRONICLE
DEC. 15 1923.]
Former Standard Oil.
Subsidiaries (Cocci.).
Stand Oil (Ohio) corn_ _100
100
Swan & Finch
25
Vacuum 011
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High Shares.
Range since Jan. 1.
Low.
50 270
280 281
80 21
35
38
5355 52% 53/
6 s 11,500 40
Other Oil Stocks
10
8c
Allied Oil
Arkansas Nat Gas com_ _10
255
Atlantic Lobos 011 com___•
50
Preferred
Boston-Wyoming 011_ __I 800
4%
Carib Syndicate
5
Creole Syndicate
21/s
Derby 011 & Refits, com_ •
Preferred
• 25%
Engineers Petroleum Co 1
7c
5 45c
Federal Oil
General Petro eum com_25 3354
Gilliland Oil v t c _______ __ __. _ _
10 25c
Glenrock 011
Granada 011 Corp cl A_ _10
25 59
Gulf 011 Corp of Pa
831
Gulf States Oil & Ref____5
Metropol Tr recta w L.
1
Hudson Oil
50
Humphreys 011
35
2d prof etfs dell
International Petroleum-. 16%
Keystone Ranger Devel_ _1
Kirby Petroleum
•
1%
Lance Creek Royalties__ _1
1 67e
Latin-Amer 011
1
Livingston 011 Corp
Livingston Petroleum_ ___.
151
Mammoth 011 class A _ _ __. 56
Marland 011 of Mexico _ _ _1
455
Mexican Panuco 011_ _ _ -10 85c
Mexico Oil Corporation.10 29c
Mountain & Gulf Oil
I
134
Mountain
__ _10 z15
vol trust certifs x113.4
Mutual 011Producers__ _ _5
434
New Bradford Oil
01L _
z21
New England Fuel_New York 011
Noble(Chas F)0& Gcoml
1
Northwest 011
1
Ohio-Ranger
10 780
Omar Oil & Gas
Peer 011 Corporation
10 z13
Pennok 00
25
655
Red Bank 011 new
455
Royal Can Oil Syndicate_•
355
Ryan Consol Pet Corp "
Salt Creek Con 011
Salt Creek Producers_ _ _ 10 1934
Sapulpa Refining
5 900
Seaboard Oil& Gas
5 z900
Southern States 011
10 2855
Texas Ranger
5
Tidal Osage 011
10
Turman Oil, new
10
Vacuum Gas & 011 Ltd _ _ _1
Wilcox 011 dr Gas
1
635
l'Ir" Oil& Gas
1
2$
10
80
4%
255
5
80c
435
2
7
24%
5c
450
33
1
23c
75e
575.4
8%
134
Sc
50
24
15'/,
it
1%
2c
65c
15c
88c
56
3%
65c
29c
1314
14%
10%
4%
20
9
70
Sc
2c
70c
2
1234
634
455
2%
7
1834
88c
85c
24
lc
655
7
4c
554
8c
1,000
8c
400
5%
1,800
235
5
100
2,000
90c
4% 2,900
255 11,700
100
7
700
2531
70 59,000
590 12.000
3.%
1900,
155
200
60c 10,200
400
75c
59% 4,900
9
14,700
800
1%
Sc 20.000
500
50
24% 4,200
17% 33,400
2c 86,000
2
300
2c
2,000
67c
1,600
5,000
170
1
5,500
200
56
434 15,400
85c
5,000
5.000
300
1.400
I%
1551 14,800
1134 29,300
4% 5,50
500
21%
934
500
70 10,000
4,000
9c
2c
1.000
5,400
80c
400
2
13
6,200
6%
300
4% 10,100
3%
400
7
1,300
1955
4,400
98e
2,100
1
16,300
2834 336,700
lc
1,000
300
755
754
700
5e
8,000
7
19,700
9e
3,000
High.
Apr
July 317
Feb
Jan 39
July 55% Mar
Jan
5c
451 Nov
2% May
Dec
5
65c Sept
3% Sept
1% Sept
Oct
5
Nov
22
30 June
10e Nov
30% Oct
1
Dec
230 Dec
40e Nov
433-1 Sent
5% Nov
Oct
I
30 Nov
Nov
23
Nov
23
13% June
lo Nov
1% Apr
Oct
lc
53c Nov
60 Apr
50c Aug
Apr
45
155 Aug
510 June
280 Nov
Sept
1
12% June
8% Sept
3% Nov
15% Sept
5 June
60 Aug
lc Sept
lc Sept
450 Aug
750 Sept
03-4 Jan
15/ Oct
2% Aug
2% Nov
634 Nov
15% June
800
Oct
Oct
650
1134 Sept
lc
Jan
ft
Dec
Nov
6
le Dec
4
Sept
60 Nov
17c Feb
10
Mat
751 Jan
24% Feb
135 Feb
755 Apr
735 Apr
1854 Apr
4934 Mar
250
Jan
1
Jan
38% Apr
1% Dec
2"it Jan
3
Feb
6854 Mar
955 Dec
1% Nov
180
Jan
50
Dec
2434 Dec
24% Feb
40c Feb
4
Jan
2c Nov
67c
Dec
200 Mar
2% Mar
57
Apr
5% Nov
$3
Mar
2,1, Mar
17-i Mar
20% Feb
15% Mar
5% May
52
Mar
21% Feb
Jan
30e
22c
Jan
7c
Feb
1.314 Mar
13
Mar
14% Apr
June
8
755 Mar
635 Mar
Mar
14
254 Feb
4% Mar
4
Apr
2831 Dec
2c
Jan
1355 Feb
7
Dec
5c Dec
1051 Jan
200 Mar
Mining Stocks
Alaska-13rit Col Metals __1
2% M..
50c 55c
7.000 500 Dec
Arizona Globe Copper..-1 100
60 Aug 850 Feb
10c 72,000
7c
Belcher Extension
100
It
10 Aug
le 43,000
(3,3
Jan
Black Oak Mines Co
35e
330 35c
5,000 32c Dec 35c Dec
Boston-Montana Corp--10 17c
90 Feb 55e
15c 18c 30,000
Oct
1
Butte & Western
Oct $3
160 20e
3,000 10c
Apr
Calaveras Copper
5
151 1%
200
151 Oct
4
Mar
Calumet dr Jerome Cop_ _1
7c
5c
Nov
Or
5,000
22e Feb
10
235
Caned() Copper
234 234 13,900
135 Oct
254 Jan
Candelaria Sliver
1
3e
2c
Oct 38o
3c 41,000
2o
Jan
1
4c
Cash Boy Cons 4
40
4c
1,000
4c Dec 13c
Jan
155
Central Amer Mines, Inc..1
155 1% 3,300
Oct
2% Dec
1
155
155
Consol Copper M Ines_ _ _ _5
1st
1.900
1
Nov
434 Mar
Cons Nevada-Utah Corp._
Sc
Sc Aug 15c
Sc
1,000
Jan
Cortez Silver
1 550
51c 55c 54,00
400 Sept
155 Mar
Cresson Con Gold M & NA
Apr
3%
2
395 3% 2,So0
3% Oct
Crown King Cons M,Inc_l
1
1%
1
Nov
1,200
1% Oct
Crown Reserve
1 68c
65c 680
400 320 Feb 72e
Apr
Davis Daly Mining
10
355 354
60
2% July
4% Mar
Diamond Ill Butte (reorg) _
4c
4c
5c 18,000
le Nov
9c Nov
Dolores Esperanza Corp.2
70c 75c
1,500 700 Aug
24 Jan
1
15c
Eureka Croesus
11% 11,000
Sc Aug 37c
Jan
Fortuna Cons Mining ----9c
Se
Ilc 71,000
50 Sent 74c
Jan
Forty-Nine Mining
1
10c 10c
1,000
50
Oct 50c Mar
Or
Goldfield Deep Mines--5c
7c 13,000
6c
60 Apr 24e
Jan
7c
Goldfield Development-8c
7c
7,000
4o4oJan 34e
Jan
1 43c
440 480
Goldfield Florence
5,000 290
Jan 76c
Feb
1 40c
Goldfield Jackpot
39c 420
8,000 55e
Jan
57e Mar
30
4c
Gold Zone Divide
50 27,000
la Aug
lie Feb
4c
Green Monster Mining_ _ _ _
4c
1,000
4c Aug
i0c mar
2c
1
Hard Shell Mining
3e
5,000
to Sept 130
Jan
64c 71c 49,700 450 Nov
Hawthorne Mines Inc
70c
71e
Dec
Heels Mining
25c
831
835 8%
1,700
5% July
9% Apr
3c
Hilltop-Nevada Mining... _ __
4c 14,000
20
Oct 1 13-16Feb
550 68c
Homestako Ext Min Co_ _1 68c
6,500 500 Nov
1',, Oct
Howe Sound Co
23-4
1
2%
234
600
234 Oct
4% Mar
Independence Lead Min _ _1 180
18c 22e
13,000 160 June 48o Mar
Jerome Verde Developm't 1
Pis 1131
1.000 950 Apr
355 Feb
Jim Butler Tonopah
30
5c
1
3,000
le June
6c
Jan
Kerr Lake
135 2
2
5
3,000
1% Dec
355 Jan
Kewanus
1
30
50
1,000
2c Mar
8c
Jan
Lorna Ps-iota
210
16c 220 34,000 16c Dec 22c Dec
Lone Star Conaolldated- _1
5o
4e
60 29,000
2o June 10o
Jan
Mason Valley Mince
5
131
151
1,100
134
JUne
251 Mar
SleKinley-Dar-Sav Min_ _1
130
13c 130
1,000 11c
Oct 25c Slay
Mohican Copper
1
520
43c 52e 57,100
50
Oct 93oApr
National Tin Corp_ ---50e 140
13c 15c 84,000 100 June 32o
Jan
New Cornelia
16
16%
1634
500 1451 Oct 2455 May
New Dominion Copper..5
255
235 2% 3,500
2% Jan
455 May
New Jersey Zinc
149 151
100
205 135
Nov 18055 May
New Sutherland Divide__
100
10c 20c
2.000 10c Dec 20c Dec
New York Porcupine Min. 950
94e
119 43,000 300
Jan
l's. Dec
Niplssing Mines
5
655
654 63-6
1,300
4% July
63.5 Dec
Ohio Copper
1 80o
78c 870 20,700 37o
Jan
Poi Mar
Plymouth Lead Silts
270
25c 27c
5,000 250 Dec 27e Dec
Porcupine Crown Mining_
6o
tic
1,000
6c Dec
6c Dec
Premier Gold
255 2% 2,300
1% Aug
3% Apr
Red Hills Florence
It
20
3c 10,000
lo May
8o Mar
lc
Rex ConsolidatedMInIng_l
It 10,000
be July
Feb
8c
1
88c
1 145.900 45o Nov
St Croix Mines Corp
155 May
1
2c
San Toy Mining
It
2,000
lc June
Sc
Oct
Silver Dale Mining
70
Or
70
9,000
3o Nov
90
Oct
9c
7c
silver Horn NI &I)
90 75,000
40
Oct 160
Ott
294 254
Silver King Coalition__ _5
100
2
Apr
234 Dec
1
50c 50c
Silver King Consol
200 50c Mar
13.4 Apr
be
1
it
Simon Silver-Lead
2,000
10 Dee 50c
Apr
355
3% 334
500
South Amer Gold & Plat.1
255 July
43-4 Mar
3c
Spearhead
2c
5c 73,000
20 Dec
310 June
1
20
lc
2c
Mining
9.000
Stewart
10
Oct
8c
Jan
1,000 32i, Jul} 68e
48e 48e
1 480
Success Mining
Jan
1
3e
30
Superstition Cons
Sc 14,000
30
Jan 16c Feb
19c 19c
1,000
Sutherland Divide
it
Jan 56c Nov
1
Pit
155
b'is 1,500 81c
Teck-Hughes
Jan
1% may
3GO 36c
Tonopah-Belmont Deve1,1 360
1,000 350 Nov 1 9-16 Jan
1
36c 38c
Tonopah Divide
3,000 36c Dec 890 Mar
2647
134
Mining Stocks
(Concluded)
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High: Shares.
1
1%
Tonopah Extension
I
Tonopah Mining
1
Tuolumne Copper
1
United Eastern Mining __ _1
United Verde Extension50c
U S Coot Mines
18c
5
1%
Unity Gold Mines
155
Wenden Copper Mining _ _
West End Coneolidated_5
West End Extension Min__ ______
_1
Western Utah Copper
Wettlaufer-Lorrain Silv All
White Caps Extension__ __ ______
White Caps Min Co_ _ _10c
White Knob Copp, Met_- 50c
Yukon Gold Co
5 600
BondsAllied Pack 8s, Ser B_1939
1939
Cony deb Os
Aluminum Co of Am 781933
78
1925
Amer Cotton Oil 68._ _1924
Amer G & E deb 6s __ _2014
Amer Lt & Trac 6s_ _1925
Without warrants
Amer Rolling Mill 60.1928
Amer Sumatra Tob 6558'25
Amer Tel &Tel fls_ _ _ _1924
Anaconda Cop Min 68_1929
Angio_Amer 011755s_ _1925
Assoc Simmons Hardw655s
1933
Atl Gulf & W I SS L 531959
Beaver Board Cos 8,s_ _1933
Beth Steel equip 7s.--1935
Canadian Nat Rya.78.1935
1925
5s
Charcoal Iron of Am 138 '31
Chic & NW Ry Sow L2037
Chic RI & Pac 5%s_ _1926
Cities Service 7s,Ser C1966
1966
7s,series I)
Columbia Graph 80-1925
Certificates of deposit_ _ _
Cons GEL & P Bait 138'40
1931
75
1952
5558
1941
Consol Textile 88
Cuban Telephone 73451941
1931
Deere & Co 7558
Detroit City Gas 68_ _1947
Detroit Edison 6s.- _ _ _1932
DunlopT &Rot Am is.1942
Federal sugar 68---1933
1925
Fisher Body Gs
1926
Gs
1927
68
1928
88
Gait (Robert) Co 78_1937
Galena Signal 011 78.193O
General Asphalt Ss_ _ _1930
General Petroleum 68.1928
Grand Trunk Ry 650.1936
1937
Gulf 011 of Pa 5s
Hocking Valley RR 68 1921
1936
Hood Rubber 75
Internet Match 655s._1043
Kan City Term Ry 5%s'26
Kennecott Copper 78.1930
Laclede Gas Light 55581953
Lehigh Power Secur 6s.1927
1.41)by,McNelll.kLIbby78
'
31
Manitoba Power 7s_ _ _1941
Without warrants
1925
Maracaibo Oil 78
Monis& Co 755s_ ___1930
Motor Products 6s_ _1943
National Leather 8s__1925
New Oil Pub Serv 5s_ _1952
Nor States Pow (335s w 1'33
1952
Ohio Power 5.3
Park & TIlrord,Inc,6s 1935
Penn Power & Lt 5s B_1952
1953
Phila Elea 555s
1947
5555
1941
6s
Phillips Petrol 7%a_ _ _1931
Without warrants
Public Serv Corp 7s__1941
Pub Serv Elec Pow 68.1948
1933
Pure 011 Co 6558
Reading Coal 5s. w 1 _i951
43.59 w 1
shawancen mills 70 _ 1931
1929
Sloss-Sheffield S&
1927
Solvay & Cie 88
South Calif Edison 58_1944
Stand Oil of NY 6558_1933
7% serial gold deb_1925
7% serial gold deb _ _1928
7% serial gold deb_ _1927
7% serial gold deb _.1928
7% serial gold deb__1929
7% serial gold deb_ _1930
7% serial gold deb-1931
1931
Sun Co 7s
1929
Sun 011 6s
Swift & Co 58_ _Oct 15 1932
Tidal-Osage 01178. _1931
Union Oil 68, Ser B_ _ _1925
United Oil Prod= 813_1936
United Rys of Hay 7558'38
1936
Vacuum 011 7s
Webster:5111M34 %notes'33
17,600
400
6,000
18,500
800
16.000
14,100
8,600
1,800
5,000
1,000
3,100
1,000
2,000
1,100
1,500
134
15,4
Sc
1%
27%
20c
235
1%
65c
3c
3c
Ilc
lc
60
75c
660
77
70% 7755 858.000
43,000
65
58% 65
106
106 10634 29,000
102
4,000
102 102
99% 99% 9934 16,000
94% 93% 94% 64,000
3,000
104 104
43,000
100% 100% 101
98% 9834 2,000
1,000
9655 96%
100% 100 100% 31,000
102
32.000
101% 102
102 102% 4,000
91% 92
44
45
70 . 7255
1023
% 103%
107 107%
9935 9934 9935
88% 89
89
93% 93% 93%
98
98
8934 88
90
87% 88%
91%
44
72%
18%
9755
90
99%
99%
10235
92%
9735
10055
9955
975/g
95
104%
9351
104%
94
100
10034
9434
10031
104
96%
98
8334
86
88
98%
1033-4
100%
101%
9634
92%
85
fos
Foreign Government
and Municipalities
Argentine Nation 6s_ _1924
1943
French Govt 4s
1945
Slexico ita
Certificates of deposit__
59
68 10 year Series A
Certificates of deposit
38
Netherlands(Kingd)68 /3.72
Peru (Republic of) 88_1932
Russian Govt 6548_ _1919
Certificates
1921
5%s
Certificates
Switzerland Govt 53481929
Ext 5% ft notes__ _ _1926
1%
Poi
4e
98c
27
170
134
1
63c
2c
3c
90
lc
60
50c
60c
103%
89%
102
105%
105%
105%
10135
91%
9955
88
100
9955
Low.
I%
1%
40
95c
25%
130
135
280
60c
lo
15c
4c
it
20
500
510
i
High.
June
Aug
Dec
Dec
Nov
Apr
Dec
June
Dec
May
July
Mar
May
Jan
May
Nov
4
2%
670
2314
3855
28c
5%
1%
1%
5c
55c
28c
6c
12c
75c
231,
Mar
Jan
Feb
Feb
Apr
July
Mar
Dec
Jan
Jan
Feb
Apr
Jan
Mar
Feb
Apr
Aug
51
5134 July
105% July
101% Sept
85
Feb
91% July
103 June
100% Nov
97
July
95% Jan
Dec
100
100% July
101% Sept
8451
76%
106%
104
100
97%
110
101%
10034
100%
101%
103%
103%
Jan
Jan
Aug
Jan
Nov
Jan
Jan
Feb
Jan
May
Jan
Feb
Jan
27,000 90% Nov 98% June
14.000 40% Oct 62
Mar
12.000 8534 Feb 82% June
46,000 10155 Sept 103% Sept
22,000 106% May 110% Jan
10,000 97
July
9934 Fet
8,000 85
Nov 97
Mar
349,000 9334 Dec 9334 Nov
2,000 96
July 9834 June
40,000 87
Nov 96% Apz
34,000 87
July 9334 Jar
17
18% 35,000
101 101% 13,00
10655 106%
1,00
9651 9734 18.000
17,000
90
91
105 105
6.000
99% 100
13,000
9955 99% 25,000
102% 102% 23.000
92
93% 14,000
9734 98% 25,000
100341003-4 3.000
9935 99% 8.000
98% 9855 4,000
97% 9734 23,000
95
96
13,000
10334 105% 18,000
10434 104%
1,000
9351 9334 8,000
104% 105
8,000
94
943-4 11,000
5,000
100 100
10031 101
8,000
94
94% 103,000
100% 10031 21,000
10355 104
21,000
go g 90% 5,000
9431 9451 4,000
98% 99
14,000
96
9755 6,000
97
97
2.000
255 255
1,000
98
99
11,000
94
9455 50,000
95
96% 19,000
1.000
819-4 81%
9754 9834 157,000
83
8334 28,000
86
86
5,000
8651 88
34,000
98% 9834 39,00
9734 9834 6.000
103% 10335 22,000
101 101
15,000
100% 10055
1.00
1003.4 10134 17,000
96
96% 11,00
91
91
5.000
9251 92% 20,000
85
8551 43,000
103 103
2,000
96% 9755 15,000
103% 10454 26,000
88% 89% 16,000
105% 106
8,000
101% 102
23.000
104% 104% 4,000
104% 10434 8,000
10455 105% 11,000
105% 105% 9,000
10551 105% 3,000
10534 105% 17,000
101 10135 6,000
98
9854 2.000
91% 9131 62,000
leo q 101
8,000
9955 9935 1,000
19,000
7735 88
10534 106
9,000
106 106% 4,000
9951 100 156,000
9935
2934
32
30%
12%
5655
56
8
9535
9735
10
834
9%
951
98
97
Range since Jan. 1.
9951
3055
35%
32
1434
60
56
855
9654
9735
11%
10%
1031
935
9851
9754
66,000
70.000
177,000
6,000
2.5,000
75,000
1,000
15,000
24.000
11,000
32,000
230.000
85,000
17.000
65,000
104,000
10
Jul) 35
Jar
100% Apr 103% Jar
102% Sept 10854 Fet
9655 Dec 100
Jar
00
Dec 106
Fet
105
Jan 107
I Jat
98% Jan 103% Fel
99
Sept 10134 Jan
100 June 104
Jar
92
Oct 9734 Agri
9631 June 953-4 Ma)
9631 June 10054 Juni
97
July 100
Fel
96
May 9994 Fel
9434 Mar 9834 Fel
94
July 99% Jaz
102
Nov 105% Mai
99 June 105
Jar
9336 Oct95
Ap:
10335 Apr 107
Jar
9335 Mar 9755 Jat
100
Mar 10034 Ap
100 June 102
Jai
94
Nov9454 No,
99% Ott 10051 No,
10151 July 10534 Jai
90% Dec 90% De,
9155 Jul
94% De
97
July 10255 Jai
95
Jan 10255 Fel
97
Jan 103% Fel
105
Mar 275
De
97
Aug 10635 J al
903/4 Oct 9435 De
9455 Dec 102
Ja
8155 July 89% Ma
97% Dec 9934 No
83
Dec 92
Ja
86
Dec 56
De
85% Oct 90% Ja
97% Nov 9934 Oc
9735 Dec 102% Ja
10251 Mar 105% Ja
101
Dec 140
Ma
9534 Aug 103% Ja
9934 Sept 10454 Fe
9455 Oct 98% .Ja
91
Dec 91
De
87
July 9454 No
8451 Nov 8855 Jul
101% Oct 105% At
Feb 9854 Fe
96
103% Sent 10555 Ma
Mar 93
Ja
87
104% Apr 10794 Ja
101% Oct 10655 Fe
103
Apr 106
Jul
103
API' 10731 Ja
104
Sept 107% Ja
104
Apr 108% Fe
105
Apr 10934 Ja
10534 Dec 110
Fe
100 June 103
Mt
97
Apr 0934 Au
89% Mar 94
Fe
100
Aug 104
Ma
99
Nov 10034 At
70
Nov 106% MI
103% Apr 107
Ja
10535 June 107% Ja
9934 Nov 100
Ne
9951 Sept 99% Bei
Ju
2934 Dec 37
2954 Nov 443-4 Ms
Di
29% Nov 33
1194 Aug 1934 Mr
5954
49% Nov 6355 Ms
56
51
Nov 55
Se,
8
Oct 11
Fl
9631
9036 Nov 102% At
96
Sept10031 Al
1055
855 Oct16% Fl
854
854 Oct 1634 Ft
10
8
Nov 16
Ft
834Nov 16
MI
97
Nov 104
Ji
97%
9634 Nov 9734 fAi
Correction.
m
Dollars
per
I
1,000
value.
ire flat. I Listed on ti
• No par
Stock Exchange this week, where additional transactions will be found. 0 Ne
stock. s Option sale. to When Issued. z Ex-dividend. y Ex-rights. s Ex-s to s
Alviannri n Pr-stork dividend of 40%.
3335
3055
2648
kurestment anti gailitazul intelligaute
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
1Jan 1 to Latest Date.
ROADS.
Week or
Month.
Current Previous I Current
Year.
Year. I Year.
Previous
Yesr.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan 1 to Latest Date.
Previous
Current
Year.
Year.
3
3
Akron Canton & Y_ October
241,368 191.796 2,261.369 1,821.853 Minneap & St Louis 1st wk Dec 311.678 311,556 15.640.468 14,595,399
Ala & Vicksburg ___ October
343,521 270,802 2.893.222 2370.525 Minn St P & S S M_ October
4.668.291 5,025.351 41.766,502 38,322,298
Amer Ry Express__ August
13771958 12774074 105480084 98.842.769
Wisconsin Central October
1,772,787 1.777,369 17.326.914 15,459,427
Ann Arbor
4th wkNov 153.813 128,660 5,076,252 4.620.178 Mississippi Central.. October
158,049 135,462 1.497.694 1,231,253
20285474 19861746 168395340 153656745 Missouri-Kan-Tex_ October
Atch TOP & SantaFe October
3,132.213 3.390,173 28,964,599 27,218,457
Gulf Colo & S Fe_ October
2.867.636 2.571.774 20,582,579 19,158,857
M K Tex Ry of T October
2,300,300 .392,821 17,123.145 17.531.249
910,818 888,765 6,994.830 6.455,816
Panhandle & S Fe October
Total system_ ___ October
5,432.513 5,782,994 46.087.742 44,749,706
411,473 382,801 3,836,130 3.241,862 Mo & No Arkansas_ October
Atlanta Birm & Ati_ October
491,781
149,145 128,802 1.253.170
275.375 268,757 2,441,731 2,095,853 MissouriPacific____ October110595379,187,21394,738,751 82,310,143
Atlanta & West Pt_ October
315,656 307.113 4.314.372 4,106.416 Mobile & Ohio
Atlantic CityOctober
1st wk Dec 355,876 349,566 18,887.619 16,642,028
6.634.481 6.118.95566,024.840 57.583.462
Atlantic Coast Line_10ctober
Colum & Greenv_ October
153,380 145,914 1,288.373 1,270,384
23146053 19702229 218462026 160049024 Monongahela Conn_ October
Baltimore & Ohio .October
229.176 162.707 2.313,938 1,344,688
B &0Chic Term.. October
342,444 304,063 3.130,169 2,545.576 Montour
809,624
October
223.409 213,355 2.118,407
Bangor & Aroostook October
730,978 592,857 5,586,321 6,310,230 Nashv Chatt & St L October
2,284,432 2,159.604 20,774.187 18,286,321
9.593
12,190
107.096
88.695 Nevada-Calif-Ore 4th wkNov
Bellefonte Central IOctoaer
305,160
10,224
354,534
11.742
Belt Ry of Chicago_10ctober
646.668 610.752 6,050,451 4.977,838 Nevada Northern October
469.983
118,991
82,748
636,015
2,151.033 2,176.595 17.831,227 11,732.576 Newburgh & So Sh_ October
Bessemer & L Erie_ _10ctober
184,270 171.051 1,766.127 1,587.065
41,366
27.094
Bingham & Garfield October
381.
181,328 New Orb Gt North.._ October
252,542 227,741 2,397,983 2.111,704
Boston & Maine
October
7,592,968 7.474,118.72,676,171 65.949,045 N 0 Tex & Mexico.. October
251,191 329.184 2.417,168 2,290,616
Bklyn E D Terminal October
120.108 123,582 1.266,234 1.309.776
Beam Sour L & W October
240,239 207,990 1.978.667 1,677,317
Buff Roch & Pittsb_ 1st wk Dec 326,822 504.469 20.282.997 15.082,178
St L Browns & M October
595.923 375,316 5,081,332 4,334,677
Buffalo & Susqueh_ October
229.107 175.348 2.321,842 1,213.120 New York Central October
35633038 35844282 356235514 292247921
Canadian Nat 'Rya 1st wk Dec 5,521,725 5,190,375 237681171 218076674
Ind Harbor Belt.. October
1,101,119 1,168,737 9,810,944 8,472,273
AU & St Lawrence October
180.558 239.532 2,528,670 2,257.076
Michigan Central October
8.334,047 8,255,638 80,111,139 67,610,184
Ch Det Can G T J October
258,618 208.583 2.850,049 1.837,427
CC & St Louis_ October
8,174.133 7.815.894 80,300.232 89.195,581
Det G H & MIlw_ October
674.875 576,737 5,781,775 4.427.924
Cincinnati North_ October
463,301 324,409 4.426.876 2,766,656
Canadian Pacific
1st wk Dec 4,557,000 4.155.000 176191000 169103000
Pitts & Lake Erie October
3,638,593 3,338.714 38,464,505 22,258,238
Caro Clinch & Ohio_ October
730,310 633,332 7,759,214 6.293.675 N Y Chic & St Louis October
5,152.899 4,986,932 8.454,227 41,569,431
Central of Georgia October
2,262,510 2,194.087 21,973.119 18.913,304 N Y Connecting
October
276,440 313,430 2,821.432 2,459_,237
Central RR of N J October
4,924.647 5,152,697 48.256.251 40.105,672 NYNH& Hartf'd_ October
11655012 11542713 112171283 101487178
Cent New England_ October
828,095 669.220 6.624,687 5,539,200 NY Ontario & West October
1,096,755 1.106,625 11,812,900 10,300.579
Central Vermont
October
801,824 791,590 7.342.943 6,006,912 N Y Susq & Western October
410,512 431,782 4,053.300 3,364,808
Charles & W Caro October
336,649 267,945 3.269,852 2.688,061 Norfolk Southern October
898.135 770,714 7.673,493 6,893,007
Ches & Ohio Lines October
9.557,797 6.693.743 85.392,903 69,198,700 Norfolk & Western_ October
8,451.941 .302,396 79,117,122 76,637,774
Chicago & Alton_ _ _ October
3.113.516 2.439.707 28.245,005 22.136.817 Northern Pacific
October
10899249 1000134 84,131,166 78,299,890
Chic Burl Fic Quincy_ October
15614106 17093728 143722485 134239029 Northwestern Pac October
776,769 791,157 6,916,642 6,817.526
Chicago & East III October
2.549.861 2.371,433 23.872,360 19,936,499 Pennsylvania Syst October
67480969 67176453 656703107 572210674
Chic Great Western October
2,430.552 2.345.274 21,697,969 19.925,452
Penn RR & Co...._ October
63160989 62950905 610514 114 529497176
Chic Ind & Louisv October
1.621,269 1,524.651
Bait Ches & Atl October
13011,981
153.278 130,886 1,353.351 1.354.628
15365 219 1588895511,0648'113 128434131
Chic Milw & St Paul October
Long Island
October
2,788,401 2,608,127 28,974,420 26.195.602
Chic & North West_ October
Mary Del ec Va October
4924884 14864079 135246521 121255715
996,696
952.182
102,821 101,979
Chic Peoria & St L_ October
134,519 178.033 1.167,588 1,7476,42
Monongahela _ _ _ _ October
470,587 382,016 4.865.644 2,900,122
October
Chic River & Ind
684.116 632.5951 6,239.397 5.588,807
Tol Peoria & West October
165.399 166.495 1,552,321 1,376,997
Chic RI & Pacific October
11418170 112491191103639641 98,841.937
W Jersey & Seash October
1.028,323 1.168,692 12.448,014 12,058.932
Chic R I & Gulf October
531.479 505,8471 4.714,710 4,813.605 Peoria & Pekin Un_ October
172,235 180,995 1,474.887 1.500.624
Chic St Paul M & 0 October
2,648,335 2.537,965 23.704.186 23.146,827 Pere Marquette
October
4,419,562 3,602.421 38.459,156 31,587,005
October
Chic Ind & Western
430,799 460,556 3.906,289 3,538.558 Perklomen
October
97.102 117.465
937,886 1,074,782
*Colo & Southern.._ October
1,173,033 1,200,578 10.435,034 10.819,039 Phila & Reading
October
8,785,967 8,862.560 89,217.776 64,554.342
Ft W & Den City_ October
835,478
983.158 953.246 7.773.768 7.818,756 Pitts & Shawmut_ _ _ October
76.649
69.836 1.099,921
'Frin & Brazos Vail October
976,926
484,940 237.333 2,491,172 2,352,150 Pitts Shaw & North October
99,447 146.162 1,176,996
Wichita Valley__.. October
206.654 173.538 1,185,831 1,055,720 Pitts & West Ara_
October
372.466 252,036 3,186.815 2.299.579
Delaware & Hudson October
October
4.211,118 3.972.663 39,502,561 0,432,304 Port Reading
211.634 169.059 2,277,536 1,462,264
Del Lack & Western October
6.206,353 7.475.022 73,083.044 1.245.545 Pullman Co
October
5,878,5905,654,154 61.139,778 54,413.178
Deny & Rio Grande October
975.427
3,783.788 3,397.224 28,502.355 7,218.189 Quincy Om & K 0_ _ October
107.081 153,186 1,051.129
Denver & Salt Lake October
296,985 233,764 2,213.684 1,178.978 Rich Fred & Potom_ October
909.417 965,594 10.120,028 9.050,343
Detroit & M ickinac October
218.022 190,387 1,619,122 1,580,725 Rutland
October
561,164 509,138 5.689.207 4.789,973
Detroit Tol & Iront_ October
961.364 780.033 8.822.316 7,467.782 St Louis-San Fran_ 1st wk Dec 1,632,984 1,693,065 83,584,907 76,935,910
Det & Tol Sh Line 0,
:tober
359.757 338,999 3,560.586 2.929.832
St L-San F of Tex October
173,433 158,031 1.395,466 1.406,885
Dul & Iron Range October849.353 723.705 .143,294 6317.042
Ft Worth & Rio G October
153,548 149.831 1,255.744 1,124,344
Dul Missaba & Nor.. October
2,823,991 1,775,056 0,225,846113,687.250 St Louis Southwest.. October
1,956,335 1,842,404 7,256,421 14,714,201
Dul So Shore & Atl 1st wk Dec
St L SW of Texas October
96.423 .82,918 5,535,3941 4.130,947
1,034,546 796,552 7,077,610 6,155,746
Dul Winn & Pacific_ October
170.017 170,997 1,988.007 1,642.
Total system
1st wk Dec 562,699 648,55827.639.031 24,094,716
East St L Connect__ October
215.574 192,530 2.013,773 1.697,976 St Louis Transfer October
614,688
76,252
730,566
68,292
Elgin Joliet & East.. October
2.214.802 2.095.680 23,536,110 17.140,196 San Ant & AranPass October
775.695 646,115 5,250,719 4,792,782
El Paso & South W_ October
1,109.074 905.193 10,512.009 9.257.263 San Ant Uvalde & G October
889.286
101,895
88,638 1.035.674
Erie Railroad
October
10652293 9.504,959 100021809 75.588,414 Seaboard Air Line.. _ October
4.529,107 1.203.614 42,820.612 36.938.134
Chicago & Erie October
1,416.987 1,146,951 11.937.446 9,265,339 Southern Pacific Sys October
28988394 26232804238350289214983175
NJ & NY RR_ _ _ October
132.894 130.555 1,333.772 1.249.242 Southern Pac Co...... October
20611577 18593941 169918421 151278291
Evan Ind & Terre H October
963,078
172.749 154,589 1,457.931
Atlantic S S Lines October
1.373.263 1,199.461 11,519,714 9.758.518
Florida East Coast_ October
1,156.585 934.202 13.128,984 11.147,440
Arizona Eastern_ October
349,712 286.1171 3.069.216 2,592,584
Fonda robin & Glov October
110.489 123.950 1.233.402 1.159.353
Gal Harris & S A_ October
2,378,728 2.158.831 19,445,388 18,127,408
Ft Smith & Western October
156.326 173.722 1.299,424 1,348,706
nous & Tex Cent_ October
1,602,913.596,878 11.911,095 12.235,944
G dveston Wharf.. October
Hous E & W Tex_ October
180,222 223.403 1.209,113 1,295.385
361.645 308,534 2.593,097 2,594,547
Georgia RR
October
603,017 541,319 5.160.286 4,226.160
Louisiana West'n. October
453.429 382,825: 3.821,253 3,447,569
Georgia & Florida 4th wk Nov
Morg La & Texas October
45,800
37.115 1.630.742
842,582 814,876 7,304.441 6.576,767
Grand Trunk West_ October
Texas & New Orl_ October
1.693,394 1,400,041 16.7754103 13.505,456
860,123 772,937 7,431,107 7,171,702
Great North System 1st wk Dec 2,303.8822.371,921 113964080 97,265,041 Southern Ry System 1st wk Dec 3,803,969 3.658,391' 185954270 153104193
Green Bay & West_ October
121,771 124.989 1.094,955' 1.136.245
Southern Ry Co October
_
13477484
12553134 125305115 104088939
Gulf Mobile & Nor_ October
Ala Great South_ October
575,128 423,108 4.976.5861 3.856,167
718,544 9,054,512 6,806,975
C,New Orl & T P.. October
Gulf & Ship Island_ October
315.112 248,738 2.765,7241 2.464,983
1,879,671 1.537.650 19,296,363 13,365,977
October
Hocking Valley_ _
Georgia Sou & Fla October
1,712.609 1.503.820 15.110.797111,174.715
461,506 371,733 4.376,3623.730,676
New On & No E.. October
Illinois Central Syst October
16488280 17692382 157055764 141709033
575,043 483,270 5.777.373 4,361,453
North Alabama.... October
Illinois Central Co October
14334184 15595017 139881918 126023025
164,344 151,334 1,450.050 1,141,307
980.494
2,154,096 2.097,365 17,173.846 15,686.008 Spokane Internat'l_ October
985,506
Yazoo & Miss Vail October
107.902 116,241
Internet Gt North. _ October
1,805.860 1,654.293 2.681.598 12,016,867 Spok Port & Seattle October
881,349 662,128 6.827,846 5,985,589
Intern Ry Co of Me October
164,801 169,852 2.186,254 2,122.574 Staten Island It T October
213.298 193.720 2,151,184 2,044.135
279.944 264.313 2,597.482 2.045306
114,336 102,335 1,501,124 1.109.348 Tennessee Central October
K C Mex & Orient October
443,347 398,633 4,279,860 3,723,525
181.461 145.656 1.451.501 1.226.105 Term RR Assn ofStL October
K C M & Or of Tex. October
1.815.381 1.631.247 6.609,744114,842.173
St L Mer Bdge T_ October
407,373 459,475 4,083.627 3.244,736
Kansas City South.. October
298,517 221,625 2,376,1111 1,736,564 Texas & Pacific...... 4th wk Nov 939,612 884.845 29,358.295 28.113,744
Texark& FtSmith October
132,943 126,865 1,541,397 1,414,235
2.113,900 1,852.872 8.985,8551 16.578.737 Ulster & Delaware.._ October
Total System_ .... October
October
13815637 12688907 97.622.661 7,701,096
211.521 275.280 2.070.506 2,362.47t Union Pacific
Kansas Okla & Gulf October
Total System_ _ _ October
24304916 21633102 174599257 157088757
149.862 122,872 1.154,051 1,020.337
Lake Super & Ishp_ October
Oregon Short Line October
4.462,256 4,146,858 31.857,18629.837,593
879.486
93.793 100.498
Lake Terminal Ry_ _ October
968,288
Ore-Wash RR &N October
3,481,500 2,903,010 24.859.488 23,402,733
298,190 284.826 2.566,696 1,974.461
Lehigh & Hud River October
St Jos & Grand Isl October
347,306 305.303 2.717.139 2,594,241
473.579 555.834 4.959,688 3,437.504
Lehigh & New Eng.. October
1,158,514 1,037,166 10,763,692 9,357,987
7,556.650 5.488.912 62.898.112 51,322,044 Union RR (Penn).... October
October
Lehigh Valley
October
212.117 160.688 1.347,229 1.404,635
2,545,523 1,894.327 20,259.922 16,147,335 Utah
Los Ang&Salt Lake October
433,060 326,9141 3,682.838 2,998,652
324.173 263,529
Louisiana & Arkan_ October
130.538 2,707.184 Vicks Shrev & Pac October
October
1.730.427 1.523.991 18,226,391 6,066,983
La Ry & Navig Co_ October
372.056 398,007 3.254.262 2,889,782 Virginian RR
Wabash RR
October
6,189,382 5.000.892 55.416,027 47.741,878
165,071
761,766
Louis Ry & N of T October
Louisv & Nashville October
12313661 10622310 113700355 100757149 Western Maryland_ 4th wkNov 495.585 537,106 21,290,667 16,821,045
1,819,487 1,569.773 11,880.899 10,299,018
Louisv Fiend & St L October
318.660 299.341 2,919,586 2,723,475 Western Pacific...... _ October
303,704 304,043 2,494,057 2,196,371
Maine Central
1,855.284 1,697.855 17,822,600 16,967.159 Western Ry of Ala October
October
1.929,480 1,074,34416,188,028 11.004.773
Mid).nd Valley
405.937 442.836 3,763,867 3,845.482 Wheel & Lake Erie_ October
October
293,011
Mineral Range
440,079
1st wk Dec
8,664
8,625
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
Current
Year.
1 Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
I
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage. Cur.Yr. Prev.Yr.
$
$
SS
$
4th week Sept (15 roads) -26.460.653 +1,176.0341 4.44 December-235,290 236.121 512.433.733 434.698.143 187.735,590 20.66
1st week Oct (15 roads).20.768,243 +1.101.235 5.30 January ----235.678 235,827 500.816.521 395.000,157 70.803.472 21.00
2d week Oct (13 roads)
+568,295 3.04 February---235,399 235.528 444.891.872 400.146,341 44.745.531 11.18
18.650.173
3d week Oct (14 roads)
+563,559 2.57 March
235.424 235,470 533.553.199 473,747,009 59,806.190 12.63
_
21.968.811
4th week Oct (12 roads)__
April
234.970 235,839 521.387,412 415.808.970 +105578442 2539
+4.230,96314.69
28.920.884
1.82
a)
1st week Nov (16 roads)_.._
235.186 235.472 545.503.898 447,993,844 +97.510,054 21.77
22,391,225
2d week Nov (16 roads)____
236.739 236,683 540.054,165473.150.864 66,903.501 14.14
22.225,106 +1.104:191 4.97 June
3d week Nov (14 roads)........
+1,185,377 5.84 July
20 70
235,477 235.313 534.634.5+01.678.67952 442.955.873
. .
4thweek Nov (13 roads)---- 26,301,027 25.500,402
+890.625 3.49 August
235.357 235.696 563.292,105473,110,138 +90,181.987 19.00
+503,280 2.65 September.. _235,611 236.525 544.270.233 499.720.575 +44.549.658 8.91
1st week Dec (11 roads)---- 19.480.722 18,997.442
Note.—Grand Rapids & Indiana and Pitts. Oin. Chic & Si. Louis Included in Pennsylvania RB. Lake Erie & Western Included in New York Central
Toledo Eit. Louis & Western included in New York Chicago & St. Louis. •Revised figures.
E
I
27.636,687
21.869.478
19,218.468
22.532.470
33.151.847
22.798.500
23.329,297
2649
THE CHRONICLE
DEC.15 1923.]
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of December. The table covers 11 roads and shows 2.65%
increase over the same week last year.
Name of Road '
or Company.
Month.
Munic Sec Co & Subs_ October
First week of December.
1923.
Buffalo Rochester St Pittsburgh
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
St Louis-San Francisco
St Louis Southwestern
Southern Railway
326,822
5,521,725
4,557,000
96,423
2,303.882
8,664
310,678
355,876
1.632,984
562,699
3,803,969
$
1922.
$
19.480,722 18.977,442
Total (11 roads)
Netincrease(2.65%)
Nebraska Power Co October
Increase. Decrease. dNevada-Calif
Electric October
New Bed G & Ed Lt-• October
$
$
New Eng Power Syst_ October
177,647
504,469
5,190.375 331,350
4.155,000 402,000
13,505
82,918
68,039
2,371,921
39
8,625
5,878
316,556
6,310
349,566
60,081
1,693,065
83.857
646.556
3.658,391 145.578
898.782
503,280
395,502
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings for STEAM
railroads reported this week:
—Grossfrom Railway— —Net from Railway— —Net after Taxes1923.
1922.
1922.
1923.
1923.
1922.
$
$
$
Colorado & Southern—
177,149 —24,893
245,776
47,229
*Octooer— - 1,173,033 1,200,578
390,942 1,438,877
From Jan 1_10,435,034 10,819,039 1,054,789 2,112,194
Monongahela—
128.651
76,999
120,651
88,908
*Oetobee___ 470,587
382,016
960,088
FromJan 1_ 4,865,644 2,900,122 1,582,883 8,040,232 1,483,317
* Revised figures.
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Name of Road
or Company.
•
Latest Gross Earnings.
Jan. 1 to Latest Date.
Current Previous Current Previous
Month. Year. Year.
Year.
Year.
$
$
5
$
Adirondack Pow & Lt November 636,536 557,787 *6,895,380 *5,610,166
Alabama Power Co— October
833,396 564,877 *7,564,431 *5.366,144
Amer Elec Power Co_ October
1649,996 1657,671 17.324,720 15,812,095
Am Pr & Lt Co subsid October
2756,778 2505.411 *31096249 *28319967
American Tel & Tel__ September 5796,462 5645,669 53,341.075 47,861.878
/ram Wat Wks & Sub October
3006,201 2483,730 *34034070 *22545584
Appalachian Pow Co November 302,397 265,185 *3.417,151 *2,898,941
Arizona Power Co..... August
78,359 60.960 *801,168 *559,705
cArkansas Lt & Power October
132,765 101,630 *1.447.691 *1,264,670
Asheville Pow & Light October
84,325 74.868 *961,294 *890,769
Associated Gas & Bloc October
292,405 174,672 *3,157,373 *1,922,575
Aug-Aiken By & Elm October
98,008 104,685 *1,217,914 *1.095,421
Bangor Ry & Electric October
129,659 131,659 *1,538.863 *1.476,772
kBarcelona Tr, L & P October
4339,004 4081,364 41,430,358 37,715.045
481,469
518,712
51,504 47,998
Baton Rouge Electric October
470,592
526,834
Beaver Valley Trac_ September
53.616 53.291
99,752 83,207 *1,141,057 *989.361
Binghamton L,11 & P September
417,696 357,024 *4,494,109 *3,926,015
Blackstone Val G & E October
2760.077 2630.924 17.448.488 16.535.329
Boston "L" Railway_ June
23083000 18231000 203963000 162141 000
Brazilian Tr, Lt & Pr October
58.771
57,087
7.508
6,912
Bklyn Heights (Rec) August
202,224 206,002 1.699,419 1,698,063
Bkhl Q Co&Subcrec) August
277,625 273,157 1,988.948 1,963.144
Coney I & BkIn (Rec) August
115,500
103,165
25,091 29,970
Coney Island & rave August
470,381 441,558 3,679,829 3,401,806
Nassau Electric ____ August
846,038
131,951
123,499
787,979
August
South Brooklyn ____
3310,274 3017.255 *36899294 *34544092
Bklyn-Man Transit— May
September 1011.410 1017,207 s3,011.831 52.948.496
Bklyn City RR
clsf Y Rap Tran Corp_ September 2056.427 1904,583 19.176,157 17.596.647
570,146
500,063
CapeBretonElCo.Ltd October • 59,380 57,789
225,056 207,870 *2,217,774 *1,928,502
Carolina Power & Lt_ October
302,272 270,272 2,866,198 2,428,108
Central Illinois Lt Co October
570,924
49,559 46,762
540,756
Cent Miss Vail El Co_ October
1049,915 1114,936 *16592772 *14558623
October
Cities Service Co
77,108 72,748 *953,483 *790.592
Citizens Tr Co & Sub_ October
531.129
551,155
Cleve Painesv & East_ September 59,794 64,259
129,769 88.061 *1,185,503 *1,010,562
Colorado Power Co October
1624,002 1497.203 17,046.740 14,899,560
Columbia Gas & Elec October
197,940 179,339 1,855,783 1,604,685
Columbus Elec & Pow October
2639,466 2326,687 24,295,841 21.204,573
Com'w'Ith Pow Corp October
3230,878 2880,454 *36888775 *32589289
Com'w'lth Pr, By &L October
177,537 163,750 1,652,920 1,429.296
Connecticut Pow Co_ October
1484,051 1256.198 13,643,404 11,480,343
Consumers Power Co October
318,754 301,688 *3,741,567 *3.445.930
Cumberland Co P &L October
2790.637 2376.852 25,638,840 21.128.412
Detroit Edison Co.... October
Duquesne Lt Co Subs September 1522,153 1356.497 14.236,225 12,117.051
889.799 917.399 7.350,691 7.118,368
Eastern Mass St Ry_ _ August
276,082 218,789 *2,880,163 *2,384,234
Eastern Penn Ele Co October
50,214 45,682 *547,984 *496,704
East ShG&E Co&Sub October
362,585 375.578 *4,471,222 *3.775.851
East St Louis & Sub October
170,795 149,076 1,699,369 1,469.078
East Texas Elec Co October
138,784 129,457 *1,565,425 *1,354,031
Edis El Ill of Brock'n_ October
198,002 192,912 *2,389,276 *2,281,237
El Paso Electric Co October
Elm Lt & Pow Co o
41,008 34,689 *445,202 *369,772
Abington & Rockni __October
96,172 98,258
855,469
Fall River Gas Works October
830,907
Federal Lt & Trac Co September 432,408 404.335 4.045.647 3.726.845
268.227 '236,435 *2,949.253 *2,494.908
o Ft Worth Pow & Lt_ October
283,193 275,547 *3,318,812 *3.300,948
Galv-Hous Elec Co October
Gen G & L & Sub Cos September 1306.741 114(1.830 *15554655
164,611 143.864 1.571,290 1,394.185
Georgia Lt, Pr & Rys October
1352,444 1229,509 13,130,457 11.712,527
Georgia By & Power_ October
596,134 633,309 5,919,166 6,239.267
Great West Pow Syst. October
1130.044 1085.144 11,059,743 10.688.372
Havana El Ry, L & P October
50,049 49.043
Haverhill Gas Light October
473.902
449.929
85,728 83.512
Honolulu Rapid Tran October
810,946
804.449
43,760 45,935
Houghton Co Electric October
429,226
443,551
Hudson & Manhattan Septemner 944,658 888,187 8,521.611 8,133.674
94,611 104,604 *1,303,403 *1.180.356
Hunting'n Dev & Gas October
5122,772
Interb Rapid Transit.. October
z17957105 -- ___
Subway Division September 2770,529 2704,210 27.211,894 33.650,461
Elevated Division_ September 1544,649 1553.873 14,247.825 13.962.018
193.089 186,406 *2,509,276 *2.424,079
October
Idaho Power Co
728,225 670,263 6.907.863 5,960.38£
Hans City Pow & Lt_ October
d Kan Gas & Elec Co_ September 402.937 365.068 *5,475.222 *4.979.058
34,837 34.015
Keokuk Electric Co October
340.003
318.09(
158,669 145.834 *1,669.763 *1.578.128
•
Kentucky Trac Term June
152.138 142.06$ 1,485.636 1.391.819
Keystone Telep Co October
19,944 21.718 *249,040 *248,971
Key West Electric.... October
Lake Shore Electric.. Jeptember 237.854 230.856 2.084.953 1.866.401
42,973 38.508
263,666
Long Island Electric August
264.461
989.904 1040,832 4,914.646 4.987,091
Los Angeles Gas Co.- April
218,280 123,484 1,338,986 1,053.751
Lowell El & Lt Corp. October
22,015 23,215
183,977
188.531
Manhat Bdge 3c Line August
34,149 34,142
263,88
251,631
Manh & Queens(Rec) August
309,303 313,943 *3.579.617 *3,579.051
Manila Electric° rp_ October
November 829,106 803,711 8.968,131 8.744,611
Market Street By
October . 300,513 284,883 2.737.098 2.431,561
Mass Lighting Co
September
642,826 573.441 *7.641.87i *6,429.10(
Edison
Metropolitan
e
1850,167 1667,186 *21994254 *1901767:
Milw Elm By & Light October
93.733 90.462 *1,202,729 *1.133,991
Miss Power & Lt Co- May
258.043 228,495 *3,014,54 *2.889,271
Miss River Power Co_ October
Jan. 1 to Ltitest Date.
Current Previous Current Previous
Year. Year.
Year.
Year.
$
$
$
5
Latest Gross Earnings.
New Jersey Pow & Lt September
Nevrpt News & Ramp
By.Gas & Elec Co_ October
New York Dock Co— October
New York Railways_ September
Eighth Avenue____ August
Ningh Avenue__ August
NY & Queens(Rec) August
NY & Harlem (Rec) August
NY & Long Island__ August
Niagara Lockport &
Ont Pow Co & Subs October
Nor Caro Public Serv September
Northern N Y Util-__ July
Nor Ohio Elec Corp.__ October
Nor'west Ohio By & P September
North Texas Elec Co_ October
August
Ocean Electric
d Pacific Pow & Light October
Paducah Electric.... October
Penn Central Light dc
Power Co & Subs September
Penna Coal & Coke June
Pennsylvania Edison_ September
Phila Co & Subsidiary
Natural Gas Cos October
Philadelphia 011 Co September
Philadelphia & West_ October
Phila. Rapid Transit October
Phila Rapid Transit August
October
Pine Bluff Co
dPortland Gas & Coke October
Portland By, Lt & Pr October
Pub fiery Corp of NJ June
Puget Sound Pr & Lt_ October
Reading Transit & Lt September
Republic Ry & Lt Co_ October
Ri&m Lt & RR(Rec) August
Rutland Ry,Lt & Pr_ September
Sandusky Gas & Bloc September
Savannah Elec & Pow October
Sayre Electric Co.... September
Second Avenue (Rec) August
17th St Ind Plane Co September
Sierra Pacific Elec Co October
Southern Calif Edison October
So Canada Pr Co.Ltd August
October
So Ind Gas & Elec
South NY Pr & By.. June
Southern Utilities Co_ October
gSouthwest'n Pr & Lt October
Tampa Electric Co October
Tennessee Elec Pr Co October
Texas Electric By... October
()Texas Power & Light October
Third Avenue By Co_ October
United Electric Rys September
United Gas & El Corp October
United Lt&Rys5zSubs September
Utah Power & Light_ October
gptah Securities Corp October
Vermont Hydro-Elec_ September
Virginia By & Pow Co October
October
Wash Water Pr Co
West Penn Co & Sub_ October
Winnipeg Electric By September
nYadkin River Pr Co October
York Utilities Co.— October
V.,..5.Ahin Rio RIZ Rentnmhnr
382,575
323,261
280.309
293,201
658,728
86,206
400,692 *4.837.380 *3.238,927
310.463 *3.773.928 *3.367.723
249,681 *3.950,329 *3,324.200
283,598 3,003.116 ........
545.350 *7.391,978 *5.638.567
63,558 *929.829 *640.305
166,218
266,759
758.525
92,588
38,074
58,351
105,782
46,987
177.035 *2,117.809 *2.086.672
295,136 2.756,693 3.269,293
819.152 6,797.977 7,043,473
806.085
780.567
96,170
339,191
332,562
38,934
715,936
449.149
62,095
978,930 1.024,774
113,066
384,628
325.551
54,130
490,443
117.236
145,893
786.472
55,643
258,112
56,803
293.173
50,589
445,075 4.540,829 3.244,310
102.444 1.375.263 1,204,573
920,026
131,004 1.107.420
817,837 8.438.365 7.710.217
48.423 *568.860 *467.135
273,076 2,391.580 2.538.032
257.260
242,738
60,674
257.343 *3,102.297 *2,989.-46
454.760
498.924
48.475
304.680 236,439 2,484.315 1.745.382
718.413 698,806 4,549,640 3.245,066
279,291 219.390 *3.096.595 *2.526.302
1094.995 1057.582 11.942,953 11,180.809
697.574
324.105
22.114 60,547
681,932
721.505
74,087 73,691
3952.311 3,715029 37.068,782 34,953.172
3488.191 3315.457 29,548.111 27.790.059
79.183 73,165 *866,596 *824.999
291.844 274,386 *3.393.785 *3.349.539
903,484 842,131 '10741353 *10001609
6740.834 6269.518 42.049.797 38.458.591
1062,716 878,635 *12085719 *10351213
252,012 '246.057 *3,085.635 *2.940.911
825.051 746,177 8,150,308 6.774.767
538,866
550,642
78.750 79,177
49.102 54.741 *550.314 '572.537
58.524 51,062 *855.989 *760.636
165,931 136.638 1,435,704 1,331,206
16.472 15,733 *202,853 *184.304
660.874
674.519
87,318 87,183
29.258
28.418
3.543
3.199
87.094 78,464 1.242.023 1.119.338
1899,763 1453.429 *19932202 *16708079
78,577 71.323 0154.585 t770.891
232.408 203.715 2.196,432 1,903.222
46.894 41.585 *555.922 *535.607
195,903 182.586 *2.516,649 *2.317,076
1011,800 905,621 *10872663 *9.693,715
176.981 153.649 *2,090,053 *1.772.657
794,849 706.579 7,495,426 6.500.001
333.330 280.481 *2.894,022 *2.702,306
562.918 473,691 *5.455.025 *4.792,448
1255,245 1240,168 z4.845.845 z4.874.166
627.685 721,756 6.060.406 6,072.819
1179,131 1059.863 *13807442 *12270291
985,875 956,394 9,070.640 8.408,991
777,155 633,732 *8,312,341 *6.948.091
916.925 783,062 *9,933.574 *8,670.837
68.552 58.673 *717 652 *563,60(
880,062 872.343 8.657,758 7,703,164
469,902 429,715 4,412.169 4,042.101
1953,832 1738.057 *22952498 *16029961
418,942 432,315 *5.515.387 *5.489.68(
169.225 115,823 *1,761.504 *1,219.351
794.50F
13,773. 17.358 *145.540
15.31(
159 341
50.472 41.284
Brooklyn Rapid Transit
a The Brooklyn City RR.I no longer part or the
rooklyn Heights RR. Co. having, with the
System, the receiver of ta
o ers
li;ttherefore
noof the rental;
%aayn ireis
paymentA
4 d;
vnpee
roz)
racltdflpie9tilmt
b The Eighth Avenue and IsTigth Avenue RR. companies were formerly:
leased to the New York Railways Co.. but these leases were terminated
on July 111919,since which date these roads have been operated separately.
v On June 15 1923 the New York Consolidated was reorganized under the
name of the New York Rapid Transit Corporation. c Includes Pine Bluff
Co. d Subsidiary of American Power & Light Co. e Includes York Haven
Water & Power Co. f Earnings given in mitre's. g Subsidiary companies
only. h Includes Nashville Railway & Light Ce. i Includes both subway and elevated lines. j Of Abington and Rockland (Mass.). k Given
In pesetas. 1 These were the earnings from operation of the properties
of subsidiary companies. m Includes West Penn Co. n Includes Palmetto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
Earnings
* Earningsfor 12 mos t Earnings for 11 MO.; ending Aug 31
for 3 mos. ending Sept. 30. z earnings for 4 mos. ending Oct. 31.
Electric Railway and Other Public Utility Net
Earnings.— The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
—GrossEarnings— —NetEarnings—
Current Previous Current Precious
Year.
Ysear.
Companies.
Yesto.
Amer Pow & Light Co___Oct 2,756,778 2.505.411 1.083.879 1.013.000
12 mos ending Oct 31-31.096,249 28.319.967 12.644.306 11.705.363
441.204
460.023
905,621
Southwest Pow & Light_ _Oct 1.011,890
12 mos ending Oct 31-10,872.663 9.693.715 5,052,416 4.660.823
Net after
Gross
Earnings. Taxes.
216.031
Adirondack Power Oct'23
636.536
131.645
657.787
'22
& Light Corp
12 mos ending Oct 31 '23 6,895.380 1,904.774
'22 5,610,166 1.740,125
Appalachian Power Oct '23
302.397 *154.632
265.185 *118.441
'22
Co
12 mos ending Oct 31 '23 3,417,151 *1.619.626
'22 2.898.941 *1,407.188
90,866
Oct'23
292,405
Associated Gas &
'22
174,672
52.795
Electric
945,904
12 mos end Oct 31 '23 3,157,373
642.812
'22 1.922,575
Columbia Gas &
Oct'23 1.624,002 *922,737
863.223
Electric
coC
soernpd Oct 31 22 1.497.203
mos'2317.046,740'10.051.212
'22 14,899,560 *8,924,833
Oct'23
268.227 *111.058
Fort Worth Power
'22
236.435 *112.068
Light
& l2mos end Oct 31 '23 2,949,253 *1.343,062
'22 2,494.906 *1.309.191
Oct'23 1,130.044 *600,265
Havana Elec By
'22 1,065.144 *560,299
m
°
2P
Lt180
oweerend Oct 31 '23 11.059.743 *5.977.058
'22 10.688,372 *5.548.614
Fixed
Charges.
Balance,
Surplus.
100,958
84.8.36
1.136.408
1,043.731
55.029
53,271
655.157
636.714
44.916
30.229
525,766
315.704
514.819
470,548
4,917.895
4,723.565
18.451
19.499
225,941
217.136
92,986
93.345
932.382
900.890
115.073
46.809
768.366
696.394
99.603
65.170
964.469
770.474
45.950
22.566
420.138
327.108
407.918
392.675
5,133.317
4.201.268
92,607
92.569
1.4
15
15
7.
,9
12
514
1.092.055
5,0
50
44%
279
6
4,647,724
THE CHRONICLE
Gross
Earnings.
Market Street Ry Nov '23
'22
11 mos ending Nov 30 '23
'22
Mass Lighting Cos Oct '23
'22
10 mos ending Oct 31 '23
'22
Municipal Service
Oct'23
Co & Subs
'22
12 mos end Oct 31 '23
'22
Nebraska Pr Co
Oct'23
'22
12 mos end Oct 31 '23
'22
Pacific Power &
Oct'23
'22
Light Co
12 mos end Oct 31 '23
'22
Oct'23
TexasPower &
'22
Light Co
12 mos end Oct 31 '23
'22
Net after
Taxes.
829,106 *217.327
803,711 *199.163
8.968,131 *2,224,286
8.744,616 *1.948,990
300,513
61,279
284,883
84,034
2,737,098
600.433
2.431,562
557,740
382,574
150,252
159,304
400,692
4,837,380 1.815,184
3,238,926 1,188,487
323,261 *145,223
310,463 *113.502
3,773,928 *1,706,737
3,367,723 *1,324,006
283,173 *151,718
257,343 *119.351
3,102,297 *1.517,034
2,989,246 *1,407,192
562,918 *242,700
473,691 *221.000
5,455,025 *2,206.835
4,792,448 *1,970,776
Fixed
Charges.
3
60,342
61,965
672,358
690,503
15.729
15,326
150,518
175,425
494
710
6,989
6,646
54,721
54.794
652,627
616,491
60,431
55,821
680,849
672,873
60,573
70.639
701,632
778,408
Balance.
Sures.
156,985
137.198
1.551,928
1,258,487
z45,550
z68,708
z449,915
z382,315
149.758
158,594
1,808,195
1.181,841
90,502
58,708
1.054,110
707,515
91,287
63,530
836,185
734.319
182.127
150.361
1,505,203
1.192,368
a After allowing for other income. z After depreciation.
New York Street Railways.
-Gross Earnings- -NetEarningsCurretn
Current
Previous
Previous
Year.
Year.
Companies.
Year.
Year.
$
$
$
$
Aug 973,424
Bklyn City RR
151.275
175,063
967,761
7.961,674 7.847,861 1,879,040 1,698,924
From Jan 1
Bklyn Heights (Rec.)_ _ _Aug
6,912
1,763
7,508
1.347
From Jan 1
57,087
1,558
3,135
58,771
Bklyn Qu Co & Sub(Rec)Aug 202,224
206,002
54,761
40,201
From Jan 1
1,699,419 1,698,063
330,005
393,197
Coney Isl & Bklyn (Rec) Aug 277,625
273.157
73,194
36,443
From Jan 1
'1,988,948 1,963,144
548,742
466,291
Coney Isl & Gravesend__Aug
25,091
29,970
16,367
13,636
From Jan 1
103,165
42.642
115,500
34,378
Aug 470,381
Nassau Electric
104,900
90,164
441,556
From Jan 1
3,679,829 3,401,806
879,213
836,029
NY Rapid Transit Corp Aug 2,195,162 1,982,044
533,421
425,177
From Jan 1
17,129,730 15,692,064 4,687,386 4,097.182
Aug 123,499
South Brooklyn
65,780
35,472
131,951
From Jan 1
846,038
328,464
274,978
787,979
45,490
N Y Railways (Rec)_ _ .. _Aug 785,754
41,022
833,049
From Jan 1
6,039,452 6,224,321
223,978
118,840
Eighth Avenue RR
Aug
-24
92,588
-5.180
96,170
From Jan 1
780,567
113,899 -28,938
806,085
Aug
Ninth Avenue RR
38,074
38,934 -31,632 -10.321
From Jan 1
44,444
332,562
25,757
339.191
Interborough R T System904,823
Subway -Division
Aug 2,680.088 2,574,044
830,173
From Jan 1
24,441,365 30,946,251 10,059,501 9,059,072
Elevated Division_......Aug 1.479,999 1,526,669
163,200
From Jan 1
12,703,176 12,408,142 3,818,070 2.975.687
Manhattan Bdge 3c Line Aug
-1,514
22.015
-321
23,215
From Jan 1
11,101
183,977
-4
188,538
Second Avenue (Rec)_...Aug
701
87,318
8,466
87,183
From Jan 1
--27,569
674,519
660,874
37,270
N Y & Queens'Co (Rec)-Aug
-4,189
58,351
62,095
14,719
From Jan 1
31.982
449,149
14,186
715,936
Long Island Electric_ _ _ _Aug
6,986
42.973
38.508
6,216
From Jan 1
263,666
42,937
264,469 -22,992
Ocean Electric
Aug
56,803
37,286
60,674
33,033
From Jan 1
92,270
242,738
100,011
257,260
Manhatt'n dr Queens(Rec)Aug 34,149
9,572
34,142
3,364
From Jan 1
50,355
263.889
60,442
251.637
NY & Harlem
Aug 105,782
8,989
6,059
113,066
From Jan 1
978,930 1,024,774
111,453
64,143
Aug
N Y & Long Island
46,987
6,262
54.130
-7,537
From Jan 1.
325,551
65,628
384,628 -113,708
Richmond Lt & RR_ _ _ _Aug
78,750
7,978
79,177
9,247
From Jan 1
550,642
-3,269
538.866
47,089
Note.-Above net earnings are after the deduction of taxes. -Deficit.
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway.and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 24. The next will appear in that of Dec. 29.
(J. I.) Case Plow Works Company.
(Report for Year Ended Sept. 30 1923.)
[VOL. 117.
BALANCE SHEET SEPT. 30.
1922.
1923.
1922.
1923.
Assets$
Liabilities-$
$
PlantSe properties-y4,639,151 4,620,385 First Pref.7% stk- 3,500,000 3,500.000
Cash
255.712
474,661 2d Pref. 7% stock_ 3,500,000 3,500.000
Life insur. policies_
28,062
Common stock_ _x2,273,713 2,273,713
Notes & acct$. r e_x1,578,458 1.877,881 Notes payable_ ___ 6,600,724 6,507,875
Misc.accts. receiv.
14,809
14,358 Accounts payable_ 286,429
54,468
Acer. Int. ree iv'l
96,402 Accrued pay rolls_
135,305
14,032
Prepaid Insurance_
13,784 Accr. Int, on notes
11,790
Inventories
2,671,614 3,064,779 payable
82,390
Deferred charges
75,605 Workmen's comp'n
4,760
Workmen's comp'n
Insurance reserve
10,197
5,000
Insurance fund_
5,000
16,734 Deprec'n reserve 1,576,685 1,369,709
Investments
11,589
1,400 Other reserves_
16,000
6,000
Orig. draw.& dee's 650,000
650,000
Good-will
2,000,000 2,000,000
Deficit
5,744,298 4,422,397 Total (each skle)17,748.550 17,328,384
x Notes receivable, trade debtors (pledged as collateral to notes payable
and accrued interest thereon in accordance with bank extension agreement).
$1,375,031; accounts receivable, trade debtors, $326.427; total, $1,701,458.
less reserve for bad and doubtful notes and accounts. $125,000.
y Includes manufacturing plant (Racine), land, buildings, machinery,
equipment, patterns, tools, office furniture and other property. $44.314,312;
outside property-land, warehouse buildings, office furniture and other
property, $295.443; miscellaneous property, $29,395.
Common stock, auth. and isued. 125,000 shares no par value.
Note.-(a)There was a contingent liability on notes receivable discounted
at Sept. 30 1923 of $19,018. (5) Dividends on First Pref. 7%
Cumul.
stock have not been declared since March 31 1921.-V. 116. p. 181.
Willys-Overland Co. and Subsidiary Companies.
(Report for Nine Months Ended Sept. 30 1923.)
CARS SOLD FOR STATED PERIODS
Three Months Ended
9 Mos End
Sept 3023 June 3023 Mar 31'23 Sept 30'23
Overland
37,689
48,285
28,168
114,142
Willys-Knight
12,850
16,382
10,862
40.094
Total
50,539
64,667
154.236
39,030
INCOME ACCOUNT FOR STATED PERIODS
Three Months Ended
9 Mos End
Period- •
Sept 30'23 June 30'23 Mar 31'23 Sept 30'23
Net earnings after taxes,
interest, *c
$33,780,746 35,202,918 52.729,468 511.713.131
CONSOLIDATED BALANCE SHEET
Sept. 30'23 Dec. 31'22
Sept. 30'23 Dee. 31'22
LiabilitiesReal estate, buildPret. (auth. 810,ings, machinery,
000.000)stock__ 8,878,700 8,878.700
&o
y25,648,063 29,509.327 Cony. Pref. (auth.
Good-will.patterns,
315,000,000)stk.13,170,800 13,170,800
xl
ace
1 Common stock _ _53,993,950 53.999,606
Investmls in Mtn.
Subs. stk. mast's_
219,400
companies, &c 1,227,072 1,314,975 1st M.& Coll. Tr.
Trust fund
47,770 7% notes
15,968,900
Inventorlee
25,918.610 24,171,209 Notes payable825,000
Notes and accounts
Accounts payable_ 6,809,867 2,155,626
receivable
2,841.275 2,798.948 Dealers'Initial payMisc, assets, dm
402,541
284,995
ments
420,145
500,192
Cash
2,759,102
272,054 Stock purchase conPrepaid Int., &e
280,836
238,420 tract payments_ 1,069,380 1,069,380
31,492,929 43,231,300 Accrued Int., &c
Defielt
520,539
261,049
Res. for.conting 3,135,247 3,611,786
Other reserves.... 2,571,801 1,208,560
Total
90,570,429101,869,000 Total
90,570,429101,869,000
x Goodwill, patents, &c less reserve provided to reduce book value of
these items to $1. y Land, buildings, machinery, equipment, &c., 538.166,594, less allowance for depreciation, 513.142,046, and allowance for
losses, 51,095.131.
Note.-Company was reported contingently liable as endorsers on notes,
acceptances, kc., Sept. 30 1923, in the'amount of $1.211,624.
The balance sheet is subject to any adjustment that may be neeensau
upon final determination by the Government of the company's Federal tax
liability.
Dividends on the 7% Cumul. Pref. stock have been paid to Oct. 1 1920;
the accumulated dividends amounted to $44,630.395 at Sept. 30 1923.
The proceeds of the issuance of $10.000,000 first mtge, bonds received
Oct.30 1923 will be reflected in the statement for the year.-V.117.p. 2554.
The Cuban-American Sugar Co., New York.
(Report for Fiscal Year ending Sept. 30 1923.)
The report will be found at length on a subsequent page.
including the remarks of President George E. Keiser, the
consolidated balance sheet and consolidated profit and loss
account.
GENERAL STATISTICS FOR YEARS ENDING SEPT. 30.
1923-23.
1920-21.
1921-22.
1919-20.
Total bags
1,847,746 2,256.736
1,829.818
1,600,797
Total in tons
295,639
361,078
292.771
256,127
Cardenas Ref.(1,000 lbs)
35,865 No melting,
18,381
75,675
Gramercy Ref.(1,0001bs)
164,111
214.298
100,358
206,450
CONSOL. INCOME ACCOUNT FOR YEARS ENDING SEPTEMBER 30.
PROFIT AND LOSS ACCOUNT FOR STATED PERIODS.
1921-22.
1922-23.
1920-21.
1919-20.
-Years ended Sept. 30- 15Mos.end. a Sugar sales
836.062,832 523,949.568 519,449,947 $90,413.178
1923.
Sept.30'21. Molasses sales
1922.
366,347
231,715
228,008
1,028,105
Not
$2,179,008 $2,118,045
Gross sales
Interest received
379,507
390,208
506,995
426,982
stated.
329,202
586,204
Less ret'ns,freight on sales,readj., &c.
Profit on stores, &c _ _..
510,103.
821.805
876.148
$1,849,806 $1,531,840 44,728.558
Net sales
Total
537,318,789 525.393,294 $20,184,960 592.744,415
Cost of sales (before depr. and taxes)- 1,312.497 1,281.117 3,502.533 Prod. & mfg. costs. sell666,427
665,783 1.754,799
Selling expenses
ing & general expenses 26,261,154 20.731,078 25.732,109 70,461,756
387,956
expenses_
166,304
Administration and general
188,390
506.700
454,259
Net earnings
Other charges
212,517
$11.057.634 $4,662.216d1$5,547,159 $22.282,651)
Deduct5749.681
5815,967 51,423,431 Reserve for income & war
Total loss
237,109
152,245
excess profits taxes as
173,519
Other income
may be finally deter5597,436
mined
5642,448 $1,186,321
Net loss
$830,000
58,500.000
5554.930 Depreciation
$420,742
$398,210
Interest
$1,304,561 51,243.786 81,209,926 51,096,797
206,975
Int.on bills payable. &c
207,310
Depreciation
151,950
572,145
307,323.
647,656
Disc.on bonds & notes
70,432
70,148
Taxes
45.175
88,727
45.833
60,038
1,244,544 Loss on Lib. bonds sold
Inventory shrinkage
69,706
Int. on bonds and notes
722,800
145.808.
734,110
431,951
32,985,805
81.340.648
51,273.054
deficit
Balance,
4,422.397 3,032,526 sur.305,865
Balance. surplus ____ $8,003,148 $2,023,447d47.896,731 $12,117,191
Previous deficit
Previous surplus
20.453,350 18.982,468 29,931,765 22,367340
55.695,451 $4,373,174 52.679,840
Total deficit
46.336
49,222
Total
Cr.48.847
Adjustments-Dr
528,456,498 $21,005,915 $22 035,034 534,484,331
(5g)183.750 Pref. dividends(7%) First preferred dividends
4552,566
5552.566
$552,566
552,566
(3)122,500 Common (cash) diva )15%)1500,000
Second preferred dividends
(25)2500,000(40)4000,00G
Prem. on Common stock
$33.032.526
55,744,298 54,422,397
Deficit Sept. 30
Profit & losssur.Sept.30826.403,932 $20.4E3,350 818,982,468 $29.931.765
x Net sales in 1921 are before deducting freight on sales, discount allowed
a Denotes raw and refined sugar produced, leas commissions. Sm.
on sales and price readjustments, which are included in other charges below.
THE CHRONICLE
DEC.15 1923.]
CONSOLIDATED BALANCE SHEET SEPT. 30.
1922.
1923.
1922.
1923.
$
$
LiabilitiesAssets$
$
10,000,000
,000,000
_10
_
stockCommon
Lands, buildings,
machinery,&c_ _38,705,105 36,639,009 Preferred stock_ _ _ 7,893,800 7,893,800
3,929,340 3,929,340 1st M.gold bonds- 9,035,000 9,035,000
Good-will
480,335
Real est. mtgs.,&c. 480,335
Advances to Coo6,434,914 6,656.939 Bills & loans Pay'le 1,398,864 4,430,805
nos,are.a
1,231,203
1,413,183
payable_
Accounts
504,360
405,160
Investments
74,548
66,762
Salaries and wages
Planted and grow40,185
46,455
953,703 Interest accrued__
812,725
ng cane
Livestock & equip. 1,259,264 1,371,656 Dividends declared
and unpaid_ _ _ _ 1,500,000
Inventory of raw
material, &c_ _ _ 4,121,927 3,582,532 Reserve for Income
and excess profits
Raw &red sugar_ 8,889,051 5,916.049
taxes unpaid__ 2,207,602 1,556,223
1,792,830 1,479,151
Cash
250,702 Deprec'n reserve__ 9,961,416 8,951,274
Cash(or 1st M.bds 250,702
28,403,932 20,453,350
&Accts.& bi Is rec_ 2,999,299 1,664,660 Surplus
658,546
Other def'd charges 556,614
250,317
540,076
Advances
2651
The actual shortage in box cars reported on Nov. 30 was only 319. a
decrease of 134 since Nov. 22. while the shortage in coal cars was only 605,
a decrease of 302 within a week. Practically no shortage in stock and
refrigerator cars is being reported.
Matters Covered in Chronicle' Dec. 8.-(a) secretary Mellon on business revival since 1921-Attitude and circumstances of railroads important
factor in 1924 situation, p. 2496. (b) Port of New York Authority asks
that belt lines, etc. of port district be excluded from consolidation plans, p.
2506. (c) Pennsylvania P.R. lays off 500 shopmen at Wilmington, Del.,
strike,
P. 2507. (d) Shopmen on Delaware & Hudson terminate 16-mos.
p. 2507. (e) Wage increase of 2c per hr. granted by U. S. RR. Labor
Board to track foremen, laborers and other employees, p.2508. (f) Wages
to be advanced on Philadelphia Rapid Transit, p. 2508.
70,407,248 64,146,723
70,407,248 64,146,723 Total
• Total
a After deducting reserve for bad and doubtful accounts.-V.117, p.1352.
Albany & Susquehanna RR.-Special Dividend.-
A special dividend of 2% has been declared on the 53.500.000 capital
stock (par $100). payable Jan. 5 to holders of record Dec. 22. The regular
semi-annual dividend of 43 % was also declared, payable Jan. 2 to holders
of record Dec. 15.
Special Dividends Paid.-30% Nov. 1909: 3.25% each in Jan. 1916. 1917
% in Jan. 1920: 2% each in Jan. 1921, Jan. 1922, and Jan.
and 1918:
1923.-V. 115, p. 2683.
Baltimore & Ohio R. R.-Abandonment of Part of Line.-
The I.-S. C. Commission on Dec.31923 issued a certificate authorizing
the B. & O. RR.and the Baltimore & Ohio Southwestern P.R. to abandon
that part of the Bedford branch of the Southwestern Company extending
In a northwesterly direction from station 42 plus 65, near Rivervale, to
station 535 plus 65 on the north line of 16th St. near Bedford, comprising
about 9,337 miles of main track, with about 1,569 miles of side track, all
in Lawrence County, Ind.
The Commission also issued a certificate authorizing the Chicago. In& Louisville Ry. to acquire and operate that part of the Bedford
YEARS ENDING SEPTEMBER 30. dianapolis
branch of the Southwestern Company lying north of the southline of 16th
1919-20.
1920-21.
1921-22.
St. near Bedford, and consisting of about 1.559 miles of main track, with
$2,703,895 $2,741,877 $7,796,162 about 1.091 miles of side track, all in Lawrence County,Ind.
113,567
51,692
35.694
An agreement has been entered into whereby the Monon will purchase
from the Southwestern Company the right-of-way, tracks, sidings, build$2,739,588 $2,855,444 $7,847,854 ings, and other properties of the Bedford branch, located north of 16th
St. in and near Bedford for the sum of 520,000.-V. 117, p. 2431, 2322.
5,057,845
2,377,198
3,567.173
Guantanamo Sugar Co. (Cuba), New York City.
(18th Annual Report-Year ended Sept. 30 1923.)
The report of President James H. Post, together with the
income account and balance sheet, will be found on a subsequent page.
INCOME ACCOUNT FOR FISCAL
1922-23.
*Gross sugar sales
$1.620,482
17,246
Molasses sales
Total
$1,637,727
& manufacturing expenses,&c_.._.. 1.839,673
a Producing
Profit on operations_ _loss$201.946
Other income,credit
203,984
$362,3911oss$711,729 $2,790,009
162,594
404,156
c75.388
Total profits
Depreciation of mills. &cTaxes & conting.(est.)Adj.charged to capital_
Prov.for bad debts
$437,779 loss$549,135 $3.194,165
246,715
309,329
454,016
900,000
33.479
85,000
60.000
$2,038
246,330
Total deductions
$246.330
del 244,291
Balance, surplus
Previous surplus
2.609,306
Prof.fr. pur. of co's stk _
Adj. ofres.for repl. colon.
accts. & invent
19,544
Total
Preferred dividends
Common dividends
Miscellaneous charges_
5369.329 $1,387,495
$331,715
106,063 def 918.464
1,806,669
3,204,174 4,519,152 3.537.482
25,673
$2,384.559 $3,335,911 $3,600,688 $5,344,151
120,000
51,605
e825,000
d375,000
21,513
b675,000
Belt Railway of Chicago.-Stock Authorized.-
The L-S. C. Commission has authorized the Company to issue at par
for cash $240.000 common capital stock (par $100), to the Pere Marquette
Ry upon its becoming a party to a certain operating agreement.-V. 112
p. 1282.
Buffalo, Rochester & Pittsburgh Ry.-Bonds.-
The I.-S. C. Commission on Dec. 5 authorized the company to issue
$1,500,000 Consol. Mtge. 04% bonds and to pledge them from time to
time until otherwise ordered as collateral security for any note or notes
which may be issued.-V. 117. p. 781.
Buffalo & Susquehanna RR.-Voting Trust.-
Referring to the expiration on Jan. 1 1924 of the voting trust, notice is
given that on and after Jan. 2 certificates for Common and Preferred stocks
can be exchanged for regular stock certificates and the stock transfers
made at the office of Edward B. Smith & Co., 5 Nassau St., N. Y. City.
-V. 117, p. 2432.
Canadian Pacific Ry.-Obituary.-
Lord Shaughnessy, Chairman of the Board. died Dec. 10. Lord Shaughnessy was a director of all the subsidiaries of the Canadian Pacific Ry.. the
P. de I. surp. Sept. 30...12.264.559 $2.609.306 $3,204.175 54.519,151 Bank of Montreal, Royal Trust Co. and the Trans-Canada Theatres, Ltd.
*After deducting sea freight, commissions, &c._ _ a Also includes shipping - 117, p. 2211, 1991.
expenses and office expenses in New York and Guantanamo. b Transferred
to no par value stock. c Includes interest (net) $145,405, rents (not)
Central of Georgia Railway.-Stock Authorized.$32.582, less miscellaneous (net) $25,997. d $1.25 per share. e RepreThe I.-S. 0. Commission on Dec. 5 authorized the Company to issue
sents 17;§% ($525.000) paid on the old $50 par stock and $1 per share $15,000,000 common stock (par $100), to be exchanged on a basis of par
($300,000) paid on the new no par stock.
for an equal amount of 6% cumul. preferred stock now outstanding.
The company has outstanding $20,000,000 capital stock, par 11100, of
BALANCE SHEET SEPTEMBER 30.
preferred.
which 55.000,000 are common and $15,000.000 6% cumulative
1923.
Liabilitiesis owned
Assets-1922.
1923.
of this stock, with the exception of directors' qualifying shares,are
All
52,000
. 8% 5tock___$1,425,000 $1,14922
.
Pref.
x Real est., buildbeing
dividends
and
RR.,
Central
Illinois
the
by
indirectly
or
$5,016,850 $4,951,082 Common stock _ _ _ y3,624,000 3,610,600 directly
ings, Jai
on both classes. The company states that whatever reasons
currently
paid
z126,000
139,400
Guan.RR.notes 1,000,000 1,000,000 Old common
now
it
and
exist,
to
ceased
have
stock
of
classes
two
of
creation
the
329,457 caused
26,119 Notes & accts. pay 1,747,301
Adv.to Guan.RR. 133,336
desires to retire the preferred stock by the issue of common stock and to
1
1 Taxes and continGunn. P.R. stock
the other on a par basis. It is represented that such
for
one
the
exchange
15,186
e ie
gs
22,167
Grow, crops carr'd
will promote simplicity in accounting, in dividends, and otherwise.
112,835 Repanrs
75,000
ic& maint
to following season 221,173
75,000 action
preand that in general cqmmon stock is more desirable than cumulative
942,907 Maint. soil fecun845,323
Inventories
The company's charter has been amended so as to permit
stock.
dity
126,859
59,028
98,326
Cash
38,252 ferred
change in capitalization, and there will be no commissions,
2,264,559 2,609,306 the proposed
Mlizic.accts.rec.,&c. 1,491,947 1,029,739 Surplus
attorney's fees, or other similar charges in connection with the transaction.
34,631
31,620
Unexpired ins..&c_
-V. 117, p. 2108, 85.
25,000
25,000
Stock for emplo'es
Adv. for sur. of
Chicago, Indianapolis & Louisville Ry.-Acquisition.-473,500
Total (ea. side).89,337,075 $8,249,172
add'I sugar Ids
See Baltimore & Ohio RR.above.-V.117. p. 438.
x After adding $69,640 for machinery and apparatus purchased to be
Installed, and after deducting $1,346,921 reserves for depreciation, replant-.
Chicago Milwaukee 8c St. Paul Ry.-Operation of Line.ing and extraordinary repairs. y Common stock authorized 375.000
The I.-S. C. Commission on Doc. S issued a certificate authorizing the
shares of no par value, issued and outstanding 362,400 shares of no par
Company to operate a line of.railroad in Ramsey County, Minn., in the
value. z $50 par value.
lines,
city of $t. Paul extending from a connection with one of its existing
Results of Operations of the Guantanamo RR. for Years ending June 30.
at or near St. Clair St. in a general southwesterly direction to a connection
1922-23. 1921-22. 1920-21. 1919-20. with the proposed tracks of the Ford Motor Co., a distance of 5.2 miles.
Gross income
5446.136 $567.208 $493,703 V. 117, p. 2541. 2323.
Not
317,951 416.226 369,798
Oper. expenses & taxes
Chicago 8c North Western Ry.-Dividend Reduced.-The
avail50,570 65,674
Depreciation
58,969
able
84,437 84,251 64,107 directors have declared a dividend of 1%% on the outInterest charges
Balance,surplus-V. 115. p. 2681.
Toss$108,092loss$6,822 $1,059
$828
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Secretary of Commerce Hoover Supports Compulsory Consolidation of Railroads.-Suggests Federal incorporation for consolidated systems to help
out in reconstruction of rate structure and to aid in diversifying traffic."New York Times" Dec. 8, p. 2.
Valuation of Roads is 522,350,000,000 According to Chairman Loomis of
Committee on Public Relations of Eastern Rys.-Report based on costs from
which valuations were arrived at was prepared for Information of public
and as answer to Senators La Follette and Brookhart.-'N. Y. Times"
Dec. 8, p.21.
Chicago flock Island vt, Pacific RR. Renews Wage Contract with Brotherhood
of Locomotive Engineers.-Rate of pay to remain unchanged. Hopeful
outlook for nwottions between other lines and the brotherhood.-"New
York Times" Dec. 12.p. 11.
. National Council of Traveling Salesmen Associations Seeks Repeal of 50%
Surcharge on Pullman Seats and Sleepers.-"New York Times" Dec. 12,
Car Surplus and Shortage.-The number of surplus freight cars continues
to increase with the seasonal decline in the demand for transportation.
On Nov. 30 the railroads of U. S. had 153.057 surplus freight cars, an
Increase of 41.260 over the number on Nov. 22.
The actual repotted car shortage on Nov. 30 was only 1,336, a decrease
of 530 within approximately a week.
Of the total number of surplus freight cars, box cars represented 53,962,
an increase of 10.317 within approximately a week, while an increase of
22.266 was reported for the same period in the number of surplus coal cars,
rhich brought the total number for that class of equipment to 80,756.
Surplus stock cars on Nov. 30 totaled 8.904, or an increase of 3,756
since NOV. 22. likTe were also 5.580 surplus refrigerator cars. 3.536
more than were reported on Nov. 22.
standing $145,152,500 Common stock, par $100, payable
Jan. 15 to holders of record Dec. 21. This compares with
5% per annum (23.% semi-annually) paid on this issue from
July 1920 to July 1923, incl. (See also Chicago St. Paul
Minneapolis & Omaha Ry. below).
Vice-President Samuel A.Lynde says: certainly the intention
While I cannot speak for the board of directors,
not on a 3%
at the meeting on Dec. 11 was to put the stock on a 4 and
voted earlier in
annual basis. The 1% voted Dec. 11, plus the 24%
have been
the year will give a 4% dividend for this year. Some persons
led to believe that the coming dividend is the first dividend for 1924, which
1923. From
Is not the case. It is in reality the last dividend of the year
the June meeting.
the Information I have now a 2% dividend will be voted atrestored
to its old
and the stock will be kept on a 4% rate until it can be
basis.-V. 117. p. 2211.
Chicago St. Paul Minneapolis & Omaha Ry.-Omits
Common Dividend.-The directors on Dec. 11 voted to omit
payment of the semi-annual dividend of 23/2% usually paid
on the outstanding $18,556,700 Common stock, par $100,
on Feb. 20. A semi-annual dividend of 23% was paid on
this issue on Aug. 20 last.
on the $11,The regular semi-annual dividend of 3
259,300 Preferred stock, par $100, has been declared payable
Feb. 20 to holders of record Feb. 1.
Vice-President Samuel A. Lynde says in substance:
It was the mature judgment of the finance committee of both the Chicago
St. Paul Minneapolis & Omaha Ry. and the Chicago & Northwestern Ry.
(see that company below) that the action with respect to the dividends as
has been announced should be taken.
The earnings of both roads for the first 10 months have reflected to a
considerable extent the condition with which they had to contend in the
Northwest. Earnings of the Northwestern were reduced by the slow and
small wheat movement, a condition which has confronted all the railroads
In that territory. The "Omaha" had to meet this falling off in its ore
movement. The latter serves independent iron ore mines which unfortunately could not market their products freely this year. The wheat
condition obtained also in the "Omaha" territory and there was a smaller
movement of coal as well. Another factor which played a prominent part
of both roads is the lower rates obtaining in the Northwest, compared
2652
THE CHRONTCLE
with those enjoyed by the Eastern lines and nearly every other section of
the United States.
Further than this we can make no statement relative to the dividend
action. I think that both the gross and net earnings of Northwestern for
November will be nearly as good as for October. There was some seasonal
falling off during the month and the same will be true this month.
•
[The Chicago St. Paul Minneapolis & Omaha By. Is a subsidiary of
the Chicago & Northwestern Ry.J-V. 117. p. 1555.
Chicago Terre Haute & Southeastern Ry.-Bonds
Sold.-J. A. Sisto & Co., New York and Harper & Turner,
.Philadelphia have sold at 803/ and int. to yield about
63
4% $1,969,000 1st & Ref. Mtge. 5% Gold Bonds of 1910
due Dec. 1 1960. The Chicago Milwaukee & St. Paul Ry.
has agreed with the Chicago Terre Haute & Southeastern Ry.
to pay the principal and interest of these bonds.
Listing.-OutstandIng bonds of this ISSUE, are listed on the New York
Stock Exchange and application will be made to list these bonds.
Data from letter of H. E. Byram, Pres., Chicago Mil. & St. Paul
Ry. Co., Dec. 10.
Security.-A first lien on about 115-miles of main line railroad in the
State of Illinois from Blue Island. Iltinois. to the Indiana State Line. and
on all property of the company in the State of Illinois. They are also a
first lien on 6,677 freight cars and 70 locomotives, all of which must be
maintained, and when worn out. replaced. The bonds are a second lien
on 246.26 miles of main track in the State of Indiana, subject to 87,537,000
underlying bonds.
Lease.-By lease, dated July 11921. the Chicago Milwaukee & St. Paul
By.leased the property for a period of 099 years. and agreed with the lessor
as part consideration for the lease, to pay principal and interest of its outstanding bonds, and of bonds thereafter Issued as provided in said lease.
Earnings.-The Net earnings of the Chicago Terre Haute & Southeastern Railway Company, giving credit at current tariff rates for business done
In the interest of the St. Paul System as a whole, for the year ending Sept.
30 1923. applicable to .nterest, amount to more than 33i-times interest requirements on all Mortgage bonds (other than income bonds) and notes.
The gross earnings since the acquisition of control by the St. Paul have
increased from about 85.400.000 in 1920 to over $10,000,000 for the year
ending Sept. 30 1923.-V. 117, p. 2541.
Chicago & Western Indiana RR.-Tenders.
-
The Bankers' Trust Co., trustee. 10 Wall St., N. Y. City, will until Dec.
31 receive bids for the sale to it of 15-year 7)4% Coll. Trust sinking fund
gold bonds, dated Sept. 1 1920 to an amount sufficient to exhaust $83,549
at a price not exceeding 1023 and int.-V. 117, p. 2211.
[VOL. 117.
Both branches are subject to the lien of four mortgages securing bonds
now outstanding in the hands of the public in the aggregate amount of $92,956,000. The applicant has been advised by counsel for the trustee under
two of the mortgages that the provisions thereof are deemed insufficient to
warrant the trustee's releasing the property in question from the lien of
the mortgages. Accordingly, application has been made to the court under
whose authority the receiver is acting, for leave to abandon and dismantle
the line, and an order obtained authorizing such abandonment and directing that the proceeds of the salvage be disposed of in accordance
with the
provisions of the order.-V. 117, p. 1235. 781.
El Paso & Southwestern Co.-Dividend Increased.-
The directors have declared a quarterly dividend of $1 75 per share on the
present outstanding $25,000.000 Capital stock, par $100.
payable Jan. 2 to
holders of record Dec. 20. This compares with $6 per
quarterly) paid during 1922 and 1923.-V. 117. p. 553. annum ($1 50
Great Northern Ry.-Regular Dividend-Operations.-
The directors on Dec. 14 declared a semi-annual dividend
2 %
payable Feb. 1 1924, to shareholders of record Dec.27 1923. A likeof
amount
was paid Aug. 1 last.
President Ralph Budd reported to the directors
considering the
relatively small advances in rates in Great Northern that
territory, the operations for the year 1923 have been very satisfactory as operating
costs have
been much reduced. He estimated net railway operating
for 1923
at $24.500,000. to which can safely be added other incomeincome
$10,000,000
of
leaving available for dividends approximately $18,000,000.-V.117. p.2109.
Gulf & Ship Island RR.-Tenders.
-
The New York Trust Co., trustee, will until Jan. 4 receive bids for the
sale to it of 1st Mtge. Ref. & Term. 5% gold bonds, duo Feb. 1 1952,
to
an amount sufficient to exhaust $98,443.-V. 115, p. 2684.
Houghton Co.(Mich.) Traction Co.-Jan. 1 1923 Int.-
The Old Colony Trust Co. trustee, Boston. Mass., has been advised by
Samuel B. Tuell, receiver, that, pursuant to the order from
the U. S. District Court for the Northern Division of the Western District
of Michigan
dated Nov. 26 1923. he will pay on Dec. 15 1923 the coupon interest
became due Jan. 1 1923 on the 1st Mtge.5% gold bonds dated Oct. 1 which
1908.
with interest on overdue interest from Jan. 1 1923 to Dec. 15 1923, at
the
rate of 5% per annum, upon presentation and surrender of the
Jan.
1
1923
coupons at the office of the trustee, 17 Court St., Boston.-V.115, p. 2905.
Interborough Rapid Transit Co.--Manhattan Lease
Suit.-
An action in equity has been commenced in the Bronx (N. Y.) Supreme
Court by Louis Boehm, a Manhattan By. stockholder,
set aside the
agreement between the Interborough Rapid Transit Co.andto
the Manhattan
By., modifying the Manhattan lease of 1903, which guaranteed
Continental Passenger Railway Co.-Dividend.
7% annually
as a dividend rental on Manhattan stock. The action is based on the
The Philadelnhia Sto._
,
;; E-i-'tarm on n-tb^
ri,nso to
orielr,llonry
no,
,riq
of the w•mi-annnal d!vidnni of 91
:3•1 to Itolder. siLktleK top approval by pac.)S I nho
s`rtre, payahi”
0 scocl,in,LI:r to
a;raut a valid
of record Nov. 30 less 38 cents per share to cover third and fourth quar- modification of the terms
of the instrument. This is the first action in
terly installments of the 1922 income tax.-V. 116, p. 2636.
equity which has been commenced to set aside the modification
of the lease.
In addition it seeks to recover back dividends for Manhattan stockholders.
Cuba RR.-Consolidation of Cuban Railroads.-V.117, p.2432. 1992.
Definite steps are now being taken looking to the ultimate consolidation
of Cuban railroads under the 'Farah Act.
Interoceenic Ry. of Mexico, Ltd.-Earnings, &c.
All of the common stock of the Cuba RR.. two-thirds of the Common
The directors' report for the year ended June 30 1923 states that the
and all of the Preferred stock of the Cuba Northern RR., and all the stock railway
and leased linos still remain in the hands of the Mexican Governof the Camaguey & Nuevitas By. are to be deposited under a voting trust ment, who
have not rendered any accounts since the lines were seized
and deposit agreement with the Old Colony Trust Co. of Boston, as deposi- in August 1914,
nor paid any compensation. The directors are therefore
tary. effective for 12 years unless sooner terminated by mutual consent.
to present any revenue statement or balance sheet. The
position
not
in
a
The trustees are A. H. Smith. Pres. New York Central RR.: H. S. report says: "At
June 30 1922 there was a debit balance against net
Rubens, Pres. U. S. Industrial Alcohol Co.; H. C. Lakin. Pres. Cuba Co., revenue
account of £2,231,078, to which must be added: 1 year's interest
which controls the Cuba RR.; J. M. Tarafa, Pres. Cuba Northern By.; and on the 4%
Debenture
stock and the 43% 2d Deb. stock, viz., £104.500:
Guy W. Currier, Boston.
The formation of the voting trust is supposed to be the first development interest on arrears at 5% per annum to June 30 1923, £45,483; 1 years'
In the consolidation of these railroads. The trustees have the power to rental ofleased lines, viz., Mexican Eastern Ry., £22,000, Mexican Southern
proceed with the consolidation whenever it seems expedient and whenever Ry. £95,123;interest on arrears at 5% per annum to June 30 1923, £47,793;
the depositing stockholders agree as to the necessary financing and other administration expenses, legal and other fees, &c.• for the year, E6,532;
terms of the consolidation. (Boston "News Bureau.")-V. 117. p. 1662, interest credited on outstanding indebtedness, £3,066; costs in connection
with schemes, £991: increasing the debit balance as on Juno 30 1923 to
1346, 1344.
£2,556,566. The above figures do not include provision for the liability
(if
any on the part of the company towards the Vera Cruz Terminal Co.
Cumberland County Power & Light Co., Portland, "During
year only £3,500 was received from Mexico, being remitMe.-Bonds Offered.-E. H. Rollins & Sons are offering at tances fromthe
the National Rys. of Mexico on account of the administration
89% and int., to yield over 5.90%, an additional block of and moratorium expenses of this company and its two leased lines, viz..
Mexican Eastern and Mexican Southern Rys.
$233,000 1st & Ref. Mtge.5% Gold bonds of 1912, due Sept. the
"At meetings of the holders of the 4% Deb. stock and 434% 2d Deb.
stock held on Nov. 27 1922 and Jan. 26 1923, it was decided to extend the
1 1942. A circular shows:
Company.-Owns and operates, without competition, the entire electric moratorium for two periods of two months respectively, terminating on •
power and light business in Portland, Biddeford, Saco. Old
Orchard, Ken- March 29 1923, and at the latter meeting power was given to the board
to continue the moratorium for a further period of two months beyond
nebunkport, York and Alfred. Me.. and the gas business
in Biddeford and that
date, i.e., to May 29 1923. which power the directors subsequently
Saco, Me. The territory It serves contains about 6% of
total area.
the
25% of the population and 29% of the assessed valuation of the State of exercised. In the meantime,at the invitation of the Mexican Government,
Maine. The company also leases the Portland RR.. which operates the a commission consisting of Richard Popkiss, a director, and Thomas
street railway systems in Portland and neighboring communities. Popu- Linton, See. of the Mexican Southern Ry., had proceeded to Mexico
lation served. over 150.000.
early in January 1923 to negotiate, in conjunction with F. Adams, the
director of this company resident there, for the return of the
Capitalization upon Completion of Present Financing.
railways with
adequate compensation. The commission returned to London in March
Divisional bonds
33.755.5001Coll. Trust8,
% notes. 1926 $600,000 'without having received from the
any proposal worthy of
1st & Ref. Mtge. bonds
Pref. stock, 8% curoul___ 2,854,100 submission to the Deb. stockholders Government
and the proprietors.
(including this issue)_ _ _x4.051.000 Common stock
1.348.400
"At
meetings of the Deb. stockholders held on May 29, when the
x In addition. $400.000 have been certified which are deposited behind report further
of the commission was considered, a committee was appointed to
the Collateral Trust 8% notes.
watch the Deb. stockholders' interests in concert with the board, the
The company also guarantees the interest on $3.559,000 1st Mtge. bonds committee
being given power to extend the moratorium, subject to the
and 5% dividends on 81.999.000 stock of the Portland RR. Co.
right to terminate it at any time should they
so think fit, and to apply
for the appointment of a receiver.
Consol. Earnings Statement Years ended-Dec.31-- Sept. 30
"The Mexican Government was promptly advised of the appointment
1923.
1921.
1922.
the committee and invited to submit a definite proposal. No such
Gross ea
earnings
$3,305.110 $3.467,564 $3.724,501 of
proposal has been forthcoming, although it was intimated to the board
Operating expenses and taxes
2,027,615 2,006,365 2.219,544 through
another channel that the Government might be agreeable to
Rentals and guarantees
347,548 buy
340.464
345.363
the company's 'obligations at the last quotations. plus 10%. This
proposal the board and the Deb. stockholders committee were quite unable
Net income
8937.031 81.115.836 81,157,409 to
entertain. In reply it was pointed out to the Government that the
Annual int. on total funded debt outstanding.incl. this issue___
450.825 present
low market quotations were entirely due to the Government's
Balance for depreciation and dividends
8706.584 action in having seized the lines, retained the earnings for nine years and
paid no compensation.
-V. 117. p. 1461. 552.
"With the consent of the Deb. stockholders' committee and the leased
Denver & Rio Grande Western R. R.-Abandonment of lines, the moratorium is still
in operation, and the directors are continuing
their
efforts to arrive at a settlement with the Mexican Government."
Branches.The I.44. C. Commission on Dec. 1 authorized the receiver to abandon -V. 116. D. 1049.
the branch line of railroad located in Lake and Summit Counties, Colo.
Intermountain Ry.Light 8c Power Co.-Name Changed.
The Commission also approved the abandonment of a branch line of railSee Western Public Service Co. under "Industrials" below.-V. III.
road located in Chaffee County, Colo. The report of the Commission
li•
2041.
says in substance:
Blue River Branch.-Included in the company's property is a narrowInternational
Railways
Central
of
America.-Listing
gauge line of railroad, known as the Blue River branch, extending from a
point at or near the city of Leadville in Lake County via Fremont Pass -Earnings.and Frisco to Dillon, in Summit County, Colo., 35.68 miles. This branch
The
New
York Stock Exchange has authorized the listing of 810,000.000
was constructed in 1880, 1881. and 1882 for the purpose of serving existing
and prospective mines adjacent thereto. It appears that the mining de- 5% cumul. Pref. stock, par $100.
l'he income account for ten months ended Oct. 31 1923 shows: Net
velopment failed to justify the expectations of either the constructing company or the mine owners and that, in consequence of exhaustion of ore earnings-miscel. operations included and taxes deducted (after deprec..
beds and discontinuance of mining operations adjacent to the branch, its $119.813). $1.379,338; interest, discount and exchange, 846,350; total.
operation was conducted at a heavy loss for many years prior to 1911. $1.425,689: deduct int. and amortiz. of discount, $709,510; dividends on
About that time operation of the branch was discontinued and has not Pref. stock. (paid in 13-Year 6% notes-2)4%, 8250,000; paid in cash.
$250,000). 8500,000: net income, $216.178. Previous surplus. 8750,416:
been resumed since.
According to the record the total cost of the branch
$1,157,850. It total, $266,595. Back divs. on Pref, stock paid in 13-Year 6% notes$875,000; Unextinguislied discount on securities (additional amount
8%.
is estimated that if the salvable material in the branchwas
is removed at once
approximately 1.880 tons of rails can be recovered and can probably be written off), $16,641; balance at credit Oct. 31 1923, 874,953.-V. 117.
sold at about $15 a ton, or for a total of $28,200. It is estimated that the p. 2432, 1884.
cost of saving this material will be approximately $14,000, leaving a net
recovery of $14,200.
Interstate Railways Co.-Coll. Trust Certificates Reduced.
Calumet Branch.-Included in the company's property is a narrow-gauge
The Phila. Stock Exchange on Dec. 6 reduced the amount of Coll. Trust
line of railroad known as the Calumet branch, extending
from Hecla Jct., 4's due 1943, from $10,090,009 to $9,970,000-8120,000 reported acquired
where it connects with the company's main line. to Calumet, both in by company and cancelled.-V.117, p. 2432.
Chaffee County, Colo. a distance of approximately
7.13 miles. This
branch was constructed
'in 1881 for the purpose of serving iron mines in
Kansas City Railways.-Report of Reorg. Committee.
the vicinity of Calumet. The operation of the mines
was abandoned prior
The protective committee for the 1st Mtge. bonds (Melvin A. Traylor,
to 1897. In that year a severe washout destroyed portions of the line and Chairman)
dated Dec. 8 to the holders of certificates
thereafter operation over it was discontinued. The applicant states that of deposit in a communication
and non-deposited. 1st Mtge. 5% gold bonds, informs
it is impossible to estimate the net amount which may be realized from the them of thefor,
formation of a reorganization committee.
removal and sale of the remaining rails. According to the record the total
The reorganization committee was formed recently through action taken
cost of the branch was 3144.778.
by the committee for the 1st Mtge. bonds and by the committee represent-
DEC.15 1923.]
THE CHRONICLE
ing holders of Collateral gold notes. Its membership follows: Melvin A.
Traylor, Chairman (Pres. First Trust & Savings Bank, Chicago): H. L.
Stuart, Vice-Chairman (Halsey, Stuart & Co., Inc.), Chicago; j K. Newman (Newman, Saunders & Co. Inc.), New York; J. F. Downing (Pres.
Kansas City, Mo.; P. W. Goebel (Pres.
New England National Bank),'
Liberty National Bank). Kansas City, Mo.
bondholders
now represents a very large maMtge.
commitioe
The 1st
jority of 1st Mtge. bonds. Undeposited bond holders are asked to deposit
their bonds with one of the following depositaries: First Trust & Savings
Bank, Chicago, Chase National Bank, New York; Pennsylvania Co. for
Ins. on Lives & Granting Annuities, Phila.; Old Colony Trust Co., Boston;
First Wisconsin Trust Co., Milwaukee; St. Louis Union Trust Co., St.
Louis; First National Bank, Kansas City, Mo.
The preliminary report of the reorganization committee to bondholders'
and collateral noteholders' committees follows:
The company has been operated by Fred W. Fleming and Francis M.
Wilson, receivers, since the fall of 1920.
Summary of Income and Expenses ?liken from the Receivers' Income Account
for the Entire System.
1922.
1921.
Calendar Years$10,404,745 $9,980,046
Total railway operating revenue
494,002
Auxiliary operating income
257.009
16,598
Miscellaneous non-operating income-joint
14.134
Miscellaneous non-operating income-company
45,753
99,274
•
2653
company. The bonds of the new company bear interest from Jan. 1 1923
and the July 1 1923 coupons therefrom are now payable at the office of
the Bankers' Trust Company, the trustee under the mortgage.
The operating manager of the Michigan Electric Ry Co. will be John F.
Collins, who was the Federal Receiver.
Interest coupons dated July 1 1923,from 1st & Ref. mortgage gold bonds.
Series A,(5%, 1948) are now being paid by the Bankers Trust Co., N. Y..
the trustee under the mortgage. The Jan. 1 1924 coupons will be paid in
ordinary course on their due date.-V.117, p.2542.2433.
Middlesex & Boston Street Ry.-May Operate Buses.The Mass. Dept. of Public Utilities has authorized the company to operate jitneys in Bedford, Concord, Lexington, Needham, Sherbern. Waltham
and Wayland. Mass., and upon streets and ways over which the company
now operates electric cars in Arlington, Ashland, Ashmont, Billerica,
Framingham, Hopkinton, Natick, Newton, Watertown and Wellesley,
Mass.-V. 116, D. 2256.
Midland Valley RR.-Listing.---
The Philadelphia Stock Exchange on Dec. 6 authorized the listing of:
(1) $5,524.000 1st Mtge. 5% 30-year Gold bonds, due April 1 1943;
(2) $3.512.500 Adj. Mtge. 5% 40-year Gold bonds, Series ".A"• (3) $2,000,000 Adj. Mtge. 5% 40-year Gold Coupon bonds, Series "B":'(4) Temporary certificates representing $4,006,500 Preferred stock, par $50;
(5) temporary certificates representing 34,006,500 Common stock, par
Total income from all sources
$10,775,162 $10.536.400 $50.
Total operating expenses, including taxes
9,284.636
9.166,387
Certificates of both Preferred and Common stocks tranferable at the office of the company, 717 Lafayette Bldg., Phila., and countersigned and
Gross income
$1,490,526 $1,370,013 registered by the Girard Trust Co., Registrar.-V.117. p. 2212.
No deduction is made in the above figures for interest charges nor for
Mississippi Railway.-Securities Authorized.renewals and replacements. Maintenance charges approximating 20% of
operating revenue are included in operating expenses, this amount probThe I.-S. C. Commission on Dec. 6 authorized the company to Issue:
ably being sufficient to keep the property in efficient condition. The (1) 375.000 capital stock, $74.800 of said stock to be issued at par in conreceivers are also setting aside an extraordinary reserve of $40,000 a month nection with the procuring of right-of-way and other lands, and $200 to
for injury and damage claims, which amount is incl. in operating expenses.
be sold for cash at par and the proceeds used for capital purposes; (2) $200.For the first ten months of 1923 total income from all sources was prac- 000 of first-mortgage 25-year 7% gold bonds, said bonds to be sold at not
tically the same as for the similar period of 1922. Net earnings, however, less than 75 and int. and the proceeds used solely for construction purposes.
showed an increase.
;.
.
The sale of the stock and bonds has been underweitten by Joanise
There has been no change in fares; tickets are selling on a 7-cent basis, Cochrane and his associates, but if they cannot be otherwise sold Cochrane
token fares on a 731-cent basis and cash fares at 8 cents per passenger. a
pnd
24h3i3
s.associates will purchase them at the prices given. See also V. 117
The number of revenue, passengers carried in 1922 was 136,076.541,as compared with 130,843,482 in 1921; revenue passengers for the first ten months
of this year numbered 112,436,921, as compared with 112,325,578 for the
Mobile & Ohio RR.-31A% Dividend.first ten months of 1922.
The directors have declared a dividend of 3Y,
(
7., on the outstanding
Jitney competition has been practically eliminated. In view of the very $6,016,800 Capital stock. par $100, payable Dec. 29 to holders of record
intense jitney competition at the commencement of the receivership, the Dec. 17. On July 12 last a like amount was paid. This makes a total of
elimination of Jitneys as a factor in transportation at Kansas City is a very 7% for 1923 compared with 4% annually paid from 1910 to 1922,inclusive.
important accomplishment. Hostile criticism of the property has been -V. 117, p. 1659.
reduced to a minimum. We believe the receivers are entitled to commen•
dation for these accomplishments.
National Rye. of Mexico.-Plan Operative.The reorganization committee is giving active attention to those matters
The International Committee of Bankers o' Mexico announces that sufwhich must tc:.ettled before reorganization,and is doing cvcrythin
e,siolo ficienr pro.
,
0Q V."S
"
,
"0
.
in 0,e
r°
pod in making
to expedite re-rgarizatim. it has made a tentative seti,lea.en;
the available funds for bond interest service during 1923 to Justify the comlitigation, controversies and claims arising as a result ofpersonal injuries mittee in declaring the Plan operative. At the present time the amount
and damages prior to the receivership. This settlement contemplates that of funds made available to the Committee is in excess of $13.500.000 U. S.
a plan of reorganization will be submitted in the near future for approval gold. Assurances have been received from the Minister of Finance of
by the various security holders and other creditors, and in the event of an Mexico that the balance of the 815.000,000 U. S. gold named as the miniadjustment of the various claims against the company is not thereby secured, mum fund for the service of the debt included within the Plan during the
that the First Mortgage upon the property will be foreclosed. See also first year of the five-year period covered by the Agreement with the
V. 117, p. 2542.
Mexican Government will be made available prior to Dec. 31 1923. The
amount of cash already made available to the Committee exceeds the
• Mahoning Coal RR.-Declares Dividend of $10.amount required for the first year's interest service with respect to bonds
The company has declared a dividend of $10 a share on the Common now deposited and assenting, which represent a substantial majoriy of all
stock, par $50, payable Dec. 28 to holders of record Dec. 21. Dividends bonds included under the plan.
of $10 a share were paid on the Common stock in February, May, August
Bond holders who have not yet deposited their bonds should do so
and November last.
promptly as the Committee reserves the right to accept deposits of bonds
The company has outstanding $661,367 5% Preferred and $1,500,000 after Dec. 31 1923. only subject to such terms and conditions as the comCommon stock, of which the N. Y. Central RR. owns $399,500 Preferred mittee may fix. See also advertising pages and "Current Events" in last
and $894,650 Common stock.-V. 117, p. 1663.
week's "Chronicle."-V. 117. p. 1664, 1556.
Manhattan Ry.-Suit to Set Aside Plan.See Interborough Rapid Transit Co. above.-Y.117, p. 1992, 1775.
Manila RR.-Listing-Earnings.-
New York Central RR.-Two-fold Rights for Stockholders
-To Offer Company's Stock at Par up to 10% of HoldingsReading's Rights at $3 in Ratio of 1 to 5.-The company has
authorized an increase of 10% in the capital stock, to be
offered to stockholders at par in proportion to their holdings on Jan. 2. The company has also determined that the
603,650 Reading rights which the company will receive shall
be offered to stockholders on Feb. 1 1924 at $3 per right in
proportion to their then holdings of New York Central stock.
President A. H. Smith in a circular Dec. 12 says:
The New York Stock Exchange has authorized the listing of $1,750,000
additional "Southern Lines" 1st Mtge. 4% bonds, due May 1 1939, and,
$1,122,000 "Southern Lines" 1st Mtge. 4% bonds, due May 1 1959.
These bonds form part of a total authorized issue of $30,000,000. They
were issued under the terms of an Act of Congress of the United States of
America, approved Feb. 6 1905. The payment of interest on all the
bonds due 1939 and due 1959 is guaranteed by the Philippine Government.
The 4% bonds, maturing May 11959. were extended under the terms of a
supplemental indenture dated July 11916.
Income Account Statement-Years ending Dec. 31 1922.
The now authorized capital stock of the New York Central RR. is
1922.
1921.
8400.000.000. 3268,237.375 of this is outstanding in the hands of the
$6.105.398 $6.137,149 public; $252,005 is in the treasury: $100,000,000 is reserved for the converOperating revenues
3,650.323 4,753.403 sion of the company's 20-Year 6% Convertible Debenture bonds; and
Operating expenses
$31.510,620 can be issued for capital purposes when such issue shall have
$2,455,075 $1.383,746 been authorized by the I.-S. C. Commission.
Net revenues from operation
11,201
131
Taxes and uncollectible railway revenue
The New York Central-Lake Shore consolidation was effective Dec. 23
1914. On Jan. 1 1915 the New York Central's surplus amounted to
82.443.874 $1,383,614 $29,405,935. On Oct. 31 1923 that surplus was 8120.375,968. The comOperating income
$116,848
Non-operating income
$106,987 pany for many years has paid dividends at the rate of 5% per annum, but
on Aug. 1 1923 that rate was increased to 7%. The earnings for 1923 have
Gross income
$2,560,722 31.490.601 been unusually lareie and the net income for this year will beequal to apDeduct-Hire of freight cars
$51 proximately 17% on the now outstanding capital stock. The high per$500
Separately operated properties-loss
centage of current net income is due in part to the moderate capitalization
Interest on funded debt
1,310,608
1.286,438 of the company, to the fact that the larger portion of its capital outstanding
Interest on unfunded debt
78,350
70,419 is in long-term bonds with an average interest rate of less than 434%, and
funds
&c.,
reserve
2.244
Income applied to sinking,
2.244 to the large amount of surplus earnings which have been put back into the
property and against which no capital has been issued.
Net income
$1,169.019
$131.446
The New York Central owns about 95% of the stock of the Michigan
-V. 115, p. 1532.
Central RR.. about 90% of the stock of the Cleveland Cincinnati Chicago
& St. Louis Ry.. and over 50% of the stock of the Pittsburgh & Lake Erie
Mexican Central Ry. Co., Ltd.-Plan Operative.RR. Its net income for the year 1923. including its share of the undisSee National Rye. of Mexico below, also advertising pages and "Current tributed surplus earnings for that year of its controlled companies, will
Events" in last week's "Chronicle."-V. 117. p. 208.
amount to approximately $70,000.000. equal to about 26% on the stock now
outstanding.
Mexican International RR. Co.-Plan Operative.New capital is constantly required to .provide the additional facilities
See National Rye. of Mexico below, also advertising pages and "Cur- needed to handle the company's growing business. Of late years the cost
of additions and betterments has been met out of the proceeds of bonds and
rent Events" in last week's "Chronicle."-V. 117. p. 208.
by the application of surplus earnings. In the judgment of the directors
Michigan Central RR.-Declares Dividend of 10%.the time has now come when such expenditures should in part be provided
A dividend of 10% has been declared on the $18.736,400 capital stock. for by an increase of capital stock.
In order to enlarge the amount of its funds available for corporate purpar $100, payable Jan. 29 to holders of record Dec. 28. A like amount was
paid July 28 last. On Jan. 29 1923 a semi-annual dividend of 4% and an poses, the company will offer to stockholders the right to subscribe at par
additional stock to the amount of 10% of their respective holdings of
for
were
extra of6%
paid.-V.117, p. 1992.
record on Jan. 2 1924. The maximum maount of additional stock which
Michigan Electric Ry.-Reorganization Completed,
may be issued is U1.510,620. If on Jan. 2 1924 the amount of stock
outstanding shall have been increased, because of conversion of Convertible
See Michigan United Rys. below.-V. 117, p. 2542, 2433.
Debentures above mentioned, to more than $315.106.200, the amount of
Michigan United Railways.-Reorganization Completed. additional stock to which a stockholder will be entitled to subscribe will be
The reorganization of the Interurban Traction System, operating be- approximately the same percentage of his stock holding as the maximum
tween and in the cities of Jackson and Lansing; and Lansing, Battle mentioned above is of the total amount of stock outstanding on Jan. 2 1924:
Creek and Kalamazoo, and formerly owned by Michigan United Rye. Co., the per cent of his holding to which he is entitled to subscribe being stated
in the subscription warrant.
has just been completed.
The annual meeting of the stockholders of this company will be held on
In December 1922. a Federal Receiver for the Michigan United Rys, was
appointed. As a result of a reorganization brought about through the ef- Jan. 23 1924. and the by-laws provide that dur;ng a period of twenty days
forts of a Reorganization Committee, composed of George R. Cottrell°, prior to meetings of stockholders no transfer of stock on the books of the
A. A. Tilney, James D. Hurd, B. F. Davis, Sidney Lamert, 0. S. Camp- company may be made. Therefore the books will be closed at the close
bell, Marvyn Scudder and Burton A. Howe, the system on Dec. 1 1923 of business on Jan. 2 1924 and will be reopened on Jan. 24 1924.
Assignable subscription warrants will be mailed to stockholders immepassed to a new company, known as the Michigan Electric Railway. This
company has an outstanding bonded indebtedness consisting of $7,190,- diately after Jan. 2 1924; and subscriptions will be received by the General
500.00 of First and Refunding Mortgage Gold Bonds Series A (5%, due Treasurer of the company in New York and by Morgan, Grenfell & Co. in
London until Jan. 31 1924, at the close of business on which day the right
1948) and outstanding capital stock as follows:
to subscribe will terminate. Payment in full must accompany subscripClass A 57 Preferred, cumulative from July 1 1923
$6,228,600 tions.
Class B 5 Preferred
400,000
The Issue of the stock is conditioned on authorization being given by the
Class C 5 o Preferred
1,203,800 I.-S. C. Commission therefor. If such authorization should be delayed
Common stock, 100,000 shares without par value.
beyond Jan. 2 1924, subscriptions will be received subject to such authorFormer holders of the bonds of the predecessor company are receiving, ization being obtained.
under the re-organization plan, $500 of the bonds of the new company and
Reading Rtghts.-The capital stock of the Reading Co. Is $140,000.000
$600 par value of its Class A. preferred stock for each $1,000 of the old bonds. (par $50).
Holders of debentures and preferred stock of the predecessor company are
Pursuant to the decree of the Federal Court directing the segregation of
entitled to participate in the issue of Class C preferred stock of the new the assets of the Reading Co., a new company is to be formed to which the
2654
[VoL. 117.
THE CHRONICLE
Reading will transfer all of the stock of the Philadelphia & Reading Coal &
Iron Co., which last named company will own all of the stock of the Reading Iron Co. This new company will issue 1,400,000 shares of no-parvalue stock, which will be offered to Reading stockholders in proportion to
their holdings, for subscription at $4 per share. As there are to be half
as many shares of new company stock as there are of Reading stock, the
holder of one share of Reading is entitled to subscribe for one-half of a share
of new company stock on payment of $2 therefor.
The New York Central, as a Reading stockholder, will receive 603,650
of these "fights." which evidence the right to subscribe for 301,825 shares
of the no-par value stock of the new company, paying therefor $4 pier share.
The New York Central RR. is the owner of 603,650 shares of Reading
stock (par $50), wh.eh .s carried on its books at cost-521.840,725. This
stock, on the basis of quotations on the New York Stock Exchange Dec. 11
1923, had a market value of $38.108.975.
The segregation decree provides that the holder of 2 rights, on their surrender and on payment of $4, will be entitled to 1 share of the new company's
stock. Subscribers for the stock of the new company must make and file
an affidavit to the effect that they are not stockholders in the Reading Co.
The board of directors has decided to offer the rights to which the New
York Central is entitled, after they shall have been received. for purchase
by its stoekholders at $3 for a right. The number of rights so to be offered
will be 603,650, or such smaller number as it may be necessary to fix in
order to avoid the use of unduly long fractions in the disposition thereof.
On the basis of the amount of New York Central stock now outstanding,
plus a 10% addition thereto, the holder of 5 shares of New York Central
stock would be entitled to purchase one right. The quotation for the rights
"when issued" is now largely in excess of the price at which they are offered
to New York Central stockholders.
The board of directors has directed that such offer be made to stockholders of record Feb. 1 1924 (or on such later date as, in the contingency
hereinafter mentioned, the board may fix): that the offer shall be in proportion to their then holdings of record, and that it shall remain open until
Mar. 15 1924.
To stockholders who desire to purchase stock of the new company, and
who, as required by the provisions of the Reading segregation decree, make
and file an affidavit to the effect that they are not holders of stock of the
Reading Co., this company will aimign the amount of rights to which they
are respectively entitled, and on their behalf will procure to be issued in
their names certificates of stock of the new company to the amount called
for by the rights so assigned to them. Payment for such rights and stock
shall be on the basis of $10 per share, said $10 being made up of $16 to be
received by this company for 2 rights and $4 to be received by the new
company for 1 share of its stock issued on account of said 2 rights.
May Feb. 1 1924 the I.-S. C. Commission shall not have authorized the
Issue of this company's additional stock above referred to, the company
may change the date as of which stockholders of record may purchase rights
to a date later than that on which the authority for the issue of its own additional stock shall be granted, so that subscribers for such additional stock
may have the right to participate in such purchase. Ifsuch date is changed,
the time within which rights may be purchased will be correspondingly
extended beyond Mar. 15 1924.
The Reading Co. is taking steps for the listing of the rights on the New
York Stock Exchange.
[For digest of a copy of a letter dated Dec. 11 1923, from Agnew T.
Dice, President of the Reading Co.. giving information as to the property.
past earnings. &c., of the Philadelphia dc -Reading Coal & Iron Co. and of
the Reading Iron Co.. and also a balance sheet of the Coal & Iron Co. as
of Oct. 311923, constructed so as to show the effect of the provisions of the
Reading segregation decree,see Reading Co.below.]--V. 117, p. 2213. 1775.
bonds, and under the segregation plan will assume one-third. or $31,542,333 1-3, of the outstanding 4% Gen. Mtge. bonds of Reading Co.
and the Philadelphia & Reading Coal & Iron Co. dated Jan. 5 1897. The
proportion of the bonds so assumed may be exchanged after Jan. 1 1924,
at the option of the holders, for an equal amount of new Ref. Mtge. 5%
bonds ofthe Philadelphia & Reading Coal & Iron Co. maturing Jan. 1 1973.
The Reading Iron Co. has no bonded debt.
Net Earnings of Philadelphia & Reading Coal & Iron Co. and of Reading
Iron Co. in the Years 1917 to 1923.
P.& R.C.& I.Co. Reading Iron Co.
Combined.
Year(After Depletion)
1917
$5,436,633
$10,473,613
*5,037.180
1918
7,850.609
4,160,162
3,690,447
1919
2.866,737
4,929,927
2,063,190
1020
6,672,222
6,530,969
def.141.253
1921
1.878,666
4,364,926
def.2,486,260
1922
def.93,430
78,669
172,099
1923 (estimated)
3,700,000
4,000,900
300,000
Total for seven years__ $27,107.250
$35,742,653
$8,635,403
Average
$3.872,464
$5.106,093
$1,233,629
The reduced earnings of the Philadelphia & Reading Coal & Iron Co.
for the year 1922 were caused by the long strike in the anthracite fields.
The deficits incurred by the Reading Iron Co. in the years 1920 and
1921 resulted from a reduction in the inventories of materials purchased
and manufactured at high cost due to war conditions, while in 1922 and
In 1923 the earnings were limited because of the general depression in the
iron trade and the disturbance in the oil trade and cessation of new drillings
where vast quantities of wrought iron pipe are ordinarily used.
The net earnings of the Philadelphia & Reading Coal & Iron Co. for
the years 1917 to 1922 inclusive, do not reflect interest on any part of
the Reading Co. and the Philadelphia & Reading Coal & Iron Co. Gen.
Mtge. 4% bonds, nor do they reflect the five cents per ton sinking fund
charge paid by Reading Co. under that mortgage. The net earnings for
1923 reflect a deduction of approximately $1,225,000 for depletion and
$1,293,000 for 4% interest on $31.542,333 1-3 Gen. Mtge. bonds and
$780,000 Philadelphia & Reading RR. 10-Year Collateral bonds. The
sinking fund of approximately $525.000 payable in January 1924 will be
taken from the depletion fund above mentioned.
The Philadelphia & Reading Coal & Iron Co. owns 84,945 acres of
anthracite coal lands in Pennsylvania,leases 3,567 acres, and through stock
ownership in subsidiary companies controls 7.440 acres additional, making
a total owned,leased and controlled of95,952 acres, which is about one-third
of the total anthracite coal acreage in the State of Pennsylvania. The
annual output Is approidmately 12,000,000 tons.
The Reading Iron Co. is the producer of wrought iron pipes, nails and
other similar products, and has extensive plants and properties in Penna.
Balance Sheet of Oct. 31 1923 (Philadelphia & Reading Coal & Iron Co.).
[Per books and balance sheet, as of same date, had the transactions
contemplated by the third modified plan been fully consummated.]
.
Per
After
After
Per
Books,
Segrega.
Segrega.
Books.
Assets$
Liabilities$
$
Property Invest_ _ _69.884,083 69,884,083 Capital stock
8,000,000 8,000.000
Secure. otaffil. cos.10,860,654 10,860,654 P.& R. Coll. S. F.
Loans & adv. to
loan 1892-1932_ 780,000
780,000
at111. companies_ 559,249
559,249 Reading Co. debt-69,357,018
Reading Co. spec.
P.& R.C.& I.Co.
Ottawa Traction Co., Ltd.-Extra Dividend.loans
2,000,000
(lab.gen. M.bds
31,542,333.
An extra dividend of 2% has been declared on the stock along with the Liberty bonds_
6,368,369 9.368,369 Accts.& wages pay 3,507,210 3,507,210
usual quarterly dividend of 1%. both payable Jan. 2 to holders of record
do
(emPl.) 133,974
133,974 Int. & taxes seer__ 3,972.647 3,972,647
Dec. 15. A dividend of 1% has been paid extra in Jan. of each year since Other securities__ _ 2,788,685 2,786,685 Miners' bin,fund_
44,848
44,848
Reading Ir. Co.stk
1915. making a total of5% per annunt.-V. 114,P. 1180.
8,000,000 Res. depl. of coal
Depl. of coal lands
lands
7,956,343 7,956,343
dr leasehold_ _ _ 2,360,279 2,380,279 Workmen's Comp.
Pan-American RR.-Plan Operative.1,710,254 1,710,254
See National Rys. of Mexico abovt, also advertising pages and "Cur- Workmen's comp_ 1,710,254 1,710,254 fund
17,724,534
Cash
Contingencies res. 1,424,741 1,424,741
rent Events in last week's "Chronicle. -V. 117. p. 208.
Read. Co.set'ment
1,724,534 Def. credit items_
143,736
143,736
69,294
Special deposits_ _
69,294 Cap. sure. arising
Pensacola Electric Co.-Tenders.998
996 from valuation of
The Old Colony Trust Co., trustee, 17 Court St.. Boston, Mass, will Notes receivable
12,642
12,642
until Dec. 17 receive bids for the sale to it of 1st Mtge. 5% 25-Year gold Coal accounts_ _ _ _ 6,802,758 6,802,758 leasehold
481,870
481,870 Profit & loss(prey.
bonds, due Aug. 1 1931, to an amount sufficient to exhaust $17,316.- Sundry debtors
Interest receivable 106,841
106,841
29,073,786 58,888,471
years)
V. 115. p. 2581.
Coal on hand
2,793,059 2,793,059 Burp. 10 mos. to
Pere Marquette Ry.-Acquires Stock of Belt Ry.Mat'l & supplies 2,859,809 2,859,809
3,405,690 3,405,690
Oct. 31 1923
See Belt Ry. of Chicago above.-V. 117. p. 2213, 2111.
Def. debit items 2,086.207 2,088,207
Philadelphia Rapid Transit Co.-Wage Increase.-
Effective Jan. 1 1924 the basic wage of employees will be increased from
fA to 65 cents an hour. Each employee will also be credited at the end
of the year with a wage dividend equivalent to 10 1 of his earnings, which
will make a total wage of 71) cents an hour. The average wage rate
in 1923 has been 633i cents an hour, which, together with the co-operative
wage dividend of 10%, amounts to a total of 69.85 cents an 'hour.V. 117, p. 2324.
Total
129,388.916 119388,916
-V.117. p. 2543, 2433.
Total
129,388,916 119388,916
Schuylkill Ry.-Defaults-Protective Committee.-
The $150,000 Lakeside Ry. 1st Mtge. 4s, due Nov. 1 1923. have been
defaulted. Interest due Nov. 1 on the bonds was paid. These are underlying bonds of the Schuylkill Railway system and underlie its consolidated
mortgage. The Continental Equitable Trust Co., Philadelphia, is trustee.
A bondholders' protective committee was formed, of which Brandon
Portland Ry., Light & Power Co.-Listing-Earnings.- Barringer,
representing the Fennsylvania Co. of Ins. on Lives and Granting
The New York Stock Exchange has authorized the listing of $2,000,000 Annuities, is Chairman, the other two members being G. W. Davis, Sec. of
additional 1st Lien & Ref. Mtge. Gold bonds. Series"B"(6%), due May the Philadelphia Rapid Transit Co., and Francis Ralston Welsh. The
1 1947. making the total amount applied for $6,000,000 Series"A"(734%). default constitutes a default under Schuylldll Ry. Co.'s Consol. Mtge.
also.-V. 117. p. 1665.
due May 1 1946, and $7,414,000 Series "B"(6%), due May! 1947.
Results for Nine Months ended Sept. 30 1923.
Seaboard Air Line Ry.-Settlement With Govt. Explained.
Gross earnings
38,069.435
President S. Davies Warfield has explained the settlement made with the
Oper. exp.. $4.126.869; rentals, $81,312; taxes, $703,774
4,911.957 U. S. RR. Administration as follows:
"As the result of negotiations extending since Federal control the settleGross income
$3,157,478 ment that has been made between the company and the Director-General
Interest, bond discount, &c
1,553.956 of Railroads was based on the annual rental value to the Government of
Depreciation
538,039 $7,800,000 for the Seaboard Air Line Ry. during the war, as compared with
Dividends: Prior Pref. stock (7%). *145.355: 1st Pref. stock
the so-called certified standard return of approximately 96.500.000. All
426,605 Federal control accounts against the Seaboard, including trustee account,
(6%). $281,250
are settled, which on the basis of the so-called standard return indicated an
Balance
$638,878 apparent balance against the railroad of approximately $8,000,000 without
Interest and the Railroad Administration's claim for expenditures for
Comparative Balance Sheet.
Sept. 30'23 Dec.31'22
Sept. 30'23 Dec.31'22 maintenance. Under the settlement the amount due the Seaboard was
$2,250.000.
$1,500,000 of this being previously paid left a balance of
$
Assets-.
Liabilities-.
Prior Pref. stock__ 3,406,900 1,101,900 $750,000 now received. In the settlement additions and betterments to
Plant, property &
the
property
during Federal control-$2,000,000-have been funded.
62,505,197
67,337,128
1st
Pref. stock__ __ 6,250,000 6,250.000
equipment
2d Pref. stock__-- 5,000,000 5,000,000 $650,000 has been received for the six months guaranty period, which toUndis. count. est's 1,026.881
388,293 Common stock .11,250.000 11,250,000 gether with the *750.000 and the $2,000,000 makes a total of $3,409,000
Misc. investments 389,012
Funded debt
Adv.to MI.cos_ _ 215,871
59,143,965 51,592.480 cash."-V. 117. D. 2544.
472,072 Notes & accts. pay 963,256
482.648
323,553
Cash
Southern Ry.-Bonds Authorized.710,635
0th.
cur r. liablis._ 1,961,615 1,682,923
Accts.& notes rec.. 784,122
The I.-S. C. Commission has authorized the company to issue $20,000.665.106 Deferred liabilities 629,788
687,601
Other eurr. assets. 888,169
000 Development & Gen. Mtge. gold bonds, series A. to bear int. at the
Treasury bonds_ _ _14,297,800 9,680,000 Other reserves__ __ 145,250
of 6% per annum: said bonds to be sold to J. P. Morgan & Co. at not
Sinking funds_
5,008,782 4,282,735 Depreciation res__ 2,512,181 2,281,059 rate
567,488 less than 93 and int. See offering in V. 117. p. 2214.
5,613 Surplus
Special deposit_
1,253,214
3,321
Deferred charges__ 2,241,532 2,166,448
Total
92,516,170 80,876,100
-V.117, p.2111, 1993.
Total
92,516,170 80,876,100
Reading Co.-Information Relative to Philadelphia &
Reading Coal ct; Iron Co., Reading Iron Co. and proposed
new Philadelphia & Reading Coal & Iron Corp.-President
Agnew T. Dice, in a letter to President A. H. Smith of the
New York Central RR., has submitted the following information regarding the above companies:
The equity a Reading Co. in the stock of the Reading Iron Co. will
be transferred to the Philadelphia & Reading Coal & Iron Co.. and the
equity of Reading Co. in the stock of the Philadelphia St Reading Coal
& Iron Co. will be conveyed to the proposed new Philadelphia & Reading
Coal & Iron Corp.
(It will be observed that Mr. Dice speaks of a transfer of the Reading
Co.'s equity in the stocks of the Coal & Iron Co., and of the Iron Co.
Those stocks were pledged by the Reading Co. under the general mortgage,
but by the segregation decree they are freed from the lien thereof except
that they remain pledged as security for the one-third of the Gen. Mtge.
bonds apportioned to and assumed by the Coal & Iron Co. Itself.)
1
Philadelphia & Reading Coal & Iron Co. has outstanding $780.000
01 the Philadelphia & Reading RR. 4% 10-Year Sinking Fund Collateral
Staley System of Electrified Ry.-Application to Construct Line of Road Denied.-
The I.-S. C. Commission on Dec. 5 denied the application for authority to construct a line of railroad in the States of Arizona, New Mexico,
Colorado, and California. The report of the commission says in substance:
The Staley System of Electrified Railway, an Arizona corporation, was
organized for the purpose of engaging in transportation by railroad subject
to the interstate commerce act and sought a certificate authorizing the
construction and operation of a railroad in the States of Arizona, New
Mexico, Colorado, and California.
The main line of this proposed road, about 811 miles in length, would.
extend from a point on the Gulf of California in Mexico in a northeasterly
and northerly direction through Mexico, southeastern Arizona, north-west
ern New Mexico and southwestern Colorado to a point on the ColoradoUtah boundary. Of this line about 745 miles would be in the United States
and about 66 miles in Mexico, the latter not covered by the application.
In addition to the main line, branches are proposed, one extending into
southern California and others connecting the main line with the cities of
Phoenix, Tucson, Benson and Winkelman in Arizona, and Durango in
Colorado. Another branch about 10 miles in length would extend up
Lobo Canyon in New Mexico. The total length of the line, including the
branches and the portion in Mexico, would be about 1,307 miles. It is
proposed to establish a port at the terminus on the Gulf of California
which will accommodate vessels of 15,000 tons, from which the applicant
would operate vessels in connection with its railroad. The road would be
DEC.15 1923.]
THE CHRONICLE
of standard gauge and electrically operated. Power would be furnished by
two generating plants located respectively in New Mexico and in southern
Arizona. The applicant estimates that construction would probably be
completed within 5 years from the date of the certificate.
The estimated cost of constructing the entire 1,307 miles is $76,024,236,
Including $6,000,000 for terminals on the Gulf of California. Cost of
equipment for the first year of operation of the completed system is estimated at $30,014,000, including $4,000,000 for 10 vessels of 10,000 tons
each. It is estimated that the power system would cost 526,866.000.
General and miscellaneous expense is estimated at $1,500,000. The total
capital investment for the first year is taken to be the sum of these items,
or 5134,404.236, which would be increased to $150,750,236 for the fifth
year by purchases of additional equipment.
The applicant's articles of incorporation provide that it can never mortgage any of its properties or issue any bonds. It proposes to finance the
project by selling common stock at not lass than par, and 8% cumulative
preferred stock at not less than 105 net. No commissions have been or
would be paid for selling stock. It is represented that subscriptions for
520,000,000 of each class of stock have been procured and are payable on
call; but the applicant was unwilling to disclose for the record the identity
of the subscribers. No application for authority to issue stock has been
filed by the applicant.
The applicant's estimate of traffic and revenue for the first year of operation is 2,274,732,417 ton-miles offreight and $45,087,550 offreight revenue.
For the fifth year it is estimated that these figures would be increased to
3,624,167,300 ton-miles and $71,059,793 revenue. Passenger revenue is
estimated at $6,394,776 in the first year and $12,789,553 in the fifth year.
The applicant estimates that its gross freight revenue after the fifth year
probably would average $90,566,075 annually. Estimates of operating
expenses are also submitted indicating net revenue of $34,949,200 for the
first year and 559,637,914 in the fifth year, the net railway operating income being $31,681,825 in the first year and $54.111,664 in the fifth year.
These estimates indicate an operating ratio of 31.2 in the first year and
28.9 in the fifth year.
We regard these estimates of revenues as excessive.
. . . We
also regard the applicant's estimate of operating expenses as much too
low. . . . Considering the line as a whole, it seems clear that the
applicant has overestimated its traffic possibilities. . . . We conclude and find that public convenience and necessity are not shown to
require the construction of the proposed line by the applicant.
2655
Purpose.—Proceeds will partially reimburse the company for expenditures
for additions and improvements to the properties.
Combined Capitalization Outstaitcfar With Public (Upon Completion of
Present Financing).
x$11.000,000
First & Ref. Mtge. 5s. 1932
11.068,500
First Lien & Cons. Mtge. Gold bonds (incl. this issue)
y8.705.098Divisional bonds & securities on portions of property
1.988.000
6% Convertible Debentures 1926
2,75,1.000
Gold debenture bonds, series "A"6%. 1973
2,591,054
Prior Preferred, 7% Cumulative (Delaware company)
10.095.600'
Preferred stock, 6% Cumulative
Participating Preferred, 7% Cumulative (now paying 8%)---- 3,408.700
4,255,300
Common stock, now paying 5% and extras
x Not including bonds pledged as collateral to 1st Lien & Consol. Mtge.
bonds. y Not including bonds and securities pledged with the trustee of
1st & Ref. Mtge. or underlying mortgages.
Of the issued securities of the subsidiary companies. the United Light &
Rys. owns over 70% of bonds and notes. over 84% of Preferred and COMMOV
stocks combined, and over 99% of the Common stocks.
Earnings for 12 Months ended Oct. 31.
1922.
1923.
512.547,612 511.555,590
Gross earnings (all sources)
7,937,555.
8.314,053
Operating expenses. maintenance and taxes
858.515
614,239
Int. and Prof. dividend charges, subsidiaries
1,069,770
1,457,473
Security charges, United Light & Rys
605,831
606,582
First preferred dividends
80.833.
266,507
Participating Preferred dividends
Surp.for deprec.,debt disc. and Common stock_ 51,288.757 51.003,884
—V. 117, p. 2544, 1665.
United Railways Investment Co.—Bonds Reduced.—
The Phila. Stock Exchange on Dec. 6 reduced the amount of 1st Lien &
Coll. Trust 5s, due 1926 (Pittsburgh issue)from $13,698,000 to 512.825,000'
—$750,000 reported as having been retired and canceled, and $123,000
acquired for the sinking fund.—V. 117, p. 1463.
Vera Cruz & Pacific RR.—Plan Operative.—
See National Rys. of Mexico above, also advertising pages and "Current
Events" in last week's "Chronicle."—V. 117, p. 209.
Tehuantepec National Ry.—Plan Operative.—
See National Rys. of Mexico above, also advertising pages and "CurVirginian Ry.—Bonds Sold.—The National City Co.,.
rent Events" in last week's "Chronicle."—V. 117, p. 209.
Higginson & Co. and Kissell, Kinnecutt & Co. have'
Lee
Union Passenger Railway Co.—Dividend.—
4% $5,000,000 1st,
A semi-annual dividend of $4 75 per share has been declared on the stock sold at 94 and int. to yield about 53
payable Jan. 1 to holders of record Dec. 15, less third and fourth quar- Mtge. 50-Year 5% Gold bonds, Series "A' of 1912 due May
terly installments of the 1922 income tax, amounting to 59 cents per share. 1 1962. Authorized, $75,000,000; issued $42,344,000. The--V. 116. p. 2638.
bonds include the present offering and
United Light & Power Co. (of Md.)— To Acquire As- $42,344,000pledged
as security with the U. S. Govt. and the
$4,500,000
sets of United Light & Rys. Co. (of Me.)—
ges).
Director General of Railroads. (See advertising
See United Light & Rys. below.
Listing.—Outstanding bonds of this issue are listed on the New York Stock
• United Light & Rys. Co. (of Me.)—To Sell Assets to Exchange and application will be Made to list these additional bonds.
United Light & Power Co of Md.—Delaware Company not to Data from Letter of C. W. Huntington, President of the Company.
by direct first mortgage on 503 miles of road, extendBe Affected.--L. H. Heinke. Sec., in a circular to stock- ingSecurity—Secured
from Deepwater on Kanawha River, W. Va., through the Pocahontas
holders Dec. 6 says in substance:
and New River coal fields, thence east to Sewalls Point on Hampton Roads
Additionally securedby
In order to provide for the prospective growth and enlargement of the COMpany's business and activities, it has been deemed desirable by the officers
and directors to sell all of the assets of the company, subject to the mortgage liens and indebtedness thereof, to The United Light & Power Co. (of
Md.),a new company, which company's securities in due course will be acquired and distributed in equitable proportion, according to classes and
preferences, to the stockholders of United Light & Railways Co.
The proposed plan provides for a substantially larger and more elastic
capitalization of the company, in order to provide for pending and future
expansion and developments.
Main Objects of Plan.—(1) To organize under laws which do not impose
Inheritance taxes on non-resident stockholders; (2) To permit the company to issue stocks of no par value, thereby modernizing the financial
structure: (3) To enable the company to distribute to its First Preferred
Stockholders, Participating Preferred Stockholders and Common Stockholders securities of such form and rate of return as will better suit the
demands of the present stockholders and investors at large;(4) To adopt a
name which, while it preserves all the prestige of the present organization,
more truly expresses the principal business activities of the company and the
service it renders.
To Control Delaware Company.—The Organization and Capital Structure
of The United Light & Railways Co. (of Delaware) will not be affected,
and United Light & Power Co. will own all of the Common stock of that
company.
Acquisition By Delaware Company.—The United Light & Railways Co.
(of Del.) will acquire in the near future all of the common stock of the
Iowa Electric power Co., which will construct, own and operate an electric power manufacturing plant of 200,000 kilowatt ultimate capacity.
This plant will be erected on the west bank of the Mississippi river near
Davenport. Ia. and will supply directly and indirectly the needed electric
energy for tho territory adjacent to it in Iowa and lliinois. The operating
profits resulting therefrom, after payment of the Power company's own
fixed charges, will redound to the benefit of the security holders of the
• United Light & Power Co.
New Company To Follow Policy of Old Company.—The United Light &
Power Co. will continuo to follow the policies of its predecessor by gradually retiring such underlying securities as may remain outstanding, and
continue to issue for sale to the investment bankers and the public, including its own stelcholders, the securities of the parent company. This company will also continue to do, through subsidiary companies, all of the
engineering and contracting work necessary to developing the plants,
ro
pperties
and territory of the company, including the erection of the
large electric power plants now under construction or being planned. The
resulting profits will accrue to the security holders of United Light &
Power Co. Furthermore, the subsidiary companies will pay fees for management or supervision directly to United Light & Power company.
Valuation.—During the month of Feby. 1923 the engineering department of the Public 'Service Production Co. of New Jersey made an independent engineering survey and report on the plants and properties of
United Light & Rys. and fixed a fair value of the properties, as of Dec.
31 122, at 558,756,160. Since Dec. 31 1922 there has been expended for
additions and improvements 51,6,16,467.
Capital and Debt.—The total face amount of all of the fixed debt of the
company and its subsidiary companies, as of Oct. 31 1923, was 532.796,800.
The total amount of outstanding Capital stock of company and subsidiaries
. in the hands of the public, at its par value, was $23,120,453. Making a
combined debt and capital stock total of $55,917,253:
No New Stock Issue in Contemplation.—The directors wish to inform
the stockholders that no new issues of capital stock will be offered for sale
by the company in the near future, as its treasury is in no need of additional funds from this source.
However,optional warrants entitling the owner to acquire Common stock
of the United Light & Power Co., at a stated price, will be issued upon the
consummation of the proposed plan. These optional Warrants, which will
be assignable, will entitle the holder thereof to purchase Common Stock
at any time on or before Dec. 31 1925. at a stated price.
Listing.—It is contemplated that all of the stocks of the United Light &
Power Co. will be listed on both the New York and Chicago Stock Exchanges.
$11000,000 Bonds Offered.—Bonbright ez. Co. Inc. are
offering at 95 and int., to yield over 6%%, $1,000,000 1st
G
Lien & Consol. Mtge. old Bonds, Series 'A," 6%. Dated
April 1 19221 due April 1 1952 (see description in V. 114,
p. 1636 and in advertising pages above).
Data from Letter of Pres. Frank T. Hulswit, Chicago, Dec. 12.
Company.—Controls and operates furnishing a diversified public utility
service in prosperous and growing communities located in the heart of the
Middle West. These are situated principally in Iowa and Illinois, two of
the wealthiest States in the Union from an agricultural and industrial
standpoint. In all. 77 communities are served with electric power and
light, gas, street railway, or interurban service. The combined population
of the territory served has grown from 340,000 in 1900 to over 600,000
at present. .
(at Norfolk, Va.) and on all equipment owned.
first collateral lien through pledge of all the bonds and capital stock (except
Nirectors' shares) of Virginian Terminal Ry., upon 603 acres of waterfront and the steel coal-loading piers and terminal property at Smalls Point.
Divi ends.—Company has $27,955,000 Prof. stock outstanding on which
dividends at the rate of 6% per annum are being distributed at the present
time; company also has outstanding $31,271,500 Common stock.
Purpose.—Proceeds will be used for improvements, additions and betterments to the road, the Virginian Ry. and to the property of its subsidiary,
Virginian Terminal Ry. particularly for the electrification mogramme of
the company. and for expenditures made and to be made on account of the
construction of the second electrically operated coal pier now being constructed at Sewalls Point.
Electrification Program.—The Virginian Ry. is electrifying 134 miles of
road, embracing 213 miles of track, crossing the Allegheny Mountains
between Roanoke. Va. and Elmore and Mullens, W. Va. The principal
objects of this undertaking are two—first, the expansion of its traffic
handling capacity; and, second, the improvement of operating efficiency
and reduction in ton-mile costs. With electric operation, trains of 6,000
tons will be moved for the first 14 miles out of Elmore upgrade to Clark's
Gap at 14 miles an hour and filled out there to 9.000 tons for movement to
tidewater. The initial operation is laid out for an annual movement of
8,000,000 net tons of coal and the system is designed to handle more than
twice this amount The higher train speeds, the uniformity of speed, and
the greater amount of power that can thus be applied to an individual train
will enable the movement of more than twice the Virginian's present tonnage.
Total operatag revenues & surplus after fired charges.
1922.
1916.
1913.
Calendar Years—
$19,009,444 $8,455,964 $5,842.584
Total operating revenues
5,922,289 4,243.763 2,603,725
Available for fixed charges
3,408,033 2,479,306 1,018.435
Surplus after fixed charges
1.64
2.36
2.41
Times fixed charges earned
For the 10 months of the current year total operating revenues of$18,226,391, are $2,159,408. or 13.4%, more than were earned in the corresponding
period of the previous year. During the same period the income available
for fixed charges was equivalent to more than 2% times the requirement,.nd
the surplus after fixed charges amounted to $4,308,243, being 32% more
than the 33,257.945 reported last year.
Initial Common Dividend.—An initial dividend of 4% hasbeen declared on the outstanding $31,271,500 Common
stock, par $100, payable Dec. 31 to holders of record Dec.20.
—V. 117, p. 1665.
West Philadelphia Passenger Ry.—Dividend.—
A semi-annual dividend of $5 per share has been declared on the stock,
payable Jan. 1 to holders of record Dec. 15, less third and fourth quarterly
installments of the 1922 income tax amounting to 63 cents per share.
—V.116. P• 2638*
Wildwood & Delaware Bay Short Line RR.—ApplicaLion Denied.—
The I.-S. C. Commission on Dec. 7 denied the Company's application
to issue $82,000 1st mtge. 5% gold bonds for the purpose of reimbursing
its treasury for expenditures made for capital purposes amounting to.
$64,886.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly gives
under this heading appears to-day on a preceding page under "Indication
of Business Activity."
Coal Production, Prices, &c.
The United States Geological Survey's report on coal production,together
with the detailed statements by the "Coal Trade Journal" and the "Coal
Age," regarding market conditions, heretofore appearing in this column,
will bo 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."
•
2656
THE CHRONICLE
Prices, Wages and Other Trade Matters.
New England Shoe Trade Situation.-In Haverhill, Mass., new peace
plan agreed upon by shoe manufacturers and workers fixes 5 Si days per
week for six months and five days per week for remaining six months of
year. "Boston News Bureau" Dec. 12, P. 3.
In Lynn, Mass., authority to adjust disturbance through State Board
.of Arbitration has been granted to Joint Council of Amalgamated Shoe
Workers of America by the unions concerned. "Wall St. Journal" Dec.
10._p. 3.
Window Glass Scale of Wages.-Wage scale adopted by the National
Association of Window Glass Manufacturers was to-day held not to be in
violation of Sec. 1 of the Sherman Anti-Trust Law by the Supreme Court
United States. "Daily Financial America" Dec. 11. p. 7.
New Wage Demanas in Building Trades.-Proposed two-year agreement
with $10 per day as basic wage not agreeable to building traesd unions,
who stand for increase of $1 per day Jan. 1. "Times" Dec. 8. p. 1, and
Dec. 9, p.2.
Matters Covered in "Chronicle" Dec. 8.-(a) Wage increases in New
York City during 6 mos. since April, p. 2479. (b) Georgia Cotton Growera' Cooperative Ass'n increases advances on cotton to 20c per pound, p.
2488. (c) New rules of New York Stock Exchange governing dealing in
interest-paying bonds, p. 2489. (d) Proposed 5-year farm census, p.
2505. (e) Governor Pinchot's new plan for regulating anthracite coal
prices-conference called for Dec. 13, p. 2506.
Alabama Water Co. Birmingham, Ala.-Bonds Offered.
-Brandon, Gordon &'
Waddell, New York, are offering at
9734 and int., to yield about 6.20%, $750,000 1st & Ref.
Mtge. 6% bonds, due July 1 1947 (see original offering in
V. 115, p. 2049). A circular shows:
[VOL. 117.
plant were transferred to Gold Dust in exchange for $5.000.000 Pref. stock.
These were taken over at book value of about 81.500,000. Quick assets
were turned over at a valuation of 33,500.000. including inventories at cost
or market, whichever was lower. The $5,000,000 Gold Dust Prof. represents these tangible assets, and 200,000 shares no par Common represents
good-will and trade marks. Provisions for exchnag9 of Cotton Oil stock
require about 169,000 shares, and an additional 25,000 shares is under
option to executives.
Since Aug. 31. properties at Cincinnati, 0., Bayonne, N. J.. Chicago
and mills at Macon. Montgomery and Columbia were sold. The Chicago
plant realized $700.000 and the others about $600,000. Liabilities of
Cotton Oil totaling about $13,000,000 will be met. The notes due in 1924
will be paid off. The company has already bought over $5,000.000 of
these notes in the market. There is $1,200.000 due on the properties sold,
of which half is now carried in bills receivable.
The 35.000,000 Gold Dust Pref, was not designed to be sold by American
Cotton Oil. It is non-cumulative and non-voting, provisions purposely
made so that it would not be suitable to market. It simply has preference
in event of liquidation until its creditors have been paid and then probably
will revert to Gold Dust Corp. It was issued to American Cotton Oil
largely as security.-V. 117, p. 2544, 2435.
American Express Co.-New President.-
Fred P. Small, First Vice-Pros. & Sec., has bee- elected President to
succeed the late Gearge C.. Taylor.-V. 117. p. 2325
American Gas & Electric Co.-Extra Dividend.-
An extra dividend at the rate of 1-50 of a share on each share of the present
non-par value Common stock has been declared in addition to a regular
quarterly dividend of25 cents per share on the Conunon stock, both payable
Jan.2 to holders of record Dec. 15 and payable to stockholders who have not
Prior to Dec. 15 1923 surrendered their certificates for par value shams in
Company.-Owns and operates the properties supplying without compe- excnange for non-par value snares, upon the making of such exchange, but
tition water to 14 prosperous municipalities in Alabama. Population, not prior to Jan. 2 1924. (See adv, on a preceding page and also V. 117.
100.000. The company is undersupervision ofthe P.S.Commission, which p. 1238; V. 116. p. 1279.)
The regular quarterly dividend of 1 % on the outstanding Preferred
gives it exclusive franchises to operate without competition. In addition
to the large business done with the various municipalities and private con- stock has been declared payable Feb. 1 to holders of record Jan. 12-sumers,company,has very favorable contracts to supply water to numerous V. 117,p. 1350.
large manufacturing plants and several railroads.
American International Corp.-Sub. Co. Dividend.Purpose.-To retire the balance of a note issue ($100,000 due Jan. 1 1924)
See men & Co. below.-V.117. p. 2215.
and to pay for additional properties, extensions and improvements.
Capitalization Outstanding (Incl. This Issue).
American Milling Co.-Stock Dividend, &c.
Common stock
$600,000 1st Mtge.6s,'32 (closed)-$1,000.000
The stockholders on Dec. 11 increased the authorized Common stock
Preferred stock(5%)
200.000 I 1st & Ref.6s.'47(this iss.) 750,000 from
shares to 210,000 shares, par $10. Of the new stock 52,500
Earnings.-Gross earnings are as follows: 1916,3172,618;1922.$354.881. shares105.000
will be distributed to Common stockholders of record Dec. 20 as a
Net earnings for 1922 amounted to $173,118.
50% stock dividend, such dividend to be issued out of, or from, the added
Earnings for 1923 (estimated) are: Gross. $410,000; oper. expenses, surplus created by
increased sound value of the purchase price paid
$200,000; net earnings,$210,000; bond interest,$98.700; balance, $111.300. therefor of plant orthe
mill No. 2 recently Purchased from the assets of the
-V.117, p. 1130.
U. S. Food Products Corp.-V.117. p. 2545.
All America Cables, Inc.-Acquisition.-
American Public Utilities Co.
-Dividends.The stockholders will vote Dec. 18 (a) on approving the purchase from
The directors have
a quarterly dividend of 1 34% on the l'rior
United States & Hayti Telegraph & Cable Co. of its line of submarine Pref. stock, 1% on thedeclared
Partic.
stock and 1Si% on the 6% Pref. stock.
cable from New York to Hayti and all the other property of said company payable on Jan. 2 to holders ofProf.
record Dec. 20. See also V. 117, p. 2435.
or any portion thereof: (b) on approving the purchase from Compagnie
Francaise des Cables Telegraphiques and its subsidiary companies of
American Railway Express Co.-New President.that part of the system of submarine cables and land lines of Compagnie
Robert E. M. Cowie, Vice-President, has been elected President to sucFrancalse des Cables Telegraphiques and its subsidiary companies, which ceed the late George C. Taylor.-V. 117.
p. 2545.
,extends from Santiago. in Cuba, to Cayenne, in French Guiana and to
American Telegraph & Cable Co.-Western Union's
points in Venezuela and which touches at, and is connected by, branch
lines with, other places in Cuba. Hayti. Santo Domingo, St. 'Thomas. Lease Protested.
Martinique, Guadeloupe, Les Saintes, Marie Galante. Dutch Guiana,
The stockholders at a special meeting approved a resolution by which
Curacao and Venezuela, which part of said system is connected with the the Western Union Telegraph Co. will advance
the money to pay taxes to
cable referred to in paragraph (a) and is now operated in connection there- the government on the rental paid
the holders of the $14,000,000 stock of
with, together with all concessions and certain other property appurtenant the American Tel. & Cable Co. The proposition
it Is said will eventually
to or used in connection with said part of said system of submarine cables place the American Telegraph
& Cable Co. in debt to Western Union to
and land lines or any portion of the aforesaid properties.
an estimated amount of $945.000.-V. 106. p. 710.
John L. Merrill, Pres., in a letter to stockholders, says:
Negotiations are now in progress for the purchase by the company of
the Antilles System of submarine cables and land lines owned by Compagnie Francaise des Cables Telegraphiques and its subsidiary companies.
If the negotiations are successful, it is desirable that the purchase be
promptly consummated. This cannot be done until the purchase has
been ratified and approved by stockholders.
It is expected that the purchase, if made, will be financed entirely from
the funds in the company Et treasury.-V.117, p. 671, 328.
Amalgamated Motors Corp.-Acquisition.
It is reported that the Krebs Motor Truck Co. hasbeen
taken over.
Amalgamated recently acquired control of the Northway Motors Corp,.
in addition to the Winther and Bessemer-Americ
an properties.-V. 117.
p. 2435.
Amalgamated Oil Co.-To Merge With Associated Oil Co.
A special meeting of the stockholders has been called for Dec. 28 "for the
purpose of considering and acting upon a proposition for reorganization and
amalgamation with and sale of all properties to the Associated Oil Co."
The Amalgamated company has 85-,000,000 stock outstanding, of which
the Associated company owns 50.01%.-V. 116, p. 2639.
Amalgamated Silk Corp., New York.-Balance Sheet.-
President Percy E. Mann, Dec. 4, wrote in substance:
This corporation was incorporated in Delaware Sept. 26 1923 and commenced active operations during October, taking over from the receivers,
who had been in charge since March 26 last, the business of the D. G.
Dery Corp., under the plan of the creditors' reorganization committee
(V. 116, p. 2998). The transfer was effected as of Oct. 1, but there were
a number of unadjusted claims at that date. Most of these have since
been straightened out. The tentative balance sheet (below) has not been
audited, but it is believed to be a conservative picture of the financial
position, ample provision having been made for all contingencies including
estimated loss on liquidating plants not included in operating program,.
Good progress has already been made in liquidating extraneous assets;
Consolidated Balance Sheet Oct. 31 1923 (Incl. Its 100% Owned Subsidiarg,
Cedar Cliff Silk Co.).
Assets-Liabilities$1,009,629 Accounts payable
Cash
$377,531
32,892 Trade acceptances
Accounts receivable
489,770
Manufactured goods at factors
Accrued interest, &c
8,697
Purch, money obligations &
$2,684,558; less adv., $1,443,1.240,911
$11647.; balance
short term mortgages
235,000
Raw mat'', work in process 6c
Accrued 1st Mtge. bond int-.
46,031
manufactured merchandise. 1,817,215 Reserves298,281
Mill .k. factory supplies
For excess cost on undeliv.
Prepaid Ins., int., drc
44,860
31,466
raw mat'l pur. contractsInvestments & sundry assets._
66,958
For plant contingencies...- 3,000,000
For any other contingency_ 395,515
Real estate, bidgs., machinery,
8.056.068 1st Mtge, 7% 20-Yr. S. F.
and equipment
73,945,500
bonds due 1942
3,501,500
7% Cumul. Pref. stock
x535,804
$12,566,814 Common stock equity
Total (each side)
American Telephone & Telegraph Co.-Listing.The Phila. Stock Exchange on Dec.8 listed $1,311,700additional Capital
stock issued-31,016,600 in exchange for 31.016,800 Cony.4s due 1933;
$92,200 in exchange for $92.200 7-year 6% Cony, bonds due 1925. and
$202.900 being part of 100,000 shares to be issued to employees, making
the total amount of stock listed Dec. 8. 3734,771,500 and reducing the
amount of Cony. 4).s listed to $5.298,900. and the amount of Cony. 6s
to 39,816.100.-V. 117, p. 2112. 2106.
American Thermos Bottle Co.-Readjustment Plan.-
The Finance& Trading Corp.,52 Broadway, New -York,as reorganization
manager,has declared the plan ofreadjustment dated Nov.1 1923 operative.
The plan was approved by the stockholders Nov. 13 and in accordance with
the plan the assets and business of the old Maine company has been transferred as a going concern to a new corporation known as The American
Thermos Bottle Co.. organized under the laws of Maryland. As of Nov.26
1923 the transfer of the assets and business was completed and the issue
of the shares of stock of the now company was authorized. The reorganization manager fixed Dec. 15 as the last date upon which deposits of certificates of stock shall be received by the reorganization manager and(or)
the depositary, the New York Trust Co. Deliveries of certificates representing stock in the new company, The American Thermos Bottle Co.. will
be made on or after Dec. 15 1923 by the New York Trust Co., 100 Broadway. New York.
A digest of the readjustment plan follows:
Capitalization of Old Company.
Class A voting Common stock, par $100(auth. 10,000 sh.) outst _10,000 shs.
Class B non-voting Common stock, par $100 (authorized 50,000
shares) outstanding
18,111 7-20 shs.
Capitalization of New Company.-Authorized capitalization is as follows:
(1) Preferred stock-non-voting, without par value; preferred as
to assets upon dissolution (voluntary or involuntary) up to
$75 per share; preferred cumulatively as to dividends at rate
of$3 per share per annum from Jan. 1 1924
30,000 shs.
(2) Common stock-without par value
90,000 shs.
Disposition of Stock of New Company.-Issued by the new company in
consideration of the transfer to it of the business and property of the old
company 28,111 7-20 shares of Prof. stock and 84.111 shares of the Common
stock, leaving in the treasury of the new company 1.888 13-20 shares of
Prof. stock and 5.889 shares of Common stock.
The Pref. and Common stock of the new company issued shall be distributed: (a) To the old company 28,111 7-20 shares of Pref. stock and
28,111 7-20 shares of Common stock. (b) To the persons who may become
associated with the management of the new company and in such amounts
respectively as the reorganization manager in its sole discretion shall determine (the persons aforesaid may include the reorganization manager or
any persons or corporations with which the reorganization manager is associated or connected), 56.000 shares of Common stock.
The shares of Prof. and Common stock of the new company received by
the old company shall be distributed to the holders of the Class A Common
stock and of the Class B Common stock of the old company pro rata according to the number of shares held by such holders resepctively, and each of
them shall receive one share of Pref. stock and one share of Common stock
of the new company for each share of Class A Common stock and for each
share of Class B Common stock of the old company held.-V.111, p. 1371.
x Surplus available for 200,000 shares of Common stock, no par value.
y These bonds are the original issue of D. G. Dery Corp. and have been
American Type Founders Co.-Dividend Increased.assumed (see below)•
A dividend of 15,1% has been declared on the outstanding $4,000,000
Directors.-Richard E. Dwight. Walter S. Fraser, Joseph °ern. Walter Common stock, par $100, payable Jan. 15 to holders of record Jan. 10.
Gossweiler, Oscar Heineman, Matashichiro Kobayashi. John P. Maguire, This compares with quarterly dividends of 1Si% each paid on the Common
J. F. B. Mitchell. Yoichi Mori, A. Perry Osborn, Isuke Ohashi, Gardner stock in April, July and October last and 4%, per annum (1% quarterly)
B.Perry. J. M.Potts, Lionel F. Straus. Percy E. Mann.
paid from Oct. 1898 to Jan 1923, incl.-V. 117, p.2108.
Officers.-Percy E. Mann, Pres.: Walter S. Fraser, V.-Pres.; Walter
American Window Glass Co.-Extra Dividend.Gossweiler, V.-Pres. & Gen. Supt.; Charles A. Barrett, V.-Pres. & Sales
The directors have declared an extra dividend of 1% on the Common
Mgr.; Alfred G. Fletcher, Treas., and William E. Allan, Sec.-V. 117. p.
stock in addition to the regular quarterly dividend of 1Si%,both Payable
1779.
Jan. 2 to holders of record Dec. 20. Like amounts were paid on the ComAmerican Cotton Oil Co.-Deposits.mon stock on Oct. 1 last.-V.117. p. 1881.
Time for deposit of stock of the company in exchange for Common stock
Armour & Co.-Stockholders.of the newly formed Gold Dust Corp. expired Dec. 10, and the committee
In a bulletin issued by the company It is stated that some 77,000 stockrewirts that approximately 90% of this stock was so deposited.
The Boston 'News Bureau' says in substance: At the annual meeting holders own the business of Armour & Co., of which some 40.000 are emthe reorganization plan was approved. Questions regarding properties and ployees of the Company who have invested their own savings in its busifinancial conditions were answered by G. K. Morrow, Pres., and J. F. ness. Of the shareholders 69,664 own from 1 to 24 shares, 5,248 own from
Dulles. counsel. The gist of most important answers was as follows: 25 to 49 shares, 2.147 own from 50 to 99 shares, 836 own from 100 to 499
St. Louis soap factory, Gold Dust equipment at Guttenberg and Montreal shares and 83 shareholders own 500shares,or more.-V.117. p. 1995. 1351.
DEc.151923.]
2657
THE CHRONICLE
Armstrong Cork Co. of Pittsburgh.-Stock
A 50% stock dividend has been declared on the Common stock, payable
Jan.9 to holders of record Dec. 20.
The directors have also declared an extra cash dividend of 1% and the
usual quarterly cash dividend of 1%% on the Common stock, both payable
Jan. 2 to holders of record Dec. 20. Extra cash dividends of 1% were paid
on the Common stock in Jan. and July last.-V.117, p.91.
Atlantic Ice & Coal Corp.-Bonds Called.-
gal
One hundred forty ($140,000) 1st Mtge. 6% 20-year gold bonds, dated
Feb. 1 1910, have been called for payment Jan. 1 1924.-V. 115, p. 2689.
Babcock & Wilcox Co.-Extra Dividend of 2%.
The directors have declared an extra dividend of 2%, payable Dec. 20
to holders of record Dec. 13.-V. 117, p. 2113.
Baldwin Locomotive Works.-Shipments.-
During November the company shipped 190 locomotives consisting of
158 steam engines, 25 electrics and 7 rebuilt. The company has 270 engines
still to deliver, and total value of unfilled orders on its books at Dec. 1
was a little above $15,000,000.
November shipments totaled $10,250,000, as compared with $10,500,000
in October, $9,000,000 in September and with $8,500,000 in August. Shipments for the 11 months ended Nov. 30 1923 totaled approximately $92,500,000, as compared with about $25,000,000 for the corresponding period
in 1922. The December schedule is estimated at $8,500,000.-V. 117.
p. 2437.
City Light & Water Co., Amarillo, Tex.-Bonds Offered.-Brooke Stokes & Co., Philadelphia, are offering at
97.84 and mt., yield about 6.80% to maturity, $1,000,000
3-year 1st Mtge. 6% gold bonds.
bated Dec. 1 1923. Due Dec. 1 1926. Denom. $1,000 and $500 c*.
Int. payable J. & D. at Fidelity Trust Co. of Phila., trustee. Red., all or
part, at any time upon 30 days' notice on a 534% basis to maturity. Free
of normal Federal income tax not exceeding 2%. Penns. tax of 4 mills
and Maryland and District of Columbia taxes of 4% mills refunded.
Data from Letter of E.H.Johnston,President of the Company.
• Company.-Does the entire electric light, power and water business of
Amarillo, Tex., without competition, including the municipal lighting
of the city. Company also maintains adequate pumping equipment,
storage tanks,standpipes, &c., and distributes water to all parts of the city
through its own water mains. Company serves electricity to approximately 95% of all the business buildings and dwellings in the city and water
to approximately 97% The property of the electrical department consists
of a modem power station with a capacity of 4.150 k.w.and complete transmission lines, distributing lines, service connections, &c. The property of
the water department consists of 27 wells varying in capacity from 25 to
70 gallons per minute, pump houses, 2 concrete reservoirs with a combined
capacity of 1,400.000 gallons, a 70-foot steel standpipe of 60.000 gallons
cap
maians
ci.
ty and a distributing system comprising approximately 64 miles of
Barre (Vt.) Gas Co.-Bonds Offered.-Putnam & Storer,
Inc. Boston are offering at 973
4 and int., to yield over
6.2k,$150000 1st Mtge. 6% 20-Year Sinking Fund Gold
bonds. A circular shows:
Dated Nov. 1 1923 Due Nov. 1 1943. Int. payable M. & N. at
State Street Trust Co., Boston, trustee, without deduction for normal
Federal income tax up to 2%. Mass, income tax and the income taxes of
other New England States not exceeding 6%,and personal property taxes
not exceeding 4 mills, refunded Coupon bonds in denomination of $1,000
and $500, registerable as to principal only. Redeemable as a whole or by
lot on at least thirty days' notice at 105 and interest
Issuance.-Authorized by the Vermont P. S. Commission
Company.-Organized in Vermont. Furnishes gas to the City of Barre
and its nationally known granite cutting plants. Of its output 85% is
for domestic purposes, the balance being used by the 100 or more granite
cutting plants in cas hardening steel granite-cutting tools. Population
served, about 15,000. Property consists of a modern gas plant wtih a
maximum capacity of 325,000 cu. ft. per day. Ample gas storage facilities
are provided by a holder with capacity of 100,000 cu. ft The distributing
system includes 13 miles of cast-iron street mains
CapitalizationAuthorized.
Outstanding.
Common stock
$100.000
100,000
6% Preferred stock
50,000
50,000
First Mortgage bonds
250,000
155.000
Purpose.-Proceeds will be used to retire $75,000 1st Mtge. bonds now
11924.
to
pay
due Jan.
off the present floating debt.
Earningsfor Calendar Years1920.
1921
1922. x1923.
Gross earnings
$51,280 $54,786 $51,472 $62,345
Operating expenses and ta es
34.835
37.747
35,737 40,690
Earnings 12 Months Ended Sept. 30Gross earnings
Other income
1962.724.5
1923.
$419.990 $404,655
4,022
Total gross•earnings
Operating expenses, maintenance and taxes
$424,012 $411,400
266,870 234,352
Net earnings available for int., deprec. & Fed. taxes_$157,142 $177,047
Annual bond interest upon completion of this financing 60,000
Purpose.-Proceeds will be applied to refunding the present funded debt
and other corporate purposes.
Capitalization upon Completion of this Financing- Authorized.Outstand'a
$1,000,000 $1,000,060
Common stock
100,000
1,000,000
Preferred stock
issue)
1.000,000 1,000,000
bonds
(this
Mtge.
6%
gold
3-year 1st
Management and Control.-Company is controlled by Cities Service Co.
-V. 117, p. 2546.
Congoleum Co., Inc.-300% Stock Dividend-Listing.--
.A 300% stock dividend has been declared on the outstanding 240,000
shares of Common stock, no par value, payable Dec. 22 to holders of
record Dec. 17.
The New York Stock Exchange has authorized the listing on or after
Dec. 18 of 720,000 shares (authorized 1.000.000 shares) Common stock
without par value, on official notice of issuance as a 300% stock distribution payable Dec. 22 to holders of record Dec. 17, making the total amount
applied for 960.000 shares of Common stock.
Consolidated Income Account (Incl. Subsidiaries),9 Mos.Ended Sept.29 1923.
Mfg.profit after deducting cost of goods sold,incl. mat'ls,labor
and factory exps., but excl. of depreciation, $7,418,996: add
_ __ $7,530,554
Interest, royalties, dividends, Szc- $111,558: total
profitequip
3,656,065
Selling, gen.& adin.exps., excl. of deprec. on off.& sell.
Interest paid, $217.525: depreciation. $223,677; Federal taxes
870,362
Net earnings
for 9 months 1923 (estimated). $429,160; total
$16,445 $17.039 $15,735 $21,655
Interest on this issue requires
9.000
$3.004,127
x Ten months actual; balance estimated
profit
Net
Earned surplus, bal. Dec. 31 1922, $4,065,281; deduct miscel4,059.228
Binghamton (N. Y.) Light, Heat & Power Co.-Bonds
laneous adjustments, $6,053; net
Offered.-Halsey, Stuart & Co., Inc., are offering at 88
and int. to yield about 5.93%, a block of $530,000 1st Ref.
' Gold bonds of 1916, due Feb. 1 1946, of which
Mtge. 5%
$475,000 represents new financing.
Issuance.-Approved by the New York P. S. Commission.
Company.-Incorp. in 1902. Furnishes electric light and power to the
cities and towns of Binghamton, Johnson City, Port Dickinson. Endicott,
Nichols, Kirkwood, Conklin, Fenton. Chenango, Maine, Union, Barker,
Barton and Vestal, N. Y. Population estimated at 135.000. In addition,
power is delivered at wholesale to local companies and municipalities by
which it is distributed in Sayre. Waverly, Athens, Owego, Marathon.
Whitney Point, Lisle, and several other towns and villages.
Earnings 12 Months Ended October 31.
1923.
1922.
1921.
Gross earnings (incl. other income)----$1,190.550 $1,006,612 $ 903.327
Oper. expenses, maintenance and taxes 704.723
636,272
557,420
Net earnings
$485.827
$370,340
$345.907
Annual int, on total funded debt outstanding with public, including this issue, requires
$137.825
CapitalizationAuthorized. Outstanding.
First Mortgage 5s, due 1942
(closed) $120.000
First Refunding Mortgage 5s. 1946
(b)
e 2,318,000
Five-Year 7% Secured notes, due 1925
_$500,000
227.500
7%, Cumulative Participating Preferred stock
2,931.600
970,000
6% Cumulative Preferred stock
68,400
68.400
stock
Common
1.000.000
500.000
a Not including $253,000 pledged as additional security for the 1st Ref.
Mtge. bonds and $126,000 held alive in the sinking fund. b Issuance of
additional 1st Ref. Mtge. bonds limited by provisions of mortgage. c Not
including $325,000 pledged as security for the 5-Year 7% Secured notes.V. 116, p. 2887.
a,,...s kwutilliatiatii.a.sgbaral si
Blyn Shoes, Inc.-Initial Common Dividend.- 11414411 4
An initial quarterly dividend of 2%% has been declared on the outstanding Common stock. par $10, payable Jan. 31 to holders of record Jan. 15.
See also offering of 100,000 shares of Common stock in V. 117. p. 1238. 1666,
British-American Oil Co., Ltd.-Extra Dividend.An extra dividend of 50 cents per share has been declared in addition to
the regular quarterly dividend of 50 cents per share, both payable Jan. 2
to holders of record Dec. 22. An extra of like amount was paid Jan. 2
1923.-V. 115, p. 2481.
Brown Shoe Co., Inc.-Shoe Output.Actual shoe ou
@FedFRASER